（于开曼群岛注册成立之有限公司）

ANUAL REPORT

年报

年

报

Female 女性
	No	n-execut	ive	16-20
	非	Directors 执行董	事	60-69
11-15
Male	Chinese 华人
男性	E	xecutive	6-10
Directors	50-59
执行董事	40-49	0-5
30-39

Reduced GHG emissions Intensity by 能源使用密度减少 0.6%	Reduced Electricity Consumption by 电力消耗降低 0.9%	Reduced Water Consumption by 用水量下降 35%
The Group did not engage in any material violations 本集团并无涉及任何重大违规行为	Review the disclosure scope and boundaries of the sustainability report to comply with the latest laws and market trends 审阅可持续发展报告之披露范畴与界限，以确保符合最新法律法规及市场趋势	Number of work-related fatalities: Zero 工作相关死亡个案数目：零个案

Aspects 层面	Targets 目标	Progress 进展
GHG Emissions 温室气体排放	Using 2023 as the baseline year (i.e. 2.71 tonnes/million HKD (revenue), the Group will gradually reduce its total GHG Emissions intensity by 10% in 2030 以2023年为基准年（即2.71吨╱百万港元收益），目标于2030年前逐步将其温室气体排放总量密度降低10%	In progress 进行中
Energy Consumption 能源消耗	Contribute to the prevention of global warming by promoting energy conservation and CO reduction in manufacturing 2 activities 透过推动制造活动中的能源效益提升及二氧化碳排放减少，为防止全球暖化作出贡献	Achieved 已完成
Energy Consumption 能源消耗	Using 2023 as the baseline year (i.e. 2,740.26 kWh/million HKD revenue), the Group will gradually reduce its Electricity intensity by 10% in 2030 以2023年为基准年（即2,740.26千瓦时╱百万港元收益），目标于2030年前将电力消耗密度逐步降低10%	In progress 进行中
Water Consumption 用水量	Using 2023 as the baseline year (i.e. 19.33 m3/million HKD revenue), Water consumption intensity reduced by 10% 以2023年为基准年（即19.33立方米╱百万港元收益），用水量密度减少10%	Achieved 已完成
Waste Management 废弃物管理	Using 2023 as the baseline year (i.e. 0.3 tonnes/million HKD revenue), the Group’s non-hazardous waste intensity reduced by 43% 以2023年为基准年（即0.3吨╱百万港元收益），本集团减少无害废物密度达43%	Achieved 已完成

Environmental, Social and Governance Report

环境、社会及管治报告

中国资源交通集团有限公司二零二五年度报告

2025年主要业绩亮点

未来目标与发展方向

2025 KEY PERFORMANCE HIGHLIGHTS

Our Targets and Loking Forward

Environmental, Social and Governance Report

环境、社会及管治报告

70China Resources and Transportation Group Limited Anual Report 2025

A. 环境

A.1 排放物控制管理

气候变化乃其中一项最为迫切的全球挑战。

在全球积极推动绿色及低碳发展以舒缓气候

变化的大趋势下，本集团认为环境保护对本

集团业务的可持续发展非常重要。于报告期

间，本集团主要排放类别为汽油、柴油、电

力、煤炭、天然气、一般废物和商务差旅，

在不可避免地将氮氧化物、硫氧化物、悬浮

粒子及二氧化碳排放至空气中。因此，本集

团在营运决策过程之中从多方面考虑环境因

素，由计划及采购至运作，集合各部门、单

位及业务伙伴的努力，采取一系列减少环境

影响的措施，包括控制废气及温室气体（温

室气体）排放、向水及土地的排污，以及减

少有害及无害废弃物的产生，实现对保护环

境方面的方针。

废气和温室气体排放

本集团将减少废气排放作为首要任务，主要

针对在内蒙古经营单位路政部和维修部的车

辆。这些车辆耗用燃料导致空气污染物排放。

为了优化运营并减少整体环境影响，本集团

在整个业务中积极实施可持续做法。通过以

下方式实现：

－增强营运程序以提高车辆装载率及减

少浪费行程；

－规划高效率路线，减少行驶路程；

－确保所有获得的车辆符合国家排放标

准，并遵守国家排放政策规例选用合

规车辆；

－进行车辆的定期保养及维修，以有效

减少燃料消耗，进一步减少碳排放及

废气排放；

－选择低硫含量的无铅汽油作为燃料；

及

－防止车辆引擎闲置。

A. ENVIRONMENT

A.1 Emision Control

Climate change is one of the most presing global chalenges.

Under the global trend of advocating gren and low-carbon

development to mitigate climate change, the Group believes

that environmental protection is of great importance to the

sustainable busines development of the Group. During the

Reporting Period, the Group’s major types of emision were

mainly petrol, diesel, electricity, coal, natural gas, general

waste and busines air travel, which inevitably release

nitrogen oxides (NOx), sulphur oxides (SOx), particulate

mater (PM) and carbon dioxide (CO2) into the air. As such,

the Group considers environmental factors from various

aspects in making operational decisions. From planing and

procurement to operation, the Group combines the eforts of

various departments, organisations and busines partners to

implement a series of measures for reducing environmental

impacts, including curbing exhaust gas and grenhouse gas

(“GHG”) emisions and discharges of polutants into waters

and land, and reducing the generation of hazardous and non–

hazardous waste, transforming the environmental protection

policy into actions.

Exhaust gas and GHG emisions

The Group prioritise minimising exhaust emisions, primarily

from the vehicles operated by the Road Administration

Department and Maintenance Department at the operating unit

in Iner Mongolia. The fuel consumed by these vehicles results

in the emision of air polutants. To optimise the operations

and reduce the overal environmental fotprint, our Group

actively implement sustainable practices acros the entire

operations. This is achieved through:

– Enhance operating procedures to increase vehicle

loading rate and minimise wasted trips;

– Plan eficient routes, minimise travel distances;

– Ensure al acquired vehicles met national emision

standard and adhere to strict to national emision policy

regulations;

– Conduct regular maintenance and repair of vehicles to

efectively reduce fuel consumption, which further reduce

carbon emisions and exhaust gas emisions;

– Select unleaded gasoline with low sulphur content as

fuel; and

– Prevent engine idling of vehicles.

Environmental, Social and Governance Report

环境、社会及管治报告

中国资源交通集团有限公司二零二五年度报告

（续）

A.1 排放物控制管理（续）

废气和温室气体排放（续）

表A1.1－废气年排放数据

本集团的各处办公室运作采取以下排放物控

制管理方法：

－加强废物减少及清洁回收；

－减少采用即弃塑胶物制品；

－提升室内空气品质；

－于办公时间后关闭设备、机器及电子

装置；及

－向雇员提供培训，以加强彼等的环保

意识。

在日常营运中，本集团鼓励雇员及到访者共

享于办公室茶水间的可循环再用器具，以尽

量减少使用即弃塑料餐具及产品。本集团设

立已种植室内植物的无烟工作间及定期保养

空气净化器，提升室内空气品质。本集团采

用电话或视讯会议，避免举行需要长途出差

或路途遥远的见面会议，以减少由交通而产

生的碳排放。

为实现更高的能源效率及减少不必要的材料

使用的目标，本集团已制定相关政策及流程

以管理资源的有效使用。透过采纳各种节能

减排措施，积极致力于最大化地降低对本集

团环境的影响并持续应对与全球暖化、污染

和环境多样化有关的环境问题。有关详情，

请参阅层面A2「有效地使用资源」一节。

A. ENVIRONMENT (Continued)

A.1 Emision Control (Continued)

Exhaust gas and GHG emisions (Continued)

Table A1.1 – Anual exhaust gas emisions

Unit (in kg)

Type of emisions各类排放物单位（公斤）

NOx氮氧化物337.10

SOx硫氧化物1.79

PM悬浮粒子29.52

The Group adopts the folowing emision control and

management methods for the operational ofices:

– Strengthen waste reduction and clean recycling;

– Discourage the use of disposable plastic products;

– Improve indor air quality;

– Turn of equipment, machinery, and electronic devices

after ofice hours; and

– Conduct trainings sesions to enhance employes’

environmental awarenes.

In daily operations, the employes and visitors are encouraged

to share reusable utensils at the ofice pantries to minimise

the use of disposable plastic cutleries and products. Smoke-

fre workplaces with indor plants and regularly maintained

air purifiers are set up to improve indor air quality. The Group

adopts teleconferences or video conferences to avoid holding

metings requiring long-distance busines trips or road travels

to cut down carbon emisions generated from transportation.

In order to achieve energy eficiency and reduce unecesary

material usage, the Group has established relevant policies

and procedures to manage the eficient use of resources.

By adopting various energy-saving and emision reduction

measures, the Group is actively working to minimise the impact

on the environment and continue to adres environmental

isues related to global warming, polution and environmental

diversification. For details, please refer to the section headed

“Eficient Use of Resources” of Aspect A2.

Environmental, Social and Governance Report

环境、社会及管治报告

72China Resources and Transportation Group Limited Anual Report 2025

（续）

A.1 排放物控制管理（续）

废气和温室气体排放（续）

表A1.2－温室气体排放总量

附注：

并参考（包括但不限于）世界资源研究所及

世界可持续发展工商理事会刊发的《温室气

体盘查议定书：企业会计与报告标准》、联

交所刊发的《环境关键绩效指标汇报指引》

及中华电力有限公司刊发的《2017年可持续

发展报告》的报告规定。

，本集团的总收入约为港币

577.66百万元。环境、社会及管治报告中的

其他密度数据的计算也采用了此数据。

在报告期间，本集团温室气体排放总量约为

2,022.39吨（2024年：2,089.46吨），与去年

相比减少了约3.21%。由于本集团的柴油、

汽油和电力消耗减少以及商务差旅需求下降，

温室气体排放总量相对地轻微下调。

A. ENVIRONMENT (Continued)

A.1 Emision Control (Continued)

Exhaust gas and GHG emisions (Continued)

Table A1.2 – Anual GHG emisions

Total emisions

(in tones)

Indicator (Note 1)指标（附注1）排放量（吨）

Direct GHG emisions (Scope I)直接温室气体排放（范围1）

– petrol, diesel, coal and natural gas consumption－汽油、柴油、煤炭和天然气消耗302.92

Indirect GHG emisions (Scope I)间接温室气体排放（范围2）

– electricity consumption－电力消耗1,705.58

Other indirect GHG emisions (Scope I)其他间接温室气体排放（范围3）

– busines air travel, ash, paper and

other general waste

－商务差旅、灰渣、纸张和

其他一般废物13.89

Total GHG emisions温室气体排放总量2,022.39

Intensity – unit per milion HKD revenue (Note 2)总密度按每百万港币收益计（附注2）3.50

Note:

1. Grenhouse gas emision data are presented in terms of

carbon dioxide equivalence with reference to the requirements

of, including but not limited to, the Grenhouse Gas Protocol:

A Corporate Acounting and Reporting Standard published by

the World Resources Institute and the World Busines Council

for Sustainable Development, the Reporting Guidance on

Environmental KPIs published by the Stock Exchange and the

2017 Sustainability Report published by CLP Power Hong Kong

Limited.

2. During the Reporting Period, the total revenue of the Group was

aproximately HK$577.66 milion. Other intensity data in the

Report are also measured using this data.

During the Reporting Period, the total GHG emision of the

Group were aproximately 2,022.39 tones (2024: 2,089.46

tones), which was decreased by aproximately 3.21% as

compared to the previous year. The overal GHG emisions

have slightly decreased due to reduced diesel, petrol, and

electricity consumption, and reduced busines air travel

demand.

Environmental, Social and Governance Report

环境、社会及管治报告

中国资源交通集团有限公司二零二五年度报告

（续）

A.1 排放物控制管理（续）

废物管理

本集团的固体废物包括灰渣、纸张和其他一

般废物。在就处理香港、深圳的办公室和内

蒙古营运单位所产生的废弃物而言，本集团

首先按种类将废弃物分类，并回收任何玻璃

及铝罐。本集团亦会分隔有害及无害废弃物，

弃置于不同的垃圾袋，再贴上有害废弃物及

无害废弃物标签，已作识别。最后，本集团

将安排有害废弃物及无害废物回收。任何可

循环再用的无害废弃物将捐赠予慈善机构。

于报告期间，本集团产生了101.02吨无害废

弃物（2024年：191.07吨），无害废弃物排放

量减少了47.13%，主要归因于本集团实施的

有效废物管理策略。

表A1.3－污水排放量

附注：

于日常营运中，业务分部产生的有害废弃物数量

不大。因此，有害废弃物的资料并无计算在内。

污水排放

关于内蒙古日常运营中排放污水，本集团严

格地遵从中国内地环境保护部门颁布的污水

排放规管指引，使公路设施排放的污水量及

来源均达致规定标准。本集团努力妥善收集

污水，以于市内污水处理系统中作安全处理。

A. ENVIRONMENT (Continued)

A.1 Emision Control (Continued)

Waste Management

The Group’s solid wastes consist of ash, paper and other

general waste. To handle the wastes arising from Hong Kong

and Shenzhen ofices and the Iner Mongolia operating unit,

the apointed stafs first clasify the wastes by type and

recycle any glases and cans. The Group also separates,

groups and labels hazardous waste from non-hazardous

ones in diferent garbage bags for identification. Lastly, the

Group wil arange the colection of hazardous waste and

non-hazardous waste. Any re-usable non-hazardous wastes

are donated to charitable organisations. During the Reporting

Period, the Group generated 101.02 tones of non-hazardous

waste (2024: 191.07 tones), the decrease of 47.13% in

the non-hazardous waste discharge was mainly due to the

efective waste management strategies implemented by the

Group.

Table A1.3 – Total waste generated

Unit (in tones)

Each waste discharge废物总产量单位（吨）

Non-hazardous waste无害废物种类：

– ash, paper and other general waste－灰渣、纸张和其他一般废物101.02

Intensity – unit per milion HKD revenue密度按每百万港币收益计0.17

Note:

During the daily operations, the busines segments generated an

amount of hazardous waste that it is not large. Therefore, the data on

hazardous waste was not included in the calculation.

Sewage Discharge

Regarding sewage discharged from the daily operation in Iner

Mongolia, the Group strictly folowing the regulatory guidelines

of sewage discharged isued by the local department of

environmental protection in the PRC, and ensuring that the

sewage discharged from the tol road facilities atained the

required standard. The Group strives to proper gathering

sewage for safe disposal into the city’s water treatment

system.

Environmental, Social and Governance Report

环境、社会及管治报告

74China Resources and Transportation Group Limited Anual Report 2025

（续）

A.1 排放物控制管理（续）

污水排放（续）

表A1.4－污水排放量

于报告期间，本集团遵守了废气和温室气体

排放、水土排放、有害废物和无害废物产生

等相关法律法规。概无发现任何严重违反包

括但不限于「主要法例及规例清单」一节所列

环境规例之记录，亦毋须就环境保护缴纳巨

额罚款、面临非金钱处罚及诉讼。

A.2 有效地使用资源

本集团已制定积极的资源利用政策，在节约

能源、用水及原材料方面作出监察，以达致

增加资源效益，减少浪费及提倡循环使用。

节约能源方面，本集团尽量减少香港及深圳

的办公室空间，并使用能源效益较高的产品，

减少能源消耗，以完成本集团的节能目标。

用水方面，本集团在日常营运期间透过于水

源附近展示节约用水信息，鼓励雇员及到访

者养成节约用水的良好习惯，减少浪费水源。

另外，本集团的绿色办公室政策提倡节约用

纸，多用电脑存档及双面影印，及将单面使

用后的废纸回收利用；添加墨粉重复使用墨

水匣；及对各部门办公用品采用「以旧换新」

的基准，鼓励旧物回收利用。

A. ENVIRONMENT (Continued)

A.1 Emision Control (Continued)

Sewage Discharge (Continued)

A1.4 – Total sewage discharge

Unit (in m

)

Sewage discharge污水排放单位（立方米）

Sewage discharge污水排放量1,960.30

Intensity – unit per milion HKD revenue密度按每百万港币收益计3.39

During the Reporting Period, the Group complied with relevant

laws and regulations relating to exhaust gas and GHG

emisions, discharge into water and land, and generation of

hazardous and non-hazardous waste. There were no recorded

for non-compliance with environmental legislations including

but not limited the List of Significant Laws and Regulations

section, nor was it subject to significant fines, non-monetary

penalties and litigation relating to environmental protection.

A.2 Eficient Use of Resources

The Group has proactive policies in place for the use of

resources to monitor the conservation of energy, water and raw

materials, in order to improve the eficiency of resource, reduce

waste and promote recycling. In terms of energy conservation,

the Group has minimised its ofice spaces in Hong Kong and

Shenzhen and used high energy-eficiency products to reduce

energy consumption in order to met its energy-saving targets.

In terms of water consumption, the Group has encouraged the

employes and visitors to develop god habits of water saving

and avoid waste of water in daily operations by displaying

water reserve mesages close to water sources.

In adition, the Group’s gren ofice policy advocates paper

conservation. To this end, the Group has adopted computer

filing and double-sided printing, and reused one-sided

printed waste paper; reused ink cartridges by replenishing

powdered ink thereto; and provided ofice suplies for various

departments on an old-for-new basis to promote recycling of

used suplies.

Environmental, Social and Governance Report

环境、社会及管治报告

中国资源交通集团有限公司二零二五年度报告

（续）

A.2 有效地使用资源（续）

能源消耗

本集团定期向雇员发出节约能源通告及提示，

从行动上提升节能意识。本集团持续鼓励各

部门在空调、照明、电脑、影印机、打印机

和电力使用上实行建议的节能措施，详情如

下：

－保持室内空调温度在摄氏24至26度；

－购买高效节能标签的电器，例如使用

节能灯泡和冰箱；

－善用窗户和天窗的自然光；

－下班或离开工作场所时关掉电脑，或

调至节能模式；

－安装感应灯；

－定期保养设备，以达致最佳能源效益

表现；及

－透过展示内部分发节能小贴士，提高

员工意识。

表A2.1－总耗能

A. ENVIRONMENT (Continued)

A.2 Eficient Use of Resources (Continued)

Energy Consumption

The Group regularly isued notices and reminders on

energy-saving to staf to raise their energy-saving awarenes

on their behaviours. The Group continues to encourage

various departments to implement the advised energy-saving

measures for the use of air-conditioning, lighting, computers,

photocopiers, printers and electricity as below:

– Maintain the indor air conditioning temperature betwen

24-26ºC;

– Purchase energy-eficient electrical apliances, such as

LED lights and refrigerators;

– Make use of natural lights from windows and skylights;

– Turn of the computers after work or when leaving the

workplace or set the computers in energy-saving mode;

– Instal motion-activated lighting;

– Cary out regular maintenance on equipment for optimal

energy eficiency performance; and

– Promote employe awarenes, distribute tips for

energy-saving internaly through displays.

Table A2.1 – Total energy consumption

UnitConsumption

Types of energy能源种类单位消耗量

Electricity电力kWh千瓦时2,190,471.00

Intensity – unit per milion HKD revenue密度按每百万港币收益计kWh千瓦时3,791.97

Diesel柴油L升76,340.91

Intensity – unit per milion HKD revenue密度按每百万港币收益计L升132.16

Unleaded petrol无铅汽油L升38,092.53

Intensity – unit per milion HKD revenue密度按每百万港币收益计L升65.94

Coal煤炭tones吨1,408.76

Intensity – unit per milion HKD revenue密度按每百万港币收益计tones吨2.44

Natural gas天然气m

立方米44.23

Intensity – unit per milion HKD revenue密度按每百万港币收益计m

立方米0.08

Environmental, Social and Governance Report

环境、社会及管治报告

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（续）

A.2 有效地使用资源（续）

消耗用水

于报告期间，内蒙古营运点的用水主要取自

营运地区可用的水井，本集团在获取经营所

需水源方面并未遭遇重大困难。耗水量主要

来自于雇员在工作时的日常用水。本集团已

采取节约用水措施，以减少用水量，并积极

鼓励全体员工培养节水的良好习惯。作为物

业维修的一部分，本集团定期检查是否有漏

水情况，并一经发现即时展开调查，及时修

复相关缺陷，以减少资源浪费及提升用水效

能。然而，本集团继续以有效管理办公室及

生活用水资源为优先考虑，并采取各种措施，

以确保水得到有效利用和循环再用。该等措

施包括：

－持续监测用水设备的质素，例如定期

检查水管有否漏水、断裂等损坏，如发

现问题则会及时修补；

－在洗手间、员工食堂及员工宿舍展示

节约用水标签；

－举行会议时以可重用的盛水器皿取代

瓶装水，以减少浪费食水；及

－把收集得来的废弃水作冲厕所用水。

截至2025年3月31日，本集团的总用水量密

度约每百万港元收益17.38立方米（2024年：

约为每百万港元收益25.89立方米），较去年

减少32.87%。我们已达成降低总用水量强度

的目标。本集团将继续致力于监察用水情况，

并避免不必要的用水行为。

A. ENVIRONMENT (Continued)

A.2 Eficient Use of Resources (Continued)

Water Consumption

During the Reporting Period, as water consumed in the Iner

Mongolia operating unit was primarily sourced from pumping

wels available in the areas of operation, there was no major

problem about sourcing water. Water consumption mainly

arises from the daily use of water by the employes at the

ofices during working hours. The Group has adopted water

conservation measures to reduce water consumption. The

Group encourages al employes to develop the habit of

conserving water consciously. As part of property maintenance,

the Group routinely checks for water leakage and promptly

investigates any leaks to rectify defects timely. Nonetheles,

the Group continues to prioritise efective management of

water resources for ofice and domestic use, and adopt various

measures to ensure water is efectively utilised and recycled.

Such measures include:

– Monitor the conditions of water-consuming equipment

on an ongoing basis, such as carying out regular

inspections to check whether there are leaking or broken

water pipelines and rectify any problem identified in a

timely maner;

– Display water conservation labels in washroms, staf

cantens and dormitories;

– Replace botled water with reusable water containers

during metings to reduce water waste; and

– Flush toilets with colected waste water.

As at 31 March 2025, the Group’s total water consumption

intensity was aproximately 17.38 m

per milion HKD revenue

(2024: aproximately 25.89 m

per milion HKDG revenue), a

decrease of 32.87%. We achieved our target of reducing our

total water consumption intensity. We wil remain comited

to monitoring our water consumption and avoid unecesary

water use.

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（续）

A.2 有效地使用资源（续）

消耗用水（续）

表A2.2－耗水量

纸张消耗

本集团致力于无纸化运营，通过双面打印、

纸张回收和频繁使用电子信息系统进行材料

共享或内部行政文件，不断鼓励所有雇员减

少纸张使用。可重复使用的纸制品，如信封，

在可能和适当的情况下得到妥善回收；在操

作过程中尽可能不鼓励使用一次性纸制品，

例如纸杯和纸巾。此外，本集团透过电子道

路收费系统实施电子缴费方法，以实现公路

业务无纸化营运。

包装材料使用

由于本集团业务主要为内蒙古高速公路营运，

其主要以服务为主，因此用于本集团最终产

品的包装材料的总耗量在本集团的资源使用

方面并不视作重大，故并无载入本报告。

A. ENVIRONMENT (Continued)

A.2 Eficient Use of Resources (Continued)

Water Consumption (Continued)

Table A2.2 – Water consumption

Unit (in m

)

Water consumption耗水量单位（立方米）

Water consumption耗水量10,037.50

Intensity – unit per milion HKD revenue密度按每百万港币收益计17.38

Paper Consumption

The Group is comited to a paperles operation, constantly

encouraging al employes to reduce paper usage through

duplex printing, paper recycle and frequent use of electronic

information systems for material sharing or internal

administrative documents. Reusable paper products, such

as envelopes, are properly recycled wherever posible and

apropriate; the use of disposable paper products such as

paper cups and paper towels, are discouraged wherever

posible and apropriate during operations. Further, the Group

implemented electronic payment methods via the electronic tol

colection (ETC) system for tol road busines for the purpose

of paperles operation.

Packaging Material

The total consumption of packaging materials used for finished

products of the Group is not included in this report as it is not

considered material in the Group’s use of resources as the

Group’s principal busines is expresway operation in Iner

Mongolia, which is primarily service oriented.

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（续）

A.3 环境及天然资源

为了减轻日常营运的过程对环境及天然资源

的影响，本集团识别作业流程中在排放及废

弃物产生源，以及资源使用方面对环境造成

的影响程度，并针对性地采取措施以降低环

境影响。同时，本集团的能源政策显示本集

团实践节能及支持购买节能设备，这将进一

步减少因能源耗用而排放温室气体的情况。

营运期间的纸张耗用被识别为对重大环境影

响的活动，本集团已实行措施减少纸张耗用

及保护林木。有关详情，请参阅层面A2「有

效地使用资源」一节。

A.4 应对气候变化

随著气候变化愈趋普遍及其影响愈为明显，

我们意识到与气候变化相关的风险及机遇。

我们深明气候变化对自身业务及所服务社区

的潜在影响，并支持全球协力依照《巴黎协

定》将气温上升幅度限制在1.5 ℃以下。在我

们的环境、社会及管治报告中，本集团旨在

提供我们所面对气候相关风险及机遇的概览。

为进一步加强应对措施和适当行动，本集团

优化管理方针，建立气候应变能力及提升适

应能力。环境、社会及管治工作小组负责进

行气候风险评估，以识别及评估业务运营中

的潜在风险与机遇，与本集团不同的营运部

门紧密合作，借以协助制定气候风险缓解措

施，并向管理层报告。有关本集团评估的实

体和过度风险与机遇，亦提供应对措施，具

体如下：

A. ENVIRONMENT (Continued)

A.3 Environment and Natural Resources

In order to mitigate the impact of the daily operations on the

environment and natural resources, the Group identifies the

sources of emisions and waste generation in the operation

proces and the environmental impact of its use of resources,

and introduces specific measures to reduce the environmental

impact. Meanwhile, the Group’s energy policy reveals that

the Group implements energy conservation and suports

the purchase of energy-saving equipment, which would

further reduce grenhouse gas emisions caused by energy

consumption.

Paper usage during busines operations is identified as an

activity with significant environmental impact. The Group has

taken measures to reduce paper consumption and protect

forests. For details, please refer to the section headed “Eficient

Use of Resources” of Aspect A2.

A.4 Responding to Climate Change

As climate change is becoming increasingly prevalent and its

efects are becoming more visible, we understand the risks

and oportunities asociated with climate change. We are

deply aware of the potential impacts of climate change on

our busines and the comunities we serve, and suporting

the global efort to limit temperature rise to wel below 1.5˚C,

as outlined in the Paris Agrement. In our ESG reporting, the

Group aims to provide an overview of our exposure to climate-

related risks and oportunities. To further strengthen steps and

adequate measures, the Group has optimised its management

aproaches to build up the climate resilience and enhance the

adaptive capacity. The Taskforce is responsible for conducting

the climate risk asesment to identify and ases the potential

risks and oportunities for the busines operations. It works

closely with the Group’s diferent operation departments, with

an aim to facilitate the formulation of the climate risk mitigation

measures and report to the management. Responses are also

provided in relation to the physical and transition risks and

oportunities asesed by the Group, as folows:

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（续）

A.4 应对气候变化（续）

实体风险与机遇

随著全球气温上升，气候变化可能导致洪水、

热浪及海平面上升等极端气候条件。这些都

会直接或间接影响业务供应链、环境生态系

统及我们所服务的社区。这不仅会造成实体

损害，还会扰乱本集团的运营，并影响集团

维护网络功能的能力。为了应对这些实体风

险，本集团在极端天气条件下实施了灵活的

工作安排和预防措施。该措施包括评估与气

候变迁相关的风险，例如台风，洪水和暴风

雨。由于识别对维护和修理技术，本集团增

强了气候适应能力和对自然灾害的意识，以

加强有效的气候变化风险管理。

过度风险与机遇

近年来，企业转型为低碳经济体系的压力日

益增加，中国政府实施了一系列环保法律和

法规，鼓励企业达到排放标准。通过投资节

能设备和实施高效的运营管理来监控和改进

能源消耗，集团从而可减少碳排放，并遵守

监管机构的要求。此外，专责小组定期监控

现有和新兴的气候转变趋势、政策和法规，

并准备于必要提醒董事会，以避免成本增加、

违规罚款及╱或因反应迟缓而导致的声誉风

险。

A. ENVIRONMENT (Continued)

A.4 Responding to Climate Change (Continued)

Physical Climate Risks and Oportunities

Climate change, driven by increasing global temperatures,

can result in extreme weather conditions such as flods,

heatwaves, and rising sea levels. It can both directly and

indirectly afect busines suply chains, environmental

ecosystems, as wel as the comunities we serve. These

potential physical impacts of extreme weather events not

only cause physical damage but also disrupt the operation

of the Group and impact the Group’s ability to maintain

network functionality. To adres these physical risks, the

Group has implemented flexible working arangements and

precautionary measures during extreme weather conditions.

The measurement involves asesing climate change-related

exposures, such as typhons, floding and storms. Due to

the identification of maintenance and repair technologies,

the Group strengthen the ability of climate adaptation and

awarenes of natural disasters in order to enhancing efective

climate change risk management.

Transition Climate Risks and Oportunities

Presure on busineses to transition to low-carbon economic

systems is increasing. In recent years, the PRC government

has implemented a series of environmental protection laws

and regulations to encourage enterprises to met emision

standards. By investing in energy-saving equipment and

implementing eficient operational management to monitor

and improve energy consumption, the Group can reduce its

carbon emisions in compliance with regulatory authorities.

Aditionaly, the Taskforce regularly monitors existing and

emerging trends, policies and regulations relevant to climate

change and be prepared to alert the Board where necesary

to avoid cost increments, penalties for non-compliance and/or

reputational risks due to delayed response.

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80China Resources and Transportation Group Limited Anual Report 2025

B. 社会

B.1 雇佣

雇员是本集团宝贵的资产，亦是本集团赖以

成功的重要部分。本集团就雇员薪酬及解雇，

招聘及晋升、工作时数、假期、平等机会、

多元化、反歧视、待遇及福利方面按照包括

但不限于「主要法例及规例清单」一节所列雇

佣法例及规例之情况，以充分保护及尊重雇

员权利，为雇员构建一个理想的工作场所。

本集团聘用及晋升合适的雇员时重视公平、

公正及公开的原则，从不因应聘人员的种族、

肤色、社会地位、出生地、国籍、宗教、残

障、性别、性取向、职工会籍、政治立场

或年龄而歧视。

本集团的企业文化重视吸引不论背景的人才

的重要性。本集团于招聘、薪酬、培训机会

及工作安排上均公平地对待所有雇员，并确

保工作场所不存在任何歧视。本集团向雇员

提供具竞争力的薪酬、待遇及福利。本集团

雇员的薪酬组合主要包括薪金、酌情花红及

购股权计划，而该薪酬组合根据雇员各自的

资格、经验、职位及表现厘定。内蒙古及深

圳营运单位方面，本集团按照雇员的实际薪

资参加社会福利计划包括养老保险、医疗保

险、工伤保险、生育险及失业险。香港办公

室方面，雇员可享有公司的医疗计划福利。

本集团的雇员可享有彼等之雇佣合约所订明

的假期，并且每名雇员均可以发出合理通知

期后离职。

于报告期内，本集团共有354名雇员，其中

包括353名全职雇员及1名兼职雇员，各来自

中国内地和香港，有4名雇员因个人原因从

子公司离职，雇员整体流失率约为1.09%,属

较低水平。

B. SOCIAL

B.1 Employment

Employes are valuable asets of the Group and are esential

to the Group’s suces. The Group has established human

resource including but not limited to policies in acordance

with the List of Significant Laws and Regulations section of the

operating units in respect of employes’ compensation and

dismisal, recruitment and promotion, working hours, holidays,

equal oportunities, diversity, anti-discrimination, benefits and

welfare, so as to fuly protect and respect employes’ rights

and create a favorable workplace for employes.

The Group values the principles of fairnes, impartiality and

openes to recruit and promote the right employes and

never discriminate against job aplicants on the grounds of

race, colour, social status, place of birth, nationality, religion,

disability, gender, sexual orientation, labour union membership,

political position or age.

The Group’s corporate culture embraces the importance

of atracting talents regardles of backgrounds. The Group

treats al employes equaly in employment, remuneration,

training oportunities and work arangements, and ensure the

workplace is fre of any discrimination. The Group provides

employes with competitive salary, benefits and welfare. The

salary package of the Group‘s employes mainly includes

salary, discretionary bonus and share option scheme, in which

the combination is based on their respective qualifications,

experience, job position and performance. In Iner Mongolia

and Shenzhen operating units, the Group makes contributions

to social welfare plans for the employes including pension

insurance, medical insurance, work injury insurance, maternity

insurance and unemployment insurance based on their actual

salaries. In the Hong Kong ofice, the employes can enjoy

the benefits of the Company’s medical plan. The Group‘s

employes are entitled to take the holidays stipulated in their

employment contracts, and each of the employes may resign

by giving a reasonable period’s notice.

During the Reporting Period, the Group had a total of 354

employes, including 353 ful-time and 1 part-time employes,

with staf based in mainland China and Hong Kong. Total of 4

employes resigned from subsidiaries due to personal reasons,

reflecting a low turnover rate of aproximately 1.09%.

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（续）

B.1 雇佣（续）

表B.1.1－本集团雇员总数和流失率

B. SOCIAL (Continued)

B.1 Employment (Continued)

Table B.1.1 – Total number of employes and turnover rates in

the Group

Location of busines

营运地点

Hong Kong

Iner

MongoliaShenzhenXinzeTotal

Turnover

rate

Employment雇员类别香港内蒙古深圳鑫泽总计流失率

By employment type雇佣类型

Ful time全职53291813531.09%

Part time兼职–11–

By gender性别

Male男性52171112341.35%

Female女性–112711200.69%

By age group年龄组别

18 – 3018-30岁–241–25–

31 – 4531-45岁1191922031.56%

46 – 6046-60岁2997–1081.32%

=60/>61=60/>61岁2151–18–

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（续）

B.1 雇佣（续）

于报告期间，本集团并无发现任何严重违反

香港及中国有关雇佣之适用法律及法规且对

本集团构成重大影响的情况。

B.2 健康与安全

本集团致力提供健康与安全的工作环境、并

根据劳动、安全及工作事故的相关法律及法

规制定管理政策。顾及各项活动的健康与安

全乃符合本集团各方的最佳利益。为保障雇

员安全，内蒙古营运点分发防护装备，安排

健康与安全方面的培训，提升雇员对工作处

所中的相关高危范围的意识，并熟悉本集团

的健康与安全内部程序及政策，致力达到零

工伤事故。

香港办公室安排雇员参与定期健康与安全会

议，探讨安全与健康议题以进一步提升工作

间的职业健康及安全文化。行政经理会每六

个月进行安全检查，以检查工作环境内是否

有潜在危险并制定改善措施。本集团积极鼓

励员工就健康与安全政策提供意见或建议，

并在工作场所严格执行相关政策，以确保遵

守规定，并保障员工、资产及公众的健康、

安全与保安，免受潜在风险影响。上述政策

会定期检讨，并在适当情况下作出更新，以

符合适用之健康与安全相关法律法规的要求。

B. SOCIAL (Continued)

B.1 Employment (Continued)

During the Reporting Period, the Group has not identified any

material non-compliance with aplicable laws and regulations

in Hong Kong and the PRC relating to employment that would

have a significant impact on the Group.

B.2 Health and Safety

The Group is comited to provide a safe and healthy

working environment and develop its management policies in

acordance with the related laws and regulations on labour,

safety and working incident. It is in the best interest of al

parties within the Group to consider health and safety in

every activity. To protect the safety of employes, the Iner

Mongolia operating unit distributes protective equipment and

arange training on health and safety to raise the employes’

awarenes on the relevant high-risk areas in the workplace,

and become familiar with the internal procedures and policies

for health and safety, in an efort to achieve zero work-related

acident.

The Hong Kong ofice asigns its employes to take part in

regular health and safety metings for discusion of safety and

health isues, so as to build a culture of ocupational health

and safety in the workplace. Safety inspection is held every

six months by the administrative manager to identify potential

hazards within the workplace as wel as establish improvement

actions. The Group strongly encourages its employes to

provide fedback or sugestions on the health and safety

policies. We also actively enforce the health and safety policy

in the workplace to ensure compliance and to protect the

health, safety and security of our employes, property and

the public from the risk of harm. These policies are regularly

reviewed and wil be updated where apropriate to met the

requirements of the aplicable laws and regulations relating to

health and safety.

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（续）

B.2 健康与安全（续）

表B2.1－过往三年工伤统计数字

在过往三年内，本集团无记录有任何导致身

亡或严重受伤的事故，无因有关事故向本集

团雇员支付任何报销或赔偿，亦并不知悉任

何严重违反「主要法例及规例清单」一节所列

健康与安全法例及规例之情况。

B.3 教育、培训及职业发展

为确保本集团雇员的质素及培训日后管理人

员，本集团通过现有全面的职业发展和培训

计划，以提高雇员对营运及安全常规方面的

知识及根据特定工作要求向彼等提供在职培

训。高层管理人员及具备专业资格的人员会

获进一步安排参与专业机构举办的培训，以

更新有关职务上的任何专业知识。

本集团致力提供充分的事业发展机会。为此，

本集团定期检视符合晋升或职务调动条件的

员工之工作能力与表现，并根据本集团最新

的业务发展及员工的个人利益，作出合理的

人力安排，以支持员工的事业发展。

B. SOCIAL (Continued)

B.2 Health and Safety (Continued)

Table B2.1 – Statistics on work-related injuries in the past

thre years.

Year

年度

Indicator指标2025年2024年2023年

Work-related fatality因工作关系而死亡

No. of people人数–

Percentage百分比–

Work-related injuries工伤

Lost days due to work injury因工伤而损失的工作日数8–

In the past thre years, the Group did not encounter any

severe injuries or casualties, did not record any acidents

that resulted in death or serious bodily injury, did not pay any

reimbursements or compensations to the Group’s employes

due to such acidents, and was not aware of any major

violations against the List of Significant Laws and Regulations

section of health and safety.

B.3 Education, Training and Carer

To ensure the quality of the employes and prepare future

management personel, the Group has a comprehensive

carer development and training program in place to expand

the employes’ knowledge of operational and safety standards,

and provides on-the-job training for them based on specific

job requirements. Senior management staf and personel with

profesional qualifications are further aranged to participate

in training sesions organised by profesional organisations to

update any profesional knowledge relevant to their positions.

