年报 ANUAL REPORT

OUR MISION

We have highlighted the mision of “invest for a beter life”, integrated

the suces of the culture of our management team into curent

operations, and adhered to the “customer-first, al wins, harmony-

oriented, environmental friendly, result driven” philosophy, thus

promoting sustainable corporate development. This proves that we

proactively responded to stakeholders’ concerns and, in particular,

persisted with repaying investors’ trust with increasing returns and loking

for god oportunities. We wil expand our busines to other sectors that

would have god oportunities. We ensure a steady suply of quality

products and considerate services to our customers, kept our promise to

employes and paid hed to their concerns, created a home-alike working

environment and a broad development platform, and proactively engaged

in social welfare in return for the suport and understanding of al walks

of life.

集团使命

我们肩负「创造美好生活」之使命，将我们管理团队

在企业文化方面取得的成就融入到当前经营的业务

中，并坚持「客户至上、谋求共赢、和平共处、推动

环保、以结果为导向」之理念，从而推动企业的可

持续发展。这一理念表明我们积极回应利益相关者

所关注之问题，尤其是我们将不断增加回报，寻求

良机，从而不负投资者之重托。我们日后会将业务

扩展至具备良好发展机遇的其他分部。我们保证会

供应优质产品，为客户提供贴心服务，践行向员工

许下的承诺并关注员工所需，为其创造居家式办公

环境并为其提供广阔的发展平台，同时积极参与社

会福利事业，从而取得社会各界的支持和理解。

CORPORATE INFORMATION

公司资料

2China Sinostar Group Company Limited Anual Report 2025

BOARD OF DIRECTORS

Executive Directors

Wang Jing (Chairman)

Wang Xing Qiao (Chief Executive Oficer)

Zhao Shuang (resigned with efect from 15 November 2024)

Non-Executive Director

Zhao Hongxia (apointed with efect from 15 November 2024)

Independent Non-Executive Directors

Su Bo

Tang Shengzhi

Zeng Guanwei

COMPANY SECRETARY

Lam Wai Kei

AUDITOR

Forvis Mazars CPA Limited (formerly known as Mazars CPA Limited)

AUDIT COMITE

Su Bo (Chairman)

Tang Shengzhi

Zeng Guanwei

REMUNERATION COMITE

Tang Shengzhi (Chairman)

Su Bo

Zeng Guanwei

NOMINATION COMITE

Wang Jing (Chairman)

Tang Shengzhi

Zeng Guanwei

董事局

执行董事

王晶（主席）

王星乔（行政总裁）

赵爽（自二零二四年十一月十五日起辞任）

非执行董事

赵洪霞（自二零二四年十一月十五日起获委任）

独立非执行董事

苏波

唐生智

曾冠维

公司秘书

林伟基

核数师

富睿玛泽会计师事务所有限公司（前称中审众环

（香港）会计师事务所有限公司）

审核委员会

苏波（主席）

唐生智

曾冠维

薪酬委员会

唐生智（主席）

苏波

曾冠维

提名委员会

王晶（主席）

唐生智

曾冠维

3二零二五年报中国华星集团有限公司

CORPORATE INFORMATION

公司资料

主要往来银行

香港上海汇丰银行有限公司

律师

乐博律师事务所有限法律责任合伙

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

股份过户登记总处

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

香港主要营业地点及联系资料

香港

九龙尖沙咀

科学馆道9号

新东海商业大厦3楼303室

电话：(852) 2286 0728

传真：(852) 2286 0727

网址：w.00485.hk

电子邮件：ofice@00485.hk

PRINCIPAL BANKER

The Hongkong and Shanghai Banking Corporation Limited

SOLICITOR

Loeb & Loeb LP

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Tricor Investor Services Limited

17th Flor, Far East Finance Centre

16 Harcourt Road

Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER

OFICE

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

PRINCIPAL PLACE OF BUSINES IN HONG KONG

AND CONTACT INFORMATION

Unit 303, 3/F., New East Ocean Centre

No. 9 Science Museum Road

Tsim Sha Tsui, Kowlon

Hong Kong

Tel: (852) 2286 0728

Fax: (852) 2286 0727

Website: w.00485.hk

Email: ofice@00485.hk

CHAIRMAN’S STATEMENT

主席报告书

4China Sinostar Group Company Limited Anual Report 2025

On behalf of the board (the “Board”) of directors (the “Directors”) of

China Sinostar Group Company Limited (the “Company”) and al of its

subsidiaries (together with the Company, the “Group”), I am pleased to

present the Group’s anual report for the year ended 31 March 2025 to

the shareholders of the Company (the “Shareholders”).

It has ben the Group’s busines strategy to diversify its busines models

into diferent busines sectors and to strengthen and expand its revenue

streams. The Group is comited to generating sustainable returns to

its Shareholders and enhance the Shareholders’ value. The management

of the Group formulates various busines strategies to cope with the

development of the Group. Also, we monitor the markets closely and take

imediate and apropriate actions when neded.

During the year ended 31 March 2025, the property market of the

People’s Republic of China (the “PRC”) stayed far from recovery and the

slugish market trading remained, transaction volumes remained low

relatively to historical levels. As a result of the lack of market confidence

and purchasing power, a general wait-and-se atitude dominated

the market. Given properties development busines contributed to a

significant extent to the Group’s revenue, the operations of the Group

was being afected inevitably and adversely.

With the central government actively promoting the implementation of

various real estate policies, regulatory policies have continued to be relaxed

and the intensity of relaxation continues to increase. Local governments

gradualy relaxed credit policies, implemented tax reductions, and

strengthened supervision to ensure smoth project delivery and maintain

stable development of the real estate market. The property market in the

PRC wil gradualy stabilise and form a new balanced situation. The Group

wil adjust its aproach acordingly as the sector returns to normality,

we are confident that the properties development projects in the PRC

can reinforce our premium positioning in the properties development

market in the northern PRC and met the neds and preferences of the

customers.

On the other hand, the Group continued to suport the investment in the

renewable energy busines. The two hydroelectric power stations in the

PRC generated stable and clean electricity to the end users in the PRC,

contributed also to both the sustainable development of the environment

and the stable income of the Group. The renewable energy busines wil

continue to be one of the core investments of the Group.

本人谨代表中国华星集团有限公司（「本公司」）及其

全部附属公司（连同本公司统称「本集团」）董事（「董

事」）局（「董事局」），欣然向本公司股东（「股东」）呈

列本集团截至二零二五年三月三十一日止年度之年报。

本集团的业务策略为将其业务模式分散到不同的业

务领域，加强并扩大其收益来源。本集团致力于为

其股东创造可持续回报及提升股东价值。本集团管

理层制定各项业务策略以应对本集团的发展。同时，

我们密切监察市场，于需要时立即采取适当措施。

截至二零二五年三月三十一日止年度，中华人民共

和国（「中国」）的物业市场远未恢复，市场交投仍然

疲弱，成交量相较历史水平仍相对较低。由于市场

缺乏信心及缺乏购买力，市场普遍持观望态度。鉴

于物业开发业务对本集团的收益贡献较大，本集团

的营运不可避免地受到不利影响。

随著中央政府积极推动各项房地产政策的落地，调

控政策延续宽松态势且宽松力度不断加大。地方政

府逐步放宽信贷政策，实施减税，加强监管，确保

项目顺利交付，保持房地产市场平稳发展。中国物

业市场将逐步企稳并形成新的均衡局面。随著该行

业恢复正常，本集团将相应调整其做法，我们有信

心在中国的物业开发项目能够巩固我们在华北物业

开发市场的优质定位，满足客户的需求及偏好。

另一方面，本集团继续支持可再生能源业务的投资。

中国的两座水电站为中国的终端用户提供稳定清洁

的电力，也为环境的可持续发展和本集团的稳定收

入做出了贡献。可再生能源业务将继续成为本集团

的核心投资之一。

5二零二五年报中国华星集团有限公司

CHAIRMAN’S STATEMENT

主席报告书

展望未来，本集团将一如既往地坚持过去数年在业

务上采取的谨慎态度，继续专注于我们的核心业务，

并在业务机遇出现时抓住机会争取为股东创造更好

的业绩。

最后，本人谨此感谢各位董事同仁、高级管理层人

员以及全体员工于截至二零二五年三月三十一日止

年度内的贡献及支持。本人亦借此机会对全体股东、

供应商、业务伙伴及客户过去一年为本集团营运成

功所作出的贡献表示由衷谢意。

承董事局命

主席

王晶

香港，二零二五年六月三十日

Loking forward, the Group wil maintain the same prudent aproach

it has pursued on our busines over the past years. We wil continue to

focus on our core busines as wel as seize busines oportunities when

they emerge so as to generate beter results to the Shareholders.

Lastly, I would like to thank my felow Directors, senior management and

al our employes for their contribution and suport during the year ended

31 March 2025. I would also like to thank al our Shareholders, supliers,

busines partners and customers, whose suports have contributed to our

suces in the past year.

By the order of the Board

Wang Jing

Chairman

Hong Kong, 30 June 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

6China Sinostar Group Company Limited Anual Report 2025

业务回顾

为配合本集团的业务策略及方向，本集团已于过往

年度重新分配其资源及重组其资产组合，以扩大其

于物业开发及相关服务分部的业务范围。截至二零

二五年三月三十一日止年度，本集团大部分收益来

自物业开发及水电业务，小部分收益来自物业投资

及物业管理业务。

截至二零二五年三月三十一日止年度，市场气氛远

未恢复，市场交投仍然疲弱，中国整体物业市场持

续萎缩。根据中国家统计局的资料，于二零二四

年，全国房地产开发投资为约人民币100,280亿元，

同比减少11%，其中约人民币76,040亿元投资于

住宅房屋，同比减少11%；及所有主要指标下跌。

中国商品房的销售额为约人民币96,750亿元，同比

下跌17%，其中住宅房屋销售额下降18%；及中国

商品房的销售面积为约974百万平方米，同比减少

13%，其中住宅房屋销售面积减少14%。

负面趋势反映经济衰退拖累中国房地产市场的严重

程度、市场缺乏信心及缺乏购买力，加上市场供过

于求、行业负债累及销售前景不温不火的影响，

年内房地产行业仍处境艰难。因此，截至二零二五

年三月三十一日止年度，本集团的经营及财务表现

难免受到影响。

BUSINES REVIEW

To align with the Group’s busines strategies and directions, the Group

has realocated its resources and reorganised its aset portfolio to enlarge

its busines scale in properties development and related services sectors in

the past years. For the year ended 31 March 2025, most of the Group’s

revenue were derived from properties development and hydroelectric

power busines, with a smal proportion of revenue derived from

properties investment and properties management busines.

During the year ended 31 March 2025, the market sentiments stayed

far from recovery and the slugish market trading remained, the overal

property market in the PRC continued to shrink. Acording to the National

Bureau of Statistics in the PRC, in 2024, the national investment in real

estate development amounted to aproximately RMB10,028 bilion,

representing a year-on-year decrease of 11%, of which aproximately

RMB7,604 bilion was invested in residential housing, representing a year-

on-year decrease of 11%; and al major indicators declined. The sales of

comodity housing in the PRC were aproximately RMB9,675 bilion,

representing a year-on-year decrease of 17%, of which the sales of

residential housing decreased by 18%; and the sales area of comodity

housing in the PRC was aproximately 974 milion sq.m., representing

a year-on-year decrease of 13%, of which the sales area of residential

housing decreased by 14%.

The negative trend reflecting the severity of the downturn that plagued

the real estate market in the PRC, the lack of market confidence and

purchasing power, ading the impacts of an oversuplied market, a

heavily indebted sector and a tepid sales outlok, the property sector

woes to continue during the year. As a result, the operations and financial

performance of the Group were inevitably afected during the year ended

31 March 2025.

7二零二五年报中国华星集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

截至二零二五年三月三十一日止年度，本集团录

得收益约19,855,000港元，较截至二零二四年三月

三十一日止年度的收益约31,917,000港元减少约

38%。截至二零二五年三月三十一日止年度的行政

开支为约14,259,000港元，维持于与截至二零二四

年三月三十一日止年度的约13,384,000港元类似的

水平。此外，投资物业的公平值受到中国整体经济

及物业租赁市场影响，截至二零二五年三月三十一

日止年度录得持作出售之物业转拨至投资物业时之

重估亏损约3,856,000港元及投资物业之重估亏损

约2,849,000港元，而于截至二零二四年三月三十一

日止年度录得投资物业之重估亏损约7,304,000港

元。由于账龄较长的贸易应收款项增加导致预期信

贷亏损增加，于截至二零二五年三月三十一日止年

度录得贸易应收款项之亏损拨备约5,278,000港元。

此外，截至二零二五年三月三十一日止年度，本集

团录得财务成本约2,929,000港元，较截至二零二四

年三月三十一日止年度的约3,201,000港元减少约

8%，此乃由于用于本集团再融资及一般企业用途

的借贷及应付债券所致。

因此，截至二零二五年三月三十一日止年度，本集

团录得年内亏损约24,337,000港元，较截至二零

二四年三月三十一日止年度的约18,589,000港元增

加约31%。

For the year ended 31 March 2025, the Group recorded a revenue of

aproximately HK$19,855,000, representing a decrease of aproximately

38% as compared to the revenue of aproximately HK$31,917,000 for

the year ended 31 March 2024. Administrative expenses for the year

ended 31 March 2025 was aproximately HK$14,259,000, which was

maintained at a level similar to that of aproximately HK$13,384,000 for

the year ended 31 March 2024. In adition, the fair value of investment

properties was afected by the overal economy and properties leasing

market of the PRC, a los on revaluation of properties held for sale

upon transfer to investment properties of aproximately HK$3,856,000

and a los on revaluation of investment properties of aproximately

HK$2,849,000 were recorded for the year ended 31 March 2025,

while a los on revaluation of investment properties of aproximately

HK$7,304,000 was recorded for the year ended 31 March 2024. Due

to the increase in expected credit los resulted from the increase in aged

trade receivables, los alowances of trade receivables of aproximately

HK$5,278,000 was recorded for the year ended 31 March 2025. Further,

the Group recorded finance costs of aproximately HK$2,929,000 for the

year ended 31 March 2025, representing a decrease of aproximately 8%

as compared to that of aproximately HK$3,201,000 for the year ended

31 March 2024 which was resulted from the borowings and bonds

payable for the Group’s refinancing and general corporate purpose.

As a result, the Group recorded a los for the year at the amount of

aproximately HK$24,337,000 for the year ended 31 March 2025,

representing an increase of aproximately 31% as compared to that of

aproximately HK$18,589,000 for the year ended 31 March 2024.

8China Sinostar Group Company Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

物业开发

凭借管理层的经验及人脉及遵循本公司的业务方向，

本集团自二零一八财政年度起开始从事物业开发业务。

截至二零二五年三月三十一日止年度，本集团于中

国拥有三项物业开发项目，分别是西关项目、八卦

城项目一及八卦城项目二。有关详情如下：

Properties Development

Leveraging on the experience and conection of the management and

folowing the busines directions of the Company, the Group started to

engage in properties development busines since the financial year of

2018.

During the year ended 31 March 2025, the Group owned thre properties

development projects in the PRC, namely Xiguan Project, Bagua Town

Project I and Bagua Town Project I. Particulars of which are as folows:

Project nameLocation

Aproximate

site area

(sq.m.)

Aproximate

gros flor

area

(sq.m.)

Group’s

interestType

Property

Status

项目名称位置

概约

占地面积

（平方米）

概约

建筑面积

（平方米）本集团权益类型物业状况

Xiguan ProjectNo. 1, Group 13, Fumen Stret, Huanren

County, Benxi City, Liaoning Province,

the PRC* (中国辽宁省本溪市桓仁县

福民街1号13组)

46,24380,462100%Residential and

comercial

Completed

西关项目中国辽宁省本溪市桓仁县福民街1号

13组

46,24380,462100%住宅及商业已竣工

Bagua Town Project IQian Jie Comercial Stret, Bagua Town,

Center Stret, Huanren County, Benxi

City, Liaoning Province, the PRC* (中国

辽宁省本溪市桓仁县中心大街八卦城

干街商业街)

5,0237,543100%ComercialCompleted

八卦城项目一中国辽宁省本溪市桓仁县中心大街

八卦城干街商业街

5,0237,543100%商业已竣工

Bagua Town Project INo.1, Unit 0, Block 0, Group 05, Huanren

County Center, Huanren County, Benxi,

Liaoning Province, the PRC* (中国辽宁

省本溪市桓仁县桓仁镇中心05组0幢

0单元1号)

9,18814,700100%ComercialPreliminary stage

of preparation

for

construction

八卦城项目二中国辽宁省本溪市桓仁县桓仁镇中心

05组0幢0单元1号

9,18814,700100%商业施工准备的初步

阶段

* For identification purposes only

9二零二五年报中国华星集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

西关项目

西关项目包括19栋楼宇，建造775个住宅单位以及

30个商业单位及121个车库。西关项目建设工程于

二零一九财政年度内竣工。

截至二零二五年三月三十一日止年度，本集团出

售总占地面积的约5%，并取得总合约销售额约

14,132,000港元，而截至二零二四年三月三十一日

止年度则录得出售总占地面积的约8%，并取得总

合约销售额约25,833,000港元。

八卦城项目一

八卦城项目一由3栋主楼宇组成，为社区创建一个

市场。八卦城项目一的建筑工程已于截至二零二四

年三月三十一日止年度竣工。八卦城项目一已于二

零二三年中开始销售，但尚未为本集团贡献任何

合约销售额。为应对中国房地产市场复苏放缓，本

集团管理层于二零二四年十月决定将八卦城项目一

的用途由持作出售之物业更改为租赁以获得租金收入。

八卦城项目二

八卦城项目二现处于施工前准备的初步阶段。连同

八卦城项目一，两个项目位于中国辽宁省桓仁满族

自治县政府广场旁，预计将是集合工作、生活、教

育及旅游的综合体。八卦城项目一及八卦城项目二

规划包括步行街、办公楼、零售店、商场、旅游及

历史文化配套设施，预计将提升本集团未来业务表现。

Xiguan Project

Xiguan Project contained 19 buildings that created 775 residential and

30 comercial units and 121 parking units. The construction work of the

Xiguan Project was completed during the financial year of 2019.

For the year ended 31 March 2025, the Group sold aproximately 5% of

the gros flor area and achieved total contracted sales of aproximately

HK$14,132,000, while aproximately 8% of the gros flor area was sold

and total contracted sales of aproximately HK$25,833,000 was recorded

for the year ended 31 March 2024.

Bagua Town Project I

Bagua Town Project I comprises 3 main buildings that creates a

marketplace for the comunity. The construction work of Bagua Town

Project I was completed during the year ended 31 March 2024. The sale

of Bagua Town Project I comenced in mid-2023 but yet to contribute

any contracted sales to the Group. In response to the slackened recovery

of the real estate market in the PRC, management of the Group decided

to change the use of Bagua Town Project I from properties held for sale to

leasing for rental income in October 2024.

Bagua Town Project I

Bagua Town Project I is at the preliminary stage of preparation ahead

of construction. Together with Bagua Town Project I, the two projects

are expected to be a combination of work, life, education and tourism,

located near the government square of Huanren Manchu Autonomous

County, Liaoning Province, the PRC. Bagua Town Project I and Bagua

Town Project I are planed to include pedestrian strets, ofice buildings,

retail stores, shoping mals, and tourism, historical and cultural facilities,

and expected to enhance future busines performance of the Group.

10China Sinostar Group Company Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

截至二零二五年三月三十一日止年度，来自物业开

发的收益源自销售西关项目余下已竣工物业。中国

物业市场仍面临下行压力，且需求疲软持续拖累住

房供给及价格。购房者对于中国置业持保守及观望

态度。此外，由于持作出售之物业转拨至投资物业

时之重估亏损及账龄较长的贸易应收款项增加导致

预期信贷亏损增加，分类亏损由截至二零二四年三

月三十一日止年度约1,091,000港元增加至截至二

零二五年三月三十一日止年度约9,952,000港元。

销售表现尚未见显著改善，然而，供需两端的政策

放松及支持措施预计将发挥效力。中国政府继续促

进房地产业积极健康发展，并坚持「房住不炒」的国

家战略，实行因城施策，以实现「稳地价」、「稳房价」

及「稳预期」的「三稳」目标。稳定房地产、经济及增

长依然是国家倡议的宏观政策主调。董事局对中国

物业发展行业持乐观态度，并将积极配合及响应该

等政策的调整及号召、把握物业发展市场的潜在机

遇，以提升股东价值。此外，本集团亦会增强其现

有项目的投资组合，致力为本集团创造更佳业绩。

For the year ended 31 March 2025, revenue from properties development

were derived from the sale of remaining completed properties of

the Xiguan Project. The property market in the PRC remained under

downward presure and the housing suply and price continued to be

draged down by the weakened demands. The buyers were adopting a

conservative and wait-and-se atitude on the property purchases in the

PRC. In adition, due to the los on revaluation of properties held for sale

upon transfer to investment properties and the increase in expected credit

los resulted from the increase in aged trade receivables, segment los

increased from aproximately HK$1,091,000 for the year ended 31 March

2024 to aproximately HK$9,952,000 for the year ended 31 March 2025.

Sales performance has not witnesed significant improvement yet,

however, policy relaxations and suport measures for both suply and

demand sides are expecting to take efect. The government of the PRC

continues to promote the positive and healthy development of the real

estate industry, as wel as adhere to the national strategies that “houses

are built to be inhabited, not for speculation”, implement city-specific

policies to achieve the “thre stabilities” of “stabilising land prices”,

“stabilising housing prices” and “stabilizing expectations”. Stability in

real estate, economy and growth stil remained the keynote of the macro-

policy advocated by the state. The Board is positive towards the properties

development industry in the PRC and wil proactively align and respond

to the adjustment and caling of such policies and capture the potential

oportunities in the properties development market in order to enhance

shareholder’s value. Further, the Group wil also enhance its portfolio of

the existing projects and strive to generate a beter result for the Group.

11二零二五年报中国华星集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

物业投资

物业投资产生之收益主要来自出租位于中国辽宁省

本溪市的商业物业及停车场。有关详情如下：

截至二零二五年三月三十一日止年度，收益约为

1,552,000港元，较截至二零二四年三月三十一日

止年度的约1,326,000港元增加17%。投资物业的

公平值受到中国整体经济及物业租赁市场影响，截

至二零二五年三月三十一日止年度录得投资物业之

重估亏损约2,849,000港元，而于截至二零二四年

三月三十一日止年度录得投资物业之重估亏损约

7,304,000港元。因此，分类亏损由截至二零二四年

三月三十一日止年度的约7,298,000港元减少至截

至二零二五年三月三十一日止年度的约4,719,000

港元。

Properties Investment

Revenue generated from properties investment was mainly derived from

the leasing of comercial properties and carparks located in Benxi City,

Liaoning Province, the PRC. Particulars of which are as folows:

LocationUse

Aproximate

gros flor area

(sq.m.)Group’s interestLease expiry

位置用途

概约

建筑面积

（平方米）本集团权益租约届满

No. 1, the first flor, Block 5, 1 Shengli Road, Pingshan District,

Benxi City, Liaoning Province, the PRC*

(中国辽宁省本溪市平山区胜利路5幢1层1号)

Comercial808100%2055

中国辽宁省本溪市平山区胜利路5幢1层1号商业808100%二零五年

Zhanqian, Pingshan District, Benxi City, Liaoning Province, the PRC*

(中国辽宁省本溪市平山区站前)

Carparks7,000100%2036

中国辽宁省本溪市平山区站前停车场7,000100%二零三六年

Xinglong Stret, Pingshan District, Benxi City, Liaoning Province,

the PRC* (中国辽宁省本溪市平山区兴隆街)

Carparks6,867100%2046

中国辽宁省本溪市平山区兴隆街停车场6,867100%二零四六年

Yuming Road, Mingshan District, Benxi City, Liaoning Province,

the PRC* (中国辽宁省本溪市明山区峪明路)

Carparks2,171100%2046

中国辽宁省本溪市明山区峪明路停车场2,171100%二零四六年

Qian Jie Comercial Stret, Bagua Town, Center Stret, Huanren

County, Benxi City, Liaoning Province, the PRC*

(中国辽宁省本溪市桓仁县中心大街八卦城干街商业街)

Comercial7,543100%2058

中国辽宁省本溪市桓仁县中心大街八卦城干街商业街商业7,543100%二零五八年

For the year ended 31 March 2025, revenue was aproximately

HK$1,552,000, representing an increase of 17% as compared to

aproximately HK$1,326,000 for the year ended 31 March 2024. The

fair value of investment properties was afected by the overal economy

and properties leasing market of the PRC, a los on revaluation of

investment properties of aproximately HK$2,849,000 was recorded

for the year ended 31 March 2025, while a los on revaluation of

investment properties of aproximately HK$7,304,000 was recorded

for the year ended 31 March 2024. Thus, the segment los decreased

from aproximately HK$7,298,000 for the year ended 31 March 2024 to

aproximately HK$4,719,000 for the year ended 31 March 2025.

* For identification purposes only

12China Sinostar Group Company Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

物业管理

为补充物业开发业务，自二零二零财政年度起，本

集团开始从事物业管理业务，并为住宅及商业物业

提供全面物业管理服务。

截至二零二五年三月三十一日止年度的收益及分类

亏损分别为约111,000港元及约73,000港元，而截

至二零二四年三月三十一日止年度的收益及分类溢

利则分别为约655,000港元及约174,000港元。

水电业务

自二零一六财政年度起，本集团开始从事清洁及可

再生能源业务。收益产生自中国北部两家水电站的

运营管理，该等水电站连接国家电网且主要作工业

用途。清洁及可再生能源的业务于年内为本集团带

来稳定收入。

截至二零二五年三月三十一日止年度之收益为约

4,060,000港元，而截至二零二四年三月三十一日止

年度之收益则为约4,103,000港元。为了全市沿河

地区各项基础设施顺利建设而开展的河道疏浚工程

导致于截至二零二四年及二零二五年三月三十一日

止年度的发电量减少。因此，分类亏损由截至二零

二四年三月三十一日止年度约197,000港元增加至

截至二零二五年三月三十一日止年度约891,000港元。

众所周知，清洁及可再生能源的可持续发展乃全球

趋势。本集团相信对可再生能源业务的持续投资将

令本集团长期受益并可为本集团带来可持续收益。

Properties Management

To complement the properties development busines, the Group started to

engage in properties management busines and delivered comprehensive

property management services for residential and comercial properties

since the financial year of 2020.

The revenue and segment los for the year ended 31 March 2025 were

aproximately HK$111,000 and aproximately HK$73,000 respectively,

whereas the revenue and segment profit for the year ended 31 March

2024 were aproximately HK$655,000 and aproximately HK$174,000,

respectively.

Hydroelectric Power Busines

The Group started to engage in the busines of clean and renewable

energy since the financial year of 2016. Revenue was generated from the

operation and management of two hydroelectric power stations located

in the northern PRC which are conected to the national power grid and

mainly for industrial use. The busines of clean and renewable energy

contributed to the stable income of the Group during the year.

The revenue for the year ended 31 March 2025 were aproximately

HK$4,060,000, whereas the revenue for the year ended 31 March

2024 were aproximately HK$4,103,000. River dredging work for the

purpose of smoth construction of various citywide infrastructure in

the river areas resulted in reduced power generation during the years

ended 31 March 2024 and 2025. As a result, the segment los increased

from aproximately HK$197,000 for the year ended 31 March 2024 to

aproximately HK$891,000 for the year ended 31 March 2025.

Nedles to say, the sustainable development in clean and renewable

energy is the global trend. The Group believes that continued investments

in renewable energy busines wil benefit the Group in the long run and

generate sustainable revenue to the Group.

13二零二五年报中国华星集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

展望

展望未来，本集团将坚守其业务面向，增强其产品

品牌及行业定位，并继续于中国北方升级其产品及

服务质素及能力。另外，本集团将继续维持审慎投

资及业务策略，并坚守其业务模式多样化策略，打

造不同业务分部，增强及扩展其收益流，从而为本

集团带来更好的业绩及前景。

财务回顾

流动资金及财务资源

于二零二五年三月三十一日，本集团银行结余及现

金（主要以港元及人民币计值）约为6,597,000港元，

较二零二四年三月三十一日的约4,571,000港元增

加约44%，乃主要由于截至二零二五年三月三十一

日止年度人民币升值所致。

于二零二五年三月三十一日，资产负债比率为0.16

（二零二四年：0.14），乃按借贷及应付债券总额除

以权益总额计算得出。本集团将继续监控及管理其

财务结构及发展进程中的潜在风险。

于二零二五年三月三十一日，流动比率为1.65（二

零二四年：3.19），乃按流动资产总值除以流动负债

总额计算得出。该减少乃由于截至二零二五年三月

三十一日止年度内将若干持作出售之物业由流动资

产转拨至非流动资产内的投资物业。

财务及资本架构

本集团以权益及借贷作为经营资本。于二零二五年

三月三十一日，本集团之借贷约为20,374,000港元

（二零二四年：20,493,000港元）以及应付债券约为

6,760,000港元（二零二四年：6,960,000港元），用

于本集团再融资及一般企业用途。有关本集团借贷

及应付债券之详情载于综合财务报表附注26及27。

Prospect

Loking forward, the Group wil adhere to its busines orientation and

reinforce its product brand and industry positioning and continue to

upgrade its products and services qualities and capabilities in the northern

PRC. Further, the Group wil continue to maintain its prudent investment

and busines strategies and wil adhere to its strategy to diversify its

busines models into diferent busines sectors and to strengthen and

expand its revenue streams and generate beter results and prospect for

the Group.

FINANCIAL REVIEW

Liquidity and Financial Resources

As at 31 March 2025, the Group’s bank balances and cash denominated

mainly in Hong Kong dolars and Renminbi amounted to aproximately

HK$6,597,000, representing an increase of aproximately 44% as

compared to aproximately HK$4,571,000 as at 31 March 2024, which

was mainly resulted from the apreciation of Renminbi during the year

ended 31 March 2025.

As at 31 March 2025, the gearing ratio was 0.16 (2024: 0.14), which was

calculated based on the total borowings and bonds payable divided by

total equity. The Group wil continue to monitor and manage its financial

structure and their potential risks in the course of development.

As at 31 March 2025, the curent ratio was 1.65 (2024: 3.19), which was

calculated by dividing the total curent asets by the total curent liabilities.

The decrease was resulted from the transfer of certain properties held for

sale from curent asets to investment properties in non-curent asets

during the year ended 31 March 2025.

Financing and Capital Structure

The Group finances its operations by a combination of equity and

borowings. As at 31 March 2025, the Group had borowings of

aproximately HK$20,374,000 (2024: HK$20,493,000) and bonds

payable of aproximately HK$6,760,000 (2024: HK$6,960,000), which

were for the Group’s refinancing and general corporate purpose. Details

regarding the borowings and bond payable of the Group are set out in

notes 26 and 27 to the consolidated financial statements.

14China Sinostar Group Company Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

汇率波动风险

截至二零二五年三月三十一日止年度，本集团的交

易主要以港元及人民币计值。于截至二零二五年三

月三十一日止年度并无外币对冲。本集团并无面临

重大外汇波动风险，乃由于管理层密切监控相关外

币并将于有必要时考虑对冲重大外币风险。

资产抵押

有关资产抵押之详情载于综合财务报表附注17、21

及26。

或然负债

于二零二五年三月三十一日，本集团并无重大或然

负债（二零二四年：无）。

雇员

于二零二五年三月三十一日，本集团共有雇员28名

（二零二四年：17名），其中24名（二零二四年：13名）

雇员受雇于中国。有关本集团员工成本总额之详情

载于综合财务报表附注12。

雇员之薪酬、升职、加薪及酌情花红乃根据个人及

本集团的表现、专业程度及工作经验，并参考现行

市场惯例及标准评估。此外，本集团亦提供员工保险、

退休计划及培训计划等员工福利。

重大收购及出售

本集团于截至二零二五年三月三十一日止年度并无

任何重大收购或出售事项。

所持之重大投资

除另有披露者外，本集团于二零二五年三月三十一

日并无持有任何重大投资。

Exposure to Fluctuation in Exchange Rates

For the year ended 31 March 2025, the Group’s transactions were mostly

denominated in Hong Kong dolars and Renminbi. No foreign curency

hedge was made during the year ended 31 March 2025. The Group

did not have significant exposure to foreign exchange fluctuation as the

management monitors the related foreign curencies closely and wil

consider hedging for significant foreign curency exposure, if necesary.

Pledge of Asets

Details regarding the pledge of asets are set out in notes 17, 21 and 26

to the consolidated financial statements.

Contingent Liabilities

As at 31 March 2025, the Group had no material contingent liabilities

(2024: Nil).

Employe

As at 31 March 2025, the Group had a total of 28 employes (2024: 17),

of which 24 (2024: 13) were employed in the PRC. Details regarding the

total amount of staf costs of the Group are set out in note 12 to the

consolidated financial statements.

The employes’ remuneration, promotion, salary increments and

discretionary bonus are asesed based on both individual’s and the

Group’s performance, profesional and working experience and by

reference to prevailing market practice and standards. In adition, the

Group also provides employe benefits such as employe insurance,

retirement scheme and training programes.

MATERIAL ACQUISITION AND DISPOSAL

The Group did not have any material acquisition or disposal during the

year ended 31 March 2025.

SIGNIFICANT INVESTMENT HELD

Save as otherwise disclosed, the Group did not have any significant

investment held as at 31 March 2025.

15二零二五年报中国华星集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

有关重大投资或资本资产之未来计

划

除本节「业务回顾」、「展望」及「重大收购及出售」数

段所披露者外，本集团将积极于不同行业及业务领

域寻求潜在机遇。然而，于本报告日期，本集团并

未就重大投资或收购资本资产签立任何具法律约束

力之协议，亦无任何有关重大投资或资本资产之计划。

末期股息

于截至二零二五年三月三十一日止年度，董事局不

建议派付末期股息（二零二四年：无）。

购买、出售或赎回上市证券

于截至二零二五年三月三十一日止年度，本公司或

其附属公司概无购买、出售或赎回任何本公司之上

市证券。

报告期后事项

除所披露者外，董事局并不知悉于报告期末后及直

至本报告日期发生任何影响本集团的重要事项。

FUTURE PLANS RELATING TO MATERIAL

INVESTMENT OR CAPITAL ASET

Save as disclosed in the paragraphs headed “Busines Review”, “Prospect”

and “Material Acquisition and Disposal” in this section, the Group wil

actively sek potential oportunities in diferent industries and busines

sectors. However, the Group has not executed any legaly binding

agrement in relation to material investment or acquisition of capital

asets and did not have any plans relating to material investment or

capital asets as at the date of this report.

FINAL DIVIDEND

The Board does not recomend the payment of final dividend for the

year ended 31 March 2025 (2024: Nil).

PURCHASE, SALE OR REDEMPTION OF LISTED

SECURITIES

During the year ended 31 March 2025, neither the Company nor its

subsidiaries have purchased, sold or redemed any of the Company’s

listed securities.

EVENT AFTER REPORTING PERIOD

Save as disclosed, the Board is not aware of any important event afecting

the Group which ocured after the end of the reporting period and up to

the date of this report.

DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE

董事及高级管理层履历

16China Sinostar Group Company Limited Anual Report 2025

DIRECTORS

Executive Directors

Mr. Wang Jing, aged 70, is the executive Director, the chairman of the

Board and the chairman of the nomination comite of the Company (the

“Nomination Comite”). He joined our Group in July 2014. He was the

vice chairman of Liaoning Federation of Industry and Comerce* (辽宁

省工商业联合会) from 2007–2012, a Liaoning Province Model Worker*

(辽宁省劳动模范) in 2006. He founded Liaoning Shihua Group (辽宁

实华集团) (“Liaoning Shihua Group”) and he had ben apointed as

the general manager of Liaoning Shihua (Group) Property Development

Limited* (辽宁实华(集团)房地产开发有限公司) (“Liaoning Shihua”)

since April 2007. In February 2014, Mr. Wang was awarded as a Liaoning

Province Excelent Builder* (辽宁省优秀建设者) by various organisations

including the Liaoning United Front Work Department of the Chinese

Comunist Party* (中共辽宁省委统战部). As at the date of this anual

report, Mr. Wang is the beneficial owner of the equity interest in Liaoning

Shihua, being the substantial shareholder of the Group. As at the date of

this anual report, Mr. Wang is interested in 108,591,364 shares of the

Company, representing aproximately 51.02% of the total isued share

capital of the Company. Details of his interest in the shares and underlying

shares of the Company are set out in the section headed “Directors’

Report”. Save as aforesaid, Mr. Wang did not hold any directorship in

other listed companies in the last thre years. Mr. Wang Jing is the father

of Mr. Wang Xing Qiao, the executive Director and chief executive oficer

of the Company.

* For identification purposes only

董事

执行董事

王晶先生，70岁，为执行董事、董事局主席兼本公

司提名委员会（「提名委员会」）主席。彼于二零一四

年七月加入本集团。彼于二零七年至二零一二年

为辽宁省工商业联合会副主席、于二零六年为辽

宁省劳动模范。彼成立辽宁实华集团（「辽宁实华集

团」），并自二零七年四月起获委任为辽宁实华（集

团）房地产开发有限公司（「辽宁实华」）总经理。于

二零一四年二月，王先生获多个机构（包括中共辽

宁省委统战部）评为辽宁省优秀建设者。于本年报

日期，王先生为辽宁实华之股权实益拥有人，辽宁

实华乃本集团主要股东。于本年报日期，王先生于

108,591,364股本公司股份（相当于本公司已发行股

本总额的约51.02%）中拥有权益。彼于本公司股份

及相关股份之权益详情载于「董事局报告」章节。除

上述外，于过去三年，王先生并无于其他上市公司

担任何董事职位。王晶先生为本公司执行董事兼

行政总裁王星乔先生之父亲。

17二零二五年报中国华星集团有限公司

DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE

董事及高级管理层履历

王星乔先生，37岁，为本公司执行董事兼行政总

裁。彼于二零一四年七月加入本集团。王先生于二

零九年毕业于多伦多大学，并获得商业学士学位

（优异）。彼亦于二零一零年获得剑桥大学贾吉商学

院金融哲学硕士学位。彼现时为辽宁实华之副总经

理，亦为辽宁实华沈阳地区总经理。王先生亦为本

集团13家附属公司董事。于本年报日期，王先生于

163,750股本公司股份（相当于本公司已发行股本总

额的约0.08%）中拥有权益。彼于本公司股份及相

关股份之权益详情载于「董事局报告」章节。除上述

外，于过去三年，王先生并无于其他上市公司担任

任何董事职位。彼为执行董事、董事局主席兼提名

委员会主席王晶先生之儿子。

非执行董事

赵洪霞女士，43岁，于二零二四年十一月十五日获

委任为本公司非执行董事。赵女士于二零四年七

月毕业于吉林农业大学，获得财务会计教育学士学

位。彼亦于二零一八年九月取得会计专业技术资格

（中级）。彼拥有丰富的企业财务管理经验。彼自二

零五年起于本溪多益资源开发有限公司（「本溪

多益」）工作，从事财务相关工作及担任本溪多益会

计、财务部长助理、财务部长等多个职务。彼自二

零一六年一月起获委任为本溪多益财务总监。除上

述外，于过去三年，赵女士并无于其他上市公司担

任何董事职位。

Mr. Wang Xing Qiao, aged 37, is the executive Director, and the chief

executive oficer of the Company. He joined our Group in July 2014. Mr.

Wang graduated in the University of Toronto with a bachelor’s degre

in comerce with high distinction in 2009. He also obtained a master

of philosophy degre in finance from the Judge Busines Schol of the

University of Cambridge in 2010. He is curently the deputy general

manager of Liaoning Shihua and is also the Shenyang regional general

manager of Liaoning Shihua. Mr. Wang is also a director of 13 subsidiaries

of the Group. As at the date of this anual report, Mr. Wang is interested

in 163,750 shares of the Company, representing aproximately 0.08% of

the total isued share capital of the Company. Details of his interest in the

shares and underlying shares of the Company are set out in the section

headed “Directors’ Report”. Save as aforesaid, Mr. Wang did not hold any

directorship in other listed companies in the last thre years. He is the son

of Mr. Wang Jing, the executive Director, the chairman of the Board and

the Nomination Comite.

Non-Executive Director

Ms. Zhao Hongxia, aged 43, was apointed as the non-executive

Director of the Company on 15 November 2024. Ms. Zhao graduated

from Jilin Agricultural University with a bachelor’s degre in financial

acounting education in July 2004. She also obtained the Acounting

Profesional Qualification (intermediate) (会计专业技术资格(中

级) in September 2018. She has extensive experiences in corporate

finance management. She has ben working in Benxi Duoyi Resources

Development Limited* (本溪多益资源开发有限公司) (“Benxi Duoyi”)

since 2005. She is responsible for finance-related work and served various

positions including an acountant, asistant finance manager and finance

manager of Benxi Duoyi. She has ben apointed as the chief financial

oficer of Benxi Duoyi since January 2016. Save as aforesaid, Ms. Zhao did

not hold any directorship in other listed companies in the past thre years.

