长江制衣有限公司

YANGTZEKIANG GARMENT LIMITED

股份代号 Stock code : 294

For the Year Ended 31st March, 2025

截至二零二五年三月三十一日止年度

2024/25

ANUAL REPORT 年报

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

Executive Directors

Chan Wing Fui, Peter, MA (Chairman)

Chan Suk Man, MSc (Managing Director)

Chan Wing To, PhD (Deputy Managing Director)

Chan Wing Ke, GBM, GBS, OBE, JP

Chan Wing Sun, Samuel

Chan Suk Ling, Shirley, BS, JP

Independent Non-executive Directors

Choi Ting Ki

So Stephen Hon Cheung

Li Guangming

AUDIT COMITE

So Stephen Hon Cheung (Chairman)

Choi Ting Ki

Li Guangming

REMUNERATION COMITE

Li Guangming (Chairman)

Chan Wing Fui, Peter

Chan Wing Ke

Choi Ting Ki

So Stephen Hon Cheung

NOMINATION COMITE

Choi Ting Ki (Chairman)

Chan Wing Fui, Peter

Chan Wing Ke

So Stephen Hon Cheung

Li Guangming

RISK MANAGEMENT COMITE

Chan Wing Fui, Peter (Chairman)

Chan Wing Ke

Chan Suk Man

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited

Bank of China (Hong Kong) Limited

SOLICITORS (as to Hong Kong law)

Loeb & Loeb LP

董事会

执行董事

陈永奎（主席）

刘陈淑文（董事总经理）

陈永滔（副董事总经理）

陈永棋

陈永燊

周陈淑玲

独立非执行董事

蔡廷基

苏汉章

李光明

审核委员会

苏汉章（主席）

蔡廷基

李光明

薪酬委员会

李光明（主席）

陈永奎

陈永棋

蔡廷基

苏汉章

提名委员会

蔡廷基（主席）

陈永奎

陈永棋

苏汉章

李光明

风险管理委员会

陈永奎（主席）

陈永棋

刘陈淑文

主要往来银行

香港上海汇丰银行有限公司

中国银行（香港）有限公司

律师（香港法律）

乐博律师事务所有限法律责任合伙

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE INFORMATION

公司资料

核数师

毕马威会计师事务所

执业会计师

根据会计及财务汇报局条例注册的公众利益

实体核数师

公司秘书

许秀玲

注册办事处

九龙

新蒲岗

大有街二十二号

股份登记及过户处

香港中央证券登记有限公司

香港

合和中心十七楼

1712 – 1716室

公司网址

w.ygm.com.hk

AUDITORS

KPMG

Certified Public Acountants

Public Interest Entity Auditor registered in acordance with the Acounting

and Financial Reporting Council Ordinance

COMPANY SECRETARY

Hui Sau Ling, FCA, CPA

REGISTERED OFICE

22 Tai Yau Stret

San Po Kong

Kowlon

SHARE REGISTRAR AND TRANSFER OFICE

Computershare Hong Kong Investor Services Limited

Shops 1712 – 1716

17th Flor, Hopewel Centre

Hong Kong

WEBSITE

w.ygm.com.hk

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CHAIRMAN’S STATEMENT

主席报告

GROUP RESULTS

Revenue of the Group for the year 2024/25 under review was

HK$186,431,000 (2023/24: HK$234,302,000) and the overal result was

a los of HK$59,878,000 (2023/24: a los of HK$48,172,000).

BUSINES REVIEW AND PROSPECTS

Similar to last year, large part of the curent year’s loses was caused

by the recognition of loses of our joint ventures in Wuxi No. 1 Coton

Investment Co., Ltd. in China as wel as fair value loses derived from the

devaluation of the Group’s investment properties on Tai Yau Stret due to

the depresed property market in Hong Kong. These loses nevertheles

do not impact our company’s cash position. However, during the curent

year, our garment operation had incured a smal los as wel.

OUTLOK

Garment manufacturing busines has ben chalenging for the past

many years. At the present it is even more uncertain due to the U.S.

tarifs isue and the global economic and political outlok. In the coming

year, we expect further non-cash loses from our Wuxi joint venture and

from probable continuous devaluation of our Tai Yau Stret property. On

the positive side, our company stil maintain a healthy cash position to

weather any unforesen circumstances.

APRECIATION

I would like, on behalf of the Board and shareholders, to expres our

apreciation to the Company’s employes for their hard work and loyal

service to the Company during the past year.

By Order of the Board

Chan Wing Fui, Peter

Chairman

Hong Kong, 25 June 2025

集团业绩

本集团之二零二四╱二五年度之收入为

186,431,000港元（二零二三╱二四年度：

234,302,000港元），整体亏损为59,878,000港

元（二零二三╱二四年度：亏损48,172,000港

元）。

业务回顾及展望

与去年相若，集团于本年度录得亏损主要归因

于确认应占中国合营企业无锡一棉投资有限公

司亏损，以及因香港房地产市场低迷导致集团

位于大有街的投资物业贬值而录得重估公平价

值亏损。但此等亏损对本集团之现金状况并无

影响。然而，集团的成衣业务于年度内亦录得

小额亏损。

前景

在过去数年间，成衣制造业务持续充满挑战。

目前，受美国关税问题以及全球经济及政治前

景的影响，不明朗的因素使业务前景更加不确

定。我们预期来年无锡合营企业将出现更多非

现金亏损；及大有街物业亦可能持续贬值。从积

极方面来看，本公司仍维持稳健的现金状况，

足以应对任何不可预见的情况。

鸣谢

本人谨代表董事会及全体股东向本公司之雇员

在过去一年内所付出之努力及尽忠职守深表谢

意。

承董事会命

主席

陈永奎

香港，二零二五年六月二十五日

2025
二零二五年
HK$’000
港币千元
186,431
34,414
18%
(19,687)
–11%
(59,878)
–32%
(62,464)
–34%
–5.8%
332,136
315,478
1,024,275
63,993
960,282
–6.2%
7.3
($0.29)
$0.02
N/A
2,391
615

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

主要表现指标

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

KEY PERFORMANCE INDICATORS

二零二四年+/–

HK$’000Change

港币千元变动

Performance Indicators表现指标

Revenue收入234,302–20%

Gros profit毛利44,453–23%

Gros profit margin毛利率19%–1 p

(Los)/profit from operations经营（亏损）╱溢利653–3,115%

Operating margin经营溢利率0%–11 p

Los atributable to equity shareholders of

the Company

本公司股权持有人应占亏损

(48,172)24%

Net profit margin纯利率–21%–11 p

Earnings before interest, taxes, depreciation

and amortisation (EBITDA)

扣除利息、税项、折旧及

摊销前的盈利「EBITDA」(47,881)30%

EBITDA marginEBITDA率–20%–14 p

Return on total asets资产总额回报率–4.4%–1.4 p

Financial Health Indicators财务状况指标

Cash and cash equivalents and

bank deposits

现金及现金等价物及

银行存款304,5049%

Net curent asets流动资产净值308,9742%

Total asets资产总额1,094,459–6%

Total liabilities负债总额71,271–10%

Shareholders’ equity股东权益1,023,188–6%

Return on shareholders’ equity股东权益回报率–4.7%–1.5 p

Curent ratio (times)流动率（倍）7.30%

Shareholders’ Return Indicators股东回报指标

Los per share – basic每股亏损－基本($0.23)26%

Dividend per share每股息$0.020%

Dividend payout派息率N/AN/A

Cash Flow and Capital Expenditure现金流量及资本支出

Cash generated from/(used in) operations经营业务所得╱（所用）现金(4,330)–155%

Capital expenditure – other asets资本支出－其他资产615151307%

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

RESULTS OF OPERATIONS

Revenue of our core garment busines for the year ended 31 March

2025 was HK$186,431,000, a decrease of 20% as compared with

HK$234,302,000 of the year before. The operation los for the year was

HK$19,687,000 (2023/24: a profit of HK$653,000). The loses of our

Wuxi investment and the fair value loses arising from the revaluation

of the Group’s investment properties further negatively afected our

overal performance to a total los of HK$59,878,000 (2023/24: a los of

HK$48,172,000).

The unstable political and economic environment, the high inflation and

interest rates, the soaring energy costs as wel as manufacturing costs in

the year under review continued to afect our group’s results.

GARMENT BUSINES

Yangtzekiang Garment Limited and Hong Kong Kniters Limited

are the two names that we use to operate our garment busines.

We manufacture a wide variety of products that include men’s and

ladies’ shirts, trousers, shorts, polo shirts, T-shirts, jackets and knited

outerwear, etc. Hong Kong is our Group’s headquarters that handles

our core garment busineses including manufacturing, trading and

sourcing. In adition to our fuly owned factory in China (Panyu), we are

also working in partnership with many factories in Myanmar, Bangladesh,

Vietnam, Indonesia and Cambodia serving the neds of our customers

worldwide. Besides Panyu where we have factory, we also have ofice

in Hangzhou China. This ofice not only provides suports to our own

factory, but also monitors and colaborates with our subcontractors and

busines partners around the area.

The U.S. tarifs unleashed earlier in early 2025 hit the trade abruptly and

has caused further hardships and uncertainties to our garment busines

especialy with U.S. orders that are used to be manufactured in China.

Our sales teams are endeavoring to relocate these orders to places like

Vietnam and Indonesia as wel as to find ways and means to tackle our

customers’ increasing demand for sustainable and fashionable clothing

but in smaler quantities that reduces our profit margin.

Our China factory is operating under the name of Exquisite Kniters

(Guangzhou) Limited. Due to sharp decrease of sales orders, the factory

has ben down-sizing its scale and provisions for further labour dismisal

compensation has to be set aside.

OTHER BUSINES

Wuxi No. 1 Coton Investment Co., Ltd. in which we have a 49%

shareholding is a joint venture that owns several textiles related

companies in Wuxi, China (“Wuxi Group”). The core busines of the Wuxi

Group is the production of medium range to high end yarns. The Group

ended the financial year 2024/25 with a substantial los caused by weak

export market, slow domestic demand and rising costs. Substantial

stock provision was made due to increased slow moving stock. For

the year 2025/26 export and domestic markets are expected to remain

weak. Intensive destocking of slow moving stock wil impact profitability.

Profitability for next year is uncertain.

经营业绩

本集团的核心成衣业务于截至二零二五年三月

三十一日止年度之收入为186,431,000港元，较

其去年234,302,000港元减少20%。本年度经

营亏损为19,687,000港元（二零二三╱二四年

度：经营溢利为653,000港元）。无锡投资的亏

损以及本集团位于大有街的投资物业录得重估

公平价值亏损进一步产生负面影响，以致整体

亏损达59,878,000港元（二零二三╱二四年度：

亏损48,172,000港元）。

在报告年度内，动荡的经济环境、通胀高企与

高利率，以及能源成本与制造成本飙升等不利

因素，持续影响本集团的营运表现。

成衣业务

本集团主要以长江制衣有限公司及香港织造有

限公司之名义经营成衣业务。本集团生产之产

品广泛，包括男士及女士恤衫、长裤、短裤、

polo恤、T恤、大衣及针织外套等。本集团之总

部位于香港，负责处理旗下之核心成衣业务，

包括制造、贸易及采购。除本集团在中国（番

禺）之全资工厂外，本集团亦与缅甸、孟加拉、

越南、印尼及柬埔寨之多间工厂合作，满足本

集团全球客户之需要。除了在番禺设有工厂

外，本集团亦在中国杭州设有办事处，此办事

处不单为本集团旗下工厂提供支援，还监察有

关地区邻近之加工厂及业务伙伴以及与彼等协

作。

美国于二零二五年初实施的关税措施对贸易造

成突发性冲击，为集团的成衣业务，尤其是以

往在中国生产的美国订单，带来了进一步的困

难和不确定性。本集团的营业部门正全力将这

些订单转移至越南、印尼等地，同时设法应对

客户对永续时尚服装日益增长的需求，但订量

较小，导致我们的利润下跌。

本集团之中国工厂以卓越织造（广州）有限公司

之名称经营。由于销售订单急剧减少，工厂持

续缩减规模，并须预留额外拨备以应对可能产

生的遣散补偿费用。

其他业务

无锡一棉投资有限公司为本集团拥有49%股

权之合营企业，在中国无锡拥有数家纺织相关

公司（「无锡集团」）。无锡集团之核心业务为

生产中档至高档纱线。由于出口市场疲软、内

需不振，加上成本上涨，该集团于二零二四╱

二五财政年度最终录得巨额亏损。因滞销库存

增加，本年度已计提大额存货减值拨备。预期

二零二五╱二六年度出口及内销市场将持续疲

软。大规模清理滞销库存将影响盈利表现，下

年度盈利能力存在不确定性。

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

流动资金及财务状况

于回顾年度内，本集团仍主要以其内部资源作

为营运资金。

于二零二五年三月三十一日，本集团之现金及

现金等价物及银行存款合共约为332,136,000

港元（二零二四年：304,504,000港元）。于二

零二五年及二零二四年三月三十一日，本集团

并没有任何短期及长期借贷。

本集团采用审慎政策以对冲汇率波动。由于本

集团大部份销售、采购、现金及银行结余均主

要以港元、美元、欧罗、英镑或人民币结算，

当风险重大时，本集团或会就以上外币结算之

承诺未来销售订立远期合约，以对冲外汇波

动。于二零二五年三月三十一日，本集团用以

对冲预期交易之远期外汇合约之公平价值净额

为57,000港元（资产）（二零二四年：223,000港

元（资产），并已确认为衍生金融工具。

法律及法规

有关工作场所质素、产品安全和环保表现的法

律及法规可能对本集团的主要业务产生重大影

响。

工作场所质素

本集团认为持续业务成功有赖于本集团雇员全

力贡献和支持。本集团致力在不同范畴为所有

雇员推广平等机会，当中包括招聘、薪酬及福

利、培训、晋升机会、调职和解雇。本集团乃

根据所有雇员的能力、表现和贡献进行评估，

而不论其国籍、种族、宗教信仰、性别、年龄

或家庭状况。

本集团致力确保雇员之健康、安全及福利，承

诺完全遵守所有职业健康及安全法例，并为本

集团雇员执行有效及安全的工作环境。

本集团遵守劳工或其他相关法例，并没发现任

何重大不遵守或违反有关工作场所质素之法例。

产品安全

本集团高度关注全球性客户的福利及其广泛性

社会和环境的影响。本集团的产品质素及安全

为该方针的重要部分。

本集团所有产品均属安全，并完全符合国际环

境及安全标准。本集团没发现任何重大不遵守

或违反有关产品安全之法例。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

LIQUIDITY AND FINANCIAL POSITION

During the year under review, the Group’s operations continued to be

mainly financed by the internal resources.

As at 31 March 2025, the agregated cash and cash equivalents and

bank deposits of the Group were aproximately HK$332,136,000 (2024:

HK$304,504,000). As at 31 March 2025 and 2024, the Group did not

have any short term and long term borowings.

The Group adopts a prudent policy to hedge the fluctuation of foreign

exchange rates. As most of the Group’s sales, purchases, cash and

bank balances are denominated in Hong Kong dolars, United States

dolars, Euros, Pounds Sterling or Renminbi, the Group may enter into

forward foreign exchange contracts to hedge its comited future sales

denominated in the above foreign curencies against the exchange

rate fluctuation when the exposure is significant. As at 31 March 2025,

the Group has forward foreign exchange contracts hedging forecast

transactions with net fair value of HK$57,000 (asets) (2024: HK$223,000

(asets), recognised as derivative financial instruments.

LAW AND REGULATIONS

Law and regulations in relation to workplace quality, product safety and

environmental performance may have a material efect on our Group’s

principal activities.

Workplace Quality

The Group believes that continued busines suces relies on the

ful contribution and suport of our employes. We are dedicated

to promoting equal oportunities for al of our employes in diferent

areas, including recruitment, compensation and benefits, training, staf

promotion, transfer, and dismisal. Al employes are asesed based on

their ability, performance and contribution, irespective of their nationality,

race, religion, gender, age or family status.

The Group is comited to the health, safety and welfare of our

employes. We pledge ful compliance in al ocupational health and

safety legislations and we have implemented an efective and safe

working environment for our employes.

The Group complied with labour or other relevant legislations. We did not

identify any material non-compliance or breach of legislation related to

workplace quality.

Product Safety

The Group places the highest importance on the welfare of its customers

globaly, as wel as on its broader societal and environmental impact. The

quality and safety of our products is a vital part of this.

Al products are safe and fuly adhere to international environmental and

safety standards. We did not identify any material non-compliance or

breach of legislation related to product safety.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

环保表现

本集团通过节省用电致力保护和维持环境。

本集团致力维持高度环保标准，以满足根据适

用法律或条例在制造及处置材料过程中的规定。

本集团就空气及温室气体排放、排放水源及土

地、产生有害或无害用水等各方面，并没发现

任何重大不遵守或违反相关标准、规定和法例。

社会表现

本集团长期以来一直致力成为负责任的企业公

民，并积极支持不同的慈善机构和目标。本集

团鼓励员工加入本集团的「YGM企业义工队」，

并参与各种慈善活动，帮助有需要人士，以展

示其企业社会责任及促进社会的关怀文化。

环境、社会及管治报告

环境、社会及管治报告将于刊发年报的同时于

香港联合交易所有限公司及本公司网站刊载。

主要风险及不确定因素

风险和不确定因素可能影响本集团的业务、财

务状况、经营业绩或增长前景，使其与预期或

过去业绩出现较大差距。影响本集团的主要风

险及不确定因素概述如下。为处理该等风险及

不确定因素，本集团仍然与股东密切联系，以

了解和解除有关疑虑。

该等因素并非广泛或全面，除了如下所示的风

险外，亦可能有其他风险而本集团并未知悉或

现时并非重大但将来可能属重大者。

全球经济和宏观经济状况

本集团之主要业务为制造及销售成衣及纺织

品予欧洲、北美洲及中国内地之客户。本集团

所经营的行业受上述国家的经济状况、消费支

出、传染性疾病爆发及货币环境等因素影响。

如上述任何因素的结合影响或上述地区持续出

现不利的经济状况，则可能影响本集团的财务

状况、潜在收益、资产价值和负债。

本集团已采取积极方法，监察全球经济和宏观

经济状况的变化。妥善风险缓解措施已推行且

经常检讨，以加强其效用。

Environmental Performance

The Group is comited to protecting and sustaining the environment

through reduced consumption of electrical power.

We are comited to upholding high environmental standards to fulfil

relevant requirements under aplicable laws or ordinances during the

manufacturing and material disposal proceses.

We did not identify any material non-compliance or breach of

relevant standards, rules and regulations on air and grenhouse gas

emision, discharges into water and land, generation of hazardous or

non-hazardous water, etc.

SOCIAL PERFORMANCE

The Group has long ben comited to being a responsible corporate

citizen and actively suports various charitable organisations and causes.

We encourage staf to join our “YGM Volunter Team” and participate

in various charitable activities to help people in ned, demonstrating its

corporate social responsibility and promoting the caring culture in the

society.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

REPORT

An environmental, social and governance report wil be published on

the website of The Stock Exchange of Hong Kong Limited and the

Company’s website at the same time as the publication of the anual

report.

PRINCIPAL RISKS AND UNCERTAINTIES

Risks and uncertainties can afect the Group’s busineses, financial

conditions, operational results or growth prospects leading to a

divergence from expected or historical results. Key risk factors and

uncertainties afecting the Group are outlined below. In dealing with

these risk factors and uncertainties, the Group remains in touch with

our stakeholders with the aim of understanding and adresing their

concerns.

These factors are not exhaustive or comprehensive, and there may be

other risks in adition to those shown below which are not known to the

Group or which may not be material now but could become material in

the future.

Global Economy and Macro-economic Conditions

The principal busines activities of the Group is the manufacture and sale

of garments and textiles to the customers in Europe, North America and

Mainland China. The industries in which the Group operates are afected

by the economic conditions, consumer spending, contagious disease

outbreaks and curency environment in these regions. Any combination

of these factors or continuing adverse economic conditions in these

regions may adversely afect the Group’s financial position, potential

income, aset value and liabilities.

The Group has taken a proactive aproach to monitoring changes

in global economy and macro-economic conditions. Adequate risk

mitigation measures are in place and are constantly reviewed for

enhancement.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

货币市场

本集团在全球营运，并以多种货币赚取收入、

产生经营成本及进行投资。本集团财务业绩以

港元呈列，大部份呈报的收入以港元以外的货

币赚取。因此，不利的货币汇率变动可能导致

收入、溢利和现金流量的港元价值降低。

本集团采用审慎政策以对冲汇率波动。有关政

策的详情载列于上文「流动资金及财务状况」。

地方、国家及国际法规的影响

本集团经营业务的个别国家和城市的本地业务

风险可能对本集团财务状况、经营业绩和增长

前景产生重大影响。

本集团在地方、国家和国际层面越来越多地

涉及不同且不断变化的政治、社会、法律、税

项、监管和上市规定。政府推行新政策或措

施，不论是有关财政、税项或监管，均可能对

本集团业务所产生的回报构成风险，以及可能

延误或阻止个别业务的商业营运，导致收入及

溢利损失。

本集团已采取积极方法，监察政府政策和立法

的变化。妥善风险缓解措施已推行，且经常检

讨，以加强其效用。

资产抵押

于二零二五年三月三十一日，本集团并无以任

何资产作抵押。

雇员及薪酬政策

于二零二五年三月三十一日，除合营企业外，

本集团（包括其附属公司）聘用约210名雇员。

薪酬组合乃参照员工之表现及市场当时之薪金

水平而厘定。此外，本集团为雇员提供年终双

薪、公积金计划、医疗保险及培训。

供应商及加工厂关系

公平及公开竞争

本集团鼓励公平及公开竞争，本着互信与供应

商及加工厂建立长远的合作关系。

公众利益及问责性

本集团向供应商或服务商采购时，秉持最高的

道德标准，有助确保产品质素优良，务求令客

户、供应商和公众安心信赖。

Curency Markets

The Group operates on a global basis and earns revenues, incurs costs

and make investments in a number of curencies. The Group’s financial

results are reported in Hong Kong dolars. The majority of reported

revenues are earned in non-Hong Kong curencies. Therefore the Hong

Kong dolar value of reported revenues, profits and cash flows may be

reduced as a result of unfavourable curency exchange rate movements.

The Group adopts a prudent policy to hedge the fluctuation of foreign

exchange rates. The details of the policy are set out in the paragraph of

“Liquidity and Financial Position”.

Impact of Local, National and International Regulations

Local busines risks specific to individual countries and cities where the

Group operates could have a material impact on its financing conditions,

operating results and growth prospects.

The Group is, and may increasingly become, exposed to diferent and

changing political, social, legal, tax, regulatory and listing requirements

at the local, national and international level. New policies or measures

by governments, whether fiscal, tax or regulatory, may pose a risk to the

returns delivered by the Group’s busines and may delay or prevent the

comercial operation of an individual busines, with a resulting los in

revenue and profit.

The Group has taken a proactive aproach to monitoring changes in

government policies and legislation. Adequate risk mitigation measures

are in place and are constantly reviewed for enhancement.

PLEDGE OF ASETS

As at 31 March 2025, none of the asets of the Group was pledged.

EMPLOYMENT AND REMUNERATION POLICIES

As at 31 March 2025, the Group, including its subsidiaries but excluding

its joint ventures, employed aproximately 210 employes. Remuneration

packages are determined by reference to employes’ performance and

the prevailing salary levels in the market. In adition, the Group provides

year end double pay, provident fund scheme, medical insurance and

training to staf.

RELATIONSHIP WITH SUPLIERS AND

SUBCONTRACTORS

Fair and Open Competition

The Group promotes fair and open competition that aims to develop

long-term relationships with supliers and subcontractors based on

mutual trust.

Public Interest and Acountability

The procurement from supliers or services providers is conducted in a

maner consistent with the highest ethical standards. This helps asure

high quality products at al times to gain the confidence of customers,

supliers and the public.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

采购程序

为确保符合采购政策及促进公开的良性竞争，

本集团在加工及采购货物时，仅以需要、质素

和价格作为考虑因素。

客户关系

客户服务

本集团致力提供高效率及慇勤有礼的服务，令

客户感到满意，乐于与我们合作。透过本集团

的年报，客户可获得其业务营运和未来发展的

资料。本集团不会作任何失实、夸大或过份的

声称。

订价政策

本集团信奉由供求决定价格的自由市场经济体

制，同时竭力以公平价格为客户提供最高质素

的产品，以令本集团赚取与产品价值相符的合

理利润。

于结算日后发生之重大事项

于结算日后，并没有存在影响本集团的重大事

项。

Procurement Procedures

The subcontracting and the purchase of gods are based solely on ned,

quality and price. This ensures compliance with procurement policies and

fosters positive and open competition.

RELATIONSHIP WITH CUSTOMERS

Customer Services

The Group seks to provide eficient and courteous customer service

to maintain customer satisfaction and co-operation. Customers have

aces to information about the operation and development of the Group

through anual reports. The Group shal not make any misrepresentation,

exageration or overstatement.

Pricing Policies

The Group believes in the economic system of the fre market, in which

price is determined by suply and demand. The Group also seks to

provide customers with the highest quality products at fair prices which

alow the Group a reasonable profit in relation to the value provided.

IMPORTANT EVENT AFTER THE END OF THE

REPORTING PERIOD

There is no other important event afecting the Group which has ocured

since the end of the reporting period.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

REPORT OF THE DIRECTORS

董事会报告书

The directors submit herewith their anual report together with the

audited financial statements of Yangtzekiang Garment Limited (the

“Company”) and its subsidiaries (the “Group”) for the year ended 31

March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the Group are the manufacture and sale of

garments and textiles, provision of procesing services and rental of

properties. Further discusion and analysis of these activities as required

by Schedule 5 to the Companies Ordinance, including an indication of

likely future developments in the Group’s busines and a discusion of

the principal risks and uncertainties facing the Group, can be found in

the Chairman’s Statement and Management Discusion and Analysis set

out on page 4 and pages 5 to 10 of the Anual Report respectively. This

discusion forms part of this directors’ report.

The analysis of the principal activities and geographical locations of the

operations of the Group during the financial year are set out in note 10 to

the financial statements.

SHARE CAPITAL

Details of the movements in the Company’s share capital during the year

are set out in Note 25(c) to the financial statements.

DIVIDENDS

The Board had resolved not to declare a payment of interim dividend

(2024: nil).

The Board resolved to recomend the payment of a final dividend of

HK2 cents (2024: HK2 cents) per ordinary share in respect of the year

ended 31 March 2025 at the forthcoming anual general meting of

the Company to be held on 26 September 2025. The agregate final

dividend amounting to HK$4,135,000 (2024: HK$4,135,000), if aproved

by the shareholders, is expected to be paid on or around 22 October

2025.

DISTRIBUTABILITY OF RESERVES

At 31 March 2025, the agregate amount of reserves available for

distribution to equity shareholders of the Company, as calculated under

the provisions of section Part 6 of the Hong Kong Companies Ordinance,

was HK$230,956,000 (2024: HK$248,502,000). After the end of the

reporting period, the directors recomended the payment of a final

dividend of HK2 cents (2024: HK2 cents) in respect of the year ended 31

March 2025 (Note 25(b).

CHARITABLE DONATIONS

Charitable donations made by the Group during the year amounted to

HK$10,000 (2024: HK$12,000).

董事会同寅谨提呈长江制衣有限公司（「本公

司」）及其附属公司（「本集团」），截至二零二五

年三月三十一日止年度之年报及经审核账目。

主要业务

本集团之主要业务是制造及销售成衣及纺织

品、提供加工服务和物业租赁。根据香港公司

条例附表5所规定，有关该等业务之进一步讨论

及分析（包括本集团业务未来可能发展之指引，

及有关本集团所面临主要风险及不确定因素之

讨论）可分别于本年报第4页主席报告及第5页

至第10页管理层讨论与分析中查阅。此讨论构

成本董事会报告之一部份。

本集团于本财政年度之主要业务及业务经营地

区分析载于财务报表附注10。

股本

本公司年内之股本变动详情载于财务报表附注

25(c)。

股息

董事议决不派发中期股息（二零二四年：无）。

本公司将于二零二五年九月二十六日举行应届

股东周年大会，董事会议决于会上建议派发截

至二零二五年三月三十一日止年度之末期股息

每股普通股2港仙（二零二四年：2港仙）。倘股

东批准派发末期股息，预计总额为4,135,000港

元（二零二四年：4,135,000港元）之末期股息将

于二零二五年十月二十二日或相近日子支付。

可供分派储备

于二零二五年三月三十一日，根据香港公司条

例第6部计算，本公司可供分派予本公司股权持

有人的储备总额为230,956,000港元（二零二四

年：248,502,000港元）。于结算日后，董事建

议派发截至二零二五年三月三十一日止年度末

期股息每股普通股2港仙（二零二四年：2港仙）

（附注25(b)）。

慈善捐款

本集团年内之慈善捐款为10,000港元（二零二四

年：12,000港元）。

2025
二零二五年
Sales	Purchases
销售	采购
13%
53%
18%
51%

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

REPORT OF THE DIRECTORS

董事会报告书

主要客户及供应商

于本财政年度内主要客户及供应商占本集团之

总销售额及采购额分析如下：

各董事、彼等之联系人士或任何股东（就董事会

所知拥有本公司股本5%以上者）在本年度任何

时间内并无拥有上述主要客户或供应商之权益。

董事

于本年度及截至本报告之日期止，本公司之董

事为：

执行董事

陈永奎

陈永棋

陈永滔

刘陈淑文

陈永燊

周陈淑玲

独立非执行董事

蔡廷基

苏汉章

李光明

详列本集团附属公司董事姓名的名录，可于本

公司网页w.ygm.com.hk「投资者关系╱企业

管治」内查阅。

根据本公司的章程细则第105条，于各股东周

年大会上，当时在任的三分之一董事或由本公

司董事会（「董事会」）决定更高的人数须轮值退

任，惟本公司每名董事（包括有特定任期之董

事）须至少每三年轮值退任一次。本公司董事会

决定三名董事，陈永棋先生、陈永燊先生及苏

汉章先生将轮值退任董事会，唯均合资格且愿

意于即将召开之股东周年大会上膺选连任。

MAJOR CUSTOMERS AND SUPLIERS

The information in respect of the Group’s sales and purchases

atributable to the major customers and supliers respectively during the

financial year is as folows:

Percentage of the Group’s total

占本集团总额

二零二四年

SalesPurchases

销售采购

The largest customer最大客户15%

Five largest customers in agregate首五大客户合计51%

The largest suplier最大供应商17%

Five largest supliers in agregate首五大供应商合计51%40%

At no time during the year have 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) had any interest in

these major customers and supliers.

DIRECTORS

The directors of the Company during the year and up to the date of this

report are:

Executive Directors

Chan Wing Fui, Peter

Chan Wing Ke

Chan Wing To

Chan Suk Man

Chan Wing Sun, Samuel

Chan Suk Ling, Shirley

Independent Non-executive Directors

Choi Ting Ki

So Stephen Hon Cheung

Li Guangming

A ful list of the names of the directors of the Group’s subsidiaries can be

found in the Company’s website at w.ygm.com.hk under “Investor

Relation/Corporate Governance”.

Pursuant to Article 105 of the Company’s Articles of Asociation, at

each anual general meting (“AGM”), one-third of the directors of the

Company for the time being or such higher number of the directors of the

Company to be determined by the board of directors of the Company

(the “Board”) shal retire from ofice by rotation, provided that every

directors of the Company (including those apointed for a specific term)

shal be subject to retirement by rotation at least once every thre years.

The board of directors of the Company decided that thre directors,

Mr. Chan Wing Ke, Mr. Chan Wing Sun, Samuel and Mr. So Stephen

Hon Cheung wil retire from the Board by rotation, being eligible, wil ofer

themselves for re-election at the forthcoming anual general meting.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

REPORT OF THE DIRECTORS

董事会报告书

于本报告日，本公司董事之个人资料列载于本

年报第31页至第33页。有关可连任并获推荐重

选之董事的进一步资料详载于通函。

本公司确认已收到各位独立非执行董事有关其

独立性的年度确认函件，且本公司认为独立非

执行董事具有独立身份。

董事服务合约

独立非执行董事由董事会委任，其酬金由董事

会厘定。

拟于即将召开之本公司股东周年大会上愿意膺

选连任之董事，概无与本公司或本集团任何成

员公司于一年内不可在不予赔偿（除一般法定

赔偿外）之情况下由雇主终止之尚未届满的服

务合约。

获准许弥偿条文

于本年度及截至本报告之日期止，本公司按有

关法规的允许，备有以董事为受益人的弥偿条

文（定义见香港公司条例第469条）。

董事之交易、安排或合约权益

除根据上市规则第14A章所列之关连交易并载

于财务报表附注28内有关其他关连人士交易详

情外，本公司各董事概无于本公司或其任何附

属公司所订立，而于年终或年内任何时间仍属

有效之交易、安排或重大合约中占有重大权益。

Biographical details of the directors of the Company as at the date of

this report are set out on pages 31 to 33 of this anual report. Further

information of the directors standing for re-election proposed to be

re-elected are set out in the circular.

The Company confirms that it has received from each of the

independent non-executive directors an anual confirmation of their

respective independence and the Company considers the independent

non-executive directors to be independent.

DIRECTORS’ SERVICE CONTRACTS

The independent non-executive directors were apointed by the board of

directors and their remuneration is determined by the board of directors.

None of the directors who ofered themselves for re-election at the

forthcoming anual general meting of the Company has entered into

any service contract with the Company or any other member of the

Group which is not determinable by the relevant employer within one

year without payment of compensation, other than normal statutory

obligations.

INDEMNITY OF DIRECTORS

A permited indemnity provision (as defined in section 469 of the Hong

Kong Companies Ordinance) for the benefit of the directors of the

Company is curently in force and was in force throughout this year.

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

Apart from the conected transactions under Chapter 14A of the Listing

Rules as set out amongst other related party transactions in note 28

to the financial statements, no transaction, arangement or contract of

significance to which the Company or any of its subsidiaries was a party,

and in which a director of the Company had a material interest, subsisted

at the end of the year or at any time during the year.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

REPORT OF THE DIRECTORS

董事会报告书

董事之股份权益

(a) 于二零二五年三月三十一日，本公司各董

事及彼等之联系人士于本公司或任何联营

公司（按证券及期货条例（「证券条例」）第

XV部之涵义）之股份、相关股份及债券中

拥有根据证券条例第XV部第7及8分部、上

市公司董事进行证券交易标准守则（「标准

守则」）之规定须知会本公司及联交所之权

益及淡仓（包括彼等根据该等证券条例规

定被视作或当作拥有之权益及淡仓），并须

登记于根据证券条例第352条存置之登记

册之权益及淡仓如下：

附注：

(i) 合共48,032,240股本公司股份乃由Chan

Family Investment Corporation Ltd.（由陈永

棋先生、陈永滔先生、陈永燊先生、刘陈淑文

女士及周陈淑玲女士及其他陈氏家族成员拥

有）及其附属公司所持有。

(b) 除上文所披露外，于二零二五年三月

三十一日，各董事或彼等之联系人士概无

在本公司及其控股公司、附属公司或其他

联营公司（定义见证券及期货条例第XV部）

的股份、相关股份或债券中拥有或被视作

拥有根据该条例第352条记录于须予存置之

登记册，或根据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C3所载上市公司董事进行证券交易的标

准守则（「标准守则」）须知会本公司及联交

所之任何权益或淡仓。此外，除上文所披

露外，截至二零二五年三月三十一日止年

度内，概无订立任何安排，令本公司董事

或彼等之配偶或未满18岁之子女可藉购入

本公司或其他法团之股份或债劵而获益。

DIRECTORS’ INTERESTS IN SHARES

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

directors and their asociates in the shares, underlying shares and

debentures of the Company or any asociated corporations (within

the meaning of Part XV of the Securities and Futures Ordinance

(the “SFO”) which were required to be notified to the Company and

the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the

SFO (including interests and short positions which they are taken or

demed to have under such provisions of the SFO), the Model Code

for Securities Transactions by Directors of Listed Isuers (“the Model

Code”) and which were required to be entered in the register kept

by the Company under section 352 of the SFO were as folows:

Number of ordinary shares

普通股份数目

Personal

interests

Family

interests

Corporate

interests

Other

interests

Name of director董事姓名个人权益家族权益公司权益其他权益

Chan Wing Fui, Peter陈永奎486,10211,771,955–(i)

Chan Wing Ke陈永棋8,986,874319,691–(i)

Chan Wing To陈永滔10,470,639–(i)

Chan Wing Sun, Samuel陈永燊8,707,734250,0003,604,415(i)

Chan Suk Man刘陈淑文3,835,716–(i)

Chan Suk Ling, Shirley周陈淑玲7,654,306524,000–(i)

Choi Ting Ki蔡廷基–

So Stephen Hon Cheung苏汉章–

Li Guangming李光明–

Notes:

(i) 48,032,240 shares of the Company were held by Chan Family Investment

Corporation Ltd. (which is owned by Mesrs Chan Wing Ke, Chan

Wing To, Chan Wing Sun, Samuel, Madam Chan Suk Man and Madam

Chan Suk Ling, Shirley and other members of the Chan Family) and its

subsidiaries.

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

directors or their asociates had or was demed to have any

interests or short position in the shares, underlying shares or

debentures of the Company and its holding company, subsidiaries

or other asociated corporations (within the meaning of Part XV

of the SFO), as recorded in the register required to be kept under

section 352 of the SFO; or as notified to the Company and the

Stock Exchange of Hong Kong Limited (the “Stock Exchange”)

pursuant to the Model Code for Securities Transactions by Directors

of Listed Isuers contained in Apendix C3 of the Rules Governing

the Listing of Securities in the Stock Exchange (the “Listing

Rules”). Furthermore, save as disclosed above, at no time during

the year ended 31 March 2025 was the Company or any of its

holding company, subsidiaries or felow subsidiaries a party to any

arangements to enable the directors of the Company or any of

their spouses or children under the age of 18 to acquire benefits by

means of the acquisition of shares in or debentures of the Company

or any other body corporate.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

股票挂勾协议

于年终有效的股票挂勾协议之详情载于下文「购

股权计划」。

购股权计划

本公司于二零一九年九月十八日举行之股东

周年大会上采纳一项购股权计划（「购股权计

划」），旨在向为本集团业务发展作出贡献之合

资格参与者提供奖励或回报。

根据购股权计划，本公司董事获授权酌情邀请

任何董事（包括执行董事，非执行董事或独立非

执行董事）、雇员、客户、供应商、任何向本集

团提供研究、开发、其他技术支援之任何个人

或实体、本集团的顾问或咨询者以及股东，以

接受购股权来认购本公司股份。对于授出之购

股权要约，可于授出要约日期二十一日内被接

纳。接纳所授出的购股权时须缴付1港元的象征

式代价。

购股权计划于二零一九年九月十八日开始生效

及于采纳日后十年期间维持有效。董事可酌情

厘定每股份的认购价，惟不得低于(i)授出要

约当日（须为营业日）联交所每日报价表中所列

的股份收市价；(i)紧接授出要约日期前五个营

业日联交所每日报价表中所列的股份平均收市

价；及(i)股份面值（以最高者为准）。承授人可

根据购股权计划的条款，于董事厘定及通知各

承授人的期限内随时行使购股权，该期限乃由

授出购股权要约日期翌日起计，惟须受有关购

股权提前终止的条文所规限，且无论如何不得

超过自购股权授出当日起计10年。除非公司董

事另有决定，否则并无规定行使购股权前须持

有购股权的最短期限。

于二零二五年三月三十一日，根据购股权计划

可供发行的证券总数为20,674,768股，占本公

司于采纳购股权计划日的已发行股本10%。该

计划的每名参与人在任何十二个月期间内因行

使所获购股权而已发行和将发行的证券数目，

不得超逾本公司当时已发行股本的1%。

于本年度内，概无购股权根据购股权计划授

出、行使、注销或失效，而于二零二五年三月

三十一日并无尚未行使之购股权。

EQUITY-LINKED AGREMENT

Details of the equity-linked agrement subsisting at the end of the year

are set out in the section “Share option scheme” below.

SHARE OPTION SCHEME

The Company adopted a share option scheme (the “share option

scheme”) at the Anual General Meting held on 18 September 2019, for

the purpose of providing incentives or rewards to eligible participants who

contribute to the growth of the Group’s operations.

Acording to the share option scheme, the directors of the Company

are authorised, at their discretion, to invite any director (including

executive, non-executive or independent non-executive directors),

employe, customer, suplier, any person or entity that provides

research, development, other technological suport to the Group, adviser

or consultant of the Group and the shareholder to take up options to

subscribe for shares of the Company. An ofer of the grant of share

options may be acepted within 21 days from the date of ofer. A nominal

consideration of HK$1 is payable on aceptance of the grant of an

option.

The share option scheme became efective on 18 September 2019 and

remains in force for 10 years from that date. The subscription price of

the options shal be a price determined by the directors, but shal not be

les than the highest of (i) the closing price of the shares as stated in the

daily quotations shet of the Stock Exchange on the date of the ofer

of grant, which must be a busines day; (i) the average of the closing

price of the shares as stated in the daily quotations shets of the Stock

Exchange for the five busines days imediately preceding the date of

the ofer of grant; and (i) the nominal value of the shares. An option may

be exercised in acordance with the terms of the share option scheme at

any time during a period to be determined and notified by the directors to

each grante, which period may comence on a day after the date upon

which the ofer for the grant of options is made but shal end in any event

not later than 10 years from the date of grant of the option subject to the

provisions for early termination thereof. Unles otherwise determined by

the directors of the Company, there is no minimum period required for

the holding of an option before it can be exercised.