The Group is comited to provide adequate carer

development oportunities. To this end, the Group regularly

reviews the working capability and performance of any

employes meting the conditions for promotion or job

transfer, and subsequently make reasonable alocations

aligning the Group’s latest busines development and the

employes’ personal interest, so as to suport the employes’

carer development.

Environmental, Social and Governance Report

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84China Resources and Transportation Group Limited Anual Report 2025

（续）

B.3 教育、培训及职业发展（续）

按性别划分之每位员工平均完成培训时数如

下：

B.4 劳工规范

本集团已遵守有关雇用16岁以下青少年及其

法律权益的政策包括但不限于「主要法例及

规例清单」一节所列劳工规范之记录。本集

团严格禁止雇用童工及强制劳工以及绝不支

持对雇员实行非法或不人道的处罚。

本集团设有全面措施检讨包括童工及强制劳

工在内的雇佣惯例及在识别有缺陷惯例时消

除有关情况，包括要求新员工入职时提供真

实准确的个人资料，以备人力资源专员严格

审查入职资料。本集团建立完善的招聘流程

及处理任何例外情况的正式的报告流程。另

外亦定期进行审查及检查，以防止经营中存

在的任何童工或强制劳动。对于使用虚假资

料或违背本集团规定者，立即终止试用期或

解除劳动合同。与此同时，本集团亦避免委

聘该等已知悉在其经营中雇用童工或强制劳

动的卖方和承包商提供行政用品及服务。

于报告期间，本集团并未发现任何违反防止

童工或强制劳工相关的法律法规的重大事宜。

B. SOCIAL (Continued)

B.3 Education, Training and Carer (Continued)

The average training hours completed per employe by gender

was as folows:

Unit2025

Indicators指标单位2025年

Average training hours completed per

employe

每位员工平均完成的培训

时数

Hour 小时1

By Gender按性别

Male男性Hours 小时5

Female女性Hours 小时5

B.4 Labour Standards

The Group complies with the relevant laws and regulations,

including but not limited to the List of Significant Laws and

Regulations section of the labour standards in respect of the

employment under 16 years of age and their legal rights. The

Group strictly prohibits the use of any child and forced labour

by its operations.

The Group demands al new employes to provide true and

acurate personal information when they join the Group for the

human resources oficer to stringently verify their information.

The Group has a comprehensive recruitment proces in place

to conduct background check against every candidate, as wel

as a formal reporting proces to handle any exceptional cases.

It also conducts regular reviews and checks to guard against

child or forced labour in its operation. The probationary period

or labour contract of any employe who uses false information

or breaches the Group’s regulations wil be terminated

imediately. At the same time, the Group also avoids using

the administrative suplies and services of those vendors and

contractors whose use of child or forced labour is known.

During the Reporting Period, the Group was not aware of

any material non-compliance with any laws and regulations in

relation to the prevention of child or forced labour.

Environmental, Social and Governance Report

环境、社会及管治报告

中国资源交通集团有限公司二零二五年度报告

（续）

B.5 供应链管理

本集团实行「本地采购」为建立与其供应商长

期且稳定的业务关系。在实现环保要求的相

同条款和条件下，本集团优先采用当地供应

商，以建立互利的商业颗伴关系。本集团与

彼等维持密切沟通和协作，以加强供应链内

环境、社会、管治风险的管理。本集团相信，

与供应商维持长期且稳定的业务关系有助于

本集团加强与客户的业务关系，并保持本集

团的竞争力。

本集团设有评估和甄选供应商的完善程序。

本集团采购团队在将潜在供应商纳入本集团

的认可供应商名录前，通常会对各潜在供应

商进行全面背景审查，包括经营规模、品质

控制、交货时间及业内口碑。本集团的采购

政策乃本集团仅从认可的供应商采购产品和

服务，以确保本集团产品和服务的品质及安

全，将供应链内的环境、社会、管治风险降

至最低。本集团亦会不时对本集团现有的供

应商展开评估，并要求供应商知悉本集团的

供应商守则不符合环保和内部要求的供应商

将会被移出本集团的认可供应商名录。本集

团会在项目开展时，透过会议确保供应商了

解本集团的期望，并在项目进行过程中与供

应商保持密切联系，透过定期会议监察项目

进度，以便作出适时调整。现时，本集团与

供应商采取上述惯例合作。

于报告期间，本集团并不存在违反「主要法

例及规例清单」一节所列供应链管理之情况。

本集团充分考虑供应链内的环境、社会、管

治风险，并相信现行的环境、社会、管治风

险控制措施属充足。致力于此等评估成为其

拓展企业责任之承诺。于报告期间，本集团

并无涉及任何重大供应链管理内的环境、社

会、管治风险。

B. SOCIAL (Continued)

B.5 Suply Chain Management

The Group has implemented “local sourcing” in order

to build long-term and stable busines relations with its

supliers. Under the same terms and conditions of fulfiling

the environmental requirements, the Group prioritised the use

of local supliers to establish mutualy beneficial busines

partnerships. The Group maintained close comunication and

colaboration with them to strengthen the management of ESG

risks of the suply chain. The Group believed that maintaining

long-term and stable busines relations with supliers can

help strengthen the busines coperation with customers and

maintain the competitive edge.

The Group has wel-established procedures for suplier

evaluation and selection. Before ading potential supliers to

the list of aproved supliers, the procurement team would

usualy conduct a comprehensive background check on

each of the potential suplier, covering their busines scale,

quality control, delivery time and reputation in the industry.

The procurement policy is that the Group only purchases

products and services from aproved supliers to ensure the

quality and safety of products and services, with a view to

minimizing the ESG risks of the suply chain. The Group would

also cary out asesments of its existing supliers from time

to time, and require them to understand its supliers code of

conduct. Supliers that fail to met environmental and internal

requirements wil be removed from the Group‘s list of aproved

supliers. When a project is launched, the Group would ensure

supliers understand the expectations through metings, and

maintain close comunication with the supliers during the

project. The Group would monitor the progres of the project

through regular metings in order to make timely adjustments

when neded. Curently, the Group folow the abovementioned

practices for the coperation with supliers.

During the Reporting Period, there were no non-compliance

with laws and regulations relating to suplier chain

management listed in the List of Significant Laws and

Regulations section.

The Group fuly considers the ESG risks of its suply chain.

The Group believes that the existing measures for ESG risk

control are adequate. Working on the asesments has

become an extension of its comitment to CSR. During the

Reporting Period, the Group did not expose to material ESG

risk in its suply chain management.

Environmental, Social and Governance Report

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86China Resources and Transportation Group Limited Anual Report 2025

（续）

B.6 产品责任

本集团始终如一的向客户提供优质高速公路

管理服务的能力对本集团的业务至关重要。

因此，本集团一直极其重视质量及安全控制，

并采取严格的质量及安全标准，消除因道路

缺陷而引致公众消费者遭受任何人身伤害或

财产损失的可能性，以确保管理服务符合包

括但不限于「主要法例及规例清单」一节所列

产品责任之标准。为提供可靠的优质客户服

务，本集团的营运团队密切监控其营运的所

有重要阶段并检查道路安全。

内蒙古经营单位的路政部和维修部负责定时

巡查路面状况，清理路面积雪和废弃物，安

排维护修理。本集团已建立完整流程，分别

是安全监控、施工、竣工验收和实施组成的

四个阶段，以确保路面状况符合安全行车标

准，保障道路使用者安全。另外，相关部门

会定期检查各收费站工作人员的仪容、服务

语言及岗位职责，确保服务质素达致优质水

平。本集团亦设立顾客服务热线供顾客发表

意见。若收到投诉个案，客户服务部须在24

小时内给予顾客适当的回复。如非得到顾客

的同意，本集团不会把顾客资料用作其他用

途。市场服务部定期监督客户资料的使用。

知识产权方面，本集团并已相应采纳适当之

安全措施及保密协议。为尽量减低侵权之机

率，本集团之法律团队负责审阅其所有业务

分部与第三方合作时订立之协议及本集团之

内部协议。此外，本集团承诺不购买任何盗

由信息技术部门定期监督软件的运行。

B. SOCIAL (Continued)

B.6 Product Responsibility

The ability to consistently deliver high-quality expresway

management services to the customers is esential for the

Group‘s busines. As such, the Group always places the top

priority on quality and safety control and adopt stringent quality

and safety standards to eliminate any posibility of physical

injuries or property loses caused by road defect to public

consumers, so as to kep the management services up to the

standards prescribed with the laws and regulations relating

to product responsibility listed in the List of Significant Laws

and Regulations section. To render reliable quality customer

services, its operating team closely monitors al critical phases

of it’s operations and inspect the road safety.

The Road Administration Department and the Maintenance

Department of the Iner Mongolia operating unit are

responsible for regularly inspecting road surface conditions,

clearing up snow and waste on the road surface, and

aranging maintenance and repair. The Group has established

a four-staged proces composed of security surveilance,

construction, work completion verification and implementation

to ensure that road conditions met the standards for safe

driving, so as to protect the safety of road users. In adition,

the relevant departments regularly inspect the apearance,

service language and job responsibilities of the staf of tol

stations to ensure premium service quality. The Group also

set up a customer service hotline for customers to voice their

opinions. Whenever a complaint is received, the customer

service department shal give the customer a proper reply

within 24 hours. The Group would not use any customer

information for other purposes without the customer’s consent.

The marketing department has regularly supervised the use of

customer information.

With regard to intelectual property rights, the Group has

adopted apropriate security measures and confidentiality

agrements acordingly. To minimise the chance of

infringement, the Group’s legal team is responsible for

reviewing the agrements on colaboration with third parties

in al busines segments and within the Group. Moreover,

the Group promises not to purchase any pirated software. Al

the ofice software were provided by copyright holders. The

information technology department regularly supervises the

operation of software.

Environmental, Social and Governance Report

环境、社会及管治报告

中国资源交通集团有限公司二零二五年度报告

（续）

B.6 产品责任（续）

报告期内，本集团并无发现任何严重违规行

为关于服务质素、投诉及私隐事宜之适用法

律及法规且此等违规行为对本集团构成重大

影响的情况。

B.7 道德操守及反贪污

本集团严格遵守反贪腐法规和标准。为确保

业务过程符合本地及国家有关防止贿赂、勒

索、欺诈及洗黑钱的相关法律及法规，本集

团参与反贪腐培训及宣传活动以教育其雇员

如何遵守法律和案例分析，以促进反贪腐实

践的重要性。

致力营造一个重视诚信、正直及道德操守的

企业文化。我们不容许亦不纵容任何非法或

不道德的行为，并对任何财务不当行为，包

括诈骗、贿赂及贪污，采取零容忍态度。为

此，我们已制定《员工行为守则》、反贪污政

策及不收送礼物政策，明确禁止接受或提供

贿赂、回佣、习惯性疏通费用及任何形式的

礼品。本集团持续要求雇员进行业务往来时

申报任何利益冲突并避免产生任何潜在利益

冲突。本集团亦设有业务操守则，约束全

体雇员以防范任何不当行为。全体雇员于进

行本集团的业务及事务时必须遵守所有当地

的防止贿赂法律及法规。

就举报程序而言，本集团鼓励持份者透过既

定的举报渠道，提出任何有关不当行为的合

理关注。相关事项可包括刑事行为、违反法

律义务、司法不公，或可能对健康与安全构

成风险的活动。举报渠道的使用指引已详列

于《举报政策》中。

B. SOCIAL (Continued)

B.6 Product Responsibility (Continued)

During the Reporting Period, the Group was not identified any

material breaches of aplicable laws and regulations relating

to quality, complaints and privacy maters of services provided

that have a material impact on the Group.

B.7 Ethics and Anti-coruption

The Group strictly adheres to anti-coruption regulations

and standards. In acordance with the requirements of its

busines proceses in compliance with local and the national

laws and regulations relating to the prevention of bribery,

extortion, fraud and money laundering, the Group participated

in anti-coruption training and campaigns to educate its

employes on how to comply with law and case analysis so as

to promote the importance of anti-coruption practices.

The Group is comited to foster an environment where

honesty, integrity, and ethical practices are valued. We do not

authorise and condone any unlawful or unethical behaviours.

We have zero tolerance for financial misconduct, including

fraud, bribery and coruption. We have put in place a Code

of Conduct, anti-coruption, and no gift policy, which entails

the prohibition of acepting and ofering bribes, kickbacks,

customary facilitation payments, and gifts. The Group

constantly require employes to declare any conflicts of

interest and avoid any potential conflicts of interest when doing

busines. The Group also has a code of busines conduct that

is binding on al employes for the prevention of misconduct.

Al employes must abide by al local anti-bribery laws and

regulations when handling busines or corporate afairs of the

Group.

As far as whistle-blowing procedures are concerned,

stakeholders are encouraged to report any legitimate

concerns regarding misconduct through our established

whistle-blowing chanel. Such concerns may involve criminal

ofenses, violations of legal obligations, miscariages of justice,

or activities that may endanger health and safety. Detailed

guidance on how to use the reporting chanel is provided in

the Group’s Whistle-blowing Policy.

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88China Resources and Transportation Group Limited Anual Report 2025

（续）

B.7 道德操守及反贪污（续）

于报告期间，本集团并不知悉任何严重违反

本集团经营所在地区有关贿赂、勒索、欺诈

及洗黑钱的有关法律及法规包括但不限于「主

要法例及规例清单」一节所列道德操守及反

贪污之情况。

B.8 社区参与

本集团深明在其营运所在社区中作出正面贡

献的重大意义，并将关注社区利益视为履行

企业社会责任的重要部分。为更有效地履行

社会责任，本集团持续关注环境及健康相关

议题，并于适当时机支持相关活动及组织，

以实现社区共融及可持续发展。于报告期内，

本集团秉持一贯承诺，积极透过各类公益活

动履行社会责任，当中重点包括推动互利共

赢、关怀社区发展及促进社会福祉。此外，

本集团延续过往良好做法，举办公益活动，

鼓励员工主动参与无偿捐血，以实践关爱精

神，贡献社会。

本公司的行政部透过电邮、本公司网站及年

报向社区团体取得反馈，以了解社区顾虑，

进而检讨本集团的可持续发展目标。

B. SOCIAL (Continued)

B.7 Ethics and Anti-coruption (Continued)

During the Reporting Period, the Group was not aware of any

material non-compliance with the List of Significant Laws and

Regulations section on the prevention of bribery, extortion,

fraud and money laundering in the places that the Group

operates.

B.8 Comunity Engagement

The Group recognises the significance of contributing positively

to the comunities in which it operates and regards comunity

interests as a key aspect of its social responsibility. To beter

uphold these responsibilities, the Group remains atentive to

environmental and health-related maters and provides suport

to relevant activities or organisations when apropriate. During

the Reporting Period, The Group has consistently fulfiled its

social responsibilities through public welfare initiatives, with

a focus on win-win coperation, suport for development,

and care for the comunity. As in previous years, the Group

organised social welfare activities to encourage employes to

actively participate in voluntary blod donation.

The administrative department of the Company obtains

fedback from comunity groups through emails, the

Company’s website and anual reports to learn about the

comunity concerns and subsequently review the Group’s

sustainability goals.

Environmental, Social and Governance Report

环境、社会及管治报告

中国资源交通集团有限公司二零二五年度报告

主要法例及规例清单

A. 环境

层面A.1-A.3环境保护

－香港法例第311章《空气污染管制条例》

－香港法例第358章《水污染管制条例》

－香港法例第354章《废物处置条例》

－中华人民共和国（「中国」）环境保护法

－中国大气污染防治法

－中国水污染防治法

－中国固体废物污染环境防治法

－中国道路交通安全法实施条例

B. 社会

层面B.1雇佣

－香港法例第57章《雇佣条例》

－香港法例第282章《雇员补偿条例》

－香港法例第485章《强制性公积金计划

条例》

－香港法例第485A章《强制性公积金计划

（一般）规则》

－中国劳动法

－中国劳动合同法

– 中国社会保险法

LIST OF SIGNIFICANT LAWS AND

REGULATIONS

A. Environment

Aspect A.1-A.3: Environmental Protection

– Chapter 311 Air Polution Control Ordinance

– Chapter 358 Water Polution Control Ordinance

– Chapter 354 Waste Disposal Ordinance

– Environmental Protection Law of the People’s Republic

of China (“PRC”)

– Prevention and Control of Atmospheric Polution of the

PRC

– Prevention and Control of Water Polution of the PRC

– Prevention and Control of Environmental Polution by

Solid Waste

– Road Trafic Safety of the PRC

B. Social

Aspect B.1: Employment

– Chapter 57 Employment Ordinance

– Chapter 282 Employes’ Compensation Ordinance

– Chapter 485 Mandatory Provident Fund Schemes

Ordinance

– Chapter 485A Mandatory Provident Fund Schemes

(General) Regulation

– Labour Law of the PRC

– Labour Contract Law of the PRC

– Social Insurance Law of the PRC

Environmental, Social and Governance Report

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90China Resources and Transportation Group Limited Anual Report 2025

主要法例及规例清单（续）

（续）

层面B.2健康与安全

– 香港法例第509章《职业安全及健康条

例》

– 中国劳动法

– 中国职业病防治法

– 中国消防法

层面B.4劳工规范

– 香港法例第57章《雇佣条例》

– 中国劳动法

– 中国禁止使用童工规定

层面B.5供应链管理

– 中国招标投标法

– 中国道路交通安全法实施条例

层面B.6产品责任

– 香港法例第362章《商品说明条例》

– 香港法例第486章《个人资料（隐私）条

例》

– 中国消费者权益保护法

– 中国广告法

– 中国商标法

层面B.7道德操守及反贪污

– 香港法例第201章《防止贿赂条例》

– 中国刑法

– 中国惩治贪污条例

层面B.8社区参与

— 专注贡献范畴

— 在专注范畴所动用资源

LIST OF SIGNIFICANT LAWS AND

REGULATIONS (Continued)

B. Social (Continued)

Aspect B.2: Health and Safety

– Chapter 509 Ocupational Safety and Health Ordinance

– Work Safety Law of the PRC

– Law of the PRC on the Prevention and Control of

Ocupational Diseases

– Fire Protection Law of the PRC

Aspect B.4: Labour Standards

– Chapter 57 Employment of Children Regulations

– Labour Laws of the PRC

– Provisions on the Prohibition of Using Child Labour

Aspect B.5. Suply Chain Management

– Biding Law of the PRC

– Road Trafic Safety Law of the PRC

Aspect B.6: Product Responsibility

– Chapter 362 Trade Descriptions Ordinance

– Chapter 486 Personal Data (Privacy) Ordinance

– Consumer Protection Law of the PRC

– Advertising Law of the PRC

– Trademark Law of the PRC

Aspect B.7: Anti-coruption

– Chapter 201 Prevention of Bribery Ordinance

– Criminal Law of the PRC

– Punishing Coruption and Regulations of the PRC

Aspect B.8: Comunity Engagement

– Focus areas of contribution

– Resources contributed to the focus areas

Independent Auditor’s Report

独立核数师报告

中国资源交通集团有限公司二零二五年度报告

TO THE SHAREHOLDERS OF

CHINA RESOURCES AND TRANSPORTATION GROUP LIMITED

(Incorporated in the Cayman Islands with limited liability)

DISCLAIMER OF OPINION

We were engaged to audit the consolidated financial statements of

China Resources and Transportation Group Limited (the “Company”)

and its subsidiaries (the “Group”) set out on pages 95 to 207, which

comprise the consolidated statement of financial position as at 31

March 2025, the consolidated statement of profit or los and other

comprehensive income, the consolidated statement of changes in

equity and the consolidated statement of cash flows for the year then

ended, and notes to the consolidated financial statements, including a

sumary of material acounting policy information.

We do not expres an opinion on the consolidated financial statements

of the Group. Because of the potential interaction of the multiple

uncertainties relating to going concern and their posible cumulative

efect on the consolidated financial statements as described in the Basis

for Disclaimer of Opinion section of our report, we have not ben able

to obtain suficient apropriate audit evidence to provide a basis for an

audit opinion on these consolidated financial statements. In al other

respects, in our opinion the consolidated financial statements have

ben properly prepared in compliance with the disclosure requirements

of the Hong Kong Companies Ordinance.

BASIS FOR DISCLAIMER OF OPINION

Multiple uncertainties relating to going concern

As described in Note 3(c) to the consolidated financial statements, the

Group incured a los of aproximately HK$342,606,000 for the year

ended 31 March 2025 and as at 31 March 2025, the Group had net

curent liabilities and net liabilities of aproximately HK$18,433,738,000

and HK$13,031,907,000, respectively.

致

中国资源交通集团有限公司股东

（于开曼群岛注册成立之有限公司）

不发表意见

本核数师（以下简称「我们」）获委聘审核列载于第

95至207页中国资源交通集团有限公司（「本公司」）

及其附属公司（「本集团」）之综合财务报表，此等综

合财务报表包括于2025年3月31日之综合财务状况

表、截至该日止年度之综合损益及其他全面收益表、

综合权益变动表及综合现金流表，以及综合财务报

表附注，包括主要会计政策资料概要。

我们不会就本集团之综合财务报表发表意见。由于

我们的报告「不发表意见之基准」一节所述多个有关

持续经营之不确定因素之间的潜在相互影响及其对

综合财务报表可能构成之累计影响，我们未能取得

充分而适当的审核凭证以作为就综合财务报表提供

审核意见的基础。在所有其他方面，我们认为综合

财务报表已根据香港《公司条例》的披露规定妥为编

制。

不发表意见之基准

多项有关持续经营之不确定因素

诚如综合财务报表附注3(c)所述，截至2025年3月

31日止年度，本集团录得亏损约港币342,606,000

元及截至2025年3月31日，本集团的流动负债净额

及负债净额分别约为港币18,433,738,000元及港币

13,031,907,000元。

Independent Auditor’s Report

独立核数师报告

92China Resources and Transportation Group Limited Anual Report 2025

不发表意见之基准（续）

多项有关持续经营之不确定因素（续）

诚如综合财务报表附注所述，本集团存在重大已违

约负债，总额约达到港币18.19十亿元。尽管本集团

部分借贷已纳入法院批准的重组方案，但该方案的

关键条款仍未落实，且本集团大部分违约债务未被

纳入重组范围，目前仍处于协商阶段。

该等情况及附注3(c)所载的其他情况，显示存在多

项重大不确定因素，或会令本集团继续持续经营的

能力存在重大疑问。

本公司董事一直采取多项措施，以改善本集团的流

动性及财务状况，从而于到期时履行其责任，有关

措施载于综合财务报表附注3(c)。综合财务报表乃

以持续经营基准编制，其有效性取决于该等措施之

成果，而其受到众多不确定因素所影响，包括(i)成

功与中华人民共和国（「中国」）多间银行及其他债权

人协商以完成债务重组；(i)成功与本集团其他贷款

人、承付票据及不可兑换债券持有人就更新或延长

不被纳入重组方案内尚未偿还借贷的还款期进行磋

商，包括逾期本金及违约利息；及(i)成功筹集新资

金作为自批准财务报表起计十二个月期间之营运资

金。

截至批准综合财务报表日期，本集团上述措施尚未

完成。本集团于可预见将来获取充足营运资金以偿

还到期债务之能力存在重大不确定性。鉴于本集团

持续获得融资的重大不确定性，我们对截至2025年

3月31日止年度不发表意见。

BASIS FOR DISCLAIMER OF OPINION

(CONTINUED)

Multiple uncertainties relating to going concern

(Continued)

As further disclosed in that note, the Group had substantial liabilities in

default, amounting to aproximately HK$18.19 bilion. Although part of

the Group’s borowings are subject to a court-aproved restructuring

plan, key components of the plan remain incomplete, and a significant

portion of the Group’s defaulted liabilities is not included in the

restructuring and remains subject to ongoing negotiations.

These conditions, along with other maters set forth in Note 3(c),

indicate the existence of multiple uncertainties that may cast significant

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

The directors of the Company have ben undertaking a number of

measures to improve the Group’s liquidity and financial position, to

met its liabilities as and when they fal due, which are set out in Note

3(c) to the consolidated financial statements. The consolidated financial

statements have ben prepared on a going concern basis, the validity

of which depends on the outcome of these measures, which are

subject to multiple uncertainties, including (i) sucesfuly negotiating

with the People’s Republic of China (“PRC”) banks and other creditors

for finalising the debt restructuring; (i) sucesfuly negotiating with

the Group’s other lenders, promisory note and non-convertible bond

holders, for the renewal or extension of repayment of outstanding

borowings which are not under the restructuring plan, including those

with overdue principals and interests in default; and (i) sucesfuly

raising new funds for financing the working capital of the Group within

the next twelve months from the date of aproval of financial statement.

Up to the date of aproval of the consolidated financial statements,

the Group’s measures described above have not yet ben completed.

There were material uncertainties on the Group’s ability to obtain

adequate working capital to met its debts as and when they fal due

in the foreseable future. In view of the significance of the extent of the

uncertainty relating to the ongoing availability of finance to the Group,

we disclaim our opinion in respect of year ended 31 March 2025.

Independent Auditor’s Report

独立核数师报告

中国资源交通集团有限公司二零二五年度报告

BASIS FOR DISCLAIMER OF OPINION

(Continued)

Multiple uncertainties relating to going concern

(Continued)

Should the Group fail to achieve the above-mentioned measures on

a timely basis, it may not be able to continue as a going concern,

and adjustments would have to be made to write down the carying

values of the Group’s asets to their recoverable amounts, to provide

for any further liabilities which might arise and to reclasify non-curent

asets and non-curent liabilities to curent asets and curent liabilities

respectively. The efects of these adjustments have not ben reflected

in the consolidated financial statements.

RESPONSIBILITIES OF THE DIRECTORS

AND AUDIT COMITE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view in

acordance with HKFRS Acounting Standards isued by the Hong

Kong Institute of Certified Public Acountants (“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.

不发表意见之基准（续）

多项有关持续经营之不确定因素（续）

倘本集团未能及时达成上述措施，其可能未能持续

经营，并将须作出调整，以将本集团资产的账面值

撇减至其可收回金额，就任何可能产生之额外负债

计提拨备以及将非流动资产及非流动负债分别重新

分类为流动资产及流动负债。该等调整的影响尚未

于综合财务报表中反映。

董事及审核委员会就综合财务报表

须承担的责任

本公司董事须负责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及香港

《公司条例》的披露规定拟备真实而中肯的综合财务

报表，并对其认为使综合财务报表的编制不存在

由于欺诈或错误而导致的重大错误陈述所需的内部

控制负责。

在编制综合财务报表时，本公司董事负责评估本集

团持续经营的能力，并在适用情况下披露与持续经

营有关的事项，以及使用持续经营为会计基础，除

非本公司董事有意将本集团清盘或停止经营，或别

无其他实际的替代方案。

审核委员会协助本公司董事履行监督本集团的财务

报告过程的责任。

Independent Auditor’s Report

独立核数师报告

94China Resources and Transportation Group Limited Anual Report 2025

核数师就审核综合财务报表承担的

责任

我们的责任乃按照香港会计师公会颁布的香港审核

准则（「香港审核准则」）就本集团综合财务报表进行

审核，并发表核数师报告。本报告仅向阁下全体

汇报，而不作其他用途。我们概不会就本报告内容

对任何其他人士负责或承担责任。然而，基于本报

告「不发表意见之基准」一节所述事宜，我们未能获

取充足的审核凭证，以就该等综合财务报表的审核

意见提供基础。

我们遵从香港会计师公会颁布的专业会计师道德守

则（「守则」），独立于本集团行事，且已履行守则的

其他道德责任。

长青（香港）会计师事务所有限公司

执业会计师

黄家宝

执业证书编号：P07560

湾仔

骆克道188号

兆安中心24楼

香港，2025年6月30日

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our responsibility is to conduct an audit of the Group’s consolidated

financial statements in acordance with Hong Kong Standards on

Auditing (“HKSAs”) isued by the HKICPA and to isue an auditor’s

report. The 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. However, because of

the maters described in the Basis for Disclaimer of Opinion section of

our report, we have not ben able to obtain suficient apropriate audit

evidence to provide a basis for an audit opinion on these consolidated

financial statements.

We are independent of the Group in acordance with the HKICPA’s

Code of Ethics for Profesional Acountants (“the Code”), and we have

fulfiled our other ethical responsibilities in acordance with the Code.

McMilan Wods (Hong Kong) CPA Limited

Certified Public Acountants

Wong Ka Bo, Jimy

Practising Certificate Number: P07560

24/F., Siu On Centre

188 Lockhart Road

Wan Chai

Hong Kong, 30 June 2025

2025
二零二五年
HK$’000
千港元
577,662
(432,813)
144,849
(19,264)
–
(52,838)
220
(373)
(63,406)
(351,794)
(342,606)
–
(342,606)
75,768
(266,838)

截至2025年3月31日止年度 For the year ended 31 March 2025

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

中国资源交通集团有限公司二零二五年度报告

二零二四年

NotesHK$’000

附注千港元

Revenue收益6593,148

Cost of sales销售成本(372,738)

Gros profit毛利220,410

Other income and other gains or

loses, net

其他收入及其他收益或

亏损净额

15,105

Gains on debt restructuring债务重组收益342,428,828

Impairment los of deposits and

other receivables, net

按金及其他应收款项

减值亏损净额

(2,455)

Reversal of impairment los of trade

receivables, net

贸易应收款项减值亏损

拨回净额

12,537

Los on change in fair value les costs to sel

of biological asets

生物资产之公平价值变动减

销售成本所产生之亏损

(13,643)

Seling and administrative expenses销售及行政费用(49,714)

Finance costs财务成本8(562,954)

(Los)/profit before tax除税前（亏损）╱溢利92,048,114

Income tax所得税10–

(Los)/profit for the year年度（亏损）╱溢利2,048,114

Other comprehensive income:其他全面收入：

Item that may be reclasified subsequently to

profit or los:

可能于往后期间重新分类至

溢利或亏损的项目：

Exchange diferences on translation of

financial statements of foreign operations

换算海外业务财务报表时

产生之汇兑差额457,352

TOTAL COMPREHENSIVE (LOS)/

INCOME FOR THE YEAR

年度全面（亏损）╱收入总额

2,505,466

2025
二零二五年
HK$’000
千港元
(337,599)
(5,007)
(342,606)
(270,496)
3,658
(266,838)
HK$
港币
(0.03)
N/A不适用

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

截至2025年3月31日止年度 For the year ended 31 March 2025

96China Resources and Transportation Group Limited Anual Report 2025

二零二四年

NotesHK$’000

附注千港元

(Los)/profit for the year atributable to:应占年度（亏损）╱溢利：

– Owners of the Company– 本公司拥有人1,731,821

– Non-controling interests– 非控股权益316,293

2,048,114

Total comprehensive (los)/income for

the year atributable to:

应占年度全面（亏损）╱收入

总额：

– Owners of the Company– 本公司拥有人2,129,256

– Non-controling interests– 非控股权益376,210

2,505,466

HK$

港币

(Los)/earnings per share atributable to

owners of the Company

本公司拥有人应占每股

（亏损）╱盈利

– Basic– 基本130.16

– Diluted– 摊薄13N/A不适用

The notes on pages 102 to 207 from part of these financial statements.第102至207页之附注组成本财务报表之一部分。

2025
二零二五年
HK$’000
千港元
5,086,179
121,672
45,526
39,753
111,514
5,404,644
849
296,508
337,354
10,702
645,413
6,050,057
5,436,693
129,822
9,115,963
4,395,648
1,025
19,079,151
(18,433,738)
(13,029,094)

于2025年3月31日 As at 31 March 2025

中国资源交通集团有限公司二零二五年度报告

Consolidated Statement of Financial Position

综合财务状况表

二零二四年

NotesHK$’000

附注千港元

NON-CURENT ASETS非流动资产

Concesion intangible aset特许权无形资产145,413,111

Property, plant and equipment物业、厂房及设备15123,516

Right-of-use asets使用权资产1656,802

Biological asets生物资产1739,718

Financial asets at fair value through profit

or los (“FVTPL”)

按公允价值计入损益（「按

公允价值计入损益」）之

财务资产

134,120

TOTAL NON-CURENT ASETS非流动资产总值5,767,267

CURENT ASETS流动资产

Inventories存货20590

Trade receivables贸易应收账款21378,743

Prepayments, deposits and other

receivables

预付款项、按金及其他应

收款项

140,620

Cash and cash equivalents现金及现金等值物2313,372

TOTAL CURENT ASETS流动资产总值533,325

TOTAL ASETS资产总值6,300,592

CURENT LIABILITIES流动负债

Other payables其他应付款项245,257,854

Promisory note承付票据25124,822

Borowings借贷269,282,320

Non-convertible bonds不可兑换债券274,395,648

Lease liabilities租赁负债281,142

TOTAL CURENT LIABILITIES流动负债总额19,061,786

NET CURENT LIABILITIES流动负债净额(18,528,461)

TOTAL ASETS LES CURENT

LIABILITIES

资产总值减流动负债

(12,761,194)

2025
二零二五年
HK$’000
千港元
2,813
2,813
19,081,964
(13,031,907)
2,128,819
(14,115,153)
(11,986,334)
(1,045,573)
(13,031,907)

于2025年3月31日 As at 31 March 2025

98China Resources and Transportation Group Limited Anual Report 2025

Consolidated Statement of Financial Position

综合财务状况表

二零二四年

NotesHK$’000

附注千港元

NON-CURENT LIABILITIES非流动负债

Lease liabilities租赁负债283,875

TOTAL NON-CURENT LIABILITIES非流动负债总额3,875

TOTAL LIABILITIES负债总额19,065,661

NET LIABILITIES负债净额(12,765,069)

CAPITAL AND RESERVES股本及储备

Share capital股本292,128,819

Reserves储备(13,844,657)

Equity atributable to owners of

the Company

本公司拥有人应占权益

(11,715,838)

Non-controling interests非控股权益(1,049,231)

CAPITAL DEFICIENCIES股本亏绌(12,765,069)

Aproved and authorised for isue by the board of directors on 30 June

2025.

Mr. Gao ZhipingMr. Lu Zhiming

高志平先生陆志明先生

DirectorDirector

董事董事

The notes on pages 102 to 207 from part of these financial statements.

经董事会于2025年6月30日批准及授权刊发。

第102至207页之附注组成本财务报表之一部分。

–	–	–	–	–	–	(337,599)	(337,599)	(5,007)	(342,606)
–	–	–	–	–	67,103	–	67,103	8,665	75,768
–	–	–	–	–	67,103	(337,599)	(270,496)	3,658	(266,838)
2,128,819	1,291,426	3,800	795,363	1,118	708,238	(16,915,098)	(11,986,334)	(1,045,573)	(13,031,907)

Consolidated Statement of Changes in Equity

综合权益变动表

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Capital

redemption

reserve

Capital

reserve

Statutory

reserve

Translation

reserve

Acumulated

losesSub-total

Non-

controling

interestsTotal

股本股份溢价资本赎回储备资本储备法定储备换算储备累计亏损小计非控股权益总额

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

(Note (i)(Note (i)(Note (i)(Note (iv)

（附注(i)）（附注(i)）（附注(i)）（附注(iv)）

At 1 April 2023于2023年4月1日2,128,8191,291,4263,800795,3631,118243,700(18,309,320)(13,845,094)(1,425,441)(15,270,535)

Profit for the year年度溢利–1,731,8211,731,821316,2932,048,114

Exchange diferences on translation

of financial statements of foreign

operations

换算海外业务财务报表时

产生之汇兑差额

–397,435–397,43559,917457,352

Total comprehensive income

for the year

年度全面收入总额

–397,4351,731,8212,129,256376,2102,505,466

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日2,128,8191,291,4263,800795,3631,118641,135(16,577,499)(11,715,838)(1,049,231)(12,765,069)

Los for the year年度亏损

Exchange diference on translation

of financial statements of

foreign operations

换算海外业务财务报表时

产生之汇兑差额

Total comprehensive (los)/

income for the year

年度全面（亏损）╱收入总额

At 31 March 2025于2025年3月31日

Notes:

(i) Capital redemption reserve represented the nominal value of the shares

repurchased which has ben funded from the share premium of the

Company.

(i) The capital reserve represented capitalisation of payables to non-

controling interests.

(i) In acordance with the relevant regulations in the PRC, the Company’s

subsidiary established in the PRC is required to transfer a certain

percentage of its profits after tax to reserve funds. Subject to certain

restrictions set out in the relevant PRC regulations and in the subsidiary’s

articles of asociation, the reserve funds may be used either to ofset

loses, or for capitalisation by way of paid-up capital.

(iv) The translation reserve represented al exchange diferences arising from

the translation of the financial statements of operations outside Hong

Kong.

