公司资料

Corporate Information

五年财务摘要

Five Year Financial Highlights

主席报告

Chairman’s Statement

管理层讨论及分析

Management Discusion and Analysis

企业管治报告

Corporate Governance Report

董事会报告

Directors’ Report

董事及管理人员

Directors and Management

独立核数师报告

Independent Auditor’s Report

综合损益表

Consolidated Statement of Profit or Los

综合损益及其他全面收益表

Consolidated Statement of Profit or Los and

Other Comprehensive Income

综合财务状况表

Consolidated Statement of Financial Position

综合权益变动表

Consolidated Statement of Changes in Equity

综合现金流量表

Consolidated Cash Flow Statement

综合财务报表附注

Notes to the Consolidated Financial Statements

主要附属公司

Principal Subsidiaries

	2025	2024	2023	2022	2021
	$’000	$’000	$’000	$’000	$’000
177,852
117,464
66.0%
441
0.2%
(5,000)
(17,450)
–
1,917
(23,650)
-13.3%
($0.14)
–
$0.10
-71.4%
36,407
93,673
99,159
505,776
87,279
413,157
-4.7%
-5.7%
2.6
0.108
165,864
139,326

	2025	2024	+/(-)
	港元千元	港元千元	变动
	HK$’000	HK$’000	change
177,852
117,464
66.0%
441
0.2%
(23,650)
-13.3%
29,716
16.7%
-4.7%
93,673
99,159
505,776
87,279
413,157
-5.7%
2.6
0.108
($0.14)
$0.10
-71.4%
36,407
1,724

		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	股东大会
		Board	Audit Committee	Remuneration Committee	Nomination Committee	Risk Management Committee	General Meeting

高级管理人员数目
酬金	Emoluments	Number of senior management

普通股数目
Number of Ordinary Shares
	个人权益	家族权益	公司权益	其他权益
	Personal	Family	Corporate	Other
	interests	interests	interests	interests

Impairment of intangible assets with indefinite useful lives
Refer to note 12 to the consolidated financial statements and accounting policies in note 1(j)(ii).
The Key Audit Matter	How the matter was addressed in our audit
As at 31 March 2025, the Group’s intangible assets with indefinite useful lives amount to HK$128,442,000, which represent trademarks acquired by the Group in prior years. The recoverable amounts of the CGUs to which trademarks were allocated, which are the higher of the fair value less costs of disposal and their value-in- use, are estimated annually whether or not there is any indication of impairment. In order to determine the recoverable amounts, management prepared discounted cash flow forecasts and engaged an external valuer to assess the valuations of the trademarks. The discounted cashflow forecasts used to assess the risk of impairment is based on a number of key assumptions, including estimations of future revenue, terminal growth rates and the discount rates applied. We identified the impairment of intangible assets to be a key audit matter because the preparation of discounted cash flow forecasts involves significant management judgement, which could be subjective.	Our audit procedures to assess whether impairment of intangible assets with indefinite useful lives included the following: • assessing and challenging the Group’s impairment assessment model, including management’s identification of the CGUs; • comparing the actual results of the CGUs for the current year with the forecasts adopted by management in the discounted cash flow forecasts for the prior year to assess the effectiveness of management’s forecasting process, making enquiries of management as to the reasons for any significant variations identified and considering if there was any indication of management bias; • obtaining and inspecting the valuation reports prepared by the external valuer engaged by the Group and assessing the independence, qualifications, expertise and objectivity of the independent external valuer;

具有无限可使用年期无形资产的减值
参阅综合财务报表附注第12项及会计政策附注第1(j)(ii)项。
关键审计事项	我们的审计如何处理该事项
于二零二五年三月三十一日，贵集团具有无限可使用年期无形资产的金额为128,442,000港元，即贵集团于往年度所收购的商标。由商标分配现金产生单位的可收回金额为公允值减出售成本与使用价值两者之较高者，每年估计是否存在减值迹象。为了厘定可收回金额，管理层编制折现现金流量预测及委聘外部估价师评估商标的估价。使用折现现金流量预测以评估减值风险是基于一系列关键假设，包括估计的未来收入、永久增长率和适用的折现率。我们识别无形资产减值为关键审计事项，因编制现金流量的预测涉及重大的管理判断，可能是具有主观性。	我们就评估具有无限可使用年期无形资产有否出现减值的审计程序包括以下程序： • 评估和质疑贵集团的减值评估模型，包括管理层识别的现金产生单位； • 将本年度现金产生单位的实际业绩对比管理层在往年度就折现现金流量预测所采纳的预测，以评估管理层预测过程的有效性，并就发现之任何重大差异向管理层提问及评估管理层是否存在偏见迹象； • 获取和审核由贵集团委聘外部估价师所编制的估价报告，并评估独立外部估价师的独立性、资格、专业知识和客观性；

年报 2024/25 Anual Report35

独立核数师报告

Independent Auditor’s Report

Impairment of intangible assets with indefinite useful lives
Refer to note 12 to the consolidated financial statements and accounting policies in note 1(j)(ii).
The Key Audit Matter	How the matter was addressed in our audit
The Key Audit Matter	• discussing with the external valuer and evaluating the valuation methodology adopted with reference to the prevailing accounting standards and assessing the discount rates, with the assistance of our internal valuation specialists; • challenging the key assumptions used in the discounted cash flow forecasts prepared by management such as future revenue, terminal growth rates with the historical performance of the relevant CGUs and other available third-party information; • performing sensitivity analysis of the discount rates and terminal growth rates adopted in the discounted cash flow forecasts prepared by management and assessing the impact of changes in the key assumptions to the conclusion reached in the impairment assessment and considering whether there were any indicators of management bias; and • considering the reasonableness of the Group’s disclosures in the consolidated financial statements in respect of its impairment assessment of the intangible assets with reference to the requirements of the prevailing accounting standards.

具有无限可使用年期无形资产的减值
参阅综合财务报表附注第12项及会计政策附注第1(j)(ii)项。
关键审计事项	我们的审计如何处理该事项
关键审计事项	• 与外部估值师讨论并参照现行会计准则所采用的估价方法及在我们内部估值专家的协助下，评估折现率； • 质疑管理层编制的折现现金流量预测所使用的关键假设，如未来收入和永久增长率，通过与相关现金产生单位历史业绩和其他可用的第三方资料进行比较； • 进行敏感度分析以评估管理层编制折现现金流量预测中所采用的折现率和永久增长率，并评估关键假设的变化对减值评估结论的影响及评估管理层是否存在偏见迹象；及 • 考虑贵集团在综合财务报表披露有关无形资产减值评估的合理性，并参考现行会计准则的规定。

年报 2024/25 Anual Report36

独立核数师报告

Independent Auditor’s Report

Net realisable value of inventories
Refer to note 14 to the consolidated financial statements and the accounting policies in note 1(k).
The Key Audit Matter	How the matter was addressed in our audit
As at 31 March 2025, the inventories of the Group amounted to HK$31,816,000. Inventories are carried at the lower of cost and net realisable value (“NRV”) in the consolidated financial statements of the Group. Sales of inventories in the fashion industry can be volatile due to changing fashion trends, consumer demand and economic conditions. The changing tastes and patterns of consumption of customers require the Group to periodically review its inventory portfolio and dispose of off-season inventories at a markdown from the original price to maintain the strength of the brands and make room for new season inventories in its retail stores. The Executive Director and senior members of the sales team review the full inventory list regularly to identify inventories which may need to be discounted in order to increase their chances of being sold. Key data used in this review process includes sales volume history and ageing patterns of inventories.	Our audit procedures to assess the valuation of inventories included the following: • assessing whether the inventory provision at the reporting date was consistent with the Group’s inventory provisioning policy by recalculating the inventory provision based on the percentages of inventory costs and other parameters in the Group’s inventory provisioning policy; • assessing, on a sample basis, whether items in the inventory ageing report were classified within the appropriate ageing bracket; • assessing the Group’s inventory provisioning policy by comparing the amounts of inventories which will be unsold at the end of the reporting period with historical sales data for the current and prior years;

存货可变现净值
参阅综合财务报表附注第14项及会计政策附注第1(k)项。
关键审计事项	我们的审计如何处理该事项
于二零二五年三月三十一日，贵集团的存货为 31,816,000港元。存货于贵集团的综合财务报表以成本及可变现净值两者中之较低数额入账。消费者的需求会因应当时的流行趋势，消费者需求和零售状况有所变化，令时装业的存货销售受到波动。为了维持品牌的实力和腾出零售店的空间供新一季的存货之用，贵集团一般会以低于原价出售或处置换季的存货。执行董事及销售团队的高级人员定期审阅完整之存货清单，以确定可能需提供折扣之存货，以增加其销售之机会。审阅过程中使用之关键资料包括各地区之销售量历史数据及存货之货龄模式。	我们就评估存货估值的审计程序包括以下程序： • 按照贵集团存货拨备政策的存货成本百分比及其他参数重新计算的存货拨备，评估于报告日期存款拨备是否与贵集团的存货拨备政策一致； • 根据样本基础评估存货的账龄报告中的项目是否归类在合适的账龄类别； • 通过比较报告期末未售出存货数量对比今年和过去年度的销售数据，从而评估贵集团目前的存货拨备政策；

年报 2024/25 Anual Report37

独立核数师报告

Independent Auditor’s Report

Net realisable value of inventories
Refer to note 14 to the consolidated financial statements and the accounting policies in note 1(k).
The Key Audit Matter	How the matter was addressed in our audit
We identified the NRV of inventories as a key audit matter because significant judgements and assumptions are involved by management in estimating the amounts of inventories which will be unsold at the end of each reporting period and the markdowns necessary to sell such off-season inventories on a discounted basis through outlets and other channels in the following years.	• comparing the carrying amount of the inventories at the reporting date to their NRV by reviewing the sales of inventories subsequent to the reporting date; • comparing inventory balances by season against respective balances in prior years and the movement by season against historical movements to identify inventories which are relatively slow moving; and • enquiring of the Executive Director and senior members of the sales team about any expected changes in plans for markdowns or disposals of off-season inventories and comparing their representations with actual sales transactions subsequent to the reporting date.

存货可变现净值
参阅综合财务报表附注第14项及会计政策附注第1(k)项。
关键审计事项	我们的审计如何处理该事项
我们识别存货可变现净值为关键审计事项，因管理层就估计库存量时作出重大判断和假设，当中涉及预测每个报告期末未售出存货数量和降价促销数量，以及来年透过零售商店及其他渠道必须以折扣价出售换季存货的价格减幅。	• 在报告日期后通过审查存货销售情况，将报告日存货的入账值与其可变现净值进行比较； • 按季度与往年的季度存货结余作比较，同时按季度与过往存货变动作比较，从而办别出相对周转率较低的存货；及 • 向执行董事及销售团队的高级人员询问有关减价或出售换季存货计划的任何预期变化，从而对前者的描述与报告日期之后的实际销售交易作出比较。

年报 2024/25 Anual Report38

独立核数师报告

Independent Auditor’s Report

年报 2024/25 Anual Report39

独立核数师报告

Independent Auditor’s Report

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

财务报告会计准则》及香港《公司条例》拟备真

实而中肯的综合财务报表，并对其认为使综

合财务报表的拟备不存在由于欺诈或错误而导

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。

审计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 as 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.

年报 2024/25 Anual Report40

独立核数师报告

Independent Auditor’s Report

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综合财务报表

所作出的经济决定，则有关的错误陈述可被视

作重大。

在根据《香港审计准则》进行审计的过程中，我

们运用了专业判断，保持专业怀疑态度。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表中的相关披露。假

若有关的披露不足，则我们应当发表非无

保留意见。我们的结论是基于核数师报告

日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.

年报 2024/25 Anual Report41

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Independent Auditor’s Report

、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。

，以获取关于集团内

实体或业务单位财务信息的充足及适当的

审计凭证，作为对集团财务报表形成意见

的基础。我们负责指导、监督和覆核就集

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，我们与审计委员会沟通了计划

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的内部控制的任何重大

缺陷。

我们还向审计委员会提交声明，说明我们已符

合有关独立性的相关专业道德要求，并与他们

沟通有可能合理地被认为会影响我们独立性的

所有关系和其他事项，以及为消除对独立性的

威胁所采取的行动或防范措施（若适用）。

从与审计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（执业证号：P05280）。

毕马威会计师事务所

执业会计师

香港中环

遮打道10号

太子大厦8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

	附注	2025	2024
	Note	$’000	$’000
177,852
(60,388)
117,464
9,537
(79,695)
(46,865)
441
(17,450)
(5,000)
(2,352)
(24,361)
(154)
(24,515)
(23,650)
(865)
(24,515)
$(0.14)

综合损益表

Consolidated Statement of Profit or Los

年报 2024/25 Anual Report42

截至二零二五年三月三十一日止年度 For the year ended 31 March 2025

（以港元列示╱Expresed in Hong Kong dolars）

收

销

毛

其

分

行

经

投

无

融

除

所

本

归

本

非

本

每

基

The notes on pages 47 to 113 form part of these financial statements. Details of dividends

payable to equity shareholders of the Company are set out in note 22(b).

第47页至第113页之附注属本财务报表之一部份。应付本公

司权益股东的股息详情列于附注第22(b)项。

	2025	2024
	$’000	$’000
(24,515)
–————–
3,406
(1,967)
(254)
1,185
(23,330)
(22,465)
(865)
(23,330)

综合损益及其他全面收益表

Consolidated Statement of Profit or Los and Other Comprehensive Income

年报 2024/25 Anual Report43

截至二零二五年三月三十一日止年度 For the year ended 31 March 2025

（以港元列示╱Expresed in Hong Kong dolars）

其

The notes on pages 47 to 113 form part of these financial statements.第47页至第113页之附注属本财务报表之一部份。

	附注	2025	2024
	Note	$’000	$’000
175,228
38,548
213,776
128,442
1,391
18
343,627
7,955
31,816
28,383
322
93,673
162,149
37,811
3,696
21,421
62
62,990
99,159
442,786
23,307
982
24,289
418,497
383,909
29,248
413,157
5,340
418,497

综合财务状况表

Consolidated Statement of Financial Position

年报 2024/25 Anual Report44

于二零二五年三月三十一日 At 31 March 2025

（以港元列示╱ Expresed in Hong Kong dolars）

非

投

其

流

作

存

应

本

现

流

应

合

租

本

递

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

2025.

Chan Wing Sun, SamuelChan Suk Ling, Shirley

ChairmanVice Chairman

The notes on pages 47 to 113 form part of these financial statements.

董事会已于二零二五年六月二十五日核准及授

权发布。

主席副主席

陈永燊周陈淑玲

第47页至第113页之附注属本财务报表之一部份。

归属本公司权益股东
Attributable to equity shareholders of the Company
	附注	股本	外汇储备	重估储备	保留溢利	总额	非控股权益	权益总额
	Note	Share capital	Exchange reserve	Revaluation reserve	Retained profits	Total	Non- controlling interests	Total equity
		$’000	$’000	$’000	$’000	$’000	$’000	$’000
		（附注22(c)）	（附注22(d)(i)）	（附注22(d)(ii)）
		(Note 22(c))	(Note 22(d)(i))	(Note 22(d)(ii))

–	–	–	(23,650)	(23,650)	(865)	(24,515)
–	3,406	–	–	3,406	–	3,406
–	(1,967)	–	–	(1,967)	–	(1,967)
–	–	–	(254)	(254)	–	(254)
–	1,439	–	(23,904)	(22,465)	(865)	(23,330)
–	–	–	(16,586)	(16,586)	–	(16,586)
383,909	(47,550)	13,432	63,366	413,157	5,340	418,497

综合权益变动表

Consolidated Statement of Changes in Equity

年报 2024/25 Anual Report45

截至二零二五年三月三十一日止年度 For the year ended 31 March 2025

（以港元列示╱ Expresed in Hong Kong dolars）

于二零二三年四月一日At 1 April 2023383,909(52,480)13,432125,563470,4247,193477,617

权益变动：Changes in equity:

本年度亏损Los for the year–(5,121)(5,121)(814)(5,935)

其他全面收益：Other comprehensive income:

换算香港以外附属公司财务报表

所产生的汇兑差额

Exchange diferences on translation of financial

statements of subsidiaries outside Hong Kong–3,491–3,491(174)3,317

本年度全面收益总额Total comprehensive income–3,491–(5,121)(1,630)(988)(2,618)

过往年度已批准及已付股息Dividends aproved and paid in respect of

previous year22(b)(i)–(16,586)(16,586)–(16,586)

于二零二四年三月三十一日及

二零二四年四月一日

At 31 March 2024 and

1 April 2024383,909(48,989)13,432103,856452,2086,205458,413

权益变动：Changes in equity:

本年度亏损Los for the year

其他全面收益：Other comprehensive income:

换算香港以外附属公司财务报表

所产生的汇兑差额

Exchange diferences on translation of financial

statements of subsidiaries outside Hong Kong

注销附属公司释放的汇兑储备Release of exchange reserve upon

deregistration of subsidiaries

重新计量长期服务金拨备Remeasurement of provision for long service

payments

本年度全面收益总额Total comprehensive income

过往年度已批准及已付股息Dividends aproved and paid in respect of

previous year22(b)(i)

于二零二五年三月三十一日At 31 March 2025

The notes on pages 47 to 113 form part of these financial statements.第47页至第113页之附注属本财务报表之一部份。

	附注	2025	2024
	Note	$’000	$’000
36,407
(52)
26
(26)
36,381
(1,724)
1,750
1,002
2,367
3,395
(30,667)
(2,305)
(16,586)
(49,558)
(9,782)
103,397
58
93,673

综合现金流量表

Consolidated Cash Flow Statement

年报 2024/25 Anual Report46

截至二零二五年三月三十一日止年度 For the year ended 31 March 2025

（以港元列示╱ Expresed in Hong Kong dolars）

经

已

－

已

于

外

The notes on pages 47 to 113 form part of these financial statements.第47页至第113页之附注属本财务报表之一部份。

综合财务报表附注

Notes to the Consolidated Financial Statements

年报 2024/25 Anual Report47

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

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 Acountant (“HKICPA”) and

the requirements of the Hong Kong Companies Ordinance

(the “Company 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”).

The measurement basis used in the preparation of the

financial statements is the historical cost basis except that the

folowing asets are stated at their fair value as explained in

the acounting policies set out below:

– investment properties, including interests in leasehold

land and buildings held as investment properties where

the Group is the registered owner of the property interest

(se note 1(f); and

– trading securities (se note 1(e).