The total number of shares available for isue under the share option

scheme as at 31 March 2025 was 20,674,768 shares which represented

10% of the isued share capital of the Company as at the date of

adoption of the share option scheme. In respect of the maximum

entitlement of each participant under the share option scheme, the total

number of shares isued and to be isued upon exercise of the options

granted to each participant in any 12-month period shal not exced 1%

of the isued share capital of the Company for the time being.

During the year, no share options were granted, exercised or canceled

or lapsed under the share option scheme and no share options were

outstanding as at 31 March 2025.

REPORT OF THE DIRECTORS

董事会报告书

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

REPORT OF THE DIRECTORS

董事会报告书

主要股东及其他人士权益

于二零二五年三月三十一日，除在上述「董事

之股份权益」所披露之权益外，根据证券条例

第336条规定存置之股份权益及淡仓登记册所

示，持有本公司已发行普通股份5%或以上权

益之股东记录如下：

附注：股份由广州纺织工贸企业集团有限公司之全资拥有

附属公司越秀纺织品有限公司直接持有。

除上文所披露外，本公司并无获知会任何其他

须记录在根据证券条例第336条规定存置之登

记册的权益。

收购、出售或赎回股份

截至二零二五年三月三十一日止年度内，本公

司或其任何附属公司均无收购、出售或赎回本

公司任何上市证券。

关连交易

根据上市规则第14A章所列之关连交易与关连

人士交易的详情均载于财务报表附注28(a)内及

如下。

成衣交易

于二零二三年三月二十九日，本公司与YGM

贸易有限公司（「YGM贸易」，连同其附属公司

统称「YGM贸易集团」）订立协议（「成衣总协

议」），据此，本集团可于二零二三年四月一日

至二零二五年三月三十一日期间（首尾两天包

括在内）不时向YGM贸易集团销售针织品及其

他成衣产品。YGM贸易集团根据成衣总协议就

成衣产品之应付采购价须于缴款通知书发出后

三十天内以现金支付予本集团。

截至二零二五年三月三十一日止两个财政年

度，向YGM贸易集团销售成衣产品的年度上限

分别为9,000,000港元及9,000,000港元。

截至二零二五年三月三十一日止财政年度，本

集团向YGM贸易集团销售成衣产品的金额为

244,000港元。

SUBSTANTIAL SHAREHOLDERS’ AND OTHER

PERSONS’ INTERESTS

Other than the interests disclosed in the section “Directors’ Interests

In Shares” in respect of the directors, the folowing shareholder had

interests in 5% or more of the ordinary share of the Company in isue

as at 31 March 2025, acording to the register of interests and short

positions required to be kept by the Company under section 336 of the

SFO:

Number of

ordinary shares

held

Percentage of

ordinary shares in

isue

Capacity持有普通股

股份数目

占已发行普通股

股份百分比Name of shareholder股东名称权益性质

Guangzhou Textiles Industry &

Trade Holdings Ltd.

广州纺织工贸企业

集团有限公司

Beneficial owner

实益拥有人

17,806,000

(note)

（附注）

8.61%

Note: The shares were directly held by Yue Xiu Textiles Co., Ltd., a 100% owned

subsidiary of Guangzhou Textiles Industry & Trade Holdings Ltd.

Save as disclosed above, no other interests required to be recorded in

the register kept under section 336 of the SFO have ben notified to the

Company.

PURCHASE, SALE OR REDEMPTION OF SHARES

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

redemed any of the Company’s listed securities during the year ended

31 March 2025.

CONECTED TRANSACTIONS

Details of conected transactions under Chapter 14A of the Listing

Rules are set out amongst related party transactions in note 28(a) to the

financial statements and are as folow.

Garment Transactions

On 29 March 2023, the Company entered into an agrement (the

“Garment Master Agrement”) with YGM Trading Limited (“YGM Trading”,

together with its subsidiaries the “YGM Trading Group”), pursuant to

which the Group might from time to time sel knitwear and other garment

products to YGM Trading Group during the period comencing on 1

April 2023 and ending on 31 March 2025 (both days inclusive). The

purchase price payable by the YGM Trading Group to the Group for the

garment products under the Garment Master Agrement shal be payable

in cash within 30 days upon isuance of debit notes.

The anual caps for seling the garment products to the YGM Trading

Group for the two financial years ended 31 March 2025 are HK$9 milion

and HK$9 milion respectively.

For the financial year ended 31 March 2025, the Group’s sales of

garment products to the YGM Trading Group amounted to HK$244,000.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

REPORT OF THE DIRECTORS

董事会报告书

使用权安排

于二零二三年三月二十九日，本公司与长江

拓展有限公司（「长江拓展」）（YGM贸易之全

资拥有附属公司）订立使用权协议（「使用权协

议」），据此，本公司同意让长江拓展作为获授

权人，占用位于香港九龙新蒲岗大有街22-24

号约36,000平方尺之货仓及办公室空间，使用

期自二零二三年四月一日起至二零二五年三月

三十一日（首尾两天包括在内）。根据使用权协

议，长江拓展须每月向本公司支付使用权费（不

包括政府差饷及地租、大厦管理费及其他费用）

360,000港元，及大厦管理费10,800港元，该

等费用于缴款通知书发出后三十天内以现金支

付，而缴款通知书须每月发出。

根据使用权协议，长江拓展每年向本公司支付

的年度使用权费及大厦管理费分别不得超过每

年上限4,320,000港元及130,000港元，该等上

限乃参照长江拓展根据使用权协议获本公司授

权使用之最大面积计算。就本公司作为授权人

而言，使用权安排项下的交易被视为一项持续

关连交易。

截至二零二五年三月三十一日止财政年度，支

付予本公司的使用权费及大厦管理费分别为

3,000,000港元及90,000港元。

与YGM贸易的关连关系

由于本公司若干董事及彼等之联系人士同时为

YGM贸易及本公司之控股东（定义见上市规

则），上述交易构成上市规则第14A章所定义的

关连交易。

遵守上市规则第14A章

本公司已就上述关连交易遵守上市规则第14A

章的规定。

独立非执行董事认为，本集团所进行之关连交

易均：

(i) 于一般及日常业务过程中进行；

(i) 按正常商业条款（所指之「正常商业条款」

将参考与类似机构进行性质相若之交易时

所依据之条款）或倘并无可供比较之条款，

则按对本公司之独立股东而言属公平合理

之条款进行；

(i) 符合规管该等交易之协议条款；及

(iv) 根据集团之定价政策（如有）进行。

Licence Arangement

On 29 March 2023, the Company entered into a licensing agrement

with YGM Marketing Limited (“YGM Marketing”, a wholy-owned

subsidiary of YGM Trading) (the “Licence Agrement”), pursuant to which,

the Company agred to alow YGM Marketing to ocupy as license

the premises of aproximately 36,000 square fet of warehouse and

ofice space situated at 22-24 Tai Yau Stret, San Po Kong, Kowlon,

Hong Kong for a term comencing on 1 April 2023 and terminating

on 31 March 2025 (both days inclusive). The licence fes (exclusive

of government rates and rent, building management fe and other

charges) of HK$360,000 per month and the building management fe of

HK$10,800 per month payable by YGM Marketing to the Company under

the Licence Agrement shal be paid in cash on a monthly basis within 30

days upon isuance of debit notes, which shal be isued on a monthly

basis.

The anual licence fe and the anual building management fe payable

by YGM Marketing to the Company under the Licence Agrement

shal not exced the maximum anual caps of HK$4.32 milion and

HK$130,000 respectively, which are calculated with reference to the

maximum area licensable by YGM Marketing from the Company under

the Licence Agrement. For the Company as licensor, the transaction

under the Licence Agrement is regarded as a continuing conected

transaction under the Listing Rules.

For the financial year ended 31 March 2025, the licence fe and

the building management fe paid to the Company amounted to

HK$3,000,000 and HK$90,000 respectively.

Conected relationship with YGM Trading

As certain directors of the Company and their asociates are colectively

the controling shareholders (as defined in the Listing Rules) of YGM

Trading and the Company, the above transactions constitute conected

transactions as defined in Chapter 14A of the Listing Rules.

Compliance with Chapter 14A of the Listing Rules

The Company has complied with the requirements in Chapter 14A of the

Listing Rules in respect of the above conected transactions.

In the opinion of the independent non-executive directors, the conected

transactions were entered into by the Group:

(i) in the ordinary and usual course of its busines;

(i) conducted either on normal comercial terms (which expresion wil

be aplied by reference to transactions of a similar nature and to be

made by similar entities) or where there is no available comparison,

on terms that are fair and reasonable so far as the independent

shareholders of the Company are concerned;

(i) in acordance with the terms of the agrements governing the

transactions; and

(iv) in acordance with the pricing policies of the Group, where

aplicable.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

REPORT OF THE DIRECTORS

董事会报告书

The Company’s auditor was engaged to report on the Group’s continuing

conected transactions in acordance with Hong Kong Standard on

Asurance Engagements 3000 (Revised) Asurance Engagements Other

Than Audits or Reviews of Historical Financial Information and with

reference to Practice Note 740 (Revised) Auditor’s Leter on Continuing

Conected Transactions under the Hong Kong Listing Rules isued by

the Hong Kong Institute of Certified Public Acountants. The auditor has

isued his unqualified leter containing his findings and conclusions in

respect of the continuing conected transactions disclosed by the Group

in acordance with Chapter 14A.56 of the Listing Rules.

There are no other conected transactions which are required to be

disclosed in this report in acordance with the requirements of Chapter

14A of the Listing Rules.

COMPLIANCE WITH THE CODE OF BEST

PRACTICE

The Company has complied throughout the year with the Code of Best

Practice as set out in Apendix C1 to the Listing Rules.

RETIREMENT SCHEMES

Particulars of the retirement schemes of the Group are set out in note 24

to the financial statements.

FIVE-YEAR 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 124 of the anual report.

PUBLIC FLOAT

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

within the knowledge of the directors, as at the date of this report, there

is suficient public float of not les than 25% of the Company’s isued

shares as required under the Listing Rules.

AUDITORS

KPMG retire and, being eligible, ofer themselves for re-apointment. A

resolution for the re-apointment of KPMG as auditors of the Company

is to be proposed at the forthcoming anual general meting of the

Company.

By Order of the Board

Chan Wing Fui, Peter

Chairman

Hong Kong, 25 June 2025

本公司已外聘核数师，遵照香港会计师公会颁

布的《香港鉴证业务准则》第3000号「历史财务

信息非审核或审阅的鉴证业务」，并参考《实

务说明》第740号「关于香港上市规则所述持续

关连交易的核数师函件」，就本集团的持续关

连交易作出汇报。核数师已根据《上市规则》第

14A.56章出具披露本集团持续关连交易的结论

的无保留意见函件。

概没有其他关连交易须根据上市规则第14A章

所规定须于本报表中披露。

遵守《最佳应用守则》

本公司在整个年度均有遵守在上市规则附录C1

所载《最佳应用守则》。

退休计划

本集团退休计划之详情载于财务报表附注24。

五年概要

本集团在过去五个财政年度之业绩及资产与负

债概要载于本年报第124页。

公众持股量

根据本公司获得之公开资料并就本公司董事所

知，本公司于刊发本年报之日已维持公众持股

量不少于上市规则规定之本公司已发行股份之

25%。

核数师

毕马威会计师事务所依章告退，惟愿膺选连

任。在即将召开之本公司股东周年大会上，董

事会将提呈决议案，动议续聘毕马威会计师事

务所为本公司核数师。

承董事会命

主席

陈永奎

香港，二零二五年六月二十五日

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

The board of directors (the “Board”) of the Company is dedicated to

uphold a high corporate governance standard. The Board firmly believes

that the principles of transparency, acountability and independence are

esential for protecting the interests of the Company and maximizing

shareholder value.

The Company has complied with the code provisions in the Corporate

Governance Code (the “Code”) set out in Apendix C1 of the Rules

Governing the Listing of Securities on The Stock Exchange of Hong

Kong Limited (the “Stock Exchange”) (the “Listing Rules”) throughout the

financial year ended 31 March 2025.

BOARD OF DIRECTORS

The Board is comited to act in god faith in the best interests of the

Company and its shareholders. The Board sets the Group’s overal

objectives and strategic directions, monitors and evaluates its operating

and financial performance. It also decides on maters relating to anual

and interim results, audited financial statements, notifiable transactions,

apointment and re-apointment of directors, major acquisitions and

disposals, material contracts, risk management, major financings and

borowings, acounting and dividends policies. The Board delegates

day-to-day operations of the Company to the management of the Group

and also instructs the management to implement the Board’s decisions

and resolutions. In adition, the Board has also delegated various

responsibilities to the Audit Comite, the Remuneration Comite, the

Nomination Comite and the Risk Management Comite.

As at 31 March 2025, the Board comprises six executive directors

and thre independent non-executive directors. Biographical details of

the directors as wel as relationships betwen them are set out in the

section of “Directors and Management” in this report. The independent

non-executive directors of the Company are not apointed for specific

terms.

The Company recognises that Board independence is important to

god corporate governance and Board efectivenes. The Company has

established mechanisms to ensure independent views and inputs are

available to the Board, and such mechanisms are viewed anualy by the

Board, so as to ensure their efectivenes. Under the mechanisms:

– Thre out of nine directors are independent non-executive

directors. The Company has met the requirements under Rule

3.10 of the Listing Rules relating to the apointment of at least

thre independent non-executive directors, one of whom has

apropriate profesional qualifications or acounting or related

financial management expertise. The Company has also complied

with Rule 3.10A of the Listing Rules which requires the number of

independent non-executive directors representing at least one-third

of the board.

– Each independent non-executive director has given the Company

an anual confirmation of his independence. The Nomination

Comite has asesed the independence of the independent

non-executive directors. The Board considers al the independent

non-executive directors to be independent.

– A director (including independent non-executive director) who has

a material interest in a contract or arangement shal not vote or be

counted in the quorum on any Board resolution aproving the same.

本公司董事会（「董事会」）致力维持高水平之企

业管治。董事会坚信，透明、问责和独立三项

原则对于保障本公司之利益及提升股东之价值

至为重要。

于截至二零二五年三月三十一日止财政年度

内，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》（「守则」）适用的守则条

文规定。

董事会

董事会致力以诚以公司及股东整体利益为最优

先的考虑因素。董事会为本集团订立整体目标

及策略方向、监督及评估其营运及财务表现。

由董事会作决策之事宜包括年度及中期业绩、

经审核财务报表、须予公布之交易、董事委任

及续任、主要收购及出售、重大合约、风险管

理、主要财务及借贷、会计以及股息政策。董

事会指派本集团管理层负责本公司日常营运，

并指示管理层执行董事会之决策及决议。此

外，董事会亦将若干责任下放审核委员会、薪

酬委员会、提名委员会及风险管理委员会。

于二零二五年三月三十一日，董事会包括六名

执行董事及三名独立非执行董事。董事简历与

彼等关系载于本年报「董事及管理人员」一节

内。本公司的独立非执行董事并无特定明确任

期。

本公司深知董事局独立性对良好企业管治及董

事局效能至关重要。董事局已设立机制，确保

本公司任何董事的独立观点及意见能够传达予

董事局，而董事局每年检视该机制，以确保其

成效。在该机制下：

– 九名董事中有三名为独立非执行董事。本

公司符合上市规则第3.10条的要求，委任

至少三名独立非执行董事，当中有一名具

备适当的专业资格，或具备适当的会计或

相关的财务管理专长。本公司亦已遵守上

市规则第3.10A条之规定，董事局至少三分

之一成员须为独立非执行董事。

– 每名独立非执行董事均每年向本公司确认

其独立性。提名委员会已评核该等独立非

执行董事之独立性。董事局认为所有独立

非执行董事均具独立性。

– 于合约或安排中拥有重大权益的董事（包括

独立非执行董事）不得就批准该等事项之

任何董事局决议案投票或计入法定人数。

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

– 在评估董事候选人的适当性时，董事会将

审阅其履历，包括其品格、经验、资格及

投入的时间；董事会亦考虑董事会的整体

组成和技能矩阵以及公司的多元化政策。

– 董事会每年审阅各董事对本公司业务投入

的时间。

– 董事会授权审核委员会、提名委员会及薪

酬委员会在必要时获取外部法律或其他独

立专业意见，以协助各自委员会。

– 在董事会绩效年度评估期间，评审董事会

的会议讨论的质素。

董事会、审核委员会、薪酬委员会、提名委员

会及风险管理委员会曾于回顾年度分别举行了

四次、三次、一次、一次及一次会议。

董事会及各董事委员会于截至二零二五年三月

三十一日止年度内所举行会议之出席记录载列

如下：

二零二四年度股东周年大会（「股东周年大会」）

于二零二四年九月二十七日召开，董事之出席

记录载列如上。全部董事，包括董事会主席、

审核委员会主席、薪酬委员会主席、提名委员

会主席及风险管理委员会主席及外聘核数师均

出席股东周年大会答复股东提问。本公司于适

当时候会检讨股东周年大会进行程序去执行良

好企业管治常规。投票结果已于股东周年大会

当日在本公司网站及联交所网站发布。

在回顾年度内，董事会主席在没有执行董事出

席的情况下，与独立非执行董事举行会议。

– In asesing suitability of the Director candidates, the Board

wil consider their profiles, including their character, experience,

qualifications and time comitment; the Board wil also consider

to the Board’s overal composition and skil matrix as wel as the

Company’s diversity policy.

– The Board wil review each Director’s time comitment to the

Company’s busines anualy.

– The Audit Comite, the Nomination Comite and the

Remuneration Comite are authorised by the Board to obtain

outside legal or other independent profesional advice as necesary

to asist the respective comite.

– The quality of deliberations at metings of the Board are reviewed

during the anual evaluation of the Board’s performance.

The Board, Audit Comite, Remuneration Comite, Nomination

Comite and Risk Management Comite had held 4, 3, 1, 1 and 1

metings respectively in the year under review.

The atendance at the Board and respective Board comites’ metings

held in the year ended 31 March 2025 are as folows:

RiskAnual

AuditRemunerationNominationManagementGeneral

BoardComiteComiteComiteComiteMeting

董事会审核委员会薪酬委员会提名委员会

风险管理

委员会

股东周年

大会

Executive directors执行董事

Chan Wing Fui, Peter陈永奎4/4N/A1/11/11/11/1

Chan Wing Ke陈永棋4/4N/A1/11/11/11/1

Chan Wing To陈永滔4/4N/AN/AN/AN/A1/1

Chan Suk Man刘陈淑文4/4N/AN/AN/A1/11/1

Chan Wing Sun, Samuel陈永燊4/4N/AN/AN/AN/A1/1

Chan Suk Ling, Shirley周陈淑玲4/4N/AN/AN/AN/A1/1

Independent non-executive

directors

独立非执行董事

Choi Ting Ki蔡廷基4/43/31/11/1N/A1/1

So Stephen Hon Cheung苏汉章4/43/31/11/1N/A1/1

Li Guangming李光明4/43/31/11/1N/A1/1

The 2024 Anual General Meting (“AGM”) was held on 27 September

2024. The directors’ atendance to the general meting is listed out

as above. Al the directors, including the Chairman of the Board, the

Chairman of each of the Audit Comite, Remuneration Comite,

Nomination Comite and Risk Management Comite and the

external auditor of the Company, atended the AGM to answer questions

raised by shareholders. Procedings of anual general meting are

reviewed from time to time to ensure that the Company folows god

corporate governance practices. Voting results were posted on the

Company’s and the Stock Exchange’s websites on the day of the AGM.

During the year under review, the Chairman of the Board had a meting

with the independent non-executive directors without the presence of

executive directors.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治政策及职责

董事会致力确保本集团内建立良好的企业管治

框架和常规。董事会负责履行守则之守则条文

A.2.1项所规定之企业管治职能责任，其载列如

下：

(1) 制定及检讨本公司的企业管治政策及常

规，并向董事会提出建议；

(2) 检讨及监察董事及高级管理人员的培训及

持续专业发展；

(3) 检讨及监察本公司在遵守法律及监管规定

方面的政策及常规；

、检讨及监察雇员及董事的操守准则

及合规手册（如有）；及

《守则》的情况及在《企业

管治报告》内的披露。

主席及董事总经理

董事会主席为陈永奎先生，本公司董事总经理

为刘陈淑文女士。本公司董事会主席及董事总

经理的角色互相分立，各自有明确的职责区

分。董事会主席负责制定企业策略及整体业务

发展规划；董事总经理则负责监督日常业务活

动之执行。在董事会层面，清楚区分这两者之

职责，旨在确保权力及授权分布均衡。

董事培训

根据守则之守则条文C.1.1项，所有董事应参与

持续专业发展，发展并更新其知识及技能，以

确保其继续在具备全面资讯及切合所需的情况

下对董事会作出贡献。本公司应负责安排合适

的培训并提供有关经费，以及适切着重董事的

角色、职能及责任。本公司于委任新董事后，

均向其提供切合需要的入职培训计划，以便能

充分认识本集团的业务及营运，并确保其完全

知悉根据有关法律及上市规则所规定的责任和

义务。

CORPORATE GOVERNANCE POLICY AND

DUTIES

The Board is comited to ensure that a god corporate governance

framework and practices are established within the Group. The Board is

responsible for performing the duties on corporate governance functions

as required under code provision A.2.1 of the Code which are set out

below:

’s policies and practices on

corporate governance and making recomendations to the Board;

(2) reviewing and monitoring the training and continuous profesional

development of directors and senior management;

’s policies and practices on

compliance with legal and regulatory requirements;

, reviewing and monitoring the code of conduct and

compliance manual (if any) aplicable to employes and directors;

and

’s compliance with the Code and disclosure

in the Corporate Governance Report.

CHAIRMAN AND MANAGING DIRECTOR

The Chairman of the Board is Mr. Chan Wing Fui, Peter and the

Managing Director of the Company is Madam Chan Suk Man. The roles

of the Chairman of the Board and the Managing Director of the Company

are separated, with a clear division of responsibilities. The Chairman

of the Board is responsible for formulating corporate strategies and

overal busines development planing. The Managing Director’s duty

is to overse the execution of daily busines activities. The division of

responsibilities at the Board level is to ensure a balance of power and

authority.

DIRECTORS’ TRAINING

Acording to code provision C.1.1 of the Code, al directors should

participate in continuous profesional development to develop and

refresh their knowledge and skils to ensure that their contribution to

the Board remains informed and relevant. The Company should be

responsible for aranging and funding suitable training, placing an

apropriate emphasis on the roles, functions and duties of the directors.

The Company provides tailored induction programe to new director

upon his apointment to equip him with the apropriate understanding

of the busines and operations of the Group and to ensure that he is fuly

aware of his responsibilities and obligations under the relevant law and

the Listing Rules.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

于本年度内，本公司安排了一次内部讲座，使

各董事了解企业管冶守则修订及有关上市规则

的最新资料。本公司就立法和监管事宜定期向

董事提供更新材料。本公司同时鼓励各董事参

与有关讲座、研讨会或论坛以增进各董事的知

识及技能。于年度内，所有董事均参与符合守

则之守则条文C.1.1项所订明的持续专业发展。

董事保险

于本年度内，本公司已安排就董事及高级职员

的责任更新保单，以确保董事及高级管理人员

于彼等履行职务时所产生的任何责任获得保障。

董事委员会

董事会已成立审核委员会、薪酬委员会、提名

委员会及风险管理委员会，并授权其监督本公

司特定范畴事务。该四个董事委员会各备有书

面权责范围。董事委员会获提供充足资源以履

行其职责及可于适当情况下寻求独立专业意

见，费用由本公司支付。

审核委员会

本公司已成立审核委员会，并备有书面权责范

围。于二零二五年三月三十一日，审核委员会

由三名独立非执行董事（即蔡廷基先生、苏汉章

先生及李光明先生）组成，并由苏汉章先生出任

主席。审核委员会议之出席记录载列于第20

页。

审核委员会主要负责监管本公司财务报表的完

整性，透过检讨内部和外聘核数师进行的工作

审阅本公司内部监控制度及其执行情况、评估

财务资料及有关披露、审阅关连交易及考虑本

公司于会计及财务汇报职能方面的资源、员工

资历及经验是否足够，以及员工所接受的培训

课程及有关预算是否充足。

截至二零二五年三月三十一日止年度内，审核

委员会已审阅及和管理层与外聘核数师讨论中

期及全年业绩，以确保本集团财务报表皆符合

香港公认会计原则而编制。审核委员会在管理

层不参与的情况下，与外聘核数师每年两次会

面，以讨论由审计而发现的任何事宜及核数师

可能提出的任何其他事项。审核委员会亦审阅

毕马威会计师事务所之独立性及其工作质素并

建议董事会续聘毕马威会计师事务所为截至二

零二六年三月三十一日止年度之核数师。

During the year, the Company organized one in-house seminar to

update the Directors on the new amendments to the Code and relevant

Listing Rules. The Company circulates materials relating to the legislative

and regulatory environment to the directors on a regular basis for their

information. The Company also encourages Directors to atend relevant

seminars, conferences or forums to develop and refresh their knowledge

and skils. During the year, al directors participated in continuous

profesional development in compliance with code provision C.1.1 of the

Code.

DIRECTORS’ INSURANCE

During the year, the Company has aranged for the renewal of an

insurance policy on directors’ and oficers’ liability to ensure our directors

and senior management are protected from any liability arising from the

performance of their duties.

BOARD COMITES

The Board has established the Audit Comite, the Remuneration

Comite, the Nomination Comite and the Risk Management

Comite, each with mandate to overse particular aspects of the

afairs of the Company. Each of these four Board comites is set up

with writen terms of reference. The Board comites are provided

with suficient resources to discharge their duties and are able to sek

independent profesional advice in apropriate circumstance at the

expenses of the Company.

AUDIT COMITE

The Company has established an Audit Comite with writen terms of

reference. As at 31 March 2025, the Audit Comite comprises thre

independent non-executive directors, namely Mr. Choi Ting Ki, Mr. So

Stephen Hon Cheung and Mr. Li Guangming. It is chaired by Mr. So

Stephen Hon Cheung. The members’ atendance to the Audit Comite

meting is listed out on page 20.

The Audit Comite is mainly responsible for monitoring the integrity

of the Company’s financial statements, reviewing the Company’s

internal control system and its execution through the review of the work

undertaken by the internal and external auditors, evaluating financial

information and related disclosure, reviewing conected transactions and

considering the adequacy of resources, qualifications and experience of

staf of the Company’s acounting and financial reporting function, and

their training programes and budget.

During the year ended 31 March 2025, the Audit Comite has, inter

alia, reviewed and discused with management and the external auditor

the interim and anual results with a view to ensuring that the Group’s

financial statements were prepared in acordance with acounting

principles generaly acepted in Hong Kong. The Audit Comite has

met with external auditor twice a year, in the absence of management,

to discus any isues arising from the audit and any other maters the

auditor may wish to raise. The Audit Comite has also reviewed the

independence and quality of work of KPMG and has recomended to

the Board to re-apoint KPMG as auditor for the year ending 31 March

2026.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

于本年度内，董事会并无与审核委员会意见不

合，亦无拒绝接纳审核委员会提交之任何建议。

薪酬委员会

于二零二五年三月三十一日，薪酬委员会包

括两名执行董事分别为陈永奎先生及陈永棋

先生，以及三名独立非执行董事，即蔡廷基先

生、苏汉章先生及李光明先生，并由李光明先

生出任主席。薪酬委员会议之出席记录载列

于第20页。

薪酬委员会负责确保制定酬金政策的程序合乎

规范及透明，以及监督董事的酬金组合。委员

会就个别执行董事及高级管理人员酬金组合向

董事会提出意见，当中会考虑可作比较公司所

支付的薪金及薪酬组合、董事投放的时间及责

任等因素。委员会亦会考虑所提供酬金就各有

关人士的职务及表现而言是否恰当，以及该等

酬金有否竞争力及吸引力足以挽留该等人士。

董事酬金详情载于财务报表附注6。

提名委员会

于二零二五年三月三十一日，提名委员会包括

两名执行董事，分别为陈永奎先生及陈永棋

先生，以及三名独立非执行董事，即蔡廷基先

生、苏汉章先生及李光明先生，并由蔡廷基先

生出任主席。提名委员会议之出席记录载列

于第20页。

提名委员会负责检讨董事会之架构、人数及组

成，物色具备合适资格可担任董事的人士，评

核独立非执行董事的独立性，以及就董事委任

或重新委任以及董事（尤其是主席及董事总经

理）继任计划向董事会提出建议。提名委员会将

根据候选人的专业资格、技能、经验及背景，

考虑是否适合。

董事会多元化

提名委员会已采纳董事会成员多元化政策。该

政策列出当决定委任董事会成员及延续该等委

任时，会考虑一系列因素包括但不限于性别、

年龄、文化及教育背景、专业资格、技能、知

识及行业和地区经验。

During the year, the Board has not taken any view that is diferent from

that of the Audit Comite nor rejected any recomendation presented

by the Audit Comite.

REMUNERATION COMITE

As at 31 March 2025, the Remuneration Comite comprises two

executive directors, namely Mr. Chan Wing Fui, Peter and Mr. Chan

Wing Ke, and thre independent non-executive directors, namely

Mr. Choi Ting Ki, Mr. So Stephen Hon Cheung and Mr. Li Guangming.

It was chaired by Mr. Li Guangming. The members’ atendance to the

Remuneration Comite meting is listed out on page 20.

The Remuneration Comite is responsible for ensuring formal

and transparent procedures for developing remuneration policies

and in overseing remuneration packages of the directors. It makes

recomendations to the Board on the remuneration packages of

individual executive directors and senior management. It takes into

consideration factors such as salaries and compensation packages paid

by comparable companies, time comitment and responsibilities of the

directors. It would also take into acount whether the emoluments ofered

are apropriate given the duties and performance of the respective

individuals concerned and whether such emoluments are competitive and

suficiently atractive to retain such individuals.

Details of the directors’ emoluments are set out in note 6 to the financial

statements.

NOMINATION COMITE

As at 31 March 2025, the Nomination Comite comprises two

executive directors, namely Mr. Chan Wing Fui, Peter and Mr. Chan Wing

Ke, and thre independent non-executive directors, namely Mr. Choi

Ting Ki, Mr. So Stephen Hon Cheung and Mr. Li Guangming. It is chaired

by Mr. Choi Ting Ki. The members’ atendance to the Nomination

Comite meting is listed out on page 20.

The roles of the Nomination Comite are to review the structure,

size and composition of the Board, identify individuals suitably qualified

to become members of the Board, and ases the independence of

independent non-executive directors and make recomendations to the

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

planing for directors, in particular the chairman and the managing

director. The Nomination Comite wil consider the suitability of the

candidate on the basis of his profesional qualification, skils, experience

and background.

Board Diversity

The Nomination Comite has adopted a Board Diversity Policy which

sets out a policy of considering a number of factors when deciding on

apointments to the Board and the continuation of those apointments,

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

background, profesional qualifications, skils, knowledge and industry

and regional experience.

CORPORATE GOVERNANCE REPORT

企业管治报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

已制定可计量目标以推行董事会多元化政策，

并且将根据上述一系列多元化范畴为基准来甄

选候选人。通过采用此类标准，还有助于公司

开发董事会候选人渠道，以实现性别多元化。

最终将按候选人之长处及可为董事会提供之贡

献（考虑因素如技能、知识及经验）而作决定。

截至本年报日期，董事会由九名董事组成，其

中两名为女性，三名为独立非执行董事且独立

于管理层，并据此促进严格检视及监控管理

过程。董事会不论是从专业背景、技能或是性

别，均有丰富的多元性。提名委员会将每年检

讨及监督董事会多元化政策的推行。

截至二零二五年三月三十一日止年度，董事会

透过提名委员会对董事会多元化政策的实施及

有效性进行年度审阅，并对董事会多元化政策

已得到妥善实施及有效感到满意。

员工多元化

截至二零二五年三月三十一日，本集团共有

员工210人（包括高级管理人员），其中男性占

32%（67人），女性占68%（143人）。

虽然我们认为未来的员工招聘，应主要以绩效

为基础，并且认为我们的员工队伍设定任何

目标性别比例并不合适，但我们认识到并接受

拥有多元化员工队伍的好处，将根据合适的候

选人继续增强我们员工队伍的多样性。

提名政策

本公司已采纳提名政策（「提名政策」），订明本

公司董事候选人的提名程序，旨在达致董事会

在技能、知识、能力、经验及适合满足其业务

需要的多元化观点方面取得平衡。

根据提名政策，提名委员会在向董事会提出建

议之前，在考虑候选人是否有适当资格被任命

为董事时，应评估（其中包括）以下因素：

，包括与本公司业务及策略相关的专

业资格、技能、知识及经验，以及董事会

成员多元化政策所提述的多元化因素；

Measurable objectives have ben set to implement the Board Diversity

Policy and selection of candidates wil be based on a range of diversity

perspectives as stated in the above. By adopting such criteria, it also

facilitates the Company to develop a pipeline of candidates to the

Board to achieve gender diversity. The ultimate decision wil be based

on merit and contribution (considering factors like skils, knowledge and

experience) that the selected candidates wil bring to the Board.

As at the date of this anual report, the Board comprises nine

Directors, two of whom are female, and thre of whom are independent

non-executive directors and independent of management, thereby

promoting critical review and control of the management proces. The

Board is also characterised by significant diversity, whether considered

in terms of profesional background, skils and gender. The Nomination

Comite wil monitor the implementation of the Board Diversity Policy

and review the policy anualy.

During the year ended 31 March 2025, the Board, via the Nomination

Comite, conducted an anual review of the implementation and

efectivenes of the Board Diversity Policy and is satisfied that the Board

Diversity Policy has ben properly implemented and is efective.

Workforce Diversity

As at 31 March 2025, the Group had a total workforce of 210 employes

(including senior management), of which 32% (67) are males, and 68%

(143) are females.

While we believe our future employe recruitment should predominantly

be merit-based and do not consider it apropriate to set any target

gender ratio for our workforce, we recognise and embrace the benefits of

having a diverse workforce, and wil continue to enhance the diversity of

our workforce, subject to availability of suitable candidates.

Nomination Policy

The Company has adopted a nomination policy (the “Nomination Policy”)

which aims at seting out the proces for the nomination of a candidate

for the Company’s directorship, in order to facilitate the constitution of the

Board with a balance of skils, knowledge, ability, experience and diversity

of perspectives that is apropriate to the requirements of the Company.

Based on the Nomination Policy, the Nomination Comite shal ases,

among other things, the folowing when considering whether a candidate

is suitably qualified to be apointed as a Director before making

recomendations to the Board:

;

, skils, knowledge

and experience and diversity aspects under the Board Diversity

Policy that are relevant to the Company’s busines and corporate

strategy;

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

，以

及参考上市规则内列明候选人是否被视为

独立的指引；

、技能、经验、独立性

及性别多元化方面可为董事会带来的任何

潜在贡献；及

• 愿意及能够投放足够时间履行身为董事会

成员及担任董事会辖下委员会委员的职责。

全体董事会对公司董事候选人的选择、任命或

推荐（视情况而定）负最终责任，并据此考虑提

名委员会的建议并作出决定。

选择和推荐公司董事候选人的提名程序可概括

如下：

1. 提名委员会收到有关委任新董事的提案及

候选人的履历资料（或相关详情）后，依据

上述准则评估该候选人，以确定该候选人

是否合资格担任董事职务。

，提

名委员会应根据本公司的需要及每位候选

人的背景调查（如适用）排列彼等的优先次

序。

3. 提名委员会随后应就委任合适人选担任董

事一事向董事会提出建议（如适用）。

于截至二零二五年三月三十一日止年度内，提

名委员会曾执行下述工作：

(i) 检讨董事会之架构、人数、组成（包括技

能、知识及经验方面）及多样性，以及董事

会成员多元化政策；

(i) 评估独立非执行董事之独立性；

(i) 就有关董事委任及重新委任事宜向董事会

提出建议；及

(iv) 检讨本公司的董事提名政策。

• requirement for the Board to have independent directors in

acordance with the Listing Rules and whether the candidate would

be considered independent;

• any potential contributions the candidate can bring to the Board in

terms of qualifications, skils, experience, independence and gender

diversity; and

• wilingnes and ability to devote adequate time to discharge duties

as a member of the Board and/or Board comite(s) of the

Company.

The entire Board is ultimately responsible for the selection and

apointment or recomendation (as the case may be) of candidates

for the Company’s directorship, and acordingly, shal consider the

recomendations from the Nomination Comite and make a decision.

The nomination procedures to select and recomend candidates for the

Company’s directorship could be sumarised as folows:

1. The Nomination Comite should, upon receipt of the proposal

on apointment of new director and the biographical information (or

relevant details) of the candidate, evaluate such candidate based on

the criteria as set out above to determine whether such candidate is

qualified for directorship.

, the

Nomination Comite should rank them by order of preference

based on the neds of the Company and reference check of each

candidate (where aplicable).

3. The Nomination Comite should then recomend to the Board to

apoint the apropriate candidate for directorship, as aplicable.

During the year ended 31 March 2025, the Nomination Comite

performed the folowing work:

(i) reviewed the structure, size, composition (including the skils,

knowledge and experience) and diversity, and the Board diversity

policy of the Board;

(i) asesed the independence of INEDs;

(i) made recomendations to the Board on the apointment and

re-apointment of Director; and

(iv) reviewed the director’s nomination policy of the Company.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

RISK MANAGEMENT COMITE

The Risk Management Comite comprises thre executive directors,

namely Mr. Chan Wing Fui, Peter, Mr. Chan Wing Ke and Ms. Chan

Suk Man. It is chaired by Mr. Chan Wing Fui, Peter. The members’

atendance to the Risk Management Comite meting is listed out on

page 20.

The purpose of the Comite is to overse the overal design,

implementation and monitoring of the risk management and the internal

control systems of the Company and its subsidiaries (colectively, the

“Group”) and to advise the Board on the Group’s risk-related maters.

Se “Internal Control and Risk Management” below.

DIVIDEND POLICY

The Company has established a Dividend Policy which was adopted by

the Board to set out the guidelines for the Board to determine (i) whether

dividends are to be declared and paid; and (i) the level of the dividend to

be paid to the shareholders. It is the policy to alow the shareholders to

participate in the Company’s profits whilst to retain adequate reserves for

future growth.

The Board shal consider the folowing factors before declaring or

recomending dividends:

(i) financial results;

(i) cash flow situation;

(i) busines conditions and strategies;

(iv) future operations and earnings;

(v) capital requirements and expenditure plans;

(vi) interests of shareholders;

(vi) any restrictions on payment of dividends; and

(vi) any other factors that the Board may consider relevant.

The declaration and payment of dividends shal remain to be determined

at the sole discretion of the Board and subject to the Articles of

Asociation of the Company and al aplicable laws and regulations.

The Board wil continualy review the Dividend Policy and reserves the

right in its sole and absolute discretion to update, amend and/or modify

the Dividend Policy at any time. The Dividend Policy shal in no way

constitute a legaly binding comitment by the Company that dividends

wil be paid in any particular amount and/or in no way obligate the

Company to declare a dividend at any time or from time to time.

风险管理委员会

风险管理委员会包括三名执行董事，分别为陈

永奎先生、陈永棋先生及刘陈淑文女士，并由

陈永奎先生出任主席。风险管理委员会议之

出席记录载列于第20页。

成立委员会目的旨在监督对本公司及其附属公

司（统称「本集团」）风险管理及内部监控系统的

整体设计、实施及监察；以及向董事会就本集

团的风险相关事宜提供建议。

参阅下文「内部监控及风险管理」。

股息政策

本公司订立并由董事会采纳之股息政策列载指

引以供董事会确定(i)是否宣布及派发股息，以

及(i)向本公司股东派发的股息水平。本政策允

许股东参与本公司的利润，同时预留足够的储

备以供未来增长。

董事会于宣派及建议派发股息前，须考虑下列

因素：

(i) 财务业绩；

(i) 现金流量状况；

(i) 业务状况及策略；

(iv) 未来营运及收入；

(v) 资金需求及支出计划；

(vi) 股东的利益；

(vi) 任何派付股息的限制；及

(vi) 董事会可能视为相关的任何其他因素。

股息的宣派及派付应由董事会全权酌情决定，

并受本公司章程细则和所有适用法律法规的约

束。

董事会将会持续审阅股息政策以及保留其唯一

及全权酌情权以在任何时候更新、修订及╱或

修改本政策，并且股息政策绝不构成一项本公

司对其将派付任何特定数额股息的法律约束承

诺，本公司并无义务随时或不时宣派股息。

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

高级管理人员酬金

本集团高级管理人员包括四名人士。各高级行

政人员背景及资历载于「董事及管理人员」一节。

截至二零二五年三月三十一日止年度内，本集

团高级管理人员的酬金介乎下列区间：

董事及核数师有关财务报表之责任

董事负责监督本集团财务报表之编制工作，并

确保该等财务报表之编制均符合所有关法规

及适用会计准则的规定。

本公司之外聘核数师有关彼等于财务报表之报

告责任载于第35页至第43页之「独立核数师报

告」。

核数师酬金

于年度内，本集团就法定审核工作而支付之核

数师酬金总额为1,341,000港元（二零二四年：

1,401,000港元），其中1,310,000港元（二零

二四年：1,370,000港元）已支付予或应支付予

本集团之主要核数师毕马威会计师事务所。

本集团之主要核数师毕马威会计师事务所及其

关连机构就所提供之法定审核及非审核服务而

获支付或应支付之酬金分别为1,310,000港元

（二零二四年：1,370,000港元）及262,000港元

（二零二四年：253,000港元）。非审核服务主

要包括向本集团提供的税务及内部监控检讨服

务。

董事之证券交易

本公司已采纳有关董事证券交易的证券买卖守

则，其条款不逊于上市规则附录C3所载上市公

司董事进行证券交易的标准守则（「标准守则」）

载列的规定准则。经过本公司向所有董事作出

具体查询后，本公司董事已确认彼等于回顾年

度内一直遵守标准守则所载的规定准则及其有

关董事证券交易的证券买卖守则。

EMOLUMENTS OF SENIOR MANAGEMENT

The senior management of the Group comprises 4 individuals. Details of

backgrounds and qualifications of each senior executive are set out in the

section of “Directors and Management”.

