年

报

Financial Highlights

财务重点

AV Concept Holdings Limited Anual Report 2025 年报

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’milionHK$’milionHK$’milionHK$’milionHK$’milion

百万港元百万港元百万港元百万港元百万港元

Revenue收益

– Semiconductor distribution－半导体分销1,146.2937.3634.31,012.71,190.4

– Co nsumer product and product

sourcing busines

－消费类产品及产品采

购业务43.346.724.729.047.1

– Venture capital－创投–

– Others－其他0.40.31.00.73.7

1,189.9984.3660.01,042.41,241.2

Profit/(los) before interest, tax,

depreciation, amortisation and

non-cash items

除利息、税项、折旧、摊

销及非现金项目前

溢利╱（亏损）

– Corporate expense－公司费用(34.5)(29.6)(26.9)(26.6)(33.9)

– Venture capital－创投(1.4)(11.2)(18.9)11.3(19.4)

– Semiconductor distribution－半导体分销139.8200.5102.8285.2354.7

– Co nsumer product and product

sourcing busines:

－消费类产品及产品采

购业务：

Seling and distribution expenses销售及分销费用(20.9)(19.7)(10.6)(4.4)(5.6)

Operating los经营亏损(4.1)(1.5)(4.5)(2.5)(10.9)

(25.0)(21.2)(15.1)(6.9)(16.5)

– Others－其他(0.2)(1.0)(2.0)(6.4)(13.5)

78.7137.539.9256.6271.4

Depreciation and amortisation折旧及摊销(1.7)(1.9)(3.0)(3.5)(3.6)

Profit for the year atributable to应占年内溢利

– Owners of the Company－本公司拥有人53.7109.240.7231.0269.8

– Non-controling interests－非控股权益–(0.3)

53.7109.240.7231.0269.5

Dividend股息

– Proposed final－建议末期9.118.29.136.327.3

Dividend per share (HK cents)每股息（港仙）

– Proposed final－建议末期1.02.01.04.03.0

财务重点

Financial Highlights

3 Anual Report 2025 年报 AV Concept Holdings Limited

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’milionHK$’milionHK$’milionHK$’milionHK$’milion

百万港元百万港元百万港元百万港元百万港元

Total asets资产总值1,899.61,872.11,753.61,745.51,586.6

Total asets les curent liabilities总资产减流动负债1,747.41,723.41,627.91,637.11,440.2

Total equity权益总额1,734.11,709.51,613.31,622.01,425.0

Borowings and lease liabilities借款及租赁负债32.036.220.17.61.6

Cash and cash equivalents现金及等同现金项目59.076.3121.4152.2124.3

Financial asets at fair value

through profit or los (included in

curent asets)

透过损益按公平价值列账

之金融资产（计入流动

资产）2.94.511.928.448.2

61.980.8133.3180.6172.5

Total debt to total equity债务总额与权益总额之

比率1.9%2.1%1.2%0.5%0.1%

Curent asets to curent liabilities流动资产与流动负债之

比率123.4%150.8%164.3%239%176%

Cash and cash equivalents and

financial asets at fair value through

profit or los (included in curent

asets) per share (HK$)

每股现金及等同现金项目

及透过损益按公平价值

列账之金融资产（计入

流动资产）（港元）0.070.090.150.200.19

Total equity per share (HK$)每股权益总额（港元）1.911.881.781.791.57

Revenue to property, plant and

equipment and right-of-use asets (x)

收益与物业、厂房及

设备以及使用权资产

比率（倍）36.129.519.035.038.3

Revenue to inventories (x)收益与存货比率（倍）12.311.041.623.336.8

Revenue to trade receivables (x)收益与应收贸易账款

比率（倍）59.835.572.4121.235.6

Revenue to trade payables, deposits

received and acrued expenses (x)

收益与应付贸易账款、

已收按金及应计费用

比率（倍）16.917.128.943.743.4

Revenue to borowings (x)收益与借款比率（倍）37.227.333.6162.0N/A

不适用

Corporate Information

公司资料

AV Concept Holdings Limited Anual Report 2025 年报

BOARD OF DIRECTORS

Executive Directors

Dr. So Yuk Kwan (Chairman and Chief Executive Oficer)

Mr. So Kevin Chi Heng

Mr. So Chi Sun Suny

Independent Non-Executive Directors

Dr. Lui Ming Wah, PhD, SBS, JP

Mr. Lai Yat Hung Edmund

Ms. Au-Yeung Kit Ping

CHIEF FINANCIAL OFICER AND

COMPANY SECRETARY

Mr. Chan Chi Hang

AUDIT COMITE

Mr. Lai Yat Hung Edmund (Chairman)

Dr. Lui Ming Wah, PhD, SBS, JP

Ms. Au-Yeung Kit Ping

REMUNERATION COMITE

Dr. Lui Ming Wah, PhD, SBS, JP (Chairman)

Mr. Lai Yat Hung Edmund

Ms. Au-Yeung Kit Ping

NOMINATION COMITE

Ms. Au-Yeung Kit Ping (Chairman)

Dr. Lui Ming Wah, PhD, SBS, JP

Mr. Lai Yat Hung Edmund

CORPORATE GOVERNANCE COMITE

Dr. Lui Ming Wah, PhD, SBS, JP (Chairman)

Mr. Lai Yat Hung Edmund

Ms. Au-Yeung Kit Ping

REGISTERED OFICE

P. O. Box 309

Ugland House

Grand Cayman, KY1-1104

Cayman Islands

董事会

执行董事

苏煜均博士（主席兼行政总裁）

苏智恒先生

苏智燊先生

独立非执行董事

吕明华博士，PhD，SBS，太平绅士

黎鸿先生

欧阳洁平女士

首席财务总监兼公司秘书

陈志恒先生

审核委员会

黎鸿先生（主席）

吕明华博士，PhD，SBS，太平绅士

欧阳洁平女士

薪酬委员会

吕明华博士，PhD，SBS，太平绅士（主席）

黎鸿先生

欧阳洁平女士

提名委员会

欧阳洁平女士（主席）

吕明华博士，PhD，SBS，太平绅士

黎鸿先生

企业管治委员会

吕明华博士，PhD，SBS，太平绅士（主席）

黎鸿先生

欧阳洁平女士

注册办事处

P. O. Box 309

Ugland House

Grand Cayman, KY1-1104

Cayman Islands

公司资料

Anual Report 2025 年报 AV Concept Holdings Limited

Corporate Information

HEAD OFICE AND PRINCIPAL PLACE OF BUSINES

6th Flor

Enterprise Square Thre

39 Wang Chiu Road

Kowlon Bay

Hong Kong

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited

Standard Chartered Bank (Hong Kong) Limited

Hang Seng Bank Limited

United Overseas Bank Limited

DBS Bank (Hong Kong) Limited

Chong Hing Bank Limited

LEGAL ADVISOR

Angela Ho & Asociates

AUDITOR

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

CAYMAN ISLANDS SHARE REGISTRAR

Maples Fund Services (Cayman) Limited

PO Box 1093, Boundary Hal

Cricket Square

Grand Cayman, KY1-1102

Cayman Islands

HONG KONG SHARE REGISTRAR AND

TRANSFER OFICE (BRANCH REGISTRAR)

Tricor Tengis Limited

17th Flor, Far East Finance Centre,

16 Harcourt Road,

Hong Kong

STOCK CODE

WEBSITE

w.avconcept.com

总办事处及主要营业地点

香港

九龙湾

宏照道39号

企业广场三期

6楼

主要往来银行

香港上海汇丰银行有限公司

渣打银行（香港）有限公司

恒生银行有限公司

大华银行有限公司

星展银行（香港）有限公司

创兴银行有限公司

法律顾问

何文琪律师事务所

核数师

安永会计师事务所

执业会计师

注册公众利益实体核数师

开曼群岛股份过户登记处

Maples Fund Services (Cayman) Limited

PO Box 1093, Boundary Hal

Cricket Square

Grand Cayman, KY1-1102

Cayman Islands

香港股份过户登记处（分处）

卓佳登捷时有限公司

香港

夏悫道16号

远东金融中心17楼

股份代号

网址

w.avconcept.com

CHAIRMAN’S

STATEMENT

主席致辞

7 Anual Report 2025 年报 AV Concept Holdings Limited

On behalf of the Board of Directors, I am honored to present the anual

results of AV Concept Holdings Limited (“AV Concept” or the “Company”)

together with its subsidiaries (colectively refered to as the “Group”) for the

year ended 31 March 2025 (the “year under review”).

During the year under review, the global economy demonstrated resilience

amid a complex backdrop. International Monetary Fund and Organisation

for Economic Co-operation and Development projections point to moderate

growth of around 3% in 2025, reflecting a slight tempering of earlier

optimism due to policy and trade uncertainties. Notwithstanding these

chalenges, continued disinflation and easing monetary policies in many

regions have underpined some economic stability.

本人谨代表董事会欣然向股东提呈AV Concept Holdings Limited（「AV

Concept」或「本公司」）及其附属公司（统称「本集团」）截至二零二五年三月

三十一日止年度（「回顾年度」）之全年业绩。

在回顾年度内，全球经济在复杂多变局势下仍然保持一定韧性。根据国际货

币基金组织及经济合作与发展组织的最新预测，全球经济增长预期于2025年

维持约3%左右，较早前略为放缓，主因是政策不确定性及贸易局势紧张。

然而，通胀持续回落及多个地区货币政策逐步宽松，为经济环境带来一定稳

定性。

Chairman’s Statement

主席致辞

Dr. So Yuk Kwan 苏煜均博士

Chairman 主席

Chairman’s Statement

主席致辞

AV Concept Holdings Limited Anual Report 2025 年报

The year under review was a chalenging period for AV Concept. The

Group review revealed a revenue of aproximately HK$1,190.0 milion

(2024: HK$984.3 milion). The profit atributable to the Company’s owners

amounted to aproximately HK$53.7 milion (2024: HK$109.2 milion), with

the gros profit around HK$13.2 milion (2024: HK$36.3 milion).

After a robust rebound in the previous year, market conditions turned

more volatile, especialy in our core semiconductor busines. We witnesed

significant price fluctuations in semiconductor components throughout the

year, which, coupled with softer demand in certain quarters, led to more

modest results for the Group. Globaly, economic recovery continued at

an uneven pace amid persistent inflation and fluctuation of interest rates.

In China, the smartphone market showed signs of a partial recovery after

two consecutive years of shipment declines, during which the market

contracted due to economic headwinds, reduced consumer confidence,

and prolonged device replacement cycles. The recovery in 2024 remained

uneven, with significant diferences acros manufacturers, product tiers,

and regional markets. Consumer demand and spending paterns continued

to be unpredictable, limiting the breadth of the rebound and presenting

chalenges for supliers and distributors alike. These dynamics created a tough

environment that tempered our overal performance for the year.

In the Semiconductor Distribution segment, the Group navigated noticeable

volatility. The industry experienced cyclical rebound in year 2024 and early

2025, with memory pricing recovering from historic lows and inventory

corections playing out acros the suply chain. At the year start, strong

demand driven by new technology trends (such as AI-related chips) hinted

at growth oportunities. However, this momentum was ofset by mid-year

market corections and inventory adjustments among manufacturers. Memory

chip prices swung sharply, surging in the first half and then retreating as

suply-demand imbalances arose. The smartphone sector, a key driver for our

joint venture busines, experienced only a fragile uptick. China’s smartphone

shipments did increase modestly in 2024, yet inconsistent consumer sentiment

meant the recovery lacked breadth. Overal, our semiconductor distribution

busines delivered a mixed performance in terms of sales volume and price,

and we responded by tightening cost controls and carefuly managing

inventory to preserve margins in this fluctuating landscape.

对于本集团而言，2024/25财政年度为极具挑战的一

年。本集团录得收益约为1,190,000,000港元（2024

年：984,300,000港元），本公司拥有人应占溢利约

为53,700,000港元（2024年：109,200,000港元），毛

利则约为币13,200,000港元（2024年：36,300,000港

元）。

经历去年的强劲反弹，市场气氛转趋波动，尤以本集

团核心的半导体分销业务最为显著。年内半导体零件

价格出现大幅波动，加上部分季度需求转弱，令本集

团整体业绩受到一定压力。尽管环球经济复苏持续，

但受制于通胀压力及利率波动，复苏表现仍不平均。

在中国，智能手机市场在连续两年出货量下滑后，出

现了局部回稳的迹象。过去两年市场因经济逆风、消

费者信心减弱，以及设备更换周期延长而出现收缩。

虽然2024年的市场出现回升，但整体复苏并不均衡，

各大厂商、产品层级及地区市场表现差异明显。消费

者需求与消费模式仍具高度不确定性，限制了市场回

暖的广度，亦为供应商及分销商带来持续挑战。这不

仅为营运带来严峻考验，并为本集团整体业绩构成压

力。

于半导体分销业务方面，市场波幅明显。2024年及

2025年初行业进入周期性反弹期，记忆体价格由历

史低位回升，库存调整亦贯穿整条供应链。年初受惠

于新技术（如AI相关晶片）带动，市场一度呈现增长动

力，惟中期出现调整，供应商进行库存修正，导致价

格波幅扩大。记忆体价格于上半年急升，其后因供需

错配回落。智能手机业务是本集团合营业务的重要驱

动力，虽然年内中国手机出货量录得轻微回升，但消

费者信心未全面恢复，复苏仍然脆弱。回顾年度内，

本集团之半导体分销业务在销售量与价格表现不一，

为维持利润率，我们严控成本并审慎管理库存。

主席致辞

Anual Report 2025 年报 AV Concept Holdings Limited

Chairman’s Statement

Our Consumer Products and Product Sourcing busines provided a measure of

stability amid the turbulence. We continued to market lifestyle electronics and

audio-visual products in Hong Kong, Japan and Southeast Asia, maintaining

revenues on par with last year. The Southeast Asian e-comerce market,

especialy in Indonesia, remained an area of interest, but growth in that region

has normalized compared to the rapid gains of prior years. We prudently

scaled our eforts in these markets, focusing on eficiency and sustainable

partnerships rather than agresive expansion. As a result, the consumer

products segment contributed consistently to the Group’s revenues, helping

to balance the softnes in semiconductors.

Throughout the year, the Group adopted a reserved and prudent aproach

to operations in light of the uncertain conditions. We exercised strict financial

discipline, cautiously evaluating new investments and controling operating

costs. At the same time, we made strategic adjustments to position the Group

for future growth. Notably, we initiated a strategic pivot toward Japan as a

key growth market. Japan’s electronics and technology sector ofers atractive

oportunities and relative macroeconomic stability. By expanding our presence

and relationships in Japan, we aim to diversify our revenue base and leverage

a market that has proven resilient and safe amid global trade uncertainty. This

strategic move, alongside our focus on core competencies, wil strengthen the

Group’s foundation for the years ahead.

Loking forward, we maintain a tone of cautious optimism. The global

environment remains clouded by uncertainties, geopolitical tensions and

trade disputes continue to pose risks, with new tarifs and export controls

chalenging the semiconductor suply chain. Macroeconomic headwinds,

including fluctuating interest rates and uneven post-pandemic recoveries,

persist acros our key markets. Yet, there are reasons for guarded optimism.

Acording to The global memory semiconductor market is in a strong cyclical

recovery, with 2025 expected to deliver robust double-digit growth, led by

DRAM and NAND segments. Gartner forecasts that global memory revenue

wil grow by 20.5% in 2025, reaching US$196.3 bilion. This growth is

primarily atributed to a recovery in electronic production and ongoing

suply-demand adjustments. The overal technological upgrades and the

rolout of 5G wil translate into renewed demand for semiconductors and

electronics. IDC, the most respected technology market research firm, indicate

that China’s consumer electronics and smartphone markets are expected to

continue growing in 2025, albeit at a slower pace. Government subsidies,

inovation, and a shift toward value-driven consumption are central themes,

while persistent trade tensions and economic uncertainty pose risks to

sustained momentum.

消费类产品及产品采购业务则为本集团于波动市况下

提供稳定支撑。我们继续于香港、日本及东南亚市场

销售生活电子产品及影音产品，维持与去年相若的营

业额。尽管印尼等东南亚电子商务市场仍具潜力，其

增长已较往年放缓，本集团选择稳健经营，聚焦效率

与长远合作关系，避免扩张过快。因此，该业务表现

相对稳定，有效对冲半导体业务的波动。

回顾全年，本集团因应市场不确定性，实施审慎经营

策略。财务管理方面严格自律，审慎评估投资，控制

营运开支。策略层面上，我们积极调整方向，尤其将

日本市场定为未来发展重点。日本电子产品及科技产

业具长远潜力，宏观经济亦相对稳健。本集团计划扩

展在日本的销售渠道及合作伙伴网络，以开拓多元收

入来源，并藉稳定市场应对全球贸易不确定性。该策

略有助巩固集团长远基础。

展望未来，我们对前景维持审慎乐观。地缘政治紧张

及贸易摩擦未见缓解，半导体供应链仍面临潜在挑

战。主要市场仍受利率波动及疫后复苏不平均所影

响。然而，行业亦不乏利好因素。根据Gartner预测，

2025年全球记忆体半导体市场将增长20.5%，达到

1,963亿美元，受惠于电子产量回升及供需调整。整

体技术升级及5G的推广，亦将带动对半导体及电子产

品的新增需求。根据权威市场研究机构IDC的预测，

智能手机及消费电子市场预期于2025年持续增长，但

增速将较以往放缓。政策刺激、创新应用及「价值导

向型」消费趋势持续发展，惟贸易局势及宏观经济仍

构成潜在风险。

Chairman’s Statement

主席致辞

AV Concept Holdings Limited Anual Report 2025 年报

The Group wil build on its cautious strategy, reinforcing risk management,

staying agile to market changes, and driving growth in selective markets

like Japan, to navigate the road ahead. We are confident that our prudent

aproach, combined with the dedication of our team, wil guide the Group

through near- term chalenges and alow us to capture oportunities when

conditions improve.

On behalf of the Board, I would like to thank our shareholders, busines

partners, and customers for their continued suport and confidence during

this volatile year. I am also deply grateful to our management and staf for

their hard work, resilience, and comitment to the Group. Together, we

wil strive to deliver sustainable value and growth as we move into the next

financial year.

So Yuk Kwan

Chairman

Hong Kong

30 June 2025

未来本集团将秉持审慎策略，强化风险管理，灵活应

变市场变化，并专注于如日本等具潜力市场的发展。

我们深信，在团队努力及稳健经营的基础上，本集团

可穿越短期挑战，把握未来机遇。

本人谨此代表董事会，感谢全体股东、合作伙伴及客

户于过去一年对本集团的支持与信任，并向全体管理

层及员工致以衷心谢意，感谢他们于动荡的一年展现

坚毅的精神与专业的承担。让我们继续携手迈步，为

本集团创造持续价值。

主席

苏煜均

香港

二零二五年六月三十日

MANAGEMENT

DISCUSION

AND ANALYSIS

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

AV Concept Holdings Limited Anual Report 2025 年报

业务回顾及前景

下表载列截至二零二五年三月三十一日止年度之财务

重点，连同二零二四年财政年度同期之比较数字。

BUSINES REVIEW AND PROSPECTS

The folowing sets out the financial highlights for the year ended 31 March

2025, with the comparative figures for the coresponding financial year of

2024.

二零二五年二零二四年

HK$’milionHK$’milion

百万港元百万港元

Revenue by segment按分部划分之收益

Semiconductor distribution半导体分销1,146.2937.3

Consumer product and product sourcing busines消费类产品及产品采购业务43.346.7

Venture capital创投3.0(5.7)

Others其他0.40.3

1,192.9978.6

Profit/(los) before interest, tax, depreciation,

amortisation and non-cash items

除利息、税项、折旧、摊销及非现金项目

前溢利╱（亏损）

Corporate expense公司费用(34.5)(29.6)

Venture capital创投(1.4)(11.2)

Semiconductor distribution半导体分销139.8200.5

Consumer product and product sourcing busines:消费类产品及产品采购业务：

Seling and distribution expenses销售及分销费用(20.9)(19.7)

Operating los经营亏损(4.1)(1.5)

(25.0)(21.2)

Others其他(0.2)(1.0)

78.7137.5

Depreciation折旧

Venture capital创投(0.3)(0.4)

Semiconductor distribution半导体分销(1.4)(1.5)

Total depreciation折旧总额(1.7)(1.9)

Profit before interest and tax除利息及税项前溢利56.1111.3

Interest expenses利息开支(4.3)(3.0)

Bank interest income银行利息收入1.52.0

Profit before tax除税前溢利53.3110.3

Income tax所得税0.4(1.1)

Profit for the year atributable to owners

of the Company

本公司拥有人应占年内溢利

53.7109.2

管理层讨论及分析

Anual Report 2025 年报 AV Concept Holdings Limited

Management Discusion and Analysis

业务回顾

回顾年度内，本集团录得收益为1,190,000,000港

元，较去年同期984,300,000港元上升21%。毛利率

为1.1%（二零二四年：3.7%），略受零件价格波动影

响，但得益于审慎的成本管理，整体盈利能力得以维

持。期内本公司拥有人应占溢利为53,700,000港元

（2024年：109,200,000港元），按年下跌51%。

从业务分部来看，半导体分销业务仍为本集团的主

要收益来源。该分部录得收益为港币1,146,200,000

港元（2024年：937,300,000港元），占本集团总收

益的大部分。消费产品及产品采购业务录得收益为

43,300,000港元（2024年：46,700,000港元），表

现大致稳定。创投业务因市场波动录得分部收益为

3,000,000港元（2024年：亏损5,700,000港元）。社交

媒体网络业务则录得收益为400,000港元（2024年：

300,000港元），对本集团整体业务贡献仍然轻微。

半导体分销业务

半导体分销业务于年内面对显著市场波动。尽管2024

年全球半导体行业整体销售创下新高，但细分市场之

间表现不一，波动幅度甚大。年初，因应上一年度供

应短缺情况得以缓解，客户需求反弹，本集团业务得

以带动。当中包括对记忆体晶片，尤其为AI相关用途

的需求回升。然而，随着年中市场进入调整期，价格

波动明显，记忆体与储存元件价格于上半年急升后，

因供应链去库存而于下半年回落。

智能手机市场的需求仅提供了间歇性的支持。经历连

续两年的下滑后，2024年中国智能手机出货量虽略有

回升，但回暖情况不均衡，制造商及型号之间表现参

差，令相关半导体需求未能持续强劲。同时，全球经

济前景不明朗令其他终端市场如消费电子及工业设备

表现亦持续疲弱。

回顾年度内，本集团联营公司同忆有限公司及其附

属公司（统称「同忆集团」）于本年度之收益未计入本集

团综合财务报表，其营业额录得21,496,000,000港元

（2024年：24,098,000,000港元），同忆集团的主要客

户为中国大型手机制造商及零部件供应商，主要从事

分销三星电子产品，包括CMOS影像感测器及多层封

装晶片。回顾年度内，本集团分占利润的下降，主要

归因于联营公司业务集中于中国手机市场，而中国主

要手机制造商及零部件供应商的产品价格与出货量均

出现下滑，从而影响了合营企业的盈利能力。

BUSINES REVIEW

During the year under review, the Group recorded revenue of HK$1,190

milion, which was increase 21% compared to the previous year (2024:

HK$984 milion). Gros profit margin was 1.1% (2024: 3.7%), slightly

afected by fluctuating component prices, but disciplined cost management

helped preserve profitability. Profit atributable to owners of the Company

was HK$53.7 milion (2024: HK$109.2 milion), reflecting a decrease of 51%

year-on-year.

In terms of segment contributions, the Semiconductor Distribution busines

remained the primary revenue driver. Segment revenue was HK$1,146.2

milion (2024: HK$937.3 milion) for the year, acounting for the majority of

the Group’s turnover. The Consumer Product and Product Sourcing busines

recorded revenue of HK$43.3 milion (2024: HK$46.7 milion), achieving a

steady result as compared with last year. The Venture Capital segment, which

comprises the Group’s investments in technology ventures and financial asets,

reported a segment revenue of HK$3.0 milion (2024: los of HK$5.7 milion)

under market volatility. Lastly, the Internet Social Media busines generated

a revenue of HK$0.4 milion (2024: HK$0.3 milion), remaining a very smal

portion of the Group’s operations.

Semiconductor Distribution Busines

The semiconductor distribution segment faced a chalenging year

characterized by significant market swings. Global semiconductor industry

sales reached record levels in 2024, but this headline growth masked

considerable divergence and volatility within the sector. Early in the financial

year, our semiconductor busines benefited from strong demand as customers

ramped up orders folowing the prior year’s suply shortages. Key drivers

included the ongoing adoption of AI-related memory chip orders. However,

as the year progresed, the market experienced sharp price fluctuations and

periods of corection. Memory and storage components saw particularly

volatile pricing, a surge in prices during the first half was folowed by a

corection in the second half as inventories in the suply chain were adjusted.

Demand from the smartphone market provided only intermitent suport.

After two years of decline, smartphone shipments in China did rise modestly

in 2024, but the recovery was uneven and fragile, varying greatly among

manufacturers and models. This meant that orders for mobile-related

semiconductor components were not consistently strong throughout the year.

Meanwhile, other end-markets such as consumer electronics and industrial

devices remained weak, partly due to global economic uncertainties.

During the year under review, the revenue of the Group’s joint venture AVP

Electronics Limited and its subsidiaries (“AVPEL Group”) was not included

in the Group’s consolidated financial statements. It recorded a revenue

of HK$21,496 milion (2024: HK$24,098 milion). AVPEL Group’s main

customers are China’s major mobile phone manufacturers and component

supliers. AVPEL Group primarily engages in distribution of Samsung

Electronics including CMOS image sensors and multi-layer packaged chips.

Compared to the previous year, the Group’s share of profit in AVPEL Group

decreased. This decrease in profit sharing can be atributed to the focus on

the China handset market, for China major mobile phone manufacturers and

component supliers, which have sen a decrease in both price and volume,

afecting the profitability of the joint venture.

Management Discusion and Analysis

管理层讨论及分析

AV Concept Holdings Limited Anual Report 2025 年报

尽管整体市况波动，本集团半导体分销收益较去年略

有增长。本集团继续依赖与供应商的长期合作关系，

聚焦主流产品线，稳中求进。为减低价格波动影响，

采取审慎的采购及库存管理策略，并持续提升营运效

率。

消费产品及产品采购业务

本集团的消费类产品及产品采购业务目前主要由其中

一间附属公司先思科技（国际）有限公司负责整体营运

事宜，代理多种电子产品，遍及小型家电以至最新潮

流科技品，务求提高用家生活质素及满足其各种需

求。

本年度消费产品分部录得收益为43,300,000港元

（2024年：46,700,000港元），符合亚洲市场消费情绪

疲弱及消费者支出趋于审慎的整体背景。本集团持续

聚焦Nakamichi及SOUL品牌，并逐步减少对白牌电器

的依赖。业务主要市场为香港、日本及部分东南亚国

家。年内，香港本地消费情绪持续审慎。于东南亚市

场，尤其印尼，本集团继续集中于电子商贸渠道及策

略合作伙伴关系。然而，与过往高速增长相比，东南

亚电商市场已显现增速放缓趋势。

本集团因应市场变化，已调整策略，放缓该区域之扩

张步伐，并专注于提升营运效率与资源配置。同时，

越南、泰国及马来西亚等新兴市场录得温和增长，反

映亚洲整体消费需求正逐步复苏。展望未来，该业务

将继续采取审慎拓展策略，透过新品推出实现逐步增

长，并积极探索将部分高品质生活电子产品引入日本

市场的可能性，务求把握当地对创新与品质要求高的

消费特性。

互联网社交媒体业务

该分部对本集团贡献轻微，年内，830 Lab Limited

（「830 Lab」）录得收益为400,000港元（2024年：

300,000港元）。业务涵盖社交媒体营销服务及相关网

上平台项目。由于行业竞争激烈及社交媒体平台不断

演变，本集团年内仅维持基本营运，并未进一步投入

大量资源。

本集团有意将资源集中于核心业务，故对该分部采取

保守投资策略。尽管目前规模有限，未对整体业绩造

成重大影响，但本集团将持续观察市场变化，如发现

具发展潜力及可持续模式，未来不排除考虑扩展规

模。

The Group’s semiconductor distribution revenue experienced a slightly

increase compared to the previous year. We leveraged our long-standing

relationships with supliers and focused on mainstream product lines to

secure busines stability amid the turbulence. To mitigate the impact of price

swings, the Group adopted a cautious aproach in both procurement and

inventory strategy.

Consumer Product and Product Sourcing Busines

The overal operation of the Group’s consumer product and product sourcing

busines is mainly managed by one of its subsidiaries, AVC Technology

(International) Limited. This subsidiary is responsible for distributing a diverse

aray of electronic products, encompasing smal home apliances and the

latest technology gadgets, al aimed at enhancing customers’ quality of life

and meting their diverse neds.

The consumer products segment delivered a revenue of HK$43.3 milion (2024:

HK$46.7 milion), broadly in line with the weakened consumption sentiments

and cautious spending acros key Asian markets. The Group continued to

focus on brands like Nakamichi and SOUL, while shifting away from white

gods. Key markets for this segment include Hong Kong, Japan and select

Southeast Asian countries. During the year, consumer sentiment in our

home market of Hong Kong was cautious. In Southeast Asia countries, we

maintained our focus on e-comerce chanels and partnerships, particularly

in Indonesia and neighbouring markets. However, unlike the rapid growth

experienced in prior periods, the Southeast Asian e-comerce sector showed

signs of moderation.

We have acordingly downplayed agresive expansion in this region,

concentrating instead on optimizing operations. Elsewhere in the region,

emerging markets such as Vietnam, Thailand, and Malaysia contributed

incremental sales, reflecting the broad but gentle recovery in consumer

demand acros Asia. Moving forward, this busines wil continue to adopt

a measured aproach, seking incremental growth through new product

oferings and posibly exploring the introduction of select products into the

Japanese market, where we se niche oportunities for high-quality lifestyle

electronics.

Internet Social Media Busines

The internet social media segment remained a minor contributor to the

Group. Revenue from 830 Lab Limited (“830 Lab”) was HK$0.4 milion

(2024: HK$0.3 milion). This busines consists of our operations in social

media marketing services and related online platform initiatives. During the

year under review, we maintained a minimal level of activity in this segment,

as the competitive landscape and rapid evolution of social media platforms

continued to pose chalenges.

The Group consciously limited further investment here, aligning with our

focus on core competencies. Given its smal scale, the social media segment’s

performance had no material impact on the Group’s overal results. We wil

kep this busines under review and remain open to scaling it up in the future

if we identify a clear niche and sustainable model; in the meantime, resource

alocation to this segment wil stay conservative.

管理层讨论及分析

Anual Report 2025 年报 AV Concept Holdings Limited

Management Discusion and Analysis

创投业务

于回顾年度内，本集团创投业务录得收益为

3,000,000港元（2024年：亏损5,700,000港元），主

要来自持有金融资产之公允价值变动收益及上市股

权投资所产生的股息收入。截至2025年3月31日，

本集团持有之上市及非上市股权投资、上市债券、

场外交易股权投资及主要管理人寿保单投资的总市

值为31,000,000港元（2024年3月31日：31,600,000

港元）。年内，金融资产于损益列帐之公允价值变动

净额为2,800,000港元（2024年：净亏损5,800,000港

元）。

创投业务一直为本集团贡献可观收益，其核心目标为

透过投资项目日后上市或于上市前转让股份实现资本

增值。

于2025年3月31日，本集团主要策略性投资项目包括

以韩国为驻地的流动游戏开发商Toniplay Co., Ltd.及

越南电子商务企业Urban City Joint Stock Company。

前景展望

展望未来，本集团的营运环境预料将持续面对不确定

性与挑战。全球经济增长预期仅属温和，且存在不少

下行风险，主要挑战包括地缘政治紧张局势持续，特

别是主要国家之间的关系日益紧张，以及科技领域中

贸易壁垒的延续。贸易政策变得愈加难以预测，例如

于2024年底及2025年初，接连实施新一轮与半导体

相关的出口管制及关税措施，令供应链更为复杂，并

推高业界的经营成本。这些外部因素或将抑制电子及

半导体市场的复苏步伐。

此外，通胀仍处于高位，多国利率波动加剧，或进一

步削弱消费者购买力。于主要市场方面，预期消费

电子需求将逐步回升，但节奏或较以往缓慢。根据

IDC资料，2024年中国智能手机出货量增长5.6%，达

2.86亿部，但区域间及消费群体表现参差。受惠于政

府补贴推动中阶手机升级需求，IDC预计2025年增长

幅度约为3%，在正面因素方面，国家推出换机补贴

及定向财政支出计划，加上5G网络推广持续，预期有

助支持中国科技产品需求。此外，电讯基建及电子消

费发展亦带动手机与电子产品的汰换周期。消费市场

以外，汽车电子及工业自动化等应用亦被视为半导体

需求稳定增长的领域。

Venture Capital Busines

The Group’s venture capital and investment activities experienced a profit

of HK$3.0 milion for the year (2024: los of HK$5.7 milion). mainly due to

fair value gains/loses on financial asets at fair value through profit or los,

net, and dividend income from listed equity investments in the curent year

under review. As of 31 March 2025, listed and unlisted equity investments,

listed bond investments, equity investment traded over-the counter and key

management insurance contracts were held at a fair market value of HK$31.0

milion (31 March 2024: HK$31.6 milion) by the Group. During the year

under review, the Group’s venture capital busines recorded a fair value gain

on financial asets at fair value through profit or los, net of HK$2.8 milion

(2024: fair value los of HK$5.8 milion).

The venture capital busines has always contributed considerable income for

the Group. The ultimate objective for these investments is to make capital

gains on investes’ equity listings or, in some circumstances, prior to listing.

On 31 March 2025, the Group’s major strategic investments included

investments in Toniplay Co., Ltd. and Urban City Joint Stock Company.

Toniplay Co., Ltd. is a Korean-based mobile game developer, and Urban City

Joint Stock Company is a Vietnamese e-comerce company.

Outlok

Loking ahead, the operating environment for the Group is expected to

remain uncertain and chalenging. Global economic growth is projected to

be moderate at best, with considerable downside risks. Key isues include

ongoing geopolitical tensions, notably the strained relations betwen major

powers, and the continuation of trade bariers in the technology sector. Trade

policies have become les predictable; for example, new rounds of export

controls and tarifs on semiconductor-related trade were introduced in late

2024 and early 2025, complicating the suply chain and raising costs for

industry players. These external factors could dampen the pace of recovery in

the electronics and semiconductor markets.

Moreover, macroeconomic headwinds such as elevated inflation and more

fluctuation of interest rates in many economies may weigh on consumer

spending power. In our core markets, we anticipate consumer electronics

demand to recover only gradualy. In China, while smartphone shipments

rebounded, with a 5.6% increase in 2024, totaling about 286 milion units

acording to IDC, the recovery has ben uneven, varying significantly acros

regions and consumer segments. Loking ahead, IDC forecasts continued but

modest growth of around 3% in 2025, suported by government subsidies

aimed at promoting mid-range devices. On the positive side, government

stimuli including trade-in schemes and targeted fiscal spending, combined

with broader 5G rolout, are expected to sustain technology spending

in China. Investment in telecomunications infrastructure and digital

consumption also continues to drive replacement cycles in mobile devices and

consumer electronics. Outside the consumer sector, automotive electronics

and industrial automation fields are also areas where semiconductor demand is

forecast to grow steadily.

Management Discusion and Analysis

管理层讨论及分析

AV Concept Holdings Limited Anual Report 2025 年报

综合上述市场预期，本集团将继续秉持审慎经营原

则。来年的策略以整合现有业务及寻求选择性增长为

重点。我们将进一步加强于日本市场的布局，其经济

状况相对稳健，加上技术与消费市场具结构性利好因

素。日本市场将与本集团于大中华及东南亚的既有业

务互相补足，有助降低市场集中风险。半导体分销业

务则将聚焦核心产品，并深化与客户及供应商合作，

以提升供应链透明度与应变能力。

消费产品方面，日本消费者对产品创新及品质要求

高，若能成功渗透市场，除可带来可观收入外，亦有

助提升本集团品牌价值及产品开发能力。整体而言，

本集团将持续加强风险管理，密切留意地缘政治发展

及贸易政策变化，必要时亦会采取财务对冲策略以管

控风险。

尽管短期挑战仍在，但董事会与管理层对本集团长远

前景仍持审慎乐观态度。本集团拥有稳健的资产基础

及经锤百炼的业务模式，有能力承受市况波动，并于

市场回稳后迅速把握机会。我们将继续以审慎执行

力、策略前瞻性及灵活应变能力，致力为股东争取长

远价值。

流动资金及财政资源

于二零二五年三月三十一日之债务总额状况及资本负

债比率如下：

Considering this mixed outlok, the Group wil continue to exercise caution

and prudence in its busines operations. Our strategy for the coming year

emphasizes consolidation and selective growth. We wil further strengthen

our presence in Japan, where economic conditions are comparatively stable

and there are structural tailwinds for technology and consumer markets.

This pivot to Japan, alongside our established fothold in Greater China and

Southeast Asia, should help diversify revenue sources and mitigate reliance on

any single market. The semiconductor distribution busines wil focus on our

core competencies. We plan to depen colaboration with our supliers and

customers to improve suply chain visibility and responsivenes.

For the consumer products segment, given Japan’s reputation for discerning

consumers and inovation, suces in this segment could not only provide

meaningful revenue growth but also enhance the Group’s brand visibility and

product development capabilities. Acros al busineses, we remain comited

to risk management, closely monitoring geopolitical developments, staying

adaptable to regulatory changes (like new tarifs or export rules), and hedging

financial risks where apropriate.

Despite near-term uncertainties, the Board and management maintain a

cautiously optimistic view on the Group’s prospects. The Group has a solid

equities and a resilient busines model honed over decades in the industry.

These strengths enable us to endure short-term volatility and be ready to

capitalize on oportunities when they arise. We expect that once global

conditions stabilize, the Group wil be wel-positioned to achieve renewed

growth. In the meantime, our focus wil be on preserving shareholder value

through disciplined execution, strategic foresight, and agility in responding to

market changes.

LIQUIDITY AND FINANCIAL RESOURCES

The total debt position and the gearing ratio as at 31 March 2025 are shown as

folows:

二零二五年二零二四年

HK$’milionHK$’milion

百万港元百万港元

Cash and cash equivalents现金及等同现金项目59.076.3

Financial asets at fair value through profit or los

(included in curent asets)

透过损益按公平价值列账之金融资产（计

入流动资产）2.94.5

61.980.8

Borowings and lease liabilities借款及租赁负债32.036.2

Total equity权益总额1,734.11,709.5

Total debt to total equity债务总额与权益总额之比率1.9%2.1%

管理层讨论及分析

Anual Report 2025 年报 AV Concept Holdings Limited

Management Discusion and Analysis

于二零二五年三月三十一日，本集团之现金及等同

现金项目（即现金及银行结存以及于其他金融机构之

存款）为59,000,000港元（二零二四年三月三十一日：

76,300,000港元），而本集团透过损益按公平价值列

账之金融资产（计入流动资产）为2,900,000港元（二零

二四年三月三十一日：4,500,000港元）。透过损益按

公平价值列账之股本投资及金融资产包括固定收入、

股本及另类投资之平衡组合，而该等款额指本集团持

有作中期至长期业务发展之现金储备，并将成为本集

团资金之一部分。

于二零二五年三月三十一日之债务总额与权益总额

之比率为1.9%（二零二四年三月三十一日：2.1%），

本集团之权益总额于二零二五年三月三十一日为

1,734,100,000港元（二零二四年三月三十一日：

1,709,500,000港元），而现金及等同现金项目及股

本投资及透过损益按公平价值列账之金融资产（计

入流动资产）于二零二五年三月三十一日之结余总

额为61,900,000港元（二零二四年三月三十一日：

80,800,000港元）。

本集团之营运资金状况仍然稳健。于二零二五年三

月三十一日，流动资金比率为123%（二零二四年：

151%）。

管理层相信，本集团依循审慎政策管理其财资水准，

并维持高度流动资金，以确保本集团能够随时把握业

务增长机会。

重大投资

于二零二五年三月三十一日，本集团录得透过损益

按公平价值列账之金融资产约31,000,000港元（二零

二四年三月三十一日：31,600,000港元）。有关透过

损益按公平价值列账之金融资产明细，请参阅综合财

务状况表附注19。有关透过损益按公平价值列账之金

融资产于年内之表现及未来前景，请参阅本年报第15

页「业务回顾－创投业务」一节。

As at 31 March 2025, the Group had cash and cash equivalents (i.e. cash

and bank balances and deposits with other financial institutions) of HK$59.0

milion (31 March 2024: HK$76.3 milion), while the Group’s financial asets

at fair value through profit or los (included in curent asets) amounted to

HK$2.9 milion (31 March 2024: HK$4.5 milion). The equity investments

and financial asets at fair value through profit or los included a balanced

mix of fixed income, equity and alternative investments and such amount

represented the cash reserves held for the Group’s medium to long term

busines development and would form an integral part of the Group’s

treasury.

The total debt to total equity ratio as at 31 March 2025 was 1.9% (31

March 2024: 2.1%), while the Group’s total equity as at 31 March 2025 was

HK$1,734.1 milion (31 March 2024: HK$1,709.5 milion), with the total

balances of cash and cash equivalents, and equity investments and financial

asets at fair value through profit or los (included in curent asets) as at 31

March 2025 of HK$61.9 milion (31 March 2024: HK$80.8 milion).

The working capital position of the Group remains healthy. As at 31 March

2025, the liquidity ratio was 123% (2024: 151%).

二零二五年二零二四年

HK$’milionHK$’milion

百万港元百万港元

Curent asets流动资产187.9224.3

Curent liabilities流动负债(152.2)(148.7)

Net curent asets流动资产净值35.775.6

Curent asets to curent liabilities流动资产与流动负债之比率123%151%

Management is confident that the Group folows a prudent policy in

managing its treasury position, and maintains a high level of liquidity to ensure

that the Group is wel placed to take advantage of growth oportunities for

the busines.

SIGNIFICANT INVESTMENTS

As at 31 March 2025, the Group recorded financial asets at fair value

through profit or los of aproximately HK$31.0 milion (31 March 2024:

HK$31.6 milion). For a detailed breakdown of financial asets at fair value

through profit or los, please refer to note 19 in the consolidated statement

of financial position. For the performance during the year and future

prospects of financial asets at fair value through profit or los, please refer to

the section “Busines Review – Venture Capital Busines” on page 15 of this

anual report.

Management Discusion and Analysis

管理层讨论及分析

AV Concept Holdings Limited Anual Report 2025 年报

PLEDGE OF ASETS

Certain of the Group’s financial asets at fair value through profit or los have

ben pledged to secure the bank facilities granted to the Group.

EMPLOYES

As at 31 March 2025, the Group employed a total of aproximately 125 (31

March 2024: aproximately 134) ful-time employes. The Group recruits and

promotes individuals based on merit and their development potentials for

the positions ofered. Remuneration package is determined with reference to

their performance and the prevailing salary levels in the market. Discretionary

bonuses may granted based on the Group’s and individual’s performances.

资产抵押

本集团若干透过损益按公平价值列账之金融资产已抵

押以获得授予本集团的银行融资。

雇员

于二零二五年三月三十一日，本集团合共聘用约125

名（二零二四年三月三十一日：约134名）全职雇员。

本集团乃根据员工之功绩及员工于职位上之发展潜力

而聘用及提供晋升机会。薪酬组合乃参照员工之表现

及市场当时之薪金水准而厘定。本集团亦会按本集团

及雇员个人表现授出酌情花红。

PROFILE OF

DIRECTORS

AND SENIOR

MANAGEMENT

董事及高级管理层履历

Profile of Directors and Senior Management

董事及高级管理层履历

AV Concept Holdings Limited Anual Report 2025 年报

EXECUTIVE DIRECTORS

Dr. So Yuk Kwan (“Dr. So”), aged 75, is the founder, Chairman, Chief

Executive Ofer and Executive Director of the Company. Dr. So is the father

of Mr. So Kevin Chi Heng and Mr. So Chi Sun Suny, al being Executive

Directors of the Company. In the early 1980’s, he founded AV Concept

Limited. Dr. So is primarily responsible for overal busines strategies and

busines development to the Company. Dr. So has over 49 years of experience

in the electronics industry. Under his leadership, AV Concept achieved

remarkable results in the sales and marketing of semiconductors contributing

to the apointment by Samsung Electronics as its distributor since 1982.

In 1989, AV Concept Singapore Pte. Ltd. was established to develop its

electronic busines in Singapore, South-east Asia countries and subsequently

expanded to the market in the People’s Republic of China through vertical

integration in early 90’s. In April 1996, AV Concept Holdings Limited listed

on the Main Board of The Stock Exchange of Hong Kong Limited. The Group

continuously received numerous awards, including Samsung Electronics’s “Best

Performance Award” in recognition of the excelent sales and marketing

performance as wel as contribution to cultivate strong customers relationship

in the semiconductors market.

Dr. So holds an honorary degre, Doctor of Philosophy in Busines

Administration from the International American University and a Master

Degre in Busines Administration from the University of East Asia (now

known as University of Macau) and he is also a Felow Member of the British

Institute of Management. Presently, he is the Chairman of the Executive

Comite of the Hong Kong Electronic Industries Asociation Limited

(“HKEIA”) and the Permanent Honorary Chairman of the HKEIA Education

Foundation. Dr. So is also the Vice President of The Hong Kong Semiconductor

Industry Council. Further, Dr. So is a Felow Member of The Hong Kong

Institute of Directors and the Honorary Chairman of Advisory Comite

(Industry) of Coperative Education Centre of City University of Hong Kong.

Mr. So Kevin Chi Heng (“Mr. Kevin So”), aged 39, is the Chief Operation

Oficer and Executive Director of the Company responsible for operation of

the Group and AVC Technology (International) Limited, an indirectly wholy-

owned subsidiary of the Group. Mr. Kevin So joined the Group in 2011 and

was apointed as an Executive Director of the Company in November 2015.

Mr. Kevin So obtained a Bachelor of Science degre (major in Management)

from Bentley Colege in United States of America in May 2008 and a Master

of Busines Administration degre from Bentley University in United States

of America in February 2010. Prior to joining the Group, Mr. Kevin So had

pursued a carer in corporate finance in an international financial institution.

Mr. Kevin So is the son of Dr. So, Chairman, Chief Executive Oficer and an

Executive Director of the Company and the brother of Mr. So Chi Sun Suny,

an Executive Director of the Company.

执行董事

苏煜均博士（「苏博士」），75岁，为本公司之创办人、

主席、行政总裁及执行董事。苏博士为本公司执行董

事苏智恒先生及苏智燊先生之父亲。彼于二十世纪

八十年代初创办先思行有限公司。苏博士主要负责本

公司整体业务策略及业务发展。苏博士于电子业拥有

超过49年工作经验。在苏博士之领导下，AV Concept

在半导体销售及市场推广方面屡创佳绩，并从

一九八二年起获三星电子委任为分销商。于一九八九

年，AV Concept Singapore Pte. Ltd.成立以于新加坡

及东南亚国家发展其电子业务，其后于九十年代初凭

藉垂直整合开拓中华人民共和国市场。AV Concept

Holdings Limited于一九六年四月在香港联合交易所

有限公司主板上市。本集团多年来屡获多个奖项，包

括三星电子颁发之「最佳销售表现奖」，借以表扬于半

导体销售及市场推广之优秀表现，及与客户之友好关

系。

苏博士持有国际美洲大学工商管理荣誉哲学博士学位

及东亚大学（现称澳门大学）工商管理硕士学位，亦为

英国管理学会之院士。目前，彼为香港电子业商会有

限公司（「香港电子业商会」）执行委员会长及香港电

子业商会教育基金永远荣誉主席，以及香港半导体行

业协会副会长。苏博士亦为香港董事学会资深会员及

香港城市大学协作教育中心工业顾问委员会荣誉主

席。

苏智恒先生，39岁，为本公司营运总裁及执行董事，

负责本集团及先思科技（国际）有限公司（本集团间接

全资附属公司）之业务营运。苏智恒先生于二零一

年加入本集团，并于二零一五年十一月获委任为本公

司执行董事。苏智恒先生于二零八年五月取得美利

坚合众国本特利大学理学士学位（主修管理学），并于

二零一零年二月取得美利坚合众国本特利大学工商管

理硕士学位。加入本集团之前，苏智恒先生于一间国

际金融机构发展企业融资事业。苏智恒先生为本公司

主席、行政总裁及执行董事苏博士之儿子及本公司执

行董事苏智燊先生之胞兄。

董事及高级管理层履历

Anual Report 2025 年报 AV Concept Holdings Limited

Profile of Directors and Senior Management

Mr. So Chi Sun Suny (“Mr. Suny So”), aged 37, is the Executive Director

of the Company, chief executive oficer of 830 Lab Limited, an indirectly

wholy-owned subsidiary of the Company, which is principaly engaged in

internet social media busines. Mr. Suny So joined the Group in 2011 and

was apointed as an Executive Director of the Company in November 2015.

Mr. Suny So obtained a Bachelor of Science degre (major in Graphic

Design) from Northeastern University in United States of America in January

2011. Mr. Suny So is the son of Dr. So, Chairman, Chief Executive Oficer

and an Executive Director of the Company and the brother of Mr. Kevin So,

an Executive Director of the Company.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Dr. Lui Ming Wah (“Dr. Lui”), PhD, SBS, JP, aged 87, has ben an Independent

Non-executive Director of the Company Since 1996. Dr. Lui is an established

industrialist serving as the Honorary Chairman of the HKEIA and the Honorary

President of The Chinese Manufacturers’ Asociation of Hong Kong, the

founder chairman of Hong Kong Shandong Busines Asociation, Honorary

President of Federation of HK Shandong Comunity Organisations Limited.

Adviser Prof. of Shandong University. He was elected to the First, Second and

Third Legislative Council of the HKSAR in 1998, 2000 and 2004 respectively.

Dr. Lui was also member of the tenth and eleventh National Comite of

the Chinese People’s Political Consultative Conference, Member of standing

Shandong Provincial Comite of C.P.P.C.C., Advisory board member of

the Hong Kong International Arbitration Center, President of The Hong Kong

Asociation for the Advancement of Science and Technology and Advisor of

Hong Kong Afairs. He is the managing director of Keystone Electronics Co.,

Limited. Besides, he is curently an independent non-executive director of L.K.

Technology Holdings Limited and Gold Peak Technology Group Ltd. (both

companies are listed on The Stock Exchange of Hong Kong Limited). Dr. Lui

obtained a master’s degre in Aplied Science from the University of New

South Wales in Australia and a PhD from the University of Saskatchewan in

Canada. He completed the “Hong Kong Senior Staf Course No. 1, 1984”. He

is a Felow of The Hong Kong Institute of Directors.

苏智燊先生，37岁，为本公司执行董事及本公司间接

全资附属公司830 Lab Limited之行政总裁。830 Lab

Limited主要从事互联网社交媒体业务。苏智燊先生

于二零一年加入本集团，并于二零一五年十一月获

委任为本公司执行董事。苏智燊先生于二零一年一

月取得美利坚合众国东北大学理学士学位（主修平面

设计）。苏智燊先生为本公司主席、行政总裁及执行

董事苏博士之儿子及本公司执行董事苏智恒先生之胞

弟。

独立非执行董事

吕明华博士（「吕博士」），PhD，SBS，太平绅士，87岁，

自一九六年以来一直担任本公司之独立非执行董

事。吕博士为知名工业家，现为香港电子业商会名誉

会长、香港中华厂商联合会名誉会长、香港山东商会

创会长、香港山东社团总会荣誉主席、山东大学顾

问教授。彼曾于一九八年、二零年及二零四

年分别当选香港特别行政区第一届、第二届及第三届

立法会议员。吕博士亦为第十届及第十一届全国政协

委员、多届山东省政协常委、香港国际仲裁中心咨询

委员会成员、香港科技协进会长及香港事务顾问。

彼为文明电子有限公司董事总经理。此外，吕博士现

时为力劲科技集团有限公司及金山科技工业有限公司

（均为于香港联合交易所有限公司上市之公司）之独立

非执行董事。吕博士于澳洲新南威尔斯大学取得应用

科学硕士学位，另于加拿大沙省大学取得哲学博士

学位及香港高级公务员课程证书(第一届，一九八四

年)。彼为香港董事学会资深会员。

Profile of Directors and Senior Management

董事及高级管理层履历

AV Concept Holdings Limited Anual Report 2025 年报

Mr. Lai Yat Hung Edmund (“Mr. Lai”), aged 59, has ben an Independent

Non-executive Director of the Company since 2019. Mr. Lai obtained a

Bachelor’s Degre in Civil Enginering from Imperial Colege London in 1987.

He is a qualified acountant from the Institute of Chartered Acountants of

England and Wales. Mr. Lai has over 30 years of experience in finance and

treasury management. Mr. Lai started his carer in 1987 with Ernst & Young

in London where he qualified as a Chartered Acountant. In 1993, Mr. Lai

transfered to Ernst & Young in Hong Kong as a manager in their audit

services and was responsible for various large company audits and IPO’s in

Hong Kong and the People’s Republic of China (the “PRC”). In 1996, Mr.

Lai joined the Company as the Group Financial Controler. Mr. Lai was the

Chief Financial Oficer and the Executive Director of the Company from 2003

to 2006. From 2006 to 2008, Mr. Lai acted as the Chief Executive Oficer of

AV BreconRidge Limited and the President of BreconRidge Manufacturing

Solutions (Asia) Limited. In 2008, Mr. Lai started his own consultancy services

and worked on projects for various PRC companies and charities. Mr. Lai

joined Vertex Services Limited (a member of HMTX Industries LC) as the Chief

Financial Oficer since 2011 and continued to serve to present. He has overal

responsibility for the finance, treasury and risk management functions of

Vertex Services Limited and its related companies in the PRC and Hong Kong.

Ms. Au-Yeung Kit Ping (“Ms. Au-Yeung”), aged 56, apointed as an

Independent Non-executive Director of the Company during the year. Ms. Au-

Yeung has 27 years of international busines experience with multinational

corporations. She joined Coats Plc, a UK public listed company and the

world’s leading industrial thread manufacturer serving the Aparel, Fotwear

and Speciality markets in 1994. She subsequently joined Aman Group as the

Chief Comercial Oficer, Global Aparel & Specialty from 2020 to 2021. She

has ben the founder and director of UTransform Life and Busines Limited

in Hong Kong since 2022, and apointed as an Independent Non-Executive

Director of IOP Publishing Limited in 2023. She was apointed as the

Executive Vice President of Comercial Textiles of Lenzing Group during June

to November 2024. Ms. Au-Yeung obtained a Bachelor’s Degre in Busines

Administration with honours from the Chinese University of Hong Kong in

1991, and a Master’s Degre in Busines Administration in Murdoch University

at Perth, Western Australia in 1994. She was acredited the Financial Times

Level 7 Advanced Profesional Diploma, a formal post-graduate qualification

for non-executive directors in 2022. Ms. Au-Yeung is also a certified Felow of

the Hong Kong Institute of Directors.

SENIOR MANAGEMENT

Mr. Chan Chi Hang (“Mr. Chan”), aged 48, was apointed as the Company

Secretary and the Chief Financial Oficer of the Company since August 2015.

Mr. Chan has extensive experience in acounting and auditing, and is a

member of the Hong Kong Institute of Certified Public Acountants and a

felow member of the Asociation of Chartered Certified Acountants.

黎鸿先生（「黎先生」），59岁，自二零一九年起为

本公司之独立非执行董事。黎先生于一九八七年自伦

敦帝国学院(Imperial Colege London)取得土木工程学

士学位。彼为英格兰及威尔士特许会计师公会合资格

会计师。黎先生在财务及库务管理方面拥有30年以

上经验。黎先生于一九八七年於伦敦的安永会计师事

务所开始其职业生涯并获得特许会计师资格。黎先生

于一九三年调任至香港的安永会计师事务所，担任

其审计服务经理并于香港及中华人民共和国（「中国」）

负责多个大型公司审计及首次公开发售项目。黎先生

于一九六年加入本公司，担任集团财务总监。黎先

生于二零三年至二零六年担任本公司的财务总裁

兼执行董事。于二零六年至二零八年，黎先生担

任先卓电子工业有限公司的行政总裁及BreconRidge

Manufacturing Solutions (Asia) Limited的总裁。黎先

生于二零八年开始其自身的咨询服务，并为多间中

国公司及慈善机构从事项目。黎先生自二零一年起

加入Vertex Services Limited（HMTX Industries LC的成

员公司）担任财务总裁，并继续担任该职务至今，全

面负责Vertex Services Limited及其于中国及香港的关

联公司的财务、库务及风险管理职能。

欧阳洁平女士（「欧阳女士」），56岁，于年内获委任为

本公司独立非执行董事。欧阳女士拥有27年跨国公司

之国际业务经验。彼于一九四年加入Coats Plc（为

英国上市公司并为全球领先工业缝纫线制造商，供

应成衣、鞋履及特殊行业市场）。彼随后加入Aman

Group，于二零二零年至二零二一年担任全球成衣与

特殊行业商业总监。彼自二零二年起为香港逾进有

限公司的创办人及董事，并于二零二三年获委任为

IOP Publishing Limited的独立非执行董事。于二零二四

年六月至十一月期间，欧阳女士获委任为兰精集团商

业纺织执行副总裁。欧阳女士于一九一年取得香港

中文大学工商管理学士（荣誉）学位，及于一九四年

取得西澳珀斯梅铎大学工商管理硕士学位。彼于二零

二年获得金融时报第7级高等专业文凭（非执行董事

的正式研究生资格）。欧阳女士亦为香港董事学会的

认证资深会员。

高级管理层

陈志恒先生（「陈先生」），48岁，自二零一五年八月起

获委任为本公司之公司秘书及首席财务总监。陈先生

于会计及审计方面拥有丰富经验，并为香港会计师公

会员及英国特许公认会计师公会资深会员。

DIRECTORS’

REPORT

董事会报告

Directors’ Report

董事会报告

AV Concept Holdings Limited Anual Report 2025 年报

The Directors of the Company present their report and the audited consolidated

financial statements for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES AND BUSINES REVIEW

The principal activity of the Company is investment holding. The principal

activities of the Group consist of the marketing and distribution of electronic

components, the design, development and sale of consumer products and

product sourcing busines, venture capital investment, and internet social

media busines.