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.

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.

1 主要会计政策

(a) 遵例声明

本财务报表乃按照所有适用之香港

财务报告会计准则编制，包括香港

会计师公会颁布所有适用之个别《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」）与诠释及香港《公司条例》（「公司

条例」）之规定。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」）之适用披露规定。

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经修订之

香港财务报告会计准则，并于本集团

之本期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

该等发展引致之任何会计政策变动，

已反映于本财务报表内，有关资料列

载于附注第1(c)项。

(b) 财务报表之编制基准

截至二零二五年三月三十一日止年度

之综合财务报表涵盖本公司及其附属

公司（统称「本集团」）。

本财务报表是以历史成本作为编制所

用之计量基准，惟下列资产以其公允

值按下文所述之会计政策入账者则除

外：

－投资物业、包括持作投资物业的

租赁土地及楼宇的权益，而本集

团为该等物业权益的注册拥有人

（参阅附注第1(f)项）；及

－作买卖用途之证券（参阅附注第

1(e)项）。

编制符合香港财务报告会计准则之财

务报表，要求管理层就可影响政策应

用以及资产、负债、收益及开支之呈

报金额作出判断、估算及假设。有关

估算及相关假设根据过往经验及多项

于此情况下相信属合理之其他因素作

出，有关结果构成对未能在其他资料

来源显示之资产及负债之账面值作出

判断之基础。实际结果可能与该等估

算有所差异。

估算及相关假设乃按持续基准审阅。

会计估算之修订乃于估算有所修订之

期间（倘修订仅影响该期间），或修订

期间及未来期间（倘修订影响当前期

间及未来期间）内确认。

年报 2024/25 Anual Report48

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 Material acounting policies (continued)

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

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 2.

The Group has aplied the folowing amendments to

HKFRS and HKASs isued by the HKICPA to these financial

statements for the curent acounting period:

– Amendments to HKAS 1, 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”)

– Amendments to HKFRS 16, Leases – Lease liability in a

sale and leaseback

– Amendments to HKAS 7, Statement of cash flows and

HKFRS 7, Financial instruments: Disclosures – Suplier

finance arangements

None of these amendments 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 and non-controling interests

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.

1 主要会计政策（续）

(b) 财务报表之编制基准（续）

有关管理层在应用香港财务报告会计

准则时所作出对本财务报表有重大影

响之判断以及构成估算的不确定因

素，详情载列于附注第2项。

本集团已将香港会计师公会颁布的香

港财务报告准则及香港会计准则的以

下修订应用于本会计期间的财务报表：

－《香港会计准则》第1号 — 「财务

报表的列报－负债的流动或非流

动分类」的修订，以及《香港会计

准则》第1号 — 「财务报表的列

报－附有契约的非流动负债」的

修订

－《香港财务报告准则》第16号 —

「租赁－售后租回中的租赁负债」

的修订

－《香港会计准则》第7号 — 「现金

流量表」的修订，以及《香港财务

报告准则》第7号 — 「金融工具：

揭露－供应商融资安排」的修订

上述修订均未对本集团本期或过往期

间业绩及财务状况的编制或列报方式

产生重大影响。本集团并无采用任何

尚未于本会计期间生效的新准则或诠

释。

(d) 附属公司及非控股权益

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。附属公司的财务表自控制

开始日起至控制终止日纳入综合财务

报表。

集团内成员公司间的结余及交易，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

内公司间之交易所产生之未变现亏损

按与未变现收益相同之方式抵销，惟

只限于未变现亏损并不显示有减值情

况。

年报 2024/25 Anual Report49

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(d) 附属公司及非控股权益（续）

就各企业合并而言，本集团可选择按

公允值或非控股权益所占附属公司之

净可识别资产之比例计量任何非控股

权益。非控股权益在综合财务状况表

之权益部份内，与本公司股权持有人

应占权益分开呈列。非控股权益所占

本集团业绩之权益在综合损益表及综

合损益及其他全面收益表呈列，以显

示本年度之总溢利或亏损及全面收益

总额于非控股权益与本公司股权持有

人之间之分配。非控股权益持有人贷

款及其他该等持有人须履行之合约义

务根据附注第1(o)或(n)项按负债性质

于综合财务状况表中呈列为金融负债。

本集团将不导致丧失控制权之附属公

司权益变动乃以权益交易入账。

倘本集团丧失附属公司之控制权，则

终止该附属公司之资产及负债以及权

益的其他组成部分。因此产生的任何

收益或亏损于损益内确认。于丧失控

制权当日在该前附属公司保留的任何

权益均按公允价值计量。

于本公司财务状况表，于附属公司的

投资按成本扣除减值亏损列账（见附

注第1(j)(i)）项。除非分类为持作待售

则除外（或计入分类为持作待售的出

售组别）。

(e) 其他投资

本集团（于附属公司之投资除外）之投

资政策如下：

投资于本集团承诺购买╱出售投资之

日确认╱终止确认。该等投资初始按

公允值加直接应占交易成本入账，惟

按公允值计入损益的投资除外，该等

投资的交易成本直接于损益确认。有

关本集团厘定金融工具公允值的方法

的解释（参阅附注第24(f)(i)项）。此等

投资其后入账如下：

1 Material acounting policies (continued)

(d) Subsidiaries and non-controling interests (continued)

For each busines combination, the Group can elect to

measure any non-controling interests (“NCI”) either at fair

value or at the NCI’s proportionate share of the subsidiary’s

net identifiable asets. NCI are presented in the consolidated

statement of financial position within equity, separately

from equity atributable to the equity shareholders of the

Company. NCI in the results of the Group are presented

on the face of the consolidated statement of profit or los

and the consolidated statement of profit or los and other

comprehensive income as an alocation of the total profit or

los and total comprehensive income for the year betwen

NCI and the equity shareholders of the Company. Loans from

holders of NCI and other contractual obligations towards these

holders are presented as financial liabilities in the consolidated

statement of financial position in acordance with notes 1(o)

or (n) depending on the nature of the liability.

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 NCI

and 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(j)(i), unles it is clasified as held for sale (or

included in a disposal group clasified as held for sale).

(e) Other investments

The Group’s policies for investments, other than investments

in subsidiaries, are set out below.

Investments are recognised/derecognised on the date

the Group comits to purchase/sel the investments. 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 23(f)(i). These investments are

subsequently acounted for as folows, depending on their

clasification:

年报 2024/25 Anual Report50

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(e) 其他投资（续）

非权益投资

本集团持有之非权益投资乃按以下其

中一种计量分类：

－如持有投资是为了收取仅代表支

付本金和利息之合约现金流，则

按摊销成本计量。除信贷亏损、

利息收入乃按实际利率法计算（参

阅附注第1(t)(v)项），汇兑盈亏在

损益内确认，任何终止确认的收

益或亏损在损益内确认。

－如投资之合约现金流仅包括支付

本金及利息，并且持有投资之业

务模式乃以收取合约现金流及出

售为目标，则以按公允值计入其

他全面收益（可拨回）计量。公

允值之变动于其他全面收益内确

认。除预计期信贷亏损、利息收

入（以实际利率法计算）及汇兑损

益于损益中确认及计算方法与金

融资产从摊销成本计量相同。公

允值与摊销成本之间的差额在其

他全面收益中确认。当终止确认

投资时，于其他全面收益累计之

金额则从权益中拨回至损益中。

－如投资不能符合按摊销成本或按

公允值计入其他全面收益（可拨

回）计量之标准，则以按公允值

计入损益计量。投资之公允值之

变动（包括利息）于损益中确认。

(f) 投资物业

投资业务初步按成本计量，其后按公

平值计量且其变动于损益确认。

出售投资物业所产生之任何收益或亏

损，均在损益内确认。投资物业之租

金收入是按照附注第1(t)(i) 项所述方

式入账。

1 Material acounting policies (continued)

(e) Other investments (continued)

Non-equity investments

Non-equity investments held by the Group are clasified into

one of the folowing measurement categories:

– amortised cost, if the investment is held for the colection

of contractual cash flows which represent solely

payments of principal and interest. Expected credit

loses, interest income calculated using the efective

interest method (se note 1(t)(v), foreign exchange gains

and loses are recognised in profit or los. Any gain or

los on derecognition is recognised in profit or los.

– fair value through other comprehensive income (“FVOCI”)

(recycling), if the contractual cash flows of the investment

comprise solely payments of principal and interest and

the investment is held within a busines model whose

objective is achieved by both the colection of contractual

cash flows and sale. Expected credit loses, interest

income (calculated using the efective interest method)

and foreign exchange gains and loses are recognised

in profit or los and computed in the same maner as if

the financial aset was measured at amortised cost. The

diference betwen the fair value and the amortised cost

is recognised in other comprehensive income (“OCI”).

When the investment is derecognised, the amount

acumulated in OCI is recycled from equity to profit or

los.

– FVPL if the investment does not met the criteria for

being measured at amortised cost or FVOCI (recycling).

Changes in the fair value of the investment (including

interest) are recognised in profit or los.

(f) Investment properties

Investment property is initialy measured at cost, and

subsequently at fair value with changes therein recognised in

profit or los.

Any gain or los on disposal of investment property is

recognised in profit or los. Rental income from investment

properties is recognised in acordance with note 1(t)(i).

年报 2024/25 Anual Report51

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(g) 其他物业、厂房及设备

以下持作自用之物业、厂房及设备项

目乃按成本减去累计折旧及减值亏损

列账（参阅附注第1(j)(i)项）：

－租赁土地及楼宇之权益且本集团

为该等物业权益的注册拥有人（参

阅附注第1(i)项）；

－以永久业权或租赁持有之物业且

本集团并非该等物业权益的注册

拥有人所产生的使用权资产（参

阅附注第1(i) 项）；及

－厂房及设备项目，包括相关厂房

及设备租赁所产生的使用权资产

（参阅附注第1(i)项）。

倘物业、厂房及设备项目的重要组成

部分具不同可用年限，则该等重要组

成部分作为独立项目（主要部分）入账。

出售物业、厂房及设备项目的任何收

益或亏损于损益内确认。任何相关的

重估盈余均从重估储备转入保留溢

利，且不会重新分类至损益。

物业、厂房及设备项目之折旧是以直

线法在以下预计可用年限内撇销其成

本计算：

－租赁土地按尚余租赁期计算折旧。

－本集团于租赁土地上之楼宇权益

按尚余租赁期或预计可用年限（即

落成日期起计不多于50年）两者

中之较短期间计算折旧。

－厂房及机器 10年

－装修、汽车、

家私及设备 2至10年

折旧方法、可使用年限和余值在每个

报告日进行审查并在适当时进行调整。

1 Material acounting policies (continued)

(g) Other property, plant and equipment

The folowing property held for own use, plant and equipment

are stated at cost les acumulated depreciation and

impairment loses (se note 1(j)(i):

– interests in leasehold land and buildings where the Group

is the registered owner of the property interest (se note

1(i);

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

or leasehold properties where the Group is not the

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

and

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

asets arising from leases of underlying plant and

equipment (se note 1(i).

If significant parts of an item of property, plant and equipment

have diferent useful lives, then they are acounted for as

separate items (major components).

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 of items of

property, plant and equipment, les their estimated residual

value, if any, using the straight-line method over their

estimated useful lives as folows:

– Leasehold land is depreciated over the unexpired 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 their estimated useful lives, being

no more than 50 years after the date of completion.

– Plant and machinery 10 years

– Leasehold improvements, motor vehicles

and furniture and equipment 2 to 10 years

Depreciation methods, useful lives and residual values are

reviewed at each reporting date and adjusted if apropriate.

年报 2024/25 Anual Report52

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(h) 无形资产

本集团收购之商标估计可用年期为无

限期乃按成本减累计减值亏损入账（参

阅附注第1(j)(i)项）。内部产生品牌之

支出于产生期间列作费用。

可使用年期评估为无限期之无形资产

不予摊销。有关无形资产之可使用年

期为无限期之任何结论，会每年检讨

以厘定事件及情况是否继续支持该资

产之无限期可使用年期评估。倘不继

续支持，则可使用年期评估由无限期

变为有限期，并自变化之日起根据上

述有限年期之无形资产摊销政策作出

前瞻性记账。

(i) 租赁资产

本集团于合约初始评估有关合约是否

属租赁或包含租赁。倘合约为给予于

一段时间内控制可识别资产使用的权

利而换取代价，则该合约为租赁或包

含租赁。在客户既有权主导已识别资

产的使用，亦有权从使用获得几乎所

有经济利益的情况下，则已让渡控制

权。

(i) 作为承租人

于租赁开始日期，本集团确认使

用权资产及租赁负债，惟租赁期

为十二个月或更短的短期租赁和

低价值资产租赁除外。当本集团

就低价值项目订立租赁时，本集

团按每项租赁情况决定是否将租

赁资本化。如不作资本化相关租

赁付款于租赁期内按系统基准于

损益确认。

当将租赁资本化时，租赁负债最

初按租赁期内应付租赁付款的现

值确认，并使用租赁中隐含的利

率或（倘该利率不可直接厘定）使

用相关的递增借款利率贴现。初

步确认后，租赁负债按摊销成本

计量，而利息支出则采用实际利

率法计算。不取决于某一指数或

比率的可变租赁付款不包括在租

赁负债的计量，因此于其产生的

会计期间自损益扣除。

1 Material acounting policies (continued)

(h) Intangible asets

Trademark acquired by the Group with an indefinite estimated

useful life are stated at cost les impairment loses (se

note 1(j)(i). Expenditure on internaly generated brands is

recognised as an expense in the period in which it is incured.

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.

(i) 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 item such as laptops and

ofice furniture. 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.

年报 2024/25 Anual Report53

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(i) 租赁资产（续）

(i) 作为承租人（续）

于租赁资本化时确认的使用权资

产初步按成本计量，包括租赁负

债的初始金额加上在开始日期或

之前支付的任何租赁付款，以及

产生的任何初步直接成本。在适

用情况下，使用权资产的成本亦

包括拆除及移除相关资产或还原

相关资产或该资产所在地而产生

的估计成本，该成本须贴现至其

现值并扣除任何收取的租赁优

惠。使用权资产随后按成本减去

累计折旧及减值亏损列账（参阅

附注第1(g)及第1(j)(i)项），惟以下

使用权资产除外：

– 使用权资产符合投资物业的

定义，以公平价值计量（参

阅附注第1(f) 项）；及

– 使用权资产与本集团注册拥

有的租赁土地及建筑物相关

的租赁权益以公允价值入帐

（参阅附注第1(g)项）

可退还租赁按金与使用权资产分

开入账，并按会计政策适用于投

资非股权证券投资摊销成本计量

（参阅附注第1(e)、1(t)(v)及1(j)(i)

项）。按金的名义价值超出初始

公允价值的部分作为额外租赁付

款入账，计入使用权资产成本。

当未来租赁付款因某一指数或比

率变动而变更，或当本集团预期

根据剩余价值担保估计预期应付

的金额有变，或因重新评估本集

团是否合理地确定将行使购买、

续租或终止选择权而产生变动，

则会重新计量租赁负债。按此方

式重新计量租赁负债时，使用权

资产的账面值将作相应调整，或

倘使用权资产的账面值已减至

零，则于损益内列账。

1 Material acounting policies (continued)

(i) 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(g) and 1(j)(i), except for the folowing types of

right-of-use aset:

– right-of-use asets that met the definition of

investment property are caried at fair value (se

note 1(f); and

– right-of-use asets related to leasehold land and

buildings where the Group is the registered owner

of the leasehold interest are caried at fair value (se

note 1(g)

Refundable rental deposits are acounted for separately

from the right-of-use asets in acordance with the

acounting policy aplicable to investments in non-equity

securities caried at amortised cost (se notes 1(e), 1(t)(v)

and 1(j)(i). Any exces of the nominal value over the initial

fair value of the deposits is acounted for as aditional

lease payments made and is included in the cost of right-

of-use asets.

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.

年报 2024/25 Anual Report54

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 Material acounting policies (continued)

(i) Leased asets (continued)

(i) As a lese (continued)

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

only exceptions are rent concesions that ocured as a

direct consequence of the COVID-19 pandemic and met

the conditions set out in paragraph 46B of HKFRS 16

Leases. In such cases, the Group has taken advantage

of the practical expedient not to ases whether the rent

concesions are lease modifications, and recognised

the change in consideration as negative variable lease

payments in profit or los in the period in which the event

or condition that trigers the rent concesions ocured.

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.

When a contract contains lease and non-lease

components, the Group alocates the consideration in the

contract to each component on a relative stand-alone

seling price basis. The rental income from operating

leases is recognised in acordance with note 1(t)(i).

When the Group is an intermediate lesor, the sub-

leases are clasified as a finance lease or as an operating

lease with reference to the right-of-use aset arising from

the head lease. If the head lease is a short-term lease

to which the Group aplies the exemption described in

note 1(i)(i), then the Group clasifies the sub-lease as an

operating lease.

1 主要会计政策（续）

(i) 租赁资产（续）

(i) 作为承租人（续）

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。在该情况

下，租赁负债根据经修订租赁付

款额及租期使用于修订生效日

期的经修订贴现率重新计量。唯

一例外情况为因COVID-19疫情

直接产生且符合《香港财务报告

准则》第16号「租赁」第46B段所

载条件的租金优惠。于该等情况

下，本集团利用实际权宜方法不

评估该等租金优惠是否属于租赁

修订，并于导致产生该等租金优

惠的事件或情况发生期间于损益

内将代价变动确认为负可变租赁

付款。

于综合财务状况表内，长期租赁

负债的即期部分厘定为应于报告

期结束后十二个月内结算的合同

付款的现值。

(i) 作为出租人

本集团在租赁开始时将每项租赁

厘定为融资租赁或经营租赁。倘

其将相关资产所有权附带的绝大

部分风险及回报转移至承租人，

则租赁分类为融资租赁。如不属

此情况，则租赁分类为经营租赁。

当合约包含租赁及非租赁部分，

本集团按相对独立的销售价格将

合约中代价分配到各部分。经营

租赁的租赁收入根据附注第1(t)(i)

项确认入账。

倘本集团为中间出租人，经参考

总租约产生的使用权资产，分租

被分类为融资租赁或经营租赁。

倘总租约为短期租赁，本集团豁

免遵守附注第1(i)(i)项所载规定，

则本集团将分租分类为经营租赁。

年报 2024/25 Anual Report55

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(j) 信贷亏损及资产减值

(i) 金融工具及应收租赁权费的信贷

亏损

本集团为以下项目的预期信贷亏

损（「预期信贷亏损」）确认了亏损

拨备：

－按摊销成本计量的金融资

产（包括现金及现金等价物

以及应收账款及其他应收账

款）；及

－应收租赁权费。

以公允值计量的金融资产不受预

期信贷亏损评估的约束。

预期信贷亏损的计量

预期信贷亏损是以概率加权估计

出的信贷亏损。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。

对于未提取的贷款承诺，预期现

金短缺量以下两项之间的差额

计量：(i) 如果贷款承诺持有人提

取贷款，本集团应付的合同现金

流量，及(i)如果贷款被提取，本

集团预计收到的现金流量。

当折现率的影响很重大时，预期

现金差额的折现将使用以下折现

率：

－固定利率金融资产、应收账

款及其他应收账款：在初始

确认时确定的实际利率或其

近似值；

－浮动利率金融资产：当前实

际利率；及

－应收租赁权费：折现率用于

应收租赁权费计量。

估计预期信贷亏损时考虑的最长

期限是本集团承受信贷风险的最

长合同期限。

1 Material acounting policies (continued)

(j) 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 (“ECLs”) on:

– 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 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.

