年

报

)

(Incorporated in Bermuda with limited liability

于百慕达注册成立之有限公司

(Stock Code

股份代号

: 970)

ANUAL REPORT

年报

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

公司资料

Corporate Information

董事会执行董事

居庆浩（主席）（任命自二零

二四年六月二十一日起生

效，并自二零二四年六月

二十二日起成为主席）

仇沛沅（任命自二零二四年

四月二十三日起生效及于

二零二五年六月十二日辞

任）

王邦宜（主席）（任命自二

零二四年四月三十日起生

效及于二零二四年六月

二十二日辞任）

郑浩江（主席）（于二零二四

年四月二十三日遭罢免）

赵小东（副主席兼运营总裁）

（于二零二四年四月二十三

日遭罢免）

朱雷（于二零二四年四月

二十三日遭罢免）

程彬（于二零二四年四月

二十三日遭罢免）

非执行董事

施嘉豪（任命自二零二四年

六月二十一日起生效及于

二零二五年六月十二日辞

任）

武鹏（任命自二零二四年六

月二十一日起生效及于二

零二五年六月十二日辞任）

游弋洋（任命自二零二四年

四月二十三日起生效及于

二零二五年六月十二日辞

任）

李青松（任命自二零二四年

六月二十一日起生效及于

二零二五年六月十二日辞

任）

BOARD OF DIRECTORSExecutive Directors

Ju Qinghao (Chairman) (apointed

with efect from 21 June 2024

and became as the Chairman with

efect from 22 June 2024)

Qiu Peiyuan (apointed with efect

from 23 April 2024 and resigned

with efect from 12 June 2025)

Wang Bangyi (Chairman) (apointed

with efect from 30 April 2024 and

resigned with efect from 22 June

2024)

Zheng Hao Jiang (Chairman)

(removed with efect from 23 April

2024)

Zhao Xiaodong (Deputy Chairman

and Chief Operating Oficer)

(removed with efect from 23 April

2024)

Zhu Lei (removed with efect from

23 April 2024)

Cheng Bin (removed with efect from

23 April 2024)

Non-executive Directors

Sze Ka Ho (apointed with efect

from 21 June 2024 and resigned

with efect from 12 June 2025)

Wu Peng (apointed with efect from

21 June 2024 and resigned with

efect from 12 June 2025)

You Yiyang (apointed with efect

from 23 April 2024 and resigned

with efect from 12 June 2025)

Li Qingsong (apointed with efect

from 21 June 2024 and resigned

with efect from 12 June 2025)

Corporate Information公司资料

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

公司资料

Corporate Information

独立非执行董事

陈敏杰（任命自二零二四年

四月二十三日起生效）

廖克难（任命自二零二四年

六月二十一日起生效及于

二零二五年六月十二日辞

任）

吴伟雄（任命自二零二四年

六月二十一日起生效及于

二零二五年六月十二日辞

任）

王晖（任命自二零二四年

六月二十一日起生效）

李云九（任命自二零二五年

六月十二日起生效）

李保春（任命自二零二四年

四月二十三日起生效及于

二零二四年六月二十二日

辞任）

高亚飞（任命自二零二四年

四月二十三日起生效及于

二零二四年六月二十二日

辞任）

蔡思聪（于二零二四年四月

二十三日遭罢免）

林国昌（于二零二四年四月

二十三日遭罢免）

高煜（于二零二四年四月

二十三日遭罢免）

刘闻静（于二零二四年四月

二十三日遭罢免）

李敏（于二零二四年四月

二十三日遭罢免）

Independent Non-executive

Directors

Chan Man Kit (apointed with efect

from 23 April 2024)

Liao Kenan (apointed with efect

from 21 June 2024 and resigned

with efect from 12 June 2025)

Ng Wai Hung (apointed with efect

from 21 June 2024 and resigned

with efect from 12 June 2025)

Wang Hui (apointed with efect from

21 June 2024)

Li Yunjiu (apointed with efect from

12 June 2025)

Li Baochun (apointed with efect

from 23 April 2024 and resigned

with efect from 22 June 2024)

Gao Yafei (apointed with efect from

23 April 2024 and resigned with

efect from 22 June 2024)

Choy Sze Chung, Jojo (removed with

efect from 23 April 2024)

Lam Kwok Cheong (removed with

efect from 23 April 2024)

Gao Yu (removed with efect from

23 April 2024)

Liu Wenjing (removed with efect from

23 April 2024)

Li Min (removed with efect from

23 April 2024)

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

公司资料

Corporate Information

审核委员会陈敏杰（主席）（任命自二零

二四年四月三十日起生效）

王晖（于二零二五年六月十二

日获委任为审核委员会成

员）

李云九（任命自二零二五年

六月十二日起生效）

游弋洋（任命自二零二四年

四月三十日起生效及于二

零二五年六月十二日辞任）

廖克难（任命自二零二四年

六月二十二日起生效及于

二零二五年六月十二日辞

任）

高亚飞（任命自二零二四年

四月三十日起生效及职务

于二零二四年六月二十二

日终止）

蔡思聪（主席）（于二零二四

年四月二十三日终止担任

成员）

林国昌（于二零二四年四月

二十三日终止担任成员）

高煜（于二零二四年四月

二十三日终止担任成员）

薪酬委员会王晖（主席）（任命自二零

二四年六月二十二日起

生效）

陈敏杰（任命自二零二四年

四月三十日起生效）

居庆浩（于二零二五年六月

十二日获委任为薪酬委员

会成员）

游弋洋（任命自二零二四年

五月三十日起生效及于二

零二五年六月十二日辞任）

吴伟雄（任命自二零二四年

六月二十二日起生效及于

二零二五年六月十二日辞

任）

李保春（主席）（任命自二零

二四年四月三十日起生效

及职务于二零二四年六月

二十二日终止）

AUDIT COMITEChan Man Kit (Chairman) (apointed

with efect from 30 April 2024)

Wang Hui (apointed as a member

of the Audit Comite with efect

from 12 June 2025)

Li Yunjiu (apointed with efect from

12 June 2025)

You Yiyang (apointed with efect

from 30 April 2024 and resigned

with efect from 12 June 2025)

Liao Kenan (apointed with efect

from 22 June 2024 and resigned

with efect from 12 June 2025)

Gao Yafei (apointed with efect from

30 April 2024 and ceased with

efect from 22 June 2024)

Choy Sze Chung, Jojo (Chairman)

(ceased as a member with efect

from 23 April 2024)

Lam Kwok Cheong (ceased as a

member with efect from 23 April

2024)

Gao Yu (ceased as a member with

efect from 23 April 2024)

REMUNERATION COMITEWang Hui (Chairlady) (apointed with

efect from 22 June 2024)

Chan Man Kit (apointed with efect

from 30 April 2024)

Ju Qinghao (apointed as a member

of the Remuneration Comite

with efect from 12 June 2025)

You Yiyang (apointed with efect

from 30 May 2024 and resigned

with efect from 12 June 2025)

Ng Wai Hung (apointed with efect

from 22 June 2024 and resigned

with efect from 12 June 2025)

Li Baochun (Chairman) (apointed

with efect from 30 April 2024 and

ceased with efect from 22 June

2024)

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

公司资料

Corporate Information

高亚飞（任命自二零二四年

四月三十日起生效及职务

于二零二四年六月二十二

日终止）

林国昌（主席）（于二零二四

年四月二十三日终止担任

成员）

蔡思聪（于二零二四年四月

二十三日终止担任成员）

郑浩江（于二零二四年四月

二十三日终止担任成员）

提名委员会居庆浩（主席）（任命自二零

二四年六月二十二日起

生效）

仇沛沅（任命自二零二四年

四月三十日起生效及于二

零二五年六月十二日辞任）

廖克难（任命自二零二四年

六月二十二日起生效及于

二零二五年六月十二日辞

任）

吴伟雄（任命自二零二四年

六月二十二日起生效及于

二零二五年六月十二日辞

任）

王晖（任命自二零二四年

六月二十二日起生效）

李云九（任命自二零二五年

六月十二日起生效）

高亚飞（主席）（任命自二零

二四年四月三十日起生效

及职务于二零二四年六月

二十二日终止）

李保春（任命自二零二四年

四月三十日起生效及职务

于二零二四年六月二十二

日终止）

刘闻静（主席）（于二零二四

年四月二十三日终止担任

成员）

林国昌（于二零二四年四月

二十三日终止担任成员）

蔡思聪（于二零二四年四月

二十三日终止担任成员）

Gao Yafei (apointed with efect from

30 April 2024 and ceased with

efect from 22 June 2024)

Lam Kwok Cheong (Chairman)

(ceased as a member with efect

from 23 April 2024)

Choy Sze Chung, Jojo (ceased as a

member with efect from 23 April

2024)

Zheng Hao Jiang (ceased as a

member with efect from 23 April

2024)

NOMINATION COMITEJu Qinghao (Chairman) (apointed

with efect from 22 June 2024)

Qiu Peiyuan (apointed with efect

from 30 April 2024 and resigned

with efect from 12 June 2025)

Liao Kenan (apointed with efect

from 22 June 2024 and resigned

with efect from 12 June 2025)

Ng Wai Hung (apointed with efect

from 22 June 2024 and resigned

with efect from 12 June 2025)

Wang Hui (apointed with efect from

22 June 2024)

Li Yunjiu (apointed with efect from

12 June 2025)

Gao Yafei (Chairman) (apointed

with efect from 30 April 2024 and

ceased with efect from 22 June

2024)

Li Baochun (apointed with efect

from 30 April 2024 and ceased

with efect from 22 June 2024)

Liu Wenjing (Chairman) (ceased as a

member with efect from 23 April

2024)

Lam Kwok Cheong (ceased as a

member with efect from 23 April

2024)

Choy Sze Chung, Jojo (ceased as a

member with efect from 23 April

2024)

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

公司资料

Corporate Information

公司秘书许佳媛（任命自二零二四年

八月二十六日起生效）

李一鸣（于二零二四年八月

二十六日辞任）

主要往来银行中信银行股份有限公司

华侨永亨银行有限公司

交通银行股份有限公司

厦门国际银行股份有限公司

核数师香港立信德豪会计师事务所

有限公司

执业会计师

注册公众利益实体核数师

香港法律

顾问

欧华律师事务所

香港中环

康乐广场8号

交易广场三期

25楼

注册办事处Clarendon House

2 Church Stret

Hamilton HM11 Bermuda

主要办事处香港

湾仔告士打道60号

中国华融大厦23楼

过户登记处

（香港）

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

过户登记处

（百慕达）

Apleby Global Corporate

Services (Bermuda)

Limited

Canon’s Court, 22 Victoria

Stret,

PO Box HM 1179, Hamilton

HM EX

Bermuda

股份代号970

网址w.hk970.com

COMPANY SECRETARYXu Jiayuan (apointed with efect

from 26 August 2024)

Li Yat Ming (resigned with efect from

26 August 2024)

PRINCIPAL BANKERSChina CITIC Bank Corporation

Limited

OCBC Wing Hang Bank Limited

Bank of Comunications Co., Ltd.

Xiamen International Bank Co., Ltd.

AUDITORBDO Limited

Certified Public Acountants

Registered Public Interest Entity

Auditor

LEGAL ADVISOR AS TO

HONG KONG LAW

DLA Piper Hong Kong

25th Flor

Thre Exchange Square

8 Conaught Place

Central, Hong Kong

REGISTERED OFICEClarendon House

2 Church Stret

Hamilton HM11 Bermuda

PRINCIPAL OFICE23/F, China Huarong Tower

60 Gloucester Road, Wanchai,

Hong Kong

REGISTRAR (in Hong Kong)Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

REGISTRAR (in Bermuda)Apleby Global Corporate Services

(Bermuda) Limited

Canon’s Court, 22 Victoria Stret,

PO Box HM 1179, Hamilton HM EX

Bermuda

STOCK CODE970

WEBSITEw.hk970.com

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

财务摘要

Financial Highlights

截至二零二五年三月三十一日止财政

年度之收益与上一财政年度比较，由约

3,264,700,000港元减少约36.7%至约

2,067,500,000港元。

本财政年度之毛利由约306,300,000港元减

少约54.0%至约141,000,000港元。

本财政年度之其他收入、收益及亏损为亏

损约78,400,000港元（二零二四年：亏损约

67,400,000港元）。

应收贸易款项之减值亏损为约2,300,000港

元（二零二四年：约零）。

就应收贷款及应收贷款利息确认之减值亏损

为约零（二零二四年：约8,700,000港元）。

就商誉确认之减值亏损为约29,300,000港元

（二零二四年：约207,600,000港元）。

就其他无形资产确认之减值亏损为约

120,100,000港元（二零二四年：40,500,000

港元）。

就物业、机器及设备确认之减值亏损为约

328,500,000港元（二零二四年：87,300,000

港元）。

本财政年度之销售及代理成本与上一财政年

度比较减少约47.6%。

本财政年度之行政费用与上一财政年度比较

减少约33.1%。

截至二零二五年三月三十一日止财政年度

之本公司拥有人应占亏损为约718,200,000

港元，而截至二零二四年三月三十一日

止年度则录得本公司拥有人应占亏损约

613,400,000港元。

本财政年度之本公司拥有人应占每股亏损

为13.7港仙，而上一财政年度则为每股亏损

16.1港仙。

并无就本财政年度宣派任何股息（二零二四

年：无）。

Revenue for the financial year ended 31 March 2025 decreased

by aproximately 36.7% from aproximately HK$3,264.7 milion to

aproximately HK$2,067.5 milion as compared with that of the last

financial year.

Gros profit for this financial year decreased by aproximately 54.0%

from aproximately HK$306.3 milion to aproximately HK$141.0

milion.

Other income, gains and loses for this financial year were loses

of aproximately HK$78.4 milion (2024: loses of aproximately

HK$67.4 milion).

Impairment los of trade receivables amount to aproximately

HK$2.3 milion (2024: aproximately Nil).

Impairment los recognised on loan receivables and loan interest

receivables amounted to aproximately Nil (2024: aproximately

HK$8.7 milion).

Impairment los recognised on godwil amounted to aproximately

HK$29.3 milion (2024: aproximately HK$207.6 milion).

Impairment los recognised on other intangible asets amounted to

aproximately HK$120.1 milion (2024: HK$40.5 milion).

Impairment los recognised on property, plant and equipment

amounted to aproximately HK$328.5 milion (2024: HK$87.3

milion).

Seling and distribution costs for this financial year decreased by

aproximately 47.6% as compared with the same in the last financial

year.

Administrative expenses for this financial year decreased by

aproximately 33.1% as compared with the same in the last financial

year.

Los atributable to owners of the Company for the financial year

ended 31 March 2025 was aproximately HK$718.2 milion as

compared with los atributable to owners of the Company of

aproximately HK$613.4 milion recorded for the year ended 31

March 2024.

Los per share atributable to owners of the Company were HK13.7

cents for this financial year as compared with los per share of

HK16.1 cents in the last financial year.