* For identification purposes only

18China Sinostar Group Company Limited Anual Report 2025

DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE

董事及高级管理层履历

独立非执行董事

苏波先生，59岁，于二零二零年五月七日获委任为

独立非执行董事、本公司审核委员会（「审核委员会」）

主席及本公司薪酬委员会（「薪酬委员会」）成员。苏

先生于一九八年七月在中国的东北大学（前称东

北工学院）毕业，主修管理工程。彼亦于二零四

年在中国取得法律职业资格，并于中国获认可为注

册会计师、内部审计师、注册税务师及注册资产评

估师。彼于中国亦获认可为一级建造师。苏先生于

审计及财务、税务、资产估值、法律及建筑工程方

面拥有多年经验。彼目前于中国的桓仁鸿汇联合会

计师事务所担任副主任会计师。除上述外，于过去

三年，苏先生并无于其他上市公司担任何董事职位。

唐生智先生，43岁，于二零二零年二月三日获委任

为独立非执行董事、薪酬委员会主席以及审核委员

会及提名委员会成员。唐先生于二零四年七月在

中国的辽宁科技学院（前称本溪冶金高等专科学校）

毕业，修读计算机应用与维护。彼于企业管理及管

治方面拥有多年经验。自二零一七年九月起，唐先

生已成为桓仁秀里发电有限公司之主席及执行董事，

该公司主要于中国从事水电业务。除上述外，于过

去三年，唐先生并无于其他上市公司担任何董事

职位。

Independent Non-Executive Directors

Mr. Su Bo, aged 59, was apointed as the independent non-executive

Director, the chairman of the audit comite of the Company (the

“Audit Comite”) and a member of the remuneration comite

of the Company (the “Remuneration Comite”) on 7 May 2020.

Mr. Su studied Management Enginering* (管理工程) and graduated

from Northeastern University (formerly known as Northeast Institute of

Technology* (东北工学院) in the PRC in July 1988. He also obtained

legal ocupational qualification* (法律职业资格) in the PRC in 2004.

He was certified as a public acountant* (注册会计师), an internal

auditor (内部审计师) and a tax acountant (注册税务师), as wel as

a public valuer* (注册资产评估师) in the PRC. He was also qualified as

a constructor* (一级建造师) in the PRC. Mr. Su has years of experience

in audit and finance, taxation, aset valuation, law and construction

enginering. He is curently the deputy chief acountant* (副主任会计师)

in Huanren Honghui United Acounting Firm* (桓仁鸿汇联合会计师事

务所) in the PRC. Save as aforesaid, Mr. Su did not hold any directorship

in other listed companies in the last thre years.

Mr. Tang Shengzhi, aged 43, was apointed as the independent non-

executive Director, the chairman of the Remuneration Comite and

a member of the Audit Comite and the Nomination Comite

on 3 February 2020. Mr. Tang studied Computer Aplication and

Maintenance* (计算机应用与维护) and graduated from Liaoning

Institute of Science and Technology (formerly known as Benxi Yejin Higher

Technical Colege* (本溪冶金高等专科学校) in the PRC in July 2004. He

has years of experience in corporate management and governance. Since

September 2017, Mr. Tang has become the chairman and an executive

director of Huanrenxuli Power Generation Co., Ltd.* (桓仁秀里发电有限

公司) which is principaly engaged in hydroelectric power busines in the

PRC. Save as aforesaid, Mr. Tang did not hold any directorship in other

listed companies in the last thre years.

* For identification purposes only

19二零二五年报中国华星集团有限公司

DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE

董事及高级管理层履历

曾冠维先生，38岁，于二零一九年四月三十日获委

任为独立非执行董事以及审核委员会、提名委员会

及薪酬委员会成员。曾先生于二零九年六月获得

英国中央兰开夏大学工程学士学位及二零一年

七月获得英国剑桥大学哲学硕士学位。彼拥有逾10

年的工程及金融经验。曾先生于二零一零年七月至

二零一二年十二月任职于Huawei Technologies (UK)

Co., Ltd。彼随后于二零一四年八月成立北京沃夫森

科技有限责任公司，并自此担任行政总裁。曾先生

亦自二零一六年六月起一直任职于北京合富中轻投

资有限公司（其为股东），担任总经理。除上述外，

于过去三年，曾先生并无于其他上市公司担任何

董事职位。于本年报日期，曾先生于275,500股本

公司股份（相当于本公司已发行股本总额的约0.13%）

中拥有权益。彼于本公司股份及相关股份之权益详

情载于「董事局报告」章节。

高级管理层

王伟弟先生，35岁，于二零一八年加入本集团并获

委任为物业开发及物业管理部总经理。王先生于企

业管理及物业开发行业拥有逾10年经验。加入本集

团前，王先生曾于中国数间建筑及建材公司工作。

Mr. Zeng Guanwei, aged 38, was apointed as the independent non-

executive Director and a member of the Audit Comite, the Nomination

Comite and the Remuneration Comite on 30 April 2019. Mr.

Zeng received his bachelor’s degre in enginering from University of

Central Lancashire in the United Kingdom in June 2009 and a master of

philosophy from University of Cambridge in the United Kingdom in July

2011. He has over 10 years of experience in enginering and finance.

Mr. Zeng worked at Huawei Technologies (UK) Co., Ltd from July 2010

to December 2012. He then established Beijing Wolfson Technology

Company Limited* (北京沃夫森科技有限责任公司) in August 2014 and

has ben the chief executive oficer since then. Mr. Zeng has also ben

working at Beijing Hefu Zhongqing Investment Company Limited* (北

京合富中轻投资有限公司), of which he is a shareholder, as a general

manager since June 2016. Save as aforesaid, Mr. Zeng did not hold any

directorship in other listed companies in the last thre years. As at the

date of this anual report, Mr. Zeng is interested in 275,500 shares of the

Company, representing aproximately 0.13% of the total isued share

capital of the Company. Details of his interest in the shares and underlying

shares of the Company are set out in the section headed “Directors’

Report”.

SENIOR MANAGEMENT

Mr. Wang Wei Di, aged 35, joined our Group in 2018 and was

apointed as the general manager of properties development and

properties management division. Mr. Wang has over 10 years of

experience in corporate management and properties development

industry. Prior to joining the Group, Mr. Wang worked for several

construction and building materials companies in the PRC.

* For identification purposes only

CORPORATE GOVERNANCE REPORT

企业管治报告

20China Sinostar Group Company Limited Anual Report 2025

The Company is comited to maintain a high standard of corporate

governance practices to safeguard the interest of its Shareholders and

enhance the performance of the Group. The Directors firmly believe that

the maintenance of a god, solid and sensible framework of corporate

governance wil ensure the Company to run its busines in the best

interests of its Shareholders as a whole.

The Company adopted al the code provisions in Corporate Governance

Code (the “Code Provisions”) set out in Apendix C1 to the Rules

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

Exchange of Hong Kong Limited (the “Stock Exchange”) as its own code

on corporate governance practices and guidance. During the year ended

31 March 2025 and up to the date of this anual report, the Company

has complied with the Code Provisions except the folowing:

Pursuant to Code Provision F.1.3, the chairman of the board should

atend the anual general meting. Mr. Wang Jing, the chairman of the

Board, was unable to atend the anual general meting of the Company

held on 20 September 2024 (the “2024 AGM”) due to his other busines

comitments. Mr. Wang Xing Qiao, the executive Director acted as the

chairman of the 2024 AGM, and atended the 2024 AGM with other

members of the management. At the 2024 AGM, there was suficient

caliber for answering questions at the 2024 AGM and answered questions

at the 2024 AGM competently.

Pursuant to Code Provision C.1.5, independent non-executive director and

other non-executive director should atend general metings to gain and

develop a balanced understanding of the views of Shareholders. Mr. Su

Bo and Mr. Zeng Guanwei, the independent non-executive Directors, were

unable to atend the 2024 AGM due to other busines comitments.

In order to comply with the Code Provisions, the Company wil continue

to furnish al the Directors with apropriate information on al general

metings and take al reasonable measures to arange the schedule in

such a caution that may enable al the Directors to atend the general

meting as far as posible.

Save as disclosed above, in the opinion of the Directors, the Company has

complied with al Code Provisions during the year ended 31 March 2025

and, where apropriate, the aplicable recomended best practices of

the Code Provisions.

本公司致力维持高水平企业管治常规以保障其股东

利益和提高本集团的业绩。董事坚信，维持良好、

稳健及明智的企业管治架构，将确保本公司之业务

营运符合其股东整体最佳利益。

本公司已采纳香港联合交易所有限公司（「联交所」）

证券上市规则（「上市规则」）附录C1所载之企业管

治守则之所有守则条文（「守则条文」）作为其本身企

业管治常规守则及指引。除下列各项外，本公司于

截至二零二五年三月三十一日止年度及直至本年报

日期一直遵守则条文之规定：

根据守则条文第F.1.3条，董事局主席应出席股东周

年大会。董事局主席王晶先生因其他业务承诺未能

出席本公司于二零二四年九月二十日举行之股东周

年大会（「二零二四年股东周年大会」）。执行董事王

星乔先生作为二零二四年股东周年大会主席，与其

他管理层成员出席二零二四年股东周年大会。于二

零二四年股东周年大会上，已具备足够才干于二零

二四年股东周年大会上回答提问并于二零二四年股

东周年大会上称职地回答了问题。

根据守则条文第C.1.5条，独立非执行董事与其他非

执行董事应出席股东大会以对股东的意见有公正的

了解。独立非执行董事苏波先生及曾冠维先生由于

其他业务安排而未能出席二零二四年股东周年大会。

为遵守则条文，本公司将继续为全体董事提供所

有股东大会的适当资料及采取一切合理措施，审慎

安排时间，尽可能令全体董事出席股东大会。

除上文所披露者外，董事认为，截至二零二四年三

月三十一日止年度，本公司已遵守全部守则条文及

（如适用）守则条文之适用建议最佳常规。

21二零二五年报中国华星集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局

董事局之职责

董事局决定企业策略、批核整体业务计划及评估本

集团之财务表现及管理。董事局须以积极而有效之

方式领导本集团。除遵守任何现行适用法例及规例

外，每名董事须绝对真诚地履行彼之职责，并以股

东最佳利益行事。董事局职责包括制定本集团策略

方针、设定目标及监察本集团表现。

董事局授权本集团管理层进行之具体工作包括执行

董事局批准之策略，监察经营预算，执行内部监控

程序，以及确保本集团符合有关法定要求及其他规

则和规例。

董事局制定专门留待董事局决定及管理层处理之事

务列表。董事局会定期审阅相关列表，确保其仍然

切合本公司需要。

全体董事均可全面并及时获取有关本公司的资料，

以及公司秘书之意见及服务。董事局可应要求于适

当情形下寻求独立专业意见，本公司将承担相关费

用以协助彼等履行其职责。本公司订有多项政策，

包括董事局多元化政策及提名政策并设有正式与非

正式的渠道，确保董事局可接触到独立的观点及意见。

BOARD OF DIRECTORS

Role of the Board

The Board decides corporate strategies, aproves overal busines plans

and evaluates the Group’s financial performance and management. The

Board is responsible for leading the Group in a responsive and efective

maner. Each Director has to cary out his duties in utmost god faith

above and beyond any prevailing aplicable laws and regulations and act

in the best interests of the Shareholders. The duties of the Board include

establishing the strategic direction of the Group, seting objectives and

monitoring the performance of the Group.

Specific tasks that the Board delegates to the Group’s management

include the implementation of strategies aproved by the Board, the

monitoring of operating budgets, the implementation of internal controls

procedures, and the ensuring of compliance with relevant statutory

requirements and other rules and regulations.

The Board has established schedule of maters specificaly reserved to

the Board for its decision and those reserved for the management. The

Board reviews this schedule on a periodic basis to ensure that it remains

apropriate to the neds of the Company.

Al the Directors have ful and timely aces to the information of the

Company as wel as the advices and services of the company secretary.

The Board, may, upon request, sek independent profesional advice in

apropriate circumstances, at the Company’s expenses to asist them to

perform their duties. Various policies such as board diversity policy and

nomination policy and chanels through formal and informal means are

in place to ensure that independent view and inputs are available to the

Board.

22China Sinostar Group Company Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治职能

董事局亦负责履行以下载列之企业管治职责：

1. 制定及检讨本公司之企业管治政策及惯例并

提出建议；

2. 检讨及监察董事及高级管理层之培训及持续

专业发展；

3. 检讨及监察本公司之政策及惯例是否符合法

律及监管规定；

、检讨及监察适用于雇员及董事之行为

手则及合规手册（如有）；及

5. 检讨本公司是否遵守则条文及上市规则附

录C1项下之企业管治报告之披露。

董事局之组成

于本年报日期，董事局由两名执行董事、一名非执

行董事及三名独立非执行董事组成。董事局有超过

三分之一的成员为独立非执行董事，故可使董事局

按独立及专业的方式作出决定及判断，协助管理层

制定本公司发展策略，达成企业目标并监察本公司

之表现。

Corporate Governance Functions

The Board is also responsible for performing the corporate governance

duties as set out below:

’s policies and practices on

corporate governance and make recomendations;

2. review and monitor the training and continuous profesional

development of Directors and senior management;

’s policies and practices on

compliance with legal and regulatory requirements;

, review and monitor the code of conduct and compliance

manual (if any) aplicable to employes and Directors; and

’s compliance with the Code Provisions and

disclosure in the Corporate Governance Report under Apendix

C1 to the Listing Rules.

Composition of the Board

As at the date of this anual report, the Board consists of two executive

Directors, one non-executive Director and thre independent non-

executive Directors. More than one-third of the Board members are

independent non-executive Directors which enables the Board to make

decisions and judgement in an independent and profesional maner,

asist the management in formulating the Company’s development

strategies, achieving corporate goals and monitoring the Company’s

performance.

23二零二五年报中国华星集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

截至二零二五年三月三十一日止年度及直至本年报

日期，董事局之成员如下：

执行董事

王晶（主席）

王星乔（行政总裁）

赵爽（自二零二四年十一月十五日起辞任）

非执行董事

赵洪霞（自二零二四年十一月十五日起获委任）

独立非执行董事

苏波

唐生智

曾冠维

董事局结构平衡，每名董事均具备与本集团业务有

关之深厚知识、丰富经验及╱或专业知识。董事之

简历详情及关系载于本年报「董事及高级管理层履历」

章节。

董事局及提名委员会主席兼执行董事王晶先生为本

公司行政总裁兼执行董事王星乔先生之父亲。除本

年报所披露外，董事局成员之间概无财政、业务、

家族或其他重大或相关系。

主席及行政总裁

为遵守则条文第C.2.1条，本公司董事局主席及行

政总裁乃分开并分别由王晶先生及王星乔先生担任，

董事局主席负责本集团的策略规划及方向，并领导

董事局，而行政总裁则负责领导日常营运及业务发展。

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

report, the members of the Board are as folows:

Executive Directors

Wang Jing (Chairman)

Wang Xing Qiao (Chief Executive Oficer)

Zhao Shuang (resigned with efect from 15 November 2024)

Non-Executive Director

Zhao Hongxia (apointed with efect from 15 November 2024)

Independent Non-Executive Directors

Su Bo

Tang Shengzhi

Zeng Guanwei

The composition of the Board is wel balanced with each Director having

sound knowledge, experience and/or expertise relevant to the busines of

the Group. The brief biographical details and relationship of the Directors

are set out in the section headed “Directors’ and Senior Management’s

Profile” of this anual report.

Mr. Wang Jing, the chairman of the Board and the Nomination Comite

and the executive Director, is the father of Mr. Wang Xing Qiao, the chief

executive oficer of the Company and the executive Director. Save as

disclosed herein, the Board members have no financial, busines, family or

other material or relevant relationship with each other.

Chairman and Chief Executive Oficer

To comply with Code Provision C.2.1, the chairman of the Board and

chief executive oficer of the Company were separated and held by Mr.

Wang Jing and Mr. Wang Xing Qiao, respectively. The chairman of the

Board is responsible for the Group’s strategic planing and directions and

to provide leadership of the Board while the chief executive oficer takes

the lead in the daily operations and busines development.

24China Sinostar Group Company Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

独立非执行董事

三名独立非执行董事（均独立于本公司管理层），乃

来自不同背景之资深专业人士。彼等确保董事局维

持高水平财务及其他强制申报，并具备充分权力制

衡，以保障股东及本公司整体利益。

董事局确认，本公司已收到各位独立非执行董事根

据上市规则第3.13条作出之截至二零二五年三月

三十一日止年度之独立性确认书。

首席独立非执行董事

根据守则条文第C.1.8条，本公司将不迟于二零二六

年三月三十一日指定一名首席独立非执行董事。首

席独立非执行董事作为其他董事与股东的中间人及

当与董事局主席或管理层的一般沟通渠道不足时，

作为替代沟通渠道。首席独立非执行董事的主要职

责为促进及加强：独立非执行董事之间；独立非执

行董事与其余董事局成员之间；及与股东（尤其是

少数股东）之间的沟通。

董事局会议

董事局会议固定约每个季度举行一次，以审阅本集

团财务及营运表现，亦可应业务需要举行临时会议。

全体董事可于议程中载入以供讨论之事宜并给予意

见。大部分董事亲身或透过其他电子通讯方式出席

常规董事局会议及临时董事局会议。此外，鼓励全

体董事参加本公司的股东大会。本公司之公司秘书

记录董事局对所有事情的审议、达成的决定及董事

对于任何事项之考虑或表达的反对意见。会议之会

议记录由本公司之公司秘书保存。

Independent Non-Executive Directors

The thre independent non-executive Directors, al of whom are

independent of the management of the Company, are highly experienced

profesionals coming from diversified background. They ensure that the

Board maintains high standard of financial and other mandatory reporting

as wel as providing adequate checks and balance to safeguard the

interest of the Shareholders and the Company as a whole.

The Board confirms that the Company has received from each of the

independent non-executive Directors a confirmation of independence for

the year ended 31 March 2025 pursuant to Rule 3.13 of the Listing Rules.

Lead Independent Non-Executive Director

To comply with Code Provision C.1.8, the Company wil designate a

lead independent non-executive Director no later than 31 March 2026.

The lead independent non-executive Director serves as an intermediary

for the other Directors and Shareholders and to act as an alternative

comunication chanel when normal comunication chanels with

the chairman of the Board or management are inadequate. The primary

responsibility of the lead independent non-executive Director is to facilitate

and strengthen comunication: among independent non-executive

Directors; betwen independent non-executive Directors and the rest of

the Board; and with Shareholders (in particular, minority shareholders).

Board Metings

Board metings are held regularly at aproximately quarterly intervals to

review the financial and operating performance of the Group and held on

ad hoc basis as required by the busines neds. Al the Directors are given

an oportunity to include maters for discusion in the agenda and give

opinion. Regular Board metings and ad hoc Board metings are atended

by a majority of the Directors in person or through other electronic means

of comunication. In adition, al the Directors are encouraged to atend

the general metings of the Company. The company secretary of the

Company records al maters considered by the Board, decisions reached

and any concerns raised or disenting views expresed by the Directors.

Minutes of metings are kept by the company secretary of the Company.

25二零二五年报中国华星集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

董事出席率及承诺

截至二零二五年三月三十一日止年度，董事局共举

行了九次董事局会议及一次股东大会，出席记录载

列如下：

董事局表现

本公司视董事局评估为评估董事局成效及效率的重

要工具。根据守则条文第B.1.4条，董事局正在评估

由内部或外部进行董事局表现检讨，并以最适合本

公司具体情况的方式安排检讨。

董事局委员会

为加强董事局职能及提升其专业知识，本公司成立

了三个董事局委员会，分别为审核委员会、薪酬委

员会及提名委员会。各委员会履行不同职能。

Directors’ Atendance and Comitment

During the year ended 31 March 2025, the Board held a total of nine

Board metings and one general meting, the atendance record is set

out below:

Name of Directors董事姓名

Numbers of

Board metings

atend/held

Numbers of

general meting

atended/held

出席╱举行

董事局会议次数

出席╱举行

股东大会次数

Executive Directors执行董事

Wang Jing王晶9/90/1

Wang Xing Qiao王星乔9/91/1

Zhao Shuang (resigned with efect from

15 November 2024)

赵爽（自二零二四年十一月十五日

起辞任）5/50/1

Non-executive Director非执行董事

Zhao Hongxia (apointed with efect from

15 November 2024)

赵洪霞（自二零二四年十一月十五日

起获委任）

4/4N/A 不适用

Independent Non-executive Directors独立非执行董事

Su Bo苏波9/90/1

Tang Shengzhi唐生智9/91/1

Zeng Guanwei曾冠维9/90/1

Board Performance

The Company regards board evaluation as a critical tol to ases Board

efectivenes and eficiency. To comply with Code Provision B.1.4,

the Board is in the proces of asesing whether to conduct Board

performance reviews internaly or externaly and of structuring reviews in

a way that best suits the specific circumstances of the Company.

Board Comite

To strengthen the functions of the Board and enhance its expertise,

the Company established thre Board comites namely, the Audit

Comite, Remuneration Comite and Nomination Comite. Each

of the comites performs diferent functions.

26China Sinostar Group Company Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

(i) 审核委员会

本公司已成立审核委员会，并制定界定的职

权范围，以遵照香港会计师公会所颁布「审

核委员会有效运作指引」所载推荐建议以及

守则条文。截至二零二五年三月三十一日止

年度及直至本年报日期，审核委员会包含三

名独立非执行董事，其组成载列如下：

苏波先生（主席）

唐生智先生

曾冠维先生

审核委员会成员每年与高级管理层及外聘核

数师会面不少于两次。审核委员会之角色及

职能包括：审阅本集团所采纳会计原则及惯

例以及其他财务申报事宜，保证本集团财务

报表之完整性、准确性及公平性，监控本集

团内部监控及风险管理制度之成效，而最重

要的，乃审阅执行董事管理之一切重大业务

事务，特别是关连交易。审核委员会亦向董

事局提出意见及建议，并监督有关外聘核数

师之一切事宜，以及监察及保障外聘核数师

之独立性。审核委员会审阅本集团截至二零

二五年三月三十一日止年度的财务报表。

审核委员会成员于截至二零二五年三月

三十一日止年度会面三次。审核委员会于报

告年度所进行之工作包括：

• 审阅截至二零二四年三月三十一日

止年度及截至二零二四年九月三十

日止六个月之财务报表；

；及

(i) Audit Comite

The Audit Comite was established with defined terms of

reference in alignment with the recomendations set out in “A

Guide for Efective Audit Comites” isued by the Hong Kong

Institute of Certified Public Acountants and the Code Provisions.

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

anual report, the Audit Comite comprises thre independent

non-executive Directors and the composition is as below:

Mr. Su Bo (Chairman)

Mr. Tang Shengzhi

Mr. Zeng Guanwei

The members of the Audit Comite met no les than twice a

year with the senior management and the external auditor. The

role and function of the Audit Comite include the review of

the acounting principles and practices adopted by the Group

and other financial reporting maters, the asurance of the

completenes, acuracy and fairnes of the financial statements

of the Group, monitor the efectivenes of the internal control

and risk management systems throughout the Group and most

importantly, the review of al significant busines afairs managed

by the executive Directors in particular on conected transactions.

The Audit Comite also provides advices and recomendations

to the Board and overses al maters relating to the external

auditor, as wel as monitors and safeguards the independence

of external auditor. The Audit Comite reviewed the financial

statements of the Group for the year ended 31 March 2025.

The members of the Audit Comite met thre times during

the year ended 31 March 2025. Work undertok by the Audit

Comite during the reporting year included:

• reviewing of the financial statements for the year

ended 31 March 2024 and for the six months ended 30

September 2024;

’s fes and its re-apointment; and

• reviewing internal control and risk management system.

27二零二五年报中国华星集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

(i) 薪酬委员会

本公司已成立薪酬委员会，并制定界定的职

权范围。截至二零二五年三月三十一日止年

度及直至本年报日期，薪酬委员会包含三名

独立非执行董事，其组成如下：

唐生智先生（主席）

苏波先生

曾冠维先生

薪酬委员会之主要目标是对执行董事及高级

管理层薪酬待遇及结构提出建议。薪酬委员

会已采纳守则条文所载的建议模式。本公司

设计薪酬政策旨在吸引及留聘成功经营本集

团所需行政人员，并激励行政人员推行适当

发展策略，同时考虑员工个别表现。薪酬应

反映个别员工之表现、职务复杂程度及职责；

而薪酬待遇应涵盖薪金、花红及购股权计划，

为董事及高级管理层提供奖励并提升彼等个

人表现。

董事及五名最高薪酬人士的薪酬详情载于综

合财务报表附注13。薪酬委员会成员于截至

二零二五年三月三十一日止年度会面两次。

薪酬委员会于报告年度进行的工作包括：

（包括执行董事之薪酬

政策）；及

• 评估表现及审阅董事及高级管理层

之薪酬待遇。

(i) Remuneration Comite

The Remuneration Comite was established with defined terms

of reference. During the year ended 31 March 2025 and up to

the date of this anual report, the Remuneration Comite

comprises thre independent non-executive Directors and the

composition is as below:

Mr. Tang Shengzhi (Chairman)

Mr. Su Bo

Mr. Zeng Guanwei

The primary objective of the Remuneration Comite is to

make recomendations on the remuneration package and

structure of the executive Directors and senior management. The

Remuneration Comite has adopted the recomendation

model described in Code Provision. In designing the remuneration

policy, the Company aims to atract and retain executives neded

to operate the Group sucesfuly and to motivate executives to

pursue apropriate growth strategies whilst taking into acount

the performance of the individuals. The remuneration should

reflect the performance, complexity and responsibility of the

individual; and the remuneration package should include salary,

bonus and share options scheme in order to provide incentives to

Directors and senior management and to improve their individual

performances.

Details of the emoluments of the Directors and the five highest

paid individuals are set out in note 13 to the consolidated financial

statements. The members of the Remuneration Comite met

twice during the year ended 31 March 2025. Work undertok by

the Remuneration Comite during the reporting year included:

• reviewing of the remuneration policy (including that of the

executive Directors); and

• asesing performance and reviewing the remuneration

package of the Directors and senior management.

28China Sinostar Group Company Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

(i) 提名委员会

提名委员会负责就董事委任向董事局提出有

关候选人资格及能力之建议。本公司已制定

提名政策，其中载列有关提名及委任董事的

甄选、提名及委任准则以及因素。主要准则

及考虑因素包括（但不限于）：

，包括专业资格、技能、知识及

经验以及与本公司业务及企业策略

相关的本公司董事局多元化政策项

下的多元化因素；

╱或董事局委

员会成员职务而投入的时间及关注；

及

：独立非执行董事候选人应符

合上市规则所要求的「独立性」标准，

董事局的组成应符合上市规则的规定。

当董事局出现空缺时，候选人将获推荐并提

呈予提名委员会审议。提名委员会将参考上

文所载准则评估该候选人，以厘定该候选人

是否适合担任本公司之董事职务。倘候选人

被视为合适，则由提名委员会作出推荐建议，

以供董事局考虑及批准。其亦考虑董事之重

新委任及董事之继任计划，以确保所有提名

及委任均属公平及透明。委员会负责评估董

事局所需合适的经验、专业知识、技能及多

元化组合，并且评估董事局包含所需技能的

程度。委员会亦负责检讨董事局多元化，并

向董事局汇报。

(i) Nomination Comite

The Nomination Comite is responsible for making

recomendations to the Board on the apointment of Directors

regarding the qualification and competency of the candidates.

The Company has established a nomination policy seting out

the selection, nomination and apointment criteria and factors in

relation to nomination and apointment of Directors. Key criteria

and factors to be considered include, but not limited to:

;

, skils,

knowledge and experience and diversity aspects under the

Board diversity policy of the Company that are relevant to

the Company’s busines and corporate strategy;

• time and interest comitment as to discharge duties as a

member of the Board and/or Board comite(s); and

: independent non-executive Director

candidates should met the “independence” standards

required by the Listing Rules, and the composition of the

Board should met the requirements of the Listing Rules.

Where there is vacancy at the Board, candidate is proposed and

put forward to the Nomination Comite for consideration.

The Nomination Comite shal evaluate such candidate with

reference to the criteria as set out above to determine whether

such candidate is apropriate for the Company’s directorship.

If the candidate is considered apropriate, the Nomination

Comite shal make recomendations for the Board’s

consideration and aproval. It also considers the reapointment

of Directors and sucesion planing for Directors so as to ensure

that al nominations and apointments are fair and transparent. It

takes responsibility in asesing the apropriate mix of experience,

expertise, skils and diversity required for the Board and asesing

the extent to which the required skils are represented on the

Board. It is also responsible for reviewing and reporting to the

Board in relation to Board diversity.

29二零二五年报中国华星集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

截至二零二五年三月三十一日止年度及直至

本年报日期，提名委员会包含一名执行董事

及两名独立非执行董事，其组成如下：

王晶先生（主席）

唐生智先生

曾冠维先生

提名委员会成员于截至二零二五年三月

三十一日止年度举行了两次会议。提名委员

会于报告年度内所进行之工作包括：

、人数及组成（包

括技能、知识及经验）；

• 就董事局之任何建议变动提出建议

以补充本公司之公司策略；

• 检讨重选退任董事宜并就此向董

事局提出建议；及

• 检讨委任董事宜并就此向董事局

提出建议。

截至二零二五年三月三十一日止年度各委员会成员

之出席记录呈列如下：

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

this anual report, the Nomination Comite comprises of one

executive Director and two independent non-executive Directors

and the composition is as below:

Mr. Wang Jing (Chairman)

Mr. Tang Shengzhi

Mr. Zeng Guanwei

The members of the Nomination Comite met twice during the

year ended 31 March 2025. Work undertok by the Nomination

Comite during the reporting year included:

, size and composition (including

the skils, knowledge and experience) of the Board;

• making recomendations on any proposed changes

to the Board to complement the Company’s corporate

strategy;

• asesing the independence of independent non-executive

Directors;

• reviewing and make recomendations to the Board on re-

election of retiring Directors; and

• reviewing and make recomendations to the Board on

apointment of Directors.

The atendance record of each comite members during the year

ended 31 March 2025 is shown as below:

Name of Directors董事姓名

Audit

Comite

Remuneration

Comite

Nomination

Comite

审核委员会薪酬委员会提名委员会

Wang Jing王晶N/A 不适用N/A 不适用2/2

Su Bo苏波3/32/2N/A 不适用

Tang Shengzhi唐生智3/32/22/2

Zeng Guanwei曾冠维3/32/22/2

30China Sinostar Group Company Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局多元化政策

本公司于二零一三年制订及采纳董事局多元化政策，

旨在制定使董事局多元化之方法。董事局认可一个

多元化的董事局对于提升董事局的效能和企业管治

的重要性。在厘定董事局之组成时，本公司从多个

方面（包括但不限于技能、行业知识及经验、教育

背景、年龄、性别、民族及服务年限）考虑董事局多

元化。提名委员会根据守则条文第B.1.3条监督及每

年审阅董事局多元化政策的实施情况及成效，并于

需要时向董事局提出任何调整建议。

于本报告日期，董事局有一名女性董事，约占董事

局的16.7%。董事局的目标是至少保持当前女性代

表的水平，并将继续采取措施促进本公司董事局的

性别多元化。未来，我们将根据董事局多元化政策

及提名政策，通过提名委员会落实执行若干措施，

长远而言，致力实现董事局性别平衡。为进一步确

保董事局长期性别多元化，本集团亦将不时物色和

选拔在不同领域拥有广泛技能、经验和知识的若干

女性个人，并保持一份具备成为我们董事局成员资

质的女性个人名单，该名单将由我们的提名委员会

定期审查，以培养潜在的董事局接班人，促进我们

董事局的性别多元化。

目前，全体提名委员会成员均为男性。根据守则

条文第B.3.5条，董事局将不迟于二零二六年三月

三十一日委任一名女性董事局成员加入提名委员会。

Board Diversity Policy

The Company formulated and adopted a Board diversity policy in 2013,

aiming at seting out the aproach on diversity of the Board. The Board

recognises the importance of having a diverse Board in enhancing the

efectivenes and corporate governance of the Board. In determining

the composition of the Board, the Company considers the diversity of

the Board from a number of aspects including but not limited to skils,

industry knowledge and experience, education background, age, gender,

ethnicity and length of service. The Nomination Comite monitors

and reviews the implementation and efectivenes of the Board diversity

policy on an anual basis in acordance with Code Provision B.1.3 and

recomends any revisions to the Board when necesary.

As at the date of this report, the Board had one female Director,

representing aproximately 16.7% of the Board. The Board targets to

maintain at least the curent level of female representation and wil

continue to take steps to promote gender diversity at the Board of our

Company. Going forward, we wil strive to achieve gender balance of the

Board in the long run through certain measures to be implemented by our

Nomination Comite in acordance with our board diversity policy and

nomination policy. To further ensure gender diversity of our Board in a

long run, our Group wil also identify and select several female individuals

with a diverse range of skils, experience and knowledge in diferent fields

from time to time, and maintain a list of such female individuals who

poses qualities to become our Board members, which wil be reviewed

by our Nomination Comite periodicaly in order to develop a pipeline

of potential sucesors to our Board to promote gender diversity of our

Board.

Curently, al Nomination Comite members are male. In order to

comply with Code Provision B.3.5, the Board wil apoint one female

Board member to the Nomination Comite no later than 31 March

2026.

31二零二五年报中国华星集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

董事之委任、重选及罢免

本公司就董事之委任及罢免订有正式、经审慎考虑

及具透明度之程序。所有为填补临时空缺而新获委

任之董事均须在其获委任后之第一个股东大会上接

受选举。依据本公司之公司细则（「公司细则」），全

体董事须至少每三年轮值退任一次。此外，根据公

司细则，任何获委任填补临时空缺或加入现有董事

局的董事任期仅至下一届股东周年大会为止并有资

格重选连任。

于二零二四年十一月十五日，赵洪霞女士获委任为

非执行董事。赵洪霞女士于二零二四年十一月十五

日取得上市规则第3.09D条所述的法律意见及赵洪

霞女士确认彼明白其作为上市发行人董事的责任。

赵洪霞女士已与本公司订立委任函，固定期限为一

年并可连续自动续约，每次期限为自当时任期届满

后的日期起计一年。苏波先生与唐生智先生均已与

本公司订立委任函，固定期限为三年并可连续自动

续约，每次期限为自当时任期届满后的日期起计一

年。除上述外，余下董事已与本公司订立正式的服

务合约或委任函，各董事任期的固定期限为两年并

可连续自动续约，每次期限为自当时任期届满后的

日期起计一年。

Apointment, re-election and removal of Directors

There are formal, considered and transparent procedures for the

apointment and removal of Directors. Al Directors newly apointed to

fil a casual vacancy are subject to election at the first general meting

after their apointment. Al the Directors are subject to retirement by

rotation at least once every thre years in acordance to the Bye-laws

of the Company (the “Bye-laws”). Also, pursuant to the Bye-laws, any

Director being apointed to fil a casual vacancy or as an adition to

the existing Board shal hold ofice only until the next folowing anual

general meting and shal be eligible for re-election.

On 15 November 2024, Ms. Zhao Hongxia was apointed as an non-

executive Director. Ms. Zhao Hongxia obtained the legal advice as refered

to in Rule 3.09D of the Listing Rules on 15 November 2024 and Ms. Zhao

Hongxia confirmed she understod her obligations as a director of a

listed isuer. Ms. Zhao Hongxia entered into a leter of apointment with

the Company for a fixed term of one year and renewable automaticaly

for sucesive terms of one year each comencing from the day after

the expiry of the then curent term of the apointment. Mr. Su Bo and

Mr. Tang Shengzhi entered into the leters of apointment with the

Company for a fixed term of thre years and renewable automaticaly for

sucesive terms of one year each comencing from the day after the

expiry of the then curent term of the apointment. Save as aforesaid,

the remaining Directors have entered into formal service contracts or

leters of apointment with the Company, each for a fixed term of two

years and renewable automaticaly for sucesive terms of one year each

comencing from the day after the expiry of the then curent term of the

apointment.

32China Sinostar Group Company Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

于本报告日期，董事局由六名董事组成。下表列示

董事的资历、技能及专业知识：

董事进行证券交易

本公司采纳上市规则附录C3所载上市发行人董事

进行证券交易之标准守则（「标准守则」），作为董事

进行证券交易之操守则。本公司已向全体董事作

出具体查询，彼等于截至二零二五年三月三十一日

止年度一直遵守标准守则。

董事培训及专业发展

根据守则条文第C.1.4条，董事需参加持续专业发展，

以提升及更新彼等之知识及技能；以及确保其继续

在知情及切合所需的情况下对董事局作出贡献。于

截至二零二五年三月三十一日止年度，全体董事确

认，彼等已阅览本公司之公司秘书提供之资料，及

╱或出席由专业团体所举办课题与企业管治及最新

监管制度转变及发展有关之定期培训，故已遵守

则条文。

As at the date of this report, the Board comprises six Directors. The table

below shows the qualifications, skils and expertise of the Directors:

Name of Directors董事姓名

Executive leadership

and busines

management

Related industry

experience

(properties

development/

hydroelectric

power busines)

Profesional

(acounting/

enginering/legal)

Risk and

compliance

行政领导及

商业管理

Company:

Adres:Unit 303, 3/F., New East Ocean Centre, No. 9 Science

Museum Road, Tsim Sha Tsui, Kowlon, Hong Kong

(with the Board of Directors as designated recipient)

Tel:+852 2286 0728

Fax:+852 2286 0727

Email:ofice@00485.hk

Shareholders must deposit or send (as the case may be) the original of

the duly signed writen requisitions, notices or statements or enquires

to the above adres, and provide their ful names, contact details and

identification in order to give efect thereto. Shareholders’ information

may be disclosed as required by law.

CONCLUSION

The Company strongly believes that the quality and standard of corporate

governance reflects the quality of the management and the operations

of the Group’s busines. God corporate governance can safeguard the

proper use of funds and efective alocation of resources and protect

Shareholders’ interests. The management wholeheartedly to advocate

of the god practice in corporate governance and wil try our best to

maintain, strengthen and improve the standard and quality of the Group’s

corporate governance.

联络详情

股东可透过邮寄或电邮方式向本公司提出查询或要

求：

地址：香港九龙尖沙咀科学馆道9号

新东海商业大厦3楼303室

（董事局为指定收件人）

电话：+852 2286 0728

传真：+852 2286 0727

电子邮件：ofice@00485.hk

股东须将妥善签署的书面要求、通告或声明或查询

的原件存放于或寄发至（视情况而定）上述地址，并

须提供彼等全名、联络详情及身份以令有关文件生

效。股东资料可能根据法律规定而予以披露。

总结

本公司深信，企业管治质素及水平反映本集团业务

管理及营运质素。良好的企业管治可确保适当动用

资金及有效分配资源，并保障股东利益。管理人员

竭诚提倡良好的企业管治惯例，定当努力不懈，致

力维持、加强及改善本集团企业管治水平及质素。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

42China Sinostar Group Company Limited Anual Report 2025

The Board is pleased to present its Environmental, Social and Governance

(“ESG”) report for the year ended 31 March 2025. The ESG report

sumarises the policies and achievement made by the Group in corporate

social responsibility and sustainability development.

The Board is responsible for overseing the busines and strategies of

the Group, in which ESG-related risks are also asesed. The Board also

reviews the material ESG topics (including ESG risks) anualy to ensure

important isues are dealt with acording to their priorities. Moreover,

the Group’s ESG targets are reviewed and aproved by the Board. Day-

to-day operations are managed by coresponding operation sites and

departments acording to the policies and management aproaches set

out by the Group. Senior management reviews and monitors the on-going

ESG performance of the Group, reviews the progres made against the

Group’s ESG targets set during the reporting year and reports to the Board

to ensure efective ESG risk management and internal control system are

in place.

We believe that sustainability is crucial and important for the Group’s

development and to achieve busines excelence and enhance capabilities

for long-term competitivenes. The Group wil continue to strive a

balance among busines development, environmental protection and

social responsibility and to create sustainable value for the Group and

stakeholders.

REPORTING SCOPE

This ESG Report contains information that is material for the stakeholders

to understand the Group’s ESG practices and performance in its

daily operations in the PRC and Hong Kong. The information in this

ESG Report covers the Group’s core and material busineses, namely

property development, property investment, property management, and

hydroelectric power operations in the PRC, as wel as ofice operations

in Hong Kong. There is no change in the reporting scope and boundary

covered in this ESG Report from the previous year. For corporate

governance of the Group, please refer to the section headed “Corporate

Governance Report” of this anual report.

REPORTING STANDARDS

The ESG report is prepared in acordance with al the “mandatory

disclosure requirements” and the “comply or explain” provisions set out

in the Environmental, Social and Governance Reporting Guide (the “ESG

Reporting Guide”) under Apendix C2 of the Listing Rules.

