00997 普汇中金国际财务报表/环境、社会及管治资料：2025 年报

年

报

普

汇

中

金

国

际

控

股

有

限

公

司

ANUAL REPORT

年报

(Incorporated in Bermuda with limited liability 于百慕达注册成立之有限公司）

HKSE Stock Code 港交所股份代号: 0997

w.chinlinkint.com

Corporate Information

公司资料

2CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

EXECUTIVE DIRECTORS

Mr. Li Weibin, Chairman and Managing Director

Mr. Siu Wai Yip

NON-EXECUTIVE DIRECTOR

Mr. Lam Wing Yiu

INDEPENDENT NON-EXECUTIVE DIRECTORS

Dr. Ho Chung Tai, Raymond

Ms. Lai Ka Fung, May

Ms. Chan Sim Ling, Irene

COMPANY SECRETARY

Ms. Lau Wai Har

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Suite 1203, 12/F., Standard Chartered Bank Building

4-4A Des Voeux Road Central

Central, Hong Kong

执行董事

李伟斌先生，主席兼董事总经理

萧伟业先生

非执行董事

林永耀先生

独立非执行董事

何钟泰博士

黎家凤女士

陈婵玲女士

公司秘书

刘慧霞女士

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

总办事处及香港主要

营业地点

香港中环

德辅道中

4-4A

号

渣打银行大厦

楼

室

Corporate Information

公司资料

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited

DBS Bank (Hong Kong) Limited

Industrial and Comercial Bank of China Limited

Industrial and Comercial Bank of China (Asia) Limited

Bank of Xi’an Company Limited

Bank of Ningxia Company Limited

Bank of Chang’an Company Limited

Shanxi Qinong Rural Comercial Bank Company Limited

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10

Bermuda

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

AUDITOR

HLB Hodgson Impey Cheng Limited

Certified Public Acountants

LEGAL ADVISERS

Michael Li & Co.

主要往来银行

香港上海汇丰银行有限公司

星展银行（香港）有限公司

中国工商银行股份有限公司

中国工商银行（亚洲）有限公司

西安银行股份有限公司

宁夏银行股份有限公司

长安银行股份有限公司

陕西秦农村商业银行股份有限公司

主要股份过户

登记处

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10

Bermuda

香港股份过户

登记分处

卓佳证券登记有限公司

香港

夏悫道

号

远东金融中心

楼

核数师

国卫会计师事务所有限公司

执业会计师

法律顾问

李智聪律师事务所

Chairman’s Statement

主席报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

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

Chinlink International Holdings Limited (the “Company”

or “Chinlink”) and its subsidiaries (colectively refered to

as the “Group”) continued to navigate against a backdrop

of geopolitical turbulence amidst the Chinese economy

which was stil strugling to recover from the aftermath

of Coronavirus Disease 2019 (“COVID-19”), a depresed

property market, and low consumer confidence.

We have ben working hard to minimise the negative impact

on income from the Damingong Construction Materials

and Furniture Shoping Centre (Dongsanhuan Branch)*

(the “Comercial Complex”), which has ben afected

by slugish demand for household furniture and furnishing

materials. We have also resumed construction of the phase

two development of the Comercial Complex (the “Phase

Two”), which was temporarily halted during the COVID-19

period coupled with uncertain prospects in the property

market. Previously, some of the loft units under construction

were presold. Since the properties are scheduled to be

delivered upon completion of the construction works by

the first quarter of next year, we wil be able to colect the

balance of the purchase price and generate new income

from the sale of the remaining units.

The Group is exploring the feasibility of transforming the

busines model of the Chinlink • Worldport in Hanzhong

City, Shanxi Province, (the “Chinlink • Worldport”) the

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

a Traditional Chinese Medicine (“TCM”) distribution hub,

leveraging Hanzhong’s status as a major producer of Chinese

herbal medicines.

Due to the prevailing high risks in China’s financing guarante

and lending market, the Group has not comited any new

transactions in the financial services sector. Instead, we have

devoted considerable efort to recovering non-performing

receivables and achieved encouraging results.

于截至二零二五年三月三十一日止年度（「本

年度」），普汇中金国际控股有限公司（「本公

司」或「普汇中金」）及其附属公司（统称「本集

团」）继续在动荡的地缘政治环境中经营，同

时面临中国经济仍正努力从二零一九年冠状

病毒病（「新冠」）疫情后遗症中复苏、房地产

市场低迷以及消费者信心不足的挑战。

我们一直积极努力将大明宫建材家居

•

东三环

店（「商业大楼」）对收入所带来的负面影响降

至最低，因其受家用家私及装饰材料的需求

疲弱所影响。此外，我们亦已恢复商业大楼

第二期项目发展（「第二期」）的建设，其因新

冠疫情，加上房地产市场前景不明朗而一度

暂停。此前，部分在建公寓单位已经预售。

由于相关物业计划于明年第一季度完成建造

工程后交付，届时我们将能够收回剩余购房

款，并从余下单位的销售中获得新的收入。

本集团正探讨借助汉中作为中草药主要产地

的优势地位，将位于中华人民共和国（「中

国」）陕西省汉中市的普汇中金

•

世界港（「普汇

中金

•

世界港」）的业务模式转型为中药（「中

药」）分销枢纽的可行性。

鉴于中国融资担保及借贷市场持续存在高风

险，本集团于金融服务分部并未开展任何新

交易。相反，我们已投入大量精力追讨不良

应收款项，并取得令人鼓舞的成果。

* For identification only.

Chairman’s Statement

主席报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

We have made some progres in managing the Group’s

financial position during the Year. The Group’s largest loan

facility with a Chinese bank in Xi’an, which had delinquent

payments, was restructured to capitalise the overdue

instalments and the acrued interest. The new facility has

a longer loan tenure at a lower interest rate. It not only

improves the Group’s balance shet but also reduces the

financing costs. We also suceded in reaching agrements

on thre other short-term facilities provided by certain Hong

Kong money lenders that were overdue during the Year,

extending the last repayment date to mid-2027. We wil

continue to negotiate with the other existing creditors to

refinance or extend the repayment terms from time to time

and to explore posible alternative financing options for

the existing loans with more favourable terms in line with

the market.

The Group is comited to maintaining lean and eficient

operations acros the board. We efectively streamlined the

operations to minimize expenses and enhance management

eficiency during the Year. The same aproach wil continue

in the years ahead.

The curent busines environment in China and Hong Kong

remains a dep concern of the Group. The geopolitical

tensions betwen China and the United States (“US”) have

intensified folowing the inauguration of the new US president.

The US wil likely impose high tarifs and aditional export

restrictions on certain types of technology and electronic

components which are critical to China’s advancement

in new technologies, and the Chinese Government wil

respond with countermeasures. These high tarif actions wil

undoubtedly disrupt the trade order betwen the world’s

two largest economies, and their ramifications on the global

economy wil be imense and severe. Furthermore, it wil

significantly undermine busines confidence in China and

its Gros Domestic Product (the “GDP“) growth, as the

country’s economy has ben overshadowed by a depresed

property market, cautious consumer sentiment, and rising

unemployment over the last few years. Hong Kong is also

heavily hit by faling property prices and a substantial drop

in retail sales. Sale of land has long ben a major source

于本年度，本集团于财务状况管理方面取得

一定进展。本集团与西安一间中资银行的最

大笔贷款融资安排曾出现还款逾期，于完

成重组后已将逾期分期付款及应计利息资本

化。新融资安排的贷款期限更长，利率更

低。其不仅可改善本集团的资产负债表，亦

可降低融资成本。我们亦成功就若干香港放

债人所提供于本年度内逾期的三笔其他短期

融资达成协议，将最终还款期限延长至二零

二七年中。我们将继续与其他现有债权人

磋商，以不时进行再融资或延长还款期限，

并探索以符合市场状况的更有利条款为现有

贷款进行潜在替代融资的机会。

本集团致力于全面推行精简、高效的营运效

率。于本年度，我们已有效优化业务运作以

尽量降低开支及提高管理效率。此举措于未

来数年亦将持续推行。

中国及香港当前的营商环境仍然令本集团深

感担忧。随著新任美国（「美国」）总统的就

任，中国与美国之间的地缘政治紧张关系加

剧。美国可能会针对若干对中国新技术发展

至关重要的科技及电子元件实施高关税及额

外的出口限制，且中国政府将会实施反制措

施。该等高关税行动毫无疑问会扰乱世界两

大经济体之间的贸易秩序，且其对全球经济

的影响将深远而严峻。此外，其将大幅削

弱市场对中国的商业信心及其国内生产总值

（「国内生产总值」）增长，再加上中国经济在

过去几年受到房地产市场低迷、谨慎消费者

情绪及失业率上升的影响。香港亦深受楼价

下跌及零售额大幅下滑的打击。出售土地一

直是政府收入的主要来源，而房地产投资是

过去推动香港经济增长的重要动力，占家庭

财富的重要部分，因此稳定的房地产市场对

金融复苏至关重要。中美贸易紧张加剧亦削

弱香港作为贸易及物流枢纽的传统优势，许

Chairman’s Statement

主席报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

多本地贸易公司正在倒闭及裁员。香港特别

行政区（「香港」）政府将需更多时间制订及推

行全新的转型策略，以推动香港经济的未来

发展。

本集团预计今年严峻的宏观环境仍然持续，

并非拓展新业务的合适时机。我们将继续优

化现有业务营运，加快推进第二期发展，同

时针对普汇中金

•

世界港实施新业务策略，将

其定位为中药贸易及物流服务枢纽。该等行

动将有望在短期内改善本集团的收入及流动

资金。我们亦会探索新的资金及融资机会，

以改善本集团财务状况及流动资金。作为本

集团主席，我承诺将一如既往地于需要时全

力支持本集团及其资金需求。

最后，衷心感谢我们的同事、董事会成员、

业务伙伴及投资者于过往及未来的坚定支持。

李伟斌

主席

香港，二零二五年六月三十日

of government income and real estate investment a key

contributor to Hong Kong’s economic growth in the past,

acounting for a significant portion of household wealth;

therefore, a stable property market is critical for financial

recovery. The escalating trade tension betwen the US and

China has also diminished Hong Kong’s historical advantage

as a trading and logistics hub; many local trading companies

are runing out of busines and cuting staf. It wil take

more time for the Government of the Hong Kong Special

Administrative Region (“Hong Kong”) to formulate and

implement a new transformative strategy for the future

development of the Hong Kong economy.

The Group anticipates a chalenging macro environment

continuing this year, which is not an oportune time for

expansion into new busines ventures. We wil continue to

optimize existing operations and acelerate the Phase Two,

as wel as implementing a new busines strategy for the

Chinklink • Worldport, positioning it as a hub for TCM trade

and logistics services. Hopefuly, these actions wil improve

the Group’s incomes and liquidity in the near feature. We

wil also explore new funding and financing oportunities

to improve the Group’s financial position and liquidity. As

always, as Chairman of the Group, I wil pledge my utmost

efort to suport the Group and its funding neds whenever

necesary.

Last but not least, a big thank you to our coleagues,

board members, busines partners, and investors for your

unwavering suport in the past and in the years to come.

Li Weibin

Chairman

Hong Kong, 30 June 2025

Financial Highlights

财务摘要

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

(restated)

（经重列）

(

)

(

)

(

)

HK$’000

千港元

HK$’000

千港元

HK$’000

千港元

200,000

150,000

100,000

50,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

300,000

250,000

200,000

150,000

100,000

50,000

-300,000

-600,000

-900,000

-1,200,000

-1,500,000

HK$’000

千港元

二零二五年二零二四年

HK$’000HK$ 000’

千港元千港元

Revenue from Financial

Guarante Services and

other Financial Services

融资担保服务及其他金融服

务之收入

3,2897,097

Revenue from Property

Investment

物业投资收入

76,01490,181

79,30397,278

(restated)

（经重列）

(

)

(

)

4.147%

95.853%

7.296%

92.704%

REVENUE

收入

TURNOVER BY CONTINUING OPERATING SEGMENTS

按持续营运分部划分之营业额

NET CURENT LIABILITIES

流动负债净值

GROS PROFIT

毛利

NET ASETS

资产净值

Financial Sumary

财务概要

8CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

For the year ended 31 March20252024202320222021

截至三月三十一日止年度二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Note 1

（附注

）

Continuing operations:

持续经营业务：

Revenue

收入

79,30397,278118,770148,935223,678

Gros profit

毛利

54,75170,77690,177109,468155,940

Los before taxation

除税前亏损

(396,707)(423,346)(396,321)(331,813)(146,712)

Income tax (charge) credit

所得税（开支）抵免

51,11338,22018,04614,013(15,467)

Los for the year from continuing operations

来自持续经营业务之本年度亏损

(345,594)(385,126)(378,275)(317,800)(162,179)

Discontinued operation:

已终止经营业务︰

Los for the year, net of income tax

本年度亏损，扣除所得税

–(7,206)(14,549)–

Los for the year from continuing

and discontinued operations

来自持续经营及已终止经营业务之

本年度亏损

(345,594)(385,126)(385,481)(332,349)(162,179)

Los before non-controling interests

未计非控股权益前之亏损

(345,594)(385,126)(385,481)(332,349)(162,179)

Non-controling interests

非控股权益

(187)(3,342)(6,839)1,71416,674

Los atributable to owners

of the Company

本公司拥有人应占亏损

(345,407)(381,784)(378,642)(334,063)(178,853)

Dividends paid

已派付股息

–

Note 1

（附注

）

Basic and diluted los per share

from continuing operations

来自持续经营业务之每股基本

及摊薄亏损

HK(29.54) cent

港仙

HK(32.65) cent

港仙

HK(32.21) cent

港仙

HK(27.25) cent

港仙

HK(57.86) cent

港仙

Basic and diluted los per share

from discontinued operation

来自已终止经营业务之每股基本

及摊薄亏损

–HK(0.17) cent

港仙

HK(1.32) cent

港仙

–

Basic and diluted los per share

from continuing and discontinued

operation

来自持续经营及已终止经营业务

之每股基本及摊薄亏损

HK(29.54) cent

港仙

HK(32.65) cent

港仙

HK(32.38) cent

港仙

HK(28.57) cent

港仙

HK(57.86) cent

港仙

Note 1: The comparative statement of profit or los for the financial

year ended 31 March 2022 has ben restated as if the

operations discontinued during the financial year ended 31

March 2023 had ben discontinued at the begining of the

financial year ended 31 March 2022.

附注

：

截至二零二年三月三十一日止财政年度之

比较损益表已重列，犹如于截至二零二三

年三月三十一日止财政年度已终止经营之业

务已于截至二零二年三月三十一日止财政

年度开始时终止经营。

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

BUSINES REVIEW

For the Year under review, the Group reported total revenue

of HK$79.3 milion, reflecting a decline of 18.5% compared

to the year ended 31 March 2024 (the “Previous Year”).

This revenue primarily stemed from property investment

and financial services. The net los for the Year was HK$345.6

milion, a decrease of 10.3% from the Previous Year.

The Group sufered significant revenue los, primarily due

to unfavourable conditions in the Chinese property and

consumer market downturn, particularly in the retail sector.

This downturn severely impacted tenants’ busineses at the

Comercial Complex, especialy those dealing with home

furnishings, decoration, and apliance products.

Amid tightened consumer spending and ongoing

economic uncertainty, these tenants experienced declining

sales, adversely afecting the overal performance of the

Comercial Complex. With consumers prioritising esential

purchases over home improvements, demand for home

furnishings and apliances weakened, prompting some

tenants to reconsider their leases. As a result, the ocupancy

rate of the Comercial Complex decreased from 96% to

92%. Aditional rent-fre periods and lower rents were

provided to retain old tenants and atract new tenants.

Hence, revenue from rental and management fes fel by

aproximately 15.7%, underscoring the adverse efects of

the chalenging market conditions.

Overal, the comercial property rental market in the PRC stil

encountered formidable chalenges, with reports indicating

a 10% decline in rental rates acros major urban areas last

year. This broader trend further exacerbated the dificulties

faced by the Group, which strugled to maintain reasonable

rental income levels. To navigate these headwinds, the

Group wil recalibrate its strategies to suport tenants and

enhance the apeal of the Comercial Complex to sustain

ocupancy and revenue in the long term.

业务回顾

于本回顾年度，本集团录得总收入

79,300,000

港元，较截至二零二四年三月三

十一日止年度（「去年」）下降

18.5%

。该收入

主要来自物业投资及金融服务。本年度净亏

损为

345,600,000

港元，较去年减少

10.3%

。

本集团蒙受重大收入损失，主要由于中国房

地产及消费市场低迷的不利状况，零售行业

尤其如此。此低迷严重影响商业大楼租户的

业务，尤其是经营家居、装饰及家用电器产

品业务的租户。

在消费支出收紧及经济不确定性持续的情况

下，该等租户销售额下滑，对商业大楼的

整体表现造成不利影响。消费者优先考虑购

买必需品而非家居改善产品，导致家居及家

电产品需求减弱，促使部分租户重新审视租

约。因此，商业大楼的出租率由

96%

下降至

92%

。为挽留旧租户及吸引新租户，本集团

提供额外免租期及更低租金。因此，租金及

管理费收入下跌约

15.7%

，凸显市场环境严

峻带来的不利影响。

总体而言，中国商用物业租赁市场仍面临巨

大挑战，报告显示去年主要城市地区的租金

下跌

10%

。此趋势扩大进一步加剧本集团

面临的困难，使其难以维持合理的租金收入

水平。为应对该等不利因素，本集团将重新

调整策略以支持租户并增强商业大楼的吸引

力，从而维持长期出租率及收入。

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

此外，第二期已恢复建设。第二期包括由一

条商业空间走廊及地下停车场连接的两座公

寓楼。首座公寓楼及商业走廊的建设工程预

计于二零二六年初完成。一号楼超过

50%

的

公寓单位已预售并收取首付款。本集团预期

于建设工程完成后收取售价余款。再者，剩

余公寓单位及商业走廊中的店舖空间亦已开

启预售。

由于中国信贷环境严峻，本集团的金融服务

收入亦下降。因此，本集团已暂停吸纳新融

资业务，并回收贷款及担保风险，特别是针

对高风险及逾期客户。本集团于去年亦就若

干不良贷款作出拨备。于本年度，本集团积

极与不良客户联系以强制执行债务追讨。迄

今为止，收回成果令人满意。由于本年度若

干逾期应收贷款获偿还，香港借贷业务收入

减少。本集团重申，在市场未出现明显改善

之前，不会在香港及中国扩展其金融服务业

务。

Aditionaly, construction works of the Phase Two have

resumed. The Phase Two included two loft apartment towers

linked by a coridor of comercial space and underground

parking lots. Construction works of the first loft apartment

tower and the comercial coridor are scheduled to be

completed early 2026. Over 50% of the loft units in tower

one were presold and down payments received. The Group

anticipates colecting the balance of the sale price upon

completion of the construction works. Moreover, presale

of the remaining loft units and the shop space beneath the

comercial coridor was also launched.

The Group’s financial services income also declined due to

the chalenging credit environment in China. As a result,

the Group has temporarily ceased acquiring new financing

busineses and has recaled its loans and guaranted

exposures, particularly for high-risk and delinquent

customers. The Group also made provisions against certain

non-performing loans in the Previous Year. During the Year,

the Group vigorously liaised with the non-performing clients

to enforce the colection of debts. So far, the recovery

results have ben satisfactory. Income from the money

lending busines in Hong Kong decreased as some aged loan

receivables were repaid during the Year. Again, the Group

wil refrain from expanding its financial services in Hong

Kong and China until the market substantialy improves.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

普汇中金

•

世界港于新冠疫情期间暂停运营，

且于本年度未恢复运营。与汉中市政府就通

过公私合营（「公私合营」）模式与政府资助的

汉中褒河物流园合并的磋商尚未取得实质性

成果。另一方面，本集团正与中国安徽省

地级市亳州市的行业专家合作，就将普汇中

金

•

世界港的设施改造成中药材及农产品综合

市场进行可行性研究。亳州是中国的中药之

都，是中国最大的中药产业及产区之一，亦

是国内中药的主要产地及交易枢纽。汉中是

重要的中药材种植产区，以种植品种及产量

而闻名。与亳州经验丰富的中药企业合作，

将使普汇中金

•

世界港利用其在汉中的地理优

势受益。本集团力争在来年完成详细的合作

计划。

分部回顾

物业投资业务

于本年度，物业投资业务产生收入

76,000,000

港元，较去年的

90,200,000

港元减少

14,200,000

港元或

15.7%

。商业

大楼的租金及管理服务收入总额为人民币

70,400,000

元（约

76,000,000

港元），而去

年为人民币

82,400,000

元（约

89,700,000

港

元），下降

15.3%

。收入下降主要由于平均出

租率下降，以及为挽留现有租户及吸引新租

户而提供延长免租期及降低租金等优惠措施

所致。

Operations of the Chinlink • Worldport were suspended

during the COVID-19 pandemic and did not resume during

the Year. The negotiation with the Hanzhong Municipal

Government to merge with the government-sponsored

Hanzhong Baohe Logistics Park through a Private-Public

Partnership (“P”) has not yet reached a fruitful result.

On the other hand, the Group is conducting a feasibility

study of converting the facilities of Chinlink • Worldport

into an integrated marketplace for traditional Chinese

medical herbs and agricultural products in colaboration

with industry experts from Bozhou, a prefecture-level city

in Anhui Province, PRC. Bozhou is China’s capital of TCM,

one of China’s largest TCM industries and production areas.

It is the primary location and trading hub for TCM within

China. Hanzhong is a significant production area famous

for cultivating traditional Chinese medical herbs in terms

of variety and volume. An alignment with an experienced

TCM player from Bozhou wil benefit Chinlink • Worldport

by taking advantage of its geographic location in Hanzhong.

The Group aims to complete a detailed coperation plan in

the coming year.

SEGMENTAL REVIEW

Property Investment Busines

The property investment busines generated HK$76.0 milion

in revenue during the Year, a decrease of HK$14.2 milion, or

15.7%, from HK$90.2 milion in the Previous Year. Income

from rental and management services at the Comercial

Complex totaled RMB70.4 milion (aproximately HK$76.0

milion), compared to RMB82.4 milion (around HK$89.7

milion) in the Previous Year, reflecting a decline of 15.3%.

The decrease in revenue is mainly due to a decline in the

average ocupancy rate and the provision of extended rent-

fre periods and reduced rental rates as incentives to retain

existing tenants and atract new tenants.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

融资担保服务及其他融资服务业务

于本年度，本集团继续在中国提供融资担保

及商业保理服务，以及在中国及香港从事借

贷业务。然而，由于信贷市场表现不佳，本

集团的金融服务收入（包括费用及利息）因产

品组合规模减小而由去年的

7,100,000

港元暴

跌

53.5%

至

3,300,000

港元。

财务回顾

盈利能力分析

于本年度，本集团之收入为

79,300,000

港

元，较去年之

97,300,000

港元大幅减少

18.5%

。按分部划分之收入来源包括：物业投

资

76,000,000

港元（二零二四年：

90,200,000

港元）以及融资担保服务及其他金融服务

3,300,000

港元（二零二四年：

7,100,000

港

元）。

本年度毛利下跌至

54,800,000

港元，较去年

之

70,800,000

港元减少

22.6%

。毛利率由去

年之

72.8%

下跌至

69.1%

。

收入及毛利减少主要由于

(i)

产品组合规模减小

导致融资担保及其他金融服务业务的收入下

降；及

(i)

平均出租率下降，以及提供延长免

租期及降低租金的优惠措施以挽留现有租户

及吸引新租户，导致物业投资业务的收入下

降。

Financial Guarante Services and Other Financing

Services Busineses

During the Year, the Group maintained its financial

guarante and factoring services in China, as wel as its

money lending operations in both China and Hong Kong.

However, due to unfavourable credit market conditions, the

Group’s income from financial services, including fes and

interest, plumeted by 53.5%, faling to HK$3.3 milion

from HK$7.1 milion in the Previous Year, primarily due to

reduced portfolio size.

FINANCIAL REVIEW

Profitability Analysis

For the Year, the Group’s revenue was HK$79.3 milion,

reflecting a significant decrease of 18.5% from HK$97.3

milion in the Previous Year. Revenue contribution by segment

comprised: property investment of HK$76.0 milion (2024:

HK$90.2 milion) and financial guarante services and other

financial services of HK$3.3 milion (2024: HK$7.1 milion).

Gros profit for the Year decreased to HK$54.8 milion,

down 22.6% from HK$70.8 milion in the Previous Year.

Gros profit margin decreased to 69.1% from 72.8% in

the Previous Year.

The decrease in revenue and gros profit was mainly

atributable to the drop in revenue from (i) financial

guarante and other financial services due to the reduced

portfolio size and (i) property investment busines due to

a decline in the average ocupancy rate and the provision

of extended rent-fre periods and reduced rental rates as

incentives to retain existing tenants and atract new tenants.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

于本年度，其他收入、收益及亏损录得收益

70,800,000

港元（二零二四年：

72,900,000

港

元），主要包括

(i)

应付关连人士及一名董事账

项账面金额的调整；

(i)

人民币（「人民币」）兑

港元贬值而产生汇兑收益；及

(i)

终止确认金

融负债所得收益。去年，收益包括

(i)

人民币

兑港元贬值而产生汇兑收益；及

(i)

应付关连

人士及一名董事账项账面金额的调整。

本集团于本年度录得投资物业公平值变

动亏损

322,000,000

港元（二零二四年：

266,100,000

港元）。这主要由于物业市场持

续低迷，导致商业大楼及普汇中金

•

世界港的

公平值亏损。

此外，融资服务业务的若干客户遇到短期现

金流困难，部分应收贷款及应收商业保理账

项已逾期。本集团已采取若干措施保护本集

团的利益，如向客户发出提醒和警告函，进

一步获取客户的抵押品，密切监控其应收款

项的现金流入等。本集团于本年度确认预期

信贷亏损拨备拨回净额

14,400,000

港元（二零

二四年：拨备

64,500,000

港元），此乃由于本

年度收回严重逾期的应收贷款及应收商业保

理账项。

于本年度，行政开支（主要包括员工成本、差

旅开支、折旧、法律及专业费用等）总额为

51,200,000

港元，较去年之

53,200,000

港元

减少

2,000,000

港元。该减少主要由于

(i)

精简

劳动力使得员工成本下降；及

(i)

董事薪酬减

少。

Other income, gains and loses recorded a gain of HK$70.8

milion (2024: HK$72.9 milion) for the Year, mainly

comprised (i) adjustment on carying amount of amounts

due to related parties and a director; (i) exchange gain

arising from the depreciation of Renminbi (“RMB”) against

HK$; and (i) gain from derecognition of financial liabilities.

During the Previous Year, the gain comprised (i) exchange

gain arising from the depreciation of RMB against HK$ and

(i) adjustment on carying amount of amounts due to related

parties and a director.

The Group recorded los on fair value change of investment

properties for HK$322.0 milion (2024: HK$266.1 milion)

during the Year. It was mainly atributable to a fair value

los of the Comercial Complex and Chinlink • Worldport

due to the sustained slump in the property market.

Also, certain customers under our financial services

encountered short-term cash flow dificulties and some of

the loan receivables and factoring receivables were overdue.

The Group had implemented certain measures to protect

the interest of the Group, such as isuing reminders and

warning leters to the customers, obtaining further colateral

from the customers, closely monitoring the cash inflow from

their receivables etc. The Group recognized the reversal of

alowance for under expected credit los, net of HK$14.4

milion (2024: alowance of HK$64.5 milion) for the Year,

which was atributable to the recovery of long-overdue loans

and factoring receivables during the Year.

Administrative expenses mainly comprised staf costs,

traveling expenses, depreciation, legal and profesional fes

which totaled HK$51.2 milion for the Year, representing

a decrease of HK$2.0 milion as compared with HK$53.2

milion in the Previous Year. The decrease was mainly due

to (i) reduction in staf costs as a result of streamlining the

workforce; and (i) decrease in directors’ emoluments.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

于本年度，财务成本为

155,500,000

港元，

较去年之

173,500,000

港元减少

18,000,000

港

元。该减少乃主要由于

(i)

于二零二四年十二月

自陕西秦农村商业银行股份有限公司获得

银行贷款的再融资，导致利率下降；及

(i)

本

年度偿还高利率其他借款。

于本年度，本集团录得亏损

345,600,000

港元

（二零二四年：

385,100,000

港元），主要由于

(i)

融资担保及其他融资服务以及物业投资业务

的收入下降；及

(i)

中国房地产及消费市场低

迷的不利状况，导致投资物业公平值变动出

现重大亏损，并由

(i)

预期信贷亏损模式下的拨

备拨回净额；及

(i)

终止确认金融负债所得收

益所部分抵销。

流动资金及财务资源

于二零二五年三月三十一日，银行结存及

现金及已抵押银行存款合共为

26,800,000

港元，较去年的

64,500,000

港元减少

37,700,000

港元。该减少乃主要由于本年度

(i)

偿还银行及其他借款；

(i)

本集团日常经营开

支；及

(i)

融资担保业务的已抵押银行存款减

少所致。

于二零二五年三月三十一日，本集团主要

以港元（「港元」）、人民币及美元（「美元」）计

值之银行及其他借款为

1,641,400,000

港元

（二零二四年三月三十一日：

1,432,800,000

港元），较二零二四年三月三十一日增加

208,600,000

港元，其中

529,900,000

港元及

1,111,500,000

港元分别须于一年内及超过一

年偿还。

Finance costs amounted to HK$155.5 milion for the Year,

representing a decrease of HK$18.0 milion as compared

with HK$173.5 milion in the Previous Year. The decrease

was mainly due to (i) refinancing of the bank loan from

Shanxi Qinong Rural Comercial Bank Company Limited

in December 2024, which resulted in a lower interest rate;

and (i) repayment of high-interest other borowings during

the Year.

For the Year, the Group recorded a los of HK$345.6 milion

(2024: HK$385.1 milion) mainly due to (i) drop in revenue

from financial guarante and other financing services

and property investment busineses; and (i) substantial

los on fair value change of investment properties due to

the unfavourable conditions in the Chinese property and

consumer market downturn and was partialy compensated

by (i) the reversal of alowance under expected credit los

model, net; and (i) gain from derecognition of financial

liabilities.

Liquidity and Financial Resources

As at 31 March 2025, the bank balances and cash and

pledged bank deposits amounted to HK$26.8 milion in

total, representing a decrease of HK$37.7 milion from HK$

HK$64.5 milion in the Previous Year. The decrease was

mainly due to (i) repayment of bank and other borowings;

(i) daily operating expenses of the Group; and (i) reduction

of pledged bank deposit for financial guarante busines

during the Year.

As at 31 March 2025, the bank and other borowings of the

Group which were mainly denominated in Hong Kong Dolar

(“HK$”), RMB and United States Dolars (“US$”) amounted

to HK$1,641.4 milion (31 March 2024: HK$1,432.8 milion),

representing an increase of HK$208.6 milion from that of

31 March 2024, of which HK$529.9 milion and HK$1,111.5

milion were repayable within one year and more than one

year respectively.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

于本年度完成之重大融资活动（其中部分对本

公司控股东施加特定履约责任，并须根据

上市规则第

13.18

条作出公布披露及根据上市

规则第

13.21

条于年报作出披露）详情如下：

6.5%

票息债券

本金总额为

200,000,000

港元之

6.5%

票息债

券（「

6.5%

票息债券」）乃于二零一九年八月

七日、二零一九年八月八日、二零一九年

八月十九日及二零一九年九月六日分四批发

行。

6.5%

票息债券以若干附属公司之股权

作抵押、须于发行日期起计第一周年当日偿

还、按年利率

6.5%

计息及由李伟斌先生（「李

先生」）（本公司最终控股东及执行董事）担

保。于二零二零年，

6.5%

票息债券已到期，

当中

41,500,000

港元由本公司赎回，而余下

本金

158,500,000

港元乃根据日期为二零二零

年八月六日之修订契据延长一年。

于二零二一年八月二十三日，在

6.5%

票息

债券的债券持有人的批准下，本公司及李

先生（作为担保人）签立第二份修订契据以

修订

6.5%

票息债券的债券文据的若干条款

及条件，据此，

6.5%

票息债券的到期日延

长一年，及本公司可重新发行总额最多为

140,000,000

港元之

6.5%

票息债券。新发

行债券的到期日应为新发行日期后第一周年

当日。于截至二零二年三月三十一日止年

度，本金

67,000,000

港元的

6.5%

票息债券已

延期一年以及本金

59,300,000

港元的

6.5%

票

息债券已新配售及发行。新配售所得款项已

用于再融资现有借款。有关详情请参阅本公

司日期为二零二一年八月二十三日及二零二

一年九月三十日之公布。

Details of the significant financing activities completed during

the Year (some of which had imposed specific performance

obligations on the controling shareholder of the Company

and were subject to anouncement disclosure under Rule

13.18 of the Listing Rules and requirements of disclosure

in anual reports under Rule 13.21 of the Listing Rules)

were as folows:

6.5% Coupon Bonds

6.5% coupon bonds (the “6.5% Coupon Bonds”) with

agregate principal amount of HK$200.0 milion were isued

in four tranches on 7 August 2019, 8 August 2019, 19

August 2019 and 6 September 2019. The 6.5% Coupon

Bonds are secured by the equity interests of certain

subsidiaries, repayable on the day faling on the first

aniversary of the isue dates, interest bearing at 6.5%

per anum and guaranted by Mr. Li Weibin (“Mr. Li”) (the

ultimate controling shareholder and an executive director

of the Company). During 2020, the 6.5% Coupon Bonds

were matured, of which HK$41.5 milion were redemed

by the Company and the remaining principal of HK$158.5

milion were extended for one year pursuant to the ded

of amendment dated 6 August 2020.

On 23 August 2021, the Company and Mr. Li (as the

guarantor), with the aproval of the bondholders of

the 6.5% Coupon Bonds, executed the second ded of

amendment to amend certain terms and conditions of the

bond instrument of the 6.5% Coupon Bonds, pursuant

to which the maturity dates of the 6.5% Coupon Bonds

were extended for one year and the Company can re-

isue the 6.5% Coupon Bonds of up to HK$140.0 milion

in agregate. The maturity date of the new isue shal be

the day faling on the first aniversary of the new isue

dates. During the year ended 31 March 2022, the 6.5%

Coupon Bonds with principal amount of HK$67.0 milion

were extended for one year and HK$59.3 milion were

newly placed and isued. The proceds from new placing

were used to refinance the existing borowings. For details,

please refer to the anouncements of the Company dated

23 August 2021 and 30 September 2021.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

6.5%

票息债券已于二零二年八月到期，

其中

28,500,000

港元由本公司赎回，及

97,800,000

港元乃根据日期为二零二年八

月十二日之第三份修订契据延长两年。根据

第三份修订契据，债券持有人获授予提早赎

回权以要求于延长日期的第一个周年日提早

赎回债券。倘债券持有人并未行使该提早赎

回权，彼等将收取于到期日未偿还本金额

的一次性额外固定利息。

于截至二零二四年三月三十一日止年度，本

金

6,000,000

港元的

6.5%

票息债券之债券持

有人根据日期为二零二年八月十二日之第

三份修订契据行使提早赎回权，要求于延长

日期的第一个周年日提早赎回债券。

6.5%

票息债券已于二零二四年八月到期但仍

未结算。于二零二四年十月二十九日，本公

司接获

6.5%

票息债券的两名债券持有人（分别

为「原告

」及「原告

」，并统称为「原告人」）于

二零二四年十月二十八日入禀香港高等法院

原讼法庭向本公司（作为被告人）及其他人发

出的两套传讯令状（「令状」）连同申索陈述书

（「申索陈述书」）。

根据申索陈述书，原告

声称，截至二零二四

年十月二十八日，本公司欠原告

未偿还本金

总额为

8,500,000

港元及二零二三年八月六日

起至还款日期未偿还本金的利息。

根据申索陈述书，原告

声称，截至二零二四

年十月二十八日，本公司欠原告

未偿还本金

总额为

10,000,000

港元及二零二三年八月六

日起至还款日期未偿还本金的利息。

The 6.5% Coupon Bonds were matured in August 2022,

of which HK$28.5 milion were redemed by the Company

and HK$97.8 milion were extended for two years pursuant

to the third ded of amendment dated 12 August 2022.

Acording to the third ded of amendment, the bondholders

were granted early redemption right to request for early

redemption of bonds on the first aniversary of the

extension date. If the bondholders do not exercise such

early redemption right, they shal receive a one-of aditional

fixed interest of 2% of the outstanding principal amount as

at the maturity date.

During the year ended 31 March 2024, the bondholders of

the 6.5% Coupon Bonds with the principal amount of HK$6.0

milion exercised the early redemption right to request for

early redemption of bonds on the first aniversary of the

extension date pursuant to the third ded of amendment

dated 12 August 2022.

The 6.5% Coupon Bonds were matured in August 2024

but have not yet ben setled. On 29 October 2024, the

Company received two sets of writ of sumons (the “Writ”)

together with statements of claim (the “SOC”) filed with

the Court of First Instance of High Court of Hong Kong on

28 October 2024 by two bondholders of the 6.5% Coupon

Bonds (“Plaintif A” and “Plaintif B” respectively and

the “Plaintifs” colectively) against the Company, among

others, as the defendant.

Acording to the SOC, Plaintif A aleged that as at 28

October 2024 the Company was indebted to Plaintif A

and the total outstanding principal amounted to HK$8.5

milion together with interest on such principal amount to

be calculated from 6 August 2023 to the date of repayment.

Acording to the SOC, Plaintif B aleged that as at 28

October 2024 the Company was indebted to Plaintif B

and the total outstanding principal amounted to HK$10.0

milion together with interest on such principal amount to

be calculated from 6 August 2023 to the date of repayment.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

原告人对本公司提出申索，其中包括：

(i)

上述

各项本金额；

(i)

二零二三年八月六日起至

还款日期各项未偿还本金的利息；

(i)

进一步

及其他补救办法；及

(iv)

诉讼费用。

于本年报日期，本公司及原告人正积极就偿

还债券工具项下未偿还本金及累计利息的还

款安排进行谈判。本公司将继续关注上述法

律程序的发展，并将在适当时间作出进一步

公布以更新事件的进展。本公司亦一直积极

与

6.5%

票息债券的余下债券持有人协商，以

延期偿还到期本金及利息。

13.0%

票息债券

截至二零二五年三月三十一日止年度，本公

司收到一家在香港注册成立的有限公司（「贷

款人」）发出的通知，内容有关贷款人向原

债券持有人购买

13.0%

票息债券的权利及利

益。本公司及贷款人最终就

13.0%

息票债券

制定新的还款计划，双方于二零二五年三月

以贷款安排的形式订立新协议。新协议的主

要条款包括：

(i)

将本金额减少至

17,300,000

美元（约

135,000,000

港元）；

(i)

将到期日延长

至二零二七年一月十四日；

(i)

将利率由每年

13.0%

降至每年

6.5%

；及

(iv)

豁免拖欠利息。

The Plaintifs claim against the Company, among others:- (i)

the respective principal amounts as aforesaid; (i) interests

on such respective principal amounts from 6 August 2023

to the date of repayment; (i) further and other reliefs; and

(iv) the costs of litigation.

As at the date of this anual report, the Company and

the Plaintifs are actively negotiating on a setlement

arangement in respect of the repayment of the outstanding

principals and interest acrued under the bond instrument.

The Company wil continue to monitor the development

of the abovementioned legal procedings and further

anouncements wil be made to provide an update on

the progres of the mater as and when apropriate. The

Company has also ben actively negotiating with the

remaining bondholders of the 6.5% Coupon Bonds to

extend the repayment of the matured principals and interest.

13.0% Coupon Bonds

During the year ended 31 March 2025, the Company

received a notice from a limited company incorporated

in Hong Kong (the “Lender”) in relation to the Lender’s

purchase of the rights and benefits of the 13.0% coupon

bonds from the original bondholders. The Company and the

Lender eventualy came up with a new repayment plan for

the 13.0% coupon bonds and a new agrement in the form

of a loan arangement was entered into by both parties in

March 2025. The key terms of the new agrement included:

(i) a reduction of the principal amount to US$17.3 milion

(aproximately HK$135.0 milion); (i) an extension of the

maturity date to 14 January 2027; (i) a reduction of the

interest rate from 13.0% per anum to 6.5% per anum;

and (iv) a waiver of the defaulted interest.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

于二零二五年三月三十一日，本集团录得流

动负债净额

573,200,000

港元（二零二四年三

月三十一日：

1,454,000,000

港元），及本集

团之流动比率（乃以本集团之流动资产除以其

流动负债计算）为

0.54

（二零二四年三月三十

一日：

0.34

）。流动比率改善主要由于流动负

债大幅减少，此乃由于二零二四年三月三十

一日列作流动负债的若干负债因于二零二五

年三月三十一日后超过十二个月到期偿还而

被重新分类为非流动负债。此重新分类包括

于二零二四年十二月对陕西秦农村商业银

行股份有限公司所提供银行贷款的再融资，

于二零二五年三月三十一日共计

981,500,000

港元，其中

975,100,000

港元须于二零二五年

三月三十一日后超过十二个月偿还。

股本

于二零二五年三月三十一日，本公司之法定

股本及已发行股本分别为

625,000,000

港元

及

11,690,000

港元（二零二四年三月三十一

日：分别为

625,000,000

港元及

11,690,000

港

元）。本公司之法定股本及已发行股本于本年

度并无变动。

资产负债比率

本集团于二零二五年三月三十一日之资

产负债比率为

0.86

（二零二四年三月三十

一日：

0.77

），乃根据本集团之负债总额

2,686,000,000

港元（二零二四年三月三十一

日：

2,761,200,000

港元）及本集团之资产总

值

3,124,600,000

港元（二零二四年三月三十

一日：

3,587,800,000

港元）计算。资产负债

比率增加主要是由于本年度投资物业贬值产

生之重大亏损所致。

As at 31 March 2025, the Group recorded net curent

liabilities of HK$573.2 milion (31 March 2024: HK$1,454.0

milion) and the curent ratio of the Group calculated as the

Group’s curent asets over its curent liabilities was 0.54 (31

March 2024: 0.34). The improvement in the curent ratio was

mainly due to the significant decrease in curent liabilities

as a result of reclasification of certain liabilities which were

curent liabilities as at 31 March 2024 as non-curent as they

wil be due more than twelve months after 31 March 2025.

This reclasification includes the refinancing of the bank loan

from Shanxi Qinong Rural Comercial Bank Company

Limited in December 2024, totaling HK$981.5 milion as

of 31 March 2025, with HK$975.1 milion of this amount

repayable in more than twelve months after 31 March 2025.

Share Capital

As at 31 March 2025, the authorised share capital and isued

share capital of the Company were HK$625.0 milion and

HK$11.69 milion respectively (31 March 2024: HK$625.0

milion and HK$11.69 milion respectively). There were no

changes in the authorised share capital and isued share

capital of the Company during the Year.

Gearing Ratio

The Group’s gearing ratio as at 31 March 2025 was 0.86

(31 March 2024: 0.77) which was calculated based on

the Group’s total liabilities of HK$2,686.0 milion (31

March 2024: HK$2,761.2 milion) and the Group’s total

asets of HK$3,124.6 milion (31 March 2024: HK$3,587.8

milion). The increase in the gearing ratio was mainly due to

substantial los arising from the devaluation of investment

properties during the Year.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大借贷交易

作为本集团一般业务过程的一部分，本集团

向客户提供若干金融服务，包括

(i)

提供不同类

型的借贷，例如，商业保理贷款；委托贷款；

及其他贷款等；及

(i)

提供融资担保服务。于

二零二五年三月三十一日，本集团借贷业务

的详情如下：

(i)

本集团借贷业务的经营模式

作为本集团日常业务过程的一部分，

本集团通过其持有相关牌照（包括根据

《放债人条例》（香港法例第

章）颁发

的放债人牌照及中华人民共和国融资

性担保机构经营许可证）的附属公司向

其客户提供若干金融服务，其中包括

(i)

提供各类借贷，例如商业保理贷款；

委托贷款；及其他贷款等；及

(i)

提供

融资担保服务，当中本集团同意为其

客户就其客户（作为借款人）与贷款人

订立的贷款协议项下的偿还义务作出

担保。

Material lending transactions

As part of the normal course of busines of the Group, the

Group provided certain financial services to its customers,

which included (i) provision of various type of lending, for

instance, factoring loans; entrusted loans; and other loans

etc.; and (i) provision of financial guarante service. Details

of the Group’s lending busines as at 31 March 2025 are

as folows:

(i) Busines model of the Group’s lending busineses

As part of the normal course of busineses of the

Group, the Group provided certain financial services to

its customers through its subsidiaries which posesed

relevant licences (including the money lenders license

isued under the Money Lenders Ordinance (Chapter

163 of the Laws of Hong Kong) and the financing

guarante enterprise operation license in the PRC

(

中华人民共和国融资性担保机构经营许可证

), which

included (i) provision of various type of lending, for

instance, factoring loans; entrusted loans; and other

loans etc.; and (i) provision of financial guarante

service of which the Group agred to guarante the

setlement by its customers of the obligation under

the loan agrements entered into by its customers

(as the borowers) and the lenders.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

此类融资服务通常提供给有短期资金

需求的个人和企业借款人。除向申请

房地产抵押贷款的客户提供的风险低

及金额小的融资担保外，我们一般要

求提供抵押品和╱或反担保。本集团

的客户主要通过业务合作伙伴或客户

的业务推荐、银行及本集团管理层介

绍获得。客户为在中国从事各种行业

（包括软件开发及资讯科技咨询服务、

智慧火灾报警系统项目、广告设计、

公寓管理、物业开发、节能产品研发

及代理销售、餐饮和娱乐业务、建筑

材料交易及提供园林工程服务等）的企

业或需要有关申请房地产抵押贷款短

期担保的个人。借贷业务及融资担保

业务的资金来源为本集团的内部资源

及过往年度发行债券的净收益。本集

团设有内部业务部门及风险评估部门

来评估每项交易的风险水平。

Such financing services are generaly provided to

individual and corporate borowers that have

short-term funding neds. Except for the financial

guarante granted to customers who are aplying

property mortgage loan which involved low-level

of risk and insignificant amount, colaterals and/

or countered guarante is/are generaly requested.

The Group’s clientele is primarily acquired through

busines referals from busines partners or

customers, introduction from the banks and the

Group’s management. Customers are enterprises

engaged in various industries (including software

development and information technology consultancy

services, smart fire alarm system project, advertising

design, management of apartments, property

development, research and development and agency

sales of energy-saving products, fod and beverage

and entertainment busines, trading of construction

materials and provision of landscaping enginering

services, etc.) in the PRC, or individual who neds

a short-term guarante for aplication of property

mortgage loan. The source of funds for the lending

busines and financial guarante busines was funded

by the internal resources and net proceds from the

isuance of bonds of the Group in previous years. The

Group has internal busines unit and risk asesment

unit to ases the risk level of each transaction.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

(i)

授予之贷款╱融资担保之主要条款

于二零二五年三月三十一日，贷款的

年利率介乎

2.0%

至

12.5%

，且所有贷

款均已到期。于二零二五年三月三十

一日，全部的应收贷款均由客户之法

定代表人、股东及╱或独立第三方公

司提供担保，当中

84.3%

同时由

(i)

营

业收入；

(i)

客户拥有之林木采伐权；

(i)

应收贸易账项；及

(iv)

客户及其附属公

司之股份质押作抵押。于二零二五年

三月三十一日，应收贷款

112,200,000

港元已逾期。根据合资格估值师进行

的估值，本年度就预期信贷亏损计提

拨备

16,900,000

港元，抵销预期信贷

亏损拨回

38,300,000

港元。为降低坏

账风险，本集团已采取若干措施，如

向客户发出提醒和警告信，进一步获

取客户的抵押品（如客户或其附属公司

的股票质押），密切监控其应收款项的

现金流入。

就本年度提供融资担保服务而言，

担保及顾问服务费（合计）按贷款本金

按年利率介乎

3.0%

至

5.0%

向客户收

取，惟本集团向申请房地产抵押贷款

的个人客户收取的担保费除外，由于

涉及的风险低及金额小，因此一般按

每宗人民币

元至人民币

元不

等的固定金额收取。除向申请房地产

抵押贷款的客户提供的融资担保外，

全部的担保安排均由客户之法定代表

人、股东及╱或独立第三方公司提供

反担保。

(i) Major terms of loans/financial guarante granted

The interest rate of the loans were ranging from 2.0%

to 12.5% per anum and al of the loans as at 31

March 2025 had matured. Al of the loan receivables

as at 31 March 2025 were guaranted by the legal

representatives, shareholders of the customers and/or

independent third party corporations, of which 84.3%

were also secured by (i) operating income; (i) the

deforestation right owned by the customers; (i) trade

receivables and (iv) share pledge of the customers

and its subsidiaries. As at 31 March 2025, HK$112.2

milion of the loan receivables were overdue. Based

on the valuation performed by a qualified valuer,

expected credit los of HK$16.9 milion was provided

for the Year which net of with the reversal of

expected credit los of HK$38.3 milion. To reduce

the risk of bad debt, the Group has implemented

certain measures, such as isuing reminders and

warning leters to the customers, obtaining further

colaterals (like share pledge of the customer or its

subsidiaries) from the customers, closely monitoring

the cash inflow from their receivables.

In respect of the provision of financial guarante

service during the Year, the guarante and consultancy

services fe (in agregate) charged to the customers

were ranging from 3.0% to 5.0% of the loan principal

per anum except the guarante fe charged to

individual customers who are aplying property

mortgage loan which involved low-level of risk and

insignificant amount, the Group generaly charges

a fixed sum ranging from RMB400 to RMB700 per

case. Except for the financial guarante granted to

the customers who are aplying property mortgage

loan, al of the guarante arangements are counter-

guaranted by the legal representatives, shareholders

of the customers and/or independent third party

corporations.

Lending
借贷 Number of customers/ (Total lending principal (HK$))
客户数量╱ （贷款本金总额
（港元））
9/HK$30.5 million
9 30,500,000
╱ 港元 2/HK$33.8 million
2 33,800,000
╱ 港元 2/HK$47.8 million
2 47,800,000
╱ 港元 0/HK$Nil million
0
╱零港元

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

提供最大五名客户的借贷金额（合计）

约为

91,100,000

港元。彼等占本集团

于二零二五年三月三十一日之应收贷

款总额约

81.2%

。

为应对中国严峻的信贷环境，本集团

已暂停吸纳新融资担保业务。因此，

于二零二五年三月三十一日，本集团

并无向贷款人提供担保款项。

(i)

客户的规模和多样性

于二零二五年三月三十一日，本集团

之应收贷款总额为

112,200,000

港元，

按本金规模分类的客户多样性概括如

下：

(i) The size and diversity of customers

As at 31 March 2025, the Group had total loan

receivables amounting to HK$112.2 milion and a

sumary of the customer diversity clasified by the

size of principal is as folows:

Principal range

本金范围

Below HK$10 milion10,000,000

港元以下

HK$10 milion – HK$20 milion10,000,000

港元

–20,000,000

港元

HK$20 milion – HK$30 milion20,000,000

港元

–30,000,000

港元

HK$30 milion – HK$40 milion30,000,000

港元

–40,000,000

港元

The amounts of lending to the five largest customers

(in agregate) amounted to aproximately HK$91.1

milion. They acounted for aproximately 81.2%

of the total loan receivables of the Group as at 31

March 2025.

In response to the chalenging credit environment in

China, the Group has temporarily ceased to acquire

new financial guarante busineses. Therefore, there

were no guarante sums provided by the Group to

lenders as at 31 March 2025.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

减值亏损

于本年度，本集团根据预期信贷亏损（「预期

信贷亏损」）模式分别确认应收贷款及应收商

业保理账项之亏损拨备拨回约

20,700,000

港

元及

17,600,000

港元，并确认应收商业保理

账项减值亏损约

16,900,000

港元。

对于导致本集团确认其贷款减值的事件和情

况，因素通常包括

(a)

借款人逾期或拖欠贷款

利息或贷款本金；以及

(b)

商业、金融或经济

状况的现有或预测性不利变化，预计这些变

化将导致借款人履行债务义务的能力显著下

降。

截至二零二五年三月底，本公司在泓亮咨询

及评估有限公司（「独立估值师」）覆核减值准

备时知悉上述事件和情况，并得到了本公司

核数师的同意。上述事件和情况是本公司在

发放贷款时没有预料到的。

IMPAIRMENT LOS

For the Year, the Group recognized the reversal of los

alowance on loan receivables and factoring receivables

of aproximately HK$20.7 milion and HK$17.6 milion

respectively and recognized impairment los on factoring

receivables of aproximately HK$16.9 milion under Expected

Credit Los (“ECL”) model.

Events and circumstances that led to the Group in

recognizing impairment of its loans, factors would normaly

include (a) delay or default in setlement of loan interest

or loan principal amounts by the borower on due dates;

and (b) existing or forecasted adverse changes in busines,

financial or economic conditions that were expected to

cause a significant decline in the borower’s ability to met

its debt obligations.

By the end of March 2025, the Company was aware of

the abovementioned events and circumstances when the

impairment was reviewed by Vincorn Consulting and

Apraisal Limited (the “Independent Valuer”) and was

agred by the Company’s auditor. The abovementioned

events and circumstances were not anticipated by the

Company at the time when the loans were granted.

Reversal of loss allowance made for the year ended 31 March 2025
截至二零二五年三月三十一日止年度作出的
亏损拨备拨回 HK$’000
千港元
(9,153)
(11,195)
(150)
(205)
(20,703)
–
(20,703)

Gross carrying amount of loan receivables as at 31 March 2025		Net carrying amount of loan receivables as at 31 March 2025
截至二零二五年三月三十一日应收贷款		截至二零二五年三月三十一日应收贷款
账面总额 HK$’000		账面净额 HK$’000
千港元		千港元
31,866 18,438 6,887 5,290
22,561		–
7,207		–
–		–
–		–
62,481 22,403
29,768		–
22,239		–
84,884
52,007		–

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

(i)

有关应收贷款亏损拨备拨回的其他信

息

截至二零二五年三月三十一日止年度

确认的应收贷款亏损拨备拨回详情如

下：

(i) Aditional information on the reversal of los

alowance on loan receivables

Details of the reversal of los alowance on loan

receivables recognized for the year ended 31 March

2025 are as folows:

No.Name of Borowers

Latest

maturity

date

Net carying

amount of loan

receivables as at

31 March 2024

序号借款人名称最新到期日

截至二零二四年

三月三十一日

应收贷款

账面净额

HK$’000

千港元

1Shanxi Gun Shi Xin Tian Di

Cultural Investment

Company Limited

2022-09-07–

陕西滚石新天地文化投资有限公司

2Shanxi Long Yuan Landscaping

Enginering Company Limited

2022-09-28–

陕西隆源园林工程有限公司

3Individual A 2025-10-286,737

个人

4Individual B 2025-10-285,085

个人

Sub-total11,822

小计

Other borowers–

其他借款人

Total11,822

合计

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

截至二零二五年三月三十一日止年度

的应收贷款减值拨备拨回主要包括本

集团应收陕西滚石新天地文化投资有

限公司（「滚石」）贷款之预期信贷亏损

之亏损拨备拨回约

9,200,000

港元；及

本集团应收陕西隆源园林工程有限公

司（「隆源」）贷款之预期信贷亏损之亏

损拨备拨回约

11,200,000

港元。

滚石为一家主要在中国从事餐饮和娱

乐业务的公司，于二零二零年九月七

日获得了人民币

26,000,000

元的贷

款，初始贷款期限为一年，其后延长

至二零二年九月七日。最初预计新

冠疫情将在二零二一年底得到控制，

使滚石的收入能够在二零二年反弹

至大流行前的水平。然而，新冠疫情

于二零二一年底继续在西安蔓延，并

于二零二一年十二月下旬开始封锁。

持续的间歇性封锁对滚石的餐饮和娱

乐业务造成了严重干扰，延长的封锁

和社交距离措施导致娱乐场所的访客

量急剧下降，收入和盈利能力也相应

下降。因此，滚石的经营现金流受到

限制，使其无法在到期时偿还未偿还

的应收贷款。

The reversal of los alowance on loan receivables

for the year ended 31 March 2025 mainly includes

the reversal of los alowance for ECL of the loan

receivables of the Group due from Shanxi Gun Shi Xin

Tian Di Cultural Investment Company Limited

(“Gun

Shi”) in an amount of aproximately HK$9.2 milion

and Shanxi Long Yuan Landscaping Enginering

Company Limited

(“Long Yuan”) in an amount of

aproximately HK$11.2 milion.

Gun Shi, a company principaly engaged in the

fod & beverage and entertainment busines in

the PRC, was granted a loan of RMB26,000,000

on 7 September 2020, with an initial loan period

of one year, later extended to 7 September 2022.

Initialy, it was expected that the COVID-19 pandemic

would be under control by the end of 2021, thereby

alowing Gun Shi’s revenue to rebound to pre-

pandemic level in 2022. However, the COVID-19

pandemic continued to spread at the end of 2021

in Xi’an with lockdowns starting in late December

2021. Continued intermitent lockdowns caused a

significant disruption to Gun Shi’s fod & beverage

and entertainment busines, with extended lockdowns

and social distancing measures leading to a sharp

decline in customer visits to entertainment venues and

a coresponding decline in revenue and profitability.

Consequently, Gun Shi experienced constrained cash

flow from its operations, making it unable to setle

its outstanding loan receivables upon maturity.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

隆源是一家主要在中国从事提供园林

绿化工程服务的公司，于二零二零年

九月二十八日获得人民币

15,000,000

元的贷款，初始贷款期为一年，其后

延长至二零二年九月二十八日。最

初假设新冠疫情将在二零二一年底得

到控制，预计隆源的收入和利润将在

二零二年保持稳定。然而，随著二

零二一年底新冠疫情继续蔓延，于二

零二一年十二月下旬开始，西安持续

间歇性的封锁导致园林绿化项目被推

迟或取消，其客户的现金流受到严重

影响。新冠疫情的蔓延以及中国房地

产市场的低迷对盈利能力产生了不利

影响，导致隆源的收入、净利润和客

户应收账款的可收回性下降。因此，

隆源的经营现金流受到限制，使其无

法在到期时偿还未偿还的应收贷款。

截至二零二四年三月三十一日，应

收滚石和隆源的贷款已逾期超过十五

个月，因此，这些贷款被归类为「亏

损」，并最终被归入第三阶段（二零二

三年：第二阶段），信贷评级为

。

参考穆迪公司的信贷评级计划，信

贷评级为

的贷款被视为违约概率为

100%

。根据信贷风险及预期信贷亏损

模式下的减值评估，截至二零二四年

三月三十一日止年度，应收滚石及隆

源的贷款已全额减值。

Long Yuan, a company principaly engaged in the

provision of landscaping enginering services in

the PRC, was granted a loan of RMB15,000,000

on 28 September 2020, with an initial loan period

of one year, later extended to 28 September 2022.

Initialy, it was expected that Long Yuan’s revenue

and profit would be stable in 2022, presuming the

COVID-19 pandemic would be under control by the

end of 2021. However, as the COVID-19 pandemic

continued to spread at the end of 2021, the cash

flows of its customers were severely afected, with

landscaping projects delayed or canceled as a result

of the lockdowns that began in late December 2021

in Xi’an and continued intermitently. The spread of

the COVID-19 pandemic, along with a downturn in

the real estate market in the PRC adversely afected

profitability, leading to a decrease in Long Yuan’s

revenue, net profit, and the recoverability of trade

receivables from its customers. Consequently, Long

Yuan experienced constrained cash flow from its

operations, making it unable to setle its outstanding

loan receivables upon maturity.

As of 31 March 2024, the loan receivables due from

Gun Shi and Long Yuan had ben overdue for more

than 15 months and, acordingly, the loans were

clasified as “Los” and ultimately asigned to stage

3 (2023: Stage 2) with a C credit rating. The loans

asigned with the C credit rating were considered

to have 100% probability of default by reference to

Mody’s Corporation’s credit rating scheme. Based

on the credit risk and the impairment asesment

under ECL model, the loan receivables due from Gun

Shi and Long Yuan were fuly impaired for the year

ended 31 March 2024.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

截至二零二五年三月三十一日止年

度，本公司根据预期信贷亏损模式，

确认应收滚石及隆源贷款之减值拨备

拨回合计约

20,300,000

港元，因为

应收滚石及隆源的逾期贷款中合计约

20,300,000

港元已收回。

截至二零二五年三月三十一日止年

度，本公司已与滚石及隆源就拟议的

还款计划进行讨论，且彼等已初步同

意以下拟议的还款计划：

滚石

截至二零二四年十二月十三日，应

收滚石贷款的未偿还本金为人民币

23,850,000

元（「未偿还本金

」）。滚石

必须在二零二五年六月三十日之前偿

还未偿还本金

的至少

20%

，且还款总

额应于二零二五年十二月三十一日之

前达到至少

65%

。未偿还本金

应在二

零二六年三月三十一日之前全额结清。

于二零二四年十二月十三日至二零二

五年三月三十一日期间，本集团已收

到滚石人民币

6,900,000

元，用于清偿

未偿还本金

。

During the year ended 31 March 2025, the Company

recognized the reversal of los alowance on

loan receivables from Gun Shi and Long Yuan of

aproximately HK$20.3 milion in total under ECL

model as aproximately HK$20.3 milion in total had

ben recovered from the overdue loan receivables

from Gun Shi and Long Yuan.

During the year ended 31 March 2025, the Company

had discusions with Gun Shi and Long Yuan regarding

proposed repayment plans, and they had tentatively

agred to the folowing proposed repayment plans:

Gun Shi

As of 13 December 2024, the outstanding principal of

the loan receivable from Gun Shi was RMB23,850,000

(the “Outstanding Principal 1”). Gun Shi is required

to repay at least 20% of the Outstanding Principal 1

by 30 June 2025 and the total repayment of which

should reach at least 65% by 31 December 2025.

The Outstanding Principal 1 should be fuly setled

by 31 March 2026.

During the period from 13 December 2024 to 31

March 2025, the Group has received RMB6,900,000

from Gun Shi for the setlement of the Outstanding

Principal 1.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

隆源

截至二零二四年十二月十三日，应

收隆源贷款的未偿还本金为人民币

12,900,000

元（「未偿还本金

」）。隆源

必须在二零二五年六月三十日之前偿

还未偿还本金

的至少

30%

。未偿还本

金

应在二零二五年十二月三十一日之

前全额结清。

于二零二四年十二月十三日至二零二

五年三月三十一日期间，本集团已收

到隆源人民币

8,600,000

元，用于清偿

未偿还本金

。

拟议的还款计划是根据对滚石及隆源

财务状况的全面评估的基础上制定

的，包括他们最近的财务状况、利润

预测、现金流预测和商业合同。该分

析使本公司能够制定符合滚石及隆源

财务能力和预期现金流的还款计划，

确保滚石及隆源履行其财务义务。

如果滚石及隆源无法按照约定偿还贷

款，本公司将采取法律程序寻求立即

偿还贷款。我们的目标是找到一个对

本公司和滚石及隆源都有利的解决方

案，同时保护本公司在贷款回收方面

的最大利益。

Long Yuan

As of 13 December 2024, the outstanding principal

of the loan receivable from Long Yuan was

RMB12,900,000 (the “Outstanding Principal 2”).

Long Yuan was required to repay at least 30% of

the Outstanding Principal 2 by 30 June 2025. The

Outstanding Principal 2 should be fuly setled by

31 December 2025.

During the period from 13 December 2024 to 31

March 2025, the Group has received RMB8,600,000

from Long Yuan for the setlement of the Outstanding

Principal 2.

The proposed repayment plans were developed

based on a thorough asesment of the financial

circumstances of Gun Shi and Long Yuan, including

their recent financial conditions, profit forecasts,

cash flow projections and busines contracts. This

analysis enabled the Company to structure repayment

schedules that align with their financial capabilities

and expected cash flows, ensuring Gun Shi and Long

Yuan to met their financial obligations.

If Gun Shi and Long Yuan are unable to repay the

loans as agred, the Company wil institute the

legal procedings to sek imediate payment.

Our objective is to find a solution that is mutualy

beneficial for both the Company and Gun Shi and

Long Yuan whilst, at the same time, safeguard the

best interests of the Company in relation to loan

recovery.

Loss allowance (reversal of loss allowance) made for the year ended 31 March 2025
截至二零二五年三月三十一日止年度计提的亏损拨备
（亏损拨备拨回） HK$’000
千港元
(13,838)
12,026
(2,575)
(1,207)
2,068
2,079
22
(1,425)
667
(758)

Gross carrying amount of factoring receivables as at 31 March 2025		Net carrying amount of factoring receivables as at 31 March 2025
截至二零二五年三月三十一日应收商业保理		截至二零二五年三月三十一日应收商业保理
账项账面总额 HK$’000		账项账面净额 HK$’000
千港元		千港元
34,631 17,050 10,750 10,120 9,286 9,286 4,538
20,661		–
16,200		–
614		470
472		359
9,401		7,188
9,401		7,188
1,048		–
95,661 2,404
57,797		15,205
2,384		–
98,065
60,181		15,205

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

(i)

有关应收商业保理账项减值亏损拨备

（亏损拨备拨回）的其他信息

截至二零二五年三月三十一日止年度

确认的应收商业保理账项减值亏损拨

备╱亏损拨备拨回详情如下：

(i) Aditional information on the impairment

los alowance (reversal of los alowance) on

factoring receivables

Details of the impairment los alowance/reversal of

los alowance on factoring receivables recognized

for the year ended 31 March 2025 are as folows:

No.Names of Borowers

Latest

maturity

date

Net carying

amount of

factoring

receivables as at

31 March 2024

序号借款人名称最新到期日

截至二零二四年

三月三十一日

应收商业保理

账项账面净额

HK$’000

千港元

1Xi’an Dewantong Comercial

Operation and Management

Company Limited

2022-10-29–

西安德万通商业运营管理有限公司

2Xi’an Chuang De Technology

Company Limited

2023-06-2412,742

西安创德科技有限公司

3Company A2024-03-068,034

公司

4Company B2024-03-068,802

公司

5Company C2024-06-159,122

公司

6Company D2024-06-149,133

公司

7Company E 2022-10-293,504

公司

Sub-total51,337

小计

Other borowers665

其他借款人

Total52,002

合计

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

截至二零二五年三月三十一日止年度

的应收商业保理账项亏损拨备拨回主

要包括本集团应收西安德万通商业运

营管理有限公司（「德万通」）商业保理

账项的预期信贷亏损之亏损拨备拨回

约

13,800,000

港元；以及截至二零

二五年三月三十一日止年度的应收商

业保理账项减值亏损拨备主要包括本

集团应收西安创德科技有限公司（「创

德」）商业保理账项的预期信贷亏损之

亏损拨备约

12,000,000

港元。

德万通是一家主要在中国从事房地产

开发、租赁及管理以及仓储物流中心

运营的公司，于二零二一年十月二十

九日获批出人民币

30,550,000

元的保

理贷款，贷款期限为一年。最初预计

德万通二零二年的收入和利润将保

持稳定。然而，新冠疫情意外持续和

中国房地产市场的突然低迷严重削弱

了消费者的信心，并严重影响了德万

通的财务表现。物业租赁空置率高、

租金收入较低、装修改造项目延期或

取消，导致大量应收账款逾期，并使

德万通现金流恶化。由于德万通未能

及时收回未偿还应收贸易账项，其经

营现金流受限，最终导致其无法在到

期时偿还未偿还的应收商业保理账项。

The reversal of los alowance on factoring receivables

for the year ended 31 March 2025 mainly includes

the reversal of los alowance for ECL of the factoring

receivables of the Group due from Xi’an Dewantong

Comercial Operation and Management Company

Limited (“Dewantong”) of aproximately HK$13.8

milion and the impairment los alowance on

factoring receivable for the year ended 31 March

2025 mainly includes the los alowance for ECL of

the factoring receivable of the Group due from Xi’an

Chuang De Technology Company Limited (“Chuang

De”) of aproximately HK$12.0 milion.

Dewantong, a company principaly engaged in

property development, leasing and management, and

operation of warehouse and logistics centers in the

PRC, was granted a factoring loan of RMB30,550,000

on 29 October 2021, with a loan period of one year.

Initialy, it was expected that Dewantong’s revenue

and profit would remain stable in 2022. However,

the unexpected continuation of the COVID-19

pandemic and a suden downturn in China’s

property market significantly undermined consumers’

confidence and severely impacted Dewantong’s

financial performance. The high vacancy rate of

property leasing, low rental income, and delays and

cancelations in decoration and renovation projects,

resulted in substantial overdue trade receivables and

exacerbated Dewantong’s cash flows. As Dewantong

was unable to colect its outstanding trade receivables

in a timely maner, it experienced constrained cash

flow from its operations, ultimately leading to its

inability to setle its outstanding factoring receivables

upon maturity.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

截至二零二四年三月三十一日，应收

德万通商业保理账项逾期超过十五个

月，因此，该保理贷款被归类为「亏

损」，最终被分配到第三阶段（二零二

三年：第二阶段），信贷评级为

。参

考穆迪公司的信贷评级计划，信贷评

级获评为

的贷款被视为违约概率为

100%

。根据信贷风险及预期信贷亏损

模式下的减值评估，截至二零二四年

三月三十一日止年度，应收德万通商

业保理账项已全额减值。

截至二零二五年三月三十一日止年

度，本公司根据预期信贷亏损模式，

确认应收德万通商业保理账项之减值

拨备拨回约

13,800,000

港元，因为

应收德万通的逾期商业保理账项中约

13,800,000

港元已收回。

创德是一家主要于中国从事智能消防

警报系统工程业务的公司，于二零

二年六月二十四日获批出人民币

15,000,000

元的保理贷款，贷款期限

为一年。最初预计创德二零二三年的

收入和利润将保持稳定。然而，由于

中国房地产市场的低迷导致逾期付款

及项目取消激增，严重影响了创德的

盈利能力，并导致收入、净利润及应

收贸易账项的可收回性下降。因此，

创德的经营现金流受限，导致其无法

在到期时偿还未偿还的应收商业保理

账项。

As of 31 March 2024, the factoring receivable due

from Dewantong had ben overdue for more than

15 months and acordingly, the factoring loan was

clasified as “Los” and ultimately asigned to stage

3 (2023: Stage 2) with a C credit rating. The loan

asigned with C credit rating was considered to have

100% probability of default by reference to Mody’s

Corporation’s credit rating scheme. Based on the

credit risk and the impairment asesment under ECL

model, the factoring receivable due from Dewantong

was fuly impaired for the year ended 31 March 2024.

During the year ended 31 March 2025, the Company

recognized the reversal of los alowance on factoring

receivables from Dewantong of aproximately

HK$13.8 milion under ECL model as aproximately

HK$13.8 milion was recovered from the overdue

factoring receivables from Dewantong.

Chuang De, a company principaly engaged in smart

fire alarm system project in the PRC, was granted a

factoring loan of RMB15,000,000 on 24 June 2022,

with a loan period of one year. Initialy, it was expected

that Chuang De’s revenue and profit would be stable

in 2023. However, as the downturn in the real estate

market in the PRC led to a surge in overdue payments

and project cancelations, severely impacting Chuang

De’s profitability and causing a decline in revenue,

net profit, and the recoverability of trade receivables.

Consequently, Chuang De experienced constrained

cash flow from its operations, making it unable to

setle its outstanding factoring receivables upon

maturity.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

截至二零二五年三月三十一日，应

收创德商业保理账项逾期超过十五个

月，因此，该保理贷款被归类为「亏

损」，最终被归类为第三阶段（二零二

四年：第二阶段），信贷评级为

。参

考穆迪公司的信贷评级计划，信贷评

级获评为

的贷款被视为违约概率为

100%

。根据信贷风险及预期信贷亏损

模式下的减值评估，截至二零二五年

三月三十一日止年度，应收创德商业

保理账项已全额减值。

截至二零二五年三月三十一日止年

度，本公司已与德万通及创德就拟议

的还款计划进行讨论，且彼等已初步

同意以下拟议的还款计划：

德万通

截至二零二四年十二月十三日，应收

德万通商业保理账项的未偿还本金为

人民币

24,250,000

元（「未偿还本金

」）。德万通必须在二零二五年六月

三十日之前偿还未偿还本金

的至少

20%

，且还款总额应于二零二五年十

二月三十一日之前达到至少

65%

。未

偿还本金

应在二零二六年三月三十一

日之前全额结清。

于二零二四年十二月十三日至二零二

五年三月三十一日期间，本集团已收

到德万通人民币

7,000,000

元，用于清

偿未偿还本金

。

As of 31 March 2025, the factoring receivable due

from Chuang De had ben overdue for more than

15 months and acordingly, the factoring loan was

clasified as “Los” and ultimately asigned to stage

3 (2024: Stage 2) with a C credit rating. The loan

asigned with C credit rating was considered to have

100% probability of default by reference to Mody’s

Corporation’s credit rating scheme. Based on the

credit risk and the impairment asesment under ECL

model, the factoring receivable due from Chuang De

was fuly impaired for the year ended 31 March 2025.

During the year ended 31 March 2025, the Company

held discusions with Dewantong and Chuang De

regarding proposed repayment plans, and they

had tentatively agred to the folowing proposed

repayment plans:

Dewantong

As of 13 December 2024, the outstanding principal

of the factoring receivable from Dewantong was

RMB24,250,000 (the “Outstanding Principal 3”).

Dewantong is required to repay at least 20% of the

Outstanding Principal 3 by 30 June 2025 and the

total repayment of which should reach at least 65%

by 31 December 2025. The Outstanding Principal 3

should be fuly setled by 31 March 2026.

During the period from 13 December 2024 to 31

March 2025, the Group has received RMB7,000,000

from Dewantong for the setlement of the Outstanding

Principal 3.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

创德

截至二零二五年三月三十一日，应收

创德商业保理账项的未偿还本金为人

民币

14,100,000

元（「未偿还本金

」）。

创德必须在二零二五年十二月三十一

日之前偿还至少

30%

，且还款总额应

于二零二六年六月三十日之前达到至

少

60%

。未偿还本金

应在二零二六年

十二月三十一日之前全额结清。

拟议的还款计划是根据对德万通及创

德财务状况的全面评估的基础上制定

的，包括彼等最近的财务状况、利润

预测、现金流预测和商业合同。该分

析使本公司能够制定符合彼等财务能

力和预期现金流的还款计划，确保德

万通及创德履行其财务义务。

如果德万通及创德无法按照约定偿还

贷款，本公司将采取法律程序寻求立

即偿还贷款。我们的目标是找到一个

对本公司和德万通及创德都有利的解

决方案，同时保护本公司在贷款回收

方面的最大利益。

Chuang De

As of 31 March 2025, the outstanding principal

of the factoring receivable from Chuang De was

RMB14,100,000 (the “Outstanding Principal 4”).

Chuang De is required to repay at least 30% by 31

December 2025 and the total repayment of which

should reach at least 60% by 30 June 2026. The

Outstanding Principal 4 should be fuly setled by

31 December 2026.

The proposed repayment plans were developed

based on a thorough asesment of the financial

circumstances of Dewantong and Chuang De, including

their recent financial conditions, profit forecasts,

cash flow projections and busines contracts. This

analysis enabled the Company to structure repayment

schedules that align with their financial capabilities

and expected cash flows, ensuring Dewantong and

Chuang De to met their financial obligations.

If Dewantong and Chuang De are unable to repay

the loans as agred, the Company wil institute

the legal procedings to sek imediate payment.

Our objective is to find a solution that is mutualy

beneficial for both the Company and Dewantong

and Chuang De whilst, at the same time, safeguard

the best interests of the Company in relation to loan

recovery.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

(i)

估值方法

关于厘定应收贷款及应收商业保理账

项的预期信贷亏损，本集团聘请独立

估值师于二零二五年三月三十一日进

行估值。在确定估值方法时，独立估

值师考虑了以下估值方法，这些方法

为符合香港财务报告准则（「香港财务

报告准则」）第

号的适当方法：

简化方法

适用于应收贸易账项（包括商品

和服务、经营租赁及金融担保

合同），考虑过往拨备率。

一般方法

适用于不适用其他方法的金融

资产，该方法基于信贷风险分

为三个阶段。

第一阶段：

自初始确认以来

没有显著信贷风

险增加的资产，

采用十二个月预

期信贷亏损计量。

第二阶段：

自初始确认以来

信贷风险显著增

加的资产，采用

终身预期信贷亏

损计量。

第三阶段：

信贷减值资产采

用终身预期信贷

亏损计量。

(i) The valuation method

In respect of the determination of the ECL of loan

receivables and factoring receivables, the Group

engaged the Independent Valuer to cary out a

valuation as at 31 March 2025. In determining

the valuation method, the Independent Valuer has

considered the folowing valuation aproaches, which

are the apropriate methodologies in acordance

with the Hong Kong Financial Reporting Standard

(“HKFRS”) 9:

1. Simplified Aproach

Aplied to trade receivables (including gods

and services, operating lease and financial

guarante contracts), taking into acount

historical provision rates.

