Anual Report

年报

Anual Report

年报

Oriental Watch Holdings Limited

东方表行集团有限公司

(Incorporated in Bermuda with limited liability)

（于百慕达注册成立之有限公司）

(Stock Code 股份代号：398)

Anual Report 2025 二零二五年报

CORPORATE INFORMATION

CHAIRMAN’S STATEMENT AND MANAGEMENT

DISCUSION AND ANALYSIS

DIRECTORS AND SENIOR MANAGEMENT

CORPORATE GOVERNANCE REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

DIRECTORS’ REPORT

INDEPENDENT AUDITOR’S REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND

OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL SUMARY

公司资料 2

主席报告及管理层讨论及分析 3-7

董事及高级管理层 8-10

企业管治报告 11-34

环境、社会及管治报告 35-71

董事会报告 72-81

独立核数师报告 82-87

综合损益及其他全面收益表 88-89

综合财务状况表 90-91

综合权益变动表 92-93

综合现金流量表 94-96

综合财务报表附注 97-195

财务摘要 196

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS Mr. Yeung Him Kit, Denis

(Chairman and Managing

Director)

Madam Yeung Man Ye, Shirley

(Executive Director)

Mr. Lam Hing Lun, Alain

(Finance Director)

Mr. Choi Man Chau, Michael

(Independent Non-executive

Director)

Mr. Sun Dai Hoe Harold

(Independent Non-executive

Director)

Mr. Sin Nga Yan, Benedict

(Independent Non-executive

Director)

COMPANY SECRETARY Mr. Lam Hing Lun, Alain

PRINCIPAL BANKERS Hang Seng Bank Limited

Bank of China (Hong Kong)

Limited

Standard Chartered Bank

(Hong Kong) Limited

AUDITOR Deloite Touche Tohmatsu

Certified Public Acountants

and Registered Public

Interest Entity Auditor

HONG KONG BRANCH Tricor Investor Services Limited

SHARE REGISTRARS 17th Flor

Far East Finance Centre

No. 16 Harcourt Road

Hong Kong

HONG KONG LEGAL Jenifer Cheung & Co

ADVISER

BERMUDA LEGAL Conyers, Dil & Pearman

ADVISER

REGISTERED OFICE Clarendon House

Church Stret

Hamilton HM 11

Bermuda

PRINCIPAL PLACE OF 19th Flor

BUSINES Wing On Centre

111 Conaught Road Central

Hong Kong

董事会杨衍杰先生

（主席兼董事总经理）

杨敏仪女士

（执行董事）

林庆麟先生

（财务董事）

蔡文洲先生

（独立非执行董事）

孙大豪先生

（独立非执行董事）

冼雅恩先生

（独立非执行董事）

公司秘书林庆麟先生

主要往来银行恒生银行有限公司

中国银行（香港）有限公司

渣打银行（香港）有限公司

核数师德勤‧关黄陈方会计师行

执业会计师及注册公众利

益实体核数师

股份过户卓佳证券登记有限公司

登记处香港

香港分处夏悫道16号

远东金融中心

17楼

香港法律顾问张美霞律师行

百慕达法律 Conyers, Dil & Pearman

顾问

注册办事处 Clarendon House

Church Stret

Hamilton HM 11

Bermuda

主要营业地点香港

干诺道中111号

永安中心

十九楼

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

Group Results

On behalf of the Board of Directors (the “Board”) of Oriental

Watch Holdings Limited (the “Company”) and its subsidiaries

(colectively, the “Group”), I hereby present you the audited

consolidated results of the Group for the year ended 31

March 2025 (the “Year”).

In 2024, macroeconomic chalenges reshaped consumer

behaviour in the luxury market. Rising geopolitical tension

and fluctuating interest rates fueled market volatility,

straining household finances and curbing spending. A

sustained property sector slump in major economies eroded

household wealth, together with rising unemployment,

further heightened financial caution, shifting demand to

esentials and reshaping luxury purchasing trends. As a

result, the Group’s performance was adversely impacted,

with revenue decreasing by 5.2% year-on-year (“yoy”) to

HK$3,450 milion (2024: HK$3,639 milion). In line with

the decrease in revenue as wel as the cost inflation from

brand pricing adjustments, gros profit declined by 5.6%

yoy to HK$1,086 milion (2024: 1,151 milion), with gros

profit margin droping to 31.5% (2024: 31.6%). Profit

atributable to owners of the Company decreased by 20.0%

yoy to HK$200 milion (2024: HK$250 milion), which was

mainly atributable to a one-of impairment charge for

impairment los for right-of-use asets and property, plant

and equipment of HK$25 milion and margin presures from

rising operating costs. Excluding the one-of impairment, the

adjusted profit atributable to owners of the Company would

be HK$225 milion (2024: HK$250 milion).

In recognition of shareholders’ continued trust, the Board

has resolved to recomend a final dividend of 4.2 HK cents

per share (2024: 5.8 HK cents) and a special dividend of

12.5 HK cents per share (2024: 17.2 HK cents) for the

year ended 31 March 2025. This decision underscores the

Board’s confidence in the Group’s resilient busines model,

long-term strategy, and dedication to shareholder value.

管理层讨论及分析

集团业绩

本人谨代表东方表行集团有限公司（「本公

司」）及其附属公司（统称「本集团」）之董

事会（「董事会」）向阁下提呈本集团截至二

零二五年三月三十一日止年度（「本年度」）

之经审核综合业绩。

二零二四年，宏观经济面对挑战，重塑对

奢侈品的消费模式。由于地缘政治局势升

温及利率波动，加剧市场不稳定性，普遍

家庭财政状况受压，从而支出减少。主要

经济体的房地产市场持续低迷，导致普遍

家庭财富缩减，加上失业率上升，普遍消

费者理财更趋谨慎，需求更侧重为日常必

需品，改变购买奢侈品的习惯及趋势。受

到以上不利因素影响，集团的收益按年减

少5.2%至3,450,000,000港元（二零二四

年：3,639,000,000港元），毛利按年减

少5.6%至1,086,000,000港元（二零二四

年：1,151,000,000港元），而毛利率下

跌至31.5%（二零二四年：31.6%），与

收益减少及品牌定价调整而导致的成本上

涨保持一致。本公司拥有人应占溢利按

年下跌20.0%至200,000,000港元（二零

二四年：250,000,000港元），主要由于

使用权资产及物业、机器及设备减值亏损

之一次性减值费用25,000,000港元，以

及营运成本上升带来的利润压力。撇除

一次性减值，经调整本公司拥有人应占

溢利为225,000,000港元（二零二四年：

250,000,000港元）。

为答谢股东一直以来的信任，董事会议决

建议派发截至二零二五年三月三十一日止

年度之末期股息每股4.2港仙（二零二四

年：5.8港仙）及特别股息每股12.5港仙

（二零二四年：17.2港仙），突显董事会对

本集团稳健的业务模式及长远策略充满信

心，并致力为股东创造价值。

Oriental Watch Holdings Limited 东方表行集团有限公司

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

业务回顾

于二零二五年三月三十一日，本集团于大

中华地区经营41个零售点（包括联营零售

店），并于中国内地及香港各自经营1间网

上商店，零售点按地区分析如下：

Busines Review

As at 31 March 2025, the Group operated 41 retail points

(including asociate retail stores) in the Greater China

region, along with 1 online store in each of Mainland China

and Hong Kong respectively. Breakdown of retail points by

geographic region is as folows:

As at

31 March 2025

于二零二五年

三月三十一日

Hong Kong香港11

Macau澳门2

Mainland China中国内地26

Taiwan台湾2

Total合计41

In terms of Mainland China market, GDP growth moderated

from 5.3% in Q1 to 4.6% in Q3 2024 but rebounded strongly

to 5.4% yoy in Q4 to achieving the Central Government’s

anual target of 5.0%, while in particular, the high-end

luxury watches market were afected due to their sensitivity

to consumer sentiment, showcasing the volatile market

environment in 2024. Acording to the Federation of the

Swis Watch Industry FH, Swis watch exports to China

experienced a sharp drop of 25.8% yoy in 2024, highlighting

the industry-wide chalenges. Although the China GDP

rebounded in Q4 2024 with government stimulus measures,

these were insuficient to ofset the luxury market’s downturn

in the short term. However, despite the aforementioned

chalenging market, the Group continued to focus on client

retention and establishing boutique stores to further enhance

service quality, led to a modest revenue increase of 1.8% to

HK$2,617 milion (2024: HK$2,571 milion) for the Group’s

Mainland China operation.

In Hong Kong, the shifting consumption paterns, strong

Hong Kong dolars and slow tourism recovery have

continued to put presure on the retail market. Acording

to the Hong Kong Census and Statistics Department,

total retail sales for 2024 declined by 7.3% yoy in value to

aproximately HK$377 bilion, a sharp reversal from the

16.2% growth in 2023. It is worth noting that the retail sales

of jewelery, watches, clocks, and valuable gifts experienced

a stronger decline of 14.5% yoy during 2024. Afected by

the market sentiment, revenue of the Group’s Hong Kong

operations decreased by 19.8% to HK$757 milion (2024:

HK$944 milion).

中国内地市场方面，国内生产总值增长

从二零二四年第一季的5.3%放缓至第三

季的4.6%，惟于第四季按年强力反弹至

5.4%，实现中央政府订下的5.0%年度目

标，特别注意的是，高端名贵钟表市场深

受消费市场情绪变化影响，反映二零二四

年的市场环境波动。瑞士钟表工业联合

会FH的数据显示，瑞士于二零二四年出

口至中国的钟表按年急跌25.8%，可见

整体行业所面临的挑战。尽管在政府的

刺激措施下，中国内生产总值于二零

二四年第四季反弹，然而仍不足以抵销奢

侈品市场于短期内的衰退。面对前述市

场挑战，本集团始终坚持致力于挽留客

户及开设精品店，以进一步提高服务品

质，本集团于中国内地营运的收益略增

1.8%至2,617,000,000港元（二零二四年：

2,571,000,000港元）。

香港方面，消费者习惯的改变、港元走

强以及旅游业复苏比预期缓慢，均为零

售市场带来压力。根据香港政府统计处

的数据，二零二四年的零售销售总额按

年减少7.3%至约377,000,000,000港

元，与二零二三年16.2%的增长相比大

幅逆转。值得注意的是，二零二四年珠

宝、钟表及名贵礼物的零售额的跌幅更

大，按年下跌14.5%。受市场消费意欲

影响，本集团来自香港营运的收益减少

19.8%至757,000,000港元（二零二四年：

944,000,000港元）。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

The Group continues to place strong emphasis on prudent

cost management and operational eficiency, with particular

focus on rental expenses, which represent a majority of

its expenses. The Group prioritises quality over quantity,

strategicaly closing high-rent yet underperforming stores.

At the same time, the Group continues to colaborate with

brands to establish boutique stores in premium locations.

With the opening of new stores opening and the higher

turnover rent in line with the increase in sales from the

Mainland China operations, the Group’s agregated

expenses related to lease increased by 6.4% yoy to HK$215

milion, acounting for 26.5% of the overal operating

expenses (2024: 24.9%).

Alongside managing rental fes, inventory control is a

cornerstone of the Group’s financial strategy. The Group has

adopted a disciplined replenishment policy for high-ticket

products, only restocking when the inventory fals below

predefined thresholds. However, with the establishment

of new boutique stores, inventory levels slightly increased

by 5.2% yoy to HK$466 milion (2024: HK$443 milion).

Nevertheles, the inventory position has improved since

mid-year, demonstrating the Group’s ongoing eforts to align

stock levels with market demand while preserving liquidity.

Prospects

As 2025 progreses into its second half, ongoing market

uncertainty is likely to continue afecting the luxury watch

industry. Acording to the Federation of the Swis Watch

Industry FH, the amounts of Swis watch exports to

Mainland China and Hong Kong have continued to decline

by 22.5% yoy and 11.9% yoy, respectively, in the first

quarter of 2025, reflecting the broader economic chalenges,

painting a cautious market outlok for the near future.

Despite these headwinds, the Group remains focused on

optimising its store network and operational eficiency to

elevate service quality and brand recognition. The Group wil

also strengthen landlord relationships to secure favourable

lease terms. While vigilantly monitoring geopolitical and tarif

risks, which curently have minimal operational impact, the

Group wil maintain prudent cost management.

By enhancing service quality and leveraging its robust

brand portfolio, the Group is wel-positioned to navigate

evolving market dynamics. The Board remains comited

to balancing growth, ensuring premium services and

sustainable shareholder returns amid industry chalenges.

本集团继续紧守审慎的成本管理方针和营

运效率，尤其是占比较高的租金开支。本

集团相对于数量，更重视品质，策略性地

关闭租金高昂但表现逊色的店铺。与此同

时，本集团持续与各个品牌合作，在优质

地段开设精品店。随著新店开幕，以及中

国内地营运销售额的增长导致营业额租金

增加，本集团与租赁相关的开支总额按年

增加6.4%至215,000,000港元，占整体

营运开支26.5%。（二零二四年：24.9%）。

除了租金管理，存货管理亦为本集团财务

策略的基石。本集团就昂贵产品采取严格

的补货政策，仅在存货下跌至预定临界水

平时补货。然而，随著新精品店开设，存

货水平按年略增5.2%至466,000,000港

元（二零二四年：443,000,000港元）。尽

管如此，存货状况自年中以来有所改善，

展现了本集团持续努力维持存货水平与市

场需求一致，同时保持流动性。

前景

随著二零二五年进入下半年，市场不确定

性持续并可能为名贵钟表行业带来影响。

瑞士钟表工业联合会FH的数据显示，瑞

士钟表出口至中国内地及香港的数量于二

零二五年第一季分别持续按年下跌22.5%

及11.9%。经济挑战持续，预计近期市场

前景将更趋谨慎。在逆境之下，本集团仍

专注于改善店铺网络和营运效率，以提高

服务品质和品牌认可度。本集团亦将与业

主保持良好的关系，以确保获得有利的租

赁条款。即使现时地缘政治与关税风险对

本集团的营运影响有限，本集团将密切关

注，并且维持审慎的成本管理方针。

透过提升服务质素及凭借其强大的品牌组

合，本集团已作好准备适应不断变化的市

场环境。董事会将致力应对行业挑战，持

续在业务上实现增长，积极确保优质服

务，并为股东争取持久的回报。

Oriental Watch Holdings Limited 东方表行集团有限公司

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

FINANCIAL REVIEW

Liquidity and financial resources

At 31 March 2025, the Group’s total equity reached

HK$1,755 milion, compared with HK$1,796 milion as at 31

March 2024. The Group had net curent asets of HK$1,307

milion, including bank and cash balances of HK$836

milion as at 31 March 2025, as compared with balances of

HK$1,208 milion and HK$899 milion respectively as at 31

March 2024. At 31 March 2025 and 2024 the Group had no

bank loan and the gearing ratio (defined as total bank loan

on total equity) was nil.

Management considers that the financial position of the

Group is healthy with adequate funds and unused banking

facilities.

Foreign exchange exposure

The Group’s sales and purchase transactions are primarily

denominated in Hong Kong dolars and Renminbi. The

Group does not face any significant risk from exposure to

foreign exchange fluctuations.

HUMAN RESOURCES

As at 31 March 2025, our Group employed aproximately

581 employes in Hong Kong, Macau and Mainland China,

of whom aproximately 62% were based in Mainland China.

Our employes’ compensation packages include basic

salary, comision, anual bonus, medical insurance and

other comon benefits. They are structured by reference

to the nature of their posts, experiences and performance,

and are reviewed anualy based on the Group’s objective

performance apraisal system.

The Group has alocated significant resources to provide

training programes to employes to improve their

services to customers. The management team has used

results of a “Mystery Shopers Programe” conducted

by an independent consultancy firm to tailor-made training

programes for specific shop and at individual level.

财务回顾

流动资金及财务资源

于二零二五年三月三十一日，本集团之权

益总额达1,755,000,000港元，而于二零

二四年三月三十一日则为1,796,000,000

港元。于二零二五年三月三十一日，本

集团之流动资产净值为1,307,000,000港

元，包括836,000,000港元之银行及现

金结余，而于二零二四年三月三十一日

之结余则分别为1,208,000,000港元及

899,000,000港元。于二零二五年及二零

二四年三月三十一日，本集团概无银行贷

款，而资产负债比率（定义为银行贷款总

额除以权益总额）为零。

管理层认为本集团之财务状况稳健，并具

备充裕资金及未动用银行融资。

外汇风险

本集团之买卖交易主要以港元及人民币为

单位。本集团并无面对任何重大外汇波动

风险。

人力资源

于二零二五年三月三十一日，本集团于香

港、澳门及中国内地雇用约581名雇员，

其中大约62%为中国内地雇员。

本集团之雇员薪酬待遇包括底薪、佣金、

年终奖金、医疗保险及其他一般福利，其

乃参考雇员之职位性质、经验及表现决

定，并每年根据本集团之目标绩效评估报

告系统检讨。

本集团投放大量资源以提供雇员培训课

程，借以提升为客户提供之服务。管理团

队利用独立顾问公司所进行之「神秘顾客

计划」结果，设计针对个别店舖或员工之

培训课程。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

The Group has also developed a series of training

programes for senior executives with diverse topics ranging

from leadership, personal development and efectivenes,

task and team management. These programes enable our

senior executives to improve their management skils and

bring in inovative ideas to the Group.

The Company has adopted a share award scheme relating

to award of shares of the Company purchased by the truste

or the administration comite of such scheme out of fund

paid by the Company to eligible persons including directors

and employes of the Group. The scheme enables the

Group to ofer valuable incentive to atract and retain quality

personel and other persons to work to increase the value

of the shares of the Company.

本集团亦已为高级行政人员发展一系列培

训计划，其主题多元化，包括领导能力、

个人发展及效率、工作及团队管理。该等

计划让本集团之高级行政人员改善其管理

技巧，并为本集团带来创新意念。

本公司已采纳一项有关向合资格人士（包

括本集团董事及雇员）奖励本公司股份（由

有关计划之受托人或管理委员会以本公司

支付的资金购买）之股份奖励计划。该计

划让本集团提供有价值之诱因以吸引及挽

留优秀人才及其他人士，提高本公司股份

之价值。

Oriental Watch Holdings Limited 东方表行集团有限公司

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

EXECUTIVE DIRECTORS:

Mr. YEUNG Him Kit, Denis, aged 55, joined the Group in

1993. He became Managing Director and Chairman of the

Company in March 2003 and February 2021 respectively. He

holds a Bachelor Degre in Comerce from the University of

Toronto, Canada. Mr. Yeung is the brother of Madam Yeung

Man Ye, Shirley.

Madam YEUNG Man Ye, Shirley, aged 63, joined the

Group in 1991. She received a Higher Diploma in Busines

Studies and Diploma in Watch and Jewelery Management

from North Herts Colege in the United Kingdom and CFH

Institute in Switzerland respectively. Madam Yeung is a sister

of Mr. Yeung Him Kit, Denis.

Mr. LAM Hing Lun, Alain, aged 66, joined the Group in

1992. He is the Finance Director and Company Secretary

of the Company and became Director of the Company in

April 2003. He is responsible for the Group’s acounting,

financial control and secretarial maters. He has over 38

years’ experience in acounting and auditing. Mr. Lam

holds a Master Degre of Busines Administration from the

University of Hul. He is a Felow Member of the Asociation

of Chartered Certified Acountants and an Asociate

Member of the Hong Kong Institute of Certified Public

Acountants. He is an independent non-executive director

of CN Logistics International Holdings Limited (Stock Code:

2130), which is listed on the Main Board of The Stock

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

Mr. CHOI Man Chau, Michael, aged 69, is a Felow

Member of the Institute of Chartered Acountants in

England and Wales and the Hong Kong Institute of Certified

Public Acountants. Mr. Choi has ben practising public

acountancy in Hong Kong for over 33 years. He has ben

an independent non-executive director of the Company

since September 2008.