董事局欣然呈列其截至二零二五年三月三十一日止

年度之环境、社会及管治（「环境、社会及管治」）报

告。环境、社会及管治报告概述本集团在企业社会

责任及可持续发展方面作出的政策及成就。

董事局负责监督本集团之业务及策略，当中亦评估

环境、社会及管治相关风险。董事局亦会每年对环境、

社会及管治的重大议题（包括环境、社会及管治风险）

进行检讨，以确保各项重大事宜均按其优先级别得

到处理。此外，本集团之环境、社会及管治目标由

董事局检讨及批准。日常业务运作由相应经营场地

及部门按本集团所制定之政策及管理方针进行管理。

高级管理层检讨及监察本集团的环境、社会及管治

之持续表现，检讨本集团于报告年度订立的环境、

社会及管治目标的达成情况，并向董事局报告，以

确保有效的环境、社会及管治风险管理及内部监控

制度已妥为设立。

我们认为，可持续性对本集团的发展及取得卓越业

务成就以及提升能力以维持长期竞争力至关重要。

本集团将持续努力使业务发展、环境保护及社会责

任保持平衡，为本集团及持份者创造可持续价值。

报告范围

本环境、社会及管治报告载有对持份者而言属重要

的资料，可令彼等了解本集团于中国及香港日常营

运的环境、社会及管治常规及表现。本环境、社会

及管治报告资料涵盖本集团核心及重大业务，即于

中国的物业开发、物业投资、物业管理及水电业务

以及于香港的办公室营运。本环境、社会及管治报

告所涵盖的报告范围及界限较上一年度并无变动。

关于本集团企业管治方面，请参阅本年报「企业管

治报告」章节。

报告准则

环境、社会及管治报告乃根据上市规则附录C2项下

之环境、社会及管治报告指引（「环境、社会及管治

报告指引」）所载之所有「强制披露规定」及「不遵守

就解释」条文编制。

43二零二五年报中国华星集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

报告原则

本环境、社会及管治报告采用环境、社会及管治报

告指引中所载以下四个报告原则编制：

重要性高级管理层审视环境、社会及管治议

题的重要性，以识别对我们的业务营

运及持份者属重要之环境、社会及管

治事宜。

量化用于编制量化资料的相关标准、方法

及假设已适当披露。在可能情况下，

通过叙述及比较数字提供量化资料。

平衡资料的呈列并无不恰当使用会影响

读者决策或判断的选择、遗漏或其他

形式的操纵。

一致性采用一致的方法以令我们的环境、社

会及管治表现亦能随著时间推移作

出有意义的比较。数据编制与范围的

任何变动均会予以披露。

资料来源

环境、社会及管治报告中的资料源自本集团报告及

内部文件。为环境、社会及管治报告收集的资料不

仅是对本集团开展的环境和社会举措的总结，也是

本集团制定、审查和更新可持续发展战略和方向的

依据。

REPORTING PRINCIPLES

The preparation of this ESG report adopts the folowing four reporting

principles stated in the ESG Reporting Guide:

MaterialitySenior management conducted materiality

review of ESG topics to identify ESG isues

material to our busines operations and

stakeholders.

QuantitativeThe relevant standards, methodologies and

asumptions used to prepare the quantitative

information is disclosed, as apropriate.

Quantitative information is provided with

narative and comparative figures, where

posible.

BalanceThe information is presented without the

inapropriate use of selections, omisions

or other forms of manipulation that would

influence a decision or judgment by the

reader.

ConsistencyConsistent methodologies are adopted to

provide meaningful comparison of our ESG

performance overtime. Any changes in data

compilation and scope are disclosed.

SOURCE OF INFORMATION

The information in the ESG Report is derived from the reports and internal

documents of the Group. The information colected for the ESG report is

not only a sumary of the environmental and social initiatives caried out

by the Group, but also the basis for formulation, review and update of the

sustainable development strategies and directions of the Group.

44China Sinostar Group Company Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

持份者参与

我们相信，与持份者的良好沟通乃本集团制定可持

续发展政策的根基。我们高度重视持份者意见及定

期与持份者沟通。

STAKEHOLDERS’ ENGAGEMENT

We believe that god comunication with our stakeholders is the

foundation for the Group to formulate its policies for sustainable

development. We atach great importance to the opinions of the

stakeholders and perform regular comunication with the stakeholders.

StakeholdersConcerns and expectationsComunication chanels

持份者关注及期望沟通渠道

Government and regulatory

authorities

• Compliance with laws and regulations• Anouncements

• Regulatory reports

政府及监管机构• 遵守法律法规• 公告

• 监管报告

Shareholders and investors• Return on investments

• Corporate governance

• Sustainable development

• Compliance with laws and regulations

• Anual general metings and other

general metings

• Regular anouncements

’s website

股东及投资者• 投资回报

• 企业管治

• 可持续发展

• 遵守法律法规

• 股东周年大会及其他股东大会

• 定期公告

• 公司网站

Employes• Employes’ compensation and benefits

• Carer development

• Ocupational safety and health

• Metings

• Internal memo

• Trainings

• Performance evaluation

雇员• 雇员薪酬及福利

• 职业发展

• 职业安全与健康

• 会议

• 内部备忘录

• 培训

• 绩效评估

Customers• Quality products and services

• On time delivery

• Emails

• Metings

• Survey

客户• 优质产品及服务

• 按时交付

• 电邮

• 会议

• 调查

Supliers• Quality products and services

• On time delivery

• Long-term co-operation

• Emails

• Metings

• Site visits

供应商• 优质产品及服务

• 按时交付

• 长期合作

• 电邮

• 会议

• 实地拜访

Public• Compliance with laws and regulations

• Involvement in comunities

• Pres release

• Corporate social responsibility activities

公众• 遵守法律法规

• 社区参与

• 新闻稿

• 企业社会责任活动

45二零二五年报中国华星集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

持份者意见

本集团欢迎持份者就我们的环境、社会及管治方针

及表现提供意见。敬请阁下透过电邮向我们提出

建议或分享意见，电邮地址为ofice@00485.hk。

重要性评估

为有效管理各项环境、社会及管治议题及确定适当

的管理方式，我们通过持份者的持续参与过程，分

析各项对持份者及业务营运最重要之环境、社会及

管治议题。本集团于过往年度以问卷形式展开一项

重要性评估，邀请内外部持份者参与调查，借此识

别环境、社会及管治的重大议题。评估结果反映我

们的持份者对各项环境、社会及管治议题的关注，

随后，高级管理层及董事局于报告年度检讨及批准

环境、社会及管治的重大议题，以确保其对本集团

之关联性及重要性。

A. 环境

本集团致力维持可持续发展，在为尊贵的客

户提供优质产品的同时，尽量减低营运活动

对环境造成的影响。本集团颁布一系列环保

政策及程序，旨在减少日常营运中的能源消

耗，提升资源利用效率并创建及推广一个环

保及负责任的企业文化。

我们严格遵守当地适用环境相关法律法规，

如香港的《空气污染管制条例》、《废物处置

条例》、《水污染管制条例》、《噪音管制条例》

及《公众卫生及市政条例》，以及中国的《中

华人民共和国环境保护法》及《中华人民共和

国电力法》。于报告期间，本集团并不知悉

任何严重违法环境法律法规的情况。

STAKEHOLDERS’ FEDBACK

The Group welcomes stakeholders’ fedback on our ESG aproach and

performance. Please give your sugestions or share your views with us via

email: ofice@00485.hk.

MATERIALITY ASESMENT

To efectively manage ESG topics and determine apropriate management

aproach, we analysed ESG isues that mater most to our stakeholders

and our busines operations through our on-going stakeholder

engagement proces. A materiality asesment was conducted in previous

years in the form of a survey to identify material ESG isues, where both

internal and external stakeholders were invited to participate. The result of

the asesment reflects the concerns of our stakeholders regarding various

ESG isues, the material ESG isues were then reviewed and aproved by

senior management and the Board during the reporting year to ensure

the relevancy and materiality to the Group.

A. ENVIRONMENTAL

The Group is comited to maintain sustainable development

to minimise the environment impact brought by our operational

activities while delivering high-quality products to our valued

customers. The Group introduced a series of environmental

protection policies and procedures aiming to reduce the energy

consumption in daily operations, enhance the eficiency on the

use of resources, and create and promote an environmentaly

friendly and responsible corporate culture.

We strictly adheres to the aplicable local environmental related

laws and regulations, such as the Air Polution Control Ordinance,

Waste Disposal Ordinance, Water Polution Control Ordinance,

Noise Control Ordinance and the Public Health and Municipal

Services Ordinance in Hong Kong and the Environmental

Protection Law of People’s Republic of China (《中华人民共和国

环境保护法》) and the Electric Power Law of People’s Republic

of China (《中华人民共和国电力法》) in the PRC. During the

reporting period, the Group was not aware of any material non-

compliance with the environmental laws and regulations.

46China Sinostar Group Company Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

排放

本集团致力于推广绿色环境及减少温室气体

排放。为了最大程度减少本集团办公室日常

营运产生的废气及温室气体排放并致力降低

对环境的损害及风险。

我们积极推行减少温室气体排放的举措，为

中国内地在二零三零年前达到碳峰值及在二

零六零年实现碳中和的双碳目标，以及香港

在二零五零年实现净零碳排放的目标作出贡

献。作为整体节能方法的一部分，本集团倡

导节能，比如安装自然和节能照明，鼓励其

雇员关掉闲置电灯及其他电器，逐步以环保

电器及机械取代老旧电器及机械。我们参与

了世界自然基金会举办的「二零二五年地球

一小时」，加强员工对低碳办公室营运及节

能习惯的认识，并举办若干活动，教导雇员

如何节约能源及减少碳排放。

于报告期间，本集团的业务并无产生大量废

气、温室气体排放或其他空气污染物。废气

及温室气体排放主要产生自办公车辆的燃料

消耗以及香港及中国的工作场所的电力消耗。

Emisions

The Group is comited in promoting a gren environment and

reducing grenhouse gas emisions. In order to minimise air

and grenhouse gas emisions that are derived from the daily

operations at ofices of the Group and striving to mitigate the

damages and risks to the environment.

We actively pursue initiatives to reduce our grenhouse gas

emisions, aiming to contribute to Mainland China’s dual carbon

goals of ataining carbon peak before 2030 and achieving carbon

neutrality by 2060, as wel as Hong Kong’s 2050 net-zero goal.

The Group promotes energy conservation as part of its holistic

aproach towards energy saving, such as instaling natural and

energy eficient lightings, encouraging its employes to switch of

idle lights and other electronic apliances, gradualy replacing old

electrical apliances and machineries by environmental-friendly

electrical apliances and machineries. We have participated

in “Earth Hour 2025” organised by World Wildlife Fund to

enhance staf’s understanding of low carbon ofice operation and

energy-saving habits, certain events had also ben held to teach

our employes about how to save energy and reduce carbon

emisions.

During the reporting period, the Group’s operations did not

generate significant air, grenhouse gas emisions or other air

polutants. Air and grenhouse gas emisions are mainly generated

from the consumption of fuels by ofice vehicles and electricity at

the workplaces in Hong Kong and the PRC.

47二零二五年报中国华星集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

The Group’s air emisions and grenhouse gas emisions data is

listed as below:

Unit20252024

Emisions排放单位二零二五年二零二四年

Emisions data from vehicles车辆的排放数据

Nitrogen oxides氮氧化物Kg 千克24.5017.33

Sulphur oxides硫氧化物Kg 千克0.360.25

Particulate Mater颗粒物Kg 千克1.81.28

Grenhouse gas emisions温室气体排放

Scope 1 – Petrol consumption

for vehicles

范围一－车辆的汽油消耗Tones CO

吨二氧化碳当量

0.060.04

Scope 2 – Electricity

consumption

范围二－电力消耗Tones CO

吨二氧化碳当量

100.2956.98

Total grenhouse gas emisions温室气体排放总量Tones CO2e

吨二氧化碳当量

100.3557.02

Grenhouse gas emisions

intensity

温室气体排放密度Tones CO

2e/

per milion

revenue

吨二氧化碳当量╱

每百万元收益

5.051.79

The increase in Scope 2 emisions was mainly due to the change

of use of Bagua Town Project I from properties held for sale to

leasing during the reporting period that resulted in increased

electricity consumption.

本集团的废气排放及温室气体排放数据列示

如下：

范围二排放增加乃主要由于报告期间八卦城

项目的一用途由持作出售之物业更改为租赁，

导致电力消耗增加。

48China Sinostar Group Company Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

废弃物管理

本集团引入多项内部指引处理本集团日常营

运中产生的废弃物。有害废弃物主要源自水

电业务使用的废润滑油及使用过的空墨盒，

而无害废弃物则主要产生自办公室纸张及日

常营运中的一般垃圾。

有害及无害废弃物均分别由供应商及楼宇管

理处以环保方式收集及处理。

本集团的目标是达到监管要求及持份者的期

望，以优化资源效率及确保负责任的废弃物

管理。我们的无害废弃物管理方针强调减少、

再利用及回收。本集团不断探索机会，加强

废弃物管理措施，推动无害废弃物（如单面

纸张、信封及文件夹）的回收及再利用，并

鼓励雇员尽可能无纸化。

本集团废弃物数据列示如下：

资源使用

本集团资源消耗主要与本集团于香港及中国

工作场所日常营运所使用的水、电及纸张有

关。为充分利用资源，本集团采取各种措施，

以证明其于日常营运中努力有效利用资源。

此外，本集团认为雇员参与亦对本集团实施

相关政策而言属重要。因此，本集团竭力创

造节约资源的企业文化，以加强雇员环保及

节能意识。

Waste Management

The Group introduced various internal guidelines to handle waste

generated from daily operations of the Group. Hazardous waste

was derived mainly from used lubricating oil used in hydroelectric

power busines and used empty toner cartridges, while non-

hazardous waste was generated mainly from ofice paper and

general garbage from daily operations.

Both hazardous and non-hazardous wastes were colected and

handled by the supliers and the building management ofice,

respectively, in an environmentaly aceptable maner.

The Group aims to met both regulatory requirements and

stakeholder expectations for optimising resources eficiency and

ensuring responsible waste management. Our aproach to non-

hazardous waste management emphasises reduction, reuse,

and recycling. The Group continues to explore oportunities

to enhance our waste management practices, to promote the

recycling and reuse of non-hazardous waste, such as single-

sided papers, envelops and file folders, as wel as to encourage its

employes to go paperles as much as posible.

The Group’s waste data is listed as below:

Unit20252024

Waste production废弃物产生单位二零二五年二零二四年

Hazardous waste有害废弃物Tones 吨1.531.19

Non-hazardous waste无害废弃物Tones 吨0.130.10

Use of Resources

The resources consumption of the Group related mainly to the

use of water, electricity and paper from the daily operations of

the Group in the workplaces in Hong Kong and the PRC. In order

to make ful use of resources, the Group tok various measures

to demonstrate its eforts in eficient use of resources in daily

operations. Further, the Group believes that the participation of its

employes is also important for the Group in the implementation

of related policies. Hence, the Group strives to create a corporate

culture of resources saving and to enhance employes’ awarenes

of environmental protection and energy saving.

49二零二五年报中国华星集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

在用水方面，其主要来自工作场所的日常业

务活动。由于部分水费计入向业主支付的管

理费内，因而未能获得完整的耗水量。

本集团旨在每年推行节约用水的措施，以提

高雇员节水重要性的意识，并在本集团内推

广使用节水的水管装置及器具。本集团已采

取措施加强水资源管理，避免浪费水资源。

定期检查管道、排水及设备，防止滴漏。洗

手间及工作区安装免提水龙头或按钮式水龙

头。洗手间及公共区域亦张贴标牌，以增强

雇员的节水意识。

由于能源消耗与全球变暖密切相关，本集团

旨在优化能源管理及提高能源效率。为减少

电力消耗，办公室空调维持在室内温度摄氏

24度至26度，可减少多余电能的使用。本

集团亦不断提醒员工在不用时关掉电灯及空

调，并在工作场所采购使用节能电器（具有

一级能源标签）以减少电力消耗。香港和中

国的工作场所均使用发光二极管(LED)照明

系统，与荧光灯相比，此乃一种更环保的照

明系统。此外，中国工作场所的照明系统已

设置传感器，以检测一定区域内的室内活动。

当该区域无人时，可通过关灯或减少光输出

以实现节能。亦已安装计算器以监测电力消

耗的使用情况，并在必要时进行调节。

在建筑工地上，亦已采取措施提高用电效率

及降低能耗，包括选择及使用节能设备及技

术，妥善搭建及设计临时电源及电缆的安装，

并根据需要维护及修理电气设备。通过采取

该等措施，降低能源成本，并支持加强建筑

工地上的可持续运作。

In respect of water consumption, it was mainly derived from the

daily busines activities in the workplaces. As part of the water

usage fe was included in the management fe paid to landlord,

ful data on water consumption is not available.

The Group aims to engage in water-saving initiatives anualy

to increase employes’ awarenes of the significance of water

conservation and promote the use of water-eficient plumbing

fixtures and apliances within the Group. Measures have ben

taken by the Group to strengthen water management so as to

avoid waste of water resources. Pipelines, drainage and equipment

were regularly inspected to prevent driping and leakage. Hands-

fre faucets or push buton faucets were instaled in washroms

and workspaces. Signages were also posted in washroms and

public areas to strengthen employes’ water-saving awarenes.

As energy consumption is closely linked to global warming, the

Group aims to optimise energy management and improve energy

eficiency. To reduce electricity consumption, the air-conditioners

instaled at ofices were maintained at rom temperature betwen

24 degres celsius to 26 degres celsius which could reduce the

usage of exces electricity. The Group also kept reminding the

employes to switch of the lights and air-conditioners when not

in use and procured to use the energy eficient apliances (with

Grade 1 energy labels) in the workplaces to lower the electricity

consumption. Both the workplaces in Hong Kong and the PRC

used light-emiting diodes (LEDs) lighting system, which is a more

environmentaly friendly lighting system as compared to the

fluorescent lamps. Further, the lighting systems in the workplaces

in the PRC were set up with sensors to detect indor activities

within a certain area. It can achieve energy saving by turning

lights of or reducing light output when that area is unocupied.

Calculators were also instaled to monitor the usage of electricity

consumption and wil make adjustment when necesary.

Measures have also ben taken to improve power eficiency and

reduce energy consumption at construction sites, which include

selecting and using energy-eficient equipment and technologies,

wel-organised and wel-designed the instalation of temporary

power and cables, and maintaining and repairing electrical

equipment as neded. By taken these measures, it lowers the

energy costs and suports a more sustainable operation in the

construction sites.

50China Sinostar Group Company Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

为减少纸张消耗，本集团鼓励员工减少使用

影印本，内部及外部文件在适用情况下进行

双面打印以及使用电子复印本。办公室放置

回收盒和回收箱，以收集不可再用纸张及废

品。本集团亦鼓励员工将不可回收及可回收

废品分类，重复使用及回收办公用品，如夹

子、文件夹及纸张。此外，为减少废弃物及

循环利用资源，定期安排供应商收集使用过

的空墨盒，循环利用。

就包装材料而言，本集团的业务并无就制成

品使用包装材料。

本集团的资源消耗数据列示如下：

环境及自然资源

本集团的核心业务仅限于办公场所进行，本

集团的业务对环境及自然资源造成的影响并

不重大。在节能及环保方面，除雇员作出的

内部努力外，本集团亦鼓励其业务伙伴充分

利用资源及对环境做出必要保护。

To reduce paper consumption, the Group encouraged its

employes to reduce the usage of photocopies, print doublesided

for internal documents and external documents, where

apropriate, use electronic copies. Recycle boxes and bins were

placed at ofices to colect non-reusable paper and waste. The

Group also encouraged its employes to segregate non-recyclable

and recyclable waste and reuse and recycle the ofice suplies,

such as binders, file folders and papers. Furthermore, in order

to reduce waste and to recycle resources, supliers are regularly

aranged to colect used empty toner cartridges for recycling

purpose.

In respect of packaging materials, the operations of the Group do

not use packaging material for finished products.

The Group’s consumption of resources data is listed as below:

Unit20252024

Resources consumption资源消耗单位二零二五年二零二四年

Water consumption 用水Tones 吨411844

Electricity purchased外购电力kWh 千瓦时166,30080,200

Petrol consumption for vehicles车辆的汽油消耗L 升24,20016,900

Paper consumption纸张消耗Piece 张26,60019,000

The Environmental and Natural Resources

The core busineses of the Group are confined to the ofice

workplaces, the impact towards to the environment and natural

resources arising from the Group’s busines is not significant.

Apart from the internal eforts made by the employes in regards

to energy saving and environmental protection, the Group

also encouraged its busines partners to make god use of the

resources and make necesary protections to the environment.

51二零二五年报中国华星集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团自二零一八财政年度起开始从事物业

开发业务。我们的业务单位与承包商紧密合

作，并透过书面规范、法律规定及定期实地

检查，与承包商明确沟通我们对环保的关注

及要求。

我们的业务单位及承包商亦采纳多种方法管

理发展项目对环境的影响。在规划、设计、

开发及执行我们的项目时会综合考虑环境因

素。此外，为妥善处理建筑废物，已制定废

物管理指引，并由工地主管不时审查。建筑

工地设置了垃圾池和移动式垃圾桶，并设置

了专门处置不同类型垃圾的区域。

我们的建筑团队进一步寻求专家的专业意见

及建议，以在必要时消除对土壤及生态系统

的不利影响。此外，我们知悉，于进行建筑

工程时，难免会因为使用机械而发出噪音及

产生震荡，但我们努力减少对邻近住户的滋

扰并建立沟通渠道来解决彼等的忧虑。

此外，本集团一直支持清洁及可再生能源的

发展。本集团自二零一六年起从事可再生能

源业务，并在中国北部经营两座水电站，其

已成为本集团的核心业务之一。两座水电站

的装机容量分别为3,500千瓦和3,200千瓦，

这些水电站已接入国家电网，支持工业用途。

截至二零二五年三月三十一日止年度，两座

水电站产生合共约12,226,000千瓦时（二零

二四年：11,766,000千瓦时）电力，消除二

氧化碳当量排放约12,000吨（二零二四年：

11,000吨）。

The Group started to engage in properties development busines

since the financial year of 2018. Our busines units worked

closely with the contractors and comunicated clearly with them

about our concerns and requirements in respect of environment

protection through writen specifications, legal requirement and

regular on-site checking.

Our busines units and contractors also adopted various

aproaches to manage the environment impacts of the

development projects. Environment considerations are integrated

in the planing, design, development and execution of our

projects. In adition, to handle the construction wastage properly,

guidelines for waste management were established and be

reviewed from time to time by site supervisors. Waste pols and

movable waste hopers were placed and specific areas for disposal

diferent types of wastes were set up in the construction sites.

Our construction team further seks for profesional advices and

proposals from experts to eliminate the detrimental efect towards

the soil and ecosystem when necesary. In adition, we noticed

that noise and vibration are inevitably generated through the

use of machines when carying out construction work, but we

strive to minimise disturbances to nearby residents and establish a

comunication chanel to adres their concerns.

In adition, the Group has ben suporting the development in

clean and renewable energy. The Group engaged in the busines

of the renewable energy and operated two hydroelectric power

stations in northern PRC since 2016 and it has become one of

the core busineses of the Group. The instaled capacity of the

two hydroelectric power stations are 3,500kw and 3,200kw

respectively and those hydroelectric power stations are conected

to the national power grid which suport the industrial use.

During the year ended 31 March 2025, the two hydroelectric

power stations generated a total of electricity of aproximately

12,226,000kWh (2024: 11,766,000kWh), eliminated CO2e

emisions of aproximately 12,000 tones (2024: 11,000 tones).

52China Sinostar Group Company Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

气候变化

气候变化在全球被公认为可能会影响所有企

业及社区的新兴风险。作为负责任的企业组

织，我们意识到自身业务带来的环境影响，

并致力识别及纾缓与我们业务有关的重大气

候相关事宜。

在相关立即性及长期性气候灾害中，经考虑

可能性及影响，我们将极端天气事件（例如

洪水及台风）识别为我们的业务营运面临的

最重大实体风险，尤其是对我们于中国的物

业而言。极端天气事件可能会影响雇员及租

户的通勤安全，并会对我们的物业造成损坏，

从而导致营运中断及财务损失。为将该项风

险降至最低，本集团已制定应对措施，包括

弹性工作安排及恶劣或极端天气状况预案，

并购买财产损失及损坏保险。

根据中央政府承诺到二零六零年实现碳中和

的目标，本集团预计向低碳经济转型将带来

监管、技术及市场变化。本集团与内外部持

份者密切合作，在日常运营中不断推动低碳

实践，并持续监察法律或法规的任何变化以

及全球气候变化趋势，以避免成本增加、违

规罚款或声誉风险。

Climate Change

Climate change is being recognised globaly as an emerging

risk potentialy impacting al busineses and comunities. As

a responsible corporate organisation, we are conscious of the

environmental impact of our operations and sek to identify and

mitigate the significant climate-related isues relevant to our

busines.

Among the relevant acute and chronic climate hazards, extreme

weather events, such as floding and typhon, have ben

identified as the most material physical risk to our operations

considering both likelihod and impact, especialy to our

properties in the PRC. Extreme weather events could potentialy

impact the safety of our employes and tenants while they

comute to work and cause damages to our properties, resulting

in operation disruption and financial los. To minimise such risk,

the Group has put in place countermeasures, including flexible

working arangements and precautions in the event of severe

or extreme weather conditions, as wel as taking out insurance

policies against property los and damage.

In line with the targets comited by the central governments

to achieve carbon neutrality by 2060, the Group anticipates

regulatory, technological and market changes resulting from the

transition to a low carbon economy. The Group works closely

with internal and external stakeholders to continuously promote

low carbon practices in our daily operations, and continuously

monitors any changes in laws or regulations and global trends in

climate change to avoid increased costs, fines for non-compliance,

or reputational risks.

53二零二五年报中国华星集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

B. 社会

雇佣及劳工常规

本集团视雇员为本集团最重要资产。于报告

期间，本集团遵守补偿、遣散、招聘及晋升

方面所有相关法律、法规及规则，包括香港

的《雇佣条例》、中国的《中华人民共和国劳

动法》、《中华人民共和国未成年人保护法》

及《中华人民共和国劳动合同法》，以保护雇

员的权利及福利。本集团已制定有关招聘、

晋升、补偿、遣散、平等机会、反歧视、福

利及福祉等方面的人力资源管理政策及程序。

本集团提供具竞争力的薪酬待遇并定期检讨

以招募及挽留雇员。雇员之薪酬、晋升、加

薪及酌情花红乃透过全面表现评估系统根据

个人及本集团的表现、专业程度及工作经验，

并参照现行市场惯例及标准评估。

本集团亦在性别、种族、宗教、年龄、残障、

性取向、国籍、政治立场或社会或民族本源

方面促进雇员机会平等。不容许雇员在聘用、

培训发展及职业发展方面受到任何形式之

歧视。按性别划分，于截至二零二五年三月

三十一日止年度内，本集团的员工大多为男

性。本公司已经并将继续采取措施，在各个

层面促进性别多元化。本集团已实施政策，

确保女性员工依法享有应有的假期及保险，

为女性员工创造良好的工作环境。于招聘时

已积极推动多元化。本公司的目标为逐步增

加工作场所内女性员工的比例。

B. SOCIAL

Employment and Labour Practices

The Group believes that employes are the most important

aset of the Group. During the reporting period, the Group

complied with al relevant laws, regulations and rules including

the Employment Ordinance in Hong Kong, the Labor Law of the

People’s Republic of China (《中华人民共和国劳动法》), the Laws

on the Protection of Minors of the People’s Republic of China (《中

华人民共和国未成年人保护法》) and the Labour Contract Law

of the People’s Republic of China (《中华人民共和国劳动合同法》)

in the PRC related to compensation, dismisal, recruitment and

promotion to protect the rights and benefits of the employes.

The Group established policies and procedures on human

resources management in respect of recruitment, promotion,

compensation, dismisal, equal oportunity, anti-discrimination,

benefits and welfare, etc.

The Group ofers remuneration packages at a competitive level

and reviews them on a regular basis in order to recruit and

retain the employes. The employes’ remuneration, promotion,

salary increments and discretionary bonus are asesed based on

both individual’s and the Group’s performance, profesional and

working experience via comprehensive performance evaluation

system and by reference to prevailing market practice and

standards.

The Group also promotes equal oportunity for employes

towards gender, race, religion, age, disability, sexual orientation,

nationality, political opinion, or social or ethnic origin. No

employe is alowed to be subject to any form of discrimination

on recruitment, training development and carer development. By

gender, the Group’s workforce are mostly male during the year

ended 31 March 2025. The Company has taken and continues to

take steps to promote gender diversity at al levels. The Group has

implemented policies to ensure that female employes enjoy due

vacations and insurance in acordance with the law and to create

a god working environment for female employes. Active steps

were taken in promoting diversity in recruitment. The Company

aims to gradualy increase the female portion in workforce.

54China Sinostar Group Company Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

下表列示按性别、年龄组别及地区划分的员

工分布及流失率情况：

附注：于截至二零二五年三月三十一日止年度，

本集团并无雇员自愿离职或因解雇、退休

或在职死亡而离职，因此雇员流失率为零。

健康及安全

本集团致力于为全体员工提供健康安全的工

作环境并认为其可提升员工之归属感及生产

力。本集团规定不同区域所有部门严格遵守

有关安全工作环境及职业危险保护的相关法

律法规，如香港的《职业安全与健康条例》及

中国的《中华人民共和国安全生产法》。此外，

本集团及其建筑承包商严格遵循并遵守中国

的《中华人民共和国建筑法》中关于施工许可

证、保险、监督、安全生产管理和质量管理

之规定。

The table below shows the workforce distribution and turnover

rate by gender, age group and geographical regions:

Number of employes

Employes

turnover rate

雇员人数雇员流失率

二零二五年二零二四年

Gender性别

Male男2314–

Female女53–

Age Group年龄组别

18–3018至30岁–

31–5031至50岁2015–

Over 5050岁以上82–

Employment Type雇佣类型

Ful-time全职2817–

Part-time兼职–

Geographical Regions地区

Hong Kong香港44–

The PRC中国2413–

Note: Nil employe turnover rate as there was no employe left

employment with the Group voluntarily or due to dismisal,

retirement or death in service during the year ended 31 March

2025.

Health and Safety

The Group strives to provide a healthy and safe working

environment for al employes and believes that it can enhance

their sense of belonging and productivity. The Group requires al

departments in diferent regions to strictly folow relevant laws

and regulations in relation to safe working environment and

protection for ocupational hazards, such as the Ocupational

Safety and Health Ordinance in Hong Kong and Work Safety

Law of the People’s Republic of China (《中华人民共和国安全

生产法》) in the PRC. Further, the Group and its construction

contractors strictly folowed and complied with the Construction

Law of the People’s Republic of China (《中华人民共和国建筑法》)

in the PRC which specify the provisions for construction permit,

insurance, supervision, safety production management and quality

management.

55二零二五年报中国华星集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团遵守对其有重大影响的有关提供安全

工作环境及保护雇员免受职业危害的相关法

律法规。已建立预防职业病的安全程序，并

将定期审查。工作场所妥善设有紧急出口及

配备急救设施；根据有关规定，制定明确的

极端天气条件下工作指南。本集团亦允许弹

性工作时间及在家工作安排，以防止流行性

疾病在工作场所蔓延。

本集团为雇员提供职业安全培训以提高彼等

的安全意识。此外，本集团根据岗位需要为

员工提供个人防护设备，例如在工地工作的

员工，并指派合格的主管监督及确保员工穿

戴适当的个人防护设备。截至二零二五年三

月三十一日止三个年度，并无报告与工作有

关的死亡事故或因工伤损失工作日数。

发展及培训

本集团认为培训对个人发展、工作效率及生

产力至关重要。本集团鼓励各级雇员参与不

同的培训计划，以提高履行工作职责的知识

及技能。于报告期间，雇员、高级管理层及

董事参与政府、非盈利性法定或专业机构及

专业教育中心提供的各种培训计划。

The Group complies with relevant laws and regulations that have

a significant impact on providing a safe working environment

and protecting employes from ocupational hazards. Safety

procedures are established for the prevention of ocupational

diseases and wil be reviewed regularly. Workplaces are properly

designed with emergency exits and first aid facilities are instaled;

clear guidelines for work under extreme weather conditions

in acordance with relevant regulations are formulated. The

Group also alows flexible working hours and work from home

arangement in order to prevent the spread of epidemic diseases

at workplaces.

The Group provides employes with ocupational safety training

to enhance their safety awarenes. In adition, the Group provides

personal protective equipment to employes acording to the

neds of positions, such as those employes who are working in

the construction sites, and qualified supervisors are asigned to

monitor and ensure that employes wear apropriate personal

protective equipment. None of the work-related fatalities or lost

days due to work injury was report for the thre years ended 31

March 2025.

Development and Training

The Group conceives that training plays an important role for

personal development, work eficiency and productivity. The

Group encourages its employes at al levels to participate in

diferent training programs to improve knowledge and skils

for discharging duties at work. During the reporting period,

our employes, senior management and Directors engaged in

diferent training programs provided by the government, nonprofit

statutory or profesional bodies and profesional education

centers.

56China Sinostar Group Company Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

下表列示于报告期间按性别及雇员类别划分

的受训雇员百分比及每名雇员完成受训的平

均时数：

劳工标准

本集团遵守其营运所在地（包括香港及中国）

的相关劳动法律、法规及规则。我们在各重

大方面遵守雇佣、薪酬、晋升及终止程序的

相关行为守则及条例，例如香港的由平等机

会委员会颁布的《性别歧视条例》、《残疾歧

视条例》、《家庭岗位歧视条例》、《种族歧视

条例》及《雇佣条例》，以及中国的《中华人民

共和国劳动法》、《禁止使用童工规定》及《中

华人民共和国未成年人保护法》。

为防止童工及强制劳工，本集团进行背景调

查，如年龄、学历、先前工作履历等，从而

确保员工符合该等指定地区最低的年龄标准

及适用法律。于报告期间，本集团并无发现

任何雇佣童工事件亦无违反有关强制劳工的

DIRECTORS’ REPORT

董事局报告

61二零二五年报中国华星集团有限公司

The Directors present this anual report and the audited consolidated

financial statements of the Group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

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

subsidiaries are engaged in properties development, properties

investment, properties management and operation and management of

hydroelectric power stations during the year ended 31 March 2025.

BUSINES REVIEW

A review of the busines of the Group during the year ended 31 March

2025 which includes an analysis of the Group’s financial performance,

particulars of important events afecting the Group during the reporting

year as wel as discusion on the Group’s future busines development are

provided in the section headed “Management Discusion and Analysis” of

this anual report.

The objectives and policies of the capital risk management and financial

risk management of the Group are set out in notes 5 and 6 to the

consolidated financial statements.

Discusion on the Group’s environmental isues, policies and compliance

with the relevant laws and regulations that have significant impact on the

Company and the Group’s key relationships with its employes, customers

and supliers that have significant impact on the Company are provided

in the section headed “Environmental, Social and Governance Report” of

this anual report.

COMPLIANCE AND LAWS AND REGULATIONS

The Group established procedures and policies to ensure its operations

comply with aplicable laws, rules and regulations and that those policies

and practices are regularly reviewed for adequacy. Furthermore, senior

management is delegated with continuing responsibility to monitor

compliance with al significant legal and regulatory requirements.

During the year ended 31 March 2025, as far as it is aware, the Group has

complied with the relevant laws and regulations that have a significant

impact on its busines and operations.

董事谨提呈本集团于截至二零二五年三月三十一日

止年度之本年报及经审核综合财务报表。

主要业务

本公司主要业务为投资控股。于截至二零二五年三

月三十一日止年度，其主要附属公司从事物业开发、

物业投资、物业管理及水电站运营管理。

业务回顾

本集团于截至二零二五年三月三十一日止年度的业

务回顾（包括本集团财务表现分析、于报告年度影

响本集团的重大事件详情及有关本集团未来业务发

展的讨论）载于本年报「管理层讨论与分析」章节。

本集团的资本风险管理及财务风险管理的目标及政

策载于综合财务报表附注5及6。

有关对本公司有重大影响的本集团环境问题、政策

及相关法律法规的合规情况的讨论以及本集团与其

雇员、客户及供应商对本公司有重大影响的主要关

系，载于本年报「环境、社会及管治报告」章节。

合规与法律法规

本集团建立程序及政策以确保其运营遵守适用法律、

法规及规例，并定期检讨该等政策及常规的充分性。

此外，指派高级管理层负责持续监察所有重大法律

及监管规定的合规情况。

截至二零二五年三月三十一日止年度，据本集团所

知，其已遵守对其业务及运营有重大影响的相关法

律法规。

62China Sinostar Group Company Limited Anual Report 2025

DIRECTORS’ REPORT

董事局报告

企业管治报告

本公司截至二零二五年三月三十一日止年度之企业

管治报告载于本年报「企业管治报告」一节。

业绩及分配

本集团截至二零二五年三月三十一日止年度之业绩

载于第82页的综合损益及其他全面收益表。董事议

决将不派发截至二零二五年三月三十一日止年度之

股息（二零二四年：无）。

主要物业

持作销售的主要物业、发展中待售物业及持作投资

目的物业详情载于综合财务报表附注22、21及17

以及本年报「管理层讨论与分析」「业务回顾－物业

开发」一段。

年内已发行股份

截至二零二五年三月三十一日止年度的已发行股份

详情载于综合财务报表附注29。

可分配储备

于二零二五年三月三十一日，并无储备可供分配予

股东。

优先购买权

公司细则概无有关优先购买权之条文，百慕达法律

亦无制约该等权利，使本公司须按比例向现有股东

发售新股份。

五年财务概要

本集团过去五个财政年度内的业绩及资产及负债概

要载于本年报第188页。

CORPORATE GOVERNANCE REPORT

The corporate governance report of the Company for the year ended

31 March 2025 is set out in the section headed “Corporate Governance

Report” of this anual report.

RESULTS AND APROPRIATIONS

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

in the consolidated statement of profit or los and other comprehensive

income on page 82. The Directors have determined that no dividends wil

be paid in respect of the year ended 31 March 2025 (2024: Nil).

PRINCIPAL PROPERTIES

Details of principal properties held for sale, properties for sale under

development and properties held for investment purposes are set out

in notes 22, 21 and 17 to the consolidated financial statements and

paragraph headed “Busines Review – Properties Development” in

“Management Discusion and Analysis” of this anual report.

SHARE ISUED IN THE YEAR

Details of the shares isued during the year ended 31 March 2025 are set

out in note 29 to the consolidated financial statements.

DISTRIBUTABLE RESERVE

There is no reserve available for distribution to Shareholders as at 31

March 2025.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Bye-laws and there

was no restriction against such rights under the laws of Bermuda, which

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

existing Shareholders.

FIVE YEAR FINANCIAL SUMARY

A sumary of the results and the asets and liabilities of the Group for

the last five financial years is set out on page 188 of this anual report.

63二零二五年报中国华星集团有限公司

DIRECTORS’ REPORT

董事局报告

税务减免

本公司并不知悉股东因持有本公司证券而享有任何

税务减免及豁免。

购买、出售或赎回证券

截至二零二五年三月三十一日止年度，本公司及其

附属公司概无购买、出售或赎回本公司任何上市证券。

董事

截至二零二五年三月三十一日止年度及直至本董事

局报告日期，董事为：

执行董事

王晶（主席）

王星乔（行政总裁）

赵爽（自二零二四年十一月十五日起辞任）

非执行董事

赵洪霞（自二零二四年十一月十五日起获委任）

独立非执行董事

苏波

唐生智

曾冠维

根据守则条文第B.2.2条，全体董事须至少每三年于

本公司随后举行的股东周年大会上轮值退任一次，

惟退任董事合资格并愿意于股东周年大会上膺选连任。

TAX RELIEF

The Company is not aware of any tax relief and exemption available to

the shareholders by reason of their holding of the Company’s securities.

PURCHASE, SALE OR REDEMPTION OF

SECURITIES

During the year ended 31 March 2025, neither the Company nor its

subsidiaries purchased, sold or redemed any of the Company’s listed

securities.

DIRECTORS

The Directors during the year ended 31 March 2025 and up to the date of

this Directors’ Report were:

Executive Directors

Wang Jing (Chairman)

Wang Xing Qiao (Chief Executive Oficer)

Zhao Shuang (resigned with efect from 15 November 2024)

Non-Executive Director

Zhao Hongxia (apointed with efect from 15 November 2024)

Independent Non-Executive Directors

Su Bo

Tang Shengzhi

Zeng Guanwei

Pursuant to Code Provision B.2.2, al the Directors are subject to

retirement by rotation at the subsequent anual general metings of

the Company at least once every thre years, provided that, the retired

Directors, being eligible, ofer themselves for re-election at the anual

general meting.

64China Sinostar Group Company Limited Anual Report 2025

DIRECTORS’ REPORT

董事局报告

董事之服务合约

拟于应届股东周年大会上膺选连任之董事概无与本

公司订立于一年内不可不作赔偿（法定赔偿除外）而

终止之服务合约。

董事于对本公司业务属重要的交易、

安排及合约中的重大权益

于年内或年底概无存续本公司、其任何控制实体或

其附属公司为订约方且董事直接或间接于其中拥有

重大权益之有关本集团业务之重大交易、安排及合

约。截至二零二五年三月三十一日止年度，本公司

或其任何附属公司与控股东或其任何附属公司概

无订立任何重大合约。

竞争业务

截至二零二五年三月三十一日止年度，概无董事于

任何与本集团业务直接或间接构成或可能构成竞争

的业务中拥有权益。

董事及主要行政人员于本公司或本

公司的任何指明企业或任何其他相

联法团之股份、相关股份及债权证

之权益及╱或淡仓

于二零二五年三月三十一日，本公司各董事或主要

行政人员于本公司及其相联法团（定义见香港证券

及期货条例（「证券及期货条例」）第XV部）之股份及

购股权中拥有(a)根据证券及期货条例第XV部第7及

DIRECTORS’ SERVICE CONTRACTS

None of the Directors who are proposed for re-election at the forthcoming

anual general meting has a service contract with the Company which

is not determinable within one year without payment of compensation,

other than statutory compensation.

DIRECTORS’ MATERIAL INTERESTS IN

TRANSACTIONS, ARANGEMENTS AND

CONTRACTS THAT ARE SIGNIFICANT IN

RELATION TO THE COMPANY’s BUSINES

No transactions, arangements and contract of significance in relation to

the Group’s busines, to which the Company, any of its controling entities

or its subsidiaries was a party, and in which a Director had a material

interest, directly or indirectly, subsisted during or at the end of the year.