Further discusion and analysis of busines review as required by Schedule

5 to the Hong Kong Companies Ordinance, including a discusion of the

principal risks and uncertainties facing the Group and an indication of likely

future developments in the Group’s busines, can be found in the Chairman’s

Statement and Management Discusion and Analysis set out on pages 6 to 18

of this anual report. The above discusion forms part of this directors’ report.

Principal risks and uncertainties

The management of the Company, as asisted by the audit comite of the

Company, overses the Group’s internal control and risk management system,

and conducts periodic reviews of such system to ensure god corporate

governance practice. The supervision proces and outcome of the latest

review is set out in more detail in the section headed “Risk Management and

Internal Control” in corporate governance report in this anual report. The

folowing is a discusion of the principal risks and uncertainties facing by the

Group. The management of the Company mets periodicaly to discus these

risks, and where apropriate, wil monitor the situation closely and adopt any

necesary risk mitigation measures.

Industry risk

The sale and distribution of electronic components and design, development

and sales of consumer product and product sourcing busines are sensitive

to technology change. The industry is also subject to rapidly changing

market trends and intense competition amongst diferent players. This may

materialy and adversely afect the Group’s busines performance. To maintain

competitivenes, the management of the Company wil met regularly to

update the technology change and the industry environment.

Economy risk

The performance of the Group is afected by the overal economy growth,

especialy in the electronic components market. If the economy slows down,

it is highly likely that the demand for electronic components may be reduced.

Any continued economic slowdown or recesion may result in a decrease in

sales, and may lead to a material adverse efect on the Group’s busines and

results of operations.

本公司董事谨此提呈截至二零二五年三月三十一日止

年度之董事会报告及经审核综合财务报表。

主要业务及业务回顾

本公司之主要业务为投资控股。本集团主要从事电子

元件之市场推广及分销、消费类产品之设计、开发及

销售以及产品采购业务、创业投资业务以及互联网社

交媒体业务。

香港公司条例附表5所规定有关业务回顾之进一步讨

论及分析，包括本集团所面对之主要风险及不确定因

素论述，以及本集团业务之可能未来发展指标，均可

于本年报第6页至第18页之主席致辞及管理层讨论及

分析中阅览。上述讨论构成本董事会报告一部分。

主要风险及不明朗因素

本公司管理层在本公司审核委员会协助下监管本集团

之内部监控及风险管理制度，并定期检讨有关制度，

确保实行良好企业管治常规。监管程序及最近期之检

讨结果的进一步详情载于本年报企业管治报告「风险

管理及内部监控」一节。本集团所面对之主要风险及

不明朗因素论述如下。本公司管理层定期会面，以商

讨该等风险，并将于适当时候密切监察情况，采取任

何所需舒缓风险措施。

行业风险

电子元件之销售及分销以及消费类产品之设计、开发

及销售以及产品采购业务对科技转变反应敏感。业内

之市场趋势瞬息万变、同业间竞争激烈，或会对本集

团之业务表现构成重大不利影响。为保持竞争力，本

公司管理层将定期会面，以紧贴科技转变及行业环

境。

经济风险

本集团之表现受整体经济增长，尤其是电子元件市场

影响。倘经济放缓，则电子元件需求极有可能减少。

倘经济持续下滑或衰退，均可能导致销售额减少，并

可能对本集团之业务及经营业绩造成重大不利影响。

董事会报告

Anual Report 2025 年报 AV Concept Holdings Limited

Directors’ Report

Financial risk

Credit risk

To minimise credit risk, the Group has monitoring procedures to ensure

there is folow-up action to recover overdue debts. The Group also reviews

the recoverable amount of trade receivables by the simplified aproach for

impairment at the end of each reporting period to ensure that adequate

impairment loses are made for irecoverable amounts. The Board therefore

considers that the Group’s credit risk is significantly reduced.

Liquidity risk

The Group monitors and maintains a level of cash and cash equivalents which

it dems adequate to finance the Group’s operations and mitigate the efects

of cash flow fluctuations.

Interest rate risk

The Group is exposed to risk of changes in market interest rates related

primarily to the Group’s interest-bearing bank borowings with floating

interest rates. It does not curently has any interest rate hedging policy, but

closely monitors its exposure to interest rate risk due to changes in market

rates and wil consider hedging changes should the ned arise.

Market price risk

The Group is exposed to the risk that the fair values of equity securities

decrease as a result of changes in the levels of equity indices and the value of

individual securities. The management of the Company monitors the changes

of securities prices and may change the investment portfolio held if neded.

Environmental policies and performance

The Group is comited to the long term sustainability of the environment

and comunities in which it engages. The Group strives to minimise its

impact on the environment by reducing its use of electricity and water and

encouraging recycle of ofice suplies and other materials. The Group has

complied with al relevant laws and regulations regarding environmental

protection, health and safety, workplace conditions and employment.

Compliance with the laws and regulations

The Group recognises the importance of compliance with regulatory

requirements and the risks of non-compliance with the aplicable laws and

regulations. During the year under review, 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 Group. There was no material breach or

non-compliance with the aplicable laws and regulations by the Group during

the year under review.

财务风险

信贷风险

为了减轻信贷风险，本集团设有监察程序，确保采取

跟进行动收回逾期债项。本集团亦于各报告期间结束

时通过减值简化法检讨应收贸易账款之可收回金额，

确保就不可收回金额计提足够减值亏损。因此，董事

会认为，本集团之信贷风险已大为减轻。

流动资金风险

本集团监察现金及等同现金项目，并将其维持于本集

团认为足以应付其营运所需，同时减轻现金流量波动

影响之水平。

利率风险

本集团因市场利率变动而面临之风险主要与本集团按

浮动利率计息之附息银行借款有关。本集团目前并无

任何利率对冲政策，惟密切留意其因市场利率变动而

面临之利率风险，并将于有需要时考虑对冲有关变

动。

市价风险

本集团因股票指数水平及个别证券价值之变动而面临

股本证券公平价值下降之风险。本公司管理层监察证

券价格变动，并可能于有需要时改变所持投资组合。

环境政策及表现

本集团致力于其经营所在环境及社区之长期可持续

性。本集团努力透过节约用水用电及鼓励循环利用办

公用品及其他物料，尽可能减轻对环境的影响。本集

团已遵守所有关环境保护、健康及安全、工作场所

环境及雇佣之相关法例及规例。

遵守法例及规例

本集团深明遵守监管规定之重要性以及不遵守适用法

例及规例之风险。回顾年度内，本集团一直于重大方

面遵守对本集团业务及经营有重大影响之相关法例及

规例。回顾年度内，概无发生本集团严重违反或不遵

守适用法例及规例之情况。

Directors’ Report

董事会报告

AV Concept Holdings Limited Anual Report 2025 年报

Relationship with employes, clients, supliers and other

stakeholders

The Group understands the suces of the Group’s busines depends on the

suport from its key stakeholders, including employes, clients, supliers,

banks, regulators and shareholders. During the year under review, there

were no material and significant disputes betwen the Group and its key

stakeholders. The Group wil continue to ensure efective comunication and

maintain god relationship with each of its key stakeholders.

RESULTS AND DIVIDEND

The Group’s profit for the year ended 31 March 2025 and the Group’s

financial position at that date are set out in the consolidated financial

statements on pages 96 to 197 of this anual report.

The Board has recomended the payment of a final dividend of HK$0.01

(2024: HK$0.02) per share for the year ended 31 March 2025.

The proposed final dividend, if aproved at the forthcoming anual general

meting to be held on Friday, 5 September 2025, wil be payable on Friday,

3 October 2025 to shareholders whose names apear on the registrar

of members of the Company on Friday, 12 September 2025. Based on

908,663,302 shares in isue as of the date of this report, the total dividend

wil amount to aproximately HK$9.1 milion.

CLOSURE OF REGISTER OF MEMBERS

The Anual General Meting of the Company is scheduled on Friday, 5

September 2025. For determining the entitlement to atend and vote at the

Anual General Meting, the register of members of the Company wil be

closed from Tuesday, 2 September 2025 to Friday, 5 September 2025, both

days inclusive, during which period no transfer of shares wil be efected.

In order to be eligible to atend and vote at the Anual General Meting,

al transfers of shares, acompanied by the relevant share certificates, must

be lodged with the Company’s share registrar in Hong Kong, Tricor Tengis

Limited, at 17th Flor, Far East Finance Centre, 16 Harcourt Road, Hong Kong,

for registration not later than 4:30 p.m. on Monday, 1 September 2025.

In order to determine the list of shareholders who are entitled to receive the

proposed final dividend for the year ended 31 March 2025, the Company’s

Friday, 12 September 2025, both days inclusive. Shareholders are reminded

that in order to qualify for the proposed final dividend, al transfers of shares,

acompanied by the relevant share certificates, must be lodged with the

Company’s share registrar in Hong Kong, Tricor Tengis Limited at 17th Flor,

Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration not

later than 4:30 p.m. on Wednesday, 10 September 2025.

与雇员、客户、供应商及其他持份者之关系

本集团明白其业务成功取决于雇员、客户、供应商、

银行、监管机构及股东等主要持份者之支持。回顾年

度内，本集团与其主要持份者之间并无任何重大及重

要争议。本集团将继续确保与其各主要持份者进行有

效沟通并维持良好关系。

业绩及股息

本集团截至二零二五年三月三十一日止年度之溢利以

及本集团于该日之财务状况，载于本年报第96页至第

197页之综合财务报表。

董事会建议派付截至二零二五年三月三十一日止年度

之末期股息每股0.01港元（二零二四年：0.02港元）。

建议末期股息如于二零二五年九月五日（星期五）举行

之应届股东周年大会上获得批准，将于二零二五年十

月三日（星期五）派付予于二零二五年九月十二日（星

期五）名列本公司股东名册之股东。按照截至本报告

日期已发行908,663,302股份计算，股息总额将约

为9,100,000港元。

暂停办理股份过户登记手续

本公司谨订于二零二五年九月五日（星期五）举行股东

周年大会。为厘定出席股东周年大会并于会上投票之

资格，本公司将于二零二五年九月二日（星期二）至二

零二五年九月五日（星期五）（首尾两天包括在内）暂停

办理股份过户登记手续，期间将不会办理任何股份过

户手续。为符合资格出席股东周年大会并于会上投

票，所有股份过户文件连同有关股票，须不迟于二零

二五年九月一日（星期一）下午四时三十分，送交本公

司之香港股份过户登记处卓佳登捷时有限公司（地址

为香港夏悫道16号远东金融中心17楼），以供登记。

为厘定有权收取截至二零二五年三月三十一日止年度

建议末期股息之股东名单，本公司将于二零二五年

九月十一日（星期四）至二零二五年九月十二日（星期

五）（首尾两天包括在内）期间暂停办理股份过户登记

手续。谨此提醒各股东，为符合资格收取建议末期股

息，所有股份过户文件连同有关股票，须不迟于二零

二五年九月十日（星期三）下午四时三十分，送交本公

司之香港股份过户登记处卓佳登捷时有限公司（地址

为香港夏悫道16号远东金融中心17楼），以供登记。

董事会报告

Anual Report 2025 年报 AV Concept Holdings Limited

Directors’ Report

SHARE CAPITAL

Details of the Company’s share capital are set out in note 29 to the

consolidated financial statements.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Company’s articles of

asociation (the “Articles of Asociation”) or the laws of the Cayman Islands

which would oblige the Company to ofer new shares on a pro rata basis to

existing shareholders.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

Neither the Company nor any of its subsidiaries purchased, sold or redemed

any of the Company’s listed securities during the year.

DISTRIBUTABLE RESERVES

At 31 March 2025, the Company’s reserves available for distribution,

calculated in acordance with the Companies Law of the Cayman Islands,

amounted to aproximately HK$444,784,000 (2024: HK$455,890,000).

The share premium of the Company is available for distribution or paying

dividends to the shareholders provided that imediately folowing the

distribution or the payment of dividends, the Company is able to pay its debts

as they fal due in the ordinary course of busines.

股本

本公司股本之详情载于综合财务报表附注29。

优先购买权

本公司之组织章程细则（「章程细则」）或开曼群岛法律

概无载列本公司必须按持股比例向现有股东提呈发售

新股份之优先购买权条文。

购买、出售或赎回本公司上市证券

本公司或其任何附属公司年内概无购买、出售或赎回

本公司任何上市证券。

可供分派储备

于二零二五年三月三十一日，按开曼群岛公司法之规

定计算，本公司可供分派之储备约为444,784,000港

元（二零二四年：455,890,000港元）。本公司之股份

溢价可供分派或支付股息予股东，惟紧随分派或支付

股息后，本公司必须能偿还其于日常业务中到期之债

务。

Directors’ Report

董事会报告

AV Concept Holdings Limited Anual Report 2025 年报

SUMARY FINANCIAL INFORMATION

A sumary of the published results and of the asets and liabilities of the

Group for the last five financial years, as extracted from the published audited

financial statements, is set out below.

RESULTS

Year ended 31 March

截至三月三十一日止年度

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

REVENUE收益1,189,997984.294660,0081,042,4491,241,160

PROFIT BEFORE TAX除税前溢利53,313110,28140,841236,034276,718

Income tax所得税401(1,118)(123)(5,013)(7,192)

PROFIT FOR THE YEAR年内溢利53,714109,16340,718231,021269,526

Atributable to:以下人士应占：

Owners of the Company本公司拥有人53,714109,16340,718231,021269,788

Non-controling interests非控股权益–(262)

53,714109,16340,718231,021269,526

Asets and liabilities

As at 31 March

于三月三十一日

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

TOTAL ASETS资产总值1,899,5881,872,1151,753,5891,745,4641,586,615

TOTAL LIABILITIES负债总额(165,531)(162,608)(140,253)(123,426)(161,606)

1,734,0571,709,5071,613,3361,622,0381,425,009

财务资料概要

下文载列本集团摘录自已刊发经审核财务报表之最近

五个财政年度之已公布业绩以及资产及负债概要。

业绩

资产及负债

董事会报告

Anual Report 2025 年报 AV Concept Holdings Limited

Directors’ Report

DIRECTORS

The Directors of the Company during the year were:

Executive Directors:

Dr. So Yuk Kwan (Chairman and Chief Executive Oficer)

Mr. So Kevin Chi Heng (Chief Operation Oficer)

Mr. So Chi Sun Suny

Independent Non-executive Directors:

Dr. Lui Ming Wah, PhD, SBS, JP

Mr. Lai Yat Hung Edmund

Ms. Au-Yeung Kit Ping

The Company has received anual writen confirmation from each of the

Independent Non-executive Directors, namely Dr. Lui Ming Wah, PhD, SBS,

JP, Mr. Lai Yat Hung Edmund and Ms. Au-Yeung Kit Ping, confirming their

independence pursuant to Rule 3.13 of the Rules Governing the Listing of

Securities on the Stock Exchange (the “Listing Rules”), and considers the

Independent Non-executive Directors to be independent.

Profiles of the Directors and senior management of the Group as at the date

of this anual report are set out on pages 19 to 22 of this anual report.

REMUNERATION POLICY

The remuneration of the Directors is recomended by the Remuneration

Comite, and aproved by the Board of Directors (the “Board”), as

authorised by shareholders in the anual general meting of the Company,

having regard to their skils, knowledge and involvement in the Company’s

afairs. No Directors are involved in deciding their own remuneration.

We ofer competitive remuneration package, including medical and

retirement benefits, to eligible employes. Apart from basic salary, Executive

Directors and employes are eligible to receive a discretionary bonus taking

into acount factors such as market conditions as wel as corporate and

individual’s performance during the year.

In order to atract, retain and motivate the eligible employes, including the

Directors, the subsidiaries have adopted share option schemes. The schemes

enable the eligible persons to obtain an ownership interest in the subsidiaries

and thus wil motivate them to optimise their continuing contributions to the

Group.

董事

年内之本公司董事如下：

执行董事：

苏煜均博士（主席兼行政总裁）

苏智恒先生（营运总裁）

苏智燊先生

独立非执行董事：

吕明华博士，PhD，SBS，太平绅士

黎鸿先生

欧阳洁平女士

根据联交所证券上市规则（「上市规则」）第3.13条，本

公司已收到各独立非执行董事（即吕明华博士，PhD，

SBS，太平绅士、黎鸿先生及欧阳洁平女士）各自所发

出之年度确认书，确认彼等之独立性，并认为各独立

非执行董事均为独立人士。

各董事及本集团高级管理层于本年报日期之履历载于

本年报第19页至第22页。

薪酬政策

董事之薪酬乃由薪酬委员会作出建议，并由董事会

（「董事会」）经股东在本公司股东周年大会授权下批

准，当中已考虑彼等之技能、知识及对本公司事务之

参与程度。各董事不得参与厘定其本身之薪酬。

我们向合资格雇员提供具竞争力之薪酬组合，包括医

疗及退休福利。除基本薪金外，执行董事及雇员亦可

享有酌情花红，此乃经考虑市况以及公司与个人于年

内之表现等因素后发放。

为吸引、保留及激励合资格雇员（包括董事），附属公

司已采纳购股权计划。该等计划让合资格人士可拥有

附属公司之所有权益，从而推动彼等持续为本集团

作出最大贡献。

Directors’ Report

董事会报告

AV Concept Holdings Limited Anual Report 2025 年报

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

No Director nor a conected entity of Director had a material interest,

either directly or indirectly, in any transactions, arangements or contracts

of significance to the busines of the Group to which any of the Company’s

subsidiaries was a party during the year.

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS IN

SHARES AND UNDERLYING SHARES

As at 31 March 2025, the interests of the Directors and chief executive of the

Company in the shares and underlying shares of the Company or its asociated

corporations (within the meaning of Part XV of the Securities and Futures

Ordinance (the “SFO”), as recorded in the register required to be kept by the

Company pursuant to section 352 of the SFO, or as otherwise notified to the

Company and the Stock Exchange pursuant to the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model Code”) contained in

the Listing Rules, are as folows:

Long position in shares of the Company and asociated

corporation

Interests in shares of the Company

Name of Director and chief executive

Nature of interest

and capacity

Number of

ordinary

shares of the

Company

Aproximate

percentage of

interest in the

isued shares

董事及最高行政人员姓名权益性质及身份本公司普通股数目

已发行股份权益

概约百分比

Dr. So

苏博士

Corporate interest

公司权益

535,697,46864.68%

Beneficial owner

实益拥有人

52,058,400

(Note)

（附注）

Note: These shares include (i) 423,529,602 shares of the Company held by B.K.S. Company

Limited (“BKS”); (i) 112,167,866 shares of the Company held by Jade Concept

Limited (“Jade Concept”); and (i) 52,058,400 shares of the Company held by Dr. So

as beneficial owner. Dr. So is demed to be interested in 535,697,468 shares of the

Company by virtue of his interests in BKS and Jade Concept, the particulars are more

fuly described in the section headed “Interests of Substantial Shareholders” below.

董事于交易、安排或合约之权益

各董事或其关连实体于年内概无于本公司任何附属公

司所订立的任何对本集团业务属重大之交易、安排或

合约中直接或间接拥有重大权益。

董事及最高行政人员于股份及相关股份

之权益

于二零二五年三月三十一日，本公司董事及最高行政

人员于本公司或其相联法团（定义见证券及期货条例

（「证券及期货条例」）第XV部）之股份及相关股份中拥

有本公司根据证券及期货条例第352条之规定须予保

存之登记册所记录之权益，或根据上市规则所载上市

发行人董事进行证券交易的标准守则（「标准守则」）须

另行知会本公司及联交所之权益如下：

于本公司及相联法团股份之好仓

于本公司股份之权益

附注：该等股份包括(i) 由B.K.S. Company Limited （「BKS」）持有

之423,529,602股本公司股份；(i)由Jade Concept Limited

（「Jade Concept」）持有之112,167,866股本公司股份；及

(i)由苏博士（作为实益拥有人）持有之52,058,400股本公

司股份。根据苏博士在BKS及Jade Concept之权益，彼被

视为于535,697,468股本公司股份中拥有权益，有关详情

于下文「主要股东之权益」一节进一步详述。

董事会报告

Anual Report 2025 年报 AV Concept Holdings Limited

Directors’ Report

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

chief executive of the Company had registered any interests or short positions

in the shares, underlying shares or debentures of the Company or any of

its asociated corporations (within the meaning of Part XV of the SFO) as

recorded in the register required to be kept under section 352 of the SFO, or as

otherwise notified to the Company pursuant to the Model Code.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Save as disclosed in the section headed “Directors’ and Chief Executive’s

Interests in Shares and Underlying Shares” and in the share option schemes

disclosed in note 30 to the consolidated financial statements, at no time

during the year were rights to acquire benefits by means of the acquisition

of shares in or debentures of the Company granted to any Directors or

their respective spouses or minor children, or were any such rights exercised

by them; or was the Company or any of its subsidiaries a party to any

arangement to enable the Directors to acquire such rights in any other body

corporate.

INTERESTS OF SUBSTANTIAL SHAREHOLDERS

As at 31 March 2025, the folowing substantial shareholders (other than the

Directors and chief executive of the Company) had interests of 5% or more

in the shares of the Company as recorded in the register required to be kept

under section 336 of the SFO:

Long position in the shares of the Company

Name of shareholderNature of capacity

Number of

shares held

Aproximate

percentage of

interest in the

isued shares

股东名称╱姓名身份性质所持股份数目

已发行股份权益

概约百分比

BKSBeneficial owner

实益拥有人

423,529,602 (Note 1)

（附注1）

46.61%

Jade ConceptBeneficial owner

实益拥有人

112,167,866 (Note 2)

（附注2）

12.34%

Madam Yeung Kit Ling (“Madam Yeung”)

杨洁玲女士（「杨女士」）

Interest of spouse

配偶之权益

587,755,868 (Note 3)

（附注3）

64.68%

除上文所披露者外，于二零二五年三月三十一日，概

无本公司董事及最高行政人员于本公司或其任何相联

法团（定义见证券及期货条例第XV部）之股份、相关股

份或债权证中登记拥有根据证券及期货条例第352条

之规定须予保存之登记册所记录或根据标准守则须另

行知会本公司之任何权益或淡仓。

董事购买股份或债权证之权利

除「董事及最高行政人员于股份及相关股份之权益」一

节所披露者及综合财务报表附注30所披露之购股权计

划外，概无于年内任何时间向任何董事或彼等各自之

配偶或未成年子女授予可藉购买本公司股份或债权证

而获得利益之权利，彼等亦概无行使该等权利；而本

公司或其任何附属公司亦概无参与订立任何安排，致

使董事可于任何其他法人团体获得该等权利。

主要股东之权益

于二零二五年三月三十一日，以下主要股东（本公司

董事及最高行政人员除外）于本公司股份中拥有根据

证券及期货条例第336条之规定须予保存之登记册所

记录之5%或以上权益：

于本公司股份之好仓

Directors’ Report

董事会报告

AV Concept Holdings Limited Anual Report 2025 年报

Notes:

1. BKS is beneficialy owned by Dr. So. By virtue of the SFO, Dr. So is demed to be

interested in 423,529,602 shares of the Company held by BKS.

2. Jade Concept is beneficialy owned by Dr. So. By virtue of the SFO, Dr. So is demed to

be interested in 112,167,866 shares of the Company held by Jade Concept.

3. As Madam Yeung is the spouse of Dr. So, by virtue of the SFO, she is demed to be

interested in the shares of the Company held by BKS and Jade Concept in which Dr. So

has interest, and 52,058,400 shares held by Dr. So as beneficial owner.

Save as disclosed above, as at 31 March 2025, the Company has not ben

notified by any person or corporation (other than the Directors and chief

executive of the Company whose interests are set out above) having interests

in the shares and underlying shares of the Company which were required

to be notified to the Company pursuant to Part XV of the SFO or which are

recorded in the register required to be kept by the Company under section

336 of the SFO.

RELATED PARTY TRANSACTIONS

Details of the significant related party transactions undertaken in the

normal course of busines are provided under note 34 to the consolidated

financial statements. None of the related party transactions as disclosed in

note 34 to the consolidated financial statements is subject to the reporting,

anouncement and independent shareholders’ aproval requirements of the

Listing Rules.

SHARE OPTION SCHEMES

The subsidiaries of the Company operate share option schemes (the

“Schemes”) for the purpose of providing incentives and rewards to eligible

participants who contribute to the suces of the Group’s operation. Further

details of the Schemes are disclosed in note 30 to the consolidated financial

statements.

CHARITABLE CONTRIBUTIONS

During the year, the Group had not made charitable contributions (2024: Nil).

附注：

1. BKS由苏博士实益拥有。根据证券及期货条例，苏博士

被视为于BKS持有之423,529,602股本公司股份中拥有权

益。

2. Jade Concept由苏博士实益拥有。根据证券及期货条例，

苏博士被视为于Jade Concept持有之112,167,866股本公

司股份中拥有权益。

，故根据证券及期货条例，彼

被视为于苏博士拥有权益之BKS及Jade Concept持有之本

公司股份及苏博士作为实益拥有人持有之52,058,400股

份中拥有权益。

除上文所披露者外，于二零二五年三月三十一日，本

公司并无接获任何人士或法团（本公司董事及最高行

政人员除外，彼等之权益载于上文）通知，表示彼等

于本公司股份及相关股份中拥有根据证券及期货条例

第XV部须知会本公司或本公司根据证券及期货条例第

336条之规定须予保存之登记册所记录之权益。

有关连人士交易

于正常业务过程中进行之重大有关连人士交易之详

情，载于综合财务报表附注34。综合财务报表附注

34所披露之有关连人士交易概毋须遵守上市规则之申

报、公告及独立股东批准之规定。

购股权计划

本公司附属公司设有购股权计划（「该等计划」），旨在

向对本集团之营运成就作出贡献之合资格参与者提供

奖励及回报。有关该等计划之进一步详情于综合财务

报表附注30披露。

慈善捐款

年内，本集团并无作出慈善捐款（二零二四年：无）。

董事会报告

Anual Report 2025 年报 AV Concept Holdings Limited

Directors’ Report

MAJOR CUSTOMERS AND SUPLIERS

During the year under review, sales to the Group’s five largest customers

acounted for aproximately 46% of the Group’s total sales for the year and

sales to the largest customer included therein amounted to aproximately

23%. Purchases from the Group’s five largest supliers for the year acounted

for aproximately 96% of the Group’s total purchases and purchases from

the largest suplier included therein amounted to aproximately 91%.

None of the Directors or any of their asociates (as defined in the Listing

Rules), or any shareholders (which, to the best knowledge of the Directors,

own more than 5% of the Company’s isued share capital) had any beneficial

interest in the Group’s five largest customers or supliers.

DIRECTORS’ INTEREST IN COMPETING BUSINESES

During the year, none of the Directors or their respective asociates (as

defined in the Listing Rules) were considered to have an interest in a busines

which competes or is likely to compete, either directly or indirectly, with the

busines of the Group, other than those busineses of which the Directors

were apointed as directors to represent the interests of the Company and/or

the Group.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within the

knowledge of the Directors, at least 25% of the Company’s total number of

isued shares were held by the public during the year ended 31 March 2025

and as at the date of this report.

DIRECTORS’ SERVICE CONTRACTS

Each of the executive directors has entered into a service agrement with the

Company for a term of one year, and each of the independent non-executive

directors has entered into a leter of apointment with the Company for a

term of one to thre years.

None of the directors being proposed for re-election at the forthcoming

anual general meting has a service contract with any member of the Group

which is not determinable by the Group within one year without payment of

compensation (other than statutory compensation).

主要客户及供应商

回顾年度内，对本集团五位最大客户之销售额占本集

团年内总销售额约46%，其中对最大客户之销售额占

总销售额约23%。年内向本集团五位最大供应商作出

之采购额占本集团总采购额约96%，其中向最大供应

商作出之采购额占总采购额约91%。

董事或彼等之任何联系人（定义见上市规则）或任何股

东（就董事所知拥有本公司已发行股本5%以上者）概

无于本集团五位最大客户或供应商中拥有任何实益权

益。

董事于竞争业务之权益

年内，概无董事或彼等各自之联系人（定义见上市规

则）被视为于与本集团业务直接或间接构成或可能构

成竞争之业务中拥有权益（董事获委任出任董事以代

表本公司及╱或本集团利益之业务除外）。

公众持股量之充足程度

根据本公司从公开途径可得之资料及据董事所知，于

截至二零二五年三月三十一日止年度及于本报告日

期，本公司已发行股份总数至少25%由公众持有。

董事服务合约

各执行董事已与本公司订立为期一年之服务协议，及

各独立非执行董事已与本公司订立为期一至三年之委

任函。

概无拟于应届股东周年大会上重选的董事与本集团任

何成员公司订有本集团不可于一年内终止而毋须赔偿

（法定赔偿除外）的服务合约。

Directors’ Report

董事会报告

AV Concept Holdings Limited Anual Report 2025 年报

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole

or any substantial part of the busines of the Company were entered into or

existing during the year.

PERMITED INDEMNITY PROVISION

During the year under review and as at the date of this report, an indemnity

provision was in force. The Company has aranged apropriate directors’

liability insurance coverage for the Directors during the year under review.

CORPORATE GOVERNANCE

Particulars of the Company’s corporate governance practices are set out on

pages 36 to 46 of this anual report.

DISCLOSURE PURSUANT TO RULE 13.22 OF THE

LISTING RULES

As at 31 March 2025, the agregate amount of financial asistance to, and

(where aplicable) guarante given for the loan facilities granted to, afiliated

companies of the Company, exceds 8% under the asets ratio as defined

under Rule 14.07 (1) of the Listing Rules. In compliance with the requirement

of Rule 13.22 of the Listing Rules, the combined statement of financial

position of the afiliated companies (with atributable interest of the Group in

the afiliated companies) as at the latest aplicable date is set out below:

Combined statement

of financial position

Group’s

atributable

interest

合并财务状况表本集团应占权益

HK$’000HK$’000

千港元千港元

Non-curent asets非流动资产135,676101,757

Curent asets流动资产6,921,7055,191,279

Curent liabilities流动负债(5,084,324)(3,813,243)

Non-curent liabilities非流动负债(1,013)(760)

1,972,0441,479,033

Share capital股本180,000135,000

Reserves储备1,792,0441,344,033

1,972,0441,479,033

管理合约

年内概无订立或存在有关本公司整体或任何重大部分

业务之管理及行政合约。

获准许弥偿条文

回顾年度内及于本报告日期，有一项弥偿条文生效。

本公司已于回顾年度内为董事安排适当董事责任保险

保障。

企业管治

本公司企业管治常规之详情，载于本年报第36页至第

46页。

根据上市规则第13.22条作出之披露

于二零二五年三月三十一日，本公司联属公司获得之

财务资助及（如适用）就其获授贷款融资提供之担保之

总额超过上市规则第14.07(1)条所界定之资产比率之

8%。为符合上市规则第13.22条之规定，于最近适用

日期，联属公司之合并财务状况表（包括本集团于联

属公司中应占权益）载列如下：

董事会报告

Anual Report 2025 年报 AV Concept Holdings Limited

Directors’ Report

AUDITOR

Ernst & Young retire and a resolution for their re-apointment as auditor of

the Company wil be proposed at the forthcoming anual general meting.

On Behalf of the Board

So Kevin Chi Heng

Director

Hong Kong, 30 June 2025

核数师

安永会计师事务所任满告退，本公司将在应届股东周

年大会上提呈决议案，续聘其为本公司之核数师。

代表董事会

董事

苏智恒先生

香港，二零二五年六月三十日

CORPORATE

GOVERNANCE

REPORT

企业管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Corporate Governance Report

CORPORATE GOVERNANCE PRACTICE

The Group is comited to maintain a high standard of corporate governance

and enhance its transparency and corporate value. The Group believes that

god corporate governance provides a framework betwen the Board and the

shareholders so as to enhancing shareholders’ interest and value as a whole.

The Board continualy reviews and improves its corporate governance practices

to ensure the Company keps abreast of the expectation of shareholders of

the Company (“Shareholders”).

The purpose of this report is to provide Shareholders with information on

the major principles and corporate governance practices adopted by the

Company.

Throughout the year ended 31 March 2025, the Company has aplied the

major principles and complied with the code provisions, except for the code

provision C.2.1, as set out in the Corporate Governance Code and Corporate

Governance Report (the “Corporate Governance Code”) contained in

Apendix 14 of the Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited (the “Listing Rules”). Further details of the

Company’s corporate governance practices wil be described in the folowing

sections.

BOARD OF DIRECTORS

The Board should asure responsibility for leadership and control of the

Company and its subsidiaries, and is colectively responsible for directing and

supervising the Company and its subsidiaries afairs.

The Board, led by the Chairman, is responsible for the formulation of the

Group’s busines objectives and strategies. Maters reserved for the Board

are those afecting the Group’s overal strategic policies, finance and risk

management. The senior management is responsible for the day-to-day

operations of the Group directed by leadership of the Executive Directors. To

this end, the senior management has to implement, manage and monitor

the busines plans, internal controls and corporate governance practices

developed by the Board.

企业管治常规

本集团一直致力维持高水平之企业管治，并承诺提高

其透明度及企业价值。本集团相信，良好之企业管治

为董事会与股东之间提供框架，借以提高股东之整体

利益及价值。董事会将持续检讨及改善其企业管治常

规，以确保本公司之运作达致本公司股东（「股东」）之

期望。

本报告旨在为股东提供有关本公司所采纳主要原则及

企业管治常规之资料。

于截至二零二五年三月三十一日止年度内，本公司

已应用香港联合交易所有限公司证券上市规则（「上市

规则」）附录十四所载之企业管治守则及企业管治报告

（「企业管治守则」）载列之主要原则及遵守则条文，

惟守则条文第C.2.1条之偏离除外。有关本公司企业管

治常规之进一步详情，将于以下各节详述。

董事会

董事会须承担领导及监控本公司及其附属公司之职

责，并共同负责指导及监督本公司及其附属公司之事

务。

董事会由主席领导，负责制定本集团之业务目标及策

略。董事会专责处理影响本集团整体策略政策、财务

及风险管理之事宜。在执行董事之领导下，高级管理

层负责本集团之日常营运。为达到此目的，高级管理

层须实施、管理及监察董事会所制定之业务计划、内

部监控及企业管治常规。

Corporate Governance Report

企业管治报告

AV Concept Holdings Limited Anual Report 2025 年报

Board Composition

The composition of the Board ensures a balance of skils and experience

apropriate for the requirements of the busines of the Company.

As at 31 March 2025, the Board comprised thre Executive Directors and

thre Independent Non-executive Directors (“INEDs”). One of the INEDs has

apropriate profesional qualifications, or acounting or related financial

management expertise as required under the Listing Rules.

Each of the INEDs has made an anual confirmation of independence

pursuant to Rule 3.13 of the Listing Rules. The Company considers the INEDs

to be independent. Having the INEDs in the Board ensure that independent

judgment is exercised and that a proper balance of power is maintained

for ful and efective control of the Group and its executive management.

The Directors believe that the existing Board composition reflects the

Company’s respect for high standards of busines conduct comonly

adopted by multinational enterprises. The INEDs perform an important role in

safeguarding the Shareholders’ interests.

The Board as a whole is responsible for reviewing the Board composition

(which include an asesment of the skils, knowledge and experience of the

existing Directors and suitable candidates) and for formulating procedures for

apointment of its own members and for nominating them for election by

the Shareholders on the first apointment and thereafter at regular intervals

through the retirement by rotation proces pursuant to the Articles of

Asociation of the Company.

Each of the INEDs has ben apointed for specific term and has entered into

a leter of apointment with the Company for a term of one to thre years,

which shal continue thereafter unles and until terminated by either party

giving the other not les than one month’s notice in writing. Al the Directors

are subjected to retirement by rotation in acordance with the Articles of

Asociation of the Company.

In acordance with Article 114 of the Articles of Asociation of the Company,

Dr. So Yuk Kwan (“Dr. So”) and Ms. Au-Yeung Kit Ping wil retire by rotation

at the Anual General Meting. They are being eligible to ofer themselves for

re-election at the Anual General Meting.

董事会组成

董事会之组成确保在技能与经验方面取得适合本公司

业务所需之平衡。

于二零二五年三月三十一日，董事会由三名执行董事

及三名独立非执行董事（「独立非执行董事」）组成。其

中一名独立非执行董事具备上市规则所规定之适当专

业资格或会计或相关财务管理专业知识。

各独立非执行董事已根据上市规则第3.13条发出年度

独立性确认书。本公司认为各独立非执行董事均为独

立人士。董事会拥有独立非执行董事可确保其作出独

立判断及维持恰当之权力平衡，从而全面及有效地监

控本集团及其行政管理。董事相信现有之董事会组成

反映本公司重视跨国企业所普遍采纳之高水平营业操

守。独立非执行董事在保障股东利益方面起着重要作

用。

董事会全体负责检讨董事会组成（包括评估现任董事

及适当候选人之技能、知识及经验），并制定程序委

任其本身成员及于首次委任时提名彼等以供股东选举

及其后根据本公司之章程细则以轮值告退方式定期委

任。

各独立非执行董事均有指定任期，并与本公司订立委

任函，为期一至三年，其后将持续有效，直至任何一

方向对方发出不少于一个月之书面通知予以终止为

止。全体董事均须根据本公司之章程细则轮值告退。

根据本公司章程细则第114条，苏煜均博士（「苏博

士」）及欧阳洁平女士将于股东周年大会上轮值告退。

彼等合资格及愿意于股东周年大会接受重选。

企业管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Corporate Governance Report

Chairman and Chief Executive Oficer

Code provision C.2.1 stipulates that the roles of chairman and chief executive

should be separate and should not be performed by the same individual.

The positions of Chairman and Chief Executive Oficer (the “CEO”) of the

Company are held by Dr. So.

Dr. So is primarily responsible for overal busines strategies and busines

development to the Company. Dr. So is the founder of the Group and has

over 49 years of experience in the electronic industry.

The Board believes that vesting the roles of both the Chairman and the

CEO in the same person can facilitate the execution of the Group’s busines

strategies and bost efectivenes of its operation. Therefore, the Board

considers that the deviation from the code provision C.2.1 of the Corporate

Governance Code is apropriate in such circumstance. In adition, under

the supervision of the Board which is comprised of thre Executive Directors

and thre Independent Non-executive Directors, the Board is apropriately

structured with balance of power to provide suficient checks to protect the

interests of the Group and its shareholders.

The Chairman is responsible for providing leadership to, and overseing the

functioning of the Board to ensure that the Board acts in the best interest of

the Company and the Shareholders as a whole. The Chairman determines

that the Board is provided with direction and suficient consultation for the

Directors in efectively discharging their responsibilities for diferent aspects of

the busines.

The CEO, suported by senior management, are responsible for implementation

of corporate goals, busines strategies and policies resolved by the Board from

time to time. The CEO asumes ful acountability to the Board in respect of

the Group’s operations and development.

Save as Dr. So, the Chairman and the CEO, is the father of Mr. Kevin So, the

Chief Operation Oficer, and Mr. Suny So, there is no relationship among

members of the Board.

主席及行政总裁

守则条文C.2.1规定，主席与行政总裁的角色应有区

分，不应由一人同时兼任。本公司之主席与行政总裁

（「行政总裁」）职位均由苏博士担任。

苏博士主要负责本公司整体业务策略及业务发展。苏

博士为本集团之创办人，于电子业拥有超过49年工作

经验。

董事会相信，将主席及行政总裁之职务交由同一人兼

任，能有助执行本集团之业务策略，提升营运效率。

因此，董事会认为，偏离企业管治守则之守则条文

C.2.1在有关情况下实属适当。此外，在董事会（由三

名执行董事及三名独立非执行董事组成）之监督下，

董事会恰当地以权力平衡之方式构建，为保障本集团

及其股东之权益提供充分监察。

主席负责领导董事会及监督董事会之运作，以确保董

事会按本公司及股东整体之最佳利益行事。主席确定

董事会获提供指引及充足咨询，以便董事有效地就不

同业务方面履行其职责。

行政总裁在高级管理层协助下负责落实董事会不时议

决之企业目标、业务策略及政策。行政总裁就本集团

之营运及发展对董事会负全责。

主席兼行政总裁苏博士为营运总裁苏智恒先生及苏智

燊先生之父亲，除此以外，董事会各成员之间概无关

连。

Corporate Governance Report

企业管治报告

AV Concept Holdings Limited Anual Report 2025 年报

Board Metings

Board metings are scheduled to be held at about quarterly interval. The

senior management of the Group from time to time reports to the Directors

information on the activities and development of the Group’s busines. In

adition, the Directors have ful aces to information on the Group and

independent profesional advice whenever demed necesary by the Directors.

The atendance record of regular four board metings held during the year is

set out below:

Name of Directors

Atendance/

Number of metings

Executive Directors

Dr. So Yuk Kwan (Chairman and

Chief Executive Oficer)4/4

Mr. So Kevin Chi Heng (Chief Operation Oficer)4/4

Mr. So Chi Sun Suny4/4

Independent Non-executive Directors

Dr. Lui Ming Wah, PhD, SBS, JP4/4

Mr. Lai Yat Hung Edmund4/4

Ms. Au-Yeung Kit Ping4/4

Board Comites

As at the date of the report, there were four Board Comites, namely, the

Audit Comite, the Remuneration Comite, the Nomination Comite

and the Corporate Governance Comite in operation and each one of

them was established with specific terms of references to asist the Board

discharging its responsibilities and maintaining proper internal controls and to

promote god corporate governance as a whole.

Audit Comite

As at 31 March 2025, the Audit Comite comprises of thre Independent

Non-executive Directors. The Audit Comite is chaired by Mr. Lai Yat Hung

Edmund and the other members include, Dr. Lui Ming Wah, PhD, SBS, JP and Ms

Au-Yeung Kit Ping.

The principal duties of the Audit Comite include (i) to discus with the

external auditor before the audit comence, the nature and scope of the

audit and confirm their independence and objectivity; (i) to review the

Group’s financial information before submision to the Board; (i) to review

the Group’s financial reporting system and the efectivenes of the audit

proces with internal control procedure; (iv) to review the adequacy and

efectivenes of the Group’s risk management and internal control system and

internal audit function; and (v) to review external auditor’s management leter

and the relationship with the Group.

董事会议

董事会议预定大约每季度举行一次。本集团之高级

管理层不时向董事报告有关本集团业务之活动及发展

的资料。此外，董事可取阅本集团之一切资料，并于

彼等认为有需要时征询独立专业意见。

年内举行之四次常规董事会议之出席记录载列如

下：

董事姓名

会议出席╱

举行次数

执行董事

苏煜均博士

（主席兼行政总裁）4/4

苏智恒先生（营运总裁）4/4

苏智燊先生4/4

独立非执行董事

吕明华博士，PhD，SBS，太平绅士4/4

黎鸿先生4/4

欧阳洁平女士4/4

董事委员会

于本报告日期，本公司设有四个董事委员会，即审核

委员会、薪酬委员会、提名委员会及企业管治委员

会，各委员会均具有特定职权范围以协助董事会履行

其职责及维持适当内部监控以及促进整体良好企业管

治。

审核委员会

于二零二五年三月三十一日，审核委员会由三名独立

非执行董事组成。审核委员会之主席为黎逸鸿先生，

而其他成员包括吕明华博士，PhD，SBS，太平绅士及欧阳

洁平女士。

审核委员会之主要职责包括：(i)于审核开始前与外聘

核数师商讨审核之性质及范围并确认彼等之独立性及

客观性；(i)于向董事会提交本集团之财务资料前先作

审阅；(i)按内部监控程序检讨本集团之财务申报制度

及审核过程之有效性；(iv)检讨本集团的风险管理及内

部监控制度以及内部审核职能的充分及有效程度；及

(v)检讨外聘核数师之管理函件及与本集团之关系。

企业管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Corporate Governance Report

In acordance with the terms of reference of the Audit Comite, the Audit

Comite mets at least twice a year to review the interim results and the

final results of the Company.

During the year, two Audit Comite metings were held. The Audit

Comite had reviewed the Group’s audited consolidated financial

statements for the year ended 31 March 2024 and the interim results for

the six months ended 30 September 2024. The Audit Comite had also

reviewed and discused with the management the acounting principles and

practices adopted by the Group, and discused auditing, internal control and

financial reporting maters including the consolidated financial statements for

the year ended 31 March 2025.

The atendance record of the Audit Comite metings held during the year

is set out below:

Name of Audit Comite Members

Atendance/

Number of metings

Mr. Lai Yat Hung Edmund (Chairman) 2/2

Dr. Lui Ming Wah, PhD, SBS, JP2/2

Ms. Au-Yeung Kit Ping2/2

Remuneration Comite

As at 31 March 2025, the Remuneration Comite comprises of thre

Independent Non-executive Directors. The Remuneration Comite is chaired

by Dr. Lui Ming Wah, PhD, SBS, JP, and the other members include Mr. Lai Yat

Hung Edmund and Ms Au-Yeung Kit Ping. One Remuneration Comite

meting was held during the year to consider the salary adjustment of the

Directors and al members had atended the meting.

The principal responsibilities of the Remuneration Comite include making

recomendations to the Board on the Company’s policy and structure

for the remuneration of Directors and senior management and reviewing

the specific remuneration packages of al Executive Directors and senior

management by reference to the Company’s performance and profitability as

wel as remuneration benchmarks in the industry and the prevailing market

conditions. No Director or any of his asociates shal be involved in deciding

his own remuneration. The Remuneration Comite normaly mets once a

year and at other times as required.

根据审核委员会之职权范围，审核委员会须每年至少

举行两次会议，以审阅本公司之中期业绩及全年业

绩。

年内，审核委员会共举行了两次会议。审核委员会已

审阅本集团截至二零二四年三月三十一日止年度之经

审核综合财务报表及截至二零二四年九月三十日止六

个月之中期业绩。审核委员会亦已与管理层检讨及讨

论本集团所采纳之会计原则及惯例，并讨论审核、内

部监控及财务申报事宜，包括截至二零二五年三月

三十一日止年度之综合财务报表。

年内举行之审核委员会议之出席记录载列如下：

审核委员会成员姓名

会议出席╱

举行次数

黎鸿先生（主席）2/2

吕明华博士，PhD，SBS，太平绅士2/2

欧阳洁平女士2/2

薪酬委员会

于二零二五年三月三十一日，薪酬委员会由三名独立

非执行董事组成。薪酬委员会之主席为吕明华博士，

PhD，SBS，太平绅士，而其他成员包括黎鸿先生及欧阳

洁平女士。薪酬委员会于年内举行了一次会议以考虑

董事薪金调整，全体成员均有出席。

薪酬委员会之主要职责包括就本公司董事及高级管理

层之薪酬政策及架构向董事会提供建议，并参照本公

司之表现及盈利能力，以及业内薪酬基准及现行市

况，检讨所有执行董事及高级管理层之具体薪酬组

合。董事或其任何联系人均不得参与厘定其本身之薪

酬。薪酬委员会一般每年举行一次会议，并于有需要

时再举行会议。

Corporate Governance Report

企业管治报告

AV Concept Holdings Limited Anual Report 2025 年报

The atendance record of the Remuneration Comite meting held during

the year is set out below:

Name of Remuneration Comite Members

Atendance/

Number of metings

Dr. Lui Ming Wah, PhD, SBS, JP

(Chairman)1/1

Mr. Lai Yat Hung Edmund1/1

Ms. Au-Yeung Kit Ping1/1

Nomination Comite

As at 31 March 2025, the Nomination Comite comprises of thre

Independent Non-executive Directors. The Nomination Comite is chaired

by Ms Au-Yeung Kit Ping and the other members include Dr. Lui Ming Wah,

PhD, SBS, JP, and Mr. Lai Yat Hung Edmund.

The principal responsibilities of the Nomination Comite include (i) review

the structure, size and composition (including the skils, knowledge and

experience) of the Board at least anualy and make recomendations

on any proposed changes to the Board to complement the Company’s

corporate strategy; (i) identify individuals suitably qualified to become Board

members and select or make recomendations to the Board on the selection

of individuals nominated for directorships; (i) ases the independence of

Independent Non-executive Directors; and (iv) make recomendations to the

Board on the apointment or re-apointment of directors and sucesion

planing for directors, in particular the Chairman and the CEO.

The Nomination Comite meting held at least once a year and aditional

meting may be held as required. During the year, the Nomination Comite

held a meting and reviewed the structure, size and composition of the

Board.

The atendance record of the Nomination Comite meting held during the

year is set out below:

Name of Nomination Comite Members

Atendance/

Number of metings

Ms. Au-Yeung Kit Ping (Chairman)1/1

Dr. Lui Ming Wah, PhD, SBS, JP1/1

Mr. Lai Yat Hung Edmund1/1

年内举行之薪酬委员会议之出席记录载列如下：

薪酬委员会成员姓名

会议出席╱

举行次数

吕明华博士，PhD，SBS，太平绅士

（主席）1/1

黎鸿先生1/1

欧阳洁平女士1/1

提名委员会

于二零二五年三月三十一日，提名委员会由三名独立

非执行董事组成。提名委员会之主席为欧阳洁平女

士，而其他成员包括吕明华博士，PhD，SBS，太平绅士及

黎鸿先生。

提名委员会之主要职责包括(i)至少每年检讨董事会之

架构、人数及组成（包括技能、知识及经验），并就任

何为配合本公司之企业策略而拟对董事会作出之变动

提出建议；(i)物色具备合适资格可担任董事会成员之

人士，并挑选提名有关人士出任董事或就此向董事会

提出建议；(i)评核独立非执行董事之独立性；及(iv)

就董事委任或重新委任以及董事（尤其是主席及行政

总裁）继任计划向董事会提出建议。

提名委员会至少每年举行一次会议，并于有需要时再

举行会议。年内，提名委员会已举行一次会议，于会

上检讨董事会之架构、人数及组成。

年内举行之提名委员会议之出席记录载列如下：

提名委员会成员姓名

会议出席╱

举行次数

欧阳洁平女士（主席）1/1

吕明华博士，PhD，SBS，太平绅士1/1

黎鸿先生1/1

企业管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Corporate Governance Report

Board Diversity Policy

The Board has adopted the Board Diversity Policy and the Company believes

that the implementation of this policy wil help improve the functioning of

the Board and its corporate governance. Diversity of board members can be

achieved by considering various factors, including but not limited to gender,

age, ethnicity, cultural and educational background, profesional experience,

skil, knowledge and length of service. The Nomination Comite considers

whether the proposed Director satisfies the diversity of Directors or not while

identifying individuals suitably qualified to become a member of the Board.

The Nomination Comite wil regularly review the measurable objectives

that the Board has set for implementing the Board Diversity Policy and the

progres on achieving the objectives.

As at the date of the report, the Board consists of 5 male directors and 1

female director with diferent profesional backgrounds. The Nomination

Comite believes that the existing Board provides the required profesional

skils, experience and guidance for the Company’s operations and

management in terms of the Company’s relevant busines operations. The

Nomination Comite wil continue to review the Board diversity policy from

time to time to ensure its efectivenes.

Corporate Governance Comite

As at 31 March 2025, the Corporate Governance Comite comprises

of thre Independent Non-executive Directors. The Corporate Governance

Comite is chaired by Dr. Lui Ming Wah, PhD, SBS, JP, and the other members

included Mr. Lai Yat Hung Edmund and Ms Au-Yeung Kit Ping.

The Corporate Governance Comite is primarily responsible for developing

and reviewing the Company’s policies and practices on corporate governance

and making recomendations to the Board and reviewing the Company’s

compliance with the Corporate Governance Code.

The Corporate Governance Comite meting held at least once a year.

During the year, the Corporate Governance Comite held a meting and

reviewed the Company’s policies and practices on compliance with legal and

regulatory requirements.

The atendance record of the Corporate Governance Comite meting held

during the year is set out below:

Name of Corporate Governance Comite

Members

Atendance/

Number of metings

Dr. Lui Ming Wah, PhD, SBS, JP

(Chairman)1/1

Mr. Lai Yat Hung Edmund1/1

Ms. Au-Yeung Kit Ping1/1

董事会多元化政策

董事会已采纳董事会多元化政策，本公司相信这一政

策的实施将有助提升董事会职能及其企业管治水平。

董事会成员多元化可透过考虑多方面因素达到，当中

包括但不限于性别、年龄、种族、文化及教育背景、

专业经验、技术、知识和服务年期。提名委员会于物

色具备合适资格担任董事的人士之同时考虑该名候选

董事是否满足董事成员多元化。提名委员会将定期检

讨董事会为执行董事会成员多元化政策而制定的可计

量目标和达标进度。

于本报告日期，董事会由来自不同专业背景之5名男

性董事及1名女性董事组成。提名委员会认为，结合

本公司的相关经营业务，现行董事会为本公司的经营

和管理提供了所需的专业技能、经验和指导。提名委

员会将继续不时检讨董事会成员多元化政策，以确保

此政策的有效运行。

企业管治委员会

于二零二五年三月三十一日，企业管治委员会由三名

独立非执行董事组成。企业管治委员会之主席为吕明

华博士，PhD，SBS，太平绅士，而其他成员包括黎鸿先

生及欧阳洁平女士。

企业管治委员会主要负责制定及检讨本公司之企业管

治政策及常规，并向董事会提出建议，以及检讨本公

司遵守企业管治守则之情况。

企业管治委员会至少每年举行一次会议。年内，企业

管治委员会已举行一次会议，检讨本公司遵守法律及

监管规定之政策及常规。

年内举行之企业管治委员会议之出席记录载列如

下：

企业管治委员会成员姓名

会议出席╱

举行次数

吕明华博士，PhD，SBS，太平绅士

（主席）1/1

黎鸿先生1/1

欧阳洁平女士1/1

Corporate Governance Report

企业管治报告

AV Concept Holdings Limited Anual Report 2025 年报

RISK MANAGEMENT AND INTERNAL CONTROL

The Board reviews the Group’s risk management and internal control

system from time to time and wil take any necesary and apropriate action

to maintain an adequate risk management and internal control system

to safeguard Shareholders’ interests. An internal audit function which is

internaly resourced and forms part of the Group’s permanent establishment

is in charge for overal review on the efectivenes of the risk management

and internal control system and wil be discused anualy with the Audit

Comite.

During the financial year under review, the internal audit function had

aranged to conduct reviews over the efectivenes of the Group’s risk

management and internal control system to provide reasonable asurance

on the efectivenes and eficiency of operations in achieving the established

corporate objectives, safeguarding Group’s asets, providing reliable financial

reporting, and complying with aplicable laws and regulations.

The Board has also reviewed the adequacy of resources, qualifications and

experience of staf for the Company’s acounting and financial reporting

function and their training programes and budget. Both the Audit

Comite and the Board were satisfied that the risk management and

internal control system of the Group has ben functioned and adequately and

no material internal control aspects of any significant problems were noted.

WHISTLEBLOWING POLICY AND ANTI-CORUPTION

POLICY

The Company is comited to achieving and maintaining a high standard of

probity, openes, and acountability. A Whistleblowing Policy is in place to

create a system for the employes and those who deal with the Company

(e.g. busines partners and supliers) to raise concerns, in confidence, about

posible improprieties. Designated email acounts and other chanels have

ben set up for this purpose. The identity of each whistleblower and al

information provided in conection with a whistleblowing report wil be

treated with the strictest confidence. Al whistleblowing cases wil be reported

to the chairman and members of Audit Comite.

To uphold the Group’s zero tolerance towards al forms of coruption,

bribery and extortion and to provide guidance to employes on how to avoid

coruption, bribery and extortion in the course of their work, the Company

also adopts the Code of Busines Ethics which reflects the Company’s

stance and policies against coruption, and sets out the basic standard of

conduct expected of al employes, the Company’s policies on aceptance

of advantages and entertainment, and declaration of conflict of interest by

employes in conection with their positions or oficial duties.

MODEL CODE FOR SECURITIES TRANSACTIONS BY

DIRECTORS

The Company has adopted the Model Code for Securities Transactions by

Directors of Listed Isuers (the “Model Code”) as set out in Apendix 10 of

the Listing Rules. Having made specific enquiry with the Directors, al Directors

confirmed that they have complied with the required standard as set out in

the Model Code throughout the year ended 31 March 2025.