No dividend was declared for this financial year (2024: nil).

Financial Highlights财务摘要

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

财务摘要

Financial Highlights

300,000

100,000

200,000

500,000

400,000

700,000

600,000

900,000

800,000

1,000,000

0.0%

6.0%

4.0%

2.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

(HK$’000)（千港元）

Revenue 收益

(HK$’000)（千港元）

毛利及毛利率

FY2025

二零二五

财政年度

FY2025

二零二五

财政年度

4,324,487

4,525,762

FY2024

二零二四

财政年度

FY2023

二零二三

财政年度

FY2021

二零二一

财政年度

FY2022

二零二

财政年度

19.80%

856,432

FY2024

二零二四

财政年度

FY2021

二零二一

财政年度

FY2022

二零二

财政年度

FY2023

二零二三

财政年度

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

财务摘要

Financial Highlights

Financial Position:

财务状况：

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Total asets资产总值1,907,8342,852,738

Total liabilities负债总额937,5591,261,218

Net asets资产净值970,2751,591,520

Net tangible worth有形资产净值910,5481,372,250

Financial Ratios:

财务比率：

二零二五年二零二四年

Gros profit margin毛利率6.8%9.4%

Return on equity权益回报率(74.0%)(38.5%)

Curent ratio流动比率1.091.21

Gearing ratio资本负债比率54.3%45.7%

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

主席报告

Chairman’s Statement

各位股东：

本人谨代表新耀莱国际集团有限公司（「本

公司」）董事会（「董事会」）欣然提呈本公司

及其附属公司（「本集团」）截至二零二五年

三月三十一日止年度之年报。

中国奢侈品及汽车市场

多家知名机构、投资银行及环球研究中心持

续发表最新研究报告及数据，指出奢饰品

行业短期正面临困扰，长期依然充满希望。

根据贝恩公司二零二五年一月二十一日发

布之报告《2024年中国奢侈品市场：逆水行

舟，穿越周期》(2024 China Luxury Gods

Market: Navigating Turbulent Waters)，中国

内地奢侈品市场在2024年风口退却，预估整

体销售额同比下降18%-20%。短期内，中国

内地奢侈品市场受到多重问题困扰：不确定

的经济环境和资产价格下降等原因导致消费

者信心不足，种因素导致市场未能延续之

前的增长势头，而是陷入加速下滑的局面。

2025年，中国内地奢侈品市场表现预计与

2024年持平。上半年仍将充满挑战，下半年

随著国内经济和消费刺激措施的落地，对市

场表现持谨慎乐观的态度。放眼更长远的未

来，中国经济基本面依然稳固，中产阶级人

群数量持续增长，中国内地奢侈品市场有望

实现温和复苏。长期来看，中国依然拥有全

球最大的奢侈品潜在消费群体。近期出台的

经济和消费刺激政策传递出强烈的信号，表

明中国内地奢侈品市场依然充满希望。

由腾讯行销洞察（TMI）和波士顿咨询公司

（BCG）联合发布《中国奢侈品消费者预测报

告》，报告指出，中国奢侈品市场在全球版

图中的核心地位日益凸显，市场规模持续增

长，预计未来将突破万亿元大关。报告还指

出，中国奢侈品市场的消费者群体正在发生

变化，新客户不断流入，且消费水准和需求

日益成熟。同时，消费者对奢侈品的价值观

念也在转变，越来越注重品牌的文化内涵和

产品的生活价值。最后，报告预测，随著技术

的发展和消费者需求的演变，中国奢侈品市

场将继续展现出巨大的潜力和活力。

Dear Shareholders,

On behalf of the board of directors (the “Board”) of New Sparkle

Rol International Group Limited (the “Company”), I am pleased to

present the anual report of the Company and its subsidiaries (the

“Group”) for the year ended 31 March 2025.

CHINA’S LUXURY GODS AND AUTOMOBILES

MARKETS

A number of renowned institutions, investment banks and global

research establishments have released their latest research reports

and data, which indicated that the luxury sector faces short-term

headwinds but remains promising in the long term. Acording to the

report titled “2024 China Luxury Gods Market: Navigating Turbulent

Waters” released by Bain & Company on 21 January 2025, Mainland

China’s luxury market experienced a slowdown in 2024, with total

sales estimated to decline by 18%-20% year-on-year. In the short

term, the market is constrained by multiple chalenges, such as

weakened consumer confidence driven by economic uncertainty

and declining aset values, which have halted its previous growth

trajectory and plunged it into an acelerated downward trend.

For 2025, Mainland China’s luxury market is expected to remain

flat compared to 2024, with the first half of the year remaining

chalenging and the second half improving as economic and

consumption stimulus measures take efect. Loking further ahead,

China’s economic fundamentals remain robust, and its steadily

expanding midle clas is expected to suport a moderate rebound

in luxury market. Long-term prospects are anchored in China’s

unparaleled potential consumer base – the world’s largest pol of

potential luxury buyers. Recent stimulus packages delivered strong

signals that the luxury market in Mainland China remains promising.

The China Luxury Consumer Forecast Report jointly released by

Tencent Marketing Insights (TMI) and Boston Consulting Group

(BCG) highlights the increasingly prominent role of China’s luxury

market in the global landscape, with its scale projected to exced

the RMB1 trilion threshold in future. The report further notes the

evolving dynamics of China’s luxury consumer base, marked by

continuous influx of new customers and increasingly sophisticated

spending power and demands. Besides, consumers’ value

perceptions are shifting with greater emphasis on brands’ cultural

heritage and product practicality. Finaly, the report predicts that

China’s luxury market wil continue to exhibit tremendous potential

and vitality driven by technological advancements and evolving

consumer expectations.

Chairman’s Statement主席报告

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

主席报告

Chairman’s Statement

此外，为促进消费稳定增长，李强总理于二

零二五年三月五日于政府工作报告中多次提

及汽车产业，强调实施提振消费专项行动，

制定提升消费能力、增加优质供给、改善消

费环境专项措施，释放多样化、差异化消费

潜力，推动消费提质升级，安排超长期特别

国债3,000亿元支持消费品以旧换新。据中国

全国乘用车市场资讯联席会发布的数据显示，

2024年度豪华车总销量达到274.21万辆，但

与前一年相比下降了7.8%。

中国银河证券发布一篇名为《适度宽松优化

金融环境，以旧换新提振汽车消费》的研究

报告显示，提振消费成为2025年政府工作首

要任务，汽车是重点领域。2024年汽车消费

品零售总额为50,314亿元，在社会消费品零

售总额中占比达10.3%，在国民经济中占据

核心地位，推动汽车消费增长已成为提振消

费的核心。2025年1月14日商务部等八部门

发布《关于做好2025年汽车以旧换新工作的

通知》，2025年汽车以旧换新政策细则落地，

相比2024年以旧换新时间范围扩大至全年、

政策更加积极有为，预计将为2025年汽车市

场带来410万辆-520万辆增量，支撑全年汽

车消费向上增长，预计在以旧换新政策加持

下，2025年国内汽车销量同比增长2.5%至

2,621万辆，汽车市场整体销量同比增长4.6%

至3,285万辆。

Aditionaly, to promote stable consumption growth, Premier Li

Qiang mentioned the automobile industry multiple times in the

Report on the Work of the Government delivered on 5 March

2025. The report highlighted the government’s determination to

implement consumption-bosting initiatives, and formulate measures

to increase spending power, bost the suply of quality products

and services, and improve the consumption environment in order

to tap the potential of diversified, diferentiated spending and drive

consumption upgrading. Moreover, ultra-long special treasury bonds

totaling RMB300 bilion wil be isued to suport consumer gods

trade-in programs. Statistics released by the China Pasenger Car

Asociation showed that total luxury vehicle sales in 2024 reached

2,742,100 units, representing a 7.8% year-on-year decline.

China Galaxy Securities’ research report titled “Moderate

Easing Optimises Financial Environment, Trade-Ins Bost Auto

Consumption” indicates that stimulating consumption is the top

priority for the 2025 government agenda, with automobiles being

a key focus sector. In 2024, automobile retail sales reached

RMB5,031.4 bilion, acounting for 10.3% of China’s total consumer

gods retail sales, showing its pivotal role in the national economy.

As such, driving automobile consumption growth is now central

to revitalising broader consumption. On 14 January 2025, eight

ministries including the Ministry of Comerce isued the “Notice on

Implementing the 2025 Automobile Trade-In Program”. Compared

to the 2024 trade-in programs, this updated program extended

the timeframe to cover the entire year of 2025 and adopted a

more proactive and results-oriented aproach. It is expected to

generate incremental sales of 4.1 milion to 5.2 milion vehicles in

2025, providing critical momentum for the automobile market’s

upward trajectory. Suported by these trade-in incentives, domestic

automobile sales are expected to grow by 2.5% year-on-year to

26.21 milion units in 2025, while the overal automobile market is

forecast to expand by 4.6% to 32.85 milion units.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

主席报告

Chairman’s Statement

本集团认为虽然外部环境依然复杂严峻，但

中国宏观经济运行已回升向好，为中国奢侈

品市场提供了广阔的市场空间和增长动力。

过去一年里，本集团经历了前所未有的挑战

与变革，成功实施了公司架构的重大变动，

旨在提高运营效率、优化管理流程，为本公

司的未来发展奠定坚实基础。在此背景下，

本集团将积极调整公司战略，优化资源配置，

以更加坚定的信心面对市场挑战，紧抓行业

机遇，不断创新，持续提升行销能力，进一步

完善奢侈品组合，努力实现本公司的长期稳

定发展。

致谢

本人谨代表董事会对股东、客户及商业伙伴

一直以来的信任与支持致以诚挚谢意，并衷

心感谢全体董事所作贡献及所有员工的辛勤

工作和共同努力。展望未来，鉴于未来数年

市场竞争日益激烈，我们将继续积蓄自身优

势，紧跟行业发展趋势，把握新的业务商机。

主席

居庆浩

香港，二零二五年六月二十七日

The Group believes that despite the ongoing complexities of and

chalenges in the external environment, China’s macroeconomic

performance has shown signs of recovery and improvement,

creating expansive market oportunities and growth momentum for

the luxury market in China. Over the past year, the Group navigated

unprecedented chalenges and transformations, sucesfuly

implementing significant changes to its corporate structure with the

aim of enhancing operational eficiency and optimising management

proceses, thus laying a solid foundation for the Company’s future

development. Against this backdrop, the Group wil actively adjust

its corporate strategy, optimise resource alocation and take on

market chalenges with greater confidence. It wil seize industry

oportunities, cary on inovation, enhance marketing capabilities,

upgrade its luxury gods portfolio, and strive to achieve long-term

and stable development of the Company.

APRECIATION

On behalf of the Board, I would like to expres our sincere

apreciation to our shareholders, customers and busines partners

for their continued trust and suport. My heartfelt apreciation

also goes to al the Directors for their contributions, and al the

staf members for their hard work and colective eforts. Loking

forward, we wil continue to build on our strengths, kep abreast of

the industry trends, and capture new busines oportunities as the

market becomes increasingly competitive in the forthcoming years.

Ju Qinghao

Chairman

Hong Kong, 27 June 2025

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

业务回顾

汽车分销

于回顾财政年度，宾利、兰博基尼及劳斯

莱斯等超豪汽车代理之收益由上一财政年

度约2,795,200,000港元减少约38.3%至约

1,724,800,000港元。在各品牌中，宾利之销

售额下降，于本财政年度约为778,000,000

港元，较上一财政年度约1,352,700,000港

元减少约42.5%。所售出之宾利汽车总数为

251辆，较上一财政年度售出之435辆减少约

42.3%。

本财政年度内售出91辆劳斯莱斯，较上一

财政年度售出之159辆减少约42.8%。该品

牌于本财政年度之销售总额有所下滑，约为

568,800,000港元，较上一财政年度录得之

约1,073,500,000港元减少约47.0%。

兰博基尼于本财政年度之销售总额有所增长，

约为297,900,000港元，较上一财政年度录得

之约290,800,000港元增加约2.4%。所售出

之兰博基尼汽车总数为81辆，较上一财政年

度售出之90辆减少约10.0%。

于本财政年度，销售汽车之整体毛利下跌约

78.1%，是由于本财政年度内宾利及劳斯莱

斯之平均售价及毛利率下跌所致。

于本财政年度，售后服务之收益较上一财政

年度增加约2.5%。毛利率由上一财政年度约

30.2%下降至本财政年度约25.3%。

BUSINES REVIEW

Auto Dealerships

During the financial year under review, revenue of the ultra-

luxury automobile distributorships of Bentley, Lamborghini and

Rols-Royce recorded an aproximately 38.3% decrease to

aproximately HK$1,724.8 milion, as compared with that of

aproximately HK$2,795.2 milion in the previous financial year.

Among these brands, Bentley recorded a sales decline, amounting

to aproximately HK$778.0 milion and representing aproximately

42.5% decrease in sales in this financial year from aproximately

HK$1,352.7 milion during the previous financial year. A total of 251

units of Bentley were sold, representing a decrease of aproximately

42.3% as compared with 435 units sold in the previous financial

year.

Rols-Royce recorded sales of 91 units during this financial year,

representing a decrease of aproximately 42.8% as compared

with 159 units sold in the previous financial year. The brand

recorded a decrease in sales during this financial year with a total

of aproximately HK$568.8 milion, representing a decrease of

aproximately 47.0% as compared with that of aproximately

HK$1,073.5 milion recorded in the previous financial year.

Lamborghini recorded an increase in sales during this financial

year with a total of aproximately HK$297.9 milion, representing

an increase of aproximately 2.4% as compared with that of

aproximately HK$290.8 milion recorded in the previous financial

year. A total of 81 units of Lamborghini were sold, representing a

decrease of aproximately 10.0% as compared with 90 units sold in

the previous financial year.

The overal gros profit of sale of automobiles decreased by

aproximately 78.1% during this financial year due to the decrease

in average seling price and gros profit margin of Bentley and Rols-

Royce during this financial year.

Revenue of after-sales services recorded an increase of

aproximately 2.5% during this financial year as compared with that

of the previous financial year. The gros profit margin decreased

from aproximately 30.2% in the previous financial year to

aproximately 25.3% in this financial year.

