C157924

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香港联合交易所有限公司（「联交

所」）GEM的特色

GEM的定位，乃为中小型公司提供一个上市的

市场，此等公司相比起其他在联交所主板上市

的公司带有较高投资风险。有意投资的人士应

了解投资于该等公司的潜在风险，并应经过审

慎周详的考虑后方作出投资决定。

由于GEM上市公司普遍为中小型公司，在GEM买

卖的证券可能会较于联交所主板买卖之证券承

受较大的市场波动风险，同时无法保证在GEM

买卖的证券会有高流通量的市场。

香港交易及结算所有限公司及联交所对本报告

之内容概不负责，对其准确性或完整性亦不发

表任何声明，并明确表示概不就因本报告全部

或任何部分内容而产生或因倚赖该等内容而引

致之任何损失承担任何责任。

本报告的资料乃遵照联交所的GEM证券上市规

则（「GEM上市规则」）而刊载，旨在提供有关中

显智能齐家控股有限公司（「本公司」）及其附属

公司（统称「本集团」）的资料；本公司的董事（「董

事」）愿就本报告的资料共同及个别地承担全部

责任。各董事在作出一切合理查询后，确认就

其所知及所信，本报告所载资料在各重要方面

均属准确完备，没有误导或欺诈成分，且并无

遗漏任何事项，足以令致本报告或其所载任何

陈述产生误导。

CHARACTERISTICS OF GEM OF THE STOCK

EXCHANGE OF HONG KONG LIMITED (THE “STOCK

EXCHANGE”)

GEM has ben positioned as a market designed to acomodate smal

and mid-sized companies to which a higher investment risk may be

atached than other companies listed on the Main Board of the Stock

Exchange. Prospective investors should be aware of the potential

risks of investing in such companies and should make the decision to

invest only after due and careful consideration.

Given that the companies listed on GEM are generaly smal and

mid-sized companies, there is a risk that securities traded on GEM may

be more susceptible to high market volatility than securities traded on

the Main Board of the Stock Exchange and no asurance is given that

there wil be a liquid market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no

responsibility for the contents of this report, make no representation as to its

acuracy or completenes and expresly disclaim any liability whatsoever for

any los howsoever arising from or in reliance upon the whole or any part of the

contents of this report.

This report, for which the directors (the “Directors”) of ZXZN Qi-House

Holdings Limited (the “Company”) colectively and individualy acept

ful responsibility, includes particulars given in compliance with the Rules

Governing the Listing of Securities on GEM of the Stock Exchange (the “GEM

Listing Rules”) for the purpose of giving information with regard to the

Company and its subsidiaries (colectively, the “Group”). The Directors, having

made al reasonable enquiries, confirm that to the best of their knowledge and

belief, the information contained in this report is acurate and complete in

al material respects and not misleading or deceptive, and there are no other

maters the omision of which would make any statement herein or this report

misleading.

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CONTENTS 目录

Corporate Information2

公司资料

Chairman’s Statement4

主席报告

Management Discusion and Analysis8

管理层讨论与分析

Directors and Senior Management25

董事及高级管理层

Corporate Governance Report33

企业管治报告

Report of the Directors47

董事会报告

Independent Auditor’s Report63

独立核数师报告

Consolidated Statement of Profit or Los68

综合损益表

Consolidated Statement of

Other Comprehensive Income69

综合其他全面收益表

Consolidated Statement of Financial Position70

综合财务状况表

Consolidated Statement of Changes in Equity72

综合权益变动表

Consolidated Statement of Cash Flows73

综合现金流量表

Notes to the Consolidated Financial Statements75

综合财务报表附注

Financial Sumary179

财务概要

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE INFORMATION

公司资料

董事会

执行董事

唐登先生（联席主席兼行政总裁）

余权胜先生（联席主席）

（于2024年9月13日获委任）

Mary Kathlen Babington女士

徐颖德先生

边大海先生

矫德君先生

独立非执行董事

杨文忠先生

曾伟贤先生

薛海华先生

合规主任

徐颖德先生

授权代表

徐颖德先生

林耀祖先生

审核委员会

杨文忠先生（主席）

曾伟贤先生

薛海华先生

薪酬委员会

薛海华先生（主席）

徐颖德先生

杨文忠先生

提名委员会

唐登先生（主席）

Mary Kathlen Babington女士

杨文忠先生

曾伟贤先生

薛海华先生

公司秘书

林耀祖先生

BOARD OF DIRECTORS

Executive Directors

Mr. Tong Tang Joseph (Co-chairman and Chief Executive Oficer)

Mr. Yu Quansheng (Co-chairman)

(Apointed on 13 September 2024)

Ms. Mary Kathlen Babington

Mr. Tsui Wing Tak

Mr. Bian Dahai

Mr. Jiao Dejun

Independent Non-executive Directors

Mr. Yeung Man Chung Charles

Mr. Tsang Wai Yin

Mr. Sit Hoi Wah Keneth

COMPLIANCE OFICER

Mr. Tsui Wing Tak

AUTHORISED REPRESENTATIVES

Mr. Tsui Wing Tak

Mr. Lam Yiu Cho

AUDIT COMITE

Mr. Yeung Man Chung Charles (Chairman)

Mr. Tsang Wai Yin

Mr. Sit Hoi Wah Keneth

REMUNERATION COMITE

Mr. Sit Hoi Wah Keneth (Chairman)

Mr. Tsui Wing Tak

Mr. Yeung Man Chung Charles

NOMINATION COMITE

Mr. Tong Tang Joseph (Chairman)

Ms. Mary Kathlen Babington

Mr. Yeung Man Chung Charles

Mr. Tsang Wai Yin

Mr. Sit Hoi Wah Keneth

COMPANY SECRETARY

Mr. Lam Yiu Cho

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE INFORMATION

公司资料

REGISTERED OFICE

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

HEADQUARTER AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

28/F, Horizon Plaza, 2 Le Wing Stret

Ap Lei Chau, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER

OFICE IN THE CAYMAN ISLANDS

Ocorian Trust (Cayman) Limited

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

AUDITOR

Grant Thornton Hong Kong Limited

11th Flor, Le Garden Two, 28 Yun Ping Road

Causeway Bay, Hong Kong

PRINCIPAL BANKER

The Hongkong and Shanghai Banking Corporation Limited

1 Quen’s Road Central, Hong Kong

WEBSITE

htps:/qihouseholdings.com/

STOCK CODE

注册办事处

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

总办事处及香港主要营业地点

香港鸭脷洲

利荣街2号新海怡广场28楼

开曼群岛主要股份过户登记处

Ocorian Trust (Cayman) Limited

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

核数师

致同（香港）会计师事务所有限公司

香港铜锣湾

恩平道28号利园二期11楼

主要往来银行

香港上海汇丰银行有限公司

香港皇后大道中1号

网站

htps:/qihouseholdings.com/

股份代号

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CHAIRMAN’S STATEMENT

主席报告

各位股东：

主席报告

本集团从事(i)家具及家居配饰销售、分销及租

赁；(i)知识产权分销及许可；(i)于本集团香港

旗舰店内经营TRE Café；(iv)提供设计及咨询服

务；(v)提供家具代理服务；(vi)提供消费者贷款

服务；及(vi)买卖零件及自动化设备销售，包括

销售视觉硬件产品零件，视觉软件和系统研发

和销售，以及提供技术服务。

大树有限公司扎根香港，经过二十年发展，现

已成为香港其中一间领先的生活时尚家具及家

饰公司，以「TRE」品牌名称经营业务。

额外的收入来源及多元化业务

于2018年12月，我们收购香港意享世家国际贸易

有限公司（「意享世家」），该公司主要从事搜罗及

分销高级意大利制家具。经考虑中国内地的经

济环境，以及意享世家的财务表现及未来前景，

我们于2025年2月出售该公司，以尽量减低每况

愈下的财务表现所造成的不利影响，且出售所

得款项亦能够加强本公司的现金流量状况，进

而让本公司得以投放更多资源于其他经营业务

分部。

于2022年1月，我们收购易华为信贷有限公司（「易

华为」），该公司主要从事提供消费者贷款服务。

易华为于过去数年一直为本集团产生正向利息

收入。

于2024年1月，我们成立合肥齐家供应链技术有

限公司（「合肥齐家」），并于2024年3月收购合肥

不用人视觉技术有限公司（「合肥不用人视觉」）。

该两间附属公司从事买卖零件及自动化设备销

售，包括销售视觉硬件产品零件，视觉软件和

系统研发和销售，以及提供技术服务。视觉硬

件产品主要包括显示屏背光源AOI设备、显示屏

玻璃AOI设备、显示屏外观检测设备，主要用于

显示屏生产中的各段半成品的光学检测，检测

产品的异物不良、划伤不良等。

To our Shareholders

CHAIRMAN’S STATEMENT

Our Group engages in (i) the sale, distribution and rental of furniture and home

acesories; (i) the distribution and licensing of our intelectual property rights;

(i) the operation of TRE Café at the Group’s flagship store in Hong Kong; (iv)

the provision of styling and consulting services; (v) the provision of furniture

agency services; (vi) the provision of consumer loan services; and (vi) sale

of trading parts and automation equipment, including sales of parts of visual

hardware products, development and sales of visual software and system, and

provision of technical services.

After twenty years of being established in Hong Kong, TRE Limited is one of

the leading lifestyle furniture and home furnishing companies in Hong Kong,

operating under the brand name “TRE”.

Aditional income streams and diversification of

busines

In December 2018, we acquired Hong Kong Italiving International Co. Limited

(“Italiving”), which is principaly engaged in the sourcing and distribution of

high-end Italian furniture made in Italy. Having considered the economy in the

Mainland China, the financial performance and future prospect of Italiving,

we disposed of it in February 2025 to minimize the adverse impact of the

deteriorating financial performance, and the proceds from the disposal can

enhance the Company’s cash flow position that would enable the Company to

devote more resources into other operating segments.

In January 2022, we acquired Super Easy Finance Limited (“Super Easy”),

which is principaly engaged in the provision of consumer loan services. Super

Easy has ben generating positive interest income to the Group in the past few

years.

In January 2024, we setup Hefei Qijia Suply Chain Technology Co., Ltd. (合

肥齐家供应链技术有限公司) (“Hefei Qijia”), and in March 2024 we

acquired Hefei Human Vision Technology Co., Ltd (合肥不用人视觉技术有

限公司) (“Hefei Human Vision”). These subsidiaries engage in sale of trading

parts and automation equipment, including sales of parts of visual hardware

products, development and sales of visual software and system, and provision

of technical services. The visual hardware products mainly include display

backlight AOI equipment, display glas AOI equipment, display apearance

inspection equipment, which are mainly used for optical inspection of various

semi-finished products in display production including inspection of foreign

objects, scratch, etc.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CHAIRMAN’S STATEMENT

主席报告

In July 2024, we invested in 15% equity interest in Anhui Zhongxian Inteligent

Robot Co., Ltd. (安徽中显智能机器人有限公司) (“Anhui Zhongxian”).

Anhui Zhongxian is a leading high-tech automation equipment provider in

the People’s Republic of China (“PRC”), focusing on R&D, manufacturing,

and sales in display technologies like Mini LED, OLED, and LCD for various

electronic devices. Recognized as a top player in its field, it holds more

than 150 patents. Anhui Zhongxian ofers advanced automation solutions,

including fuly automatic backlight module one-stop equipment, fuly automatic

backlight module AOI inspection equipment, 3D glas cover series equipment,

CD ful-view alignment series equipment, various soft-to-hard, soft-to-soft,

hard-to-hard bonding equipment, various flexible special-shaped bonding

equipment, flexible 3D asembly equipment, etc.

In suport of China’s inteligent manufacturing goals, it established training

academies in 2018 to foster talent and inovation, aiming to create a global

ecosystem integrating industry, education, and research.

The general market conditions and the operating environment has continued

to be chalenging in 2024/2025. Our furniture busines in Hong Kong has ben

afected by the property market and the chalenging retail market as consumer

spending continues to be conservative. Our consumer loan services busines

in Hong Kong is stable. This is the first financial year for our PRC subsidiaries

make contribution to the Group.

On behalf of the Board of Directors (the “Board”), I am pleased to present the

anual report of ZXZN Qi-House Holdings Limited (the “Company”) and its

subsidiaries (together with the Company (the “Group”) for the year ended 31

March 2025 (“FY2025”).

FINANCIAL RESULTS

For FY2025, the total revenue of the Group was aproximately HK$99.2 milion,

an increase of aproximately HK$37.5 milion, mainly atributable to an increase

in the revenue contribution from our PRC subsidiaries for sale of trading of parts

and equipment, partly ofset by a decrease of revenue from the sale of furniture

and home acesories.

As a result of the contribution by Hefei Qijia and Hefei Human Vision this year,

the gros profit increased from aproximately HK$38.6 milion to aproximately

HK$68.8 milion.

The overal gros profit margin of the Group increased from aproximately

62.5% (restated) to 69.3%.

Los on disposal of a subsidiary

We report that the Group has recorded a los on the disposal of Italiving of

aproximately HK$9.4 milion, and after taking into acount the consideration of

HK$3 milion, the carying amount of the net asets of Italiving is aproximately

HK$12.4 milion at the date of disposal.

于2024年7月，我们投资于安徽中显智能机器人

有限公司（「安徽中显」）股权的15%。安徽中显为

中华人民共和国（「中国」）内一间领先高科技自

动化设备供应商，专注于研发、制造及销售多

种电子设备的显示技术，例如小型LED、OLED及

LCD。安徽中显获认可为其所属领域内的顶尖

企业，持有超过150项专利。安徽中显提供先进

的自动化解决方案，包括全自动背光模组一站

式设备、全自动背光模组AOI检测设备、3D玻璃

面系列设备、CD全视角对准系列设备、各种

软对硬、软对软、硬对硬接合设备、各种弹性

特殊形状接合设备、弹性3D组装设备等。

为配合国内智能生产的目标，安徽中显于2018

年设立培训学院，务求培养人才鼓励创新，锐

意打造产学研一体化的全球生态系统。

2024/2025年度整体市况及经营环境依然充满挑

战。我们于香港的家具业务深受物业市场及挑

战重的零售市场所影响，原因是消费者的开

销依然十分保守。我们在香港的消费者贷款服

务业务稳定。我们的中国附属公司亦于本财政

年度首次为本集团作出贡献。

本人欣然代表中显智能齐家控股有限公司（「本公

司」）董事会（「董事会」）提呈本公司及其附属公司

（统称「本集团」）截至2025年3月31日止年度（「2025

财政年度」）的年报。

财务业绩

于2025财政年度，本集团总收益约为99.2百万港

元，增加约37.5百万港元，主要是由于我们的

中国附属公司就买卖零件及设备销售贡献的收

益增加，部分被来自家具及家居配饰销售所抵

销。

鉴于年内合肥齐家及合肥不用人视觉的贡献，

毛利由约38.6百万港元增加至约68.8百万港元。

本集团的整体毛利率由约62.5%（经重列）上升至

69.3%。

出售一间附属公司亏损

我们呈报，经计及代价3百万港元、于出售当日

意享世家资产净值的账面值约12.4百万港元后，

本集团录得出售意享世家亏损约9.4百万港元。

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CHAIRMAN’S STATEMENT

主席报告

我们欣然呈报，我们于2025财政年度录得纯利约

1.6百万港元，而截至2024年3月31日止年度（「2024

财政年度」）则录得亏损净额17.3百万港元。

本公司不建议就2025财政年度派发任何末期股

息（2024财政年度：无）。

未来

在撰写本报告之时，受当前全球经济状况的影

响，我们的经营环境依然充满挑战。由于市场气

氛难以预料，故大批零售商纷割价促销，导

致零售市场竞争白热化，业界面对艰难挑战。

管理层现正采取多项措施，以减少香港零售业

务的经营亏损，并会考虑其他可行办法，务求

尽量减少损失及改善财务业绩。

谢辞

TRE品牌在香港建立，过去二十年用心服务、

诚实经营，本集团依然为此深感自豪。

我们谨代表董事会，感谢本集团全体员工、供

应商、合作伙伴及客户一直以来的鼎力支持。

唐登

联席主席兼行政总裁

2025年6月27日

We are delighted to report that we recorded a net profit of aproximately

HK$1.6 milion for FY2025 as compared to a net los of HK$17.3 milion for the

year ended 31 March 2024 (“FY2024”).

The Company does not recomend the payment of any final dividend for

FY2025 (FY2024: Nil).

THE FUTURE

While I am writing this statement we are stil operating within a chalenging

environment due to the curent global economic conditions. It is therefore

dificult, given the uncertainty to predict the market sentiment, and our industry

continues to be chalenged with highly competitive retail market conditions

with many retailers relying on heavy discounting to generate retail sales.

The management is executing various measures to reduce the operating los of

the retail busines in Hong Kong, and wil consider available options to minimize

the los and improve the financial results.

THE FINAL NOTE

The Group continues to be proud of the TRE brand that was founded in Hong

Kong and has grown with heart and integrity over the last twenty years.

On behalf of the Board, we would like to thank al staf members of the Group,

our supliers, partners and, of course, our customers for their continuous

suport.

Tong Tang Joseph

Co-chairman and Chief Executive Oficer

27 June 2025

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

BUSINES REVIEW

Headquartered in Hong Kong, we engage in (i) the sale, distribution and rental

of furniture and home acesories which is operating under the brand name

“TRE”; (i) the distribution and licencing of our intelectual property rights of

“TRE”; (i) the operation of TRE Café in our flagship store in Ap Lei Chau

(the “Flagship Store”); (iv) the provision of furniture agency services; (v) the

provision of styling and consulting services; (vi) the provision of consumer loan

services; and (vi) sale of trading parts and automation equipment, including

sales of parts of visual hardware products, development and sales of visual

software and system, and provision of technical services.

As at the date of this report, we operated two “TRE” retail stores in Hong

Kong namely, our Flagship Store and our Sha Tin store in adition to online

sales. We have comenced online sales since May 2019. The management

is executing various measures to reduce the operating los of retail busines

in Hong Kong, including but not limited to discusing rental reduction with

landlord, scale down the retail sales space, identifying more eforts in

online busines operating and inovative strategies to optimize rental cost

expenditures. We ofer a variety of (a) furniture including tables, chairs, storage

solutions, sofas and beds; and (b) home acesories including kitchenware,

bed and bathrom related products, jars, cushions, matreses, utensils and

baskets.

We acquired Italiving in December 2018, which is principaly engaged in the

provision of a furniture agency service in Hong Kong. We disposed Italiving in

February 2025 due to the financial performance and future prospect of Italiving.

In January 2022, we acquired Super Easy, which is principaly engaged in the

provision of consumer loan services.

We started a new busines by seting up a new wholy-foreign owned

enterprise named Hefei Qijia in the PRC in January 2024 and in March 2024,

Hefei Qijia acquired Hefei Human Vision. Our PRC subsidiaries engage in sale

of trading parts and automation equipment, including sales of parts of visual

hardware products, development and sales of visual software and system,

and provision of technical services. The visual hardware products mainly

include display backlight AOI equipment, display glas AOI equipment, display

apearance inspection equipment, which are mainly used for optical inspection

of various semi-finished products in display production including inspection of

foreign objects, scratch, etc.

业务回顾

我们的总部位于香港，从事(i)以「TRE」品牌名

称经营家具及家居配饰销售、分销及租赁；(i)

「TRE」知识产权分销及许可；(i)在鸭脷洲的旗舰

店（「旗舰店」）内经营TRE Café；(iv)提供家具代理

服务；(v)提供设计及咨询服务；(vi)提供消费者贷

款服务；及(vi)买卖零件及自动化设备销售，包

括销售视觉硬件产品零件，视觉软件和系统研

发和销售，以及提供技术服务。

于本报告日期，除网上销售外，我们在香港经

营两间「TRE」零售店，即旗舰店及沙田店。我们

于2019年5月开展网上销售。管理层现正采取多

项措施，以减少香港零售业务的经营亏损，其

中包括但不限于与业主商讨调减租金、缩减零

售销售空间、投入更多资源经营网上业务及制

定创新策略以优化租赁成本开支。我们提供多

种(a)家具，包括桌椅、收纳解决方案、沙发及

床；及(b)家居配饰，包括厨房用品、床及浴室相

关产品、罐子、靠垫、床垫、餐具及篮子。

我们于2018年12月收购主要从事于香港提供家

具代理服务的意享世家。因意享世家的财务表

现及未来前景，我们已于2025年2月出售意享世

家。

于2022年1月，我们收购主要从事提供消费者贷

款服务的易华为。

我们于2024年1月透过在中国成立新外商独资企

业合肥齐家以开展新业务，而于2024年3月，合

肥齐家收购合肥不用人视觉。我们的中国内地

附属公司主要从事买卖零件及自动化设备销售，

包括销售视觉硬件产品零件，视觉软件和系统

研发和销售，以及提供技术服务。视觉硬件产

品主要包括显示屏背光源AOI设备、显示屏玻璃

AOI设备、显示屏外观检测设备，主要用于显示

屏生产中的各段半成品的光学检测，检测产品

的异物不良、划伤不良等。

---

2025
2025年
HK$’000
千港元
48,646
43,257
2,799
3,378
1,104
99,184
34
99,218

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

于2025财政年度，我们的收益来自(i)家具及家居

配饰销售；(i)经营TRE Café；(i)提供家具代理服

务；(iv)提供设计及咨询服务；(v)提供家具租赁

服务及(vi)买卖零件及自动化设备销售。下表载

列我们于2025财政年度及2024财政年度的收益明

细：

于2025财政年度，我们的收益约为99.2百万港

元，较2024财政年度约61.7百万港元（经重列）增

加约37.5百万港元或60.8%，主要是由于我们的中

国内地附属公司所贡献的买卖零件及自动化设

备销售额以及分销及许可权费收入增加，部分

被家具及家居配饰销售下跌所抵销。

During the FY2025, we generated revenue from the (i) sale of furniture and

home acesories; (i) operation of TRE Café; (i) provision of furniture

agency services; (iv) provision of styling and consulting services; (v) provision

of furniture rental services and (vi) sale of trading parts and automation

equipment. The table below sets forth a breakdown of our revenue for FY2025

and for FY2024:

Year ended 31 March

截至3月31日止年度

2024年

HK$’000

千港元

Revenue from contracts with customers客户合约收益

Sale of furniture and home acesories家具及家居配饰销售57,414

Sale of trading parts and automation equipment买卖零件及自动化设备销售—

Distribution and licence fe income分销及许可权费收入—

Fod and beverage income食品及饮品收入3,656

Comision income佣金收入580

61,650

Revenue from other sources其他来源收益

Rental income租金收入50

61,700

For FY2025, our revenue amounted to aproximately HK$99.2 milion,

representing an increase of aproximately HK$37.5 milion or 60.8% from

aproximately HK$61.7 milion (restated) for FY2024. Such increase was

mainly due to the contribution from our PRC subsidiaries for sale of trading

parts and automation equipment and the increase in distribution and licencing

fe income, partly ofset by a decrease in the sale of furniture and home

acesories.

---

---

2025
2025年
Revenue	% of total revenue from sale of furniture and home accessories
收益	占销售家具 及家居配饰 总收益的 百分比
HK$’000	%
千港元
45,289	93.1
2,516	5.2
47,805	98.3
841	1.7
48,646	100.0

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

家具及家居配饰销售

TRE主要将产品售予(i)光顾我们零售店的零售客

户；及(i)透过我们的网上平台下达订单的客户，

即香港的直接销售。下表载列2025财政年度及

2024财政年度的家具及家居配饰销售明细。

附注：

• 、沙田店及快闪店。

2025财政年度的直接销售所得收益约为47.8百万

港元，较2024财政年度约56.3百万港元减少约8.5

百万港元或15.1%。

2025财政年度的分销售所得收益约为0.8百万

港元，较2024财政年度约1.1百万港元减少约0.3百

万港元或23.3%。

Sale of furniture and home acesories

TRE primarily sels its products to (i) retail customers who visited our retail

stores; and (i) customers who placed orders via our online platform being the

direct sales in Hong Kong. The folowing table sets forth a breakdown of our

sale of furniture and home acesories for FY2025 and FY2024, respectively.

Year ended 31 March

截至3月31日止年度

2024年

Revenue

% of total

revenue from

sale of furniture

and home

acesories

收益

占销售家具

及家居配饰

总收益的

百分比

HK$’000%

千港元

Direct sales in Hong Kong香港的直接销售

Retail store

(1)

零售店

(1)

53,63393.4

Online sales and non-retail sales网上销售及非零售销售2,6854.7

Sub-total小计56,31898.1

Distribution sales分销售1,0961.9

Total总计57,414100.0

Note:

• , Sha Tin store and pop-up store.

For FY2025, revenue generated from direct sales was aproximately HK$47.8

milion, representing a decrease of aproximately HK$8.5 milion or 15.1% from

aproximately HK$56.3 milion for FY2024.

For FY2025, revenue generated from distribution sales amounted to

aproximately HK$0.8 milion, representing a decrease of aproximately HK$0.3

milion or 23.3% from aproximately HK$1.1 milion for FY2024.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

买卖零件及自动化设备销售

我们的中国内地附属公司主要从事买卖零件及

自动化设备销售，包括销售视觉硬件产品零

件，视觉软件和系统研发和销售，以及提供技

术服务。视觉硬件产品主要包括显示屏背光源

AOI设备、显示屏玻璃AOI设备、显示屏外观检

测设备，主要用于显示屏生产中的各段半成品

的光学检测，检测产品的异物不良、划伤不良

等。截至2025年3月31日止年度，中国内地附属

公司产生收益43.3百万港元，此为其向本集团贡

献的首个年度。

分销及许可权费收入

我们与中国分销商订立由2024年6月21日起为期

三年的分销协议，我们有权向中国分销商就于

北京、安徽、山东及浙江省分销我们的产品收

取3.6百万港元的不可退还年度费用。于2024年6

月21日至2025年3月31日期间，我们的分销及许可

权费收入约为2.8百万港元，占2025财政年度的

总收益约2.8%。

食品及饮品收入

2025财政年度，于本集团旗舰店内经营TRE Café

产生的食品及饮品收入约为3.4百万港元，较

2024财政年度约3.7百万港元减少约0.3百万港元

或7.6%。减少乃由于我们位于鸭脷洲的旗舰店

人流减少。

佣金收入

2025财政年度，本集团的佣金收入指销售寄售

货品产生的收入约1.1百万港元，较2024财政年

度约0.6百万港元增加约0.5百万港元或90.3%。

租金收入

2025财政年度及2024财政年度，本集团的租金收

入分别约为34,000港元及50,000港元，其中包括

提供家具租赁服务产生的收入。

Sale of trading parts and automation equipment

Our PRC subsidiaries engage in sale of trading parts and automation equipment,

including sales of parts of visual hardware products, development and sales

of visual software and system, and provision of technical services. The visual

hardware products mainly include display backlight AOI equipment, display

glas AOI equipment, display apearance inspection equipment, which are

mainly used for optical inspection of various semi-finished products in display

production including inspection of foreign objects, scratch, etc. The PRC

subsidiaries generated revenue of HK$43.3 milion for the year ended 31 March

2025, and this is the first year contribution to the Group.

Distribution and licence fe income

We entered into a distribution agrement with our PRC distributor for thre

years starting from 21 June 2024, and we are entitled to receive anual non-

refundable fe of HK$3.6 milion from our PRC distributor for the distribution of

our products in Beijing, Anhui, Shandong and Zhejiang province. Our distribution

and license fe income was aproximately HK$2.8 milion for the period from

21 June 2024 to 31 March 2025, representing aproximately 2.8% of our total

revenue for FY2025.

Fod and beverage income

The Group’s fod and beverage income generated from operating TRE Café in

our Flagship Store was aproximately HK$3.4 milion for FY2025, representing

a decrease of aproximately HK$0.3 milion or 7.6% from aproximately HK$3.7

milion for FY2024. The decrease is due to decrease in fotfal to our Flagship

Store in Ap Lei Chau.

Comision income

The Group’s comision income represented the income generated from

the sale of consignment gods of aproximately HK$1.1 milion for FY2025,

representing an increase of aproximately HK$0.5 milion or 90.3% from

aproximately HK$0.6 milion for FY2024.

Rental income

The Group’s rental income comprised of income generated from the provision

of furniture rental services was aproximately HK$34,000 and HK$50,000 for

FY2025, and FY2024, respectively.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

财务回顾

收益

本集团的收益由2024财政年度约61.7百万港元（经

重列）增加约60.8%至2025财政年度约99.2百万港

元。增幅乃主要由于我们的中国内地附属公司

所贡献的买卖零件及自动化设备销售以及分销

及许可权费收入增加，部分被家具及家居配饰

销售下跌所抵销。

毛利及毛利率

本集团的整体毛利由2024财政年度约38.6百万港

元增加至2025财政年度约68.8百万港元。整体毛

利率由2024财政年度约62.5%上升至2025财政年度

约69.3%。

本集团家具及家居配饰销售的毛利率由2024财

政年度约61.9%上升至2025财政年度约65.2%。分

销售由2024财政年度约47.4%上升至2025财政年

度约53.3%。

本集团销售食品及饮品的毛利率由2024财政年

度约73.2%下跌至2025财政年度约72.4%。

本集团买卖零件及自动化设备销售的毛利率于

2025财政年度约为74.1%。

销售及市场推广开支

本集团的销售及市场推广开支主要包括(i)使用

权资产折旧；(i)从事销售及市场推广活动员工

的薪金所占的员工成本；(i)市场推广开支；(iv)

由信用卡或易办事等付款渠道费用所引起的付

款通道开支；及(v)水电开支。

2025财政年度，本集团的销售及市场推广开支

约为28.6百万港元，较2024财政年度约30.4百万港

元减少约1.8百万港元或约5.8%，减幅主要是由

于成本控制导致市场推广开支减少，以及家具

及家居配饰销售减少导致员工成本减少。

FINANCIAL REVIEW

Revenue

The Group’s revenue increased to aproximately HK$99.2 milion for FY2025

from aproximately HK$61.7 milion (restated) for FY2024, representing

an increase of aproximately 60.8%. Such increase was mainly due to the

contribution from our PRC subsidiaries for sale of trading parts and automation

equipment and the increase in distribution and licencing fe income, partly

ofset by a decrease in the sales of furniture and home acesories.

Gros profit and gros profit margin

The Group’s overal gros profit increased to aproximately HK$68.8 milion

for FY2025 from aproximately HK$38.6 milion for FY2024. The overal gros

profit margin increased to aproximately 69.3% for FY2025 from aproximately

62.5% for FY2024.

The Group’s gros profit margin for the sale of furniture and home acesories

raised to aproximately 65.2% for FY2025 from aproximately 61.9% for

FY2024. Distribution sales increased to aproximately 53.3% for FY2025 from

aproximately 47.4% for FY2024.

The Group’s gros profit margin for the sale of fod and beverages decreased to

aproximately 72.4% for FY2025 from aproximately 73.2% for FY2024.

The Group’s gros profit margin for sale of trading parts and automation

equipment was aproximately 74.1% for FY2025.

Seling and marketing expenses

The Group’s seling and marketing expenses mainly comprise (i) depreciation

of right-of-use asets; (i) staf costs atributable to the salary of our staf

engaged in seling and marketing activities; (i) marketing expenses; (iv)

payment gateway charges atributable to fes for our payment chanels such

as credit cards or EPS; and (v) electricity and water expenses.

The Group’s seling and marketing expenses amounted to aproximately

HK$28.6 milion for FY2025, representing a decrease of aproximately HK$1.8

milion or aproximately 5.8% from aproximately HK$30.4 milion for FY2024.

Such decrease was mainly due to reduction in marketing expenses due to cost

control and the decrease in staf costs because of decrease in sales of furniture

and home acesories.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

行政开支

本集团的行政开支主要包括(i)行政人员的员工

成本及董事酬金；(i)专业费用，包括法律费用、

咨询费及核数师酬金；(i)差旅开支；(iv)办公室

开支；(v)物业、厂房及设备折旧以及无形资产

摊销；(vi)卡车及零售店的维修及保养；(vi)保险

开支，包括商业保险、车辆保险及医疗保险；

(vi)招聘开支，包括招聘代理费及网站广告费；

(ix)银行手续费；(x)处理费；及(xi)包括汽车开支、

净外汇亏损及应酬开支等其他开支。

2025财政年度，本集团的行政开支约为25.6百万

港元，较2024财政年度约23.9百万港元增加约1.7

百万港元或7.0%。有关增幅主要源于合肥齐家

及合肥不用人视觉的一般经营开支增加约5.8百

万港元，部分被香港业务的员工成本减少所抵

销。

商誉减值拨备

2025财政年度，概无确认商誉的非现金减值（2024

财政年度﹕约8.7百万港元），家具代理服务（即意

享世家）现金产生单位的账面值已被悉数撇销。

贸易及其他应收款项以及应收贷款净

额的减值拨备

2025财政年度，贸易及其他应收款项以及应收

贷款净额的减值拨备约为2.9百万港元。有关增

幅主要是由于信贷风险及市况出现变动。

财务成本

财务成本主要包括计息借贷的利息开支及租赁

负债的财务支出。财务成本由2024财政年度约

1.2百万港元增加约0.4百万港元或35.0%至2025财

政年度约1.6百万港元。增加乃主要由于(i)数笔

贷款的利息开支于2025财政年度确认，而该等

贷款于2024财政年度仅发放了半年，及(i)重续租

赁协议的利率上升。

Administrative expenses

The Group’s administrative expenses mainly comprised (i) staf costs for

our administrative staf and Directors’ emoluments; (i) profesional fes

which included legal fes, consultancy fes and auditor‘s remuneration; (i)

travel expenses; (iv) ofice expenses; (v) depreciation of our property, plant

and equipment, and amortisation of our intangible asets; (vi) repairs and

maintenance for our trucks and retail stores; (vi) insurance expenses which

included busines insurance, vehicle insurance and medical insurance; (vi)

recruitment expenses which included fes to the recruitment agents and

advertisements on websites; (ix) bank charges; (x) handling fe; and (xi) others

which included motor vehicle expenses, net foreign exchange loses and

entertainment expenses.

For FY2025, the Group’s administrative expenses amounted to aproximately

HK$25.6 milion, representing an increase of aproximately HK$1.7 milion or

7.0% from aproximately HK$23.9 milion for FY2024. Such increase was mainly

due to the increase of general operating expenses in Hefei Qijia and Hefei

Human Vision of aproximately HK$5.8 milion, partly ofset by the decrease in

staf costs for Hong Kong busineses.

Provision for impairment of godwil

For FY2025, there has no recognition of a non-cash impairment of godwil

(FY2024: aproximately HK$8.7 milion), the carying value of cash-generating

unit of furniture agency services, i.e. Italiving has ben fuly writen of.

Provision for impairment of trade and other receivables

and loan receivables, net

For FY2025, the provision for impairment of trade and other receivables and

loan receivables, net amounted to aproximately HK$2.9 milion. Such increase

was mainly due to changes in the credit risks and the market conditions.

Finance costs

Finance costs mainly comprised of interest expenses on interest-bearing

borowings and finance charges on lease liabilities. Finance costs increased by

aproximately HK$0.4 milion or 35.0% from aproximately HK$1.2 milion for

FY2024 to aproximately HK$1.6 milion for FY2025. The increase was mainly

due to (i) interest expense for several loans were recognised for FY2025, in

contrast to the FY2024 when these loans were initiated for only half year and

(i) the increase in interest rate for the renewal of lease agrements.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

其他收入

本集团其他收入由2024财政年度约7.3百万港元

减少约2.7百万港元或36.6%至2025财政年度约4.6

百万港元。减少乃主要由于应收贷款利息收入

减少约2.2百万港元。

所得税开支

本集团的所得税开支由2024财政年度的所得税

抵免约80,000港元转为2025财政年度的所得税开

支约3.2百万港元。该转变乃主要由于2025财政

年度的除所得税前溢利增加。

年内溢利

本集团于2025财政年度录得溢利约1.6百万港元，

而2024财政年度则录得亏损约17.3百万港元。

主要财务状况项目

存货

本集团的存货包括我们向供应商购买的成品及

在途货品。存货结余由2024年3月31日约11.8百万

港元减少至2025年3月31日约11.7百万港元。

贸易及其他应收款项

本集团的贸易应收款项包括来自客户及支付服

务供应商的贸易应收款项。于2025年及2024年3

月31日，贸易应收款项分别约为49.4百万港元及

39.9百万港元。增加约9.5百万港元主要是由于我

们中国内地附属公司的贸易应收款项增加。

本集团的其他应收款项包括应收利息、租金按

金、公用按金、贸易按金、预付款项及预付一

间关联公司款项。于2025年及2024年3月31日，其

他应收款项分别约为20.4百万港元及11.9百万港

元。增加约8.5百万港元主要源于就经营及研发

开支预付供应商的款项增加。

应收贷款

本集团的应收贷款包括应收客户贷款。于2025

年及2024年3月31日，应收贷款总额（非流动及流

动部分）分别约为21.3百万港元及14.8百万港元。

Other Income

Other income for the Group decreased by aproximately HK$2.7 milion or

36.6% to aproximately HK$4.6 milion for FY2025 from aproximately HK$7.3

milion for FY2024. The decrease was mainly due to the decrease in interest

income from loan receivables of aproximately HK$2.2 milion.

Income tax expense

Income tax expense for the Group turned around to aproximately HK$3.2

milion for FY2025 from income tax credit aproximately HK$80,000 for FY2024.

The change was mainly due to the increase of profit before income tax for

FY2025.

Profit for the year

The Group recorded a profit of aproximately HK$1.6 milion for FY2025

compared to a los of aproximately HK$17.3 milion for FY2024.

KEY FINANCIAL POSITION ITEMS

Inventories

The Group’s inventories consisted of finished gods and gods in transit

which we purchased from our supliers. The inventories balance decreased

to aproximately HK$11.7 milion as at 31 March 2025 from aproximately

HK$11.8 milion as at 31 March 2024.

Trade and other receivables

The Group’s trade receivables consisted of trade receivables from customers

and payment vendors. As at 31 March 2025 and 2024, our trade receivables

amounted to aproximately HK$49.4 milion and HK$39.9 milion, respectively.

The increase of aproximately HK$9.5 milion was mainly due to the increase in

trade receivables from our PRC subsidiaries.

The Group’s other receivables consisted of interest receivables, rental deposits,

utilities deposits, trade deposits, prepayments, and prepayment to a related

company. As at 31 March 2025 and 2024, our other receivables amounted to

aproximately HK$20.4 milion and HK$11.9 milion, respectively. The increase

of aproximately HK$8.5 milion was mainly due to the increase in prepayment

to supliers for operating, research and development expenses.

Loan receivables

The Group’s loan receivables consisted of loan receivables from customers. As

at 31 March 2025 and 2024, our total loan receivables (non-curent and curent)

amounted to aproximately HK$21.3 milion and HK$14.8 milion, respectively.

---

2025
2025年
21,879,000
22,354,746
27
828,000
13.8%
2.7%

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

As at 31 March 2025, the Group’s non-curent portion of loan receivables

amounted to aproximately HK$18.8 milion (FY2024: aproximately HK$0.2

milion).

(i) Major terms of loans

The Group ofered loans with loan tenor ranged from 3 to 12 months,

with most of the loans averaging 12 months or les. For FY2025, the

Group granted 27 loans (2024: 36 loans) that have tenor of 9 to 12

months (2024: tenor of 9 to 12 months), and none of the loan that have

tenor of more than 12 months.

The interest rates of for the loans granted ranged from 7.5% to 47.8%

per anum for FY2025 (2024: 7.5% to 48.0%), whilst the interest rate

charged and the amount of colateral require (if required) for each loan

depends on the risk of default expected.

Al the loans granted by the Group were unsecured, no colaterals and

guarantes.

(i) Breakdown of loans by categories

For FY2025, the Group ofered loans to 22 individual and 5 corporate

borowers (2024: 29 individual and 7 corporate borowers). None of the

individual and corporate borower were asociated companies, joint

ventures or conected persons of the Group. For FY2025, al granted

loans were unsecured personal or corporate loans.

(i) Size and diversity of borowers

As at 31 March 2025, the loan receivables from the five largest loan

borowers (four corporate borowers) were aproximately HK$19.5

milion (representing aproximately 89.2% of the total portfolio).

(iv) Breakdown of loan receivables

For the year ended 31 March

截至3月31日止年度

2024年

Loan data:贷款数据：

Gros loan balance (HK$)贷款结余总额（港元）15,144,992

Loan originated for the year (HK$)年内新增贷款（港元）31,714,465

Number of loans originated新增贷款数目34

Average gros balance per loan (HK$)每笔贷款的平均结余总额（港元）881,000

Ratios for the year:全年比率：

Average return on loans贷款平均回报率16.9%

Loan impairment ratio贷款减值率2.2%

于2025年3月31日，本集团应收贷款的非流动部

分约为18.8百万港元（2024财政年度：约0.2百万港

元）。

(i) 贷款的主要条款

本集团所提供贷款的贷款年期介乎3至12

个月，大部分贷款的平均年期为12个月或

以下。于2025财政年度，本集团授出27笔

贷款（2024年：36笔贷款），年期介乎9至12

个月（2024年：年期介乎9至12个月），惟并

无授出任何年期为12个月或以上的贷款。

于2025财政年度，已授出贷款的年利率介

乎7.5%至47.8%（2024年：7.5%至48.0%），而

各笔贷款收取的利率及所需抵押金额（如

需要）视乎预期违约风险。

本集团授出的所有贷款均不设抵押、抵押

品或担保。

(i) 按类别划分的贷款明细

于2025财政年度，本集团向22名个人及5名

公司借款人提供贷款（2024年：29名个人及

7名公司借款人）。概无个人及公司借款人

为本集团的联营公司、合营企业或关连人

士。于2025财政年度，所有已授出贷款均

属无抵押的个人或公司贷款。

(i) 借款人规模及多样性

于2025年3月31日，应收五大贷款借款人（四

名公司借款人）的贷款约为19.5百万港元（相

当于总资产组合约89.2%）。

(iv) 应收贷款明细

---

HK$250,00 or below	HK$500,000 or below but above HK$250,000	HK$750,000 or below but above HK$500,000	Above HK$750,000	Total
250,000港元 或以下	500,000港元 或以下但 超过250,000 港元	750,000港元 或以下但 超过500,000 港元	超过750,000 港元	总计
0.7%	9.8%	5.6%	83.9%	100%

0–90 days	91–180 days	181–270 days	More than 270 days	Total
0至90天	91至180天	181至270天	超过270天	总计
18,990,000	2,293,000	—	—	21,283,000

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

贷款结余总额明细如下：

应收贷款的账龄分析如下：

The breakdown of gros loan balance are as folows:

Gros loan balance as at 31 March 2025

于2025年3月31日的贷款结余总额

% of customer客户百分比

Gros loan balance as at 31 March 2024

于2024年3月31日的贷款结余总额

HK$250,00 or

below

HK$500,000

or below

but above

HK$250,000

HK$750,000

or below

but above

HK$500,000

Above

HK$750,000Total

250,000港元

或以下

500,000港元

或以下但

超过250,000

港元

750,000港元

或以下但

超过500,000

港元

超过750,000

港元总计

% of customer客户百分比38.5%21.3%0.0%38.4%100%

The aging analysis of loans receivables are as folows:

Loan tenor as at 31 March 2025

于2025年3月31日的贷款期限

Loans receivables

(HK$)

应收贷款

（港元）

Loan tenor as at 31 March 2024

于2024年3月31日的贷款期限

0–90 days91–180 days181–270 days

More than

270 daysTotal

0至90天91至180天181至270天超过270天总计

Loans receivables

(HK$)

应收贷款

（港元）13,628,000Nil 零500,000680,00014,808,000

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

(v) 贷款减值

易华为定期检讨应收贷款的可收回金额，

当中计及市况、客户概况（包括借款人付

款状况的任何重大变动）及第三方担保的

质量，以确保就不可收回金额计提足够减

值。

就可能导致本集团确认或进一步对其贷

款作出减值的事件及情况而言，涉及因素

一般包括(a)借款人于到期日延迟清偿贷款

利息或贷款本金额；(b)业务、财务或经济

状况当前或预测的不利变动，预期会大

幅削弱借款人履行债务责任能力；(c)本集

团对借款人提出的法律行动；及(d)借款人

申请或预期申请破产。

截至2025年3月31日止年度，就应收贷款确

认贷款减值596,005港元（2024年：337,257港

元）。贷款减值评估乃根据「香港财务报告

准则第9号 — 金融工具」按预期信贷亏损

基准编制。

信贷审核、监察及控制

为管理信贷风险，易华为的政策规定，所有

意获得贷款的潜在贷款客户均须获审核。有意

借款人须通过信贷核实程序，包括根据客户的

信贷评级报告、背景及职业、财务状况、欠款

记录以及人格担保及资产拥有权等其他因素评

估客户的信贷可靠程度。易华为将编制报告，

当中概述所有可得数据，例如欠款记录、贷款

客户背景等环联信贷报告的资料及其他公开可

得资料以及贷款金额、利率及贷款年期等建议

贷款条款。易华为管理层随后将审阅报告并批

准贷款。

随后，应收贷款的可收回性将被持续监察。在

评估收回应收贷款的可能性时，考虑(i)过往还

款记录，例如于到期日及时偿还贷款利息或贷

款本金额；(i)逾期还款期长度；及(i)可能严重

降低借款人履责能力的任何可预期经济环境变

动等资料。有关评估将持续进行，以决定是否

需要采取跟进行动避免回收贷款问题上的潜在

风险。

(v) Loan impairments

Super Easy reviews regularly the recoverable amount of loan receivables

by taking into acount of the market conditions, customers’ profiles

including any significant changes in the payment status of the

borowers and quality of third-party guarantes to ensure that adequate

impairment is made for the irecoverable amounts.

For events and circumstances that may lead to the Group in recognizing

or further making impairment of its loans, factors would normaly

include (a) delay in setlement of loan interest or loan principal amounts

by the borower on due date; (b) existing or forecast adverse changes

in busines, financial or economic conditions that are expected to

cause a significant decrease in the borower’s ability to met its debt

obligations; (c) legal actions being taken by the Group against the

borower; and (d) the borower filed or expected to file for bankruptcy.

During the year ended 31 March 2025, a loan impairment of HK$596,005

(2024: HK$337,257) was recognized for the loan receivables. The loan

impairment asesment was prepared on the basis of Expected Credit

Los in acordance with “HKFRS 9 — Financial Instruments”.

Credit Aproval, Monitoring and Controls

In managing credit risk, it is Super Easy’s policy that al potential loan

customers who wish to obtain loans shal be reviewed. Prospective borowers

are subject to credit verification procedures, including our asesment on

their credit worthines of the customers basing on credit ratings report, their

background and ocupation, their financial situation, history of default and

other factors such as personal guarantors and aset ownership. Super Easy wil

prepare a report to sumarise al available data such as information from the

TransUnion Credit Report, including history of default, background of the loan

customer and other publicly available information, and propose the loan terms

such as loan amount, interest rate and loan tenor. The management of Super

Easy wil then review the report and aprove the loan.

Subsequently, the recoverability of the loan receivables wil be monitored

on an ongoing basis. In asesing the posibility of recovering the loan

receivables, information such as (i) historical payment records e.g., timely

setlement of loan interest or loan principal amounts on the due dates; (i) the

length of the overdue period; and (i) any foreseable changes in the economic

environment that would significantly deteriorating the borower’s ability to

met its obligation. This wil be done on an ongoing basis to decide whether any

folow-up action should be taken to avoid potential exposure to recoverability

problems.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

易华为认为定量及定性资料均对厘定信贷风险

属至关重要，而厘定时所涉因素可能包括毋须

付出不必要成本或努力即可获得的过往及前瞻

性资料。经计及所有该等因素后，易华为管理

层认为业务的信贷风险能被大幅降低。

于2025财政年度，就放债业务授出的贷款已及

时遵守GEM上市规则第十九及二十章的所有相

关规定，包括规模测试及披露规定。

银行结余及现金

银行结余及现金包括于银行及手头的现金。于

2025年及2024年3月31日，银行结余及现金分别约

为1.0百万港元及12.2百万港元。

贸易及其他应付款项

本集团的贸易应付款项包括就购买货品应付供

应商的贸易款项。我们的供应商并无授出任何

信贷期。于2025年及2024年3月31日，贸易应付款

项分别约为38.7百万港元及18.6百万港元。

本集团的其他应付款项包括应计费用、应付代

价（指收购意享世家的未付现金代价）及长期服

务金拨备。于2025年及2024年3月31日，其他应付

款项分别约为10.3百万港元及13.1百万港元。减

少主要源于应付代价款项减少约2.8百万港元。

合约负债

本集团的合约负债主要指来自产品需要付运而

有待发送的客户的未确认收益。于2025年及2024

年3月31日，合约负债分别约为6.2百万港元及7.0

百万港元。减少主要源于客户垫款减少。

银行借贷

于2025年及2024年3月31日，本集团录得银行借贷

分别约13.8百万港元及20.3百万港元。

Super Easy considers that both quantitative and qualitative information are

esential for the determination of credit risk, and the determination factors

may include historical and forward-loking information that is available

without undue cost or efort. By considering al these factors, it is the view

of the management of Super Easy that the credit risk of the busines can be

significantly reduced.

During FY2025, the grant of loans in relation to money lending busines has

timely complied with al the relevant requirements under Chapters 19 and 20 of

the GEM Listing Rules including the size test and disclosure requirements.

Bank balance and cash

Bank balance and cash include cash at bank and in hand. As at 31 March 2025

and 2024, our bank balance and cash amounted to aproximately HK$1.0 milion

and HK$12.2 milion, respectively.

Trade and other payables

The Group’s trade payables consisted of trade payables to supliers in relation

to the purchase of gods. There were no credit periods granted by our supliers.

As at 31 March 2025 and 2024, our trade payables amounted to aproximately

HK$38.7 milion and HK$18.6 milion, respectively.

The Group’s other payables comprised acrued charges, consideration payable

which represent the unpaid cash consideration for the acquisition of Italiving,

and provision for long service payments. As at 31 March 2025 and 2024, our

other payables amounted to aproximately HK$10.3 milion and HK$13.1 milion,

respectively. The decrease was mainly due to the decrease in consideration of

aproximately HK$2.8 milion.

Contract liabilities

The Group’s contract liabilities mainly represented unrecognised revenue from

customers where delivery of products is required and pending. As at 31 March

2025 and 2024, our contract liabilities amounted to aproximately HK$6.2

milion and HK$7.0 milion, respectively. The decrease was mainly due to the

decrease in advance payments from customers.

Bank borowings

As at 31 March 2025 and 2024, our Group recorded bank borowings of

aproximately HK$13.8 milion and HK$20.3 milion, respectively.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

租赁负债

于2025年及2024年3月31日，本集团录得租赁负债

分别约9.0百万港元及12.5百万港元。租赁负债减

少是由于2025财政年度内重续租赁及租金付款

均有所减少所致。于2025年3月31日，本集团已就

仓库、办公室、店舖、汽车订立多份租赁。

流动资金及财务资源

于2025年3月31日，本集团的总资产约为118.7百万

港元，乃以总负债及股东权益分别约82.0百万港

元及36.7百万港元拨资。本集团于2025年3月31日

的流动比率约为1.1，而于2024年3月31日则约为

1.4。

资产负债比率

本集团的资产负债比率于2025年3月31日约为

62.1%，而于2024年3月31日则约为93.1%。

资产负债比率基于各报告日期的总借贷及租赁

负债除以总权益计算。

资本开支

2025财政年度的资本开支总额约为少于0.1百万

港元，主要用于(i)购买家具及固定装置以及租

赁物业装修；及(i)现有网站进行整修。

或然负债

于2025年3月31日，本集团并无重大或然负债。

承担

于2025年3月31日，本集团并无任何经营承担

（2024年：无）。

于2025年3月31日，本集团并无资本承担（2024年：

无）。

本集团资产押记

于2025年3月31日，账面净值约9.1百万港元的使

用权资产乃根据租赁安排持有（2024年：12.1百万

港元）。

分部资料

就本集团呈列的分部资料于综合财务报表附注

4披露。

Lease liabilities

As at 31 March 2025 and 2024, the Group recorded lease liabilities of

aproximately HK$9.0 milion and HK$12.5 milion, respectively. Such decrease

was due to the les renewed leases and decrease of rental payments

during FY2025. As at 31 March 2025, our Group has entered into leases for

warehouse, ofice, shop premises, motor vehicles.

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 March 2025, the Group had total asets of aproximately HK$118.7

milion, which is financed by total liabilities and Shareholders’ equity of

aproximately HK$82.0 milion and HK$36.7 milion, respectively. The

Group’s curent ratio at 31 March 2025 was aproximately 1.1 compared to

aproximately 1.4 at 31 March 2024.

Gearing ratio

The gearing ratio of the Group as at 31 March 2025 was aproximately 62.1%

while as at 31 March 2024 was aproximately 93.1%.

The gearing ratio is calculated based on the total borowings and lease

liabilities, divided by total equity at each reporting date.

Capital expenditure

Total capital expenditure for FY2025 was aproximately les than HK$0.1

milion, which was mainly used for (i) the purchase of furniture and fixtures and

leasehold improvements; and (i) renovation of existing website.

Contingent liabilities

As at 31 March 2025, there were no significant contingent liabilities for the

Group.

Comitments

As at 31 March 2025, the Group has no operating comitments (2024: Nil).

As at 31 March 2025, the Group has no capital comitments (2024: Nil).

Charges on Group asets

As at 31 March 2025, right of use asets with net bok value of aproximately

HK$9.1 milion were held under lease arangements (2024: HK$12.1 milion).

Segment information

Segment information is presented for the Group as disclosed on Note 4 to the

consolidated financial statements.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

资本架构

本公司股份于2018年1月25日在联交所GEM成功上

市。自此，本集团的资本架构并无变动。本集

团的股本仅包括普通股。

于2025年3月31日，本公司的已发行股本为

15,840,000港元，已发行普通股数目为1,584,000,000

股，每股面值0.01港元。

股息

董事不建议派付2025财政年度的末期股息（2024

财政年度：无）。

主要投资、重大收购或出售附属

公司及联营公司

除下文所载者外，于2025财政年度并无主要投

资、重大收购或出售附属公司及联营公司。

于2025年2月14日，本公司全资附属公司Qi-House

Investment Group Limited（「Qi-House Investment」）与

独立第三方骏凌广告有限公司（「骏凌广告」）订立

买卖协议，据此，Qi-House Investment已同意出售

及骏凌广告已同意购买意享世家的全部股权，

现金代价为3百万港元。

意享世家为一间于香港注册成立的有限公司，

主营业务为于香港提供家具代理服务。于完成

后，本集团将不再持有意享世家的任何股权，

而意享世家将不再为本公司的附属公司。因此，

意享世家的财务业绩将不会再并入本集团截至

2025年3月31日的财务报表。

有关交易的详情，请参阅日期分别为2025年2月

14日及2025年3月14日的须予披露交易公告及补充

公告。

CAPITAL STRUCTURE

The shares of the Company were sucesfuly listed on GEM of the Stock

Exchange on 25 January 2018. There has ben no change in the capital

structure of the Group since then. The share capital of the Group only comprises

of ordinary shares.

As at 31 March 2025, the Company’s isued share capital was HK$15,840,000

and the number of its isued ordinary shares was 1,584,000,000 of HK$0.01

each.

DIVIDENDS

The Directors do not recomend the payment of any final dividend for FY2025

(FY2024: Nil).

SIGNIFICANT INVESTMENTS, MATERIAL

ACQUISITIONS OR DISPOSALS OF SUBSIDIARIES

AND ASOCIATED COMPANIES

Save for the folowing, there was no significant investments, material

acquisitions or disposals of subsidiaries and asociated companies during

FY2025.