During the year ended 31 March 2025, the emoluments of the senior

management of the Group fel within the folowing bands:

Number of senior executives

Emoluments酬金高级行政人员数目

HK$0 to HK$1,000,0000港元至1,000,000港元1

HK$1,000,001 to HK$2,000,0001,000,001港元至2,000,000港元3

DIRECTORS’ AND AUDITOR’S

RESPONSIBILITIES IN RESPECT OF THE

FINANCIAL STATEMENTS

The directors are responsible for overseing the preparation of financial

statements of the Group and ensure that the financial statements are

prepared in acordance with al relevant statutory requirements and

aplicable acounting standards.

The statement of external auditors of the Company about their reporting

responsibilities of the financial statements is set out in the “Independent

Auditor’s Report” on pages 35 to 43.

AUDITORS’ REMUNERATION

During the year, total auditors’ remuneration in relation to statutory audit

work of the Group amounted to HK$1,341,000 (2024: HK$1,401,000),

of which a sum of HK$1,310,000 (2024: HK$1,370,000) was paid or

payable to the Group’s principal auditors, KPMG.

The remunerations paid or payable to the Group’s principal auditor,

KPMG and its afiliated firms, for services rendered in statutory audit and

non-audit were HK$1,310,000 (2024: HK$1,370,000) and HK$262,000

(2024: HK$253,000) respectively. The non-audit services principaly

comprise tax and internal control review services provided to the Group.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a Securities Dealing Code regarding

director’s securities transactions on terms no les exacting than required

standard set out in the Model Code for Securities Transactions by

Directors of Listed Isuers (the “Model Code”) contained in Apendix C3

of the Listing Rules. Al directors have confirmed, upon specific enquiry by

the Company, that they have complied with the required standard set out

in the Model Code and the Securities Dealing Code throughout the year

under review.

CORPORATE GOVERNANCE REPORT

企业管治报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

内部监控及风险管理

董事会全面负责风险管理框架，厘定本公司为

达成目标而愿意承受的主要风险。审核委员会

获授权监察内部监控及风险管理的成效，而管

理层负责设计、落实及监控有关系统。风险管

理委员会负责统筹风险管理活动，并至少每年

向董事会汇报。本集团风险管理及内部监控系

统旨在管理而非消除未能达成业务目标的风

险，而且只能就不会有重大的失实陈述或损失

作出合理而非绝对的保证。

我们管理风险的措施包括识别及评估各组织层

面来自外部及内部环境的主要风险（这包括但

不限于ESG相关的重大风险）。评估考虑主要风

险性质及程度，以及本集团应对其业务及外部

环境变化的能力。我们已就各主要风险（这包括

但不限于ESG相关的重大风险）制订行动计划及

指定风险负责人。风险负责人负责统筹缓解措

施，以确保妥善落实该等行动计划。该程序由

风险管理委员会紧密监控。

经考虑主要风险（这包括但不限于ESG相关的重

大风险）及缓解措施，并基于审核委员会的审阅

后，董事会相信本公司有能力应对其业务及外

部环境所产生的任何有关变化，并且认为本集

团的风险管理及内部监控制度于回顾年度内属

有效及足够。

就披露内幕消息而言，董事会已推行有关处理

及发布内幕消息的程序及内部监控措施，使潜

在内幕消息能迅速被识别及通报，以决定应否

作出公布，从而确保符合上市规则项下之持续

责任及证券及期货条例披露资料之法定责任。

内部审核职能

于回顾年度内，董事会外聘顾问进行内部审计

服务。外聘顾问已协助本集团执行内部监控制

度的若干选定的进程的有效性进行审查。评估

结果及改善建议已经与管理层讨论及确认，并

向审核委员会汇报。

INTERNAL CONTROL AND RISK MANAGEMENT

The Board has an overal responsibility for the risk management

framework, and for determining the significant risks it is wiling to take in

achieving the Company’s objectives. Audit Comite is delegated with

overseing the efectivenes of internal control and risk management,

while management is responsible for the design, implementation and

monitoring of such systems. The Risk Management Comite is

responsible for cordinating risk management activities, and to report at

least anualy to the Board. The Group’s risk management and internal

control systems are designed to manage rather than eliminate the risk of

failure to achieve busines objectives, and only provide reasonable and

not absolute asurance against material mistatement or los.

Our aproach to manage risks involves identification and asesment of

principal risks (including, among others, material risks relating to ESG)

from the external and internal environments at diferent organization

levels. The asesment considers the changes in nature and extent

of significant risks and the Group’s ability to respond to changes in

its busines and the external environment. Action plans have ben

developed and risk ownership has ben asigned for each key

principal risk (including, among others, material risks relating to ESG).

The risk owners cordinate the mitigation measures to ensure proper

implementation of these action plans. The proces is closely monitored

by the Risk Management Comite.

Taken into consideration the principal risks (including, among others,

material risks relating to ESG) and mitigation actions and based on the

review of the Audit Comite, the Board believes that the Company

has the ability to respond to any such changes in our busines and the

external environment, and considers that the Group’s risk management

and internal control system was efective and adequate during the year

under review.

Regarding the disclosure of inside information, the Board had

implemented procedures and internal controls for handling and

disemination of inside information so that potential inside information

can be promptly identified and escalated up for deciding whether an

anouncement should be made in order to ensure compliance with

the continuous obligations under the Listing Rules and the statutory

obligation to disclose information under the SFO.

INTERNAL AUDIT FUNCTION

During the year under review, the Board has engaged an external

consultant to perform internal control review services. The external

consultant has asisted the Group to perform a review of the

efectivenes of internal controls system for certain selected proceses.

The asesment results and proposed improvement oportunities were

discused and agred with Management and were reported to the Audit

Comite.

CORPORATE GOVERNANCE REPORT

企业管治报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

举报政策

董事会已遵守则条文第D.2.3项采纳举报政

策。该政策提供正式渠道及相关程序，使本集

团雇员及与本集团往来之人士（如供应商和客

户）于保密及匿名的情况下提出关切事项，而不

必担心遭到报复。本集团已制定程序，使举报

人能直接向相关人士举报与本集团有关之任何

涉嫌不当行为之事务。

反贪污政策

董事会已遵守则条文第D.2.4项采纳反贪污政

策。为防止贪污行为并提高雇员在此方面之意

识，本集团将聘用第三方之期望及合适程序以

及反贿赂及反贪污准则载入其反贪污政策中。

公司秘书

公司秘书为本公司的雇员及了解本公司的日常

事务。透过主席及╱或副主席，公司秘书负责

对董事会就管治事项提供意见并协助董事的就

职及专业发展。公司秘书同时保存董事会及各

委员会议的完整记录。公司秘书的履历已列

于第34页。于本年内，公司秘书已接受不少于

15小时的相关专业培训。

与股东的沟通

本公司视股东周年大会为重要事项，因其提供

股东与董事局直接沟通的机会。于二零二四

年股东周年大会，董事会主席、审核委员会主

席、薪酬委员会主席、提名委员会主席、风险

管理委员会主席及外聘核数师，均出席以解答

股东之提问。

本公司亦设有网址w.ygm.com.hk，可供股

东、投资者及公众人士浏览本公司的资料。

反映本公司现时与股东沟通之政策，可于本公

司网站查阅。于回顾年度内，董事局已检讨该

政策的实施情况及成效，包括在股东大会上采

取的措施、收到查询时的处理方法、本集团信

息的公布，以及公司与股东的沟通和联系渠

道。董事局认为该政策已获妥为实施并属有效。

WHISTLEBLOWING POLICY

In compliance with code provision D.2.3 of the Code, the Board has

adopted a whistleblowing policy. The policy provides formal chanel and

procedures to facilitate the raising of maters of concern by employes

of the Group and those parties who deal with the Group (e.g. customers

and supliers), in confidence and anonymity. The procedures enable the

whistleblowers to report the posible improprieties in any mater related

to the Group directly adresed to relevant personel.

ANTI-CORUPTION POLICY

In compliance with code provision D.2.4 of the Code, the Board had

adopted an anti-coruption policy. The policy sets out the guidelines to

prevent coruptive practices and raise employes’ awarenes regarding

such mater, and sets out the expectations and apropriate procedures

of engaging third parties, and standards relating to anti-bribery and

anti-coruption.

COMPANY SECRETARY

The Company Secretary is an employe of the Company and has

day-to-day knowledge of the Company’s afairs. The Company Secretary

is responsible for advising the Board through the Chairman and/or the

Vice Chairman on governance maters and also facilitates the induction

and profesional development of directors. The Company Secretary

also keps proper records of al Board and Comite metings.

The biography of the Company Secretary is set out on page 34. The

Company Secretary has undertaken no les than 15 hours of profesional

training during the year.

COMUNICATION WITH SHAREHOLDERS

The Company regards the anual general meting as an important

event as it provides an oportunity for direct comunications betwen

its shareholders and the Board. At the Company’s 2024 anual general

meting, the Chairman of the Board, the Chairman of each of the Audit

Comite, Remuneration Comite, Nomination Comite and Risk

Management Comite as wel as the external auditor were present to

answer questions raised by shareholders.

The Company also maintains a website at w.ygm.com.hk which

enables the shareholders, investors and the general public to have

aces to the information of the Company.

A shareholder comunication policy reflecting the curent practices

of the Company for comunication with its shareholders is available

on the Company’s website. During the year under review, the Board

reviewed the implementation and efectivenes of the policy including

steps taken at general metings, the handling of enquiries received

from the shareholders, the disemination of information in relation to the

Group, and the chanels of comunications betwen the Company and

the shareholders. The Board considered that the policy was properly

implemented and efective.

CORPORATE GOVERNANCE REPORT

企业管治报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

本公司章程文件之修订

截至二零二五年三月三十一日止年度，本公司

的组织章程并无任何修订。

股东权利

本公司仅拥有一类股份，所有股份均拥有相同

的投票权并可获派已宣派之股息。股东的权利

载于本公司之公司章程及香港公司法。

股东召开股东特别大会（「股东特别大会」）之程

序

本公司的公司组织章程第67条订明，根据公司

条例，股东特别大会可以应请求而召开。根据

公司条例第566条，倘本公司收到不少于5%在

本公司股东大会上拥有投票权的股东请求召开

股东大会，则本公司之董事须召开股东大会。

于股东特别大会上提呈议案之程序

根据公司条例第566条，召开股东大会的请求

书必须说明在会议上须处理事务的大体性质，

并可包括在会议上可恰当地被动议及拟被动

议的决议案细节。该请求书可以书面形式送

呈本公司的注册办事处或以电子形式发送到

cs_info@ygm.com.hk，且必须由请求人进行验

证。董事必须在收取请求书当日起二十一天内

召开股东大会，该会议并必须在召开大会通告

日期起不超过二十八天内举行。

股东向董事会查询之程序

股东可透过公司秘书向董事会作出查询，而公

司秘书会转交有关查询予董事会处理。公司秘

书之联络详情如下：

公司秘书

长江制衣有限公司

香港

九龙

新蒲岗

大有街二十二号

电邮：cs_info@ygm.com.hk

电话：(852) 2327 5111

传真：(852) 2352 2286

股东亦可在本公司之股东大会上向董事局作出

查询。

CHANGES IN THE COMPANY’S

CONSTITUTIONAL DOCUMENTS

No amendments are made to the Articles of Asociation of the Company

during the year ended 31 March 2025.

SHAREHOLDERS’ RIGHTS

The Company has only one clas of shares. Al shares have the same

voting rights and are entitled to the dividend declared. The rights of the

shareholders are set out in, among other things, the Article of Asociation

of the Company and the Hong Kong Companies Ordinance.

Procedures for Shareholders to convene an extraordinary general meting

(“EGM”)

Article 67 of the Articles of Asociation of the Company provides that

an extraordinary general meting shal be convened on requisition, as

provided by the Companies Ordinance. Acording to section 566 of the

Companies Ordinance, the directors of the Company are required to

cal a general meting if the Company has received requests to do so

from shareholders representing at least 5% of the total voting rights of al

shareholders having a right to vote at general metings of the Company.

Procedures for puting forward proposals at EGM

Pursuant to section 566 of the Companies Ordinance, the request for

a general meting must state the general nature of the busines to be

dealt with at the meting and may include the text of a resolution that

may properly be moved and is intended to be moved at the meting. The

request may be sent to the Company in hard copy form at the registered

ofice of the Company or in electronic form at cs_info@ygm.com.hk

and must be authenticated by the requisitionist(s). The directors must

cal a general meting within 21 days after the date of the receipt of the

requests to do so. The meting caled must be held on a date not more

than 28 days after the date of the notice convening the meting.

Procedures for directing Shareholders’ enquiries to the Board

Shareholders may put forward enquiries to the Board through the

Company Secretary who wil direct the enquiries to the Board for

handling. The contact details of the Company Secretary are as folows:

The Company Secretary

Yangtzekiang Garment Limited

22 Tai Yau Stret

San Po Kong

Kowlon

Hong Kong

E-Mail: cs_info@ygm.com.hk

Telephone: (852) 2327 5111

Facsimile: (852) 2352 2286

Shareholders may also make enquires with the Board at the general

metings of the Company.

CORPORATE GOVERNANCE REPORT

企业管治报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

DIRECTORS AND MANAGEMENT

董事及管理人员

DIRECTORS

EXECUTIVE DIRECTOR

Chan Wing Fui, Peter, MA

Aged 79, Mr. Chan received a Master’s degre in Administrative Science

from Yale University, USA in 1969 and joined the Group in the same

year. He was apointed as Director and Managing Director in 1971 and

1980 respectively and Vice Chairman of the board of directors in 1987.

Mr. Chan is at present the Chairman of the board of directors and has

held directorships in a number of subsidiaries of the Group. Mr. Chan

was the Chairman of the board of directors of YGM Trading Limited from

2010 to 2015, and is at present the executive director of YGM Trading

Limited. Mr. Chan has extensive experience in garment manufacturing

and marketing in the Far East and the USA.

Chan Wing Ke, GBM, GBS, OBE, JP

Aged 78, Mr. Chan received a Bachelor’s degre in Industrial Enginering

in 1970 from Purdue University. He has ben the Managing Director of

the Company since 1987 and was re-designated from Managing Director

to Executive Director in January 2021. He is also an Executive Director

of YGM Trading Limited and an Independent Non-executive Director of

Kingboard Holdings Limited. Mr. Chan had participated in many textile

negotiations with the USA and Europe for Hong Kong and Macau. He

used to be a Standing Comite Member of The 10th, 11th and 12th

of The Chinese People’s Political Consultative Conference; Deputy

of the 8th and 9th National People’s Congres of China, Ex-member

of Comision on Strategic Development of Hong Kong Special

Administrative Region; Ex-member of Economic Council of Macau

Special Administrative Region; Ex-member of the Textile Advisory Board

of Hong Kong; Ex-Comite Member of the Preparatory Comite for

Hong Kong Special Administrative Region and Ex-Advisor of Hong Kong

Afairs.

Chan Wing To, PhD

Aged 74, Mr. Chan joined YGM Singapore in 1978. He was apointed

as Executive Director of the Group in 1983. Mr. Chan was an Executive

Director of YGM Trading Ltd from November 1987 to April 2020.

Mr. Chan received a Doctor of Philosophy degre in economics from the

University of Rochester, USA in 1978. He has extensive experience in the

textile and garment busines.

Chan Suk Man, MSc

Aged 77, Ms. Chan received Master of Science Degres from the

University of Windsor, Canada in 1973 and Case Western Reserve

University USA in 1975. She joined the Group in 1976 and was apointed

as Executive Director in 1993. Madam Chan was re-designated as the

Managing Director of the Company in January 2021.

董事

执行董事

陈永奎

七十九岁，陈先生于一九六九年获美国耶鲁大

学颁发行政管理学硕士学位，并于同年加入本

集团。彼分别于一九七一年及一九八零年获委

任为董事及董事总经理，并于一九八七年出任

董事会副主席。陈先生现为董事会主席，亦出

任本集团数家附属公司的董事。陈先生于二零

一零年至二零一五年期间出任YGM贸易有限公

司董事会主席，及现为YGM贸易有限公司之执

行董事。陈先生于远东及美国之成衣制造及市

场推广有广泛之经验。

陈永棋

七十八岁，陈先生于一九七零年获普渡大学颁

发工业工程学士学位。彼自一九八七年起担任

本公司董事总经理，并于二零二一年一月由董

事总经理调任为执行董事。彼亦为YGM贸易有

限公司之执行董事及建滔集团有限公司之独立

非执行董事。陈先生曾多次参与欧美与港澳之

间之纺织品谈判。陈先生曾任中华人民共和国

第十届、第十一届及第十二届全国政协常务委

员；中华人民共和国第八届及第九届全国人民

代表大会代表；前香港特别行政区政府策略发

展委员会委员；前澳门特别行政区经济委员会

委员；前香港政府纺织业咨询委员会委员；前

香港特别行政区筹备委员会委员及前中国务

院香港事务顾问。

陈永滔

七十四岁，陈先生于一九七八年加入新加坡

长江，并于一九八三年获委任为本集团执行

董事。陈先生于一九八七年十一月至二零二零年

四月期间出任YGM贸易有限公司执行董事。

陈先生于一九七八年获得美国University of

Rochester颁发经济博士学位，陈先生于纺织品

及成衣业务有广泛之经验。

刘陈淑文

七十七岁，陈女士分别于一九七三年及

一九七五年获得加拿大University of Windsor

及美国Case Western Reserve University理科

硕士学位，彼于一九七六年加入本集团，并于

一九三年获委任为执行董事。于二零二一年

一月，陈女士调任本公司董事总经理。

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

DIRECTORS AND MANAGEMENT

董事及管理人员

陈永燊

七十七岁，陈先生一九七零年获英国曼彻斯特

大学颁授学士学位，并于一九七三年成为特许

会计师。彼于一九七四年至一九八年间出任

本集团之公司秘书及一九七年获委任为执行

董事。陈先生于一九八七年至二零六年间出

任YGM贸易有限公司之董事总经理及由二零

六年至二零一零年间出任YGM贸易有限公司之

行政总裁。彼自二零一零年起出任YGM贸易有

限公司董事会副主席，并于二零一五年九月调

任为YGM贸易有限公司董事会主席。陈先生自

二零一三年起出任Crater Gold Mining Limited

（其股份于二零二三年七月十日起于澳洲证券交

易所取消上市）董事会主席。

周陈淑玲

陈女士于一九七三年加入本集团，并曾于

一九八三年一月至二零二零年四月担任本集团

执行董事。陈女士于二零二一年三月获委任为

执行董事。彼为YGM贸易有限公司董事会副主

席。陈女士，七十四岁，于管理成衣零售及批

发业务有广泛之经验。现为香港特别行政区第

三至六届选举委员会选委、香港贸易发展局理

事、香港贸易发展局职员及财务委员会主席、

香港中华厂商联合会名誉会长、香港品牌发展

局荣誉主席、广东外商投资企业协会副会长、

香港理工大学校董会成员、香港理工大学纺织

及服装学院顾问委员会主席及又一村学校

监。彼于一九七三年获英国Notingham Trent

University颁发学士学位。

独立非执行董事

蔡廷基

七十岁，现为香港会计师公会资深会员。蔡先

生一九七八年毕业于香港理工学院（现称为香

港理工大学）会计系，同年加入毕马威会计师事

务所，历任香港毕马威会计师事务所审计部合

伙人，毕马威会计师事务所上海办事处执行合

伙人，毕马威华振会计师事务所上海首席合伙

人，毕马威华振会计师事务所华东华西区首席

合伙人。二零一零年四月蔡先生自毕马威华振

会计师事务所退休。蔡先生自二零一二年十二

月起出任为本公司独立非执行董事，蔡先生亦

是YGM贸易有限公司之独立非执行董事。

Chan Wing Sun, Samuel

Aged 77, Mr. Chan received a Bachelor’s degre from University of

Manchester, the United Kingdom in 1970 and qualified as a Chartered

Acountant in 1973. He was the Company Secretary of the Group from

1974 to 1988 and has ben an Executive Director since 1977. Mr. Chan

was the Managing Director of YGM Trading Limited from 1987 to 2006

and the Chief Executive Oficer of YGM Trading Limited from 2006 to

2010. He was the Vice Chairman of the board of directors of YGM

Trading Limited from 2010 and was re-designated as the Chairman of

board of directors of YGM Trading Limited in September 2015. Mr. Chan

has ben the Chairman of the board of directors of Crater Gold Mining

Limited, whose shares were delisted from Australian Securities Exchange

with efect from 10 July 2023, since 2013.

Chan Suk Ling, Shirley, BS, JP

Madam Chan joined the Group in 1973 and was an executive Director

from January 1983 to April 2020. Madam Chan was apointed as an

executive Director in March 2021. She is also the Vice Chairman of

the board of directors of YGM Trading Limited. Madam Chan, aged

74, has extensive experience of management in the garment retail

and wholesale busines. She is a Comite Member of the 3rd-

6th Election Comite of Hong Kong SAR, the Council Member of

the Hong Kong Trade Development Council (“HKTDC”), the Chairman

of Staf & Finance Comite of HKTDC, the Honorary President of

the Chinese Manufacturers’ Asociation of Hong Kong, the Chairman

Emeritus of Hong Kong Brand Development Council, the Vice President

of the Guangdong Asociation of Enterprises with Foreign Investment,

a Council Member of The Hong Kong Polytechnic University (“PolyU”),

the Chairman of Advisory Comite on Schol of Fashion and Textiles

of PolyU and the Supervisor of Yau Yat Chuen Schol. She received a

Bachelor’s degre from Notingham Trent University, the United Kingdom

in 1973.

INDEPENDENT NON-EXECUTIVE DIRECTOR

Choi Ting Ki

Aged 70, is a felow member of the Hong Kong Institute of Certified

Public Acountants. In 1978, Mr. Choi graduated from the Department of

Acounting of the Hong Kong Polytechnic (curently known as the Hong

Kong Polytechnic University). He joined KPMG in the same year and has

held various positions, including Partner of the audit department of KPMG

Hong Kong Ofice, Managing Partner of KPMG Shanghai Ofice, Senior

Partner of KPMG Huazhen Shanghai Ofice as wel as Senior Partner

of KPMG Huazhen in Eastern and Western China. Mr. Choi retired

from KPMG Huazhen in April 2010. Mr. Choi has ben an Independent

Non-executive Director of the Company since December 2012. Mr. Choi

is also an Independent Non-executive Director of YGM Trading Limited.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

DIRECTORS AND MANAGEMENT

董事及管理人员

苏汉章

六十九岁，自二零三年八月起担任会计师行

何铁文苏汉章梁树贤会计师行有限公司董事。

现为英记茶庄集团有限公司（股份代号：8241）

之财务总监兼公司秘书。彼在制造、批发及贸

易商业部门有广泛之经验，以及在香港、中国

及加拿大多家公司担任公职。苏先生持有加拿

大英属哥伦比亚大学商学士学位。彼为香港

会计师公会资深会员、加拿大特许专业会计师

公会员及加拿大公认管理会计师公会员。

苏先生自二零一七年九月起出任本公司及YGM

贸易有限公司（股份代号：375）之独立非执行

董事及自二零二年九月起为松景科技控股

有限公司（股份代号：1079）之独立非执行董

事。于二零一年五月至二零一七年二月，苏

先生为米兰站控股有限公司（股份代号：1150）

之独立非执行董事、于二零一七年八月至二零

一九年六月出任Teamway International Group

Holdings Limited（股份代号：1239）之独立非

执行董事及于二零一五年五月至二零二年

十一月出任鼎石资本有限公司（股份代号：804）

之独立非执行董事。

李光明

七十三岁，李先生于二零一八年一月获委任为

本公司独立非执行董事。李先生于一九八四年

七月获委任为无锡市第一棉纺织厂副厂长，并

于一九一年二月获委任为厂长。彼曾在无锡

市国联发展（集团）有限公司及其附属公司担任

若干职位，包括彼于二零五年十月获委任为

无锡国联纺织集团有限公司（现称无锡一棉纺

织集团有限公司）总经理，其后出任董事长直至

二零一四年十二月止。截至二零一五年六月，

彼亦曾在无锡一棉投资有限公司（一间由本公

司持有49%之合资企业）及其附属公司中担任若

干管理角色。李先生毕业于无锡职业大学（现称

江南大学），曾任中华人民共和国无锡市人民代

表大会常务委员会委员。彼亦自二零一八年一

月起出任YGM贸易有限公司（股份代号：375）

之独立非执行董事。

董事与其他董事、本公司高级管理人

员或主要或控股东之关系

陈永奎先生、陈永燊先生及周陈淑玲女士为兄

弟姐妹。

陈永棋先生、陈永滔先生及刘陈淑文女士为兄

弟姐妹，而彼等亦为陈永奎先生、陈永燊先生

及周陈淑玲女士之堂兄弟姐妹。刘陈淑文女士

为刘盛材先生之妻子。

除本文所披露者外，董事概无与其他董事、本

公司高级管理人员或主要或控股东有任何关

系。

So Stephen Hon Cheung

Aged 69, has ben a director of an acounting firm T.M Ho, So & Leung

CPA Limited since August 2003. Curently, he is the chief financial

oficer and company secretary of Ying Ke Tea House Group Limited

(stock code: 8241). He has extensive experience in the comercial

sector of manufacturing, wholesale and trading and in public practice

working for various companies in Hong Kong, China and Canada.

He holds a bachelor’s degre in comerce from the University of

British Columbia, Canada. He is a felow member of the Hong Kong

Institute of Certified Public Acountants, a member of the Chartered

Profesional Acountants of Canada and a member of the Society of

Certified Management Acountants of Canada. Mr. So has ben an

independent non-executive director of the Company and YGM Trading

Limited (stock code: 375) since September 2017, and PINE Technology

Holdings Limited (stock code: 1079) since September 2002. Mr. So

was an independent non-executive director of Milan Station Holdings

Limited (stock code: 1150) from May 2011 to February 2017, Teamway

International Group Holdings Limited (stock code: 1239) from August

2017 to June 2019 and Pinestone Capital Limited (stock code: 804) from

May 2015 to November 2022.

Li Guangming

Aged 73, Mr. Li was apointed as an Independent Non-executive

Director of the Company in January 2018. He was apointed as deputy

chief of No. 1 Coton Textile Factory of Wuxi City in July 1984 and chief

of factory in February 1991. He has held various positions in Wuxi City

Guolian Development (Group) Company Limited and its subsidiaries.

Among other things, he was apointed as the general manager of

Wuxi Guolian Textile Group Company Limited (now known as Wuxi

No.1 Coton Textile Group Company Limited) in October 2005, and

subsequently served as the chairman of its board until December 2014.

He had also held various management roles in Wuxi No. 1 Coton

Investment Co., Ltd. (a joint venture held as to 49% by the Company) and

its subsidiaries up to June 2015. Mr. Li graduated from Wuxi Profesional

University (now known as Jiangnan University) and was a member

of the Standing Comite of Wuxi Municipal People’s Congres of

the People’s Republic of China. He also has ben an Independent

Non-executive Director of YGM Trading Limited (stock code: 375) since

January 2018.

DIRECTORS’ RELATIONSHIP WITH OTHER

DIRECTORS, SENIOR MANAGEMENT,

SUBSTANTIAL OR CONTROLING

SHAREHOLDERS OF THE COMPANY

Mr. Chan Wing Fui, Peter, Mr. Chan Wing Sun, Samuel and Madam Chan

Suk Ling, Shirley are siblings.

Mr. Chan Wing Ke, Mr. Chan Wing To and Madam Chan Suk Man are

siblings. They are also the cousins of Mr. Chan Wing Fui, Peter, Mr. Chan

Wing Sun, Samuel and Madam Chan Suk Ling, Shirley. Madam Chan

Suk Man is the wife of Mr. Lau Shing Choy.

Save as disclosed herein, the Directors do not have any relationship

with other Directors, senior management, substantial or controling

Shareholders of the Company.

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

DIRECTORS AND MANAGEMENT

董事及管理人员

管理人员

刘盛材

七十七岁，刘先生于一九六九年获得香港中文

大学士学位，及于一九七八年获得美国Case

Western Reserve University 哲学博士学位。刘

先生于一九七八年加入本集团，负责开拓中国

业务。彼亦为香港织造有限公司之董事。

梁铭惠

六十七岁，梁先生现任营业总经理。彼获得香

港理工大学管理学文凭，及澳门大学工商管理

硕士学位。梁先生于一九八六年加入本集团任

职营业部经理。

叶仲安

六十二岁，叶先生现任营业总经理。叶先生于

一九八二年加入本公司，及于一九八九年升任

营业部经理。叶先生于梭织及针织成衣采购及

销售均有广泛之经验，他于二零五年获委任

总经理。

许秀玲

五十九岁，为本集团之财务总监及公司秘书。

她于二零年加入本集团并对审计、会计、

财务及公司秘书等工作拥有丰富经验。许小姐

为英国特许公认会计师公会资深会员及香港会

计师公会员。

MANAGEMENT

Lau Shing Choy

Aged 77, Mr. Lau received a Bachelor’s degre from the Chinese

University of Hong Kong in 1969, and a Doctor of Philosophy Degre

from Case Western Reserve University, USA in 1978. Mr. Lau joined the

Group in 1978 to develop the China busines. He is the Director of Hong

Kong Kniters Limited.

Leung Ming Wai, Alan

Aged 67, Mr. Leung is the General Manager of Sales Department and

obtained the diploma in Management Studies at Hong Kong Polytechnic

University and Master Degre in Busines Administration at University of

Macau. He joined the Company as Sales Manager in 1986.

Yip Chung On

Aged 62, Mr. Yip is the General Manager of Sales Department. Mr. Yip

joined the Company in 1982, and was promoted to Sales Manager in

1989. With wide range of both woven and knit experience in garment

sourcing and merchandizing, he was apointed as General Manager in

2005.

Hui Sau Ling

Aged 59, is the Financial Controler and Company Secretary of the

Group. She joined the Group in 2000 and has extensive experience in

auditing, acounting, treasury and company secretarial work. She is a

felow member of the Asociation of Chartered Certified Acountants and

a member of Hong Kong Institute of Certified Public Acountants.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

INDEPENDENT AUDITOR’S REPORT TO THE

MEMBERS OF YANGTZEKIANG GARMENT LIMITED

(Incorporated in Hong Kong with limited liability)

OPINION

We have audited the consolidated financial statements of Yangtzekiang

Garment Limited (“the Company”) and its subsidiaries (“the Group”) set

out on pages 44 to 122, which comprise the consolidated statement

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

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

comprehensive income, the consolidated statement of changes in equity

and the consolidated cash flow statement for the year then ended and

notes, comprising material acounting policy information and other

explanatory information.

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

view of the consolidated financial position of the Group as at 31 March

2025 and of its consolidated financial performance and its consolidated

cash flows for the year then ended in acordance with HKFRS

Acounting Standards isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and have ben properly prepared in

compliance with the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) 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.

KEY AUDIT MATERS

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

were of most significance in our audit of the consolidated financial

statements of the curent period. These maters were adresed in the

context of our audit of the consolidated financial statements as a whole,

and in forming our opinion thereon, and we do not provide a separate

opinion on these maters.

独立核数师报告

致长江制衣有限公司成员

（于香港注册成立之有限公司）

意见

本核数师（以下简称「我们」）已审计列载于第44

页至第122页的长江制衣有限公司（「贵公司」）

及其附属公司（以下统称「贵集团」）的综合财

务报表，此财务报表包括于二零二五年三月

三十一日的综合财务状况表与截至该日止年度

的综合损益表、综合损益及其他全面收益表、

综合权益变动表和综合现金流量表，以及附

注，包括重大会计政策资料及其他解释性资料。

我们认为，该等综合财务报表已根据香港会计

师公会颁布的香港财务报告准则会计准则真

实而中肯地反映了贵集团于二零二五年三月

三十一日的综合财务状况及截至该日止年度的

综合财务表现及综合现金流量，并已遵照香港

《公司条例》妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港审计准

则》进行审计。我们在该等准则下承担的责任已

在本报告「核数师就审计综合财务报表承担的

责任」部分中作进一步阐述。根据香港会计师公

会颁布的《专业会计师道德守则》（以下简称「守

则」），我们独立于贵集团，并已履行守则中

的其他专业道德责任。我们相信，我们所获得

的审计凭证能充足及适当地为我们的审计意见

提供基础。

关键审计事项

关键审计事项是根据我们的专业判断，认为对

本期综合财务报表的审计最为重要的事项。这

些事项是在我们审计整体综合财务报表及出具

意见时进行处理的。我们不会对这些事项提供

单独的意见。

ASSESSING IMPAIRMENT OF OTHER PROPERTY, PLANT AND EQUIPMENT 评估其他物业、厂房及设备的减值
Refer to note 11(e) to the consolidated financial statements and the accounting policies in note 1(l)(ii). 请参阅综合财务报表附注11(e)及会计政策1(l)(ii)。
THE KEY AUDIT MATTER 关键审计事项	HOW THE MATTER WAS ADDRESSED IN OUR AUDIT 我们的审计如何处理该事项
In view of the losses sustained by certain business units of the Group during the current year, management considered that indicators of impairment of other property, plant and equipment existed as at 31 March 2025. 鉴于贵集团若干业务单位本年度内录得亏损，截至二零二五年三月三十一日，管理层认为其他物业、厂房及设备可能出现减值迹象。 In assessing whether impairment existed at the reporting date, management determined the recoverable amounts of the smallest cash generating units (“CGUs”) to which these assets were allocated. The recoverable amount of a CGU is the greater of its value in use and the fair value less costs of disposal. 在评估减值是否存在于结算日时，管理层确认该等资产分配所属的最小现金产生单位之可收回金额。可收回金额以其使用价值和公平价值减处置成本两者中的较高数额为准。 In order to determine the recoverable amounts of the CGUs for which indicators of impairment were identified, management assessed the fair values of the properties with reference to valuation performed by external valuers or estimates made by management. 当发现减值迹象时，管理层参考独立估值师进行的估值或管理层作出的估计评估物业的公平价值，从而确认可收回金额。 The assessment of the properties’ fair values involved significant judgement, particularly in respect of property-specific adjustment factors and the choice of market comparable transactions. 对物业公平价值的评估涉及重大判断，特别是在特定物业调整因素和市场可比较交易的选择方面。	Our audit procedures to assess the impairment of other property, plant and equipment included the following: 我们在评估其他物业、厂房及设备的减值时，采用了以下审计程序： • assessing the Group’s impairment assessment model, which included assessing the impairment indicators identified by management, the identification of CGUs and the allocation of assets to the CGUs and assessing the impairment assessment models with reference to the requirements of the prevailing accounting standards; 评估贵集团的减值评估模型，当中包括管理层计列的减值迹象、现金产生单位之确认及其所属资产的分配，以及参考现行会计准则之要求评估贵集团之减值评估模型； • for the property valuation performed by external valuers engaged by the Group, with the assistance of our internal valuation specialists, inspecting the valuation report and assessing the independent external valuers’ qualifications, experience and expertise in the assets being valued and considering their objectivity and independence; discussing with the external valuers and challenging the valuation methodology and the key estimates and assumptions adopted in the valuations, which included property specific adjustment factors and the choice of market comparable transactions, taking into consideration of comparability and other market factors; 就贵集团聘请的独立外部估值师及我们的内部估值专家协助下进行的物业估值，检查估值报告及评估独立外部估值师对所估值物业的资格，经验及专业知识，并考虑其客观性及独立性；与独立外部估值师讨论并质询其估值方法及其估值所采用的主要估计及假设，包括物业特定调整因素及市场可比较交易的选择，并考虑可比性及其他市场因素；

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

ASSESSING IMPAIRMENT OF OTHER PROPERTY, PLANT AND EQUIPMENT(continued) 评估其他物业、厂房及设备的减值（续）
Refer to note 11(e) to the consolidated financial statements and the accounting policies in note 1(l)(ii). 请参阅综合财务报表附注11(e)及会计政策1(l)(ii)。
THE KEY AUDIT MATTER 关键审计事项	HOW THE MATTER WAS ADDRESSED IN OUR AUDIT 我们的审计如何处理该事项
We identified assessing impairment of other property, plant and equipment as a key audit matter because of the potential significance of any impairment charge to the results of the Group for the year and because valuing the Group’s properties can be inherently subjective and require significant management judgement and estimation which increase the risk of error or potential management bias. 我们把评估其他物业、厂房及设备的减值列为关键审计事项，因为任何减值对贵集团本年度的业绩具有潜在的重大影响，加上估值贵集团物业可能存在因有主观因素，须要作出重大判断及估计，增加错误或潜在管理层偏颇的风险。	• for the property valuation assessed by management based on benchmarking to recent market transactions, comparing the fair value of the property, as assessed by management, with our independently formed market expectations with reference to the market transaction prices and the dates of the reference transactions; and 就管理层根据近期市场交易的基准评估物业的公平价值，比较管理层评估物业的公平估值，我们参照若干可比较资产市场交易价格及交易的日期而独立形成的市场预期；及 • evaluating the outcome of prior period assessment of impairment of property, plant and equipment to assess the effectiveness of management’s estimation process. 评估过往期间物业、厂房及设备减值评估的结果，以评估管理层估计过程的有效性。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

ASSESSING IMPAIRMENT OF INTERESTS IN JOINT VENTURES 评估合营企业权益的潜在减值
Refer to note 14 to the consolidated financial statements and the accounting policies in note 1(l)(ii). 请参阅综合财务报表附注14及会计政策1(l)(ii)。
THE KEY AUDIT MATTER 关键审计事项	HOW THE MATTER WAS ADDRESSED IN OUR AUDIT 我们的审计如何处理该事项
The carrying value of the Group’s interests in joint ventures amounted to HK$409,860,000 as at 31 March 2025. The principal activity of the joint ventures is the production of yarns with major operations in Mainland China and Ethiopia. Given the thin profit margin earned by the joint ventures and the fluctuation of the price of the major raw material cotton in recent years which have had a significant impact on the gross profit, management considered that indicators of impairment of interests in joint ventures existed as at 31 March 2025. 截至二零二五年三月三十一日，贵集团于合营企业权益的账面值为409,860,000港元。合营企业的主要业务为于中国大陆及埃塞俄比亚生产纱线。鉴于近年合营企业的利润微薄以及主要原材料棉花价格波动对毛利影响较大，截至二零二五年三月三十一日，管理层认为合营企业权益存在减值迹象。 In assessing whether there was any impairment of the carrying value of the interests in joint ventures, management determined the recoverable amounts of the smallest cash-generating units (“CGUs”) to which the underlying property, plant and equipment of the joint ventures were allocated. The recoverable amount of a CGU is the greater of its value in use and the fair value less cost of disposal. 在评估合营企业权益的账面值是否存在减值时，管理层确认合营企业的相关物业、厂房和设备分配所属的最小现金产生单位（「现金产生单位」）之可收回金额。可收回金额以其使用价值和公平价值减处置成本两者中的较高数额为准。 In order to determine the recoverable amounts of the CGUs for which indicators of impairment were identified, management prepared value in use calculations using discounted cash flow forecasts and assessed the fair values of the properties by reference to an estimate made by management. 当发现减值迹象时，管理层以每个现金产生单位之已贴现现金流预测计算其使用价值，并参考管理层作出的估计，从而确认可收回金额。	Our audit procedures to assess the potential impairment of interests in joint ventures included the following: 我们在评估合营企业的潜在减值时，采用了以下审计程序： • assessing the joint ventures’ impairment assessment models, including evaluating the indicators of impairment and the allocation of assets to CGUs by joint ventures’ management with reference to the requirements of the prevailing accounting standards; 评估合营企业的减值评估模型，包括参照现行会计准则的规定，评价减值迹象及合营企业管理层分配资产至现金产生单位的情况； • challenging the key assumptions adopted by joint ventures’ management in their preparation of the discounted cash flow forecasts and comparing the significant inputs, such as future revenue, future margins and future cost growth rates by referencing to industry and other available third party information and management’s budgets and plans for the operations in 2026 and beyond; 就合营企业管理层于编制贴现现金流量预测时采纳的关键假设提出质询，以及参照行业及其他第三方资讯，与管理层就二零二六年及之后的营运制订的预算及计划作重大输入值(例如未来销售、未来利润率及未来成本增长率)的比较； • involving our internal valuation specialists to assist us in assessing the methodology applied by management in its discounted cash flow forecasts with reference to the requirements of the prevailing accounting standards and whether the discount rates adopted in the discounted cash flow forecasts were comparable with those of companies in the same industry and external market data; 委托我们的内部估值专家协助我们参照现行会计准则的规定，评估管理层于其贴现现金流量预测所采用的方法以及贴现现金流量预测所采纳的贴现率是否与同业公司所用假设及外部市场数据可资比较；

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

ASSESSING IMPAIRMENT OF INTERESTS IN JOINT VENTURES(continued) 评估合营企业权益的潜在减值（续）
Refer to note 14 to the consolidated financial statements and the accounting policies in note 1(l)(ii). 请参阅综合财务报表附注14及会计政策1(l)(ii)。
THE KEY AUDIT MATTER 关键审计事项	HOW THE MATTER WAS ADDRESSED IN OUR AUDIT 我们的审计如何处理该事项
The preparation of discounted cash flow forecasts involves significant management judgement, in particular in relation to the forecasts of future revenue, future margins, future cost growth rates and the discount rates applied. 编制贴现现金流量预测涉及管理层为此作出重大判断，尤其对于未来销售、未来利润率、未来成本增长率以及应用之贴现率。 In addition, assessing the fair value of these assets involves significant management judgement, particularly in determining asset-specific adjustment factors and the choice of market comparable transactions. 此外，评估该等资产的公平价值涉及管理层的重大判断，尤其是确认资产特定调整因素及选择市场可比较交易。 We identified assessing impairment of interests in joint ventures as a key audit matter because of its significance to the consolidated financial statements and because assessing the key impairment assumptions involves a significant degree of management judgement which may affect both the carrying value of the Group’s interests in joint ventures as well as any impairment charge for the year. 我们把评估合营企业权益的减值列为关键审计事项，因为其对综合财务报表的重大影响性，而且评估主要减值假设涉及很大程度上的管理层判断，当中可能影响贵集团于合营企业权益的账面值以及本年度的减值数额。	• comparing the key assumptions included in the discounted cash flow forecast prepared by management in the prior year with the current year’s performance to assess the accuracy of the prior year’s forecast, making enquiries of management as to the reasons for any significant variations identified and whether these had been considered in the current year discounted cash flow forecasts and considering if there was any indication of management bias; 将以往年度管理层就编制已贴现现金流预测而作出之关键假设，与本年度的表现互相比较以评估往年度的预测是否准确，查询管理层任何重大差异的原因以及本年度之已贴现现金流预测是否已考虑该等因素，并考虑是否有任何迹象显示管理层偏颇； • performing a sensitivity analysis of the future revenue, future margins, future cost growth rates and the discount rates adopted in the discounted cash flow forecasts prepared by joint ventures’ management and assessing the impact of changes in the key assumptions to the conclusion reached in the impairment assessment and whether there were any indicators of management bias; 对合营企业管理层编制的贴现现金流量预测采纳的关键假设进行敏感度分析，评估预测收入、预测毛利率、预测成本增长率及贴现率变动对减值评估达致的结论的影响，以及是否有任何迹象显示管理层偏颇； • assessing the appropriateness of using the fair value less costs of disposal model as the basis for determining the recoverable amounts and evaluating the mathematical accuracy of the model used to estimate the fair value less costs of disposal; 评估以公平价值减处置成本模式作为厘定可收回金额的基础是否适宜，以及评定用作估量公平价值减去处置成本的模式计算上的准确度；

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

ASSESSING IMPAIRMENT OF INTERESTS IN JOINT VENTURES(continued) 评估合营企业权益的潜在减值（续）
Refer to note 14 to the consolidated financial statements and the accounting policies in note 1(l)(ii). 请参阅综合财务报表附注14及会计政策1(l)(ii)。
THE KEY AUDIT MATTER 关键审计事项	HOW THE MATTER WAS ADDRESSED IN OUR AUDIT 我们的审计如何处理该事项
THE KEY AUDIT MATTER 关键审计事项	• involving our internal valuation specialists to compare the fair values of the joint ventures’ land use rights and buildings, as assessed by management, with our independently formed market expectations with reference to the market transaction prices or replacement cost for comparable assets adjusted for certain asset-specific adjustment factors, including the physical condition of the assets, the dates of the reference transactions and the anticipated remaining useful life; and 委托我们的内部估值专家，协助我们将管理层对合营企业之土地使用权及楼宇的公平估值，与我们参照若干可比较资产市场交易价格或重置成本，并根据资产特定调整因素作出调整，当中包括资产的实际情况、参照交易的日期和预期的剩余使用期限，从而得出的独立市场预期互相比较；及 • assessing the relevant taxation implications in Mainland China where the joint ventures operate upon disposal of land use rights, buildings and machinery and equipment of the joint ventures with reference to the relevant prevailing tax regulations in Mainland China. 参考合营企业营运所在地中国大陆相关现行税务条例，评估合营企业于出售土地使用权、楼宇及机器及设备时所引致的税务影响。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

综合财务报表及其核数师报告以外的

信息

董事需对其他信息负责。其他信息包括刊载于

年报内的全部信息，但不包括综合财务报表及

我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他信

息，我们亦不对该等其他信息发表任何形式的

鉴证结论。

结合我们对综合财务报表的审计，我们的责任

是阅读其他信息，在此过程中，考虑其他信息

是否与综合财务报表或我们在审计过程中所了

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。

基于我们已执行的工作，如果我们认为其他信

息存在重大错误陈述，我们需要报告该事实。

在这方面，我们没有任何报告。

董事就综合财务报表须承担的责任

董事须负责根据香港会计师公会颁布的香港财

务报告准则会计准则及香港《公司条例》拟备真

实而中肯的综合财务报表，并对其认为使综

合务报表的拟备不存在由于欺诈或错误而导致

的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，董事须负责评估贵

集团持续经营的能力，并在适用情况下披露与

持续经营有关的事项，以及使用持续经营为会

计基础，除非董事有意将贵集团清盘或停止

经营，或别无其他实际的替代方案。

审核委员会协助董事履行监督贵集团的财务

报告过程的责任。

INFORMATION OTHER THAN THE

CONSOLIDATED FINANCIAL STATEMENTS AND

AUDITOR’S REPORT THEREON

The directors are responsible for the other information. The other

information comprises al the information included in the anual report,

other than the consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements does not cover

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

conclusion thereon.