风险管理及内部监控

董事会不时检讨本集团之风险管理及内部监控制度，

并采取任何必需而适当之行动，以维持足够之风险管

理及内部监控制度，保障股东利益。内部审核职能以

内部资源支持，为本集团永久建制一部分，负责对风

险管理及内部监控制度之成效进行整体检讨，并将每

年与审核委员会进行讨论。

于回顾财政年度内，内部审核职能已安排就本集团风

险管理及内部监控制度之成效进行检讨，为营运之效

能及效率提供合理保证，以达致既定之企业目标、保

障本集团资产、提供可靠之财务报告及遵守适用之法

例及规例。

董事会亦已就本公司会计及财务报告职能检讨本公司

雇员之资源、资历及经验是否足够，以及检讨彼等之

培训计划及预算。审核委员会及董事会均信纳，本集

团之风险管理及内部监控制度行之有效且充足，并无

发现有关主要内部监控之任何重大问题。

举报政策及反贪污政策

本公司致力于实现并保持高标准的诚信、开放和问责

原则。本公司已制定举报政策，旨在为本公司雇员及

与本公司有往来者（如业务合作伙伴及供应商）建立一

个制度，以保密方式对可能发生的不当行为提出关

注。本公司已就此设立指定电邮账户及其他渠道。每

位举报人的身份及就举报告提供的所有资料将严格

保密。所有举报个案将向审核委员会主席及成员报

告。

为坚持本集团对一切形式的贪污、贿赂及勒索行为的

零容忍态度及为雇员在工作中如何避免贪污、贿赂及

勒索提供指引，本公司亦采纳了《商业道德守则》，该

守则反映本公司打击贪污的立场及政策，并订明对所

有雇员的预期基本操守则以及本公司有关接受利益

及招待及雇员就其职务或工作职责申报利益冲突的政

策。

董事进行证券交易之标准守则

本公司已采纳上市规则附录十所载之上市发行人董事

进行证券交易的标准守则（「标准守则」）。经对董事作

出特定查询后，所有董事确认彼等于截至二零二五年

三月三十一日止整个年度内均已遵守标准守则所载之

规定准则。

企业管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Corporate Governance Report

AUDITOR’S REMUNERATION

The remuneration paid/payable to the Company’s independent auditor during

the year, is set out as folows:

Services rendered所提供服务Fe paid/payable

已付╱应付费用

HK$’000

千港元

Audit of financial statements审核财务报表2,175

DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL

STATEMENTS

The Directors acknowledge their responsibility for preparing the consolidated

financial statements of the Group.

With the asistance of the Finance Department which is under the supervision

of the Chief Financial Oficer, the Directors ensure the preparation and

publication of the Group’s consolidated financial statements in a timely

maner in acordance with the aplicable laws, rules, regulations and

acounting standards. The Directors, having made apropriate enquiries,

consider that the Group has adequate resources to continue in operational

existence for the foreseable future and that, for this reason, it is apropriate

to adopt the going concern basis in preparing the Group’s consolidated

financial statements.

A statement by the Company’s auditor about their reporting responsibilities

on the Group’s consolidated financial statements is set out in the Independent

Auditor’s Report on pages 88 to 95 of this report.

INVESTORS RELATIONS

The Company established a dedicated investor relations section in order

to provide timely information to the investors as wel as Shareholders and

institutional investors. The Company also conducts a meting with institutional

investors and analysts from time to time and to maintain updated information

opened to the public regarding recent development of the Company. Relevant

information of investor relations is available on the Company’s website

(htp:/w.avconcept.com).

SHAREHOLDERS’ RIGHTS

The Company recognises the rights of Shareholders and their opinions are

valuable to the Company. The Shareholders are encouraged to participate

in general metings or to apoint proxies or corporate representatives to

atend and vote at metings for and on their behalf if they are unable to

atend the metings. The Shareholders are encouraged to raise their enquiries

on the operations, corporate governance, corporate strategy and further

development of the Company during the meting by way of shareholders’

rights. The proces of the Company’s general meting wil be monitored and

reviewed on a regular basis, and, if necesary, changes wil be made to ensure

that Shareholders’ neds are best served. The Board members, apropriate

senior executives and external auditor wil atend anual general metings to

answer Shareholders’ questions.

核数师酬金

年内，已付╱应付本公司独立核数师之酬金载列如

下：

董事就财务报表须承担之责任

董事确认彼等有责任编制本集团之综合财务报表。

在首席财务总监督之财务部门协助下，董事确保本

集团之综合财务报表乃根据适用法例、规则、规例及

会计准则及时编制及刊登。董事于作出适当查询后，

认为本集团拥有足够资源于可见将来继续进行营运，

有鉴于此，董事认为于编制本集团之综合财务报表时

采纳持续经营基准乃属恰当。

本公司核数师就彼等有关本集团综合财务报表之报告

责任发出之声明，载于本报告第88页至第95页之独立

核数师报告。

投资者关系

本公司专设投资者关系部门，以向投资者及股东以及

机构投资者提供及时资料。本公司亦不时与机构投资

者及分析师举行会议，并向公众提供有关本公司近期

发展之更新资料。投资者关系之有关资料于本公司网

站(htp:/w.avconcept.com)可供查阅。

股东权利

本公司认同股东之权利及彼等之意见对本公司非常宝

贵。本公司鼓励股东参与股东大会，股东如未克出席

会议，可委派代表或公司代表代其出席并于会上投

票。本公司鼓励股东于会上行使股东权利就本公司之

运作、企业管治、企业策略及进一步发展作出查询。

本公司会监察及定期检讨股东大会程序，如有需要将

作出改动，以确保其切合股东需要。董事会成员、适

当之高级行政人员及外聘核数师将出席股东周年大会

回答股东提问。

Corporate Governance Report

企业管治报告

AV Concept Holdings Limited Anual Report 2025 年报

Shareholders to convene an extraordinary general meting

In acordance with Article 68 of the Articles of Asociation of the Company,

general metings shal also be convened on the writen requisition of any one

or more members of the Company deposited at the principal ofice of the

Company in Hong Kong or, in the event the Company ceases to have such

a principal ofice, the registered ofice specifying the objects of the meting

and signed by the requisitionists, provided that such requisitionists held as at

the date of deposit of the requisition not les than one-tenth of the paid up

capital of the Company which caries the right of voting at general metings

of the Company.

Puting forward proposals by Shareholders at general

metings

Save for the procedures for the Shareholders to convene an extraordinary

general meting, there are no provisions in the Articles of Asociation of the

Company or the Cayman Islands Companies Law for Shareholders to propose

new resolutions at general metings. Shareholders who wish to propose

relevant resolutions may request the Company to convene a general meting

in acordance with the procedures set out in the preceding paragraph.

Puting forward enquiries by Shareholders to the Board

Shareholders may contact the Board for enquiries in respect of the Company’s

information, to the extent such information can be made available to the

public. Shareholders may at any time make enquiry in respect of the Company

in writing at our head ofice in Hong Kong by post or facsimile via the

numbers and email adres provided on the Company’s website.

SHAREHOLDERS COMUNICATION POLICY

The Company has established Shareholders Comunication Policy in providing

a comunication platform to the Shareholders of the Company with

information about the Company and enabling them to engage actively with

the Company and exercise their rights as shareholders in an informed maner.

Efective and timely disemination of information to Shareholders shal be

ensured at al times. Any question regarding this policy shal be directed to the

company secretary of the Company or the Board of Directors of the Company.

Apropriate arangements for the anual general meting shal be in place

to encourage Shareholders’ participation and al corporate comunication

wil be provided to Shareholders in plain language and in both English

and Chinese version to facilitate Shareholders’ understanding, including

but not limited to interim reports, anual reports, results anouncements,

notice of general meting, circulars, and asociated explanatory documents,

other anouncements and monthly return on movements in the

Company’s securities for each month and next day disclosure returns in

relation to the Company, which are available on the Company’s website

(htp:/w.avconcept.com).

CONSTITUTIONAL DOCUMENTS

The Company has adopted the amended and restated memorandum of

asociation (“New Asociation”) after aproved by its shareholders at the

anual general meting held on 30 August 2024. The New Asociation of

the Company is available on the website of the Stock Exchange and the

Company.

股东召开股东特别大会

根据本公司章程细则第68条，股东大会亦须于本公司

任何一名或以上股东向本公司的香港总办事处（倘该

办事处不再为本公司的总办事处，则为注册办事处）

提交列明会议目的并已由各申请人签署的申请书后召

开，而该等申请人于递交申请当日须持有附有权利于

本公司股东大会上投票的本公司已缴股本不少于十分

之一。

股东于股东大会上提出动议

除股东召开股东特别大会的程序外，本公司之章程细

则或开曼群岛公司法概无条文描述关于股东于股东大

会动议新决议案。有意动议有关决议案的股东可于依

循前段所载之程序后向本公司提交要求召开股东大

会。

股东向董事会提出查询

股东可根据本公司之资料联络董事会，公众可查阅该

等资料。股东可随时以书面形式并邮寄至本公司的香

港总办事处，或按照本公司网站所提供的传真号码及

电邮地址向本公司作出查询。

股东通讯政策

本公司已制定股东通讯政策，向本公司股东提供有关

本公司资料之沟通平台，并让彼等能积极与本公司沟

通，在知情况下行使彼等作为股东之权利。本公司

时刻确保有效率地向股东传达及时资讯。如对本政策

有任何疑问，应向本公司之公司秘书或本公司董事会

提出。股东周年大会将有适当安排鼓励股东参与其

中，所有向股东发放之公司通讯将以浅白中、英双

语编写，以便股东理解，该等通讯（包括但不限于中

报、年报、业绩公布、股东大会通告、通函及相关

说明文件及其他公布，以及本公司每月证券变动之

月报表及有关本公司之翌日披露报表）于本公司网站

(htp:/w.avconcept.com) 可供查阅。

宪章文件

经股东于二零二四年八月三十日举行的股东周年大会

上批准后，本公司已采纳经修订及重列之组织章程大

纲（「新组织章程」）。本公司之新组织章程刊载于联交

所及本公司网站。

ENVIRONMENTAL,

SOCIAL AND

GOVERNANCE

REPORT

环境、社会及管治报告

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

关于本报告

随著商业发展的多元化和全球化，环境、社会和管治

（「环境、社会及管治」）对一间公司的可持续发展变得

越来越重要。本集团深知将环境、社会及管治融入业

务营运及策略管理的重要性。为检视本集团在环境、

社会和管治方面的表现和管理，环境、社会和管治报

告（「本报告」）是审查和披露其综合治理表现的工具之

一。

本集团上下一心，相信创造可持续的业务营运有助于

实现长期稳定的发展。

报告范围

本报告涵盖本集团由二零二四年四月一日至二零二五

年三月三十一日期间于香港特别行政区的主营业务包

括半导体分销、消费类产品和产品采购业务、创投及

互联网社交媒体业务。本集团的政策，管理方法和关

键绩效指标（「关键绩效指标」）已包含在本报告中，而

环境数据则仅限于香港办公室和仓库的营运。今年的

报告范围与去年保持一致。

力求做到最好，本集团将审阅报告的涵盖内容和表

现，并在适用时扩大披露范围。

报告原则

本报告依照按《香港联合交易所有限公司（「联交所」）

证券上市规则》附录C2之环境、社会及管治报告指引

（「环境、社会及管治报告指引」）所载列之条文编制。

重要性、一致性、平衡和量化四项原则构成了本报告

的骨干。

ABOUT THE REPORT

With diverse and globalised busines development, environmental, social

and governance (the “ESG”) is increasingly important to one’s sustainable

development. The Group recognises the importance of integrating ESG

into busines operations and strategic management. To monitor its ESG

performance and management, the Environmental, Social and Governance

Report (the “Report”) is one of the tols to review and disclose its

performance for comprehensive governance.

With al in one mind, the Group believes that creating sustainable busines

operations helps achieve long-lasting and stable development.

Reporting Boundary

The Report covers the Group’s main busineses, including semiconductor

distribution, consumer product and product sourcing busines, venture capital

and internet social media busines, in the Hong Kong Special Administrative

Region for the period from 1 April 2024 to 31 March 2025. The Group’s

policies, management aproaches and key performance indicators (“KPIs”)

are included in the Report whilst environmental data is further restricted to

the operations in the Hong Kong ofice and warehouse. The scope of this

year’s report remains consistent with that of last year.

Striving for the best, the Group wil review the coverage and performance of

the Report and extend the scope of disclosures when aplicable.

Reporting Principles

The Report is prepared in acordance with the Environmental, Social and

Governance Reporting Guide (the “ESG Reporting Guide”) as set out in

Apendix C2 to the Main Board Listing Rules of the Stock Exchange of Hong

Kong Limited (the “Stock Exchange”). Four reporting principles, including

materiality, consistency, balance and quantitative, have formed the backbone

of the Report.

Reporting PrinciplesThe Group’s Aplication

报告准则本集团应用

MaterialityThe Group comunicates with diferent stakeholders to understand their expectations and neds

to identify the material isues. Through various forms of comunication, including interviews with

diferent stakeholders, the Group clarifies the focus of its ESG work for the reporting year and in

the future.

重要性本集团透过与不同持份者沟通，以了解他们的期望和需要，以识别重要议题。通过各种形式的沟

通，包括对不同持份者的采访，明确报告年度和未来的环境、社会及管治工作重点。

ConsistencyUnles otherwise specified, the Group has adopted the same methodologies.

一致性除非另有说明，本集团采用一致的方法。

BalanceThe Report is prepared in a fair and impartial maner that discloses both positive and negative

impacts of or towards its operations.

平衡本报告以公平公正的方式编制，披露了其营运的正面和负面影响。

QuantitativeWhen feasible, the Group quantifies its performance to enhance management and disclosure.

量化本集团在可行的情况下量化其表现以加强管理和披露。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

有关本集团企业管治常规的进一步资料，请参阅本年

报「企业管治报告」一节。

意见及回馈

为了持续改进，本集团重视内部和外部各方的意见

和反馈。如果您对本报告或其他环境、社会及管治

事宜有任何意见或查询，请随时发送电子邮件至

ir.dept@avconcept.com与我们联系。

可持续性发展管治

为实现可持续发展的综合管理，本集团的董事会（「董

事会」）负责监督整体环境、社会及管治表现并确定战

略决策。由来自不同部门的主要成员所组成的环境、

社会及管治工作小组（「工作小组」）协助下，董事会能

有效监察政策实施和目标进展。此管治方能让本集团

的环境、社会及管治管理流程得以有效率地运作。

为确保管理方法的有效性和实施，工作小组对其可持

续发展营运进行定期检查。如发现任何异常问题，工

作小组会整合资讯，与相关部门和分部沟通，听取反

馈意见。同时，工作小组随后将向董事会报告与环

境、社会及管治风险及机遇相关议题，协助董事会在

环境、社会及管治风险管理层面作出决策。本集团董

事会将根据具体的环境、社会及管治表现和实际情况

调整相关政策。

For further information on the Group’s corporate governance practices, please

refer to the “Corporate Governance Report” section of this Anual Report.

Opinion and Fedback

In order to achieve continuous improvement, the Group values opinions and

fedback from both internal and external parties. If you have any coments

or inquiries on the Report or other ESG maters, please do not hesitate to

SUSTAINABILITY GOVERNANCE

To achieve comprehensive management for sustainable development, the

Board of Directors (the “Board”) overses overal ESG performance and sets

strategic policies. The ESG Taskforce (the “Taskforce”), composed of core

members from diferent departments, suports the Board by monitoring

policy implementation and targets. This aproach enables the Group to

execute an eficient ESG management proces.

Board

董事会

• Establish sustainable

strategic directions

制定可持续战略方向

• Alocate resources to

suport the implementation

of policies and targets

分配资源以支持政策和目

标的实施

• Implement ESG strategies

and measures

实施环境、社会及管治策

略和措施

• Suport the establishment

of policies and measures

支持制定政策和措施

• Ensure compliance with

relevant Group policies

among employes in

relevant departments

确保相关部门的员工遵守

本集团的相关政策

• Encourage employes in

relevant departments to

participate in activities that

promote ESG performance

鼓励相关部门的员工参加

促进环境、社会及管治表

现的活动

• Identify ESG risks

识别环境、社会及管治风险

• Evaluate the efectivenes of internal control mechanisms

评估内部控制机制的有效性

’s performance in diferent aspects and adjust

relevant policies acording to ESG performance

检查和评估本集团在不同方面的表现，及根据环境、社会及管治的表现调

整相关政策

• Report to the Board regularly

定期向董事会报告

• Colect relevant information and data for the preparation of the Report

收集相关资讯和数据以准备环境、社会及管治报告

ESG Taskforce

环境、社会及

管治工作小组

Departments

and divisions

部门和分部

To ensure the efectivenes and implementation of the management

aproach, the Taskforce conducts regular asesments of its sustainability

operations. If any unusual isues are identified, the Taskforce consolidates

information and comunicates with relevant departments and divisions to

obtain their fedback. Simultaneously, the Taskforce wil then report to the

Board regarding ESG risks and oportunities, facilitating decision-making for

ESG risk management. The Group’s Board wil adjust relevant policies based

on specific ESG performance and actual circumstances.

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

Striving for excelence, the Group wil regularly review its governance

structure and establish sustainability-related strategies, targets, and other

isues under the Board’s oversight as apropriate. Although the Group does

not have a dedicated sustainable development policy for the reporting year,

it has incorporated the principles of sustainable development into its existing

relevant policies to foster sustainability.

STAKEHOLDERS ENGAGEMENT

Continuous comunication with both internal and external stakeholders is

esential for the Group’s sustainable development. The Group is comited

to understanding the expectations and neds of stakeholders and integrating

their fedback into considerations of sustainability strategies and management

aproaches. With the help of these stakeholders, the Group is advancing

efective governance, enhancing busines operations, and fostering win-win

coperation with relevant stakeholders.

During the year ended 31 March 2025, the Group comunicated with both

internal and external stakeholders via various comunication chanels.

Stakeholders GroupEngagement Chanels

持份者组别参与渠道

Employes

雇员

• Apraisals

评估

• Training sesions

培训课程

• Internal memorandum

内部备忘录

Investors

投资者

• Financial reports

财务报告

• Anual general metings

股东年度大会

• Corporate website

公司网站

• Direct comunication

直接通讯

Customers

客户

• Direct comunication

直接通讯

• Emails

电邮

• Complaint hotlines

投诉热线

Supliers & busines partners

供应商和商业伙伴

• Busines metings

业务会议

• Audit reports

审计报告

Government & other regulatory authorities

政府和其他监管机构

• Statutory filings and notification

法定存档和通知

• Regulatory or voluntary disclosures

监管或自愿披露

力求做到最好，本集团将定期检讨管治架构，并于适

当时候在董事会监督下制定可持续发展相关策略、目

标及其他事宜。尽管本集团在报告年度没有制定具体

的可持续发展政策，但本集团已将可持续发展的概念

纳入其现有的相关政策，以促进可持续发展。

持份者的参与

与内部和外部持份者的持续沟通对于本集团的可持续

发展至关重要。本集团致力了解持份者的期望和需

求，从而将他们的反馈纳入可持续发展战略和管理方

法的考虑中。在这些持份者的帮助下，本集团正推进

有效管治和提升业务营运，并促进与持份者的双赢。

截至二零二五年三月三十一日止年度，本集团已通过

各种沟通渠道与内部及外部持份者进行沟通。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

Stakeholders GroupEngagement Chanels

持份者组别参与渠道

Comunity

社区

• Comunity activities

社区活动

• Donations

捐赠

Materiality Asesment

Considering stakeholders’ fedback, busines nature and operational

performance, the Group has identified the material isues with regard to

the aspects stated in the ESG Reporting Guide. The results of the Group’s

asesment of ESG material isues have ben reviewed and remain consistent

with the previous year. The details are as folows:

AspectsMaterial Isues

范畴重要议题

Emisions

排放物

“GHG”) emisions

温室气体（「温室气体」）排放

• Air polutants

空气污染物

• Waste management

废弃物管理

Use of resources

资源使用

• Energy management

能源管理

• Water resources management

水资源管理

Environment and natural resources

环境及自然资源

• Air quality

空气质素

• GHG emisions

温室气体排放

Employment

雇佣

• Recruitment and promotion

招聘和晋升

• Compensation and dismisal

薪酬和解雇

• Benefits and welfares

福利和待遇

• Working hours and rest periods

工作时数和假期

, equal oportunities, and anti-discrimination

多元化、平等机会和反歧视

Health and safety

健康和安全

• Safety measures

安全措施

• Employe health management

员工健康管理

Development and training

发展及培训

• Development and training

发展及培训

重要性评估

本集团在考虑持份者的反馈、业务性质和经营业绩的

情况下，辨识了环境、社会及管治报告指引所述范畴

的重要议题。本集团对环境、社会及管治重大议题的

评估结果已作审阅，并与上一报告年度保持一致。具

体细节如下：

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

环境保护

本集团深知保护环境对自身及社会在可持续发展方面

的重要性。集团关注相关业务发展地区的绿色发展战

略，不断完善环境管理措施。本集团积极应对气候变

化风险带来的挑战及抓紧机遇。因此，本集团通过将

环境保护措施纳入日常营运和管理方法，努力将业务

营运对生态环境和自然资源可能产生的影响降到最

低。本集团严格管理并遵守《空气污染管制条例》、

《水污染管制条例》、《废物处置条例》、《噪音管制条

例》及相关法律法规等相关法规要求，截至二零二五

年三月三十一日止年度，本集团未发现任何违反环境

法律或条例。

本集团一直重视自身环境管理的审查，根据集团实际

发展情况调整相关战略措施。本集团将在未来开始讨

论和制定有关减碳节能和减少废物的环境目标，以促

进本集团在环境管理方面的可持续发展。同时，本集

团将在未来有需要的时候制定具体的环境政策，进行

综合管理。本集团还将在集团的营运管理过程中落实

现存政策中的环境管理。

AspectsMaterial Isues

范畴重要议题

Labour standards

劳工准则

• Prevention of child and forced labour

防止童工及强制劳工

Suply chain management

供应链管理

• Suply chain management

供应链管理

Product responsibility

产品责任

• Customer privacy protection

客户私隐保护

• Quality management

质量管理

“IP”) rights

知识产权（「知识产权」）

• Protection of privacy

私隐保护

Anti-coruption

反贪污

• Internal control

内部控制

Comunity investment

社区投资

• Comunity participation

社区参与

ENVIRONMENTAL CONSERVATION

The Group understands the importance of protecting the environment for

its sustainable development and that of society. It closely folows the gren

development strategies of the relevant busines development regions,

continuously improves its environmental management measures. The Group

actively adreses the chalenges and seizes the oportunities asociated

with the risks of climate change. Therefore, it strives to minimise the posible

impact of its busines operations on the ecological environment and natural

resources by incorporating environmental protection practices into its daily

operations and management methods. With stringent management and

compliance with relevant regulatory requirements, including the Air Polution

Control Ordinance, Water Polution Control Ordinance, Waste Disposal

Ordinance, Noise Control Ordinance and relevant laws and regulations, the

Group was not aware of any violations of environmental laws and ordinances

during the year ended 31 March 2025.

The Group has always emphasised the review of its own environmental

management and adjusted the relevant strategic measures in acordance

with the actual development of the Group. The Group wil initiate discusions

and establish environmental targets for carbon and energy reduction, and

waste minimisation, to enhance sustainable development in environmental

management. At the same time, the Group wil develop specific environmental

policies as neded for comprehensive management and wil implement the

environmental management aspects of the existing policies in the operational

management proceses.

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

温室气体排放

本集团深知国家的绿色发展政策，积极配合国家的碳

中和减碳目标，并努力实现自身业务的可持续发展。

本集团认识到在碳和空气污染物排放方面的环境影

响。本集团将根据未来的业务需要，对相关的减排目

标进行相应调整。为减少相应的环境影响，我们在遵

守《大气污染防治条例》及其他相关法律法规时，采取

了各种减排措施，尤其是在电力和车辆使用方面。同

时，本集团通过鼓励员工参与，倡导环保经营。

GHG Emisions

The Group is wel aware of the country’s gren development policy and

actively coperates with the country’s carbon-neutral carbon reduction

target to achieve sustainable busines development. The Group recognises

its environmental impacts from carbon and air polutants emisions. The

Group wil make coresponding adjustments to the relevant emision

reduction targets in acordance with its future busines neds. To reduce the

coresponding environmental impacts, various reduction measures have ben

adopted when complying with the Air Polution Control Ordinance and other

relevant laws and regulations, especialy in the area of electricity consumption

and vehicle use. At the same time, the Group advocates environmentaly

friendly operations by encouraging the involvement of employes.

Employes’ BehavioursEquipment Enhancement

雇员行为设备改善

• Put up energy-saving reminder labels next to switches and

in prominent locations;

在开关和当眼处张贴节能告示；

• Switch of idling devices and ofice equipment when it is

not in use;

在不使用时，关闭闲置装置和办公设备；

• Encourage adjusting or switching of air-conditioners with

regard to the temperature and situation in the ofice;

鼓励根据办公室的温度和情况调整或关闭空调；

;

鼓励使用网络或电话会议；

• Arange the last employe to check and turn of al

uneded air conditioning, lighting and ofice equipment

before leaving the ofice;

安排最后一名员工在离开办公室前检查并关闭所有不需

要的空调、照明和办公设备；

, emails and cloud

storage; and

鼓励使用电子文件、电子邮件和云端储存；及

• Encourage the use of sustainable modes of transportation

such as cycling or using public transportation.

鼓励使用可持续的交通方式，例如骑自行车或搭乘公共

交通。

• Progresively replace light bulbs with light-emiting diodes

(LED);

逐步使用发光二极管灯（LED）取替灯泡；

;

安装节能照明和冷却系统；

• Divide ofice area into diferent light zones and deploy

natural light as much as posible;

将办公室范围划分为不同照明区和尽量使用自然光；

• Kep dors and windows closed when air conditioning

equipment is runing;

空调设备运行时，保持门窗关闭；

• Set the temperature of air-conditioners no under 25

degres Celsius;

冷气机温度设定在不低于25℃；

• Arange cleaning regularly of dust screns for air

conditioning and ventilation equipment; and

定期安排清洁空调和通风设备的防尘网；及

• Replace old and highly poluting vehicles with more

environmentaly friendly and higher emision standards

models.

使用更环保、更高排放标准的车型取替旧和污染严重的

车辆。

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

截至二零二五年三月三十一日止度，温室气体排放总

量达到149.12吨二氧化碳当量，强度为1.19吨二氧

化碳当量╱雇员。作为本集团保护环境的一部分，本

集团避免了不必要的商务旅行，及优化了能源使用。

然而，在报告期间的商业增长驱动了商务旅行的显著

增加，这导致范围三其他间接温室气体排放量显著增

加，与上个报告年度相比，总温室气体排放量增加了

34.5%。展望未来，我们将透过探索各种措施，例如

优化差旅政策和推广虚拟替代方案，努力减少排放。

During the year ended 31 March 2025, the total GHG emisions reached

149.12 tones of carbon dioxide equivalent with an intensity of 1.19 tones

of carbon dioxide equivalent/employe. As part of the Group’s environmental

sustainability eforts, we have prevented unecesary busines travel and

optimised the use of energy. Nevertheles, busines growth during the

reporting period drove a substantial increase in busines travel. This led to

a notable increase in Scope 3 Other Indirect GHG emisions, resulting in a

34.5% increase in total GHG emisions compared to the previous reporting

period. Moving forward, we strive to mitigate emisions by exploring various

initiatives, such as optimising travel policies and promoting virtual alternatives.

GHG Emisions

Unit

Year ended

31 March 2025

Year ended

31 March 2024

温室气体排放量单位

截至二零二五年

三月三十一日

止年度

截至二零二四年

三月三十一日

止年度

Scope 1 Direct GHG emisions

范围1直接温室气体排放量

tones of carbon dioxide equivalent

吨二氧化碳当量

38.5232.12

Scope 2 Indirect GHG emisions

范围2间接温室气体排放量

tones of carbon dioxide equivalent

吨二氧化碳当量

27.0634.14

Scope 3 Other indirect GHG emisions

范围3其他间接温室气体排放量

tones of carbon dioxide equivalent

吨二氧化碳当量

83.5444.63

Total GHG emisions

温室气体排放量

tones of carbon dioxide equivalent

吨二氧化碳当量

149.12110.89

GHG emisions intensity

温室气体排放量密度

tones of carbon dioxide equivalent/employe

吨二氧化碳当量╱雇员

1.190.83

The Group’s GHG emisions include carbon dioxide, methane and nitrous oxide. For ease of reading and understanding, the data on GHG emisions are

presented in tones of carbon dioxide equivalent.

本集团的温室气体排放包括二氧化碳、甲烷及氧化亚氮。为方便阅读及理解，温室气体排放数据以二氧化碳当量吨数呈列。

Scope 1 refers to the Group’s direct GHG emisions, which include the combustion of petrol in the company’s mobile vehicle. The emisions were calculated

using the methodology and emision factors outlined in Apendix I “Guidelines for Reporting Environmental Key Performance Indicators” (“Apendix I”)

provided by the Stock Exchange.

范围1指的是集团直接的温室气体排放，包括公司车辆中汽油的燃烧。此排放量是依据联交所提供《附录二：环境关键绩效指标汇报指引》（「附录二」）中列

出的计算方法和排放因子进行计算。

Scope 2 refers to the Group’s indirect GHG emisions from consumption of purchased electricity. The emisions were calculated using the methodology

outlined in Apendix I provided by the Stock Exchange and the emisions factors published by the electricity provider.

范围2指的是集团因消耗购买的电力而产生的间接温室气体排放。这些排放量是根据联交所提供的附录二中列出的计算方法以及电力供应商披露的排放因子

进行计算。

Scope 3 refers to the Group’s other indirect GHG emisions, which include GHG emisions from electricity used for freshwater and sewage procesing,

paper waste disposal in landfils, and busines travel. During the reporting year, al wastepaper was colected for recycling and procesed by an apointed

recycler, resulting in no emisions from paper waste disposal in landfils. Emisions from freshwater and sewage procesing, as wel as paper waste disposal,

were calculated using the methodology outlined in Apendix I provided by the Stock Exchange, while busines travel emisions were calculated using the

International Civil Aviation Organisation (ICAO) Carbon Emisions Calculator.

范围3指集团其他间接温室气体排放，包括用于食水及污水处理的电力所产生的温室气体排放、在堆填区弃置废纸所产生的排放，以及商务出差所产生的

排放。在报告年度内，所有废纸均已收集作回收，并由指定回收商处理，因此未有在堆填区弃置废纸所产生的排放。食水及污水处理以及弃置废纸的排放

量，均按照联交所附录二所述的方法计算，而商务出差的排放量则采用国际民航组织碳排放计算器进行计算。

Historical data has ben updated to enhance acuracy. Emisions from busines travel were recalculated by considering flight clas and whether travel was

one-way or round-trip. As a result of these revisions, the total GHG emisions and intensity have ben adjusted acordingly. This aproach wil be consistently

aplied in future calculations unles further revisions are demed necesary.

历史数据已更新以提高准确性。商务旅行的排放量通过考虑航班等级和旅行方式（单程或往返）进行了重新计算。因此，总温室气体排放量和强度已作相应

调整。这种方法将在未来的计算中统一应用，除非有需要进行修订。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

气候变化

本集团意识到温室气体排放所带来的气候风险。急性

实体风险，如严重的暴雨、频繁的台风，会对本集团

供应链管理的运输过程产生重大的不利影响，导致电

子产品的损坏。此外，慢性实体风险，如全球气温逐

渐升高，可能导致本集团未来营运中的电力需求和营

运成本因冷却需求上升而增加。本集团还面临著转型

风险。市场风险方面，随著可持续发展理念的深入人

心，本集团的消费者可能会选择对环境友好的电子产

品。

为了应对气候变化可能带来的风险，集团已强化其气

候风险管理系统，参考国际可持续标准委员会发布的

气候相关披露的四个核心要素。集团将进一步加强并

遵守更新后的附录C2之环境、社会及管治报告守则

（「守则」）所列的最新气候相关披露要求，并在下一个

报告年度以「遵守或解释」的方式进行报告。

管治

本集团的环境、社会及管治工作小组负责甄别气候变

化带来的风险和机遇，将与气候变化相关的实体风险

和过渡风险纳入本集团的风险评估过程，并协助制定

政策的董事会监督相关政策，目标的实施和表现，从

而减轻气候变化对其业务营运的影响，增强本集团对

气候变化的抵御能力。

策略

本集团将持续调整策略，以有效应对气候变化带来的

风险和机遇。本集团每年对供应商进行质量审核，以

确保本集团提供的半导体等电子产品的销售过程得到

妥善管理。在出货前，本集团委托独立的第三方厂商

对产品进行检查。

风险管理

本集团所处的行业受气候变化相关的实体和市场风险

影响。本集团高度重视气候相关的风险评估，并将气

候风险管理纳入日常营运管理系统中。同时，本集团

将密切关注环境政策的变化，加强环境管理，推动本

集团的绿色营运和低碳转型。

Climate Change

The Group recognises the climate risks asociated with grenhouse gas

emisions. Acute physical risks, such as severe rainstorms and frequent

typhons, can adversely afect transportation proceses within the Group’s

suply chain, leading to damage to electronic products. In adition, chronic

physical risks, such as the gradual increase in global temperatures, may result

in higher electricity demand and operating costs in future operations due to

increased coling neds. The Group also faces transition risks, as consumers

may increasingly chose environmentaly friendly electronic products in response

to market trends favouring sustainable development.

To adres the risks that may be brought about by climate change, the Group

has strengthened its climate risk management system refering to four core

elements of IFRS S2 Climate-related Disclosures published by the International

Sustainability Standards Board. The Group wil further enhance and adhere

to the latest climate-related disclosure requirements as set out under Part D

of the updated Apendix C2, the “Environmental, Social and Governance

Reporting Code” (the Code) to the Main Board Listing Rules of the Stock

Exchange, on a “comply or explain” basis in the next reporting year.

Governance

The Taskforce is responsible for identifying risks and oportunities arising from

climate change, incorporating physical and transition risks related to climate

change into the Group’s risk asesment proces, and asisting the Board, which

sets policies, to monitor the implementation of relevant policies, targets and

performance, thereby mitigating the impact of climate change on its busines

operation and strengthening the Group’s resilience to climate change.

Strategy

The Group wil persist in adapting its strategy to efectively adres climate-

related risks and oportunities. The Group conducts anual quality audits of

its supliers to ensure that the sales proces of electronic products such as

semiconductors suplied by the Group is properly managed. The Group asigns

an independent third party to check the products before shiping out.

Risk Management

The Group’s industry is exposed to climate-related physical and market

risks. The Group ataches importance to relevant climate risk asesment

and incorporates climate risk management into its daily operation

management system. At the same time, the Group wil closely monitor

changes in environmental regulatory requirements, strengthen environmental

management and promote gren operations and low-carbon transition of the

Group.

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

The table below outlines the potential impacts that could afect the Group’s

busines:

RisksPotential ImpactCoresponding Strategies

风险潜在影响对应策略

Physical Risks

实体风险

• Extreme weather conditions can significantly disrupt

daily operations, leading to damage or destruction

of products during transportation. This, in turn,

leads to suply chain instability and an increase in

costs.

极端天气可能会显著干扰日常运营，导致产品在运

输过程中损坏或毁坏。这会导致供应链不稳定和成

本上升。

: The Group

identifies supliers or regions that are most

at risk from climate change impacts. This

proactive aproach enables us to adres

and mitigate potential disruptions by

implementing contingency plans or seking

alternative sourcing options.

进行风险评估：集团识别出受气候变化影响

风险最大的供应商或地区。这种主动的做法

使集团能够通过实施应急计划或寻求替代采

购选项来应对和减轻潜在的干扰。

Transition Risks

转型风险

, particularly energy, result in

higher procurement costs, threatening the stability

of the suply chain.

资源价格上涨，特别是能源，导致采购成本上升，

威胁供应链的稳定性。

, consumer

preferences are shifting towards environmentaly

friendly products, this change may lead to a decline

in sales of existing products and a decrease in

revenue for the company.

气候变化导致本集团的顾客改变了消费模式，更加

偏好选购环保产品。因此，此改变可能导致现有产

品的销售下降，减少公司收入。

: The Group integrates

sustainability criteria into the procurement

proces, such as evaluating supliers based

on their environmental performance.

可持续实践：本集团将可持续性的标准融入

采购流程，例如评估供应商的环境表现。

下列表概述了可能影响本集团业务的潜在影响：

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

Metrics and Targets

The Group is comited to enhancing the transparency of its environmental

disclosures. We wil establish quantifiable targets to strengthen investors’

right to know and make informed decisions. Proactively adresing climate-

related risks and oportunities, the Group wil strategicaly alocate resources

to implement targeted policies, mitigate identified risks, and track progres

towards defined climate objectives through robust governance.

Air Polutants

During the year ended 31 March 2025, the air polutants emisions increased

due to busines growth, which resulted in greater vehicle usage. The

emisions of sulphur oxides, nitrogen oxides and particulate mater for this

period were 0.21 kg, 10.78 kg and 0.79 kg respectively. The air polutants

increased by 17.9%, 19.5% and 19.5% respectively in the year.

Air polutants EmisionsUnit

Year ended

31 March 2025

Year ended

31 March 2024

空气污染物排放单位

截至二零二五年

三月三十一日

止年度

截至二零二四年

三月三十一日

止年度

Sulphur oxides

硫氧化物

千克

0.210.18

Nitrogen oxides

氮氧化物

千克

10.789.02

Particulate mater

颗粒物

千克

0.790.66

指标和目标

集团致力于提高其环境披露的透明度。我们将建立可

量化的目标，以增强投资者的知情权，并使其能够做

出明智的决策。通过主动应对气候相关的风险和机

遇，集团将战略性地分配资源，实施针对性的政策，

减轻已识别的风险，并透过健全的管治来追踪实现既

定气候目标的进度。

空气污染物

截至二零二五年三月三十一日止年度，由于业务增长

所导致的车辆使用量增加，空气污染物排放也有所上

升。本年度的二氧化硫、氮氧化物和颗粒物的排放分

别为0.21千克、10.78千克和0.79千克。本年度的空

气污染物排放分别上升17.9%，19.5%和19.5%。

Air emisions are based on vehicle consumption and are calculated using the methodology and emisions factors outlined in Apendix I provided by the Stock

Exchange.

空气污染物排放是基于车辆的燃油消耗，并按照联交所提供的附录二中列出的方法和排放因子进行计算。

Historical data has ben updated to enhance acuracy. A fuel eficiency of 10 km/L is asumed, in line with industry averages and past practices. This aproach

wil be consistently aplied in future calculations unles further revisions are demed necesary.

历史数据已更新以提高准确性。燃油效率为每公升10公里，此假设符合行业平均水平并与过去的做法保持一致。此方法将在未来的计算中统一应用，除非

有需要进行修订。

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

废弃物管理

随著对废弃物产生及处理的日益关注，本集团致力减

少废物产生及相应的环境影响。根据《废物处置条例》

及其他重大监管规定，本集团实施了一系列措施减少

废弃物产生，延长产品周期，避免浪费。作为一家以

办公室为办公基础的企业，本集团大部分的废弃物都

是由日常营运活动所产生的。虽然本集团在本报告年

度没有设定具体的废弃物减量目标，但本集团已实施

各种措施，以实现源头减废和废物分流等计划。同

时，任命了一名行政人员负责协助回收流程以及管理

不可回收产品的运输。

Waste Management

With the increasing concerns on waste generation and handling, the Group

is comited to minimising its waste generation and reducing coresponding

environmental impacts. In acordance with the Waste Disposal Ordinance

and other regulatory requirements, the Group has implemented a series of

measures to reduce waste generation and extend the product lifecycle to

avoid wastage. As an ofice-based busines, the majority of waste is generated

through day-to-day operational activities. While the Group did not set a

specific waste reduction target for the reporting year, it has implemented

various measures to achieve waste reduction at the source and promote waste

diversion. Aditionaly, an administrative employe is apointed to facilitate

recycling procedures and manage the transportation of non-recyclable

products.

Suporting SystemsEnvironmental Awarenes

配套系统环保意识

;

采用分类方法进行废弃物管理；

, stationery, and paper in bulk or as

neded;

批量或根据需求订购碳粉盒、文具和纸张；

• Prioritise the purchase and use of reusable and refilable

products;

优先购买和使用可重复使用和可再充填的产品；

;

使用电子化档进行内部沟通；

;

用可重复使用产品代替一次性餐具；

;

提供回收箱；

, such as paper with Forest

Stewardship Council certification; and

优先购买环保产品，例如获得森林管理委员会认证的纸

制品；及

• Implement recycling programs to promote waste

diversion.

实施回收计划以推进废弃物分流。

• Implement source separation and instruct employes to

separate recyclable wastepaper from other wastepaper;

实施源头分类，指示员工将可回收的废纸与其他废纸分类；

• Display waste reduction and recycling signage and notices in

prominent locations;

于办公室当眼处，张贴有关减废和回收的标示版和告示；

;

鼓励按需使用纸张和双面印刷；

• Encourage bringing lunchboxes or reusable fod containers

for takeaway;

鼓励携带午餐盒或可重复使用食品容器外卖；

; and

鼓励使用可重复使用餐具；及

• Encourage repair and refurbishment of equipment and

devices.

鼓励维修和翻新设备与装置。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

本集团的业务主要在办公领域，因此产生的危险废

物，如电池，数量微乎其微。然而，本集团意识到需

要适当处理此类危险废物，以减少环境风险。本集团

确保不同类型的有害废物根据其特定的处理方法进行

处置。例如，办公室产生的电池应该放入指定的回收

垃圾箱中，由授权的回收商进行回收处理。以符合香

港相关法律法规，例如第354C章《废物处置（化学废

物）（一般）规例》。集团致力于确保化学废物的妥善处

置、储存、收集和运输。此外，集团将聘请合格的化

学废物收集者或联络负责方来收集和处理所产生的废

物。

截至二零二五年三月三十一日止年度，本集团共消耗

了0.69吨纸张，较去年的总量增加了64.3%。相应的

强度为每位员工0.006吨。这一增长主要是由于业务

增长所带来的文书工作增加和内部控制的调整。为了

最小化纸张使用，集团持续积极实施促进减少纸张使

用的政策和程序，并在可能的情况下转向电子报告和

电子商务方法，以支持业务发展。作为一家电子产品

分销商，本集团的业务是提供半导体分销服务。在本

报告年度内，本集团并未生产任何建筑材料或其他无

害材料。鉴于其业务性质，集团并未为成品产生任何

包装材料。

The Group’s operations are mainly ofice-based, resulting in negligible

generation of hazardous waste, such as bateries. However, the Group

recognises the importance of properly disposing of hazardous waste to

mitigate environmental risks. It ensures that diferent types of hazardous

waste are disposed of acording to their specific disposal methods. For

example, bateries generated in the ofice should be placed in designated

recycling bins and recycled by authorised recyclers, in compliance with

relevant laws and regulations, such as the Waste Disposal (Chemical Waste)

(General) Regulation (Cap. 354, section 33) of Hong Kong. The Group is

comited to ensuring proper disposal, storage, colection and transportation

of chemical waste. Aditionaly, it wil hire qualified chemical waste colectors

or contact responsible parties to colect and handle any waste generated.

During the year ended 31 March 2025, the Group consumed a total of 0.69

tones of paper, representing a 64.3% increase compared to the previous

year. The coresponding intensity is 0.006 tones/employe. This increase

was primarily driven by increased paperwork asociated with busines growth

and adjustments in internal controls. To minimise paper usage, the Group

continues to actively implement policies and procedures promoting paper

reduction and has transitioned to electronic reports and e-comerce methods

where posible to suport busines development. As an electronic distributor,

the Group focused on providing semiconductor distribution services and

did not engage in the production of construction materials or other non-

hazardous materials during this reporting year. Given the nature of its

operations, the Group did not generate any packaging material for finished

products.

Non-hazardous Waste GenerationUnit

Year ended

31 March 2025

Year ended

31 March 2024

无害废弃物产生单位

截至二零二五年

三月三十一

止年度

截至二零二四年

三月三十一日

止年度

Paper consumptiontones0.690.42

纸张消耗吨

Total non-hazardous wastetones0.690.42

无害废弃物总量吨

Non-hazardous waste intensitytones/employe0.0060.003

无害废弃物密度吨╱雇员

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

能源管理

本集团意识到其营运的能源消耗使用对环境有所影

响。就本报告年度本集团业务范畴而言，主要涉及私

人车辆的汽油消耗以及购电所使用的资源。为最小化

对环境的影响并提高能源效率，本集团已实施一系列

适用于所有员工的措施，有关能源相关措施，请参阅

「温室气体排放」一节。

截至二零二五年三月三十一日止年度，能源消耗总

计为211,092千瓦时，每位员工的能源消耗强度为

1.69千瓦时。尽管由于业务增长，总能源消耗有所增

加，集团仍致力于加强其环境管理。这包括探索各种

举措以提升能源消耗效率，例如通过更优化的路线规

划来提高车队效率。

水资源管理

本集团的供水主要来自市政供水，因此不存在任何求

取水源的问题。为了保护这一宝贵资源，集团在日常

运营中遵守相关规范要求。尽管水主要用于清洁和卫

生，集团已实施措施如通过密切和持续的监测来提高

水资源的使用效率。

Energy Management

The Group recognises the environmental impacts of its operation from the

use of energy. In this reporting year, the Group’s activities primarily involved

gasoline consumption for private vehicles and electricity consumption. To

minimise environmental impacts and improve energy eficiency, the Group

has implemented a series of measures aplicable to al employes. For details

on energy-related measures, please refer to the “GHG Emisions” section.

During the year ended 31 March 2025, total energy consumption was

211,092 kWh with an intensity of 1.69 kWh/employe. While total energy

consumption increased due to busines growth, the Group is comited to

enhancing its environmental stewardship. This includes exploring various

initiatives to enhance energy consumption eficiency, such as by optimising

flet eficiency with beter route planing.

Energy ConsumptionUnit

Year ended

31 March 2025

Year ended

31 March 2024

能源消耗量单位

截至二零二五年

三月三十一日

止年度

截至二零二四年

三月三十一日

止年度

PetrolkWh in ‘000s139.88117.04

汽油千个千瓦时

Purchased electricitykWh in ‘000s71.2187.54

外购电力千个千瓦时

Total energy consumptionkWh in ‘000s211.09204.58

能源总消耗量千个千瓦时

Energy consumption intensitykWh in ‘000s/employe1.691.53

能源消耗量密度千个千瓦时╱雇员

Water Resources Management

The Group’s water suply mainly comes from the municipal water suply, and

there was no isue in sourcing water that was fit for purpose. To conserve this

valuable resource, the Group complies with relevant regulatory requirements

in its daily operations. While water is mainly used for cleaning and sanitation,

the Group has implemented measures to enhance water eficiency through

close and continuous monitoring.

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

截至二零二五年三月三十一日止年度，本集团总耗水

量为172立方米。与上一报告期相比，本集团的用水

量减少了3.9%，这一减少彰显了集团水资源保护措

施的有效性。展望未来，集团旨在进一步加强这些举

措，并探索新技术或创新方法，以进一步优化水资源

的使用效率。

Education

教育

Water Resources

Management

水资源管理

Conservation

Awarenes

Promotion

推广保育

意识

Control &

Management

控制和管理

• Advocate the virtue and concept of

water conservation

倡导节约用水的优点和理念

• Display water-saving notices in

prominent locations

于办公室当眼处张贴节水告示

• Instal water-saving devices

安装节水装置

• Conduct regular maintenance and repair

of water taps, pipelines, and storage

systems

定期检查和维修水龙头、输水管道和

蓄水系统

During the year ended 31 March 2025, the Group consumed a total of 172

cubic metres of water resources. In comparison to the previous reporting

period, the Group’s water consumption reduced by 3.9%. This reduction

highlights the efectivenes of the Group’s water-conservation initiatives.

Moving forward, the Group aims to further enhance these initiatives and

explore new technologies or inovative aproaches to optimise water

eficiency even further.

Water ConsumptionUnit

Year ended

31 March 2025

Year ended

31 March 2024

耗水量单位

截至二零二五年

三月三十一日

止年度

截至二零二四年

三月三十一日

止年度

Total water consumptioncubic metres172.00179.00

总耗水量立方米

Water consumption intensitycubic metres/employe1.381.34

耗水量密度立方米╱雇员

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

Environment and Natural Resources

The Group recognises its operations have environmental impacts and is

comited to conserving natural resources for sustainable development. With

a focus on environmental protection, the Taskforce strives to identify the

afected aspects, enabling various departments and divisions to formulate

efective monitoring and management measures. Given the nature of the

Group’s busines and operational neds, private car usage is more prevalent,

leading to a significant impact on air quality, natural resources and the

environment.

Environmental impactCoresponding measures

环境影响相应措施

Air quality

空气质素

Outdor air quality may be negatively impacted by air polutants

emited from company-owned vehicles. Aditionaly, inadequate

air conditioning systems or por airflow can adversely afect

indor air quality in the workplace.

室外空气质素可能因本集团的车辆排放的空气污染物以致变

差。此外，不足的空调系统或不良的气体流动可能会影响工作

场所的室内空气质素。

GHG emisions

温室气体排放

Gasoline combustion releases carbon dioxide and other GHGs,

contributing to the overal stock of GHGs in the atmosphere.

This acumulation enhances the grenhouse efect, exacerbating

climate change and its asociated impacts.

汽油燃烧会释放二氧化碳和其他温室气体，并促进大气中温室

气体的总量累积。这种累积加强了温室效应，加剧了气候变化

及其相关影响。

Use air purifying equipment or other equipment to ensure

indor ventilation, along with regular cleaning and maintenance

of air conditioning systems.

使用空气净化设备或其他设备确保室内通风以及定期清洁和维

护空调系统。

Replace existing air conditioning units with more

environmentaly friendly options when apropriate. Employes

are also encouraged to use public transportation to minimise

emisions and reduce the impact of private car use.

在适当的情况下，将现有的空调更换为更环保的空调设备。同

时，鼓励员工使用公共交通工具，以最小化排放并减少私家车

使用的影响。

Adopt environmentaly friendly and energy-eficient private cars

to reduce GHG emisions.

采用环保和节能的私家车以减少温室气体排放。

环境及自然资源

集团认识到其运营对环境的影响，并致力于保护自然

资源和周边环境以实现可持续发展。以环境保护为目

标，本集团的环境、社会及管治工作小组努力确定受

影响的层面，使不同的部门和分部制定监测和管理措

施。根据集团业务的性质和营运需求，本集团较常使

用私家车，这对空气质量、自然资源和环境产生了重

大影响。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

Climate Change

Severe rainstorms, frequent typhons and huricanes, rising sea levels and

other events have significantly evidenced the increasing importance of

imposing climate-related mitigation and adaptation plans. The Group realises

the urgency of monitoring and adresing climate-related isues. To stay

aligned with global eforts, the Group wil formulate action plans to establish

climate-related policies, identify key isues, and implement coresponding

measures.

PEOPLE-ORIENTED WORKPLACE

Employes are a crucial component of sustainable busines development. The

Group values employes’ talents as its most important aset and strives to

maintain a fair and stable working environment. It is comited to providing

people-oriented management that alows employes to fuly realise their

talents and potential. The Group places a strong emphasis on ocupational

safety and health of al employes, implementing various measures to promote

a safe working environment. For instance, notices are prominently displayed

in the workplace to remind employes of the proper handling of machinery

and equipment. Aditionaly, the Group adheres to the ocupational health

and safety guidelines recomended by the Labour Department and the

Ocupational Safety and Health Comision to ensure compliance and best

practices.

With the implementation of comprehensive management aproaches, the

Group had no records of any violations regarding employment, labour system

and ocupational health and safety during the year ended 31 March 2025.

The Group wil continue to maintain high operational standards by providing

a fair and suportive working environment for employes.

Employment

The Group prioritises employe protection in acordance with regulatory

requirements in Hong Kong. At the same time, the Employe Handbok

outlines internal requirements, procedures, and arangements, including

working hours and leave arangements. The Group is comited to fostering

an equal and harmonious workplace, ensuring a safe and healthy working

environment for al employes.

气候变化

严重的暴雨、频繁的台风和飓风、海平面上升以及其

他事件，都显著证明了实施与气候相关的减缓和适应

计划的重要性与日俱增。为了与世界接轨，本集团将

制定行动计划，建立与气候相关的政策，从而确定问

题并实施相应的行动。

以人为本的工作场所

员工是企业可持续发展的关键因素。本集团视人才为

最重要资产，致力维持公平稳定的工作环境。致力于

提供以人为本的管理，让员工充分发挥才干和潜能。

本集团高度重视所有员工的职业安全和健康，并已实

施了各种措施来促进安全的工作环境。例如，本集团

在工作场所张贴相关海报，提醒员工正确并安全地使

用设备。此外，本集团也遵循劳工处和职业安全健康

局推荐的职业健康安全指引，确保符合相关要求和最

佳实践。

透过实施全面的管理方法，本集团于截至二零二五年

三月三十一日止年度内并无任何有关雇佣、劳工制度

及职业健康及安全的违规记录。本集团将继续为员工

提供公平及具支持性的工作环境，以维持高营运水

准。

雇佣

本集团根据香港的法规要求，将员工保障列为首要考

量。同时，员工手册订明内部的规定、程序及安排，

包括工作时间及休假安排。本集团致力于营造平等和

谐的工作环境，为全体员工提供安全及健康的工作场

所。

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

Recruitment and dismisal

招聘及解雇

• Recruitments are caried out via legal chanels under the oversight of the Human

Resources and Administration Department (“HR & Admin department”). Selection is

based on past performance, personal atributes, job experience and carer aspirations,

with a detailed recruitment review proces in place.

招聘工作由人力资源及行政部依法监督进行，甄选标准包括过往表现、个人特质、工

作经验及职业志向，并设有详尽的招聘审核流程。

, the HR & Admin department thoroughly checks

aplicants’ identification documents to verify their eligibility for work and the validity

of the documents. If child labour is identified, the Group wil handle it acording to the

mechanisms and regulations in place, such as stoping the interview imediately and

contacting relevant authorities.

为防止童工问题，人力资源及行政部会彻查应征者的身份证明文件，以核实其就业资

格及文件的有效性。如发现童工情况，本集团将根据既定机制及法规处理，例如即时

终止面试及联络相关当局。

, fraud,

dishonesty or behaviour detrimental to the Group’s reputation. Simultaneously, if there

is no improvement despite eforts or oportunities provided, termination may ocur

with notice. Al decisions must be based on legitimate, legal grounds and regulatory

requirements.

如员工涉及刑事罪行、欺诈、不诚实行为或对本集团声誉造成损害，可即时被解雇而

不作通知。与此同时，若在提供机会及努力改进后仍无改善，亦可在给予通知的情况

下终止雇用。所有决定均须以合法及合规的原则作为基础。

Remuneration, retention, benefits

and welfares

薪酬、留任、福利和待遇

, the Group provides a competitive remuneration package

with reference to market benchmarks. Employes enroled in the Medical Insurance

Scheme and the Mandatory Provident Fund Scheme receive other benefits to enhance

working incentives and retain valuable employes.

为吸引及挽留人才，本集团参考市场基准，提供具竞争力的薪酬待遇。已参加医疗保

险计划及强制性公积金计划的员工亦可享有其他福利，以提升工作积极性并挽留优秀

人才。

, the Group has organised various leisure activities for its

employes. Activities such as the Anual Diner, Christmas and birthday parties create

a positive and harmonious workplace.

为加强员工的归属感，本集团举办多项休闲活动。例如周年晚宴、圣诞派对和生日派

对，营造积极和谐的工作环境。

contributions, and eforts. Adjustments to position or remuneration packages may

be made based on the results. The department head wil complete the Manpower

Movement Form fairly and reasonably. Lastly, adjustments wil be confirmed and

aproved by the Chief Operating Oficer and Chief Executive Oficer.

本集团每年进行员工绩效评核，以评估其工作能力、贡献及努力表现。根据评核结

果，或会调整职位或薪酬待遇。部门主管将根据公平及合理的原则填写人事调动申请

表，最终由营运总监及行政总裁确认并批准调整安排。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

Working hours and rest periods

工作时数和假期

, the Group has clearly indicated the working hours in the

Employe Handbok. Any overtime work is voluntary and compensated in acordance

with the compensation leave scheme. The Group holds zero tolerance for forced

labour and wil handle violations of relevant regulatory requirements by carying out

investigations and contacting the apropriate authority.

为了保障员工权益，本集团已在员工手册中明确注明工作时间。任何加班均属自愿性

质，并按照补偿休假制度予以补偿。本集团对强制劳工行为持零容忍态度，对违反相

关监管要求案件进行处理，如开展调查和联系相关部门。

, employes are ofered

both paid and unpaid leave under the five-day work arangement. Examination

leave, mariage leave, bereavement leave, and various rest periods are available for al

employes, along with 14 weks of maternity leave for females and 5 days of paternity

leave for males.

为推广工作与生活平衡的理念，员工在五天工作安排下可享有带薪和无薪假期。所有

员工均可享受考试假、婚假、丧假和各种休息时间，女性员工可享受14周产假，男性

员工则可享受5天陪产假。

Diversity, equal oportunities and

anti-discrimination

多元化、平等机会和反歧视

, fair, and inclusive workplace. Discrimination based

on cultural background, religion, gender, race, marital status, family status, political

afiliation, or other factors is not tolerated. Employes are encouraged to report

any incidents of discrimination to the HR & Admin department for investigation and

handling.

本集团倡导多元化、公平和包容的工作场所。严禁基于文化背景、宗教、性别、种

族、婚姻状况、家庭状况、政治立场或其他因素的歧视行为。集团鼓励员工举报任何

歧视事件，并向人力资源及行政部门反映，以便调查及处理。

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

截至二零二五年三月三十一日止年度，本集团总共雇

用125名员工，其中男性56人，女性69人。所有现任

员工均以全职合同受雇于香港、中国内地和东南亚。

During the year ended 31 March 2025, the Group employed a total of 125

employes, of which 56 are male and 69 are female. Al curent employes

hold ful-time contracts and are based in Hong Kong, Mainland China, and

Southeast Asia.