On 14 February 2025, Qi-House Investment Group Limited (“Qi-House

Investment”), a wholy-owned subsidiary of the Company, and Trilane

Marketing Consultant Limited (“Trilane Marketing”), an independent third

party, entered into the sale and purchase agrement, pursuant to which Qi-

House Investment agred to sel and the Trilane Marketing agred to acquire

100% interest of Italiving at a cash consideration of HK$3 milion.

Italiving is a company incorporated in Hong Kong with limited liability and is

principaly engaged in provision of furniture agency services in Hong Kong.

Upon Completion, the Group wil cease to hold any equity interest in Italiving

and Italiving wil no longer be a subsidiary of the Company. Acordingly, the

financial results of Italiving wil no longer be consolidated into the financial

statements of the Group as of 31 March 2025.

For details of the transaction please refer to the discloseable transaction

anouncement and the suplemental anouncement dated 14 February 2025

and 14 March 2025, respectively.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

重大投资及资本资产的未来计划

除本文所披露者外，本集团于来年并无任何有

关重大投资或资本资产的具体计划。

主要风险及不确定因素

在进行业务的过程中，本集团会面对各种风

险，包括经营风险、信贷风险、流动资金风险

及利率风险。本集团已建立一套风险管理政策

及措施，以识别、评估及管理因营运而产生的

风险。

下文载列本集团面对而可能对本集团业务、财

务状况及经营业绩造成重大不利影响的部分主

要经营风险及风险管理措施：

1. 于高度分散且竞争激烈的市场保

持竞争力的风险

生活时尚家具及家饰市场高度分散且竞

争激烈，进入门槛低，市场中并无明确的

领先者。与我们相比，我们的竞争对手可

能拥有更多财务、市场推广、人员及其他

相关资源。尤其是，竞争对手实行的定价

策略或会影响我们产品的定价。倘竞争对

手大幅降低产品价格，则我们可能不得不

降低售价或进行进一步市场推广以保持

竞争力，而这可能会削减我们的收益及盈

利能力。

2. 倚赖客户品味及喜好转变的风险

由于家具零售行业的性质使然，客户一般

不经常购买我们的产品。除中国分销商以

外，我们并无客户的购买承诺且彼等并无

责任日后向我们购买任何产品。我们若未

能成功紧跟不断变化的客户品味及喜好以

及市场趋势，则面对可能无法吸引新客户

或现有客户购买产品的风险。

FUTURE PLAN FOR MATERIAL INVESTMENTS AND

CAPITAL ASETS

Save as disclosed herein, the Group did not have any concrete plan for material

investments or capital asets for the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

In the course of conducting busines, our Group is exposed to various types

of risks, including operational risks, credit risks, liquidity risk and interest

rate risks. Our Group has established a set of risk management policies and

measures to identify, evaluate and manage risks arising from our operations.

The folowings set out some of the primary operational risks our Group faces

that may materialy and adversely afect our Group’s busines, financial

condition and results of operation and our risk management measures:

1. Risk of remaining competitive in a highly

fragmented and competitive market

The lifestyle furniture and home furnishing market is highly fragmented

and competitive with low bariers to entry, and there are no specific

market leaders. Our competitors may have greater financial, marketing,

personel and other relevant resources compared to us. In particular, the

pricing strategies implemented by our competitors may afect the pricing

of our products. If our competitors significantly reduce their product

prices, we may have to reduce our seling prices or engage in further

marketing to remain competitive. This would likely reduce our revenue

and profitability.

2. Risk of dependent on the shift in customer’s tastes

and preferences

Due to the nature of the furniture retail industry, the customers generaly

purchase our products on an infrequent basis. Apart from the PRC

distributor, there is no purchase comitments from our customers and

there is no obligation for them to purchase any products from us in the

future. There is a risk that we may not be able to atract new customers

or existing customers to purchase our products if we fail to sucesfuly

track changing customers tastes and preferences and market trends.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

3. 无法将销售网络扩展至香港的新

地点的风险

新店要达到收支平衡或实现投资回本可能

需要比预期更长的时间或根本无法达到

收支平衡或实现投资回本。概不保证我们

将根据本公司日期为2018年1月12日的招股

章程（「招股章程」）内的业务策略成功执行

扩张计划，或我们将能透过扩张吸引更多

客户。倘未能执行扩张计划，则我们的营

运及经营业绩将受到重大不利影响。

本集团亦面对各种财务风险，包括信贷风险、

流动资金风险及利率风险。

外币风险

除若干海外采购、银行结余、银行借贷以欧元

及美元计值外，本集团的收益及开支主要以港

元计值，且本集团大部分资产及负债以我们的

功能货币港元计值。于2025财政年度，本集团

的汇兑收益净额约为12,000港元（2024财政年度：

无）。

雇员及薪酬政策

于2025年3月31日，本集团共有87名雇员。2025财

政年度的员工成本总额（包括董事酬金）约为25.8

百万港元（2024财政年度：约25.2百万港元（经重

列）。

本集团的薪酬政策乃参照个别雇员表现、资历

及经验以及本集团业绩及市况而厘定。我们亦

已采纳旨在为雇员提供奖励及报酬的购股权计

划。

所持重大投资

除于附属公司投资外，于2025财政年度，本集团

并无持有任何重大投资。

3. Risk of failure in expanding sales network to new

locations in Hong Kong

It may take longer than expected for the new stores to reach breakeven

or achieve investment payback, if at al. There is no guarante that we

wil execute our expansion plans acording to busines strategies in the

prospectus of the Company dated 12 January 2018 (the “Prospectus”)

sucesfuly, or that we wil be able to atract more customers from our

expansion. If we fail to execute our expansion plans, our operations and

results of operations wil be materialy and adversely afected.

The Group is also exposed to a variety of financial risks which comprise credit

risk, liquidity risk and interest rate risk.

FOREIGN CURENCY RISK

As our Group’s revenue and expenses are mainly denominated in HK$ and

most of our Group’s asets and liabilities are denominated in HK$, which is our

functional curency, except for certain overseas purchases, bank balances, bank

borowings which are denominated in Euro and USD. During FY2025, the Group

has net exchange gain of aproximately HK$12,000 (FY2024: Nil).

EMPLOYES AND REMUNERATION POLICY

As at 31 March 2025, the Group had a total of 87 employes. Total staf costs,

(including Directors’ emoluments) of aproximately HK$25.8 milion for FY2025

(FY2024: aproximately HK$25.2 milion (Restated).

The Group’s remuneration policies were determined with reference to the

performance, qualification and experience of individual employes, as wel as

the results of the Group and the market conditions. We have also adopted the

share option scheme which is designed to provide incentives and rewards to our

employes.

SIGNIFICANT INVESTMENTS HELD

Except for investments in subsidiaries, the Group did not hold any significant

investments during FY2025.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

未来前景

由于零售市况仍竞争激烈，及因目前经济状况，

香港消费者信心及消费疲弱，故未来一个财政

年度将继续充满挑战。此等因素将于未来一年

继续影响我们的表现。我们将继续专心经营香

港两间TRE零售店以及电子商贸平台。我们将继

续作出整合及投资，以增强现时的收益来源，

同时发掘新机遇。

本集团藉向中国客户销售买卖零件及自动化设

备，包括销售视觉硬件产品零件，视觉软件和

系统研发和销售，以及提供技术服务，以加强

收入基础并拓宽收益来源。本集团继续寻找为

香港及中国客户提供全面服务的途径。

FUTURE PROSPECTS

This forthcoming financial year wil continue to be chalenging as retail market

conditions remain competitive and weak consumer confidence and spending

in Hong Kong prevails due the curent economic conditions. These factors wil

continue to impact our performance adversely for the forthcoming year. We

wil continue to focus on runing our two TRE retail stores and e-comerce

platform in Hong Kong. We wil continue to consolidate and invest to build on

our existing revenue streams while identifying new oportunities.

The Group strengthened its income base and expanded its revenue stream

by sale of trading parts and automation equipment, including sales of parts

of visual hardware products, development and sale of visual software and

system, and provision of technical services to customers in PRC, consumer

loan services. The Group continues to lok for ways to provide comprehensive

services to customers in Hong Kong and the PRC.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

执行董事

唐登先生（「唐先生」），65岁，为我们的联席主

席、行政总裁、执行董事兼提名委员会主席。

彼于2016年4月22日获委任为董事，于2016年9月

6日获任命为主席及非执行董事并于2019年8月1

日调任本公司主席、行政总裁及执行董事，以

及于2024年9月13日调任联席主席。彼亦为大树

有限公司的董事。彼负责于策略层面支持本集

团。

唐先生积逾42年的金融业经验。唐先生于2003

年12月至2016年1月担任新鸿基有限公司（股份代

号：86，一间于联交所主板上市的公司）的执行

董事。彼亦于2004年12月至2016年1月担任新鸿基

有限公司数个要职，包括财富管理、经纪业务及

资本市场行政总裁。唐先生于2004年3月至2016

年1月亦担任百达利财务有限公司（现称新鸿基

结构融资有限公司）的董事。于2013年7月至2016

年7月，彼亦担任恒富控股有限公司（股份代号：

643，一间于联交所主板上市的公司）的独立非

执行董事。

唐先生于2016年4月至2018年1月担任茂宸集团控

股有限公司（股份代号：273，一间于联交所主板

上市的公司）的非执行董事兼提名委员会主席。

彼于2016年4月至2016年9月为茂宸集团控股有限

公司的董事会主席及于2016年9月至2018年1月为

联席主席。于2009年至2019年6月，唐先生亦担任

日盛金融控股份有限公司（股份代号：5820，

其股份于台湾证券柜台买卖中心挂牌）的独立

董事。

唐先生于1982年11月获得香港大学社会科学荣誉

学士学位，并于1988年10月获得香港中文大学工

商管理硕士学位。彼于2000年11月获认可为英国

特许公认会计师公会的会员及于2005年11月晋升

为资深会员。

EXECUTIVE DIRECTORS

Mr. Tong Tang Joseph (唐登) (“Mr. Tong”), aged 65, is our co-chairman,

chief executive oficer, executive Director and chairman of the nomination

comite. He was apointed as our Director on 22 April 2016 and designated

as our chairman and non-executive Director on 6 September 2016 and

re-designated as chairman, chief executive oficer and executive Director of the

Company on 1 August 2019 and re-designated as co-chairman on 13 September

2024. He is also a Director of TRE Limited. He is responsible for suporting our

Group on a strategic level.

Mr. Tong has more than 42 years of experience in the financial industry. Mr.

Tong was an executive director of Sun Hung Kai & Co. Limited (stock code: 86),

a company listed on the Main Board of the Stock Exchange, from December

2003 to January 2016. He also held various senior positions at Sun Hung Kai &

Co. Limited from December 2004 to January 2016 including the chief executive

oficer of its wealth management, brokerage and capital markets. Mr. Tong

was also a director of Bali International Finance Limited (now known as Sun

Hung Kai Structured Finance Limited) from March 2004 to January 2016. From

July 2013 to July 2016, he was an independent non-executive director of Cary

Wealth Holdings Limited (stock code: 643), a company listed on the Main Board

of the Stock Exchange.

Mr. Tong was a non-executive director and the chairman of the nomination

comite of Mason Group Holdings Limited (stock code: 273), a company

listed on the Main Board of the Stock Exchange, from April 2016 to January

2018. He was chairman of the board of directors of Mason Group Holdings

Limited from April 2016 to September 2016, and joint chairman from September

2016 to January 2018. Mr. Tong was also an independent director of Jih Sun

Financial Holdings Company Limited (stock code: 5820), the shares of which are

listed on the Taipei Exchange in Taiwan, betwen 2009 and June 2019.

Mr. Tong obtained a degre of Bachelor of Social Sciences (Honours) from

the University of Hong Kong in November 1982 and a degre of Master of

Busines Administration from the Chinese University of Hong Kong in October

1988. He was admited as a member of the Asociation of Chartered Certified

Acountants in November 2000 and advanced to felowship status in November

2005.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

余权胜先生

余权胜先生（「余先生」），48岁，为我们的联席主

席兼执行董事。彼于2024年9月13日获委任为我

们的联席主席兼执行董事。

余先生于企业管理及战略管理方面积逾10年经

验。于2008年1月起至2017年12月，余先生担任广

东中明科技有限公司总经理。余先生于2025年

3月26日不再为安徽中显智能机器人有限公司的

行政总裁，彼曾负责战略规划及决策。自2024年

1月起，余先生亦为生活概念控股有限公司（其

股份于2024年1月至2024年9月期间在香港联合交

易所有限公司（「联交所」）GEM上市，股份代号：

8056）的执行董事。余先生获布雷斯特高等商

学院(Brest Busines Schol)颁授工商管理学硕士学

位。

Mary Kathlen Babington女士（「Babington女士」），

54岁，为我们的执行董事、董事总经理兼提名

委员会成员。彼于2016年3月9日获委任为其中一

名董事，并于2016年9月6日获任命为行政总裁兼

执行董事。由2019年8月1日起，唐登先生接掌董

事会行政总裁一职。Babington女士为大树有限

公司董事总经理。Babington女士负责制定大树

有限公司所有职能（包括但不限于内部管理、人

力资源、市场推广、采购、销售及交付）策略并

于营运层面实施该等策略。

Babington女士在零售行业积逾29年经验。于1993

年5月至2010年1月，Babington女士任职于The Body

Shop International PLC。

于1993年2月，Babington女士毕业于英国中央兰开

夏大学(University of Central Lancashire)，取得工商及

金融文学荣誉学士学位。于1996年11月，彼于英

国布莱顿大学(University of Brighton)获得应用型专

业研究证书。彼于1998年10月获得英国金斯顿大

学(Kingston University)市场营销学文学硕士学位。

于2003年11月，Babington女士完成香港通用检测

认证有限公司提供的社会体系稽查师╱总稽查

师培训课程。

于1996年12月，Babington女士成为英国特许市务

学会员（法人）。彼亦于1998年11月获英国特许

市务学会认可为会员。

Mr. Yu Quansheng

Mr. Yu Quansheng (余权胜) (“Mr. Yu”), aged 48, is our co-chairman

and executive Director. He was apointed as our co-chairman and executive

Director on 13 September 2024.

Mr. Yu has more than 10 years of experience in corporate management and

strategic management. From January 2008 to December 2017, Mr. Yu served

as the general manager of Guangdong Zhongming Technology Co., Ltd. (广东

中明科技有限公司). Mr. Yu ceased to be a chief executive oficer of Anhui

Zhongxian Inteligent Robot Co., Ltd. (安徽中显智能机器人有限公司)

on 26 March 2025, he was responsible for the strategic planing and decision

making. Since January 2024, Mr. Yu was an executive director of Life Concepts

Holdings Limited (生活概念控股有限公司) (stock code: 8056), the shares

of which are listed on GEM of The Stock Exchange of Hong Kong Limited (the

“Stock Exchange”) from January 2024 to September 2024. Mr. Yu obtained a

master’s degre in busines administration from the Brest Busines Schol.

Ms. Mary Kathlen Babington (“Ms. Babington”), aged 54, is our

executive Director, managing Director and a member of our nomination

comite. She was apointed as one of our Directors on 9 March 2016,

and designated as our chief executive oficer and executive Director on 6

September 2016. From 1 August 2019, Mr. Tong Tang Joseph tok over the chief

executive oficer role on the Board. Ms. Babington is the managing Director of

TRE Limited. She is responsible for the strategy of TRE Limited and for the

implementation on an operational level, acros al functions including but not

limited to internal management, human resources, marketing, merchandising,

sales and delivery.

Ms. Babington has more than 29 years of experience in the retail industry.

From May 1993 to January 2010, Ms. Babington worked in The Body Shop

International PLC.

In February 1993, Ms. Babington graduated from the University of Central

Lancashire in the United Kingdom with a degre of Bachelor of Arts (Honours) in

Busines and Finance. In November 1996, she obtained a Certificate in Aplied

Profesional Studies from the University of Brighton in United Kingdom. She

obtained a degre of Master of Arts in Marketing from the Kingston University

in the United Kingdom in October 1998. In November 2003, Ms. Babington

completed the social systems auditor/lead auditor training course provided by

SGS Hong Kong Limited.

Ms. Babington became an asociate (corporate) of the Chartered Institute of

Marketing in the United Kingdom in December 1996. She was also admited

as a member of the Chartered Institute of Marketing in the United Kingdom in

November 1998.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

于2024年，Babington女士获得剑桥大学领导力学

院企业可持续发展管理文凭。

徐颖德先生（「徐先生」），43岁，为我们的执行

董事、薪酬委员会成员及合规主任。彼于2016

年3月9日获委任为我们的董事，并于2016年9月6

日获任命为执行董事。彼于2015年6月加入本集

团，担任大树有限公司的董事。徐先生负责管

理本集团的财务事宜。

徐先生于会计及企业领域积逾21年经验。徐先生

自2012年1月起担任明大企业顾问有限公司的行

政总裁，该公司主要从事提供企业咨询服务。

彼于2013年7月至2014年8月担任名轩（中国）控股

有限公司（现称中华燃气控股有限公司）（股份代

号：8246，一间于联交所GEM上市的公司）的公司

秘书。于2004年8月至2012年1月，徐先生任职于

香港一间国际会计师事务所，他所出任的最后

职位是审计经理。徐先生于2017年1月至2018年4

月担任中建置地集团有限公司（现称GBA集团有

限公司）（股份代号：261，一间于联交所主板上

市的公司）的非执行董事。彼于2019年2月至2022

年5月担任九尊数字互娱集团控股有限公司（现

称多牛科技国际（开曼）集团有限公司）（股份代

号：1961，一间于联交所主板上市的公司）的非执

行董事及公司秘书。于2022年2月至2023年12月，

徐先生获委任为冠中地产有限公司（股份代号：

193，一间于联交所主板上市的公司）的执行董

事兼主席。徐先生自2017年8月起一直担任正利

控股有限公司（股份代号：3728，一间于联交所

主板上市的公司）的公司秘书。徐先生自2022年

2月起一直担任星集团有限公司（股份代号：

1560，一间于联交所主板上市的公司）的非执行

董事。

徐先生获乌干达共和国驻北京大使馆委任为

中国（香港及澳门特区）贸易、旅游及投资荣誉

顾问，任期由2016年11月至2019年6月。徐先生于

2019年12月获委任为中国广西省钦州市中国人

民政治协商会议的委员。徐先生于2020年3月获

加纳共和国外交与地区一体化部委任为加纳驻

香港名誉领事。徐先生自2023年9月29日起获委

任为香港特别行政区民政事务总署东区关爱队

（宝马山）队长。徐先生亦自2024年6月1日起获东

区耆乐警讯名誉会长会委任为名誉会长。

In 2024, Ms. Babington obtained a certificate of completion from the University

of Cambridge Institute for Sustainability Leadership (CISL) in Busines

Sustainability Management.

Mr. Tsui Wing Tak (徐颖德) (“Mr. Tsui”), aged 43, is our executive Director,

a member of our remuneration comite and our compliance oficer. He was

apointed as our Director on 9 March 2016 and designated as our executive

Director on 6 September 2016. He joined our Group in June 2015 as a Director

of Tre Limited. Mr. Tsui is responsible for managing the financial maters of our

Group.

Mr. Tsui has more than 21 years of experience in the acounting and corporate

field. Mr. Tsui has ben the chief executive oficer of AE Majoris Advisory

Company Limited which is principaly engaged in the provision of corporate

advisory services, since January 2012. He was the company secretary of Noble

House (China) Holdings Limited (now known as Zhonghua Gas Holdings Limited)

(stock code: 8246), a company listed on GEM of the Stock Exchange, from July

2013 to August 2014. From August 2004 to January 2012, Mr. Tsui worked in an

international acounting firm in Hong Kong with his last position as a manager

in auditing. Mr. Tsui was a non-executive director of CT Land Holdings Limited

(now known as GBA Holdings Limited) (stock code: 261), a company listed on

the Main Board of the Stock Exchange, from January 2017 to April 2018. Mr.

Tsui was the non-executive director and company secretary of Jiu Zun Digital

Interactive Entertainment Group Holdings Limited (now known as Infinities

Technology International (Cayman) Holdings Limited) (stock code: 1961), a

company listed on the Main Board of the Stock Exchange, from February 2019

to May 2022. Mr. Tsui was apointed as an executive director and chairman of

Capital Estate Limited (stock code: 193), a company listed on the Main Board

of the Stock Exchange, from February 2022 to December 2023. Mr. Tsui has

ben the company secretary of Ching Le Holdings Limited (stock code: 3728),

a company listed on the Main Board of the Stock Exchange, since August 2017.

Mr. Tsui has ben the non-executive director of Star Group Company Limited

(stock code: 1560), a company listed on the Main Board of the Stock Exchange,

since February 2022.

Mr. Tsui was apointed by the Embasy of the Republic of the Uganda in Beijing

as Honorary Trade, Tourism and Investment Consultant/Adviser on China

(Hong Kong and Macau SAR) from November 2016 to June 2019. Mr. Tsui was

apointed as a member of the Chinese People’s Political Consultative Conference

of Qinzhou City in Guangxi Province in China since December 2019. Mr. Tsui was

apointed by the Ministry of Foreign Afairs and Regional Integration of the

Republic of Ghana as Honorary Consul of Ghana in Hong Kong in March 2020. Mr

Tsui was apointed by Home Afairs Department of HKSAR as the team leader

of the Eastern District Care Team (Braemar Hil) since 29 September 2023. Mr.

Tsui was also apointed by the Senior Police Cal Honorary Presidents Council of

Eastern District as Honorary President since 1 June 2024.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

徐先生于2004年11月毕业于香港科技大学，取得

会计学工商管理荣誉学士学位。彼分别于2009

年1月及2012年1月获认可为香港会计师公会注册

会计师及注册会计师（执业）。

边大海先生（「边先生」），50岁，为我们的执行

董事。彼于2020年10月1日获委任为非执行董事，

并于2022年10月21日获调任为执行董事。

边先生于商业管理及项目投资方面拥有逾25年

经验。边先生活跃于各行各业，包括但不限于

连锁餐饮、酒店管理、互联网及科技、智慧家

居及智能长者护理行业。

边先生自2017年9月起一直担任山东债储银城网

络科技有限公司的董事，自2017年12月起一直担

任淄博素包素餐饮管理有限公司的董事，以及

自2025年4月起一直担任山东诺亚方舟房地产销

售代理有限公司的执行董事。

于2018年9月及10月，边先生透过中国证券投资

基金业协会规划关于基金法规、职业道德及私

募股权投资基金的基金从业人员资格考试。

矫德君先生（「矫先生」），54岁，于2024年1月10日

获任命为执行董事。

矫先生于大健康行业拥有逾20年经验。矫先生

自2000年10月起担任大连锯博精密模具有限公司

的董事；自2007年5月起一直担任大连蓝韵科技

发展有限公司的董事；自2010年1月起一直担任大

连新大地现代农业科技发展有限公司的董事；

自2017年8月起一直担任深圳凯士特科技有限公

司的董事；自2019年起一直担任蓝韵物联网（大

连）集团股份有限公司的董事以及自2021年11月

起担任蓝凌透明酸生物科技（海南）有限公司的

董事。

矫先生于1994年毕业于大连交通大学，主修机

械工程。

Mr. Tsui was awarded a Bachelor of Busines Administration (Honours) in

Acounting from Hong Kong University of Science and Technology in November

2004. He was admited as a Certified Public Acountant and a Certified

Public Acountant (Practising) of the Hong Kong Institute of Certified Public

Acountants in January 2009 and January 2012, respectively.

Mr. Bian Dahai (边大海) (“Mr. Bian”), aged 50, is our executive Director.

He was apointed as our non-executive Director on 1 October 2020 and as our

executive Director on 21 October 2022.

Mr. Bian has over 25 years’ experience in busines management and project

investment. Mr. Bian is active in various industries, including but not limited to

the chain catering, hotel management, internet and technology, smart home

and smart elderly care industries.

Mr. Bian is curently and has ben the director of Shandong Bonds Silver City

Network Technology Co., Ltd. (山东债储银城网络科技有限公司) since

September 2017, the director of Zibo Subaosu Catering Management Co., Ltd.

(淄博素包素餐饮管理有限公司) since December 2017 and the executive

director of Shandong Noah’s Ark Real Estate Sales Agency Co., Ltd (山东诺亚

方舟房地产销售代理有限公司) since April 2025.

In September and October 2018, Mr. Bian pased the Licensing Examinations

for Fund Practitioners in respect of fund laws and regulations, profesional

ethics and private equity investment funds organised by Aset Management

Asociation of China.

Mr. Jiao Dejun (矫德君) (“Mr. Jiao”), aged 54, was designated as our

executive Director on 10 January 2024.

Mr. Jiao has over 20 years’ experience in comprehensive health care industry.

Mr. Jiao has ben the director of Dalian Jubojingmi Moulding Co., Ltd. (大

连锯博精密模具有限公司) since October 2000; the director of Dalian

Lanyun Technology Development Co., Ltd. (大连蓝韵科技发展有限公司)

since May 2007; the director of Dalian Xindadi Modern Agricultural Technology

Development Co., Ltd. (大连新大地现代农业科技发展有限公司) since

January 2010; the director of Shenzhen Kaishite Technology Co., Ltd. (深圳凯

士特科技有限公司) since August 2017; the director of Lanyun Internet of

Things (Dalian) Group Co., Ltd. (蓝韵物联网(大连)集团股份有限公司)

since 2019 and the director of Lanling Hyaluronic Acid Biotechnology (Hainan)

Co., Ltd. (蓝凌透明酸生物科技(海南)有限公司) since November 2021.

Mr. Jiao graduated from the Dalian Jiaotong University in 1994 and majored in

mechanical enginering.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

独立非执行董事

杨文忠先生（「杨先生」），57岁，于2018年1月25日

获委任为我们的独立非执行董事。彼亦为审核

委员会主席、薪酬委员会成员及提名委员会成

员。彼负责向董事会提供独立意见。

杨先生于会计、审计及财务管理领域积逾30年

经验。自2014年5月及9月起，杨先生先后担任协

鑫科技控股有限公司（「协鑫科技」，前称保利协

鑫能源控股有限公司）（股份代号：3800，一间于

联交所主板上市的公司）的首席财务官及执行董

事，负责财务监控及汇报、企业融资、税务及

风险管理等工作。自2017年3月起，彼亦担任协

鑫科技的公司秘书。自2015年9月起，杨先生亦

担任协鑫新能源控股有限公司（股份代号：451，

一间于联交所主板上市的公司）的非执行董事。

于1994年5月至2014年3月，杨先生任职于德勤中

国，最后出任职位为合伙人。于2008年1月至2008

年12月，杨先生曾担任香港政府中央政策组非

全职顾问。

杨先生于1992年2月获得澳洲埃迪斯科文大学

(Edith Cowan University)工商学士学位，主修会计。

彼于1992年2月及1996年1月先后获认可为澳洲会

计师公会员及执业会计师。彼亦于1996年6月

获认可为香港会计师公会计师。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Yeung Man Chung Charles (杨文忠) (“Mr. Yeung”), aged 57, was

apointed as our independent non-executive Director on 25 January 2018. He

is also the chairman of our audit comite and a member of our remuneration

comite and nomination comite. He is responsible for giving independent

advice to our Board.

Mr. Yeung has over 30 years of experience in acounting, auditing and financial

management. Mr. Yeung has ben the chief financial oficer and an executive

director of GCL Technology Holdings Limited (“GCL Tech”, formerly known

as GCL-Poly Energy Holdings Limited) (stock code: 3800), a company listed

on the Main Board of the Stock Exchange since May and September 2014,

respectively, responsible for its financial control and reporting, corporate

finance, tax and risk management. He has also ben the company secretary of

GCL Tech since March 2017. Since September 2015, Mr. Yeung has also ben a

non-executive director of GCL New Energy Holdings Limited (stock code: 451),

a company listed on the Main Board of the Stock Exchange. From May 1994 to

March 2014, Mr. Yeung worked at Deloite China with his last position being

a Partner. From January 2008 to December 2008, Mr. Yeung was a part-time

member of the Central Policy Unit of the Government of Hong Kong.

Mr. Yeung obtained a degre of Bachelor of Busines with a major in

Acounting from Edith Cowan University in Australia in February 1992. He was

admited as an asociate and a certified practising acountant of the Australian

Society of Certified Practising Acountants in February 1992 and January 1996,

respectively. He was also admited as a certified public acountant of the Hong

Kong Institute of Certified Public Acountants in June 1996.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

曾伟贤先生（「曾先生」），64岁，于2018年1月25日

获委任为我们的独立非执行董事。彼亦为审核

委员会成员及提名委员会成员。彼负责向董事

会提供独立意见。

曾先生在商业楼宇及室内装修方面拥有丰富的

专业知识，并积逾27年在多类项目中担任设计

团队领导的经验。曾先生目前为创智建筑师有

限公司的高级董事。

曾先生毕业于香港大学，于1982年11月取得建筑

学文学荣誉学士学位，并于1985年11月取得建筑

学士学位。彼亦于1992年6月获得加拿大多伦

多大学工商管理硕士学位。

曾先生于1986年12月及1987年7月先后获认可为香

港建筑师学会员并入选英国皇家建筑师学会

会员。彼亦于2001年获认可为香港室内设计协

会专业会员，并于2004年4月成为世界华人建筑

师协会的一名创办成员。曾先生于2004年8月取

得全国注册建筑师管理委员会的中国一级注册

建筑师资质并于2015年12月获亚太经济合作组

织中央理事会认可为亚太经合组织建筑师。彼

目前持有香港建筑事务监督签发之认可人士注

册证明书（建筑师名单）并为香港注册建筑师。

曾先生于2016年5月至2020年5月期间由香港政府

委任为建筑师注册管理局成员。彼于2004年1月

至2008年12月亦由香港政府委任为承建商注册事

务委员会委员团委员。彼于2006年1月至2011年12

月获认可为认可人士注册事务委员会员及屋

宇署认可人士注册事务委员会委员团委员，以

及于2007年7月至2009年7月为屋宇署畅通无阻通

道咨询委员会候选委员。

Mr. Tsang Wai Yin (曾伟贤) (“Mr. Tsang”), aged 64, was apointed as our

independent non-executive Director on 25 January 2018. He is also a member

of our audit comite and nomination comite. He is responsible for giving

independent advice to our Board.

Mr. Tsang has extensive expertise in comercial building and interior

architecture and has over 27 years of experience as a leader of design team

in a broad variety of projects. Mr. Tsang is curently the senior director of AGC

Design Limited.

Mr. Tsang graduated from the University of Hong Kong with a degre of

Bachelor of Arts (Honours) in Architectural Studies in November 1982 and

a degre of Bachelor of Architecture in November 1985. He also obtained a

degre of Master of Busines and Administration from the University of Toronto

in Canada in June 1992.

Mr. Tsang was admited as a member of the Hong Kong Institute of Architects

and elected into membership of the Royal Institute of British Architects

in December 1986 and July 1987, respectively. He was also admited as a

profesional member of the Interior Design Asociation (Hong Kong) in 2001

and was a founding member of the World Asociation of Chinese Architects

in April 2004. Mr. Tsang was acredited a PRC Clas 1 Registered Architect of

the National Administration Board of Architect Registration (Qualification) in

August 2004, and admited as an APEC Architect by the Central Council of the

Asia Pacific Economic Coperation in December 2015. He curently holds the

Certificate of Registration of Authorised Person (list of architects) isued by the

Building Authority in Hong Kong and is a registered architect in Hong Kong.

Mr. Tsang is apointed by the Government of Hong Kong as a member of the

Architects Registration Board for the period from May 2016 to May 2020.

He was also apointed by the Government of Hong Kong as a member of the

Contractors Registration Comite Panel from January 2004 to December

2008. He was a member of the Authorised Persons Registration Comite

and the Authorised Persons Registration Comite Panel of the Buildings

Department from January 2006 to December 2011, and an alternate member

of the Advisory Comite of Barier Fre Aces of the Buildings Department

from July 2007 to July 2009.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

薛海华先生（「薛先生」），66岁，于2018年1月25日

获委任为我们的独立非执行董事，亦为薪酬委

员会主席、审核委员会成员兼提名委员会成员。

彼负责向董事会提供独立意见。

薛先生于法律行业积逾40年经验。彼为香港执

业律师及法律公证人。薛先生于2004年10月至

2012年10月乃薛海华律师行的独资经营者，并自

2012年10月起担任该律师行的管理合伙人。薛先

生自2005年10月起担任博富临置业有限公司（股

份代号：225，一间于联交所主板上市的公司）

的独立非执行董事，并于2013年至2019年间担任

紫金矿业集团股份有限公司（股份代号：2899及

601899，一间于联交所主板及上海证券交易所

两地上市的公司）的独立非执行董事。

薛先生于1980年获香港大学法律荣誉学士学位，

并于1981年7月获颁香港大学专业法学证书。彼

于1983年3月获许于香港担任律师。

Mr. Sit Hoi Wah Keneth (薛海华) (“Mr. Sit”), aged 66, was apointed

as our independent non-executive Director on 25 January 2018. He is also the

chairman of our remuneration comite and a member of our audit comite

and nomination comite. He is responsible for giving independent advice to

our Board.

Mr. Sit has over 40 years of experience in the legal profesion, being a

practising solicitor and Notary Public in Hong Kong. Mr. Sit was the sole-

proprietor of Keneth Sit, Solicitors from October 2004 to October 2012,

and has ben the Managing Partner of that firm since October 2012. Mr. Sit

has ben an independent non-executive director of Pokfulam Development

Company Limited (stock code: 225), a company listed on the Main Board of the

Stock Exchange, since October 2005 and Zijin Mining Group Co., Ltd. (stock

code: 2899 and 601899), a company dualy listed on the Main Board of the

Stock Exchange and the Shanghai Stock Exchange, during 2013 to 2019.

Mr. Sit graduated from the University of Hong Kong with a Bachelor of Laws

(Honours) in 1980 and was awarded the Postgraduate Certificate in Laws by the

University of Hong Kong in July 1981. He was admited as a solicitor in Hong

Kong in March 1983.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

公司秘书

林耀祖先生（「林先生」），43岁，为我们的公司秘

书。林先生于2018年1月至2021年9月期间曾担任

本公司的公司秘书，并于2024年1月再次获委任

为我们的公司秘书。

林先生于会计及企业融资行业方面拥有逾20年

经验。林先生自2016年3月起，一直任职于明大

企业顾问有限公司。林先生由2021年10月起一直

担任新兴印刷控股有限公司（股份代号：1975，

一间于联交所主板上市的公司）的公司秘书。林

先生自2024年6月15日起一直担任时代环球集团

控股有限公司（股份代号：2310，一间于联交所

主板上市的公司）的公司秘书。林先生于2022年

2月至2023年12月期间担任冠中地产有限公司（股

份代号：193，一间于联交所主板上市的公司）的

非执行董事。

于2008年8月至2016年2月，林先生任职于第一太

平有限公司（股份代号：142，一间于联交所主板

上市的公司），最后职位为企业发展部企业发展

经理，负责监察该公司的并购项目。于2006年1月

至2008年8月，林先生任职于德勤关黄陈方会计

师行，最后职位为审计部高级职员。于2004年9

月至2006年1月，林先生受聘于安永会计师事务

所，担任审计与咨询业务服务部的会计人员。

林先生于2004年11月毕业于香港科技大学，获得

会计学工商管理荣誉学士学位。彼于2008年2月

及2018年1月先后获认可为香港会计师公会的注

册会计师及注册会计师（执业）。

根据GEM上市规则第5.15条的规定，林先生已于

2025财政年度接受不少于15小时的相关专业培

训。

合规主任

徐颖德先生为我们的合规主任。有关徐先生资

历及经验的详情于本节「执行董事」一段披露。

授权代表

徐颖德先生及林耀祖先生为本公司的授权代

表。

COMPANY SECRETARY

Mr. Lam Yiu Cho (林耀祖) (“Mr. Lam”), aged 43, is our company secretary.

Mr. Lam was the company secretary of our Company during the period from

January 2018 to September 2021 and was re-apointed as our company

secretary in January 2024.

Mr. Lam has more than 20 years of experience in the acounting and corporate

finance industry. Since March 2016, Mr. Lam has ben working for AE Majoris

Advisory Company Limited. Mr. Lam has ben the company secretary of Sun

Hing Printing Holdings Limited (stock code: 1975), a company listed on Main

Board of the Stock Exchange, since October 2021. Mr. Lam has ben the

company secretary of Times Universal Group Holdings Limited (stock code:

2310), a company listed on Main Board of the Stock Exchange, since 15 June

2024. Mr. Lam had ben the non-executive director of Capital Estate Limited

(stock code: 193), a company listed on Main Board of the Stock Exchange,

during the period from February 2022 to December 2023.

From August 2008 to February 2016, Mr. Lam worked at First Pacific Company

Limited (stock code: 142), a company listed on Main Board of the Stock

Exchange, with his last position being corporate development manager in the

corporate development department, responsible for overseing mergers and

acquisitions projects of the company. From January 2006 to August 2008, Mr.

Lam worked at Deloite Touche Tohmatsu with his last position being senior in

the audit department. From September 2004 to January 2006, Mr. Lam worked

at Ernst & Young as staf acountant in the asurance and advisory busines

services department.

Mr. Lam graduated from The Hong Kong University of Science and Technology

with a degre of Bachelor of Busines Administration (Honours) in Acounting

in November 2004. He was admited as a Certified Public Acountant and a

Certified Public Acountant (Practicing) of the Hong Kong Institute of Certified

Public Acountants in February 2008 and January 2018, respectively.

Acording to the requirements of Rule 5.15 of the GEM Listing Rules, Mr. Lam

had taken no les than 15 hours of relevant profesional training in FY2025.

COMPLIANCE OFICER

Mr. Tsui Wing Tak is our compliance oficer. Details of the qualification and

experience of Mr. Tsui have ben disclose in the paragraph headed “Executive

Directors“ of this section.

AUTHORISED REPRESENTATIVES

Mr. Tsui Wing Tak and Mr. Lam Yiu Cho are the authorised representatives of

our Company.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

序言

我们致力达致及维持高水平的企业管治，原因

是董事会认为，良好有效的企业管治常规乃取

得并保持本公司股东及其他持份者信任的关键，

对鼓励问责及透明度，以让本集团持续成功并

为本公司股东创造长远价值至为重要。

企业管治常规

本公司致力履行其对股东的责任，并通过良好

的企业管治维护及提高股东价值。董事认同良

好企业管治对管理及内部程序十分重要，从而

达致有效问责。

本公司已应用GEM上市规则附录C1所载企业管治

守则及企业管治报告的原则及守则条文。董事

会认为，除企业管治守则守则条文C.2.1外，于

2025财政年度，本公司一直遵守企业管治守则。

董事进行证券交易

本公司已采纳GEM上市规则第5.48至5.67条所载的

必守标准，内容有关董事进行本公司证券交易

的操守则。经向全体董事作出具体查询后，

全体董事确认于整个2025财政年度，彼等一直

全面遵守本公司所采纳有关董事进行证券交易

的交易必守标准以及操守则，且概无发生不

合规事件。

INTRODUCTION

We are comited to achieving and maintaining high standards of corporate

governance, as our Board believes that god and efective corporate

governance practices are key to obtaining and maintaining the trust of the

Shareholders of the Company and other stakeholders, and are esential for

encouraging acountability and transparency so as to sustain the suces of the

Group and to create long-term value for the Shareholders of the Company.

CORPORATE GOVERNANCE PRACTICES

The Company is comited to fulfiling its responsibilities to the Shareholders

and protecting and enhancing Shareholders’ value through god corporate

governance. Our Directors recognise the importance of god corporate

governance in management and internal procedures so as to achieve efective

acountability.

The Company has aplied the principles and code provisions in the Corporate

Governance Code (the “CG Code”) and Corporate Governance Report as set

out in Apendix C1 to the GEM Listing Rules. In the opinion of the Board, save

as Code Provision C.2.1 of the CG Code, the Company has complied with the CG

Code during FY2025.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the required standard of the code of conduct for

dealings in securities of the Company by the Directors as set out in Rules

5.48 to 5.67 of the GEM Listing Rules. Having made specific enquiries to

al Directors, al Directors confirmed that they have fuly complied with the

required standard of dealings and the code of conduct regarding securities

transactions by Directors adopted by the Company, and there was no event of

non-compliance throughout FY2025.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会

组成

本公司一直认为，董事会应维持均衡的组成，当

中包括执行董事及独立非执行董事，使董事会

具备独立元素，从而能够有效作出独立判断。

于本报告日期，董事会的组成载列如下：

执行董事

唐登先生（联席主席兼行政总裁）

余权胜先生（联席主席）

（于2024年9月13日获委任）

Mary Kathlen Babington女士

徐颖德先生

边大海先生

矫德君先生

独立非执行董事

杨文忠先生

曾伟贤先生

薛海华先生

各董事的履历详情载于本报告「董事及高级管

理层」一节。

董事会职责及职能

董事会主要负责监管及监督本集团业务事宜及

整体表现的管理。董事会设定本集团的使命及

标准，并确保具备必须的财务及人力资源，支

援本集团实现目标。

董事会已设立多个董事委员会，并授权此等董

事委员会履行其各自职权范围载列的各项责任，

该等职权范围载于GEM网站及本公司网站。董

事会可不时于其认为适当时向本集团的高级管

理层转授若干职能。本集团的高级管理层已获

授权管理本集团的日常业务运作以及实施董事

会所采纳的业务计划、策略及政策。

BOARD OF DIRECTORS

Composition

The Company is comited to the view that the Board should include a

balanced composition of executive and independent non-executive Directors

so that there is an independent element on the Board, which can efectively

exercise independent judgment.

As at the date of this report, the composition of the Board is set out as folows:

Executive Directors

Mr. Tong Tang Joseph (Co-chairman and Chief Executive Oficer)

Mr. Yu Quansheng (Co-chairman)

(Apointed on 13 September 2024)

Ms. Mary Kathlen Babington

Mr. Tsui Wing Tak

Mr. Bian Dahai

Mr. Jiao Dejun

Independent Non-executive Directors

Mr. Yeung Man Chung Charles

Mr. Tsang Wai Yin

Mr. Sit Hoi Wah Keneth

The biographical details of each of the Directors are set out in the section

headed “Directors and Senior Management” of this report.

Responsibilities and Functions of the Board

The Board is primarily responsible for overseing and supervising the

management of the busines afairs and the overal performance of the

Group. The Board sets the Group’s mision and standards and ensures that the

requisite financial and human resources suport are in place for the Group to

achieve its objectives.

The Board has established Board comites and has delegated to these

Board comites various responsibilities as set out in their respective terms

of reference which are published on the respective websites of GEM and

the Company. The Board may from time to time delegate certain functions

to senior management of the Group if and when considered apropriate.

The management of day-to-day operation of the Group’s busineses and

implementation of the busines plans, strategies and policies adopted by the

Board has ben delegated to the senior management of the Group.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会履行的职能包括但不限于以下事宜：

‧ 制定本集团的策略及方向，以及监察有关

实施情况；

‧ 决定所有重大合约、收购、投资、撤资、

出售资产或任何重大资本开支；

‧ 批准本集团的综合财务报表、已刊发报

告、股价敏感公告及GEM上市规则规定的

其他披露；

‧ 制订、监察及检讨本集团的企业管治常规

以及本集团的财务监控、内部监控及风险

管理系统是否有效；

‧ 董事会的委任及其他主要任命或罢免；及

‧ 监察管理层的表现。

董事可随时全面查阅本集团的资料及账目，并

有权在适当情况下寻求独立的专业意见，费用

由本公司承担。

独立非执行董事

遵照GEM上市规则第5.05(1)、5.05(2)及5.05A条，本

公司已委任三名独立非执行董事，占董事会成

员人数三分之一以上，而其中至少一名具备适

当的专业资格，或具备会计或相关的财务管理

专长。

本公司已接获各名独立非执行董事就其独立性

发出的年度确认函，根据GEM上市规则第5.09条

所载的各项及不同指引，本公司认为该等董事

属独立人士。

董事及高级人员保险

本公司已作出保险安排，就董事面临法律行动

的责任提供适当保障。

The functions performed by the Board include but are not limited to the

folowing maters:

• ’s strategy and direction and monitoring the

implementation thereof;

• , acquisitions, investments, divestments,

disposals of asets or any significant capital expenditure;

• ’s consolidated financial statements, published

reports, price sensitive anouncement and other disclosure required

under the GEM Listing Rules;

• , monitoring and reviewing the Group’s corporate governance

practices and the efectivenes of the Group’s financial controls, internal

control and risk management systems;

• ; and

• monitoring the performance of the management.

The Directors have ful and timely aces to information and acounts of the

Group and are entitled to sek independent profesional advice in apropriate

circumstances at the Company’s expense.

Independent Non-executive Directors

In compliance with Rule 5.05(1), 5.05(2) and 5.05A of the GEM Listing Rules,

the Company has apointed thre independent non-executive Directors

representing more than one-third of the Board and at least one of whom has

apropriate profesional qualifications, or acounting or related financial

management expertise.

The Company has received from each independent non-executive Director an

anual confirmation of his independence, and the Company considers such

Directors to be independent in acordance with each and the various guidelines

set out in Rule 5.09 of the GEM Listing Rules.

Directors’ and Oficers’ Insurance

Proper insurance coverage in respect of legal actions against the Directors’

liability has ben aranged by the Company.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事培训及专业发展

为协助董事持续发展专业，本公司建议董事出

席相关研讨会，以发展并更新其知识及技能。

董事亦参与由合资格专业人士举办的外部研讨

会等持续专业发展计划，以发展并更新其知识

及技能，为董事会作出贡献。

公司秘书不时更新并向董事提供有关适用GEM

上市规则及规例最新发展的书面培训资料。

全体董事亦明白持续专业发展十分重要，并承

诺参与任何合适培训，以发展并更新其知识及

技能。

DIRECTORS’ TRAINING AND PROFESIONAL

DEVELOPMENT

To asist Directors’ continuing profesional development, the Company

recomends Directors to atend relevant seminars to develop and refresh their

knowledge and skils. Directors also participate in continuous profesional

development programes such as external seminars organised by qualified

profesionals, to develop and refresh their knowledge and skils in relation to

their contribution to the Board.

From time to time, the company secretary updates and provides writen training

materials on the latest developments of aplicable GEM Listing Rules and

regulations to the Directors.

Al the Directors also understand the importance of continuous profesional

development and are comited to participate any suitable training to develop

and refresh their knowledge and skils.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会议及董事出席记录

董事会将预定一年最少举行四次会议，约每季

举行一次，并提前至少14日向董事发出通知。

董事获准将任何其他须于会议上讨论及议决的

事宜纳入议程。为使董事可就将于会议上提出

的事宜获得适当简述并作出知情决定，议程及

随附董事会文件连同所有与会议事项有关的适

当及相关资料，将于各定期董事会议的拟定

日期起计最少三日前及各其他董事会议举行

日期起计三日前或经协定的其他期间送交全体

董事。

公司秘书负责保存所有董事会议记录。会议

记录草稿及定稿将于各大会之后的合理时间内

交董事传阅以供其发表意见及记录，定稿可供

董事查阅。根据GEM上市规则，任何于董事会

会议上将讨论的交易中拥有重大权益的董事及

其联系人（定义见GEM上市规则）均会就批准有

关交易的决议案放弃表决权，且不得计入会议

的法定人数内。

于2025财政年度及直至本报告日期，本公司已举

行八次董事会议及一次股东大会（即本公司的

股东周年大会（「股东周年大会」）。各董事出席

董事会议及股东大会的记录载列如下：

METINGS OF BOARD AND DIRECTORS’

ATENDANCE RECORDS

The Board wil schedule to met at least four times a year at aproximately

quarterly intervals with notice given to the Directors at least 14 days in

advance. The Directors are alowed to include any other maters in the agenda

that is required for discusion and resolution at the meting. To enable the

Directors to be properly briefed on isues arising at the Board metings and

to make informed decisions, an agenda and the acompanying Board papers

together with al apropriate and relevant information in relation to the maters

of the metings are sent to al Directors at least thre days before the intended

date of each regular Board meting and thre days or such other period as

agred before each other Board meting.

The company secretary is responsible for keping al Board metings’ minutes.

Draft and final versions of the draft minutes wil be circulated to the Directors

for coments and record within a reasonable time after each meting and

the final version is open for the Directors’ inspection. Acording to the GEM

Listing Rules, any Directors and their asociates (as defined in the GEM Listing

Rules) with a material interest in the transactions to be discused at the Board

metings wil abstain from voting on resolutions aproving such transactions

and are not counted in the quorum of the metings.

During FY2025 and up to the date of this report, eight Board metings and

one Shareholders’ meting (being the anual general meting (the “AGM”) of

the Company) were held. The individual atendance record of the Board and

Shareholders’ metings is set out as folows:

Number of

AGM atended/

eligible to atend

Number of Board

metings atended/

eligible to atend

Name of Directors董事姓名

已出席╱合资格出席

股东周年大会次数

已出席╱合资格出席

董事会议次数

Mr. Tong Tang Joseph唐登先生1/18/8

Mr. Yu Quansheng

(Apointed on 13 September 2024)

余权胜先生

（于2024年9月13日获委任）

N/A

不适用4/4

Ms. Mary Kathlen BabingtonMary Kathlen Babington女士1/18/8

Mr. Tsui Wing Tak徐颖德先生1/18/8

Mr. Bian Dahai边大海先生1/13/8

Mr. Jiao Dejun矫德君先生1/14/8

Mr. Yeung Man Chung Charles杨文忠先生1/18/8

Mr. Tsang Wai Yin曾伟贤先生1/18/8

Mr. Sit Hoi Wah Keneth薛海华先生1/18/8

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事的委任及重选条款

除边大海先生、矫德君先生及余权胜先生外，

各执行董事已于2018年1月25日与本公司订立服务

合约，而我们已于同日与各独立非执行董事签

订委任函。执行董事的服务合约期限自2018年1

月25日上市日期（「上市日期」）起初步为期三年，

且可由任何一方发出不少于三个月书面通知终

止。对于边大海先生、矫德君先生及余权胜先

生，我们已分别于2022年10月20日、2024年1月10

日及2024年9月13日与彼等就担任执行董事签订

委任函。执行董事的服务合约期限分别自2022

年10月21日、2024年1月10日及2024年9月13日起初

步为期三年。

服务合约及委任函可根据其各自条款终止。服

务合约的年期可根据组织章程细则（「细则」）及

适用GEM上市规则重续。

根据细则，在本公司每届股东周年大会上，当

时的三分之一董事应轮值退任，但每名董事须

至少每三年在股东周年大会上轮值退任及接受

重选一次。获委任以填补临时空缺的董事仅任

职至其获委任后的首个股东大会为止，并须接

受本公司股东重选。

本公司已投购董事及高级人员责任保险，涵盖

针对董事提出的任何法律行动所产生的责任。

董事会独立性评估机制

本公司设有董事会独立性评估机制，确保可为

董事会提供独立意见及建议。为促进会议可有

效进行，董事将事先获悉董事会与董事委员会

的会议时间表，而会议程、文件及资料亦会

于会议举行之前提供予董事。如若任何董事有

意将事项列入董事会议程，彼可向主席发

出通知。本公司欢迎全体董事于会议期间提出

查询、建议及观点。为鼓励积极参与，本公司

为无法亲身出席会议的董事安排视频会议。董

事会已对该等机制进行年度检讨，认为该等机

制恰当并有效。

TERMS OF APOINTMENT AND RE-ELECTION OF

DIRECTORS

Except for Mr. Bian Dahai, Mr. Jiao Dejun and Mr. Yu Quansheng, each of our

executive Directors has entered into a service contract with our Company

on 25 January 2018 and we signed leters of apointment with each of our

independent non-executive Directors on the same day. The service contracts

with our executive Directors are for an initial term of thre years comencing

from the listing date on 25 January 2018 (the “Listing Date”) and can be

terminated by either party giving not les than thre months’ notice in writing.

For Mr. Bian Dahai, Mr. Jiao Dejun and Mr. Yu Quansheng, we signed leters

of apointment with them, as our executive Directors on 20 October 2022, 10

January 2024 and 13 September 2024, respectively. The service contracts with

our executive Directors are for initial terms of thre years comencing from 21

October 2022, 10 January 2024 and 13 September 2024, respectively.

The service contracts and leters of apointment are subject to termination

in acordance with their respective terms. The service contracts can be

renewed in acordance with our articles of asociation (the “Articles”) and the

aplicable GEM Listing Rules.

Acording to our Articles, one-third of the Directors for the time being shal

retire from ofice by rotation at every AGM of the Company, provided that

every Director shal retire from ofice by rotation and are subject to re-election

at AGM at least once every thre years. Directors who are apointed to fil

casual vacancies shal hold ofice only until the next folowing general meting

after their apointment, and are subject to re-election by Shareholders of the

Company.

The Company has taken out directors and oficers liability insurance to cover

liabilities arising from legal action against the Directors.

BOARD INDEPENDENCE EVALUATION

MECHANISMS

The Company has Board independence evaluation mechanisms in place to

ensure independent views and input are available to the Board. To facilitate

an efective meting, the Board and Board comite meting schedules

are informed wel in advance to the Directors. Meting agenda, materials

and information are provided to the Directors prior to metings. Any Director

can give notice to the chairman if he or she intends to include maters on

the agenda of a Board meting. Al Directors are welcome to raise enquiries,

sugestions and views during the metings. To encourage active participation,

video conferences are aranged for Directors who are unable to atend in

person. The Board has conducted an anual review on these mechanisms and

considered they are in place and are efective.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会成员多元化政策

董事会已采纳一套董事会成员多元化政策（「董

事会成员多元化政策」），当中载列可让本公司

达致可持续而均衡地发展并提高表现质素的方

针。

本公司明白并深信董事会成员多元化的裨益。本

公司致力确保董事会于技能、经验及多元化观

点方面达到平衡，以支持业务策略的执行。所

有董事会任命将继续基于用人唯才及董事会成

员多元化效益的原则。挑选候选人时依据一系

列多元范畴，包括但不限于性别、年龄、文化

及教育背景、种族、专业经验、技能及知识。

本公司网站htps:/qihouseholdings.com/提供董事会

成员多元化政策的公开资料。

提名委员会将适时检讨董事会多元化政策，以

确保其有效。提名委员会将讨论任何可能需要

的修订，并向董事会建议任何有关修订以供审

议及批准。

目标已订于维持董事会成员最少20%为执行董

事，连同合适比例的女性成员，即最少为一名

女性成员。

于2025财政年度，董事会已达成上述目标。于本

报告日期，董事会由九名董事组成，其中三名

为独立非执行董事，并有一名女性成员。

联席主席及行政总裁

根据企业管治守则守则条文C.2.1，主席与行政总

裁的角色应有区分，并不应由一人同时兼任。

唐登先生目前兼任本公司联席主席兼本公司行

政总裁。鉴于唐先生一直肩负本集团的日常营

运及管理职责，而本集团正处于快速发展期，

董事会认为，唐先生经验丰富，熟知本集团业

务，由唐先生兼任本公司联席主席及行政总裁

将巩固稳定贯彻的领导，从而实现高效的业务

规划及决策，符合本集团的最佳利益。唐先生

将本集团的营运、管理、业务发展及策略规划

等职责及责任转授予其他执行董事。董事会将

于有需要时检讨是否需要委任适当人选担任行

政总裁一职。

BOARD DIVERSITY POLICY

The Board has adopted a policy of the Board diversity (the “Board Diversity

Policy”) which sets out the aproach to achieve a sustainable and balanced

development of the Company and also enhance the quality of performance of

the Company.

The Company recognises and embraces the benefits of a diversity of Board

members. It endeavours to ensure that the Board has a balance of skils,

experience and diversity of perspectives that are required to suport the

execution of its busines strategy. Al Board apointments wil continue to

be made on a merit basis with due regard for the benefits of diversity of the

Board members. Selection of candidates wil be based on a range of diversity

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

background, ethnicity, profesional experience, skils and knowledge.