For undrawn loan comitments, expected cash

shortfals are measured as the diference betwen (i) the

contractual cash flows that would be due to the Group

if the holder of the loan comitment draws down on the

loan and (i) the cash flows that the Group expects to

receive if the loan is drawn down.

The expected cash shortfals are discounted using the

folowing rates if the efect is material:

– fixed-rate financial asets and trade and other

receivables: efective interest rate determined at

initial recognition or an aproximation thereof;

– variable-rate financial asets: curent efective

interest rate; and

– lease receivables: discount rate used in the

measurement of the lease receivable.

The maximum period considered when estimating ECLs

is the maximum contractual period over which the Group

is exposed to credit risk.

年报 2024/25 Anual Report56

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(j) 信贷亏损及资产减值（续）

(i) 金融工具及应收租赁权费的信贷

亏损（续）

预期信贷亏损的计量（续）

预期信贷亏损是根据以下任何一

项为基础计量：

－十二个月预期信贷亏损：其

为报告日期后十二个月内

（若该工具的预期年限少于

十二个月，则为较短时间）

可能发生的违约事件而导致

的部分预期信贷亏损；及

－全期预期信贷亏损：其为预

期信贷亏损模型适用项目于

预期年限内可能发行之所有

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。

应收款项及合同资产之亏损拨备

一般按等同于整个存续期的预期

信贷亏损的金额计量。

信贷风险大幅增加

于厘定金融工具的信贷风险自初

步确认以来有否大幅上升时及

于计量预期信贷亏损时，本集团

会考虑相关及毋须付出过多成本

或努力即可获得之合理及可靠资

料。此包括根据本集团之过往经

验及已知信贷评估得出定量及定

性资料及分析，包括前瞻性资料。

倘金融资产逾期超过三十日，本

集团假定其信贷风险大幅上升。

1 Material acounting policies (continued)

(j) Credit loses and impairment of asets (continued)

(i) Credit loses from financial instruments and lease

receivables (continued)

Measurement of ECLs (continued)

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 (including loan

comitments isued) 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 and contract

asets are always measured at an amount equal to

lifetime ECLs.

Significant increases in credit risk

When determining whether the credit risk of a financial

instrument (including a loan comitment) has increased

significantly since initial recognition and when measuring

ECLs, the Group considers reasonable and suportable

information that is relevant and available without

undue cost or efort. This includes both quantitative

and qualitative information and analysis, based on

the Group’s historical experience and informed credit

asesment, that includes forward-loking information.

The Group asumes that the credit risk on a financial

aset has increased significantly if it is more than 30 days

past due.

年报 2024/25 Anual Report57

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综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(j) 信贷亏损及资产减值（续）

(i) 金融工具及应收租赁权费的信贷

亏损（续）

信贷风险大幅增加（续）

对于贷款承诺，评估预期信贷亏

损的初始确认日期视为本集团成

为不可撤销承诺一方的日期。评

估自贷款承诺初始确认以来信贷

风险是否显著增加，本集团考虑

贷款承诺相关的贷款发生违约风

险的变动。

本集团考虑金融资产出现违约时：

－债务人不大可能在本集团无

追索权采取行动（如变现抵

押）（如持有）的情况下向本

集团支付其悉数信贷承诺；

或

－该金融资产逾期九十日。

当信贷风险评级相当于全球理解

的「投资等级」定义时，本集团认

为金融工具有低信贷风险。

预期信贷亏损于各结算日重新计

量，以反映自初始确认后金融工

具的信贷风险变化。预期信贷亏

损金额的任何变化均确认为减值

收益或亏损并计入损益。本集团

确认所有金融工具的减值收益或

亏损，并通过亏损拨备相应调整

其账面值。

撇销政策

金融资产、应收租赁权费或合约

资产的账面总额被撇销（部分或

全部）至没有切实恢复的前景。

这种情况一般发生资产成为逾期

三百六十五日或于当本集团确定

债务人没有资产或收入来源可产

生足够的现金流量以偿还撇销的

金额时。

之前撇销而其后收回的资产会在

收回当期损益中确认为减值回拨。

1 Material acounting policies (continued)

(j) Credit loses and impairment of asets (continued)

(i) Credit loses from financial instruments and lease

receivables (continued)

Significant increases in credit risk (continued)

For loan comitments, the date of initial recognition for

the purpose of asesing ECLs is considered to be the

date that the Group becomes a party to the irevocable

comitment. In asesing whether there has ben a

significant increase in credit risk since initial recognition

of a loan comitment, the Group considers changes in

the risk of default ocuring on the loan to which the loan

comitment relates.

The Group considers a financial aset to be in default

when:

– the debtor is unlikely to pay its credit obligations to

the Group in ful, without recourse by the Group to

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

– the financial aset is 90 days past due.

The Group considers a financial instrument to have low

credit risk when its credit risk rating is equivalent to the

globaly understod definition of ‘investment grade’.

ECLs are remeasured at each reporting date to reflect

changes in the financial instrument’s credit risk since

initial recognition. Any change in the ECL amount is

recognised as an impairment gain or los in profit or los.

The Group recognises an impairment gain or los for al

financial instruments with a coresponding adjustment to

their carying amount through a los alowance acount.

Write-of policy

The gros carying amount of a financial aset, lease

receivable or contract aset 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.

年报 2024/25 Anual Report58

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综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(j) 信贷亏损及资产减值（续）

(i) 其他非流动资产减值

于各报告日期，本集团对其非金

融资产（以重估价值列账之物业、

投资物业、存货、及其他合同成

本、合约资产及递延税项资产除

外）的账面值进行检讨，以确定

是否有任何减值迹象。倘出现上

述任何迹象，则估计该资产的可

收回金额。商誉每年进行减值测

试。

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。因业务合并而产生的商誉分

配至预期可从合并协同效应获益

的现金产生单位或现金产生单位

组别。

资产或现金产生单位的可收回金

额乃按其使用价值与其公允值减

出售成本的较高者厘定。使用价

值基于估计未来现金流量，并使

用反映当时市场对货币的时间值

及资产或现金产生单位特定风险

评估的税前贴现率贴现至现值。

若资产或现金产生单位的账面值

高于其可收回金额，确认减值亏

损。

减值亏损于损益内确认。其首先

分配以减少分配至现金产生单位

的任何商誉之账面值，然后按比

例分配以减少现金产生单位中其

他资产的账面值。

有关商誉之减值亏损不予拨回。

就其他资产而言，减值亏损仅于

所产生的账面值未超过若未确认

减值亏损本应厘定的账面值（扣

除折旧或摊销）的情况下拨回。

(i) 中期财务报告及减值

根据上市规则，本集团须按照

《香港会计准则》第34号「中期财

务报告」就财政年度首六个月编

制中期财务报告。于中期间结

束时，本集团应用与其将在财政

年度结束时使用之相同减值测

试、确认及拨回标准（参阅附注

第1(j)项）。

1 Material acounting policies (continued)

(j) Credit loses and impairment of asets (continued)

(i) Impairment of other non-curent asets

At each reporting date, the Group reviews the carying

amounts of its non-financial asets (other than property

caried at revalued amounts, investment property,

inventories and other contract costs, contract asets

and defered tax asets) to determine whether there

is any indication of impairment. If any such indication

exists, then the aset’s recoverable amount is estimated.

Godwil is tested anualy for 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

(“CGU” s). Godwil arising from a busines combination is

alocated to CGUs or groups of CGUs that are expected

to benefit from the synergies of the combination.

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.

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 first to reduce the carying amount of any

godwil alocated to the CGU, and then to reduce the

carying amounts of the other asets in the CGU on a

pro rata basis.

An impairment los in respect of godwil is not reversed.

For other asets, 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.

(i) Interim financial reporting and impairment

Under the Listing Rules, the Group is required to prepare

an interim financial report in compliance with HKAS

34, Interim financial reporting, in respect of the first six

months of the financial year. At the end of the interim

period, the Group aplies the same impairment testing,

recognition, and reversal criteria as it would at the end of

the financial year (se note 1(j).

年报 2024/25 Anual Report59

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综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(j) 资产的信贷亏损及减值（续）

(i) 中期财务报告及减值（续）

在中期确认的商誉减值亏损，亦

不可在往后期间拨回，即使在与

该中期相关的财政年度末评估减

值中，未确认任何损失或确认的

损失较少。

(k) 存货

存货以成本及可变现净值两者中之较

低数额入账。

成本以先进先出法计算，其中包括所

有采购成本、加工成本及将存货运至

目前地点和变成现状之其他成本。

可变现净值是以日常业务过程中之估

计售价减去完成生产及销售所需之估

计成本后所得之数额。

所有出售存货之账面值在相关收入确

认之期间内确认为支出。

任何存货撇减至可变现净值之数额及

存货之所有亏损，均在出现撇减或亏

损之期间内确认为支出。存货之任何

撇减转回之数额，均在出现转回之期

间内确认为已列作支出之存货数额减

少。

(l) 合同负债

当客户在本集团确认相关收入（参阅

附注第1(t)项）前支付不可退还的代

价，则确认合同负债。如本集团拥有

在本集团确认相关收入前拥有无条件

接收不可退还的代价时的权利，则同

样会确认合同负债（参阅附注第1(m)

项）。

1 Material acounting policies (continued)

(j) Credit loses and impairment of asets (continued)

(i) Interim financial reporting and impairment (continued)

Impairment loses recognised in an interim period in

respect of godwil are not reversed in a subsequent

period. This is the case even if no los, or a smaler los,

would have ben recognised had the impairment ben

asesed only at the end of the financial year to which

the interim period relates.

(k) Inventories

Inventories are caried at the lower of cost and net realisable

value.

Cost is calculated using the first-in, first-out 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.

(l) Contract liabilities

A contract liability is recognised when the customer pays non-

refundable consideration before the Group recognises the

related revenue (se note 1(t). A contract liability would also be

recognised if the Group has an unconditional right to receive

non-refundable consideration before the Group recognises the

related revenue. In such cases, a coresponding receivable

would also be recognised (se note 1(m).

年报 2024/25 Anual Report60

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综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(m) 应收账款及其他应收款

本集团拥有无条件收取代价的权利

时，确认应收账款。倘代价仅随时间

推移即成为到期应付，则收取代价的

权利为无条件。

应收账款不包含重要融资成分的最初

按其交易价格计量。含有重要融资成

分的应收账款和其他应收款最初按公

允值加上交易成本计量。所有应收款

随后均按摊销成本列报（参阅附注第

1(j)(i)项）。

(n) 计息借贷

计息借贷初步按公允值减交易成本确

认。初步确认后，此借贷按实际利率

法以摊销成本列账。利息根据本集团

借贷成本之会计政策确认（参阅附注

第1(v)项）。

(o) 应付账款及其他应付款

应付账款及其他应付款初步按公允值

确认。其后则按摊销成本列账，惟倘

折现之影响并不大之情况则例外，于

该情况下，按成本列账。

(p) 现金及现金等价物

现金及现金等价物包括银行存款及

现金、存放于银行和其他财务机构之

活期存款，以及可随时转换为已知现

金数额、短期和流动性极高之投资项

目。这些项目所须承受之价值变动风

险甚小，并在购入后三个月内到期。

就编制综合现金流量表而言，现金及

现金等价物也包括须于接获通知时偿

还，并构成本集团现金管理一部份之

银行透支。现金及现金等价物根据会

计政策按预期信贷亏损模式评估（详

情列载于附注第1(j)(i)项）。

(q) 雇员福利

(i) 短期雇员福利及定额供款退休计

划的供款

短期雇员福利于提供有关服务时

列为费用。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。

向定额供款退休计划供款的责任

于提供相关服务时支销。

1 Material acounting policies (continued)

(m) 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 (se note1(j)(i).

(n) Interest-bearing borowings

Interest-bearing borowings are measured initialy at fair value

les transaction costs. Subsequently, these borowings are

stated at amortised cost using the efective interest method.

Interest expense is recognised in acordance with note 1(v).

(o) 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.

(p) 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. Bank

overdrafts that are repayable on demand and form an integral

part of the Group’s cash management are also included as

a component of cash and cash equivalents for the purpose

of the consolidated cash flow statement. Cash and cash

equivalents are asesed for ECL (se note 1(j)(i).

(q) 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.

年报 2024/25 Anual Report61

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综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(q) 雇员福利（续）

(i) 离职福利

终止受雇福利为当本集团不再撤

回这些福利及涉及支付终止褔利

之重组成本确认时确认（以较早

者为准）。

(i) 界定福利计划责任

本集团拥有以下两个界定福利计

划：

－根据香港职业退休计划（「职

业退休计划」）条例注册；和

－根据香港雇佣条例，长期服

务金（「长期服务金」）的界定

福利计划。

本集团有关界定福利计划的净责

任透过估计雇员于当前及过往期

间已赚取的未来福利金额并将有

关金额贴现进行计算。职业退休

计划的估计金额经扣除计划资产

的公允值后确认。长期服务金的

估计金额经扣除本集团已归属予

雇员的强制性公积金供款（被视

为相关雇员的供款）所得应计福

利所产生的负服务成本后厘定。

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。就职业退休计划而言，当计

算结果为本集团带来利益时，确

认的资产仅限于以计划的任何未

来退款或未来对计划的供款减少

的形式提供的经济利益的现值。

界定福利计划导致的重新计量，

包括精算损益、职业退休计划中

的计划资产回报率（不包括利息）

及任何资产上限（不包括利息）

的影响，均即时于其他全面收益

确认。期内利息开支净额透过将

用于计量报告期初的界定福利责

任的折现率应用于当时的界定福

利负债净额而厘定，当中已计及

期内界定福利负债净额的任何变

动。有关界定福利计划之利息开

支净额及其他开支于损益内确认。

1 Material acounting policies (continued)

(q) Employe benefits (continued)

(i) Termination benefits

Termination benefits are expensed at the earlier of when

the Group can no longer withdraw the ofer of those

benefits and when the Group recognises costs for a

restructuring.

(i) Defined benefit plan obligations

The Group has the folowing two categories of defined

benefit plans:

– defined benefit retirement plans registered under

the Hong Kong Ocupational Retirement Schemes

Ordinance (the “ORSO plans”)

– long service payments (“LPS”) under the Hong

Kong Employment Ordinance.

The Group’s net obligation in respect of defined benefit

plans is calculated separately for each plan by estimating

the amount of future benefit that employes have

earned in the curent and prior periods and discounting

that amount. For ORSO plans, the net obligation is

after deducting the fair value of plan asets. For LSP

obligations, the estimated amount of future benefit is

determined after deducting the negative service cost

arising from the acrued benefits derived from the

Group’s mandatory provident fund 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. For ORSO plans, when the calculation results

in a benefit to the Group, the recognised aset is limited

to the present value of economic benefits available in the

form of any future refunds from the plan or reductions in

future contributions to the plan.

Remeasurements arising from defined benefit plans,

which comprise actuarial gains and loses, the return

on plan asets in ORSO plans (excluding interest) and

the efect of any aset ceiling (excluding interest), are

recognised imediately in OCI. Net interest expense for

the period is determined by aplying the discount rate

used to measure the defined benefit obligation at the

begining of the reporting period to the then net defined

benefit liability, taking into acount any changes in the

net defined benefit liability during the period. Net interest

expense and other expenses related to defined benefit

plans are recognised in profit or los.

年报 2024/25 Anual Report62

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(r) 所得税

所得税开支包括本期税项及递延税

项，均在损益内确认，但与业务合并

或直接于权益或其他全面收益确认的

项目相关者则除外。

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。

本期税项资产及负债仅于达成若干条

件后方可抵销。

就财务报告目的之资产和负债账面值

与就税项目的所用金额之间的暂时差

异确认递延税项。以下各项不确认递

延税项：

－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；

－与附属公司、联营公司及合资企

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；

－初步确认商誉时产生的应纳税暂

时差异；及

－与为实施经济合作与发展组织

（「经合组织」）发布的支柱二立法

模型而颁布或实质性颁布的税法

所产生的所得税有关者。

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。

1 Material acounting policies (continued)

(r) 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 in 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;

– temporary diferences related to investment in

subsidiaries, asociates 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;

– taxable temporary diferences arising on the initial

recognition of godwil; and

– those related to the income taxes arising from tax laws

enacted or substantively enacted to implement the

Pilar Two model rules published by the Organisation for

Economic Co-operation and Development.

The Group recognised defered tax asets and defered tax

liabilities separately in relation to its lease liabilities and right-

of-use asets.