In conection with our audit of the consolidated financial statements,

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

consider whether the other information is materialy inconsistent with the

consolidated financial statements or our knowledge obtained in the audit

or otherwise apears to be materialy mistated.

If, based on the work we have performed, we conclude that there is a

material mistatement of this other information, we are required to report

that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF THE DIRECTORS FOR

THE CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated

financial statements that give a true and fair view in acordance with

HKFRS Acounting Standards isued by the HKICPA and the Hong

Kong Companies Ordinance and for such internal control as the directors

determine is necesary to enable the preparation of consolidated financial

statements that are fre from material mistatement, whether due to

fraud or eror.

In preparing the consolidated financial statements, the directors are

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

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

using the going concern basis of acounting unles the directors either

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

alternative but to do so.

The directors are asisted by the Audit Comite in discharging their

responsibilities for overseing the Group’s financial reporting proces.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

核数师就审计综合财务报表承担的责

任

我们的目标，是对综合财务报表整体是否不存

在由于欺诈或错误而导致的重大错误陈述取

得合理保证，并出具包括我们意见的核数师报

告。我们是按照香港《公司条例》第405条的规

定，仅向整体成员报告。除此以外，我们的报

告不可用作其他用途。我们概不就本报告的内

容，对任何其他人士负责或承担法律责任。

合理保证是高水平的保证，但不能保证按照《香

港审计准则》进行的审计，在某一重大错误陈述

存在时总能发现。错误陈述可以由欺诈或错误

引起，如果合理预期它们单独或汇总起来可能

影响综合财务报表使用者依赖财务报表所作出

的经济决定，则有关的错误陈述可被视作重大。

在根据《香港审计准则》进行审计的过程中，我

们运用了专业判断，保持了专业怀疑态度。我

们亦：

• 识别和评估由于欺诈或错误而导致综合财

务报表存在重大错误陈述的风险，设计及

执行审计程序以应对这些风险，以及获取

充足和适当的审计凭证，作为我们意见的

基础。由于欺诈可能涉及串谋、伪造、蓄

意遗漏、虚假陈述，或凌驾于内部控制之

上，因此未能发现因欺诈而导致的重大错

误陈述的风险高于未能发现因错误而导致

的重大错误陈述的风险。

，以设计适当

的审计程序，但目的并非对贵集团内部

控制的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作出

会计估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰当性作

出结论。根据所获取的审计凭证，确定是

否存在与事项或情况有关的重大不确定

性，从而可能导致对贵集团的持续经营

能力产生重大疑虑。如果我们认为存在重

大不确定性，则有必要在核数师报告中提

请使用者注意综合财务报中的相关披露。

假若有关的披露不足，则我们应当发表非

无保留意见。我们的结论是基于核数师报

告日止所取得的审计凭证。然而，未来事

项或情况可能导致贵集团不能持续经营。

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 405 of the Hong Kong Companies

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

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

report.

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

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

material mistatement when it exists. Mistatements can arise from fraud

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

they could reasonably be expected to influence the economic decisions

of users taken on the basis of these consolidated financial statements.

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

judgement and maintain profesional scepticism throughout the audit. We

also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

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

mistatement resulting from fraud is higher than for one resulting

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

omisions, misrepresentations or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events

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

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

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

report to the related disclosures in the consolidated financial

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

opinion. Our conclusions are based on the audit evidence obtained

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

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

concern.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、结构

和内容，包括披露，以及综合财务报表是

否中肯反映交易和事项。

，以就贵集团内实

体或业务单位的财务信息获取充足、适当

的审计凭证，作为对集团财务报表发表

意见之基础。我们负责贵集团审计的方

向、监督及覆核就集团审计目的而执行的

审计工作。我们为审计意见承担全部责任。

除其他事项外，我们与审核委员会沟通了计划

的审计范围、时间安排、重大审计发现等，包

括我们在审计中识别出内部控制的任何重大缺

陷。

我们还向审核委员会提交声明，说明我们已符

合有关独立性的相关专业道德要求，并与他们

沟通有可能合理地被认为会影响我们独立性的

所有关系和其他事项，以及在适用的情况下，

采取消除威胁的行动或应用防范措施。

从与审核委员会沟通的事项中，我们确定哪些

事项对本期综合财务报表的审计最为重要，因

而构成关键审计事项。我们在核数师报告中描

述这些事项，除非法律法规不允许公开披露这

些事项，或在极端罕见的情况下，如果合理预

期在我们报告中沟通某事项造成的负面后果超

过产生的公众利益，我们决定不应在报告中沟

通该事项。

出具本独立核数师报告的审计项目合伙人是郑

沛雅（执业证书编号：P05280）。

毕马威会计师事务所

执业会计师

香港中环

遮打道十号

太子大厦八楼

二零二五年六月二十五日

, structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

busines units within the Group as a basis for forming an opinion on

the Group financial statements. We are responsible for the direction,

supervision and review of the audit work performed for purposes of

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

We comunicate with the Audit Comite regarding, among other

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

findings, including any significant deficiencies in internal control that we

identify during our audit.

We also provide the Audit Comite with a statement that we have

complied with relevant ethical requirements regarding independence

and comunicate with them al relationships and other maters that

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

aplicable, actions taken to eliminate threats or safeguards aplied.

From the maters comunicated with the Audit Comite, we

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

consolidated financial statements of the curent period and are therefore

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

report unles law or regulation precludes public disclosure about the

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

mater should not be comunicated in our report because the adverse

consequences of doing so would reasonably be expected to outweigh

the public interest benefits of such comunication.

The engagement partner on the audit resulting in this independent

auditor’s report is Cheng Pui Ngar (practicing certificate number:

P05280).

KPMG

Certified Public Acountants

8th Flor, Prince’s Building

10 Chater Road

Central, Hong Kong

25 June 2025

2025
二零二五年
$’000
千元
186,431
(152,017)
34,414
6,723
(18,007)
(31,333)
(11,484)
(19,687)
(760)
(39,028)
(6,843)
(66,318)
6,440
(59,878)
(59,878)
($0.29)

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

二零二四年

Note$’000

附注千元

Revenue收入2 & 10234,302

Cost of sales销售成本(189,849)

Gros profit毛利44,453

Other net income其他收益净额320,691

Seling and distribution expenses销售及分销费用(23,966)

Administrative expenses行政费用(29,610)

Other operating expenses其他经营费用4(c)(10,915)

(Los)/profit from operations经营（亏损）╱溢利653

Finance costs融资成本4(a)(865)

Share of loses of joint ventures应占合营企业亏损(39,615)

Net valuation loses on investment

properties

投资物业估值亏损净额

11(a)(11,844)

Los before taxation除税前亏损4(51,671)

Income tax credits所得税抵免5(a)3,499

Los for the year本年度亏损(48,172)

Atributable to:应拨归于：

Equity shareholders of the Company本公司股权持有人(48,172)

Los per share每股亏损

Basic and diluted基本及摊薄9($0.23)

Details of dividends payable to equity shareholders of the Company

atributable to the year are set out in note 25(b)(i). The notes on pages

50 to 122 form part of these financial statements.

应付本公司股权持有人本年度股息的详情载于

附注25(b)(i)。第50页至第122页的附注属本财

务报表之一部份。

2025
二零二五年
$’000
千元
(59,878)
(1,982)
(971)
(1,730)
(2,701)
–
5,790
1,107
(58,771)
(58,771)
(58,771)

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 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

二零二四年

Note$’000

附注千元

Los for the year本年度亏损(48,172)

Other comprehensive income for the

year (after tax and reclasification

adjustments)

本年度其他全面收益（扣除税项及

分类调整后）

Items that wil not be reclasified

subsequently to profit or los:

将不会被重新分类至损益的项目：

Equity investments at fair value through

other comprehensive income:

net movement in the investment

revaluation reserve (non-recycling)

透过其他全面收益按公平价值入账

的股权证券投资：投资重估储备

变动净额（不可转回）

(1,468)

Items that are or may be reclasified

subsequently to profit or los:

重新分类╱其后可重新分类至损益

的项目：

Exchange diferences on translation of:汇兑差额：

– financial statements of subsidiaries

outside Hong Kong

– 换算香港境外附属公司财务报表

(6,068)

– share of joint ventures’ net asets– 换算应占合营企业资产净值(25,091)

(31,159)

Release of exchange reserve upon

deregistration of a subsidiary

注销一附属公司时拨回累计汇兑储

备(63)

Release of exchange reserve upon

reduction of paid-up capital of a

subsidiary

因一附属公司减少实收资本而拨回

汇兑储备

–

Other comprehensive income

for the year

本年度其他全面收益

(32,690)

Total comprehensive income

for the year

本年度全面收益总额

(80,862)

Atributable to:应拨归于：

Equity shareholders of the Company本公司股权持有人(80,862)

Total comprehensive income

for the year

本年度全面收益总额

(80,862)

The notes on pages 50 to 122 form part of these financial statements.第50页至第122页的附注属本财务报表之一部

份。

2025
二零二五年
$’000
千元
197,136
36,529
877
234,542
2,092
409,860
12,536
659,030
8,734
24,375
209,226
122,910
365,245
30,889
7,750
64
11,064
49,767
315,478
974,508
8,815
–
5,411
14,226
960,282

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025 (Expresed in Hong Kong dolars)

于二零二五年三月三十一日（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

二零二四年

Note$’000

附注千元

Non-curent asets非流动资产

Investment properties投资物业11225,714

Other property, plant and equipment其他物业、厂房及设备1138,948

Interest in leasehold land held for

own use

持作自用之租赁土地权益

265,597

Intangible asets无形资产122,187

Interests in joint ventures合营企业权益14450,660

Other financial asets其他金融资产1518,153

736,597

Curent asets流动资产

Inventories存货168,030

Trade and other receivables应收账款及其他应收款1745,328

Bank deposits银行存款18(a)115,517

Cash and cash equivalents现金及现金等价物18(a)188,987

357,862

Curent liabilities流动负债

Trade and other payables应付账款及其他应付款1935,703

Contract liabilities合约负债201,983

Lease liabilities租赁负债2199

Curent tax payable应付本期税项22(a)11,103

48,888

Net curent asets流动资产净值308,974

Total asets les curent liabilities资产总额减流动负债1,045,571

Non-curent liabilities非流动负债

Provision for employe benefits雇员福利费用拨备2410,388

Lease liabilities租赁负债2165

Defered tax liabilities递延税项负债22(b)(i)11,930

22,383

NET ASETS资产净值1,023,188

2025
二零二五年
$’000
千元
208,418
751,864
960,282

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025 (Expresed in Hong Kong dolars)

于二零二五年三月三十一日（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

二零二四年

Note$’000

附注千元

CAPITAL AND RESERVES资本及储备

Share capital股本25(c)208,418

Reserves储备814,770

TOTAL EQUITY权益总额1,023,188

Aproved and authorised for isue by the board of directors on 25 June

2025.

董事会已于二零二五年六月二十五日核准及授

权发布上列账目。

Chan Wing Fui, PeterChan Suk Man陈永奎刘陈淑文

ChairmanManaging Director主席董事总经理

The notes on pages 50 to 122 form part of these financial statements.第50页至第122页的附注属本财务报表之一部

份。

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

capital

Exchange

reserve

Godwil

arising on

consolidation

Investment

revaluation

reserve

(non-recycling)

Land and

buildings

revaluation

reserve

Other

reserve

Retained

profitsTotal

股本汇兑储备

综合账目

所产生之商誉

投资重估储备

（不可转回）

土地及楼宇

重估储备其他储备保留溢利合计

$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元

Note(note 25(c)(note 25(d)(i)(note 25(d)(i)(note 25(d)(i)(note 25(d)(iv)

附注（附注25(c)）（附注25(d)(i)）（附注25(d)(i)）（附注25(d)(i)）（附注25(d)(iv)）

Balance at 1 April 2023于二零二三年四月一日之结余208,41880,663(42,174)14,44533,3297,236806,2681,108,185

Changes in equity for the year:年内权益变动：

Los for the year本年度亏损–(48,172)(48,172)

Other comprehensive income其他全面收益8–(31,222)–(1,468)–(32,690)

Total comprehensive income全面收益总额–(31,222)–(1,468)–(48,172)(80,862)

Dividends aproved and paid in

respect of the previous year

批准及支付属于上一年度

的股息25(b)(i)–(4,135)(4,135)

–(31,222)–(1,468)–(52,307)(84,997)

Balance at 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日之结余208,41849,441(42,174)12,97733,3297,236753,9611,023,188

Changes in equity for the year:年内权益变动：

Los for the year本年度亏损–(59,878)(59,878)

Other comprehensive income其他全面收益8–3,089–(1,982)–1,107

Total comprehensive income全面收益总额–3,089–(1,982)–(59,878)(58,771)

Transfer to retained profits upon

disposal of investment properties

出售投资物业时转拨至

保留溢利–410–(3,276)–2,866–

Transfer to retained profits upon

disposal of an other financial aset

出售一其他金融资产时转拨至

保留溢利–(3,158)–3,158–

Dividends aproved and paid in

respect of the previous year

批准及支付属于上一年度

的股息25(b)(i)–(4,135)(4,135)

–3,499–(5,140)(3,276)–(57,989)(62,906)

Balance at 31 March 2025于二零二五年三月三十一日

之结余208,41852,940(42,174)7,83730,0537,236695,972960,282

The notes on pages 50 to 122 form part of these financial statements.第50页至第122页的附注属本财务报表之一部

份。

2025
二零二五年
$’000
千元
2,391
–
2,391
(615)
4
17,651
484
12,424
547
–
(93,709)
(63,214)
(99)
(5)
(755)
(4,135)
(4,994)
(65,817)
188,987
(260)
122,910

CONSOLIDATED CASH FLOW STATEMENT

综合现金流量表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

二零二四年

Note$’000

附注千元

Operating activities经营活动

Cash generated from/(used in)

operations

经营业务所得╱（所用）现金

18(b)(4,330)

Tax paid, net已付所得税净额(2,471)

Net cash generated from/(used in)

operating activities

经营活动所得╱（所用）现金净额

(6,801)

Investing activities投资活动

Payment for the purchase of other

property, plant and equipment

购买其他物业、厂房及

设备付款(151)

Proceds from disposals of other

property, plant and equipment

出售其他物业、厂房及

设备所得款项169

Proceds from disposal of investment

properties

出售投资物业所得款项

–

Proceds from disposal of an other

financial aset

出售一其他金融资产所得款项

–

Interest received已收利息11,203

Dividends received from equity

securities

已收股权证券之股息

Net cash received from disposal of a

subsidiary

出售一附属公司已收取现金净额

(Increase)/decrease in bank deposits银行存款（增加）╱减少12,582

Net cash (used in)/generated from

investing activities

投资活动（所用）╱所得现金净额

24,530

Financing activities融资活动

Capital element of lease rentals paid已付租赁租金之资本部份18(c)(101)

Interest element of lease rentals paid已付租赁租金之利息部分18(c)(5)

Interest paid已付利息(860)

Dividends paid to equity shareholders

of the Company

已付本公司股权持有人股息

(4,135)

Net cash used in financing activities融资活动所用现金净额(5,101)

Net (decrease)/increase in cash

and cash equivalents

现金及现金等价物（减少）╱增加

净额12,628

Cash and cash equivalents at the

begining of the year

于年初之现金及现金等价物

178,074

Efect of foreign exchange rate

changes

外币兑换率变动之影响

(1,715)

Cash and cash equivalents

at the end of the year

于年终之现金及现金等价物

18(a)188,987

The notes on pages 50 to 122 form part of these financial statements.第50页至第122页的附注属本财务报表之一部

份。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

1. MATERIAL ACOUNTING POLICIES

(a) Statement of compliance

These financial statements have ben prepared in acordance with

HKFRS Acounting Standards, which colective term includes al

aplicable individual Hong Kong Financial Reporting Standards

(“HKFRS”), Hong Kong Acounting Standards (“HKASs”) and

Interpretations isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and the requirements of the Hong Kong

Companies Ordinance. These financial statements also comply

with the aplicable disclosure provisions of the Rules Governing the

Listing of Securities on The Stock Exchange of Hong Kong Limited

(“the Listing Rules”). Material acounting policies adopted by the

Group are disclosed below.

The HKICPA has isued certain amendments to HKFRS Acounting

Standards that are first efective or available for early adoption for

the curent acounting period of the Group. Note 1(c) provides

information on any changes in acounting policies resulting from

initial aplication of these developments to the extent that they are

relevant to the Group for the curent acounting period reflected in

these financial statements.

(b) Basis of preparation of the financial statements

The consolidated financial statements for the year ended 31 March

2025 comprise the Company and its subsidiaries (together refered

to as the “Group”) and the Group’s interests in joint ventures.

The measurement basis used in the preparation of the financial

statements is the historical cost basis except that the folowing

asets and liabilities are stated at their fair values as explained in the

acounting policies set out below:

– investment properties, including interests in leasehold land and

buildings held as investment property where the Group is the

registered owner of the property interest (se note 1(h);

– investments in equity securities (se note 1(f); and

– derivative financial instruments (se note 1(g).

Non-curent asets and disposal groups held for sale are stated at

the lower of carying amount and fair value les costs to sel (se

note 1(y).

The preparation of financial statements in conformity with HKFRS

Acounting Standards requires management to make judgements,

estimates and asumptions that afect the aplication of policies

and reported amounts of asets, liabilities, income and expenses.

The estimates and asociated asumptions are based on historical

experience and various other factors that are believed to be

reasonable under the circumstances, the results of which form the

basis of making the judgements about carying values of asets and

liabilities that are not readily aparent from other sources. Actual

results may difer from these estimates.

1. 主要会计政策

(a) 遵例声明

本财务报表乃按照香港会计师公会颁布之

香港财务报告准则会计准则，包括所有适

用的个别香港财务报告准则（「香港财务报

告准则」）、《香港会计准则》（「香港会计准

则」）与诠释及公司条例之规定而编制。本

财务报表亦符合香港联合交易所有限公司

《证券上市规则》（「上市规则」）之通用披露

规定。本集团采用之主要会计政策概要如

下。

香港会计师公会已颁布若干新修订之香港

财务报告准则会计准则，并于本集团之本

会计期间首次生效或可供提早采纳。本集

团现行会计期间因初次应用此等新发展所

造成之任何会计政策变动而反映于该等财

务报表之资料，载列于附注1(c)。

(b) 财务报表的编制基准

截至二零二五年三月三十一日止年度的综

合财务报表，包括本公司及其附属公司（统

称为「本集团」）及本集团于合营企业权益。

本财务报表是根据历史成本基准编制，惟

下列资产及负债以其公平价值按下文所述

之会计政策入账者则除外：

– 投资物业，包括于持作投资物业的租

赁土地及楼宇的权益，而本集团为物

业权益之注册拥有人（参阅附注1(h)；

– 股权证券投资（参阅附注1(f)；及

– 衍生金融工具（参阅附注1(g)。

非流动资产及持作出售的出售组别按账面

值及公平值减销售成本两者中的较低数额

列账（参阅附注1(y)。

按照香港财务报告准则会计准则编制的财

务资料需要管理层为有关财务资料作出

判断、估计及假设，该等判断、估计及假

设影响会计政策的应用，以及所呈报之资

产、负债、收益及支出的金额。资产及负

债的账面值如果未能明显地从其他来源取

得，其金额将根据历史经验和在相关情况

下认为合理的其他因素作出评估。实际结

果可能与估计出现差异。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(b) 财务报表的编制基准（续）

该等估计及相关假设会持续被评估。会计

估计的改变如果只影响当期，则有关的影

响在估计变更的当期确认。如果该项会计

估计的更改影响当期和以后的期间，则有

关的影响在当期和以后期间确认。

有关管理层于应用香港财务报告准则会计

准则时所作出而将会对财务报表有重大影

响的判断，以及估计不确定因素之主要来

源之讨论内容，载列于附注29。

本集团已于本会计期间之财务报表应用下

列由香港会计师公会所颁布的香港财务报

告准则会计准则的修订：

，财务报表

呈列：负债分类为流动或非流动（「二

零二零年修订」）及香港会计准则第1

号之修订，财务报表呈列：附带契诺

的非流动负债（「二零二年修订」）

，租

赁：售后租回的租赁负债

，现金流量

表及香港财务报告准则第7号之修订，

金融工具：披露－供应商融资安排

该等变化并无对本集团在编制或呈列本期

间或过往期间的业绩及财务状况的方式产

生重大影响。本集团并无应用于本会计期

间尚未生效之任何新准则或诠释。

(d) 附属公司

附属公司为本集团所控制之实体。当本集

团可通过参与实体之业务从而承担或享有

变动之回报及有能力运用其控制权以影响

回报金额，则本集团控制该实体。附属公

司的财务报表自控制开始日期被纳入综合

财务报表直至控制结束日期。

集团内成员公司间的结余款额及交易，以

及任何因集团内成员公司间进行交易的未

变现收益及开支（以外币交易的收益及亏

损除外）均全数抵销。集团内成员公司间进

行交易所录得的未变现亏损均会以处理未

变现收益的同样方式予以抵销，惟只可抵

销没有减值证据的部分。

1. MATERIAL ACOUNTING POLICIES

(continued)

(b) Basis of preparation of the financial statements (continued)

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised in

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

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

revision afects both curent and future periods.

Judgements made by management in the aplication of HKFRS

Acounting Standards that have significant efect on the financial

statements and major sources of estimation uncertainty are

discused in note 29.

The Group has aplied the folowing amendments to HKFRS

Acounting Standards isued by the HKICPA to these financial

statements for the curent acounting period:

, Presentation of financial statements:

Clasification of liabilities as curent or non-curent (“2020

amendments”) and amendments to HKAS 1, Presentation

of financial statements: Non-curent liabilities with covenants

(“2022 amendments”)

, Leases: Lease liability in a sale

and leaseback

, Statement of cash flows and HKFRS

7, Financial instruments: Disclosures – Suplier finance

arangements

None of these developments have had a material efect on how the

Group’s results and financial position for the curent or prior periods

have ben prepared or presented. The Group has not aplied any

new standard or interpretation that is not yet efective for the curent

acounting period.

(d) Subsidiaries

Subsidiaries are entities 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 financial statements

of subsidiaries are included in the consolidated financial statements

from the date on which control comences until the date on which

control ceases.

Intra-group balances and transactions, and any unrealised income

and expenses (except for foreign curency transaction gains

or loses) arising from intra-group transactions, are eliminated.

Unrealised loses resulting from intra-group transactions are

eliminated in the same way as unrealised gains, but only to the

extent that there is no evidence of impairment.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(d) 附属公司（续）

当本集团于一附属公司权益出现变动，但

并无失去控制权，须以权益交易入账。

当本集团失去一附属公司的控制权，则终

止该附属公司之资产及负债，以及权益的

任何其他组成部分。因此产生的任何收益

或亏损于损益内确认。于失去控制权当日

在该前附属公司保留的任何权益均按公平

价值计量。

在本公司的财务状况表中，附属公司投资

是以成本减除减值亏损（参阅附注1(l)列

账。

(e) 合营企业

合营企业为一项安排，据此，本集团或本

公司拥有共同控制权，本集团或本公司有

权拥有此安排之资产净值，而非资产权利

及负债责任。

于合营企业之权益按权益法计入综合财务

报表，并以成本（包括交易成本）进行初步

确认。于初始确认后，综合财务报表计入

本集团应占被投资者之损益及其他全面收

益（「其他全面收益」），直至共同控制终止

之日为止。

当本集团应占合营企业之亏损超逾其所占

权益时，本集团之权益将减少至零，并且

终止确认进一步亏损；惟倘本集团须履行

法律或推定责任，或代被投资者付款则除

外。就此而言，本集团之权益是以按照权

益法计算投资之账面值，连同实质上构成

本集团在合营企业投资净额一部分的长期

权益为准。

本集团与其合营企业之间交易所产生的未

变现收益，以本集团于被投资者所占之权

益比率抵销，未变现亏损的抵销方法与未

变现收益相同，但抵销额只限于没有证据

显示减值出现的部分。

本公司财务状况表所示于合营企业的投

资，是按成本减去减值亏损（参阅附注1(l)

列账。

1. MATERIAL ACOUNTING POLICIES

(continued)

(d) Subsidiaries (continued)

Changes in the Group’s interests in a subsidiary that do not result in

a los of control are acounted for as equity transactions.

When the Group loses control of a subsidiary, it derecognises

the asets and liabilities of the subsidiary, and any related other

components of equity. Any resulting gain or los is recognised

in profit or los. Any interest retained in that former subsidiary is

measured at fair value when control is lost.

In the Company’s statement of financial position, an investment in a

subsidiary is stated at cost les impairment loses (se note 1(l).

(e) Joint ventures

A joint venture is an arangement in which the Group or the

Company has joint control, whereby the Group or the Company has

the rights to the net asets of the arangement, rather than rights to

its asets and obligations for its liabilities.

An interest in a joint venture is acounted for using the equity

method and is initialy recognised at cost, which includes transaction

costs. Subsequently, the consolidated financial statements include

the Group’s share of the profit or los and other comprehensive

income (“OCI”) of the investe, until the date on which joint control

ceases.

When the Group’s share of loses exceds its interest in the joint

venture, the Group’s interest is reduced to nil and recognition of

further loses is discontinued except to the extent that the Group

has incured legal or constructive obligations or made payments on

behalf of the investe. For this purpose, the Group’s interest is the

carying amount of the investment under the equity method together

with the Group’s long-term interests that in substance form part of

the Group’s net investment in the joint venture.

Unrealised gains arising from transactions with the equity-acounted

investe are eliminated against the investment to the extent of the

Group’s interest in the investe. Unrealised loses are eliminated in

the same way as unrealised gains, but only to the extent there is no

evidence of impairment.

In the Company’s statement of financial position, investments in joint

ventures are stated at cost les impairment loses (se note 1(l).

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(f) 股权证券投资

有关本集团于股权证券之投资（于附属公司

及合营企业之投资除外）之政策载列如下：

在本集团于承诺购入╱出售股权证券投资

当日，有关投资会被确认╱终止确认。该

等投资初步按公平价值加上直接应占交易

成本（惟按公平价值计入损益计量且交易成

本直接于损益内确认之该等投资除外）列

账。有关本集团如何厘定金融工具之公平

价值之说明，参阅附注26(f)。该等投资其

后视乎彼等之分类列账如下。

股权证券投资均会被分类为透过损益按公

平价值入账，除非该投资不是持作买卖，

并在初始确认时本集团选择透过其他全面

收益按公平价值入账（不可转回），以致后

续公平价值变动在其他全面收益中确认。

这种选择是以逐项投资的基础上进行，但

只有当投资符合发行人角度下的股本定义

时方可进行。若对特定投资作出此选择，

在出售时，于投资重估储备（不可转回）中

累计的金额会转入保留溢利，且不会转入

损益。来自股权证券投资的股息，不论是

否分类为透过损益按公平价值入账或透过

其他全面收益按公平价值入账，均根据附

注1(v)(iv)所载政策在损益中确认。

(g) 衍生金融工具

本集团持有衍生金融工具以管理其外汇风

险及利率风险敞口。倘主合约并非金融资

产且符合若干标准，则嵌入式衍生工具与

主合约分开并单独入账。

衍生金融工具于初始时以公平价值确认。

其后，衍生工具按公平值计量且其变动于

损益确认，惟倘该衍生工具符合现金流量

对冲会计处理或海外业务投资净额对冲条

件则除外。

(h) 投资物业

投资物业乃为赚取租金收益及╱或资本增

值而以租赁权益拥有或持有之土地及╱或

楼宇（参阅附注1(k)，包括尚未决定日后用

途之土地及兴建中或已发展作未来投资物

业用途之物业。

投资物业乃按公平价值列账，除非该物业

于结算日仍在兴建中或发展中、且当时未

能有效计量其市场价值。公平价值变动或

报废或出售投资物业所产生之任何收益或

亏损乃于损益内确认。投资物业的租金收

益按附注1(v)(i)所述基准入账。

1. MATERIAL ACOUNTING POLICIES

(continued)

(f) Investments in equity securities

The Group’s policies for investments in equity securities, other than

investments in subsidiaries and joint ventures, are set out below:

Investments in equity securities are recognised/derecognised on

the date the Group comits to purchase/sel the investment. The

investments are initialy stated at fair value plus directly atributable

transaction costs, except for those investments measured at fair

value through profit or los (“FVPL”) for which transaction costs

are recognised directly in profit or los. For an explanation of how

the Group determines fair value of financial instruments, se note

26(f). These investments are subsequently acounted for as folows,

depending on their clasification.

An investment in equity securities is clasified as FVPL, unles the

investment is not held for trading purposes and on initial recognition

the Group makes an election to designate the investment at fair

value through other comprehensive income (“FVOCI”) (non-recycling)

such that subsequent changes in fair value are recognised in OCI.

Such elections are made on an instrument-by-instrument basis,

but may only be made if the investment mets the definition of

equity from the isuer’s perspective. If such election is made

for a particular investment, at the time of disposal, the amount

acumulated in the investment revaluation reserve (non-recycling) is

transfered to retained earnings and not recycled through profit or

los. Dividends from an investment in equity securities, irespective

of whether clasified as at FVPL or FVOCI, are recognised in profit or

los as other income (se note 1(v)(iv).

(g) Derivative financial instruments

The Group holds derivative financial instruments to manage its

foreign curency and interest rate risk exposures. Embeded

derivatives are separated from the host contract and acounted for

separately if the host contract is not a financial aset and certain

criteria are met.

Derivative financial instruments are initialy recognised at fair value.

Subsequently, they are measured at fair value with changes therein

recognised in profit or los, except where the derivatives qualify for

cash flow hedge acounting or hedges of net investment in a foreign

operation.

(h) Investment properties

Investment properties are land and/or buildings which are owned

or held under a leasehold interest (se note 1(k) to earn rental

income and/or for capital apreciation. These include land held

for a curently undetermined future use and property that is being

constructed or developed for future use as investment properties.

Investment properties are stated at fair values, unles they are stil

in the course of construction or development at the end of the

reporting period and their fair value canot be reliably measured at

that time. Any gain or los arising from a change in fair value or from

the retirement or disposal of an investment property is recognised

in profit or los. Rental income from investment properties is

acounted for as described in note 1(v)(i).

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(i) 其他物业、厂房及设备

以下其他物业、厂房及设备乃按原值扣除

累计折旧及减值亏损列账（参阅附注1(l)：

– 本集团作为物业权益注册拥有人之租

赁土地及楼宇权益（参阅附注1(k)；

– 本集团并非物业权益注册拥有人之相

关物业租赁所产生之使用权资产；及

– 厂房及设备项目。

当自用物业成为一按公平价值列账的投资

物业，该物业会于转变当日重估。该物业

因此改变而产生的任何账面值减少于损益

内确认，而任何账面值增加则于其他全面

收益内确认并增加土地及楼宇重估储备。

出售一项物业、机器及设备而产生之任何

收益或损失于损益内确认。任何相关重估

盈余会由重估储备转至保留溢利，并不会

于损益内确认。

物业、厂房及设备的折旧是按预计可用年

限，在扣除估计其剩余价值后，以直线法

撇销其成本或估值计算，且一般于损益内

确认。

本期及可资比较期间的估计可用年期如下：

– 租赁土地按租赁尚余年期以直线法计

算折旧；

– 本集团于位于租赁土地的楼宇以租约

年期与楼宇估计可用年限较短者计算

折旧，但不多于楼宇完成后五十年；

– 厂房及机器按可用年期（四年至十年）

计算折旧；及

– 其他固定资产按可用年期（三年至五

年）计算折旧。

折旧方法、可使用年期及剩余价值（如适

用）于各报告日期进行检讨。

1. MATERIAL ACOUNTING POLICIES

(continued)

(i) Other property, plant and equipment

The folowing items of other property, plant and equipment are

stated at cost les acumulated depreciation and impairment loses

(se note 1(l):

– Interests in leasehold land and buildings where the Group is the

registered owner of the property interest (se note 1(k);

– Right-of-use asets arising from leases underlying properties

where the Group is not the registered owner of the property

interest; and

– Items of plant and equipment.

When an owner-ocupied property becomes an investment

property caried at fair value, the property is revalued at the date

of transfer. Any resulting decrease in the carying amount of the

property is recognised in profit or los and any resulting increase in

carying amount is recognised in other comprehensive income and

increase in the land and buildings revaluation reserve.

Any gain or los on disposal of an item of property, plant and

equipment is recognised in profit or los. Any related revaluation

surplus is transfered from the revaluation reserve to retained profits

and is not reclasified to profit or los.

Depreciation is calculated to write of the cost or valuation of items

of property, plant and equipment les their estimated residual

values, if any, using the straight line method over their estimated

useful lives, and is generaly recognised in profit or los.

The estimated useful lives for the curent and comparative periods

are as folows:

– Leasehold land is depreciated on a straight-line basis over the

remaining term of the lease;

– The Group’s interests in buildings situated on leasehold land

are depreciated over the shorter of the unexpired term of the

lease and the buildings’ estimated useful lives, being no more

than 50 years after the date of completion;

– Plant and machinery betwen 4 to 10 years; and

– Other fixed asets betwen 3 to 5 years.

Depreciation methods, useful lives and residual values are reviewed

at each reporting date and adjusted if apropriate.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(j) 无形资产

本集团购入使用年期为有限的无形资产按

成本减去累计摊销及减值亏损（参阅附注

1(l)后列账。

无形资产的摊销是按其预计可使用年限（如

有），在扣除估计剩余价值后，以直线法撇

销其成本计算，且一般于损益内确认。

于每一个报告日期对摊销方法、可使用年

期和及剩余价值进行检讨，并在适当的情

况下进行调整。

被评估为具有不确定使用年期的无形资产

不作摊销。不确定使用年期之无形资产的

任何结论须每年检讨，以确定该资产的情

况及形势会否继续评估为不确定使用年

期，否则，若可使用年期的评估从不确定

转变为确定，须按照上文所载有确定使用

年期的无形资产的摊销政策自转变当日开

始入账。

(k) 租赁资产

本集团会于合约初始生效时评估该合约是

否属租赁或包含租赁。倘合约为换取代价

而给予在一段时间内控制可识别资产使用

的权利，则该合约属租赁或包含租赁。倘

客户有权主导可识别资产的使用及从该使

用中获得绝大部分经济利益时，则表示控

制权已转让。

(i) 作为承租人

于租赁开始日期，本集团确认使用权资产

和租赁负债，惟租赁期为12个月或更短的

短期租赁及低价值资产租赁除外。当本集

团就低价值资产订立租约时，本集团以逐

项租赁为基准决定是否将租赁资本化。如

未被资本化，相关的租赁付款会按租赁期

有系统地在损益中确认。

当租赁被资本化时，租赁负债按租期内应

付租赁款项之现值初步确认，并使用租赁

所隐含的利率贴现，或倘利率不可轻易厘

定，则使用相关递增借款利率贴现。于初

步确认后，有关租赁负债以摊销成本计

量，而利息支出则采用实际利息法确认。

租赁负债的计量并不包括不取决于指数或

利率的可变租赁付款，可变租赁付款于其

产生期间从损益中扣除。

1. MATERIAL ACOUNTING POLICIES

(continued)

(j) Intangible asets

Intangible asets that are acquired by the Group and have finite

useful lives are measured at cost les acumulated amortisation and

any acumulated impairment loses (se note 1(l).

Amortisation is calculated to write of the cost of intangible asets

les their estimated residual values using the straight-line method

over their estimated useful lives, if any, and is generaly recognised in

profit or los.

Amortisation methods, useful lives and residual values are reviewed

at each reporting date and adjusted if apropriate.

Intangible asets are not amortised while their useful lives are

asesed to be indefinite. Any conclusion that the useful life of

an intangible aset is indefinite is reviewed anualy to determine

whether events and circumstances continue to suport the indefinite

useful life asesment for that aset. If they do not, the change in

the useful life asesment from indefinite to finite is acounted for

prospectively from the date of change and in acordance with the

policy for amortisation of intangible asets with finite lives as set out

above.

(k) Leased asets

At inception of a contract, the Group aseses whether the contract

is, or contains, a lease. This is the case if the contract conveys

the right to control the use of an identified aset for a period of

time in exchange for consideration. Control is conveyed where the

customer has both the right to direct the use of the identified aset

and to obtain substantialy al of the economic benefits from that

use.

(i) As a lese

At the lease comencement date, the Group recognises a

right-of-use aset and a lease liability, except for leases that have

a short lease term of 12 months or les, and leases of low-value

asets. When the Group enters into a lease in respect of a

low-value aset, the Group decides whether to capitalise the lease

on a lease-by-lease basis. If not capitalised, the asociated lease

payments are recognised in profit or los on a systematic basis over

the lease term.