There is no contract of significance betwen the Company or any of its

subsidiaries and a controling Shareholder or any of its subsidiaries for the

year ended 31 March 2025.

COMPETING BUSINES

For the year ended 31 March 2025, none of the Directors is interested

in any busines which competes or is likely to compete, either directly or

indirectly, with the busines of the Group.

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS

AND/OR SHORT POSITIONS IN THE SHARES,

UNDERLYING SHARES AND DEBENTURES

OF THE COMPANY OR ANY SPECIFIED

UNDERTAKING OF THE COMPANY OR ANY

OTHER ASOCIATED CORPORATION

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

or chief executive of the Company in the shares and share options of the

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

of the Securities and Futures Ordinance in Hong Kong (the “SFO”) which

65二零二五年报中国华星集团有限公司

DIRECTORS’ REPORT

董事局报告

8分部之规定须知会本公司及联交所之权益及淡仓（包

括根据证券及期货条例之有关条文，彼等被当作或

被视为拥有之权益或淡仓）；或(b)根据证券及期货

条例第352条须记录该条所述之登记册之权益及淡

仓；或(c)根据标准守则须知会本公司及联交所之权

益及淡仓如下：

(i) 于本公司股份（「股份」）之长仓

附注：该等108,591,364股份由达荣资本有限

公司（一间由香港实华控股有限公司全资

及实益拥有的公司）持有，而香港实华控

股有限公司由辽宁实华全资及实益拥有。

王晶先生为辽宁实华之82.8%股权之实益

拥有人。根据证券及期货条例，王晶先生

被视为于该等108,591,364股份中拥有

权益。

are required (a) to be notified to the Company and the Stock Exchange

pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests

or short positions which they are taken or demed to have under such

provisions of the SFO); or (b) pursuant to Section 352 of the SFO, to be

entered in the register refered to therein; or (c) pursuant to the Model

Code to be notified to the Company and the Stock Exchange were as

folows:

(i) Long Position in the shares of the Company (the “Shares”)

Name of Directors

Long Position/

Short PositionCapacity

Number of

Shares held

Aproximate

percentage of

isued share

capital in the

Company

董事姓名长仓╱淡仓身份

所持

股份数目

占本公司

已发行股本之

概约百分比

Executive Director

执行董事

Wang JingLong PositionInterest of controled

corporation

108,591,364

(Note)

51.02%

王晶长仓于受控制法团之权益（附注）

Wang Xing QiaoLong PositionBeneficial Owner163,7500.08%

王星乔长仓实益拥有人

Independent non-executive Director

独立非执行董事

Zeng GuanweiLong PositionBeneficial Owner275,5000.13%

曾冠维长仓实益拥有人

Note: These 108,591,364 Shares are held by Achieve Prosper Capital

Limited, a company wholy and beneficialy owned by Hong Kong

Shihua Holdings Limited, which is in turn wholy and beneficialy

owned by Liaoning Shihua. Mr. Wang Jing is the beneficial owner

of 82.8% of the equity interest in Liaoning Shihua. By virtue

of the SFO, Mr. Wang Jing is demed to be interested in these

108,591,364 Shares.

66China Sinostar Group Company Limited Anual Report 2025

DIRECTORS’ REPORT

董事局报告

(i) 董事于相联法团之股份之权益

除上文所披露及董事为本公司或其附属公司

以信托方式持有附属公司之若干代理人股份

外，于本年报日期，概无本公司董事、主要

行政人员或彼等之联系人于本公司或其任何

相联法团（定义见证券及期货条例）之任何股

份、相关股份及债权证中拥有根据证券及期

货条例第XV部第7及8分部规定知会本公司

及联交所之任何权益或淡仓（包括根据证券

及期货条例之有关条文，彼等被当作或被视

为拥有之权益及淡仓），或记录于根据证券

及期货条例第352条须予存置之登记册之任

何权益或淡仓或根据标准守则另行知会本公

司及联交所之任何权益或淡仓。

管理合约

于截至二零二五年三月三十一日止年度，概无订立

或存在任何有关本公司全部或任何绝大部分业务管

理与行政之合约。

(i) Directors’ interests in the shares of asociated corporations

Name of asociated

corporationName of DirectorCapacity

Long Position/

Short Position

Number of

ordinary shares

in Achieve

Prosper Capital

Limited

Aproximate

percentage

of isued

share capital

in Achieve

Prosper Capital

Limited

相联法团名称董事姓名身份长仓╱淡仓

于达荣资本

有限公司之

普通股数目

占达荣资本

有限公司

已发行股本之

概约百分比

Achieve Prosper Capital

Limited

Wang JingInterest of controled

corporation

Long Position1,000,000100%

达荣资本有限公司王晶于受控制法团之权益长仓

Save as disclosed above and other than certain nomine shares

in subsidiaries held by Directors in trust for the Company or its

subsidiaries, as at the date of this anual report, none of the

Directors, chief executive of the Company nor their asociates

had any interests or short positions in any Shares, underlying

Shares and debentures of the Company or any of its asociated

corporations (within the meaning of the SFO) as notified to the

Company and the Stock Exchange pursuant to Divisions 7 and 8 of

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

is taken or demed to have under such provisions of the SFO), or

as recorded in the register required to be kept under section 352

of the SFO or as otherwise notified to the Company and the Stock

Exchange pursuant to the Model Code.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the

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

entered into or existed during the year ended 31 March 2025.

67二零二五年报中国华星集团有限公司

DIRECTORS’ REPORT

董事局报告

MAJOR SUPLIERS AND CUSTOMERS

The agregate sale atributable to the Group’s largest customer and five

largest customers acounted for aproximately 20% and aproximately

31% respectively of the Group’s total revenue for the year ended 31

March 2025. The agregate purchases atributable to the Group’s largest

suplier and five largest supliers acounted for aproximately 58% and

aproximately 86% respectively of the Group’s total purchases for the

year ended 31 March 2025. None of the Directors, their asociates, or any

shareholder of the Company (which to the knowledge of the Directors

owns more than 5% of the Company’s share capital) has any interest in

the Group’ five largest customers and supliers.

SUBSTANTIAL SHAREHOLDERS

As at 31 March 2025, the folowing persons, other than the interest

disclosed in the paragraph headed “Directors and chief executive’s

interests and/or short positions in the Shares, underlying Shares and

debentures of the Company or any specified undertaking of the Company

or any other asociated corporation”, had 5% or more interest in the

Shares and underlying Shares have notified to the Company and have

ben recorded in the register of substantial shareholders’ interests in

Shares and short positions required to be kept under Section 336 of Part

XV of the SFO:

Name of shareholdersNature of interest

Number of Shares

and underlying

Agregate

percentage of

isued share

capital as at

31 March 2025

股东名称╱姓名权益性质

股份及

Notes:

1. These 145,895,711 Shares are held by Hong Kong Huang Zi Shan Limited,

a company wholy and beneficialy owned by Liaoning Huang Zi Shan Hot

Spring Resort Development Limited* (辽宁皇子山温泉度假城开发有限公

司) (“Liaoning Huang Zi Shan”).

,591,364 Shares (the “Charged Shares”) was pledged by Achieve

Prosper Capital Limited in favour of Lushan Investment Holding Limited

(please refer to the anouncement of the Company dated 16 March 2016

for details).

On 5 December 2024, Lushan Investment Holding Limited has completed

the asignment of the Charged Shares and the sale of 37,304,347 Shares

to Hong Kong Huang Zi Shan Limited (“Huang Zi Shan”) (please refer to

the anouncement of the Company dated 9 December 2024 for details).

* The English name is for identification only.

69二零二五年报中国华星集团有限公司

DIRECTORS’ REPORT

董事局报告

皇子山为于香港注册成立的公司及由辽宁皇子

山，一间于中国注册成立的公司全资拥有。辽

宁皇子山由Asian-American Trade & Investment

Corporation，一间于加拿大注册成立的公司全

资拥有，而Asian-American Trade & Investment

Corporation则由Zou De Ben Benjamin先生全资

及实益拥有。根据证券及期货条例，Zou De Ben

Benjamin先生被视为于145,895,711股份中拥有

权益。

于二零二五年三月三十一日，达荣资本有限公司由

香港实华控股有限公司全资及实益拥有，而香港实

华控股有限公司由辽宁实华全资及实益拥有。王晶

先生为辽宁实华之82.8%股权之实益拥有人。根据

证券及期货条例，香港实华控股有限公司、辽宁实华、

王晶先生及胡宝琴女士（为王晶先生之配偶）被视为

于上述达荣资本有限公司持有的108,591,364股

份中拥有权益。

除上文所披露外，于二零二五年三月三十一日，本

公司根据证券及期货条例第336条备存之登记册中，

并无记录任何其他股份权益、淡仓或长仓。

关连交易

截至二零二五年三月三十一日止年度，本集团并无

不完全获豁免遵守上市规则项下股东批准、年度审

阅及所有披露规定之关连交易或持续关连交易。

关联方交易

就本年报综合财务报表附注32所披露的关联方交易

而言，亦构成关连交易或持续关连交易的所有交易

因所有适用百分比率低于0.1%，故均为本公司获全

面豁免关连交易或持续关连交易。本集团已遵守上

市规则附录D2项下的披露规定。

Huang Zi Shan is a company incorporated in Hong Kong and is solely

owned by Liaoning Huang Zi Shan, a company incorporated in the PRC.

Liaoning Huang Zi Shan is solely owned by Asian-American Trade &

Investment Corporation, a company incorporated in Canada, which is in

turn solely and beneficialy owned by Mr. Zou De Ben Benjamin. By virtue

of the SFO. Mr. Zou De Ben Benjamin was demed to be interested in

145,895,711 Shares.

As at 31 March 2025, Achieve Prosper Capital Limited is wholy and

beneficialy owned by Hong Kong Shihua Holdings Limited, which is in

turn wholy and beneficialy owned by Liaoning Shihua. Mr. Wang Jing is

the beneficial owner of 82.8% of the equity interest in Liaoning Shihua.

By virtue of the SFO, Hong Kong Shihua Holdings Limited, Liaoning

Shihua, Mr. Wang Jing and Ms. Hu Bao Qin, the spouse of Mr. Wang

Jing, were demed to be interested in the said 108,591,364 Shares held

by Achieve Prosper Capital Limited.

Save as disclosed above, as at 31 March 2025, the register maintained

by the Company pursuant to Section 336 of the SFO recorded no other

interests, short positions or long positions in the Shares.

CONECTED TRANSACTION

During the year ended 31 March 2025, there were no conected

transactions or continuing conected transactions that were not fuly

exempted from shareholders’ aproval, anual review and al disclosure

requirements under the Listing Rules.

RELATED PARTY TRANSACTIONS

With respect to the related party transactions as disclosed in note 32 to

the consolidated financial statements of this anual report, al transactions

which also constitute conected transactions or continuing conected

transactions are fuly exempted conected transactions or continuing

conected transactions of the Company as al the aplicable percentage

ratios are les than 0.1%. The Group has complied with the disclosure

requirements in acordance with Apendix D2 of the Listing Rules.

70China Sinostar Group Company Limited Anual Report 2025

DIRECTORS’ REPORT

董事局报告

充足公众持股量

根据本公司所取得之公开资料及据董事所知悉，本

公司于截至二零二五年三月三十一日止年度内一直

维持上市规则规定不少于本公司已发行股份25%之

充足公众持股量。

获准许弥偿条文

根据公司细则，董事将就获判胜诉或获判无罪之任

何民事或刑事法律程序中其作为董事进行辩护所招

致之一切负债，或与其于公司法项下任何申请并获

法院给予责任宽免相关之一切负债从本公司的资金

中获提供弥偿保证。

除上文所披露外，于财政年度及截至本董事局报告

日期止任何时间，过往或现时概无任何以任何董事

（不论是否由本公司或以其他方式制定）或联营公司

（倘由本公司制定）为受益人的获准许弥偿条文生效。

年度独立确认书

本公司已接获各独立非执行董事根据上市规则第3.13

条发出之年度独立确认书。本公司认为全体独立非

执行董事均为独立人士。

核数师

截至二零二五年三月三十一日止年度的财务报表已

由富睿玛泽会计师事务所有限公司审核，而其将于

本公司应届股东周年大会上退任并符合资格且愿意

重选连任。

代表董事局

王晶

主席

香港

二零二五年六月三十日

SUFICIENCY OF PUBLIC FLOAT

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

within the knowledge of the Directors, the Company has maintained a

suficient public float not les than 25% of Company’s isued shares as

required under the Listing Rules throughout the year ended 31 March

2025.

PERMITED INDEMNITY PROVISIONS

Acording to the Bye-laws, the Directors shal be indemnified out of the

funds of the Company against al liabilities incured by him as a Director in

defending any procedings, whether civil or criminal, in which judgment

is given in favour, or in which he is acquited, or in conection with

any aplication under the Companies Act in which relief from liability is

granted to him by the court.

Save as disclosed above, at no time during the financial year and up to

the date of this Directors’ Report, there was or is, any permited indemnity

provision being in force for the benefit of any of the Directors (whether

made by the Company or otherwise) or an asociated company (if made

by the Company).

ANUAL CONFIRMATION OF INDEPENDENCE

The Company has received the anual confirmation of independence from

each of the independent non-executive Directors as required under Rule

3.13 of the Listing Rules. The Company considered al independent non-

executive Directors to be independent.

AUDITOR

The financial statements for the year ended 31 March 2025 have ben

audited by Forvis Mazars CPA Limited who wil retire and, be eligible to

ofer themselves for re-apointment at the forthcoming anual general

meting of the Company.

On behalf of the Board

Wang Jing

CHAIRMAN

Hong Kong

30 June 2025

71二零二五年报中国华星集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

致中国华星集团有限公司所有股东

（于百慕达注册成立之有限公司）

意见

我们已审核载列于第82至187页中国华星集团有限

公司（「贵公司」）及其附属公司（统称「贵集团」）之综

合财务报表，包括于二零二五年三月三十一日之综

合财务状况表、截至该日止年度的综合损益及其他

全面收益表、综合权益变动表及综合现金流量表及

综合财务报表附注，包括重大会计政策资料概要。

我们认为，综合财务报表已根据香港会计师公会

（「香港会计师公会」）颁布的香港财务报告准则会计

准则真实而中肯地反映贵集团于二零二五年三月

三十一日的财务状况及截至该日止年度的财务表现

及其现金流量，并已遵照《公司条例》之披露规定妥

为编制。

FORVIS MAZARS CPA LIMITED

富睿玛泽会计师事务所有限公司

42nd Flor, Central Plaza

18 Harbour Road, Wanchai, Hong Kong

香港湾仔港湾道18号中环广场42楼

Tel 电话：(852) 2909 5555

Fax 传真：(852) 2810 0032

Email 电邮：info@forvismazars.com

Website 网址：w.forvismazars.com/hk

To the shareholders of

China Sinostar Group Company Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of China

Sinostar Group Company Limited (the “Company”) and its subsidiaries

(together the “Group”) set out on pages 82 to 187, which comprise the

consolidated statement of financial position as at 31 March 2025, and

the consolidated statement of profit or los and other comprehensive

income, 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.

In our opinion, the consolidated financial statements give a true and fair

view of the financial position of the Group as at 31 March 2025, and

of its financial performance and cash flows for the year then ended in

acordance with HKFRS Acounting Standards as isued by the Hong

Kong Institute of Certified Public Acountants (the “HKICPA”) and have

ben properly prepared in compliance with the disclosure requirements of

the Companies Ordinance.

72China Sinostar Group Company Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

意见基准

我们已根据香港会计师公会颁布的香港审计准则（「香

港审计准则」）进行审计。我们在该等准则下承担的

责任已在本报告「核数师就审计综合财务报表承担

的责任」部分中作进一步阐述。根据香港会计师公

会颁布的专业会计师道德守则（以下简称「守则」），

我们独立于贵集团，并已履行守则中的其他专业

道德责任。我们相信，我们所获得的审计凭证能充

足及适当地为我们的审计意见提供基础。

与持续经营有关的重大不确定性

我们提请注意综合财务报表附注3内「持续经营」一

节，当中显示，于二零二五年三月三十一日，贵

集团于报告期末之借贷20,374,000港元及应付债券

6,760,000港元须于一年内偿还。于相同日期，贵

集团之银行结余及现金为6,597,000港元。贵集团

继续持续经营的能力取决于贵集团采取的措施能

否取得成功及有利结果。该等情况表明存在重大不

确定性，可能会令贵集团持续经营的能力严重成

疑，故其可能无法于正常业务过程中变现其资产及

清偿其负债。

董事经考虑综合财务报表附注3所述贵集团采取

的措施后，认为贵集团将能够继续持续经营。因此，

董事按持续经营基准编制综合财务报表。综合财务

报表不包括可能因有关措施无法实现而产生的任何

调整。我们认为在此方面已作出适当披露。我们并

无就该事项修订我们的意见。

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities under

those standards are further described in the “Auditor’s Responsibilities for

the Audit of the Consolidated Financial Statements” section of our report.

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

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

our other ethical responsibilities in acordance with the Code. We believe

that the audit evidence we have obtained is suficient and apropriate to

provide a basis for our opinion.

MATERIAL UNCERTAINTY RELATED TO GOING

CONCERN

We draw atention to the “Going concern” section in note 3 to the

consolidated financial statements, which indicates that as at 31 March

2025, the Group has borowings of HK$20,374,000 and bonds payable

of HK$6,760,000 that are repayable within one year at the end of the

reporting period. At the same date, the Group has bank balances and

cash of HK$6,597,000. The Group’s ability to continue as a going concern

depends on the sucesful and favourable outcomes of the measures

being implemented by the Group. These conditions indicate that a

material uncertainty exists that may cast significant doubt on the Group’s

ability to continue as a going concern and, therefore that it may be unable

to realise its asets and discharge its liabilities in the normal course of

busines.

The directors, having considered the measures being taken by the

Group as described in note 3 to the consolidated financial statements,

are of the opinion that the Group would be able to continue as a going

concern. Acordingly, the directors have prepared the consolidated

financial statements on a going concern basis. The consolidated financial

statements do not include any adjustments that would result from a

failure of achieving the measures. We consider apropriate disclosures

have ben made in this respect. Our opinion is not modified in respect of

this mater.

73二零二五年报中国华星集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审计事项

关键审计事项是根据我们的专业判断，认为对截至

二零二五年三月三十一日止年度综合财务报表的审

计最为重要的事项。这些事项是在我们审计整体综

合财务报表及出具意见时进行处理。我们不会对这

些事项提供单独的意见。除「与持续经营有关的重

大不确定性」一节所述事项外，我们已确定下述事

项为须于我们的报告中沟通的关键审计事项。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgement,

were of most significance in our audit of the consolidated financial

statements for the year ended 31 March 2025. These maters were

adresed in the context of our audit of the consolidated financial

statements as a whole, and in forming our opinion thereon, and we do

not provide a separate opinion on these maters. In adition to the mater

described in the “Material Uncertainty Related to Going Concern” section,

we have determined the maters described below to be the key audit

maters to be comunicated in our report.

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理该事项

(i) Net realisable value of properties for sale

under development and properties held for

sale

(i) 发展中待售物业及持作出售之物业之可变现净

值

Refer to Notes 4 (b)(i), 21 and 22 to the consolidated

financial statements.

请参阅综合财务报表附注4 (b)(i)、21及22。

As at 31 March 2025, the Group had properties for

sale under development and properties held for sale

amounting to HK$14,021,000 and HK$53,870,000

respectively, which together acounted for 29% of

the Group’s total asets and are stated at the lower

of cost and net realisable value (“NRV”).

于二零二五年三月三十一日，贵集团拥有发展

中待售物业及持作出售之物业分别为14,021,000

港元及53,870,000港元，合共占贵集团总资产

29%，并按成本与可变现净值（「可变现净值」）之

较低者列账。

Our key procedures, among others, included:

我们的关键程序（其中包括）包括：

– Understanding and evaluating the management’s key controls over the

estimation of NRV;

－了解及评估管理层对可变现净值估计之关键控制；

– Conducting site visits to property development sites, on a sample

basis, and discusing with management the progres and development

budgets reflected in the NRV calculation for each of those property

development projects;

－抽样到访物业开发工地进行现场视察，并与管理层讨论反映于各物

业发展项目可变现净值计算的项目进度和开发预算；

74China Sinostar Group Company Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理该事项

The NRV of properties held for sale is estimated by

the management with reference to estimated seling

prices of the properties les costs to be incured in

seling the properties. The NRV of properties for

sale under development is asesed with reference

to valuations caried out by an independent

profesional valuer (“valuer”) engaged by the Group,

based on estimated seling prices of the properties

les estimated costs of completion and costs to be

incured in seling the properties.

持作出售之物业之可变现净值乃由管理层经参考

物业估计售价减销售物业将产生的成本后估计。

发展中待售物业之可变现净值乃经参考贵集团

委聘的独立专业估值师（「估值师」）作出的估值，

并根据物业估计售价减估计完工成本及销售物业

将产生的成本后评估。

We have identified the asesment of NRV of the

Group’s properties held for sale and properties

for sale under development as a key audit mater

because of their significance to the consolidated

financial statements and significant estimation and

judgement involved in the estimation of the NRV.

我们已将评估贵集团持作出售之物业及发展中

待售物业之可变现净值识别为一项关键审计事项，

因为其对综合财务报表而言重要且可变现净值的

估计涉及重大估计及判断。

– Obtaining the NRV calculations prepared by management and

discusing with those individuals who prepared the calculations for

an understanding of the basis and key input data used in the NRV

calculations;

－取得由管理层编制的可变现净值计算表，并与编制计算表的该等人

士讨论以了解可变现净值计算表中使用的基准及关键输入数据；

– Asesing the apropriatenes of the estimated seling prices of the

properties held for sale used by the management, on sample basis, with

reference to the latest seling prices of the same projects;

－参考同一项目的最新售价，抽样评估管理层所使用的持作出售物业

的估计售价是否适当；

– Asesing the apropriatenes of the estimated seling prices of the

properties for sale under development used by the management, on

sample basis, with reference to valuation from the valuer and transaction

price of similar properties;

－参考估值师的估值及类似物业的交易价格，抽样评估管理层所使用

的发展中待售物业的估计售价是否适当；

KEY AUDIT MATERS (CONT’D)关键审计事项（续）

75二零二五年报中国华星集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理该事项

– Asesing the apropriatenes of the estimated costs of completion for

properties for sale under development and costs to be incured in seling

for properties held for sale and properties for sale under development

used by the management, on sample basis, by comparing the actual

development costs, comited costs to be incured in seling the

properties and adjustment made by the management in the future costs

to completion to curent market data;

－通过比较实际开发成本、销售物业所产生的承诺费用及管理层根据

当前市场数据对未来竣工成本的调整，以抽样为基础评估管理层使

用的发展中待售物业的估计竣工成本及持作出售之物业和发展中待

售物业的销售成本的适当性；

– Re-performing the calculations made by management in ariving at the

year-end asesments of NRV on a sample basis;

－对于管理层于年底评估时所得出之可变现净值按抽样方法重新进行

计算；

– Reviewing the valuation from the valuer and discusing with

management and the valuer to understand the valuation basis and

methodology used, and underlying asumptions;

－审议估值师的估值并与管理层及估值师讨论，以了解所使用的估值

基准及方法，以及相关假设；

– Evaluating the competence, capabilities and objectivity of the valuer;

－评估值师的资格、能力及客观性；

– Considering the relevance and reasonablenes of key asumptions and

methods used, and the relevance and acuracy of the source data used;

and

－考虑所用关键假设及方法的相关性及合理性，以及所用源数据的相

关性及准确性；及

– Asesing the reasonablenes of asumptions and methods used by

management and the independent external valuer.

－评估管理层及独立外聘估值师所用假设及方法是否合理。

KEY AUDIT MATERS (CONT’D)关键审计事项（续）

76China Sinostar Group Company Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理该事项

(i) Valuation of investment properties

(i) 投资物业估值

Refer to Notes 4(b)(iv) and 17 to the consolidated

financial statements.

请参阅综合财务报表附注4(b)(iv)及17。

During the year ended 31 March 2025, properties

held for sale under the Bagua Town Project I (as

defined in note 17 to the consolidated financial

statements) with fair value of HK$82,067,000,

after fair value los adjustment of HK$3,856,000,

were transfered from properties held for sale to

investment properties as a result of change of

intention on using such project.

截至二零二五年三月三十一日止年度，八卦城项

目一（定义见综合财务报表附注17）项下持作出售

且公平值为82,067,000港元的物业（经作出公平值

亏损调整3,856,000港元）已因使用意图改变而由

持作出售之物业转拨至投资物业。

As at 31 March 2025, the investment properties

of the Group were stated at fair value of

HK$106,372,000, which acounted for 45% of the

Group’s total asets.

于二零二五年三月三十一日，贵集团的投资物业

按公平值106,372,000港元列账，占贵集团总资

产的45%。

Our key procedures, among others, included:

我们的关键程序（其中包括）包括：

– Understanding and evaluating the management’s key controls over the

transfer and valuation of the investment properties;

－了解及评估管理层对投资物业转拨及估值之关键控制；

– Reviewing the valuation from the valuer and discusing with

management and the valuer to understand the valuation basis and

methodology used, and underlying asumptions as at the date of

transfer and the end of the reporting period;

－审议估值师的估值并与管理层及估值师讨论，以了解所使用的估值

基准及方法，以及于转拨日期及报告期末的相关假设；

– Evaluating the competence, capabilities and objectivity of the valuer;

－评估值师的资格、能力及客观性；

– Considering the relevance and reasonablenes of key asumptions and

methods used, and the relevance and acuracy of the source data used;

－考虑所用关键假设及方法的相关性及合理性，以及所用源数据的相

关性及准确性；

KEY AUDIT MATERS (CONT’D)关键审计事项（续）

77二零二五年报中国华星集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理该事项

We have identified the valuation of the investment

properties as a key audit mater because of the

significance to the consolidated financial statements

and the valuation involves significant estimations and

asumptions, which are judgmental.

我们已将投资物业估值识别为一项关键审计事项，

因为其对综合财务报表而言重要且估值涉及具有

判断性的重大估计及假设。

– Asesing the adequacy of the disclosures on the fair value measurement

of investment properties including the fair value measurement hierarchy,

the valuation technique and significant unobservable inputs in the

consolidated financial statements;

－评估关于投资物业公平值计量披露的充分性，包括公平值计量等级、

估值方法及综合财务报表中的重大不可观察的输入数据；

– Engaging auditor’s external expert to asist us in asesing the

reasonablenes of asumptions and judgements used by management

and the independent external valuer; and

－委聘核数师外部专家协助我们评估管理层及独立外聘估值师所用假

设及判断是否合理；及

– Asesing the competence, objectivity and capabilities of the auditor’s

external expert and the work of the auditor’s external expert.

－评估核数师外部专家之资格、客观性及能力及核数师外部专家的工

作结果。

KEY AUDIT MATERS (CONT’D)关键审计事项（续）

78China Sinostar Group Company Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

其他资料

贵公司董事须对其他资料负责。其他资料包括贵

公司二零二五年报内的资料，但不包括综合财务

报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他信息，我

们亦不对该等其他信息发表任何形式的鉴证结论。

结合我们对综合财务报表的审计，我们的责任是阅

读其他资料，在此过程中，考虑其他资料是否与综

合财务报表或我们在审计过程中所了解的情况存在

重大抵触或者似乎存在重大错误陈述的情况。倘基

于我们所进行之工作，总结得出其他资料存在重大

错误陈述，我们须如实报告。我们并未就此作出任

何报告。

董事及管治层就综合财务报表须承

担的责任

贵公司董事须负责根据香港会计师公会颁布的香港

财务报告准则会计准则及《公司条例》的披露规定编

制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

大错误陈述所必需的内部控制负责。

在编制综合财务报表时，董事负责评估贵集团持

续经营的能力，并在适宜情况下披露与持续经营相

关事项，以及使用持续经营为会计基础，除非董事

有意将贵集团清盘或停止经营，或别无其他实际

替代方案。

董事亦负责监督贵集团的财务申报过程。审核委

员会就此协助董事履行彼等责任。

OTHER INFORMATION

The directors of the Company are responsible for the other information.

The other information comprises the information included in the

Company’s 2025 anual report but does not include the consolidated

financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover

the other information and we do not expres any form of asurance

conclusion thereon.

In conection with our audit of the consolidated financial statements,

our responsibility is to read the other information and, in doing so,

consider whether the other information is materialy inconsistent with the

consolidated financial statements or our knowledge obtained in the audit

or otherwise apears to be materialy mistated. If, based on the work we

have performed, we conclude that there is a material mistatement of this

other information, we are required to report that fact. We have nothing

to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE

CHARGED WITH GOVERNANCE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of

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

acordance with HKFRS Acounting Standards as isued by the HKICPA

and the disclosure requirements of the Companies Ordinance, and for

such internal control as the directors determine is necesary to enable

the preparation of consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

responsible for asesing the Group’s ability to continue as a going

concern, disclosing, as aplicable, maters related to going concern and

using the going concern basis of acounting unles the directors either

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

alternative but to do so.

The directors are also responsible for overseing the Group’s financial

reporting proces. The audit comite asists the directors in discharging

their responsibility in this regard.

79二零二五年报中国华星集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的

责任

我们的目标为对整体综合财务报表是否不存在由于

欺诈或错误而导致之任何重大错误陈述取得合理保

证，并发出载有我们意见之核数师报告。我们根据

百慕达一九八一年公司法第90条，仅向整体股东报

告，而不作其他用途。我们概不就本报告之内容对

任何其他人士承担任何责任或负责。

合理保证是高水平的保证，惟根据香港审计准则进

行之审核工作不能保证总能察觉所存在之重大错误

陈述。错误陈述可因欺诈或错误产生，如按合理预

期情况下可影响使用者根据综合财务报表作出之经

济决定时，则被视为重大错误陈述。

在根据香港审计准则进行审核之过程中，我们运用

了专业判断，保持了专业怀疑态度。我们亦：

• 识别及评估由于欺诈或错误而导致综合财务

报表存在重大错误陈述之风险、设计及执行

审核程序以应对该等风险，以及获取充足和

适当之审核凭证，作为我们意见之基础。由

于欺诈可能涉及串谋、伪造、蓄意遗漏、虚假

陈述或凌驾内部监控之情况，因此未能发现

因欺诈而导致之重大错误陈述之风险较因错

误而导致之重大错误陈述之风险为高。

，以设计适当之

审核程序，但目的并非对贵集团内部监控

之有效性发表意见。

• 评价董事所采用会计政策之恰当性及作出会

计估计和相关披露之合理性。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s

report that includes our opinion. This report is made solely to you, as

a body, in acordance with section 90 of the Bermuda Companies Act

1981, and for no other purpose. We do not asume responsibility towards

or acept liability to any other person for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a guarante

that an audit conducted in acordance with HKSAs wil always detect a

material mistatement when it exists. Mistatements can arise from fraud

or eror and are considered material if, individualy or in the agregate,

they could reasonably be expected to influence the economic decisions of

users taken on the basis of these consolidated financial statements.

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

judgement and maintain profesional skepticism throughout the audit.

We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

provide a basis for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

80China Sinostar Group Company Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的

责任（续）

• 对董事采用持续经营会计基础之恰当性作出

结论，并根据所获取之审核凭证，决定是否

存在与事件或情况有关之重大不确定性，而

可能对贵集团持续经营之能力构成重大疑

虑。如我们认为存在重大不确定性，则有必

要在核数师报告中提请使用者注意综合财务

报表中之相关披露。假若有关披露资料不足，

则我们须出具非无保留意见的核数师报告。

我们的结论是基于截至核数师报告日期止所

取得之审核凭证。然而，未来事件或情况可

能导致贵集团无法持续经营。

、结构及

内容，包括披露资料，以及综合财务报表是

否公允反映相关交易和事项。

• 就贵集团实体或业务活动之财务资料获取

充分及适当之审核凭证，以对综合财务报表

发表意见。我们负责指导、监督和执行集团

审核。我们对审核意见承担全部责任。

我们与管治层沟通（其中包括）计划审计范围、时间

安排及重大审核发现等事项，包括我们在审核期间

识别出内部监控之任何重大缺陷。

我们亦向管治层提交声明，说明我们已符合有关独

立性之相关道德要求，并与彼等沟通所有合理地被

认为会影响我们独立性之关系及其他事宜，以及为

消除威胁而采取的行动或防范措施（如适用）。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (CONT’D)

’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability

to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw atention in our auditor’s

report to the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a going

concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Obtain suficient apropriate audit evidence regarding the financial

information of the entities or busines activities within the Group to

expres an opinion on the consolidated financial statements. We are

responsible for the direction, supervision and performance of the

group audit. We remain solely responsible for our audit opinion.

We comunicate with those charged with governance regarding, among

other maters, the planed scope and timing of the audit and significant

audit findings, including any significant deficiencies in internal control that

we identify during our audit.

We also provide those charged with governance with a statement that we

have complied with relevant ethical requirements regarding independence,

and to comunicate with them al relationships and other maters that

may reasonably be thought to bear on our independence, and where

aplicable, actions taken to eliminate threats or safeguards aplied.

81二零二五年报中国华星集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的

责任（续）

就与管治层沟通之事项中，我们厘定对本期综合财

务报表之审核最为重要之事项，因而构成关键审核

事项。我们于核数师报告中描述该等事项，除非法

律法规不允许公开披露该等事项，或在极端罕见之

情况下，若合理预期下于我们报告中沟通某事项造

成之负面后果将会超过其产生之公众利益，我们将

不会在报告中沟通该事项。

富睿玛泽会计师事务所有限公司

执业会计师

香港，二零二五年六月三十日

出具本独立核数师报告的审计项目董事为：

苏进威

执业证书编号：P07513

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (CONT’D)

From the maters comunicated with those charged with governance, we

determine those maters that were of most significance in the audit of the

consolidated financial statements of the curent period and are therefore

the key audit maters. We describe these maters in our auditor’s report

unles law and regulation precludes public disclosure about the mater or

when, in extremely rare circumstances, we determine that a mater should

not be comunicated in our report because the adverse consequences of

doing so would reasonably be expected to outweigh the public interest

benefits of such comunication.

Forvis Mazars CPA Limited

Certified Public Acountants

Hong Kong, 30 June 2025

The engagement director on the audit resulting in this independent

auditor’s report is:

So Chun Wai

Practising Certificate number: P07513

82China Sinostar Group Company Limited Anual Report 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Revenue收益819,85531,917

Cost of sales销售成本(14,798)(26,062)

Gros profit毛利5,0575,855

Los alowance of trade receivables贸易应收款项之亏损拨备20(5,278)–

Los on revaluation of properties held for sale

upon transfer to investment properties

持作出售之物业转拨至投资

物业时之重估亏损22(3,856)–

Los on revaluation of investment properties投资物业之重估亏损17(2,849)(7,304)

Other gain其他收益1011374

Administrative expenses行政开支(14,259)(13,384)

Finance costs财务成本11(2,929)(3,201)

Los before tax除税前亏损12(24,103)(17,660)

Income tax expenses所得税开支14(234)(929)

Los for the year年度亏损(24,337)(18,589)

Other comprehensive los:其他全面亏损：

Items that may be reclasified subsequently to

profit or los:

随后可能重新分类至损益之

项目：

Exchange diference arising on translation of

foreign operations

换算海外业务产生之汇兑

差额(1,473)(16,589)

Total comprehensive los for the year年度全面亏损总额(25,810)(35,178)

HK centsHK cents

港仙港仙

Los per share每股亏损16(11.43)(8.73)

83二零二五年报中国华星集团有限公司

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025

于二零二五年三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets非流动资产

Investment properties投资物业17106,37226,577

Property, plant and equipment物业、厂房及设备1823,34126,450

Right-of-use asets使用权资产19228571

129,94153,598

Curent asets流动资产

Trade receivables, deposits and

other receivables

贸易应收款项、按金及

其他应收款项2029,52134,629

Properties for sale under development发展中待售物业2114,02114,103

Properties held for sale持作出售之物业2253,870155,224

Bank balances and cash银行结余及现金6,5974,571

104,009208,527

Curent liabilities流动负债

Amount due to imediate holding company应付直接控股公司款项24–963

Trade payables and acrued charges贸易应付款项及应计费用2527,95626,919

Lease liabilities租赁负债19237337

Contract liabilities合约负债232,7174,289

Curent tax liabilities即期税项负债5,1275,338

Borowings借贷2620,37420,493

Bonds payable应付债券276,7606,960

63,17165,299

Net curent asets流动资产净值40,838143,228

Total asets les curent liabilities总资产减流动负债170,779196,826

Non-curent liability非流动负债

Lease liabilities租赁负债19–237

NET ASETS资产净值170,779196,589

84China Sinostar Group Company Limited Anual Report 2025

At 31 March 2025

于二零二五年三月三十一日

CONSOLIDATED STATEMENT

OF FINANCIAL POSITION

综合财务状况表

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Capital and reserves资本及储备

Share capital股本292,1282,128

Reserves储备30168,651194,461

TOTAL EQUITY总权益170,779196,589

The consolidated financial statements on pages 82 to 187 were aproved

and authorised for isue by the Board of Directors on 30 June 2025 and

signed on its behalf by:

Wang JingWang Xing Qiao

王晶王星乔

DirectorDirector

董事董事

载于第82至187页的综合财务报表已于二零二五年

六月三十日获董事局批准及授权刊发，并由以下代

表签署：

85二零二五年报中国华星集团有限公司

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

capital

premium*

Translation

reserve*

Capital

redemption

reserve*

Contributed

surplus*

Acumulated

losesTotal

股本股份溢价汇兑储备

资本

赎回储备缴入盈余累计亏损总计

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

千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日2,128394,379(12,280)577,20464,349(794,013)231,767

Los for the year年度亏损–(18,589)(18,589)

Other comprehensive los:其他全面亏损：

Exchange diference arising

on translation of foreign

operations

换算海外业务产生之

汇兑差额

–(16,589)–(16,589)

Total comprehensive los

for the year

年度全面亏损总额

–(16,589)–(18,589)(35,178)

At 31 March 2024于二零二四年

三月三十一日2,128394,379(28,869)577,20464,349(812,602)196,589

At 1 April 2024于二零二四年

四月一日2,128394,379(28,869)577,20464,349(812,602)196,589

Los for the year年度亏损–(24,337)(24,337)

Other comprehensive los:其他全面亏损：

Exchange diference arising

on translation of foreign

operations

换算海外业务产生之

汇兑差额

–(1,473)–(1,473)

Total comprehensive los

for the year

年度全面亏损总额

–(1,473)–(24,337)(25,810)

At 31 March 2025于二零二五年

三月三十一日2,128394,379(30,342)577,20464,349(836,939)170,779

* These reserve acounts comprise the reserves in the consolidated statement

of financial position. The nature and purpose of these reserves are detailed in

note 30(c) to the consolidated financial statements.

。该等储

备之性质及目的详情载于综合财务报表附注30(c)。

86China Sinostar Group Company Limited Anual Report 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

OPERATING ACTIVITIES经营活动

Los before tax除税前亏损(24,103)(17,660)

Adjustments for:调整：

Finance costs财务成本2,9293,201

Los alowance of trade receivables贸易应收款项之亏损拨备5,278–

Los on revaluation of properties held for sale

upon transfer to investment properties

持作出售之物业转拨至投资

物业时之重估亏损223,856–

Los on revaluation of investment properties投资物业之重估亏损172,8497,304

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

2,9362,982

Depreciation of right-of-use asets使用权资产折旧343386

Interest income利息收入(7)(5)

Operating cash flows before changes in

working capital

运营资金变动前之

经营现金流量(5,919)(3,792)

Changes in working capital:运营资金变动：

Trade receivables, deposits and other

receivables

贸易应收款项、按金及

其他应收款项(646)(6,835)

Properties held for sale持作出售之物业13,86025,066

Trade payables and acrued charges贸易应付款项及应计费用(1,286)(593)

Contract liabilities合约负债(1,491)(1,147)

Cash generated from operations运营产生之现金4,51812,699

Income tax paid已付所得税(428)(593)

Net cash from operating activities经营活动之现金净额4,09012,106

INVESTING ACTIVITIES投资活动

Interest received已收利息75

Purchase of property, plant and equipment购买物业、厂房及设备(70)(459)

Net cash used in investing activities投资活动所用之现金净额(63)(454)

87二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

CONSOLIDATED STATEMENT

OF CASH FLOWS

综合现金流量表

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

FINANCING ACTIVITIES融资活动33

Repayment to imediate holding company偿还直接控股公司款项(956)(8,500)

Repayment to a director偿还董事款项–(82)

Repayment of bonds payable偿还应付债券(200)(1,322)

Interest paid on lease liabilities已付租赁负债利息(27)(17)

Interest paid on bonds payable应付债券之已付利息(442)(702)

Repayment of lease liabilities偿还租赁负债(337)(412)

Net cash used in financing activities融资活动所用之现金净额(1,962)(11,035)

Net increase in cash and

cash equivalents

现金及现金等价物增加净额

2,065617

Cash and cash equivalents at begining of

the reporting period

于报告期初之现金及现金

等价物4,5714,196

Efect of foreign exchange rate changes汇率变动之影响(39)(242)

Cash and cash equivalents at end of the

reporting period, represented by bank

balances and cash

于报告期末之现金及现金等价物，

即银行结余及现金

6,5974,571

88China Sinostar Group Company Limited Anual Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

1. 一般资料

中国华星集团有限公司（「本公司」）为于百慕

达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。本

公司之直接控股公司为达荣资本有限公司，

该公司于萨摩亚注册成立。本公司之最终控

股公司为辽宁实华（集团）房地产开发有限公

司，该公司于中华人民共和国（「中国」）成立。

本公司之注册办事处及主要营业地点披露于

年报之「公司资料」章节内。

2. 采纳经修订之香港财务报告准

则会计准则

该等综合财务报表乃按与二零二三年╱二零

二四年综合财务报表所采纳会计政策一致的

基准编制，惟采纳以下与本集团相关及自本

年度生效之经修订香港财务报告准则会计准

则除外：

香港会计准则第1号之修订将负债分类为流动或

非流动

香港会计准则第1号之修订附带契诺之非流动负债

香港诠释第5号之修订财务报表的呈列－借款

人对包含按要求偿

还条款的定期贷款

的分类

香港会计准则第7号及

香港财务报告准则第7号

之修订

供应商融资安排

香港财务报告准则第16号

之修订

售后租回之租赁负债

采纳该等修订并不会对综合财务报表产生任

何重大影响。

1. GENERAL INFORMATION

China Sinostar Group Company Limited (the “Company”) is an

exempted company incorporated in Bermuda with limited liability

and its shares are listed on The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”). The imediate holding company

of the Company is Achieve Prosper Capital Limited, which was

incorporated in Samoa, and the ultimate holding company of the

Company is Liaoning Shihua (Group) Property Development

Limited* (辽宁实华(集团)房地产开发有限公司), which was

established in the People’s Republic of China (the “PRC”). The

adreses of the registered ofice and principal place of busines

of the Company are disclosed in the “Corporate Information”

section of the anual report.