Management Discusion and Analysis管理层讨论及分析

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

非汽车分销

于回顾财政年度，我们非汽车分销分部

之销售有所下滑，收益由上一财政年度

约388,800,000港元减少约29.0%至约

276,200,000港元。

我们非汽车分销分部之毛利率则由上一财

政年度约9.3%下降至本财政年度约6.4%，

主要源于本财政年度在销售成本内确认存

货（可能包括手表、珠宝及音响设备）减值约

52,300,000港元。

于本财政年度，此分部（包括手表、珠宝、名

酒、音响设备、男装及配饰、雪茄及烟草配件

以及家品）旗下所有品牌中，Bang & Olufsen

之收益及毛利贡献表现最佳。

其他

于回顾财政年度，来自我们其他分部（包括

提供物业管理服务以及放贷业务）之收益由

上一财政年度约80,700,000港元大幅下降约

17.5%至约66,600,000港元，是由于并无发

放新贷款导致放贷业务暂停所致。

提供物业管理业务方面，收益由上一财政

年度约72,000,000港元减少约7.6%至约

66,600,000港元，是由于本财政年度取消与

若干租户的租赁所致。

投资电影及电视节目业务方面，本财政年度

内并无产生收益。就收回投资本金及相关回

报而针对电影制片商开展之法律诉讼仍在进

行。由于消费市道持续疲弱及竞争激烈，故

其他投资电影之发行时间表亦进一步延迟。

Non-auto Dealerships

During the financial year under review, the sales of our non-auto

dealerships division recorded a decrease in revenue of aproximately

29.0% to aproximately HK$276.2 milion as compared with that of

aproximately HK$388.8 milion in the previous financial year.

Gros profit margin of our non-auto dealerships division decreased

during this financial year from aproximately 9.3% in the previous

financial year to aproximately 6.4% in this financial year. The

decrease was mainly driven by the impairment on inventories which

may include watch, jewelery, and audio equipment of aproximately

HK$52.3 milion recognised in cost of sale during this financial year.

Among al brands under this division (including watch, jewelery,

fine wine, audio equipment, menswear aparel and acesories,

cigars and smoker’s acesories and home articles), Bang &

Olufsen performed the best in terms of revenue and gros profit

contributions during this financial year.

Others

During the financial year under review, the revenue from our others

division, which includes the provision of property management

services and money lending busines, recorded a significant

decrease of aproximate 17.5% to aproximately HK$66.6 milion,

as compared with that of aproximately HK$80.7 milion in the

previous financial year as the money lending busines has ben

suspended due to no new loan was made.

In respect of the provision of property management busines,

the revenue recorded a decrease of aproximately 7.6% to

aproximately HK$66.6 milion, as compared with that of

aproximately HK$72.0 milion in the previous financial year. The

decrease was due to some lease cancelation with tenants during

the financial year.

In respect of the films and television program investment busines,

no revenue was generated during the financial year. The legal

actions against the film producer to recover the investment principal

and relevant return are stil in progres. The releasing schedules

of the rest film investments had also ben further postponed due

to the continuing weak consumption market sentiment and ken

competition.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

放贷业务方面，本财政年度内并无产生收益

（二零二四年：约8,700,000港元）。于上一财

政年度，本集团取得香港高等法院就申索贷

款及应计利息所作出针对借款人及担保人之

判决之加盖印章文本。自上一财政年度起，

本集团已根据判决结果确认收益，且并无授

出任何新贷款。详情请参阅本公司日期为二

零二三年十二月二十一日及二零二四年二月

二日之公布。本集团现正就强制执行针对彼

等之判决以追讨贷款以及其他损失及损害赔

偿寻求法律意见。进一步详情请参阅本年报

「诉讼最新资料」一段。

股权投资

本集团持有Bang & Olufsen A/S（「B&O」）

之股份作为长期投资，以使资本增值及取得

分派。B&O为一间于丹麦注册成立之公司，

其股份于纳斯达克哥本哈根股份有限公司

上市及买卖。Bang & Olufsen为一个豪华音

响品牌，由Peter Bang及Svend Olufsen于

一九二五年在丹麦Struer创立，两位创办人

之热诚及远见仍是该公司成功的基石。

于二零二五年三月三十一日，本集团持有

13,450,000股（二零二四年三月三十一日：

12,482,034股）B&O股份，占B&O全部已发

行股份约9.13%（二零二四年三月三十一日：

约10.17%）。此项投资之账面金额由上一财

政年度约132,500,000港元增加约57.8%至

约209,200,000港元，主要是由于本财政年

度股价上涨及收购股份所致。

于截至二零二五年三月三十一日止年度之

后，本集团透过于哥本哈根纳斯达克进行之

场内交易合共收购2,164,140股B&O股份，

总代价约为27,610,000丹麦克朗（相等于

约32,690,000港元）（不包括交易成本），

即每股约12.64丹麦克朗（相等于约14.95港

元）。于收购事项后，本集团持有15,614,140

股B&O股份，占B&O已发行股份总数约

10.60%。

In respect of the money lending busines, no revenue was

generated during this financial year (2024: aproximately HK$8.7

milion). During previous financial year, the Group obtained sealed

judgements against the borowers and the guarantors for the claims

of the loans and interest acrued from the High Court of Hong

Kong. The Group recorded the revenue based on the results of the

judgements and no new loan was granted since last financial year.

For the details, please refer to the anouncements of the Company

dated 21 December 2023 and 2 February 2024. The Group is in

the course of seking legal advice regarding enforcement of the

judgments against them for the recovery of the loan and other loses

and damages. For further details, please refer to the paragraph

headed “LITIGATIONS UPDATES” of this Anual Report.

Equity Investment

As a long-term investment for capital apreciation and distribution,

the Group held shares in Bang & Olufsen A/S (“B&O”), a company

incorporated in Denmark whose shares are listed and traded on

NASDAQ Copenhagen A/S. Bang & Olufsen is a luxury audio brand

founded in 1925 in Struer, Denmark, by Peter Bang and Svend

Olufsen whose devotion and vision remain the foundation for the

company.

As at 31 March 2025, the Group held 13,450,000 shares (31 March

2024: 12,482,034 shares) of B&O, representing aproximately

9.13% of its total isued shares (31 March 2024: aproximately

10.17%). The carying amount of this investment recorded an

increase of aproximately 57.8% to aproximately HK$209.2 milion,

as compared with that of aproximately HK$132.5 milion in the

previous financial year. The increase was mainly due to share price

rise and acquisition of shares during the financial year.

Subsequent to the year ended 31 March 2025, the Group

acquired in agregate 2,164,140 shares in B&O through on-

market transactions conducted on the Nasdaq Copenhagen

for an agregate consideration of aproximately Danish Krone

(“DK”) 27.61 milion (equivalent to aproximately HK$32.69

milion) (exclusive of transaction costs) representing aproximately

DK12.64 (equivalent to aproximately HK$14.95) per share.

After the acquisitions, the Group holds 15,614,140 shares in B&O,

representing aproximately 10.60% of the total number of isued

share of B&O.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

于二零二五年三月三十一日，纳斯达克哥本

哈根股份有限公司所报B&O之股价上升至每

股13.76丹麦克朗（二零二四年三月三十一

日：每股9.35丹麦克朗），于截至二零二五年

三月三十一日止财政年度上涨约47.2%。

于本财政年度，此项投资并无为本集团产生

任何股息。

本集团亦持有新爱德集团有限公司（股份代

号：8412）（「新爱德」）之股份。新爱德为于

开曼群岛注册成立之公司，其股份于联交所

GEM上市及买卖。根据新爱德截至二零二四

年五月三十一日止财政年度之年报，新爱德

于香港新开设高档雪茄会所，以分散其业务。

于二零二五年三月三十一日，本集团持有

新爱德之零股（二零二四年三月三十一日：

2,670,000股）股份，占其已发行股份总数约

0%（二零二四年三月三十一日：约2.62%）。

于本财政年度，此项投资并无为本集团产生

任何股息。

于二零二五年三月三十一日，本集团按公

允值计入其他全面收入之金融资产约为

209,200,000港元（二零二四年三月三十一

日：约133,900,000港元），指本集团于B&O

及新爱德之策略性投资。本集团按公允值计

入其他全面收入之金融资产之账面金额占

本集团于二零二五年三月三十一日之总资

产约11.0%（二零二四年三月三十一日：约

4.7%）。

The share price of B&O increased to DK13.76 per share as at

31 March 2025 (31 March 2024: DK9.35 per share) as quoted

on the NASDAQ Copenhagen A/S, representing an increase of

aproximately 47.2% during the financial year ended 31 March

2025.

No dividend was generated from this investment to the Group during

this financial year.

The Group also held shares in New Amante Group Limited (Stock

Code: 8412) (“New Amante”), a company incorporated in the

Cayman Islands whose shares are listed and traded on GEM of the

Stock Exchange. Acording to its anual report for the financial year

ended 31 May 2024, New Amante newly launched high-ended cigar

lounges in Hong Kong to diversify its busines.

As at 31 March 2025, the Group held nil shares (31 March 2024:

2,670,000 shares) of New Amante, representing aproximately nil of

its total isued shares (31 March 2024: aproximately 2.62%).

No dividend was generated from this investment to the Group during

this financial year.

The Group’s financial asets at fair value through other

comprehensive income (“FVTOCI”) of aproximately HK$209.2

milion as at 31 March 2025 (31 March 2024: aproximately

HK$133.9 milion) represented the Group’s strategic investment on

B&O and New Amante. The carying amount of the Group’s financial

asets at FVTOCI represent aproximately 11.0% of the total asets

of the Group as at 31 March 2025 (31 March 2024: aproximately

4.7%).

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

财务回顾

收益

于截至二零二五年三月三十一日止年度

（「二零二五财政年度」），本集团之收益

约为2,067,500,000港元，较去年录得之约

3,264,700,000港元减少约36.7%，主要是

由于回顾财政年度内市道持续疲弱及本

集团汽车业务竞争激烈，令汽车销售额下

跌所致。于二零二五财政年度，汽车销售

额约为1,644,700,000港元（相等于人民币

1,529,600,000元），而上一财政年度（「二零

二四财政年度」）则录得约2,717,000,000港

元（相等于人民币2,499,600,000元）。下表

载列本集团于所示年度之收益：

FINANCIAL REVIEW

Revenue

The revenue of the Group for the year ended 31 March 2025 (the

“FY2025”) was aproximately HK$2,067.5 milion, representing

a decrease of aproximately 36.7% as compared with that

of aproximately HK$3,264.7 milion recorded in the previous

year. Such decrease was mainly due to the decrease in sales of

automobiles arising from the continuing weak market sentiment and

ken competition in the automotive busines of the Group during the

financial year under review. Sales of automobiles were aproximately

HK$1,644.7 milion (equivalent to RMB1,529.6 milion) in FY2025

while aproximately HK$2,717.0 milion (equivalent to RMB2,499.6

milion) were recorded in last financial year (the “FY2024”). The table

below sets out the Group’s revenue for the year indicated:

FY2025FY2024Changes

二零二五财政年度二零二四财政年度变动

Revenue SourceHK$’000

Contribution

(%)HK$’000

Contribution

(%)HK$’000%

收益来源千港元贡献(%)千港元贡献(%)千港元%

Automobile segment汽车分部

Sales of automobiles汽车销售1,644,67379.5%2,717,03583.2%(1,072,362)(39.5%)

Provision of after-sales services提供售后服务80,0933.9%78,1362.4%1,9572.5%

Sub-total小计1,724,76683.4%2,795,17185.6%(1,070,405)(38.3%)

Non-automobile dealership segment非汽车分销分部276,18613.4%388,84111.9%(112,655)(29.0%)

Others其他66,5923.2%80,7352.5%(14,143)(17.5%)

Total总计2,067,544100%3,264,747100%(1,197,203)(36.7%)

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

Gros Profit and Gros Profit Margin

Gros profit of the Group for the year ended 31 March 2025

decreased by aproximately 54.0% to aproximately HK$141.0

milion (31 March 2024: aproximately HK$306.3 milion) while the

gros profit margin of the Group for the year ended 31 March 2025

decreased from 9.4% to 6.8%.

The decrease in gros profit was mainly atributable to decrease in

gros profit margin of the sales of automobiles caused by the weak

market sentiment and ken competition incured during this financial

year. The gros profit of the sales of automobiles decreased by

aproximately HK$132.9 milion during this financial year.

Other Income, Gains and Loses

Other income, gains and loses was aproximately HK$78.4

milion loses for the year ended 31 March 2025 (31 March 2024:

aproximately HK$67.4 milion loses). Such change was mainly due

to the changes in fair value of investment properties, and investment

in films and television program as wel as the revaluation los on

property, plant and equipment during this financial year.

Impairment of godwil and impairment of properties, plant

and equipment

The impairment loses on godwil of aproximately HK$29.3 milion,

which is for property management services for the year ended 31

March 2025 (31 March 2024: aproximately HK$207.6 milion,

of which HK$200.2 milion for auto dealership and aproximately

HK$7.4 milion for property management services). The impairment

loses on properties, plant and equipment of aproximately

HK$328.5 milion for the year ended 31 March 2025 (31 March

2024: HK$87.3 milion).

毛利及毛利率

本集团截至二零二五年三月三十一日止年度

之毛利减少约54.0%至约141,000,000港元

（二零二四年三月三十一日：约306,300,000

港元），而本集团截至二零二五年三月

三十一日止年度之毛利率亦由9.4%下跌至

6.8%。

毛利下跌主要是由于本财政年度市道疲弱

及竞争激烈导致汽车销售之毛利率下跌所

致。于本财政年度，汽车销售之毛利减少约

132,900,000港元。

其他收入、收益及亏损

截至二零二五年三月三十一日止年度之其

他收入、收益及亏损录得亏损约78,400,000

港元（二零二四年三月三十一日：亏损约

67,400,000港元），主要源于本财政年度录

得投资物业以及投资电影及电视节目之公允

值变动以及物业、机器及设备之重估亏损。

商誉减值以及物业、机器及设备减值

于截至二零二五年三月三十一日止年度，商

誉之减值亏损约为29,300,000港元，其属物

业管理服务（二零二四年三月三十一日：约

207,600,000港元，其中200,200,000港元属

汽车分销，而约7,400,000港元则属物业管

理服务）。于截至二零二五年三月三十一日

止年度，物业、机器及设备之减值亏损约为

328,500,000港元（二零二四年三月三十一

日：87,300,000港元）。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

就商誉减值测试而言，董事参照独立专业合

资格估值师进行之商业估值，按使用价值计

算法厘定现金生产单位的可收回金额；所用

税前现金流量预测乃基于获正式批准、涵盖

详细五年预算计划之预算，而预算并无涵盖

之期间及剩余可使用年期届满前的现金流量

预测则以外推法得出。厘定各现金产生单位

的可收回金额时采用之现金流量预测为对将

于现金产生单位余下可用年期内存在的经济

状况范围的最佳估计。于截至二零二五年及

二零二四年三月三十一日止年度所采用之方

法并无改变。

于二零二四年九月三十日，管理层根据评

估结果厘定，物业管理服务现金产生单位

之可收回金额约为225,400,000港元，低于

255,400,000港元的账面值，此乃源于分租

项目之余下租期随时间流逝，导致在收入法

下未来现金流量因余下租期流逝而减少，以

及管理层因应目前物业租赁市场发展情况

调整未来一至两年之增长率（即首两年并无

增长，再逐步回复至长期增长率）。减值金

额已分配至商誉、物业、机器及设备以及其

他无形资产各类别，致使各资产类别之账面

金额并无减损至低于其公允值减出售成本

190,500,000港元与使用价值225,400,000

港元之最高者。已对照商誉之账面金额确

认减值亏损约29,300,000港元，汇兑差额为

700,000港元，而除商誉外，并无其他资产类

别出现减值。

于二零二五年三月三十一日，根据评估结果，

管理层认为物业管理服务现金产生单位之可

收回金额约为258,400,000港元，高于账面金

额约213,200,000港元，原因为租出面积增加

及物业租金收益流有所改善。因此，截至二

零二五年三月三十一日止年度并无进一步减

值，而本集团亦不会拨回于上一中期间就

商誉确认之减值亏损。

For the purpose of the godwil impairment test, the Directors

determined the recoverable amounts of the cash-generating units

(“CGUs”) from value-in-use calculations with reference to the

busines valuations performed by independent profesional qualified

valuers used the pre-tax cash flow projections, based on formaly

aproved budgets covering a detailed five-year budget plan; and for

period not covered by the budget and up to the end of remaining

useful life, the estimated cash flow projections are extrapolated. The

cash flow projections aplied in determination of the recoverable

amounts of each CGUs are best estimate of the range of economic

condition that wil exist over the remaining useful life of the CGUs.