The Board Diversity Policy is available on the website of the Company at

htps:/qihouseholdings.com/ for public information.

The nomination comite wil review the Board Diversity Policy, as

apropriate, to ensure its efectivenes. The nomination comite wil discus

any revision that may be required and recomend any such revisions to the

Board for consideration and aproval.

Targets have ben set to maintain the Board with at least 20% of members

being made up of executive Directors, together with an apropriate level of

female member, which shal be at least one female member.

The Board has achieved the aforementioned targets during FY2025. As at the

date of this report, the Board comprises nine directors, thre of which are

independent non-executive directors and has one female member.

CO-CHAIRMAN AND CHIEF EXECUTIVE

Pursuant to the Code Provision C.2.1 of the CG Code, the roles of the chairman

and the chief executive should be separate and performed by diferent

individuals.

Mr. Tong Tang Joseph curently asumes the role of both co-chairman of the

Company and chief executive of the Company. In view that Mr. Tong has ben

asuming day-to-day responsibilities in operating and managing our Group

and the rapid development of our Group, the Board believes that with the

suport of Mr. Tong’s extensive experience and knowledge in the busines of

the Group, vesting the roles of both co-chairman and chief executive oficer of

our Company in Mr. Tong strengthens the solid and consistent leadership and

thereby alows for eficient busines planing and decision which is in the best

interest to our Group. Mr. Tong delegates the role and responsibilities including

operations, management, busines development and strategy planing of

the Group to other executive Directors. The Board wil review the ned of

apointing suitable candidate to asume the role of chief executive when

necesary.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事委员会

董事会已设立三个董事委员会，分别为审核委

员会、薪酬委员会及提名委员会，以监察本公

司特定方面的事务。董事委员会获提供充足资

源以履行其职务。

所有董事委员会均获提供充足资源以履行其职

务，并可提出合理要求，在适当情况下寻求独

立专业意见，费用由本公司承担。

董事会负责履行企业管治守则所载的企业管治

职务，当中包括制定及检讨本公司的企业管治

政策及常规、董事的培训及持续专业发展，以

及检讨本公司有否遵守企业管治守则的守则条

文及本报告所作的披露。

审核委员会

我们已遵照GEM上市规则第5.28条及企业管治守

则常规D.3.3及D.3.7段，根据董事于2018年1月5日

通过的决议案设立审核委员会，并制定书面职

权范围。职权范围已于2019年1月4日就更新GEM

上市规则进行修订及重列。审核委员会的主要

职务为（其中包括）就委任、续聘及罢免外聘核

数师向董事会提出建议、审阅财务报表及就财

务申报提供意见、监督财务申报过程、内部监

控、风险管理系统及审核过程，以及履行董事

会指派的其他职责及责任。

目前，审核委员会由杨文忠先生、曾伟贤先生及

薛海华先生组成，彼等均为独立非执行董事。

杨文忠先生为审核委员会主席。

于2025财政年度及直至本报告日期，审核委员

会举行三次会议，会上已审阅及讨论本公司综

合财务业绩，包括本集团采纳的会计原则及惯

例、本公司遵守企业管治守则的情况、本集团

内部监控及风险管理系统以及内部审核功能的

成效，并向董事会提供推荐建议以供考虑上述

事宜及于应届股东周年大会上续聘致同（香港）

会计师事务所有限公司（「致同」）为本公司的外

聘独立核数师。

本公司网站htps:/qihouseholdings.com/提供职权范

围的公开资料。

BOARD COMITES

The Board has established thre Board comites, namely the audit

comite, the remuneration comite and the nomination comite to

overse particular aspects of the Company’s afairs. The Board comites are

provided with suficient resources to discharge their duties.

Al Board comites are provided with suficient resources to perform their

duties and, upon reasonable request, are able to sek independent profesional

advice in apropriate circumstance, at the Company’s expense.

The Board is responsible for performing the corporate governance duties set

out in the CG Code which included developing and reviewing the Company’s

policies and practices on corporate governance, training and continuous

profesional development of Directors, and reviewing the Company’s

compliance with the code provision in the CG Code and disclosures in this

report.

Audit Comite

We established our audit comite with writen terms of reference in

compliance with Rule 5.28 of the GEM Listing Rules and paragraph D.3.3

and D.3.7 of the CG Code Practices pursuant to a resolution of our Directors

pased on 5 January 2018. The terms of reference were amended and restated

on 4 January 2019, with respect to the update of the GEM Listing Rules.

The primary duties of our audit comite are, among other things, to make

recomendations to our Board on the apointment, reapointment and removal

of external auditor, review the financial statements and provide advice in

respect of financial reporting, overse our financial reporting proces, internal

control, risk management systems and audit proces, and perform other duties

and responsibilities asigned by our Board.

At present, our audit comite comprises Mr. Yeung Man Chung Charles,

Mr. Tsang Wai Yin and Mr. Sit Hoi Wah Keneth, al being independent non-

executive Directors. Mr. Yeung Man Chung Charles is the chairman of our audit

comite.

During FY2025 and up to the date of this report, the audit comite held

thre metings, at which the audit comite has reviewed and discused the

Company’s consolidated financial results, including the acounting principles

and practice adopted by the Group, the Company’s compliance with the CG

Code, the efectivenes of the Group’s internal control and risk management

systems and the Group’s internal audit function and recomended to the Board

for consideration the same and the re-apointment of Grant Thornton Hong

Kong Limited (“Grant Thornton”) as the Company’s external independent

auditor at the forthcoming AGM.

The terms of reference is available on the website of the Company at

htps:/qihouseholdings.com/ for public information.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

于2025财政年度及直至本报告日期，各成员出

席审核委员会议的情况如下：

薪酬委员会

我们已遵照GEM上市规则第5.34条及企业管治常

规守则E.1.2段，根据董事于2022年12月30日通过

的决议案设立薪酬委员会，并制定书面职权范

围。薪酬委员会的主要职责为检讨及批准管理

层的薪酬建议、就董事及高级管理层的薪酬待

遇向董事会提出建议以及确保概无董事厘定其

本身的薪酬。

本公司网站htps:/qihouseholdings.com/提供职权范

围的公开资料。

目前，薪酬委员会由执行董事徐颖德先生以及

两名独立非执行董事杨文忠先生及薛海华先生

组成。薛海华先生为薪酬委员会主席。

于2025财政年度及直至本报告日期，委员会于

2024年6月21日、2024年9月13日及2025年6月27日举

行会议，全体委员会成员均有出席。

提名委员会

我们已遵照企业管治常规守则B.3.1段，根据董事

于2018年1月5日通过的决议案设立提名委员会，

并制定书面职权范围。职权范围已于2019年1月

4日就更新GEM上市规则进行修订及重列。提名

委员会的主要职责为检讨董事会架构、人数及

组成，以及挑选获提名出任董事的人士或就此

提出建议。

During FY2025 and up to the date of this report, the atendance of each

member at the audit comite meting is as folows:

Name of Directors

Number of atendance/

number of metings

董事姓名会议出席次数╱举行次数

Mr. Yeung Man Chung Charles (Chairman)杨文忠先生（主席）3/3

Mr. Tsang Wai Yin曾伟贤先生3/3

Mr. Sit Hoi Wah Keneth薛海华先生3/3

Remuneration Comite

We established our remuneration comite with writen terms of reference

in compliance with Rule 5.34 of the GEM Listing Rules and paragraph E.1.2 of

the Code on Corporate Governance Practices pursuant to a resolution of our

Directors pased on 30 December 2022. The primary duties of our remuneration

comite are to review and aprove the management’s remuneration

proposals, make recomendations to our Board on the remuneration package

of our Directors and senior management and ensure none of our Directors

determines his/her own remuneration.

The terms of reference is available on the website of the Company at

htps:/qihouseholdings.com/ for public information.

At present, our remuneration comite comprises Mr. Tsui Wing Tak, being

our executive Director, and two of our independent non-executive Directors,

Mr. Yeung Man Chung Charles and Mr. Sit Hoi Wah Keneth. Mr. Sit Hoi Wah

Keneth is the chairman of our remuneration comite.

During FY2025 and up to the date of this report, the comite met on 21

June 2024, 13 September 2024 and 27 June 2025 with 100% atendance by al

comite members.

Nomination Comite

We established our nomination comite with writen terms of reference

in compliance with paragraph B.3.1 of the Code on Corporate Governance

Practices pursuant to a resolution of our Directors pased on 5 January 2018.

The terms of reference were amended and restated on 4 January 2019, with

respect to the update of the GEM Listing Rules. The primary duties of our

nomination comite are to review the structure, size and composition of our

Board, and select or make recomendations on the selection of individuals

nominated for directorships.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

目前，提名委员会由联席主席兼执行董事唐登

先生、执行董事Mary Kathlen Babington女士以及

三名独立非执行董事杨文忠先生、薛海华先生

及曾伟贤先生组成。唐登先生为提名委员会主

席。

本公司网站htps:/qihouseholdings.com/提供职权范

围的公开资料。

于2025财政年度及直至本报告日期，委员会于

2024年6月21日、2024年9月13日及2025年6月27日举

行会议，全体委员会成员均有出席。

外聘核数师

于2025财政年度，致同获委聘为本集团的独立

核数师。除提供年度审核服务外，致同亦为本

公司提供非审核服务。

于2025财政年度，就致同所提供的审核及非审

核服务已付或应付的酬金载列如下：

董事及核数师就综合财务报表须

承担的责任

董事会致力于年度及中期报告以及GEM上市规则

规定的其他财务披露资料中平衡、清晰及全面

评核本集团的表现、情况及前景。董事知悉彼

等负责编制能真实而公平地反映本公司的事务

状况及本集团于2025财政年度的业绩及现金流

量，以及根据适用的法定规定及会计准则按持

续经营基准妥善编制的本集团综合财务报表。

管理层将每月向董事会提供最新资料，内容有

关对本集团表现、状况及前景作出平衡及容易

理解的评审，足以让董事会整体及各董事履行

GEM上市规则第5.01条及第十七章所规定的职

责。

At present, our nomination comite comprises Mr. Tong Tang Joseph, being

our co-chairman and executive Director, Ms. Mary Kathlen Babington, being

our executive Director, and our thre independent non-executive Directors, Mr.

Yeung Man Chung Charles, Mr. Sit Hoi Wah Keneth and Mr. Tsang Wai Yin.

Mr. Tong Tang Joseph is the chairman of our nomination comite.

The terms of reference is available on the website of the Company at

htps:/qihouseholdings.com/ for public information.

During FY2025 and up to the date of this report, the comite met on 21

June 2024, 13 September 2024 and 27 June 2025 with 100% atendance by al

comite members.

EXTERNAL AUDITOR

For FY2025, Grant Thornton was engaged as the Group’s independent auditor.

Apart from the provision of anual audit services, Grant Thornton also provided

the non-audit services to the Company.

For FY2025, the remuneration paid or payable to Grant Thornton in respect of

audit and non-audit services provided is set out below:

2025年

Category of servicesHK$’000

服务类别 千港元

Audit services审核服务850.0

Non-audit services非审核服务56.0

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The Board is comited to provide a balanced, clear and comprehensive

asesment of the Group’s performance, position and prospects in anual, and

interim reports, and other financial disclosures required by the GEM Listing

Rules. The Directors acknowledge their responsibility for the preparation of the

consolidated financial statements of the Group which give a true and fair view

of the state of afairs of the Company and the Group’s results and cash flows

for FY2025 and are properly prepared on a going concern basis in acordance

with the aplicable statutory requirements and acounting standards.

The management wil provide the Board with monthly updates giving a

balanced and understandable asesment of the Group’s performance, position

and prospects in suficient detail to enable the Board as a whole and each

Director to discharge their duties under Rule 5.01 and Chapter 17 of the GEM

Listing Rules.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事并不知悉任何可能对本公司持续经营的能

力构成重大疑虑的事件或情况的任何重大不确

定因素。

此外，致同已于独立核数师报告中表明其就本

公司2025财政年度的综合财务报表承担的申报

责任。

风险管理及内部监控

董事会负责设立、维持及检讨本集团的内部监

控及风险评估体系。不同业务内部监控体系均

由一间独立外聘风险顾问公司进行审阅，以确

保内部监控体系有效及充分。

董事会认为，本集团2025财政年度的内部监控

体系充分有效。董事会亦已审阅本集团于会计

及财务申报职能方面的资源、员工资历及经验

是否足够，并已审阅2025财政年度的培训课程

及预算，并认为全部均足够。

披露内幕消息

本公司知悉其根据证券及期货条例及GEM上市

规则应履行的责任，首要原则为内幕消息在成

为有关决定所涉及主要事项时随即公布。

本公司已设立及维持处理及发布内幕消息的程

序及内部监控。本公司已根据GEM上市规则第

5.48至5.67条就董事进行本公司证券交易采纳一

套行为守则。本集团内可能拥有本公司的内幕

消息的其他雇员亦须遵守买卖限制。本集团严

禁未经授权使用保密或内幕消息，或为个人或

他人利益而使用有关消息。任何内幕消息及可

能构成内幕消息的资料均须及时识别、评估及

上报董事会，由董事会决定是否有需要作出披

露。内幕消息及根据GEM上市规则须予披露的

其他资料将于适当时候在GEM及本公司各自的

网站内公布。

The Directors were not aware of any material uncertainties relating to events

or conditions that may cast significant doubt upon the Company’s ability to

continue as a going concern.

In adition, Grant Thornton has stated in the Independent Auditor’s Report its

reporting responsibilities on the Company’s consolidated financial statements

for FY2025.

RISK MANAGEMENT AND INTERNAL CONTROL

The Board is responsible for the establishment, maintenance and review of the

Group’s system of internal controls and risk asesment. A review of internal

controls systems of diferent operations was conducted by an independent

external risk advisory firm to ensure the efectivenes and adequacy internal

controls system.

The Board considered the internal controls system of the Group to be adequate

and efective for FY2025. The Board also conducted a review of the adequacy

of resources, qualifications and experience of staf of the Group’s acounting

and financial reporting function, and their training programs and budget which

are considered to be adequate for FY2025.

DISCLOSURE OF INSIDE INFORMATION

The Company acknowledges its responsibilities under the SFO and the GEM

Listing Rules and the overiding principle that inside information should be

anounced imediately when it is the subject of a decision.

The Company has established and maintained the procedures and internal

controls for the handling and disemination inside information. The Company

has adopted a code of conduct for dealing in securities of the Company by the

Directors in acordance with Rules 5.48 to 5.67 of the GEM Listing Rules. Other

employes of the Group who are likely to be in posesion of inside information

of the Company are also subject to dealing restrictions. The Group has strictly

prohibited unauthorised use of confidential or insider information or any use of

such information for the advantage of himself or others. Any inside information

and any information which may potentialy constitute inside information is

promptly identified, asesed and escalated to the Board and for the Board

to decide on the ned for disclosure. Inside information and other information

which is required to be disclosed pursuant to the GEM Listing Rules wil be

anounced on the respective websites of GEM and the Company in due course.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

公司秘书

林耀祖先生，43岁，为我们的公司秘书。彼于

2024年1月1日加入本集团。林先生的履历详情载

于「董事及高级管理层」一节。

公司秘书的主要职责包括（但不限于）以下各项：

(i)确保遵守董事会程序以及高效及有效地进行

董事会的活动；(i)协助主席编制议程及董事会

会议文件，并及时向董事及董事委员会派发有

关文件；(i)及时发布有关本集团的公布及资料；

及(iv)保存董事会议及其他董事委员会议的

正式会议记录。

于2025财政年度，本公司的公司秘书已确认，彼

已根据GEM上市规则第5.15条接受不少于15小时

的相关专业培训。

股东权利

本公司的股东大会提供机会让股东与董事会彼

此沟通。本公司的股东周年大会将于每年董事

会可能厘定的地点举行。股东周年大会以外的

各个股东大会称为股东特别大会（「股东特别大

会」）。

股东召开股东特别大会的程序

根据细则第64条，股东特别大会可由一名或多

名股东要求召开，该等股东于提出要求当日须

持有本公司实缴股本不少于十分之一并有权在

股东大会上表决。有关要求须以书面形式向董

事会或秘书提出，借以要求董事会就处理有关

要求所指明的任何事务召开股东特别大会。有

关会议须在送达该请求书后两个月内举行。如

董事会在请求书送达日期起计21日内未有安排

召开有关会议，则请求人可用相同方式自行召

开会议，且请求人因董事会未有妥为召开会议

而招致的所有合理费用，须由本公司偿还请求

人。

请求书必须清楚列明有关股东的姓名、其于本

公司持有的股权、召开股东特别大会的原因及

建议程。

COMPANY SECRETARY

Mr. Lam Yiu Cho (林耀祖), aged 43, is our company secretary. He rejoined

our Group in 1 January 2024. The biographical details of Mr. Lam are set out

under the section headed “Directors and Senior Management”.

The primary duties of the company secretary include, but are not limited to, the

folowing: (i) to ensure the Board procedures are folowed and that the activities

of the Board are caried out eficiently and efectively; (i) to asist the

chairman to prepare agendas and Board papers for metings and diseminate

such documents to the Directors and Board comites in a timely maner; (i)

to timely diseminate anouncements and information relating to the Group;

and (iv) to maintain formal minutes of the Board metings and other Board

comite metings.

During FY2025, the company secretary of the Company had confirmed that he

had taken no les than 15 hours of relevant profesional training the acordance

with Rule 5.15 of the GEM Listing Rules.

SHAREHOLDERS’ RIGHTS

The general metings of the Company provide an oportunity for

comunication betwen the Shareholders and the Board. An AGM of the

Company shal be held in each year and at the place as may be determined

by the Board. Each general meting, other than an AGM, shal be caled an

extraordinary general meting (the “EGM”).

Procedures for Shareholders to convene an

extraordinary general meting

Pursuant to the Article 64 of the Articles, EGMs shal be convened on the

requisition of one or more Shareholders holding, at the date of deposit of the

requisition, not les than one tenth of the paid up capital of the Company

having the right of voting at general metings. Such requisition shal be made

in writing to the Board or the Secretary for the purpose of requiring an EGM

to be caled by the Board for the transaction of any busines specified in such

requisition. Such meting shal be held within two months after the deposit of

such requisition. If within 21 days of such deposit, the Board fails to proced to

convene such meting, the requisitionist(s) himself (themselves) may do so in

the same maner, and al reasonable expenses incured by the requisitionist(s)

as a result of the failure of the Board shal be reimbursed to the requisitionist(s)

by the Company.

The requisition must state clearly the name of the Shareholder(s) concerned,

his/her/their shareholding in the Company, the reason(s) to convene the EGM

and the proposed agenda.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

股东向董事会发出查询的程序

股东可将彼等向董事会提出的任何书面查询或

关注事项邮寄至本公司的香港主要营业地点。

与股东的沟通及投资者关系

董事会全面负责确保本公司与股东保持对话，

尤其是藉股东周年大会或其他会议与股东沟

通，并鼓励彼等参与。

本公司将通过召开股东周年大会或股东大会、

刊发年度、中期及季度报告、通告、公布、通

函以及于GEM及本公司各自网站上载所有披露资

料，向股东、投资者及其他持份者传达资讯。

董事会已于2018年1月25日举行的董事会议上

采纳股东通讯政策，旨在让股东及有意投资者

可方便及适时地取得不偏不倚及容易理解的本

公司资料。董事会已检讨股东通讯政策的实施

及效果，并认为其属有效。

章程文件

于2025财政年度，本公司的章程文件概无任何变

动。

本公司组织章程大纲及细则的副本已于本公司

及联交所网站上登载。

举报政策

本集团已采纳举报政策，让本集团雇员或其他

持份者（例如供应商及客户）在保密的情况下向

审核委员会举报本集团相关的任何不当事宜。

Procedures for Shareholders to send enquiries to the

Board

Shareholders may send their writen enquiries and concerns to the Board by

adresing them to the principal place of busines of the Company in Hong

Kong.

COMUNICATION WITH SHAREHOLDERS AND

INVESTOR RELATIONS

The Board has the overal responsibility to ensure that the Company maintains

on-going dialogue with Shareholders and in particular, use AGM or other

metings to comunicate with Shareholders and encourage their participation.

Information wil be comunicated to the Shareholders, investors and other

stakeholders through convening the AGM or general metings, publication of

anual, interim and quarterly reports, notices, anouncements, circulars as wel

as al the disclosures submited to the respective websites of GEM and the

Company.

A Shareholder’s comunication policy was adopted by the Board at the

Board meting held on 25 January 2018 aiming at providing the Shareholders

and potential investors with ready and timely aces to balanced and

understandable information of the Company. The Board reviewed the

implementation and efectivenes of the Shareholder’s comunication policy

and considered it to be efective.

CONSTITUTIONAL DOCUMENTS

There was no change in the Company’s constitutional documents during

FY2025.

A copy of the Memorandum and Articles of Asociation of the Company is

posted on the website of the Company and the Stock Exchange.

WHISTLE-BLOWING POLICY

The Group has adopted a whistle-blowing policy to alow the employes

or other stakeholders (such as supliers and customers) of the Group to

raise concerns, in confidence, with the audit comite about the posible

improprieties in any mater related to the Group.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

反贪污政策

本集团不允许及容忍任何形式的贪污。本集团

已采纳反贪污政策，当中概括本集团对贿赂及

贪污的零容忍立场，并订明本集团所有业务单

位及雇员有责任遵守适用反贪污法律、规则及

法规。

股息政策

本公司的股息政策旨在让股东得以分享本公司

的利润，同时让本公司预留足够储备供其日后

发展之用。在建议宣派任何股息时，本公司会

考虑多项因素，包括但不限于(i)本集团的财务

业绩；(i)本集团的财务状况；(i)本集团的营运

资金要求、资本开支需求及未来扩展计划；(iv)

本集团的流动资金状况；(v)经济环境及其他可

能对本集团业务或财务表现及状况有影响的内

在或外在因素；及(vi)董事会可能认为适当的任

何其他因素。

概不保证在任何特定期间内将支付任何特定金

额的股息。

根据本公司细则及公司条例，股息必须以现金

支付，或全部或部分以配发本公司股份的形式

支付。董事会可考虑以适用法律及法规所允许

的基准发行红股。

董事会将持续检讨股息政策并保留权利全权

酌情随时更新、修订、修改及╱或取消股息政

策。

ANTI-CORUPTION POLICY

The Group does not alow and tolerate any forms of coruption. The Group has

adopted the Anti-coruption Policy, which outlines the Group’s zero-tolerance

stance against bribery and coruption and sets out the responsibilities of al

busines units and employes of the Group to comply with the aplicable

anti-coruption laws, rules and regulations.

DIVIDEND POLICY

The Company’s dividend policy aims to alow Shareholders to participate in the

Company’s profit and for the Company to retain adequate reserves for the its

future growth. In proposing any dividend, the Company would consider various

factors including but not limited to (i) the Group’s financial results, (i) the

financial condition of the Group, (i) the Group’s working capital requirements,

capital expenditure requirements and future expansion plans, (iv) the Group’s

liquidity position, (v) economic conditions and other internal or external factors

that may have an impact on the busines or financial performance and position

of the Group and (vi) any other factors that our Board may consider apropriate.

There is no asurance that dividends wil be paid in any particular amount for

any given period.

Acording to the Company’s Articles and the Companies Ordinance, dividends

must be paid in cash or be satisfied wholy or partly in the form of alotment of

shares of the Company. The Board may consider the isuance of bonus shares

on a basis permited by the aplicable laws and regulations.

The Board wil continualy review the dividend policy and reserves the right in

its sole and absolute discretion to update, amend, modify and/or cancel the

dividend policy at any time.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

董事会欣然提呈本集团2025财政年度的董事会

报告及经审核综合财务报表。

主要业务

我们的总部位于香港，从事(i)以「TRE」品牌名

称经营家具及家居配饰销售、分销及租赁；(i)

「TRE」知识产权分销及许可；(i)在旗舰店内经营

TRE Café；(iv)提供家具代理服务；及(v)提供设计

及咨询服务；(vi)提供消费者贷款服务；及(vi)买

卖零件及自动化设备销售，包括销售视觉硬件

产品零件，视觉软件和系统研发和销售，以及

提供技术服务。

于本报告日期，除网上平台外，我们亦在香港

经营两间「TRE」零售店，即位于鸭脷洲的旗舰

店及沙田店。我们于2019年5月开展网上销售。

我们提供多种(a)家具，包括桌椅、收纳解决方

案、沙发及床；及(b)家居配饰，包括厨房用品、

床及浴室相关产品、罐子、靠垫、床垫、餐具

及篮子。

我们于2018年12月收购意享世家，主要从事于香

港提供家具代理服务。因意享世家的财务表现

及未来前景，我们已于2025年2月出售意享世家。

其他业务活动

于2022年1月，我们收购易华为，其主要从事提

供消费者贷款服务。

我们于2024年1月透过在中国成立新外商独资企

业合肥齐家开展新业务，而于2024年3月，合肥

齐家供收购合肥不用人视觉。我们的中国内地附

属公司主要从事视觉硬件产品等开发和销售，

包括销售视觉硬件产品零件，视觉软件和系统

研发和销售，以及提供技术服务。视觉硬件产

品主要包括显示屏背光源AOI设备、显示屏玻璃

AOI设备、显示屏外观检测设备，主要用于显示

屏生产中的各段半成品的光学检测，检测产品

的异物不良、划伤不良等。

业务回顾

本集团2025财政年度的业务回顾载于本报告「管

理层讨论与分析」。

财务业绩及股息

本集团2025财政年度的业绩以及本公司及本集

团于2025年3月31日的财务状况载于本报告第68

至178页的综合财务报表。

董事不建议派付2025财政年度的末期股息。

The Board is pleased to present its report and the audited consolidated

financial statements of the Group for FY2025.

PRINCIPAL ACTIVITIES

Headquartered in Hong Kong, we engage in (i) the sale, distribution and rental

of furniture and home acesories which is operating under the brand name

“TRE”; (i) the distribution and licensing of our intelectual property rights

of “TRE”; (i) the operation of TRE Café in Flagship Store; (iv) the provision

of furniture agency services; and (v) the provision of styling and consulting

services; (vi) the provision of consumer loan services; and (vi) sale of trading

parts and automation equipment, including sales of parts of visual hardware

products, development and sales of visual software and system, and provision

of technical services.

As at the date of this report, we operated two “TRE” retail stores in Hong

Kong namely our Flagship store in Ap Lei Chau and our Sha Tin store in adition

to our online platform. We have comenced online sales since May 2019. We

ofer a variety of (a) furniture including tables, chairs, storage solutions, sofas

and beds; and (b) home acesories including kitchenware, bed and bathrom

related products, jars, cushions, matreses, utensils and baskets.

We acquired Italiving in December 2018, which is principaly engaged in the

provision of furniture agency service in Hong Kong. We disposed of Italiving in

February 2025 due to the financial performance and future prospect of Italiving.

OTHER BUSINES ACTIVITIES

In January 2022, we acquired Super Easy, which is principaly engaged in the

provision of consumer loan services.

We started a new busines by seting up a new wholy-foreign owned

enterprise named Hefei Qijia in the PRC in January 2024 and in March 2024,

Hefei Qijia acquired Hefei Human Vision. Our PRC subsidiaries engage in

development and sales of visual hardware products, including sales of parts

of visual hardware products, development and sales of visual software and

system, and provision of technical services. The visual hardware products

mainly include display backlight AOI equipment, display glas AOI equipment,

display apearance inspection equipment, which are mainly used for optical

inspection of various semi-finished products in display production including

inspection of foreign objects, scratch, etc.

BUSINES REVIEW

The busines review of the Group for FY2025 is set out in the “Management

Discusion and Analysis” of this report.

FINANCIAL RESULTS AND DIVIDENDS

The results of the Group for FY2025 and the financial position of the Company

and the Group as at 31 March 2025 are set forth in the consolidated financial

statements on pages 68 to 178 of this report.

The Directors do not recomend the payment of any final dividend for FY2025.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

SHARE CAPITAL

As at 31 March 2025, the Company’s isued share capital was HK$15,840,000

and the number of its isued ordinary shares was 1,584,000,000 of HK$0.01

each.

Details of the Company’s share capital are set out in note 28 to the

consolidated financial statements.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Company’s Articles or

the laws of the Cayman Islands, which would oblige the Company to ofer new

shares on a pro-rata basis to existing Shareholders.

DISTRIBUTABLE RESERVES

Details of movements in the distributable reserves of the Company and

of the Group during FY2025 are set out in note 29 to the consolidated

financial statements and in the consolidated statement of changes in equity,

respectively.

DONATIONS

Charitable and other donations made by the Group during FY2025 amounted to

aproximately HK$21,780 (FY2024: HK$25,000).

DIRECTORS AND OFICERS LIABILITY INSURANCE

The Company has taken out directors and oficers liability insurance to cover

liabilities arising from legal action against the Directors.

SUMARY FINANCIAL INFORMATION

A sumary of the published results and asets and liabilities of the Group, as

extracted from the Prospectus and the consolidated financial statements of the

Company for the years ended 31 March 2021, 2022, 2023, 2024 and 2025 is set

out on pages 179 to 180 of this report. This sumary does not form part of the

audited consolidated financial statements.

股本

于2025年3月31日，本公司已发行股本为15,840,000

港元，每股面值0.01港元的已发行普通股数目为

1,584,000,000股。

本公司股本详情载于综合财务报表附注28。

优先购股权

本公司细则或开曼群岛法律均无优先购股权条

文规定本公司须按比例向现有股东发售新股

份。

可分派储备

于2025财政年度，本公司及本集团可分派储备变

动的详情分别载于综合财务报表附注29及综合

权益变动表。

捐款

于2025财政年度，本集团作出的慈善及其他捐款

约为21,780港元（2024财政年度：25,000港元）。

董事及高级人员责任保险

本公司已购买董事及高级人员责任保险，以承

保针对董事提出的法律行动所产生的责任。

财务资料概要

摘录自本公司招股章程以及截至2021年、2022

年、2023年、2024年及2025年3月31日止年度的综

合财务报表的本集团已刊发业绩以及资产及负

债概要载于本报告第179至180页。此概要并不构

成经审核综合财务报表的一部分。

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

购股权计划

本公司于2018年1月5日采纳一项购股权计划（「购

股权计划」）。购股权计划的条款符合GEM上市

规则第二十三章的条文且载列如下。

(a) 购股权计划目的

购股权计划旨在让本集团向合资格参与

者授出购股权，作为彼等对本集团作出贡

献的奖励或回报，及╱或让本集团招揽及

挽留高质素雇员并吸引对本集团或由本集

团任何成员公司持有任何股权的任何实体

（「投资实体」）具价值的人力资源。

(b) 参与者

按照购股权计划的条文及GEM上市规则，

董事应有权但不受约束地于由采纳购股

权计划当日起计10年期间内任何时间就授

出购股权向任何属以下类别的人士提出要

约：

(a) 本公司、其任何附属公司（定义见公

司条例）或任何投资实体的任何雇员

（无论全职或兼职，包括董事（包括

任何非执行董事及独立非执行董事）

（「合资格雇员」）；

(b) 本集团任何成员公司或任何投资实

体的任何货品或服务供应商；

(c) 本集团任何成员公司或任何投资实

体的任何客户；

(d) 向本集团任何成员公司或任何投资

实体提供研究、开发或其他技术支

持的任何人士或实体；

(e) 本集团任何成员公司或任何投资实

体的任何股东或本集团任何成员公

司或任何投资实体所发行的任何证

券的任何持有人；

(f) 董事认为已对或将对本集团的增长

及发展作出贡献的任何咨询人（专业

或非专业）、顾问、个人或实体；及

SHARE OPTION SCHEME

The Company adopted a share option scheme on 5 January 2018 (the “Share

Option Scheme”). The terms of the Share Option Scheme are in acordance

with the provisions of Chapter 23 of the GEM Listing Rules and set out below.

(a) Purpose of the Share Option Scheme

The purpose of the Share Option Scheme is to enable our Group to grant

options to the eligible participants as incentives or rewards for their

contribution to our Group and/or to enable our Group to recruit and retain

high-calibre employes and atract human resources that are valuable

to our Group or any entity in which any member of our Group holds any

equity interest (the “Invested Entity”).

(b) Participants

Our Directors shal, in acordance with the provisions of the Share

Option Scheme and the GEM Listing Rules, be entitled but shal not be

bound at any time within a period of 10 years comencing from the date

of the adoption of the Share Option Scheme to make an ofer for the

grant of an option to any person belonging to the folowing clases:

(a) any employe (whether ful time or part time, including the

Directors (including any non-executive Director and independent

non-executive Director) of our Company, any of our subsidiaries

(within the meaning of Companies Ordinance) or any Invested

Entity (an “Eligible Employe”);

(b) any suplier of gods or services to any member of our Group or

any Invested Entity;

(c) any customer of any member of our Group or any Invested Entity;

(d) any person or entity that provides research, development or

other technological suport to any member of our Group or any

Invested Entity;

(e) any Shareholder of any member of our Group or any Invested

Entity or any holder of any securities isued by any member of our

Group or any Invested Entity;

(f) any adviser (profesional or otherwise), consultant, individual or

equity who in the opinion of our Directors has contributed or wil

contribute to the growth and development of our Group; and

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

(g) 曾经或可能以合营企业、商业联盟

或其他业务安排的方式对本集团的

发展及增长作出贡献的任何其他组

别或类别的参与者，

以及就购股权计划而言，可向由一名或多

名合资格参与者全资拥有的任何公司就授

出购股权提出要约。

为免生疑问，本公司向属于以上任何合资

格参与者类别的任何人士授出任何购股

权，以认购本集团的股份或其他证券，其

本身不得被诠释为根据购股权计划授出

购股权，惟董事另行决定者则作别论。

根据购股权计划，任何合资格参与者是

否具备获得要约的资格，须由董事不时按

彼等对该合资格参与者为本集团发展及

增长所作贡献的意见决定。

(c) 最高股份数目

(a) 根据购股权计划及本集团所采纳的

任何其他购股权计划授出而有待行

使的全部尚未行使购股权获行使后

可发行的最高股份数目，不得超过

不时已发行股本的30%。倘根据购股

权计划或本集团所采纳的任何其他

购股权计划授出任何购股权将导致

超出本项所述限额，则概不得授出

有关购股权。

(b) 根据购股权计划及本集团任何其他

购股权计划将予授出的全部购股权

（就此而言，不包括按照购股权计划

及本集团任何其他购股权计划的条

款已失效的购股权）获行使后可发行

的股份总数，合共不得超过于股份

首次在联交所开始买卖当日已发行

股本的10%（即158,400,000股份）（「一

般计划限额」）。

(g) any other groups or clases of participants who have contributed

or may contribute by way of joint venture, busines aliance or

other busines arangement to the development and growth of

our Group,

and, for the purpose of the Share Option Scheme, the ofer for the grant

of an option may be made to any company wholy-owned by one or more

eligible participants.

For the avoidance of doubt, the grant of any options by our Company for

the subscription of shares or other securities of our Group to any person

who fals within any of the above clases of eligible participants shal

not, by itself, unles our Directors otherwise determine, be construed as

a grant of option under the Share Option Scheme.

The eligibility of any of the eligible participants to an ofer under

the Share Option Scheme shal be determined by our Directors from

time to time on the basis of our Directors’ opinion as to such eligible

participant’s contribution to the development and growth of our Group.

(c) Maximum number of shares

(a) The maximum number of shares which may be isued upon

exercise of al outstanding options granted and yet to be

exercised under the Share Option Scheme and any other share

option schemes adopted by our Group shal not exced 30% of

our share capital in isue from time to time. No options may be

granted under the Share Option Scheme or any other share option

schemes adopted by our Group if the grant of such options wil

result in the limit refered herein being exceded.

(b) The total number of shares which may be isued upon exercise of

al options (excluding, for this purpose, options which have lapsed

in acordance with the terms of the Share Option Scheme and

any other share option schemes of our Group) to be granted under

the Share Option Scheme and any other share option schemes of

our Group shal not in agregate exced 10% of our share capital

in isue as at the date on which dealings in our shares first

comence on the Stock Exchange, being 158,400,000 shares (the

“General Scheme Limit”).

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

(c) 在上文(a)项的规限但在不影响下文

(d)项的情况下，本公司可寻求其股

东于股东大会上批准更新一般计划

限额，前提为根据购股权计划及本

集团任何其他购股权计划将予授出

的全部购股权获行使后可发行的股

份总数，不得超过于批准限额当日

已发行股本的10%，且就计算限额而

言，将不会计入根据购股权计划及

本集团任何其他购股权计划早前已

授出的购股权（包括按照购股权计划

及本集团任何其他购股权计划尚未

行使、已注销、已失效或已行使的

购股权）。

(d) 在上文(a)项的规限但在不影响上文

(c)项的情况下，本公司可寻求股东

于股东大会上另行批准，根据购股

权计划向本公司于寻求有关批准前

已特别确定的合资格参与者，授出

超逾一般计划限额或（如适用）上文

(c)项所述经扩大限额的购股权。

(d) 各合资格参与者的最高限额

在下文(v)项的规限下，于任何12个月期间，

根据购股权计划及本集团任何其他购股

权计划已授出的购股权（包括已行使或未

行使购股权）获行使后已经及可能须向每

名接纳根据购股权计划授出购股权的要

约的合资格参与者（「承授人」）发行的股份

总数，不得超过当时已发行股本的1%。倘

根据购股权计划进一步向承授人授出购

股权将导致于直至进一步授出有关购股

权当日（包括该日）为止12个月期间，根据

购股权计划及本集团任何其他购股权计

划已经及建议向该人士授出的全部购股

权（包括已行使、已注销及未行使购股权）

获行使后已经及将会发行的股份，合共

超过已发行股本的1%，则进一步授出有关

购股权必须经股东于股东大会上另行批

准，而该承授人及其紧密联系人（或倘该

承授人为关连人士，则其联系人）须放弃

表决权。

(c) Subject to (a) above and without prejudice to (d) below, our

Company may sek aproval of our Shareholders in general

meting to refresh the General Scheme Limit provided that the

total number of shares which may be isued upon exercise of al

options to be granted under the Share Option Scheme and any

other share option schemes of our Group shal not exced 10% of

our share capital in isue as at the date of aproval of the limit

and for the purpose of calculating the limit, options (including

those outstanding, canceled, lapsed or exercised in acordance

with the Share Option Scheme and any other share option

schemes of our Group) previously granted under the Share Option

Scheme and any other share option schemes of our Group wil not

be counted.

(d) Subject to (a) above and without prejudice to (c) above, our

Company may sek separate Shareholders’ aproval in general

meting to grant options under the Share Option Scheme

beyond the General Scheme Limit or, if aplicable, the extended

limit refered to in (c) above to eligible participants specificaly

identified by our Company before such aproval is sought.

(d) Maximum entitlement of each eligible participant

Subject to (v) below, the total number of shares isued and which

may fal to be isued upon exercise of the options granted under the

Share Option Scheme and any other share option schemes of our

Group (including both exercised or outstanding options) to each eligible

participant who acepts the ofer for the grant of an option under the

Share Option Scheme (a “grante”) in any 12-month period shal not

exced 1% of our isued share capital for the time being. Where any

further grant of options under the Share Option Scheme to a grante

would result in our shares isued and to be isued upon exercise of al

options granted and proposed to be granted to such person (including

exercised, canceled and outstanding options) under the Share Option

Scheme and any other share option schemes of our Group in the

12-month period up to and including the date of such further grant

representing in agregate over 1% of our share capital in isue, such

further grant shal be separately aproved by our Shareholders in

general meting with such grante and his close asociates (or his

asociates if the grante is a conected person) abstaining from voting.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

(e) 向核心关连人士授出购股权

(a) 在不影响下文(b)项的情况下，根据

购股权计划向任何董事、最高行政

人员或主要股东或彼等各自的任何

联系人提出要约须经独立非执行董

事（不包括任何本身或其紧密联系人

为购股权计划下购股权建议承授人

的独立非执行董事）批准。

(b) 在不影响上文(a)项的情况下，倘根

据购股权计划向主要股东或独立非

执行董事或彼等各自的任何联系人

授出购股权，会导致于直至该授出

日期（包括该日）为止12个月期间，根

据购股权计划已经及将会向该人士

授出的全部购股权（包括已行使、已

注销及未行使购股权）获行使后已经

及将会发行的股份：

• %；

及

(2) 基于股份于每项要约的要约日

期的收市价计算，总值超过5

百万港元；

则进一步授出有关购股权必须经股

东在股东大会上批准。该建议承授

人、其联系人及所有核心关连人士须

放弃于有关股东大会上投赞成票。

就寻求上文(i)、(iv)及(v)段下的股东批准而

言，本公司必须向股东寄发一份载有GEM

上市规则规定的资料的通函，而凡GEM上

市规则有所规定，为取得必要的批准而召

开的股东大会上的表决，须以投票表决方

式进行，且GEM上市规则规定的人士须放

弃表决权。

(e) Grant of options to core conected persons

(a) Without prejudice to (b) below, the making of an ofer under the

Share Option Scheme to any of our Director, chief executive or

substantial Shareholder, or any of their respective asociates

shal be aproved by our independent non-executive Directors

(excluding any independent non-executive Director who or whose

close asociate is the proposed grante of an option under the

Share Option Scheme).

(b) Without prejudice to (a) above, where any grant of options under

the Share Option Scheme to a substantial Shareholder or our

independent non-executive Director or any of their respective

asociates, would result in our shares isued and to be isued

upon exercise of al options under the Share Option Scheme

already granted and to be granted (including options exercised,

canceled and outstanding) to such person in the 12-month period

up to and including the date of such grant:

• % of our share capital

in isue; and

• , based on the closing price of

our shares at the ofer date of each ofer, in exces of

HK$5 milion;

such further grant of options shal be aproved by our

Shareholders in general meting. The proposed grante, his

asociates and al our core conected persons shal abstain from

voting in favour at such general meting.

For the purpose of seking the aproval of our Shareholders under

paragraphs (i), (iv) and (v) above, our Company shal send a circular to

our Shareholders containing the information required under the GEM

Listing Rules and where the GEM Listing Rules shal so require, the vote

at the Shareholders’ meting convened to obtain the requisite aproval

shal be taken on a pol with those persons required under the GEM

Listing Rules abstaining from voting.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

(f) 购股权接纳及行使期限

购股权计划下的要约将于自向有关合资格

参与者提出要约当日（必须为营业日）起计

最多21日期间公开让该合资格参与者（惟

不得由其他人士）接纳。

当本公司于要约可能注明的时限（不得迟

于自要约当日起计21日）内接获经合资格参

与者妥为签署的要约接纳函件复本，连同

向本公司支付的1.00港元汇款（作为获授购

股权的代价）时，该合资格参与者即已接

纳其获提呈的所有股份的要约。有关汇

款于任何情况下均不会退还。

合资格参与者可就少于所提呈的股份数目

接纳要约，前提为所接纳的要约须为股份

于GEM买卖的一手完整买卖单位或其完整

倍数，且该数目须清楚载于本公司于要约

可能注明的时限（不得迟于自要约当日起

计21日）内连同向本公司支付的1.00港元汇

款（作为获授购股权的代价）接获的经合资

格参与者妥为签署的要约接纳函件复本。

有关汇款于任何情况下均不会退还。

购股权可于董事厘定及通知有关承授人

的期间内任何时间按照购股权计划的条

款行使，前提为该期间无论何时均不得

超过由购股权要约日期起计10年，倘若并

无厘定有关限期，则为由授出有关购股权

的日期起至以下日期中的较早者：(a)根据

购股权计划相关条文，该购股权失效的日

期；及(b)由该购股权的要约日期起计满10

年当日。

(g) 股份的认购价

根据本公司于2018年1月5日采纳的购股权

计划，任何购股权的认购价乃按董事酌

情决定，前提是股份的认购价不得低于

以下的最高者：

(a) 于要约授出日期，联交所每日报价

表就买卖一手或以上完整买卖单位

的本公司股份所载列的本公司股份

收市价；

(f) Time of aceptance and exercise of an option

An ofer under the Share Option Scheme shal remain open for

aceptance by the eligible participant concerned (and by no other

person) for a period of up to 21 days from the date, which shal be a

busines day, on which the ofer is made to the eligible participant.

An ofer shal have ben acepted by an eligible participant in respect

of al shares which are ofered to such eligible participant when the

duplicate leter comprising aceptance of the ofer duly signed by the

eligible participant together with a remitance in favour of our Company

of HK$1.00 by way of consideration for the grant thereof is received by

our Company within such time as may be specified in the ofer (which

shal not be later than 21 days from the ofer date). Such remitance

shal in no circumstances be refundable.

Any ofer may be acepted by an eligible participant in respect of les

than the number of shares which are ofered provided that it is acepted

in respect of a board lot for dealings in our shares on GEM or an integral

multiple thereof and such number is clearly stated in the duplicate

leter comprising aceptance of the ofer duly signed by such eligible

participant and received by our Company together with a remitance in

favour of our Company of HK$1.00 by way of consideration for the grant

thereof within such time as may be specified in the ofer (which shal not

be later than 21 days from the ofer date). Such remitance shal in no

circumstances be refundable.

An option may be exercised in acordance with the terms of the Share

Option Scheme at any time during a period to be determined and notified

by our Directors to the grante thereof (provided always that such period

shal not be more than 10 years from the ofer date of that option), and

in the absence of such determination, from the date of the grant of such

option to the earlier of (a) the date on which such option lapses under

the relevant provisions of the Share Option Scheme; and (b) the date

faling 10 years from the ofer date of that option.

(g) Subscription price for Shares

Pursuant to the Company’s share option scheme adopted on 5 January

2018, the subscription price in respect of any option shal, be at the

discretion of our Directors, provided that the subscription price for

Shares shal not be les than the highest of:

(a) The closing price of our Shares as stated in the Stock Exchange’s

daily quotation shet for trade in one or more board lots of our

Shares on the date of the ofer of grant;

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

(b) The average closing price of our Shares as stated in the Stock

Exchange’s daily quotation shets in one or more board lots of

our Shares for the five trading days imediately preceding the

date of the ofer of grant; and

(c) The nominal value of the Shares on the date of grant of the

option.

No share option has ben granted since the adoption of the Share Option

Scheme and there was no share option outstanding as at 31 March 2024 and 31

March 2025.

Pursuant to Rule 23.07(2) of the GEM Listing Rules, the number of options

available for grant under the Share Option Scheme are set out below:

As at 31 March 2023 and 1 April 2023 158,400,000

Ad: Options lapsed during the year —

Les: Options granted during the year —

At 31 March 2024 and 1 April 2024 158,400,000

Ad: Options lapsed during the year —

Les: Options granted during the year —

At 31 March 2025 158,400,000

Pursuant to Rule 23.09(3) of the GEM Listing Rules, as at 31 March 2024, 21

June 2024 (date of the 2024 Anual Report), 31 March 2025 and the date of

this report, the total number of shares available for isue under the Share

Option Scheme were 158,400,000 Shares, representing 10% of the Company’s

isued share capital (1,584,000,000 shares), as at 31 March 2024, 21 June 2024

(date of the 2024 Anual Report), 31 March 2025 and the date of this report.

Since the date of adoption of the Scheme, as at 1 April 2023, 31 March 2024

and 31 March 2025, and up to the date of this report, no option has ben

granted, exercised, canceled, or lapsed, and none has ben outstanding under

the Scheme. There was no vesting period of options granted under the Share

Option Scheme.

MANDATORY PROVIDENT FUND SCHEME

The Group participates a Mandatory Provident Fund Scheme (the “MPF

Scheme”) under the Mandatory Provident Fund Schemes Ordinance (Chapter

485 of the laws of Hong Kong) for employes under the jurisdictions of

Employment Ordinance (Chapter 57 of the laws of Hong Kong). The MPF

Scheme is a defined contribution retirement plan administered by independent

trustes. Under the MPF Scheme, the employer and employes are each

required to make contributions to the plan at 5% of the employes’ relevant

monthly income, subject to a cap of HK$1,500. Contributions to the plan vest

imediately.

(b) 于紧接要约授出日期前五个交易日，

联交所每日报价表就买卖一手或以

上完整买卖单位的本公司股份所载

列的本公司股份平均收市价；及

(c) 股份于购股权授出日期的面值。

自采纳购股权计划起并无授出购股权，且于2024

年3月31日及2025年3月31日并无尚未行使的购股

权。

根据GEM上市规则第23.07(2)条，购股权计划项

下可供授出的购股权数目载列如下：

于2023年3月31日及2023年4月1日 158,400,000

加：年内失效的购股权 —

减：年内授出的购股权 —

于2024年3月31日及2024年4月1日 158,400,000

加：年内失效的购股权 —

减：年内授出的购股权 —

于2025年3月31日 158,400,000

根据GEM上市规则第23.09(3)条，于2024年3月31

日、2024年6月21日（2024年报日期）、2025年3月31

日及本报告日期，根据购股权计划可供发行的

股份总数为158,400,000股，占本公司于2024年3月

31日、2024年6月21日（2024年报日期）、2025年3月

31日及本报告日期已发行股本（1,584,000,000股

份）的10%。

自计划采纳日期起，于2023年4月1日、2024年3月

31日及2025年3月31日，以及直至本报告日期，概

无购股权获授出、行使、注销或失效，计划项

下亦无未行使购股权。购股权计划项下已授出

购股权概无归属期。

强制性公积金计划

本集团根据香港法例第485章强制性公积金计划

条例为香港法例第57章雇佣条例司法管辖权范

围内的雇员参与强制性公积金计划（「强积金计

划」）。强积金计划乃定额供款退休计划，由独

立受托人管理。根据强积金计划，雇主与雇员

各自须按雇员相关每月收入的5%向计划供款，

相关上限为1,500港元。计划供款即时归属。

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

于2024年及2025年3月31日，本集团均无已没收供

款可用于减少未来年度退休福利计划现行供款

水平。

股票挂钩协议

除上文所披露的本公司购股权计划外，本公司

于2025财政年度概无订立任何股票挂钩协议将

导致或可能导致本公司发行股份，或规定本公

司订立任何将会或可能导致本公司发行股份的

协议，亦无任何有关协议于2025财政年度结束

时存续。

购买、赎回或出售本公司的上市

证券

本公司的股份于2018年1月25日成功在GEM上市。

除上市外，于2025财政年度，本公司或其任何附

属公司概无购买、出售或赎回本公司任何上市

证券。

主要客户及供应商

于2025财政年度，本集团五大供应商占本集团

材料成本约73.3%，而最大供应商则占材料成本

约21.3%。

于2025财政年度，本集团五大客户占本集团总

收益约42.5%，而最大客户则占总收益约21.1%。

根据本公司可公开获得的资料及就董事所深知，

概无董事、彼等各自的紧密联系人（定义见GEM

上市规则）或任何股东（就董事所深知，拥有超

过5%的股份）于本集团上述任何五大客户或供

应商中拥有任何实益权益。

获准许的弥偿条文

细则规定，本公司当时的董事、秘书及其他高

级人员以及每位核数师均有权就彼等或其中任

何一方因在执行其职务时或就此作出、同意或

遗漏的任何行为而将会或可能招致或蒙受的所

有诉讼、费用、收费、损失、损害赔偿及开支，

从本公司的资产中获得弥偿，使其不会蒙受损

害。

本公司已作出适当的保险安排，以承保董事及

高级人员就因企业活动而针对董事及高级管理

层提出的法律行动所承担的责任。

At 31 March 2024 and 2025, the Group had no forfeited contribution available

to reduce its existing level of contributions to the retirement benefit schemes in

future years.

EQUITY-LINKED AGREMENTS

Other than the Share Option Scheme of the Company as disclosed above, there

is no equity-linked agrement that wil or may result in the Company isuing

shares or require the Company to enter into any agrements that wil or may

result in the Company isuing shares were entered into by the Company during

FY2025 or subsisted at the end of FY2025.

PURCHASE, REDEMPTION OR SALE OF THE LISTED

SECURITIES OF THE COMPANY

The Company’s shares were sucesfuly listed on GEM on 25 January 2018.

Save as the Listing, neither the Company nor any of its subsidiaries had

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

FY2025.

MAJOR CUSTOMERS AND SUPLIERS

During FY2025, the five largest supliers of the Group acounted for about

73.3% of the Group’s cost of materials and the largest suplier acounted for

about 21.3% of the cost of materials.

During FY2025, the five largest customers of the Group acounted for about

42.5% of the Group’s total revenue and the largest customer acounted for

about 21.1% of the total revenue.

Based on the information publicly available to the Company and to the best

knowledge of the Directors, none of the Directors, their respective close

asociates (as defined in the GEM Listing Rules) or any Shareholders (which,

to the best knowledge of the Directors, own more than 5% of the shares) had

any beneficial interest in any of the Group’s five largest customers or supliers

refered to above.

PERMITED INDEMNITY PROVISIONS

The Articles provides that the Directors, secretary and other oficers and every

auditor for the time being of the Company shal be entitled to be indemnified

and secured harmles out of the asets of the Company from and against al

actions, costs, charges, loses, damages and expenses which they or any of

them shal or may incur or sustain by or by reason of any act done, concured in

or omited in or about the execution of their duty.

The Company has aranged for apropriate insurance cover for Directors’ and

oficers’ liabilities in respect of legal actions against its Directors and senior

management arising out of corporate activities.

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

遵守法律及法规

就董事在作出一切合理查询后所深知、全悉及

确信，本集团于2025财政年度已于重大方面遵

守对本公司及其附属公司业务及经营具有重大

影响的相关法律及法规。

董事

于2025财政年度及直至本报告日期，董事如下：

执行董事

唐登先生（联席主席兼行政总裁）

余权胜先生（联席主席）

（于2024年9月13日获委任）

Mary Kathlen Babington女士

徐颖德先生

边大海先生

矫德君先生

独立非执行董事

杨文忠先生

曾伟贤先生

薛海华先生

董事简要履历详情载于「董事及高级管理层」一

节。

细则第112条规定，任何获董事会委任以填补临

时空缺的董事任期将直至其获委任后的本公司

首次股东大会为止，并须于该大会上接受重

选。任何获董事会委任以增加现有董事会成员

名额的董事任期仅至本公司下届股东周年大会

为止，届时将符合资格接受重选。

细则第108(a)至108(c)条规定，(1)在每届股东周年

大会上，当时的三分之一董事（或如其人数并非

三的倍数，则最接近但不少于三分之一的董事

人数的董事）应轮值退任，每名董事须至少每三

年轮值退任一次；(2)退任董事有资格接受重选

及于其退任的大会上整个会议期间继续担任董

事。轮值退任的董事须包括（在需要确定轮席

退任董事人数的情况下）任何有意退任且不愿

接受重选的董事。

余权胜先生、杨文忠先生、曾伟贤先生及薛海

华先生将于股东周年大会上退任，而彼等均符

合资格并愿意于股东周年大会上接受重选。

COMPLIANCE WITH LAWS AND REGULATIONS

To the best of the Directors’ knowledge, information and belief, having made

al reasonable enquiries, the Group has complied in material respects with the

relevant laws and regulations that have a significant impact on the busines

and operation of the Company and its subsidiaries during FY2025.

DIRECTORS

The Directors during FY2025 and up to the date of this report were as folows:

Executive Directors

Mr. Tong Tang Joseph (Co-chairman and Chief Executive Oficer)

Mr. Yu Quansheng (Co-chairman)

(Apointed on 13 September 2024)

Ms. Mary Kathlen Babington

Mr. Tsui Wing Tak

Mr. Bian Dahai

Mr. Jiao Dejun

Independent Non-executive Directors

Mr. Yeung Man Chung Charles

Mr. Tsang Wai Yin

Mr. Sit Hoi Wah Keneth

Brief biographical details of Directors are set out under the section headed

“Directors and Senior Management”.

Article 112 of the Articles provides that any Director apointed by the Board

to fil a casual vacancy shal hold ofice until the first general meting of the

Company after his/her apointment and be subject to re-election at such

meting. Any Director apointed by the Board as an adition to the existing

Board shal hold ofice only until the next folowing AGM of the Company and

shal then be eligible for re-election.