按性别划分员工人数

Number of employes by gender

男性

Male

女性

Female

Number of employes by age group

按年龄组别划分员工人数

60-70

years old

60-70岁

Above 70

years old

70岁以上

20-29

years old

20-29岁

30-39

years old

30-39岁

40-49

years old

40-49岁

50-59

years old

50-59岁

按地区划分员工人数

Number of employes by geographical region

Southeast

Asia

东南亚

Hong Kong and

Mainland China

香港及中国内地

按雇佣级别划分员工人数

Number of employes by employment level

Midle level

management

中级管理层

Junior level

employes

初级员工

Frontline

employes

前线员工

Senior level

management

高级管理层

20%
4%

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

按地区划分流失比率

Turnover rate by geographical region

20-29

years old

20-29岁

30-39

years old

30-39岁

40-49

years old

40-49岁

60-70

years old

60-70岁

Hong Kong and Mainland China

香港及中国内地

Southeast Asia

东南亚

按性别划分流失比率

Turnover rate by gender

43%

Male

男性

Female

女性

按年龄划分流失比率

Turnover rate by age group

50-59

years old

50-59岁

Above 70

years old

70岁以上

32%

55%

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

健康和安全

本集团在业务发展和日常营运中优先考虑员工的安

全。为保障他们的安全和健康，本集团严格遵守香港

《职业安全及健康条例》第509章和《消防条例》以及其

他法规，并建立和更新了内部规章，包括员工手册、

员工发展赞助政策和程式等，并根据法律法规的基础

制定和遵循管理和保护的相关指引。同时，本集团注

重改善员工沟通和反馈机制。所有员工均应遵守安全

规定，并向人力资源与行政部报告任何不安全状况。

根据员工手册及禁烟政策的规定，本集团已采取措施

及手册，旨在将日常运作中的风险降至最低及提高安

全意识，以有效保护员工的健康和安全。

安全培训

本集团透过推广安全知识，提高员工的安全防范意

识。集团定期进行救援、消防和疏散演习，以加强保

持工作场所安全的重要性，并确保员工掌握必要的知

识和技能，以有效处理紧急事故。

身心健康

本集团致力于员工福祉，确保其在工作场所的身心健

康。集团积极采取措施预防工伤事故，并尽量减少人

身伤害。若发生工伤，员工将依照相关法律法规获得

赔偿。集团亦会进行调查及改进措施，以防止事故再

次发生。此外，若员工出现流感或其他传染病症状，

将提供病假以便及时诊断，防止疾病在工作场所传

播。集团为患病及受伤员工提供完善的医疗保障。为

鼓励工作与生活平衡，集团推广合理工时，鼓励员工

休假，并不鼓励过度加班。此外，集团会进行人体工

学评估，确保工作站设置合理，促进良好姿势，减少

肌肉骨骼问题风险，提升整体身体舒适度。

集团重视员工的心理健康，并定期举办活动，提倡健

康及平衡工作与生活的生活方式。我们张贴安全横幅

和警告标志，以维持无意外的工作环境。与此同时，

集团亦成立员工支援小组，让个别员工互相联系及分

享经验，从而培养社群感及支援精神。集团对员工的

努力和成就给予肯定和赞赏，这有助于营造积极的工

作环境和提升士气。

Health and Safety

The Group prioritises the safety of its employes in busines development

and daily operations. To protect their safety and health, the Group has strictly

complied with Hong Kong’s Ocupational Safety and Health Ordinance,

Chapter 509 and the Fire Services Ordinance and other legal regulations,

and established and updated internal regulations, including the Employe

Handbok and Staf Development Sponsorship Policy. Also, the Group

focuses on improving employe comunication and fedback mechanisms.

Al employes are expected to folow safety regulations and report any unsafe

conditions to HR & Admin Department.

As stipulated in the Employe Handbok and no smoking policy, the Group

has adopted measures and manuals aimed at minimising risks and raising

safety awarenes in daily operations to efectively protect the health and

safety of employes.

Safety Training

The Group raises employes’ awarenes of safety precautions by promoting

safety knowledge. The Group regularly conducts rescue, fire and evacuation

drils to reinforce the importance of maintaining a safe workplace as wel as

to ensure that employes have the necesary knowledge and skils to handle

emergencies efectively.

Physical and Mental Health

The Group is comited to the wel-being of employes and ensuring their

physical and mental health in the workplace. The Group takes active measures

to prevent work-related acidents and minimise personal injuries. In the

event of a work-related injury, employes are compensated in acordance

with the laws and regulations. The Group wil also cary out investigation

and improvement measures to prevent the recurence of acidents. Also,

employes are provided with sick leave for timely diagnoses of ilnes if

there are symptoms of influenza or other contagious diseases, to prevent

the spreading of ilnes in the workplace. The Group provides its employes

with extensive health care coverage for employes with ilnes and injury.

The Group encourages work-life balance by promoting reasonable work

hours, encouraging employes to take vacations and discouraging excesive

overtime. Aditionaly, ergonomic asesments are conducted to ensure

proper workstation setups, promoting god posture, reducing the risk of

musculoskeletal isues, and enhancing overal physical comfort.

The Group values the mental health of employes and regularly organises

activities that promote a healthy and work- life balance lifestyle. Safety

baners and warning signs are displayed to maintain an acident-fre

working environment. Meanwhile, employe suport groups have ben

established, alowing individuals to conect and share experiences, fostering a

sense of comunity and suport. The Group acknowledges and apreciates

employes’ eforts and achievements, which helps to create a positive work

environment and bost morale.

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

恶劣天气下的特殊安排

本集团亦建立了完善的风险管理系统，以保障在恶劣

天气条件下工作的员工安全。例如，当发出黑色暴雨

警告信号时，员工需停止工作并寻找庇护，直至警告

解除且天气条件允许安全进行户外工作。

截至二零二五年三月三十一日止年度，本集团未有任

何违反相关法规的记录。在日常营运的全面管理与监

控方面，过去三年内亦未有工伤或死亡事故发生。秉

持保障员工的承诺，本集团将持续提升员工健康与安

全管理措施，改进管理方法与措施，并完善数据收集

系统，以提升数据的可用性。

发展及培训

本集团非常重视建立稳定的人才储备。为此，本集团

已制定了一套员工发展赞助政策和程序，以定期提供

不同的培训和发展机会。此外，员工还会获得专业培

训课程，以提升其专业技能和知识。参加培训课程

后，员工将根据员工发展赞助计划和课程性质享有不

同的休假安排。

Bad Weather Special Arangements

The Group also has a robust risk management system for employes working

under adverse weather conditions to ensure safety. For example, staf ned to

cease their work and sek shelter until the Black Rainstorm Warning Signal is

canceled and weather conditions alow for safe outdor work.

During the year ended 31 March 2025, the Group had no record of any

violations of relevant regulatory requirements. Regarding the comprehensive

management and monitoring of daily operations, there were no work-related

injuries or fatalities reported in the past thre years. With the comitment

to protecting our employes, the Group wil continue to enhance its

employe health and safety management practices, improve its management

aproaches and measures, and refine its data colection systems to enhance

data availability.

Development and Training

The Group places great importance on building a solid talent pipeline. It

has established its own set of Staf Development Sponsorship Policies and

Procedures to provide diferent training and development oportunities

regularly. Also, Employes are provided with profesional training courses

to enhance their profesional skils and knowledge. The employes wil

be ofered diferent leave arangements in acordance with the Staf

Development Sponsorship Scheme and the nature of the programes.

Newly joined employes

新入职员工

; and

安排新员工入职培训；及

, busines proceses, job requirements and

specific job knowledge, etc.

提供涵盖企业文化、业务流程、岗位要求及具体岗位知识等方面的培训。

Existing employes

现有员工

;

通过以专业定向的培训，专注于他们的职业发展；

• Set up a Staf Development Sponsorship Scheme for ful-time employes who

completed thre ful years of service, encouraging participation in seminars, courses

and profesional examinations; and

为服务满三年的全职员工设立员工发展资助计划，鼓励他们参与研讨会、课程和专业

考试；及

, certain management staf regularly

participate in the company’s suply chain management training activities, including

Purchasing System & Logistic System training, Logistic System Demo training, Intranet

System training, Company’s Internal System Payment Request training and Catalogue

Centre System training.

除了前线及基层员工外，部分管理层也会定期参与公司的供应链管理训练活动，包括

采购系统和物流系统培训、物流系统演示培训、内部网络系统培训、公司内部系统付

款申请培训以及目录中心系统培训。

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

截至二零二四年三月三十一日止年度，本集团积极为

不同职位的员工提供内部培训活动，以提升其专业技

能并更熟悉公司的营运模式。本集团的员工发展及培

训关键绩效指标如下：

During the year ended 31 March 2025, the Group actively provided internal

training activities for its employes in diferent positions to improve their

profesional skils and familiarise them with the company’s operational model.

The Group’s staf development and training KPIs are as folows:

Employe

Number

Training

employe

number

Training

rate

Training

hours

Average

number of

training

hours

雇员数目

受训雇员

数目培训率

培训时间

（小时）

平均

培训时间

（小时）

Total1251210%240.19

总数

By genderMale56542%100.18

按性别划分男性

Female69758%140.20

女性

By typeFul-time12512100%240.19

按种类划分全职

Part-time000%00.00

兼职

By rankFrontline employes71433%80.11

按级别划分前线员工

Junior level employes2100%00.00

初级员工

Midle level management20650%120.60

中级管理层

Senior level management13217%40.31

高级管理层

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

道德经营

本集团重视公平诚信的业务营运以实现长期可持续发

展。集团重视并持续培养与供应商、客户、员工和其

他持份者之间公平且可信赖关系，与合作伙伴共同承

担责任，实现可持续性。

本集团通过严格的管理和持续的监控维持业务诚信。

截至二零二五年三月三十一日止年度，本集团未有任

何涉及供应链管理、产品责任及反贪污的违规纪录。

本集团将根据适用的法律法规，对任何不道德行为或

不合规情况进行调查并妥善处理。

供应链管理

本集团高度重视通过实施可持续发展政策，维护环境

及社会责任的供应链。集团优先推动与供应商的双赢

合作，并采用全面的流程识别关键供应商，促进合作

伙伴共同承担可持续发展的责任。

ETHICAL OPERATIONS

The Group values fair and honest busines operations for its long-term

sustainable development. It continuously fosters a fair and trustworthy

relationship with its supliers, customers, employes and other stakeholders

for shared responsibility and sustainability.

The Group maintains busines integrity by implementing strict management

and ongoing controls. It had no record of any violations related to suply

chain management, product responsibility and anti-coruption during the year

ended 31 March 2025. The Group wil conduct an investigation and adres

any cases of unethical behaviour or non-compliance in acordance with the

aplicable laws and regulations.

Suply Chain Management

The Group places a strong emphasis on maintaining an environmentaly and

socialy responsible suply chain through the implementation of sustainability

policies. It prioritises win-win coperation with supliers and employs a

comprehensive proces to identify key supliers, fostering colaboration for

shared responsibility in sustainable development.

Colection

收集

Asesment

评估

Selection

选择

• Sek potential supliers

based on market demand

and consumer neds.

基于市场和顾客的需求寻

求具潜力的供应商。

• Receive quotations from

supliers.

接收供应商的报价。

• Conduct performance

asesment based on a list

of criteria.

根据一系列标准进行绩效

评估。

• Compare the trade terms

including price, Minimum Order

Quantity (MOQ), payment

method, waranty, production

time, logistics etc.

比较贸易条款，包括价格、最

低订购数量付款方式、保证条

文、生产时间和物流等。

select supliers that fulfil al the

requirements.

根据评估结果，选择符合所有

要求的供应商。

• Cary out evaluation on the

quality in acordance with a

variety of criteria on a strict

and continuous basis.

持续并严格地按照各种标准

对质量进行评估。

• Conduct visits and

engagements regularly to

ensure the products fit the

sales plan/customers.

定期进行访问和沟通以确保

产品符合销售计划╱客户需

求。

Evaluation

评价

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

The suply chain consisted of 40 supliers from Guangdong, and 3 from

Hong Kong, totaling 43 supliers who are compliant with aplicable laws and

regulations. By diversifying the suplier base, the Group mitigates the risks

from disruptions like production delays and quality isues, ensuring busines

continuity and reducing reliance on a single source.

Aditionaly, working with a diverse group of supliers provides greater

flexibility in responding to changing market conditions and customer

demands. This enables the Group to quickly adjust sourcing strategies, adapt

to fluctuations in suply and demand, and explore new oportunities. When

selecting supliers, the Group considers whether they hold relevant ISO

certifications, which demonstrate the adherence to international standards

in areas such as quality management, environmental management, and

social responsibility. Al of the Group’s supliers have received ISO 9001

Quality Management System certification and ISO 14001 Environmental

Management System certification, ensuring product quality and compliance

with corporate social responsibility. To met the customer’s demand for

diversification, personalisation, and refinement, the Group has implemented

management measures aligned with ISO 9001 requirements. These measures

cover product design and development, risk control, production outsourcing,

and performance evaluation. Also, ISO14001 certification ensures that

the Group’s supliers strictly regulate their environmental impact during

production, promoting sustainable development. By adopting a systematic

management aproach, the Group aims to met customer expectations and

deliver products tailored to individual neds and preferences. The Group wil

continue to enhance compliance with the environmental and social guidelines

among its supliers to ensure quality services and products.

At the same time, the Group has implemented a stringent suply chain

management system to manage and evaluate suplier performance regularly

through score-based audit reports. These reports monitor nine aspects

of supliers, including management responsibility, management system

maintenance, product design, suplier management, preservation of the

product, incoming material inspection, production proces control, inspection

& testing management and control of nonconforming products. Each suplier

is asigned scores in these nine categories, reflecting their performance in the

scoring system.

供应链由来自广东的40家供应商及来自香港的3家供

应商组成，共计43家供应商，均遵守适用的法律法

规。透过多元化供应商基础，集团减轻因生产延误及

质量问题等干扰所带来的风险，确保业务持续运作，

并降低对单一来源的依赖。

此外，与多元化的供应商合作，能够在应对不断变化

的市场环境和客户需求时提供更大的灵活性。这使企

业能够迅速调整采购策略，适应供需波动，并探索新

的商机。在选择供应商时，集团会考虑其是否持有相

关的ISO认证，这些认证展示了供应商在品质管理、

环境管理及社会责任等方面遵守国际标准。集团所

有供应商均已取得ISO 9001品质管理系统认证及ISO

14001环境管理系统认证，确保产品质及符合企业

社会责任。为满足客户对多元化、个性化及精致化

的需求，集团已实施符合ISO 9001要求的管理措施，

涵盖产品设计与开发、风险控制、生产外包及绩效

评估。同时，ISO 14001认证确保集团供应商在生产

过程中严格管控环境影响，促进可持续发展。透过采

用系统化的管理方法，集团致力于满足客户期望，提

供符合个别需求与偏好的产品。集团将持续加强供应

商对环境及社会指引的遵守，以确保服务与产品的品

质。

同时，集团已实施严格的供应链管理系统，通过基于

分数的审核报告定期管理和评估供应商的绩效，这些

报告监控供应商的九个方面，包括管理责任、管理系

统维护、产品设计、供应商管理、产品保存、进料检

验、生产过程控制、检验与测试管理以及不合格品控

制。每家供应商在这九个类别中均被赋予分数，反映

其在评分系统中的表现。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

Below is a table outlining the ranking system for supliers and their

coresponding scoring ratios:

RankingScore Ratio

AOver 90%

B80%-89%

C60%-79%

DLower than 60%

When a suplier’s ranking fals to a C or lower, the Group requests that the

suplier make improvements within 7 working days of receiving the audit

report and submit any necesary documentation. The audit report requires

supliers to disclose information about their company, production and testing

facilities, systems, and patents. Supliers should reply to a series of questions

related to management responsibilities, maintenance, materials inspection,

proces control, and inspection, etc. Aditionaly, they are required to develop

a comprehensive improvement and corective action plan to enhance future

performance.

Alongside the dynamic management of the suply chain which is based

on the scoring system, the Group has established a dedicated suply

chain management team to conduct regular interviews with supliers

and contractors. The team implements mitigation measures folowing

environmental and social risk asesments acros the suply chain. The Group’s

basic requirements for supliers include legal compliance and necesary

technical equipment. Aditionaly, supliers ned to provide information

about the number of production and testing equipment they have. To

maintain high material standards, the Group aplies the asesment and

evaluation procedures during selection. Based on these asesments, lists of

primary and backup supliers are established to ensure procurement stability

and product quality. For example, the Group selects products from supliers

that met Hong Kong safety standards or have CE certification in the EU. To

strengthen the asesment of environmental and social factors, supliers are

required to include relevant quality and gren product management system

certificates in their anual audit reports ensuring efective management of

raw materials used in production.

以下表格概述供应商的排名系统及其相应的评分比

重：

等级评分比重

A超过90%

B80%-89%

C60%-79%

D低于60%

当供应商的评级降至C级或以下时，集团会要求该供

应商在收到审核报告后七个工作日内进行改进，并提

交所需的相关文件。审核报告要求供应商披露有关其

公司、生产和检测设施、系统和专利的资讯。供应商

应回答一系列与管理责任、维护、材料检验、过程控

制和检验等问题。此外，供应商还需制定全面的改进

及矫正行动计划，以提升未来的绩效。

除了基于评分系统的动态供应链管理外，集团亦成立

了专门的供应链管理团队，定期与供应商和承包商进

行访谈。该团队根据供应链的环境及社会风险评估，

实施风险缓解措施。集团对供应商的基本要求包括遵

守法律规范及具备必要的技术设备。此外，供应商需

提供其生产及检测设备的数量资讯。为维持高标准的

物料品质，集团在选择供应商时会采用评估及审核程

序。根据评估结果，建立主要及备用供应商名单，以

确保采购稳定性及产品质量。例如，集团会选择符合

香港安全标准或取得欧盟CE认证的供应商产品。为加

强对环境及社会因素的评估，供应商需在年度审核报

告中附上相关的品质及绿色产品管理系统证书，确保

生产所用原材料的有效管理。

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

At the same time, the Group keps open comunication with supliers and

backup supliers for imediate response in case of acidents. In adition,

the Group maintains a clean and coperative relationship with its supliers

to ensure a clean and healthy busines environment. With the comitment

to maintaining the suply chain in a fair and equal maner, employes with

close relationships with potential supliers are prohibited from participating in

the selection and procurement proceses.

To minimise environmental impact, the Group considers environmental factors

when purchasing high-quality products. The Group evaluates supliers’ gren

procurement performance in their score-based audit reports, encouraging

the use of more environmentaly friendly products and services each year. The

Group rates the electronic products from supliers based on several criteria,

including compliance with gren product technical standards, posesion

of gren product certification, the environmental sustainability of the raw

materials, ability to efectively identify quality risk levels, and provision RoHS

(Restriction of Hazardous Substances) test reports for the components. The

Group wil sign environmental protection agrements with supliers and

require them to provide testing reports on relevant electronic products and

update their reports anualy. In adition, the Group wil require supliers

to provide environmental test reports on raw materials to ensure that the

electronic products provided are safe for human health and beter for

environmental protection.

同时，本集团与供应商及备用供应商保持开放的沟

通，以便在发生意外时立即作出回应。此外，集团与

供应商维持廉洁且合作的关系，确保营造一个清洁的

营商环境。秉持公平和平等维护供应链的承诺，与潜

在供应商有密切关系的员工被禁止参与选择及采购流

程。

为了减少对环境的影响，集团在采购高品质产品时考

虑环境因素。集团在基于分数的审核报告中评估供应

商的绿色采购表现，鼓励每年使用更多环保产品及服

务。集团根据多项标准对供应商的电子产品进行评

分，包括是否符合绿色产品技术标准、是否持有绿色

产品认证、原材料的环境可持续性、有效识别品质风

险等级的能力，以及是否提供组件的危害性物质限制

测试报告。集团将与供应商签订环保协议，并要求其

提供相关电子产品的测试报告，且每年更新报告。此

外，集团还要求供应商提供原材料的环境测试报告，

以确保所提供的电子产品对人体健康安全且更有利于

环境保护。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

Product Responsibility

Customer satisfaction is esential in evaluating the quality of products and

services. The Group prioritise product quality acros al aspects and has

established a series of measures and restrictions to maintain high standards

based on regulatory requirements.

Procurement

采购

• Conduct quality checks before distribution

在分销前进行质量检查

• Ensure compliance with the Suplier Code of Conduct on maintaining the high

standards of products purchased

确保遵守供应商行为准则，以维持所购买产品的高标准

Quality management

质量管理

• Adopt a quality plan designated for each project that indicates requirements for quality

control, inspection and testing, and relevant isues in the production

采用为每个项目指定的质量计划，表明对质量控制、检验和测试的要求以及生产中的

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

Data privacy

数据私隐

• Comply with relevant laws and regulations including the Personal Data (Privacy)

Ordinance as wel as internal policies to ensure the information colected would be used

only for the authorised purposes and acesible by designated personel only

遵守相关法律法规包括《个人资料（私隐）条例》及内部政策，确保所收集的资讯仅用于

授权用途，并仅供指定人员存取

• Colect and kep al data and information confidential and secure

收集并妥善保密及保障所有数据和资讯的安全

• Prohibit the use or provision of data to third parties without authorisation

禁止未经授权使用或向第三方厂商提供数据

• Equip security features together with backup services in the computers that require a

pasword to aces to further protect the data colected

所有电脑连同备份服务设有保安功能，需要密码方能存取，以进一步保护所收集的资

料

• The Information Technology Department has set up obstruction betwen the ofice and

the comercial net to prevent data leakage or unauthorised use

资讯科技部在办公室和商业网络之间设置防火墙，以防止数据泄露或未经授权的使用

IP rights

知识产权

’s IP rights in the Information

Security Policy

在资讯安全政策中规定保护本集团和第三方厂商的知识产权

, instalation or use of software which is in violation of its

禁止复制、安装或使用违反版权或授权条件的软件

, any employe who violates the

restriction wil be subjected to disciplinary action

为确保遵守内部规定，违反限制的员工将受到纪律处分

/or software

discovered

若发现硬件及∕或软件有非法或未经授权的使用，即通知制造商

During the year ended 31 March 2025, the Group had no product recals due

to safety and health isues, and it did not receive any product complaints.

If a complaint is received, the Group promptly comunicates with the

customer to understand the isue and may provide compensation based

on the investigation’s findings. At the same time, the Group requires the

supliers to manage and control non-conforming products and has a system

for identifying and diferentiating non-conforming products. The group has

implemented a procedure for re-evaluating and testing non-conforming items

that have ben reworked or repaired. This procedure is aimed at minimising

the export of substandard products to the market and ensuring the highest

quality standards for consumers. The Factory Audit Report highlights this

proces as a crucial step in the Group’s comitment to delivering products

that met or exced industry standards and customer expectations. The Group

is dedicated to maintaining the highest product quality standards.

截至二零二五年三月三十一日止年度，本集团没有因

安全和健康原因而召回任何已售出的产品亦未收到任

何产品投诉。如果收到投诉，本集团会即时与客户沟

通了解问题，并根据调查结果可能提供贴偿。同时，

集团要求供应商管理及控制不合格产品，并设有识别

及区分不合格产品的系统。集团已实施对经重工或修

复的不合格品进行重新评估及测试的程序。此程序旨

在减少不合格产品流入市场，确保消费者享有最高品

质标准。工厂审核报告强调此流程为集团致力提供符

合或超越行业标准及客户期望产品的重要环节。集团

致力维持最高的产品质标准。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

Anti-coruption

The Group upholds high standards of maintaining a fair, ethical and

honest workplace, with integrity as one of its philosophies of sustainable

development. The Board has established and implemented Anti–Fraud & Anti-

Bribery Policy in the Employe Handbok, in acordance with the Prevention

of Bribery Ordinance, which is aplicable to the Group, its third-party

representatives, and al directors, oficers, and employes, including temporary

or contract workers. Executive Directors are responsible for ensuring efective

implementation monitoring and investigation of any significant fraudulent

or bribery activities within the Group. As stipulated in the internal policy, the

Group holds zero tolerance for al forms of unethical and coruptive practices,

including but not limited to bribery, fraud, money laundering and extortion.

Employes who violate this policy may face disciplinary action, which may

eventualy lead to termination of employment and/or individual civil or criminal

penalties.

Aditionaly, the Group has adopted a Code of Conduct that adreses

conflicts of interest, privacy, confidentiality, etc. Employes are prohibited

from providing, soliciting or acepting anything of considerable value from

employes, clients, supliers or other stakeholders without permision from

the Chief Operations Oficer. Any suspicious case must be reported to the

relevant personel or department, such as management, department head,

HR & Admin department, for further investigation. The Group ensures

confidentiality for whistleblowers and prohibits retaliation against employes

who report violations in god faith.

To ensure the acuracy of reported incidents, responsible staf wil investigate

receipts, expenditures and other provided documents under a robust financial

and acounting control system, which is regularly reviewed and audited. If any

reports are confirmed, the Group wil notify relevant regulatory authorities and

terminate the employment of those involved, folowing relevant regulatory

requirements. The HR & Admin department wil colaborate closely with the

compliance oficer to guarante that al employes understand this policy

and wil take measures to record and investigate incidents, ensuring prompt

reporting to the management. This colaboration aims to foster a culture of

compliance and acountability throughout the organisation.

反贪污

本集团秉持维持公平、道德和诚实的工作环境的高标

准，将诚信视为可持续发展的核心理念之一。董事会

已根据《防止贿赂条例》制定并实施反欺诈及反贿赂

政策，该政策载于员工手册中，适用于集团、本集团

的第三方代表，以及所有董事、高级职员及员工，包

括临时及合约员工。执行董事负责确保政策的有效实

施，监督及对集团内任何重大欺诈或贿赂行为进行调

查。根据内部政策规定，集团对所有形式的不道德及

腐败行为采取零容忍态度，包括但不限于贿赂、欺

诈、洗钱及勒索。违反此政策的员工可能会面临纪律

处分，最终可能导致终止雇佣关系及╱或个人民事或

刑事处罚。

此外，集团已采纳一套行为守则，涵盖利益冲突、私

隐、保密等事项。员工禁止在未经首席营运总监许可

的情况下，向员工、客户、供应商或其他持份者提

供、索取或接受任何有价值的物品。任何可疑情况必

须向相关人员或部门（如管理层、部门主管、人力资

源及行政部门）报告，以便进一步调查。集团确保对

举报者的保密，并禁止对善意举报违规行为的员工进

行报复。

为确保所报告事件的准确性，负责人员将在健全的财

务及会计控制系统下调查收据、支出及其他提供的文

件，该系统会定期进行审查及审计。如报告属实，集

团将根据相关法规要求通知有关监管机构，并终止涉

事人员的雇佣关系。人力资源及行政部门将与合规主

任密切合作，确保所有员工了解本政策，并采取措施

记录及调查事件，确保及时向管理层报告。此合作旨

在促进整个组织的合规与问责文化。

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

To promote sustainable and high standards of operation, the Group has

implemented integrity and ethics education for various members. As a

result, during the year ended 31 March 2025, there were no coruption

cases reported against the Group or its employes. Group employes should

regularly undergo education on the risks of fraud and bribery relevant to their

roles and on compliance with aplicable laws and standards. For any third-

party representatives, the Group is comited to promoting anti-fraud and

anti-bribery practices among them. The Group encourages its employes to

participate in education and knowledge training on anti-coruption to ensure

the integrity of the ofice environment.

To ensure the long-term eficiency of the internal system, the Group wil

continue to promote an integrity culture, revise institutional regulations, and

strengthen its enforcement in line with its busines and integrity governance.

The Group wil enhance its risk management and internal control systems

to raise awarenes among workers and supliers at al levels about their

responsibilities through comprehensive anti-coruption training. Moreover,

each department is required to make this Policy readily acesible to al

employes and conduct briefings for new hires to ensure their awarenes and

understanding.

Each department within the Group is responsible for ensuring that its

employes are wel-informed about this Policy, including familiarisation with

local procedures and requirements, and the reporting proces for any actual

or suspected violations or suspicious activity.

COMUNITY INVESTMENT

The Group actively fulfils its social responsibilities and demonstrates a strong

comitment to public service. In the past, the Group has donated a portion

of its education funds to local universities and vocational training institutions

to suport educational activities. Recognising the importance of comunity

involvement, the Group encourages employes to participate in comunity

activities during their spare time. The Group focuses on inspiring individuals to

engage with social welfare concerns promoting the belief of that “life afects

life”. As part of strategic development, the Group integrates human capital

into social management strategies to sustain human resources and market

suply.

Loking ahead, the Group continues to uphold this spirit and give back to

the comunity through diverse philanthropic activities, including education,

poverty aleviation and comunity development suport. The Group firmly

believes that through its continued eforts and contributions, the Group can

help build a more harmonious and prosperous society.

为促进可持续发展及高标准的运作，集团已为各级成

员实施诚信与道德教育。因此，截至二零二五年三月

三十一日止年度，集团及其员工未有任何贪污案件报

告。集团员工应定期接受与其职责相关的欺诈及贿赂

风险教育，以及遵守法律、法规和行为标准的教育。

对于任何第三方代表，集团致力于推广反欺诈和反贿

赂实践。集团鼓励员工参加反贪污教育和知识培训，

以确保办公环境的廉洁。

为确保内部系统的长期效能，集团将持续推动诚信文

化，修订制度规范，并加强执行力度，以配合业务及

诚信管治。集团将完善风险管理及内部控制系统，透

过全面的反贪腐培训，提高各级员工及供应商对其责

任的认识。此外，各部门须确保所有员工均轻易取得

本政策，并为新入职员工举行简介会，以确保其认知

及理解。

集团内各部门负责确保其员工充分了解本政策，包括

熟悉当地的程序及要求，以及举报任何实际或疑似违

规行为或可疑活动的流程。

社区投资

集团积极履行社会责任，展现对公共服务的强烈承

诺。过去，集团将部分教育基金赠予本地大学及职业

培训机构，以支持教育活动。认识到社区参与的重要

性，集团鼓励员工在空闲时间参加社区活动。本集团

注重激发人们对社会福祉的关注，推广「生命影响生

命」的理念。作为策略发展的一部分，集团将人力资

本融入社会管理策略，以维持人力资源及市场供应的

可持续性。

展望未来，集团将继续秉持此精神，透过多元的慈善

活动回馈社会，包括教育、扶贫及社区发展支援。集

团坚信，通过持续的努力与贡献，能够助力建设一个

更加和谐繁荣的社会。

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

ESG REPORTING GUIDE ON THE STOCK EXCHANGE

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

A: Environmental

A: 环境

A1: Emisions

A1：排放物

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a significant

impact on the isuer

relating to air and grenhouse gas emisions, discharges into water and

land, and generation of hazardous and non-hazardous waste.

Note: Air emisions include NOx, SOx, and other polutants regulated under national laws

and regulations.

Hazardous wastes are those defined by national regulations.

GHG Emisions

Air Polutants

Waste Management

Water Resources Management

一般披露有关废气及温室气体排放、向水及土地的排污、有害及无害废弃物的产生

等的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

注：废气排放包括氮氧化物、硫氧化物及其他受国家法律及规例规管的污染物。

温室气体包括二氧化碳、甲烷、氧化亚氮、氢氟碳化合物、全氟化碳及六氟化硫。

有害废弃物指国家规例所界定者。

温室气体排放

空气污染物

废弃物管理

水资源管理

联交所的环境、社会及管治报告指引内

容索引

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

KPI A1.1The types of emisions and respective emisions data.Air Polutants

关键绩效指标A1.1排放物种类及相关排放数据。空气污染物

KPI A1.2Direct (Scope 1) and energy indirect (Scope 2) grenhouse gas emisions

(in tones) and, where apropriate, intensity (e.g. per unit of production

volume, per facility).

GHG Emisions

关键绩效指标A1.2直接（范围1）及能源间接（范围2）温室气体排放量（吨）及（如适用）密度（每

单位产出）。

温室气体排放

KPI A1.3Total hazardous waste produced (in tones) and, where apropriate,

intensity (e.g. per unit of production volume, per facility).

Waste Management

关键绩效指标A1.3所产生有害废弃物总量（吨）及（如适用）密度（每雇员）。废弃物管理

KPI A1.4Total non-hazardous waste produced (in tones) and, where apropriate,

intensity (e.g. per unit of production volume, per facility).

Waste Management

关键绩效指标A1.4所产生无害废弃物总量（吨）及（如适用）密度（如适用）。废弃物管理

KPI A1.5Description of emision target(s) set and steps taken to achieve them.GHG Emisions

Air Polutants

关键绩效指标A1.5描述所为订立的排放量目标及为达到这些目标所采取的步骤。温室气体排放

空气污染物

KPI A1.6Description of how hazardous and non-hazardous wastes are handled, and

a description of reduction target(s) set and steps taken to achieve them.

Waste Management

关键绩效指标A1.6描述处理有害及无害废弃物的方法，及描述为减废所采取的步骤。废弃物管理

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

A2: Use of Resources

A2：资源使用

General DisclosurePolicies on the eficient use of resources, including energy, water and other

raw materials.

Note: Resources may be used in production, in storage, transportation, in buildings,

electronic equipment, etc.

Energy Management

Water Resources Management

一般披露有效使用资源（包括能源、水及其他原材料）的政策。

注：资源可用于生产、储存、运输、楼宇、电子设备等。

能源管理

水资源管理

KPI A2.1Direct and/or indirect energy consumption by type (e.g. electricity, gas

or oil) in total (kWh in ‘000s) and intensity (e.g. per unit of production

volume, per facility).

Energy Management

关键绩效指标A2.1按类型划分的直接及╱或间接能源（如电力、气体或油）总耗量（4个千瓦

时）及密度（每单位产出）。

能源管理

KPI A2.2Water consumption in total and intensity (e.g. per unit of production

volume, per facility).

Water Resources Management

关键绩效指标A2.2总耗水量（吨）及密度（每单位产出）。水资源管理

KPI A2.3Description of energy use eficiency target(s) set and steps taken to achieve

them.

Energy Management

关键绩效指标A2.3描述为提升能源使用效益所采取的措施及结果。能源管理

KPI A2.4Description of whether there is any isue in sourcing water that is fit for

purpose, water eficiency target(s) set and steps taken to achieve them.

Water Resources Management

关键绩效指标A2.4描述在求取适合用途的水方面存在的问题（如有），水效能目标以及为实现

这些目标所采取的步骤。

水资源管理

KPI A2.5Total packaging material used for finished products (in tones) and, if

aplicable, with reference to per unit produced.

Waste Management

关键绩效指标A2.5制成品所用包装材料的总量（以吨计算）及（如适用）每生产单位占量。废弃物管理

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

A3: The Environment and Natural Resources

A3：环境及天然资源

General DisclosurePolicies on minimising the isuer’s significant impacts on the environment

and natural resources.

Environment and Natural

Resources

一般披露减低发行人对环境及天然资源造成重大影响的政策。环境及天然资源

KPI A3.1Description of the significant impacts of activities on the environment and

natural resources and the actions taken to manage them.

Environment and Natural

Resources

关键绩效指标A3.1描述业务活动对环境及天然资源的重大影响及已采取管理有关影响的行

动。

环境及天然资源

A4: Climate Change

A4：气候变化

General DisclosurePolicies on identification and mitigation of significant climate-related isues

which have impacted, and those which may impact, the isuer.

Climate Change

一般披露识别及应对已经及可能会对发行人产生影响的重大气候相关事宜的政策。气候变化

KPI A4.1Description of the significant climate-related isues which have impacted, and

those which may impact, the isuer, and the actions taken to manage them.

Climate Change

关键绩效指标A4.1描述已经及可能会对发行人产生影响的重大气候相关事宜及回应。气候变化

B. Social

B：社会

Employment and Labour Practices

雇佣及劳工常规

B1: Employment

B1：雇佣

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a significant

impact on the isuer

relating to compensation and dismisal, recruitment and promotion,

working hours, rest periods, equal oportunity, diversity, anti-

discrimination, and other benefits and welfare.

Employment

一般披露有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机会、多元化、反

歧视以及其他待遇及福利的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

雇佣

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

KPI B1.1Total workforce by gender, employment type (for example, ful- or part-

time), age group and geographical region.

Employment

关键绩效指标B1.1按性别、雇佣类型（如全职或兼职）、年龄组别及地区划分的雇员总数。雇佣

KPI B1.2Employe turnover rate by gender, age group and geographical region.Employment

关键绩效指标B1.2按性别、年龄组别及地区划分的雇员流失比率。雇佣

B2: Healthy and Safety

B2：健康和安全

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a significant

impact on the isuer

relating to providing a safe working environment and protecting employes

from ocupational hazards.

Health and Safety

一般披露有关提供安全工作环境及保障雇员避免职业性危害的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

健康与安全

KPI B2.1Number and rate of work-related fatalities ocured in each of the past

thre years including the reporting year.

Health and Safety

关键绩效指标B2.1过去三年每年因工亡故的人数及比率（包括汇报年度）。健康与安全

KPI B2.2Lost days due to work injury.Health and Safety

关键绩效指标B2.2因工伤损失工作日数。健康与安全

KPI B2.3Description of ocupational health and safety measures adopted, and how

they are implemented and monitored.

Health and Safety

关键绩效指标B2.3描述所采纳的职业健康与安全措施，以及相关执行及监察方法。健康与安全

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

B3: Development and Training

B3：发展及培训

General DisclosurePolicies on improving employes’ knowledge and skils for discharging

duties at work. Description of training activities.

Note: Training refers to vocational training. It may include internal and external courses

paid by the employer

Development and Training

一般披露有关提升雇员履行工作职责的知识及技能的政策。描述培训活动。

注：培训指职业培训，可包括由雇主付费的内外部课程。

发展及培训

KPI B3.1The percentage of employes trained by gender and employe category

(e.g. senior management, midle management).

Development and Training

关键绩效指标B3.1按性别及雇员级别（如高级管理层及中级管理层）划分的受训雇员百分比。发展及培训

KPI B3.2The average training hours completed per employe by gender and

employe category.

Development and Training

关键绩效指标B3.2按性别及雇员类别划分，每名雇员完成受训的平均时数。发展及培训

B4: Labour Standards

B4：劳工准则

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a significant

impact on the isuer

relating to preventing child and forced labour.

Employment

一般披露有关防止童工或强制劳工的：

(a) 政策；

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

雇佣

KPI B4.1Description of measures to review employment practices to avoid child and

forced labour.

Employment

关键绩效指标B4.1描述检讨招聘惯例的措施以避免童工及强制劳工。雇佣

KPI B4.2Description of steps taken to eliminate such practices when discovered.Employment

关键绩效指标B4.2描述在发现违规情况时消除有关情况所采取的步骤。雇佣

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

Operating Practices

营运惯例

B5: Suply Chain Management

B5：供应链管理

General DisclosurePolicies on managing environmental and social risks of the suply chain.Suply Chain Management

一般披露管理供应链的环境及社会风险政策。供应链管理

KPI B5.1Number of supliers by geographical region.Suply Chain Management

关键绩效指标B5.1按地区划分的供应商数目。供应链管理

KPI B5.2Description of practices relating to engaging supliers, number of

supliers where the practices are being implemented, and how they are

implemented and monitored.

Suply Chain Management

关键绩效指标B5.2描述有关聘用供应商的惯例，向其执行有关惯例的供应商数目。供应链管理

KPI B5.3Description of practices used to identify environmental and social risks

along the suply chain, and how they are implemented and monitored.

Suply Chain Management

关键绩效指标B5.3描述有关识别供应链每个环节的环境及社会风险的惯例，以及相关执行及

监察方法。

供应链管理

KPI B5.4Description of practices used to promote environmentaly preferable

products and services when selecting supliers, and how they are

implemented and monitored.

Suply Chain Management

关键绩效指标B5.4描述在拣选供应商时促使多用环保产品及服务的惯例，以及相关执行及监

察方法。

供应链管理

Environmental, Social and Governance Report

环境、社会及管治报告

AV Concept Holdings Limited Anual Report 2025 年报

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

B6: Product Responsibility

B6：产品责任

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a significant

impact on the isuer

relating to health and safety, advertising, labeling and privacy maters

relating to products and services provided and methods of redres.

Product Responsibility

一般披露有关所提供产品和服务的健康与安全、广告、标签及私隐事宜以及补救方

法的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

产品责任

KPI B6.1Percentage of total products sold or shiped subject to recals for safety

and health reasons.

Product Responsibility

关键绩效指标B6.1已售或已运送产品总数中因安全与健康理由而须回收的百分比。产品责任

KPI B6.2Number of products and service related complaints received and how they

are dealt with.

Product Responsibility

关键绩效指标B6.2接获关于产品及服务的投诉数目以及应对方法。产品责任

KPI B6.3Description of practices relating to observing and protecting intelectual

property rights.

Product Responsibility

关键绩效指标B6.3描述与维护及保障知识产权有关的惯例。产品责任

KPI B6.4Description of quality asurance proces and recal procedures.Product Responsibility

关键绩效指标B6.4描述质量检定过程及产品回收程式。产品责任

KPI B6.5Description of consumer data protection and privacy policies, and how

they are implemented and monitored.

Product Responsibility

关键绩效指标B6.5描述消费者资料保障及私隐政策，以及相关执行及监察方法。产品责任

环境、社会及管治报告

Anual Report 2025 年报 AV Concept Holdings Limited

Environmental, Social and Governance Report

AspectsDescription

Relevant Section in the

Report

范畴内容报告内的部分

B7: Anti-coruption

B7：反贪污

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a significant

impact on the isuer

relating to bribery, extortion, fraud and money laundering.

Anti-coruption

一般披露有关防止贿赂、勒索、欺诈及洗黑钱的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

反贪污

KPI B7.1Number of concluded legal cases regarding corupt practices brought

against the isuer or its employes during the reporting period and the

outcomes of the cases.

Anti-coruption

关键绩效指标B7.1于汇报期内对发行人或其雇员提出并已审结的贪污诉讼案件的数目及诉讼

结果。

反贪污

KPI B7.2Description of preventive measures and whistle-blowing procedures, and

how they are implemented and monitored.

Anti-coruption

关键绩效指标B7.2描述防范措施及举报程式，以及相关执行及监察方法。反贪污

KPI B7.3Description of anti-coruption training provided to directors and staf.Anti-coruption

关键绩效指标B7.3描述向董事及员工提供的反贪污培训。反贪污

Comunity

社区

B8: Comunity Investment

B8：社区投资

General DisclosurePolicies on comunity engagement to understand the neds of the

comunities where the isuer operates and to ensure its activities take into

consideration the comunities’ interests.

Comunity Investment

一般披露有关以社区参与来了解营运所在社区需要和确保其业务活动会考虑社区利

益的政策。

社区投资

KPI B8.1Focus areas of contribution (e.g. education, environmental concerns,

labour neds, health, culture, sport).

Comunity Investment

关键绩效指标B8.1专注贡献范畴（例如教育、环境事宜、劳工需求、健康、文化及运动）。社区投资

KPI B8.2Resources contributed (e.g. money or time) to the focus area.Comunity Investment

关键绩效指标B8.2在专注范畴所动用资源（如资金及时间）。社区投资

INDEPENDENT

AUDITOR’S REPORT

独立核数师报告

Independent Auditor’s Report

独立核数师报告

Ernst & Young

27/F, One Taiko Place,

979 King’s Road,

Quary Bay, Hong Kong

安永会计师事务所

香港鲗鱼涌

英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

To the shareholders of AV Concept Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of AV Concept

Holdings Limited (the “Company”) and its subsidiaries (the “Group”) set out

on pages 96 to 195, 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 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”), as aplicable to audits of financial

statements of public interest entities. We have also 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AV Concept Holdings Limited股东

（于开曼群岛注册成立之有限公司）

意见

我们已审计载于第96页至第195页的AV Concept

Holdings Limited（「贵公司」）及其附属公司（「贵集团」）

的综合财务报表，当中包括于二零二五年三月三十一

日的综合财务状况表与截至该日止年度的综合损益

表、综合全面收入表、综合权益变动表及综合现金

流量表以及综合财务报表附注（包括重要会计政策资

料）。

我们认为，综合财务报表已根据香港会计师公会（「香

港会计师公会」）颁布的香港财务报告准则会计准则真

实公平地反映贵集团于二零二五年三月三十一日的

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的披露规定妥

为编制。

意见基准

我们已根据香港会计师公会颁布的香港审计准则（「香

港审计准则」）进行审计。我们于该等准则下的责任于

本报告核数师就审计综合财务报表须承担的责任一节

进一步阐述。按照香港会计师公会颁布的适用于公众

利益实体财务报表之审计的专业会计师道德守则（「守

则」），我们独立于贵集团。我们亦已按照守则履行

其他道德责任。我们相信，我们所获得的审计凭证充

分且适当地为我们的意见提供基础。

89 Anual Report 2025 年报 AV Concept Holdings Limited

Independent Auditor’s Report

独立核数师报告

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgement, were

of most significance in our audit of the consolidated financial statements

of the curent period. These maters were adresed in the context of our

audit of the consolidated financial statements as a whole, and in forming our

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

For each mater below, our description of how our audit adresed the mater

is provided in that context.

We have fulfiled the responsibilities described in the Auditor’s responsibilities

for the audit of the consolidated financial statements section of our report,

including in relation to these maters. Acordingly, our audit included the

performance of procedures designed to respond to our asesment of the risks

of material mistatement of the consolidated financial statements. The results

of our audit procedures, including the procedures performed to adres the

maters below, provide the basis for our audit opinion on the acompanying

consolidated financial statements.

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Estimation of fair values of investment properties

投资物业公平价值估计

As at 31 March 2025, the Group’s investment properties

measured at fair value amounted to aproximately HK$121

milion, with the coresponding fair value changes recognised in

the consolidated statement of profit or los. The valuation proces

is inherently subjective, and dependent on estimation of adjusted

unit price. The Group has engaged independent valuers to value

certain investment properties at the end of the reporting period.

The significant acounting judgements and estimates and

disclosures about fair values of investment properties are included

in notes 3 and 13 to the consolidated financial statements.

于二零二五年三月三十一日，贵集团按公平价值计量的投资物

业约为121,000,000港元，而相应公平价值变动于综合损益表内

确认。估值程序本身具有主观性，并须依赖估计经调整单位价

格。贵集团已委聘独立估值师于报告期间结束时为若干投资物

业进行估值。

主要会计判断及估计以及有关投资物业公平价值的披露载于综合

财务报表附注3及13。

We evaluated the competence, capabilities and objectivity

of the independent valuers engaged by the Group. We also

obtained valuation reports prepared by the independent valuers,

understod the work of the independent valuers and evaluated

its work by asesing the relevance, completenes and acuracy

of the data used as inputs for the valuation, and asesing the

major asumptions and methodologies adopted in the valuation

by checking to the price of similar properties. We also involved

our internal valuation experts to asist us in evaluating the major

asumptions and methodologies of the valuation of certain

investment properties held by the Group.

我们已评估贵集团委聘的独立估值师是否胜任、其能力是否

足够及是否客观。我们亦已取得独立估值师编制的估值报告及

了解独立估值师的工作，并透过评估用作估值输入值的数据是否

相关、完整及准确，评价独立估值师的工作，以及查核类似物业

的价格，以评估值采用的主要假设及方法。我们亦动员内部估

值专家协助评估贵集团所持若干投资物业的主要假设及估值方

法。

关键审计事项

关键审计事项为根据我们的专业判断，对我们审计本

期间综合财务报表最为重要的事项。此等事项于我们

审计综合财务报表及就此出具意见时一并处理，而我

们不会就此等事宜另行提供意见。我们于审计过程中

如何处理下文所述各事项的描述以此为基准提供。

我们已履行本报告核数师就审计综合财务报表须承担

的责任一节所述的责任，包括有关此等事项的责任。

因此，我们的审计工作包括执行专为应对我们对综合

财务报表出现重大错误陈述的风险的评估而设的程

序。我们的审计程序（包括为处理下列事项而执行的

程序）的结果为我们对随附综合财务报表的审计意见

提供基础。

AV Concept Holdings Limited Anual Report 2025 年报

Independent Auditor’s Report

独立核数师报告

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Provision against inventories

存货拨备

As at 31 March 2025, the net inventory balance of the Group

amounted to aproximately HK$97 milion.

The Group is engaged in the marketing and distribution of

electronic components and the design, development and sale

of consumer products, which are subject to changing market

demands and market competition. Management judgement is

required for asesing the apropriate level of inventory provision

in light of the curent chalenging busines environment.

The significant acounting judgements and estimates and

disclosures of the provision against and the balance of inventories

are included in notes 3, 6 and 20 to the consolidated financial

statements.

于二零二五年三月三十一日，贵集团的存货结余净值约为

97,000,000港元。

贵集团从事电子元件的市场推广及分销以及消费类产品的设计、

开发及销售，受市场需求转变及市场竞争影响。鉴于现时营商环

境挑战重，管理层于评估存货拨备合适水平时须作出判断。

主要会计判断及估计以及有关存货拨备及结余之披露载于综合财

务报表附注3、6及20。

We obtained an understanding of and evaluated the basis which

management used in estimating the level of provision against

inventories by considering the stock ageing as at 31 March 2025

and the subsequent sales after the year ended 31 March 2025.

We also compared the carying amount of the inventories, on a

sampling basis, to their net realisable value through review of sales

of the inventories subsequent to the year end.

我们已透过考虑于二零二五年三月三十一日的库存账龄及截至二

零二五年三月三十一日止年度后的期后销售，了解并评估管理层

用以估计存货拨备水平的基准。我们亦已透过审阅年结日后的存

货销售情况，抽样比较存货的账面金额与其可变现净值。

KEY AUDIT MATERS (continued)关键审计事项（续）

91 Anual Report 2025 年报 AV Concept Holdings Limited

Independent Auditor’s Report

独立核数师报告

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Provision for impairment of trade and other receivables

应收贸易账款及其他应收款项减值拨备

As at 31 March 2025, the Group recorded gros trade and other

receivables of aproximately HK$73 milion and HK$5 milion,

respectively, and acumulated provision for impairment of

aproximately HK$53 milion and HK$3 milion, respectively.

The provision for impairment of trade and other receivables is

estimated by management through the aplication of judgement

and use of highly subjective asumptions, including the Group’s

historical credit los experience, identification of los stages,

estimates of probability of default, los given default, adjusted

for factors that are specific to the debtors, general economic

conditions and an asesment of both the curent conditions at

the reporting date as wel as the forecast of future conditions.

Management engaged an independent valuer to value certain

impairment of trade and other receivables asesment at the end

of the reporting period.

The significant acounting judgements and estimates and

disclosures of the trade and other receivables and their provision

for impairment are included in notes 3, 6, 18, 21 and 22 to the

consolidated financial statements.

于二零二五年三月三十一日，贵集团录得应收贸易账款及其他

应收款项总额分别约为73,000,000港元及5,000,000港元，以及

累计减值拨备分别约为53,000,000港元及3,000,000港元。

管理层透过应用判断及使用相当主观的假设估计应收贸易账款及

其他应收款项减值拨备，包括贵集团历史信贷亏损经验、识别

亏损阶段、估计违约概率、违约损失率，并就债务人特有之因

素、整体经济状况及对于报告日期之目前状况及未来状况预测之

评估而作出调整。

管理层已委聘一名独立估值师对报告期间结束时的若干应收贸易

账款及其他应收款项减值进行估值。

主要会计判断及估计以及有关应收贸易账款及其他应收款项，及

其减值拨备之披露资料载于综合财务报表附注3、6、18、21及

22。

We enquired management of the Group to understand the

Group’s proces for estimating the provision for impairment of

trade and other receivables. We evaluated the methodologies,

inputs and asumptions, including judgement made by the

management of the Group in identifying credit-impaired trade

and other receivables, used by the Group in calculating the

impairment. We also asesed the provision for impairment of

trade and other receivables by checking to the debtors’ ageing

analysis, setlement record, history of bad debt and available

forward-loking information.

We evaluated the competence, capabilities and objectivity of the

independent valuer engaged by the Group. We have also obtained

valuation reports prepared by the independent valuer, understod

the work of the independent valuer and evaluated its work by

asesing the relevance, completenes and acuracy of the data

used as inputs for the valuation. We also involved our internal

valuation experts to asist us in evaluating the major asumptions

and methodologies of the valuation of certain impairment of trade

and other receivables.

我们询问贵集团管理层，以了解贵集团估计应收贸易账款及

其他应收款项减值拨备的流程。我们评估贵集团于计算减值时

所使用之方法、输入值及假设，包括贵集团管理层于识别信贷

减值之应收贸易账款及其他应收款项时作出之判断。我们亦透过

查核应收账款之账龄分析、结算记录、坏账史及可取得之前瞻性

资料而评估应收贸易账款及其他应收款项减值拨备。

我们已评估贵集团委聘的独立估值师是否胜任、其能力是否足

够及是否客观。我们亦已取得独立估值师编制的估值报告、了解

独立估值师的工作，并透过评估用作估值输入值的数据是否相

关、完整及准确，评价独立估值师的工作。我们亦动员内部估值

专家协助评估若干应收贸易账款及其他应收款项减值的主要假设

及估值方法。

KEY AUDIT MATERS (continued)关键审计事项（续）

AV Concept Holdings Limited Anual Report 2025 年报

Independent Auditor’s Report

独立核数师报告

OTHER INFORMATION INCLUDED IN THE ANUAL

REPORT

The directors of the Company are responsible for the other information. The

other information comprises the information included in the Anual Report,

other than 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 of the Company are responsible for the preparation of the

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

with HKFRS Acounting Standards 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 of the

Company 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 of the

Company either intend to liquidate the Group or to cease operations or have

no realistic alternative but to do so.

The directors of the Company are asisted by the Audit Comite in

discharging their responsibilities for overseing the Group’s financial reporting

proces.

年报所载的其他资料

贵公司董事须就其他资料负责。其他资料包括年报所

载的资料，惟不包括综合财务报表及我们就此发出的

核数师报告。

我们对综合财务报表的意见并不涵盖其他资料，我们

亦不就其他资料发表任何形式的鉴证结论。

在我们审计综合财务报表方面，我们的责任为阅览其

他资料，而在此过程中，我们会考虑其他资料是否与

综合财务报表或我们在审计过程中了解的情况严重不

符，或是否似乎存在重大错误陈述。基于我们已进行

的工作，如我们认为其他资料存在重大错误陈述，则

我们须报告有关事实。就此而言，我们并无任何报

告。

董事就综合财务报表须承担的责任

贵公司董事须负责按照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的披露规定编制

综合财务报表，以令综合财务报表作出真实公平的反

映，以及落实董事认为编制综合财务报表所必要的内

部监控，以令综合财务报表不存在由于欺诈或错误而

导致的重大错误陈述。

编制综合财务报表时，贵公司董事须负责评估贵

集团是否有能力继续持续经营、披露（如适用）与持续

经营相关的事项，并使用持续经营会计法，除非贵

公司董事拟将贵集团清盘或终止经营贵集团，或

除此之外并无实质替代方案，则作别论。

贵公司董事在审核委员会协助下履行其监督贵集团

财务申报过程的责任。

93 Anual Report 2025 年报 AV Concept Holdings Limited

Independent Auditor’s Report

独立核数师报告

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. Our report is made solely to you, as a body, and for

no other purpose. We do not asume responsibility towards or acept liability

to any other person for the contents of this report.

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

an audit conducted in acordance with HKSAs wil always detect a material

mistatement when it exists. Mistatements can arise from fraud or eror

and are considered material if, individualy or in the agregate, they could

reasonably be expected to influence the economic decisions of users taken on

the basis of these consolidated financial statements.

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

judgement and maintain profesional scepticism 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须承担的责

任

我们的目标为合理确定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，并发出包含

我们意见的核数师报告。我们的报告仅向整体股东作

出，除此以外不可作其他用途。我们概不就本报告的

内容对任何其他人士负责或承担法律责任。

合理鉴证属高层次鉴证，但不能担保按照香港审计准

则进行的审计工作总能发现存有的重大错误陈述。错

误陈述可源于欺诈或错误，倘个别或整体在合理预期

情况下可影响使用者基于本综合财务报表作出的经济

决定，则被视为重大错误陈述。

作为按照香港审计准则进行审计工作一环，我们运用

专业判断，在整个审计过程中抱持专业怀疑态度。我

们亦：

• 识别及评估由于欺诈或错误而导致综合财务报

表存有重大错误陈述的风险，因应此等风险设

计及执行审计程序，以及取得充足和适当的审

计凭证以为我们的意见提供基础。由于欺诈可

能涉及合谋串通、伪造、故意遗漏、失实陈述

或凌驾内部监控，因此未能发现因欺诈造成的

重大错误陈述的风险高于未能发现因错误而导

致的重大错误陈述的风险。

，以设计适当审计

程序，惟并非旨在对贵集团内部监控的成效

发表意见。

，以及所作会

计估计及相关披露是否合理。

• 对董事采用持续经营会计基准是否合适作出结

论，并依照所得的审计凭证，决定是否存在与

事件或情况有关的重大不明朗因素，而可能

对贵集团持续经营的能力构成重大疑虑。倘

我们认为存在重大不明朗因素，则须于核数师

报告内促请注意综合财务报表内的相关披露资

料，而倘有关披露资料不足，则须修改我们的

意见。我们的结论乃基于截至核数师报告日期

为止所获得的审计凭证。然而，未来事件或情

况可能导致贵集团无法继续持续经营。

AV Concept Holdings Limited Anual Report 2025 年报

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

consolidated 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.

The engagement partner on the audit resulting in this independent auditor’s

report is Ki Wing Ye, Winie (practising certificate number: P04736).