There was no change on the aproach adopted for the years ended

31 March 2025 and 2024.

As at 30 September 2024, based on the result of the asesment,

the management determined that the recoverable amount of the

CGU of the property management services to be aproximately

HK$225.4 milion, which is lower than the carying amount of

aproximately HK$255.4 milion, resulting from the remaining lease

term of the sub-lease project lapses over time resulting les future

cash flow with decreasing remaining lease term under income

aproach and the adjustment on the growth rate in the coming one

to two years, i.e. no growth for the first two years and gradualy

recovers to long-term growth rate, by the management in view of the

curent development on the property rental market condition. The

impairment amount has ben alocated to each category of godwil,

property, plant and equipment, and other intangible asets such that

the carying amount of each category of aset is not reduced below

the highest of its fair value les cost of disposal of HK$190.5 milion

and its value in use of aproximately HK$225.4 milion. Impairment

loses of aproximately HK$29.3 milion have ben recognised

against that carying amount of godwil with an exchange diference

of aproximately HK$0.7 milion and no clas of aset other than

godwil is impaired.

As at 31 March 2025, based on the result of the asesment,

management determined that the recoverable amount of the CGU of

the property management services to be aproximately of HK$258.4

milion and is higher than the carying amount of aproximately of

HK$213.2 milion because of the increase in lease-out areas and

improvement on the property rental revenue stream. As the result,

there is no further impairment required for the year ended 31 March

2025 and the Group should not recognise reverse an impairment

los recognised in a previous interim period in respect of godwil.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

The Group engaged in the automobile dealerships busines

which sufered from significant increase in segment los and

uncertainties of the economic market conditions during the year.

As at 30 September 2024, based on the result of the asesment,

management determined that the recoverable amount of the CGU of

automobile busines to be HK$1,019,558,000, being the higher of

its fair value les cost of disposal of HK$810,548,000 and its value

in use of HK$1,019,558,000, is lower than the carying amount of

HK$1,348,100,000. The value-in-use calculation with reference to

valuation performed by independent profesional qualified valuer

was based on the pre-tax cash flow projections by aplying a

pre-tax discount rate of 15.8%, based on the aproved five-year

budget, and acounted for a long-term growth rate of 2.5%; and for

period not covered by the budget and up to the end of remaining

useful life, the estimated cash flow projections are extrapolated. As

a result, an impairment los of HK$328,542,000 was recognised to

property, plant and equipment of automobile busines CGU.

As at 31 March 2025, management determined that the recoverable

amount of the CGU to be HK$724,201,000 and is higher than the

carying amount HK$723,210,000 because the chalenge faced

over car model changeovers for the thre brands during the year is

expected to subside hence improve market response and demand.

Based on the above asesment, no further impairment los is

recognised.

Impairment of other intangible asets

The impairment loses on other intangible asets of aproximately

HK$120.1 milion, of which HK$92.0 milion for film rights and

HK$28.1 milion for customers’ list from property management

contracts for the year ended 31 March 2025 (31 March 2024:

HK$40.5 milion which is for film rights).

本集团从事汽车分销业务，年内面对分部

亏损大幅增加及经济市场情况不明朗。于

二零二四年九月三十日，管理层基于评估

结果厘定，汽车业务现金产生单位之可收

回金额为1,019,558,000港元，为其公允值

减出售成本810,548,000港元及其使用价

值1,019,558,000港元中的较高者，但低于

1,348,100,000港元的账面值。经参考独立专

业合资格估值师进行之估值，使用价值计算

乃基于获批准的五年预算以税前现金流预测

进行，使用税前贴现率15.8%并按长期增长

率2.5%入账；而预算范围以外之期间及截至

余下使用年期结束前之可收回金额则推算

估计现金流预测。因此，就汽车业务现金产

生单位之及物业、机器及设备确认减值亏损

328,542,000港元。

于二零二五年三月三十一日，管理层厘定该

现金产生单位之可收回金额为724,201,000

港元，高于其账面值723,210,000港元，原因

为预计年内三大品牌车型切换带来的挑战将

有所缓解，因而改善市场反应及需求。基于

上述评估，并无进一步确认减值亏损。

其他无形资产减值

于截至二零二五年三月三十一日止年度，其

他无形资产之减值亏损约为120,100,000港

元，其中92,000,000港元为就电影权作出之

减值亏损，28,100,000港元为就物业管理合

约客户名单作出之减值亏损（二零二四年三

月三十一日：40,500,000港元，为就电影权

作出之减值亏损）。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

As at 31 March 2025, the recoverable amount of film right is higher

of its fair value les cost of disposal of aproximately HK$3.2 milion

and its value in use of aproximately HK$4.0 milion which is lower

than its carying amount of HK$97.5 milion, resulting from screning

decision changed from publication in cinemas to only operating

on network video platforms under curent market condition

consideration where expected return has droped significantly by

considering the average revenue from online stream movies. The

valuation is based on the present value of expected future revenues

and related cash flows arising from the distribution and sublicensing

of the film, which were discounted using a pre-tax discount rate of

28.0% (2024: 27.7%) for the relevant asets. Other than that, there

was no significant change to the basis, asumptions and inputs

adopted in the asesment for the year ended 31 March 2025 as

compared with those for the year ended 31 March 2024. Based

on value-in-use calculation, impairment loses of aproximately

HK$92.0 milion and an exchange diference of HK$1.4 milion are

recognised for the year ended 31 March 2025.

During the year ended 31 March 2025, the property management

service busines sufered from significant decrease in revenue due

to the downturn of property market in the PRC. As at 31 March

2025, the Directors determined the recoverable amounts of the

customers’ list from property management contracts from value-in-

use calculations with reference to valuation using pre-tax cash flow

projections by aplying a pre-tax discount rate of 13.4%, based

on formaly aproved budgets covering a detailed five-year budget

plan, which acounted for a revenue growth rate of 3%. Based

on the result of the asesment, management determined that

the recoverable amount of HK$1.8 milion, being the higher of its

fair value les cost of disposal and value in use, is lower than the

carying amount of HK$29.9 milion. As a result, an impairment los

of HK$28.1 milion was recognised against the carying amount of

other intangible aset for the year ended 31 March 2025.

Seling and distribution costs

The seling and distribution costs decreased by aproximately 47.6%

from aproximately HK$339.4 milion to aproximately HK$178.0

milion. The decrease was mainly due to the decrease in marketing

and promotion expenses.

于二零二五年三月三十一日，电影权之可收

回金额为其公允值减出售成本约3,200,000

港元及其使用价值约4,000,000港元之最高

者，低于其97,500,000港元的账面值，原因

在于基于当前市况决定由在戏院发行相关电

影改为仅会于网络影视平台经营发行有关

电影，而考虑到网上串流电影之平均收益，

预期回报已大幅减少。该估值之基础为电影

发行及转授权所产生之预期未来收益及相关

现金流之现值，乃使用相关资产之税前贴现

率28.0%（二零二四年：27.7%）贴现得出。

除此之外，与截至二零二四年三月三十一日

止年度比较，截至二零二五年三月三十一日

止年度之评估所采用之基准、假设及输入值

概无重大改变。截至二零二五年三月三十一

日止年度，基于使用价值计算法，本集团已

确认减值亏损约92,000,000港元及汇兑差额

1,400,000港元。

截至二零二五年三月三十一日止年度，物业

管理服务业务的收入因中国物业市场不景气

而大幅减少。于二零二五年三月三十一日，

董事参考估值，根据正式批准的预算（涵盖

详细的五年预算计划，设定3%的收益增长

率），对税前现金流量预测采用13.4%的税

前贴现率，通过使用价值法厘定物业管理合

约客户名单的可收回金额。根据评估结果，

管理层厘定可收回金额为1,800,000港元（即

其公允值减出售成本及使用价值两者中之

较高者）低于29,900,000港元之账面值。因

此，截至二零二五年三月三十一日止年度，

已对照其他无形资产之账面值确认减值亏损

28,100,000港元。

销售及代理成本

销售及代理成本由约339,400,000港元减少

约47.6%至约178,000,000港元，主要源于营

销及宣传费用减少。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

行政费用

行政费用由约105,900,000港元减少约33.1%

至约70,800,000港元，主要是由于本财政年

度内诉讼之法律及专业费用减少以及并无作

出以股份为基础之付款。

融资成本

本集团之融资成本由上一财政年度约

81,400,000港元减少约19.8%至本财政年度

约65,200,000港元，乃源于本财政年度内用

于购买汽车存货之借贷减少，以及本集团偿

还部份银行贷款所致。

流动资金及财务资源

于二零二五年三月三十一日，本集团之总资

产约为1,907,800,000港元（二零二四年三月

三十一日：约2,852,700,000港元），主要以

约970,300,000港元（二零二四年三月三十一

日：约1,591,500,000港元）之权益总额及约

937,600,000港元（二零二四年三月三十一

日：约1,261,200,000港元）之总负债融资。

现金流量

于二零二五年三月三十一日，本集团之银行

及手头现金约为105,500,000港元（二零二四

年三月三十一日：约93,600,000港元），主要

以港元、人民币及丹麦克朗计值。

本集团主要利用现金偿还本集团借贷、支付

购买存货之款项，以及为本集团之营运资金

及正常经营成本拨资。本集团之银行及手头

现金价值变动主要归因于回顾财政年度产生

外币换算差额。

董事认为，本集团具备充裕营运资金，足以

应付其现时业务所需，且具备充裕财务资源，

可为日后业务拓展及资本开支融资。

Administrative expenses

The administrative expenses decreased by aproximately 33.1%

from aproximately HK$105.9 milion to aproximately HK$70.8

milion. Such change was mainly due to the decrease in legal and

profesional fes for litigations and no share base payments were

made in this financial year.

Finance Costs

The finance costs of the Group decreased by aproximately 19.8%

from aproximately HK$81.4 milion in the previous financial year to

aproximately HK$65.2 milion in this financial year. The decrease

was due to the decrease in borowing to finance the purchase of

automobiles inventories and repayment of bank loans during this

financial year.

LIQUIDITY AND FINANCIAL RESOURCES

The Group’s total asets as at 31 March 2025 were aproximately

HK$1,907.8 milion (31 March 2024: aproximately HK$2,852.7

milion) which were mainly financed by the total equity and the

total liabilities of aproximately HK$970.3 milion (31 March 2024:

aproximately HK$1,591.5 milion) and aproximately HK$937.6

milion (31 March 2024: aproximately HK$1,261.2 milion)

respectively.

Cash Flow

The Group’s cash at banks and in hand as of 31 March 2025 were

aproximately HK$105.5 milion (31 March 2024: aproximately

HK$93.6 milion) which were mainly denominated in Hong Kong

dolars (“HK$”), Renminbi (“RMB”) and DK.

The Group’s primary uses of cash are to repay the Group’s

borowings, to pay for purchases of inventories and to fund the

Group’s working capital and normal operating costs. The change in

value of the Group’s cash at banks and in hand was mainly due to

the diferences in exchange translation incured during the financial

year under review.

The Directors consider that the Group wil have suficient working

capital for its existing operations and financial resources for financing

future busines expansion and capital expenditures.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

Property, plant and equipment

The Group’s property, plant and equipment as at 31 March 2025

were aproximately HK$526.0 milion (31 March 2024: aproximately

HK$949.6 milion). During the year, the Group acquired items of

property, plant and equipment at a total cost of aproximately

HK$9.8 milion (31 March 2024: aproximately HK$24.8 milion), a

net carying amount of aproximately HK$13.6 milion of property,

plant and equipment were disposed of during this financial year

(the net carying amount for the year ended 31 March 2024:

aproximately HK$19.0 milion) and a revaluation los arising from

the change in use of certain properties from land and buildings to

investment properties of aproximately HK$19.1 milion (31 March

2024: HK$31.0 milion).

Investment properties

The Group’s investment properties as at 31 March 2025 were

aproximately HK$323.2 milion (31 March 2024: aproximately

HK$346.7 milion). The change in value of investment properties

was mainly due to the decrease in fair value and one of the owner-

ocupied properties was changed as investment properties incured

during the financial year under review.

Godwil

The Group’s godwil as at 31 March 2025 was aproximately

HK$53.9 milion (31 March 2024: aproximately HK$84.7 milion).

The decrease in godwil was mainly due to the impairment of

godwil on property management services incured during this

financial year.

Borowings

The Group’s borowings as at 31 March 2025 were aproximately

HK$526.8 milion, representing a decrease of aproximately 27.6%

from aproximately HK$727.3 milion as at 31 March 2024.

The Group’s borowings were mainly denominated in RMB. The

decrease was mainly due to repayment of the borowings during this

financial year.