Where the lease is capitalised, the lease liability is initialy recognised

at the present value of the lease payments payable over the lease

term, discounted using the interest rate implicit in the lease or, if

that rate canot be readily determined, using a relevant incremental

borowing rate. After initial recognition, the lease liability is measured

at amortised cost and interest expense is recognised using the

efective interest method. Variable lease payments that do not

depend on an index or rate are not included in the measurement of

the lease liability, and are charged to profit or los as incured.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(k) 租赁资产（续）

(i) 作为承租人（续）

当租赁被资本化时，所确认使用权资产初

步按成本计量，其中包括租赁负债的初始

金额，调整于开始日期或之前作出的任何

租项支出加上任何所产生的初始直接成本

及拆卸及移除相关资产或还原相关资产或

该资产所在地点而产生的估计成本，并扣

减任何已收租赁优惠。使用权资产其后按

成本减累计折旧及减值亏损列账（参阅附

注1(i)及1(l)(i)，除非该使用权资产符合根

据附注1(h)投资物业定义以公平价值列账。

倘本集团对剩余价值担保应付款项之估计

金额发生变动，或倘本集团变更其是否将

行使购买、延期或终止选择权的评估，则

于未来租赁付款因指数或费率变动而出现

变动时重新计量租赁负债。当租赁负债按

此方式重新计量，就使用权资产之账面值

作出相应调整，或倘使用权资产之账面值

减至零，则于损益入账。

倘作出租赁修订，即租赁范围或原先并非

于租赁合约中计提拨备的租赁代价出现变

动，倘有关变动不作为单独租赁入账，则

亦会重新计量租赁负债。在此情况下，租

赁负债按经修订之租赁付款及租期并以修

订生效日之修订贴现率重新计量。

本集团将不符合投资物业定义的使用权资

产呈列为「持作经营租赁之自用租赁土地

的权益」及「其他物业、厂房及设备」，并

将租赁负债分别呈列于综合财务状况表。

在综合财务状况表中，长期租赁负债的流

动部分按报告期后十二个月内到期偿付的

合约付款现值厘定。

(i) 作为出租人

本集团在租赁开始时厘定各租赁为融资租

赁或经营租赁。倘租赁转移相关资产拥有

权附带之绝大部分风险及回报至承租人，

则租赁分类为融资租赁。否则，租赁分类

为经营租赁。

经营租赁所得租金收入根据附注1(v)(i)确

认。

1. MATERIAL ACOUNTING POLICIES

(continued)

(k) Leased asets (continued)

(i) As a lese (continued)

The right-of-use aset recognised when a lease is capitalised is

initialy measured at cost, which comprises the initial amount of the

lease liability adjusted for any lease payments made at or before the

comencement date, plus any initial direct costs incured and an

estimate of costs to dismantle and remove the underlying aset or

to restore the underlying aset or the site on which it is located, les

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

stated at cost les acumulated depreciation and impairment loses

(se notes 1(i) and 1(l)(i), except for right-of-use asets that met

the definition of investment property are caried at fair value in

acordance with note 1(h).

The lease liability is remeasured when there is a change in future

lease payments arising from a change in an index or rate, if there

is a change in the Group’s estimate of the amount expected to be

payable under a residual value guarante, or if the Group changes

its asesment of whether it wil exercise a purchase, extension or

termination option. When the lease liability is remeasured in this

way, a coresponding adjustment is made to the carying amount of

the right-of-use aset, or is recorded in profit or los if the carying

amount of the right-of-use aset has ben reduced to zero.

The lease liability is also remeasured when there is a lease

modification, which means a change in the scope of a lease or

the consideration for a lease that is not originaly provided for in

the lease contract, if such modification is not acounted for as a

separate lease. In this case the lease liability is remeasured based

on the revised lease payments and lease term using a revised

discount rate at the efective date of the modification.

The Group presents right-of-use asets that do not met the

definition of investment property in “interest in leasehold land

held for own use” and “other property, plant and equipment” and

presents lease liabilities separately in the consolidated statement of

financial position.

In the consolidated statement of financial position, the curent

portion of long-term lease liabilities is determined as the present

value of contractual payments that are due to be setled within

twelve months after the reporting period.

(i) As a lesor

The Group determines at lease inception whether each lease is a

finance lease or an operating lease. A lease is clasified as a finance

lease if it transfers substantialy al the risks and rewards incidental to

the ownership of an underlying asets to the lese. Otherwise, the

lease is clasified as an operating lease.

The rental income from operating leases is recognised in

acordance with note 1(v)(i).

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(l) 信贷亏损及资产减值

(i) 金融工具和应收租赁款项之信贷亏损

本集团在下列项目上因预期信贷亏损而确

认亏损准备：

– 按摊销成本计量的金融资产（包括现

金及现金等价物、应收账款及其他应

收款）；及

– 应收租赁款项。

按公平价值计量的金融资产，包括指定透

过其他全面收益按公平价值入账的股权证

券（不可转回）和衍生金融资产，均无须作

预期信贷亏损评估。

预期信贷亏损之计量

预期信贷亏损为信贷亏损的概率加权估

计。一般而言，信贷亏损乃按合约金额与

预期收取金额之间所有预期现金差额的现

值计量。

预期信贷亏损将采用以下基准计量：

– 十二个月预期信贷亏损：指报告日期

后十二个月（或如工具之预期年期少

于十二个月，则为较短期间）内可能发

生的违约事件而导致的预期信贷亏损

部分；及

– 整个存续期的预期信贷亏损：指预期

信贷亏损模型适用项目之预期年期内

所有可能违约事件而导致的预期信贷

亏损。

本集团按等同于整个存续期的预期信贷亏

损的金额计量亏损拨备，惟以下按十二个

月预期信贷亏损计量者除外：

– 于报告日期厘定信用风险低的金融工

具；及

– 信用风险（即于金融工具预期存续期

内发生违约的风险）自初步确认以来

并无大幅上升的其他金融工具。

应收账款之亏损拨备一般按等同于整个存

续期的预期信贷亏损的金额计量。

1. MATERIAL ACOUNTING POLICIES

(continued)

(l) Credit loses and impairment of asets

(i) Credit loses from financial instruments and lease receivables

The Group recognises a los alowance for expected credit loses

(“ECL”s) on the folowing items:

– Financial asets measured at amortised cost (including cash

and cash equivalents and trade and other receivables); and

– Lease receivables.

Financial asets measured at fair value, including equity securities

designated at FVOCI (non-recycling) and derivative financial asets,

are not subject to the ECL asesment.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit loses. Generaly,

credit loses are measured as the present value of al expected cash

shortfals betwen the contractual and expected amounts.

ECLs are measured on either of the folowing bases:

– 12-month ECLs: these are the portion of ECLs that result from

default events that are posible within the 12 months after the

reporting date (or a shorter period if the expected life of the

instrument is les than 12 months); and

– Lifetime ECLs: these are the ECLs that result from al posible

default events over the expected lives of the items to which the

ECL model aplies.

The Group measures los alowances at an amount equal to lifetime

ECLs, except for the folowing, which are measured at 12-months

ECLs:

– Financial instruments that are determined to have low credit

risk at the reporting date; and

– Other financial instruments for which credit risk (i.e. the risk

of default ocuring over the expected life of the financial

instrument) has not increased significantly since initial

recognition.

Los alowances for trade receivables are always measured at an

amount equal to lifetime ECLs.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(l) 信贷亏损及资产减值（续）

(i) 金融工具和应收租赁款项之信贷亏损（续）

预期信贷亏损之计量（续）

预期信贷亏损于每一结算日重新计量，任

何变动在损益内确认为减值收益或亏损。

本集团确认减值收益或亏损并以亏损准备

相应调整金融工具之账面值。

撇除政策

某一金融资产或应收租赁款项之总账面值

撇除没有实际可行机会收回的部分。该情

况通常是资产逾期365天或本集团以其他

方式确定债务人没有资产或可产生足够现

金流之收入来源来偿还金额时撇除。

而其后收回在以前已撇除的资产，于收回

发生之期内在损益内确认为减值拨回。

(i) 其他资产减值

本集团于每一个报告日审阅下列资产的账

面值，以确定有否出现减值迹象：

– 其他物业、厂房及设备，包括使用权

资产（以重估价值列账之投资物业除

外）;

– 无形资产；及

– 本公司财务状况表呈列于附属公司及

合营企业的投资。

如果出现减值迹象，便会估计该资产的可

收回金额。除此之外，对于不确定使用年

期的无形资产，其可收回金额则按年作出

估计，不论有否减值迹象。

就减值测试而言，资产组合在一起形成持

续使用产生现金流入的最小资产组别，而

该现金流入基本独立于其他资产或现金产

生单位（「现金产生单位」）的现金流入。

1. MATERIAL ACOUNTING POLICIES

(continued)

(l) Credit loses and impairment of asets (continued)

(i) Credit loses from financial instruments and lease receivables

(continued)

Measurement of ECLs (continued)

ECLs are remeasured at each reporting date with any changes

recognised as an impairment gain or los in the profit or los. The

Group recognises an impairment gain or los with a coresponding

adjustment to the carying amount of the financial instruments

through a los alowance acount.

Write-of policy

The gros carying amount of a financial aset or lease receivable

is writen of to the extent that there is no realistic prospect of

recovery. This is generaly the case when the aset becomes 365

days past due or when the Group otherwise determines that the

debtor does not have asets or sources of income that could

generate suficient cash flows to repay the amounts subject to the

write-of.

Subsequent recoveries of an aset that was previously writen of

are recognised as a reversal of impairment in profit or los in the

period in which the recovery ocurs.

(i) Impairment of other asets

At each reporting date, the Group reviews the carying amounts of

the folowing asets to determine whether there is any indication of

impairment:

– Other property, plant and equipment, including right-of-use

asets (other than investment properties caried at revalued

amounts);

– Intangible asets; and

– Investments in subsidiaries and joint ventures in the Company’s

statement of financial position.

If any such indication exists, the aset’s recoverable amount is

estimated. In adition, for intangible asets that have indefinite useful

lives, the recoverable amount is estimated anualy whether or not

there is any indication of impairment.

For impairment testing, asets are grouped together into the

smalest group of asets that generates cash inflows from continuing

use that are largely independent of the cash inflows of other asets

or cash-generating units (“CGUs”).

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(l) 信贷亏损及资产减值（续）

(i) 其他资产减值（续）

资产的可收回金额以其使用价值和公平价

值减处置成本两者中的较高数额为准。使

用价值是以税前贴现率估计未来现金流的

现值，而该贴现率应反映市场当时对金钱

时间价值之评估及该项资产或现金产生单

位的独有风险。如果资产所产生的现金流

入基本上不独立于其他资产所产生的现金

流入，则以能独立产生现金流入的最小资

产类别（即现金产生单位）来厘定可收回

金额。倘分配能够在合理一致的基础上进

行，公司资产（例如，总部大楼）的部分账

面值则分配予个别现金产生单位，或者于

其他情况下分配予最小的现金产生单位组

别。

倘资产或现金产生单位之账面值超过其可

收回金额，则确认为减值亏损。减值亏损

于损益确认，按比例分配以减少现金产生

单位中其他资产的账面值。

拨回减值亏损仅以账面值不超过倘无确认

减值亏损时所厘定的账面值（经扣除折旧

或摊销）为限。

(m) 存货

存货乃以成本及可变现净值两者中的较低

数额入账。

成本以加权平均成本法计算，其中包括所

有采购成本、加工成本以及令存货变成现

状和运输之成本。

可变现净值是以日常业务过程中的估计售

价减去完成生产及销售所需的估计成本后

所得之数。

所有出售存货的账面值在相关收入确认的

期间内确认为支出。存货金额撇减至可变

现净值及存货的所有亏损均在出现减值或

亏损的期间内确认为支出。存货的任何减

值拨回的金额，均在出现拨回的期间内减

少确认为已列作支出的存货金额。

1. MATERIAL ACOUNTING POLICIES

(continued)

(l) Credit loses and impairment of asets (continued)

(i) Impairment of other asets (continued)

The recoverable amount of an aset or CGU is the greater of its

value in use and its fair value les costs of disposal. Value in use

is based on the estimated future cash flows, discounted to their

present value using a pre-tax discount rate that reflects curent

market asesments of the time value of money and the risks

specific to the aset or CGU. Where an aset does not generate

cash inflows largely independent of those from other asets, the

recoverable amount is determined for the smalest group of asets

that generates cash inflows independently (i.e. a cash-generating

unit). A portion of the carying amount of a corporate aset

(for example, head ofice building) is alocated to an individual

cash-generating unit if the alocation can be done on a reasonable

and consistent basis, or to the smalest group of cash-generating

units if otherwise.

An impairment los is recognised if the carying amount of an aset

or CGU exceds its recoverable amount. Impairment loses are

recognised in profit or los. They are alocated to reduce the carying

amounts of the other asets in the CGU on a pro rata basis.

An impairment los is reversed only to the extent that the resulting

carying amount does not exced the carying amount that would

have ben determined, net of depreciation or amortisation, if no

impairment los had ben recognised.

(m) Inventories

Inventories are measured at the lower of cost and net realisable

value.

Cost is calculated using the weighted average cost formula and

comprises al costs of purchase, costs of conversion and other

costs incured in bringing the inventories to their present location

and condition.

Net realisable value is the estimated seling price in the ordinary

course of busines les the estimated costs of completion and the

estimated costs necesary to make the sale.

When inventories are sold, the carying amount of those inventories

is recognised as an expense in the period in which the related

revenue is recognised. The amount of any write-down of inventories

to net realisable value and al loses of inventories are recognised as

an expense in the period the write-down or los ocurs. The amount

of any reversal of any write-down of inventories is recognised as a

reduction in the amount of inventories recognised as an expense in

the period in which the reversal ocurs.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(n) 应收账款及其他应收款

应收账款于本集团拥有无条件权利可收取

代价以及代价仅随时间推移即会成为到期

应付时予以确认。

不包含重大融资成分的应收账款按其交易

价格进行初始计量。包含重大融资成分的

应收账款及其他应收款项初步按公平价值

加交易成本计量。所有应收款项随后采用

实际利率法按摊销成本列账，并包括信贷

亏损拨备（参阅附注1(l)(i)。

(o) 带息借款

带息借款首次确认时以公平价值减有关交

易成本入账。其后该等借款按摊销成本列

示。首次确认的金额与赎回价值的差异，

连同任何应付利息及应付费用按实际利率

法在有关期间于损益内确认。

(p) 应付账款及其他应付款

应付账款及其他应付款初步按公平价值入

账，其后以摊销成本列账，惟贴现之影响

属轻微，则会以发票金额列账。

(q) 合约负债

在本集团确认相关收入前（参阅附注1(v)，

客户已支付不可退还的代价，则应确认合

约负债。若本集团在确认收入前，有权无

条件收取代价，亦需确认合约负债。在后

者情况下，相对的应收款也应被确认（参阅

附注1(n)。

(r) 现金及现金等价物

现金及现金等价物包含银行结余及现金、

存放于银行和其他金融机构的活期存款，

以及短期和流动性极高的投资项目。这些

项目可以容易地换算为已知金额的现金、

所须承受的价值变动风险甚小，并在购入

后三个月内到期。在综合现金流量表内的

现金等价物不包括存款时超过3个月到期之

银行存款。现金及现金等价物乃就预期信

贷亏损予以评估（参阅附注1(l)(i)。

1. MATERIAL ACOUNTING POLICIES

(continued)

(n) Trade and other receivables

A receivable is recognised when the Group has an unconditional

right to receive consideration and only the pasage of time is

required before payment of that consideration is due.

Trade receivables that do not contain a significant financing

component are initialy measured at their transaction price. Trade

receivables that contain a significant financing component and other

receivables are initialy measured at fair value plus transaction costs.

Al receivables are subsequently stated at amortised cost using the

efective interest method and including alowance for credit loses

(se note 1(l)(i).

(o) Interest-bearing borowings

Interest-bearing borowings are recognised initialy at fair value les

atributable transaction costs. Subsequently, these borowings are

stated at amortised cost with any diference betwen the amount

initialy recognised and redemption value being recognised in profit

or los over the period of the borowings, together with any interest

and fes payable, using the efective interest method.

(p) Trade and other payables

Trade and other payables are initialy recognised at fair value.

Subsequent to initial recognition, trade and other payables are

stated at amortised cost unles the efect of discounting would be

imaterial, in which case they are stated at invoice amounts.

(q) Contract liabilities

A contract liability is recognised when the customer pays

non-refundable consideration before the Group recognises the

related revenue (se note 1(v). A contract liability is also recognised

if the Group has an unconditional right to receive consideration

before the Group recognises the related revenue. In such later

cases, a coresponding receivable is also recognised (se note 1(n).

(r) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand,

demand deposits with banks and other financial institutions, and

short-term, highly liquid investments that are readily convertible into

known amounts of cash and which are subject to an insignificant

risk of changes in value, having ben within thre months of maturity

at acquisition. For the purposes of the consolidated statement of

cash flows, cash equivalents exclude bank deposits with a maturity

of more than thre months when placed. Cash and cash equivalents

are asesed for ECL (se note 1(l)(i).

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(s) 雇员福利

(i) 短期雇员福利及既定供款退休计划供款

短期雇员福利于提供有关服务时列为开

支。倘因员工提供服务而本集团须承担现

有法律责任或推定责任，并在责任金额能

够可靠作出估计之情况下，本集团需为预

计需要支付的金额作负债确认。

既定供款退休计划供款的责任于提供相关

服务时列为开支。

(i) 长期服务金之责任净额

本集团根据香港雇佣条例就长期服务金承

担的责任净额是透过估计雇员在当期和前

期赚取的未来福利金额并对该金额进行贴

现来计算的。估计未来福利金额是在扣除

本集团强制性公积金供款所产生之归属于

雇员的计提福利，而被视为相关雇员之供

款而产生的负服务成本后确定。

既定福利责任计算工作是由合资格精算师

以预计单位信贷法进行。

本集团的长期服务金责任净额是根据相关

法例雇员于本期间及过往期间提供服务所

赚取之未来福利金额。

(i) 股权付款

授予雇员以权益结算及以股份为基础的付

款于授出日期之公平价值乃使用二项式点

阵模式计量。该金额一般确认为开支，并

于奖励归属期内相应增加权益。确认为开

支的金额会作出调整，以反映预期将符合

相关服务条件的奖励数目，因此最终确认

的金额乃基于归属日期符合相关服务条件

的奖励数目。

(iv) 终止受雇福利

终止受雇福利在本集团无法再撤回这些福

利时，以及本集团确认重组成本时予以确

认（以较早者为准）。

1. MATERIAL ACOUNTING POLICIES

(continued)

(s) Employe benefits

(i) Short-term employe benefits and contributions to defined contribution

retirement plans

Short-term employe benefits are expensed as the related service

is provided. A liability is recognised for the amount expected to

be paid if the Group has a present legal or constructive obligation

to pay this amount as a result of past service provided by the

employe and the obligation can be estimated reliably.

Obligations for contributions to defined contribution retirement plans

are expensed as the related service is provided.

(i) Net obligations in respect of long service payment (“LSP”)

The Group’s net obligation in respect of LSP under the Hong Kong

Employment Ordinance is calculated by estimating the amount of

future benefit that employes have earned in the curent and prior

periods and discounting that amount. The estimated amount of

future benefit is determined after deducting the negative service

cost arising from the acrued benefits derived from the Group’s

contributions that have ben vested with employes, which are

demed to be contributions from the relevant employes.

The calculation of defined benefit obligation is performed by a

qualified actuary using the projected unit credit method.

The Group’s net obligations in respect of LSP are the amounts

of future benefits that employes have earned in return for their

services in the curent and prior periods, calculated in acordance

with the relevant laws.

(i) Share-based payments

The grant-date fair value of equity-setled share-based payments

granted to employes is measured using the binomial latice

model. The amount is generaly recognised as an expense, with

a coresponding increase in equity, over the vesting period of the

awards. The amount recognised as an expense is adjusted to reflect

the number of awards for which the related service conditions are

expected to be met, such that the amount ultimately recognised

is based on the number of awards that met the related service

conditions at the vesting date.

(iv) Termination benefits

Termination benefits are expensed at the earlier of when the Group

can no longer withdraw the ofer of these benefits and when the

Group recognises costs for a restructuring.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(t) 所得税

所得税包括本期税项及递延税项，均于损

益内确认，惟与业务合并或直接于权益内

或其他综合收益确认之项目相关者除外。

本期税项包括本年度应课税收入或亏损的

估计应付或应收税项，以及就以往年度应

付或应收税项的任何调整。应付或应收的

本期税项金额为预期将支付或收取的税项

金额之最佳估计，反映与所得税有关的任

何不确定因素。其按报告日期已执行或实

质上已执行的税率计量。本期税项亦包括

股息产生的任何税项。

本期税项资产及负债仅于符合若干条件的

情况下方可予以抵销。

递延税项根据财务报告所用的资产及负债

的账面值与缴纳税款所用的金额之间的暂

时差额予以确认。递延税项不会就以下各

项确认：

– 初步确认不属业务合并、对会计或应

课税溢利或亏损均无影响，且不会产

生同等应课税及可扣减暂时差异的交

易中的资产或负债所产生的暂时差

异；及

– 与附属公司、联营公司及合营企业投

资有关的暂时差异，惟本集团能够控

制暂时差异的拨回时间，且于可预见

未来很可能不会拨回。

本集团就租赁负债及使用权资产分别确认

递延税项资产及递延税项负债。

未动用税项亏损、未动用税项抵免及可抵

扣暂时差异（只限于很可能获得能利用其来

抵扣的未来应课税溢利的情况）都会确认

为递延税项资产。未来应课税溢利根据相

关应课税暂时差异的拨回情况厘定。倘应

课税暂时差异的数额不足以悉数确认递延

税项资产，则会根据本集团内各附属公司

的业务计划，考虑未来的应课税溢利，并

根据现有暂时差异的拨回情况进行调整。

递延税项资产于每一结算日进行检讨，倘

相关税项收益不再可能实现，则减少递延

税项资产；倘应课税溢利的可能性提高，

则拨回减少的递延税项资产。

1. MATERIAL ACOUNTING POLICIES

(continued)

(t) Income tax

Income tax expense comprises curent tax and defered tax. It is

recognised in profit or los except to the extent that it relates to a

busines combination, or items recognised directly in equity or OCI.

Curent tax comprises the estimated tax payable or receivable on

the taxable income or los for the year and any adjustments to the

tax payable or receivable in respect of previous years. The amount

of curent tax payable or receivable is the best estimate of the tax

amount expected to be paid or received that reflects any uncertainty

related to income taxes. It is measured using tax rates enacted

or substantively enacted at the reporting date. Curent tax also

includes any tax arising from dividends.

Curent tax asets and liabilities are ofset only if certain criteria are

met.

Defered tax is recognised in respect of temporary diferences

betwen the carying amounts of asets and liabilities for financial

reporting purposes and the amounts used for taxation purposes.

Defered tax is not recognised for:

– Temporary diferences on the initial recognition of asets or

liabilities in a transaction that is not a busines combination and

that afects neither acounting nor taxable profit or los and

does not give rise to equal taxable and deductible temporary

diferences; and

– Temporary diferences related to investment in subsidiaries

and joint venture to the extent that the Group is able to control

the timing of the reversal of the temporary diferences and it is

probable that they wil not reverse in the foreseable future.

The Group recognised defered tax asets and defered tax liabilities

separately in relation to its lease liabilities and right-of-use asets.

Defered tax asets are recognised for unused tax loses, unused

tax credits and deductible temporary diferences to the extent that it

is probable that future taxable profits wil be available against which

they can be used. Future taxable profits are determined based

on the reversal of relevant taxable temporary diferences. If the

amount of taxable temporary diferences is insuficient to recognise

a defered tax aset in ful, then future taxable profits, adjusted for

reversals of existing temporary diferences, are considered, based

on the busines plans for individual subsidiaries in the Group.

Defered tax asets are reviewed at each reporting date and are

reduced to the extent that it is no longer probable that the related

tax benefit wil be realised; such reductions are reversed when the

probability of future taxable profits improves.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(t) 所得税（续）

当投资物业按附注1(h)所载的会计政策以其

公平价值列账，递延税项金额是以于结算

日按账面价值出售该等资产所适用的税率

计算，但如果该物业应予折旧及以一商业

模式持有，并按旨在于一段时间内耗用而

非透过出售以获取该物业内含绝大部份经

济效益，则作别论。在所有其他情况下，

递延税项的计量反映本集团于报告日期时

预期收回或结算其资产及负债账面值的方

式所带来的税务影响。

递延税项资产及负债仅于符合若干条件的

情况下方可予以抵销。

(u) 拨备及或有负债

一般而言，拨备乃按税前利率对预期未来

现金流量进行贴现厘定，税前利率反映当

前市场对货币时间价值及负债特定风险的

评估。

倘若含有经济效益的资源外流的可能性

较低，或是无法对有关金额作出可靠的估

计，便会将该义务披露为或有负债，除非

资源外流的可能性极低。须视乎某宗或多

宗未来事件是否发生才能确定存在与否的

潜在义务，亦会披露为或有负债，除非资

源外流的可能性极低。

倘结算拨备所需的部分或全部支出预期由

另一方偿还，则就几乎确定的任何预期偿

还确认一项单独的资产。就偿还确认的金

额仅限于拨备的账面值。

(v) 收入及其他收入

当销售货品、提供服务或在本集团正常业

务中提供本集团资产以租赁予其他人使用

时，收益可列为本集团收入。

本集团为其收入交易之主体并按总额基准

确认收入。于厘定本集团是否以主事人或

代理身份行事时，考虑是否于产品转让予

客户前取得产品的控制权。控制权指本集

团主导该产品的使用并从中获得几乎所有

剩余利益。

1. MATERIAL ACOUNTING POLICIES

(continued)

(t) Income tax (continued)

Where investment properties are caried at their fair value in

acordance with note 1(h), the amount of defered tax recognised

is measured using the tax rates that would aply on sale of

those asets at their carying value at the reporting date, unles

the property is depreciable and is held within a busines model

whose objective is to consume substantialy al of the economic

benefits embodied in the property over time, rather than through

sale. In al other cases, the measurement of defered tax reflects

the tax consequences that would folow from the maner in which

the Group expects, at the reporting date, to recover or setle the

carying amount of its asets and liabilities.

Defered tax asets and liabilities are ofset only if certain criteria are

met.

(u) Provisions and contingent liabilities

Generaly provisions are determined by discounting the expected

future cash flows at a pre-tax rate that reflects curent market

asesment of the time value of money and the risks specific to the

liability.

Where it is not probable that an outflow of economic benefits

wil be required, or the amount canot be estimated reliably, the

obligation is disclosed as a contingent liability, unles the probability

of outflow of economic benefits is remote. Posible obligations,

whose existence wil only be confirmed by the ocurence or

non-ocurence of one or more future events are also disclosed as

contingent liabilities unles the probability of outflow of economic

benefits is remote.

Where some or al of the expenditure required to setle a provision

is expected to be reimbursed by another party, a separate aset is

recognised for any expected reimbursement that would be virtualy

certain. The amount recognised for the reimbursement is limited to

the carying amount of the provision.

(v) Revenue and other income

Income is clasified by the Group as revenue when it arises from the

sale of gods, the provision of services or the use by others of the

Group’s asets under leases in the ordinary course of the Group’s

busines.

The Group is the principal for its revenue transactions and

recognises revenue on a gros basis. In determining whether the

Group acts as a principal or as an agent, it considers whether it

obtains control of the products before they are transfered to the

customers. Control refers to the Group’s ability to direct the use

of and obtain substantialy al of the remaining benefits from the

products.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(v) 收入及其他收入（续）

本集团采用香港财务报告准则第15号第63

段的可行权宜方法，如果融资期为12个月

或以下，不会就重大融资组成部分的任何

影响而调整交易金额。

有关本集团收入及其他收益确认政策的进

一步详情如下：

来自客户合约收入

(i) 货品销售

当产品或服务的控制权转移予客户，

本集团按照预期有权获得的承诺对价

数额确认收入，但数额不包括代表第

三方收取的数额，如增值税或其他销

售税。

其他来源之收入及其他收益

(i) 加工服务收益、管理费收益及佣金收

益

加工服务收益、管理费收益及佣金收

益在提供相关服务后确认为收益。

(i) 物业租金收益

经营租赁之租金收益在租赁所涵盖的

期间内以直线法计算在损益内确认。

已授出的租赁奖励会于租赁期间在损

益中确认为租金收益总额的组成部

份。并非取决于指数或利率之可变租

赁付款在其产生的会计期间确认为收

益。

(iv) 股息

股息收益于确立本集团收取股息之权

利当日于损益中确认。

(v) 利息收益

利息收益使用实际利率法确认。实际

利率为将金融资产在预期可用年期内

的估计未来现金收款准确贴现至金融

资产的账面总值的利率。于计算利息

收益时，实际利率用于资产的账面总

值（当资产并未信贷减值）。就于初

始确认后出现信贷减值的金融资产而

言，利息收益乃通过将实际利率用于

金融资产的摊销成本计算得出。倘该

资产不再出现信贷减值，则利息收益

按总额基准计算。

1. MATERIAL ACOUNTING POLICIES

(continued)

(v) Revenue and other income (continued)

The Group takes advantage of the practical expedient in paragraph

63 of HKFRS 15 and does not adjust the consideration for any

efects of a significant financing component if the period of financing

is 12 months or les.

Further details of the Group’s revenue and other income recognition

policies are as folows:

Revenue from contracts with customers

(i) Sale of gods

Revenue is recognised when control over a product or service

is transfered to the customer at the amount of promised

consideration to which the Group is expected to be entitled,

excluding those amounts colected on behalf of third parties

such as value aded tax or other sales taxes.

Revenue from other sources and other income

(i) Procesing service income, management fe income and

comision income

Procesing service income, management fe income and

comision income are recognised when the relevant services

are rendered.

(i) Property rental income

Rental income from operating leases is recognised in profit

or los on a straight-line basis over the term of the lease.

Lease incentives granted are recognised as an integral part

of the total rental income, over the term of the lease. Variable

lease payments that do not depend on an index or a rate are

recognised as income in the acounting period in which they

are earned.

(iv) Dividends

Dividend income is recognised in profit or los on the date on

which the Group’s right to receive payment is established.

(v) Interest income

Interest income is recognised using the efective interest

method. The “efective interest rate” is the rate that exactly

discounts estimated future cash receipts through the expected

life of the financial aset to the gros carying amount of the

financial aset. In calculating interest income, the efective

interest rate is aplied to the gros carying amount of the

aset (when the aset is not credit-impaired). However, for

financial asets that have become credit-impaired subsequent

to initial recognition, interest income is calculated by aplying

the efective interest rate to the amortised cost of the financial

aset. If the aset is no longer credit-impaired, then the

calculation of interest income reverts to the gros basis.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(v) 收入及其他收入（续）

其他来源之收入及其他收益（续）

(vi) 政府补助

当可以合理确定本集团将会收到政府

补助并会履行该补助的附带条件时，

便会初次在财务状况表将政府补助确

认。用于弥补本集团已产生支出的补

助，会在支出产生的期间有系统地于

损益内确认为收益。

(w) 外币换算

本集团附属公司各自之财务报表所包括之

项目均使用该实体营运之主要经济环境之

货币计量（「功能货币」）。综合财务报表以

港币列账，港币为本公司之功能货币及呈

列货币。

以外币进行的交易按交易日之外币兑换率

换算为集团公司各自的功能货币。

以外币计值的货币资产及负债均按于结算

日的外币兑换率换算为功能货币。以公平

价值计量的外币非货币资产及负债，以厘

定其公平价值当日的汇率换算为功能货

币。以历史成本计量的外币非货币资产与

负债按交易日的汇率换算。外币差额一般

于损益内确认。

海外业务之业绩是按照贴近交易日的汇率

折算为港币。财务状况表项目以于结算日

的汇率折算。汇兑差异则分别确认于其他

全面收益及独立累计于权益内之汇兑储备。

倘全部或部分出售海外业务而失去控制

权、重大影响力或共同控制时，与海外业

务相关之汇兑储备累计金额将重新分类为

损益，作为出售收益或亏损之一部分。

1. MATERIAL ACOUNTING POLICIES

(continued)

(v) Revenue and other income (continued)

Revenue from other sources and other income (continued)

(vi) Government grants

Government grants are recognised in the statement of financial

position initialy when there is reasonable asurance that

they wil be received and that the Group wil comply with the

conditions ataching to them. Grants that compensate the

Group for expenses incured are recognised as income in profit

or los on a systematic basis in the same periods in which the

expenses are incured.

(w) Translation of foreign curencies

Items included in the financial statements of each of the Group’s

subsidiaries are measured using the curency of the primary

economic environment in which the entity operates (“the functional

curency”). The consolidated financial statements are presented

in Hong Kong dolars, which is the Company’s functional and

presentation curency.

Transactions in foreign curencies are translated into the respective

functional curencies of group companies at the exchange rates at

the dates of the transactions.

Monetary asets and liabilities denominated in foreign curencies

are translated into the functional curency at the exchange rate

at the reporting date. Non-monetary asets and liabilities that are

measured at fair value in a foreign curency are translated into the

functional curency at the exchange rate when the fair value was

determined. Non-monetary asets and liabilities that are measured

based on historical cost in a foreign curency are translated at the

exchange rate at the date of the transaction. Foreign curency

diferences are generaly recognised in profit or los.

The results of foreign operations are translated into Hong

Kong dolars at the exchange rates aproximating the foreign

exchange rates ruling at the dates of the transactions. Statement

of financial position items are translated into Hong Kong dolars

at the closing foreign exchange rates at the end of the reporting

period. The resulting exchange diferences are recognised in other

comprehensive income and acumulated separately in equity in the

exchange reserve.

When a foreign operation is disposed of in its entirety or partialy

such that control, significant influence or joint control is lost, the

cumulative amount in the exchange reserve related to that foreign

operation is reclasified to profit or los as part of the gain or los on

disposal.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(x) 借贷成本

借贷成本均在发生的期间内列为开支。

(y) 持作出售之非流动资产

若一项非流动资产（或出售组别）之账面值

极有可能透过销售交易收回，而并非透过

持续使用，及该资产（或出售组别）以其现

状即可供出售，则被归类为持作出售。出

售组别是指一组资产将于同一交易中被一

并出售，而与该等资产有直接关连的负债

亦会于该交易中转移。

倘本集团致力进行涉及失去附属公司控制

权之出售计划时，假如符合上述分类为持

作出售之条件，则该附属公司之全部资产

及负债均会分类为持作出售，而不论本集

团是否将于出售后保留其于该附属公司之

非控股权益。

紧接被归类为持作出售前，非流动资产

（及于出售组别内的所有个别资产及负债）

之计量均已根据有关归类前的会计政策更

新。然后，于首次归类为持作出售及直至

出售，该等非流动资产（若干以下阐释的资

产除外）或出售组别，会以其账面值或公

平价值减去出售成本之较低者确认。就本

团及本公司之财务报表而言，有关本计量

政策之主要例外，乃关于递延税项资产、

雇员福利产生之资产、金融资产（于附属公

司、联营公司及合营企业之投资除外）及投

资物业。该等资产尽管持作出售，仍会继

续根据附注1其他地方所载列之政策进行计

量。

首次归类为持作出售时以及持作出售期间

之其后重新计量之减值亏损于损益确认。

倘非流动资产被归类为持作出售，或被列

入被归类为持作出售之出售组别，该非流

动资产不作折旧或摊销。

1. MATERIAL ACOUNTING POLICIES

(continued)

(x) Borowing costs

Borowing costs are expensed in the period in which they are

incured.

(y) Non-curent asets held for sale

A non-curent aset (or disposal group) is clasified as held for sale

if it is highly probable that its carying amount wil be recovered

through a sale transaction rather than through continuing use and

the aset (or disposal group) is available for sale in its present

condition. A disposal group is a group of asets to be disposed

of together as a group in a single transaction, and liabilities

directly asociated with those asets that wil be transfered in the

transaction.

When the Group is comited to a sale plan involving los of control

of a subsidiary, al the asets and liabilities of that subsidiary are

clasified as held for sale when the above criteria for clasification as

held for sale are met, regardles of whether the Group wil retain a

non-controling interest in the subsidiary after the sale.

Imediately before clasification as held for sale, the measurement

of the non-curent asets (and al individual asets and liabilities

in a disposal group) is brought up-to-date in acordance with

the acounting policies before the clasification. Then, on initial

clasification as held for sale and until disposal, the non-curent

asets (except for certain asets as explained below), or disposal

groups, are recognised at the lower of their carying amount

and fair value les costs to sel. The principal exceptions to this

measurement policy so far as the financial statements of the

Group and the Company are concerned are defered tax asets,

asets arising from employe benefits, financial asets (other than

investments in subsidiaries, asociates and joint ventures) and

investment properties. These asets, even if held for sale, would

continue to be measured in acordance with the policies set out

elsewhere in note 1.

Impairment loses on initial clasification as held for sale, and on

subsequent remeasurement while held for sale, are recognised in

profit or los. As long as a non-curent aset is clasified as held for

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

sale, the non-curent aset is not depreciated or amortised.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(z) 关连人士

，或其直系亲属的成员会被

认为是本集团之关连人士，倘若该个

别人士：

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响力；或

(i) 为本集团或本集团母公司主要管

理人员成员之一。

，则被

认为是本集团之关连人士：

(i) 该实体和本集团是同一集团的成

员（指每间母公司，附属公司及同

系附属公司是有关连的）。

(i) 一个实体是另一实体的联营公司

或合营企业（或一个实体为某一集

团成员的联营公司或合营企业，

而另一实体为同一集团之成员）。

(i) 两个实体同为第三方的合营企业。

(iv) 一个实体是第三个实体的合营企

业，而另一个实体为该第三个实

体的联营公司。

(v) 该实体乃指提供予本集团或与本

集团有关连的实体的雇员离职后

福利计划。

(vi) 该实体受上文(1)所指的人士控制

或共同控制。

(vi) 上文(1)(i)所指的个别人士对该实

体有重大影响力或为该实体（或该

实体母公司）主要管理人员成员之

一。

(vi) 向本集团或本集团母公司提供主

要管理成员服务之实体或其所属

集团之任何成员公司。

个别人士的直系亲属成员乃指该亲属成员

在与实体交易时可能影响或被影响的亲属

成员。

1. MATERIAL ACOUNTING POLICIES

(continued)

(z) Related parties

, 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; or

(i) is a member of the key management personel of the

Group or the Group’s parent.

(2) An entity is related to the Group if any of the folowing

conditions aplies:

(i) The entity and the Group are members of the same group

(which means that each parent, 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.

(vi) The entity is controled or jointly controled by a person

identified in (1).

(vi) A person identified in (1)(i) has significant influence

over the entity or is a member of the key management

personel of the entity (or of a parent of the entity).

(vi) The entity, or any member of a group of which it is a

part, provides key management personel services to the

Group or to the Group’s parent.

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.

2025
二零二五年
$’000
千元
182,433
7
594
183,034
3,397
186,431

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(a) 分部报告

经营分部及于财务报表所呈报的各分部项

目金额已于定期向本集团最高行政管理人

员提供以供分配资源至本集团各类业务及

地区分部以及评估彼等的表现的财务资料

中分辨。

2. 收入

本集团之主要业务是制造及销售成衣及纺

织品、提供加工服务和物业租赁。

收入为供应给客户货品的销售价值、加工

服务收益及租金收益。按类别划分之收入

分析如下：

按地区市场划分之客户合约收入分析披露

于附注10(c)。

本集团之客户基础是多元的。截至二

零二五年三月三十一日止年度，约

45,414,000元（二零二四年：65,021,000

元）的收入乃源自两名（二零二四年：两

名）外部客户，而该等客户的销售额均超过

本集团收入之10%。此等收入源于成衣销

售。由该等客户而引起之信贷风险的集中

情况详细列明在附注26(a)。

本集团已应用香港财务报告准则第15号第

121(a)段之可行权宜方法，并未披露本集

团在履行与报告日存在的客户合约产生的

剩余履约义务时本集团有权获得的收入之

资料，该合约的原始预期限为一年或更

短。

1. MATERIAL ACOUNTING POLICIES

(continued)

(a) Segment reporting

Operating segments, and the amounts of each segment item

reported in the financial statements, are identified from the financial

information provided regularly to the Group’s most senior executive

management for the purposes of alocating resources to, and

asesing the performance of, the Group’s various lines of busines

and geographical locations.

2. REVENUE

The principal activities of the Group are the manufacture and sale of

garments and textiles, provision of procesing services and rental of

properties.

Revenue represents the invoiced value of gods suplied to

customers, procesing service income and rental income.

Disagregation of revenue by category is analysed as folows:

二零二四年

$’000

千元

Under the scope of HKFRS 15,根据香港财务报告准则第15号，

Revenue from contracts with customers:来自客户合约之收入的范围内：

– Manufacture and sale of garments– 制造及销售成衣227,960

– Manufacture and sale of textiles– 制造及销售纺织品119

– Procesing service income– 加工服务收益687

228,766

Under the scope of HKFRS 16, Leases:根据香港财务报告准则第16号，

租赁的范围内：

Gros rentals from investment properties投资物业租金总额5,536

234,302

Disagregation of revenue from contracts with customers by

geographic markets is disclosed in note 10(c).

The Group’s customer base is diversified. For the year ended

31 March 2025, revenues of aproximately $45,414,000 (2024:

$65,021,000) is derived from two (2024: two) external customer with

whom transactions have exceded 10% of the Group’s revenue.

These revenues are atributable to the sales of garments. Details of

the concentrations of credit risk arising from the customers are set

out in note 26(a).

The Group aplies the practical expedient in paragraph 121(a) of

HKFRS 15 and does not disclose information about revenue that the

Group wil be entitled to when it satisfies the remaining performance

obligations arising from contracts with customers in existence at the

reporting date that had an original expected duration of one year or

les.