2. ADOPTION OF REVISED HKFRS

ACOUNTING STANDARDS

These consolidated financial statements have ben prepared

on a basis consistent with the acounting policies adopted in

the 2023/2024 consolidated financial statements except for the

adoption of the folowing revised HKFRS Acounting Standards

that are relevant to the Group and efective from the curent year:

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HK

Interpretation 5

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

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

The adoption of the amendments does not have any significant

impact on the consolidated financial statements.

* The English name is for identification only.

89二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

3. 重大会计政策概要

编制基准

该等综合财务报表乃根据香港财务报告准则

会计准则（此统称包括香港会计师公会（「香

港会计师公会」）颁布之所有适用香港财务报

告准则、香港会计准则（「香港会计准则」）及

诠释）以及香港公认会计原则编制。该等综

合财务报表亦符合联交所证券上市规则（「上

市规则」）及《公司条例》之适用披露规定。

综合财务报表乃按历史基准编制，惟下文所

载会计政策所阐释按公平值计量的投资物业

除外。

综合财务报表以港元（「港元」）呈列，港元亦

为本公司之功能货币。

除另有指明外，所有金额均已约整至最接近

的千位数。

持续经营

本集团于截至二零二五年三月三十一日止

年度产生净亏损约24,337,000港元，及于二

零二五年三月三十一日，本集团之借贷约

20,374,000港元及应付债券约6,760,000港

元须于一年内偿还，同时本集团于报告期末

之银行结余及现金总额为约6,597,000港元。

该等情况表明存在重大不确定性，可能会令

本集团持续经营的能力严重成疑，故其可能

无法于正常业务过程中变现其资产及清偿其

负债。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES

Basis of preparation

These consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards, which colective

term includes al aplicable Hong Kong Financial Reporting

Standards, Hong Kong Acounting Standards (“HKASs”)

and Interpretations as isued by the Hong Kong Institute of

Certified Public Acountants (the “HKICPA”), and acounting

principles generaly acepted in Hong Kong. These consolidated

financial statements also comply with the aplicable disclosure

requirements under the Rules Governing the Listing of Securities

on the Stock Exchange (the “Listing Rules”) and the Companies

Ordinance.

The consolidated financial statements have ben prepared on

the historical basis except for the investment properties that are

measured at fair value as explained in the acounting policies set

out below.

The consolidated financial statements are presented in Hong

Kong dolars (“HK$”) which is also the functional curency of the

Company.

Al amounts have ben rounded to the nearest thousand, unles

otherwise indicated.

Going concern

The Group incured a net los of aproximately HK$24,337,000

for the year ended 31 March 2025 and, at 31 March 2025, the

Group had borowings of aproximately HK$20,374,000 and

bonds payable of aproximately HK$6,760,000 that are repayable

within one year, while the Group had total bank balances and

cash of aproximately HK$6,597,000 at the end of the reporting

period.

These conditions indicate that a material uncertainty exists that

may cast significant doubt on the Group’s ability to continue as a

going concern and, therefore that it may be unable to realise its

asets and discharge its liabilities in the normal course of busines.

90China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

持续经营（续）

尽管存在上述情况，惟综合财务报表已按持

续经营基准编制，当中已假设本集团有能力

于可见将来持续经营。经考虑下文所详述本

集团作出的措施及安排后，董事认为，本集

团能够履行其于未来十二个月内到期的财务

责任：

(i) 本集团已就延长借贷还款日期与贷

款人达成补充协议，及直至综合财务

报表批准日期，计息借贷20,374,000

港元的还款日期已延长至二零二六

年五月二日，而所有其他条款维持不

变；

(i) 本集团一直在与债券持有人进行积

极沟通和保持建设性对话，及现正与

债券持有人就还款计划进行友好磋

商。本金总额为5,987,000港元的若

干应付债券的到期日进一步延长至

二零二五年十二月三十一日，所有其

他条款维持不变；

(i) 直接控股公司已同意在本集团出现

财务困难时向本集团持续提供即时

财务支持；

(iv) 本集团一直在寻求备用银行融资以

防任何资金不足；

(v) 本公司一直进行市场研究以识别潜

在集资机会及考虑多种股本及╱或

债务集资活动，例如股份配售、供股、

发行可换股债券或其他；

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

Going concern (CONT’D)

Notwithstanding the aforesaid conditions, the consolidated

financial statements have ben prepared on a going concern basis

on the asumption that the Group is able to operate as a going

concern for the foreseable future. In the opinion of the directors,

the Group can met its financial obligations as and when they fal

due within the next twelve months, after taking into consideration

of the measures and arangements made by the Group as detailed

below:

(i) The Group has reached a suplemental agrement

with the lender on the extension of repayment date

of borowings, and up to the date of aproval of the

consolidated financial statements, the repayment date

of interest-bearing borowings of HK$20,374,000 has

ben extended to 2 May 2026 with al other terms remain

unchanged;

(i) The Group has ben actively comunicating and

maintaining constructive dialogue with the bond holders

and is in the proces of amicable negotiation with the

bond holders in respect of the repayment plans. The

maturity date of certain bonds payable in an agregate

principal amount of HK$5,987,000 are further extended

to 31 December 2025 with al other terms remain

unchanged;

(i) The imediate holding company has agred to provide

continuous imediate financial suport to the Group in

case of its financial dificulties;

(iv) The Group has ben seking standby banking facilities in

case of any financial shortfal;

(v) The Company has ben conducting market research to

identify potential fundraising oportunities and consider

various equity and/or debt fundraising exercises such as

share placement, rights isues, convertible bond isuances

or others;

91二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

持续经营（续）

(vi) 本集团一直在寻求法律意见，以加快

向客户的收款进度；

(vi) 本集团一直积极与主承建商及当地

政府机构进行沟通，并满足所有必要

条件以启动发展中待售物业的预售；

(vi) 本集团将加快其发展中待售物业及

持作出售之物业各自的预售及销售；

及

(ix) 本集团已实施积极措施收紧对各项

经营开支的成本控制，以提高其日后

盈利能力及改善其经营现金流量。

基于管理层所编制涵盖直至二零二六年六月

三十日止期间的现金流量预测及经计及上述

所有假设及措施后，即使存在与上述措施日

后结果相关联之固有不确定因素，惟董事认

为，本集团将拥有充足营运资金维持其营运

所需及偿付其自报告期末起计至少十二个月

内到期的财务责任。因此，董事认为按持续

经营基准编制综合财务报表属适当。

倘本集团未能实现上述措施的组合，则其可

能无法继续持续经营，将须作出调整以将本

集团资产的账面值削减至其变现金额，为可

能产生的额外负债计提拨备，并将非流动资

产及非流动负债分别重新分类为流动资产及

流动负债（倘适用）。该等调整的影响并未于

综合财务报表中反映。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

Going concern (CONT’D)

(vi) The Group has ben seking for legal advice to enhance

the colection progres from customers;

(vi) The Group has ben actively comunicating with the

major constructor and local government authorities and

meting al of the necesary conditions to launch the

presale of the properties for sale under development;

(vi) The Group wil acelerate the presale and sale of its

properties for sale under development and properties held

for sale respectively; and

(ix) The Group has implemented active measures to tighten

cost controls over various operating expenses, in order to

enhance its profitability and to improve the cash flow from

its operation in future.

Based on the cash flow forecast covering a period up to 30 June

2026 prepared by the management after taking into acount al

asumptions and measures as described above notwithstanding

the inherent uncertainties asociated with the future outcome

of the above measures, the directors are of the opinion that

the Group wil have suficient working capital to maintain its

operations and to pay its financial obligations as and when they

fal due for at least twelve months from the end of the reporting

period. Acordingly, the directors consider that it is apropriate to

prepare the consolidated financial statements on a going concern

basis.

Should the Group be unable to achieve a combination of the

abovementioned measures, it might not be able to continue

to operate as a going concern, adjustments would have to be

made to reduce the carying values of the Group’s asets to their

realisation amounts, to provide for aditional liabilities which

might arise, and to reclasify non-curent asets and non-curent

liabilities as curent asets and curent liabilities respectively,

if aplicable. The efects of these adjustments have not ben

reflected in the consolidated financial statements.

92China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 综合账项基准

综合财务报表包括本公司及其所有

附属公司之财务报表。附属公司之财

务报表的报告年度与本公司相同，并

采用一致会计政策编制。

所有集团内公司间之结余、交易和集

团内公司间交易所产生的收入及支

出、溢利及亏损均全数抵销。附属公

司之业绩自本集团取得控制权之日

期起合并，并继续合并至该控制权终

止日期。

分配全面收入总额

本公司拥有人及非控股权益分占损

益及其他全面收益之各部分。即使会

导致非控股权益出现亏绌结余，全面

收入总额亦分配予本公司拥有人及

非控股权益。

所有权益变动

不导致失去于附属公司控制权之本

集团拥有权益变动，按权益交易入

账。控股及非控股权益之账面值乃经

调整以反映其于附属公司相关权益

的变动。非控股权益的经调整金额与

已付或已收代价公平值的任何差额

直接于权益确认，并归属于本公司拥

有人。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(a) Basis of consolidation

The consolidated financial statements comprise the

financial statements of the Company and al of its

subsidiaries. The financial statements of the subsidiaries

are prepared for the same reporting year as that of the

Company using consistent acounting policies.

Al intra-group balances, transactions, income and

expenses and profits and loses resulting from intra-

group transactions are eliminated in ful. The results of

subsidiaries are consolidated from the date on which the

Group obtains control and continue to be consolidated

until the date that such control ceases.

Alocation of total comprehensive income

Profit or los and each component of other comprehensive

income are atributed to the owners of the Company

and to the non-controling interests. Total comprehensive

income is atributed to the owners of the Company and

the non-controling interest even if this results in the non-

controling interest having a deficit balance.

Changes in ownership interest

Changes in the Group’s ownership interest in a subsidiary

that do not result in a los of control are acounted

for as equity transactions. The carying amounts of the

controling and non-controling interests are adjusted

to reflect the changes in their relative interests in the

subsidiary. Any diference betwen the amount by which

the non-controling interests are adjusted and the fair

value of the consideration paid or received is recognised

directly in equity and atributed to the owners of the

Company.

93二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(a) Basis of consolidation (CONT’D)

Changes in ownership interest (CONT’D)

When the Group loses control of a subsidiary, the profit

or los on disposal is calculated as the diference betwen

(i) the agregate of the fair value of the consideration

received and the fair value of any retained interest

determined at the date when control is lost and (i)

the carying amount of the asets (including godwil),

and liabilities of the subsidiary and any non-controling

interests at the date when control is lost. The amounts

previously recognised in other comprehensive income

in relation to the disposed subsidiary are acounted for

on the same basis as would be required if the parent

had directly disposed of the related asets or liabilities.

Any investment retained in the former subsidiary and

any amounts owed by or to the former subsidiary are

acounted for as a financial aset, asociate, joint venture

or others as apropriate from the date when control is

lost.

(b) Subsidiaries

A subsidiary is an entity that is controled by the Group.

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 reaseses whether

it controls an investe if facts and circumstances indicate

that there are changes to one or more of the elements of

control.

（续）

(a) 综合账项基准（续）

所有权益变动（续）

倘本集团失去于附属公司的控制权，

出售损益根据下列两项之差额计算：

(i)已收代价之公平值与于控制权失去

当日所厘定任何保留权益之公平值

之总额与(i)于控制权失去当日附属

公司之资产（包括商誉）及负债以及

任何非控股权益之账面值。倘母公司

直接出售相关资产或负债，先前于其

他全面收益表就所出售附属公司确

认之金额则须按相同基准入账。自控

制权失去当日起，于前附属公司保留

的任何投资及欠收或欠付前附属公

司的任何金额入账为金融资产、联营

公司、合营企业或其他（如适用）。

(b) 附属公司

附属公司指受本集团控制之实体。倘

本集团就参与实体业务所得可变回

报承担风险或享有权利，并能透过其

于该实体之权力影响该等回报，则本

集团为控制该实体。如有事实及情况

显示一项或多项控制权要素出现变

化，则本集团会重新评估其对被投资

者之控制权。

94China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 附属公司（续）

于本公司之财务状况表（于该等附注

呈列）中，于附属公司之投资乃按成

本减去减值亏损入账。投资之账面值

如高于可收回金额，按个别基准扣减

至其可收回金额。本公司按已收及应

收股息基准将附属公司之业绩入账。

物业、厂房及设备按成本扣除累计折

旧及减值亏损列账。物业、厂房及设

备项目之成本包括购买价及任何使

资产达至可使用状态及所在地作拟

定用途而产生之直接应占成本。维修

保养于产生年度在损益中扣除。

就物业、厂房及设备而言，折旧乃以

下文所载的比率按其估计可使用年

期（自可供使用之日起计并计及估计

剩余价值）以直线法撇销其成本（扣

除累计减值亏损）计算。倘物业、厂

房及设备项目之部分具有不同可使

用年期，该项目之成本按合理基准分

配并单独折旧：

汽车20%–25%

租赁物业装修余下租期

水电站及相关基础设施2%–5%

家私、固定装置及设备10%–33%

厂房及机械5%–30%

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(b) Subsidiaries (CONT’D)

In the Company’s statement of financial position which is

presented within these notes, an investment in subsidiary

is stated at cost les impairment los. The carying amount

of the investment is reduced to its recoverable amount

on an individual basis, if it is higher than the recoverable

amount. The results of subsidiaries are acounted for

by the Company on the basis of dividends received and

receivable.

Property, plant and equipment are stated at cost les

acumulated depreciation and impairment loses. The cost

of an item of property, plant and equipment comprises

its purchase price and any directly atributable costs of

bringing the aset to its working condition and location

for its intended use. Repairs and maintenance are charged

to profit or los during the year in which they are incured.

Depreciation is provided to write of the cost les

acumulated impairment loses of property, plant and

equipment over their estimated useful lives from the

date on which they are available for use and after taking

into acount their estimated residual values, using the

straight-line method, at rates set out below. Where

parts of an item of property, plant and equipment have

diferent useful lives, the cost of the item is alocated on a

reasonable basis and depreciated separately:

Motor vehicles20%–25%

Leasehold improvementOver the remaining

lease terms

Hydroelectric power stations and

related infrastructure

2%–5%

Furniture, fixtures and equipment10%–33%

Plant and machinery5%–30%

95二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

物业、厂房及设备项目于出售时或当

预期持续使用该资产不会带来未来

经济利益时终止确认。终止确认该资

产所产生的任何收益或亏损（按出售

所得款项净额与项目账面值两者间

的差额计算）计入该项目终止确认年

度的损益。

(d) 投资物业

投资物业是为赚取租金及╱或资本

增值而持有的物业。投资物业（包括

正在建造或开发作未来投资物业用

途的物业）初始按成本（包括该物业

应占所有直接成本）计量。

初始确认后，投资物业根据外部独立

估值师作出之估值按报告期末的公

平值列账。投资物业公平值变动产生

的收益或亏损，在其产生期间于损益

中确认。

正在建设或开发作未来投资物业用

途之物业，以成本减去减值亏损列账，

于建造或开发完成后以公平值列账。

公平值与账面值之间的差额于损益

中确认。

出售一项投资物业之收益或亏损为

该物业销售所得款项净额与账面值

之间的差额，并于损益中确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

An item of property, plant and equipment is derecognised

upon disposal or when no future economic benefits are

expected to arise from the continued use of the aset. Any

gain or los arising on derecognition of the aset (calculated

as the diference betwen the net disposal proceds and

the carying amount of the item) is included in profit or

los in the year in which the item is derecognised.

(d) Investment properties

Investment properties are properties held to earn rentals

and/or for capital apreciation. An investment property

including property that is being constructed or developed

for future use as investment property is measured initialy

at its cost including al direct costs atributable to the

property.

After initial recognition, the investment property is stated

at fair value at the end of the reporting period based on

valuation by an external independent valuer. Gains or

loses arising from changes in fair value of the investment

property are recognised in profit or los for the period in

which they arise.

Property that is being constructed or developed for

future use as investment property is stated at cost les

impairment loses until the construction or development

is complete, when it is stated at fair value. The diference

betwen the fair value and the carying amount is

recognised in profit or los.

The gain or los on disposal of an investment property is

the diference betwen the net sales proceds and the

carying amount of the property, which is recognised in

profit or los.

96China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(e) 发展中待售物业

发展中待售物业按成本及可变现净

值两者中较低者列账。成本包括收购

成本、预付土地租赁款项、工程成本、

已资本化借贷成本及有关物业应占

之其他直接成本。可变现净值乃根据

报告期后所得之销售所得款项减销

售开支及估计竣工成本厘定，或按当

时市况估计。有关物业于完成后，按

账面值重新分类为持作出售之物业。

(f) 持作出售之物业

持作出售之物业乃以成本及可变现

净值两者中之较低者列账。物业成本

包括收购成本、预付土地租赁款项、

工程成本、已资本化借贷成本及有关

物业应占之其他直接成本。可变现净

值乃根据报告期后所得之销售所得

款项减销售开支厘定，或按当时市况

估计。

当持有物业的用途从在一般业务过

程中出售转变为赚取租金或╱及资

本增值，而且有证据显示向另一方订

立经营租赁时，本集团将物业由持作

出售之物业转为投资物业。物业于转

拨当日的公平值与其先前账面值之

间的任何差异于损益确认。

(g) 金融资产

确认及终止确认

金融资产仅于本集团成为工具合约

条文之订约方时按交易日基准确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(e) Properties for sale under development

Properties for sale under development are stated

at the lower of cost and net realisable value. Costs

include acquisition costs, prepaid land lease payments,

construction costs, borowing costs capitalised and other

direct costs atributable to such properties. Net realisable

value is determined with reference to sale proceds

received after the reporting period les seling expenses

and estimated costs of completion, or by estimates based

on prevailing market condition. Upon completion, the

properties are reclasified to properties held for sale at the

carying amount.

(f) Properties held for sale

Properties held for sale are stated at the lower of cost and

net realisable value. Costs of properties include acquisition

costs, prepaid land lease payments, construction costs,

borowing costs capitalised and other direct costs

atributable to such properties. Net realisable value is

determined with reference to sale proceds received after

the reporting period les seling expenses, or by estimates

based on prevailing market condition.

The Group transfers a property from properties held for

sale to investment property when there is a change in

use to hold the property to earn rentals or/and for capital

apreciation rather than for sale in the ordinary course

of busines, which is evidenced by the inception of an

operating lease to another party. Any diference betwen

the fair value of the property at the date of transfer and its

previous carying amount is recognised in profit or los.

(g) Financial asets

Recognition and derecognition

Financial asets are recognised when and only when the

Group becomes a party to the contractual provisions of

the instruments and on a trade date basis.

97二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(g) 金融资产（续）

确认及终止确认（续）

金融资产仅于下列条件下终止确认(i)

本集团收取金融资产未来现金流量

的合约权利届满；或(i)本集团转让

金融资产，转让方式为(a)转让金融

资产所有权的绝大部分风险及回报；

或(b)既无转让亦无保留金融资产拥

有权的绝大部分风险及回报，但不保

留金融资产的控制权。

金融资产（除按交易价初步计量的不

含重大融资成份的贸易应收款项外）

初步按公平值加（如并非按公平值计

入损益列账的金融资产）收购该金融

资产直接应占的交易成本计量。

初步确认时，金融资产分类为(i)按摊

销成本计量；(i)按公平值计入其他全

面收益计量的债务工具；(i)按公平

值计入其他全面收益（「按公平值计

入其他全面收益」）计量的股本投资；

或(iv)按公平值计入损益（「按公平值

计入损益」）计量。

初步确认时，金融资产之分类取决于

本集团管理金融资产及金融资产合

约现金流量特征之业务模式。金融资

产初步确认后不会重新分类，除非本

集团改变管理金融资产的业务模式，

在此情况下，所有受影响之金融资产

于业务模式变动后的首个年度报告

期间的第一日重新分类。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(g) Financial asets (CONT’D)

Recognition and derecognition (CONT’D)

A financial aset is derecognised when and only when (i)

the Group’s contractual rights to future cash flows from

the financial aset expire; or (i) the Group transfers the

financial aset and either (a) it transfers substantialy al the

risks and rewards of ownership of the financial aset; or (b)

it neither transfers nor retains substantialy al the risks and

rewards of ownership of the financial aset but it does not

retain control of the financial aset.

Financial asets (except for trade receivables without

a significant financing component which are initialy

measured at their transaction price) are initialy recognised

at their fair value plus, in the case of financial asets not

caried at fair value through profit or los, transaction

costs that are directly atributable to the acquisition of the

financial asets.

On initial recognition, a financial aset is clasified as (i)

measured at amortised cost; (i) debt investment measured

at fair value through other comprehensive income; (i)

equity investment measured at fair value through other

comprehensive income (“FVOCI”); or (iv) measured at fair

value through profit or los (“FVPL”).

The clasification of financial asets at initial recognition

depends on the Group’s busines model for managing the

financial asets and the financial aset’s contractual cash

flow characteristics. Financial asets are not reclasified

subsequent to their initial recognition unles the Group

changes its busines model for managing them, in which

case al afected financial asets are reclasified on the

first day of the first anual reporting period folowing the

change in the busines model.

98China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(g) 金融资产（续）

按摊销成本计量之金融资产

金融资产如同时满足以下条件且未

被指定为按公平值计入损益，则按摊

销成本计量：

(i) 其以旨在持有金融资产收取

合约现金流量之业务模式持

有；及

(i) 其合约条款引致于特定日期

之现金流量仅为支付本金及

未偿还本金之利息。

按摊销成本计量之金融资产其后使

用实际利率法计量，并受减值影响。

减值、终止确认或摊销过程中产生的

收益及亏损于损益中确认。

(h) 金融负债

确认及终止确认

金融负债当且仅当本集团成为工具

合约条文之订约方时确认。

金融负债当且仅当该负债终绝时方

终止确认，即相关合约所规定的责任

获解除、注销或届满时。

分类及计量

金融负债初始按公平值加（倘金融负

债并非按公平值计入损益）发行金融

负债直接应占的交易成本确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(g) Financial asets (CONT’D)

Financial asets measured at amortised cost

A financial aset is measured at amortised cost if it mets

both of the folowing conditions and is not designated as

at FVPL:

(i) it is held within a busines model whose objective

is to hold financial asets in order to colect

contractual cash flows; and

(i) its contractual terms give rise on specified dates

to cash flows that are solely payments of principal

and interest on the principal amount outstanding.

Financial asets at amortised cost are subsequently

measured using the efective interest method and are

subject to impairment. Gains and loses arising from

impairment, derecognition or through the amortisation

proces are recognised in profit or los.

(h) Financial liabilities

Recognition and derecognition

Financial liabilities are recognised when and only when the

Group becomes a party to the contractual provisions of

the instruments.

A financial liability is derecognised when and only when

the liability is extinguished, that is, when the obligation

specified in the relevant contract is discharged, canceled

or expires.

Clasification and measurement

Financial liabilities are initialy recognised at their fair value

plus, in the case of financial liabilities not caried at FVPL,

transaction costs that are directly atributable to the isue

of the financial liabilities.

99二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(h) 金融负债（续）

确认及终止确认（续）

本集团的金融负债初始按其公平值

确认，其后采用实际利率法按摊销成

本计量，除非贴现影响并不重大，否

则按成本列账。

(i) 金融资产减值

本集团就根据香港财务报告准则第9

号适用减值要求之按摊销成本计量

的金融资产的预期信贷亏损（「预期

信贷亏损」）确认亏损拨备。除下文详

述的特定处理方法外，于各报告日期，

倘金融资产的信贷风险自初始确认

后显著增加，则本集团按相等于全期

预期信贷亏损的金额计量金融资产

的亏损拨备。倘金融资产的信贷风险

自初始确认后未显著增加，则本集团

按相等于12个月预期信贷亏损的金

额计量金融资产的亏损拨备。

预期信贷亏损之计量

预期信贷亏损为金融工具预计年期

内信贷亏损的概率加权估计（即所有

现金短缺的现值）。

就金融资产而言，信贷亏损为应付合

约实体的合约现金流量与该实体预

期收取的现金流量之间差额的现值。

就应收租赁款项而言，用以厘定预期

信贷亏损的现金流量应与根据香港

财务报告准则第16号计量应收租赁

款项所用的现金流量一致。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(h) Financial liabilities (CONT’D)

Clasification and measurement (CONT’D)

The Group’s financial liabilities are recognised initialy at

their fair value and subsequently measured at amortised

cost, using the efective interest method, unles the efect

of discounting would be insignificant, in which case they

are stated at cost.

(i) Impairment of financial asets

The Group recognises los alowances for expected credit

loses (“ECL”) on financial asets that are measured at

amortised cost to which the impairment requirements

aply in acordance with HKFRS 9. Except for the specific

treatments as detailed below, at each reporting date, the

Group measures a los alowance for a financial aset at

an amount equal to the lifetime ECL if the credit risk on

that financial aset has increased significantly since initial

recognition. If the credit risk on a financial aset has not

increased significantly since initial recognition, the Group

measures the los alowance for that financial aset at an

amount equal to 12-month ECL.

Measurement of ECL

ECL is a probability-weighted estimate of credit loses (i.e.

the present value of al cash shortfals) over the expected

life of the financial instrument.

For financial asets, a credit los is the present value of the

diference betwen the contractual cash flows that are

due to an entity under the contract and the cash flows

that the entity expects to receive. For a lease receivable,

the cash flows used for determining the ECL should be

consistent with the cash flows used in measuring the lease

receivable in acordance with HKFRS 16.

100China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 金融资产减值（续）

预期信贷亏损之计量（续）

全期预期信贷亏损是指金融工具预

计年期内所有可能的违约事件产生

的预期信贷亏损，而12个月预期信

贷亏损是指于报告日期后12个月内

可能发生的金融工具违约事件可能

导致的全期预期信贷亏损一部分。

当预期信贷亏损按共同基准计量，则

金融工具按以下一个或多个共同信

贷风险特征分组：

(i) 逾期信息

(i) 工具的性质

(i) 抵押品（如有）的性质

(iv) 债务人所在行业

(v) 债务人所在地区

(vi) 外部信贷风险评级

亏损拨备于各报告日期重新计量，以

反映自初始确认以来金融工具的信

贷风险及亏损变动。由此产生的亏损

拨备变动于损益内确认为减值损益，

并相应调整金融工具的账面值，按公

平值计入其他全面收益之债务投资

的情况除外，亏损拨备乃于其他全面

收益中确认及于公平值储备（可转拨）

中累计。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(i) Impairment of financial asets (CONT’D)

Measurement of ECL (CONT’D)

Lifetime ECL represents the ECL that wil result from al

posible default events over the expected life of a financial

instrument while 12-month ECL represents the portion of

lifetime ECL that is expected to result from default events

on a financial instrument that are posible within 12

months after the reporting date.

Where ECL is measured on a colective basis, the financial

instruments are grouped based on one or more of the

folowing shared credit risk characteristics:

(i) past due information

(i) nature of instrument

(i) nature of colateral, if any

(iv) industry of debtors

(v) geographical location of debtors

(vi) external credit risk ratings

Los alowance is remeasured at each reporting date to

reflect changes in the financial instrument’s credit risk and

los since initial recognition. The resulting changes in the

los alowance are recognised as an impairment gain or

los in profit or los with a coresponding adjustment to

the carying amount of the financial instrument, except in

the case of debt investments at FVOCI, the los alowance

is recognised in other comprehensive income and

acumulated in the fair value reserve (recycling).

101二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 金融资产减值（续）

违约之定义

本集团认为以下情况就内部信贷风

险管理而言构成违约事件，因为过往

经验表明倘金融工具符合下列任何

一项条件时本集团可能无法收回全

部未偿还合约款项。

(i) 内部产生或获取自外部来源

的资料表明，债务人不太可

能向债权人（包括本集团）全

额还款（不考虑本集团持有的

任何抵押品）；或

(i) 对手方违反财务契诺。

不论上述分析如何，本集团认为，倘

金融资产逾期超过90天，则发生违

约事件，除非本集团具有合理可靠资

料说明更宽松的违约标准更为合适，

则作别论。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(i) Impairment of financial asets (CONT’D)

Definition of default

The Group considers the folowing as constituting an event

of default for internal credit risk management purposes

as historical experience indicates that the Group may not

receive the outstanding contractual amounts in ful if the

financial instrument mets any of the folowing criteria.

(i) information developed internaly or obtained

from external sources indicates that the debtor is

unlikely to pay its creditors, including the Group,

in ful (without taking into acount any colaterals

held by the Group); or

(i) there is a breach of financial covenants by the

counterparty.

Irespective of the above analysis, the Group considers

that default has ocured when a financial aset is more

than 90 days past due unles the Group has reasonable

and suportable information to demonstrate that a more

laging default criterion is more apropriate.

102China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 金融资产减值（续）

信贷风险显著增加之评估

评估金融工具之信贷风险是否自初

始确认后显著增加时，本集团将金融

工具于报告日期发生违约的风险与

金融工具于初始确认日期发生违约

的风险进行比较。作出评估时，本集

团会考虑合理及可靠的定量及定性

资料，包括过往经验及无需付出过多

成本或努力即可获得的前瞻性资料。

具体而言，评估时将考虑下列资料：

(i) 债务人无法支付到期本金或

利息；

(i) 金融工具外部或内部信贷评

级（如有）的实际或预期出现

重大恶化；

(i) 债务人之经营业绩实际或预

期出现重大恶化；及

(iv) 技术、市场、经济或法律环

境有实际或预期的变动，对

债务人履行对本集团责任的

能力构成或可能构成重大不

利影响。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(i) Impairment of financial asets (CONT’D)

Asesment of significant increase in credit risk

In asesing whether the credit risk on a financial

instrument has increased significantly since initial

recognition, the Group compares the risk of a default

ocuring on the financial instrument as at the reporting

date with the risk of a default ocuring on the financial

instrument as at the date of initial recognition. In making

this asesment, the Group considers both quantitative

and qualitative information that is reasonable and

suportable, including historical experience and forward-

loking information that is available without undue cost or

efort. In particular, the folowing information is taken into

acount in the asesment:

(i) the debtor’s failure to make payments of principal

or interest on the due dates;

(i) an actual or expected significant deterioration in

the financial instrument’s external or internal credit

rating (if available);

(i) an actual or expected significant deterioration in

the operating results of the debtor; and

(iv) actual or expected changes in the technological,

market, economic or legal environment that have

or may have a significant adverse efect on the

debtor’s ability to met its obligation to the Group.

103二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 金融资产减值（续）

信贷风险显著增加之评估（续）

无论上述评估的结果如何，本集团假

设于合约付款逾期超过30天时，金

融工具之信贷风险自初始确认以来

显著增加。

尽管有上述规定，若于报告日期金融

工具被判定为具有较低信贷风险，本

集团假设金融工具的信贷风险自初

始确认以来并未显著增加。

较低信贷风险

在以下情况下，金融工具会被判定为

具有较低信贷风险：

(i) 违约风险较低；

(i) 借款人有很强的能力履行近

期的合约现金流义务；及

(i) 经济及商业环境的长期不利

变动有可能但未必会降低借

款人履行合约现金流义务的

能力。

预期信贷亏损之简化方法

对于贸易应收款项及经营租赁应收

款项，本集团采用简化方法计算预期

信贷亏损。本集团于各报告日期按全

期预期信贷亏损确认亏损拨备，且已

设立根据其过往信贷亏损经验计算

之拨备矩阵，并按与债务人相关之前

瞻性因素及经济环境进行调整。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(i) Impairment of financial asets (CONT’D)

Asesment of significant increase in credit risk

(CONT’D)

Irespective of the outcome of the above asesment,

the Group presumes that the credit risk on a financial

instrument has increased significantly since initial

recognition when contractual payments are more than 30

days past due.

Notwithstanding the foregoing, the Group asumes that

the credit risk on a financial instrument has not increased

significantly since initial recognition if the financial

instrument is determined to have low credit risk at the

reporting date.

Low credit risk

A financial instrument is determined to have low credit

risk if:

(i) it has a low risk of default;

(i) the borower has a strong capacity to met its

contractual cash flow obligations in the near term;

and

(i) adverse changes in economic and busines

conditions in the longer term may, but wil not

necesarily, reduce the ability of the borower to

fulfil its contractual cash flow obligations.

Simplified aproach of ECL

For trade receivables and operating lease receivables, the

Group aplies a simplified aproach in calculating ECL.

The Group recognises a los alowance based on lifetime

ECL at each reporting date and has established a provision

matrix that is based on its historical credit los experience,

adjusted for forward-loking factors specific to the debtors

and the economic environment.

104China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 金融资产减值（续）

信贷减值金融资产

当发生对金融资产的估计未来现金

流量产生不利影响的一件或多件事

件之时，该金融资产即出现信贷减值。

金融资产信贷减值的证据包括以下

事件的可观察数据：

(a) 发行人或借款人陷入严重财

务困难。

(b) 违反合约，如违约或逾期事件。

人的财务困难相关的经济或

合约原因，而向借款人授予

贷款人原本不会考虑的优惠。

(d) 借款人可能破产或进行其他

财务重组。

(e) 因财务困难而导致该项金融

资产失去活跃市场。

(f) 以大幅折扣购买或产生金融

资产，反映已出现信贷亏损。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(i) Impairment of financial asets (CONT’D)

Credit-impaired financial aset

A financial aset is credit-impaired when one or more

events that have a detrimental impact on the estimated

future cash flows of that financial aset have ocured.

Evidence that a financial aset is credit-impaired include

observable data about the folowing events:

(a) significant financial dificulty of the isuer or the

borower.

(b) a breach of contract, such as a default or past due

event.

contractual reasons relating to the borower’s

financial dificulty, having granted to the borower

a concesion(s) that the lender(s) would not

otherwise consider.

(d) it is becoming probable that the borower wil

enter bankruptcy or other financial reorganisation.

(e) the disapearance of an active market for that

financial aset because of financial dificulties.

(f) the purchase or origination of a financial aset at

a dep discount that reflects the incured credit

loses.

105二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 金融资产减值（续）

撇销

当本集团合理预期金融资产之合约

现金流量无法全部或部分收回时，会

对金融资产进行撇销。然而，经考虑

适当的法律意见，撇销的金融资产可

能仍需根据本集团收回逾期款项的

程序进行法律行动。其后收回的任何

资产将于损益内确认。

(j) 现金等价物

就综合现金流量表而言，现金及现金

等价物包括银行及手头现金、存于银

行及其他金融机构之活期存款以及

可随时转换为已知数额现金而价值

变动风险不大之短期高流通量投资。

须按要求偿还并构成本集团现金管

理部分之银行透支亦计入现金及现

金等价物之一部分。

(k) 收益确认

经营租赁项下之租金收入在物业租

出时按租期以直线基准确认。取决于

一项指数或比率之可变租赁付款初

步使用开始日期之指数或比率进行

计量，随后于该指数或比率变动时予

以调整。有关付款于租期内以直线法

确认为收入。其他可变租赁付款于触

发该等付款的事件或条件发生的期

间内确认为收入。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(i) Impairment of financial asets (CONT’D)

Write-of

The Group writes of a financial aset when the Group has

no reasonable expectations of recovering the contractual

cash flows on a financial aset in its entirety or a portion

thereof. However, financial asets that are writen of

could stil be subject to enforcement activities under the

Group’s procedures for recovery of amounts due, taking

into acount legal advice if apropriate. Any subsequent

recovery is recognised in profit or los.

(j) Cash equivalents

For the purpose of the consolidated statement of cash

flows, cash and cash equivalents represent cash at

bank and on hand, demand deposits with banks and

other financial institutions, and short-term highly liquid

investments which are readily convertible into known

amounts of cash and which are subject to an insignificant

risk of change in value. Bank overdrafts which 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.

(k) Revenue recognition

Rental income under operating lease is recognised when

the properties are let out and on the straight-line basis

over the lease terms. Variable lease payments that depend

on an index or a rate are initialy measured using the index

or rate at the comencement date and subsequently

adjusted when such index or rate changes. Such payments

are recognised as income on the straight-line basis

over the lease term. Other variable lease payments are

recognised as income in the period in which the event or

condition that trigers those payments ocurs.

106China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(k) 收益确认（续）

金融资产利息收入以实际利率法确

认。就按摊销成本计量而并无出现信

贷减值的金融资产而言，实际利率适

用于资产的账面总值，倘金融资产出

现信贷减值，则适用于其摊销成本（即

账面总值扣除亏损拨备）。

香港财务报告准则第15号范围内来

自客户合约的收益

本集团提供的货物或服务的性质为(i)

物业开发及销售；(i)物业管理；及(i)

水电站运营管理。

履约责任的识别

于合约开始时，本集团评估与客户所

签订合约中承诺的货物或服务，并识

别应作为一项履约责任向客户转让

以下任何一项的承诺：

(a) 明确区别的货物或服务（或一

组货物或服务）；或

(b) 一系列大致相同且转让给客

户的模式相同的明确区别货

物或服务。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(k) Revenue recognition (CONT’D)

Interest income from financial asets is recognised

using the efective interest method. For financial asets

measured at amortised cost that are not credit-impaired,

the efective interest rate is aplied to the gros carying

amount of the asets while it is aplied to the amortised

cost (i.e. the gros carying amount net of los alowance)

in case of credit-impaired financial asets.

Revenue from contracts with customers within HKFRS

The nature of the gods or services provided by the Group

is (i) development and sale of properties; (i) properties

management; and (i) operation and management of

hydroelectric power stations.

Identification of performance obligations

At contract inception, the Group aseses the gods

or services promised in a contract with a customer and

identifies as a performance obligation each promise to

transfer to the customer either:

(a) a god or service (or a bundle of gods or services)

that is distinct; or

(b) a series of distinct god or service that are

substantialy the same and that have the same

patern of transfer to the customer.

107二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(k) 收益确认（续）

香港财务报告准则第15号范围内来

自客户合约的收益（续）

履约责任的识别（续）

倘符合以下全部标准，承诺给予客户

的货物或服务属明确区别的货物或

服务：

(a) 客户能透过客户自身或连同

客户的其他可得资源从货物

或服务中获益（即货物或服务

能够明确区别）；及

(b) 本集团向客户转让货物或服

务的承诺能明确与合约中其

他承诺区别（即转让货物或服

务的承诺在合约范围内能明

确区别）。

收益确认的时间

当（或随著）本集团透过向客户转让

承诺的货物或服务（即资产）履行履

约责任时，收益予以确认。资产在（或

随著）客户获得资产的控制权时转让。

本集团随时间转让货物或服务的控

制权，因此，倘满足以下其中一项标

准，本集团履行履约责任并随时间确

认收益：

(a) 客户于本集团履约时同时获

得及消费本集团的履约行为

所提供的利益；

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(k) Revenue recognition (CONT’D)

Revenue from contracts with customers within HKFRS

15 (CONT’D)

Identification of performance obligations (CONT’D)

A god or service that is promised to a customer is distinct

if both of the folowing criteria are met:

(a) the customer can benefit from the god or service

either on its own or together with other resources

that are readily available to the customer (i.e. the

god or service is capable of being distinct); and

(b) the Group’s promise to transfer the god or service

to the customer is separately identifiable from

other promises in the contract (i.e. the promise to

transfer the god or service is distinct within the

context of the contract).

Timing of revenue recognition

Revenue is recognised when (or as) the Group satisfies a

performance obligation by transfering a promised god or

service (i.e. an aset) to a customer. An aset is transfered

when (or as) the customer obtains control of that aset.