物业、机器及设备

于二零二五年三月三十一日，本集团之物业、

机器及设备约为526,000,000港元（二零二四

年三月三十一日：约949,600,000港元）。年

内，本集团收购成本合共约9,800,000港元

（二零二四年三月三十一日：约24,800,000港

元）之物业、机器及设备项目，并于本财政年

度出售账面净额约13,600,000港元之物业、

机器及设备（截至二零二四年三月三十一日

止年度账面净额：约19,000,000港元），且若

干物业之用途由土地及楼宇更改为投资物业

产生重估亏损约19,100,000港元（二零二四

年三月三十一日：31,000,000港元）。

投资物业

于二零二五年三月三十一日，本集团之投资

物业约为323,200,000港元（二零二四年三

月三十一日：约346,700,000港元）。投资物

业之价值变动主要是由于回顾财政年度公允

值有所下跌以及其中一项自用物业改变为投

资物业所致。

商誉

于二零二五年三月三十一日，本集团之商

誉约为53,900,000港元（二零二四年三月

三十一日：约84,700,000港元）。商誉减少主

要是由于本财政年度内产生之物业管理服务

商誉减值所致。

借贷

于二零二五年三月三十一日，本集团之借贷

约为526,800,000港元，较二零二四年三月

三十一日约727,300,000港元减少约27.6%。

本集团之借贷主要以人民币计值。借贷减少

主要是源于本财政年度偿还借贷。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

资本负债比率

于二零二五年三月三十一日，本集团之资本

负债比率（按总借贷除以权益总额计算）上

升至约54.3%（二零二四年三月三十一日：

约45.7%）。

存货

于二零二五年三月三十一日，本集团之存货

由二零二四年三月三十一日约811,600,000

港元减少约31.4%至约556,900,000港元，主

要是由于占本集团存货约66.9%之汽车存货

减少所致。本集团之平均存货周转天数由截

至二零二四年三月三十一日止年度之126天

增加至截至二零二五年三月三十一日止年度

之130天。

外汇风险

本集团之收益及费用主要以人民币及港元计

值，而本集团之生产成本、采购及投资则以

人民币、港元、丹麦克朗及美元计值。

于本财政年度，本集团并无订立任何外币远

期合约。于二零二五年及二零二四年三月

三十一日，本集团并无任何有关外币远期合

约之未变现收益或亏损。

或然负债及资本承担

于二零二五年三月三十一日，董事会认为本

集团并无重大或然负债（二零二四年三月

三十一日：无）。于二零二五年三月三十一

日，董事会认为本集团并无任何有关收购物

业、机器及设备之重大资本承担（二零二四

年三月三十一日：无）。

Gearing Ratio

The Group’s gearing ratio computed as total borowings over total

equity increased to aproximately 54.3% as at 31 March 2025 (31

March 2024: aproximately 45.7%).

Inventories

As at 31 March 2025, the Group’s inventories decreased by

aproximately 31.4% from aproximately HK$811.6 milion as at

31 March 2024 to aproximately HK$556.9 milion. Such decrease

was primarily due to the decrease in automobile inventories which

comprised aproximately 66.9% of the inventories of the Group. The

Group’s average inventory turnover days increased from 126 days

in the year ended 31 March 2024 to 130 days in the year ended 31

March 2025.

Exposure to Foreign Exchange Risk

The revenue and expenses of the Group are mainly denominated

in RMB and HK$ while the production cost, purchases and

investments of the Group are denominated in RMB, HK$, DK and

United States Dolar.

The Group did not enter into any foreign curency forward contract

for this financial year. As at 31 March 2025 and 2024, the Group

did not have any unrealised gain or los in respect of the foreign

curency forward contracts.

Contingent Liabilities and Capital Comitment

The Board considered that the Group had no material contingent

liabilities as at 31 March 2025 (31 March 2024: nil). The Board

considered that the Group had no material capital comitment as

at 31 March 2025 in respect of acquisition of property, plant and

equipment (31 March 2024: nil).

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

Charges on Asets

As at 31 March 2025, land and building, right-of-use asets,

investment property, pledged deposits and inventories of the Group

with agregate carying amounts of aproximately HK$475.3 milion

(31 March 2024: aproximately HK$814.2 milion), aproximately

HK$419.2 milion (31 March 2024: aproximately HK$697.6 milion),

aproximately HK$84.8 milion (31 March 2024: aproximately

HK$64.3 milion), aproximately HK$31.2 milion (31 March 2024:

aproximately HK$47.3 milion) and aproximately HK$339.5 milion

(31 March 2024: aproximately HK$459.3 milion) respectively were

pledged to secure general banking facilities and other facilities

granted to the Group.

Human Resources

As at 31 March 2025, the Group had 319 employes (31 March

2024: 396). Staf costs (including directors’ emoluments and the

one-of equity-setled share option expenses) charged to profit or

los amounted to aproximately HK$57.7 milion for this financial

year (2024: aproximately HK$88.7 milion).

The Group provided benefits, which included basic salary,

comision, discretionary bonus, medical insurance and retirement

funds and equity-setled share-based payments to employes to

sustain competitivenes of the Group.

The package was reviewed on an anual basis based on the

Group’s performance and employes’ performance apraisal.

The Group also provided training to the employes for their future

advancement.

资产押记

于二零二五年三月三十一日，本集团已抵

押账面总额分别约475,300,000港元（二

零二四年三月三十一日：约814,200,000

港元）、约419,200,000港元（二零二四年

三月三十一日：约697,600,000港元）、约

84,800,000港元（二零二四年三月三十一日：

约64,300,000港元）、约31,200,000港元（二

零二四年三月三十一日：约47,300,000港

元）及约339,500,000港元（二零二四年三月

三十一日：约459,300,000港元）之土地及楼

宇、使用权资产、投资物业、已抵押存款及存

货，以取得本集团获授之一般银行融资及其

他融资。

人力资源

于二零二五年三月三十一日，本集团共有

319名（二零二四年三月三十一日：396名）

雇员。本财政年度于损益表扣除之员工成本

（包括董事酬金及一次性以权益结算之股份

期权开支）约为57,700,000港元（二零二四

年：约88,700,000港元）。

本集团向雇员提供基本薪金、佣金、酌情花

红、医疗保险、退休基金及以权益结算以股

份为基础之付款等福利，以维持本集团之竞

争力。

本集团每年按其表现及雇员之表现评估检讨

有关待遇。

本集团亦会为雇员之日后发展提供培训。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

根据一般授权认购新股份及认购事项之所得

款项用途

于二零二四年七月十九日，本公司订立两份

认购协议，据此，本公司同意根据授予董事

之一般授权，按每股0.64港元之价格，分别

向杨云先生及李展程先生配发及发行合共

74,879,418股每股面值0.032港元之新普通

股（总面值约2,396,141港元）。

于二零二四年七月十九日（即认购协议日

期）联交所报之收市价为每股0.79港元。

74,879,418股新股份已于二零二四年七月

三十一日完成配发及发行，所筹集之所得款

项净额约为46,400,000港元（净价约每股0.62

港元）。本公司之意向为该等认购事项之所

得款项净额中(i)约8,000,000港元用作所产生

之诉讼开支；(i)约25,400,000港元可能在机

会出现时进行投资；及(i)约13,000,000港元

用作本集团之一般营运资金。于二零二五年

三月三十一日，所得款项净额约33,800,000

港元已用作诉讼开支及一般营运资金。

上述认购事项之进一步详情载于本公司日期

为二零二四年七月十九日及三十一日之公布。

于二零二五年三月三十一日，于二零二四年

七月三十一日完成配售本公司新股份之所得

款项净额部分已动用如下：

Subscription for new shares under general mandate and use

of proceds from the subscription

On 19 July 2024, the Company entered into two subscription

agrements under which the Company agred to alot and isue a

total of 74,879,418 new ordinary shares of HK$0.032 each (with an

agregate nominal value of aproximately HK$2,396,141) to Mr. Yang

Yun and Mr. Le Chin Ching Cyrix respectively, at a price of HK$0.64

per share under the general mandate granted to the Directors.

The closing price as quoted on the Stock Exchange on 19 July

2024, being the date of the subscription agrement, was HK$0.79

per share. The alotment and isue of the 74,879,418 new shares

was completed on 31 July 2024 and raised net proceds of

aproximately HK$46.4 milion (with a net price of aproximately

HK$0.62 per share). The Company intends to aply the net proceds

from the subscriptions as to (i) aproximately HK$8.0 milion for

litigation expenses incured; (i) aproximately HK$25.4 milion for

potential investment when oportunities arise; and (i) aproximately

HK$13.0 milion for general working capital of the Group. As at 31

March 2025, net proceds of aproximately HK$33.8 milion had

ben utilised for litigation expenses and general working capital.

Further details of the above subscriptions were set out in the

anouncements of the Company dated 19 and 31 July 2024

respectively.

As at 31 March 2025, the net proceds from the placing of the

Company’s new shares completed on 31 July 2024 had ben partly

utilised as folows:

Planed use of

net proceds as

disclosed in the

anouncement

dated 19 July 2024

Net proceds

utilised during

the year ended

31 March 2025

Net proceds

unutilised as at

31 March 2025

日期为二零二四年

七月十九日之

公布所披露之所得

款项净额计划用途

截至二零二五年

三月三十一日

止年度内动用之

所得款项净额

于二零二五年

三月三十一日

未动用之

所得款项净额

HK$ milionHK$ milionHK$ milion

百万港元百万港元百万港元

Litigation expenses incured所产生之诉讼开支8.08.0–

Potential investment可能投资25.412.812.6

General working capital一般营运资金13.013.0–

46.433.812.6

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

LITIGATIONS UPDATES

Petition for winding up and apointment and discharge of

joint provisional liquidators

During the terms of the former directors of the Company who were

removed from their respective ofices with imediate efect by

resolutions in the Special General Meting of the Company held

on 23 April 2024 (the “SGM”), the former directors caused the

Company to present a petition for winding up on 15 April 2024 (the

“Petition”) and made an ex parte aplication to apoint joint and

several provisional liquidators of the Company on 15 April 2024

(the “Ex Parte Aplication”) to the Bermudan Court in companies

(winding-up) action no. 91 of 2024 (the “Bermuda Procedings”).

Upon the Petition and the Ex Parte Aplication, the Company was

put into provisional liquidation and the Bermudan Court made

an order dated 15 April 2024 (the “Order”), among others, that

the hearing of the Petition be adjourned for a period of 6 months

and that Edward Wilmot and Elizabeth Cava of Deloite Financial

Advisory Ltd., Corner House, 20 Parliament Stret, Hamilton HM

12 and Lai Kar Yan (Derek) and Ho Kwok Leung Glen, of Deloite

Touche Tohmatsu, 35th Flor, One Pacific Place, 88 Quensway,

Hong Kong be apointed as joint provisional liquidators (the “JPLs”)

of the Company (the “Apointment Order”). Under the leadership

of the new board of directors apointed upon resolution in the

SGM, and in compliance with the resumption guidance of the Stock

Exchange, the Company made an aplication on 6 May 2024 to

the Bermudan Court for seting aside the provisional liquidation and

the Apointment Order. Eventualy, the Apointment Order was set

aside, the Petition was struck out and the JPLs were discharged by

the Bermudan Court on 15 May 2024.

In the same Order, the Bermudan Court further adjourned the

hearing for determination of consequential maters, including

the JPLs’ fes and costs, to a later date (the “Costs Hearing”).

The Costs Hearing tok place on 9 August 2024 and a decision

was handed down by the Bermudan Court on 29 November

2024 ordering, among others, that the JPLs’ remuneration, fes,

costs and expenses should be paid by the Company (the “Costs

Decision”). Subject to taxation or asesment by the Bermudan

Court, the agregate amount claimed by the JPLs is aproximately

US$1.4 milion.

诉讼最新资料

清盘呈请以及委任及解除共同临时清盘人

于本公司前任董事（已于二零二四年四月

二十三日举行之本公司股东特别大会（「股

东特别大会」）上通过决议案被即时罢免）任

期内，该等前任董事促使本公司于二零二四

年四月十五日向百慕达法院提出清盘呈请

（「该呈请」），并于二零二四年四月十五日就

公司（清盘）诉讼第91号（「百慕达诉讼」）提

出委任本公司共同及个别临时清盘人之单方

面申请（「单方面申请」）。于该呈请及单方面

申请后，本公司已处于临时清盘状态及百慕

达法院作出日期为二零二四年四月十五日之

命令（「该命令」），当中包括将该呈请之聆讯

延后6个月，并将Deloite Financial Advisory

Ltd.（地址为Corner House, 20 Parliament

Stret, Hamilton HM 12）之Edward Wilmot

及Elizabeth Cava以及德勤•关黄陈方会计

师行（地址为香港金钟道88号太古广场一期

35楼）之黎嘉恩及何国梁获委任为本公司之

共同临时清盘人（「共同临时清盘人」）（「委

任令」）。在新董事会（于股东特别大会通过

决议委任）的领导下，并遵照联交所之复牌

指引，本公司于二零二四年五月六日向百慕

达法院申请撤销临时清盘及委任令。最终，

于二零二四年五月十五日，百慕达法院撤销

委任令、剔除该呈请并解除共同临时清盘人

之任命。

于同一命令中，百慕达法院将相应事宜（包

括共同临时清盘人之收费及费用）之聆讯进

一步延后至较后日期（「费用聆讯」）。费用

聆讯已于二零二四年八月九日举行，而百慕

达法院于二零二四年十一月二十九日作出裁

决，颁令（其中包括）本公司应支付共同临时

清盘人之薪酬、收费、费用及开支（「费用裁

决」）。受限于百慕达法院评定或评估，共同

临时清盘人申索之总额约为1,400,000美元。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

于二零二四年十二月十三日，本公司向百慕

达最高法院申请上诉许可，要求百慕达上诉

法院批准就费用裁决提出上诉。法律程序仍

在进行中。

进一步详情请参阅本公司于二零二四年四

月二十二日及二十四日、二零二四年五月八

日、十三日及十六日以及二零二四年十二月

二十三日发表之公布。

针对前董事之弥偿申索

截至二零二五年三月三十一日止年度，本公

司已向本公司前任董事采取有关弥偿申索

之法律行动：要求其(a)按弥偿基准赔偿本公

司处理百慕达诉讼、因百慕达诉讼而产生及

与百慕达诉讼有关之所有费用（包括法律费

用）；(b)本公司因单方面申请及该呈请而蒙

受之损失；及(c)因委任令而产生或与委任令

有关之共同临时清盘人之所有费用及开支。

在高等法院于二零二五年三月二十日进行之

聆讯中，法官颁令郑浩江先生、朱雷先生及

程斌女士(a)按弥偿基准赔偿本公司处理百慕

达诉讼、因百慕达诉讼而产生及与百慕达诉

讼有关之所有费用（包括法律费用）；(b)本

公司因单方面申请及该呈请而蒙受之损失；

及(c)因委任令而产生或与委任令有关之共同

临时清盘人之所有费用及开支。至于其他前

任董事蔡思聪先生、林国昌先生、高煜先生

及刘闻静女士，聆讯将延后至其他日期。

进一步详情请参阅本公司于二零二四年四

月十二日、二零二四年四月二十二日、二

零二四年五月十四日、二零二四年十二月

二十三日及二零二五年三月二十四日发表之

公布。

On 13 December 2024, the Company lodged an aplication at the

Supreme Court of Bermuda for leave to apeal against the Costs

Decision to the Court of Apeal for Bermuda. The legal procedings

are stil in progres.

For further details, please refer to the anouncements made by the

Company on 22 and 24 April 2024, 8, 13 and 16 May 2024, and 23

December 2024.

The indemnity claims against former directors

During the year ended 31 March 2025, the Company has taken

legal action on the indemnity claims against the former directors of

the Company for (a) al of the Company’s costs including legal costs

incured in dealing with, arising out of and relating to the Bermuda

Procedings on an indemnity basis; (b) damages sufered by the

Company as a result of the Ex Parte Aplication and the Petition;

and (c) al of the JPLs’ costs and expenses arising out of or in

relation to the Apointment Order.