2025
二零二五年
$’000
千元
12,424
1,130
57
(5,552)
780
547
(24)
1,036
(3,174)
–
(4,814)
4,313
6,723

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

3. 其他收益净额3. OTHER NET INCOME

二零二四年

$’000

千元

Interest income利息收益11,203

Scrap income废料收益839

Net gain on forward foreign exchange

contracts

远期外汇合约收益净额

Net exchange (los)/gain汇兑（亏损）╱收益净额176

Management fe income管理费用收益780

Dividend income from equity securities股权证券之股息收益533

Net (los)/gain on disposals of other

property, plant and equipment

出售其他物业、厂房及

设备（亏损）╱收益净额127

Net claim income赔偿收益净额887

Los on disposal of an other financial aset出售一其他金融资产亏损–

Los on disposal of intangible asets处置无形资产亏损(323)

Los on disposal of investment properties出售投资物业亏损–

Sundry income其他收益6,246

20,691

2025
二零二五年
$’000
千元
755
5
760
46,437
1,150
268
47,855
671
(224)
1,341
350
1,497
1,111
852
713
773
1,496
522
439
388
95
10
1,450
11,484
152,017
596
2,403
(2,168)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

4. 除税前亏损

除税前亏损已扣除╱（抵免）：

4. LOS BEFORE TAXATION

Los before taxation is arived at after charging/(crediting):

二零二四年

$’000

千元

(a) Finance costs(a) 融资成本

Interest on bank advances

(including bank charges)

银行垫款利息

（包括银行费用)860

Interest on lease liabilities (note 18(c)租赁负债之利息（附注18(c)5

(b) Staf costs

(b) 员工成本

Salaries, wages and other benefits薪金、工资及其他福利50,217

Contributions to defined contribution

retirement schemes

界定供款退休计划供款

4,364

Provision/(reversal of provision) for

employe benefits, net (note 24)

雇员福利费用拨备╱

（拨备拨回）净额（附注24）(1,957)

52,624

Impairment loses on trade receivables

(note 26(a)

应收账款减值亏损

（附注26(a)）1,585

Recovery of bad debt坏账收回(750)

Auditors’ remuneration核数师酬金

– audit services– 审计服务1,401

– other services– 其他服务344

Security fe保安费1,387

Insurance保险1,236

Consultancy fe顾问费842

Repair and maintenance fe维修及保养费1,342

Other taxes and surcharges其他税项及附加费1,364

Legal and profesional fe法律及专业费用221

Motor vehicle expenses汽车开支523

Membership fe会员费474

Busines and other registration fes商业登记及其他注册费343

Amortisation of intangible asets (note 12)无形资产摊销（附注12）95

Donation捐款12

Sundry expenses杂项支出496

10,915

(d) Other items(d) 其他项目

Cost of inventories

存货成本

189,849

Depreciation charges

(note 11)折旧

（附注11）

– owned property, plant and equipment– 自有物业、厂房及设备623

– right-of-use asets– 使用权资产2,206

Rentals receivable from investment

properties les direct outgoings of

$1,228,000 (2024: $1,376,000)

投资物业应收租金

减直接支出1,228,000元

（二零二四年: 1,376,000元）(4,160)

2025
二零二五年
$’000
千元
187
–
187
(147)
(6,480)
(6,440)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

存货成本包括员工成本及折旧，有关款项共

7,822,000元（二零二四年：8,590,000元）。

有关金额亦已计入在上文分开所披露之各项

有关费用的总额或附注4(b)中。

于二零二五年三月三十一日，本集团并无已

没收供款可用以抵扣未来年度的退休金计划

供款（二零二四年：零元）。

5. 综合损益表所示的所得税

(a) 综合损益表所示的所得税为：

二零二五年度香港利得税拨备是按截至

二零二五年三月三十一日止年度之估计

应评税溢利以16.5%的税率计算，惟符合

利得税两级制资格的本集团一附属公司

除外。就该附属公司而言，应课税溢利首

2,000,000元按8.25%之税率计算及余下应

课税溢利按16.5%之税率计算。

由于本公司及其香港附属公司于年内录得

税务亏损，故并无就截至二零二四年三月

三十一日止年度香港利得税作出拨备。

香港境外附属公司之税项则以相关国家适

用之现行税率计算。

4. LOS BEFORE TAXATION (continued)

Cost of inventories includes $7,822,000 (2024: $8,590,000) relating to staf

costs and depreciation, which amount is also included in the respective

total amounts disclosed separately above or in note 4(b) for each of these

types of expenses.

As at 31 March 2025, the Group had no forfeited contributions available to

reduce its contributions to the pension schemes in future years (2024: $Nil).

5. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF PROFIT OR LOS

(a) Income tax in the consolidated statement of profit or los represents:

二零二四年

$’000

千元

Curent tax – Hong Kong Profits Tax本年税项－香港利得税

Provision for the year本年税项拨备–

Over-provision in respect of prior years以往年度超额拨备(25)

(25)

Curent tax – Outside Hong Kong本年税项－香港境外

Credits for the year本年税项抵免(456)

Defered tax递延税项

Origination and reversal of temporary

diferences

暂时差异的产生及拨回

(3,018)

Income tax credits所得税抵免(3,499)

The provision for Hong Kong Profits Tax for 2025 was calculated

at 16.5% of the estimated asesable profits for the year ended

31 March 2025, except for one subsidiary of the Group which is a

qualifying corporation under the two-tiered Profits Tax rate regime.

For this subsidiary, the first $2 milion of asesable profits were

taxed at 8.25% and the remaining asesable profits were taxed at

16.5%.

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

year ended 31 March 2024 as the Company and its Hong Kong

subsidiaries sustained loses for taxation purpose during the year.

Taxation for subsidiaries outside Hong Kong is charged at the

apropriate curent rates of taxation ruling in the relevant countries.

2025
二零二五年
$’000
千元
(66,318)
(14,652)
9,757
2,204
(3,584)
(221)
2,427
1,672
(3,641)
–
(402)
(6,440)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(b) 税项抵免和会计亏损按适用税率计算的对

账：

5. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF PROFIT OR LOS (continued)

(b) Reconciliation betwen tax credits and acounting los at aplicable

tax rates:

二零二四年

$’000

千元

Los before taxation除税前亏损(51,671)

Notional tax on los before taxation,

calculated at the rates aplicable to loses

in the countries concerned

按相关国家适用于亏损之

税率计算除税前亏损的

名义税项(11,992)

Tax efect of share of loses of joint ventures应占合营企业亏损的税项影响9,904

Tax efect of non-deductible expenses不可扣减支出的税项影响2,860

Tax efect of non-taxable income毋须计税收入的税项影响(3,072)

Tax efect of previously unrecognised

tax loses utilised during the year

年内使用年前未确认税务亏损的

税项影响(668)

Tax efect of other temporary diferences

not recognised

未确认其他暂时差异的

税项影响–

Tax efect of unused tax loses not

recognised

未确认未动用税务亏损的

税项影响292

Tax efect of share of undistributed profits

of joint ventures

应占合营企业未分配利润的

税项影响(518)

Over-provision in respect of prior years以往年度超额拨备(25)

Others其他(280)

Actual tax credits实际税项抵免(3,499)

2025		2025		2025		2025		2025
二零二五年		二零二五年		二零二五年		二零二五年		二零二五年
$’000		$’000		$’000		$’000		$’000
千元		千元		千元		千元		千元
	40 40 40 40 40 40 130 130 130		1,338 676 – 815 – – – – –		– – – – – – – – –		– – – – – – – – –
40		1,338		–		–		1,378
40		676		–		–		716
40		–		–		–		40
40		815		–		–		855
40		–		–		–		40
40		–		–		–		40
130		–		–		–		130
130		–		–		–		130
130		–		–		–		130
	630		2,829		–		–
630		2,829		–		–		3,459

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

6. 董事酬金

根据香港公司条例第383(1)条及《公司（披

露董事利益资料）规例》第2部之规定而披

露之董事酬金如下：

6. DIRECTORS’ EMOLUMENTS

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

Hong Kong Companies Ordinance and Part 2 of the Companies

(Disclosure of Information about Benefits of Directors) Regulation are

as folows:

Directors’ fes

Salaries, alowances and

benefits in kindDiscretionary bonuses

Retirement scheme

contributionsTotal

董事袍金薪金、津贴及其他福利酌情花红退休计划供款合计

二零二四年

$’000

千元

Executive directors执行董事

Mr. Chan Wing Fui, Peter陈永奎先生1,378

Mr. Chan Wing Ke陈永棋先生716

Mr. Chan Wing To陈永滔先生40

Ms. Chan Suk Man刘陈淑文女士855

Mr. Chan Wing Sun, Samuel陈永燊先生40

Ms. Chan Suk Ling, Shirley周陈淑玲女士40

Independent non-executive

directors

独立非执行董事

Mr. Choi Ting Ki蔡廷基先生130

Mr. So Stephen Hon Cheung苏汉章先生130

Mr. Li Guangming李光明先生130

3,459

2025
二零二五年
$’000
千元
3,823
480
119
4,422

2025
二零二五年
2
1
–
3

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

7. 最高酬金人士

在五位酬金最高之人士中，两位（二零二四

年：一位）为董事，有关酬金详情于附注6

披露。截至二零二五年三月三十一日止年

度三位人士（二零二四年：四位人士）之酬

金如下：

三位最高酬金人士（二零二四年：四位人

士）的酬金介乎下列区间：

7. INDIVIDUALS WITH HIGHEST

EMOLUMENTS

Of the five individuals with the highest emoluments, two (2024:

one) are directors whose emoluments are disclosed in note 6. The

emoluments of the thre individuals (2024: four individuals) for the

year ended 31 March 2025 are as folows:

二零二四年

$’000

千元

Salaries and other emoluments薪金及其他酬金5,817

Discretionary bonuses酌情花红880

Retirement scheme contributions退休计划供款203

6,900

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

the highest emoluments are within the folowing bands:

二零二四年

$1,000,001 to $1,500,0001,000,001元至1,500,000元1

$1,500,001 to $2,000,0001,500,001元至2,000,000元2

$2,000,001 to $2,500,0002,000,001元至2,500,000元1

2025
二零二五年
Before-tax		Net-of-tax
amount	Tax effect	amount
除税前金额	税项影响	除税后金额
$’000	$’000	$’000
千元	千元	千元
(971)	–	(971)
(1,730)	–	(1,730)
(2,701)	–	(2,701)
–	–	–
5,790	–	5,790
(1,982)	–	(1,982)
1,107	–	1,107

2025
二零二五年
$’000
千元
(1,982)
(1,982)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

8. 其他全面收益

(a) 其他全面收益的各组成部份的税务影响

(b) 其他全面收益的组成部份（包括重新分类调

整）

8. OTHER COMPREHENSIVE INCOME

(a) Tax efects relating to each component of other comprehensive

income

二零二四年

Before-taxNet-of-tax

amountTax efectamount

除税前金额税项影响除税后金额

$’000$’000$’000

千元千元千元

Exchange diferences

on translation of:

汇兑差额：

– financial statements of subsidiaries

outside Hong Kong

– 换算香港境外附属公司

财务报表(6,068)–(6,068)

– share of joint ventures’ net asets– 换算应占合营企业资产净值(25,091)–(25,091)

(31,159)–(31,159)

Release of exchange reserve upon

deregistration of a subsidiary

注销一附属公司时拨回

累计汇兑储备(63)–(63)

Release of exchange reserve upon

reduction of paid-up capital of

a subsidiary

因一附属公司减少实收资本

而拨回汇兑储备

–

Equity investments at FVOCI: net

movement in the investment

revaluation reserve (non-recycling)

透过其他全面收益按公平价值

入账的股权证券投资：

投资重估储备变动净额

（不可转回）(1,468)–(1,468)

Other comprehensive income其他全面收益(32,690)–(32,690)

(b) Components of other comprehensive income, including

reclasification adjustments

二零二四年

$’000

千元

Equity investments measured at FVOCI:以透过其他全面收益按公平价值

入账计量之股权证券投资:

Changes in fair value recognised

during the year

年内确认公平价值变动

(1,468)

Net movement in the investment revaluation

reserve (non-recycling) during the year

recognised in other comprehensive income

年内于其他全面收益确认的

投资重估储备（不可转回）

变动净额(1,468)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

9. 每股亏损

(a) 每股基本亏损

每股基本亏损乃根据应拨归于本公司普通

股权持有人应占亏损59,878,000元（二

零二四年：48,172,000元）及年内已发行

普通股之加权平均数206,748,000股（二零

二四年：206,748,000股）计算。

(b) 每股摊薄亏损

截至二零二五年及二零二四年三月三十一

日止年度，本公司并无具有潜在摊薄能力

之普通股；故此每股基本亏损与每股摊薄

亏损相同。

10. 分部报告

本集团以分部来管理其业务。本集团以向

本集团最高行政管理人员内部呈报资料（为

分配资源及评估表现）一致的方式呈列以

下三个须予呈报分部。本集团并无将任何

经营分部合计以形成下列须予呈报分部：

– 制造及销售成衣及纺织品：此分部包

括制造及销售成衣及纺织产品，及提

供成衣加工服务。

– 合营企业权益：本集团合营企业从事

生产及销售纺织纱线产品。

– 物业租赁：此分部出租商业及工业楼

宇以收取租金收益。

9. LOS PER SHARE

(a) Basic los per share

The calculation of basic los per share is based on the los

atributable to ordinary equity shareholders of the Company of

$59,878,000 (2024: $48,172,000) and the weighted average

number of 206,748,000 (2024: 206,748,000) ordinary shares in

isue during the year.

(b) Diluted los per share

The diluted los per share is the same as the basic los per share as

there were no dilutive potential ordinary shares in existence during

the years ended 31 March 2025 and 2024.

10. SEGMENT REPORTING

The Group manages its busines by divisions. In a maner

consistent with the way in which information is reported internaly to

the Group’s most senior executive management for the purposes

of resource alocation and performance asesment, the Group has

presented the folowing thre reportable segments. No operating

segments have ben agregated to form the folowing reportable

segments:

– Manufacture and sale of garments and textiles: this segment

covers the manufacture and sale of garment and textile

products, and provision of garment procesing services.

– Interests in joint ventures: the Group’s joint ventures engage in

the manufacture and sale of textile yarn products.

– Property leasing: this segment leases comercial and industrial

premises to generate rental income.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(a) 分部业绩、资产及负债

为评估分部表现及分配分部资源，本集团

高级行政管理人员按以下基准监控各须予

呈报分部相关的业绩、资产及负债：

制造及销售成衣及纺织品及物业租赁分部

分部资产包括所有资产，但不包括无形资

产、其他金融资产、递延税项资产、可收

回本期税项及其他企业资产。分部负债包

括由分部直接管理的所有负债，但不包括

应付本期税项、递延税项负债及其他企业

负债。

分配至可呈报分部的收入及支出是以这些

分部所产生的收入和支出或属于这些分部

的资产折旧或摊销所产生的支出而定。

用于呈报分部溢利╱亏损之计算方法为

「调整扣除利息、税项、折旧及摊销前的盈

利」，「利息」视为包括投资收益及融资成

本，而「折旧及摊销」视为包括非流动资产

的减值亏损、折旧及摊销。在计算「调整扣

除利息、税项、折旧及摊销前的盈利」时，

本集团会就并无明确归于个别分部之项目

（例如投资物业估值收益╱亏损净额、核数

师酬金及其他总办事处或企业行政成本）进

一步调整盈利。

除获得有关「调整扣除利息、税项、折旧及

摊销前的盈利」之分部资料外，管理层亦获

得有关收入（包括分部业务间销售）、由分

部直接管理之现金结余及借贷之利息收益

及融资成本、折旧、摊销及分部增置用于

营运之非流动分部资产的资料。分部间销

售的定价乃参考其他外在人士之类似的订

单价格。

合营企业权益

本集团之合营企业权益在综合财务报表是

按权益会计法入账，并以一独立须予呈报

分部列示。本集团高级行政管理人员审阅

合营企业权益的除税后之业绩，此特定的

分部被订定为须予呈报分部溢利╱亏损。

须予呈报分部资产代表集团应占合营企业

资产净值。由于本集团高级行政管理人员

没有审阅合营企业销售额以用作资源分

配，其销售额并未于须予呈报分部收入列

示。

10. SEGMENT REPORTING (continued)

(a) Segment results, asets and liabilities

For the purposes of asesing segment performance and alocating

resources betwen segments, the Group’s senior executive

management monitors the results, asets and liabilities atributable

to each reportable segment on the folowing bases:

Manufacture and sale of garments and textiles and property leasing

segments

Segment asets include al asets with the exception of intangible

asets, other financial asets, defered tax asets, curent tax

recoverable and other corporate asets. Segment liabilities include

al liabilities managed directly by the segments with the exception

of curent tax payable, defered tax liabilities and other corporate

liabilities.

Revenue and expenses are alocated to the reportable segments

with reference to revenue generated by those segments and the

expenses incured by those segments or which otherwise arise

from the depreciation or amortisation of asets atributable to those

segments.

The measure used for reporting segment profit/los is “adjusted

EBITDA” i.e. “adjusted earnings before interest, taxes, depreciation

and amortisation”, where “interest” is regarded as including

investment income and finance cost and “depreciation and

amortisation” is regarded as including impairment loses on

non-curent asets, depreciation and amortisation. To arive at

adjusted EBITDA, the Group’s earnings are further adjusted for

items not specificaly atributed to individual segments, such as

net valuation gains/loses on investment properties, auditors’

remuneration and other head ofice or corporate administration

costs.

In adition to receiving segment information concerning adjusted

EBITDA, management is provided with segment information

concerning revenue (including inter-segment sales), interest income

and finance costs from cash balances and borowings managed

directly by the segments, depreciation, amortisation and aditions

to non-curent segment asets used by the segments in their

operations. Inter-segment sales are priced with reference to prices

charged to external parties for similar orders.

Interests in joint ventures

The Group’s interests in joint ventures are acounted for in the

consolidated financial statements under the equity method, and

presented as a separate reportable segment. The Group’s senior

executive management reviews the post-tax result of the interests

in joint ventures, which is defined as the reportable segment

profit/los for this particular segment. Reportable segment asets

represent the Group’s share of net asets of the joint ventures.

Revenue of joint ventures is not presented as reportable segment

revenue because it is not reviewed by the Group’s senior executive

management for resource alocation purposes.

2025		2025		2025		2025
二零二五年		二零二五年		二零二五年		二零二五年
$’000		$’000		$’000		$’000
千元		千元		千元		千元
	228,766 –		– –		5,536 930
183,034		–		3,397		186,431
–		–		766		766
	228,766		–		6,466
183,034		–		4,163		187,197
	(10,469)		(39,615)		5,870
(19,832)		(39,028)		3,714		(55,146)
	11,203 (865) (2,924) (1,585) 750 –		– – – – – –		– – – – – –
12,424		–		–		12,424
(760)		–		–		(760)
(3,094)		–		–		(3,094)
(671)		–		–		(671)
224		–		–		224
–		–		(4,814)		(4,814)
	397,472 350 47,672		450,660 – –		267,301 – –
402,361		409,860		237,349		1,049,570
615		–		–		615
46,938		–		–		46,938

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(a) 分部业绩、资产及负债（续）

合营企业权益（续）

截至二零二五年及二零二四年三月三十一

日止年度，本集团提供予本集团最高行政

管理人员用作资源分配和分部表现评估的

须予呈报分部资料如下：

附注：

合营企业权益的其他财务资料已于附注14披露。

10. SEGMENT REPORTING (continued)

(a) Segment results, asets and liabilities (continued)

Interests in joint ventures (continued)

Information regarding the Group’s reportable segments as provided

to the Group’s most senior executive management for the purposes

of resource alocation and asesment of segment performance for

the years ended 31 March 2025 and 2024 is set out below:

Manufacture and sale of

garments and textiles

Interests in joint

ventures (Note)Property leasingTotal

制造及销售成衣及纺织品合营企业权益（附注）物业租赁合计

二零二四年

$’000

千元

Revenue from external customers来自外界客户的收入234,302

Inter-segment revenue分部业务间收入930

Reportable segment revenue须予呈报的分部收入235,232

Reportable segment (los)/profit

(adjusted EBITDA)

须予呈报的分部（亏损）╱

溢利（调整扣除利息、

税项、折旧及摊销前的

盈利）(44,214)

Interest income利息收益11,203

Finance costs融资成本(865)

Depreciation and amortisation折旧及摊销(2,924)

Impairment loses on trade

receivables

应收账款减值亏损

(1,585)

Recovery of bad debt坏账收回750

Los on disposal of investment

properties

出售投资物业亏损

–

Reportable segment asets须予呈报的分部资产1,115,433

Aditions to non-curent segment

asets during the year

年度内增置

非流动分部资产350

Reportable segment liabilities须予呈报的分部负债47,672

Note:

Other financial information regarding the interests in joint ventures is disclosed in

note 14.

2025
二零二五年
$’000
千元
Revenue
187,197
(766)
186,431
(55,146)
(760)
12,424
(3,094)
(6,843)
(3,174)
(4,814)
(4,911)
(66,318)
1,049,570
(40,213)
1,009,357
2,092
12,536
290
1,024,275
46,938
11,064
5,411
580
63,993

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

(b) 须予呈报的分部收入、溢利或亏损、资产

及负债之对账

10. SEGMENT REPORTING (continued)

(b) Reconciliations of reportable segment revenues, profit or los, asets

and liabilities

二零二四年

$’000

千元

收

Revenue收入

Reportable segment revenue须予呈报的分部收入235,232

Elimination of inter-segment revenue分部业务间收入相互对销(930)

Consolidated revenue综合收入234,302

Los亏损

Reportable segment los derived from

the Group’s external customers

(adjusted EBITDA)

来自集团外界客户的须予呈报

的分部亏损（调整扣除利息、

税项、折旧及摊销前的盈利）(44,214)

Finance costs融资成本(865)

Interest income利息收益11,203

Depreciation and amortisation折旧及摊销(2,924)

Net valuation loses on investment

properties

投资物业估值亏损净额

(11,844)

Los on disposal of an other financial aset出售一其他金融资产亏损–

Los on disposal of investment properties出售投资物业亏损–

Unalocated head ofice and corporate

expenses

未分类总部及企业费用

(3,027)

Consolidated los before taxation综合除税前亏损(51,671)

Asets资产

Reportable segment asets须予呈报的分部资产1,115,433

Elimination of inter-segment asets分部业务间资产相互对销(41,587)

1,073,846

Intangible asets无形资产2,187

Other financial asets其他金融资产18,153

Unalocated head ofice and corporate

asets

未分类总部及企业资产

Consolidated total asets综合资产总额1,094,459

Liabilities负债

Reportable segment liabilities须予呈报的分部负债47,672

Curent tax payable应付本期税项11,103

Defered tax liabilities递延税项负债11,930

Unalocated head ofice and corporate

liabilities

未分类总部及企业负债

Consolidated total liabilities综合负债总额71,271

2025		2025
二零二五年		二零二五年
$’000		$’000
千元		千元
10,738
5,585		225,838
61,646 1,885 31,797 33,361 4,368 2,895 31,985 3,256 52,371
61,324		–
1,547		–
23,043		–
20,619		–
3,299		–
1,458		420,656
30,667		–
1,822		–
37,067		–
223,564
180,846		420,656
234,302
186,431		646,494

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

下表载列有关(i)本集团来自外界客户的收

入；及(i)本集团投资物业、其他物业、厂房

及设备及持作自用之租赁土地权益、无形

资产及合营企业权益（「特定非流动资产」）

的地区分部资料。客户所在地按提供服务

或送货地点而定。特定非流动资产中的投

资物业、其他物业、厂房及设备及持作自

用之租赁土地权益，所在地是根据资产的

实际位置而定；无形资产按所获分配的营

运地点而定；而合营企业权益所在地则按

其营运地点而定。

10. SEGMENT REPORTING (continued)

The folowing table sets out information about the geographical

location of (i) the Group’s revenue from external customers and

(i) the Group’s investment properties, other property, plant and

equipment and interest in leasehold land held for own use, intangible

asets and interests in joint ventures (“specified non-curent

asets”). The geographical location of customers is based on

the location at which the services were provided or the gods

delivered. The geographical location of the specified non-curent

asets is based on the physical location of the aset, in the case

of investment properties, other property, plant and equipment

and interest in leasehold land held for own use, the location of

the operation to which they are alocated, in the case of intangible

asets, and the location of operations, in the case of interests in joint

ventures.

Revenue from external

customers

Specified non-curent

asets

来自外界客户的收入特定非流动资产

二零二四年

$’000

千元

Hong Kong (place of domicile)香港(本集团所在地)234,775

Europe欧洲

– United Kingdom– 英国–

– Italy– 意大利–

– Spain– 西班牙–

– Germany– 德国–

– Other European countries– 其他欧洲国家–

Mainland China中国大陆483,669

North America北美洲

– United States– 美国–

– Canada– 加拿大–

Others其他–

483,669

718,444

Sub-total 小计 $’000 千元		Total 合计 $’000 千元
189,742 (4,293) 350 (482) –	238,933 2,725 (1,375) (155) – – – – (11,844) –	431,400 (5,823) 350 (482) (11,844)
185,317	225,714 2,570	413,601
161,551 23,766 –	– 2,570 – – 225,714 –	164,121 23,766 225,714
185,317	225,714 2,570	413,601
185,317 (391) 615 (19,743) –	225,714 2,570 18 (19) – – (21,753) – (6,843) –	413,601 (392) 615 (41,496) (6,843)
165,798	197,136 2,551	365,485
142,032 23,766 –	– 2,551 – – 197,136 –	144,583 23,766 197,136
165,798	197,136 2,551	365,485

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(a) Reconciliation of carying amount

Ownership

interests in

land andOther

buildingsproperties

held forleased forPlant andOther

own useown usemachineryasets

持作自用之其他以成本

土地及楼宇的计量的自用

拥有权益租赁物业厂房及机器其他资产

$’000$’000$’000$’000

千元千元千元千元

Cost or valuation:成本或估值：

At 1 April 2023于二零二三年四月一日100,83029824,69663,918

Exchange adjustments汇兑调整(1,802)(18)(1,146)(1,327)

Aditions增置–199–151

Disposals出售–(12)(186)(284)

Fair value adjustment公平价值调整–

At 31 March 2024于二零二四年三月三十一日99,02846723,36462,458

Representing:代表：

Cost成本75,26246723,36462,458

Valuation – 1988估值 – 一九八年23,766–

Valuation – 2024估值 – 二零二四年–

99,02846723,36462,458

Cost or valuation:成本或估值：

At 1 April 2024于二零二四年四月一日99,02846723,36462,458

Exchange adjustments汇兑调整(223)(4)(19)(145)

Aditions增置–-–615

Disposals出售–(17,579)(2,164)

Fair value adjustment公平价值调整–

At 31 March 2025于二零二五年三月三十一日98,8054635,76660,764

Representing:代表：

Cost成本75,0394635,76660,764

Valuation – 1988估值 – 一九八年23,766–

Valuation – 2025估值 – 二零二五年–

98,8054635,76660,764

、厂房及设

备

(a) 账面值对账

Sub-total 小计 $’000 千元		Total 合计 $’000 千元
147,835 (3,809) 2,777 (434)	– 1,680 – (97) – 52 – –	149,515 (3,906) 2,829 (434)
146,369	– 1,635	148,004
146,369 (331) 2,947 (19,716)	– 1,635 – (13) – 52 – –	148,004 (344) 2,999 (19,716)
129,269	– 1,674	130,943
36,529	197,136 877	234,542
38,948	225,714 935	265,597

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、厂房及设

备（续）

(a) 账面值对账（续）

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(continued)

(a) Reconciliation of carying amount (continued)

Ownership

interests in

land andOther

buildingsproperties

held forleased forPlant andOther

own useown usemachineryasets

持作自用之其他以成本

土地及楼宇的计量的自用

拥有权益租赁物业厂房及机器其他资产

$’000$’000$’000$’000

千元千元千元千元

Acumulated amortisation,

depreciation and impairment:

累计摊销、折旧及减值：

At 1 April 2023于二零二三年四月一日61,79122324,53361,288

Exchange adjustments汇兑调整(1,338)(13)(1,192)(1,266)

Charge for the year本年度摊销及折旧2,0501043620

Writen back on disposals出售时拨回–(6)(161)(267)

At 31 March 2024于二零二四年三月三十一日62,50330823,18360,375

At 1 April 2024于二零二四年四月一日62,50330823,18360,375

Exchange adjustments汇兑调整(166)(2)(22)(141)

Charge for the year本年度摊销及折旧2,2549710586

Writen back on disposals出售时拨回–(17,552)(2,164)

At 31 March 2025于二零二五年三月三十一日64,5914035,61958,656

Net bok value:账面净值：

At 31 March 2025于二零二五年三月三十一日34,214601472,108

At 31 March 2024于二零二四年三月三十一日36,5251591812,083

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、厂房及设

备（续）

(b) 物业的公平价值计量

(i) 公平价值层级

下表列载本集团经常性地于结算日按公平

价值计量的物业，并根据《香港财务报告准

则》第13号「公平价值计量」所界定的公平

价值层级分类为三个级别。公平价值计量

级别之分类乃按估值方法中所用数据之可

观察性及重要性所厘定：

– 第一级别估值：仅采用第一级别数

据，即相同资产或负债于计量日于活

跃市场上的报价（不作调整）来计算公

平价值

– 第二级别估值：采用第二级别数据，

即未能符合第一级别的可观察数据，

且不采用重大不可观察数据来计算公

平价值。不可观察数据为无法获得市

场资料的数据

– 第三级别估值：采用重大不可观察数

据来计量公平价值

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Fair value measurement of properties

(i) Fair value hierarchy

The folowing table presents the fair value of the Group’s properties

measured at the end of the reporting period on a recuring basis,

categorised into the thre-level fair value hierarchy as defined in

HKFRS 13, Fair value measurement. The level into which a fair

value measurement is clasified is determined with reference to the

observability and significance of the inputs used in the valuation

technique as folows:

– Level 1 valuations: Fair value measured using only Level 1

inputs i.e. unadjusted quoted prices in active markets for

identical asets or liabilities at the measurement date

– Level 2 valuations: Fair value measured using Level 2 inputs

i.e. observable inputs which fail to met Level 1, and not using

significant unobservable inputs. Unobservable inputs are inputs

for which market data are not available

– Level 3 valuations: Fair value measured using significant

unobservable inputs

Fair value at

31 March

Fair value measurements as at

31 March 2025 categorised into

于二零二五年

三月三十一日

之公平价值

于二零二五年三月三十一日

公平价值计量分类为以下级别

Level 1Level 2Level 3

第一级别第二级别第三级别

$’000$’000$’000$’000

千元千元千元千元

Recuring fair value

measurements

经常性公平价值计量

Investment properties:投资物业：

– Mainland China– 中国大陆–

– Hong Kong– 香港197,136–197,136

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、厂房及设

备（续）

(b) 物业的公平价值计量（续）

(i) 公平价值层级（续）

截至二零二五年三月三十一日止年度，第

一与第二级别之间并无转拨，而第三级别

亦无转入或转出（二零二四年：无）。本集

团的政策为于结算日确认所发生的公平价

值层级间之转移。

本集团所有投资物业于二零二五年三月

三十一日进行重估。位于香港之投资物业

由独立测量师行卓德莱坊测计师行有限公

司作出估值，该等测量师行之职员为香港

测量师学会资深会员，对近期所估值物业

之地点及类别具备丰富经验。于结算日进

行估值时，集团管理层已与测量师行讨论

估值假设及估值结果。

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Fair value measurement of properties (continued)

(i) Fair value hierarchy (continued)

Fair value at

31 March

于二零二四年

三月三十一日

之公平价值

Fair value measurements as at

31 March 2024 categorised into

于二零二四年三月三十一日

公平价值计量分类为以下级别

Level 1Level 2Level 3

第一级别第二级别第三级别

$’000$’000$’000$’000

千元千元千元千元

Recuring fair value

measurements

经常性公平价值计量

Investment properties:投资物业：

– Mainland China– 中国大陆21,734–21,734

– Hong Kong– 香港203,980–203,980

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

betwen Level 1 and Level 2, or transfers into or out of Level 3

(2024: nil). The Group’s policy is to recognise transfers betwen

levels of fair value hierarchy as at the end of the reporting period in

which they ocur.

Al of the Group’s investment properties were revalued as at 31

March 2025. The valuations of investment properties located in

Hong Kong was caried out by independent firm of surveyor, Knight

Frank Pety Limited, who has among their staf Felows of the Hong

Kong Institute of Surveyors with recent experience in the location

and category of property being valued. The Group’s management

have discusion with the surveyor on the valuation asumptions and

valuation results when the valuation is performed at the end of the

reporting period.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、厂房及设

备（续）

(b) 物业的公平价值计量（续）

(i) 有关第三级别公平价值计量的资料

于二零二四年三月三十一日，位于中国大

陆的投资物业的公平价值乃采用市场比

较法厘定，并参考可供比较物业近期按每

平方米之实际销售及╱或叫价，及就楼宇

的质量及地点，以及租金收益潜力作出调

整。较高价值的调整价格将导致较高的公

平价值计量。

于二零二五年及二零二四年三月三十一

日，位于香港的投资物业的公平价值乃采

用收益资本化计算法厘定。该方法将来自

现有租约的租金收益资本化，并参照市值

租金，以及计入该物业租约期满后可能调

整租金之影响。在收益资本化计算法中所

用的资本化比率已根据该楼宇的市场预期

租金增长，占有率和楼宇的质量和地点等

因素作出调整。公平价值计量与市值租金

呈正比关系，且与风险调整后的资本化比

率呈反比关系。

投资物业的公平价值调整于综合损益表上

的「投资物业估值亏损净额」项目中确认。

投资物业的汇兑调整确认于其他全面收益

内之「汇兑储备」。

本年度于损益内确认的所有收益╱亏损均

来自于结算日持有的物业。

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Fair value measurement of properties (continued)

(i) Information about Level 3 fair value measurements

ValuationUnobservableWeighted

techniquesinputsRangeaverage

估值方法不可观察的数据范围加权平均数

Investment properties投资物业

– Mainland China– 中国大陆MarketAdjustedN/AN/A

comparisonprice per(2024:(2024:

aproachsq. m.RMB26,256RMB24,400)

市场比较法每平方米之to RMB28,560)

调整价格

– Hong Kong– 香港IncomeAverage$9.0$9.0

capitalisationmarket rent(2024: $9.1)(2024: $9.1)

aproachper sq. ft.

收益资本化per month

计算法平均每月每平

方呎市值租金

Capitalisation4.3%4.3%

rate(2024: 4.2%)(2024: 4.2%)

资本化比率

At 31 March 2024, the fair value of investment properties located

in Mainland China was determined using market comparison

aproach by reference to recent actual sales and/or asking price

of comparable properties on a price per square meter, adjusted for

quality and location of the buildings and income potential. Higher the

value of adjusted price wil result in a higher fair value measurement.

At 31 March 2025 and 2024, the fair value of investment properties

located in Hong Kong is determined using income capitalisation

aproach by capitalising the rent derived from the existing

tenancies with reference to market rent and the provision for

any reversionary income potential. The capitalisation rate used in

income capitalisation aproach has ben adjusted for the expected

market rental growth, ocupancy rate and quality and location of

the buildings. The fair value measurement is positively corelated

to the market rent and negatively corelated to the risk-adjusted

capitalisation rate.

Fair value adjustment of investment properties is recognised in

the line item “net valuation loses on investment properties” in the

consolidated statement of profit or los.

Exchange adjustment of investment properties is recognised in other

comprehensive income in “exchange reserve”.

Al the gains/loses recognised in profit or los for the year arise

from the properties held at the end of the reporting period.

2025
二零二五年
$’000
千元
26,623
7,591
34,214
877
60
35,151
197,136
232,287

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、厂房及设

备（续）

按相关资产分类的使用权资产的账面净值

分析如下：

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(continued)

The analysis of the net bok value of right-of-use asets by clas of

underlying aset is as folows:

二零二四年

Note$’000

附注千元

Ownership interests in leasehold land and

buildings held for own use, caried at

depreciated cost in Hong Kong, with

remaining lease term betwen 10 and

50 years

于香港持作自用之租赁土地

及楼宇的拥有权益（按

折旧成本列账）的剩余租

赁期限为十至五十年

28,877

Ownership interests in buildings held for

own use, caried at depreciated cost

outside Hong Kong, with remaining

lease term betwen 10 and 50 years

于香港境外持作自用之楼宇

的拥有权益（按折旧成

本列账）的剩余租赁期限

为十至五十年7,648

(i)36,525

Interest in leasehold land held for own use持作自用之租赁土地的权益(i)935

Other properties leased for own use,

caried at depreciated cost

其他自用之租赁物业的权益

（按折旧成本列账）(i)159

37,619

Ownership interests in leasehold

investment property, caried at fair

value, with remaining lease term

betwen 10 and 50 years

租赁投资物业的拥有权益

（按公平价值列账）的剩余

租赁期限十至五十年

225,714

263,333

2025
二零二五年
$’000
千元
2,254
52
97
2,403
5
117

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、厂房及设

备（续）

于损益内确认之租赁相关之开支项目分析

如下：

截至二零二五年三月三十一日止年度

内，使用权资产增加零元（二零二四年：

199,000元），该金额主要与根据新租赁协

议应付的资本化租赁付款有关。

有关租赁现金流出总额、租赁负债账龄分

析及尚未开始的租赁产生的未来现金流出

详情分别载于附注18(d)及26(b)。

(i) 持作自用租赁土地及楼宇的拥有权益

本集团拥有多个工业和商业楼宇作为其

主要生产设施所在的办事处、员工宿舍及

工厂。本集团为该等物业权益的注册拥有

者，包括全部或部分未能分割的相关土地

份额。向其前注册拥有者作出一笔过支付

前期款项购入该等物业权益，根据土地租

赁条款并无持续的款项需要支付。

(i) 持作自用租赁土地权益

本集团位于中国的租赁土地获授为期50年

的土地使用权。本集团为该等土地的注册

持有人，已支付一笔过前期款项，以向政

府当局获取土地使用权，根据租赁条款并

无持续的款项需要支付。

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(continued)

The analysis of expense items in relation to leases recognised in

profit or los is as folows:

二零二四年

$’000

千元

Depreciation charge of right-of-use asets

by clas of underlying aset:

按相关资产类别划分的使用权

资产折旧费用：

Ownership interests in leasehold land and

buildings

持作自用之租赁土地及楼宇的

拥有权益2,050

Interest in leasehold land held for own use持作自用之租赁土地权益52

Other properties leased for own use其他自用之租赁物业104

2,206

Interest on lease liabilities (note 4(a)租赁负债之利息支出（附注4(a)）5

Expense relating to short-term leases与短期租赁相关之费用143

During the year ended 31 March 2025, aditions to right-of-use

asets were $nil (2024: $199,000). This amount primarily related

to the capitalised lease payments payable under new tenancy

agrements.

Details of total cash outflow for leases, the maturity analysis of

lease liabilities and the future cash outflows arising from leases

that are not yet comenced are set out in notes 18(d) and 26(b),

respectively.

(i) Ownership interests in leasehold land and buildings held for own use

The Group holds several industrial and comercial buildings

as administrative ofices, staf quarters and factories where its

manufacturing facilities are primarily located. The Group is the

registered owner of these property interests, including the whole or

part of undivided share in the underlying land. Lump sum payments

were made upfront to acquire these property interests from their

previous registered owners, and there are no ongoing payments to

be made under the terms of the land lease.

(i) Interest in leasehold land held for own use

The Group was granted with land use rights for a period of 50 years

on leasehold lands located in the PRC. The Group is the registered

user of these lands. Lump sum payments were made upfront to

acquire the land use rights from the government authorities and

there are no ongoing payments to be made under the terms of the

lease.

2025
二零二五年
$’000
千元
1,730

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、厂房及设

备（续）

(i) 其他自用租赁物业

本集团已透过租约协议取得其他物业的使

用权，作为其员工宿舍（二零二四年：员工

宿舍），此等租赁合约初期一般为一年至两

年（二零二四年：一年至两年）。租赁支出

每一年至两年（二零二四年：一年至两年）

上调，以反映市场租金。

(d) 持作经营租赁之出租投资物业

本集团以经营租赁合约出租投资物业。租

赁合约年期初期一般为一年至两年，并且

有权选择在约满后续约，届时所有租约条

款均重新协议。所有租赁合约并不包括可

变租赁付款。

本集团根据不可解除的经营租赁合约在日

后应收的未来未折现租赁付款总额如下：

(e) 减值亏损

截至二零二五年及二零二四年三月三十一

日止年度，鉴于本集团若干业务单位录得

亏损，管理层认为其他物业、厂房及设备

可能出现减值迹象。当减值迹象被确定

时，管理层重新评估现金产生单位的可收

回金额，并认为毋须计提减值亏损或拨回

先前确认的减值亏损。

(f) 出售投资物业

截至二零二五年三月三十一日止年度，

本集团以人民币16,389,000元（相当于

17,651,000元）的代价出售位于中国内

地的投资物业。在截至二零二五年三月

三十一日止年度的综合损益表中确认出售

投资物业亏损净额4,814,000元。

11. INVESTMENT PROPERTIES AND OTHER

PROPERTY, PLANT AND EQUIPMENT

(continued)

(i) Other properties leased for own use

The Group has obtained the right to use other properties as its staf

quarters (2024: staf quarters) through tenancy agrements. The

leases typicaly run for an initial period of one to two years (2024:

one to two years). Lease payments are usualy increased every one

to two years (2024: one to two years) to reflect market rentals.

(d) Investment properties leased out under operating leases

The Group leases out investment properties under operating leases.

The leases typicaly run for an initial period of one to two years,

with an option to renew the lease after that date at which time al

terms are renegotiated. None of the leases includes variable lease

payments.

The Group’s total future undiscounted lease payments under

non-cancelable operating leases are receivable as folows:

二零二四年

$’000

千元

Within 1 year一年以内2,166

(e) Impairment loses

During the years ended 31 March 2025 and 2024, in view of

the loses sustained by certain busines units of the Group,

management considered that indicators of impairment of other

property, plant and equipment existed. When the indication of

impairment is identified, management asesed the recoverable

amounts of the CGUs and concluded that no impairment loses or

reversal of previously recognised impairment loses is required.