年报 2024/25 Anual Report63

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(r) 所得税（续）

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。递延税项资产于各报告日期进

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。

当投资物业按照附注第1(f)项以公平

值列报，递延税项之计量乃参照于结

算日以账面值出售而适用之税率计

算，除非该物业是可以折旧及以一商

业模式持有而该模式的目的是以长

时间去消耗该物业几乎所有的经济利

益，而非经出售。至于其他情况，递

延税项之计量反映于结算日本集团预

期收回或支付其资产及负债之账面值

的方式所产生的税务后果。

递延税项资产及负债仅于符合若干标

准的情况下抵销。

(s) 拨备及或然负债

一般而言，拨备乃按税前利率对预期

未来现金流进行贴现厘定，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。

保修拨备于相关产品或服务出售时根

据历史保修数据及可能结果与相关概

率之加权确认。

亏损性合约之拨备乃按终止合约预期

成本及继续合约成本净额（以较低者

为准）的现值计量，其根据履行该合

约项下责任的增量成本及与履行该合

约直接相关的其他成本的分配而厘

定。于计提拨备前，本集团就该合约

相关资产确认任何减值亏损（见附注

第1(j)(i)）项。

1 Material acounting policies (continued)

(r) Income tax (continued)

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.

Where investment properties are caried at their fair value

in acordance with note 1(f), 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.

(s) 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.

A provision for waranties is recognised when the underlying

products or services are sold, based on historical waranty

data and a weighting of posible outcomes against their

asociated probabilities.

A provision for onerous contracts is measured at the present

value of the lower of the expected cost of terminating the

contract and the expected net cost of continuing with the

contract, which is determined based on the incremental costs

of fulfiling the obligation under that contract and an alocation

of other costs directly related to fulfiling that contract. Before a

provision is established, the Group recognises any impairment

los on the asets asociated with that contract (se note

1(j)(i).

年报 2024/25 Anual Report64

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(s) 拨备及或然负债（续）

如果需要流出经济利益的可能性不

大，或是无法对有关金额作出可靠估

计，便会将该责任披露为或然负债，

但付出经济利益的可能性极低的情况

除外。如果本集团的责任须视乎一宗

或多宗未来事件是否发生才能确定是

否存在，则亦会披露为或然负债，但

需付出经济利益的可能性极低的情况

除外。

(t) 收入及其他收益

通过销售商品、提供印刷及有关服

务、特许使用商标、或本集团业务一

般方式租赁供他人使用本集团资产

生的收益，由本集团分类为收入。

当一件产品或一项服务的控制权转

移到客户上，或租赁方有权使用该资

产，本集团将享有预期承诺代价金额

（以第三方的名义收集的金额除外），

则确认为收入。收入不包括增值税或

其他销售税及已撇减任何交易折扣。

关于本集团收入及其他收益确认政策

的更多细节如下所示：

(i) 销售货品

销售成衣及印刷产品之收入在本

地销售而言乃于货品被送到顾客

的经营场所或被提取，在出口销

售而言乃于货品已被装船，即顾

客取得和接受货品后予以确认。

(i) 专利权费收益

专利权费收益按应计基准根据有

关协议之具体内容确认。

(i) 经营租赁租金收入

经营租赁可收取之租金收入按租

约期涉及之期间平均摊分而于损

益中确认，但如有其他基准能更

清楚地反映使用租赁资产所产生

之收益模式则除外。经营租赁协

议所涉及之激励措施均在损益中

确认为应收租赁净付款总额之组

成部份。或然租金乃于赚取此等

租金之会计期间确认为收入。

1 Material acounting policies (continued)

(s) Provisions and contingent liabilities (continued)

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.

(t) Revenue and other income

Income is clasified by the Group as revenue when it arises

from the sale of gods, the provision of printing and related

services, the licensing or the use by others of the Group’s

asets under leases in the ordinary course of the Group’s

busines.

Revenue is recognised when control over a product or service

is transfered to the customer, or the lese has the right

to use the aset, at the amount of promised consideration

to which the Group is expected to be entitled, excluding

those amounts colected on behalf of third parties. Revenue

excludes value aded tax or other sales taxes and is after

deduction of any trade discounts.

Further details of the Group’s revenue and other income

recognition policies are as folows:

(i) Sale of gods

Revenue arising from the sale of garments and printing

products is recognised when gods are delivered to

the customers’ premises or picked up by customers for

domestic sales and when gods are shiped on board

for export sales which is taken to be the point in time

when the customer takes posesion and acepted the

gods.

(i) Royalty income

Royalty income is recognised on an acrual basis

in acordance with the substance of the relevant

agrements.

(i) Rental income from operating leases

Rental income receivable under operating leases is

recognised in profit or los in equal instalments over the

periods covered by the lease term, except where an

alternative basis is more representative of the patern of

benefits to be derived from the use of the leased aset.

Lease incentives granted are recognised in profit or los

as an integral part of the agregate net lease payments

receivable. 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.

年报 2024/25 Anual Report65

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(t) 收入及其他收益（续）

(iv) 股息收入

－非上市投资之股息收入于股

东获得派息之权利确定时确

认。

－上市投资股息收入于投资股

价除息之时确认。

(v) 利息收入

利息收入乃采用透过金融资产之

预计年期将估计未来现金收款精

确贴现至金融资产总账面值之利

率，在产生时按实际利率法确认。

(u) 外币换算

本集团各附属公司财务报表内所列项

目，均以公司经营业务之主要经济环

境之货币（「功能货币」）计算。综合财

务报表以港元列账，港元为本公司之

功能货币及呈列货币。

以外币进行的交易按交易日的外币兑

换率换算为集团公司各自的功能货币。

以外币计算的货币性资产及负债按照

于报告日期的外币兑换率换算为功能

货币。按公允价值列账的以外币计值

非货币性资产及负债乃使用于厘定公

允价值当日适用的外币兑换率换算为

功能货币。按历史成本法以外币计量

的非货币性资产及负债按交易日的外

币兑换率换算。外币差额一般于损益

中确认。

然而，外币汇兑差异由换算以公平值

计入其他全面收益之股本证券投资产

生，须于其他全面收益内确认。

1 Material acounting policies (continued)

(t) Revenue and other income (continued)

(iv) Dividends

– Dividend income from unlisted investments is

recognised when the shareholder’s right to receive

payment is established.

– Dividend income from listed investments is

recognised when the share price of the investment

goes ex-dividend.

(v) Interest income

Interest income is recognised as it acrues using the

efective interest method using 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.

(u) 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.

However, foreign curency diferences arising from the

translation of an investment in equity securities designated as

at FVOCI are recognised in OCI.

年报 2024/25 Anual Report66

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(u) 外币换算（续）

当出售全部或部分境外业务而失去控

制权、重大影响或共同控制时，有关

该境外业务的汇兑储备的累计数额，

乃作为出售损益的部分重新分类于

损益中。于出售包含境外业务的附属

公司时，与该境外业务有关的汇兑差

额的累计数额不得重新分类至损益。

倘本集团出售其于附属公司的部分权

益，但仍保留控制权，则累计数额的

相关比例将重新分配至非控股权益。

当本集团仅出售联营公司的部分股

权，但仍保留重大影响力，则累计数

额的相关比例将重新分类至损益。

(v) 借贷成本

因收购、建造或生产合资格资产（即

必须耗用一段颇长时间方可作拟定用

途或销售之资产）而直接应占之借贷

成本均拨作该等资产之部份成本。其

他借贷成本均在产生的期间列作开支。

(w) 关连人士

，即该人士或该人

士之近亲与本集团有关连：

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响；或

(i) 为本集团或本集团母公司的

主要管理层成员。

，即实体与

本集团有关连：

(i) 该实体与本集团属同一集团

之成员公司（即各母公司、

附属公司及同系附属公司彼

此间有关连）。

(i) 一间实体为另一实体的联营

公司或合营企业（或另一实

体为成员公司之集团旗下成

员公司之联营公司或合营企

业）。

(i) 两间实体均为同一第三方的

合营企业。

(iv) 一间实体为第三方实体的合

营企业，而另一实体为该第

三方实体的联营公司。

1 Material acounting policies (continued)

(u) Translation of foreign curencies (continued)

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. On disposal of a subsidiary

that includes a foreign operation, the cumulative amount of

the exchange diferences relating to that foreign operation

that have ben atributed to the NCI shal be derecognised,

but shal not be reclasified to profit or los. If the Group

disposes of part of its interest in a subsidiary but retains

control, then the relevant proportion of the cumulative amount

is reatributed to NCI. When the Group disposes of only part

of an asociate or joint venture while retaining significant

influence or joint control, the relevant proportion of the

cumulative amount is reclasified to profit or los.

(v) Borowing costs

Borowing costs that are directly atributable to the acquisition,

construction or production of an aset which necesarily takes

a substantial period of time to get ready for its intended use

or sale are capitalised as part of the cost of that aset. Other

borowing costs are expensed in the period in which they are

incured.

(w) 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.

年报 2024/25 Anual Report67

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

1 主要会计政策（续）

(w) 关连人士（续）

，即实体与

本集团有关连：（续）

(v) 实体为本集团或与本集团有

关连之实体就雇员利益设立

的离职福利计划。

(vi) 实体受(1)所识别人士控制或

受共同控制。

(vi) 于(1)(i)所识别人士对实体有

重大影响力或属该实体（或

该实体的母公司）主要管理

层成员。

(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。

任何人士的近亲是指与该实体交易时

预期可影响该名人士或受该人士影响

的家庭成员。

(x) 分部报告

财务报表所报告的经营分部及各分部

项目的款项乃于为分配资源予本集团

不同业务及地区以及评估该等业务及

地区的表现而定期向本集团最高级行

政管理层提交的财务资料中识别出来。

就财务报告而言，个别重大经营分部

不会合并，惟分部间有类似经济特

点及在产品及服务性质、生产过程性

质、客户种类或类别、用作分销产品

或提供服务的方法以及监管环境性质

方面相类似则除外。个别非重大的经

营分部，如果符合上述大部分标准，

则该等经营分部可能会被合并。

1 Material acounting policies (continued)

(w) Related parties (continued)

(2) An entity is related to the Group if any of the folowing

conditions aplies: (continued)

(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.

(x) Segment reporting

Operating segments, and the amounts of each segment item

reported in the financial statements, are identified from the

financial information provided regularly to the Group’s most

senior executive management for the purposes of alocating

resources to, and asesing the performance of, the Group’s

various lines of busines and geographical locations.

Individualy material operating segments are not agregated

for financial reporting purposes unles the segments have

similar economic characteristics and are similar in respect of

the nature of products and services, the nature of production

proceses, the type or clas of customers, the methods used

to distribute the products or provide the services, and the

nature of the regulatory environment. Operating segments

which are not individualy material may be agregated if they

share a majority of these criteria.

年报 2024/25 Anual Report68

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

2 会计判断及估计

附注第11(b)及23项分别载有关投资物业

估值及财务工具之假设及其风险因素之资

料。估计不明朗因素之其他主要方面如下：

(a) 无形资产之减值

本集团根据附注第1(j)(i)项所载的会计

政策评估非流动资产是否出现减值。

该等非流动资产的可收回金额乃参考

使用价值或公允值减出售成本之较

高者厘订。有关计算要求使用判断和

估计，特别是未来收益、未来毛利率

及永久增长率。由于估计涉及固有风

险，资产的估计可收回金额可能会有

别于其实际可收回金额，而本集团的

损益仍会受估计的准确程度所影响。

(b) 撇减存货

本集团参考陈旧存货之分析、预期未

来货物销售之预测及管理层之经验及

判断，定期审阅存货之账面值。倘存

货之估计可变现净值跌至低于其账

面值，则本集团会根据审阅之结果而

撇减存货之价值。鉴于客户之喜好可

能转变，实际货物销售可能与估计不

同，而此估计之出入可能影响日后会

计期间之损益。

2 Acounting judgements and estimates

Notes 11(b) and 23 contain information about the asumptions

and their risk factors relating to valuation of investment properties

and financial instruments. Other significant sources of estimation

uncertainty are as folows:

(a) Impairment of intangible asets

The Group aseses whether these non-curent asets may

be impaired in acordance with the acounting policy stated

in note 1(j)(i).

The recoverable amounts of these non-curent asets have

ben determined based on the greater of value-in-use and

fair value les costs of disposal. These calculations require

the use of judgement and estimates, in particular of future

revenue, future profit margin and terminal growth rate. Due to

inherent risk asociated with the estimations, the estimated

recoverable amount of the asets may be diferent from its

actual recoverable amount and the Group’s profit or los

could be afected by the acuracy of the estimations.

(b) Write-down of inventories

The Group performs regular reviews of the carying amounts

of inventories with reference to aged inventories analyses,

projections of expected future saleability of gods and

management experience and judgement. Based on this

review, a write down of inventories wil be made when the

estimated net realisable value decline below their carying

amounts of inventories. Due to changes in customers’

preferences and actual saleability of gods may be diferent

from estimation, profit or los in future acounting periods

could be afected by diferences in this estimation.

	2025	2024
	$’000	$’000
119,017
21,739
27,462
168,218
9,634
177,852

年报 2024/25 Anual Report69

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

3 收入

本集团之主要业务为成衣批发及零售、拥

有及特许使用商标、物业投资以及安全印

刷、一般商业印务及买卖印刷产品。

(i) 重大收入类别分类

按重大收入类别分类与客户的合约

收益如下：

收入类别分类由合约客户按地区市场

披露于附注第4(c)项。

本集团之客户群属多元化，于截至二

零二五年及二零二四年三月三十一日

止年度，并无个别客户的交易额超过

本集团收入的十分之一。

(i) 预期将于报告日期与客户订立的合约

产生的收入确认

本集团已采纳《香港财务报告准则》第

15号第121段的可行权宜方法。因此，

对于最初预期限为一年或更短的合

同以及当发出发票时便视为已满足履

约义务的合同，不会披露有关剩余履

约义务的信息。

3 Revenue

The principal activities of the Group are garment wholesaling and

retailing, trademark ownership and licensing, property investment

and provision of security printing, general busines printing and

trading of printing products.

(i) Disagregation of revenue

Disagregation of revenue from contracts with customers by

significant category of revenue is as folows:

《

来

投

Disagregation of revenue from contracts with customers by

geographical location is disclosed in note 4(c).

The Group’s customer base is diversified and no individual

customer with whom transactions have exceded 10% of

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

2024.

(i) Revenue expected to be recognised in the future arising from

contracts with customers in existence at the reporting date

The Group has aplied the practical expedient in paragraph

121 of HKFRS 15 and therefore the information about

the remaining performance obligation is not disclosed for

contracts that have an original expected duration of one year

or les and also for those performance obligations which are

regarded as satisfied as invoiced.

年报 2024/25 Anual Report70

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

4 分部报告

(a) 分部业绩、资产及负债

本集团透过按业务线组成分部管理业

务。按与向本集团最高级行政管理人

员就资源配置及表现评估的内部汇报

资料一致方式，本集团已呈报下列四

个报告分部。本集团并无将经营分部

合并，以组成以下的报告分部。

－销售成衣：批发及零售成衣。

－特许商标：有关专利权费收益的

商标特许及管理。

－印刷及相关服务：提供安全印刷

服务及出售印刷产品。

－物业租赁：出租物业产生租金收

入。

就评估分部表现及各分部间之资源配

置而言，本集团主要的高级行政管理

人员根据下列基准监测各呈报分部之

业绩、资产及负债：

分部资产包括全部有形资产、无形资

产及流动资产，惟不包括递延税项资

产、作买卖用途之证券、本期可退回

税项、现金及现金等价物及其他企业

资产。分部负债包括应付账款及其他

应付款及合同负债、租赁负债以及银

行透支，惟不包括本期应付税项、递

延税项负债及其他企业负债。

收入及费用乃参考该等分部所产生的

销售额及费用，或因该等分部应占资

产的折旧而分配至须呈报分部。

用作计量在分部报告之溢利╱亏损是

「扣除利息、税项、折旧及非流动资

产减值亏损前的盈利」，而其中「利息」

包括投资收益。

除了接收有关分部扣除利息、税项、

折旧及非流动资产减值亏损前盈利

的资料外，管理层还取得有关分部收

入（包括分部业务间销售），由分部直

接管理的现金及借贷的利息收入及支

出，由分部运用的非流动资产折旧及

减值亏损及增置。分部间之销售及价

格变动参考外间类似买卖定价。

4 Segment reporting

(a) Segment results, asets and liabilities

The Group manages its busineses by divisions, which are

organised by busines lines. 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 resources alocation and performance asesment, the

Group has presented the folowing four reportable segments.

No operating segments have ben agregated to form the

folowing reportable segments.

– Sales of garments: wholesaling and retailing of garments.

– Licensing of trademarks: management and licensing of

trademarks for royalty income.

– Printing and related services: provision of security printing

and sale of printed products.

– Property rental: leasing of properties to generate rental

income.

For the purposes of asesing segment performance and

alocating resources betwen segments, the Group’s most

senior executive management monitors the results, asets

and liabilities atributable to each reportable segment on the

folowing bases:

Segment asets include al tangible, intangible asets and

curent asets with the exception of defered tax asets,

trading securities, curent tax recoverable, cash and cash

equivalents and other corporate asets. Segment liabilities

include trade and other payables and contract liabilities, lease

liabilities and bank overdrafts 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 sales generated by those

segments and the expenses incured by those segments

or which otherwise arise from the depreciation of asets

atributable to those segments.

The measure used for reporting segment profit or los is

“EBITDA”, i.e. “earnings before interest, taxes, depreciation

and impairment los on non-curent asets”, where “interest”

includes investment income.

In adition to receiving segment information concerning

EBITDA, management is provided with segment information

concerning revenue (including inter-segment sales), interest

income and expenses from cash balances and borowings

managed directly by the segments, depreciation and

impairment loses 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.