执行董事：

杨衍杰先生，55岁，于一九三年加入

本集团。彼分别于二零三年三月及二零

二一年二月出任本公司董事总经理及主

席。彼持有加拿大多伦多大学商业学士学

位。杨先生为杨敏仪女士之弟。

杨敏仪女士，63岁，于一九一年加入本

集团。彼分别持有英国North Herts Colege

商业课程高级文凭及瑞士CFH Institute钟

表珠宝管理文凭。杨女士为杨衍杰先生之

姊。

林庆麟先生，66岁，于一九二年加入本

集团。彼为本公司财务董事兼公司秘书，

并于二零三年四月出任本公司董事。彼

负责本集团会计、财务控制及秘书事宜。

彼具有逾38年会计及核数经验。林先生持

有University of Hul工商管理硕士学位。

彼为特许公认会计师公会资深会员及香港

会计师公会员。彼为嘉泓物流国际控股

有限公司（股份代号：2130）之独立非执行

董事，该公司于香港联合交易所有限公司

（「联交所」）主板上市。

蔡文洲先生，69岁，为英格兰及威尔斯

特许会计师公会及香港会计师公会资深会

员。蔡先生拥有逾33年在香港出任执业会

计师之经验。彼自二零八年九月起出任

本公司独立非执行董事。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

Mr. SUN Dai Hoe Harold, aged 62, was apointed as an

Independent Non-executive Director in March 2022. He

holds a Master of Administration degre from The University

of British Columbia, Canada. He was the Chairman of the

Federation of Hong Kong Watch Trades and Industries

Limited from 2017 to 2019 and has ben its Advisor

since 2020. In adition, he has ben the Chairman of

Qualifications Framework, Watch and Clock Industry Training

Advisory Comite since 2022, a member of Hong Kong

Productivity Council’s Watch and Clock Technology Centre

Management Comite since 2016, and was a member

of Hong Kong Trade Development Council’s Watches

and Clocks Advisory Comite from 2016 to 2020. In

Singapore, Mr. Sun was the Vice-President of Singapore

Clock and Watch Trade Asociation from 2010 to 2017 and

an independent non-executive director of Saizen REIT, which

was listed on the Singapore Exchange from 2007 to 2017.

He has over 33 years of experience in the marketing and

distribution of watches. He has ben an independent non-

executive director of Cheuk Nang (Holdings) Limited (stock

code: 0131), which is listed on the Main Board of the Stock

Exchange, since March 2022.

Mr. SIN Nga Yan, Benedict, aged 61, is a director and

general manager of Myer Jewelry Manufacturer Limited.

He is a felow of CPA Australia, a solicitor of the Supreme

Court of New South Wales, Australia, the Supreme Court of

England and Wales and the High Court of Hong Kong. He

is the Chairman of Trust Fund Investment Advisory Board of

Customs and Excise Service Children’s Education Trust Fund

of Hong Kong Customs and Excise Department. Mr. Sin is

also a member of Comite of Oversers of Wu Ye Sun

Colege of The Chinese University of Hong Kong, a member

of The Council of The Hang Seng University of Hong Kong

and a member of Hospital Authority, Hospital Governing

Comite of Hong Kong Eye Hospital & Kowlon Hospital.

Mr. Sin is an independent non-executive director of King

Fok Holdings Limited (stock code: 0280) and Miramar Hotel

and Investment Company, Limited (stock code: 071), both of

which are listed companies on the Main Board of The Stock

Exchange of Hong Kong Limited.

孙大豪先生，62岁，于二零二年三月

获委任为独立非执行董事。彼持有加拿大

哥伦比亚大学工商管理学硕士学位。彼于

二零一七年至二零一九年期间出任香港钟

表业总会主席，并自二零二零年起为其顾

问。此外，彼自二零二年起出任资历架

构 — 钟表行业培训咨询委员会主席，自

二零一六年起为香港生产力促进局之钟表

技术中心管理委员会成员，及于二零一六

年至二零二零年期间为香港贸易发展局钟

表业咨询委员会成员。在新加坡，孙先生

于二零一零年至二零一七年期间出任新加

坡钟表业公会副主席及于二零七年至二

零一七年期间为Saizen REIT（其于新加坡

证券交易所上市）之独立非执行董事。彼

在钟表的推广和分销方面拥有超过三十三

年的经验。彼自二零二年三月起出任卓

能（集团）有限公司（股份代号：0131）（其

于联交所主板上市）之独立非执行董事。

冼雅恩先生，61岁，为万雅珠宝有限公

司之董事及总经理。彼为澳洲会计师公会

资深会员、澳洲新南威尔斯最高法院、英

格兰及威尔斯最高法院及香港高等法院之

律师。彼为香港海关人员子女教育信托基

金之信托基金投资顾问委员会主席。冼先

生亦为香港中文大学伍宜孙书院监会成

员、香港恒生大学校务委员会委员及医院

管理局香港眼科医院及九龙医院医院管治

委员会委员。冼先生为景福集团有限公司

（股份代号：0280）及美丽华酒店企业有限

公司（股份代号：071）之独立非执行董事

（皆为在香港联合交易所有限公司主板之

上市公司）。

Oriental Watch Holdings Limited 东方表行集团有限公司

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

SENIOR MANAGEMENT

Mr. CHAN Sze Wing, Keneth, aged 60, is a director of

our PRC subsidiaries. Since 1 April 2022, his responsibility

has expanded from overseing the Group’s operation in the

PRC to cover those in Hong Kong and Macau. He joined

the Group in 2013 and has over 31 years’ experience in the

watch busines.

Mr. LAM Tung Hing, aged 67, is the General Manager

responsible for overseing the retail operation in Hong

Kong. He joined the Group in 2003 and has over 45 years’

experience in the watch busines.

高级管理层

陈仕荣先生，60岁，为本集团在中国之附

属公司董事。自二零二年四月一日起，

彼之职责由监督本集团于中国的业务运作

扩大至同时监督本集团于香港及澳门的业

务运作。彼于二零一三年加入本集团，具

有逾31年钟表业务经验。

林东兴先生，67岁，为总经理，负责监督

香港零售业务运作。彼于二零三年加入

本集团，具有逾45年钟表业务经验。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE PRACTICES

The Company strives to atain and maintain high standard

of corporate governance as it believes that efective

corporate governance practices are fundamental to

enhancing shareholder value and safe guarding interests

of shareholders and other stakeholders. The Company has

acordingly adopted god corporate governance principles

that emphasize a quality board of Directors (the “Board”),

efective risk management and internal control, stringent

disclosure practices, transparency and acountability to al

stakeholders. It is, in adition, comited to continuously

improving these practices and inculcating an ethical

corporate culture.

Throughout the year ended 31 March 2025, the Company

had complied with the code provisions prescribed in the

Corporate Governance Code (the “CG Code”) set out in

Apendix C1 to the Listing Rules except for the deviations

explained below in the relevant paragraphs.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Mode set out in

Apendix C3 to the Listing Rules as its own code of conduct

regarding securities transactions by the Directors. Having

made specific enquiry, al Directors as at 31 March 2025

have confirmed compliance with the required standard set

out in the Model Code during the year under review.

企业管治常规

本公司相信有效的企业管治常规乃提升股

东价值与保障股东及其他利益相关者权益

的根基，因此致力达致并维持最高的企业

管治水平。为此，本公司已采纳良好的企

业管治原则，强调要有一个优秀的董事会

（「董事会」）、有效的风险管理及内部监

控、严格的披露常规，以及对所有利益相

关者的透明度和问责性。此外，本公司不

断竭力改良该等常规，培养高尚的企业文

化。

截至二零二五年三月三十一日止整个年度

内，本公司一直符合上市规则附录C1所

载之企业管治守则（「企业管治守则」）规定

之守则条文，惟如下文相关段落所阐述之

偏离除外。

董事之证券交易

本公司已采纳上市规则附录C3所载之标

准守则，作为其董事进行证券交易之操守

守则。经作出特定查询后，全体董事已于

二零二五年三月三十一日确认于回顾年度

内一直遵守标准守则所载之规定标准。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

THE BOARD

Corporate Strategy

The primary objective of the Company is to enhance long-

term total return for shareholders. To achieve this objective,

the Board set strategies and directions for the Group’s

activities with a view to achieving sustainable recuring

earning growth and maintaining the Group’s strong financial

profile. The section headed “Management Discusion and

Analysis” contains discusion and analysis of the Group’s

performance for the year under review and strategies for

achieving its future plans.

Role of the Board

The Board, which is acountable to shareholders for

performance of the Company, is responsible for directing

the strategic objectives of the Company and overseing

the management of the busines. Directors are colectively

charged with the task of promoting the suces of the

Company and making decision in the best interest of the

Company.

Board Composition

At 31 March 2025, the Board comprised six Directors,

including the Chairman and Group Managing Director,

Group Finance Director, an Executive Director and thre

Independent Non-executive Directors. On 12 June 2024,

the Board apointed Mr. Sin Nga Yan, Benedict as an

Independent Non-Executive Director of the Company.

Biographical details of the Directors are set out in the section

headed “Directors and Senior Management” on pages 8

to 10. The composition of the Board is wel balanced with

each Director having sound knowledge, experience and/or

expertise relevant to the busines of the Group.

For a Director to be considered independent, the Board

must determine that the Director does not have any direct or

indirect material relationship with the Group. In determining

the independence of Directors, the Board folows the

requirements set out in the Listing Rules.

董事会

企业策略

本公司之首要目标为提升股东之长远回报

总额。为达致此目标，董事会为本集团的

活动制订策略及方向，务求取得可持续经

常性盈利增长及维持本集团之稳健财务状

况。「管理层讨论及分析」一节载有对本集

团于回顾年度内表现之讨论及分析，以及

本集团实现其未来计划之策略。

董事会之角色

董事会须就本公司之表现向股东负责，并

负责制订本公司之策略目标，同时监察业

务之管理工作。董事集体负责促进本公司

业务之成绩，并作出符合本公司最佳利益

之决策。

董事会结构

于二零二五年三月三十一日，董事会由六

名董事组成，包括主席及集团董事总经

理、集团财务董事、一名执行董事和三名

独立非执行董事。于二零二四年六月十二

日，董事会委任冼雅恩先生为本公司独立

非执行董事。各董事之履历载于第8页至

第10页之「董事及高级管理层」一节内。

董事会结构均衡，每名董事均具备与本集

团业务有关之丰富知识、经验及╱或专

长。

董事须经董事会确定与本集团并无任何

直接或间接重大关系，方会被视为具独立

性。董事会按照上市规则所载规定，确定

董事之独立性。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

Chairman and Chief Executive

Mr. Yeung Him Kit, Denis is both the Chairman and Group

Managing Director of the Company. He has ben the Group

Managing Director of the Company since March 2003 and

tok up the role of Chairman on 10 February 2021 after Dr.

Yeung Ming Biu, the former Chairman, pased away on 5

February 2021. The Board considers that he is the most

suitable person with the necesary experience to provide

leadership to the Board as wel as to manage the day-to-day

operations of the Group. As the Chairman, he is responsible

for the leadership of the Board, ensuring its efectivenes in

al aspects of its role and for seting its agenda and taking

into acount any maters proposed by other directors

for inclusion in the agenda. Through the Board, he is

responsible for ensuring that god corporate governance

practices and procedures are folowed by the Group.

As the Chief Executive (Group Managing Director), Mr. Yeung

is responsible for the day-to-day management of the Group’s

busines.

Independent Non-executive Directors

During the year under review (except for the period from

25 March 2024 to 11 June 2024), the Company had thre

Independent Non-executive Directors representing over one-

third of the Board. Dr. Li Sau Hung, Edy, an Independent

Non-Executive Director, pased away on 25 March 2024

and the Company apointed Mr. Sin Nga Yan, Benedict

as Independent Non-Executive Director on 12 June 2024

to comply with Rule 3.10(1) of the Listing Rules. One

Independent Non-executive Director has the apropriate

profesional qualifications in acounting or related financial

management expertise as required by Rule 3.10(2) of the

Listing Rules.

The Company confirms that it stil considers the Independent

Non-executive Directors as at the date of this report to be

independent.

主席及行政总裁

杨衍杰先生身兼本公司主席及集团董事总

经理。彼自二零三年三月起出任本公司

之集团董事总经理，于二零二一年二月五

日前主席杨明标博士辞世后，杨衍杰先生

于二零二一年二月十日担任主席职务。董

事会认为彼为拥有所需经验以领导董事会

及管理本集团之日常运作之最适合人选。

作为主席，彼负责领导董事会，以确保董

事会于所有方面有效扮演制订议程的角

色，并考虑其他董事所提呈的任何事项以

纳入议程。透过董事会，彼亦负责确保本

集团遵行良好之企业管治常规及程序。

作为行政总裁（集团董事总经理），杨先生

负责本集团业务之日常管理。

独立非执行董事

于回顾年度内（除二零二四年三月二十五

日二零二四年六月十一日之期间），本公

司有三名独立非执行董事，占董事会成员

之三分之一。独立非执行董事李秀恒博士

于二零二四年三月二十五日辞世。本公司

于二零二四年六月十二日委任冼雅恩先生

为独立非执行董事，以遵守上市规则第

3.10(1)条。一名独立非执行董事具备上市

规则第3.10(2)条所规定之适当会计专业资

格或相关财务管理专长。

本公司确认其仍然认为于本报告日期之独

立非执行董事为独立人士。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

Board Metings and Practices

The Board mets regularly, and at least four times a

year. It also mets on other ocasions when a board-

level decision on a particular mater is required. Betwen

scheduled metings, senior management of the Group

provides information to the Directors on a regular basis

on the activities and development in the busines of the

Group. Throughout the year, Directors had participated in

the consideration and aproval of routine and operational

maters of the Company by way of circulation of relevant

materials, suplemented by aditional verbal/writen

information or notification from the Company Secretary and

other executives as and when required. Details of material or

notable transactions of subsidiary companies are provided

to the Directors as apropriate. Whenever waranted,

aditional Board metings are held.

The Directors receive details of agenda items for decision

and draft minutes of meting in advance of each Board

meting. With respect to regular metings of the Board, the

Directors receive writen notice of the metings at least 14

days in advance and agenda with suporting Board papers

no les than 3 days prior to the metings. With respect

to the other metings, the Directors are given as much as

notice as is reasonable and practicable in the circumstances.

Any Director wishing to do so in the furtherance of his or

her duty may take independent profesional advice at the

Company’s expense. Directors are encouraged to update

their skils, knowledge and familiarity with the Group through

their initial induction, ongoing participation at Board and

Comite metings, and through metings with key

members of the management.

董事会议及常规

董事会须每年定期举行最少四次会议，亦

于其他须董事会就特定事宜作出决策之情

况下举行会议。在编定会期的会议之间，

本集团高级管理层会定时向董事提供有关

本集团活动和业务发展之资料。年内各董

事已透过传阅相关资料，及在有需要时由

公司秘书与其他行政人员提供额外口头╱

书面补充资料或通报，参与审批本公司之

日常及营运事宜。有关附属公司之重大或

重要交易之详细资料，亦会适时提供予各

董事。在有需要时，董事会亦会加开会议。

董事将于各董事会议举行前接获将须作

决定之议程事项详情及会议记录之拟稿。

对于董事会之定期会议，各董事至少在

十四天前接获书面会议通告，并至少于会

议举行三天前获发送议程与相关董事会文

件。对于其他会议，董事亦视乎情况获得

合理及切实可行之通知期。

任何董事如拟寻求独立专业意见以充分履

行其职责，均可寻求有关意见，费用概由

本公司承担。本公司鼓励董事透过入职简

介、持续参与董事会及委员会议以及与

管理层主要成员举行会议，提升其技能与

知识，并加深对本集团之了解。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

During the year ended 31 March 2025, the composition of

the Board and the atendance of the Directors at metings

held are set out below:

Board

Metings

Anual

General

Meting

董事会议

二零二四年

股东

周年大会

Executive Directors执行董事

Mr. Yeung Him Kit, Denis (Note) –

Chairman and Group Managing

Director

杨衍杰先生（附注） —

主席兼集团董事总经理

4/4√

Madam Yeung Man Ye, Shirley (Note)杨敏仪女士（附注）4/4√

Mr. Lam Hing Lun, Alain –

Group Finance Director

林庆麟先生 —

集团财务董事4/4√

Independent Non-Executive Directors独立非执行董事

Mr. Choi Man Chau, Michael蔡文洲先生4/4x

Mr. Sun Dai Hoe Harold孙大豪先生4/4√

Mr. Sin Nga Yan, Benedict冼雅恩先生4/4√

Note: Mr. Yeung Him Kit, Denis and Madam Yeung Man Ye,

Shirley are brother and sister.

于截至二零二五年三月三十一日止年度

内，董事会结构及各董事于所举行会议之

出席记录载列如下：

附注：杨衍杰先生及杨敏仪女士为姊弟。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

Training and Comitment

The Company provides continuous profesional development

(“CPD”) training and relevant reading materials to the

Directors to help ensure that they are aprised of the latest

changes in the comercial, legal and regulatory environment

in which the Group conducts its busines and to refresh

their knowledge and skils on their roles and functions as

directors of the Company. The Directors complied with the

requirements under the code provisions of the CG Code

in respect of CPD for the year ended 31 March 2025. In

adition, Mr. Choi Man Chau, Michael and Mr. Sin Nga Yan,

Benedict participated in CPD programs required by the

relevant profesional bodies respectively while Mr. Sun Dai

Hoe Harold has participated in CPD programs provided by

external organizers.

The Directors during the year ended 31 March 2025 have

provided to the Company with details of the CPD training

undertaken by them during the year.

COMPANY SECRETARY

The Company Secretary, Mr. Lam Hing Lun, Alain, is

responsible to the Board for ensuring that the Board

procedures are folowed and Board activities are eficiently

and efectively conducted. These objectives are achieved

through the adherence to proper Board proceses and the

timely preparation and disemination to the Directors and

Board Comites comprehensive Board agendas and

papers. Minutes of al Board metings and Board Comites

are prepared by and maintained by the Company Secretary

to record in suficient details the maters considered and

decisions reached by the Board or Board Comites,

including any concerns raised or disenting views voiced by

any Director. Al minutes are sent to the Directors and are

available for inspection by any Director upon request.

培训及承担

本公司为董事提供持续专业发展（「持续专

业发展」）培训与相关读物，确保彼等获悉

本集团经营业务所在商务、法律及规管环

境之最新变化，并更新彼等对身为本公司

董事之角色及职能之知识与技能。截至二

零二五年三月三十一日止年度，董事已遵

守企业管治守则条文下有关持续专业发展

培训之规定。此外，蔡文洲先生及冼雅恩

先生已分别按照有关之专业团体之规定参

与持续专业发展课程，而孙大豪先生则参

加外部组织者提供的持续专业发展课程。

截至二零二五年三月三十一日止年度，董

事于年内已向本公司提供彼等所接受之持

续专业发展培训详情。

公司秘书

公司秘书林庆麟先生向董事会负责，确保

董事会程序获得遵守及董事会活动迅速及

有效地进行，方法为严格遵守适当董事会

程序以及适时编制及发送详尽董事会议

议程及文件予董事及各董事委员会。所有

董事会议及董事委员会议记录均由公

司秘书编制及存置，以足够详尽地记录董

事会或董事委员会考虑之事项及达成之决

定，包括由任何董事提出之任何关注或表

达之反对意见。所有会议记录均发送予董

事，并可应要求供任何董事查阅。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

The Company Secretary is also responsible for ensuring that

the Board is fuly aprised of al legislative, regulatory and

corporate governance developments relating to the Group

and that it takes these into consideration when making

decisions for the Group. Further he is directly responsible for

the Group’s compliance with al obligations under the Listing

Rules, including publication and disemination of anual

reports and interim reports within the periods laid down in

the Listing Rules, timely disemination to shareholders and

the market of anouncements and information relating to the

Group and asisting in the notification of Directors’ dealings

in securities of the Group.

The Company Secretary advises the Directors on their

obligations for disclosure of interests in securities, conected

transactions and price-sensitive information and ensures

that the standards and disclosures required by the Listing

Rules are observed and, where required, reflected in the

anual reports of the Company.

In relation to conected transactions, regular seminars

are conducted for executives from busines units within

the Group to ensure that such transactions are handled

in compliance with the Listing Rules. Detail analyses are

performed on al potential conected transactions to ensure

ful compliance and for Directors’ considerations.

The apointment and removal of the Company Secretary are

subject to Board aproval in acordance with the Bye-laws

of the Company. Whilst the Company Secretary reports to

the Board through the Chairman and the Group Managing

Director, al members of the Board have aces to the

advice and service of the Company Secretary. Mr. Lam Hing

Lun, Alain has ben the Company Secretary of the Company

since 1992 and is also the Group’s Finance Director.

公司秘书亦负责确保董事会充分了解一切

与本集团有关之法例、规管和企业管治发

展，并于作出有关本集团之决策时加以考

虑。此外，彼直接负责确保本集团遵守上

市规则下之所有责任，包括于上市规则规

定之期限内刊发和发送年报与中期报告，

及时向股东与市场发出有关本集团之公布

与资料，并协助董事于买卖本集团证券时

发出通知。

公司秘书就董事披露于证券之权益、关连

交易及股价敏感资料方面之责任向董事提

供意见，并确保上市规则规定之标准及披

露获得遵守，以及在有需要时于本公司年

报内反映。

本集团定期为本集团内各业务单位行政人

员举行关于关连交易之研讨讲座，以确保

该等交易遵照上市规则规定处理。所有潜

在关连交易均会经过详细分析，确保完全

符合规例，并提呈董事考虑。

公司秘书之委任及免任须根据本公司之公

司细则经董事会批准。尽管公司秘书透过

主席及集团董事总经理向董事会汇报，惟

董事会全体成员均可取得公司秘书之意见

及服务。林庆麟先生自一九二年起为本

公司之公司秘书，且为本集团之财务董

事。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

ACOUNTABILITY AND AUDIT

Directors’ Responsibility for Financial Reporting

The anual and interim results of the Company are published

in a timely maner in acordance with the Listing Rules.