Article 108(a) to 108(c) of the Articles provides that (1) one-third of the Directors

for the time being (or, if their number is a not multiple of thre, the number

nearest to but not les than one-third) shal retire from ofice by rotation at

each AGM, provided that every Director shal be subject to retirement by

rotation at least once every thre years; (2) a retiring Director shal be eligible

for re-election and shal continue to act as a Director throughout the meting

at which he retires. The Directors to retire by rotation shal include (so far

as necesary to ascertain the number of Directors to retire by rotation) any

Director who wishes to retire and not to ofer himself for re-election.

Mr. Yu Quansheng, Mr. Yeung Man Chung Charles, Mr. Tsang Wai Yin and Mr.

Sit Hoi Wah Keneth wil retire at the AGM and al of them, being eligible, wil

ofer themselves for re-election at the AGM.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

本公司已根据GEM上市规则第5.09条接获独立非

执行董事杨文忠先生、曾伟贤先生及薛海华先

生各自就其独立性作出的书面确认函。于本报

告日期，本公司仍然认为独立非执行董事为独

立人士。

董事于交易、安排或合约的权益

除于综合财务报表附注34所披露者外，于2025

财政年度结束时或于2025财政年度任何时间，

概无任何由本公司或其任何控股公司或同系附

属公司或附属公司订立且本公司董事或其关连

实体直接或间接拥有重大权益的重大交易、安

排或合约存续。

控股东遵守及强制执行不竞争

承诺

诚如招股章程所披露，唐登先生及誉顶有限公

司（「誉顶」）（「控股东」）已各自于2018年1月5日

以本公司（为其本身及代表本集团所有成员公司）

为受益人订立不竞争承诺契据（「不竞争承诺契

据」），据此，各控股东不可撤销地及无条件

地向本公司承诺并订约承诺，于不竞争承诺契

据生效期间，各控股东不会及将促使其联系

人（不包括本集团任何成员公司）不会直接或间

接（透过本集团除外）进行、参与、持有、从事、

收购或经营任何业务或拥有相关权益或向任何

人士、商号或公司提供任何形式的协助以进行

任何业务，而有关业务与或可能与本集团现有

业务活动及本集团可能不时进行的任何业务活

动竞争。不竞争承诺契据的详情载于招股章程

「与控股东的关系 — 不竞争承诺」一节。

本公司已接获各控股东就彼等各自于2025财

政年度遵守不竞争承诺契据条款作出的年度声

明。独立非执行董事于审阅年度声明及作出合

理查询后，信纳控股东于2025财政年度直至

本报告日期已遵守不竞争承诺契据的条款。

The Company has received writen confirmations of independence from each

of the independent non-executive Directors, namely Mr. Yeung Man Chung

Charles, Mr. Tsang Wai Yin and Mr. Sit Hoi Wah Keneth, pursuant to Rule

5.09 of the GEM Listing Rules. As at the date of this report, the Company stil

considers the independent non-executive Directors to be independent.

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

Saved as disclosed in note 34 to the consolidated financial statements, no

transactions, arangements or contracts of significance to which any of the

Company, or any of its holding companies or felow subsidiaries or subsidiaries

was a party and in which a Director of the Company or his or her conected

entity had a material interest, whether directly or indirectly, subsisted at the

end of FY2025 or at any time during FY2025.

COMPLIANCE AND ENFORCEMENT OF THE

NON-COMPETITION UNDERTAKING FROM

CONTROLING SHAREHOLDERS

As disclosed in the Prospectus, each of Mr. Tong Tang Joseph and Tiptop

Honour Limited (“Tiptop”) (the “Controling Shareholders”) have entered into

the ded of non-competition undertakings (the “Ded of Non-Competition

Undertakings”) in favour of the Company (for its own and on behalf of al members

of the Group) on 5 January 2018, pursuant to which each of the Controling

Shareholders, irevocably and unconditionaly, undertakes and covenants with the

Company that during the period that the Ded of Non-Competition Undertakings

remains efective, each of the Controling Shareholders shal not, and shal procure

that none of his/her/its asociates (except any member of the Group), directly

or indirectly (other than through the Group) cary on, participate, hold, engage,

being interested in, acquire or operate, directly or indirectly, or provide any form of

asistance to any person, firm or company to conduct any busines in competition

with or likely to be in competition with the Group’s existing busines activity and

any busines activities which may be undertaken by the Group from time to time.

Details of the Ded of Non-Competition Undertakings have ben set out in the

section headed “Relationship with Controling Shareholders — Non-Competition

Undertakings” in the Prospectus.

The Company has received the anual declaration from each of the Controling

Shareholders in respect of their respective compliance with the terms of the

Ded of Non-Competition Undertakings during FY2025. The independent

non-executive Directors, having reviewed the anual declarations and made

reasonable enquiry, were satisfied that the Controling Shareholders have

complied with the terms of the Ded of Non-Competition Undertakings during

FY2025 and up to the date of this report.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

DIRECTORS’ SERVICE CONTRACTS

Except for Mr. Bian Dahai, Mr. Jiao Dejun and Mr. Yu Quansheng, each of our

executive Directors has entered into a service contract with our Company

for a term of thre years comencing from the Listing Date, which may be

terminated by not les than thre months’ notice in writing served by either

party on the other.

Our executive Director, Mr. Bian Dahai has entered into a leter of apointment

with our Company for a term of thre years comencing from 1 October 2020,

which may terminated by not les than thre months’ notice in writing served

by either party on the other.

Our executive Director, Mr. Jiao Dejun has entered into a leter of apointment

with our Company for a term of thre years comencing from 10 January 2024,

which may terminated by not les than thre months’ notice in writing served

by either party on the other.

Our executive Director, Mr. Yu Quansheng has entered into a leter of

apointment with our Company for a term of thre years comencing from 13

September 2024, which may terminated by not les than thre months’ notice in

writing served by either party on the other.

Each of our independent non-executive Directors has entered into a leter of

apointment with our Company for a term of thre years comencing from the

Listing Date, which may terminated by not les than thre months’ notice in

writing served by either party on the other.

DIRECTORS’ REMUNERATIONS

Details of the remuneration of Directors are set out in Note 13 to the

consolidated financial statements.

董事服务合约

除边大海先生、矫德君先生及余权胜先生外，

各执行董事已与本公司订立服务合约，自上市

日期起计为期三年，可由任何一方向另一方发出

不少于三个月书面通知终止。

执行董事边大海先生已与本公司订立委任函，

自2020年10月1日起计为期三年，可由任何一方向

另一方发出不少于三个月书面通知终止。

执行董事矫德君先生已与本公司订立委任函，

自2024年1月10日起计为期三年，可由任何一方向

另一方发出不少于三个月书面通知终止。

执行董事余权胜先生已与本公司订立委任函，

自2024年9月13日起计为期三年，可由任何一方向

另一方发出不少于三个月书面通知终止。

各独立非执行董事已与本公司订立委任函，自

上市日期起计为期三年，可由任何一方向另一方

发出不少于三个月书面通知终止。

董事薪酬

董事薪酬详情载于综合财务报表附注13。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

董事酬金政策

本公司已成立薪酬委员会，负责检讨及厘订董

事及高级管理层的薪酬及补偿方案，当中已参

考同类公司支付的薪金、董事付出的时间及职

责以及本集团的表现。

本公司董事及最高行政人员于本公司

股份、相关股份及债权证以及本公司

相联法团中的权益及淡仓

于2025年3月31日，本公司董事于本公司股份、相

关股份或债权证中，拥有根据证券及期货条例

第XV部第7及8分部须知会本公司及联交所的权

益或淡仓（包括彼等根据证券及期货条例有关

条文被当作或视为拥有的权益及淡仓），或根

据证券及期货条例第352条须登记于该条所述

的登记册的权益或淡仓，或根据GEM上市规则

第五章所载「交易必守标准」须知会本公司及联

交所的权益或淡仓如下：

(i) 于本公司股份的好仓

附注：

1. 「L」指该人士于该等股份中的「好仓」

（定义见证券及期货条例第XV部）。

1. %的股权。誉顶由唐

先生全资拥有。

3. Rothley Investment Limited（「Rothley」）拥有

本公司3.75%的股权。Rothley由Babington

女士全资拥有。根据证券及期货条例，

Babington女士被视为于Rothley所持有的相

同数目股份中拥有权益。

DIRECTORS’ EMOLUMENT POLICY

The remuneration comite was established for reviewing and determining

the remuneration and compensation packages of the Directors and senior

management with reference to salaries paid by comparable companies, time

comitment and responsibilities of the Directors and performance of the Group.

Interests and short positions of the Company’s

Directors and chief executives in the Company’s

shares, underlying shares and debentures and the

Company’s asociated corporations

As at 31 March 2025, the interests or short positions of the Company’s

Directors in the Company’s shares, underlying shares or debentures 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 and short positions

in which they are taken or demed to have under such provisions of the SFO),

or which were required, pursuant to Section 352 of the SFO, to be entered in

the register as refered to therein, or which were required to be notified to

the Company and the Stock Exchange pursuant to the “required standard of

dealings” as contained in Chapter 5 of the GEM Listing Rules, were as folows:

(i) Long position in the Company’s shares

Name of DirectorNature of interest

Number of

shares held

(1)

Percentage of

shareholding

董事姓名权益性质所持股份数目

(1)

股权百分比

Mr. TongInterest in a controled corporation (Note 2)745,860,000 (L)47.09%

唐先生于受控法团的权益（附注2）

Beneficial owner61,900,0003.91%

实益拥有人

Ms. Mary Kathlen Babington Interest in a controled corporation

(Note 3)

59,400,000 (L)3.75%

Mary Kathlen Babington女士于受控法团的权益（附注3）

Mr. Bian DahaiBeneficial Owner8,000,000 (L)0.51%

边大海先生实益拥有人

Notes:

1. The leter “L” denotes a person’s “long position” (as defined under Part

XV of the SFO) in such shares.

2. The Company is owned as to 47.09% by Tiptop. Tiptop is wholy-owned

by Mr. Tong.

3. The Company is owned as to 3.75% by Rothley Investment Limited

(“Rothley”). Rothley is wholy-owned by Ms. Babington. Under the SFO,

Ms. Babington is demed to be interested in the same number of shares

held by Rothley.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

除上文所披露者外，截至2025年3月31日，本公

司董事及最高行政人员以及彼等各自的联系人

概无于本公司股份、相关股份或债权证或本公

司相联法团（定义见证券及期货条例第XV部）中

拥有或被视为拥有任何根据证券及期货条例第

XV部第7及8分部须知会本公司及联交所的权益

或淡仓（包括彼等根据证券及期货条例有关条

文被当作或视为拥有的权益及淡仓），或根据证

券及期货条例第352条须登记于该条所述登记册

的权益或淡仓，或根据GEM上市规则第五章所

载「交易必守标准」须知会本公司及联交所的权

益或淡仓。

主要股东于本公司股份、相关股份及

债权证以及本公司相联法团中的

权益及淡仓

就本公司董事所知，于2025年3月31日，下列人士

（本公司董事及最高行政人员除外）于本公司股

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3分部须知会本公司及联

交所的权益或淡仓，或直接或间接拥有附有权

利可于一切情况下在本公司任何成员公司的股

东大会上表决的任何类别股本的已发行具表决

权股份5%或以上的权益：

(i) 于本公司股份的好仓

附注：

1. 「L」指该人士于该等股份中的「好仓」

（定义见证券及期货条例第XV部）。

1. %的股权。

Saved as disclosed above, as of 31 March 2025, none of the Company’s

Directors and chief executives and their respective asociates had or is demed

to have any interest or short positions in the Company’s shares, underlying

shares or debentures or the Company’s 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 and short positions which they were taken or

demed to have under such provisions of the SFO), or which were required,

pursuant to Section 352 of the SFO, to be entered in the register as refered

to herein, or which were required to be notified to the Company and the Stock

Exchange pursuant to the “required standard of dealing” as contained in

Chapter 5 of the GEM Listing Rules.

Interests and short positions of substantial

Shareholders in the Company’s shares, underlying

shares and debentures and the Company’s asociated

corporations

As at 31 March 2025, so far as the Company’s Directors are aware, the

folowing persons (other than the Directors and chief executive of the Company)

had, or were demed to have, interests or short positions in the Company’s

shares or underlying shares which were required to be notified to the Company

and the Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO, or

who, directly or indirectly, were interested in 5% or more of the isued voting

shares of any clas of share capital carying rights to vote in al circumstances

at general metings of any member of the Company:

(i) Long position in the Company’s shares

Name of ShareholderNature of interest

Interests in

shares

(1)

Percentage of

shareholding

股东名称╱姓名权益性质股份权益

(1)

股权百分比

Ms. Shum Yuet Wah AnaInterest of spouse (Note 3)807,760,000 (L)50.99%

岑悦铧女士配偶权益（附注3）

TiptopBeneficial owner (Note 2)745,860,000 (L)47.09%

誉顶实益拥有人（附注2）

Wuxing Hehe Holding Group

Co., Limited

Beneficial owner (Note 4)127,240,000 (L)8.03%

五行和合控股集团有限公司实益拥有人（附注4）

Ms. Yang SongmeiInterest in a controled corporation (Note 5)127,240,000 (L)8.03%

杨松梅女士于受控法团的权益（附注5）

Ms. Li JingA concert party to an agrement to buy shares (Note 6)127,240,000 (L)8.03%

李静女士购股协议的一名一致行动人士（附注6）

Mr. Xu QiangBeneficial owner (Note 7)115,660,000 (L)7.30%

徐强先生实益拥有人（附注7）

Notes:

1. The leter “L” denotes a person’s “long position” (as defined under Part

XV of the SFO) in such shares.

2. The Company is owned as to 47.09% by Tiptop.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

1. 、本公司执行董

事之一以及控股东唐先生全资拥有。

岑悦铧女士乃唐先生的配偶。根据证券

及期货条例，岑悦铧女士被视为于唐先

生拥有权益的所有本公司股份中拥有权

益。

4. 五行和合控股集团有限公司拥有本公司

8.03%的股权。

5. 杨松梅女士全资拥有的五行和合控股集

团有限公司于127,240,000股本公司普通股

中拥有权益。

1. ，据此，

李静女士收购杨松梅女士于五行和合控股

集团有限公司的100%权益，代价为76.344

百万港元，将于2025年6月30日或之前支

付。五行和合控股集团有限公司的100%

权益将于代价结算后转让予李静女士。

1. ,660,000股本公司普通股中拥

有权益。

除上文所披露者外，于2025年3月31日，董事概

不知悉任何其他人士╱实体（本公司董事及最高

行政人员除外）于本公司股份或相关股份中拥有

根据证券及期货条例第XV部第2及3分部条文须

向本公司披露的权益或淡仓，或已登记于本公

司根据证券及期货条例第336条须存置的登记册

内的权益或淡仓，或直接或间接拥有附有权利

可于一切情况下在本公司任何成员公司的股东

大会上表决的任何类别股本的已发行具表决权

股份10%或以上的权益。

董事收购股份或债权证的权利

本公司或其附属公司于2025财政年度任何时间

概无参与任何安排，致使董事透过收购本公司

或任何其他法人团体的股份或债权证而获益。

竞争业务及利益冲突

据董事确认，于2025财政年度内，除本集团成员

公司所经营的业务外，控股东及彼等各自的

紧密联系人概无于任何直接或间接与本集团业

务构成竞争或可能构成竞争的业务中拥有任何

权益。

3. Tiptop is wholy-owned by Mr. Tong, the Company’s co-chairman, one

of the Company’s executive Directors and Controling Shareholders. Ms.

Shum Yuet Wah Ana is the spouse of Mr. Tong. Under the SFO, Ms.

Shum Yuet Wah Ana is demed to be interested in al the Company’s

shares in which Mr. Tong is interested.

4. The Company is owned as to 8.03% by Wuxing Hehe Holding Group Co.,

Limited.

5. Wuxing Hehe Holding Group Co., Limited is wholy owned by Ms. Yang

Songmei, is interested in 127,240,000 ordinary share of the Company.

6. Ms. Li Jing and Ms. Yang Songmei entered into an agrement in which

Ms. Li Jing acquired Ms. Yang Songmei’s 100% interest in Wuxing Hehe

Holding Group Co., Limited at the consideration of HKD76.344 milion to

be paid on or before 30 June 2025. The 100% interest in Wuxing Hehe

Holding Group Co., Limited wil be transfered to Ms. Li Jing after the

setlement of the consideration.

7. Mr. Xu is interested in 115,660,000 ordinary shares of the Company.

Save as disclosed above, as at 31 March 2025, the Directors were not aware

of any other persons/entities (other than the Directors and chief executives of

the Company) who had interests or short positions in the shares or underlying

shares of the Company 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, or who was directly or indirectly interested in 10% or more of the

isued voting shares of any clas of share capital carying rights to vote in al

circumstances at general metings of any member of the Company.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

At no time during FY2025 was the Company or its subsidiaries a party to

any arangement to enable the Directors to acquire benefits by means of

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

corporate.

COMPETING BUSINES AND CONFLICT OF

INTEREST

As confirmed by the Directors, Controling Shareholders and their respective

close asociates do not have any interests in any busines, apart from the

busines operated by members of the Group, which competes or is likely to

compete, directly or indirectly, with the busines of the Group during FY2025.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

REPORT OF THE DIRECTORS

董事会报告

足够公众持股量

根据于本报告日期本公司可公开获得的资料及

就董事所知，董事确认本公司维持GEM上市规

则规定的公众持股量。

关连交易及持续关连交易

于2025财政年度，本集团概无订立根据GEM上市

规则第20.71条不可获豁免的任何关连交易或持

续关连交易。

于日常业务过程中进行的重大关联方交易的详

情载于综合财务报表附注34。

企业管治

本公司的企业管治报告载于本报告第33至46页。

报告期后事项

本集团报告期后并无重大事项。

独立核数师

2025财政年度的综合财务报表已经由独立核数

师致同（香港）会计师事务所有限公司审核，其

将于应届股东周年大会上退任，并符合资格及

愿意接受续聘。本公司将于应届股东周年大会

上提呈决议案以续聘致同（香港）会计师事务所

有限公司为核数师，并授权董事厘定其酬金。

代表董事会

中显智能齐家控股有限公司

唐登

联席主席兼行政总裁

2025年6月27日

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within

the knowledge of the Directors as at the date of this report, the Directors

confirm that the Company maintained the public float as required under the

GEM Listing Rules.

CONECTED TRANSACTION AND CONTINUING

CONECTED TRANSACTION

During FY2025, the Group had not entered into any conected transactions or

continuing conected transactions that are not exempted under Rule 20.71 of

the GEM Listing Rules.

Details of the significant related party transactions caried in the ordinary

course of busines are set out in note 34 to the consolidated financial

statements.

CORPORATE GOVERNANCE

The Company’s Corporate Governance Report is set out on pages 33 to 46 of

this report.

EVENTS AFTER THE REPORTING PERIOD

There is no significant event after the reporting period of the Group.

INDEPENDENT AUDITOR

The consolidated financial statements for FY2025 were audited by Grant

Thornton Hong Kong Limited, the independent auditor, who shal retire and,

being eligible, ofer itself for re-apointment at the forthcoming AGM. A

resolution wil be proposed at the forthcoming AGM to re-apoint Grant

Thornton Hong Kong Limited as auditor and to authorise the Directors to fix its

remuneration.

On behalf of the Board

ZXZN Qi-House Holdings Limited

Tong Tang Joseph

Co-chairman and Chief Executive Oficer

27 June 2025

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

To the members of ZXZN Qi-House Holdings Limited

(Formerly known as Qi-House Holdings Limited)

(incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of ZXZN Qi-House

Holdings Limited (Formerly known as Qi-House Holdings Limited) (the

“Company”) and its subsidiaries (together, the “Group”) set out on pages 68 to

178, which comprise the consolidated statement of financial position as at 31

March 2025, and the consolidated statement of profit or los, the consolidated

statement of other comprehensive income, the consolidated statement of

changes in equity and the consolidated statement of cash flows for the year

then ended, and notes to the consolidated financial statements, including

material acounting policy information.

In our opinion, the consolidated financial statements give a true and fair view of

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

consolidated financial performance and its consolidated cash flows for the year

then ended in acordance with HKFRS Acounting Standards as isued by the

Hong Kong Institute of Certified Public Acountants (“HKICPA”) and have ben

properly prepared in compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities under

those standards are further described in the Auditor’s Responsibilities for the

Audit of the Consolidated Financial Statements section of our report. We are

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

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

ethical responsibilities in acordance with the Code. We believe that the audit

evidence we have obtained is suficient and apropriate to provide a basis for

our opinion.

致中显智能齐家控股有限公司

（前称齐家控股有限公司）股东

（于开曼群岛注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审计列载于第68

至178页的中显智能齐家控股有限公司（前称齐

家控股有限公司，以下简称「贵公司」）及其附属

公司（统称「贵集团」）的综合财务报表，此财务

报表包括于2025年3月31日的综合财务状况表与

截至该日止年度的综合损益表、综合其他全面

收益表、综合权益变动表和综合现金流量表，

以及综合财务报表附注，包括重大会计政策资

料。

我们认为，该等综合财务报表已根据香港会计

师公会颁布的《香港财务报告准则会计准则》真

实而中肯地反映了 贵集团于2025年3月31日的综

合财务状况以及截至该日止年度的综合财务表

现及综合现金流量，并已遵照《香港公司条例》

妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港审计

准则》进行审计。我们在该等准则下承担的责

任已在本报告「核数师就审计综合财务报表承

担的责任」部分中作进一步阐述。根据香港会

计师公会颁布的《专业会计师道德守则》以下简

称（「守则」），我们独立于 贵集团，并已履行守

则中的其他专业道德责任。我们相信，我们所

获得的审计凭证能充足及适当地为我们的意见

提供基础。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATER

Key audit mater is the mater that, in our profesional judgement, was of

most significance in our audit of the consolidated financial statements of

the curent period. The mater was adresed in the context of our audit of

the consolidated financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on the mater.

Key Audit MaterHow our audit adresed the key audit mater

关键审计事项我们的审核如何处理关键审计事项

Provision for impairment of trade and other receivables and loan receivables

贸易及其他应收款项以及应收贷款的减值拨备

Refer to Notes 2.10, 3, 20 to the consolidated financial statements.

参阅综合财务报表附注2.10、3及20。

As at 31 March 2025, the Group had trade and other receivables

and loan receivables of HK$59,882,000 (net of ECL alowance

of HK$2,625,000) and HK$21,283,000 (net of ECL alowance of

HK$596,000) respectively, which fals within the scope of expected

credit loses (“ECL”) model for impairment asesment.

于2025年3月31日， 贵集团的贸易及其他应收款项以及

应收贷款分别为59,882,000港元（已扣除预期信贷亏损备

抵2,625,000港元）及21,283,000港元（已扣除预期信贷亏损

备抵596,000港元），就减值评估而言属于预期信贷亏损

模型范围内。

The Group recognises ECL alowance based on valuations performed

by an independent qualified profesional valuer (the “Valuer”), by

taking into acount the credit los experience, ageing, repayment

history, past due status of trade receivables and existing market

condition and forward-loking estimates at the end of each reporting

period, al of which involve a significant degre of management

judgements.

贵集团基于独立合资格专业估值师（「估值师」）进行的估

值确认预期信贷亏损备抵，当中经计及贸易应收款项的

信贷亏损经验、账龄、还款记录、逾期状况以及现行

市况及各报告期末的前瞻性估计数字，全部涉及重大程

度的管理层判断。

We identified the provision for impairment of trade and other

receivables and loan receivables as a key audit mater due to

its significance to the consolidated financial statements and the

significant degre of management’s estimation and judgement

involved in asesing the ECL alowance.

由于贸易及其他应收款项以及应收贷款的减值拨备对

综合财务报表而言属重大，且评估预期信贷亏损备抵涉

及由管理层作出重大估计及判断，故我们将贸易及其他

应收款项以及应收贷款的减值拨备识别为关键审计事

项。

Our audit procedures in relation to provision for impairment of trade and

other receivables and loan receivables included the folowing:

我们有关贸易及其他应收款项以及应收贷款减值拨备的

审核程序包括以下各项：

— Evaluating the competence, capabilities and objectivity of the

Valuer and obtaining an understanding of their scope of work

and their terms of engagement;

— 评价估值师的水平、能力及是否客观，了解其工作

范围及委聘条款；

— Asesing the reasonablenes of estimates and judgement

made by the Valuer on ECL alowance by examining the

information used by the Valuer to form such judgements;

— 透过审查估值师于就预期信贷亏损备抵作出的判

断时使用的资料，评估值师就预期信贷亏损备

抵作出的估计及判断是否合理；

— Testing, on a sample basis, the ageing report by comparing

with the relevant invoices and other suporting documents for

trade receivables and loan agrements for loan receivables;

— 就贸易应收款项及应收贷款的贷款协议而言，透

过比较相关发票与其他证明文件，抽样测试账龄

报告；

— Checking, on a sample basis, the acuracy of ECL alowance

using the ECL rates adopted by the Group; and

— 使用 贵集团所采用的预期信贷亏损率，抽样检

查预期信贷亏损备抵是否准确；及

— Evaluating the apropriatenes of the ECL rates aplied for

loan receivables by reference to the historical recovery rates,

probability of default, exposure at default, los given default

and forward-loking information with the asistance of our

valuation specialists.

— 在估值专家的协助下，透过参考历史收回率、违

约可能性、违约风险、违约亏损及前瞻性资料，

评估应收贷款所用的预期信贷亏损率是否适当。

关键审计事项

关键审计事项是根据我们的专业判断，认为对

本期综合财务报表的审计最为重要的事项。这

些事项是在我们审计整体综合财务报表及出具

意见时进行处理的。我们不会对这些事项提供

单独的意见。

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

OTHER INFORMATION

The directors are responsible for the other information. The other information

comprises al the information in the 2025 anual report of the Company, but

does not include the consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements does not cover the other

information and we do not expres any form of asurance conclusion thereon.

In conection with our audit of the consolidated financial statements, our

responsibility is to read the other information and, in doing so, consider whether

the other information is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or otherwise apears to be

materialy mistated. If, based on the work we have performed, we conclude

that there is a material mistatement of this other information, we are required

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

RESPONSIBILITIES OF THE DIRECTORS FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated financial

statements that give a true and fair view in acordance with HKFRS Acounting

Standards as isued by the HKICPA and the disclosure requirements of the

Hong Kong Companies Ordinance, and for such internal control as the directors

determine is necesary to enable the preparation of consolidated financial

statements that are fre from material mistatement, whether due to fraud or

eror.

In preparing the consolidated financial statements, the directors are

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

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

concern basis of acounting unles the directors either intend to liquidate the

Group or to cease operations, or have no realistic alternative but to do so.

The directors asisted by the Audit Comite are responsible for overseing

the Group’s financial reporting proces.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF

THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s report

that includes our opinion. We report our opinion solely to you, as a body, in

acordance with our agred terms of engagement and for no other purpose. We

do not asume responsibility towards or acept liability to any other person for

the contents of this report.

其他信息

董事需对其他信息负责。其他信息包括所有刊

载于 贵公司2025年报内的信息，但不包括综

合财务报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他信息，

我们亦不对该等其他信息发表任何形式的鉴证

结论。

结合我们对综合财务报表的审核，我们的责任

是阅读其他信息，在此过程中，考虑其他信息

是否与综合财务报表或我们在审核过程中所了

解的情况存在重大抵触或者似乎存在重大错误

陈述的情况。基于我们已执行的工作，如果我

们认为其他信息存在重大错误陈述，我们需要

报告该事实。在这方面，我们没有任何报告。

董事就综合财务报表须承担的责

任

董事须负责根据香港会计师公会颁布的《香港

财务报告准则会计准则》及香港《公司条例》拟

备真实而中肯的综合财务报表，并对其认为

使综合财务报表的拟备不存在由欺诈或错误而

导致的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，董事负责评估 贵集

团持续经营的能力，并在适用情况下披露与持

续经营有关的事项，以及使用持续经营为会计

基础，除非董事有意将 贵集团清盘或停止经

营，或别无其他实际的替代方案。

董事于审核委员会的协助下负责监督 贵集团

的财务报告过程。

核数师就审计综合财务报表承担

的责任

我们的目标，是对综合财务报表整体是否不存

在由于欺诈或错误而导致的重大错误陈述取

得合理保证，并出具包括我们意见的核数师报

告。我们仅按照我们协定的委聘条款向 阁下

（作为整体）报告，除此之外本报告不作其他用

途。我们不会就本报告的内容向任何其他人士

负责或承担责任。

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF

THE CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

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

an audit conducted in acordance with HKSAs wil always detect a material

mistatement when it exists. Mistatements can arise from fraud or eror

and are considered material if, individualy or in the agregate, they could

reasonably be expected to influence the economic decisions of users taken on

the basis of these consolidated financial statements.

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

judgement and maintain profesional skepticism throughout the audit. We also:

• identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

provide a basis for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one resulting from

eror, as fraud may involve colusion, forgery, intentional omisions,

misrepresentations, or the overide of internal control.

• obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on the

efectivenes of the Group’s internal control.

• evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made

by the directors.

• ’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Group’s ability to

continue as a going concern. If we conclude that a material uncertainty

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

related disclosures in the consolidated financial statements or, if such

disclosures are inadequate, to modify our opinion. Our conclusions are

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

report. However, future events or conditions may cause the Group to

cease to continue as a going concern.

核数师就审计综合财务报表承担

的责任（续）

合理保证是高水准的保证，但不能保证按照《香

港审计准则》进行的审核，在某一重大错误陈

述存在时总能发现。错误陈述可以由欺诈或错

误引起，如果合理预期它们单独或汇总起来可

能影响综合财务报表使用者依赖综合财务报表

所作出的经济决定，则有关的错误陈述可被视

作重大。

在根据《香港审计准则》进行审计的过程中，我

们运用了专业判断，保持了专业怀疑态度。我

们亦：

‧ 识别和评估由于欺诈或错误而导致综

合财务报表存在重大错误陈述的风险，

设计及执行审计程序以应对这些风险，

以及获取充足和适当的审计凭证，作为

我们意见的基础。由于欺诈可能涉及串

谋、伪造、蓄意遗漏、虚假陈述，或凌

驾于内部控制之上，因此未能发现因欺

诈而导致的重大错误陈述的风险高于未

能发现因错误而导致的重大错误陈述的

风险。

‧ 了解与审计相关的内部控制，以设计适

当的审计程序，但目的并非对 贵集团

内部控制的有效性发表意见。

‧ 评价董事所采用会计政策的恰当性及作

出会计估计和相关披露的合理性。

‧ 对董事采用持续经营会计基础的恰当性

作出结论。根据所获取的审计凭证，确

定是否存在与事项或情况有关的重大不

确定性，从而可能导致对 贵集团的持

续经营能力产生重大疑虑。如果我们认

为存在重大不确定性，则有必要在核数

师报告中提请使用者注意综合财务报表

中的相关披露。假若有关的披露不足，

则我们应当发表非无保留意见。我们的

结论是基于核数师报告日期止所取得的

审计凭证。然而，未来事项或情况可能

导致 贵集团不能持续经营。

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ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF

THE CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

• , structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• plan and perform the group audit to obtain suficient apropriate audit

evidence regarding the financial information of the entities or busines

units within the Group as a basis for forming an opinion on the group

financial statements. We are responsible for the direction, supervision

and review of the audit work performed for purposes of the group

audit. We remain solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among other maters,

the planed scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that we identify during

our audit.

We also provide the Audit Comite with a statement that we have

complied with relevant ethical requirements regarding independence, and to

comunicate with them al relationships and other maters that may reasonably

be thought to bear on our independence, and where aplicable, actions taken to

eliminate threats or safeguards aplied.

From the maters comunicated with the Audit Comite, we determine

those maters that were of most significance in the audit of the consolidated

financial statements of the curent period and are therefore the key audit

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

regulation precludes public disclosure about the mater or when, in extremely

rare circumstances, we determine that a mater should not be comunicated in

our report because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such comunication.

Grant Thornton Hong Kong Limited

Certified Public Acountants

11th Flor, Le Garden Two

28 Yun Ping Road

Causeway Bay

Hong Kong SAR

27 June 2025

Lam Kam Fung

Practising Certificate No.: P07822

核数师就审计综合财务报表承担

的责任（续）

‧ 评价综合财务报表的整体列报方式、结

构和内容，包括披露，以及综合财务报

表是否中肯反映交易和事项。

‧ 就 贵集团内实体或业务单位的财务信

息策划及进行 贵集团的审计，以获取

充足、适当的审计凭证，作为达致 贵

集团财务报告的意见基准。我们负责

就 贵集团审计所履行审计工作的方向、

监督和审阅。我们为审计意见承担全部

责任。

除其他事项外，我们与审核委员会沟通了计划

的审计范围、时间安排、重大审计发现等，包

括我们在审计中识别出内部控制的任何重大缺

陷。

我们还向审核委员会提交声明，说明我们已符

合有关独立性的相关专业道德要求，并与他们

沟通有可能合理地被认为会影响我们独立性的

所有关系和其他事项，以及为消除对独立性的

威胁所采取的行动或防范措施（若适用）。

从与审核委员会沟通的事项中，我们确定哪些

事项对本期综合财务报表审核的审计最为重

要，因而构成关键审计事项。我们在核数师报

告中描述这些事项，除非法律法规不允许公开

披露这些事项，或在极端罕见的情况下，如果

合理预期在我们报告中沟通某事项造成的负面

后果超过产生的公众利益，我们决定不应在报

告中沟通该事项。

致同（香港）会计师事务所有限公司

执业会计师

香港特区

铜锣湾

恩平道28号

利园二期11楼

2025年6月27日

林金峰

执业证书号码：P07822

---

2025
2025年
HK$’000
千港元
99,218
(30,426)
68,792
4,599
(28,620)
(25,622)
(2,898)
—
(293)
(1,613)
14,345
(3,157)
11,188
(9,580)
1,608

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表

For the year ended 31 March 2025 截至2025年3月31日止年度

2024年

NotesHK$’000

附注千港元

(Restated)

（经重列）

Continuing operations持续经营业务

Revenue收益461,700

Cost of sales销售成本(23,109)

Gros profit毛利38,591

Other income其他收入57,253

Seling and marketing expenses销售及市场推广开支(30,390)

Administrative expenses行政开支(23,939)

Provision for impairment of trade and other

receivables and loan receivables, net

贸易及其他应收款项以及应收贷

款的减值拨备净额6(302)

Provision for impairment of godwil商誉减值拨备17(8,694)

Fair value change of financial aset at fair

value through profit or los (“FVTPL”)

透过损益按公允价值列账（「透过

损益按公允价值列账」）的金融

资产的公允价值变动—

Finance costs财务成本7(1,195)

Profit/(Los) before income tax除所得税前溢利╱（亏损）8(18,676)

Income tax (expense)/credit所得税（开支）╱抵免1180

Profit/(Los) for the year from

continuing operations

持续经营业务所得年内溢利╱

（亏损）(18,596)

Discontinued operations已终止经营业务

(Los)/Profit for the period/year from

discontinued operation

已终止经营业务所得期内╱年内

（亏损）╱溢利91,322

Profit/(Los) for the year年内溢利╱（亏损）(17,274)

---

2025
2025年
HK$’000
千港元
1,608
(18)
(113)
(131)
1,477
11,057
(9,580)
1,477
0.70
(0.60)

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

综合其他全面收益表

2024年

NotesHK$’000

附注千港元

(Restated)

（经重列）

Profit/(Los) for the year年内溢利╱（亏损）(17,274)

Other comprehensive income/

(expense)

其他全面收益╱（开支）

Items that wil be reclasified subsequently

to profit or los

其后将重新分类至损益的

项目

Actuarial los on long service payment

(“LSP”)

长期服务金（「长期服务金」）

精算亏损31(100)

Exchange los on translation of financial

statements of foreign operations

换算海外业务财务报表的

汇兑亏损(69)

(169)

Total comprehensive income/

(expense) for the year

年内全面收益╱（开支）总额

(17,443)

Total comprehensive income/

(expense) for the year atributable to

equity holders of the Company

本公司权益持有人应占年内全面

收益╱（开支）总额

— From continuing operations— 来自持续经营业务(18,765)

— From discontinued operations— 来自已终止经营业务1,322

(17,443)

Earning/(Los) per share atributable

to equity holders of the Company

(expresed in HK cents per share)

本公司权益持有人应占

每股盈利╱（亏损）

（以每股港仙列示）

Basic and diluted基本及摊薄12

— From continuing operations— 来自持续经营业务(1.18)

— From discontinued operations— 来自已终止经营业务0.08

The notes on pages 75 to 178 are an integral part of these consolidated

financial statements.

第75至178页所载附注乃本综合财务报表的组成

部分。

---

2025
2025年
HK$’000
千港元
9,350
565
—
2,427
2,080
18,786
610
33,818
11,677
69,761
2,497
—
961
84,896
48,537
6,240
13,785
6,575
3,934
79,071
5,825
39,643
2,471
425
2,896
36,747

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025 于2025年3月31日

2024年

NotesHK$’000

附注千港元

ASETS AND LIABILITIES资产及负债

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备1412,616

Intangible asets无形资产15735

Godwil商誉17—

Financial asets at FVTPL透过损益按公允价值列账的

金融资产18—

Cash surender value of life insurance人寿保险的解约现金价值192,023

Loan receivables应收贷款21211

Defered tax asets递延税项资产27374

15,959

Curent asets流动资产

Inventories存货2011,833

Trade and other receivables贸易及其他应收款项2151,827

Loan receivables应收贷款2114,597

Tax recoverable可收回税项398

Bank balances and cash银行结余及现金2212,192

90,847

Curent liabilities流动负债

Trade and other payables贸易及其他应付款项2331,445

Contract liabilities合约负债246,987

Bank borowings银行借贷2520,274

Lease liabilities租赁负债268,121

Tax payables应付税项—

66,827

Net curent asets流动资产净值24,020

Total asets les curent liabilities总资产减流动负债39,979

Non-curent liabilities非流动负债

Lease liabilities租赁负债264,428

Other payables其他应付款项23281

4,709

Net asets资产净值35,270

---

2025
2025年
HK$’000
千港元
15,840
20,907
36,747

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

As at 31 March 2025 于2025年3月31日

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

2024年

NotesHK$’000

附注千港元

EQUITY权益

Share capital股本2815,840

Reserves储备19,430

Total equity总权益35,270

Tong Tang JosephTsui Wing Tak

唐登徐颖德

DirectorDirector

董事董事

The notes on pages 75 to 178 are an integral part of these consolidated

financial statements.

第75至178页所载附注乃本综合财务报表的组成

部分。

---

—	—	—	—	1,608	1,608
—	—	—	—	(18)	(18)
—	—	—	(113)	—	(113)
—	—	—	(113)	1,590	1,477
15,840	31,564	5,474	(115)	(16,016)	36,747

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 截至2025年3月31日止年度

Share

capital

Share

premium*

Capital

reserve*

Exchange

reserve*

Acumulated

loses*

Total

equity

股本股份溢价资本储备汇兑储备累计亏损总权益

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

千港元千港元千港元千港元千港元千港元

(Note 29(a)(Note 29(b)

（附注29(a)）（附注29(b)）

Balance at 1 April 2023于2023年4月1日的结余15,84031,5645,47467(232)52,713

Los for the year年内亏损—(17,274)(17,274)

Other comprehensive expense其他全面开支

— Actuarial los on long service

payment (note 31)

— 长期服务金精算亏损

（附注31）—(100)(100)

— Exchange los on translation of

financial statements of foreign

operations

— 换算海外业务财务报

表的汇兑亏损

—(69)—(69)

Total comprehensive expense for

the year

年内全面开支总额

—(69)(17,374)(17,443)

Balance at 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日的结余15,84031,5645,474(2)(17,606)35,270

Profit for the year年内溢利

Other comprehensive expense其他全面开支

— Actuarial los on long service

payment (note 31)

— 长期服务金精算亏损

（附注31）

— Exchange los on translation of

financial statements of foreign

operations

— 换算海外业务财务报

表的汇兑亏损

Total comprehensive (expense)/

income for the year

年内全面（开支）╱收益

总额

Balance at 31 March 2025于2025年3月31日的结余

• ’s reserves of HK$20,907,000 (2024:

HK$19,430,000) in the consolidated statement of financial position.

The notes on pages 75 to 178 are an integral part of these consolidated

financial statements.

* 储备账包括本集团于综合财务状况表中的储

备20,907,000港元（2024年：19,430,000港元）。

第75至178页所载附注乃本综合财务报表的组成

部分。

---

2025
2025年
HK$’000
千港元
14,345
(9,580)
4,765
10,070
170
(14)
1,613
(510)
9,376
683
—
(29)
—
2,898
(57)
293
(663)
—
28,595
156
(49,767)
(7,417)
31,599
(747)
2,419
710
14
3,143

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

2024年

NotesHK$’000

附注千港元

Cash flows from operating activities经营活动所得现金流量

Profit/(Los) before income tax除所得税前溢利╱（亏损）

— Continuing operations— 持续经营业务(18,676)

— Discontinued operations— 已终止经营业务91,603

(17,073)

Adjustments for:就下列项目作出的调整：

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

10,291

Amortisation of intangible asets无形资产摊销223

Interest income利息收入(19)

Interest expenses利息开支1,673

Other income其他收入(510)

Los on disposal of discontinued operations出售已终止经营业务亏损—

Los on write-of of loan receivables应收贷款撇销亏损—

Gain on bargain purchase on acquisition of

a subsidiary

收购一间附属公司之议价收购

收益(779)

(Gain)/Los on modification of lease修订租赁之（收益）╱亏损128

Provision for impairment of godwil商誉减值拨备8,694

Provision for impairment of trade and other

receivables and loan receivables

贸易及其他应收款项以及

应收贷款的减值拨备330

Fair value gain on cash surender value of life

insurance

人寿保险的解约现金价值的

公允价值收益(45)

Fair value gain of financial aset at FVTPL透过损益按公允价值列账的

金融资产的公允价值收益—

Fair value gain in contingent consideration

payables

应付或然代价的公允价值收益

—

Write-of of property, plant and equipment物业、厂房及设备撇销2

Operating cash flows before working capital

changes

营运资金变动前的经营现金流量

2,915

Decrease in inventories存货减少2,429

Increase in trade and other receivables贸易及其他应收款项增加(9,723)

Increase in loan receivables应收贷款增加(4,402)

Increase in trade and other payables贸易及其他应付款项增加6,794

(Decrease)/Increase in contract liabilities合约负债（减少）╱增加1,070

Cash generated from/(used in) from operations经营所得╱（所用）现金(917)

Income tax refunded已退还所得税976

Interest received已收利息19

Net cash generated from/(used in)

operating activities

经营活动所得╱（所用）现金净额

---

2025
2025年
HK$’000
千港元
(54)
—
—
(4,604)
2,436
(675)
—
(2,897)
27,254
(28,049)
(8,956)
(817)
(796)
(11,364)
(11,118)
(113)
12,192
961
1,712
(751)
961

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 截至2025年3月31日止年度

2024年

NotesHK$’000

附注千港元

Cash flows from investing activities投资活动所得现金流量

Purchase of property, plant and equipment购买物业、厂房及设备(153)

Purchase of intangible asets购买无形资产(847)

Proceds from disposal of property, plant and

equipment

出售物业、厂房及设备所得款项

Payment for consideration payables支付应付代价—

Net cash inflows from disposal of discontinued

operations

出售已终止经营业务之现金流入净额38

—

Investment in financial asets at FVTPL透过损益按公允价值列账的

金融资产的投资—

Cash outflow arising on acquisition of a subsidiary收购一间附属公司产生之现金流出37(281)

Net cash used in investing activities投资活动所用现金净额(1,275)

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

Proceds from bank borowings银行借贷所得款项35(a)51,503

Repayment of bank borowings偿还银行借贷35(a)(37,693)

Capital element of lease liabilities租赁负债的本金部分35(a)(8,158)

Interest element of lease liabilities租赁负债的利息部分35(a)(653)

Interests paid已付利息35(a)(1,020)

Net cash (used in)/generated from financing

activities

融资活动（所用）╱所得现金净额

3,979

Net (decrease)/increase in cash and cash

equivalents

现金及现金等价物（减少）╱增加净额

2,782

Efect of foreign exchange rate changes外币汇率变动的影响(69)

Cash and cash equivalents at the begining of

the year

于年初的现金及现金等价物

9,479

Cash and cash equivalents at the end of the

year

年末现金及现金等价物

12,192

Analysis of the balances of cash and cash

equivalents

现金及现金等价物结余的分析

Bank balances银行结余13,400

Bank overdraft银行透支(1,208)

12,192

第75至178页所载附注乃本综合财务报表的组成

部分。

The notes on pages 75 to 178 are an integral part of these consolidated

financial statements.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. GENERAL INFORMATION

ZXZN Qi-House Holdings Limited (formerly known as Qi-House Holdings

Limited) (the “Company”) was incorporated in the Cayman Islands as an

exempted company with limited liability under the Companies Law (as

revised) of the Cayman Islands. The adres of the Company’s registered

ofice is Windward 3, Regata Ofice Park, P.O. Box 1350, Grand Cayman

KY1-1108, Cayman Islands. The adres of its principal place of busines

is 28/F., Horizon Plaza, 2 Le Wing Stret, Ap Lei Chau, Hong Kong.

The Company is an investment holding company and its subsidiaries

(colectively, the “Group”) are principaly engaged in the sale,

distribution and rental of furniture and home acesories, distribution

and licencing of intelectual property rights, the provision of styling,

consulting services and furniture agency services and the operation of a

café in the prior year. During the year ended 31 March 2025, the Group

ceased its operation of furniture agency services, detail of which is

disclosed in note 9. In adition, starting from the year ended 31 March

2025, the Group has principaly comenced the busines in development

and sales of trading parts and automation equipment. The details of the

principal activities of the Company’s subsidiaries are disclosed in note

16.

The directors consider the imediate and ultimate holding company

of the Company to be Tiptop Honour Limited (“Tiptop”), a company

incorporated in Samoa.

The consolidated financial statements for the year ended 31 March 2025

were aproved for isue by the board of directors on 27 June 2025.

2. SUMARY OF MATERIAL ACOUNTING

POLICIES

2.1 Basis of preparation

These consolidated financial statements have ben prepared

in acordance with Hong Kong Financial Reporting Standards

as isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”), which colective term includes al

aplicable individual HKFRS acounting standards, Hong Kong

Acounting Standards and Interpretations (“HKFRS Acounting

Standards”) and the acounting principles generaly acepted in

Hong Kong.

The consolidated financial statements also comply with the

aplicable disclosure of the Hong Kong Companies Ordinance

and include the aplicable disclosure requirements of the Rules

Governing the Listing of Securities on GEM (the “GEM Listing

Rules”) of The Stock Exchange of Hong Kong Limited (the

“Stock Exchange”).

1. 一般资料

中显智能齐家控股有限公司（前称齐家控

股有限公司）（「本公司」）乃根据开曼群岛公

司法（经修订）在开曼群岛注册成立为一

间获豁免有限公司。本公司的注册办事处

地址为Windward 3, Regata Ofice Park, P.O. Box

1350, Grand Cayman KY1-1108, Cayman Islands。

其主要营业地点的地址为香港鸭脷洲利

荣街2号新海怡广场28楼。

本公司为一间投资控股公司，及其附属公

司（统称「本集团」）主要从事家具及家居配

饰销售、分销及租赁、分销及许可使用知

识产权、提供设计、咨询服务及家具代理

服务以及于去年经营一间咖啡厅。截至

2025年3月31日止年度，本集团终止营运其

家具代理服务，有关详情披露于附注9。

此外，自截至2025年3月31日止年度起，本

集团主要开展研发买卖零件及自动化设备

销售的业务。本公司附属公司的主要业务

详情披露于附注16。

董事认为本公司的直接及最终控股公司

为誉顶有限公司（「誉顶」，一间于萨摩亚

注册成立的公司）。

截至2025年3月31日止年度的综合财务报表

于2025年6月27日获董事会批准刊发。

2. 重大会计政策概要

2.1 编制基准

本综合财务报表乃按照由香港会计

师公会（「香港会计师公会」）颁布的

香港财务报告准则（该统称包括所有

适用个别香港财务报告准则会计准

则、香港会计准则及诠释（「香港财

务报告准则会计准则」）以及香港公

认会计原则编制。

综合财务报表亦符合香港公司条例

的适用披露及包括香港联合交易所

有限公司（「联交所」）GEM证券上市规

则（「GEM上市规则」）的适用披露规

定。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.1 Basis of preparation (Continued)

The material acounting policies that have ben used in the

preparation of these consolidated financial statements are

sumarised below. These policies have ben consistently aplied

to al the years presented unles otherwise stated. The adoption of

new and amended HKFRS Acounting Standards and the impacts on

the Group’s consolidated financial statements, if any, are disclosed in

Note 2.2.

The consolidated financial statements have ben prepared on

the historical cost basis, except for certain financial instruments,

which are caried at fair value. The measurement bases are fuly

described in the acounting policies below.

It should be noted that acounting estimates and asumptions

are used in preparation of the consolidated financial statements.

Although these estimates are based on the management’s

best knowledge and judgement of curent events and actions,

actual results may ultimately difer from those estimates. The

areas involving a higher degre of judgement or complexity, or

areas where asumptions and estimates are significant to the

consolidated financial statements are disclosed in Note 3.

The presentation of comparative information in respect of the

consolidated statement of profit or los and other comprehensive

income for the year ended 31 March 2024 has ben restated in

order to disclose the discontinued operations separately from

continuing operations. As the restatements do not afect the

consolidated statement of financial position, it is not necesary

to disclose comparative information as at 1 April 2024. For the

details of the discontinued operations, please refer to note 9 to

the consolidated financial statements.

1. （续）

2.1 编制基准（续）

编制本综合财务报表所用的重大会

计政策概述如下。除非另有注明，

否则该等政策已于所呈报的所有年

度一直贯彻应用。采纳新订及经修

订香港财务报告准则会计准则以及

对本集团综合财务报表的影响（如有）

于附注2.2披露。

综合财务报表乃按历史成本基准编

制，惟按公允价值列账的若干金融

工具除外。计量基准于下文会计政

策中详述。

务请注意，编制综合财务报表时会

运用会计估计及假设。虽然该等估

计乃基于管理层对目前事件及行动的

最佳认知及判断作出，但是实际结

果最终可能与有关估计不同。涉及

更高层次判断或复杂程度的范畴，

或假设及估计对综合财务报表属重

大的范畴于附注3披露。

有关截至2024年3月31日止年度的综合

损益及其他全面收益表的比较资料

已经重列，以便将已终止经营业务

与持续经营业务分开披露。由于重

列并不影响综合财务状况表，故毋

须披露于2024年4月1日的比较资料。

有关已终止经营业务的详情，请参

阅综合财务报表附注9。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.2 Changes in acounting policy

(a) Amended HKFRS Acounting Standards that are

efective for anual periods begining on 1 April

In the curent year, the Group has aplied for the first time

the folowing amended HKFRS Acounting Standards as

isued by the HKICPA, which are relevant to the Group’s

operations and efective for the Group’s consolidated

financial statements for the anual period begining on 1

April 2024:

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities

as Curent or Non-curent

and related amendments to

Hong Kong Interpretation 5

(2020)

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The adoption of the amended HKFRS Acounting

Standards had no material impact on how the results and

financial position for the curent and prior periods have

ben prepared and presented.

1. （续）

2.2 会计政策变动

(a) 于2024年4月1日开始的年度期

间生效的经修订香港财务报告

准则会计准则

于本年度，本集团已首次应用

以下由香港会计师公会所颁布

与本集团营运相关及就本集团

于2024年4月1日开始的年度期

间的综合财务报表而言已生效

的经修订香港财务报告准则会

计准则：

香港财务报告准则

第16号的修订本

售后租回之租赁

负债

香港会计准则第1号

的修订本

将负债分类为流动

或非流动及香港

诠释第5号（2020

年）的相关修订本

香港会计准则第1号

的修订本

附带契诺的非流动

负债

香港会计准则第7号

及香港财务报告

准则第7号的修订

本

供应商融资安排

采纳经修订的香港财务报告准

则会计准则对编制及呈列本期

间及以往期间业绩及财务状况

的方法并无重大影响。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.2 Changes in acounting policy (Continued)

(b) Isued but not yet efective HKFRS Acounting

Standards

At the date of authorisation of these consolidated

financial statements, certain new and amended HKFRS

Acounting Standards have ben published but are not yet

efective, and have not ben adopted early by the Group:

HKFRS 18Presentation and Disclosure in

Financial Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to HKFRS 9

and HKFRS 7

Amendments to the

Clasification and

Measurement of Financial

Instruments

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to

HKFRS 10 and

HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKAS 21Lack of Exchangeability

Amendments to HKFRS

Acounting Standards

Anual Improvements

to HKFRS Acounting

Standards — Volume 11

Amendments to Hong

Kong Interpretation 5

Presentation of Financial

Statements —

Clasification by the

Borower of a Term Loan

that Contains a Repayment

on Demand Clause

1 Efective for anual periods begining on or after

1 January 2025

2 Efective for anual periods begining on or after

1 January 2026

3 Efective for anual periods begining on or after

1 January 2027

4 Efective date not yet determined

1. （续）

2.2 会计政策变动（续）

(b) 已颁布但尚未生效的香港财务

报告准则会计准则

于本综合财务报表获授权日

期，若干新订及经修订的香港

财务报告准则会计准则已发布

但尚未生效，且未获本集团提

早采纳：

香港财务报告准则

第18号

财务报表的呈列及

披露

香港财务报告准则

第19号

无公众问责性的附属

公司：披露

香港财务报告准则

第9号及香港财务

报告准则第7号的

修订本

金融工具分类及计量

的修订本

香港财务报告准则

第9号及香港财务

报告准则第7号的

修订本

涉及依赖自然能源生

产电力的合约

香港财务报告准则第

10号及香港会计准

则第28号的修订本

投资者与其联营公司

或合营企业之间的

资产销售或贡献

香港会计准则第21号

的修订本

缺乏可兑换性

香港财务报告准则

会计准则的修订本

香港财务报告准则

会计准则的年度

改进 — 第11册

香港诠释第5号的

修订本

财务报表的呈列 —

借款人对载有按

要求偿还条款的定

期贷款的分类

1 于2025年1月1日或以后开始

的年度期间生效

2 于2026年1月1日或以后开始

的年度期间生效

3 于2027年1月1日或以后开始

的年度期间生效

4 生效日期尚待确定

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.2 Changes in acounting policy (Continued)

(b) Isued but not yet efective HKFRSs (Continued)

The directors anticipate that al of the pronouncements

wil be adopted in the Group’s acounting policy for the

first period begining on or after the efective date of the

pronouncement. Information on new and amended HKFRS

Acounting Standards that are expected to have impact

on the Group’s acounting policies is provided below.

Other new and amended HKFRS Acounting Standards

are not expected to have a material impact on the Group’s

consolidated financial statements.

HKFRS 18 “Presentation and Disclosure in Financial

Statements” and related amendments to Hong Kong

Interpretation 5

HKFRS 18 replaces HKAS 1 “Presentation of Financial

Statements”. It caries forward many of the existing

requirements in HKAS 1, with limited changes, and

some HKAS 1 requirements wil be moved to HKAS 8

“Acounting Policies, Changes in Acounting Estimates

and Erors” and HKFRS 7 “Financial Instruments:

Disclosures”.

HKFRS 18 wil not impact the recognition and

measurement of financial statements items but the

presentation of them. It introduces thre major new

requirements, including:

• reporting newly defined subtotals (namely

“operating profits” and “profits before financing

and income tax”), and clasifying items into five

newly defined categories (namely “operating”,

“investing”, “financing”, “income tax” and

“discontinued operation”), depending on the

reporting entity’s main busines activities, in the

statement of profit or los;

• Disclosure of management-defined performance

measures (“MPMs”) in a single note to the

financial statements; and

• enhanced guidance of agregation and

disagregation of information in the financial

statements.