销售成衣		特许商标		印刷及相关服务		物业租赁		总额 Total
Sales of garments		Licensing of trademarks		Printing and related services		Property rental
2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
119,017		21,739		27,462		9,634		177,852
–		–		36		2,424		2,460
119,017		21,739		27,498		12,058		180,312
21,113		3,101		1,464		4,121		29,799
41		2		328		4		375
(1,297)		(121)		(156)		(778)		(2,352)
(29,185)		(1,136)		(880)		(282)		(31,483)
–		–		–		(17,450)		(17,450)
–		(5,000)		–		–		(5,000)
137		–		–		–		137
449,341		139,483		13,138		187,080		789,042
16,513		–		832		–		17,345
427,165		17,370		4,964		15,025		464,524

年报 2024/25 Anual Report71

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

4 分部报告（续）

(a) 分部业绩、资产及负债（续）

截至二零二五年及二零二四年三月

三十一日止年度，本集团最高级行政

管理人员取得有关本集团呈报分部的

资料（以供其进行资源分配及分部表

现评估），详情如下：

4 Segment reporting (continued)

(a) Segment results, asets and liabilities (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:

	2025	2024
	$’000	$’000
180,312
(2,460)
177,852
29,799
2,367
(31,644)
(17,450)
(5,000)
(2,352)
(81)
(24,361)
789,042
(386,259)
402,783
18
7,955
322
93,673
1,025
505,776
464,524
(386,259)
78,265
62
982
7,970
87,279

年报 2024/25 Anual Report72

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

4 分部报告（续）

(b) 须呈报分部收入、损益、资产及负

债之对账

4 Segment reporting (continued)

(b) Reconciliation of reportable segment revenue, profit or los,

asets and liabilities

收

须

分

综

亏

须

以

折

融

未

除

资

须

分

综

负

须

分

综

来自外界客户收入		特定非流动资产
Revenue from external customers		Specified non-current assets
2025	2024	2025	2024
$’000	$’000	$’000	$’000
120,063		56,537
2,025		381
28,845		4,882
9,635		175,228
17,284		102,379
57,789		282,870
177,852		339,407

	2025	2024
	$’000	$’000
2,367
67
59
683
137
1,917
1,478
1,247
1,582
9,537

年报 2024/25 Anual Report73

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

4 分部报告（续）

下表载列地区分布的资料：(i)本集团

来自外界客户收入及(i)本集团之投资

物业、其他物业、厂房及设备及无形

资产（「特定非流动资产」）。客户之地

区分布是基于服务提供处或货品送运

地；而指定非流动资产中，其他物业、

厂房及设备的地区分布是基于其实际

所在地；而无形资产的地区分布是基

于其管理所在地。

5 其他收益净额

4 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 intangible asets (“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

asets, in the case of other property, plant and equipment,

and the location to which they are managed, in the case of

intangible asets.

5 Other net gain

	2025	2024
	$’000	$’000
47
2,305
2,352
3,074
56,556
59,630
2,416
299
277
2,992
3,259
28,385
17,450
685
5,000
(7,485)

年报 2024/25 Anual Report74

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

6 除税前亏损

除税前亏损已扣除╱（计入）：

* 存货成本包括与员工成本及折旧费用有关之

10,010,000元（二零二四年：10,173,000元）。

有关数额亦已记入上表或附注第6(b)项分别列示

之各类费用总额中。

6 Los before taxation

Los before taxation is arived at after charging/(crediting):

(

$10,010,000 (2024: $10,173,000) relating to staf

costs and depreciation, which amount is also included in the respective total

amounts disclosed separately above or in note 6(b) for each of these types of

expenses.

	2025	2024
	$’000	$’000
106
(28)
78
76
154

年报 2024/25 Anual Report75

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

7 综合损益表所列之所得税

(a) 综合损益表所列之税项为：

香港利得税之拨备乃按本年度估计

应课税溢利的16.5%（二零二四年：

16.5%）计算。

香港以外地区附属公司之税项则以相

关司法权区适用之现行税率计算。

本年度本集团在英国业务企业税率为

19%（二零二四年：19%）。

本年度适用于本集团在中国内地业务

的企业所得税率为25%（二零二四年：

25%）。

在中华人民共和国（「中国」）税法下，

外国投资者获中国内地附属公司宣派

的股息会被征收10%预扣税。然而，

须征收预扣税的股息，仅为来自二零

零八年一月一日起财政期间溢利的股

息。倘中国内地与外国投资者所在司

法权区之间订有税务优惠协议，则可

按较低预扣税率缴税。根据中国内地

与香港之间的双重征税安排，本集团

须就本集团的中国内地附属公司所支

付的任何股息按5%的预扣税率缴付

预扣税。

7 Income tax in the consolidated statement of profit

or los

(a) Taxation in the consolidated statement of profit or los

represents:

The provision for Hong Kong Profits Tax is calculated at

16.5% (2024: 16.5%) of the estimated asesable profits for

the year.

Taxation for subsidiaries based outside Hong Kong is charged

at the apropriate curent rates of taxation ruling in the

relevant jurisdictions.

The corporate tax rate aplicable to the Group’s operations in

the United Kingdom is 19% (2024: 19%) for the year.

The Corporate Income Tax rate aplicable to the Group’s

operations in Mainland China is 25% (2024: 25%) for the year.

Under the tax law of the People’s Republic of China (“PRC”),

a 10% witholding tax shal be levied on dividends declared

to foreign investors from the Group’s subsidiaries in Mainland

China, however, only the dividends atributable to the profits

of the financial period starting from 1 January 2008 wil be

subject to witholding tax. A lower witholding tax rate may

be aplied if there is a tax treaty arangement betwen the

PRC and the jurisdiction of the foreign investor. Pursuant to a

double tax arangement betwen Mainland China and Hong

Kong, the Group is subject to a witholding tax at a rate of

5% for any dividend payments from its PRC subsidiaries in

Mainland China.

	2025	2024
	$’000	$’000
(24,361)
(5,992)
5,175
(1,190)
4,979
(2,790)
(28)
154

董事袍金 Directors’ fees		薪金、津贴及实物利益 Salaries, allowances and benefits in kind		酌定花红 Discretionary bonuses		退休计划供款 Retirement scheme contributions		总计 Total
2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
40		1,122		–		–		1,162
40		1,409		–		–		1,449
40		1,812		–		90		1,942
40		–		–		–		40
40		–		–		–		40
130		–		–		–		130
130		–		–		–		130
130		–		–		–		130
590		4,343		–		90		5,023

年报 2024/25 Anual Report76

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

7 综合损益表所列之所得税

（续）

(b) 所得税费用╱（抵免）和会计亏损

按适用税率计算之对账：

8 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：

7 Income tax in the consolidated statement of profit

or los (continued)

(b) Reconciliation betwen tax expense/(credit) and acounting los

at aplicable tax rates:

8 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:

执

陈

周

傅

陈

独

蔡

苏

李

	2025	2024
	$’000	$’000
2,670
81
18
2,769

	2025	2024
	人数	人数
	Number of individuals	Number of individuals
1
1

年报 2024/25 Anual Report77

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

9 最高酬金人士

在五位酬金最高之人士中，三位（二零

二四年：三位）为董事，有关酬金详情

载于附注第8项。截至二零二五年三月

三十一日止其他人士之酬金总额如下：

两位最高酬金人士（二零二四年：两位人士）

的酬金介乎下列区间：

10 每股亏损

(a) 每股基本亏损

每股基本亏损是按照本年度之本公司

权益股东应占亏损23,650,000元（二

零二四年：5,121,000元）及已发行普

通股数165,864,000股（二零二四年：

165,864,000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

在摊薄能力的普通股；故此每股基本

亏损与每股摊薄亏损相同。

9 Individuals with highest emoluments

Of the five individuals with the highest emoluments, thre (2024:

thre) are directors whose emoluments are disclosed in note 8. The

emoluments of the other individuals for the year ended 31 March

2025 are as folows:

The emoluments of the two (2024: two) individuals with the highest

emoluments are within the folowing bands:

10 Los per share

(a) Basic los per share

The calculation of basic los per share is based on the

los atributable to equity shareholders of the Company of

$23,650,000 (2024: $5,121,000) and 165,864,000 (2024:

165,864,000) ordinary shares in isue during the year.

(b) Diluted los per share

There were no potential dilutive ordinary shares outstanding

during the years ended 31 March 2025 and 2024.

Acordingly, the diluted los per share is the same as the

basic los per share.

		持作自用之土地及楼宇所有权权益 Ownership interests in land and buildings held for own use	持作自用之其他租赁物业 Other properties leased for own use	厂房及机器 Plant and machinery	装修、汽车、家私及设备 Leasehold improvements, motor vehicles, furniture and equipment	小计 Sub-total	投资物业 Investment properties	合计 Total
		$’000	$’000	$’000	$’000	$’000	$’000	$’000

年报 2024/25 Anual Report78

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

11 投资物业及其他物业、厂房

及设备

(a) 账面值之对账

11 Investment properties and other property, plant

and equipment

(a) Reconciliation of carying amount

成本或估值：Cost or valuation:

于二零二三年四月一日At 1 April 202331,653124,09721,47740,233217,460186,345403,805

汇兑调整Exchange adjustments–(1,892)(2)(367)(2,261)2,678417

调整－租赁修订Adjustments – lease modifications–35,130–35,130–35,130

添置Aditions–4,4607511,6566,867–6,867

出售及提前终止Disposals and early termination–(20,812)(976)(3,280)(25,068)–(25,068)

于二零二四年三月三十一日At 31 March 202431,653140,98321,25038,242232,128189,023421,151

代表：Representing:

成本Cost31,653140,98321,25038,242232,128–232,128

估值－二零二四年Valuation – 2024–189,023189,023

31,653140,98321,25038,242232,128189,023421,151

于二零二四年四月一日At 1 April 202431,653140,98321,25038,242232,128189,023421,151

汇兑调整Exchange adjustments–(39)–(2)(41)3,6553,614

调整－租赁修订Adjustments – lease modifications–14,251–14,251–14,251

添置Aditions–7448321,5183,094–3,094

出售及提前终止Disposals and early termination–(33,734)–(5,274)(39,008)–(39,008)

公允值调整Fair value adjustment–(17,450)(17,450)

于二零二五年三月三十一日At 31 March 202531,653122,20522,08234,484210,424175,228385,652

代表：Representing:

成本Cost31,653122,20522,08234,484210,424–210,424

估值－二零二五年Valuation – 2025–175,228175,228

31,653122,20522,08234,484210,424175,228385,652

累计折旧及减值亏损：Acumulated depreciation and

impairment loses:

于二零二三年四月一日At 1 April 202325,52981,80218,81934,040160,190–160,190

汇兑调整Exchange adjustments–(1,235)(3)(215)(1,453)–(1,453)

本年度折旧Charge for the year28235,4619673,18539,895–39,895

出售时拨回Writen back on disposals–(20,812)(955)(3,278)(25,045)–(25,045)

于二零二四年三月三十一日At 31 March 202425,81195,21618,82833,732173,587–173,587

于二零二四年四月一日At 1 April 202425,81195,21618,82833,732173,587–173,587

汇兑调整Exchange adjustments–(2)–(1)(3)–(3)

本年度折旧Charge for the year28227,5988572,90731,644–31,644

出售时拨回Writen back on disposals–(28,398)–(4,954)(33,352)–(33,352)

于二零二五年三月三十一日At 31 March 202526,09394,41419,68531,684171,876–171,876

账面净值：Net bok value:

于二零二五年三月三十一日At 31 March 20255,56027,7912,3972,80038,548175,228213,776

于二零二四年三月三十一日At 31 March 20245,84245,7672,4224,51058,541189,023247,564

公允值
Fair value
		2025	2024
第三级	Level 3	$’000	$’000
第三级	Level 3	175,228

年报 2024/25 Anual Report79

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

11 投资物业及其他物业、厂房

及设备（续）

(b) 投资物业按公允值计量

(i) 公允值架构

下表呈列本集团投资物业之公允

值，该等投资物业于报告期末按

经常性基准计量，并分类为《香

港财务报告准则》第13号「公允

值计量」所界定之三级公允值架

构。将公允值计量分类之等级乃

经参考如下估值方法所用输入数

据之可观察性及重要性后厘定：

－第一级估值：仅使用第一级输

入数据（即于计

量日同类资产于

活跃市场之未经

调整报价）计量

之公允值

－第二级估值：使用第二级输入

数据（即未能达

到第一级之可观

察输入数据及未

有使用重大不可

观察数据）计量

之公允值。不可

观察数据乃指无

法取得市场资料

之数据

－第三级估值：使用重大不可观

察数据计量之公

允值

于截至二零二五年及二零二四年

三月三十一日止年度，于第一级

与第二级之间概无转移，或转入

至或转出自第三级。本集团的政

策是于产生转移的报告期终确认

公允值架构之间的转移。

本集团所有投资物业于二零二五

年及二零二四年三月三十一日重

新估值。估值由独立测量师事务

所瑞丰环球评估咨询有限公司进

行，该公司员工为香港测量师学

会资深会员，具有处理本次重估

物业地点及类别的近期经验。管

理层已经与其测量师讨论于报告

期末估值假设和结果。

11 Investment properties and other property, plant

and equipment (continued)

(b) Fair value measurement of investment properties

(i) Fair value hierarchy

The folowing table presents the fair value of the Group’s

investment 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 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

第

按

商

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.

Al of the Group’s investment properties were revalued

as at 31 March 2025 and 2024. The valuations were

caried out by an independent firm of surveyors, Ravia

Global Apraisal Advisory Limited (“Ravia”), who have

among their staf Felows of the Hong Kong Institute of

Surveyors with recent experience in the location and

category of properties being valued. The management

have discusion with the surveyors on the valuation

asumptions and valuation results when the valuations

were performed at the end of the reporting period.

		估值技术 Valuation techniques	不可观察输入数据 Unobservable inputs	范围 Range

	附注	2025	2024
	Note	$’000	$’000
5,560
27,791
2,109
35,460
175,228
210,688

年报 2024/25 Anual Report80

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

11 Investment properties and other property, plant

and equipment (continued)

(b) Fair value measurement of investment properties (continued)

(i) Information about Level 3 fair value measurement

商业－英国Comercial市场比较估值法物业质素溢价

– The United kingdomMarket comparison

aproach

Premium on quality

of the properties

-5% to 5%

(2024: 0% to 5%)

The fair value of investment properties located in the

United Kingdom is determined on an open market value

basis, by making reference to the comparable sale

transactions evidence in the relevant locality.

The premium or discount used in market comparison

aproach is specific to the building compared to

the recent sale transactions. Higher premium for

higher quality buildings wil result in a higher fair value

measurement.

Fair value adjustment of investment properties is

recognised in the line item “Valuation loses on

investment properties” in the consolidated statement of

profit or los.

The analysis of the net bok value of right-of-use asets by

clas of underlying aset is as folows:

厂

11 投资物业及其他物业、厂房

及设备（续）

(b) 投资物业按公允值计量（续）

(i) 有关第三级公允值计量的资料

位于英国的投资物业之公允值乃

参考相关地区可作比较的销售数

据，按公开市场价值基准而厘定。

于市场比较估值法中使用的溢价

或折让，乃特定楼宇与近期销售

数据的比较。楼宇质素较高，溢

价亦会较高，将导致公允值计量

上升。

投资物业的公允值调整于综合损

益表「投资物业估值收益」项下确

认入账。

按相关资产类别划分之使用权资产账

面净值分析如下：

	2025	2024
	$’000	$’000
282
27,598
787
28,667
2,305
(137)
321
3,891

年报 2024/25 Anual Report81

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

11 投资物业及其他物业、厂房

及设备（续）

于损益表确认之租赁相关之费用项目

或（扣减费用）之分析如下：

截至二零二五年三月三十一日止年

度，使用权资产增加1,370,000元（二

零二四年：4,460,000元）。该金额主

要与根据新及更新租赁协议应付的资

本化租赁付款有关。

租赁的现金流出总额及租赁负债的到

期日分析详情分别载列于附注第16(d)

及19项。

(i) 持作自用之土地及楼宇所有权

益

本集团持有一幢位于香港工业楼

宇，以供其印刷业务作为主要生

产厂房。本集团为物业权益（包

括全部或部份不能分割部份的其

中土地）的登记拥有人。向之前

登记拥有人购入有关物业权益之

款项已经支付，除向有关政府机

构按差饷估值计算支付的款项

外，并无任何根据租赁合同需要

持续支付的金额。有关政府机构

按差饷估值计算的款项可予随时

间改变。

11 Investment properties and other property, plant

and equipment (continued)

The analysis of expense items or (reduction of expenses) in

relation to leases recognised in profit or los is as folows:

租赁负债的计量）the measurement of lease liabilities3,89111,969

During the year ended 31 March 2025, aditions to right-of-

use asets were $1,370,000 (2024: $4,460,000). This amount

primarily related to the capitalised lease payments payable

under new and renewed tenancy agrements.

Details of total cash outflow for leases and the maturity

analysis of lease liabilities are set out in notes 16(d) and 19

respectively.

(i) Ownership interests in land and buildings held for own

use

The Group holds an industrial building in Hong Kong for

its printing busines, where its manufacturing facilities

are primarily located. The Group is the registered owner

of the property interests, including the whole or part

of undivided share in the underlying land. Lump sum

payments were made upfront to acquire the property

interests from their previous registered owners, and there

are no ongoing payments to be made under the terms of

the land lease, other than payments based on rateable

values set by the relevant government authority. These

payments vary from time to time and are payable to the

relevant government authority.

	2025	2024
	$’000	$’000
26,163
3,891
30,054

年报 2024/25 Anual Report82

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

11 投资物业及其他物业、厂房

及设备（续）

(i) 持作自用之其他租赁物业

本集团已透过租赁协议获得其他

物业作为其零售商店及办公室的

使用权。租赁期一般初步为期一

至三年。

截至二零二五年及二零二四年

三月三十一日止年度，本集团租

赁多间零售商店，当中包括根据

零售商店产生之销售及固定最低

年度租赁付款条款而定之可变租

赁付款条款。该等付款条款于本

集团营运所在的香港、中国内地

及澳门零售商店甚为常见。截至

二零二五年及二零二四年三月

三十一日止年度，在损益中确认

的固定和可变租赁付款金额概述

如下：

(i) 其他租赁

本集团的厂房及机器的租赁由一

至五年内到期，这些租赁不包括

可变动租赁付款。

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 retail stores and ofices through tenancy

agrements. The leases typicaly run for an initial period

of 1 to 3 years.

During the years ended 31 March 2025 and 2024, the

Group leased a number of retail stores which contain

variable lease payment terms that are based on sales

generated from the retail stores and minimum anual

lease payment terms that are fixed. These payment terms

are comon in retail stores in Hong Kong, Mainland

China and Macau where the Group operates. The

amounts of fixed and variable lease payments recognised

in profit or los for the years ended 31 March 2025 and

2024 are sumarised below:

(i) Other leases

The Group leases plant and machinery under leases

expiring from 1 to 5 years. None of the leases includes

variable lease payments.