Ernst & Young

Certified Public Acountants

Hong Kong

30 June 2025

核数师就审计综合财务报表须承担的责

任（续）

（包括资料披露）的整体列报

方式、架构及内容，以及综合财务报表是否已

公平地列报相关交易及事件。

，以就贵集团内各实体

或业务单元的财务资料获得充足和适当的审计

凭证，以作为我们对综合财务报表发表意见的

基础。我们负责指导、监督及审核集团审计所

进行的审计工作。我们为我们的审计意见承担

全部责任。

我们与审核委员会沟通（其中包括）计划审计范围及时

间安排以及重大审计发现，包括我们在审计过程中识

别出的重大内部监控缺失。

我们亦向审核委员会提交声明，说明我们已符合有关

独立性的相关道德要求，并与彼等沟通所有可能合理

地被认为会影响我们独立性的关系及其他事项，以及

（如适用）为消除威胁而采取的行动或防范措施。

从与审核委员会沟通的事项中，我们决定对审计本期

间综合财务报表最为重要的事项，因而构成关键审计

事项。我们于我们的核数师报告内说明该等事项，除

非法律或规例禁止公开披露有关事项，或在极其罕见

的情况下，若合理预期在我们报告内指出某事项所造

成的负面后果将会超过其产生的公众利益，则我们不

会在报告内指出该事项。

本独立核数师报告的审计项目合伙人为祁咏仪（执业

证书编号：P04736）。

安永会计师事务所

执业会计师

香港

二零二五年六月三十日

95 Anual Report 2025 年报 AV Concept Holdings Limited

Consolidated Statement of Profit or Los

综合损益表

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

REVENUE收益51,189,997984,294

Cost of sales销售成本(1,176,827)(947,965)

Gros profit毛利13,17036,329

Other income and gains其他收入及收益510,64212,604

Changes in fair value of

investment properties

投资物业公平价值之变动

13(8,740)(10,825)

Seling and distribution expenses销售及分销费用(28,742)(25,382)

Administrative expenses行政费用(68,743)(61,432)

Impairment of financial asets, net金融资产之减值，净额6(11,693)(18,234)

Fair value gains/(loses) on financial asets

at fair value through profit or los, net

透过损益按公平价值列账之

金融资产之公平价值

收益╱（亏损），净额2,843(5,831)

Other expenses, net其他费用，净额6(6,001)(1,293)

Finance costs融资成本7(4,259)(3,038)

Share of profits and loses of:分占溢利及亏损：

Joint ventures合营企业155,812187,383

Asociates联营公司(976)–

PROFIT BEFORE TAX除税前溢利653,313110,281

Income tax所得税9401(1,118)

PROFIT FOR THE YEAR ATRIBUTABLE

TO OWNERS OF THE COMPANY

本公司拥有人应占年内溢利

53,714109,163

EARNINGS PER SHARE ATRIBUTABLE

TO OWNERS OF THE COMPANY

本公司拥有人应占每股盈利

Basic基本HK5.91 cents

5.91港仙

HK12.01 cents

12.01港仙

Diluted摊薄HK5.91 cents

5.91港仙

HK12.01 cents

12.01港仙

AV Concept Holdings Limited Anual Report 2025 年报

Consolidated Statement of Comprehensive Income

综合全面收入表

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

PROFIT FOR THE YEAR年内溢利53,714109,163

OTHER COMPREHENSIVE LOS其他全面亏损

Other comprehensive los that may be reclasified

to profit or los in subsequent periods:

于往后期间可能重新分类至损益之其

他全面亏损：

Exchange diferences on translation of foreign

operations

换算海外业务时产生之汇兑差额

(1,904)(3,905)

OTHER COMPREHENSIVE LOS THAT

MAY BE RECLASIFIED TO PROFIT OR

LOS IN SUBSEQUENT PERIODS AND

OTHER COMPREHENSIVE LOS FOR

THE YEAR, NET OF TAX

于往后期间可能重新分类至损益之其

他全面亏损及年内其他全面亏损，

扣除税项

(1,904)(3,905)

TOTAL COMPREHENSIVE INCOME FOR

THE YEAR ATRIBUTABLE TO OWNERS

OF THE COMPANY

本公司拥有人应占年内全面收入总额

51,810105,258

97 Anual Report 2025 年报 AV Concept Holdings Limited

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment

and right-of-use asets

物业、厂房及设备以及

使用权资产1232,94733,367

Investment properties投资物业13121,118130,091

Godwil商誉15–

Other intangible asets其他无形资产162,8083,055

Investments in joint ventures于合营企业之投资171,524,5141,451,801

Investments in asociates于联营公司之投资18371–

Financial asets at fair value through

profit or los

透过损益按公平价值列账之金

融资产1928,06427,126

Prepayments and deposits预付款项及按金221,9132,396

Total non-curent asets非流动资产总值1,711,7351,647,836

CURENT ASETS流动资产

Inventories存货2096,76689,645

Trade receivables应收贸易账款2119,91527,735

Prepayments, deposits and other receivables预付款项、按金及其他应

收款项229,31626,048

Financial asets at fair value through

profit or los

透过损益按公平价值列账之

金融资产192,8894,506

Cash and cash equivalents现金及等同现金项目2358,96776,345

Total curent asets流动资产总值187,853224,279

AV Concept Holdings Limited Anual Report 2025 年报

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

CURENT LIABILITIES流动负债

Trade payables, deposits received and

acrued expenses

应付贸易账款、已收按金及

应计费用2470,54357,586

Contract liabilities合约负债252,3741,892

Lease liabilities租赁负债1415119

Interest-bearing bank borowings附息银行借款2631,99836,111

Tax payable应付税项1,8222,893

Financial guarante obligation财务担保责任2745,48150,112

Total curent liabilities流动负债总额152,233148,713

NET CURENT ASETS流动资产净值35,62075,566

TOTAL ASETS LES CURENT LIABILITIES总资产减流动负债1,747,3551,723,402

NON-CURENT LIABILITIES非流动负债

Lease liabilities租赁负债14–15

Defered tax liabilities递延税项负债2813,29813,880

Total non-curent liabilities非流动负债总额13,29813,895

Net asets资产净值1,734,0571,709,507

EQUITY权益

Isued capital已发行股本2990,86690,866

Reserves储备1,643,1911,618,641

Equity atributable to owners of the Company本公司拥有人应占权益1,734,0571,709,507

Non-controling interests非控股权益–

Total equity权益总额1,734,0571,709,507

So Kevin Chi HengSo Chi Sun Suny

苏智恒苏智燊

DirectorDirector

董事董事

99 Anual Report 2025 年报 AV Concept Holdings Limited

Consolidated Statement of Changes in Equity

综合权益变动表

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

Atributable to owners of the Company

本公司拥有人应占

Isued

capital

premium

acount

Capital

reserve

Other

reserve

Aset

revaluation

reserve

Exchange

fluctuation

reserve

Retained

profits

Total

Non-

controling

interests

Total

equity

已发行股本股份溢价账股本储备

其他储备

资产重估

储备

汇兑波动

储备保留溢利

总额非控股权益权益总额

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日90,866429,71919,484(38,483)38,7657431,062,8221,603,9169,4201,613,336

Profit for the year年内溢利–109,163109,163–109,163

Other comprehensive los for the year:年内其他全面亏损：

Exchange diferences on translation of

foreign operations

换算海外业务时产生之汇兑差额

–(3,905)–(3,905)–(3,905)

Total comprehensive income/(los) for the year年内全面收入╱（亏损）总额–(3,905)109,163105,258–105,258

Share options lapsed of subsidiaries (note 30)附属公司购股权失效（附注30）–9,4209,420(9,420)–

Dividend paid (note 10)已付股息（附注10）–(9,087)(9,087)–(9,087)

At 31 March 2024于二零二四年三月三十一日90,866429,71919,484(38,483)38,765(3,162)1,172,3181,709,507–1,709,507

AV Concept Holdings Limited Anual Report 2025 年报

Consolidated Statement of Changes in Equity

综合权益变动表

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

Atributable to owners of the Company

本公司拥有人应占

Isued

capital

premium

acount

Capital

reserve

Other

reserve

Aset

revaluation

reserve

Exchange

fluctuation

reserve

Retained

profits

Total

Non-

controling

interests

Total

equity

已发行股本股份溢价账股本储备

其他储备

资产重估

储备

汇兑波动

储备保留溢利

总额非控股权益权益总额

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

At 1 April 2024于二零二四年四月一日90,866429,71919,484(38,483)38,765(3,162)1,172,3181,709,507–1,709,507

Profit for the year年内溢利–53,71453,714–53,714

Other comprehensive los for the year:年内其他全面亏损：

Exchange diferences on translation of

foreign operations

换算海外业务时产生之汇兑差额

–(1,904)–(1,904)–(1,904)

Total comprehensive income/(los) for the year年内全面收入╱（亏损）总额–(1,904)53,71451,810–51,810

Dividend paid (note 10)已付股息（附注10）–(27,260)(27,260)–(27,260)

At 31 March 2025于二零二五年三月三十一日90,866429,71919,484(38,483)38,765(5,066)1,198,7721,734,057–1,734,057

Included in the balance of the capital reserve as at 31 March 2025 was a capital

redemption reserve balance amounting to aproximately HK$16,142,000 (2024:

HK$16,142,000).

The aset revaluation reserve arose from a change in use from owner-ocupied

properties to investment properties caried at fair value. In acordance with HKAS 16,

this balance was frozen and was not available to ofset the curent and future years’

revaluation deficits on investment properties until the retirement or disposal of these

asets.

As at 31 March 2025, there was godwil of HK$12,427,000 (2024: HK$12,427,000)

arising from the acquisition of subsidiaries in prior years which remained eliminated

against the consolidated retained profits.

$1,643,191,000 (2024:

HK$1,618,641,000) in the consolidated statement of financial position as at 31 March

2024.

于二零二五年三月三十一日之股本储备结余包括股本赎回

储备结余约16,142,000港元（二零二四年：16,142,000港

元）。

资产重估储备源自将自用物业用途更改为按公平价值列账

之投资物业。根据香港会计准则第16号，该项余额被冻结

且不可用于抵销本年度及未来年度投资物业之重估亏绌，

直至该等资产报废或出售为止。

于二零二五年三月三十一日，因以往年度收购附属公司而

产生之商誉12,427,000港元（二零二四年：12,427,000港

元）继续与综合保留溢利抵销。

* 该等储备账包括于二零二五年三月三十一日综合财务

状况表内之综合储备1,643,191,000港元（二零二四年：

1,618,641,000港元）。

101 Anual Report 2025 年报 AV Concept Holdings Limited

Consolidated Statement of Cash Flows

综合现金流量表

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

CASH FLOWS FROM OPERATING ACTIVITIES经营活动所得现金流量

Profit before tax除税前溢利53,313110,281

Adjustments for:就以下项目作出调整：

Finance costs融资成本74,2593,038

Share of profits of joint ventures分占合营企业溢利(155,812)(187,383)

Share of loses of asociates分占联营公司亏损976–

Depreciation of items of property, plant and

equipment

物业、厂房及设备项目折旧

Depreciation of right-of-use asets使用权资产折旧68641,197

Changes in fair value of investment properties投资物业公平价值之变动138,74010,825

Impairment of other intangible asets其他无形资产减值6247430

Impairment of other receivables其他应收款项之减值62,90211,819

Impairment of trade receivables, net应收贸易账款之减值，净额68,7916,415

Provision/(reversal of provision) for impairment of

inventories

存货减值拨备╱

（拨备拨回）61,898(367)

Gain on disposal of items of property, plant

and equipment

出售物业、厂房及设备项目之

收益5, 6(80)(250)

Gain on derecognition of financial guarante

obligation

终止确认财务担保责任之收益

6(65,735)(121,204)

Expense in relation to the financial guarante

utilised by joint ventures

与合营企业所动用财务担保有

关的费用665,735121,204

Impairment of investments on asociates于联营公司之投资减值62,068–

Fair value (gains)/loses on financial asets

at fair value through profit or los, net

透过损益按公平价值列账之

金融资产的公平价值

（收益）╱亏损，净额6(2,843)5,831

Dividend income from listed equity investments上市股权投资之股息收入5–(50)

Bank interest income银行利息收入5(1,537)(1,977)

Interest income on listed bond investments上市债券投资之利息收入5(2)(7)

Interest income from a loan to an asociate提供予一间联营公司之贷款之

利息收入5–(444)

Interest income from other receivables其他应收款项之利息收入5(103)(1,670)

(75,407)(41,635)

Increase in inventories存货增加(9,018)(73,477)

Increase in trade receivables应收贸易账款增加(3,939)(25,351)

Decrease in prepayments, deposits

and other receivables

预付款项、按金及其他应收款项

减少14,32210,038

Increase in trade payables, deposits received

and acrued expenses

应付贸易账款、已收按金及应计

费用增加13,03335,365

Increase/(decrease) in contract liabilities合约负债增加╱（减少）484(1,454)

Cash used in operations经营所用现金(60,525)(96,514)

AV Concept Holdings Limited Anual Report 2025 年报

Consolidated Statement of Cash Flows

综合现金流量表

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Purchases of financial asets at fair value through

profit or los

购买透过损益按公平价值列账之

金融资产(563)–

Proceds from disposal of financial asets at fair value

through profit or los

出售透过损益按公平价值列账之

金融资产的所得款项2,122–

Dividend income received from a joint venture已收一间合营企业之股息收入78,67162,937

Overseas taxes paid已付海外税项(1,252)(298)

Net cash flows from/(used in) operating activities经营活动所得╱（所用）

之现金流量净额18,453(33,875)

CASH FLOWS FROM INVESTING ACTIVITIES投资活动所得之现金流量

Bank interest received已收银行利息1,5371,977

Dividends received from listed equity investments已收上市股权投资股息–50

Interest income on listed bond investments上市债券投资之利息收入27

Interest income from other receivables其他应收款项之利息收入1031,670

Purchases of investment properties购买投资物业13–(18,024)

Purchases of items of property, plant and equipment购买物业、厂房及设备项目12(1,341)(738)

Proceds from disposal of items of property,

plant and equipment

出售物业、厂房及设备项目之

所得款项80250

Investment in an asociate于一间联营公司之投资(415)–

Net cash flows used in investing activities投资活动所用之现金流量净额(34)(14,808)

CASH FLOWS FROM FINANCING ACTIVITIES融资活动所得之现金流量

Net (decrease)/increase in import and trust receipt

loans

进口及信托收据贷款（减少）╱

增加净额32(4,148)16,951

Interest paid已付利息32(4,247)(3,018)

Interest portion of lease payments租赁付款利息部分32(12)(20)

Principal portion of lease payments租赁付款本金部分32(119)(327)

Dividends paid已付股息10(27,260)(9,087)

Net cash flows (used in)/from financing activities融资活动（所用）╱所得之

现金流量净额(35,786)4,499

NET DECREASE IN CASH AND CASH

EQUIVALENTS

现金及等同现金项目减少净额

(17,367)(44,184)

Cash and cash equivalents at begining of year年初之现金及等同现金项目76,345121,371

Efect of foreign exchange rate changes, net汇率变动之影响，净额(11)(842)

CASH AND CASH EQUIVALENTS AT END OF YEAR年终之现金及等同现金项目58,96776,345

ANALYSIS OF BALANCE OF CASH AND CASH

EQUIVALENTS

现金及等同现金项目结余之分析

Cash and cash equivalents as stated in the

consolidated statement of financial position and

in the consolidated statement of cash flows

综合财务状况表及

综合现金流量表所载之

现金及等同现金项目2358,96776,345

103 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

1. CORPORATE AND GROUP INFORMATION

AV Concept Holdings Limited (the “Company”) is a limited liability

company incorporated in the Cayman Islands. The registered ofice

adres of the Company is P.O. Box 309, Ugland House, Grand

Cayman, KY1-1104, Cayman Islands and its principal place of busines

is located at 6th Flor, Enterprise Square Thre, 39 Wang Chiu Road,

Kowlon Bay, Hong Kong.

During the year, the Group was engaged in the folowing principal

activities:

;

, development and sale of consumer products and product

sourcing services; and

• Venture capital investment

Information about subsidiaries

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

Name

Place of

incorporation/

registration and busines

Isued ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

名称

注册成立

╱注册及营业地点

已发行普通股

╱注册股本公司应占股本百分比主要业务

DirectIndirect

直接间接

AV Concept Limited

先思行有限公司

Hong Kong

香港

HK$2

2港元

HK$1,000,000

1,000,000港元

–100Investment holding

投资控股

AV Concept Singapore Pte. Ltd.Singapore

新加坡

SGD4,000,000

4,000,000新加坡元

–100Trading of electronic

components

买卖电子元件

AV Electronics Group LimitedBritish Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$40,000

40,000美元

100–Investment holding

投资控股

E-GoGo LimitedHong Kong

香港

HK$1

1港元

–100Trading of consumer

products and

investment holding

买卖消费类产品及投资

控股

1. 公司及集团资料

AV Concept Holdings Limited（「本公司」）为于开

曼群岛注册成立之有限公司。本公司之注册办

事处地址为P.O. Box 309, Ugland House, Grand

Cayman, KY1-1104, Cayman Islands，而其主要

营业地点则位于香港九龙湾宏照道39号企业广

场三期6楼。

年内，本集团从事以下主要业务：

、开发及销售以及产品

采购服务；及

有关附属公司之资料

本公司之主要附属公司详情如下：

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

有关附属公司之资料（续）

指先思行有限公司发行之递延股份

New Concept为一间创投组织

上表列示董事认为对本年度业绩构成主要影响

或组成本集团资产净值主要部分之本公司附属

公司。董事认为，如列出其他附属公司之详

情，会导致篇幅过于冗长。

Name

Place of

incorporation/

registration and busines

Isued ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

名称

注册成立

╱注册及营业地点

已发行普通股

╱注册股本公司应占股本百分比主要业务

DirectIndirect

直接间接

Signeo Design International LimitedHong Kong

香港

HK$100

100港元

–100Design, development

and sale of consumer

products

设计、开发及销售消费

类产品

AVC Technology (International) Limited

先思科技（国际）有限公司

Hong Kong

香港

HK$1

1港元

–100Trading of electronic

components and

consumer products

买卖电子元件及消费类

产品

New Concept Capital Limited

(“New Concept”)

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$1

1美元

100–Investment holding

and venture capital

investment

投资控股及创业投资

830 Lab LimitedHong Kong

香港

HK$710,000

710,000港元

–100Online advertising

services and provision

of event organisation

services

线上广告服务及提供活

动组织服务

Represents defered shares isued by AV Concept Limited

New Concept is a venture capital organisation

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

opinion of the directors, principaly afected the results for the year or

formed a substantial portion of the net asets of the Group. To give

details of other subsidiaries would, in the opinion of the directors, result

in particulars of excesive length.

1. CORPORATE AND GROUP INFORMATION

(continued)

Information about subsidiaries (continued)

105 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

2. 会计政策

2.1 编制基准

本综合财务报表乃根据香港会计师公会颁

布之香港财务报告准则会计准则（包括所

有香港财务报告准则、香港会计准则（「香

港会计准则」）及诠释）及香港公司条例之

披露规定编制。除透过损益按公平价值列

账之金融资产及按公平价值计量之投资物

业外，本综合财务报表乃按历史成本惯例

编制。本综合财务报表乃以港元（「港元」）

呈列，而除另有说明者外，所有价值乃取

舍至最接近之千位数。

综合账目基准

综合财务报表包括本公司及其附属公

司（统称「本集团」）截至二零二五年三月

三十一日止年度之财务报表。附属公司为

本公司直接或间接控制之实体（包括结构

性实体）。当本集团就参与被投资企业营

运承担或有权获得可变回报及能对被投资

企业行使权力（即本集团获赋予现有能力

以主导被投资企业相关活动之既存权利）

影响该等回报时，即取得控制权。

当本公司直接或间接拥有少于被投资企业

大多数投票权或类似权利时，本集团于评

估其是否拥有对被投资企业之权力时会考

虑一切相关事实及情况，包括：

(a) 与被投资企业其他投票权持有人之

合约安排；

(b) 其他合约安排所产生之权利；及

附属公司与本公司之财务报表之报告期间

相同，并采用一致之会计政策编制。附属

公司之业绩由本集团取得控制权之日起综

合入账，并持续综合入账，直至该控制权

终止之日为止。

损益及其他全面收入各个部分会归于本集

团母公司拥有人及非控股权益，即使此举

会导致非控股权益出现亏绌结余亦然。与

本集团成员公司间进行之交易有关之所有

集团内资产及负债、权益、收入、开支及

现金流量于综合账目时全数抵销。

2. ACOUNTING POLICIES

2.1 BASIS OF PREPARATION

These consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards (which include

al Hong Kong Financial Reporting Standards, Hong Kong

Acounting Standards (“HKASs”) and Interpretations) as isued

by the Hong Kong Institute of Certified Public Acountants,

and the disclosure requirements of the Hong Kong Companies

Ordinance. They have ben prepared under the historical cost

convention, except for financial asets at fair value through profit

or los and investment properties which have ben measured at

fair value. These consolidated financial statements are presented

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

nearest thousand except when otherwise indicated.

Basis of consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries (colectively

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

A subsidiary is an entity (including a structured entity), directly or

indirectly, controled by the Company. Control is achieved when

the Group is exposed, or has rights, to variable returns from its

involvement with the investe and has the ability to afect those

returns through its power over the investe (i.e., existing rights

that give the Group the curent ability to direct the relevant

activities of the investe).

When the Company has, directly or indirectly, les than a majority

of the voting or similar rights of an investe, the Group considers

al relevant facts and circumstances in asesing whether it has

power over an investe, including:

(a) the contractual arangement with the other vote holders of

the investe;

(b) rights arising from other contractual arangements; and

The financial statements of the subsidiaries are prepared for

the same reporting period as the Company, using consistent

acounting policies. The results of subsidiaries are consolidated

from the date on which the Group obtains control, and continue

to be consolidated until the date that such control ceases.

Profit or los and each component of other comprehensive

income are atributed to the owners of the parent of the Group

and to the non-controling interests, even if this results in the

non-controling interests having a deficit balance. Al intra-group

asets and liabilities, equity, income, expenses and cash flows

relating to transactions betwen members of the Group are

eliminated in ful on consolidation.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.1 编制基准（续）

综合账目基准（续）

倘有事实及情况显示上述三个控制权元素

中一项或以上出现变动，则本集团会重新

评估其是否控制被投资企业。于一间附属

公司之拥有权益变动如并无导致丧失控

制权，则入账列为权益交易。

倘本集团丧失对附属公司之控制权，则会

终止确认相关资产（包括商誉）、负债、任

何非控股权益及外汇波动储备；并确认所

保留任何投资之公平价值及损益内任何因

此产生之盈余或亏绌。先前于其他全面收

入内确认之本集团应占部分按本集团直

接出售相关资产或负债时须采用之相同

基准，重新分类至损益或保留溢利（如适

用）。

2.2 会计政策及披露之变动

本集团在本年度综合财务报表中首次采纳

以下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（修订本）

售后租回的租赁

负债

香港会计准则第1号

（修订本）

将负债分类为流动

或非流动（「二零

二零年修订本」）

香港会计准则第1号

（修订本）

附带契诺的非流动

负债（「二零二

年修订本」）

香港会计准则第7号

及香港财务报告准

则第7号（修订本）

供应商融资安排

经修订香港财务报告准则会计准则的性质

及影响说明如下：

(a) 香港财务报告准则第16号（修订本）

指明卖方－承租人用于计量售后租

回交易产生的租赁负债之规定，以

确保卖方－承租人不会确认与所保

留使用权有关的任何损益金额。由

于本集团自首次应用香港财务报告

准则第16号日期起并无涉及可变租

赁付款（并非视乎指数或比率而定）

的售后租回交易，故该修订本对本

集团的财务状况或表现并无任何影

响。

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation (continued)

The Group reaseses whether or not it controls an investe if

facts and circumstances indicate that there are changes to one

or more of the thre elements of control described above. A

change in the ownership interest of a subsidiary, without a los of

control, is acounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognises the

related asets (including godwil), liabilities, any non-controling

interest and the exchange fluctuation reserve; and recognises the

fair value of any investment retained and any resulting surplus

or deficit in profit or los. The Group’s share of components

previously recognised in other comprehensive income is

reclasified to profit or los or retained profits, as apropriate,

on the same basis as would be required if the Group had directly

disposed of the related asets or liabilities.

2.2 CHANGES IN ACOUNTING POLICIES AND

DISCLOSURES

The Group has adopted the folowing revised HKFRS Acounting

Standards for the first time for the curent year’s consolidated

financial statements.

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1 Clasification of Liabilities as

Curent or Non-curent (the

“2020 Amendments”)

Amendments to HKAS 1 Non-curent Liabilities with

Covenants (the “2022

Amendments”)

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The nature and the impact of the revised HKFRS Acounting

Standards are described below:

(a) Amendments to HKFRS 16 specify the requirements that

a seler-lese uses in measuring the lease liability arising

in a sale and leaseback transaction to ensure the seler-

lese does not recognise any amount of the gain or los

that relates to the right of use it retains. Since the Group

has no sale and leaseback transactions with variable

lease payments that do not depend on an index or a rate

ocuring from the date of initial aplication of HKFRS 16,

the amendments did not have any impact on the financial

position or performance of the Group.

107 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.2 会计政策及披露之变动（续）

(b) 二零二零年修订本澄清了将负债分

为流动或非流动的规定，包括递

延清偿权利的涵义及于报告期间末

必须具有递延清偿权利。负债的分

类不受实体会否行使其递延清偿权

利所影响。该修订本亦澄清，负债

可以其本身的权益工具清偿，且仅

当可转换负债的转换权本身作为权

益工具入账时，负债的条款才不会

影响其分类。二零二年修订本进

一步澄清，在贷款安排所产生的债

务契诺中，仅实体于报告日期或之

前必须遵守的契诺方会影响负债分

类为流动或非流动。对于实体于报

告期间后十二个月内必须遵守未来

契诺的非流动负债，须进行额外披

露。

本集团已重新评估其于二零二三年

及二零二四年三月一日的负债条款

及条件，并认为在初始应用该修订

本后，其负债分类为流动或非流动

仍保持不变。因此，该修订本对本

集团的财务状况或表现并无任何影

响。

告准则第7号（修订本）澄清了供应

商融资安排的特征，并要求对该等

安排作出额外披露。该修订本的披

露规定旨在协助财务报表使用者了

解供应商融资安排对实体负债、现

金流量及流动资金风险敞口的影

响。由于本集团并无供应商融资安

排，故该修订本对本集团的综合财

务报表并无任何影响。

2. ACOUNTING POLICIES (continued)

2.2 CHANGES IN ACOUNTING POLICIES AND

DISCLOSURES (continued)

(b) The 2020 Amendments clarify the requirements for

clasifying liabilities as curent or non-curent, including

what is meant by a right to defer setlement and that a

right to defer must exist at the end of the reporting period.

Clasification of a liability is unafected by the likelihod

that the entity wil exercise its right to defer setlement.

The amendments also clarify that a liability can be setled

in its own equity instruments, and that only if a conversion

option in a convertible liability is itself acounted for as an

equity instrument would the terms of a liability not impact

its clasification. The 2022 Amendments further clarify

that, among covenants of a liability arising from a loan

arangement, only those with which an entity must comply

on or before the reporting date afect the clasification

of that liability as curent or non-curent. Aditional

disclosures are required for non-curent liabilities that are

subject to the entity complying with future covenants

within 12 months after the reporting period.

The Group has reasesed the terms and conditions of its

liabilities as at 1 March 2023 and 2024 and concluded

that the clasification of its liabilities as curent or non-

curent remained unchanged upon initial aplication of the

amendments. Acordingly, the amendments did not have

any impact on the financial position or performance of the

Group.

characteristics of suplier finance arangements and

require aditional disclosure of such arangements. The

disclosure requirements in the amendments are intended

to asist users of financial statements in understanding

the efects of suplier finance arangements on an entity’s

liabilities, cash flows and exposure to liquidity risk. As the

Group does not have suplier finance arangements, the

amendments did not have any impact on the Group’s

consolidated financial statements.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效之香港财务报告

准则会计准则

本集团并无于本综合财务报表应用下列已

颁布但尚未生效之新订及经修订香港财务

报告准则会计准则。本集团拟于该等新订

及经修订香港财务报告准则会计准则（倘

适用）生效时应用该等经修订香港财务报

告准则会计准则。

香港财务报告准则第

18号

财务报表之呈列及披露

香港财务报告准则第

19号

非公共受托责任附属公司：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（修订本）

金融工具之分类及计量之修订

香港财务报告准则第9

号及香港财务报告

准则第7号（修订本）

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（修订本）

投资者与其联营公司或合营企业之间

之资产出售或注资

香港会计准则第21号

（修订本）

缺乏可兑换性

香港财务报告准则会计

准则之年度改进－

第11卷

香港财务报告准则第1号、香港财务报

告准则第7号、香港财务报告准则第

9号、香港财务报告准则第10号及香

港会计准则第7号之修订

1 于二零二五年一月一日或之后开始之年度

期间生效

2 于二零二六年一月一日或之后开始之年度

期间生效

3 于二零二七年一月一日或之后开始之年度

期间生效

4 尚未确定强制生效日期，但可供采纳

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS

The Group has not aplied the folowing new and revised HKFRS

Acounting Standards, that have ben isued but are not yet

efective, in these consolidated financial statements. The Group

intends to aply these new and revised HKFRS Acounting

Standards, if aplicable, when they become efective.

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 21

Lack of Exchangeability

Anual Improvements

to HKFRS Acounting

Standards – Volume 11

Amendments to HKFRS 1, HKFRS 7, HKFRS

9, HKFRS 10 and HKAS 7

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 No mandatory efective date yet determined but available for adoption

109 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效之香港财务报告

准则会计准则（续）

本集团正在评估首次应用该等新订及经修

订香港财务报告准则会计准则的影响。迄

今为止，本集团认为该等新订及经修订香

港财务报告准则会计准则不大可能对本集

团的财务表现及财务状况造成重大影响。

2.4 重要会计政策

于联营公司及合营企业之投资

联营公司为本集团于其中拥有一般不少于

20%股份投票权之长期权益，并对其拥

有重大影响力之实体。重大影响力指有权

参与被投资企业之财务及营运政策决定，

但非对该等政策拥有控制权或共同控制

权。

合营企业为一种合营安排，据此对安排拥

有共同控制权之订约方对合营企业之净资

产享有权利。共同控制权指按合约协定共

享对安排之控制权，仅于与相关活动有关

之决策规定共享控制权之订约方须一致同

意时存在。

本集团于联营公司及合营企业之投资于综

合财务状况表内以权益会计法按本集团应

占资产净值扣减任何减值亏损列账。本集

团应占联营公司及合营企业之收购后业绩

及其他全面收入分别列入综合损益表及综

合全面收入表。此外，当有变动直接于联

营公司或合营企业之权益内确认时，本集

团于综合权益变动表内确认其分占之任何

变动（倘适用）。本集团与其联营公司或合

营企业之间的交易所产生之未变现收益及

亏损以本集团于联营公司或合营企业之投

资为限予以撇销，惟未变现亏损证实所转

让资产出现减值除外。收购联营公司或合

营企业产生之商誉作为本集团于联营公司

或合营企业投资之一部分入账。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS (continued)

The Group is in the proces of making an asesment of the

impact of these new and revised HKFRS Acounting Standards

upon initial aplication. So far, the Group considered that these

new and revised HKFRS Acounting Standards are unlikely to

have a significant impact on the Group’s financial performance

and financial position.

2.4 MATERIAL ACOUNTING POLICIES

Investments in asociates and joint ventures

An asociate is an entity in which the Group has a long term

interest of generaly not les than 20% of the equity voting rights

and over which it has significant influence. Significant influence

is the power to participate in the financial and operating policy

decisions of the investe, but is not control or joint control over

those policies.

A joint venture is a type of joint arangement whereby the parties

that have joint control of the arangement have rights to the

net asets of the joint venture. Joint control is the contractualy

agred sharing of control of an arangement, which exists

only when decisions about the relevant activities require the

unanimous consent of the parties sharing control.

The Group’s investments in asociates and joint ventures are

stated in the consolidated statement of financial position at

the Group’s share of net asets under the equity method of

acounting, les any impairment loses. The Group’s share of

the post-acquisition results and other comprehensive income

of asociates and joint ventures is included in the consolidated

statement of profit or los and the consolidated statement of

comprehensive income, respectively. In adition, when there has

ben a change recognised directly in the equity of the asociate

or joint venture, the Group recognises its share of any changes,

when aplicable, in the consolidated statement of changes in

equity. Unrealised gains and loses resulting from transactions

betwen the Group and its asociates or joint ventures are

eliminated to the extent of the Group’s investments in the

asociates or joint ventures, except where unrealised loses

provide evidence of an impairment of the aset transfered.

Godwil arising from the acquisition of asociates or joint

ventures is included as part of the Group’s investments in

asociates or joint ventures.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

于联营公司及合营企业之投资（续）

倘于一间联营公司之投资变成于一间合营

企业之投资（反之亦然），则不会重新计量

保留权益。相反，投资会继续按权益法入

账。在所有其他情况下，于丧失对联营公

司之重大影响力或合营企业之共同控制权

时，本集团按公平价值计量及确认任何保

留投资。于丧失重大影响力或共同控制权

时联营公司或合营企业之账面金额与保留

投资之公平价值及出售所得款项之间的任

何差额于损益内确认。

业务合并及商誉

业务合并乃采用收购法入账。转让之代价

按收购日期公平价值计量，该公平价值乃

本集团转让之资产、本集团向被收购方之

前拥有人承担之负债及本集团为换取被收

购方之控制权所发行之股本权益于收购日

期之公平价值总和。就每宗业务合并而

言，本集团选择按公平价值或按应占被收

购方可识别资产净值之比例计量于被收购

方之非控股权益。非控股权益之一切其他

成份均以公平价值计量。收购相关成本于

产生时支销。

当所收购的一组活动及资产包括共同对创

造产出之能力有显著贡献的输入及实质性

过程时，本集团确定其已收购业务。

本集团收购业务时会根据合约条款、于收

购日期之经济情况及相关条件，评估将承

接之金融资产及所承担之金融负债，以作

出适当之分类及指定。这包括自被收购方

之主合约分拆嵌入式衍生工具。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Investments in asociates and joint ventures (continued)

If an investment in an asociate becomes an investment in a joint

venture or vice versa, the retained interest is not remeasured.

Instead, the investment continues to be acounted for under

the equity method. In al other cases, upon los of significant

influence over the asociate or joint control over the joint venture,

the Group measures and recognises any retained investment at

its fair value. Any diference betwen the carying amount of

the asociate or joint venture upon los of significant influence

or joint control and the fair value of the retained investment and

proceds from disposal is recognised in profit or los.

Busines combinations and godwil

Busines combinations are acounted for using the acquisition

method. The consideration transfered is measured at the

acquisition date fair value which is the sum of the acquisition

date fair values of asets transfered by the Group, liabilities

asumed 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. For each busines combination, the Group elects

whether to measure the non-controling interests in the acquire

at fair value or at the proportionate share of the acquire’s

identifiable net asets. Al other components of non-controling

interests are measured at fair value. Acquisition-related costs are

expensed as incured.

The Group determines that it has acquired a busines when

the acquired set of activities and asets includes an input and a

substantive proces that together significantly contribute to the

ability to create outputs.

When the Group acquires a busines, it aseses the financial

asets and liabilities asumed for apropriate clasification and

designation in acordance with the contractual terms, economic

circumstances and pertinent conditions as at the acquisition date.

This includes the separation of embeded derivatives in host

contracts of the acquire.

111 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

业务合并及商誉（续）

倘业务合并乃分阶段达成，则先前持有之

股本权益按其收购日期公平价值重新计

量，因此产生之任何盈亏于损益内确认。

收购方将转让之任何或然代价于收购日期

按公平价值确认。归入资产或负债类别之

或然代价按公平价值计量，其公平价值变

动则于损益内确认。归入权益类别之或然

代价毋须重新计量，其后结算则于权益内

入账。

商誉初始按成本计量，而成本乃指已转让

代价、已确认非控股权益金额及本集团先

前持有之被收购方股本权益之任何公平价

值总额超出所收购可资识别资产及所承担

负债之差额。倘此代价及其他项目之总和

低于所收购附属公司资产净值之公平价

值，则其差额经重新评估后于损益内确认

为议价收购之收益。

于初始确认后，商誉按成本减任何累计减

值亏损计量。商誉须每年作减值测试，倘

发生事件或情况变化显示账面值可能出现

减值，则会更频密地进行减值测试。本集

团于三月三十一日进行商誉之年度减值测

试。就减值测试而言，从业务合并获得之

商誉自收购日期起分配至本集团之各现金

产生单位或现金产生单位组别，该等单位

或单位组别预期将受惠于合并之协同效

益，而不论本集团其他资产或负债是否已

分配至该等单位或单位组别。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Busines combinations and godwil (continued)

If the busines combination is achieved in stages, the previously

held equity interest is remeasured at its acquisition date fair value

and any resulting gain or los is recognised in profit or los.

Any contingent consideration to be transfered by the acquirer

is recognised at fair value at the acquisition date. Contingent

consideration clasified as an aset or liability is measured at

fair value with changes in fair value recognised in profit or

los. Contingent consideration that is clasified as equity is not

remeasured and subsequent setlement is acounted for within

equity.

Godwil is initialy measured at cost, being the exces of

the agregate of the consideration transfered, the amount

recognised for non-controling interests and any fair value of the

Group’s previously held equity interests in the acquire over the

identifiable asets acquired and liabilities asumed. If the sum of

this consideration and other items is lower than the fair value of

the net asets of the subsidiary acquired, the diference is, after

reasesment, recognised in profit or los as a gain on bargain

purchase.

After initial recognition, godwil is measured at cost les

any acumulated impairment loses. Godwil is tested for

impairment anualy or more frequently if events or changes in

circumstances indicate that the carying value may be impaired.

The Group performs its anual impairment test of godwil as

at 31 March. For the purpose of impairment testing, godwil

acquired in a busines combination is, from the acquisition date,

alocated to each of the Group’s cash-generating units, or groups

of cash-generating units, that are expected to benefit from the

synergies of the combination, irespective of whether other asets

or liabilities of the Group are asigned to those units or groups of

units.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

业务合并及商誉（续）

减值乃透过评估与商誉有关之现金产生单

位（或现金产生单位组别）之可收回金额厘

定。倘现金产生单位（或现金产生单位组

别）之可收回金额少于其账面金额，则确

认减值亏损。已确认之商誉减值亏损不会

于其后期间拨回。

倘商誉获分配至某个现金产生单位（或现

金产生单位组别），而该单位之部分业务

已出售，则在厘定所出售业务之盈亏时，

与所出售业务相关之商誉会计入该业务之

账面金额。在此等情况下出售之商誉乃根

据所出售业务之相关价值及现金产生单位

之保留部分计量。

公平价值计量

本集团于各报告期间结束时按公平价值计

量其投资物业及透过损益按公平价值列账

之金融资产。公平价值为市场参与者之间

于计量日期进行之有序交易中，出售资产

所收取或转让负债所支付之价格。公平价

值计量乃基于假设出售资产或转让负债之

交易在该资产或负债之主要市场（或在不

存在主要市场之情况下，则在对该资产或

负债最有利之市场）进行而作出。该主要

或最有利之市场须为本集团可进入之市

场。资产或负债之公平价值乃采用市场参

与者为资产或负债定价时所用之假设计

量，即假设市场参与者按其最佳经济利益

行事。

非金融资产之公平价值计量计及市场参与

者透过以最大限度使用该资产及达致最佳

用途，或透过将该资产出售予能够以最大

限度使用该资产及达致最佳用途之另一名

市场参与者而产生经济利益之能力。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Busines combinations and godwil (continued)

Impairment is determined by asesing the recoverable amount

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

which the godwil relates. Where the recoverable amount of

the cash-generating unit (group of cash-generating units) is les

than the carying amount, an impairment los is recognised.

An impairment los recognised for godwil is not reversed in a

subsequent period.

Where godwil has ben alocated to a cash-generating unit

(or group of cash-generating units) and part of the operation

within that unit is disposed of, the godwil asociated with the

operation disposed of is included in the carying amount of the

operation when determining the gain or los on the disposal.

Godwil disposed of in these circumstances is measured based

on the relative value of the operation disposed of and the portion

of the cash-generating unit retained.

Fair value measurement

The Group measures its investment properties and financial asets

at fair value through profit or los at fair value at the end of each

reporting period. Fair value is the price that would be received to

sel an aset or paid to transfer a liability in an orderly transaction

betwen market participants at the measurement date. The

fair value measurement is based on the presumption that the

transaction to sel the aset or transfer the liability takes place

either in the principal market for the aset or liability, or in the

absence of a principal market, in the most advantageous market

for the aset or liability. The principal or the most advantageous

market must be acesible by the Group. The fair value of an

aset or a liability is measured using the asumptions that market

participants would use when pricing the aset or liability, asuming

that market participants act in their economic best interest.

A fair value measurement of a non-financial aset takes into

acount a market participant’s ability to generate economic

benefits by using the aset in its highest and best use or by seling

it to another market participant that would use the aset in its

highest and best use.

113 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

公平价值计量（续）

本集团采用在当前情况下适用并且有足够

可利用数据支持之估值技术计量公平价

值，以尽量使用相关可观察输入值及尽量

避免使用不可观察输入值。

在综合财务报表内计量或披露公平价值之

所有资产及负债，均根据对公平价值计量

整体而言具重要意义之最低层次输入值按

下述公平价值层级分类：

第一层－基于相同资产或负债在活

跃市场上之报价（未经调

整）

第二层－基于对公平价值计量而言

具有重要意义之最低层次

输入值乃直接或间接可观

察之估值技术

第三层－基于对公平价值计量而言

具有重要意义之最低层次

输入值乃不可观察之估值

技术

就按经常性基准于综合财务报表内确认之

资产及负债而言，本集团于各报告期间结

束时透过重新评估分类（基于对公平价值

计量整体而言具有重要意义之最低层次输

入值）决定各层级之间有否出现转移。

非金融资产之减值

倘有迹象显示出现减值，或需就非金融资

产进行年度减值测试（存货及投资物业除

外），则估计该资产之可收回金额。资产

之可收回金额按资产或现金产生单位之使

用价值与其公平价值减出售成本之较高者

计算，并就个别资产而厘定，除非有关资

产未能在大致独立于其他资产或资产组合

之情况下产生现金流入，则在此情况下，

可收回金额乃以资产所属之现金产生单位

厘定。对于现金产生单位进行减值测试

时，倘可按合理一致基准分配，部分企业

资产之账面金额获分配至个别现金产生单

位，否则会分配至最小之现金产生单位组

别。

减值亏损仅于资产账面金额超出其可收回

金额时方予确认。评估使用价值时，估计

未来现金流量按可反映当时市场对货币时

间价值及资产特有风险之评估之除税前贴

现率贴现至其现值。减值亏损于产生期间

自综合损益表扣除。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Fair value measurement (continued)

The Group uses valuation techniques that are apropriate in

the circumstances and for which suficient data are available to

measure fair value, maximising the use of relevant observable

inputs and minimising the use of unobservable inputs.

Al asets and liabilities for which fair value is measured or

disclosed in the consolidated financial statements are categorised

within the fair value hierarchy, described as folows, based on the

lowest level input that is significant to the fair value measurement

as a whole:

Level 1–based on quoted prices (unadjusted) in active

markets for identical asets or liabilities

Level 2–based on valuation techniques for which the

lowest level input that is significant to the fair

value measurement is observable, either directly

or indirectly

Level 3–based on valuation techniques for which the

lowest level input that is significant to the fair

value measurement is unobservable

For asets and liabilities that are recognised in the consolidated

financial statements on a recuring basis, the Group determines

whether transfers have ocured betwen levels in the hierarchy

by reasesing categorisation (based on the lowest level input

that is significant to the fair value measurement as a whole) at

the end of each reporting period.

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for an non-financial aset is required

(other than inventories and investment properties), the aset’s

recoverable amount is estimated. An aset’s recoverable amount

is the higher of the aset’s or cash-generating unit’s value in use

and its fair value les costs of disposal, and is determined for an

individual aset, unles the aset does not generate cash inflows

that are largely independent of those from other asets or groups

of asets, in which case the recoverable amount is determined

for the cash-generating unit to which the aset belongs. In

testing a cash-generating unit for impairment, a portion of the

carying amount of a corporate aset is alocated to an individual

cash-generating unit if it can be alocated on a reasonable and

consistent basis or, otherwise, to the smalest group of cash-

generating units.

An impairment los is recognised only if the carying amount of

an aset exceds its recoverable amount. In asesing value in use,

the estimated future cash flows are discounted to their present

value using a pre-tax discount rate that reflects curent market

asesments of the time value of money and the risks specific

to the aset. An impairment los is charged to the consolidated

statement of profit or los in the period in which it arises.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

非金融资产之减值（续）

于各报告期间结束时均会评估是否有迹象

显示先前确认之减值亏损不再存在或可能

已减少。倘出现该等迹象，则会估计可收

回金额。先前确认之资产（商誉除外）减值

亏损仅于用以厘定该资产可收回金额之估

计出现变动时方会拨回，惟拨回数额不得

超过假设于过往年度并无就有关资产确认

减值亏损而予以厘定之账面金额（扣除任

何折旧╱摊销）。拨回之减值亏损于其产

生期间计入综合损益表。

有关连人士

在下列情况下，一方将视为本集团之有关

连人士：

(a) 一方为一名人士或该人士之近亲，

且该人士：

(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) 为本集团或本集团母公司之

主要管理层成员；

或

(b) 一方为符合下列任何条件之实体：

(i) 该实体与本集团为同一集团

之成员公司；

(i) 一间实体为另一实体（或另一

实体之母公司、附属公司或

同系附属公司）之联营公司或

合营企业；

(i) 该实体与本集团为同一第三

方之合营企业；

(iv) 一间实体为第三方实体之合

营企业，而另一实体为该第

三方实体之联营公司；

(v) 该实体为本集团或与本集团

有关连之实体就雇员福利而

设之离职后福利计划；

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Impairment of non-financial asets (continued)

An asesment is made at the end of each reporting period as

to whether there is an indication that previously recognised

impairment loses may no longer exist or may have decreased. If

such an indication exists, the recoverable amount is estimated.

A previously recognised impairment los of an aset other than

godwil is reversed only if there has ben a change in the

estimates used to determine the recoverable amount of that

aset, but not to an amount higher than the carying amount

that would have ben determined (net of any depreciation/

amortisation) had no impairment los ben recognised for the

aset in prior years. A reversal of such an impairment los is

credited to the consolidated statement of profit or los in the

period in which it arises.

Related parties

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 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;

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

aplies:

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

group;

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

entity (or of a parent, subsidiary or felow subsidiary

of the other entity);

(i) 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;

115 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

有关连人士（续）

(b) （续）

(vi) 该实体受(a)项所识别人士控

制或共同控制；

(vi) (a)(i)项所识别人士对该实体

有重大影响力或属该实体（或

该实体之母公司）主要管理层

成员；及

(vi) 该实体或该实体所属集团之

任何成员公司为本集团或本

集团之母公司提供主要管理

人员服务。

物业、厂房及设备及折旧

物业、厂房及设备乃按成本减累计折旧及

任何减值亏损列账。物业、厂房及设备项

目之成本包括其购买价及促使有关资产达

致其运作状况及运送至工作地点作拟定用

途之任何直接应占成本。

物业、厂房及设备项目于投运后所产生之

开支（例如维修保养）一般于产生期间内自

综合损益表扣除。在符合确认条件之情况

下，主要检查之开支于资产账面金额中资

本化作为重置。倘物业、厂房及设备之重

要部分须不时重置，则本集团确认该等部

分为具有特定使用年限之个别资产，并相

应计提折旧。

折旧乃按每项物业、厂房及设备项目之估

计可使用年期，以直线法撇销其成本至其

剩余价值计算。就此所采用之主要年率如

下：

土地及楼宇 2%至3%

租赁物业装修 20%至33

/3%

家私、装置及办公室设备 20%至33

/3%

汽车 20%

厂房及机器 20%

倘物业、厂房及设备项目之各部分具有不

同之可使用年期，则有关项目之成本将按

合理基准分配予各部分，而每部分将作个

别折旧。剩余价值、可使用年期及折旧方

法最少会于每个财政年度结束时检讨一次

并作出调整（如适用）。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Related parties (continued)

(b) (continued)

(vi) the entity is controled or jointly controled by a

person identified in (a);

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

influence over the entity or is a member of the key

management personel of the entity (or of a parent

of the entity); and

(vi) an 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.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost les acumulated

depreciation and any impairment loses. The cost of an item of

property, plant and equipment comprises its purchase price and

any directly atributable costs of bringing the aset to its working

condition and location for its intended use.

Expenditure incured after items of property, plant and

equipment have ben put into operation, such as repairs and

maintenance, is normaly charged to the consolidated statement

of profit or los in the period in which it is incured. In situations

where the recognition criteria are satisfied, the expenditure for a

major inspection is capitalised in the carying amount of the aset

as a replacement. Where significant parts of property, plant and

equipment are required to be replaced at intervals, the Group

recognises such parts as individual asets with specific useful lives

and depreciates them acordingly.

Depreciation is calculated on the straight-line basis to write of

the cost of each item of property, plant and equipment to its

residual value over its estimated useful life. The principal anual

rates used for this purpose are as folows:

Land and buildings 2% – 3%

Leasehold improvements 20% – 33

/3%

Furniture, fitings and ofice equipment 20% – 33

/3%

Motor vehicles 20%

Plant and machinery 20%

Where parts of an item of property, plant and equipment have

diferent useful lives, the cost of that item is alocated on a

reasonable basis among the parts and each part is depreciated

separately. Residual values, useful lives and the depreciation

method are reviewed, and adjusted if apropriate, at least at

each financial year end.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

物业、厂房及设备及折旧（续）

物业、厂房及设备项目（包括初始确认之

任何主要部分）于出售时或预期日后使用

或出售该项目不再带来经济利益时终止确

认。于终止确认资产年度之综合损益表内

确认之出售或报废所产生之任何盈亏，为

有关资产之出售所得款项净额与账面金额

之差额。

投资物业

投资物业为持作赚取租金收入及╱或资本

增值之土地及楼宇（包括使用权资产）之权

益。该等物业初始按成本（包括交易成本）

计量。于初始确认后，投资物业按反映于

报告期间结束时之市况之公平价值列账。

投资物业公平价值变动所产生之盈亏，于

其产生年度之综合损益表内入账。

报废或出售投资物业之任何盈亏，于其报

废或出售年度之综合损益表内确认。

无形资产（商誉除外）

个别收购之无形资产于初始确认时按成本

计量。在业务合并过程中收购无形资产之

成本乃收购当日之公平价值。无形资产之

可使用年期可评估为有限或无限。年期有

限之无形资产其后按可使用经济年期摊

销，并于该无形资产可能出现减值迹象时

进行减值评估。可使用年期有限之无形资

产之摊销期及摊销方法须最少于每个财政

年度结束时检讨一次。

具有无限可使用年期之无形资产每年单独

或按现金产生单位进行减值测试。该等无

形资产不予摊销。具有无限年期之无形资

产之可使用年期每年检讨，以确定无限年

期评估是否继续有据可依。如否，可使用

年期评估由无限至有限之变更按未来适用

基准进行会计处理。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Property, plant and equipment and depreciation

(continued)

An item of property, plant and equipment including any

significant part initialy recognised is derecognised upon disposal

or when no future economic benefits are expected from its use

or disposal. Any gain or los on disposal or retirement recognised

in the consolidated statement of profit or los in the year the aset

is derecognised is the diference betwen the net sales proceds

and the carying amount of the relevant aset.

Investment properties

Investment properties are interests in land and buildings (including

right-of-use asets) held to earn rental income and/or for capital

apreciation. Such properties are measured initialy at cost,

including transaction costs. Subsequent to initial recognition,

investment properties are stated at fair value, which reflects

market conditions at the end of the reporting period.

Gains or loses arising from changes in the fair values of

investment properties are included in the consolidated statement

of profit or los in the year in which they arise.

Any gains or loses on the retirement or disposal of an investment

property are recognised in the consolidated statement of profit or

los in the year of the retirement or disposal.

Intangible asets (other than godwil)

Intangible asets acquired separately are measured on initial

recognition at cost. The cost of intangible asets acquired

in a busines combination is the fair value as at the date of

acquisition. The useful lives of intangible asets are asesed to

be either finite or indefinite. Intangible asets with finite lives

are subsequently amortised over the useful economic life and

asesed for impairment whenever there is an indication that the

intangible aset may be impaired. The amortisation period and

the amortisation method for an intangible aset with a finite useful

life are reviewed at least at each financial year end.

Intangible asets with indefinite useful lives are tested for

impairment anualy either individualy or at the cash-generating

unit level. Such intangible asets are not amortised. The useful life

of an intangible aset with an indefinite life is reviewed anualy

to determine whether the indefinite life asesment continues to

be suportable. If not, the change in the useful life asesment

from indefinite to finite is acounted for on a prospective basis.

117 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

无形资产（商誉除外）（续）

会籍

本集团之具有限年期之会籍根据个别基

准按成本减任何累计摊销及任何累计减值

亏损列账。本集团之具有无限可使用年期

之会籍乃按成本减任何累计减值亏损列

账。

商标及客户关系

商标及客户关系按成本减任何减值亏损列

账，并以直线法按其五年之估计可使用年

期摊销。

手机应用程式

手机应用程式按成本减任何减值亏损列

账，并以直线法按其五年之估计可使用年

期摊销。

租赁

本集团于订立合约时评估合约是否为租赁

或包含租赁。倘合约为换取代价而给予在

一段时间内控制可识别资产使用之权利，

则该合约为租赁或包含租赁。

本集团作为承租人

本集团对所有租赁应用单一确认及计量方

法，惟短期租赁及低价值资产租赁除外。

本集团确认租赁负债以作出租赁款项，而

使用权资产指使用相关资产的权利。

(a) 使用权资产

于租赁开始日期（即相关资产可供

使用的日期）确认使用权资产。使

用权资产按成本减任何累计折旧及

任何减值亏损计量，并就任何重新

计量租赁负债作出调整。使用权资

产成本包括已确认租赁负债金额、

初始已产生直接成本及于开始日期

或之前作出之租赁付款减任何已收

取租赁优惠。使用权资产于租期与

资产估计可使用年期（以较短者为

准）按直线法折旧如下：

土地 50年

楼宇 2至3年

汽车 5年

倘租赁资产的所有权于租期结束前

转移至本集团，或成本反映购买选

择权之行使，则折旧以资产估计可

使用年期计算。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Intangible asets (other than godwil) (continued)

Club memberships

The Group’s club memberships with finite lives are stated at

cost les any acumulated amortisation and any acumulated

impairment loses, on an individual basis. The Group’s club

memberships with indefinite useful lives are stated at cost les

any acumulated impairment los.

Trademarks and customer relationships

Trademarks and customer relationships are stated at cost les any

impairment loses and are amortised on the straight-line basis

over their estimated useful lives of five years.

Mobile aplication

Mobile aplication is stated at cost les any impairment loses

and is amortised on the straight-line basis over its estimated useful

life of five years.

Leases

The Group aseses at contract inception whether a contract is, or

contains, a lease. A contract is, or contains, a lease if the contract

conveys the right to control the use of an identified aset for a

period of time in exchange for consideration.

Group as a lese

The Group aplies a single recognition and measurement

aproach for al leases, except for short-term leases and leases of

low-value asets. The Group recognises lease liabilities to make

lease payments and right-of-use asets representing the right to

use the underlying asets.

(a) Right-of-use asets

Right-of-use asets are recognised at the comencement

date of the lease (that is the date the underlying aset

is available for use). Right-of-use asets are measured

at cost, les any acumulated depreciation and any

impairment loses, and adjusted for any remeasurement

of lease liabilities. The cost of right-of-use asets includes

the amount of lease liabilities recognised, initial direct

costs incured, and lease payments made at or before the

comencement date les any lease incentives received.

Right-of-use asets are depreciated on a straight-line basis

over the shorter of the lease terms and the estimated useful

lives of the asets as folows:

Land 50 years

Buildings 2 to 3 years

Motor vehicles 5 years

If ownership of the leased aset transfers to the Group by

the end of the lease term or the cost reflects the exercise

of a purchase option, depreciation is calculated using the

estimated useful lives of the aset.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

租赁（续）

本集团作为承租人（续）

(b) 租赁负债

于租赁开始日期按租赁期内将作出

的租赁付款现值确认租赁负债。租

赁付款包括定额付款（含实质定额

款项）减任何已收取租赁优惠、取

决于指数或利率的可变租赁款项以

及预期根据剩余价值担保支付的金

额。租赁付款亦包括本集团合理确

定行使的购买选择权的行使价及在

租期反映本集团行使终止权时，有

关终止租赁的罚款。不取决于指数

或利率的可变租赁付款在出现触发

付款的事件或条件的期间内确认为

开支。

在计算租赁付款之现值时，本集团

在租赁开始日期使用增量借款利

率，原因为租赁中所隐含之利率不

易确定。于开始日期后，租赁负债

之金额将会增加以反映利息的增加

及就已作出之租赁付款作出扣减。

此外，倘有修改、租赁期变动、租

赁付款变动（即租赁付款日后因指

数或比率变动出现变动）或购买相

关资产之选择权的评估改变，则租

赁负债之账面金额将获重新计量。

本集团对楼宇的短期租赁（即自开

始日期起租期为12个月或以下且不

含购买选择权的租赁）应用短期租

赁确认豁免。短期租赁的租赁付款

以直线法按租期确认为开支。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Leases (continued)

Group as a lese (continued)

(b) Lease liabilities

Lease liabilities are recognised at the comencement date

of the lease at the present value of lease payments to be

made over the lease term. The lease payments include

fixed payments (including in-substance fixed payments)

les any lease incentives receivable, variable lease payments

that depend on an index or a rate, and amounts expected

to be paid under residual value guarantes. The lease

payments also include the exercise price of a purchase

option reasonably certain to be exercised by the Group

and payments of penalties for termination of a lease, if

the lease term reflects the Group exercising the option

to terminate the lease. The variable lease payments that

do not depend on an index or a rate are recognised as an

expense in the period in which the event or condition that

trigers the payment ocurs.