(f) Disposal of investment properties

During the year ended 31 March 2025, the Group disposed

investment properties located in Mainland China at a consideration

of Renminbi (“RMB”) 16,389,000 (equivalent to $17,651,000). Net

los on disposal of investment properties amounting to $4,814,000

was recognised in the consolidated statement of profit or los for

the year ended 31 March 2025.

2025
二零二五年
$’000
千元
2,986
–
2,986
799
95
894
2,092

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

12. 无形资产

本年度摊销费用已计入综合损益表的「其

他经营费用」内。

13. 主要附属公司

下表载列于二零二五年及二零二四年三月

三十一日，对本集团业绩、资产或负债有

重大影响之主要附属公司之详情。除另有

注明外，所持有之股份均为普通股。

该企业以中文名称注册，英文翻译的名字

仅供参考。该公司为于中国注册成立之全

资拥有外商投资企业。

附注1：卓越织造（广州）有限公司于截至二零二五

年三月三十一日止年度内将其实收资本减

少22,000,000港元。

12. INTANGIBLE ASETS

Club debentures

会籍

二零二四年

$’000

千元

Cost:成本：

At the begining of the year于年初3,309

Disposal处置(323)

At the end of the year于年终2,986

Acumulated amortisation:累计摊销：

At the begining of the year于年初704

Charge for the year本年度摊销95

At the end of the year于年终799

Net bok value:账面净值：

At the end of the year于年终2,187

The amortisation charge for the year is included in “other operating

expenses” in the consolidated statement of profit or los.

13. PRINCIPAL SUBSIDIARIES

The folowing list contains only the particulars of subsidiaries which

principaly afected the results, asets or liabilities of the Group at 31

March 2025 and 2024. The clas of shares held is ordinary unles

otherwise stated.

Place of

incorporation/Particulars ofGroup’s

establishmentisued andefective

Name of companyand businespaid up capitalinterestPrincipal activities

公司名称及经营地点缴足股本实际权益主要业务

Hong Kong Kniters Limited

香港织造有限公司

Hong Kong

香港

3,000,000 shares

3,000,000股

100%Garment

manufacturing and

investment holding

成衣制造及投资控股

Exquisite Kniters (Guangzhou) Limited

(Note 1)

卓越织造（广州）有限公司

（附注1）

The People’s Republic

of China (“the PRC”)

中国

2025:

HK$53,600,000

(2024:

HK$75,600,000)

2025: 100%

(2024: 100%)

Kniting and dyeing

of fabrics and

manufacturing

of garments

布料织造、印染

及成衣制造

The English translation of the name is for reference only. The oficial name

of the entity is in Chinese. This is also a wholy-owned foreign investment

enterprise registered in the PRC.

Note 1: Exquisite Kniters (Guangzhou) Limited has reduced its paid-up capital by

HK$22,000,000 during the year ended 31 March 2025.

2025
二零二五年
$’000
千元
409,860

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

14. 合营企业权益

本集团以权益法于综合财务报表列账之合

营企业权益之详情如下：

于二零二五年三月三十一日，新联兴纺织

有限公司正在办理注销登记。

* 无锡一棉投资有限公司之全资拥有附属公司

该等合营企业均为于中国成立之中外合资

经营企业。该等企业均以中文名称注册，

英文翻译的名字仅供参考。

附注1：无锡一棉投资有限公司为本集团与其他合

营伙伴于无锡成立之企业。其拥有上文所

述之附属公司，主要从事生产中档至优质

精密纺纱、特别纺织产品和成衣产品。

14. INTERESTS IN JOINT VENTURES

二零二四年

$’000

千元

Share of net asets应占资产净值450,660

Details of the Group’s interests in joint ventures, which is acounted

for using the equity method in the consolidated financial statements,

are as folows:

Place ofGroup’s

establishmentefective

Name of joint ventureand businesinterestPrincipal activities

合营企业名称成立及经营地点本集团实际权益主要业务

Wuxi No. 1 Coton Investment Co., Ltd. (Note 1)

无锡一棉投资有限公司

（附注1）

The PRC

中国

49%Investment holding

投资控股

Taizhou Changxin Textile (Xinghua) Co., Ltd.

泰州长新纺织（兴化）有限公司*

The PRC

中国

49%Manufacturing of

textile products

纺织品制造

Wuxi Shenxin Textile Technology Co., Ltd.

无锡申新纺织科技有限公司*

The PRC

中国

49%Manufacturing of

textile products

纺织品制造

Alied Textiles Co., Ltd.

新联兴纺织有限公司*

The PRC

中国

49%Inactive

暂无营业

Wuxi YGM Textile Co., Ltd.

无锡长江精密纺织有限公司*

The PRC

中国

49%Manufacturing and

sale of textiles

制造及销售纺织品

Wuxi Shenxin Import and Export Co., Ltd.

无锡申新进出口有限公司*

The PRC

中国

49%Trading

贸易

GYT (HK) International Development Limited*Hong Kong

香港

49%Investment holding

投资控股

GYTA (Cayman) Investment Co., Ltd*Cayman Islands

开曼群岛

49%Investment holding

投资控股

GYTB (BVI) Investment Co., Ltd*British Virgin Island

(“BVI”)

英属处女群岛

49%Investment holding

投资控股

GYTC (BVI) Development Co., Ltd*BVI

英属处女群岛

49%Inactive

暂无营业

Wuxi Number One Coton Ethiopia Textile PLC*Ethiopia

埃塞俄比亚

49%Integrated manufacturing of

yarn, fabric and garment

纱线、布料和成衣制造

As at 31 March 2025, Alied Textiles Co., Ltd. was in the proces of

deregistration.

, Ltd.

These joint ventures are sino-foreign equity joint ventures established in

the PRC. The English translation of the names of the joint ventures is for

reference only. The oficial names of these entities are in Chinese.

Note 1: Wuxi No. 1 Coton Investment Co., Ltd. is established by the Group

and other joint venture partners in Wuxi. It holds the above mentioned

subsidiaries which are mainly engaged in the production of medium

range to high graded compact yarn, special textile products and

garment products.

2025
二零二五年
$’000
千元
1,208,038
1,249,349
(411,602)
(1,209,336)
836,449
103,359
(905,179)
(396,802)
1,255,720
(79,648)
2,572
(71,885)
695
(48,062)
–
17,131
836,449
49%
409,860

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

本集团参与的所有合营企业，均为无市场

报价的非上市公司。

无锡一棉投资有限公司及其附属公司经调

整会计政策差异后之财务资料概要，及与

综合财务报表中账面值之对账披露如下：

14. INTERESTS IN JOINT VENTURES (continued)

Al the joint ventures in which the Group participates are unlisted

corporate entities whose quoted market prices are not available.

Sumarised financial information of Wuxi No.1 Coton Investment

Co., Ltd. and its subsidiaries, adjusted for any diferences in

acounting policies, and a reconciliation to the carying amount in

the consolidated financial statements, are disclosed below:

二零二四年

$’000

千元

Gros amounts of joint ventures合营企业总额

Non-curent asets非流动资产1,249,337

Curent asets流动资产978,373

Non-curent liabilities非流动负债(333,794)

Curent liabilities流动负债(974,202)

Equity权益919,714

Included in the above asets and liabilities:包括在上述的资产及负债：

Cash and cash equivalents现金及现金等价物56,382

Curent financial liabilities (excluding trade

and other payables and provisions)

流动金融负债（不包括应付

账款及其他应付款及拨备）(811,832)

Non-curent financial liabilities (excluding

trade and other payables and provisions)

非流动金融负债（不包括应付

账款及其他应付款及拨备）(317,626)

Revenue收入1,316,910

Los from continuing operations持续经营业务亏损(80,847)

Other comprehensive income其他全面收益6,590

Included in the above los:包括在上述的亏损：

Depreciation and amortisation折旧及摊销(68,838)

Interest income利息收益196

Interest expense利息支出(51,050)

Impairment of property, plant and equipment物业、厂房及设备减值(15,299)

Income tax credits所得税抵免14,044

Reconciled to the Group’s interests in

the joint ventures

本集团合营企业权益之对账

Gros amounts of net asets of the joint

ventures

合营企业资产净值总额

919,714

Group’s efective interest本集团实际权益49%

Carying amount in the consolidated financial

statements

于综合财务报表账面值

450,660

2025
二零二五年
$’000
千元
8,900
3,636
12,536

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

15. 其他金融资产

本集团持有以下指定透过其他全面收益按

公平价值入账的股权证券（不可转回）作策

略性目的投资：

(a) 澳门电力股份有限公司是一间于澳

门注册成立的公司并在澳门从事传

输、分配和销售电力。截止二零二五

年三月三十一日止，该投资的公平

价值为8,900,000元（二零二四年：

9,449,000元）。本年度内就此项投资

已收取547,000元股息（二零二四年：

533,000元）。

(b) 澳门世界贸易中心股份有限公司是

一间于澳门注册成立的公司并从事

发展和促进国际贸易。于二零二四年

三月三十一日，该投资的公平价值为

5,493,000元。截至二零二五年三月

三十一日止年度，本集团已出售此投

资以优化资源配置。据此，出售亏损

3,174,000港元已于损益内确认。

注册成立及上市的公司并从事一

般贸易及制造业务。截止二零二五

年三月三十一日止，该投资的公平

价值为1,054,000元（二零二四年：

1,372,000元）。本年度内并无就此项

投资收取股息（二零二四年：无）。

(d) Travelite Holdings Limited是一间于

新加坡注册成立及上市的公司并从事

投资控股及提供管理服务。截止二零

二五年三月三十一日止，该投资的公

平价值为2,582,000元（二零二四年：

1,839,000元）。本年度内并无就此项

投资收取股息（二零二四年：无）。

15. OTHER FINANCIAL ASETS

二零二四年

$’000

千元

Equity securities designated at FVOCI

(non-recycling)

指定透过其他全面收益按公平价值

入账的股权证券(不可转回)

– Unlisted equity securities– 非上市股权证券14,942

– Equity securities listed outside Hong Kong– 香港境外上市股权证券3,211

18,153

The Group designated the folowing investments in equity securities

at FVOCI (non-recycling) as the investments are held for strategic

purposes:

(a) Companhia de Electricidade de Macau (C.E.M.) SARL, a

company incorporated in Macau and engaged in transmiting,

distributing and seling of electricity in Macau. The fair value

of the investment is $8,900,000 as at 31 March 2025 (2024:

$9,449,000). Dividends of $547,000 were received from this

investment during the year (2024: $533,000).

(b) World Trade Centre Macau Co. Limited, a company

incorporated in Macau and engaged in development

and promotion of international trade. The fair value of the

investment was $5,493,000 at 31 March 2024. During the

year ended 31 March 2025, the Group has disposed the

investment for resource optimisation purpose. Los on disposal

amounting to HK$3,174,000 was recognised in the profit or

los acordingly.

and listed in Japan and engaged in general trading and

manufacturing. The fair value of the investment is $1,054,000

as at 31 March 2025 (2024: $1,372,000). No dividends were

received from this investment during the year (2024: $nil).

(d) Travelite Holdings Limited, a company incorporated and listed

in Singapore and engaged in investment holding and provision

of management services. The fair value of the investment is

$2,582,000 as at 31 March 2025 (2024: $1,839,000). No

dividends were received from this investment during the year

(2024: $nil).

2025
二零二五年
$’000
千元
391
6,615
1,728
8,734

2025
二零二五年
$’000
千元
151,694
1,353
(1,030)
152,017

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

16. 存货

(a) 存货于综合财务状况表包括：

(b) 存货金额列作支出及包括于损益内的分析

如下：

过往年度之存货撇减拨回乃根据成衣产品

于年内及于年度结束后的销售，而导致该

等产品可变现净值的估计增加所致。

16. INVENTORIES

(a) Inventories in the consolidated statement of financial position

comprise:

二零二四年

$’000

千元

Raw materials原材料457

Work in progres在制品7,172

Finished gods制成品401

8,030

(b) The analysis of the amount of inventories recognised as an expense

and included in profit or los is as folows:

二零二四年

$’000

千元

Carying amount of inventories sold存货销售账面值189,334

Write-down of inventories存货撇减1,381

Reversal of write-down of inventories存货撇减拨回(866)

189,849

The reversal of write-down of inventories made in prior years arose

due to an increase in the net realisable value of garment products by

reference to the sales made during the year and subsequent to the

year end.

2025
二零二五年
$’000
千元
19,299
1,250
(3,532)
17,017
7,169
132
57
24,375

2025
二零二五年
$’000
千元
5,176
4,654
3,335
2,033
1,819
17,017

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

17. 应收账款及其他应收款

本集团之绝大部份应收账款及其他应收款

均预期于一年内收回或确认为支出。

除了在正常贸易条款下所进行之交易，应

收关连公司款项是没有抵押、不带利息，

并需按通知即时收回。

账龄分析

于结算日，根据发票日期及扣除亏损拨备

后的应收账款及应收票据（已计入应收账

款及其他应收款）的账龄分析如下：

应收账款及应收票据在发单日期后0至210

日（二零二四年：0至180日）内到期。有关

本集团的信贷政策的详情载于附注26(a)。

17. TRADE AND OTHER RECEIVABLES

二零二四年

$’000

千元

Trade debtors应收账款40,242

Bils receivable应收票据1,554

Les: los alowance (note 26(a)减：亏损拨备（附注26(a)）(3,290)

38,506

Deposits, prepayments and other debtors订金、预付款及其他应收款6,462

Amounts due from related companies

(note 28(b)

应收关连公司款项（附注28(b)）

Derivative financial instruments衍生金融工具223

45,328

Substantialy al of the Group’s trade and other receivables are

expected to be recovered or recognised as an expense within one

year.

The amounts due from related companies are unsecured,

interest-fre and recoverable on demand except for those trade

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

18. 现金及银行结余及其他现金流量

资料

(a) 现金及银行结余包括：

18. CASH AND BANK BALANCES AND OTHER

CASH FLOW INFORMATION

(a) Cash and bank balances comprise:

二零二四年

$’000

千元

Cash at bank and in hand银行结余及现金58,556

Bank deposits银行存款

– within thre months to maturity

when placed

– 存款时于3个月内到期

130,431

– more than thre months to maturity

when placed

– 存款时超过3个月到期

115,517

304,504

Represented by:代表：

Cash and cash equivalents现金及现金等价物188,987

Bank deposits银行存款115,517

304,504

2025
二零二五年
$’000
千元
(66,318)
(547)
(12,424)
24
3,174
–
4,814
760
95
2,999
39,028
6,843
4,421
(704)
20,787
(4,546)
5,767
(1,782)
2,391

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

18. 现金及银行结余及其他现金流量

资料（续）

(b) 除税前亏损与经营业务所得╱（所用）现金

之对账：

18. CASH AND BANK BALANCES AND OTHER

CASH FLOW INFORMATION (continued)

(b) Reconciliation of los before taxation to cash generated from/(used

in) operations:

二零二四年

Note$’000

附注千元

Los before taxation除税前亏损(51,671)

Adjustments for:调整：

Dividend income from equity securities股权证券之股息收益3(533)

Interest income利息收益3(11,203)

Net los/(gain) on disposals of other

property, plant and equipment

出售其他物业、厂房及设备

亏损╱（收益）净额3(127)

Los on disposal of an other financial

aset

出售一其他金融资产亏损

3–

Los on disposal of intangible asets处置无形资产亏损3323

Los on disposal of investment

properties

出售投资物业亏损

3–

Finance costs融资成本4(a)865

Amortisation of intangible asets无形资产摊销4(c)95

Depreciation折旧4(d)2,829

Share of loses of joint ventures应占合营企业亏损39,615

Net valuation loses on investment

properties

投资物业估值亏损净额

11(a)11,844

Foreign exchange los/(gain)汇兑亏损╱（收益）(4,296)

Changes in working capital:营运资金变动：

(Increase)/decrease in inventories存货（增加）╱减少8,288

Decrease in trade and other receivables应收账款及其他应收款减少5,394

Decrease in trade and other payables应付账款及其他应付款减少(2,103)

Increase/(decrease) in contract liabilities合约负债增加╱（减少）(2,605)

Payment of employe benefits雇员福利费用支出(1,045)

Cash generated from/(used in) operations经营业务所得╱（所用）现金(4,330)

2025
二零二五年
$’000
千元
164
(99)
(5)
(104)
(1)
–
–
5
5
64

2025
二零二五年
$’000
千元
117
104
221

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

18. 现金及银行结余及其他现金流量

资料（续）

下表详述本集团融资活动所得负债的变动

（包括现金及非现金变动）。融资活动所得

负债指现金流量或未来现金流量将于本集

团综合现金流量表中分类为融资活动所得

现金流量。

(d) 租赁现金流出总额

综合现金流量表中租赁的金额包括以下各

项：

18. CASH AND BANK BALANCES AND OTHER

CASH FLOW INFORMATION (continued)

The table below details changes in the Group’s liabilities from

financing activities, including both cash and non-cash changes.

Liabilities arising from financing activities are liabilities for which cash

flows were, or future cash flows wil be, clasified in the Group’s

consolidated cash flow statement as cash flows from financing

activities.

Lease liabilities (Note 21)

租赁负债（附注21）

二零二四年

$’000

千元

At the begining of the year于年初74

Changes from financing cash flows:融资现金流量变动：

Capital element of lease rentals paid已付租赁租金之资本部分(101)

Interest element of lease rentals paid已付租赁租金之利息部分(5)

Total changes from financing cash flows融资现金流量变动总额(106)

Exchange adjustments汇兑调整(2)

Other changes:其他变动：

Increase in lease liabilities from entering

into new leases during the year

年内订立新租赁产生的租赁负债

增加199

Decrease in lease liabilities from early

termination of leases

提前终止租赁时的租赁负债减少

(6)

Interest expenses (note 4(a)利息支出（附注4(a)）5

Total other changes其他变动总额198

At the end of the year于年终164

(d) Total cash outflow for leases

Amounts included in the consolidated cash flow statement for

leases comprise the folowing:

二零二四年

$’000

千元

Within operating cash flows属于经营现金流量143

Within financing cash flows属于融资现金流量106

2025
二零二五年
$’000
千元
7,193
23,493
190
13
30,889

2025
二零二五年
$’000
千元
3,861
2,001
520
811
7,193

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

19. 应付账款及其他应付款

所有应付账款及其他应付款预期将于一年

内偿还或确认为收入或需按通知即时偿还。

除了在正常贸易条款下所进行之交易，应

付一关连公司及一合营企业款项是没有抵

押、不带利息，并需按通知即时偿还。

于结算日，根据发票日期的应付账款（已计

入应付账款及其他应付款）的账龄分析如

下：

19. TRADE AND OTHER PAYABLES

二零二四年

$’000

千元

Trade creditors应付账款14,195

Acrued charges and other creditors应计费用及其他应付款21,241

Amounts due to a related company (note 28(b)应付一关连公司款项（附注28(b)）254

Amounts due to a joint venture (note 28(b)应付一合营企业款项（附注28(b)）13

35,703

Al of the trade and other payables are expected to be setled or

recognised as income within one year or are repayable on demand.

The amounts due to a related company and a joint venture are

unsecured, interest-fre and repayable on demand except for those

trade related items under normal trade terms.

As of the end of the reporting period, the ageing analysis of trade

creditors (which are included in trade and other payables), based on

the invoice date, is as folows:

二零二四年

$’000

千元

Within 1 month一个月以内6,132

Over 1 month but within 2 months一个月以上但两个月以内4,856

Over 2 months but within 3 months两个月以上但三个月以内2,157

Over 3 months三个月以上1,050

14,195

2025
二零二五年
$’000
千元
7,750

2025
二零二五年
$’000
千元
1,983
(1,976)
7,743
7,750

2025
二零二五年
$’000
千元
64
–
64

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

20. 合约负债

当本集团于交付货物前收到客户预付账

款，在收取预付账款后将产生合约负债。

收入于相关货品出售予客户时确认。付款

安排乃根据具体情况与客户协商而定。

合约负债变动

没有履约前收款金额（二零二四年：没有）

预期在超过一年后确认为收入的。

21. 租赁负债

于二零二五年三月三十一日，租赁负债之

偿还情况如下：

20. CONTRACT LIABILITIES

二零二四年

$’000

千元

Receipts in advance from customers客户预付款1,983

The Group receives advances from customers before the delivery

of gods, this wil give rise to contract liabilities upon receipt of

payment. Revenue recognised when the related gods are sold to

the customers. The payment arangement is negotiated on a case

by case basis with customers.

Movements in contract liabilities

二零二四年

$’000

千元

Balance at 1 April于四月一日之结余4,588

Decrease in contract liabilities as a result of

recognising revenue during the year that

was included in the contract liabilities at the

begining of the year

合约负债因年内确认于年初

计入合约负债之收入而减少

(2,924)

Increase in contract liabilities as a result of

receipts in advance of performance

合约负债因履约前收款而增加

Balance at 31 March于三月三十一日之结余1,983

None (2024: none) of receipts in advance of performance is

expected to be recognised as income after more than one year.

21. LEASE LIABILITIES

At 31 March 2025, the lease liabilities were repayable as folows:

二零二四年

$’000

千元

Within 1 year一年以内99

After 1 year but within 2 years一年后但两年以内65

2025
二零二五年
$’000
千元
11,064

2025
二零二五年
$’000
千元
5,411

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

22. 综合财务状况表所示的所得税

(a) 综合财务状况表所示的本期税项为：

(b) 已确认递延税项（资产）╱负债：

(i) 已在综合财务状况表确认的递延税项（资

产）╱负债的组成部份和本年度的变动如

下：

(i) 综合财务状况表对账

22. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

(a) Curent taxation in the consolidated statement of financial position

represents:

二零二四年

$’000

千元

Curent tax payable应付本期税项11,103

(b) Defered tax (asets)/liabilities recognised:

(i) The components of defered tax (asets)/liabilities recognised in the

consolidated statement of financial position and the movements during

the year are as folows:

Depreciation

alowances in

Revaluationexces of theProvision forUndistributed

of investmentrelatedProvision forlong serviceprofits of

propertiesdepreciationinventoriespaymentsjoint venturesTax losesTotal

投资超逾有关折旧长期服务金合营企业

物业重估之折旧免税额存货拨备拨备未分配溢利税务亏损合计

$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元

Defered tax arising from:递延税项来自：

At 1 April 2023于二零二三年四月一日5,9756,250(189)(3,026)10,164(3,571)15,603

Exchange adjustments汇兑调整(312)3911164(557)–(655)

(Credited)/charged to

profit or los

于损益内（计入）╱扣除

(1,425)245(13)462(518)(1,769)(3,018)

At 31 March 2024于二零二四年

三月三十一日4,2386,534(191)(2,400)9,089(5,340)11,930

At 1 April 2024于二零二四年四月一日4,2386,534(191)(2,400)9,089(5,340)11,930

Exchange adjustments汇兑调整3(2)(1)(2)(37)–(39)

(Credited)/charged to

profit or los

于损益内（计入）╱扣除

(4,241)(73)1922,402(3,641)(1,119)(6,480)

At 31 March 2025于二零二五年

三月三十一日–6,459–5,411(6,459)5,411

(i) Reconciliation to the consolidated statement of financial position

二零二四年

$’000

千元

Net defered tax liabilities recognised in the

consolidated statement of financial position

在综合财务状况表确认的

递延税项负债净值11,930

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

22. 综合财务状况表所示的所得税

（续）

根据载于附注1(t)的会计政策，本集团尚

未就若干附属公司的累计税务亏损确认有

关的递延税项资产为数16,605,000元（二

零二四年：8,244,000元）及其他暂时差异

9,706,000元（二零二四年：4,000元），由

于在相关实体之税务司法权区而言，有可

供动用之暂时差异以抵销未来应课税溢利

之可能性很低。根据有关现行税务法例，

未到期的税务亏损合共16,605,000元（二

零二四年：8,244,000元）。

23. 雇员退休福利

本集团已按照强制性公积金计划条例为根

据香港《雇佣条例》聘用之雇员设有强制

性公积金计划（「强积金计划」）。强积金计

划为既定供款退休计划，由独立信托人管

理。根据强积金计划，雇主及其雇员均须

对该计划按雇员有关之收入之5%作出供

款。惟每月有关收入之上限为30,000元。

雇主向强积金计划作出之供款即时归属雇

员。

于香港，本集团亦为合资格参与获强制性

公积金豁免的职业退休计划之雇员设立该

计划。该计划以类似强积金计划之方式经

营，惟当雇员于符合资格全数享有本集团

雇员供款前离职，被没收之雇主供款将用

作减低集团日后之供款或退还雇主。

本集团于中国成立之附属公司之雇员乃中

国当地政府组织之职工社会养老保险计划

之成员。该等附属公司须按雇员工资之若

干百分比作出退休计划供款。本集团就退

休计划所承担之唯一责任是支付该计划规

定之供款。

22. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

(continued)

In acordance with the acounting policy set out in note 1(t),

the Group has not recognised defered tax asets in respect of

cumulative tax loses of $16,605,000 (2024: $8,244,000) and other

temporary diferences of $9,706,000 (2024: $4,000) as it is not

probable that future taxable profits against which the temporary

diferences can be utilised wil be available in the relevant tax

jurisdiction of the entities. Tax loses amounting to $16,605,000

(2024: $8,244,000) do not expire under the relevant curent tax

legislation.

23. EMPLOYE RETIREMENT BENEFITS

The Group operates a Mandatory Provident Fund Scheme (“the

MPF scheme”) under the Hong Kong Mandatory Provident Fund

Schemes Ordinance for employes employed under the jurisdiction

of the Hong Kong Employment Ordinance. The MPF scheme is a

defined contribution retirement plan administered by independent

trustes. Under the MPF scheme, the employer and its employes

are each required to make contributions to the scheme at 5% of the

employes’ relevant income, subject to a cap of monthly relevant

income of $30,000. The employer’s contributions to the MPF

scheme vest imediately.

The Group also operates a Mandatory Provident Fund Exempted

ORSO Scheme in Hong Kong for those employes who were

eligible to participate in the scheme. This scheme is operated in

a way similar to the MPF scheme, except that when an employe

leaves the scheme prior to his/her interest in the Group’s employe

contributions vesting fuly, the ongoing contributions payable by the

Group are reduced by the relevant amount of forfeited employer’s

contributions or refunded to the employer.

The employes of subsidiaries of the Group established in the PRC

are members of a state-sponsored retirement scheme organised

by the local government in the PRC. The subsidiaries are required

to contribute, based on a certain percentage of payrol, to the

retirement scheme to fund the benefits. The only obligation of the

Group with respect to these retirement schemes is to make the

required contributions under the terms of the scheme.

2025
二零二五年
$’000
千元
10,388
(59)
268
(1,782)
8,815
–
8,815
8,815

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

24. 雇员福利费用拨备

根据香港雇佣条例，在若干情况下，已连

续受雇至少五年的香港雇员有权享有长期

服务金。该等情况包括员工因非严重失职

或裁员而被解雇、雇员在65岁或以上的年

龄辞职、或雇佣合同为固定期限并在到期

后未获得续约。长期服务金的应付金额乃

根据雇员最后薪金（上限为22,500元）及服

务年资厘定，扣除本集团对强积金计划或

职业退休计划的供款所产生的任何累算权

益（参阅附注23），每位雇员的总上限为

390,000元。目前，本集团并未就履行其长

期服务金责任而设立任何独立资金安排。

于二零二年六月，政府刊宪修订条例，

最终取消雇主使用其于强积金下之强制性

供款减少其应付香港雇员之长期服务金之

法定权利。政府随后宣布修订条例将自转

制日（二零二五年五月一日）起生效。此

外，政府亦预期推出一项资助计划，在该

取消后为雇主提供支援。

24. PROVISION FOR EMPLOYE BENEFITS

二零二四年

$’000

千元

At the begining of the year于年初14,051

Exchange adjustments汇兑调整(661)

Net provision/(reversal) for the year

(note 4(b)

年内拨备╱（拨回）净额

（附注4(b)）(1,957)

Payments during the year年内付款(1,045)

At the end of the year于年终10,388

Representing:代表：

Curent portion流动部份–

Non-curent portion非流动部份10,388

10,388

Hong Kong employes that have ben employed continuously for

at least five years are entitled to long service payments (“LSP”) in

acordance with the Hong Kong Employment Ordinance under

certain circumstances. These circumstances include where an

employe is dismised for reasons other than serious misconduct or

redundancy, that employe resigns at the age of 65 or above, or the

employment contract is of fixed term and expires without renewal.

The amount of LSP payable is determined with reference to the

employe’s final salary (caped at $22,500) and the years of service,

reduced by the amount of any acrued benefits derived from the

group’s contributions to MPF scheme or ORSO plans (se note 23),

with an overal cap of $390,000 per employe. Curently, the Group

does not have any separate funding arangement in place to met

its LSP obligation.

In June 2022, the Government gazeted the Amendment Ordinance,

which wil eventualy abolish the statutory right of an employer to

reduce its LSP payable to a Hong Kong employe by drawing on its

mandatory contributions to the MPF scheme. The Government has

subsequently anounced that the Amendment Ordinance wil come

into efect from the Transition Date i.e. 1 May 2025. Separately,

the Government is also expected to introduce a subsidy scheme to

asist employers after the abolition.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

（续）

其中，当取消对冲机制生效后，雇主不得

使用其强制性强积金供款（无论于转制日

前、当日或之后作出的供款）所产生的任何

累计权益，以减少转制日后雇员服务年资

涉及的长期服务金。然而，倘雇员于转制

日前已开始受雇，则雇主可继续使用上述

累计权益减少截至转制日就雇员服务年资

涉及的长期服务金；此外，于转制日前就

服务年资涉及的长期服务金将按雇员紧接

转制日前的每月工资及截至转制日之服务

年资计算。本集团就对冲机制及取消的入

账方法，于附注1(s)(i)中披露。

根据《中国劳动合同法》，本集团有责任向

在若干情况下停止受雇的雇员付出一笔过

的金额。所支付的金额乃根据雇员的最终

薪金及服务年数而厘定。

本集团并无拨出任何资产以应付上述剩余

的责任。

24. PROVISION FOR EMPLOYE BENEFITS

(continued)

Among other things, once the abolition of the ofseting mechanism

takes efect, an employer can no longer use any of the acrued

benefits derived from its mandatory MPF contributions (irespective

of the contributions made before, on or after the Transition Date)

to reduce the LSP in respect of an employe’s service from the

Transition Date. However, where an employe’s employment

comenced before the Transition Date, the employer can continue

to use the above acrued benefits to reduce the LSP in respect

of the employe’s service up to that date; in adition, the LSP in

respect of the service before the Transition Date wil be calculated

based on the employe’s monthly salary imediately before the

Transition Date and the years of service up to that date. The Group

has acounted for the ofseting mechanism and its abolition as

disclosed in note 1(s)(i).

Under the PRC Labour Contract Law, the Group is obliged to

make lump sum payments on cesation of employment in certain

circumstances to employes. The amount payable is dependent on

the employes’ final salary and years of service.

The Group does not set aside any asets to fund the above

remaining obligations.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、储备及股息

(a) 权益组成部份之变动

本集团综合权益各组成部份的期初与期末

结余对账载于综合权益变动表。本公司权

益个别组成部份于年初及年终之变动详情

如下︰

25. CAPITAL, RESERVES AND DIVIDENDS

(a) Movements in components of equity

The reconciliation betwen the opening and closing balances of

each component of the Group’s consolidated equity is set out in the

consolidated statement of changes in equity. Details of the changes

in the Company’s individual components of equity betwen the

begining and the end of the year are set out below:

Share capital

Investment

revaluation

reserve

(non-recycling)

Land and

buildings

revaluation

reserve

Retained

profitsTotal

投资重估储备土地及楼宇

股本（不可转回）重估储备保留溢利合计

$’000$’000$’000$’000$’000

千元千元千元千元千元

Balance at 1 April 2023于二零二三年四月一日之结余208,41814,44556,533609,665889,061

Changes in equity for the year:本年度权益变动：

Los for the year本年度亏损–(20,508)(20,508)

Other comprehensive income其他全面收益–(1,468)–(1,468)

Total comprehensive income for the year本年度全面收益总额–(1,468)–(20,508)(21,976)

Dividends aproved and paid in respect

of the previous year

核准及支付属于上一年度的股息

–(4,135)(4,135)

–(1,468)–(24,643)(26,111)

Balance at 31 March 2024于二零二四年三月三十一日之结余208,41812,97756,533585,022862,950

Balance at 1 April 2024于二零二四年四月一日之结余208,41812,97756,533585,022862,950

Changes in equity for the year:本年度权益变动：

Los for the year本年度亏损–(24,785)(24,785)

Other comprehensive income其他全面收益–(1,982)–(1,982)

Total comprehensive income for the year本年度全面收益总额–(1,982)–(24,785)(26,767)

Transfer to retained profits upon disposal of

an other financial aset

出售一其他金融资产时

转拨至保留溢利–(3,158)–3,158–

Dividends aproved and paid in respect

of the previous year

核准及支付属于上一年度的股息

–(4,135)(4,135)

–(5,140)–(25,762)(30,902)

Balance at 31 March 2025于二零二五年三月三十一日之结余208,4187,83756,533559,260832,048

2025
二零二五年
$’000
千元
4,135

2025
二零二五年
$’000
千元
4,135

2025
二零二五年
Number of
shares	Amount
股份数目	金额
’000	$’000
千股	千元
206,748	208,418

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、储备及股息（续）

(b) 股息

(i) 应付本公司股权持有人本年度股息

于结算日后建议分派的末期股息尚未在结

算日确认为负债。

(i) 应付本公司股权持有人属于上一财政年

度，并于本年度核准及支付的股息

根据香港公司条例第135条，本公司的普通

股并没有票面值。

普通股持有者有权收取不时宣派的股息，

并且有权在本公司股东大会上按照每股一

票的比例参与投票。所有普通股在本公司

剩余资产上均享有同等权利。

25. CAPITAL, RESERVES AND DIVIDENDS

(continued)

(b) Dividends

(i) Dividends payable to equity shareholders of the Company atributable

to the year

二零二四年

$’000

千元

Final dividend proposed after the end of

the reporting period of $0.02 (2024: $0.02)

per ordinary share

于结算日后建议派发末期股息

每股普通股0.02元

（二零二四年: 0.02元）4,135

The final dividend proposed after the end of the reporting period has

not ben recognised as a liability at the end of the reporting period.

(i) Dividends payable to equity shareholders of the Company atributable

to the previous financial year, aproved and paid during the year

二零二四年

$’000

千元

Final dividend in respect of the previous

financial year, aproved and paid during

the year of $0.02 (2024: $0.02) per ordinary

属于上一财政年度，并于本年度

核准及支付末期股息每股

普通股0.02元（二零二四年：

0.02元）4,135

二零二四年

Number of

sharesAmount

股份数目金额

’000$’000

千股千元

Ordinary shares, isued

and fuly paid:

已发行及已缴足

普通股：

At the begining and

the end of the year

于年初及年终

206,748208,418

In acordance with section 135 of the Hong Kong Companies

Ordinance, the ordinary shares of the Company do not have a par

value.

The holders of ordinary shares are entitled to receive dividends as

declared from time to time and are entitled to one vote per share

at metings of the Company. Al ordinary shares rank equaly with

regard to the Company’s residual asets.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、储备及股息（续）

(d) 储备的性质及用途

(i) 汇兑储备

汇兑储备包括因换算香港境外业务之财务

报表而产生之所有汇兑差额。该储备乃根

据附注1(w)所载之会计政策处理。

(i) 投资重估储备（不可转回）

根据香港财务报告准则第9号，投资重估储

备（不可转回）包括于报告日期持有的指定

透过其他全面收益按公平价值入账的股权

证券投资的累计变动净额（参阅附注1(f)。

投资重估储备不可供分派予本公司股权持

有人。

(i) 土地及楼宇重估储备

本公司已设立土地及楼宇重估储备，并乃

根据土地及楼宇所采用载于附注1(i)的会计

政策处理。

土地及楼宇重估储备不可供分派予本公司

股权持有人。

(iv) 其他储备

其他储备为法定储备基金。根据本集团于

中国之附属公司之组织章程细则，附属公

司须可拨回其根据适用于外资企业之中国

会计规则及规例厘定之纯利之至少10%至

法定储备基金，直至储备结余达到注册资

本之50%为止。向该储备所作可拨回必须

在分配股息前作出。

(e) 可供分派储备

于二零二五年三月三十一日，根据香港公

司条例第6部计算，本公司可供分派予本公

司股权持有人的储备总额为230,956,000

元（二零二四年：248,502,000元）。于结

算日后，董事建议派发末期股息每股普通

股2港仙（二零二四年：2港仙），总额为

4,135,000元（二零二四年：4,135,000元）

（参阅附注25(b)(i)。

25. CAPITAL, RESERVES AND DIVIDENDS

(continued)

(d) Nature and purpose of reserves

(i) Exchange reserve

The exchange reserve comprises al foreign exchange diferences

arising from the translation of the financial statements of operations

outside Hong Kong. The reserve is dealt with in acordance with the

acounting policy set out in note 1(w).

(i) Investment revaluation reserve (non-recycling)

The investment revaluation reserve (non-recycling) comprises

the cumulative net change in the fair value of equity investments

designated at FVOCI under HKFRS 9 that are held at the end of the

reporting period (se note 1(f).

The investment revaluation reserve is not available for distribution to

equity shareholders of the Company.

(i) Land and buildings revaluation reserve

The land and buildings revaluation reserve has ben set up and is

dealt with in acordance with the acounting policy adopted for land

and buildings set out in note 1(i).

The land and buildings revaluation reserve is not available for

distribution to equity shareholders of the Company.

(iv) Other reserve

Other reserve represents a statutory reserve fund. Acording to the

articles of asociation of the subsidiaries of the Group in the PRC,

the subsidiaries are required to transfer at least 10% of their net

profit, as determined in acordance with the PRC acounting rules

and regulations aplicable to enterprises with foreign investment,

to the statutory reserve fund until the reserve balance reaches 50%

of the registered capital. The transfer to this reserve must be made

before distribution of a dividend.

(e) Distributability of reserves

At 31 March 2025, the agregate amount of reserves available for

distribution to equity shareholders of the Company, as calculated

under the provisions of Part 6 of the Hong Kong Companies

Ordinance was $230,956,000 (2024: $248,502,000). After the end

of the reporting period, the directors proposed a final dividend of

HK2 cents (2024: HK2 cents) per ordinary share, amounting to

$4,135,000 (2024: $4,135,000) (se note 25(b)(i).

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

、储备及股息（续）

(f) 资本管理

本集团管理资本的主要目的为确保集团能

够持续经营，透过厘定与风险水平相称的

货品及服务价格及以合理的成本融资，从

而能持续向股东提供回报及向其他相关人

士提供利益。

本集团积极及定期检讨及管理其资本架

构，务求维持借贷水平及资本状况的平

衡。较高借贷水平可能获得较高股东回报

而雄厚的资本状况则稳健有利。本集团根

据经济情况的变动而对资本架构作出调整。

本集团按照债务净额对经调整资本比率的

基准监察资本架构。就此而言，本集团把

债务净额界定为债务总额（包括带息贷款

及借款），加上非累计拟派股息减现金及现

金等价物（不包括抵押存款），经调整资本

包括权益的所有组成部份减非累计拟派股

息。

于本财政年度，本集团秉承过往财政年度

之策略，维持债务净额对经调整资本比率

于一个合理水平。为维持或调整比率，本

集团可能会对派付予股东的股息金额作出

调整、发行新股份、向股东返还资本、筹

措新的债务融资或出售资产以减债。

于二零二五年及二零二四年三月三十一

日，本公司及其任何附属公司均没有带息

贷款及借款。

本公司及其任何附属公司均不受任何外部

的资本规定所限制。

25. CAPITAL, RESERVES AND DIVIDENDS

(continued)

(f) Capital management

The Group’s primary objectives when managing capital are to

safeguard the Group’s ability to continue as a going concern,

so that it can continue to provide returns for shareholders and

benefits for other stakeholders, by pricing products and services

comensurately with the level of risk and by securing aces to

finance at a reasonable cost.

The Group actively and regularly reviews and manages its capital

structure to maintain a balance betwen the higher shareholders

returns that might be posible with higher levels of borowings and

the advantages and security aforded by a sound capital position,

and makes adjustments to the capital structure in light of changes in

economic conditions.

The Group monitors its capital structure on the basis of a net

debt-to-adjusted-capital ratio. For this purpose the Group defines

net debt as total debt (which includes interest-bearing loans and

borowings) plus unacrued proposed dividends les cash and cash

equivalents (which excluded pledged deposits). Adjusted capital

comprises al components of equity, les unacrued proposed

dividends.

During the curent financial year, the Group’s strategy, which was

unchanged from the previous financial year, was to maintain the

net debt-to-adjusted-capital ratio at a reasonable level. In order to

maintain or adjust the ratio, the Group may adjust the amount of

dividends paid to shareholders, isue new shares, return capital to

shareholders, raise new debt financing or sel asets to reduce debt.

As at 31 March 2025 and 2024, neither the Company nor any of its

subsidiaries had outstanding interest-bearing loans and borowings.