附注：

(i) 资本赎回储备代表本公司以股份溢价资金回购股份

的名义价值。

(i) 资本储备指应付非控股权益之款项资本化。

(i) 根据中国相关法规，本公司于中国成立之附属公司

须转拨其若干比例之除税后溢利至储备公积金。在

中国相关法规及附属公司之组织章程细则之规限下，

储备公积金可用作抵销亏损或以缴足股本之方式拨

作资本。

(iv) 换算储备指换算在香港境外经营之附属公司之财务

报表产生之所有汇兑差额。

2025
二零二五年
HK$’000
千港元
(342,606)
(33)
351,794
9,767
10,785
373
21,406
52,838
(220)
275,222
–
(663)
958
379,621
(266)
(172,892)
(18,163)
(864)
61
187,497

Consolidated Statement of Cash Flows

综合现金流表

截至2025年3月31日止年度 For the year ended 31 March 2025

100China Resources and Transportation Group Limited Anual Report 2025

二零二四年

NotesHK$’000

附注千港元

Cash flows from operating activities经营业务之现金流

(Los)/profit before tax除税前（亏损）╱溢利2,048,114

Adjustments for:就以下项目作出调整：

Interest income利息收入7(138)

Finance costs财务成本8562,954

Depreciation of property, plant and

equipment

物业、厂房及设备折旧15

27,324

Depreciation of right-of-use asets使用权资产折旧1610,989

Los on change in fair value les costs to

sel of biological asets

生物资产之公平价值变动减销

售成本所产生之亏损

13,643

Fair value los/(gain) on financial asets at

FVTPL

按公允价值计入损益之

财务资产之公平价值

亏损╱（收益）

(18,797)

Impairment los of deposits and other

receivables, net

按金及其他应收款项减值

亏损净额

2,455

Reversal of impairment los of trade

receivables, net

贸易应收款项减值

亏损拨回净额

(12,537)

Amortisation of concesion intangible aset特许权无形资产摊销14278,744

Gain on debt restructuring债务重组收益34(2,428,828)

Gain on disposal of property, plant and

equipment

出售物业、厂房及设备收益7

(29)

Net foreign exchange los外汇亏损净额76,586

Operating profit before changes in

working capital

营运资金变动前之经营溢利

490,480

Increase in inventories存货增加(505)

(Increase)/decrease in trade and other

receivables, prepayments and deposits

贸易及其他应收款项，

预付款项及按金

（增加）╱减少714,407

Decrease in other payables其他应付款项减少(155,298)

Payment for plantation of biological asets种植生物资产付款17(572)

Decrease in biological asets生物资产减少17–

Net cash generated from operating

activities

来自经营业务

现金净额1,048,512

2025
二零二五年
HK$’000
千港元
(9,774)
1,509
33
(8,232)
(75,772)
(104,924)
(1,138)
(220)
(182,054)
(2,789)
119
13,372
10,702
10,702

Consolidated Statement of Cash Flows

综合现金流表

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

二零二四年

NotesHK$’000

附注千港元

Cash flows from investing activities投资活动之现金流

Payments for acquisition of property, plant

and equipment

购买物业、厂房及设备付款15

(579)

Proceds from disposal of property, plant and

equipment

出售物业、厂房及设备之

所得款项98

Interests received已收利息138

Net cash used in investing activities用于投资活动之现金净额(343)

Cash flows from financing activities融资活动之现金流

Repayment of borowings偿还借贷(1,052,658)

Repayment of interest payables偿还应付利息(186)

Capital element of lease payments租赁付款之资本部分41(b)(1,158)

Interest element of lease payments租赁付款之利息部分41(b)(269)

Net cash used in financing activities自融资活动所用之现金净额(1,054,271)

Net decrease in cash and cash

equivalents

现金及现金等值物减少净额

(6,102)

Efect of foreign exchange rate changes汇率变动之影响1,702

Cash and cash equivalents at begining

of year

年初现金及现金等值物

17,772

Cash and cash equivalents at end of year年终现金及现金等值物13,372

Analysis of balances of cash and cash

equivalents at end of year

年终现金及现金等值物结存

分析

Bank and cash balances银行及现金结存2313,372

The notes on pages 102 to 207 form part of these financial statements.第102至207页之附注组成本财务报表之一部分。

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

102China Resources and Transportation Group Limited Anual Report 2025

1. CORPORATE INFORMATION

China Resources and Transportation Group Limited (the

“Company”) is an exempted Company incorporated in the

Cayman Islands with limited liability and its shares are listed

on The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”). The adres of the registered ofice is the ofice of

JTC (Cayman) Limited located at 94 Solaris Avenue 2nd Flor,

Camana Bay P.O. Box 30745 Grand Cayman KY1-1203 Cayman

Islands. Its principal place of busines is located at 22/F, On

Hong Comercial Building, 145 Henesy Road, Wan Chai,

Hong Kong.

The principal activities of the Company and its subsidiaries

(colectively refer to as the “Group”) are expresway operations,

compresed natural gas (“CNG”) gas stations operations,

growing and sales of forage and agricultural products and timber

operations.

2. ADOPTION OF NEW AND REVISED HKFRS

ACOUNTING STANDARDS

(a) Aplication of new and revised HKFRS

Acounting Standards

The Group has aplied the folowing amendments to

HKFRS Acounting Standards isued by the HKICPA

for the first time, which are mandatorily efective for the

anual period begining on or after 1 January 2024 for the

preparation of the consolidated financial statements:

Amendments to HKAS 1Clasification of Liabilities as Curent or

Non-curent

Amendments to HKAS 1Non-curent Liabilities with Covenants

Amendments to HKFRS 16Lease Liability in a Sale and Leaseback

Hong Kong Interpretation 5

(“HK Int 5”)(Revised)

Presentation of Financial Statements –

Clasification by the Borower of a

Term Loan that Contains a Repayment

on Demand Clause

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance Arangements

The adoption of these new and revised HKFRS Acounting

Standards did not result in significant changes to the

Group’s acounting policies, presentation of the Group’s

financial statements and amounts reported for the curent

and prior years.

1. 公司资料

中国资源交通集团有限公司（「本公司」）乃于

开曼群岛注册成立之获豁免有限公司，其股

份于香港联合交易所有限公司（「联交所」）上

市。注册办事处地址为JTC (Cayman) Limited

之办事处，位于94 Solaris Avenue 2nd Flor,

Camana Bay P.O. Box 30745 Grand Cayman

KY1-1203 Cayman Islands。其主要营业地点

位于香港湾仔轩尼诗道145号安康商业大厦22

楼。

本公司及其附属公司（统称为「本集团」）之主

要业务为高速公路营运、压缩天然气（「压缩

天然气」）加气站营运、牧草及农产品种植和

销售以及木材营运。

2. 采纳新订及经修订香港财务报

告准则会计准则

(a) 应用新订及经修订之香港财务报告

准则会计准则

本集团于编制合并财务报表时已首次应

用下列由香港会计师公会所颁布并于

2024年1月1日或之后开始的年度期间强

制生效的香港财务报告准则会计准则修

订本：

香港会计准则第1号

（修订本）

负债分类为流动或非流动

香港会计准则第1号

（修订本）

附带契约的非流动负债

香港财务报告准则

第16号（修订本）

售后租回中的租赁负债

香港诠释第5号

（「香港诠释第5号」）

财务报表呈报－借款人对载

有（经修订）按要求偿还

条款之有期贷款之分类

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

采纳该等新订及经修订香港财务报告准

则会计准则并无导致本集团会计政策、

本集团财务报表呈列及本年度和过往年

度呈报的金额出现重大变动。

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

2. 采纳新订及经修订香港财务报

告准则会计准则（续）

(b) 已颁布但尚未生效之经修订香港财

务报告准则会计准则

本集团并未应用已颁布但尚未生效的新

订及经修订香港财务报告准则会计准

则。该等新订及经修订香港财务报告准

则会计准则包括以下可能与本集团有关

的准则：

本集团已开始评估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，其认为采纳该等准则不大可能对

其经营业绩及财务状况造成重大影响除

下述新准则外。

2. ADOPTION OF NEW AND REVISED HKFRS

ACOUNTING STANDARDS (Continued)

(b) Revised HKFRS Acounting Standards in isue

but not yet efective

The Group has not aplied the new and revised HKFRS

Acounting Standards that have ben isued but are not

yet efective. These new and revised HKFRS Acounting

Standards include the folowing which may be relevant to

the Group:

Efective for

acounting periods

begining on or after

于下列日期或以后开始

之会计期间生效

Amendments to HKAS 21 and HKFRS 1 – Lack of Exchangeability1 January 2025

香港会计准则第21号及香港财务报告会计准则第1号之修订－缺乏可兑换性二零二五年一月一日

Amendments to HKFRS 9 and HKFRS 7 – Clasification and Measurement of Financial

Instruments

1 January 2026

香港财务报告会计准则第9号及香港财务报告会计准则第7号之修订－

金融工具分类及计量

二零二六年一月一日

Anual Improvements to HKFRS Acounting Standards – Volume 111 January 2026

香港财务报告会计准则会计准则的年度改进－第11册二零二六年一月一日

HKFRS 18 – Presentation and Disclosure in Financial Statements1 January 2027

香港财务报告会计准则第18号－财务报表之呈列及披露二零二七年一月一日

HKFRS 19 – Subsidiaries without Public Acountability: Disclosures1 January 2027

香港财务报告会计准则第19号－无公共受托责任的附属公司：披露二零二七年一月一日

Amendments to HK Int 5 – Presentation of Financial Statements – Clasification by the

Borower of a Term Loan that Contains a Repayment on Demand Clause

1 January 2027

香港诠释第5号之修订－财务报表呈报－借款人对载有按要求偿还条款之

有期贷款之分类

二零二七年一月一日

Amendments to HKFRS 10 and HKAS 28 – Sale or Contribution of Asets betwen an

Investor and its Asociate or Joint Venture

To be determined

by the HKICPA

香港财务报告准则第10号及香港会计准则第28号之修订－投资者与其联营公司或合

营公司之间之资产出售或出资

待香港会计师公会

确定

The Group has already comenced an asesment of

the impact of these new and revised HKFRS Acounting

Standards so far it has concluded that the adoption of

them is unlikely to have a material impact on its results

of operations and financial position except for the new

standard mentioned below.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

104China Resources and Transportation Group Limited Anual Report 2025

2. ADOPTION OF NEW AND REVISED HKFRS

ACOUNTING STANDARDS (Continued)

(b) Revised HKFRS Acounting Standards in isue

but not yet efective (Continued)

HKFRS 18 “Presentation and Disclosure in Financial

Statements”

HKFRS 18 wil replace HKAS 1 “Presentation of financial

statements”, introducing new requirements that wil help

to achieve comparability of the financial performance of

similar entities and provide more relevant information and

transparency to users. Even though HKFRS 18 wil not

impact the recognition or measurement of items in the

consolidated financial statements, HKFRS 18 introduces

significant changes to the presentation of financial

statements, with a focus on information about financial

performance present in the statement of profit or los,

which wil afect how the Group present and disclose

financial performance in the financial statements. The key

changes introduced in HKFRS 18 relate to (i) the structure

of the statement of profit or los, (i) required disclosures

for management-defined performance measures (which

are refered to alternative or non-GAP performance

measures), and (i) enhanced requirements for agregation

and disagregation of information.

The directors of the Company are curently asesing the

impact of aplying HKFRS 18 on the presentation and the

disclosures of the consolidated financial statements.

2. 采纳新订及经修订香港财务报

告准则会计准则（续）

(b) 已颁布但尚未生效之经修订香港财

务报告准则会计准则（续）

香港财务报告会计准则第18号「财务报

表之呈列及披露」

香港财务报告会计准则第18号将取代香

港会计准则第1号「财务报表之呈列」，

引入新规定，有关规定将有助于实现类

似实体财务业绩的可比性，并为使用者

提供更多相关资料及透明度。尽管香港

财务报告会计准则第18号将不会影响综

合财务报表项目的确认或计量，香港财

务报告会计准则第18号对财务报表的呈

列引入重大变动，重点为损益表中呈列

的财务业绩资料，其将影响本集团于财

务报表中呈列及披露财务业绩的方式。

香港财务报告会计准则第18号引入的主

要变动涉及：(i)损益表的结构；(i)管理

层界定的业绩计量（即替代或非公认会

计原则业绩计量）的披露要求；及(i)强

化资料汇总及细分的要求。

本公司董事现正评估应用香港财务报告

会计准则第18号对综合财务报表的呈列

及披露的影响。

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

3. 主要会计政策资料

本集团采纳之主要会计政策概要载列如下。

(a) 合规声明

综合财务报表已根据香港会计师公会

（「香港会计师公会」）颁布之所有适用香

港财务报告准则会计准则以及香港《公

司条例》之披露规定而编制。香港财务

报告准则包括香港财务报告准则（「香港

财务报告准则」）香港会计准则（「香港会

计准则」）及诠释。此外，综合财务报表

亦包含联交所证券上市规则规定之适用

披露事项。

(b) 财务报表之编制基准

截至2025年3月31日止年度之综合财务

报表涵盖本公司及其附属公司。

本集团各实体之财务报表所列项目，均

以该实体的主要经营所在经济环境之货

币（「功能货币」）计量。综合财务报表以

港币（「港币」）呈列，该货币为本公司之

功能及呈列货币。

编制财务报表所用之计量基准为历史成

本基准，惟以下所载资产除外：

－生物资产；及

－按公允价值计入损益之财务资产。

编制符合香港财务报告准则会计准则之

财务报表，需要管理层作出会影响政策

应用以及资产与负债及收入与开支之呈

报数额之判断、估计及假设。有关估计

及相关假设根据过往经验及多项于此情

况下相信属合理之其他因素作出，有关

结果构成对未能在其他资料来源显示之

资产及负债之账面值作出判断之基础。

实际结果可能有别于该等估计。

3. MATERIAL ACOUNTING POLICY

INFORMATION

A sumary of material acounting policies adopted by the Group

is set out below.

(a) Statement of compliance

The consolidated financial statements have ben prepared

in acordance with al aplicable HKFRS Acounting

Standards isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and the disclosure

requirements of Hong Kong Companies Ordinance. HKFRS

Acounting Standards comprise Hong Kong Financial

Reporting Standards (“HKFRS”) Hong Kong Acounting

Standards (“HKAS”); and interpretations. In adition,

the consolidated financial statements include aplicable

disclosures required by the Rules Governing the Listing of

Securities on the Stock Exchange.

(b) Basis of preparation of the financial statements

The consolidated financial statements for the year ended 31

March 2025 comprise the Company and its subsidiaries.

Items included in the financial statements of each of the

Group’s entities are measured using the curency of the

primary economic environment in which the entity operates

(the “Functional Curency”). The consolidated financial

statements are presented in Hong Kong dolars (“HK$”).

Which is the Company’s functional and presentation

curency.

The measurement basis used in the preparation of the

financial statements is the historical cost basis except for

the folowing asets set out below:

– biological asets; and

– financial asets at FVTPL.

The preparation of financial statements in conformity with

HKFRS Acounting Standards requires management

to make judgements, estimates and asumptions that

afect the aplication of policies and reported amounts of

asets, liabilities, income and expenses. The estimates and

asociated asumptions are based on historical experience

and various other factors that are believed to be reasonable

under the circumstances, the results of which form the

basis of making the judgements about carying values of

asets and liabilities that are not readily aparent from other

sources. Actual results may difer from these estimates.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

106China Resources and Transportation Group Limited Anual Report 2025

（续）

(b) 财务报表之编制基准（续）

该等估计及相关假设会持续检讨。如会

计估计之修订仅对修订估计之期间构

成影响，则有关修订于该期间确认，或

如有关修订对本期间及未来期间均有影

响，则相关修订于修订期间及未来期间

确认。

有关管理层在应用香港财务报告准则会

计准则时所作出对财务报表有重大影响

之判断以及估计不确定因素的主要来源

于附注4论述。

截至2025年3月31日止年度，本集团录

得亏损约港币342,606,000元。截至2025

年3月31日，本集团的流动负债净额及

负债净额分别约为港币18,433,738,000

元及港币13,031,907,000元。

截至2025年3月31日的综合财务报表

中，本集团录得的主要债务如下：

(i) 违约银行借贷约港币9,086,963,000

元（「违约银行借贷」）；

(i) 违约其他借贷约港币29,000,000

元（「违约其他借贷」）；

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(b) Basis of preparation of the financial statements

(Continued)

The estimates and underlying asumptions are reviewed in

an ongoing basis. Revisions to acounting estimates are

recognised in the period in which the estimate is revised

if the revision afects only that period, or in the period of

the revision and future periods if the revision afects both

curent and future periods.

Judgements made by management in the aplication of

HKFRS Acounting Standards that have significant efect

on the financial statements and major sources of estimation

uncertainty are discused in Note 4.

The Group incured a los of aproximately

HK$342,606,000 for the year ended 31 March 2025 and

as at 31 March 2025, the Group had net curent liabilities

and net liabilities of aproximately HK$18,433,738,000 and

HK$13,031,907,000, respectively.

As of 31 March 2025 on these consolidated financial

statements, the Group had the folowing major liabilities as

recorded by the Group:

(i) The bank borowings amounted to aproximately

HK$9,086,963,000 in default (the “Defaulted bank

borowings”);

(i) The other borowings amounted to aproximately

HK$29,000,000 in default (the “Defaulted other

borowings”);

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(i) 违约银行借贷及违约其他借

贷的应计及违约利息约港币

2,631,506,000元（「违约借贷利

息」）；

(iv) 违约不可兑换债券总帐面额约港

币4,395,648,000元及违约利息约

港币1,918,207,000元（「违约不可

兑换债券」）；及

(v) 违约承付票据约港币129,822,000

元（「违约承付票据」）；

该等债务总金额约为港币18,191,146,000

元已违约，并于2025年3月31日分类为

流动负债。

于2022年5月10日，内蒙古自治区乌兰

察布市中级人民法院（「法院」）接受国

家开发银行对本集团主要营运附属公司

内蒙古准兴重载高速公路有限责任公司

（「准兴」）提出的重组申请。该重组方案

已于2023年9月26日获得法院批准。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Acrued and default interest on the bank and other

borowings of aproximately HK$2,631,506,000 in

default (the “Defaulted borowings interest”);

(iv) Non-convertible bonds amounted to aproximately

HK$4,395,648,000 and default interest of

aproximately HK$1,918,207,000 in default (the

“Defaulted non-convertible bonds”); and

(v) Promisory note amounted to aproximately

HK$129,822,000 in default (the “Defaulted

promisory note”);

These debts, totaling aproximately HK$18,191,146,000,

are in default and have ben clasified under curent

liabilities at 31 March 2025.

On 10 May 2022, the Intermediate People’s Court of

Ulanqab Iner Mongolia Autonomous Region (the “Court”)

acepted the restructuring aplication filed against the main

operating subsidiary of the Group, Iner Mongolia Zhunxing

Heavy Haul Expresway Company Limited (“Zhunxing”) by

China Development Bank. The restructuring proposal was

aproved by the Court on 26 September 2023.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

108China Resources and Transportation Group Limited Anual Report 2025

（续）

违约银行借贷及违约借贷利息将透过重

组方案处理，该方案包括赋予债权人选

择权，可通过转让准兴部分股权以抵销

债务，详情载于综合财务报表附注34。

截至2024年3月31日止年度，已实施了

仅涉及债务扣减的部分重组措施，由此

解除约港币3,488,228,000元的违约债

务。但重组方案中涉及股权转让的其余

要素仍有待落实。违约其他借贷、违约

不可兑换债券及违约承付票据不包含在

准兴的重组计划中，将对其进行更新或

延长还款期限。目前正与有关债权人该

等债务的更新进行协商。

在与债权人最终达成协议并变更准兴的

拥有权结构之前，管理人须核实其他债

权人的决定，确认法院批准的最终索赔

金额，并与债权人就协议的具体条款进

行协商。截至本报告日期，重组对本公

司的影响仍然不确定，需等待重组的最

终结果。

截至本综合财务报表批准日期，本集团

尚未结清违约银行借贷、违约其他借

贷、违约借贷利息、违约不可兑换债券

及违约承付票据的金额。

所有上述情况显示存在多项重大不确定

因素，或会令本集团继续持续经营的能

力存在重大疑问。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

The Defaulted bank borowings and the Defaulted

borowings interest wil be adresed through the

restructuring proposal, which includes an option for

the creditors to discharge the debts in exchange for a

portion of the equity interest of Zhunxing, as disclosed

in note 34 to the consolidated financial statements. Part

of the restructuring, specificaly the component involving

only a haircut of the debts, was implemented during the

year ended 31 March 2024, resulting in the discharge of

aproximately HK$3,488,228,000 of defaulted debts. The

remaining elements of the restructuring, particularly those

involving the equity transfer, are stil subject to completion.

The Defaulted other borowings, the Defaulted non-

convertible bonds and the Defaulted promisory note are

excluded from the restructuring plan and wil instead subject

to renewal or extension of repayment terms. The renewal

negotiations for these liabilities are curently ongoing with

the respective creditors.

Prior to finalising the agrement with the creditor and

changing Zhunxing’s ownership structure, the Administrator

must verify the decisions of other creditors, confirm the

court-aproved final claim amounts, and negotiate the

specific terms of the agrement with the creditor. As of the

date of this report, the impact on the Company remains

uncertain, pending the final results of the restructuring.

As of the date of aproval on these consolidated financial

statements, the Group had not setled the amounts of the

Defaulted bank borowings, the Defaulted other borowings,

the Defaulted borowings interest, the Defaulted non-

convertible bonds and the Defaulted promisory note.

Al of the above conditions indicate the existence of multiple

material uncertainties which may cast significant doubt on

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

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

鉴于上述情况及状况，董事于评估本集

团是否拥有充足财务资源继续持续经营

时，已审慎考虑本集团的未来流动资金

状况及表现以及可得的融资渠道。本集

团已采取若干措施，以舒缓流动资金压

力及改善其财务状况，包括但不限于以

下各项：

(i) 本集团积极地与中国多间银行及

其他债权人协商以完成债务重组；

(i) 本集团正积极与本集团其他贷款

人、承付票据及不可兑换债券持

有人磋商，以寻求更新或延长偿

还所有借贷，包括本金额及违约

利息；以及

(i) 本集团正积极与外部人士磋商，

以获得新融资渠道，从而为本集

团提供营运资金并改善流动资金

状况。

本公司董事已编制涵盖批准综合财务报

表当日起计不少于十二个月期间之本集

团现金流量预测。基于假设成功实施上

述措施之现金流量预测，本公司董事认

为，本集团将具备充裕营运资金，以应

付其自批准综合财务报表当日起计未来

十二个月到期之财务责任。因此，综合

财务报表已按持续经营基准编制。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

In view of the circumstances and conditions mentioned

above, the directors have given careful consideration to

the future liquidity and performance of the Group and its

available sources of finance in asesing whether the Group

wil have suficient financial resources to continue as a going

concern. Certain measures have ben taken by the Group

to mitigate the liquidity presure and to improve its financial

position, which include, but not limited to, the folowing:

(i) The Group is actively negotiating with the PRC

banks and other creditors for finalising the debt

restructuring;

(i) The Group is actively negotiating with the Group’s

other lenders, promisory note and non-convertible

bond holders to sek for the renewal or extension of

repayments of al borowings, including principals and

interests in default; and

(i) The Group is actively negotiating with external parties

to obtain new sources of financing to finance the

Group’s working capital and improve the liquidity

position.

The directors of the Company have prepared a cash

flow forecast of the Group for a period covering not les

than twelve months from the date of aproval of the

consolidated financial statements. Based on the cash flow

forecast which has asumed the sucesful implementation

of the above measures, the directors of the Company are

of the opinion that the Group wil have suficient working

capital to met its financial obligations as and when they

fal due in the next twelve months from the date of aproval

for the consolidated financial statements. Acordingly, the

consolidated financial statements have ben prepared on a

going concern basis.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

110China Resources and Transportation Group Limited Anual Report 2025

（续）

尽管如以上所述，本公司管理层能否实

现上述计划及措施仍存有重大不确定

性。本集团是否能持续经营将视乎本集

团透过以下方式产生充足融资及经营现

金流的能力而定：

(i) 成功与中国多间银行及其他债权

人协商以完成债务重组；

(i) 成功与本集团其他贷款人、承付

票据及不可兑换债券持有人就更

新或延长尚未偿还借贷的还款期

进行磋商，包括逾期本金及违约

利息；及

(i) 成功筹集新资金作为自批准财务

报表起计十二个月期间之营运资

金。

倘本集团无法持续经营业务，将须作出

调整，以分别将资产价值重列至可收回

价值以及将非流动资产及非流动负债分

别重新分类为流动资产及流动负债，并

就可能产生之任何额外负债计提拨备。

该等潜在调整的影响并未于该等综合财

务报表内反映。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Notwithstanding the above, significant uncertainties exist

as to whether management of the Company wil be able

to achieve its plans and measures as described above.

Whether the Group wil be able to continue as a going

concern would depend upon the Group’s ability to generate

adequate financing and operating cash flows through the

folowing:

(i) Sucesfuly negotiating with the PRC banks and

other creditors for finalising the debt restructuring;

(i) Sucesfuly negotiating with the Group’s other

lenders, promisory note and non-convertible bond

holders for the renewal or extension of repayment of

outstanding borowings, including those with overdue

principals and interests; and

(i) Sucesfuly raising new funds for financing the

working capital of the Group within the next twelve

months from the date of aproval of financial

statements.

Should the Group be unable to continue in busines as

a going concern, adjustments would have to be made to

restate the value of asets to their recoverable amounts,

to reclasify non-curent asets and non-curent liabilities

as curent asets and curent liabilities respectively, and to

provide for any further liabilities that may arise. The efects

of these potential adjustments have not ben reflected in

these consolidated financial statements.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(d) 附属公司及非控股权益

附属公司指本集团拥有控制权的实体。

倘本集团因参与实体业务而承担当中的

可变动回报风险或有权享有当中的可变

动回报，且能够透过其对该实体的权力

影响该等回报，则本集团控制该实体。

当本集团现时拥有的权力赋予其目前掌

控有关活动（即大幅影响实体回报之活

动）的能力时，本集团即对该实体拥有

权力。评估本集团是否拥有权力时，仅

会考虑本集团及其他人士所持有的实权。

于一间附属公司之投资由该控制权开始

之日期直至控制权终止日期综合计入综

合财务报表。集团间结余、交易及现金

流以及由集团间交易所产生之任何尚未

变现溢利均于编制综合财务报表时悉

数对销。由集团间交易所产生之未变现

亏损以与未变现盈利相同之方式予以对

销，惟以并无减值证据者为限。

非控股权益乃指附属公司中并非由本公

司直接或间接应占之权益，而本集团并

无与该等权益之持有人协定任何额外条

款而导致本集团整体上须就符合财务负

债定义之该等权益负上合约责任。就各

业务合并而言，本集团可选择按公平价

值或非控股权益所占附属公司之净可识

别资产之比例计量任何非控股权益。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(d) Subsidiaries and non-controling interests

Subsidiaries are entities over which the Group has control.

The Group controls an entity when it is exposed, or has

rights, to variable returns from its involvement with the entity

and has the ability to afect those returns through its power

over the entity. The Group has power over an entity when

the Group has existing rights that give it the curent ability

to direct the relevant activities, i.e. activities that significantly

afect the entity’s returns. When asesing whether the

Group has power, only substantive rights (held by the

Group and other parties) are considered.

An investment in a subsidiary is consolidated into the

consolidated financial statements from the date that control

comences until the date that control ceases. Intra-group

balances, transactions and cash flows and any unrealised

profits arising from intra-group transactions are eliminated

in ful in preparing the consolidated financial statements.

Unrealised loses resulting from intra-group transactions

are eliminated in the same way as unrealised gains but only

to the extent that there is no evidence of impairment.

Non-controling interests represent the equity in subsidiaries

not atributable directly or indirectly to the Company, and in

respect of which the Group has not agred any aditional

terms with the holders of those interests which would result

in the Group as a whole having a contractual obligation

in respect of those interests that mets the definition of a

financial liability. For each busines combination, the Group

can elect to measure any non-controling interests either at

fair value or at the non-controling interests’ proportionate

share of the subsidiary’s net identifiable asets.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

112China Resources and Transportation Group Limited Anual Report 2025

（续）

(d) 附属公司及非控股权益（续）

非控股权益于综合财务状况表内与本公

司权益股东应占权益分开呈列，并于权

益内列示。本集团业绩之非控股权益乃

于综合损益表及综合损益及其他全面收

益表列账，作为非控股权益与本公司权

益股东之间于该年度之总损益及全面收

益总额之分配列示。即使会导致非控股

权益出现亏绌结余，本公司权益股东及

非控股权益仍应获附属公司全面收益总

额。非控股权益持有人之借贷及其他有

关该等持有人之合约责任，于综合财务

状况表列为财务负债。

本集团于一间附属公司之权益变动（并

无导致失去控制权）列作权益交易，并

对综合权益中之控股及非控股权益金额

作出调整，以反映有关权益之变动，惟

概无对商誉作出任何调整及并无确认任

何盈亏。

倘本集团失去一间附属公司之控制权，

将列作出售其于该附属公司之全部权

益，因此产生之收益或亏损于损益中确

认。于失去控制权当日仍保留于前附属

公司之任何权益乃按公平价值确认，而

该款项将视为于初步确认财务资产时之

公平价值，或（倘适合）将视为于初步确

认于一间联营公司或合营企业之投资时

之成本。

在本公司之财务状况表中，于一间附属

公司之投资乃按成本减去减值亏损列账

（附注3(j)(i)），除非该项投资分类为持作

出售（或计入分类为持作出售之出售组

别）。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(d) Subsidiaries and non-controling interests

(Continued)

Non-controling interests are presented in the consolidated

statement of financial position within equity, separately

from equity atributable to the equity shareholders of the

Company. Non-controling interests in the results of the

Group are presented on the face of the consolidated

statement of profit or los and the consolidated statement

of profit or los and other comprehensive income as an

alocation of the total profit or los and total comprehensive

income for the year betwen non-controling interests

and the equity shareholders of the Company. Total

comprehensive income of subsidiaries is atributed to

the equity shareholders of the Company and to the non-

controling interests even if this results in the non-controling

interests having a deficit balance. Borowings from holders

of non-controling interests and other contractual obligations

towards these holders are presented as financial liabilities in

the consolidated statement of financial position.

Changes in the Group’s interests in a subsidiary that

do not result in a los of control are acounted for as

equity transactions, whereby adjustments are made to

the amounts of controling and non-controling interests

within consolidated equity to reflect the change in relative

interests, but no adjustments are made to godwil and no

gain or los is recognised.

When the Group loses control of a subsidiary, it is

acounted for as a disposal of the entire interest in that

subsidiary, with a resulting gain or los being recognised in

profit or los. Any interest retained in that former subsidiary

at the date when control is lost is recognised at fair value

and this amount is regarded as the fair value on initial

recognition of a financial aset or, when apropriate, the

cost on initial recognition of an investment in an asociate

or joint venture.

In the Company’s statement of financial position, an

investment in a subsidiary is stated at cost les impairment

loses (Note 3(j)(i), unles the investment is clasified

as held for sale (or included in a disposal group that is

clasified as held for sale).

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(e) 于股本证券之其他投资

本集团的于股本证券的投资（除于附属

公司及联营公司投资）政策如下：

于股本证券的投资乃于本集团承诺购

入╱出售该等投资日期确认╱终止确

认。该等投资初步按公平价值加直接应

占交易成本列账，惟按公允价值计入损

益计量之该等投资除外，其交易成本直

接于损益确认。有关本集团如何厘定金

融工具公平价值的阐释，见附注37(f)。

该等投资其后视乎其分类按下列方式列

账。

股本投资

股本证券投资均会被分类为按通过损益

按公允价值计量入损益，除非该股本投

资不是持作买卖，并在初始确认投资时

本集团作出不可撤销的选择指定按通过

其他综合收益按公允价值计量（不可转

回），以致后续公平价值变动在其他全

面收益中确认。该等选择以个别工具基

准作出，但只有当投资符合发行人角度

下的股本定义时方可进行。若作出此选

择，在该投资被出售前，于其他全面收

益中累计的金额仍保留在公平价值储备

（不可转回）中。在出售时，公平价值储

备（不可转回）中累计的金额会转入保留

盈利，且不会转入损益。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(e) Other investments in equity securities

The Group’s policies for investments in equity securities,

other than investments in subsidiaries and asociates, are

as folows:

Investments in equity securities are recognised/derecognised

on the date the Group comits to purchase/sel the

investment. The investments are initialy stated at fair value

plus directly atributable transaction costs, except for those

investments measured at FVTPL for which transaction

costs are recognised directly in profit or los. For an

explanation of how the Group determines fair value of

financial instruments, se Note 37(f). These investments are

subsequently acounted for as folows, depending on their

clasification.

Equity investments

An investment in equity securities is clasified as FVTPL

unles the equity investment is not held for trading purposes

and on initial recognition of the investment the Group

makes an irevocable election to designate the investment

at fair value through other comprehensive income (non-

recycling) such that subsequent changes in fair value are

recognised in other comprehensive income. Such elections

are made on an instrument-by-instrument basis, but may

only be made if the investment mets the definition of equity

from the isuer’s perspective. Where such an election is

made, the amount acumulated in other comprehensive

income remains in the fair value reserve (non-recycling) until

the investment is disposed of. At the time of disposal, the

amount acumulated in the fair value reserve (non-recycling)

is transfered to retained earnings. It is not recycled through

profit or los.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

114China Resources and Transportation Group Limited Anual Report 2025

（续）

(f) 物业、厂房及设备

下列物业、厂房及设备项目（在建工程

除外）按成本减累计折旧及减值亏损列

账。

－于本集团作为物业权益登记持有

人的租赁土地及楼宇的权益；

－本集团并非物业权益登记持有人

的租赁物业的租赁所产生的使用

权资产；及

－厂房及设备项目，包括相关厂房

及设备的租赁所产生的使用权资

产。

折旧按足以在估计可使用年限内以直线

法冲销其成本减去剩余价值的比率计

算。主要的年折旧率如下:

楼宇－其他楼宇于相关租赁余下年期

内但不超过30年

租赁物业装修于租赁余下年期内但

不超过5年

发电设备20年

家具、机器及

设备

5至20年

汽车5至8年

船只10年

安全设备10年

通讯及讯号系统10年

收费设备10年

茶树20年

剩余价值、可使用年限和折旧方法会

在每个报告期末进行审阅和调整（如适

当）。任何估计变更的影响会按前瞻性

基准入账。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Property, plant and equipment

The folowing items of property, plant and equipment other

than construction in progres, are stated at cost les

acumulated depreciation and impairment loses.

– interests in leasehold land and buildings where the

Group is the registered owner of the property interest;

– right-of-use asets arising from leases over leasehold

properties where the Group is not the registered

owner of the property interest; and

– items of plant and equipment, including right-of-use

asets arising from leases of underlying plant and

equipment.

Depreciation is calculated at rates suficient to write of the

cost les their residual value over the estimated useful lives

on a straight-line basis. The principal anual rates are as

folows:

Buildings – Other buildingsOver the remaining term of

the relevant lease but not

exceding 30 years

Leasehold improvementsOver the remaining life of the

leases but not exceding 5

years

Power generating

equipment

20 years

Furniture, machinery and

equipment

5 to 20 years

Motor vehicles5 to 8 years

Vesels10 years

Safety equipment10 years

Comunication and

signaling systems

10 years

Tol colection equipment10 years

Camelia tres20 years

The residual values, useful lives and depreciation method

are reviewed and adjusted, if apropriate, at the end of

each reporting period, with the efect of any changes in

estimate amounted for on a prospective basis.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(f) 物业、厂房及设备（续）

在建工程指为生产或为自用而兴建中之

物业、厂房及设备。在建工程乃按成本

减累计减值亏损（如有）列账。成本包括

兴建或安装及测试期间兴建成本及用作

为该等资产提供资金之借贷所产生之利

息开支（如有）。在建工程于相关资产完

成及可用作拟定用途前，不会就折旧作

出拨备。

物业、厂房及设备项目的弃置或出售所

产生的收益或亏损，乃按项目出售所得

款项净额与项目账面值之间的差额厘

定，并于损益中确认。

当资产之账面值高于其估计可收回金

额，资产之账面值则即时撇减至其可收

回金额。

(g) 生物资产

生物资产指将生物资产转变为待售农产

品或新增生物资产之农业活动所涉及之

植物。生物资产、农产品及树苗于初步

确认时及于各报告期末按公平价值减销

售成本计量。收割时之公平价值减销售

成本被视为进一步加工农产品之成本（如

适用）。

茶树是生产性植物，因此被视为物业、

厂房及设备，请见附注3(f)。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Property, plant and equipment (Continued)

Construction in progres represents property, plant and

equipment in the course of construction for production or

for its own use purposes. Construction in progres is stated

at cost les acumulated impairment loses, if any. Cost

includes the costs of construction and interest charges

arising from borowings used to finance these asets during

the period of construction or instalation and testing, if

any. No provision for depreciation is made on construction

in progres until such time as the relevant asets are

completed and are available for its intended use.

The gain or los on disposal of property, plant and

equipment is the diference betwen the net sales proceds

and the carying amount of the relevant asets, and is

recognised in profit or los.

An aset’s carying amount is writen down imediately

to its recoverable amount if the aset’s carying amount is

greater than its estimated recoverable amount.

(g) Biological asets

Biological asets are living plants involved in the agricultural

activities of the transformation of biological asets into

agricultural produce for sale or into aditional biological

asets. Biological asets, agricultural produce and

sedlings, are measured at fair value les costs to sel at

initial recognition and at the end of each reporting period.

The fair value les costs to sel at the time of harvest is

demed as the cost of agricultural produce for further

procesing, if aplicable.

The camelia tres are bearer plants and are therefore

prepared and acounted for as property, plant and

equipment, se Note 3(f).

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

116China Resources and Transportation Group Limited Anual Report 2025

（续）

(g) 生物资产（续）

倘经参考农作物之可资比较品种、生长

环境及预期产量后，生物资产或农产品

存在活跃市场，则于厘定该资产公平价

值时将采纳该市场报价。倘不存在活跃

市场，则本集团将使用最近期市场交易

价格（惟经济环境于交易日期至报告期

末期间须无重大变动）或类似资产之市

价（经调整以反映差异）厘定公平价值。

生物资产于初步确认时及其后公平价值

变动减销售成本所产生之收益或亏损于

产生期间于损益确认。账面值于农产品

作为森林产品出售时转拨至综合损益表

之销售成本。

自首次产生成本后出现少量生物转变之

树苗按成本减任何减值亏损列账。

(h) 特许权无形资产

特许权无形资产指本集团根据服务特许

权安排获授之向公共服务使用者收取

费用之权利。特许权无形资产以成本列

账，即根据服务特许权安排提供之建造

服务所收取或应收取之代价之公平价

值，减累计摊销及任何减值亏损。

特许权无形资产于特许权无形资产投入

营运时开始摊销。

具有限可使用年期之特许权无形资产乃

按其估计可使用年期以直线法计提摊

销。估计可使用年期及摊销方法会于各

报告期末检讨，并按前瞻基准就任何估

计变动之影响入账。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Biological asets (Continued)

If an active market exists for a biological aset or agricultural

produce with reference to comparable specie, growing

condition and expected yield of the crops, the quoted price

in that market is adopted for determining the fair value of

that aset. If an active market does not exist, the Group

uses the most recent market transaction price, provided

that there has not ben a significant change in economic

circumstances betwen the transaction date and the end of

the reporting period, or the market prices for similar asets

adjusted to reflect diferences to determine fair values. The

gain or los arising on initial recognition and subsequent

changes in fair values les costs to sel of biological asets

is recognised in profit or los in the period in which it

arises. Upon the sale of the agricultural produce as forestry

products, the carying amount is transfered to cost of sales

in the consolidated statement of profit or los.

Sedlings that have litle biological transformation taken

place since initial cost incurence are stated at cost les

any impairment los.