2. General Aproach

Adopted for financial asets not eligible for

other aproaches, comprising 3 stages based

on credit risk.

Stage 1: Asets without a significant increase

in credit risk since initial recognition

are measured using 12-month ECL.

Stage 2: Asets with a significant increase in

credit risk since initial recognition

are measured using a lifetime ECL.

Stage 3: Credit impaired asets are measured

using a lifetime ECL.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

终身预期信贷亏损代表在相关工具的

预期使用寿命内因所有可能的违约事

件而产生的预期信贷亏损。相对而

言，十二个月预期信贷亏损（「十二

个月预期信贷亏损」）代表预计在报告

日期后十二个月内可能发生的违约事

件所导致的终身预期信贷亏损的一部

分。评估基于本集团的过往信贷亏损

经验，并根据债务人特定因素、一般

经济条件以及对报告日期当前条件和

未来条件的预测进行调整。

独立估值师采用一般方法来计算应收

贷款和应收商业保理账项的预期信贷

亏损。本集团的亏损拨备金通常等于

十二个月预期信贷亏损，除非自初始

确认以来信贷风险已显著增加，在这

种情况下，本集团将确认终身预期信

贷亏损。是否应确认终身预期信贷亏

损的评估是基于自初始确认以来违约

发生的可能性或风险的显著增加。

由于应收贷款和应收商业保理账项的

金额较大且风险特征不同，应收贷款

和应收商业保理账项的预期信贷亏损

将按个别情况进行评估。

各风险级别的预期信贷亏损率由以下

公式得出：

预期信贷亏损率

违约概率×（

－回收

率）×（

前瞻性调整）

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 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 Independent Valuer adopted general aproach

for loan and factoring receivables to calculate the

ECL. 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.

Due to the significant amounts and diferent risk

characteristics of the loan and factoring receivables,

the ECL of the loan and factoring receivables wil be

asesed on an individual basis.

The ECL rate of each risk level was derived from the

formula below:

ECL Rate = Probability of Default × (1-Recovery Rate)

× (1+ Forward-Loking Adjustment)

For the year ended 31 March 2025
截至二零二五年
三月三十一日止年度
6.19%
38.90%
3.66%
3.92%

For the year ended 31 March 2025
截至二零二五年
三月三十一日止年度
37.18%
38.90%
3.66%
22.72%

For the year ended 31 March 2025
截至二零二五年
三月三十一日止年度
100.00%
0.00%
N/A
不适用 100.00%

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

在估值中应用的主要输入包括违约概

率（「违约概率」）、回收率（「回收率」）

和前瞻性调整（「前瞻性调整」）。估值

的关键输入如下所示：

The major inputs aplied in the valuation include the

probability of default (the “PD”), recovery rate (the

“Recovery Rate”) and forward-loking adjustment

(the “FLA”). Key inputs of the valuation are shown

below:

For Stage 1

对于第一阶段

For the year ended

31 March 2024

截至二零二四年

三月三十一日止年度

1. PD1.

违约概率

2.27% – 5.33%

2. Recovery Rate2.

回收率

36.40%

3. FLA3.

前瞻性调整

14.29%

4. ECL Rate4.

预期信贷亏损率

1.65% – 3.87%

For Stage 2

对于第二阶段

For the year ended

31 March 2024

截至二零二四年

三月三十一日止年度

1. PD1.

违约概率

35.95%

2. Recovery Rate2.

回收率

38.50%

3. FLA3.

前瞻性调整

14.29%

4. ECL Rate4.

预期信贷亏损率

25.27%

For Stage 3

对于第三阶段

For the year ended

31 March 2024

截至二零二四年

三月三十一日止年度

1. PD1.

违约概率

100.00%

2. Recovery Rate2.

回收率

0.00%

3. FLA3.

前瞻性调整

N/A

不适用

4. ECL Rate4.

预期信贷亏损率

100.00%

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

对于第一阶段，行业违约概率来源于

穆迪公司发布的「年度违约研究：二零

二五年，企业违约率将跌至长期平均

水平以下」。根据各行业的违约概率，

我们再次参考穆迪公司的标准为行业

分配了信贷评级，并参考了穆迪公司

的数据确定回收率。

对于第二阶段，由于大多数债务人逾

期超过一年，因此授予

Ca-C

信贷评级

以反映其较高的信贷风险，违约概率

和回收率与信贷评级相匹配，并源自

穆迪公司。

对于第三阶段，由于债务人被分配了

信贷评级并被视为违约，因此采用了

100%

的预期信贷亏损率。

前瞻性调整透过逻辑回归分析得出，

当中因变量为违约概率的逻辑比，而

自变量则为中国内生产总值的百分

比变动（「国内生产总值变动」）。违约

概率参考穆迪公司的数据，而国内

生产总值变动则源自国际货币基金组

织。于二零二五年三月三十一日的前

瞻性调整为

3.66%

。

For stage 1, the industry PDs are sourced from

“Anual default study: Corporate default rate to

fal below its longterm average in 2025” isued by

Mody’s Corporation. With the PD of each industry,

a respective credit rating is asigned to the industry

by referencing to Mody’s Corporation again, and we

referenced to Mody’s Corporation for the Recovery

Rate.

For stage 2, as most of the debtors are overdue for

more than 1 year, a Ca-C credit rating is asigned

to reflect their higher credit risk, the PD and the

Recovery Rate are matched with the credit rating

and sourced from Mody’s Corporation.

For stage 3, the debtors are asigned with a C credit

rating and considered default, 100% ECL rate is

adopted.

The FLA was derived by logit regresion analysis,

which the dependent variable is the logit of PD while

the independent variable is the percentage change

of GDP (the “GDP change”) of China. The PD is

referenced to Mody’s Corporation and the GDP

change is sourced from International Monetary Fund.

The FLA as of 31 March 2025 is 3.66%.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

每年，穆迪公司都会发布违约研究，

根据违约数量和全球经济变化更新违

约概率和回收率等违约数据。这些更

新导致截至二零二五年三月三十一日

的数据与截至二零二四年三月三十一

日的数据相比发生了微小且微不足道

的变化。然而，前瞻性调整发生了重

大变化，其中针对中国采用了统计回

归分析，以推导出中国内生产总值

变动对预测违约概率的影响。与截至

二零二四年三月三十一日的前瞻性调

整不同，穆迪公司在推导预测违约概

率时考虑了全球宏观及微观经济指标

和最坏的情境，但其未计入地理位置

因素，且悲观情境的权重乃基于过于

保守的考量主观分配，导致前瞻性调

整上升。因此，于二零二五年三月三

十一日的前瞻性调整较二零二四年三

月三十一日显著下降。

独立估值师已取得本集团管理层编制

的资料，并考虑了估值期内的所有相

关因素，包括但不限于以下因素：

(i)

截至估值日的资产资料清单；

(i)

影响

资产预期信贷亏损的整体经济前景和

市场因素；

(i)

其他可靠的市场资讯来

源；以及

(iv)

对资产的预期信贷亏损有

重大影响的其他因素。

独立估值师是一家提供估值咨询服务

的专业估值公司。独立估值师为注册

于英国皇家特许测量师学会为受其监

管的公司，及为独立于本公司及其关

连人士（定义见上市规则）的第三方。

Every year, Mody’s Corporation release their default

studies, updating default data like PD and Recovery

Rate based on the number of defaults and global

economic changes. These updates result in smal,

insignificant changes to the data as of 31 March

2025 compared to the data as of 31 March 2024.

However, the FLA has undergone significant changes,

which statistical regresion analysis tailoring for China

is adopted to derive the efect to forecasted PD

contributed by GDP change of China. Unlike the

FLA as of 31 March 2024, the Mody’s Corporation

considered global macro and microeconomic

indicators and worst-case scenarios when deriving

forecasted PD, however, it did not acount for the

geographic location factor and the weightings to

pesimistic scenarios were subjectively asigned based

on to conservative consideration, which resulted

in rising of FLA. Therefore, the FLA as of 31 March

2025 is significantly decreased compared with 31

March 2024.

The Independent Valuer has obtained information

prepared by the management of the Group and

considered al relevant factors during the valuation

period, including but not limited to the folowing

factors: (i) the aset information list as of the valuation

date; (i) the overal economic outlok and market

factors that afect the ECL of the asets; (i) other

reliable sources of market information; and (iv) other

factors that have a significant impact on the ECL of

the asets.

The Independent Valuer is a profesional valuation

firm in valuation advisory services. The Independent

Valuer is registered as a firm regulated by the Royal

Institution of Chartered Surveyors and is a third party

independent of the Company and its conected

persons (as defined in the Listing Rules).

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

(iv)

公司为收回逾期应收贷款和应收商业

保理账项所采取的行动

在每月底，逾期的应收贷款和应收商

业保理账项会被审查，并根据具体情

况进行内部讨论，以采取适当的追偿

行动。这种方法可确保本公司能够以

最及时的方式最大限度地追偿。

本集团将继续采取追讨行动，以便及

时收回未偿还的应收贷款和应收商业

保理账项。追讨行动可能包括但不限

于发出提醒和警告信、获得额外的抵

押物、密切监控应收账款的现金流

入，如有必要，本公司将对借款人提

起法律诉讼，以追讨应收贷款和应收

商业保理账项。

(v)

董事会的评估和观点

董事会（「董事会」）已考虑（其中包括）

根据香港财务报告准则第

号厘定与

本集团应收贷款及应收商业保理账项

有关的减值拨备时所采用的方法及基

础。本集团于资产减值评估及估值时

所采用的估值方法或基准并无重大变

化，而本集团于二零二五年三月三十

一日录得的重大减值亏损主要由于相

关资产情况的变化，进而影响估值所

用输入值的价值。

(iv) The actions taken by the company to recover

those overdue loan and factoring receivables

At the end of each month, overdue loan receivables

and factoring receivables are reviewed leading to

internal discusions on a case-by-case basis about

apropriate recovery actions. This aproach ensures

that the Company can maximize recovery in the most

timely maner posible.

The Group wil continue to pursue recovery actions

to facilitate timely colection of outstanding loans

and factoring receivables. Recovery actions may

include, but are not limited to isuing reminders

and warning leters, obtaining aditional colateral,

closely monitoring cash inflows from receivables,

and if necesary, the Company wil initiate legal

procedings against borowers to recover loan and

factoring receivables.

(v) Asesment and view of the Board

The Board of Directors (the “Board”) had considered,

among other things, the methodology and basis

adopted in determining the impairment provisions in

relation to the Group’s loan receivables and factoring

receivables in acordance with HKFRS 9. There was

no material change in the valuation method or basis

adopted in the impairment asesment and valuation

of its asets, and the significant impairment los

recorded by the Group as at 31 March 2025 was

mainly due to the change in circumstances of the

relevant asets which in turn afects the value of

inputs used in the valuation.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

经考虑当前的市场情况后，鉴于所采

用的减值评估方法及基础为市场普遍

使用，且与本集团过往财政年度所采

用的做法基本一致和╱或由独立估值

师进行的评估支持，董事认为该方法

及基准公平合理。

外汇风险

本集团的收入、开支、主要资产及负债主要

以港元、人民币及美元计值。于本年度，人

民币兑港元之汇率微降。由于港元与美元挂

钩，董事认为本集团之外币风险相对较低。

或然负债及资产抵押

除本年报第

页综合财务报表附注

所披露

者外，本集团并无任何重大或然负债。

于二零二五年三月三十一日，本集团已向若

干银行抵押

(i)

银行存款

21,300,000

港元，作

为银行向本集团之融资担保服务客户提供贷

款之抵押；

(i)

账面值为

19,700,000

港元之租

赁土地及楼宇，作为银行融资项下责任之担

保；及

(i)

公平值为

2,302,000,000

港元之若干

投资物业及若干附属公司之股权，作为若干

银行及其他借款及

6.5%

票息债券项下责任之

担保。

Having considered the curent market situation and

on the basis that the methodology and basis of

impairment asesment adopted are comonly used

in the market and are generaly consistent with the

practice adopted by the Group in previous financial

years and/or suported by valuation conducted by the

Independent Valuer, the Directors are of the view that

such methodology and basis are fair and reasonable.

Foreign Curency Exposure

The Group’s revenue, expenses, major asets and liabilities

were mainly denominated in HK$, RMB and US$. During the

Year, the exchange rate of RMB to HK$ depreciated slightly.

As HK$ is peged to US$, the Directors considered that the

foreign curency risk of the Group was relatively low.

Contingent Liabilities and Charge on Asets

Save as disclosed in Note 41 to the consolidated financial

statements on page 273 of this anual report, the Group

did not have any significant contingent liabilities.

As at 31 March 2025, the Group had pledged (i) bank deposits

of HK$21.3 milion to certain banks as security for the banks’

provision of loans to the Group’s financial guarante services

customers; (i) leasehold land and buildings with carying

value of HK$19.7 milion to secure obligations under banking

facilities; and (i) certain investment properties with fair

value of HK$2,302.0 milion and equity interest in certain

subsidiaries to secure obligation under certain bank and

other borowings and the 6.5% Coupon Bonds.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

资本承担

于二零二五年三月三十一日，本集团就开

发普汇中金

•

世界港有已订约但未拨备之

24,800,000

港元之资本承担。有关承担之详

情载于本年报第

页综合财务报表附注

。

本集团将透过经营所产生之现金、银行及其

他借款、来自本公司控股东之借款以及出

售资产筹集资本承担之资金。

报告期后事项

于年结日二零二五年三月三十一日后概无重

大期后事项。

末期股息

董事不建议派发本年度之末期股息（二零二四

年：无）。

主要风险

可能影响本集团业务的主要风险概述如下：

经济风险

本集团的核心业务及物业位于香港及中国。

因此，香港及中国政府的整体政策、政治、

财政及货币政策可能会对本集团产生直接或

间接经济影响。本集团密切监察经济环境、

评估形势及在需要时调整其策略以缓解该等

风险。

Capital Comitments

As at 31 March 2025, the Group had capital comitments

contracted but not provided for amounting to HK$24.8

milion in respect of the development of Chinlink •

Worldport. Details of the comitments are set out in Note 44

to the consolidated financial statements on page 275 of this

anual report. The Group wil fund the capital comitments

through cash generated from operations, bank and other

borowings and borowings from the controling shareholder

of the Company and disposal of asets.

Events after the reporting period

There is no significant subsequent event after the year end

date of 31 March 2025.

Final Dividend

The Directors do not recomend the payment of final

dividend for the Year (2024: Nil).

Major Risks

The major risks that may afect the Group’s busines are

outlined below:

Economic Risk

The Group’s core busineses and properties are located in

Hong Kong and China. As such, the general policies and

politics, and fiscal and monetary policies of the governments

of Hong Kong and China may have a direct or an indirect

economic impact on the Group. The Group closely monitors

the economic environment, evaluates the situation and

adjusts its strategy as neded to mitigate these risks.

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

信贷风险

本集团面对销售货品、向客户提供服务及向

客户提供贷款产生的应收贸易账项及应收贷

款及于获得放贷银行提供的贷款方面以客户

为受益人向放贷银行提供担保而导致的信贷

风险。本集团已制定信贷政策，并持续监察

信贷风险，亦会进行个别信贷评估以厘定信

贷限额及条款，有关信贷限额及条款会定期

审阅。

流动资金风险

本集团透过密切监察其目前及预期的流动资

金需要而管理流动资金风险，确保充足的流

动现金、承诺银行融资及╱或来自其控股

东的贷款可供利用以应付其资金需要。此

外，本集团会继续监察是否遵守贷款契诺。

合规风险

本集团承认有未遵守监管规定的风险。本集

团持续审视影响其营运的适用法例及规例并

向员工提供相关培训及指引。

与雇员、客户及供应商的关系

于二零二五年三月三十一日，本集团在香港

雇用

名雇员及在中国雇用

名雇员（二零

二四年三月三十一日：在香港雇用

名雇员

及在中国雇用

名雇员）。本集团根据雇员

之表现及相关工作经验，并考虑现行市况厘

定彼等之薪酬。本集团可参考其财务表现向

雇员发放酌情表现花红。其他雇员福利包括

强制性公积金供款、医疗保险以及专业发展

及培训。

Credit Risk

The Group’s exposure to credit risk results from trade

debtors and loan receivables arising from the sale of gods,

rendering of services to customers and providing loans to

customers, and the provision of guarantes to lending banks

in favour of customers obtaining loans provided by the

lending banks. The Group has a credit policy in place and

credit risk is monitored on an ongoing basis. Individual credit

asesments are caried out to determine the credit limits

and terms which are reviewed on a regular basis.

Liquidity Risk

The Group manages its liquidity risk by closely monitoring

its curent and expected liquidity requirements, ensuring

that there is suficient liquid cash, comited bank facilities

and/or loans from its controling shareholder to met its

funding neds. In adition, the Group continuously monitors

its compliance with loan covenants.

Compliance Risk

The Group recognises the risks of non-compliance with

regulatory requirements. The Group conducts ongoing

reviews of aplicable laws and regulations afecting its

operations and provides relevant training and guidance to

its staf.

Relationship with Employes, Customers and Supliers

As at 31 March 2025, the Group had 11 employes in

Hong Kong, 159 employes in China (31 March 2024: 10

employes in Hong Kong and 152 employes in China).

Employes are remunerated based on their performance

and relevant work experience, taking into acount the

prevailing market conditions. Discretionary performance

bonus may be awarded to employes with reference to the

financial performance of the Group. Other employe benefits

include contributions to mandatory provident funds, medical

insurance and profesional development and training.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

The Group is dedicated to fostering close working

relationships with customers and supliers. Maintaining god

relationships with customers and supliers is fundamental

to the Group’s operational performance and continued

financial suces.

PROSPECTS

China’s economy continues to face both internal and external

chalenges amid a turbulent geopolitical environment.

Deflationary presures continue to weigh on the Chinese

economy, as evidenced by the decline in the consumer price

index. Consumer confidence remains low, partly due to the

prolonged depresed performance of the real estate sector,

which has led to faling housing prices and their adverse

wealth efect. China’s move to cut key lending rates to a

six-year low is likely to have a mild impact on home sales.

Many prospective buyers are stil tightening their belts, as

years of economic slowdown resulting from the COVID-19

lockdown and trade war against US continue to pose a threat

to job security. The los in value of home properties further

eroded household wealth. The level of unsold housing

inventory remains high. Sales of new homes and the start

and completion of housing projects al declined month to

month, albeit on a leser scale. Home prices continued a

mild decline. Potential home buyers are more rational and

cautious about their spending rather than replenishing their

savings for further economic turbulence.

Global geopolitical stability became highly vulnerable when

the new US Administration came into ofice. The deployment

of new tarifs against most countries worldwide is chaotic,

inconsistent and in pursuit of il-defined objectives. It not

only disrupts global trade but also undermines America’s

credibility as a reliable economic partner. With the rising

US government debt at an alarming pace, foreign investors

are concerned about the stability of US Treasury Bonds

and question about the US dolar’s future as the world’s

reserve curency.

本集团致力营造与客户及供应商之紧密合作

关系。维持与客户及供应商的良好关系对本

集团的营运表现及持续财务成功至关重要。

前景

在动荡的地缘政治环境中，中国经济持续面

临内部及外部挑战。

通货紧缩压力持续令中国经济受压，消费者

价格指数下跌即为明证。消费者信心持续低

迷，部分原因在于房地产行业长期表现疲

弱，导致房价下跌及其不利的财富效应。中

国将主要贷款利率下调至六年来最低水平，

此举可能对住宅销售产生轻微影响。许多潜

在买家仍在紧缩开支，因为新冠疫情封控及

与美国贸易战引发的多年经济放缓，持续对

就业安全构成威胁。房屋资产贬值进一步侵

蚀家庭财富。未售出住房的库存水平仍处于

高位。新房销量、住宅项目开工及竣工量均

按月下滑，尽管跌幅有所收窄。房价持续

轻微下跌。潜在购房者的消费更趋理性及谨

慎，更倾向于补充储蓄以应对未来经济动荡。

在美国新政府上任后，全球地缘政治稳定变

得极为脆弱。针对全球大多数国家实施的新

关税措施混乱且前后矛盾，而追求的目标亦

模糊不清。此举不仅干扰全球贸易，更削弱

美国作为可靠经济伙伴的信誉。随著美国政

府债务以惊人速度攀升，外国投资者开始担

忧美国债的稳定性，并对美元作为世界储

备货币的未来产生质疑。

Management Discusion and Analysis

管理层讨论及分析

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

At this moment, China has just started negotiations with

the United States over tarifs and export controls, and

the uncertainties continue to cause economic pain to the

Chinese economy. Although China’s reliance on the US

market has decreased over the past few years through

diversification to other markets, such as ASEAN and the

Global South countries, the US tarif wil stil cast doubt on

the growth of China’s GDP. Any substantial tarif charge

on Chinese exports of consumer gods, such as textiles

and garments, toys, and electronic apliances, wil hurt the

busineses of many export-reliant private smal and medium-

sized manufacturers, leading to a substantial increase in

unemployment. This is counterproductive to the Chinese

government’s eforts to bost domestic consumption and

ofset the impact of the trade war.

Al in al, the Group believes the curent market environment

in China and Hong Kong is not favourable to the Group’s

busines. The slugish property market has disrupted the

Group’s presale plan for the Phase Two loft developments

over the last two years. The seling price adjusted downward

under market presure. At the same time, the construction

costs were inflated from the original projection owing to the

periodic lockdown during the COVID-19 period. Although

construction works resumed late last year, the presale has

made litle progres in the curent chalenging real estate

market. Tower I and the surounding comercial area are

expected to be completed by the first quarter of 2026 and

ready for ocupation. The balance payment for presold units

wil be colected over time, which wil improve the Group’s

cash inflow in the coming financial year. However, progres

is stil subject to market conditions. The foundation work

for Tower I is also completed, but the building work for

the uper flors has not begun due to market uncertainty.

当前，中国刚开始与美国就关税及出口管

制展开谈判，相关不确定性持续对中国经济

造成压力。尽管过去几年中国透过拓展东

盟、全球南方国家等其他市场，降低了对美

国市场的依赖，但美国关税仍会对中国内

生产总值的增长带来不确定性。若对中国出

口的消费品（如纺织品及服装、玩具、电器

等）加征高额关税，将冲击众多依赖出口的私

营中小制造商的业务，进而导致失业率显著

上升。这与中国政府推动国内消费及抵销贸

易战影响的努力背道而驰。

总之，本集团认为目前中国及香港的市场环

境并不利于本集团业务。过去两年，低迷的

房地产市场打乱了本集团第二期公寓发展项

目的预售计划。售价因市场压力而下调。同

时，由于新冠疫情期间的周期性封控，建

造成本较原本预测有所上涨。尽管建造工程

于去年底恢复，但在当前严峻的房地产市场

中，预售进展缓慢。一号楼及周边商业区预

计于二零二六年第一季度竣工并可供入住。

已预售单位的余款将逐步收取，这将改善本

集团下一财年的现金流入。然而，进度仍

取决于市场状况。二号楼的基础工程亦已完

成，但由于市场不确定性，上层楼面的建造

工程尚未动工。

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

鉴于目前消费者的消费意欲低迷，商业大楼

的收入预计较过往期间不会有显著改善。本

集团的首要目标是维持高出租率并留住现有

客户。

如先前所报告，由于营商环境恶化及信贷紧

缩，本集团的金融服务业务一直面临压力。

过去两年，大部分信贷组合未能按时还款。

本集团已就该等不良信贷作出相当大金额的

亏损拨备。诚如财务分析部分所呈报，本集

团在收回若干问题贷款及应收款项方面取得

良好进展。我们致力持续推进收款工作以保

障本集团资产。除非整体市场环境显著改善

且应收债务亏损拨备的收回情况令人满意，

否则本集团将不会开展任何新的融资业务。

本集团一直积极推动借助汉中作为顶级中草

药种植中心的优势，将位于汉中的普汇中金

•

世界港项目转型为中药及农产品综合分销枢

纽。新项目将与来自安徽亳州的行业专家开

展合作。亳州是中国中药之都，亦为最大的

中药生产、分销及研发中心之一。本集团将

适时确定及报告项目计划的详情，以更新事

项的进展。

Incomes from the Comercial Complex are not expected

to show significant improvements compared to previous

periods, given the curent low consumer spending sentiment.

The Group’s primary focus is to maintain a high ocupancy

rate and retain existing clients.

As previously reported, the Group’s financial services

have ben under presure because of the por busines

environment and credit squeze. A large portion of the

credit portfolio failed to repay on schedule during the past

two years. Considerable los provision was made for these

non-performing credits. The Group has made god progres

in recovering certain problem loans and receivables, as

reported in the financial analysis section. We are comited

to continuing this colection efort to safeguard the Group’s

asets. The Group wil refrain from engaging in any new

financing busines unles there is a substantial improvement

in the overal market environment and a satisfactory recovery

of the los provided for debt receivables.

The Group has ben working diligently to transform the

Chinlink • Worldport project in Hanzhong into a TCM and

agricultural products integrated distribution hub, leveraging

Hanzhong’s status as one of the top cultivation centres

for Chinese herbal medicine. The new project wil involve

colaborative eforts with industry experts from Bozhou,

Anhui Province. Bozhou is China’s capital of TCM and one

of the largest centres for TCM production, distribution,

and research. Details of the project plan wil be decided

and reported to update the progres of the mater as and

when apropriate.

Directors and Senior Management

董事及高级管理人员

46CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

EXECUTIVE DIRECTORS

Mr. LI Weibin (“Mr. Li”), aged 55, joined the Group as

an executive Director since 27 January 2012 and was re-

designated as Chairman and Managing Director of the

Company on 18 February 2012. He is also a director of

a number of subsidiaries of the Company. Mr. Li holds

a Bachelor’s degre in Aplied Electronics from Xi’an

Technological University and an Executive Master in Busines

Administration from Xi’an Jiaotong University. Since early

2000, Mr. Li has ben engaged in research, production and

sales of electronic components and materials, computer

software and hardware as wel as research and sales of

computer related equipment. He has also ben engaged in

property development, planing and sales, management,

and other property related investments, cultural and

entertainment busineses. His busineses are present in

Beijing, Xi’an and Hong Kong.

Mr. SIU Wai Yip (“Mr. Siu”), aged 69, joined the Group

as an executive Director since 27 January 2012. He is also

a director of a number of subsidiaries of the Company. Mr.

Siu holds a Bachelor of Arts degre from The University of

Hong Kong. He has over 10 years’ of experience in banking

and financing and previously held executive positions at

various major international banks, with specialization in

trade financing and corporate banking. Prior to joining

the Group, he was apointed as an executive director of

Matsunichi Comunication Holdings Limited (renamed as

Goldin Properties Holdings Limited in 2008, stock code 283)

from January 2005 to February 2006. Goldin Properties

Holdings Limited was privatized in 2018. He was an executive

director of Vincent Intertrans (Holdings) Limited (now known

as Shanghai Industrial Urban Development Group Limited,

stock code: 563) from July 1998 to May 1999. The shares

of Shanghai Industrial Urban Development Group Limited

are listed on the Main Board of the Stock Exchange.

执行董事

李伟斌先生（「李先生」），

岁，于二零一二

年一月二十七日加入本集团，任执行董事，

并于二零一二年二月十八日调任本公司主席

兼董事总经理。彼亦为本公司多间附属公司

之董事。李先生持有西安工业大学应用电子

学士学位及西安交通大学高级管理人员工商

管理硕士学位。自二零年初起，李先生

一直从事电子配件及材料、电脑软件及硬件

之研究、生产及销售，以及电脑相关设备之

研究及销售。彼亦从事物业发展、规划及销

售、管理，以及其他物业相关之投资、文化

及娱乐业务。彼之业务遍布北京、西安及香

港。

萧伟业先生（「萧先生」），

岁，于二零一二

年一月二十七日加入本集团，任执行董事。

彼亦为本公司多间附属公司之董事。萧先生

持有香港大学文学士学位。彼拥有十多年银

行及融资经验，曾于多间大型国际银行担任

主管职位，专门从事贸易融资及企业银行业

务。在加入本集团前，彼于二零五年一月

至二零六年二月期间获委任为松日通讯控

股有限公司（于二零八年重新命名为高银地

产控股有限公司，股份代号：

）之执行董

事。高银地产控股有限公司已于二零一八年

私有化。彼于一九八年七月至一九年

五月期间，担任永顺国际货运（集团）有限公

司（现称为上海实业城市开发集团有限公司，

股份代号：

）之执行董事。上海实业城市

开发集团有限公司之股份于联交所主板上市。

Directors and Senior Management

董事及高级管理人员

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

非执行董事

林永耀先生（「林先生」），

岁，于二零二三

年五月十九日加入本集团，任非执行董事。

彼于信贷控制及风险管理方面拥有逾

年经

验。林先生现为英皇资本集团有限公司（股

份代号：

）信贷及风险控制部门主管。于

此之前，林先生曾任职于元大证券（香港）有

限公司，担任副董事兼信贷控制部门主管。

彼曾于兴证国际金融集团有限公司、交银国

际控股有限公司及京华山一国际（香港）有限

公司等金融机构担任与信贷控制及风险管理

有关的多个职位。林先生获得卧龙岗大学金

融及经济商业学士学位及新南威尔斯大学基

金管理商业硕士学位。彼目前为注册金融风

险管理师

(FRM)

。林先生亦为新都酒店集团

（一间股份于联交所

GEM

上市的公司，股份代

号：

）及高雅光学国际集团有限公司（一

间股份于联交所主板上市的公司，股份代号：

）的非执行董事。

独立非执行董事

何钟泰博士（「何博士」），

岁，于二零一三

年十二月十七日加入本集团，任独立非执行

董事。何博士为前香港立法会议员（一九六

年至二零一二年）、第十及第十一届全国人大

代表及香港工程师学会前会长（一九八七年至

一九八年）。彼持有英国伦敦城市大学土木

工程博士学位、英国曼彻斯特大学荣誉法律

学博士学位、香港城市大学荣誉工商管理博

士学位、香港大学土木工程理学士学位及英

国曼彻斯特大学岩土工程研究文凭。何博士

现为广东大亚湾核电站及岭澳核电站核安全

咨询委员会前任主席（二零五年至二零一九

年）及荣誉主席（二零一九年至今）以及香港申

诉专员公署专业顾问（工程及测量）（一九五

年至二零一三年、二零一五年至今），亦曾任

香港机场管理局董事会成员（二零八年至二

零一四年）、香港贸易发展局基建发展服务咨

询委员会前主席（二零九年至二零一三年）

NON-EXECUTIVE DIRECTORS

Mr. LAM Wing Yiu (“Mr. Lam”), aged 47, joined the

Group as a non-executive Director since 19 May 2023. He

has over 20 years of experience in credit control and risk

management. Mr. Lam is curently the head of credit and risk

control department of Emperor Capital Group Limited (Stock

Code: 717). Prior to that, Mr. Lam worked with Yuanta

Securities (Hong Kong) Company Limited with the title of

asociate director and head of credit control department.

He had various positions related to credit control and

risk management in financial institutions including China

Industrial Securities International Financial Group Limited,

BOCOM International Holdings Company Limited and

Core-Pacific Yamaichi International (H.K.) Limited. Mr. Lam

received his Bachelor of Comerce in Finance and Economics

from University of Wolongong and his Master of Comerce

in Fund Management from University of New South Wales.

He is curently a certified Financial Risk manager (FRM). Mr.

Lam is also a non-executive director of Century Plaza Hotel

Group (a company with shares listed on the GEM of the

Stock Exchange, stock code: 8315) and Elegance Optical

International Holdings Limited (a company with shares listed

on the Main Board of the Stock Exchange, stock code: 907).

INDEPENDENT NON-EXECUTIVE

DIRECTORS

Dr. HO Chung Tai, Raymond (“Dr. Ho”), aged 86, joined

the Group as an independent non-executive Director since

17 December 2013. Dr. Ho is a former member of the

Legislative Council (1996-2012), a former Hong Kong Deputy

to the 10th & 11th National People’s Congres and the

past President of the Hong Kong Institution of Enginers

(1987-1988). He holds a Doctorate in Civil Enginering from

City University of London, United Kingdom; an Honorary

Doctorate of Laws from The University of Manchester, United

Kingdom; an Honorary Doctorate of Busines Administration

from City University of Hong Kong; a Bachelor of Science

degre in Enginering from The University of Hong Kong;

and a Postgraduate Diploma in Geotechnical Enginering

from The University of Manchester, United Kingdom. Dr. Ho

is curently the Former Chairman (2005-2019) and Honorary

Chairman (2019-present) of the Advisory Comite for the

Guangdong Daya Bay Nuclear Plant and LingAo Nuclear

Plant Safety Consultative Comite and Profesional

Directors and Senior Management

董事及高级管理人员

48CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

及香港城市大学创校董会主席（一九二年

至一九四年）。彼亦为协鑫科技控股有限公

司（前称保利协鑫能源控股有限公司）（股份代

号：

）、迪臣发展国际集团有限公司（股

份代号：

）及亚积邦租赁控股有限公司（股

份代号：

）之独立非执行董事。彼于二零

零五年六月至二零一九年六月担任中国建筑

国际集团有限公司（股份代号：

）、于二

零二零年一月至二零二一年十月担任富石金

融控股有限公司（股份代号：

）及于二零

二年六月至二零二三年七月担任德合集团

控股有限公司（股份代号：

）之独立非执行

董事。彼亦分别于二零一八年九月至二零二

零年五月及于二零一八年九月至二零二零年

六月曾任锐信控股有限公司（前称为飞毛腿集

团有限公司）（股份代号：

）之主席及非执

行董事。以上七间公司之股份均于联交所主

板上市。

黎家凤女士（「黎女士」），

岁，于二零一二

年二月十八日加入本集团，任独立非执行董

事。黎女士于二零一年获香港城市大学颁

授国际会计文学硕士学位。彼于一九年

成为香港会计师公会员及于二零三年成

为英国特许公认会计师公会之资深会员。彼

为执业会计师黎家凤会计师事务所之独资经

营者，并已从事核数工作超过二十年。彼亦

为英皇娱乐酒店有限公司（股份代号：

）、

英皇钟表珠宝有限公司（股份代号：

）及晨

讯科技集团有限公司（股份代号：

）之独

立非执行董事。以上三间公司之股份均于联

交所主板上市。

Advisor to The Ombudsman of Hong Kong (Enginering

and Surveying) (1995-2013, 2015-present). He has served

as a Board Member of the Airport Authority Hong Kong

(2008-2014), the former Chairman of the Hong Kong

Trade Development Council Infrastructure Development

Advisory Comite (2009-2013) and the Founding Council

Chairman of City University of Hong Kong (1992-1994).

He is also an independent non-executive director of GCL

Technology Holdings Limited (formerly known as GCL-

Poly Energy Holdings Limited) (stock code: 3800), Deson

Development International Holdings Limited (stock code:

262) and AP Rentals Holdings Limited (stock code: 1496).

He was an independent non-executive director of China

State Construction International Holdings Limited (stock

code: 3311) from June 2005 to June 2019, Fu Shek Financial

Holdings Limited (stock code: 2263) from January 2020 to

October 2021 and Superland Group Holdings Limited (stock

code: 368) from June 2022 to July 2023. He also acted as

the chairman and a non-executive director of Veson Holdings

Limited (formerly known as SCUD Group Limited) (stock

code: 1399) from September 2018 to May 2020 and from

September 2018 to June 2020 respectively. The shares of

these seven companies mentioned above are listed on the

Main Board of the Stock Exchange.

Ms. LAI Ka Fung, May (“Ms. Lai”), aged 59, joined the

Group as an independent non-executive Director since

18 February 2012. Ms. Lai obtained a Master of Arts in

International Acounting from City University of Hong Kong

in 2001. She has ben a Member of the Hong Kong Institute

of Certified Public Acountants since 1999 and is a Felow

of The Asociation of Chartered Certified Acountants since

2003. She is the sole proprietor of May K. F. Lai & Co.,

Certified Public Acountant and has ben engaged in the

audit field for more than 20 years. She is also an independent

non-executive director of Emperor Entertainment Hotel

Limited (stock code: 296), Emperor Watch & Jewelery

Limited (stock code: 887) and SIM Technology Group Limited

(stock code: 2000). The shares of these thre companies

mentioned above are listed on the Main Board of the Stock

Exchange.

Directors and Senior Management

董事及高级管理人员

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

陈婵玲女士（「陈女士」），

岁，于二零一二

年二月十八日加入本集团，任独立非执行董

事。彼于一九八五年毕业于香港大学，获颁

法学士学位。陈女士为具有逾二十年上市公

司独立非执行董事工作经验之退休律师。彼

亦为英皇文化产业集团有限公司（前称为汉传

媒集团有限公司，股份代号：

）及英皇资

本集团有限公司（股份代号：

）之独立非

执行董事。彼亦曾于一九八年五月至二零

一三年八月为英皇娱乐酒店有限公司（股份代

号：

）、于二零一三年十一月至二零一五

年三月为中国恒大新能源汽车集团有限公司

（前称为恒大健康产业集团有限公司及新传媒

集团控股有限公司）（股份代号：

）及于二

零一六年五月至二零二五年五月为英皇钟表

珠宝有限公司（股份代号：

）之独立非执行

董事。以上五间公司之股份均于联交所主板

上市。

高级管理人员

刘慧霞女士（「刘女士」），

岁，于二零一八

年二月一日加入本集团，任企业法律顾问，

并于二零一九年四月四日获委任为本公司之

公司秘书。彼持有香港大学法学士学位及法

学专业证书。刘女士拥有超过三十年法律工

作经验，曾于多间大型国际及本地企业集团

机构担任高级法务职位，专注于电讯、传媒

及科技行业。在加入本集团前，刘女士曾担

任澳洲电讯之前附属公司

CSL

、美国新闻集团

之附属公司

FOX

、香港生产力促进局及开达集

团有限公司（股份代号：

，其股份自一九

八五年起于联交所主板上市）之内部律师。

Ms. CHAN Sim Ling, Irene (“Ms. Chan”), aged 62, joined

the Group as an independent non-executive Director since 18

February 2012. She graduated with a Bachelor of Laws degre

from The University of Hong Kong in 1985. Ms. Chan is a

retired solicitor with over 20 years’ of experience serving as

an independent non-executive director of listed companies.

She is an independent non-executive director of Emperor

Culture Group Limited (previously known as Se Corporation

Limited, stock code: 491) and Emperor Capital Group Limited

(stock code: 717). She was also an independent non-

executive director of Emperor Entertainment Hotel Limited

(stock code: 296) from May 1998 to August 2013, China

Evergrande New Energy Vehicle Group Limited (formerly

known as Evergrande Health Industry Group Limited and

New Media Group Holdings Limited) (stock code: 708) from

November 2013 to March 2015 and Emperor Watch &

Jewelery Limited (stock code: 887) from May 2016 to May

2025. The shares of these five companies mentioned above

are listed on the Main Board of the Stock Exchange.

SENIOR MANAGEMENT

Ms. LAU Wai Har (“Ms. Lau”), aged 56, has ben the

legal counsel of the Group since 1 February 2018 and was

apointed as the Company Secretary of the Company on

4 April 2019. She holds a Bachelor of Laws degre and

Postgraduate Certificate in Laws from The University of

Hong Kong. Ms. Lau has over 30 years’ of experience in the

legal industry and previously held senior legal positions at

major international and local conglomerates, specializing in

telecomunications, media and technology. Prior to joining

the Group, Ms. Lau was the in-house lawyer for CSL (a

former subsidiary of the Australian Telstra Corporation),

FOX (a subsidiary of US News Corporation), Hong Kong

Productivity Council and Kader Holdings Company Limited

(Stock Code: 180), a company whose shares have ben listed

on the Main Board of the Stock Exchange ever since 1985.

Directors and Senior Management

董事及高级管理人员

50CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

陈国辉先生（「陈先生」），

岁，于二零一六

年八月三日加入本集团。彼现为财务总监，

负责本集团的财务管理及会计事务。陈先生

于二零八年十一月取得香港城市大学会计

学工商管理学士学位。彼于审计、会计及财

务管理方面拥有逾

年经验。于加入本集团

前，陈先生曾于一家知名国际会计师事务所

工作约六年，于审计及首次公开发售方面积

累了丰富经验。彼为具有香港会计师公会

员资格之会计师。

Mr. CHAN Kwok Fai (“Mr. Chan”), aged 40, joined the

Group on 3 August 2016. He is curently the Financial

Controler and is responsible for the Group’s financial

management and acounting maters. Mr. Chan obtained a

Bachelor’s Degre of Busines Administration in Acountancy

from City University of Hong Kong in November 2008. He

has over 15 years’ experience in auditing, acounting and

financial management. Prior to joining the Group, Mr. Chan

worked at a reputable international acounting firm for

about six years and gained extensive experience in auditing

and initial public ofering exercises. He is qualified as a

Certified Public Acountant of the Hong Kong Institute of

Certified Public Acountants.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

BOARD OF DIRECTORS

The Board of Directors (the “Board”) is responsible for

its leadership and control to promote the suces of the

Company. The Board wil make decisions objectively in the

best interests of the Company.

The Board establishes the Company’s purpose and values, as

wel as the strategies and culture that are indispensable to

the suces of the Company’s busines and sustainability. Al

busineses in the Group evolve around its thre core values:

inovation, integrity, and colaboration. The Company strives

to embed its core values for sustainable development into

its day-to-day operation.

The Company is dedicated to maintaining a high standard

of corporate governance as it believes that god corporate

governance practices are fundamental to the smoth

and efective operation of a company and can enhance

shareholders’ value as wel as safeguarding shareholders’

interests.

While the Board is responsible for corporate governance

duties, the Board or its delegated comites wil review

and monitor (i) the policies and practices on corporate

governance, (i) the training and continuous profesional

development of Directors and senior management, (i) the

Company’s policies and practices on compliance with legal

and regulatory requirements, (iv) the code of conduct and

compliance manual that is aplicable to employes and

Directors, and (v) the compliance with Corporate Governance

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

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

Exchange and disclosure in the corporate governance report.

In the opinion of the Directors, the Company complied with

al code provisions set out in the CG Code for the Year,

save for a deviation disclosed herein.

董事会

董事会（「董事会」）负责其领导及监控，以促

进本公司的成功。董事会将客观地作出符合

本公司最佳利益的决策。

董事会制定本公司的目的及价值，以及对本

公司业务的成功及可持续性必不可少的策略

及企业文化。本集团的所有业务均围绕其三

个核心价值观发展：创新、诚信及合作。本

公司努力将其可持续发展的核心价值观融入

其日常业务经营中。

本公司深信，良好的企业管治常规是一间公

司能畅顺而有效经营之基石，有助提升股东

价值及保障股东权益，故本公司致力于维持

高水平之企业管治。

尽管董事会负责企业管治职责，董事会或其

代表委员会将检讨及监督

(i)

有关企业管治的政

策及常规，

(i)

董事及高级管理层的培训及持

续专业发展，

(i)

本公司遵守法律及监管要求

的政策及常规，

(iv)

适用于员工及董事的行为

操守准则及合规手册，及

(v)

遵守联交所证券

上市规则（「上市规则」）附录

的企业管治守

则（「企业管治守则」）及企业管治报所载披露。

董事认为，于本年度，本公司一直遵守企业

管治守则所载之所有守则条文，惟于本文披

露之偏离者除外。

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

董事会共同负责监督本集团之业务及事务之

管理工作，以提升股东价值为目标。主要职

责包括批核本公司之整体业务、财务及技术

策略、设定主要业绩目标、批核预算以及监

察管理层之表现。

董事会现时由六名董事组成，包括两名执行

董事、一名非执行董事及三名独立非执行董

事。根据上市规则第

3.10A

条之规定，独立

非执行董事人数占董事会人数之三分之一以

上。董事名单及彼等之履历详情载于本年报

「董事及高级管理人员」一节。

董事会每年召开

次定期会议，即大约每季召

开一次。于本年度内，董事会合共召开

次定

期会议，董事出席会议之情况载于本报告「会

议出席记录」一节。

就所有关会议而言，每次董事会定期会议

之通知最少在会议举行前

天发送予全体董

事，而全体董事可提出载入议程中之事宜以

供于董事会议讨论。一般于董事会定期会

议举行前最少三天寄发议程及会议资料予全

体董事，以确保彼等有充分时间了解本公司

之事务。除董事会定期会议外，董事会主席

亦会在执行董事未有出席之情况下与独立非

执行董事会晤。

全体董事均可不受限制地联络本公司之公司

秘书。公司秘书负责就企业管治及合规事宜

向董事会提供意见、确保董事会程序得到遵

从，以及撰写董事会及委员会议之会议记

录。有关会议记录可供董事查阅。

The Board is colectively responsible for the oversight of

the management of the busines and afairs of the Group

with the objective of enhancing shareholders’ value. Major

responsibilities include aproving the Company’s overal

busines, financial and technical strategies, seting key

performance targets, aproving budgets and overseing

the performance of management.

The Board curently comprises six Directors including two

executive Directors, a non-executive Director and thre

independent non-executive Directors. The number of

independent non-executive Directors represents over one-

third of the Board as required by Rule 3.10A of the Listing

Rules. The list of the Directors and their biographical details

are set out in the “Directors and Senior Management”

section of this anual report.

The Board mets regularly 4 times a year, i.e. at aproximately

quarterly intervals. During the Year, the Board convened a

total of 4 regular metings and the atendance of the

Directors is set out in the section headed “Atendance

Records of the Metings” of this report.

For al such metings, notice of each regular Board meting

was given to al Directors at least 14 days before the

meting and al Directors were given the oportunity to

include maters on the agenda for discusion at the Board

meting. The agenda and meting materials were normaly

sent to al Directors at least thre days before the regular

Board metings to ensure that they had suficient time

and atention to the afairs of the Company. In adition

to regular Board metings, the Chairman of the Board met

with the independent non-executive Directors without the

presence of executive Directors.

Al Directors have unrestricted aces to the company

secretary of the Company who is responsible for advising

the Board on corporate governance and compliance isues,

ensuring that Board procedures are folowed, as wel as

taking the minutes of the Board and comite metings.

Such minutes are open to inspection by the Directors.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

就本公司所知，董事会成员之间概无财务、

商业及家族关系。

非执行董事林永耀先生及独立非执行董事黎

家凤女士及陈婵玲女士与本公司均订有特定

年期为一年之委任函。分别自二零二五年五

月十九日、二零二五年二月十八日及二零二

五年二月十八日起计。独立非执行董事何钟

泰博士与本公司订有固定服务年期为三年之

委任函。自二零二年十二月十七日起计。

彼等均须根据本公司之公司细则（「公司细

则」）于本公司之股东周年大会上退任及轮值

膺选。

根据公司细则第

条，于本公司各届股东

周年大会上，当时三分之一之董事须轮席退

任，惟每位董事须至少每三年退任一次。所

有退任董事须合资格膺选连任。

公司细则第

86(2)

条规定，

(i)

任何获董事会委

任以填补临时空缺之董事，或经本公司股东

（「股东」）于股东大会上授权向现时董事会委

任的新增董事，其任期仅至其获委任后本公

司首届股东周年大会结束为止，届时将符合

资格于会上膺选连任。

本公司已接获全体独立非执行董事根据上市

规则第

3.13

条发出之年度独立性确认书。董

事会认为按照上市规则，彼等均为独立人士。

To the best of the knowledge of the Company, there is

no financial, busines and family relationship among the

members of the Board.

Mr. Lam Wing Yiu, a non-executive Director, and Ms. Lai Ka

Fung, May and Ms. Chan Sim Ling, Irene, the independent

non-executive Directors, have entered into the leters of

apointment with the Company for a specified period of one

year comencing on 19 May 2025, 18 February 2025 and

18 February 2025 respectively. Dr. Ho Chung Tai, Raymond,

an independent non-executive Director, has entered into a

leter of apointment with the Company for a fixed term of

service for thre years comencing on 17 December 2022.

Al of them are subject to retirement and rotation at the

anual general meting of the Company in acordance with

the Company’s bye-laws (the “Bye-Laws”).

Pursuant to bye-law 87 of the Bye-Laws, at each anual

general meting of the Company, one-third of the Directors

for the time being shal retire from ofice by rotation provided

that every Director shal be subject to retirement at least

once every thre years. Al retiring Directors shal be eligible

for re-election.

Bye-law 86(2) of the Bye-Laws provides that (i) any director

apointed by the Board to fil a causal vacancy on the

Board or, subject to authorization by the shareholders of

Company (the “Shareholders”) in the general meting as

an adition to the exiting Board shal hold ofice only until

the conclusion of the first anual general meting of the

Company after his or her apointment and shal then be

eligible for re-election at that meting.

The Company has received anual writen confirmations of

independence from al independent non-executive Directors

in acordance with Rule 3.13 of the Listing Rules. The Board

considers them to be independent in acordance with the

Listing Rules.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

本公司已制定机制确保董事会可获得独立意

见及建议。此乃通过令董事自法律顾问及核

数师获取外部独立专业意见以及所有独立非

执行董事参与董事会及其相关委员会于本年

度内举行的几乎所有会议而实现。董事会按

年检讨上述机制的实施及效用。

进行证券交易的标准守则

本公司已采纳上市规则附录

所载上市发

行人董事进行证券交易的标准守则（「标准守

则」），作为其本身之有关董事及相关雇员进

行证券交易之行为守则。于本公司刊发业绩

公布前，本公司向董事及本公司相关雇员发

出通知，提醒彼等不得于禁售期参与本公司

的证券买卖。经向董事作出具体查询后，全

体董事确认彼等于本年度内已符合标准守则

所规定之标准。

主席及行政总裁

李伟斌先生为本公司主席兼董事总经理。

于本年度，本公司偏离企业管治守则之守则

条文第

C.2.1

条。

企业管治守则之守则条文第

C.2.1

条规定，主

席及行政总裁之职位应分开，并不应由同一

人担任。本公司主席及董事总经理之职位均

由李伟斌先生担任（本公司将董事总经理一职

与企业管治守则所定义之行政总裁视为同一

职务）。董事会认为，此兼任架构不会使权力

过分集中在一人身上，且有利于建立强势及

一致之领导，使本公司能够迅速及一贯地作

出及实行各项决定。

The Company has put in place mechanisms to ensure

independent views and input are available to the Board. This

is achieved by giving Directors aces to external independent

profesional advice from legal advisers and auditors, as wel

as the atendance of al independent non-executive Directors

at almost al the metings of the Board and its relevant

comites held during the Year. The Board reviews the

implementation and efectivenes of the aforementioned

mechanisms on an anual basis.

MODEL CODE FOR SECURITIES

TRANSACTIONS

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model

Code”) set out in Apendix C3 to the Listing Rules as its

own code of conduct regarding securities transactions by the

Directors and the relevant employes. Before the publication

of the Company’s results anouncement, notifications were

sent to the Directors and the relevant employes of the

Company to remind them not to be involved in dealing

in the Company’s securities during the blackout period.

Having made specific enquiry of the Directors, al Directors

confirmed that they complied with the required standards

set out in the Model Code for the Year.

CHAIRMAN AND CHIEF EXECUTIVE

Mr. Li Weibin is the Chairman and Managing Director of

the Company.

For the Year, the Company deviated from the code provision

C.2.1 of the CG Code.

Code provision C.2.1 of the CG Code requires the roles of

chairman and chief executive should be separate and should

not be performed by the same individual. Mr. Li Weibin is

the Chairman and the Managing Director of the Company

(the Company regards the role of its Managing Director as

the same as that of chief executive under the CG Code). The

Board considered that the non-segregation would not result

in excesive concentration of power in one person and has

the advantage of a strong and consistent leadership which

is conducive to making and implementing decisions quickly

and consistently.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

主席之角色及董事会之授权

董事会主席负责董事会的领导及有效运行，

并确保董事会议产生的所有重要及关键事

宜均获适当简报及讨论，及在需要时由董事

会及时及建设性地解决。董事会已授权日常

职责予本公司执行董事及高级管理层，彼等

在董事总经理之领导下履行其职责。董事会

亦已授权特定的角色及职责予其委员会，订

明具体职权范围以界定其权力、权限及职责。

审核委员会

本公司已根据上市规则成立审核委员会，并

订明文职权范围。审核委员会之职权范围

于联交所及本公司之网站上可供查阅。

审核委员会由

名独立非执行董事（即黎家凤

女士、何钟泰博士及陈婵玲女士）及一名非执

行董事（即林永耀先生）组成。黎家凤女士为

审核委员会主席。彼拥有财务及会计方面之

适当专业资格，并符合上市规则第

3.10(2)

及

3.21

条之规定。审核委员会之所有成员为独

立非执行董事或非执行董事，且彼等均并非

本公司之前任或现任核数师之成员。

审核委员会已与管理层审阅本集团所采纳之

会计原则及惯例并讨论风险管理及内部监控

以及财务报告事宜，并向董事会作出推荐建

议。审核委员会与管理层及外聘核数师每年

至少会晤两次，并审阅彼等之报告。

ROLE OF THE CHAIRMAN AND

DELEGATION BY THE BOARD

The chairman of the Board is responsible for the leadership

and efective runing of the Board, and ensuring that al

significant and key isues arising at board metings are

properly briefed and discused and where required, resolved

by the Board timely and constructively. The Board has

delegated the day-to-day responsibilities to the executive

Directors and senior management of the Company who

perform their duties under the leadership of the Managing

Director. The Board has also delegated specific roles and

responsibilities to its comites, having specific terms of

references to define their powers, authorities, and duties.

AUDIT COMITE

The Company has established the Audit Comite with

writen terms of reference in compliance with the Listing

Rules. The terms of reference of the Audit Comite are

available on the websites of the Stock Exchange and the

Company.

The Audit Comite comprises 3 independent non-

executive Directors; namely Ms. Lai Ka Fung, May, Dr. Ho

Chung Tai, Raymond and Ms. Chan Sim Ling, Irene and a

non-executive director, namely Mr. Lam Wing Yiu. Ms. Lai

Ka Fung, May is the chairman of the Audit Comite. She

poseses apropriate profesional qualifications in finance

and acounting and mets the requirements of Rules 3.10(2)

and 3.21 of the Listing Rules. Al of the members of the

Audit Comite are independent non-executive Directors

or non-executive Director and none of them are members

of the former or existing auditors of the Company.

The Audit Comite has reviewed with management the

acounting principles and practices adopted by the Group

and discused the risk management and internal control

and financial reporting maters and made recomendations

to the Board. The Audit Comite mets at least twice a

year with management and the external auditor and reviews

their reports.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

于本年度内，审核委员会之成员及成员出席

会议之情况载于本报告「会议出席记录」一节。

于本年度内，审核委员会已举行

次会议并履

行以下职责：

(a)

审阅本集团截至二零二四年三月三十

一日止年度之经审核综合财务报表，

与核数师讨论审计程序，审阅导致不

发表审计意见（「不发表意见」）之事实

及情况，并了解及评估董事会拟采取

之措施及计划，若获顺利实施，将于

下一年度的审计报告中移除不发表意

见，并须经核数师考虑；

(b)

审阅本集团截至二零二四年九月三十

日止六个月之未经审核中期综合财务

报表，并建议董事会批准；

(c)

审阅截至二零二四年三月三十一日止

年度有关涵盖财务、企业管治、内部

监控及营运职能之风险管理及内部监

控系统之年度报告；

(d)

考虑独立核数师有关本集团截至二零

二四年三月三十一日止年度之经审核

综合财务报表、本集团截至二零二四

年九月三十日止六个月之未经审核中

期综合财务报表及非核数相关服务之

委聘及推荐建议；

(e)

检讨独立核数师的独立性及服务质

量，建议董事会提名独立核数师于二

零二四股东周年大会上续聘；及

(f)

检讨本公司之会计、内部审计及财务

汇报职能方面的资源、雇员之资历及

经验、培训课程及预算的充足性，并

对此表示满意。

Members of the Audit Comite and the atendance of

members during the Year are set out in the section headed

“Atendance Record of the Metings” of this report.

During the Year, the Audit Comite held 3 metings and

performed the folowing duties:

(a) reviewed the audited consolidated financial

statements of the Group for the year ended 31

March 2024, discused with the Auditors the audit

procedures during the audit, reviewed the facts and

circumstances leading to the disclaimer of audit

opinion (“Disclaimer”), and understod and asesed

the proposed measures and plans to be taken by

the Board, which if implemented sucesfuly, for

removing the Disclaimer in next year’s audit report

subject to the auditor’s consideration;

(b) reviewed the unaudited interim consolidated financial

statements of the Group for the six months ended 30

September 2024 with recomendation to the Board

for aproval;

internal control systems for the year ended 31 March

2024 covering financial, corporate governance,

internal control and operational functions;

(d) considered the independent auditor’s engagement

and remuneration in relation to the audited

consolidated financial statements of the Group for

the year ended 31 March 2024, the unaudited interim

consolidated financial statements of the Group for

the six months ended 30 September 2024, and non-

audit related services.

(e) reviewed the independent auditor’s independence

and service quality and recomended the Board to

nominate the independent auditor for re-apointment

at the anual general meting for 2024; and

(f) reviewed and was satisfied with the adequacy of

resources, staf qualifications and experience, training

programs and budget of the Company’s acounting,

internal audit and financial reporting functions.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

核数师酬金

于本年度内，本集团应付╱已付外聘核

数师的核数及非核数费用包括核数费用

约

1,800,000

港元及非核数相关服务费约

300,000

港元。后者包括税务服务及专业服

务。

提名及薪酬委员会

本公司已根据上市规则成立提名及薪酬委员

会，并订明文职权范围。提名及薪酬委员

会之职权范围于联交所及本公司之网站上可

供查阅。

提名及薪酬委员会由

名独立非执行董事何钟

泰博士、黎家凤女士及陈婵玲女士；一名非

执行董事林永耀先生以及一名执行董事萧伟

业先生组成。何钟泰博士为提名及薪酬委员

会主席。

本公司经考虑一系列客观的多元化范畴，致

力实现董事会成员多元化且已制定董事会成

员多元化政策（「董事会成员多元化政策」），

包括但不限于性别、年龄、文化及教育背

景、专业资格、经验、技能、知识及服务年

期，以及董事会认为符合本公司策略目标及

其经营环境的任何其他相关因素。

本公司深知性别多元化的益处，并致力于确

保一直维持至少

30%

的女性董事会成员。自

政策推出以来，本公司一直坚持该目标。当

董事会的组成发生任何变动时，本公司将重

新检讨性别多元化的目标，从而达致该目标。

AUDITOR’S REMUNERATION

During the Year, the audit and non-audit fes payable/

paid to external auditors were made up of an audit fe of

aproximately HK$1.8 milion and a non-audit related service

fe of aproximately HK$0.3 milion. The later included

taxation service and profesional service.

NOMINATION AND REMUNERATION

COMITE

The Company has established the Nomination and

Remuneration Comite with writen terms of reference in

compliance with the Listing Rules. The terms of reference of

the Nomination and Remuneration Comite are available

on the websites of the Stock Exchange and the Company.

The Nomination and Remuneration Comite comprises 3

independent non-executive Directors, namely Dr. Ho Chung

Tai, Raymond, Ms. Lai Ka Fung, May and Ms. Chan Sim Ling,

Irene; a non-executive Director, namely Mr. Lam Wing Yiu;

and an executive Director, namely Mr. Siu Wai Yip. Dr. Ho

Chung Tai, Raymond is the chairman of the Nomination and

Remuneration Comite.

The Company seks to achieve board diversity and has

established a board diversity policy (the “Board Diversity

Policy”) after considering a range of objective diversity

perspectives, including but not limited to gender, age, cultural

and educational backgrounds, profesional qualifications,

experience, skils, knowledge and length of service and any

other factors the Board considers relevant in alignment with

the strategic objectives of the Company and the environment

in which it operates.

Realising the benefits of gender diversity, the Company

aims to ensure that the Board wil always maintain a female

representation of at least 30% of its composition. This target

has ben upheld since the launch of the policy. When there

is any change in the composition of the Board, the gender

diversity target wil be revisited so that the target wil be

achieved.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

委任董事会成员的最终决定将按选定候选人

的优点及其可为董事会带来的贡献作出。

不论在性别、年龄、专业资格、经验、技能

及知识方面，董事会均维持架构平衡，并对

策略事宜作出正确判断，有效监察和指导管

理层，确保有效运作。

经审阅董事会成员多元化政策的推行情况及

董事会的架构、人数和组成，提名及薪酬委

员会认为已符合董事会成员多元化政策的可

计化目标。

于二零二五年三月三十一日，本集团的员工

36%

以上为女性。董事会认为本集团员工在

性别方面多元化。下表概述于二零二五年三

月三十一日本集团不同职级女性的比例。

The ultimate decision on Board member apointments wil

be based on merits and contributions that the selected

candidates wil bring to the Board.

The Board has maintained a balanced composition in terms

of gender, age, profesional qualifications, experience, skils

and knowledge. It has performed efectively by exercising

sound judgment on strategic isues and efective oversight

of and guidance to management.

Having reviewed the implementation of the Board Diversity

Policy and the structure, size and composition of the Board,

the Nomination and Remuneration Comite considered

that the measurable objectives of the Board Diversity Policy

had ben met.

As at 31 March 2025, more than 36% of the Group’s

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

workforce is diverse in terms of gender. The table below

sumarizes the proportion of females at diferent levels

acros the Group as at 31 March 2025.

Level

级别

Director

Senior

ManagementManagerEmploye

Gender

性别董事高级管理人员管理人员雇员

Male

男性

Female

女性

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

employes of the Group as at 31 March 2025.

附注：

以上数据乃根据本集团于二零二五年三月三

十一日的雇员总数计算。

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

本公司已制定董事提名政策（「提名政策」），

订明甄选、提名及委任董事的标准及程序。

根据提名政策，委任及重选董事的最终责任

由整个董事会或股东大会的股东（视乎情况而

定）承担。董事会已委派提名及薪酬委员会负

责评价及评估董事会的最佳架构、人数及组

成，以及评估、选定及提名合适的董事候选

人。于评估建议候选人是否合适时，提名及

薪酬委员会考虑该候选人的个人职业道德、

声誉及诚信、行业或专业知识及经验、技

能、专长、教育资历、背景及其他相关个人

品质、候选人对本公司业务投入足够时间、

兴趣及注意力的承诺、候选人潜在及╱或实

际利益冲突、是否符合上市规则所载的独立

非执行董事的独立性要求以及董事会成员多

元化政策所述之多元化目标。倘程序产生一

个或多个合适的候选人，提名及薪酬委员会

将根据所作出的评价按优先顺序对候选人进

行排名。于达致其决定后，提名及薪酬委

员会向董事会提名相关候选人以批准委任。

如上文所述，任何获董事会委任之董事任期

将仅至其获委任后本公司首届股东周年大会

结束（如属填补临时空缺或增加至董事会）为

止，并将符合资格膺选连任。董事会将于股

东周年大会上向股东作出建议重选董事的推

荐建议。

The Company has established the Directors’ nomination

policy (the “Nomination Policy”) which sets out the

criteria and proces of the selection, nomination and

apointment of Directors. Acording to the Nomination

Policy, the ultimate responsibility for apointment and re-

apointment of Directors rests with the entire Board or the

Shareholders at the general meting as the case may be. The

Board has delegated to the Nomination and Remuneration

Comite the responsibility to evaluate and ases the

optimal structure, size and composition of the Board, as wel

as asesing, selecting and nominating a suitable candidate

for directorship. In asesing the suitability of the proposed

candidate(s), the Nomination and Remuneration Comite

takes into consideration the candidates’ personal ethics,

reputation and integrity, industry or profesional knowledge

and experience, skils, expertise, educational qualifications,

backgrounds and other relevant personal atributes, his

or her comitment to devoting suficient time, interest

and atention to the Company’s busines, potential and/

or actual conflict of interest of the candidate(s), fulfilment

of the independence requirements for independent non-

executive Directors as set out in the Listing Rules and the

diversity objectives as described in the Board Diversity Policy.

If the proces yields one or more desirable candidates, the

Nomination and Remuneration Comite wil rank them in

order of preference based on the evaluation conducted. After

reaching its decision, the Nomination and Remuneration

Comite nominates the relevant candidate(s) to the

Board for aproval of apointment. As said above, any

Director apointed by the Board shal hold ofice only

until the conclusion of the first anual general meting

of the Company (in the case of filing a casual vacancy

or an adition to the Board) after his or her apointment

and shal be eligible for re-election. The Board wil make

recomendations to the Shareholders in respect of the

proposed re-election of Directors at the anual general

meting.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

我们的薪酬政策旨在于本集团的业务表现与

长期可持续增长之间保持适当平衡。特别

是，董事会成员或其任何联系人概不得参与

决定自身薪酬。应付予董事之酬金乃由董事

会按提名及薪酬委员会之推荐建议以及董事

之表现、职责及责任及现行市况而厘定。

于本年度，提名及薪酬委员会之成员及成员

出席会议之情况载于本报告「会议出席记录」

一节。

于本年度内，提名及薪酬委员会已举行

次会

议并履行以下职责：

(a)

检讨董事会的架构、人数及组成，包

括董事会成员多元化（包括但不限于性

别、年龄、文化及教育背景、专业资

格、经验、技能、知识及服务年期）并

就配合本公司的企业策略提出建议；

(b)

评估所有独立非执行董事之独立性；

(c)

检讨执行董事、非执行董事、独立非

执行董事及高级管理层之薪酬组合或

袍金（包括薪金调整）并提出建议供董

事会批准；

(d)

就董事委任及重选向董事会提出建议；

及

(e)

检讨董事会成员多元化政策及提名政

策之实施情况及成效。

Our emolument policy aims to maintain an apropriate

balance betwen busines performance and long-term

sustainable growth of the Group. In particular, no individual

Board member or any of his or her asociates should

participate in deciding his or her own remuneration. The

emoluments payable to Directors are determined by the

Board with reference to the Nomination and Remuneration

Comite’s recomendations as wel as the Directors’

performance, duties and responsibilities and the prevailing

market conditions.

Members of the Nomination and Remuneration Comite

and the atendance of members during the Year are set out

in the section headed “Atendance Record of the Metings”

of this report.

During the Year, the Nomination and Remuneration

Comite held 1 meting and performed the folowing

duties:

(a) reviewed the structure, size and composition of

the Board, including diversity (including without

limitation, gender, age, cultural and educational

backgrounds, profesional qualifications, experience,

skils, knowledge and length of service) of the Board

and made recomendations to complement the

Company’s corporate strategy;

(b) asesed the independence of al independent non-

executive Directors;

salary adjustments) of the executive Directors,

the non-executive Director, the independent non-

executive Directors and the senior management with

recomendations to the Board for aproval;

(d) made recomendations to the Board on the

apointment and re-election of Directors; and

(e) reviewed the implementation and efectivenes of

the Board Diversity Policy and the Nomination Policy.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

就本年度，按组别划分之向董事及本公司高

级管理层成员支付之薪酬详情于本年报第

页综合财务报表附注

披露。

会议出席记录

就本年度，每位董事在本公司举行之董事会

会议、审核委员会议、提名及薪酬委员会

会议及股东周年大会（「股东周年大会」）之出

席情况载列如下：

Details of the remuneration paid to Directors and members

of senior management of the Company by band for the

Year are disclosed in Note 13 to the consolidated financial

statements on page 214 of this anual report.

ATENDANCE RECORD OF THE

METINGS

Atendance of each Director at the Board metings, the Audit

Comite metings, the Nomination and Remuneration

Comite metings and the anual general meting

(“AGM”) of the Company held for the Year is as folows:

Atendance/Number of metings

出席╱会议次数

Board

Meting

Audit

Comite

Meting

Nomination

and

Remuneration

Comite

MetingAGM

Name

姓名

董事会

会议

审核委员会

会议

提名及薪酬

委员会议

股东周

年大会

Executive Directors

执行董事

Mr. Li Weibin (Chairman and

Managing Director)

李伟斌先生（主席兼

董事总经理）

4/4N/A

不适用

N/A

不适用

1/1

Mr. Siu Wai Yip

萧伟业先生

4/4N/A

不适用

1/11/1

Non-executive Director

非执行董事

Mr. Lam Wing Yiu

林永耀先生

4/43/3N/A

不适用

1/1

Independent Non-executive

Directors

独立非执行董事

Dr. Ho Chung Tai, Raymond

何钟泰博士

4/43/31/11/1

Ms. Lai Ka Fung, May

黎家凤女士

4/43/31/11/1

Ms. Chan Sim Ling, Irene

陈婵玲女士

4/43/31/11/1

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

企业管治守则之守则条文第

F.2.2

条规定，董

事会主席应出席股东周年大会。董事会主席

李伟斌先生透过电子方式出席于二零二四年

九月三十日举行的股东周年大会，以确保其

亦能回答股东的提问。股东周年大会由执行

董事萧伟业先生主持。

董事就任须知及持续专业发展

于本年度内，本公司定期向董事更新本集团

之业务表现资料。董事持续获得有关上市规

则及其他适用法定规定之最新发展资料，以

确保符合及维持良好企业管治常规。

本公司鼓励董事参与持续专业发展，以发展

并更新其知识及技能。此乃旨在确保其对董

事会所作出之贡献仍为知情及相关。本公司

存置培训记录以协助董事记录彼等所参与之

培训课程，并已要求董事按年向本公司提交

已签署之培训记录。

Code provision F.2.2 of the CG Code stipulates that the

chairman of the board should atend the anual general

meting. Mr. Li Weibin, the Chairman of the Board, atended

the AGM held on 30 September 2024 via electronic means to

ensure that he was also available to answer questions from

the Shareholders. The AGM was chaired by the executive

Director, Mr. Siu Wai Yip.

DIRECTORS’ INDUCTION AND

CONTINUOUS PROFESIONAL

DEVELOPMENT

During the Year, the Company provided regular updates on

the busines performance of the Group to the Directors. The

Directors are continualy updated on the latest development

regarding the Listing Rules and other aplicable statutory

requirements to ensure compliance and upkep of god

corporate governance practices.

The Directors are encouraged to participate in continuous

profesional development to develop and refresh their

knowledge and skils. This is to ensure that their contribution

to the Board remains informed and relevant. The Company

has maintained a training record in order to asist the

Directors to record the training they have undertaken and

they are requested to submit a signed training record to the

Company on an anual basis.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

于本年度内，各个别董事已参加与其专业

及╱或身为董事之职责相关之培训课程或研

习班或提供相关阅读资料。彼等于本年度已

接受之培训概要如下：

During the Year, each individual Director atended training

courses or workshops or was provided with reading materials

relevant to his or her profesion and/or duties as Director.

A sumary of the training they received for the Year is as

folows:

Type of

training

Name

姓名培训类别

Executive Directors

执行董事

Mr. Li Weibin

(Chairman and Managing Director)

李伟斌先生

（主席兼董事总经理）

Mr. Siu Wai Yip

萧伟业先生

Non-executive Director

非执行董事

Mr. Lam Wing Yiu

林永耀先生

Independent Non-executive Directors

独立非执行董事

Dr. Ho Chung Tai, Raymond

何钟泰博士

A/B

Ms. Lai Ka Fung, May

黎家凤女士

A/B

Ms. Chan Sim Ling, Irene

陈婵玲女士

A: atending courses/seminars and/or conferences and/or

forums provided/acredited by profesional bodies

B: reading materials relevant to the directors’ duties and

responsibilities

参加专业机构提供╱认可之课程╱研讨会及

╱或会议及╱或讨论会

阅读与董事职责及责任相关之资料

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

企业管治职能

董事会负责履行及已于本年度内履行下文所

载之企业管治职责：

(a)

制定及检讨本公司有关企业管治之政

策及常规；

(b)

检讨及维持有效的风险管理及内部监

控系统；

(c)

检讨及监察董事及高级管理层之培训

及持续专业发展；

(d)

检讨及监察本公司有关遵守法律及监

管规定之政策及常规；

(e)

制定、检讨及监察适用于雇员及董事

之行为守则及合规手册（如有）；及

(f)

检讨本公司对企业管治守则之遵从情

况及于企业管治报告内作出的披露。

董事及高级职员之责任保险及弥偿

本公司已安排投购保险以弥偿董事及本公司

高级职员于执行及履行彼等之职责时彼等所

产生或与此有关之所有成本、费用、损失、

开支及负债。

CORPORATE GOVERNANCE FUNCTION

The Board is responsible for performing and during the

Year, performed the corporate governance duties which

are set out below:

(a) to develop and review the Company’s policies and

practices on corporate governance;

(b) to review and maintain efective risk management

and internal control systems;

profesional development of Directors and senior

management;

(d) to review and monitor the Company’s policies and

practices on compliance with legal and regulatory

requirements;

(e) to develop, review and monitor the code of conduct

and compliance manual (if any) aplicable to

employes and Directors; and

(f) to review the Company’s compliance with the CG

Code and disclosure in the Corporate Governance

Report.

DIRECTORS’ AND OFICERS’ LIABILITY

INSURANCE AND INDEMNITY

The Company has aranged insurance cover to indemnify

Directors and oficers of the Company against al costs,

charges, loses, expenses and liabilities incured by them in

the execution and discharge of their duties or in relation

thereto.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

风险管理及内部监控

董事会确认其有责任维持良好企业管治常规

及稳健之风险管理及内部监控系统，以及检

讨该等系统是否有效。为营造更有效之控制

环境，本公司之风险管理体系乃设计为本公

司企业管治体系和策略及业务规划过程不可

或缺之一部分，并嵌入各主要活动及╱或职

能之中。

风险管理

本公司采用一套系统化、有前瞻性之风险管

理方法，以评估及管理与实现本公司战略和

营运目标有关之当前及新出现的风险。

风险管理体系令主要决策者及管理团队更深

入了解本集团所面临之风险，进而可於潜在

问题发生前确定问题。该体系之裨益在于：

•

改善业务表现及降低营运上的不确定

事项及相关成本或损失；

•

将风险管理与企业管治常规结合；

•

向董事会确保能妥善管理重大的风险

（包括环境、社会及管治风险）；

•

提高就潜在风险及适当应对策略达成

共识的能力；

RISK MANAGEMENT AND INTERNAL

CONTROL

The Board acknowledges its responsibility for maintaining

god corporate governance practices and sound systems

of risk management and internal control as wel as for

the review of efectivenes of these systems. To achieve

a more efective control environment, the Company’s risk

management framework is designed to be an integral part

of the Company’s corporate governance framework as wel

as strategic and busines planing proceses, and it is also

embeded into each key activity and/or function.

Risk Management

The Company adopts a risk management aproach that is

systematic and forward-loking to evaluate and manage

curent and emerging risks related to the achievement of

the Company’s strategic and operational objectives.

The risk management framework provides key decision

makers and management team with a beter understanding

of risks faced by the Group so that potential isues are

flaged before they ocur. The benefits of the framework

are:

• To improve busines performance and reduce

operational surprises and asociated costs or loses;

• To integrate risk management into corporate

governance practices;

• To provide asurance to the Board that significant

risks (including environment, social and governance

risks) are being apropriately managed;

• To enhance capability to reach consensus regarding

potential risks and the apropriate responses;

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

•

明确责任及权责分明；及

•

在公司内各层面（包括人文）提高风险

意识。

风险管理流程

风险管理是一个连续的过程。在初步评估

后，为了反映新的资讯和情况变化，以使所

有相关风险，包括新的风险都适当地得到识

别和处理，本集团会持续地重新评估风险和

更新风险情况。下面的图表说明持续监控过

程的步骤：

• To define acountabilities and asign roles and

responsibilities; and

• To raise risk awarenes acros the organization

involving people at every level.