The Group transfers control of a god or service over

time and, therefore, satisfies a performance obligation

and recognises revenue over time, if one of the folowing

criteria is met:

(a) the customer simultaneously receives and

consumes the benefits provided by the Group’s

performance as the Group performs;

108China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(k) 收益确认（续）

香港财务报告准则第15号范围内来

自客户合约的收益（续）

收益确认的时间（续）

(b) 本集团的履约行为创造或改

良客户在资产被创造或改良

时已控制的资产；或

可由本集团另作他用的资产，

且本集团对迄今已完成的履

约付款拥有可强制执行的权利。

倘本集团并非随时间履行履约责任，

当客户获得所承诺资产的控制权时，

本集团于某一时点履行履约责任。在

厘定控制权何时转让时，本集团会考

虑控制权的概念以及法定所有权、实

质占有、付款权、资产拥有权的重大

风险及回报以及客户接收等指标。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(k) Revenue recognition (CONT’D)

Revenue from contracts with customers within HKFRS

15 (CONT’D)

Timing of revenue recognition (CONT’D)

(b) the Group’s performance creates or enhances an

aset that the customer controls as the aset is

created or enhanced; or

with an alternative use to the Group and the

Group has an enforceable right to payment for

performance completed to date.

If a performance obligation is not satisfied over time, the

Group satisfies the performance obligation at a point in

time when the customer obtains control of the promised

aset. In determining when the transfer of control ocurs,

the Group considers the concept of control and such

indicators as legal title, physical posesion, right to

payment, significant risks and rewards of ownership of the

aset, and customer aceptance.

109二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(k) 收益确认（续）

香港财务报告准则第15号范围内来

自客户合约的收益（续）

物业开发及销售

本集团开发及向客户销售住宅物业。

物业销售于物业的控制权已转移（即

客户取得已落成物业之实质管有权

或法定所有权）之时间点确认。

物业管理

本集团为住宅及商业物业提供物业

管理服务。物业管理服务收入在提供

服务时随时间确认。

水电站运营管理

本集团运营及管理水电站。电力销售

在发电及输送至客户时随时间确认。

就根据香港财务报告准则第15号随

时间确认的收益而言，达成有关电力

销售及物业管理服务履约责任的进

度按产出法计量，即根据直接计量迄

今已转移予客户之货物或服务与合

约项下承诺提供的余下货物或服务

价值相比较以确认收益，此最能反映

本集团对于转移货物或服务的控制

权的履约情况。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(k) Revenue recognition (CONT’D)

Revenue from contracts with customers within HKFRS

15 (CONT’D)

Development and sale of properties

The Group develops and sels residential properties to the

customers. Sale of properties is recognised at a point in

time when control of the property has ben transfered,

being when the customer obtains the physical posesion

or the legal title of the completed property.

Properties management

The Group provides properties management services

to residential and comercial properties. Properties

management service income is recognised over time when

services are rendered.

Operation and management of hydroelectric power

stations

The Group operates and manages hydroelectric power

stations. The sale of electricity is recognised over time

when electricity is generated and transmited to the

customer.

For revenue recognised over time under HKFRS 15, the

progres towards complete satisfaction of a performance

obligation in respect of sale of electricity and properties

management services is measured based on the output

method, which is to recognise revenue on the basis

of direct measurements of the value of the gods or

services transfered to the customer to date relative to the

remaining gods or services promised under the contract,

that best depict the Group’s performance in transfering

control of gods or services.

110China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(l) 合约资产及合约负债

倘本集团透过于客户支付代价前或

在付款到期应付前将货物或服务转

移予客户履约，合约将呈列为合约资

产，不包括呈列为应收款项之任何金

额。相反，倘客户支付代价，或本集

团有权无条件取得代价金额，则于本

集团向客户转让货物或服务前，合约

将于作出付款或付款到期应付（以较

早者为准）时呈列为合约负债。应收

款项为本集团无条件或在支付到期

代价前仅需时间流逝之取得代价权利。

单一合约或一组相关合约以合约资

产净值或合约负债净额呈列。无关合

约之合约负债并不按净额基准呈列。

对于物业销售而言，本集团通常于

物业交付前自客户收取全部或部分

合约付款（即该等交易的收入确认时

间）。本集团确认合约负债直至其确

认为收入。本期间内，任何重大的融

资组成部分（倘适用）将计入合约负

债及将作为应计费用支销，除非利息

开支合资格资本化则作别论。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(l) Contract asets and contract liabilities

If the Group performs by transfering gods or services

to a customer before the customer pays consideration

or before payment is due, the contract is presented as

a contract aset, excluding any amounts presented as a

receivable. Conversely, if a customer pays consideration,

or the Group has a right to an amount of consideration

that is unconditional, before the Group transfers a god

or service to the customer, the contract is presented as

a contract liability when the payment is made or the

payment is due (whichever is earlier). A receivable is the

Group’s right to consideration that is unconditional or only

the pasage of time is required before payment of that

consideration is due.

For a single contract or a single set of related contracts,

either a net contract aset or a net contract liability is

presented. Contract liabilities of unrelated contracts are

not presented on a net basis.

For sale of properties, it is comon for the Group

to receive from the customers the whole or some of

the contractual payments before the properties are

delivered (i.e. the timing of revenue recognition for such

transactions). The Group recognises a contract liability

until it is recognised as revenue. During that period, any

significant financing components, if aplicable, wil be

included in the contract liability and wil be expensed

as acrued unles the interest expense is eligible for

capitalisation.

111二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(l) 合约资产及合约负债（续）

对于物业管理服务而言，本集团于服

务交付前提前自客户收取管理费。本

集团确认合约负债直至其确认为收

入。本期间内，任何重大的融资组成

部分（倘适用）将计入合约负债及将

作为应计费用支销，除非利息开支合

资格资本化则作别论。

(m) 非金融资产减值

于各报告期末，本集团会检讨内部及

外部来源的资料，以评估是否有任何

迹象显示其物业、厂房及设备以及使

用权资产可能已发生减值或先前确

认的减值亏损已不存在或可能减少。

倘存在任何相关迹象，则根据资产的

公平值减出售成本与其使用价值中

较高者，估计资产的可收回金额。若

无法估计一项单独资产的可收回金

额，则本集团会估计独立产生现金流

量的最小资产组别（即现金产生单位）

的可收回金额。

倘资产或现金产生单位的可收回金

额估计将低于其账面值，则将该资产

或现金产生单位的账面值削减至其

可收回金额。减值亏损即时确认为开

支。

减值亏损的拨回以倘于过往年度并

未确认减值亏损而将厘定的资产或

现金产生单位的账面值为限。减值亏

损的拨回即时于损益中确认为收入。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(l) Contract asets and contract liabilities (CONT’D)

For properties management service, the Group receives

management fe in advance from the customers before

services are delivered. The Group recognises a contract

liability until it is recognised as revenue. During that

period, any significant financing components, if aplicable,

wil be included in the contract liability and wil be

expensed as acrued unles the interest expense is eligible

for capitalisation.

(m) Impairment of non-financial asets

At the end of each reporting period, the Group reviews

internal and external sources of information to ases

whether there is any indication that its property, plant

and equipment and right-of-use asets may be impaired

or impairment los previously recognised no longer exists

or may be reduced. If any such indication exists, the

recoverable amount of the aset is estimated, based on

the higher of its fair value les costs to sel and value in

use. Where it is not posible to estimate the recoverable

amount of an individual aset, the Group estimates the

recoverable amount of the smalest group of asets that

generates cash flows independently (i.e. cash-generating

unit).

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

unit is estimated to be les than its carying amount, the

carying amount of the aset or cash-generating unit is

reduced to its recoverable amount. Impairment loses are

recognised as an expense imediately.

A reversal of impairment los is limited to the carying

amount of the aset or cash-generating unit that would

have ben determined had no impairment los ben

recognised in prior years. Reversal of impairment los is

recognised as income in profit or los imediately.

112China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(n) 外币换算

本集团各实体财务报表内项目使用

实体业务经营所在的主要经济环境

的货币（「功能货币」）计量。本公司的

功能货币为港元。

外币交易使用交易日期的适用汇率

换算为功能货币。相关交易结算及以

外币计值的货币资产及负债按年末

汇率换算产生的汇兑收益及亏损于

损益中确认。

功能货币非呈列货币的所有集团实

体（「海外业务」）的业绩及财务状况

按以下方式换算为呈列货币：

• 所呈列的各财务状况表的资

产及负债及（如适用）商誉及

因收购海外业务产生的资产

及负债（视作该海外业务的资

产及负债）的账面值的公平值

调整，按报告期末的收市汇

率换算；

• 各全面收益表的收入及开支

按平均汇率换算；

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(n) Foreign curency translation

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 Company’s

functional curency is HK$.

Foreign curency transactions are translated into the

functional curency using the exchange rates prevailing at

the dates of the transactions. Foreign exchange gains and

loses resulting from the setlement of such transactions

and from the translation at year-end exchange rates of

monetary asets and liabilities denominated in foreign

curencies are recognised in profit or los.

The results and financial position of al the group entities

that have a functional curency diferent from the

presentation curency (“foreign operations”) are translated

into the presentation curency as folows:

• Asets and liabilities for each statement of

financial position presented and, where aplicable,

godwil and fair value adjustments on the

carying amounts of asets and liabilities arising on

an acquisition of a foreign operation which are to

be treated as asets and liabilities of that foreign

operation, are translated at the closing rate at the

end of the reporting period;

• Income and expenses for each statement of

comprehensive income are translated at average

exchange rate;

113二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(n) 外币换算（续）

• 因上述换算产生的所有汇兑

差额及因属于本集团对海外

业务投资净额的一部分的货

币项目产生的汇兑差额作为

独立权益部分确认；

（包括出售本

集团于海外业务的全部权益、

涉及失去对包括海外业务的

附属公司控制权的出售），于

其他全面收益确认并于独立

权益部分累计的与该海外业

务相关的汇兑差额的累计金

额，于出售收益或亏损确认

时，自权益重新分类至损益；

• 若本集团出售其于包含海外

业务的附属公司的部分权益

且该出售未导致本集团失去

对该附属公司的控制权，则

于独立权益部分确认的汇兑

差额的累计金额的按比例份

额重新归入于该海外业务的

非控股权益，而不重新分类

至损益；及

（包括并不

导致本集团失去重大影响力

或共同控制权的合营企业的

部分出售），则于独立权益部

分确认的汇兑差额的累计金

额的按比例份额重新分类至

损益。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(n) Foreign curency translation (CONT’D)

• Al resulting exchange diferences arising from the

above translation and exchange diferences arising

from a monetary item that forms part of the

Group’s net investment in a foreign operation are

recognised as a separate component of equity;

, which

includes a disposal of the Group’s entire interest in

a foreign operation, a disposal involving the los

of control over a subsidiary that includes a foreign

operation, the cumulative amount of the exchange

diferences relating to the foreign operation that

is recognised in other comprehensive income and

acumulated in the separate component of equity

is reclasified from equity to profit or los when

the gain or los on disposal is recognised;

’s interest

in a subsidiary that includes a foreign operation

which does not result in the Group losing control

over the subsidiary, the proportionate share of the

cumulative amount of the exchange diferences

recognised in the separate component of equity

is re-atributed to the non-controling interests in

that foreign operation and are not reclasified to

profit or los; and

, which includes

partial disposal of joint ventures that do not result

in the Group losing significant influence or joint

control, the proportionate share of the cumulative

amount of exchange diferences recognised in the

separate component of equity is reclasified to

profit or los.

114China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(o) 雇员福利

雇员享有之假期

雇员年假及长期服务假期于雇员享

有休假时确认。本公司会就雇员直至

报告期末之服务年期所享有年假及

长期服务假期估计须承担之负债作

出拨备。

雇员病假及产假于实际休假开始时

予以确认。

退休金责任

本集团为所有雇员向定额供款退休

计划供款。本集团及雇员之计划供款

根据雇员基本薪金之百分比计算。自

损益扣除退休福利计划成本代表本

集团须向基金支付之供款。上述计划

之放弃供款概不得由雇主用于减低

现有供款水平。

终止雇佣福利

终止雇佣福利于本集团不能提供该

等福利时及本集团确认重组成本并

涉及支付终止雇佣福利时（以较早日

期为准）确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(o) Employe benefits

Employe leave entitlements

Employe entitlements to anual leave and long service

leave are recognised when they acrue to employes. A

provision is made for the estimated liability for anual

leave and long service leave as a result of services rendered

by employes up to the end of the reporting period.

Employe entitlements to sick leave and maternity leave

are not recognised until the time of leave.

Pension obligations

The Group contributes to defined contribution

retirement schemes which are available to al employes.

Contributions to the schemes by the Group and employes

are calculated as a percentage of employes’ basic salaries.

The retirement benefit scheme cost charged to profit or

los represents contributions payable by the Group to the

funds. No forfeited contributions for the above plans may

be used by the employer to reduce the existing level of

contributions.

Termination benefits

Termination benefits are recognised at the earlier of

the dates when the Group can no longer withdraw the

ofer of those benefits and when the Group recognises

restructuring costs and involves the payment of

termination benefits.

115二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(p) 租赁

本集团于合约初始时评估合约是否

为或包含租赁。倘合约为换取代价而

给予在一段时间内控制可识别资产

使用的权利，则该合约为租赁或包含

租赁。

作为承租人

本集团对短期租赁及低价值资产租

赁应用确认豁免。该等租赁相关的租

赁付款按直线法于租期内确认为开支。

本集团已选择不从租赁组成部分中

分离出非租赁组成部分，并对各个租

赁组成部分及任何相关非租赁组成

部分入账作为单独租赁组成部分。

本集团对于租赁合约内各个租赁组

成部分单独入账作为一项租赁。本集

团根据租赁组成部分的相对单独价

格将合约代价分配至各个租赁组成

部分。

本集团未产生单独组成部分之应付

款项被视作分配至合约单独可识别

组成部分之总代价之一部分。

本集团于租赁开始日期确认使用权

资产及租赁负债。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(p) Leases

The Group aseses whether a contract is, or contains,

a lease at inception of the contract. A contract is, or

contains, a lease if the contract conveys the right to

control the use of an identified aset for a period of time

in exchange for consideration.

As lese

The Group aplies the recognition exemption to short-

term leases and low-value aset leases. Lease payments

asociated with these leases are recognised as an expense

on a straight-line basis over the lease term.

The Group has elected not to separate non-lease

components from lease components, and acounts for

each lease component and any asociated non-lease

components as a single lease component.

The Group acounts for each lease component within a

lease contract as a lease separately. The Group alocates

the consideration in the contract to each lease component

on the basis of the relative stand-alone price of the lease

component.

Amounts payable by the Group that do not give rise to a

separate component are considered to be part of the total

consideration that is alocated to the separately identified

components of the contract.

The Group recognises a right-of-use aset and a lease

liability at the comencement date of the lease.

116China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(p) 租赁（续）

作为承租人（续）

使用权资产乃按成本进行初始计量，

其中包括

(a) 租赁负债的初始计量金额；

(b) 于开始日期或之前所作的任

何租赁付款，减已收取的任

何租赁优惠；

成本；及

(d) 本集团拆除及移除相关资产、

恢复相关资产所在场地或将

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(p) Leases (CONT’D)

As lese (CONT’D)

The right-of-use aset is initialy measured at cost, which

comprises

(a) the amount of the initial measurement of the lease

liability;

(b) any lease payments made at or before the

comencement date, les any lease incentives

received;

(d) an estimate of costs to be incured by the Group

in dismantling and removing the underlying aset,

restoring the site on which it is located or restoring

the underlying aset to the condition required by

the terms and conditions of the lease, unles those

costs are incured to produce inventories.

Subsequently, the right-of-use aset is measured at cost

les any acumulated depreciation and any acumulated

impairment loses and adjusted for any remeasurement of

the lease liability. Depreciation is provided on a straight-

line basis over the shorter of the lease term and the

estimated useful life of the right-of-use aset as folows:

Ofice premises2 years

The lease liability is initialy measured at the present

value of the lease payments that are not paid at the

comencement date of the contract.

117二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(p) 租赁（续）

作为承租人（续）

租赁付款包括下列于租期内使用相

关资产使用权利且于开始日期尚

未支付之付款：

(a) 固定付款（包括实质性固定付

款）减任何应收租赁优惠；

(b) 取决于一项指数或比率之可

变租赁付款；

之款项；

(d) 购买权的行使价（倘本集团合

理确定行使该权利）；及

(e) 终止租赁的罚款付款（倘租赁

条款反映本集团行使终止权

终止租赁）。

租赁付款使用租赁的隐含利率贴现，

或倘该利率无法可靠地厘定，则采用

承租人之增量借贷利率。

随后，租赁负债透过增加账面值以反

映租赁负债之利息及调减账面值以

反映已付的租赁付款进行计量。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(p) Leases (CONT’D)

As lese (CONT’D)

The lease payments comprise the folowing payments for

the right to use the underlying aset during the lease term

that are not paid at the comencement date:

(a) fixed payments (including in-substance fixed

payments), les any lease incentives receivable;

(b) variable lease payments that depend on an index

or a rate;

value guarantes;

(d) exercise price of a purchase option if the Group is

reasonably certain to exercise that option; and

(e) payments of penalties for terminating the lease,

if the lease term reflects the Group exercising an

option to terminate the lease.

The lease payments are discounted using the interest rate

implicit in the lease, or where it is not readily determinable,

the incremental borowing rate of the lese.

Subsequently, the lease liability is measured by increasing

the carying amount to reflect interest on the lease liability

and by reducing the carying amount to reflect the lease

payments made.

118China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(p) 租赁（续）

作为承租人（续）

当租期出现变动而产生租赁付款变

动或重新评估本集团是否将合理确

定行使购买选择权时，租赁负债使用

经修订贴现率进行重新计量。

本集团将租赁负债之重新计量金额

确认为对使用权资产之调整。倘使用

权资产账面值减少至零且于租赁负

债计量进一步调减，本集团将于损益

中确认任何重新计量之剩余金额。

倘出现以下情况，租赁修改则作为单

独租赁入账：

(a) 该修改透过增加一项或以上

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(p) Leases (CONT’D)

As lese (CONT’D)

The lease liability is remeasured using a revised discount

rate when there are changes to the lease payments arising

from a change in the lease term or the reasesment of

whether the Group wil be reasonably certain to exercise a

purchase option.

The Group recognises the amount of the remeasurement

of the lease liability as an adjustment to the right-of-use

aset. If the carying amount of the right-of-use aset is

reduced to zero and there is a further reduction in the

measurement of the lease liability, the Group recognises

any remaining amount of the remeasurement in profit or

los.

A lease modification is acounted for as a separate lease if

(a) the modification increases the scope of the lease

by ading the right to use one or more underlying

asets; and

(b) the consideration for the lease increases by an

amount comensurate with the stand-alone price

for the increase in scope and any apropriate

adjustments to that stand-alone price to reflect the

circumstances of the particular contract.

119二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(p) 租赁（续）

作为承租人（续）

当租赁修改并未于租赁修改生效日

期作为单独租赁入账，

(a) 本集团根据上述相对单独价

格将代价分配至经修订合约。

(b) 本集团厘定经修订合约之租期。

用经修订贴现率对经修订租

赁付款进行贴现以重新计量

租赁负债。

(d) 就缩减租赁范围之租赁修改

而言，本集团透过减少使用

权资产之账面值，以反映部

分或全面终止该租赁及于损

益中确认任何与部分或全面

终止该租赁相关之收益或亏

损将租赁负债之重新计量列账。

(e) 就所有其他租赁修改而言，

本集团透过对使用权资产作

出相应调整，对租赁负债进

行重新计量。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(p) Leases (CONT’D)

As lese (CONT’D)

When a lease modification is not acounted for as

a separate lease, at the efective date of the lease

modification,

(a) the Group alocates the consideration in the

modified contract on the basis of relative stand-

alone price as described above.

(b) the Group determines the lease term of the

modified contract.

discounting the revised lease payments using a

revised discount rate over the revised lease term.

(d) for lease modifications that decrease the

scope of the lease, the Group acounts for the

remeasurement of the lease liability by decreasing

the carying amount of the right-of-use aset to

reflect the partial or ful termination of the lease

and recognising any gain or los relating to the

partial or ful termination of the lease in profit or

los.

(e) for al other lease modifications, the Group

acounts for the remeasurement of the lease

liability by making a coresponding adjustment to

the right-of-use aset.

120China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(p) 租赁（续）

作为出租人

本集团于租赁初始日期将其各项租

赁分类为融资租赁或经营租赁。倘租

赁将相关资产所有权之绝大部分风

险及回报转让，则该租赁分类为融资

租赁。所有其他租赁分类为经营租赁。

倘本集团为中间出租人，其将主租赁

及分租入账为两份个别合约。倘主租

赁为短期租赁且本集团已应用确认

豁免，分租乃分类为经营租赁。否则，

分租乃参考产生自主租赁的使用权

资产而分类为融资或经营租赁。

作为出租人－经营租赁

本集团将香港财务报告准则第9号终

止确认及减值规定应用于经营租赁

应收款项。

经营租赁之修改自该修改生效日期

起入账作为新租赁，而与原租赁相关

之任何预付或应计租赁付款则作为

新租赁租赁付款之一部分。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(p) Leases (CONT’D)

As lesor

The Group clasifies each of its leases as either a finance

lease or an operating lease at the inception date of the

lease. A lease is clasified as a finance lease if it transfers

substantialy al the risks and rewards incidental to

ownership of the underlying aset. Al other leases are

clasified as operating leases.

When the Group is an intermediate lesor, it acounts for

the head lease and sublease as two separate contracts.

The sublease is clasified as an operating lease if the head

lease is a short-term lease to which the Group has aplied

the recognition exemption. Otherwise, the sublease is

clasified as a finance or operating lease by reference to

the right-of-use aset arising from the head lease.

As lesor – operating lease

The Group aplies the derecognition and impairment

requirements in HKFRS 9 to the operating lease

receivables.

A modification to an operating lease is acounted for as

a new lease from the efective date of the modification,

considering any prepaid or acrued lease payments

relating to the original lease as part of the lease payments

for the new lease.

121二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(q) 借贷成本

因收购、建造或生产合资格资产（指

需要相当长时间准备作拟定用途或

出售之资产）而直接产生之借贷成本

乃资本化为资产成本的一部分，直至

该等资产大致上已准备就绪作拟定

用途或出售。在合资格资产支出之前，

对特定借贷的临时投资所得的投资

收入，从符合资本化条件的借贷成本

中扣除。

如借贷之一般目的及用途为获取合

资格资产，合资格资本化之借贷成本

金额则采用资本化比率计算该项资

产开支之方法厘定。资本化比率为适

用于本集团于该期间未偿还借贷之

借贷成本加权平均值，但为获得合资

格资产之特别借贷除外。

所有其他借贷成本于产生期间在损

益中确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(q) Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which are

asets that necesarily take a substantial period of time

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

as part of the cost of those asets, until such time as the

asets are substantialy ready for their intended use or sale.

Investment income earned on the temporary investment

of specific borowings pending their expenditure on

qualifying asets is deducted from the borowing costs

eligible for capitalisation.

To the extent that funds are borowed generaly and

used for the purpose of obtaining a qualifying aset,

the amount of borowing costs eligible for capitalisation

is determined by aplying a capitalisation rate to the

expenditures on that aset. The capitalisation rate is the

weighted average of the borowing costs aplicable to the

borowings of the Group that are outstanding during the

period, other than borowings made specificaly for the

purpose of obtaining a qualifying aset.

Al other borowing costs are recognised in the profit or

los in the period in which they are incured.

122China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(r) 税项

所得税包括即期税项及递延税项。即

期税项负债按本集团年内应课税溢

利计算。由于不包括其他年度应课税

或可扣税收入或开支项目及从不课

税或不可扣税项目，应课税溢利与于

损益中确认之溢利不同。本集团之即

期税项负债按报告期末已颁布或实

际上颁布之税率计算。

递延税项就财务报表内资产及负债

账面值与计算应课税溢利所用相应

税基两者间之差额确认。递延税项负

债一般会就所有应课税暂时差额确

认，而递延税项资产乃于可能出现应

课税溢利，以致可扣税暂时差额、未

动用税项亏损或未动用税项抵免可

予动用时确认。倘因商誉或因初步确

认一项既不影响应课税溢利亦不影

响会计溢利之交易（业务合并除外）

中其他资产及负债引致之暂时差额，

则不会确认该等资产及负债。

除非本集团可控制暂时差额拨回及

暂时差额不大可能于可见将来拨回，

否则会就附属公司的投资所产生的

应课税暂时差额确认递延税项负债。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(r) Taxation

Income tax comprises curent tax and defered tax.

Curent tax liabilities is calculated based on the Group’s

taxable profit for the year. Taxable profit difers from

profit recognised in profit or los because it excludes items

of income or expense that are taxable or deductible in

other years and it further excludes items that are never

taxable or deductible. The Group’s liability for curent tax

is calculated using tax rates that have ben enacted or

substantively enacted by the end of the reporting period.

Defered tax is recognised on diferences betwen the

carying amounts of asets and liabilities in the financial

statements and the coresponding tax bases used in the

computation of taxable profit. Defered tax liabilities are

generaly recognised for al taxable temporary diferences

and defered tax asets are recognised to the extent that

it is probable that taxable profits wil be available against

which deductible temporary diferences, unused tax loses

or unused tax credits can be utilised. Such asets and

liabilities are not recognised if the temporary diference

arises from godwil or from the initial recognition (other

than in a busines combination) of other asets and

liabilities in a transaction that afects neither the taxable

profit nor the acounting profit.

Defered tax liabilities are recognised for taxable temporary

diferences arising on investments in subsidiaries, except

where the Group is able to control the reversal of the

temporary diference and it is probable that the temporary

diference wil not reverse in the foreseable future.

123二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(r) 税项（续）

递延税项资产的账面值乃于各报告

期末进行检讨，如不再有足够应课税

溢利可供收回全部或部分资产则递

延税项资产须相应减少。

递延税项乃按预期于报告期末已颁

布或实质上颁布的税率结算负债或

变现资产期间应用的税率计算。递延

税项在损益内确认，惟当递延税项与

在其他全面收益或直接于权益内确

认的项目有关则除外，而在此情况下，

递延税项亦在其他全面收益或直接

于权益内确认。

递延税项资产及负债之计量反映随

本集团预期于报告期末收回或偿还

其资产及负债账面值所产生之税务

后果。

为计量使用公平值模型计量的投资

物业的递延税项，该物业的账面值被

假设为通过出售收回，除非假设被驳

回。倘投资物业会折旧，并以本集团

一个商业模式持有，而此模式并非透

过出售形式而是旨在于一段时间内

使用该投资物业所包含之绝大部分

经济利益，则有关假设会被驳回。倘

有关假设被驳回，则该等投资物业之

递延税项根据物业收回之预计方式

计量。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(r) Taxation (CONT’D)

The carying amount of defered tax asets is reviewed

at the end of each reporting period and reduced to the

extent that it is no longer probable that suficient taxable

profits wil be available to alow al or part of the aset to

be recovered.

Defered tax is calculated at the tax rates that are

expected to aply in the period when the liability is setled

or the aset is realised, based on tax rates that have

ben enacted or substantively enacted by the end of the

reporting period. Defered tax is recognised in profit or

los, except when it relates to items recognised in other

comprehensive income or directly in equity, in which case

the defered tax is also recognised in other comprehensive

income or directly in equity.

The measurement of defered tax asets and liabilities

reflects the tax consequences that would folow from the

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

reporting period, to recover or setle the carying amount

of its asets and liabilities.

For the purposes of measuring defered tax for investment

properties that are measured using the fair value model,

the carying amounts of such properties are presumed

to be recovered through sale, unles the presumption

is rebuted. The presumption is rebuted when the

investment property is depreciable and is held within a

busines model of the Group whose busines objective

is to consume substantialy al of the economic benefits

embodied in the investment property over time, rather

than through sale. If the presumption is rebuted, defered

tax for such investment properties are measured based

on the expected maner as to how the properties wil be

recovered.

124China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(r) 税项（续）

倘在法律上可强制执行权利以即期

税项资产抵销即期税项负债，递延税

项资产及负债与同一征税机关征收

的所得税相关且本集团有意按净额

基准结算其即期税项资产及负债，递

延税项资产与负债抵销。

中国土地增值税（「土地增值税」）

土地增值税根据土地价值之增长按

累进税率30%至60%征收，即出售

物业所得款项减可扣税开支（包括土

地成本、借贷成本、业务税项及所有

物业开发开支）。土地增值税确认为

所得税开支。已付土地增值税为中国

企业所得税的可扣除费用。

(s) 关联方

关联方指与本集团有关联的个人或

实体。

(a) 一名个人或其近亲将被视为

本集团的关联方，倘该个人：

(i) 能够控制或共同控制

本集团；

(i) 对本集团有重大影响；

或

(i) 为本公司或者本公司

之控股公司主要管理

人员的一员。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(r) Taxation (CONT’D)

Defered tax asets and liabilities are ofset when there

is a legaly enforceable right to set of curent tax asets

against curent tax liabilities and when they relate to

income taxes levied by the same taxation authority and the

Group intends to setle its curent tax asets and liabilities

on a net basis.

PRC land apreciation tax (“LAT”)

LAT is levied at progresive rates ranging from 30% to

60% on the apreciation of land value, being the proceds

from sales of properties les deductible expenditures

including land costs, borowing costs, busines taxes and

al property development expenditures. LAT is recognised

as an income tax expense. LAT paid is a deductible

expense for PRC enterprise income tax purposes.

(s) Related parties

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

Group.

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

is related to the Group if that person:

(i) has control or joint control over the Group;

(i) has significant influence over the Group;

(i) is a member of the key management

personel of the Company or of a holding

company of the Company.

125二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(s) 关联方（续）

(b) 一个实体将被视为本集团的

关联方（报告实体），倘该实

体符合以下任一情况：

(i) 该实体及本公司为同

一集团内的成员公司

（即每间控股公司、附

属公司及同系附属公

司均互相为关联方）。

(i) 一个实体为另一实体

的联营公司或合营企

业（或为该集团成员公

司的联营公司或合营

企业，且另一实体为

该集团成员公司）。

(i) 两个实体均为同一第

三方的合营企业。

(iv) 一个实体为第三方的

合营企业，且另一实

体为该第三方的联营

公司。

(v) 该实体是为本集团或

为本集团关联实体的

雇员福利而设的离职

后福利计划。倘本集

团本身为一项计划，

则赞助的雇主亦为本

集团的关联方。

(vi) 该实体由(a)中识别的

个人控制或共同控制。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(s) Related parties (CONT’D)

(b) An entity is related to the Group (reporting entity)

if any of the folowing conditions aplies:

(i) The entity and the Company are members

of the same group (which means that each

holding company, subsidiary and felow

subsidiary is related to the others).

(i) One entity is an asociate or joint venture

of the other entity (or an asociate or joint

venture of a member of a group of which

the other entity is a member).

(i) Both entities are joint ventures of the same

third party.

(iv) One entity is a joint venture of a third

entity and the other entity is an asociate

of the third entity.

(v) The entity is a post-employment benefit

plan for the benefit of employes of either

the Group or an entity related to the

Group. If the Group is itself such a plan,

the sponsoring employers are also related

to the Group.

(vi) The entity is controled or jointly controled

by a person identified in (a).

126China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(s) 关联方（续）

(b) （续）

(vi) (a)(i)中识别的一名个

人对该实体构成重大

影响，或为该实体（或

实体的控股公司）的主

要管理人员。

(vi) 该实体或实体所属集

团的任何成员公司向

本公司或本公司的控

股公司提供主要管理

人员服务。

一名人士的近亲指在其与该实体的

交易中预期可能影响该人士或受该

人士影响的家庭成员，包括：

(a) 该人士子女、配偶或伴侣；

(b) 该人士配偶或伴侣的子女；

及

的被赡养人。

在关联方的定义中，联营公司包括该

联营公司的附属公司，而合营企业包

括该合营企业的附属公司。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(s) Related parties (CONT’D)

(b) (CONT’D)

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

influence over the entity or is a member

of the key management personel of the

entity(or of a holding company of the

entity).

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

of which it is a part, provides key

management personel services to the

Company or to a holding company of the

Company.

Close members of the family of a person are those family

members who may be expected to influence, or be

influenced by, that person in their dealings with the entity

and include:

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

partner;

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

partner; and

or domestic partner.

In the definition of a related party, an asociate includes

subsidiaries of the asociate and a joint venture includes

subsidiaries of the joint venture.

127二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(t) 分类呈报

经营分类及各分类项目于财务报表

内呈报之金额，是根据定期提供予本

集团最高行政管理层就分配资源及

评估本集团于不同地理位置之各业

务范畴表现之财务资料中识别出来。

就财务报告而言，除非分类具备相似

之经济特征及在产品及服务性质、生

产过程性质、客户类型或类别、用于

分销产品或提供服务之方法以及监

管环境之性质方面相似，否则各个重

大经营分类不会进行合算。个别非重

大之经营分类如符合上述大部分准

则，则可进行合算。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(t) 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

purpose of alocating resources to, and asesing the

performance of the Group’s various lines of busines in

diferent 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 productions 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.

128China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(u) 香港财务报告准则会计准则的未来

变动

于该等综合财务报表获批准之日，香

港会计师公会已颁布以下于本年度

尚未生效且本集团未有提前采纳之

新订╱经修订香港财务报告准则会

计准则。

香港会计准则

第21号之修订

缺乏可交换性

香港财务报告准

则第9号及香港

财务报告准则

第7号之修订

金融工具分类及

计量之修订

香港财务报告准

则会计准则

之年度改进

第11卷

香港财务报告准

则第9号及香港

财务报告准则

第7号之修订

涉及依赖自然能

源生产电力的

合约

香港财务报告准

则第18号

财务报表之呈列

及披露

香港财务报告准

则第19号

无公众问责性的

附属公司：

披露

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

公司或合营企

业之间之资产

出售或注资

于二零二五年一月一日或之后开

始之年度期间生效

于二零二六年一月一日或之后开

始之年度期间生效

于二零二七年一月一日或之后开

始之年度期间生效

生效日期待定

本集团正在对未来采纳新订╱经修

订香港财务报告准则会计准则可能

出现的影响作出详尽评估。迄今为止，

管理层认为采纳新订╱经修订香港

财务报告准则会计准则不会对综合

财务报表构成任何重大影响。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (CONT’D)

(u) Future changes in HKFRS Acounting Standards

At the date of authorisation of these consolidated financial

statements, the HKICPA has isued the folowing new/

revised HKFRS Acounting Standards that are not yet

efective for the curent year, which the Group has not

early adopted.

Amendments to HKAS 21Lack of Exchangeability

Amendments to HKFRS 9

and HKFRS 7

Amendments to the

Clasification and

Measurement of Financial

Instruments

Anual Improvements

to HKFRS Acounting

Standards

Volume 11

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing Nature-

dependent Electricity

HKFRS 18Presentation and Disclosure in

Financial Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Efective for anual periods begining on or after

1 January 2025

Efective for anual periods begining on or after

1 January 2026

Efective for anual periods begining on or after

1 January 2027

The efective date to be determined

The Group is in the proces of making a detailed

asesment of the posible impact on the future adoption

of the new/revised HKFRS Acounting Standards. So far

the management is of the opinion that the adoption of

the new/revised HKFRS Acounting Standards wil not

have any significant impact on the consolidated financial

statements.

129二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

4. 重要判断及主要估计

(a) 应用会计政策时之重大判断

于应用会计政策过程中，董事作出如

下对综合财务报表中已确认之金额

有重大影响之判断。

(i) 投资物业之递延税项

就计量以公平值计量的投资

物业之递延税项而言，董事

已审阅本集团之投资物业组

合，认为本集团位于八卦城

项目一（定义见综合财务报表

附注17）之投资物业并非于以

通过时间之推移消耗该投资

物业所含绝大部分经济利益

为目标之商业模式中持有。

因此，于计量本集团八卦城

项目一之递延税项时，董事

已决定不推翻按公平值模式

计量之八卦城项目一的账面

值乃透过出售予以全部收回

之假设。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES

(a) Critical judgements in aplying acounting policies

In the proces of aplying the acounting policies, the

directors have made the folowing judgements that

have significant efect on the amounts recognised in the

consolidated financial statements.

(i) Defered taxation on investment properties

For the purposes of measuring defered tax for

investment properties measured at fair value, the

directors have reviewed the Group’s investment

property portfolios and concluded that the Group’s

investment properties located at Bagua Town

Project I (as defined in note 17 to the consolidated

financial statements) are not held under a busines

model whose objective is to consume substantialy

al of the economic benefits embodied in the

investment properties over time. Therefore, in

measuring the Group’s defered taxation on Bagua

Town Project I, the directors have determined

that the presumption that the carying amounts

of Bagua Town Project I measured using the fair

value model are recovered entirely through sale is

not rebuted.

130China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 应用会计政策时之重大判断（续）

(i) 投资物业之递延税项（续）

就余下投资物业而言，董事

已确定其于以通过时间之推

移而非通过销售消耗该投资

物业所含绝大部分经济利益

为目标之商业模式中持有。

因此，于厘定本集团投资物

业之递延税项时，董事已推

翻按公平值计量之投资物业

乃透过出售予以收回之假设。

(i) 持续经营基准

该等综合财务报表乃按持续

经营基准编制，其有效性取

决于本集团营运的经营业绩

及该等综合财务报表附注3所

详述的计划及措施能否顺利

实施。然而，由于并非所有

未来事件或情况均可预测，

因此该假设概不保证本集团

及本公司持续经营的能力。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES

(a) Critical judgements in aplying acounting policies

(CONT’D)

(i) Defered taxation on investment properties

(CONT’D)

For the remaining investment properties, the

directors have determined that they are held

under a busines model whose objective is to

consume substantialy al of the economic benefits

embodied in the investment properties overtime,

rather than through sale. Therefore, in determining

the Group’s defered tax for investment properties,

the directors have rebuted the presumption that

investment properties measured at fair value are

recovered through sale.

(i) Going concern basis

These consolidated financial statements have

ben prepared on a going concern basis, the

validity of which depends upon the operating

results of the Group’s operations and whether

the plans and measures as detailed in note 3

to these consolidated financial statements can

be sucesfuly implemented or not. However,

because not al future events or conditions can be

predicted, this asumption is not a guarante as to

the Group’s and Company’s ability to continue as a

going concern.

131二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 估计不确定因素之主要来源

有关日后之主要假设及于报告期末

估计不确定因素之其他主要来源（存

在对下一个财政年度的资产及负债

账面值作出重大调整的重大风险）如

下。

(i) 贸易应收款项、按金及其他

应收款项减值

本集团管理层使用各种输入

数据及假设（包括违约风险率

及预期亏损率）估计贸易应收

款项、按金及其他应收款项

的亏损拨备。估计涉及高程

度的不确定性，其以本集团

于各报告期末的历史资料、

现有市况及前瞻性估计为基

准。如预期不同于原有估计，

有关差额会影响贸易应收款

项、按金及其他应收款项的

账面值。估计预期信贷亏损

所用的主要假设及输入数据

详情载于综合财务报表附注

6(b)及20。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (CONT’D)

(b) 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.

(i) Impairment of trade receivables, deposits and

other receivables

The Group’s management estimates the los

alowance for trade receivables, deposits and

other receivables by using various inputs and

asumptions including risk of a default and

expected los rate. The estimation involves high

degre of uncertainty which is based on the

Group’s historical information, existing market

conditions as wel as forward-loking estimates

at the end of each reporting period. Where the

expectation is diferent from the original estimate,

such diference wil impact the carying amount of

trade receivables, deposits and other receivables.

Details of the key asumptions and inputs used in

estimating ECL are set out in notes 6(b) and 20 to

the consolidated financial statements.

132China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 估计不确定因素之主要来源（续）

(i) 持作出售之物业及发展中待

售物业的可变现净值

持作出售之物业的可变现净

值是在日常业务过程中的估

计售价减去销售物业所产生

之估计成本。发展中待售物

业的可变现净值乃参考独立

专业估值师经参照在类似地

点及情况下类似物业的近期

市价进行的估值而评估。该

等估计是基于当前市场状况

及类似性质的建造和销售物

业的历史经验。由于经济及

市场需求的变化，其可能会

发生重大变化。本集团将于

各报告期末重新评估计。

(i) 物业、厂房及设备减值

本集团每年根据相关会计政

策评估物业、厂房及设备有

否出现任何减值迹象。物业、

厂房及设备之可收回金额按

照使用价值计算法厘定。该

等计算须对未来营运现金流

量及所采用之贴现率作出判

断及估计。倘实际现金流量

有别于原先估计，则减值数

额或会产生重大变动。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (CONT’D)

(b) Key sources of estimation uncertainty (CONT’D)

(i) Net realisable value of properties held for sale

and properties for sale under development

Net realisable value of properties held for sale is

the estimated seling price in the ordinary course

of busines, les estimated costs to be incured

in seling the properties. Net realisable value of

properties for sale under development is asesed

with reference to valuations caried out by an

independent profesional valuer, by reference

to recent market prices for similar properties in

similar locations and conditions. These estimates

are based on the curent market condition and

the historical experience of constructing and

seling properties of similar nature. It could change

significantly as a result of changes in economy and

demand of market. The Group wil reases the

estimates by the end of each reporting period.

(i) Impairment of property, plant and equipment

The Group aseses anualy whether property,

plant and equipment have any indication of

impairment, in acordance with the relevant

acounting policies. The recoverable amounts

of property, plant and equipment have ben

determined based on value in use calculations.

These calculations require the use of judgement

and estimates on future operating cash flows and

discount rates aplied. Where the actual cash

flows are diferent from the original estimate, a

material change in the amount of impairment may

arise.