(h) Concesion intangible aset

Concesion intangible aset represents the rights to

charge users of the public service that the Group obtained

under the service concesion arangements. Concesion

intangible aset is stated at cost, that is, the fair value

of the consideration received or receivable in exchange

for the construction services provided under the service

concesion arangements, les acumulated amortisation

and any impairment loses.

Amortisation of the concesion intangible aset starts

upon comencement of the operation of the concesion

intangible aset.

Amortisation for concesion intangible aset with finite

useful lives is provided on a straight-line basis over their

estimated useful lives. The estimated useful life and

amortisation method are reviewed at the end of each

reporting period, with the efect of any changes in estimate

being acounted for on a prospective basis.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(h) 特许权无形资产（续）

本集团之政策为于有关特许权无形资

产之特许经营期内定期检讨预测总交

通量。如认为适当，将会进行独立专业

交通研究。倘预测总交通量出现重大变

动，则将作出适当调整。

于相关特许权无形资产建设期间内产生

之成本作为特许权无形资产之一部分确

认。后续支出在其增加特许权无形资产

所包含未来经济利益时于特许权无形资

产中资本化。所有其他支出在产生时于

当期损益确认。

(i) 租赁

本集团于合约初始评估有关合约是否属

租赁或包含租赁。倘合约为给予于一段

时间内控制可识别资产使用的权利而换

取代价，则该合约为租赁或包含租赁。

在客户既有权主导已识别资产的使用，

亦有权从使用获得几乎所有经济利益的

情况下，则已让渡控制权。

(i) 本集团作为承租人

倘合约包含租赁部分及非租赁部

分，本集团选择不将非租赁部分

及每项租赁部分及任何相关非租

赁部分的账目分开，作为所有租

赁的单一租赁部分。

于租赁开始日期，本集团确认使

用权资产及租赁负债，惟租期为

12个月以内之短期租赁及低值资

产租赁除外。当本集团就一项低

值资产订立租赁时，本集团决定

是否按每项租赁将租赁资本化。

与该等并无资本化之租赁相关之

租赁付款于租期内按系统基准确

认为开支。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(h) Concesion intangible aset (Continued)

It is the Group’s policy to review regularly the projected total

trafic volume throughout the concesion periods of the

respective concesion intangible aset. If it is considered

apropriate, independent profesional trafic studies wil be

performed. Apropriate adjustment wil be made should

there be a material change in the projected total trafic

volume.

Costs incured during the period of construction of the

underlying concesion intangible aset are recognised

as part of concesion intangible aset. Subsequent

expenditures are capitalised in the concesion intangible

aset when it increases the future economic benefits

embodied in the concesion intangible aset. Al other

expenditures are recognised in profit or los as incured.

(i) Leases

At inception of a contract, the Group aseses whether the

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 of

consideration. Control is conveyed where the customer has

both the right to direct the use of the identified aset and

to obtain substantialy al of the economic benefits from that

use.

(i) The Group as a lese

Where the contract contains lease component(s) and

non-lease component(s), the Group has elected not

to separate non-lease components and acounts

for each lease component and any asociated non-

lease components as a single lease component for al

leases.

At the lease comencement date, the Group

recognised a right-of-use aset and a lease liability,

except for short-term leases that have a lease term

of 12 months or les and leases of low-value asets.

When the Group enters into a lease in respect of

a low-value aset, the Group decides whether to

capitalise the lease on a lease-by-lease basis. The

lease payments asociated with these leases which

are not capitalised are recognised as an expense on

a systematic basis over the lease term.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

118China Resources and Transportation Group Limited Anual Report 2025

（续）

(i) 租赁（续）

(i) 本集团作为承租人（续）

倘租赁被资本化，则租赁负债初

步按租赁款项于租期内之现值确

认，并以租赁所隐含之利率贴现，

或倘该利率无法即时厘定，则以

相关递增借贷利率贴现。于初步

确认后，租赁负债按摊销成本计

量，利息开支采用实际利息法计

算。不依赖指数或利率之浮动租

赁款项不计入租赁负债之计量，

因此于产生之会计期间自损益扣

除。

当租赁被资本化时确认的使用权

资产初始按成本计量，成本包括

租赁负债的初始金额加上在开始

日期或之前支付的任何租赁款项，

以及产生的任何初始直接成本。

倘适用，使用权资产之成本亦包

括估计拆除及移除相关资产或恢

复相关资产或其所在地点之成本，

并贴现至其现值，减任何已收取

之租赁优惠。使用权资产其后按

成本减累计折旧及减值亏损列账。

当因指数或利率变动导致日后租

赁付款变动，或本集团估计根据

剩余价值担保应付之金额有变，

或因重新评估本集团是否将合理

确定行使购买、延长或终止权而

改变，则重新计量租赁负债。倘

租赁负债按此方式重新计量，则

对使用权资产之账面值作出相应

调整，或倘使用权资产之账面值

已减至零，则于损益内列账。

本集团呈列不符合投资物业定义

之使用权资产，并于财务状况表

内独立呈列租赁负债。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Leases (Continued)

(i) The Group as a lese (Continued)

Where the lease is capitalised, the lease liability is

initialy recognised at the present value of the lease

payments over the lease term, discounted using

the interest rate implicit in the lease or, if that rate

canot be readily determined, using a relevant

incremental borowing rate. After initial recognition,

the lease liability is measured at amortised cost and

interest expense is calculated using the efective

interest method. Variable lease payments that do

not depend on an index or rate are not included in

the measurement of the lease liability and hence are

charged to profit or los in the acounting period in

which they are incured.

The right-of-use aset recognised when a lease

is capitalised is initialy measured at cost, which

comprises the initial amount of the lease liability

plus any lease payments made at or before the

comencement date, and any initial direct costs

incured. Where aplicable, the cost of the right-

of-use asets also includes an estimate of costs to

dismantle and remove the underlying aset or to

restore the underlying aset or the site on which it

is located, discounted to their present value, les

any lease incentives received. The right-of-use aset

is subsequently stated at cost les acumulated

depreciation and impairment loses.

The lease liability is remeasured when there is a

change in future lease payments arising from a

change in an index or rate, or there is a change in

the Group’s estimate of the amount expected to

be payable under a residual value guarante, or

there is a change arising from the reasesment

of whether the Group wil be reasonably certain to

exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a

coresponding adjustment is made to the carying

amount of the right-of-use aset, or is recorded in

profit or los if the carying amount of the right-of-use

aset has ben reduced to zero.

The Group presents right-of-use asets that do

not met the definition of investment property and

presents lease liabilities separately in the statement of

financial position.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(i) 租赁（续）

(i) 本集团作为出租人

本集团作为出租人时，其在租赁

开始时将每项租赁厘定为融资租

赁或经营租赁。倘其将相关资产

所有权附带的绝大部分风险及回

报转移至承租人，则租赁分类为

融资租赁。如不属此情况，则租

赁分类为经营租赁。

当合约包含租赁及非租赁部分，

本集团按相对独立的销售价格将

合约中代价分配到各部分。融资

租赁的租赁收入根据附注3(s)(iv)确

认入账。

(j) 资产之信贷亏损及减值

(i) 财务工具之信贷亏损

本集团就按摊销成本计量之金融

资产（即贸易应收账款及其他应收

款项）确认预期信贷亏损之亏损拨

备。按公平价值计量之财务资产

无需进行预期信贷亏损评估。

预期信贷亏损的计量

预期信贷亏损乃对信贷亏损的概

率加权估计。信贷亏损按所有预

期现金缺口（即本集团根据合约应

付的现金流与本集团预期收取的

现金流之间的差额）的现值计量。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Leases (Continued)

(i) The Group as a lesor

When the Group acts as a lesor, it determines

at lease inception whether each lease is a finance

lease or an operating lease. A lease is clasified

as a finance lease if it transfers substantialy al the

risks and rewards incidental to the ownership of an

underlying asets to the lese. If this is not the case,

the lease is clasified as an operating lease.

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. The rental income from

operating leases is recognised in acordance with

Note 3(s)(iv).

(j) Credit loses and impairment of asets

(i) Credit loses from financial instruments

The Group recognises a los alowance for expected

credit loses (“ECLs”) on the financial asets

measured at amortised cost (i.e. trade and other

receivables). Financial asets measured at fair value

are not subject to the ECL asesment.

Measurement of ECLs

ECLs are probability-weighted estimate of credit los.

Credit loses are measured as the present value of al

expected cash shortfals (i.e. the diference betwen

the cash flows due to the Group in acordance

with the contract and the cash flows that the Group

expects to receive).

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

120China Resources and Transportation Group Limited Anual Report 2025

（续）

(j) 资产之信贷亏损及减值（续）

(i) 财务工具之信贷亏损（续）

预期信贷亏损的计量（续）

当贴现率的影响属重大时，预期

现金差额的贴现将使用以下贴现

率：

－贸易应收账款及其他应收款

项：在初始确认时确定的实

际利率或其近似值；及

－浮动利率财务资产：当前实

际利率。

估计预期信贷亏损时考虑的最长

期限为本集团承受信贷风险的最

长合约期限。

在计量预期信贷亏损时，本集团

会考虑可用的合理及有理据支持

且无需付出不必要成本或努力的

资料，包括有关过去事件，当前

状况及未来经济状况预测的资料。

预期信贷亏损乃根据以下任何一

项为基准计量：

－ 12个月预期信贷亏损：此为

预期在结算日后12个月内可

能发生的违约事件所产生之

亏损；及

－存续期预期信贷亏损：此为

根据预期信贷亏损模式下于

整个预计存续期内所有可能

发生的违约事件所产生之亏

损。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments

(Continued)

Measurement of ECLs (Continued)

The expected cash shortfals are discounted using

the folowing discount rates where the efect of

discounting is material:

– trade and other receivables: efective interest

rate determined at initial recognition or an

aproximation thereof; and

– variable-rate financial asets: curent efective

interest rate.

The maximum period considered when estimating

ECLs is the maximum contractual period over which

the Group is exposed to credit risk.

In measuring ECLs, the Group takes into acount

reasonable and suportable information that is

available without undue cost or efort. This includes

information about past event, curent conditions and

forecasts of future economic conditions.

ECLs are measured on either of the folowing bases:

– 12-month ECLs: these are loses that are

expected to result from posible default events

within 12 months after the reporting period end

date; and

– lifetime ECLs: these are loses that are

expected to result from al posible default

events over the expected lives of the items to

which the ECL model aplies.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(j) 资产之信贷亏损及减值（续）

(i) 财务工具之信贷亏损（续）

预期信贷亏损的计量（续）

贸易应收账款的亏损拨备一直按

相等于存续期预期信贷亏损的金

额计量。该等财务资产的预期信

贷亏损乃根据本集团的过往信贷

亏损经验使用拨备矩阵估计，并

就于报告日期债务人的特定因素

以及对目前及预测整体经济状况

的评估进行调整。

就所有其他财务工具而言，本集

团的亏损拨备以相等于12个月预

期信贷亏损的金额确认。除非自

初始确认后该财务工具的信贷风

险显著上升，在此情况下，亏损

拨备则以存续期预期信贷亏损的

等值金额计量。

信贷风险显著上升

在评估财务工具的信贷风险自初

始确认后是否显著上升时，本集

团将在结算日评估的财务工具违

约风险与初始确认日评估的风险

进行比较。在进行重新评估时，

本集团认为违约事件发生于当(i)借

款人在本集团不采取行动追索（如

变现抵押品（如持有）的情况下向

本集团悉数支付其信贷责任的可

能性不大，或(i)该财务资产已逾

期90天。本集团考虑合理及有理

据支持且无需付出不必要成本或

努力的定量及定性资料，包括过

往经验及可获得的前瞻性资料。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments

(Continued)

Measurement of ECLs (Continued)

Los alowances for trade receivables are always

measured at an amount equal to lifetime ECLs.

ECLs on these financial asets are estimated using

a provision matrix based on the Group’s historical

credit los experience, adjusted for factors that are

specific to the debtors and an asesment of both

the curent and forecast general economic conditions

at the reporting date.

For al other financial instruments, the Group

recognises a los alowance equal to 12-month ECLs

unles there has ben a significant increase in credit

risk of the financial instrument since initial recognition,

in which case the los alowance is measured at an

amount equal to lifetime ECLs.

Significant increases in credit risk

In asesing whether the credit risk of a financial

instrument has increased significantly since initial

recognition, the Group compares the risk of default

ocuring on the financial instrument asesed at

the reporting date with that asesed at the date of

initial recognition. In making this reasesment, the

Group considers that a default event ocurs when (i)

the borower is unlikely to pay its credit obligations

to the Group in ful, without recourse by the Group

to actions such as realising security (if any is held); or

(i) the financial aset is 90 days past due. The Group

considers both quantitative and qualitative information

that is reasonable and suportable, including

historical experience and forward-loking information

that is available without undue cost or efort.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

122China Resources and Transportation Group Limited Anual Report 2025

（续）

(j) 资产之信贷亏损及减值（续）

(i) 财务工具之信贷亏损（续）

信贷风险显著上升（续）

在评估自初始确认后信贷风险是

否显著上升时，须特别考虑以下

事项：

－未能在合约到期日支付本金

或利息；

－财务工具外部或内部信贷评

级（如有）实际或预期显著

恶化；

－债务人经营业绩实际或预期

显著恶化；及

－现有或预期技术、市场、经

济或法律环境变动对债务人

向本集团履行其责任之能力

构成重大不利影响。

根据财务工具的性质，信贷风险

显著上升的评估是以单独为基础

或以集体为基础进行的。当评估

以集体基础进行时，财务工具根

据共享信贷风险特征进行分类，

例如逾期状况和信贷风险评级。

预期信贷亏损于各结算日重新计

量，以反映自初始确认后财务工

具的信贷风险变化。预期信贷亏

损金额的任何变化均确认为减值

收益或亏损并计入损益。本集团

通过损失拨备账确认所有财务工

具的减值收益或亏损，以对其账

面进行相应调整。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments

(Continued)

Significant increases in credit risk (Continued)

In particular, the folowing information is taken into

acount when asesing whether credit risk has

increased significantly since initial recognition:

– failure to make payments of principal or interest

on their contractualy due dates;

– an actual or expected significant deterioration

in a financial instrument’s external or internal

credit rating (if available);

– an actual or expected significant deterioration

in the operating results of the debtor; and

– existing or forecast changes in the technological,

market, economic or legal environmental that have

a significant adverse efect on the debtor’s ability

to met its obligation to the Group.

Depending on the nature of the financial instruments,

the asesment of a significant increase in credit

risk is performed on either an individual basis or a

colective basis. When the asesment is performed

on a colective basis, the financial instruments are

grouped based on shared credit risk characteristics,

such as past due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect

changes in the financial instrument’s credit risk since

initial recognition. Any change in the ECL amount is

recognised as an impairment gain or los in profit or

los. The Group recognises an impairment gain or

los for al financial instruments with a coresponding

adjustment to their carying amount through a los

alowance acount.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(j) 资产之信贷亏损及减值（续）

(i) 财务工具之信贷亏损（续）

利息收入的计算基准

利息收入根据附注第3(s)(v)项按财

务资产的账面总值计算，除非该

财务资产出现信贷减值，在此情

况下，利息收入按财务资产的已

摊销成本（即账面总值减损失拨备）

计算。

于各报告日期，本集团评估财务

资产是否有信贷减值。当出现一

项或多项对财务资产的预期未来

现金流有不利影响的事件时，财

务资产会出现信贷减值。

财务资产出现信贷减值的证据包

括以下可观察事件：

－债务人有重大财务困难；

－违反合约，如违约或逾期事

件；

－债务人可能破产或进行其他

财务重组；

－因科技、市场、经济或法律

环境的重大改变而对债务人

产生不利影响；或

－因发行人的财务困难而消失

的证券活跃市场。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments

(Continued)

Basis of calculation of interest income

Interest income recognised in acordance with Note

3(s)(v) is calculated based on the gros carying

amount of the financial aset unles the financial

aset is credit-impaired, in which case interest

income is calculated based on the amortised cost (i.e.

the gros carying amount les los alowance) of the

financial aset.

At each reporting date, the Group aseses whether

a financial aset is credit-impaired. A financial aset is

credit-impaired when one or more events that have a

detrimental impact on the estimated future cash flows

of the financial aset have ocured.

Evidence that a financial aset is credit-impaired

includes the folowing observable events:

– significant financial dificulties of the debtor;

– a breach of contract, such as a default or past

due event;

– it becoming probable that the borower

wil enter into bankruptcy or other financial

reorganisation;

– significant changes in the technological, market,

economic or legal environmental that have an

adverse efect on the debtor; or

– the disapearance of an active market for a

security because of financial dificulties of the

isuer.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

124China Resources and Transportation Group Limited Anual Report 2025

（续）

(j) 资产之信贷亏损及减值（续）

(i) 财务工具之信贷亏损（续）

撇销政策

财务资产的账面总值将预计实际

无法收回时（部分或全部）撇销。

该情况通常出现在本集团厘定债

务人并无资产或可产生足够现金

流收入来源以偿还撇销的金额。

过往撇销但随后收回的资产于回

收发生期间在损益中确认为减值

拨回。

(i) 其他非流动资产减值

于各报告期末审阅内部及外间资

料来源，以识别是否有迹象显示

以下资产可能出现减值，或（除商

誉外）之前确认的减值亏损不再存

在或可能已减少：

－物业、厂房及设备，包括非

流动资产；

－无形资产；

－在建工程；

－商誉；及

－本公司财务状况表内于附属

公司之投资。

如有任何有关迹象，则会估计资

产的可收回金额。此外，商誉、

未供使用之无形资产及拥有无限

可使用年期之无形资产之可收回

金额会每年估计，而不论是否有

任何减值迹象。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments

(Continued)

Write-of policy

The gros carying amount of a financial aset is

writen of (either partialy or in ful) to the extent

that there is no realistic prospect of recovery. This

is generaly the case when the Group determines

that the debtor does not have asets or sources of

income that could generate suficient cash flows to

repay the amount subject to the write-of.

Subsequent recoveries of an aset that was

previously writen of are recognised as a reversal of

impairment in profit or los in the period in which the

recovery ocurs.

(i) Impairment of other non-curent asets

Internal and external sources of information are

reviewed at the end of each reporting period to

identify indications that the folowing asets may

be impaired or, except in the case of godwil, an

impairment los previously recognised no longer

exists or may have decreased:

– property, plant and equipment, including right-

of-use asets;

– intangible asets;

– construction in progres;

– godwil; and

– investment in subsidiaries in the Company’s

statement of financial position.

If any such indication exists, the aset’s recoverable

amount is estimated. In adition, for godwil,

intangible asets that are not yet available for use and

intangible asets that have indefinite useful lives, the

recoverable amount is estimated anualy whether or

not there is any indication of impairment.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(j) 资产之信贷亏损及减值（续）

(i) 其他非流动资产减值（续）

－计算可收回金额

资产之可收回金额为公平价

值减出售成本与使用价值两

者中的较高者。于评估使用

价值时，估计未来现金流乃

以税前贴现率贴现至现值，

该贴现率反映市场现时所评

估的款项时间价值及资产的

特定风险。倘资产未能产生

很大程度独立于其他资产之

现金流入，可收回金额将按

能单独产生现金流入之最小

组别之资产（即现金产生单

位）厘定。

－确认减值亏损

倘资产（或其所属之现金产

生单位）之账面值高于其可

收回金额，则于损益中确认

减值亏损。就现金产生单位

确认之减值亏损会作出分

配，首先减少已分配至该现

金产生单位（或该组单位）之

任何商誉之账面值，然后按

比例减少该单位（或该组单

位）之其他资产之账面值，

惟资产之账面值不得减至低

于其个别公平价值减出售成

本（如能计量）或使用价值

（如能厘定）。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Credit loses and impairment of asets

(Continued)

(i) Impairment of other non-curent asets

(Continued)

– Calculation of recoverable amount

The recoverable amount of an aset is the

greater of its fair value les costs of disposal

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

estimated future cash flows are discounted to

their present value using a pre-tax discount rate

that reflects curent market asesments of the

time value of money and the risks specific to

the aset. Where an aset does not generate

cash inflows largely independent of those

from other asets, the recoverable amount is

determined for the smalest group of asets

that generates cash inflows independently (i.e.

a cash-generating unit).

– Recognition of impairment loses

An impairment los is recognised in profit or

los if the carying amount of an aset, or

the cash-generating unit to which it belongs,

exceds its recoverable amount. Impairment

loses recognised in respect of cash-generating

units are alocated first to reduce the carying

amount of any godwil alocated to the cash-

generating unit (or group of units) and then,

to reduce the carying amount of the other

asets in the unit (or group of units) on a pro

rata basis, except that the carying value of an

aset wil not be reduced below its individual

fair value les costs of disposal (if measurable)

or value in use (if determinable).

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

126China Resources and Transportation Group Limited Anual Report 2025

（续）

(j) 资产之信贷亏损及减值（续）

(i) 其他非流动资产减值（续）

－减值亏损拨回

就商誉以外的资产而言，倘

用以确定可收回金额的估计

数额出现正面的变化，有关

的减值亏损便会转回。有关

商誉的减值亏损不会拨回。

所拨回的减值亏损以在过往

年度并无确认任何减值亏损

而确定的资产账面金额为

限。所转回的减值亏损在确

认转回的年度内计入损益中。

(k) 贸易应收账款及其他应收款项

本集团拥有无条件接收代价的权利时，

确认应收账款。倘代价仅随时间推移即

成为到期应付，则收取代价的权利为无

条件。

应收款项以实际利率法，按摊销成本减

去信贷亏损拨备后列示（参阅附注3(j)(i)）。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Credit loses and impairment of asets

(Continued)

(i) Impairment of other non-curent asets

(Continued)

– Reversal of impairment loses

In respect of asets other than godwil, an

impairment los is reversed if there has ben

a favourable change in the estimates used

to determine the recoverable amount. An

impairment los in respect of godwil is not

reversed.

A reversal of an impairment los is limited to

the aset’s carying amount that would have

ben determined had no impairment los

ben recognised in prior years. Reversals of

impairment loses are credited to profit or

los in the year in which the reversals are

recognised.

(k) Trade and other receivables

A receivable is recognised when the Group has an

unconditional right to receive consideration. A right to

receive consideration is unconditional if only the pasage

of time is required before payment of that consideration is

due.

Receivables are stated at amortised cost using the efective

interest method les alowance for credit loses (se Note

3(j)(i).

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(l) 现金及现金等值物

现金及现金等值物包括银行及手头现

金、银行及其他金融机构之活期存款及

可随时转换为已知现金数额、短期及流

动性极高之投资项目。该等项目所须承

受之价值变动风险甚小，并在购入后三

个月内到期。就综合现金流表而言，按

要求偿还并为本集团现金管理一部份之

银行透支亦包括为现金及现金等值物

一部份。现金及现金等值物乃根据附注

3(j)(i)所载之政策评估预期信贷亏损。

(m) 其他应付款项

其他应付款项初步按公平价值确认。其

后则按摊销成本列账，惟倘贴现之影响

并不大之情况则例外，于该情况下，按

成本列账。

(n) 借贷

借贷初步按公平价值减应占交易成本确

认。初步确认后，借贷按实际利率法以

摊销成本列账。利息根据本集团借贷成

本之会计政策确认（见附注3(t)）。

借款被归类为流动负债，除非在报告期

末时，本集团有权将该负债的还款期限

延后至少12个月。

若金融负债条款经重新议定，且企业向

债权人发行权益工具以清偿全部或部分

负债（债权换股权）时，则应将金融负债

帐面价值与所发行的权益工具的公允价

值之间的差额确认为损益，计入当期利

润表。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(l) Cash and cash equivalents

Cash and cash equivalents comprise cash at banks and

on hand, demand deposits with banks and other financial

institutions, and short-term, highly liquid investments

that are readily convertible into known amounts of cash

and which are subject to an insignificant risk of changes

in value, having ben within thre months of maturity at

acquisition. Bank overdrafts that are repayable on demand

and form an integral part of the Group’s cash management

are also included as a component of cash and cash

equivalents for the purpose of the consolidated statement

of cash flows. Cash and cash equivalents are asesed for

ECLs in acordance with the policy set out in Note 3(j)(i).

(m) Other payables

Other payables are initialy recognised at fair value. Other

payables are subsequently stated at amortised cost unles

the efect of discounting would be imaterial, in which case

they are stated at cost.

(n) Borowings

Borowings are measured initialy at fair value les

transaction costs. Subsequent to initial recognition,

borowings are stated at amortised cost using the

efective interest method. Interest expense is recognised

in acordance with the Group’s acounting policy for

borowing costs (se Note 3(t).

Borowings are clasified as curent liabilities unles, at the

end of the reporting period, the Group has a right to defer

setlement of the liability for at least 12 months after the

reporting period.

Where the terms of a financial liability are renegotiated

and the entity isues equity instruments to a creditor to

extinguish al or part of the liability (debt for equity swap),

a gain or los is recognised in profit or los, which is

measured as the diference betwen the carying amount

of the financial liability and the fair value of the equity

instruments isued.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

128China Resources and Transportation Group Limited Anual Report 2025

（续）

(o) 税务

本年度所得税包括本期税项及递延税项

资产及负债之变动。本期税项及递延税

项资产及负债之变动均在损益内确认，

惟若涉及于其他全面收益或直接于权益

中确认的项目，则分别在其他全面收益

或权益中确认。

本期税项乃按本年度应课税收入根据已

执行或在报告期末实质上已执行之税率

计算之预期应付税项，加上以往年度应

付税项之任何调整。

递延税项资产及负债分别由可抵免及应

课税暂时差异产生。暂时差异是指资产

及负债就财务报告目的之账面值与该等

资产及负债之计税基础之差异。递延税

项资产亦可以由未动用税项亏损及未动

用税项抵免产生。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(o) Taxation

Income tax for the year comprises curent tax and

movements in defered tax asets and liabilities. Curent

tax and movements in defered tax asets and liabilities are

recognised in profit or los except to the extent that they

relate to items recognised in other comprehensive income

or directly in equity, in which case the relevant amounts

of tax are recognised in other comprehensive income or

directly in equity, respectively.

Curent tax is the expected tax payable on the taxable

income for the year, using tax rates enacted or substantively

enacted at the end of the reporting period, and any

adjustment to tax payable in respect of previous years.

Defered tax asets and liabilities arise from deductible

and taxable temporary diferences respectively, being the

diferences betwen the carying amounts of asets and

liabilities for financial reporting purposes and their tax

bases. Defered tax asets also arise from unused tax

loses and unused tax credits.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(o) 税务（续）

除若干例外情况外，所有递延税项负债

及递延税项资产（只限于可能获得能利

用该递延税项资产来抵扣之未来应课税

溢利）均会确认。支持确认由可抵免暂

时差异所产生递延税项资产之未来应课

税溢利包括因转回目前存在之应课税暂

时差异而产生之数额；惟该等转回之差

异必须与同一税务机关及同一应课税实

体有关，并预期在可抵免暂时差异预计

转回之同一期间或递延税项资产所产生

税项亏损可向后期或向前期结转之期间

内转回。在决定目前存在之应课税暂时

差异是否足以支持确认由未动用税项亏

损及转回，抵免所产生之递延税项资产

时，亦会采用同一准则，即如该等差异

与同一税务机关及同一应课税实体有

关，并预期在可以使用税务亏损或抵免

之同一期间或多个期间转回，将计及该

等差异。

确认递延税项资产及负债的例外情况包

括不可在税务方面获得抵免的商誉；不

影响会计或应税溢利的资产或负债的初

始确认（如属企业合并的一部分则除外

并在交易时不会产生相等的应税及可抵

免的暂时性差异），及与投资附属公司

有关之暂时差异，如属应课税差异，只

限于本集团可以控制拨回的时间，而且

在可预见的将来不大可能拨回的差异；

或如属可抵免差异，则只限很可能在将

来拨回的差异。

本集团会在每个报告期末评估递延税项

资产之账面值。如不再可能获得足够应

课税溢利以利用相关之税务利益，该递

延税项资产之账面值便会调低；但倘若

日后可能获得足够之应课税溢利，有关

减额便会转回。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(o) Taxation (Continued)

Apart from certain limited exceptions, al defered tax

liabilities, and al defered tax asets to the extent that

it is probable that future taxable profits wil be available

against which the aset can be utilised, are recognised.

Future taxable profits that may suport the recognition

of defered tax asets arising from deductible temporary

diferences include those that wil arise from the reversal

of existing taxable temporary diferences, provided those

diferences relate to the same taxation authority and the

same taxable entity, and are expected to reverse either in

the same period as the expected reversal of the deductible

temporary diferences or in periods into which a tax los

arising from the defered tax aset can be caried back or

forward. The same criteria are adopted when determining

whether existing taxable temporary diferences suport the

recognition of defered tax asets arising from unused tax

loses and credits, that is, those diferences are taken into

acount if they relate to the same taxation authority and the

same taxable entity and are expected to reverse in a period,

or periods, in which the tax los or credit can be utilised.

The limited exceptions to recognition of defered tax

asets and liabilities are those temporary diferences

arising from godwil not deductible for tax purposes, the

initial recognition of asets or liabilities that afect neither

acounting nor taxable profit (provided they are not part

of a busines combination and at the time of transaction

does not give rise to equal taxable and deductible

temporary diferences), and temporary diferences relating

to investments in subsidiaries to the extent that, in the

case of taxable diferences, the Group controls the timing

of the reversal and it is probable that the diferences wil

not reverse in the foreseable future, or in the case of

deductible diferences, unles it is probable that they wil

reverse in the future.

The carying amount of a defered tax aset is reviewed

at the end of each reporting period and is reduced to the

extent that it is no longer probable that suficient taxable

profits wil be available to alow the related tax benefit to be

utilised. Any such reduction is reversed to the extent that

it becomes probable that suficient taxable profits wil be

available.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

130China Resources and Transportation Group Limited Anual Report 2025

（续）

(o) 税务（续）

因分派股息而产生之额外所得税，于确

认支付有关股息之负债时确认入账。

本期税项结余及递延税项结余及其变动

额会分开列示，并且不予抵销。本期税

项资产及递延税项资产只会在本集团或

本公司有法定行使权以本期税项资产抵

销本期税项负债，并且符合以下附带条

件之情况下，才可以分别抵销本期税项

负债及递延税项负债：

－本期税项资产及负债：本公司或

本集团计划按净额基准结算，或

同时变现该资产及清偿该负债；

或

－递延税项资产及负债：该等资产

及负债必须与同一税务机关就以

下其中一项征收之所得税有关：

－同一应课税实体；或

－不同应课税实体。该等实体

计划在预期有大额递延税项

负债需要清偿或递延税项资

产可以收回之每个未来期

间，按净额基准变现本期税

项资产及清偿本期税项负

债，或同时变现该资产及清

偿该负债。

(p) 雇员福利

(i) 短期雇员福利及对界定供款退休

计划之供款

薪金、年度花红、有薪年假、对

界定供款退休计划之供款及各项

非货币福利产生之成本，均在雇

员提供相关服务之年度内累计。

如延迟付款或结算会构成重大影

响，该等金额将按现值列账。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(o) Taxation (Continued)

Aditional income taxes that arise from the distribution

of dividends are recognised when the liability to pay the

related dividends is recognised.

Curent tax balances and defered tax balances, and

movements therein, are presented separately from each

other and are not ofset. Curent tax asets are ofset

against curent tax liabilities, and defered tax asets

against defered tax liabilities, if the Group or the Company

has the legaly enforceable right to set of curent tax asets

against curent tax liabilities and the folowing aditional

conditions are met:

– in the case of curent tax asets and liabilities, the

Company or the Group intends either to setle on a

net basis, or to realise the aset and setle the liability

simultaneously; or

– in the case of defered tax asets and liabilities, if they

relate to income taxes levied by the same taxation

authority on either:

– the same taxable entity; or

– diferent taxable entities, which, in each future

period in which significant amounts of defered

tax liabilities or asets are expected to be

setled or recovered, intend to realise the

curent tax asets and setle the curent tax

liabilities on a net basis or realise and setle

simultaneously.

(p) Employe benefits

(i) Short term employe benefits and contributions

to defined contribution retirement plans

Salaries, anual bonuses, paid anual leave,

contributions to defined contribution retirement

plans and the cost of non-monetary benefits are

acrued in the year in which the asociated services

are rendered by employes. Where payment or

setlement is defered and the efect would be

material, these amounts are stated at their present

values.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(p) 雇员福利（续）

(i) 以股份为基础之付款

向雇员提供类似服务作出以股本

结算之以股份为基础之付款乃按

授出日期权益工具之公平价值计

量。

于授出日期厘定股本结算之以股

份为基础之付款之公平价值乃于

归属期内于损益确认，而权益内

之雇员股本补偿储备会相应增加。

倘出现非市场归属条件，则会考

虑调整于各报告期末预期将予归

属之权益工具数目，因此于归属

期内确认之累计金额乃根据最终

归属之购股权数目计算。市场归

属条件已计入所授出购股权之公

平价值。只要所有其他归属条件

获达成，则无论市场归属条件是

否获达成均会作出扣除。倘未能

达成市场归属条件，则不会调整

累计开支。

倘购股权之条款及条件于归属前

获修订，则于紧接修订前及紧随

修订后计量之购股权公平价值增

加亦按剩余归属年期于损益确认。

(i) 离职福利

终止受雇福利为当本集团不再撤

回该等福利并涉及支付终止褔利

之重组成本确定时确认（以较早者

为准）。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(p) Employe benefits (Continued)

(i) Share-based payments

Equity-setled share-based payments to employes

providing similar services are measured at the fair

value of the equity instruments at the grant date.

The fair value determined at the grant date of the

equity-setled share-based payments is recognised

in profit or los over the vesting period with a

coresponding increase in the employe share

based compensation reserve within equity. Non-

market vesting conditions are taken into acount by

adjusting the number of equity instruments expected

to vest at the end of each reporting period so that,

ultimately, the cumulative amount recognised over

the vesting period is based on the number of options

that eventualy vest. Market vesting conditions are

factored into the fair value of the options granted.

As long as al other vesting conditions are satisfied,

a charge is made irespective of whether the market

vesting conditions are satisfied. The cumulative

expense is not adjusted for failure to achieve a market

vesting condition.

Where the terms and conditions of options are

modified before they vest, the increase in the fair

value of the options, measured imediately before

and after the modification, is also recognised in profit

or los over the remaining vesting period.

(i) Termination benefits

Termination benefits are recognised at the earlier of

when the Group can no longer withdraw the ofer

of those benefits, and when it recognises restricting

costs and involves the payment of termination

benefits.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

132China Resources and Transportation Group Limited Anual Report 2025

（续）

(q) 拨备及或然负债

倘本集团因过往事件而负有法律或推定

责任，并可能以可靠估计的经济利益以

清偿有关责任，本集团便会对时间或金

额不确定的负债确认拨备。倘货币时间

值重大，有关拨备则按预计清偿责任所

需开支的现值列账。

倘不大可能导致经济利益流出，或有关

金额不能可靠估计，则有关责任乃披露

作或然负债，除非经济利益流出之可能

性极微。其存在性仅可按一项或多项未

来事件发生与否确定之可能责任亦披露

作或然负债，除非经济利益流出之可能

性极微。

(r) 收益及其他收入

本集团将其日常业务过程中源自销售货

品、提供服务或其他方根据租赁使用本

集团资产之收益分类为收入。

收益于产品或服务之控制权按本集团预

期有权获取之承诺代价金额（不包括代

表第三方收取之金额）转移至客户时予

以确认。收益按已收或应收代价之公平

价值计量。收益不包括增值税或其他销

售税，并已扣除任何贸易折扣。

(i) 来自收费公路营运的收益于车辆

离开本集团所营运的部分或全部

收费高速公路时确认。来自收费

公路营运的收益乃基于政府机关

厘定之收费率。其由政府部门每

月结付。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(q) Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing

or amount when the Group has a legal or constructive

obligation as a result of a past event, it is probable that an

outflow of economic benefits wil be required to setle the

obligation and a reliable estimate can be made. Where the

time value of money is material, provisions are stated at

the present value of the expenditure expected to setle the

obligation.

Where it is not probable that an outflow of economic

benefits wil be required, or the amount canot be estimated

reliably, the obligation is disclosed as a contingent liability,

unles the probability of outflow of economic benefits is

remote. Posible obligations, whose existence wil only be

confirmed by the ocurence or non-ocurence of one

or more future events are also disclosed as contingent

liabilities unles the probability of outflow of economic

benefits is remote.

(r) Revenue and other income

Income is clasified by the Group as revenue when it arises

from the sale of gods, the provision of services or the use

by others of the Group’s asets under leases in the ordinary

course of the Group’s busines.

Revenue is recognised when control over a product or

service is transfered to the customer, at the amount of

promised consideration to which the Group is expected to

be entitled, excluding those amounts colected on behalf

of third parties. Revenue is measured at the fair value of

the consideration received or receivable. Revenue excludes

value aded tax or other sales taxes and is after deduction

of any trade discounts.

(i) Revenue arising from tol operation is recognised

at a point in time when the vehicles exit the tol

expresway, of which the Group operates part or al

of it. The revenue from tol operation is based on the

tol rates determined by government authorities. It is

setled by government agencies on a monthly basis.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(r) 收益及其他收入（续）

(i) 销售货品之收益乃于货品之控制

权转移至客户（即客户接纳本集团

交付的货品之时间点）时确认。

(i) 销售电力收益乃于向客户传输电

力或电网由地区或省级电网公司

拥有之时赚取及确认。

(iv) 经营租约之租金收入于租赁期所

涵盖之会计期间内以等额分期确

认，惟倘有其他基准更能代表使

用租赁资产所衍生之收益时间模

式则除外。授出之租赁优惠于损

益确认为应收租赁净付款总额之

组成部份。或然租金在其赚取之

会计期间内确认为收入。

(v) 利息收入乃考虑未偿还本金额按

时间比例以适用实际利率确认。

(vi) 补偿本集团所产生开支之政府补

助于开支产生之同一期间按有系

统基准于损益内确认。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(r) Revenue and other income (Continued)

(i) Revenue from sales of gods is recognised when the

control of the gods is transfered to the customer,

which is taken to be the point in time when the

customer has acepted the gods that are delivered

by the Group.

(i) Revenue from sales of electricity is earned and

recognised upon transmision of electricity to the

customers or the power grid owned by the respective

regional or provincial grid companies.