Risk Management Proces

The risk management proces is a continuous proces. After

the initial asesment, risks are re-evaluated and updated on

an on-going basis to reflect new information and changes

to circumstances so that al relevant risks, including new

ones, are apropriately identified and adresed. The steps

of an on-going monitoring proces are ilustrated in the

diagram below:

On-going

Monitoring

持续监控

Establish Context

明确环境因素

Risk Asesment

风险评估

Reporting

汇报

Risk Identiﬁcation

风险识别

Risk Response

and Action

风险应对及行动

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

明确环境因素

风险乃透过本集团内各个层面之通力合作进

行管理。因此，该步骤涉及确立整体风险管

理治理架构，明确界定风险管理流程之角色

和责任划分。角色及职责在风险管理流程首

次启动之时界定，之后将于有需要时重新审

视。

风险识别

针对现有流程，风险识别需要连续不间断的

工作，而对于现有业务及流程发生的任何变

更，例如新的服务╱产品及项目等，或外

部环境发生的任何变更，例如法例法规的变

动，风险识别的工作具有临时性，在有需要

时发生。

风险评估

风险评估旨在确定会影响企业实现其目标之

重大风险。判断重大及重要程度涉及考虑

这类风险的发生可能性和影响程度。在此阶

段，所有风险事件之风险评级将予确定，同

时所有的重大风险（包括环境、社会及管治风

险）都应于下一阶段的风险应对及行动中得到

处理。

风险应对及行动

应就风险评估阶段所识别之各个重大风险事

件制定风险应对及行动计划。

Establish Context

Risks are to be managed through active colaboration

betwen al levels within the Group. As such, this step

involves establishing the overal risk management governance

structure which defines the designation and enactment

of responsibility for the risk management proces. Roles

and responsibilities are defined at the first time of the risk

management proces being initiated, and wil be revisited

as required.

Risk Identification

Identification of risks is required on an on-going basis for

existing proceses and on an ad hoc basis as required when

there is any change to existing busineses and proceses such

as new services/products and projects, or to the external

environment such as changes in laws and regulations.

Risk Asesment

The purpose of risk asesment is to determine the risks which

are material and wil have an impact on the busines goals

and objectives. The judgment on significance and materiality

involves the consideration of likelihod and impact of the

risk. In this stage, the risk rankings of al risk events wil be

identified, and al significant risks (including environment,

social and governance risks) should be adresed in the next

stage: Risk Response and Action.

Risk Response and Action

Risk response and action plans should be formulated for

each of the significant risk events identified during the risk

asesment stage.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

风险处理方法属于应对及行动计划的一部

分，而每一个重大风险事件都应有一个风险

处理方法。

•

接受风险：毋须采取行动降低风险。

风险可予接受。

•

缓解：风险可予接受，但将会建立风

险缓解措施及行动计划，借以尽量减

少负面影响。相对现有的控制而言，

缓解应该采取新的措施。

•

转移：与第三方共同承担风险而将其

转移。

•

回避：通过终止与风险事件有关之活

动来规避风险。

汇报

管理层将定期最少每年一次向董事会或其指

定之审核委员会提交风险报告。在日常运作

中承担和管理风险的管理层会每年向董事会

提供确认风险管理和内部监控系统的有效性。

持续监控

风险管理工作小组定期重新审视本集团承受

的风险，并将提供其他风险缓解计划的建议

方案。内部审计是一项独立的监控功能，使

用以风险为基础的评估方法，检讨风险管理

及内部监控系统之恰当性及有效性。审计工

作将予以开展以评估这些系统是否正常运作。

A risk treatment, being part of the response and action plans,

is to be selected for each significant risk event.

: No action is taken to reduce the

risk. The risk is acepted.

: The risk is acepted but risk mitigation

controls and action plans wil be established to

minimise the negative impacts. The mitigation should

take the form of new measures instead of existing

controls.

: Transfer the risk by sharing it with third

parties.

: Adopt risk avoidance measures by ceasing

the activity asociated with the risk event.

Reporting

Management wil submit risk reports to the Board or its

designated Audit Comite regularly, at least on an anual

basis. Management who owns and manages risks on a day-

to-day basis wil, on an anual basis, provides a confirmation

to the Board of Directors on the efectivenes of the risk

management and internal control systems.

On-going Monitoring

The Risk Management Working Group revisits the Group’s

risk exposure regularly and wil provide advice on aditional

risk mitigation plans acordingly. The internal audit is an

independent monitoring function responsible for reviews of

adequacy and efectivenes of risk management and internal

control systems using a risk-based asesment methodology.

Audits wil be performed to evaluate whether these systems

are properly functioning.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

风险管理治理架构

本集团所有人员都有责任维护良好的风险管

理和内部监控系统。所有人员集体形成本集

团的风险管理治理架构，如下图所述：

各参与方的具体角色及职责详述如下：

Risk Management Governance Structure

Al personel in the Group have the responsibility for

maintaining god risk management and internal control

systems. Colectively al personel in the Group form the

risk management governance structure which is ilustrated

below:

The specific roles and responsibilities of each party involved

are described in detail below:

Board of Directors/Audit

Comite(Oversight)

董事会/审核委员会（监督）

Risk Owners

(Own and Manage Risks)

风险责任人（承担及管理风险）

Risk Management

Working Group

(Advising and Reporting)

风险管理工作小组

（建议及汇报）

Internal Audit(Monitoring)

内部审计（监控）

Board of Directors

• Determines the nature and level of the risks that the

Company is wiling to take in achieving the Group’s

strategic objectives;

, overses the design,

implementation and monitoring of risk management

and internal control systems by the management;

董事会

•

确定本公司可以接受的风险的性质和

程度以实现本集团战略目标；

•

透过审核委员会，监督管理层对风险

管理和内部监控系统的设计、实施以

及监控工作；

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

•

在本集团内营造并维系有效的风险管

理和内部监控文化；及

•

省览有关本集团整体风险的报告，包

括当前及新出现的任何重大风险的现

状及趋势变化、相关缓解策略和实施

风险管理体系的有效性。

风险管理工作小组

•

由董事、首席级高级管理层、高级管

理人员组成，并由本集团董事总经理

（亦视为行政总裁）领导，就风险承受

度、风险原则及风险管理体系向董事

会提供建议；

•

识别及评估本集团之重大策略、业务

及流程层面所承担的风险；

•

监控风险责任人及╱或其代表执行风

险应对及缓解策略的情况；

•

在风险登记册录入风险事件并编制风

险报告以提交董事会；及

•

代表管理层向董事会确认风险管理及

内部监控系统的有效性。

• Fosters the culture and maintenance of an efective

risk management and internal controls throughout

the Group; and

’s overal risk exposure,

including the status of any significant curent and

emerging exposures and trends, relevant mitigation

strategies and the efectivenes of implementation

of risk management framework.

Risk Management Working Group

, C-suite, senior executives

and led by the Managing Director of the Group

(regarded as the same as chief executive), advises

the Board on risk apetite, risk principles and risk

management framework;

, busines

and proces-level risk exposures of the Group;

• Monitors risk responses and mitigation strategies

executed by risk owners and/or their delegates;

• Maintains documentation of risks on the risk register

and prepare risk reports for submision to the Board;

and

• Represents management to provide a confirmation to

the Board on the efectivenes of the risk management

and internal control systems.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

风险责任人

•

部门及业务分部、营运分部主管及各

管理人员，共同承担职责范围内之风

险责任及管理有关风险的所有责任；

•

执行贯穿日常活动之风险缓解及内部

监控措施；及

•

就风险之任何变动或发展向风险管理

工作小组报告。

内部审计

•

独立监督及检讨风险管理及内部监控

活动之充足性及有效性；

•

协助风险管理工作小组进行风险识

别、评估及汇报流程的工作；及

•

利用风险评估结果编制以风险为基础

之内部审计工作范围计划。

内部监控系统

控制环境及监控措施

本集团之内部监控系统包括一套具有明确权

限及职责之组织架构。本集团已制定政策及

程序管理业务运作和内部监控，并根据管理

层的管治目标予以实施。本集团之公司秘

书、内部及外聘法律顾问及其他管理人员共

同监管遵守相关法律及法规（包括上市规则、

公司条例及香港财务报告准则等）。

Risk Owners

, operational

level units and managerial staf colectively asume

the ownership of risks within their functional areas

and al responsibilities asociated with managing such

risks;

• Implement risk mitigation and internal control

measures that are embeded into day-to-day

activities; and

• Report to the Risk Management Working Group on

any changes or developments regarding risks.

Internal Audit

• Independently monitors and reviews the adequacy

and efectivenes of functionalities of the risk

management and internal control practices;

• Facilitates the Risk Management Working Group

with the risk identification, asesment and reporting

proceses; and

• Utilises results of risk asesments to compile a risk-

based internal audit coverage plan.

Internal Control System

Control Environment and Monitoring Activities

The Group’s internal control systems include an

organizational structure with clearly defined delegation of

authority and responsibilities. Policies and procedures have

ben established to govern busines operations and internal

controls and implemented acording to management’s

governance objectives. The Group’s company secretary,

internal and external legal advisors and other management

together overse adherence to relevant laws and regulations

including the Listing Rules, Companies Ordinance and the

Hong Kong Financial Reporting Standards, etc.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

管理层已制定预算及绩效标准以进行业务营

运之日常监控。部门及业务分部主管定期举

行会议，以审阅业务表现、与其经营活动相

关之风险以及能缓和本集团所面临风险并嵌

入各流程中的相关内部监控措施。同时管理

层就本集团之表现定期为董事会编制月度报

告。

本集团按公平、诚实及忠诚原则经营业务

并致力于保持最高水平之道德行为及问责准

则。其行为守则载列对适当商业操守之重要

原则及期望，以确保本集团的雇员遵守有关

守则。本集团已实施反贪污政策，以促进及

维持高水平的廉正、文化及职业道德，抵御

贪污及贿赂，并协助员工识别可能导致被卷

入贪污或不道德商业行为的情况，从而避免

被明确╱严格禁止的行为。本集团亦透过于

本集团采纳其打击洗钱及恐怖分子资金筹集

政策及程序积极防止并采取措施防范被用作

洗钱活动及恐怖主义融资活动以及协助洗钱

或资助恐怖主义或犯罪活动之任何其他活动

之媒介。此外，本集团之举报政策可提供一

个透明的工作环境并就有关以保密及匿名的

方式披露彼等知悉之任何不当行为、疏忽职

守或不合规情况的程序向所有雇员提供渠道

及指引。于本年度内，本集团并无收到任何

有关举报事件之报告。

Budgeting and performance measuring criteria have ben

established by the management for its day-to-day monitoring

of busines operations. Heads of departments and busines

units regularly met to review busines performance, the risks

asociated with their operational activities and the relevant

internal control measures embeded in the proceses to

mitigate the risks the Group is facing. The management

also regularly prepares monthly reports to the Board on the

Group’s performance.

The Group conducts busines based on the principles of

fairnes, honesty and integrity and is comited to the

highest standards of ethical behaviour and acountability.

Its code of conduct sets out the important principles and

expectations of apropriate busines conduct to ensure the

compliance of the Group’s employes with the code. An

Anti-coruption Policy is in place to promote and maintain

a high level of integrity, cultural and profesional ethics

within the Group against coruption and bribery and asist

employes in recognising circumstances that may lead to or

give rise to the apearance of being involved in coruption

or unethical busines conduct, so as to avoid such conduct

which is clearly/strictly prohibited. The Group also actively

prevents and takes measures to guard against being used

as a medium for money laundering activities and terorist

financing activities and any other activities that facilitate

money laundering or the funding of terorist or criminal

activities by adopting its anti-money laundering and counter-

terorist financing policy and procedures acros the Group.

In adition, the Group’s Whistleblowing Policy enables a

transparent working environment and provides chanels

and guidelines to al employes about the procedures to

disclose, in confidence and anonymity, any misconduct,

malpractice or iregularities of which they become aware.

The Group did not receive any report on whistleblowing

incidents during the Year.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

本公司披露内幕消息之政策及程序就处理及

发放本集团之内幕消息提供指引，以确保内

幕消息平等、适时及有效地向公众发放。该

政策概述根据香港法例第

章证券及期货条

例（「证券及期货条例」）识别及报告实际或潜

在内幕消息、本集团责任及高级人员职责的

内部程序。具体而言，透过联交所营运的电

子登载系统散发内幕消息，之后再透过新闻

界、通讯社或在本公司网站刊登公布等其他

渠道发放该消息。同时，当本公司一名雇员

知悉实际或潜在的内幕消息，或当本公司任

何董事、高级人员或雇员知悉任何非公开的

内幕消息被披露，或知悉任何违反此政策的

情况，其必须及时向有关部门负责人报告，

部门负责人将进一步与本集团的公司秘书沟

通。对该事项进行评估后，由董事会确定适

当的处理方法。本集团将保留评估该内幕消

息的会议和讨论的审核记录。

内幕消息披露政策特别参考证券及期货条

例、证券及期货事务监察委员会颁发之指引

及联交所颁发之标准守则。就如何处理本集

团的机密或内幕消息，内幕消息披露政策与

行为守则相呼应。

The Company’s policy and procedures on disclosure of

inside information provide guidelines in relation to handling

and disemination of inside information of the Group to

ensure inside information is diseminated to the public in

an equal, timely and efective maner. The policy outlines

the internal procedures for the identification and reporting

of actual or potential inside information, the obligations

of the Group and duties of oficers in acordance with the

Securities and Futures Ordinance (the “SFO”), Chapter 571

of the Laws of Hong Kong. Specificaly, inside information is

diseminated via the electronic publication system operated

by the Stock Exchange before the information is released via

other chanels, such as the pres, wire services or posting

anouncements on the Company’s website. As son as

an employe of the Company becomes aware of actual

or potential inside information, or when any Director,

oficer or employe of the Company becomes aware of any

disclosure of non-public inside information or breach of this

policy, he/she must promptly report to his or her respective

department-in-charge, who wil further comunicate with

the Group’s company secretary. The mater wil be asesed

and the apropriate course of actions wil be determined

by the Board. An audit trail of metings and discusions

concerning the asesment of inside information wil be

maintained.

The inside information policy makes specific references to

the SFO, guidelines isued by the Securities and Futures

Comision and the Model Code isued by the Stock

Exchange. It also echoes the code of conduct for how

confidential information or inside information of the Group

should be handled.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

检讨风险管理及内部监控系统之有效性

于本年度内，在董事会之授权下，审核委员

会已对本集团之风险管理及内部监控系统之

有效性进行年度检讨，包括有关财务、营运

及遵规监控及风险管理程序，以识别、评估

及管理本集团面临的重大风险。有关系统乃

设计为合理但非绝对地确保不会出现未能实

现业务目标及重大错误陈述或损失的情况。

管理层已经向董事会确认本集团的风险管理

及内部监控系统为有效。

基于

(i)

与执行董事会晤讨论有关本集团业务

营运及财务报告流程上之风险及内部监控，

(i)

覆核内部审计及外部审计报告，

(i)

覆核本

集团的风险管理系统实施情况的报告，

(iv)

通

过内部审计的覆核工作从而监控重大事项及

严重的内部监控缺失，及

(v)

管理层就本集团

风险管理及内部监控系统的有效性提供的确

认，审核委员会认为本集团之风险管理及内

部监控系统有效。于本年度，概无发现重大

监控失误、重大监控弱项或重要关注事项。

审核委员会亦已检讨本集团之会计、内部审

计及财务汇报职能方面的资源、雇员之资历

及经验、培训课程及预算的充足性，并对此

表示满意。

Review of Efectivenes of Risk Management and

Internal Control Systems

During the Year, the Audit Comite, with the delegated

authority from the Board, conducted an anual review of the

efectivenes of the risk management and internal control

systems of the Group, including the relevant financial,

operational and compliance controls and risk management

procedures for identification, evaluation and management

of the significant risks faced by the Group. Such systems are

designed to provide reasonable but not absolute asurance

against failure to achieve busines objectives and material

mistatement or los.

Management has provided confirmation to the Board that

the Group’s risk management and internal control systems

are efective.

Based on (i) metings with executive Directors to discus

risks and internal controls concerning the Group’s busines

operations and financial reporting proces, (i) review of

internal audit and external audit reports, (i) review of reports

on the implementation of the Group’s risk management

system, (iv) the monitoring of significant isues and material

internal control defects through reviews conducted by

the internal audit, and (v) confirmation provided by the

management on the efectivenes of the Group’s risk

management and internal control systems, the Audit

Comite concluded that the Group’s risk management

and internal control systems are efective. There were no

significant control failings, weakneses or significant areas

of concern identified during the Year.

The Audit Comite also reviewed and was satisfied with

the adequacy of resources, qualifications and experience,

training programs and budget of the employes of the

Group’s acounting, internal audit and financial reporting

functions.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

内部审计职能

内部审计职能之主要职责包括下列各项：

(a)

独立审查及评估有关财务、合规、营

运表现及资产保障等方面之风险管理

及内部监控系统的充足性、有效性及

效率；

(b)

作为风险管理体系之一部分，协助管

理层识别风险及制定风险纾缓措施以

及监控策略；

(c)

监控营运是否符合本集团之既定政策

及程序；及

(d)

向管理层提供意见及除规划内的审核

活动外，对管理层关注之特殊领域进

行专项审查。

内部审计职能根据审核委员会批准之内部审

计年度计划执行评估，并向审核委员会定期

汇报已协定之审计划的执行进度和任何重

大风险、管治和监控问题，包括欺诈舞弊的

风险。

Internal Audit Function

The internal audit function’s main responsibilities include

the folowing:

(a) to independently review and evaluate the adequacy,

efectivenes and eficiency of risk management

and internal control systems regarding the financial,

compliance and operational performance and

safeguarding of asets;

(b) to facilitate management in identification of risks,

and development of risk mitigation and monitoring

strategies as part of the risk management framework;

established policies and procedures; and

(d) to provide advice to the management and conduct

special reviews in specific areas of management

concern in adition to the planed audit activities.

The internal audit function caries out asesment based

on the internal audit anual plan aproved by the Audit

Comite, and reports to the Audit Comite periodicaly

on the progres of implementation of the agred audit

plan and any significant risk exposures and governance and

control isues including fraud risks.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

环境、社会及管治合规及管治

本集团认可避免气候变化的重要性并制定内

部策略，旨在为其持份者创造可持续价值并

最大限度减少其对环境的负面影响。为全面

落实本集团的可持续发展策略，董事会最终

负责确保本集团的环境、社会及管治（「环

境、社会及管治」）策略（包括与气候变化有关

者）的效用。

每个业务部门已成立专门团队管理环境、社

会及管治事宜，并监测企业应对气候变化目

标的进展。该等团队负责于整个集团执行及

监督相关环境、社会及管治政策的实施并指

定工作人员执行该等工作。

本集团的管理层及负责团队定期审查及调整

其可持续发展政策，以满足持份者不断变化

的需求，包括与气候变化有关者。有关本集

团于环境及社会方面（包括避免气候变化）采

纳的管理方法及具体策略的详细环境、社会

及管治风险及资料载于本公司日期为二零二

五年六月三十日的环境、社会及管治报告的

各个章节。董事会对本集团的资源、员工资

格及经验、与环境、社会及管治表现及报告

有关的培训计划及预算的充足性感到满意。

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE COMPLIANCE AND

GOVERNANCE

The Group recognises the importance of climate change

avoidance and has developed internal strategies aimed at

creating sustainable value for its stakeholders and minimizing

its negative impact on the environment. To cary out the

Group’s sustainability strategy from top to botom, the

Board holds the ultimate responsibility for ensuring the

efectivenes of the Group’s environmental, social and

governance (“ESG”) strategies, including those relating to

climate change.

Dedicated teams have ben established within each busines

division to manage ESG isues and monitor the progres

towards corporate goals for adresing climate change.

These teams are responsible for enforcing and overseing

the implementation of relevant ESG policies throughout

the Group and have designated staf members to cary out

these tasks.

The Group’s management and responsible teams regularly

review and adjust its sustainability policies to met the

evolving neds of stakeholders, including those related to

climate change. Detailed ESG risk and information on the

Group’s management aproaches and specific strategies

adopted for environmental and social aspects including

climate change avoidance can be found in various sections

of the ESG Report of the Company dated 30 June 2025. The

Board is satisfied with the adequacy of the Group’s resources,

staf qualifications and experience, training programs and

budget relating to ESG performance and reporting.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

问责及审核

董事确认彼等有责任根据法定规定及适用

会计准则编制本集团之综合财务报表。截

至二零二五年三月三十一日止年度，本集

团产生本期间净亏损约

345,594,000

港元

（二零二四年：

385,126,000

港元）。于二

零二五年三月三十一日，本集团有流动负

债净额约

573,228,000

港元（二零二四年：

1,454,031,000

港元），惟其于二零二五

年三月三十一日之银行结存及现金仅约为

5,497,000

港元（二零二四年：

7,606,000

港元）。此外，本集团于二零二五年三月

三十一日后未来十二个月按要求偿还或到

期偿还或重续之尚未偿还借款及债券分

别约为

529,914,000

港元（二零二四年：

1,256,286,000

港元）及

110,797,000

港元（二

零二四年：

266,363,000

港元）。本集团已于

二零二五年三月三十一日拖欠偿还借款及债

券本金及利息分别约

145,160,000

港元（二零

二四年：

178,348,000

港元）及

49,447,000

港

元（二零二四年：

40,278,000

港元），因此，

于二零二五年三月三十一日违约借款及债券

之账面值分别约

234,533,000

港元（二零二四

年：

930,092,000

港元）及

110,797,000

港元（二

零二四年：

163,988,000

港元）须按要求偿还，

且银行及金融机构按合同规定有权要求立即

偿还于二零二五年三月三十一日未偿还的借

款及债券分别约

234,533,000

港元（二零二四

年：

947,805,000

港元）及

110,797,000

港元（二

零二四年：

163,988,000

港元）。该等事项及

情况显示存在重大不确定因素，可能对本集

团持续经营能力构成重大疑虑。除上文所披

露者外，就本公司截至二零二五年三月三十

一日止财政年度而言，董事会并不知悉任何

其他可能对本集团持续经营能力构成重大疑

虑的事件或情况。

ACOUNTABILITY AND AUDIT

The Directors acknowledge their responsibility for preparing

the consolidated financial statements of the Group in

acordance with statutory requirements and aplicable

acounting standards. For the year ended 31 March 2025,

the Group incured a net los for the period of aproximately

HK$345,594,000 (2024: HK$385,126,000). As of 31 March

2025, the Group had net curent liabilities of aproximately

HK$573,228,000 (2024: HK$1,454,031,000), while its bank

balances and cash amounted to aproximately HK$5,497,000

(2024: HK$7,606,000) only as at 31 March 2025. In adition,

the Group had outstanding borowings and bonds of

aproximately HK$529,914,000 (2024: HK$1,256,286,000)

and HK$110,797,000 (2024: HK$266,363,000) respectively

which were repayable on demand or due for repayment or

renewal in the next twelve months after 31 March 2025. The

Group has defaulted in repayment of principals and interest

of borowings and bonds of aproximately HK$145,160,000

(2024:HK$178,348,000) and HK$49,447,000 (2024:

HK$40,278,000) respectively as at 31 March 2025, as a result

the carying amounts of the defaulted borowings and bonds

of aproximately HK$234,533,000 (2024: HK$930,092,000)

and HK$110,797,000 (2024: HK$163,988,000) respectively

as at 31 March 2025 were repayable on demand and the

bank and financial institutions are contractualy entitled

to request for imediate repayment of the outstanding

borowings and bonds of aproximately HK$234,533,000

(2024: HK$947,805,000) and HK$110,797,000 (2024:

HK$163,988,000) respectively as at 31 March 2025.

These events and conditions indicate existence of material

uncertainties which may cast significant doubt about the

Group’s ability to continue as a going concern. Save as

disclosed above, in relation to the Company’s financial year

ended 31 March 2025, the Board was not aware of any

other events or conditions that might cast significant doubt

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

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

鉴于本集团已实施或预期将改善其营运资

金、流动资金及现金流状况的多项措施或

安排，包括：

(a)

本集团计划加快第二期楼

宇的建设，并预售公寓以筹集建设资金、

偿还贷款及支持营运资金；

(b)

本集团已就

214,000,000

港元的借款及债券进行续期及延

期谈判，并在偿还及重组方面取得进展，有

关举措旨在通过贷款人支持及持续磋商履行

债务责任；及

(c)

本集团已获最终控股东支

持，加强成本控制以提升经营效率，并可能

出售非核心资产以履行财务责任及改善现金

流量。（上述措施或安排的详情，请参阅本年

报综合财务报表附注

。）因此，董事认为按持

续经营基准编制综合财务报表当属恰当。

核数师对股东之责任载于本年报第

页至第

页之「独立核数师报告」内。

In the light of various measures or arangements which

either have ben implemented or are expected to result

in the improvement of the working capital and liquidity

and cash flow position of the Group, including (a) The

Group aims to fast-track the building of Phase Two and

presel apartments to fund construction, repay loans, and

suport working capital; (b) The Group has ben negotiating

renewals and extensions on HK$214.0 milion of borowings

and bonds, with progres on setlement and restructuring,

aiming to met obligations through lender suport and

ongoing discusions; and (c) The Group has secured the

ultimate controling shareholder’s suport, tightened cost

controls for operational eficiency, and may dispose of

non-core asets to met financial obligations and improve

cash flows. (For details of the aforementioned measures or

arangements, please refer to Note 2 to the consolidated

financial statements of this anual report.) Acordingly, the

Directors are satisfied that it is apropriate to prepare the

consolidated financial statements on a going concern basis.

The responsibilities of the auditor to the Shareholders are

set out in the “Independent Auditor’s Report” from pages

96 to 104 of this anual report.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

股息政策

本公司已制定股息政策（「股息政策」），为本

公司考虑其股息派发决定提供指引。根据股

息政策，在本集团有盈利且不会影响本集团

正常营运之前提下，本公司可考虑向股东宣

布及派发股息。在决定是否建议宣派股息及

厘定股息金额时，董事会应考虑（其中包括）

以下因素：

•

本集团之经营业绩及财务状况；

•

流动资金等关键财务指标；

•

本集团之资本需求及未来承担；

•

外部因素，包括经济状况及资本市场

状况；

•

税收考虑因素；

•

已付的中期股息（如有）；

•

股东权益；

•

法定及监管限制；及

•

董事会认为相关之其他因素。

派发股息由董事会全权酌情决定，且受香港

法例、百慕达一九八一年公司法（「公司法」）

及本公司之公司细则项下之任何限制规限。

DIVIDEND POLICY

The Company has established a dividend policy (“Dividend

Policy”) in order to provide guidelines for the Company to

consider its dividend payment decision. Under the Dividend

Policy, the Company may consider declaring and paying

dividends to the Shareholders provided that the Group is

profitable and payment of dividends wil not afect the

normal operations of the Group. In deciding whether

to propose a dividend and in determining the dividend

amount, the Board shal take into acount, among others,

the folowing factors:

’s operating results and financial position;

;

’s capital requirements and future

comitments;

• External factors including state of the economy and

capital market conditions;

;

, if any;

;

; and

• Other factors the Board dems relevant.

Payment of dividends shal remain to be determined at the

sole discretion of the Board and subject to any restrictions

under Hong Kong Laws, the Companies Act 1981 of Bermuda

(the “Companies Act”) and the Bye-Laws of the Company.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

公司秘书

根据上市规则第

3.29

条，本公司公司秘书刘

慧霞女士于本年度已接受不少于

小时之相

关专业培训。

与股东及投资者之沟通

董事会致力于与股东及投资界保持续对

话。董事、公司秘书、企业发展及通讯总监

以及法律顾问共同回应股东及投资界的资讯

请求及查询。

本公司已采纳股东沟通政策并载列本集团向

股东及投资界提供清晰、全面、准确和及时

的本集团资讯之目的。董事会通过周年大会

及其他股东大会与股东进行直接沟通。董事

会定期检讨股东沟通政策于本年度进行的股

东及投资者参与及沟通活动，并对股东沟通

政策的实施及效用感到满意。

董事会亦通过刊发公告、通函、中期报告及

年报（包括企业管治报告）以及环境、社会及

管治报告向股东提供本集团的资讯。股东亦

可于本公司网站获取本集团的最新资讯。

本公司认识到保护股东个人资料的重要性，

并致力于在遵守适用资料保护法律及法规的

情况下保护彼等之个人资料。

COMPANY SECRETARY

Acording to Rule 3.29 of the Listing Rules, Ms. Lau Wai

Har, the company secretary of the Company, tok no les

than 15 hours of relevant profesional training for the Year.

COMUNICATION WITH

SHAREHOLDERS AND INVESTORS

The Board endeavours to maintain ongoing dialogue

with the Shareholders and the investing comunity. The

Directors, the Company Secretary, Corporate Development

and Comunications Director and Legal Counsel work

together to respond to requests for information and queries

from the Shareholders and the investing comunity.

The Company has adopted the Shareholders Comunication

Policy and set out the Group’s objective of providing

clear, ful, acurate and timely information on the Group

to the Shareholders and the investing comunity. The

Board comunicates directly with Shareholders through

anual and other general metings. The Board reviewed

regularly the Shareholders Comunication Policy and the

Shareholders and investor engagement and comunication

activities conducted during the Year and was satisfied with

the implementation and efectivenes of the Shareholders

Comunication Policy.

The Board also provides information on the Group to

Shareholders through the publication of anouncements,

circulars, interim and anual reports (including the corporate

governance report) and the ESG report. Updated information

on the Group is also available to Shareholders on the

Company’s website.

The Company recognises the importance of protection

of personal data of Shareholders and is comited to

protecting their personal data in compliance with aplicable

data protection laws and regulations.

Corporate Governance Report

企业管治报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

股东之权利

股东召开股东特别大会（「股东特别大会」）之

程序

股东有权要求董事会召开股东特别大会。合

共持有不少于本公司缴足股本十分之一之股

东可向董事会寄发书面请求以召开股东特别

大会。

经有关股东正式签署之书面请求须列明大会

之目的及须送交本公司之总办事处及香港主

要营业地点（地址为香港中环德辅道中

4-4A

号

渣打银行大厦

楼

室）或本公司之香港股

份过户登记分处卓佳证券登记有限公司（地址

为香港夏悫道

号远东金融中心

楼）。

一旦接获有效请求，本公司将根据百慕达一

九八一年公司法第

条之规定采取适当行动

及作出必要安排，而有关股东将负责支付由

此产生之有关费用。

股东于股东大会上提呈建议之程序

以下股东有权于本公司股东大会上提呈建议

（其可于大会上正式提呈）以供考虑：

(a)

于请求日期占本公司总投票权不少于

二十分之一之任何股东人数；或

(b)

不少于

位持有本公司股份之股东。

SHAREHOLDERS’ RIGHT

Procedures for convening a special general meting

(“SGM”) by Shareholders

Shareholders shal have the right to request the Board to

convene a SGM. Shareholders holding, in agregate, not

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

may send a writen request to the Board for the convening

of the SGM.

The writen requisition, duly signed by the Shareholders

concerned, must state the purposes of the meting and

must be deposited at the Company’s head ofice and

principal place of busines in Hong Kong at Suite 1203,

12/F., Standard Chartered Bank Building, 4-4A Des Voeux

Road Central, Central, Hong Kong or at the Company’s

branch share registrar and transfer ofice in Hong Kong,

Tricor Investor Services Limited, at 17/F, Far East Finance

Centre, 16 Harcourt Road, Hong Kong.

The Company would take apropriate actions and make

necesary arangements, and the Shareholders concerned

would be responsible for the expenses incured in giving

efect thereto in acordance with the requirements under

Section 74 of the Companies Act 1981 of Bermuda once a

valid requisition is received.

Procedures for Shareholders to put forward

proposals at general metings

The folowing Shareholders are entitled to put forward a

proposal (which may properly be put to the meting) for

consideration at a general meting of the Company:

(a) any number of members representing not les than

one-twentieth of the total voting rights of the

Company on the date of the requisition; or

(b) not les than 100 members holding shares in the

Company.

Corporate Governance Report

企业管治报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

载列建议并经有关股东正式签署之请求连同

不多于

1,000

字之有关建议所述事宜之声明须

送交本公司之总办事处及香港主要营业地点

（地址为香港中环德辅道中

4-4A

号渣打银行大

厦

楼

室）或本公司之香港股份过户登记

分处卓佳证券登记有限公司（地址为香港夏悫

道

号远东金融中心

楼）。一旦接获有效文

件，本公司将根据百慕达一九八一年公司法

第

及

条之规定采取适当行动及作出必要

安排，而有关股东将负责支付由此产生之有

关费用。

如股东拟于股东大会上提名退任董事以外之

人士参选董事，则股东须遵循本公司网站所

载之「股东提名人士参选本公司董事的程序」

行事。

指引股东向董事会作出查询之程序

股东可随时以书面方式透过以下渠道向董事

会提出查询及关注：

普汇中金国际控股有限公司

公司秘书

香港中环

德辅道中

4-4A

号

渣打银行大厦

楼

室

电邮：

nicolelau@chinlinkint.com

电话：

2126 6333

传真：

2126 6399

股东亦可于本公司股东大会上向董事会作出

查询。

The requisition specifying the proposal, duly signed by the

Shareholders concerned, together with a statement of not

more than 1,000 words with respect to the mater refered

to in the proposal must be deposited at the Company’s

head ofice and principal place of busines in Hong Kong

at Suite 1203, 12/F., Standard Chartered Bank Building,

4-4A Des Voeux Road Central, Central, Hong Kong or at

the Company’s branch share registrar and transfer ofice

in Hong Kong, Tricor Investor Services Limited, at 17/F,

Far East Finance Centre, 16 Harcourt Road, Hong Kong.

The Company would take apropriate actions and make

necesary arangements, and the Shareholders concerned

would be responsible for the expenses incured in giving

efect thereto in acordance with the requirements under

Sections 79 and 80 of the Companies Act 1981 of Bermuda

once valid documents are received.

If a Shareholder wishes to propose a person other than

a retiring Director for election as a Director at a general

meting, the Shareholder should folow the “Procedures for

shareholders to propose a person for election as a Director

of the Company”, which can be found on the website of

the Company.

Procedures for directing Shareholders’ enquiries to

the Board

Shareholders may at any time send their enquiries and

concerns to the Board in writing through the folowing

chanel:

The Company Secretary

Chinlink International Holdings Limited

Suite 1203, 12/F., Standard Chartered Bank Building

4-4A Des Voeux Road Central

Central, Hong Kong

E-mail: nicolelau@chinlinkint.com

Telephone: 2126 6333

Facsimile: 2126 6399

Shareholders may also make enquiries to the Board at the

general metings of the Company.

Directors’ Report

董事会报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

The Directors present their report and the audited

consolidated financial statements of the Group for the Year.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment

holding. The principal activities and other particulars of

the subsidiaries are set out in Note 49 to the consolidated

financial statements.

The analysis of the principal activities and geographical

locations of the operations of the Company and its

subsidiaries during the Year are set out in Note 7 to the

consolidated financial statements.

RESULTS AND APROPRIATIONS

The results of the Group for the Year are set out in

the consolidated statement of profit or los and other

comprehensive income from page 105 to page 107 of this

anual report.

The Board does not recomend the payment of final

dividend (2024: Nil).

BUSINES REVIEW

The busines review of the Group for the Year is provided

in the Chairman’s Statement and Management Discusion

and Analysis from page 9 to page 45 of this anual report.

ANALYSIS OF MAJOR CUSTOMERS AND

SUPLIERS

The sales to the top five customers for the Year amounted

to HK$6.5 milion, representing a decrease of 15.6% from

HK$7.7 milion for the Previous Year. The sales to the top

five customers for the Year and the Previous Year respectively

acounted for les than 30.0% of the Group’s total revenue.

董事提呈本集团于本年度之董事会报告及经

审核综合财务报表。

主要业务

本公司之主要业务为投资控股，而其附属公

司之主要业务及其他详情则载于综合财务报

表附注

。

本公司及其附属公司于本年度之主要业务及

经营地区之分析载于综合财务报表附注

。

业绩及分配

本集团于本年度之业绩载于本年报第

页至

第

页之综合损益及其他全面收益表。

董事会不建议派发末期股息（二零二四年：

无）。

业务回顾

本集团于本年度之业务回顾载于本年报之主

席报告及第

页至第

页之管理层讨论及分

析。

主要客户及供应商之分析

本年度向五大客户之销售额为

6,500,000

港

元，较去年之

7,700,000

港元减少

15.6%

。本

年度及去年向五大客户之销售额分别占本集

团总收入的比例不足

30.0%

。

Directors’ Report

董事会报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

本年度向五大供应商之采购额为

13,300,000

港元，较去年之

12,800,000

港元增加

3.9%

。

本年度五大供应商合共占本集团总采购额的

54.2%

。本年度最大供应商来自物业投资分

部，占本年度总采购额的约

26.1%

。本年度

五大供应商均位于中国。去年五大供应商合

共占本集团总采购额的

48.3%

。去年最大供

应商来自物业投资分部，占去年总采购额的

约

21.6%

。去年五大供应商均位于中国。

概无董事及彼等的紧密联系人士或任何股东

（据董事所深知拥有本公司

以上已发行股

份数目）于上述五大客户及供应商拥有任何权

益。

维持与客户及供应商的良好关系对本集团的

营运及成功至关重要。本集团期望形成一个

理想而均衡的供需局面，并维持与其客户及

供应商的紧密关系。

主要风险及不明朗因素

本公司面临之主要风险及不明朗因素载于本

年报第

页至第

页之管理层讨论及分析内之

「主要风险」一节以及综合财务报表附注

、

及

内。

The purchases from the top five supliers for the Year

amounted to HK$13.3 milion, representing an increase of

3.9% from HK$12.8 milion for the Previous Year. Al of

the top five supliers for the Year represented 54.2% of

the total purchases of the Group. The largest suplier in

the Year was from the property investment segment and

acounted for aproximately 26.1% of the total purchases

in the Year. Al of the top five supliers for the Year are

located in the PRC. Al of the top five supliers for the

Previous Year represented 48.3% of the total purchases of

the Group. The largest suplier in the Previous Year was

from the property investment segment and acounted for

aproximately 21.6% of the total purchases in the Previous

Year. Al of the top five supliers for the Previous Year are

located in the PRC.

None of the Directors and their close asociates or any

Shareholder (who, to the best of the knowledge of the

Directors, own more than 5% of the number of isued shares

of the Company) had any interest in the abovementioned

top five customers and supliers.

Maintaining god relationships with customers and supliers

is fundamental to the Group’s operations and suces. The

Group is ken to foster a satisfactory and balanced demand

and suply situation and maintain close relationships with

its customers and supliers.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Company

are set out in the section headed “Major Risks” in the

Management Discusion and Analysis from pages 9 to

45 of this anual report and Notes 5, 45 and 46 to the

consolidated financial statements.

Directors’ Report

董事会报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

环境政策及表现

于本年报同日，本公司根据上市规则附录

的披露规定单独刊发独立环境、社会及管治

报告。

物业、厂房及设备

本集团于本年度之物业、厂房及设备之变动

详情载于综合财务报表附注

。

股本

于本年度，本公司股本之变动详情连同其原

因载于综合财务报表附注

。

本公司之可供分派储备

于二零二五年三月三十一日，本公司并无可

供分派予股东之储备。

根据公司法，本公司之缴入盈余账可供分

派。但在下列情况下，本公司不可从缴入盈

余中宣派或支付股息或作出分派：

(a)

因派付股息而引致或将引致负债到期

时无力偿还；或

(b)

资产之可变现值因而低于其负债、已

发行股本及股份溢价账之总和。

ENVIRONMENTAL POLICIES AND

PERFORMANCE

A separate environmental, social and governance report

complying with the disclosure requirements under Apendix

C2 to the Listing Rules is published by the Company

separately, on the same day as this anual report.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment

of the Group during the Year are set out in Note 16 to the

consolidated financial statements.

SHARE CAPITAL

Details of movements in the share capital of the Company

during the Year, together with the reasons therefor are set

out in Note 39 to the consolidated financial statements.

DISTRIBUTABLE RESERVES OF THE

COMPANY

The Company has no reserves available for distribution to

the Shareholders as at 31 March 2025.

Under the Companies Act, the contributed surplus acount

of the Company is available for distribution. However, the

Company canot declare or pay a dividend, or make a

distribution out of contributed surplus if:

(a) it is, or would be after payment of the dividend,

unable to pay its liabilities as they become due; or

(b) the realisable value of its asets would thereby be les

than the agregate of its liabilities, its isued share

capital and its share premium acounts.

Directors’ Report

董事会报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

董事

于本年度及截至本报告日期之董事如下：

执行董事

李伟斌先生

萧伟业先生

非执行董事

林永耀先生

独立非执行董事

何钟泰博士

黎家凤女士

陈婵玲女士

根据公司细则第

条，何钟泰博士及李伟斌

先生将于本公司应届股东周年大会上自董事

会轮值退任，且符合资格并愿意膺选连任。

DIRECTORS

The Directors during the Year and up to the date of this

report were:

Executive Directors

Mr. Li Weibin

Mr. Siu Wai Yip

Non-executive Director

Mr. Lam Wing Yiu

Independent non-executive Directors

Dr. Ho Chung Tai, Raymond

Ms. Lai Ka Fung, May

Ms. Chan Sim Ling, Irene

In acordance with bye-law 87 of the Bye-Laws, Dr. Ho

Chung Tai, Raymond and Mr. Li Weibin shal retire from the

Board by rotation at the forthcoming anual general meting

of the Company and, being eligible, ofer themselves for

re-election.

Directors’ Report

董事会报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

于本年度内及截至本报告日期于本公司附属

公司董事会任职之董事姓名如下：

The names of directors who have served on the boards of

the subsidiaries of the Company during the Year and up to

the date of this report were:

Mr. Li WeibinMr. Siu Wai YipMr. Wang Hai Jun

李伟斌先生萧伟业先生王海军先生

Ms. Guo Li NaMs. Wang JingMr. Feng Xue Pin

郭丽娜女士王静女士冯学品先生

Mr. Wang Hong LiMr. Tang Yi FengMr. Chen Xin Zhong

王宏立先生唐一峰先生陈新忠先生

Mr. Dong Wen BinMr. Ha PengMr. Bai Zhi Min

董文彬先生哈鹏先生白志敏先生

Mr. Yang ZhaoMs. Duan Shan ShanMr. Ji Ming

杨朝先生段珊女士纪明先生

Ms. Xu RongMs. Wang Li JuanMs. Xiao Feng

徐荣女士王立娟女士肖峰女士

Ms. Pei Lu YaMr. Rong Chu Yu

裴璐亚女士荣楚宇先生

Directors’ Report

董事会报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

董事之服务合约

两名执行董事李伟斌先生及萧伟业先生已分

别与本公司签订无固定期限之服务协议，惟

可由任何一方发出一个月之书面通知予以终

止。

非执行董事林永耀先生已与本公司签订固定

期限为一年之委任函，自二零二五年五月十

九日起生效。

两名独立非执行董事黎家凤女士及陈婵玲女

士已分别与本公司签订固定期限为一年之委

任函，自二零二五年二月十八日起生效。

独立非执行董事何钟泰博士已与本公司签订

固定期限为三年之委任函，自二零二年十

二月十七日起生效。

获建议在应届股东周年大会上膺选连任之董

事概无与本公司或其任何附属公司订立不可

于一年内终止而毋须作出赔偿（一般法定责任

除外）之未届满服务合约。

DIRECTORS’ SERVICE CONTRACTS

Each of the two executive Directors, Mr. Li Weibin and Mr.

Siu Wai Yip, has entered into a service agrement with the

Company for no fixed term which may be terminated by

one month’s notice in writing by either party respectively.

The non-executive Director, Mr. Lam Wing Yiu, has entered

into a leter of apointment with the Company for a fixed

term of one year comencing on 19 May 2025.

Each of the two independent non-executive Directors,

Ms. Lai Ka Fung, May and Ms. Chan Sim Ling, Irene has

entered into a leter of apointment with the Company

for a fixed term of one year comencing on 18 February

2025 respectively.

The independent non-executive Director, Dr. Ho Chung Tai,

Raymond, has entered into a leter of apointment with the

Company for a fixed term of thre years comencing on

17 December 2022.

No Director being proposed for re-election at the

forthcoming anual general meting has an unexpired

service contract which is not determinable by the Company

or any of its subsidiaries within one year without payment

of compensation, other than normal statutory obligations.

Directors’ Report

董事会报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

董事及最高行政人员于本公司及任何

相联法团之股份、相关股份及债券中

拥有之权益及短仓

于二零二五年三月三十一日，董事及本公司

最高行政人员以及彼等各自之联系人士在本

公司及其相联法团（定义见证券及期货条例第

部）之股份、相关股份及债券中，拥有须

登记于本公司根据证券及期货条例第

条存

置之登记册之权益及短仓，或根据上市公司

董事进行证券交易的标准守则须另行知会本

公司及联交所之权益及短仓如下：

于本公司每股面值

0.01

港元之普通股及相关

股份之长仓

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

THE SHARES, UNDERLYING SHARES

AND DEBENTURES OF THE COMPANY

AND ANY ASOCIATED CORPORATIONS

As at 31 March 2025, the interests and short positions

of the Directors and the chief executive of the Company

and their respective asociates in the shares, underlying

shares and debentures of the Company and its asociated

corporations (within the meaning of Part XV of the SFO), as

recorded in the register required to be kept by the Company

under Section 352 of the SFO, or as otherwise notified

to the Company and the Stock Exchange pursuant to the

Model Code of Securities Transactions by Directors of Listed

Companies, were as folows:

Long positions in ordinary shares of HK$0.01 each

and underlying shares of the Company

Name of DirectorCapacity

Number of

ordinary shares

Aproximate percentage

of the total number of

isued shares of the

Company

董事姓名身份普通股数目

占本公司已发行股份

总数之概约百分比

(Note 1)

（附注

）

Mr. Li Weibin (“Mr. Li”)Beneficial owner53,464,480

李伟斌先生（「李先生」）实益拥有人

Interest of controled corporation

受控制法团权益

647,698,560

(Note 2)

（附注

）

701,163,04059.96%

Directors’ Report

董事会报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

附注：

按本公司于二零二五年三月三十一日已发行

1,169,287,752

股普通股计算。

该等股份由

Wealth Keper International

Limited

（「

Wealth Keper

」）持有，其

全部已发行股本由李先生全资实益拥有。因

此，根据证券及期货条例，李先生被视为于

由

Wealth Keper

持有之全部

647,698,560

股

股份中拥有权益。

除上文所披露者外，于二零二五年三月三十

一日，董事或本公司最高行政人员或其任何

联系人士并无于本公司或其任何相联法团之

股份、相关股份或债券中拥有任何权益或短

仓。

购买股份或债券安排

除上文「董事及最高行政人员于本公司及任何

相联法团之股份、相关股份及债券中拥有之

权益及短仓」所披露者外，本公司、其控股公

司或其任何附属公司均无于本年度内之任何

时间订立任何安排，致使董事可以透过收购

本公司或任何其他法团之股份或债券而获益。

主要股东及其他人士于股份及相关股

份之权益及短仓

于二零二五年三月三十一日，股东（董事或本

公司最高行政人员除外）于本公司之股份或相

关股份中，拥有须登记于本公司根据证券及

期货条例第

条存置之登记册内，或须另行

知会本公司之权益或短仓载列如下：

Notes:

1. Based on 1,169,287,752 ordinary shares of the Company

in isue as at 31 March 2025.

2. These shares were held by Wealth Keper International

Limited (“Wealth Keper”), the entire isued share capital

of which was wholy and beneficialy owned by Mr. Li.

Acordingly, Mr. Li was demed to be interested in the

entire 647,698,560 shares held by Wealth Keper by virtue

of the SFO.

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

Directors or chief executive of the Company or any of their

asociates had any interests or short positions in the shares,

underlying shares or debentures of the Company or any of

its asociated corporations.

ARANGEMENTS TO PURCHASE SHARES

OR DEBENTURES

Save as disclosed above in “DIRECTORS’ AND CHIEF

EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN THE

SHARES, UNDERLYING SHARES AND DEBENTURES OF THE

COMPANY AND ANY ASOCIATED CORPORATIONS”, at no

time during the Year was the Company, its holding company

or any of its subsidiaries a party to any arangements to

enable the Directors to acquire benefits by means of the

acquisition of shares in, or debentures of, the Company or

any other body corporate.

SUBSTANTIAL SHAREHOLDERS AND

OTHER PERSONS’ INTERESTS AND

SHORT POSITIONS IN SHARES AND

UNDERLYING SHARES

As at 31 March 2025, the Shareholders (other than Directors

or chief executive of the Company) who had interests or

short positions in the shares or underlying shares of the

Company as recorded in the register required to be kept

by the Company pursuant to Section 336 of the SFO, or

otherwise notified to the Company are set out below:

Directors’ Report

董事会报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

于本公司普通股及相关股份之长仓

Long positions in ordinary shares and underlying

shares of the Company

Name of substantial ShareholderCapacity

Number of

ordinary shares

of HK$0.01 each

Aproximate percentage

of the total number

of shares in isue

of the Company

主要股东名称╱姓名身份

每股面值

0.01

港元

之普通股数目

占本公司已发行股份

总数之概约百分比

(Note 1)

（附注

）

Wealth KeperBeneficial owner647,698,56055.39%

Wealth Keper

实益拥有人

Ms. Cao Wei (“Ms. Cao”) (Note 2)Interest of spouse701,163,040

(Note 3)

59.96%

曹卫女士（「曹女士」）（附注

）配偶权益（附注

）

Notes:

1. Based on 1,169,287,752 ordinary shares of the Company

in isue as at 31 March 2025.

2. Ms. Cao is the spouse of Mr. Li.

3. These shares comprised (i) 53,464,480 shares personaly

held by Mr. Li, and (i) 647,698,560 shares held by Wealth

Keper, the entire isued share capital of which was wholy

and beneficialy owned by Mr. Li. Mr. Li is the spouse of Ms.

Cao. Acordingly, Ms. Cao was demed to be interested in

the said numbers of shares respectively held by Mr. Li and

Wealth Keper by virtue of the SFO.

Save as disclosed above, as at 31 March 2025, no other

persons had any interests or short positions in the shares

or underlying shares of the Company as recorded in the

336 of the SFO, or otherwise notified to the Company and

the Stock Exchange.

附注：

按本公司于二零二五年三月三十一日已发行

1,169,287,752

股普通股计算。

曹女士为李先生之配偶。

该等股份包括

(i)

由李先生个人持有之

53,464,480

股份，及

(i)

由

Wealth Keper

持有之

647,698,560

股份，而

Wealth

Keper

之全部已发行股本由李先生全资实

益拥有。李先生为曹女士之配偶。因此，根

据证券及期货条例，曹女士被视为于分别由

李先生及

Wealth Keper

持有之所述数目股

份中拥有权益。

除上文所披露者外，于二零二五年三月三十

一日，概无其他人士于本公司股份或相关股

份中，拥有须登记于本公司根据证券及期货

条例第

条存置之登记册内，或须另行知会

本公司及联交所之任何权益或短仓。

Directors’ Report

董事会报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

交易

持续关连交易

于本年度，本集团并无订立关连人士交易或

构成上市规则项下之关连交易之交易。

董事于重大合约之权益

于本年度末或本年度内任何时间，并无存续

由本公司、其控股公司或其任何附属公司订

立且董事直接或间接于其中拥有重大权益之

重大合约。

管理合约

于本年度内，并无订立或存在有关本集团全

部或任何绝大部分业务管理与行政之合约。

购买、出售或赎回本公司之上市证券

本公司及其任何附属公司于本年度内概无购

买、出售或赎回本公司之任何上市证券。

企业管治

有关本公司企业管治常规之详情载于本年报

第

页至第

页之「企业管治报告」。

与雇员之关系

本集团雇员为本集团的最重要资产及持份者

之一，而彼等之贡献及支持一直为本集团带

来重要价值。本集团根据行业标准及雇员之

个别表现定期检讨薪酬及福利政策，并提供

其他额外福利、强制性公积金及购股权以挽

留忠诚雇员，旨在建立一支可推动本集团在

各个层面取得成功之专业员工及管理团队。

TRANSACTIONS

Continuing Conected Transactions

No related party transaction or transaction that constitutes a

conected transactions under the Listing Rules was entered

into by the Group during the Year.

DIRECTORS’ INTERESTS IN CONTRACTS

OF SIGNIFICANCE

No contracts of significance to which the Company, its

holding company or any of its subsidiaries was a party and

in which a Director had a material interest, whether directly

or indirectly, subsisted at the end of the Year or at any time

during the Year.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration

of the whole or any substantial part of the busines of the

Group were entered into or in existence during the Year.

PURCHASE, SALE OR REDEMPTION OF

THE COMPANY’S LISTED SECURITIES

Neither the Company nor any of its subsidiaries purchased,

sold or redemed any of the Company’s listed securities

during the Year.

CORPORATE GOVERNANCE

Details of the Company’s corporate governance practices are

set out in the “Corporate Governance Report” from pages

51 to 82 of this anual report.

RELATIONSHIPS WITH EMPLOYES

The employes of the Group are one of the most important

asets and stakeholders of the Group and their contribution

and suport are valued at al times. The Group regularly

reviews compensation and benefits policies acording to

industry benchmarks as wel as the individual performance of

employes. Other fringe benefits, mandatory provident fund

and share options are provided to retain loyal employes with

the aim of forming a profesional staf and management

team that can drive suces at various levels within the

Group.

Directors’ Report

董事会报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

股票挂钩协议

本集团于本年度内概无订立任何股票挂钩协

议。

获准弥偿规定

根据公司细则，倘因于本公司当时之董事、

秘书及其他高级职员及各名核数师各自之办

公室或其他相关地点就履行职责所作出、发

生或忽略的任何行为而招致或蒙受的所有诉

讼、成本、收费、损失、损害及开支，则该

等人士均可从本公司的资产及溢利获得弥偿

及确保免受任何损害。

本公司已就本公司董事及其他高级职员可能

招致之任何诉讼辩护引致之所有相关损失及

责任投保。

遵守法律及法规

于本年度内，本公司概不知悉任何未有遵守

任何相关法律及法规而对本公司产生重大影

响之情况。

薪酬政策

提名及薪酬委员会根据本集团高级管理人员

之优点、学历及才能，制定其薪酬政策。

董事之薪酬由提名及薪酬委员会根据本公司

之经营业绩、个别表现及可比较市场数据检

讨及作出推荐建议。

EQUITY-LINKED AGREMENTS

No equity-linked agrements were entered into by the Group

during the Year.

PERMITED INDEMNITY PROVISION

Pursuant to the Bye-Laws, the Directors, secretary and other

oficers and every auditor of the Company for the time being

shal be entitled to be indemnified and held harmles out of

the asets and profits of the Company against al actions,

costs, charges, loses, damages and expenses which they or

any of them, shal or may incur or sustain by or by reason

of any act done, concured in or omited in the execution

of their duties in their respective ofices or otherwise in

relation thereto.

The Company has taken out insurance to cover al loses

and liabilities arising from the defense of any procedings

which may be brought against Directors and other oficers

of the Company.

COMPLIANCE WITH LAWS AND

REGULATIONS

During the Year, the Company was not aware of any non-

compliance with any relevant laws and regulations that had

a significant impact on it.

EMOLUMENTS POLICY

The emoluments policy of senior management of the Group

was set up by the Nomination and Remuneration Comite

based on their merit, qualifications and competence.

The emoluments of the Directors are reviewed and

recomended by the Nomination and Remuneration

Comite, having regard to the Company’s operating

results, individual performance and comparable market

statistics.

Directors’ Report

董事会报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

独立非执行董事

本公司已收到每位独立非执行董事（「独立非

执行董事」，即何钟泰博士、黎家凤女士及陈

婵玲女士）根据上市规则第

3.13

条之规定发出

有关其独立性之年度确认书。本公司认为全

体独立非执行董事均属独立人士。

鉴于何钟泰博士、黎家凤女士及陈婵玲女士

已担任本公司独立非执行董事逾九年，提名

及薪酬委员会高度认可彼等于过去数年之积

极贡献、中肯意见及独立指导，以及彼等之

品格及诚信，并认为何博士、黎女士及陈女

士作为独立非执行董事可继续对管理层进行

有效监督。彼等对本公司营运及业务之深入

了解以及彼等在其专业领域之广泛知识、技

能及经验将继续为董事会带来广泛、宝贵及

独立之见解。基于对所有该等相关因素之评

估以及何博士、黎女士及陈女士向本公司发

出之有关其符合上市规则第

3.13

条所载所有

独立性标准之书面确认，提名及薪酬委员会

认为，何博士、黎女士及陈女士于本公司之

任期将不会影响其独立性。经计及上述因素

以及何博士、黎女士及陈女士之个人特质能

够提高董事会多元化及最佳组成，董事会信

纳其独立性。

优先购买权

本公司公司细则或百慕达法例并无载有优先

购买权之条文，规定本公司将新股按比例发

行予现有股东。

INDEPENDENT NON-EXECUTIVE

DIRECTORS

The Company has received, from each of the independent

non-executive Directors (“INEDs”) namely Dr. Ho Chung Tai,

Raymond, Ms. Lai Ka Fung, May and Ms. Chan Sim Ling,

Irene, an anual confirmation of his or her independence

pursuant to Rule 3.13 of the Listing Rules. The Company

considers al of the independent non-executive Directors

are independent.

In view of the fact that Dr. Ho Chung Tai, Raymond, Ms.

Lai Ka Fung, May and Ms. Chan Sim Ling, Irene have served

as INEDs of the Company for more than nine years, the

Nomination and Remuneration Comite highly valued their

positive contributions, impartial opinions and independent

guidance over the past years, as wel as their character

and integrity, and was of the opinion that Dr. Ho, Ms. Lai

and Ms. Chan would be able to continue to have efective

oversight of the management as INEDs. Their in-depth

understanding of the Company’s operations and busines,

and their extensive knowledge, skils and experience in their

areas of expertise shal continue to bring a wide range of

valuable and independent insights to the Board. Based on

the asesment of al these relevant factors and the writen

confirmations from Dr. Ho, Ms. Lai and Ms. Chan to the

Company that they satisfied al the criteria for independence

as set out in Rule 3.13 of the Listing Rules, the Nomination

and Remuneration Comite considered that Dr. Ho’s, Ms.

Lai’s and Ms. Chan’s length of tenure with the Company

would not afect their independence. The Board, taking into

acount the above factors, as wel as Dr. Ho’s, Ms. Lai’s

and Ms. Chan’s individual atributes which can enhance the

Board’s diversity and optimal composition, is satisfied with

their independence.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

Bye-Laws of the Company, or the laws of Bermuda, which

would oblige the Company to ofer new shares on a pro-

rata basis to existing Shareholders.

Directors’ Report

董事会报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

捐款

于本年度，本集团作出之捐款约为零港元（去

年：零港元）。

充足公众持股量

根据本公司公开可获得之资料及就董事所深

知，于本年报日期，本公司已发行股本总额

有至少

25%

由公众人士持有。

审核委员会

审核委员会已与本公司之管理层审阅本集团

于本年度之综合财务报表，并就审核、风险

管理、内部监控及财务报告事宜与本公司管

理层进行讨论。有关审核委员会之组成资料

载于本年报第

页至第

页之企业管治报告。

核数师

本集团本年度的综合财务报表由国卫审核，

而国卫会计师事务所有限公司（「国卫」）将于

应届股东周年大会上退任并愿意膺选续任。

本公司将在应届股东周年大会上提呈决议

案，续聘国卫为本公司之核数师。

承董事会命

李伟斌

主席

香港，二零二五年六月三十日

DONATIONS

During the Year, the Group made donations amounting to

aproximately HK$Nil (Previous Year: HK$nil).

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the

Company and to the best of the knowledge of the Directors,

at least 25% of the Company’s total isued share capital was

held by public as at the date of this anual report.

AUDIT COMITE

The Audit Comite has reviewed with the management

of the Company the consolidated financial statements of

the Group for the Year and discused with the management

of the Company on auditing, risk management, internal

control and financial reporting maters. Information on

the composition of the Audit Comite is set out in the

Corporate Governance Report from pages 51 to 82 of this

anual report.

AUDITOR

The consolidated financial statements of the Group for the

Year were audited by HLB Hodgson Impey Cheng Limited

(“HLB”) who wil retire and ofer itself for re-apointment

at the forthcoming anual general meting. A resolution wil

be proposed at the forthcoming anual general meting of

the Company for the re-apointment of HLB as the auditor

of the Company.

By Order of the Board

Li Weibin

Chairman

Hong Kong, 30 June 2025

Independent Auditors’ Report

独立核数师报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

31/F, Gloucester Tower

kramdnaL ehT

tertS redeP 11

lartneC

gnoK gnoH

香港

中环

毕打街11号

告罗士打大厦31楼

置地广场

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF

CHINLINK INTERNATIONAL HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of

Chinlink International Holdings Limited (the “Company”)

and its subsidiaries (colectively refered to as “the

Group”) set out on pages 105 to 343, which comprise the

consolidated statement of financial position as at 31 March

2025, and the consolidated statement of profit or los and

other comprehensive income, consolidated statement of

changes in equity and consolidated statement of cash flows

for the year then ended, and notes to the consolidated

financial statements, including material acounting policy

information.

In our opinion, the consolidated financial statements give

a true and fair view of the consolidated financial position

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

financial performance and its consolidated cash flows for

the year then ended in acordance with HKFRS Acounting

Standards as isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the disclosure requirements

of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

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

Our responsibilities under those standards are further

described in the Auditors’ Responsibilities for the Audit

of the Consolidated Financial Statements section of our

report. We are independent of the Group in acordance with

the HKICPA’s Code of Ethics for Profesional Acountants

(the “Code”), and we have fulfiled our other ethical

responsibilities in acordance with the Code. We believe

that the audit evidence we have obtained is suficient and

apropriate to provide a basis for our opinion.

致普汇中金国际控股有限公司

股东的独立核数师报告

（于百慕达注册成立之有限公司）

意见

本核数师（以下简称「我们」）已审核载列于第

页至第

页之普汇中金国际控股有限公

司（以下简称「贵公司」）及其附属公司（以下合

称「贵集团」）之综合财务报表，此综合财务报

表包括于二零二五年三月三十一日之综合财

务状况表与截至该日止年度之综合损益及其

他全面收益表、综合权益变动表和综合现金

流量表，以及综合财务报表附注，包括重大

会计政策资料。

我们认为，综合财务报表已根据香港会计师

公会（「香港会计师公会」）颁布之香港财务报

告准则会计准则真实而公平地反映贵集团

于二零二五年三月三十一日之综合财务状况

及截至该日止年度之综合财务表现及综合现

金流量，并已按照香港公司条例之披露规定

适当编制。

意见基础

我们已根据香港会计师公会颁布之香港审计

准则（「香港审计准则」）进行审核。在这些

准则下，我们之责任会在本报告中核数师就

审核综合财务报表须承担之责任中进一步详

述。根据香港会计师公会之专业会计师道德

守则（简称「守则」），我们独立于贵集团，

并已遵循守则履行其他专业道德责任。我们

相信，我们所获得之审核凭证可充足和适当

地为我们之意见提供基础。

Independent Auditors’ Report

独立核数师报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

MATERIAL UNCERTAINTY RELATED TO

GOING CONCERN

We draw atention to Note 2 in the consolidated financial

statements, which indicates that the Group incured a net

los for the year of aproximately HK$345,594,000 (2024:

HK$385,126,000). As of 31 March 2025, the Group had

net curent liabilities of aproximately HK$573,228,000

(2024: HK$1,454,031,000), while its bank balances and

cash amounted to aproximately HK$5,497,000 (2024:

HK$7,606,000) only as at 31 March 2025. In adition,

the Group had outstanding borowings and bonds of

aproximately HK$529,914,000 (2024: HK$1,256,286,000)

and HK$110,797,000 (2024: HK$266,363,000) respectively

which were repayable on demand or due for repayment or

renewal in the next twelve months after 31 March 2025. The

Group has defaulted in repayment of principals and interest

of borowings and bonds of aproximately HK$145,160,000

(2024:HK$178,348,000) and HK$49,447,000 (2024:

HK$40,278,000) respectively as at 31 March 2025, as a result

the carying amounts of the defaulted borowings and bonds

of aproximately HK$234,533,000 (2024: HK$930,092,000)

and HK$110,797,000 (2024: HK$163,988,000) respectively

as at 31 March 2025 were repayable on demand and the

bank and financial institutions are contractualy entitled

to request for imediate repayment of the outstanding

borowings and bonds of aproximately HK$234,533,000

(2024: HK$947,805,000) and HK$110,797,000 (2024:

HK$163,988,000) respectively as at 31 March 2025. Further

details are set out in Note 36 and Note 37. These conditions

indicate the existence of material uncertainties which may

cast significant doubt about the Group’s ability to continue

as a going concern. Our opinion is not modified in respect

of this mater.

有关持续经营的重大不明朗因素

我们提请注意，综合财务报表附注

显示贵

集团产生本年度净亏损约

345,594,000

港

元（二零二四年：

385,126,000

港元）。截

至二零二五年三月三十一日，贵集团有流

动负债净额约

573,228,000

港元（二零二四

年：

1,454,031,000

港元），惟其于二零二

五年三月三十一日之银行结存及现金仅约

为

5,497,000

港元（二零二四年：

7,606,000

港元）。此外，贵集团于二零二五年三

月三十一日后未来十二个月按要求偿还或

到期偿还或重续之尚未偿还借款及债券分

别约为

529,914,000

港元（二零二四年：

1,256,286,000

港元）及

110,797,000

港元（二

零二四年：

266,363,000

港元）。贵集团已

于二零二五年三月三十一日拖欠偿还借款及

债券本金及利息分别约

145,160,000

港元（二

零二四年：

178,348,000

港元）及

49,447,000

港元（二零二四年：

40,278,000

港元），因此，

于二零二五年三月三十一日违约借款及债券

之账面值分别约

234,533,000

港元（二零二四

年：

930,092,000

港元）及

110,797,000

港元（二

零二四年：

163,988,000

港元）须按要求偿还，

且银行及金融机构按合同规定有权要求立即

偿还未偿还的借款及债券分别约

234,533,000

港元（二零二四年：

947,805,000

港元）及

110,797,000

港元（二零二四年：

163,988,000

港元）。进一步详情载于附注

及附注

。

该等情况显示存在重大不确定因素，可能

对贵集团持续经营能力构成重大疑虑。我

们的意见并无就此事项作出修改。

Independent Auditors’ Report

独立核数师报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgment, were of most significance in our audit of the

consolidated financial statements of the curent period.

These maters were adresed in the context of our audit

of the consolidated financial statements as a whole, and

in forming our opinion thereon, and we do not provide a

separate opinion on these maters. In adition to the mater

described on the Material Uncertainty Related to Going

Concern section, we have determined the maters described

below to be the key audit maters to be comunicated in

our report.

Key audit mater

关键审核事项

How our audit adresed the key audit mater

我们之审核如何处理关键审核事项

Valuation of investment properties

投资物业估值

Refer to Notes 5 and 18 to the consolidated

financial statements and the acounting policies in

Note 4 to the consolidated financial statements.

请参阅综合财务报表附注

及

以及综合财务报表附

注

之会计政策。

We identified the valuation of investment

properties as a key audit mater due to the

significance of the balance to the consolidated

financial statements and the significant

unobservable inputs and judgments involved in

determining the fair value.

我们将投资物业估值识别为关键审核事项，原因为

结余对综合财务报表而言非常重要及厘定公平值时

所涉及之重大不可观察输入值及判断。

The carying amount of the Group’s investment

properties as at 31 March 2025 amounted

to aproximately HK$2,302,012,000 which is

stated at fair value as determined based on

valuation performed by an independent qualified

profesional valuer.

贵集团之投资物业于二零二五年三月三十一日之账

面值约为

2,302,012,000

港元，乃按独立合资格专业

估值师进行之估值所厘定之公平值呈列。

Our procedures in relation to the valuation of

investment properties included:

我们有关投资物业估值之程序包括：

, capabilities and

objectivity of the independent qualified

profesional valuer;

•

评估独立合资格专业估值师之能力、实力及客观

性；

• Obtaining an understanding from the

independent qualified profesional valuer of

the valuation methodology, the performance of

the property markets, significant asumptions

adopted and key inputs and data used in the

valuation;

•

向独立合资格专业估值师了解估值方法、物业市

场表现、估值中所采纳之重大假设和所采用之主

要输入值及数据；

关键审核事项

根据我们之专业判断，关键审核事项为我们

审核本期综合财务报表中最重要之事项。此

等事项于我们在审核整体综合财务报表和作

出意见时进行处理，而我们不会就此等事项

单独发表意见。除有关持续经营的重大不明

朗因素部分中所述的事项外，我们认为下列

事项为报告中沟通的关键审核事项。

Independent Auditors’ Report

独立核数师报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

KEY AUDIT MATERS (continued)

Key audit mater

关键审核事项

How our audit adresed the key audit mater

我们之审核如何处理关键审核事项

Valuation of investment properties (continued)

投资物业估值（续）

The valuation of investment properties requires the

aplication of significant judgment and estimation

in determining the apropriate valuation

methodology, adoption of significant asumptions

and use of various unobservable inputs in the

valuation models. The valuation is sensitive to the

underlying asumptions and inputs such as the

market comparables and discount rate used which

can have a significant impact on the valuation.

投资物业之估值要求在厘定适当估值方法、在估值

模式内采纳重大假设及采用多项不可观察输入值时

应用重大判断及估计。估值极易受到相关假设及市

场可资比较交易及所采用贴现率等输入值之影响，

而该等输入值可对估值造成重大影响。

• Asesing the apropriatenes of valuation

methodology, the significant judgments and

asumptions aplied, including the market

comparables used and adjustment factors

adopted based on our knowledge of the

industry and using our valuation experts; and

•

根据我们对行业之了解并利用我们的估值专家，

评估值方法、所应用重大判断及假设（包括所

采用之市场可资比较交易及采纳之调整因素）是

否恰当；及

• Checking the arithmetical acuracy of the

valuation calculations and, on a sample basis,

the key inputs and data to available market

data and evidence.

•

按抽样基准核对估值计算方法之算术准确性及可

用市场数据及证据之主要输入值及数据。

We found the key asumptions in valuation were

suported by the available evidence.

我们发现估值之主要假设均获可得凭证支持。

关键审核事项（续）

Independent Auditors’ Report

独立核数师报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

其他资料

董事须对其他资料承担责任。其他资料包括

年报中所包含之资料，但不包括综合财务

报表及我们就此发出之核数师报告（「其他资

料」）。

我们对综合财务报表作出之意见并未涵盖其

他资料。我们不对其他资料发表任何形式之

核证结论。

就审核综合财务报表而言，我们之责任是阅

读其他资料，从而考虑其他资料是否与综合

财务报表或我们在审核过程中获悉之资料存

在重大不符，或似乎存在重大错误陈述。倘

若我们基于已完成之工作认为此其他资料出

现重大错误陈述，我们须报告该事实。我们

就此并无任何事项须报告。

董事及治理层就综合财务报表须承担

之责任

贵公司董事须根据由香港会计师公会颁布之

香港财务报告准则会计准则及香港公司条例

之披露规定编制真实与公平之综合财务报

表，并负责采取董事厘定为必要之有关内部

监控，以使综合财务报表之编制不存在重大

失实陈述（不论是因欺诈或错误导致）。

OTHER INFORMATION

The directors are responsible for the other information. The

other information comprises the information included in

the anual report, but does not include the consolidated

financial statements and our auditors’ report thereon (the

“Other Information”).

Our opinion on the consolidated financial statements does

not cover the Other information and we do not expres any

form of asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the Other information

and, in doing so, consider whether the Other information

is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or

otherwise apears to be materialy mistated. If, based on

the work we have performed, we conclude that there is a

material mistatement of this Other information, we are

required to report that fact. We have nothing to report in

this regard.

RESPONSIBILITIES OF THE DIRECTORS

AND THOSE CHARGED WITH

GOVERNANCE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS

The directors of the Company are responsible for the

preparation of the consolidated financial statements that give

a true and fair view in acordance with HKFRS Acounting

Standards isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance,

and for such internal control as the directors determine is

necesary to enable the preparation of consolidated financial

statements that are fre from material mistatement, whether

due to fraud or eror.

Independent Auditors’ Report

独立核数师报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

RESPONSIBILITIES OF THE DIRECTORS

AND THOSE CHARGED WITH

GOVERNANCE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS (continued)

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s ability

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

maters related to going concern and using the going

concern basis of acounting unles the directors either intend

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

realistic alternative but to do so.

Those charged with governance are responsible for

overseing the Group’s financial reporting proces.

AUDITORS’ 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 auditors’ report that includes

our opinion solely to you, as a body, in acordance with

Section 90 of the Bermuda Companies Act, 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.

董事及治理层就综合财务报表须承担

之责任（续）

在编制综合财务报表时，董事须负责评

估贵集团持续经营的能力，并披露与持

续经营有关的事项（如适用）。除非董事有意

将贵集团清盘或停止营运，或除此之外并

无其他实际可行的办法，否则董事须采用以

持续经营为基础之会计法。

治理层须负责监督贵集团的财务报告流程。

核数师就审核综合财务报表须承担之

责任

我们之目标是合理确定整体上综合财务报表

是否不存在由于欺诈或错误而导致的重大错

误陈述，并根据百慕达公司法第

条，仅向

全体股东发出包含我们意见的核数师报告，

除此以外，本报告不可用作其他用途。我们

概不就本报告内容向任何其他人士负上或承

担任何责任。合理确定属高层次的核证，但

不能担保根据香港审计准则进行之审核在某

一重大错误陈述存在时总能发现。错误陈述

可源于欺诈或错误，倘个别或整体在合理预

期情况下可影响使用者根据该等综合财务报

表作出之经济决定时，被视为重大错误陈述。

Independent Auditors’ Report

独立核数师报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

AUDITORS’ RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (continued)

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

profesional judgment and maintain profesional skepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether

due to fraud or eror, design and perform audit

procedures responsive to those risks, and obtain

audit evidence that is suficient and apropriate

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

detecting a material mistatement resulting from

fraud is higher than for one resulting from eror,

as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are apropriate in the circumstances, but not for the

purpose of expresing an opinion on the efectivenes

of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting estimates

and related disclosures made by the directors.

’ use

of the going concern basis of acounting and, based

on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that

may cast significant doubt on the Group’s ability to

continue as a going concern. If we conclude that

a material uncertainty exists, we are required to

draw atention in our auditors’ report to the related

disclosures in the consolidated financial statements

or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditors’

report. However, future events or conditions may

cause the Group to cease to continue as a going

concern.

核数师就审核综合财务报表须承担之

责任（续）

我们根据香港审计准则进行审核的工作之

一，是运用专业判断，在整个审核过程中保

持专业怀疑态度。我们亦：

•

识别及评估综合财务报表由于欺诈或

错误而导致的重大错误陈述风险，因

应这些风险设计及执行审核程序，获

得充足及适当的审核凭证为我们的意

见提供基础。由于欺诈涉及合谋串

通、伪造、故意遗漏、误导性陈述或

凌驾内部控制，因此未能发现由此造

成的重大错误陈述风险比未能发现由

于错误而导致的重大错误陈述风险更

高。

•

了解与审核有关的内部控制，以设计

恰当的审核程序，但并非旨在对贵

集团的内部控制的有效性发表意见。

•

评估所用会计政策是否恰当，以及董

事所作出的会计估算和相关披露是否

合理。

•

总结董事采用以持续经营为基础的会

计法是否恰当，并根据已获取的审核

凭证，总结是否有与对贵集团持续

经营的能力构成重大疑问的事件或情

况有关的重大不确定因素。倘若我们

总结认为有重大不确定因素，我们需

要在核数师报告中提请注意综合财务

报表内的相关资料披露，或如果相关

披露不足，则发出非无保留意见。我

们的结论是基于截至核数师报告日期

所获得的审核凭证。然而，未来事件

或情况可能导贵集团不再具有持续

经营的能力。

Independent Auditors’ Report

独立核数师报告

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

核数师就审核综合财务报表须承担之

责任（续）

•

评估综合财务报表的整体列报、架构

和内容，包括披露资料，以及综合财

务报表是否已公平地反映及列报相关

交易及事项。

•

规划及执行集团审计，以获得有

关贵集团内各实体或业务单位财务

资料的充足、适当审核凭证，作为对

集团财务报表形成意见的基础。我们

须负责指导、监督和覆核就集团审计

所执行的审核工作。我们须为我们的

审核意见承担全部责任。

我们已与治理层沟通有关（其中包括）审核之

计划范围及时间与重大审核发现，包括我们

在审核中识别之内部控制之任何重大缺陷。

我们亦向治理层作出声明，确认我们已遵守

有关独立性的道德要求，并就所有被合理认

为可能影响我们独立性的关系和其他事宜以

及采取消除威胁的行动或应用的保障措施，

与治理层进行沟通。

AUDITORS’ RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (continued)

, structure and content

of the consolidated financial statements, including the

disclosures, and whether the consolidated financial

statements represent the underlying transactions and

events in a maner that achieves fair presentation.

• Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial

information of the entities or busines units within

the Group as a basis for forming an opinion on the

group financial statements. We are responsible for

the direction, supervision and review of the audit

work performed for purposes of the group audit.

We remain solely responsible for our audit opinion.

We comunicate with those charged with governance

regarding, among other maters, the planed scope and

timing of the audit and significant audit findings, including

any significant deficiencies in internal control that we

identify during our audit.

We also provide those charged with governance with a

statement that we have complied with relevant ethical

requirements regarding independence, and to comunicate

with them al relationships and other maters that may

reasonably be thought to bear on our independence, and

where aplicable, actions taken to eliminate threats or

safeguards aplied.

Independent Auditors’ Report

独立核数师报告

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

AUDITORS’ 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 auditors’

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 auditors’ report is Kwok Tsz Chun.

HLB Hodgson Impey Cheng Limited

Certified Public Acountants

Kwok Tsz Chun

Practising Certificate Number: P06901

Hong Kong, 30 June 2025

核数师就审核综合财务报表须承担之

责任（续）

我们通过与治理层沟通，确定那些是本期综

合财务报表审核工作的最重要事项，即关键

审核事项。除非法律或法规不容许公开披露

此等事项或在极罕有的情况下，我们认为披

露此等事项可合理预期的不良后果将超过公

众知悉此等事项的利益而不应在报告中予以

披露，否则我们会在核数师报告中描述此等

事项。

负责此审核项目与签发独立核数师报告的董

事为郭梓俊。

国卫会计师事务所有限公司

执业会计师

郭梓俊

执业证书编号：

P06901

香港，二零二五年六月三十日

2025
二零二五年 HK$’000
千港元
56,138
20,306
2,859
79,303
(24,552)
54,751
70,846
(322,034)
14,414
(7,994)
(51,171)
(155,519)
(396,707)
51,113
(345,594)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

二零二四年

NotesHK$’000

附注千港元

Revenue

收入

Services

服务

65,624

Rental

租金

26,315

Interest

利息

– Other interest revenue

－其他利息收入

5,339

Total revenue

总收入

97,278

Cost of sales

销售成本

(26,502)

Gros profit

毛利

70,776

Other income, gains and loses

其他收入、收益及亏损

872,936

Los on fair value change of

investment properties

投资物业之公平值变动

亏损

18(266,137)

Reversal of alowance/(alowance) under

expected credit los model, net

预期信贷亏损模式项下之

拨备拨回╱（拨备），

净额

10(64,463)

Seling and distribution costs

销售及分销成本

(9,750)

Administrative expenses

行政开支

(53,209)

Finance costs

财务成本

9(173,499)

Los before tax

除税前亏损

(423,346)

Income tax credit

所得税抵免

1138,220

Los for the year

本年度亏损

(385,126)

2025
二零二五年 HK$’000
千港元
(12,406)
(29,935)
(42,341)
(387,935)
(345,407)
(187)
(345,594)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

二零二四年

NotesHK$’000

附注千港元

Other comprehensive expense

其他全面开支

Item that may be reclasified

subsequently to profit or los:

其后可重新分类至损益

之项目：

Exchange diference arising on

translation of foreign operations

因换算海外业务产生之

汇兑差额

(127,515)

Item that wil not be reclasified

subsequently to profit or los:

其后将不会重新分类至

损益之项目：

Fair value los on equity investments

at fair value through other

comprehensive income, net of tax

按公平值计入其他全面

收益的权益投资之

公平值亏损，扣除

税项

(23,838)

Other comprehensive expense for the

year, net of income tax

本年度其他全面开支，

扣除所得税

(151,353)

Total comprehensive expense

for the year

本年度全面开支总额

(536,479)

Los for the year atributable to:

以下人士应占本年度

亏损：

Owners of the Company

本公司拥有人

(381,784)

Non-controling interests

非控股权益

(3,342)

(385,126)

2025
二零二五年 HK$’000
千港元
(387,713)
(222)
(387,935)
HKcents
港仙
(29.54)
(29.54)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

二零二四年

NotesHK$’000

附注千港元

Total comprehensive expense for the

year atributable to:

以下人士应占本年度全面

开支总额：

Owners of the Company

本公司拥有人

(532,678)

Non-controling interests

非控股权益

(3,801)

(536,479)

HKcents

港仙

LOS PER SHARE

每股亏损

– Basic

－基本

15(32.65)

– Diluted

－摊薄

(32.65)

The acompanying notes form an integral part of the

consolidated financial statements.

随附注构成综合财务报表之一部分。

2025
二零二五年 HK$’000
千港元
90,466
12,436
2,302,012
39,670
859
–
1,676
2,447,119
602,218
297
1,165
–
15,205
31,800
21,305
5,497
677,487
661
129,301
718
311,530
7,889
5,662
115,441
22,712
9,830
–
6,260
529,914
110,797
–
1,250,715
(573,228)
1,873,891

At 31 March 2025

于二零二五年三月三十一日

Consolidated Statement of Financial Position

综合财务状况表

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

二零二四年

NotesHK$’000

附注千港元

Non-curent asets

非流动资产

Property, plant and equipment

物业、厂房及设备

16101,919

Right-of-use asets

使用权资产

1718,044

Investment properties

投资物业

182,640,470

Equity investment at fair value through

other comprehensive income

按公平值计入其他全面

收益的权益投资

2069,605

Deposit paid for land auction

土地拍卖之已付按金

Financial asets at fair value through

profit or los

按公平值计入损益之

金融资产

21–

Deposits

按金

251,679

2,832,583

Curent asets

流动资产

Properties under development for sale

开发中之待售物业

22598,514

Trade receivables

应收贸易账项

Trade receivables from

related companies

应收关连公司之贸易

账项

251,173

Loan receivables

应收贷款

2311,822

Factoring receivables

应收商业保理款项

2452,002

Other receivables, deposits and

prepayments

其他应收账项、按金

及预付款项

2526,509

Pledged bank deposits

已抵押银行存款

2656,846

Bank balances and cash

银行结存及现金

277,606

755,173

Curent liabilities

流动负债

Trade payables

应付贸易账项

Other payables and acruals

其他应付账项及应计

费用

28175,763

Loans from staf

员工贷款

292,125

Construction costs acruals

应计建筑成本

30323,573

Receipts in advance

预收款项

329,348

Lease liabilities

租赁负债

335,155

Contract liabilities

合约负债

31123,415

Deposits received from tenants and

customers

向租户及客户收取之

按金

24,060

Defered income

递延收入

3417,547

Financial guarante contracts

融资担保合约

Tax payable

应付税项

4,099

Bank and other borowings

银行及其他借款

361,256,286

6.5% coupon bonds6.5%

票息债券

37102,375

13.0% coupon bonds13.0%

票息债券

37163,988

2,209,204

Net curent liabilities

流动负债净额

(1,454,031)

Total asets les curent liabilities

总资产减流动负债

1,378,552

2025
二零二五年 HK$’000
千港元
4,927
55,098
7,925
1,111,445
86,952
168,956
1,435,303
438,588
11,693
422,143
433,836
4,752
438,588

At 31 March 2025

于二零二五年三月三十一日

Consolidated Statement of Financial Position

综合财务状况表

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

二零二四年

NotesHK$’000

附注千港元

Non-curent liabilities

非流动负债

Defered income

递延收入

341,464

Amounts due to directors

应付董事账项

3545,210

Lease liabilities

租赁负债

3314,270

Bank and other borowings

银行及其他借款

36176,552

Amounts due to related companies

应付关连公司账项

3590,474

Defered tax liabilities

递延税项负债

38224,059

552,029

826,523

Capital and reserves

资本及储备

Share capital

股本

3911,693

Reserves

储备

809,856

Equity atributable to owners of

the Company

本公司拥有人应占之权益

821,549

Non-controling interests

非控股权益

4,974

826,523

The consolidated financial statements on pages 105 to 343

were aproved and authorised for isue by the Board of

Directors on 30 June 2025 and are signed on its behalf by:

LI WeibinSIU Wai Yip

李伟斌萧伟业

DirectorDirector

董事董事

The acompanying notes form an integral part of the

consolidated financial statements.

董事会于二零二五年六月三十日批准及授权

刊发载列于第

至

页之综合财务报表，

并由以下人士代表签署：

随附注构成综合财务报表之一部分。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Changes in Equity

综合权益变动表

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

本

公

司

拥

有

人

应

占

-t

–

股

本

股

份

溢

价

购

股

权

储

备

其

他

储

备

法

定

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监

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于

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三

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)

本

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–

)

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他

全

面

开

支

–

－

因

换

算

海

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业

务

产

生

之

汇

兑

差

额

–

)

–

)

–

－

按

公

平

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计

入

其

他

全

面

收

益

的

权

益

投

资

之

公

平

值

亏

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，

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项

–

)

–

)

–

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本

年

度

亏

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及

全

面

开

支

总

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效

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)

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于

二

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年

三

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一

日

–

)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Changes in Equity

综合权益变动表

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

本

公

司

拥

有

人

应

占

-t

–

股

本

股

份

溢

价

其

他

储

备

法

定

盈

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备

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储

备

汇

兑

储

备

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平

值

储

备

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计

亏

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小

计

非

控

股

权

益

应

占

总

额

’0

千

港

元

千

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元

千

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元

千

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元

千

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千

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元

千

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元

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千

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元

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(

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（

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于

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四

年

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月

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)

本

年

度

亏

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–

)

其

他

全

面

开

支

–

－

因

换

算

海

外

业

务

产

生

之

汇

兑

差

额

–

)

–

)

–

－

按

公

平

值

计

入

其

他

全

面

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的

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资

之

公

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全

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于

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一

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)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Changes in Equity

综合权益变动表

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

Notes:

(i) The entities established in the People’s Republic of

China (the “PRC”) are required to apropriate 10% of

its net profit, as determined under the China Acounting

Standards for Busines Enterprises (2006) and other relevant

regulations isued by the Ministry of Finance of the PRC,

to the statutory surplus reserve until the balance reaches

50% of the registered capital.

Subject to the aproval of equity holders of the entities

established in the PRC, statutory surplus reserves may be

used to net of with acumulated loses, if any, and may

be converted into capital, provided that the balance of

statutory surplus reserve after such capitalisation is not les

than 25% of the registered capital.

(i) Pursuant to the Interim Measures for the Administration

of Financial Guarante Companies isued at 1 September

2010 by the Shanxi Province government authorities

in the PRC, companies providing financial guarante

services shal establish unearned premium reserve equal

to 50% of guarante premium recognised during the year

and indemnification reserve of no les than 1% of the

outstanding guarante balances.

(i) Other reserve represents (i) the diference betwen the

amounts by which the non-controling interests were

adjusted and the fair value of the consideration paid that

was recognised directly in equity which arose from equity

transaction in prior year and (i) the demed contribution

from the controling shareholder of the Company.

The acompanying notes form an integral part of the

consolidated financial statements.

附注：

(i)

于中华人民共和国（「中国」）成立的实体须

将其纯利的

10%

（根据中国财政部颁布的中

国企业会计准则（二零六年）及其他相关

规例厘定）划拨至法定盈余储备，直至结余

达到注册资本的

50%

。

在获于中国成立的实体的权益持有人批准的

情况下，法定盈余储备可用于弥补累计亏

损（如有），亦可转拨至资本，惟在该资本

化后法定盈余储备结余不得低于注册资本的

25%

。

(i)

根据中国陕西省政府部门于二零一零年九

月一日发布的《融资性担保公司管理暂行办

法》规定，提供融资性担保服务之公司须设

立未到期责任准备金（相当于年内确认的担

保收入的

50%

），以及担保赔偿准备金（不

低于未到期担保结余的

）。

(i)

其他储备指

(i)

非控股权益之调整金额与因过

往年度之权益交易而直接于权益确认之已付

代价之公平值之间之差额及

(i)

视为来自本

公司控股东之出资。

随附注构成综合财务报表之一部分。

2025
二零二五年 HK$’000
千港元
(396,707)
(1,436)
(1,423)
(620)
155,519
10,336
5,362
–
(14,414)
322,034
(1,726)
(17,333)
(42,287)
(496)
(95)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Cash Flows

综合现金流量表

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

二零二四年

NotesHK$’000

附注千港元

OPERATING ACTIVITIES

经营业务

Los before tax

除税前亏损

(423,346)

Adjustments for:

调整项目：

Interest income from money lending

放债利息收入

(2,703)

Interest income from factoring

商业保理利息收入

(2,636)

Bank interest income

银行利息收入

8(760)

Finance costs

财务成本

9173,499

Depreciation of property,

plant and equipment

物业、厂房及设备折旧

169,320

Depreciation of right-of-use asets

使用权资产折旧

175,409

Los on disposal of property, plant

and equipment

出售物业、厂房及设备

之亏损

(Reversal of alowance)/alowance

under expected credit los model,

net

预期信贷亏损模式项下

之（拨备拨回）╱

拨备，净额

1064,463

Los on fair value change of

investment properties

投资物业之公平值变动

亏损

18266,137

Adjustment on carying amount of

amount due to a director

应付一名董事账项之账

面值之调整

8(1,593)

Adjustment on carying amount of

amount due to related parties

应付关连人士账项之账

面值之调整

8(16,358)

Gain from derecognition of financial

liabilities

终止确认金融负债所得

收益

8–

Gain from early termination of lease

提早终止租赁所得收益

8–

Gain from lease modification of lease

租约的租赁修订所得

收益

8–

2025
二零二五年 HK$’000
千港元
16,714
(14,462)
158
17
(12,663)
21,341
38,455
–
(1,404)
(7,138)
(1,183)
(39,855)
–
(20)
(338)
(305)
12,446
11,783

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Cash Flows

综合现金流量表

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

二零二四年

NotesHK$’000

附注千港元

Operating cash flows before

movements in working capital

营运资金变动前之经营现

金流量

71,434

Increase in properties under

development for sale

添置开发中之待售物业

(77,248)

Decrease in trade receivables

应收贸易账项减少

1,779

Decrease in trade receivables from

related companies

应收关连公司之贸易账项

减少

(Increase)/decrease in other receivables,

deposits and prepayments

其他应收账项、按金及预

付款项（增加）╱减少

6,188

Decrease in loan receivables

应收贷款减少

56,333

Decrease in factoring receivables

应收商业保理款项减少

102,176

Increase in trade payables

应付贸易账项增加

(Decrease)/increase in receipts in

advance

预收款项（减少）╱增加

Decrease in contract liabilities

合约负债减少

(1,430)

(Decrease)/increase in deposits received

from tenants

向租户收取之按金

（减少）╱增加

1,098

(Decrease)/increase in other payables

and acruals

其他应付账项及应计费用

（减少）╱增加

29,499

Decrease in financial guarante

contracts

融资担保合约减少

(366)

Net cash (used in)/generated from

operations

经营（使用）╱产生现金

净额

190,343

Hong Kong Profits Tax paid

已付香港利得税

–

PRC income tax paid

已付中国所得税

(1,298)

Interest received

已收利息

2,658

NET CASH GENERATED FROM

OPERATING ACTIVITIES

经营业务产生之现金净额

191,703

2025
二零二五年 HK$’000
千港元
620
(195)
(2)
35,756
36,179
–
(21,237)
40,806
–
(29,056)
(23,750)
724
(2,128)
1,080
(11,321)
15,018
(6,167)
(5,287)
–
(2,333)
(43,651)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Cash Flows

综合现金流量表

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

二零二四年

NotesHK$’000

附注千港元

INVESTING ACTIVITIES

投资业务

Interest received

已收利息

Purchase of property,

plant and equipment

购买物业、厂房及设备

(1,283)

Placement of pledged bank deposits

存置已抵押银行存款

(16,755)

Withdrawal of pledged bank deposits

提取已抵押银行存款

36,249

NET CASH GENERATED FROM

INVESTING ACTIVITIES

投资业务产生之现金净额

18,971

FINANCING ACTIVITIES

融资业务

Repayment of 6.5% coupon bonds

偿还

6.5%

票息债券

(6,000)

Interest paid

已付利息

(129,022)

New other borowings raised

新增其他借款

49,422

New bank borowings raised

新增银行借款

15,674

Repayment of other borowings

偿还其他借款

(104,533)

Repayment of bank borowings

偿还银行借款

(30,800)

Loans from staf

员工贷款

2,125

Repayment of loans from staf

偿还员工贷款

(5,985)

Advances from related companies

来自关连公司之垫款

51,800

Repayment of advances from

related companies

偿还来自关连公司之垫款

(51,695)

Advances from directors

来自董事之垫款

9,538

Repayment to directors

偿还董事款项

(2,509)

Repayment of lease liabilities

偿还租赁负债

(4,685)

Repayment of bank overdraft

偿还银行透支

(12,457)

Repayment of 13.0% coupon bonds

偿还

13.0%

票息债券

(68,528)

NET CASH USED IN FINANCING

ACTIVITIES

融资业务使用之现金净额

(287,655)

2025
二零二五年 HK$’000
千港元
4,311
7,606
(6,420)
5,497
5,497

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Consolidated Statement of Cash Flows

综合现金流量表

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

二零二四年

NotesHK$’000

附注千港元

NET INCREASE/(DECREASE) IN CASH

AND CASH EQUIVALENTS

现金及现金等值项目增加

╱（减少）净额

(76,981)

CASH AND CASH EQUIVALENTS

AT 1 APRIL

于四月一日之现金及现金

等值项目

90,286

EFECT OF FOREIGN EXCHANGE

RATE CHANGES

外汇率变动之影响

(5,699)

CASH AND CASH EQUIVALENTS

AT 31 MARCH,

Represented by bank balances and

cash

于三月三十一日之现金及

现金等值项目，

代表银行结存及现金

7,606

ANALYSIS OF BALANCES OF

CASH AND CASH EQUIVALENTS:

现金及现金等值项目结余

分析：

Bank balances and cash

银行结存及现金

277,606

The acompanying notes form an integral part of the

consolidated financial statements.

随附注构成综合财务报表之一部分。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

1. GENERAL INFORMATION

The Company is incorporated in Bermuda as an

exempted limited liability entity and its shares are

listed on The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”). Its imediate and ultimate

holding company is Wealth Keper International

Limited (“Wealth Keper”), incorporated in the

British Virgin Islands and the ultimate controling

shareholder of Wealth Keper is Mr. Li Weibin (“Mr.

Li”), the chairman and managing director of the

Company. The adreses of the registered ofice

and principal place of busines of the Company are

disclosed in the “Corporate Information” to the

anual report.

The Company is an investment holding company. The

principal activities of the subsidiaries are property

investment, provision of financial guarante services

and factoring services in the PRC and Hong Kong.

The presentation curency of the consolidated

financial statements is Hong Kong dolars (“HK$”),

which is also the functional curency of the Company.

Al values are rounded to the nearest thousand

(“HK$’000”), except when otherwise indicated.

一般资料

本公司乃于百慕达注册成立的获豁免

有限责任公司，其股份在香港联合

交易所有限公司（「联交所」）上市。

其直接及最终控股公司乃于英属维

尔京群岛注册成立之

Wealth Keper

International Limited

（「

Wealth

Keper

」），而

Wealth Keper

之最终

控股东为李伟斌先生（「李先生」）（本

公司主席兼董事总经理）。本公司注册

办事处及主要营业地点的地址已于年

报之「公司资料」内披露。

本公司乃投资控股公司。附属公司之

主要业务乃于中国及香港从事物业投

资、提供融资担保服务及商业保理服

务。

综合财务报表乃以港元（「港元」）呈

列，港元亦为本公司的功能货币。除

另有指明外，所有数值均约整至最接

近千元（「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

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

编制综合财务报表之基准

综合财务报表是根据香港会计师公会

颁布的香港财务报告准则会计准则编

制。就编制综合财务报表，倘资料

合理预期会影响主要使用者作出之决

策，则该资料属重大。此外，综合财

务报表包括香港联合交易所有限公司

证券上市规则（「上市规则」）及香港公

司条例规定之适用披露。

除投资物业及若干金融工具于各报告

期末按公平值计量外（诚如下文所载之

会计政策所阐述），综合财务报表是按

历史成本为基础编制。

历史成本一般以换取货品及服务之代

价之公平值为基准。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS

Basis of preparation of consolidated financial

statements

The consolidated financial statements have ben

prepared in acordance with HKFRS Acounting

Standards isued by the HKICPA. For the purpose of

preparation of the consolidated financial statements,

information is considered material if such information

is reasonably expected to influence decisions made by

primary users. In adition, the consolidated financial

statements include aplicable disclosures required

by the Rules Governing the Listing of Securities on

the Stock Exchange of Hong Kong Limited (“Listing

Rules”) and by the Hong Kong Companies Ordinance.

The consolidated financial statements have ben

prepared on the historical cost basis except

for investment properties and certain financial

instruments that are measured at fair values at the

end of each reporting period, as explained in the

acounting policies set out below.

Historical cost is generaly based on the fair value

of the consideration given in exchange for gods

and services.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

编制综合财务报表之基准（续）

公平值是于计量日市场参与者于有秩

序交易中出售资产可收取或转让负债

须支付之价格，而不论该价格是否可

直接观察或使用其他估值方法估计。

于估计资产或负债之公平值时，本集

团会考虑市场参与者于计量日对资产

或负债定价时所考虑之资产或负债特

点。该等综合财务报表中作计量及╱

或披露用途之公平值乃按此基准厘

定，惟于香港财务报告准则第

号以股

份为基础之付款范围内之以股份为基

础付款交易、根据香港财务报告准则

第

号入账之租赁交易及与公平值类

似但并非公平值之计量（如香港会计准

则第

号存货中之可变现净值或香港会

计准则第

号资产减值中之使用价值）

除外。

非金融资产公平值之计量计及市场参

与者可透过按该资产之最高及最佳用

途使用该资产，或将该资产售予另一

可按该资产之最高及最佳用途使用该

资产之市场参与者，从而产生经济利

益之能力。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS (continued)

Basis of preparation of consolidated financial

statements (continued)

Fair value is the price that would be received to sel

an aset or paid to transfer a liability in an orderly

transaction betwen market participants at the

measurement date, regardles of whether that price

is directly observable or estimated using another

valuation technique. In estimating the fair value of

an aset or a liability, the Group takes into acount

the characteristics of the aset or liability if market

participants would take those characteristics into

acount when pricing the aset or liability at the

measurement date. Fair value for measurement and/

or disclosure purposes in these consolidated financial

statements is determined on such a basis, except for

share-based payment transactions that are within

the scope of HKFRS 2 Share-based Payment, leasing

transactions that are acounted for in acordance

with HKFRS 16, and measurements that have some

similarities to fair value but are not fair value, such

as net realisable value in HKAS 2 Inventories or value

in use in HKAS 36 Impairment of Asets.

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 the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

编制综合财务报表之基准（续）

就按公平值进行交易之金融工具及投

资物业以及于随后期间使用不可观察

输入值计量公平值的估值方法而言，

估值方法会予以校准以致于初步确认

时估值方法的结果与交易价相等。

此外，就财务呈报而言，公平值计量

根据公平值计量的输入值可观察程度

及公平值计量之输入值对其整体重要

性分类为第一、第二或第三级，详情

如下：

•

第一级输入值为实体可于计量

日获得的完全相同之资产或负

债于活跃市场之报价（未经调

整）；

•

第二级输入值为不包括第一级

报价的资产或负债之可直接或

间接观察之输入值；及

•

第三级输入值为资产或负债之

不可观察输入值。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS (continued)

Basis of preparation of consolidated financial

statements (continued)

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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

编制综合财务报表之基准（续）

持续经营基准

截至二零二五年三月三十一日止年

度，本集团产生本期间净亏损约

345,594,000

港元（二零二四年：

385,126,000

港元）。于二零二五年

三月三十一日，本集团有流动负债

净额约

573,228,000

港元（二零二四

年：

1,454,031,000

港元），惟其于

二零二五年三月三十一日之银行结存

及现金仅约为

5,497,000

港元（二零

二四年：

7,606,000

港元）。此外，

本集团于二零二五年三月三十一日后

未来十二个月按要求偿还或到期偿还

或重续之尚未偿还借款及债券分别约

为

529,914,000

港元（二零二四年：

1,256,286,000

港元）及

110,797,000

港元（二零二四年：

266,363,000

港

元）。本集团已于截至二零二五年三

月三十一日止年度拖欠偿还借款及

债券本金及利息分别约

145,160,000

港元（二零二四年：

178,348,000

港元）及

49,447,000

港元（二零二四

年：

40,278,000

港元），因此，于

二零二五年三月三十一日违约借款

及债券之账面值分别约

234,533,000

港元（二零二四年：

930,092,000

港

元）及

110,797,000

港元（二零二四

年：

163,988,000

港元）须按要求偿

还，且银行及金融机构按合同规定

有权要求立即偿还于二零二五年三月

三十一日未偿还的借款及债券分别

约

234,533,000

港元（二零二四年：

947,805,000

港元）及

110,797,000

港

元（二零二四年：

163,988,000

港元）。

进一步详情载于附注

及附注

。该

等事项及情况显示存在重大不确定因

素，可能对本集团持续经营能力构成

重大疑虑。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS (continued)

Going concern basis

For the year ended 31 March 2025, the Group

incured a net los for the period of aproximately

HK$345,594,000 (2024: HK$385,126,000). As

of 31 March 2025, the Group had net curent

liabilities of aproximately HK$573,228,000 (2024:

HK$1,454,031,000), while its bank balances and

cash amounted to aproximately HK$5,497,000

(2024: HK$7,606,000) only as at 31 March 2025.

In adition, the Group had outstanding borowings

and bonds of aproximately HK$529,914,000 (2024:

HK$1,256,286,000) and HK$110,797,000 (2024:

HK$266,363,000) respectively which were repayable

on demand or due for repayment or renewal in

the next twelve months after 31 March 2025. The

Group has defaulted in repayment of principals and

interest of borowings and bonds of aproximately

HK$145,160,000 (2024:HK$178,348,000) and

HK$49,447,000 (2024: HK$40,278,000) respectively

during the year ended 31 March 2025, as a result

the carying amounts of the defaulted borowings

and bonds of aproximately HK$234,533,000 (2024:

HK$930,092,000) and HK$110,797,000 (2024:

HK$163,988,000) respectively as at 31 March 2025

were repayable on demand and the bank and financial

institutions are contractualy entitled to request for

imediate repayment of the outstanding borowings

and bonds of aproximately HK$234,533,000 (2024:

HK$947,805,000) and HK$110,797,000 (2024:

HK$163,988,000) respectively as at 31 March 2025.

Further details are set out in Note 36 and Note 37.

These events and conditions indicate the existence

of material uncertainties which may cast significant

doubt about the Group’s ability to continue as a

going concern.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

编制综合财务报表之基准（续）

持续经营基准（续）

本公司董事经计及下列事项后对本集

团未来流动资金及现金流量进行评估：

(i)

本集团正寻求加快第二期发展

项目（定义见下文）服务式公寓

的建造进度以进行预售。第二

期发展项目包括两座公寓楼、

商业走廊和地下停车场。第一

座公寓楼及商业走廊的建设工

程计划于明年初完成。由此产

生的所得款项将用于清偿建设

费用、偿还现有贷款融资及一

般营运资金；

(i)

本公司已积极与金融机构磋

商，以确保本集团的债券及借

款得以续期，以应付其到期负

债；

(a)

本集团已要求延期偿

还银行及其他借款的

违约本金及利息分别

约

53,360,000

港元及

30,450,000

港元。考

虑与贷款人的长期关系

后，本公司董事有信心

进一步延长银行及其他

借款本金的偿还期限。

然而，截至该等经审核

综合财务报表日期，延

期尚未获贷款人最终批

准。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS (continued)

Going concern basis (continued)

The directors of the Company have performed an

asesment of the Group’s future liquidity and cash

flows, taking into acount the folowing maters:

(i) the Group is seking to acelerate the

construction progres and thereby the preseling

of the service apartments of the Phase Two

Development project (as defined below). The

Phase Two Development project included two

loft apartment towers, comercial coridor

and underground parking lots. Construction

works of the first loft apartment tower and

the comercial coridor are scheduled to

be completed early next year. The proceds

arising therefrom wil be used for setling the

construction fes, repayment of existing loan

facilities and general working capital;

(i) the Company has actively negotiated with

financial institutions to secure the renewals

of the Group’s bond and borowings to met

its liabilities when they fal due;

(a) the Group has requested extending

the repayment of the defaulted

principals and interests of the bank

and other borowings of aproximately

HK$53,360,000 and HK$30,450,000

respectively. The directors of the

Company are confident in further

extending the repayment of the

principals of the bank and other

borowings taking into consideration

the long-term relationship with the

lenders. However, the extensions

were subject to final aproval by the

lenders as of the date of these audited

consolidated financial statements.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

编制综合财务报表之基准（续）

持续经营基准（续）

(b)

于二零二五年六月二十

五日，本集团与一家

金融机构就截至二零二

五年三月三十一日未偿

还金额约

19,384,000

港元的借款订立清偿协

议。根据清偿协议，本

集团同意于二零二七年

一月三十日或之前偿还

应计利息及本金合共约

15,000,000

港元。待本

集团满足条件后，本集

团将就偿还最后一期剩

余款项获得折扣。

(c)

截至二零二五年三月三

十一日，本集团有账面

金额约为

110,797,000

港元的未偿还

6.5%

票息债券，且本集团

拖欠偿还本金及利息

约

91,800,000

港元及

18,997,000

港元。于报

告期结束后，本集团一

直积极与债券持有人就

该等票息债券的重组计

划进行磋商。本公司董

事有信心将达成双方互

惠的协议。磋商仍在进

行，且于落实重组条款

方面已取得重大进展。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS (continued)

Going concern basis (continued)

(b) on 25 June 2025, the Group entered

a setlement agrement with a

financial institution for borowing with

outstanding amounts of aproximately

HK$19,384,000 as of 31 March

2025. Acording to the setlement

agrement, the Group agred to repay

acrued interest and principal in a total

of aproximately HK$15,000,000 on

or before 30 January 2027. Upon the

Group’s fulfilment of the conditions,

the Group wil obtain a discount for

repayment of the remaining balance

in the last instalment.

has outstanding 6.5% coupon

bonds with a carying amount of

aproximately HK$110,797,000, the

Group has defaulted in repayment

of the principals and interests of

aproximately HK$91,800,000 and

HK$18,997,000. Subsequent to the

end of the reporting period, the

Group has ben actively engaged

in discusions with the bondholders

regarding the restructuring plan for

these coupon bonds. The directors

of the Company are confident that a

mutualy beneficial agrement wil be

reached. Negotiations are ongoing,

and significant progres has ben

made towards finalising the terms of

the restructuring.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

编制综合财务报表之基准（续）

持续经营基准（续）

(i)

本集团已自最终控股东李先

生接获日期为二零二五年六月

三十日之书面确认，彼将向本

集团提供持续财务支持，使本

集团可履行其于可预见将来到

期之财务责任，并同意自该等

综合财务报表批准刊发日期起

计未来十二个月内不会要求偿

还本集团结欠彼之任何款项；

(iv)

本集团已采取措施加强对生产

成本及开支的成本控制，以使

其经营产生盈利及正数现金流

量；

(v)

如有需要，本集团可能考虑出

售非核心业务及╱或金融资产；

及

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS (continued)

Going concern basis (continued)

(i) the Group has received writen confirmation

dated 30 June 2025 from Mr. Li, the ultimate

controling shareholder, that he wil provide

continuing financial suport to the Group

to enable the Group to met its financial

obligations as and when they fal due for

the foreseable future, and agred not to

demand repayment of any of the amounts

due to him by the Group in the next twelve

months from the date of aproval for isue

of these consolidated financial statements;

(iv) the Group has taken measures to tighten cost

controls over production costs and expenses

with the aim of ataining profitable and

positive cash flows from its operations;

(v) the Group may consider to dispose non-core

busines and/or financial asets if required;

and

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

编制综合财务报表之基准（续）

持续经营基准（续）

(vi)

本集团目前正寻求不同的资金

来源，包括额外银行融资，以

进一步支持本集团在上述营运

现金流入低于预期情况下的资

金需求

本公司董事已考虑上述措施（「措施」）

及再融资计划（「再融资计划」）并认为

本集团将拥有充足的营运资金为其营

运提供资金及履行其于可预见将来到

期之财务责任。在此基础上，综合

财务报表已按持续经营基准编制。然

而，倘上述再融资计划未能成功实行

或本集团不再可取得李先生所提供的

现有融资，本集团未必能有足够资金

持续经营，于此情况下，可能须将本

集团资产之账面值调整至其可收回金

额，将非流动资产及非流动负债分别

重新分类为流动资产及流动负债，并

就可能产生之任何进一步负债作出拨

备。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS (continued)

Going concern basis (continued)

(vi) the Group is curently soliciting diferent

sources of funds, including aditional banking

facilities to further suport the Group’s funding

neds should the aforesaid operating cash

inflows turned out to be les than forecasted

The directors of the Company have considered the

above measures (“Measures”) and refinancing plans

(“Refinancing Plan”) and believe that the Group

wil have suficient working capital to finance its

operations and to met its financial obligations as

and when they fal due for the foreseable future.

On this basis, the consolidated financial statements

have ben prepared on a going concern basis.

However, should the above refinancing plans not be

able to be implemented sucesfuly, or the existing

facilities provided by Mr. Li are no longer available

to the Group, the Group may not have suficient

funds to operate as a going concern, in which case

adjustments might have to be made to the carying

values of the Group’s asets to their recoverable

amounts, to reclasify the non-curent asets and

non-curent liabilities as curent asets and curent

liabilities, respectively and to provide for any further

liabilities which might arise.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

应用新订香港财务报告准则会

计准则及其修订本

于本年度强制生效之香港财务报告准

则会计准则之修订本

于本年度，本集团已首次应用香港会

计师公会（「香港会计师公会」）颁布的

下述香港财务报告准则会计准则的修

订本（有关修订本于本集团于二零二

四年四月一日开始的年度期间强制生

效），以编制综合财务报表：

香港财务报告准则第

号之修订本

售后租回的租赁负债

香港会计准则第

号之

修订本

将负债分类为流动或非流动及

香港诠释第

号相关修订本

（二零二零年）

香港会计准则第

号之

修订本

附带契诺的非流动负债

香港会计准则第

号及

香港财务报告准则

第

号之修订本

供应商融资安排

于本年度应用香港财务报告准则会计

准则之修订本对本集团于本年度及过

往年度之财务表现及状况及╱或该等

综合财务报表所载之披露并无重大影

响。

3. APLICATION OF NEW AND

AMENDMENTS TO HKFRS

ACOUNTING STANDARDS

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 isued by Hong Kong Institute of Certified

Public Acountants (the “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 performance

and positions for the curent and prior years and/

or on the disclosures set out in these consolidated

financial statements.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

应用新订香港财务报告准则会

计准则及其修订本（续）

已颁布惟尚未生效之新订香港财务报

告准则会计准则及其修订本

本集团尚未提早应用下列已颁布惟尚

未生效之新订香港财务报告准则会计

准则及其修订本：

香港财务报告准则第

号及

香港财务报告准则第

号

之修订本

修订金融工具之分类及

计量

香港财务报告准则第

号及

香港会计准则第

号之

修订本

投资者与其联营公司或

合营公司之间的资产

出售或投入

香港财务报告准则会计准则

之修订本

香港财务报告准则会计

准则之年度改进

－第

册

香港会计准则第

号之

修订本

缺乏可兑换性

香港财务报告准则第

号财务报表中的呈列及

披露

于将厘定之日期或之后开始之年度

期间生效。

于二零二五年一月一日或之后开始

之年度期间生效。

于二零二六年一月一日或之后开始

之年度期间生效。

于二零二七年一月一日或之后开始

之年度期间生效。

本公司董事预计应用所有新订⾹港财

务报告准则及其修订本将不会于可见

未来对综合财务报表构成重大影响。

3. APLICATION OF NEW AND

AMENDMENTS TO HKFRS

ACOUNTING STANDARDS

(continued)

New and amendments to HKFRS Acounting

Standards in isue but not yet efective

The Group has not early aplied the folowing new

and amendments to HKFRS Acounting Standards

that have ben isued but are not yet efective:

Amendments to HKFRS 9 and

HKFRS 7

Amendments to Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets betwen

an Investor and its Asociate or

Joint Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards – Volume 11

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in Financial

Statements

Efective for anual periods begining on or after

a date to be determined.

Efective for anual periods begining on or after

1 January 2025.

Efective for anual periods begining on or after

1 January 2026.

Efective for anual periods begining on or after

1 January 2027.

The directors of the Company anticipate that the

aplication of al new and amendments to HKFRSs

wil have no material impact on the consolidated

financial statements in the foreseable future.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料

综合账目之基准

综合财务报表包括本公司及本公司及

其附属公司所控制的实体之财务报

表。倘属以下情况，则本公司获得控

制权：

•

对被投资方拥有权力；

•

因参与被投资方而对可变回报

承担风险或享有权利；及

•

有能力行使其权力以影响其回

报。

倘有事实及情况显示上述三项控制因

素中，有一项或以上出现变数，本集

团会重新评估其是否控制被投资方。

本集团于获得附属公司控制权时将附

属公司综合入账，并于失去附属公司

控制权时终止综合入账。具体而言，

于年内购入或出售之附属公司之收入

及开支，按自本集团获得控制权当日

起至本集团失去附属公司控制权当日

止，计入综合损益及其他全面收益表

内。

损益及其他全面收益各项目乃归于本

公司拥有人及非控股权益。附属公司

之全面收益总额乃归于本公司拥有人

及非控股权益，尽管此导致非控股权

益产生亏绌结余。

4. MATERIAL ACOUNTING POLICY

INFORMATION

Basis of consolidation

The consolidated financial statements incorporate

the financial statements of the Company and entities

controled by the Company and its subsidiaries.

Control is achieved when the Company:

;

, or has rights, to variable returns

from its involvement with the investe; and

• has the ability to use its power to afect its

returns.

The Group reaseses whether or not it controls an

investe if facts and circumstances indicate that there

are changes to one or more of the thre elements of

control listed above.

Consolidation of a subsidiary begins when the Group

obtains control over the subsidiary and ceases when

the Group loses control of the subsidiary. Specificaly,

income and expenses of a subsidiary acquired or

disposed of during the year are included in the

consolidated statement of profit or los and other

comprehensive income from the date the Group gains

control until the date when the Group ceases to

control the subsidiary.

Profit or los and each item of other comprehensive

income are atributed to the owners of the

Company and to the non-controling interests. Total

comprehensive income of subsidiaries is atributed

to the owners of the Company and to the non-

controling interests even if this results in the non-

controling interests having a deficit balance.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

综合账目之基准（续）

附属公司之财务报表于有需要情况下

作出调整，以使其会计政策与本集团

会计政策一致。

所有集团内之资产及负债、权益、收

入、开支及现金流量（与本集团成员公

司间之交易有关）均于综合账目时予以

全数对销。

附属公司非控股权益与本集团权益分

开呈列，有关权益指赋予其持有人权

利于清盘时按比例分占有关附属公司

资产净值之现时拥有权益。

本集团于现有附属公司之拥有权益

之变动

并无导致本集团失去对附属公司之控

制权之本集团于附属公司之权益之变

动入账列作权益交易。本集团相关权

益及非控股权益部分之账面值获调整

以反映其于附属公司之相对权益之变

动，包括根据本集团及非控股权益之

权益比例于本集团及非控股权益间重

新归属有关储备。

所调整之非控股权益数额与已付或已

收代价公平值之间之任何差额，乃于

权益直接确认，并归属于本公司拥有

人。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Basis of consolidation (continued)

When necesary, adjustments are made to the

financial statements of subsidiaries to bring their

acounting policies into line with the Group’s

acounting policies.

Al intragroup asets and liabilities, equity, income,

expenses and cash flows relating to transactions

betwen members of the Group are eliminated in

ful on consolidation.

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 ownership 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 interest’s

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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

综合账目之基准（续）

本集团于现有附属公司之拥有权益

之变动（续）

倘本集团失去一间附属公司之控制

权，则终止确认该附属公司之资产及

负债以及非控股权益（如有）。有关收

益或亏损于损益确认，其金额按

(i)

所

收取代价之公平值与任何保留权益之

公平值之总额及

(i)

归属于本公司拥有

人之附属公司之资产（包括商誉）及负

债之账面值之差额计算。先前就该附

属公司于其他全面收益确认之所有款

额，将按犹如本集团已直接出售该附

属公司之相关资产或负债入账（即按

适用香港财务报告准则会计准则之规

定╱许可重新分类至损益或转拨至权

益的另一类别）。在失去控制权当日

仍保留于前附属公司之任何投资的公

平值，将会被视为初始确认时的公平

值，或如适用，即于联营公司或合资

企业投资的初步确认之成本，并后续

根据香港财务报告准则第

号金融工具

入账。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Basis of consolidation (continued)

Changes in the Group’s ownership interests in

existing subsidiaries (continued)

When the Group loses control of a subsidiary, the

asets and liabilities of that subsidiary and non-

controling interests (if any) are derecognised. A gain

or los is recognised in profit or los and is calculated

as the diference betwen (i) the agregate of the

fair value of the consideration received and the fair

value of any retained interest and (i) the carying

amount of the asets (including godwil), and

liabilities of the subsidiary atributable to the owners

of the company. Al amounts previously recognised

in other comprehensive income in relation to that

subsidiary are acounted for as if the Group had

directly disposed of the related asets or liabilities

of the subsidiary (i.e. reclasified to profit or los

or transfered to another category of equity as

specified/permited by aplicable HKFRS Acounting

Standards). The fair value of any investment retained

in the former subsidiary at the date when control is

lost is regarded as the fair value on initial recognition

for subsequent acounting under HKFRS 9 Financial

instruments or, when aplicable, the cost on initial

recognition of an investment in an asociate or a

joint venture.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

业务合并

一项业务是指整套活动及资产，包括

一项投入及一项实质性过程，能共同

显著促进创造产出的能力。倘收购过

程对继续生产出的能力至关重要，

包括具备执行相关过程所必需的技

能、知识或经验的组织劳动力，或对

持续生产出的能力有重大贡献，则

被认为属独特或稀缺，或在无重大成

本、努力或持续生产出能力出现延

迟的情况下不可取代。

收购业务采用收购法入账。于业务合

并中所转让之代价按公平值计量，乃

按本集团所转让资产、本集团向被收

购方前拥有人产生之负债及本集团为

换取被收购方控制权发行之股本权益

于收购日期之公平值总和而计算。收

购相关成本一般于产生时在损益中确

认。

就收购日期于二零二年四月一日或

之后的业务合并而言，所收购的可识

别资产及所承担的负债必须符合于二

零一八年六月发布的二零一八年财务

报告概念框架（「概念框架」）内资产及

负债的定义，惟香港会计准则第

号

或香港（国际财务报告诠释委员会）诠

释第

号范围内的交易及事件除外，

于该情况下，本集团应用香港会计准

则第

号或香港（国际财务报告诠释委

员会）诠释第

号而非概念框架以识别

其于业务合并中所承担的负债。或然

资产不予确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Busines combinations

A busines is an integrated set of activities and asets

which includes an input and a substantive proces

that together significantly contribute to the ability to

create outputs. The acquired proceses are considered

substantive if they are critical to the ability to continue

producing outputs, including an organised workforce

with the necesary skils, knowledge, or experience

to perform the related proceses or they significantly

contribute to the ability to continue producing outputs

and are considered unique or scarce or canot be

replaced without significant cost, efort, or delay in

the ability to continue producing outputs.

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.

For busines combinations in which the acquisition

date is on or after 1 April 2022, the identifiable

asets acquired and liabilities asumed must met

the definitions of an aset and a liability in the

Conceptual Framework for Financial Reporting 2018

isued in June 2018 (the “Conceptual Framework”)

except for transactions and events within the scope

of HKAS 37 or 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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

业务合并（续）

于收购日期，所收购之可识别资产及

所承担之负债乃按公平值确认，惟下

列情况除外：

•

递延税项资产或负债，及有关

雇员福利安排之资产或负债乃

分别根据香港会计准则第

号

所得税及香港会计准则第

号

雇员福利确认及计量；

•

有关被收购方以股份为基础之

付款安排或本集团以股份为基

础之付款安排（予以订立以代替

被收购方以股份为基础之付款

安排）之负债或权益工具乃于收

购日期根据香港财务报告准则

第

号计量（见下文会计政策）；

•

根据香港财务报告准则第

号持

作出售之非流动资产及已终止

经营业务分类为持作出售之资

产（或出售组合）乃根据该准则

计量；及

•

租赁负债按剩余租赁付款（定义

见香港财务报告准则第

号）的

现值确认及计量，犹如收购的

租赁于收购日期为新租赁。使

用权资产按与相关租赁负债相

同的金额确认及计量，并进行

调整以反映与市场条款相比的

有利或不利租赁条款。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Busines combinations (continued)

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;

• liabilities or equity instruments related to share-

based payment arangements of the acquire

or share-based payment arangements of the

Group entered into to replace share-based

payment arangements of the acquire are

measured in acordance with HKFRS 2 at the

acquisition date (se the acounting policy

below);

• asets (or disposal groups) that are clasified as

held for sale in acordance with HKFRS 5 Non-

curent Asets Held for Sale and Discontinued

Operations are measured in acordance with

that standard; and

• lease liabilities are recognised and measured

at the present value of the remaining lease

payments (as defined in HKFRS 16) as if

the acquired leases were new leases at the

acquisition date. Right-of-use asets are

recognised and measured at the same amount

as the relevant lease liabilities, adjusted to

reflect favourable or unfavourable terms of

the lease when compared with market terms.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

业务合并（续）

商誉乃以所转让之代价、任何非控股

权益于被收购方所占金额及收购方以

往持有之被收购方股权公平值（如有）

之总和超出所收购可识别资产及所承

担负债于收购日期之净值之部分计

量。倘经过重新评估后，所收购可识

别资产及所承担负债之净值超出所转

让代价、任何非控股权益于被收购方

所占金额及收购方以往持有之被收购

方权益公平值（如有）之总和，则超出

部分即时于损益确认为议价收购收益。

属现时拥有权益且于清盘时赋予其

持有人权利按比例分占有关附属公司

资产净值之非控股权益，初步按非控

股权益应占被收购方可识别资产净值

之已确认金额比例或公平值计量。计

量基准视乎每项交易而作出选择。

当本集团于业务合并中转让的代价包

括或然代价安排时，或然代价乃按收

购日期的公平值计算，并计入于业务

合并转让的代价的一部分。合资格作

计量期调整的或然代价的公平值变动

乃追溯调整。计量期调整为于「计量

期」（不得超过由收购日期起计一年）因

取得于收购日期已存在的事件及情况

的额外资料而作出的调整。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Busines combinations (continued)

Godwil is measured as the exces of the sum of

the consideration transfered, the amount of any

non-controling interests in the acquire, and the

fair value of the acquirer’s previously held equity

interest in the acquire (if any) over the net

amount of the identifiable asets acquired and the

liabilities asumed as at acquisition date. If, after re-

asesment, the net amount of the identifiable asets

acquired and liabilities asumed exceds the sum of

the consideration transfered, the amount of any

non-controling interests in the acquire and the fair

value of the acquirer’s previously held interest in the

acquire (if any), the exces is recognised imediately

in profit or los as a bargain purchase gain.

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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

业务合并（续）

不符合作为计量期调整的或然代价的

其后会计处理，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，而其以后的

结算乃于权益入账。分类为资产或负

债的或然代价于其后报告日期重新计

量为公平值，而相应收益或亏损乃于

损益确认。

当分阶段达成业务合并时，本集团先

前所持收购对象的股权于收购日期（即

本集团取得控制权当日）重新计量为

公平值，所产生的收益或亏损（如有）

于损益或其他全面收益（视适用情况而

定）确认。先前于其他全面收益确认及

根据香港财务报告准则第

号计量的于

收购日期前于收购对象的权益所产生

的金额乃按所需的相同基准入账，犹

如本集团已直接出售先前持有的股权。

倘业务合并的初步会计处理于合并产

生的报告期末仍未完成，则本集团会

就仍未完成会计处理的项目呈报暂定

金额。该等暂定金额于计量期（见上

文）内追溯调整，并确认额外资产或负

债，以反映获得有关于收购日期已存

在事实及情况的新资料（倘知悉该等资

料，将会影响于当日确认的金额）。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Busines combinations (continued)

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.

When a busines combination is achieved in stages,

the Group’s previously held equity interest in the

acquire is remeasured to fair value at the acquisition

date (i.e. the date when the Group obtains control),

and the resulting gain or los, if any, is recognised

in profit or los or other comprehensive income,

as apropriate. Amounts arising from interests in

the acquire prior to the acquisition date that have

previously ben recognised in other comprehensive

income and measured under HKFRS 9 would be

acounted for on the same basis as would be required

if the Group had disposed directly of the previously

held equity interest.

If the initial acounting for a busines combination

is incomplete by the end of the reporting period in

which the combination ocurs, the Group reports

provisional amounts for the items for which the

acounting is incomplete. Those provisional amounts

are adjusted retrospectively during the measurement

period (se above), and aditional asets or liabilities

are recognised, to reflect new information obtained

about facts and circumstances that existed at the

acquisition date that, if known, would have afected

the amounts recognised at that date.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

与客户合约之收益

本集团于达成履约责任时，即当特定

的履约责任涉及货品或服务的「控制

权」转移至客户时（或按此）确认收益。

履约责任指一项明确货品及服务（或一

批货品或服务）或一系列大致相同的明

确货品或服务。

倘符合以下其中一项条件，则控制权

随时间转移，而收益乃参考完成相关

履约责任的进度而随时间确认：

•

客户于本集团履约时同时收取

及享用本集团履约所提供之利

益；

•

于本集团履约时，本集团之履

约创建及增强客户控制的资产；

或

•

本集团之履约未能创建对本集

团具有替代用途的资产，且本

集团对迄今已完成履约的付款

具有可强制执行的权利。

否则，收益会在当客户获得明确货品

或服务的控制权时在某一时点确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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 and enhances

an aset that the customer controls as the

Group performs; or

’s performance does not create an

aset with an alternative use to the Group

and the Group has an enforceable right to

payment for performance completed to date.

Otherwise, revenue is recognised at a point in time

when the customer obtains control of the distinct

god or service.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

与客户合约之收益（续）

合约资产指本集团就向客户转让之货

品或服务而收取代价的权利，但尚未

成为无条件之权利。其根据香港财务

报告准则第

号进行减值评估。相反，

应收款项指本集团收取代价之无条件

权利，亦即代表代价到期支付前仅须

待时间推移。

合约负债指本集团因已向客户收取代

价（或已到期收取代价）而须向客户转

让货品或服务的责任。

与同一合约相关之合约资产及合约负

债按净额入账及呈列。

随时间确认收益：计量完成履约责任

的进度

输出法

完成履约责任的进度乃根据输出法计

量，即透过直接计量迄今已转让予客

户的货品或服务价值（相对根据合约承

诺提供的余下货品或服务价值）确认收

益，有关方法最能反映本集团于转移

货品或服务控制权时的履约情况。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Revenue from contracts with customers

(continued)

A contract aset represents the Group’s right to

consideration in exchange for gods or services that

the Group has transfered to a customer that is not

yet unconditional. It is asesed for impairment in

acordance with HKFRS 9. In contrast, a receivable

represents the Group’s unconditional right to

consideration, i.e. only the pasage of time is required

before payment of that consideration is due.

A contract liability represents the Group’s obligation

to transfer gods or services to a customer for which

the Group has received consideration (or an amount

of consideration is due) from the customer.

A contract aset and a contract liability relating to

the same contract are acounted for and presented

on a net basis.

Over time revenue recognition: measurement

of progres towards complete satisfaction of a

performance obligation

Output method

The progres towards complete satisfaction of a

performance obligation is measured based on output

method, which is to recognise revenue on the basis

of direct measurements of the value of the gods or

services transfered to the customer to date relative to

the remaining gods or services promised under the

contract, that best depict the Group’s performance

in transfering control of gods or services.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

与客户合约之收益（续）

随时间确认收益：计量完成履约责任

的进度（续）

输入法

完成履约责任的进度乃根据输入法计

量，即根据本集团为履行履约责任所

作付出或投入（相对预期对履行有关履

约责任的总投入）确认收益，有关方法

最能反映本集团于转移货品或服务控

制权时的履约情况。

本集团于计量履约责任的进度时，对

物业管理服务、融资担保服务及资产

管理服务采用所经历时间输出法，并

对物流服务采用以成本为基准的输入

法。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Revenue from contracts with customers

(continued)

Over time revenue recognition: measurement

of progres towards complete satisfaction of a

performance obligation (continued)

Input method

The progres towards complete satisfaction of a

performance obligation is measured based on input

method, which is to recognise revenue on the basis of

the Group’s eforts or inputs to the satisfaction of a

performance obligation relative to the total expected

inputs to the satisfaction of that performance

obligation, that best depict the Group’s performance

in transfering control of gods or services.

The Group uses time-elapsed output method for

property management services, financial guarante

services and aset management services and cost-

based input method for logistics services in measuring

the progres of the performance obligation.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

与客户合约之收益（续）

随时间确认收益：计量完成履约责任

的进度（续）

主事人与代理人

当另一方涉及向客户提供货品或服务

时，本集团会厘定其允诺的性质是否

为提供特定货品或服务本身的履约责

任（即本集团为主事人），或安排由另

一方提供该等货品或服务（即本集团为

代理人）。

倘于特定货品或服务转让予客户前，

本集团对有关货品或服务拥有控制

权，本集团即为主事人。

倘本集团之履约责任为安排另一方提

供特定货品或服务，本集团即为代理

人。在此情况下，于另一方提供的特

定货品或服务转让予客户前，本集团

对有关货品或服务并无控制权。当本

集团以代理人身份行事时，会按为换

取安排另一方提供特定货品或服务而

预期有权收取的任何费用或佣金额

确认收益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Revenue from contracts with customers

(continued)

Over time revenue recognition: measurement

of progres towards complete satisfaction of a

performance obligation (continued)

Principal versus agent

When another party is involved in providing gods

or services to a customer, the Group determines

whether the nature of its promise is a performance

obligation to provide the specified gods or services

itself (i.e. the Group is a principal) or to arange for

those gods or services to be provided by the other

party (i.e. the Group is an agent).

The Group is a principal if it controls the specified

god or service before that god or service is

transfered to a customer.

The Group is an agent if its performance obligation is

to arange for the provision of the specified god or

service by another party. In this case, the Group does

not control the specified god or service provided

by another party before that god or service is

transfered to the customer. When the Group acts

as an agent, it recognises revenue in the amount

of any fe or comision to which it expects to be

entitled in exchange for aranging for the specified

gods or services to be provided by the other party.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

租赁

本集团根据香港财务报告准则第

号

项下的定义，于合约开始时评估合约

是否为一项租赁或包含一项租赁。除

非合约条款及条件在后续发生变更，

否则不会对此类合约进行重新评估。

作为可行权宜方法，可将具有类似特

征的租赁按组合进行会计处理，前提

为本集团能够合理预计该组合对综合

财务报表的影响不会显著不同于该组

合中的单项租赁。

本集团作为承租人

将代价分配至合约组成部分

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之合约而

言，本集团按租赁组成部分之相对独

立价格及非租赁组成部分之合计独立

价格基准将合约代价分配至各租赁组

成部分。

短期租赁及低价值资产租赁

本集团对从开始日期起租赁期为

个

月或更短及不包含购买选择权的写字

楼租赁应用短期租赁的确认豁免。其

亦对低价值资产租赁应用该项确认豁

免。短期租赁及低价值资产租赁的租

赁付款额在租赁期内采用直线法或另

一系统基准确认为开支。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases

The Group aseses whether a contract is or contains

a lease based on the definition under HKFRS 16 at

inception of the contract. Such contract wil not be

reasesed unles the terms and conditions of the

contract are subsequently changed. As a practical

expedient, leases with similar characteristics are

acounted on a portfolio basis when the Group

reasonably expects that the efects on the consolidated

financial statements would not difer materialy from

individual leases within the portfolio.

The Group as a lese

Alocation of consideration to components of a

contract

For a contract that contains a lease component

and one or more aditional lease or non-lease

components, the Group alocates the consideration

in the contract to each lease component on the

basis of the relative stand-alone price of the lease

component and the agregate stand-alone price of

the non-lease components.

Short-term leases and leases of low-value asets

The Group aplies the short-term lease recognition

exemption to leases of ofice premises that have a lease

term of 12 months or les from the comencement

date and do not contain a purchase option. It also

aplies the recognition exemption for lease of low-

value asets. Lease payments on short-term leases and

leases of low-value asets are recognised as expense

on a straight-line basis or another systematic basis

over the lease term.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产之成本包括：

•

租赁负债之初步计量金额；

•

于开始日期或之前作出之任何

租赁付款，减任何已收租赁优

惠；

•

本集团产生之任何初始直接成

本；及

•

本集团于拆解及移除相关资

产、复原相关资产所在场地或

复原相关资产至租赁之条款及

条件所规定之状况时产生之成

本估计。

使用权资产按成本减去任何累计折旧

及减值亏损计量，并就租赁负债的任

何重新计量作出调整。

本集团于租期结束时合理确定将获取

相关租赁资产所有权之使用权资产自

开始日期起至使用年期结束期间计提

折旧。在其他情况下，使用权资产按

直线基准于其估计使用年期及租期（以

较短者为准）内计提折旧。

本集团将使用权资产作为单独项目于

综合财务状况表中呈列。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases (continued)

The Group as a lese (continued)

Right-of-use asets

The cost of right-of-use aset includes:

• the amount of the initial measurement of the

lease liabilities;

• any lease payments made at or before the

comencement date, les any lease incentives

received;

;

and

• an estimate of costs to be incured by the

Group in dismantling and removing the

underlying asets, restoring the site on which

it is located or restoring the underlying aset

to the condition required by the terms and

conditions of the lease.

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

acumulated depreciation and impairment loses, and

adjusted for any remeasurement of lease liabilities.

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

certain to obtain ownership of the underlying leased

asets at the end of the lease term are depreciated

from comencement date to the end of the useful

life. Otherwise, right-of-use asets are depreciated on

a straight-line basis over the shorter of its estimated

useful life and the lease term.

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

line item on the consolidated statement of financial

position.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

租赁（续）

可退回租金按金

已付可退回租金按金乃根据香港财务

报告准则第

号金融工具（「香港财务报

告准则第

号」）入账且初步按公平值计

量。对初步确认时之公平值作出之调

整被视为额外租赁付款，并计入使用

权资产成本。

租赁负债

于租赁开始日期，本集团按该日未

付之租赁付款现值确认及计量租赁负

债。倘租赁隐含之利率难以厘定，则

本集团会使用租赁开始日期之增量借

款利率计算租赁付款之现值。

租赁付款包括：

•

固定付款（包括实质性之固定付

款）减任何应收租赁优惠；

•

取决于指数或利率的可变租赁

付款，初步计量时使用开始日

期的指数或利率；

•

本集团预期应支付的剩余价值

担保金额；

•

倘本集团合理确定将行使购买

选择权的行使价；及

•

终止租赁的罚款之付款，倘租

期反映本集团将行使终止租赁

的选择权。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases (continued)

Refundable rental deposits

Refundable rental deposits paid are acounted

under HKFRS 9 Financial Instruments (“HKFRS 9”)

and initialy measured at fair value. Adjustments to

fair value at initial recognition are considered as

aditional lease payments and included in the cost

of right-of-use asets.

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;

• variable lease payments that depend on an

index or a rate, initialy measured using the

index or rate as at the comencement date;

• amounts expected to be payable by the Group

under residual value guarantes;

• the exercise price of a purchase option if the

Group is reasonably certain to exercise the

option; and

if the lease term reflects the Group exercising

an option to terminate the lease.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

租赁（续）

租赁负债（续）

于开始日期后，租赁负债根据利息增

长及租赁付款作出调整。

倘出现以下情况，本集团会重新计量

租赁负债（并对相关使用权资产作出相

应调整）：

•

租期有所变动或行使购买选择

权之评估发生变化，在此情况

下，相关租赁负债透过使用重

新评估日期之经修订贴现率贴

现经修订租赁付款而重新计量。

•

租赁付款因市场租金检讨后的

市场租金╱有担保剩余价值之

预期付款变动而出现变动，在

此情况下，相关租赁负债透过

使用初始贴现率贴现经修订租

赁付款而重新计量。

•

租赁合约被修改且租赁修改不

作为独立租赁入账。

本集团于综合财务状况表内将租赁负

债按作单独项目呈列。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases (continued)

Lease liabilities (continued)

After the comencement date, lease liabilities are

adjusted by interest acretion and lease payments.

The Group remeasures lease liabilities (and makes a

coresponding adjustment to the related right-of-use

asets) whenever:

• the lease term has changed or there is a

change in the asesment of exercise of a

purchase option, in which case the related

lease liability is remeasured by discounting

the revised lease payments using a revised

discount rate at the date of reasesment.

• the lease payments change due to changes in

market rental rates folowing a market rent

review/expected payment under a guaranted

residual value, in which cases the related

lease liability is remeasured by discounting

the revised lease payments using the initial

discount rate.

• a lease contract is modified and the lease

modification is note acounted for as a

separate lease.

The Group presents lease liabilities as a separate

line item on the consolidated statement of financial

position.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

租赁（续）

租赁修改

倘出现以下情况，本集团将租赁修改

作为独立租赁入账：

•

修改透过加入使用一项或以上

相关资产之权利扩大租赁范围；

及

•

租赁代价增加，增加之金额相

当于范围扩大对应之单独价格

及为反映特定合约之实际情况

而对该单独价格进行之任何适

当调整。

就未作为单独租赁入账之租赁修改而

言，本集团按透过使用修改生效日期

之经修订贴现率贴现经修订租赁付款

之经修改租赁之租期重新计量租赁负

债。

本集团通过对相关使用权资产进行相

应调整，对租赁负债的重新计量进行

会计处理。

当经修订合约包含租赁组成部分及一

项或多项额外租赁或非租赁组成部分

时，本集团会根据租赁组成部分的相

对独立价格及非租赁组成部分的总独

立价格将经修订合约中的代价分配至

各个租赁组成部分。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases (continued)

Lease modifications

The Group acounts for a lease modification as a

separate lease if:

• the modification increases the scope of the

lease by ading the right to use one or more

underlying asets; and

• the consideration for the leases increases by

an amount comensurate with the standalone

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 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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

租赁（续）

本集团作为出租人

租赁分类及计量

本集团为出租人的租赁分类为融资租

赁或经营租赁。当租赁的条款转移相

关资产拥有权附带的绝大部分风险及

回报予承租人，则合约分类为融资租

赁。所有其他租赁分类为经营租赁。

根据融资租赁应收承租人的款项于开

始日期确认为应收款项，其金额等于

租赁净投资，并使用各个租赁中隐含

的利率计量。初始直接成本（由制造商

或经销商出租人引致的除外）包括在租

赁净投资的初始计量中。利息收入被

分配至会计期间，以反映本集团有关

租赁的未偿还净投资的固定期收益

率。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases (continued)

The Group as a lesor

Clasification and measurement of leases

Leases for which the Group is a lesor are clasified

as finance or operating leases. Whenever the terms

of the lease transfer substantialy al the risks and

rewards incidental to ownership of an underlying

aset to the lese, the contract is clasified as

a finance lease. Al other leases are clasified as

operating leases.

Amounts due from leses under finance leases

are recognised as receivables at comencement

date at amounts equal to net investments in the

leases, measured using the interest rate implicit in

the respective leases. Initial direct costs (other than

those incured by manufacturer or dealer lesors)

are included in the initial measurement of the net

investments in the leases. Interest income is alocated

to acounting periods so as to reflect a constant

periodic rate of return on the Group’s net investment

outstanding in respect of the leases.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

租赁（续）

本集团作为出租人（续）

租赁分类及计量（续）

经营租赁的租金收入在相关租赁期限

内按照直线法确认为损益。磋商及安

排经营租赁时产生的初始直接成本计

入租赁资产的账面值，有关成本于租

赁期内按直线法确认为开支，惟按公

平值模式计量的投资物业除外。取决

于指数或比率的经营租赁之可变租赁

付款进行估算，并计入以直线基准

于租赁期内予以确认的租赁付款总额

中。不取决于指数或比率的可变租赁

付款于产生时确认为收入。倘租赁合

约载有特定条文规定，在相关资产（或

其任何部分）因本集团及承租人无法

控制之不利事件而遭受影响，引致相

关资产变得不适合或无法使用时，可

享有减租或暂时免租，而因该特定条

文所引致之相关减租或暂时免租将入

账列为原租赁之一部分，而非租赁修

改。有关减租或暂时免租乃于可触发

该等付款之事件或情况发生期间内于

损益确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases (continued)

The Group as a lesor (continued)

Clasification and measurement of leases

(continued)

Rental income from operating leases is recognised in

profit or los on a straight- line basis over the term

of the relevant lease. Initial direct costs incured in

negotiating and aranging an operating lease are

aded to straight-lin the carying amount of the

leased aset, and such costs are recognised as an

expense on a basis over the lease term except for

investment properties measured under fair value

model. Variable lease payments for operating leases

that depend on an index or a rate are estimated and

included in the total lease payments to be recognised

on a straight- line basis over the lease term. Variable

lease payments that do not depend on an index or

a rate are recognised as income when they arise.

When a lease contract contains a specific clause

that provides for rent reduction or suspension of

rent in the event that the underlying asets (or any

part thereof) are afected by adverse events beyond

the control of the Group and the lese so as to

render the underlying asets unfit or not available

for use, the relevant rent reduction or suspension of

rent resulting from the specific clause is acounted

for as part of the original lease and not as a lease

modification. Such rent reduction or suspension of

rent is recognised in profit or los in the period in

which the event or condition that trigers those

payments to ocur.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

租赁（续）

本集团作为出租人（续）

将代价分配至合约组成部分

当合约包括租赁及非租赁组成部分，

本集团应用香港财务报告准则第

号

来自客户合约之收入（「香港财务报告

准则第

号」）以分配合约代价至租赁

及非租赁组成部分。非租赁组成部分

会根据该相关独立销售价格从租赁组

成部分中分拆。

可退回租金按金

已收可退回租金按金乃根据香港财务

报告准则第

号入账且初步按公平值计

量。对初步确认时之公平值作出的调

整被视为来自承租人之额外租赁付款。

转租

若本集团为中间出租人，其将主租

赁及转租作为两份独立的租赁合约入

账。转租参考主租赁产生的权利资产

分类为融资租赁或经营租赁，而非参

考标的资产本身。

租赁修订

并非原本条款及条件一部分的租赁合

约的代价变动作为租赁修订入账，包

括通过宽免或宽减租金提供的租赁优

惠。

经营租赁作出修改的，本集团自修改

生效日起将其作为一项新租赁入账，

与原始租赁有关的任何预付或应计租

赁款项视为新租赁的租赁付款。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leases (continued)

The Group as a lesor (continued)

Alocation of consideration to components of a

contract

When a contract includes both leases and non-lease

components, the Group aplies HKFRS 15 Revenue

from Contracts with Customers (“HKFRS 15”) to

alocate consideration in a contract to lease and

non-lease components. Non-lease components are

separated from lease component on the basis of their

relative stand-alone seling prices.

Refundable rental deposits

Refundable rental deposits received are acounted

under HKFRS 9 and initialy measured at fair value.

Adjustments to fair value at initial recognition are

considered as aditional lease payments from leses.

Sublease

When the Group is an intermediate lesor, it acounts

for the head lease and the sublease as two separate

of-us contracts. The sublease is clasified as a finance

or operating lease by reference to the right- aset

arising from the head lease, not with reference to

the underlying aset.

Lease modification

Changes in considerations of lease contracts that

were not part of the original terms and conditions are

acounted for as lease modifications, including lease

incentives provided through forgivenes or reduction

of rentals.

The Group acounts for a modification to an operating

lease as a new lease from the efective date of the

modification, considering any prepaid or acrued

lease payments relating to the original lease as part

of the lease payments for the new lease.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

租赁土地及楼宇

当本集团就物业权益（包括租赁土地及

楼宇部分）作出付款，则本集团会依

照其所评估与各部分拥有权有关的绝

大部分风险与回报是否已转移至本集

团，而单独评估各部分之分类，惟倘

两个部分均明显为经营租赁，于此情

况下整项物业会入账列作经营租赁。

具体而言，全部代价（包括任何一次性

预付款项）在初步确认时，按土地部分

及楼宇部分租赁权益的相对公平值的

比例于租赁土地及楼宇部分之间分配。

当物业付款不能可靠地分配予租赁土

地及楼宇部分，则整项物业获一般按

犹如其为融资租赁项下之租赁土地分

类。

外币

本公司及其中国境外附属公司的功能

货币为港元。中国附属公司的功能货

币为人民币。综合财务报表以港元（本

集团的呈报货币）呈列。港元亦为本集

团营运所在主要经济环境的货币。本

集团各实体决定其自身的功能货币，

计入各实体财务报表的项目使用功能

货币计量。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Leasehold land and building

When the Group makes payments for a property

interest which includes both leasehold land and

building elements, the Group aseses the clasification

of each element separately based on the asesment

as to whether substantialy al the risks and rewards

incidental to ownership of each element have ben

transfered to the Group, unles it is clear that both

elements are operating leases in which case the

entire property is acounted as an operating lease.

Specificaly, the entire consideration (including any

lump-sum upfront payments) are alocated betwen

the leasehold land and the building elements in

proportion to the relative fair values of the leasehold

interests in the land element and building element

at initial recognition.

When the property payments canot be alocated

reliably betwen the leasehold land and building

elements, the entire property is generaly clasified

as if the leasehold land is under finance lease.

Foreign curencies

The functional curency of the Company and its

subsidiaries outside the PRC is Hong Kong dolars.

The functional curency of the PRC subsidiary is RMB.

The consolidated financial statements are presented

in HK$ which is the Group’s presentation curency.

This is also the curency of the primary economic

environment in which the Group operates. Each entity

in the Group determines its own functional curency

and items included in the financial statements of each

entity are measured using that functional curency.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

外币（续）

于编制各个别集团实体的财务报表

时，以该实体功能货币以外货币（外

币）进行的交易乃按交易日期的现行

汇率确认。于报告期末，以外币计值

的货币项目以当日的现行汇率重新换

算。以外币计值按公平值列账的非货

币项目均按厘定公平值当日的现行汇

率重新换算。以外币历史成本计量的

非货币项目不予重新换算。

结算货币项目及重新换算货币项目所

产生的汇兑差额会于产生期间在损益

中确认。

就呈列综合财务报表而言，本集团业

务的资产及负债均按各报告期末的现

行汇率换算为本集团的呈列货币（即港

元）。收入及支出项目乃按该期间之平

均汇率进行换算，除非汇率于该期间

内出现大幅波动则作别论，在此情况

下，则采用于交易当日之汇率。所产

生汇兑差额（如有）于其他全面收益内

确认及于汇兑储备项下权益中累计（归

属于非控股权益（倘合适）。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Foreign curencies (continued)

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 caried at

fair value that are denominated in foreign curencies

are retranslated at the rates prevailing on the date

when the fair value was determined. Non-monetary

items that are measured in terms of historical cost

in a foreign curency are not retranslated.

Exchange diferences arising on the setlement of

monetary items, and on the retranslation of monetary

items, are recognised in profit or los in the period

in which they arise.

For the purposes of presenting the consolidated

financial statements, the asets and liabilities of

the Group’s operations are translated into the

presentation curency of the Group (i.e. Hong Kong

dolars) using exchange rates prevailing at the end

of each reporting period. Income and expenses items

are translated at the average exchange rates for the

period, unles exchange rates fluctuate significantly

during that period, in which case the exchange

rates at the date of transactions are used. Exchange

diferences arising, if any, are recognised in other

comprehensive income and acumulated in equity

under the heading of translation reserve (atributed

to non-controling interests as apropriate).

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

外币（续）

于出售海外业务（即出售本集团于海外

业务之全部权益，或出售涉及丧失包

括海外业务之附属公司之控制权）时，

所有本公司拥有人应占之有关业务之

权益中累计汇兑差额乃重新分类至损

益。

此外，对于不会导致本集团丧失对有

关附属公司之控制权之部分出售附属

公司，则按比例分摊之累计汇兑差额

乃重新分配至非控股权益且不会于损

益确认。

关于本集团人民币净资产重新换算为

本集团呈报货币（即港元）的汇兑差额

直接于其他全面收益确认并于汇兑储

备累计。于汇兑储备中累计的相关汇

兑差额其后不会重新分类至损益。

透过收购海外业务所获得的可识别资

产及所承担可识别负债的商誉及公平

值调整乃被视作海外业务的资产及负

债，并按于各报告期末的现行汇率换

算。所产生的汇兑差额乃于其他全面

收益内确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Foreign curencies (continued)

On the disposal of a foreign operation (that is, a

disposal of the Group’s entire interest in a foreign

operation, or a disposal involving los of control over

a subsidiary that includes a foreign operation), al of

the exchange diferences acumulated in equity in

respect of that operation atributable to the owners

of the Company are reclasified to profit or los.

In adition, in relation to a partial disposal of a

subsidiary that does not result in the Group losing

control over the subsidiary, the proportionate share of

acumulated exchange diferences are re– atributed

to non-controling interests and are not recognised

in profit or los.

Exchange diferences relating to the retranslation

of the Group’s net asets in RMB to the Group’s

presentation curency (i.e. HK$) are recognised

directly in other comprehensive income and

acumulated in translation reserve. Such exchange

diferences acumulated in the translation reserve

are not reclasified to profit or los subsequently.

Godwil and fair value adjustments on identifiable

asets and liabilities asumed through acquisition of a

foreign operation are treated as asets and liabilities

of the foreign operation and translated at the rate

of exchange prevailing at the end of each reporting

period. Exchange diferences arising are recognised

in other comprehensive income.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

借款成本

直接归属于收购、兴建或生产合资格

资产（指必须经一段长时间方可作其预

定用途或销售之资产）之借款成本，计

入该等资产之成本，直至资产大致达

至其预定用途或销售状态为止。

在特定借款拨作合资格资产开支前之

临时性投资所赚取之投资收入，乃自

合资格资本化之借款成本中扣除。

所有其他借款成本于产生期间在损益

内确认。

退休福利成本

向强制性公积金计划及中国家管理

退休福利计划作出的付款于雇员提供

服务而有权享有关供款时确认为开

支。

本集团根据强制性公积金计划条例为

合资格参与强制性公积金计划（「强积

金计划」）之雇员设立一项定额供款强

积金计划。供款乃根据雇员之基本薪

金之百分比计算，并根据强积金计划

之规则于应付时在综合全面收益表内

扣除。强积金计划之资产由一个独立

管理基金持有，与本集团之资产分开

处理。本集团之雇主供款于向强积金

计划供款时全数归雇员所有。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which

are asets that necesarily take a substantial period of

time to get ready for their intended use or sale, are

aded to the cost of those asets until such time as

the asets are substantialy ready for their intended

use or sale.

Investment income earned on the temporary

investment of specific borowings pending their

expenditure on qualifying asets is deducted from

the borowing costs eligible for capitalisation.

Al other borowing costs are recognised in profit or

los in the period in which they are incured.

Retirement benefit costs

Payments to the Mandatory Provident Fund Scheme

and state managed retirement benefit scheme

in the PRC are recognised as an expense when

employes have rendered service entitling them to

the contributions.

The Group operates a defined contribution Mandatory

Provident Fund retirement benefits scheme (the

“MPF Scheme”) under the Mandatory Provident

Fund Schemes Ordinance for those employes

who are eligible to participate in the MPF Scheme.