In calculating the present value of lease payments,

the Group uses its incremental borowing rate at the

lease comencement date because the interest rate

implicit in the lease is not readily determinable. After the

comencement date, the amount of lease liabilities is

increased to reflect the acretion of interest and reduced

for the lease payments made. In adition, the carying

amount of lease liabilities is remeasured if there is a

modification, a change in the lease term, a change in

lease payments (e.g., a change to future lease payments

resulting from a change in an index or rate) or a change in

asesment of an option to purchase the underlying aset.

The Group aplies the short-term lease recognition

exemption to its short-term leases of buildings (that is

those leases that have a lease term of 12 months or les

from the comencement date and do not contain a

purchase option). Lease payments on short-term leases are

recognised as an expense on a straight-line basis over the

lease term.

119 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

租赁（续）

本集团作为出租人

当本集团作为出租人时，其于租赁开始时

（或发生租赁变更时）将其各项租赁分类为

经营租赁或融资租赁。

本集团并未转让资产所有权所附带的绝大

部分风险及回报的租赁归类为经营租赁。

倘合约包括租赁及非租赁部分，本集团根

据相对独立的售价基准将合约代价分配予

各部分。租金收入于租期内按直线法列

账，并因其经营性质而计入综合损益表之

其他收入内。于磋商及安排经营租赁时产

生的初始直接成本乃计入租赁资产的账面

金额，并于租期内按相同方法确认为租金

收入。或然租金乃于所赚取的期间内确认

为其他收入。

相关资产所有权所附带的绝大部分风险及

回报转让予承租人之租赁列账为融资租

赁。

投资及其他金融资产

初始确认及计量

金融资产于初始确认时分类为随后按摊销

成本计量、透过其他全面收入按公平价值

列账及透过损益按公平价值列账。

金融资产于初始确认时的分类视乎金融资

产合约现金流量的特征及本集团管理彼等

的业务模式而定。除并无重大融资组成部

分或本集团已应用可行权宜方式（不调整

重大融资组成部份影响）的应收贸易账款

外，本集团初步按其公平价值加（倘并非

透过损益按公平价值列账之金融资产）交

易成本计量金融资产。并无重大融资组成

部分或本集团已应用可行权宜方式的应收

贸易账款按照下文「收益确认」所载政策按

根据香港财务报告准则第15号厘定的交

易价格计量。

为使金融资产按摊销成本或透过其他全面

收入按公平价值分类及计量，其需产生仅

为支付本金及未偿还本金之利息（「仅支付

本金及利息」）的现金流量。拥有并非仅支

付本金及利息现金流量的金融资产分类为

及按透过损益按公平价值列账计量，不论

业务模式为何。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Leases (continued)

Group as a lesor

When the Group acts as a lesor, it clasifies at lease inception (or

when there is a lease modification) each of its leases as either an

operating lease or a finance lease.

Leases in which the Group does not transfer substantialy al

the risks and rewards incidental to ownership of an aset are

clasified as operating leases. When a contract contains lease and

non-lease components, the Group alocates the consideration

in the contract to each component on a relative stand-alone

seling price basis. Rental income is acounted for on a straight-

line basis over the lease terms and is included in other income in

the consolidated statement of profit or los due to its operating

nature. Initial direct costs incured in negotiating and aranging

an operating lease are aded to the carying amount of the

leased aset and recognised over the lease term on the same

basis as rental income. Contingent rents are recognised as other

income in the period in which they are earned.

Leases that transfer substantialy al the risks and rewards

incidental to ownership of an underlying aset to the lese are

acounted for as finance leases.

Investments and other financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as

subsequently measured at amortised cost, fair value through

other comprehensive income, and fair value through profit or

los.

The clasification of financial asets at initial recognition depends

on the financial aset’s contractual cash flow characteristics

and the Group’s busines model for managing them. With the

exception of trade receivables that do not contain a significant

financing component or for which the Group has aplied the

practical expedient of not adjusting the efect of a significant

financing component, the Group initialy measures a financial

aset at its fair value, plus in the case of a financial aset not

at fair value through profit or los, transaction costs. Trade

receivables that do not contain a significant financing component

or for which the Group has aplied the practical expedient are

measured at the transaction price determined under HKFRS 15 in

acordance with the policies set out for “Revenue recognition”

below.

In order for a financial aset to be clasified and measured

at amortised cost or fair value through other comprehensive

income, it neds to give rise to cash flows that are solely

payments of principal and interest (“SPI”) on the principal

amount outstanding. Financial asets with cash flows that are not

SPI are clasified and measured at fair value through profit or

los, irespective of the busines model.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

投资及其他金融资产（续）

初始确认及计量（续）

本集团管理金融资产的业务模式指其管理

其金融资产以产生现金流量的方式。业务

模式厘定现金流量是否来自收集合约现金

流量、出售金融资产，或两者兼有。按摊

销成本分类及计量的金融资产于旨在持有

金融资产以收取合约现金流量的业务模式

中持有，而透过其他全面收入按公平价值

分类及计量的金融资产则于旨在持有以收

取合约现金流量及出售的业务模式中持

有。并非按上述业务模式持有的金融资产

以透过损益按公平价值列账分类及计量。

一般须按照市场规例或惯例订定之期间内

交付资产之金融资产买卖于交易日期（即

本集团承诺购买或出售该资产之日期）确

认。

其后计量

金融资产之其后计量取决于其分类如下：

按摊销成本列账的金融资产（债务工具）

按摊销成本列账的金融资产随后使用实际

利率法计量，并可予减值。当资产终止确

认、修改或减值时，于综合损益表中确认

收益及亏损。

透过损益按公平价值列账之金融资产

透过损益按公平价值列账之金融资产按公

平价值于综合财务状况表内入账，而公平

价值变动净额则于综合损益表内确认。

在支付权确立时，股本投资的股息亦于综

合损益表内确认为其他收入。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Investments and other financial asets (continued)

Initial recognition and measurement (continued)

The Group’s busines model for managing financial asets refers

to how it manages its financial asets in order to generate cash

flows. The busines model determines whether cash flows

wil result from colecting contractual cash flows, seling the

financial asets, or both. Financial asets clasified and measured

at amortised cost are held within a busines model with the

objective to hold financial asets in order to colect contractual

cash flows, while financial asets clasified and measured at

fair value through other comprehensive income are held within

a busines model with the objective of both holding to colect

contractual cash flows and seling. Financial asets which are not

held within the aforementioned busines models are clasified

and measured at fair value through profit or los.

Purchases or sales of financial asets that require delivery of

asets within the period generaly established by regulation or

convention in the marketplace are recognised on the trade date,

that is, the date that the Group comits to purchase or sel the

aset.

Subsequent measurement

The subsequent measurement of financial asets depends on

their clasification as folows:

Financial asets at amortised cost (debt instruments)

Financial asets at amortised cost are subsequently measured using

the efective interest method and are subject to impairment.

Gains and loses are recognised in the consolidated statement

of profit or los when the aset is derecognised, modified or

impaired.

Financial asets at fair value through profit or los

Financial asets at fair value through profit or los are caried

in the consolidated statement of financial position at fair value

with net changes in fair value recognised in the consolidated

statement of profit or los.

Dividends on the equity investments are also recognised as other

income in the consolidated statement of profit or los when the

right of payment has ben established.

121 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

终止确认金融资产

金融资产（或（倘适用）金融资产之一部分

或一组类似金融资产之一部分）在下列情

况将终止确认（即自本集团之综合财务状

况表移除）：

• 从该项资产收取现金流量之权利已

届满；或

• 本集团已转让从该项资产收取现金

流量之权利，或已承担责任根据

「转付」安排在并无重大延误之情况

下将所收取现金流量全数支付予第

三方；且(a)本集团已转让该项资产

之绝大部分风险及回报；或(b)本集

团并无转让或保留该项资产之绝大

部分风险及回报，但已转让该项资

产之控制权。

倘本集团已转让从该项资产收取现金流量

之权利或已订立转付安排，则本集团会评

估其是否保留资产拥有权之风险及回报以

及保留之程度。倘本集团既无转让或保留

该项资产之绝大部分风险及回报，亦无转

让该项资产之控制权，则本集团会继续按

其持续参与之程度确认所转让资产。在此

情况下，本集团亦会确认相关负债。已转

让资产及相关负债按可反映本集团所保留

之权利和责任之基准计量。

以担保方式持续参与已转让资产，乃按该

资产之原账面金额与本集团可被要求偿付

代价之最高金额两者中之较低者计量。

金融资产减值

本集团确认对并非按透过损益按公平价值

列账而持有的所有债务工具预期信贷亏损

（「预期信贷亏损」）的拨备。预期信贷亏损

乃以根据合约应付的合约现金流量与本集

团预期收取的所有现金流量之间的差额为

基准，按原有实际利率相近的利率贴现。

预期现金流量将包括合约条款组成部分的

自销售所持有抵押物所得的现金流量或其

他信贷加强措施所得的现金流量。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Derecognition of financial asets

A financial aset (or, where aplicable, a part of a financial

aset or part of a group of similar financial asets) is primarily

derecognised (i.e., removed from the Group’s consolidated

statement of financial position) when:

;

• the Group has transfered its rights to receive cash flows

from the aset or has asumed an obligation to pay the

received cash flows in ful without material delay to a third

party under a “pas-through” arangement; and either

(a) the Group has transfered substantialy al the risks

and rewards of the aset, or (b) the Group has neither

transfered nor retained substantialy al the risks and

rewards of the aset, but has transfered control of the

aset.

When the Group has transfered its rights to receive cash flows

from an aset or has entered into a pas-through arangement,

it evaluates if, and to what extent, it has retained the risk

and rewards of ownership of the aset. When it has neither

transfered nor retained substantialy al the risks and rewards

of the aset nor transfered control of the aset, the Group

continues to recognise the transfered aset to the extent of the

Group’s continuing involvement. In that case, the Group also

recognises an asociated liability. The transfered aset and the

asociated liability are measured on a basis that reflects the rights

and obligations that the Group has retained.

Continuing involvement that takes the form of a guarante over

the transfered aset is measured at the lower of the original

carying amount of the aset and the maximum amount of

consideration that the Group could be required to repay.

Impairment of financial asets

The Group recognises an alowance for expected credit loses

(“ECLs”) for al debt instruments not held at fair value through

profit or los. ECLs are based on the diference betwen the

contractual cash flows due in acordance with the contract and

al the cash flows that the Group expects to receive, discounted

at an aproximation of the original efective interest rate. The

expected cash flows wil include cash flows from the sale of

colateral held or other credit enhancements that are integral to

the contractual terms.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

金融资产减值（续）

一般方法

预期信贷亏损于两个阶段获确认。就自初

步确认起信贷风险并无显著增加的信贷风

险而言，预期信贷亏损就因未来12个月

内可能发生的违约事件导致的信贷亏损而

作出（12个月预期信贷亏损）。就自初步

确认起经已显著增加的信贷风险而言，不

论何时发生违约事件，于余下风险年期内

的预期信贷亏损均须计提亏损拨备（全期

预期信贷亏损）。

于各报告日期，本集团评估自初步确认后

金融工具的信贷风险是否有大幅增加。当

作出评估时，本集团比较于报告日期金融

工具发生违约风险与于初步确认日期金融

工具发生违约风险，并于没有过度成本或

努力的情况下考虑可得的合理有据资料，

包括过往及前瞻性资料。

本集团在合约付款已逾期90天时认为金

融资产违约。然而，在若干情况下，倘内

部或外部资料反映，在并无计及本集团任

何现有信贷增强措施前，本集团不大可能

悉数收到未偿还合约款项，则本集团亦可

认为金融资产将会违约。金融资产于无合

理预期可收回合约现金流量时撇销。

按摊销成本计量的金融资产按一般方法进

行减值，并按下列阶段分类以计量预期信

贷亏损，惟下文详述应用简化方法的应收

贸易账款外。

阶段1－金融工具的信贷风险自初

始确认后以来并无显著增

加，其亏损拨备按等同12

个月预期信贷亏损的金额

计量

阶段2－金融工具的信贷风险自初

始确认后以来显著增加（惟

并非信贷减值的金融资产

除外），其亏损拨备按等同

全期预期信贷亏损的金额

计量

阶段3－于报告日期发生信贷减值

的金融资产（惟并非购买或

发起的信贷减值金融资产

除外），其亏损拨备按等同

全期预期信贷亏损的金额

计量

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Impairment of financial asets (continued)

General aproach

ECLs are recognised in two stages. For credit exposures for which

there has not ben a significant increase in credit risk since initial

recognition, ECLs are provided for credit loses that result from

default events that are posible within the next 12 months (a

12-month ECL). For those credit exposures for which there has

ben a significant increase in credit risk since initial recognition,

a los alowance is required for credit loses expected over the

remaining life of the exposure, irespective of the timing of the

default (a lifetime ECL).

At each reporting date, the Group aseses whether the credit risk

on a financial instrument has increased significantly since initial

recognition. When making the asesment, the Group compares

the risk of a default ocuring on the financial instrument as at

the reporting date with the risk of a default ocuring on the

financial instrument as at the date of initial recognition and

considers reasonable and suportable information that is available

without undue cost or efort, including historical and forward-

loking information.

The Group considers a financial aset in default when contractual

payments are 90 days past due. However, in certain cases,

the Group may also consider a financial aset to be in default

when internal or external information indicates that the Group

is unlikely to receive the outstanding contractual amounts in

ful before taking into acount any credit enhancements held

by the Group. A financial aset is writen of when there is no

reasonable expectation of recovering the contractual cash flows.

Financial asets at amortised cost are subject to impairment under

the general aproach and they are clasified within the folowing

stages for measurement of ECLs except for trade receivables

which aply the simplified aproach as detailed below.

Stage 1–Financial instruments for which credit risk has

not increased significantly since initial recognition

and for which the los alowance is measured at

an amount equal to 12-month ECLs

Stage 2–Financial instruments for which credit risk has

increased significantly since initial recognition but

that are not credit-impaired financial asets and

for which the los alowance is measured at an

amount equal to lifetime ECLs

Stage 3–Financial asets that are credit-impaired at the

reporting date (but that are not purchased or

originated credit-impaired) and for which the los

alowance is measured at an amount equal to

lifetime ECLs

123 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

金融资产减值（续）

简化方法

就不包括重大融资部分的应收贸易账款而

言，或当本集团采用不调整重大融资部分

影响的可行权宜方法时，本集团会应用简

化方法计算预期信贷亏损。根据简化方

法，本集团不会跟踪信贷风险变动，惟于

各报告日期根据全期预期信贷亏损确认亏

损拨备。本集团已建立一个基于其历史信

贷亏损经验的拨备矩阵，并根据债务人及

经济环境特定的前瞻性因素进行调整。

金融负债

初始确认及计量

金融负债于初始确认时划分为透过损益按

公平价值列账之金融负债、贷款及借款或

应付款项（倘适用）。

所有金融负债初始按公平价值及（如属贷

款及借款以及应付款项）扣除直接应占交

易成本确认。

本集团之金融负债包括应付贸易账款、已

收按金、计入应计开支的金融负债、租赁

负债、附息银行借款及财务担保责任。

其后计量

金融负债之其后计量乃视乎其如下分类：

按摊销成本列账之金融负债（应付贸易账款

及借款）

于初始确认后，应付贸易账款及计息借款

于其后采用实际利率法按摊销成本计量，

除非贴现之影响不大，则会按成本列账。

在负债终止确认及透过实际利率摊销程序

进行时，收益及亏损会在综合损益表内确

认。

摊销成本于计及任何收购折让或溢价及属

实际利率不可或缺部分之费用或成本后计

算。实际利率摊销计入综合损益表内之融

资成本。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Impairment of financial asets (continued)

Simplified aproach

For trade receivables that do not contain a significant financing

component or when the Group aplies the practical expedient

of not adjusting the efect of a significant financing component,

the Group aplies the simplified aproach in calculating ECLs.

Under the simplified aproach, the Group does not track changes

in credit risk, but instead recognises a los alowance based on

lifetime ECLs at each reporting date. The Group has established

a provision matrix that is based on its historical credit los

experience, adjusted for forward-loking factors specific to the

debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition, as

financial liabilities at fair value through profit or los, loans and

borowings, or payables, as apropriate.

Al financial liabilities are recognised initialy at fair value and, in

the case of loans and borowings and payables, net of directly

atributable transaction costs.

The Group’s financial liabilities include trade payables, deposits

received, financial liabilities included in acrued expenses,

lease liabilities, interest-bearing bank borowings and financial

guarante obligation.

Subsequent measurement

The subsequent measurement of financial liabilities depends on

their clasification as folows:

Financial liabilities at amortised cost (trade payables and

borowings)

After initial recognition, trade payables and interest-bearing

borowings are subsequently measured at amortised cost, using

the efective interest rate method unles the efect of discounting

would be imaterial, in which case they are stated at cost. Gains

and loses are recognised in the consolidated statement of profit

or los when the liabilities are derecognised as wel as through

the efective interest rate amortisation proces.

Amortised cost is calculated by taking into acount any discount

or premium on acquisition and fes or costs that are an integral

part of the efective interest rate. The efective interest rate

amortisation is included in finance costs in the consolidated

statement of profit or los.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

金融负债（续）

其后计量（续）

财务担保合约

本集团发出之财务担保合约为要求付款以

弥偿担保持有人因指定债务人未能按照债

务工具条款于到期时付款而招致之损失之

合约。财务担保合约初始按公平价值确认

为负债，并就直接归属于发出该担保之交

易成本作出调整。初始确认后，本集团按

以下两者中之较高者计量财务担保合约：

(i)根据「金融资产减值」所载政策厘定的预

期信贷亏损拨备；及(i)初步确认的金额

（若适用）减已确认的累计收入金额。

终止确认金融负债

倘金融负债项下之责任被解除、取消或到

期，即终止确认金融负债。

倘现有金融负债被同一放债人以另一项条

款迥异之金融负债取代，或现有负债之条

款大部分被修订，则该项交换或修订会视

作终止确认原有负债及确认新负债，各自

之账面金额差额于综合损益表内确认。

抵销金融工具

倘现时存在一项可依法执行之权利，可抵

销已确认金额，且有意以净额结算或同时

变现资产及偿付债务，则金融资产与金融

负债可予抵销，并于综合财务状况表内呈

报净额。

存货

存货按成本与可变现净值两者中之较低者

入账。成本乃以加权平均法计算，并包括

所有购买成本及于将存货送抵目前地点及

达致目前状况时产生之其他成本。可变现

净值则按估计售价减去出售将产生之任何

估计成本计算。

现金及等同现金项目

综合财务状况表中的现金及等同现金项目

包括手头现金及银行现金，以及到期日通

常在三个月内的短期高流动性存款，其可

随时兑换为已知数额的现金，价值变动风

险甚微及为满足短期现金承担而持有。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Financial liabilities (continued)

Subsequent measurement (continued)

Financial guarante contracts

Financial guarante contracts isued by the Group are those

contracts that require a payment to be made to reimburse the

holder for a los it incurs because the specified debtor fails to

make a payment when due in acordance with the terms of a

debt instrument. A financial guarante contract is recognised

initialy as a liability at its fair value, adjusted for transaction costs

that are directly atributable to the isuance of the guarante.

Subsequent to initial recognition, the Group measures the

financial guarante contracts at the higher of: (i) the ECL

alowance determined in acordance with the policy as set out

in “Impairment of financial asets”; and (i) the amount initialy

recognised les, when apropriate, the cumulative amount of

income recognised.

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the

liability is discharged or canceled, or expires.

When an existing financial liability is replaced by another from the

same lender on substantialy diferent terms, or the terms of an

existing liability are substantialy modified, such an exchange or

modification is treated as a derecognition of the original liability

and a recognition of a new liability, and the diference betwen

the respective carying amounts is recognised in the consolidated

statement of profit or los.

Ofseting of financial instruments

Financial asets and financial liabilities are ofset and the net

amount is reported in the consolidated statement of financial

position if there is a curently enforceable legal right to ofset

the recognised amounts and there is an intention to setle

on a net basis, or to realise the asets and setle the liabilities

simultaneously.

Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost is determined on the weighted average basis and

includes al costs of purchase and other costs incured in bringing

the inventories to their present location and condition. Net

realisable value is based on the estimated seling prices les any

estimated costs to be incured to disposal.

Cash and cash equivalents

Cash and cash equivalents in the consolidated statement of

financial position comprise cash on hand and at banks, and short-

term highly liquid deposits with a maturity of generaly within

thre months that are readily convertible into known amounts of

cash, subject to an insignificant risk of changes in value and held

for the purpose of meting short-term cash comitments.

125 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

现金及等同现金项目（续）

就综合现金流量表而言，现金及等同现金

项目包括手头现金及银行现金，以及上文

所界定的短期存款，减去须按要求偿还并

构成本集团现金管理不可或缺部分之银行

透支。

拨备

倘由于过往发生之事件而产生目前之债务

（法定或推定），并可能导致日后须流出资

源以清偿债务，则会确认拨备，惟债务之

金额须能够可靠地估计。

当贴现之影响重大，则就拨备确认之金额

为预期清偿债务所需之未来开支于报告期

间结束时之现值。因时间过去而产生之已

贴现值金额增加会计入综合损益表内之

融资成本。

所得税

所得税包括即期及递延税项。有关损益外

确认项目之所得税会于损益外确认，即于

其他全面收入或直接在权益内确认。

即期税项资产及负债乃根据于报告期间

结束时已颁布或实际已颁布之税率（及税

法），并考虑本集团业务所在国家之现有

诠释及惯例，按预期自课税机关收回或支

付予课税机关之金额计量。

递延税项就于报告期间结束时资产与负债

之税基及作财务申报用途之账面金额两者

间之所有暂时差异以负债法拨备。

递延税项负债乃就所有应课税暂时差异确

认，惟：

（并非

业务合并）中最初确认商誉或资产

或负债而产生，于交易时并无对会

计溢利或应课税溢利或亏损构成影

响且并无产生等额应课税及可扣减

暂时差异除外；及

、联营公司及合营

企业之投资有关之应课税暂时差异

而言，暂时差异之拨回时间可以控

制及暂时差异有可能不会于可预见

未来拨回除外。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Cash and cash equivalents (continued)

For the purpose of the consolidated statement of cash flows,

cash and cash equivalents comprise cash on hand and at banks,

and short-term deposits as defined above, les bank overdrafts

which are repayable on demand and form an integral part of the

Group’s cash management.

Provisions

A provision is recognised when a present obligation (legal or

constructive) has arisen as a result of a past event and it is

probable that a future outflow of resources wil be required to

setle the obligation, provided that a reliable estimate can be

made of the amount of the obligation.

When the efect of discounting is material, the amount

recognised for a provision is the present value at the end of

the reporting period of the future expenditures expected to be

required to setle the obligation. The increase in the discounted

present value amount arising from the pasage of time is included

in finance costs in the consolidated statement of profit or los.

Income tax

Income tax comprises curent and defered tax. Income tax

relating to items recognised outside profit or los is recognised

outside profit or los, either in other comprehensive income or

directly in equity.

Curent tax asets and liabilities are measured at the amount

expected to be recovered from or paid to the taxation authorities,

based on tax rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period, taking

into consideration interpretations and practices prevailing in the

countries in which the Group operates.

Defered tax is provided, using the liability method, on al

temporary diferences at the end of the reporting period betwen

the tax bases of asets and liabilities and their carying amounts

for financial reporting purposes.

Defered tax liabilities are recognised for al taxable temporary

diferences, except:

• when the defered tax liability arises from the initial

recognition of godwil or an aset or liability in a

transaction that is not a busines combination and, at the

time of the transaction, afects neither the acounting

profit nor taxable profit or los and does not give rise to

equal taxable and deductible temporary diferences; and

• in respect of taxable temporary diferences asociated

with investments in subsidiaries, asociates and joint

ventures, when the timing of the reversal of the temporary

diferences can be controled and it is probable that the

temporary diferences wil not reverse in the foreseable

future.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

所得税（续）

递延税项资产就所有可扣减暂时差异及未

被动用税项抵免与任何未被动用税项亏损

之结转确认。递延税项资产仅在可能有应

课税溢利以动用可扣减暂时差异及结转之

未被动用税项抵免及未被动用税项亏损

时，方可确认，惟：

（并非

业务合并）中最初确认资产或负债

时产生而于交易时并无对会计溢利

或应课税溢利或亏损构成影响且并

无产生等额应课税及可扣减暂时差

异之可扣减暂时差异有关除外；及

、联营公司及合营

企业之投资有关之可扣减暂时差异

而言，递延税项资产仅以暂时差异

有可能于可预见未来拨回及可能有

应课税溢利以动用暂时差异为限确

认除外。

本公司于各报告期间结束时检讨递延税项

资产之账面金额，并于不再可能有足够应

课税溢利以动用全部或部分递延税项资产

时作出扣减。未确认之递延税项资产会于

各报告期间结束时重新评估，并在可能有

足够应课税溢利以收回全部或部分递延税

项资产时确认。

递延税项资产与负债以变现资产或清偿负

债之期间之预期适用税率，按于报告期间

结束时已颁布或实际已颁布之税率（及税

法）计量。

当且仅当本集团有法定执行权利可将即期

税项资产与即期税项负债抵销，且递延税

项资产与递延税项负债与同一税务机关对

同一应税实体或于各未来期间预期有大额

递延税项负债或资产需要结算或收回时，

拟按净额基准结算即期税项负债及资产或

同时变现资产及结算负债之不同税务实体

征收之所得税相关，则递延税项资产与递

延税项负债可予抵销。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Income tax (continued)

Defered tax asets are recognised for al deductible temporary

diferences, and the caryforward of unused tax credits and any

unused tax loses. Defered tax asets are recognised to the

extent that it is probable that taxable profit wil be available

against which the deductible temporary diferences, and the

caryforward of unused tax credits and unused tax loses can be

utilised, except:

• when the defered tax aset relating to the deductible

temporary diferences arises from the initial recognition of

an aset or liability in a transaction that is not a busines

combination and, at the time of the transaction, afects

neither the acounting profit nor taxable profit or los

and does not give rise to equal taxable and deductible

temporary diferences; and

• in respect of deductible temporary diferences asociated

with investments in subsidiaries, asociates and joint

ventures, defered tax asets are only recognised to the

extent that it is probable that the temporary diferences

wil reverse in the foreseable future and taxable profit wil

be available against which the temporary diferences can

be utilised.

The carying amount of defered tax asets is reviewed at the

end of each reporting period and reduced to the extent that it is

no longer probable that suficient taxable profit wil be available

to alow al or part of the defered tax aset to be utilised.

Unrecognised defered tax asets are reasesed at the end of

each reporting period and are recognised to the extent that it has

become probable that suficient taxable profit wil be available to

alow al or part of the defered tax aset to be recovered.

Defered tax asets and liabilities are measured at the tax rates

that are expected to aply to the period when the aset is realised

or the liability is setled, based on tax rates (and tax laws) that

have ben enacted or substantively enacted by the end of the

reporting period.

Defered tax asets and defered tax liabilities are ofset if and

only if the Group has a legaly enforceable right to set of curent

tax asets and curent tax liabilities and the defered taxes asets

and defered tax liabilities relate to income taxes levied by the

same taxation authority on either the same taxable entity or

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.

127 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

收益确认

来自客户合约之收益

来自客户合约之收益乃在商品或服务的控

制权按反映本集团预期有权在交换该等商

品或服务中获取的代价金额转移予客户时

确认。

倘合约中的代价包含可变金额，则估计本

集团就向客户转让货品或服务而有权在交

换中获取的代价金额。可变代价在合约开

始时估计并受约束，直至可变代价相关之

不确定因素其后得到解决，而已确认的累

计收益金额不大可能出现重大收益拨回为

止。

倘合约含有融资组成部分，而该融资组成

部分为客户提供超过一年之商品或服务转

让融资的重大利益时，收益按应收款项现

值计量，并采用于合约开始时本集团与客

户订立的独立融资交易中所反映的贴现率

贴现。倘合约含有融资组成部分，而该融

资组成部分为本集团提供超过一年之重大

财务利益时，根据合约确认的收益包括根

据实际利率法计算的合约负债所产生的利

息开支。就客户付款与转移承诺商品或服

务之间的期限为一年或一年以下的合约而

言，交易价格不会根据香港财务报告准则

第15号的可行权宜方法就重大融资组成

部分的影响进行调整。

(a) 销售产品

销售产品的收益于资产的控制权转

移予客户的某个时间点（一般为交

付产品时）确认。

(b) 提供服务

提供服务的收益于已提供服务的某

个时间点确认。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised when the

control of gods or services is transfered to the customers at

an amount that reflects the consideration to which the Group

expects to be entitled in exchange for those gods or services.

When the consideration in a contract includes a variable amount,

the amount of consideration is estimated to which the Group wil

be entitled in exchange for transfering the gods or services to

the customer. The variable consideration is estimated at contract

inception and constrained until it is highly probable that a

significant revenue reversal in the amount of cumulative revenue

recognised wil not ocur when the asociated uncertainty with

the variable consideration is subsequently resolved.

When the contract contains a financing component which

provides the customer with a significant benefit of financing the

transfer of gods or services to the customer for more than one

year, revenue is measured at the present value of the amount

receivable, discounted using the discount rate that would be

reflected in a separate financing transaction betwen the Group

and the customer at contract inception. When the contract

contains a financing component which provides the Group with

a significant financial benefit for more than one year, revenue

recognised under the contract includes the interest expense

acreted on the contract liability under the efective interest

method. For a contract where the period betwen the payment

by the customer and the transfer of the promised gods or

services is one year or les, the transaction price is not adjusted

for the efects of a significant financing component, using the

practical expedient in HKFRS 15.

(a) Sale of products

Revenue from the sale of products is recognised at the

point in time when control of the aset is transfered to the

customer, generaly on delivery of the products.

(b) Provision of services

Revenue from the provision of services is recognised at the

point in time when the services have ben rendered.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

收益确认（续）

其他收入

利息收入乃采用实际利率法，利用将金融

工具于预计年期（或较短期间，如适用）的

估计未来现金收入准确贴现至金融资产账

面净值的利率按累计基准确认。

租金收入乃按租赁年期之时间比例确认。

股息收入于股东收取款项的权利获确立，

且与股息相关的经济利益很可能会流入本

集团，而股息金额能够可靠地计量时确

认。

合约负债

合约负债于本集团向客户转移相关货品或

服务前收取付款或付款到期时（以较早者

为准）确认。合约负债于本集团根据合约

履约时（即向客户转移相关货品或服务的

控制权）确认为收益。

以股份付款

一间附属公司设有购股权计划。本集团

雇员（包括董事）借以股份付款方式收取薪

酬，据此，雇员提供服务作为收取股本工

具之代价（「股权结算交易」）。

与雇员进行之股权结算交易之成本，乃参

照于授出日期之公平价值计量。公平价值

乃由外聘估值师以二项式模式厘定，进一

步详情载于综合财务报表附注30。

股权结算交易之成本连同相应增加之权

益，在绩效及╱或服务条件获得履行之期

间于雇员福利开支内确认。在归属日期

前，于各报告期间结束时确认之股权结算

交易累计开支，反映归属期已届满部分及

本集团对最终将会归属之股本工具数目之

最佳估计。在某一期间内在综合损益表之

扣除或进账金额，反映于期初及期终确认

之累计开支变动。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Revenue recognition (continued)

Other income

Interest income is recognised on an acrual basis using the

efective interest method by aplying the rate that exactly

discounts the estimated future cash receipts over the expected life

of the financial instrument or a shorter period, when apropriate,

to the net carying amount of the financial aset.

Rental income is recognised on a time proportion basis over the

lease terms.

Dividend income is recognised when the shareholders’ right to

receive payment has ben established, it is probable that the

economic benefits asociated with the dividend wil flow to the

Group and the amount of the dividend can be measured reliably.

Contract liabilities

A contract liability is recognised when a payment is received or a

payment is due (whichever is earlier) from a customer before the

Group transfers the related gods or services. Contract liabilities

are recognised as revenue when the Group performs under the

contract (i.e., transfers control of the related gods or services to

the customer).

Share-based payments

One of its subsidiaries operate share option schemes. Employes

(including directors) of the Group receive remuneration in the

form of share-based payments, whereby employes render

services as consideration for equity instruments (“equity-setled

transactions”).

The cost of equity-setled transactions with employes is

measured by reference to the fair value at the date at which they

are granted. The fair value is determined by an external valuer

using a binomial model, further details of which are given in note

30 to the consolidated financial statements.

The cost of equity-setled transactions is recognised in employe

benefit expenses, together with a coresponding increase in

equity, over the period in which the performance and/or service

conditions are fulfiled. The cumulative expense recognised for

equity-setled transactions at the end of each reporting period

until the vesting date reflects the extent to which the vesting

period has expired and the Group’s best estimate of the number

of equity instruments that wil ultimately vest. The charge or

credit to the consolidated statement of profit or los for a period

represents the movement in the cumulative expense recognised as

at the begining and end of that period.

129 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

以股份付款（续）

在厘定奖励于授出日期之公平价值时，不

会计及服务及非市场绩效条件，但达成有

关条件之可能性会评估为本集团对将最终

归属之股本工具数目之最佳估计之一部

分。市场绩效条件在授出日期公平价值中

反映。奖励所附带但无相关服务要求之任

何其他条件被视为非归属条件。除非同时

附有服务及╱或绩效条件，否则非归属条

件在奖励之公平价值中反映，并会导致奖

励即时支销。

因非市场绩效及╱或服务条件并未达成而

最终未归属之奖励不会确认任何开支。倘

奖励包括一项市场或非归属条件，则只要

所有其他绩效及╱或服务条件已经达成，

不论市场或非归属条件是否达成，该等交

易均会被视为已归属。

倘股权结算之奖励之条款有所修订，如奖

励之原有条款已达成，则所确认开支最少

须达到犹如条款并无任何修订之水平。此

外，倘有关修订导致以股份付款之总公平

价值有所增加，或于修订日期经计量为雇

员带来其他利益，则须就该等修订确认开

支。

倘股权结算之奖励被注销，将被视为犹如

已于注销日期归属，任何尚未确认之奖励

开支则即时确认。此包括未符合属本集团

或雇员控制范围内之非归属条件所涉及之

任何奖励。然而，倘有新奖励取代已注销

奖励，并于授出日期指定为取代奖励，则

已注销奖励及新奖励，均如前段所述被视

为犹如原先奖励之修订。

未行使购股权之摊薄效应于计算每股盈利

时乃列为额外股份摊薄。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Share-based payments (continued)

Service and non-market performance conditions are not taken

into acount when determining the grant date fair value of

awards, but the likelihod of the conditions being met is

asesed as part of the Group’s best estimate of the number of

equity instruments that wil ultimately vest. Market performance

conditions are reflected within the grant date fair value. Any

other conditions atached to an award, but without an asociated

service requirement, are considered to be non-vesting conditions.

Non-vesting conditions are reflected in the fair value of an award

and lead to an imediate expensing of an award unles there are

also service and/or performance conditions.

For awards that do not ultimately vest because non-market

performance and/or service conditions have not ben met,

no expense is recognised. Where awards include a market or

non-vesting condition, the transactions are treated as vesting

irespective of whether the market or non-vesting condition

is satisfied, provided that al other performance and/or service

conditions are satisfied.

Where the terms of an equity-setled award are modified, as

a minimum an expense is recognised as if the terms had not

ben modified, if the original terms of the award are met. In

adition, an expense is recognised for any modification that

increases the total fair value of the share-based payments, or is

otherwise beneficial to the employe as measured at the date of

modification.

Where an equity-setled award is canceled, it is treated as if it

had vested on the date of cancelation, and any expense not yet

recognised for the award is recognised imediately. This includes

any award where non-vesting conditions within the control of

either the Group or the employe are not met. However, if a new

award is substituted for the canceled award, and is designated as

a replacement award on the date that it is granted, the canceled

and new awards are treated as if they were a modification of the

original award, as described in the previous paragraph.

The dilutive efect of outstanding options is reflected as aditional

share dilution in the computation of earnings per share.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

其他雇员福利

退休金计划

本集团根据强制性公积金计划条例，为符

合资格参与定额供款强制性公积金退休福

利计划（「强积金计划」）之雇员营办强积金

计划。供款乃按雇员基本薪金之某一百分

比计算，并于根据强积金计划之规则规定

应付时自综合损益表扣除。强积金计划之

资产以独立管理基金形式，与本集团资产

分开持有。于向强积金计划供款时，本集

团之雇主供款即全数拨归雇员。至于本集

团之雇主自愿供款，倘雇员在根据强积金

计划之规则获得全数供款前离职，则会退

还本集团则除外。

本集团于中国内地及新加坡经营业务之附

属公司之雇员须参与由各当地市政府营办

之退休金计划。该等附属公司须根据员工

薪金成本之若干百分比向退休金计划供

款。供款乃于根据退休金计划之规则规定

应付时自综合损益表扣除。

借款成本

借款成本于产生期间之综合损益表内确认

为开支。

报告期后事项

倘本集团于报告期间后但于报告授权发布

之日前收到有关报告期间末存在情况的资

料，本集团将评估该资料是否影响其在财

务报表中确认的金额。本集团将调整其财

务报表中确认的金额，以反映报告期间之

后的任何调整事项，并根据新资料更新与

这些情况有关的披露。对于报告期间后发

生的非调整事项，本集团将不改变其财务

报表中确认的金额，但将披露非调整事项

的性质及估计。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Other employe benefits

Pension schemes

The Group operates a defined contribution Mandatory Provident

Fund retirement benefit scheme (the “MPF Scheme”) under

the Mandatory Provident Fund Schemes Ordinance for those

employes who are eligible to participate in the MPF Scheme.

Contributions are made based on a percentage of the employes’

basic salaries and are charged to the consolidated statement of

profit or los as they become payable in acordance with the

rules of the MPF Scheme. The asets of the MPF Scheme are

held separately from those of the Group in an independently

administered fund. The Group’s employer contributions vest fuly

with the employes when contributed into the MPF Scheme,

except for the Group’s employer voluntary contributions,

which are refunded to the Group when the employe leaves

employment prior to the contributions vesting fuly, in acordance

with the rules of the MPF Scheme.

The employes of the Group’s subsidiaries which operate in

Mainland China and Singapore are required to participate in

pension schemes operated by the respective local municipal

governments. These subsidiaries are required to contribute a

certain percentage of their payrol costs to the pension schemes.

The contributions are charged to the consolidated statement of

profit or los as they become payable in acordance with the rules

of the pension schemes.

Borowing costs

Borowing costs are recognised as expenses in the consolidated

statement of profit or los in the period in which they are

incured.

Events after the reporting period

If the Group receives information after the reporting period, but

prior to the date of authorization for isue, about conditions

that existed at the end of the reporting period, it wil ases

whether the information afects the amounts that it recognizes

in its financial statements. The Group wil adjust the amounts

recognised in its financial statements to reflect any adjusting

events after the reporting period and update the disclosures that

relate to those conditions in light of the new information. For

non-adjusting events after the reporting period, the Group wil

not change the amounts recognised in its financial statements,

but wil disclose the nature of the non-adjusting events and an

estimate.

131 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

股息

末期股息于股东大会上经股东批准后确认

为负债。建议末期股息于综合财务报表附

注披露。

由于本公司之组织章程大纲及细则授权董

事宣派中期股息，故中期股息之拟派及宣

派乃同步进行。因此，中期股息于拟派及

宣派时即时确认为负债。

外币

本综合财务报表乃以港元，即本公司之功

能货币呈列。本集团内各实体自行决定其

本身之功能货币，而包括在各实体之财务

报表之项目乃使用该功能货币计算。本集

团内实体记录外币交易最初使用其各自功

能货币于交易日期适用之汇率记录。以外

币为结算单位之货币性资产与负债会按于

报告期间结束时适用之功能货币汇率换

算。因结算或换算货币性项目而产生之差

额均于综合损益表内确认。

以外币历史成本计量之非货币性项目，按

最初交易日期之汇率换算。按外币公平价

值计量之非货币性项目，使用公平价值计

量日期之汇率换算。换算按公平价值计量

之非货币性项目所产生之收益或亏损，与

确认该项目公平价值变动收益或亏损之处

理方法一致，即于其他全面收入或损益内

确认公平价值收益或亏损之项目之汇兑差

额，亦分别于其他全面收入或损益内确

认。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Dividends

Final dividends are recognised as a liability when they are

aproved by the shareholders in a general meting. Proposed

final dividends are disclosed in the notes to the consolidated

financial statements.

Interim dividends are simultaneously proposed and declared,

because the Company’s memorandum and articles of asociate

grant the directors the authority to declare interim dividends.

Consequently, interim dividends are recognised imediately as a

liability when they are proposed and declared.

Foreign curencies

These consolidated financial statements are presented in Hong

Kong dolars, which is the Company’s functional curency. Each

entity in the Group determines its own functional curency

and items included in the financial statements of each entity

are measured using that functional curency. Foreign curency

transactions recorded by the entities in the Group are initialy

recorded using their respective functional curency rates

prevailing at the dates of the transactions. Monetary asets and

liabilities denominated in foreign curencies are translated at the

functional curency rates of exchange ruling at the end of the

reporting period. Diferences arising on setlement or translation

of monetary items are recognised in the consolidated statement

of profit or los.

Non-monetary items that are measured in terms of historical

cost in a foreign curency are translated using the exchange

rates at the dates of the initial transactions. Non-monetary

items measured at fair value in a foreign curency are translated

using the exchange rates at the date when the fair value was

measured. The gain or los arising on translation of a non-

monetary item measured at fair value is treated in line with the

recognition of the gain or los on change in fair value of the item

(i.e., translation diference on the item whose fair value gain or

los is recognised in other comprehensive income or profit or los is

also recognised in other comprehensive income or profit or los,

respectively).

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

2.4 重要会计政策（续）

外币（续）

于厘定初始确认相关资产、开支或收入所

用的汇率时，终止确认与预付代价有关的

非货币性资产或非货币性负债，初始交易

日期为本集团初始确认预付代价产生的非

货币性资产或非货币性负债当日。倘涉及

多笔预付款项或预收款项，本集团会厘定

每次预付或预收代价的交易日期。

若干海外附属公司、合营企业及联营公司

之功能货币为港元以外之货币。于报告期

间结束时，该等实体之资产与负债会按于

报告期间结束时适用之汇率换算为港元，

而其损益表会按与交易日期之通行汇率相

若之汇率换算为港元。所产生之汇兑差额

于其他全面收入内确认及于汇兑波动储备

内累计，惟以非控股权益应占差额为限者

除外。出售海外业务时，与该特定海外业

务有关之累计储备金额会在综合损益表内

确认。

因收购海外业务而产生之任何商誉及对收

购所产生资产及负债账面金额之任何公平

价值调整，均被视为该海外业务之资产及

负债，并以结算汇率换算。

就综合现金流量表而言，海外附属公司之

现金流量按现金流量日期之适用汇率换算

为港元。海外附属公司于整个年度内经常

产生之现金流量按年内之加权平均汇率换

算为港元。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Foreign curencies (continued)

In determining the exchange rate on initial recognition of the

related aset, expense or income on the derecognition of a non-

monetary aset or non-monetary liability relating to an advance

consideration, the date of initial transaction is the date on which

the Group initialy recognises the non-monetary aset or non-

monetary liability arising from the advance consideration. If

there are multiple payments or receipts in advance, the Group

determines the transaction date for each payment or receipt of

the advance consideration.

The functional curencies of certain overseas subsidiaries, joint

ventures and asociates are curencies other than the Hong Kong

dolar. As at the end of the reporting period, the asets and

liabilities of these entities are translated into Hong Kong dolars at

the exchange rates prevailing at the end of the reporting period

and their statements of profit or los are translated into Hong

Kong dolars at the exchange rates that aproximate to those

prevailing at the dates of the transactions. The resulting exchange

diferences are recognised in other comprehensive income and

acumulated in the exchange fluctuation reserve, except to the

extent that the diferences are atributable to non-controling

interests. On disposal of a foreign operation, the cumulative

amount in the reserve relating to that particular foreign operation

is recognised in the consolidated statement of profit or los.

Any godwil arising on the acquisition of a foreign operation and

any fair value adjustments to the carying amounts of asets and

liabilities arising on acquisition are treated as asets and liabilities

of the foreign operation and translated at the closing rate.

For the purpose of the consolidated statement of cash flows, the

cash flows of overseas subsidiaries are translated into Hong Kong

dolars at the exchange rates ruling at the dates of the cash flows.

Frequently recuring cash flows of overseas subsidiaries which

arise throughout the year are translated into Hong Kong dolars

at the weighted average exchange rates for the year.

133 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

3. 主要会计判断及估计

管理层编制本集团综合财务报表时，须作出判

断、估计及假设，其将影响所申报之收益、开

支、资产及负债之金额以及相关披露和或然负

债之披露。有关此等假设及估计之不明朗因素

所可能产生之结果，或会导致日后之资产或负

债之账面金额须作出重大调整。

判断

于应用本集团会计政策之过程中，除涉及估计

之判断外，管理层已作出以下对于综合财务报

表内确认之金额构成最重大影响之判断：

投资物业与自用物业之间之分类

本集团决定一项物业是否合资格作为投资物

业，并已制定作出该判断之标准。投资物业为

就赚取租金或资本增值或两者兼得而持有之物

业。因此，本集团会考虑物业能否产生现金流

量，而很大程度不受本集团持有之其他资产影

响。

某些物业一部分持作赚取租金或资本升值，另

一部分持作生产或供应货品或服务或作行政用

途。倘此等部分可独立出售或根据融资租赁单

独出租，本集团将该等部分单独入账。倘该等

部分不可单独出售，惟持作生产或供应货品或

服务或作行政用途之部分不大，有关物业方为

投资物业。

判断乃就个别物业作出，以决定相关服务是否

重大，令该物业不符合资格作为投资物业。

估计之不明朗因素

下文阐述有关未来之主要假设及于报告期间结

束时估计不明朗因素之其他主要来源，其具有

可能导致须对下个财政年度之资产与负债之账

面金额作出重大调整之重大风险。

3. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES

The preparation of the Group’s consolidated financial statements

requires management to make judgements, estimates and asumptions

that afect the reported amounts of revenues, expenses, asets and

liabilities, and their acompanying disclosures, and the disclosure of

contingent liabilities. Uncertainty about these asumptions and estimates

could result in outcomes that could require a material adjustment to the

carying amounts of the asets or liabilities afected in the future.

Judgements

In the proces of aplying the Group’s acounting policies, management

has made the folowing judgements, apart from those involving

estimations, which have the most significant efect on the amounts

recognised in the consolidated financial statements:

Clasification betwen investment properties and owner-

ocupied properties

The Group determines whether a property qualifies as an investment

property, and has developed criteria in making that judgement.

Investment property is a property held to earn rentals or for capital

apreciation or both. Therefore, the Group considers whether a

property generates cash flows largely independently of the other asets

held by the Group.

Some properties comprise a portion that is held to earn rentals or for

capital apreciation and another portion that is held for use in the

production or suply of gods or services or for administrative purposes.

If these portions could be sold separately or leased out separately under

a finance lease, the Group acounts for the portions separately. If the

portions could not be sold separately, the property is an investment

property only if an insignificant portion is held for use in the production

or suply of gods or services or for administrative purposes.

Judgement is made on an individual property basis to determine

whether ancilary services are so significant that a property does not

qualify as an investment property.

Estimation uncertainty

The key asumptions concerning the future and other key sources of

estimation uncertainty at the end of the reporting period, that have a

significant risk of causing a material adjustment to the carying amounts

of asets and liabilities within the next financial year, are described

below.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

估计之不明朗因素（续）

估计投资物业之公平价值

在并无类似物业之现时活跃市场定价之情况

下，本集团考虑不同来源之资料，包括：

(a) 不同性质、状况或位置之物业之现时活跃

市场定价，并作出调整以反映该等差异；

及

(b) 类似物业最近在较不活跃市场之定价，并

作出调整以反映以该等定价进行之交易日

期起之任何经济情况变化。

于二零二五年三月三十一日，投资物业之账

面金额为121,118,000港元（二零二四年：

130,091,000港元）。进一步详情（包括计量公平

价值所用之主要假设以及敏感度分析）载于综合

财务报表附注13。

应收贸易账款及其他应收款项之减值

本集团按对应收贸易账款及其他应收款项可收

回程度之评估作出该等应收款项之减值拨备。

倘事件或情况变化显示结余可能无法收回，则

对该等应收款项作出减值拨备。分辨呆账需要

运用判断及估计，包括各债务人现时信用状

况、过往收款纪录、识别亏损阶段、估计违约

概率、违约损失率及前瞻性资料。当预期该等

应收款项之可收回程度与原定估计有差异时，

该差异将会于估计改变之期间内，影响该等应

收款项之账面值及减值拨备。于二零二五年三

月三十一日，应收贸易账款及其他应收款项之

账面总额分别为19,915,000港元（二零二四年：

27,735,000港元）及1,818,000港元（二零二四

年：17,652,000港元）。

存货拨备

本集团之管理层定期审阅存货之账龄分析，并

会为确认为不再适合销售之陈旧及滞销存货项

目作出拨备。于各报告期间结束时，本集团会

检阅各项产品之存货，并会透过管理层主要根

据最后发票价、销量及现时市况对该等陈旧及

滞销项目之可变现净值估计，为陈旧及滞销项

目作出拨备。于二零二五年三月三十一日，本

集团存货之账面总额为96,766,000港元（二零

二四年：89,645,000港元）。

3. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Estimation uncertainty (continued)

Estimation of fair value of investment properties

In the absence of curent prices in an active market for similar

properties, the Group considers information from a variety of sources,

including:

(a) curent prices in an active market for properties of a diferent

nature, condition or location, adjusted to reflect those

diferences; and

(b) recent prices of similar properties on les active markets, with

adjustments to reflect any changes in economic conditions since

the date of the transactions that ocured at those prices.

The carying amount of investment properties at 31 March 2025 was

HK$121,118,000 (2024: HK$130,091,000). Further details, including

the key asumptions used for fair value measurement and a sensitivity

analysis, are given in note 13 to the consolidated financial statements.

Impairment of trade and other receivables

The Group makes impairment provision for trade receivables and

other receivables based on asesments of the recoverability of these

receivables. Impairment provision is made for these receivables where

events or changes in circumstances indicate that the balances may not

be colectible. The identification of doubtful debts requires the use

of judgement and estimates, including the curent creditworthines,

the past colection history of each debtor, identification of los stages,

estimates of probability of default, los given rate and forward-loking

information. Where the expectation on the recoverability of these

receivables is diferent from the original estimate, such diference wil

impact the carying value of these receivables and impairment provision

in the periods in which such estimate has ben changed. The agregate

carying amounts of trade receivables and other receivables as at

31 March 2025 were HK$19,915,000 (2024: HK$27,735,000) and

HK$1,818,000 (2024: HK$17,652,000), respectively.

Provision against inventories

The Group’s management reviews the inventory ageing analysis

periodicaly, and makes alowance for obsolete and slow-moving

inventory items identified that are no longer suitable for sale. The

Group caries out an inventory review on a product-by-product basis

at the end of each reporting period and makes alowance for obsolete

and slow-moving items through management’s estimation of the

net realisable value for such obsolete and slow-moving items based

primarily on the latest invoice prices, sales quantity and curent market

conditions. The agregate carying amount of the Group’s inventories as

at 31 March 2025 was HK$96,766,000 (2024: HK$89,645,000).

135 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

4. 经营分部资料

就管理而言，本集团按产品及服务划分其业务

单位，并有以下四个可呈报之经营分部：

(a) 半导体分销分部，涉及电子元件之销售及

分销；

(b) 消费类产品及产品采购业务分部，涉及消

费类产品之设计、开发及销售以及产品采

购服务；

投资之投资，最终目标为在被投资企业股

本上市后或（在某些情况下）上市前取得资

本盈利，亦包括管理基金、可换股债券及

上市债券之投资；及

(d) 其他分部，主要包括本集团之互联网社交

媒体业务。

管理层会分开监察本集团经营分部之业绩，以

就资源分配及表现评估作出决定。分部表现乃

根据可呈报分部溢利╱亏损（即经调整除税前溢

利╱亏损之计量方法）评估。经调整除税前溢

利╱亏损之计量方法与本集团除税前溢利者一

致，惟银行利息收入、提供予一间联营公司之

贷款之利息收入、其他应收款项之利息收入、

租金收入、分占合营企业及联营公司溢利及

亏损、于联营公司之投资减值、物业、厂房及

设备项目之出售收益、其他无形资产之减值、

其他应收款项之减值、投资物业公平价值之变

动、融资成本及未分配开支则不包括于该计量

中。

分部资产不包括投资物业、于合营企业及联营

公司之投资、计入预付款项、按金及其他应收

款项之与联营公司之结余、可收回税项、现金

及等同现金项目以及其他未分配总办事处及公

司资产，原因为该等资产乃按集团基准管理。

分部负债不包括应付税项、递延税项负债、租

赁负债、附息银行借款、财务担保责任以及其

他未分配总办事处及公司负债，原因为该等负

债乃按集团基准管理。

分部间销售及转拨乃参考向第三方进行销售时

使用之售价按当时通行市价进行。

4. OPERATING SEGMENT INFORMATION

For management purposes, the Group is organised into busines units

based on their products and services and has four reportable operating

segments as folows:

(a) the semiconductor distribution segment engages in the sale and

distribution of electronic components;

(b) the consumer product and product sourcing busines segment

engages in the design, development and sale of consumer

products and product sourcing services;

unlisted equity and debt investments with an ultimate objective

of obtaining capital gains on investe’s equity listing or, in some

circumstances, prior to listing. It also includes investments in

managed funds, convertible bonds and listed bonds; and

(d) the others segment mainly comprises the Group’s internet social

media busines.

Management monitors the results of the Group’s operating segments

separately for the purpose of making decisions about resource alocation

and performance asesment. Segment performance is evaluated based

on reportable segment profit/los, which is a measure of adjusted

profit/los before tax. The adjusted profit/los before tax is measured

consistently with the Group’s profit before tax except that bank interest

income, interest income from a loan to an asociate, interest income

from other receivables, rental income, share of profits and loses of

joint ventures and asociates, impairment of investments in asociates,

gain on disposal of items of property, plant and equipment, impairment

of other intangible asets, impairment of other receivables, changes

in fair value of investment properties, finance costs and unalocated

expenses are excluded from such measurement.

Segment asets exclude investment properties, investments in

joint ventures and asociates, balances with asociates included in

prepayments, deposits and other receivables, tax recoverable, cash and

cash equivalents and other unalocated head ofice and corporate asets

as these asets are managed on a group basis.

Segment liabilities exclude tax payable, defered tax liabilities, lease

liabilities, interest-bearing bank borowings, financial guarante

obligation and other unalocated head ofice and corporate liabilities as

these liabilities are managed on a group basis.

Intersegment sales and transfers are transacted with reference to the

seling prices used for sales made to third parties at the then prevailing

market prices.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION (continued)

Semiconductor

distribution

Consumer

product and

product sourcing

busines

Venture

capitalOthersTotal

半导体分销

消费类产品

及产品

采购业务创投其他总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended 31 March 2025截至二零二五年三月三十一日

止年度

Segment revenue分部收益

Sales to external customers向外界顾客之销售1,146,22143,340–4361,189,997

Other revenue其他收益–2,989–2,989

Total总计1,146,22143,3402,9894361,192,986

Reconciliation:对账：

Les: Other revenue (note)减：其他收益（附注）(2,989)

Revenue as presented in the

consolidated statement of

profit or los

于综合损益表呈列之收益

1,189,997

Segment results分部业绩(20,647)(33,579)(1,572)(170)(55,968)

Reconciliation:对账：

Bank interest income银行利息收入 1,537

Interest income from other

receivables

其他应收款项之利息收入

Rental income租金收入5,419

Share of profits of joint ventures分占合营企业溢利155,812

Share of loses of asociates分占联营公司亏损(976)

Impairment of investments in

asociates

于联营公司之投资减值

(2,068)

Gain on disposal of items of property,

plant and equipment

出售物业、厂房及设备项目之

收益80

Impairment of other intangible asets其他无形资产之减值(247)

Impairment of other receivables其他应收款项之减值(2,902)

Changes in fair value of investment

properties

投资物业公平价值之变动

(8,740)

Unalocated expenses未分配开支(34,478)

Finance costs融资成本(4,259)

Profit before tax除税前溢利53,313

（续）

137 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

附注：分部收益内之其他收益╱（亏损）已分类为综合损

益表内之其他收入及收益以及透过损益按公平

价值列账之金融资产之公平价值收益╱（亏损）净

额。

4. OPERATING SEGMENT INFORMATION (continued)

Semiconductor

distribution

Consumer

product and

product sourcing

busines

Venture

capitalOthersTotal

半导体分销

消费类产品

及产品

采购业务创投其他总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended 31 March 2024截至二零二四年三月三十一日

止年度

Segment revenue分部收益

Sales to external customers向外界顾客之销售937,28346,685–326984,294

Other loses其他亏损–(5,662)–(5,662)

Total总计937,28346,685(5,662)326978,362

Reconciliation:对账：

Ad: Other loses (note)加：其他亏损（附注）5,662

Revenue as presented in the

consolidated statement of

profit or los

于综合损益表呈列之收益

984,294

Segment results分部业绩8,768(27,594)(11,373)(1,068)(31,267)

Reconciliation:对账：

Bank interest income银行利息收入1,977

Interest income from a loan to an

asociate

提供予一间联营公司之贷款之

利息收入444

Interest income from other receivables其他应收款项之利息收入1,670

Rental income租金收入5,552

Share of profits of joint ventures分占合营企业溢利187,383

Gain on disposal of items of property,

plant and equipment

出售物业、厂房及设备项目之

收益250

Impairment of other intangible asets其他无形资产之减值(430)

Impairment of other receivables其他应收款项之减值(11,819)

Changes in fair value of investment

properties

投资物业公平价值之变动

(10,825)

Unalocated expenses未分配开支(29,616)

Finance costs融资成本(3,038)

Profit before tax除税前溢利110,281

Note: Other revenue/(loses) in segment revenue were clasified as other income and

gains, and fair value gains/(loses) on financial asets at fair value through profit

or los, net, in the consolidated statement of profit or los.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION (continued)

Semiconductor

distribution

Consumer

product and

product

sourcing

busines

Venture

capitalOthersTotal

半导体分销

消费类产品

及产品

采购业务创投其他总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

31 March 2025二零二五年三月三十一日

Segment asets分部资产664,05815,7074,7982,160686,723

Reconciliation:对账：

Elimination of intersegment receivables抵销分部间应收款项(505,995)

Investments in joint ventures于合营企业之投资1,524,514

Investments in asociates于联营公司之投资371

Corporate and other unalocated asets公司及其他未分配资产193,975

Total asets资产总值1,899,588

Segment liabilities分部负债90,920303,021123,48288,374605,797

Reconciliation:对账：

Elimination of intersegment payables抵销分部间应付款项(505,995)

Corporate and other unalocated liabilities公司及其他未分配负债65,729

Total liabilities负债总额165,531

31 March 2024二零二四年三月三十一日

Segment asets分部资产626,21613,2945,6322,554647,696

Reconciliation:对账：

Elimination of intersegment receivables抵销分部间应收款项(462,881)

Investments in joint ventures于合营企业之投资1,451,801

Corporate and other unalocated asets公司及其他未分配资产235,499

Total asets资产总值1,872,115

Segment liabilities分部负债82,781255,943130,32483,548552,596

Reconciliation:对账：

Elimination of intersegment payables抵销分部间应付款项(462,881)

Corporate and other unalocated liabilities公司及其他未分配负债72,893

Total liabilities负债总额162,608

（续）

139 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION (continued)

Other segment information:

Semiconductor

distribution

Consumer

product and

product sourcing

busines

Venture

capitalOthersTotal

半导体分销

消费类产品

及产品

采购业务创投其他总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended 31 March 2025截至二零二五年三月三十一日

止年度

Depreciation of items of property, plant

and equipment

物业、厂房及设备项目折旧

563–349–912

Depreciation of right-of-use asets使用权资产折旧864–864

Provision for impairment of inventories存货之减值拨备1.714184–1,898

Impairment of trade receivables, net应收贸易账款之减值，净额–8,791–8,791

Capital expenditure资本开支 72–1,269–1,341

Year ended 31 March 2024截至二零二四年三月三十一日

止年度

Depreciation of items of property, plant

and equipment

物业、厂房及设备项目折旧

525–152–677

Depreciation of right-of-use asets使用权资产折旧968–229–1,197

Reversal of provision for impairment of

inventories

存货之减值拨备拨回

–(367)–(367)

Impairment of trade receivables, net应收贸易账款之减值，净额–6,415–6,415

Capital expenditure资本开支 184–554–738

, plant and equipment.