1. （续）

2.2 会计政策变动（续）

(b) 已颁布但尚未生效的香港财务

报告准则（续）

董事预计，所有宣告将于宣告

生效日期或以后开始的首个期

间的本集团会计政策中采纳。

预期对本集团的会计政策构成

影响的新订及经修订香港财务

报告准则会计准则资料载列如

下。预期其他新订及经修订的

香港财务报告准则会计准则将

不会对本集团的综合财务报表

构成重大影响。

香港财务报告准则第18号「财

务报表的呈列及披露」及香港

诠释第5号的相关修订

香港财务报告准则第18号取代

香港会计准则第1号「财务报表

的呈列」。其继承香港会计准

则第1号的大量现有规定并作出

有限度的更改，而部分香港会

计准则第1号的规定将转移至香

港会计准则第8号「会计政策、

会计估计的变动及错误」以及

香港财务报告准则第7号「金融

工具：披露」。

香港财务报告准则第18号不会

影响财务报表项目的确认及计

量，惟将影响呈列方式。香港

财务报告准则第18号引入三项

重大新规定，包括：

‧ 于损益表呈报新界定的

小计（即「经营溢利」及

「除融资及所得税前溢

利」），并将项目分为五

个新界定的类别（即「经

营」、「投资」、「融资」、「所

得税」及「已终止经营业

务」），视乎报告实体的主

要业务活动而定；

‧ 於单一财务报表附注中

披露由管理层界定的表

现计量方式（「管理层界

定的表现计量方式」）；及

‧ 提升财务报表资料汇总

及分拆的指引。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

2.2 会计政策变动（续）

(b) 已颁布但尚未生效的香港财务

报告准则（续）

香港财务报告准则第18号「财

务报表的呈列及披露」及香港

诠释第5号的相关修订（续）

此外亦对香港会计准则第7号

「现金流量表」作出范围狭窄的

修订，包括：

‧ 使用「经营溢利或亏损」

作为呈列经营现金流量

的间接方法的起点；及

‧ 取消将利息及股息现金

流量分类为经营活动的

选项。

若干其他准则亦已作后续修订。

香港财务报告准则第18号及对其他

香港财务报告准则会计准则的修订

于2027年1月1日或之后开始的年度期

间生效，且必须连同指定过渡条文

追溯应用。本集团董事仍在评估香

港财务报告准则第18号的影响，尤

其是对本集团的综合损益及其他全

面收益表的结构、综合现金流量表

以及有关由管理层界定的表现计量

方式的新增披露规定的影响。本集

团亦正在评估综合财务报表资料分

组方式的影响，包括目前列为「其他」

的项目。

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.2 Changes in acounting policy (Continued)

(b) Isued but not yet efective HKFRSs (Continued)

HKFRS 18 “Presentation and Disclosure in Financial

Statements” and related amendments to Hong Kong

Interpretation 5 (Continued)

Besides, narow-scope amendments have ben made to

HKAS 7 “Statement of Cash Flows”, which includes:

• “operating profit or los” as the starting

point for indirect method for the presentation of

operating cash flows purposes; and

• the option for clasifying interest and dividend

cash flows as operating activities is eliminated.

In adition, there are consequential amendments to

several other standards.

HKFRS 18, and the amendments to the other HKFRS

Acounting Standards, are efective for anual period

begining on or after 1 January 2027 and must be aplied

retrospectively with specific transition provisions. The

directors of the Group are stil in the proces of asesing

the impact of HKFRS 18, particularly with respect to the

structure of the Group’s consolidated statement of profit

or los and other comprehensive income, the consolidated

statement of cash flows and the aditional disclosures

required for MPMs. The Group is also asesing the

impact of how information is grouped in the consolidated

financial statements, including the items curently

labeled as “other”.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.3 Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and its subsidiaries made up to 31

March each year.

Subsidiaries are entities controled by the Group. The Group

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

variable returns from its involvement with the entity and has the

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

When asesing whether the Group has power over the entity,

only substantive rights relating to the entity (held by the Group

and others) are considered.

The Group includes the income and expenses of a subsidiary

in the consolidated financial statements from the date it gains

control until the date when the Group ceases to control the

subsidiary.

Intra-group transactions, balances and unrealised gains and

loses on transactions betwen group companies are eliminated

in preparing the consolidated financial statements. Where

unrealised loses on sales of intra-group aset are reversed on

consolidation, the underlying aset is also tested for impairment

from the Group’s perspective. Amounts reported in the financial

statements of subsidiaries have ben adjusted where necesary

to ensure consistency with the acounting policies adopted by

the Group.

In the Company’s statement of financial position, subsidiaries

are caried at cost les any impairment los unles the subsidiary

is held for sale or included in a disposal group. Cost is adjusted

to reflect changes in consideration arising from contingent

consideration amendments. Cost also includes direct atributable

costs of investment.

1. （续）

2.3 综合账目的基准

综合财务报表包含本公司及其附属

公司直至每年3月31日为止的综合财

务报表。

附属公司为本集团控制的实体。当

本集团透过参与某个实体获得或有

权取得可变回报且有能力透过对该

实体的权力影响该等回报时，本集

团即控制该实体。于评估本集团对

该实体是否拥有权力时，仅会考虑

与该实体有关的实质权利（由本集团

及其他人士持有）。

本集团由获得控制权之日起将附属

公司的收支列入综合财务报表，直

至附属公司控制权终止之日为止。

集团内公司间的交易、结余以及集

团公司间交易的未变现收益及亏损

于编制综合财务报表时对销。在出

售集团内资产的未变现亏损于综合

账目时拨回的情况下，相关资产亦

会从本集团角度进行减值测试。附

属公司财务报表内呈报的金额已作

必要调整，以确保与本集团采纳的

会计政策一致。

除非附属公司乃持作出售或计入出

售集团，否则附属公司于本公司的

财务状况表内按成本减任何减值亏

损列账。成本会作调整，以反映或

然代价修订所产生的代价变动。成

本亦包括投资直接应占成本。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.3 Basis of consolidation (Continued)

The results of subsidiaries are acounted for by the Company on

the basis of dividends received and receivable at the reporting

date. Al dividends whether received out of the investe’s pre or

post-acquisition profits are recognised in the Company’s profit or

los.

2.4 Acquisitions of subsidiaries

Busines combinations

Busines combinations are acounted for using the acquisition

method. The consideration transfered in a busines combination

is measured at fair value, which is calculated as the sum of the

acquisition-date fair values of the asets transfered by the

Group, liabilities incured by the Group to the former owners

of the acquire and the equity interests isued by the Group in

exchange for control of the acquire. Acquisition-related costs

are recognised in profit or los as incured.

The Group determines that it has acquired a busines when

the acquired set of activities and asets include an input and

a substantive proces that together significantly contribute to

the ability to create outputs. The acquired proces is considered

substantive if it is critical to the ability to continue producing

outputs, and the inputs acquired include an organised workforce

with necesary skils, knowledge, or experience to perform that

proces or it significantly contributes to the ability to continue

producing outputs and is considered unique or scarce or canot

be replaced without significant cost, efort, or delay in the ability

to continue producing outputs.

Identifiable asets acquired and liabilities and contingent

liabilities asumed in a busines combination are, with limited

exceptions, measured initialy at their fair values at the

acquisition date.

Consideration transfered as part of a busines combination does

not include amounts related to the setlement of pre-existing

relationships. The gain or los on the setlement of any

pre-existing relationship is recognised in profit or los.

1. （续）

2.3 综合账目的基准（续）

附属公司的业绩由本公司按于报告

日期已收及应收股息的基准入账。

所有股息（无论是否从投资对象的收

购前或收购后溢利中收取）乃于本公

司损益入账。

2.4 收购附属公司

业务合并

附属公司及业务收购采用收购法入

账。于业务合并中转拨的代价按公

允价值计量，而公允价值乃按本集

团所转让的资产、本集团向被收购方

原拥有人产生的负债及本集团为交

换被收购方的控制权而发行的股权

于收购日的公允价值的总额计算。收

购相关成本于产生时在损益入账。

当已收购一组活动及资产包括一项

资源投入及一项实质过程，而两者

必须对创造产出的能力有重大贡献，

则本集团厘定其已收购一项业务。

倘收购过程对继续生产出的能力

至关重要，并且所收购的投入包括

具备执行该过程所必需的技能、知

识或经验的组织劳动力，或对持续

生产出的能力有重大贡献，则被

认为属独特或稀缺，或在无重大成

本、努力或持续生产出能力出现

延迟的情况下不可取代。

于业务合并中收购的可识别资产以

及承担的负债及或然负债初始按于

收购日的公允价值计量（少数例外情

况除外）。

与结算既存关系有关的金额不计入

作为业务合并一部分的转让代价。

结算任何既存关系的损益均于损益

确认。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.4 Acquisitions of subsidiaries (Continued)

Busines combinations (Continued)

Godwil is measured as the exces of the sum of the

consideration transfered, the amount of any non-controling

interests in the acquire, and the fair value of the acquirer’s

previously held equity in the acquire (if any) over the net of the

acquisition–date amounts of the identifiable asets acquired

and liabilities asumed. If, after reasesment, the net of the

acquisition-date amounts of the identifiable asets acquired

and liabilities asumed exceds the sum of the consideration

transfered, the amount of any non-controling interests in

the acquire and the fair value on the acquirer’s previously

held interest in the acquire (if any), the exces is recognised

imediately in profit or los as bargain purchase gain.

Where the consideration the Group transfered in a busines

combination includes asets or liabilities resulting from

a contingent consideration arangement, the contingent

consideration is measured at its acquisition-date fair value

and considered as part of the consideration transfered in a

busines combination. Changes in the fair value of the contingent

consideration that qualify as measurement period adjustments

are adjusted retrospectively, with the coresponding adjustments

being made against godwil or gain on bargain purchase.

Measurement period adjustments are adjustments that arise

from aditional information obtained during the measurement

period about facts and circumstances that existed as of the

acquisition date. Measurement period does not exced one

year from the acquisition date. The subsequent acounting

for changes in the fair value of the contingent consideration

that do not qualify as measurement period adjustments

depends on how the contingent consideration is clasified.

Contingent consideration clasified as equity is not subsequently

remeasured and its subsequent setlement is acounted for

within equity.

1. （续）

2.4 收购附属公司（续）

业务合并（续）

商誉乃按所转拨代价、任何非控股

权益于被收购方所占金额及收购方

以往持有被收购方权益的公允价值

（如有）的总和，超出所收购可识别

资产及所承担负债于收购日的净值

的差额计量。倘经过重估后，所收

购可识别资产与所承担负债于收购

日的净额高于所转拨代价、任何非

控股权益于被收购方所占金额及收

购方以往持有被收购方权益的公允

价值（如有）的总和，则差额即时于

损益入账列为低价购买收益。

倘本集团于业务合并中转让的代价

包括或然代价安排产生的资产或负

债，则或然代价乃按于收购日的公

允价值计量，并被视为于业务合并

中转让的代价的一部分。或然代价

的公允价值变动如符合计量期间调

整资格，则可追溯调整，商誉或低

价购买收益亦作相应调整。计量期

间调整为于计量期间就于收购日存

在的事实及情况获得额外资料而引

致的调整。计量期间不超过由收购

日起计一年。不合资格进行计量期

间调整的或然代价公允价值变动的

其后会计处理取决于或然代价如何

分类。分类为权益的或然代价不会

在其后重新计量，而其后的结算于

权益入账。分类为金融负债的或然

代价于其后报告日期按公允价值重

新计量，公允价的变动会于损益入

账。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.4 Acquisitions of subsidiaries (Continued)

Busines combinations (Continued)

Contingent consideration clasified as a financial liability is

subsequently remeasured at each reporting dates at fair value

with changes in fair value recognised in profit or los.

Aset acquisitions

Groups of asets acquired and liabilities asumed are asesed

to determine if they are busines or aset acquisitions. On an

acquisition-by-acquisition basis, the Group choses to aply a

simplified asesment of whether an acquired set of activities

and asets is an aset rather than busines acquisition, when

substantialy al of the fair value of the gros asets acquired is

concentrated in a single identifiable aset or a group of similar

identifiable asets.

When a group of asets acquired and liabilities asumed do not

constitute a busines, the overal acquisition cost is alocated

to the individual identifiable asets and liabilities based on their

relative fair values at the date of acquisition. An exception is

when the sum of the individual fair values of the identifiable

asets and liabilities difers from the overal acquisition cost. In

such case, any identifiable asets and liabilities that are initialy

measured at an amount other than cost in acordance with the

Group’s policies are measured acordingly, and the residual

acquisition cost is alocated to the remaining identifiable asets

and liabilities based on their relative fair values at the date of

acquisition.

1. （续）

2.4 收购附属公司（续）

业务合并（续）

分类为金融负债的或然代价随后在

每个报告日期按公允价值重新计量，

公允价值变动于损益中确认。

资产收购

对收购的资产组别及承担的负债进

行评估，以确定其为业务或资产收

购。在逐项收购的基础上，当所收

购的资产总值的大部分公允价值都

集中於单一的可辨认资产或类似可

辨认资产组别中时，本集团选择采

用简化的评估方法以确定所收购的

一组活动和资产是否为资产而非业

务收购。

当取得的一组资产和承担的负债不

构成业务时，按照收购日的相对公

允价值，将整体收购成本分摊至单

项可辨认资产和负债。可辨认资产

和负债的个别公允价值之和不同于

整体收购成本时除外。在该等情况

下，任何以根据本集团的政策以外

的金额进行初始计量的可辨认资产

和负债均应进行相应计量，剩余收

购成本根据其在收购日的相对公允

价值分配给剩余的可辨认资产和负

债。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.5 Foreign curency translation

The consolidated financial statements are presented in Hong

Kong dolar (“HK$”), which is also the functional curency of the

Company and al values are rounded to the nearest thousands

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

In the individual financial statements of the consolidated entities,

foreign curency transactions are translated into the functional

curency of the individual entity using the exchange rates

prevailing at the dates of the transactions. At the reporting date,

monetary asets and liabilities denominated in foreign curencies

are translated at the foreign exchange rates ruling at that date.

Foreign exchange gains and loses resulting from the setlement

of such transactions and from the reporting date retranslation of

monetary asets and liabilities are recognised in profit or los.

Non-monetary items that are measured in terms of historical cost

in a foreign curency are not retranslated (i.e. only translated

using the exchange rates at the transaction date). When a fair

value gain or los on a non-monetary item is recognised in profit

or los, any exchange component of that gain or los is also

recognised in profit or los. When a fair value gain or los on a

non-monetary item is recognised in other comprehensive income,

any exchange component of that gain or los is also recognised in

other comprehensive income.

In the consolidated financial statements, al individual financial

statements of foreign operations, originaly presented in a

curency diferent from the Group’s presentation curency,

have ben converted into HK$. Asets and liabilities have ben

translated into HK$ at the closing rates at the reporting date.

Income and expenses have ben converted into the HK$ at the

exchange rates ruling at the transaction dates, or at the average

rates over the reporting period provided that the exchange rates

do not fluctuate significantly. Any diferences arising from this

procedure have ben recognised in other comprehensive income

and acumulated separately in the exchange reserve in equity.

1. （续）

2.5 外币换算

综合财务报表以本公司的功能货币

港元呈列，且除非另有指明，否则所

有数值均约整至最接近的千位（「千

港元」）。

于综合实体的个别财务报表内，外

币交易采用交易当日的通行汇率换

算为个别实体的功能货币。于报告

日期，以外币计值的货币资产及负

债按该日的汇率换算。结算该等交

易以及于报告日期重新换算货币资

产及负债产生的外汇收益及亏损于

损益确认。

按过往成本以外币计量的非货币项

目不会重新换算（即仅以交易当日的

汇率换算）。当非货币项目的公允价

值损益于损益确认时，该损益之任

何汇兑部份亦于损益确认。当非货

币项目公允价值损益于其他全面收

益确认时，该损益之任何汇兑组成

部份亦于其他全面收益确认。

于综合财务报表内，原以本集团呈

列货币以外的货币呈列的海外业务

的所有个别财务报表已兑换为港元。

资产及负债已按报告日期的收市汇

率换算为港元。收支按交易当日的

汇率或按报告期的平均汇率兑换为

港元，前提为汇率并无重大波动。

任何因此程序而产生的差额已于其

他全面收入确认及于权益的汇兑储

备单独累计。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.6 Property, plant and equipment

Property, plant and equipment (other than cost of right-of-use

asets as described in Note 2.15) are initialy recognised at

acquisition cost. They are subsequently stated at cost les

acumulated depreciation and acumulated impairment loses, if

any.

Depreciation is recognised so as to write of the cost of asets

les their residual values over their estimated useful lives, using

the straight-line method, at the folowing rates per anum:

Leasehold improvementsOver the lease term

Furniture and fixtures and

ofice equipment

20%–30%

Motor vehicles30%

Acounting policy for depreciation of right-of-use asets is set

out in Note 2.15.

Estimates of residual value and useful life are reviewed, and

adjusted if apropriate, at each reporting date.

Gain or los arising on retirement or disposal is determined as the

diference betwen the sales proceds and the carying amount

of the aset and is recognised in profit or los.

Subsequent costs are included in the aset’s carying amount

or recognised as a separate aset, as apropriate, only when

it is probable that future economic benefits asociated with

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

measured reliably. The carying amount of the replaced part is

derecognised. Al other costs, such as repairs and maintenance,

are charged to profit or los during the financial period in which

they are incured.

1. （续）

2.6 物业、厂房及设备

物业、厂房及设备（附注2.15所述使

用权资产的成本除外）初始按收购成

本确认，其后以成本减累计折旧及

累计减值亏损（如有）列账。

本集团会确认折旧，以于资产估计

可使用年期内以直线法按以下年率

撇销资产成本（减残值）：

租赁物业装修于租期内

家具及固定装置以及

办公室设备

20%–30%

汽车30%

使用权资产折旧的会计政策载于附

注2.15。

本集团于各报告日期审阅残值及可使

用年期的估计，并作出适当调整。

报废或出售所产生的收益或亏损按

出售所得款项与资产账面金额的差

额厘定，并于损益入账。

仅当与项目相关的未来经济利益有

可能流入本集团且项目成本能可靠

计量时，后续成本方计入该项资产

的账面金额或确认为个别资产（如适

用）。被替换部分的账面金额会终止

确认。维修及保养费等所有其他成

本于产生的财政期间的损益扣除。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.7 Godwil

Godwil arising in a busines combination is recognised as an

aset at the date that control is acquired (the acquisition date).

Godwil is measured as the exces of the agregate of the

fair value of the consideration transfered, the amount of any

non-controling interests in the acquire, and the fair value of the

acquirer’s previously held equity interest in the acquire (if any)

over the Group’s interest in the net fair value of the acquire’s

identifiable asets and liabilities measured as at the acquisition

date.

If, after reasesment, the Group’s interest in the fair value of

the acquire’s identifiable net asets exceds the sum of the

consideration transfered, the amount of any non-controling

interests in the acquire and the fair value of the acquirer’s

previously held equity interest in the acquire (if any), the exces

is recognised imediately in profit or los as a bargain purchase

gain.

Godwil is stated at cost les acumulated impairment loses.

Godwil is alocated to cash-generating units and is tested

anualy for impairment (Note 2.19).

On subsequent disposal of a subsidiary, the atributable amount

of godwil capitalised is included in the determination of the

amount of gain or los on disposal.

1. （续）

2.7 商誉

业务合并产生的商誉于获得控制权

之日（收购日）确认为资产。商誉按

所转拨代价的公允价值、任何非控

股权益于被收购方所占金额及收购

方以往持有被收购方股权（如有）的

公允价值的总额，超出于收购日所

计量本集团于被收购方可识别资产

及负债净公允价值的权益的差额计

量。

倘经重新评估后，本集团于被收购

方可识别资产净公允价值的权益超

出所转拨代价、任何非控股权益于

被收购方所占金额及收购方以往持

有被收购方股权的公允价值（如有）

的总和，则差额即时于损益入账列

为低价购买收益。

商誉按成本减累计减值亏损列账。

商誉乃分配至现金产生单位，并会

每年进行减值测试（附注2.19）。

其后出售附属公司时，已拨充资本

的应占商誉金额会于厘定出售收益

或亏损的金额时计算在内。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.8 Intangible asets (other than godwil)

Website development costs

Costs that are directly atributable to development of specific

websites, which include external direct costs of materials and

services consumed in developing the website are recognised

as intangible asets provided they met al of the folowing

recognition requirements:

(i) demonstration of technical feasibility of the prospective

product for internal use or sale;

(i) there is intention to complete the intangible aset and use

or sel it;

(i) the Group’s ability to use or sel the intangible aset is

demonstrated;

(iv) the intangible aset wil generate probable economic

benefits through internal use or sale;

(v) suficient technical, financial and other resources are

available for completion; and

(vi) the expenditure atributable to the intangible aset can be

reliably measured.

Capitalised website development costs with finite useful lives

are caried at cost les acumulated amortisation and any

acumulated impairment loses. Amortisation is provided on

straight-line basis over their estimated useful lives of 5 years.

Research and other development costs relating to website

development and website maintenance costs are expensed as

incured.

1. （续）

2.8 无形资产（商誉除外）

网站开发成本

本集团将开发特定网站直接应占的

成本（包括于开发网站过程中所用材

料及服务的外部直接成本）确认为无

形资产，前提为其符合以下所有确

认要求：

(i) 展现到预期产品在技术上可

行，以供内部使用或出售；

(i) 有意完成及使用或出售无形资

产；

(i) 展示到本集团使用或出售无形

资产的能力；

(iv) 无形资产日后将透过内部使用

或出售产生可能经济利益；

(v) 有充足的技术、财务及其他资

源完成开发；及

(vi) 能可靠地计量无形资产应占的

开支。

已拨充资本的网站开发成本（具有限

可使用年期）按成本减累计摊销及任

何累计减值亏损列账。摊销于5年

的估计可使用年期内以直线基准计

提。研究及其他与网站开发有关的

开发成本及网站维护成本于产生时

支销。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.8 Intangible asets (other than godwil)

(Continued)

Trademarks

Trademarks are recognised initialy at cost. After initial

recognition, the trademarks with finite useful lives are caried

at cost les acumulated amortisation and any acumulated

impairment loses. Amortisation is provided on straight-line

basis over their estimated useful lives of 10 years. Amortisation

comences when the trademarks are available for use. The

amortisation methods and useful lives are reviewed, and

adjusted if apropriate, at each reporting date.

Money lender licence

Money lender licence with indefinite useful lives is caried at

cost les any subsequent acumulated impairment loses.

Intangible asets, with finite and indefinite useful lives, are

tested for impairment as described below in Note 2.20.

Research and development costs

Costs asociated with research activities are expensed in

profit or los as they incur. Costs that are directly atributable

to development activities are recognised as intangible asets

provided they met al of the folowing recognition requirements:

(i) demonstration of technical feasibility of the prospective

product for internal use or sale;

(i) there is intention to complete the intangible aset and use

or sel it;

(i) the Group’s ability to use or sel the intangible aset is

demonstrated;

(iv) the intangible aset wil generate probable economic

benefits through internal use or sale;

(v) suficient technical, financial and other resources are

available for completion; and

(vi) the expenditure atributable to the intangible aset can be

reliably measured.

1. （续）

2.8 无形资产（商誉除外）（续）

商标

商标初始按成本确认。初始确认

后，有确定可使用年期的商标以成

本减累计摊销及任何累计减值亏损

列账。摊销于10年的估计可使用年

期内以直线基准计算。摊销于商誉

可供使用时开始计算。本集团于各

报告日期审阅资产的摊销方法及可

使用年期，并作出适当调整。

放债人牌照

具无限可使用年期的放债人牌照以成

本减任何其后累计减值亏损列账。

具有限及无限可使用年期的无形资

产按下文附注2.20所描述测试减值。

研发成本

与研究活动有关的成本于产生时即

于损益中支销。开发活动直接应占

的成本乃确认为无形资产，前提为

其符合下列所有确认要求：

(i) 可证明潜在产品就内部使用或

销售方面的技术可行性；

(i) 具有完成无形资产以及使用或

出售该无形资产；

(i) 可展示到本集团使用或出售无

形资产的能力；

(iv) 无形资产将透过内部使用或出

售产生可能经济利益；

(v) 有充足的技术、财务及其他资

源完成开发；及

(vi) 能可靠地计量无形资产应占的

开支。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.8 Intangible asets (other than godwil)

(Continued)

Research and development costs (Continued)

Direct costs include employe costs incured on development

activities along with an apropriate portion of relevant

overheads. The costs of development of internaly generated

software, products or knowhow that met the above recognition

criteria are recognised as intangible asets. They are subject

to the same subsequent measurement method as acquired

intangible asets.

Al other development costs are expensed as incured.

2.9 Financial instruments

Recognition and derecognition

Financial asets and financial liabilities are recognised when

the Group becomes a party to the contractual provisions of the

financial instrument.

Financial asets are derecognised when the contractual rights

to the cash flows from the financial aset expire, or when the

financial aset and substantialy al of its risks and rewards

are transfered. A financial liability is derecognised when it is

extinguished, discharged, canceled or expires.

Financial asets

Clasification and initial measurement of financial asets

Except for those trade receivables that do not contain a

significant financing component and are measured at the

transaction price in acordance with HKFRS 15 “Revenue from

Contracts with Customers”, al financial asets are initialy

measured at fair value, in case of a financial aset not at FVTPL,

plus transaction costs that are directly atributable to the

acquisition of the financial aset. Transaction costs of financial

asets caried at FVTPL are expensed in the consolidated

statement of profit or los and other comprehensive income.

1. （续）

2.8 无形资产（商誉除外）（续）

研发成本（续）

直接成本包括在开发活动中产生的

员工成本，以及相关费用的适当部

分。符合上述确认准则的内部生成

软件、产品或专有技术的开发成本

会确认为无形资产，并采用与所购

置无形资产相同之后续计量方法。

所有其他开发成本均于产生时支销。

2.9 金融工具

确认及终止确认

金融资产及金融负债于本集团成为

金融工具合约条文的订约方时确认。

金融资产于对其现金流的合约权利

届满时，或于金融资产以及其绝大

部分风险及回报转移时终止确认。

金融负债于终绝、解除、注销或届

满时终止确认。

金融资产

金融资产的分类及初始计量

除不包含重大融资成分且按照香港

财务报告准则第15号「客户合约收益」

按交易价计量的贸易应收款项外，

所有金融资产初始按公允价值计量；

如属并非透过损益按公允价值列账

的金融资产，则加上收购该金融资

产的直接应占交易成本。透过损益

按公允价值列账的金融资产的交易

成本于综合损益及其他全面收益表

支销。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.9 Financial instruments (Continued)

Financial asets (Continued)

Clasification and initial measurement of financial asets

(Continued)

Financial asets, other than those designated and efective as

hedging instruments, are clasified into the folowing categories:

— amortised cost;

— FVTPL; or

— fair value through other comprehensive income.

The clasification is determined by both:

— the entity’s busines model for managing the financial

aset; and

— the contractual cash flow characteristics of the financial

aset.

Al income and expenses relating to financial asets that are

recognised in profit or los are presented within “Finance costs”,

“Other income” or other financial items, except for ECL of trade

and other receivables and loan receivables which is presented

as a separate line item in the consolidated statement of profit or

los and other comprehensive income.

Subsequent measurement of financial asets

Debt investments

Financial asets at amortised cost

Financial asets are measured at amortised cost if the asets

met the folowing conditions (and are not designated as FVTPL):

— they are held within a busines model whose objective

is to hold the financial asets and colect its contractual

cash flows; and

— the contractual terms of the financial asets give rise

to cash flows that are solely payments of principal and

interest on the principal amount outstanding.

1. （续）

2.9 金融工具（续）

金融资产（续）

金融资产的分类及初始计量（续）

金融资产（指定及有效作为对冲工具

者除外）分类为以下类别：

— 摊销成本；

— 透过损益按公允价值列账；或

— 透过其他全面收益按公允价值

列账。

分类按以下两者厘定：

— 实体管理金融资产的业务模

型；及

— 金融资产的合约现金流特征。

有关金融资产于损益入账的所有收

入及开支乃于「财务成本」、「其他收

入」或其他财务项目呈列，惟贸易及

其他应收款项以及应收贷款之预期

信贷亏损于综合损益及其他全面收

益表呈列为独立项目。

金融资产的其后计量

债务投资

按摊销成本计量的金融资产

金融资产如符合以下条件（且并无指

定为透过损益按公允价值列账），则

按摊销成本计量：

— 资产于一个旨在持有金融资产

并收取其合约现金流的业务模

型内持有；及

— 金融资产的合约条款产生的现

金流纯綷为支付本金及未偿还

本金的利息。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.9 Financial instruments (Continued)

Financial asets (Continued)

Subsequent measurement of financial asets (Continued)

Debt investments (Continued)

Financial asets at amortised cost (Continued)

After initial recognition, these are measured at amortised

cost using the efective interest method. Interest income from

these financial asets is included in “other income” in profit or

los. Discounting is omited where the efect of discounting

is imaterial. The Group’s trade and other receivables, loan

receivables and bank balances and cash fal into this category of

financial asets.

Financial asets at FVTPL

Financial asets that are held within a diferent busines model

other than “hold to colect” or “hold to colect and sel’ are

categorised at FVTPL. Further, irespective of busines model,

financial asets whose contractual cash flows are not solely

payments of principal and interest are acounted for at FVTPL.

The Group’s cash surender value of life insurance fals into this

category of financial asets.

Equity investments

An investment in equity securities is clasified as FVTPL

unles the equity investment is not held for trading purposes

and on initial recognition of the investment, the Group elects

to designate the investment at FVOCI (non-recycling) such

that subsequent changes in fair value are recognised in other

comprehensive income and acumulated in “Fair value reserve

— non-recycling” in equity. Such elections are made on

an instrument-by-instrument basis, but only be made if the

investment mets the definition of equity from the isuer’s

perspective.

The equity instruments at FVOCI are not subject to impairment

asesment. The cumulative gain or los in “Fair value reserve

— non-recycling” wil not be reclasified to profit or los upon

disposal of the equity investments, and wil be transfered to

retained profits/wil continue to be held in the “Fair value reserve

— non-recycling”.

1. （续）

2.9 金融工具（续）

金融资产（续）

金融资产的其后计量（续）

债务投资（续）

按摊销成本计量的金融资产（续）

于初始确认后，该等资产乃使用实

际利率法按摊销成本计量。该等金

融资产的利息收入计入损益内的「其

他收入」。折现如影响不大，则会省

略。本集团的贸易及其他应收款项、

应收贷款以及银行结余及现金属于

此类金融资产。

透过损益按公允价值列账的金融资产

于「持作收取」或「持作收取及出售」

以外的不同业务模型内持有的金融

资产分类为透过损益按公允价值列

账。再者，不论业务模型为何，合

约现金流不纯綷为支付本金及利息

的金融资产乃以透过损益按公允价

值列账的方式入账。本集团人寿保

险的解约现金价值属于此类金融资

产。

股本投资

股本证券的投资被分类为透过损益

按公允价值列账，除非该等股本投

资并非以买卖为目的持有且于初步

确认投资时，本集团选择指定投资

按公允价值计入其他全面收益（不可

拨回），由此，随后公允价值的变动

于其他全面收益内确认并于权益中

「公允价值拨备 — 不可拨回」累计。

该等选择以个别工具为基准作出，

但仅会在发行人认为投资符合股本

的定义的情况下作出。

按公允价值计入其他全面收益的股

本工具不进行减值评估。「公允价值

拨备 — 不可拨回」中的累计损益于

出售股本投资时不会重新分类至损

益，而将转入保留盈利╱将继续存

放于「公允价值储备 — 不可拨回」。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. （续）

2.9 金融工具（续）

金融资产（续）

金融资产的其后计量（续）

股本投资（续）

该等股本工具投资所产生的股息于

本集团收取股息的权利确立时于损

益确认，除非有关股息明显为收回

部分投资成本，则作别论。

金融负债

金融负债的分类及计量

本集团的金融负债包括贸易及其他

应付款项、银行借贷、租赁负债及

应付或然代价。

金融负债（租赁负债除外）初始按公

允价值计量，并在适当情况下就交

易成本调整，除非本集团指定金融

负债透过损益按公允价值列账则除

外。

其后，金融负债（租赁负债除外）使

用实际利率法按摊销成本计量，惟

衍生工具（并非于对冲关系中指定作

对冲工具）及指定透过损益按公允价

值列账的金融负债其后则按公允价

值列账，而收益或亏损则于损益入

账。

所有于损益呈报的利息相关支出及

（如适用）工具的公允价值变动乃计

入财务成本。

租赁负债的会计政策载于附注2.14。

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.9 Financial instruments (Continued)

Financial asets (Continued)

Subsequent measurement of financial asets (Continued)

Equity investments (Continued)

Dividends from these investments in equity instruments are

recognised in profit or los when the Group’s right to receive the

dividends is established, unles the dividends clearly represent a

recovery of part of the cost of the investment.

Financial liabilities

Clasification and measurement of financial liabilities

The Group’s financial liabilities include trade and other payables,

bank borowings, lease liabilities and contingent consideration

payables.

Financial liabilities (other than lease liabilities) are initialy

measured at fair value, and, where aplicable, adjusted for

transaction costs unles the Group designated a financial liability

at FVTPL.

Subsequently, financial liabilities (other than lease liabilities) are

measured at amortised cost using the efective interest method

except for derivatives which are not designated as hedging

instruments in hedge relationships and financial liabilities

designated at FVTPL, which are caried subsequently at fair value

with gains or loses recognised in profit or los.

Al interest-related charges and, if aplicable, changes in an

instrument’s fair value that are reported in profit or los are

included within finance costs.

Acounting policies of lease liabilities are set out in Note 2.14.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.9 Financial instruments (Continued)

Financial liabilities (Continued)

Bank borowings

Bank borowings are recognised initialy at fair value, net of

transaction costs incured. Bank borowings are subsequently

stated at amortised cost; any diference betwen the proceds

(net of transaction costs) and the redemption value is recognised

in profit or los over the period of the bank borowings using the

efective interest method.

Bank borowings are clasified as curent liabilities unles as at

the end of the reporting period, the Group has a right to defer

setlement of the liability for at least twelve months after the

reporting date.

Trade and other payables

Trade and other payables are recognised initialy at their fair

value and subsequently measured at amortised cost, using the

efective interest method.

Contingent consideration payable

Contingent consideration payable is recognised at fair value

at the end of each reporting period with gain or los on

remeasurement to fair value is recognised imediately in profit

or los.

2.10 Impairment of financial asets

HKFRS 9’s impairment requirements use forward-loking

information to recognise ECL — the “ECL model”. Instruments

within the scope included loans and other debt-type financial

asets measured at amortised cost and trade receivables.

The Group considers a broader range of information when

asesing credit risk and measuring ECL, including past events,

curent conditions, reasonable and suportable forecasts that

afect the expected colectability of the future cash flows of the

instrument.

1. （续）

2.9 金融工具（续）

金融负债（续）

银行借贷

银行借贷初始按公允价值确认，当

中会扣除产生的交易成本。银行借

贷其后按摊销成本列账；所得款项

（经扣除交易成本）与赎回价值的任

何差额于银行借贷期内使用实际利

率法在损益入账。

银行借贷分类为流动负债，除非于

报告期末，本集团拥有权利可将负

债延后至报告日期后最少十二个月

清偿则另作别论。

贸易及其他应付款项

贸易及其他应付款项初始按公允价

值确认，其后使用实际利率法按摊

销成本计量。

应付或然代价

应付或然代价于各报告期末按公允

价值确认，重新计量至公允价值的

收益或亏损即时于损益入账。

2.10 金融资产减值

香港财务报告准则第9号的减值规定

使用具前瞻性的资料确认预期信贷

亏损 —「预期信贷亏损模型」。此范

围内的工具包括贷款及按摊销成本

计量的其他债务类型金融资产及贸

易应收款项。

本集团于评估信贷风险及计量预期

信贷亏损时考虑范围更广的资料，

包括过往事件、现行情况、影响工

具未来现金流预期可收回性的合理

及有根据的预测。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.10 Impairment of financial asets (Continued)

In aplying this forward-loking aproach, a distinction is made

betwen:

— financial instruments that have not deteriorated

significantly in credit quality since initial recognition or

that have low credit risk (“Stage 1”); and

— financial instruments that have deteriorated significantly

in credit quality since initial recognition and whose credit

risk is not low (“Stage 2”).

“Stage 3” would cover financial asets that have objective

evidence of impairment at the reporting date.

“12-month ECL” are recognised for the Stage 1 category while

“lifetime ECL” are recognised for the Stage 2 category.

Measurement of the ECL is determined by a probability-weighted

estimate of credit loses over the expected life of the financial

instrument.

Trade receivables

For trade receivables, the Group aplies a simplified aproach

in calculating ECL and recognises a los alowance based on

lifetime ECL at each reporting date. These are the expected

shortfals in contractual cash flows, considering the potential

for default at any point during the life of the financial asets. In

calculating the ECL, the Group has established a provision matrix

that is based on its historical credit los experience and external

indicators, adjusted for forward-loking factors specific to the

debtors and the economic environment.

To measure the ECL, trade receivables have ben grouped based

on shared credit risk characteristics and the days past due.

1. （续）

2.10 金融资产减值（续）

于应用此前瞻性方法时会区分：

— 自初始确认以来信贷质素并未

显著恶化，或信贷风险低的金

融工具（「阶段1」）；及

— 自初始确认以来信贷质素显著

恶化，且信贷风险不低的金融

工具（「阶段2」）。

「阶段3」涵盖于报告日期有客观减值

证据的金融资产。

就阶段2确认「全期预期信贷亏损」之

时，本集团亦就阶段1确认「12个月预

期信贷亏损」。

预期信贷亏损的计量按金融工具于

预期年期的信贷亏损的概率加权估

计厘定。

贸易应收款项

就贸易应收款项而言，本集团于计

算预期信贷亏损时应用简化方式，

并基于各报告日期的全期预期信

贷亏损确认亏损备抵。此乃合约现

金流的预期不足之数，当中考虑到

金融资产年期内任何时间的违约可

能性。计算预期信贷亏损时，本集

团已基于过往信贷亏损经验及外部

指标制定拨备矩阵，并就债务人的

特定前瞻性因素及经济环境作出调

整。

为计量预期信贷亏损，贸易应收款

项按共同信贷风险特征及逾期日数

作出分类。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.10 Impairment of financial asets (Continued)

Other financial asets measured at amortised cost

The Group measures the los alowance for loan receivables and

other receivables equal to 12-month ECL, unles when there has

ben a significant increase in credit risk since initial recognition,

the Group recognises lifetime ECL. The asesment of whether

lifetime ECL should be recognised is based on significant

increase in the likelihod or risk of default ocuring since initial

recognition.

In asesing whether the credit risk has increased significantly

since initial recognition, the Group compares the risk of a default

ocuring on the financial asets at the reporting date with

the risk of default ocuring on the financial asets at the date

of initial recognition. In making this asesment, the Group

considers both quantitative and qualitative information that is

reasonable and suportable, including historical experience and

forward-loking information that is available without undue cost

or efort.

In particular, the folowing information is taken into acount

when asesing whether credit risk has increased significantly:

— an actual or expected significant deterioration in the

financial instrument’s external (if available) or internal

credit rating;

— significant deterioration in external market indicators of

credit risk, e.g. a significant increase in the credit spread,

the credit default swap prices for the debtor;

— existing or forecast adverse changes in regulatory,

busines, financial, economic conditions, or technological

environment that are expected to cause a significant

decrease in the debtor’s ability to met its debt

obligations; and

— an actual or expected significant deterioration in the

operating results of the debtor.

1. （续）

2.10 金融资产减值（续）

按摊销成本计量的其他金融资产

本集团计量相等于12个月预期信贷

亏损的应收贷款及其他应收款项的

亏损备抵，除非信贷风险自初始确

认以来已显著增加，则本集团确认

全期预期信贷亏损。评估应否确认

全期预期信贷亏损时乃基于自初始

确认以来发生违约的可能性或风险

是否显著增加。

于评估信贷风险自初始确认以来是

否显著增加时，本集团比较金融资产

于报告日期发生违约的风险与金融

资产于初始确认日期发生违约的风

险。于作出此评估时，本集团考虑合

理及有根据的定量及定性资料，包

括过往经验及无须付出不必要的成

本或努力即可取得的前瞻性资料。

尤其是，在评估信贷风险是否显著

增加时会考虑以下资料：

— 金融工具的外部（如可获得）或

内部信贷评级实际上或预期显

著恶化；

— 信贷风险的外部市场指标显

著恶化，例如债务人的信贷息

差、信贷违约掉期价格大幅增

加；

— 监管、业务、财务、经济状况

或技术环境出现或预期出现不

利变动，预期导致债务人应付

债务责任的能力大幅下降；及

— 债务人的经营业绩实际上或预

期显著恶化。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.10 Impairment of financial asets (Continued)

Other financial asets measured at amortised cost

(Continued)

Irespective of the outcome of the above asesment, the Group

presumes that the credit risk has increased significantly since

initial recognition when contractual payments are more than 30

days past due, unles the Group has reasonable and suportable

information that demonstrates otherwise.

Despite the aforegoing, the Group asumes that the credit risk

on a debt instrument has not increased significantly since initial

recognition if the debt instrument is determined to have low

credit risk at the end of each reporting period. A debt instrument

is determined to have low credit risk if it has a low risk of

default, the borower has strong capacity to met its contractual

cash flow obligations in the near term and adverse changes in

economic and busines conditions in the longer term may, but

wil not necesarily, reduce the ability of the borower to fulfil its

contractual cash flow obligations.

For internal credit risk management, the Group considers an

event of default ocurs when (i) information developed internaly

or obtained from external sources indicates that the debtor is

unlikely to pay its creditors, including the Group, in ful (without

taking into acount any colateral held by the Group); or (i) the

loan and interest receivables and other financial asets is 90

days past due, unles the Group has reasonable and suportable

information to demonstrate that a more laging default criterion

is more apropriate.

Detailed analysis of the ECL asesment of trade receivables and

other financial asets measured at amortised cost are set out in

Note 36.2.

2.11 Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost is determined using the weighted average basis. Net

realisable value is the estimated seling price in the ordinary

course of busines les aplicable seling expenses.

1. （续）

2.10 金融资产减值（续）

按摊销成本计量的其他金融资产

（续）

不论上述评估的结果，本集团预设

当合约付款逾期超过30日时，信贷

风险已自初始确认以来显著增加，

惟本集团有合理及具理据支持的资

料另有所指时，则作别论。

尽管有上述考虑，但如债务工具于

各报告期末厘定为具有低信贷风险，

则本集团假设债务工具的信贷风险

自初始确认以来并未显著恶化。如

债务工具的违约风险低、借贷人可

稳健地于短期内应付合约现金流义

务，而经济及商业环境的较长期的

不利变动可能（但未必）削弱借贷人

应付合约现金流义务的能力，则债

务工具厘定为具有低信贷风险。

就内部信贷风险管理而言，当(i)内部

制定或从外部来源取得的资料显示

债务人不大可能悉数向债权人（包括

本集团）还款（未计及本集团持有的

任何抵押品）；或(i)应收贷款及利息

以及其他金融资产已逾期90日，则

本集团认为发生违约事件，除非本

集团有合理可靠资料显示更宽松的

违约准则较为恰当则作别论。

有关贸易应收款项及按摊销成本计

量的其他金融资产的预期信贷亏损

评估的详细分析载于附注36.2。

2.11 存货

存货按成本与可变现净值的较低者

列账。成本乃使用加权平均基准厘

定。可变现净值为日常业务过程中

的估计售价减适用的销售开支。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.12 Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand.

For the purpose of the consolidated statement of cash flows

presentation, cash and cash equivalents include bank overdrafts

which are repayable on demand and form an integral part of the

Group’s cash management.

2.13 Contract liabilities

A contract liability is recognised when the customer pays

consideration before the Group recognises the related revenue.

A contract liability would also be recognised if the Group has

an unconditional right to receive consideration before the Group

recognises the related revenue. In such cases, a coresponding

receivable would also be recognised.

For a single contract with the customer, either a net contract

aset or a net contract liability is presented. For multiple

contracts, contract asets and contract liabilities of unrelated

contracts are not presented on a net basis.

2.14 Leases

Definition of a lease and the Group as a lese

At inception of a contract, the Group considers whether a

contract is, or contains a lease. A lease is defined as ‘a contract,

or part of a contract, that conveys the right to use an identified

aset (the underlying aset) for a period of time in exchange for

consideration’.

To aply this definition, the Group aseses whether the contract

mets thre key evaluations which are whether:

• , which is either

explicitly identified in the contract or implicitly specified

by being identified at the time the aset is made available

to the Group;

• the Group has the right to obtain substantialy al of

the economic benefits from use of the identified aset

throughout the period of use, considering its rights within

the defined scope of the contract; and

1. （续）

2.12 现金及现金等价物

现金及现金等价物包括于银行及手

头的现金。就综合现金流量表的呈

报而言，现金及现金等价物包括须

按要求偿还的银行透支，并为本集

团现金管理的重要一环。

2.13 合约负债

合约负债在客户于本集团确认相关

收益前支付代价时确认。本集团如

有无条件权利在其确认相关收益前

收取代价，则亦会确认合约负债。

在相关情况下，本集团亦会确认相

应收款项。

就与客户的单一合约而言，本集团

会呈列净合约资产或净合约负债。

就多份合约而言，不相关合约的合

约资产及合约负债不按净额基准呈

列。

2.14 租赁

租赁定义及本集团作为承租人

于合约开始时，本集团会考虑合约

是否租赁或包含租赁。租赁的定义

为「以代价换取已识别资产（相关资

产）于一段时间内之使用权的一份合

约或合约的一部分」。

为符合此定义，本集团评估合约是

否符合以下三项关键评估因素：

‧ 合约是否包含已识别资产，即

该资产在合约中可明确识别，

或在资产可供本集团使用时以

隐含指定方式识别；

‧ 本集团是否有权在整段使用期

内取得使用已识别资产的绝大

部分经济利益，当中会考虑其

于合约界定范围内的权利；及

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.14 Leases (Continued)

Definition of a lease and the Group as a lese (Continued)

• the Group has the right to direct the use of the identified

aset throughout the period of use. The Group ases

whether it has the right to direct ‘how and for what

purpose’ the aset is used throughout the period of use.

For contracts that contains a lease component and one or more

aditional lease or non-lease components, the Group alocates

the consideration in the contract to each lease and non-lease

component on the basis of their relative stand-alone prices.

However, for leases of warehouse, ofice and shop premises in

which the Group is a lese, the Group elected not to separate

non-lease components and wil instead acount for the lease and

non-lease components as a single lease component.

Measurement and recognition of leases as a lese

At lease comencement date, the Group recognises a

right-of-use aset and a lease liability on the consolidated

statement of financial position. The right-of-use aset is

measured at cost, which is made up of the initial measurement of

the lease liability, any initial direct costs incured by the Group,

an estimate of any costs to dismantle and remove the underlying

aset at the end of the lease, and any lease payments made

in advance of the lease comencement date (net of any lease

incentives received).

The Group depreciates the right-of-use asets on a straight-line

basis from the lease comencement date to the earlier of the

end of the useful life of the right-of-use aset or the end of the

lease term unles the Group is reasonably certain to obtain

ownership at the end of the lease term. The Group also aseses

the right-of-use aset for impairment when such indicator exists.

At the comencement date, the Group measures the lease

liability at the present value of the lease payments unpaid at that

date, discounted using the interest rate implicit in the lease or, if

that rate canot be readily determined, the Group’s incremental

borowing rate.

1. （续）

2.14 租赁（续）

租赁定义及本集团作为承租人（续）

‧ 本集团是否有权在整段使用期

内指示已识别资产的用途。本

集团评估其是否有权指示该资

产在整段使用期内的使用「方

式及目的」。

对于含有租赁成分及一个或以上额

外租赁或非租赁成分的合约，本集

团按租赁及非租赁成分的相对独立

价格将合约代价分配至各成分。然

而，对于本集团为承租人的仓库、

办公室及店舖租赁，本集团选择不

将非租赁成分开，而将租赁与非

租赁成分入账列作单一租赁成分。

计量及确认作为承租人的租赁

于租赁开始日期，本集团于综合财

务状况表确认使用权资产及租赁负

债。使用权资产按成本计量，而成

本乃包括租赁负债的初始计量、本

集团产生的任何初始直接成本、租

赁结束时拆除及移除相关资产的任

何估计成本以及于租赁开始日期前

作出的任何租赁付款（经扣除任何已

收租赁奖励）。

本集团的使用权资产于租赁开始日

期至使用权资产的可使用年期结束

或租期结束（以较早者为准）期间以

直线基准计算折旧，除非本集团合

理地确定于租期结束时可获得拥有

权则作别论。本集团亦于出现减值

迹象时评估使用权资产的减值。

于开始日期，本集团按该日未支付

租赁付款的现值计量租赁负债，并

使用租赁中的隐含利率或（倘该利率

不可厘定）本集团的增量借贷利率进

行折现。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.14 Leases (Continued)

Definition of a lease and the Group as a lese (Continued)

Measurement and recognition of leases as a lese (Continued)

Lease payments included in the measurement of the lease

liability are made up of fixed payments (including in-substance

fixed payments) les any lease incentives receivable, variable

payments based on an index or rate, and amounts expected to be

payable under a residual value guarante. The lease payments

also include the exercise price of a purchase option reasonably

certain to be exercised by the Group and payment of penalties

for terminating a lease, if the lease term reflects the Group

exercising the option to terminate.

Subsequent to initial measurement, the liability wil be reduced

for lease payments made and increased for interest cost on the

lease liability. It is remeasured to reflect any reasesment or

lease modification, or if there are changes in in-substance fixed

payments. The variable lease payments that do not depend on an

index or a rate are recognised as expense in the period on which

the event or condition that trigers the payment ocurs.

The Group remeasures lease liabilities whenever:

• there are changes in lease term or in the asesment of

exercise of a purchase option, in which case the related

lease liability is remeasured by discounting the revised

lease payments using a revised discount rate at the date

of reasesment.

• the lease payments changes due to changes in market

rental rates folowing a market rent review, in which

cases the related lease liability is remeasured by

discounting the revised lease payments using the initial

discount rate.

1. （续）

2.14 租赁（续）

租赁定义及本集团作为承租人（续）

计量及确认作为承租人的租赁（续）

计量租赁负债时计入的租赁付款包

括固定付款（包括实质固定付款）减

任何应收租赁奖励、基于某一指数

或比率的可变付款及根据残值保证

应付的预期金额。倘本集团合理地

确定将行使购买选择权，则租赁付

款亦包括购买选择权的行使价，而

倘租期反映本集团将行使终止选择

权，则租赁付款亦包括终止租赁的

罚金。

于初始计量后，负债将按已付租赁

付款减少，并按租赁负债的利息成

本增加。为反映任何重新评估或租

赁修改，或倘实质固定付款出现变

动，负债需要重新计量。并不取决

于某一指数或利率的可变租赁付款

于触发付款的事件或情况发生期间

确认为开支。

每当出现以下情况，本集团重新计

量租赁负债：

‧ 租期有变或对行使购买选择权

的评估有变，在此情况下，藉

在重新评估日使用经修订折现

率折现经修订租赁付款，重新

计算相关的租赁负债。

‧ 租赁付款因进行市场租金审查

后市场租金率的变化而有变，

在此情况下，藉使用初始折现

率折现经修订租赁付款，重新

计量相关的租赁负债。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.14 Leases (Continued)

Definition of a lease and the Group as a lese (Continued)

Measurement and recognition of leases as a lese (Continued)

For lease modification that is not acounted for as a separate

lease, the Group remeasures the lease liability based on the

lease term of the modified lease by discounting the revised lease

payments using a revised discount rate at the efective date of

modification.

When the lease is remeasured, the coresponding adjustment

is reflected in the right-of-use aset, or profit and los if the

right-of-use aset is already reduced to zero.

The Group has elected to acount for short-term leases using the

practical expedients. Instead of recognising a right-of-use aset

and lease liability, the payments in relation to these leases are

recognised as an expense in profit or los on a straight-line basis

over the lease term. Short-term leases are leases with a lease

term of 12 months or les.

On the consolidated statement of financial position, right-of-use

asets have ben included in property, plant and equipment.

Refundable rental deposits paid are acounted for under HKFRS

9 and initialy measured at fair value. Adjustments to fair value

at initial recognition are considered as aditional lease payments

and included in the cost of right-of-use asets.

The Group as a lesor

As a lesor, the Group clasifies its leases as either operating or

finance leases.

A lease is clasified as a finance lease if it transfers substantialy

al the risks and rewards incidental to ownership of the

underlying aset, and clasified as an operating lease if it does

not.

1. （续）

2.14 租赁（续）

租赁定义及本集团作为承租人（续）

计量及确认作为承租人的租赁（续）

对于未作为单独租赁入账的租赁修

改，本集团基于已修改租赁的租期，

在修改生效日期使用经修订折现率

折现经修订租赁付款，从而重新计

量租赁负债。

于重新计量租赁时，相应调整于使

用权资产反映，或于使用权资产已

减至零时在损益反映。

本集团已选择利用实际权宜方法将

短期租赁入账。相对于确认使用权

资产及租赁负债，有关该等租赁的

付款于租期内以直线基准在损益入

账列为开支。短期租赁为租期为12

个月或以下的租赁。

于综合财务状况表中，使用权资产

已计入物业、厂房及设备。

已付可退回租赁按金根据香港财务

报告准则第9号入账，且初始按公允

价值计量。于初始确认时对公允价

值的调整被视为额外租赁付款，并

计入使用权资产的成本。

本集团作为出租人

作为出租人，本集团将其租赁分类

别经营或融资租赁。

倘租赁将相关资产拥有权附带的绝

大部分风险及回报转让，则分类为

融资租赁，否则分类为经营租赁。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.14 Leases (Continued)

The Group as a lesor (Continued)

When the Group is an intermediate lesor, it acounts for the

head lease and the sub-leases as two separate contracts. The

sub-leases are clasified as a finance or operating lease with

reference to the right-of-use aset arising from the head lease,

not with reference to the underlying aset. If the head lease is

a short-term lease to which the Group aplies the short-term

lease exemption, then the Group clasifies the sub-lease as an

operating lease.

The Group sub-leases one of its properties and the sub-lease

contract is clasified as operating leases.

Other than rental income from sub-lease of properties, the Group

also earns rental income from operating leases of furniture and

home acesories. Rental income is recognised on a straight-line

basis over the term of the lease.

2.15 Provisions

Provisions are recognised when the Group has a present

obligation (legal or constructive) as a result of a past event, and it

is probable that an outflow of economic benefits wil be required

to setle the obligation and a reliable estimate of the amount

of the obligation can be made. Where the time value of money

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

expenditure expected to setle the obligation.

Al provisions are reviewed at each reporting date and adjusted

to reflect the curent best estimate.

2.16 Share capital

Ordinary shares are clasified as equity. Share capital is

determined using the nominal value of shares that have ben

isued. Any transaction costs asociated with the isuing of

shares are deducted from share premium (net of any related

income tax benefit) to the extent they are incremental costs

directly atributable to the equity transaction.