Contributions are made based on a percentage of

the employes’ basic salaries and are charged to the

consolidated statement of comprehensive income as

they become payable in acordance with the rules

of the MPF Scheme. The asets of the MPF Scheme

are held separately from those of the Group in

an independently administered fund. The Group’s

employer contributions vest fuly with the employes

when contributed into the MPF Scheme.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

退休福利成本（续）

根据中国规则及规例，本集团于中

国的雇员参与多项由中国相关市级及

省级政府运作的定额供款退休福利计

划，据此，本集团及雇员每月须向该

等计划作出按雇员薪金百分比计算的

供款，惟该等供款存有若干上限。市

级及省级政府承诺会承担根据上述计

划应付予所有现有及未来退休中国雇

员的退休福利责任。除每月供款外，

本集团并无进一步责任向其雇员支付

退休付款及其他退休后福利。该等计

划资产乃与附属公司分开，并由中国

政府所管理独立基金持有。

就长期服务金（「长期服务金」）责任

而言，本集团根据香港会计准则第

19.93(a)

号将预期将抵销之雇主强积金

供款入账为视作雇员对长期服务金责

任的供款，并按净额基准计量。未来

福利的估计金额乃经扣除本集团已归

属于雇员的强积金供款（被视为相关雇

员的供款）的累算权益所产生的负服务

成本后厘定。

短期雇员福利

员工提供服务时，短期雇员福利将以

预期支付的未贴现福利金额确认。所

有短期雇员福利均被确认为开支，除

非另有香港财务报告准则会计准则要

求或允许在资产成本中纳入福利。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Retirement benefit costs (continued)

In acordance with the rules and regulations in

the PRC, the PRC based employes of the Group

participate in various defined contribution retirement

benefit plans organised by the relevant municipal

and provincial governments in the PRC under which

the Group and the employes are required to make

monthly contributions to these plans calculated as

a percentage of the employes’ salaries, subject

to certain ceiling. The municipal and provincial

governments undertake to asume the retirement

benefit obligations of al existing and future retired PRC

based employes payable under the plans described

above. Other than the monthly contributions, the

Group has no further obligation for the payment

of retirement and other post- retirement benefits

of its employes. The asets of these plans are held

separately from the subsidiary in an independent fund

managed by the PRC government.

For Long Service Payment (“LSP”) obligation, the

Group acounts for the employer MPF contributions

expected to be ofset as a demed employe

contribution towards the LSP obligation in terms of

HKAS 19.93(a) and it is measure on a net basis. The

estimated amount of future benefit is determined

after deducting the negative service cost arising from

the acrued benefits derived from the Group’s MPF

contributions that have ben vested with employes,

which are demed to be contributions from the

relevant employes.

Short-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be

paid as and when employes rendered the services.

Al short-term employe benefits are recognised as an

expense unles another HKFRS Acounting Standards

requires or permits the inclusion of the benefit in the

cost of an aset.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

短期雇员福利（续）

员工福利（例如工资及薪金、年假及

病假）减去已支付任何款项确认列为负

债。

以股份为基础之付款

按权益结算以股份为基础之付款交易

支付予董事、雇员及提供类似服务之

顾问之按权益结算以股份为基础之付

款按权益工具于授出日期之公平值计

量。

于授出日期并无计及所有非市场归属

条件厘定的按权益结算以股份为基础

之付款之公平值，基于本集团预计将

最终归属之权益工具按直线法于归属

期内支销，并于权益（购股权储备）中

作相应增加。于各报告期末，本集

团修订预期最终归属的购股权估计数

目。原先估计数目修订的影响（如有）

于损益内确认，致令累计开支反映经

修订估计，并于购股权储备中作相应

调整。

于购股权获行使时，过往于购股权储

备中确认之金额将转拨至股份溢价。

当购股权于归属日期后被没收或于届

满日仍未获行使，过往于购股权储备

中确认之金额将转拨至累计亏损。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Short-term employe benefits (continued)

A liability is recognised for benefits acruing to

employes (such as wages and salaries, anual leave

and sick leave) after deducting any amount already

paid.

Share-based payments

Equity-setled share-based payment transactions

Equity-setled share-based payments to directors,

employes and consultants providing similar services

are measured at the fair value of the equity instruments

at the grant date.

The fair value of the equity-setled share-based

payments without taking into consideration al non-

market vesting conditions determined at the grant

date is expensed on a straight line basis over the

vesting period, based on the Group’s estimate of

equity instruments that wil eventualy vest, with

a coresponding increase in equity (share options

reserve). At the end of each reporting period, the

Group revises its estimates of the number of options

that are expected to ultimately vest. The impact of the

revision of the original estimates, if any, is recognised

in profit or los such that the cumulative expense

reflects the revised estimate, with a coresponding

adjustment to the share options reserve.

When share options are exercised, the amount

previously recognised in the share options reserve

wil be transfered to share premium. When the share

options are forfeited after the vesting date or are

stil not exercised at the expiry date, the amount

previously recognised in the share options reserve

wil be transfered to acumulated loses.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

税项

所得税开支指即期及递延所得税开支

总和。

即期应付税项是根据本年度的应课税

溢利计算。应课税溢利与除税前溢

利╱亏损当中的差异乃源于其他年度

应课税或可扣税的收入或支出以及毋

须课税或不可扣税的项目。本集团的

即期税项负债乃按报告期末已颁布或

实际上颁布的税率计算。

递延税项乃就综合财务报表资产及负

债的账面值及其用于计算应课税溢利

的相应税基的暂时差额而确认。一般

情况下，所有因应课税暂时差额而产

生的递延税项负债均予确认。递延税

项资产则一般可用作确认所有可扣减

暂时差额（以应课税溢利可用于抵销可

扣减暂时差额为限）。如暂时差额是因

一项交易初步确认资产及负债（业务合

并除外）而产生，且不影响应课税溢

利及会计溢利而且于交易时不会产生

等额应课税及可抵扣暂时差额，则不

会确认此等递延税项资产及负债。此

外，倘暂时差额乃因初步确认商誉而

产生，则不确认递延税项负债。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Taxation

Income tax expense represents the sum of curent

and defered income tax expenses.

The tax curently payable is based on taxable profit

for the year. Taxable profit difers from profit/los

before tax because of income or expense that are

taxable or deductible in other years and items that

are never taxable or deductible. The Group’s liability

for curent tax is calculated using tax rates that have

ben enacted or substantively enacted by the end of

the reporting period.

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities

in the consolidated financial statements and the

coresponding tax bases used in the computation of

taxable profit. Defered tax liabilities are generaly

recognised for al taxable temporary diferences.

Defered tax asets are generaly recognised for

al deductible temporary diferences to the extent

that it is probable that taxable profits wil be

available against which those deductible temporary

diferences can be utilised. Such defered tax asets

and liabilities are not recognised if the temporary

diference arises from the initial recognition (other

than in a busines combination) of asets and

liabilities in a transaction that afects neither the

taxable profit nor the acounting profit and at the

time of the transaction does not give rise to equal

taxable and deductible temporary diferences. In

adition, defered tax liabilities are not recognised

if the temporary diference arises from the initial

recognition of godwil.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

税项（续）

除本集团可控制有关暂时差额的拨回

及暂时差额在可见将来不大可能拨回

的情况外，与附属公司的投资相关的

应课税暂时差额的递延税项负债均予

确认。与该等投资相关的可扣减暂时

差额所产生的递延税项资产，仅于有

足够应课税溢利用以抵销暂时差额利

益，且预期于可见将来拨回时方予确

认。

递延税项资产之账面值于各报告期末

进行审阅，并以不再可能将存在充足

应课税溢利以容许收回全部或部分资

产为限作出扣减。

递延税项资产及负债乃根据报告期

末已颁布或实际上颁布的税率（及税

法），按负债清偿或资产变现期间预期

应用的税率计量。

递延税项负债及资产的计量反映本集

团预期于报告期末以收回资产或清偿

负债的账面值之方式引起的税务后果。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Taxation (continued)

Defered tax liabilities are recognised for taxable

temporary diferences asociated with investments

in subsidiaries, except where the Group is able to

control the reversal of the temporary diference

and it is probable that the temporary diference wil

not reverse in the foreseable future. Defered tax

asets arising from deductible temporary diferences

asociated with such investments are only recognised

to the extent that it is probable that there wil be

suficient taxable profits against which to utilise the

benefits of the temporary diferences and they are

expected to reverse in the foreseable future.

The carying amount of defered tax asets is reviewed

at the end of each reporting period and reduced to

the extent that it is no longer probable that suficient

taxable profits wil be available to alow al or part

of the aset to be recovered.

Defered tax asets and liabilities are measured at the

tax rates that are expected to aply in the period in

which the liability is setled or the aset is realised,

based on tax rate (and tax laws) that have ben

enacted or substantively enacted by the end of the

reporting period.

The measurement of defered tax liabilities and asets

reflects the tax consequences that would folow from

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

the reporting period, to recover or setle the carying

amount of its asets and liabilities.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

税项（续）

就使用公平值模式计量之投资物业而

言，计量其递延税项时，乃假设可透

过销售全数收回有关物业之账面值，

除非有关假设遭推翻。倘投资物业可

予折旧，且投资物业乃根据以随时间

消耗而非透过销售投资物业所包含之

绝大部分经济利益为目的之业务模式

持有，则推翻此假设。

就计量本集团确认使用权资产及相关

租赁负债的租赁交易之递延税项而

言，本集团首先确定税项扣减归属于

使用权资产或租赁负债。

就税项扣减归属于租赁负债的租赁交

易而言，本集团本集团将香港会计准

则第

号规定分别应用于租赁负债及

相关资产。在很可能取得能利用可抵

扣暂时差额来抵扣的应课税溢利的限

度内，本集团会确认有关租赁负债的

递延税项资产，并就所有应课税暂时

差额确认递延税项负债。

递延税项

倘有可依法执行权利动用即期税项资

产以抵销即期税项负债，而递延税项

与由同一税务机构向同一应课税实体

征收之所得税相关，则递延税项资产

及递延税项负债可以互相抵销。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Taxation (continued)

For the purposes of measuring defered tax for

investment properties that are measured using the

fair value model, the carying amounts of such

properties are presumed to be recovered entirely

through sale, unles the presumption is rebuted.

The presumption is rebuted when the investment

property is depreciable and is held within a busines

model whose objective is to consume substantialy al

of the economic benefits embodied in the investment

property over time, rather than through sale.

For the purposes of measuring defered tax for leasing

transactions in which the Group recognises the right-

of-use asets and the related lease liabilities, the

Group first determines whether the tax deductions

are atributable to the right-of-use asets or the

lease 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

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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

税项（续）

年内即期及递延税项

即期及递延税项于损益确认，惟倘与

在其他全面收益或直接于权益确认的

项目有关则除外，在该情况下，即

期及递延税项亦分别于其他全面收益

或直接于权益确认。倘即期税项或递

延税项产生自业务合并的初步会计处

理，则税项影响会计入该业务合并的

会计处理内。

在评估所得税处理的任何不确定性

时，本集团考虑相关税务机关是否有

可能会接受已使用或建议在个别集团

实体所得税备案中使用的不确定税收

处理。如果可能，当期和递延税项的

确定与所得税申报表中的税务处理一

致。倘有关税务机关不太可能接受不

确定的税收待遇，则通过使用最可能

的金额或预期值来反映每种不确定性

的影响。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Taxation (continued)

Curent and defered tax for the year

Curent and defered tax are recognised in profit

or los, except when they relate to items that are

recognised in other comprehensive income or directly

in equity, in which case, the curent and defered tax

are also recognised in other comprehensive income

or directly in equity respectively. Where curent tax

or defered tax arises from the initial acounting for

a busines combination, the tax efect is included in

the acounting for the busines combination.

In asesing any uncertainty over income tax

treatments, the Group considers whether it is

probable that the relevant tax authority wil acept

the uncertain tax treatment used, or proposed to be

use by individual group entities in their income tax

filings. If it is probable, the curent and defered taxes

are determined consistently with the tax treatment in

the income tax filings. If it is not probable that the

relevant taxation authority wil acept an uncertain

tax treatment, the efect of each uncertainty is

reflected by using either the most likely amount or

the expected value.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

物业、厂房及设备

物业、厂房及设备为持作生产或供

应商品或服务或作行政用途之有形资

产。物业、厂房及设备按成本减其后

累计折旧及其后累计减值亏损（如有）

于综合财务状况表呈列。

永久业权土地不计算折旧并按成本减

其后累计减值亏损计量。

在建工程包括为生产、供应或行政用

途而兴建的物业、厂房及设备，按

成本减任何已确认减值亏损列值。成

本包括专业费用及就合资格资产而言

根据本集团会计政策资本化的借款成

本。在建工程于完成及可供作拟定用

途时分类为适当类别的物业、厂房及

设备。该等资产于资产可投入拟定用

途时开始按与其他物业资产相同的基

准计算折旧。

折旧按撇销该等资产（在建工程除外）

项目成本减估计可使用年期的剩余价

值，以直线法确认。估计可使用年

期、剩余价值及折旧方法会于各报告

期末审阅，而任何估计变动的影响则

按未来基准入账。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Property, plant and equipment

Property, plant and equipment are tangible asets

that are held for use in the production or suply of

gods or services, or for administrative purposes.

Property, plant and equipment are stated in the

consolidated statement of financial position at

cost les subsequent acumulated depreciation and

subsequent acumulated impairment loses, if any.

Frehold lands are not depreciated and are measured

at cost les subsequent acumulated impairment

loses.

Construction in progres includes property, plant

and equipment in the course of construction for

production, suply or administrative purposes are

caried at cost, les any recognised impairment los.

Costs include profesional fes and, for qualifying

asets, borowing costs capitalised in acordance

with the Group’s acounting policy. Construction in

progres is clasified to the apropriate categories

of property, plant and equipment when completed

and ready for intended use. Depreciation of these

asets, on the same basis as other property asets,

comences when the asets are ready for their

intended use.

Depreciation is recognised so as to write of the cost

of asets other than construction in progres 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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

物业、厂房及设备（续）

物业、厂房及设备项目于出售时或当

预期继续使用该资产不会产生任何日

后经济利益时终止确认。出售或报废

物业、厂房及设备项目产生的任何收

益或亏损乃按出售该资产所得款项与

账面值之间的差额厘定并于损益中确

认。

投资物业

投资物业指持作赚取租金及╱或资本

升值之物业（包括用作该等用途之在建

物业）。投资物业包括尚未厘定未来用

途之持有土地，该等土地被视为持作

资本升值用途。

投资物业还包括租赁物业，该等租赁

物业被确认为使用权资产，并由本集

团根据经营租赁转租。

投资物业按成本（包括任何直接应占开

支）初步计量。于初步确认后，投资物

业按公平值计量，并进行调整以排除

任何预付或应计经营租赁收入。

因投资物业之公平值变动而产生之收

益或亏损于变动产生期间计入损益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Property, plant and equipment (continued)

An item of property, plant and equipment is

derecognised upon disposal or when no future

economic benefits are expected to arise from the

continued use of the aset. Any gain or los arising

on the disposal or retirement of an item of property,

plant and equipment is determined as the diference

betwen the sales proceds and the carying amount

of the aset and is recognised in profit or los.

Investment properties

Investment properties are properties held to earn

rentals and/or for capital apreciation (including

properties under construction for such purposes).

Investment properties include land held for

undetermined future use, which is regarded as held

for capital apreciation purpose.

Investment properties also include leased properties

which are being recognised as right-of-use asets

and subleased by the Group under operating leases.

Investment properties are initialy measured at cost,

including any directly atributable expenditure.

Subsequent to initial recognition, investment

properties are measured at fair value, adjusted to

exclude any prepaid or acrued operating lease

income.

Gains or loses arising from changes in the fair value

of investment properties are included in profit or los

for the period in which they arise.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

投资物业（续）

在建投资物业所产生之建造成本会资

本化为在建投资物业账面值之一部分。

当投资物业出售或永久不再使用及预

期不会因出售而带来未来经济利益

时，该投资物业会被终止确认。因终

止确认该项物业而产生之任何收益或

亏损（按该项资产之出售所得款项净额

及其账面值之差额计算）会于该项物业

终止确认期间内之损益中入账。

开发中待售物业

拟于开发完成后出售的开发中待售物

业及待售物业被分类为流动资产。除

租赁土地部分根据使用权资产的会计

政策按成本模式计量外，开发中待售

物业乃按成本及可变现净值两者的较

低者入账。成本按特定识别基准厘

定，包括分配所产生的相关开发开支

及（倘适用）资本化的借贷成本。可变

现净值指物业的估计售价减估计完工

成本及出售物业所需成本。销售所需

成本包括直接源于销售的增量成本及

本集团为作销售必须产生的非增量成

本。

开发中待售物业于完成后转为待售物

业。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Investment properties (continued)

Construction costs incured from investment

properties under construction are capitalised as part

of the carying amount of the investment properties

under construction.

An investment property is derecognised upon disposal

or when the investment property is permanently

withdrawn from use and no future economic benefits

are expected from its disposals. Any gain or los

arising from derecognition of the property (calculated

by the diference betwen the net disposal proceds

and the carying amount of the aset) is included in

the profit or los in the period in which the property

is derecognised.

Properties under development for sale

Properties under development for sale which are

intended to be sold upon completion of development

and properties for sale are clasified as curent

asets. Except for the leasehold land element which

is measured at cost model in acordance with the

acounting policies of right-of-use asets, properties

under development for sale are caried at the lower

of cost and net realisable value. Cost is determined

on a specific identification basis including alocation

of the related development expenditure incured and

where apropriate, borowing costs capitalised. Net

realisable value represents the estimated seling price

for the properties les estimated cost to completion

and costs necesary to make the sales. Costs necesary

to make the sale include incremental costs directly

atributable to the sale and non-incremental costs

which the Group must incur to make the sale.

Properties under development for sale are transfered

to properties for sale upon completion.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

物业、厂房及设备及使用权资产减值

于报告期末，本集团会检讨具有限

可使用年期之物业、厂房及设备及使

用权资产的账面值以厘定是否存在任

何资产已遭受减值亏损之迹象。倘资

产出现任何减值迹象，则会估计相关

资产的可收回金额，以厘定减值亏损

的幅度（如有）。

物业、厂房及设备及使用权资产的可

收回金额乃个别估计。倘不能个别估

计的可收回金额，则本集团会估计其

资产所属现金产生单位之可收回金额。

于测试现金产生单位的减值时，倘可

设立合理及一致的分配基准，则公司

资产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及一

致分配基准的最小组别。可收回金额

按公司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

相比较。

可收回金额乃公平值减出售成本及使

用价值两者中较高者。评估使用价值

时，采用除税前贴现率将估计未来现

金流量贴现至现值，该贴现率反映市

场当时所评估的货币时间值及该资产

（或现金产生单位，其估计未来现金流

量并未被调整）的独有风险。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Impairment on property, plant and equipment

and right-of-use asets

At the end of the reporting period, the Group reviews

the carying amounts of its property, plant and

equipment and right-of-use asets with finite useful

lives to determine whether there is any indication

that the asets have sufered an impairment los. If

any such indication exists, the recoverable amount of

the relevant aset is estimated in order to determine

the extent of the impairment los (if any).

The recoverable amount of property, plant and

equipment and right-of-use asets are estimated

individualy. When it is not posible to estimate the

recoverable amount individualy, the Group estimates

the recoverable amount of the CGU to which the

aset belongs.

In testing a cash-generating unit for impairment,

corporate asets are alocated to the relevant cash-

generating unit when a reasonable and consistent

basis of alocation can be established, or otherwise

they are alocated to the smalest group of cash

generating units for which a reasonable and consistent

alocation basis can be established. The recoverable

amount is determined for the cash-generating unit

or group of cash-generating units to which the

corporate aset belongs, and is compared with the

carying amount of the relevant cash generating unit

or group of cash-generating units.

Recoverable amount is the higher of fair value les

costs of disposal and value in use. In asesing value

in use, the estimated future cash flows are discounted

to their present value using a pre-tax discount rate

that reflects curent market asesments of the time

value of money and the risks specific to the aset (or

a CGU) for which the estimates of future cash flows

have not ben adjusted.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

物业、厂房及设备及使用权资产减值

（续）

倘资产（或现金产生单位）的可收回金

额估计低于其账面值，则该资产（或现

金产生单位）账面值会下调至其可收回

金额。就未能按合理贯彻的基准分配

至现金产生单位的公司资产或部分公

司资产，本集团比较现金产生单位组

别账面值（包括已分配至该现金产生单

位组别的公司资产或部分公司资产的

账面值）与现金产生单位组别的可收回

金额。于分配减值亏损时，首先分配

减值亏损以减少任何商誉的账面值（如

适用），然后按该单位内各项资产的账

面值或现金产生单位组别所占比例分

配至其他资产。资产的账面值不得减

少至低于其公平值减出售成本（如可计

量）、其使用价值（如可厘定）及零（以

最高者为准）。原应分配至资产的减值

亏损金额按比例分配至单位或现金产

生单位组别的其他资产。减值亏损即

时于损益中确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Impairment on property, plant and equipment

and right-of-use asets (continued)

If the recoverable amount of an aset (or a cash-

generating unit) is estimated to be les than its carying

amount, the carying amount of the aset (or a CGU)

is reduced to its recoverable amount. For corporate

asets or portion of corporate asets which canot

be alocated on a reasonable and consistent basis to

a CGU, the Group compares the carying amount of

a group of CGUs, including the carying amounts of

the corporate asets or portion of corporate asets

alocated to that group of cash-generating units, with

the recoverable amount of the group of CGUs. In

alocating the impairment los, the impairment los is

alocated first to reduce the carying amount of any

godwil (if aplicable) and then to the other asets

on a pro-rata basis based on the carying amount

of each aset in the unit or the group of CGUs. The

carying amount of an aset is not reduced below

the highest of its fair value les costs of disposal

(if measurable), its value in use (if determinable)

and zero. The amount of the impairment los that

would otherwise have ben alocated to the aset is

alocated pro rata to the other asets of the unit or

the group of CGUs. An impairment los is recognised

imediately in profit or los.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

物业、厂房及设备及使用权资产减值

（续）

倘减值亏损其后予以拨回，则有关资

产的账面值（或现金产生单位或现金产

生单位组别）乃增加至其经修订的估计

可收回金额，但增加后的账面值不得

超逾该项资产（或现金产生单位或现金

产生单位组别）假设于过往年度并无确

认减值亏损的账面值。减值亏损拨回

乃即时于损益确认。

现金及现金等值项目

于综合财务状况表呈列的现金及现金

等值项目包括：

(a)

现金，包括手头现金及活期存

款，不包括因受监管限制而令

其不再符合现金定义的银行结

存；及

(b)

现金等值项目，包括可轻易转

换成已知金额现金而承受的价

值变动风险并不重大的短期（到

期日一般为三个月或以下）高流

动性投资以及为满足短期现金

承担而持有的预售物业所产生

的受限制存款。现金等值项目

乃持作应付短期现金需要而非

作投资或其他用途。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Impairment on property, plant and equipment

and right-of-use asets (continued)

Where an impairment los subsequently reverses, the

carying amount of the aset (or CGU or a group

of cash-generating units) is increased to the revised

estimate of its recoverable amount, but so that the

increased carying amount does not exced the

carying amount that would have ben determined

had no impairment los ben recognised for the

aset (or a CGU or a group of CGUs) in prior years.

A reversal of an impairment los is recognised

imediately in profit or los.

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 and restricted deposits

arising from pre-sale of properties that are held

for meting short-term cash comitments.

Cash equivalents are held for the purpose of

meting short-term cash comitments rather

than for investment or other purposes.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

现金及现金等值项目（续）

就综合现金流量表而言，现金及现金

等值项目包括上述定义的现金及现金

等值项目，扣除须按要求偿还并构成

本集团现金管理中不可或缺一部分的

未偿还银行透支。该等银行透支于综

合财务状况表中呈列为短期借款。

拨备

倘本集团因过往事件而承担现有责任

（法定或推定），而本集团可能须履行

该项责任而该责任的金额可以可靠地

计量时，则确认拨备。

确认为拨备的金额乃根据于报告期末

对履行现有责任所需代价的最佳估计

计量，并已计及该责任的风险及不确

定性。倘拨备采用估计履行现有责任

的现金流量计量，则其账面值为该等

现金流量的现值（倘有关金额的时间值

影响重大）。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Cash and cash equivalents (continued)

For the purposes of the consolidated statement of

cash flows, cash and cash equivalents consist of

cash and cash equivalents as defined above, net of

outstanding bank overdrafts which are repayable on

demand and form an integral part of the Group’s

cash management. Such overdrafts are presented as

short-term borowings in the consolidated statement

of financial position.

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 by the amount of the obligation.

The amount recognised as a provision is the best

estimate of the consideration required to setle

the present obligation at the end of the reporting

period, taking into acount the risks and uncertainties

surounding the obligation. When a provision is

measured using the cash flows estimated to setle

the present obligation, its carying amount is the

present value of those cash flows (where the efect

of the time value of money is material).

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

拨备（续）

保养

相关货品销售项下保证型保养责任的

预期成本拨备于相关产品的销售日期

按董事对结付本集团责任所需承担开

支的最佳估计确认。

或然负债

或然负债指由于过往事件而可能产生

的责任，此等责任最终会否形成乃取

决于一项或多项日后或会（或不会）发

生且并非本集团可完全控制的不确定

事件，方能确定。或然负债亦可能

是因为已发生的事件而引致的现有责

任，但由于可能不需要流出经济资

源，或责任金额未能充分可靠地衡量

而未有确认。或然负债并不确认，惟

在综合财务报表附注中披露。倘资源

流出的可能性有变而导致可能出现资

源流出时，此等负债将确认为拨备。

金融工具

倘集团实体成为工具合约条文之订约

方，则确认金融资产及金融负债。金

融资产之一切常规买卖均按交易日基

准确认及终止确认。常规买卖指须根

据市场规则或惯例确立之时间内交付

资产之金融资产买卖。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Provisions (continued)

Waranties

Provisions for the expected cost of asurance typed

waranty obligations under the relevant sale of gods

are recognised at the date of sale of the relevant

products, at the directors’ best estimate of the

expenditure required to setle the Group’s obligation.

Contingent liabilities

A contingent liability is a posible obligation that

arises from past events and whose existence wil only

be confirmed by the ocurence or non-ocurence

of one or more uncertain future events not wholy

within the control of the Group. It can also be a

present obligation arising from past events that is not

recognised because it is not probable that outflow of

economic resources wil be required or the amount

of the obligation canot be measured with suficient

reliably. A contingent liability is not recognised but

is disclosed in the notes to the consolidated financial

statements. When a change in the probability of an

outflow ocurs so that outflow is probable, they wil

then be recognised as a provision.

Financial instruments

Financial asets and financial liabilities are

recognised when a group entity becomes a party

to the contractual provisions of the instrument. Al

regular way purchases or sales of financial asets are

recognised and derecognised on a trade date basis.

Regular way purchases or sales are purchases or

sales of financial asets that require delivery of asets

within the time frame established by regulation or

convention in the market place.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

除根据香港财务报告准则第

号进行

初步计量的客户合约产生之应收贸易

账项外，金融资产及金融负债初步按

公平值计量。因收购或发行金融资产

及金融负债（按公平值计入损益（「按公

平值计入损益」）之金融资产或金融负

债除外）而直接产生之交易成本于初步

确认时计入金融资产或金融负债（如适

用）之公平值或自金融资产或金融负债

（如适用）之公平值扣除。收购按公平

值计入损益之金融资产或金融负债直

接产生之交易成本即时于损益确认。

实际利率法为一种计算金融资产或金

融负债的摊销成本及于有关期间内分

摊利息收入及利息开支的方法。实际

利率乃于初步确认时透过按金融资产

或金融负债预计年期或较短期间（如适

用）将估计未来现金收入及支出（包括

所支付或收取构成整体实际利率的所

有费用及贴息、交易成本及其他溢价

或折价）精确贴现至账面净值的利率。

来自本集团日常业务过程的利息收入

乃呈列为收入。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets and financial liabilities are initialy

measured at fair value except for trade receivables

arising from contracts with customers which are

initialy measured in acordance with HKFRS 15.

Transaction costs that are directly atributable to

the acquisition or isue of financial asets and

financial liabilities (other than financial asets or

financial liabilities at fair value through profit or los

(“FVTPL”) are aded to or deducted from the fair

value of the financial asets or financial liabilities, as

apropriate, on initial recognition. Transaction costs

directly atributable to the acquisition of financial

asets or financial liabilities at FVTPL are recognised

imediately in profit or los.

The efective interest method is a method of calculating

the amortised cost of a financial aset or financial

liability and of alocating interest income and interest

expense over the relevant period. The efective interest

rate is the rate that exactly discounts estimated future

cash receipts and payments (including al fes and

points paid or received that form an integral part of

the efective interest rate, transaction costs and other

premiums or discounts) through the expected life

of the financial aset or financial liability, or, where

apropriate, a shorter period, to the net carying

amount on initial recognition.

Interest income which are derived from the Group’s

ordinary course of busines are presented as revenue.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产

金融资产的分类及其后计量

符合下列条件的金融资产其后按摊销

成本计量：

•

该金融资产乃于旨在收取合约

现金流量之业务模式内所持有；

及

•

合约条款于指定日期产生之现

金流量仅为本金及尚未偿还本

金之利息付款。

符合下列条件的金融资产其后按公平

值计入其他全面收益（「按公平值计入

其他全面收益」）计量：

•

该金融资产乃于透过同时收取

合约现金流量及销售而达致目

的之业务模式内持有；及

•

合约条款于指定日期产生之现

金流量仅为本金及尚未偿还本

金之利息付款。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets

Clasification and subsequent measurement of

financial asets

Financial asets that met the folowing conditions

are subsequently measured at amortised cost:

• the financial aset is held within a busines

model whose objective is to colect contractual

cash flows; and

• the contractual terms give rise on specified

dates to cash flows that are solely payments of

principal and interest on the principal amount

outstanding.

Financial asets 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;

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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的分类及其后计量（续）

所有其他金融资产其后按公平值计入

损益计量，惟于首次应用日期╱初步

确认金融资产之日，倘权益投资并非

持作买卖用途或收购方并未于香港财

务报告准则第

号业务合并所适用的业

务合并中确认或然代价，则本集团可

不可撤销地选择于其他全面收益（「其

他全面收益」）中呈列有关权益投资之

其后公平值变动。

倘符合以下条件，则金融资产分类为

持作买卖：

•

购入之目的主要为于近期出售；

或

•

于初步确认时属于本集团整体

管理之可识别金融工具组合之

一部分，并且最近有可短期获

利之实际模式；或

•

属并非指定及有效作为对冲工

具之衍生工具。

此外，本集团可不可撤销地将须按摊

销成本或按公平值计入其他全面收益

计量之金融资产指定为按公平值计入

损益计量，前提是此举可消除或显著

减少会计错配情况。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Clasification and subsequent measurement of

financial asets (continued)

Al other financial asets are subsequently measured

at FVTPL, except that at the date of initial aplication/

initial recognition of a financial aset the Group may

irevocably elect to present subsequent changes in fair

value of an equity investment in other comprehensive

income (“OCI”) if that equity investment is neither

held for trading nor contingent consideration

recognised by an acquirer in a busines combination

to which HKFRS 3 Busines Combinations aplies.

A financial aset is clasified as held for trading if:

• it has ben acquired principaly for the purpose

of seling in the near term; or

• on initial recognition it is a part of a portfolio

of identified financial instruments that the

Group manages together and has a recent

actual patern of short-term profit-taking; or

• it is a derivative that is not designated and

efective as a hedging instrument.

In adition, the Group may irevocably designate a

financial aset that are required to be measured at

the amortised cost or FVTOCI as measured at FVTPL

if doing so eliminates or significantly reduces an

acounting mismatch.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的分类及其后计量（续）

(i)

摊销成本及利息收入

就其后按摊销成本计量之金融

资产以实际利率法确认利息收

入。除其后出现信贷减值之金

融资产（见下文）外，利息收入

乃透过就金融资产总账面值应

用实际利率计算。就其后出现

信贷减值之金融资产而言，利

息收入乃透过自下个报告期起

就金融资产摊销成本应用实际

利率确认。如信贷减值金融工

具之信贷风险改善以致金融资

产不再出现信贷减值，则利息

收入自厘定资产不再出现信贷

减值后之报告期初起就金融资

产之总账面值应用实际利率确

认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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.

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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的分类及其后计量（续）

(i)

指定为按公平值计入其他全面

收益之权益工具

按公平值计入其他全面收益的

权益工具投资其后按公平值计

量，公平值变动所产生的损益

于其他全面收益确认并于公平

值储备中积累，且毋须进行减

值评估。累计损益于出售股权

投资时不会重新分类至损益，

而是继续于公平值储备中持有。

该等权益工具投资所得股息于

本集团有权收取股息时于损益

确认，股息明确表示收回部分

投资成本则除外。股息计入损

益内的「其他收入、收益及亏

损」项目。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Clasification and subsequent measurement of

financial asets (continued)

(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 Fair Value

Reserve; and are not subject to impairment

asesment. The cumulative gain or los wil

not be reclasified to profit or los on disposal

of the equity investments, and wil continue

to be held in the Fair Value Reserve.

Dividends from these investments in equity

instruments are recognised in profit or

los when the Group’s right to receive the

dividends is established, unles the dividends

clearly represent a recovery of part of the cost

of the investment. Dividends are included in

the “other income, gains and loses” line item

in profit or los.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的分类及其后计量（续）

(i)

按公平值计入损益之金融资产

不符合按摊销成本或按公平值

计入其他全面收益计量或指定

为按公平值计入其他全面收益

标准之金融资产按公平值计入

损益计量。

按公平值计入损益之金融资产

于各报告期末按公平值计量，

而任何公平值收益或亏损均于

损益内确认。于损益内确认的

净收益或亏损不包括就金融资

产赚取的任何股息或利息并包

含在「其他收入、收益及亏损」

项目中。

根据香港财务报告准则第

号进行减值

评估的金融资产之减值

本集团根据预期信贷亏损（「预期信贷

亏损」）模式对须根据香港财务报告准

则第

号进行减值评估的金融资产（包

括应收贸易账项及其他应收账项、应

收关连公司之贸易账项、应收前附属

公司之款项、应收贷款、已抵押银行

存款、银行结存、融资担保合约及应

收商业保理款项）进行减值评估。预期

信贷亏损金额于各报告日期更新，以

反映自初步确认以来信贷风险的变动。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Clasification and subsequent measurement of

financial asets (continued)

(i) Financial asets at FVTPL

Financial asets that do not met the criteria

for being measured at amortised cost or

FVTOCI or designated as FVTOCI are measured

at FVTPL.

Financial asets at FVTPL are measured at fair

value at the end of each reporting period, with

any fair value gains or loses recognised in

profit or los. The net gain or los recognised

in profit or los excludes any dividend or

interest earned on the financial aset and

is included in the “other income, gains and

loses” line item.

Impairment of financial asets subject to

impairment asesment under HKFRS 9

The Group performs impairment asesment under

expected credit los (“ECL”) model on financial

asets (including trade and other receivables, trade

receivables from related company, amounts due

from former subsidiaries, loan receivables, pledged

bank deposits, bank balances, financial guarante

contracts and factoring receivables) which are subject

to impairment asesment under HKFRS 9. The

amount of ECL is updated at each reporting date to

reflect changes in credit risk since initial recognition.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

全期预期信贷亏损指于相关工具预期

年期内发生的所有可能违约事件所导

致的预期信贷亏损。相反，

个月预

期信贷亏损指预期于报告日期后

个

月内可能发生的违约事件所导致的部

分全期预期信贷亏损。评估根据本集

团过往信贷亏损经验进行，并根据债

务人的特定因素、整体经济状况以及

于报告日期对当前状况及未来状况预

测的评估而作出调整。

本集团始终就应收贸易账项确认全期

预期信贷亏损。预期信贷亏损乃就

拥有重大结余或出现信贷减值的应收

贸易账项及应收租赁款项进行个别评

估，余下应收贸易账项乃采用具合适

账龄分组的拨备矩阵进行整体评估。

就所有其他工具而言，本集团计量的

亏损拨备相等于

个月预期信贷亏

损，除非信贷风险自初步确认后显著

增加，于此种情况下，本集团会确认

全期预期信贷亏损。有关应否确认全

期预期信贷亏损的评估乃视乎自初步

确认以来发生违约的可能性或风险有

否显著增加而进行。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9 (continued)

Lifetime ECL represents the ECL that wil result from

al posible default events over the expected life

of the relevant instrument. In contrast, 12 months

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.

Asesment 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. The ECL on trade receivables with

significant balances or credit impaired and lease

receivables are asesed individualy and the remaining

trade receivables are asesed colectively using a

provision matrix with apropriate age groupings.

For al other instruments, the Group measures the los

alowance equal to 12 months ECL, unles when there

has ben a significant increase in credit risk since

initial recognition, in which case the Group recognises

lifetime ECL. The asesment of whether lifetime ECL

should be recognised is based on significant increases

in the likelihod or risk of a default ocuring since

initial recognition.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(i)

信贷风险显著增加

于评估自初步确认后信贷风险

是否显著增加时，本集团将于

报告日期金融工具发生的违约

风险与初步确认日期金融工具

发生的违约风险进行比较。在

进行该评估时，本集团会考虑

合理且可支持的定量和定性资

料，包括无需付出不必要的成

本或努力而可得的历史经验及

前瞻性资料。

特别是，在评估信贷风险是否

显著增加时，会考虑以下资料：

•

金融工具的外部（如有）

或内部信贷评级的实际

或预期显著恶化；

•

外部市场信贷风险指标

的显著恶化，如信贷利

差大幅增加、债务人的

信贷违约掉期价格；

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9 (continued)

(i) Significant increase in credit risk

In asesing whether the credit risk has

increased significantly since initial recognition,

the Group compares the risk of a default

ocuring on the financial instrument as at

the reporting date with the risk of a default

ocuring on the financial instrument as at

the date of initial recognition. In making

this asesment, the Group considers both

quantitative and qualitative information that

is reasonable and suportable, including

historical experience and forward-loking

information that is available without undue

cost or efort.

In particular, the folowing information is

taken into acount when asesing whether

credit risk has increased significantly:

• an actual or expected significant

deterioration in the financial

instrument’s external (if available) or

internal credit rating;

• significant deterioration in external

market indicators of credit risk, e.g. a

significant increase in the credit spread,

the credit default swap prices for the

debtor;

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(i)

信贷风险显著增加（续）

•

预计会导致债务人偿还

债务责任能力大幅下降

的业务、财务或经济状

况的现有或预测的不利

变化；

•

债务人经营业绩的实际

或预期显著恶化；

•

导致债务人偿还债务责

任能力大幅下降的债务

人监管、经济或技术环

境的实际或预期的重大

不利变化。

不论上述评估的结果如何，本

集团假定，当合约付款逾期超

过

天，则自初步确认以来信

贷风险已显著增加，除非本集

团有合理且可支持的资料证明

则另作别论。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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)

• existing or forecast adverse changes

in busines, financial or economic

conditions that are expected to cause

a significant decrease in the debtor’s

ability to met its debt obligations;

• an actual or expected significant

deterioration in the operating results

of the debtor;

• an actual or expected significant adverse

change in the regulatory, economic,

or technological environment of the

debtor that results in a significant

decrease in the debtor’s ability to met

its debt obligations.

Irespective of the outcome of the above

asesment, the Group presumes that the

credit risk has increased significantly since

initial recognition when contractual payments

are more than 30 days past due, unles

the Group has reasonable and suportable

information that demonstrates otherwise.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(i)

信贷风险显著增加（续）

尽管存在上述情况，倘债务工

具于报告日期被确定为具有低

信贷风险，本集团假设债务工

具的信贷风险自初步确认起并

无大幅增加。倘

其违约风险偏

低，

借方有强大能力于短期

满足其合约现金流量责任，及

较长期的经济及业务状况存

在不利变动，惟将未必削弱借

方达成其合约现金流量责任的

能力，则债务工具的信贷风险

会被厘定为偏低。当债务工具

的内部或外部信贷评级为「投资

级别」（按照全球理解的释义），

则本集团会视该债务工具的信

贷风险偏低。

就融资担保合约而言，本集团

成为不可撤回承担一方之日期

被视为就金融工具评估减值之

初步确认日期。在评估自融资

担保合约初步确认起信贷风险

是否显著增加时，本集团考虑

特定债务人合约违约的风险变

动。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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)

Despite the foregoing, the Group asumes that

the credit risk on a debt instrument has not

increased significantly since initial recognition

if the debt instrument is determined to have

low credit risk at the reporting date. A debt

instrument is determined to have low credit

risk if i) it has a low risk of default, i) the

borower has a strong capacity to met its

contractual cash flow obligations in the near

term and i) adverse changes in economic

and busines conditions in the longer term

may, but wil not necesarily, reduce the ability

of the borower to fulfil its contractual cash

flow obligations. The Group considers a debt

instrument to have low credit risk when it

has an internal or external credit rating of

‘investment grade’ in acordance with globaly

understod definitions.

For financial guarante contracts, the date

that the Group becomes a party to the

irevocable comitment is considered to

be the date of initial recognition for the

purposes of asesing the financial instrument

for impairment. In asesing whether there

has ben a significant increase in the credit

risk since initial recognition of a financial

guarante contract, the Group considers the

changes in the risk that the specified debtor

wil default on the contract.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(i)

信贷风险显著增加（续）

本集团定期监察用以识别信贷

风险是否显著增加的标准之成

效，并适时对其进行修改，以

确保该标准可于金额逾期前确

认信贷风险之显著增加。

(i)

违约定义

就内部信贷风险管理而言，本

集团认为，当内部产生或获取

自外部来源的资料表明债务人

不太可能向债权人（包括本集

团）全数还款（不考虑本集团持

有的任何抵押品）时，发生违约

事件。

尽管有上文所述，本集团认

为，当金融资产逾期超过

天

时则发生违约，除非本集团有

合理且可支持的资料证明更滞

后的违约标准属更合适。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9 (continued)

(i) Significant increase in credit risk (continued)

The Group regularly monitors the efectivenes

of the criteria used to identify whether there

has ben a significant increase in credit risk

and revises them as apropriate to ensure

that the criteria are capable of identifying

significant increase in credit risk before the

amount becomes past due.

(i) Definition of default

For internal credit risk management, the Group

considers an event of default ocurs when

information developed internaly or obtained

from external sources indicates that the debtor

is unlikely to pay its creditors, including the

Group, in ful (without taking into acount

any colaterals held by the Group).

Irespective of the above, the Group considers

that default has ocured when a financial

aset is more than 90 days past due unles

the Group has reasonable and suportable

information to demonstrate that a more

laging default criterion is more apropriate.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(i)

信贷减值金融资产

当发生对金融资产的估计未来

现金流量产生不利影响的一项

或多项违约事件之时，该金融

资产即出现信贷减值。金融资

产信贷减值的证据包括以下事

件的可观察数据：

(a)

发行人或借款人陷入严

重财务困难；

(b)

违反合约，例如违约或

逾期事件；

(c)

借款人的贷款人出于与

借款人财务困难相关的

经济或合约原因，向借

款人授予贷款人不会另

行考虑的优惠；

(d)

借款人可能破产或进行

其他财务重组；或

(e)

金融资产的活跃市场因

财务困难而消失。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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 of default 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;

economic or contractual reasons

relating to the borower’s financial

dificulty, having granted to the

borower a concesion(s) that the

lender(s) would not otherwise consider;

(d) it is becoming probable that the

borower wil enter bankruptcy or other

financial reorganisation; or

(e) the disapearance of an active market

for that financial aset because of

financial dificulties.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(iv)

撇销政策

当有资料显示交易对手有严重

财务困难及收回款项不切实际

时，例如，当交易对手进行清

算或已进行破产程序时，本集

团会撇销金融资产。经考虑法

律意见（如适用）后，根据本集

团收回程序，已撇销的金融资

产可能仍面临强制执行活动。

撇销构成终止确认事件。任何

其后收回均于损益中确认。

(v)

预期信贷亏损的计量及确认

预期信贷亏损的计量为违约概

率、违约亏损（即违约时亏损程

度）及违约时风险的函数。违

约概率及违约亏损的评估乃基

于历史数据按前瞻性资料作调

整。预期信贷亏损的估计反映

无偏颇及概率加权数额，其乃

根据加权的相应违约风险厘定。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9 (continued)

(iv) Write of policy

The Group writes of a financial aset when there

is information indicating that the counterparty

is in severe financial dificulty and there is no

realistic prospect of recovery, for example,

when the counterparty has ben placed under

liquidation or has entered into bankruptcy

procedings. Financial asets writen of may

stil be subject to enforcement activities under

the Group’s recovery procedures, taking into

acount legal advice where apropriate. A

Write of constitutes a derecognition event.

Any subsequent recoveries are recognised in

profit or los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the

probability of default, los given default (i.e.

the magnitude of the los if there is a default)

and the exposure at default. The asesment

of the probability of default and los given

default is based on historical data adjusted

by forward-loking information. Estimation

of ECL reflects an unbiased and probability-

weighted amount that is determined with the

respective risks of default ocuring as the

weights.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（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

据合约应付本集团之所有合约

现金流量与本集团预期收取的

现金流量之间的差额（按初步确

认时厘定的实际利率贴现）。就

租赁应收款而言，用于厘定预

期信贷亏损的现金流量与按照

香港财务报告准则第

号计量

租赁应收款项时使用的现金流

量为一致。

就融资担保合约而言，本集

团仅须当债务人发生违约事件

时，根据该工具所担保之条款

作出付款。因此，预期信贷亏

损为预期支付予持有人作为发

生信贷亏损之补偿减去任何本

集团预期从持有人、债务人或

任何其他人士所收取之金额的

现值。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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 estimated as 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.

For a lease receivable, the cash flows used

for determining the ECL is consistent with

the cash flows used in measuring the lease

receivable in acordance with HKFRS 16.

For a financial guarante contract, the Group

is required to make payments only in the event

of a default by the debtor in acordance with

the terms of the instrument that is guaranted.

Acordingly, the ECL is the present value of

the expected payments to reimburse the

holder for a credit los that it incurs les any

amounts that the Group expects to receive

from the holder, the debtor or any other party.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(v)

预期信贷亏损的计量及确认

（续）

就无法厘定实际利率之融资担

保合约之预期信贷亏损而言，

本集团将采用反映当前市场对

货币时间价值之评估及现金流

量特定风险之贴现率，惟仅限

于通过调整贴现率而非调整经

贴现的现金差额来考虑该等风

险。

若干应收贸易账项之全期预期

信贷亏损乃经考虑过往逾期资

料及前瞻性宏观经济资料等相

关信贷资料后按整体基准考虑。

就集体评估而言，于制定分组

时，本集团经考虑下列特征：

•

逾期状况；

•

债务人的性质、规模及

行业；及

•

外部信贷评级（倘可得）。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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)

For ECL on financial guarante contracts for

which the efective interest rate canot be

determined, the Group wil aply a discount

rate that reflects the curent market asesment

of the time value of money and the risks that

are specific to the cash flows but only if,

and to the extent that, the risks are taken

into acount by adjusting the discount rate

instead of adjusting the cash shortfals being

discounted.

Lifetime ECL for certain 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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号进行减值

评估的金融资产之减值（续）

(v)

预期信贷亏损的计量及确认

（续）

管理层定期检讨分组方法，确

保各组别的组成项目仍然具有

相似的信贷风险特征。

利息收入乃根据金融资产的总

账面值计算，除非金融资产出

现信贷减值，在此情况下，利

息收入根据金融资产的摊销成

本计算。

对于融资担保合约，亏损拨备

按照香港财务报告准则第

号厘

定的亏损拨备金额与初步确认

的金额减去（如适用）在担保期

内确认的累计收入金额之间的

较高者确认。

除融资担保合约外，本集团通

过调整账面值于损益确认所有

金融工具的减值收益或亏损，

但相应调整通过亏损拨备账确

认的应收贸易账项、按金、应

收商业保理款项、应收贷款及

其他应收账项除外。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

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)

The grouping is regularly reviewed by

management to ensure the constituents of

each group continue to share similar credit

risk characteristics.

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 the amortised cost of the financial aset.

For financial guarante contracts, the los

alowances are recognised at the higher of

the amount of the los alowance determined

in acordance with HKFRS 9; and the amount

initialy recognised les, where apropriate,

cumulative amount of income recognised over

the guarante period.

Except for financial guarante contracts, the

Group recognises an impairment gain or los

in profit or los for al financial instruments

by adjusting their carying amount, with

the exception of trade receivables, deposits,

factoring receivables, loan receivables and

other receivables where the coresponding

adjustment is recognised through a los

alowance acount.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

外汇收益及亏损

以外币计值的金融资产的账面值以该

外币厘定，并于各报告期末按现货汇

率换算。具体而言：

•

对于并非指定对冲关系一部分

的以摊销成本计量的金融资

产，汇兑差额于损益中「其他收

入、收益及亏损净额」条目内确

认为汇兑净收益╱（亏损）的一

部分；

•

对于并非指定对冲关系一部分

的按公平值计入其他全面收益

而计量的债务工具，债务工具

摊销成本的汇兑差额于损益中

「其他收入、收益及亏损」条目

下确认为汇兑净收益╱（亏损）

的一部分。由于损益内确认

的外币元素与按摊销成本计量

者相同，基于账面值换算（按公

平值）的剩余外币元素于其他全

面收益中在按公平值计入其他

全面收益╱重估储备内确认；

•

对于并非指定对冲关系一部分

的按公平值计入损益而计量的

金融资产，汇兑差额于损益中

「其他收益、收益及亏损」条目

下确认为金融资产公平值变动

之收益╱（亏损）的一部分；及

•

对于按公平值计入其他全面收

益而计量的股本工具，汇兑差

额于其他全面收益中在按公平

值计入其他全面收益╱重估储

备内确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Foreign exchange gains and loses

The carying amount of financial asets that are

denominated in a foreign curency is determined

in that foreign curency and translated at the spot

rate at the end of each reporting period. Specificaly:

• For financial asets measured at amortised

cost that are not part of a designated

hedging relationship, exchange diferences

are recognised in profit or los in the “Other

income, gains and loses, net” line item as part

of the net foreign exchange gains/(loses);

• For debt instruments measured at FVTOCI

that are not part of a designated hedging

relationship, exchange diferences on the

amortised cost of the debt instrument are

recognised in profit or los in the “Other

income, gains and loses” line item as part of

the net foreign exchange gains/(loses). As the

foreign curency element recognised in profit

or los is the same as if it was measured at

amortised cost, the residual foreign curency

element based on the translation of the

carying amount (at fair value) is recognised

in other comprehensive income in the fair

value through other comprehensive income/

revaluation reserve;

• For financial asets measured at FVTPL that are

not part of a designated hedging relationship,

exchange diferences are recognised in profit

or los in the “Other income, gains and

loses” line item as part of the gain/(los)

from changes in fair value of financial asets;

exchange diferences are recognised in

other comprehensive income in the fair

value through other comprehensive income/

revaluation reserve.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融资产（续）

终止确认金融资产

仅于资产现金流量的合约权利届满

时，或其将金融资产及该资产拥有

权的绝大部分风险及回报转移予另一

实体时，本集团方会终止确认金融资

产。倘本集团并无转让及保留拥有权

之绝大部分风险及回报，并继续控制

已转让之资产，则本集团会确认其于

资产的保留权益及可能需要支付的相

关负债款项。倘本集团保留所转让

金融资产拥有权的绝大部分风险及回

报，本集团会继续确认该项金融资

产，并亦确认已收所得款项为有抵押

借贷。

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

之和间的差额，于损益内确认。

于终止确认本集团于初始确认时选择

透过其他全面收益按公平值列账的权

益工具投资时，先前于重估储备累计

的累计收益或亏损不会重新分类至损

益，但会转入保留溢利。

倘重新协商合约现金流量或以其他方

式修订，则发生金融资产修订。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Derecognition of financial asets

The Group derecognises a financial aset only when

the contractual rights to the cash flows from the aset

expire, or when it transfers the financial aset and

substantialy al the risks and rewards of ownership

of the aset to another entity. If the Group neither

transfers nor retains substantialy al the risks and

rewards of ownership and continues to control the

transfered aset, the Group recognises its retained

interest in the aset and an asociated liability for

amounts it may have to pay. If the Group retains

substantialy al the risks and rewards of ownership

of a transfered financial aset, the Group continues

to recognise the financial aset and also recognises

a colateralised borowing for the proceds received.

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 FVOCI, the cumulative

gain or los previously acumulated in the revaluation

reserve is not reclasified to profit or los, but is

transfered to retained earnings.

A modification of a financial aset ocurs if the

contractual cash flows are renegotiated or otherwise

modified.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

金融资产（续）

终止确认金融资产（续）

除因利率基准改革（本集团采用可行权

宜方法）导致厘定合约现金流量之基准

变化外，当金融资产的合约条款被修

订时，本集团会于考虑所有相关事实

及情况（包括定性因素）后，评估经修

订条款是否导致对原有条款作出重大

修订。倘定性评估并无定论，且倘新

条款项下现金流量的贴现值（包括任

何已付费用扣除任何已收费用及使用

原实际利率贴现）与原金融资产剩余现

金流量的贴现值（经扣除已撇销的账

面总值）相差至少

10%

，则本集团认为

该等条款有重大差异。

对于不导致终止确认的金融资产的非

重大变更，相关金融资产的账面价值

按照变更后的合约现金流量的现值计

算，并按照金融资产的原实际利率折

现。所产生的交易成本或费用调整至

经修订金融资产的账面值，并于剩余

年期内摊销。对金融资产账面值的任

何调整于修订日期在损益中确认。

金融负债及权益

分类为债务或权益

由集团实体发行的债务及权益工具根

据合约安排的实质内容及金融负债及

权益工具的定义分类为金融负债或权

益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial asets (continued)

Derecognition of financial asets (continued)

When the contractual terms of a financial aset are

modified, the Group aseses whether the revised

terms result in a substantial modification from

original terms taking into acount al relevant facts

and circumstances including qualitative factors. If

qualitative asesment is not conclusive, the Group

considers the terms are substantialy diferent if the

discounted present value of the cash flows under the

new terms, including any fes paid net of any fes

received, and discounted using the original efective

interest rate, is at least 10 per cent diferent from

the discounted present value of the remaining cash

flows of the original financial aset, after reducing

gros carying amount that has ben writen of.

For non- substantial modifications of financial asets

that do not result in derecognition, the carying amount

of the relevant financial asets wil be calculated at the

present value of the modified contractual cash flows

discounted at the financial asets’ original efective

interest rate. Transaction costs or fes incured are

adjusted to the carying amount of the modified

financial asets and are amortised over the remaining

term. Any adjustment to the carying amount of the

financial aset is recognised in profit or los at the

date of modification.

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments isued by a group entity

are clasified as either financial liabilities or as equity

in acordance with the substance of the contractual

arangements and the definitions of a financial

liability and an equity instrument.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

金融工具（续）

金融负债及权益（续）

权益工具

权益工具乃证明实体于扣除其全部负

债后在其资产所享有剩余权益的任何

合约。本公司发行的权益工具按已收

所得款项扣除直接发行成本确认。

按摊销成本列账之金融负债

金融负债包括应付贸易账项、其他应

付账项及应计费用、员工贷款、应付

关连公司账项、应付董事账项、应计

建筑成本、票息债券、向非控股东

授出认沽期权产生之承担、租赁负债

以及银行及其他借款，其后采用实际

利率法按摊销成本计量。

融资担保合约

融资担保合约为要求发行人提供指定

付款，以补偿持有人由于指定债务人

未能根据债务工具条款于到期时履行

付款而蒙受之损失之合约。本集团发

出之融资担保合约初步按其公平值计

量，并（倘并无指定为按公平值计入损

益）其后按下列较高者计量：

(i)

根据香港财务报告准则第

号厘

定的亏损拨备金额；及

(i)

初步确认金额减担保期间确认

之累计摊销（倘适用）。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Financial liabilities and equity (continued)

Equity instruments

An equity instrument is any contract that evidences

a residual interest in the asets of an entity after

deducting al of its liabilities. Equity instruments isued

by the Company are recognised at the proceds

received, net of direct isue costs.

Financial liabilities at amortised cost

Financial liabilities including trade payables, other

payables and acruals, loans from staf, amounts

due to related companies, amounts due to directors,

construction cost acruals, coupon bonds, obligation

arising from a put option to a non-controling

shareholder, lease liabilities and bank and other

borowings are subsequently measured at amortised

cost, using the efective interest method.

Financial guarante contracts

A financial guarante contract is a contract that

requires the isuer to make specified payments to

reimburse the holder for a los it incurs because a

specified debtor fails to make payment when due

in acordance with the terms of a debt instrument.

Financial guarante contracts liabilities isued by

the Group are measured initialy at their fair values

and, if not designated as at FVTPL, are subsequently

measured at the higher of:

(i) the amount of the los alowance determined

in acordance with HKFRS 9; and

(i) the amount initialy recognised les, where

apropriate, cumulative amortisation

recognised over the guarante period.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

金融工具（续）

外汇收益及亏损

就于各报告期末以外币列值及按摊销

成本计量的金融负债而言，外汇收

益及亏损基于该等工具的摊销成本厘

定。该等外汇收益及亏损就并非指定

对冲关系一部分的金融负债于损益中

「其他收益及亏损」条目内确认为汇兑

净收益╱（亏损）的一部分。就指定为

对冲外汇风险对冲工具的金融负债而

言，外汇收益及亏损于其他全面收益

确认，并于权益的独立部分累计。

以外币计值的金融负债的公平值以该

外币厘定并以报告期末的即期汇率换

算。就按公平值计入损益的金融负债

而言，外汇部分构成公平值收益或亏

损的一部分，并于不构成指定对冲关

系的金融负债损益中确认。

终止确认金融负债

本集团于及仅于本集团的责任获解

除、取消或已到期时，方会将该金融

负债终止确认。终止确认的金融负债

账面值与已付及应付代价之间的差额

于损益内确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Financial instruments (continued)

Foreign exchange gains and loses

For financial liabilities that are denominated in a

foreign curency and are measured at amortised cost

at the end of each reporting period, the foreign

exchange gains and loses are determined based

on the amortised cost of the instruments. These

foreign exchange gains and loses are recognised in

the “Other gains and loses” line item in profit or

los as part of net foreign exchange gains/(loses) for

financial liabilities that are not part of a designated

hedging relationship. For those which are designated

as a hedging instrument for a hedge of foreign

curency risk, foreign exchange gains and loses

are recognised in other comprehensive income and

acumulated in a separate component of equity.

The fair value of financial liabilities denominated

in a foreign curency is determined in that foreign

curency and translated at the spot rate at the end

of the reporting period. For financial liabilities that

are measured as at FVTPL, the foreign exchange

component forms part of the fair value gains or

loses and is recognised in profit or los for financial

liabilities that are not part of a designated hedging

relationship.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and

only when, the Group’s obligations are discharged,

canceled or have expired. The diference betwen the

carying amount of the financial liability derecognised

and the consideration paid and payable is recognised

in profit or los.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

关连人士

关连人士乃于本集团编制其财务报表

时与其有关连之人士或实体，详情如

下：

(a)

倘属以下人士，则该人士或与

该人士关系密切的家庭成员与

本集团有关连：

(i)

控制或共同控制本集团；

(i)

对本集团有重大影响力；

或

(i)

为本集团或本集团母公

司之主要管理层成员。

(b)

倘符合下列任何条件，则该实

体与本集团有关连：

(i)

该实体与本集团属同一

集团之成员公司（即各

母公司、附属公司及同

系附属公司彼此间有关

连）；

(i)

某一实体为另一实体之

联营公司或合营公司（或

该另一实体为成员公司

之集团旗下成员公司之

联营公司或合营公司）；

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Related parties

A related party is a person or entity that is related to

the Group that is preparing its financial statements

as folows:

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

family, is related to the Group if that person:

(i) has control or joint control over the

Group;

(i) has significant influence over the

Group; or

(i) is a member of the key management

personel of the Group or of the

Group’s parent.

(b) An entity is related to the Group if 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 an

asociate or joint venture of a member

of the group of which the other entity

is a member);

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

重大会计政策资料（续）

关连人士（续）

(b)

（续）

(i)

两间实体均为同一第三

方之合营公司；

(iv)

一实体为第三方实体之

合营公司，而另一实体

为该第三方之联营公司；

(v)

该实体为本集团或与本

集团有关连之实体就雇

员利益设立之离职后福

利计划。倘本集团本身

为该计划，则担保雇主

亦与本集团有关连；

(vi)

该实体受

(a)

项所识别之

人士控制或共同控制；

(vi)

于

(a)(i)

项所识别之人士

对该实体有重大影响力

或属该实体（或该实体之

母公司）之主要管理层成

员；及

(vi)

向本集团或本集团母公

司提供主要管理人员服

务之实体或其身为一方

之任何集团成员公司。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Related parties (continued)

(b) (continued)

(i) both entities are joint ventures of the

same third party;

(iv) one entity is a joint venture of a

third entity and the other entity is an

asociate of the third party;

(v) the entity is a post-employment benefit

plan for the benefit of employes of

either the Group or an entity related

to the Group. If the Group is itself such

a plan, the sponsoring employers are

also related to the Group;

(vi) the entity is controled or jointly

controled by a person identified in (a);

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

significant influence over the entity or

is a member of the key management

personel of the entity (or of a parent

of the entity); and

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

of which it is a part, provides key

management personel services to the

group or the parent of the Group.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

重大会计政策资料（续）

关连人士（续）

任何人士关系密切的家庭成员是指与

该实体交易时预期可影响该人士或受

该人士影响之家庭成员，包括：

(a)

该人士的子女及配偶或同居伴

侣；

(b)

该人士的配偶或同居伴侣的子

女；及

(c)

该人士或该人士的配偶或同居

伴侣的受养人

当本集团与关连人士之间有资源或责

任转移时，交易被视为关连人士交易。

4. MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Related parties (continued)

Close members of the family of a person are those

family members who may be expected to influence,

or be influenced by, that person in their dealings

with the entity and include:

(a) that person’s children and spouse or domestic

partner;

(b) children of that person’s spouse or domestic

partner; and

spouse or domestic partner

A transaction is considered to be a related party

transaction when there is a transfer of resources or

obligations betwen the Group and related parties.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

关键会计判断及估计不确定之

主要来源

在应用附注

所述之本集团会计政策

时，本公司董事需要对未能轻易依循

其他途径即时得知资产及负债之账面

值作出判断、评估及假设。该等估计

及相关假设乃基于历史经验及被视作

相关的其他因素而作出。实际结果可

能与该等估计有异。

该等估计及相关假设会持续检讨。倘

会计估计之修订仅影响作出修订之期

间，将只会于该期间确认；或倘修订

影响当期及未来期间，则会于修订及

未来期间确认。

应用会计政策之关键判断

以下为本公司董事于应用本集团会计

政策过程中所作出以及对于综合财务

报表所确认之金额具有最重大影响之

关键判断。

5. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies,

which are described in Note 4, the directors of the

Company are required to make judgments, estimates

and asumptions about the carying amounts of asets

and liabilities that are not readily aparent from other

sources. The estimates and asociated asumptions

are based on historical experience and other factors

that are considered to be relevant. Actual results may

difer from these estimates.

The estimates and underlying asumptions are

reviewed on an ongoing basis. Revisions to acounting

estimates are recognised in the period in which the

estimate is revised if the revision afects only that

period, or in the period of the revision and future

periods if the revision afects both curent and future

periods.

Critical judgments in aplying acounting

policies

The folowing are the critical judgments that the

directors of the Company have made in the proces

of aplying the Group’s acounting policies and that

have the most significant efect on the amounts

recognised in the consolidated financial statements.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

关键会计判断及估计不确定之

主要来源（续）

应用会计政策之关键判断（续）

投资物业之递延税项

就计量利用公平值模型计量之投资物

业产生之递延税项而言，本公司董事

已审阅本集团之投资物业组合并认为

本集团之投资物业乃随时间而非透过

销售而消耗投资物业所包含之绝大部

分经济利益之业务模式持有。因此，

于计量本集团之投资物业之递延税项

时，本公司董事已厘定，利用公平值

模型计量之投资物业之账面值通过销

售全数收回之假设被推翻。因此，有

关本集团投资物业之递延税项已根据

透过使用以悉数收回账面值之税务结

果计量。

5. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Critical judgments in aplying acounting

policies (continued)

Defered taxation on investment properties

For the purposes of measuring defered taxation

arising from investment properties that are measured

using the fair value model, the directors of the

Company have reviewed the Group’s investment

property portfolios and concluded that the Group’s

investment properties are held under a busines

model whose objective is to consume substantialy

al of the economic benefits embodied in the

investment properties over time, rather than through

sale. Therefore, in measuring the Group’s defered

taxation on investment properties, the directors of the

Company have determined the presumption that the

carying amounts of investment properties measured

using the fair value model are recovered entirely

through sale is rebuted. Acordingly, defered

taxation in relation to the Group’s investment

properties has ben measured based on the tax

consequences of recovering the carying amounts

entirely through use.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

关键会计判断及估计不确定之

主要来源（续）

估计不确定之主要来源

于报告期末，对涉及未来的主要假设

以及其他估计不确定之主要来源并且

有重大风险可能导致下个财政年度须

对资产与负债之账面值作出重大调整

之详情如下。

投资物业之估值

本集团之投资物业按根据独立合资格

专业估值师进行之估值得出之公平值

列账。于厘定公平值时，估值师已在

厘定估值方法、在估值模式内采纳重

大假设及采用多项不可观察输入值时

应用重大判断及估计，包括可资比较

物业实际出售所变现之价格或报价或

市场租金。对可资比较物业进行分析

并审慎衡量多项因素（如各物业之位

置、楼龄及发展规模），以达致市值之

公平比较。诚如附注

所披露，于二

零二五年三月三十一日，投资物业之

账面值约为

2,302,012,000

港元（二零

二四年：

2,640,470,000

港元）。

5. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Key sources of estimation uncertainty

The folowing are the key asumptions concerning

the future, and other key sources of estimation

uncertainty at the end of the reporting period, that

may have a significant risk of causing a material

adjustment to the carying amounts of asets and

liabilities within the next financial year.

Valuation of investment properties

The Group’s investment properties are stated at

fair value based on the valuation performed by

an independent qualified profesional valuer. In

determining the fair value, the valuer has aplied

significant judgment and estimation in determining

the valuation methodology, adoption of significant

asumptions and use of various unobservable inputs

in the valuation models, including prices realized

on actual sales or asking prices or market rent of

comparable properties. Comparable properties are

analysed and carefuly weighed against various factors,

such as location, building age and development scale

of each property in order to arive at a fair comparison

of market values. As at 31 March 2025, the carying

amount of investment properties was aproximately

HK$2,302,012,000 (2024: HK$2,640,470,000) as

disclosed in Note 18.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

关键会计判断及估计不确定之

主要来源（续）

估计不确定之主要来源（续）

应收贸易账项、应收贷款、应收商业

保理账项以及其他应收账项及按金之

估值

本集团根据香港财务报告准则第

号

采用预期信贷亏损模式估计应收贸易

账项、应收贷款、应收商业保理账

项以及其他应收账项及按金之亏损拨

备。根据该模式，本集团就拥有重大

结余或出现信贷减值的应收账项个别

评估全期预期信贷亏损及╱或采用具

合适账龄分组的拨备矩阵就余下应收

账项进行整体评估。对于应收贷款、

应收商业保理账项以及其他应收账项

及按金，本集团计量的亏损拨备相等

于

个月预期信贷亏损，除非信贷风

险自初步确认以来显著增加，在此情

况下，本集团会确认全期预期信贷亏

损。管理层计及（其中包括）历史违约

率、逾期状况、整体经济状况以及对

报告日期之当前状况之评估及债务人

之特定前瞻性资料。

5. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Key sources of estimation uncertainty

(continued)

Valuation of trade receivables, loan receivables,

factoring receivables and other receivables and

deposits

The Group estimates the los alowance for trade

receivables, loan receivables, factoring receivables

and other receivables and deposits using ECL model

in acordance with HKFRS 9. Under the model, the

Group aseses lifetime ECL individualy for trade

debtors with significant balances or credit impaired

and/or colectively using a provision matrix with

apropriate age groupings for the remaining debtors.

For loan receivables, factoring receivables and other

receivables and deposits, the Group measures the

los alowance equal to 12-month ECL, unles when

there has ben a significant increase in credit risk

since initial recognition in which case the Group

recognises lifetime ECL. The management takes

into consideration, inter alia, the historical default

rates, past due status, general economic conditions

and an asesment of both the curent conditions

at the report date as wel as the forward loking

information specific to the debtors.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

关键会计判断及估计不确定之

主要来源（续）

估计不确定之主要来源（续）

应收贸易账项、应收贷款、应收商业

保理账项以及其他应收账项及按金之

估值（续）

于二零二五年三月三十一日，本集团

之应收贸易账项为

297,000

港元（扣除

预期信贷亏损拨备

14,341,000

港元）

（二零二四年：

701,000

港元（扣除预

期信贷亏损拨备

14,136,000

港元）、

应收贷款为零港元（扣除预期信贷亏损

拨备

52,007,000

港元）（二零二四年：

11,822,000

港元（扣除预期信贷亏损

拨备

73,062,000

港元）、应收商业保

理账项为

15,205,000

港元（扣除预期信

贷亏损拨备

44,976,000

港元）（二零二

四年：

52,002,000

港元（扣除预期信

贷亏损拨备

46,063,000

港元）以及其

他应收账项及按金为

27,034,000

港元

（扣除预期信贷亏损拨备

20,358,000

港元）（二零二四年：

22,409,000

港元

（扣除预期信贷亏损拨备

12,916,000

港

元）。应收贸易账项、应收贷款、应

收商业保理账项以及其他应收账项及

按金的减值评估详情载于附注

。

5. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Key sources of estimation uncertainty

(continued)

Valuation of trade receivables, loan receivables,

factoring receivables and other receivables and

deposits (continued)

The Group has trade receivables of HK$297,000

net the alowance for expected credit loses of

HK$14,341,000 (2024: HK$701,000 net the alowance

for expected credit loses of HK$14,136,000),

loan receivables of HK$nil net the alowance for

expected credit loses of HK$52,007,000 (2024:

HK$11,822,000 net the alowance for expected

credit loses of HK$73,062,000), factoring

receivables of HK$15,205,000 net the alowance

for expected credit loses of HK$44,976,000 (2024:

HK$52,002,000 net the alowance for expected credit

loses of HK$46,063,000) and other receivables and

deposits of HK$27,034,000 net the alowance for

expected credit loses of HK$20,358,000 (2024:

HK$22,409,000 net the alowance for expected

credit loses of HK$12,916,000) as at 31 March

2025. Details of impairment asesment of trade

receivables, loan receivables, factoring receivables

and other receivables and deposits are set out in

Note 46.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

关键会计判断及估计不确定之

主要来源（续）

估计不确定之主要来源（续）

融资担保合约拨备

本集团在担保交易对手索偿担保金额

时，对履行担保合约相关义务所需的

成本作出估计。该估计基于报告日期

的可获得资料，由本集团以本集团之

实践经验、相关客户之拖欠记录、所

持抵押品及财务状况，并参考行业资

料及市场数据，以行业内按个别之基

准评估后作出。当本集团履行义务所

需履行的实际义务超出预期时，可能

产生重大拨备。本集团提供的公司担

保金额披露于附注

。

5. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Key sources of estimation uncertainty

(continued)

Provision for financial guarante contracts

The Group makes estimate on costs required to

fulfil the relevant obligation of guarante contracts

when the guaranted amount is claimed by the

counterparty to the guarante. Such estimation is

based on the available information as at reporting

date and is determined by the Group’s practical

experience, the default history, the colateral held

and financial position of relevant customers asesed

on an individual basis in the industry and taking into

consideration of industry information and market

data. Where the actual obligation the Group requires

to fulfil is more than expected, a material provision

may arise. Amount of corporate guarante provided

by the Group is disclosed in Note 41.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

关键会计判断及估计不确定之

主要来源（续）

估计不确定之主要来源（续）

物业、厂房及设备及使用权资产估计

减值

物业、厂房及设备及使用权资产按成

本减累计折旧及减值（如有）列账。于

厘定资产有否出现减值时，本集团需

要作出判断及估计，尤其需要评估：

(1)

有否发生可能影响资产价值的事件或

任何迹象；

(2)

资产的账面值能否以可

收回金额或（倘为使用价值）根据持续

使用资产估计得出的未来现金流量的

净现值支持；及

(3)

估计可收回金额时

所应用的适当主要假设，包括现金流

量预测及适当贴现率。当无法估计个

别资产（包括使用权资产）的可收回金

额时，本集团估计资产所属现金产生

单位的可收回金额，包括当可设立合

理及持续分配基准的公司资产分配，

否则可收回金额按现金产生单位最小

组合厘定，而其相关公司资产已予分

配。更改有关假设及估计（包括现金流

预测中的贴现率或增长率），对可收回

金额产生重大影响。

于二零二五年三月三十一日，物

业、厂房及设备及使用权资产的账

面值分别约为

90,466,000

港元及

12,436,000

港元（二零二四年：分别约

为

101,919,000

港元及

18,044,000

港

元）。

5. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Key sources of estimation uncertainty

(continued)

Estimated impairment of property, plant and

equipment and right-of-use asets

Property, plant and equipment and right-of-use asets

stated at costs les acumulated depreciation and

impairment, if any. In determining whether an aset

is impaired, the Group has to exercise judgment

and make estimation, particularly in asesing: (1)

whether an event has ocured or any indicators

that may afect the aset value; (2) whether the

carying value of an aset can be suported by the

recoverable amount, in the case of value in use, the

net present value of future cash flows which are

estimated based upon the continued use of the aset;

and (3) the apropriate key asumptions to be aplied

in estimating the recoverable amounts including cash

flow projections and an apropriate discount rate.

When it is not posible to estimate the recoverable

amount of an individual aset (including right-of-use

asets), the Group estimates the recoverable amount

of the CGU to which the asets belong, including

alocation of corporate asets when a reasonable

and consistent basis of alocation can be established,

otherwise recoverable amount is determined at the

smalest group of cash generating units, for which

the relevant corporate asets have ben alocated.

Changing the asumptions and estimates, including

the discount rates or the growth rate in the cash flow

projections, could materialy afect the recoverable

amounts.

As at 31 March 2025, the carying amounts of

property, plant and equipment and right-of-use

asets are aproximately HK$90,466,000 and

HK$12,436,000 respectively (2024: aproximately

HK$101,919,000 and HK$18,044,000 respectively).

2025
二零二五年 HK$’000
千港元
55,708
430
56,138
20,306
2,859
79,303
56,138
56,138
56,138
56,138

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

收入

(i)

与客户合约之收入分拆

6. REVENUE

(i) Disagregation of revenue from

contracts with customers

二零二四年

HK$’000

千港元

Types of services:

服务类型：

Revenue from property

management services

物业管理服务收入

63,866

Revenue from financial

guarante services

融资担保服务收入

1,758

Total revenue from contracts

with customers

与客户合约之总收入

65,624

Ad:

加：

Rental income under HKFRS 16

香港财务报告准则第

号项下的租金收入

26,315

Interest income under HKFRS 9

香港财务报告准则第

号项下的利息收入

5,339

Total revenue

总收入

97,278

Geographical markets:

地域市场：

PRC

中国

65,624

Total

总计

65,624

Timing of revenue recognition:

收入确认的时间：

Over time

一段时间

65,624

Total

总计

65,624

Revenue disclosed in segment information	Adjustment of rental income	Adjustment of interest income	Revenue from contracts with customers
分部资料披露	租金收入	利息	与客户合约
之收入 HK$’000	调整 HK$’000	收入调整 HK$’000	之收入 HK$’000
千港元	千港元	千港元	千港元
76,014	(20,306)	–	55,708
3,289	–	(2,859)	430
79,303	(20,306)	(2,859)	56,138

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

收入（续）

(i)

与客户合约之收入分拆（续）

以下载列截至二零二五年及二

零二四年三月三十一日止年度

与客户合约之收入与分部资料

所披露金额之对账。

截至二零二五年三月三十一日

止年度

6. REVENUE (continued)

(i) Disagregation of revenue from

contracts with customers (continued)

Set out below is the reconciliation of the

revenue from contracts with customers

with the amounts disclosed in the segment

information for the years ended 31 March

2025 and 2024.