Neither the Company nor any of its subsidiaries are subject to

externaly imposed capital requirements.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值

本集团会在正常业务过程中出现信贷、流

动资金和外币风险。本集团亦承受来自其

他实体证券投资的股价风险，本集团面对

之有关风险及本集团用于管理有关风险之

财务风险管理政策与惯例载述如下。

(a) 信贷风险

信贷风险指对方将违反合约义务而导致本

集团产生财务亏损。本集团的信贷风险主

要归因于应收账款。本集团面临的现金及

银行结余及衍生金融资产引致的信贷风险

有限，乃由于对方均为信用评级良好的银

行及金融机构，且本集团不预期存在任何

重大信贷风险。本集团并无提供任何其他

将会导致本集团承受信贷风险之担保。

应收账款

本集团须承受的信贷风险主要受各个客

户的个别特质所影响，而并非来自客户所

经营的行业或所在的国家，因此当本集团

承受个别客户的重大风险时，将产生高度

集中的信贷风险。于结算日，应收账款及

应收票据总额中，11.7%（二零二四年：

35.6%）及42.6%（二零二四年：65.1%）分

别来自其于制造及销售成衣及纺织品业务

中的最大客户和五家最大客户。

本集团对所有要求超过一定信贷金额的客

户及所有新客户进行个别信贷评估。该等

评估集中于客户过往于账项到期时的还款

记录及目前的还款能力，并考虑客户的特

定资料以及客户营运所处经济环境。应收

账款于发单日期起计0至210日（二零二四

年：0至180日）内到期支付。一般而言，本

集团不要求客户提供抵押品。

预期信贷亏损的金额计量应收账款的亏损

拨备。由于本集团的历史信贷亏损经验表

明不同客户群体的亏损模式存在差异，因

此本集团进一步区分不同客户群按逾期状

况的亏损拨备。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

Exposure to credit, liquidity and curency risks arises in the normal

course of the Group’s busines. The Group is also exposed

to equity price risk arising from its equity investments in other

entities. The Group’s exposure to these risks and the financial risk

management policies and practices used by the Group to manage

these risks are described below.

(a) Credit risk

Credit risk refers to the risk that a counterparty wil default on its

contractual obligations resulting in a financial los to the Group. The

Group’s credit risk is primarily atributable to trade receivables. The

Group’s exposure to credit risk arising from cash and bank balances

and derivative financial asets is limited because the counterparties

are banks and financial institutions with sound credit ratings and the

Group does not expect any significant credit risk. The Group does

not provide any other guarantes which would expose the Group to

credit risk.

Trade receivables

The Group’s exposure to credit risk is influenced mainly by

the individual characteristics of each customer rather than the

industry or country in which the customers operate and therefore

significant concentrations of credit risk primarily arise when the

Group has significant exposure to individual customers. At the end

of the reporting period, 11.7% (2024: 35.6%) and 42.6% (2024:

65.1%) of the total trade debtors and bils receivable was due

from the Group’s largest customer and the five largest customers

respectively within the manufacture and sale of garments and

textiles segment.

Individual credit evaluations are performed on al customers

requiring credit over a certain amount and for al new customers.

These evaluations focus on the customer’s past history of making

payments when due and curent ability to pay, and take into

acount information specific to the customer as wel as pertaining

to the economic environment in which the customer operates.

Trade receivables are due betwen 0 to 210 days (2024: 0 to 180

days) from the date of biling. Normaly, the Group does not obtain

colateral from customers.

The Group measures los alowances for trade receivables at an

amount equal to lifetime ECLs, which is calculated using a provision

matrix. As the Group’s historical credit los experience indicates

diferent los paterns for diferent customer segments, the los

alowance is further distinguished betwen the Group’s diferent

customer bases.

2025
二零二五年
Gross carrying	Provision on	Net carrying
amount	individual basis	amount
账面总值	按个别基准拨备	账面净值
$’000	$’000	$’000
千元	千元	千元
15,471	–	15,471
1,223	–	1,223
4	–	4
3,851	(3,532)	319
20,549	(3,532)	17,017

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(a) 信贷风险（续）

应收账款（续）

下表载列有关于二零二五年三月三十一日

本集团面临有关应收账款之信贷风险及预

期信贷亏损之资料：

于二零二五年三月三十一日，为个别有财

务困难的客户确认拨备3,532,000元（二

零二四年：3,290,000元）。在考虑过往的

实际亏损经验、收集数据相关期间经济状

况、目前状况及本集团对应收账款预期存

续期的经济状况后，余下客户的应收账款

信用风险是有限的。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(a) Credit risk (continued)

Trade receivables (continued)

The folowing table provides information about the Group’s exposure

to credit risk and ECLs for trade debtors and bils receivable as at

31 March 2025:

Curent (not past due)即期（未逾期）

Les than 61 days past due逾期少于61日

61 to 90 days past due逾期61日至90日

More than 90 days past due逾期90日以上

二零二四年

Gros caryingProvision onNet carying

amountindividual basisamount

账面总值按个别基准拨备账面净值

$’000$’000$’000

千元千元千元

Curent (not past due)即期（未逾期）32,946(326)32,620

Les than 61 days past due逾期少于61日7,216(1,396)5,820

61 to 90 days past due逾期61日至90日–

More than 90 days past due逾期90日以上1,634(1,568)66

41,796(3,290)38,506

Provision on individual basis of $3,532,000 (2024: $3,290,000)

is recognised as at 31 March 2025 for customers with financial

dificulties. The credit risk for trade receivables of the remaining

customer is limited after considering actual los experience over the

past, economic conditions during the period over which the historic

data has ben colected, curent conditions and the Group’s view of

economic conditions over the expected lives of the receivables.

2025
二零二五年
$’000
千元
3,290
671
(205)
(224)
3,532

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(a) 信贷风险（续）

应收账款（续）

年内有关应收账款及应收票据之亏损拨备

之变动情况载列如下：

(b) 流动资金风险

本集团内之个别经营实体须自行负责本身

之现金管理，包括现金盈余的短期投资。

本集团之政策为定期监察目前及预期之流

动资金需要，以确保其维持足够现金储备

及可易于变现之上市证券及来自主要财务

机构之充裕承诺资金限额，以应付其短期

至长期流动资金需要。

下表就本集团于各结算日之非衍生金融负

债之尚余合约期限作基准，将非衍生金融

负债归纳至相关之到期组别作分析。表内

所披露之金额为已订约未贴现之现金流

量。远期外汇合约所需之衍生金融工具现

金流量已分开呈列，因合约到期日资料对

了解现金流量之时间性极为重要。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(a) Credit risk (continued)

Trade receivables (continued)

Movement in the los alowance acount in respect of trade debtors

and bils receivable during the year is as folows:

二零二四年

$’000

千元

As at 1 April于四月一日1,750

Impairment loses recognised during the year年内确认减值亏损1,585

Amounts writen of during the year年内撇销金额(45)

Recovery of bad debt坏账收回–

As at 31 March于三月三十一日3,290

(b) Liquidity risk

Individual operating entities within the Group are responsible for their

own cash management including the short-term investment of cash

surpluses. The Group’s policy is to regularly monitor its curent and

expected liquidity requirements to ensure that it maintains suficient

reserves of cash and readily realisable marketable securities and

adequate comited lines of funding from major financial institutions

to met its liquidity requirements in the short and longer term.

The table below analyses the Group’s non-derivative financial

liabilities into relevant maturity groupings based on the remaining

period at the end of each reporting period to the contractual

maturity date. The amounts disclosed in the table are the

contractual undiscounted cash flows. The cash flow requirements

for derivative financial instrument arising from forward foreign

exchange contracts are separately provided as the contractual

maturities are esential for the understanding of the timing of the

cash flows.

Contractual undiscounted cash outflow
合约上未贴现的现金流出
Within 1 year or on demand	More than 1 year but less than 2 years	More than 2 years but less than 5 years	Total	Carrying amount at 31 March
一年内或按要求	一年后但两年内	两年后但五年内	合计	于三月三十一日之账面值
$’000	$’000	$’000	$’000	$’000
千元	千元	千元	千元	千元
65	–	–	65	64
30,889	–	–	30,889	30,889
30,954	–	–	30,954	30,953

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(b) 流动资金风险（续）

本集团于二零二四年及二零二五年三月

三十一日未到期之远期外汇合约均为

以总额方式结算之合约。于十二个月内

结算之合约所需之未贴现合约现金流入

27,659,000元及现金流出27,602,000元

（二零二四年：现金流入29,583,000元及现

金流出29,360,000元）。

本集团利率风险主要源自租赁负债。定息

租赁负债令本集团面对公平价值利率风

险。于二零二五年三月三十一日本集团的

租赁负债之实际利率为4.2%（二零二四年：

4.2%）。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(b) Liquidity risk (continued)

二零二五年

Lease liabilities租赁负债

Trade and other

payables

应付账款及

其他应付款

2024Contractual undiscounted cash outflow

二零二四年合约上未贴现的现金流出

Within

1 year

or on

demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 yearsTotal

Carying

amount at

31 March

于三月

一年内一年后两年后三十一日

或按要求但两年内但五年内合计之账面值

$’000$’000$’000$’000$’000

千元千元千元千元千元

Lease liabilities租赁负债10365–168164

Trade and other

payables

应付账款及

其他应付款35,703–35,70335,703

35,80665–35,87135,867

Al the Group’s forward foreign exchange contracts outstanding at

31 March 2024 and 2025 are gros setlement contracts. Contracts

due to setle within 12 months require undiscounted contractual

cash inflows of $27,659,000 and outflows of $27,602,000 (2024:

inflows of $29,583,000 and outflows of $29,360,000).

The Group’s interest rate risk arises primarily from lease liabilities.

Lease liabilities at fixed rates expose the Group to the fair value

interest rate risk. The efective interest rates of the Group’s lease

liabilities as at 31 March 2025 is 4.2% (2024: 4.2%).

2025
二零二五年
	United			Hong
Pounds	States			Kong
Sterling	Dollars	Euros	Renminbi	Dollars
英镑	美元	欧罗	人民币	港元
$’000	$’000	$’000	$’000	$’000
千元	千元	千元	千元	千元
–	8,162	8,255	–	–
772	48,997	8,725	333	236
–	118,226	–	–	–
(347)	(9,205)	(18)	(106)	–
–	(13)	–	(1,937)	–
425	166,167	16,962	(1,710)	236

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(d) 货币风险

本集团涉及的货币风险主要来自有关业务

所涉及功能货币以外的使用外币计值的

买卖交易所产生的应收账款、应付账款及

现金结余。引致此项风险的货币主要为欧

罗、美元、英镑、港元及人民币。

由于港元与美元挂钩，本集团预期美元╱

港元汇率并不会有重大波动。然而，管理

层认为，本集团面对其他货币汇率变动的

风险。

本集团利用远期外汇合约对冲因以欧元结

算之承诺未来销售所产生的货币风险。于

二零二五年三月三十一日，本集团之远期

外汇合约之公平价值净额为57,000元（资

产）（二零二四年：223,000元（资产）并已

确认为衍生金融工具（参阅附注17）。

(i) 承受之货币风险

下表详列本集团于结算日所承受之货币风

险，该等货币风险乃因所涉实体之已确认

资产或负债以该实体功能货币以外之货币

计值而产生。有关风险承担之金额乃按于

年结日之即期汇率换算为港币作呈列之用。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(d) Curency risk

The Group is exposed to curency risk primarily through sales

and purchases which give rise to receivables, payables and

cash balances that are denominated in a curency other than the

functional curency of the operations to which the transactions

relate. The curencies giving rise to this risk are primarily Euros,

United States dolars (“USD”), Pounds Sterling, Hong Kong dolars

(“HKD”) and Renminbi.

As the HKD is peged to the USD, the Group does not expect

any significant movements in the USD/HKD exchange rate.

However, management acknowledges that the Group is exposed to

fluctuations in the exchange rates for other curencies.

The Group uses forward exchange contracts to hedge its curency

risk arising from comited future sales denominated in Euro. At 31

March 2025, the Group had forward exchange contracts with a net

fair value of $57,000 (asets) (2024: $223,000 (asets), recognised

as derivative financial instruments (se note 17).

(i) Exposure to curency risk

The folowing table details the Group’s exposure at the end of the

reporting period to curency risk arising from recognised asets

or liabilities denominated in a curency other than the functional

curency of the entity to which they relate. For presentation

purposes, the amounts of the exposure are shown in Hong Kong

dolars, translated using the spot rate at the year end date.

Exposure to foreign curencies (expresed in Hong Kong dolars)

承受之外币风险（以港元计）

二零二四年

UnitedHong

PoundsStatesKong

SterlingDolarsEurosRenminbiDolars

英镑美元欧罗人民币港元

$’000$’000$’000$’000$’000

千元千元千元千元千元

Trade and other receivables应收账款及其他应收款120,6164,87715,340–

Cash and cash equivalents现金及现金等价物1,331134,8181,3691,041560

Bank deposits银行存款–

Trade and other payables应付账款及其他应付款(363)(13,957)(8)(1,079)–

Amounts due from/(to) group companies应收╱（应付）集团公司款项–(13)–(2,270)–

Net exposure arising from recognised

asets and liabilities

来自已确认资产及

负债的风险承担净额969141,4646,23813,032560

2025
二零二五年
Increase/ (decrease) in foreign exchange rates	Decrease/ (increase) in loss after tax and increase/ (decrease) in retained profits
汇率上升╱ （下跌）	除税后亏损减少╱（增加）及保留溢利增加╱（减少）
%	$’000
百分比	千元
10%	35
(10)%	(35)
10%	1,416
(10)%	(1,416)
8%	(114)
(8)%	114
8%	14
(8)%	(14)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(d) 货币风险（续）

(i) 敏感度分析

下表列示本集团之除税后亏损（及保留溢

利）因于结算日汇率之合理可能变动（本集

团须就此变动承受重大风险）而产生之即

时变动，并已假设其他风险变数不变。就

此而言，本集团假定港元与美元之联系汇

率不会因美元兑其他货币之汇率之任何变

动受到重大影响。

上表所列示分析之结果代表对本集团旗下

各实体按各种功能货币计算并按于结算日

之汇率换算为港元以供呈列之用的除税后

溢利╱（亏损）及权益之即时影响总额。

敏感度分析乃假设汇率变动应用于重估本

集团于结算日持有并面对外汇风险的金融

工具，包括本集团内部公司间应付款项及

应收款项，该等款项以借方或贷方的功能

货币外的货币计价。该分析不包括由海外

业务的财务报表换算成本集团列账货币所

导致的差异。该分析乃以二零二四年之相

同基准进行。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(d) Curency risk (continued)

(i) Sensitivity analysis

The folowing table indicates the instantaneous change in the

Group’s los after tax (and retained profits) that would arise if foreign

exchange rates to which the Group has significant exposure at the

end of the reporting period had changed at that date, asuming al

other risk variables remained constant. In this respect, it is asumed

that the peged rate betwen the HKD and the USD would be

materialy unafected by any changes in movement in value of the

USD against other curencies.

二零二四年

Increase/

(decrease)

in foreign

exchange rates

Decrease/

(increase)

in los after

tax and

increase/

(decrease)

in retained

profits

汇率上升╱

（下跌）

除税后亏损

减少╱（增加）

及保留溢利

增加╱（减少）

%$’000

百分比千元

Pounds Sterling英镑10%81

(10)%(81)

Euros欧罗10%521

(10)%(521)

Renminbi人民币8%871

(8)%(871)

Hong Kong Dolars港元8%34

(8)%(34)

Results of the analysis as presented in the above table represent

an agregation of the instantaneous efects on each of the Group

entities’ profit/(los) after tax and equity measured in the respective

functional curencies, translated into HKD at the exchange rate

ruling at the end of the reporting period for presentation purposes.

The sensitivity analysis asumes that the change in foreign exchange

rates had ben aplied to re-measure those financial instruments

held by the Group which expose the Group to curency risk at the

end of the reporting period, including inter-company payables and

receivables within the Group which are denominated in a curency

other than the functional curencies of the lender or the borower.

The analysis excludes diferences that would result from the

translation of the financial statements of foreign operations into the

Group’s presentation curency. The analysis is performed on the

same basis for 2024.

2025
二零二五年
Increase/
(decrease)
in other
components
of equity
权益其他
组成部分
增加╱（减少）
%	$’000
百分比	千元
10%	729
(10)%	(729)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(e) 股价风险

本集团承受若干透过其他全面收益按公平

价值入账计量之持作长期策略性持有的

股权证券投资之价格变动风险（参阅附注

15）。

本集团之上市股权证券投资乃根据其长期

增长潜力而被选定，并定期监察其表现相

对预期的情况。它们于海外证券交易所上

市，并在每个结算日按市场报价计算。

本集团之一个非上市股权证券投资之乃按

市场比较法计量，并参考可比较上市公司

的市值。其表现评估至少一年进行两次，

乃根据类似上市实体之表现、本集团所得

其他资料及评估对本集团的长期策略性计

划的合适度。

于二零二五年三月三十一日，假设其他变

数维持不变，如有关股票市场（用于上市

股权证券投资）指数增加╱减少10%（二零

二四年：10%），可比较上市公司的市值

（用于按市场比较法计量的非上市股权证

券），估计会增加╱减少本集团的综合权益

其他组成部份如下：

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(e) Equity price risk

The Group is exposed to equity price changes arising from certain

equity investments held for long-term strategic purposes measured

at FVOCI (se note 15).

The Group’s listed equity investments have ben chosen based

on their longer-term growth potential and are monitored regularly

for performance against expectations. They are listed on overseas

stock exchanges and are valued at the quoted market prices at the

end of each reporting period.

One of the Group’s unlisted equity investments is measured

at market comparison aproach with reference to the market

capitalisation of comparable listed companies. It is asesed at

least bi-anualy against performance of similar listed entities, based

on the limited information available to the Group, together with an

asesment of its relevance to the Group’s long-term strategic

plans.

At 31 March 2025, it is estimated that an increase/decrease of

10% (2024: 10%) in the relevant stock market index (for listed

investments), the market capitalisation of comparable listed

companies (for the unlisted equity security measured at market

comparison aproach), with al other variables held constant,

would have increased/decreased the Group’s other components of

consolidated equity as folows:

二零二四年

Increase/

(decrease)

in other

components

of equity

权益其他

组成部分

增加╱（减少）

%$’000

百分比千元

Change in relevant

equity price risk

variable:

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(e) 股价风险（续）

敏感度分析显示，假设股市指数之变动或

其他相关风险变数之变动已于结算日产

生，并已应用于重新计量本集团所持有之

金融工具，而该等工具令本集团于结算日

须承受股价风险，对本集团之综合权益的

其他组成部份将会造成之即时影响。亦假

设本集团股权证券投资之公平价值将根据

与股市指数或其他相关风险之变动之历来

相互关系而变动，且其他变数保持不变。

(f) 公平价值计量

(i) 按公平价值计量的金融工具

公平价值层级

下表列载本集团经常性地于结算日按公平

价值计量的金融工具，并根据《香港财务报

告准则》第13号「公平价值计量」所界定的

公平价值层级分类为三个级别。

截至二零二五年及二零二四年三月三十一

日止年度内，并没有金融工具在第一级别

与第二级别之间作转移、或于第三级别转

入或转出。按本集团之政策，当公平价值

级别发生转拨时于结算日予以确认。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(e) Equity price risk (continued)

The sensitivity analysis indicates the instantaneous change in other

components of consolidated equity that would arise asuming

that the changes in the stock market index or other relevant risk

variables had ocured at the end of the reporting period and had

ben aplied to re-measure those financial instruments held by the

Group which expose the Group to equity price risk at the end of the

reporting period. It is asumed that the fair values of the Group’s

equity investments would change in acordance with the historical

corelation with the relevant stock market index or other relevant risk

variables, and that al other variables remain constant.

(f) Fair value measurement

(i) Financial instruments measured at fair value

Fair value hierarchy

The folowing table presents the fair value of the Group’s financial

instruments measured at the end of the reporting period on a

recuring basis, categorised into the thre-level fair value hierarchy

as defined in HKFRS 13, Fair value measurement.

Fair value at

31 March 2024

Fair value measurements as at

31 March 2024 categorised into

于二零二四年

三月三十一日

之公平价值

于二零二四年三月三十一日

公平价值计量分类为以下级别

Level 1Level 2Level 3

第一级别第二级别第三级别

$’000$’000$’000$’000

千元千元千元千元

Recuring fair value measurements经常性公平价值计量

Asets:资产：

– Non-trading listed securities– 非交易上市证券3,2113,211–

– Unlisted equity securities– 非上市股权证券14,942–14,942

– Derivative financial instruments– 衍生金融工具223–223–

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

transfers betwen Level 1 and Level 2 or transfers into or out of

Level 3. The Group’s policy is to recognise transfers betwen levels

of fair value hierarchy as at the end of the reporting period in which

they ocur.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(f) 公平价值计量（续）

(i) 按公平价值计量的金融工具（续）

采用于第二级别公平价值计量的估值方法

及所用数据

远期外汇合约公平价值（第二级别）乃贴现

合约远期价格，并于结算日扣除现行的远

期汇率。贴现率乃参照于结算日现行市场

利率而厘定。

第三级别公平价值计量资料

于二零二五年三月三十一日，非上市股权

证券的公平价值是以可比较上市公司的价

格╱收益和企业价值╱EBITDA比率并调整

缺乏市场流通性折扣率计算。公平价值对

缺乏市场流通性折扣率成逆向相互关联。

于二零二四年三月三十一日，非上市股权

证券的公平价值是以(i)经缺乏市场流通性

折扣率及少数权益折扣率调整资产净值；

(i)以可比较上市公司的价格╱收益和企业

价值╱EBITDA比率并调整缺乏市场流通性

折扣率计算。公平价值对缺乏市场流通性

折扣率和少数权益折扣率成逆向相互关联。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(f) Fair value measurement (continued)

(i) Financial instruments measured at fair value (continued)

Valuation technique and inputs used in Level 2 fair value

measurements

The fair value of forward foreign exchange contracts in Level 2 is

marked to market by discounting the contractual forward price and

deducting the forward rate at the end of the reporting period. The

discount rate used is derived from the prevailing market interest rate

at the end of the reporting period.

Information about Level 3 fair value measurements

ValuationSignificant

techniquesunobservable inputsRange

2025二零二五年估值方式重大不可观察数据范围

Unlisted equity securities非上市股权证券Market-comparisonDiscount for lack30%

aproachof marketability

市场比较法缺乏市场流通性折扣率

At 31 March 2025, the fair value of unlisted equity investments

is determined using the price/earnings and enterprise value/

EBITDA ratios of comparable listed companies adjusted for lack of

marketability discount. The fair value is negatively corelated to the

discount for lack of marketability.

ValuationSignificant

techniquesunobservable inputsRange

2024二零二四年估值方式重大不可观察数据范围

Unlisted equity securities非上市股权证券(i)Adjusted netDiscount for lack of30%

asets valuemarketability

经调整资产净值缺乏市场流通性折扣率

Minority discount30%

少数权益折扣率

(i)Market-comparisonDiscount for lack30%

aproachof marketability

市场比较法缺乏市场流通性折扣率

At 31 March 2024, the fair value of unlisted equity investments

is determined using: (i) the net asets value adjusted for lack

of marketability discount and minority discount; (i) the price/

earnings and enterprise value/EBITDA ratios of comparable listed

companies adjusted for lack of marketability discount. The fair value

is negatively corelated to the discount for lack of marketability and

minority discount.

2025
二零二五年
Increase/
(decrease) in	Effect on other
Unobservable	comprehensive
inputs	income
不可观察数据	其他全面
增加╱（减少）	收益影响
%	$’000
百分比	千元
5	(653)
(5)	653
N/A	N/A
N/A	N/A

2025
二零二五年
$’000
千元
14,942
(2,384)
(3,658)
8,900

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(f) 公平价值计量（续）

(i) 按公平价值计量的金融工具（续）

预计以下各项不可观察数据增加╱减少

5%，其他变数保持不变，将对本集团其他

全面收益增加╱减少如下：

第三级别公平价值计量结余于年内变动如

下：

本集团持作策略用途的非上市股权证券之

重新计量产生之任何收益或亏损于其他全

面收益投资重估储备（不可转回）中确认。

待出售股权证券后，于其他全面收益之累

计金额直接转让至保留溢利。

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(f) Fair value measurement (continued)

(i) Financial instruments measured at fair value (continued)

It is estimated that an increase/decrease of 5% in each of the

unobservable inputs, with al other variables held constant, would

have increased/decreased the Group’s other comprehensive

income as folows:

二零二四年

Increase/

(decrease) inEfect on other

unobservablecomprehensive

inputsIncome

不可观察数据其他全面

增加╱（减少）收益影响

%$’000

百分比千元

Discount for lack

of marketability

缺乏市场流通性

折扣率5(1,067)

(5)1,067

Minority discount少数权益折扣率5(392)

(5)392

The movements during the year in the balance of these Level 3 fair

value measurements are as folows:

二零二四年

$’000

千元

Unlisted equity securities:非上市股权证券：

At 1 April于四月一日17,832

Net unrealised loses recognised in other

comprehensive income during the year

年内未变现亏损净额于

其他全面收益中确认(2,890)

Disposal during the year年内出售–

At 31 March于三月三十一日14,942

Any gain or los arising from the remeasurement of the Group’s

unlisted equity securities held for strategic purposes are recognised

in the investment revaluation reserve (non-recycling) in other

comprehensive income. Upon disposal of the equity securities, the

amount acumulated in other comprehensive income is transfered

directly to retained earnings.

2025
二零二五年
$’000
千元
–

2025
二零二五年
$’000
千元
816

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

26. 财务风险管理及金融工具之公平

价值（续）

(f) 公平价值计量（续）

(i) 以非公平价值列账之金融工具之公平价值

本集团于二零二五年及二零二四年三月

三十一日以成本或经摊销成本列账的金融

工具之账面值与其公平价值并无重大差异。

27. 承担

于二零二五年三月三十一日，仍未在综合

财务报表作出拨备之资本承担如下：

26. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

(continued)

(f) Fair value measurement (continued)

(i) Fair value of financial instruments caried at other than fair value

The carying amounts of the Group’s financial instruments caried

at cost or amortised cost are not materialy diferent from their fair

values as at 31 March 2025 and 2024.

27. COMITMENTS

Capital comitments outstanding at 31 March 2025 not provided

for in the consolidated financial statements are as folows:

二零二四年

$’000

千元

Contracted for已订约–

二零二四年

$’000

千元

The Group’s share of the capital

comitments of joint ventures:

本集团应占合营企业的

资本承担：

Contracted for已订约363

2025
二零二五年
$’000
千元
244
3,000
780
90

2025
二零二五年
$’000
千元
132
(190)
(13)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

28. 与关连人士之重大交易

除在本财务报表其他地方所披露之交易及

结余外，本集团订立以下重大关连人士交

易：

(a) 与YGM贸易有限公司及其附属公司

（「YGMT集团」）之交易

若干董事及彼等之联系人士同时为YGMT集

团及本集团之控股东（义见上市规则），

根据上市规则第14A章，以上向YGMT集团

销售成衣产品、已收及应收自YGMT集团租

金收益之联系人士交易构成关连交易。与

YGMT集团之其他交易为获豁免不须遵照

上市规则第14A章之规定予以披露。上市

规则第14A章所规定的披露事项载于董事

会报告「关连交易」一节。

(b) 应收╱（应付）关连公司及合营企业款项：

附注：

(i) WTC07 Holdings Pte Ltd.由本集团一位董事

拥有。因此，WTC07 Holdings Pte Ltd.为本

集团之关连人士。

(i) 新联兴纺织有限公司为本集团之合营企业无

锡一棉投资有限公司之全资拥有附属公司。

所有主要管理人员均为本公司之董事，董

事酬金已于附注6披露。

28. MATERIAL RELATED PARTY

TRANSACTIONS

In adition to the transactions and balances disclosed elsewhere

in these financial statements, the Group entered into the folowing

material related party transactions:

(a) Transactions with YGM Trading Limited and its subsidiaries

(“YGMT Group”)

二零二四年

$’000

千元

Sales of garment products销售成衣产品767

Rental income received and receivable已收及应收物业租金收益4,320

Management fe received and receivable已收及应收管理费780

Building management fe received and

receivable

已收及应收楼宇管理费

As certain directors and their asociates are colectively the

controling shareholders (as defined in the Listing Rules) of YGMT

Group and the Group, the related party transactions in respect

of sales of garment products to YGMT Group and rental income

received and receivable from YGMT Group above constitute the

conected transactions as defined in Chapter 14A of the Listing

Rules. Other transactions with YGMT Group are exempt from

the disclosure requirements in Chapter 14A of the Listing Rules.

The disclosures required by Chapter 14A of the Listing Rules are

provided in the section “Conected transactions” in the Directors’

Report.

(b) Balances due from/(to) related companies and joint ventures:

二零二四年

Note$’000

附注千元

Amount due from YGMT Group应收YGMT集团款项137

Amount due to WTC07 Holdings Pte Ltd.应付WTC07 Holdings

Pte Ltd.款项(i)(254)

Amount due to

Alied Textiles Co., Ltd.

应付新联兴纺织有限公司

款项(i)(13)

Notes:

(i) WTC07 Holdings Pte Ltd. is related to the Group as it is held by a director

of the Group.

(i) Alied Textiles Co., Ltd. is a wholy owned subsidiary of Wuxi No.1 Coton

Investment Co., Ltd., a joint venture of the Group.

Al members of key management personel are the directors of the

Company, and their emoluments are disclosed in note 6.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

29. 会计判断及估计

本集团相信在编制综合财务报表时，以下

所运用的主要会计政策涉及极重要的判断

和估计。

(a) 其他物业、厂房及设备减值

本集团于每一结算日均会审阅其他物业、

厂房及设备之账面值，以决定是否有客观

证据显示资产出现减值。当减值迹象被确

定时，管理层评估账面值与可收回金额之

间的差额，并计提减值亏损拨备。计算可

收回金额所采用之假设如有任何变动，会

增加或减少减值亏损拨备，并影响本集团

未来年度之损益。

(b) 于合营企业权益的减值

合营企业管理层于各报告期末审阅合营企

业其他物业、厂房及设备的账面值，以确

定是否存在客观减值证据。当减值迹象被

确定时，合营企业管理层评估其账面价值

与可收回金额之间的差额并计提减值拨

备。本集团管理层亦审阅减值评估。计算

可收回金额所采用的假设发生任何变化，

均会增加或减少减值拨备，并影响本集团

在未来年度应占合营企业溢利或亏损及在

合营企业中的权益。

投资物业估值采用与估值有关的各项假设

及因素。本集团聘用一独立专业合资格的

估价师，于采纳前依据本集团与估价师协

定的该等假设，对其投资物业进行年度评

估。投资物业估值详情于附注11(b)披露。

30. 直接及最终控股人士

于二零二五年三月三十一日，董事认为本

集团之直接及最终控股人士为Chan Family

Investment Corporation Ltd（于开曼群岛

注册成立）。

29. ACOUNTING JUDGEMENTS AND

ESTIMATES

The Group believes the folowing critical acounting policies

involve the most significant judgements and estimates used in the

preparation of the consolidated financial statements.

(a) Impairment of other properties, plant and equipment

The Group reviews the carying amounts of the other properties,

plant and equipment at the end of each reporting period to

determine whether there is objective evidence of impairment. When

indication of impairment is identified, management aseses the

diferences betwen the carying amounts and recoverable amounts

and makes provision for impairment los. Any change in the

asumptions adopted in calculating the recoverable amount would

increase or decrease the provision for impairment los and afect the

Group’s profit or los in future years.

(b) Impairment of interests in joint ventures

The management of joint ventures reviews the carying amounts of

the other properties, plant and equipment of joint ventures at the

end of each reporting period to determine whether there is objective

evidence of impairment. When indication of impairment is identified,

management of joint ventures aseses the diferences betwen the

carying amounts and recoverable amounts and makes provision

for impairment los. The management of Group also reviews the

impairment asesment. Any change in the asumptions adopted in

calculating the recoverable amount would increase or decrease the

provision for impairment los and afect the Group’s share of profit

or los of joint ventures and interest in joint ventures in future years.

The valuation of investment properties requires various asumptions

and factors relevant to the valuation. The Group engages an

independent profesional qualified valuer to conduct an anual

revaluation of the Group’s investment properties based on

asumptions agred betwen the Group and the valuer prior to

adoption. The details of valuation of investment properties are

disclosed in note 11(b).

30. IMEDIATE AND ULTIMATE CONTROLING

PARTY

At 31 March 2025, the directors consider the imediate and

ultimate controling party of the Group to be Chan Family Investment

Corporation Ltd, which is incorporated in the Cayman Islands.

2025
二零二五年
$’000
千元
237,349
87,167
324,516
2,093
77,868
230,818
12,536
647,831
2,424
9,604
–
132
154,225
70,052
236,437
8,092
36,711
190
13
95
45,101
191,336
839,167
529
6,590
7,119
832,048
208,418
623,630
832,048

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

31. 公司层面之财务状况表

董事会已于二零二五年六月二十五日核准

及授权发布上列账目。

陈永奎刘陈淑文

主席董事总经理

31. COMPANY–LEVEL STATEMENT OF

FINANCIAL POSITION

二零二四年

Note$’000

附注千元

Non-curent asets非流动资产

Investment properties投资物业245,566

Other property, plant and equipment其他物业、厂房及设备97,922

343,488

Intangible asets无形资产2,187

Investments in subsidiaries附属公司投资78,288

Interests in joint ventures合营企业权益230,818

Other financial asets其他金融资产18,153

672,934

Curent asets流动资产

Inventories存货1,299

Trade and other receivables应收账款及其他应收款17,790

Amounts due from subsidiaries应收附属公司款项–

Amounts due from related companies应收关连公司款项137

Bank deposits银行存款115,517

Cash and cash equivalents现金及现金等价物88,886

223,629

Curent liabilities流动负债

Trade and other payables应付账款及其他应付款9,940

Amounts due to subsidiaries应付附属公司款项11,535

Amounts due to a related company应付一关连公司款项254

Amounts due to a joint venture应付一合营企业款项13

Curent tax payable应付本期税项95

21,837

Net curent asets流动资产净值201,792

Total asets les curent liabilities资产总额减流动负债874,726

Non-curent liabilities非流动负债

Provision for employe benefits雇员福利费用拨备628

Defered tax liabilities递延税项负债11,148

11,776

NET ASETS资产净值862,950

CAPITAL AND RESERVES资本及储备25(a)

Share capital股本208,418

Reserves储备654,532

TOTAL EQUITY权益总额862,950

Aproved and authorised for isue by the board of directors on 25

June 2025.

Chan Wing Fui, PeterChan Suk Man

ChairmanManaging Director

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

32. 截至二零二五年三月三十一日止

年度已颁布但尚未生效的修订、

新准则及诠释可能构成的影响

直至本财务报表签发之日，香港会计师公

会已颁布若干项经修订准则，该等修订于

截至二零二五年三月三十一日止年度尚未

生效，而本财务报表并未有采纳在内。其

中适用于本集团的发展如下。

本集团正在评估初始应用期间该等发展的

预期影响。除了香港财务报告准则第18号

对本集团之综合财务报表之呈列及披露预

期将有所改变外，到目前为止之结论为采

纳该等发展对综合财务报表并无重大影响。

32 POSIBLE IMPACT OF AMENDMENTS,

NEW STANDARDS AND INTERPRETATIONS

ISUED BUT NOT YET EFECTIVE FOR THE

YEAR ENDED 31 MARCH 2025

Up to the date of isue of these financial statements, the HKICPA

has isued a number of amended standards, which are not yet

efective for the year ended 31 March 2025 and which have not

ben adopted in these financial statements. These developments

include the folowing which may be relevant to the Group.

Efective for

acounting periods

begining on

or after

开始于会计期间

或其后生效

Amendments to HKAS 21, The efects of

changes in foreign exchange rates – Lack of

exchangeability

香港会计准则第21号之修订，

外汇率变动之影响－缺乏可

兑换性

1 January 2025二零二五年一月一日

Amendments to HKAS 9, Financial instruments

and HKFRS 7, Financial instruments:

disclosures – Amendments to the

clasification and measurement of financial

instruments

香港会计准则第9号之修订，

金融工具及香港财务报告准则

第7号之修订，金融工具：披

露－金融工具的分类及计量之

修订

1 January 2026二零二六年一月一日

Anual improvements to HKFRS Acounting

Standards – Volume 11

香港财务报告准则会计准则之年

度改进－第11卷

1 January 2026二零二六年一月一日

HKFRS 18, Presentation and disclosure in

financial statements

香港财务报告准则第18号，财务

报表的呈列及披露

1 January 2027二零二七年一月一日

HKFRS 19, Subsidiaries without public

acountability: disclosures

香港财务报告准则第19号，无需

向公众负责的附属公司：披露

1 January 2027二零二七年一月一日

The Group is in the proces of making an asesment of what the

impact of these developments is expected to be in the period of

initial aplication. So far it has concluded that the adoption of them

is unlikely to have a significant impact on the consolidated financial

statements, except for the aplication of HKFRS 18 which the

presentation and disclosure of the Group’s financial statements is

expected to change.

GROUP PROPERTIES

集团物业

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

Details of the major properties of the Group are as folows:

Location地点Existing use用途Term of lease租赁年期

Major properties held for investment

持作投资用途之主要物业

A portion of the Building

22 – 24 Tai Yau Stret

San Po Kong, Kowlon

Hong Kong

香港

九龙新蒲岗大有街

22 – 24号

部份楼层

Comercial商业Medium-term中期租约

本集团主要物业资料详列如下：

2025
二零二五年
$’000
千元
186,431
(19,687)
(760)
(39,028)
–
(6,843)
(66,318)
6,440
(59,878)
(59,878)
–
(59,878)
234,542
2,092
409,860
12,536
–
315,478
974,508
(14,226)
960,282
208,418
751,864
960,282
–
960,282
(HK$0.29)

FIVE-YEAR SUMARY

五年概要

(Expresed in Hong Kong dolars)

（以港元计）

YANGTZEKIANG GARMENT LIMITED 长江制衣有限公司

ANUAL REPORT 2025 年报

二零二一年二零二年二零二三年二零二四年

$’000$’000$’000$’000

千元千元千元千元

Results业绩

Revenue收入420,475390,446365,761234,302

(Los)/profit from operations经营（亏损）╱溢利(22,457)(13,064)18,738653

Finance costs融资成本(3,594)(3,108)(1,600)(865)

Share of profits/(loses) of joint ventures应占合营企业溢利╱（亏损）6,43343,788(39,198)(39,615)

Impairment loses on other property, plant

and equipment

其他物业、厂房及

设备减值亏损(11,063)–

Net valuation gains/(loses) on investment

properties

投资物业估值收益╱

（亏损）净额1,7274,0481,562(11,844)

(Los)/profit before taxation除税前（亏损）╱溢利(28,954)31,664(20,498)(51,671)

Income tax credits/(expenses)所得税抵免╱（支出）303(1,390)(2,751)3,499

(Los)/profit for the year本年度（亏损）╱溢利(28,651)30,274(23,249)(48,172)

Atributable to:应拨归于：

Equity shareholders of the Company本公司股权持有人(27,822)30,665(23,249)(48,172)

Non-controling interests非控股东权益(829)(391)–

(Los)/profit for the year本年度（亏损）╱溢利(28,651)30,274(23,249)(48,172)

Asets and liabilities资产及负债

Investment properties, other property,

plant and equipment and leasehold land

投资物业、其他物业、

厂房及设备及租赁土地281,735285,053281,885265,597

Intangible asets无形资产2,7952,7002,6052,187

Interests in joint ventures合营企业权益527,699590,493515,923450,660

Other financial asets其他金融资产19,54120,20919,82418,153

Prepayments for the other property,

plant and equipment

其他物业、厂房及

设备预付款项3,993–

Net curent asets流动资产净额316,083305,396317,303308,974

Total asets les curent liabilities资产总额减流动负债1,151,8461,203,8511,137,5401,045,571

Non-curent liabilities非流动负债(38,463)(33,857)(29,355)(22,383)

Net asets资产净额1,113,3831,169,9941,108,1851,023,188

Share capital股本208,418208,418208,418208,418

Reserves储备906,623961,576899,767814,770

Total equity atributable to equity

shareholders of the Company

应拨归于本公司股权

持有人权益总额1,115,0411,169,9941,108,1851,023,188

Non-controling interests非控股东权益(1,658)–

Total equity权益总额1,113,3831,169,9941,108,1851,023,188

Per share basis以每股计算

Basic and diluted (los)/earnings

per share

每股基本及摊薄

（亏损）╱盈利(HK$0.13)HK$0.15(HK$0.11)(HK$0.23)

Fair value at 31 March 2025	Fair value measurements as at 31 March 2025 categorised into
于二零二五年三月三十一日之公平价值	于二零二五年三月三十一日公平价值计量分类为以下级别
	Level 1	Level 2	Level 3
	第一级别	第二级别	第三级别
$’000	$’000	$’000	$’000
千元	千元	千元	千元
3,636	3,636	–	–
8,900	–	–	8,900
57	–	57	–

长江制衣有限公司

YANGTZEKIANG GARMENT LIMITED

2024/25

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

REPORT OF THE DIRECTORS

董事会报告书

REPORT OF THE DIRECTORS

董事会报告书

REPORT OF THE DIRECTORS

董事会报告书

REPORT OF THE DIRECTORS

董事会报告书

Notes:

REPORT OF THE DIRECTORS

董事会报告书

REPORT OF THE DIRECTORS

董事会报告书

Note: The shares were directly held by Yue Xiu Textiles Co., Ltd., a 100% owned

REPORT OF THE DIRECTORS

董事会报告书

REPORT OF THE DIRECTORS

董事会报告书

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

2024. The directors’ atendance to the general meting is listed out

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

1. The Nomination Comite should, upon receipt of the proposal

3. The Nomination Comite should then recomend to the Board to

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

Telephone: (852) 2327 5111

Facsimile: (852) 2352 2286

CORPORATE GOVERNANCE REPORT

企业管治报告

DIRECTORS AND MANAGEMENT

董事及管理人员

DIRECTORS AND MANAGEMENT

董事及管理人员

2010. He was the Vice Chairman of the board of directors of YGM

DIRECTORS AND MANAGEMENT

董事及管理人员

DIRECTORS AND MANAGEMENT

董事及管理人员

1989. With wide range of both woven and knit experience in garment