1. （续）

2.14 租赁（续）

本集团作为出租人（续）

本集团作为转租出租人，将原租赁

及转租赁合约作为两个合同单独入

账。本集团基于原租赁产生的使用

权资产，而非原租赁的标的资产，

对转租赁分类为融资租赁或经营租

赁。倘原租赁为短期租赁且本集团

对原租赁应用短期租赁豁免，则本

集团将转租赁分类为经营租赁。

本集团将其中一个物业转租，而该

转租赁合约分类为经营租赁。

除转租赁物业的租金收入外，本集

团亦从家具及家居配饰的经营租赁

赚取租金收入。租金收入于租期内

以直线基准确认。

2.15 拨备

当本集团因过去事件而承担目前责

任（法定或推定），而履行责任可能

须付出经济利益且责任金额能可靠

地估计时，本集团会确认拨备。凡

货币时间值属重大，拨备会以履行

责任预期所需支出的现值列账。

本集团于各报告日期审阅所有拨备，

并作出调整以反映当前的最佳估计。

2.16 股本

普通股归类为权益。股本乃使用已

发行股份的面值厘定。任何与发行

股份相关的交易成本自股份溢价（经

扣除任何相关所得税利益）中扣减，

惟以该权益交易直接应占的增量成

本为限。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.17 Revenue recognition

Revenue arises mainly from the sale, distribution and rental of

furniture and home acesories, distribution and licencing of

intelectual property rights, the provision of styling, consulting

and furniture agency services, the operation of a café and the

provision of consumer loan services.

To determine whether to recognise revenue, the Group folows a

5-step proces:

1. Identifying the contract with a customer

2. Identifying the performance obligations

3. Determining the transaction price

4. Alocating the transaction price to the performance

obligations

5. Recognising revenue when/as performance obligation(s)

are satisfied

In al cases, the total transaction price for a contract is alocated

amongst the various performance obligations based on their

relative stand-alone seling prices. The transaction price for

a contract excludes any amounts colected on behalf of third

parties.

Revenue is recognised either at a point in time or over time,

when (or as) the Group satisfies performance obligations by

transfering the promised gods or services to its customers.

Further details of the Group’s revenue and other income

recognition policies are as folows:

Sale of furniture and home acesories

Revenue from the sale of furniture and home acesories is

recognised at a point in time when the Group transfers the

control of the asets to the customers upon delivery.

1. （续）

2.17 收益确认

收益主要来自家具及家居配饰销售、

分销及租赁、分销及许可使用知识

产权、提供设计、咨询及家具代理

服务、经营一间咖啡厅以及提供消

费者贷款服务。

为厘定是否确认收益，本集团遵从

五个流程：

1. 识别与客户订立的合约

2. 识别履约责任

3. 厘定交易价格

4. 将交易价格分配至履约责任

1. ╱随着履行履约责任时确认

收益

在所有情况下，合约的交易价格总

额按履约责任的相对独立售价分配

至各履约责任。合约的交易价格不

包括代表第三方收取的任何金额。

当（或随着）本集团藉向客户转让已

承诺商品或服务履行履约责任时，

收益在某一时间点或随时间确认。

本集团收益及其他收入确认政策的

进一步详情如下：

家具及家居配饰销售

当本集团于交付后将资产控制权转

让予客户时，家具及家居配饰销售

的收益在某一时间点确认。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.17 Revenue recognition (Continued)

Sale of trading parts and automation equipment

Revenue from the sale of trading parts and automation

equipment is recognised at a point in time when the Group

transfers the control of the asets to the customers upon

delivery.

Distribution and license fe income

Fixed upfront distribution and license fe is recognised over time

on a straight-line basis over the terms of distribution agrement

and license period. License fe income from the licensing

arangement is recognised over time on an acrual basis in

acordance with the terms of agrements.

Fod and beverage income

Fod and beverage income from the operation of a café is

recognised at a point in time when the related services are

rendered to the customers.

Comision income

Comision income from (i) consignment sales are recognised

at a point in time when the gods are sold by the Group; and (i)

furniture agency services is recognised at a point in time when

the services are performed.

Consulting income

Consulting income is recognised at a point in time when the

services are performed.

Interest income

Interest income is recognised on a time proportion basis using

the efective interest method. For financial asets measured at

amortised cost that are not credit-impaired, the efective interest

rate is aplied to the gros carying amount of the aset. For

credit-impaired financial asets, the efective interest rate is

aplied to the amortised cost (i.e. gros carying amount net of

ECL alowance) of the aset.

Rental income

Acounting policies for rental income are set out in note 2.15.

1. （续）

2.17 收益确认（续）

买卖零件及自动化设备销售

当本集团于交付后将资产控制权转

让予客户时，买卖零件及自动化设

备销售的收益在某一时间点确认。

分销及许可权费收入

固定的前期分销及许可权费于分销

协议及许可权期限内以直线基准随

时间确认。按照协议条款，许可权

安排所产生的许可权费收入以累计

基准随时间确认。

食品及饮品收入

经营咖啡厅所得食品及饮品收入于

向客户提供相关服务时在某一时间

点确认。

佣金收入

来自(i)寄售的佣金收入于本集团销

售商品时在某一时间点确认；及(i)家

具代理服务的佣金收入于履行服务

时在某一时间点确认。

咨询收入

咨询收入于履行服务时在某一时间

点确认。

利息收入

利息收入使用实际利率法以时间比

例基准确认。就按摊销成本计量且

无出现信贷减值的金融资产而言，

实际利率应用于该资产的账面总额。

就已出现信贷减值的金融资产而言，

实际利率应用于该资产的摊销成本

（即扣除预期信贷亏损备抵后的账面

总额）。

租金收入

租赁收入的会计政策载于附注2.15。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.18 Government grants

Grants from the government are recognised at their fair value

where there is a reasonable asurance that the grant wil be

received and the Group wil comply with al atached conditions.

Government grants relating to income is presented in gros under

“Other income” in the consolidated statement of profit or los

and other comprehensive income.

2.19 Impairment of non-financial asets

Godwil arising on acquisition of a subsidiary, other intangible

asets, property, plant and equipment (including right-of-use

asets) and the Company’s investment in a subsidiary are subject

to impairment testing.

Godwil and other intangible asets with indefinite useful life

or those not yet available for use are tested for impairment at

least anualy, irespective of whether there is any indication

that they are impaired. Al other asets are tested for impairment

whenever there are indications that the aset’s carying amount

may not be recoverable.

An impairment los is recognised as an expense imediately

for the amount by which the aset’s carying amount exceds

its recoverable amount. Recoverable amount is the higher of

fair value, reflecting market conditions les costs of disposal,

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

cash flows are discounted to their present value using a pre-tax

discount rate that reflects curent market asesment of time

value of money and the risk specific to the aset.

For the purposes of asesing impairment, where an aset

does not generate cash inflows largely independent from

those from other asets, the recoverable amount is determined

for the smalest group of asets that generate cash inflows

independently (i.e. a cash-generating unit). As a result, some

asets are tested individualy for impairment and some are tested

at cash-generating unit level. Corporate asets are alocated

to individual cash-generating units, when a reasonable and

consistent basis of alocation can be identified, or otherwise

they are alocated to the smalest group of cash-generating

units for which a reasonable and consistent alocation basis

can be identified. Godwil in particular is alocated to those

cash-generating units that are expected to benefit from

synergies of the related busines combination and represent the

lowest level within the Group at which the godwil is monitored

for internal management purpose and not be larger than an

operating segment.

1. （续）

2.18 政府补助

政府补助于合理确定将会收取且本

集团将会符合所有附带条件时按其

公允价值确认。

与收入有关的政府补助于综合损益

及其他全面收益表的「其他收入」以

总额呈列。

2.19 非金融资产减值

收购附属公司产生的商誉、其他无

形资产、物业、厂房及设备（包括使

用权资产）以及本公司于附属公司的

投资须进行减值测试。

商誉及其他可使用年期不确定或未

可使用的无形资产最少每年测试一

次减值，不论是否有任何迹象显示

资产出现减值。所有其他资产应于

有迹象显示资产的账面金额或许不

能收回时测试减值。

减值亏损乃资产账面金额超过可收

回金额的差额，乃即时确认为开支。

可收回金额按反映市场状况的公允

价值减出售成本及使用价值的较高

者计算。评估使用价值时，估计未

来现金流采用税前折现率折现至现

值；该折现率反映现时市场对金钱时

间值及资产特有风险的评估。

为评估减值，凡资产生的现金流

入并非大致上独立于其他资产所产

生者，可收回金额按可独立产生现

金流入的最小资产组别（即现金产

生单位）厘定。因此，部分资产会个

别测试减值，部分则按现金产生单

位级别进行测试。当可识别合理而

贯彻的基准时，公司资产会分配至

个别现金产生单位，否则分配至可

识别合理而贯彻的基准的最小现金

产生单位组别。商誉尤其分配至预

期从相关业务合并的协同效应中受

益的现金产生单位，并为本集团内

为内部管理目的监控商誉的最低级

别，且不大于经营分部。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.19 Impairment of non-financial asets (Continued)

Impairment loses recognised for cash-generating units, to which

godwil has ben alocated, are credited initialy to the carying

amount of godwil. Any remaining impairment los is charged

pro rata to the other asets in the cash-generating unit, except

that the carying value of an aset wil not be reduced below

its individual fair value les cost of disposal, or value in use, if

determinable.

An impairment los on godwil is not reversed in subsequent

periods. In respect of other asets, an impairment los is

reversed if there has ben a favourable change in the estimates

used to determine the aset’s recoverable amount and only to

the extent that the aset’s carying amount does not exced

the carying amount that would have ben determined, net of

depreciation or amortisation, if no impairment los had ben

recognised.

2.20 Discontinued operation

A discontinued operation is a component of the Group that

either has ben disposed of, or is clasified as held for sale. The

component comprises operations and cash flows that can be

clearly distinguished from the rest of the Group and represents

a separate major line of busines or geographical area of

operations, is part of a single co-ordinated plan to dispose

of a separate major line of busines or geographical area of

operations or is a subsidiary acquired exclusively with a view to

resale.

When an operation is clasified as discontinued, a single

amount in the consolidated statement of profit or los and other

comprehensive income comprising the total of: (i) the post-tax

profit or los of discontinued operations and (i) the post-tax

gain or los recognised on the measurement to fair value les

costs to sel or on the disposal of the asets or disposal group(s)

constituting the discontinued operation.

1. （续）

2.19 非金融资产减值（续）

就已获分配商誉的现金产生单位确

认的减值亏损初始计入商誉的账面

金额。任何剩余减值亏损按比例从

现金产生单位内的其他资产扣除，

惟资产账面值将不会调低至低于资

产的个别公允价值减出售成本或使

用价值（如可厘定）。

商誉的减值亏损不会于其后期间拨

回。就其他资产而言，倘用于厘定

资产可收回金额的估计发生有利改

变，则拨回减值亏损，惟资产的账

面金额不得超过倘无确认减值亏损，

则原应厘定的账面金额（扣除折旧及

摊销）。

2.20 已终止经营业务

已终止经营业务是指本集团已被处

置或分类为持有待售的组成部分。

此组成部分包括可与集团其他部分

明确区分的业务和现金流量，代表

单独的主要业务线或业务地理区域，

是处置单独主要业务线的单一协调

计划的一部分或经营地理区域，或者

是专门为转售而收购的附属公司。

当一项业务分类为已终止经营时，

综合损益及其他全面收益表中的单

项金额包括下列总和：(i)已终止经营

业务的税后损益；以及(i)按公允价

值减出售成本计量或出售资产或出

售组别构成已终止经营业务时确认

的税后损益。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.21 Employe benefits

Retirement benefits

Retirement benefits to employes are provided through defined

contribution plans. In adition, the employes employed under

the Hong Kong Employment Ordinance are also entitled to LSP if

the eligibility criteria are met. The LSP are defined benefits plans.

The group entities established in the PRC make monthly

contributions to a state-sponsored defined contribution scheme

for the local staf. The contributions are made at a specific

percentage on the standard salary pursuant to laws of the PRC

and relevant regulation isued by local social security authorities.

The Group operates a defined contribution retirement benefit

plan under the MPF Schemes Ordinance (the “MPF Scheme”),

for al of its employes who are eligible to participate in the MPF

Scheme. Contributions are made based on a percentage of the

employes’ basic salaries.

The LSP obligations recognised in the consolidated statement of

financial position is the present value of the LSP obligation at the

end of the reporting period.

The Group estimates the LSP obligations anualy with the

asistance of independent actuaries. This is based on the

discount rate, the salary growth rate, turnover rate and the

expected investment return on ofsetable MPF acrued benefits.

Discount factors are determined close to the end of each anual

reporting period by reference to high quality corporate bonds that

are denominated in the curency in which the benefits wil be

paid and have terms to maturity aproximating the terms of the

related defined benefit liability.

1. （续）

2.21 雇员福利

退休福利

雇员的退休福利乃透过定额供款计

划提供。此外，根据《香港雇佣条

例》受雇的员工倘符合资格标准，亦

可领取长期服务金。长期服务金为

界定福利计划。

于中国成立的集团实体每月为当地

职工向国家筹办定额供款计划作出

供款。供款乃根据中国法律及地方

社会保障部门颁布的有关规例按标

准薪金的指定百分比作出。

本集团根据强积金计划条例为所有

合资格参与的雇员施行一项定额供

款退休福利计划（「强积金计划」）。

供款乃基于雇员基本薪金的百分比

作出。

于财务状况表确认的长期服务金责

任为长期服务金责任于各报告期末

的现值。

在独立精算师的协助下，本集团基

于折现率、薪金增长率、离职率及

可对冲强积金累算权益的预期投资

回报，每年估计长期服务金责任。

折现因素乃于接近各年度报告期末

时参考优质公司债券（以权益将予支

付的货币计值，且到期条款与相关

界定福利责任服务金责任条款相若）

厘定。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.21 Employe benefits (Continued)

Retirement benefits (Continued)

Defined benefit costs are categorised as folows:

• , and

gains and loses on curtailments and setlements);

• ; and

• remeasurement.

Service cost on the Group’s defined benefit plan is included in

employe benefits expense. Employe contributions, al of which

are independent of the number of years of service, are treated as

a reduction of service cost.

Net interest expense on the net defined benefit liability is

included in Finance costs.

Gains and loses resulting from remeasurements of the net

defined benefit liability, comprising actuarial gains and loses,

are included in other comprehensive income and are not

reclasified to profit or los in subsequent periods.

Short-term employe benefits

Employe entitlements to anual leave are recognised when

they acrue to employes. A provision is made for the estimated

liability for anual leave as a result of services rendered by

employes up to the reporting date.

Non-acumulative compensated absences such as sick leave and

maternity leave are not recognised until the time of leave.

Equity-setled share-based compensation

In January 2018, the Group adopted a Share Option Scheme (as

defined in Note 30) under which the Group receives services from

employes as consideration for equity instruments (options) of

the Group. The fair value of the services received in exchange for

the grant of the equity instruments is recognised as expense.

1. （续）

2.21 雇员福利（续）

退休福利（续）

界定福利成本按下列各项分类：

‧ 服务成本（包括当期及过往服

务成本，以及削减及结算的收

益及亏损）；

‧ 利息开支或收入净额；及

‧ 重新计量。

本集团界定福利计划的服务成本计

入雇员福利开支。雇员供款（全部独

立于服务年期）被视为服务成本减

少。

界定福利责任的利息开支净额计入

财务成本。

重新计量界定福利责任净额产生的

收益及亏损（包括精算收益及亏损）

计入其他全面收益，且并未于随后

期间分类至损益。

短期雇员福利

雇员享有年假的权利于雇员有权享

用年假时确认。本集团就雇员直至

报告日期为止提供的服务所产生的

估计年假负债作出拨备。

非累计有补偿缺勤（如病假及产假）

于雇员支取假期时方会确认。

以权益结算以股份为基础的补偿

于2018年1月，本集团采纳购股权计

划（定义见附注30），据此，本集团获

雇员提供服务，作为本集团权益工

具（购股权）的代价。为换取获授权

益工具所接受服务的公允价值乃确

认为开支。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.21 Employe benefits (Continued)

Equity-setled share-based compensation (Continued)

The total amount to be expensed is determined by reference

to the fair value of options granted including any market

performance conditions; excluding the impact of any service and

non-market performance vesting conditions; and including the

impact of any non-vesting conditions.

The total expense is recognised over the vesting period over

which al of the specified vesting conditions are to be satisfied.

At the end of each reporting period, the Group revises its

estimates of the number of options that are expected to vest

based on the non-market vesting and service conditions. The

Group recognises the impact of the revision to original estimates,

if any, in profit or los, with a coresponding adjustment to

equity.

When the options are exercised, the Company isues new shares.

The proceds received net of any directly atributable transaction

costs are credited to share capital (nominal value) and share

premium.

2.22 Borowing costs

Borowing costs are expensed when incured.

2.23 Acounting for income tax

Income tax comprises curent tax and defered tax.

Curent income tax asets and/or liabilities comprise those

obligations to, or claims from, fiscal authorities relating to the

curent or prior reporting period, that are unpaid at the reporting

date. They are calculated acording to the tax rates and tax laws

aplicable to the fiscal periods to which they relate, based on the

taxable profit for the year. Al changes to curent tax asets or

liabilities are recognised as a component of tax expense in profit

or los.

1. （续）

2.21 雇员福利（续）

以权益结算以股份为基础的补偿

（续）

将支销的费用总额乃参照所授出购

股权的公允价值厘定；包括任何市

场表现条件：不包括任何服务及非

市场表现归属条件所产生的影响；

惟包括任何非归属条件的影响。

费用总额于归属期确认，所有指定

归属条件须于该归属期内达成。

于各报告期末，本集团基于非市场

归属及服务条件修订预期归属的购

股权数目。修订原来估计的影响（如

有）于损益入账，并相应调整权益。

当购股权获行使时，本公司会发行

新股份。经扣除直接应占交易成本

的已收所得款项会计入股本（面值）

及股份溢价。

2.22 借贷成本

借贷成本于产生时支销。

2.23 所得税会计处理

所得税包括即期税项及递延税项。

即期所得税资产及╱或负债包括对

财政机关负有关于目前或以往报告

期于报告日期尚未缴付的责任或其

提出的相关申索，乃基于该年度应

课税溢利，按照相关财政期间适用

的税率及税法计算。即期税项资产

或负债的所有变动于损益入账列为

税项开支的组成部分。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.23 Acounting for income tax (Continued)

Defered tax is calculated using the liability method on temporary

diferences at the reporting date betwen the carying amounts

of asets and liabilities in the financial statements and their

respective tax bases. Defered tax liabilities are generaly

recognised for al taxable temporary diferences. Defered tax

asets are recognised for al deductible temporary diferences,

tax loses available to be caried forward as wel as other

unused tax credits, to the extent that it is probable that taxable

profit, including existing taxable temporary diferences, wil be

available against which the deductible temporary diferences,

unused tax loses and unused tax credits can be utilised.

Defered tax asets and liabilities are not recognised if the

temporary diference arises from godwil or from initial

recognition (other than in a busines combination) of asets

and liabilities in a transaction that afects neither taxable nor

acounting profit or los and does not give rise to equal taxable

and deductible temporary diferences.

Defered tax liabilities are recognised for taxable temporary

diferences arising on investments in subsidiaries, except

where the Group is able to control the reversal of the temporary

diferences and it is probable that the temporary diferences wil

not reverse in the foreseable future.

Defered tax is calculated, without discounting, at tax rates

that are expected to aply in the period the liability is setled or

the aset realised, provided they are enacted or substantively

enacted at the reporting date.

When diferent tax rates aply to diferent levels of taxable

income, defered tax asets and liabilities are measured using

the average tax rates that are expected to aply to the taxable

income of the periods in which the temporary diferences are

expected to reverse.

1. （续）

2.23 所得税会计处理（续）

递延税项按财务报表内资产负债账

面金额与其相应税基两者于报告日

期的暂时差额使用负债法计算。本

集团通常就所有应课税暂时差额确

认递延税项负债。本集团就所有可

扣税暂时差额、可结转税项亏损及

其他未使用税项抵免确认递延税项

资产，惟以可能有应课税溢利（包括

现有应课税暂时差额）可用于抵销可

扣税暂时差额、未使用税项亏损及

未使用税项抵免为限。

倘来自商誉或初始确认交易（于业务

合并除外）资产及负债产生暂时差

额，而其并不影响应课税或会计溢

利或亏损且不会产生相等的应课税

及可扣税暂时差额，则不会确认递

延税项资产及负债。

本集团就于附属公司的投资产生的

应课税暂时差额确认递延税项负债，

惟本集团可控制暂时差额的拨回及

有可能不会于可预见将来拨回暂时

差额除外。

递延税项按预期适用于清偿债务或

变现资产的期间的税率计算（不作折

现），惟有关税率必须为于报告日期

已实施或基本上已实施的税率。

当对不同应课税收入水平应用不同税

率时，递延税项资产及负债乃采用

预期适用于预期拨回暂时差额的期

间的应课税收入的平均税率计量。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.23 Acounting for income tax (Continued)

The determination of the average tax rates requires an

estimation of (1) when the existing temporary diferences wil

reverse and (2) the amount of future taxable profit in those years.

The estimate of future taxable profit includes:

— income or los excluding reversals of temporary

diferences; and

— reversals of existing temporary diferences.

Curent tax asets and curent tax liabilities are presented in net

if, and only if,

(a) the Group has the legaly enforceable right to set of the

recognised amounts; and

(b) intends either to setle on a net basis, or to realise the

aset and setle the liability simultaneously.

The Group presents defered tax asets and defered tax

liabilities in net if, and only if,

(a) the entity has a legaly enforceable right to set of curent

tax asets against curent tax liabilities; and

(b) the defered tax asets and the defered tax liabilities

relate to income taxes levied by the same taxation

authority on either:

(i) the same taxable entity; or

(i) diferent taxable entities which intend either

to setle curent tax liabilities and asets on a

net basis, or to realise the asets and setle the

liabilities simultaneously, in each future period

in which significant amounts of defered tax

liabilities or asets are expected to be setled or

recovered.

1. （续）

2.23 所得税会计处理（续）

厘定平均税率时须估计(1)将拨回现

有暂时差额的时间及(2)该等年度的

未来应课税溢利金额。未来应课税

溢利估计包括：

— 不包括暂时差额拨回的收入或

亏损；及

— 拨回现有暂时差额。

即期税项资产及即期税项负债只会

在以下情况以净额基准呈列：

(a) 本集团有在法律上可强制执行

的权利对销已确认金额；及

(b) 拟以净额基准清偿或同时变现

资产及清偿负债。

本集团仅会在以下情况以净额基准呈

列递延税项资产及递延税项负债：

(a) 该实体有在法律上可强制执行

的权利对销即期税项资产与即

期税项负债；及

(b) 递延税项资产及递延税项负债

乃关于由同一税务机关就以下

任何一项征收的所得税：

(i) 同一应课税实体；或

(i) 拟于各未来期间（该期内

预期将清偿或收回大额

的递延税项负债或资产）

以净额基准清偿即期税

项负债及资产或同时变

现资产及清偿负债的不

同应课税实体。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.24 Segment reporting

Operating segments are reported in a maner consistent

with the internal reporting provided to the chief operating

decision-makers (the “CODM”). The CODM, who are responsible

for alocating resources and asesing performance of the

operating segments, has ben identified as the executive

directors that make strategic decisions.

2.25 Related parties

For the purpose of these consolidated financial statements, a

party is considered to be related to the Group if:

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

family and if that person:

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

(i) has significant influence over the Group; or

(i) is a member of the key management personel of

the Group or of a parent of the Group.

1. （续）

2.24 分部报告

经营分部以与向主要营运决策者提

供的内部报告一致的方式呈报。负

责分配资源及评估经营分部表现的

主要营运决策者乃识别为作出战略

决策的执行董事。

2.25 关联方

就本综合财务报表而言，某方如符

合下列情况，则被视为与本集团有

关联：

(a) 该方为一名人士或该人的近

亲，而倘该人：

(i) 对本集团有控制权或共

同控制权；

(i) 对本集团有重大影响力；

或

(i) 为本集团或其母公司主

要管理人员的成员。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

2.25 Related parties (Continued)

(b) the party is an entity and if any of the folowing conditions

aplies:

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

group.

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

other entity (or an asociate or joint venture of a

member of a group of which the other entity is a

member).

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

same third party.

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

the other entity is an asociate of the third entity.

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

the benefit of employes of either the Group or an

entity related to the Group.

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

person identified in (a).

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

influence over the entity or is a member of the key

management personel of the entity (or of a parent

of the entity).

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

is a part, provides key management personel

services to the Group or to the parent of the Group.

Close members of the family of a person are those family

members who may be expected to influence, or be influenced by,

that person in their dealings with the entity.

1. （续）

2.25 关联方（续）

(b) 该方为一实体，且若下列任何

一项条件适用：

(i) 该实体及本集团属同一

集团的成员。

(i) 一个实体为另一实体的

联营公司或合营企业（或

为某一集团成员公司的联

营公司或合营企业，而

该另一实体为此集团的

成员）。

(i) 该实体与本集团为相同

第三方的合营企业。

(iv) 一个实体为第三方实体

的合营企业而另一实体

为该第三方实体的联营

公司。

(v) 该实体乃为本集团或与

本集团有关联的实体的

雇员福利而设的离职后

福利计划。

(vi) 该实体受(a)部所识别人

士控制或共同控制。

(vi) 于(a)(i)识别的人士对该实

体有重大影响力或为该

实体（或该实体的母公司）

主要管理人员的成员。

(vi) 该实体或其所属集团的

任何成员公司向本集团

或本集团的母公司提供

主要管理人员服务。

某人的近亲为预期于与实体进行交

易时可影响该人士或受该人士影响

的家族成员。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

3. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS

Estimates and judgements are continualy evaluated and are based on

historical experience and other factors, including expectations of future

events that are believed to be reasonable under the circumstances.

Estimation uncertainty

The Group makes estimates and asumptions concerning the future.

The resulting acounting estimates wil, by definition, seldom equal

the related actual results. The estimates and asumptions that have a

significant risk of causing a material adjustment to the carying amounts

of asets and liabilities within the next financial year are discused

below:

Alowance for inventories

Net realisable value of inventories is the actual or estimated seling

price in the ordinary course of busines, les the estimated costs

necesary to make the sale. These estimates are based on the curent

market condition and the historical experience of seling products of

similar nature. It could change significantly as a result of competitor

actions in response to changes in market condition. Management

reaseses these estimates at the end of each reporting period. The

carying amount of inventories as at 31 March 2025 and 2024 are

disclosed in Note 20.

Estimation of impairment of trade receivables and other

financial asets at amortised cost within the scope of ECL under

HKFRS 9

The Group makes alowances on items subjects to ECL (including trade

and other receivables and loan receivables) based on asumptions about

risk of default and expected los rates. The Group uses judgement in

making these asumptions and selecting the inputs to the impairment

calculation, based on the Group’s past history, existing market conditions

as wel as forward-loking estimates at the end of each reporting period

as set out in Note 2.10. As at 31 March 2025, the carying amount of

trade and other receivables and loan receivables to HK$59,882,000 (net

of ECL alowance of HK$2,625,000) (2024: HK$44,417,000 (net of ECL

alowance of HK$138,000) and HK$21,283,000 (net of ECL alowance

of HK$596,000) (2024: HK$14,808,000 (net of ECL alowance of

HK$337,000) respectively.

When the actual future cash flows are diferent from expected,

such diference wil impact the carying amount of trade and other

receivables within the scope of ECL under HKFRS 9 and credit loses in

the periods in which such estimate has ben changed.

3. 重大会计估计及判断

估计及判断乃基于过往经验及其他因素

持续评估，包括对相信在有关情况下属合

理的未来事项的预期。

估计不确定性

本集团会就未来作出估计及假设。顾名思

义，由此得出的会计估计甚少相等于有关

实际结果。对下一个财政年度内资产负债

账面金额产生重大调整风险的估计及假

设于下文论述：

存货备抵

存货的可变现净值为日常业务中的实际或

估计售价减完成销售所需的估计成本。该

等估计乃基于现时市况及销售近似属性

产品的过往经验。其可因竞争对手为应对

市况变化采取的行动而大幅改变。管理

层于各报告期末重估该等估计。存货于

2025年及2024年3月31日的账面金额于附注

20披露。

属于香港财务报告准则第9号预期信贷亏

损范围内贸易应收款项及按摊销成本列

账的其他金融资产减值的估计

本集团基于违约风险假设及预期亏损率就

预期信贷亏损项目（包括贸易及其他应收

款项以及应收贷款）计提备抵。本集团于

作出该等假设及选取减值计算法所用输入

数据时，会按照本集团过往经验、现行市

况及各报告期末的前瞻性估计数字（载于

附注2.10）运用判断。于2025年3月31日，贸

易及其他应收款项以及应收贷款的账面金

额分别为59,882,000港元（已扣除预期信贷

亏损备抵2,625,000港元）（2024年：44,417,000

港元（已扣除预期信贷亏损备抵138,000港

元）以及21,283,000港元（已扣除预期信贷亏

损备抵596,000港元）（2024年：14,808,000港元

（已扣除预期信贷亏损备抵337,000港元）。

当实际未来现金流量有别于预期时，其差

额将会影响估计改变期间属于香港财务报

告准则第9号预期信贷亏损范围内贸易及

其他应收款项的账面金额及信贷亏损。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

Estimation uncertainty (Continued)

Estimation of fair value of financial asets at FVTPL

As at 31 March 2025, unlisted equity investment was caried at fair

value of HK$2,427,000 (2024: HK$nil). The fair values are determined

by using valuation techniques, details of which are set out in note 36.6.

This involves developing estimates and asumptions consistent with

how market participants would price the unlisted equity investment.

The Group bases its asumptions on observable data as far as posible

but this is not always available. In that case the Group uses the best

information available.

4. REVENUE AND SEGMENT INFORMATION

The Group identifies operating segments and prepares segment

information based on the regular internal financial information reported

to the executive directors for their decisions about resources alocation

to the Group’s busines components and for their review of the

performance of those components. The busines components in the

internal financial information reported to the executive directors are

determined folowing the Group’s major product and service lines.

During the year ended 31 March 2025, in view of the Group’s strategic

plan to develop the sale of trading parts and automation equipment

busines, the executive directors have identified “Sale of trading parts

and automation equipment” as a new reporting segment. Certain

analysis by reportable segments of the Group for the year ended 31

March 2024 was restated acordingly.

The entire equity interest of Hong Kong Italiving International Co.,

Limited (“Italiving”) has ben disposed of during the year ended 31

March 2025. The related operation, furniture agency services, was

regarded as discontinued operations and the related information has

ben set out in note 9 to the consolidated financial statements.

1. （续）

估计不确定性（续）

透过损益按公允价值列账的金融资产的

公允价值估计

于2025年3月31日，非上市股本投资按公允

价值2,427,000港元（2024年：零港元）列账。

公允价值乃使用估值方法厘定，详情载

于附注36.6。当中涉及确立与市场参与者

为非上市股本投资定价的方式一致的估计

及假设。本集团尽可能以可观察数据作为

其假设的依据，惟可观察数据并非经常

可获得。在该情况下，本集团使用最佳可

得的资料。

4. 收益及分部资料

基于向执行董事呈报以供彼等决定本集团

各业务组成部分的资源分配及审阅该等

组成部分表现的定期内部财务资料，本集

团识别经营分部及编制分部资料。向执

行董事呈报的内部财务资料内的业务组成

部分乃依照本集团的主要产品及服务线厘

定。

截至2025年3月31日止年度，鉴于本集团发

展买卖零件及自动化设备销售业务的策略

计划，执行董事已确认「买卖零件及自动

化设备销售」为新呈报分部。本集团截至

2024年3月31日止年度按可呈报分部划分的

若干分析已相应重列。

截至2025年3月31日止年度，已出售香港意

享世家国际贸易有限公司（「意享世家」）的

全部股本权益。相关业务（家具代理服务）

被视为已终止经营业务，相关资料已载于

综合财务报表附注9。

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

4. REVENUE AND SEGMENT INFORMATION

(Continued)

The Group has identified the folowing four (2024: thre) reportable

segments:

• : the sale, distribution

and rental of furniture and home acesories, distribution and

licencing of intelectual property rights, the provision of styling

and consulting services and the operation of a café

• : the provision of furniture agency

services

• : sales of parts

of visual hardware products, development and sales of visual

software and system, and provision of technical services. The

visual hardware products mainly include display backlight AOI

equipment, display glas AOI equipment, display apearance

inspection equipment, which are mainly used for optical

inspection of various semi-finished products in display production

including inspection of foreign objects, scratch etc.

• : the provision of consumer loan services

Each of these operating segments is managed separately as each of

the product and service lines requires diferent resources as wel as

marketing aproaches.

The measurement policies the Group used for reporting segment results

under HKFRS 8 “Operating Segments” are the same as those used in

its financial statements prepared under HKFRS Acounting Standards,

except that income tax expense and corporate income and expenses

which are not directly atributable to the busines activities of any

reportable segment are not included in ariving at the operating results

of the reportable segment Reportable segment asets exclude cash

surender value of life insurance, defered tax asets, tax recoverable,

bank balances and cash and unalocated corporate asets (mainly

include certain right-of-use asets, certain intangible asets and certain

other receivables).

Reportable segment liabilities exclude tax payable and unalocated

corporate liabilities (mainly include certain lease liabilities and certain

other payables).

1. （续）

本集团已识别以下四个（2024年：三个）可

呈报分部：

‧ 家具销售及咨询服务：家具及家居

配饰销售、分销及租赁、分销及许

可使用知识产权、提供设计及咨询

服务以及经营一间咖啡厅

‧ 家具代理服务：提供家具代理服务

‧ 买卖零件及自动化设备销售：销售视

觉硬件产品零件，视觉软件和系统

研发和销售，以及提供技术服务。

视觉硬件产品主要包括显示屏背光

源AOI设备、显示屏玻璃AOI设备、

显示屏外观检测设备，主要用于显

示屏生产中的各段半成品的光学检

测，检测产品的异物不良、划伤不

良等。

‧ 消费者贷款服务：提供消费者贷款

服务

由于各产品及服务线需要不同资源以及

市场推广方法，故该等经营分部各自独立

管理。

本集团根据香港财务报告准则第8号「经营

分部」就报告分部业绩采用的计量政策与

根据香港财务报告准则会计准则编制的

财务报表所采用者相同，惟所得税开支以

及并非直接归属于任何可呈报分部的业

务活动的公司收入及开支于达致可呈报分

部的经营业绩时并不包括在内。可呈报分

部资产不包括人寿保险的解约现金价值、

递延税项资产、可收回税款、银行结余及

现金以及未分配公司资产（主要包括若干

使用权资产、若干无形资产及若干其他应

收款项）。

可呈报分部负债不包括应付税项及未分配

公司负债（主要包括若干租赁负债及若干

其他应付款项）。

---

2025
2025年
HK$’000
千港元
48,646
43,257
2,799
3,378
1,104
99,184
34
99,218

2025
2025年
HK$’000
千港元
96,385
2,799
99,184
53,127
46,057
99,184

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4. REVENUE AND SEGMENT INFORMATION

(Continued)

The Group’s principal activities are disclosed in Note 1 to the

consolidated financial statements.

The Group’s revenue recognised during the year is as folows:

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Revenue from contracts with customers客户合约收益

Sale of furniture and home acesories家具及家居配饰销售57,414

Sale of trading parts and automation equipment买卖零件及自动化设备销售—

Distribution and license fe income分销及许可费收入—

Fod and beverage income食品及饮品收入3,656

Comision income佣金收入580

61,650

Revenue from other sources其他来源收益

Rental income租金收入50

61,700

Disagregation of revenue from contracts with

customers within the scope of HKFRS 15

The Group derives revenue from the transfer of gods and services over

time and at a point in time in the folowing geographical market:

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Timing of revenue recognition收益确认时间

— At a point in time— 于某一时间点61,650

— Over time— 随时间—

61,650

Geographical markets地区市场

— Hong Kong— 香港61,650

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

excluding Hong Kong

— 中华人民共和国（「中国」）

（不包括香港）—

61,650

1. （续）

本集团的主要活动于综合财务报表附注1

披露。

本集团于年内确认的收益如下：

拆分香港财务报告准则第15号范围内的客

户合约收益

本集团的收益源自于下列地区市场随时间

及于某一时间点转移货品及服务：

---

2025
2025年
HK$’000
千港元
20,894

Continuing operations				Discontinued operations
持续经营业务				已终止经营业务
Furniture sale and consultancy services	Sale of trading parts and automation equipment	Consumer loan services	Unallocated	Total	Furniture agency services	Group
家具销售及 咨询服务	买卖零件及 自动化 设备销售	消费者贷款 服务	未分配	总计	家具代理 服务	本集团
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元
55,961	43,257	—	—	99,218	2,006	101,224
—	—	3,173	—	3,173	—	3,173
(586)	22,888	1,335	—	23,637	(9,580)	14,057
26,532	66,055	22,246	—	114,833	29,987	114,833
30,706	41,877	179	—	72,762	17,610	72,762
8,748	—	609	713	10,070	—	10,070
170	—	—	—	170	—	170
1,530	59	9	15	1,613	432	2,045
6,809	—	—	—	6,809	—	6,809
—	293	—	—	293	—	293
(29)	—	—	—	(29)	—	(29)
—	—	683	—	683	—	683
—	2,639	259	—	2,898	53	2,951

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

4. REVENUE AND SEGMENT INFORMATION

(Continued)

Revenue from major customers which individualy acounts for 10% or

more of the Group’s total revenue:

2024年

HK$’000

Continuing operations持续经营业务千港元

Customer A客户A—

As at 31 March 2025, 86.9% (2024: 83.5%) of the total gros trade

receivables was due from a customer arisen from the sale of trading

parts and automation equipment segment (2024: furniture agency

services segment).

Continuing operations持续经营业务

20252025年

Reportable segment revenue from

external customers

来自外部客户的可呈报分部

收益

Interest income from loan receivables应收贷款利息收入

Reportable segment (los)/profit可呈报分部（亏损）╱溢利

Reportable segment asets可呈报分部资产

Reportable segment liabilities可呈报分部负债

Depreciation折旧

Amortisation摊销

Finance costs财务成本

Aditions to non-curent segment asets

(other than financial instruments and

defered tax asets) during the year

年内添置非流动分部资产（金

融工具及递延税项资产

除外）

Fair value change of financial aset at

FVTPL

透过损益按公允价值列账的

金融资产的公允价值变动

Gain on modification of lease修订租赁之收益

Los on write-of of loan receivables撇销应收贷款之亏损

Provision for impairment of trade

and other receivables and loan

receivables

贸易及其他应收款项以及应

收贷款的减值拨备

1. （续）

个别占本集团总收益10%或以上的主要客

户收益：

于2025年3月31日，买卖零件及自动化设备

销售分部（2024年：家具代理服务分部）内

应收一名客户的款项占本集团贸易应收款

项总额的86.9%（2024年：83.5%）。

---

2025
2025年
HK$’000
千港元
23,637
(9,292)
—
—
14,345
114,833
2,080
610
—
961
230
—
118,714

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4. REVENUE AND SEGMENT INFORMATION

(Continued)

Continuing operationsDiscontinued operations

持续经营业务已终止经营业务

Furniture

sale and

consultancy

services

Sale of trading

parts and

automation

equipment

Consumer loan

servicesUnalocatedTotal

Furniture

agency

servicesGroup

家具销售及

咨询服务

买卖零件及

自动化

设备销售

消费者贷款

服务未分配总计

家具代理

服务本集团

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

Continuing operations持续经营业务千港元千港元千港元千港元千港元千港元千港元

2024 (Restated)2024年（经重列）

Reportable segment revenue from

external customers

来自外部客户的可呈报分部

收益61,700—61,7003,26564,965

Interest income from loan receivables应收贷款利息收入—5,366—5,366—5,366

Reportable segment (los)/profit可呈报分部（亏损）╱溢利(3,573)3978—(2,592)(7,092)(9,684)

Reportable segment asets可呈报分部资产29,0719,62616,100—54,79736,04090,837

Reportable segment liabilities可呈报分部负债32,9808,209679—41,86823,94365,811

Depreciation折旧9,0751360959410,291—10,291

Amortisation摊销223—223—223

Finance costs财务成本1,115334431,1954781,673

Aditions to non-curent segment asets

(other than financial instruments and

defered tax asets) during the year

年内添置非流动分部资产（金

融工具及递延税项资产

除外）6,866812—1,4279,105—9,105

Los on modification of lease修订租赁之亏损128—128—128

Provision for impairment of godwil商誉减值拨备—8,6948,694

Provision for impairment of trade

and other receivables and loan

receivables

贸易及其他应收款项以及应

收贷款的减值拨备

—302—30228330

Reportable segment profit, asets and liabilities are reconciled to results

and total asets and total liabilities of the Group as folows:

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Reportable segment gain/(los)可呈报分部收益╱（亏损）(2,592)

Unalocated amounts:未分配款项：

— Corporate income and expense— 公司收入及开支(8,169)

— Gain on bargain purchase on acquisition

of a subsidiary

— 收购一间附属公司之议价

收购收益779

— Provision for impairment of godwil— 商誉减值拨备(8,694)

Profit/(Los) before income tax除所得税前溢利╱（亏损）(18,676)

Reportable segment asets可呈报分部资产54,797

Unalocated asets:未分配资产：

— Cash surender value of life insurance— 人寿保险的解约现金价值2,023

— Defered tax asets— 递延税项资产374

— Tax recoverable— 可收回税项398

— Bank balances and cash— 银行结余及现金12,192

— Unalocated corporate asets— 未分配公司资产982

— Asets of discontinued operations— 已终止经营业务资产36,040

Total asets总资产106,806

1. （续）

可呈报分部溢利、资产及负债与本集团的

业绩以及总资产及总负债对账如下：

---

2025
2025年
HK$’000
千港元
72,762
3,934
5,271
—
81,967

2025		2025
2025年		2025年
HK$’000		HK$’000
千港元		千港元
53,161	61,700 —	9,136
46,057		779
99,218	61,700	9,915

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

4. REVENUE AND SEGMENT INFORMATION

(Continued)

Reportable segment profit, asets and liabilities are reconciled to results

and total asets and total liabilities of the Group as folows: (Continued)

2024年

HK$’000

Continuing operations持续经营业务千港元

Reportable segment liabilities可呈报分部负债41,868

Unalocated liabilities:未分配负债：

— Tax payables— 应付税项—

— Unalocated corporate liabilities— 未分配公司负债5,725

— Liabilities of discontinued operations— 已终止经营业务负债23,943

Total liabilities总负债71,536

The revenue from external customers and its non-curent asets (other

than financial instruments and defered tax asets) of the Group are

divided into the folowing geographical areas:

Revenue from

external customersNon-curent asets

来自外部客户的收益非流动资产

2024年

HK$’000

千港元

Continuing operations持续经营业务

Hong Kong香港11,721

The PRC, excluding Hong Kong中国（不包括香港）1,630

13,351

The geographical location of customers is based on the location at

which the services were provided or the gods delivered.

The geographical location of non-curent asets is based on the physical

location of the aset and the location of the operations to which they are

alocated in the case of intangible asets, godwil and financial asets

at FVTPL.

1. （续）

可呈报分部溢利、资产及负债与本集团的

业绩以及总资产及总负债对账如下：（续）

本集团来自外部客户的收益及非流动资产

（金融工具及递延税项资产除外）按以下地

区划分：

客户的地理位置以提供服务或货品交付

地点为基础。

非流动资产的地理位置以资产所处地点

为基础，就无形资产、商誉及透过损益按

公允价值列账的金融资产而言，则以其所

属营运的地点为基础。

---

2025
2025年
HK$’000
千港元
14
12
663
—
29
107
601
3,173
4,599

2025
2025年
HK$’000
千港元
2,639
259
2,898

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5. OTHER INCOME

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Bank interest income银行利息收入18

Exchange gain, net汇兑收益净额—

Fair value gain on contingent

consideration payable (Note 18)

应付或然代价的公允价值

收益（附注18）—

Gain on bargain purchase on acquisition

of a subsidiary (Note 37)

收购一间附属公司之议价

收购收益（附注37）779

Gain on modification of lease修订租赁之收益—

Government grants (note)政府补助（附注）—

Sundry income杂项收入1,090

Interest income from loan receivables应收贷款利息收入5,366

7,253

Note:

The Group was entitled to receive grants from a provincial government in the PRC

for suporting inovation and promoting high-quality economic development.

6. PROVISION FOR IMPAIRMENT OF TRADE

AND OTHER RECEIVABLES AND LOAN

RECEIVABLES, NET

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Impairment los on trade and other receivables

(note 21)

贸易及其他应收款项减值

亏损（附注21）—

Impairment los on loan receivables, net (note 21)应收贷款减值亏损净额

（附注21）302

5. 其他收入

附注：

本集团有权自中国省级政府获取补助，以支持

创新及促进高质量经济发展。

6. 贸易及其他应收款项以及应收

贷款减值拨备净额

---

2025
2025年
HK$’000
千港元
785
817
11
1,613

2025
2025年
HK$’000
千港元
850
56
30,144
330
9,740
170
—
—
2,898
(12)
(29)
683
—
(57)
2,657

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

7. FINANCE COSTS

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Interest expenses on bank borowings银行借贷利息开支531

Finance charges on lease liabilities租赁负债的财务支出653

Net interest expense on LSP obligations长期服务金责任的利息开支

净额11

1,195

8. PROFIT/(LOS) BEFORE INCOME TAX

Profit/(Los) before income tax has ben arived at after charging/

(crediting):

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Auditor’s remuneration核数师酬金

— Audit services— 审核服务750

— Non-audit services— 非审核服务37

Cost of inventories recognised as expense确认为开支的存货成本25,909

Depreciation of property, plant and equipment物业、厂房及设备折旧

— Owned asets— 自置资产427

— Right-of-use asets— 使用权资产9,864

Amortisation of intangible asets无形资产摊销223

Lease charges:租赁支出：

— Short term leases— 短期租赁58

Provision for impairment of godwil商誉减值拨备8,694

Provision for impairment of trade and other

receivables and loan receivables, net

贸易及其他应收款项和应收

贷款减值拨备净额302

Net exchange (gain)/los汇兑（收益）╱亏损净额65

(Gain)/Los on modification of lease修订租赁之（收益）╱亏损128

Los on write-of of loan receivables撇销应收贷款之亏损—

Gain on bargain purchase on acquisition

of a subsidiary (Note 37)

收购一间附属公司之

议价收购收益（附注37）(779)

Fair value gain on cash surender value

of life insurance

人寿保险的解约现金价值

公允价值收益(45)

Research and development expenses研发开支—

7. 财务成本

1. ╱（亏损）

除所得税前溢利╱（亏损）乃经扣除╱（计

入）以下各项后达致：

---

Period from 1 April 2024 to 18 February 2025 (date of disposal)
2024年4月1日至 2025年2月18日 （出售日期）期间
HK$’000
千港元
2,006
18
(1,743)
(53)
(432)
(204)
—
(9,376)
(9,580)

2025
2025年
HK$’000
千港元
170
288

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9. DISCONTINUED OPERATIONS

On 18 February 2025, the Group disposed of its entire interest of a

wholy-owned subsidiary, Italiving, which caried out furniture agency

services at HK$3 milion to an independent third party. Upon the

disposal, the Group did not hold any shares in Italiving and Italiving has

ceased to be a subsidiary of the Group. Acordingly, its related operation

in furniture agency services was regarded as discontinued operations.

The results of the discontinued operations which have ben included in

the consolidated statement of profit or los and comprehensive income,

were as folows:

Year ended

31 March

（

截至2024年

3月31日止年度

HK$’000

千港元

Revenue收益3,265

Other income其他收入634

Administrative expenses行政开支(1,790)

Provision for impairment of trade and

other receivables

贸易及其他应收款项的减值

拨备(28)

Finance costs财务成本(478)

(Los)/Profit from discontinued operations

before income tax

已终止经营业务之

除所得税前（亏损）╱溢利1,603

Income tax expense所得税开支(281)

Los on disposal of discontinued operations出售已终止经营业务的亏损—

(Los)/Profit for the period/year from

discontinued operations

已终止经营业务之期╱

年内（亏损）╱溢利1,322

(Los)/profit before income tax has ben arived at after charging:

2024年

HK$’000

千港元

Key management personel’s remuneration主要管理人员薪酬204

Other staf cost其他员工成本470

9. 已终止经营业务

于2025年2月18日，本集团以3百万港元向独

立第三方出售其于全资附属公司意享世家

之全部权益，该公司从事家具代理服务。

出售后，本集团不再持有意享世家任何股

份，而意享世家亦不再为本集团的附属公

司。因此，其家具代理服务的相关业务被

视为已终止经营业务。

已终止经营业务的业绩（已计入综合损益

及其他全面收益表）如下：

除所得税前（亏损）╱溢利乃经扣除以下各

项后达致：

---

Period from 1 April 2024 to 18 February 2025 (date of disposal)
2024年4月1日至 2025年2月18日 （出售日期）期间
HK$’000
千港元
4,028
(714)
(3,269)
45

As at 18 February 2025
于2025年2月18日
HK$’000
千港元
22
29,194
564
207
(11,917)
(5,694)
12,376

As at 18 February 2025
于2025年2月18日
HK$’000
千港元
3,000
(12,376)
(9,376)

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

9. DISCONTINUED OPERATIONS (Continued)

Cash flows from discontinued operations are analysed as folows:

Year ended

31 March

（

截至2024年

3月31日止年度

HK$’000

千港元

Net cash inflows/(outflows) from operating activities经营活动现金流入╱（流出）

净额(1,392)

Net cash (outflows)/inflows from investing activities投资活动现金（流出）╱流入

净额1

Net cash outflows from financing activities融资活动现金流出净额(1,338)

Net cash inflows/(outflows)现金流入╱（流出）净额(2,729)

The net asets of Italiving at the date of disposal

Defered tax asets递延税项资产

Trade and other receivables贸易及其他应收款项

Bank balances and cash银行结余及现金

Tax recoverable可收回税项

Trade and other payables贸易及其他应付款项

Bank borowings银行借贷

Net asets disposed of已出售资产净值

Los on disposal of discontinued operations

Consideration received in cash and cash equivalents已收现金及现金等价物代价

Net asets disposed of已出售资产净值

Los on disposal of discontinued operations出售已终止经营业务的亏损

1. （续）

已终止经营业务之现金流量分析如下：

于出售日期意享世家的资产净值

出售已终止经营业务的亏损

---

HK$’000
千港元
3,000
(564)
2,436

2025
2025年
HK$’000
千港元
24,810
1,016
25,826

2025
2025年
HK$’000
千港元
279
77
356
3,059
(258)
3,157

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9. DISCONTINUED OPERATIONS (Continued)

Net cash inflow on disposal of discontinued

operations

Consideration received in cash and cash equivalents已收现金及现金等价物代价

Cash and cash equivalent disposed of已出售现金及现金等价物

Net cash inflows净现金流入

10. EMPLOYE BENEFIT EXPENSE (INCLUDING

DIRECTORS’ EMOLUMENTS)

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Salaries, bonus and alowances薪金、花红及津贴24,371

Contributions to defined contribution

pension schemes

界定供款退休金计划

的供款841

25,212

At 31 March 2025 and 2024, the Group had no forfeited contributions

available to reduce its contributions to the pension schemes in future

years.

11. INCOME TAX EXPENSE/(CREDIT)

2024年

HK$’000

千港元

(Restated)

Continuing operations持续经营业务（经重列）

Curent tax即期税项

— Hong Kong— 香港

Curent year本年度20

Under/(Over) provision in respect of prior years过往年度拨备不足╱（超

额拨备）(179)

(159)

— PRC— 中国

Curent year本年度33

Defered tax递延税项

Curent year (Note 27)本年度（附注27）46

Total income tax expense/(credit)所得税开支╱（抵免）总额(80)

1. （续）

出售已终止经营业务的净现金流

入

1. （包括董事酬

金）

于2025年及2024年3月31日，本集团并无已

没收供款可供扣减未来年度的退休金计划

供款。

1. ╱（抵免）

---

2025
2025年
HK$’000
千港元
14,345
(9,580)
4,765
475
(223)
3,165
—
(530)
193
77
3,157

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

11. INCOME TAX EXPENSE/(CREDIT) (Continued)

Reconciliation betwen tax expense and acounting los at aplicable

tax rates is as folow:

2024年

HK$’000

千港元

(Restated)

（经重列）

Profit/(Los) before income tax from continuing

operations

持续经营业务除所得税前

溢利╱（亏损）(18,676)

(Los)/Profit before income tax from discontinued

operations

已终止经营业务除所得税前

（亏损）╱溢利1,603

Profit/(Los) before income tax除所得税前溢利╱（亏损）(17,073)

Tax on profit/(los) before income tax, calculated

at the aplicable rates to profits in the tax

jurisdictions concerned

除所得税前溢利╱（亏损）

的税项（按相关税务

司法权区适用于溢利的

税率计算）(2,876)

Tax efect of non-taxable income毋须课税收入的税务影响(140)

Tax efect of non-deductible expenses不可扣税开支的税务影响2,356

Tax efect of two-tiered tax regime税务两级制的税务影响(165)

Tax incentives on eligible expenditures合资格开支的税务优惠—

Tax efect of unrecognised tax loses未确认税项亏损的税务影响1,205

Under/(Over) provision in respect of prior years过往年度拨备不足╱（超额

拨备）(179)

Income tax expense/(credit)所得税开支╱（抵免）201

As at 31 March 2025, the Group has tax loses of aproximately

HK$7,830,000 (2024: HK$7,230,000) that are available indefinitely for

ofseting against future taxable profits of the Group. No defered

tax asets have ben recognised in respect of these loses due to the

unpredictable future profit streams.

Notes:

(a) Cayman Islands income tax

The Company was incorporated in the Cayman Islands as an exempted

company with limited liability under the Companies Law of the Cayman

Islands and acordingly, is exempted from Cayman Islands income tax.

(b) British Virgin Islands (“BVI”) income tax

The Company’s direct subsidiary was incorporated under the BVI

Busines Companies Act, 2004 and acordingly, is exempted from BVI

income tax.

1. ╱（抵免）（续）

税项开支与按适用税率计算的会计亏损

的对账如下：

于2025年3月31日，本集团约7,830,000港元

（2024年：7,230,000港元）的税项亏损可无限

期用于抵销本集团的未来应课税溢利。由

于无法预测未来溢利的来源，因此并无

就该等亏损确认递延税项资产。

附注：

(a) 开曼群岛所得税

本公司根据开曼群岛公司法于开曼群岛

注册成立为获豁免有限公司，因此获豁

免缴纳开曼群岛所得税。

(b) 英属维尔京群岛所得税

本公司的直接附属公司乃根据2004年英

属维尔京群岛商业公司法注册成立，因

此获豁免缴纳英属维尔京群岛所得税。

---

2025
2025年
HK$’000
千港元
11,188
(9,580)
1,608

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11. INCOME TAX EXPENSE/(CREDIT) (Continued)

Notes: (Continued)

(c) Hong Kong Profits Tax

The provision for Hong Kong Profits Tax for the years ended 31 March

2025 and 2024 is calculated at 16.5% of the estimated asesable

profits for the year, except for one subsidiary of the Group which is a

qualifying corporation under the two-tiered profits tax rates regime.

Under the two-tiered profits tax rates regime, the first HK$2,000,000 of

profits of qualifying entities are taxed at 8.25%, and the profits above

HK$2,000,000 are taxed at 16.5%.

(d) PRC enterprise income tax

Income tax provision of the Group in respect of operations in the PRC has

ben calculated at the aplicable tax rate on the estimated asesable

profits for the years ended 31 March 2025, based on the existing

legislation, interpretations and practices in respect thereof. The statutory

tax rate was 25% (2024: 25%) for the year ended 31 March 2025 and

2024.

Pursuant to the relevant laws and regulations in the PRC, the Company’s

subsidiary, Hefei Human Vision Technology Co., Limited* (合肥不用

人视觉技术有限公司) (“Human Vision”) obtained the High and

New Technology Enterprises qualification. Acordingly, it enjoyed a

preferential income tax rate of 15% (2024: income tax rate of 15%) for

the years ended 31 March 2025 and 2024.