(iv) Rental income from operating leases is recognised

in equal instalments over the acounting periods

covered by the lease term, except where an

alternative basis is more representative of the time

patern of benefits to be derived from the use of

the leased asets. Lease incentives granted are

recognised in profit or los as an integral part of the

agregate net lease payments receivable. Contingent

rentals are recognised as income in the acounting

period in which they are earned.

(v) Interest income is recognised on a time proportion

basis, taking into acount the principal amounts

outstanding and the efective interest rates aplicable.

(vi) Government grant that compensate the Group for

expenses incured is recognised as revenue in profit

or los on a systematic basis in the same periods in

which the expenses are incured.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

134China Resources and Transportation Group Limited Anual Report 2025

（续）

(s) 外币换算

(i) 功能及呈列货币

本集团各实体的财务报表项目，

采用最能反映该实体相关事件及

环境的经济实质之货币（「功能货

币」）计量。本公司及其位于中国

内地境外的附属公司所用功能货

币为港元，而中国内地附属公司

所用功能货币为人民币。综合财

务报表以港币（「呈列货币」）呈列。

(i) 交易及结余

年内之外币交易乃按交易日汇率

换算。以外币计值之货币资产及

负债均按报告期末之汇率换算。

汇兑盈亏在损益内确认。

外币历史成本计算之非货币资产

及负债采用交易日之汇率换算。

本公司初始确认此类非货币资产

或负债的日期为交易日期。

中国内地以外的业务之业绩按与

交易日汇率相若之汇率换算为港

元，财务状况表项目则按结算日

之汇率换算为港元。所产生之汇

兑差额于其他全面收益内确认并

单独在权益中之外汇储备中累计。

出售海外业务时，当出售损益确

认时，与该业务有关的累计汇兑

差额，从权益重新改列为损益。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(s) Translation of foreign curencies

(i) Functional and presentation curency

Items included in the financial statements of each

entity in the Group are measured using the curency

that best reflects the economic substance of the

underlying events and circumstances relevant to

that entity (“functional curency”). The functional

curency of the Company and its subsidiaries outside

Mainland China is HK$ and the functional curency of

the subsidiaries in Mainland China is Renminbi. The

consolidated financial statements are presented in

Hong Kong dolars (“presentation curency”).

(i) Transactions and balances

Foreign curency transactions during the year are

translated at the foreign exchange rates ruling at

the transaction dates. Monetary asets and liabilities

denominated in foreign curencies are translated at

the foreign exchange rates ruling at the end of the

reporting period. Exchange gains and loses are

recognised in profit or los.

Non-monetary asets and liabilities that are measured

in terms of historical cost in a foreign curency are

translated using the foreign exchange rates ruling

at the transaction dates. The transaction date is the

date on which the Group initialy recognises such

non-monetary asets or liabilities.

The results of operations outside Mainland China

are translated into HK$ at the exchange rates

aproximating the foreign exchange rates ruling at

the dates of the transactions. Statement of financial

position items are translated into Hong Kong dolars

at the closing foreign exchange rates at the end

of the reporting period. The resulting exchange

diferences are recognised in other comprehensive

income and acumulated separately in equity in the

exchange reserve.

On disposal of a foreign operation, the cumulative

amount of the exchange diferences relating to that

operation is reclasified from equity to profit or los

when the profit or los on disposal is recognised.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(t) 借贷成本

因收购、建造或生产合资格资产（即必

须耗用一段颇长时间方可作拟定用途或

销售之资产）而直接应占之借贷成本均

拨作该等资产之部份成本。其他借贷成

本均在产生的期间列作开支。

属于合资格资产成本一部分的借贷成本

在资产生开支、借贷成本产生及使资

产投入拟定用途或销售所必须的准备工

作进行期间开始资本化。在使合资格资

产投入拟定用途或销售所必须的绝大部

分准备工作终止或完成时，借贷成本便

会暂停或停止资本化。

(u) 分类报告

财务报表所报告的经营分类及各分类项

目的款项乃于为分配资源予本集团不同

业务及地区以及评估该等业务及地区的

表现而定期向本集团最高级行政管理层

提交的财务资料中识别出来。

就财务报告而言，个别重大经营分类不

会合并，惟分类间有类似经济特点及在

产品及服务性质、生产过程性质、客户

种类或类别、用作分销产品或提供服务

的方法以及监管环境性质方面相类似则

除外。倘个别非重大的经营分类符合上

述大部分标准，则该等经营分类可能会

被合并。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(t) Borowing costs

Borowing costs that are directly atributable to the

acquisition, construction or production of an aset which

necesarily takes a substantial period of time to get ready

for its intended use or sale are capitalised as part of the

cost of that aset. Other borowing costs are expensed in

the period in which they are incured.

The capitalisation of borowing costs as part of the cost

of a qualifying aset comences when expenditure for the

aset is being incured, borowing costs are being incured

and activities that are necesary to prepare the aset for

its intended use or sale are in progres. Capitalisation of

borowing costs is suspended or ceases when substantialy

al the activities necesary to prepare the qualifying aset

for its intended use or sale are interupted or complete.

(u) Segment reporting

Operating segments, and the amounts of each segment

item reported in the financial statements, are identified from

the financial information provided regularly to the Group’s

most senior executive management for the purposes of

alocating resources to, and asesing the performance

of, the Group’s various lines of busines and geographical

locations.

Individualy material operating segments are not agregated

for financial reporting purposes unles the segments

have similar economic characteristics and are similar in

respect of the nature of products and services, the nature

of production proceses, the type or clas of customers,

the methods used to distribute the products or provide

the services, and the nature of the regulatory environment.

Operating segments which are not individualy material may

be agregated if they share a majority of these criteria.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

136China Resources and Transportation Group Limited Anual Report 2025

（续）

(v) 政府补助

政府补助在有合理保证集团将遵守相关

条件且补助将会收到时予以确认。

与收入相关的政府补助会被延迟确认，

并在期间内计入损益，以便与其所要补

偿的成本相匹配。

作为已发生的费用或损失的补偿，或用

于立即支持集团而不涉及未来相关成本

的政府补助，将在其可收取的期间内计

入损益。

(w) 存货

存货按成本和可变现价值净额中的较低

者列示。成本是使用加权平均基准确定

的。成品和半成品的成本包括原材料、

直接人工以及所有生产间接费用的适

当比例，并在适当的情况下包括分包费

用。购买存货的成本是在扣除回扣和折

扣后确定的。可变现价值净值是指在正

常业务过程中的预估销售价格，减去预

估的完工成本及必要的销售成本。

(x) 财务负债和权益工具

财务负债和权益工具根据所签订的合同

安排的实质以及香港财务报告准则会计

准则对财务负债和权益工具的定义进

行分类。权益工具是指在扣除所有负债

后，证明集团资产中剩余权益的任何合

同。

(y) 报告期间后的事项

报告期间后的事项，如果提供了有关集

团在报告期末状况的附加信息（或表明

持续经营假设不适用），则属于调整事

件，并在综合财务报表中反映。报告期

间后的事项，如果不是调整事件，当其

具有重要性时，则在综合财务报表附注

中披露。

3. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(v) Government grant

A government grant is recognised when there is reasonable

asurance that the Group wil comply with the conditions

ataching to it and that the grant wil be received.

Government grants relating to income are defered and

recognised in profit or los over the period to match them

with the costs they are intended to compensate.

Government grants that become receivable as compensation

for expenses or loses already incured or for the purpose

of giving imediate financial suport to the Group with no

future related costs are recognised in profit or los in the

period in which they become receivable.

(w) Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost is determined using the weighted average

basis. The cost of finished gods and work in progres

comprises raw materials, direct labour and an apropriate

proportion of al production overhead expenditure, and

where apropriate, subcontracting charges. The costs of

purchased inventory are determined after deducting rebates

and discounts. Net realisable value is the estimated seling

price in the ordinary course of busines, les the estimated

costs of completion and the estimated costs necesary to

make the sale.

(x) Financial liabilities and equity instruments

Financial liabilities and equity instruments are clasified

acording to the substance of the contractual arangements

entered into and the definitions of a financial liability and an

equity instrument under HKFRS Acounting Standards. An

equity instrument is any contract that evidences a residual

interest in the asets of the Group after deducting al of its

liabilities.

(y) Events after the reporting period

Events after the reporting period that provide aditional

information about the Group’s position at the end of the

reporting period or those that indicate the going concern

asumption is not apropriate are adjusting events and are

reflected in the consolidated financial statements. Events

after the reporting period that are not adjusting events

are disclosed in the notes to the consolidated financial

statements when material.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

4. 关键判断及重要估算

在应用集团的会计政策（在附注3中有描述）时,

董事需要做出对已确认金额有重大影响的判

断（除了涉及估算的判断之外）,并对资产和负

债的账面金额（无法从其他来源直接获得）做

出估算和假设。这些估算和相关假设是基于

历史经验和其他被认为相关的因素。实际结

果可能与这些估算存在差异。

这些估算和相关假设会持续进行审阅。如果

估算修订只影响当期,会计估算的修订在该期

间确认;如果修订同时影响当期和未来期间,则

在修订期间及未来期间确认。

会计政策应用中的关键判断

在应用会计政策的过程中，董事作出了以下

判断，这些判断对综合财务报表中所确认的

数额产生了最重大影响（除了涉及估计的判

断，这部分将在下文中处理）。

(a) 持续经营和流动资产

在应用本集团会计政策的过程中，除涉

及估计的会计政策外，管理层在编制合

并财务报表时，假设本集团在未来一年

能够持续经营，这是一个重要的判断，

对综合财务报表中确认的金额产生重大

影响。对持续经营假设的评估包含董事

在特定时间点对不确定的未来事件或条

件之结果作出判断。董事认为，本集团

有能力持续经营，而可能导致业务风险

的重大事件或情况於单独或合并下可能

对载于本综合财务报表附注3(c)之「重要

会计政策资料」项下的持续经营假设产

生重大疑虑。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES

In aplying the Group’s acounting policies, which are described

in Note 3, the directors are required to make judgements (other

than those involving estimations) that have a significant impact on

the amounts recognised and to make estimates and asumptions

about the carying amounts of asets and liabilities that are

not readily aparent from other sources. The estimates and

asociated asumptions are based on historical experience and

other factors that are considered to be relevant. Actual results

may difer from these estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised

in the period in which the estimate is revised if the revision afects

only that period, or in the period of the revision and future periods

if the revision afects both curent and future periods.

Critical judgements in aplying acounting policies

In the proces of aplying the acounting policies, the directors

have made the folowing judgements that have the most

significant efect on the amounts recognised in the consolidated

financial statements (apart from those involving estimations, which

are dealt with below).

(a) Going concern and liquidity

In the proces of aplying the Group’s acounting policies,

apart from those involving estimations, management

has prepared the consolidated financial statements on

the asumption that the Group wil be able to operate

as a going concern in the coming year, which is a

critical judgement that has the most significant efect

on the amounts recognised in the consolidated financial

statements. The asesment of the going concern

asumption involves making a judgement by the directors,

at a particular point of time, about the future outcome

of events or conditions which are inherently uncertain.

The directors consider that the Group has the capability

to continue as a going concern and the major events or

conditions, which may give rise to busines risks, that

individualy or colectively may cast significant doubt upon

the going concern asumption under “Material acounting

policy information” are set out in Note 3(c) to these

consolidated financial statements.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

138China Resources and Transportation Group Limited Anual Report 2025

（续）

会计政策应用中的关键判断（续）

(b) 信用风险的显著增加

如附注37(c)所述，预期信用损失被测量

为对于第一阶段资产的12个月预期信用

损失或对于第二阶段或第三阶段资产的

终生预期信用损失。当资产的信用风险

自初始确认以来显著增加时，该资产将

转至第二阶段。香港财务报告准则第9

号并未定义什么构成信用风险的显著增

加。在评估资产的信用风险是否显著增

加时，集团考虑了质性和量化的合理且

可支持的前瞻性信息。

估计不确定性的主要来源

于报告期末，有关未来的主要假设以及其他

主要的估计不确定性来源，这些来源在下一

个财务年度内对资产和负债的账面价值造成

重大调整的风险显著，以下进行讨论。

设备之减值评估

本集团高速公路营运获确定为一项现金

产生单位（「高速公路现金产生单位」），

如附注14及15所分别披露。管理层基于

使用价值计算方法评估获分配特许权无

形资产以及相关物业、厂房及设备的高

速公路现金产生单位的可收回金额，当

中需要管理层就于余下特许权期间高速

公路现金生产单位之收益增长率及贴现

率（于附注14(b)披露）运用估计及重大

判断。

基于附注14(b)所披露的减值评估，于

2025年及2024年3月31日，分配至特许

权无形资产以及相关产业、厂房及设备

之高速公路现金产生单位账面值无计提

减值拨备。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (Continued)

Critical judgements in aplying acounting policies

(Continued)

(b) Significant increase in credit risk

As explained in Note 37(c), ECL are measured as an

alowance equal to 12-month ECL for stage 1 asets, or

lifetime ECL for stage 2 or stage 3 asets. An aset moves

to stage 2 when its credit risk has increased significantly

since initial recognition. HKFRS 9 does not define what

constitutes a significant increase in credit risk. In asesing

whether the credit risk of an aset has significantly

increased the Group takes into acount qualitative and

quantitative reasonable and suportable forward loking

information.

Key sources of 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 discused below.

aset and relevant property, plant and equipment

The Group’s expresway operations are identified as a

cash generating unit (“Expresway CGU”), as disclosed

in Notes 14 and 15 respectively. Management aseses

the recoverable amount of the Expresway CGU, to

which concesion intangible aset and relevant property,

plant and equipment are alocated, based on value-in-

use calculations which require the use of estimates and

significant judgement by management on the growth

rates on the revenue of the Expresway CGU during the

remaining concesion period and discount rate which are

disclosed in Note 14(b).

Based on the impairment asesment as disclosed in Note

14(b), no provision for impairment on the carying amounts

of the Expresway CGU, to which the concesion intangible

aset and relevant property, plant and equipment are

alocated, are required at 31 March 2025 and 2024.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

估计不确定性的主要来源（续）

设备之减值评估（续）

有关分配予高速公路现金产生单位之特

许权无形资产以及相关物业、厂房及设

备的账面值之潜在下跌影响之备考敏感

度分析载列如下：

(a) 倘贴现率上升5%而所有其他参数

保持不变，分配予高速公路现金

产生单位之使用价值将下跌约港

币139.39百万元，并须于2025年3

月31日对分配予高速公路现金产

生单位之特许权无形资产以及相

关物业、厂房及设备之账面值作

出额外减值分别约港币136.71百

万元及港币2.68百万元。

(b) 倘于余下特许权期间的平均长期

增长率下跌5%而所有其他参数保

持不变，分配予高速公路现金产

生单位之使用价值将分别下跌约

港币14.40百万元，并须于2025年

3月31日对分配予高速公路现金产

生单位之特许权无形资产以及相

关物业、厂房及设备之账面值作

出额外减值分别约港币14.12百万

元及港币0.28百万元。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

aset and relevant property, plant and equipment

(Continued)

The proforma sensitivity analysis on the potential downside

efects on the carying amounts of concesion intangible

aset and relevant property, plant and equipment, which

are alocated to the Expresway CGU, is set out below:

(a) If the discount rate was increased by 5% and al

other parameters remain unchanged, the value-in-

use of the Expresway CGU, would decrease by

aproximately HK$139.39 milion, and aditional

impairment of aproximately HK$136.71 milion

and HK$2.68 milion on the carying amounts of the

concesion intangible aset and relevant property,

plant and equipment, which are alocated to the

Expresway CGU, would be required at 31 March

2025, respectively.

(b) If the average long-term growth rates during the

remaining concesion period were decreased by

5% and al other parameters remain unchanged, the

value-in-use of the Expresway CGU, would decrease

by aproximately HK$14.40 milion, and aditional

impairment of aproximately HK$14.12 milion and

HK$0.28 milion on the carying amounts of the

concesion intangible aset and relevant property,

plant and equipment, which are alocated to the

Expresway CGU, would be required at 31 March

2025, respectively.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

140China Resources and Transportation Group Limited Anual Report 2025

（续）

估计不确定性的主要来源（续）

(d) 公平价值计量

本集团财务报表中的多项资产及负债需

要按公平价值计量及╱或披露公平价值。

本集团财务及非财务资产及负债的公平

价值计量于可行情况下使用市场可观察

输入数据及数字进行。于厘定公平价值

计量时使用的输入数据，根据所运用估

值技术中使用的输入数据的可观察程度

分类为不同层级（「公平价值层级」）：

：相同项目于活跃市场的报

价（未作调整）；

：直接或间接可观察的输入

数据（不包括第1层输入数据）；

：不可观察的输入数据（即

并非源自市场数据）。

项目于上述层级的分类乃根据所使用的

对该项目之公平价值计量有重大影响的

输入数据的最低层级确定。项目在层级

之间的转移于发生期间确认。

本集团以公平价值计量以下多个项目：

（附注17）；及

（附注18）。

截至2025年3月31日，生物资产账面

值约港币39,753,000元（2024年：港币

39,718,000元）。

截至2025年3月31日，财务工具账面

值约港币111,514,000元（2024年：

134,120,000元）。

有关上述项目公平价值计量的更多详

情，请参阅适用附注。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(d) Fair value measurement

A number of asets and liabilities included in the Group’s

financial statements require measurement at, and/or

disclosure of, fair value.

The fair value measurement of the Group’s financial

and non-financial asets and liabilities utilises market

observable inputs and data as far as posible. Inputs used

in determining fair value measurements are categorised

into diferent levels based on how observable the inputs

used in the valuation technique utilised are (the “fair value

hierarchy”):

: Quoted prices in active markets for identical

items (unadjusted);

: Observable direct or indirect inputs other

than Level 1 inputs;

: Unobservable inputs (i.e. not derived from

market data).

The clasification of an item into the above levels is based

on the lowest level of the inputs used that has a significant

efect on the fair value measurement of the item. Transfers

of items betwen levels are recognised in the period they

ocur.

The Group measures a number of items at fair value:

; and

• Financial instruments (Note 18).

The carying amount of biological asets as at 31

March 2025 was aproximately HK$39,753,000 (2024:

HK$39,718,000).

The carying amount of financial instruments as at 31

March 2025 was aproximately HK$111,514,000 (2024:

HK$134,120,000).

For more detailed information in relation to the fair value

measurement of the items above, please refer to the

aplicable notes.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

估计不确定性的主要来源（续）

(e) 物业、厂房及设备之可使用年期

本集团之管理层就其物业、厂房及设备

厘定估计可使用年期及相关折旧支出。

该估计乃按性质及功能类似之物业、厂

房及设备之实际可使用年期之过往经验

而作出。有关估计可因技术创新及竞争

对手因应重大行业周期作出之行动而出

现重大变动。管理层会因应可使用年期

少于先前估计而增加折旧支出，并会将

已废弃或出售的技术过时或非策略性资

产撇销或撇减。

截至2025年3月31日，物业、厂房及设

备账面值约港币$121,672,000元（2024

年：港币123,516,000元）。

(f) 贸易应收账款及其他应收款项之减值评

估

本集团按前瞻性基准厘定贸易应收账款

及其他应收款项之减值拨备。贸易应收

账款之存续期预期信贷亏损自初步确认

资产起确认。拨备矩阵乃基于本集团对

具有相似信贷风险特征之贸易应收账款

预计年期之过往观察所得违约率厘定，

并就前瞻性估计调整。其他应收款项以

12个月预期信贷亏损进行考虑，惟倘财

务工具的信贷风险显著上升则另作别

论，在此情况下，亏损拨备会以相等于

存续期预期信贷亏损之金额计量。于作

出判断时，管理层考虑可得合理具支持

性之前瞻性资料，例如客户经营业绩及

财务状况之实际或预期重大变动、客户

过往还款记录及业务、财务或经济状况

实际或预期不利变动，其预期导致客户

清偿贸易债务之能力出现重大变化。于

各报告期末，过往观察所得违约率已予

更新，而本集团管理层已分析前瞻性经

济状况及估计之变动。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(e) Useful lives of property, plant and equipment

The Group’s management determines the estimated useful

lives and related depreciation charges for its property, plant

and equipment. This estimate is based on the historical

experience of the actual useful lives of property, plant

and equipment of similar nature and functions. It could

change significantly as a result of technical inovations and

competitor actions in response to severe industry cycles.

Management wil increase depreciation charges where

useful lives are les than previously technicaly obsolete or

non-strategic asets that have ben abandoned or sold.

The carying amount of property, plant and equipment as at

31 March 2025 was aproximately HK$121,672,000 (2024:

HK$123,516,000).

(f) Impairment asesment of trade and other

receivables

The Group determines the provision for impairment of trade

and other receivables on a forward loking basis. Lifetime

ECLs on trade receivables are recognised from initial

recognition of the asets. The provision matrix is determined

based on the Group’s historical observed default rates over

the expected life of the trade receivables with similar credit

risk characteristics and is adjusted for forward loking

estimates. Other receivables are considered for 12-month

expected credit loses unles there has ben a significant

increase in credit risk of the financial instruments, in which

case the los alowance is measured at an amount equal

to lifetime ECLs. In making the judgement, management

considers available reasonable and suportive forward-

loking information such as actual or expected significant

changes in operating results and financial positions of the

customers, past payment history of the customers, and

actual or expected adverse changes in busines, financial

or economic conditions that are expected to cause a

significant change in the customers’ ability to setle their

trade debts. At each reporting period end, the historical

observed default rates are updated and changes in the

forward-loking economic conditions and estimates are

analysed by the Group’s management.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

142China Resources and Transportation Group Limited Anual Report 2025

（续）

估计不确定性的主要来源（续）

(f) 贸易应收账款及其他应收款项之减值评

估（续）

截至2025年3月31日，贸易应收款账面

值约港币296,508,000元（2024年：港

币378,743,000元），已扣除存疑债务拨

备约港币12,372,000元（2024年：港币

15,180,000元）。

截至2025年3月31日，其他应收款及按

金账面值约港币319,269,000元（2024

年：港币125,571,000元），已扣除存疑

债务拨备约港币80,552,000元（2024年：

港币28,244,000元）。

5. 分类资料

主要营运决策者已确认为本公司执行董事，

董事们负责审阅本集团内部报告，以评估表

现及分配资源并厘定经营分类。

本集团有三个可报告分类。由于各项业务提

供不同产品或提供不同服务及要求不同商业

策略，故各分类独立管理。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(f) Impairment asesment of trade and other

receivables (Continued)

As at 31 March 2025, the carying amounts of trade

receivables was aproximately HK$296,508,000 (2024:

HK$378,743,000), net of alowance for doubtful debts of

aproximately HK$12,372,000 (2024: HK$15,180,000).

As at 31 March 2025, the carying amounts of other

receivables and deposits was aproximately HK$319,269,000

(2024: HK$125,571,000), net of alowance for doubtful debts

of aproximately HK$80,552,000 (2024: HK$28,244,000).

5. SEGMENT INFORMATION

The chief operating decision makers have ben identified as

executive directors of the Company. The directors review the

Group’s internal reporting in order to ases performance and

alocate resources, and determine the operating segments.

The Group has thre reportable segments. The segments are

managed separately as each busines ofers diferent products

or provides diferent services and requires diferent busines

strategies.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

有关本集团各可报告分类之业务简要如下：

高速公路营运－准兴高速公路营运、管理、

维护和配套设施的投资；

压缩天然气加气站营运－营运压缩天然气加

气站；及

其他营运－销售来自植树区及外界供应商之

木材、销售树苗及精炼茶油、销售农产品及

太阳能发电站的电力供应。

年内并无分类间销售或转让（2024年：港币零

元）。中央收益及开支不获分配至各营运分类，

原因是主要营运决策者用以评估分类表现之

分类业绩衡量并无包括有关项目。

可报告分类溢利或亏损所用之标准为未分配

财务成本及除税前亏损。

分类资产不包括按公允价值计入损益之财务

资产、应收附属公司之非控股东款项、现

金及现金等值物及其他未分配总办事处及公

司资产，乃是由于该等资产以集团为基准进

行管理。

分类负债不包括承付票据、不可兑换债券、

不可兑换债券之应付利息、租赁负债以及其

他未分配总办事处及公司负债，乃是由于该

等负债以集团为基准进行管理。

5. SEGMENT INFORMATION (Continued)

The folowing sumary describes the operations in each of the

Group’s reportable segments:

Expresway operations – the operations, management, maintenance

and auxiliary facility investment of Zhunxing Expresway;

CNG gas stations operations – operations of CNG gas stations;

and

Other operations – sales of timber logs from tre plantation and

outside supliers, sales of sedlings and refined plant oil, sales

of agricultural products and electricity suply by solar power

stations.

There was no inter-segment sale or transfer during the year (2024:

HK$Nil). Central revenue and expenses are not alocated to the

operating segments as they are not included in the measure of

the segments’ results that is used by the chief operating decision

makers for asesment of segment performance.

The measure used for reportable segment profit or los is los

before unalocated finance costs and taxation.

Segment asets exclude financial asets at FVTPL, amounts due

from non-controling shareholder of a subsidiary, cash and cash

equivalents and other unalocated head ofice and corporate

asets as these asets are managed on a group basis.

Segment liabilities exclude promisory note, non-convertible

bonds, interest payable on non-convertible bonds, lease liabilities

and other unalocated head ofice and corporate liabilities as

these liabilities are managed on a group basis.

Expressway	CNG gas stations	Other
operations	operations	operations	Total
高速公路营运	压缩天然气加气站营运	其他营运	总计
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
576,864	–	798	577,662
576,864	–	798	577,662
(2,838)	(1,436)	(40,612)	(44,886)
399,134	(115)	(56)	398,963
5,785,141	8,719	110,888	5,904,748
(12,278,045)	(832)	(23,443)	(12,302,320)
9,774	–	–	9,774
–	–	864	864
6,562	395	2,810	9,767
627	–	10,158	10,785
275,222	–	–	275,222
25,713	–	27,125	52,838
(1,097)	927	(50)	(220)
–	–	517	517
94,978	–	140	95,118
			256,676
			351,794
33	–	–	33

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

144China Resources and Transportation Group Limited Anual Report 2025

（续）

(a) 可报告分类

截至2025年3月31日止年度

5. SEGMENT INFORMATION (Continued)

(a) Reportable Segment

For the year ended 31 March 2025

REVENUE收益

Revenue from external customers来自外来客户之收益

Reportable segment revenue可报告分类收益

Reportable segment los可报告分类亏损

Adjusted EBITDA (Note)经调整息税折旧及摊销前利润（附注）

Reportable segment asets可报告分类资产

Reportable segment liabilities可报告分类负债

Other segment information其他分类资料

Aditions of property, plant and equipment物业、厂房及设备之添置

Aditions of biological asets生物资产之添置

Depreciation of property, plant and equipment物业、厂房及设备折旧

Depreciation of right-of-use asets使用权资产折旧

Amortisation of concesion intangible aset特许权无形资产摊销

Impairment los of deposits and other receivables, net按金及其他应收款项减值亏损净额

(Reversal of impairment los)/impairment los of trade

receivables, net

贸易应收帐款（减值亏损拨回）╱

减值亏损净额

Rental income租金收入

Finance costs财务成本

Unalocated finance costs未分配财务成本

Total finance costs财务成本总额

Interest income利息收入

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(a) 可报告分类（续）

截至2024年3月31日止年度

5. SEGMENT INFORMATION (Continued)

(a) Reportable Segment (Continued)

For the year ended 31 March 2024

ExpreswayCNG gas stations Other

operationsoperationsoperationsTotal

高速公路营运

压缩天然气

加气站营运其他营运总计

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

REVENUE收益

Revenue from external customers来自外来客户之收益593,148–593,148

Reportable segment revenue可报告分类收益593,148–593,148

Reportable segment profit/(los)可报告分类溢利╱（亏损）2,366,835(597)(27,580)2,338,658

Adjusted EBITDA (Note)经调整息税折旧及摊销前利润（附注）527,677(192)(863)526,622

Reportable segment asets可报告分类资产6,020,60410,248111,0256,141,877

Reportable segment liabilities可报告分类负债(12,529,070)(945)(22,359)(12,552,374)

Other segment information其他分类资料

Aditions of property, plant and equipment物业、厂房及设备之添置579–579

Aditions of biological asets生物资产之添置–572572

Depreciation of property, plant and equipment物业、厂房及设备折旧24,2773992,64827,324

Depreciation of right-of-use asets使用权资产折旧635–10,35410,989

Amortisation of concesion intangible aset特许权无形资产摊销278,744–278,744

Gain on debt restructuring债务重组收益2,428,828–2,428,828

Impairment los of deposits and other receivables, net按金及其他应收款项减值亏损净额1,1051,3502,455

Reversal of impairment los of trade receivables贸易应收帐款减值亏损拨回12,537–12,537

Rental income租金收入–1,5701,570

Finance costs财务成本296,906–101297,007

Unalocated finance costs未分配财务成本265,947

Total finance costs财务成本总额562,954

Interest income利息收入137–1138

2025
HK$’000
港币千元
(44,886)
(21,406)
(256,676)
(19,638)
(342,606)
5,904,748
10,702
111,514
23,093
6,050,057
12,302,320
129,822
4,395,648
1,918,207
335,967
19,081,964

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

146China Resources and Transportation Group Limited Anual Report 2025

（续）

(a) 可报告分类（续）

附注：

息税折旧摊销前利润定义为息前利润、税项、

折旧，及摊销（经调整息税折旧摊销前利润）

是根据年度（亏损）╱利润计算的，该利润不

包括利息收入和费用、税项、折旧和摊销、

生物资产的公允价值变动、物业、厂房及设

备的减值、特许权无形资产的减值亏损以及

存款、贸易及其他应收款项的减值亏损╱减

值亏损拨回。

(b) 可报告分类业绩、资产及负债之对

账

5. SEGMENT INFORMATION (Continued)

(a) Reportable Segment (Continued)

Note:

EBITDA is defined as Earnings Before Interest, Taxes, Depreciation,

and Amortisation (Adjusted EBITDA) is calculated based on (los)/

profit for the year excluding interest income and expenses, tax,

depreciation and amortisation, fair value change on biological

asets, impairment of property, plant and equipment, impairment

los on concesion intangible asets and impairment los/reversal

of impairment los of deposits, trade and other receivables.

(b) Reconciliation of reportable segment results,

asets and liabilities

HK$’000

港币千元

Reportable segment (los)/profit before tax除税项前可报告分类（亏损）╱

溢利2,338,658

Fair value (los)/gain on financial asets

at FVTPL

按公允价值计入损益之财务资

产之公平价值（亏损）╱收益3,489

Unalocated finance costs未分配财务成本(265,947)

Unalocated corporate expenses未分配企业开支(28,086)

Consolidated (los)/profit before tax除税前综合（亏损）╱溢利2,048,114

Asets资产

Reportable segment asets可报告分类资产6,141,877

Cash and cash equivalents现金及现金等值物13,372

Financial asets at FVTPL按公允价值计入损益之

财务资产134,120

Unalocated corporate asets未分配企业资产11,223

Consolidated total asets综合资产总值6,300,592

Liabilities负债

Reportable segment liabilities可报告分类负债12,552,374

Promisory note承付票据124,822

Non-convertible bonds不可兑换债券4,395,648

Interest payable on non-convertible bonds不可兑换债券之应付利息1,671,554

Unalocated corporate liabilities未分配企业负债321,263

Consolidated total liabilities综合负债总额19,065,661

2025
HK$’000
港币千元
577,662
–
577,662

2025
HK$’000
港币千元
5,293,130
–
5,293,130

2025
HK$’000
港币千元
576,864
798
577,662

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

本集团于中国及香港两个主要地区营运。

下表提供本集团来自外来客户之收益及

财务工具以外之非流动资产（「指定非流

动资产」）之分析。

(d) 有关主要客户之资料

截至2025年及2024年3月31日止年度，

概无客户贡献本集团超过10%或以上之

收益。

6. 收益

收益指本集团主要业务之收益，扣除任何销

售税。于年内某时间点确认之各重大类别收

益金额如下：

5. SEGMENT INFORMATION (Continued)

The Group operates in two principal geographical areas –

the PRC and Hong Kong.

The folowing table provides an analysis of the Group’s

revenue from external customers and non-curent asets

other than financial instruments (“Specified non-curent

asets”).

Revenue from external

customers

Specified

non-curent asets

来自外来客户之收益指定非流动资产

HK$’000HK$’000

港币千元港币千元

PRC中国593,1485,633,147

Hong Kong香港–

593,1485,633,147

(d) Information about major customers

There was no customer contributing over 10% or more of

the Group’s revenue for the years ended 31 March 2025

and 2024.

6. REVENUE

Revenue represents the revenue from the principal activities of the

Group, net of any sales taxes. The amounts of each significant

category of revenue recognised at point in time during the year

are as folows:

HK$’000

港币千元

Income from tol road and related operations来自收费公路及相关经营的收入593,148

Sales of timber products销售木材产品–

593,148

2025
HK$’000
港币千元
33
(958)
517
663
421
(21,406)
1,466
(19,264)

2025
HK$’000
港币千元
5,023
5,000
94,744
246,653
220
154
351,794

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

148China Resources and Transportation Group Limited Anual Report 2025

7. 其他收入及其他收益或亏损净

额

附注：政府补助金是指中国政府推出的就业支持计

划，并没有未满足条件或相关补助的或有事

项。

8. 财务成本

7. OTHER INCOME AND OTHER GAINS OR

LOSES, NET

HK$’000

港币千元

Interest income利息收入138

Exchange los汇兑亏损(6,586)

Rental income租金收入1,570

Gain on disposal of property, plant and

equipment

出售物业、厂房及设备收益

Government subsidies (Note)政府补助（附注）451

Fair value (los)/gain on financial asets at

FVTPL

按公允价值计入损益之财务资产之

公平价值（亏损）╱收益18,797

Others其他706

15,105

Note: Government subsidies represented Employment Suport Scheme

launched by the Government of the PRC. There were no unfulfiled

conditions or contingencies for the relevant subsidies.

8. FINANCE COSTS

HK$’000

港币千元

Interests and finance costs on bank and

other borowings

银行及其他借贷之利息及财务成本

4,211

Interests on promisory note承付票据之利息5,014

Default interests on bank and other

borowings

银行及其他借贷之违约利息

296,514

Default interests on non-convertible bonds不可兑换债券之违约利息256,664

Interests on lease liabilities租赁负债利息269

Interest on overdue construction payables建设应付款项之违约利息282

562,954

2025
HK$’000
港币千元
800
9,767
10,785
275,222
(220)
52,838
219
188
38,436
6,052
44,488

2025
HK$’000
港币千元
(342,606)
(85,652)
60,470
678
24,504
–

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（亏损）╱溢利

除税前（亏损）╱溢利已扣除╱（抵免）下列项

目：

10. 所得税

年度所得税可与综合损益表所列（亏损）╱溢

利对账如下：

/PROFIT BEFORE TAX

(Los)/profit before tax is stated after charging/(crediting):

HK$’000

港币千元

Auditor’s remuneration核数师酬金

– Audit services－审核服务1,100

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

27,324

Depreciation of right-of-use asets使用权资产折旧10,989

Amortisation of concesion intangible aset

included in cost of sales

特许权无形资产摊销

计入销售成本278,744

Reversal of impairment los of trade

receivables

贸易应收帐款减值亏损拨回

(12,537)

Impairment los of deposits and other

receivables, net

按金及其他应收款项减值亏损净额

2,455

Operating lease payments recognised as

expenses

确认为开支之经营租金支出

Cost of inventories sold已出售存货之成本8

Staf costs (excluding directors’ emoluments):员工成本（不包括董事酬金）：

– Salaries and alowances－薪金及津贴49,507

– Defined contributions pension costs－界定供款退休金成本6,493

56,000

10. INCOME TAX

The income tax for the year can be reconciled to the (los)/profit

per consolidated statement of profit or los as folows:

HK$’000

港币千元

(Los)/profit before tax除税前（亏损）╱溢利2,048,114

Tax calculated at 25% (2024: 25%)按25%计算之税项（2024年：25%）512,029

Net efect of deductible/(non-taxable) items不可扣税项目╱（毋须课税）之

净影响(543,790)

Net efect of tax loses and temporary

diferences not recognised

未确认之税项亏损及暂时差额之

净影响258

Efect of diferent tax rates of subsidiaries

operating in other jurisdictions

于其他司法权区营运之附属公司

税率不同之影响31,503

Income tax所得税–

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

150China Resources and Transportation Group Limited Anual Report 2025

（续）

由于本集团于截至2025年及2024年3月31日

止年度并无须缴纳香港利得税之应课税溢利，

故并无就香港利得税作出拨备。

除下文所阐明者外，本集团于中国成立及营

运之所有附属公司须缴纳中国企业所得税为

25%（2024年：25%）。

根据中国的规则及法规以及经负责之税务机

关批准，树人木业（大埔）有限公司、树人苗

木组培（大埔）有限公司及阿鲁科尔沁旗鑫泽

农牧业有限公司等附属公司获当地税务机关

认定为从事林业之企业，故可获悉数免缴中

国企业所得税。

准兴为本公司的附属公司，于2014年至2016

年获豁免缴纳中国企业所得税，并于2017年

至2019年须按12.5%之中国企业所得税率缴

税。根据国家发展和改革委员会颁布之《西部

地区鼓励类产业目录（2025年本）》(2024年：

《西部地区鼓励类产业目录（2020年本）》），准

兴于截至2025年及2024年3月31日止年度有

权按优惠税率15%缴税。

截至2025年3月31日，本集团尚有未使用税项

亏损约港币2,768,758,000元（2024年：港币

2,677,542,000元）可用于抵销未来利润。该等

税项亏损可自产生亏损年度起结转五年。由

于未来盈利来源存在不确定性，本集团并未

就该等亏损确认递延所得税资产。本集团的

可抵扣暂时性差异约为港币5,514,381,000元

（2024年：港币5,842,513,000元）。由于未来

可能无法产生足够的应税利润以利用该等可

抵扣暂时性差异，因此并未确认递延税项资产。

10. INCOME TAX (Continued)

No provision has ben made for Hong Kong Profits Tax as the

Group did not have asesable profits subject to Hong Kong

Profits Tax during the years ended 31 March 2025 and 2024.

Al of the Group’s subsidiaries established and operating in the

PRC are subject to PRC enterprise income tax of 25% (2024:

25%), except for those explained below.