	2025	2024
	$’000	$’000
779
945
1,724

地点	目前用途	租期
Location	Existing use	Term of lease

年报 2024/25 Anual Report83

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

11 投资物业及其他物业、厂房

及设备（续）

(iv) 投资物业

本集团在英国持有一个商用物

业，以赚取租金收入及╱或为资

本增值。

投资物业－英国

本集团为物业权益的登记拥有

人，并通过相关土地的自由持有

人与本集团之间签订主租约而获

得相关土地的使用权。向之前登

记拥有人购入有关物业权益之款

项已经支付。相关土地的主租约

首租期为一百二十五年，其中包

含按分租产生的租金收入之可变

租赁付款条款，而最低年度租赁

付款条款是固定的，并且每十年

增加一次以反映市场租金。

截至二零二五年及二零二四年三

月三十一日止年度，按主租约的

固定及可变租赁付款金额概述如

下：

(d) 于二零二四年及二零二五年三肊

三十一日，本集团投资物业之详情

如下：

11 Investment properties and other property, plant

and equipment (continued)

(iv) Investment properties

The Group holds a comercial property in the

United Kingdom to earn rental income and/or capital

apreciation.

Investment properties – United Kingdom

The Group is the registered owner of these property

interests and obtained the right of use of the underlying

land through head lease signed betwen the freholder of

the underlying land and the Group. Lump sum payments

were made upfront to acquire the property interests from

the previous registered owner. The head lease of the

underlying land runs for an initial period of 125 years and

contain variable lease payment terms that are based on

rental income generated from subleases and minimum

anual lease payment term are fixed and increased every

10 years to reflect market rentals.

During the year ended 31 March 2025 and 2024, the

amounts of fixed and variable lease payments under the

head lease are sumarised below:

固

付

(d) Details of the Group’s investment properties as at 31 March

2024 and 2025 are as folows:

Nos. 42-43 Great Marlborough Stret, London W1V,

The United Kingdom

办公室

及餐馆

Ofices and

restaurants

长期

Long-term

lease

	2025	2024
	$’000	$’000
6,963
7,905
7,918
5,079
5,079
10,172
43,116

		「Guy Laroche」商标	「Ashworth」商标
		Guy Laroche trademark	Ashworth trademark	总额 Total
		$’000	$’000	$’000

年报 2024/25 Anual Report84

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

11 投资物业及其他物业、厂房

及设备（续）

(e) 按经营租赁租出的投资物业

本集团以经营租赁租出投资物业，租

期一般初步为期二十五年（二零二四

年：二十五年），且有权选择续期，

届时所有条款均可重新商定。各项经

营租赁均不包括可变动租赁付款。

本集团根据不可解除之经营租赁在报

告期末后应收之最低租赁款额总数

如下：

12 无形资产

11 Investment properties and other property, plant

and equipment (continued)

(e) 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 25 years

(2024: 25 years), with an option to renew the leases at which

time al terms are renegotiated. None of the leases includes

variable lease payments.

Undiscounted lease payments under non-cancelable

operating leases in place at the reporting date wil be

receivable by the Group in future periods as folows:

一

两

三

四

五

12 Intangible asets

成本：Cost:

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及二零二五年

三月三十一日

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

102,05031,392133,442

累计减值亏损：Acumulated impairment loses:

于二零二三年四月一日、

二零二四年三月三十一日及

二零二四年四月一日

At 1 April 2023, 31 March 2024 and

1 April 2024

–

减值亏损Impairment loses(5,000)–(5,000)

于二零二五年三月三十一日At 31 March 2025(5,000)–(5,000)

账面值：Carying amount:

于二零二五年三月三十一日At 31 March 202597,05031,392128,442

于二零二四年三月三十一日At 31 March 2024102,05031,392133,442

2025
		「Guy Laroche」商标	「Ashworth」商标
		Guy Laroche trademark	Ashworth trademark
		19.4%	16.7%
		2%	2%

2024
		「Guy Laroche」商标	「Ashworth」商标
		Guy Laroche trademark	Ashworth trademark

年报 2024/25 Anual Report85

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

12 无形资产（续）

「Guy Laroche」和「Ashworth」商标被视作

可无限期使用，并根据附注第1(h)项之会

计政策入账。

被认为具有无限期使用寿命的商标，因为

它们在萎缩时没有到期或定期续展，并且

这些资产预计为集团产生现金流的续展次

数和期限没有可预见的限制。

无限期可用经济年期商标减值测试

「Guy Laroche」和「Ashworth」商标分别应

用于「Guy Laroche」和「Ashworth」的全球

业务，可独立识别。

于二零二五年及二零二四年三月三十一日，

获分配商标的现金产生单位的可收回金额

乃根据使用价值计算。外部估值师瑞丰环

球评估咨询有限公司基于管理层编制的五

年期现金流量预测进行计算现金产生单位

的使用价值。五年期后之现金流使用永久

增长率推断。已采用下列重要假设计算使

用价值：

截至二零二五年三月三十一日止年度，本

集团确认了「Guy Laroche」商标的减值亏

损金额为5,000,000元（二零二四年：无）。

由于现金产生单位已降至其可收回金额，

因此用于计算可收回金额的假设的任何不

利变化都将导致进一步的减值亏损。

根据「Ashworth」商标的减值测试，截至二

零二五年三月三十一日止年度未确认任何

减值亏损（二零二四年：无）。管理层认为，

用于计量可收回金额的关键假设的任何合

理可能变更，不会导致「Ashworth」的现金

产生单位帐面价值超过其在二零二五年三

月三十一日和二零二四年三月三十一日的

可收回金额。

12 Intangible asets (continued)

Guy Laroche and Ashworth trademark are considered to have

indefinite useful lives and are acounted for in acordance with

acounting policy note 1(h).

Trademarks are regarded to have indefinite useful lives as they

either have no expiration or are renewable on a periodic basis with

the apropriate authority and there is no foreseable limit to the

number of renewals and the period over which these asets are

expected to generate cash flows for the Group.

Impairment tests for trademarks with an indefinite useful economic life

Guy Laroche and Ashworth trademarks service Guy Laroche and

Ashworth worldwide operations respectively and are separately

identifiable.

At 31 March 2025 and 2024, the recoverable amounts of the cash-

generating units (“CGU”) to which the trademarks were alocated

are determined based on value-in-use calculations. The value-in-

use calculations of the CGUs were caried out by an external valuer,

Ravia based on cash flow projections prepared by management

covering a five-year period. Cash flows beyond five-year period

are extrapolated using terminal growth rates. The folowing key

asumptions have ben used for the value-in-use calculations:

贴

永久增长率Terminal growth rate2%2%

贴现率Discount rate18.5%16.6%

永久增长率Terminal growth rate2%2%

During the year ended 31 March 2025, the Group recognized

an impairment los on Guy Laroche trademark amounting to

$5,000,000 (2024: Nil). As the CGU has ben reduced to its

recoverable amount, any adverse change in the asumptions used

in the calculation of recoverable amount would result in further

impairment loses.

Based on the impairment test for Ashworth trademark, no

impairment los was recognised during the year ended 31 March

2025 (2024: Nil). Management believes that any reasonably

posible change in the key asumptions on which the measurement

of the recoverable amount is based would not cause the carying

amount of the Ashworth CGU to exced their recoverable amounts

at 31 March 2025 and 2024.

		2025	2024
		$’000	$’000
7,955

	2025	2024
	$’000	$’000
3,528
1,057
27,231
31,816

	2025	2024
	$’000	$’000
59,184
2,674
(3,619)
58,239

	2025	2024
	$’000	$’000
14,930
(3,534)
11,396
14,931
2,056
28,383

年报 2024/25 Anual Report86

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

13 作买卖用途之证券

14 存货

(a) 综合财务状况表内之存货包括：

(b) 确认为费用并已计入损益的存货

数额分析如下：

拨回过往年度作出之存货撇减乃由于

顾客取向之改变而引致成衣的预计变

现价值增加。

15 应收账款及其他应收款

除其他应收款为750,000元（二零二四年：

750,000元）外，本集团所有应收账款及其

他应收款预期可于一年内收回或确认为费

用。

13 Trading securities

14 Inventories

(a) Inventories in the consolidated statement of financial position

comprise:

原

在

制

(b) The analysis of the amount of inventories recognised as an

expense and included in profit or los is as folows:

存

The reversal of write-down of inventories made in prior years

arose due to an increase in the estimated realisable value

of certain garment merchandise as a result of a change in

consumer preferences.

15 Trade and other receivables

Al of the Group’s trade and other receivables, apart from other

receivables of $750,000 (2024: $750,000), are expected to be

recovered or recognised as expense within one year.

	2025	2024
	$’000	$’000
9,321
211
807
1,057
11,396

	2025	2024
	$’000	$’000
50,268
43,405
93,673

年报 2024/25 Anual Report87

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

15 应收账款及其他应收款（续）

截至本报告期末日，应收账款（扣除亏损

拨备）根据发票日之账龄分析如下：

应收账款在发单日期后的三十至九十日内

到期，本集团信贷政策之进一步详情载于

附注第23(a)项。

16 现金及现金等价物及其他现

金流量资料

(a) 现金及现金等价物包括：

计入现金及现金等价物的结余金额约

347,000元（二零二四年：8,726,000

元），为本集团于中国内地银行存放

的人民币存款。从中国内地将资金汇

出境外，须遵守中国政府施加的外汇

管制。

15 Trade and other receivables (continued)

At the end of the reporting period, the ageing analysis of trade

debtors (net of los alowance) based on invoice date is as folows:

一

Trade debtors are due within 30 days to 90 days from the date of

biling. Details on the Group’s credit policy are set out in note 23(a).

16 Cash and cash equivalents and other cash flow

information

(a) Cash and cash equivalents comprise:

银

现

Included in the balance of cash and cash equivalents is

an amount of $347,000 (2024: $8,726,000) representing

Renminbi Yuan deposits placed with banks in Mainland China

by the Group. The remitance of these funds out of Mainland

China is subject to the exchange controls imposed by the

PRC government.

	附注	2025	2024
	Note	$’000	$’000
(24,361)
(2,367)
(683)
(67)
(59)
2,352
31,644
17,450
5,000
(137)
(1,917)
(165)
6,370
4,741
5,399
(871)
(256)
(4,765)
(896)
(5)
36,407

年报 2024/25 Anual Report88

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

16 现金及现金等价物及其他现

金流量资料（续）

(b) 将除税前亏损调节为经营业务产

生之现金：

16 Cash and cash equivalents and other cash flow

information (continued)

(b) Reconciliation of los before taxation to cash generated from

operations:

除

调

营

2025		2024
租赁负债 Lease liabilities	总额 Total	租赁负债 Lease liabilities	总额 Total
$’000	$’000	$’000	$’000
65,021	65,021
(30,667)	(30,667)
(2,305)	(2,305)
(32,972)	(32,972)
226	226
2,305	2,305
1,370	1,370
14,270	14,270
(5,492)	(5,492)
12,679	12,679
44,728	44,728

年报 2024/25 Anual Report89

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

16 现金及现金等价物及其他现

金流量资料（续）

本集团因融资活动而产生之债务的变

动，包括现金及非现金变动，已详列

于下表。由融资活动产生的债务，即

为该债务过去及将来的现金流，于综

合现金流量表中，会归类为融资活动

之现金流。

16 Cash and cash equivalents 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 consolidated cash flow statement as cash

flows from financing activities.

于

融

已

融

汇

其

利

于

调

提

于

	2025	2024
	$’000	$’000
4,212
32,972
37,184

	2025	2024
	$’000	$’000
10,257
27,422
132
37,811

	2025	2024
	$’000	$’000
6,059
1,181
107
2,910
10,257

年报 2024/25 Anual Report90

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

16 现金及现金等价物及其他现

金流量资料（续）

(d) 租赁现金流出总额

综合现金流量表中包括以下租赁之金

额：

17 应付账款及其他应付款

应付账款及其他应付款项下的所有金额预

期于一年内清偿。

应付关连公司款项为无抵押、免息及接获

通知偿还。

截至本报告期末日，应付账款及应付票据

根据发票日之账龄分析如下：

16 Cash and cash equivalents and other cash flow

information (continued)

(d) Total cash outflow for leases

Amounts included in the consolidated cash flow statement for

leases comprise the folowing:

包

17 Trade and other payables

Al of the trade and other payables are expected to be setled within

one year.

The amounts due to related companies are unsecured, interest-fre

and repayable on demand.

At the end of the reporting period, the ageing analysis of trade

creditors based on invoice date is as folows:

	2025	2024
	$’000	$’000
3,501
195
3,696

	2025	2024
	$’000	$’000
4,520
(4,089)
3,258
7
3,696

年报 2024/25 Anual Report91

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

18 Contract liabilities

预

－

Typical payment terms which impact the amount of contract

liabilities recognised are as folows:

The Group receives advances from certain customers in conection

with the licensing arangements and the provision of security

printing. These advances are recognised as contract liabilities until

the performance obligations are completed.

Movements in contract liabilities

于

Al receipts in advance are expected to be recognised as income

within one year.

18 合同负债

对经确认合同负债金额构成影响的一般支

付条款如下：

本集团就特许安排及提供安全印刷向若干

客户收取垫款。有关垫款确认为合同负债，

直至完成履行责任为止。

合同负债的变动

所有预收款项预计将在一年内确认为收入。

	2025	2024
	$’000	$’000
21,421
5,162
6,350
11,795
23,307
44,728

年报 2024/25 Anual Report92

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

19 租赁负债

截至二零二五年及二零二四年三月三十一

日止年度，租赁负债应偿还如下：

20 雇员退休福利

(a) 雇员退休福利

本集团乃按照香港《强制性公积金计

划条例》之规定，为根据香港《雇佣条

例》聘用之雇员设立强制性公积金计

划（「强积金计划」）。强积金计划乃一

项界定供款退休计划，由独立受托人

负责管理。根据强积金计划，雇主及

雇员各须按雇员有关收入之5%向该

计划作出供款，每月有关收入之上限

为30,000元。向该计划作出之供款乃

即时归属。

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。

在中国内地注册成立之附属公司参加

中国政府为中国内地雇员运作之界定

供款退休计划。该等供款于支付时自

损益扣除。向该计划作出之供款乃即

时归属。

一间在台湾成立之附属公司根据当地

《劳动基准法》参与一项界定福利退休

计划。该计划对本集团并不构成重大

之影响，故没有按香港会计师公会颁

布之《香港会计准则》第19号「雇员福

利」披露。

19 Lease liabilities

At 31 March 2025 and 2024, the lease liabilities were repayable as

folows:

20 Post-employment benefits

(a) 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 scheme

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. Contributions to the 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.

Subsidiaries established in Mainland China participate in the

defined contribution retirement schemes operated by the PRC

government for employes in Mainland China. Contributions

to these schemes are charged to profit or los when incured.

Contributions to the schemes vest imediately.

A subsidiary established in Taiwan participates in a defined

benefit retirement plan established in acordance with the

local Labour Standards Law. The scheme is not material to

the Group and, therefore, the disclosures required by HKAS

19, Employe benefits, have not ben presented.

年报 2024/25 Anual Report93

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

20 雇员退休福利（续）

(a) 雇员退休福利（续）

其他在香港、中国内地及台湾以外司

法权区境内注册成立之附属公司根据

相应司法权区之规定，参加当地政府

为雇员运作之界定供款退休计划。该

等计划供款于支付时自损益扣除。向

该计划作出之供款乃即时归属。

(b) 长期服务金负债

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

在六十五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

或额免强积金计划的供款所产生的

任何累算权益，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

的强制性供款减少其应付香港雇员

的长期服务金的法定权利。政府随后

宣布修订条例将自转制日起生效。此

外，政府亦预期推出一项资助计划，

在取消对冲机制后为雇主提供支援。

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）

所产生的任何累算权益，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算权

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

制日的服务年资计算。

20 Post-employment benefits (continued)

(a) Employe retirement benefits (continued)

Subsidiaries established in other jurisdictions other than

Hong Kong, Mainland China and Taiwan participate in the

defined contribution retirement schemes operated by the local

government for employes in acordance with the ruling in

the relevant jurisdictions. Contributions to these schemes are

charged to profit or los when incured. Contributions to the

schemes vest imediately.

(b) Long service payment liabilities

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, with an overal cap of $390,000 per employe and

the abolition of the ofseting mechanism with efect from 1

May 2025. 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. Separately, the Government is also expected

to introduce a subsidy scheme to asist employers after the

abolition.

Among other things, once the abolition of the ofseting

mechanism takes efect, an employer can no longer use

any of the acrued benefits derived from its mandatory MPF

contributions (irespective of the contributions made before, on

or after the Transition Date) to reduce the LSP in respect of an

employe’s service from the Transition Date. However, where

an employe’s employment comenced before the Transition

Date, the employer can continue to use the above acrued

benefits to reduce the LSP in respect of the employe’s

service up to that date; in adition, the LSP in respect of the

service before the Transition Date wil be calculated based

on the employe’s monthly salary imediately before the

Transition Date and the years of service up to that date.

	2025	2024
	$’000	$’000
1,196
254
170
47
217
1,667

		2025	2024
2.92% to 3.64%
2.20%
4.15%

年报 2024/25 Anual Report94

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

20 雇员退休福利（续）

(b) 长期服务金负债（续）

本集团之对冲机制及其取消的入账方

法已在附注第1(q)(i)项中披露。

本集团认为因修订条例主要影响不参

加集团职业退休计划的香港雇员在集

团的长期服务金负债，该修订对本集

团就雇员参与本集团职业退休计划所

承担的责任并无重大影响。

长期服务金负债现值及其变动如下：

长期服务金负债的加权平均持续时间

为十四年。

重要精算假设（以加权平均数表示）及

敏感度分析如下：

本集团的长期服务金责任对这些精算

假设不敏感，因此未进行敏感度分析。

20 Post-employment benefits (continued)

(b) Long service payment liabilities (continued)

The Group has acounted for the ofseting mechanism and

its abolition as disclosed in note 1(q)(i).

The Group has determined that the Amendment Ordinance

primarily impacts the Group’s LSP liability with respect to

Hong Kong employes that do not participate in the Group’s

ORSO plans. The Amendment Ordinance has no material

impact on the Group’s LSP liability with respect to employes

that participate in the group’s ORSO plans.

The present value of LSP liability and its movements are as

folows:

于

计

重

计

本

于

The weighted average duration of the LSP liability is 14 years.

Significant actuarial asumptions (expresed as weighted

averages) and sensitivity analysis are as folows:

折

未

预

The Group’s LSP obligations are not sensitive to these

actuarial asumptions, thus a sensitivity analysis is not

presented.