Acording to relevant laws and regulations promulgated by the State

Administration of Taxation of the PRC, enterprises engaging in research

and development activities were entitled to claim 200% of their eligible

research and development costs so incured as tax deductible expenses

when determining their asesable profits for that period (“Super

Deduction”). The Group made its best estimate for the Super Deduction

to be claimed for the Group’s PRC subsidiaries in ascertaining their

asesable profits for the years ended 31 March 2025.

* English name for reference only.

12. EARNING/(LOS) PER SHARE

From continuing and discontinued operations

The calculation of the basic and diluted earning/(los) per share

atributable to owners of the Company is based on the folowing data:

2024年

HK$’000

千港元

(Restated)

（经重列）

Profit/(Los) from continuing operations atributable

to owners of the Company

本公司拥有人应占持续经营

业务溢利╱（亏损）(18,596)

(Los)/Profit from discontinued operation

atributable to owners of the Company

本公司拥有人应占已终止经

营业务（亏损）╱溢利1,322

Profit/(Los) for the purpose of basic and diluted

earning/(los) per share from continuing and

discontinued operations

用于计算每股基本及摊薄

盈利╱（亏损）的持续及

已终止经营业务溢利╱

（亏损）(17,274)

1. ╱（抵免）（续）

附注：（续）

(c) 香港利得税

截至2025年及2024年3月31日止年度的香港

利得税拨备乃按年内估计应课税溢利的

16.5%计算，惟本集团一间附属公司于利

得税两级制下为合资格公司除外。在利

得税两级制下，合资格实体首2百万港元

溢利的税率为8.25%，超出2百万港元的溢

利税率为16.5%。

(d) 中国企业所得税

本集团有关中国经营业务的所得税拨备

乃根据现行法例、诠释及相关常规，按

截至2025年3月31日止年度的估计应课税

溢利的适用税率计算。截至2025年及2024

年3月31日止年度的法定税率为25%（2024

年：25%）。

根据中国相关法律及法规，本公司的附

属公司合肥不用人视觉技术有限公司（「不

用人视觉」）取得高新技术企业资格。因

此，其于截至2025年及2024年3月31日止年

度享有15%的优惠所得税率（2024年：15%

的所得税率）。

依据中国家税务总局颁布的相关法律

法规，从事研发活动的企业于厘定该期

间应课税溢利时，有权要求将其产生的

合资格研发成本的200%列作可扣减税项

开支（「超额抵扣」）。本集团已就本集团中

国附属公司可要求的超额抵扣作出其最

佳估计，以确定于截至二零二五年三月

三十一日止年度的应课税溢利。

1. ╱（亏损）

来自持续及已终止经营业务

本公司拥有人应占每股基本及摊薄盈利╱

（亏损）乃基于以下数据计算：

---

2025
2025年
HK$’000
千港元
11,188

2025
2025年
1,584,000,000

2025
2025年
HK$’000
千港元
(9,580)

2025
2025年
1,584,000,000

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

12. EARNING/(LOS) PER SHARE (Continued)

From continuing operations

The calculation of the basic and diluted earning/(los) per share from

continuing operations is calculated by dividing the profit/(los) from

continuing operations atributable to owners of the Company is based

on the folowing data:

2024年

HK$’000

千港元

(Restated)

（经重列）

Profit/(Los) from continuing operation atributable

to owners of the Company

本公司拥有人应占持续经营

业务溢利╱（亏损）(18,596)

2024年

Weighted average number of ordinary shares for

the purpose of basic earning/(los) per share

calculation

用于计算每股基本盈利╱

（亏损）的普通股加权

平均数1,584,000,000

Diluted earning/(los) per share equals to the basic earning/(los) per

share as there were no dilutive potential ordinary shares in existence

during the years ended 31 March 2025 and 2024.

From discontinued operations

The calculations of basic and diluted (los)/earning per share from the

discontinued operations are based on:

2024年

HK$’000

千港元

(Restated)

（经重列）

(Los)/Profit from discontinued operation

atributable to owners of the Company

本公司拥有人应占已终止经

营业务（亏损）╱溢利1,322

2024年

Weighted average number of ordinary shares for

the purpose of basic (los)/earning per share

calculation

用于计算每股基本（亏损）╱

盈利的普通股加权平均数

1,584,000,000

Diluted los per share equals to the basic (los)/earning per share as

there were no dilutive potential ordinary shares in existence during the

years ended 31 March 2025 and 2024.

1. ╱（亏损）（续）

来自持续经营业务

来自持续经营业务的每股基本及摊薄盈

利╱（亏损）乃基于下列数据除以本公司拥

有人应占来自持续经营业务的溢利╱（亏

损）计算：

由于截至2025年及2024年3月31日止年度并

无具潜在摊薄影响的普通股，故每股摊薄

盈利╱（亏损）相等于每股基本盈利╱（亏

损）。

来自已终止经营业务

来自已终止经营业务的每股基本及摊薄

（亏损）╱盈利以下列数据计算：

由于截至2025年及2024年3月31日止年度并

无具潜在摊薄影响的普通股，故每股摊

薄亏损相等于每股基本（亏损）╱盈利。

---

312	1,962	61	2,335
1,260	—	21	1,281
1,320	—	27	1,347
240	—	56	296
—	—	—	—
240	—	24	264
66	—	3	69
160	—	—	160
160	—	—	160
160	—	—	160
3,918	1,962	192	6,072

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13. DIRECTORS’ EMOLUMENTS AND FIVE

HIGHEST PAID INDIVIDUALS’ EMOLUMENTS

(a) Directors’ emoluments

Directors’ emoluments, disclosed pursuant to the GEM Listing

Rules, section 383(1) of the Hong Kong Companies Ordinance

and Part 2 of the Companies (Disclosure of Information about

Benefits of Directors) Regulation, is as folows:

Other emoluments

其他酬金

Fes

Salaries and

alowances

Retirement

benefit scheme

contributionsTotal

袍金薪金及津贴

退休福利

计划供款总计

NotesHK$’000HK$’000HK$’000HK$’000

附注千港元千港元千港元千港元

20252025年

Executive directors:执行董事：

Ms. Mary Kathlen BabingtonMary Kathlen Babington女士

Mr. Tong Tang Joseph唐登先生(i)

Mr. Tsui Wing Tak徐颖德先生

Mr. Bian Dahai边大海先生

Mr. Bian Hongjiang边洪江先生(i)

Mr. Jiao Dejun矫德君先生(i)

Mr. Yu Quansheng余权胜先生(iv)

Independent non-executive directors:独立非执行董事：

Mr. Sit Hoi Wah Keneth薛海华先生

Mr. Tsang Wai Yin曾伟贤先生

Mr. Yeung Man Chung Charles杨文忠先生

20242024年

Executive directors:执行董事：

Ms. Mary Kathlen BabingtonMary Kathlen Babington女士3122,095402,447

Mr. Tong Tang Joseph唐登先生(i)2,520—242,544

Mr. Tsui Wing Tak徐颖德先生1,320—241,344

Mr. Bian Dahai边大海先生240—240

Mr. Bian Hongjiang边洪江先生(i)53—53

Mr. Jiao Dejun矫德君先生(i)54—54

Independent non-executive directors:独立非执行董事：

Mr. Sit Hoi Wah Keneth薛海华先生160—160

Mr. Tsang Wai Yin曾伟贤先生160—160

Mr. Yeung Man Chung Charles杨文忠先生160—160

4,9792,095887,162

13. 董事酬金及五名最高薪酬人士

酬金

(a) 董事酬金

根据GEM上市规则、香港公司条例第

383(1)条及公司（披露董事利益资料）

规例第2部披露的董事酬金如下：

---

2025
2025年
HK$’000
千港元
995
—
36
1,031

2025
2025年
2

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

13. DIRECTORS’ EMOLUMENTS AND FIVE

HIGHEST PAID INDIVIDUALS’ EMOLUMENTS

(Continued)

(a) Directors’ emoluments (Continued)

Notes:

(i) Mr. Tong Tang Joseph was also the chief executive oficer.

(i) Mr. Bian Hongjiang was apointed as an executive director on 21

October 2022 and resigned on 20 June 2023.

(i) Mr. Jiao Dejun was apointed as an executive director on 10

January 2024.

(iv) Mr. Yu Quansheng was apointed as an executive director and

Co-chairman on 13 September 2024.

There were no arangements under which a director of the

Company waived or agred to waive any remuneration during the

years ended 31 March 2025 and 2024.

(b) Five highest paid individuals’ emoluments

The five individuals whose emoluments were the highest in the

Group for the year include thre (2024: thre) directors whose

emoluments are reflected in the analysis presented above. The

agregate emoluments payable to the remaining two (2024: two)

individuals during the year are as folows:

2024年

HK$’000

千港元

Salaries and alowances薪金及津贴1,054

Discretionary bonus酌情花红—

Retirement benefit scheme contributions退休福利计划供款36

1,090

The emoluments fel within the folowing bands:

2024年

Emolument bands酬金范围

Nil–HK$1,000,000零至1,000,000港元2

For the years ended 31 March 2025 and 2024, no emoluments

were paid by the Group to any directors or the five highest paid

individuals as an inducement to join or upon joining the Group or

as compensation for los of ofice.

13. 董事酬金及五名最高薪酬人士

酬金（续）

(a) 董事酬金（续）

附注：

(i) 唐登先生亦为行政总裁。

(i) 边洪江先生于2022年10月21日获委

任为执行董事并于2023年6月20日辞

任。

(i) 矫德君先生于2024年1月10日获委任

为执行董事。

(iv) 余权胜先生于2024年9月13日获委任

为执行董事兼联席主席。

于截至2025年及2024年3月31日止年

度，并无有关本公司董事放弃或同

意放弃任何薪酬的安排。

(b) 五名最高薪酬人士酬金

本集团年内五名最高薪酬人士中包

括三名（2024年：三名）董事，其酬金

于上文呈列的分析反映。有关年内

应付余下两名（2024年：两名）人士的

酬金总额如下：

酬金介乎以下范围：

截至2025年及2024年3月31日止年度，

本集团并无向任何董事或五名最高

薪酬人士支付酬金，作为邀请彼等

加入本集团或于加入本集团时的诱

金或作为离职补偿。

---

251	231	2	12,132	12,616
—	54	—	—	54
(168)	(160)	(2)	(9,740)	(10,070)
—	—	—	(5)	(5)
—	—	—	6,755	6,755
83	125	—	9,142	9,350
7,983	4,539	557	76,241	89,320
(7,900)	(4,414)	(557)	(67,099)	(79,970)
83	125	—	9,142	9,350

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

14. PROPERTY, PLANT AND EQUIPMENT

Leasehold

improvements

Furniture

and fixtures

and ofice

equipment

Motor

vehicles

Right-of-use

asetsTotal

租赁物业装修

家具及固定

装置以及

办公室设备汽车使用权资产总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于2023年4月1日

Cost成本7,9384,39555760,53473,424

Acumulated depreciation and

impairment

累计折旧及减值

(7,534)(4,037)(553)(47,490)(59,614)

Net bok amount账面净额404358413,04413,810

Year ended 31 March 2024截至2024年3月31日

止年度

Opening net bok amount年初账面净额404358413,04413,810

Aditions添置45108—2,2392,392

Disposal出售—(6)—(6)

Depreciation折旧(198)(227)(2)(9,864)(10,291)

Modification of lease修改租赁—6,7136,713

Writen of撇销—(2)—(2)

Closing net bok amount年末账面净额251231212,13212,616

At 31 March 2024于2024年3月31日

Cost成本7,9834,48555767,94480,969

Acumulated depreciation and

impairment

累计折旧及减值

(7,732)(4,254)(555)(55,812)(68,353)

Net bok amount账面净额251231212,13212,616

Year ended 31 March 2025截至2025年3月31日

止年度

Opening net bok amount年初账面净额

Aditions添置

Depreciation折旧

Exchange diference汇兑差额

Modification of lease修改租赁

Closing net bok amount年末账面净额

At 31 March 2025于2025年3月31日

Cost成本

Acumulated depreciation and

impairment

累计折旧及减值

Net bok amount账面净额

1. 、厂房及设备

---

Carrying amount		Depreciation
账面金额		折旧
As at 31 March 2025	As at 1 April 2024	For the year ended 31 March 2025
于2025年 3月31日	于2024年 4月1日	截至2025年 3月31日止年度
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
9,142	12,132	9,740

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

14. PROPERTY, PLANT AND EQUIPMENT (Continued)

As at 31 March 2025 and 2024, included in the net carying amount of

property, plant and equipment are right-of-use asets as folows:

Buildings楼宇

Carying amountDepreciation

账面金额折旧

As at

31 March 2024

As at

1 April 2023

For the year

ended

31 March 2024

于2024年

3月31日

于2023年

4月1日

截至2024年

3月31日止年度

HK$’000HK$’000HK$’000

千港元千港元千港元

Buildings楼宇12,13213,0449,864

During the year ended 31 March 2025, the total aditions to right-of-use

asets included in property, plant and equipment amounting to

HK$6,755,000 (2024: HK$8,952,000) which is atributable to buildings.

1. 、厂房及设备（续）

于2025年及2024年3月31日，物业、厂房及

设备账面净额中包括使用权资产如下：

于截至2025年3月31日止年度，物业、厂房

及设备中包括楼宇应占的使用权资产添

置总额6,755,000港元（2024年：8,952,000港

元）。

---

1,647	5	56	1,708
(968)	(5)	—	(973)
679	—	56	735
679	—	56	735
—	—	—	—
(170)	—	—	(170)
509	—	56	565
1,647	5	56	1,708
(1,138)	(5)	—	(1,143)
509	—	56	565

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15. 无形资产15. INTANGIBLE ASETS

Website

development

costsTrademarks

Money lender

licenceTotal

网站开发成本商标放债人牌照总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日

Cost成本800556861

Acumulated amortisation累计摊销(745)(5)—(750)

Net bok amount账面净额55—56111

Year ended 31 March 2024截至2024年3月31日

止年度

Opening net bok amount年初账面净额55—56111

Adition添置847—847

Amortisation摊销(223)—(223)

Closing net bok amount年末账面净额679—56735

At 31 March 2024于2024年3月31日

Cost成本

Acumulated amortisation累计摊销

Net bok amount账面净额

Year ended 31 March 2025截至2025年3月31日

止年度

Opening net bok amount年初账面净额

Adition添置

Amortisation摊销

Closing net bok amount年末账面净额

At 31 March 2025于2025年3月31日

Cost成本

Acumulated amortisation累计摊销

Net bok amount账面净额

---

2025
2025年
100%
100%
Nil (Note 9)
无 （附注9）
100%
100%
100%
100%

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

16. SUBSIDIARIES

Particulars of the principal subsidiaries as at 31 March 2025 and 2024

were as folows:

Name of company

Country/Place of

incorporation/

establishment

Isued and

paid-up capital

Equity interest

held by the CompanyPrincipal activities

公司名称

注册成立╱

成立国家╱地点

已发行及

缴足股本公司持有的股权主要业务

2024年

Directly held by the Company

本公司直接持有

Qi-House Investment Group Limited (“Qi-House Investment”)BVIUnited States dolar

(“USD”) 1

100%Investment holding

Qi-House Investment Group Limited（「Qi-House Investment」）英属维尔京群岛1美元投资控股

Indirectly held by the Company

本公司间接持有

Tre LimitedHong KongHK$2100%Sale, distribution and rental of furniture and home acesories,

consignment sales, distribution and licencing of intelectual

property rights, the provision of styling and consulting

services and the operation of a café

大树有限公司香港2港元家具及家居配饰销售、分销及租赁、寄售销售、分

销及许可使用知识产权、提供设计及咨询服务

以及经营一间咖啡厅

ItalivingHong KongHK$500,000100%Provision of furniture agency services

意享世家香港500,000港元提供家具代理服务

Qi-House Enterprises LimitedHong KongHK$1100%Investment holding

大树（中国）有限公司香港1港元投资控股

Super Easy Finance LimitedHong KongHK$10,000100%Provision of consumer loan services

易华为信贷有限公司香港10,000港元提供消费者贷款服务

齐家控股（深圳）有限公司

Qijia Holdings (Shenzhen) Co., Ltd*

PRCRMB200,000100%Dormant

齐家控股（深圳）有限公司中国人民币200,000元不活动

合肥齐家供应链技术有限公司

Hefei Qijia Suply Chain Technology Co., Limited*

(“Hefei Qijia”) (Note (i)

PRCUSD100,000100%Sale of trading parts and automation equipment

合肥齐家供应链技术有限公司（「合肥齐家」）（附注(i)）中国100,000美元买卖零件及自动化设备销售

16. 附属公司

于2025年及2024年3月31日的主要附属公司

详情如下：

---

2025
2025年
100%
100%
100%
100%

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

• 。

附注：

(i) 合肥齐家供应链技术有限公司于2024年1

月17日注册成立。该公司为一间根据中国

法律成立的外商独资企业。

(i) 合肥精算人工智能应用软件技术有限公司

于2024年12月23日注册成立。该公司为一

间根据中国法律成立的外商独资企业。

以上所有附属公司均为有限公司。除财政

年度于12月31日结束者外，上述附属公司

的财政年度与本集团一致。综合财务报表

已就重大交易或事件调整，包括1月1日至3

月31日期间意享世家与集团公司进行者。

Name of company

Country/Place of

incorporation/

establishment

Isued and

paid-up capital

Equity interest

held by the CompanyPrincipal activities

公司名称

注册成立╱

成立国家╱地点

已发行及

缴足股本公司持有的股权主要业务

2024年

Hefei Human Vision Technology Co., Ltd (“Human Vision”)

(Note 37)

PRCRMB1,000,000100%Sale of trading parts and automation equipment

合肥不用人视觉技术有限公司（「不用人视觉」）（附注37）中国人民币1,000,000元买卖零件及自动化设备销售

合肥精算人工智能应用软件技术有限公司

Hefei Actuarial Artificial Inteligence Aplication Software

Technology Co., Limited (Note (i)

PRCRMB500,000—Dormant

合肥精算人工智能应用软件技术有限公司（附注(i)）中国人民币500,000元不活动

Hong Kong Lumber Trading LimitedHong KongHK$10100%Dormant

香港土木灯木材有限公司香港10港元100%100%不活动

* English name for reference only.

Notes:

(i) Hefei Qijia Suply Chain Technology Co., Limited was incorporated on 17

January 2024. It is a wholy-foreign owned enterprise established under

the PRC Law.

(i) Hefei Actuarial Artificial Inteligence Aplication Software Technology

Co., Limited was incorporated on 23 December 2024. It is a wholy-

foreign owned enterprise established under the PRC Law.

Al of the above subsidiaries are limited liability companies. The

financial years of the above subsidiaries are coterminous with that of

the Group, except for which have a financial year ending 31 December.

The consolidated financial statements are adjusted for significant

transactions or events, including those betwen Italiving and group

companies, betwen 1 January and 31 March.

16. SUBSIDIARIES (continued)16. 附属公司（续）

---

2025
2025年
HK$’000
千港元
—
—
—
—
—
—
—
—
—

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

17. 商誉

商誉的账面净值可分析如下：

商誉的账面金额（已扣除任何减值亏损）分

配至家具代理服务的现金产生单位，该单

位已于2025年期间出售。

截至2024年3月31日止年度，现金产生单位

的可收回金额以使用价值计算法厘定，并

基于自获正式批准的财务预算作出的现金

流预测与涵盖五年期的预测。计算使用价

值时采用的关键假设主要包括折现率及平

均增长率，乃由于使用价值对该两个因素

的变化最为敏感。计算使用价值时采用

的销售增长率乃基于管理层的最佳估计，

并考虑历史业绩及市场预期。平均增长

率为4%。其后年度的现金流按自第五年起

采用3%的增长率推算，并使用税前折现率

22.7%折现。

17. GODWIL

The net carying amount of godwil can be analysed as folows:

2024年

HK$’000

千港元

At the begining of year于年初

Gros carying amount账面总额23,426

Acumulated impairment累计减值(14,732)

8,694

Net carying amount at 1 April于4月1日的账面净额8,694

Impairment los减值亏损(8,694)

—

At the end of year于年末

Gros carying amount账面总额23,426

Acumulated impairment累计减值(23,426)

—

The carying amount of godwil, net of any impairment los, is alocated

to the cash-generating unit of furniture agency services, which was

disposed of during 2025.

During the year ended 31 March 2024, the recoverable amount of the

cash-generating unit was determined from value in use calculations

based on cash flow projections from formaly aproved financial budgets

and forecasts covering a five-year period. Key asumptions aplied

in value in use calculation mainly included discount rate and average

growth rate as the value in use is most sensitive to the changes in these

two factors. The sale growth rate aplied in the value in use calculation

was based on management’s best estimation, taking into consideration

of historical performances and market expectation. The average growth

rate is 4%. Cash flows for the subsequent years are extrapolated from

the fifth year using 3% growth rate, and discounted using a pre-tax

discount rate of 22.7%.

---

2025
2025年
HK$’000
千港元
2,427

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

18. 透过损益按公允价值列账的金

融资产

于2024年7月26日，合肥齐家供应链技术有

限公司（「合肥齐家」）（本公司的间接全资

附属公司）与安徽中显智能机器人有限公

司（「安徽中显」）的现有股东订立投资协议

（「投资协议」），据此合肥齐家有条件同意

收购安徽中显15%的股权（「收购事项」）。

收购事项已于2024年9月13日（「完成日期」）

完成。

根据投资协议的条款，收购事项的总代

价包括现金代价人民币630,000元（相当于

约675,000港元）及最低额外代价人民币

1,291,000元（相当于约1,385,000港元）或较高

代价人民币5,690,000元（相当于约6,104,000

港元）（将根据安徽中显截至2024年12月31

日止年度的纯利（「2024年纯利」）厘定）。当

2024年纯利高于人民币1,200,000元时，本公

司须支付较高代价人民币5,690,000元，该

代价构成应付或然代价，并入账列作透过

损益按公允价值列账的金融负债。

本集团在独立估值师的协助下，根据现金

流出的概率加权估计的现值，厘定了应付

或然代价的公允价值，反映管理层对2024

年纯利达成的概率及贴现率的估计。应付

或然代价于初始确认时的公允价值为约人

民币659,000元（相当于约663,000港元）。于

2025年3月31日，由于2024年纯利为低于人

民币1,200,000元，或然代价的公允价值为

零港元。因此，应付或然代价的公允价值

变动约663,000港元已于截至2025年3月31日

止年度损益的「其他收入」（附注5）确认。

18. FINANCIAL ASETS AT FVTPL

2024年

HK$’000

千港元

Unlisted equity investment stated at fair value非上市按公允价值列账的

股权投资—

On 26 July 2024, Hefei Qijia Suply Chain Technology Co., Limited

(“Hefei Qijia”), an indirect wholy-owned subsidiary of the Company

and existing shareholders of Anhui Zhongxian Inteligent Robot Co.,

Limited (“Anhui Zhongxian”) entered into an investment agrement

(the “Investment Agrement”), pursuant to which Hefei Qijia

conditionaly agred to acquire the 15% equity interest in Anhui

Zhongxian (the “Acquisition”). The Acquisition was completed on 13

September 2024 (the “Completion Date”).

Pursuant to the terms of the Investment Agrement, the total

consideration for the Acquisition comprised of a cash consideration of

RMB630,000 (equivalent to aproximately HK$675,000) and a minimum

aditional consideration of RMB1,291,000 (equivalent to aproximately

HK$1,385,000) or a higher consideration of RMB5,690,000 (equivalent to

aproximately HK$6,104,000) to be determined based on the net profit

of Anhui Zhongxian for the year ended 31 December 2024 (the “2024

Net Profit”). The Company is required to pay a higher consideration of

RMB5,690,000 when the 2024 Net Profit is higher than RMB1.2 milion,

the consideration of which constituted a contingent consideration

payable, and acounted for as a financial liability measured at fair value

through profit or los.

The Group, with asistance from an independent valuer, determined the

fair value of the contingent consideration payable based on the present

values of the probability-weighted estimates of the cash outflows. It

reflects management’s estimates of the probabilities that the 2024

Net Profit would be achieved and the discount rates. The fair value

of the contingent consideration payable on its initial recognition was

amounted to aproximately RMB659,000 (equivalent to aproximately

HK$663,000). As at 31 March 2025, the fair value of contingent

consideration was amounted to HK$Nil as the 2024 Net Profit is

below RMB1.2 milion. Acordingly, a fair value change on contingent

consideration payable of aproximately HK$663,000 was recognised

in the profit or los during the year ended 31 March 2025 under “Other

income” (Note 5).

---

HK$’000
千港元
663
(66 3)
—

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

18. 透过损益按公允价值列账的金

融资产（续）

下表载列截至2025年3月31日止年度应付或

然代价的变动：

于2025年3月31日，额外代价人民币1,291,000

元（相当于约1,385,000港元）仍未支付，并已

计入「其他应付款项」（附注23(c)）。因此，根

据本集团所作出的缴足股本计算，于2025

年3月31日，本集团持有安徽中显4.77%所有

权益。

本集团非上市股本证券投资的公允价值已

按附注36.6所述方式计量。

19. 人寿保险的解约现金价值

本集团已为本公司执行董事兼主要管理人

员Babington女士投购一份保险。本集团为

该项投资的受益人。账面金额指保单的解

约现金价值，与报告日期末的公允价值相

若。公允价值的计量详情载于附注35.6。

18. FINANCIAL ASETS AT FVTPL (continued)

The folowing table sets out the movement of the contingent

consideration payable during the year ended 31 March 2025:

Initial recognition upon the Acquisition and recognised as cost

of investment

于收购事项后初始确认，并确认为

投资成本

Fair value gain on contingent consideration payable

(Note 5)

应付或然代价的公允价值收益

（附注5）

As at 31 March 2025于2025年3月31日

As at 31 March 2025, the aditional consideration of RMB1,291,000

(equivalent to aproximately HK$1,385,000) remains unpaid and was

included in “Other payable” (Note 23(c). Acordingly, the Group holds

4.77% ownership interest in Anhui Zhongxian as at 31 March 2025

based on the paid-up capital made by the Group.

The fair value of the Group’s investments in unlisted equity securities

has ben measured as described in note 36.6.

19. CASH SURENDER VALUE OF LIFE

INSURANCE

The Group has invested in an insurance policy for Ms. Babington, an

executive director and a key management personel of the Company.

The Group is the beneficiary of such investment. The carying amount

represented the cash surender value of the policy and aproximates

its fair value at the end of the reporting date. Details of fair value

measurement are set out in Note 35.6.

---

2025
2025年
HK$’000
千港元
9,724
1,953
11,677

2025
2025年
HK$’000
千港元
51,992
(2,625)
49,367
11,174
194
9,026
20,394
69,761

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20. INVENTORIES

2024年

HK$’000

千港元

Finished gods成品10,161

Gods in transit在途货品1,672

11,833

21. TRADE AND OTHER RECEIVABLES AND LOAN

RECEIVABLES

Trade and other receivables

2024年

NotesHK$’000

附注千港元

Trade receivables贸易应收款项

From third parties应收第三方40,029

Les: ECL alowance减：预期信贷亏损备抵(138)

Trade receivables — net贸易应收款项净额(a)39,891

Other receivables其他应收款项

Deposits, prepayments and

other receivables

按金、预付款项及

其他应收款项

(b)

4,849

Interest receivables应收利息445

Prepayment to supliers预付供应商款项(c)6,642

11,936

51,827

The directors of the Group considered that the fair value of trade

and other receivables are not materialy diferent from their carying

amounts because these amounts have short maturity periods on their

inception.

20. 存货

21. 贸易及其他应收款项以及应收

贷款

贸易及其他应收款项

本集团董事认为，由于贸易及其他应收款

项于产生时的到期限较短，故其公允价

值与其账面金额并无重大差异。

---

2025
2025年
HK$’000
千港元
16,330
14,683
18,354
—
49,367

2025
2025年
HK$’000
千港元
138
(138)
(14)
2,639
2,625

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

21. TRADE AND OTHER RECEIVABLES AND LOAN

RECEIVABLES (Continued)

(a) Trade receivables

Majority of the Group’s sale of furniture and home acesories to

its customers are setled by cash, credit cards, or by other forms

of electronic payments (such as EPS). There was no credit term

granted to the customers and distributors, but the Group alows

credit period of 2 to 7 (2024: 2 to 7) days to the payment vendors

and up to 120 (2024: 120) days to customers of furniture agency

services. For sale of trading parts and automation equipment,

credit term of 180 days was granted to the customers. The

Group seks to maintain strict control over its outstanding

trade receivables to minimise credit risk. Overdue balances are

reviewed regularly by senior management. Further details on the

Group’s credit policy are set out in Note 36.2.

The ageing analysis based on revenue recognition date of the

trade receivables, net of ECL alowance, is as folows:

2024年

HK$’000

千港元

0–30 days0至30日8,810

31–90 days31至90日1,088

91–180 days91至180日16,580

181–365 days181至365日13,413

39,891

The movement in the ECL alowance of trade receivables is as

folows:

2024年

HK$’000

千港元

Balance at 1 April于4月1日的结余110

Disposal of discontinued operations出售已终止经营业务—

Exchange diference汇兑差额—

ECL alowance recognised已确认预期信贷亏损备抵28

Balance at 31 March于3月31日的结余138

21. 贸易及其他应收款项以及应收

贷款（续）

(a) 贸易应收款项

本集团向客户作出的大部分家具及

家居配饰销售乃以现金、信用卡或

其他电子付款形式（如易办事）付款。

本集团并无向客户及分销商授出信

贷期，惟给予付款服务供应商及家

具代理服务客户分别2至7日（2024年：

2至7日）及最多120日（2024年：120日）

的信贷期。就买卖零件及自动化设

备销售而言，给予客户180日的信贷

期。本集团寻求对尚未收回的贸易

应收款项维持严格控制，以将信贷

风险降至最低。逾期结余由高级管

理层定期检讨。有关本集团信贷政

策的进一步详情载于附注36.2。

贸易应收款项（扣除预期信贷亏损备

抵）基于收益确认日期的账龄分析如

下：

贸易应收款项的预期信贷亏损备抵

变动如下：

---

2025
2025年
HK$’000
千港元
18,998
2,881
(596)
21,283
(18,786)
2,497

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

21. 贸易及其他应收款项以及应收

贷款（续）

(b) 于2025年3月31日，本集团的按金、预

付款项及其他应收款项包括租金按

金2,948,000港元（2024年：3,173,000港

元）、向雇员垫款31,000港元（2024年：

346,000港元）、经营预付款项、研发

开支6,261,000港元（2024年：807,000港

元）。

于2025年及2024年3月31日，并无确认

预期信贷亏损备抵。

(c) 于2025年3月31日，本集团的预付供

应商款项包括市场推广开支预付款

项2,445,000港元（2024年：3,115,000港

元）。

应收贷款

本集团因于香港提供个人贷款及公司贷

款而从放债业务产生以港元计值的应收

贷款，其账面金额与公允价值相若。

于2025年3月31日，本金总额为21,879,000

港元（2024年：15,145,000港元）的应收贷款

为应收13名（2024年：13名）独立第三方的

贷款。2,940,000港元（2024年：1,722,000港

元）的应收贷款来自9笔（2024年：8笔）个

人贷款，贷款结余18,998,000港元（2024年：

13,423,000港元）来自4笔（2024年：5笔）公司

循环贷款。该等贷款按固定年利率介乎

7.5%至47%（2024年：7.5%至48%）计息。

21. TRADE AND OTHER RECEIVABLES AND LOAN

RECEIVABLES (Continued)

(b) Included in the Group’s deposits, prepayments and other

receivables as at 31 March 2025 were rental deposits of

HK$2,948,000 (2024: HK$3,173,000), advances to staf of

HK$31,000 (2024: HK$346,000), prepayments for operating,

research and development expenses of HK$6,261,000 (2024:

HK$807,000).

As at 31 March 2025 and 2024, no ECL alowance was

recognised.

(c) Included in the Group’s prepayment to supliers as at 31 March

2025 was prepayment for marketing expenses of HK$2,445,000

(2024: HK$3,115,000).

Loan receivables

2024年

HK$’000

千港元

From third parties应收第三方15,145

From a related party应收一名关联方—

Les: ECL alowance减：预期信贷亏损备抵(337)

Loan receivables — net应收贷款净额14,808

Les: non-curent portion减：非流动部分(211)

Curent portion流动部分14,597

The Group’s loan receivables, which arise from the money lending

busines of providing personal loans and corporate loans in Hong

Kong, are denominated in Hong Kong dolars and the carying amounts

aproximate their fair values.

As at 31 March 2025, loan receivables with gros principal amount

of HK$21,879,000 (2024: HK$15,145,000) were due from 13 (2024: 13)

independent third parties. Loan receivable of HK$2,940,000 (2024:

HK$1,722,000) were arise from 9 (2024: 8) personal loans and loan

balance of HK$18,998,000 (2024: HK$13,423,000) were arise from 4

(2024: 5) corporate revolving loans. These loans are interest-bearing at

fixed rates ranging from 7.5% to 47% (2024: 7.5% to 48%) per anum.

---

2025
2025年
HK$’000
千港元
337
259
—
596

2025
2025年
HK$’000
千港元
2,497
18,786
21,283

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

21. 贸易及其他应收款项以及应收

贷款（续）

应收贷款（续）

于2025年3月31日期间，新增22笔个人贷款

及5笔公司循环贷款，总金额为22,355,000

港元（2024年：29笔个人贷款及7笔公司循

环贷款，总金额为31,715,000港元）。每笔

贷款的平均总结余为828,000港元（2024年：

880,879港元）。贷款的平均回报率为13.84%

（2024年：16.92%）。

于2025年及2024年3月31日，本集团并无

任何应收贷款抵押品。扣减259,000港元

（2024年：302,000港元）后的减值亏损已于

截至2025年3月31日止年度的损益中确认。

于2025年3月31日，贷款减值比率为2.72%

（2024年：2.23%）。

有关本集团信贷政策的详情载于附注

36.2。

应收贷款的预期信贷亏损备抵变动如下：

于报告日期，根据到期日扣除预期信贷亏

损备抵的应收贷款到期情况如下：

21. TRADE AND OTHER RECEIVABLES AND LOAN

RECEIVABLES (Continued)

Loan receivables (Continued)

During 31 March 2025, there were 22 personal loans and 5 corporate

revolving loans originated totaling HK$22,355,000 (2024: 29 personal

loans and 7 corporate revolving loans totaling HK$31,715,000). The

average gros balance per loan was HK$828,000 (2024: HK$880,879).

The average return on loans was 13.84% (2024: 16.92%).

The Group has no colateral over loan receivables as at 31 March 2025

and 2024. Impairment los, net of HK$259,000 (2024: HK$302,000)

has ben recognised in the profit or los for the year ended 31 March

2025. The loan impairment ratio was 2.72% as at 31 March 2025 (2024:

2.23%).

Further details on the Group’s credit policy are set out in Note 36.2.

The movement in the ECL alowance of loan receivables is as folows:

2024年

HK$’000

千港元

Balance at 1 April 于4月1日的结余35

ECL alowance recognised已确认预期信贷亏损备抵337

Reversal of ECL alowance recognised已确认预期信贷亏损备抵

拨回(35)

Balance at 31 March于3月31日的结余337

A maturity profile of the loan receivables as at the reporting date, based

on the maturity date, net of ECL alowance, is as folows:

2024年

HK$’000

千港元

Within 1 year一年内14,597

After 1 year but within 2 years一年后，但两年内211

14,808

---

2025
2025年
HK$’000
千港元
38,656
8,921
1,385
10,306
48,962
(48,537)
425

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

22. 银行结余及现金

银行结余基于每日银行存款利率按浮动

利率计息。

23. 贸易及其他应付款项

所有款项均为短期，因此本集团的贸易及

其他应付款项于2025年及2024年3月31日的

账面值被视为公允价值的合理近似值。

22. BANK BALANCES AND CASH

Bank balances earn interest at floating rates based on daily bank deposit

rates.

23. TRADE AND OTHER PAYABLES

2024年

NotesHK$’000

附注千港元

Trade payables贸易应付款项

To third parties应付第三方(a)18,583

Other payables其他应付款项

Acrued charges and other payables应计费用及其他应付款项(b)8,539

Consideration payables应付代价(c)4,604

13,143

31,726

Les: Portion due within one year included

under curent liabilities

减：计入流动负债于一年内

到期的部分(31,445)

Portion due after one year included under

non-curent liabilities

计入非流动负债于一年后到

期的部分281

Al amounts are short-term and hence the carying values of the

Group’s trade and other payables as at 31 March 2025 and 2024 were

considered to be a reasonable aproximation of their fair values.

---

2025
2025年
HK$’000
千港元
12,472
11,407
14,777
38,656

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

(a) 贸易应付款项

本集团的供应商给予0至90日的信贷

期。贸易应付款项基于发票日期的

账龄分析如下：

(b) 应计费用及其他应付款项

于2025年3月31日，本集团的应计费

用及其他应付款项包括应付股息

2,287,000港元（2024年：2,287,000港

元）、应付薪金315,000港元（2024年：

2,022,000港元）、长期服务金责任

432,000港元（2024年：353,000港元）（附

注31）、应付关联方款项零港元（2024

年：302,000港元）及应付一名股东款

项零港元（2024年：762,000港元），而

有关款项为无抵押、免息及须按要

求偿还。

(c) 应付代价

于2024年3月31日，结余指分别于2021

年12月31日收购意享世家的应付代

价4,304,000港元及于2024年收购不用

人视觉的应付代价300,000港元（附注

37）。该等应付代价已于截至2025年3

月31日止年度清偿。

于2025年3月31日，1,385,000港元指收

购安徽中显的应付代价（附注18），应

付代价将于2025年5月31日或之前支

付。

23. TRADE AND OTHER PAYABLES (Continued)

(a) Trade payables

There was 0–90 days credit period granted by the supliers

of the Group. The ageing analysis of trade payables based on

invoice date is as folows:

2024年

HK$’000

千港元

0–30 days0至30日5,911

31–90 days31至90日8,821

Over 90 days90日以上3,851

18,583

(b) Acrued charges and other payables

Included in the Group’s acrued charges and other payables

as at 31 March 2025 was dividend payables of HK$2,287,000

(2024: HK$2,287,000), salaries payable of HK$315,000

(2024: HK$2,022,000), LSP obligation of HK$432,000 (2024:

HK$353,000) (Note 31), amount due to related parties of HK$nil

(2024: HK$302,000) and amount due to a shareholder of HK$nil

(2024: HK$762,000), which is unsecured, interest-fre and

repayable on demand.

(c) Consideration payables

As at 31 March 2024, the balance represents the consideration

payable for acquiring Italiving of HK$4,304,000 in 31 December

2021 and acquiring Human Vision of HK$300,000 (Note 37) in

2024, respectively. Those consideration payables were setled

during the year ended 31 March 2025.

As at 31 March 2025, amount of HK$1,385,000 represents the

consideration payable of acquiring Anhui Zhongxian (Note 18),

which wil be repaid on or before 31 May 2025.

---

2025
2025年
HK$’000
千港元
5,417
801
6,218
22
6,240

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24. 合约负债

本集团的合约负债主要来自客户预付款，

而家具及家居配饰尚未提供，及就特许协

议已收客户的垫款。于2025年3月31日的合

约负债减少，主要是源于年内客户预付款

减少但尚未交付相关产品。

年初未偿还合约负债6,987,000港元（2024

年：5,917,000港元）已于截至2025年3月31日

止年度确认为收益。

24. CONTRACT LIABILITIES

2024年

HK$’000

千港元

Contract liabilities arising from advance payments

from customers in relation to:

客户就以下项目的预付款产生

的合约负债：

— Sale of furniture and home acesories— 家具及家居配饰销售6,981

— Distribution and license fe income— 分销及许可费收入—

6,981

Contract liabilities arising from gift vouchers sold

but not yet redemed

已售出但未赎回的礼券产生

的合约负债6

6,987

Contract liabilities of the Group mainly arose from the advance

payments made by customers while the furniture and home acesories

are yet to be provided and advance received from customers in relation

to licensing agrement. The decrease in contract liabilities as at 31

March 2025 is mainly due to the decrease in advance payments from

customers while the underlying products are yet to be delivered during

the year.

Contract liabilities outstanding at the begining of the year amounted to

HK$6,987,000 (2024: HK$5,917,000) have ben recognised as revenue

during the year ended 31 March 2025.

---

2025
2025年
HK$’000
千港元
6,768
847
2,699
3,471
13,785
(6,768)
(7,017)
—

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

25. 银行借贷

于2025年及2024年3月31日，本集团的银行

借贷（按贷款协议内所载的计划还款日期）

的还款情况如下：

25. BANK BOROWINGS

As at 31 March 2025 and 2024, the Group’s bank borowings, based on

the scheduled repayment dates set out in the loan agrements, were

repayable as folows:

2024年

HK$’000

千港元

Within one year一年内12,426

In the second year第二年803

In the third to fifth year第三至第五年2,590

After the fifth year第五年后4,455

20,274

Les:减：

— Amount due within one year— 于一年内到期的款额(12,426)

— Amount of bank loans that are not repayable

within one year from the end of the reporting

period but contain a repayment on demand

clause (shown under curent liabilities)

— 自报告期末起计一年内未

偿还但包含须按要求偿还

条款的银行贷款金额（于流

动负债下呈列）(7,848)

Portion due after one year included under

non-curent liabilities

计入非流动负债项下于一年

后到期的部分—

---

2025
2025年
HK$’000
千港元
7,003
2,524
111
9,638
(592)
9,046

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. （续）

于2025年3月31日，本集团银行借贷

5,946,000港元（2024年：11,651,000港元）为无

抵押、包含须按要求偿还条款并于流动

负债下呈列。

于2025年3月31日，本集团获香港按揭证

券保险有限公司营运的中小企融资担保

计划授出银行借贷7,839,000港元（2024年：

8,623,000港元）。银行借贷由本公司董事唐

登先生与香港按揭证券保险有限公司签

立的个人担保全数担保，当中包含须按要

求偿还的条款，并于流动负债项下呈列。

银行借贷按跟随市场浮动的利率计息，故

其公允价值与账面金额相若。

银行借贷的账面金额被视为公允价值的

合理近似值。

26. 租赁负债

本集团租赁负债余下合约到期日的分析如

下：

25. BANK BOROWINGS (Continued)

As at 31 March 2025, the Group’s bank borowings of HK$5,946,000

(2024: HK$11,651,000) are unsecured, contain a repayable on demand

clause and are shown under curent liabilities.

As at 31 March 2025, the Group’s bank borowings of HK$7,839,000

(2024: HK$8,623,000) obtained under the SME Financing Guarante

Scheme operated by HKMC Insurance Limited. The bank borowings

were secured fuly by personal guarante executed by the Company’s

director, Mr. Tong Tang Joseph and HKMC Insurance Limited, contain

a repayable on demand clause and are shown under curent liabilities.

The bank borowings bear interest at floating rates that is market

dependent, and their fair values aproximate the carying amounts.

The carying amounts of bank borowings are considered to be a

reasonable aproximation of their fair values.

26. LEASE LIABILITIES

The analysis of the remaining contractual maturities of the Group’s lease

liabilities is as folows:

2024年

HK$’000

千港元

Total minimum lease payments:最低租赁付款总额：

— Due within one year— 于一年内到期8,756

— Due in the second to fifth years— 于第二年至第五年到期4,680

— Due after the fifth years— 于第五年后到期142

13,578

Future finance charges on lease liabilities租赁负债的未来财务支出(1,029)

Present value of lease liabilities租赁负债的现值12,549

---

2025
2025年
HK$’000
千港元
6,575
2,376
95
9,046
(6,575)
2,471

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

26. LEASE LIABILITIES (Continued)

2024年

HK$’000

千港元

Present value of minimum lease payments:最低租赁付款的现值：

— Due within one year— 于一年内到期8,121

— Due in the second to fifth years— 于第二年至第五年到期4,310

— Due after the fifth years— 于第五年后到期118

12,549

Les: Portion due within one year included under

curent liabilities

减：计入流动负债项下于一年

内到期的部分(8,121)

Portion due after one year included under

non-curent liabilities

计入非流动负债项下于一年

后到期的部分4,428

As at 31 March 2025, lease liabilities amounting to HK$9,046,000 (2024:

HK$12,549,000) are efectively secured by the related underlying asets

as the rights to the leased aset would be reverted to the lesor in the

event of default by repayment by the Group.

During the year ended 31 March 2025, the total cash outflows for the

leases are HK$9,773,000 (2024: HK$8,869,000).

1. （续）

于2025年3月31日，就9,046,000港元（2024年：

12,549,000港元）的租赁负债而言，由于倘本

集团拖欠还款，则租赁资产的权利将归还

出租人，故实际上以相关资产作抵押。

于截至2025年3月31日止年度，租赁现金流

出合共为9,773,000港元（2024年：8,869,000港

元）。

---

2025
2025年
HK$’000
千港元
3,772
3,772
4,622
4,622
652
652

374
(22)
258
610

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. （续）

租赁活动详情

于2025年及2024年3月31日，本集团就仓

库、办公室、店舖及汽车订立以下租赁：

27. 递延税项

于本年度，递延税项资产的变动如下：

26. LEASE LIABILITIES (Continued)

Details of the lease activities

As at 31 March 2025 and 2024, the Group has entered into leases for

warehouse, ofice, shop premises and motor vehicles as folows:

Types of right-of-use

asets

Financial statements items of

right-of-use asets included in

Number of

leases

Range of remaining

lease term2024Particulars

使用权资产类型

使用权资产所属的

财务报表项目租赁数目余下租期范围2024年详情

HK$’000

千港元

WarehouseProperty, plant and equipment3

(2024: 3)

0.25 to 1.84 years

(2024: 1.25 to 2.84 years)

6,770• Not contain any renewal and termination

options

仓库物业、厂房及设备3

（2024年：3）

0.25至1.84年（2024年：

1.25至2.84年）

6,770• 不包含任何续租及终止选择权

Shop premisesProperty, plant and equipment2

(2024: 2)

0.61 to 1.47 years

(2024: 0.47 to 0.61 years)

3,786• Not contain any renewal and termination

options

• Some of the contracts contain aditional

variable lease payments depends on the

gros receipts during the contract period

店舖物业、厂房及设备2

（2024年：2）

0.61至1.47年

（2024年：0.47至0.61年）

3,786• 不包含任何续租及终止选择权

‧ 部分合约含有额外可变租赁付款，

金额视乎合约期内的总收入而定

OficeProperty, plant and equipment2

(2024: 4)

3.92 to 8.80 years

(2024: 0.92 to 9.80 years)

1,993• Not contain any renewal and termination

options

办公室物业、厂房及设备2

（2024年：4）

3.92至8.80年

（2024年：0.92至9.80年）

1,993• 不包含任何续租及终止选择权

27. DEFERED TAXATION

The movement in the defered tax asets during the year is as folows:

HK$’000

千港元

At 1 April 2023于2023年4月1日416

Recognised in profit or los (Note 10)于损益确认（附注10）(42)

At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日

Disposal of discontinued operations (Note 9)出售已终止经营业务（附注9）

Recognised in profit or los (Note 10)于损益确认（附注10）

At 31 March 2025于2025年3月31日

---

296	78	374
—	(22)	(22)
26	232	258
322	288	610

—

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

年内，抵销同一税务管辖区内的结余前，

递延税项资产及负债的变动如下：

递延税项资产

递延税项负债

27. DEFERED TAXATION (Continued)

The movement in defered tax asets and liabilities (prior to ofseting

of balances within the same taxation jurisdiction) during the year is as

folows:

Defered tax asets

Acelerated

acounting

depreciationProvisionTotal

加速会计折旧拨备总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日40223425

Recognised in profit or los于损益确认(106)55(51)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Disposal of discontinued operations

(Note 9)

出售已终止经营业务

（附注9）

Recognised in profit or los于损益确认

At 31 March 2025于2025年3月31日

Defered tax liabilities

Acelerated tax

amortisation

加速税项摊销

HK$’000

千港元

At 1 April 2023于2023年4月1日(9)

Recognised in profit or los于损益确认9

At 31 March 2024, 1 April 2024 and 31 March 2025于2024年3月31日、2024年4月1日及

2025年3月31日

---

5,000,000,000	50,000
1,584,000,000	15,840

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28. 股本

29. 储备

(a) 股份溢价

根据开曼群岛公司法，本公司的股

份溢价账可用作分派或用于向股东

派发股息，惟于紧随建议分派或派

息后当日，本公司须有能力于日常业

务过程中偿还其到期债务。

(b) 资本储备

资本储备来自本公司一名股东出资。

30. 以股份为基础的补偿交易

根据日期为2018年1月5日的股东书面决议

案，本公司采纳一项购股权计划，有效

期为自2018年1月5日起计10年（「购股权计

划」）。

购股权计划旨在让本集团向合资格参与者

授出购股权，作为彼等对本集团作出贡献

的奖励或回报，及╱或让本集团招揽及挽

留高质素雇员并吸引对本集团或本集团任

何成员公司拥有任何股权的任何实体（「投

资实体」）具价值的人力资源。

因根据购股权计划及本集团所采纳的任

何其他购股权计划已授出而有待行使的

全部尚未行使购股权获行使而可发行的

最高股份数目，不得超过不时已发行股本

的30%。

28. SHARE CAPITAL

Number of sharesHK$’000

股份数目千港元

Authorised法定

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于2023年4月1日、2024年3月31日、

2024年4月1日及2025年3月31日

Isued and fuly paid已发行并缴足

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于2023年4月1日、2024年3月31日、

2024年4月1日及2025年3月31日

29. RESERVES

(a) Share premium

Under the Companies Law of the Cayman Islands, the share

premium acount of the Company may be aplied for payment

of distributions or dividends to the shareholders provided that

imediately folowing the date on which the distribution or

dividend is proposed to be paid, the Company is able to pay its

debts as they fal due in the ordinary course of busines.

(b) Capital reserve

Capital reserve arises from capital contribution by a shareholder

of the Company.

30. SHARE-BASED COMPENSATION

TRANSACTIONS

Pursuant to the writen resolution of shareholders dated on 5 January

2018, a share option scheme was adopted by the Company and is valid

and efective for a period of 10 years from 5 January 2018 (the “Share

Option Scheme”)

The purpose of the Share Option Scheme is to enable the Group to

grant options to the eligible participants as incentives or rewards for

their contribution to the Group and/or to enable the Group to recruit

and retain high-calibre employes and atract human resources that are

valuable to the Group or any entity in which any member of the Group

holds any equity interest (the “Invested Entity”).

The maximum number of shares which may be isued upon exercise of

al outstanding options granted and yet to be exercised under the Share

Option Scheme and any other share option schemes adopted by the

Group shal not exced 30% of share capital in isue from time to time.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

因根据购股权计划及本集团任何其他购

股权计划将予授出的全部购股权（就此而

言，不包括根据购股权计划及本集团任何

其他购股权计划的条款已失效的购股权）

获行使而可发行的股份总数，合共不得超

过于本公司股份首次在联交所开始买卖当

日已发行股本的10%（即158,400,000股份）

（「一般计划限额」）。

除非获本公司股东批准，否则因根据购股

权计划及本集团任何其他购股权计划将

予授出的全部购股权获行使而可发行的

股份总数，不得超过于批准限额当日已发

行股本的10%。

于任何12个月期间，因根据购股权计划及

本集团任何其他购股权计划已授出的购股

权（包括已行使或未行使购股权）获行使而

已经及可能须向每名接纳根据购股权计

划授出购股权的要约的合资格参与者（「承

授人」）发行的股份总数，不得超过当时已

发行股本的1%。倘根据购股权计划向承

授人进一步授出购股权将导致于直至进

一步授出有关购股权当日（包括该日）为止

12个月期间，因根据购股权计划及本集团

任何其他购股权计划已经及建议向该人

士授出的全部购股权（包括已行使、已注

销及未行使购股权）获行使而已发行及将

发行的股份，合共超过已发行股本的1%，

则进一步授出有关购股权必须经股东于

股东大会上另行批准，而该承授人及其紧

密联系人（或倘该承授人为关连人士，则

其联系人）须放弃表决权。

任何购股权的认购价将由董事酌情决定，

惟其不得低于以下各项中的最高者：(a)于

要约日期，联交所每日报价表就买卖一手

或以上完整买卖单位的本公司股份所载列

的本公司股份收市价；(b)于紧接要约日期

前五个营业日，联交所每日报价表就买卖

一手或以上完整买卖单位的本公司股份所

载列的本公司股份平均收市价；及(c)股份

面值。

于2025年及2024年3月31日以及截至2025年

及2024年3月31日止年度，概无根据购股权

计划授出购股权。

30. SHARE-BASED COMPENSATION

TRANSACTIONS (Continued)

The total number of shares which may be isued upon exercise of

al options (excluding, for this purpose, options which have lapsed in

acordance with the terms of the Share Option Scheme and any other

share option schemes of the Group) to be granted under the Share

Option Scheme and any other share option schemes of the Group shal

not in agregate exced 10% of share capital in isue as at the date on

which dealings in the Company’s shares first comence on the Stock

Exchange, being 158,400,000 shares (the “General Scheme Limit”).

Unles aproved by shareholders of the Company, the total number of

shares which may be isued upon exercise of al options to be granted

under the Share Option Scheme and any other share option schemes of

the Group shal not exced 10% of share capital in isue as at the date

of aproval of the limit.

The total number of shares isued and which may fal to be isued upon

exercise of the options granted under the Share Option Scheme and any

other share option schemes of the Group (including both exercised or

outstanding options) to each eligible participant who acepts the ofer

for the grant of an option under the Share Option Scheme (a “grante”)

in any 12-month period shal not exced 1% of isued share capital for

the time being. Where any further grant of options under the Share

Option Scheme to a grante would result in the shares isued and to be

isued upon exercise of al options granted and proposed to be granted

to such person (including exercised, canceled and outstanding options)

under the Share Option Scheme and any other share option schemes of

the Group in the 12-month period up to and including the date of such

further grant representing in agregate over 1% of share capital in

isue, such further grant shal be separately aproved by shareholders

in general meting with such grante and his close asociates (or his

asociates if the grante is a conected person) abstaining from voting.

The subscription price in respect of any option shal be at the discretion

of the directors, provided that it shal not be les than the highest of

(a) the closing price of the Company’s shares as stated in the Stock

Exchange’s daily quotations shet for trade in one or more board lots of

the Company’s shares on the ofer date; (b) the average closing price of

the Company’s shares as stated in the Stock Exchange’s daily quotations

shets for trade in one or more board lots of the Company’s shares for

the five busines days imediately preceding the ofer date; and (c) the

nominal value of the shares.

No option was granted under the Share Option Scheme as at 31 March

2025 and 2024 and during the years ended 31 March 2025 and 2024.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31. 长期服务金责任

根据香港法例第57章《香港雇佣条例》，凡

连续受雇满五年的香港雇员，在若干情况

下（如遭雇主解雇或于退休时）均有权享有

长期服务金。

应付长期服务金的款额乃参照雇员最后一

个月的月薪（以22,500港元为上限）及服务

年资，扣减本集团的强积金计划供款所产

生的任何累算权益（见附注23）后厘定，整

体以每名雇员390,000港元为上限。目前，

本集团尚未制定任何单独的筹资安排以满

足其长期服务金责任。

于2022年6月，政府刊宪修订2022年香港雇

佣及退休计划法例（抵销安排）（修订）条例

（「修订条例」），废除以雇主强制性强积金

供款之累算权益对冲长期服务金的安排。

修订条例将于2025年5月1日（「过渡日期」）生

效。另外，政府表明将推出一项补贴计

划，以便于废除安排后为雇员提供支援。

其中，一旦废除对冲机制生效，雇主自过

渡日期起概不得使用其强制性强积金供款

（无论于过渡日期之前、当日或之后作出

的供款）所产生的任何累算权益减少有关

雇员服务年资的长期服务金。然而，倘雇

员于过渡日期前已开始受雇，则雇主可继

续使用上述累算权益减少截至过渡日期

前有关雇员服务年资的长期服务金。此

外，于过渡日期前服务年资所涉及的长期

服务金将按雇员紧接过渡日期前的月薪及

截至过渡日期的服务年资计算。

长期服务金的权益付款依然以每名雇员

390,000港元为上限。倘雇员的权益付款总

额超过390,000港元，则超出上限部分的款

额会从自过渡日期起累算的部分中扣除。

诚如综合财务报表附注2.21所披露，本集

团已就对冲机制及其废除安排入账。

本集团确定，修订条例主要影响本集团对

香港雇员的长期服务金责任。

31. LSP OBLIGATION

Pursuant to the Hong Kong Employment Ordinance, Chapter 57, Hong

Kong employes that have ben employed continuously for at least five

years are entitled to LSP under certain circumstances (e.g. dismisal by

employers or upon retirement).