For the year ended 31 March 2025

Segment

分部

Property investment

物业投资

Financial guarante

services and other

financing services

融资担保服务及其他

融资服务

Revenue for

reportable segment

可呈报分部收入

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

收入（续）

(i)

与客户合约之收入分拆（续）

截至二零二四年三月三十一日

止年度

6. REVENUE (continued)

(i) Disagregation of revenue from

contracts with customers (continued)

For the year ended 31 March 2024

Revenue

disclosed

in segment

information

Adjustment

of rental

income

Adjustment

interest

income

Revenue

from

contracts

with

customers

分部资料披露

之收入

租金收入

调整

利息

收入调整

与客户合约

之收入

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Segment

分部

Property investment

物业投资

90,181(26,315)–63,866

Financial guarante

services and other

financing services

融资担保服务及其他

融资服务

7,097–(5,339)1,758

Revenue for

reportable segment

可呈报分部收入

97,278(26,315)(5,339)65,624

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

收入（续）

(i)

与客户合约之履约责任及确认

政策

(1)

物业管理服务、融资担

保服务及其他融资服务

收入（于一段时间确认之

收入）

就物业管理服务而言，

本集团透过每日提供清

洁及保安等服务达成履

约责任。由于本公司董

事认为本集团已按与时

间消逝相若的模式完成

其履约责任，故收入按

输出基准随时间确认。

就根据香港财务报告准

则第

号随时间确认收

入而言，倘履约义务的

结果能够合理计量，本

集团应用输出法（即基于

直接计量迄今已转移予

客户的服务价值与该合

约项下承诺的余下服务

比较）计量完成达成履约

义务的进度，原因是该

方法提供本集团表现的

真实描述及有可靠资料

供本集团应用该方法。

否则，本集团仅以所产

生成本为限确认收入，

直至其能够合理计量履

约义务的结果为止。本

集团于物业管理合约开

始时提前向若干投资物

业租户收取六个月至一

年物业管理费。此举产

生合约负债，将于整个

服务期间确认为收入。

6. REVENUE (continued)

(i) Performance obligation for contracts

with customers and recognition policies

(1) Revenue from property management

services, financial guarante services

and other financing services (revenue

recognised over time)

For property management services, the

Group satisfies the performance obligation

by providing services such as cleaning and

security on a daily basis. As the directors

of the Company considered the Group

has fulfiled its performance obligation

in a patern which aproximates to time

elapsed, revenue is therefore recognised

over time by output basis. For revenue

recognised over time under HKFRS 15,

provided the outcome of the performance

obligation can be reasonably measured,

the Group aplies the output method

(i.e. based on the direct measurements

of the value to the customer of the

services transfered to date relative to the

remaining services promised under the

contract) to measure the progres towards

complete satisfaction of the performance

obligation because the method provides

a faithful depiction of the Group’s

performance and reliable information

is available to the Group to aply the

method. Otherwise, revenue is recognised

only to the extent of the costs incured

until such time that it can reasonably

measure the outcome of the performance

obligation. The Group receives six months

to one year property management fe

in advance from certain tenants of the

investment properties at the start of the

property management contract. This gives

rise to the contract liability which wil be

recognised as revenue throughout the

period of services.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

收入（续）

(i)

与客户合约之履约责任及确认

政策（续）

(1)

物业管理服务、融资担

保服务及其他融资服务

收入（于一段时间确认之

收入）（续）

就融资担保服务及其他

服务而言，本集团于整

个时期提供相关服务。

由于本公司董事认为客

户于本集团提供服务时

同时收取及享用本集团

履约所提供之利益，故

收入按输出基准随时间

确认。本集团通常于融

资担保合约伊始时提前

向若干客户收取一年融

资担保费。此举产生合

约负债，将于整个服务

期间确认为收入。

就其他融资服务而言，

本集团在整个期间提供

6. REVENUE (continued)

(i) Performance obligation for contracts

with customers and recognition policies

(continued)

(1) Revenue from property management

services, financial guarante services

and other financing services (revenue

recognised over time) (continued)

For financial guarante services and other

services, the Group provides the relevant

services throughout the period of time. As

the directors of the Company considered

the customer simultaneously receives

and consumes the benefits provided by

the Group’s performance as the Group

performs the services, revenue is therefore

recognised over time by output basis.

The Group normaly receives one year

financial guarante fe in advance from

certain customers at the start of the

financial guarante contract. This gives

rise to the contract liability which wil be

recognised as revenue throughout the

period of services.

For the other financing services, the

Group provide the relevant services

throughout the period of time. The

customers are usualy biled on monthly

basis for the services fe calculated based

on pre-agred amount. The revenue is

recognised on a gros basis over time as

the customer simultaneously received and

consumed the benefits provided by the

Group’s performance.

2025		2025		2025
二零二五年 HK$’000		二零二五年 HK$’000		二零二五年 HK$’000
千港元		千港元		千港元
	400 – –		28,298 116 108
–		32,531		92,576
–		3,486		–
–		–		–
	400		28,522
–		36,017		92,576

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

收入（续）

(i)

分配至与客户合约之余下履约

责任之交易价格

于二零二五年及二零二四年三

月三十一日分配至余下履约责

任（未达成或部分未达成）之交

易价格及确认收入之预期时间

如下：

除物业管理服务及融资担保服

务外，与客户订立之所有其他

合约均为期一年或以下。根据

香港财务报告准则第

号所准

许，分配至该等未履行合约之

交易价格并无予以披露。

6. REVENUE (continued)

(i) Transaction price alocated to the

remaining performance obligation for

contracts with customers

The transaction price alocated to the remaining

performance obligations (unsatisfied or

partialy unsatisfied) as at 31 March 2025 and

2024 and the expected timing of recognising

revenue are as folows:

Financial guarante

services

Property management

servicesSales of properties

融资担保服务物业管理服务物业销售

二零二四年

HK$’000

千港元

Within one year

一年内

88,203

More than one year but not

more than two years

超过一年但不超过

两年

–

More than two years

超过两年

–

88,203

Except for the property management services

and financial guarante services, al the other

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.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

分部资料

为作出资源分配及评估分部表现而呈

报予本公司执行董事（即主要营运决策

者（「主要营运决策者」）之资料，著重

于本集团提供服务之种类。

根据香港财务报告准则第

号「营运分

部」，本集团之营运及可呈报分部如

下：

(i)

物业投资－租赁物业及提供物

业管理服务；及

(i)

融资担保服务及其他融资服

务－提供企业融资担保服务、

有关咨询服务及其他融资服务。

该等分部之收入来源及业绩乃本集团

各部分内部报告之基础，并由主要营

运决策者定期审阅，用以对各分部分

配资源及评估其表现。

借贷及商业保理业务未经主要营运决

策者单独审阅，因此，并无单独呈列。

主要营运决策者根据各分部之营运业

绩进行决策。由于主要营运决策者并

无就资源分配及业绩评估目的定期审

阅分部资产及分部负债之资料，故并

无呈列分部资产及分部负债分析。因

此，仅呈列分部收入及分部业绩。

7. SEGMENT INFORMATION

Information reported to the executive directors of the

Company, being the chief operating decision maker

(“CODM”), for the purposes of resource alocation

and asesment of segment performance focus on

the types of services provided by the Group.

The Group’s operating and reportable segments

under HKFRS 8 “Operating segments” are as folows:

(i) Property investment – leasing of property and

provision of property management services;

and

(i) Financial guarante services and other financing

services – provision of corporate financial

guarante services, related consultancy

services and other financing services.

The revenue streams and results from these segments

are the basis of the internal reports about components

of the Group that are regularly reviewed by the

CODM in order to alocate resources to segments

and to ases their performance.

Money lending and factoring busineses are not

separately reviewed by the CODM and therefore

they are not separately presented.

The CODM makes decisions acording to operating

results of each segment. No analysis of segment

aset and segment liability is presented as the CODM

does not regularly review such information for the

purposes of resources alocation and performance

asesment. Therefore, only segment revenue and

segment results are presented.

Segment revenue	Segment profit/(loss) for the year
Segment revenue	本年度分部溢利／
分部收入 HK$’000	（亏损） HK$’000
千港元	千港元
76,014	(306,498)
3,289	18,213
•••	•••
79,303	(288,285)
•••
79,303

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

分部资料（续）

分部收入及业绩

本集团按营运及可呈报分部划分之收

入及业绩分析如下：

7. SEGMENT INFORMATION

(continued)

Segment revenue and results

The folowing is an analysis of the Group’s revenue

and results in by operating and reportable segments:

Year ended

31 March 2025

Year ended

31 March 2024

截至二零二五年

三月三十一日止年度

截至二零二四年

三月三十一日止年度

Segment

revenue

Segment los

for the year

分部收入

本年度

分部亏损

HK$’000HK$’000

千港元千港元

Property investment

物业投资

90,181(232,469)

Financial guarante services

and other financing services

融资担保服务及

其他融资服务

7,097(65,118)

•

Revenue and result for

reportable segment

可呈报分部收入及业绩

97,278(297,587)

•

Total

总计

97,278

•

Segment revenue	Segment profit/(loss) for the year
Segment revenue	本年度分部溢利／
分部收入 HK$’000	（亏损） HK$’000
千港元	千港元
	70,846
	(232)
	(23,517)
	(155,519)
•••	•••
•••	(396,707)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

分部资料（续）

分部收入及业绩（续）

诚如附注

所述，营运分部之会计政

策与本集团之会计政策相同。分部亏

损乃各分部在未经分配未分配其他收

入、收益及亏损、未分配预期信贷

亏损模式项下之（拨备拨回）／拨备净

额、未分配企业开支及财务成本之所

产生亏损。此乃呈报予主要营运决策

者作为分配资源及评估表现之用之方

式。

Year ended

31 March 2025

Year ended

31 March 2024

截至二零二五年

三月三十一日止年度

截至二零二四年

三月三十一日止年度

Segment

revenue

Segment los

for the year

分部收入

本年度

分部亏损

HK$’000HK$’000

千港元千港元

Unalocated other income,

gains and loses

未分配其他收入、收益及

亏损

72,936

Unalocated (alowance)/reversal

of alowance under expected

credit los model, net

未分配预期信贷亏损模式项

下之（拨备）／拨备拨

回，净额

1,850

Unalocated corporate expenses

未分配企业开支

(27,046)

Finance costs

财务成本

(173,499)

•

Los before tax

除税前亏损

(423,346)

•

The acounting policies of the operating segments

are the same as the Group’s acounting policies as

described in Note 4. Segment los represents the los

from each segment without alocation of unalocated

other income, gains and loses, unalocated (reversal

of alowance)/alowance under expected credit los

model, net, unalocated corporate expenses and

finance costs. This is the measure reported to the

CODM for the purposes of resources alocation and

performance asesment.

7. SEGMENT INFORMATION

(continued)

Segment revenue and results (continued)

Year ended 31 March 2025
截 Financial guarantee services and other financing services	至二零二五年 Property investment	三月三十一日止 Reportable segment total	年度 Unallocated	Total
融资担保服务及		可呈报
其他融资服务 HK$’000	物业投资 HK$’000	分部总计 HK$’000	未分配 HK$’000	总计 HK$’000
千港元	千港元	千港元	千港元	千港元
–	8,983	8,983	1,353	10,336
1,448	–	1,448	3,914	5,362
(14,920)	274	(14,646)	232	(14,414)
–	–	–	155,519	155,519
–	322,034	322,034	–	322,034
–	–	–	(620)	(620)
–	–	–	(42,287)	(42,287)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

分部资料（续）

其他分部资料

计量分部溢利或亏损所包括款项：

7. SEGMENT INFORMATION

(continued)

Other segment information

Amounts included in the measure of segment profit

or los:

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

(Reversal of alowance)/

alowance under

expected credit los

model, net

预期信贷亏损模式项下

之（拨备拨回）／拨

备，净额

Finance costs

财务成本

Los on fair value

change of investment

properties

投资物业之公平值变

动亏损

Interest income

利息收入

Gain from derecognition

of financial liabilities

终止确认金融负债所

得收益

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

分部资料（续）

其他分部资料（续）

计量分部溢利或亏损所包括款项（续）：

7. SEGMENT INFORMATION

(continued)

Other segment information (continued)

Amounts included in the measure of segment profit

or los (continued):

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Financial guarante

services and other

financing services

Property

investment

Reportable

segment

totalUnalocatedTotal

融资担保服务及

其他融资服务物业投资

可呈报

分部总计未分配总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Depreciation of property,

plant and equipment

物业、厂房及设备折旧

28,9408,9423789,320

Depreciation of right-of-

use asets

使用权资产折旧

1,635–1,6353,7745,409

Alowance/(reversal of

alowance) under

expected credit los

model, net

预期信贷亏损模式项下

之拨备／（拨备拨

回），净额

65,53078366,313(1,850)64,463

Los on disposal of

property, plant and

equipment

出售物业、厂房及设备

之亏损

–22

Finance costs

财务成本

–173,499173,499

Los on fair value

change of investment

properties

投资物业之公平值变

动亏损

–266,137266,137–266,137

Interest income

利息收入

–(760)(760)

2025		2025
二零二五年 HK$’000		二零二五年 HK$’000
千港元		千港元
1,720 95,558
461		6,293
78,842		2,401,156
97,278
79,303		2,407,449

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

分部资料（续）

地域资料

本集团经营业务位于香港及中国。本

集团来自外部客户之所有收入均按客

户所在地区划分。

本集团来自外部客户之收入及按资产

所在地划分之非流动资产资料详情如

下：

附注：

非流动资产不包括金融工具。

主要客户资料

于截至二零二五年及二零二四年三月

三十一日止年度，概无客户贡献之收

入占本集团收入

10%

以上。

7. SEGMENT INFORMATION

(continued)

Geographical information

The Group’s operations are located in Hong Kong

and the PRC. Al the Group’s revenue from external

customers are based on locations of the customers.

The Group’s revenue from external customers

and information about its non-curent asets by

geographical location of the asets are detailed

below:

Revenue from

external customers

Non-curent

asets (Note)

来自外部客户之收入非流动资产（附注）

二零二四年

HK$’000

千港元

Hong Kong

香港

9,112

The PRC

中国

2,753,866

2,762,978

Note: Non-curent asets excluded financial instruments.

Information about major customers

No customer contributed over 10% of the Group’s

revenue during the year ended 31 March 2025 and

2024.

2025
二零二五年 HK$’000
千港元
620
–
7,710
1,726
17,333
42,287
496
95
579
70,226
70,846

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

其他收入、收益及亏损

8. OTHER INCOME, GAINS AND

LOSES

二零二四年

HK$’000

千港元

Other income

其他收入

Interest income

利息收入

Other gains and loses

其他收益及亏损

Los on disposal of property, plant

and equipment

出售物业、厂房及

设备亏损

(2)

Net foreign exchange gain

汇兑净收益

52,991

Adjustment on carying amount of

amount due to a director (Note 35)

应付一名董事账项之账

面值调整（附注

）

1,593

Adjustment on carying amounts

due to related companies

应付关连公司账项之账

面值调整

16,358

Gain from derecognition of financial

liabilities

终止确认金融负债所得

收益

–

Gain from early termination of lease

提早终止租赁所得收益

–

Gain from lease modification

租赁修订所得收益

–

Others

其他

1,236

72,176

72,936

2025
二零二五年 HK$’000
千港元
104,900
146
3,312
9,422
16,190
18,301
1,829
1,419
155,519

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

财务成本

9. FINANCE COSTS

二零二四年

HK$’000

千港元

Interest on bank and other

borowings

银行及其他借款之利息

120,326

Interest expenses on loan from staf

员工贷款之利息开支

Interest expenses on amount due to a

director

应付一名董事账项之利息

开支

2,656

Efective interest expense on 6.5%

coupon bonds

6.5%

票息债券之实际利

息开支

9,529

Efective interest expense on 13.0%

coupon bonds

13.0%

票息债券之实际利

息开支

21,380

Imputed interest expense from

amounts due to related companies

(Note 35)

应付关连公司账项之估算

利息开支（附注

）

15,523

Imputed interest expense from

amount due to a director (Note 35)

应付一名董事账项之估算

利息开支（附注

）

1,490

Interest expenses on lease liabilities

租赁负债之利息开支

2,199

173,499

2025
二零二五年 HK$’000
千港元
247
–
(20,703)
(758)
7,604
(804)
(14,414)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

财务成本（续）

于截至二零二五年及二零二四年三月

三十一日止年度，并无来自一般性借

款组合之资本化财务成本。

10.

预期信贷亏损模式项下之（拨备

拨回）／拨备，净额

9. FINANCE COSTS (continued)

There was no finance cost capitalised arose on the

general borowing pol during the year ended 31

March 2025 and 2024.

ALOWANCE UNDER EXPECTED

CREDIT LOS MODEL, NET

二零二四年

HK$’000

千港元

(Reversal of alowance)/alowance

under expected credit los, net on:

就下列各项之预期信贷亏

损项下之（拨备拨回）

／拨备净额：

– Trade receivables

－应收贸易账项

2,407

– Tr ade receivables from related

companies

－应收关连公司贸易账项

– Loan receivables

－应收贷款

38,337

– Factoring receivables

－应收商业保理款项

27,097

– Other receivables and deposits

－其他应收账项及按金

(2,575)

– Financial liabilities

– Financial guarante contracts

－金融负债

－融资担保合约

(804)

64,463

得税抵免 2025
二零二五年 HK$’000
千港元
–
2,857
2,857
(53,970)
(51,113)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

11.

所得税抵免

在香港利得税的利得税两级制下，合

资格集团实体的首

万港元溢利将按

8.25%

征税，超过

万港元的溢利将

按

16.5%

征税。不符合利得税两级制

的集团实体的溢利将继续按

16.5%

的

统一税率征税。因此，合资格集团实

体的香港利得税就估计应课税溢利的

首

万港元按

8.25%

计算及超过

万港元的估计应课税溢利按

16.5%

计

算。

根据中国企业所得税法（「企业所得税

法」）及企业所得税法实施条例，本集

团中国附属公司之税率为

25%

，惟优

惠税率

15%

适用于获确认为「走进西

部」区域发展项目企业且有权享有

15%

之税率之若干附属公司除外。此税项

优惠之权利须由中国相关税务局每年

进行续期。

11. INCOME TAX CREDIT

二零二四年

HK$’000

千港元

Curent tax:

即期税项：

Hong Kong

香港

–

PRC

中国

5,490

Defered tax (Note 38)

递延税项（附注

）

(43,710)

(38,220)

Under the two-tiered profits tax rates regime of Hong

Kong Profits Tax, the first HK$2 milion of profits of

the qualifying group entity wil be taxed at 8.25%,

and profits above HK$2 milion wil be taxed at

16.5%. The profits of group entities not qualifying for

the two-tiered profits tax rates regime wil continue

to be taxed at a flat rate of 16.5%. Acordingly, the

Hong Kong Profits Tax of the qualifying group entity

is calculated at 8.25% on the first HK$2 milion of

the estimated asesable profits and at 16.5% on

the estimated asesable profits above HK$2 milion.

Under the Law of the PRC on Enterprise Income Tax

(the “EIT Law”) and implementation regulation of the

EIT Law, the tax rate of the Group’s PRC subsidiaries

is 25% except that the concesionary tax rate of 15%

is aplied to certain subsidiaries recognised as “Go-

west” region development programe corporate

which is entitled to aply the rate of 15%. The

entitlement of this tax benefit is subject to renewal

by respective tax bureau in the PRC every year.

2025
二零二五年 HK$’000
千港元
(396,707)
(65,457)
9,573
(11,807)
49,217
(32,639)
(51,113)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

11.

所得税抵免（续）

本年度之所得税抵免可与综合损益及

其他全面收益表内之除税前亏损之对

账如下：

11. INCOME TAX CREDIT (continued)

The income tax credit for the year can be reconciled

to the los before tax per the consolidated statement

of profit or los and other comprehensive income

as folows:

二零二四年

HK$’000

千港元

Los before tax

除税前亏损

(423,346)

Tax at the Hong Kong Profits

Tax rate of 16.5%

按香港利得税率

16.5%

计

算之税项

(69,852)

Tax efect of expenses

not deductible for tax purposes

支出不能用作税项扣减之

税务影响

21,308

Tax efect of income not taxable

for tax purposes

收入不用征税之税务影响

(10,104)

Tax efect of tax loses

not recognised

未确认税务亏损之税务

影响

45,146

Efect of diferent tax rates of

subsidiaries operating

in other jurisdictions

于其他司法管辖地区经营

之附属公司之不同税率

之影响

(24,718)

Income tax credit for the year

本年度所得税抵免

(38,220)

2025
二零二五年 HK$’000
千港元
1,780
299
10,336
5,362
–
15,781	18,509 3,483
3,468
19,249
193
(20,306)	(26,315) 3,802
3,160
(17,146)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

12.

本年度亏损

12. LOS FOR THE YEAR

Los for the year has ben arived at

after charging/(crediting):

本年度亏损已扣除╱

（计入）下列项目：

Auditors’ remunerations

核数师酬金

– Curent year–

本年度

– Other service–

其他服务

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

Los on disposal of property, plant

and equipment

出售物业、厂房及设备

之亏损

Staf costs (including directors’

emoluments)

员工成本

（包括董事酬金）

Salaries and other benefits

薪酬及其他福利

Retirement benefit scheme

contributions

退休福利计划供款

Expenses relating to short-term lease

与短期租赁有关之开支

Gros rental income from investment

properties

投资物业之租金收入

总额

Les: Di rect operating expenses

incured for investment

properties that generated

rental income

减：因

产生租金收入之

投资物业而产生

之直接经营开支

Directors’ fees	Salaries and other benefits	Retirement benefit scheme contributions	Total 2025
Directors’ fees	薪酬及	退休福利	总计
董事袍金 HK$’000	其他福利 HK$’000	计划供款 HK$’000	二零二五年 HK$’000
千港元	千港元	千港元	千港元
–	1,620	18	1,638
–	1,260	18	1,278
–	–	–	–
198	–	–	198
198	–	–	198
600	–	–	600
996	2,880	36	3,912

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

13.

董事及员工酬金

已付或应付予六名（二零二四年：七名）

董事及最高行政人员各自的酬金如下：

董事酬金

截至二零二五年三月三十一日止年度

13. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS

The emoluments paid or payable to each of the six

(2024: seven) directors and chief executive were as

folows:

Directors’ emoluments

Year ended 31 March 2025

Executive directors

执行董事

Li Weibin

李伟斌

Siu Wai Yip

萧伟业

Non-executive director

非执行董事

Lam Wing Yiu

林永耀

Independent non-executive

directors

独立非执行董事

Lai Ka Fung, May

黎家凤

Chan Sim Ling, Irene

陈婵玲

Ho Chung Tai, Raymond

何钟泰

Total

总计

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

13.

董事及员工酬金（续）

董事酬金（续）

截至二零二四年三月三十一日止年度

截至二零二五年及二零二四年三月三

十一日止年度，概无本公司董事同意

放弃或放弃任何薪酬。

13. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (continued)

Directors’ emoluments (continued)

Year ended 31 March 2024

Directors’ fes

Salaries

and other

benefits

Retirement

benefit scheme

contributions

Total

董事袍金

薪酬及

其他福利

退休福利

计划供款

总计

二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Executive directors

执行董事

Li Weibin

李伟斌

–2,142182,160

Siu Wai Yip

萧伟业

–1,670181,688

Lau Chi Kit (resigned on 19

May 2023)

刘智杰（于二零二三年

五月十九日辞任）

–40–40

Non-executive director

非执行董事

Lam Wing Yiu (apointed on

19 May 2023)

林永耀（于二零二三年

五月十九日获委任）

–

Independent non-executive

directors

独立非执行董事

Lai Ka Fung, May

黎家凤

198–198

Chan Sim Ling, Irene

陈婵玲

198–198

Ho Chung Tai, Raymond

何钟泰

690–690

Total

总计

1,0863,852364,974

During year ended 31 March 2025 and 2024, no

director of the Company agred to waive or waived

any emoluments.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

13.

董事及员工酬金（续）

上文所示执行董事之薪酬就彼等管理

本公司及本集团事务提供之服务而支

付。

上文所示非执行董事之薪酬就其担任

本公司之董事提供之服务而支付。

上文所示独立非执行董事之薪酬就彼

等担任本公司董事提供之服务而支付。

李先生亦为本公司之最高行政人员，

及其上述披露之酬金包括其作为最高

行政人员所提供服务之酬金。

此两年间，本集团并未向本公司董事

因失去职位而作出或应作出赔偿，或

吸引彼等加入本集团或加入本集团时

而给予奖金。此两年间，并无董事或

最高行政人员放弃或同意放弃任何酬

金之安排。

13. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (continued)

The executive directors’ emoluments shown above

were for their services in conection with the

management of the afairs of the Company and

the Group.

The non-executive director’s emoluments shown

above were for his services as director of the Company.

The independent non-executive directors’ emoluments

shown above were for their services as directors of

the Company.

Mr. Li is also the chief executive of the Company

and his emoluments disclosure above include those

for services rendered by him as the chief executive.

During both years, no emoluments were paid or

payable by the Group to the directors of the Company

as compensation for los of ofice or an inducement

to join or upon joining the Group. There was no

arangement under which a director or the chief

executive waived or agred to waive any emoluments

in both years.

2025
二零二五年 HK$’000
千港元
2,559
54
2,613

2025
二零二五年 HK$’000
千港元
3

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

13.

董事及员工酬金（续）

员工酬金

本集团五名最高酬金之人士中之两名

（二零二四年：两名）为本公司之董

事，其酬金已于上文披露。截至二零

二五年三月三十一日止年度，余下三

名（二零二四年：三名）最高酬金人士

之酬金如下：

酬金介乎下列范围之并非本公司董事

之最高薪酬雇员人数如下：

13. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (continued)

Employes’ emoluments

Of the five individuals with the highest emoluments

in the Group, two (2024: two) were directors of the

Company whose emoluments were disclosed above.

The emoluments of the remaining thre (2024: thre)

highest paid individuals for the year ended 31 March

2025 are as folows:

二零二四年

HK$’000

千港元

Salaries and other benefits

薪酬及其他福利

2,921

Retirement benefit scheme

contributions

退休福利计划供款

2,975

The number of the highest paid employes who are

not the directors of the Company whose remuneration

fal within the folowing band is as folows:

二零二四年

HK$’000

千港元

Nil to HK$1,500,000

零至

1,500,000

港元

2025
二零二五年 HK$’000
千港元
(345,407)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

13.

董事及员工酬金（续）

员工酬金（续）

于截至二零二五年及二零二四年三月

三十一日止年度，本集团并无向任何

五名最高薪酬雇员支付酬金，作为吸

引彼等加入本集团或加入本集团时之

奖金或离职赔偿。

14.

股息

截至二零二五年三月三十一日止年度

内并无派付或建议派付股息，自报告

期末以来亦无建议派付任何股息（二零

二四年：无）。

15.

每股亏损

本公司拥有人应占每股基本及摊薄亏

损乃根据下列数据计算：

亏损

13. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (continued)

Employes’ emoluments (continued)

During the years ended 31 March 2025 and 2024,

no emoluments were paid by the Group to any of

the five employes with the highest emoluments as

an inducement to join or upon joining the Group or

as compensation for los of ofice.

14. DIVIDEND

No dividend was paid or proposed during the year

ended 31 March 2025, nor has any dividend ben

proposed since the end of the reporting period (2024:

nil).

15. LOS PER SHARE

The calculation of the basic and diluted los per share

atributable to the owners of the Company is based

on the folowing data:

Los

二零二四年

HK$’000

千港元

Los for the year atributable to

owners of the Company for the

purposes of basic and diluted los

per share

用以计算每股基本及摊薄

亏损之本公司拥有人应

占本年度亏损

(381,784)

2025
二零二五年 ’000
千股
1,169,288

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

15.

每股亏损（续）

股份数目

用以计算截至二零二五年及二零二四

年三月三十一日止年度之每股基本亏

损之普通股加权平均数乃参考本年度

已发行股份数目厘定。

截至二零二五年及二零二四年三月三

十一日止年度，计算每股摊薄亏损并

无假设本公司购股权获行使，原因是

该等购股权之行使价高于两个年度股

份之平均市价。

15. LOS PER SHARE (continued)

Number of shares

二零二四年

’000

千股

Weighted average number of ordinary

shares for the purposes of basic and

diluted earnings per share

用以计算每股基本及摊

薄盈利之普通股加权平

均数

1,169,288

The weighted average number of ordinary shares for

the purpose of basic los per share for the year ended

31 March 2025 and 2024 is determined by reference

to the number of shares in isue during the year.

During the year ended 31 March 2025 and 2024,

the computation of diluted los per share does not

asume the exercise of the Company’s share options

as the exercise price of these options was higher than

the average market price of shares for both years.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

16.

物业、厂房及设备

16. PROPERTY, PLANT AND

EQUIPMENT

Leasehold

land and

buildings

Leasehold

improvements

Computer

equipment

Furniture,

fixtures

and ofice

equipment

Motor

vehicles

Construction

in progresTotal

租赁土地

及楼宇

租赁物业

装修电脑设备

家私、装置及

办公室设备汽车在建工程总计HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

COST

成本At 1 April 2023

于二零二三年四月一日

74,40735,6434,58616,1405,79915,183151,758

Aditions

添置

–291757783011,283

Disposals

出售

–(1)(3)–(4)

Exchange realignment

汇兑调整

(5,949)(1,994)(280)(240)(148)(852)(9,463)

At 31 March 2024

于二零二四年三月三十一日

68,45833,6494,33416,0726,42914,632143,574

Aditions

添置

–23106597195

Disposals

出售

–(74)–(74)

Exchange realignment

汇兑调整

(458)(27)(39)(1,391)(24)(171)(2,110)

At 31 March 2025

于二零二五年三月三十一日

68,00033,6224,24414,6916,47014,558141,585

DEPRECIATION

折旧

At 1 April 2023

于二零二三年四月一日

10,1504,2863,39310,3255,543–33,697

Charge for the year

本年度提备

5,0423,190434492162–9,320

Eliminated on disposals

出售时撇销

–(1)(1)–(2)

Exchange realignment

汇兑调整

(646)(286)(204)(161)(63)–(1,360)

At 31 March 2024

于二零二四年三月三十一日

14,5467,1903,62210,6555,642–41,655

Charge for the year

本年度提备

4,8203,1642211,600531–10,336

Eliminated on disposals

出售时撇销

–(74)–(74)

Exchange realignment

汇兑调整

(162)(81)(34)(501)(20)–(798)

At 31 March 2025

于二零二五年三月三十一日

19,20410,2733,73511,7546,153–51,119

CARYING VALUES

账面值At 31 March 2025

于二零二五年三月三十一日

48,79623,3495092,93731714,55890,466

At 31 March 2024

于二零二四年三月三十一日

53,91226,4597125,41778714,632101,919

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

16.

物业、厂房及设备（续）

就以上物业、厂房及设备项目而言，

除在建工程外，以直线法折旧，所采

用之年率如下：

租赁土地及楼宇按租赁年期或

年之较短者

租赁物业装修自置资产为

10%

或

按租赁资产

之租赁年期

电脑设备

20%

家私、装置及

办公室设备

10%

汽车

20%

于二零二五年三月三十一日，本集团

账面值为

19,658,000

港元（二零二四

年：

20,066,000

港元）之租赁土地及楼

宇已抵押予银行，作为授予本集团贷

款之抵押。

16. PROPERTY, PLANT AND

EQUIPMENT (continued)

The above items of property, plant and equipment,

other than construction in progres, are depreciated

on a straight-line basis at the folowing rates per

anum:

Leasehold land

and buildings

Over the shorter of the

terms of the lease, or

30 years

Leasehold

improvements

10% for owned asets

or over the lease terms

for the leased asets

Computer equipment20%

Furniture, fixtures and

ofice equipment

10%

Motor vehicles20%

At 31 March 2025, leasehold land and buildings of

the Group with carying value of HK$19,658,000

(2024: HK$20,066,000) were pledged with a bank

to secure a loan granted to the Group.

24,439	468	24,907

12,135	336	12,471
12,304	132	12,436

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

17.

使用权资产

17. RIGHT-OF-USE ASETS

Ofice

premises

and Staf

quarters

Motor

vehiclesTotal

写字楼及员工

宿舍汽车总计

HK$’000HK$’000HK$’000

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

27,34346827,811

Exchange realignment

汇兑调整

(934)–(934)

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

26,40946826,877

Aditions for the year

本年度添置

1,406–1,406

Early termination of lease

提早终止租赁

(4,486)–(4,486)

Lease modification

租赁修订

1,207–1,207

Exchange realignment

汇兑调整

(97)–(97)

At 31 March 2025

于二零二五年三月三十一日

DEPRECIATION

折旧

At 1 April 2023

于二零二三年四月一日

3,4181483,566

Charge for the year

本年度提备

5,315945,409

Exchange realignment

汇兑调整

(142)–(142)

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

8,5912428,833

Charge for the year

本年度提备

5,268945,362

Early termination of lease

提早终止租赁

(1,682)–(1,682)

Exchange realignment

汇兑调整

(42)–(42)

At 31 March 2025

于二零二五年三月三十一日

CARYING VALUES

账面值

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

17,81822618,044

2025
二零二五年 HK$’000
千港元
2,423,135
(304,761)
(14,992)
2,103,382
55,303
(2,807)
(377)
52,119
2,155,501

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

18.

投资物业

18. INVESTMENT PROPERTIES

二零二四年

HK$’000

千港元

Completed properties held for

rental purpose:

持作出租目的之已完成物业：

At 1 April

于四月一日

2,833,163

Net changes in fair value

recognised in profit or los

于损益确认之公平值变动净额

(253,946)

Exchange realignment

汇兑调整

(156,082)

At 31 March (Notes (a) and (b)

于三月三十一日

（附注

(a)

及

(b)

）

2,423,135

Leasehold land with

undetermined future use:

尚未厘定未来用途之租赁土地：

At 1 April

于四月一日

62,463

Net changes in fair value

recognised in profit or los

于损益确认之公平值变动净额

(3,701)

Exchange realignment

汇兑调整

(3,459)

At 31 March (Notes (a) and (b)

于三月三十一日

（附注

(a)

及

(b)

）

55,303

Sub-total

小计

2,478,438

2025
二零二五年 HK$’000
千港元
162,032
(14,466)
(1,055)
146,511
2,302,012
(322,034)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

18.

投资物业（续）

附注：

(a)

本集团拥有位于中国陕西省西安市

灞桥区半引路东侧之购物中心楼宇

（即大明宫建材家居

•

东三环店）（「西

安商业大楼」）。

二零二四年

HK$’000

千港元

Investment properties under

construction:

在建投资物业：

At 1 April

于四月一日

180,542

Net changes in fair value

recognised in profit or los

于损益确认之公平值变动净额

(8,490)

Exchange realignment

汇兑调整

(10,020)

At 31 March

(Notes (a) and (b)

于三月三十一日

（附注

(a)

及

(b)

）

162,032

Total

总计

2,640,470

Unrealised los on properties

revaluation included in profit

or los for the year

计入本年度损益之

物业重估未变现亏损

(266,137)

Notes:

(a) The Group owns the shoping mal building situated

at the east side of Banyin Road, Baqiao District,

Xi’an City, Shanxi Province, the PRC (namely,

Damingong Construction Materials and Furniture

Shoping Centre (Dongsanhuan Branch) (“Xi an

Comercial Complex”).

18. INVESTMENT PROPERTIES

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

18.

投资物业（续）

附注：（续）

(a)

（续）

于二零二五年三月三十一日，

泓亮咨询及评估有限公司（「泓

亮」）（二零二四年：泓亮）厘定之

西安商业大楼之公平值为人民币

1,521,900,000

元（二零二四年：

人民币

1,770,000,000

元）（相当于

1,628,746,000

港元（二零二四年：

1,908,150,000

港元）。

(b)

本集团拥有位于中国陕西省汉中市

汉台区之物流园（「普汇中金

•

世界

港」）之投资物业（「普汇中金

•

世界

港投资物业」）以及位于物流园之另

一个开发项目，计入普汇中金

•

世

界港之在建投资物业（「普汇中金

•

世

界港第二期」）及普汇中金

•

世界港之

余下未开发租赁土地部分（「汉中土

地」）。

于二零二五年三月三十一日，

泓亮厘定之普汇中金

•

世界港投

资物业、普汇中金

•

世界港第

二期及汉中土地之公平值分别

为人民币

443,500,000

元、人

民币

136,900,000

元及人民币

48,700,000

元（相当于

474,636,000

港元、

146,511,000

港元及

52,119,000

港元）（二零二四年：

分别为人民币

477,700,000

元、

人民币

150,300,000

元及人民币

51,300,000

元（相当于

514,985,000

港元、

162,032,000

港元及

55,303,000

港元）。

18. INVESTMENT PROPERTIES

(continued)

Notes: (continued)

(a) (continued)

As at 31 March 2025, the fair values of the Xi’an

Comercial Complex as determined by Vincorn

Consulting and Apraisal Limited (“Vincorn”)

(2024: Vincorn) are RMB1,521,900,000 (2024:

RMB1,770,000,000) (equivalent to HK$1,628,746,000

(2024: HK$1,908,150,000).

(b) The Group owns investment properties (“Chinlink

”) situated at

the logistics park located at Hantai district, Hanzhong

City, Shanxi Province, the PRC (“Chinlink •

Worldport”) and the another project for the

development of logistics park, which included in

the investment properties under construction of the

Chinlink • Worldport (“Phase 2 of the Chinlink

”) and the remaining undeveloped

leasehold land portion of the Chinlink • Worldport

(“Hanzhong Land”).

As at 31 March 2025, the fair values of the Chinlink

, Phase 2 of the

Chinlink • Worldport and Hanzhong Land as determined

by Vincorn are RMB443,500,000, RMB136,900,000

and RMB48,700,000 (equivalent to HK$474,636,000,

HK$146,511,000 and HK$52,119,000) respectively

(2024: RMB477,700,000, RMB150,300,000 and

RMB51,300,000 (equivalent to HK$514,985,000,

HK$162,032,000 and HK$55,303,000) respectively).

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

18.

投资物业（续）

本集团之投资物业分类为公平值层级

之第三层。年内，公平值层级之第三

层并无转入或转出。于各报告期末，

本公司董事与独立合资格专业估值师

密切合作，以制定及厘定用于厘定投

资物业公平值之适当估值方法及输入

值。本公司董事每年至少对估值程序

及结果讨论两次。所有投资物业于二

零二五年三月三十一日之公平值乃由

泓亮（二零二四年：泓亮）厘定。

就西安商业大楼及普汇中金国际中心

而言，估值乃使用收入资本化法得

出。该估值方法透过按全面出租基准

资本化租金收入而按市场基准估计物

业之价值。

就普汇中金

•

世界港、汉中土地及西安

商业大楼第二期而言，估值乃参考相

关市场可得可资比较销售交易使用市

场法达致。

18. INVESTMENT PROPERTIES

(continued)

The Group’s investment properties are categorised

into level 3 of the fair value hierarchy. There were

no transfer into or out of level 3 fair value hierarchy

during the year. At the end of each reporting period,

the directors of the Company work closely with the

independent qualified profesional valuer to establish

and determine the apropriate valuation techniques

and inputs to be used in determining the fair value

of the investment properties. Discusion of valuation

proceses and results are held amongst directors of

the Company at least twice a year. The fair values

of al investment properties at 31 March 2025 were

determined by Vincorn (2024: Vincorn).

For Xi’an Comercial Complex and Chinlink

International Centre, the valuation has ben arived

at using the income capitalisation aproach. This

valuation method estimates the value of a property

on a market basis by capitalising rental income on a

fuly leased basis.

For Chinlink • Worldport, Hanzhong Land and Phase

2 of the Xi’an Comercial Complex, the valuation

has ben arived at using the market aproach by

making reference to comparable sale transactions as

available in the relevant markets.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

18.

投资物业（续）

就在建中之普汇中金

•

世界港第二期

而言，估值乃经参考已完成物业之近

期公开可得销售交易采用剩余值法达

致，以厘定已完成投资物业之经调整

单位费率，减估计完成本及预期开

发商之利润率，进而厘定建议发展之

价值（犹如该等物业已于估值日期完

成）。

泓亮为与本集团并无关连之独立合资

格专业估值师，并拥有合适资格及对

位于有关地点之类似项目进行估值之

近期经验。

于估计投资物业之公平值时，物业之

最高及最佳用途为其现时之用途。

于二零二五年三月三十一日，本集团

公平值为

2,302,012,000

港元（二零二

四年：

2,640,470,000

港元）之投资物

业质押予若干银行，作为本集团获授

之贷款融资之担保。

以下所载为用于公平值计量之重大不

可观察输入值：

有关使用重大不可观察输入值进行公

平值计量之资料

18. INVESTMENT PROPERTIES

(continued)

For Phase 2 of the Chinlink • Worldport which is

under construction, the valuation has ben arived

at using the residual aproach by making reference

to recent sales transactions of completed properties

as publicly available to determine the adjusted

unit rate of the completed investment properties,

les estimated costs to completion and expected

developer’s profit margin so as to determine the

value of the proposed development as if these were

completed as at the date of valuation.

Vincorn is an independent qualified profesional valuer

not conected with the Group and has apropriate

qualification and recent experience in the valuation

of similar projects in relevant locations.

In estimating the fair value of the investment

properties, the highest and best use of the properties

is their curent use.

At 31 March 2025, investment properties of the

Group with fair values of HK$2,302,012,000 (2024:

HK$2,640,470,000) were pledged with certain banks

to secure the loan facilities granted to the Group.

Set out below is the significant unobservable inputs

used for fair value measurements:

Information about fair value measurements using

significant unobservable inputs

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

18.

投资物业（续）

18. INVESTMENT PROPERTIES

(continued)

Fair value as at 31 March 2025Valuation techniquesKey unobservable inputsWeighted average price

Relationship of unobservable

inputs to fair value

于二零二五年三月三十一日之公平值估值方法主要不可观察输入值加权平均价不可观察输入值与公平值之关系

HK$

港元

(1) Completed properties held for rental purpose

持作出租目的之已完成物业

(i) Xi’an Comercial Complex

西安商业大楼

RMB1,521,900,000

(HK$1,628,746,000)

人民币

1,521,900,000

元

（

1,628,746,000

港元

）

Income capitalisation

aproach

收入资本化法

Monthly market rent, taking into

acount the diferences in

location and individual factors

such as frontage and size

betwen the comparables and

the property

每月市场租金，经计及可资比较项

目与该物业之位置及个别因素

（如临街地界及规模）之差异

Retail portion: RMB2.00

(equivalent to HK$2.18)/sqm/day

Ofice portion: RMB0.88 (equivalent

to HK$0.96)/sqm/day

Carpark portion: RMB450

(equivalent to HK$490)

per month per lot

零售部分：人民币

2.00

元

（相当于

2.18

港元）╱平方米╱日

办公室部分：人民币

0.88

元

（相当于

0.96

港元）╱平方米╱日

停车位部分：人民币

元

（相当于

港元）╱月╱个

The higher the rent,

the higher the fair value

租金越高，公平值越高

(i) Chinlink • Worldport investment properties

普汇中金

•

世界港投资物业

RMB443,500,000

(HK$474,636,000)

人民币

443,500,000

元

（

474,636,000

港元

）

Market aproach

市场法

Price per square metre of gros

flor area which derived from

the construction area, using

direct market comparables

and taking into acount of

adjustments on location,

fotfal and development

scale factor

源自建筑面积之总楼面积之每平

方米价格，并采用直接市场可

资比较项目及经计及就位置、

客流及发展规模因素之调整

Retail portion: RMB8,017

(equivalent to HK$8,726)/sqm

Acomodation/ofice portion:

RMB4,564 (equivalent to

HK$4,968)/sqm

Warehouse portion: RMB268

(equivalent to HK$291)/sqm

零售部分：人民币

8,017

元

（相当于

8,726

港元）╱平方米

住宿╱办公室部分：人民币

4,564

元

（相当于

4,968

港元）╱平方米

仓库部分：人民币

元

（相当于

港元）╱平方米

The higher the rent,

the higher the fair value

租金越高，公平值越高

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

18.

投资物业（续）

Fair value as at 31 March 2025Valuation techniquesKey unobservable inputsWeighted average price

Relationship of unobservable

inputs to fair value

于二零二五年三月三十一日之公平值估值方法主要不可观察输入值加权平均价不可观察输入值与公平值之关系

HK$

港元

(2) Leasehold land with undetermined future use

尚未厘定未来用途之租赁土地

(i) Hanzhong Land

汉中土地

RMB48,700,000

(HK$52,119,000)

人民币

48,700,000

元

（

52,119,000

港元）

Market aproach

市场法

Price per square metre of gros

flor area which derived

from the area of land and

respective plot ratio, using

direct market comparables

and taking into acount of

adjustments on location,

land use right terms and

development scale factor

源自土地面积之建筑面积之每平

方米价格及有关容积率，并采

用直接市场可资比较项目及经

计及就位置、土地使用权年期

及发展规模因素之调整

Comercial land: RMB246

(equivalent to HK$268)/sqm

Residential land: RMB197

(equivalent to HK$214)/sqm

商业土地：人民币

元

（相当于

港元）╱平方米

住宅土地：人民币

元

（相当于

港元）╱平方米

The higher the rent,

the higher the fair value

租金越高，公平值越高

18. INVESTMENT PROPERTIES

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

18.

投资物业（续）

Fair value as at 31 March 2025Valuation techniquesKey unobservable inputsWeighted average price

Relationship of unobservable

inputs to fair value

于二零二五年三月三十一日之公平值估值方法主要不可观察输入值加权平均价不可观察输入值与公平值之关系

HK$

港元

(3) Investment properties under construction

在建投资物业

(i) Phase 2 of the Chinlink • Worldport

普汇中金

•

世界港第二期

RMB136,900,000

(HK$146,511,000)

人民币

136,900,000

元

（

146,511,000

港元）

Residual aproach

剩余值法

(i) Market price, taking into

acount the diferences

in location, and individual

factors, such as frontage

and building age, betwen

the comparables and the

property

(i)

市价，经计及可资比较项目

与该物业之位置及个别因素

（如临街地界及楼龄）

之差异

Retail portion: RMB4,304

(equivalents to HK$4,685)

零售部分：人民币

4,304

元

（相当于

4,685

港元）

(i) Expected developer profit

(i)

预期开发商溢利

20%The higher the expected

developer profit, the lower

the fair value

预期开发商溢利越高，

公平值越低

(i) Construction cost to

complete

(i)

建筑完成本

RMB28,418,000

人民币

28,418,000

元

The higher the expected

developer profit, the lower

the fair value

预期开发商溢利越高，

公平值越低

(iv) Discount rate

(iv)

贴现率

9.5%The higher the discount rate,

the lower the fair value

贴现率越高，公平值越低

(v) Rate of finance cost

(v)

财务成本利率

9.5%The higher the rate of finance

cost, the lower the fair value

财务成本利率越高，公平值越低

18. INVESTMENT PROPERTIES

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

18.

投资物业（续）

18. INVESTMENT PROPERTIES

(continued)

Fair value as at

31 March 2024

Valuation

techniquesKey unobservable inputsWeighted average price

Relationship of unobservable

inputs to fair value

于二零二四年三月三十一日之公平值估值方法主要不可观察输入值加权平均价不可观察输入值与公平值之关系

HK$

港元

(1) Completed properties held for rental purpose

持作出租目的之已完成物业

(i) Xi’an Comercial Complex

西安商业大楼

RMB1,770,000,000

(HK$1,908,150,000)

人民币

1,770,000,000

元

（

1,908,150,000

港元

）

Income capitalisation

aproach

收入资本化法

Monthly market rent, taking into

acount the diferences in

location and individual factors

such as frontage and size

betwen the comparables and

the property

每月市场租金，经计及可资比较项

目与该物业之位置及个别因素

（如临街地界及规模）之差异

Retail portion: RMB2.21

(equivalent to HK$2.38)/sqm/day

Ofice portion: RMB0.94

(equivalent to HK$1.01)/sqm/day

Carpark portion: RMB480

equivalent to HK$516.9)

per month per lot

零售部分：人民币

2.21

元

（相当于

2.38

港元）╱平方米╱日

办公室部分：人民币

0.94

元

（相当于

1.01

港元）╱平方米╱日

停车位部分：人民币

元

（相当于

516.9

港元）╱月╱个

The higher the rent, the higher

the fair value

租金越高，公平值越高

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

18.

投资物业（续）

Fair value as at

31 March 2024

Valuation

techniquesKey unobservable inputsWeighted average price

Relationship of unobservable

inputs to fair value

于二零二四年三月三十一日之公平值估值方法主要不可观察输入值加权平均价不可观察输入值与公平值之关系

HK$

港元

(1) Completed properties held for rental purpose (continued)

持作出租目的之已完成物业（续）

(i) Chinlink • Worldport investment properties

普汇中金

•

世界港投资物业

RMB477,700,000

(HK$514,985,000)

人民币

477,700,000

元

（

514,985,000

港元）

Market aproach

市场法

Price per square metre of gros

flor area which derived from

the construction area, using

direct market comparables

and taking into acount of

adjustments on location,

fotfal and development

scale factor

源自建筑面积之总楼面积之每平

方米价格，并采用直接市场可

资比较项目及经计及就位置、

客流及发展规模因素之调整

Retail portion: RMB8,703

(equivalent to HK$9,382)/sqm

Acomodation/ofice portion:

RMB4,936 (equivalent to

HK$5,321)/sqm

Warehouse portion: RMB278

(equivalent to HK$300)/sqm

零售部分：人民币

8,703

元

（相当于

9,382

港元）╱平方米

住宿╱办公室部分：人民币

4,936

元

（相当于

5,321

港元）╱平方米

仓库部分：人民币

元

（相当于

港元）╱平方米

The higher the rent, the higher

the fair value

租金越高，公平值越高

18. INVESTMENT PROPERTIES

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

18.

投资物业（续）

Fair value as at

31 March 2024

Valuation

techniquesKey unobservable inputsWeighted average price

Relationship of unobservable

inputs to fair value

于二零二四年三月三十一日之公平值估值方法主要不可观察输入值加权平均价不可观察输入值与公平值之关系

HK$

港元

(2) Leasehold land with undetermined future use

尚未厘定未来用途之租赁土地

(i) Hanzhong Land

汉中土地

RMB51,300,000

(HK$55,303,000)

人民币

51,300,000

元

（

55,303,000

港元）

Market aproach

市场法

Price per square metre of gros

flor area which derived

from the area of land and

respective plot ratio, using

direct market comparables

and taking into acount of

adjustments on location,

land use right terms and

development scale factor

源自土地面积之建筑面积之每平

方米价格及有关容积率，并采

用直接市场可资比较项目及经

计及就位置、土地使用权年期

及发展规模因素之调整

Comercial land: RMB265

(equivalent to HK$286)/sqm

Residential land: RMB205

(equivalent to HK$221)/sqm

商业土地：人民币

元

（相当于

港元）╱平方米

住宅土地：人民币

元

（相当于

港元）╱平方米

The higher the rent, the higher

the fair value

租金越高，公平值越高

18. INVESTMENT PROPERTIES

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

18.

投资物业（续）

Fair value as at

31 March 2024

Valuation

techniquesKey unobservable inputsWeighted average price

Relationship of unobservable

inputs to fair value

于二零二四年三月三十一日之公平值估值方法主要不可观察输入值加权平均价不可观察输入值与公平值之关系

HK$

港元

(3) Investment properties under construction

在建投资物业

(i) Phase 2 of the Chinlink • Worldport

普汇中金

•

世界港第二期

RMB150,300,000

(HK$162,032,000)

人民币

150,300,000

元

（

162,032,000

港元）

Residual aproach

剩余值法

(i) Market price, taking into

acount the diferences

in location, and individual

factors, such as frontage

and building age, betwen

the comparables and the

property

(i)

市价，经计及可资比较项目

与该物业之位置及个别因素

（如临街地界及楼龄）

之差异

Retail portion: RMB4,990

(equivalents to HK$5,379)

零售部分：人民币

4,990

元

（相当于

5,379

港元）

(i) Expected developer profit

(i)

预期开发商溢利

20%The higher the expected

developer profit, the lower

the fair value

预期开发商溢利越高，

公平值越低

(i) Construction cost to

complete

(i)

建筑完成本

RMB28,418,000

人民币

28,418,000

元

The higher the expected

developer profit, the lower

the fair value

预期开发商溢利越高，

公平值越低

(iv) Discount rate

(iv)

贴现率

9.5% The higher the discount rate,

the lower the fair value

贴现率越高，公平值越低

(v) Rate of finance cost

(v)

财务成本利率

9.5% The higher the rate of finance

cost, the lower the fair value

财务成本利率越高，公平值越低

18. INVESTMENT PROPERTIES

(continued)

2025
二零二五年 HK$’000
千港元
39,670

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

19.

土地拍卖之已付按金

该款项指向中国政府部门支付之诚意

金人民币

803,000

元（相当于

859,000

港元）（二零二四年：人民币

803,000

元（相当于

866,000

港元）以就将由中

国政府部门举行之拍卖而征收土地。

收购该土地旨在开发普汇中金

•

世界

港。该款项被视为将于收购土地后用

予抵销土地成本之诚意金。

20.

按公平值计入其他全面收益之

权益投资

附注：

截至二零二三年三月三十一日止年

度，普汇中金融资租赁的注册资本由

约人民币

320,000,000

元增加至人民币

588,305,000

元（相等于约

379,957,000

港元

至

698,534,000

港元），且本集团于普汇中

金融资租赁之实际股权由

25.0%

被摊薄至

13.6%

。因此，本集团对普汇中金融资租

赁不再具有重大影响力。于普汇中金融资

租赁的权益随后已由于一间联营公司的权益

重新分类至本公司董事指定的按公平值计入

其他全面收益的权益投资。

于二零二五年及二零二四年三月三十

一日，非上市权益投资的公平值乃根

据独立专业估值师进行的估值得出，

其变动详情载于附注

。

19. DEPOSIT PAID FOR LAND AUCTION

The amount represents earnest money of RMB803,000

(equivalent to HK$859,000) (2024: RMB803,000

(equivalent to HK$866,000) paid to the PRC

government authority for the expropriation of land

for auction to be held by the PRC government

authority. The purpose for acquisition of the land is for

development of the Chinlink • Worldport. The amount

was treated as earnest money that would be used

to ofset the land cost upon acquisition of the land.

20. EQUITY INVESTMENT AT FAIR

VALUE THROUGH OTHER

COMPREHENSIVE INCOME

二零二四年

HK$’000

千港元

Unlisted equity investments,

at fair value (Note)

非上市权益投资，按公平值计量

（附注）

69,605

Note:

During the year ended 31 March 2023, the registered capital

of Chinlink Finance Lease was enlarged from aproximately

RMB320,000,000 to RMB588,305,000 (equivalent to

aproximately HK$379,957,000 to HK$698,534,000), and

the Group’s efective equity interest in Chinlink Finance

Lease was diluted from 25.0% to 13.6%. As a result, the

Group ceased to have significant influence over the Chinlink

Finance Lease. The interest in Chinlink Finance Lease has

then ben reclasified from interests in an asociate to

equity investment at fair value through other comprehensive

income designated by the directors of the Company.

As at 31 March 2025 and 2024, the fair value of the

unlisted equity investment was arived on the basis of

valuation caried out by an independent profesional

valuer, details of movement are set out in Note 46.

2025
二零二五年 HK$’000
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

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

21.

按公平值计入损益之金融资产

21. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

二零二四年

HK$’000

千港元

Unlisted equity investments (Note)

非上市权益投资（附注）

–

Notes:

The unlisted equity investments represent investment

in unlisted equity securities isued by a private entity

incorporated in Singapore and the United Stated. It was

measured at fair value on the basis of valuation caried

out by and independent profesional valuer, details of fair

value measurement are set out in Note 46.

During the year ended 31 March 2025 and 2024 no

fair value change of financial asets at FVTPL was

recognised. As at 31 March 2025 and 2024, the

fair value of unlisted equity investments was HK$nil.

附注：

非上市权益投资指于新加坡及美国注册成立

之私人实体发行之非上市权益证券投资。

其乃根据独立专业估值师进行的估值按公平

值计量，公平值计量的详情载于附注

。

于截至二零二五年及二零二四年三月

三十一日止年度，概无按公平值计

入损益之金融资产之公平值变动获确

认。于二零二五年及二零二四年三月

三十一日，非上市权益投资的公平值

为零港元

。

2025
二零二五年 HK$’000
千港元
598,514
6,052
(2,348)
602,218

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

22.

开发中待售物业

22. PROPERTIES UNDER DEVELOPMENT

FOR SALE

二零二四年

HK$’000

千港元

Properties under

development for sale:

开发中待售物业：

At 1 April

于四月一日

633,751

Adition

添置

Exchange realignment

汇兑调整

(35,402)

598,514

The properties under development for sale are located

in the PRC (namely, Phase 2 of the Xi’an Comercial

Complex), expected to be completed within twelve

months from the end of the reporting period.

The carying amount of the Group’s properties under

development for sale is measured at cost les any

impairment loses.

In the opinion of the Directors, properties under

development for sale with carying amount of

aproximately HK$602,218,000 (2024: HK$598,514,000)

as at 31 March 2025 are expected to be completed and

delivered within twelve months from the end of the

reporting period.

开发中待售物业位于中国（即西安商业

大楼第二期），预期将于报告期末起十

二个月内竣工。

本集团开发中待售物业的账面值按成

本减去任何减值亏损计量。

董事认为，于二零二五年三月三十一

日之账面值约

602,218,000

港元（二零

二四年：

598,514,000

港元）的开发中

待售物业预期将于报告期末起十二个

月内竣工并交付使用。

2025
二零二五年 HK$’000
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

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

23.

应收贷款

23. LOAN RECEIVABLES

二零二四年

HK$’000

千港元

Fixed-rate loan receivables

固定利率应收贷款

11,822

Analysed for reporting purposes as:

就呈报用途作出之分析如下：

Curent

即期

11,822

The amount represents the outstanding loan

receivables from independent third parties which are

unsecured and cary interest at fixed-rates ranged from

7.0% to 12.5% per anum (2024: fixed-rates ranged

from 7.0% to 12.5% per anum). The weighted

average efective interest rate of the loan receivables

is 7.0% (2024: 7.8%) per anum. The amounts at

both 31 March 2025 and 2024 are repayable within

12 months from the loan advance dates.

The Group’s loan receivables balances are past due

at 31 March 2025. There is alowance for expected

credit loses of aproximately HK$52,007,000

included in the carying amount of loan receivables

as at 31 March 2025 (2024: HK$73,062,000). Details

of impairment asesment of loan receivables are set

out in Note 46.

该款项指独立第三方之尚未偿还应收

贷款，该款项为无抵押及按固定年利

率介乎

7.0%

至

12.5%

（二零二四年：固

定年利率介乎

7.0%

至

12.5%

）计息。

应收贷款之加权平均实际利率为每年

7.0%

（二零二四年：

7.8%

）。于二零二

五年及二零二四年三月三十一日之款

项均须于垫付贷款日期起十二个月内

偿还。

本集团之应收贷款结余于二零二五年

三月三十一日已逾期。于二零二五年

三月三十一日，应收贷款之账面值内

之预期信贷亏损拨备约为

52,007,000

港元（二零二四年：

73,062,000

港元）。

应收贷款之减值评估详情载于附注

。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

24.

应收商业保理款项

该款项指来自独立第三方之未偿还贷

款本金及应计利息，以交易对手附有

全面追索权之应收贸易账项作抵押并

按固定年利率介乎

2.0%

至

6.0%

（二零

二四年：年利率

2.0%

至

6.0%

）计息。

应收商业保理款项之加权平均实际年

利率为

3.5%

（二零二四年：

3.7%

）。

本集团于二零二五年三月三十一日之

应收保理款项须于垫付贷款日期起

个月内偿还，且已逾期。于二零

二五年三月三十一日，应收商业保

理款项账面值内之预期信贷亏损拨备

约为

44,976,000

港元（二零二四年：

46,063,000

港元）。

减值评估之详情载于附注

。

24. FACTORING RECEIVABLES

The amount represents the outstanding loan

principals and acrued interest from independent

third parties which are secured by trade receivables

of the counterparties with ful recourse and cary

interest at fixed rate ranged from 2.0% to 6.0%

per anum (2024: 2.0% to 6.0% per anum). The

weighted average efective interest rate of the

factoring receivables is 3.5% (2024: 3.7%) per

anum. The Group’s factoring receivables as at

31 March 2025 are repayable within 12 months

from the loan advance dates and past due. There is

alowance for expected credit loses of aproximately

HK$44,976,000 included in the carying amount of

factoring receivables as at 31 March 2025 (2024:

HK$46,063,000).

Details of the impairment asesment are set out in

Note 46.

2025
二零二五年 HK$’000
千港元
13,927
195
516
14,638
(14,341)
297

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

25.

应收贸易账项、其他应收账

项、按金及预付款项

应收贸易账项

25. TRADE RECEIVABLES, OTHER

RECEIVABLES, DEPOSITS AND

PREPAYMENTS

Trade receivables

二零二四年

HK$’000

千港元

Trade receivables

应收贸易账项

– gods and services

－货品及服务

14,040

– operating lease

－经营租赁

– Financial guarante contracts

－融资担保合约

14,837

Les: Al lowances for expected

credit loses

减：预期信贷亏损拨备

(14,136)

As at 31 March 2025, the gros amount of trade

receivables from contracts with customers amounted to

HK$14,443,000 (alowances for expected credit loses of

aproximately HK$14,211,000 (2024: HK$14,518,000

(alowance for expected credit loses of aproximately

HK$13,956,000).

于二零二五年三月三十一日，应收客户合

约之贸易账项总额为

14,443,000

港元（预期

信贷亏损拨备约

14,211,000

港元（二零二四

年：

14,518,000

港元（预期信贷亏损拨备约

13,956,000

港元）。

2025
二零二五年 HK$’000
千港元
260
–
37
297

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

25.

应收贸易账项、其他应收账

项、按金及预付款项（续）

应收贸易账项（续）

于报告期末根据发票日期呈列应收贸

易账项（扣除预期信贷亏损拨备）之账

龄分析如下：

25. TRADE RECEIVABLES, OTHER

RECEIVABLES, DEPOSITS AND

PREPAYMENTS (continued)

Trade receivables (continued)

The folowing is an aging analysis of trade receivables

(net the alowance for expected credit loses)

presented based on the invoice date at the end of

the reporting period:

二零二四年

HK$’000

千港元

0 – 30 days

零至三十日

31-90 days

三十一日至九十日

90 days

九十日以上

–

The Group’s credit terms granted to each of the

custormers are normaly 30 days to 90 days.

Customers related to financial guarante services

are required to setle either on monthly instalments

in arear or upon signing of the financial guarante

services contracts or relevant consultancy services

contracts.

Details of impairment asesment of trade receivables

are set out in Note 46.

本集团给予每位客户之信贷期一般为

三十日至九十日。

有关融资担保服务之客户须按月分期

支付或于签订融资担保服务合约或相

关咨询服务合约时支付。

应收贸易账项之减值评估详情载于附

注

。

2025
二零二五年 HK$’000
千港元
27,034
6,442
33,476
31,800
1,676
33,476

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

25.

应收贸易账项、其他应收账

项、按金及预付款项（续）

应收关连公司之贸易账项

于二零二五年三月三十一日，应收关

连公司之贸易账项约

1,165,000

港元

（扣除预期信贷亏损拨备约

6,000

港元）

（二零二四年：

1,173,000

港元（扣除预

期信贷亏损拨备约

6,000

港元）于报告

期末根据发票日期之账龄为三十日内。

应收关连公司之贸易账项之减值评估

详情载于附注

。

其他应收账项、按金及预付款项

25. TRADE RECEIVABLES, OTHER

RECEIVABLES, DEPOSITS AND

PREPAYMENTS (continued)

Trade receivables from related companies

As at 31 March 2025, trade receivables from related

companies of aproximately HK$1,165,000 (net the

alowance for expected credit loses of aproximately

HK$6,000) (2024: HK$1,173,000 (net the alowance

for expected credit loses of aproximately HK$6,000)

were aged within 30 days based on the invoice date

at the end of the reporting period.

Details of impairment asesment of trade receivables

from related companies are set out in Note 46.

Other receivables, deposits and prepayments

二零二四年

HK$’000

千港元

Other receivables and deposits

其他应收账项及按金

22,409

Prepayments

预付款项

5,779

28,188

Analysed as:

分析为：

Curent

流动

26,509

Non-curent

非流动

1,679

28,188

Details of impairment asesment of other receivables

are set out in Note 46.

其他应收账项之减值评估详情载于附

注

。

2025
二零二五年 HK$’000
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

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

金额少于

1,000

港元

26.

已抵押银行存款

已抵押银行存款指存置于若干银行以

作为该等银行向本集团之融资担保服

务客户提供贷款之抵押存款。于二零

二五年三月三十一日，该等已抵押银

行存款于一年内到期（二零二四年：于

一年内到期）。

于二零二五年三月三十一日，已抵押

银行存款乃按平均年利率

1.35%

（二零

二四年：

1.66%

）计息。

已抵押银行存款之减值评估详情载于

附注

。

27.

银行结存及现金

于二零二五年三月三十一日，全部

银行结存约

5,324,000

港元（二零二四

年：约

7,441,000

港元）为活期存款，

按介乎

0.01%

至

0.30%

（二零二四年：

0.01%

至

0.30%

）之市场年利率计息。

有关集团实体以功能货币以外之货币

计值之银行结存及现金载列如下：

26. PLEDGED BANK DEPOSITS

The pledged bank deposits represent deposits placed

with certain banks as securities in return for the banks

to provide loans to the Group’s financial guarante

services customers. These pledged bank deposits have

a maturity of les than a year as at 31 March 2025

(2024: a maturity of les than one year).

At 31 March 2025, pledged bank deposits cary

interests at an average rate of 1.35% (2024: 1.66%)

per anum.

Details of impairment asesment of pledged bank

deposits are set out in Note 46.

27. BANK BALANCES AND CASH

At 31 March 2025, the entire bank balances of

aproximately HK$5,324,000 (2024: aproximately

HK$7,441,000) are curent deposits, carying interest

at market rates ranged from 0.01% to 0.30% (2024:

0.01% to 0.30%) per anum. The bank balances and

cash that are denominated in curencies other than

functional curency of the relevant group entities are

set out as below:

二零二四年

HK$’000

千港元

United States dolars (“USD”)

美元（「美元」）

–*

RMB

人民币

–*

$1,000

2025
二零二五年 HK$’000
千港元
661

2025
二零二五年 HK$’000
千港元
51,512
77,789
129,301

2025
二零二五年 HK$’000
千港元
718

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

28.

应付贸易账项以及其他应付账

项及应计费用

应付贸易账项

于报告期末根据发票日期呈列应付贸

易账项之账龄分析如下：

28. TRADE PAYABLES AND OTHER

PAYABLES AND ACRUALS

Trade payables

The folowing is an aging analysis of trade payables

presented based on the invoice date at the end of

the reporting period:

二零二四年

HK$’000

千港元

90 days

九十日以上

The credit period granted by the supliers to the

Group ranged from 30 to 90 days.

Other payables and acruals

二零二四年

HK$’000

千港元

Other payables

其他应付账项

56,724

Acruals

应计费用

119,039

175,763

29. LOANS FROM STAF

二零二四年

HK$’000

千港元

Loans from staf

员工贷款

2,125

供应商向本集团授权之信贷期介乎三

十日至九十日。

其他应付账项及应计费用

29.

员工贷款

2025
二零二五年 HK$’000
千港元
23,667
91,774
115,441

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

29. LOANS FROM STAF (continued)

For the year ended 31 March 2025, the amount

to the extent of aproximately HK$718,000 (2024:

aproximately HK$2,125,000) is loans from staf

employed by two PRC subsidiaries. These loans are

repayable within a year after the date of withdrawal

and unsecured and the efective interest rate of the

loans is 12.5% (2024: 12.5%) per anum.

30. CONSTRUCTION COSTS ACRUALS

The amount represented the construction costs

acrued for the Group’s investment properties under

construction.

31. CONTRACT LIABILITIES

二零二四年

HK$’000

千港元

Property management services

物业管理服务

28,327

Sales of properties

物业销售

95,088

123,415

Contract liabilities, that are not expected to be

setled within the Group’s normal operating cycle,

are clasified as curent liabilities based on the

Group’s earliest obligation to transfer services to

the customers.

29.

员工贷款（续）

截至二零二五年三月三十一日止年

度，金额约达

718,000

港元（二零二四

年：约

2,125,000

港元）乃两间中国附

属公司雇用之员工贷款。该等贷款须

于提取日期后一年内偿还且无抵押，

贷款之实际年利率为

12.5%

（二零二四

年：

12.5%

）。

30.

应计建筑成本

该款项指本集团之在建投资物业产生

之建筑成本。

31.

合约负债

预期不会于本集团正常运营周期内结

算的合约负债乃根据本集团最早转让

服务予客户之责任分类为流动负债。

Sales of properties	Property management	Total
物业销售 2025	物业管理 2025	总计 2025
二零二五年 HK$’000	二零二五年 HK$’000	二零二五年 HK$’000
千港元	千港元	千港元
95,088	28,327	123,415
–	(27,367)	(27,367)
(3,314)	–	(3,314)
–	22,707	22,707
91,774	23,667	115,441

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

31.

合约负债（续）

下表显示截至二零二五年及二零二四

年三月三十一日止年度已确认与结转

合约负债有关之收入。

31. CONTRACT LIABILITIES (continued)

The folowing table shows how much of the revenue

recognised the year ended 31 March 2025 and 2024

relates to caried-forward contract liabilities.

Begining of the year

于年初

Decrease in contract liabilities

as a result of recognising

revenue during the year that

was included in the contract

liabilities balance at the

begining of the year

于年内确认于年初计入

合约负债结余的收入

导致合约负债减少

Decrease in contract liabilities as a

result of deposits refund to the

customers

退还客户按金导致

合约负债减少

Increase in contract liabilities as

a result of receiving receipts in

advances

收取预收账项导致

合约负债增加

End of the year

于年末

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

31.

合约负债（续）

31. CONTRACT LIABILITIES (continued)

Sales of

properties

Property

managementTotal

物业销售物业管理总计

二零二四年二零二四年二零二四年

HK$’000HK$’000HK$’000

千港元千港元千港元

Begining of the year

于年初

100,99131,239132,230

Decrease in contract liabilities

as a result of recognising

revenue during the year that

was included in the contract

liabilities balance at the

begining of the year

于年内确认于年初计入

合约负债结余的收入

导致合约负债减少

–(29,332)(29,332)

Decrease in contract liabilities as a

result of deposits refund to the

customers

退还客户按金导致

合约负债减少

(5,903)–(5,903)

Increase in contract liabilities as

a result of receiving receipts in

advances

收取预收账项导致

合约负债增加

–26,42026,420

End of the year

于年末

95,08828,327123,415

Typical payment terms which impact on the amount

of contract liabilities recognised are as folows:

Property management services

The Group receives six months to one year property

management fe in advance from certain tenants

of the investment properties at the start of the

property management contract. This gives rise to the

contract liability which wil be recognised as revenue

throughout the period of services.

影响已确认合约负债金额的一般付款

条款如下：

物业管理服务

本集团于物业管理合约伊始提前收取

投资物业若干租户六个月至一年的物

业管理费。此举产生将于整个服务期

限内确认为收入之合约负债。

2025
二零二五年 HK$’000
千港元
7,889

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

31. CONTRACT LIABILITIES (continued)

Sale of properties

The Group receives 50% of the contract value as

deposits from customers when they sign the sale

and purchase agrement. However, depending on

market conditions, the Group may ofer customers a

discount compared to the listed sales price, provided

that the customers agre to pay the balance of the

consideration early while construction is stil ongoing.

The deposits and advance payment schemes result

in contract liabilities being recognised throughout

the property construction period until the customer

obtains control of the completed property.

32. RECEIPTS IN ADVANCE

二零二四年

HK$’000

千港元

Receipts in advances

预收款项

Receipts in advance from:

来自下列各项之预收款项：

– Property investment

－物业投资

– Leasing of properties

－物业租赁

9,348

Receipts in advances are clasified as curent liabilities

based on the timing of performance of the obligations

to transfer gods or services to the customers.

Deposits received from tenants and customers are

clasified as curent liabilities based on the Group’s

earliest obligation to pay such deposits to the tenants

and customers.

31.

合约负债（续）

物业销售

本集团在客户签订买卖协议时收取合

同价值的

50%

作为订金。然而，视乎

市况，本集团可能会向客户提供上市

售价的折扣，但前提是客户同意在施

工期间提早支付对价余额。订金及预

付款计划于整个物业建设期间确认为

合约负债，直至客户取得对已竣工物

业的控制权。

32.

预收款项

预收款项根据向客户转让货品或服务

之责任履行时间分类为流动负债。向

租户及客户收取之按金根据本集团向

租户及客户支付该等按金之最早责任

分类为流动负债。

2025
二零二五年 HK$’000
千港元
5,662
4,328
3,597
13,587
(5,662)
7,925

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

33.

租赁负债

下表显示于二零二五年及二零二四年

三月三十一日本集团租赁负债之余下

合约到期情况：

33. LEASE LIABILITIES

The folowing table shows the remaining contractual

maturities of the Group’s lease liabilities as at 31

March 2025 and 2024:

二零二四年

HK$’000

千港元

Lease liabilities payments:

租赁负债付款：

Within one year

一年内

5,155

Within a period of more than one

year but not exceding two years

超过一年但两年内

5,698

Within a period of more than two

year but not exceding five years

超过两年但五年内

8,572

19,425

Les: Amount due for setlement

with 12 months shown under

curent liabilities

减：流动负债项下所示之

个月内须结清之账项

(5,155)

Amount due for setlement after

12 months shown under

non-curent liabilities

非流动负债项下所示之

个月后须结清之账项

14,270

The weighted average incremental borowing rates

aplied to lease liabilities range from 3.75% to

10.63% (2024: 3.75% to 10.63%).

租赁负债应用的加权平均增量借款利

率介乎

3.75%

至

10.63%

（二零二四年：

介乎

3.75%

至

10.63%

）。

2025
二零二五年 HK$’000
千港元
3,927
10,830
14,757

2025
二零二五年 HK$’000
千港元
4,927
9,830
14,757

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

34.

递延收益

34. DEFERED INCOME

二零二四年

HK$’000

千港元

Arising from adjustment on

carying amount of amount

due to a director

源自对应付一名董事账项

之账面值调整

1,726

Arising from adjustment on

carying amount of amounts

due to related companies

源自对应付关连公司账项

之账面值之调整

17,285

19,011

二零二四年

HK$’000

千港元

Analysed as:

分析为：

Non-curent liabilities

非流动负债

1,464

Curent liabilities

流动负债

17,547

19,011

2025
二零二五年 HK$’000
千港元
86,952
86,952
–
86,952

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

35.

应付关连公司及董事账项

应付关连公司账项

35. AMOUNTS DUE TO RELATED

COMPANIES AND DIRECTORS

Amounts due to related companies

二零二四年

HK$’000

千港元

Carying amount repayable:

应偿还账面值：

– More than one year, but not

exceding two years

－超过一年但不超过两年

90,474

Les: Amount due within 1 year

减：一年内到期之账项

–

Amount shown under non-curent

liabilities

非流动负债项下所示之账项

90,474

Amounts due to related companies in which the

controling shareholder of the Company (who is also

a director of the Company) has significant influence

or controling interest to these related companies

are unsecured, non-interest bearing. And the related

parties agred not to demand repayment of any

amount in the next twelve months after 31 March

2025. During the year, an imputed interest of

aproximately HK$18,301,000 (2024: aproximately

HK$15,523,000) is recognised in consolidated

statement of profit or los and other comprehensive

income.