133二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 估计不确定因素之主要来源（续）

(iv) 投资物业之公平值

本集团委任独立专业评估师

以估计投资物业之公平值。

投资物业之估值乃采用直接

比较法及╱或收入资本化法

进行，其需要就评估中物业

与可资比较物业之间主要估

值特征（如物业位置、道路、

临街地界、面积等）之差别及

未来收入与贴现率之估计等

调整类似物业之交易价格。

(v) 所得税

由于无法预见未来溢利来源，

于二零二五年三月三十一日，

并无于本集团综合财务状况

表就本集团估计未动用税项

亏损84,259,000港元（二零

二四年：70,738,000港元）确

认递延税项资产。递延税项

资产之可变现能力主要取决

于日后会否产生充裕未来溢

利或应课税暂时差额。当所

产生实际未来应课税溢利多

于或少于预期，则可能产生

重大之递延税项资产确认或

拨回，并会于确认或拨回之

期间于损益确认。

4. CRITICAL JUDGEMENTS AND KEY

ESTIMATES (CONT’D)

(b) Key sources of estimation uncertainty (CONT’D)

(iv) Fair values of investment properties

The Group apoints an independent profesional

valuer to ases the fair values of the investment

properties. The valuation of the investment

properties is performed using the direct

comparison method and/or income capitalisation

method, which requires adjustments to transaction

price of similar properties regarding diferences

in key valuation atributes such as location, road,

frontage, size of property, etc. betwen the

properties under apraisal and the comparables

and the estimation about future income and

discount rates, etc.

(v) Income taxes

No defered tax aset was recognised in the

Group’s consolidated statement of financial

position in relation to the Group’s estimated

unused tax loses of HK$84,259,000 (2024:

HK$70,738,000) as at 31 March 2025 due to

the unpredictability of future profit streams.

The realisability of the defered tax aset mainly

depends on whether suficient future profits or

taxable temporary diferences wil be available in

the future. In cases where the actual future taxable

profits generated are more or les than expected,

a material recognition or reversal of defered

tax aset may arise, which would be recognised

in profit or los in the period in which such a

recognition or reversal takes place.

134China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

5. 资本风险管理

本集团之资本管理旨在债务与权益间作出最

佳平衡，确保本集团之实体可持续经营之余，

亦为本公司股东缔造最大回报。本集团整体

策略与去年相同。

本集团之资本架构包括负债净额（包括分别

披露于附注24、26及27之应付直接控股公

司款项、借贷及应付债券，扣除现金及现金

等价物）及本公司拥有人应占权益（包括已发

行股本及储备）。

本公司董事定期检讨资本架构。检讨过程中，

董事考虑资本成本及各类资本所附带之风险。

本集团将通过发行新股份、购回股份、发行

新债务或赎回现有债务等方式，平衡整体资

本架构。

6. 财务风险管理

本集团业务使其承担多项财务风险，包括外

币风险、信贷风险及流动资金风险。本集团

整体风险管理计划针对金融市场之不可预测

性，务求尽量减低对本集团财务表现之潜在

不利影响。

(a) 外币风险

本公司大部分附属公司在中国经营

业务，其大部分交易以人民币计值。

人民币兑港元之汇率受中国政府颁

行之外汇管理规则及条例规管。本集

团并无因附属公司之日常业务活动

而承担重大外汇风险，因该等附属公

司之主要业务营运以其功能货币进行。

5. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in the Group

wil be able to continue as a going concern while maximising the

return to shareholders of the Company through the optimisation

of the debt and equity balance. The Group’s overal strategy

remains unchanged from prior year.

The capital structure of the Group consists of net debt, which

includes the amount due to imediate holding company,

borowings and bonds payable, disclosed in notes 24, 26 and

27 respectively, net of cash and cash equivalents, and equity

atributable to owners of the Company, comprising isued share

capital and reserves.

The directors of the Company review the capital structure

regularly. As part of this review, the directors consider the cost

of capital and the risks asociated with each clas of capital. The

Group wil balance its overal capital structure through new share

isues and share buy-backs as wel as the isue of new debts or

the redemption of existing debts.

6. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks,

including foreign curency risk, credit risk and liquidity risk.

The Group’s overal risk management programe focuses on

the unpredictability of financial markets and seks to minimise

potential adverse efects on the Group’s financial performance.

(a) Foreign curency risk

The majority of the subsidiaries of the Company are

operated in the PRC and most of their transactions are

denominated in RMB. The exchange rate of RMB against

HK$ is subject to the rules and regulations of foreign

exchange control promulgated by the PRC government.

The Group did not have significant exposure to foreign

exchange risk arising from daily operating activities of the

subsidiaries because their main operations are conducted

in their functional curency.

135二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 信贷风险

本集团之信贷风险主要来自银行结

余以及贸易及其他应收款项。于综合

财务状况表确认的该等金融资产账

面值（扣除亏损拨备）代表本集团所

面临的最大信贷风险。

银行结余

本集团银行结余之信贷风险有限，乃

因交易对手为获国家信贷评级机构

授予高度信贷评级的银行。本集团过

去并无因各方未能履约而遭受任何

重大损失，且管理层预期此状况在将

来将不会发生改变。

贸易应收款项

本集团已制定政策以确保向具良好

信用记录之客户作出销售。

本集团通常授予其客户之平均信贷

期介乎0至365日（二零二四年：0至

365日）。为降低本集团所面临之信

贷风险，董事委派专责队伍厘定信贷

额、批核信贷及其他监管程序。此外，

董事定期审阅个别贸易应收款项之

可收回金额，确保就不可收回金额确

认充足预期信贷亏损之亏损拨备。就

此，董事认为，本集团贸易应收款项

之信贷风险大幅降低。

6. FINANCIAL RISK MANAGEMENT (CONT’D)

(b) Credit risk

The Group’s credit risk is primarily atributable to bank

balances and trade and other receivables. The carying

amount of these financial asets recognised on the

consolidated statement of financial position, which is

net of los alowance, represents the Group’s maximum

exposure to credit risk.

Bank balances

The Group had limited credit risk on bank balances

because the counterparties are banks with high credit-

ratings asigned by national credit-rating institution. The

Group has not sufered any significant loses arising from

the non-performance by these parties in the past and

management do not expect this position to change in the

future.

Trade receivables

The Group has policies in place to ensure that sales are

made to customers with god credit history.

The Group normaly grants its customers an average

credit period from 0 to 365 days (2024: 0 to 365 days).

In order to minimise the Group’s exposure to credit risk,

the directors have delegated a team being responsible for

determination of credit limits, credit aprovals and other

monitoring procedures. In adition, the directors review

the recoverable amount of each individual trade receivable

regularly to ensure that adequate los alowance for

expected credit loses are recognised for irecoverable

amounts. In this regard, the directors consider that the

Group’s credit risk on trade receivables is significantly

reduced.

136China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 信贷风险（续）

贸易应收款项（续）

于报告期末，本集团按地区划分之信

贷风险主要集中在中国。于二零二五

年三月三十一日，位于中国之贸易

应收款项占本集团贸易应收款项总

额100%（二零二四年：100%）。由

于本集团之贸易应收款项总额中之

8%（二零二四年：5%）及35%（二零

二四年：22%）分别来自本集团最大

债务人及五大债务人，因此本集团亦

承担应收账款信贷集中风险。

本集团采用简化法计算贸易应收款

项的预期信贷亏损以及根据各报告

日期基于全期预期信贷亏损计量亏

损拨备，并已建立一个基于其历史信

贷亏损经验的拨备矩阵，根据债务人

和经济环境特定的前瞻性因素进行

调整。经考虑上述因素后，贸易应收

款项之亏损拨备5,278,000港元（二

零二四年：无）已于年内之损益中确

认。有关使用拨备矩阵计算贸易应收

款项的预期信贷亏损之详情披露于

综合财务报表附注20。

其他应收款项

本集团认为，其他应收款项根据交易

对手在短期内履行其合约现金流量

义务的强大能力及较低违约风险拥

有较低信贷风险。其他应收款项减值

乃按12个月预期信贷亏损计量，反

映风险为期较短。

6. FINANCIAL RISK MANAGEMENT (CONT’D)

(b) Credit risk (CONT’D)

Trade receivables (CONT’D)

At the end of the reporting period, the Group’s

concentration of credit risk by geographical locations is

mainly in the PRC. The trade debtors located in the PRC

acounted for 100% (2024: 100%) of the Group’s total

trade receivables as at 31 March 2025. The Group also

had concentration of credit risk by debtors as 8% (2024:

5%) and 35% (2024: 22%) of the total trade receivables

was due from the Group’s largest debtor and the five

largest debtors, respectively.

The Group aplies a simplified aproach in calculating ECL

for trade receivables and recognises a los alowance based

on lifetime ECL at each reporting date and has established

a provision matrix that is based on its historical credit los

experience, adjusted for forward-loking factors specific

to the debtors and the economic environment. After

considering the above factors, los alowance of trade

receivables of HK$5,278,000 (2024: Nil) was recognised

to profit or los during the year. The details of the ECL for

trade receivables using a provision matrix is disclosed in

note 20 to the consolidated financial statements.

Other receivables

The Group considers that other receivables have low credit

risk based on the counterparties’ strong capability to met

its contractual cash flow obligations in the near term

and low risk of default. Impairment on other receivables

is measured on 12-month ECL and reflects the short

maturities of the exposures.

137二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 信贷风险（续）

其他应收款项（续）

于估计预期信贷亏损时，本集团已考

虑过往3年（二零二四年：3年）的历

史实际信贷亏损经验以及交易对手

的财务状况，当中已参考（其中包括）

交易对手管理账目或经审核账目及

可得新闻资料，并就债务人及交易对

手经营行业整体经济状况特有的前

瞻因素作出调整，从而估计该等金融

资产违约概率以及每种情况下的违

约亏损。经考虑交易对手的财政状况

及信贷质素后，本集团管理层认为其

他应收款项的预期信贷亏损微不足道。

年内估值技术或所作重大假设并无

发生变化。

就管理流动资金风险而言，本集团监

管及将现金及现金等价物维持在管

理层认为可为本集团之营运提供足

够资金的水平，并会尽量降低现金流

量波动之影响。管理层会监管借贷之

使用情况。

6. FINANCIAL RISK MANAGEMENT (CONT’D)

(b) Credit risk (CONT’D)

Other receivables (CONT’D)

In estimating the ECL, the Group has taken into acount

the historical actual credit los experience over the past

3 years (2024: 3 years) and the financial position of

the counterparties by reference to, among others, their

management acounts or audited acounts and available

pres information, adjusted for forward-loking factors

that are specific to the debtors and general economic

conditions of the industry in which the counterparties

operate, in estimating the probability of default of these

financial asets, as wel as the los upon default in each

case. The management of the Group considers the ECL

of other receivables to be insignificant after taking into

acount the financial position and credit quality of the

counterparties.

There was no change in the estimation techniques or

significant asumptions made during the year.

In the management of the liquidity risk, the Group

monitors and maintains a level of cash and cash

equivalents demed adequate by the management to

finance the Group’s operations and mitigate the efects of

fluctuations in cash flows. The management monitors the

utilisation of borowings.

138China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

下表载有本集团金融负债之剩余合

约年期详情。有关列表乃根据于本集

团可能被要求付款之最早日期之金

融负债未贴现金流量编制。下表载

有利息及本金现金流量。

6. FINANCIAL RISK MANAGEMENT (CONT’D)

The folowing table details the Group’s remaining

contractual maturity for its financial liabilities. The table

has ben drawn up based on the undiscounted cash flows

of financial liabilities based on the earliest date on which

the Group can be required to pay. The table includes both

interest and principal cash flows.

Efective

interest rate

Repayable on

demand or

within 1 year

Betwen

1–2 years

Betwen

2–5 years

Total

undiscounted

cash flow

Carying

amounts

At 31 March 2025于二零二五年三月三十一日实际利率

按要求或

于1年内偿还1至2年之内2至5年之内

未贴现金

流量总额账面值

%HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade payables and acrued charges贸易应付款项及应计费用–27,956–27,95627,956

Borowings借贷12%20,577–20,57720,374

Bonds payable应付债券0%–8.4%6,886–6,8866,760

Lease liabilities租赁负债6.5%243–243237

55,662–55,66255,327

Efective

interest rate

Repayable on

demand or

within 1 year

Betwen

1–2 years

Betwen

2–5 years

Total

undiscounted

cash flow

Carying

amounts

At 31 March 2024于二零二四年三月三十一日实际利率

按要求或

于1年内偿还1至2年之内2至5年之内

未贴现金

流量总额账面值

%HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade payables and acrued charges贸易应付款项及应计费用–26,919–26,91926,919

Amount due to imediate holding

company

应付直接控股公司款项

–963–963963

Borowings借贷12%20,698–20,69820,493

Bonds payable应付债券0%–8.9%7,509–7,5096,960

Lease liabilities租赁负债6.5%364243–607574

56,453243–56,69655,909

139二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(d) 金融工具的类别

(e) 公平值

本集团综合财务状况表的金融资产

及金融负债的账面值与其公平值相若。

7. 公平值计量

公平值乃按于计量日期市场参与者之间进行

的有序交易中出售资产所收取或转移负债所

支付的价格。以下公平值计量披露使用的公

平值层级，将估值之输入数据分为三个等级：

第一级输入数据：本集团于计量日期可获得

的相同资产或负债于活跃市场之报价（未经

调整）。

第二级输入数据：除第一级内包括之报价外，

资产或负债可直接或间接观察的输入数据。

第三级输入数据：资产或负债的不可观察输

入数据。

本集团之政策乃于引起转移之事件或情况变

化发生之日确认任何三个等级之转入及转出。

6. FINANCIAL RISK MANAGEMENT (CONT’D)

(d) Categories of financial instruments

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets:金融资产：

Financial asets at amortised cost (including

bank balances and cash)

按摊销成本列账之金融资产

（包括银行结余及现金）16,42019,837

Financial liabilities:金融负债：

Financial liabilities at amortised cost按摊销成本列账之金融负债55,32755,909

(e) Fair values

The carying amounts of the Group’s financial asets

and financial liabilities in the consolidated statement of

financial position aproximate their fair values.

7. FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sel an aset or

paid to transfer a liability in an orderly transaction betwen market

participants at the measurement date. The folowing disclosures of

fair value measurements use a fair value hierarchy that categorises

into thre levels of inputs to valuation:

Level 1 inputs: quoted prices (unadjusted) in active markets for

identical asets or liabilities that the Group can aces at the

measurement date.

Level 2 inputs: inputs other than quoted prices included within

Level 1 that are observable for the aset or liability, either directly

or indirectly.

Level 3 inputs: unobservable inputs for the aset or liability.

The Group’s policy is to recognise transfers into and transfers out

of any of the thre levels as of the date of the event or change in

circumstances that caused the transfer.

140China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 公平值等级披露：

截至二零二五年及二零二四年三月

三十一日止年度于第一、二及三级公

平值计量之间并无发生转移。

7. FAIR VALUE MEASUREMENTS (CONT’D)

(a) Disclosures of fair value hierarchy:

Level 3 inputs

第三级输入数据

HK$’000

千港元

At 31 March 2025于二零二五年三月三十一日

Investment properties投资物业

Comercial – The PRC商业－中国97,633

Carparks – The PRC停车场－中国8,739

106,372

Level 3 inputs

第三级输入数据

HK$’000

千港元

At 31 March 2024于二零二四年三月三十一日

Investment properties投资物业

Comercial – The PRC商业－中国17,603

Carparks – The PRC停车场－中国8,974

26,577

There were no transfers betwen Levels 1, 2 and 3 fair

value measurements for the years ended 31 March 2025

and 2024.

141二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 根据第三级公平值等级以公平值计

量之资产对账：

披露：

本集团财务总监负责财务报告所需

资产及负债之公平值计量，包括第三

级公平值计量。财务总监直接向董事

局汇报此等公平值计量。财务总监与

董事局每年至少就估值过程及结果

召开两次会议。

对于第三级公平值计量，本集团通常

会聘请具有认可专业资格及近期经

验的外部估值专家进行估值。

7. FAIR VALUE MEASUREMENTS (CONT’D)

(b) Reconciliation of asets measured at fair value based

on Level 3 fair value hierarchy:

Investment properties

投资物业

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At the begining of the reporting period于报告期初26,57735,831

Transfer from properties held for sale

(note 22)

转拨自持作出售之物业

（附注22）82,067–

Los on revaluation of investment properties投资物业之重估亏损(2,849)(7,304)

Exchange realignment汇率调整577(1,950)

At the end of the reporting period于报告期末106,37226,577

techniques and inputs:

The Group’s financial controler is responsible for the fair

value measurements of asets and liabilities required for

financial reporting purposes, including Level 3 fair value

measurements. The financial controler reports directly to

the Board of Directors for these fair value measurements.

Discusions of valuation proceses and results are held

betwen the financial controler and the Board of Directors

at least twice a year.

For level 3 fair value measurements, the Group wil

normaly engage external valuation experts with

recognised profesional qualifications and recent

experience to perform the valuation.

142China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

7. FAIR VALUE MEASUREMENTS (CONT’D)

techniques and inputs: (CONT’D)

Key unobservable inputs used in Level 3 fair value

measurements are as folows:

Level 3 fair value measurements

At 31 March 2025

DescriptionHK$’000Valuation techniqueUnobservable inputsRanges

Efect on fair

value for increase

of inputs

详情千港元估值方法不可观察输入数据范围

输入数据增加对

公平值之影响

Investment properties

Comercial properties and Carparks23,591Income method and direct

comparison method

Price per square meterRMB11,200 to

RMB25,700

Increase

Rental hourly income per unitRMB2/hour to

RMB4/hour

Increase

Utilisation rate50%–85%Increase

Development costRMB292,000 to

RMB555,000

Decrease

Discount rate12%Decrease

Bagua Town Project I

(as defined in note 17 to the

consolidated financial statements)

82,781Direct comparison methodPrice per square meterRMB8,200 to

RMB12,400

Increase

投资物业

商业物业及停车场23,591收入法及直接比较法每平方米价格人民币11,200元至

人民币25,700元

增加

每单位每小时租金收入每小时人民币2元至

每小时人民币4元

增加

使用率50%–85%增加

开发成本人民币292,000元至

人民币555,000元

减少

贴现率12%减少

八卦城项目一

（定义见综合财务报表附注17）

82,781直接比较法每平方米价格人民币8,200元至

人民币12,400元

增加

（续）

披露：（续）

第三级公平值计量中所使用之关键

不可观察输入数据如下：

第三级公平值计量

于二零二五年三月三十一日

143二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

披露：（续）

第三级公平值计量（续）

于二零二四年三月三十一日

截至二零二五年及二零二四年三月

三十一日止年度所使用之估值方法

并无发生变化。

7. FAIR VALUE MEASUREMENTS (CONT’D)

techniques and inputs: (CONT’D)

Level 3 fair value measurements (CONT’D)

At 31 March 2024

DescriptionHK$’000Valuation techniqueUnobservable inputsRanges

Efect on fair

value for increase

of inputs

详情千港元估值方法不可观察输入数据范围

输入数据增加对

公平值之影响

Investment properties

Comercial properties and Carparks26,577Income method and direct

comparison method

Price per square meterRMB16,200 to

RMB23,600

Increase

Rental hourly income per unitRMB2/hour to

RMB4/hour

Increase

Utilisation rate50%–85%Increase

Development costRMB210,000 to

RMB568,000

Decrease

Discount rate12%Decrease

投资物业

商业物业及停车场26,577收入法及直接比较法每平方米价格人民币16,200元至

人民币23,600元

增加

每单位每小时租金收入每小时人民币2元至

每小时人民币4元

增加

使用率50%–85%增加

开发成本人民币210,000元至

人民币568,000元

减少

贴现率12%减少

During the years ended 31 March 2025 and 2024, there

were no changes in the valuation techniques used.

144China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

8. 收益8. REVENUE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue from contracts with customers within

HKFRS 15:

香港财务报告准则第15号范围内

来自客户合约的收益：

Development and sale of properties物业开发及销售14,13225,833

Properties management物业管理111655

Operation and management of hydroelectric

power stations

水电站运营管理

4,0604,103

18,30330,591

Revenue from other sources:其他来源收益：

Rental income from operating leases经营租赁所得的租金收入

– Fixed lease payments－固定租赁款项1,3461,096

– Variable lease payments－可变租赁款项206230

1,5521,326

19,85531,917

145二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

除综合财务报表附注9之分类披露所显示的

资料外，香港财务报告准则第15号范围内

来自客户合约的收益按以下方式分列：

8. REVENUE (CONT’D)

In adition to the information shown in segment disclosures in

note 9 to the consolidated financial statements, the revenue from

contracts with customers within HKFRS 15 is disagregated as

folows:

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Development

and sale of

properties

Properties

management

Operation and

management of

hydroelectric

power stationsTotal

物业开发及销售物业管理水电站运营管理总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Type of transaction price:交易价格类型：

At fixed price按固定价格14,1321114,06018,303

Timing of revenue recognition:收益确认时间：

At a point in time于某个时点14,132–14,132

Over time于某个时段–1114,0604,171

14,1321114,06018,303

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Development

and sale of

properties

Properties

management

Operation and

management of

hydroelectric

power stationsTotal

物业开发及销售物业管理水电站运营管理总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Type of transaction price:交易价格类型：

At fixed price按固定价格25,8336554,10330,591

Timing of revenue recognition:收益确认时间：

At a point in time于某个时点25,833–25,833

Over time于某个时段–6554,1034,758

25,8336554,10330,591

146China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

9. 分类资料

分类资料针对各经营分类所交付货品及服务

之种类，乃向本公司执行董事（即主要经营

决策者）报告，以供其分配资源及评估分类

业绩之用。

本集团之经营分类如下：

（「物业开发」）

(2) 物业投资

(3) 物业管理

（「水电业务」）

(a) 分类收益及业绩

9. SEGMENT INFORMATION

Information reported to the executive directors of the Company,

being the chief operating decision maker, for the purposes of

resource alocation and asesment of segment performance

focuses on types of gods and services delivered by each

operating division.

The Group’s operating divisions are as folows:

“Properties

development”)

(2) Properties investment

(3) Properties management

(4) Operation and management of hydroelectric power

stations (“Hydroelectric power busines”)

(a) Segment revenue and results

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Properties

development

Properties

investment

Properties

management

Hydroelectric

power

businesTotal

物业开发物业投资物业管理水电业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue收益14,1321,5521114,06019,855

Segment results分类业绩(9,952)(4,719)(73)(891)(15,635)

Interest income利息收入7

Unalocated expenses未分配开支(5,546)

Finance costs财务成本(2,929)

Los before tax除税前亏损(24,103)

147二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 分类收益及业绩（续）

(b) 分类资产及负债

9. SEGMENT INFORMATION (CONT’D)

(a) Segment revenue and results (CONT’D)

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Properties

development

Properties

investment

Properties

management

Hydroelectric

power

businesTotal

物业开发物业投资物业管理水电业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue收益25,8331,3266554,10331,917

Segment results分类业绩(1,091)(7,298)174(197)(8,412)

Interest income利息收入5

Unalocated expenses未分配开支(6,052)

Finance costs财务成本(3,201)

Los before tax除税前亏损(17,660)

(b) Segment asets and liabilities

At 31 March 2025

于二零二五年三月三十一日

Properties

development

Properties

investment

Properties

management

Hydroelectric

power

businesTotal

物业开发物业投资物业管理水电业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Asets资产

Segment asets分类资产87,160120,97249924,572233,203

Unalocated corporate asets未分配公司资产747

Consolidated total asets合计总资产233,950

Liabilities负债

Segment liabilities分类负债10,52616,5337141,92629,699

Unalocated corporate liabilities未分配公司负债33,472

Consolidated total liabilities合计总负债63,171

148China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

9. SEGMENT INFORMATION (CONT’D)

(b) Segment asets and liabilities (CONT’D)

At 31 March 2024

于二零二四年三月三十一日

Properties

development

Properties

investment

Properties

management

Hydroelectric

power

businesTotal

物业开发物业投资物业管理水电业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Asets资产

Segment asets分类资产203,13533,00497124,279261,389

Unalocated corporate asets未分配公司资产736

Consolidated total asets合计总资产262,125

Liabilities负债

Segment liabilities分类负债15,17312,1721,0161,81030,171

Unalocated corporate liabilities未分配公司负债35,365

Consolidated total liabilities合计总负债65,536

Unalocated corporate asets mainly represent asets held

by head ofice and inactive subsidiaries.

Unalocated corporate liabilities mainly represent

borowings, bonds payable and liabilities incured by

head ofice and inactive subsidiaries (2024: amount

due to imediate holding company, borowings, bonds

payable and liabilities incured by head ofice and inactive

subsidiaries).

（续）

(b) 分类资产及负债（续）

未分配公司资产主要指总办事处及

不活跃附属公司持有的资产。

未分配公司负债主要指借贷、应付债

券及总办事处及不活跃附属公司产

生的负债（二零二四年：应付直接控

股公司款项、借贷、应付债券及总办

事处及不活跃附属公司产生的负债）。

149二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

9. SEGMENT INFORMATION (CONT’D)

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Properties

development

Properties

investment

Properties

management

Hydroelectric

power

busines

Other

segmentTotal

物业开发物业投资物业管理水电业务其他分类总计

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

千港元千港元千港元千港元千港元千港元

Amounts included in the

measurement of segment

results or segment asets:

纳入分类业绩或分类

资产计量之款项：

Aditions of property,

plant and equipment

增购物业、厂房及设备

–70–70

Depreciation of property,

plant and equipment

物业、厂房及设备折旧

–343–2,593–2,936

Depreciation of right-of-use

asets

使用权资产折旧

–343343

Los alowance of trade

receivables

贸易应收款项之亏损拨备

5,278–5,278

Los on revaluation of properties

held for sale upon transfer to

investment properties

持作出售之物业转拨至

投资物业时之重估亏损

3,856–3,856

Los on revaluation of

investment properties

投资物业之重估亏损

–2,849–2,849

150China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

9. SEGMENT INFORMATION (CONT’D)

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Properties

development

Properties

investment

Properties

management

Hydroelectric

power

busines

Other

segmentTotal

物业开发物业投资物业管理水电业务其他分类总计

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

千港元千港元千港元千港元千港元千港元

Amounts included in the

measurement of segment

results or segment asets:

纳入分类业绩或分类资产

计量之款项：

Aditions of property,

plant and equipment

增购物业、厂房及设备

–459–459

Aditions of right-of-use asets新增使用权资产–685685

Depreciation of property,

plant and equipment

物业、厂房及设备折旧

2378–2,602–2,982

Depreciation of right-of-use

asets

使用权资产折旧

–386386

Los on revaluation of

investment properties

投资物业之重估亏损

–7,304–7,304

151二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(d) 地区分类

本集团来自外部客户之收益（按客户

所在地区）及有关其非流动资产资料

（按资产所在地区）之详情如下：

来自外部客户之收益

非流动资产

(e) 主要客户资料

占本集团总收益10%或以上之客户

收益载列如下：

9. SEGMENT INFORMATION (CONT’D)

(d) Geographical segments

The Group’s revenue from external customers (based on

location of customers) and information about its non-

curent asets by geographical location of the asets are

detailed below:

Revenue from external customers

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

The PRC中国19,85531,917

Non-curent asets

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Hong Kong香港228571

The PRC中国129,71353,027

129,94153,598

(e) Information about major customers

Revenue from customers contributing 10% or more of the

total revenue of the Group is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Customer A (Hydroelectric power busines)客户A（水电业务）4,0604,103

152China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

10. 其他收益

11. 财务成本

10. OTHER GAIN

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest income利息收入75

Exchange gain, net汇兑收益净额–8

Others其他4361

11. FINANCE COSTS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest expenses on:以下各项之利息开支：

– borowings－借贷2,4602,482

– bonds payable－应付债券442702

– lease liabilities－租赁负债2717

2,9293,201

153二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

12. 除税前亏损

于扣除以下各项后呈列：

12. LOS BEFORE TAX

This is stated after charging:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Staf costs (including directors’ remuneration):员工成本（包括董事酬金）：

– Wages and salaries－工资及薪金3,3521,921

– Contribution to defined contribution schemes－定额供款计划之供款339298

3,6912,219

Other items:其他项目：

Auditors’ remuneration核数师酬金

– Audit services－核数服务820820

– Other services－其他服务2020

Cost of inventories sold销售存货成本13,60024,986

Depreciation以下各项之折旧

– Property, plant and equipment－物业、厂房及设备2,9362,982

– Right-of-use asets－使用权资产343386

Legal and profesional fe法律及专业费用2,2633,309

Marketing and promotion expenses营销及推广开支2751,514

154China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

13. 董事及五名最高薪酬人士酬金

(a) 董事及主要行政人员

13. DIRECTORS’ AND FIVE HIGHEST PAID

INDIVIDUALS’ EMOLUMENTS

(a) Directors and chief executive

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Fes

Salaries

and other

short-term

employe

benefits

Discretionary

bonus

Contribution

to defined

contribution

schemesTotal

袍金

薪金及

其他短期

雇员福利酌情花红

定额供款

计划供款总额

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

附注千港元千港元千港元千港元千港元

Executive directors:执行董事：

Wang Jing王晶(i)–600–600

Wang Xing Qiao王星乔(i)–1,072–181,090

Zhao Shuang赵爽(i)–

Non-executive director:非执行董事：

Zhao Hongxia赵洪霞(i)–

Independent non-executive

directors:

独立非执行董事：

Su Bo苏波100–100

Tang Sheng Zhi唐生智100–100

Zeng Guanwei曾冠维100–100

3001,672–181,990

155二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

13. 董事及五名最高薪酬人士酬金

（续）

(a) 董事及主要行政人员（续）

附注：

(i) 王晶先生为董事局主席。

(i) 王星乔先生为本公司行政总裁。

(i) 赵爽先生于二零二四年十一月

十五日辞任执行董事及赵洪霞女

士于二零二四年十一月十五日获

委任为非执行董事。

13. DIRECTORS’ AND FIVE HIGHEST PAID

INDIVIDUALS’ EMOLUMENTS (CONT’D)

(a) Directors and chief executive (CONT’D)

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Fes

Salaries

and other

short-term

employe

benefits

Discretionary

bonus

Contribution

to defined

contribution

schemesTotal

袍金

薪金及

其他短期

雇员福利酌情花红

定额供款

计划供款总额

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

附注千港元千港元千港元千港元千港元

Executive directors:执行董事：

Wang Jing王晶(i)–280–280

Wang Xing Qiao王星乔(i)–444–13457

Zhao Shuang赵爽(i)–

Independent non-executive

directors:

独立非执行董事：

Su Bo苏波100–100

Tang Sheng Zhi唐生智100–100

Zeng Guanwei曾冠维100–100

300724–131,037

Notes:

(i) Mr. Wang Jing is the chairman of the Board of Directors.

(i) Mr. Wang Xing Qiao is the chief executive oficer of the

Company.

(i) Mr. Zhao Shuang resigned as an executive director on 15

November 2024 and Ms. Zhao Hongxia was apointed as

a non-executive director on 15 November 2024.

156China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

13. 董事及五名最高薪酬人士酬金

（续）

(a) 董事及主要行政人员（续）

截至二零二五年及二零二四年三月

三十一日止年度，概无就管理本公司

或其附属公司事务之其他董事服务

向本公司董事支付或应付任何绩效

奖励付款及酬金。

执行董事薪酬主要为彼等管理本公

司及本集团事务所提供服务的酬金。

独立非执行董事薪酬主要为彼等作

为本公司董事所提供服务的酬金。

截至二零二五年及二零二四年三月

三十一日止年度，概无董事放弃任何

酬金。

本集团概无向任何董事支付或应付

薪酬，作为彼等加入或加入本集团后

之奖励或离职补偿。

(b) 五名最高薪酬人士

本集团五名最高薪酬人士包括以下

人士：

附注：

三名（二零二四年：三名）董事于截至二零

二五年三月三十一日止年度获得同等金额

的薪酬，为本集团第五（二零二四年：第五）

高薪酬个人。该三（二零二四年：三）名董

事中只有一（二零二四年：一）名列入上述

五名最高薪酬人士资料。

13. DIRECTORS’ AND FIVE HIGHEST PAID

INDIVIDUALS’ EMOLUMENTS (CONT’D)

(a) Directors and chief executive (CONT’D)

No performance related incentive payments and

emoluments in respect of directors’ other services in

conection with the management of the Company or its

subsidiaries were paid or payable to the directors of the

Company for the years ended 31 March 2025 and 2024.

The executive directors’ emoluments were mainly for their

services in conection with the management of the afairs

of the Company and the Group. The emoluments of the

independent non-executive directors were mainly for their

services as directors of the Company.

None of the directors waived any emoluments during the

years ended 31 March 2025 and 2024.

No emoluments were paid or payable by the Group to any

of the directors as an inducement to join or upon joining

the Group or as compensation for los of ofice.

(b) Five highest paid individuals

The five highest paid individuals of the Group included the

folowing:

二零二五年二零二四年

Director (note)董事（附注）33

Non-director individual非董事个人22

Note:

Thre (2024: Thre) directors received the same amount of

renumeration during the year ended 31 March 2025 who were

ranked as the fifth (2024: fifth) highest paid individuals of the

Group. Only one (2024: one) of these thre (2024: thre) directors

were listed in the above 5 highest paid individual information.

157二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

13. 董事及五名最高薪酬人士酬金

（续）

(b) 五名最高薪酬人士（续）

上述董事的薪酬详情载于综合财务

报表附注13(a)。余下两名（二零二四

年：两名）最高薪酬雇员的酬金如下：

该等最高薪酬雇员酬金之金额范围

如下：

本集团概无向任何五名最高薪酬人

士支付或应付薪酬，作为彼等加入或

加入本集团后之奖励或离职补偿。

截至二零二五年及二零二四年三月

三十一日止年度，概无人士放弃任何

酬金。

13. DIRECTORS’ AND FIVE HIGHEST PAID

INDIVIDUALS’ EMOLUMENTS (CONT’D)

(b) Five highest paid individuals (CONT’D)

The details of the above directors’ remuneration are set

out in note 13(a) to the consolidated financial statements.

The emoluments of the remaining two (2024: two) highest

paid employes are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries and other short-term employe

benefits

薪金及其他短期雇员福利

Contribution to defined contribution

schemes

定额供款计划供款

Emoluments of these highest paid employes were within

the folowing bands:

Number of employes

雇员人数

二零二五年二零二四年

Emolument bands:酬金范围：

Nil–HK$1,000,000零至1,000,000港元22

No emoluments were paid or payable by the Group to

any of the five highest paid individuals as an inducement

to join or upon joining the Group or as compensation

for los of ofice. None of these individuals waived any

emoluments during the years ended 31 March 2025 and

2024.

158China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

14. 所得税开支

香港利得税以本年度之估计应课税溢利按税

率16.5%（二零二四年：16.5%）计算。由于

本集团于截至二零二五年及二零二四年三月

三十一日止年度并无任何应课税溢利，故并

无于两个年度就香港利得税计提拨备。

有关中国内地业务运营之中国企业所得税

（「企业所得税」）乃根据现行法例、诠释及有

关惯例就本年度估计应课税溢利按税率25%

（二零二四年：25%）计算。

土地增值税就土地增值按累进税率30%至

60%征收。

14. INCOME TAX EXPENSES

Hong Kong Profits Tax is calculated at 16.5% (2024:16.5%) of the

estimated asesable profits for the year. No provision for Hong

Kong Profits Tax has ben made as the Group has no asesable

profits for the years ended 31 March 2025 and 2024.

The PRC Enterprise Income Tax (“EIT”) in respect of operations

in Mainland China is calculated at a rate of 25% (2024: 25%)

on the estimated asesable profits for the year based on existing

legislation, interpretations and practices in respect thereof.

LAT is levied at progresive rates ranging from 30% to 60% on

the apreciation of land value.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

EIT企业所得税

Curent year－本年度1151

LAT土地增值税

Curent year－本年度223878

159二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

税项开支对账

15. 股息

本公司董事不建议就截至二零二五年及二零

二四年三月三十一日止年度派付任何股息。

14. INCOME TAX EXPENSES (CONT’D)

Reconciliation of tax expenses

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Los before tax除税前亏损(24,103)(17,660)

Tax calculated at the domestic tax rate of 16.5%

(2024: 16.5%)

按本地税率16.5%（二零二四年：

16.5%）计算之税项(3,977)(2,913)

Non-deductible expenses不可扣减开支2,1031,693

Tax exempt revenue税项豁免收益(53)(113)

Efect of diferent tax rates of subsidiaries

operating in other jurisdictions

于其他司法权区经营之

附属公司不同税率之影响(378)(344)

Tax efect of tax loses not recognised未确认税项亏损之税务影响2,8272,138

Tax efect of temporary diference not recognised未确认暂时差额之税务影响2230

Utilisation of tax loses previously not recognised动用先前未确认之税项亏损(350)(125)

Others其他(127)(96)

LAT土地增值税223878

EIT efect of LAT土地增值税之企业所得税影响(56)(219)

15. DIVIDENDS

The directors of the Company do not recomend the payment of

any dividend for the years ended 31 March 2025 and 2024.

160China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

16. 每股亏损

本公司每股基本及摊薄亏损乃根据以下数据

计算：

截至二零二五年及二零二四年三月三十一日

止年度，每股摊薄亏损与每股基本亏损相同。

于截至二零二五年及二零二四年三月三十一

日止年度，本公司并无任何潜在摊薄普通股。

16. LOS PER SHARE

The calculation of the basic and diluted los per share of the

Company is based on the folowing data:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Los for the year年度亏损(24,337)(18,589)

Number of shares

股份数目

二零二五年二零二四年

Weighted average number of ordinary shares

for the basic and diluted los per share

用于计算每股基本及摊薄亏损之

加权平均普通股数目212,839,878212,839,878

二零二五年二零二四年

HK centsHK cents

港仙港仙

Los per share:每股亏损：

Basic and diluted基本及摊薄(11.43)(8.73)

Diluted los per share is same as the basic los per share for the

years ended 31 March 2025 and 2024. The Company did not

have any dilutive potential ordinary shares during the years ended

31 March 2025 and 2024.

161二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

17. 投资物业

于二零二五年三月三十一日，投资物业指本

集团持有作出租用途的商业物业及停车场。

该等物业位于(i)中国辽宁省本溪市平山区站

前；(i)中国辽宁省本溪市平山区兴隆街；(i)

中国辽宁省本溪市明山区峪明路；(iv)中国

辽宁省本溪市平山区胜利路5幢1层1号；及

(v)中国辽宁省本溪市桓仁县中心大街八卦城

干街商业街（「八卦城项目一」）。

17. INVESTMENT PROPERTIES

HK$’000

千港元

AT FAIR VALUE按公平值

At 1 April 2023于二零二三年四月一日35,831

Los on revaluation of investment properties投资物业之重估亏损(7,304)

Exchange realignment汇率调整(1,950)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日26,577

Transfer from properties held for sale转拨自持作出售之物业82,067

Los on revaluation of investment properties投资物业之重估亏损(2,849)

Exchange realignment汇率调整577

At 31 March 2025于二零二五年三月三十一日106,372

As at 31 March 2025, the investment properties represented the

comercial properties and carparks held by the Group for rental

purpose. These properties are situated in (i) Zhanqian, Pingshan

District, Benxi City, Liaoning Province, the PRC; (i) Xinglong

Stret, Pingshan District, Benxi City, Liaoning Province, the PRC;

(i) Yuming Road, Mingshan District, Benxi City, Liaoning Province,

the PRC; (iv) No. 1, the first flor, Block 5, Shengli Road, Pingshan

District, Benxi City, Liaoning Province, the PRC; and (v) Qian Jie

Comercial Stret, Bagua Town, Center Stret, Huanren County,

Benxi City, Liaoning Province, the PRC (the “Bagua Town Project

I”).

162China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

于二零二四年三月三十一日，投资物业指本

集团持有作出租用途的商业物业及停车场。

该等物业位于(i)中国辽宁省本溪市平山区站

前；(i)中国辽宁省本溪市平山区兴隆街；(i)

中国辽宁省本溪市明山区峪明路；及(iv)中

国辽宁省本溪市平山区胜利路5幢1层1号。

管理层于二零二四年十月决定将八卦城项目

一的用途由持作出售之物业更改为租赁以赚

取租金收入。本集团于截至二零二五年三月

三十一日止年度已与第三方租户订立若干

租赁协议。因此，八卦城项目一项下持作出

售且公平值为82,067,000港元的物业（经作

出公平值亏损调整3,856,000港元）已于二零

二四年十月由持作出售之物业转拨至投资物

业。八卦城项目一于转拨日期的公平值乃由

独立估值师采用直接比较法（就类似地点及

状况的商业物业而言）进行重估。

余下商业物业及停车场的公平值乃根据一名

与本集团无关的独立合资格专业估值师进行

的估值而厘定。估值乃参考类似地点及状况

的类似物业的近期市价或市场租金而厘定。

估值方法及估值所用输入数据的详情已于综

合财务报表附注7披露。

17. INVESTMENT PROPERTIES (CONT’D)

As at 31 March 2024, the investment properties represented the

comercial properties and carparks held by the Group for rental

purpose. These properties are situated in (i) Zhanqian, Pingshan

District, Benxi City, Liaoning Province, the PRC; (i) Xinglong

Stret, Pingshan District, Benxi City, Liaoning Province, the PRC;

(i) Yuming Road, Mingshan District, Benxi City, Liaoning Province,

the PRC; and (iv) No. 1 the first flor, Block 5, Shengli Road,

Pingshan District, Benxi City, Liaoning Province, the PRC.