At the hearing held by the High Court on 20 March 2025, the judge

ordered Mr. Zheng Hao Jiang, Mr. Zhu Lei and Ms. Cheng Bin to

indemnify the Company for (a) the Company’s costs including legal

costs incured in dealing with, arising out of and relating to the

Bermuda Procedings on an indemnity basis; (b) damages sufered

by the Company as a result of the Ex Parte Aplication and the

Petition; and (c) al of the JPLs’ costs and expenses arising out

of or in relation to the Apointment Order. The hearing as regards

some other former directors of the Company, including, Mr. Choy

Sze Chung Jojo, Mr. Lam Kwok Cheong, Mr. Gao Yu and Ms. Liu

Wenjing, was adjourned to a further date.

For further details, please refer to the anouncements made by

the Company on 12 April 2024, 22 April 2024, 14 May 2024, 23

December 2024, and 24 March 2025.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

Injunction order against its largest shareholder and Shenwan

The Company’s claims against its substantial shareholder, Mr.

Sze Ching Lau (“Mr. Sze”) and Shenwan Hongyuan Capital (H.K.)

Limited (“Shenwan”) under HCA 123/2024 were discontinued. The

Company has paid a total sum of HK$6,162,303.8 and HK$400,000

to Mr. Sze and Shenwan respectively as the ful and final setlement

of their costs incured in the said procedings.

For details, please refer to the anouncements of the Company

dated 18, 26 January, 7, 22 February, 12 March, 11, 12 April and 20

November 2024.

The Borowers’ Default of Loan Agrements

The loan agrement in respect of a facility of HK$58.0 milion

On 4 March 2021, Forwel Finance Limited (the “Lender”), an

indirect wholy-owned subsidiary of the Company, entered into a

loan agrement (the “1st Loan Agrement”) with a borower which

is an independent third party (the “1st Borower”), pursuant to

which the Lender agred to grant to the 1st Borower a loan with

principal amount of HK$58.0 milion (the “1st Loan”) for a term of

12 months, bearing interest at a rate of 6.5% per anum.

Pursuant to the 1st Loan Agrement, the 1st Borower had ben

paying the quarterly interests on the 1st Loan to the Lender on

time during the term of the 1st Loan Agrement. However, the 1st

Borower failed to repay the 1st Loan with outstanding principal

amount of HK$58.0 milion and the acrued interest on the maturity

date (4 March 2022).

The Group sought legal advice and comenced legal action against

the 1st Borower and the guarantor of the 1st Loan in the High

Court of Hong Kong on 20 April 2022 with a view to recovering the

1st Loan and other loses and damages.

针对其最大股东及申万之禁制令

本公司针对其主要股东施清流先生（「施先

生」）及申万宏源融资（香港）有限公司（「申

万」）之申索（第HCA 123/2024号）已经终

止。本公司已就施先生及申万因该等程序而

产生之讼费向彼等分别缴付6,162,303.8港

元及400,000港元作为全数及最终和解金额。

详情请参阅本公司日期为二零二四年一月

十八日、二十六日、二月七日、二十二日、

三月十二日、四月十一日、十二日及十一月

二十日之公布。

借款人违反贷款协议

有关58,000,000港元融资之贷款协议

于二零二一年三月四日，联丰财务有限公司

（「贷款人」）（本公司之间接全资附属公司）

与一名独立第三方借款人（「第一借款人」）

订立一份贷款协议（「第一笔贷款协议」），

据此，贷款人同意向第一借款人授出本金额

为58,000,000港元之贷款（「第一笔贷款」），

为期12个月，按年利率6.5%计息。

根据第一笔贷款协议，第一借款人一直在第

一笔贷款协议期限内按时向贷款人支付第一

笔贷款之季度利息。然而，第一借款人未能

在到期日（二零二年三月四日）偿还第一

笔贷款之未偿还本金额58,000,000港元及应

计利息。

本集团已寻求法律意见，并已于二零二年

四月二十日在香港高等法院对第一借款人和

第一笔贷款之担保人提起法律诉讼，追讨第

一笔贷款以及其他损失及损害赔偿。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

于法律程序展开后，订约各方已就该事项达

成和解，而根据订约各方送交香港高等法院

存档、日期为二零二年八月八日之汤林命

令，订约各方同意搁置法律程序，且贷款人、

第一借款人及担保人已于二零二年八月八

日签立一份和解契据。

于截至二零二三年三月三十一日止年

度，本集团已收到部分期款项，合共为

24,320,000港元。然而，除上述款项外，第一

借款人未能偿还余下未偿还分期款项及应

计利息。本集团已重启于香港高等法院提起

针对第一借款人及担保人之法律诉讼，以追

讨贷款以及其他损失及损害赔偿。该法律程

序已于二零二三年十二月二十日在香港高

等法院（「法院」）进行聆讯（「该聆讯」）。于

该聆讯上，法院已就截至二零二年十一月

二十二日之未偿还本金额37,124,764.51港

元，连同自二零二年十一月二十二日起至

二零二三年十二月二十日止按年利率6.5%

计算，之后直至付款日期为止按判决利率计

算之应计利息，作出贷款人胜诉而第一借款

人及担保人败诉之判决。法院同时判贷款人

兼得讼费420,000港元。关于上述判定款项，

针对第一借款人之法定要求偿债书已于二零

二四年一月送达，而针对担保人之另一份法

定要求偿债书则于二零二四年三月以公告方

式送达。对担保人之新法定要求偿债书已在

二零二五年五月及六月送达及已在二零二五

年六月刊登公告。

于截至二零二五年三月三十一日止年度，本

集团经搜寻及查询后获悉，在另一宗案件下

有针对担保人发出之破产呈请。于二零二四

年九月九日，呈请人之律师告知本集团，呈

请人已于二零二四年九月三日以同意传票方

式撤回该呈请。本集团经进一步搜寻及查询

后获悉，在另一宗案件下有针对担保人发出

之破产呈请。破产管理处破产个案及获批个

人自愿安排个案查册报告显示，该另一宗破

产呈请已于二零二五年二月十一日被驳回或

撤回。

After the comencement of the legal procedings, the parties

reached a setlement on the mater and pursuant to a Tomlin Order

filed by the parties with the High Court of Hong Kong dated 8

August 2022, the parties agred to stay the legal procedings and

a ded of setlement was executed by the Lender, the 1st Borower

and the guarantor on 8 August 2022.

The Group received partial payment in instalments in the agregate

sum of HK$24,320,000 during the year ended 31 March 2023, yet

the 1st Borower failed to repay the outstanding instalments, save

for the aforesaid payment, and the acrued interests. The Group

has resumed the legal actions against the 1st Borower and the

guarantor in the High Court of Hong Kong with a view to recovering

the loans and other loses and damages. A hearing tok place at

the High Court of Hong Kong (the “Court”) on 20 December 2023

in respect of the Procedings (the “Hearing”). At the Hearing,

the Court has granted judgment in favour of the Lender against

the 1st Borower and the guarantor for the outstanding principal

amount as at 22 November 2022 in the sum of HK$37,124,764.51,

with interest acrued thereon at the anual rate of 6.5% from 22

November 2022 up to 20 December 2023 and thereafter at the

judgment rate until the date of payment. The Court has also granted

cost to the Lender in the sum of HK$420,000. A statutory demand

against the 1st Borower was served in January 2024 and another

statutory demand against the guarantor was served by way of

advertisement in March 2024 for the aforementioned judgment sum.

A fresh statutory demand against the guarantor was served in May

and June 2025 and was advertised in June 2025.

During the year ended 31 March 2025, upon search and enquiry, the

Group was informed that a bankruptcy petition was isued against

the guarantor under another case. On 9 September 2024, the

Group was informed by the Petitioner’s solicitors that such petition

was withdrawn by the petitioner by way of consent sumons on

3 September 2024. Upon further search and enquiry, the Group

was informed that another bankruptcy petition was isued against

the guarantor under another case. As shown in Oficial Receiver’s

Ofice Bankruptcy And Aproved Individual Voluntary Arangement

Search Report, such another bankruptcy petition was dismised or

withdrawn on 11 February 2025.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

During the year ended 31 March 2025 and up to the date of this

report, there is no setlement received from the 1st Borower or the

guarantor.

The Company has sought legal advice and considered taking

enforcement actions against the 1st Borower and the guarantor.

Further anouncement(s) in relation to the Loan and/or the

Procedings wil be made by the Company as and when apropriate

in compliance with the Listing Rules.

For details, please refer to the anouncements of the Company

dated 4 March 2021, 1 and 29 April 2022, 8, 18 and 24 August

2022 and 1 September 2022 and 21 December 2023.

The loan agrement in respect of a facility of HK$32.0 milion

On 22 March 2021, the Lender entered into a loan agrement

(the “2nd Loan Agrement”) with another borower who is an

independent third party (the “2nd Borower”), pursuant to which

the Lender agred to grant to the 2nd Borower loan with principal

amount of HK$32.0 milion (the “2nd Loan”) for a term of 12

months, bearing interest at a rate of 7% per anum.

Pursuant to the 2nd Loan Agrement, the 2nd Borower had paid

the quarterly interests on the 2nd Loan to the Lender on time during

the term of the 2nd Loan Agrement. However, the 2nd Borower

failed to repay the 2nd Loan with outstanding principal amount of

HK$32.0 milion and the acrued interest on the maturity date (22

March 2022).

As a result of the 2nd Borower’s default, the Group sought legal

advice and comenced legal action against the 2nd Borower and

the guarantor of the 2nd Loan in the High Court of Hong Kong on

29 April 2022 with a view to recovering the 2nd Loan and other

loses and damages.

于截至二零二五年三月三十一日止年度及直

至本报告日期，并无从第一借款人或担保人

收到任何款项。

本公司已寻求法律意见，并考虑针对第一借

款人及担保人采取强制执行法律行动。本公

司将遵照上市规则于适当时候另行发表有关

该贷款及╱或该等法律程序之公布。

有关详情请参阅本公司日期为二零二一年三

月四日、二零二年四月一日及二十九日、

二零二年八月八日、十八日及二十四日、

二零二年九月一日以及二零二三年十二月

二十一日之公布。

有关32,000,000港元融资之贷款协议

于二零二一年三月二十二日，贷款人与另

一名独立第三方借款人（「第二借款人」）订

立一份贷款协议（「第二笔贷款协议」），据

此，贷款人同意向第二借款人授出本金额为

32,000,000港元之贷款（「第二笔贷款」），为

期12个月，按年利率7%计息。

根据第二笔贷款协议，第二借款人已在第二

笔贷款协议期限内按时向贷款人支付第二笔

贷款之季度利息。然而，第二借款人未能于

到期日（二零二年三月二十二日）偿还第

二笔贷款之未偿还本金额32,000,000港元及

应计利息。

由于第二借款人违约，故本集团已寻求法律

意见，并已于二零二年四月二十九日在香

港高等法院对第二借款人和第二笔贷款之担

保人提起法律诉讼，追讨第二笔贷款以及其

他损失及损害赔偿。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

管理层讨论及分析

Management Discusion and Analysis

贷款人已于二零二年十二月六日就有关第

二笔贷款及其应计利息之申索取得针对第二

借款人之判决之加盖印章文本。贷款人已于

二零二三年二月十七日进一步就有关第二笔

贷款及其应计利息之申索取得针对担保人之

判决之加盖印章文本。本集团现正强制执行

针对第二借款人及担保人之判决，以追讨第

二笔贷款以及其他损失及损害赔偿。贷款人

已于二零二三年九月十九日向法院提交针对

第二借款人之破产呈请，而于二零二四年二

月六日，法院已作出针对第二借款人之破产

令。破产管理署长现为第二借款人之破产

受托人，负责收集并向第二借款人之债权人

分配任何已收回之第二借款人财产及资产（如

有）。于二零二四年八月，第二借款人向法院

送交一项废止其破产令之申请，而贷款人及

破产管理署长均反对其申请。法院已于二

零二五年三月驳回其申请。

本公司将遵照上市规则于适当时候另行发表

公布，以知会股东及潜在投资者此事之任何

重大发展。

有关详情请参阅本公司日期为二零二一年三

月二十二日、二零二年四月二十九日、二

零二年十二月八日、二零二三年二月二十

日及二零二四年二月七日之公布。

前景

由于本集团于本财政年度产生经营亏损，故

本集团新管理层于下一个财政年度将审慎进

行财务管理。展望未来，尽管面对当前的挑

战，本集团新管理层有信心保持其于中国奢

侈品市场之领导地位。

The Lender has on 6 December 2022 obtained a sealed judgment

against the 2nd Borower for the claims of the 2nd Loan and interest

acrued thereon. The Lender has further on 17 February 2023

obtained a sealed judgment against the guarantor for the claims

of the 2nd Loan and interest acrued thereon. The Group is in the

course of enforcing the judgements against the 2nd Borower and

the guarantor for the recovery of the 2nd Loan and other loses

and damages. The Lender has filed a bankruptcy petition against

the 2nd Borower in the Court on 19 September 2023 and on 6

February 2024, the Court has made a bankruptcy order against the

2nd Borower. The Oficial Receiver is now the truste-in-bankruptcy

of the 2nd Borower responsible for colection and distribution of any

recovered properties and asets (if any) of the 2nd Borower to his

creditors. In August 2024, the 2nd Borower filed an aplication to

the Court to anul his bankruptcy order and his aplication is being

oposed by both the Lender and the Oficial Receiver. The Court

has revoked his aplication in March 2025.

The Company wil make further anouncement(s) as and when

apropriate in compliance with the Listing Rules and inform the

Shareholders and potential investors of any material development of

this event.

For details, please refer to the anouncements of the Company

dated 22 March 2021, 29 April 2022, 8 December 2022, 20

February 2023 and 7 February 2024.

PROSPECT

As the Group incured operating los in this financial year, the

new management of the Group would be prudent in the financial

management in the coming financial year. Loking ahead, despite

the present chalenges, the new management of the Group is

confident to continue our leading roles in the luxury gods market in

the PRC.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

主要业务

本公司为一间投资控股公司，其附属公司主

要从事奢侈品及汽车分销业务、提供售后服

务、物业管理服务、物业租赁服务、电影相关

业务（包括制作及投资电影及电视节目）及

放贷业务。本集团之业务主要位于香港及中

国内地。

业务回顾

对本集团业务之中肯审视载于本年报中之「主

席报告」及「管理层讨论及分析」两节，当中

载有本集团之分部分析、在二零二五年三月

三十一日后发生的对本集团有影响之重大事

件以及相当可能有之未来发展。

有关本集团面对之主要风险及不明朗因素之

详情载于本年报中之企业管治报告内之「风

险管理及内部监控」一节。

有关本集团财务风险管理之详情载于财务报

表附注41。

股息

由于本集团有意为经营及发展现有业务保留

更多资金，故董事不建议派付截至二零二五

年三月三十一日止年度之末期股息（二零

二四年三月三十一日：无），且年内亦无分派

任何中期股息（二零二四年：无）。

PRINCIPAL ACTIVITIES

The Company is an investment holding company. Its subsidiaries are

principaly engaged in dealerships of luxury gods and automobiles,

provision of after-sales services, property management services,

property rental services, film related busines including development

and investment in films and television program and money lending

busines. The Group’s operations are mainly based in Hong Kong

and the Mainland China.