Pursuant to the rules and regulations in the PRC and with

aproval from tax authorities in charge, subsidiaries including 树

人木业（大埔）有限公司,树人苗木组培（大埔）有限公司 and Ar

Horqin Baner Xinze Agricultural & Animal Husbandry Company

Limited* (阿鲁科尔沁旗鑫泽农牧业有限公司), are qualified as

forestry operation enterprise by the local tax authorities and so

they are fuly exempted from PRC enterprise income tax.

Zhunxing a subsidiary of the Company, was exempted from PRC

enterprise income tax from 2014 to 2016 and was subject to

12.5% PRC enterprise income tax from 2017 to 2019. Pursuant

to the document “Catalogue of Encouraged Industries in the

Western Region (2025 Edition)” (2024: “Catalogue of Encouraged

Industries in the Western Region (2020 Edition)”) isued by the

National Development and Reform Comision, Zhunxing is

entitled to the preferential tax rate of 15% for the years ended 31

March 2025 and 2024.

At 31 March 2025, the Group has unused tax loses of

aproximately HK$2,768,758,000 (2024: HK$2,677,542,000)

available for ofset against future profits. Tax loses wil be caried

forward for five years from the year in which the tax loses arose.

No defered income tax aset has ben recognised in respect of

such loses due to the unpredictability of future profit streams.

The Group has deductible temporary diferences of aproximately

HK$5,514,381,000 (2024: HK$5,842,513,000). No defered

tax aset was recognised as it was not probable that suficient

taxable profit wil be available against which the deductible

temporary diferences can be utilised.

Fees	Basic salaries and allowances	Defined contribution retirement benefits scheme	Total
袍金	基本薪金及津贴	界定供款退休福利计划	总计
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
–	2,322	256	2,578
–	1,379	–	1,379
65	–	–	65
–	–	–	–
–	–	–	–
120	–	–	120
120	–	–	120
120	–	–	120
60	–	–	60
1 8	–	–	1 8
503	3,701	256	4,460

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

11. 董事酬金

根据香港《公司条例》第383(1)条及公司（披露

董事利益资料规例）第2部披露之董事酬金详

情载列如下：

截至2025年3月31日止年度

11. DIRECTORS’ EMOLUMENTS

Directors’ emoluments disclosed pursuant to section 383(1) of the

Hong Kong Companies Ordinance and Part 2 of the Companies

(Disclosure of Information about Benefits of Directors) Regulation

are as folows:

Year ended 31 March 2025

Name of directors董事姓名

Executive directors执行董事

Lu Zhiming陆志明

Gao Zhiping 高志平

Jiang Tao姜涛

Duan Jingquan段景泉

Wang Gang 王刚

Independent non-executive directors独立非执行董事

Jing Baoli井宝利

Bao Liang Ming包良明

Xue Baozhong薛宝忠

Xu Hui (resigned on 15 October 2024)许慧（于2024年10月15日辞任）

Huang Chunlian (apointed on 15 October 2024)黄春莲（于2024年10月15日获委任）

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

152China Resources and Transportation Group Limited Anual Report 2025

（续）

截至2024年3月31日止年度

11. DIRECTORS’ EMOLUMENTS (Continued)

Year ended 31 March 2024

Fes

Basic

salaries and

alowances

Defined

contribution

retirement

benefits

schemeTotal

袍金

基本薪金

及津贴

界定供款

退休福利计划总计

HK$’000HK$’000HK$’000HK$’000

Name of directors董事姓名港币千元港币千元港币千元港币千元

Executive directors执行董事

Lu Zhiming陆志明–

Gao Zhiping 高志平–1,306–1,306

Jiang Tao姜涛–

Duan Jingquan段景泉–

Wang Gang 王刚–

Independent non-executive directors独立非执行董事

Jing Baoli井宝利20–20

Bao Liang Ming包良明20–20

Xue Baozhong薛宝忠20–20

Xu Hui (resigned on 15 October 2024)许慧（于2024年10月15日辞任）40–40

1001,306–1,406

2025
HK$’000
港币千元
1,548
114
1,662

2025
Number of individuals
人数
3
–
3

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

附注：

于截至2025年及2024年3月31日止年度，本集团并

无向董事及薪酬最高的五名人士支付任何酬金作为

吸引其加入或于加入本集团时之奖励或作为离职补

偿。于本年度及过往年度概无就董事豁免或同意豁

免任何酬金作出安排。

年内，薪酬最高之五名人士包括二名（2024年：一名）

董事，彼等之酬金已于上文详列。其余三名（2024

年：四名）人士于年内的酬金总额如下：

酬金最高之其余三名（2024年：四名）人士之

酬金属于以下范围：

除综合财务报表附注35(b)所披露外，本公司

并无作为一方于年终及年内任何时间与本公

司董事及董事之关联人士于本公司相关业务

中存在重大交易、安排及合约并于当中直接

或间接拥有重大利益。

12. 股息

本公司董事并不建议派发截至2025年3月31日

止年度之股息（2024年：港币零元）。

11. DIRECTORS’ EMOLUMENTS (Continued)

Note:

During the years ended 31 March 2025 and 2024, no emoluments were

paid by the Group to the directors and the five highest paid individuals as

an inducement to join, or upon joining the Group, or as compensation for

los of ofice. There were no arangements under which a director waived

or agred to waive any remuneration during the curent and prior years.

During the year, the five highest paid individuals included two (2024: one)

director, details of whose emoluments are set out above. The agregate of

the emoluments in respect of the other thre (2024: four) individuals during

the years are as folow:

HK$’000

港币千元

Salaries and alowances薪金及津贴2,676

Defined contribution pension costs界定供款退休金成本49

2,725

The emoluments of the other thre (2024: four) individuals with the

highest emoluments fel within the folowing bands:

Number of

individuals

人数

Emolument bands酬金范围

Nil to HK$1,000,000零至港币1,000,000元3

HK$1,000,001 to HK$1,500,000港币1,000,001元至港币1,500,000元1

Save for disclosed in Note 35(b) to the consolidated financial

statements, no significant transaction, arangement and contract

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

party and in which a director of the Company and the director’s

conected party had a material interest, whether directly or

indirectly, subsisted at the end of the year or at any time during

the year.

12. DIVIDEND

The directors of the Company do not recomend the payment of

a dividend for the year ended 31 March 2025 (2024: HK$Nil).

2025
HK$’000
港币千元
(337,599)
’000
千股
10,644,093

2025
HK$’000
港币千元
18,319,676
(180,169)
18,139,507
12,906,565
275,222
(128,459)
13,053,328
5,086,179

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

154China Resources and Transportation Group Limited Anual Report 2025

（亏损）╱盈利

本公司拥有人应占每股基本及摊薄（亏损）╱

盈利乃按以下数据计算：

本公司拥有人应占年度（亏损）╱溢利：

由于两个年度本公司均并无潜在摊薄普通股，

故每股摊薄（亏损）╱盈利并无列示。

14. 特许权无形资产

/EARNINGS PER SHARE

The calculation of the basic and diluted (los)/earnings per share

atributable to owners of the Company is based on the folowing

data:

(Los)/profit for the year atributable to owners of the Company:

HK$’000

港币千元

(Los)/profit for the purpose of basic and

diluted (los)/earnings per share

计算每股基本（亏损）╱溢利及

摊薄之（亏损）╱盈利1,731,821

’000

Number of shares:股份数目：千股

Weighted average number of ordinary shares

as at 31 March for the purposes of basic

and diluted (los)/earnings per share

于3月31日就计算每股基本及

摊薄（亏损）╱盈利采用之普通股

加权平均数10,644,093

Diluted (los)/earnings per share has not ben presented as

there was no dilutive potential ordinary share of the Company

outstanding during both years.

14. CONCESION INTANGIBLE ASET

HK$’000

港币千元

Cost:成本：

At 1 April于4月1日19,295,631

Exchange diference汇兑差额(975,955)

At 31 March于3月31日18,319,676

Acumulated amortisation and

impairment:

累计摊销及减值：

At 1 April于4月1日13,303,005

Amortisation for the year本年度摊销278,744

Exchange diference汇兑差额(675,184)

At 31 March于3月31日12,906,565

Net carying amount:账面净值：

At 31 March于3月31日5,413,111

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(a) 特许权无形资产概述

准兴与中国地方政府订立服务特许权安

排，据此，准兴须兴建准兴高速公路的

基础建设，并获授独家经营权可向使用

准兴高速公路之车辆收取通行费，为期

30年。

根据有关政府批文及有关法规，准兴负

责建设收费道路及收购相关设施及设

备，并在独家经营期内负责收费道路之

营运及管理、维修及翻修保养。准兴有

权透过向司机收费（金额取决于高速公

路之公共使用量）经营该道路，特许经

营期为30年。于特许经营权期限届满

时，有关收费道路资产须归还地方政府

主管部门，而毋须向准兴支付任何赔

偿。因此，该安排根据香港（国际财务

报告诠释委员会）诠释第12号「服务特许

权安排」作为特许权无形资产入账。

向公共服务使用者收费之权利确认为无

形资产。准兴估计无形资产之公平价值

相等于建设成本加管理层参考类似行业

及管理层经验估计之若干利润。

准兴高速公路于2013年11月21日展开营

运后，特许权无形资产开始摊销。

14. CONCESION INTANGIBLE ASET

(Continued)

(a) Descriptions of the concesion intangible aset

Zhunxing entered into a service concesion arangement

with a PRC local government authority whereby Zhunxing is

required to build the infrastructure of Zhunxing Expresway

and is granted an exclusive operating right for colecting

tols from vehicles using the Zhunxing Expresway for a

term of 30 years.

Acording to the relevant government authority’s aproval

documents and the relevant regulations, Zhunxing is

responsible for the construction of the tol road and the

acquisition of the related facilities and equipment and it

is also responsible for the operations and management,

maintenance and overhaul of the tol road during the

exclusive operating period. Zhunxing is entitled to operate

the tol road for an exclusive operating period of 30 years

by charging drivers, which amounts are contingent on the

extent that the public uses the expresway. The relevant

tol road asets are required to be returned to the local

government authorities when the exclusive operating period

expires without any compensation to be made to Zhunxing.

As such, the arangement is acounted for as a concesion

intangible aset under Hong Kong (IFRIC) Interpretation 12

“Service Concesion Arangements”.

The right to charge the users of the public service is

recognised as an intangible aset. Zhunxing estimates

the fair value of the intangible aset to be equal to the

construction costs plus certain margin by management

estimation with reference to the market information in

similar industry and management’s experience.

Amortisation of the concesion intangible aset started

upon comencement of the operation of the Zhunxing

Expresway on 21 November 2013.

2025
HK$’000
港币千元
576,864
399,134

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

156China Resources and Transportation Group Limited Anual Report 2025

（续）

(b) 特许权无形资产之减值测试

于各报告期末，由于本集团公路营运部

分持续经营亏损，本集团管理层对其特

许权无形资产进行了减值测试。

就减值测试而言，特许权无形资产获分

配至高速公路营运分类项下的高速公路

现金产生单位。

诚如附注5(a)所披露，截至2025年及

2024年3月31日止年度高速公路现金产

生单位之收益及经调整息税折旧及摊销

前利润如下：

于截至2025年及2024年3月31日止年

度，高速公路现金产生单位之可收回金

额已由泓亮咨询及评估有限公司（「泓

亮」）（2024年：仲量联行企业评估及咨

询有限公司）以使用价值方法独立厘定。

此计算乃使用独立交通顾问内蒙古昕业

工程项目管理有限公司（2024年：黄志

峰顾问有限公司）厘定的交通预测数据

及按照管理层批准并经计及准兴高速公

路年内实际营运业绩所作出，直至独家

经营期届满为止之财务预测得出之现金

流预测。

14. CONCESION INTANGIBLE ASET

(Continued)

(b) Impairment testing of the concesion intangible

aset

At the end of each reporting period, management of the

Group tests for impairment of its concesion intangible

aset because the Group’s Expresway operations segment

incured ongoing busines loses.

For the purpose of impairment testing, the concesion

intangible aset is alocated to Expresway CGU under the

Expresway operations segment.

As disclosed in Note 5(a), revenue and adjusted EBITDA of

Expresway CGU for the years ended 31 March 2025 and

2024 are as folows:

Year ended 31 March

截至3月31日止年度

HK$’000

港币千元

Revenue收益593,148

Adjusted EBITDA经调整息税折旧及摊销前利润527,677

During the years ended 31 March 2025 and 2024, the

recoverable amount of the Expresway CGU has ben

determined independently by Vincorn Consulting and

Apraisal Limited (the “Vincorn”) (2024: Jones Lang LaSale

Corporate Apraisal and Advisory Limited) for the value in

use calculation. This calculation uses trafic forecast data

determined by 内蒙古昕业工程项目管理有限公司 (2024:

Samuel Wong Consultancy Limited), an independent trafic

consultant, and cash flow projections based on financial

forecasts aproved by management up to the end of the

exclusive operating period, taking into acount the actual

operating results of the Zhunxing Expresway during the

year.

2025
18 years（年）
7.74%
2.00%

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(b) 特许权无形资产之减值测试（续）

计算使用价值所用的主要假设如下：

贴现率为使用资本资产定价模式根据行

业平均比率及高速公路现金产生单位特

定风险估计之除税前计量。平均通行费

收益增长率乃根据预测交通流量增长而

厘定。

本集团管理层已评估高速公路现金产生

单位的可收回金额约港币5,243,302,500

元（2024年：港币5,514,127,000元），

与其截至2025年及2024年3月31日的特

许权无形资产及相关的物业、厂房及

设备的帐面值并无差异。因此，于截至

2025年及2024年3月31日止年度并无就

特许权无形资产及相关的物业、厂房和

设备（附注15）确认减值亏损。

于2025年3月31日，贴现率上升5%及高

速公路现金产生单位之平均长期通行费

收益增长率下跌5%所产生之潜在下跌

影响之备考敏感度分析于附注4(c)披露。

14. CONCESION INTANGIBLE ASET

(Continued)

(b) Impairment testing of the concesion intangible

aset (Continued)

Key asumptions used for the value in use calculation are

as folows:

Remaining exclusive operating period余下独家经营期19 years（年）

Discount rate贴现率10.29%

Average long-term tol revenue growth rate

over the remaining exclusive operating

period

整个余下独家经营期平均长期

通行费收益增长率

4.66%

The discount rate is a pre-tax measure estimated using the

capital aset pricing model based on the industry average

ratios and the Expresway CGU’s specific risks. The

average tol revenue growth rate was determined based on

the forecast of trafic volume growth.

The management of the Group have asesed the

recoverable amount of the Expresway CGU amounting to

aproximately HK$5,243,302,500 (2024: HK$5,514,127,000)

which is not materialy diferent from its carying value of

concesion intangible aset and property, plant and property

as at 31 March 2025 and 2024. As a result, no impairment

loses were recognised for the years ended 31 March 2025

and 2024 in respect of concesion intangible aset and

related property, plant and equipment (Note 15).

At 31 March 2025, the proforma sensitivity analysis on the

potential downside efects arising from 5% increase in the

discount rate and 5% decrease in the average long-term

tol revenue growth rates of Expresway CGU is disclosed

in Note 4(c).

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

158China Resources and Transportation Group Limited Anual Report 2025

、厂房及设备

在建工程主要指尚未可于两个报告期末用作

商业用途之准兴高速公路服务区内加油加气

站之建设成本。

作为生产性植物之茶树位于中国兴宁市。就

作为生产性植物之茶树而言，于2025年3月31

日，本集团拥有及取得兴宁市约10,278（2024

年：10,278）亩茶树林之所有林权证书，为期

50年，于2058年届满。精炼茶油之茶树（作为

生产性植物）乃于往年种植，并只出现少量生

物转变。

15. PROPERTY, PLANT AND EQUIPMENT

Furniture, Comunication

OtherLeaseholdmachinerySafetyandTol colectionCameliaConstruction

buildingsimprovementsand equipmentMotor vehiclesVeselsequpimentsignaling systemsequipmentresin procesTotal

其他楼宇租赁物业装修家具、机器及设备汽车船只安全设备通讯及讯号系统收费设备茶树在建工程总计

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

Cost成本

As at 1 April 2023于2023年4月1日389,41213,859132,60035,47061,952487,70799,17954,77621,526142,9541,439,435

Aditions添置–115464–579

Disposal出售–(1,635)(633)–(2,268)

Exchange diference汇兑差额(19,656)(279)(4,660)(1,554)–(24,668)(5,016)(2,771)(1,240)(465)(60,309)

As at 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日369,75613,580126,42033,74761,952463,03994,16352,00520,286142,4891,377,437

Aditions添置–3,3876,387–9,774

Disposal出售–(19)(16,546)–(16,565)

Exchange diference汇兑差额(3,629)(49)(917)(138)–(4,554)(926)(511)(232)(86)(11,042)

As at 31 March 2025于2025年3月31日366,12713,531128,87123,45061,952458,48593,23751,49420,054142,4031,359,604

Acumulated Depreciation and

amortisation or impairment

累计折旧及摊销或减值

As at 1 April 2023于2023年4月1日264,78513,859119,94633,99461,952473,12896,21452,97521,526142,9541,281,333

Charge for the year年度开支6,359–2,168275–13,9592,8391,724–27,324

Writen of on disposal出售撇销–(1,630)(569)–(2,199)

Exchange diference汇兑差额(13,357)(279)(4,090)(1,474)–(24,048)(4,890)(2,694)(1,240)(465)(52,537)

As at 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日257,78713,580116,39432,22661,952463,03994,16352,00520,286142,4891,253,921

Charge for the year年度开支6,077–2,811879–9,767

Writen of on disposal出售撇销–(15,719)–(15,719)

Exchange diference汇兑差额(2,552)(49)(794)(333)–(4,554)(926)(511)(232)(86)(10,037)

As at 31 March 2025于2025年3月31日261,31213,531118,41117,05361,952458,48593,23751,49420,054142,4031,237,932

Net carying amount帐面净额

As at 31 March 2025于2025年3月31日104,815–10,4606,397–121,672

As at 31 March 2024于2024年3月31日111,969–10,0261,521–123,516

Construction in progres mainly represented the construction

costs incured for petrol and gas stations in the service areas of

Zhunxing Expresway which were not yet available for comercial

use at the end of both reporting periods.

Camelia tres as bearer plant are located in Xingning, the PRC.

For camelia tres as bearer plant, at 31 March 2025, the Group

owned and obtained al the forestry ownership certificates for

aproximately 10,278 (2024: 10,278) Chinese Mu of forests of

camelia tres in Xingning with a 50-year term, expiring in 2058.

Camelia tres as bearer plant for refined plant oil were planted in

previous years and had litle biological transformation.

2025
HK$’000
港币千元
99,829
5,822
16,021
121,672

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

、厂房及设备（续）

于报告期末下列业务的物业、厂房及设备账

面值分析如下：

物业、厂房及设备之减值测试

于各报告期末，相关的物业、厂房和设备被

分配到相应的现金产生单位，包括准兴高速

公路运营、压缩天然气加气站运营和其他营

运，以进行减值测试，由于本集团持续业务

亏损。

准兴高速公路营运于截至2025年及2024年3

月31日年度内并无减值亏损，进一步详情见

附注14(b)。

于2020年1月31日，整项压缩天然气加气站营

运已出租予独立第三方，为期20年，收入为

每年人民币1.00百万元。计算压缩天然气加

气站产生之可收回金额乃基于租赁总收入的

现值超过于2025年3月31日之帐面值，因此，

于截至2025年及2024年3月31止年度，对分配

给压缩天然气加气站现金产生单位的物业、

厂房及设备（附注15）和使用权资产（附注16）

减值亏损于损益中确认。

15. PROPERTY, PLANT AND EQUIPMENT

(Continued)

Analysis of the carying amounts of property, plant and equipment

of the folowing operations at the reporting period end were as

folows:

HK$’000

港币千元

Zhunxing Expresway operations准兴高速公路营运98,273

CNG gas stations operations压缩天然气加气站营运6,276

Other operations其他营运18,967

123,516

Impairment testing of property, plant and equipment

At the end of each reporting period, relevant property, plant, and

equipment were alocated to the coresponding cash-generating

units, including the Zhunxing Expresway operations, CNG gas

stations operations, and other operations, for impairment testing

due to the Group’s ongoing busines loses.

Zhunxing Expresway operations has no impairment los for the

year ended 31 March 2025 and 2024, as further detailed in Note

14(b).

On 31 January 2020, the entire CNG gas stations operations were

leased to an independent third party for a period of 20 years,

with an income of RMB1.00 milion per anum. The recoverable

amount of the CNG gas stations operations calculated based

on the present value of total leasing income exceded carying

value at 31 March 2025 and acordingly, no impairment los of

property, plant and equipment (Note 15) and right-of-use asets

(Note 16) alocated to CNG gas stations CGU was recognised in

the profit or los for the years ended 31 March 2025 and 2024.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

160China Resources and Transportation Group Limited Anual Report 2025

16. RIGHT-OF-USE ASETS

Prepaid

land lease

payments

Leased

propertiesTotal

预付租金租赁物业总计

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

(Note a)(Note b)

（附注a）（附注b）

Cost:成本：

At 1 April 2023于2023年4月1日170,4287,449177,877

Adition添置–204204

Exchange diference汇兑差额(10,698)(378)(11,076)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日159,7307,275167,005

Terminate终止–(596)(596)

Exchange diference汇兑差额(1,975)(71)(2,046)

At 31 March 2025于2025年3月31日157,7556,608164,363

Acumulated depreciation and

impairment:

累计折旧及减值：

At 1 April 2023于2023年4月1日105,2981,485106,783

Charge for the year年度开支9,7571,23210,989

Exchange diference汇兑差额(7,485)(84)(7,569)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日107,5702,633110,203

Charge for the year年度开支9,5661,21910,785

Terminate终止–(596)(596)

Exchange diference汇兑差额(1,523)(32)(1,555)

At 31 March 2025于2025年3月31日115,6133,224118,837

Net carying amount:账面净值：

At 31 March 2025于2025年3月31日42,1423,38445,526

At 31 March 2024于2024年3月31日52,1604,64256,802

16. 使用权资产

2025
HK$’000
港币千元
45,526

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

附注：

(a) 本集团透过与中国地方政府订立为期50年的

租约取得土地使用权。结余于采纳香港财务

报告准则第16号后分类为使用权资产。

(b) 本集团透过租赁安排取得于一段时间内控制

办公室及其他物业用途的权利。租赁安排乃

逐项进行磋商，而租期介乎1至3年。

析如下：

使用权资产之减值测试

于各报告期末，相关使用权资产已分配至相

关现金产生单位，以作减值测试。截至2025

年及2024年3月31日止年度，本集团管理层已

透过对可资比较土地的现行市价之市场研究，

就种植农产品及牧草产品及林业（「其他业务

现金产生单位」）的预付租金进行评估，据此，

并无于综合财务报表作出减值。

16. RIGHT-OF-USE ASETS (Continued)

Notes:

(a) The Group obtains the land use rights through lease contracts with

local governments in the PRC with 50 years term. The balance is

clasified as right-of-use asets upon the adoption of HKFRS 16.

(b) The Group obtains right to control the use of ofice and other

properties for a period of time through lease arangements. Lease

arangements are negotiated on an individual basis and lease terms

ranging from 1 to 3 years.

folowing operations at the reporting period end were as folows:

HK$’000

港币千元

Other operations其他营运56,802

Impairment testing of right-of-use asets

At the end of each reporting period, relevant right-of-use asets

were alocated to coresponding cash generating units for

impairment testing. During the years ended 31 March 2025 and

2024, management of the Group conducted an asesment

of the prepaid lease payments for plantation of agricultural,

forage products and forestry (the “Other Operations CGU”)

through a market research on the curent market prices of the

comparable land and acordingly, no impairment was made in

the consolidated financial statements.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

162China Resources and Transportation Group Limited Anual Report 2025

17. 生物资产

(a) 本集团生物资产的简述

直立树木及树苗位于中国大埔县。

就直立树木而言，于2025年3月31日，

本集团拥有及取得大埔县约82,817

（2024年：82,817）亩直立树林之所有林

权证书，为期50年，于2057年届满。该

等直立树木于2025年及2024年3月31日

按公平价值减销售成本列账。

树苗乃按成本减任何减值亏损列账。本

公司董事认为，自初步产生成本后只出

现少量生物转变。因此，该等树苗之成

本与本公司董事所厘定其于2025年及

2024年3月31日之公平价值并无重大差

别。

17. BIOLOGICAL ASETS

SedlingsStanding tresTotal

树苗直立树木总计

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

At 1 April 2023于2023年4月1日43353,61154,044

Plantation expenditure incured产生之种植开支103469572

Change in fair value les

costs to sel

公平价值变动减销售成本

–(13,643)(13,643)

Exchange diference汇兑差额(23)(1,232)(1,255)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日51339,20539,718

Plantation expenditure incured产生之种植开支104760864

Disposal during the year年内出售–(61)(61)

Change in fair value

les costs to sel

公平价值变动减销售成本

–(373)(373)

Exchange diference汇兑差额(5)(390)(395)

At 31 March 2025于2025年3月31日61239,14139,753

(a) Description of the Group’s biological asets

Standing tres and sedlings are located in Dabu, the PRC.

For standing tres, at 31 March 2025, the Group owned

and obtained al the forestry ownership certificates for

aproximately 82,817 (2024: 82,817) Chinese Mu of forests

of standing tres in Dabu with 50 years’ term, expiring

in 2057. The standing tres were stated at fair value les

costs to sel at both 31 March 2025 and 2024.

Sedlings are caried at cost les any impairment los. The

directors of the Company considered that litle biological

transformation has taken place since initial cost incurence.

The cost of these sedlings is therefore not materialy

diferent from their fair values as at 31 March 2025 and

2024 as determined by the directors of the Company.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(a) 本集团生物资产的简述（续）

除附注37中披露的财务风险管理外，本

集团还面临以下与生物资产相关的操作

风险：

(i) 监管和环境风险

本集团需遵守其运营所在的中国

的法律法规。为确保符合当地环

境及其他法律，本集团已建立环

境政策和程序。管理层将定期进

行审查，以识别环境风险并确保

现有系统能充分管理这些风险。

(i) 供求风险

本集团面临由于木材价格和销售

量波动而产生的风险。本集团的

森林土地旨在提供稳定的原材料

来源，以生产可供销售的塑合板。

在可能的情况下，本集团将调整

伐木量以配合生产计划，以确保

塑合板的持续生产。

(i) 气候及其他自然风险

本集团的生物资产面临来自气候

变化、疾病、森林火灾及其他自

然力量的损害风险。本集团已采

取各种措施以监测和减低这些风

险，包括通过设立森林巡逻队进

行定期森林检查。

17. BIOLOGICAL ASETS (Continued)

(a) Description of the Group’s biological asets

(Continued)

In aditional to the financial risk management as disclosed

in Note 37, the Group is exposed to the folowing

operational risks relating the biological asets:–

(i) Regulatory and environmental risks

The Group is subject to laws and regulations in the

PRC in which it operates. The Group has established

environmental policies and procedures aimed at

compliance with local environment and other laws.

Management wil perform regular reviews to identify

environmental risks and to ensure that the systems in

place are adequate to manage those risks.

(i) Suply and demand risks

The Group is exposed to risks arising from

fluctuations in the price and sales volume of log. The

Group’s forestlands are maintained for the purpose of

providing stable source of raw materials to the Group

to produce particleboards for sale. Where posible

the Group wil align harvest volume to its production

schedule so as to ensure continuous production of

particleboards.

(i) Climate and other natural risks

The Group’s biological asets are exposed to the risk

of damage from climate changes, diseases, forest

fires and other natural forces. The Group has adopted

diferent measures aimed at monitoring and mitigating

those risks, including regular forest inspections by

seting up forest patrol team.

2025
RMB347 to RMB650
人民币347元至人民币650元
70.0%

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

164China Resources and Transportation Group Limited Anual Report 2025

（续）

(b) 公平价值计量

本集团直立树木的公平价值由泓亮进行

独立估值，经适当考虑泓亮的经验及资

历，本公司的董事信纳泓亮有资格厘定

本集团生物资产的估值。董事认为泓亮

独立于本公司董事。

直立树木的公平价值分类为第3层公平

价值层级。

直立树木的公平价值计量

泓亮在估值中采纳市场方法，使用于

2025年及2024年3月31日类近的圆木每

立方米（「立方米」）单位的现行市场价格

及树林中的木材可销售总量，作为估算

本集团直立树木公平价值减销售成本之

基础。采纳的主要假设如下：

－本集团将生产圆木；及

－木材中的自然损耗因素，例如实

质损耗、腐蚀及纹理容许估值中

有70%的回收率。

重大不可观察参数

17. BIOLOGICAL ASETS (Continued)

(b) Measurement of fair value

The fair value of the Group’s standing tres was

independently valued by Vincorn. After due consideration

of the experience and credentials of Vincorn, the directors

of the Company are satisfied that the Vincorn is competent

to determine the valuation of the Group’s biological asets.

The directors are of the opinion that Vincorn is independent

from the directors of the Company.

The fair value of standing tres is categorised into level 3 of

the fair value hierarchy.

Fair value measurement of standing tre

Vincorn has adopted the market aproach in its valuation

by using the curent market price per unit cubic meter (“cu.

m”) of similar round logs and the total merchantable volume

of timber in the forest at 31 March 2025 and 2024 as basis

for estimating the fair value les costs to sel of the Group’s

standing tres. The principal asumptions adopted are as

folows:

– the Group is to produce round logs; and

– the factors of natural defects in the wod such as

physical defects, rots and directions of grain have

ben alowed for a recovery rate of 70% for the

valuation.

Significant unobservable inputs

Input value/range

输入值╱范围

Price of round logs per cubic meter每立方米圆木价格RMB321

to RMB690

人民币321元至

人民币690元

Recovery rate回收率70.0%

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(b) 公平价值计量（续）

直立树木的公平价值计量（续）

圆木的价格越高，则直立树木的公平价

值亦越高。回收率越高，则直立树木的

公平价值亦越高。

年内，直立树木的估值方法并无变动。

下表展示了本集团截至2025年3月31日

及2024年3月31日生物资产的公允价值

测量层级。

截至2025年及2024年3月31日，本集团

生物资产的公允价值减去出售成本依第

三层公允价值测量确定。没有在第一层

与第二层之间转换，或于第三层转入或

转出的情况。在确定本集团生物资产的

公允价值减去出售成本时，生物资产的

最高和最佳用途乃其当前用途。

17. BIOLOGICAL ASETS (Continued)

(b) Measurement of fair value (Continued)

Fair value measurement of standing tre (Continued)

The higher the price of round logs, the higher the fair value

of the standing tres. The higher the recovery rate, the

higher the fair value of the standing tres.

There was no change to the valuation techniques for

standing tres during the year.

The folowing table ilustrates the fair value measurement

hierarchy of the Group’s biological asets at as 31 March

2025 and 2024.

Fair value measurement categorised into

公允价值测量分类

Fair value

les costs

to selLevel 1Level 2Level 3

公允价值

减出售成本第一层第二层第三层

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

The Group recuring fair value

measurement:

本集团经常性

公允价值测量：

As at 31 March 2025截至2025年3月31日

– biological asets－生物资产39,141–39,141

As at 31 March 2024截至2024年3月31日

– biological asets－生物资产39,205–39,205

The fair value les costs to sel of the Group’s biological

asets at 31 March 2025 and 2024 have ben determined

based on Level 3 fair value measurement. There were no

transfers betwen Level 1 and Level 2, or transfers into or

out of Level 3. In determining the fair value les costs to sel

of the Group’s biological asets, the highest and best use

of the biological asets is their curent use.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

166China Resources and Transportation Group Limited Anual Report 2025

（续）

(d) 估值方法采纳的重大输入数据变动

之敏感度分析如下：

直立树木于2025年3月31日

直立树木于2024年3月31日

17. BIOLOGICAL ASETS (Continued)

(d) Sensitivity analysis on changes in material

inputs used in the valuation techniques are as

folows:

Standing tres as at 31 March 2025

Changes on the price of

round logs per cubic meter每立方米圆木价格变动

Increased

by 10%

Decreased

by 10%

增加10%减少10%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）7,867(7,867)

Changes on the recovery rate回收率变动

Increased

by 5%

Decreased

by 5%

增加5%减少5%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）2,752(2,752)

Standing tres as at 31 March 2024

Changes on the price of

round logs per cubic meter每立方米圆木价格变动

Increased

by 10%

Decreased

by 10%

增加10%减少10%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）3,682(3,682)

Changes on the recovery rate回收率变动

Increased

by 5%

Decreased

by 5%

增加5%减少5%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）1,962(1,962)

2025
HK$’000
港币千元
25,948
85,566
111,514

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

18. 按公平价值计入损益之财务资

产

附注：

(a) 非上市股本证券指在中国成立及经营之私营

实体所发行之股本证券投资，其获重新分类

为通过损益按公允价值计量之财务资产。

(b) 于2025年3月31日，本集团于博源之15.20%

股本投资之公平价值为港币25,948,000元

（2024年：港币22,740,000元），已质押予银

行，以作为附注26(b)(i)所指本集团借贷之抵

押品。

附注37(f)。

18. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

HK$’000

港币千元

Non-curent financial asts designated

at FVTPL

通过损益按公允价值计量的

非流动金融资产

Unlisted equity investments:非上市股本投资

Iner Mongolia Berun New Energy

Company Limited*（内蒙古博源新型能

源有限公司）(“Berun”) (Notes (a), (b)

内蒙古博源新型能源有限公司

（「博源」）（附注(a),(b)）

22,740

内蒙古新西北能源发展股份有限公司

(Note (a)

内蒙古新西北能源发展股份

有限公司（附注(a)）111,380

134,120

Notes:

(a) The unlisted equity securities represent investment in equity

securities isued by private entities established and operate in the

PRC, which were clasified as financial asets at FVTPL.

(b) At 31 March 2025, the Group’s 15.20% equity investment in

Berun with a fair value of HK$25,948,000 (2024: HK$22,740,000)

was pledged to a bank as security for the Group’s borowings as

refered to in Note 26(b)(i).

disclosed in Note 37(f) below.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

168China Resources and Transportation Group Limited Anual Report 2025

19. 主要附属公司

于2025及2024年3月31日，主要附属公司之详

情载列如下。

19. PRINCIPAL SUBSIDIARIES

Particulars of principal subsidiaries as at 31 March 2025 and

2024 are set out below.

Proportion of ownership interest

所有权益比例

Name

Place of

incorporation

and operation

Form of

legal entity

Registered

capital

Held by the

Company

Held by a

subsidiary

Atributable

to the GroupPrincipal activity

名称注册成立及营业地点法律实体形式注册资本由本公司持有由附属公司持有本集团应占主要业务

Iner Mongolia Zhunxing

Heavy Haul Expresway

Company Limited

(“Zhunxing”) (Note (i)

The PRCSino foreign

joint equity

enterprise

Renminbi (“RMB”)

2,513,920,600

(2024:

RMB2,513,920,600)

–86.87

(2024: 86.87)

86.87

(2024: 86.87)

Zhunxing Expresway and

auxiliary facility investment,

operations, management and

maintenance

内蒙古准兴重载高速公路

有限责任公司（「准兴」）

(附注(i)

中国中外合资企业人民币2,513,920,600元

（2024：人民币

2,513,920,600元）

准兴高速公路及配套设施之

投资、营运、管理及维护

Iner Mongolia Zhunxing

Expresway Service Areas

Management Company

Limited (“Zhunxing

Expresway Service”)

(Note (i)

The PRCWholy owned

domestic

enterprise

RMB10,000,000

(2024:

RMB10,000,000)

–100

(2024: 100)

86.87

(2024: 86.87)

Construction and operation of

petrol and gas stations and

service areas of Zhunxing

Expresway

内蒙古准兴高速服务区管理

有限责任公司（「准兴高速

服务」）(附注(i)

中国内资独资企业人民币10,000,000元

（2024：人民币

10,000,000元）

建设及营运准兴高速公路之

加油加气站及服务区

Leshan Zhongshun Oil and

Gas Company Limited

(“Leshan Zhongshun”)

(Note (i)

The PRCWholy owned

domestic

enterprise

RMB32,800,000

(2024:

RMB32,800,000)

–100

(2024: 100)

Operations of CNG gas stations

乐山中顺油汽有限公司

（「乐山中顺」）(附注(i)

中国内资独资企业人民币32,800,000元

（2024：人民币

32,800,000元）

营运压缩天然气加气站

深圳市前海润宏投资

有限公司

The PRCWholy owned

domestic

enterprise

RMB10,000,000

(2024:

RMB10,000,000)

–100

(2024: 100)

Investment and aset

management

中国内资独资企业人民币10,000,000元

（2024：人民币

10,000,000元）

投资及资产管理

树人木业（深圳）有限公司The PRCWholy foreign

owned

enterprise

RMB43,773,025

(2024:

RMB43,773,025)

–100

(2024: 100)

Timber log trading and sale of

furniture and handicrafts

中国外商独资企业人民币43,773,025元

（2024：人民币

43,773,025元）

木材贸易以及销售家具及

手工艺品

树人木业（大埔）有限公司The PRCWholy foreign

owned

enterprise

RMB102,175,000

(2024:

RMB102,175,000)

–100

(2024: 100)

Forest operation, timber loging

and tre plantation

中国外商独资企业人民币102,175,000元

（2024：人民币

102,175,000元）

森林营运、伐木及植树

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

附注：

(i) 上表包括本公司董事认为于年内对本集团之

业绩构成重大影响或于报告期末构成本集团

资产及负债主要部份之本公司附属公司。本

公司董事认为，列出其他附属公司之详情将

导致内容过于冗长。

(i) 准兴及红华之财务资料概要于综合财务报表

附注36中披露。

(i) 公司名称的英文翻译仅供参考。这些实体的

正式名称以中文为准。

Proportion of ownership interest

所有权益比例

Name

Place of

incorporation

and operation

Form of

legal entity

Registered

capital

Held by the

Company

Held by a

subsidiary

Atributable

to the GroupPrincipal activity

名称注册成立及营业地点法律实体形式注册资本由本公司持有由附属公司持有本集团应占主要业务

树人苗木组培（大埔）

有限公司

The PRCWholy foreign

owned

enterprise

RMB4,721,500

(2024:

RMB4,721,500)

–100

(2024: 100)

Plantation and trading of

sedlings

中国外商独资企业人民币4,721,500元

（2024：人民币

4,721,500元）

树苗种植及买卖贸易

兴宁树人木业有限公司The PRCWholy owned

domestic

enterprise

RMB30,000,000

(2024:

RMB30,000,000)

–100

(2024: 100)

Production and sale of plant-oil

中国内资独资企业人民币30,000,000元

（2024：人民币

30,000,000元）

茶油生产及销售

Ar Horqin Baner Xinze

Agricultural & Animal

Husbandry Company

Limited (“Xinze”) (Note (i)

The PRCWholy foreign

owned

enterprise

RMB68,000,000

(2024:

RMB68,000,000)

–100

(2024: 100)

Growing and sales of forage and

agricultural products

阿鲁科尔沁旗鑫泽农牧业

有限公司（「鑫泽」）(附注(i)

中国外商独资企业人民币68,000,000元

（2024：人民币

68,000,000元）

牧草及农产品种植及销售

Red Sino Investments Limited

(“Red Sino”) (Note (i)

BVILimited liability

company

USD100

(2024: USD100)

–60

(2024: 60)

Investment holding

红华投资有限公司（「红华」）

(附注(i)

英属处女群岛有限责任公司100美元

（2024：100美元）

投资控股

Notes:

(i) The above table includes the subsidiaries of the Company which,

in the opinion of the directors of the Company, principaly afected

the results of the Group for the year or formed a substantial portion

of the asets and liabilities of the Group at the end of the reporting

period. To give details of other subsidiaries would, in the opinion

of the directors of the Company, result in particulars of excesive

length.