（续）

其他分部资料：

、厂房及设备。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

地区资料

(a) 来自外界顾客之收益

上述收益资料乃根据销售产生所在地划

分。

(b) 非流动资产

上述非流动资产资料按资产所在地计算，

当中不包括金融工具、预付款项及按金。

有关主要客户之资料

来自各主要客户（占总收益10%或以上）的收益

载列如下：

4. OPERATING SEGMENT INFORMATION (continued)

Geographical information

(a) Revenue from external customers

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Hong Kong香港43,77647,011

Mainland China中国内地7,3981,858

Singapore新加坡1,138,823935,425

1,189,997984,294

The revenue information above is based on the locations in which

the sales originated.

(b) Non-curent asets

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Hong Kong香港1,556,8741,484,483

Mainland China中国内地71,05679,109

Singapore新加坡53,45754,722

Other其他371–

1,681,7581,618,314

The non-curent asets information above is based on the

locations of the asets and excludes financial instruments,

prepayments and deposits.

Information about major customers

Revenue from each of the major customers, which amounted to 10%

or more of the total revenue, is set out below:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Customer A客户A276,231117,571

141 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

、其他收入及收益

收益、其他收入及收益之分析如下：

来自客户合约之收益

(i) 收益资料明细

截至二零二五年三月三十一日止年度

5. REVENUE, OTHER INCOME AND GAINS

An analysis of revenue, other income and gains is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue from contracts with customers客户合约收益

Semiconductor distribution半导体分销1,146,221937,283

Consumer product sales and product

sourcing busines

消费类产品销售及产品采购业务

43,34046,685

Others其他436326

1,189,997984,294

Revenue from contracts with customers

(i) Disagregated revenue information

For the year ended 31 March 2025

Segments

Semiconductor

distribution

Consumer

product and

product

sourcing

businesOthersTotal

分部半导体分销

消费类产品及

产品采购业务其他总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Total revenue from contracts with customers来自客户合约之收益总额1,146,22143,3404361,189,997

Geographical markets地区市场

Hong Kong香港–43,34043643,776

Mainland China中国内地7,398–7,398

Singapore新加坡1,138,823–1,138,823

Total revenue from contracts with customers来自客户合约之收益总额1,146,22143,3404361,189,997

Timing of revenue recognition收益确认的时间

Transfered at a point in time于某个时间点转移1,146,22143,3404361,189,997

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

、其他收入及收益（续）

收益、其他收入及收益之分析如下：（续）

来自客户合约之收益（续）

(i) 收益资料明细（续）

截至二零二四年三月三十一日止年度

下表列示于本报告期间确认之收益金额

（已计入报告期初合约负债）：

5. REVENUE, OTHER INCOME AND GAINS (continued)

An analysis of revenue, other income and gains is as folows: (continued)

Revenue from contracts with customers (continued)

(i) Disagregated revenue information (continued)

For the year ended 31 March 2024

Segments

Semiconductor

distribution

Consumer

product and

product

sourcing

businesOthersTotal

分部半导体分销

消费类产品及

产品采购业务其他总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Total revenue from contracts with customers来自客户合约之收益总额937,28346,685326984,294

Geographical markets地区市场

Hong Kong香港–46,68532647,011

Mainland China中国内地1,858–1,858

Singapore新加坡935,425–935,425

Total revenue from contracts with customers来自客户合约之收益总额937,28346,685326984,294

Timing of revenue recognition收益确认的时间

Transfered at a point in time于某个时间点转移937,28346,685326984,294

The folowing table shows the amount of revenue recognised in

the curent reporting period that was included in the contract

liabilities at the begining of the reporting period:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue recognised that was included in

contract liabilities at the begining of

the reporting period:

确认计入报告期初合约

负债中的收益：

Sale of products销售产品8622,302

143 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

、其他收入及收益（续）

收益、其他收入及收益之分析如下：（续）

来自客户合约之收益（续）

(i) 履约责任

本集团履约责任资料概述如下：

销售产品

履约责任在交付货品后达成及付款通常在

发出后30至45天内结付，惟信誉良好的

客户除外，其期限延长至超过60天。

提供服务

履约责任随提供服务时达成及付款通常在

发出后30至45天内结付，惟信誉良好的

客户除外，其期限延长至超过60天。

作为可行权宜法，分配至余下履约责任

（未达成或部分未达成）的交易价格并未于

综合财务报表附注内披露，乃因所有与销

售产品有关的余下履约责任为原预计期限

为一年或以内合约的一部分。

其他收入及收益

5. REVENUE, OTHER INCOME AND GAINS (continued)

An analysis of revenue, other income and gains is as folows: (continued)

Revenue from contracts with customers (continued)

(i) Performance obligations

Information about the Group’s performance obligations is

sumarised below:

Sale of products

The performance obligation is satisfied upon delivery of the

gods and payment is generaly due within 30 to 45 days of

isuance, except for wel-established customers, where the terms

are extended to over 60 days.

Provision of services

The performance obligation is satisfied when the services are

rendered and payment is generaly due within 30 to 45 days of

isuance, except for wel-established customers, where the terms

are extended to over 60 days.

As a practical expedient, the transaction prices alocated to

the remaining performance obligations (unsatisfied or partialy

unsatisfied) are not disclosed in the notes to the consolidated

financial statements because al the remaining performance

obligations in relation to the sale of products are a part of

contracts that have an original expected duration of one year or

les.

Other income and gains

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Bank interest income银行利息收入1,5371,977

Interest income on listed bond investments上市债券投资之利息收入27

Interest income from a loan to an asociate提供予一间联营公司之贷款之利息收入–444

Interest income from other receivables其他应收款项之利息收入1031,670

Dividend income from listed equity investments上市股本投资之股息收入–50

Gain on disposal of items of property, plant and

equipment

出售物业、厂房及设备项目之收益

Rental income租金收入5,4195,552

Foreign exchange diferences, net汇兑差额，净额2,9721,189

Others其他5291,465

10,64212,604

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

6. 除税前溢利

本集团之除税前溢利乃扣除╱（计入）以下各项

后达致：

「销售成本」。

并无被没收之供款可供本集团作为雇主用于降低

现有供款水平。

6. PROFIT BEFORE TAX

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

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Cost of inventories sold销货成本1,174,898948,328

Provision/(reversal of provision) for

impairment of inventories*

存货之减值拨备╱（拨备拨回）*

1,898(367)

Depreciation of items of property,

plant and equipment

物业、厂房及设备项目折旧

Depreciation of right-of-use asets使用权资产折旧128641,197

Lease payment not included in the

measurement of lease liabilities

未计入租赁负债之计量的租赁付款

141,6331,503

Auditor’s remuneration核数师酬金2,1752,175

Staf costs (including director’s remuneration –

note 8):

员工成本（包括董事酬金

－附注8）：

Wages, salaries and other alowances工资、薪金及其他津贴49,37542,382

Pension scheme contributions退休金计划供款2,0961,782

51,47144,164

Impairment of financial asets, net:金融资产之减值，净额：

Impairment of other receivables其他应收款项之减值222,90211,819

Impairment of trade receivables, net应收贸易账款之减值，净额218,7916,415

Total总计11,69318,234

Other expenses, net:其他费用，净额：

Impairment of investments on asociates于联营公司之投资减值182,068–

Impairment of other intangible asets其他无形资产减值16247430

Expense in relation to the financial guarante

utilised by joint ventures

与合营企业所动用财务担保有关

的费用65,735121,204

Gain on derecognition of financial guarante

obligation

取消确认财务担保责任之收益

(65,735)(121,204)

Others其他3,686863

Total总计6,0011,293

Fair value (gains)/loses on financial asets at

fair value through profit or los, net

透过损益按公平价值列账之金融资

产之公平价值（收益）╱亏损，净

额(2,843)5,831

Foreign exchange diferences, net汇兑差额，净额(2,972)(1,189)

Gain on disposal of items of property,

plant and equipment

出售物业、厂房及设备项目之收益

(80)(250)

Direct operating expenses (including repairs

and maintenance) arising on rental-earning

investment properties

收租投资物业所产生之直接营运

开支（包括维修及保养）

“Cost of sales” on the face of the consolidated

statement of profit or los.

There are no forfeited contributions that may be used by the Group as the

employer to reduce the existing level of contributions.

145 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

7. 融资成本

融资成本之分析如下：

8. 董事薪酬及五位薪酬最高之雇员

董事薪酬

根据上市规则、香港公司条例第383(1)(a)、

(b)、(c)及(f)条及公司（披露董事利益资料）规例

第2部披露之年内董事薪酬如下：

7. FINANCE COSTS

An analysis of finance costs is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest on bank borowings银行借款之利息4,2473,018

Interest on lease liabilities (note 14)租赁负债之利息（附注14）1220

4,2593,038

8. DIRECTORS’ REMUNERATION AND FIVE HIGHEST

PAID EMPLOYES

Directors’ remuneration

Directors’ remuneration for the year, disclosed pursuant to the Listing

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

Ordinance and Part 2 of the Companies (Disclosure of Information

about Benefits of Directors) Regulation, is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Fes袍金450424

Other emoluments:其他酬金：

Salaries, housing and other alowances,

and benefits in kind

薪金、房屋及其他津贴以

及实物利益20,38016,367

Pension scheme contributions退休金计划供款751751

21,13117,118

21,58117,542

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

8. 董事薪酬及五位薪酬最高之雇员

（续）

董事薪酬（续）

(a) 独立非执行董事

年内支付予独立非执行董事之袍金如下：

* Charles Edward Chapman先生于二零二三年十一

月一日离世。彼于二零二三年十一月一日不再为

独立非执行董事。

欧阳洁平女士于二零二四年一月五日获委任为独

立非执行董事。

年内并无其他应付独立非执行董事之酬金（二零

二四年：无）。

(b) 执行董事

8. DIRECTORS’ REMUNERATION AND FIVE HIGHEST

PAID EMPLOYES (continued)

Directors’ remuneration (continued)

(a) Independent Non-executive Directors

The fes paid to Independent Non-executive Directors during the

year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Dr. Lui Ming Wah, PhD, SBS, JP吕明华博士，PhD，SBS，太平绅士150150

Mr. Lai Yat Hung Edmund黎逸鸿先生150150

Ms. Au-Yeung Kit Ping

欧阳洁平女士

Mr. Charles Edward ChapmanCharles Edward Chapman先生–88

* Mr. Charles Edward Chapman pased away on 1 November 2023. He

ceased to be as an Independent Non-executive Director on 1 November

2023.

Ms. Au-Yeung Kit Ping was apointed as an Independent Non-executive

Director on 5 January 2024.

There were no other emoluments payable to the Independent

Non-executive Directors during the year (2024: Nil).

(b) Executive Directors

Salaries,

housing and

other

alowances,

and benefits

in kind

Pension

scheme

contributions

Total

remuneration

薪金、房屋及

其他津贴以及

实物利益

退休金计划

供款薪酬总额

HK$’000HK$’000HK$’000

千港元千港元千港元

2025二零二五年

Executive Directors:执行董事：

Dr. So Yuk Kwan苏煜均博士13,10040513,505

Mr. So Kevin Chi Heng苏智恒先生4,1691914,360

Mr. So Chi Sun Suny苏智燊先生3,1111553,266

20,38075121,131

2024二零二四年

Executive Directors:执行董事：

Dr. So Yuk Kwan苏煜均博士9,65342810,081

Mr. So Kevin Chi Heng苏智恒先生3,9261844,110

Mr. So Chi Sun Suny苏智燊先生2,7881392,927

16,36775117,118

147 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

8. 董事薪酬及五位薪酬最高之雇员

（续）

董事薪酬（续）

(b) 执行董事（续）

年内，概无任何有关董事放弃或同意放弃

任何薪酬之其他安排（二零二四年：无）。

五位薪酬最高之雇员

年内，五位薪酬最高之雇员包括三位（二零二四

年：三位）董事，其薪酬详情载于上文。年内其

余两位（二零二四年：两位）薪酬最高之雇员之

薪酬详情如下：

薪酬介乎以下组别之薪酬最高非董事雇员之人

数如下：

8. DIRECTORS’ REMUNERATION AND FIVE HIGHEST

PAID EMPLOYES (continued)

Directors’ remuneration (continued)

(b) Executive Directors (continued)

There was no other arangement under which a director waived

or agred to waive any remuneration during the year (2024: Nil).

Five highest paid employes

The five highest paid employes during the year included thre (2024:

thre) directors, details of whose remuneration are set out above.

Details of the remuneration of the remaining two (2024: two) highest

paid employes for the year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries, alowances and benefits in kind薪金、津贴及实物利益4,1843,885

Pension schemes contribution退休金计划供款233221

4,4174,106

The number of non-director, highest paid employes whose

remuneration fel within the folowing bands is as folows:

Number of employes

雇员人数

二零二五年二零二四年

HK$1,000,001 to HK$1,500,0001,000,001 港元至1,500,000港元–1

HK$1,500,001 to HK$2,000,0001,500,001 港元至2,000,000港元1–

HK$2,500,001 to HK$3,000,0002,500,001 港元至3,000,000港元11

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

9. 所得税

由于本集团于年内并无在香港产生任何应课税

溢利，故并无计提香港利得税拨备（二零二四

年：无）。其他地区应课税溢利之税项乃按本集

团经营业务所在司法权区适用之税率计算。

采用本公司及其大部分附属公司注册司法权区

之法定税率计算之除税前溢利适用之税项开支

与按实际税率计算之税项（抵免）╱支出之对账

如下：

分占合营企业之应占税项为23,158,000港元（二

零二四年：28,024,000港元），已计入综合损

益表内之「分占合营企业及联营公司溢利及亏

损」。

9. INCOME TAX

No provision for Hong Kong profits tax has ben made as the Group

did not generate any asesable profits arising in Hong Kong during

the year (2024: Nil). Taxes on profits asesable elsewhere have ben

calculated at the rates of tax prevailing in the jurisdictions in which the

Group operates.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent – Elsewhere即期－其他地区

Charge for the year年内支出1811,650

Defered (note 28)递延（附注28）(582)(532)

Total tax (credit)/charge for the year年内税项（抵免）╱支出总额(401)1,118

A reconciliation of the tax expense aplicable to profit before tax at

the statutory rate for the jurisdiction in which the Company and the

majority of its subsidiaries are domiciled to the tax (credit)/charge at the

efective tax rate is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Profit before tax除税前溢利53,313110,281

Tax at the statutory tax rate of 16.5% (2024:

16.5%)

按法定税率16.5%（二零二四年：16.5%)

计算之税项8,79718,196

Efect of diferent tax rates in other jurisdictions其他司法权区税率差异之影响519132

Profits and loses atributable to joint ventures

and asociates

合营企业及联营公司应占

溢利及亏损(25,548)(30,918)

Income not subject to tax毋须课税收入(1,182)(1,326)

Expenses not deductible for tax不可扣税开支3,5826,352

Tax loses not recognised未确认之税项亏损14,1819,469

Others其他(750)(787)

Tax (credit)/charge for the year年内税项（抵免）╱支出(401)1,118

The share of tax atributable to joint ventures amounting to

HK$23,158,000 (2024: HK$28,024,000) is included in “Share of

profits and loses of joint ventures and asociates” in the consolidated

statement of profit or los.

149 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

10. 股息

年内确认为分派之股息：

报告期间结束后，董事建议就截至二零二五年

三月三十一日止年度派付末期股息每股0.01港

元（二零二四年：就截至二零二四年三月三十一

日止年度派付末期股息每股0.02港元），并须待

股东于应届股东大会上批准后，方可作实。

11. 本公司拥有人应占每股盈利

每股基本盈利金额乃根据本公司拥有人应占年

内溢利及年内已发行普通股数目908,663,302股

（二零二四年：908,663,302股）计算。

于本年度，本公司并无潜在摊薄已发行普通

股。

截至二零二四年三月三十一日止年度，本集团

一间附属公司已向其雇员及董事发行购股权。

由于本公司附属公司发行的该等购股权对所呈

列每股基本盈利金额具有反摊薄效应，故并无

就该等购股权对截至二零二四年三月三十一日

止年度呈列的本公司每股基本盈利金额作出调

整。

10. DIVIDENDS

Dividends recognised as distribution during the year:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

2025 – Interim – HK$0.01 (2024: nil)

per ordinary share

二零二五年－中期－每股普通股0.01港元

（二零二四年：无）9,087–

2024 – Final – HK$0.02 (2024: 2023 final

dividend HK$0.01) per ordinary share

二零二四年－末期－每股普通股0.02港

元（二零二四年：二零二三年末期股息

0.01港元）18,1739,087

27,2609,087

Subsequent to the end of the reporting period, a final dividend in

respect of the year ended 31 March 2025 of HK$0.01 (2024: final

dividend in respect of the year ended 31 March 2024 of HK$0.02) per

share has ben proposed by the directors and subject to aproval by

the shareholders in the forthcoming general meting.

11. EARNINGS PER SHARE ATRIBUTABLE TO

OWNERS OF THE COMPANY

The calculation of the basic earnings per share amounts is based on

the profit for the year atributable to owners of the Company, and the

number of ordinary shares of 908,663,302 (2024: 908,663,302) in isue

during the year.

The Company has no dilutive potential ordinary shares in isue for the

curent year.

During the year ended 31 March 2024, a subsidiary of the Group isued

share option to its employes and directors. No adjustment had ben

made to the Company’s basic earnings per share amounts presented

for the year ended 31 March 2024 in respect of these share options

isued by the Company’s subsidiary as they had an antidilutive efect on

the basic earnings per share amounts presented.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

每股基本及摊薄盈利乃根据以下数据计算：

、厂房及设备以及使用权资产

11. EARNINGS PER SHARE ATRIBUTABLE TO

OWNERS OF THE COMPANY (continued)

The calculation of basic and diluted earnings per share is based on:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Earnings盈利

Profit atributable to owners of the Company,

used in the basic and diluted earnings

per share calculation

用以计算每股基本及摊薄盈利之

本公司拥有人应占溢利

53,714109,163

Number of shares

股份数目

二零二五年二零二四年

Shares股份

Number of ordinary shares in isue during

the year used in the basic and diluted earnings

per share calculation

用以计算每股基本及摊薄盈利之

年内已发行普通股数目

908,663,302908,663,302

12. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-

OF-USE ASETS

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Property, plant and equipment物业、厂房及设备(a)13,20112,757

Right-of-use asets使用权资产(b)19,74620,610

32,94733,367

151 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

、厂房及设备以及使用权资产

（续）

(a) 物业、厂房及设备

12. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-

OF-USE ASETS (continued)

(a) Property, plant and equipment

Buildings

(Hong Kong)

Land and

buildings

(outside

Hong Kong)

Leasehold

improvements

Furniture,

fitings

and ofice

equipment

Motor

vehicles

Plant and

machineryTotal

楼宇

（香港）

土地及楼宇

（香港以外地区）

租赁

物业装修

家私、装置及

办公室设备汽车厂房及机器合计

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

千港元千港元千港元千港元千港元千港元千港元

31 March 2025二零二五年三月三十一日

At 1 April 2024:于二零二四年四月一日：

Cost成本5,4098,6168,5115,6857,3481,16336,732

Acumulated depreciation and

impairment

累计折旧及减值

(2,340)(303)(8,511)(4,957)(6,701)(1,163)(23,975)

Net carying amount账面净额3,0698,313–728647–12,757

At 1 April 2024, net of acumulated

depreciation and impairment

于二零二四年四月一日，

扣除累计折旧及减值3,0698,313–728647–12,757

Aditions添置–721,269–1,341

Depreciation (note 6)折旧（附注6）(132)(202)–(230)(348)–(912)

Exchange realignment汇兑调整–4–11–15

At 31 March 2025, net of acumulated

depreciation and impairment

于二零二五年三月三十一日，

扣除累计折旧及减值2,9378,115–5811,568–13,201

At 31 March 2025:于二零二五年三月三十一日：

Cost成本5,4098,6198,5115,7147,2771,16336,693

Acumulated depreciation and

impairment

累计折旧及减值

(2,471)(504)(8,511)(5,133)(5,710)(1,163)(23,492)

Net carying amount账面净额2,9388,115–5811,567–13,201

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

、厂房及设备以及使用权资产

（续）

(a) 物业、厂房及设备（续）

12. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-

OF-USE ASETS (continued)

(a) Property, plant and equipment (continued)

Buildings

(Hong Kong)

Land and

buildings

(outside

Hong Kong)

Leasehold

improvements

Furniture,

fitings

and ofice

equipment

Motor

vehicles

Plant and

machineryTotal

楼宇

（香港）

土地及楼宇

（香港以外地区）

租赁

物业装修

家私、装置及

办公室设备汽车厂房及机器合计

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

千港元千港元千港元千港元千港元千港元千港元

31 March 2024二零二四年三月三十一日

At 1 April 2023:于二零二三年四月一日：

Cost成本5,4098,7918,5115,5797,6791,16337,132

Acumulated depreciation and

impairment

累计折旧及减值

(2,209)(113)(8,511)(4,816)(7,434)(1,163)(24,246)

Net carying amount账面净额3,2008,678–763245–12,886

At 1 April 2023, net of acumulated

depreciation and impairment

于二零二三年四月一日，

扣除累计折旧及减值3,2008,678–763245–12,886

Aditions添置–184554–738

Depreciation (note 6)折旧（附注6）(131)(192)–(202)(152)–(677)

Exchange realignment汇兑调整–(173)–(17)–(190)

At 31 March 2024, net of acumulated

depreciation and impairment

于二零二四年三月三十一日，

扣除累计折旧及减值3,0698,313–728647–12,757

At 31 March 2024:于二零二四年三月三十一日：

Cost成本5,4098,6168,5115,6857,3481,16336,732

Acumulated depreciation and

impairment

累计折旧及减值

(2,340)(303)(8,511)(4,957)(6,701)(1,163)(23,975)

Net carying amount账面净额3,0698,313–728647–12,757

153 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

、厂房及设备以及使用权资产

（续）

(b) 使用权资产

本集团使用权资产之账面金额及年内变动

如下：

于二零二五年三月三十一日，本集团的管

理层识别若干持续录得亏损的附属公司并

估计彼等之物业、厂房及设备以及使用权

资产的相关可收回金额。根据该等估计，

于二零二五年三月三十一日并无确认减

值亏损（二零二四年：无），以撇减该等物

业、厂房及设备以及使用权资产项目的账

面金额至彼等的可收回金额。可收回金额

根据使用价值计算法厘定，该计算方法乃

采用基于涵盖有关物业、厂房及设备项目

各自的余下可使用年期及各使用权资产的

余下租期的财务预算的现金流量预测。

12. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-

OF-USE ASETS (continued)

(b) Right-of-use asets

The carying amounts of the Group’s right-of-use asets and the

movements during the year are as folows:

Leasehold

land

Motor

vehiclesTotal

租赁土地汽车合计

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 1 April 2023于二零二三年四月一日21,47533221,807

Depreciation (note 6)折旧（附注6）(865)(332)(1,197)

As at 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及二零

二四年四月一日20,610–20,610

Depreciation (note 6)折旧（附注6）(864)–(864)

As at 31 March 2025于二零二五年三月三十一日19,746–19,746

At 31 March 2025, the Group’s management identified certain

subsidiaries which continued to sustain loses and estimated

coresponding recoverable amounts of their property, plant and

equipment and right-of-use asets. Based on these estimates,

no impairment los (2024: Nil) was recognised to write down

the carying amounts of these items of property, plant and

equipment and right-of-use asets to their recoverable amounts

as at 31 March 2025. The recoverable amounts were determined

based on value-in-use calculations using cash flow projections

based on financial budgets covering the remaining useful lives of

the respective items of property, plant and equipment and the

remaining lease terms of the respective right-of-use asets.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

13. 投资物业

本集团之投资物业包括位于香港之一项(二零

二四年：一项)住宅物业、位于中国内地之四

项(二零二四年：四项)办公室物业、多套（二

零二四年：多套）服务式公寓以及位于新加坡

之五项（二零二四年：五项）办公室物业。本公

司董事确认，按照各物业之性质、特点及风

险，该等投资物业可划分为三类资产，即住宅

物业、办公室物业及服务式公寓。本集团位于

香港之投资物业由管理层参照近期市场交易

进行估值，于二零二五年三月三十一日重估

为5,300,000港元（二零二四年：5,300,000港

元）。本集团位于深圳及成都之投资物业由独

立专业合资格估值师华坊咨询评估有限公司进

行估值，于二零二五年三月三十一日分别重估

为49,681,000港元（二零二四年：55,228,000

港元）及21,307,000港元（二零二四年：

23,824,000港元）。本集团位于新加坡之投资物

业由独立专业合资格估值师GT Real Estate Pte

Ltd.进行估值，于二零二五年三月三十一日重估

为44,830,000港元（二零二四年：45,739,000港

元）。本集团首席财务总监每年决定委任之外部

估值师，负责对本集团之投资物业进行外部估

值。甄选条件包括市场知识、声誉、独立性及

能否维持专业标准。于就年度财务申报进行估

值时，本集团首席财务总监已经与估值师讨论

估值假设及估值结果。

投资物业乃根据经营租赁租予第三方，进一步

概要详情载于综合财务报表附注14。

有关本集团投资物业之进一步详情载于第198

页。

13. INVESTMENT PROPERTIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Carying amount at begining of year年初之账面金额130,091124,828

Aditions添置–18,024

Changes in fair value of investment properties投资物业公平价值之变动(8,740)(10,825)

Exchange realignment汇兑调整(233)(1,936)

Carying amount at end of year年终之账面金额121,118130,091

The Group’s investment properties consist of one (2024: one)

residential property in Hong Kong, four (2024: four) ofice properties,

several (2024: several) serviced apartments in Mainland China and

five (2024: five) ofice properties in Singapore. The directors of the

Company have determined that the investment properties consist of

thre clases of aset, i.e., residential properties, ofice properties and

serviced apartments, based on the nature, characteristics and risks

of each property. The Group’s investment property in Hong Kong

was revalued on 31 March 2025 based on a valuation performed

by management with reference to recent market transactions at

HK$5,300,000 (2024: HK$5,300,000). The Group’s investment

properties in Shenzhen and Chengdu were revalued on 31 March

2025 based on valuations performed by CHFT Advisory and Apraisal

Ltd., independent profesionaly qualified valuer, at HK$49,681,000

(2024: HK$55,228,000) and HK$21,307,000 (2024: HK$23,824,000),

respectively. The Group’s investment properties in Singapore were

revalued on 31 March 2025 based on valuation performed by GT

Real Estate Pte Ltd., independent profesionaly qualified valuer, at

HK$44,830,000 (2024: HK$45,739,000). Each year, the Group’s

chief financial oficer decides to apoint which external valuer to be

responsible for the external valuations of the Group’s investment

properties. Selection criteria include market knowledge, reputation,

independence and whether profesional standards are maintained. The

Group’s chief financial oficer has discusions with the valuers on the

valuation asumptions and valuation results when the valuations are

performed for anual financial reporting.

The investment properties are leased to third parties under operating

leases, further sumary details of which are included in note 14 to the

consolidated financial statements.

Further particulars of the Group’s investment properties are included on

page 198.

155 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

公平价值等级架构

下表列示本集团投资物业之公平价值计量等级

架构：

13. INVESTMENT PROPERTIES (continued)

Fair value hierarchy

The folowing table ilustrates the fair value measurement hierarchy of

the Group’s investment properties:

Fair value measurement

as at 31 March 2025 using

于二零二五年三月三十一日之

公平价值计量时使用

Quoted

prices in active

markets

(Level 1)

Significant

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3)Total

活跃市场

之报价

（第一层）

重大可观察

输入值

（第二层）

重大不可观察

输入值

（第三层）合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value

measurement for:

下列各项之经常性公平

价值计量：

Residential properties住宅物业–5,3005,300

Ofice properties办公室物业–94,51194,511

Serviced apartments服务式公寓–21,30721,307

–121,118121,118

Fair value measurement

as at 31 March 2024 using

于二零二四年三月三十一日之

公平价值计量时使用

Quoted

prices in active

markets

(Level 1)

Significant

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3)Total

活跃市场

之报价

（第一层）

重大可观察

输入值

（第二层）

重大不可观察

输入值

（第三层）合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value

measurement for:

下列各项之经常性公平

价值计量：

Residential properties住宅物业–5,3005,300

Ofice properties办公室物业–100,967100,967

Serviced apartments服务式公寓–23,82423,824

–130,901130,091

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

公平价值等级架构（续）

年内，第一层及第二层之间公平价值计量并无

转移，第三层亦无任何转入或转出（二零二四

年：无）。

分类为公平价值等级架构第三层之公平价值计

量对账：

13. INVESTMENT PROPERTIES (continued)

Fair value hierarchy (continued)

During the year, there were no transfers of fair value measurements

betwen Level 1 and Level 2 and no transfers into or out of Level 3

(2024: Nil).

Reconciliation of fair value measurements categorised within Level 3 of

the fair value hierarchy:

Residential

properties

Ofice

properties

Serviced

apartments

住宅物业办公室物业服务式公寓

HK$’000HK$’000HK$’000

千港元千港元千港元

Carying amount at 1 April 2023于二零二三年四月一日

之账面金额6,80092,13725,891

Aditions 添置–18,024–

Net loses from a fair value adjustment

recognised in the consolidated

statement of profit or los

于综合损益表内确认之

公平价值调整

亏损净额(1,500)(8,547)(778)

Exchange realignment汇兑调整–(647)(1,289)

Carying amount at 31 March 2024

and 1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

之账面金额5,300100,96723,824

Net loses from a fair value adjustment

recognised in the consolidated

statement of profit or los

于综合损益表内确认之

公平价值调整亏损净额

–(6,479)(2,261)

Exchange realignment汇兑调整–23(256)

Carying amount at 31 March 2025于二零二五年三月三十一日

之账面金额5,30094,51121,307

157 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

（续）

公平价值等级架构（续）

下文概述于对投资物业进行估值时所用估值技

术及主要输入值：

根据市场比较法，物业按市场基准进行估值，

当中假设以现况交吉出售，并参照相关市场可

获得之可资比较销售凭证。比较以实际交易录

得之价格或可资比较物业之叫价为基础。有关

价格其后作出适当调整，以计及物业楼龄、时

间、位置、楼层及其他相关因素等差异。

经调整单位价格显著上升╱（下跌）将导致投资

物业公平价值显著上升╱（下跌）。

13. INVESTMENT PROPERTIES (continued)

Fair value hierarchy (continued)

Below is a sumary of the valuation techniques used and the key inputs

to the valuation of investment properties:

Valuation

techniques

Significant

unobservable inputs

Value

(weighted average)

估值技术重大不可观察输入值数值（加权平均）

Residential property situated

in Hong Kong

Market comparison

aproach

Adjusted unit price

(per square fot)

HK$9,851

(2024: HK$9,851)

位于香港之住宅物业市场比较法经调整单位价格（每平方呎）9,851港元

（二零二四年：9,851港元）

Ofice properties situated

in Singapore

Market comparison

aproach

Adjusted unit price

(per square metre)

SGD8,917

(2024: SGD9,101)

位于新加坡之办公室物业市场比较法经调整单位价格（每平方米）8,917新加坡元

（二零二四年：9,101新加坡元）

Ofice properties situated

in Mainland China

Market comparison

aproach

Adjusted unit price

(per square metre)

RMB47,037

(2024: RMB51,700)

位于中国内地之办公室物业市场比较法经调整单位价格（每平方米）人民币47,037元

（二零二四年：人民币51,700元）

Serviced apartments situated

in Mainland China

Market comparison

aproach

Adjusted unit price

(per square metre)

RMB18,462

(2024: RMB20,410)

位于中国内地之服务式公寓市场比较法经调整单位价格（每平方米）人民币18,462元

（二零二四年：人民币20,410元）

Under the market comparison aproach, the properties are valued on

the market basis asuming sales in their existing state with the benefit

of vacant posesion and by making reference to comparable sales

evidence as available in the relevant markets. Comparison is based on

prices realised in actual transactions or asking prices of comparable

properties. Apropriate adjustments are then made to acount for the

diferences betwen such properties in terms of age, time, location,

flor level and other relevant factors.

A significant increase/(decrease) in the adjusted unit price would result

in a significant increase/(decrease) in the fair value of the investment

properties.

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

14. LEASES AND LEASE LIABILITIES

The Group as a lese

The Group has lease contracts for various items of leasehold land,

buildings and motor vehicles used in its operations. Leasehold land has

a lease term of 50 years. Leases of buildings generaly have lease terms

betwen two and thre years, while motor vehicles generaly have lease

term of five years. Generaly, the Group is restricted from asigning and

subleasing the leased asets outside the Group.

Details of right-of-use asets are included in note 12 to the consolidated

financial statements.

(a) Lease liabilities

The carying amounts of the lease liabilities and the movements

during the year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

As at begining of year于年初134482

Acretion of interest recognised

during the year (note 7)

年内确认的利息增加（附注7）

Payments付款(131)(347)

Exchange realignment汇兑调整–(21)

As at end of year于年末15134

Analysed for reporting purposes as:项目呈报分析：

Curent liabilities流动负债15119

Non-curent liabilities非流动负债–15

Within one year一年内15119

In the second year第二年–15

The maturity analysis of lease liabilities is disclosed in note 37 to

the consolidated financial statements.

14. 租赁及租赁负债

本集团作为承租人

本集团就其经营中使用的各种租赁土地、楼宇

及汽车项目订立租赁合约。租赁土地的租期为

50年。楼宇的租期通常在两至三年之间，而汽

车的租期通常为五年。一般而言，本集团不得

在本集团以外转让和转租赁资产。

使用权资产详情载于综合财务报表附注12。

(a) 租赁负债

租赁负债的账面金额及年内变动如下：

租赁负债的到期日分析于综合财务报表附

注37中披露。

159 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

14. LEASES AND LEASE LIABILITIES (continued)

The Group as a lese (continued)

(b) The amounts recognised in the consolidated statement of profit

or los in relation to leases are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest on lease liabilities租赁负债利息1220

Depreciation of right-of-use asets使用权资产之折旧8641,197

Expense relating to short-term leases

(included in administrative expenses)*

(note 6)

短期租赁有关的开支（计入行政费用）*

（附注6）

1,6331,503

Total amount recognised in profit or los于损益确认之总金额2,5092,720

“lease payments not included in the measurement of lease

liabilities” in note 6 to the consolidated financial statements.

consolidated financial statements.

The Group as a lesor

The Group leases its investment properties (note 13) consisting of one

(2024: one) residential property in Hong Kong, four (2024: four) ofice

properties and several (2024: several) serviced apartments in Mainland

China, and five (2024: five) ofice properties in Singapore under

operating lease arangements. The terms of the leases generaly require

the tenants to pay security deposits. Rental income recognised by the

Group during the year was HK$5,419,000 (2024: HK$5,552,000),

details of which are included in note 5 to the consolidated financial

statements.

（续）

本集团作为承租人（续）

(b) 就租赁于综合损益表中确认的金额如下：

「未计入租赁负债

之计量的租赁付款」。

32中披露。

本集团作为出租人

本集团根据经营租赁安排出租于香港的一项（二

零二四年：一项）住宅物业、于中国内地的四

项（二零二四年：四项）办公室物业、多套（二零

二四年：多套）服务式公寓以及于新加坡的五项

（二零二四年：五项）办公室物业的投资物业（附

注13）。租赁之条款一般要求租户支付保证金。

本集团于年内确认的租金收入为5,419,000港元

（二零二四年：5,552,000港元），详情载于综合

财务报表附注5。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

14. LEASES AND LEASE LIABILITIES (continued)

The Group as a lesor (continued)

At 31 March 2025, the undiscounted lease payments receivable by the

Group in future periods under non-cancelable operating leases with its

tenants are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within one year一年内4,5886,317

After one year but within two years超过一年但两年内2,385706

After two years but within thre years超过两年但三年内627–

7,6007,023

15. GODWIL

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining and end of year:年初及年末：

Cost成本32,78032,780

Acumulated impairment累计减值(32,780)(32,780)

Net carying amount账面净额–

Impairment testing of godwil

Godwil acquired through busines combination is alocated to the

cash-generating units of the semiconductor distribution busines and

the mobile aplication development busines for impairment testing.

Godwil was fuly impaired in previous years.

（续）

本集团作为出租人（续）

于二零二五年三月三十一日，本集团根据与租

户订立的不可撤销经营租赁于未来期间应收的

未贴现租赁付款如下：

15. 商誉

商誉减值测试

透过业务合并收购之商誉已分配至半导体分销

业务及手机应用程式开发业务之现金产生单

位，以作减值测试。商誉已于过往年度全数减

值。

161 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

16. OTHER INTANGIBLE ASETS

Club

membershipsTrademarks

Customer

relationships

Mobile

aplicationTotal

会籍商标客户关系手机应用程式合计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

31 March 2025二零二五年三月三十一日

At 1 April 2024:于二零二四年四月一日：

Cost成本4,5188723,2239,40037,228

Acumulated amortisation and impairment累计摊销及减值(1,463)(87)(23,223)(9,400)(34,173)

Net carying amount账面净额3,055–3,055

Cost at 1 April 2024, net of acumulated

amortisation and impairment

于二零二四年四月一日的成本，

扣除累计摊销及减值3,055–3,055

Impairment (note 6)减值（附注6）(247)–(247)

At 31 March 2025于二零二五年三月三十一日2,808–2,808

At 31 March 2025:于二零二五年三月三十一日：

Cost成本4,5188723,2239,40037,228

Acumulated amortisation and impairment累计摊销及减值(1,710)(87)(23,223)(9,400)(34,420)

Net carying amount账面净额2,808–2,808

31 March 2024二零二四年三月三十一日

At 1 April 2023:于二零二三年四月一日：

Cost成本4,5188724,2009,40038,205

Acumulated amortisation and impairment累计摊销及减值(1,033)(87)(24,200)(9,400)(34,720)

Net carying amount账面净额3,485–3,485

Cost at 1 April 2023, net of acumulated

amortisation and impairment

于二零二三年四月一日的成本，

扣除累计摊销及减值3,485–3,485

Impairment (note 6)减值（附注6)(430)–(430)

At 31 March 2024于二零二四年三月三十一日3,055–3,055

At 31 March 2024:于二零二四年三月三十一日：

Cost成本4,5188723,2239,40037,228

Acumulated amortisation and impairment累计摊销及减值(1,463)(87)(23,223)(9,400)(34,173)

Net carying amount账面净额3,055–3,055

16. 其他无形资产

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

16. OTHER INTANGIBLE ASETS (continued)

During the year ended 31 March 2025, certain club memberships

were impaired due to the decrease in market value. The directors

had consequently determined to recognise an impairment los of

HK$247,000 (2024: HK$430,000) on certain club memberships and

their recoverable amount of HK$1,901,000 (2024: HK$2,187,000) was

determined using the fair value les costs of disposal with reference to

the market price quoted for the relevant club memberships.

17. INVESTMENTS IN JOINT VENTURES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Share of net asets分占资产净值1,479,0331,401,689

Financial guarantes provided (note 27)已提供财务担保（附注27）45,48150,112

1,524,5141,451,801

Particulars of the material joint venture are as folows:

Percentage of

百分比

NameIsued share capital

Place of

incorporation

and busines

Ownership

interest

Voting

power

Profit

sharing

Principal

activities

名称已发行股本注册成立及营业地点拥有权益投票权分占溢利主要业务

AVP Electronics Limited180,000,000 ordinary sharesHong Kong755075Trading of electronic

components

同忆有限公司180,000,000股普通股香港买卖电子元件

The above joint venture has a financial year end of 31 December.

The consolidated financial statements are adjusted for the material

transactions betwen 1 January and 31 March.

AVP Electronics Limited and its subsidiaries (colectively, “AVPEL

Group”), which are considered a material group of joint ventures of the

Group, are acounted for using the equity method.

（续）

于截至二零二五年三月三十一日止年度，若

干会籍减值乃因市值降低。董事随后已确定

确认若干会籍的减值亏损247,000港元（二零

二四年：430,000港元）并参考就相关会籍所

报市价，使用公平价值减去出售成本厘定彼

等的可收回金额1,901,000港元（二零二四年：

2,187,000港元）。

17. 于合营企业之投资

重大合营企业详情如下：

上述合营企业之财政年结日为十二月三十一

日。综合财务报表已就一月一日至三月三十一

日之重大交易作出调整。

同忆有限公司及其附属公司（统称「同忆集团」）

被视为本集团之重大合营企业集团，按权益法

入账。

163 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

17. INVESTMENTS IN JOINT VENTURES (continued)

The folowing table ilustrates the sumarised financial information

of AVPEL Group adjusted for any diferences in acounting policies

and reconciled to the carying amount in the consolidated financial

statements:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cash and cash equivalents现金及等同现金项目2,505,6231,510,689

Other curent asets其他流动资产4,416,0825,837,129

Curent asets流动资产6,921,7057,347,818

Non-curent asets非流动资产135,676144,929

Curent liabilities流动负债(5,084,324)(5,620,635)

Non-curent liabilities非流动负债(1,013)(3,194)

Net asets atributable to owners of

AVP Electronics Limited

同忆有限公司拥有人应占资产净值

1,972,0441,868,918

Reconciliation to the Group’s interests

in the joint ventures:

与本集团于合营企业之权益对账：

Proportion of the Group’s ownership本集团拥有权比例75%75%

Group’s share of net asets atributable

to owners of AVP Electronics Limited

本集团分占同忆有限公司拥有人

应占资产净值1,479,0331,401,689

Financial guarantes provided (note 27)已提供财务担保（附注27）45,48150,112

Carying amount of the investments投资账面金额1,524,5141,451,801

Revenue收益21,495,61924,097,948

Interest income利息收入56,35163,361

Depreciation折旧(7,490)(7,378)

Interest expenses利息开支(224,482)(223,290)

Tax税项(30,877)(37,366)

Profit and total comprehensive income

for the year

年内溢利及全面收入总额

207,750249,844

Dividends paid已付股息104,62583,700

（续）

下表列示同忆集团之财务资料概要（已就任何会

计政策差异作出调整）以及与综合财务报表内账

面金额之对账：

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

18. INVESTMENTS IN ASOCIATES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Share of net asets分占资产净值2,659220

Godwil商誉1,8781,878

Provision for impairment减值拨备(4,166)(2,098)

371–

Two (2024: one) of the asociates have respective financial year

end of 31 December and 28 February (2024: 31 December), and

the consolidated financial statements are adjusted for the material

transactions betwen their respective financial year ends and 31

March. Apart from aforementioned, al other asociates have a financial

year end of 31 March, which is coterminous with that of the Group.

The balances with asociates are included in notes 21 and 22 to the

consolidated financial statements.

The Group has discontinued the recognition of its share of loses

of certain asociates because the share of loses of these asociates

exceded the Group’s interests in these asociates and the Group has

no obligation to take up further loses. The amount of the Group’s

unrecognised share of loses of these asociates cumulatively at the end

of the year was HK$6,598,000 (2024: HK$6,151,000).

During the year, an impairment of HK$2,068,000 (2024: nil) was

recognised for the investments in asociates in the consolidated

statement of profit or los based on the recoverable amount of zero,

which has ben determined based on a value-in-use calculation using

cash flow projections based on financial budgets aproved by senior

management covering a five-year period. The discount rate aplied to

the cash flow projection is 15% (2024: nil).

18. 于联营公司之投资

两间（二零二四年：一间）联营公司的财政年结

日为十二月三十一日及二月二十八日（二零二四

年：十二月三十一日），及综合财务报表已就于

其各自的财政年结日至三月三十一日之重大交

易作出调整。除了以上两间联营公司以外，所

有其他联营公司之财政年结日均为三月三十一

日，与本集团相符。与联营公司之结余载于综

合财务报表附注21及22。

由于分占若干联营公司之亏损超过本集团于该

等联营公司之权益，且本集团并无义务承担进

一步亏损，故本集团已终止确认其分占该等联

营公司之亏损。本集团未确认分占该等联营公

司亏损之年末累计金额为6,598,000港元（二零

二四年：6,151,000港元）。

年内，根据可收回金额为零，就于联营公司之

投资于综合损益表中确认减值2,068,000港元

（二零二四年：无），乃根据高级管理层批准的

涵盖五年期间的财务预算，使用现金流预测按

使用价值计算厘定。现金流预测适用的贴现率

为15%（二零二四年：无）。

165 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

18. INVESTMENTS IN ASOCIATES (continued)

The folowing table ilustrates the agregate financial information of the

Group’s asociates that are not individualy material:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Share of the asociates’ los for the year分占联营公司年内亏损(976)–

Share of the asociates’ total comprehensive

los

分占联营公司全面亏损总额

(976)–

Agregate carying amount of the Group’s

investments in the asociates

本集团于联营公司之投资账面总额

371–

19. FINANCIAL ASETS AT FAIR VALUE THROUGH

PROFIT OR LOS

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Listed equity investments上市股本投资1091,461

Listed bond investments上市债券投资(a)100138

Equity investment traded over-the-counter场外交易股本投资(b)2,1281,672

Unlisted equity investments非上市股本投资(c)5521,235

Key management insurance contracts主要管理人员保险合约(d)28,06427,126

30,95331,632

Analysed for reporting purpose as:就报告目的分类为：

Curent asets流动资产2,8894,506

Non-curent asets非流动资产28,06427,126

30,95331,632

（续）

下表列示本集团个别并不重大之联营公司之财

务资料总览：

19. 透过损益按公平价值列账之金融资

产

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

19. FINANCIAL ASETS AT FAIR VALUE THROUGH

PROFIT OR LOS (continued)

The above listed equity investments, listed bond investments and an

equity investment traded over-the-counter were clasified as financial

asets at fair value through profit or los as they were held for trading.

The key management insurance contracts were mandatorily clasified

as financial asets at fair value through profit or los as their contractual

cash flows are not solely payments of principal and interest.

The unlisted equity investments were clasified as financial asets at fair

value through profit or los as the Group has not irevocably elected

to clasify the unlisted equity investments at fair value through other

comprehensive income.

Notes:

(a) The listed bond investments have coupon rates ranging from 0% to 8.75%

(2024: 0% to 8.75%) per anum and maturity dates from 6 March 2023

to 31 January 2031 (2024: 6 March 2023 to 31 January 2031). Included in

the amount was a listed bond of HK$24,000 (2024: HK$51,000) which was

matured on 6 March 2023 and the directors considered that the amount of

HK$24,000 (2024: HK$51,000) could be recovered.

(b) The Group had equity interest in Toniplay Co., Ltd., which principaly engaged

in mobile game development busines.

which principaly engaged in e-comerce busines in Vietnam.

(d) As at 31 March 2025, the key management insurance contracts represented

life insurance plans with investment elements relating to two members of

key management personel of the Group and the joint venture. The total

sum insured is US$15,800,000 (aproximately HK$122,800,000) (2024:

US$15,800,000 (aproximately HK$122,800,000) with an anual minimum

guaranted return of 2%. Certain key management insurance contract of

HK$9,090,000 (2024: HK$8,775,000) was pledged to secure general banking

facilities granted to the Group as at 31 March 2025.

As at 31 March 2025, if the Group withdrew from the insurance contracts,

the acounts value, net of surender charges of US$260,000 (aproximately

HK$2,025,000) (2024: US$260,000 (aproximately HK$2,023,000), would be

refunded to the Group. The amount of the surender charges decreased over

time and was no longer required from the 19th year of contract conclusion

onwards.

19. 透过损益按公平价值列账之金融资

产（续）

上述上市股本投资、上市债券投资及场外交易

股本投资分类为透过损益按公平价值列账之金

融资产，原因为该等投资持作买卖。

主要管理人员保险合约强制性分类为透过损益

按公平价值列账之金融资产，原因为合约现金

流量并不纯粹为支付本金及利息。

非上市股本投资分类为透过损益按公平价值列

账之金融资产，原因是本集团并无不可撤销地

选择将非上市股本投资分类为透过其他全面收

入按公平价值列账。

附注：

(a) 上市债券投资的票面年利率介乎0%至8.75%（二

零二四年：0%至8.75%），有效期自二零二三

年三月六日至二零三一年一月三十一日（二零

二四年：二零二三年三月六日至二零三一年一月

三十一日）。有关金额包括于二零二三年三月六日

到期之24,000港元（二零二四年：51,000港元）上

市债券。董事认为有关金额24,000港元（二零二四

年：51,000港元）可予收回。

(b) 本集团于Toniplay Co., Ltd. 拥有股权，该公司主

要从事流动游戏开发业务。

（主要在越南从事电子商务业务）的股权。

(d) 于二零二五年三月三十一日，主要管理人员保

险合约指与本集团及合营企业两名主要管理

人员有关的投资型人寿保险计划。投保总额为

15,800,000美元（约122,800,000港元）（二零二四

年：15,800,000美元（约122,800,000港元），

年度最低保证回报率为2%。于二零二五年三月

三十一日，若干主要管理人员保险合约9,090,000

港元（二零二四年：8,775,000港元）已质押以获得

授予本集团的一般银行融资。

于二零二五年三月三十一日，倘本集团退出保险

合约，则账户价值于扣除退保费260,000美元（约

2,025,000港元）（二零二四年：260,000美元（约

2,023,000港元）后将退还至本集团。退保费金额

随时间的推移而减少，而于合约签订的第19年开

始不再需要退保费。

167 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

20. INVENTORIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Finished gods制成品96,76689,645

21. TRADE RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables应收贸易账款72,62671,655

Impairment减值(52,711)(43,920)

19,91527,735

The Group’s trading terms with customers vary with the type of

products suplied. Invoices are normaly payable within 30 to 45 days

of isuance, except for wel-established customers, where the terms are

extended to over 60 days. For customer-specific and highly specialised

items, deposits in advance or leters of credit may be required prior

to the aceptance and delivery of the products. Each customer has a

maximum credit limit. The Group seks to maintain strict control over

its outstanding receivables and has a credit control policy to minimise

credit risk. A credit comite consisting of senior management and

the directors of the Company has ben established to review and

aprove large customer credits. In view of the aforementioned and

the fact that the Group’s trade receivables relate to a large number of

diversified customers, there is no significant concentration of credit risk.

The Group does not hold any colateral or other credit enhancements

over these balances. Trade receivables are non-interest-bearing.

Included in the Group’s net trade receivables are amounts due from the

Group’s asociates of HK$11,705,000 (2024: HK$9,549,000), which

are repayable on credit terms similar to those ofered to the major

customers of the Group.

20. 存货

21. 应收贸易账款

本集团与客户订立之交易条款视乎供应之产品

类别而有所不同。账款通常须于发票发出后30

至45天内支付，惟已建立长久业务关系之客户

之账期则可延至超过60天。有关客户特别指

定及极为专门之项目，在接纳订单及交付产品

之前可能须预付按金或开立信用证。每名客户

均设定信贷上限。本集团致力对其未收回之应

收款项实施严格控制，并制定信贷管制政策，

以尽量减低信贷风险。由本公司之高级管理层

及董事组成之信贷委员会已告成立，以审阅及

批核客户大额信贷。鉴于上文所述，以及本集

团之应收贸易账款与为数众多且分散之客户有

关，因此并无重大集中信贷风险。本集团并未

就该等结余持有任何抵押品或其他信贷提升

物。应收贸易账款不计利息。

本集团应收贸易账款之净额包括应收本集团

联营公司款项11,705,000港元（二零二四年：

9,549,000港元），乃按与提供予本集团主要客

户的相若信贷条款偿还。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

21. TRADE RECEIVABLES (continued)

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

reporting period, based on the invoice date and net of los alowance, is

as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 1 month1个月内7,56222,402

1 to 2 months1至2个月247779

2 to 3 months2至3个月14289

3 to 12 months3至12个月5,5823,673

Over 12 months超过12个月6,382792

19,91527,735

The movements in the los alowance for impairment of trade

receivables are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of year年初43,92037,505

Impairment loses, net (note 4)减值亏损，净额（附注4）8,7916,415

At end of year年末52,71143,920

An impairment analysis on trade receivables, other than amounts due

from the Group’s asociates, is performed at each reporting date using

a provision matrix to measure expected credit loses. The provision rates

are based on days past due for groupings of various customer segments

with similar los paterns (i.e., by customer type and rating). The

calculation reflects the probability-weighted outcome, the time value of

money and reasonable and suportable information that is available at

the reporting date about past events, curent conditions and forecasts

of future economic conditions.

An impairment analysis on amounts due from the Group’s asociates

is performed as at 31 March 2025 by considering the probability of

default of comparable corporate bonds with published credit ratings. As

at 31 March 2025, the probability of default aplied was 75.0% (2024:

75.0%) and the los given default was estimated to be 61.1% (2024:

61.8%). The los rate is adjusted to reflect the curent conditions and

forecasts of future economic conditions, as apropriate.

During the year ended 31 March 2025, the los alowance for

amounts due from the Group’s asociates was HK$8,566,000 (2024:

HK$7,379,000). As at 31 March 2025, the agregate los alowance for

amounts due from the Group’s asociates was HK$15,945,000 (2024:

HK$7,379,000).

（续）

基于发票日期并扣除亏损拨备，于报告期间结

束时之应收贸易账款之账龄分析如下：

应收贸易账款之减值亏损拨备变动如下：

于各报告日期使用拨备矩阵进行应收贸易账款

（应收本集团联营公司款项除外）之减值分析，

以计量预期信贷亏损。拨备率乃基于具有类似

亏损模式的多个客户分部组别的逾期日数计算

（即按客户类型和评级）。该计算反映了概率加

权结果、货币时间价值以及于报告日期可获得

的关于过往事件、当前状况及未来经济状况预

测的合理有据资料。

于二零二五年三月三十一日透过考虑已刊发信

贷评级的可资比较公司债券违约概率进行应收

本集团联营公司款项之减值分析。于二零二五

年三月三十一日，采用的违约概率为75.0%（二

零二四年：75.0%）及违约损失率估计为61.1%

（二零二四年：61.8%）。对损失率作出调整以

反映当前状况及对未来经济状况的预测（倘适

用）。

截至二零二五年三月三十一日止年度，应收本

集团联营公司款项的亏损拨备为8,566,000港元

（二零二四年：7,379,000港元）。于二零二五年

三月三十一日，应收本集团联营公司款项的亏

损拨备总额为15,945,000港元（二零二四年：

7,379,000港元）。

169 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

21. TRADE RECEIVABLES (continued)

For trade receivables relating to acounts which are long overdue

with significant amounts with known insolvencies or non-response

to colection activities, they are asesed individualy for impairment

alowance as folows.