BUSINES REVIEW

A fair review of the Group’s busines, including the Group’s

segmental analysis, the important events afecting the Group that

have ocured since the end of 31 March 2025 and the likely

future developments, is set out in the sections headed “Chairman’s

Statement” and “Management Discusion and Analysis” of this

Anual Report.

Details about the principal risks and uncertainties that the Group

is facing, are set out in the section headed “Risk Management and

Internal Controls” of the Corporate Governance Report contained in

this Anual Report.

Details about the Group’s financial risk management are set out in

note 41 to the financial statements.

DIVIDEND

The Directors do not recomend the payment of a final dividend for

the year ended 31 March 2025 (31 March 2024: nil) whilst no interim

dividend (2024: nil) had ben distributed during the year as the

Group would like to reserve more capital to operate and develop the

existing busineses.

Report of the Directors董事会报告

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

股份期权计划

本公司之股份期权计划乃根据本公司于二零

二年九月二十七日举行之股东周年大会上

通过之普通决议案采纳。本公司于二零二

年九月二十九日采纳股份期权计划（「股份

期权计划」）。股份期权计划于自二零二年

九月二十九日起计十年有效及生效。

在本公司于二零二年九月二十七日举行

之股东周年大会上，一般计划限额已更新，

以便本公司授出可认购最多547,195,344

股合并前之股份（即于初步批准采纳股份

期权计划当日已发行股本之10%，相当于

34,199,709股合并后之股份）之期权。于二零

二三年一月十日股份合并生效时，可供授出

之股份期权数目调整为涉及34,199,709股

份（包括已授出但尚未失效或行使之股份期

权所涉及之零股份）。于截至二零二四年

三月三十一日止年度，涉及合共34,000,000

股份、行使价为每份1.00港元之股份期权

已授出并获悉数行使。

于二零二四年四月一日及二零二五年三月

三十一日，199,709份股份期权可根据股份

期权计划授出。

于截至二零二五年三月三十一日止年度，并

无股份期权根据股份期权计划授出、获行使、

失效或被注销。

于二零二五年三月三十一日，(i)就根据股份

期权计划授出之期权可发行之股份为零股（二

零二四年三月三十一日：零股），占本公司已

发行股份加权平均数444,178,468股（截至二

零二四年三月三十一日止年度：382,939,372

股）之0%（二零二四年三月三十一日：0%）。

于本报告日期，根据股份期权计划可供发行

之股份为199,709股，占本公司已发行股份

562,801,809股约0.04%。

SHARE OPTION SCHEME

The Company’s share option scheme was adopted pursuant to an

ordinary resolution pased at the anual general meting of the

Company held on 27 September 2022, the Company’s share option

scheme (“Share Option Scheme”) was adopted on 29 September

2022. The Share Option Scheme shal be valid and efective for a

term of ten years comencing on 29 September 2022.

At the anual general meting of the Company held on 27

September 2022, the General Scheme Limit was refreshed to

alow the Company to grant options to subscribe for up to the

maximum of 547,195,344 pre-consolidation Shares (equivalent to

34,199,709 shares after consolidation), representing 10% of the

isued shares capital as at the date of aproval of the adoption of

the Share Option Scheme initialy. On 10 January 2023, when the

share consolidation became efective, the number of Shares Options

available for grant was adjusted to 34,199,709 Shares (including

options for nil share that have ben granted but not yet lapsed or

exercised). During the year ended 31 March 2024, Share Options

of an agregate of 34,000,000 Shares of exercise price of HK$1.00

each were granted and fuly exercised.

As at 1 April 2024 and 31 March 2025, 199,709 share options were

available for grant under the Share Option Scheme.

During the year ended 31 March 2025, no share options were

granted, exercised, lapsed or canceled under the Share Option

Scheme.

As at 31 March 2025, (i) there were nil shares (31 March 2024: nil

shares) that may be isued in respect of options granted under the

Share Option Scheme, representing 0% (31 March 2024: 0%) over

the weighted average number of isued shares of the Company

of 444,178,468 shares (for the year ended 31 March 2024:

382,939,372 shares).

As at the date of this report, there were 199,709 shares available for

isue under the Share Option Scheme, representing aproximately

0.04% of the isued shares of the Company of 562,801,809 shares.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

本公司设立股份期权计划，以向对本集团业

务之成功作出贡献之合资格参与者提供奖励

及回报。董事可酌情将期权授予合资格雇员

及非雇员人士，包括本公司及其附属公司之

董事、供应商、客户、提供研究、开发或其他

技术支援之人士、本集团或被投资实体之股

东、顾问或咨询人以及为本集团发展作出贡

献之任何参与者。

于二零二五年三月三十一日及于本报告日期，

根据股份期权计划可供进一步授出之股份

为199,709股（二零二四年三月三十一日：可

供授出之股份为199,709股），占期内已发行

股份加权平均数约0.04%（二零二四年三月

三十一日：0.05%）。

进一步详情请参阅财务报表附注36。

主要客户及供应商

截至二零二五年三月三十一日止年度，本集

团最大及五大供应商分别占本集团总采购额

之约63.0%及约94.7%。本集团最大客户占

本集团之总收益少于10%，而本集团五大客

户占本集团之总收益约10%。

本公司之董事、董事之联系人或股东（据董

事所知拥有本公司股本5%以上）于本财政年

度内任何时间概无拥有本集团于本财政年度

内五大供应商或客户之任何实益权益。

业绩及分派

本集团截至二零二五年三月三十一日止年度

之业绩载于本年报第150及151页之综合全

面收入报表内。

董事不建议就本财政年度派发任何股息。

The Company operates the Share Option Scheme for the purpose

of providing incentives and rewards to eligible participants who

contribute to the suces of the Group’s busines. The Directors

may, at its discretion, grant options to eligible employes and non-

employe persons, including directors of the Company and its

subsidiaries, supliers, customers, persons who provide research,

development or other technological suport, shareholders, advisers

or consultants of the Group or invested entities, and any participant

who contributes to the development of the Group.

There was 199,709 Shares available for further grant pursuant to the

Share Option Scheme as at 31 March 2025 and as at the date of

this report (31 March 2024: 199,709 shares available). It represents

aproximately 0.04% over the weighted average number of Shares

isued for the period (31 March 2024: 0.05%).

For further details, please refer to note 36 to the financial

statements.

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, the largest and the top five

supliers of the Group acounted for aproximately 63.0% and

aproximately 94.7% of the Group’s total purchases respectively.

The largest customers of the Group acounted for les than 10% of

the Group’s total revenue and the top five customers of the Group

acounted for aproximately 10% of the Group’s total revenue.

At no time during the year under review did a Director, an asociate

of a Director or a shareholder of the Company (which to the

knowledge of the Directors owns more than 5% of the Company’s

share capital) had a beneficial interest in any of the Group’s five

largest supliers or customers for this financial year.

RESULTS AND APROPRIATIONS

The results of the Group for the year ended 31 March 2025 are

set out in the consolidated statement of comprehensive income on

pages 150 and 151 of this Anual Report.

The Directors do not recomend the payment of any dividend in

respect of this financial year.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

储备

本集团及本公司储备于本财政年度内之变动

详情分别载于第157及158页之综合股本权

益变动表及财务报表附注35。

可供分派储备

根据百慕达公司法，除保留溢利外，本公司

之缴入盈余账亦可供分派予其股东。然而，

在以下情况下，本公司不得从缴入盈余宣派

或支付股息或作出分派：

(a) 本公司无法或在派付后无力偿还到期

负债；或

(b) 本公司资产之可变现价值将会因此而

低于其负债、已发行股本及股份溢价账

之总和。

董事认为，可供分派储备账包括本公司储备

亏绌约1,249,180,000港元（二零二四年：亏

绌360,925,000港元）。

股本

本公司股本于本财政年度内之变动详情载于

财务报表附注34。

借贷

本集团于二零二五年三月三十一日之借贷详

情载于财务报表附注31。

RESERVES

Details of the movements in the reserves of the Group and the

Company during this financial year are set out in the consolidated

statement of changes in equity on pages 157 and 158 and note 35

to the financial statements respectively.

DISTRIBUTABLE RESERVES

In adition to retained profits, under the Bermuda Companies Act,

the contributed surplus acount of the Company is also available

for distribution to its shareholders. However, the Company canot

declare or pay a dividend, or make a distribution, out of contributed

surplus if:

(a) it is, or would after the payment be, 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 and its isued share capital and share

premium acounts.

In the opinion of the Directors, the distributable reserve acounts

comprise the reserves of the Company of aproximately

HK$1,249,180,000 in deficit (2024: HK$360,925,000 in deficit).

SHARE CAPITAL

Details of the movements during this financial year in the share

capital of the Company are set out in note 34 to the financial

statements.

BOROWINGS

Particulars of borowings of the Group as at 31 March 2025 are set

out in note 31 to the financial statements.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

财务概要

本集团于过去五个财政年度之已公布业绩、

资产与负债及非控股权益之概要载于本年报

第292页。

物业、机器及设备

本集团之物业、机器及设备于本财政年度内

之变动详情载于财务报表附注16。

董事及服务合约

于截至二零二五年三月三十一日止年度内及

截至本年报日期止，本公司之董事如下：

执行董事：

居庆浩先生（主席）

（任命自二零二四年六月二十一日起生效）

仇沛沅先生（任命自二零二四年四月

二十三日起生效及于二零二五年六月十二

日辞任）

王邦宜博士（任命自二零二四年

四月三十日起生效及于二零二四年

六月二十二日辞任）

郑浩江先生

（于二零二四年四月二十三日遭罢免）

赵小东先生

（于二零二四年四月二十三日遭罢免）

朱雷先生

（于二零二四年四月二十三日遭罢免）

程彬女士

（于二零二四年四月二十三日遭罢免）

FINANCIAL SUMARY

A sumary of the published results and asets, liabilities and non-

controling interests of the Group for the past five financial years is

set out on page 292 of this Anual Report.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements during this financial year in the property,

plant and equipment of the Group are set out in note 16 to the

financial statements.

DIRECTORS AND SERVICE CONTRACTS

The Directors of the Company during the year ended 31 March 2025

and up to the date of this Anual Report were as folow:

Executive Directors:

Mr. Ju Qinghao (Chairman)

(apointed with efect from 21 June 2024)

Mr. Qiu Peiyuan (apointed with efect from 23 April 2024 and

resigned with efect from 12 June 2025)

Dr. Wang Bangyi (apointed with efect from 30 April 2024 and

resigned with efect from 22 June 2024)

Mr. Zheng Hao Jiang (removed with efect from 23 April 2024)

Mr. Zhao Xiaodong (removed with efect from 23 April 2024)

Mr. Zhu Lei (removed with efect from 23 April 2024)

Ms. Cheng Bin (removed with efect from 23 April 2024)

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

Non-executive Directors

Mr. Sze Ka Ho (apointed with efect from 21 June 2024 and

resigned with efect from 12 June 2025)

Mr. Wu Peng (apointed with efect from 21 June 2024 and

resigned with efect from 12 June 2025)

Mr. Li Qingsong (apointed with efect from 21 June 2024 and

resigned with efect from 12 June 2025)

Mr. You Yiyang (apointed with efect from 23 April 2024 and

resigned with efect from 12 June 2025)

Independent Non-executive Directors:

Mr. Chan Man Kit (apointed with efect from 23 April 2024)

Mr. Liao Kenan (apointed with efect from 21 June 2024 and

resigned with efect from 12 June 2025)

Mr. Ng Wai Hung (apointed with efect from 21 June 2024 and

resigned with efect from 12 June 2025)

Ms. Wang Hui (apointed with efect from 21 June 2024)

Mr. Li Yunjiu (apointed with efect from 12 June 2025)

Mr. Li Baochun (apointed with efect from 23 April 2024 and

resigned with efect from 22 June 2024)

Mr. Gao Yafei (apointed with efect from 23 April 2024 and

resigned with efect from 22 June 2024)

Mr. Choy Sze Chung, Jojo (removed with efect from 23 April 2024)

Mr. Lam Kwok Cheong (removed with efect from 23 April 2024)

Mr. Gao Yu (removed with efect from 23 April 2024)

Ms. Liu Wenjing (removed with efect from 23 April 2024)

Mr. Li Min (removed with efect from 23 April 2024)

非执行董事：

施嘉豪先生

（任命自二零二四年六月二十一日起生效

及于二零二五年六月十二日辞任）

武鹏先生

（任命自二零二四年六月二十一日起生效

及于二零二五年六月十二日辞任）

李青松先生

（任命自二零二四年六月二十一日起生效

及于二零二五年六月十二日辞任）

游弋洋先生

（任命自二零二四年四月二十三日起生效

及于二零二五年六月十二日辞任）

独立非执行董事：

陈敏杰先生

（任命自二零二四年四月二十三日起生效）

廖克难先生

（任命自二零二四年六月二十一日起生效

及于二零二五年六月十二日辞任）

吴伟雄先生

（任命自二零二四年六月二十一日起生效

及于二零二五年六月十二日辞任）

王晖女士

（任命自二零二四年六月二十一日起生效）

李云九先生

（任命自二零二五年六月十二日起生效）

李保春先生

（任命自二零二四年四月二十三日起生效

及于二零二四年六月二十二日辞任）

高亚飞先生

（任命自二零二四年四月二十三日起生效

及于二零二四年六月二十二日辞任）

蔡思聪先生

（于二零二四年四月二十三日遭罢免）

林国昌先生

（于二零二四年四月二十三日遭罢免）

高煜先生

（于二零二四年四月二十三日遭罢免）

刘闻静女士

（于二零二四年四月二十三日遭罢免）

李敏先生

（于二零二四年四月二十三日遭罢免）

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

按照本公司之公司细则第83(2)条之规定，任

何获董事会委任以增加现时董事会成员人数

之董事，其任期将仅至其获委任后之本公司

首个股东周年大会为止，并须在该大会上接

受重选。因此，李云九先生将于本公司应届

股东周年大会上退任，并将符合资格及愿意

接受重选。

拟于应届股东周年大会上接受重选之董事概

无与本公司或其附属公司订立本集团不可于

一年内免付补偿（法定补偿除外）而终止之

服务合约。

各独立非执行董事之任期为三年，惟须按照

本公司之公司细则遵守轮值告退之规定。

董事酬金详情载于财务报表附注12。

董事及高级管理人员之履历详情载于本年报

第81至84页。

李云九先生于二零二五年六月十二日取得上

市规则第3.09D条所述之法律意见。

In acordance with bye-law no. 83(2) of the Company’s Bye-laws,

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

Board shal hold ofice only until the first anual general meting

of Company after his apointment and be subject to re-election at

such meting. Acordingly, Mr. Li Yunjiu wil retire at the forthcoming

anual general meting of the Company and, being eligible, ofer

himself/herself for re-election.