The responsibilities of the external auditors about their

financial reporting are set out in the auditor’s report on

pages 82 to 87.

Financial Statements

The Directors acknowledge their responsibility for

preparation of the financial statements of the Company

to ensure that the financial statements give a true and fair

presentation in acordance with Hong Kong Companies

Ordinance and the aplicable acounting standards.

Acounting Policies

The Directors consider that in preparing the financial

statements, the Group aplies apropriate acounting

policies that are consistently aplied and makes judgements

and estimates that are reasonable and prudent in

acordance with the aplicable acounting standards.

Acounting Records

The Directors are responsible for ensuring that the Group

keps acounting records which disclose the financial

position of the Group upon which financial statements of the

Group could be prepared in acordance with the Group’s

acounting policies.

问责性及核数

董事就财务报告须承担之责任

本公司之年度及中期业绩按照上市规则适

时刊发。

外聘核数师有关财务报告之责任载于

第82页至第87页之核数师报告。

财务报表

董事确认，其须负责根据香港公司条例与

适用之会计准则拟备本公司之财务报表，

以确保财务报表真实而中肯地反映情况。

会计政策

董事认为，本集团在拟备财务报表时已贯

彻应用适当之会计政策，并根据适用之会

计准则作出合理及审慎之判断与估计。

会计记录

董事须负责确保本集团保存披露本集团财

政状况之会计记录，让本集团得以按照其

会计政策拟备财务报表。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

Safeguarding Asets

The Directors are responsible for taking al reasonable and

necesary steps to safeguard the asets of the Group and

to prevent and detect fraud and other iregularities within the

Group.

Going Concern

The Directors, having made apropriate enquires, consider

that the Group has adequate resources to continue in

operational existence for the foreseable future and that it is

apropriate to adopt the going concern basis in preparation

of the financial statements.

Auditor’s Remuneration

The Board, being satisfied with Deloite Touche Tohmatsu

(“Deloite”) in respect of the audit fes they charged, the

proces and efectivenes of their audit, has resolved to

recomend their reapointment as the Company’s external

auditors at the forthcoming Anual General Meting.

During the financial year, the services provided by, and the

asociated remuneration paid to, Deloite were as folows:

HK$’000

千港元

Audit审计服务3,600

Taxation and non-audit services税务及非审计服务698

4,298

保护资产

董事须负责采取一切合理而必要之措施保

护本集团之资产，并防范与查察本集团内

之欺诈行为与其他违规事项。

持续经营

经作出适当查询后，董事认为本集团拥有

足够资源在可见未来继续经营，采用持续

经营基础拟备财务报表实属恰当。

核数师酬金

董事会满意德勤•关黄陈方会计师行（「德

勤」）有关其所收取之核数费用、审计过程

及其有效性，并议决建议于应届股东周年

大会上续聘其出任本公司之外聘核数师。

于本财政年度内，德勤提供之服务及向其

支付之相关酬金如下：

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD COMITES

Audit Comite

The Audit Comite comprised of the folowing members (al

being Independent Non-executive Directors) during the year

and up to the date of this report:

Mr. Choi Man Chau, Michael

(apointed Chairman of the Comite

on 12 June 2024)

Mr. Sun Dai Hoe Harold

Mr. Sin Nga Yan, Benedict

(apointed on 12 June 2024)

Under the term of reference of the Audit Comite, it is

required to overse the relationship betwen the Company

and its external auditors, review the Group’s preliminary

results, interim results and anual financial statements,

monitor compliance with statutory and Listing Rules

requirements, review the scope, extent and efectivenes of

the activities of the Group’s internal audit functions, engage

independent legal or other advisers as it determines is

necesary and perform investigations.

The terms of reference of the Audit Comite adopted by

the Board folow the guidelines set out in the CG Code and

are published on the Company’s website.

The Audit Comite met four times during the year which

were atended by al then members.

During the year, the Audit Comite performed the duties

and responsibilities under its terms of reference and the

code provisions of the CG Code.

董事委员会

审核委员会

年内及截至本报告日期，审核委员会由下

列成员（均为独立非执行董事）组成：

蔡文洲先生

（于二零二四年六月十二日获委任

为委员会主席）

孙大豪先生

冼雅恩先生

（于二零二四年六月十二日获委任）

根据审核委员会之职权范围，其职责包括

监察本公司与其外聘核数师之关系、审阅

本集团之初步业绩、中期业绩与年度财务

报表、监察对法定与上市规则规定之遵守

情况、检讨本集团内部审计职能之工作范

畴、规限与效率、在认为有需要时委聘独

立法律或其他顾问，以及进行调查。

董事会所采纳之审核委员会职权范围遵循

企业管治守则所载之指引，并已登载于本

公司网站。

年内，审核委员会已进行四次会面，当时

全体成员均已出席。

年内，审核委员会已根据其职权范围及企

业管治守则履行职责及责任。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

Financial Statements

The Audit Comite mets with the Group Finance

Director and other senior management of the Group from

time to time to review the interim and final results, interim

and anual reports and other financial, internal control and

risk management maters of the Group. It considers and

discuses the reports and presentations of management,

the Group’s internal and external auditors with a view of

ensuring that the Group’s consolidated financial statements

are prepared in acordance with acounting principles

generaly acepted in Hong Kong. It also mets with the

Group’s external auditors, Deloite, to consider their reports

on the scope and outcome of their independent review of

the interim financial report and on their anual audit of the

consolidated financial statements.

External Auditors

The Audit Comite reviews and monitors the external

auditors’ independence and objectivity and the efectivenes

of the audit proces. It has received representations from

Deloite of their independence and objectivity and holds

metings with Deloite to consider the scope of their audit

and their fes therefor, and the scope and apropriatenes

of non-audit services, if required, to be provided by them.

The Audit Comite also makes recomendations to the

Board on the apointment and retention of external auditors.

财务报表

审核委员会就审阅本集团之中期业绩、末

期业绩、中期报告及年报以及其他财务、

内部监控及风险管理事宜，不时与集团财

务董事及本集团其他高级管理层举行会

议。审核委员会考虑与讨论管理层、本集

团内部及外聘核数师之报告与所提交之资

料，以确保本集团之综合财务报表已按照

香港普遍采纳之会计原则拟备。审核委员

会亦与本集团之外聘核数师德勤举行会

议，以考虑德勤对中期财务报告进行之独

立审阅及对综合财务报表进行之年度审计

范围和结果而提交之报告。

外聘核数师

审核委员会检讨及监察外聘核数师之独立

性和客观性，以及审计过程之有效性。审

核委员会已收到德勤就其独立性和客观性

作出之声明，并与德勤举行会议，以考虑

其审计范围及就此作出之收费，并审批其

所提供之任何非审计服务（如有）之范围及

适当性。审核委员会亦就外聘核数师之委

任与续聘事宜向董事会提供建议。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

The Group’s policies regarding the engagement of Deloite

for various services are as folows:

– Deloite is engaged to provide services

in conection with the audit of the consolidated financial

statements of the Company, which are required to be

provided by external auditors.

– include services that would

normaly be provided by external auditors but not

generaly included in the audit of the consolidated

financial statements, for example, audit of the Group’s

pension plans, due diligence and acounting advice

relating to mergers and acquisitions, internal control

reviews of systems and/or proces and isuance of

special audit reports for tax purposes (if any). The

external auditors are invited to undertake these services

that they must or are best placed to undertake in their

capacity as auditors.

– include al tax compliance

and tax planing services except those services

provided in conection with the audit. The Group

engages the services of the external auditors where

they are best suited. Other significant taxation related

work may be undertaken by other profesional parties

as apropriate.

– include, for example, audit or reviews

of third parties to ases compliance with contracts,

risk management diagnostics and asesments, and

non-financial system consultations (if any). The external

auditors are also invited to asist the management and

the Group’s internal auditors with internal investigations

and fact-finding in respect of aleged improprieties. These

services are subject to specific aproval by the Audit

Comite.

本集团按下列政策委聘德勤提供各类服

务：

— 德勤受委聘提供与审计

本公司综合财务报表有关之审计服

务，该等服务须由外聘核数师提供。

— 包括一般由外

聘核数师提供，但普遍不包括在审计

综合财务报表内之服务，例如审核本

集团之退休金计划、与并购活动有关

之尽职审查与会计意见、对制度及╱

或程序进行内部监控检讨，以及就税

务目的（如有）发表特别审计报告。本

集团邀请外聘核数师提供其作为核数

师必须提供或最能胜任之服务。

— 包括所有税务

合规与税务规划服务，但不包括与审

计有关之服务。本集团委聘外聘核数

师提供其最能胜任之服务。其他重要

税务相关工作可能由其他适当专业人

士执行。

— 包括例如审计或审阅第

三方之资料以评估合约遵守情况、风

险管理分析与评估，以及不涉及财务

制度之顾问服务（如有）。外聘核数师

亦获邀请协助管理层与本集团内部核

数师进行内部调查与查察怀疑违规事

项。此等服务须经审核委员会特别批

准。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

– the external auditors

are not eligible to provide services involving general

consulting work including acountancy services.

Review of Risk Management and Internal Control

The Audit Comite asists the Board in meting its

responsibilities for maintaining an efective system of internal

control. It reviews the proces by which the Group evaluates

its control environment and risk asesment proces, and

the way in which busines and control risks are managed.

In adition, it reviews with the Group’s internal auditors

the work plan for their audit together with their resources

requirements, and consider their report to the Audit

Comite on the efectivenes of internal controls in the

Group’s busines operations.

These reviews and reports are taken into consideration by

the Audit Comite when it makes recomendations to the

Board for aproval of the consolidated financial statements

for the year.

Remuneration Comite

The Remuneration Comite comprised of the folowing

members during the year and up to the date of this report:

Mr. Choi Man Chau, Michael (an Independent

Non-executive Director) (apointed as a member and

Chairman of the Comite on 12 June 2024)

Mr. Lam Hing Lun, Alain (an Executive Director)

Mr. Sun Dai Hoe Harold (an Independent Non-executive

Director)

The Comite mets for the determination of the

remuneration packages of the Directors and senior

management of the Group. In adition, the Comite mets

as and when required to consider remuneration related

maters.

— 外聘核数师不符合

资格提供涉及一般顾问工作之服务，

包括会计服务。

风险管理及内部监控检讨

审核委员会协助董事会履行维持有效内部

监控系统之责任。审核委员会检讨本集团

对其监控环境与风险之评估程序，以及对

业务与监控风险之管理方式。此外，审核

委员会与本集团内部核数师检讨其审计工

作计划和其所需资源，并审议就本集团业

务营运之内部监控成效向审核委员会所提

交之报告。

审核委员会于就批核年度综合财务报表向

董事会提出建议时，会参考此等检讨结果

与报告。

薪酬委员会

年内及截至本报告日期，薪酬委员会由下

列成员组成：

蔡文洲先生（为独立非执行董事）

（于二零二四年六月十二日获委任

为成员及委员会主席）

林庆麟先生（为执行董事）

孙大豪先生（为独立非执行董事）

薪酬委员会举行会议以厘定本集团董事与

高级管理层之薪酬待遇。此外，薪酬委员

会将按需要举行会议，以审议与薪酬相关

之事宜。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

The responsibilities of the Remuneration Comite are to

asist the Board in achieving its objectives of atracting,

retaining and motivating people of the highest calibre and

experience neded to shape and execute strategies acros

the Group’s substantial busines operations. It asists

the Group in the administration of a fair and transparent

procedure for seting remuneration policies including

asesment of the performance of the Directors and senior

executives of the Group. The terms of reference of the

Remuneration Comite adopted by the Board folow the

guidelines set out in the CG Code and are published on the

Company’s website.

The remunerations of Directors and senior executives

are determined with reference to the performance

and profitability of the Group as wel as remuneration

benchmarks from other local and/or international companies

and prevailing market conditions. Bonus are rewarded to

Directors and employes based on the results of the Group

and the individual’s performance.

The Remuneration Comite met once during the year

which was atended by al then members.

The Remuneration Comite had reviewed background

information on market data, the Group’s busines activities

and human resources isues, headcounts and staf costs.

The Remuneration Comite had also reviewed and

aproved the proposed director fes, year-end bonus and

remuneration packages of Executive Directors and senior

management of the Company for the year ended 31 March

2025, and made recomendations to the Board on the

directors’ fes for Independent Non-executive Directors

(except they did not participate in the determination of their

own remunerations).

薪酬委员会须负责协助董事会达成其目

标，以吸引、挽留与激励最有才能和经验

之人才，为本集团旗下规模庞大之业务制

订与执行策略。薪酬委员会协助本集团操

作公平及具透明度之程序，用以制订薪酬

政策（包括评估本集团董事与高级行政人

员之表现）。董事会所采纳之薪酬委员会

职权范围依循企业管治守则所载指引并已

登载于本公司网站。

董事与高级行政人员之薪酬根据本集团本

身之表现和盈利能力，并参考其他本地及

╱或国际公司之薪酬指标与现行市况厘

定。花红会根据本集团业绩与个人表现发

放予董事与雇员。

年内，薪酬委员会已进行一次会面，当时

全体成员均已出席。

薪酬委员会已审阅市场数据之背景资料、

本集团业务活动与人力资源事宜，以及雇

员人数与员工成本。薪酬委员会亦已审批

建议董事袍金，以及本公司执行董事与高

级管理层截至二零二五年三月三十一日止

年度之年终花红及薪酬待遇建议，并向董

事会建议独立非执行董事之董事袍金（惟

彼等并无参与厘定其本身之薪酬）。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

Nomination of Directors

The Nomination Comite comprised of the folowing

members during the year and up to the date of this report:

Mr. Yeung Him Kit, Denis

(Executive Director and Chairman of the Comite)

Mr. Choi Man Chau, Michael

(an Independent Non-Executive Director)

Mr. Sun Dai Hoe Harold

(an Independent Non-Executive Director)

(apointed on 12 June 2024)

The terms of reference of the Nomination Comite folow

the guidelines set out in the CG Code and are published on

the Company’s website.

The Nomination Comite met once during the year which

was atended by al then members.

Members of the Nomination Comite identify potential

new directors and recomend to the Board for decision.

A director apointed by the Board is subject to election by

shareholders at the first anual general meting after his/her

apointment.

Potential new directors are selected on the basis of their

qualifications, skil and busines experience which the

Directors consider wil make a positive contribution to the

performance of the Board.

The Board has adopted a diversity policy to achieve diversity

of board members through consideration of relevant

factors, including but not limited to gender, age, ethnicity,

cultural and educational background, skil, knowledge,

or profesional/busines experience to ensure the Board

has an apropriate diversity of talents to contribute to the

busines of the Group.

The Board apointed Mr. Sin Nga Yan, Benedict as an

Independent Non-Executive Director on 12 June 2024 to

further diversity its membership. The Board is expected to

benefit from his extensive busines experience as wel as

profesional knowledge as acountant and solicitor.

董事提名

年内及截至本报告日期，提名委员会由下

列成员组成：

杨衍杰先生

（为执行董事兼委员会主席）

蔡文洲先生

（为独立非执行董事）

孙大豪先生

（为独立非执行董事）

（于二零二四年六月十二日获委任）

提名委员会之职权范围遵循企业管治守则

所载之指引并已登载于本公司网站。

提名委员会于年内已进行一次会面，当时

全体成员均已出席。

提名委员会成员物色潜在新董事人选并向

董事会提出建议以便作出决定。于董事会

委任该名董事后，该名获董事会委任之董

事于首次股东周年大会上须接受股东遴

选。

董事会按照彼等认为能够对董事会运作出

良好贡献之资历、技能及商业经验而选定

潜在新董事人选。

董事会已采纳董事会成员多元化政策，透

过考虑有关因素，包括但不限于性别、年

龄、种族、文化及教育背景、技能、知

识、或专业╱业务经验，以确保董事会具

备适当之多元化才能，为本集团之业务作

出贡献。

董事会于二零二四年六月十二日委任冼雅

恩先生为独立非执行董事，以进一步使成

员更多元化。董事会预期将从彼丰富的业

务经验以及作为会计师及律师的专业知识

中受益。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

The Board is satisfied with the implementation and

efectivenes of the Company’s policy on Board diversity on

its anual review for the year ended 31 March 2025.

The Company has established mechanisms to ensure

independent views and input are available to the Board,

including the folowing:

/her view is considered before

apointment of any proposed director;

• chanels are established for directors to expres their

independent views and input openly, and confidentialy

if necesary; and

• each director has independent aces to the senior

management of the Company to make informed and

independent decisions and to comunicate with the

Chairman directly to expres his/her views.

The Board is satisfied with the implementation and

efectivenes of such mechanisms on its anual review for

the year ended 31 March 2025.

Dividend Policy

Code provision F.1.1 of the CG Code relates to disclosure

of dividend policy. The Company does not have a dividend

policy and the Board wil decide on the declaration/

recomendation of any future dividends after taking into

consideration a number of factors, including the prevailing

market conditions, the Group’s operating results, busines

plans and prospects, financial position and working capital

requirements, and other factors that the Board considers

relevant.

Group Risk Management, Internal Control and

Corporate Governance

Role of the Board

The Board has overal responsibility for the Group’s systems

of risk management, internal control and legal and regulatory

compliance.

董事会已于其截至二零二五年三月三十一

日止年度之年度审阅信纳本公司之董事会

成员多元化政策的实施情况及成效。

本公司已设立机制确保董事会可获得独立

观点及意见，载列如下：

• 于委任何建议董事前考虑其观点之

独立性；

• 设立渠道让董事公开表达彼等之独立

观点及意见，必要时亦会保密；及

• 每位董事均可独立与本公司高级管理

层进行知情及独立的决策，并与主席

直接沟通表达其意见。

董事会已于其截至二零二五年三月三十一

日止年度之年度审阅信纳该等机制的实施

情况及成效。

股息政策

企业管治守则条文F.1.1与股息政策之披露

有关。本公司并无股息政策，董事会将根

据考虑多项因素（包括现行市场状况、本

集团经营业绩、业务计划及前景、财务状

况及营运资金需求，以及董事会认为相关

之其他因素）后，决定宣派╱建议任何未

来股息。

集团风险管理、内部监控及企业管治

董事会之角色

董事会全权负责本集团之风险管理制度、

内部监控以及法律及规管遵守情况。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

In meting its responsibilities, the Board seks to increase

risk awarenes acros the Group’s busines operations

and has put in place policies and procedures, including

parameters of delegated authority, which provide a

framework for the identification and management of risks.

The Board also evaluates and determines the nature and

extent of the risks that the Company is wiling to acept in

pursuit of the Group’s strategic and busines objectives. It

also reviews and monitors the efectivenes of the systems

of risk management and internal control on an ongoing

basis. Reporting and reviewing activities include review

and aproval by the Executive Directors and the Board of

detailed operational and financial reports, budgets and plans

of busines operations provided by the management, review

by the Board of actual results against budgets, review by

the Audit Comite of the ongoing work of internal audit

and risk management functions, as wel as regular busines

review by the Executive Directors and the executive

management team of each core busines division.

On behalf of the Board, the Audit Comite reviews

regularly the corporate governance structure and practices

within the Group and monitors compliance fulfilment on an

ongoing basis.

Risk Management

The Group adopts an Enterprise Risk Management (ERM)

framework which is consistent with the COSO (Comite

of Sponsoring Organization of the Treadway Comision)

framework. The main features of the risk management and

internal control systems are to provide a clear governance

structure, policies and procedures, as wel as reporting

mechanism to facilitate the Group to manage risks acros its

busines operations.

The Group’s risk management framework consists of the

Board, the Audit Comite and the Risk Management

Taskforce. The Board determines the nature and extent of

risks that shal be taken in achieving the Group’s strategic

objectives, and has the overal responsibility for monitoring

the design, implementation and the overal efectivenes of

risk management and internal control systems.

于履行其职责时，董事会寻求提升本集团

旗下各业务营运之风险意识，并透过制订

政策和程序，包括界定授权之标准，借以

建立一个有助确定与管理风险之架构。董

事会亦负责评估和厘定本集团于执行策略

及业务目标时本公司愿意承担之风险性质

和水平。此外，董事会持续检讨并监察风

险管理及内部监控系统之成效。汇报与审

阅工作包括由执行董事及董事会审批管理

层提交之详尽营运与财务报告、预算和业

务计划；由董事会对照实际业绩与预算；

由审核委员会审阅内部审计与风险管理职

能之持续工作；以及由执行董事及每个核

心业务部门之行政管理队伍定期进行业务

检讨。

审核委员会代表董事会定期检讨本集团内

部之企业管治架构及常规，并持续监察合

规履行情况。

风险管理

本集团所采用之企业风险管理框架符合

Comite of Sponsoring Organization of

the Treadway Comision (COSO)框架。

该等风险管理及内部监控系统之主要功能

为提供清晰的管治架构、政策及程序以及

申报机制，以便本集团管理各业务营运之

风险。

本集团之风险管理框架由董事会、审核委

员会及风险管理小组成。董事会厘定于

实现策略目标时应承担之风险性质和水

平，并须全权负责监察风险管理及内部监

控系统之设计、实施及整体效能。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

The Group has formulated and adopted risk management

policy in providing direction in identifying, evaluating and

managing significant risks. At least on an anual basis,

the Risk Management Taskforce identifies risks that would

adversely afect the achievement of the Group’s objectives,

and aseses and prioritizes the identified risks acording

to a set of standard criteria. Risk mitigation plans and risk

owners are then established for those risks considered to be

significant.