(i) The sumary of financial information of Zhunxing and Red Sino is

disclosed in Note 36 to the consolidated financial statements.

(i) The English translation of the company names is for reference only.

The oficial names of these entities are in Chinese.

19. PRINCIPAL SUBSIDIARIES (Continued)

Particulars of principal subsidiaries as at 31 March 2025 and

2024 are set out below. (Continued)

（续）

于2025及2024年3月31日，主要附属公司之详

情载列如下。（续）

2025
HK$’000
港币千元
38
811
849

2025
HK$’000
港币千元
38
811
849

2025
HK$’000
港币千元
188

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

170China Resources and Transportation Group Limited Anual Report 2025

20. 存货

(a) 于综合财务状况表的存货包括：

本集团于报告期内的存货分析分类如下：

(b) 确认为开支并计入综合损益表的存

货金额分析如下：

20. INVENTORIES

(a) Inventories in the consolidated statement of

financial position comprise:

HK$’000

港币千元

Raw materials原材料24

Finished gods制成品566

An analysis of the Group’s inventories at the reporting

period and was categorised as folows:

HK$’000

港币千元

Forage products牧草产品24

Others其他566

(b) The analysis of the amount of inventories

recognised as an expense and included in

consolidated statement of profit or los is as

folows:

HK$’000

港币千元

Cost of inventories sold已售存货成本8

2025
HK$’000
港币千元
308,880
(12,372)
296,508

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

21. 贸易应收账款

除新客户通常须预付款项外，本集团与其客

户之贸易条款主要以信贷形式进行。信贷期

一般为两个月，主要债务人则可延长至最多

六个月。每名客户均有信贷上限。本集团致

力对其未收回之应收款项维持严格控制，并

设有信贷监控部门以将信贷风险减至最低。

高级管理层定期检讨逾期结余。贸易应收账

款不计息。

于2021年4月15日，内蒙古自治区高级人民法

院命令中国交通运输部扣留本集团的应收

费公路收入，作为其他逾期银行借款及应计

利息的担保，最高金额为人民币8,838,000,000

元。

根据内蒙古自治区中级人民法院（「内蒙古

中级法院」）发出的法院命令，截至2025年

3月31日，内蒙古中级法院命令发还总额约

人民币2,434,840,000元（2024年：人民币

1,810,619,000元），部份用于偿还债务、作为

营运资金及本集团高速公路营运。

21. TRADE RECEIVABLES

HK$’000

港币千元

Trade receivables贸易应收账款393,923

Les: Provision for impairment los减：减值亏损拨备(15,180)

378,743

The Group’s trading terms with its customers are mainly on credit,

except for new customers, where payment in advance is normaly

required. The credit period is generaly two months, extending up

to six months for major debtor. Each customer has a maximum

credit limit. The Group seks to maintain strict control over its

outstanding receivables and has a credit control department to

minimise credit risk. Overdue balances are reviewed regularly by

senior management. Trade receivables are non-interest bearing.

On 15 April 2021, the Supreme People’s Court of Iner Mongolia

Municipality ordered the Ministry of Transport of the PRC to

witheld the Group’s tol road income receivables as security

for the other overdue bank borowings together with acrued

interests, up to a maximum amount of RMB8,838,000,000.

Pursuant to a court order isued by the Intermediate People’s

Court of Iner Mongolia Municipality (the “Iner Mongolia

Intermediate Court”), as at 31 March 2025, the Iner Mongolia

Intermediate Court ordered to release a agregate amount of

aproximately RMB2,434,840,000 (2024: RMB1,810,619,000) for

the partial repayment of liabilities, the purpose of working capital

and operation of expresway of the Group.

2025
HK$’000
港币千元
43,788
28,058
35,751
188,911
296,508

2025
HK$’000
港币千元
15,180
927
(1,147)
(2,459)
(129)
12,372

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

172China Resources and Transportation Group Limited Anual Report 2025

（续）

于报告期末，按发票日期及扣除亏损拨备的

贸易应收账款的账龄分析如下：

贸易应收账款减值亏损拨备变动如下：

本集团之贸易应收款项以人民币结算。

21. TRADE RECEIVABLES (Continued)

The aging analysis of the trade receivables as at the end of the

reporting period, based on the invoice date, and net of los

alowance, are as folow:

HK$’000

港币千元

1-30 days1至30天43,253

31-60 days31至60天21,323

61-90 days61至90天47,229

Over 90 days超过90天266,938

378,743

The movements in the los alowance for impairment of trade

receivables are as folow:

HK$’000

港币千元

At begining of year年初28,982

Impairment los减值亏损–

Reversal of impairment los减值亏损拨回(12,537)

Writen of撇销–

Exchange diference汇兑差额(1,265)

At the end of year年末15,180

The Group’s trade receivables are denominated in RMB.

2025
HK$’000
港币千元
18,085
1,892
397,929
(80,552)
337,354

2025
HK$’000
港币千元
28,244
52,838
(530)
80,552

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

、按金及其他应收款项

管理层个别评估按金及其他应收款项之预期

亏损拨备。预期信贷亏损乃参考收款人的信

贷状况及偿债能力存疑的债务人的逾期状况

进行评估。

按金及其他应收款项之减值亏损拨备变动如下：

22. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

HK$’000

港币千元

Prepayments预付款项15,049

Deposits按金1,910

Other receivables其他应收款项151,905

Impairment alowance减值拨备(28,244)

140,620

Management aseses the expected los alowance of deposits

and other receivables on an individual basis. The expected credit

loses are asesed with reference to the credit status of the

recipients and the past due status of doubtful debtors.

The movements in the los alowance for impairment of deposits

and other receivables are as folow:

HK$’000

港币千元

At begining of year年初27,003

Impairment los减值亏损2,455

Exchange diference汇兑差额(1,214)

At the end of year年末28,244

2025
HK$’000
港币千元
10,702

2025
HK$’000
港币千元
393,610
82,316
2,631,506
1,918,207
169,798
241,256
5,436,693

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

174China Resources and Transportation Group Limited Anual Report 2025

23. 现金及现金等值物

银行现金根据每日银行存款利率按浮动利率

赚取利息。视乎本集团之即时现金需要而定，

短期定期存款乃于不同期间作出，并按相关

之短期定期存款利率赚取利息。

截至2025年3月31日，本集团以人民币计价的

现金及银行结余约为港币10,407,000元（2024

年：港币13,364,000元）。人民币转换为外币

需遵循中国的外汇管制条例及外汇结算、出

售和支付管理条例。

24. 其他应付款项

附注：

于2016年12月30日，本集团与呼和浩特惠则恒投

资有限责任公司（「买方C」）订立有条件协议以出售

准兴18%股本权益，据此，于截至2018年及2019年

3月31日止年度，买方C分别向本集团支付人民币

80,000,000元及人民币145,000,000元作为可退回诚

意金。倘出售交易未有进行，有关可退回诚意金约

港币241,256,000元（2024年：港币243,653,000元）

将由本集团退回予买方C。

23. CASH AND CASH EQUIVALENTS

HK$’000

港币千元

Cash and bank balances现金及银行结存13,372

Cash at banks earns interest at floating rates based on daily bank

deposit rates. Short-term time deposits were made for varying

periods depending on the imediate cash requirements of the

Group, and earned interest at the respective short-term time

deposit rates.

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

denominated in RMB amounted to aproximately HK$10,407,000

(2024: HK$13,364,000). Conversion of RMB into foreign

curencies is subject to the PRC’s Foreign Exchange Control

Regulations and Administration of Setlement, Sale and Payment

of Foreign Exchange Regulations.

24. OTHER PAYABLES

HK$’000

港币千元

Construction costs payable应付建设成本429,513

Retention and guarante deposits保留及保证按金83,504

Acrued and default interest on the bank and

other borowings

银行及其他借贷之应计利息及违约

利息2,668,512

Acrued default interest on non-convertible

bonds (Note 27)

不可兑换债券之应计违约利息

（附注27）1,671,554

Other deposits and acruals其他按金及应计费用161,118

Refundable earnest monies received from the

Purchaser C (Note)

收取自买方C之可退回诚意金

（附注）243,653

5,257,854

Note:

On 30 December 2016, the Group and Hohot Huizehang Investment Co.,

Ltd* (呼和浩特惠则恒投资有限责任公司) (“Purchaser C”) entered into a

conditional agrement for the disposal of 18% equity interest in Zhunxing,

pursuant to which, during the years ended 31 March 2018 and 2019,

Purchaser C paid RMB80,000,000 and RMB145,000,000 to the Group

as refundable earnest monies, respectively. These refundable earnest

monies of aproximately HK$241,256,000 (2024: HK$243,653,000) wil

be refundable by the Group to Purchaser C if the disposal transaction was

not proceded.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

25. 承付票据

于2010年2月9日，本公司向中聚国际控股

集团有限公司（「中聚」）发行本金为港币

280,000,000元的承付票据。

承付票据为无抵押，并须分14期每季港币

20,000,000元偿还，而其累算利息则须于承

付票据发行后每三个月之最后一天支付。承

付票据按票息率每年1.50%计息，每季向票据

持有人支付。本公司可于承付票据发行日期

后随时及不时透过向票据持有人发出事先书

面通知，偿还全部或部份未偿还之承付票据

（按港币20,000,000元之倍数）。

截至2011年3月31日止年度，本集团拖欠偿还

本金及利息。

根据承付票据协议，承付票据持有人有权要

求即时偿还任何未偿还本金及应计票息。因

此，承付票据的账面值加应计票息约为港币

285,000,000元，自2011年3月31日起分类为

流动负债。

于2012年5月23日，本集团与承付票据持有

人订立补充协议，据此，承付票据之偿还期

限获延长，本集团须就未偿还本金额及应

计票息按每日0.05%之利率（相等于年利率

18.25%）支付违约利息。

于2019年4月16日，承付票据连同应计及

违约利息已予取消，并由本金额约为港币

683,348,000元之新承付票据取代，而新承付

票据为无抵押及附带年利率5%的票息。新承

付票据（包括未偿还本金额及应计利息总额）

须于2024年4月15日偿还。

截至综合财务报表批准日期，本集团继续与

承付票据持有人就承付票据的更新或延期进

行协商。

实际年利率为5%（2024年：5%）。

25. PROMISORY NOTE

On 9 February 2010, the Company isued promisory note, with

principal value of HK$280,000,000, to China Aliance International

Holding Group Limited (“China Aliance”).

The promisory note is unsecured and repayable by 14 quarterly

instalments of HK$20,000,000 each with interest acrued thereon

payable on the last day of every thre months after the isue

of the promisory note. The promisory note bears coupon

interests at 1.50% per anum payable quarterly. The Company

may, by giving prior writen notice to the noteholder, repay in

whole or in part the outstanding promisory note (in multiples of

HK$20,000,000) at any time and from time to time after the date

of isue of the promisory note.

During the year ended 31 March 2011, the Group defaulted on

repayment of the principal and interest.

Pursuant to the promisory note agrement, the promisory

note holder was entitled to demand imediate repayment of any

outstanding principal and acrued coupon interest. As a result,

the carying amount of promisory note plus acrued coupon

interest of aproximately HK$285,000,000 was clasified under

curent liabilities since 31 March 2011.

On 23 May 2012, the Group and the promisory note holder

signed a suplemental agrement pursuant to which the

repayment terms of the promisory note were extended and

the Group was required to pay a default interest at 0.05% per

day (equivalent to anual interest rate of 18.25%) based on the

outstanding principal amount and acrued coupon interest.

On 16 April 2019, the promisory note, together with the acrued

and default interests, was extinguished and replaced by new

promisory note of aproximately HK$683,348,000, which are

unsecured and bearing coupon interest at 5% per anum. The

new promisory note, including the outstanding principal amount

and total acrued interest, wil be repayable on 15 April 2024.

Up to the date of aproval of the consolidated financial

statements, the Group are stil negotiating with the promisory

note holder for the renewal or extension of the promisory note.

The efective interest rate is 5% (2024: 5%).

2025
HK$’000
港币千元
9,086,963
29,000
9,115,963

2025
HK$’000
港币千元
2,137,360
793,540
2,708,428
3,476,635
6,978,603
9,115,963
2,137,360
6,978,603

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

176China Resources and Transportation Group Limited Anual Report 2025

（续）

26. 借贷

(a) 于2025年3月31日，本集团之借贷须于

以下年期偿还：

25. PROMISORY NOTE (Continued)

HK$’000

港币千元

At 1 April 2023于2023年4月1日119,808

Interest expense charged利息支出5,014

At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日124,822

Interest expense charged利息支出5,000

At 31 March 2025于2025年3月31日129,822

26. BOROWINGS

HK$’000

港币千元

Bank borowings银行借贷9,177,219

Other borowings其他借贷105,101

9,282,320

(a) At 31 March 2025, borowings of the Group were repayable

as folows:

HK$’000

港币千元

Within 1 year or on demand一年内或按要求1,556,149

After 1 year but within 2 years一年后但两年内678,253

After 2 years but within 5 years两年后但五年内2,563,603

After 5 years五年后4,484,315

7,726,171

Total borowings借贷总额9,282,320

Les: Curent portion of borowings due

for repayment within one year

减：于一年内到期偿还的借贷的

流动部分1,556,149

Non-curent portion of borowings subject

to imediate demand repayment clause

受即时按要求偿还条款规限的

借贷的非流动部分7,726,171

2025
HK$’000
港币千元
9,113,963
2,000
9,115,963

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(b) 于2025年3月31日，本集团借贷的抵押

及担保如下：

附注：

(i) 于2025年及2024年3月31日，本集团的有抵

押借贷连同应计利息由(a)准兴收取准兴高速

公路通行费收入之权利；(b)本集团于博源公

平价值约为港币25,948,000元（2024年：港币

22,740,000元）之股权（附注18）；(c)准兴高速

服务区之股权；(d)于准兴之股权；及(e)准兴

之若干资产抵押。

截至2025年及2024年3月31日，本集团之借

贷亦由(a)本公司；(b)准兴之非控股东；及(c)

准兴担保。

(i) 于2025年及2024年3月31日，本集团之无抵

押借贷由(a)本公司；及(b)本公司一间全资附

属公司所担保。

(i) 本集团于2025年3月31日的备用银行融

资约为港币9,086,963,000元（2024年：

港币9,253,320,000元），当中全数约港币

9,086,963,000元（2024年：港币9,253,320,000

元）已获动用。

26. BOROWINGS (Continued)

(b) At 31 March 2025, borowings of the Group were secured

and guaranted as folows:

NotesHK$’000

附注港币千元

Secured and guaranted有抵押及有担保(i)9,204,219

Unsecured and guaranted无抵押及有担保(i)78,101

9,282,320

Notes:

(i) At 31 March 2025 and 2024, the secured borowings of

the Group, together with the interest acrued thereon, were

secured by (a) Zhunxing’s rights to receive of tol income of

the Zhunxing Expresway; (b) the Group’s equity interests

in Berun with a fair value of aproximately HK$25,948,000

(2024: HK$22,740,000) (Note 18); (c) the equity interests

in Zhunxing Expresway Service; (d) the equity interests in

Zhunxing; and (e) certain asets of Zhunxing.

As at 31 March 2025 and 2024, the borowings of the

Group were also guaranted by (a) the Company; (b) a

non- controling shareholder of Zhunxing; and (c) Zhunxing.

(i) At 31 March 2025 and 2024, the unsecured borowings of

the Group were guaranted by (a) the Company; and (b) a

wholy-owned subsidiary of the Company.

(i) The Group’s available banking facilities as at 31 March

2025 amounted to aproximately HK$9,086,963,000

(2024: HK$9,253,320,000), al of which aproximately

HK$9,086,963,000 (2024: HK$9,253,320,000) has ben

utilised.

2025
HK$’000
港币千元
9,086,963
29,000
9,115,963

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

178China Resources and Transportation Group Limited Anual Report 2025

（续）

(b) （续）

附注：（续）

(iv) 所有银行及其他借款均已逾期并违约，

于截至2025年及2024年3月31日被分

类为流动负债。

(v) 截至2025年3月31日止年度，本集团之

银行借贷的实际年利率为每年1.91%

（2024年：2.07%）。

货币结算：

26. BOROWINGS (Continued)

(b) (Continued)

Notes: (Continued)

(iv) Al bank and other borowings were overdue and default and

were al clasified under curent liabilities as at 31 March

2025 and 2024.

(v) For the year ended 31 March 2025, the efective interest

rates of the Group’s bank borowings at 1.91% (2024:

2.07% per anum.

denominated as folows:

HK$’000

港币千元

RMB人民币9,253,320

HK$港币（「港币」）29,000

9,282,320

Principal amounts	Coupon interests	Carrying amounts	Default interest
本金额	票面利息	账面值	违约利息
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
			(Note 24)
			（附注24）
500,000	19,295	519,295	237,918
500,000	45,083	545,083	237,193
832,000	2,468	834,468	385,560
1,500,000	182,556	1,682,556	719,147
700,000	114,246	814,246	338,389
4,032,000	363,648	4,395,648	1,918,207

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

27. 不可兑换债券

于2025年及2024年3月31日，仍然违约及须即

时偿还的不可兑换债券（包括本金及应计违约

利息）之账面值如下：

(a) 本公司前执行董事曹忠先生已向债券A

及债券B之持有人就妥善履行两笔债券

之全部责任提供个人担保，曹忠先生已

于2021年10月28日辞任。

(b) 根据债券工具（经各自其后修订协议所

修订（倘合适），倘逾期支付该等债券

之任何到期及应付款项，本集团须就该

等违约的账面值约港币4,395,648,000元

按香港上海汇丰银行有限公司每日所报

之最优惠利率向该等债券持有人支付由

到期日起至实际付款日期之全部应计违

约利息。

27. NON-CONVERTIBLE BONDS

As at 31 March 2025 and 2024, the carying amounts of the non-

convertible bonds (including the principals and the acrued default

interests), which remain in default and became imediately

repayable, are as below:

31 March 2025于2025年3月31日

Bond A债券A

Bond B债券B

Bond C债券C

Bond D债券D

Bond E债券E

31 March 2024于2024年3月31日

Bond A债券A500,00019,295519,295208,779

Bond B债券B500,00045,083545,083206,607

Bond C债券C832,0002,468834,468338,735

Bond D债券D1,500,000182,5561,682,556624,734

Bond E债券E700,000114,246814,246292,699

4,032,000363,6484,395,6481,671,554

(a) Mr. Cao Zhong, former executive director of the Company,

has provided personal guarantes to the holders of Bond A

and Bond B as to the due performance of al the obligations

of the two bonds. Mr. Cao Zhong has resigned on 28

October 2021.

(b) In acordance with the bond instruments (as amended by

their respective subsequent amendment agrements, as

apropriate), in the events of defaults in the payment of any

sum due and payable thereon these bonds, the Group shal

be liable to pay default interest to these bondholders from

due date to the date of actual payment in ful calculated at

the prime lending rate, as quoted by The Hongkong and

Shanghai Banking Corporation Limited on a daily basis,

acruing on these carying amounts of aproximately

HK$4,395,648,000 in default.

2025
Present value of the minimum lease payments	Total minimum lease payments
最低租赁付款现值	最低租赁付款总额
HK$’000	HK$’000
港币千元	港币千元
1,025	1,196
967	1,091
96	491
1,750	3,751
2,813	5,333
3,838	6,529
	(2,691)
	3,838

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

180China Resources and Transportation Group Limited Anual Report 2025

28. LEASE LIABILITIES

The folowing table shows the remaining contractual maturities of

the Group’s lease liabilities at the end of the curent and previous

reporting periods:

Present

value

of the

minimum

lease

payments

Total

minimum

lease

payments

最低租赁

付款现值

最低租赁

付款总额

HK$’000HK$’000

港币千元港币千元

Within 1 year一年内1,1421,364

After 1 year but within 2 years一年后但两年内1,0351,208

After 2 years but within 5 years两年后但五年内1,0661,490

After 5 years五年后1,7743,896

3,8756,594

5,0177,958

Les: total future interest

expenses

减：未来利息开支总额

(2,941)

Present value of lease liabilities租赁负债之现值5,017

The incremental borowing rates aplied to lease liabilities ranged

from 4.45% to 5.64% (2024: from 4.45% to 5.64%).

The Group’s lease liabilities are denominated in RMB.

28. 租赁负债

下表显示本集团租赁负债于目前及过往报告

期末之余下合约到期情况：

适用于租赁负债的增额借款利率范围为4.45%

至5.64%（2024年：4.45%至5.64%）。

本集团之租赁负债以人民币结算。

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

29. 股本

30. 购股权计划

根据本公司股东于2014年8月28日举行的股东

周年大会上之批准，本公司于2014年8月28日

采纳购股权计划（「计划」）以取代于2004年7月

16日采纳之购股权计划。除非以其他方式终

止或修订，否则计划自采纳日期起有效十年。

购股权之行使价须由本公司董事厘定，但最

少为以下各项之最高者：(i)本公司股份于授出

购股权日期在联交所之收市价；(i)本公司股

份于紧接授出购股权日期前五个交易日在联

交所之平均收市价；及(i)普通股之面值。根

据计划可授出之购股权所涉及之股份数目最

多不得超过本公司不时已发行股本10%。

于2024年及2025年3月31日止年度及于2024

年及2025年3月31日止年度任何期间，概无购

股权根据计划发行及尚未行使。

29. SHARE CAPITAL

Number of

sharesAmount

股本金额

’000HK$’000

千股港币千元

Ordinary shares HK$0.20 each每股面值港币0.20元之

普通股

Isued and fuly paid:已发行及缴足：

As at 1 April 2023,

31 March 2024,

1 April 2024 and

31 March 2025

截至2023年4月1日，

2024年3月31日，

2024年4月1日及

2025年3月31日10,644,0932,128,819

30. SHARE OPTION SCHEME

A share option scheme of the Company was adopted on 28

August 2014 (the “Scheme”) in place of the share option

scheme adopted on 16 July 2014 pursuant to the aproval by

the shareholders of the Company at the anual general meting

held on 28 August 2014. The Scheme shal remain in force for

10 years from the adoption date unles otherwise terminated or

amended.

The exercise price of the options shal be determined by the

directors of the Company, but shal at least be the highest of (i)

the Stock Exchange closing price of the Company’s share on

the date of the grant of the share options; (i) the average Stock

Exchange closing price of the Company’s shares for the five

trading days imediately preceding the date of the grant of the

share options; and (i) the nominal value of an ordinary share. The

maximum number of shares in respect of which options may be

granted under the Scheme shal not exced 10% of the isued

share capital of the Company from time to time.

At the end of the years ended 31 March 2024 and 2025 or at any

time during the years ended 31 March 2024 and 2025, no option

was isued and outstanding under the Scheme.

2025
HK$’000
千港元
2
2
2,033,761
2,000
129,822
4,395,648
–
6,561,231
(6,561,229)
(6,561,229)
2,128,819
(8,690,048)
(6,561,229)

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

182China Resources and Transportation Group Limited Anual Report 2025

31. 本公司财务状况表

经董事会于2025年6月30日批准及授权刊发。

31. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

NotesHK$’000

附注千港元

CURENT ASETS流动资产

Cash and cash equivalents现金及现金等值物2

TOTAL CURENT ASETS流动资产总值2

CURENT LIABILITIES流动负债

Other payables其他应付款项1,789,498

Borowings借贷2,000

Promisory note承付票据25124,822

Non-convertible bonds不可兑换债券274,395,648

Obligation under a financial guarante

for a subsidiary’s other borowings

一间附属公司其他借贷之

财务担保项下之义务76,101

TOTAL CURENT LIABILITIES流动负债总额6,388,069

NET CURENT LIABILITIES流动负债净额(6,388,067)

NET LIABILITIES负债净额(6,388,067)

CAPITAL AND RESERVES股本及储备

Share capital股本292,128,819

Reserves储备32(8,516,886)

CAPITAL DEFICIENCIES权益亏绌(6,388,067)

Aproved by the board of directors on 30 June 2025 and are

signed on its behalf by

Mr. Gao ZhipingMr. Lu Zhiming

高志平先生陆志明先生

DirectorDirector

董事董事

1,291,426	3,800	64,314	(9,876,426)	(8,516,886)
–	–	–	(173,162)	(173,162)
–	–	–	(173,162)	(173,162)
1,291,426	3,800	64,314	(10,049,588)	(8,690,048)

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

32. 公司储备

附注：

(i) 根据开曼群岛公司法，股份溢价账内的资金

可供分派予本公司股东，惟紧随建议分派或

派息当日后，本公司须能够于正常业务过程

中支付其到期之债务。

(i) 本公司之实缴盈余指附属公司被本公司收购

时之综合股东资金与为进行收购所发行本公

司股本面值两者之差额。

(i) 于2025年及2024年3月31日，本公司并无可

供分派储备。

(iv) 资本赎回储备代表本公司以股份溢价资金回

购股份的名义价值。

32. COMPANY’S RESERVES

premium

Capital

redemption

reserve

Contributed

surplus

Acumulated

losesTotal

股份溢价

资本

赎回储备实缴盈余累计亏损总额

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

(Note (i)(Note (i)(Note (i)

（附注(i)）（附注(i)）（附注(i)）

At 1 April 2023于2023年4月1日1,291,4263,80064,314(10,563,978)(9,204,438)

Profit for the year年度溢利–687,552687,552

Total comprehensive income for the year年度全面收入总额–687,552687,552

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Los for the year年度亏损

Total comprehensive los for the year年度全面亏损总额

At 31 March 2025于2025年3月31日

Notes:

(i) Under the Cayman Islands Companies Law, the funds in share

premium acount are distributable to shareholders of the Company

provided that imediately folowing the date on which the

distribution or dividend is proposed to be paid, the Company is able

to pay its debts as they fal due in the ordinary course of busines.

(i) Capital redemption reserve represented the nominal value of

the shares repurchased which has ben funded from the share

premium of the Company.

(i) The contributed surplus of the Company represents the diference

betwen the consolidated shareholders’ funds of subsidiaries when

they were acquired by the Company and the nominal amount of the

Company’s share capital isued for the acquisition.

(iv) At 31 March 2025 and 2024, the Company did not have

distributable reserve.

2025
HK$’000
港币千元
–

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

184China Resources and Transportation Group Limited Anual Report 2025

33. 资本承担

于2025年及2024年3月31日，并无于综合财务

报表中拨备之未偿还资本承担如下︰

34. 债务重组

截至2025年3月31日，本集团的借贷及其他应

付款项总额约为港币14,552,294,000元（2024

年：港币14,540,174,000元）。该等借贷主要

包括于2012年12月由中国多间银行（「该等银

行」）授出的银团贷款约人民币7,557.81百万

元（相当于约港币8,184.35百万元）。诚如本

公司于2019年9月5日所公布，本公司获告知，

该等银行拟透过法律程序重组银团贷款，以

完善其贷款资产组合以转让予其他有意者。

然而，该等银行必须与本集团进行若干法律

程序，包括提出民事诉讼、庭内和解、签订

及执行有关银团贷款的调解协议。

于2019年12月底，该等银行与本集团已订立

调解协议。与该等银行进行多次沟通后，重

组银团贷款于2020年6月展开。

33. CAPITAL COMITMENTS

Capital comitments outstanding at 31 March 2025 and 2024

not provided for in the consolidated financial statements were as

folows:

HK$’000

港币千元

Contracted but not provided for已订约但未拨备

– acquisition of property,

plant and equipment

－收购物业、厂房及设备

21,209

34. DEBT RESTRUCTURING

As at 31 March 2025, the Group has borowings and

other payables in the total amount of aproximately

HK$14,552,294,000 (2024: 14,540,174,000). Such borowings

mainly consisted of Syndicated Loans of aproximately

RMB7,557.81 milion (equivalent to aproximately HK$8,184.35

milion) granted by several PRC Banks (the “Bank”) in December

2012. As anounced by the Company on 5 September 2019,

the Company was informed that the Banks intended to optimise

their loan portfolios by restructuring the Syndicated Loans

through legal proces to other interested parties. However, the

Banks must go through certain legal procedings with the Group

including filing of civil actions, court directed mediations, entering

into of setlement agrement(s) and execution(s) of setlement

agrement(s) in respect of the Syndicated Loans.

By the end of December 2019, setlement agrements had

ben entered into betwen the Banks and the Group. After

several comunication with the Banks, the Group was given to

understand that the restructuring of the Syndicated Loans would

initiate in June 2020.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

于2022年5月10日，内蒙古自治区乌兰察布市

中级人民法院（「法院」）裁定准兴为适合进行

重组的实体，因此接受国家开发银行对准兴

重组的申请，使该银行能对准兴进行重组。

2022年8月25日，法院出具书面裁定，指定北

京天驰君泰律师事务所担任准兴破产管理人

（「管理人」），准兴获法院批准于重组期间继

续自行经营及管理业务。准兴及管理人已在

法院命令发出日期起6个月内向法院及债权人

提交重组方案。重组方案在重组方案会议上

获得了准兴的主要债权人通过。准兴的重组

方案亦已于2023年9月26日获得法院批准。重

组方案自2023年9月26日起生效。重组方案管

理人已收到来自所有重组方案债权人的意向

指示表格，并已按照以下方式分配已承认的

索赔：

(a) 对于以低于抵押品的评估价值的抵押品

担保的借款部分（「部分担保借款」）将于

书面接受此偿还安排之日起计3个月内

以现金偿还15%的部分担保借款。剩余

85%的部分担保借款将在法院批准重组

方案之日起计10年内偿还。对于以超过

抵押品评估价值的抵押品作为担保的借

款部分（「剩余担保借款」），剩余担保借

款中不超过人民币1,000,000元的部分

将在法院批准重组方案之日起计1年内

全额以现金偿还。超过人民币1,000,000

元的部分将通过将本集团持有的准兴的

部分股权转让给债权人来解除。转让股

权数量取决于选择股权选项的普通无担

保债权人数量，如下文附注(c)(i)所述。

34. DEBT RESTRUCTURING (Continued)

On 10 May 2022, the Intermediate People’s Court of Ulanqab

Iner Mongolia Autonomous Region（内蒙古自治区乌兰察布

市中级人民法院）(the “Court”) decided that Zhunxing was an

entity that was suitable for restructuring and thus acepted the

restructuring aplication of Zhunxing by China Development Bank

for the said bank to restructure Zhunxing. On 25 August 2022, the

Court isued a writen decision that Beijing Tian Tai Law Firm* 北

京天驰君泰律师事务所 had ben apointed as the administrator

(the “Administrator”). The Court had aproved Zhunxing to

continue operating and manage busines afairs on its own.

Zhunxing and the Administrator had submited a restructuring

proposal to the Court and the creditors within 6 months after the

date of the court order. The restructuring proposal was pased

by the requisite majority of creditors of Zhunxing at the meting

of restructuring proposal. The restructuring proposal of Zhunxing

had also ben aproved by the Court on 26 September 2023.

Since then, the restructuring proposal became efective on 26

September 2023. The Administrator has received the preference

indication forms from al restructuring proposal creditors and the

admited claims have ben alocated in the folowing maner:

(a) For the portion of the borowings secured by colateral that

is les than the asesed value of the colateral (the “Partial

Secured Borowings”), 15% of the Partial Secured

Borowings wil be repaid in cash within 3 months from

the date of aceptance of this repayment arangement in

writing. 85% of the remaining Partial Secured Borowings

wil be repaid within 10 years from the date of court

aproval of the restructuring proposal. For the portion

of the borowings secured by colateral that exceds the

asesed value of the colateral (the “Remaining Secured

Borowings”), the Remaining Secured Borowings up to

RMB1,000,000 wil be fuly repaid in cash within 1 year from

the date of court aproval of the restructuring proposal.

The portion exceding RMB1,000,000 wil be discharged

by transfering a portion of the equity interest of Zhunxing

held by the Group to the creditors. The amount of equity

transfered to them is subject to the number of ordinary

unsecured creditors chosing the equity option as set out

in note (c)(i) below.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

186China Resources and Transportation Group Limited Anual Report 2025

（续）

(b) 对于包含在其他应付款项中的优先付款

权，15%的债务将在接受这一偿还安排

的书面通知后3个月内以现金偿还。剩

余85%的债务将在法院批准重组方案之

日起的10年内偿还。

无担保债务，每位债务金额为人民币

1,000,000元或以下的普通债权人将在

法院批准重组方案之日起计1年内全额

以现金偿还。对于每位债务金额超过人

民币1,000,000元的普通债权人，债权

人可以选择以下方式全额解除债务：

(i)以现金结算，金额为债务的30%；或(i)

将本集团持有的准兴的部分股权转让给

债权人来解除。

(d) 对于应计薪资和税务负债，将在法院批

准重组方案之日起计1年内，向准兴的

员工和中国税务机构全额以现金偿还已

承认的索赔。

准兴的债务重组方案获法院批准并生效后，

与准兴相关的部份重组索赔及负债已全部解

除和妥协。截至2024年3月31日止年度，约港

币3,488,228,000元的负债已被解除，并确认

约港币2,428,828,000元的债务重组收益，这

代表了以下两者之间的差额：(i)重组后偿还债

务的修订现金流的现值，按重组日期的市场

利率折现，及(i)相应的其他应付款项和借款

的账面金额。

34. DEBT RESTRUCTURING (Continued)

(b) For priority payment rights included in other payables, 15%

of the debt wil be repaid in cash within 3 months from

the date of aceptance of this repayment arangement in

writing. 85% of the remaining debt wil be repaid within 10

years from the date of court aproval of the restructuring

proposal.

borowings, each ordinary creditor with a debt amount

of RMB1,000,000 or les wil be fuly repaid in cash

within 1 year from the date of court aproval of the

restructuring proposal. For each ordinary creditor with a

debt amount exceding RMB1,000,000, the creditors can

chose to discharge the debt in ful either (i) by way of a

cash setlement representing 30% of the debt; or (i) by

transfering a portion of the equity interest of Zhunxing held

by the Group to the creditors.

(d) For acrued salaries and tax labilities, ful repayment of

admited claims in cash wil be made to employes of

Zhunxing and the PRC tax authorities within 1 year from the

date of court aproval of the restructuring proposal.

Upon the aproval and efectivenes of the restructuring

proposal of Zhunxing by the Court, certain claims against and

liabilities of Zhunxing were discharged and compromised in ful.

During the year ended 31 March 2024, liabilities amounting to

aproximately HK$3,488,228,000 have ben discharged and a

gain on debt restructuring of aproximately HK$2,428,828,000

was recognised, representing the diference betwen (i) the

present value of the revised cash flows for repaying the debts

after debt restructuring, discounted by the market interest rate

at the debt restructuring date, and (i) the carying amount of the

coresponding other payables and borowings.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

根据上述重组方案，本集团间接持有的准兴

的部分股权将转让给选择以债转股方式清偿

债务的债权人，该选择如附注(a)及(c)(i)所述。

然而，与债权人之间尚未就股权转让的金额

达成共识。因此，于截至2025年及2024年3月

31日止年度，对于涉及选择以债转股方式清

偿的债务于债务重组项下未确认损益。于截

止本报告日期，准兴的股权结构未发生变化，

本集团仍持有准兴86.87%的股权。本集团目

前正在实施并推进重组。截至批准2025年3月

31止年度综合财务报表前，重组仍在进行中。

35. 有关连人士交易

除综合财务报表其他部分披露的有关联人士

交易及余额外，本集团于本年度与有关联人

士进行了以下交易：

(a) 本公司与其附属公司（本公司之有关连

人士）间之交易已于综合账目时对销，

且并无于本附注披露。

(b) 本年度之主要管理层成员仅包括董事，

彼等之薪酬载于综合财务报表附注11。

34. DEBT RESTRUCTURING (Continued)

HK$’000

港币千元

Liabilities asumed pursuant to the restructuring proposal

during the year ended 31 March 2024:

截至2024年3月31日止年度根据重组方

案承担的负债：

Other payables其他应付款项(762,859)

Borowings借贷(296,541)

(1,059,400)

Liabilities discharged pursuant to the restructuring proposal

during the year ended 31 March 2024:

截至2024年3月31日止年度根据重组方

案解除的负债：

Other payables其他应付款项3,051,963

Borowings借贷436,265

3,488,228

Pursuant to the restructuring proposal as mentioned above,

certain equity interest in Zhunxing indirectly held by the Group wil

be transfered to the creditors who chose to setle the liabilities

by equity as mentioned in notes (a) and (c)(i) above. However,

the amount of equity transfer has not ben agred upon with the

creditors yet. Therefore, no gain/los on debt restructuring was

recognised for those debts involving a setlement option in equity

during the year ended 31 March 2025 and 2024. Up to the date

of this report, the equity structure of Zhunxing has not changed,

and the Group remains holding an 86.87% equity interest in

Zhunxing. The Group is curently implementing and finalizing

the restructuring. As of the aproval of consolidated financial

statements for the year ended 31 March 2025, the restructuring

is stil in progres.

35. RELATED PARTY TRANSACTIONS

In adition to those related party transactions and balances

disclosed elsewhere in the consolidated financial statements,

the Group had the folowing transactions with its related parties

during the year:

(a) Transactions betwen the Company and its subsidiaries,

which are related parties of the Company, have ben

eliminated on consolidation and are not disclosed in this

note.