No Director proposed for re-election at the forthcoming anual

general meting has a service contract with the Company or its

subsidiaries which is not determinable by the Group within one

year without payment of compensation (other than statutory

compensation).

The term of ofice of each Independent Non-executive Director is

thre years subject to the requirement for retirement by rotation in

acordance with the Company’s Bye-laws.

Details of the Directors’ emoluments are set out in note 12 to the

financial statements.

The biographical details of the Directors and senior management are

set out on pages 81 to 84 of this Anual Report.

Mr. Li Yunjiu obtained the legal advice refered to in Rule 3.09D of

the Listing Rules on 12 June 2025.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

CONFIRMATION OF INDEPENDENCE OF

INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company did not receive and aware of any subsequent change

of circumstances which may afect the independence of each

Independent Non-executive Directors.

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS OF

SIGNIFICANCE

Except as disclosed in note 38 to and elsewhere in the financial

statements, there are no transactions, arangements or contracts

of significance to which the Company or any of its subsidiaries

was a party and in which a Director of the Company had a material

interest, whether directly or indirectly, subsisted at the end of this

financial year or at any time during this financial year.

DIRECTORS’ INTEREST IN A COMPETING

BUSINES

Pursuant to Rule 8.10 of the Listing Rules, the Company disclosed

that no Directors of the Company is considered to have interests in

any busines which is likely to compete directly or indirectly with the

busines of the Group.

MANAGEMENT CONTRACTS

No contract concerning the management and administration of the

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

entered into or existed during this financial year.

独立非执行董事之独立性确认书

本公司并无收到亦不知悉可能影响各独立非

执行董事独立性之情况随后发生任何变化。

董事于重大交易、安排或合约之

权益

除财务报表附注38及其他部分所披露者外，

于本财政年度结束时或本财政年度内任何时

间，概无存在由本公司或其任何附属公司所

订立，且本公司董事于其中直接或间接拥有

重大利益之重大交易、安排或合约。

董事于竞争业务之权益

根据上市规则第8.10条，本公司披露概无本

公司董事被视为于可能与本集团业务存在直

接或间接竞争之任何业务中拥有权益。

管理合约

于本财政年度内，本公司并无订立或存续任

何有关本公司整体或任何重大部分业务之管

理及行政合约。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

获准许之弥偿

根据本公司之公司细则第164(1)条，本公司

各董事、秘书或其他高级职员获得弥偿保证，

彼等因执行职务或与此相关之其他原因而蒙

受或招致之一切损失或损害赔偿，将从本公

司资产及溢利获得弥偿。

本公司已为本集团董事及高级职员安排合适

之董事及高级职员责任保险。

董事于本公司及其相联法团之股

份、相关股份及债券之权益

于二零二五年三月三十一日，本公司各董事

及╱或最高行政人员于本公司及其相联法团

（定义见证券及期货条例第XV部）之股份、相

关股份及债券中拥有(i)根据证券及期货条例

第XV部第7及第8分部须知会本公司及香港

联合交易所有限公司（「联交所」）之权益及

淡仓（包括根据证券及期货条例有关条文彼

被当作或视作拥有之权益及淡仓）；或(i)本

公司根据证券及期货条例第352条须存置之

登记册所记录之权益及淡仓；或(i)根据上市

规则附录C3所载上市发行人董事进行证券

交易的标准守则须另行知会本公司及联交所

之权益及淡仓如下：

PERMITED INDEMNITY

Pursuant to the bye-law no. 164(1) of the Company’s Bye-Laws, the

Directors, secretary or other oficers of the Company shal be entitled

to be indemnified out of the asets and profits of the Company from

and against al loses or damages which he may sustain or incur

in or about the execution of the duties of his ofice, or otherwise in

relation thereto.

The Company has aranged apropriate directors’ and oficers’

liability insurance coverage for the directors and oficers of the

Group.

DIRECTORS’ INTERESTS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

OF THE COMPANY AND ITS ASOCIATED

CORPORATIONS

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

Directors and/or the chief executives of the Company in the

shares, underlying shares and debentures of the Company and

its asociated corporations (within the meaning of Part XV of the

Securities and Futures Ordinance (the “SFO”) which were required

to be (i) notified to the Company and The Stock Exchange of Hong

Kong Limited (the “Stock Exchange”) pursuant to Divisions 7 and 8

of Part XV of the SFO (including interests and short positions which

he was taken or demed to have under such provisions of the SFO);

or (i) as recorded in the register required to be maintained by the

Company pursuant to Section 352 of the SFO; or (i) as otherwise

notified to the Company and the Stock Exchange pursuant to

the Model Code for Securities Transactions by Directors of Listed

Isuers as set out in Apendix C3 to the Listing Rules, were as

folows:

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

Long position in the shares, underlying shares and debentures

of the Company

As at 31 March 2025

于二零二五年三月三十一日

Name of directorCapacity

Number of

shares held

Aproximate

percentage

of interest

董事姓名身份持有股份数目权益概约百分比

(Note 1)

（附注1）

Mr. Ju Qinghao

(apointed with efect from 21 June 2024)

Beneficial owner92,941,69319.82%

居庆浩先生

（任命自二零二四年六月二十一日起生效）

实益拥有人

Mr. Qiu Peiyuan

(apointed with efect from 23 April 2024

and resigned with efect from 12 June 2025)

Interest of controled corporation (Note 2)14,518,1873.10%

仇沛沅先生

（任命自二零二四年四月二十三日起生效及

于二零二五年六月十二日辞任）

控制法团权益（附注2）

Concert party to an agrement to

buy shares (Note 3)

89,132,00019.00%

一份购股协议之一致行动人士（附注3）

Mr. Sze Ka Ho

(apointed with efect from 21 June 2024

and resigned with efect from 12 June 2025)

Beneficial owner1,067,5000.23%

施嘉豪先生

（任命自二零二四年六月二十一日起生效及

于二零二五年六月十二日辞任）

实益拥有人

Concert party to an agrement to

buy shares (Note 3)

102,582,68721.87%

一份购股协议之一致行动人士（附注3）

Mr. Zheng Hao Jiang

(removed with efect from 23 April 2024)

Beneficial owner3,400,0000.72%

郑浩江先生

（于二零二四年四月二十三日遭罢免）

实益拥有人

Interest of controled corporation (Note 4)665,0000.14%

控制法团权益（附注4）

于本公司股份、相关股份及债券之好仓

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

附注：

(1) 于二零二五年三月三十一日之已发行股份

总数（即469,001,508股份）已用于计算概

约百分比。

（「Pro

Honor」）所持有之股份，而Pro Honor则由

仇沛沅先生全资拥有。因此，根据证券及期

货条例，仇沛沅先生被视为于Pro Honor所

持有之全部股份中拥有权益。

As at 31 March 2025

于二零二五年三月三十一日

Name of directorCapacity

Number of

shares held

Aproximate

percentage

of interest

董事姓名身份持有股份数目权益概约百分比

(Note 1)

（附注1）

Mr. Zhao Xiaodong

(removed with efect from 23 April 2024)

Beneficial owner3,400,0000.72%

赵小东先生

（于二零二四年四月二十三日遭罢免）

实益拥有人

Mr. Zhu Lei

(removed with efect from 23 April 2024)

Beneficial owner3,400,0000.72%

朱雷先生

（于二零二四年四月二十三日遭罢免）

实益拥有人

Mr. Choy Sze Chung, Jojo

(removed with efect from 23 April 2024)

Beneficial owner362,5000.08%

蔡思聪先生

（于二零二四年四月二十三日遭罢免）

实益拥有人

Mr. Gao Yu

(removed with efect from 23 April 2024)

Beneficial owner300,0000.06%

高煜先生

（于二零二四年四月二十三日遭罢免）

实益拥有人

Notes:

(1) The total number of isued Shares as at 31 March 2025 (i.e.

469,001,508 Shares) has ben used in the calculation of the

aproximate percentage.

“Pro

Honor”), a company is wholy owned by Mr. Qiu Peiyuan. Therefore,

Mr. Qiu Peiyuan is demed to be interested in al the Shares held by

Pro Honor under the SFO.

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

, Mr. Sze Ching Lau, Mr. Cha Jung Hon, Pro

Honor and Mr. Lam Chi Kin entered into a concert party ded under

which the parties confirmed that they are and wil be acting in concert

in the control and management of the Group. Therefore, Mr. Sze

Ching Lau, Mr. Cha Jung Hon, Pro Honor and Mr. Lam Chi Kin are

considered to be parties acting in concert with each other under the

Takeovers Code. Pro Honor is wholy owned by Mr. Qiu Peiyuan, a

Director. Mr. Sze Ka Ho (a Director) is the son of Mr. Sze Ching Lau

and therefore he is acting in concert with Mr. Sze Ching Lau pursuant

to the Takeovers Code and is a Concert Party.

,000 Shares were held by Keyking Mision Group Co., Ltd,

a company is wholy owned by Mr. Zheng Hao Jiang. Acordingly, Mr.

Zheng Hao Jiang was demed to be interested in these Shares.

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

Directors and/or the chief executive of the Company or their

asociates (as defined in the Listing Rules) had any interests and

short positions in any Shares, underlying Shares and debentures of

the Company or any asociated corporations (within the meaning

of Part XV of the SFO) which were required to be notified to the

Company and the Stock Exchange pursuant to Divisions 7 and

8 of Part XV of the SFO (including interests or short positions

which each of them has taken or demed to have taken under the

provision of the SFO); or which were required, pursuant to section

352 of the SFO, to be entered into the register refered to therein;

or which were required, pursuant to the Model Code for Securities

Transactions by Directors of Listed Isuers contained in Apendix

C3 to the Listing Rules, to be notified to the Company and the

Stock Exchange.

，施清流先生、

Cha Jung Hon先生、Pro Honor及林志坚先

生订立一份一致行动人士契据，据此，订约

各方确认彼等于控制及管理本集团方面一

致行动及将会一致行动。因此，施清流先生、

Cha Jung Hon先生、Pro Honor及林志坚先

生根据收购守则被视为与各人一致行动之

人士。Pro Honor由董事仇沛沅先生全资拥

有。董事施嘉豪先生为施清流先生之子，因

此根据收购守则与施清流先生一致行动并

为一致行动人士。

,000股份由Keyking Mision Group

Co., Ltd持有，而Keyking Mision Group

Co., Ltd则由郑浩江先生全资拥有。因此，郑

浩江先生被视为于该等股份中拥有权益。

除上文所披露者外，于二零二五年三月

三十一日，本公司各董事及╱或最高行政人

员或彼等各自之联系人（定义见上市规则）

于本公司或其相联法团（定义见证券及期货

条例第XV部）之股份、相关股份及债券中概

无拥有根据证券及期货条例第XV部第7及第

8分部须知会本公司及联交所之权益或淡仓

（包括根据证券及期货条例有关条文彼等各

自被当作或视作拥有之权益或淡仓）；或本

公司根据证券及期货条例第352条须记入根

据该条所指登记册之权益或淡仓；或根据上

市规则附录C3所载上市发行人董事进行证

券交易的标准守则须知会本公司及联交所之

权益或淡仓。

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

主要股东于本公司股份及相关股

份之权益

于二零二五年三月三十一日，就董事所知、

所悉及所信，以及根据主要股东呈报之权益

披露，以下人士（并非本公司董事或最高行

政人员）于股份或相关股份中拥有或被视为

拥有根据证券及期货条例第XV部第2及第3

分部条文须向本公司披露之权益或淡仓；或

本公司根据证券及期货条例第336条之规定

存置之登记册所记录之权益或淡仓：

于股份之好仓或淡仓

SUBSTANTIAL SHAREHOLDERS’ INTERESTS

IN SHARES AND UNDERLYING SHARES OF

THE COMPANY

As at 31 March 2025, to the best knowledge, information and belief

of the Directors and based on the disclosure of interest filed by the

substantial shareholders, the folowing persons, not being Directors

or chief executive of the Company had, or were demed to have,

interests or short position in the Shares or underlying Shares which

would fal to be disclosed to the Company under the provisions of

Divisions 2 and 3 of Part XV of the SFO; or which were recorded in

the register required to be kept by the Company under Section 336

of the SFO:

Long position or short position in the shares

As at 31 March 2025

于二零二五年三月三十一日

Name of shareholderCapacity

Number of

Aproximate

percentage

of Interest

股东姓名╱名称身份股份数目权益概约百分比

(Note 1)(Note 2)

（附注1）（附注2）

Yang YunBeneficial owner62,149,41813.25%

杨云实益拥有人

Mr. Sze Ching LauBeneficial owner50,027,000(L)10.67%

施清流先生实益拥有人

Concert party to an agrement to buy shares (Note 3)53,498,187(L)11.41%

一份购股协议之一致行动人士（附注3）

Interest of spouse125,000(L)0.03%

配偶权益

103,650,187(L)22.10%

Ms. Tsui Chun MeiBeneficial owner125,000(L)0.03%

徐俊美女士实益拥有人

Interest of spouse103,525,187(L)22.07%

配偶权益

103,650,187(L)22.10%

NEW SPARKLE ROL INTERNATIONAL GROUP LIMITED 新耀莱国际集团有限公司

ANUAL REPORT 2025 年报

董事会报告

Report of the Directors

As at 31 March 2025

于二零二五年三月三十一日

Name of shareholderCapacity

Number of

Aproximate

percentage

of Interest

股东姓名╱名称身份股份数目权益概约百分比

(Note 1)(Note 2)

（附注1）（附注2）

Pro Honor Investment LimitedBeneficial owner14,518,187(L)3.10%

实益拥有人

Concert party to an agrement to buy shares89,132,000(L)19.00%

一份购股协议之一致行动人士

103,650,187(L)22.10%

Mr. Lam Chi KinBeneficial owner22,159,000(L)4.73%

林志坚先生实益拥有人

Concert party to an agrement to buy shares81,491,187(L)17.38%

一份购股协议之一致行动人士

103,650,187(L)22.10%

Mr. Cha Jung HonBeneficial owner16,821,000(L)3.59%

Cha Jung Hon先生实益拥有人

Concert party to an agrement to buy shares86,829,187(L)18.51%

一份购股协议之一致行动人士

103,650,187(L)22.10%

Notes:

“L” denotes a person’s “long position” in such Shares and

the leter “S” denotes a person’s “short position” in such Shares.

(2) The total number of isued Shares as at 31 March 2025 (i.e.

469,001,508 Shares) has ben used in the calculation of the

aproximate percentage.

, Mr. Sze Ching Lau, Mr. Cha Jung Hon, Pro