In adition, the Group has established an internal audit

function to asist the Board and the Audit Comite in

monitoring the risk management and internal control systems

of the Group on an-ongoing basis. Deficiencies in the

design and implementation of internal controls are identified

and recomendations are proposed for improvement.

Significant internal control deficiencies are reported to the

Audit Comite and the Board on a timely basis to ensure

prompt remediation actions are taken.

The Group Managing Director and the Group Finance

Director have the responsibility of developing and

implementing risk mitigation strategies including taking out

insurance policies to cover the financial impact of risks.

The Group Finance Director is responsible for aranging

apropriate insurance coverage including Directors Liability

Insurance to protect directors of the Group against potential

legal liabilities.

Risk management report is submited to the Audit Comite

and the Board at least once a year and internal control

report is submited half-yearly. The Board performs anual

review on the efectivenes of the Group’s risk management

and internal control systems, including but not limited to

the Group’s ability to cope with its busines transformation

and changing external environment; the scope and quality

of management’s review on risk management and internal

control systems; result of internal audit work; the extent and

frequency of comunication with the Board in relation to

result of risk and internal control review; significant failures

or weakneses identified and their related implications; and

status of compliance with the Listing Rules.

The risk management and internal control systems of the

Group are designed to manage rather than eliminate the

risk of failure to achieve busines objectives, and can only

provide reasonable and not absolute asurance against

material mistatement or los.

本集团亦已制定并采纳风险管理政策，提

供识别、评估及管理重大风险之方针。风

险管理小组至少每年识别可对本集团达成

目标构成不利影响之风险，并按照一套既

定标准评估及排列所识别之风险，然后确

立纾缓重大风险之计划和风险所属人士。

此外，本集团亦已设立内部审计职能，协

助董事会和审核委员会持续监察本集团之

风险管理及内部监控系统。该职能发掘内

部监控设计及施行方面之缺陷，并提出改

善建议，并及时向审核委员会和董事会汇

报重大内部监控缺陷，确保迅速采取纠正

行动。

集团董事总经理与集团财务董事有责任制

订与执行纾缓风险之策略，包括投购保单

涵盖风险之财务影响。集团财务董事负责

作出适当之保险安排，包括董事责任保

险，以保障本集团董事免受潜在法律责任

损害。

审核委员会和董事会至少每年一次收取风

险管理报告，以及每半年收取内部监控报

告。董事会对本集团风险管理及内部监控

系统之成效进行年度检讨，涵盖但不限于

本集团应付业务转变及外部环境变化之能

力、管理层检讨风险管理及内部监控系统

之范围与质素、内部审计工作之结果、就

风险及内部监控检讨结果与董事会沟通之

范围与次数、所识别之重大缺失或缺陷及

其影响，以及遵守上市规则之情况。

本集团之风险管理及内部监控系统旨在管

理而非消除未能达成业务目标之风险，而

且只能就不会有重大之失实陈述或损失作

出合理而非绝对之保证。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

Procedures and internal controls for the handling and

disemination of inside information

The Group complies with the requirements of the Securities

and Futures Ordinance (“SFO”) and the Listing Rules. The

Group discloses inside information to the public as son as

reasonably practicable unles the information fals within

any of the Safe Harbours as provided in the SFO. Before

the information is fuly disclosed to the public, the Group

ensures the information is kept strictly confidential. If the

Group believes that the necesary degre of confidentiality

canot be maintained or that confidentiality may have

ben breached, the Group would imediately disclose the

information to the public. The Group is comited to ensure

that information contained in its anouncements is true and

acurate, and not false or misleading.

Internal Control Environment and Systems

The Board has overal responsibility for monitoring the

operations of the Group’s busines. Executive Directors are

apointed to the boards of directors of al material operating

subsidiaries for monitoring of their operations, including

atendance at board metings, review and aproval of

busines strategies, budgets and plans, and seting of key

busines performance targets. The executive management

team of each core busines division is acountable for the

conduct and performance of such division.

The Group’s internal control procedures include a system for

reporting information to the executive management teams of

each core busines division and the Executive Directors.

Busines plans and budgets are prepared anualy by the

management of individual busines division subject to the

review and aproval of the Executive Directors. When seting

budgets, the management identifies, evaluates and reports

on the likelihod and potential financial impact of significant

busines risks.

处理及发放内幕消息之程序及内部监控

本集团恪守证券及期货条例（「证券及期货

条例」）及上市规则之规定，在合理可行情

况下尽快向公众披露内幕消息，除非有关

消息属证券及期货条例所规定之任何安全

港范围内，则不在此限。本集团确保消息

于向公众发放前保持机密。倘本集团相信

无法保持必要之机密程度，或机密可能已

外泄，则本集团将立即向公众披露消息。

本集团致力确保公告所载资料属真实准

确，而非虚假或具误导成份。

内部监控环境及系统

董事会全权负责监察本集团业务之运作。

执行董事获委任加入所有经营重大业务的

附属公司之董事会，以监察其运作，包括

出席其董事会议、审批业务策略、预算

和计划，以及制订主要业务表现目标。每

个核心业务部门之行政管理队伍对该部门

之运作与表现承担责任。

本集团之内部监控程序包括资料申报制

度，以向每个核心业务部门之行政管理队

伍及执行董事汇报资料。

业务计划与预算由个别业务部门之管理层

按年编制，并须经执行董事审批。在编制

预算时，管理层确定、评估并汇报业务蒙

受重大风险之可能性及其潜在财务影响。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

The Executive Directors review monthly management

reports on the financial results and key operating statistics

of each busines division and hold regular metings with

the executive management team and senior management

of busines operations to discus these reports, busines

performance against budgets, forecasts, significant risk

sensitivities and strategies. In adition, the Group Finance

Director and members of his finance team review monthly

performance against budget and forecast, and adres

acounting and finance related maters.

The Group Finance Director has established guidelines

and procedures for aproval and control of expenditures.

Operating expenditures are subject to overal budget control

and are controled within each busines with aproval level

for such expenditures being set by reference to the level of

responsibility of each executive oficer. Capital expenditures

are subject to overal control within the anual budget

review and aproval proces, and more specific control

and aproval by the Group Finance Director or Executive

Directors are required prior to comitment for unbudgeted

expenditures and material expenditures within the aproved

budget. Reports of actual versus budgeted and aproved

expenditures are also regularly reviewed.

The internal audit department provides to the Group

Managing Director on a regular basis, and to the Audit

Comite if necesary, independent asurance as to the

existence and efectivenes of the Group’s risk management

activities and controls in its busines operations. Using

risk asesment methodology and taking into acount

the dynamics of the Group activities, the internal audit

department devises its yearly audit plan, which is reviewed

by the Audit Comite, and reasesed during the year as

neded to ensure that adequate resources are deployed and

the plan’s objectives are met. The internal audit department

is also responsible for asesing the Group’s internal control

system, formulating an impartial opinion on the system,

and reporting its findings to the Group Managing Director,

Group Finance Director and the Audit Comite as wel

as folowing up on al reports to ensure that al isues have

ben satisfactorily resolved. In adition, a regular dialogue is

maintained with the Group’s external auditors so that both

are aware of the significant factors which may afect their

respective scopes of work.

执行董事审阅涵盖每个业务部门之财务业

绩及主要营运统计数字之每月管理报告，

并定期与行政管理队伍及业务营运之高级

管理层举行会议，以讨论此等报告、业务

表现与预算之比较、业务预测及重大业务

风险敏感度与策略。此外，集团财务董事

与其财务小组成员对照预算和预测检讨每

月表现，以及处理会计及财务相关事宜。

集团财务董事已为开支之批准和控制订立

指引和程序。营业支出均须根据整体预算

受到监察，并由各个业务按与每名行政人

员之职责轻重相称之开支批核层面进行监

控。资本开支须按照年度预算检讨和批核

程序进行全面监控，未列入预算之开支以

及在经批核预算内之重大支出，则须由集

团财务董事或执行董事于承诺之前作出更

具体之监管和批核。比较实际开支与预算

及经批核开支之报告亦会定期获审阅。

内部审计部门须定期向集团董事总经理及

（如必要）审核委员会就本集团业务营运

之风险管理活动及监控提供运作与效益方

面之独立保证。内部审计部门运用风险评

估方法并考虑本集团业务运作机制，制订

其周年审核计划。该计划经审核委员会审

议，并在需要时于年内重新评估，确保有

足够资源可供运用且计划目标得以实现。

内部审计部门亦负责评估本集团内部监控

系统，就系统提供公正无私之意见，并将

其评估结果向集团董事总经理、集团财务

董事及审核委员会汇报，同时负责跟进所

有报告，确保所有问题已获得圆满解决。

此外，内部审计部门亦与本集团之外聘核

数师定期沟通，让双方了解可能影响各自

工作范围之重大因素。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

Depending on the nature of busines and risk exposure of

individual busines units, the scope of the work performed

by the internal audit function includes financial and

operations review, recuring and surprise audits, fraud

investigation and productivity efectively reviews.

Reports from the external auditors on internal controls and

relevant financial reporting maters, if any, are presented to

the Group Finance Director and the relevant management

teams. These reports are reviewed and the apropriate

actions taken.

Corporate Governance

The Board is entrusted with the overal responsibility of

developing and maintaining sound and efective corporate

governance within the Group and is comited to ensuring

that an efective governance structure is in place to

continuously review and improve corporate governance

practices within the Group to kep abreast of evolving

environment and regulatory requirements.

The Board has adopted terms of reference for corporate

governance functions set out in the CG Code, and the

Audit Comite has ben delegated the responsibilities to

perform the corporate governance duties set out therein.

To asist the Audit Comite in fulfiling its responsibilities,

the Company Secretary, together with representatives from

key departments of the Company, continuously examines

the corporate governance structure of the Group, provides

updates, identifies emerging maters for compliance, sets

up apropriate compliance mechanisms and monitors

compliance on an ongoing basis.

The Audit Comite has reviewed the compliance status

and is satisfied that the Company has complied with al the

aplicable code provisions of the CG Code during the year

except deviations explained in various relevant paragraphs

above.

视乎个别业务单位之业务性质及所承受之

风险，内部审计职能之工作范围包括财务

及营运检讨、经常性及突击审计、诈骗调

查，以及生产力效益检讨等。

外聘核数师向集团财务董事与相关管理队

伍提交有关内部监控及相关财务报告事宜

之报告（如有）。该等报告会获审阅，以采

取适当行动。

企业管治

董事会全权负责为本集团制定并保持稳健

有效之企业管治，并致力确保实行有效之

管治结构，持续检讨及改善本集团内之企

业管治常规，以紧贴瞬息万变之环境及监

管要求。

董事会已采取企业管治守则所载企业管治

功能之职权范围，而审核委员会已获转授

责任，以履行其所载之企业管治职责。为

协助审核委员会履行其责任，公司秘书连

同本公司主要部门之代表不断检讨本集团

之企业管治架构、提供最新情况、识别新

出现之合规事宜、建立适当之合规机制以

及持续监控合规事宜。

审核委员会已检讨合规情况，并信纳本公

司已于年内遵守全部适用之企业管治守则

条文，惟于上文各相关段落中说明之偏离

除外。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

Review of Risk Management and Internal Control

Systems

The Board, through the Audit Comite, has conducted a

review of the efectivenes of the Group’s risk management

and internal control systems for the year ended 31 March

2025 covering al material financial, operational and

compliance controls and risk management functions, and is

satisfied that such systems are efective and adequate. In

the view of the Board, the systems of risk management and

internal control of the Group are suficient to safeguard the

interests of the Group.

Diversity in the Workforce

As of 31 March 2025, our total workforce comprised of

63% female and 37% male, whereas senior management

comprised of 48% female and 52% male. Please refer to the

section headed “Employment” in the Environmental, Social

and Governance Report for information on the diversity

in the Group’s workforce in general for the year ended

31 March 2025. The Board considers that the Group has

achieved god gender diversity in its workforce (including

senior management).

Comunication with Shareholders and Investors

The Board recognizes the importance of maintaining clear,

timely and efective comunication with the shareholders of

the Company and investors. Therefore, the Board and the

Group’s senior management maintain close comunications

with investors, analysts, fund managers and the media

by various chanels including interviews and metings.

The Group specificaly asigns Mr. Lam Hing Lun, Alain,

Group Finance Director, as the contact person for investor

relationship to respond to requests for information and

queries of investors.

检讨风险管理及内部监控系统

董事会已透过审核委员会检讨本集团截至

二零二五年三月三十一日止年度之风险管

理及内部监控系统成效，包括所有重大财

务、营运和合规监控以及风险管理职能，

并信纳此等系统为有效与足够。董事会认

为，本集团之风险管理及内部监控系统足

以保障本集团之利益。

员工多元化

截至二零二五年三月三十一日，我们的员

工团队由63%女性及37%男性组成，当中

高级管理层由48%女性及52%男性组成。

有关本集团截至二零二五年三月三十一日

止年度员工多元化之整体情况，请参阅环

境、社会及管治报告「雇佣」一节。董事

会认为，本集团已于其员工团队（包括高

级管理层）实现良好之性别多元化。

股东及投资者通讯

董事会深明与本公司股东及投资者维持清

晰、适时及有效通讯之重要性。因此，董

事会及本集团之高级管理层透过访问及会

议等多种不同渠道与投资者、分析员、基

金经理及传媒维持紧密沟通。本集团特别

委派集团财务董事林庆麟先生为投资者关

系之联络人，以回应投资者有关索取资讯

之要求及查询。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

Shareholders may put enquiries to the Board through its

website at w.orientalwatch.com or in writing sent to

the principal ofice of the Company at 19th Flor, Wing

On Centre, 111 Conaught Road Central, Hong Kong.

The Directors, Company Secretary or other apropriate

members of senior management respond to enquiries from

shareholders promptly.

The Company had reviewed the implementation and

efectivenes of its shareholders’ comunication policy

during the year ended 31 March 2025 and concluded that

the shareholders’ comunication policy has ben properly in

place during the Year and is efective.

Shareholders’ Right

The Board is comited to providing clear and ful

information of the Group required under the Listing Rules,

the SFO and other aplicable laws and regulations to the

shareholders through publication of notices,anouncements,

circulars, interim and anual reports. In adition to

dispatching circulars, notices, financial reports to

shareholders, aditional information of the Group’s also

available to the shareholders on the Company’s website.

The Board welcomes the view of shareholders on maters

afecting the Group. Shareholders are encouraged to atend

al general metings of the Company at which the Chairman

and Directors are available to answer questions on the

Group’s busines.

股东可透过本公司网站w.orientalwatch.

com或去信至本公司主要办事处（香港干

诺道中111号永安中心十九楼）向董事会

查询。董事、公司秘书或高级管理层中其

他适合的成员会及时回应股东查询。

本公司已检讨截至二零二五年三月三十一

日止年度股东通讯政策的实施情况及效

力，结论为股东通讯政策已于本年度适当

落实并行之有效。

股东权利

董事会透过刊发通告、公布、通函、中期

及年度报告，致力为股东提供上市规则、

证券及期货条例及其他适用法律及法规所

要求之清晰及全面之本集团资料。股东除

获寄发通函、通告及财务报告外，亦可登

入本公司网站取得本集团更多资料。

董事会欢迎股东就影响本集团之事宜提出

意见。本集团鼓励股东出席本公司所有股

东大会，主席和董事均出席股东大会，以

解答有关本集团业务之提问。

Oriental Watch Holdings Limited 东方表行集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

Pursuant to Bye-law 58 of the Company’s Bye-laws,

shareholders holding at the date of deposit of the requisition

not les than one-tenth of the paid up capital of the

Company carying the right of voting at general metings

of the Company shal at al times have the right, by writen

requisition to the Board or the Secretary of the Company,

to require a special general meting to be caled by the

Board for the transaction of any busines specified in such

requisition, and such meting shal be held within two

months after the deposit of such requisition. If within twenty-

one days of such deposit the Board fails to proced to

convene such meting the requisitionists themselves may do

so in acordance with the provisions of Section 74(3) of the

Companies Act 1981 of Bermuda.

CHANGES IN CONSTITUTIONAL DOCUMENTS

During the year ended 31 March 2025, the Company had

changed its Bye-laws as detailed in its circular dated 26 July

2024.

根据本公司之公司细则第58条，于存放

请求书日期持有不少于附带本公司股东大

会投票权之本公司缴足资本十分之一之股

东，在任何时间有权向董事会或本公司秘

书发出书面请求，请求董事会召开股东特

别大会处理在该请求书指明的任何事项及

该大会须于送达请求书后两个月内举行。

如董事会未能于送达请求书二十一天内进

行召开该大会，请求人士可以自行根据百

慕达一九八一年公司法第74(3)条之条文召

开。

章程文件之变动

于截至二零二五年三月三十一日止年度，

本公司已变更其公司细则，并于其日期为

二零二四年七月二十六日之通函内详述。

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In acordance with Apendix C2 — Environmental, Social

and Governance Reporting Guide of the Main Board Listing

Rules isued by the Hong Kong Exchange and Clearing

Limited (“HKEX”), Oriental Watch Holdings Limited (the

“Company”, “We”, and “Our”) presents this Environmental,

Social and Governance Report (“ESG Report” or “Report”)

for the year ended 31 March 2025 (the “Reporting Period”,

or “FY2025”). The Report aims to met the diverse neds of

diferent stakeholders for information that facilitates a beter

understanding of the Group’s progres in ESG initiatives and

its strategic development direction.

REPORTING SCOPE

We are principaly engaged in the trading busines of luxury

watches. This Report presents, aligned with the anual

report, our ESG policies, programes and performance

in Hong Kong, Macau and Mainland China during the

Reporting Period. The reporting boundaries were selected

based on principal operating locations of the Company.

REPORTING PRINCIPLES

The Company strictly folows the four Reporting Principles

during the preparation of the ESG Report.

Materiality: Our Company conducted the anual

stakeholder engagement and identified the

material ESG isues during the Reporting

Period. The final ESG isues have ben

confirmed by the management and the

Board of Directors of the Company. Al the

material ESG isues are adresed in this

Report.

Quantitative: Our Company monitored various Key

Performance Indicators (“KPI”) during the

Reporting Period, which are presented

in this Report, to kep track of the

progres of our ESG initiatives. In this

way, the efectivenes of ESG policies and

management system can be evaluated

and validated. For al standards and

methods adopted for calculating the KPI

(if aplicable), please refer to the relevant

sections in the Report.

根据香港交易及结算所有限公司（「香港交

易所」）颁布之主板上市规则附录C2 －环

境、社会及管治报告指引，东方表行集团

有限公司（「本公司」及「我们」）谨此提呈

截至二零二五年三月三十一日止年度（「呈

报期」或「二零二五财年」）之环境、社会

及管治报告（「ESG报告」或「本报告」）。

本报告旨在满足不同利益相关者对资讯的

多元化需求，以协助更好地了解本集团在

ESG举措方面的进展及其策略性发展方

向。

呈报范围

我们主要从事名贵钟表买卖业务。本报告

与年报一致，旨在提呈我们于呈报期在香

港、澳门及中国内地之ESG政策、计划及

表现。报告范围乃根据本公司之主要经营

地点选出。

呈报原则

在编制ESG报告时，本公司严格遵循四项

呈报原则。

重要性：于呈报期内，本公司进行年

度利益相关者参与，并确定

重要的ESG议题。最终的

ESG议题已由本公司管理

层及董事会确认。所有重要

ESG议题均已于本报告详述。

量化：于呈报期内，本公司对本报

告中呈列的各项关键绩效指

标（「关键绩效指标」）进行监

控，以跟踪有关我们ESG措

施的进展。借此，可以评估

及验证ESG政策及管理制度

之有效性。有关计算关键绩

效指标所采用的所有标准及

方法（如适用），请参阅本报

告的相关章节。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Balance: The Report presents an unbiased picture

of the Company’s ESG performance

during the Reporting Period. Our Company

has avoided selections, omisions,

or presentation formats that may

inapropriately influence a decision or

judgment by the report reader.

Consistency: The Company adopted consistent

methodologies in the data calculation

as compared to prior years to show

comparable ESG data over time. The data

are useful for seting environmental targets,

which wil be discused in this Report.