The amount of LSP payable is determined with reference to the

employe’s last monthly salary (caped at HK$22,500) and the years of

service, reduced by the amount of any acrued benefits derived from the

Group’s contributions to MPF scheme (se note 23), with an overal cap

of HK$390,000 per employe. Curently, the Group does not have any

separate funding arangement in place to met its LSP obligations.

In June 2022, the Government gazeted the Hong Kong Employment and

Retirement Schemes Legislation (Ofseting Arangement) (Amendment)

Ordinance 2022 (“Amendment Ordinance”), which abolishes the

use of the acrued benefits derived from employers’ mandatory

MPF contributions to ofset the LSP. The Amendment Ordinance wil

take efect on 1 May 2025 (the “Transition Date”). Separately, the

Government has indicated that it would launch a subsidy scheme to

asist employers after the abolition.

Among other things, once the abolition of the ofseting mechanism

takes efect, an employer can no longer use any of the acrued benefits

derived from its mandatory MPF contributions (irespective of the

contributions made before, on or after the Transition Date) to reduce

the LSP in respect of an employe’s service from the Transition Date.

However, where an employe’s employment comenced before the

Transition Date, the employer can continue to use the above acrued

benefits to reduce the LSP in respect of the employe’s service up

to that date. In adition, the LSP in respect of the service before the

Transition Date wil be calculated based on the employe’s monthly

salary imediately before the Transition Date and the years of service

up to that date.

The benefit payment under LSP remains caped at HK$390,000 per

employe. If an employe’s total benefit payment exceds HK$390,000,

the amount in exces of the cap is deducted from the portion acrued

from the Transition Date.

The Group has acounted for the ofseting mechanism and its abolition

as disclosed in notes 2.21 to the consolidated financial statements.

The Group has determined that the Amendment Ordinance primarily

impacts the Group’s LSP obligations with respect to Hong Kong

employes.

---

2025
2025年
HK$’000
千港元
353
18
50
11
432

2025
2025年
HK$’000
千港元
35
15
50

2025
2025年
2.93%
1.00%
18.99% to 28.61%
18.99%至28.61%
2.50%

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

未供款长期服务金责任的现值及其变动

如下：

本期服务成本及过往服务成本已计入雇员

福利开支，并于综合收益表的以下项目中

确认：

估计及假设

厘定长期服务金责任适用的重大精算假

设如下：

31. LSP OBLIGATION (Continued)

The present value of unfunded LSP obligations and its movements are as

folows:

2024年

HK$’000

千港元

As at 1 April于4月1日201

Remeasurements recognised in other comprehensive

income:

于其他全面收益确认的重新

计量：

— Actuarial los arising from changes in financial

asumptions

— 因财务假设变动而产生的

精算亏损100

Expenses recognised in profit or los:于损益确认的开支：

— Curent service cost— 本期服务成本41

— Net interest expense— 利息开支净额11

As at 31 March于3月31日353

The curent service cost and past service cost are included in employe

benefit expenses. They are recognised in the folowing line items in the

consolidated income statement:

2024年

HK$’000

千港元

Seling and marketing expenses销售及市场推广开支20

General and administrative expenses一般及行政开支21

Estimates and asumptions

The significant actuarial asumptions for the determination of LSP

obligations are as folows:

2024年

Discount rate折现率3.49%

Salary growth rate薪金增长率3.49%

Turnover rate (by salary group)离职率（按薪金组别划分）23.51% to 32.87%

23.51%至32.87%

Expected investment return on ofsetable MPF

acrued benefits

可对冲强积金累算权益的

预期投资回报2.50%

---

Within 1 year	Over 1 year but within 2 years	Over 2 years but within 5 years	Over 5 years	Total
一年内	一年以上但 两年以内	两年以上但 五年以内	五年以上	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
7	—	186	239	432

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. （续）

估计及假设（续）

该等假设由管理层厘定。折现因素乃于接

近各期末时参考优质公司债券（以权益将

予支付的货币计值，且到期条款与相关长

期服务金责任条款相若）的市场收益率厘

定。其他假设则以当前精算基准及管理层

的过往经验为依据。

长期服务金责任的现值采用预测单位贷

记法计量。

长期服务金责任的加权平均年期为7.7年

（2024年：6.9年）。

于2025年3月31日对未来38年的未折现长期

服务金责任的预期到期情况分析披露如

下：

长期服务金责任令本集团面临利率风险、

薪金风险及本集团强积金计划成份股基

金的投资风险等精算风险。

31. LSP OBLIGATION (Continued)

Estimates and asumptions (Continued)

These asumptions were developed by management. Discount factors

are determined close to each period-end by reference to market

yields of high quality corporate bonds that are denominated in the

curency in which the benefits wil be paid and that have terms to

maturity aproximating to the terms of the related LSP obligations.

Other asumptions are based on curent actuarial benchmarks and

management’s historical experience.

The present value of the LSP obligations was measured using the

projected unit credit method.

The weighted average duration of the LSP obligations is 7.7 years (2024:

6.9 years).

Expected maturity analysis of undiscounted LSP obligations in the next

38 years as at 31 March 2025 is disclosed as folows:

LSP obligations长期服务金责任

The LSP obligations expose the Group to actuarial risks such as interest

rate risk, salary risk and the investment risk of the Group’s MPF

scheme’s constituent funds.

---

5%	(4)	5
5%	29	(43)
5%	(21)	22
5%	—*	—*

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

重大精算假设变动

长期服务金责任的计算对上述重大精算

假设尤为敏感。下表概述于各报告期末该

等精算假设变动对长期服务金责任的影

响。

• ,000港元

31. LSP OBLIGATION (Continued)

Changes in the significant actuarial asumptions

The calculation of the LSP obligations is sensitive to the significant

actuarial asumptions mentioned above. The folowing table sumarises

the efects of changes in these actuarial asumptions on the LSP

obligations at the end of each reporting periods.

Impact on LSP obligations

对长期服务金责任的影响

Changes in

asumption

Increase in the

asumption

Decrease in the

asumption

假设变幅假设增加假设减少

HK$’000HK$’000

千港元千港元

As at 31 March 2025于2025年3月31日

Discount rate折现率

Salary growth rate薪金增长率

Turnover rate离职率

Expected investment return on

ofsetable MPF acrued benefits

可对冲强积金累算权

益的预期投资回报

As at 31 March 2024于2024年3月31日

Discount rate折现率5%(4)4

Salary growth rate薪金增长率5%3(3)

Turnover rate离职率5%(18)18

Expected investment return on

ofsetable MPF acrued benefits

可对冲强积金累算权

益的预期投资回报5%——

• $1,000

---

2025
2025年
HK$’000
千港元
20,249
113
4,808
47
4,968
3,141
6,274
9,415
(4,447)
15,802
15,840
(38)
15,802

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32. 本公司的财务状况表

于2025年6月27日获董事会批准及授权刊

发。

32. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY

2024年

HK$’000

千港元

ASETS AND LIABILITIES资产及负债

Non-curent asets非流动资产

Investment in a subsidiary于一间附属公司的投资20,249

Curent asets流动资产

Prepayments预付款项151

Amounts due from subsidiaries应收附属公司款项5,442

Bank balances and cash银行结余及现金47

5,640

Curent liabilities流动负债

Other payables其他应付款项3,370

Amounts due to subsidiaries应付附属公司款项—

3,370

Net curent (liabilities)/asets流动（负债）╱资产净值2,270

Net asets资产净值22,519

EQUITY权益

Share capital股本15,840

Reserves (Note)储备（附注）6,679

Total equity总权益22,519

Aproved and authorised for isue by the board of directors on 27 June

2025.

Tong Tang JosephTsui Wing Tak

唐登徐颖德

DirectorDirector

董事董事

---

51,813	(45,134)	6,679
—	(6,717)	(6,717)
51,813	(51,851)	(38)

2025
2025年
HK$’000
千港元
—

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

附注：

本公司的储备变动如下：

* 股份溢价指(i)本公司发行股份的所得款

项超出其面值的部分（扣除股份发行开

支）；及(i)过往年度收购大树有限公司的

账面值超出本公司作为交换而发行的股

本面值的差额。

33. 承担

(a) 租赁承担

作为出租人

于2025年及2024年3月31日，本集团根

据不可撤销经营租赁就物业收取未

来最低租金总额如下：

本集团根据初步为期2年的经营租赁

安排租赁物业。

32. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY (Continued)

Note:

The movement of the Company’s reserves are as folows:

Share

premium*

Acumulated

losesTotal

股份溢价*累计亏损总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日51,813(42,067)9,746

Los and total comprehensive expense

for the year

年内亏损及全面开支总额

—(3,067)(3,067)

At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日

Los and total comprehensive expense

for the year

年内亏损及全面开支总额

At 31 March 2025于2025年3月31日

* Share premium represents (i) the exces of the proceds from isuance

of the shares of the Company over its par value, net of share isuance

expenses; and (i) the diference betwen the carying value of Tre

Limited acquired in prior years over the nominal value of the share capital

of the Company isued in exchange thereof.

33. COMITMENTS

(a) Lease comitments

As a lesor

At 31 March 2025 and 2024, the Group had future agregate

minimum lease receipts under non-cancelable operating leases

in respect of properties as folows:

2024年

HK$’000

千港元

Within one year一年内503

The Group leases its property under operating lease

arangements which run for an initial period of 2 years.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34. 关联方交易

除此等综合财务报表其他部分所披露的交

易╱资料之外，本集团与关联方曾进行下

列重大交易：

(a) 关联方的名称及关系

于本年度，与本集团进行交易的关

联方如下：

附注： 余权胜先生于2025年3月20日不再

为安徽中显的董事。

34. RELATED PARTY TRANSACTIONS

In adition to the transactions/information disclosed elsewhere in these

consolidated financial statements, the Group had the folowing material

transactions with related parties:

(a) Name and relationship with related parties

During the year, the related parties that had transactions with

the Group were as folows:

Name of related partiesRelationship with the Group

关联方的名称与本集团的关系

Mr. Tong Tang JosephA director of the Company

唐登先生本公司董事

Mr. Tsui Wing TakA director of the Company

徐颖德先生本公司董事

Mr. Yu QuanshengA director of the Company

余权胜先生本公司董事

Mr. Han YiDirector of a subsidiary of the Group

韩翼先生本集团一间附属公司的董事

Ms. Feng HuiDirector of a subsidiary of the Group

冯慧女士本集团一间附属公司的董事

AE Majoris Busines Development Company LimitedControled by Mr. Tsui Wing Tak

明大企业发展有限公司受徐颖德先生控制

AE Majoris CPA LimitedControled by Mr. Tsui Wing Tak

明大会计师事务所有限公司受徐颖德先生控制

AE Majoris Corporate Services Company LimitedControled by Mr. Tsui Wing Tak

明大企业服务有限公司受徐颖德先生控制

Anhui ZhongxianControled by Mr. Yu Quansheng (note)

安徽中显受余权胜先生控制（附注）

Flexi Credits LimitedControled by a close member of Mr. Tong Tang Joseph

快时财务有限公司受唐登先生的近亲控制

Note: Mr. Yu Quansheng ceased to be the director of Anhui Zhongxian

on 20 March 2025.

---

2025
2025年
HK$’000
千港元
149
1,473
256
1,262
8,773

2025
2025年
HK$’000
千港元
—
—

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. （续）

(b) 与关联方的交易

除此等综合财务报表其他部分所披

露者外，年内于日常业务过程中与

本集团关联方进行的交易如下：

(c) 应收╱（应付）关联方款项

应收╱（应付）关联方款项为无抵押、

免息及须按要求偿还。

34. RELATED PARTY TRANSACTIONS (Continued)

(b) Transactions with related parties

Saved as disclosed elsewhere in these consolidated financial

statements, during the year, the transactions with related parties

of the Group caried in the ordinary course of busines were as

folows:

2024年

HK$’000

千港元

AE Majoris Corporate Services Company LimitedCompany secretarial

service fe77

明大企业服务有限公司公司秘书服务费

Anhui ZhongxianSale of trading parts and

automation equipment—

安徽中显买卖零件及自动化

设备销售

Flexi Credits LimitedManagement fe—

快时财务有限公司管理费

Flexi Credits LimitedSales of loans—

快时财务有限公司出售贷款

Flexi Credits LimitedPurchase of loans—

快时财务有限公司购买贷款

(c) Amounts due from/(to) related parties

2024年

HK$’000

千港元

Other payables其他应付款项

Mr. Han Yi韩翼先生153

Ms. Feng Hui冯慧女士149

Amounts due from/(to) related parties are unsecured, interest-

fre and repayable on demand.

---

2025
2025年
HK$’000
千港元
5,880
192
6,072

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. （续）

(d) 主要管理人员薪酬

本集团的主要管理层为董事会及高

级管理层成员。主要管理人员薪酬

包括以下各项开支：

34. RELATED PARTY TRANSACTIONS (Continued)

(d) Key management personel remuneration

Key management of the Group are members of the board of

directors and senior management. Key management personel

remuneration includes the folowing expenses:

2024年

HK$’000

千港元

Salaries and alowances薪金及津贴7,074

Retirement benefit scheme contributions退休福利计划供款88

7,162

---

12,549	20,274	32,823
—	27,254	27,254
—	(28,049)	(28,049)
(8,956)	—	(8,956)
(817)	—	(817)
—	(785)	(785)
—	(5,694)	(5,694)
(8)	—	(8)
6,755	—	6,755
(29)	—	(29)
(755)	—	(755)
(510)	—	(510)
817	785	1,602
9,046	13,785	22,831

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

35. 综合现金流量表附注

(a) 融资活动所产生负债的对账

本集团的融资活动所产生的负债变

动分类如下：

35. NOTES TO THE CONSOLIDATED STATEMENT

OF CASH FLOWS

(a) Reconciliation of liabilities arising from

financing activities

The changes in the Group’s liabilities arising from financing

activities can be clasified as folows:

Lease

liabilities

Bank

borowingsTotal

租赁负债银行借贷总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日12,8796,46419,343

Cash-flows:现金流量：

Proceds所得款项—51,50351,503

Repayments还款—(37,693)(37,693)

Capital element of lease liabilities租赁负债的本金部分(8,158)—(8,158)

Interest element of lease liabilities租赁负债的利息部分(653)—(653)

Interests paid已付利息—(1,009)(1,009)

Non-cash:非现金：

Entering into new leases订立新租赁2,239—2,239

Modification of lease修改租赁6,841—6,841

Other payable其他应付款项(742)—(742)

Other income其他收入(510)—(510)

Interest expenses利息开支6531,0091,662

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Cash-flows:现金流量：

Proceds所得款项

Repayments还款

Capital element of lease liabilities租赁负债的本金部分

Interest element of lease liabilities租赁负债的利息部分

Interests paid已付利息

Non-cash:非现金：

Disposal of discontinued operations出售已终止业务

Exchange diference汇兑差额

Modification of lease修改租赁

Gain on modification of lease修订租赁之收益

Other payable其他应付款项

Other income其他收入

Interest expenses利息开支

At 31 March 2025于2025年3月31日

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. （续）

(b) 非现金交易

于截至2025年3月31日止年度，本集

团已重续若干租赁合约，于租赁修

改日期增加使用权资产及租赁负

债6,755,000港元（2024年：6,713,000港

元）。

截至2025年3月31日止年度，股东已代

表本集团支付租赁负债的本金部分

755,000港元（2024年：742,000港元）。

截至2025年3月31日止年度，服务公司

已代表本集团支付租金开支510,000

港元（510,000港元），且概无向本集团

收取该款项。

于截至2024年3月31日止年度，本集团

订立若干租赁合约，据此，于租赁

开始日期确认新增使用权资产及租

赁负债2,239,000港元。

于截至2024年3月31日止年度，本集团

收购一间附属公司不用人视觉，并

已于综合损益及其他全面收益表项

下「其他收入」中确认议价收购收益

779,000港元（附注37）。

36. 财务风险管理及公允价值计量

本集团因在日常业务过程和投资活动中使

用金融工具而承担财务风险。此等财务风

险包括信贷风险、流动资金风险及市场风

险（包括利率风险及外币风险）。本集团的

整体风险管理策略寻求尽量减低对本集

团的财务表现造成的潜在不利影响。风

险管理由本集团的高级管理层进行并经董

事会批准。本集团就金融工具承担的风险

类型或其管理及计量风险的方式并无变

化。

35. NOTES TO THE CONSOLIDATED STATEMENT

OF CASH FLOWS (Continued)

(b) Non-cash transactions

During the year ended 31 March 2025, the Group renewed

certain lease contracts which increased right-of-use asets and

lease liabilities amounting to HK$6,755,000 (2024: HK$6,713,000)

at the lease modification date.

During the year ended 31 March 2025, the shareholder has

paid capital element of lease liabilities of HK$755,000 (2024:

HK$742,000) on behalf of the Group.

During the year ended 31 March 2025, the service company has

paid rental expenses of HK$510,000 (HK$510,000) on behalf of

the Group, which did not recharge the amount to the Group.

During the year ended 31 March 2024, the Group entered into

certain lease contracts in which aditions to right-of-use asets

and lease liabilities amounting to HK$2,239,000 was recognised

at the lease comencement date.

During the year ended 31 March 2024, the Group has acquired

a subsidiary, Human Vision and a gain on bargain purchase

of HK$779,000 was recognised under “Other income” in the

consolidated statement of profit of los and other comprehensive

income (note 37).

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS

The Group is exposed to financial risks through its use of financial

instruments in its ordinary course of operations and in its investment

activities. The financial risks include credit risk, liquidity risk and market

risk (including interest rate risk and foreign curency risk). The Group’s

overal risk management strategy seks to minimise potential adverse

efects on the Group’s financial performance. Risk management is

caried out by the senior management of the Group and aproved by the

board of directors. There has ben no change to the types of the Group’s

exposure in respect of financial instruments or the maner in which it

manages and measures the risks.

---

2025
2025年
HK$’000
千港元
2,080
2,427
59,882
21,283
961
86,633

2025
2025年
HK$’000
千港元
48,417
13,785
9,046
71,248

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

36. 财务风险管理及公允价值计量

（续）

36.1 金融资产及负债的类别

在综合财务状况表中呈列的账面金

额与以下类别的金融资产及金融负

债有关：

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.1 Categories of financial asets and liabilities

The carying amounts presented in the consolidated statement of

financial position relate to the folowing categories of financial

asets and financial liabilities:

2024年

HK$’000

千港元

Financial asets金融资产

Financial asets at FVTPL透过损益按公允价值列账

的金融资产

— Cash surender value of life insurance— 人寿保险的解约现金

价值2,023

— Unlisted equity investment— 非上市股本投资—

Financial asets at amortised cost按摊销成本列账的金融

资产

— Trade and other receivables— 贸易及其他应收款项44,417

— Loan receivables— 应收贷款14,808

— Bank balances and cash— 银行结余及现金12,192

73,440

2024年

HK$’000

千港元

Financial liabilities金融负债

Financial liabilities at amortised cost按摊销成本列账的金融

负债

— Trade and other payables— 贸易及其他应付款项31,261

— Bank borowings— 银行借贷20,274

— Lease liabilities— 租赁负债12,549

64,084

---

49,367	—	—	—	49,367
—	21,051	232	—	21,283
—	10,515	—	—	10,515
—	961	—	—	961
49,367	32,527	232	—	82,126

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36. 财务风险管理及公允价值计量

（续）

36.2 信贷风险

本集团就其现金及银行存款、贸易

及其他应收款项及应收贷款承担信

贷风险。本集团就金融资产承担的

最大信贷风险不超过下文所概述于

报告日期的账面金额：

(i) 贸易应收款项

本集团的政策是仅与信誉良好

的交易对手进行交易。新客户

须通过信贷评估后，方可获授

信贷条款。本集团密切监察客

户的付款记录。本集团的政策

并无要求客户提供抵押品。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.2 Credit risk

The Group is exposed to credit risk in relation to its cash and bank

deposits, trade and other receivables and loan receivables. The

Group’s maximum exposure to credit risk in relation to financial

asets is limited to the carying amount at the reporting dates as

sumarised below:

Simplified

aproach

General aproach

一般方式

Stage 1Stage 2Stage 3Total

简化方式阶段1阶段2阶段3总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025于2025年3月31日

Trade receivables贸易应收款项

Loan receivables应收贷款

Other receivables其他应收款项

Bank balances and cash银行结余及现金

At 31 March 2024于2024年3月31日

Trade receivables贸易应收款项39,891—39,891

Loan receivables应收贷款—13,5861,222—14,808

Other receivables其他应收款项—4,526—4,526

Bank balances and cash银行结余及现金—12,192—12,192

39,89130,3041,222—71,417

(i) Trade receivables

The Group’s policy is to deal only with credit worthy

counterparties. Credit terms are granted to new

customers after a credit worthines asesment made.

Payment record of customers is closely monitored. It

is not the Group’s policy to request colateral from its

customers.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

36. 财务风险管理及公允价值计量

（续）

36.2 信贷风险（续）

(i) 贸易应收款项（续）

此外，如附注2.10所载，本集

团根据香港财务报告准则第9

号基于拨备矩阵以简化方式评

估来自家具代理服务分部的贸

易应收款项的预期信贷亏损，

预期亏损率基于付款情况以及

该期间的相应历史信贷亏损计

算。本集团会调整历史比率，

以反映影响客户结算未付金额

的能力的当前及前瞻性宏观经

济因素。于各报告日期，本集

团更新历史违约率，并分析前

瞻性估计的变化。然而，鉴于

承担信贷风险的时间较短，故

该等宏观经济因素于报告期内

的影响被视为并不重大。

本集团根据香港财务报告准则

第9号对来自买卖及自动化设备

销售分部的贸易应收款项按个

别情况评估预期信贷亏损。来

自买卖及自动化设备销售的贸

易应收款项由两名客户贡献。

本集团透过考虑该等客户的信

贷状况及前瞻性资料，个别评

估该等客户的信贷风险。

当并无合理的收回预期时，贸

易应收款项会被撇销（即终止

确认）。未能于自到期日起计

365日内付款，以及未能与本集

团就替代付款安排达成协定，

均被视为并无合理收回预期的

指标。

于2025年及2024年3月31日，来

自买卖零件及自动化设备销售

分部的贸易应收款项按5.16%的

预期信贷亏损率确认预期信

贷亏损备抵2,639,000港元（2024

年：零港元）。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.2 Credit risk (Continued)

(i) Trade receivables (Continued)

In adition, as set out in Note 2.10, the Group aseses

ECL under HKFRS 9 on trade receivables from furniture

agency services segment under simplified aproach based

on provision matrix, the expected los rates are based

on the payment profile as wel as the coresponding

historical credit loses during that period. The historical

rates are adjusted to reflect curent and forward-loking

macroeconomic factors afecting the customer’s ability

to setle the amount outstanding. At each reporting date,

the historical default rates are updated and changes in

the forward-loking estimates are analysed. However,

given the short period exposed to credit risk, the impact

of these macroeconomic factors has not ben considered

significant within the reporting period.

The Group aseses ECL under HKFRS 9 on trade

receivables from sale of trading and automation

equipment segment by individual asesment. The

trade receivables from sale of trading and automation

equipment contributed by two customers. The Group

aseses the credit risk for these customers individualy

by considering their credit profile and forward-loking

information.

Trade receivables are writen of (i.e. derecognised) when

there is no reasonable expectation of recovery. Failure to

make payments within 365 days from the due date and

failure to engage with the Group on alternative payment

arangement amongst other is considered indicators of no

reasonable expectation of recovery.

As at 31 March 2025 and 2024, ECL alowance of

HK$2,639,000 (2024: HK$nil) was recognised for trade

receivables from the sale of trading parts and automation

equipment segment at ECL rate of 5.16%.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36. 财务风险管理及公允价值计量

（续）

36.2 信贷风险（续）

(i) 贸易应收款项（续）

于2025年及2024年3月31日，本

集团并无就家具销售及咨询服

务的贸易应收款项确认预期

信贷亏损备抵。大部分贸易应

收款项为应收信用卡供应商款

项，一般信贷期介乎1至30日。

管理层认为，信贷风险相对较

低。

于2024年3月31日，家具代理服

务分部已按0.2%（未逾期的贸

易应收款项）、0.4%（逾期90日

内的贸易应收款项）、0.5%（逾

期91至180日内的贸易应收款

项）、0.6%（逾期181至365日内

的贸易应收款项）及100.0%（逾

期365日以上的贸易应收款项）

的预期信贷亏损率就贸易应收

款项确认预期信贷亏损备抵

138,000港元。

于2025年3月31日，贸易应收

款项总额中，86.9%（2024年：

83.5%）为应收一名买卖零件及

自动化设备销售分部客户的

款项（2024年：家具代理服务分

部）。

(i) 按摊销成本列账的其他金融资

产

按摊销成本计量的其他金融资

产包括应收贷款、其他应收款

项以及银行结余及现金。

应收贷款

本集团透过定期对客户的信

贷质素进行评估，并考虑彼等

的财务状况、还款记录、内部

及外部信贷评级以及其他因

素等，管理放债业务的信贷风

险。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.2 Credit risk (Continued)

(i) Trade receivables (Continued)

As at 31 March 2025 and 2024, no ECL alowance was

recognised for trade receivables from the furniture sale,

consultancy services. Most of the trade receivable was

due from credit card vendors, where the general credit

terms are ranging from 1 to 30 days. In the view of

management, the credit risk was relatively low.

As at 31 March 2024, ECL alowance of HK$138,000

was recognised for trade receivables from the furniture

agency services segment at ECL rate of 0.2% for trade

receivables that are not yet past due, 0.4% for trade

receivables that are past due within 90 days, 0.5% for

trade receivables that are past due within 91 to 180 days,

0.6% for trade receivables that are past due within 181 to

365 days and 100.0% for trade receivables that are past

due over 365 days.

As at 31 March 2025, 86.9% (2024: 83.5%) of the total

gros trade receivables was due from a customer arisen

from the sale of trading parts and automation equipment

segment (2024: furniture agency services segment).

(i) Other financial asets at amortised cost

Other financial asets at amortised cost include loan

receivables, other receivables and bank balances and

cash.

Loan receivables

The Group manages the credit risk for money lending

busines and aseses the credit quality of the customers

in regular basis, taking into acount their financial

position, setlement history, internal and external credit

rating and other factors.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

36. 财务风险管理及公允价值计量

（续）

36.2 信贷风险（续）

(i) 按摊销成本列账的其他金融资

产（续）

应收贷款（续）

所有贷款均须接受信贷评估并

经由本集团审批，并须先审阅

载有所有可得资料的报告（如

摘录自环联信贷报告的有关

资料，包括违约记录、贷款客

户的背景及其他公开可得资料

等），方会获得新贷款。贷款须

经管理层审阅及批准信贷评估

后方予批授。

管理层会定期审阅应收贷款的

可收回金额，并考虑市况及客

户资料（包括借款人还款状态

的任何重大变动），确保已就不

可收回金额计提足够减值。在

评估应收贷款的可收回性时，

会考虑(i)过往还款记录，例如

于到期日前及时偿还贷款利息

或贷款本金额；(i)逾期还款期

长度；及(i)可能严重降低借款

人履责能力的任何可预见经济

环境变动等资料。管理层会持

续进行监察以决定应否采取任

何跟进行动，从而避免面对潜

在的可收回性问题。

本集团应用香港财务报告准则

第9号一般方法计量应收贷款

的预期信贷亏损。

于2025年3月31日，已就个人贷

款产生的应收贷款确认预期

信贷亏损备抵384,000港元（2024

年：136,000港元），亦已就公司

循环贷款产生的应收贷款确认

预期信贷亏损备抵212,000港元

（2024年：201,000港元）。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.2 Credit risk (Continued)

(i) Other financial asets at amortised cost (Continued)

Loan receivables (Continued)

Al loans are subject to credit asesment and are

reviewed by the Group. A report included al available

data such as information from the TransUnion Credit

Report, including history of default, background of the

loan customer and other publicly available information

are reviewed before acquiring new loans. The loan is

aproved after the credit asesment was reviewed and

aproved by the management.

The management reviews regularly the recoverable

amount of loan receivables by taking into acount of

the market conditions, customers’ profiles including

any significant changes in the payment status of the

borowers to ensure that adequate impairment is made for

the irecoverable amounts. In asesing the recoverability

of the loan receivables, information such as (i) historical

payment records e.g., timely setlement of loan interest or

loan principal amounts before the due dates; (i) the length

of the overdue period; and (i) any foreseable changes

in the economic environment that would significantly

deteriorating the borower’s ability to met its obligation.

The management keps monitoring in an ongoing basis to

decide whether any folow-up action should be taken to

avoid potential exposure to recoverability problems.

The Group aplies the HKFRS 9 general aproach to

measure the expected credit loses for loan receivables.

As at 31 March 2025, ECL alowance of HK$384,000

(2024: HK$136,000) was recognised for loan receivables

arising from personal loans and ECL alowance of

HK$212,000 (2024: HK$201,000) was recognised from

loan receivables arising from corporate revolving loans.

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36. 财务风险管理及公允价值计量

（续）

36.2 信贷风险（续）

(i) 按摊销成本列账的其他金融资

产（续）

应收贷款（续）

于截至2025年3月31日止年度，应

收贷款232,000港元（扣减预期信

贷亏损261,000港元）已从阶段1转

拨至阶段2（2024年：1,222,000港

元）（扣减预期信贷亏损136,000

港元）。于截至2025年3月31日止

年度，阶段1、阶段2及阶段3之间

概无任何其他转拨（2024年：零港

元）。

由于公司循环贷款产生的应

收贷款于2025年3月31日有所增

加，故截至2025年3月31日止年

度的预期信贷亏损备抵亦大幅

增加。

其他应收款项以及银行结余及

现金

为尽量减低其他应收款项的信

贷风险，管理层将基于过往结

算记录及以往经验以及当前外

部资料，定期对其他应收款项

的可收回性进行共同及个别评

估，并作调整以反映概率加权

前瞻性资料（包括相关债务人

经营所在的违约率）。本集团亦

已实施其他监控程序，以确保

采取跟进行动收回逾期债务。

本集团应用香港财务报告准则

第9号的一般方式，以计量按

摊销成本列账的其他金融资产

的预期信贷亏损。

于2025年3月31日，其他应收款

项的预期信贷亏损备抵被视为

并不重大。

鉴于对手方为获国际信贷评级

机构给予高信贷评级的银行，

银行结余的信贷风险被视为并

不重大。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.2 Credit risk (Continued)

(i) Other financial asets at amortised cost (Continued)

Loan receivables (Continued)

During the year ended 31 March 2025, loan receivables

amounting to HK$232,000 (net of ECL of HK$261,000)

were transfered from Stage 1 to Stage 2 (2024:

HK$1,222,000) (net of ECL of HK$136,000). There were

no other transfers betwen Stage 1, Stage 2 and Stage 3

during the year ended 31 March 2025 (2024: HK$nil).

Due to the loan receivables arising from corporate

revolving loans increased as at 31 March 2025, there was

significant increase in ECL alowance for the year ended

31 March 2025.

Other receivables and bank balances and cash

In order to minimise the credit risk of other receivables,

the management would make periodic colective and

individual asesment of the recoverability of other

receivables based on historical setlement records and

past experience as wel as curent external information

and adjusted to reflect probability-weighted forward-

loking information, including the default rate where the

relevant debtors operates. Other monitoring procedures

are in place to ensure that folow-up action is taken to

recover overdue debts.

The Group aplies the HKFRS 9 general aproach to

measure the expected credit loses for other financial

asets at amortised cost.

As at 31 March 2025, ECL alowance for other receivables

was considered imaterial.

The credit risks on bank balances are considered to be

insignificant because the counterparties are banks with

high credit ratings asigned by international credit-rating

agencies.

---

48,417	—	—	48,417	48,417
13,785	—	—	13,785	13,785
7,003	2,524	111	9,638	9,046
69,205	2,524	111	71,840	71,248

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

36. 财务风险管理及公允价值计量

（续）

36.3 流动资金风险

流动资金风险乃关于本集团无法履

行以交付现金或另一金融资产结算

金融负债的相关责任的风险。本集

团在偿还贸易应付款项及其财务责

任，以及在现金流量管理方面承担

流动资金风险。本集团的政策为定

期监察当前和预期流动资金需求、

遵守贷款契诺的情况及其与往来银

行的关系，以确保本集团维持充足

的现金及现金等价物储备以及从主

要金融机构取得承诺融资额度，以

应付其短期及较长期的流动资金需

求。

以下分析于2025年及2024年3月31日，

本集团金融负债的剩余合约到期日。

当债权人有权选择偿还负债的时间

时，有关负债将于本集团可被要求

付款的最早日期入账。倘有关负债

须分期偿还，则每笔分期还款将分

配至本集团承诺付款的最早期间。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.3 Liquidity risk

Liquidity risk relates to the risk that the Group wil not be able to

met its obligations asociated with its financial liabilities that

are setled by delivering cash or another financial aset. The

Group is exposed to liquidity risk in respect of setlement of trade

payables and its financial obligations, and also in respect of its

cash flow management. The Group’s policy is to regularly monitor

curent and expected liquidity requirements and its compliance

with lending covenants and its relationship with its bankers to

ensure that the Group maintain suficient reserves of cash and

cash equivalents and comited lines of funding from major

financial institutions to met its liquidity requirements in the

short and longer term.

Analysed below is the Group’s remaining contractual maturities

for its financial liabilities as at 31 March 2025 and 2024. When

the creditor has a choice of when the liability is setled, the

liability is included on the basis of the earliest date when the

Group can be required to pay. Where the setlement of the

liability is in instalments, each instalment is alocated to the

earliest period in which the Group is comited to pay.

Within 1 year

or on demand

Over 1 year but

within 5 yearsOver 5 years

Total

undiscounted

amount

Carying

amount

于1年内或

按要求

超过1年但

于5年内超过5年未折现总金额账面金额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025于2025年3月31日

Trade and other payables贸易及其他应付款项

Bank borowings银行借贷

Lease liabilities租赁负债

At 31 March 2024于2024年3月31日

Trade and other payables贸易及其他应付款项31,261—31,26131,261

Bank borowings银行借贷20,274—20,27420,274

Lease liabilities租赁负债8,7564,68014213,57812,549

60,2914,68014265,11364,084

---

7,098	4,185	3,661	14,944	13,785

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36. 财务风险管理及公允价值计量

（续）

36.3 流动资金风险（续）

下表根据银行贷款协议内议定的计

划还款时间表概述载有按要求偿还

条款的银行借贷的到期分析。该等

金额包括以合约利率计算的利息付

款。本集团定期监察其遵守贷款契

诺的情况，并一直按时还款，并认

为只要本集团继续遵守该等规定，

银行将不大可能行使其酌情权要求

还款。董事相信，该等银行借贷将

根据银行贷款协议内所载的计划还

款日期偿还。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.3 Liquidity risk (Continued)

The folowing table sumarises the maturity analysis of bank

borowings with repayment on demand clause based on agred

scheduled repayments set out in the bank loan agrements. The

amounts include interest payment computed using contractual

rates. The Group regularly monitors its compliance with the loan

covenants, is up to date with the scheduled repayments of the

loans and does not consider it is probable that the bank wil

exercise its discretion to demand repayment so long as the Group

continues to met these requirements. The directors believe that

these bank borowings wil be repaid in acordance with the

scheduled repayment dates set out in the bank loan agrements.

Within

1 year or on

demand

Over 1 year

but within

5 yearsOver 5 years

Total

undiscounted

amount

Carying

amount

于1年内

或按要求

超过1年

但于5年内超过5年

未折现

总金额账面金额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025于2025年3月31日

Bank borowings银行借贷

At 31 March 2024于2024年3月31日

Bank borowings银行借贷12,9454,2984,83622,07920,274

---

2025
2025年
Effective Interest rate	HK$’000
实际利率	千港元
3.2%–7.8%	9,046
7.5%–48%	(21,283)
	(12,237)
3.41–7.38%	13,785
6.9%	751
	14,536

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

36. 财务风险管理及公允价值计量

（续）

36.4 利率风险

利率风险乃与金融工具的公允价值

或现金流量因市场利率变动而波动

的风险有关。本集团的利率风险主

要来自银行借贷、应收贷款及租赁

负债。按固定利率计息的本集团应

收贷款使本集团承担公允价值利率

风险，而按浮动及固定利率计息的

本集团借贷分别使本集团承担现金

流量利率风险及公允价值利率风险。

本集团就短期银行存款承担的利率

风险甚微。

本集团的应收贷款及借贷于报告日

期的实际利率如下：

于2025年3月31日，倘浮动利率借贷的

利率上升╱下跌50个基点，且所有其

他变数保持不变，则除所得税后溢

利将减少╱增加61,000港元（2024年：

除所得税后亏损将增加╱减少90,000

港元），累计亏损将增加╱减少61,000

港元（2024年：90,000港元）。

基于对现行市况的观察，利率假设

变动被视为合理可能变动，并代表

管理层对未来十二个月期间利率合

理可能变动的评估。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.4 Interest rate risk

Interest rate risk relates to the risk that the fair value or cash

flows of a financial instrument wil fluctuate because of changes

in the market interest rates. The Group’s interest rate risk arises

primarily from bank borowings, loan receivables and lease

liabilities. The Group’s loan receivables bearing fixed rates

expose the Group to fair value interest rate risk while the Group’s

borowings bearing variable rates and fixed rates expose the

Group to cash flow interest rate risk and fair value interest rate

risk respectively. The exposure to interest rates for the Group’s

short term bank deposits is considered imaterial.

The efective interest rates of the Group’s loan receivables and

borowings at the reporting date were as folows:

2024年

Efective

Interest rateHK$’000

实际利率千港元

Fixed rate固定利率

— Lease liabilities— 租赁负债3.2%–8.1%12,549

— Loan receivables— 应收贷款7.5%–48%(14,808)

(2,259)

Variable rate浮动利率

— Bank borowings— 银行借贷3.6%–8.1%20,274

— Bank overdraft— 银行透支6.9%1,208

21,482

As at 31 March 2025, if interest rate for variable rate borowings

had increased/decreased by 50 basis points with al other

variables held constant, the profit after income tax would have

ben HK$61,000 lower/higher (2024: los after income tax would

have ben HK$90,000 higher/lower) and acumulated loses

would have ben HK$61,000 (2024: HK$90,000) higher/lower.

The asumed changes in interest rates are considered to be

reasonably posible based on observation of curent market

conditions and represents management’s asesment of a

reasonably posible change in interest rate over the next twelve-

month period.

---

2,080	—	—
—	—	2,427
—	—	54,804
63	1	216
—	—	(42,927)
2,143	1	14,520
2,023
—
61
(297)
—
1,787

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36. 财务风险管理及公允价值计量

（续）

36.4 利率风险（续）

有关计算乃根据各期间平均市场利

率变动以及于各报告日期所持对利

率变动敏感的金融工具进行。所有

其他变数保持不变。截至2024年3月

31日止年度的综合财务报表所载敏

感度分析乃根据相同基准编制。

36.5 外币风险

外币风险乃与金融工具的公允价值

或未来现金流量因外币汇率变动而

波动的风险有关。本集团的货币风

险承担来自其海外销售及采购，主

要以欧元、美元及人民币计值。欧

元、美元及人民币并非该等交易所

涉集团实体的功能货币。本集团拥

有以外币（主要是欧元及美元）计值

的银行结余及现金、银行借贷及人

寿保险的解约现金价值。

以外币计值的金融资产及负债按收

市汇率换算为港元如下：

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.4 Interest rate risk (Continued)

The calculations are based on a change in average market

interest rates for each period, and the financial instruments held

at each reporting date that are sensitive to changes in interest

rates. Al other variables are held constant. The sensitivity

analysis included in the consolidated financial statements for the

year ended 31 March 2024 has ben prepared on the same basis.

36.5 Foreign curency risk

Foreign curency risk refers to the risk that the fair value or

future cash flows of a financial instrument wil fluctuate because

of changes in foreign exchange rates. The Group’s exposures

to curency risk arise from its overseas sales and purchases,

which are primarily denominated in Euro (“EUR”), USD and RMB

(“Renminbi”). These are not the functional curencies of the

group entities to which these transactions relate. The Group has

bank balances and cash, bank borowings and cash surender

value of life insurance denominated in foreign curencies,

primarily in EUR and USD.

Foreign curency denominated financial asets and liabilities,

translated into HK$ at the closing rates, are as folows:

USDEURMB

美元欧元人民币

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 31 March 2025于2025年3月31日

Cash surender value of life insurance人寿保险的解约现金价值

Unlisted equity investment非上市股权投资

Trade and other receivables贸易及其他应收款项

Bank balances and cash银行结余及现金

Trade and other payables贸易及其他应付款项

Overal net exposure整体风险承担净额

As at 31 March 2024于2024年3月31日

Cash surender value of life insurance人寿保险的解约现金价值

Trade and other receivables贸易及其他应收款项

Bank balances and cash银行结余及现金

Trade and other payables贸易及其他应付款项

Bank borowings银行借贷

Overal net exposure整体风险承担净额

---

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

36. 财务风险管理及公允价值计量

（续）

36.5 外币风险（续）

鉴于港元与美元挂钩，本集团面对

的外币风险被视为微不足道。本集

团主要面对欧元及人民币波动影响

的风险。

于2025年3月31日，倘人民币兑港元

上升╱下跌5%，且所有其他变数保

持不变，则除所得税后亏损将减少╱

增加574,000港元，累计亏损将减少╱

增加574,000港元。

于2024年3月31日，倘欧元兑港元

上升╱下跌5%，且所有其他变数

保持不变，则除所得税后亏损将

增加╱减少483,000港元，累计亏损

将增加╱减少483,000港元。

36.6 金融工具的公允价值计量

综合财务状况表内按公允价值计量

的金融资产及负债归类为公允价值

架构的三个层级。该三个层级乃基

于计量的输入数据的可观察程度及

重要性界定如下：

第1层： 相同资产及负债于活

跃市场的报价（未作调

整）。

第2层： 直接或间接可观察的资

产或负债输入数据（不包

括第1层所包含的报价）及

不使用重大不可观察输

入数据。

第3层： 资产或负债的重大不可

观察输入数据。

金融资产或负债整体于公允价值架

构内所属的层级，建基于对公允价

值计量具有重大意义的最低层级输

入数据。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.5 Foreign curency risk (Continued)

Since HK$ is peged to USD, the Group’s exposure to foreign

curency risk is considered as minimal. The Group is mainly

exposed to the efects of fluctuation in EUR and RMB.

As at 31 March 2025, if RMB had strengthened/weakened by

5% against HK$ with al other variables held constant, the los

after income tax would have ben HK$574,000 lower/higher and

acumulated loses would have ben HK$574,000 lower/higher.

As at 31 March 2024, if EUR had strengthened/weakened by

5% against HK$ with al other variables held constant, the los

after income tax would have ben HK$483,000 higher/lower and

acumulated loses would have ben HK$483,000 higher/lower.

36.6 Fair value measurements of financial

instruments

Financial asets and liabilities measured at fair value in the

consolidated statement of financial position are grouped into

thre levels of a fair value hierarchy. The thre levels are defined

based on the observability and significance of inputs to the

measurements, as folows:

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

identical asets and liabilities.

Level 2: inputs other than quoted prices included within

Level 1 that are observable for the aset or

liability, either directly or indirectly and not using

significant unobservable inputs.

Level 3: significant unobservable inputs for the aset or

liability.

The level in the fair value hierarchy within which the financial

aset or liability is categorised in its entirety is based on

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

measurement.

---

—	2,080	—	2,080
—	—	2,427	2,427
—	2,080	2,427	4,507

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36. 财务风险管理及公允价值计量

（续）

36.6 金融工具的公允价值计量

（续）

于综合财务状况表内按经常性基准

以公允价值计量的金融资产及负债

在公允价值架构中分类如下：

截至2025年及2024年3月31日止年度，

第1层、第2层及第3层之间并无转

拨。

用于计量第2层及第3层公允价值的

方法及估值技术与过往报告期相比

并无变化，并于下文阐述。

(a) 人寿保险的解约现金价值

人寿保险的解约现金价值的公

允价值乃根据金融机构对手所

提供的估值，并参考所持相关

单位的报价而厘定。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.6 Fair value measurements of financial

instruments (Continued)

The financial asets and liabilities measured at fair value in the

consolidated statement of financial position on a recuring basis

are grouped into the fair value hierarchy as folows:

Level 1Level 2Level 3Total

第1层 第2层 第3层 总计

NotesHK$’000HK$’000HK$’000HK$’000

附注千港元千港元千港元千港元

At 31 March 2025于2025年3月31日

Financial asets at FVTPL透过损益按公允价值

列账的金融资产

— Cash surender value of life

insurance

— 人寿保险的解约

现金价值

(a)

— Unlisted equity investment— 非上市股本投资(b)

At 31 March 2024于2024年3月31日

Financial asets at FVTPL透过损益按公允价值

列账的金融资产

— Cash surender value of life

insurance

— 人寿保险的解约

现金价值

(a)

—2,023—2,023

During the years ended 31 March 2025 and 2024, there were no

transfers betwen Level 1, Level 2 and Level 3.

The methods and valuation techniques used for the purpose

of measuring fair values categorised in Levels 2 and 3 are

unchanged compared to the previous reporting periods and are

described below.

(a) Cash surender value of life insurance

The fair value of the cash surender value of life insurance

was determined based on the valuation provided by the

counterparty financial institution by reference to the

quoted price of the underlying units held.

---

2025
2025年
HK$’000
千港元
—
2,723
(293)
(3)
2,427

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

36. 财务风险管理及公允价值计量

（续）

36.6 金融工具的公允价值计量

（续）

(b) 非上市股本投资

根据第三层公允价值架构分类

为非上市股本投资的公允价值

资料如下：

非上市股本投资的公允价值乃

采用贴现金流量厘定。贴

现增加将导致公允价值减少。

于2025年3月31日，估计在所有

其他变数保持不变的情况下，

贴现率增加（减少）3%将令本集

团的其他全面收益减少（增加）

538,000港元。

分类为第三层公允价值架构的

本集团金融工具账面金额对账

如下：

非上市股本投资的公允价值收

益于综合损益表中确认。

截至2025年3月31日止年度，并

无转入或转出第3层（2024年：

无）。

36. FINANCIAL RISK MANAGEMENT AND FAIR

VALUE MEASUREMENTS (Continued)

36.6 Fair value measurements of financial

instruments (Continued)

(b) Unlisted equity investment

The information about the fair value of unlisted equity

investment categorised under Level 3 fair value hierarchy

are described below:

Valuation techniqueSignificant unobservable inputRange 2025

估值技术重大不可观察输入数据范围2025年

Unlisted equity investmentIncome Aproach —

Discounted cash flow

Discount rate16.57%

非上市股本投资收益法 — 贴现金流量贴现率

The fair value of unlisted equity investments is

determined using the discounted cash flow. An increase in

the discount rate would decrease the fair value. As at 31

March 2025, it is estimated that with al other variables

held constant, an increase (a decrease) in discount rate

by 3% would decrease (increase) the Group’s other

comprehensive income by HK$538,000.

The reconciliation of the carying amounts of the Group’s

financial instruments clasified within Level 3 of the fair

value hierarchy is as folows:

2024年

HK$’000

千港元

Unlisted equity investments非上市股本投资

Fair value at 1 April于4月1日的公允价值—

Acquisition of financial asets at FVTPL收购透过损益按公允价值

列账的金融资产—

Fair value change recognised in profit or

los

于损益中确认的公允价值

变动—

Exchange diference汇兑差异—

Fair value at 31 March于3月31日的公允价值—

Fair value gain on unlisted equity investment is recognised

in the face of consolidated statement of profit or los.

There have ben no transfers into or out of Level 3 during

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

---

4,703
19
(3,636)
(7)
1,079
(300)
779
(300)
19
(281)

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

For the year ended 31 March 2025 截至2025年3月31日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

37. 业务合并

收购不用人视觉

于2024年3月，本集团与一名独立第三方订

立股份转让协议收购不用人视觉的100%股

权。不用人视觉的主营业务为提供软件及

资讯科技服务。收购代价为300,000港元，

且收购已于2024年3月15日完成。收购乃旨

在加强业务多元发展。

截至2024年3月31日止年度于综合损益及其

他全面收益表项下「其他收入」中确认约

779,000港元的议价收购收益（负商誉），此

乃由于已付代价的公允价值与已收购资产

净值（即已收购可识别资产及负债的公允

价值）的公允价值之间存在差额。

议价收购收益乃归因于本集团与卖方磋

商交易的协议条款时的议价能力和协商能

力。

有关不用人视觉的可识别资产及负债于收

购日期的公允价值总额详情如下：

自收购日期以来，不用人视觉已分别为本

集团截至2024年3月31日止年度的收益及亏

损贡献180,000港元及134,000港元。倘收购

于2023年4月1日已经进行，则截至2024年3

月31日止年度的综合备考收益及收益原应

分别约为2,159,000港元及1,612,000港元。

37. BUSINES COMBINATION

Acquisition of Human Vision

In March 2024, the Group had entered into share transfer agrement to

acquire 100% equity interest of Human Vision with an independent third

party. The principal activity of Human Vision is engaged in provision of

software and information technology services. The consideration for

the acquisition was HK$300,000 and the acquisition was completed on

15 March 2024. The acquisition was made with the aims to enhance

busines diversification.

A gain on bargain purchase (negative godwil) of aproximately

HK$779,000 was recognised under “Other income” in the consolidated

statement of profit or los and other comprehensive income for the

year ended 31 March 2024, as a result of the diference betwen the

fair value of the consideration paid and the fair value of the net asets

acquired, which are the fair value of the identifiable asets acquired and

liabilities asumed to their value.

The gain on bargain purchase is atributable to the Group’s bargaining

power and ability in negotiating the agred terms of the transaction with

the vendor.

Details of the agregate fair values of the identifiable asets and

liabilities of Human Vision as at the date of acquisition are as folows:

HK$’000

千港元

Trade and other receivables贸易及其他应收款项

Bank balances and cash银行结余及现金

Trade and other payables贸易及其他应付款项

Tax payable应付税项

Net asets acquired所收购净资产

Les: cash consideration减：现金代价

Gain on bargain purchase议价收购收益

Cash consideration payable应付现金代价

Bank balances and cash acquired所收购银行结余及现金

Cash outflow arising on acquisition

through busines combination

透过业务合并进行收购产生的

现金流出

Since the acquisition date, Human Vision had contributed HK$180,000

and HK$134,000 to the Group’s revenue and los for the year ended

31 March 2024. If the acquisition had ocured on 1 April 2023,

consolidated pro-forma revenue and gain for the year ended 31 March

2024 would had ben aproximately HK$2,159,000 and HK$1,612,000

respectively.

---

2025
2025年
HK$’000
千港元
13,785
9,046
22,831
36,747
62.1%

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

38. 资本管理

本集团管理资本的目标为保障本集团持续

经营的能力，借此为股东带来回报及为其

他持份者提供利益，并维持最佳资本架

构以提升股东长远价值。

本集团主动定期检讨资本架构，并因应经

济状况变化作出调整。本集团根据净债

务权益比率监察资本架构。净债务权益

比率基于各报告日期的总借贷（包括租赁

负债）除以总权益计算。为维持或调整该

比率，本集团可能调整向股东派付的股息

金额、发行新股份、筹集新债务融资或出

售资产以减少债务。

于各报告日期的净债务权益比率为：

38. CAPITAL MANAGEMENT

The objectives of the Group when managing capital are to safeguard the

ability of the Group in continuing as a going concern in order to provide

returns for shareholders benefits for other stakeholders and to maintain

an optimal capital structure to enhance shareholders’ value in the long

term.

The Group actively and regularly reviews its capital structure and makes

adjustments in light of changes in economic conditions. The Group

monitors its capital structure on the basis of the net debt to equity ratio.

The net debt to equity ratio is calculated based on total borowings

(including lease liabilities) divided by the total equity at each reporting

date. In order to maintain or adjust the ratio, the Group may adjust the

amount of dividends paid to shareholders, isue new shares, raise new

debt financing or sel asets to reduce debt.

The net debt to equity ratio at each reporting date was:

2024年

HK$’000

千港元

Bank borowings银行借贷20,274

Lease liabilities租赁负债12,549

Total borowings总借贷32,823

Total equity总权益35,270

Net debt to equity ratio净债务权益比率93.1%

---

2025
2025年
HK$’000
千港元
99,218
(30,42 6)
68,792
4,599
(28,620)
(25,622)
—
(2,898)
—
(1,613)
(293)
14,345
(3,157)
11,188
(9,580)
1,608

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

FINANCIAL SUMARY

财务概要

FINANCIAL SUMARY

A sumary of results, and asets and liabilities of the Group for the last five

financial years, as extracted from the audited consolidated financial statements

is set out below:

RESULTS

2024年2023年2022年2021年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(Restated)(Restated)

（经重列）（经重列）

Continuing operations持续经营业务

Revenue收益61,70078,19495,913120,551

Cost of sales销售成本(23,109)(26,610)(32,391)(46,330)

Gros profit毛利38,59151,58463,52274,221

Other income其他收入7,2539,0707114,538

Seling and marketing expenses销售及市场推广开支(30,390)(32,090)(33,400)(37,791)

Administrative expenses行政开支(23,939)(22,547)(26,775)(18,921)

Fair value change on contingent

consideration payable

应付或然代价的公允价值变动

—3,362(2,633)

(Provision for)/Reversal of provision

for impairment of trade and other

receivables and loan receivables, net

贸易及其他应收款项以及应收

贷款的减值（拨备）╱拨备

拨回净额(302)345410(200)

Provision for impairment of godwil商誉减值拨备(8,694)(14,732)—

Finance costs财务成本(1,195)(799)(849)(1,310)

Fair value change of financial aset at

FVTPL

透过损益按公允价值列账的

金融资产的公允价值变动—

Profit/(Los) before income tax除所得税前溢利╱（亏损）(18,676)(9,169)6,98117,904

Income tax (expense)/credit所得税（开支）╱抵免80(845)(1,751)(3,345)

Profit/(Los) for the year from

continuing operations

年内来自持续经营业务的

溢利╱（亏损）(18,596)(10,014)5,23014,559

Discontinued operations已终止经营业务

(Los)/Profit for the period/year from

discontinued operation

期内╱年内来自已终止经营业

务的（亏损）╱溢利1,322—

Profit/(Los) for the year年内溢利╱（亏损）(17,274)(10,014)5,23014,559

财务概要

本集团于过去五个财政年度的业绩以及资产及

负债概要乃摘录自经审核综合财务报表，载列

如下：

业绩

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2025
2025年
HK$’000
千港元
118,714
(81,967)
36,747

ZXZN QI-HOUSE HOLDINGS LIMITED 中显智能齐家控股有限公司 Anual Report 年报 2025

FINANCIAL SUMARY

财务概要

ASETS AND LIABILITIES

2024年2023年2022年2021年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Total asets总资产106,80699,708114,966138,270

Total liabilities总负债(71,536)(46,995)(52,286)(67,875)

Total equity总权益35,27052,71362,68070,395

资产及负债

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C157924