(b) Members of key management during the year comprised

only of the directors whose remuneration is set out in Note

11 to the consolidated financial statements.

Zhunxing	Zhunxing Expressway Service	Red Sino
准兴	准兴高速服务区	红华
HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元
13.13%	13.13%	40%
576,079	785	–
(2,714)	(3,574)	(10,454)
64,568	(3,931)	(10,769)
(356)	(469)	(4,182)
8,478	(516)	(4,308)
188,991	(292)	(8)
(7,969)	(168)	–
(181,25 0)	(14 6)	–
(228)	(606)	(8)
604,195	3,012	12,686
5,478,763	236	14,943
(13,860,971)	(230,487)	(756)
(79 1)	–	–
(7,778,804)	(227,239)	26,873
(1,021,357)	(29,836)	10,749

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

188China Resources and Transportation Group Limited Anual Report 2025

36. NON-CONTROLING INTERESTS

The folowing table sumarised the financial information relating

to each of the Group’s subsidiaries that has material non-

controling interests (“NCI”) at the end of the reporting period. The

sumarised financial information presented below represents the

amounts before any inter-company elimination.

For the year ended 31 March 2025截至2025年3月31日止年度

NCI percentage非控股权益百分比

Revenue收益

Los for the year年度亏损

Total comprehensive income/(los)全面收入╱（亏损）总额

Los alocated to NCI分配至非控股权益之亏损

Total comprehensive income/(los)

alocated to NCI

分配至非控股权益之

全面收入╱（亏损）总额

Cash flows generated from/(used in)

operating activities

来自╱（用于）经营业务之

现金流

Cash flows used in investing activities用于投资活动之现金流

Cash flows used in financing activities用于融资活动之现金流

Net cash outflows现金流出净额

As at 31 March 2025于2025年3月31日

Curent asets流动资产

Non-curent asets非流动资产

Curent liabilities流动负债

Non-curent liabilities非流动负债

Net (liabilities)/asets（负债）╱资产净额

Acumulated NCI累计非控股权益

36. 非控股权益

下表概述于报告期末拥有重大非控股权益（「非

控股权益」）之本集团附属公司各自之财务资

料。下文呈列之财务资料概要指集团内公司

间对销前之金额。

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

36. NON-CONTROLING INTERESTS

(Continued)

For the year ended 31 March 2024截至2024年3月31日止年度Zhunxing

Zhunxing

Expresway

ServiceRed Sino

准兴

准兴高速

服务区红华

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

NCI percentage非控股权益百分比13.13%13.13%40%

Revenue收益593,13711–

Profit/(los) for the year年度溢利╱（亏损）2,450,281(9,227)(10,543)

Total comprehensive income/(los)全面收入╱（亏损）总额2,953,741(9,674)(13,034)

Profit/(los) alocated to NCI分配至非控股权益之

溢利╱（亏损）321,722(1,212)(4,217)

Total comprehensive income/(los)

alocated to NCI

分配至非控股权益之

全面收入╱（亏损）总额387,826(1,270)(5,214)

Cash flows generated from operating

activities

来自经营业务之现金流

1,286,294691361

Cash flows used in investing activities用于投资活动之现金流(2,399)–

Cash flows used in financing activities用于融资活动之现金流(636)–

Net cash inflows现金流入净额1,283,259691361

As at 31 March 2024于2024年3月31日

Curent asets流动资产493,5363,22512,679

Non-curent asets非流动资产5,670,46814225,703

Curent liabilities流动负债(14,005,925)(226,675)(740)

Non-curent liabilities非流动负债(1,451)–

Net (liabilities)/asets（负债）╱资产净额(7,843,372)(223,308)37,642

Acumulated NCI累计非控股权益(1,029,835)(29,320)15,057

（续）

2025
Effective interest rate per annum	HK$’000
实际年利率	港币千元
0.4%	10,702
1.91%	9,086,963
17.32%	29,000
5.61%	4,395,648
5%	129,822
4.75% to 5.64%	3,838

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

190China Resources and Transportation Group Limited Anual Report 2025

37. 财务风险管理

产生自本集团之财务工具之主要风险为利率

风险、外币风险、信贷风险、流动资金风险

及股价风险。董事会审阅并同意有关管理上

述各项风险之政策，并概述如下。

(a) 利率风险

本集团之利率风险主要产生自借贷。浮

息及定息借贷令本集团分别面对现金流

利率风险及公平价值利率风险。本集团

由管理层监察之利率组合载列如下。

于截至2025年3月31日止年度，在所有

其他变量维持不变的情况下，估计利率

整体增长100个基点，将令本集团年内

亏损增加约港币90,528,000元（2024年：

本集团溢利减少约港币68,056,000元）。

在所有其他变量维持不变的情况下，

估计利率整体下降100个基点，将令本

集团年内亏损减少约港币90,528,000

元（2024年：本集团溢利增加约港币

68,056,000元）。其他综合权益部份并

无任何影响。

(b) 外币风险

集团公司主要于其当地司法权区营运，

大部份交易以其功能货币结算，且并无

面对外币汇率变动所产生之重大风险。

37. FINANCIAL RISK MANAGEMENT

The main risks arising from the Group’s financial instruments

are interest rate risk, foreign curency risk, credit risk, liquidity

risk and equity price risk. The board of directors reviews and

agres policies for managing each of these risks and they are

sumarised below.

(a) Interest rate risk

The Group’s interest rate risk mainly arises from borowings.

Borowings isued at variable rates and at fixed rates expose

the Group to cash flow interest rate risk and fair value

interest risk respectively. The Group’s interest rate profile as

monitored by management is set out below.

Efective

interest rate

per anumHK$’000

实际年利率港币千元

Floating-rate on bank deposits银行存款的浮动利率0.4%13,372

Floating-rate on borowings借款的浮动利率2.07%9,177,219

Fixed-rate on borowings借款的固定利率14.52%105,101

Floating-rate on non-convertible

bonds

不可转换债券的

浮动利率5.84%4,395,648

Fixed-rate on promisory note承付票据的固定利率5%124,822

Fixed-rate on lease liabilities租赁负债的固定利率4.75% to

5.64%5,017

During the year ended 31 March 2025, it is estimated that

a general increase of 100 basis points in interest rates,

with al other variables held constant, would increase the

Group’s los for the year by aproximately HK$90,528,000

(2024: decrease the Group’s profit by aproximately

HK$68,056,000). It is estimated that a general decrease

of 100 basis points in interest rates, with al other variables

held constant, would decrease the Group’s los for the

year by aproximately HK$90,528,000 (2024: increase the

Group’s profit by aproximately HK$68,056,000). Other

components of consolidated equity would not have any

impact.

(b) Foreign curency risk

The group companies mainly operated in their local

jurisdiction with most of the transactions setled in their

functional curency and did not have significant exposure

to risk resulting from changes in foreign curency exchange

rates.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

本集团之信贷风险主要来自其贸易应收

账款及其他应收款项及银行存款余额。

管理层订有信贷政策，而该等信贷风险

乃按持续基准监管。

本集团之信贷风险主要受各客户之个

别特色所影响。客户所经营之行业之欠

款风险亦影响信贷风险，惟影响较低。

于报告期末，本集团有若干信贷风险

集中，当中99%（2024年：99%）及99%

（2024年：99%）分别来自本集团之最大

销货客户及三大销货客户之贸易应收账

款。

本集团并不会作出任何担保令本集团承

受信贷风险。

本公司就要求超出若干金额信贷之所有

客户进行个别信贷评估。本公司集中评

估客户之过往到期还款记录及现时之还

款能力，且计及客户之特定资料及客户

经营所在地之经济环境。贸易应收账款

一般于60日内到期，惟主要客户可延长

至180日或以上。本集团并无自客户取

得抵押。

本集团按相等于存续期预期信贷亏损之

金额计量贸易应收账款之亏损拨备，其

乃使用拨备矩阵计算。由于本集团之过

往信贷亏损经验就不同客户分部显示不

同亏损模式，基于逾期状况之亏损拨备

于本集团不同客户基础之间区分。

37. FINANCIAL RISK MANAGEMENT

(Continued)

The Group’s credit risk is primarily atributable to its

trade and other receivables and deposited bank balance.

Management has a credit policy in place and the exposures

to these credit risks are monitored on an ongoing basis.

The Group’s exposure to credit risk is influenced mainly by

the individual characteristics of each customer. The default

risk of the industry in which customers operate also has an

influence on credit risk but to a leser extent. At the end of

the reporting period, the Group has a certain concentration

of credit risk as 99% (2024: 99%) and 99% (2024: 99%) of

the total trade receivables which was due from the Group’s

largest trade debtor and the thre largest trade debtors,

respectively.

The Group does not provide any guarante which would

expose the Group to credit risk.

Individual credit evaluations are performed on al customers

requiring credit over a certain amount. These evaluations

focus on the customer’s past history of making payments

when due and curent ability to pay, and take into acount

information specific to the customer as wel as pertaining

to the economic environment in which the customer

operates. Trade receivables are generaly due within 60

days, extending up to over 180 days or more for major

customers. The Group does not obtain colateral from

customers.

The Group measures los alowances for trade receivables

at an amount equal to lifetime ECLs, which is calculated

using a provision matrix. As the Group’s historical credit

los experience indicates diferent los paterns for diferent

customer segments, the los alowance based on past

due status is distinguished betwen the Group’s diferent

customer bases.

As at 31 March 2025
于2025年3月31日
Expected loss rate	Gross carrying amount	Loss allowance	Net
预期亏损率	总账面值	亏损拨备	净额
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
0.46%	77,396	359	77,037
2.64%	39,373	1,039	38,334
5.71%	192,111	10,974	181,137
5.71%	308,880	12,372	296,508

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

192China Resources and Transportation Group Limited Anual Report 2025

（续）

下表提供关于本集团之信贷风险及基于

到期日之贸易应收账款之预期信贷亏损

资料：

37. FINANCIAL RISK MANAGEMENT

(Continued)

The folowing table provides information about the Group’s

exposure to credit risk and ECLs for trade receivables

(based on due date):

Neither past due nor impaired概无逾期或减值

Up to 30 days past due逾期最多30天

Over 30 days past due逾期超过30天

As at 31 March 2024

于2024年3月31日

Expected

los rate

Gros

carying

amount

Los

alowanceNet

预期亏损率总账面值亏损拨备净额

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Neither past due nor impaired概无逾期或减值0.39%64,82725164,576

Up to 30 days past due逾期最多30天2.25%48,3181,08947,229

Over 30 days past due逾期超过30天4.93%280,77813,840266,938

393,92315,180378,743

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

预期亏损率乃基于过往三年的实际亏损

得出。该等比率已作出调整以反映于收

集历史数据期间内的经济状况、当前状

况与本集团对应收款项预计年期内经济

状况的看法之间的差异。

就按金及其他应收款项而言，董事根据

过往结算记录、过往经验以及定量及定

性资料（即合理及有理据支持的前瞻性

资料），对其他应收款项及按金的可收

回性进行个别定期评估。本集团就按金

及其他应收款项采用三个类别，此分类

反映其信贷风险及为各类别厘定亏损拨

备的方式。

基于此情况，截至2025年3月31日和

2024年3月31日，存款和其他应收款的

亏损计提拨备如下：

37. FINANCIAL RISK MANAGEMENT

(Continued)

Expected los rates are based on actual los over the past

3 years. These rates are adjusted to reflect diferences

betwen economics conditions during the period over

which the historic data has ben colected, curent

conditions and the Group’s view of economics conditions

over the expected lives of the receivables.

For deposits and other receivables, the directors make

periodic individual asesment on the recoverability of other

receivables and deposits based on historical setlement

records, past experience, and also quantitative and

qualitative information that is reasonable and suportive

forward-loking information. The Group uses thre

categories for deposits and other receivables which reflect

their credit risk and how the los provision is determined for

each of the categories.

CategoryDefinitionLos provision

类别定义亏损拨备

PerformingLow risk of default and strong capacity to pay12 month expected loses

良好违约风险低及付款能力强12个月预期亏损

UnderperformingSignificant increase in credit riskLifetime expected loses (not credit-impaired)

不佳信贷风险显著上升存续期预期亏损（非信用减值）

Non-performingHigh risk of defaultLifetime expected loses (credit-impaired)

不良违约风险高存续期预期亏损（信用减值）

On that basis, as at 31 March 2025 and 2024, the los

alowance provision for the deposits and other receivables

was determined as folows:

PerformingUnderperformingNon-performingTotal

良好不佳不良总额

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

As at 31 March 2025截至2025年3月31日

Gros carying amount帐面总额324,727–75,094399,821

Expected los rate预期亏损率1.68%–100%

Los alowance provision亏损计提拨备5,458–75,09480,552

As at 31 March 2024截至2024年3月31日

Gros carying amount帐面总额113,73840,077–153,815

Expected los rate预期亏损率2.92%62.2%–

Los alowance provision亏损计提拨备3,31624,928–28,244

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

194China Resources and Transportation Group Limited Anual Report 2025

（续）

按金及其他应收款项的减值亏损变动如

下：

本集团将银行结余存入认可及信誉良好

的银行。银行破产或无力偿还可能导致

本集团就其所持有的银行结余的权利被

延迟或受到局限。董事持续监察该等银

行的信贷评级，并认为本集团于2025年

及2024年3月31日所承受的信贷风险属

轻微。

37. FINANCIAL RISK MANAGEMENT

(Continued)

The movements in impairment loses on deposits and other

receivables are as folows:

Stage 1Stage 2Stage 3Total

阶段1阶段2阶段3总额

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

At 31 March 2023 and

1 April 2023

于2023年3月31日及

2023年4月1日1,98125,022–27,003

Impairment los recognised

during the year

于年内确认之减值亏损

1,4471,008–2,455

Transfer for the year年内转拨(31)31–

Exchange diference汇兑差额(81)(1,133)–(1,214)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日3,31624,928–28,244

Impairment los recognised

during the year

于年内确认之减值

亏损2,17850,66052,838

Transfer for the year年内转拨–(24,928)24,928–

Exchange diference汇兑差额(36)(494)(530)

At 31 March 2025于2025年3月31日5,458–75,09480,552

The Group deposited bank balances with aproved and

reputable banks. Bankruptcy or insolvency of the banks

may cause the Group’s right with respect to bank balances

held to be delayed or limited. The directors monitor the

credit rating of these banks on an ongoing basis, and

consider that the Group’s exposure to credit risk at 31

March 2025 and 2024 were minimal.

Carrying amount	Total contractual undiscounted cash flows	Within 1 year or on demand	More than 1 year but less than 2 years	More than 2 years but less than 5 years	More than 5 years
账面值	合约未贴现现金流总额	一年内或按要求	一年后但两年内	两年后但五年内	五年后
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
5,436,693	5,436,693	5,436,693	–	–	–
129,822	129,822	129,822	–	–	–
9,115,963	9,115,963	9,115,963	–	–	–
4,395,648	4,395,648	4,395,648	–	–	–
3,838	6,529	1,196	1,091	491	3,751
19,081,964	19,084,655	19,079,322	1,091	491	3,751

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

37. FINANCIAL RISK MANAGEMENT

(Continued)

(d) Liquidity risk

The Group’s policy is to regularly monitor its liquidity

requirements to ensure that it maintains suficient reserves

of cash to met its liquidity requirements in the short and

long term.

The folowing table details the remaining contractual

maturities at the end of reporting period of the Group’s

non-derivative financial liabilities and derivative financial

liabilities, which are based on contractual undiscounted

cash flows (including interest payments computed using

contractual rates, or if floating, based on rates curent at

the end of reporting period) and the earliest date the Group

can be required to pay:

20252025年

Other payables其他应付款项

Promisory note承付票据

Borowings借贷

Non-convertible bonds不可兑换债券

Lease liabilities租赁负债

20242024年

Other payables其他应付款项5,257,8545,257,8545,257,854–

Promisory note承付票据124,822125,027125,027–

Borowings借贷9,282,3209,282,3209,282,320–

Non-convertible bonds不可兑换债券4,395,6484,395,6484,395,648–

Lease liabilities租赁负债5,0177,9581,3641,2081,4903,896

19,065,66119,068,80719,062,2131,2081,4903,896

（续）

(d) 流动资金风险

本集团之政策为定期监察其流动资金需

要，以确保其维持足够现金储备，应付

其短期及长期之流动资金需要。

下表详述本集团于报告期末之非衍生财

务负债及衍生财务负债之余下合约到期

情况，乃根据合约未贴现金流（包括

采用合约利率或（如属浮息）按于报告期

末之现行利率计算利息款项）与本集团

须应要求还款之最早日期计算：

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

196China Resources and Transportation Group Limited Anual Report 2025

（续）

(e) 股价风险

本集团面临分类为按公允价值计入损益

之财务资产（附注18）之股本投资所产

生之股价变动。

股价风险乃财务工具价值由于市价变动

而波动（因利率风险或货币风险所致者

除外）之风险，不论是由于个别投资（股

票特定）或其发行人特定因素或影响市

场所有工具（一般风险）交易之因素所致。

于2025年及2024年3月31日，本集团于

内蒙古新西北能源发展股份有限公司指

定为按公允价值计入损益及列账之非上

市投资之公平价值乃参考同一行业可比

较上市公司之企业价值对销售之销售倍

数（「企业价值对销售」）及市盈率（「市盈

率」），并计及20.40%（2024年：20%）

各非上市股本投资缺乏可销售性之折让

厘定。表现基于本集团可得的资料最少

每年评估一次。

于2025年及2024年3月31日止年度，博

源主要业务为投资物业控股，所以，本

集团于博源按非上市投资之公平价值乃

参考资产基础法，并计及19.50%（2024

年：20%）该非上市股本投资缺乏可销

售性之折让及13.50%（2024年：20%）

缺乏控制折让厘定，表现基于本集团可

得的资料最少每年评估一次。

37. FINANCIAL RISK MANAGEMENT

(Continued)

(e) Equity price risk

The Group is exposed to equity price changes arising from

equity investments clasified as financial asets at FVTPL

(Note 18).

Equity price risk is the risk that the value of a financial

instrument wil fluctuate as a result of changes in market

prices (other than those arising from interest rate risk or

curency risk), whether caused by factors specific to an

individual investment (stock-specific) or its isuer, or factor

afecting al instruments (generic risks) trade in the market.

During the years ended 31 March 2025 and 2024, the fair

value of the Group’s unlisted investment in 内蒙古新西北能

源发展股份有限公司 designated and caried at FVTPL are

determined by reference to the sales multiple of enterprise

value to sales (“EV/Sales”) and price to earnings (“P/E”)

of comparable listed companies in the same industry, after

taking into acount of discount for lack of marketability

of 20.40% (2024: 20%) for the respective unlisted equity

investments. The performance is asesed at least anualy

based on the information made available to the Group.

During the years ended 31 March 2025 and 2024, the

principal activities of Berun is investment properties

holding and therefore the fair value of the Group’s unlisted

investment in Berun are determined by reference to aset

based aproach, after taking into acount of discount for

lack of marketability of 19.50% (2024: 20%) and discount

on lack of control of 13.50% (2024: 20%) for the respective

unlisted equity investments. The performance is asesed

at least anualy based on the information made available to

the Group.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(f) 公平价值层级

下表呈列于报告期末按香港财务报告准

则第13号公平价值计量所界定公平价值

层级之三个等级以经常基准计量之本集

团财务工具之公平价值。公平价值计量

所属层级参照在估值技术中使用之输入

数据之可观察程度及重要性厘定，有关

层级如下：

－第一级估值：公平价值只采用第

一级输入数据计量，即在计量日

于活跃市场中相同资产或负债之

未经调整报价。

－第二级估值：公平价值采用第二

级输入数据计量，即未能符合第

一级之可观察输入数据及不会采

用重大不可观察输入数据。不可

观察输入数据为无法取得市场数

据之输入数据。

－第三级估值：公平价值采用重大

不可观察输入数据计量。

于各财务报告期末，本公司委聘一间具

有获适当认可之专业资格外部独立估

值公司，以对分类为按公平价值计入损

益之财务资产之非上市股本证券进行

估值。为厘定非上市股本证券之公平价

值，须参照于各财务报告期末之现行市

况，采纳适当估值方法及假设。

下表载列有关该等财务资产公平价值厘

定方式之资料（尤其是，所用估值技术

及输入数据），以及按公平价值计量输

入数据可观察程度划分公平价值计量之

公平价值层级别（分为第一、第二及

第三级）之资料。

37. FINANCIAL RISK MANAGEMENT

(Continued)

(f) Fair value hierarchy

The folowing table presents the fair value of the Group’s

financial instruments measured at the end of the reporting

period on a recuring basis, categorised into the thre-

level fair value hierarchy as defined in HKFRS 13, Fair

Value Measurement. The level into which a fair value

measurement is clasified is determined with reference to

the observability and significance of the inputs used in the

valuation technique as folows:

– Level 1 valuations: Fair value measured using only

Level 1 inputs, that is, unadjusted quoted prices in

active markets for identical asets or liabilities at the

measurement date.

– Level 2 valuations: Fair value measured using Level

2 inputs, that is, observable inputs which fail to met

Level 1, and not using significant unobservable inputs.

Unobservable inputs are inputs for which market data

are not available.

– Level 3 valuations: Fair value measured using

significant unobservable inputs.

An external independent valuation company, with

apropriate recognised profesional qualifications, is

engaged to value the unlisted equity securities clasified

as financial asets at fair value though profit of los at the

end of each financial reporting period. Apropriate valuation

methods and asumptions with reference to market

conditions existing at the end of each financial reporting

period to determine the fair value of the unlisted equity

securities are adopted.

The folowing table gives information about how the

fair values of these financial asets are determined (in

particular, the valuation technique(s) and inputs used), as

wel as the level of the fair value hierarchy into which the fair

value measurements are categorised into Level 1, 2 and 3,

based on the degre to which the inputs to the fair value

measurements are observable.

Fair value	Level 1	Level 2	Level 3
公平价值	第一级	第二级	第三级
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
111,514	–	–	111,514

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

198China Resources and Transportation Group Limited Anual Report 2025

（续）

(f) 公平价值层级（续）

于2025年3月31日

于2024年3月31日

以第三级公平价值计量资产对赈：

37. FINANCIAL RISK MANAGEMENT

(Continued)

(f) Fair value hierarchy (Continued)

At 31 March 2025

Unlisted equity securities at

FVTPL

按公允价值计入损益之

非上市股本证券

At 31 March 2024

Fair valueLevel 1Level 2Level 3

公平价值第一级第二级第三级

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Unlisted equity securities at

FVTPL

按公允价值计入损益之

非上市股本证券134,120–134,120

Reconciliation of asets measured at fair value based on

level 3:

HK$

港币

At 1 April 2023于2023年4月1日121,631

Fair value gain during the year公平价值年内收益18,797

Exchange diferences汇兑差额(6,308)

At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日134,120

Fair value los during the year公平价值年内亏损(21,406)

Exchange diferences汇兑差额(1,200)

At 31 March 2025于2025年3月31日111,514

31 March 202 5
7.5
17.98
20.4%
19.5%
13.5%

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(f) 公平价值层级（续）

有关于2025年及2024年3月31日按公允

价值计入损益列账之非上市股本投资之

第三级公平价值计量的资料载列如下：

37. FINANCIAL RISK MANAGEMENT

(Continued)

(f) Fair value hierarchy (Continued)

Information about the Level 3 fair value measurements

of the unlisted equity investments caried at FVTPL at 31

March 2025 and 2024 are set out below:

Valuation

techniques

Significant

unobservable

inputsKey data aplied

估值技术

重大不可观察

输入数据应用的主要数据

31 March

Unlisted equity securities at FVTPL:

按公允价值计入损益之

非上市股本证券：

4% equity interests in 内蒙古

新西北能源发展股份有限公司

于内蒙古新西北能源发展股份有

限公司之4%股权

Market comparable

companies in the relevant

industries

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

200China Resources and Transportation Group Limited Anual Report 2025

（续）

(f) 公平价值层级（续）

估值方法采纳的重大输入数据变动之敏

感度分析如下：

于2025年3月31日按公允价值计入损益

之第三级非上市股本证券

37. FINANCIAL RISK MANAGEMENT

(Continued)

(f) Fair value hierarchy (Continued)

Sensitivity analysis on changes in material inputs

used in the valuation techniques are as folows:

Level 3 unlisted equity securities at FVTPL as at 31

March 2025

Increased

by 5%

Decreased

by 5%

Changes on discount for

lack of marketability

缺乏可销售性之

折让变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

(Decrease)/increase in fair value公平价值（减少）╱增加(6,970)6,970

Increased

by 5%

Decreased

by 5%

Changes on the EV/Sales企业价值对销售变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）3,967(3,967)

Increased

by 5%

Decreased

by 5%

Changes on the P/E ratio市盈率变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）214(214)

Increased

by 5%

Decreased

by 5%

Changes on the discount on

lack of control

缺乏控制权折让之变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

(Decrease)/increase in fair value公平价值（减少）╱增加(1,501)1,501

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(f) 公平价值层级（续）

估值方法采纳的重大输入数据变动之敏

感度分析如下：（续）

于2024年3月31日按公允价值计入损益

之第三级非上市股本证券

37. FINANCIAL RISK MANAGEMENT

(Continued)

(f) Fair value hierarchy (Continued)

Sensitivity analysis on changes in material inputs used

in the valuation techniques are as folows: (Continued)

Level 3 unlisted equity securities at FVTPL as at 31 March

Increased

by 5%

Decreased

by 5%

Changes on discount for

lack of marketability

缺乏可销售性之

折让变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

(Decrease)/increase in fair value公平价值（减少）╱增加(10,629)10,629

Increased

by 5%

Decreased

by 5%

Changes on the EV/Sales企业价值对销售变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）5,014(5,014)

Increased

by 5%

Decreased

by 5%

Changes on the P/E ratio市盈率变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

Increase/(decrease) in fair value公平价值增加╱（减少）395(395)

Increased

by 5%

Decreased

by 5%

Changes on the discount on

lack of control

缺乏控制权折让之变动增加5%减少5%

HK$’000HK$’000

港币千元港币千元

(Decrease)/increase in fair value公平价值（减少）╱增加(1,082)1,082

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

202China Resources and Transportation Group Limited Anual Report 2025

（续）

(f) 公平价值层级（续）

估值方法采纳的重大输入数据变动之敏

感度分析如下：（续）

缺乏可销售性之折让越高，公平价值越

低。

企业价值对销售的比例越高，公平价值

越高。

缺乏控制权折让越高，公平价值越低。

38. 资本风险管理

本集团管理资本之目的为确保本集团能够持

续经营，以为股东提供回报及为其他持份者

提供利益，同时保持最佳之资本结构以减低

资本成本。

为保持或调整资本结构，本公司可能调整派

付予股东之股息金额、退回资本予股东、发

行新股份或出售资产以减低债务。

于截至2025年及2024年3月31日止年度，本集

团整体战略维持不变。

为维持联交所上市地位，本集团须接受外部

资本要求，将公众持股量保持于至少25%。

本集团自股份过户登记分处接获一份显示非

公众持股量之有关主要股份权益之报告，其

证明本集团于整个年度内一直遵守25%限额。

37. FINANCIAL RISK MANAGEMENT

(Continued)

(f) Fair value hierarchy (Continued)

Sensitivity analysis on changes in material inputs used

in the valuation techniques are as folows: (Continued)

The higher the discount for lack of marketability, the lower

the fair value.

The higher the EV/Sales, the higher the fair value.

The higher the discount on lack of control, the lower the fair

value.

38. CAPITAL RISK MANAGEMENT

The Group’s objectives when managing capital are to safeguard

the Group’s ability to continue as a going concern in order

to provide returns for shareholders and benefits for other

stakeholders and to maintain an optimal capital structure to

reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company

may adjust the amount of dividends paid to shareholders, return

capital to shareholders, isue new shares or sel asets to reduce

debt.

The Group’s overal strategy remains unchanged during the years

ended 31 March 2025 and 2024.

The externaly imposed capital requirement of the Group to

maintain its listing on the Stock Exchange, it has to have a public

float of at least 25% of the shares. The Group received a report

from the share registrars of substantial share interests showing

the non-public float and it demonstrated continuing compliance

with the 25% limit throughout the year.

2025
HK$’000
港币千元
19,081,964
6,050,057
315.4%

2025
HK$’000
港币千元
626,479
111,514
18,995,448

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

与业内其他公司相同，本集团利用负债比率

监察资本。此比率按负债总额除以资产总值

计算。于2025年及2024年3月31日之负债比率

如下：

39. 财务资产及负债之类别

于2025年及2024年3月31日已确认之本集团

财务资产及财务负债之账面值可分类如下︰

附注：

并非按公平价值计量的财务资产及负债。

于2025年及2024年3月31日，本集团按成本或摊销

成本列账之财务工具之账面值与其公平价值并无重

大差异。

38. CAPITAL RISK MANAGEMENT

(Continued)

Consistent with others in the industry, the Group monitors capital

on the basis of the gearing ratio. This ratio is calculated as total

liabilities divided by total asets. The gearing ratios at 31 March

2025 and 2024 are as folows:

HK$’000

港币千元

Total liabilities负债总额19,065,661

Total asets资产总值6,300,592

Gearing ratio负债比率302.6%

39. CATEGORIES OF FINANCIAL ASETS

AND LIABILITIES

The carying amounts of the Group’s financial asets and financial

liabilities as recognised at 31 March 2025 and 2024 may be

categorised as folows:

HK$’000

港币千元

Financial asets财务资产

Financial asets at amortised cost (Note)按摊销成本列账之财务资产（附注）532,735

Financial asets at FVTPL 按公允价值计入损益之财务资产134,120

Financial liabilities财务负债

Financial liabilities measured at amortised

cost (Note)

按摊销成本计量之财务负债（附注）

18,977,140

Note:

Financial asets and liabilities not measured at fair value.

The carying amounts of the Group’s financial instruments caried at cost

or amortised cost are not materialy diferent from their fair values at 31

March 2025 and 2024.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

204China Resources and Transportation Group Limited Anual Report 2025

40. 或然负债

于2016年3月5日，一名独立承包商对准兴提

出法律诉讼，涉及建设成本及保留金约人民

币100.00百万元。2023年7月11日，法院裁定

准兴需向该独立承包商支付约人民币30.00百

万元。截至本综合财务报表日期，准兴及该

独立承包商已向最高法院提出上诉，惟尚未

作出最终判决。经考虑本公司律师的法律建

议，本公司董事认为，截至2025年3月31日，

无需额外拨备。

41. 综合现金流表附注

(a) 重大非现金交易

(i) 于2025年3月31日止年度，已确认

债务重组收益为港币零元（2024

年：港币2,417,884,000元）。

(i) 年内使用权资产的添置项目为港

币零元（2024年：港币204,000

元），由租赁负债融资。

40. CONTINGENT LIABILITIES

On 5 March 2016, an independent contractor comenced the

legal procedings against Zhunxing in relation to the construction

costs and retention monies of aproximately RMB100.00 milion.

On 11 July 2023, the court sanctioned that Zhunxing is liable

to pay aproximately RMB30.00 milion to the independent

contractor. Up to the date of these consolidated financial

statements, Zhunxing and the independent contractor have

apealed to the highest court without final judgement. After taking

into acount the legal advice from the Company’s lawyer, the

directors of the Company are of the opinion that, no aditional

provision is required as at 31 March 2025.

41. NOTES TO CONSOLIDATED STATEMENT

OF CASH FLOWS

(a) Material non-cash transactions

(i) During the year ended 31 March 2025, gain on

debt restructuring of aproximately HK$Nil (2024:

HK$2,417,884,000 ) has ben recognised.

(i) Aditions to right-of-use asets during the year of

aproximately HK$Nil (2024: HK$204,000) were

financed by leases liabilities.

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

（续）

(b) 融资活动所产生之负债变动

41. NOTES TO CONSOLIDATED STATEMENT

OF CASH FLOWS (Continued)

(b) Changes in liabilities arising from financing

activities

Lease

liabilitiesBorowings

Non-

convertible

bonds

Promisory

note

Interest

payableTotal

租赁负债借贷

不可

兑换债券承付票据应付利息总计

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

港币千元港币千元港币千元港币千元港币千元港币千元

At 1 April 2023于2023年4月1日6,28211,018,9544,395,648119,8084,763,28220,303,974

Changes from financing cash flows:融资现金流变动：

Capital element of lease payments租赁付款之资本部分(1,158)–(1,158)

Interest element of lease payments租赁付款之利息部分(269)–(269)

Repayment of borowings and

interest payables

偿还借贷及应付利息

–(1,052,658)–(186)(1,052,844)

Total changes from financing cash flows融资现金流变动总额(1,427)(1,052,658)–(186)(1,054,271)

Exchange adjustment汇兑调整(311)(545,908)–(164,899)(711,118)

Other non-cash changes:其他非现金变动：

Adition of lease liabilities额外租赁负债204–204

Gain on debt restructuring债务重组收益–(139,724)–(814,146)(953,870)

Interest expenses利息开支2691,656–5,014556,015562,954

Total other changes其他变动总额473(138,068)–5,014(258,131)(390,712)

At 31 March 2024于2024年3月31日5,0179,282,3204,395,648124,8224,340,06618,147,873

Lease liabilities	Borrowings	Non- convertible bonds	Promissory note	Interest payable	Total
租赁负债	借贷	不可兑换债券	承付票据	应付利息	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
5,017	9,282,320	4,395,648	124,822	4,340,066	18,147,873
(1,138)	–	–	–	–	(1,138)
(220)	–	–	–	–	(220)
–	(75,772)	–	–	(104,924)	(180,696)
(1,358)	(75,772)	–	–	(104,924)	(182,054)
(41)	(90,585)	–	–	(32,003)	(122,629)
220	–	–	5,000	346,574	351,794
220	–	–	5,000	346,574	351,794
3,838	9,115,963	4,395,648	129,822	4,549,713	18,194,984

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

206China Resources and Transportation Group Limited Anual Report 2025

（续）

(b) 融资活动所产生之负债变动（续）

41. NOTES TO CONSOLIDATED STATEMENT

OF CASH FLOWS (Continued)

(b) Changes in liabilities arising from financing

activities (Continued)

At 1 April 2024于2024年4月1日

Changes from financing cash flows:融资现金流变动：

Capital element of lease payments租赁付款之资本部分

Interest element of lease payments租赁付款之利息部分

Repayment of borowings and

interest payables cash flow

偿还借贷及应付利息现金流

Total changes from financing cash flows融资现金流变动总额

Exchange adjustment汇兑调整

Other non-cash changes:其他非现金变动：

Interest expenses利息开支

Total other changes其他变动总额

At 31 March 2025于2025年3月31日

2025
HK$’000
港币千元
1,177
1,163
1,100
1,071
1,034
8,628
14,173

Notes to the Consolidated Financial Statements

综合财务报表附注

截至2025年3月31日止年度 For the year ended 31 March 2025

中国资源交通集团有限公司二零二五年度报告

42. 经营租赁安排

经营租赁应收款项－作为出租方

截至2025年3月31日止年度，本集团作为经营

租赁的出租方，出租了压缩天然气加气站及

土地，租金收入约为港币1,035,000元（2024

年：港币1,030,000元）。于报告期末，根据不

可取消的经营租赁，最低应收租金款项如下：

43. 综合财务报表之批准

综合财务报表已经本公司董事会于2025年6月

30日批准并授权刊发。

42. OPERATING LEASES ARANGEMENTS

Operating lease receivables – as a lesor

During the year ended 31 March 2025, the Group leases out CNG

gas stations and land as a lesor of operating lease for which

the rental income amounted to aproximately HK$1,035,000

(2024: HK$1,030,000). The minimum rent receivables under non-

cancelable operating leases at the end of a reporting period are

as folows:

HK$’000

港币千元

Within year 1于第一年内1,210

In the second year于第二年1,165

In the third year于第三年1,096

In the fourth year于第四年1,058

In the fifth year于第五年1,026

After five years五年后9,078

Total总额14,633

43. APROVAL OF CONSOLIDATED

FINANCIAL STATEMENTS

The consolidated financial statements were aproved and

authorised for isue by the board of directors of the Company on

30 June 2025.

2025
2025年
HK$’000
港币千元
577,662
(342,606)
–
(342,606)
(337,599)
(5,007)
(342,606)
6,050,057
(19,081,964)
1,045,573
(11,986,334)

Sumary of Financial Information

财务资料概要

截至2025年3月31日止年度 For the year ended 31 March 2025

China Resources and Transportation Group Limited Anual Report 2025

The sumarised consolidated results, asets and liabilities of the

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

consolidated financial statements of the Group, were set out below:

Year ended 31 March

截至3月31日止年度

2021年2022年2023年2024年

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

RESULTS业绩

Revenue 收益598,117479,596735,130593,148

(Los)/profit before tax除税前（亏损）╱溢利(1,500,930)(5,071,509)(1,510,776)2,048,114

Income tax expense所得税开支–

(Los)/profit for the year年内（亏损）╱溢利(1,500,930)(5,071,509)(1,510,776)2,048,114

Atributable to:应占：

Owners of the Company本公司拥有人(1,332,463)(4,358,017)(1,341,945)1,731,821

Non-controling interests非控股权益(168,467)(713,492)(168,831)316,293

(1,500,930)(5,071,509)(1,510,776)2,048,114

ASETS AND LIABILITIES资产及负债

Total asets资产总值13,863,3659,708,7257,698,0296,300,592

Total liabilities负债总额(23,051,869)(24,107,404)(22,968,564)(19,065,661)

Non-controling interests非控股权益598,7471,338,2141,425,4411,049,231

Shareholders’ funds atributable

to owners of the Company

本公司拥有人应占股东资金

(8,589,757)(13,060,465)(13,845,094)(11,715,838)

下表载列本集团过去五个财政年度之综合业绩、资

产及负债概要，乃摘录自本集团之经审核综合财务

报表：

（于开曼群岛注册成立之有限公司）

ANUAL REPORT

年报

年

报

Contents

目录

Corporate Information

公司资料

Corporate Information

公司资料

Statement of Chairman

主席报告书

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

2025. The decrease of about 2.82% in the anual tol revenue

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Note: Popcorn Industries Ltd. is wholy-owned by Dr. Lo Ka Shui.

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

2025. As the above Measures involve on-going negotiations and

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

2011. From May 2011 to May 2017, Mr. Lu was the president of