BOARD STATEMENT

Acting as top management and supervision role of

the Company, our Board of Directors (the “Board”)

acknowledges that they have overal responsibility to overse

the ESG isues to achieve sustainable development, which

includes:

• Taking ESG into acount for establishing policies and

seting strategies;

• Brainstorming the curent and potential planing about

ESG; and

• Receiving updated information for decision-making

and forward-loking through regular report from ESG

taskforce.

We make use of the materiality asesment which is

conducted with our stakeholders and industrial practices

to explore the potentials and oportunities of our focus

ESG topics. With the service-oriented characteristics, the

Company’s social aspects are our identified focus areas in

ESG. Meanwhile, we continue to drive our efort in improving

the environment by reducing consumption. We have set up

five years emisions reduction target on grenhouse gases,

energy intensity, waste and enhance water eficiency with

long-term management goals. The Group wil continue to

monitor various environmental data and make continuous

progres. Going forward, the Board wil strengthen the

comunication with the ESG taskforce to continuously

introduce ESG policies and strategies as wel as track ESG

performance through a top-down aproach.

公平：本报告公平呈现呈报期内本

公司ESG表现的情况。本公

司已避免可能对报告读者的

决定或判断产生不适当的影

响的特定选择、遗漏或呈列

格式。

一致性：本公司在数据计算中采用与

往年一致的方法，以呈列一

段时间内的相若ESG数据。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

OUR ESG GOVERNANCE

We believe a wel-developed corporate governance

is the key to suces of seting our ESG strategy and

building a comunication chanel betwen the Board

and management and operational level. Therefore, we

have established an ESG taskforce, which includes senior

management as wel as department heads of diferent

functions while the Board has the overal responsibility

for the Company’s ESG reporting and strategy in order to

embed ESG-related elements throughout our operations.

The key responsibilities of the ESG taskforce include the

folowing:

• Establishing the long-term ESG goals and misions of

the Company;

;

’s ESG

management systems; and

• Reporting the ESG objectives achieved to the Board on

a regular basis.

The ESG taskforce is authorised by the Board to cary out

its tasks including stakeholder engagement and materiality

asesment. External profesional advice could be sought

at the expense of the Company when the ESG risks are

asesed to be material.

We are comited to complying with the latest laws and

regulations as wel as the industry standards in our ESG

practice. Our ESG initiatives are revised and comunicated

timely with staf members in order to enhance the eficiency

of the ESG tasks.

We review our risk management proces on a regular

basis. Material risks wil be asesed and discused by the

abovementioned ESG taskforce and the Board. We develop

and execute our busines strategies with considerations of

risks that may afect its busines, such as operation risks,

climate risks, financial risks and compliance risks. Internal

control measures wil be designed and implemented to

mitigate the ESG risks. Please refer to the “GROUP RISK

MANAGEMENT, INTERNAL CONTROL AND CORPORATE

GOVERNANCE” section of the Company’s “CORPORATE

GOVERNANCE REPORT” for details of the efectivenes of

risk management and internal control systems.

我们之ESG管治

我们认为，完善的企业管治乃我们成功制

定ESG策略、在董事会及管理层与营运层

面建立沟通渠道的关键。因此，我们已成

立ESG小组，其中包括高级管理层及不同

职能之部门主管，而董事会则全面负责本

公司ESG报告及策略，以在营运中融合

ESG相关元素。ESG小组之主要责任包括

以下项目：

及

• 定期向董事会报告已实现之ESG目

标。

董事会授权ESG小组执行任务，包括利益

相关者参与及重要性评估。ESG风险评为

严重时可征询外部专业意见，费用由本公

司承担。

我们致力遵守最新法律及法规以及我们

ESG常规之行业标准。我们的ESG措施会

适时修订并与员工交流，以提升ESG工作

之效益。

我们定期检讨风险管理程序。上述ESG小

组将与董事会评估及探讨重大风险。我们

制定及执行业务策略时会考虑可能影响其

业务的风险，例如营运风险、气候风险、

财务风险及合规风险。内部监控措施将予

设计及执行，以纾缓ESG风险。风险管理

及内部监控制度效益之详情，请参考本公

司「企业管治报告」之「集团风险管理、内

部监控及企业管治」一节。

# Stakeholders 利益相关者	Engagement Methods 参与方法

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

STAKEHOLDER ENGAGEMENT

Recognising the pivotal role of stakeholder fedback in our

decision-making proceses and future sustainability, we

value the insights that stakeholders provide as integral to

our long-term suces. Adresing their expectations and

concerns is fundamental for aligning with evolving ESG trends

and ensuring wel-informed decision-making. To foster

this vital dialogue, we prioritise active comunication and

robust interaction with our stakeholders. Our stakeholder

engagement strategies encompas various methods,

including:

1 Supliers and Busines Partners

供应商及业务伙伴

• Metings

会议

• Daily email comunications

每日电邮通讯

• Regular evaluations

定期评估

2 Customers

客户

• Company website

公司网站

• Comunication in retailing points

零售点交流

• Customer service hotline

客户服务热线

• Enquiry emails

查询电邮

3 Employes

雇员

• Internal trainings

内部培训

• Staf notices and anouncements

员工通告及公告

• Anual performance apraisal

年度表现评核

• Internal metings

内部会议

4 Investors and Shareholders

投资者及股东

• General metings

股东大会

• Anual and interim reports

年度及中期报告

• Circulars and anouncements

通函及公告

• Company website

公司网站

利益相关者参与

我们认识到利益相关者反馈在我们的决策

过程和未来可持续发展中的关键作用，故

此我们重视利益相关者提供的见解，将其

视为我们长期成功不可或缺的一部分。应

对他们的期望和忧虑对于与不断变化的

ESG趋势保持一致并确保做出明智的决策

至关重要。为了促进这一重要的对话，我

们优先考虑与利益相关者的积极沟通和互

动。我们的利益相关者参与策略包括各种

方法：

# Stakeholders 利益相关者	Engagement Methods 参与方法

					3	8
		25	16 132	22 2 15 1 12	3	1
1	0	26 17 6	27 20	11 19 1 14	8
24 5	8 7 3	9 2	4

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

5 Government and Supervising Authorities

政府及监督机关

• Email comunications

电邮通讯

• Metings

会议

• Government websites regarding regulations

政府网站有关法规

6 Social Groups and Public

社会群体及公众

• Charitable activities

慈善活动

• Public consultation emails

公众咨询电邮

7 Media

媒体

• Pres releases

新闻发布

MATERIALITY ASESMENT

We have invited internal and external stakeholders to

conduct materiality asesment FY2022. Considering that

there was no major change in the busines and operating

environment during FY2025 and the results of the materiality

asesment in FY2022 can stil respond to the expectations

of stakeholders, the Board confirmed that the results of the

materiality asesment in FY2022 are stil aplicable to the

Reporting Period. If neded, readers can refer to the FY2022

ESG Report for the methodology and proces of materiality

asesment.

Materiality to the Busines of the Group

对本集团业务之重要性

对

本

集

团

利

益

相

关

者

之

重

要

性

Materiality Matrix of the Oriental Watch

东方表行之重要性矩阵

重要性评估

我们已邀请内部及外部利益相关者进行二

零二财年重要性评估。考虑到二零二五

财年的业务及经营环境并无重大变动，二

零二财年重要性评估结果仍能满足利益

相关者的期望，董事会确认，二零二财

年重要性评估结果仍适用于呈报期。倘有

需要，读者可以参考二零二财年的ESG

报告，了解重要性评估的评估方法及流

程。

#	ESG Issues ESG 议题

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

General

一般事项

1Compliance

合规

Environmental

环境

2Air emisions and grenhouse gas emisions

气体排放及温室气体排放

3Non-hazardous waste

无害废弃物

4Energy consumption

耗能

5Water consumption

水资源消耗

6Use of packaging materials

使用包装材料

7Environmental targets

环境目标

8Noise polution

噪声污染

9Environmental impacts from investments (external lighting and renovation works)

投资对环境的影响（户外灯光及装修工程）

10Climate resilience

气候抗御措施

Social

社会

11Recruitment, promotion and dismisal

招聘、晋升及解雇

12Employe compensation and benefits

雇员薪酬及福利

13Employe working hours and rest periods

雇员工作时数及假期

14Equal oportunity

平等机会

#	ESG Issues ESG 议题

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

15Workplace health and safety

工作场所健康与安全

16Employe training and development

雇员培训及发展

17Anti-child and anti-forced labour

防止童工及防止强制劳工

18Suply chain relationship management

供应链关系管理

19Environmental and labour performance of supliers and subcontractors

供应商及分包商的环境及劳工表现

20Gren/sustainable procurement

绿色╱可持续采购

21Product safety

产品安全

22Product quality and asurance

产品质量及保证

23Service quality

服务质素

24Intelectual property rights

知识产权

25Advertising and labeling

广告及标签

26Data privacy and protection

资料私隐及保护

27Comunity investment

社区投资

Governance

管治

28Board’s oversight of ESG isues

董事会对ESG议题的监督

29Anti-coruption and anti-money laundering

反贪污及防止洗黑钱

30Anti-coruption training

反贪污培训

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In this Report, the ESG Isue of Environmental target (#7) is

incorporated in the sections of Energy consumption, Non-

hazardous waste, Water consumption and Grenhouse gas

emisions below. ESG Isue of Noise polution (#8) is also

described inside the Renovation works part below. The

section of Environmental and social risks along the suply

chain covers both Environmental and labour performance of

supliers and subcontractors (#19) and Gren/sustainable

procurement (#20). We have also combined ESG Isues of

Product safety (#21), Product quality and asurance (#22)

and Service quality (#23) into one part named Product

responsibility and service quality below. The ESG Isue of

Board’s oversight of ESG isues (#28) is adresed in the

Board statement.

Lastly, the relevant regulations and rules have ben

mentioned in the coresponding sections to adres the

compliance concerns from the stakeholders.

Based on the above analysis, this Report wil cover the

folowing major ESG related isues and describe them in

order acording to the importance of the ESG isues to our

stakeholders.

于本报告，有关环境目标（#7）的ESG议

题已纳入以下耗能、无害废弃物、水资源

消耗及温室气体排放部分。有关噪声污染

（#8）的ESG议题亦已于下文装修工程部分

予以阐述。供应链中的环境及社会风险部

分涵盖供应商及分包商的环境及劳工表现

（#19）及绿色╱可持续采购（#20）。我们

亦将有关产品安全（#21）、产品质量及保

证（#22）以及服务质素（#23）的ESG议题

合并至下文产品责任及服务质素的部分。

有关董事会对ESG议题的监督（#28）的

ESG议题已于董事会声明中论述。

最后，于相应章节中已提及的相关法规及

规则，以解决利益相关方对合规的担忧。

基于以上分析，本报告将涵盖以下主要的

ESG相关议题，并根据ESG议题对利益相

关者之重要性按顺序说明。

ESG aspects as set out in ESG Guide ESG指引中所载之ESG层面	Area 范畴	Material ESG issues for the Company 本公司之重大ESG议题	ESG aspects as set out in ESG Guide ESG指引中所载之ESG层面	Area 范畴	Material ESG issues for the Company 本公司之重大ESG议题

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Social, Employment and Labour Practices

B7Anti-coruption

反贪污

• Anti-coruption and

anti-money laundering

反贪污及防止洗黑钱

• Anti-coruption

training

反贪污培训

B1Employment

雇佣

• Employe

compensation and

benefits

雇员薪酬及福利

promotion and

dismisal

招聘、晋升及解雇

• Equal oportunity

平等机会

• Employe working

hours and rest

periods

雇员工作时数及假期

B6Product Responsibility

产品责任

• Product responsibility

and service quality

产品责任及服务质素

• Data privacy and

protection

资料私隐及保护

• Advertising and

labeling

广告及标签

• Intelectual property

rights

知识产权

B3Development and

Training

发展及培训

• Employe training and

development

雇员培训及发展

B2Health and Safety

健康与安全

• Workplace health and

safety

工作场所健康与安全

B8Comunity Investment

社区投资

• Social responsibility

社会责任

社会、雇佣及劳工常规

ESG aspects as set out in ESG Guide ESG指引中所载之ESG层面	Area 范畴	Material ESG issues for the Company 本公司之重大ESG议题	ESG aspects as set out in ESG Guide ESG指引中所载之ESG层面	Area 范畴	Material ESG issues for the Company 本公司之重大ESG议题

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

B5Suply Chain

Management

供应链管理

• Suply chain

relationship

management

供应链关系管理

• Environmental and

social risks along the

suply chain

供应链的环境及社会

风险

B4Labour Standards

劳工标准

• Anti-child and anti-

forced labour

防止童工及防止强制

劳工

A2Use of Resources

资源使用

• Energy consumption

耗能

• Non-hazardous waste

无害废弃物

• Use of packaging

materials

使用包装材料

• Water consumption

水资源消耗

A3Environmental Impacts

from Investments

投资对环境的影响

• External lighting

户外灯光

• Renovation works

装修工程

A1Emisions

排放物

• Air emisions

气体排放

• Grenhouse gas

emisions

温室气体排放

A4Climate Change

气候变化

• Climate resilience

气候抗御措施

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

SOCIAL, EMPLOYMENT AND LABOUR

PRACTICES

Anti-coruption

Anti-coruption and anti-money laundering

We believe that honesty, integrity, and fairnes are of vital

importance to our busines operations. The Company

has incorporated a strict code of conduct in its staf

manual for al employes to specify that solicitation and

aceptance of advantages are prohibited and breaches of

the code of conduct would result in disciplinary actions.

Regular declaration of interest is compulsory for certain

staf depending on grades and positions. Reminders are

sent to employes regularly, and our busines partners,

supliers and contractors are also informed of our policy

on declaration of interests. The Company also periodicaly

reviews the efectivenes of its internal control systems.

In adition, we have implemented an internal whistleblowing

reporting mechanism to receive reports of suspected

misconduct via various chanels, prioritising whistleblower

protection. Dedicated parties are tasked with conducting

unbiased, thorough, and independent investigations.

In cases of confirmed misconduct, apropriate internal

disciplinary actions are taken in acordance with established

protocols, and legal avenues are pursued if necesary.

Compliance with anti-bribery, anti-coruption, and anti-

money laundering regulations is a cornerstone of our

busines practices. We adhere to the aplicable laws

and regulations in relation to the bribery, coruption, and

money laundering, for example, the Prevention of Bribery

Ordinance, and Anti-Money Laundering and Counter-

Terorist Financing Ordinance in Hong Kong, Prevention and

Supresion of Bribery in the Private Sector in Macau, and

Anti- Unfair Competition Law of the PRC, Interim Provisions

on Baning Comercial Bribery and Criminal Law of the

PRC in Mainland China. During the Reporting Period, we have

not identified any material non-compliance with the aforesaid

laws and regulations. In adition, there were no legal cases

regarding corupt practices brought against the Company or

its employes during the Reporting Period.

社会、雇佣及劳工常规

反贪污

反贪污及防止洗黑钱

我们相信，诚信、廉洁及公平对我们业务

营运至关重要。本公司已于其员工手册内

载列严格行为守则，供全体雇员遵守，当

中指明严禁索取及收受利益，如有违反行

为守则会受纪律处分。视乎职级及岗位，

若干员工必须定期申报利益。本公司定期

提醒雇员，而业务伙伴、供应商及承办商

亦获告知有关申报利益之政策。本公司亦

定期检讨其内部监控制度之成效。

此外，我们已实施内部举报机制，透过不

同渠道接收疑似不当行为举报，优先保障

举报人。本公司将委派指定人士进行公

正、详尽及独立的调查。倘确认出现不当

行为，我们将根据既定程序采取适当的内

部纪律处分，并在必要时寻求法律途径。

遵守反贿赂、反贪污和反洗钱法规是我们

业务实践的基石。我们恪守有关贿赂、贪

污及洗黑钱之适用法律及法规，例如香港

之《防止贿赂条例》及《打击洗钱及恐怖分

子资金筹集条例》、澳门之《预防及遏止私

营部门贿赂法律》以及中国内地之《中国反

不正当竞争法》、《关于禁止商业贿赂行为

的暂行规定》及《中国刑法》。呈报期内，

我们尚未发现上述法律及法规有任何重大

违规情况。此外，呈报期内，本公司及员

工并无发生贪污诉讼案件。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anti-coruption training

Anti-coruption training is one of the preventive measures

and can raise directors’ and employes’ awarenes of

integrity. Directors regularly receive reading materials about

anti-coruption via internal and external chanels, reminding

them to uphold high ethics in their position in FY2025. The

Company also encourages them to join relevant webinars

to kep updated of the anti-coruption related mesages.

Employes have ben given induction briefing organised

by the Company or seminars on anti-coruption regularly

organised by the Independent Comision Against

Coruption of the Government of the Hong Kong Special

Administrative Region in the Reporting Period.

Product Responsibility

Product responsibility and service quality

As one of the largest watch retailers in Hong Kong renowned

for its reputation, credibility, and scale, we have zero-

tolerance for seling counterfeit consumer gods in our

retail shops. The Company has joined the “Quality Tourism

Services Scheme” launched by the Hong Kong Tourism

Board to atest the quality of its products and services. We

also comply with the Product Quality Law of the People’s

Republic of China (the “PRC”) in Mainland China. To achieve

high product and service quality, the Company only imports

watches from manufacturers who use environmentaly

friendly and safe raw materials for production. This ensures

the products we sel to our customers are safe.

Although we heavily rely on our supliers to import quality

products, we also ned to ensure that products are

authenticated and obtained with valid certification. Prior to

distribution to retail branches, a rigorous quality asurance

proces and sample testing are caried out to ensure

product integrity. To efectively manage potential product

recal scenarios, we have established systematic internal

recal procedures aimed at swiftly and efectively adresing

such situations. Comprehensive investigations into product

quality and recal incidents are conducted, leading to the

implementation of preventive measures to forestal future

ocurences. During the Reporting Period, the Company

is not aware of any product recal due to safety and health

reasons.

反贪污培训

反贪污培训乃预防措施之一，可提高董事

及雇员的廉洁意识。于二零二五财年，董

事定期通过内部及外部渠道接收有关反贪

污的阅读材料，提醒其在职务上坚持高尚

道德。本公司亦鼓励彼等参加相关的网络

研讨会，以随时了解与反贪污相关资料。

于呈报期，雇员已接受本公司举办之入职

简报会，或出席香港特别行政区政府廉政

公署定期举办之防止贪污讲座。

产品责任

产品责任及服务质素

作为享誉盛名的香港最大型钟表零售商之

一，我们对零售店销售假冒产品采取零容

忍态度。本公司已加入香港旅游发展局的

「优质旅游服务计划」，以证明其产品及服

务的质素。我们亦遵守中国内地的中华人

民共和国（「中国」）产品质量法。为提供高

质素的产品及服务，本公司仅从使用环保

及安全原材料的制造商进口中标，确保我

们向客户销售的均为安全产品。

尽管我们大量依靠供应商进口优质产品，

但我们亦需要确保产品乃经认证并获得有

效证书。在产品分销到零售分店前，我们

会进行严格的质量保证流程和样品测试，

以确保产品的完整性。为了有效管理潜在

的产品召回情况，我们建立了系统性的内

部召回程序，旨在迅速有效地解决此类情

况。我们会对产品质和召回事件进行全

面调查，并采取预防措施，防止再次发

生。呈报期内，本公司并未发现因安全与

健康原因而召回产品的情况。

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

With the busines philosophy of “kep the faith, caring for

customer”, we comit to providing outstanding services

that met the market’s neds and valuing our customers.

During the Reporting Period, the Company is not aware of

any serious products and service-related complaints due to

safety and health reasons.

The Company’s retail shops are al located at prime

locations to alow customers to enjoy convenient and

comfortable shoping experience. The Company has

established a specialy designed VIP lounge at the flagship

stores to provide a private, nice and leisure environment

for customers to exchange profesional knowledge and

insights of timepieces with our staf. Our profesional sales

team strictly abide by standardised service guidelines when

serving customers and they also ned to receive regular

asesments to maintain market competitivenes. Our

profesional sales team are wel-trained and strive to provide

comprehensive and knowledgeable advice acompanied

with sincere and premium services to each customer.

We value our customer fedback which helps achieve

continuous service improvement. Customers are encouraged

to voice their concerns and complaints through various

chanels, including a designated customer service hotline,

email adres, and various social media platforms. Prompt

resolution within specified timeframes and the provision of

satisfactory solutions to customers’ isues are prioritised.

Client reviews are conducted to gauge satisfaction with

the resolution proces. Al inquiries and complaints are

documented, with regular reviews conducted by the

management team to identify areas for improvement in both

products and services based on the fedback received.

During the Reporting Period, the Company received 6 and 4

complaints in Hong Kong and Mainland China respectively,

regarding product quality, customer comunication as

wel as unsatisfactory folow-up and service atitude. Al

these ten complaints had ben resolved in acordance with

the above procedures. In response to these complaints,

the Human Resources Department had recognised the

ned for improvement and enhanced training programs

for employes. The aim is to adres the identified isues,

improve product quality, enhance customer comunication

skils, and promote a more satisfactory folow-up and service

atitude in order to prevent similar complaints in the future.