Expected

credit los

rate

Gros

carying

amount

Los

alowance

Carying

amount

预期信贷

亏损率账面总值亏损拨备账面金额

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 31 March 2025于二零二五年三月三十一日

Credit impaired信贷减值82%63,94952,24411,705

As at 31 March 2024于二零二四年三月三十一日

Credit impaired信贷减值82%53,19743,6489,549

Set out below is the information about the credit risk exposure on the

Group’s non-credit impaired trade receivables using a provision matrix:

As at 31 March 2025

Past due

逾期

Curent

Les than

1 month

1 to 3

months

3 to 12

months

Over

12 monthsTotal

即期少于一个月一至三个月三至十二个月十二个月以上合计

Expected credit los rate预期信贷亏损率0.00%0.00%0.00%0.89%95.45%5.38%

Gros carying amount (HK$’000)账面总值（千港元）1,2736,2151435624848,677

Expected credit loses (HK$’000)预期信贷亏损（千港元）–5462467

As at 31 March 2024

Past due

逾期

Curent

Les than

1 month

1 to 3

months

3 to 12

months

Over

12 monthsTotal

即期少于一个月一至三个月三至十二个月十二个月以上合计

Expected credit los rate预期信贷亏损率0.00%0.00%0.06%5.10%47.49%1.47%

Gros carying amount (HK$’000)账面总值（千港元）14,9129581,73731453718,458

Expected credit loses (HK$’000)预期信贷亏损（千港元）–116255272

（续）

与逾期已久且金额庞大并已知无力偿还或无回

应债务追收活动之账目有关之应收贸易账款，

将单独评估减值拨备如下。

下表载列使用拨备矩阵分析的有关本集团无信

贷减值的应收贸易账款的信贷风险的资料：

于二零二五年三月三十一日

于二零二四年三月三十一日

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

22. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Prepayments预付款项2,7911,905

Deposits按金6,6208,887

Other receivables其他应收款项4,72040,769

14,13151,561

Provision for impairment of other receivables其他应收款项减值拨备(2,902)(23,117)

11,22928,444

Portion clasified as non-curent:分类为非流动之部分：

Prepayments and deposits预付款项及按金(1,913)(2,396)

Curent portion流动部分9,31626,048

Included in the gros balances of other receivables as at 31 March

2025 primarily represented interest receivable of interest-bearing loan

to an independent third party of HK$2,826,000 due in April 2024,

while balance as at 31 March 2024 mainly represented (i) balances

with asociates of HK$23,117,000; and i) interest-bearing loan to an

independent third party of HK$15,209,000 due in April 2024.

An impairment analysis is performed by management at each reporting

date on other receivables. If a significant increase in credit risk of other

receivable has ocured since initial recognition, then impairment is

measured as lifetime expected credit loses. As at 31 March 2025 and

2024, it was concluded by the management that the outstanding

amounts of balances with asociates and interest-bearing loan to an

independent third party were credit-impaired, with the respective

recoverability considered remote.

During the year ended 31 March 2025, the los alowance for the

interest receivable in relation to interest-bearing loan to an independent

third party are asesed to be HK$2,826,000 (2024: Nil). During the year

ended 31 March 2024, the los alowance for balances with asociates

of HK$11,819,000 were made. As at 31 March 2024, the agregate

los alowance for balances with asociates was HK$23,117,000.

、按金及其他应收款项

于二零二五年三月三十一日的其他应收款项

结余总额主要为提供予一名独立第三方之计

息贷款的应收利息2,826,000港元，该贷款于

二零二四年四月到期，而于二零二四年三月

三十一日的结余主要为(i)与联营公司之结余

23,117,000港元；及(i)提供予一名独立第三方

的计息贷款15,209,000港元，该贷款于二零

二四年四月到期。

管理层于各报告日期对其他应收款项进行减值

分析。倘其他应收款项的信贷风险于首次确认

起大幅增加，则减值计量为全期预期信贷亏

损。于二零二五年及二零二四年三月三十一

日，管理层得出结论认为，与联营公司之未偿

还结余金额及提供予一名独立第三方的计息贷

款为信贷减值，各自的可收回性极低。

截至二零二五年三月三十一日止年度，就提供

予一名独立第三方的计息贷款的应收计息亏损

拨备估计为2,826,000港元（二零二四年：无）。

截至二零二四年三月三十一日止年度，与联营

公司之结余计提亏损拨备11,819,000港元。于

二零二四年三月三十一日，与联营公司之结余

的亏损拨备总额为23,117,000港元。

171 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

22. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES (continued)

Deposits and other receivables excluding balances with asociates and

interest-bearing loan to an independent third party mainly represent

rental deposits and deposits with supliers. An impairment analysis is

performed at each reporting date by aplying a los rate aproach with

reference to the historical los record of the Group. The Group asesed

the los alowance for other receivables of HK$1,818,000 (2024:

HK$17,652,000), for which there was no recent history of default or

past due amounts, under the aplication of HKFRS 9 was insignificant.

The movements in provision for impairment of other receivables are as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of year年初23,11711,298

Impairment los (note 6)减值亏损（附注6）2,90211,819

Writen of撇销(23,117)–

At end of year年末2,90223,117

23. CASH AND CASH EQUIVALENTS AND TIME

DEPOSITS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cash and bank balances现金及银行结存44,72165,911

Deposits with other financial institutions于其他金融机构之存款14,24610,434

Cash and cash equivalents现金及等同现金项目58,96776,345

At the end of the reporting period, the cash and bank balances of the

Group denominated in Renminbi (“RMB”) amounted to aproximately

HK$1,094,000 (2024: HK$123,000). The RMB is not frely convertible

into other curencies, however, under Mainland China Foreign

Exchange Control Regulations and Administration of Setlement, Sale

and Payment of Foreign Exchange Regulations, the Group is permited

to exchange RMB for other curencies through banks authorised to

conduct foreign exchange busines.

、按金及其他应收款项

（续）

按金及其他应收款项（不包括与联营公司之结余

及提供予一名独立第三方的计息贷款）主要指租

赁按金及供应商按金。于各报告日期，本集团

采用亏损率法并参考本集团的过往亏损记录进

行减值分析。本集团评估，应用香港财务报告

准则第9号时，近期并无拖欠记录或逾期款项

之其他应收款项1,818,000港元（二零二四年：

17,652,000港元）的亏损拨备微乎其微。

其他应收款项之减值拨备变动如下：

23. 现金及等同现金项目及定期存款

于报告期间结束时，本集团以人民币（「人民

币」）计值之现金及银行结存约为1,094,000港元

（二零二四年：123,000港元）。人民币不可自由

兑换为其他货币，然而，根据中国内地之外汇

管理条例及结汇、售汇及付汇管理规定，本集

团可透过获授权进行外汇业务之银行将人民币

兑换为其他货币。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

23. CASH AND CASH EQUIVALENTS AND TIME

DEPOSITS (continued)

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

deposit rates. Short term time deposits are made for varying periods of

betwen one day and thre months depending on the imediate cash

requirements of the Group, and earn interest at the respective short

term time deposit rates. The balances are deposited with creditworthy

banks and other financial institutions with no recent history of default.

24. TRADE PAYABLES, DEPOSITS RECEIVED AND

ACRUED EXPENSES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade payables应付贸易账款53,65039,507

Deposits received已收按金1,2542,151

Acrued expenses应计费用15,63915,928

70,54357,586

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

period, based on the payment due date, is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade payables:应付贸易账款：

Curent即期46,75338,709

1 to 30 days1至30日4,621304

31 to 60 days31至60日–19

Over 60 days超过60日2,276475

53,65039,507

The trade payables are non-interest-bearing and are normaly setled

betwen 30 and 90 days.

23. 现金及等同现金项目及定期存款

（续）

存放于银行之现金根据银行之每日存款利率，

按浮动利率赚取利息。短期定期存款介乎一日

至三个月不等，乃视乎本集团之即时现金需

要而定，并按各自之短期定期存款利率赚取利

息。结存乃存放于信誉良好之银行及近期并无

拖欠记录之其他金融机构。

、已收按金及应计费

用

根据付款到期日，于报告期间结束时之应付贸

易账款之账龄分析如下：

应付贸易账款乃不计息，一般于30至90天内结

算。

173 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

25. CONTRACT LIABILITIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Short-term advances received from customers预收客户短期款项

Sale of products销售产品2,3741,892

Contract liabilities include short-term advances received to deliver

semiconductor and consumer products. At 1 April 2023, contract

liabilities amounted to aproximately HK$3,387,000. The increase and

decrease in contract liabilities in 2025 and 2024 was mainly due to the

increase and decrease in short-term advances received from customers

in relation to the sale of products at the end of the reporting period,

respectively.

26. INTEREST-BEARING BANK BOROWINGS

二零二五年二零二四年

Efective

anual

interest

rateMaturityHK$’000

Efective

anual

interest

rateMaturityHK$’000

实际年利率到期日千港元实际年利率到期日千港元

Curent流动

Import and trust receipt loan – unsecured进口及信托收据贷款－无抵押5.48% –

5.72%

二零二五年31,998

6.72% –

7.49%

二零二四年36,111

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Analysed into:分析为：

Bank loans repayable within one year or on

demand

一年内或按要求偿还

之银行贷款31,99836,111

Al the Group’s bank borowings bore interest at floating rates and

were denominated in United States dolars at the end of the reporting

period. The carying amounts of the Group’s interest-bearing bank

borowings aproximate to their fair values.

25. 合约负债

合约负债包括为提供半导体及消费类产品而预

收客户的短期款项。于二零二三年四月一日，

合约负债约为3,387,000港元。二零二五年及二

零二四年的合约负债增加及减少乃主要由于报

告期间结束时就销售产品预收客户的短期款项

分别增加及减少。

26. 附息银行借款

本集团之所有银行借款乃按报告期间结束时的

浮动利率计息并以美元计值。本集团之附息银

行借款之账面金额与其公平价值相若。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

27. FINANCIAL GUARANTE OBLIGATION

During the year, the Group has provided financial guarantes to joint

ventures in relation to the bank lending facilities granted to these joint

ventures, and the Group wil make payments to reimburse the lenders

upon failure of the guaranted entity to make payments when due. The

Group does not hold any colateral or other credit enhancements over

the guarantes.

The Group does not provide financial guarantes except for limited

circumstances. Al guarantes are aproved by the Board of Directors.

The financial guarante contracts are measured at the higher of the

ECL alowance and the amount initialy recognised les the cumulative

amount of income recognised. The ECL alowance is measured by

estimating the cash shortfals, which are based on the expected

payments to reimburse the holders (i.e. the banks) for a credit los

that it incurs les any amounts that the Group expects to receive from

the debtor (i.e. the joint ventures). The amount initialy recognised

representing the fair value at initial recognition of the financial

guarantes was based on the valuation from an independent valuer

engaged by the Group. The method used in determining the fair value

of these guarantes was by reference to the recovery rate and key

financial ratio of the guaranted entity.

The credit exposure of the financial guarante contracts is clasified as

stage 1. During the year, there were no transfers betwen stages.

27. 财务担保责任

年内，本集团就合营企业获授之银行贷款信贷

向该等合营企业提供财务担保，倘受担保之实

体在到期时未能还款，本集团将向贷方偿付贷

款。本集团并未就该等担保持有任何抵押品或

其他强化信贷条件。

除个别情况外，本集团不提供财务担保。所有

担保均已获得董事会批准。

财务担保合约乃按预期信贷亏损拨备及初步确

认金额减已确认收入之累计金额（以较高者为

准）计量。预期信贷亏损拨备乃按现金短缺之

估计量，其乃根据补偿持有人（即银行）就所

产生信贷亏损之预期款项，减任何本集团预期

从债务人（即合营企业）收取之任何金额计算。

初步确认金额为初步确认财务担保时之公平价

值，乃根据本集团聘请之独立估值师之估值厘

定。用于厘定此等担保公平价值之方法乃参考

受担保实体之回收率及主要财务比率作出。

财务担保合约之信贷风险获分类至第一级。年

内，概无于层级之间的转拨。

175 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

28. DEFERED TAX LIABILITIES

The movements in defered tax liabilities during the year are as folows:

Revaluation

of properties

物业重新估值

HK$’000

千港元

At 1 April 2023于二零二三年四月一日14,412

Defered tax credited to the consolidated

statement of profit or los during the year

(note 9)

年内计入自综合损益表之

递延税项（附注9）

(532)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日13,880

Defered tax credited to the consolidated

statement of profit or los during the year

(note 9)

年内计入综合损益表之

递延税项（附注9）

(582)

At 31 March 2025于二零二五年三月三十一日13,298

The Group has estimated tax loses arising in Hong Kong and Singapore

of aproximately HK$873,897,000 (2024: Hong Kong of aproximately

HK$788,715,000) that are available indefinitely for ofseting against

future taxable profits of the companies in which loses arose. The Group

also has unrecognised tax loses arising elsewhere of aproximately

HK$16,426,000 (2024: HK$16,135,000) that wil expire during 2025 to

2030 (2024: 2024 to 2029) for ofseting against future taxable profits.

Defered tax asets in respect of these loses have not ben recognised

as they have arisen in subsidiaries that have ben los-making for some

time and, in the opinion of the directors, it is not considered probable

that suficient future taxable profits wil be available against which the

tax loses can be utilised.

28. 递延税项负债

年内，递延税项负债之变动如下：

本集团于香港及新加坡产生之估计税项亏损

约873,897,000港元（二零二四年：香港约

788,715,000港元），可无限期用作抵销录得亏

损之公司之未来应课税溢利。本集团亦于其他

地方产生之未确认税项亏损约为16,426,000港

元（二零二四年：16,135,000港元），将于二零

二五年至二零三零年（二零二四年：二零二四年

至二零二九年）到期，可用作抵销未来应课税溢

利。并无就该等亏损确认递延税项资产，因该

等亏损乃由已录得亏损一段时间之附属公司产

生，且董事认为将不可能有充足之未来应课税

溢利以供抵销税项亏损。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

28. DEFERED TAX LIABILITIES (continued)

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

tax is levied on dividends declared to foreign investors from the foreign

investment enterprises established in Mainland China. The requirement

is efective from 1 January 2008 and aplies to earnings after 31

December 2007. A lower witholding tax rate may be aplied if there is

a tax treaty betwen Mainland China and the jurisdiction of the foreign

investors. For the Group, the aplicable rate is 5% or 10%. The Group

is therefore liable for witholding taxes on dividends distributed by

those subsidiaries established in Mainland China in respect of earnings

generated from 1 January 2008.

At 31 March 2025, there was no significant unrecognised defered tax

liability (2024: Nil) for taxes that would be payable on the unremited

earnings of the Group’s subsidiaries, asociates or joint ventures.

There are no income tax consequences ataching to the payment of

dividends by the Company to its shareholders.

29. SHARE CAPITAL

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Authorised:法定：

2,000,000,000 ordinary shares

of HK$0.10 each

2,000,000,000股每股面值

0.10港元之普通股200,000200,000

Isued and fuly paid:已发行及缴足：

908,663,302 ordinary shares

of HK$0.10 each

908,663,302股每股面值

0.10港元之普通股90,86690,866

Details of the share option schemes of the subsidiaries and the share

options isued under these schemes are included in note 30 to the

consolidated financial statements.

30. SHARE OPTION SCHEMES

Share option schemes adopted by subsidiaries

On 5 August 2013, 830 Lab Limited (the “830 Lab”) adopted a share

option scheme (the “830 Lab Scheme”). Under the 830 Lab Scheme,

830 Lab may grant options to any of its ful-time employes and

directors and any eligible persons as defined therein to subscribe for the

respective ordinary shares of 830 Lab.

On 1 February 2021, Whizo Media Limited (the “Whizo Media”)

adopted a share option scheme (the “Whizo Media Scheme”). Under

the Whizo Media Scheme, Whizo Media may grant options to any of

its ful-time employes and directors and any eligible persons as defined

therein to subscribe for the respective ordinary shares of Whizo Media.

（续）

根据中国企业所得税法，就向外国投资者宣派

来自于中国内地成立之外资企业之股息征收

10%预扣税。有关规定自二零八年一月一日

起生效，并适用于二零七年十二月三十一日

后所产生之盈利。倘中国内地与外国投资者所

属司法权区之间订有税务协定，则可按较低预

扣税率缴税。就本集团而言，适用税率为5%或

10%。因此，本集团须就该等于中国内地成立

之该等附属公司就自二零八年一月一日起产

生之盈利分派之股息缴纳预扣税。

于二零二五年三月三十一日，就本集团之附属

公司、联营公司或合营企业未汇出盈利之应付

税项而言，并无重大未确认递延税项负债（二零

二四年：无）。

本公司不会因向其股东派付股息而产生所得

税。

29. 股本

股份

附属公司之购股权计划及根据该等计划发行之

购股权详情载于综合财务报表附注30。

30. 购股权计划

附属公司采纳之购股权计划

于二零一三年八月五日，830 Lab Limited（「830

Lab」）采纳购股权计划（「830 Lab计划」）。根据

830 Lab计划，830 Lab可向其任何全职雇员及

董事以及830 Lab计划所界定之任何合资格人士

授出购股权，以认购相应之830 Lab普通股。

于二零二一年二月一日，Whizo Media Limited

（「Whizo Media」）采纳购股权计划（「Whizo

Media计划」）。根据Whizo Media计划，

Whizo Media可向其任何全职雇员及董事以及

Whizo Media计划所界定之任何合资格人士授

出购股权，以认购相应之Whizo Media普通

股。

177 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

30. SHARE OPTION SCHEMES (continued)

Share option schemes adopted by subsidiaries (continued)

830 Lab Scheme

The folowing share options were outstanding under the 830 Lab

Scheme during the year ended 31 March 2024:

Number of share options

购股权数目

Name or category

of participant

1 April

Granted

during

the year

Lapsed

during

the year

Exercised

during

the year

Canceled

during

the year

Expired

during

the year

31 March

and 31 March

Date of

grant of

share options

Exercise

period of

options

Exercise

price of

options

参与者姓名

或类别

于二零二三年

四月一日于年内授出于年内失效于年内获行使于年内注销于年内届满

于二零二四年

三月三十一日

及二零二五年

三月三十一日

购股权

授出日期

购股权

之行使期

购股权之

行使价

(both dates

inclusive)

HK$

per share

（包括首尾两天）每股港元

Director of 830 Lab and

the Company

830 Lab及本公司之董事

So Chi Sun Suny and total

苏智燊及合计

220,000–(220,000)–5 August 2013

二零一三年八月五日

6 September 2015

to 5 August 2023

二零一五年九月六日

至

二零二三年八月五日

8.0

Note: The vesting period of the share options is from the date of grant until the

comencement of the exercise period.

二零二五年二零二四年

Weighted

average

exercise price

Number

of options

Weighted

average

exercise price

Number

of options

加权平均行使价购股权数目加权平均行使价购股权数目

HK$‘000HK$‘000

港元千份港元千份

per shareper share

每股每股

At begining of year年初N/A

不适用–8.0220

Lapsed during the year年内失效N/A

不适用–(8.0)(220)

At end of year年末N/A

不适用

–N/A

不适用

–

（续）

附属公司采纳之购股权计划（续）

830 Lab计划

截至二零二四年三月三十一日止年度，于830

Lab计划项下未行使之购股权如下：

附注：购股权之归属期为授出日期至行使期开始之期

间。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

30. SHARE OPTION SCHEMES (continued)

Share option schemes adopted by subsidiaries (continued)

830 Lab Scheme (continued)

In the prior year, 220,000 share options were lapsed and non-

controling interests of HK$9,420,000 were transfered to retained

profits acordingly.

The fair value of the share options granted during prior years was

HK$12,453,000, which was fuly recognised by the Group in prior years

since al share options granted had ben vested during prior years.

At the end of the reporting period, 830 Lab had no share options (2024:

Nil) outstanding under the 830 Lab Scheme.

31. RESERVES

The amounts of the Group’s reserves and the movements therein for

the curent and prior years are presented in the consolidated statement

of changes in equity on pages 100 to 101 of the consolidated financial

statements.

（续）

附属公司采纳之购股权计划（续）

830 Lab计划（续）

于上个年度，220,000份购股权已失效及

9,420,000港元之非控股权益相应转拨至保留溢

利。

于过往年度授出之购股权之公平价值为

12,453,000港元，由于全部已授出购股权已于

过往年度归属，因此本集团于过往年度悉数确

认有关公平价值。

于报告期间结束时，830 Lab于830 Lab计划项

下并无尚未行使购股权（二零二四年：无）。

31. 储备

本集团本年度及过往年度之储备金额及有关变

动呈列于综合财务报表第100页至第101页之综

合权益变动表。

179 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

32. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS

Major non-cash transactions

(a) In the prior year, interest income from a loan to an asociate

of HK$444,000 was not yet received and was recognised in

prepayments, deposits and other receivables.

(b) During the year, the decrease in investments in joint ventures

amounting to HK$4,631,000 (2024: HK$27,847,000) was

atributable to the net efect of recognition of financial

guarante obligation of HK$61,104,000 (2024: HK$93,357,000)

and derecognition of financial guarante obligation of

HK$65,735,000 (2024: HK$121,204,000).

of an asociate for a total consideration of HK$3,000,000 (2024:

Nil). The balance was setled through the curent acount with an

asociate.

(d) Changes in liabilities arising from financing activities

Interest-bearing

bank borowings

Lease

liabilities

附息银行借款租赁负债

HK$’000HK$’000

千港元千港元

At 1 April 2024于二零二四年四月一日36,111134

Changes from financing cash flows融资现金流量变动(4,148)(119)

Interest expense利息开支4,24712

Interest paid clasified as financing cash flows分类为融资现金流量之已付利息(4,247)(12)

Exchange realignment汇兑调整35–

At 31 March 2025于二零二五年三月三十一日31,99815

32. 综合现金流量表附注

主要非现金交易

(a) 于上个年度，提供予一间联营公司之贷款

的利息收入444,000港元尚未取得但已于

预付款项、按金及其他应收款项内确认。

(b) 于年内，于合营企业之投资减少4,631,000

港元（二零二四年：27,847,000港元），乃

归因于确认财务担保责任61,104,000港元

（二零二四年：93,357,000港元）及终止确

认财务担保责任65,735,000港元（二零二四

年：121,204,000港元）的净影响。

零二四年：无）投资取得一间联营公司的

49%股权。余额以与一间联营公司的现

有账目结算。

(d) 融资活动所产生之负债变动

二零二五年

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

32. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS (continued)

Major non-cash transactions (continued)

(continued)

Interest-bearing

bank borowings

Lease

liabilities

附息银行借款租赁负债

HK$’000HK$’000

千港元千港元

At 1 April 2023于二零二三年四月一日19,618482

Changes from financing cash flows融资现金流量变动16,951(327)

Interest expense利息开支3,01820

Interest paid clasified as financing cash flows分类为融资现金流量之已付利息(3,018)(20)

Exchange realignment汇兑调整(458)(21)

At 31 March 2024于二零二四年三月三十一日36,111134

Total cash outflow for leases

The total cash outflow for leases included in the consolidated

statement of cash flows is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within operating activities计入经营活动1,6331,503

Within financing activities计入融资活动131347

1,7641,850

33. CONTINGENT LIABILITIES

At the end of the reporting period, contingent liabilities not provided

for in the consolidated financial statements are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Guarantes given to banks in conection with

facilities granted to joint ventures

就授予合营企业之信贷提供予

银行之担保3,497,2543,484,667

（续）

主要非现金交易（续）

二零二四年

租赁现金流出总额

计入综合现金流量表之租赁现金流出总额

如下：

33. 或然负债

于报告期间结束时，于综合财务报表内未作拨

备之或然负债如下：

181 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

33. CONTINGENT LIABILITIES (continued)

As at 31 March 2025, the bank lending facilities granted to joint

ventures subject to cros-guarantes given to the banks by the Group

were utilised to the extent of aproximately HK$3,497,254,000

(2024: HK$3,484,667,000). For the financial guarantes provided to

joint ventures in relation to the bank lending facilities granted, the

Group has recognised the financial guarante obligation amounting to

HK$45,481,000 (2024: HK$50,112,000) as a liability as at 31 March

2025 which was disclosed in note 27 to the consolidated financial

statements.

34. RELATED PARTY TRANSACTIONS

(a) In adition to the transactions detailed elsewhere in these

consolidated financial statements, the Group had the folowing

material transactions with related parties during the year:

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Joint venture:一间合营企业：

Dividend income股息收入(i)78,67162,937

Asociates:联营公司：

Sale of products销售产品(i)12,93824,020

Comision expenses佣金费用(i)1491,902

Interest income利息收入(iv)–444

Notes:

(i) The dividends declared by the joint venture of the Group were for the

interim dividends for the six months ended 30 June 2024 and 30 June

2023 and the year-end dividends for the years ended 31 December

2024 and 31 December 2023.

(i) The sale to asociates were made at prices and terms mutualy agred

betwen the parties.

(i) The comision expenses paid to an asociate were made at prices and

terms mutualy agred betwen the parties.

(iv) Interest income from a loan to an asociate is charged at 5% per

anum.

(b) Compensation of key management personel of

the Group

The Group’s key management personel are the Executive

Directors of the Company, and further details of their

emoluments are included in note 8(b) to the consolidated

financial statements.

（续）

于二零二五年三月三十一日，本集团就合营企

业获授之银行贷款信贷提供交互担保予银行，

已使用约3,497,254,000港元（二零二四年：

3,484,667,000港元）。对于就合营企业获授之

银行贷款信贷而提供之财务担保，本集团已

于二零二五年三月三十一日将财务担保责任

45,481,000港元（二零二四年：50,112,000港

元）确认为负债，详情于综合财务报表附注27披

露。

34. 有关连人士交易

(a) 除本综合财务报表其他部分详述之交易

外，本集团于年内与有关连人士进行了以

下重大交易：

附注：

(i) 本集团一间合营企业所宣派之股息乃就截

至二零二四年六月三十日及二零二三年六

月三十日止六个月之中期股息及就截至二

零二四年十二月三十一日及二零二三年

十二月三十一日止年度宣派之年终股息。

(i) 联营公司的销售乃按订约方共同协定的价

格及条款进行。

(i) 已付一间联营公司佣金费用乃按订约方共

同协定的价格及条款进行。

(iv) 提供予一间联营公司之贷款的利息收入按

年利率5%收取。

(b) 本集团主要管理人员之补偿

本集团之主要管理人员为本公司之执行董

事，有关彼等酬金之进一步详情载于综合

财务报表附注8(b)。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

35. FINANCIAL INSTRUMENTS BY CATEGORY

The carying amounts of each of the categories of financial instruments

as at the end of the reporting period are as folows:

Financial asets

Financial asets at fair value

through profit or los

透过损益按公平价值

列账之金融资产

Designated

as such

upon initial

recognition

Mandatorily

designated

Financial

asets at

amortised

costTotal

于初步

确认时指定强制指定

按摊销成本列账

之金融资产合计

NotesHK$’000HK$’000HK$’000HK$’000

附注千港元千港元千港元千港元

Trade receivables应收贸易账款21–19,91519,915

Financial asets included in

prepayments, deposits and

other receivables

计入预付款项、按金及

其他应收款项之金融资产

22–8,4388,438

Financial asets at fair value

through profit or los

透过损益按公平价值列账

之金融资产1955230,401–30,953

Cash and bank balances现金及银行结存23–44,72144,721

Deposits with other financial

institutions

于其他金融机构之存款

23–14,24614,246

55230,40187,320118,273

Financial liabilities

Financial

liabilities at

amortised cost

按摊销成本列账

之金融负债

NotesHK$’000

附注千港元

Trade payables应付贸易账款2453,650

Deposits received已收按金241,254

Financial liabilities included in acrued expenses计入应计费用的金融负债2413,304

Lease liabilities租赁负债1415

Interest-bearing bank borowings附息银行借款2631,998

Financial guarante obligation财务担保责任2745,481

145,702

35. 金融工具之分类

各类别金融工具于报告期间结束时之账面金额

如下：

二零二五年

金融资产

金融负债

183 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

35. FINANCIAL INSTRUMENTS BY CATEGORY

(continued)

The carying amounts of each of the categories of financial instruments

as at the end of the reporting period are as folows: (continued)

Financial asets

Financial asets at fair value

through profit or los

透过损益按公平价值

列账之金融资产

Designated

as such

upon initial

recognition

Mandatorily

designated

Financial

asets at

amortised

costTotal

于初步

确认时指定强制指定

按摊销成本列账

之金融资产合计

NotesHK$’000HK$’000HK$’000HK$’000

附注千港元千港元千港元千港元

Trade receivables应收贸易账款21–27,73527,735

Financial asets included in

prepayments, deposits and

other receivables

计入预付款项、按金及

其他应收款项之金融资产

22–26,53926,539

Financial asets at fair value

through profit or los

透过损益按公平价值列账

之金融资产191,23530,397–31,632

Cash and bank balances现金及银行结存23–65,91165,911

Deposits with other financial

institutions

于其他金融机构之存款

23–10,43410,434

1,23530,397130,619162,251

Financial liabilities

Financial

liabilities at

amortised cost

按摊销成本列账

之金融负债

NotesHK$’000

附注千港元

Trade payables应付贸易账款2439,507

Deposits received已收按金242,151

Financial liabilities included in acrued expenses计入应计费用的金融负债2413,058

Lease liabilities租赁负债14134

Interest-bearing bank borowings附息银行借款2636,111

Financial guarante obligation财务担保责任2750,112

141,073

（续）

各类别金融工具于报告期间结束时之账面金额

如下：（续）

二零二四年

金融资产

金融负债

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

36. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS

The carying amounts and fair values of the Group’s financial

instruments, other than those with carying amounts that reasonably

aproximate to fair values, are as folows:

Carying amountsFair values

账面金额公平价值

二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Financial asets金融资产

Financial asets at fair value

through profit or los

透过损益按公平价值列账之

金融资产30,95331,63230,95331,632

Non-curent deposits非流动按金1,9131,9821,9131,982

32,86633,61432,86633,614

Management has asesed that the fair values of cash and cash

equivalents, trade receivables, financial asets included in prepayments,

deposits and other receivables (other than non-curent deposits), trade

payables, deposits received, financial liabilities included in acrued

expenses, interest-bearing bank borowings and financial guarante

obligation aproximate to their carying amounts largely due to the

short term maturities of these instruments.

The Group’s finance department headed by the finance manager is

responsible for determining the policies and procedures for the fair

value measurement of financial instruments. The finance manager

reports directly to the chief financial oficer and the audit comite. At

each reporting date, the finance department analyses the movements

in the values of financial instruments and determines the major inputs

aplied in the valuation. The valuation is reviewed and aproved by the

chief financial oficer. The valuation proces and results are discused

with the audit comite twice a year for interim and anual financial

reporting.

36. 金融工具公平价值及公平价值等级

架构

本集团金融工具（账面金额与公平价值合理地相

若者除外）之账面金额及公平价值如下：

管理层评定，现金及等同现金项目、应收贸易

账款、计入预付款项、按金及其他应收款项之

金融资产（非流动按金除外）、应付贸易账款、

已收按金、计入应计费用的金融负债、附息银

行借款及财务担保责任之公平价值与其账面金

额相若，主要由于该等工具均于短期内到期。

本集团由财务经理统领之财务部门负责厘定计

量金融工具公平价值之政策及程序。财务经理

直接向首席财务总监及审核委员会汇报。财务

部门于各报告日期分析金融工具价值之变动，

并厘定估值中使用之主要输入值。首席财务总

监审阅并批准估值。审核委员会则一年两度为

中期及年度财务申报事宜讨论估值过程及结

果。

185 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

36. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS (continued)

The fair values of the financial asets and liabilities are included at

the amount at which the instrument could be exchanged in a curent

transaction betwen wiling parties, other than in a forced or liquidation

sale. The folowing methods and asumptions were used to estimate

the fair values:

The fair values of non-curent deposits have ben calculated by

discounting the expected future cash flows using rates curently

available for instruments with similar terms, credit risk and remaining

maturities.

The fair values of listed equity and bond investments, an equity

investment traded over-the-counter measured as financial asets at

fair value through profit or los are based on quoted market prices.

The fair values of unlisted equity investments measured as financial

asets at fair value through profit or los have ben estimated with

reference to multiples of comparable listed companies, such as income

aproach by discounted cash flows method or isued prices of recent

transactions. The fair values of key management insurance contracts

clasified as financial asets at fair value through profit or los are based

on the acount values les surender charges, quoted by the vendors.

The directors believe that the estimated fair values resulting from the

valuation technique, which are recorded in the consolidated statement

of financial position, and the related changes in fair values, which are

recorded in profit or los, are reasonable, and that they were the most

apropriate values at the end of the reporting period.

Below is a sumary of significant unobservable inputs to the valuation

of financial instruments together with a quantitative sensitivity analysis as

at 31 March 2025 and 2024:

Valuation

technique

Significant

unobservable inputValueSensitivity of fair value to input

估值技术重大不可观察输入值数值公平价值对输入值之敏感度

Unlisted equity investments clasified

as financial asets at fair value

through profit or los

非上市股本投资，分类为透过损益

按公平价值列账之金融资产

Income

aproach

收入法

Discount rate

贴现率

16%

(2024: 17%)

16%

（二零二四年：17%）

5% increase (decrease) in the discount rate would result in decrease

(increase) in fair value by HK$8,000 (2024: HK$23,000)

贴现率上升（下降）5%将导致公平价值下跌（上升）8,000港元

（二零二四年：23,000港元）

Key management insurance contracts

clasified as financial asets at fair

value through profit or los

主要管理人员保险合约，分类为透过

损益按公平价值列账之金融资产

N/A

不适用

Acount values

账户价值

HK$30,087,000

(2024: HK$29,355,000)

30,087,000港元

（二零二四年：29,355,000港元）

5% increase (decrease) in acount values would result in increase

(decrease) in fair value by HK$1,504,000 (2024: HK$1,468,000)

账户价值上升（下降）5%将导致公平价值上升（下跌）1,504,000港元

（二零二四年：1,468,000港元）

Surender charges

退保费用

HK$2,023,000

(2024: HK$2,229,000)

2,023,000港元

（二零二四年：2,229,000港元）

5% increase (decrease) in surender charges would result in decrease

(increase) in fair value by HK$101,000 (2024: HK$111,000)

退保费用上升（下降）5%将导致公平价值下跌（上升）101,000港元

（二零二四年：111,000港元）

36. 金融工具公平价值及公平价值等级

架构（续）

金融资产及负债之公平价值以有关工具于自愿

交易方（而非强迫或清盘销售）当前交易下之可

交易金额入账。下列方法及假设乃用于估算公

平价值：

非流动按金之公平价值乃使用具类似条款、信

贷风险及余下到期日之工具之现时利率将预期

未来现金流量贴现而计算。

计量为透过损益按公平价值列账之金融资产的

上市股本及债券投资、场外交易股本投资之公

平价值乃根据所报市价计算。计量为透过损益

按公平价值列账之金融资产的非上市股本投资

之公平价值乃参考可资比较上市公司之倍数，

例如透过贴现金流量法之收入法或近期交易

的发行价估算。分类为透过损益按公平价值列

账之金融资产的主要管理人员保险合约之公平

价值乃依照账户价值减退保费用（由卖方报价）

计算。董事相信，以估值技术得出之估计公平

价值（于综合财务状况表记录）及公平价值之相

关变动（于损益记录）均为合理，并为于报告期

间结束时最合适之价值。

金融工具估值于二零二五年及二零二四年三月

三十一日之重大不可观察输入值连同定量敏感

度分析概述如下：

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

36. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy

The folowing tables ilustrate the fair value measurement hierarchy of

the Group’s financial instruments:

Asets measured at fair value:

As at 31 March 2025:

Fair value measurement using

计量公平价值时使用

Quoted prices

in active

markets

Significant

observable

inputs

Significant

unobservable

inputs

活跃市场

之报价

重大可观察

输入值

重大不可观察

输入值

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

（第一层）（第二层）（第三层）合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Financial asets at fair value through

profit or los

透过损益按公平价值列账

之金融资产2,337–28,61630,953

As at 31 March 2024:

Fair value measurement using

计量公平价值时使用

Quoted prices

in active

markets

Significant

observable

inputs

Significant

unobservable

inputs

活跃市场

之报价

重大可观察

输入值

重大不可观察

输入值

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

（第一层）（第二层）（第三层）合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Financial asets at fair value through

profit or los

透过损益按公平价值列账

之金融资产3,271–28,36131,632

36. 金融工具公平价值及公平价值等级

架构（续）

公平价值等级架构

下表列示计量本集团金融工具公平价值之等级

架构：

按公平价值计量之资产：

于二零二五年三月三十一日：

于二零二四年三月三十一日：

187 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

36. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)

Asets measured at fair value: (continued)

The movements in fair value measurements within Level 3 during the

year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of year年初28,36126,790

Total gains recognised in profit or los于损益确认之收益总额2551,571

At end of year年末28,61628,361

The Group did not have any financial liabilities measured at fair value as

at 31 March 2025 and 31 March 2024.

During the year, there were no transfers of fair value measurements

betwen Level 1 and Level 2 and no transfers into or out of Level 3

(2024: Nil).

Asets for which fair values are disclosed:

As at 31 March 2025:

Fair value measurement using

计量公平价值时使用

Quoted prices

in active

markets

Significant

observable

inputs

Significant

unobservable

inputs

活跃市场

之报价

重大可观察

输入值

重大不可观察

输入值

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

（第一层）（第二层）（第三层）合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Non-curent deposits非流动按金–1,9131,913

36. 金融工具公平价值及公平价值等级

架构（续）

公平价值等级架构（续）

按公平价值计量之资产：（续）

年内，第三层内公平价值计量之变动如下：

于二零二五年三月三十一日及二零二四年三月

三十一日，本集团概无任何按公平价值计量之

金融负债。

年内，第一层及第二层之间公平价值计量并无

转移，且概无转入或转出第三层（二零二四年：

无）。

披露公平价值之资产：

于二零二五年三月三十一日：

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

36. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)

Asets for which fair values are disclosed: (continued)

As at 31 March 2024:

Fair value measurement using

计量公平价值时使用

Quoted prices

in active

markets

Significant

observable

inputs

Significant

unobservable

inputs

活跃市场

之报价

重大可观察

输入值

重大不可观察

输入值

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

（第一层）（第二层）（第三层）合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Non-curent deposits非流动按金–1,9821,982

37. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES

The Group’s principal financial instruments comprise interest-bearing

bank borowings, lease liabilities, cash and bank balances and deposits

with other financial institutions. The main purpose of these financial

instruments is to raise finance for the Group’s operations. The Group

has various other financial asets and liabilities such as trade receivables

and trade payables, which arise directly from its operations. The Group

is also exposed to market price risk in respect of financial asets at fair

value through profit or los.

The main risks arising from the Group’s financial instruments are

foreign curency risk, credit risk, liquidity risk and market price risk. The

Board of Directors reviews and agres policies for managing each of

these risks and they are sumarised below.

Foreign curency risk

The Group has no significant foreign curency risk because its busines

is principaly conducted in Hong Kong and most of the transactions are

denominated in Hong Kong dolars or United States dolars. Since the

Hong Kong dolar is peged to the United States dolar, the Group’s

exposure to foreign curency risk is considered to be minimal.

Credit risk

The Group trades only with recognised and creditworthy third parties.

It is the Group’s policy that al customers who wish to trade on

credit terms are subject to credit verification procedures. In adition,

receivable balances are monitored on an ongoing basis.

36. 金融工具公平价值及公平价值等级

架构（续）

公平价值等级架构（续）

披露公平价值之资产：（续）

于二零二四年三月三十一日：

37. 财务风险管理目标及政策

本集团之主要金融工具包括附息银行借款、租

赁负债、现金及银行结存以及于其他金融机构

之存款。该等金融工具之主要用途乃为本集

团营运集资。本集团有其他多项金融资产及负

债，例如应收贸易账款及应付贸易账款，均自

本集团营运直接产生。本集团亦因透过损益按

公平价值列账之金融资产而面临市价风险。

本集团金融工具所产生之主要风险为外币风

险、信贷风险、流动资金风险及市价风险。董

事会检讨及协定有关管理各风险之政策，概述

如下。

外币风险

本集团并无重大外币风险，因其主要于香港经

营业务，其大部分交易亦以港元或美元计值。

由于港元与美元挂钩，故本集团所面临之外币

风险被视为微不足道。

信贷风险

本集团只与经认可而信誉可靠之第三方进行买

卖。本集团之政策为所有意以信贷条款进行

买卖之客户均须经过信贷核实程序。此外，应

收款项结余乃按持续基准监察。

189 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

37. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (continued)

Credit risk (continued)

Maximum exposure and year-end staging

The table below shows the credit quality and the maximum exposure

to credit risk based on the Group’s credit policy, which is mainly based

on past due information unles other information is available without

undue cost or efort, and year-end staging clasification at the end

of the reporting period. The amounts presented are gros carying

amounts for financial asets and the exposure to credit risk for the

financial guarante contracts.

As at 31 March 2025

12-month

ECLs

12个月预期

信贷亏损

Lifetime ECLs

全期预期信贷亏损

Stage 1Stage 2Stage 3

Simplified

aproachTotal

阶段1阶段2阶段3简化法合计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade receivables应收贸易账款–72,62672,626

Financial asets included in prepayments,

deposits and other receivables

于预付款项、按金及其他应收

款项内列账之金融资产

– Normal－正常8,438–8,438

– Doubtful－呆账–2,902–2,902

Cash and bank balances现金及银行结存

– Not yet past due－尚未逾期44,721–44,721

Deposits with other financial institutions于其他金融机构之存款

– Not yet past due－尚未逾期14,246–14,246

Guarantes given to banks in conection

with facilities granted to joint ventures

就授予合营企业之信贷提供予

银行之担保

– Not yet past due (note 33)－尚未逾期（附注33）3,497,254–3,497,254

3,564,659–2,90272,6263,640,187

（续）

信贷风险（续）

最大风险及年末阶段

下表列示以本集团信贷政策为基准的信贷质素

以及所面临的最大信贷风险，该信贷政策乃主

要以逾期资料（毋须投入过多成本或精力即可得

之其他资料除外）及报告期间结束时的年末阶段

分类为基准。所呈列金额为金融资产之账面总

金额及财务担保合约面临之信贷风险。

于二零二五年三月三十一日

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

37. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (continued)

Credit risk (continued)

Maximum exposure and year-end staging (continued)

As at 31 March 2024

12-month

ECLs

12个月预期

信贷亏损

Lifetime ECLs

全期预期信贷亏损

Stage 1Stage 2Stage 3

Simplified

aproachTotal

阶段1阶段2阶段3简化法合计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade receivables应收贸易账款–71,65571,655

Financial asets included in prepayments,

deposits and other receivables

于预付款项、按金及其他应收

款项内列账之金融资产

– Normal－正常29,853–29,853

– Doubtful－呆账–19,803–19,803

Cash and bank balances现金及银行结存

– Not yet past due－尚未逾期65,911–65,911

Deposits with other financial institutions于其他金融机构之存款

– Not yet past due－尚未逾期10,434–10,434

Guarantes given to banks in conection

with facilities granted to joint ventures

就授予合营企业之信贷提供予

银行之担保

– Not yet past due (note 33)－尚未逾期（附注33）3,484,667–3,484,667

3,590,865–19,80371,6553,682,323

* For trade receivables to which the Group aplies the simplified aproach for

impairment, information based on the provision matrix is disclosed in note 21

to the consolidated financial statements.

The credit quality of these financial asets is considered to be “normal” when

they are not past due and there is no information indicating that the financial

asets had a significant increase in credit risk since initial recognition. Otherwise,

the credit quality of the financial asets is considered to be “doubtful”.

Further quantitative data in respect of the Group’s exposure to credit

risk arising from trade receivables are disclosed in note 21 to the

consolidated financial statements.

（续）

信贷风险（续）

最大风险及年末阶段（续）

于二零二四年三月三十一日

，以拨

备矩阵为基准的资料披露于综合财务报表附注

21。

该等金融资产的信贷质素于其未逾期时被视为「正

常」，概无资料表明金融资产自初步确认起的信贷

风险有重大增加。否则，金融资产的信贷质素被

视为「呆账」。

有关本集团因应收贸易账款而面临之信贷风险

之进一步定量分析数据乃于综合财务报表附注

21披露。

191 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

37. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (continued)

Liquidity risk

The Group aims to maintain suficient cash and credit lines to met

its liquidity requirements. The Group finances its working capital

requirements through a combination of funds generated from

operations and bank borowings.

The maturity profile of the Group’s financial liabilities as at the end of

the reporting period, based on the contractual undiscounted payments,

is as folows:

二零二五年

Within

1 year or

on demand

and total

一年内或

按要求偿还

及总计

HK$’000

千港元

Trade payables应付贸易账款53,650

Deposits received已收按金1,254

Financial liabilities included in acrued expenses计入应计费用的金融负债13,304

Lease liabilities租赁负债39

Interest-bearing bank borowings附息银行借款31,998

Guarantes given to banks in conection with facilities granted

to joint ventures (note 33)

就授予合营企业之信贷提供予银行之担保

（附注33）3,497,254

3,597,499

（续）

流动资金风险

本集团的目标是持有充足现金及信贷额度，满

足其流动资金需求。本集团通过结合经营产生

的资金与银行借款为其营运资金需求拨付资

金。

本集团之金融负债于报告期间结束时按订约未

贴现付款之到期资料如下：

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

37. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (continued)

Liquidity risk (continued)

二零二四年

Within

1 year or

on demand

More than

1 year but

les than

2 yearsTotal

一年内或

按要求偿还

一年以上

但少于两年合计

HK$’000HK$’000HK$’000

千港元千港元千港元

Trade payables应付贸易账款39,507–39,507

Deposits received已收按金2,151–2,151

Financial liabilities included in acrued

expenses

计入应计费用的金融负债

14,270–14,270

Lease liabilities租赁负债13119150

Interest-bearing bank borowings附息银行借款36,111–36,111

Guarantes given to banks in conection

with facilities granted

to joint ventures (note 33)

就授予合营企业之信贷

提供予银行之担保

（附注33）3,484,667–3,484,667

3,576,837193,576,856

Market price risk

Market price risk is the risk that the fair values of equity securities

decrease as a result of changes in the levels of equity indices and the

value of individual securities. The Group is exposed to market price

risk arising from individual equity investments and key management

insurance contracts clasified as financial asets at fair value through

profit or los (note 19). Most of the Group’s listed equity investments

are listed on the Stock Exchange and were valued at quoted market

prices at the end of the reporting period.

The market equity index for the Stock Exchange, at the close of busines

of the nearest trading day in the year to the end of the reporting

period, and its respective highest and lowest points during the year are as

folows:

31 March

High/low

31 March

High/low

二零二五年

三月三十一日

二零二五年

最高╱最低

二零二四年

三月三十一日

二零二四年

最高╱最低

Hong Kong – Hang Seng Index香港－恒生指数23,12024,771/16,22416,54120,865/14,794

（续）

流动资金风险（续）

市价风险

市价风险为股本指数及个别证券价值水平之变

动导致股本证券公平价值下降之风险。本集团

因个别股本投资及分类为透过损益按公平价值

列账之金融资产之主要管理人员保险合约（附注

19）而面临市价风险。本集团大部分上市股本投

资乃于联交所上市，并按于报告期间结束时所

报之市价计算估值。

于最接近报告期间结束时之年内交易日营业时

间结束时，于联交所之市场股本指数，以及其

各自之年内最高及最低点数如下：

193 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

37. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (continued)

Market price risk (continued)

The folowing table demonstrates the sensitivity to every 5% change

in the fair values of the financial asets at fair value through profit or

los and key management insurance contracts with al other variables

held constant, of the Group’s profit before tax, based on their carying

amounts at the end of the reporting period.

Carying

amount

Increase/

decrease

in profit

before tax

账面金额

除税前溢利

增加╱减少

HK$’000HK$’000

千港元千港元

2025二零二五年

Financial asets at fair value through profit or los透过损益按公平价值列账之金融资产2,889144

Key management insurance contracts clasified

as financial asets at fair value through

profit or los

分类为透过损益按公平价值列账之

金融资产之主要管理人员

保险合约28,0641,403

Carying

amount

Increase/

decrease

in profit

before tax

账面金额

除税前溢利

增加╱减少

HK$’000HK$’000

千港元千港元

2024二零二四年

Financial asets at fair value through profit or los透过损益按公平价值列账之金融资产4,506225

Key management insurance contracts clasified

as financial asets at fair value through

profit or los

分类为透过损益按公平价值列账之

金融资产之主要管理人员

保险合约27,1261,356

（续）

市价风险（续）

下表列示在所有其他变数维持不变之情况下，

按报告期间结束时之账面金额计算，透过损益

按公平价值列账之金融资产及主要管理人员保

险合约之公平价值每变动5%，本集团除税前溢

利之敏感度。

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

37. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (continued)

Capital management

The primary objectives of the Group’s capital management are to

safeguard the Group’s ability to continue as a going concern and to

maintain healthy capital ratios in order to suport its busines and

maximise the shareholders’ value.

The Group manages its capital structure and makes adjustments to

it in light of changes in economic conditions. To maintain or adjust

the capital structure, the Group may adjust the dividend payment to

shareholders, return capital to shareholders or isue new shares. The

Group is required to comply and has complied with certain capital

requirements set out in the bank lending facilities. No changes were

made in the objectives, policies or proceses for managing capital

during the years ended 31 March 2025 and 31 March 2024.

The Group monitors capital using a gearing ratio, which is net debt

divided by the total capital. The Group’s policy is to maintain the

gearing ratio at les than 75%. Net debt includes trade payables, lease

liabilities and interest-bearing bank borowings, les cash and cash

equivalents and financial asets at fair value through profit or los

included in curent asets. Capital represents total equity.

The gearing ratios as at the end of the reporting periods are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade payables应付贸易账款53,65039,507

Lease liabilities租赁负债15134

Interest-bearing bank borowings附息银行借款31,99836,111

Les: Cash and cash equivalents减：现金及等同现金项目(58,967)(76,345)

Les: Financial asets at fair value through

profit or los included in curent asets

减：透过损益按公平价值列账之

金融资产计入流动资产(2,889)(4,506)

Net (cash)/debt（现金）╱负债净额23,807(5,099)

Total capital资本总额1,734,0571,709,507

Gearing ratio资本负债比率1.4%N/A

不适用

（续）

资本管理

本集团资本管理之主要目标是保障本集团持续

经营之能力，并维持稳健之资本比率，以支持

其业务及争取最大之股东价值。

本集团根据经济状况之转变管理其资本结构及

作出调整。本集团或会借着调整向股东派发之

股息、向股东发还资本或发行新股以保持或调

整资本结构。本集团须遵守并已遵守银行贷款

信贷所载之若干资本规定。于截至二零二五年

三月三十一日及二零二四年三月三十一日止年

度，本集团管理资本之目标、政策或程序概无

变动。

本集团利用资本负债比率（债务净额除以资本总

额）监察资本。本集团之政策乃将资本负债比

率维持于75%以下。债务净额包括应付贸易账

款、租赁负债及附息银行借款，减计入流动资

产的现金及等同现金项目及透过损益按公平价

值列账之金融资产。资本指权益总额。

于报告期间结束时之资本负债比率如下：

195 Anual Report 2025 年报 AV Concept Holdings Limited

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

38. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY

Information about the statement of financial position of the Company

at the end of the reporting period is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

NON-CURENT ASET非流动资产

Investments in subsidiaries于附属公司之投资580,122563,184

CURENT ASETS流动资产

Due from asociates应收联营公司款项33

Prepayments预付款项447364

Cash and cash equivalents现金及等同现金项目19,84853,527

Total curent asets流动资产总值20,29853,894

CURENT LIABILITIES流动负债

Acrued expenses应计费用3,1474,068

Financial guarante obligation财务担保责任45,48150,112

Total curent liabilities流动负债总额48,62854,180

NET CURENT LIABILITIES流动负债净额(28,330)(286)

Net asets资产净值551,792562,898

EQUITY权益

Isued capital已发行股本90,86690,866

Reserves (note)储备（附注）460,926472,032

Total equity权益总额551,792562,898

38. 本公司之财务状况表

有关于报告期间结束时本公司财务状况表之资

料如下：

AV Concept Holdings Limited Anual Report 2025 年报

Notes to Consolidated Financial Statements

综合财务报表附注

31 March 2025 二零二五年三月三十一日

38. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY (continued)

Note:

A sumary of the Company’s reserves is as folows:

premium

acount

Capital

redemption

reserve

Retained

profitsTotal

股份溢价账股本赎回储备保留溢利合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日429,71916,14214,166460,027

Total comprehensive income for the year年内全面收入总额–21,09221,092

Dividend paid (note 10)已付股息（附注10）–(9,087)(9,087)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日429,71916,14226,171472,032

Total comprehensive income for the year年内全面收入总额–16,15416,154

Dividend paid (note 10)已付股息（附注10）–(27,260)(27,260)

At 31 March 2025于二零二五年三月三十一日429,71916,14215,065460,926

In acordance with the Companies Law (2004 Revision) of the Cayman

Islands, the Company’s share premium acount is distributable in

certain circumstances.

39. APROVAL OF THE CONSOLIDATED FINANCIAL

STATEMENTS

The consolidated financial statements were aproved and authorised

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

（续）

附注：

本公司之储备概述如下：

根据开曼群岛公司法（二零四年修订本），本

公司之股份溢价账在若干情况下可予分派。

39. 综合财务报表之批准

本综合财务报表已于二零二五年六月三十日获

董事会批准及授权刊发。

197 Anual Report 2025 年报 AV Concept Holdings Limited

AV Concept Holdings Limited Anual Report 2025 年报

List of Investment Properties and Buildings Included in Property, Plant and Equipment

投资物业清单及计入物业、厂房及设备之楼宇

31 March 2025 二零二五年三月三十一日

INVESTMENT PROPERTIES

Adres

Aproximate

gros areasLot numberLease expiry

Efective equity

interest to the GroupUsage

地址概约总面积地段编号租约到期日

本集团应占

实际股权用途

HONG KONG

香港

Flat 302, 3/F, Block G, Telford Gardens,

No. 33 Wai Yip Stret, Kowlon Bay, Kowlon

603.00 sq.ft.NKI 57442047100%Residential

九龙九龙湾伟业街33号德福花园G座3楼302室603.00平方呎NKI 5744二零四七年100%住宅

MAINLAND CHINA

中国内地

Units A-D, 25/F, Noble Center, 1006 Fu Zhong San Road,

Futian District, Shenzhen City, Guangdong Province

1,000.77 sq.m.N/A2053100%Ofice

广东省深圳市福田区福中三路1006号

诺德中心25楼A至D室

1,000.77平方米不适用二零五三年100%办公室

The whole of 28th Flor, Tower One, Neptune Center,

Gaoxin District, Chengdu City, Sichuan Province

1,088.42 sq.m.N/A2048100%Services

apartments

四川省成都市高新区海洋中心一期28楼整楼1,088.42平方米不适用二零四八年100%服务式公寓

SINGAPORE

新加坡

2 Kalang Avenue, #06-24, CT Hub, Singapore124.00 sq.m.N/A2075100%Ofice

124.00平方米不适用二零七五年100%办公室

2 Kalang Avenue, #06-25, CT Hub, Singapore168.00 sq.m.N/A2075100%Ofice

168.00平方米不适用二零七五年100%办公室

2 Kalang Avenue, #08-25, CT Hub, Singapore168.00 sq.m.N/A2075100%Ofice

168.00平方米不适用二零七五年100%办公室

2 Kalang Avenue, #09-19, CT Hub, Singapore98.0 sq.m.N/A2075100%Ofice

98.0平方米不适用二零七五年100%办公室

33 Ubi Avenue 3, #07-37, Vertex, Singapore310.0 sq.m.N/A2067100%Ofice

310.0平方米不适用二零六七年100%办公室

BUILDINGS INCLUDED IN PROPERTY, PLANT AND

EQUIPMENT

The buildings included in property, plant and equipment mainly represented

the head ofice of the Group located at 6th Flor, Enterprise Square Thre, 39

Wang Chiu Road, Kowlon Bay, Hong Kong and the ofice of a wholy owned

subsidiary of the Company located at 33 Ubi Avenue 3, #07-72, Vertex,

Singapore.

投资物业

计入物业、厂房及设备之楼宇

计入物业、厂房及设备之楼宇主要为本集团总办事

处，位于香港九龙湾宏照道39号企业广场三期6楼以

及本公司全资附属公司之办事处，位于33 Ubi Avenue

3, #07-72, Vertex,Singapore。

年

报

Contents

目录

Financial Highlights

财务重点

财务重点

Financial Highlights

Corporate Information

公司资料

公司资料

Corporate Information

CHAIRMAN’S

STATEMENT

主席致辞

Chairman’s Statement

主席致辞

Chairman’s Statement

主席致辞

主席致辞

Chairman’s Statement

Chairman’s Statement

主席致辞

MANAGEMENT

DISCUSION

AND ANALYSIS

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Consumer product and product sourcing busines:消费类产品及产品采购业务：

管理层讨论及分析

Management Discusion and Analysis

Management Discusion and Analysis

管理层讨论及分析

管理层讨论及分析

Management Discusion and Analysis

Management Discusion and Analysis

管理层讨论及分析

管理层讨论及分析

Management Discusion and Analysis

Management Discusion and Analysis

管理层讨论及分析

PROFILE OF

DIRECTORS

AND SENIOR

MANAGEMENT

董事及高级管理层履历

Profile of Directors and Senior Management

董事及高级管理层履历

董事及高级管理层履历

Profile of Directors and Senior Management

2011. Mr. Suny So is the son of Dr. So, Chairman, Chief Executive Oficer

Profile of Directors and Senior Management

董事及高级管理层履历

DIRECTORS’

REPORT

董事会报告

Directors’ Report

董事会报告

董事会报告

Directors’ Report

Directors’ Report

董事会报告

董事会报告

Directors’ Report

Directors’ Report

董事会报告

Atributable to:以下人士应占：

董事会报告

Directors’ Report

Directors’ Report

董事会报告

Note: These shares include (i) 423,529,602 shares of the Company held by B.K.S. Company

董事会报告

Directors’ Report

Directors’ Report

董事会报告

Notes:

1. BKS is beneficialy owned by Dr. So. By virtue of the SFO, Dr. So is demed to be

2. Jade Concept is beneficialy owned by Dr. So. By virtue of the SFO, Dr. So is demed to