应付关连公司（本公司之控股东（亦

为本公司董事）于该等关连公司有重

大影响力或控制权益）账项为无抵押

及不计息。关连方同意不会要求于二

零二五年三月三十一日起未来十二个

月偿还任何金额。年内，估算利息

约

18,301,000

港元（二零二四年：约

15,523,000

港元）于综合损益及其他全

面收益表内确认。

2025
二零二五年 HK$’000
千港元
55,098
55,098
–
55,098

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

35.

应付关连公司及董事账项（续）

应付董事账项

35. AMOUNTS DUE TO RELATED

COMPANIES AND DIRECTORS

(continued)

Amounts due to directors

二零二四年

HK$’000

千港元

Carying amount repayable:

应偿还账面值：

– More than one year, but not

exceding two years

－超过一年但不超过

两年

45,210

Les: Amount due within 1 year

减：一年内到期之账项

–

Amount shown under

non-curent liabilities

非流动负债项下所示

之账项

45,210

As at 31 March 2025, the amount due to a

director of aproximately HK$28,717,000 (2024:

HK$25,389,000) are unsecured. The borowing

caries at fixed-rates ranged from 9.7% to 13.4%

(2024: 11.0% to 15.0%) per anum and agred not

to demand repayment of principal by the Group in

the next twelve months after 31 March 2025.

As at 31 March 2025, the amount due to a

director of aproximately HK$26,381,000 (2024:

HK$19,821,000) are unsecured and non-interest

bearing. The director agred not to demand

repayment of any amount by the Group in the next

twelve months after 31 March 2025, and adjustment

on such carying amounts using the efective interest

rate of 9.7% (2024: 14.7%) per anum amounting to

aproximately HK$1,726,000 (2024: HK$1,593,000)

was recognised in adjustment on carying amount

of amount due to a director under consolidated

statement of profit or los and other comprehensive

income, and aproximately HK$3,927,000 (2024:

HK$1,726,000) are recognised in consolidated

statement of financial position. During the year, an

imputed interest of aproximately HK$1,829,000

(2024: HK$1,490,000) is recognised in consolidated

statement of profit or los and other comprehensive

income.

于二零二五年三月三十一日，应付一

名董事账项约

28,717,000

港元（二零二

四年：

25,389,000

港元）为无抵押。借

款按介乎

9.7%

至

13.4%

（二零二四年：

11.0%

至

15.0%

）之固定年利率计息及

同意不会于二零二五年三月三十一日

起未来十二个月要求本集团偿还本金。

于二零二五年三月三十一日，应付一

名董事账项约

26,381,000

港元（二零

二四年：

19,821,000

港元）为无抵押

及免息。董事同意不会于二零二五年

三月三十一日起未来十二个月要求本

集团偿还任何金额，及使用实际年利

率

9.7%

（二零二四年：

14.7%

）对有关

账面值进行调整，其中于综合损益及

其他全面收益表项下对应付一名董事

账项之账面值进行的调整中确认调整

金额约

1,726,000

港元（二零二四年：

1,593,000

港元），及于综合财务状况

表中确认调整金额约

3,927,000

港元

（二零二四年：

1,726,000

港元）。年

内，于综合损益及其他全面收益表中

确认约

1,829,000

港元（二零二四年：

1,490,000

港元）的推算利息。

2025
二零二五年 HK$’000
千港元
1,151,730
7,491
177,790
304,348
1,641,359
295,381
153,504
32,106
925,835
1,406,826

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

36.

银行及其他借款

36. BANK AND OTHER BOROWINGS

二零二四年

HK$’000

千港元

Bank borowings, secured

银行借款，有抵押

1,101,012

Bank borowings, unsecured

银行借款，无抵押

7,978

Other borowings, secured

其他借款，有抵押

36,970

Other borowings, unsecured

其他借款，无抵押

286,878

1,432,838

Carying amount of the above

borowings are repayable*

须于以下期间偿还之

上述借款之账面值

– Within one year

－一年内

308,481

– More than one year, but not

exceding two years

－超过一年但不超过两年

176,552

– More than two years, but not

exceding than five years

－超过两年但不超过五年

–

– More than five years

－超过五年

–

Sub-total

小计

485,033

2025
二零二五年 HK$’000
千港元
111,994
122,539
–
–
234,533
1,641,359
(1,111,445)
529,914
(234,533)
295,381

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

36.

银行及其他借款（续）

36. BANK AND OTHER BOROWINGS

(continued)

二零二四年

HK$’000

千港元

Carying amount of the bank and

other borowings that contains

a repayable on demand clause

(shown under curent liabilities)

but repayable*

含有按要求偿还条款

（于流动负债项下列示）

惟须于以下期间偿还之

银行及其他借款账面值

– Within one year

－一年内

42,242

– More than one year, but not

exceding two years

－超过一年但不超过两年

32,341

– More than two years, but not

exceding five years

－超过两年但不超过五年

226,391

– More than five years

－超过五年

646,831

Sub-total

小计

947,805

1,432,838

Les: A mount shown under non-

curent liabilities

减：非

流动负债项下列示之

账项

(176,552)

Amount shown under curent

liabilities

于流动负债项下列示之账项

1,256,286

Carying amounts of bank loans

that are repayable on demand

that have loan defaults or

breach of loan covenants (shown

under curent liabilities)

于流动负债项下列示

有贷款违约或违反贷款

契据之按要求偿还之

银行贷款账面值

(947,805)

Amounts shown under curent

liabilities for the borowings

without loan defaults or breach

of loan covenants

于流动负债项下列示

无贷款违约或违反贷款

契据借款之账项

308,481

* The amounts due are based on scheduled repayable

dates set out in loan agrements.

到期账项乃根据贷款协议所载之预

定偿还日期厘定。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

36.

银行及其他借款（续）

于二零二五年三月三十一日，非固定

利率银行借款约

136,426,000

港元（二

零二四年：

126,671,000

港元）乃由本

集团账面值约

19,658,000

港元（二零二

四年：

20,066,000

港元）之物业、厂房

及设备以及公平值约

621,147,000

港元

（二零二四年：

677,016,000

港元）之投

资物业作抵押。于二零二五年及二零

二四年三月三十一日，该等借款每年

按基于中国人民银行厘定之利率（「中

国人民银行利率」）得出之浮动利率每

年

6.30%

（二零二四年：每年

6.90%

）

加溢价计息。

于二零二五年三月三十一日，固定利

率银行借款约

1,015,304,000

港元（二

零二四年：

974,341,000

港元）乃由若

干本集团全资附属公司股权以及本集

团公平值约

1,680,865,000

港元（二零

二四年：

1,963,454,000

港元）之若干

投资物业作抵押。该等借款按固定年

利率介乎

5.00%

至

5.80%

（二零二四

年：每年

3.45%

至

7.00%

）计息。

于二零二五年三月三十一日，余下固

定利率银行借款约

7,491,000

港元（二

零二四年：

7,978,000

港元）为无抵押，

按固定年利率

5.50%

（二零二四年：每

年

5.50%

）计息且须于二零二五年七月

十三日（二零二四年：二零二四年九月

十七日）的到期日偿还。

36. BANK AND OTHER BOROWINGS

(continued)

As at 31 March 2025, the variable-rate bank

borowings of aproximately HK$136,426,000

(2024: HK$126,671,000) are secured by the

Group’s property, plant and equipment with

carying value of aproximately HK$19,658,000

(2024: HK$20,066,000) and investment properties

with fair value of aproximately HK$621,147,000

(2024: HK$677,016,000). These borowings cary

interests at variable rate of 6.30% per anum (2024:

6.90% per anum) which is based on the rate fixed

by People’s Bank of China (“PBOC Rate”) plus a

premium per anum as at 31 March 2025 and 2024.

As at 31 March 2025, the fixed-rate bank borowings

of aproximately HK$1,015,304,000 (2024:

HK$974,341,000) are secured by equity interest

of certain Group’s wholy owned subsidiaries and

the Group’s certain investment properties with fair

value of aproximately HK$1,680,865,000 (2024:

HK$1,963,454,000). These borowings cary interest

at fixed rates which ranged from 5.00% to 5.80%

per anum (2024: 3.45% to 7.00% per anum).

As at 31 March 2025, the remaining fixed-rate bank

borowings of aproximately HK$7,491,000 (2024:

HK$7,978,000) are unsecured, cary interest at fixed-

rate of 5.50% per anum (2024: 5.50% per anum)

and are repayable at maturity date on 13 July 2025

(2024: 17 September 2024).

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

36.

银行及其他借款（续）

于二零二五年三月三十一日，其他借

款约

177,790,000

港元（二零二四年：

36,970,000

港元）乃以本集团若干全资

附属公司之股权作抵押。该等借款按

固定年利率介乎

6.50%

至

10.61%

（二

零二四年：每年

10.61%

）计息且须于

介乎二零二六年三月三十日至二零二

七年一月十四日（二零二四年：二零二

六年三月三十日）之间的到期日偿还。

于二零二五年三月三十一日，余下其

他借款约

304,348,000

港元（二零二四

年：

286,878,000

港元）为无抵押，每

年按固定利率介乎

4.00%

至

24.00%

（二零二四年：每年按固定利率介乎

5.00%

至

24.00%

）计息及须于介乎二

零二五年四月九日至二零二六年三月

二十九日（二零二四年：二零二四年四

月一日至二零二五年三月二十二日）之

间的到期日偿还。

于二零二五年三月三十一日，无抵

押其他借款包括汉中市投资控股集团

有限公司（「汉中投资」）以注册资本

及资本储备之方式根据陕西普汇中金

融资担保有限公司（「普汇中金融资担

保」）、汉中投资及普中冠亿有限公

司（「普中冠亿」）于二零一八年五月

十七日订立之合作协议向普汇中金融

资担保注资

160,863,000

港元（相当

于人民币

150,310,000

元）（二零二四

年：

150,339,000

港元（相当于人民币

139,510,000

元）。普汇中金融资担保

于注资前由普中冠亿全资拥有，而于

注资后由普中冠亿持有

65%

权益及由

汉中投资持有

35%

权益。

36. BANK AND OTHER BOROWINGS

(continued)

As at 31 March 2025, the other borowings

amounting to aproximately HK$177,790,000 (2024:

HK$36,970,000) are secured by equity interest of

certain Group’s wholy owned subsidiaries. These

borowings cary interests at fixed-rate which ranged

from 6.50% to 10.61% per anum (2024: 10.61%

per anum) and are repayable at maturity date which

ranged from 30 March 2026 to 14 January 2027

(2024: 30 March 2026).

As at 31 March 2025, the remaining other

borowings of aproximately HK$304,348,000 (2024:

HK$286,878,000) are unsecured, cary interests at

fixed-rates which ranged from 4.00% to 24.00% per

anum (2024: fixed rates which ranged from 5.00%

to 24.00% per anum) and are repayable at maturity

dates which ranged from 9 April 2025 to 29 March

2026 (2024: 1 April 2024 to 22 March 2025).

As at 31 March 2025, the unsecured other

borowings included an amount of HK$160,863,000

(equivalent to RMB150,310,000) (2024:

HK$150,339,000 (equivalent to RMB139,510,000)

which represents the capital injection in the form

of registered capital and capital reserve into

Shanxi Chinlink Financial Guarante Limited

(“Chinlink Financial Guarante”) by

汉中市投

资控股集团有限公司

(“Hanzhong Investment”)

pursuant to a coperation agrement entered into

betwen Chinlink Financial Guarante, Hanzhong

Investment and Chinlink Alpha Limited (“Chinlink

Alpha”) on 17 May 2018. Chinlink Financial

Guarante was wholy-owned by Chinlink Alpha

before the capital injection and was held as to

65% by Chinlink Alpha and 35% by Hanzhong

Investment after the capital injection.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

36.

银行及其他借款（续）

根据合作协议，普汇中金融资担保须

向汉中投资分配利润，相等于其注资

之每年

5.0%

。倘该年度之溢利分配

少于该回报，普中冠亿或其获提名第

三方须按订约各方协定之方式补偿差

额。除向汉中投资分配每年

5.0%

利润

外，普汇中金融资担保之所有利润及

储备须归属本集团。

倘国家政策出现变动或普汇中金融资

担保之业务、资产、前景、营运或财

务状况出现重大不利变动，或倘合作

协议出现重大违反且于发出通知后

个工作天内仍未作出纠正，则合作协

议可予终止及汉中投资可要求偿还。

应付予汉中投资之总额不得超过汉中

投资实际出资之资本总额，或普中冠

亿将会收购汉中投资根据汉中投资出

资之资本总额于普汇中金融资担保持

有之

35%

股权。

基于上述，汉中投资之注资被分类为

流动负债项下之其他借款。

36. BANK AND OTHER BOROWINGS

(continued)

Acording to the coperation agrement, Chinlink

Financial Guarante shal distribute profit to Hanzhong

Investment equivalent to 5.0% per anum of its

capital injected. If the profit distribution of the year is

les than that return, Chinlink Alpha or its nominated

third party shal compensate the diference in the

form to be agred betwen the parties. Other than

the 5.0% per anum profit distribution to Hanzhong

Investment, al profit and reserves of Chinlink Financial

Guarante shal belong to the Group.

If there is a change in national policy or material

adverse change in the busines, asets, prospects,

operation or financial condition in Chinlink Financial

Guarante, or if there is a material breach of

the coperation agrement which has not ben

rectified within 14 working days after notification,

the coperation agrement may be terminated and

Hanzhong Investment can demand repayment. The

total amount payable to Hanzhong Investment shal

not exced the actual total capital contributed by

Hanzhong Investment, or Chinlink Alpha can acquire

the 35% shareholding of the Chinlink Financial

Guarante held by Hanzhong Investment based on

the total capital contributed by Hanzhong Investment.

Based on the above, the amount injected by Hanzhong

Investment is clasified as other borowing under

curent liabilities.

2025
二零二五年 HK$’000
千港元
4.00%-24.00%
6.30%

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

36.

银行及其他借款（续）

本集团银行及其他借款之实际年利率

范围（亦相等于合约性利率）如下：

36. BANK AND OTHER BOROWINGS

(continued)

The ranges of efective interest rates per anum

(which are also equal to contracted interest rates)

on the Group’s bank and other borowings are as

folows:

二零二四年

HK$’000

千港元

Efective interest rate:

实际利率：

Fixed-rate borowings

固定利率借款

3.45%-24.00%

Variable-rate borowings

非固定利率借款

6.90%

The Group has bank borowings and other

borowings of aproximately HK$136,426,000

and HK$98,107,000 respectively that contain

repayable on demand clause (2024: aproximately

HK$916,343,000 and HK$31,462,000 respectively),

which were included in the curent liabilities.

The Group has defaulted in repayment of principals

and interests of bank borowing and other borowings

amounting to aproximately HK$53,360,000 and

HK$30,450,000 respectively during the year ended

31 March 2025. The outstanding principal amounts of

the bank borowing and other borowings in respect

of which the Group has defaulted in repayment were

aproximately HK$136,426,000 and HK$98,107,000

respectively as at 31 March 2025 and are repayable

on demand as a result of the default clause in these

borowings. As at 31 March 2025, the bank and

financial institutions are contractualy entitled to

request for imediate repayment of the outstanding

borowings of aproximately HK$234,533,000.

本集团持有包含按要求偿还条款的银

行借款及其他借款分别约

136,426,000

港元及

98,107,000

港元（二零二四年：

分别约

916,343,000

港元及

31,462,000

港元），该等款项计入流动负债。

本集团已于截至二零二五年三月三十

一日止年度拖欠偿还银行借款及其他

借款本金及利息分别约

53,360,000

港

元及

30,450,000

港元。于二零二五年

三月三十一日，本集团拖欠偿还银行

借款及其他借款之尚未偿还本金分别

约为

136,426,000

港元及

98,107,000

港元，且因该等借款的违约条款而须

按要求偿还。于二零二五年三月三

十一日，银行及金融机构按合同规

定有权要求立即偿还未偿还的借款约

234,533,000

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

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

37.

票息债券

13.0%

票息债券

根据日期为二零一七年十二月一日之

认购协议，本公司于二零一七年十二

月一日按面值向独立第三方发行本金

额为

15,000,000

美元之

12.0%

票息债

券（「

12.0%

票息债券」）。

于二零一九年八月五日，本公司已

就合资格债券持有人持有之全部尚

未偿还

12.0%

票息债券开始交换要

约（「交换要约」），以交换本金额为

30,000,000

美元并将于二零二一年八

月到期之新

13.0%

票息债券（「

13.0%

票息债券」）。

交换要约已正式获合资格债券持有人

接纳，而全部尚未偿还现有

12.0%

票

息债券已于二零一九年八月十六日被

注销以及

13.0%

票息债券已于同日根

据交换要约获发行。

13.0%

票息债券

以美元计值，并按每年

13.0%

计息。

利息须每年偿还一次。

本金总额为

30,000,000

美元之

13.0%

票息债券已于二零一九年八月十六日

（「发行日期

」）根据交换要约获发行。

13.0%

票息债券以美元计值，并按每

年

13.0%

计息。利息须每半年偿还一

次。

13.0%

票息债券将于二零二一年八月

三十日（「到期日

」）到期。

13.0%

票息债券的实际年利率为

12.99%

。

37. COUPON BONDS

13.0% Coupon bonds

Pursuant to the subscription agrement dated 1

December 2017, 12.0% coupon bonds with principal

amount of USD15,000,000 (the “12.0% Coupon

Bonds”) were isued by the Company at par to

independent third parties on 1 December 2017.

On 5 August 2019, the Company comenced an

exchange ofer to exchange al of its outstanding

12.0% Coupon Bonds held by the eligible

bondholders for a new 13.0% coupon bonds with

principal amount of US$30,000,000 (the “13.0%

Coupon Bonds”) which wil mature on August 2021

(“Exchange Ofer”).

The Exchange Ofer was duly acepted by the eligible

bondholders and al outstanding existing 12.0%

Coupon Bonds was canceled on 16 August 2019

and the 13.0% Coupon Bonds have ben isued

pursuant to the Exchange Ofer on the same date.

The 13.0% Coupon Bonds are denominated in USD

and cary interest at 13.0% per anum. Interest is

payable anualy in arears.

The 13.0% Coupon Bonds with an agregate

principal amount of USD30,000,000 were isued on

16 August 2019 (the “Isue Date 1”) pursuant to

the Exchange Ofer.

The 13.0% Coupon Bonds are denominated in USD

and cary interest at 13.0% per anum. Interest is

repayable semi-anualy in arears.

The 13.0% Coupon Bonds wil mature on 30 August

2021 (the “Maturity Date 1”).

The efective interest rate of the 13.0% Coupon

Bonds is 12.99% per anum.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

37.

票息债券（续）

13.0%

票息债券（续）

除非发生债券文据所载之若干事件

或情况，否则本公司不得提早赎回

13.0%

票息债券。

13.0%

票息债券以本集团若干全资附

属公司之股权作抵押及由若干股东担

保。

于二零二五年三月，本公司收到一

家在香港注册成立的有限公司（「贷款

人」）发出的通知，内容有关贷款人向

原债券持有人购买

13.0%

票息债券的

权利及利益。本公司及贷款人最终就

13.0%

息票债券制定新的还款计划，

双方于二零二五年三月以贷款安排的

形式订立新协议。新协议的主要条款

包括：

(i)

将本金额减少至

17,300,000

美元（相当于约

134,559,000

港元）；

(i)

将到期日延长至二零二七年一月十四

日；

(i)

将利率由每年

13.0%

降至每年

6.5%

；及

(iv)

豁免拖欠利息。

因此，账面金额为

22,737,000

美元（相

当于约

176,846,000

港元）的

13.0%

票

息债券被终止确认。

17,300,000

美元

（相当于约

134,559,000

港元）的有抵

押其他借款获确认并计入银行及其他

借款。终止确认金融负债所得收益约

42,287,000

港元乃于其他收入、收益

及亏损中确认。

于截至二零二五年三月三十一日止

年度内，

13.0%

票息债券的利息支

出

16,190,000

港元（二零二四年：

21,380,000

港元）已于损益内确认。

37. COUPON BONDS (continued)

13.0% Coupon bonds (continued)

No early redemption of the 13.0% Coupon Bonds is

alowed by the Company except upon the ocurence

of certain events or circumstances as set out in the

bonds instrument.

The 13.0% Coupon Bonds are secured by equity

interests of certain Group’s wholy owned subsidiaries

and guaranted by certain shareholder.

In March 2025, the Company received a notice from

a limited company incorporated in Hong Kong (the

“Lender”) in relation to the Lender’s purchase of

the rights and benefits of the 13.0% coupon bonds

from the original bondholders. The Company and the

Lender eventualy came up with a new repayment plan

for the 13.0% coupon bond and a new agrement

in the form of a loan arangement was entered into

by both parties in March 2025. The key terms of

the new agrement included: (i) a reduction of the

principal amount to US$17,300,000 (equivalent to

aproximately HK$134,559,000); (i) an extension of

the maturity date to 14 January 2027; (i) a reduction

of the interest rate from 13.0% per anum to 6.5%

per anum; and (iv) a waiver of the defaulted interest.

The carying amount of 13.0% Coupon Bonds

of US$22,737,000 (equivalent to aproximately

HK$176,846,000) was derecognized acordingly.

A secured other borowing of US$17,300,000

(equivalent to aproximately HK$134,559,000)

was recognised and included in bank and other

borowings. Gain from derecognition of financial

liabilities of aproximately HK$42,287,000 was

recognised in the other income, gains and loses.

During the year ended 31 March 2025, interest charged

on the 13.0% Coupon Bonds of HK$16,190,000

(2024: HK$21,380,000) was recognised in profit or

los.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

37.

票息债券（续）

6.5%

票息债券

根据日期为二零一九年七月三十日之

配售协议，本公司分别于二零一九年

八月七日（「发行日期

」）、二零一九

年八月八日（「发行日期

」）、二零一九

年八月十九日（「发行日期

」）及二零一

九年九月六日（「发行日期

」）按面值向

独立人士发行本金额为

82,500,000

港

元、

24,000,000

港元、

61,500,000

港

元及

32,000,000

港元的

6.5%

票息债券

（统称「第一批

6.5%

票息债券」）。

第一批

6.5%

票息债券以港元计值、以

本集团的全资附属公司作为抵押、由

李先生担保、须于发行日期起计第一

周年当日偿还并按每年

6.5%

计息。利

息须每年支付一次。

第一批

6.5%

票息债券将分别于发行日

期后之第一周年当日（即二零二零年八

月七日（「到期日

」）、二零二零年八月

八日（「到期日

」）、二零二零年八月十

九日（「到期日

」）及二零二零年九月六

日（「到期日

」）到期。于发行日期

至

到期日

、发行日期

至到期日

、发

行日期

至到期日

及发行日期

至到期

日

各自期间，本公司可随时透过向第

一批

6.5%

票息债券的持有人发出不少

于

个营业日的通知，按面值连同按

年利率

6.5%

计算分别自发行日期

、

发行日期

、发行日期

及发行日期

起

直至赎回日期止期间应计之所有应计

但未付利息减本公司就其所支付之任

何利息全部或部分赎回第一批

6.5%

票

息债券。

37. COUPON BONDS (continued)

6.5% Coupon bonds

Pursuant to the placing agrement dated 30 July

2019, 6.5% coupon bonds with principal amount

of HK$82,500,000, HK$24,000,000, HK$61,500,000

and HK$32,000,000 (colectively refered as the

“First 6.5% Coupon Bonds”) were isued by the

Company at par to the independent parties on 7

August 2019 (the “Isue Date 2”), 8 August 2019

(the “Isue Date 3”), 19 August 2019 (the “Isue

Date 4”) and 6 September 2019 (the “Isue Date

5”) respectively.

The First 6.5% Coupon Bonds are denominated

in HK$, secured by the Group’s wholy owned

subsidiaries, guaranted by Mr. Li, repayable on the

day faling on the first aniversary of the isue date

and cary interest at 6.5% per anum. Interest is

payable anualy in arears.

The First 6.5% Coupon Bonds wil mature on the first

aniversary of the isue dates, which are 7 August

2020 (the “Maturity Date 2”), 8 August 2020 (the

“Maturity Date 3”), 19 August 2020 (the “Maturity

Date 4”), and 6 September 2020 (the “Maturity

Date 5”) respectively. The Company can redem

the First 6.5% Coupon Bonds in whole or in part,

at par together with al acrued and unpaid interest

calculated at the rate of 6.5% per anum acrued

thereon from Isue Date 2, Isue Date 3, Isue Date

4 and Isue Date 5 respectively and up to the date

of redemption les any interest paid by the Company

on it by giving not les than 10 busines days’ notice

to the holder(s) of the First 6.5% Coupon Bonds at

any time from the Isue Date 2 to the Maturity Date

2 and Isue Date 3 to Maturity Date 3 and Isue Date

4 to Maturity Date 4 and Isue Date 5 to Maturity

Date 5, respectively.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

37.

票息债券（续）

6.5%

票息债券（续）

于二零二一年三月三十一日，第

一批

6.5%

票息债券已到期，当中

41,500,000

港元由本公司赎回，而

第一批

6.5%

票息债券的余下本金

158,500,000

港元乃根据日期为二零二

零年八月六日之修订契据延长一年。

于二零二年三月三十一日，第

一批

6.5%

票息债券已到期，当中

91,500,000

港元由本公司赎回，而

第一批

6.5%

票息债券的余下本金

67,000,000

港元乃根据日期为二零二

一年八月二十三日之第二份修订契据

延长一年。

于二零二三年三月三十一日，第

一批

6.5%

票息债券已到期，当中

15,000,000

港元由本公司赎回。根据

日期为二零二年八月十二日之第三

份修订契据，第一批

6.5%

票息债券之

余下本金

52,000,000

港元延长两年。

根据第三份修订契据，债券持有人获

授予提早赎回权以要求于延长日期的

第一个周年日提早赎回债券。倘债券

持有人并未行使该提早赎回权，彼等

将收取于到期日未偿还本金额

的一

次性额外固定利息。

于二零二四年三月三十一日，

1,000,000

港元的第一批

6.5%

票息债

券已于延长日期的第一个周年日提早

赎回。剩余本金

51,000,000

港元并

未行使该提早赎回权，根据日期为二

零二年八月十二日之第三份修订契

据，彼等将收取于到期日未偿还本金

额

的一次性额外固定利息。

37. COUPON BONDS (continued)

6.5% Coupon bonds (continued)

As at 31 March 2021, the First 6.5% Coupon

Bonds were matured, of which HK$41,500,000

were redemed by the Company and the remaining

principal of HK$158,500,000 of the First 6.5%

Coupon Bonds were extended for one year pursuant

to the ded of amendment dated 6 August 2020.

As at 31 March 2022, the First 6.5% Coupon

Bonds were matured, of which HK$91,500,000

were redemed by the Company and the remaining

principal of HK$67,000,000 of the First 6.5% Coupon

Bonds were extended for one year pursuant to the

second ded of amendment dated 23 August 2021.

As at 31 March 2023, the First 6.5% Coupon Bonds

were matured, of which HK$15,000,000 were

redemed by the Company. Pursuant to the third

ded of amendment dated 12 August 2022, the

remaining principal of HK$52,000,000 of the First

6.5% Coupon Bonds were extended for two year.

Acording to the third ded of amendment, the

bondholders were granted early redemption right

to request for early redemption of bonds on the first

aniversary of the extension date. If the bondholders

do not exercise such early redemption right, they

shal receive a one-of aditional fixed interest of

2% of the outstanding principal amount as at the

maturity date.

As at 31 March 2024, the First 6.5% Coupon Bonds

of which HK$1,000,000 were early redemed on the

first aniversary of the extension date. The remaining

principal of HK$51,000,000 do not exercise such early

redemption right, and they shal receive a one-of

aditional fixed interest of 2% of the outstanding

principal amount as at the maturity date pursuant to

the third ded of amendment dated 12 August 2022.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

37.

票息债券（续）

6.5%

票息债券（续）

第一批

6.5%

票息债券有关之交易成本

2,580,000

港元计入第一批

6.5%

票息

债券之账面值。自修订契据日期起，

第一批

6.5%

票息债券的实际年利率于

第一年为

9.5%

及于第二年为

10.5%

。

于二零二零年七月二十三日，本公司

与配售代理订立第二份配售协议，以

发行

6.5%

票息债券，本金额最多为

100,000,000

港元（统称「第二批

6.5%

票息债券」）。

第二批

6.5%

票息债券以港元计值，以

一间附属公司之股权作抵押、由李先

生担保、须于发行日期起计第一周年

当日偿还并按年利率

6.5%

计息以及利

息须每年支付一次。

于二零二零年八月四日（「发行日期

」），已发行本金额为

66,500,000

港元

之第二批

6.5%

票息债券之第一批次，

而所得款项已用作再融资现有借款。

第二批

6.5%

票息债券将于发行日期后

之第一周年当日（即二零二一年八月四

日（「到期日

」）到期。

于二零二年三月三十一日，第

二批

6.5%

票息债券已到期，其中

66,500,000

港元由本公司悉数偿还。

37. COUPON BONDS (continued)

6.5% Coupon bonds (continued)

Transaction costs relating to the First 6.5% Coupon

Bonds of HK$2,580,000 are included in the carying

amount of the First 6.5% Coupon Bonds. The

efective interest rate of the First 6.5% Coupon Bonds

is 9.5% per anum at the first year and 10.5% at

the second year, respectively from the date of the

ded of amendment.

On 23 July 2020, the Company entered into a second

placing agrement with a placing agent to isue

6.5% coupon bonds with principal amount of up

to HK$100,000,000 (colectively refered as the

“Second 6.5% Coupon Bonds”).

The Second 6.5% Coupon Bonds are denominated in

HK$, secured by the equity interests of a subsidiary,

guaranted by Mr. Li, repayable on the day faling

on the first aniversary of the isue date and cary

interest at 6.5% per anum, and the interest is

payable anualy in arears.

As at 4 August 2020 (the “Isue Date 6”), the

first tranche of the Second 6.5% Coupon Bonds

with principal of HK$66,500,000 were isued and

the proceds were used for refinancing the existing

borowings. The Second 6.5% Coupon Bonds wil

mature on the first aniversary of the isue dates,

which are 4 August 2021 (the “Maturity Date 6”).

As at 31 March 2022, the Second 6.5% Coupon

Bonds were matured, of which HK$66,500,000 were

fuly repaid by the Company.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

37.

票息债券（续）

6.5%

票息债券（续）

于二零二一年八月二十三日，本公司

与配售代理订立第三份配售协议，以

按尽力基准再次发行第一批

6.5%

票息

债券，本金额合共最多为

140,000,000

港元（统称为「第三批

6.5%

票息债

券」）。于二零二一年八月二十三日（「发

行日期

」）及二零二一年八月三十一日

（「发行日期

」），已发行本金额分别为

56,300,000

港元及

3,000,000

港元之第

三批

6.5%

票息债券之第一批次及第二

批次（第一批

6.5%

票息债券、第二批

6.5%

票息债券及第三批

6.5%

票息债券

统称为「

6.5%

票息债券」），而所得款

项已用作再融资现有借款。

第三批

6.5%

票息债券以港元计值，以

一间附属公司之股权作抵押、由李先

生担保、须于发行日期起计第一周年

当日偿还并按年利率

6.5%

计息以及利

息须每年支付一次。

第三批

6.5%

票息债券将分别于发行日

期后之第一周年当日（即二零二年八

月二十三日（「到期日

」）及二零二年

八月三十一日（「到期日

」）到期。于

发行日期

至到期日

及发行日期

至到

期日

各自期间，本公司可随时透过向

第三批

6.5%

票息债券的持有人发出不

少于

个营业日的通知，按面值连同

按年利率

6.5%

计算分别自发行日期

及发行日期

起直至赎回日期止期间应

计之所有应计但未付利息减本公司就

其所支付之任何利息全部或部分赎回

第三批

6.5%

票息债券。

37. COUPON BONDS (continued)

6.5% Coupon bonds (continued)

On 23 August 2021, the Company entered into a

third placing agrement with a placing agent to

reisue the First 6.5% Coupon Bonds with principal

amount of up to HK$140,000,000 in agregate

(colectively refered as the “Third 6.5% Coupon

Bonds”), under best efort basis. On 23 August

2021 (the “Isue Date 7”) and 31 August 2021

(the “Isue Date 8”), the first and second tranche

of the Third 6.5% Coupon Bonds with principal of

HK$56,300,000 and HK$3,000,000 (the First 6.5%

Coupon Bonds, the Second 6.5% Coupon Bonds and

the Third 6.5% Coupon Bonds, colectively refered

as the “6.5% Coupon Bonds”) were isued and

the proceds were used for refinancing the existing

borowings.

The Third 6.5% Coupon Bonds are denominated

in HK$, secured by equity interests of a subsidiary,

guaranted by Mr. Li, repayable on the day faling

on the first aniversary of the isue date and cary

interest at 6.5% per anum. Interest is payable

anualy in arears.

The Third 6.5% Coupon Bonds wil mature on the first

aniversary on the isue dates, which are 23 August

2022 (“the Maturity Date 7”) and 31 August 2022

(the “Maturity Date 8”), respectively. The Company

can redem the third 6.5% Coupon Bonds in whole

or in part, at par together with al acrued and unpaid

interest calculated at the rate of 6.5% per anum

acrued thereon from Isue Date 7 and Isue Date 8

respectively and up to the date of redemption les

any interest paid by the Company on it by giving not

les than 10 busines days’ notice to the holder(s) of

the Third 6.5% Coupon Bonds at any time from the

Isue Date 7 to the Maturity Date 7 and the Isue

Date 8 to the Maturity Date 8, respectively.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

37.

票息债券（续）

6.5%

票息债券（续）

于二零二三年三月三十一日，第

三批

6.5%

票息债券已到期，当中

3,500,000

港元由本公司赎回。根据日

期为二零二年八月十二日之修订契

据，余下本金

45,800,000

港元延长两

年。根据修订契据，债券持有人获授

予提早赎回权以要求于延长日期的第

一个周年日提早赎回债券。倘债券持

有人并未行使该提早赎回权，彼等将

收取于到期日未偿还本金额

的一次

性额外固定利息。

于二零二四年三月三十一日，

5,000,000

港元的第三批

6.5%

票息债

券已于延长日期的第一个周年日提早

赎回。剩余本金

40,800,000

港元并

未行使该提早赎回权，根据日期为二

零二年八月十二日之第三份修订契

据，彼等将收取于到期日未偿还本金

额

的一次性额外固定利息。

第三批

6.5%

票息债券有关之交易成本

2,190,000

港元计入第三批

6.5%

票息

债券之账面值。自修订契据日期起，

第三批

6.5%

票息债券的实际年利率于

第一年为

9.5%

及于第二年为

10.5%

。

于二零二五年三月三十一日，

6.5%

票息债券的本金及利息分别约

91,800,000

港元及

18,997,000

港元（二

零二四年：分别约

91,800,000

港元及

10,575,000

港元）仍未偿还。

于截至二零二五年三月三十一日止

年度内，

6.5%

票息债券的利息支

出

9,422,000

港元（二零二四年：

9,529,000

港元）已于损益内确认。

37. COUPON BONDS (continued)

6.5% Coupon bonds (continued)

As at 31 March 2023, the Third 6.5% Coupon

Bonds were matured, of which HK$3,500,000 were

redemed by the Company. Pursuant to the ded of

amendment dated 12 August 2022, the remaining

principal of HK$45,800,000 were extended for two

year. Acording to the ded of amendment, the

bondholders were granted early redemption right to

request for early redemption of bonds on the first

aniversary of the extension date. If the bondholders

do not exercise such early redemption right, they

shal receive a one-of aditional fixed interest of

2% of the outstanding principal amount as at the

maturity date.

As at 31 March 2024, the Third 6.5% Coupon Bonds

of which HK$5,000,000 were early redemed on the

first aniversary of the extension date. The remaining

principal of HK$40,800,000 do not exercise such early

redemption right, and they shal receive a one-of

aditional fixed interest of 2% of the outstanding

principal amount as at the maturity date pursuant to

the third ded of amendment dated 12 August 2022.

Transaction costs relating to the Third 6.5% Coupon

Bonds of HK$2,190,000 are included in the carying

amount of the Third 6.5% Coupon Bonds. The

efective interest rate of the Third 6.5% Coupon

Bonds is 9.5% per anum at the first year and 10.5%

at the second year, respectively from the date of the

ded of amendment.

As at 31 March 2025, the principal and interest of the

6.5% Coupon Bonds of aproximately HK$91,800,000

and HK$18,997,000 respectively (2024: aproximately

HK$91,800,000 and HK$10,575,000 respectively) are

remain outstanding.

During the year ended 31 March 2025, interest

charged on the 6.5% Coupon Bonds of HK$9,422,000

(2024: HK$9,529,000) was recognised in profit or

los.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

37.

票息债券（续）

6.5%

票息债券（续）

本集团于截至二零二五年三月三十一

日止年度内分别拖欠偿还债券本金及

利息约

91,800,000

港元及

18,997,000

港元，而于二零二五年三月三十一日

未偿还金额约为

110,797,000

港元的债

券仍未偿还。由于此违反债券违约条

款的行为，金融机构按合同规定有权

要求立即偿还约

110,797,000

港元的未

偿还债券。

38.

递延税项

于两个年度内所确认之重大递延税项

负债及其变动如下：

37. COUPON BONDS (continued)

6.5% Coupon bonds (continued)

The Group has defaulted in repayment of principals

and interests of bonds amounting to aproximately

HK$91,800,000 and HK$18,997,000 respectively

during the year ended 31 March 2025 which

outstanding amounts of bonds of aproximately

HK$110,797,000 as at 31 March 2025 remain

outstanding. Due to this breach of default clause

of bonds, the financial institution are contractualy

entitled to request for imediate repayment of the

outstanding bonds of aproximately HK$110,797,000.

38. DEFERED TAXATION

The folowing are the major defered tax liabilities

recognised and movements thereon during both

years:

Fair value

gain on

investment

properties

Tax alowance

on financial

guarante

contracts

recognisedTotal

投资物业之

公平值收益

已确认融资

担保合约之

税收优惠总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 31 March 2023

于二零二三年三月三十一日

282,345608282,953

Credit to profit or los

计入损益

(43,415)(295)(43,710)

Exchange realignment

汇兑调整

(15,153)(31)(15,184)

At 31 March 2024

于二零二四年三月三十一日

223,777282224,059

Credit to profit or los

计入损益

(53,725)(245)(53,970)

Exchange realignment

汇兑调整

(1,133)–(1,133)

At 31 March 2025

于二零二五年三月三十一日

168,91937168,956

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

38.

递延税项（续）

于报告期末，本集团有未使用之税项

亏损

974,042,000

港元（二零二四年：

800,646,000

港元）可用来抵销未来溢

利，其须待香港税务局及中国税务局

确认后，方可作实。因未来溢利情况

未能预测，故此并无确认递延税项资

产。于二零二五年三月三十一日，未

确认税项亏损包括亏损

377,150,000

港

元，其将自开始年度起五年内到期（即

二零二六年至二零三零年），未确认税

项亏损之结余可无限期结转（二零二四

年：

382,241,000

港元，其将自开始年

度起五年内到期（即二零二五年至二零

二九年），未确认税项亏损之结余可无

限期结转）。

根据中国企业所得税法，由二零八

年一月一日开始，当中国附属公司就

所赚取溢利宣派股息时，须缴纳预扣

税。由于本公司控制若干中国附属公

司之股息政策且可能在可见将来不会

分派溢利，故并无于综合财务报表就

该等附属公司之

960,675,000

港元（二

零二四年：

1,262,154,000

港元）之未

分派溢利之暂时差额作出递延税项拨

备。

38. DEFERED TAXATION (continued)

At the end of the reporting period, the Group

had unused tax loses of HK$974,042,000 (2024:

HK$800,646,000) available for ofseting against

future profits which are subject to the confirmation

from Hong Kong Inland Revenue Department and

the PRC tax bureau. No defered tax aset has

ben recognised due to unpredictability of future

profit streams. As at 31 March 2025, included in

unrecognised tax loses are loses of HK$377,150,000

which wil expire in 5 years from the year of origination

which is ranged from 2026 to 2030, the remaining

balances of unrecognised tax loses may be caried

forward indefinitely (2024: 382,241,000 which wil

expire in 5 years from the year of origination which

is ranged from 2025 to 2029, the remaining balances

of unrecognised tax loses may be caried forward

indefinitely).

Under the EIT Law of the PRC, witholding tax is

imposed on dividends declared in respect of profits

earned by the PRC subsidiary from 1 January 2008

onwards. No defered taxation has ben provided for

in the consolidated financial statements in respect of

temporary diferences relating to the undistributed

profits of certain PRC subsidiaries amounting to

HK$960,675,000 (2024: HK$1,262,154,000) as

the Company controls the dividend policy of these

subsidiaries and it is probable that the profits wil not

be distributed in the foreseable future.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

39.

股本

39. SHARE CAPITAL

Number of

Nominal

value

股份数目面值

HK$’000

千港元

Ordinary shares:

普通股：

Authorised ordinary shares

法定普通股

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

of HK$0.01 each

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日，

每股

0.01

港元

62,500,000,000625,000

Isued ordinary shares and fuly paid

已发行及缴足普通股

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

of HK$0.01 each

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日，

每股

0.01

港元

1,169,287,75211,693

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

40.

购股权计划

本公司根据于二零一二年九月二十一

日通过之决议案采纳购股权计划，主

要旨在鼓励董事、合资格雇员及顾问

（统称「承授人」）。

于二零一三年四月二十四日，

93,100,000

份购股权（「购股权

」）已授

予承授人，彼等有权于悉数行使购股

权

后按行使价每股

0.58

港元认购本公

司股本中每股面值

0.0125

港元之合共

93,100,000

股新股份。所授出购股权

于二零一四年四月二十四日至二零二

三年四月二十三日可予行使并于承授

人于各可行使期初仍服务于本集团之

前提下分五批归属，其中

(i)20%

将可

于二零一四年四月二十四日至二零二

三年四月二十三日行使；

(i) 20%

将可

于二零一五年四月二十四日至二零二

三年四月二十三日行使；

(i)20%

将可

于二零一六年四月二十四日至二零二

三年四月二十三日行使；

(iv)20%

将可

于二零一七年四月二十四日至二零二

三年四月二十三日行使；及

(v)20%

将

可于二零一八年四月二十四日至二零

二三年四月二十三日行使。

40. SHARE OPTION SCHEME

The Company’s share option scheme was adopted

pursuant to a resolution pased on 21 September

2012 for the primary purpose of providing incentives

to directors, eligible employe and consultants

(colectively, the “Grantes”).

On 24 April 2013, 93,100,000 share options (the

“Share Options 1”) were granted to the Grantes

who are entitled to subscribe for a total of 93,100,000

new shares at an exercise price of HK$0.58 per

share with nominal value of HK$0.0125 each in the

capital of the Company upon the exercise of the

Share Options 1 in ful. Share Options 1 granted are

exercisable from 24 April 2014 to 23 April 2023 and

are vested in five tranches given that the Grantes

remain in service with the Group at the begining

of each exercisable period with (i) 20% shal become

exercisable from 24 April 2014 to 23 April 2023; (i)

20% shal become exercisable from 24 April 2015

to 23 April 2023; (i) 20% shal become exercisable

from 24 April 2016 to 23 April 2023; (iv) 20% shal

become exercisable from 24 April 2017 to 23 April

2023; and (v) 20% shal become exercisable from 24

April 2018 to 23 April 2023.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

40.

购股权计划（续）

于二零一三年十一月二十九日，

15,000,000

份购股权（「购股权

」）已授

予承授人，彼等有权于悉数行使购股

权

后按行使价每股

0.70

港元认购本公

司股本中每股面值

0.0125

港元之合共

15,000,000

股新股份。所授出购股权

于二零一四年十一月二十九日至二零

二三年十一月二十八日可予行使并于

承授人于各可行使期初仍服务于本集

团之前提下分五批归属，其中

(i)20%

将可于二零一四年十一月二十九日

至二零二三年十一月二十八日行使；

(i)20%

将可于二零一五年十一月二十

九日至二零二三年十一月二十八日行

使；

(i)20%

将可于二零一六年十一月

二十九日至二零二三年十一月二十八

日行使；

(iv)20%

将可于二零一七年十

一月二十九日至二零二三年十一月二

十八日行使；及

(v)20%

将可于二零一

八年十一月二十九日至二零二三年十

一月二十八日行使。

于二零一三年十二月十七日，

4,000,000

份购股权（「购股权

」）已授

予承授人，彼等有权于悉数行使购股

权

后按行使价每股

0.68

港元认购本公

司股本中每股面值

0.0125

港元之合共

4,000,000

股新股份。所授出购股权

于二零一四年十二月十七日至二零二

三年十二月十六日可予行使并于承授

人于各可行使期初仍服务于本集团之

前提下分五批归属，其中

(i)20%

将可

于二零一四年十二月十七日至二零二

三年十二月十六日行使；

(i)20%

将可

于二零一五年十二月十七日至二零二

三年十二月十六日行使；

(i)20%

将可

于二零一六年十二月十七日至二零二

三年十二月十六日行使；

(iv)20%

将可

于二零一七年十二月十七日至二零二

三年十二月十六日行使；及

(v)20%

将

可于二零一八年十二月十七日至二零

二三年十二月十六日行使。

40. SHARE OPTION SCHEME

(continued)

On 29 November 2013, 15,000,000 share options

(the “Share Options 2”) were granted to the

Grantes who are entitled to subscribe for a total of

15,000,000 new shares at an exercise price of HK$0.70

per share with nominal value of HK$0.0125 each in

the capital of the Company upon the exercise of the

Share Options 2 in ful. Share Options 2 granted are

exercisable from 29 November 2014 to 28 November

2023 and are vested in five tranches given that the

Grantes remain in service with the Group at the

begining of each exercisable period with (i) 20%

shal become exercisable from 29 November 2014 to

28 November 2023; (i) 20% shal become exercisable

from 29 November 2015 to 28 November 2023; (i)

20% shal become exercisable from 29 November

2016 to 28 November 2023; (iv) 20% shal become

exercisable from 29 November 2017 to 28 November

2023 and (v) 20% shal become exercisable from 29

November 2018 to 28 November 2023.

On 17 December 2013, 4,000,000 share options (the

“Share Options 3”) were granted to the Grante

who is entitled to subscribe for a total of 4,000,000

new shares at an exercise price of HK$0.68 per

share with nominal value of HK$0.0125 each in the

capital of the Company upon the exercise of the

Share Options 3 in ful. Share Options 3 granted are

exercisable from 17 December 2014 to 16 December

2023 and are vested in five tranches given that the

Grantes remain in service with the Group at the

begining of each exercisable period with (i) 20%

shal become exercisable from 17 December 2014 to

16 December 2023; (i) 20% shal become exercisable

from 17 December 2015 to 16 December 2023; (i)

20% shal become exercisable from 17 December

2016 to 16 December 2023; (iv) 20% shal become

exercisable from 17 December 2017 to 16 December

2023; and (v) 20% shal become exercisable from 17

December 2018 to 16 December 2023.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

40.

购股权计划（续）

下表披露本公司于年内之购股权变动：

40. SHARE OPTION SCHEME

(continued)

The table below discloses movement of the Company’s

share options during the year:

Number of share options

购股权数目

Type of participantsOption type

Exercise price

per share

Outstanding

at 1.4.2023

Lapsed

during

the year

Outstanding

at 31.3.2024,

1.4.2024 and

31.3.2025

参与者类别购股权类别

每股

行使价

于二零二三年

四月一日

尚未行使

年内

已失效

于二零二四年

三月三十一日、

二零二四年

四月一日及

二零二五年

三月三十一日

尚未行使

HK$

港元

DirectorShare Options 131.7390412,914(412,914)–

董事购股权

Share Options 337.222773,082(73,082)–

购股权

EmployesShare Options 131.7390584,657(475,034)–

雇员购股权

Share Options 238.3120146,163(146,163)–

购股权

Other eligible ParticipantsShare Options 131.7390411,085(374,544)–

其他合资格参与者购股权

Total1,627,901(1,481,737)–

总计

Exercisable at end of the year–

于年末可行使

2025
二零 Weighted average exercise price	二五年 Number of exercisable options
加权平均	可行使
行使价 HK$ per share	购股权数目
每股港元
N/A	–
不适用 N/A	–
不适用
N/A	–
不适用

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

40.

购股权计划（续）

下表披露本公司之可行使购股权之变

动及加权平均行使价：

40. SHARE OPTION SCHEME

(continued)

The folowing table discloses movement of and

weighted average exercise prices of the Company’s

exercisable share option:

二零二四年

Weighted

average

exercise price

Number of

exercisable

options

加权平均

行使价

可行使

购股权数目

HK$

per share

每股港元

Exercisable at the begining of

the year

于年初可行使

32.65781,481,737

Share option lapsed during

the year

于年内失效之购股权

32.6578(1,481,737)

Exercisable at the end of

the year

于年末可行使

不适用

–

The consultants provided services related to the

development of logistics services busines and

financial guarante services busines. Such services

are similar as in nature to those rendered by employes

of the Group.

该等顾问提供有关物流服务业务及融

资担保服务业务发展之服务。有关服

务与本集团雇员提供之服务性质类似。

2025
二零二五年 HK$’000
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

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

41.

或然负债

公司担保

41. CONTINGENT LIABILITIES

Corporate guarante

二零二四年

HK$’000

千港元

Guarante given to banks in respect

of financial guarante services

provided to:

就向下列各方提供之融资

担保服务而向银行作出

之担保：

– Independent third parties

－独立第三方

99,257

Details about the management of credit risk by the

Group regarding these financial guarantes are set

out in Note 46.

As at 31 March 2025, financial guarante contracts of

aproximately HK$nil (2024: HK$804,000) represents

the fair value of the financial guarante contracts

initialy recognised les cumulative amortisation at

the end of the reporting period of aproximately

HK$nil (2024: HK$nil) and the amount of the los

alowance determined in acordance with HKFRS 9

of aproximately HK$nil (2024: HK$804,000). Details

of the ECL amount are set out in Note 46.

本集团就该等融资担保管理信贷风险

之详情载于附注

。

于二零二五年三月三十一日，融资

担保合约零港元（二零二四年：

804,000

港元）指初步确认融资担保合

约之公平值减于报告期末之累计摊销

约零港元（二零二四年：零港元）及根

据香港财务报告准则第

号厘定的亏

损拨备金额约零港元（二零二四年：

804,000

港元）。预期信贷亏损金额详

情载于附注

。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

42.

退休福利计划

本集团设有强制性公积金计划，供所

有合资格之香港雇员参与。计划资产

与本集团资产分开持有，并以基金方

式由受托人管理。本集团将有关薪金

成本之

或以

1,500

港元为上限（按

雇员选择）向香港强制性公积金计划供

款，与雇员供款额相同。

本公司中国附属公司之员工乃中国政

府所运作的退休褔利计划的成员。有

关中国附属公司须按现有员工月薪之

若干百分比供款，拨资该褔利内。根

据有关政府法例，员工可享有之退休

金乃按其退休时之基本薪金及服务年

资计算。中国政府对退休员工承担退

休金的责任。

于截至二零二五年三月三十一日止年

度，雇主于退休褔利计划之供款在综

合损益及其他全面收益表之损益中扣

除之金额为

3,468,000

港元（二零二四

年：

3,483,000

港元）。

于二零二五年及二零二四年三月三十

一日，任何界定供款退休计划下概无

可用已没收供款可供本集团用于降低

现有供款水平，且于截至二零二五年

及二零二四年三月三十一日止年度，

本集团并无没收任何界定供款退休计

划下的任何供款。

42. RETIREMENT BENEFIT SCHEME

The Group operates a Mandatory Provident Fund

Scheme for al qualifying employes in Hong Kong.

The asets of the scheme are held separately from

those of the Group, in funds under the control of

trustes. The Group contributes 5% of the relevant

payrol costs or caped at HK$1,500 (based on the

choice of employes) to the Mandatory Provident

Fund Scheme in Hong Kong, which contribution is

matched by employes.

The employes of the Company’s subsidiaries in the

PRC are members of retirement benefit schemes

operated by the PRC government. The relevant PRC

subsidiaries were required to contribute certain

percentages of the monthly salaries of their curent

employes to fund the benefits. The employes

were entitled to retirement pension calculated with

reference to their basic salaries on retirement and

their length of service in acordance with the relevant

government regulations. The PRC government was

responsible for the pension liability to the retired

staf.

The employer’s contributions to the retirement benefit

scheme charged to profit or los in the consolidated

statement of profit or los and other comprehensive

income amounted to HK$3,468,000 for the year

ended 31 March 2025 (2024: HK$3,483,000).

At 31 March 2025 and 2024, there was no forfeited

contribution under any defined contribution retirement

schemes available which may be used by the Group

to reduce the existing level of contributions, nor

any contribution under any defined contribution

retirement schemes was forfeited by the Group

during the year ended 31 March 2025 and 2024.

2025
二零二五年 HK$’000
千港元
4,013

2025
二零二五年 HK$’000
千港元
24,751

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

43.

经营租赁承担

于报告期末，本集团于以下期限到期

之不可撤销经营租赁项下拥有之未来

最低应收租赁款项如下：

作为出租人

43. OPERATING LEASE COMITMENTS

At the end of the reporting period, the Group had

future minimum lease receivable under noncancelable

operating leases which fal due as folows:

As lesor

二零二四年

HK$’000

千港元

Within one year

一年内

4,511

Operating lease income represents rental receivable

by the Group for its leasing of retail shop, ofices

and car park.

44. CAPITAL COMITMENTS

二零二四年

HK$’000

千港元

Capital expenditure contracted for but

not provided in the consolidated

financial statements in conection

with the investment properties

under construction

与在建投资物业有关之

已订约但并未于综合财

务报表作出拨备之资本

开支

24,932

经营租赁收入指本集团就租赁其零售

店舖、办公室及停车位而应收之租金。

44.

资本承担

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

45.

资本风险管理

本集团管理其资金，以确保本集团内

之实体将能够以持续经营方式营运，

同时亦透过达致债务与权益之间最佳

之平衡而为股东争取最大回报。本集

团之整体策略与去年相比保持不变。

本集团之资本结构包括债务净额，当

中包括应付关连公司及董事账项、银

行及其他贷款及

6.5%

票息债券（扣除

现金及现金等值项目及本公司拥有人

应占权益（包括已发行股本及储备）。

本公司董事定期监察现时及预期流动

资金需要以及遵守贷款契诺简报。本

公司董事持续检讨资本结构。作为检

讨之一部分，本公司董事考虑资本

之成本及与资本相关之风险。基于本

公司董事之推荐意见，本集团将透过

支付股息及发行新股份以及筹集新银

行╱其他借款或来自关连方之垫款及

偿还现有银行╱其他借款或偿还关连

公司款项以平衡其整体资本结构。

45. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities

in the Group wil be able to continue as a going

concern while maximising the return to shareholders

through the optimisation of the debt and equity

balance. The Group’s overal strategy remains

unchanged from prior year.

The capital structure of the Group consists of net

debts, which includes the amounts due to related

companies and directors, bank and other borowings

and 6.5% coupon bonds net of cash and cash

equivalents and equity atributable to owners of

the Company, comprising isued share capital and

reserves. The directors of the Company monitor

curent and expected liquidity requirement as wel

as the sumary compliance report on loan covenants

regularly. The directors of the Company review the

capital structure on a continuous basis. As part of

this review, the directors of the Company consider

the cost of capital and the risks asociated with

capital. Based on recomendations of the directors

of the Company, the Group wil balance its overal

capital structure through the payment of dividends

and isuance of new shares as wel as raising of

new bank/other borowings or advances from related

parties and the repayment of existing bank/other

borowings or repayment to related companies.

2025
二零二五年 HK$’000
千港元
39,670
70,503
110,173
2,372,715
–
2,372,715

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具

46a

金融工具分类

46. FINANCIAL INSTRUMENTS

46a Categories of financial instruments

二零二四年

HK$’000

千港元

Financial asets

金融资产

Equity investment at FVTOCI

按公平值计入其他全面

收益之权益投资

69,605

Financial asets at

amortised cost

按摊销成本列账之

金融资产

152,559

222,164

Financial liabilities

金融负债

Financial liabilities at

amortised cost

按摊销成本列账之金融

负债

2,380,497

Financial guarante contracts

融资担保合约

2,381,301

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策

本集团之主要金融工具包括应

收贸易账项、应收关连公司的

贸易账项、应收贷款、其他应

收账项及按金、按公平值计入

其他全面收益之权益投资、应

收商业保理款项、应付关连公

司账项、应付董事账项、已

抵押银行存款、银行结存及现

金、应付贸易账项、应计建筑

成本、其他应付账项及应计费

用、员工贷款、向租户及客

户收取之按金、银行及其他借

款、

6.5%

票息债券及租赁负

债。该等金融工具详情于各附

注披露。与该等金融工具有关

之风险包括市场风险（货币风险

及利率风险）及其他价格风险、

信贷风险及流动资金风险。下

文载列降低该等风险之政策。

管理层管理及监控该等风险，

以确保及时有效地采取适当之

措施。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies

The Group’s major financial instruments

include trade receivables, trade receivables

from related companies, loan receivables,

other receivables and deposits, equity

investment at FVTOCI, factoring receivables,

amounts due to related companies, amounts

due to directors, pledged bank deposits,

bank balances and cash, trade payables,

construction cost acruals, other payables and

acruals, loans from staf, deposit received

from tenants and customers bank and other

borowings, 6.5% coupon bonds and lease

liabilities. Details of the financial instruments

are disclosed in the respective notes. The risks

asociated with these financial instruments

include market risk (curency risk and interest

rate risk), other price risk, credit risk and

liquidity risk. The policies on how to mitigate

these risks are set out below. Management

manages and monitors these exposures to

ensure apropriate measures are implemented

on a timely and efective maner.

资 2025		负 2025
二零二五年 HK$’000		二零二五年 HK$’000
千港元		千港元
–
–		136,381

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

市场风险

货币风险

本公司若干附属公司有以外币

计值之销售，令本集团面临外

币风险。此外，若干应收贸易

账项、银行结存及应付贸易账

项均以个别集团实体之功能货

币以外之外币计值。

本集团现时并无外币对冲政

策。然而，管理层会监察外汇

风险并会因应需要考虑对冲重

大外币风险。

以外币计值之本集团货币资产

及货币负债于报告日期之账面

值如下：

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Market risk

Curency risk

Several subsidiaries of the Company have

foreign curency sales, which expose the

Group to foreign curency risk. In adition,

certain trade receivables, bank balances and

trade payables are denominated in foreign

curencies other than the functional curency

of the respective group entities.

The Group curently does not have a

foreign curency hedging policy. However,

management monitors foreign exchange

exposure and wil consider hedging significant

foreign curency exposure should the ned

arise.

The carying amounts of the Group’s foreign

curency denominated monetary asets and

monetary liabilities at the reporting date are

as folows:

AsetsLiabilities

资产负债

二零二四年

HK$’000

千港元

USD

美元

163,988

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

市场风险（续）

货币风险（续）

敏感度分析

就若干以港元为功能货币的集

团实体而言，因港元和美元挂

钩，而与港元价值稳定不变，

功能货币分别相对美元或港元

之汇率变动并无被考虑于以下

敏感度分析内。本公司董事认

为，本集团预期相关功能货币

相对美元或港元之间的汇率不

会有任何重大变动。

经计及本集团于报告期末以人

民币计值之资产账面金额并不

重大，本公司董事认为，有

关人民币的外币风险极小。因

此，并无呈列有关外币风险之

敏感度分析。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Market risk (continued)

Curency risk (continued)

Sensitivity analysis

For certain group entities whose functional

curency is HK$ the change in exchange rate

of its functional curency against USD or HK$

respectively has not ben considered in the

sensitivity analysis below as HK$ is peged to

USD and is always stabilised with unchanged

value to HK$. In the opinion of the directors of

the Company, the Group does not expect any

significant movements betwen the exchange

rate of relevant functional curency against

USD or HK$.

In the opinion of the directors of the Company,

the exposure to foreign curency risk in relation

to RMB is minimal taking into acount the

insignificant carying amounts of the Group’s

asets denominated in RMB at the end of the

reporting period. Acordingly, no sensitivity

analysis on foreign curency risk is presented.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

市场风险（续）

利率风险

本集团就利率变动对浮息银行

及其他借款、浮息银行透支、

已抵押银行存款及银行结存的

影响而面临现金流量利率风险。

本集团亦就利率变动对租赁负

债、应收商业保理款项、定息

应收贷款、定息银行及其他借

款、定息员工借款、定息应收

融资租赁款项、

6.5%

票息债券

的影响而面临公平值利率风险。

本集团所面临的金融负债利率

风险详情载列于本附注流动资

金风险管理一节。本集团的现

金流量利率风险主要集中在因

本集团以港元及人民币计值的

借款产生的中国人民银行利率

波动。

本集团现时并无制订利率对冲

政策。然而，管理层监察利率

风险及倘有需要时，将会考虑

对冲重大的利率风险。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Market risk (continued)

Interest rate risk

The Group is exposed to cash flow interest

rate risk in relation to the impact of interest-

rate changes on variable-rate bank and other

borowings, variable-rate bank overdraft,

pledged bank deposits and bank balances.

The Group is also exposed to fair value interest

rate risk in relation to the impact of interest

rate changes on lease liabilities, factoring

receivables, fixed rate loan receivables, fixed-

rate bank and other borowings, fixed-rate

loans from staf, fixed-rate finance lease-

receivables, 6.5% coupon bonds.

The Group’s exposure to interest rates on

financial liabilities is detailed in the liquidity

risk management section in this note. The

Group’s cash flow interest rate risk is mainly

concentrated on the fluctuation of the PBOC

Rate arising from the Group’s HK$ and RMB

denominated borowings.

The Group curently does not have interest

rate hedging policy. However, management

monitors interest rate exposure and wil

consider hedging significant interest rate

exposure should the ned arise.

Year ended 31 March 2025
截至二零二五年三月三十一日
止年度 HK$’000
千港元
2,859
620
3,479

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

市场风险（续）

利率风险（续）

就于二零二五年及二零二四年

三月三十一日之浮息银行结存

而言，经计及市场利率的最小

波动，董事认为本集团之未来

现金流量利率风险微不足道，

故并无呈列有关利率风险之敏

感度分析。

按摊销成本计量之金融资产之

利息收入╱收入总额如下：

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Market risk (continued)

Interest rate risk (continued)

For the variable-rate bank balances at 31

March 2025 and 2024, the directors consider

the Group’s exposure to future cash flow

interest rate risk is minimal taking into acount

the minimal fluctuation on market interest

rate. Acordingly, no sensitivity analysis on

interest rate risk is presented.

Total interest revenue/income from financial

asets that are measured at amortised cost is

as folows:

Year ended

31 March

截至

二零二四年

三月三十一日

止年度

HK$’000

千港元

Interest revenue

利息收入

Financial asets at

amortised cost

按摊销成本列账之

金融资产

5,339

Other income

其他收入

Financial asets at

amortised cost

按摊销成本列账之

金融资产

Total interest income

利息收入总额

6,099

2025
二零二五年 HK$’000
千港元
155,519

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

市场风险（续）

利率风险（续）

并非按公平值计入损益计量之

金融负债之利息开支：

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Market risk (continued)

Interest rate risk (continued)

Interest expense on financial liabilities not

measured at fair value through profit or los:

二零二四年

HK$’000

千港元

Financial liabilities at

amortised cost

按摊销成本列账之

金融负债

173,499

Sensitivity analysis

The sensitivity analyses below were determined

based on the exposure to interest rates for

the variable-rate bank and other borowings,

variable-rate bank overdraft and pledged bank

deposits at the end of the reporting period. The

analysis was prepared asuming the amount

of liability and aset outstanding at the end

of the reporting period was outstanding for

the whole year. A 25 basis points (2024: 25

basis points) increase or decrease represented

management’s asesment of the reasonably

posible change in interest rates.

敏感度分析

下列敏感度分析皆决定于报告

期末浮息银行及其他借款、浮

息银行透支及已抵押银行存款

之利率风险。该分析乃假设报

告期末之尚未偿还负债及资产

金额于整个年度尚未偿还而制

订。

个基点（二零二四年：

个基点）上升或下跌代表管理

层评估在合理情况下利率之可

能变动。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

市场风险（续）

利率风险（续）

敏感度分析（续）

倘利率上升╱下跌

个基点

（二零二四年：

个基点）而所

有其他变数维持不变，本集团

截至二零二五年三月三十一日

止年度之亏损会增加╱减少约

5,277,000

港元（二零二四年：

截至二零二四年三月三十一日

止年度亏损会增加╱减少约

2,991,000

港元）。

本公司董事认为，此敏感度分

析就固有之利率风险并不具代

表性，因为于报告期末面临之

风险并不反映年内之风险。

其他价格风险

本集团因投资以按公平值计入

损益及按公平值计入其他全面

收益计量之非上市权益工具而

承受股本价格风险。本集团目

前并无风险对冲政策。然而，

管理层监察风险并将于有需要

时考虑对冲重大价格风险。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Market risk (continued)

Interest rate risk (continued)

Sensitivity analysis (continued)

If interest rates had ben 25 basis points

(2024: 25 basis points) higher/lower and

al other variables were held constant, the

Group’s los for the year ended 31 March 2025

would increase/decrease by aproximately

HK$5,277,000 (2024: los for the year ended

31 March 2024 would increase/decrease by

aproximately HK$2,991,000).

In the opinion of the directors of the Company,

the sensitivity analysis is unrepresentative of

the inherent interest rate risk as the end of

the reporting period exposure does not reflect

the exposure during the year.

Other price risk

The Group is exposed to equity price risk

through its investments in unlisted equity

instruments measured at FVTPL and FVTOCI.

The Group curently does not have the risk

hedging policy. However, management

monitors the risk exposure and wil consider

hedging significant price risk exposure should

the ned arise.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

其他价格风险（续）

敏感度分析

本公司董事认为，经计及以

按公平值计入损益计量之非上

市权益工具于报告期末之账面

值，与以按公平值计入损益及

按公平值计入其他全面收益计

量之非上市权益工具有关之股

本价格风险甚微。因此，并无

呈列其他价格风险之敏感度分

析。

信贷风险及减值评估

于二零二五年三月三十一日，

本集团因其交易方未能履行责

任而蒙受财务损失之最高信贷

风险，乃来自综合财务状况表

所载列相关已确认金融资产之

账面值及附注

所披露有关本

集团所提供的融资担保之或然

负债金额。本集团并无持有任

何抵押品或其他增信措施以涵

盖与其金融资产有关之信贷风

险，惟与应收商业保理款项及

融资担保合约有关之信贷风险

乃有所减轻，原因是彼等乃以

已租赁之厂房及设备、交易对

手之应收贸易账项及融资担保

合约之已收预付按金作抵押。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Other price risk (continued)

Sensitivity analysis

In the opinion of the directors of the Company,

the exposure to equity price risk in relation to

unlisted equity instruments measured at FVTPL

and FVTOCI is minimal taking into acount

their carying amounts at the end of the

reporting period. Acordingly, no sensitivity

analysis on other price risk is presented.

Credit risk and impairment asesment

As at 31 March 2025, the Group’s maximum

exposure to credit risk which wil cause a

financial los to the Group due to failure to

discharge an obligation by the counterparties

is arising from the carying amount of the

respective recognised financial asets as stated

in the consolidated statement of financial

position and the amount of contingent

liabilities in relation to financial guarantes

provided by the Group as disclosed in Note

41. 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 factoring

receivables and financial guarante contracts

is mitigated because they are secured over the

plant and equipment leased, trade receivables

of counterparties and upfront deposit received

in financial guarante contracts.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

客户合约产生之应收贸易账项

为尽量降低信贷风险，本集团

管理层已委派团队负责厘定信

贷限额及信贷审批。其他监控

措施乃予以确立以确保采取跟

进措施收回逾期债项。此外，

本集团于应用香港财务报告准

则第

号后单独或根据拨备矩阵

对贸易结余进行预期信贷亏损

模式项下的减值评估。于此方

面，本公司董事认为本集团的

信贷风险显著减少。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Trade receivables arising from contracts with

customers

In order to minimise the credit risk, the

management of the Group has delegated a

team responsible for determination of credit

limits and credit aprovals. Other monitoring

procedures are in place to ensure that folow-

up action is taken to recover overdue debts.

In adition, the Group performs impairment

asesment under ECL model upon aplication

of HKFRS 9 on trade balances individualy or

based on provision matrix. In this regard, the

directors of the Company consider that the

Group’s credit risk is significantly reduced.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收账项及按金╱应收贷

款╱应收商业保理款项╱银行

结存╱已抵押银行存款╱融资

担保合约

为降低应收贷款之信贷风险，

本集团仅接受转介客户及短期

借款请求。此外，信贷部门

负责制定适合的信贷政策，亦

进行背景及信贷调查以及执行

信贷评估及向本公司执行董事

提供建议以供进一步考虑。然

后本公司执行董事参考该资料

及评估每名转介客户的财务状

况，以考虑是否批准贷款。其

后，信贷部门定期进行贷款后

续检讨以评估是否须注意任何

尚未偿还之贷款之可回收性。

于此方面，本公司董事认为本

集团的信贷风险显著减少。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Other receivables and deposits/loan

receivables/factoring receivables/bank

balances/pledged bank deposits/financial

guarante contracts

In order to minimise the credit risks of the

loan receivables, only referal customers and

short term borowing requests are acepted.

Besides, the credit department is responsible

for formulating apropriate credit policies.

It also conducts background and credit

searches and caries out credit asesment

and submits proposal to executive directors

of the Company for further consideration.

Then the executive directors of the Company

take reference of this information and

ases the financial position of each referal

customer to consider if the loan is aproved.

Subsequently, the credit department performs

subsequent loan review regularly to ases if

any outstanding loan requires atention to its

colectability. In this regard, the directors of

the Company consider that the Group’s credit

risk is significantly reduced.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收账项及按金╱应收贷

款╱应收商业保理款项╱银行

结存╱已抵押银行存款╱融资

担保合约（续）

就本集团为保证客户履行偿还

银行借款的义务提供担保而

言，如该等客户还款违约，本

集团须负责偿还客户欠付银行

的未偿还银行借款连同任何应

计利息及罚款。该等担保将于

偿还相关贷款后由银行解除。

为降低该等贷款的信贷风险，

本集团仅接受转介客户及提供

短期担保。此外，信贷部门

进行背景及信贷调查及向本公

司执行董事提呈以供进一步考

虑。然后本公司执行董事参考

该资料及在提供担保前评估每

名转介客户的财务状况。预付

按金亦将于融资担保合约伊始

收取。另外，信贷部门定期进

行实地考察及贷款检讨，确保

采取跟进行动收回逾期债务（如

有）。此外，客户已于其后向银

行偿还该等贷款之若干部分。

就此而言，本公司董事认为本

集团就该等担保的信贷风险已

大幅降低。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Other receivables and deposits/loan

receivables/factoring receivables/bank

balances/pledged bank deposits/financial

guarante contracts (continued)

In relation to the Group’s provision of

guarantes to secure obligations of customers

for repayment of their bank borowings, if there

is a default in repayment by these customers,

the Group is responsible for repaying the

outstanding bank borowings together with

any acrued interests and penalties owed by

the customers to banks. Such guarantes wil

be released by banks upon the repayment of

the underlying loans. In order to minimise

the credit risks of these loans, only referal

customers are acepted and short term

guarantes are granted. Besides, the credit

department conduct background and credit

searches and submit to executive directors of

the Company for further consideration. Then

the executive directors of the Company take

reference of this information and ases the

financial position of each referal customer

before the guarante is granted. Upfront

deposit wil also be received at the start of

the financial guarante contracts. In adition,

the credit department performs site visit and

loan review regularly to ensure folow up

action is taken to recover overdue debts, if

any. Further, certain portion of these loans

had ben setled by the customers to banks

subsequently. In this regard, the directors

of the Company consider that the Group’s

credit risk on such guarantes is significantly

reduced.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收账项及按金╱应收贷

款╱应收商业保理款项╱银行

结存╱已抵押银行存款╱融资

担保合约（续）

就应收商业保理款项而言，其

乃以交易对手方之应收贸易账

项担保。此外，本集团密切监

测其他应收账项之债务人之财

务状况，并将采取后续行动以

收回逾期债务。就此而言，本

公司董事认为本集团的信用风

险已大降低。

由于交易对手方为信誉良好的

银行，并具有信贷机构授予之

高信用等级，因此，已抵押银

行存款及银行结存之信贷风险

有限。本集团对已抵押银行存

款及银行结存之十二个月预期

信贷亏损进行评估。根据平均

损失率，已抵押银行存款及银

行结存之十二个月预期信贷亏

损微不足道，因此并无确认亏

损准备。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Other receivables and deposits/loan

receivables/factoring receivables/bank

balances/pledged bank deposits/financial

guarante contracts (continued)

For factoring receivables, it is secured by

the trade receivables of the counterparties.

Besides, the Group monitors financial position

of debtors of other receivables closely and

folow-up action wil be taken to recover

overdue debts. In this regard, the directors

of the Company consider the Group’s credit

risk is significantly reduced.

The credit risk on pledged bank deposits

and bank balances is limited because the

counterparties are reputable banks with high

credit ratings asigned by credit agencies. The

Group asesed 12 months ECL for pledged

bank deposits and bank balances. Based on

the average los rates, the 12 months ECL on

pledged bank deposits and bank balances is

considered to be insignificant and therefore

no los alowance was recognised.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收账项及按金╱应收贷

款╱应收商业保理款项╱银行

结存╱已抵押银行存款╱融资

担保合约（续）

本集团之集中信贷风险按地

理位置划分乃位于中国，

有关地区分别占应收贸易

账项之

40.58%

（二零二四

年：

41.37%

）及应收贷款

之

100.00%

（二零二四年：

85.65%

）。

除存放于数间高信贷评级之银

行之银行结存及已抵押银行存

款之集中信贷风险外，本集团

并无任何其他重大集中信贷风

险（应收贷款除外）。于二零二

五年三月三十一日，

100.00%

（二零二四年：

85.65%

）应收贷

款乃应收四名（二零二四年：四

名）个别借款人之贷款。截至

二零二五年三月三十一日止年

度，该等个别借款人已与本公

司签订延期协议。因此，本公

司董事认为，风险获妥为处理。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Other receivables and deposits/loan

receivables/factoring receivables/bank

balances/pledged bank deposits/financial

guarante contracts (continued)

The Group’s concentration of credit risk

by geographical location is in PRC, which

acounts for 40.58% (2024: 41.37%) of

the trade receivables and 100.00% (2024:

85.65%) of the loan receivables.