我们恪守「真诚守信、关爱客户」的业务

理念，致力提供满足市场需求及重视客户

的卓越服务。呈报期内，本公司并未发现

因安全与健康原因而引起的重大产品及服

务相关投诉。

本公司之零售店全部位于黄金地段，让顾

客可享便利舒适之购物体验。本公司已于

旗舰店设立经特别设计之贵宾区，为顾客

提供私人、体面而休闲之环境，与我们的

员工交流有关时计之专业知识与心得。我

们专业的销售团队为客户服务时严格遵守

标准化的服务准则，并需定期接受评估以

维持市场竞争力。我们之专业销售团队训

练有素，为每一位顾客提供周全而渊博之

意见以及诚恳而优越之服务。

我们重视客户意见，其有助不断改进服

务。我们鼓励客户透过各种管道表达他们

的忧虑和投诉，包括指定的客户服务热

线、电子邮件地址和各种社交媒体平台。

在指定的时间内迅速解决问题，并为客户

的问题提供满意的解决方案是我们的首要

任务。本公司亦会安排客户评审，以衡量

客户对解决过程的满意度。所有查询和投

诉均记录在案，管理团队会定期进行审

查，根据收到的回馈确定产品和服务中需

要改进的领域。

呈报期内，本公司分别于香港及中国内地

收到六及四宗投诉，当中涉及产品质量、

客户沟通、跟进及服务态度不佳等问题。

该等十宗投诉全数已依上述程序解决。针

对这些投诉，人力资源部门意识到需要改

进并加强员工培训计划。我们旨在解决所

发现的问题、提高产品质、增强客户沟

通技巧，并促进更令人满意的跟进及服务

态度，以防止日后出现类似投诉。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In adition to understanding the neds of our customers, we

atach great importance to maintaining a god relationship

with them and rewarding their suport to us. We implement

diferent tiers of membership, ofering diferent privileges.

Data privacy and protection

The Company respects the data privacy of our prestigious

customers, busines partners and staf. It strives to protect

the privacy in the colection, procesing, and use of personal

data. The Company strictly folows the data protection

regulations in Hong Kong, Macau and Mainland China.

Furthermore, the Company has deployed apropriate

technical measures in place, such as firewal and anti-virus

software, to protect personal data against unauthorised

use or aces. The Company guarantes that the personal

data is securely kept and procesed only for the purpose for

which it has ben colected.

We devote our eforts in compliance with the Personal

Data (Privacy) Ordinance, Sale of Gods Ordinance,

Trade Description Ordinance, Suply of Services (Implied

Terms) Ordinance in Hong Kong, Comercial Code and

Personal Data Protection Act in Macau, and China Personal

Information Protection Law in Mainland China.

During the Reporting Period, we have not identified any

material non-compliance with the abovementioned laws and

regulations.

Advertising and labeling

We execute our marketing strategy with the principle of

integrity as it is our responsibility to treat our customers

fairly and truthfuly. We ensure that our operations comply

with the Trade Description Ordinance in Hong Kong, the

Comercial Code in Macau and the Advertisement Laws in

Mainland China.

除了解客户需求外，我们亦十分重视与客

户维持良好关系，并会就彼等对我们的支

持提供奖励。我们实施不同级别的会员

制，提供不同的会员礼遇。

资料私隐及保护

本公司尊重尊贵客户、业务伙伴及员工之

资料私隐，致力于收集、处理及使用个人

资料时保护私隐。本公司恪守香港、澳门

及中国内地之资料保护规例。此外，本公

司已采取合适技术措施，如防火墙及防毒

软件，以保护个人资料，防止未经授权使

用或获取。本公司保证，个人资料均稳妥

地保存及处理，仅为收集目的使用。

我们致力遵守香港之《个人资料（私隐）

条例》、《货品售卖条例》、《商品说明条

例》、《服务提供（隐含条款）条例》、《澳门

之商法典》及《个人资料保护法》以及中国

内地之《中国个人信息保护法》。

呈报期内，我们并未发现任何重大违反上

述法律法规的情况。

广告及标签

我们秉承诚信原则执行营销策略，公平、

真诚地对待客户是我们的责任。我们确保

我们的业务符合香港《商品说明条例》、澳

门《商法典》和中国内地《广告法》。

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

The Company uses marketing materials provided by the

supliers to ensure consistency betwen actual product

specification and information on the marketing materials.

Therefore, our marketing, advertising, and sales related

materials and services must always be genuine and precise

with the aim to met the customer neds. We never

misrepresent any untruthful statements that would as a

result mislead our customers. Our advertisements are al

factualy corect to the real product. Our products are only

ofered to met the customers’ neds and we are prohibited

to sel unsuitable products.

During the Reporting Period, we have not identified any

material non-compliance with the abovementioned laws and

regulations.

Intelectual property rights

The Company formaly registers and keps validity of

trademarks to protect and prevent from infringing the

intelectual property rights. We strictly comply with the Trade

Marks Ordinance in Hong Kong, the Industrial Property Code

in Macau and the Trademark Law of the PRC in Mainland

China in our operations. During the Reporting Period, we

have not identified any material non-compliance with the

abovementioned laws and regulations.

Health and Safety

Workplace health and safety

The Company is comited to providing a safe, healthy,

pleasant and eficient work environment for its staf. In

order to ensure the work environment is healthy and safe,

various administrative measures such as workplace safety

posters, training courses and practical guidelines have ben

implemented to comunicate such a concept to al staf in

its extensive retail network. Regardles of seriousnes and

locations, al cases of injury are required to be reported to

the head ofice for further asesment under the internal

policies and procedures so as to ensure proper handling of

the cases and execution of preventive measures.

本公司使用供应商提供的营销材料，以确

保实际产品规格与营销材料的内容一致。

因此，我们的市场推广、广告及销售相关

材料及服务必须保持真实、准确，以满足

客户需求。我们绝不进行任何不真实的虚

假陈述，以致误导客户。我们的广告全部

如实反映真实的产品。我们的产品仅供满

足客户需求，不得销售不合适的产品。

呈报期内，我们并未发现任何重大违反上

述法律法规的情况。

知识产权

本公司已对商标进行正式注册并维持有效

性，以保护及防止侵犯知识产权。我们在

营运过程中严格遵守香港《商标条例》、澳

门《工业产权法律制度》及中国内地《中国

商标法》。呈报期内，我们并未发现任何

重大违反上述法律法规的情况。

健康与安全

工作场所健康与安全

本公司承诺为其员工提供安全、健康、舒

适及有效率之工作环境。为确保工作环境

健康及安全，工作场所已落实不同行政措

施，如工作场所安全海报、培训课程及实

务指引，向其庞大零售网络全体员工灌输

有关意识。所有受伤个案不论严重程度及

发生地点，均须通报总部，以根据内部政

策及程序作进一步评估，从而确保妥善处

理有关个案，执行防范措施。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In FY2025, we have identified 141 of lost days by the

Company’s employes due to work-related injuries.

While overseing the team-building day in Hangzhou, an

employe asumed on-site responsibilities. Regretably,

during transportation to the venue, an incident ocured

on the shutle bus where she colided with an iron handrail.

Subsequent medical evaluation at the hospital diagnosed the

employe with a fractured rib, necesitating a recuperative

leave suported by medical documentation. The incident

was promptly reported to the Human Resources and

Social Security Bureau for verification as a work-related

injury. Upon completion of the injury leave, the employe

sucesfuly recuperated and resumed her responsibilities.

Our organisation underscores the importance of maintaining

a culture of safety consciousnes within and beyond the

workplace to mitigate the likelihod of similar ocurences.

This emphasis on safety awarenes underscores our

comitment to safeguarding the wel-being of our

employes and upholding a secure environment conducive

to optimal performance and welfare.

No work-related fatalities were recorded in FY2025 or in

the preceding two financial years, highlighting our ongoing

comitment to workplace safety and risk prevention.

As a responsible employer, al staf are entitled to the

Company’s medical insurance and other competitive fringe

benefits to enable them to have easier aces to preventive

and emergency health care services and afordable

treatment.

We realise the laws and regulations about workplace health

and safety have ben tightened and more aware by the

local authorities. We have spent eforts in compliance with

the Employes’ Compensation Ordinance and Ocupational

Safety and Health Ordinance in Hong Kong, safety laws in

Macau (i.e. Section 2/83/M), and Work Safety Law of the

PRC in Mainland China. During the Reporting Period, we have

not identified any material non-compliance with the aforesaid

workplace health and safety-related laws and regulations.

于二零二五财年，我们已确定本公司员工

因工伤损失了141天的工作时间。在杭州

负责监督团队建设日活动期间，一名员工

须负责现场职责。不幸的是，在搭乘穿梭

巴士前往会场途中，该名员工意外撞到车

上的铁扶手。随后到医院接受医疗评估

后，被诊断为肋骨折，需按医生证明安

排休养。事件已及时向人力资源和社会保

障局申报，并申请工伤认定。伤假结束

后，该员工顺利康复并恢复工作。我们的

组织强调在工作场所内外均须保持安全意

识文化的重要性，以降低类似事件发生的

风险。这种对安全意识的重视，充分体现

我们致力于保障员工身心健康，并维护有

助于实现最佳表现及福祉的安全环境的承

诺。

二零二五财年及之前两个财年均未发生与

工作相关的死亡事故，这反映出我们持续

对工作场所安全和风险防控工作的承诺。

作为尽责雇主，全体员工均享有本公司之

医疗保险及其他具竞争力之福利待遇，令

员工更容易接受预防及紧急医疗服务及可

负担的治疗。

我们理解有关工作场所健康与安全之法律

及法规已遭当地机关收紧且更受关注。我

们已尽力遵守香港之《雇员补偿条例》及

《职业安全及健康条例》、澳门之安全法

（即第2/83/M条）及中国内地之《中国工作

安全法》。于呈报期内，我们尚未发现上

述工作场所健康及安全相关法律及法规有

任何重大违规情况。

	Unit 单位	Hong Kong 香港	Macau 澳门	Mainland China 中国内地	Total 合计

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Suply Chain Management

Suply chain relationship management

Since its establishment in 1961, we have established and

maintained strong relationships with various wel-known

luxury European watch brands. Many of these brands

are acredited for their supreme quality and excelent

craftsmanship. Furthermore, their products are required to

comply with high production standards and pas through

various testing procedures to ensure quality. Apart from

product quality, we also consider the reputation, as wel

as the environmental and social performance of the watch

manufacturers before establishing busines relationship with

them. Our Company purchases wel-known luxury watches

from their brand regional ofices. The folowing table shows

the total number of supliers in FY2025 acros diferent

regions:

Total Supliers in FY2025, FY2024 and FY2023:

Suply chain management

供应链管理

No. of supliers FY2025

二零二五财年供应商数目

Suplier

供应商

No. of supliers FY2024

二零二四财年供应商数目

Suplier

供应商

No. of supliers FY2023

二零二三财年供应商数目

Suplier

供应商

Environmental and social risks along the suply chain

We build a fair, anti-competitive environment for managing

our suply chain. We ensure that our supliers comply with

the anti-competitive related laws and regulations.

供应链管理

供应链关系管理

本公司自一九六一年成立以来，一直与一

众知名贵欧洲钟表品牌建立及维持深厚

关系。该等品牌不少已获得品质上乘、工

艺精湛之美名。此外，彼等之产品须符合

高生产标准及通过不同测试，以确保品

质。除产品质以外，与钟表制造商建立

业务关系前，我们亦考虑其声誉及环境及

社会方面之表现。本公司向彼等之品牌区

域办事处采购知名的名贵钟表。下表显示

二零二五财年不同地区的供应商总数：

二零二五财年、二零二四财年及二零二三

财年供应商数目：

供应链的环境及社会风险

我们建立起公平、反竞争的环境以管理我

们的供应链，并确保供应商遵守反竞争相

关法律法规。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

We are also aware of the importance of partnering with

supliers that are environmentaly and socialy responsible.

To efectively identify and manage the environmental and

social risks, our material supliers are mandated to provide

declarations detailing their environmental and social

practices. We endeavour to ensure that our supliers do

not violate any relevant environmental and social related

laws and regulations, which include key areas on emisions,

health and safety, and labour standards. We maintain

ongoing comunications with our supliers to understand

if their operations align with the filed declaration. Once any

misalignment has ben discovered, we require supliers to

improve the conditions until the Company satisfies with the

arangement. If the suplier does not further improve, we

would consider terminating the coperation. Furthermore,

the declaration result is one of the factors afecting the

selection and evaluation of supliers. Moving forward, the

Group wil consider further strengthening the management

of risks in the suply chain to minimise the negative impact

of procurement on environmental and social aspects.

We actively procure gren products for our operations, al

packaging bags distributed to customers are made of Forest

Stewardship Council (“FSC”) acredited paper which is

more environmentaly friendly. We also devote to exploring

the potentials and prioritising the purchase of more gren

products and services.

Employment

Recognising human resources as the cornerstone of our

organisation, we hold our employes in the highest regard

as the most valuable aset of the Company. To demonstrate

this comitment, we have established employment policies

and guidelines that align with the local employment laws in

Hong Kong, Macau, and Mainland China. These policies are

designed to uphold the wel-being, rights, and profesional

development of our workforce, ensuring a harmonious and

compliant work environment acros al regions of operation.

我们亦意识到与对环境及社会负责的供应

商合作的重要性。为有效识别及管理环境

和社会风险，我们已要求主要供应商须提

供有关其环境及社会实践的声明。我们致

力确保供应商不会违反任何相关的环境及

社会法律法规，其中包括排放物、健康与

安全以及劳工标准等关键领域。我们与供

应商维持沟通，以了解其营运是否符合所

填写的声明。一旦发现任何偏差，我们会

要求供应商改善情况，直到本公司对安排

满意为止。倘供应商并无进一步改善，我

们会考虑终止合作。此外，声明结果亦是

影响供应商选择及评估的因素之一。展望

未来，本集团将考虑进一步加强供应链风

险管理，尽量减少采购对环境及社会的负

面影响。

我们积极为业务采购绿色产品，给予顾客

之包装袋，全部以经森林管理委员会（「森

林管理委员会」）认证之纸张制成，更为环

保。我们亦致力发掘潜力，优先购买更多

绿色产品及服务。

雇佣

我们深知人力资源是本公司发展的基石，

并视员工为公司最宝贵的资产。为体现这

一承诺，我们已制定符合香港、澳门及中

国内地当地雇佣法律的雇佣政策及指引。

该等投政策旨在保障员工的福祉、权利及

专业发展，确保在所有经营地区均能营造

和谐且合规的工作环境。

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Employe compensation and benefits

The Company takes reference from local industrial average

to determine staf remuneration and other fringe benefits.

Experience and qualifications of staf are also taken into

acount. Key performance indices, depending on staf

position, have ben adopted to measure staf performance

in determining staf salary packages. Apart from basic

salary, the Company also provides eligible employes

with comisions and/or discretionary bonus to increase

their work incentive and bost the sale performance.

Clear guidelines pertaining to recruitment, promotion,

compensation, dismisal, working hours, paid leaves, rest

periods, and employe welfare have ben established in the

Group’s Employe Handbok and individual employment

contracts. We foster a healthy work-life balance and provide

various benefits to our employes, such as paid anual,

sick, bereavement/compasionate, mariage, and maternity

leaves. Employes are entitled to birthday leave, mariage

leave, and bereavement leave, which provide them with the

necesary time of to celebrate personal milestones and

cope with dificult times.

Aditionaly, we prioritise the neds of our female coleagues

by implementing a special policy alowing them to adjust

their work schedule by either starting work one hour later or

leaving work one hour earlier for one month after returning

from maternity leave. This flexibility aims to help our female

coleagues transition back to work smothly while balancing

personal comitments. We also value the importance

of rest and relaxation, ofering anual leave benefits that

increase with seniority, enabling employes to recharge

and spend quality time with their loved ones. Furthermore,

our comitment to suporting employes extends to their

families, as we provide a children’s education aid award

scheme to asist with educational expenses.

We also prioritise the health and wel-being of our employes

by ofering an anual physical examination alowance to

encourage preventive care. Lastly, we understand the

importance of continuous learning and growth, which is why

we provide a training alowance to suport employes in

enhancing their skils and knowledge.

Eligible employes of Hong Kong, Macau and Mainland

China are entitled to mandatory provident fund schemes,

the social security fund, and the five types of insurance and

contributions to the mandatory housing fund respectively.

Medical insurance is also provided to employes to protect

their health and safety during work time.

雇员薪酬及福利

本公司参照当地行业平均水平厘定员工薪

酬及其他福利待遇。员工之经验及资格亦

在考虑之列。厘定员工薪金待遇时亦采用

主要表现指标（视员工职位而定）衡量员

工表现。除基本薪金外，本公司亦会向合

资格雇员提供佣金及╱或酌情花红，以提

升其工作动力及销售表现。本集团的员工

手册及个人雇佣合约中对招聘、晋升、薪

酬、解雇、工时、有薪休假、休息时间及

员工福利制定明确指引。我们鼓励雇员达

致工作与生活平衡，并提供多项福利，包

括有薪年假、病假、丧假╱恩恤假、婚假

及产假。员工有权享有生日假、婚假及丧

假，使其在重要时刻得以庆祝个人里程碑

或于困难时期获得必要的休息时间。

此外，我们优先考虑女性同事的需求，实

施一项特殊政策，允许女性同事产假完毕

后一个月内推迟一小时上班或提前一小时

下班，调整作息时间。此项灵活安排旨在

协助女性同事在平衡个人责任的同时，亦

顺利重返工作岗位。我们亦重视休息及放

松的重要性，提供随资历提升而增加的年

假福利，让雇员能充分休息及与亲人共度

美好时光。此外，我们支援雇员的承诺亦

延伸至彼等的家庭，我们提供儿童教育援

助奖励计划，帮助支付教育开支。

我们亦先考虑雇员的健康及福祉，提供年

度体检津贴以鼓励进行预防性护理。最

后，我们了解持续学习及成长的重要性，

故我们提供培训津贴，支持雇员提高技能

及知识。

合资格的香港、澳门及中国内地雇员分别

享有强制性公积金计划、社会保障基金及

五种保险与住房公积金供款。本公司亦为

员工提供医疗保险，以保障其于工作期间

的健康与安全。

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Total workforce 员工总数
Full-time employee 全职雇员	Employee 雇员	580	596
Part-time employee 兼职雇员	Employee 雇员	1	0
Total workforce by gender 按性别划分之员工总数
Male 男性	Employee 雇员	215	224
Female 女性	Employee 雇员	366	372
Total workforce by age group 按年龄组别划分之员工总数
Below 30 30岁以下	Employee 雇员	73	66
30-50 30至50岁	Employee 雇员	434	458
Over 50 50岁以上	Employee 雇员	74	72

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Recruitment, promotion and dismisal

The Company hires and promotes staf who share and

suport the Company’s misions, values and work ethics.

The Company treasures those who demonstrate diligence,

initiative, responsibility and integrity. Hiring and promotion

are based on performance, merit and the principle of equal

oportunities.

Total workforce in FY2025 and FY2024:

招聘、晋升及解雇

本公司聘用及拔擢认同并支持本公司使

命、价值及职业道德之员工。本公司重视

展现勤奋、主动、尽责及诚恳等优点之员

工。本公司以表现、功绩及平等机会原则

为聘用及晋升标准。

二零二五财年及二零二四财年之员工总

数：

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Total workforce by employee category 按雇员类别划分之员工总数
General level 一般级别	Employee 雇员	473	483
Middle management level 中级管理层	Employee 雇员	84	86
Senior management level 高级管理层	Employee 雇员	24	27
Total workforce by geographical location 按地理位置划分之员工总数
Hong Kong 香港	Employee 雇员	201	207
Macau 澳门	Employee 雇员	22	20
Mainland China 中国内地	Employee 雇员	358	369

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Dismisal is considered for underperformance, misconduct

and/or fraud. Al dismisal cases wil be caried out in

acordance with the relevant labour laws and regulations

in Hong Kong, Macau and Mainland China. Employes

can also chose to terminate their employment voluntarily,

and they are required to complete the handover within the

required notice period. To colect views from employes and

identify improvement areas of the Company, exit interview

with the leavers wil be conducted.