	2025	2024
	$’000	$’000
(260)
(322)
62
(260)


depreciation	拨备	总额
allowances	Provisions	Total
$’000	$’000	$’000

年报 2024/25 Anual Report95

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

21 综合财务状况表所示之

所得税

(a) 综合财务状况表所示之本期所得

税为：

(b) 已确认递延税项资产及负债：

(i) 已于综合财务状况表确认之递延

税项负债╱（资产）组成部份及本

年度变动如下：

21 Income tax in the consolidated statement of

financial position

(a) Curent taxation in the consolidated statement of financial

position represents:

(b) Defered tax asets and liabilities recognised:

(i) The components of defered tax liabilities/(asets)

recognised in the consolidated statement of financial

position and the movements during the year are as

folows:

递延税项来自：Defered tax arising from:

于二零二三年四月一日At 1 April 2023704109813

汇兑调整Exchange adjustments–(6)(6)

在损益表已（计入）╱扣除

（附注第7(a)项）

(Credited)/charged to profit

or los (note 7(a)(67)14881

于二零二四年三月三十一日

及二零二四年四月一日

At 31 March 2024 and

1 April 2024637251888

在损益表已（计入）╱扣除

（附注第7(a)项）

(Credited)/charged to profit

or los (note 7(a)(52)12876

于二零二五年三月三十一日At 31 March 2025585379964

	2025	2024
	$’000	$’000
(18)
982
964

	2025	2024
	$’000	$’000
56,651
13,029
420,315
489,995

年报 2024/25 Anual Report96

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

21 综合财务状况表所示之

所得税（续）

(b) 已确认递延税项资产╱负债：（续）

(i) 调节至综合财务状况表

依据附注第1(r)项之会计政策，本集

团未将累计税务亏损489,995,000元

（二零二四年：500,366,000元）及其

他118,574,000元暂时性差异（二零

二四年：95,547,000元）确认为递延

税项资产。因本集团未来不大可能在

相关税务管辖区产生可供冲销该资产

的应课税利润。本集团未确认税项亏

损为递延税项资产，其届满日期如下：

21 Income tax in the consolidated statement of

financial position (continued)

(b) Defered tax asets and liabilities recognised: (continued)

(i) Reconciliation to the consolidated statement of financial

position

In acordance with the acounting policy set out in note 1(r),

the Group has not recognised defered tax asets in respect of

cumulative tax loses of $489,995,000 (2024: $500,366,000)

and other temporary diferences of $118,574,000 (2024:

$95,547,000) as it is not probable that future taxable profits

against which the asets can be utilised wil be available in

the relevant tax jurisdictions. The Group has not recognised

defered tax asets in respect of tax loses, whose expiry

dates are:

五

在

			股本	保留溢利
		附注 Note	Share capital	Retained profits	总额 Total
		附注 Note	$’000	$’000	$’000

		2025	2024
		$’000	$’000
16,586

年报 2024/25 Anual Report97

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

22 股本、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分的年初及

年末结余对账载于综合权益变动表。

本公司权益个别组成部分的年初及年

末变动详情列载如下：

(b) 股息

(i) 本年度应占之应付本公司权益股

东股息

于本报告期末日后建议分派之末

期股息尚未在本报告期末日确认

为负债。

22 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:

于二零二三年四月一日At 1 April 2023383,90956,818440,727

权益变动：Changes in equity:

本年度溢利及全面收益总额

Profit and total comprehensive

income for the year–672672

过往年度已批准及已付股息

Dividend aproved and paid in

respect of the previous year22(b)(i)–(16,586)(16,586)

于二零二四年三月三十一日及

二零二四年四月一日

At 31 March 2024 and

1 April 2024383,90940,904424,813

权益变动：Changes in equity:

本年度亏损及全面收益总额

Los and total comprehensive

income for the year–(2,327)(2,327)

过往年度已批准及已付股息

Dividend aproved and paid in

respect of the previous year22(b)(i)–(16,586)(16,586)

于二零二五年三月三十一日At 31 March 2025383,90921,991405,900

(b) Dividends

(i) Dividends payable to equity shareholders of the

Company atributable to the year

于

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.

		2025	2024
		$’000	$’000
16,586

2025		2024
股数		股数
No. of shares		No. of shares
(’000)	$’000	(’000)	$’000
165,864	383,909

年报 2024/25 Anual Report98

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

22 股本、储备及股息（续）

(b) 股息（续）

(i) 就过往财政年度应付本公司权益

股东应占股息（已于年内获批准

及已付）

根据香港《公司条例》第135条，本公

司之普通股并无面值。

普通股持有人有权收取不时宣派之股

息，且每持有一股拥有一票在本公司

会议上之投票权。所有普通股均对本

公司剩余资产享有同等权益。

22 Capital, reserves and dividends (continued)

(b) Dividends (continued)

(i) Dividends payable to equity shareholders of the

Company atributable to the previous financial year,

aproved and paid during the year

已

于

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.

年报 2024/25 Anual Report99

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

22 股本、储备及股息（续）

(d) 储备之性质及用途

(i) 外汇储备

外汇储备包括换算香港以外业务

财务报表所产生之所有汇兑差

额。该储备根据附注第1(u)项所

载之会计政策处理。

(i) 重估储备

重估储备指当改变持作自用土地

及楼宇的用途为投资物业时作重

估所产生的盈余。该储备根据附

注第1(g)项所载之会计政策处理。

(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21,991,000元（二零二四

年：40,904,000元）。于本报告期末

日后，董事建议派发末期股息每股

普通股10仙（二零二四年：10仙），

金额为16,586,000元（二零二四年：

16,586,000元）（附注第22(b)(i)项）。

(f) 资本管理

本集团管理资本之主要目标为保障本

集团能够继续按持续经营基准经营，

从而透过与风险水平相对应之产品及

服务定价以及按合理成本进行融资，

继续为股东带来回报及为其他利益相

关者创造利益。

本集团积极及定期检讨及管理其资本

架构，以便在较高股东回报情况下可

能取得较高借贷水平与良好资本状况

带来之好处及保障之间取得平衡，并

因应经济环境之变化对资本架构作出

调整。

根据行业惯例，本集团按债务净额对

经调整资本比率监察其资本架构。就

此而言，本集团将债务净额界定为总

债务（包括计息贷款及借贷以及应付

账款及合同负债及租赁负债）加非累

计拟派股息，减现金及现金等价物。

经调整资本包括所有权益部份减非累

计拟派股息。

22 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

policies set out in note 1(u).

(i) Revaluation reserve

The revaluation reserve represents the surplus on

revaluation of land and buildings held for own use upon

change of use to investment properties. The reserve is

dealt with in acordance with the acounting policies set

out in note 1(g).

(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 $21,991,000 (2024: $40,904,000).

After the end of the reporting period, the directors proposed a

final dividend of 10 cents (2024: 10 cents) per ordinary share,

amounting to $16,586,000 (2024: $16,586,000) (note 22(b)(i).

(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 a higher

shareholder 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.

Consistent with industry practice, the Group monitors its

capital structure on the basis of an adjusted net debt-to-

capital ratio. For this purpose, the Group defines net debt

as total debt (which includes interest-bearing loans and

borowings, trade and other payables and contract liabilities

and lease liabilities) plus unacrued proposed dividends, les

cash and cash equivalents. Adjusted capital comprises al

components of equity les unacrued proposed dividends.

	附注	2025	2024
	Note	$’000	$’000
21,421
23,307
44,728
16,586
(93,673)
(32,359)
418,497
(16,586)
401,911
(8)%

年报 2024/25 Anual Report100

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

22 股本、储备及股息（续）

(f) 资本管理（续）

本集团于本报告期末及过往报告期末

的经调整净债务资本比率如下：

本公司及其任何附属公司均不受外部

施加之资本规定限制。

22 Capital, reserves and dividends (continued)

(f) Capital management (continued)

The Group’s adjusted net debt-to-capital ratio at the end of

the curent and previous reporting periods was as folows:

流

租

非

租

债

加

减

经

权

减

经

Neither the Company nor any of its subsidiaries are subject to

externaly imposed capital requirements.

年报 2024/25 Anual Report101

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值

本集团会在正常业务过程中出现信贷、流

动资金、利率和外币风险。本集团亦因持

有作买卖用途之证券而面对买卖证券的价

格风险。

本集团涉及有关风险，并透过以下财务风

险管理政策及惯常做法管理有关风险。

(a) 信贷风险

信贷风险指对手方违约其合约责任导

致本集团财务亏损的风险。

本集团的信贷风险主要来自应收账款

及其他应收款项，租金按金及作买卖

用途之证券。本集团因现金及现金等

价物而产生的信贷风险有限，因为对

手方为信用评级良好的银行，本集团

为此认为信用风险较低。

管理层制定了信贷政策，并持续监控

这些信贷风险。综合财务状况表中每

项金融资产的账面值代表信贷风险的

最大风险。

租金按金代表零售门店及商场业主持

有之按金，近期并无重大违约事件。

本集团涉及的信贷风险主要取决于零

售门店及商场业主的个别状况。本集

团与众多零售门店及商场业主合作，

并无高度集中的信贷风险。

就应收账款及其他应收款项而言，个

别信贷评估是对所有需要超过一定金

额的信贷的客户进行的。这些评估侧

重于客户过去的到期付款历史和当前

的支付能力，并考虑客户特定的信息

以及与客户经营所处的经济环境有关

的信息。应收账款应在结算日起九十

天内到期。通常，本集团不会从客户

处获得抵押品。

本集团所承受之信贷风险乃受各客户

个别特征影响。有关客户之业务行业

及其国家的违约风险亦会影响信贷风

险，惟程度较小。因此，本集团只会

承受个别客户之重大风险时才会产生

高度集中的信贷风险。于二零二五年

及二零二四年三月三十一日，无个别

客户的余额超过本集团的应收账款的

十分一。

23 Financial risk management and fair values of

financial instruments

Exposure to credit, liquidity, interest rate and curency risks arises

in the normal course of the Group’s busines. The Group is also

exposed to price risk arising from the trading securities held by the

Group.

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 and

other receivables, rental deposits and trading securities. The

Group’s exposure to credit risk arising from cash and cash

equivalents is limited because the counterparties are banks

with sound credit rating, for which the Group considers to

have low credit risk.

Management has a credit policy in place and the exposures

to these credit risks are monitored on an ongoing basis.

The maximum exposure to credit risk is represented by the

carying amount of each financial aset in the consolidated

statement of financial position.

Rental deposits represent deposits held by the landlords

of retail outlets and shoping mals with no recent history

of material defaults. The Group’s exposure to credit risk is

influenced mainly by the individual characteristic of each

landlord of retail outlets and shoping mals. The Group has

worked with a large number of landlords of retail outlets and

shoping mals and there is no significant concentration of

credit risk.

In respect of trade and other receivables, individual credit

evaluations are performed on al customers requiring credit

over a certain amount. These evaluations focus on the

customer’s past history of making payments when due and

curent ability to pay, and take into acount information

specific to the customer as wel as pertaining to the economic

environment in which the customer operates. Trade debtors

are due within 90 days from the date of biling. Normaly, the

Group does not obtain colateral from customers.

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 customer operates and

therefore significant concentrations of credit risk only arise if

the Group has significant exposure to individual customer.

At 31 March 2025 and 2024, no individual debtor with

outstanding balance exceded 10% of the Group’s trade

debtors.

2025
账面总值
	预计亏损率 Expected loss rate	Gross carrying amount	亏损拨备 Loss allowance
	预计亏损率 Expected loss rate	$’000	$’000
	0.0%	9,321	–
	0.0%	197	–
	0.0%	821	–
	0.0%	1,057	–
	100%	3,534	(3,534)
	100%	14,930	(3,534)

2024
账面总值
	预计亏损率 Expected loss rate	Gross carrying amount	亏损拨备 Loss allowance
	预计亏损率 Expected loss rate	$’000	$’000

年报 2024/25 Anual Report102

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值（续）

(a) 信贷风险（续）

本集团以等于整个存续期的预计信贷

亏损的金额计量贸易债务人的亏损

拨备，该金额使用拨备矩阵计算。由

于本集团的历史信贷亏损经验并未表

明不同客户群的亏损模式存在显著差

异，因此基于过期状态的亏损拨备不

会进一步区分本集团的不同客户群。

本集团有关应收账款信贷风险及预期

信贷亏损资料如下表所示：

23 Financial risk management and fair values of

financial instruments (continued)

(a) Credit risk (continued)

The Group measures los alowance for trade debtors

at an amount equal to lifetime ECLs, which is calculated

using a provision matrix. As the Group’s historical credit

los experience does not indicate significantly diferent los

paterns for diferent customer segments, the los alowance

based on past due status is not further distinguished betwen

the Group’s diferent customer bases.

The folowing table provides information about the Group’s

exposure to credit risk and ECLs for trade debtors:

本

超

本期（未过期）Curent (not past due)0.0%14,449–

超过一个月Overdue within 1 month0.0%555–

超过一个月但三个月内Overdue over 1 month but

within 3 months0.0%587–

超过三个月但十二个月内Overdue over 3 months but

within 12 months0.0%1,266–

超过十二个月Overdue over 12 months100%2,859(2,859)

19,716(2,859)

	2025	2024
	$’000	$’000
2,859
(10)
685
3,534

年报 2024/25 Anual Report103

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值（续）

(a) 信贷风险（续）

年内应收账款的亏损拨备账变动如下：

(b) 流动资金风险

本集团内个别营运实体须自行负责现

金管理，包括将现金盈余作短期投资

及筹集贷款以应付预期之现金需求（惟

借贷额超过预先厘定之授权水平时须

获得本公司董事会批准）。本集团之

政策为定期监察流动资金需求及遵守

放款契诺（如有），以确保其维持足够

现金储备及来自主要财务机构之充足

承诺资金额度，以应付其长短期之流

动资金需求。

下表就本集团于本报告期末日非衍生

财务负债之尚余合约期限作出分析，

有关期限乃按合约未贴现金流量（包

括使用合约利率计算之利息付款；倘

为浮息，则按结算日当时之利率计算）

以及本集团可能须付款之最早日期计

算。

23 Financial risk management and fair values of

financial instruments (continued)

(a) Credit risk (continued)

Movement in the los alowance acount in respect of trade

debtors during the year is as folows:

(b) Liquidity risk

Individual operating entities within the Group are responsible

for their own cash management, including the short term

investment of cash surpluses and the raising of loans to

cover expected cash demands, subject to the aproval by

the Company’s board when the borowings exced certain

predetermined levels of authority. The Group’s policy is to

regularly monitor its liquidity requirements and its compliance

with lending covenants (if any), to ensure that it maintains

suficient reserves of cash and adequate comited lines of

funding from major financial institutions to met its liquidity

requirements in the short and longer term.

The folowing table shows the remaining contractual maturities

at the end of the reporting period of the Group’s non-

derivative financial liabilities, which are based on contractual

undiscounted cash flows (including interest payments

computed using contractual rates or, if floating, based on

rates curent at the end of the reporting period) and the

earliest date the Group can be required to pay.

2025
合约未贴现的现金流出
Contractual undiscounted cash outflows
	一年内或按通知 Within 1 year or on demand	一年以上但不足两年 More than 1 year but less than 2 years	两年以上但不足五年 More than 2 years but less than 5 years	五年以上 More than 5 years	总额 Total	账面值 Carrying amount
	$’000	$’000	$’000	$’000	$’000	$’000
	10,257	–	–	–	10,257	10,257
	27,422	–	–	–	27,422	27,422
	132	–	–	–	132	132
	22,550	5,741	8,324	71,909	108,524	44,728
	60,361	5,741	8,324	71,909	146,335	82,539

2024
合约未贴现的现金流出
Contractual undiscounted cash outflows
	一年内或按通知 Within 1 year or on demand	一年以上但不足两年 More than 1 year but less than 2 years	两年以上但不足五年 More than 2 years but less than 5 years	五年以上 More than 5 years	总额 Total	账面值 Carrying amount
	$’000	$’000	$’000	$’000	$’000	$’000

年报 2024/25 Anual Report104

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值（续）

(b) 流动资金风险（续）

23 Financial risk management and fair values of

financial instruments (continued)

(b) Liquidity risk (continued)

应

应付账款Trade creditors10,549–10,54910,549

其他应付款

及应付费用

Other payables and

acrued charges31,993–31,99331,993

应付关连

公司款项

Amounts due to

related companies137–137137

租赁负债Lease liabilities35,40211,9369,15872,185128,68165,021

78,08111,9369,15872,185171,360107,700

	2025		2024
	有效利率%		有效利率%
	Effective interest rate		Effective interest rate
	%	$’000	%	$’000
	5.15	44,728
100%

年报 2024/25 Anual Report105

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值（续）

本集团之利率风险主要来自租赁负

债。固定利息的租赁负债使本集团涉

及公允值利率风险。管理层监控之本

集团利率概况载列如下：

(i) 利率概况

下表详列本集团之借贷于本报告

期末日之利率概况。

(i) 敏感度分析

于二零二五年三月三十一日，假

设所有其他变数保持不变，利率

整体上升╱下降100个基点估计

会导致本集团之除税后亏损及保

留溢利（二零二四年：在其他所

有变数维持不变的情况下估计若

利率全面上升╱下调100个点子，

对本集团之除税后亏损及保留溢

利影响不大）。综合权益之其他

部份将不会因利率整体上升╱下

降而受到影响。

上述敏感度分析反映本集团之除

税后溢利或亏损（及保留溢利）

因利率变动而产生之年度化利息

支出或收入的影响作估计。二零

二四年的分析按同一基准进行。

23 Financial risk management and fair values of

financial instruments (continued)

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 Group’s interest rate profile

as monitored by management is set out below:

(i) Interest rate profile

The folowing table details the interest rate profile of the

Group’s borowings at the end of the reporting period.

固

租

固

(i) Sensitivity analysis

At 31 March 2025, it is estimated that a general increase/

decrease of 100 basis points in interest rates, with al

other variables held constant, would have insignificant

impact to Group’s los after tax and retained profits

(2024: increase/decrease of 100 basis points in interest

rates, with al other variables held constant, would have

insignificant impact to Group’s los after tax and retained

profits). Other components of consolidated equity would

not be afected in response to the general increase/

decrease in interest rates.

The sensitivity analysis above indicates the impact on

the Group’s profit or los after tax (and retained profits)

that would arise asuming that there is an anualised

impact on interest expense or income of such a change

in interest rates. The analysis is performed on the same

basis for 2024.