The management decided to change the use of Bagua Town

Project I from properties held for sale to leasing for earning rental

income in October 2024. The Group has entered into several

tenancy agrements with third-party tenants during the year

ended 31 March 2025. Therefore, properties held for sale under

the Bagua Town Project I with fair value of HK$82,067,000, after

fair value los adjustment of HK$3,856,000, were transfered from

properties held for sale to investment properties in October 2024.

The fair value of Bagua Town Project I on date of transfer was

revalued by an independent valuer using the direct comparison

aproach for comercial properties in similar locations and

conditions.

The fair values of the remaining comercial properties and

carparks had ben arived at on the basis of valuations caried out

by an independent qualified profesional valuer not conected to

the Group. The valuations were arived at by reference to recent

market prices or market rents for similar properties in similar

locations and conditions. The details of valuation techniques

and inputs used in the valuations are disclosed in note 7 to the

consolidated financial statements.

163二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

于报告期末，投资物业由独立合资格专业

估值师根据市值基准采用直接比较法（就商

业物业而言）及根据类似地点及状况的可比

物业的单位市场租金收入资本化后（扣除估

计直接经营成本）采用收入资本化方法（就

停车场而言）进行重估。投资物业之公平

值合共为106,372,000港元（二零二四年：

26,577,000港元），导致于截至二零二五年

三月三十一日止年度损益中确认2,849,000

港元（二零二四年：7,304,000港元）之投资

物业重估亏损。

于报告期末，本集团抵押商业物业

14,851,000港元（二零二四年：17,603,000

港元）以担保授予本集团的借贷。于二零

二五年三月三十一日，投资物业位于中国的

土地且剩余租期介乎于十一至三十一年（二

零二四年：十二至三十二年）。

经营租赁下的承诺－作为出租人

除按小时收取租金的停车场外，本集团亦根

据经营租赁向一名第三方出租若干投资物业，

租期为二十年（二零二四年：二十年）。每月

租金包括可变付款，该等付款基于租户销售

额的百分比。租约条款亦要求租户根据当时

的市况支付保证金。

17. INVESTMENT PROPERTIES (CONT’D)

At the end of the reporting period, the investment properties

were revalued by the independent qualified profesional valuer

on the market value basis using direct comparison aproach for

comercial properties and the income capitalisation aproach

based on the capitalisation of unit market rental income of

comparable properties, net of estimated direct operating costs,

in similar locations and conditions, for carparks. The fair values

of the investment properties were HK$106,372,000 (2024:

HK$26,577,000) in agregate, resulting in los on revaluation of

investment properties of HK$2,849,000 (2024: HK$7,304,000)

recognised in profit or los during the year ended 31 March 2025.

At the end of the reporting period, the Group pledged comercial

properties of HK$14,851,000 (2024: HK$17,603,000) to secure

the borowings granted to the Group. As at 31 March 2025, the

investment properties were situated on lands in the PRC with

remaining lease term ranging from 11 to 31 years (2024: 12 to 32

years).

Comitments under operating leases – as lesor

In adition to the carparks on which rental is charged on an hourly

basis, the Group also leases out certain of its investment properties

to a third party under operating leases with a lease term of 20

years (2024: 20 years). Monthly rental charges consist of variable

payments that are based on a percentage of sales of the tenants.

The terms of the leases also require the tenants to pay security

deposits acording to the then prevailing market conditions.

164China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

经营租赁下的承诺－作为出租人（续）

八卦城项目一租赁予若干第三方租户，租期

介乎二至二十一年，其中首五年为不可撤销

及自第六年开始为可由本集团及租户随时撤

销。租赁并无包含任何重续选择权。每月租

金费用包括可根据市场迹象调整的固定付款。

有关经营租赁租赁收入的详情载于综合财务

报表附注8。

下列为自投资物业租赁将收取的未贴现租赁

付款的到期分析。

17. INVESTMENT PROPERTIES (CONT’D)

Comitments under operating leases – as lesor (CONT’D)

Bagua Town Project I is leased to various third-party tenants

for lease terms ranging from 2 to 21 years, in which the first 5

years are non-cancelable and comencing to the sixth year are

cancelable anytime by the Group and the tenant. The leases do

not contain any renewal option. Monthly rental charges consist of

fixed payments that are adjustable based on the market indication.

The details of the lease income from operating leases are set out

in note 8 to the consolidated financial statements.

Below is a maturity analysis of undiscounted lease payments to be

received from the leasing of investment properties.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Year 1第一年1,368–

Year 2第二年1,302–

Year 3第三年1,242–

Year 4第四年1,242–

Undiscounted lease payments to be received将收取的未贴现租赁付款5,154–

165二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

、厂房及设备18. PROPERTY, PLANT AND EQUIPMENT

Motor

vehicles

Leasehold

improvement

Hydroelectric

power stations

and related

infrastructure

Furniture,

fixtures and

equipment

Plant and

machineryTotal

汽车租赁物业装修

水电站及

19. RIGHT-OF-USE ASETS/LEASE LIABILITIES

The movements of right-of-use asets and lease liabilities are as

folows:

Year ended 31 March 2025:

Ofice premises

办公场所

Right-of-use

asets

Lease

liabilities

使用权资产租赁负债

HK$’000HK$’000

千港元千港元

At the begining of the reporting period 于报告期初571(574)

Depreciation of right-of-use asets使用权资产折旧(343)–

Interest expenses on lease liabilities租赁负债的利息开支–(27)

Lease payments租赁付款–364

At the end of the reporting period于报告期末228(237)

Curent portion即期部分(237)

Non-curent portion非即期部分–

(237)

167二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

╱租赁负债（续）

截至二零二四年三月三十一日止年度：

本集团作为承租人

本集团为其日常运营以固定租赁付款于香港

租赁办公场所，为期两年（二零二四年：两

年）。租赁办公场所订有限制，即除非获出

租人批准，否则使用权资产仅可供本集团使

用及禁止本集团销售或抵押相关资产。此外，

本集团亦须将该等物业保持良好维修状况，

并于租赁结束时按原本状况交回该等物业。

19. RIGHT-OF-USE ASETS/LEASE LIABILITIES

(CONT’D)

Year ended 31 March 2024:

Ofice premises

办公场所

Right-of-use

asets

Lease

liabilities

使用权资产租赁负债

HK$’000HK$’000

千港元千港元

At the begining of the reporting period 于报告期初272(301)

Aditions (note 33(b)(i)添置（附注33(b)(i)）685(685)

Depreciation of right-of-use asets使用权资产折旧(386)–

Interest expenses on lease liabilities租赁负债的利息开支–(17)

Lease payments租赁付款–429

At the end of the reporting period于报告期末571(574)

Curent portion即期部分(337)

Non-curent portion非即期部分(237)

(574)

The Group as lese

The Group leased ofice premises in Hong Kong for its daily

operations for a term of two years (2024: two years) with fixed

lease payments. The lease of ofice premises imposes a restriction

that, unles aproval is obtained from the lesor, the right-of-use

asets can only be used by the Group and the Group is prohibited

from seling or pledging the underlying asets. In adition, the

Group is also required to kep those properties in a god state of

repair and return the properties in their original condition at the

end of the lease.

168China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

╱租赁负债（续）

本集团作为承租人（续）

本集团于年内已确认以下金额：

经营租赁承担

于二零二五年三月三十一日，本集团并无短

期租赁承担（二零二四年：无）。

、按金及其他应

收款项

19. RIGHT-OF-USE ASETS/LEASE LIABILITIES

(CONT’D)

The Group as lese (CONT’D)

The Group has recognised the folowing amounts for the year:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Total cash outflow for leases租赁现金流出总额364429

Comitments under operating leases

As at 31 March 2025, the Group had no comitment for short-

term leases (2024: Nil).

20. TRADE RECEIVABLES, DEPOSITS AND

OTHER RECEIVABLES

20252024

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Trade receivables贸易应收款项13,10513,488

Les: Los alowance减：亏损拨备(a)(5,278)–

(a)7,82713,488

Prepayments for properties for sale

under development

发展中待售物业预付款项

(b)6,4346,472

Prepayments预付款项1,812636

Other tax receivables其他应收税项(b)11,45212,255

Deposits and other receivables按金及其他应收款项(b)1,6681,778

Amount due from a director应收董事款项(c)21–

Amount due from imediate holding

company

应收直接控股公司款项

29,52134,629

169二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

、按金及其他应

收款项（续）

附注：

(a) 于报告期末，贸易应收款项（扣除亏损拨

备）基于发票日期（与各确认日期相近）之

账龄分析如下：

本集团给予其贸易客户之平均信贷期介乎

0至365日（二零二四年：0至365日）。接

纳任何新客户之前，管理层评估潜在客户

的信贷质量，并划定适当的信贷额度。管

理层紧密监测贸易应收款项的信贷质量。

截至二零二五年三月三十一日止年度，本

集团于损益确认贸易应收款项亏损拨备

5,278,000港元（二零二四年：零）。年内

贸易应收款项亏损拨备的变动概述如下。

20. TRADE RECEIVABLES, DEPOSITS AND

OTHER RECEIVABLES (CONT’D)

Notes:

(a) The ageing analysis of trade receivables, net of los alowance,

based on invoice dates which aproximate the respective

recognition dates, at the end of the reporting period is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

0–30 days0至30日–46

31–60 days31至60日–710

61–90 days61至90日–14

Over 90 days超过90日7,82712,718

7,82713,488

The Group alows an average credit period ranging from 0 to 365

days (2024: 0 to 365 days) to its trade customers. Before acepting

any new customers, the management aseses the credit quality

of the potential customers and determine apropriate credit

limits. Management closely monitors the credit quality of trade

receivables.

During the year ended 31 March 2025, the Group recognised los

alowances of trade receivables of HK$5,278,000 (2024: Nil) in

the profit or los. The movement in the los alowances of trade

receivables during the year is sumarised below.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At the begining of the reporting period于报告期初–

Increase in los alowances亏损拨备增加5,278–

At the end of the reporting period于报告期末5,278–

170China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

、按金及其他应

收款项（续）

附注：（续）

(a) （续）

本集团应用香港财务报告准则第9号之简

化方法就贸易应收款项采用全期预期亏损

拨备计提预期信贷亏损拨备。为计量预期

信贷亏损，贸易应收款项已按共同信贷风

险特征及逾期日数分类并根据前瞻性资料

进行调整。

(b) 于二零二五年三月三十一日，本集团预

期将于超过12个月后收回的发展中待

售物业预付款项及其他应收税项合共为

12,689,000港元（二零二四年：发展中待

售物业预付款项、其他应收税项以及按金

及其他应收款项合共为10,577,000港元）。

偿还（二零二四年：无）。

于报告期内，于一名董事及直接控股公司

存置的往来账户的最高结余分别为21,000

港元（二零二四年：无）及307,000港元（二

零二四年：无）。

20. TRADE RECEIVABLES, DEPOSITS AND

OTHER RECEIVABLES (CONT’D)

Notes: (CONT’D)

(a) (CONT’D)

The Group aplies the simplified aproach under HKFRS 9 to

provide for ECL using the lifetime expected los provision for trade

receivables. To measure ECL, trade receivables have ben grouped

based on shared credit risk characteristics and past due days

adjusted for forward loking information.

Curent

Les than

30 days

past due

31–60

days

past due

61–90

days

past due

91–180

days

past due

181 days–

1 year

past due

Over

1 year

past due

Over

2–3 years

past dueTotal

即期

逾期

30天内

逾期

31至60天

逾期

61至90天

逾期

91至180天

逾期

181天至1年

逾期

超过1年

逾期

超过2至3年总计

At 31 March 2025于二零二五年三月三十一日

Weighted average expected los rate加权平均预期亏损率0%0%0%0%0%0%77%91%67%

Receivable amount (HK$’000)应收款项金额（千港元）658–689–4185,3461,2284,76613,105

Los alowance (HK$’000)亏损拨备（千港元）–9434,3355,278

Curent

Les than

30 days

past due

31–60

days

past due

61–90

days

past due

91–180

days

past due

181 days–

1 year

past due

Over

1 year

past due

Over

2–3 years

past dueTotal

即期

逾期

30天内

逾期

31至60天

逾期

61至90天

逾期

91至180天

逾期

181天至1年

逾期

超过1年

逾期

超过2至3年总计

At 31 March 2024于二零二四年三月三十一日

Weighted average expected los rate加权平均预期亏损率0%0%0%0%0%0%0%0%0%

Receivable amount (HK$’000)应收款项金额（千港元）6,76246177973612723,2761,95713,488

Los alowance (HK$’000)亏损拨备（千港元）–

(b) As at 31 March 2025, the Group had prepayments for properties

for sale under development and other tax receivables totaling

of HK$12,689,000 (2024: prepayments for properties for sale

under development, other tax receivables and deposits and other

receivables totaling of HK$10,577,000), that were expected to be

recovered after more than 12 months.

demand (2024: Nil).

During the reporting period, the maximum balances of the curent

acounts maintained with a director and the imediate holding

company are HK$21,000 (2024: Nil) and HK$307,000 (2024:Nil)

respectively.

171二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

21. 发展中待售物业

发展中待售物业均位于中国辽宁省本溪市桓

仁县桓仁镇中心05组0幢0单元1号及按成

本与可变现净值（「可变现净值」）之较低者列

账。

发展中待售物业之可变现净值乃经参考本集

团所委聘独立专业估值师进行的估值而评估。

估值乃经参考类似地点及状况之类似物业的

近期市价厘定。

于二零二五年三月三十一日，发展中待售物

业14,021,000港元（二零二四年：14,103,000

港元）已抵押以担保授予第三方本金总额约

25,467,000港元（二零二四年：25,617,000

港元）之银行融资。

21. PROPERTIES FOR SALE UNDER

DEVELOPMENT

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Properties for sale under development发展中待售物业14,02114,103

Expected to be completed and available for sale:预计竣工并发售：

– After one year－一年后14,02114,103

Properties for sale under development are situated in No. 1, Unit

0, Block 0, Group 05, Huanren County Center, Huanren County,

Benxi, Liaoning Province, the PRC and stated at lower of cost and

net realisable value (the “NRV”).

The NRV of properties for sale under development was asesed

with reference to valuations caried out by an independent

profesional valuer engaged by the Group. The valuations

were arived at by reference to recent market prices for similar

properties in similar locations and conditions.

Properties for sale under development of HK$14,021,000 as

at 31 March 2025 (2024: HK$14,103,000) were pledged to

secure banking facility with an agregate principal amount of

aproximately HK$25,467,000 (2024: HK$25,617,000) granted to

third parties.

172China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

22. 持作出售之物业

于二零二五年三月三十一日，持作出售之物

业指位于中国辽宁省本溪市桓仁县福民街1

号13组之物业（「西关项目」）（二零二四年：

西关项目及八卦城项目一）。所有持作出售

之物业均位于中国及按成本与可变现净值之

较低者列账。

截至二零二五年三月三十一日止年度，如综

合财务报表附注17所述，八卦城项目一中持

作出售且账面值为82,067,000港元的物业（经

作出公平值亏损调整3,856,000港元）已转拨

至投资物业。

于报告期末，西关项目之可变现净值乃由管

理层经参考物业估计售价减销售物业将产生

的成本后估计（二零二四年：相同）。

于二零二四年三月三十一日，八卦城项目一

之可变现净值乃经参考本集团委聘的独立合

资格专业估值师进行的估值根据物业估计售

价减销售物业将产生的成本评估。

22. PROPERTIES HELD FOR SALE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Properties held for sale持作出售之物业53,870155,224

Expected to be sold:预期出售时间：

– Within one year－一年内53,87084,286

– Over one year－超过一年–70,938

53,870155,224

As at 31 March 2025, the properties held for sale represented

properties situated in No. 1, Group 13, Fumen Stret, Huanren

County, Benxi City, Liaoning Province, the PRC (the “Xiguan

Project”) (2024: Xiguan Project and Bagua Town Project I). Al

properties held for sale are located in the PRC and stated at lower

of cost and the NRV.

During the year ended 31 March 2025, properties held for sale of

the Bagua Town Project I with carying value of HK$82,067,000,

after fair value los adjustment of HK$3,856,000, were transfered

to investment properties as mentioned in note 17 to the

consolidated financial statements.

At the end of the reporting period, the NRV of Xiguan Project was

estimated by the management with reference to estimated seling

prices of the properties les costs to be incured in seling the

properties (2024: same).

As at 31 March 2024, the NRV of Bagua Town Project I

was asesed with reference to valuations caried out by an

independent qualified profesional valuer engaged by the Group,

based on estimated seling prices of the properties les costs to be

incured in seling the properties.

173二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

23. 合约负债

年内香港财务报告准则第15号范围内客户

合约产生之合约负债变动（相同年度内因增

加及减少产生之变动除外）如下：

于二零二五年三月三十一日，所有（二零

二四年：所有）未履行之履约责任均为合约

之一部分，该等合约的原预计期限为一年或

以下。鉴于本集团应用香港财务报告准则第

15号第121(a)段之权宜安排，该等履约责任

获分配之交易价格未予披露。

24. 应付直接控股公司之款项

应付款项为免息、无抵押并须按要求偿还。

23. CONTRACT LIABILITIES

The movements (excluding those arising from increases and

decreases both ocured within the same year) of contract

liabilities from contracts with customers within HKFRS 15 during

the year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At the begining of the reporting period于报告期初4,2895,749

Recognised as revenue确认为收益(2,821)(3,410)

Receipt of advances or recognition of receivables收到垫款或确认应收款项1,3302,263

Exchange diference汇兑差额(81)(313)

At the end of the reporting period于报告期末2,7174,289

Al (2024: Al) the performance obligations that are unsatisfied

as at 31 March 2025 are part of contracts that have an original

expected duration of one year or les. Given that the Group

aplies the practical expedient in paragraph 121(a) of HKFRS 15,

the transaction price alocated to these performance obligations is

not disclosed.

24. AMOUNT DUE TO IMEDIATE HOLDING

COMPANY

The amount due was interest-fre, unsecured and repayable on

demand.

174China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

25. 贸易应付款项及应计费用

附注：

(a) 于报告期末按发票日期呈列之贸易应付款

项之账龄分析如下：

平均信贷期为90天（二零二四年：90天）

且若干供应商按个案基准授予更长信贷期。

(b) 其他应付账项包括于年末根据发票程序应

付客户款项2,546,000港元（二零二四年：

3,041,000港元）。该等款项为无抵押、免

息且并无固定还款期限。

25. TRADE PAYABLES AND ACRUED

CHARGES

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Trade payables贸易应付款项(a)2,0072,620

Other creditors其他应付账项(b)6,6626,805

Interest payable应付利息12,83510,452

Acrued expenses应计开支6,4527,042

27,95626,919

Notes:

(a) The ageing analysis of trade payables based on invoice dates at

the end of the reporting period is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Over 90 days超过90日2,0072,620

The average credit period is 90 days (2024: 90 days) and certain

supliers grant longer credit period on a case-by-case basis.

(b) Included in the other creditors were the payables of HK$2,546,000

(2024: HK$3,041,000) to customers under invoicing proces as at

the end of the year. The amounts are unsecured, interest-fre and

have no fixed repayment term.

175二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

26. 借贷

借贷偿还如下：

于二零二五年三月三十一日之借贷

20,374,000港元（二零二四年：20,493,000

港元）按年利率12厘计息，由投资物业

14,851,000港元（二零二四年：17,603,000

港元）（附注17）作担保，并须于二零二五年

五月二日（二零二四年：二零二四年五月二日）

偿还。于报告期末之后，借贷的还款日期延

长一年至二零二六年五月二日，所有其他条

款维持不变。

26. BOROWINGS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Other borowings, secured其他借贷，有抵押20,37420,493

The borowings are repayable as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within one year一年内20,37420,493

The borowings of HK$20,374,000 (2024: HK$20,493,000)

as at 31 March 2025 are interest-bearing at 12% per anum,

secured by investment properties of HK$14,851,000 (2024:

HK$17,603,000) (note 17) and repayable on 2 May 2025 (2024:

2 May 2024). Subsequent to the end of the reporting period, the

repayment date of the borowings are extended for one year to 2

May 2026 with al other terms remain unchanged.

176China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

27. 应付债券

于二零二五年三月三十一日，本公司根据日

期为二零一八年十一月十三日之配售协议（内

容有关发行本金总额最高为200,000,000港

元之债券）发行本金额为6,760,000港元（二

零二四年：6,960,000港元）之公司债券。债

券的固定年利率介乎6厘至6.5厘。债券届满

期限为自发行日期起计三至五年，且利息须

每半年支付一次（即每年六月三十日及十二

月三十一日）及于到期日支付。

于二零二四年三月一日，本公司收到部分债

券持有人就若干未偿还应付本金额及利息发

出的法定要求偿债书。请参阅本公司日期为

二零二四年三月二十一日的公告，以了解详情。

于二零二四年三月三十一日，所有应付债券

均已逾期且为无抵押。金额为6,187,000港

元的若干应付债券按香港首席大法官藉命令

所决定介乎8.53厘至8.58厘的裁决利率计

息，而金额为773,000港元的剩余应付债券

则为免息。

27. BONDS PAYABLE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Corporate bonds公司债券

Curent liabilities流动负债6,7606,960

As at 31 March 2025, the Company had corporate bonds with

principal amount of HK$6,760,000 (2024: HK$6,960,000)

isued under the placing agrement dated 13 November 2018

for bonds isuance with an agregate principal amount of up to

HK$200,000,000. The bonds cary fixed interest rates ranging

from 6% to 6.5% per anum. The bonds are with a maturity

period ranging from thre to five years from the isue date, and

the interests are paid semianualy in arears on 30 June and 31

December in each year and on the maturity date.

On 1 March 2024, the Company received statutory demands from

certain bond holders for certain outstanding principal amounts

and interest payables. Please refer to the anouncement of the

Company dated 21 March 2024 for details.

As at 31 March 2024, al bonds payable were overdue and

unsecured. Certain bonds payable amounting to HK$6,187,000

was interest bearing at judgement interest rate ranging from

8.53% to 8.58% as determined by order by the Chief Justice of

Hong Kong, whereas the remaining bonds payable amounting to

HK$773,000 was interest fre.

177二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

于二零二四年五月十七日，本公司接获于同

日于香港特别行政区高等法院（「香港高等

法院」）提出针对本公司之清盘呈请（「该呈

请」）。该呈请由一名债券持有人（「呈请人」）

作出，旨在根据香港法例第32章《公司（清

盘及杂项条文）条例》的条文，将本公司清盘。

该呈请涉及若干应付债券的未偿还款项合

计3,902,000港元（「未偿还款项」）。于二零

二四年六月二十八日，呈请人已与一名第三

方订立一项协议及完成转让未偿还款项予该

第三方，该第三方独立于本公司及其关连人

士且与彼等概无关连，亦非本公司关连人士。

因此，呈请人已经不再是本公司债券持有人，

并已同意撤销该呈请。本公司收到自香港高

等法院发出之日期为二零二四年七月二十二

日之法令，颁令（其中包括）撤销该呈请。请

参阅本公司日期为二零二四年五月二十日、

二零二四年五月二十四日、二零二四年六月

二十八日及二零二四年七月三十一日的公告，

以了解详情。

于截至二零二五年三月三十一日止年度，本

公司与债券持有人订立若干补充平边契据以

将本金总额为5,987,000港元的若干应付债

券的到期日延长至二零二五年六月三十日及

将利率修订为于经延长期间内每月0.7厘。

于二零二五年三月三十一日，所有应付债

券为无抵押。本金总额为5,987,000港元

的应付债券按利率每月0.7厘计息及须于

二零二五年六月三十日偿还。本金总额为

773,000港元的剩余应付债券已逾期及免息。

27. BONDS PAYABLE (CONT’D)

On 17 May 2024, the Company received a winding-up petition

(the “Petition”) which was filed against the Company on the same

date at the High Court of the Hong Kong Special Administrative

Region (the “Hong Kong High Court”) by a bond holder (the

“Petitioner”) for the winding up of the Company under the

provisions of the Companies (Winding Up and Miscelaneous

Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong).

The Petition is relating to the outstanding amount of certain

bonds payable in an agregate amount of HK$3,902,000 (the

“Outstanding Amount”). On 28 June 2024, the Petitioner has

entered into an agrement with a third party and completed the

transfer of the Outstanding Amount to such third party who is

independent of and not conected with the Company and its

conected person and not otherwise a conected person of the

Company. As such, the Petitioner has ceased to be a bond holder

of the Company and has agred to withdraw the Petition. The

Company received a court order from the Hong Kong High Court

dated 22 July 2024, which ordered, among other things, that the

Petition be withdrawn. Please refer to the anouncements of the

Company dated 20 May 2024, 24 May 2024, 28 June 2024 and

31 July 2024 for details.

During the year ended 31 March 2025, the Company entered

certain suplemental ded pols with bond holders to extend the

maturity date of certain bonds payable in an agregate principal

amount of HK$5,987,000 to 30 June 2025 and amended the

interest rate to 0.7% per month during the extended period.

As at 31 March 2025, al bonds payable were unsecured. The

bonds payable of an agregate principal amount of HK$5,987,000

was interest bearing at the interest rate of 0.7% per month and

repayable on 30 June 2025. The remaining bonds payable of an

agregate principal amount of HK$773,000 was overdue and

interest fre.

178China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

27. BONDS PAYABLE (CONT’D)

The Company has ben actively comunicating and maintaining

constructive dialogue with the bond holders and is in the proces

of amicable negotiation with the bond holders in respect of the

repayment plans. On 20 June 2025, certain bond holders agred

to further extend the maturity date of certain bonds payable in

an agregate principal amount of HK$5,987,000 to 31 December

2025 with al other terms remain unchanged.

28. DEFERED TAXATION

As at 31 March 2025, the Group has not recognised defered

tax asets in respect of tax loses of HK$84,259,000 (2024:

HK$70,738,000) due to the unpredictability of future profit

streams. The unused tax loses of HK$44,538,000 (2024:

HK$38,238,000) wil expire within 5 years and the remaining

unused tax loses of HK$39,721,000 (2024: HK$32,500,000) may

be caried forward indefinitely:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Year of expiry到期年份

2025二零二五年4,5714,640

2026二零二六年7,3707,482

2027二零二七年22,54722,888

2028二零二八年3,1803,228

2029二零二九年6,870–

44,53838,238

The profits earned by PRC subsidiaries from 1 January 2008

onwards would be subject to witholding tax if they are

distributed. In the opinion of the directors, al undistributed profits

are expected to be retained in the PRC subsidiaries and not to be

remited out of the PRC in the foreseable future. Acordingly, no

provision for defered tax has ben made. As at 31 March 2025,

none (2024: none) of the PRC subsidiaries had retained profits.

（续）

本公司一直在与债券持有人进行积极沟通

和保持建设性对话，及现正与债券持有人就

还款计划进行友好磋商。于二零二五年六月

二十日，若干债券持有人同意将本金总额为

5,987,000港元的若干应付债券的到期日进

一步延长至二零二五年十二月三十一日，所

有其他条款维持不变。

28. 递延税项

于二零二五年三月三十一日，由于未来溢

利来源不可预测，本集团并未就税项亏损

84,259,000港元（二零二四年：70,738,000

港元）确认递延税项资产。44,538,000港元

（二零二四年：38,238,000港元）之未动用税

项亏损将于5年内到期，及39,721,000港元

（二零二四年：32,500,000港元）之剩余未动

用税项亏损或会无限期结转：

中国附属公司自二零八年一月一日起所赚

取的利润，如进行分配，须缴纳预扣税。董

事认为，所有未分配溢利预期将保留于中国

附属公司，且于可见未来不会汇出中国。因

此，并无就递延税项作出拨备。于二零二五

年三月三十一日，概无（二零二四年：概无）

中国附属公司有保留溢利。

179二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

29. 股本29. SHARE CAPITAL

二零二五年二零二四年

Number

of sharesAmount

Number

of sharesAmount

股份数目金额股份数目金额

HK$’000HK$’000

千港元千港元

Authorised:法定：

Ordinary shares of

HK$0.01 each

每股面值0.01港元

之普通股50,000,000,000500,00050,000,000,000500,000

Isued and fuly paid:已发行及缴足：

At the begining and end

of the reporting period

for ordinary shares of

HK$0.01 each

于报告期初及期末，

就每股面值0.01

港元之普通股而言

212,839,8782,128212,839,8782,128

180China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

30. 储备

(a) 本集团

本集团的储备及其变动金额呈列于

综合权益变动表。

(b) 本公司

本公司的储备及其变动金额如下：

30. RESERVES

(a) The Group

The amounts of the Group’s reserves and movements

therein are presented in the consolidated statement of

changes in equity.

(b) The Company

The amounts of the Company’s reserves and the

movements therein are as folows:

premium

Capital

redemption

reserve

Contributed

surplus

Acumulated

losesTotal

股份溢价

资本赎回

储备缴入盈余累计亏损总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日394,379577,204139,612(889,881)221,314

Los and total comprehensive

los for the year

本年度亏损及

全面亏损总额–(56,612)(56,612)

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日394,379577,204139,612(946,493)164,702

Los and total comprehensive

los for the year

本年度亏损及

全面亏损总额–(7,221)(7,221)

At 31 March 2025于二零二五年

三月三十一日394,379577,204139,612(953,714)157,481

181二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 股份溢价

股份溢价指以高于每股份

面值的价格发行股份所产生

的溢价，并非可分派但可用

于缴足本公司将向其股东发

行的未发行股份，作为缴足

红股或作为回购股份时应付

溢价。

(i) 缴入盈余

本集团的缴入盈余指根据集

团重组而获得之附属公司股

份面值与本公司就此交换所

发行股份面值之间的差额。

(i) 汇兑储备

汇兑储备包括因海外业务之

财务报表换算而产生之所有

外汇差额。储备按综合财务

报表附注3(n)所载之会计政策

处理。

(iv) 资本赎回储备

资本赎回储备指股份回购后

已取消股份，因而本公司已

发行股本根据该等股份面值

扣减。回购溢价按累计溢利

收取。相当于已取消股份面

值之一笔金额自累计溢利转

拨至资本赎回储备。

30. RESERVES (CONT’D)

(i) Share premium

Share premium represents premium arising from

the isue of shares at a price in exces of their par

value per share and is not distributable but may

be aplied in paying up unisued shares of the

Company to be isued to the shareholders of the

Company as fuly paid bonus shares or in providing

for the premiums payable on repurchase of shares.

(i) Contributed surplus

The Group’s contributed surplus represents the

diference betwen the nominal value of the

shares of the subsidiaries acquired pursuant to

the group reorganisation, over the nominal value

of the Company’s shares isued in exchange

therefore.

(i) Translation reserve

The translation reserve comprises al foreign

exchange diferences arising from the translation

of the financial statements of foreign operations.

The reserve is dealt with in acordance with the

acounting policies set out in note 3(n) to the

consolidated financial statements.

(iv) Capital redemption reserve

Capital redemption reserve represents the

canceled shares upon repurchase of shares

and acordingly the isued share capital of the

Company was reduced by the nominal value of

these shares. The premium on repurchase was

charged against acumulated profits. An amount

equivalent to the nominal value of the shares

canceled was transfered from acumulated

profits to the capital redemption reserve.

182China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

31. 资本承担

32. 关联方交易及持续关连交易

除该等综合财务报表其他地方所披露的交

易╱资料外，年内，本集团已订立以下关联

方交易。

年内主要管理人员（为本公司董事）之酬金详

情载于综合财务报表附注13。主要管理人员

被视为本公司董事局之成员，负责规划、指

导及控制本集团之活动。

31. CAPITAL COMITMENTS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Properties for sale under development: 发展中待售物业：

Contracted but not provided for in the

consolidated financial statements

已订约但未于综合财务报表拨备

32. RELATED PARTY TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

In adition to the transactions/information disclosed elsewhere

in these consolidated financial statements, during the year, the

Group entered into the folowing related party transactions.

Details of the remuneration of key management personel,

who are the directors of the Company, during the year are set

out in note 13 to the consolidated financial statements. Key

management personel are demed to be the members of the

Board of Directors of the Company which has responsibility for

planing, directing and controling the activities of the Group.

183二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

33. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(a) Changes in liabilities arising from financing activities

The folowing table shows the changes in the Group’s

liabilities arising from financing activities during the year:

Amount due

to a director

Amount due

to imediate

holding

company

Trade payable

and acrued

chargesBorowings

Bonds

payable

Lease

liabilitiesTotal

应付一名

董事款项

应付直接控股

公司款项

贸易应付款项

及应计费用借贷应付债券租赁负债总计

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

千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日867,72826,29621,7168,28230164,409

Interest expenses利息开支–2,482–702173,201

Change in working capital营运资金变动–(593)–(593)

Exchange diference汇兑差额(4)1,735(1,266)(1,223)–(758)

Non-cash transactions (note b)非现金交易（附注b）–685685

Cash outflow from financing

activities:

融资活动现金流出：

Repayment to a director偿还董事款项(82)–(82)

Repayment to imediate holding

company

偿还直接控股公司款项

–(8,500)–(8,500)

Repayment of bonds payable偿还应付债券–(1,322)–(1,322)

Repayment of lease liabilities偿还租赁负债–(412)(412)

Interest paid已付利息I–(702)(17)(719)

At 31 March 2024于二零二四年

三月三十一日–96326,91920,4936,96057455,909

33. 综合现金流量表附注

(a) 融资活动产生的负债变动

下表展示年内本集团融资活动产生

的负债变动：

184China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

33. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS (CONT’D)

(a) Changes in liabilities arising from financing activities

(CONT’D)

Amount due

to imediate

holding

company

Trade payable

and acrued

chargesBorowings

Bonds

payable

Lease

liabilitiesTotal

应付直接控股

公司款项

贸易应付款项

及应计费用借贷应付债券租赁负债总计

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

千港元千港元千港元千港元千港元千港元

At 1 April 2024 于二零二四年四月一日96326,91920,4936,96057455,909

Interest expenses利息开支–2,460–442272,929

Change in working capital营运资金变动–(1,286)–(1,286)

Exchange diference汇兑差额(7)(137)(119)–(263)

Cash outflow from financing

activities:

融资活动现金流出：

Repayment to imediate holding

company

偿还直接控股公司款项

(956)–(956)

Repayment of bonds payable偿还应付债券–(200)–(200)

Repayment of lease liabilities偿还租赁负债–(337)(337)

Interest paid已付利息–(442)(27)(469)

At 31 March 2025于二零二五年三月三十一日–27,95620,3746,76023755,327

（续）

(a) 融资活动产生的负债变动（续）

185二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 非现金交易

(i) 截至二零二五年三月三十一

日止年度，八卦城项目一

项下持作出售且公平值为

82,067,000港元的物业已由

持作出售之物业转拨至投资

物业（附注17）。

截至二零二四年三月三十一

日止年度，与八卦城项目

一有关的发展中待售物业

87,912,000港元已于竣工后

转拨至持作出售之物业。

(i) 截至二零二四年三月三十一

日止年度，有关租赁物业租

赁安排的使用权资产及租赁

负债分别增加685,000港元。

33. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS (CONT’D)

(b) Non-cash transactions

(i) During the year ended 31 March 2025, properties

held for sale under the Bagua Town Project I with

fair value of HK$82,067,000 were transfered from

properties held for sale to investment properties

(note 17).

During the year ended 31 March 2024, properties

for sale under development of HK$87,912,000,

in respect of the Bagua Town Project I, were

transfered to properties held for sale upon

completion.

(i) During the year ended 31 March 2024, the right-

of-use asets and lease liabilities were increased

by HK$685,000, respectively, in respect of lease

arangements for leased properties.

186China Sinostar Group Company Limited Anual Report 2025

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

34. 主要附属公司

本公司之主要附属公司详情如下：

截至二零二四年三月三十一日止年度，该

附属公司的主要业务为物业开发。

董事认为上表所列本公司附属公司主要影响

本年度之业绩，或构成本集团资产净值主要

部分。董事认为如提供其他附属公司之详情，

将令资料过于冗长。

于本年底或本年度内任何时间，均无附属公

司有任何未偿还贷款资本。

34. PRINCIPAL SUBSIDIARIES

Details of the Company’s principal subsidiaries are as folows:

Company Name

Place of

incorporation

or registration/

operations

Nominal value of

isued ordinary

share capital/

registered capital

Percentage of equity

interests atributable to

the CompanyPrincipal activities

公司名称

注册成立或

已发行普通股本面值╱

注册资本

本公司应占

股本权益百分比主要业务

二零二五年二零二四年

本溪尊赫实业有限公司The PRC*RMB20,000,000100%100%Properties investment

中国*人民币20,000,000元物业投资

本溪市威宁水力发电

有限公司

The PRC*RMB50,000,000100%100%Operation and management

of a hydroelectric power

station

中国*人民币50,000,000元水电站运营管理

本溪满族自治县付家

水力发电有限公司

The PRC*RMB45,500,000100%100%Operation and management

of a hydroelectric power

station

中国*人民币45,500,000元水电站运营管理

本溪同盛房地产开发

有限公司

The PRC*RMB20,050,000100%100%Properties development

中国*人民币20,050,000元物业开发

本溪同盛物业管理

有限公司

The PRC*RMB50,000,000100%100%Properties management

中国*人民币50,000,000元物业管理

本溪中富实业有限公司The PRC*RMB10,000,000100%100%Properties investment

中国*人民币10,000,000元物业投资

本溪中富房地产开发

有限公司

The PRC*RMB20,000,000100%100%Properties development

中国*人民币20,000,000元物业开发

* These subsidiaries are wholy foreign owned enterprises in the

PRC.

During the year ended 31 March 2024, the principal activity of the

subsidiary was property development.

The above table lists the subsidiaries of the Company which, in the

opinion of the directors, principaly afect the results for the year

or constitute a substantial portion of the net asets of the Group.

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

directors, result in particulars of excesive length.

None of the subsidiaries had any loan capital outstanding at the

end of the year or at any time during the year.

187二零二五年报中国华星集团有限公司

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

综合财务报表附注

35. 本公司财务状况表

此财务状况表已于二零二五年六月三十日获

董事局批准并授权刊发，并由以下代表签署：

35. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Curent asets流动资产

Deposits and prepayments按金及预付款项311

Amounts due from subsidiaries应收附属公司款项222,181223,364

Cash and cash equivalents现金及现金等价物421

222,226223,376

Curent liabilities流动负债

Acrued charges应计费用6,0686,334

Amount due to a subsidiary应付附属公司款项3,3712,729

Amount due to imediate holding

company

应付直接控股公司款项

46,41840,523

Bonds payable应付债券276,7606,960

62,61756,546

NET ASETS资产净值159,609166,830

Capital and reserves资本及储备

Share capital股本292,1282,128

Reserves储备30(b)157,481164,702

TOTAL EQUITY总权益159,609166,830

This statement of financial position was aproved and authorised

for isue by the Board of Directors on 30 June 2025 and signed on

its behalf by:

Wang JingWang Xing Qiao

王晶王星乔

DirectorDirector

董事董事

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

188China Sinostar Group Company Limited Anual Report 2025

Year ended 31 March

截至三月三十一日止年度

二零二一年二零二年二零二三年二零二四年二零二五年

HK$’000HK$‘000HK$‘000HK$‘000HK$‘000

千港元千港元千港元千港元千港元

Results业绩

Revenue收益29,54238,93923,76431,91719,855

Los before taxation除税前亏损(15,384)(17,551)(51,165)(17,660)(24,103)

Taxation税项(44)(56)(45)(929)(234)

Los for the year atributable

to owners of the Company

本公司拥有人应占

本年度亏损(15,428)(17,607)(51,210)(18,589)(24,337)

At 31 March

于三月三十一日

二零二一年二零二年二零二三年二零二四年二零二五年

HK$’000HK$‘000HK$‘000HK$‘000HK$‘000

千港元千港元千港元千港元千港元

Asets and Liabilities资产及负债

Total asets总资产392,725412,482307,229262,125233,950

Total liabilities总负债79,679101,88775,46265,53663,171

313,046310,595231,767196,589170,779

Atributable to owners of

the Company

本公司拥有人应占

313,046310,595231,767196,589170,779

年报 ANUAL REPORT

OUR MISION

集团使命

CONTENTS

目录

CORPORATE INFORMATION

公司资料

Tel: (852) 2286 0728

Fax: (852) 2286 0727

Website: w.00485.hk

Email: ofice@00485.hk

CHAIRMAN’S STATEMENT

主席报告书

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE

董事及高级管理层履历

2011. He has over 10 years of experience in enginering and finance.

CORPORATE GOVERNANCE REPORT

企业管治报告

Comite during the reporting year included:

Comite during the reporting year included:

Company:

Adres:Unit 303, 3/F., New East Ocean Centre, No. 9 Science

Tel:+852 2286 0728

Fax:+852 2286 0727

Email:ofice@00485.hk

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Note: Nil employe turnover rate as there was no employe left

DIRECTORS’ REPORT

董事局报告

Note: These 108,591,364 Shares are held by Achieve Prosper Capital

Notes:

1. These 145,895,711 Shares are held by Hong Kong Huang Zi Shan Limited,

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

We also:

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

Other comprehensive los:其他全面亏损：

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

Other comprehensive los:其他全面亏损：

Other comprehensive los:其他全面亏损：

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Adjustments for:调整：

Changes in working capital:运营资金变动：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. GENERAL INFORMATION

2. ADOPTION OF REVISED HKFRS

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING

3. SUMARY OF MATERIAL ACOUNTING