员工表现欠佳、行为失当及╱或干犯欺

诈，本公司会考虑将其解雇。所有解雇个

案会按香港、澳门及中国内地之相关劳工

法律及法规法例进行。雇员亦可以选择自

愿终止雇佣关系，并须在规定的通知期内

完成交接。为收集雇员意见并识别本公司

的可改善之处，本公司将与离职人员进行

离职面谈。

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Total employee resigned/terminated 辞任╱离职雇员总数
Total 总计	Employee 雇员	118	92
Turnover rate 流失率	%	20.3	15.44
Employee resigned/terminated by gender 按性别划分之辞任╱离职雇员
Male 男性	Employee 雇员	43	28
Turnover rate 流失率	%	20.00	12.50
Female 女性	Employee 雇员	75	64
Turnover rate 流失率	%	20.49	17.20
Employee resigned/terminated by age group 按年龄组别划分之辞任╱离职雇员
Below 30 30岁以下	Employee 雇员	32	17
Turnover rate 流失率	%	43.84	25.76
30-50 30至50岁	Employee 雇员	74	58
Turnover rate 流失率	%	17.05	12.66
Over 50 50岁以上	Employee 雇员	12	17
Turnover rate 流失率	%	16.22	23.61

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Employe turnover rate

in FY2025 and FY2024:

Employe turnover rate (percentage) = Number of employe

departure of the category/Number of employes of the category

at the end of the Reporting Period x 100%

二零二五财年及二零二四财年之雇员流失

率

：

雇员流失率（百分比）=该类别雇员离职人数

╱呈报期末该类别的雇员人数x100%

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Employee resigned/terminated by geographical location 按地理位置划分之辞任╱离职雇员
Hong Kong 香港	Employee 雇员	23	24
Turnover rate 流失率	%	11.44	11.59
Macau 澳门	Employee 雇员	1	0
Turnover rate 流失率	%	4.55	0
Mainland China 中国内地	Employee 雇员	94	68
Turnover rate 流失率	%	26.26	18.43

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Equal oportunity

The Company stands as an advocate for equality and

diversity, embracing a culture that values the unique

contributions of every individual. We are comited to

providing a workplace fre from discrimination of any kind.

This principle is deply ingrained in our organisational culture

and guides every facet of our human resources practices.

Regardles of gender, pregnancy, marital status, disability,

family status, or race, the Company ensures that al

employes are provided with fair and equal oportunities in

every aspect of their employment journey. This comitment

extends acros recruitment, selection, training, promotion,

compensation, and al other human resources proceses

within the organisation. By championing diversity and

inclusivity, we strive to create a workplace where every

individual is valued, respected, and given the chance to

thrive based on their merits and abilities.

Employe working hours and rest periods

Working hours, rest periods and other benefits and

welfare are determined based on local industrial averages.

Experience, qualifications, and seniority of staf are taken

into acount as wel.

平等机会

本公司积极倡导平等与多元化，并秉持尊

重各员工独特贡献的企业文化。我们致力

于营造一个不受任何形式歧视的工作环

境。这一原则已植根于本公司的企业文

化，并指引著我们人力资源管理的各个层

面。

不论性别、怀孕、婚姻状况、残疾、家庭

状况或种族，本公司均须确保所有员工在

雇佣期间的各方面均享有公平和平等的机

会。此承诺覆盖本公司内部的招聘、甄

选、培训、晋升、薪酬及所有其他人力资

源程序。透过积极推动多元共融，我们致

力缔造一个让每位员工皆能因其能力与表

现而获得重视、尊重及发展机会的工作环

境。

雇员工作时数及假期

工作时数、假期以及其他待遇及福利乃根

据地方行业平均水平厘定。员工之经验、

资格及资历亦在考虑之列。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

We have put great emphasis on the compliance with the

labour-related laws and regulations such as the Employment

Ordinance and Minimum Wage Ordinance in Hong Kong,

Labour Relations Law, and Framework Law on Employment

Policy and Worker’s Rights in Macau as wel as Labour Law

of the PRC and Labour Contract Law of the PRC in Mainland

China. During the Reporting Period, we have not identified

any material non-compliance with the aforesaid employment

laws and regulations.

Development and Training

Employe training and development

The Company considers human resources as vitaly

important to the suces of its busines. Therefore,

the Company has developed a comprehensive training

programe consisting of product knowledge, service and

seling skils, complaints handling techniques and managerial

competences. These training courses are provided for

diferent levels of staf based on their job responsibilities.

The Company also ofers induction training courses for

comunicating corporate values, service standards and

code of conduct to new joiners. In adition, leadership

programes organised by external profesional institutions

have ben provided to management personel so as to

equip them with proper profesional management skils.

Furthermore, the Company has engaged external service

providers to perform independent evaluation on the

performance of frontline staf. It helps to identify potential

improvement areas to enhance customer service skils of the

staf.

我们已着力强调遵守劳工相关法律及法

规，如《香港之雇佣条例》及《最低工资条

例》、澳门之《劳动关系法》及《就业政策及

劳工权利纲要法》以及中国内地之《中国劳

动法》及《中国劳动合同法》。呈报期内，

我们尚未发现上述雇佣法律及法规有任何

重大违规情况。

发展及培训

雇员培训及发展

本公司认为人力资源对业务成功而言攸关

重要。因此，本公司已制订全面培训计

划，涵盖产品知识、服务及销售技能、投

诉处理技巧及管理才能。该等培训课程按

职责向不同职级员工提供。

本公司亦为新入职雇员提供入职培训课

程，让彼等了解企业价值、服务标准及行

为守则。此外，本公司亦会向管理人员提

供由外聘专业机构筹办之领袖计划，让彼

等习得合适专业管理技能。此外，本公司

已委聘外聘服务供应商独立评核前线员工

之表现，有助识别能改善之范畴，提高员

工之客户服务技巧。

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Number of employees trained by gender 按性别划分之受训雇员人数
Male 男性	Employee 雇员	176	186
Employees training rate 雇员培训率	%	39.11	40.26
Female 女性	Employee 雇员	274	276
Employees training rate 雇员培训率	%	60.89	59.74
Number of employees trained by employee category 按雇员类别划分之雇员总数
General level 一般级别	Employee 雇员	350	334
Employees training rate 雇员培训率	%	77.78	72.30
Middle management level 中级管理层	Employee 雇员	81	109
Employees training rate 雇员培训率	%	18.00	23.59
Senior management level 高级管理层	Employee 雇员	19	19
Employees training rate 雇员培训率	%	4.22	4.11

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

The percentage of employes trained

in FY2025 and

FY2024:

Employe training rate (percentage) = Number of trained

workforce of the category/Number of workforce tok part in

training at the end of the Reporting Period x 100%

二零二五财年及二零二四财年受训雇员之

百分比

：

雇员培训率（百分比）=该类别受训员工

人数╱呈报期末参与培训员工人数x100%

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Number of employees trained by geographical location 按地理位置划分之雇员总数
Hong Kong 香港	Employee 雇员	166	163
Employees training rate 雇员培训率	%	36.89	35.28
Macau 澳门	Employee 雇员	22	20
Employees training rate 雇员培训率	%	4.89	4.33
Mainland China 中国内地	Employee 雇员	262	279
Employees training rate 雇员培训率	%	58.22	60.39

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Total and average training hours by gender 按性别划分之培训总时数及平均时数
Male 男性	Hour 小时	5,364.00	3,037.00
Average training hours 平均培训时数	Hour 小时	24.95	13.56
Female 女性	Hour 小时	11,678.50	6,418.00
Average training hours 平均培训时数	Hour 小时	31.91	17.25

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

The average training hours completed per employe

FY2025 and FY2024:

Average training hours = Total number of training hours for

employes of the category/Number of employes of the

category at the end of the Reporting Period

平均培训时数=该类别雇员之培训总时数╱

呈报期末该类别雇员人数

二零二五财年及二零二四财年每名雇员完

成之平均培训时数

：

Indicator 指标	Unit 单位	FY2025 二零二五财年	FY2024 二零二四财年
Total and average training hours by employee category 按雇员类别划分之培训总时数及平均时数
General level 一般级别	Hour 小时	13,440.50	6,537.50
Average training hours 平均培训时数	Hour 小时	28.42	13.54
Middle management level 中级管理层	Hour 小时	3,287.00	2,740.00
Average training hours 平均培训时数	Hour 小时	39.13	31.86
Senior management level 高级管理层	Hour 小时	315.00	177.50
Average training hours 平均培训时数	Hour 小时	13.13	6.57
Total training hours by geographical location 按地理位置划分之培训总时数
Hong Kong 香港	Hour 小时	2,386.00	1,393.00
Macau 澳门	Hour 小时	413.50	187.00
Mainland China 中国内地	Hour 小时	14,243.00	7,875.00

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In FY2025, an increase in employe training hours has ben

noted, demonstrating our dedication to augmenting the

expertise and skils of our workforce.

于二零二五财年，员工培训时数有所增

加，充分展现我们致力提升员工专业知识

及技能的承诺。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Comunity Investment

Social responsibility

The Company demonstrates its care for society by giving

back to the comunity. We are comited to enhancing the

comunity’s wel-being and social services. Our aproach

to comunity investment involves both financial sponsorship

of charitable initiatives and active staf participation in

voluntering activities. By integrating financial resources

with employe engagement, we are able to maximise the

positive impact of our contributions to society. In FY2025,

our employes colectively contributed 21 service hours

to suport various charitable causes. During the reporting

period, the Company as a whole, as wel as individual

senior management personel have ben actively providing

sponsorship to various charitable organisations, for example

Hong Kong Children in Ned Foundation (“HKCIN”) and

Principal Chan Fre Tutorial World, with a lump sum of

HKD$417,850 equivalent.

In February 2025, Oriental Watch colaborated with the

HKCIN Charity Foundation to organise the “Take Your Time,

Enjoy Nature Together” Outdor Activity Day. This event

facilitated a partnership betwen students from Asbury

Methodist Primary Schol and dedicated volunters.

Together, they engaged in activities such as crafting organic

pineaple cakes, planting organic vegetable sedlings,

and interacting with the farm’s aray of endearing animals,

including alpacas, rabits, goats, and Valais Blacknose

sheps. The day provided a harmonious oportunity for

al participants to forge a meaningful conection with the

natural world amidst the tranquil suroundings of the farm.

The Company’s dedication to corporate social responsibility

was also exemplified through our sponsorship of “The

Clearwater Bay Golf and Country Club Joyful Charity

Run and Walk 2025” held on 8 March 2025. This event,

hosted at the Clearwater Bay Golf & Country Club, aimed

to advocate for the significance of cultivating positive

emotions and enhancing mental wel-being through regular

physical activity. Alongside sponsorship, the Company

actively encouraged the employes to engage in the event,

showcasing our comitment to this noble cause. The

Company is proud to have contributed to raising public

consciousnes and fostering greater understanding of the

integral link betwen physical and mental health.

社区投资

社会责任

本公司透过回馈社区，展示其对社会之关

怀。我们致力提升社区福祉及社会服务。

我们对社区投资的方式，包括向慈善项目

提供财务资助以及积极鼓励员工参与义工

活动。透过结合财政资源与员工参与，我

们能将对社会的正面影响力提升至最高。

于二零二五财年，本公司的员工合共贡献

了21小时的服务时间，以支持不同慈善项

目。呈报期内，本公司整体以及个别高级

管理人员一直向童享慈善基金会（「童享慈

善基金会」）及陈校长免费补习天地等不同

慈善团体积极捐助，一次性捐赠417,850

港元等值。

于二零二五年二月，东方表行与童享慈

善基金会合作举办「童享时间．同享大自

然－ Take Your Time」户外活动日。是次

活动促成了亚斯理卫理小学生与热心义

工之间的合作交流。他们共同参与了多项

活动，包括制作有机菠萝酥、种植有机蔬

菜苗，以及与农庄内的可爱动物，包括羊

驼、兔子、山羊及瓦莱黑鼻羊进行互动。

在农庄宁静的环境下，是次活动为所有参

与者提供了一个和谐共融的机会，让大家

与大自然建立有意义的联系。

本公司对企业社会责任的重视亦体现在赞

助于二零二五年三月八日举行的「清水湾

乡村俱乐部心晴慈善跑及步行筹款2025」

活动。是项活动于清水湾乡村俱乐部举

行，旨在宣扬透过定期运动培养正面情绪

及提升精神健康的重要性。除赞助外，本

公司也积极鼓励员工参与是次活动，展现

我们对这项崇高抱负的承诺。能够为提升

公众意识及促进对身心健康密切关系的理

解作出贡献，本公司引以为傲。

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Labour Standards

Anti-child and anti-forced labour

Al of the Company’s ofices and retail stores strictly comply

with the local law’s requirements, with no tolerance on

child labour. During our hiring proces, we check and verify

the personal data of the potential candidates in order to

prevent from hiring child labour. We also sign the formal

employment contract with employes, and the contract

specifies key areas such as work duties, work hours,

overtime arangements and rest periods to protect the rights

and obligations of the employer and employes and prevent

forced labour.

We have noted the requirements about child or forced

labour in the local laws and regulations of our operating

locations. Therefore, we strictly adhere to these laws and

regulations such as Employment Ordinance in Hong Kong,

Labour Relations Law in Macau and Labour Law of the PRC

in Mainland China. During the Reporting Period, we have not

identified any material non-compliance with the aforesaid

employment laws and regulations. In case of discovering

non-compliance cases, we wil imediately terminate the

employment relationship or even transfer the cases and

setle through legal means.

ENVIRONMENTAL

The Company exerts its best eforts in protecting the

environment from its busines activities and workplace. The

Company is comited to promoting the gren concept

by introducing environmentaly friendly busines practices

and educating its employes to raise their awarenes on

environmental protection.

Multiple measures have ben adopted to reduce energy and

other resource use, minimise waste, increase recycling and

promote environmentaly friendly practices in its suply chain

and retail network operations.

劳工标准

防止童工及防止强制劳工

本公司所有办公室及零售店严格遵守地方

法律规定，绝不容许童工。在我们雇用过

程中，我们检查并核实潜在应征者之个人

资料，旨在防止雇用童工。我们亦与雇员

签订正式的雇佣合约，合约中明确工作职

责、工作时间、加班安排及假期等重点内

容，以保障雇主及雇员的权利及义务，防

止强制劳工。

我们已注意到我们营业地点之当地法律及

法规有关童工或强制劳工之规定。因此，

我们恪守此等法律及法规，如香港之《雇

佣条例》、澳门之《劳动关系法》及中国内

地之《中国劳动法》。呈报期内，我们尚未

发现上述雇佣法律及法规有任何重大违规

情况。倘发现不合规事件，我们将立即终

止雇佣关系，甚至将个案移交并通过法律

途径解决。

环境

本公司竭尽全力保护环境，使环境免受业

务活动及工作场所影响。本公司致力推广

绿色概念，引入环保商业惯例，并教导雇

员提升环保意识。

本公司已采取多项措施，以于其供应链及

零售网络营运中减少使用能源及其他资

源，尽量减少废弃物，加强回收，以及宣

扬实践环保。

FY2025 二零二五财年
Amount 金额	Intensity (Per square foot of operating locations) 程度（每平方呎营业地点）
1,839,743	27.36
45,457	0.68
26,069	0.39

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

During our daily operations, we are subject to the Product

Eco-responsibility Ordinance and Motor Vehicle Idling

(Fixed Penalty) Ordinance in Hong Kong, environmental

laws in Macau (i.e. Section 2/91/M), and Law of the PRC

on Prevention and Control of Polution from Environmental

Noise, Environmental Protection Law of the PRC, Laws of

the PRC on the Prevention and Control of Environmental

Polution Caused by Solid Wastes and Energy Conservation

Law of the PRC in Mainland China. We strictly adhere to al

aplicable environmental laws and regulations, and we have

not identified any material non-compliance with the aforesaid

laws and regulations during the Reporting Period.

We make use of the past consumption data for

environmental target seting regarding the energy, water and

waste. Employes wil continue to be reminded to minimise

unecesary consumption of resources and shal continue to

implement gren eforts in reducing resource consumption

from its source. Relevant emision figures wil be monitored

periodicaly to ensure the Group is on track to achieve the

reduction target.

Use of Resources

Owing to the nature of our retail busines, our operations

do not have isue in sourcing water that is fit for purpose

was noted during the Reporting Period. Fuels, electricity and

packaging bags are the major resources we use in our luxury

watch retail busines.

Energy consumption

During the Reporting Period, the types and amount of

energy consumed were as folows:

FY2024

二零二四财年

Energy Type能源类型

Unit

单位

Amount

金额

Intensity

(Per square fot

of operating

locations)

程度（每平方

呎营业地点）

Electricity电kWh

千瓦小时

1,850,86326.44

Diesel柴油Litre 公升41,0960.59

Petrol汽油Litre 公升26,0690.3923,5160.34

于日常营运过程中，我们须受香港之《产

品环保责任条例》及《汽车引擎空转（定额

罚款）条例》、澳门之《环境法》（即第2/91/

M条）、中国内地之《中国环境噪声污染防

治法》、《中国环境保护法》、《中华人民共

和国固体废物污染环境防治法》及《中华人

民共和国节约能源法》约束。我们恪守一

切适用环境法律及法规，而我们于呈报期

内尚未发现上述法律及法规有任何重大违

规情况。

我们利用过去的消耗数据来设定有关耗

能、水资源及废弃物的环境目标。我们将

不断提醒雇员，彼等应将不必要之资源耗

费减至最少，并应不断实行绿色措施，从

源头减少资源耗费。相关排放数据将予定

期监察，确保本集团在达致减排目标之轨

道上。

资源使用

基于零售业务之性质，我们之营运于呈报

期内在获取适用水源方面并无任何问题。

燃料、电力及包装袋为我们用于名贵钟表

零售业务之主要资源。

耗能

呈报期内，所耗能源类型及量值如下：

FY2025 二零二五财年
Quantity 数量	Intensity (Per square foot of operating locations) 程度（每平方呎营业地点）
26.22	0.00039

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

To minimise energy consumption in its retail stores and

ofices, the Company advocates the eficient use of energy

by adopting gren technologies and close monitoring

on operations. As a retailer of luxury watches, the most

significant use of energy has arisen from the electricity

consumption in retail stores for air conditioning and lighting.

The Company monitors technology advancements in lighting

systems and upgrades the systems acordingly so as to

increase overal operating eficiency.

Our energy use eficiency target focuses on the electricity

consumption of the Company. The Company has established

a five-year reduction target for electricity intensity of our

core busines by aproximately 35% in total. The estimated

reduction target was established by comparing the data of

FY2021 as the baseline year. By comparing FY2025 with

FY2021, we have already experienced 11.74% reduction for

the electricity intensity. In adition, the Company measures

and records the energy consumption on an on-going basis

to analyse its energy consumption eficiency.

Non-hazardous waste

Owing to the Company’s retail busines nature, no

hazardous waste was produced during the Reporting Period.

The major type of non-hazardous waste was paper used for

administrative work and the details of non-hazardous wastes

created were as folows:

FY2024

二零二四财年

Type类型

Unit

单位

Quantity

数量

Intensity

(Per square fot

of operating

locations)

程度（每平方

呎营业地点）

Non-hazardous waste无害废弃物tones 吨26.220.0003928.230.00040

As compared to FY2024, the intensity of non-hazardous

waste is similar as there is no significant operational change

in the curent reporting year. However, we wil continue to

strive to adopt the folowing waste reduction measures to

reduce the total non-hazardous waste.

为尽量降低零售店及办公室能耗，本公司

提倡有效使用能源，于经营过程中采用环

保技术，密切监察。作为名贵钟表零售

商，最大能耗来自零售店之空调及照明耗

电。本公司留意照明系统的技术发展，并

作相应升级，从而提升整体经营效益。

我们的能源使用效率目标注重本公司的耗

电量。本公司已制定核心业务耗电密度合

计降低约35%的五年目标，本公司通过比

较基准年（二零二一财年）的数据来确定估

计减电目标。二零二五财年的耗电密度已

较二零二一财年减少11.74%。此外，本

公司会持续计量及记录能耗，以分析其能

耗效益。

无害废弃物

基于本公司零售业务之性质，于呈报期内

并无产生有害废弃物。无害废弃物之主要

类别为行政工作所用纸张，而所产生无害

废物之详情如下：

与二零二四财年相比，无害废弃物程度相

若，乃由于本呈报年度并无重大营运变

动。然而，我们将继续致力采取以下减废

措施，以减少产生无害废弃物的总量。

FY2025 二零二五财年
Amount 金额
1,140
758

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

To reduce ofice wastepaper, the Company has ben

creating a paperles working environment through increasing

the use of internet system gradualy. On one hand, it

reduces environmental damage; on the other hand, it fits

comercial goals, as this saves ofice space used for storing

hardcopies and facilitates eficient information sharing via

ofice network. Furthermore, double-sided printing and

copying has become compulsory in the Company except

for special circumstances with aproval obtained. Only used

paper can be used as draft paper by staf. Colection boxes

have ben put in place to colect single-side used paper for

reuse and other scrap paper for recycling. These can help

reduce paper consumption and save costs substantialy. To

monitor the paper usage eficiency, consumption records of

paper and printing have ben regularly colected, asesed

and monitored.

Our waste reduction target focuses on continuously

increasing the recycling rate within five years’ time by

comparing the data of FY2021 as the baseline year.

The amount of recycled paper for FY2025 and FY2024

are 4,920kg and 5,596kg respectively. These figures

demonstrate our firm’s strong comitment to protecting the

environment by actively reducing waste and suporting a

circular economy.

Use of packaging materials

We consume packaging bags and materials in our busines.