Other than the concentration of credit risk

on bank balances and pledged bank deposits

which are placed with several banks of high

credit ratings, the Group does not have any

other significant concentration of credit risk

except for the loan receivables. As at 31 March

2025, 100.00% (2024: 85.65%) of the loan

receivables are due from four (2024: four)

individual borowers. During the year ended

31 March 2025, the individual borowers had

entered into extension agrement with the

Company. Acordingly, the directors of the

Company consider the risk has ben properly

adresed.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

本集团内部信贷风险评级评估

包括以下类别：

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The Group’s internal credit risk grading

asesment comprises the folowing categories:

Internal

credit ratingDescriptionTrade receivables

Other financial asets/

other items

内部信贷评级描述应收贸易账项其他金融资产╱其他项目

Low riskThe counterparty has a low risk of default and

does not have any past-due amounts

Lifetime ECL

– not credit-impaired

12-month ECL

低风险交易对手具有低违约风险及并无任何逾期款项全期预期信贷亏损

－未出现信贷减值

个月预期信贷亏损

Watch listDebtor frequently repays after due dates but

usualy setle after due date

Lifetime ECL

– not credit-impaired

12-month ECL

监控名单债务人经常于到期后还款但通常于到期后清偿全期预期信贷亏损

－未出现信贷减值

个月预期信贷亏损

DoubtfulThere have ben significant increases in

credit risk since initial recognition through

information developed internaly or

external resources

Lifetime ECL

– not credit-impaired

Lifetime ECL

– not credit-impaired

呆账透过内部所得资料或外部资源得知自初步确认

以来信贷风险已显著增加

全期预期信贷亏损

－未出现信贷减值

全期预期信贷亏损

－未出现信贷减值

LosThere is evidence indicating the aset is

credit-impaired

Lifetime ECL

– credit-impaired

Lifetime ECL

– credit-impaired

亏损有证据指出该资产已出现信贷减值全期预期信贷亏损

－出现信贷减值

全期预期信贷亏损

－出现信贷减值

Write-ofThere is evidence indicating hat the debtor is

in severe financial dificulty and the Group

has no realistic prospect of recovery

Amount is writen ofAmount is writen of

撇销有证据指出债务人陷入严重财政困难且本集团

并无收回款项的实际可能

撇销金额撇销金额

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表详述于二零二五年三月三

十一日，本集团须进行预期信

贷亏损评估之按摊销成本列账

之金融资产，应收贸易账项―

经营租赁、应收关连公司贸易

账项及融资担保合约之信贷风

险：

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The tables below detail the credit risk

exposures of the Group’s financial asets at

amortised cost, trade receivables-operating

leases, trade receivables from related company

and financial guarante contracts, which are

subject to ECL asesment as at 31 March

2025:

Notes

External

credit rating

Internal

credit

rating

12-month or

lifetime ECL

Gros carying

amounts at

31 March 2025

二零二五年附注

外部

信贷评级

内部

信贷评级

个月或全期

预期信贷亏损

于二零二五年

三月三十一日之

总账面值

HK$’000

千港元

Financial asets at

amortised cost

按摊销成本列账之

金融资产

Loan receivables

应收贷款

23N/ALos

Lifetime ECL

– credit impaired

不适用亏损

全期预期信贷亏损

－出现信贷减值

52,007

Factoring receivables

应收商业保理款项

24N/AWatch List

12-month ECL

个月预期信贷亏损不适用监控名单

19,888

Los

Lifetime ECL

– credit impaired

亏损

全期预期信贷亏损

－出现信贷减值

40,293

60,181

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

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

12-month or

lifetime ECL

Gros carying

amounts at

31 March 2025

二零二五年附注

外部

信贷评级

内部

信贷评级

个月或全期

预期信贷亏损

于二零二五年

三月三十一日之

总账面值

HK$’000

千港元

Pledged bank deposits

已抵押银行存款

26A or A+N/A12-month ECL

或

A+

级不适用

个月预期信贷亏损

21,305

Bank balances

银行结存

27A or A+N/A12-month ECL

或

A+

级不适用

个月预期信贷亏损

5,324

Other receivables and

deposits

其他应收账项及按金

25N/ALow risk

12-month ECL

不适用低风险

个月预期信贷亏损

19,424

Watch list

12-month ECL

监控名单

个月预期信贷亏损

10,740

Los

Lifetime ECL

– credit impaired

亏损

全期预期信贷亏损

－出现信贷减值

17,228

47,392

Trade receivables

– gods and services

应收贸易账项

－货品及服务

25N/A

不适用

Doubtful

呆账

Lifetime ECL

– not credit impaired

全期预期信贷亏损

－未出现信贷减值

1,447

Los

Lifetime ECL

– credit impaired

亏损

全期预期信贷亏损

－出现信贷减值

12,480

13,927

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

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

12-month or

lifetime ECL

Gros carying

amounts at

31 March 2025

二零二五年附注

外部

信贷评级

内部

信贷评级

个月或全期

预期信贷亏损

于二零二五年

三月三十一日之

总账面值

HK$’000

千港元

Other items

其他项目

Trade receivables

– operating lease

应收贸易账项

－经营租赁

25N/ADoubtful

Lifetime ECL

– not credit-impaired

不适用呆账

全期预期信贷亏损

－未出现信贷减值

Trade receivables from

related company

应收关连公司

贸易账项

25N/ALow risk

12-month ECL

不适用低风险

个月预期信贷亏损

1,171

Trade receivables

– financial guarante

contracts

应收贸易账项

－融资担保合约

25N/A

不适用

Doubtful

呆账

Lifetime ECL

– not credit-impaired

全期预期信贷亏损

－未出现信贷减值

Los

亏损

Lifetime ECL

– credit-impaired

全期预期信贷亏损

－出现信贷减值

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表详述于二零二四年三月三

十一日，本集团须进行预期信

贷亏损评估之按摊销成本列账

之金融资产，应收贸易账项―

经营租赁、应收关连公司贸易

账项及融资担保合约之信贷风

险：

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The tables below detail the credit risk

exposures of the Group’s financial asets at

amortised cost, trade receivables-operating

leases, trade receivables from related company

and financial guarante contracts, which are

subject to ECL asesment as at 31 March

2024:

Notes

External

credit rating

Internal

credit

rating

12-month or

lifetime ECL

Gros carying

amounts at

31 March 2024

二零二四年附注

外部

信贷评级

内部

信贷评级

个月或全期

预期信贷亏损

于二零二四年

三月三十一日之

总账面值

HK$’000

千港元

Financial asets at

amortised cost

按摊销成本列账之

金融资产

Loan receivables

应收贷款

23N/ALow risk

12-month ECL

不适用低风险

个月预期信贷亏损

12,177

Los

亏损

Lifetime ECL

– credit-impaired

全期预期信贷亏损

－出现信贷减值

72,707

84,884

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

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

12-month or

lifetime ECL

Gros carying

amounts at

31 March 2024

二零二四年附注

外部

信贷评级

内部

信贷评级

个月或全期

预期信贷亏损

于二零二四年

三月三十一日之

总账面值

HK$’000

千港元

Factoring receivables

应收商业保理款项

24N/ALow risk

12-month ECL

不适用低风险

个月预期信贷亏损

18,573

Watch list

12-month ECL

监控名单

个月预期信贷亏损

38,810

Los

Lifetime ECL

– credit-impaired

亏损

40,682

全期预期信贷亏损

－出现信贷减值

98,065

Pledged bank deposits

已抵押银行存款

26A or A+N/A12-month ECL

或

A+

级不适用

个月预期信贷亏损

56,846

Bank balances

银行结存

27A or A+N/A12-month ECL

或

A+

级不适用

个月预期信贷亏损

7,523

Other receivables and

deposits

其他应收账项及按金

25N/ALow risk

12-month ECL

不适用低风险

个月预期信贷亏损

22,899

Watch list

12-month ECL

监控名单

个月预期信贷亏损

Los

Lifetime ECL

– credit-impaired

亏损

全期预期信贷亏损

－出现信贷减值

12,255

35,325

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

Notes

External

credit rating

Internal

credit

rating

12-month or

lifetime ECL

Gros carying

amounts at

31 March 2024

二零二四年附注

外部

信贷评级

内部

信贷评级

个月或全期

预期信贷亏损

于二零二四年

三月三十一日之

总账面值

HK$’000

千港元

Trade receivables

– gods and services

应收贸易账项

－货品及服务

25N/A

不适用

Doubtful

呆账

Lifetime ECL

– not credit-impaired

全期预期信贷亏损

－未出现信贷减值

1,640

Los

Lifetime ECL

– credit-impaired

亏损

全期预期信贷亏损

－出现信贷减值

12,400

14,040

Other items

其他项目

Trade receivables

– operating lease

应收贸易账项

－经营租赁

25N/A

不适用

Doubtful

呆账

Lifetime ECL

– not credit-impaired

全期预期信贷亏损

－未出现信贷减值

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

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

12-month or

lifetime ECL

Gros carying

amounts at

31 March 2024

二零二四年附注

外部

信贷评级

内部

信贷评级

个月或全期

预期信贷亏损

于二零二四年

三月三十一日之

总账面值

HK$’000

千港元

Trade receivables from

related company

应收关连公司

贸易账项

25N/ALow risk

12-month ECL

不适用低风险

个月预期信贷亏损

1,179

Trade receivables

– financial guarante

contracts

应收贸易账项

－融资担保合约

25N/A

不适用

Doubtful

呆账

Lifetime ECL

– not credit-impaired

全期预期信贷亏损

－未出现信贷减值

Los

亏损

Lifetime ECL

– credit-impaired

全期预期信贷亏损

－出现信贷减值

Financial liabilities

– financial guarante

contracts

金融负债

－

融资担保合约

41N/A

不适用

Low risk

低风险

Lifetime ECL

– not credit-impaired

全期预期信贷亏损

－未出现信贷减值

100,061

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：

就内部信贷风险管理而

言，本集团采用内部信贷

评级资料评估信贷风险自初

步确认以来是否已显著增

加。

就应收贸易账项－货品及服

务、应收贸易账项－经营

租赁及应收贸易账项－融资

担保合约而言，本集团应

用香港财务报告准则第

号

的简化方法按全期预期信贷

亏损计量亏损拨备。除具

重大未偿还结存或出现信贷

减值之应收账项外，本集

团透过采用拨备矩阵，厘

定按账龄分组的该等项目之

预期信贷亏损。

就金融负债－融资担保合约

而言，总账面值指本集团

根据相关合约已担保之最高

金额。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Notes:

1. For the purposes of internal credit risk

management, the Group uses internal credit

rating information to ases whether credit

risk has increased significantly since initial

recognition.

2. For trade receivables – gods and services,

trade receivables – operating lease and trade

receivables – financial guarante contracts,

the Group has aplied the simplified

aproach in HKFRS 9 to measure the los

alowance at lifetime ECL. Except for debtors

with significant outstanding balances or

credit-impaired, the Group determines the

expected credit loses on these items by

using a provision matrix, grouped by aging.

3. For financial liabilities – financial guarante

contracts, the gros carying amount

represents the maximum amount the

Group has guaranted under the respective

contracts.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

作为本集团信贷风险管理之一

部分，本集团以应收账款账龄

就其贸易客户评估其客户之减

值，此乃由于该等客户包括为

数众多且风险特征相同之小型

客户，而该等风险代表客户根

据合约条款支付所有到期款项

之能力。下表提供有关于二零

二五年三月三十一日根据拨备

矩阵评估全期预期信贷亏损内

（未出现信贷减值）之应收贸易

账项－货品及服务、应收贸易

账项－经营租赁以及应收贸易

账项－融资担保合约之信贷风

险之资料。于二零二五年三月

三十一日具重大未偿还结存或

出现信贷减值之应收账款之总

账面值

12,835,000

港元（二零二

四年：

12,617,000

港元）乃单独

进行评估。

应收贸易账项之预期信贷亏损

拨备

作为本集团信贷风险管理之一

部分，本集团以应收账款账龄

评估其客户之减值，此乃由于

该等客户包括为数众多且风险

特征相同之小型客户，而该等

风险代表客户根据合约条款支

付所有到期款项之能力。下表

提供有关于全期预期信贷亏损

（未出现信贷减值）内使用拨备

矩阵按共同基准评估的应收贸

易账项的信贷风险资料。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

As part of the Group’ s credit risk management,

the Group uses debtors’ aging to ases the

impairment for its customers in relation to

its trade customers because these customers

consist of a large number of smal customers

with comon risk characteristics that are

representative of the customers’ abilities to

pay al amounts due in acordance with the

contractual terms. The folowing table provides

information about the exposure to credit risk

for trade receivables – gods and services,

trade receivables – operating lease and trade

receivables – financial guarante contracts

which are asesed based on provision matrix

as at 31 March 2025 within lifetime ECL (not

credit impaired). Debtors with significant

outstanding balances or credit impaired with

gros carying amounts of HK$12,835,000 as

at 31 March 2025 (2024: HK$12,617,000)

were asesed individualy.

Provision of ECL on trade receivables

As part of the Group’s credit risk management,

the Group uses debtors’ aging to ases the

impairment for its customers because these

customers consist of a large number of smal

customers with comon risk characteristics

that are representative of the customers’

abilities to pay al amounts due in acordance

with the contractual terms. The folowing

table provides information about the exposure

to credit risk for trade receivables which

are asesed on a colective basis by using

provision matrix within lifetime ECL (not

credit-impaired).

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

应收贸易账项之预期信贷亏损

拨备（续）

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Provision of ECL on trade receivables

(continued)

Expected

credit los

rate

Gros

Carying

amount

Alowance

for

expected

credit los

预期信贷

亏损率总账面值

预期信贷

亏损拨备

%HK$’000HK$’000

As at 31 March 2025

于二零二五年三月三十一日千港元千港元

Curent (not past due)

即期（未逾期）

66.6%778518

91-365 days

九十一日至三百六十五日

96.4%1,025988

Individual asesed

个别评估

100%12,83512,835

14,63814,341

Expected

credit los

rate

Gros

Carying

amount

Alowance

for

expected

credit los

预期信贷

亏损率总账面值

预期信贷

亏损拨备

%HK$’000HK$’000

As at 31 March 2024

于二零二四年三月三十一日千港元千港元

Curent (not past due)

即期（未逾期）

58.0%1,376798

1-30 days

一日至三十日

81.3%10787

31-60 days

三十一日至六十日

82.2%213175

61-90 days

六十一日至九十日

84.9%5345

91-365 days

九十一日至三百六十五日

87.9%471414

Individual asesed

个别评估

100%12,61712,617

14,83714,136

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

应收贷款

应收商业保理款项

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Loan receivables

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2025

于二零二五年三月三十一日千港元千港元

Los

亏损

52,007100.0%52,007

Factoring receivables

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2025

于二零二五年三月三十一日千港元千港元

Watch list

监控名单

19,88823.5%4,683

Los

亏损

40,293100%40,293

60,18174.7%44,976

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收账项及按金

应收关连公司之贸易账项

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Other receivables and deposits

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2025

于二零二五年三月三十一日千港元千港元

Low risk

低风险

19,4243.1%601

Watch list

监控名单

10,74023.5%2,529

Los

亏损

17,228100.0%17,228

47,39243.0%20,358

Trade receivables from related companies

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2025

于二零二五年三月三十一日千港元千港元

Low risk

低风险

1,1710.5%6

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

应收商业保理款项

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

应收贷款

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Loan receivables

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2024

于二零二四年三月三十一日千港元千港元

Low risk

低风险

12,1772.9%355

Los

亏损

72,707100%72,707

84,88486.1%73,062

Factoring receivables

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2024

于二零二四年三月三十一日千港元千港元

Low risk

低风险

18,5731.7%318

Watch list

监控名单

38,81022.1%8,567

Los

亏损

40,68291.4%37,178

98,06547.0%46,063

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

应收关连公司之贸易账项

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收账项及按金

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Other receivables and deposits

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2024

于二零二四年三月三十一日千港元千港元

Low risk

低风险

22,8992.7%618

Watch list

监控名单

17125.1%43

Los

亏损

12,255100%12,255

35,32536.6%12,916

Trade receivables from related companies

Gros

carying

amount

Average

los rate

Impairment

los

alowance

总账面值平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2024

于二零二四年三月三十一日千港元千港元

Low risk

低风险

1,1790.5%6

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

估计亏损率乃基于应收账项于

预期年期内之历史观察违约比

率估算，并根据毋须花费不必

要成本或努力即可获得之前瞻

性资料作出调整。管理层会定

期审阅分组方式以确保特定债

务人之相关资料得以更新。

截至二零二五年三月三十一日

止年度，就应收贸易账项－货

品及服务作出预期信贷亏损拨

备

378,000

港元（二零二四年：

2,305,000

港元）及拨回

155,000

港元（二零二四年：

243,000

港

元）。

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

金融负债－融资担保合约

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Financial liabilities – financial guarante

contracts

Corporate

guarante

amount

Average

los rate

Impairment

los

alowance

公司担保

金额平均亏损率

减值亏损

拨备

HK$’000HK$’000

As at 31 March 2024

于二零二四年三月三十一日千港元千港元

Low risk

低风险

100,0610.8%804

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

debtors is updated.

During the year ended 31 March 2025,

an alowance for expected credit loses of

HK$378,000 (2024: HK$2,305,000) was made

on trade receivables – gods and services

and HK$155,000 (2024: HK$243,000) was

reversed.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表显示根据简化法就应收贸

易账项－货品及服务确认之全

期预期信贷亏损变动。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The folowing table shows the movements

in lifetime ECL that has ben recognised for

trade receivables – gods and services under

the simplified aproach.

Lifetime ECL

(not credit-

impaired)

Lifetime ECL

(credit-

impaired)

Total

amount

全期预期信贷

亏损（未出现

信贷减值）

全期预期信贷

亏损（出现信

贷减值）总额

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 1 April 2023

于二零二三年四月一日

65010,98711,637

– Transfer to credit-impaired

－转拨至出现信贷减值

(502)502–

– Impairment los recognised

－已确认减值亏损

1,0641,2412,305

– Impairment los reversed

－已拨回减值亏损

(80)(163)(243)

– Exchange realignment

－汇兑调整

(17)(167)(184)

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

1,11512,40013,515

– Transfer to credit-impaired

－转拨至出现信贷减值

(103)103–

– Impairment los recognised

－已确认减值亏损

– Impairment los reversed

－已拨回减值亏损

(155)–(155)

– Exchange realignment

－汇兑调整

(9)(28)(37)

As at 31 March 2025

于二零二五年三月三十一日

1,22112,48013,701

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表显示根据简化法就应收贸

易账项－经营租赁确认之全期

预期信贷亏损变动。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The folowing table shows the movement in

lifetime ECL that has ben recognised for

trade receivable – operating lease under the

simplified aproach.

Lifetime ECL

(not credit-

impaired)

全期预期

信贷亏损

（未出现

信贷减值）

HK$’000

千港元

As at 1 April 2023

于二零二三年四月一日

Impairment los recognised

已确认减值亏损

Exchange realignment

汇兑调整

(2)

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

Impairment los reversed

已拨回减值亏损

(49)

Exchange realignment

汇兑调整

(1)

As at 31 March 2025

于二零二五年三月三十一日

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表显示已根据

个月预期信

贷亏损及全期预期信贷亏损－

未出现信贷减值就应收贸易账

项－融资担保合约、金融负

债－融资担保合约及应收关连

公司之贸易账项确认之亏损拨

备之变动。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The folowing table shows the movements

of los alowances that has ben recognised

for trade receivables – financial guarante

contract, financial liabilities – financial

guarante contracts and trade receivables

from related companies under 12-month ECL

and lifetime ECL – not credit impaired.

Trade receivables

from related

company –

12-month ECL

Trade receivables –

financial guarante

contracts –

lifetime ECL –

(not credit-

impaired)

Trade receivables –

financial guarante

contracts –

lifetime ECL –

(credit-impaired)

Financial liabilities –

Financial guarante

contracts –

12-month ECLTotal

应收关连公司

之贸易账项－

个月预期信贷亏损

应收贸易账项－

融资担保合约－

全期预期信贷亏损－

（未出现信贷减值）

应收贸易账项－

融资担保合约－

全期预期信贷亏损－

（出现信贷减值）

金融负债－

融资担保合约－

个月预期信贷亏损总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

As at 1 April 2023

于二零二三年四月一日

5295–1,6941,994

– Transfer to credit-impaired

－转拨至出现信贷减值

–(84)84–

– Impairment los recognised

－已确认减值亏损

1198139–338

– Impairment los reversed

－已拨回减值亏损

–(173)–(804)(977)

– Exchange realignment

－汇兑调整

–(12)(6)(86)(104)

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

62242178041,251

– Transfer to credit-impaired

－转拨至出现信贷减值

–(128)128–

– Impairment los recognised

－已确认减值亏损

–6213–75

– Impairment los reversed

－已拨回减值亏损

–(2)–(804)(806)

– Exchange realignment

－汇兑调整

–(1)(3)–(4)

As at 31 March 2025

于二零二五年三月三十一日

6155355–516

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表载列已根据

个月预期信

贷亏损及全期预期信贷亏损就

其他应收账项及按金确认之亏

损拨备之对账。

其他应收账项及按金

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The folowing tables show reconciliation of los

alowances that has ben recognised for other

receivables and deposits under 12-month ECL

and lifetime ECL.

Other receivables and deposits

12-month

ECL

Lifetime ECL

(credit–impaired)Total

个月预期

信贷亏损

全期预期信贷

亏损（出现

信贷减值）总计

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 1 April 2023

于二零二三年四月一日

94415,44516,389

– Impairment los recognised

－已确认减值亏损

238–238

– Impairment los reversed

－已拨回减值亏损

(465)(2,348)(2,813)

– Exchange realignment

－汇兑调整

(56)(842)(898)

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

66112,25512,916

– Transfer to credit-impaired

－转拨至出现信贷减值

(133)133–

– Impairment los recognised

－已确认减值亏损

2,6684,9717,639

– Impairment los reversed

－已拨回减值亏损

(35)–(35)

– Exchange realignment

－汇兑调整

(31)(131)(162)

As at 31 March 2025

于二零二五年三月三十一日

3,13017,22820,358

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表显示已根据

个月预期信

贷亏损及全期预期信贷亏损就

应收贷款及应收商业保理款项

确认之亏损拨备变动。

应收贷款

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

The folowing table shows movements of los

alowance that has ben recognised for loan

receivables and factoring receivables under

12-month ECL and lifetime ECL.

Loan receivables

12-month

ECL

Lifetime

ECL (credit-

impaired)Total

个月预期

信贷亏损

全期预期信贷

亏损（出现

信贷减值）总额

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 1 April 2023

于二零二三年四月一日

13,29423,73037,024

– Transfer to credit-impaired

－转拨至出现信贷减值

(10,326)10,326–

– Impairment los recognised

－已确认减值亏损

–40,95040,950

– Impairment los reversed

－已拨回减值亏损

(2,613)–(2,613)

– Exchange realignment

－汇兑调整

–(2,299)(2,299)

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

35572,70773,062

– Impairment los reversed

－已拨回减值亏损

(355)(20,348)(20,703)

– Exchange realignment

－汇兑调整

–(352)(352)

As at 31 March 2025

于二零二五年三月三十一日

–52,00752,007

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

应收商业保理款项

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Factoring receivables

12-month

ECL

Lifetime

ECL (credit-

impaired)Total

个月预期

信贷亏损

全期预期信贷

亏损（出现

信贷减值）总额

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 1 April 2023

于二零二三年四月一日

20,366–20,366

– Transfer to credit-impaired

－转拨至出现信贷减值

(15,517)15,517–

– Impairment los recognised

－已确认减值亏损

8,44428,16136,605

– Impairment los reversed

－已拨回减值亏损

(4,095)(5,413)(9,508)

– Exchange realignment

－汇兑调整

(313)(1,087)(1,400)

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

8,88537,17846,063

– Transfer to credit-impaired

－转拨至出现信贷减值

(4,533)4,533–

– Impairment los recognised

－已确认减值亏损

4,14812,71416,862

– Impairment los reversed

－已拨回减值亏损

(3,782)(13,838)(17,620)

– Exchange realignment

－汇兑调整

(35)(294)(329)

As at 31 March 2025

于二零二五年三月三十一日

4,68340,29344,976

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

应收贷款、应收商业保理款

项、已抵押银行存款、银行结

存及应收贸易账项－融资担保

合约

于报告期末，本集团已采用内

部信贷评级对应收贷款及应收

商业保理款项之债务人之财务

状况进行评估，认为信贷风险

自截至二零二五年三月三十一

日止年度初步确认以来并无显

著增加。本集团亦认为，已

抵押银行存款及银行结存之信

贷风险有限，原因是彼等乃存

置于具高信贷评级之银行。因

此，截至二零二五年三月三十

一日止年度，概无就已抵押银

行存款及银行结存作出亏损拨

备。于二零二五年三月三十一

日，已就应收贷款及应收商业

保理款项分别确认预期信贷亏

损拨备

52,007,000

港元（二零

二四年：

73,062,000

港元）及

44,976,000

港元（二零二四年：

46,063,000

港元）。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Loans receivables, factoring receivables,

pledged bank deposits, bank balances

and trade receivables-financial guarante

contracts

The Group has asesed the financial position

of the debtors of loan receivables and factoring

receivables at the end of the reporting period

using internal credit rating and concluded

that there has ben no significant increase

in credit risk since initial recognition during

the year ended 31 March 2025. The Group

also considered the credit risk on pledged

bank deposits and bank balances is limited

since they are placed with banks with high

credit ratings. Acordingly, no los alowance

is made for pledged bank deposits and

bank balances for the year ended 31 March

2025. As at 31 March 2025, an alowance

of for expected credit loses HK$52,007,000

(2024: HK$73,062,000) and HK$44,976,000

(2024: HK$46,063,000) was recognised on

loan receivables and factoring receivables

respectively.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

应收贷款、应收商业保理款

项、已抵押银行存款、银行结

存及应收贸易账项－融资担保

合约（续）

就应收贸易账项―融资担保合

约而言，本集团已于报告期末

进行减值评估，认为信贷风

险自截至二零二五年三月三十

一日止年度初步确认融资担保

合约以来并无显著增加。因

此，本集团所发出融资担保合

约之亏损拨备乃按相等于

个

月预期信贷亏损之金额计量，

而截至二零二五年三月三十一

日止年度于损益内确认拨备拨

回

2,000

港元（二零二四年：

173,000

港元）。于二零二五年

三月三十一日，已就融资担保

合约确认拨备

75,000

港元（二零

二四年：

337,000

港元）。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Credit risk and impairment asesment

(continued)

Loans receivables, factoring receivables,

pledged bank deposits, bank balances

and trade receivables-financial guarante

contracts (continued)

For trade receivables-financial guarante

contracts, the Group has performed

impairment asesment at the end of the

reporting period and concluded that there

has ben no significant increase in credit

risk since initial recognition of the financial

guarante contracts during the year ended 31

March 2025. Acordingly, the los alowance

for financial guarante contracts isued by

the Group is measured at an amount equal to

12 months ECL and reversal of alowance of

HK$2,000 (2024: HK$173,000) was recognised

in the profit or los for the year ended 31

March 2025. An alowance of HK$75,000

(2024: HK$337,000) was recognised on

financial guarante contract as at 31 March

2025.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金风险

于管理流动资金风险方面，本

集团监察及维持现金及现金等

值项目于管理层视为足以为本

集团之经营业务提供资金及减

轻现金流量波动影响之水平。

管理层监察银行及其他借款之

使用情况。

本集团有赖银行及其他借款为

主要流动资金来源。本集团监

察及定期审阅现有银行融资的

贷款契约的状况及尝试尽力遵

守贷款契约。在知悉有任何违

反贷款契约的情况下，本集团

会联络有关银行讨论修订有关

贷款契约及安排豁免即时还款

之可能性。

46. FINANCIAL INSTRUMENTS

(continued)

46b 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

management to finance the Group’s operations

and mitigate the efects of fluctuations in

cash flows. The management monitors the

utilisation of bank and other borowings.

The Group relied on bank and other borowings

as a significant source of liquidity. The Group

monitored and reviewed periodicaly the

conditions of loan covenants of the existing

banking facilities and tried al eforts to comply

with the loan covenants. In case of any breach

of the loan covenants noted, the Group would

comunicate with the respective bank to

discus the posibility of revising the relevant

loan covenants and aranging for waiver of

imediate repayment.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

For the year ended 31 March 2025, the

Group incured a net los for the period

of aproximately HK$345,594,000 (2024:

HK$385,126,000). As of 31 March 2025,

the Group had net curent liabilities of

aproximately HK$573,228,000 (2024:

HK$1,454,031,000), while its bank balances

and cash amounted to aproximately

HK$5,497,000 (2024: HK$7,606,000) only

as at 31 March 2025. In adition, the Group

had outstanding borowings and bonds of

aproximately HK$529,914,000 (2024:

HK$1,256,286,000) and HK$110,797,000

(2024: HK$266,363,000) respectively

which were repayable on demand or

due for repayment or renewal in the

next twelve months after 31 March

2025. The Group has defaulted in

repayment of principals and interest of

borowings and bonds of aproximately

HK$145,160,000 (2024:HK$178,348,000)

and HK$49,447,000 (2024: HK$40,278,000)

respectively during the year ended 31 March

2025, as a result the carying amounts of

the defaulted borowings and bonds of

aproximately HK$234,533,000 (2024:

HK$930,092,000) and HK$110,797,000

(2024: HK$163,988,000) respectively

as at 31 March 2025 were repayable

on demand and the bank and financial

institutions are contractualy entitled to

request for imediate repayment of the

outstanding borowings and bonds of

aproximately HK$234,533,000 (2024:

HK$947,805,000) and HK$110,797,000

(2024: HK$163,988,000) respectively as at

31 March 2025. Further details are set out

in Note 36 and Note 37. These events and

conditions indicate the existence of material

uncertainties which may cast significant

doubt about the Group’s ability to continue

as a going concern.

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金风险（续）

截至二零二五年三月三十一

日止年度，本集团产生本期

间净亏损约

345,594,000

港元

（二零二四年：

385,126,000

港元）。于二零二五年三月三

十一日，本集团有流动负债

净额约

573,228,000

港元（二

零二四年：

1,454,031,000

港

元），惟其于二零二五年三月

三十一日之银行结存及现金仅

约为

5,497,000

港元（二零二

四年：

7,606,000

港元）。此

外，本集团于二零二五年三

月三十一日后未来十二个月按

要求偿还或到期偿还或重续之

尚未偿还借款及债券分别约

为

529,914,000

港元（二零二

四年：

1,256,286,000

港元）

及

110,797,000

港元（二零二

四年：

266,363,000

港元）。

本集团已于截至二零二五年

三月三十一日止年度拖欠偿

还借款及债券本金及利息分

别约

145,160,000

港元（二零

二四年：

178,348,000

港元）

及

49,447,000

港元（二零二四

年：

40,278,000

港元），因

此，于二零二五年三月三十一

日违约借款及债券之账面值分

别约

234,533,000

港元（二零

二四年：

930,092,000

港元）

及

110,797,000

港元（二零二

四年：

163,988,000

港元）须

按要求偿还，且银行及金融

机构按合同规定有权要求立即

偿还于二零二五年三月三十一

日未偿还的借款及债券分别

约

234,533,000

港元（二零二

四年：

947,805,000

港元）及

110,797,000

港元（二零二四

年：

163,988,000

港元）。进一

步详情载于附注

及附注

。

该等事项及情况显示存在重大

不确定因素，可能对本集团持

续经营能力构成重大疑虑。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

The directors of the Company have

performed an asesment of the Group’s

future liquidity and cash flows, taking into

acount the folowing maters:

(i) the Group is seking to acelerate the

construction progres and thereby the

preseling of the service apartments of

the Phase Two Development project

(as defined below). The Phase Two

Development project included two

loft apartment towers, comercial

coridor and underground parking

lots. Construction works of the

first loft apartment tower and the

comercial coridor are scheduled to

be completed early next year. The

proceds arising therefrom wil be

used for setling the construction

fes, repayment of existing loan

facilities and general working capital;

(i) the Company has actively negotiated

with financial institutions to secure

the renewals of the Group’s bond

and borowings to met its liabilities

when they fal due;

(a) the Group has requested

extending the repayment of

the defaulted principals and

interests of the bank and other

borowings of aproximately

HK$53,360,000 and

HK$30,450,000 respectively.

The directors of the Company

are confident in further

extending the repayment of

the principals of the bank and

other borowings taking into

consideration the long-term

relationship with the lenders.

However, the extensions were

subject to final aproval by the

lenders as of the date of these

audited consolidated financial

statements.

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金风险（续）

本公司董事经计及下列事项后

对本集团未来流动资金及现金

流量进行评估：

(i)

本集团正寻求加快第二

期发展项目（定义见下

文）服务式公寓的建造进

度以进行预售。第二期

发展项目包括两座公寓

楼、商业走廊和地下停

车场。第一座公寓楼及

商业走廊的建设工程计

划于明年初完成。由此

产生的所得款项将用于

清偿建设费用、偿还现

有贷款融资及一般营运

资金；

(i)

本公司已积极与金融机

构磋商，以确保本集

团的债券及借款得以续

期，以应付其到期负债；

(a)

本集团已要求延

期偿还银行及其

他借款的违约本

金及利息分别约

53,360,000

港元

及

30,450,000

港元。考虑与贷

款人的长期关系

后，本公司董事

有信心进一步延

长银行及其他借

款本金的偿还期

限。然而，截至

该等经审核综合

财务报表日期，

延期尚未获贷款

人最终批准。

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金风险（续）

(i)

（续）

(b)

于二零二五年六

月二十五日，本

集团与一家金融

机构就截至二零

二五年三月三十

一日未偿还金额

约

19,384,000

港元的借款订立

清偿协议。根据

清偿协议，本集

团同意于二零二

七年一月三十日

或之前偿还应计

利息及本金合共

约

15,000,000

港

元。待本集团满

足条件后，本集

团将就偿还最后

一期剩余款项获

得折扣。

(c)

截至二零二五

年三月三十一

日，本集团有

账面金额约为

110,797,000

港

元的未偿还

6.5%

票息债券，且

本集团拖欠偿还

本金及利息约

91,800,000

港元

及

18,997,000

港

元。于报告期结

束后，本集团一

直积极与债券持

有人就该等票息

债券的重组计划

进行磋商。本公

司董事有信心将

达成双方互惠的

协议。磋商仍在

进行，且于落实

重组条款方面已

取得重大进展。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

(i) (continued)

(b) on 25 June 2025, the

Group entered a setlement

agrement with a financial

institution for borowing

with outstanding amounts of

aproximately HK$19,384,000

as of 31 March 2025.

Acording to the setlement

agrement, the Group agred

to repay acrued interest

and principal in a total of

aproximately HK$15,000,000

on or before 30 January 2027.

Upon the Group’s fulfilment

of the conditions, the Group

wil obtain a discount for

repayment of the remaining

balance in the last instalment.

Group has outstanding 6.5%

coupon bonds with a carying

amount of aproximately

HK$110,797,000, the Group

has defaulted in repayment of

the principals and interests of

aproximately HK$91,800,000

and HK$18,997,000.

Subsequent to the end of the

reporting period, the Group

has ben actively engaged

in discusions with the

bondholders regarding the

restructuring plan for these

coupon bonds. The directors

of the Company are confident

that a mutualy beneficial

agrement wil be reached.

Negotiations are ongoing, and

significant progres has ben

made towards finalising the

terms of the restructuring.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金风险（续）

(i)

本集团已自最终控股

东李先生接获日期为二

零二五年六月三十日之

书面确认，彼将向本集

团提供持续财务支持，

使本集团可履行其于可

预见将来到期之财务责

任，并同意自该等综合

财务报表批准刊发日期

起计未来十二个月内不

会要求偿还本集团结欠

彼之任何款项；

(iv)

本集团已采取措施加强

对生产成本及开支的成

本控制，以使其经营产

生盈利及正数现金流量；

(v)

如有需要，本集团可

能考虑出售非核心业务

及╱或金融资产；及

(vi)

本集团目前正寻求不同

的资金来源，包括额外

银行融资，以进一步支

持本集团在上述营运现

金流入低于预期情况下

的资金需求

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

(i) the Group has received writen

confirmation dated 30 June 2025

from Mr. Li, the ultimate controling

shareholder, that he wil provide

continuing financial suport to the

Group to enable the Group to met

its financial obligations as and when

they fal due for the foreseable

future, and agred not to demand

repayment of any of the amounts due

to him by the Group in the next twelve

months from the date of aproval for

isue of these consolidated financial

statements;

(iv) the Group has taken measures to

tighten cost controls over production

costs and expenses with the aim of

ataining profitable and positive cash

flows from its operations;

(v) the Group may consider to dispose

non-core busines and/or financial

asets if required; and

(vi) the Group is curently soliciting

diferent sources of funds, including

aditional banking facilities to further

suport the Group’s funding neds

should the aforesaid operating cash

inflows turned out to be les than

forecasted

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金风险（续）

本公司董事已考虑上述措施及

再融资计划并认为本集团将拥

有充足的营运资金为其营运提

供资金及履行其于可预见将来

到期之财务责任。在此基础

上，综合财务报表已按持续经

营基准编制。然而，倘上述

再融资计划未能成功实行或本

集团不再可取得李先生所提供

的现有融资，本集团未必能有

足够资金持续经营，于此情况

下，可能须将本集团资产之账

面值调整至其可收回金额，将

非流动资产及非流动负债分别

重新分类为流动资产及流动负

债，并就可能产生之任何进一

步负债作出拨备。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

The directors of the Company have

considered the above measures and

refinancing plans and believe that the

Group wil have suficient working capital

to finance its operations and to met its

financial obligations as and when they fal

due for the foreseable future. On this basis,

the consolidated financial statements have

ben prepared on a going concern basis.

However, should the above refinancing plans

not be able to be implemented sucesfuly,

or the existing facilities provided by Mr.

Li are no longer available to the Group,

the Group may not have suficient funds

to operate as a going concern, in which

case adjustments might have to be made to

the carying values of the Group’s asets to

their recoverable amounts, to reclasify the

non-curent asets and non-curent liabilities

as curent asets and curent liabilities,

respectively and to provide for any further

liabilities which might arise.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金风险（续）

下表详列本集团之金融负债之

余下合约到期日。下表乃按照

金融负债于本集团可能须偿还

之最早日期之未贴现金流量

编制。具体而言，载有须按要

求偿还条款之银行借款乃计入

最早偿还时段，而不论银行选

择行使其权利之可能性。金融

负债之到期日以协定之还款日

为基准。

下表包括利息及本金现金流

量。倘利息流为浮息，则未贴

现金额会根据报告期末之利率

计算。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

The folowing table details the Group’s

remaining contractual maturity for its financial

liabilities. The table has ben drawn up based

on the undiscounted cash flows of financial

liabilities based on the earliest date on which

the Group can be required to pay. Specificaly,

bank borowings with a repayment on demand

clause are included in the earliest time band

regardles of the probability of the banks

chosing to exercise their rights. The maturity

dates for financial liabilities are based on the

agred repayment dates.

The table includes both interest and principal

cash flows. To the extent that interest flows

are floating rate, the undiscounted amount is

derived from interest rate at the end of the

reporting period.

Weighted average effective interest rate	On demand or less than 3 months	3 months to 1 year	1 – 2 years	Over 2 years	Over 5 years	Total undiscounted cash flows	Total carrying amounts at 31 March 2025
加权平均	按要求或	三个月				未贴现现金	于二零二五年三月三十一日
实际利率 % per annum	少于三个月 HK$’000	至一年 HK$’000	一至两年 HK$’000	超过两年 HK$’000	超过五年 HK$’000	流量总额 HK$’000	之总账面值 HK$’000
%
年利率	千港元	千港元	千港元	千港元	千港元	千港元	千港元
–	661	–	–	–	–	661	661
–	129,301	–	–	–	–	129,301	129,301
–	22,712	–	–	–	–	22,712	22,712
6.70%	1,589	4,771	4,609	3,705	–	14,674	13,587
–	311,530	–	–	–	–	311,530	311,530
9.73%	–	–	59,024	–	–	59,024	55,098
7.05%	–	–	97,806	–	–	97,806	86,952
12.50%	342	432	–	–	–	774	718
8.73%	307,483	21,569	210,322	–	–	539,374	482,138
5.23%	41,751	48,784	73,368	175,797	1,053,137	1,392,837	1,022,795
6.30%	26,830	6,446	124,469	–	–	157,745	136,426
9.50%	112,812	–	–	–	–	112,812	110,797
9.50%	955,011	82,002	569,598	179,502	1,053,137	2,839,250	2,372,715

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金列表

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity tables

31 March 2025

二零二五年三月三十一日

Trade payables

应付贸易账项

Other payables and acruals

其他应付账项及应计费用

Deposits received from tenants

and customers

向租户及客户收取之按金

Lease liabilities

租赁负债

Construction costs acruals

应计建筑成本

Amounts due to directors

应付董事账项

Amounts due to related

companies

应付关连公司账项

Loans from staf

员工贷款

Other borowing – fixed rate

其他借款－定息

Bank borowings – fixed rate

银行借款－定息

Bank borowings – variable rate

银行借款－浮息

6.5% coupon bonds – fixed rate6.5%

票息债券－定息

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金列表（续）

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity tables (continued)

Weighted

average

efective

interest rate

On demand or

les than

3 months

3 months to

1 year

1 – 2

years

Over

2 years

Total

undiscounted

cash flows

Total carying

amounts at

31 March

加权平均

实际利率

按要求或

少于三个月三个月至一年一至两年超过两年

未贴现金

流量总额

于二零二四年

三月三十一日

之总账面值

% per anumHK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

年利率

千港元千港元千港元千港元千港元千港元

31 March 2024

二零二四年三月三十一日

Trade payables

应付贸易账项

–666–666666

Other payables and acruals

其他应付账项及应计费用

–175,763–175,763175,763

Deposits received from tenants

and customers

向租户及客户收取之按金

–24,060–24,06024,060

Lease liabilities

租赁负债

9.90%8244,3315,6988,57219,42519,425

Construction costs acruals

应计建筑成本

–323,573–323,573323,573

Amounts due to directors

应付董事账项

14.01%–1,68045,360–47,04045,210

Amounts due to related

companies

应付关连公司账项

11.11%–16,78391,966–108,74990,474

Loans from staf

员工贷款

12.50%6541,576–2,2302,125

Other borowing – fixed rate

其他借款－定息

7.30%157,475146,31340,892–344,680323,848

Bank borowings – fixed rate

银行借款－定息

6.86%1,504,24133,6398,728–1,546,608982,319

Bank borowings – variable rate

银行借款－浮息

6.90%2,1859,790134,083–146,058126,671

6.5% coupon bonds – fixed rate6.5%

票息债券－定息

10.47%12,97093,022–105,992102,375

13.0% coupon bonds – fixed rate13.0%

票息债券－定息

13.00%163,988–163,988163,988

2,366,399307,134326,7278,5723,008,8322,380,497

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金列表（续）

上表所列融资担保合约金额为

本集团在担保交易方索偿时根

据全部担保金额安排可能须清

偿的最高金额。根据报告期末

的预期，本公司董事认为，毋

须根据安排支付款项之可能性

较高。然而，该估计可能因交

易方根据担保提出索偿的可能

性而发生变化，而该可能性受

交易方持有的获担保财务应收

款项承受信贷损失的可能性影

响。

本集团持有包含按要求偿还

条款的银行借款及其他借款

分别约

136,426,000

港元及

98,107,000

港元（二零二四年：

分别约

916,343,000

港元及

31,462,000

港元），该等款项计

入流动负债

。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity tables (continued)

The amount included above for financial

guarante contracts is the maximum amount

the Group could be required to setle under the

arangement for the ful guaranted amount if

that amount is claimed by the counterparty to

the guarante. Based on expectations at the

end of the reporting period, the directors of the

Company consider that it is more likely than

not that no amount wil be payable under the

arangement. However, this estimate is subject

to change depending on the probability of the

counterparty claiming under the guarante

which is a function of the likelihod that the

financial receivables held by the counterparty

which are guaranted sufer credit loses.

The Group has bank borowings and other

borowings of aproximately HK$136,426,000

and HK$98,107,000 respectively that

contain repayable on demand clause

(2024: aproximately HK$916,343,000 and

HK$31,462,000 respectively), which were

included in the curent liabilities.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46b

财务风险管理目标及政策（续）

流动资金列表（续）

本集团已于截至二零二五年三

月三十一日止年度拖欠偿还

银行借款及其他借款本金及

利息分别约

53,360,000

港元

及

30,450,000

港元。于二零

二五年三月三十一日，本集

团拖欠偿还银行借款及其他借

款之尚未偿还本金分别约为

136,426,000

港元及

98,107,000

港元，且因该等借款的违约

条款而须按要求偿还。于二

零二五年三月三十一日，银

行及金融机构按合同规定有权

要求立即偿还未偿还的借款约

234,533,000

港元。

本集团于截至二零二五年三

月三十一日止年度内分别拖

欠偿还债券本金及利息约

91,800,000

港元及

18,997,000

港元，而于二零二五年三

月三十一日未偿还金额约为

110,797,000

港元的债券仍未

偿还。由于此违反债券违约

条款的行为，金融机构按合

同规定有权要求立即偿还约

110,797,000

港元的未偿还债

券。

46. FINANCIAL INSTRUMENTS

(continued)

46b Financial risk management objectives and

policies (continued)

Liquidity tables (continued)

The Group has defaulted in repayment of

principals and interests of bank borowing and

other borowings amounting to aproximately

HK$53,360,000 and HK$30,450,000

respectively during the year ended 31

March 2025. The outstanding principal

amounts of the bank borowing and other

borowings in respect of which the Group has

defaulted in repayment were aproximately

HK$136,426,000 and HK$98,107,000

respectively as at 31 March 2025 and are

repayable on demand as a result of the default

clause in these borowings. As at 31 March

2025, the bank and financial institutions are

contractualy entitled to request for imediate

repayment of the outstanding borowings of

aproximately HK$234,533,000.

The Group has defaulted in repayment of

principals and interests of bonds amounting

to aproximately HK$91,800,000 and

HK$18,997,000 respectively during the year

ended 31 March 2025 which outstanding

amounts of bonds of aproximately

HK$110,797,000 as at 31 March 2025 remain

outstanding. Due to this breach of default

clause of bonds, the financial institution are

contractualy entitled to request for imediate

repayment of the outstanding bonds of

aproximately HK$110,797,000.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46c

金融工具之公平值计量

本附注提供有关本集团厘定多

项金融资产及金融负债公平值

的方法的资料。

于估计公平值时，本集团使用

可获得之市场可观察数据。当

无法取得第一级输入值时，本

集团委聘第三方合资格估值师

进行估值。估值委员会与合资

格外部估值师密切合作，以

建立适当估值方法及模式输入

值。会计主任每半年向本公司

董事会报告估值结果，以说明

公平值波动之原因。

(i)

本集团按经常性基准以

公平值计量之金融资产

公平值

本集团之若干金融资产

于各报告期末按公平值

计量。下表提供有关厘

定该等金融资产公平值

之方法（尤其是所采用之

估值方法及输入值）以及

按照公平值计量输入值

之可观察程度划分公平

值计量之公平值层级（第

一至三级）的资料。

46. FINANCIAL INSTRUMENTS

(continued)

46c Fair value measurements of financial

instruments

This note provides information about how

the Group determines fair value of various

financial asets and financial liabilities.

In estimating the fair value, the Group

uses market-observable data to the extent

it is available. Where Level 1 inputs are not

available, the Group engages third party

qualified valuers to perform the valuation.

The valuation comite works closely with

the qualified external valuers to establish the

apropriate valuation techniques and inputs

to the model. The acounting oficer reports

the findings of the valuation to the board of

directors of the Company every half year to

explain the cause of fluctuations in the fair

value.

(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), as wel

as the level of the fair value hierarchy

into which the fair value measurements

are categorised (Levels 1 to 3) based on

the degre to which the inputs to the

fair value measurements is observable.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46c

金融工具之公平值计量（续）

(i)

本集团按经常性基准以

公平值计量之金融资产

公平值（续）

46. FINANCIAL INSTRUMENTS

(continued)

46c 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)

Fair value as at

于以下日期之公平值

Financial asets31 March 202531 March 2024

Fair value

hierarchy

Valuation technique

and key inputsSignificant unobservable inputs

金融资产二零二五年三月三十一日二零二四年三月三十一日公平值层级估值方法及主要输入值重大不可观察输入值

Unlisted equity

instruments at

FVTOCI

按公平值计入其他全

面收益之非上市权

益工具

Unlisted equity

instruments in a

company engaged in

finance lease services

(“Finance Lease”) –

HK$39,670,000

一间从事融资租赁

服务之公司（「融资租

赁」）之非上市权益工

具－

39,670,000

港元

Unlisted equity

instruments in a

company engaged in

finance lease services

(“Finance Lease”) –

HK$69,605,000

一间从事融资租赁

服务之公司（「融资租

赁」）之非上市权益工

具－

69,605,000

港元

Level 3

第三级

Net aset value

资产净值

Probability of default of 42.9 per cent

(2024: Probability of default of 1.4

per cent) (Note a)

违约概率为

42.9%

（二零二四年：

违约概率为

1.4%

）（附注

）

Unlisted equity

instruments at FVTPL

按公平值计入损益之

非上市权益工具

Unlisted equity

instruments in a

company engaged

in financial advisory

services – HK$nil and

a company engaged

in a premium global

inovation hub for

startups corporations,

HK$–

一间从事财务顾问服务

之公司之非上市权益

工具－零港元及一间

参与初创企业的优质

全球创新中心的公

司－

–

港元

Unlisted equity

instruments in a

company engaged

in financial advisory

services – HK$nil and

a company engaged

in a premium global

inovation hub for

startups corporations,

HK$–

一间从事财务顾问服务

之公司之非上市权益

工具－零港元及一间

参与初创企业的优质

全球创新中心的公

司－

–

港元

Level 2

第二级

Cost aproach – based

on the replacement

cost of identical or

similar aset on the

market.

成本法－基于市场上相

同或相似资产之重置

成本。

N/A

不适用

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

46.

金融工具（续）

46c

金融工具之公平值计量（续）

(i)

本集团按经常性基准以

公平值计量之金融资产

公平值（续）

附注

：

于二零二五年三月

三十一日，单独使

用的违约概率轻微

上升将导致非上市

权益工具的公平值

计量轻微下降，反

之亦然。在所有

其他变量不变的情

况下，违约概率上

升

将使融资租

赁的股份账面值减

少约

2,666,000

港

元（二零二四年：

2,554,000

港元）。

(i)

第三级公平值计量之对

账

46. FINANCIAL INSTRUMENTS

(continued)

46c 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)

Note a: As at 31 March 2025, a slight

increase in the probability of default

used in isolation would result in a

slight decrease in the fair value

measurement of the unlisted equity

instruments, and vice versa. A 2%

increase in the probability of default

holding al other variables constant

would decrease the carying amount

of the shares of Finance Lease

by aproximately HK$2,666,000

(2024: HK$2,554,000).

(i) Reconciliation of Level 3 fair value

measurements

Unlisted equity

investments at FVTOCI

按公平值计入其他全面收益

之非上市权益投资

HK$’000

千港元

As at 1 April 2023

于二零二三年四月一日

93,443

Fair value los recognised in other

comprehensive income

于其他全面收益确认之公平

值亏损

(23,838)

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

69,605

Fair value los recognised in other

comprehensive income

于其他全面收益确认之公平

值亏损

(29,935)

As at 31 March 2025

于二零二五年三月三十一日

39,670

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

46.

金融工具（续）

46c

金融工具之公平值计量（续）

(i)

第三级公平值计量之对

账（续）

年内计入损益之总收益

或亏损中，概无收益或

亏损（二零二四年：无）

乃与于报告期末所持有

按公平值计入损益之金

融资产有关。按公平值

计入损益之金融资产之

公平值收益或亏损乃计

入「其他收入、收益及亏

损」。

(i)

本集团非按公平值计量

之金融资产及金融负债

公平值（惟须披露公平

值）

其他金融资产及金融负

债之公平值按基于贴现

现金流量分析之公认定

价模型厘定，大部分重

大输入值为反映交易对

手信贷风险之贴现率。

本公司董事认为，于综

合财务报表内按摊销成

本入账之金融资产及金

融负债之账面值与其公

平值相若。

46. FINANCIAL INSTRUMENTS

(continued)

46c Fair value measurements of financial

instruments (continued)

(i) Reconciliation of Level 3 fair value

measurements (continued)

Of the total gains or loses for the

year included in profit or los, no gain

or los (2024: nil) relates to financial

asets at FVTPL held at the end of the

reporting period. Fair value gains or

loses on financial asets at FVTPL are

included in ‘other income, gains and

loses’.

(i) Fair value of the Group’s financial

asets and financial liabilities that are

not measured at fair value (but fair

value disclosures are required)

The fair values of other financial

asets and financial liabilities have

ben determined in acordance with

generaly acepted pricing models based

on a discounted cash flow analysis,

with the most significant inputs being

the discount rate that reflects the credit

risk of counterparties.

The directors of the Company consider

that the carying amounts of financial

asets and financial liabilities recorded

at amortised cost in the consolidated

financial statements aproximate their

fair values.

1 April 2024	Financing cash flows other than interest	Accrued interest	Interest paid	New lease entered	Termination of lease	Others		Exchange realignment	31 March 2025
二零二四年	融资现金流量（不包								二零二五年
四月一日 HK$’000	括利息） HK$’000	应计利息 HK$’000	已付利息 HK$’000	新订租赁 HK$’000	终止租赁 HK$’000	其他 HK$’000		汇兑调整 HK$’000	三月三十一日 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
1,432,838	(12,000)	104,900	(18,672)	–	–	134,559	(ii)	(266)	1,641,359
2,125	(1,404)	146	(146)	–	–	–		(3)	718
90,474	(10,241)	18,301	–	–	–	(10,948)	(i)	(634)	86,952
45,210	8,851	5,141	–	–	–	(3,927)	(iii)	(177)	55,098
102,375	–	9,422	(1,000)	–	–	–		–	110,797
163,988	(2,333)	16,190	–	–	–	(176,846)	(ii)	(999)	–
19,425	(5,287)	1,419	(1,419)	1,406	(3,300)	1,112	(iv)	231	13,587
1,856,435	(22,414)	155,519	(21,237)	1,406	(3,300)	(56,050)		(1,848)	1,908,511

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

47.

融资活动产生之负债对账

下表详述本集团融资活动产生之负债

变动（包括现金及非现金变动）。融资

活动产生之负债为现金流量已或未来

现金流量将于综合现金流量表分类为

融资活动产生之现金流量之负债。

47. RECONCILIATION OF LIABILITIES

ARISING FROM FINANCING

ACTIVITIES

The table below details changes in the Group’s

liabilities arising from financing activities, including

both cash and non-cash changes. Liabilities arising

from financing activities are those for which cash

flows were, or future cash flows wil be, clasified

in the consolidated statement of cash flows as cash

flows from financing activities.

二零二五年

Bank and other borowings

银行及其他借款

Loans from staf

员工贷款

Amounts due to related

companies

应付关连公司

账项

Amounts due to directors

应付董事账项

6.5% coupon bonds6.5%

票息债券

13.0% coupon bonds13.0%

票息债券

Lease liabilities

租赁负债

Total

总计

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

47.

融资活动产生之负债对账（续）

(i)

该金额指对应付关连公司账项之账

面值作出之调整约

10,948,000

港元

（二零二四年：

9,146,000

港元）。

(i)

该金额指由

13.0%

票息债券转拨至

银行及其他借款。详情请参阅附注

。

(i)

该金额指应付董事账项账面金额之

调整约

3,927,000

港元。

(iv)

该金额指租赁修订。

47. RECONCILIATION OF LIABILITIES

ARISING FROM FINANCING

ACTIVITIES (continued)

二零二四年

1 April

Financing

cash flows

other than

interest

Acrued

interestInterest paidOthers

Exchange

realignment

31 March

二零二三年

四月一日

融资现金

流量（不包

括利息）应计利息已付利息其他汇兑调整

二零二四年

三月三十一日

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

千港元千港元千港元千港元千港元千港元千港元

Bank and other borowings

银行及其他借款

1,599,395(82,694)120,326(115,608)–(88,581)1,432,838

Loans from staf

员工贷款

6,339(3,860)396(396)–(354)2,125

Amounts due to related companies

应付关连公司账项

88,62610515,523–(9,146)

(i)

(4,634)90,474

Amounts due to directors

应付董事账项

34,0357,0294,146–45,210

6.5% coupon bonds6.5%

票息债券

100,649(6,000)9,529(1,803)–102,375

13.0% coupon bonds13.0%

票息债券

228,108(68,528)21,380(9,016)–(7,956)163,988

Lease liabilities

租赁负债

24,932(4,685)2,199(2,199)–(822)19,425

Total

总计

2,082,084(158,633)173,499(129,022)(9,146)(102,347)1,856,435

(i) The amounts represent the adjustment on carying

amount of amounts due to related companies

of aproximately HK$10,948,000 (2024:

HK$9,146,000).

(i) The amounts represent the transfer from 13.0%

coupon bonds to bank and other borowings. Please

refer to note 37 for details.

(i) The amount represents the adjustment on carying

amount of amounts due to directors of aproximately

HK$3,927,000.

(iv) The amount represents the modification of lease.

2025
二零二五年 HK$’000
千港元
7,124
108
7,232

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

48.

关连人士交易

与关连人士之交易

于截至二零二五年三月三十一日止年

度内，本集团向关连公司提供融资担

保服务，而根据上市规则，有关服务

亦构成持续关连交易，金额如下表中

列示：

与关连公司之结余

于二零二五年及二零二四年三月三十

一日，与关连公司之结余（分别为贸易

性质及非贸易性质）详情分别载于附注

及附注

。

主要管理人员之酬金

所有董事均作为本集团之主要管理

层。于两个年度内，若干管理层雇员

已获授权计划、指示及监控本集团之

经营活动。因此，该等管理层雇员之

酬金已作为主要管理人员之酬金之一

部分入账。

主要管理人员之薪酬由本公司之提名

及薪酬委员会按其个人表现及市场趋

势厘定。

48. RELATED PARTY TRANSACTIONS

Transactions with related parties

During the year ended 31 March 2025, the Group

provided financial guarante services to the related

companies which also constituted as continuing

conected transactions under the Listing Rules and

the amounts as listed in the table below:

Balances with Related Companies

Details of the balance with Related Companies which

is trade in nature and non-trade in nature as at 31

March 2025 and 2024 are set out in Note 25 and

Note 35, respectively.

Compensation of key management personel

二零二四年

HK$’000

千港元

Salaries and other benefits

薪金及其他褔利

8,538

Post-employment benefits

离职后褔利

8,646

Al the directors are considered as key management

of the Group. During both years, certain managerial

employe have ben authorised to plan, direct

and control activities of the Group. Acordingly,

compensation to those managerial employe has

ben included as part of compensation of key

management personel.

The remuneration of key management is determined

by the Company’s nomination and remuneration

comite having regard to the performance of

individuals and market trends.

拥有权权 2025
二零二五年
100%
N/A
不适用
51%
100%
100%
100%
100%
100%

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

49.

附属公司详情

以下为本公司于二零二五年及二零二

四年三月三十一日之附属公司之详情：

49. PARTICULARS OF SUBSIDIARIES

Details of the Company’s subsidiaries at 31 March

2025 and 2024 are as folows:

Name of company

Place of

incorporation/

establishment

and operations

Isued share

capital/paid up

registered capital

Proportion of

ownership interest held

by the CompanyPrinciple activities

公司名称

注册成立╱

成立及营运地点

已发行股本╱

已缴注册资本

本公司所持有

拥有权益之比例主要业务

二零二四年

Alphamount Limited

顶峰有限公司

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Balance Pursue Limited (Note iv)

均图有限公司（附注

）

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

BD Capital LimitedCayman Islands

开曼群岛

100 shares of USD1 each

股份每股面值

美元

51%Investment holding

投资控股

Beyond Suces Global Limited

超成环球有限公司

BVI

英属维尔京群岛

1 Share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Brave Plan Limited

勇图有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Alpha Limited (Note iv)

普中冠亿有限公司（附注

）

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Busines Operation Management

(Xi’an) Company Limited (Note i)

普汇中金商业运营管理（西安）有限公司

（附注

）

PRC

中国

Nil

零

100%Inactive

暂无营业

Chinlink Comercial Management (Hanzhong)

Company Limited (Note i)

普汇中金商业管理（汉中）有限公司（附注

）

PRC

中国

RMB277,800,000

人民币

277,800,000

元

100%Property investment

物业投资

拥有权权 2025
二零二五年
100%
100%
100%
100%
100%
100%
100%
100%

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

49.

附属公司详情（续）

Name of company

Place of

incorporation/

establishment

and operations

Isued share

capital/paid up

registered capital

Proportion of

ownership interest held

by the CompanyPrinciple activities

公司名称

注册成立╱

成立及营运地点

已发行股本╱

已缴注册资本

本公司所持有

拥有权益之比例主要业务

二零二四年

Chinlink Glory Limited

普中辉煌有限公司

Hong Kong

香港

1,000,000 ordinary

share of HK$1 each

1,000,000

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Group Limited

普汇中金国际控股有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Inactive

暂无营业

Chinlink Hanzhong Logistics Limited

普汇中金汉中物流有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Hong Kong Company Limited

普汇中金（香港）有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Makerspace Management (Xi’an)

Company Limited (Note i)

普汇中金众创空间管理（西安）

有限公司（附注

）

PRC

中国

Nil

零

100%Inactive

暂无营业

Chinlink Management Consulting (Xi’an)

Company Limited (Note i)

普汇中金管理咨询（西安）有限公司（附注

）

PRC

中国

Nil

零

100%Consulting

咨询

Chinlink Mega Limited

普中兆域有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Property Management (Shanxi)

Limited (Note i)

普汇中金物业管理（陕西）有限公司（附注

）

PRC

中国

Nil

零

100%Inactive

暂无营业

49. PARTICULARS OF SUBSIDIARIES

(continued)

拥有权权 2025
二零二五年
100%
100%
100%
100%
100%
100%
100%
100%
100%

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

49.

附属公司详情（续）

Name of company

Place of

incorporation/

establishment

and operations

Isued share

capital/paid up

registered capital

Proportion of

ownership interest held

by the CompanyPrinciple activities

公司名称

注册成立╱

成立及营运地点

已发行股本╱

已缴注册资本

本公司所持有

拥有权益之比例主要业务

二零二四年

Chinlink Suply Chain Financial Management

(Shanxi) Company Limited (Note i)

普汇中金供应链金融管理（陕西）有限公司

（附注

）

PRC

中国

USD4,000,000

4,000,000

美元

100%Provision of logistics

services

提供物流服务

Chinlink Supreme Limited

普汇中金卓越有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Strategic Limited

普汇中金策略有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

Chinlink Tian Hui Company Limited

普中天汇有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Trading of electronic

products

电子产品贸易

Dawn Brightnes Global Limited

晓明环球有限公司

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

E-Inovation Limited

怡创有限公司

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Estemed Zone Limited

名域有限公司（于香港以「普中名域

有限公司」之名称进行业务）

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Fair Fortune Group Limited

允财集团有限公司

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Galactic Power Limited

威银有限公司（于香港以「威银汇成

有限公司」之名称进行业务）

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Financial services

金融服务

49. PARTICULARS OF SUBSIDIARIES

(continued)

拥有权权 2025
二零二五年
100%
66%
51%
51%
100%
65%
65%
59.4%

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

49.

附属公司详情（续）

Name of company

Place of

incorporation/

establishment

and operations

Isued share

capital/paid up

registered capital

Proportion of

ownership interest held

by the CompanyPrinciple activities

公司名称

注册成立╱

成立及营运地点

已发行股本╱

已缴注册资本

本公司所持有

拥有权益之比例主要业务

二零二四年

High Expres International Limited

高扬国际有限公司

Hong Kong

香港

1 ordinary share of HK$1 each

股普通股每股面值

港元

100%Investment holding

投资控股

HZ Tianong Gren Agriculture International

Limited (Note i)

汉中天农汉药产业发展有限公司（附注

）

PRC

中国

RMB20,000,000

人民币

20,000,000

元

66%Trading of chinese

medicine

买卖中药

MCM Enterprise Operations Management

(Xi’an) Company Limited (Note i & i)

西安曼汇企业运营管理有限公司（附注

及

）

PRC

中国

RMB2,510,000

人民币

2,510,000

元

51%Financial advisory

services

财务顾问服务

MCM Aset Management (Shanxi)

Company Limited (Note i & i)

陕西普中曼睿资产管理有限公司（附注

及

）

PRC

中国

RMB2,248,000

人民币

2,248,000

元

51%Financial advisory

services

财务顾问服务

Mega Zone Investments Limited

兆域投资有限公司

BVI

英属维尔京群岛

1 share of USD 1 each

股份每股面值

美元

100%Investment holding

投资控股

Shanxi Chinlink Financial Guarante Limited

(Note i and iv)

陕西普汇中金融资担保有限公司（附注

及

）

PRC

中国

USD30,000,000

30,000,000

美元

65%Provision of financial

guarante services

提供融资担保服务

Shanxi Chinlink Factoring Company Limited

(Note i and iv)

陕西普汇中金商业保理有限公司（附注

及

）

PRC

中国

RMB90,000,000

人民币

90,000,000

元

65%Factoring services

商业保理服务

Shanxi Hanfang Medicine Capital Operation

Management Company Limited (Note v)

陕西汉方药都运营管理有限公司（附注

）

PRC

中国

RMB1,000,000

人民币

1,000,000

元

–Consulting

咨询

49. PARTICULARS OF SUBSIDIARIES

(continued)

拥有权权 2025
二零二五年
100%
100%
100%
100%
100%
100%

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

49.

附属公司详情（续）

Name of company

Place of

incorporation/

establishment

and operations

Isued share

capital/paid up

registered capital

Proportion of

ownership interest held

by the CompanyPrinciple activities

公司名称

注册成立╱

成立及营运地点

已发行股本╱

已缴注册资本

本公司所持有

拥有权益之比例主要业务

二零二四年

Sino Yield Enterprise Limited

中耀企业有限公司

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Tian Hui Global Limited

天汇环球有限公司

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Trilion Up Limited

上亿有限公司

BVI

英属维尔京群岛

1 share of USD1 each

股份每股面值

美元

100%Investment holding

投资控股

Xi’an Chinlink Comercial Operation

Management Company Limited (Note i)

西安普中商业运营管理有限公司（附注

）

PRC

中国

RMB1,000,000

人民币

1,000,000

元

100%Investment holding

投资控股

Xi’an Da Ming Gong Ba Qiao Furniture and

Fixture Limited (“Ba Qiao”) (Note i)

西安大明宫灞桥建材家居有限公司

（「灞桥」）（附注

）

PRC

中国

RMB80,000,000

人民币

80,000,000

元

100%Property investment

物业投资

Xi’an Tang Rong Real Estate Limited

(“Tang Rong”) (Note i)

西安唐荣置业有限公司（「唐荣」）（附注

）

PRC

中国

RMB320,000,000

人民币

320,000,000

元

100%Property investment

物业投资

49. PARTICULARS OF SUBSIDIARIES

(continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

49.

附属公司详情（续）

附注：

(i)

该等公司由本集团非全资附属公司

间接持有及控制。

(i)

该等公司为于中国成立的有限责任

内资企业。

(i)

该等公司为于中国之外商独资企

业。

(iv)

该公司已于二零二四年十一月一日

注销。

(v)

该公司于二零二四年十二月二十七

日注册成立。

除上亿有限公司、普汇中金（香港）有

限公司、中耀企业有限公司、名域有

限公司、晓明环球有限公司及超成环

球有限公司由本公司直接拥有外，所

有附属公司均由本公司间接拥有。

所有中国附属公司均为合法有限责任

实体。

于本年度内或于二零二五年及二零二

四年三月三十一日，附属公司并无发

行任何债务证券。

于二零二五年及二零二四年三月三十

一日，本集团之附属公司并无重大非

控股权益。

49. PARTICULARS OF SUBSIDIARIES

(continued)

Note:

(i) These companies are indirectly held and controled

by a non-wholy-owned subsidiary of the Group.

(i) These companies are domestic enterprise with

limited liabilities established in the PRC.

(i) These companies are wholy foreign owned

enterprise in the PRC.

(iv) The company deregistered on 1 November 2024.

(v) The company incorporated on 27 December 2024.

Al the subsidiaries are owned indirectly by the

Company except for Trilion Up Limited, Chinlink

Hong Kong Company Limited, Sino Yield Enterprise

Limited, Estemed Zone Limited, Dawn Brightnes

Global Limited and Beyond Suces Global Limited

which are owned directly by the Company.

Al PRC subsidiaries are legal entities with limited

liability.

None of the subsidiaries had isued any debt securities

during the year or at 31 March 2025 and 2024.

At 31 March 2025 and 2024, the Group’s subsidiaries

do not have material non-controling interests.

2025
二零二五年 HK$’000
千港元
2
120
3,997
1,356
2
5,477
412
6,185
61
6,658
38,865
2,942
172,023
110,797
–
1,860,973
2,618
2,188,218
(2,181,560)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

50.

本公司之财务状况表及储备

50. STATEMENT OF FINANCIAL

POSITION AND RESERVES OF THE

COMPANY

二零二四年

HK$’000

千港元

Non-curent asets

非流动资产

Investment in subsidiaries

于附属公司之投资

7,286

Property, plant and equipment

物业、厂房及设备

Right-of-use asets

使用权资产

6,662

Rental deposits

租金按金

1,356

Amounts due from subsidiaries

应收附属公司账项

7,344

22,844

Curent asets

流动资产

Other receivables, deposits and

prepayments

其他应收账项、按金及

预付款项

Amounts due from subsidiaries

应收附属公司账项

707,726

Bank balances and cash

银行结存及现金

708,347

Curent liabilities

流动负债

Other payables and acruals

其他应付账项及应计费用

26,916

Lease liabilities

租赁负债

2,646

Bank and other borowings

银行及其他借款

31,462

6.5% coupon bonds6.5%

票息债券

102,375

13.0% coupon bonds13.0%

票息债券

163,988

Amounts due to subsidiaries

应付附属公司账项

1,858,715

Defered income

递延收入

1,593

2,187,695

Net curent liabilities

流动负债净额

(1,479,348)

2025
二零二五年 HK$’000
千港元
(2,176,083)
1,592
54,950
1,309
57,851
(2,233,934)
11,693
(2,245,627)
(2,233,934)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

50.

本公司之财务状况表及储备

（续）

二零二四年

HK$’000

千港元

Total asets les curent liabilities

总资产减流动负债

(1,456,504)

Non-curent liabilities

非流动负债

Lease liabilities

租赁负债

4,534

Amount due to directors

应付董事账项

44,884

Defered income

递延收入

49,551

Net liabilities

负债净额

(1,506,055)

Capital and reserves

资本及储备

Share capital

股本

11,693

Reserves

储备

(1,517,748)

Equity atributable to owners of the

Company

本公司拥有人应占之权益

(1,506,055)

50. STATEMENT OF FINANCIAL

POSITION AND RESERVES OF THE

COMPANY (continued)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

50.

本公司之财务状况表及储备

（续）

本公司储备变动

50. STATEMENT OF FINANCIAL

POSITION AND RESERVES OF THE

COMPANY (continued)

Movement in the Company’s reserves

premium

options

reserve

(Acumulated

loses)/

Retained

profits

Total

reserves

股份溢价购股权储备

（累计

亏损）╱

保留溢利储备总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 31 March 2023

于二零二三年三月三十一日

2,244,78130,242(3,669,806)(1,394,783)

Los for the year

本年度亏损

–(122,965)(122,965)

Lapsed of share options

购股权失效

–(30,242)30,242–

At 31 March 2024

于二零二四年三月三十一日

2,244,781–(3,762,529)(1,517,748)

Los for the year

本年度亏损

–(727,879)(727,879)

At 31 March 2025

于二零二五年三月三十一日

2,244,781–(4,490,408)(2,245,627)

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

51.

主要非现金交易

(a)

截至二零二五年三月三十一日

止年度，本集团就使用租赁物

业订立固定期限

年的新租赁

协议。于租赁开始时，本集团

确认约

1,406,000

港元（二零二

四年：零港元）使用权资产及约

1,406,000

港元（二零二四年：

零港元）租赁负债。

本集团进行上述非现金活动并

未于综合现金流量表中反映。

(b)

截至二零二五年三月三十一日

止年度，本集团提早终止租赁

合约。使用权资产及租赁负债

的账面值分别约

2,804,000

港

元及

3,300,000

港元已终止确

认。提早终止租赁所得收益约

496,000

港元已于其他收入、收

益及亏损中确认。

(c)

于二零二五年三月，本公司

收到贷款人发出的通知，内

容有关贷款人向原债券持有人

购买

13.0%

票息债券的权利及

利益。本公司及贷款人最终

就

13.0%

息票债券制定新的还

款计划，双方于二零二五年三

月以贷款安排的形式订立新协

议。新协议的主要条款包括：

(i)

将本金额减少至

17,300,000

美元（相当于约

134,559,000

港

元）；

(i)

将到期日延长至二零二

七年一月十四日；

(i)

将利率由

每年

13.0%

降至每年

6.5%

；及

(iv)

豁免拖欠利息。

51. MAJOR NON-CASH TRANSACTIONS

(a) During the year ended 31 March 2025, the

Group entered into new lease agrements for

the use of leased properties for fixed terms of 3

years. On the lease comencement, the Group

recognised aproximately HK$1,406,000

(2024: HK$nil) of right-of-use asets and

aproximately HK$1,406,000 (2024: HK$nil)

of lease liabilities.

The Group entered in the above non-cash

activities which are not reflected in the

consolidated statement of cash flows.

(b) During the year ended 31 March 2025, the

Group early terminated a lease contract. The

carying amounts of right-of-use asets and

lease liabilities of aproximately HK$2,804,000

and HK$3,300,000 were derecognized,

respectively. A gain from the early termination

of the lease of aproximately HK$496,000 was

recognized in other income, gains, and loses.

notice from a Lender in relation to the

Lender’s purchase of the rights and benefits

of the 13.0% coupon bonds from the original

bondholders. The Company and the Lender

eventualy came up with a new repayment

plan for the 13.0% coupon bond and a new

agrement in the form of a loan arangement

was entered into by both parties in March

2025. The key terms of the new agrement

included: (i) a reduction of the principal

amount to US$17,300,000 (equivalent to

aproximately HK$134,559,000); (i) an

extension of the maturity date to 14 January

2027; (i) a reduction of the interest rate from

13.0% per anum to 6.5% per anum; and

(iv) a waiver of the defaulted interest.

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

Anual Report 2025

年报

| CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

51.

主要非现金交易（续）

(c)

（续）

因此，账面金额为

22,737,000

美元（相当于约

176,846,000

港

元）的

13.0%

票息债券被终止确

认。

17,300,000

美元（相当于约

134,559,000

港元）的有抵押其

他借款获确认并计入银行及其

他借款。终止确认金融负债所

得收益约

42,287,000

港元乃于

其他收入、收益及亏损中确认。

52.

报告期后事项

于二零二五年三月三十一日后直至本

报告日期，本公司并无进行任何重大

事项。

53.

授权刊发综合财务报表

董事会于二零二五年六月三十日批准

及授权刊发综合财务报表。

51. MAJOR NON-CASH TRANSACTIONS

(continued)

The carying amount of 13.0% Coupon Bonds

of US$22,737,000 (equivalent to aproximately

HK$176,846,000) was derecognized

acordingly. A secured other borowing of

US$17,300,000 (equivalent to aproximately

_HK$134,559,000) was recognised and

included in bank and other borowings. Gain

from derecognition of financial liabilities of

aproximately HK$42,287,000 was recognised

in the other income gains and loses.

52. EVENT AFTER THE REPORTING

PERIOD

There are no material events undertaken by the

Group subsequent to 31 March 2025 and up to the

date of this report.

53. AUTHORISATION FOR ISUE

OF CONSOLIDATED FINANCIAL

STATEMENTS

The consolidated financial statements were aproved

and authorised for isue by the Board of Directors

on 30 June 2025.

Group Properties

集团物业

CHINLINK INTERNATIONAL HOLDINGS LIMITED

普汇中金国际控股有限公司

| Anual Report 2025

年报

MAJOR PROPERTIES HELD FOR

INVESTMENT

LocationLot numberExisting use

Term of

lease

位置地段编号现有用途租期

Junction of Jinger Road and Weiyi Road,

Baohe Logistic Park, Hantai District,

Hanzhong City, Shanxi Province, The PRC

61070200900G-

S00285

Under development for

comercial use

Medium

中国陕西省汉中市汉台区褒河物流园区经二路

与纬一路交汇处

61070200900G-

S00285

发展中作商业用途中期

Junction of Jinger Road and Weiyi Road,

Baohe Logistic Park, Hantai District,

Hanzhong City, Shanxi Province, The PRC

61070200900G-

S00286

Under development for

residential use

Long

中国陕西省汉中市汉台区褒河物流园区经二路

与纬一路交汇处

61070200900G-

S00286

发展中作住宅用途长期

The eastern side of Ban Yin Road, Ba Qiao

District, Xi’an City, Shanxi Province,

The PRC

BQ3-4-11Comercial Complex held

for rental purpose

Medium

中国陕西省西安市灞桥区半引路东侧

BQ3-4-11

持作出租用途之商业大楼中期

持作投资之主要物业

年

报

普

汇

中

金

国

际

控

股

有

限

公

司

ANUAL REPORT

年报

(Incorporated in Bermuda with limited liability 于百慕达注册成立之有限公司）

HKSE Stock Code 港交所股份代号: 0997

w.chinlinkint.com

ANUAL REPORT

年报

Contents

目录

Corporate Information

公司资料

Corporate Information

公司资料

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Financial Highlights

财务摘要

Financial Sumary

财务概要

Continuing operations:

Discontinued operation:

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

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

2021. Continued intermitent lockdowns caused a

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. Simplified Aproach

2. General Aproach

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. PD1.