承受外币风险（以港元列示）
Exposure to foreign currencies (expressed in HKD)
	美元		英镑		欧元		人民币
	United States Dollars		Pound Sterling		Euros		Renminbi Yuan
	2025	2024	2025	2024	2025	2024	2025	2024
	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
	–		–		–		–
	6,504		10		13,197		4,158
	(2,332)		–		(6,242)		(611)
	4,172		10		6,955		3,547

年报 2024/25 Anual Report106

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值（续）

(d) 外币风险

本集团涉及之外币风险主要来自因

买卖交易产生之外币（即该交易并非

以相关业务之功能货币进行）为单位

之应收账款、应付账款及现金结存。

引致此项风险之货币主要为美元、英

镑、欧元及人民币。

鉴于港元与美元挂钩，管理层预期美

元兑港元的汇率并不会有重大波动，

并认为美元的外币风险甚微。然而，

管理层认为，本集团面临其他货币汇

率变动之风险。如果出现短期的失衡

情况，本集团会在必要时按现货汇率

买卖外币，以确保将净风险额度维持

在可接受的水平。

本集团之借贷均以借取贷款之实体

之功能货币计值，或倘功能货币为港

元之本集团公司，则以港元或美元计

值。因此，管理层并不预期本集团之

借贷会涉及任何重大之外币风险。

(i) 承受外币风险

下表详列本集团于本报告期末日

所承受之外币风险，该等外币风

险乃因所涉实体之已确认资产或

负债以其功能货币以外之货币计

值而产生。基于呈报目的，外币

风险额以结算日之即期汇率换算

为港元列示。将海外业务之财务

报表换算成本集团之功能货币所

产生之差额并不包括在内。

23 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 foreign curency, i.e.

a curency other than the functional curency of the operations

to which the transactions relate. The curencies giving rise

to this risk are primarily United States dolars (“USD”), Pound

Sterling (“GBP”), Euros and Renminbi Yuan.

As the Hong Kong dolars (“HKD”) is peged to the USD,

management does not expect any significant movements in

the USD/HKD exchange rate and considers the exposure

to foreign curency risk in relation to the USD to be low.

However, management acknowledges that it is exposed to

fluctuations in the exchange rate for other curencies and the

Group ensures that the net exposure is kept to an aceptable

level by buying or seling foreign curencies at spot rates

where necesary to adres short-term imbalances.

Al the Group’s borowings are denominated in the functional

curency of the entity taking out the loan or, in the case of the

Group’s entities whose functional curency is HKD, in either

HKD or USD. Given this, management does not expect that

there wil be any significant curency risk asociated with the

Group’s borowings.

(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 exposures are shown in HKD, translated using the

spot rate at the year end date. Diferences resulting from

the translation of the financial statements of operations

outside Hong Kong into the Group’s presentation

curency are excluded.

现

应

2025		2024
汇率上升╱ （下跌） Increase/ (decrease) in foreign exchange rates	除税后亏损之减少╱ （增加）及保留溢利之增加╱（减少） Decrease/ (increase) in loss after tax and increase/ (decrease) in retained profits	汇率上升╱ （下跌） Increase/ (decrease) in foreign exchange rates	除税后亏损之灭少╱ （增加）及保留溢利之（增加）╱减少 Decrease/ (increase) in loss after tax and increase/ (decrease) in retained profits
%	$’000	%	$’000
5	1
(5)	(1)
5	348
(5)	(348)
5	177
(5)	(177)

年报 2024/25 Anual Report107

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值（续）

(d) 外币风险（续）

(i) 敏感度分析

下表列示倘于本报告期末日本集

团承担重大风险的货币汇率于

当日发生变动而其他变量保持不

变，对本集团的税后亏损（及保

留溢利）产生的即时变化。鉴于

如此，本集团假定港元及美元之

间之挂钩汇率受美元对其他货币

之汇率变动影响甚微。

上表所列的敏感度分析代表本集

团各实体于本报告期末日以个别

功能货币计量（为呈报目的，已

按本报告期末日之汇率兑换为港

元）之本年度除税后亏损和权益

之即时合并影响。

敏感性分析已假设外币汇率之变

动已用于重新计量本集团所持有

并于本报告期末日使本集团面临

外币风险之金融工具。此分析不

包括将香港以外业务之财务报表

换算成本集团之呈列货币所产生

之差额。二零二四年的分析按同

一基准进行。

23 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 rates betwen the HKD

and the USD would be materialy unafected by any

changes in movement in value of the USD against other

curencies.

英

欧

人

Results of the analysis as presented in the above table

represent an agregation of the instantaneous efects

on each of the Group entities’ 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 foreign curency risk at the end of

the reporting period. The analysis excludes diferences

that would result from the translation of the financial

statements of operations outside Hong Kong into the

Group’s presentation curency. The analysis is performed

on the same basis for 2024.

年报 2024/25 Anual Report108

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

23 金融风险管理及金融工具公

允值（续）

(e) 股价风险

本集团涉及作买卖用途之证券所产生

之价格变动风险（参阅附注第13项）。

购买或出售作买卖用途之证券的决定

是基于每日监测个别金融资产的表现

与预期相比，以及本集团的流动资金

需求。

于二零二五年三月三十一日，估计综

合财务报表中本集团的作买卖用途之

证券的市值增加或减少5%（二零二四

年：5%），而所有其他变数保持不变，

则会增加或减少本集团除税后亏损及

保留溢利398,000元（二零二四年：

479,000元）。分析在二零二四年以相

同的基础进行。

(f) 公允值计量

(i) 公允值入账之金融资产及负债

公允值架构

本集团金融工具之公允值于本报

告期末日按经常性基准计量。持

作买卖用途之证券分为《香港财

务报告准则》第13号「公允价值

计量」所界定的三级公允值架构

的第二级，使用估值所用输入数

据厘定（参阅附注第11(b)(i)项）。

当基金的单位可在计量日或大约

按应报告资产净值赎回时，使用

持作买卖用途之证券未经调整的

资产净值。

于截至二零二五年及二零二四年

三月三十一日止年度，于第一级

与第二级之间，或转入至或转出

自第三级概无转移。本集团的政

策是于产生转移的报告期末确认

公允值架构之间的转移。

(i) 以公允值以外入账之金融工具的

公允值

所有其他以摊销成本列账之金融

工具的账面值与二零二五年及二

零二四年三月三十一日之公允值

并无重大差异。

24 重大关联人士交易

除在本综合财务报表其他地方所披露之交

易及结余外，本集团与重大关联人士进行

以下交易。

(a) 主要管理人员的交易

所有主要管理人员均为本公司之董事，

董事酬金已于附注第8项披露。

23 Financial risk management and fair values of

financial instruments (continued)

(e) Price risk

The Group is exposed to price changes arising from the

trading securities (se note 13).

Decisions to buy or sel trading securities are based on daily

monitoring of the performance of the securities compared to

the expectations, as wel as the Group’s liquidity neds.

At 31 March 2025, it is estimated that an increase or decrease

of 5% (2024: 5%) in the market value of the Group’s trading

securities, with al other variables held constant, would

have decreased or increased the Group’s los after tax and

retained profits by $398,000 (2024: $479,000). The analysis is

performed on the same basis for 2024.

(f) Fair value measurement

(i) Financial asets and liabilities measured at fair value

Fair value hierarchy

The fair value of the Group’s financial instruments

are measured at the end of the reporting period on a

recuring basis. The fair value of the trading securities

fals within Level 2 of the thre-level fair value hierarchy

as defined in HKFRS 13, Fair value measurement,

based on the inputs used in the valuation technique

(se note 11(b)(i). The unadjusted net aset value of

the trading securities is used when the units in a fund

are redemable at the reportable net aset value at, or

aproximately at, the measurement date.

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

at the end of the reporting period in which they ocur.

(i) Fair values of financial instruments caried at other than

fair value

Al other financial asets and liabilities caried at

amortised cost are caried at amounts not materialy

diferent from their fair values as at 31 March 2025 and

2024.

24 Material related party transactions

In adition to the transactions and balances disclosed elsewhere in

these consolidated financial statements, the Group entered into the

folowing material related party transactions.

(a) Transactions with key management personel

Al members of key management personel are the directors

of the Company, and their emoluments are disclosed in

note 8.

	附注	2025	2024
	Note	$’000	$’000
244
3,000
780
90
975
3,831

于三月三十一日应付本集团的数额		截至三月三十一日止的有关利息支出
Amount owed by the Group as at 31 March		Related interest expense for the year ended 31 March
2025	2024	2025	2024
$’000	$’000	$’000	$’000
2,811		66

	2025	2024
	$’000	$’000
132
195

年报 2024/25 Anual Report109

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

24 重大关联人士交易（续）

(b) 与长江制衣有限公司及其附属公司

（「长江制衣集团」）（本公司若干董事

乃同时为长江制衣集团及本集团之控

权股东）以及Citimark Trading Limited

（「Citimark Trading」）（本集团之关联

公司）进行之交易及向其支付人数额：

附注：

(i) 若干董事及彼等之联系人士统称为长江制

衣集团及本集团之控权股东（定义参阅上

市规则），因此，以上交易构成本集团之

持续关连交易（定义参阅上市规则第14A

章）。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。

(i) 参阅上市规则第14A章定义，关联人士交

易构成持续关连交易，唯此项因低于上

市规则第14A章第76(1)条之微不足道的标

准，故可免于依据上市规则第14A章的披

露要求。

(i) Citimark Trading由陈永明先生拥有75%

及陈嘉信先生拥有25%的权益。由于陈永

明先生和陈嘉信分别为三名执行董事之

弟和侄儿，因此，上述交易构成上市规则

第14A章所定义的关连交易。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。

公司结余如下：

与关连公司之结余乃无抵押、免息及

按通知即时偿还。

24 Material related party transactions (continued)

(b) Transactions with and amounts paid to Yangtzekiang

Garment Limited and its subsidiaries (“Yangtzekiang Garment

Group”) (certain directors of the Company are colectively the

controling shareholders of both the Yangtzekiang Garment

Group and the Group) and Citimark Trading Limited (“Citimark

Trading”) (related company of the Group):

Notes:

(i) As certain directors and their asociates are colectively the controling

shareholders (as defined in the Listing Rules) of Yangtzekiang Garment

Group and the Group, the above transactions constitute continuing

conected transactions as defined 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.

(i) The related party transactions constitute continuing conected

transactions as defined in Chapter 14A of the Listing Rules, however,

they are exempt from the disclosure requirements in Chapter 14A of

the Listing Rules as they are below the de-minimis threshold under Rule

14A.76(1).

(i) As Citimark Trading is owned as to 75% by Mr. Michael Chan and 25%

by Mr. Jason Chan. Mr. Michael Chan and Jason Chan are conected

person of the Company under Chapter 14A of the Listing Rules by virtue

of being a brother and nephew of thre executive Directors respectively,

the above transactions constitute conected transactions as defined 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.

March 2025:

The outstanding balances with related companies are

unsecured, interest-fre and repayable on demand.

	附注	2025	2024
	Note	$’000	$’000
80
62,775
62,855
947
343,454
50,538
394,939
7,861
43,968
62
51,891
343,048
405,903
3
405,900
383,909
21,991
405,900

年报 2024/25 Anual Report110

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

25 公司层面财务状况表

董事会己于二零二五年六月二十五日核准

及授权发布。

主席副主席

陈永燊周陈淑玲

25 Company-level statement of financial position

Aproved and authorised for isue by the board of directors on

25 June 2025.

Chan Wing Sun, SamuelChan Suk Ling, Shirley

ChairmanVice Chairman

Effective for
	于下列日期或之后开始的会计期间生效		accounting periods beginning on or after

年报 2024/25 Anual Report111

（除另有所指外，均以港元列示╱Expresed in Hong Kong dolars unles otherwise indicated）

综合财务报表附注

Notes to the Consolidated Financial Statements

26 直接及最终控股公司

于二零二五年三月三十一日，董事认为

本集团的直接母公司及最终控股公司方

为Chan Family Investment Corporation

Limited，其于开曼群岛注册成立。该公司

未提供可供大众使用的财务报表。

27 已颁布但尚未对截至二零

二五年三月三十一日止年度

生效之修订、新准则及诠释

可能造成之影响

截至本财务报表刊发日期，香港会计师公

会已颁布多项修订及新准则，该等修订及

新准则尚未对截至二零二五年三月三十一

日止年度生效，亦未于本综合财务报表中

采纳。有关修订及新准则包括下列与本集

团有关之项目。

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。

26 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 Limited, which is incorporated in the

Cayman Islands. This entity does not provide financial statements

available for public use.

27 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 new or 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.

《香港会计准则》第21号之修订，外汇

汇率变动之影响－缺乏可兑换性

二零二五年一月一日Amendments to HKAS 21, The efects of changes in

foreign exchange rates – Lack of exchangeability

1 January 2025

《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

二零二六年一月一日Amendments to HKAS 9, Financial instruments and

HKFRS 7, Financial instruments: disclosures –

Amendments to the clasification and measurement

of financial instruments

1 January 2026

《香港财务报告会计准则》会计准则之

年度改进－第11卷

二零二六年一月一日Anual improvements to HKFRS Acounting Standards

– Volume 11

1 January 2026

《香港财务报告准则》第18号，财务报

表的呈列及披露

二零二七年一月一日HKFRS 18, Presentation and disclosure in financial

statements

1 January 2027

《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

二零二七年一月一日HKFRS 19, Subsidiaries without public acountability:

disclosures

1 January 2027

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 consolidated statement

of profit or los is expected to change.

公司名称 Name of company	注册成立╱ 成立及经营地点 Place of incorporation/ establishment and business	已发行及缴足股本资料 Particulars of issued and paid up capital	所有权权益百分率 Percentage of ownership interest	主要业务 Principal activities

主要附属公司

Principal Subsidiaries

年报 2024/25 Anual Report112

于二零二五年三月三十一日 At 31 March 2025

The folowing list contains only the particulars of subsidiaries which

principaly afected the results, asets or liabilities of the Group. The

clas of shares held is ordinary unles otherwise stated.

Al of these are controled subsidiaries as defined under note 1(d)

and have ben consolidated into the Group’s consolidated financial

statements.

长江拓展有限公司香港2 shares100成衣批发及零售

YGM Marketing Limited Hong KongGarment wholesaling and retailing

YGM Aset Management Limited香港2 shares100物业投资及物业租赁

Hong KongProperty investment and property

leasing

YGM市场拓展（澳门）有限公司澳门100,000 shares100成衣零售

YGM Marketing (Macau) Limited MacauGarment retailing

扬子江商业有限公司

#/#

中华人民共和国RMB34,005,685100投资控股及成衣批发及零售

YGM Trading Company Limited

#/#

The People’s Republic

of China

Investment holding, and garment

wholesaling and retailing

Michel René Enterprises Limited*英属处女群岛50,000 shares68成衣批发及零售

British Virgin IslandsGarment wholesaling

and retailing

Luk Hop Garments Limited 香港

Hong Kong

2 shares

*10 shares

100物业投资

Property investment

香港安全系统有限公司香港2 shares100投资控股

Hong Kong Security Systems Limited Hong KongInvestment holding

下表仅列出对本集团的业绩、资产或负债有主

要影响的附属公司资料。除另有列明外，所持

有股份类别均为普通股。

这些公司均为受控附属公司（定义参阅附注第

1(d)项），并已在本集团的财务报表综合处理。

公司名称 Name of company	注册成立╱ 成立及经营地点 Place of incorporation/ establishment and business	已发行及缴足股本资料 Particulars of issued and paid up capital	所有权权益百分率 Percentage of ownership interest	主要业务 Principal activities

年报 2024/25 Anual Report113

于二零二五年三月三十一日 At 31 March 2025

主要附属公司

Principal Subsidiaries

香港安全印刷有限公司

Hong Kong Security Printing Limited

香港

Hong Kong

100 shares100安全印刷、一般商业印务及买卖印刷产

品及投资控股

Provision of security printing, general

busines printing and trading of

printing products and investment

holding

近讯系统控股有限公司香港100,000 shares100投资控股

NF Systems Holding Limited Hong KongInvestment holding

近讯系统有限公司香港1 share100认证及电子防伪解决方案之开发

NF Systems Limited Hong KongDevelopment of authentication and

electronic forgery detection solutions

Société Guy Laroche 法国EUR2,925,061100拥有及许可使用商标

FranceTrademark ownership and licensing

YGM Studio Limited香港

Hong Kong

21,061,000 shares

46,800,000 shares

100投资控股

Investment holding

YGM Consortium Limited香港2 shares100投资控股

Hong KongInvestment holding

长江零售有限公司香港2 shares100拥有及许可使用商标

YGM Retail LimitedHong KongTrademark ownership and licensing

所有已发行股本均为普通股份或注册股本，但以下各项除外：

为无投票权优先股。

* Michel René Enterprises Limited于台湾经营。

Al the isued share capital represents ordinary shares or registered capital except where noted by:

* Represent non-voting defered shares.

Represent non-voting preference shares.

* Michel René Enterprises Limited operates in Taiwan.

该等公司的英文译名只供参考，其正确名称以中文为主。

该等公司为中华人民共和国注册成立的外商独资投资企业。

The English translation of the companies name are for reference only. The oficial name of the companies are in Chinese.

These are wholy foreign owned enterprises registered in Mainland China.

目录

Contents

公司资料

Corporate Information

五年财务摘要

Five Year Financial Highlights

主席报告

Chairman’s Statement

管理层讨论及分析

Management Discusion and Analysis

企业管治报告

Corporate Governance Report

2023. The directors’ atendance to the general meting is listed out

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

3. The Nomination Comite should then recomend to the Board

Telephone: (852) 2351 1111

Facsimile: (852) 2351 5211

董事会报告

Directors’ Report

董事及管理人员

Directors and Management

1991. He has held various positions in Wuxi City Guolian Development

2018. He is also an independent non-executive director of Yangtzekiang

独立核数师报告

Independent Auditor’s Report

We also:

综合损益表

Consolidated Statement of Profit or Los

综合损益及其他全面收益表

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合财务状况表

Consolidated Statement of Financial Position

综合权益变动表

Consolidated Statement of Changes in Equity

综合现金流量表

Consolidated Cash Flow Statement

综合财务报表附注

Notes to the Consolidated Financial Statements

Notes:

主要附属公司

Principal Subsidiaries

Al the isued share capital represents ordinary shares or registered capital except where noted by:

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