During the Reporting Period, the packaging materials

consumed were as folows:

FY2024

二零二四财年

Unit

单位

Amount

金额

Packaging materials包装材料kg 千克1,817

Recycle Bag循环再用袋kg 千克7581,087

Our data colection system for our packaging materials

includes both normal packaging materials and al kinds of

shoping bags including recycled shoping bags.

为减少办公室废纸，本公司已透过逐步增

加使用互联网系统，营造无纸工作环境。

此举一方面可减少损害环境，一方面可节

省用以储存纸印文件之办公空间，同时透

过办公室网络有效分享资讯，切合商业目

标。再者，本公司规定除非于特殊情况下

获得批准，否则必须使用双面打印及复

印。员工仅可以已使用纸张作草稿纸。同

时设置收集箱，收集单面纸以作重复利

用，收集其他废纸以作回收。此等措施有

助减少纸张消耗，并可大幅节省成本。为

监察纸张使用效益，本公司定期收集、评

估及监察纸张及打印消耗纪录。

我们的减废目标注重通过比较基准年（二

零二一财年）的数据，在五年内不断提高

回收率。二零二五财年及二零二四财年的

环保纸用量分别为4,920千克及5,596千

克。这些数据显示本公司积极减少废弃物

及支持循环经济，充分体现我们对环境保

护的坚定承诺。

使用包装材料

我们营业时耗用包装袋及材料。呈报期

内，所耗包装材料如下：

我们有关包装材料之数据收集系统包括正

规包装材料及所有类型购物袋（包括循环

再用购物袋）。

FY2025 二零二五财年
Amount 金额
1,817
630

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Al of the packaging bags distributed to customers are made

of FSC acredited paper which is more environmentaly

friendly. Furthermore, the packaging bags are designed to

fit the product size in order to avoid excesive packaging.

Packaging bags wil only be distributed upon customers’

request. Our customers have raised awarenes of reducing

the consumption of packaging materials, and some

customers even do not request for recycling bags, which led

to a reduction in the consumption of both packaging bags

and recycled bags in FY2025.

Water consumption

FY2024

二零二四财年

Unit

单位

Amount

金额

Hong Kong香港m

立方米1,801

China中国m

立方米630660

Water consumption in Hong Kong remained largely stable in

FY2025, as there were no significant changes in operational

activities or scale of operations. Our water eficient targets

focus on implementing water eficiency initiatives, which

include raising the awarenes of our employes to cherish

the water resources and conducting regular inspections with

timely repairs to prevent water wastage.

Emisions

Owing to the nature of our retail busines, the Company has

no production activities or facilities. Therefore, there were no

sewage discharge to the environment during the Reporting

Period.

至于给予顾客之包装袋，全部以经森林管

理委员会认证之纸张制成，更为环保。此

外，包装袋配合产品大小设计，避免过度

包装。包装袋仅应顾客要求提供。本公司

的客户已提高对减少使用包装物料的意

识，部分客户更选择不索取循环再用袋，

致使于二零二五财年包装袋及循环再用袋

的用量均有所减少。

水资源消耗

由于营运活动及规模未有重大变动，香港

于二零二五财年的用水量基本保持稳定。

我们的节水目标注重实施节水措施，包括

提高雇员珍惜水资源的意识，并定期检查

并及时维修以防止浪费水资源。

排放物

基于零售业务之性质，本公司并无生产活

动或设施，故此，于呈报期内并无向环境

排放污水。

FY2025 二零二五财年
Amount 金额
0.49
0.00112
0.045

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Air emisions

We maintain vehicles for our executives and customers, as

wel as for delivery purposes. Such vehicles are the major

source of our air emisions. During the Reporting Period, our

air emisions details were as folows:

FY2024

二零二四财年

Source of emision

排放源

Unit

单位

Amount

金额

Nitrogen oxides (“NOx”)氮氧化物（「NOx」）tones 吨0.44

Sulphur oxides (“SOx”)硫氧化物（「SOx」）tones 吨0.00101

Particular mater (“PM”)悬浮粒子（「PM」）tones 吨0.0450.041

Since we bought a vehicle for smoth busines operation,

the air emisions data has experienced an increase with

comparison to FY2024. We are aware of the air emisions

generated from our use of vehicles so that we have

established internal procedures to reduce the negative

impact and ensure the compliance with the Air Polution

Control Ordinance in Hong Kong and Environmental

Protection Law of the PRC. For example, we monitored

the vehicle conditions on a regular basis and aranged the

vehicles for anual test by the local authority.

Grenhouse gas emisions

The Company’s major busines is luxury watches retailing in

diferent geographical areas of the Greater China region, the

major direct grenhouse gas emisions (Scope 1 emision)

of the Company came from the use of vehicles. Our major

indirect grenhouse gas emisions (Scope 2 emision) and

other indirect grenhouse emisions (Scope 3 emision)

came from the electricity consumption and paper use of

ofices and retail stores respectively. The details of the

grenhouse gas emision (“CO

e”) were as folows:

The calculation of air emisions was based on the “Reporting

Guidance on Environmental KPIs” of the Stock Exchange of

Hong Kong Limited.

气体排放量乃基于香港联合交易所有限公

司之「环境关键绩效指标汇报指引」计算。

气体排放

我们为行政人员及客户保养汽车及作付运

用途。相关汽车为气体排放之主要源头。

呈报期内，我们之气体排放详情如下：

自我们购买车辆以确保业务顺利经营起，

气体排放数据较二零二四财年有所增加。

我们察觉到使用汽车产生之气体排放，因

此我们已设立内部程序降低负面影响，并

确保遵守香港《空气污染管制条例》及《中

国环境保护法》。例如，我们定期监控汽

车状态，并安排汽车让当地机关作年度检

测。

温室气体排放

本公司之主要业务为于大中华地区不同地

区从事名贵钟表零售，故本公司之直接温

室气体排放（范畴一排放）主要来自使用

汽车。我们之间接温室气体排放（范畴二

排放）及其他间接温室气体排放（范畴三

排放）主要来自办公室及零售店耗电及用

纸。温室气体排放（「CO2e」）详情如下：

FY2025 二零二五财年
Quantity 数量	Intensity (Per square foot of operating locations) 程度（每平方呎营业地点）
194.24	0.0029
956.00	0.010
62.71	0.0009
1,212.95	0.018

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

FY2024

二零二四财年

Source of emision

排放源

Unit

单位

Quantity

数量

Intensity

(Per square fot

of operating

locations)

程度（每平方

呎营业地点）

Scope 1

范畴一

tone CO

吨CO2e

176.140.0025

Scope 2

范畴二

tone CO

吨CO2e

1,062.590.015

Scope 3

范畴三

tone CO

吨CO2e

71.340.0010

Total合计tone CO

吨CO2e

1,310.070.019

Our total Scope 1, 2 & 3 emisions in FY2025 has

experienced 7.41% decrease as compared with FY2024,

and a 11.74% reduction as compared to the baseline year

(FY2021).

The calculation of grenhouse gas emisions was based

on the “Grenhouse Gas Protocol” published by World

Resources Institute and World Busines Council on Sustainable

Development, “Reporting Guidance on Environmental KPIs”

published by the Stock Exchange of Hong Kong Limited,

“Guidelines to Acount for and Report on Grenhouse

Gas Emision and Removals for Buildings (Comercial,

Residential or Institutional Purposes) in Hong Kong” by Hong

Kong Environmental Protection Department and Electrical

and Mechanical Services Department, “CLP Sustainability

Report 2024” by CLP Holdings Limited, “Hong Kong Electric

Sustainability Report 2024” by Hong Kong Electric Company

Limited, “CEM Sustainability Report 2023” by Companhia de

Electricidade de Macau, “陆上交通运输企业温室气体排放核算

方法与报告指南(试行)” published by the National Development

and Reform Comision of the PRC, and “2022年电力二

氧化碳排放因子” published by the Ministry of Ecology and

Environment of the PRC.

Scope 1 emision, which include carbon emision from vehicles.

Scope 2 emision, which include carbon emision from

electricity consumption by the Company.

Scope 3 emision, which include carbon emision from paper

usage by the Company.

温室气体排放量计算乃基于世界资源研究

所及世界可持续发展商业理事会公布之「温

室气体议定书」、香港联合交易所有限公司

公布之「环境关键绩效指标汇报指引」、香

港环境保护署及机电工程署公布之「香港建

筑物（商业、住宅或公共用途）的温室气体

排放及减除的核算和报告指引」、中华电力

有限公司之「中电集团2024可持续发展报

告」、香港电灯有限公司之「港灯2024年可

持续发展报告」、澳门电力股份有限公司之

「澳门电力可持续发展报告2023」、中国

家发展和改革委员会公布之「陆上交通运输

企业温室气体排放核算方法与报告指南（试

行）」及中国生态环境部公布之「2022年电

力二氧化碳排放因子」。

范畴一排放包括汽车的碳排放。

范畴二排放包括公司耗电的碳排放。

范畴三排放包括公司用纸的碳排放。

我们于二零二五财年的范围一、二及三的

总排放量较二零二四财年减少7.41%，并

较基准年（二零二一财年）减少11.74%。

Oriental Watch Holdings Limited 东方表行集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

We are cautious about the environment and the carbon

fotprints in our operations. We have put into practice

certain environmentaly friendly initiatives in reducing the

grenhouse gas emision. We also strictly tracked our

established Group-wide five years reduction target for

the Scope 1, 2 & 3 emisions of our core busines. The

estimated reduction target was established by comparing

the data of FY2021 as the baseline year.

Environmental Impacts from Investments

As most of our retail stores are located at central busines

areas, the Company endeavours to minimise its impacts

on the environment by identifying, asesing and managing

environmental impacts resulting from its various operational

activities regularly. For any significant impacts identified,

the Company wil imediately formulate and execute

the coresponding mitigation measures and monitor its

efectivenes continuously to ensure the impacts have ben

resolved.

External lighting

As a luxury watch retailer, the Company uses standout

advertising signs to atract customers, which may create

certain level of light. In view of that, the Company has signed

up to the “Charter on External Lighting” launched by the

Environment Bureau of the Government of the Hong Kong

Special Administration Region such that al advertising signs

of the retail stores would be switched of betwen 11p.m.

and 7a.m. on the folowing day. Apart from reducing the

impacts of light polution, these actions also help to reduce

energy consumption throughout the operations.

Renovation works

Renovation works are caried out regularly to ensure our

retail shops ofer pleasant environment to customers and to

increase our bargaining power when negotiating rental terms

with landlords. As such, noise and dust wil be resulted

from the renovation works and afect the neighbourhod.

Although al renovation works are outsourced to third party

contractors which the Company has no direct control, we

require our contractors to execute al posible measures in

mitigating the negative impacts on the neighbourhod, for

example, requiring renovation works to be caried out during

non-peak hours and instaling bariers to prevent dust and

noise from spreading out.

我们对营运之环境及碳足印保持警觉。我

们已实践若干环保措施来减少温室气体排

放。我们亦严格追踪就核心业务而设的有

关范围一、二及三的集团范围五年减排目

标。本公司通过比较基准年（二零二一财

年）的数据来确定估计减排目标。

投资对环境的影响

由于大部分零售店位于中央商业区，因

此，本公司致力降低其对环境之影响，定

期识别、评估及管理其各类营运活动对环

境造成之影响。任何重大影响一经识别，

本公司将即时制定及执行相应之应对措

施，并持续监察其成效，以确保有关影响

得到解决。

户外灯光

身为名贵钟表零售商，本公司使用广告牌

吸引顾客，可能发出一定程度之亮光。有

鉴于此，本公司已签署香港特别行政区政

府环境局推出之「户外灯光约章」，各零售

店所有广告牌会于下午十一时正至翌日上

午七时正关掉。除减少光污染的影响外，

相关行动亦有助减少整个营运过程中的能

耗。

装修工程

本公司定期装修零售店，以确保各店舖为

顾客提供舒适环境，与业主磋商租务条款

时亦可增加议价能力。因此，装修工程会

产生噪音及粉尘，影响周遭居民商舖。尽

管装修工程全部外判予第三方承建商进

行，本公司并无直接控制权，然而，我们

要求承建商采取一切可行措施，减轻对邻

近环境之负面影响，例如，要求装修工程

于非繁忙时间进行，并装设屏障防止粉尘

飘散及噪音。

Anual Report 2025 二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Climate Change

Climate resilience

The Company’s management, holding a significant interest,

is comited to enhancing its resilience to climate change.

This involves a proactive aproach to identifying and

managing climate-related risks and oportunities, aligning

strategies with global best practices for adapting to and

mitigating the impacts of climate change on operations.

The Company recognises the potential impacts of acute

and chronic physical risks, including disruptions caused by

extreme weather events in the key operational zone which

may increase the risk of shop closures. Through proactive

monitoring and strategic planing, we aim to minimise

disturbances and ensure uninterupted service delivery to

our customers. Aditionaly, a paramount priority is placed

on the health and safety of our employes, with wel-defined

internal protocols governing work arangements during

adverse weather conditions. These initiatives underscore

our comitment to employe wel-being and operational

resilience in the face of environmental adversities.

To adres climate change impacts, the Company has

implemented measures to reduce its carbon fotprint

through the establishment of long-term emision reduction

targets. A culture of carbon emision reduction is promoted

among employes, supliers, and customers in their daily

activities. Moreover, initiatives to enhance energy eficiency

within operations through industry-leading practices are

actively pursued.

The Company is also comited to developing

comprehensive policies that encompas mitigation,

adaptation, resilience, and transparent disclosure in response

to climate chalenges. Colaboration with stakeholders and

suply chain wil be integral in formulating contingency plans

to adres climate-related events efectively. This proactive

stance demonstrates our dedication to sustainable practices

and environmental stewardship.

气候变化

气候抗御措施

本公司之管理层高度关注，并致力提升公

司对气候变化的抗御措施。本公司采取积

极方针，以识别及管理气候变化相关风险

及机遇，并将策略与全球最佳常规保持一

致，以改善及纾缓气候变化对营运之影

响。

本集团已识别急性及慢性实体风险的潜在

影响（包括于主要营运地区的极端天气事

件导致的干扰，可增加店舖无法营业的风

险）。透过积极监察及策略性计划，我们

旨在尽量减少干扰，并确保持续不断向客

户交付服务。此外，我们高度重视雇员的

健康与安全，并明确制订内部规程，以管

理恶劣天气条件下的工作安排。该等措施

强调我们致力保障雇员的福祉，并在面临

环境不利因素时展现营运韧力。

为应对气候变化的影响，本公司已实施措

施，通过建立长远减少碳排放的目标减少

其碳足迹。我们亦向雇员、供应商及客户

提倡在其日常营运中减少碳排放的文化。

此外，本公司透过采取业界最佳常规，寻

求在营运中改善能源效益的措施。

本公司亦致力于制定全面政策，其涵盖减

缓、调适、韧力及透明披露，以应对气候

挑战。与利益相关方及供应链合作将为有

效制定应急计划，以应对气候相关事件的

重要部分。这积极立场展现了我们致力向

可持续实践及环境责任作出贡献的坚持。

Oriental Watch Holdings Limited 东方表行集团有限公司

DIRECTORS’ REPORT

董事会报告

The directors present their anual report and the audited

consolidated financial statements for the year ended

31 March 2025.

PRINCIPAL ACTIVITIES

The Company acts as an investment holding company as

wel as engages in watch trading. The principal activities

of its principal subsidiaries are set out in note 36 to the

consolidated financial statements. The Company and its

subsidiaries are colectively refered to as the “Group”.

RESULTS AND DIVIDENDS

The results of the Group for the year are set out in

the consolidated statement of profit or los and other

comprehensive income on pages 88 to 89.

An interim dividend of 6.1 Hong Kong cents per share and

a special dividend of 18.5 Hong Kong cents per share were

declared and paid to the shareholders during the year. A final

dividend of 4.2 Hong Kong cents per share and a special

dividend of 12.5 Hong Kong cents per share being proposed

by the directors are subject to aproval by the shareholders

in the forthcoming anual general meting.

RESERVES

As at 31 March 2025, the Company’s reserves available

for distribution consisted of contributed surplus of

HK$122,183,000, dividend reserve of HK$81,389,000 and

retained profits of HK$5,994,000.

Under the Companies Act 1984 of Bermuda (as amended),

the contributed surplus acount of the Company is available

for distribution. However, the Company canot declare or

pay a dividend, or make a distribution out of contributed

surplus if:

(a) to do so would render the Company unable to pay its

liabilities as they become due; or

(b) the realisable value of its asets would thereby be les

than its liabilities.

董事谨此提呈截至二零二五年三月三十一

日止年度之年报及经审核综合财务报表。

主要业务

本公司为投资控股公司并从事钟表贸易业

务。其主要附属公司之主要业务载于综合

财务报表附注36。本公司及其附属公司统

称「本集团」。

业绩及股息

本集团于本年度之业绩载于第88页至89

页之综合损益及其他全面收益表。

年内，本公司已向股东宣派及派付中期股

息每股6.1港仙及特别股息每股18.5港仙。

董事亦建议派付末期股息每股4.2港仙及

特别股息每股12.5港仙，须待股东于应届

股东周年大会上批准，方可作实。

储备

于二零二五年三月三十一日，本公司可供

分派之储备包括缴入盈余122,183,000港

元、股息储备81,389,000港元及保留溢利

5,994,000港元。

根据百慕达一九八四年公司法（经修订），

本公司缴入盈余账可用作分派。然而，倘

出现下列情况，本公司不可由缴入盈余中

宣派或支付股息，或作出分派：

(a) 此举将导致本公司无法偿还其到期负

债；或

(b) 其资产之可变现价值会低于其负债。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

DIRECTORS’ REPORT

董事会报告

PROPERTY, PLANT AND EQUIPMENT

During the year, the Group incured aproximately HK$13.3

milion on the purchase of property, plant and equipment.

Details of these and other movements in property, plant and

equipment of the Group during the year are set out in note

14 to the consolidated financial statements.

LOAN RECEIVABLES

The management granted the loans and made the

investment mentioned in the note 22 to the consolidated

financial statements in acordance with the Company’s

busines strategies to widen its income base.

DIRECTORS AND DIRECTORS’ SERVICE

CONTRACTS

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

date of this report were:

Executive directors:

Mr. Yeung Him Kit, Denis

Madam Yeung Man Ye, Shirley

Mr. Lam Hing Lun, Alain

Independent non-executive directors:

Mr. Choi Man Chau, Michael

Mr. Sun Dai Hoe Harold

Mr. Sin Nga Yan, Benedict

(apointed on 12 June 2024)

Mr. Sin Nga Yan, Benedict obtained legal advice refered to

in Rule 3.09D of the Listing Rules on 5 June 2024 and he

has confirmed he understod his obligations as a director of

a listed isuer.

In acordance with Bye-law 87(1) of the Company’s

Bye-laws, Mr. Yeung Him Kit, Denis and Mr. Lam Hing

Lun, Alain, retire and, being eligible, ofer themselves for

re-election.

物业、机器及设备

年内，本集团动用约13,300,000港元购置

物业、机器及设备。有关详情以及本集团

之物业、机器及设备于年内之其他变动详

情载于综合财务报表附注14。

应收贷款

管理层根据本公司之业务策略授出贷款及

作出综合财务报表附注22所述之投资，以

扩充其收入基础。

董事及董事服务合约

本公司于年内及截至本报告日期之董事如

下：

执行董事：

杨衍杰先生

杨敏仪女士

林庆麟先生

独立非执行董事：

蔡文洲先生

孙大豪先生

冼雅恩先生

（于二零二四年六月十二日获委任）

冼雅恩先生于二零二四年六月五日取得上

市规则第3.09D条所述的法律意见，并确

认彼了解作为上市发行人董事的义务。

根据本公司之公司细则第87(1)条，杨衍杰

先生及林庆麟先生均须告退，惟符合资格

并愿膺选连任。

Oriental Watch Holdings Limited 东方表行集团有限公司

DIRECTORS’ REPORT

董事会报告

None of the directors has a service contract with the

Company or any of its subsidiaries which is not determinable

by the Group within one year without payment of

compensation, other than statutory compensation.

Details of the remuneration paid by the Group to the

directors of the Company and the senior management of the

Group for the year ended 31 March 2025 are set out in note

10 to the consolidated financial statements.

DIRECTORS’ INTERESTS AND SHORT

POSITIONS IN SECURITIES

As at 31 March 2025, the interests of the directors of

the Company in the shares and underlying shares of the

Company, as recorded in the register required to be kept

under Section 352 of the Hong Kong Securities and Futures

Ordinance (the “SFO”), or as otherwise notified to the

Company and The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”) pursuant to the Model Code for

Securities Transactions by Directors of Listed Companies

were as folows:

Number of shares held

所持股份数目

Personal

interest

Family

interest

Corporate

interest

Total

number

of shares

Percentage of

isued share

capital of the

Company

Name of director董事姓名个人权益家族权益公司权益股份总数

占本公司已发行

股本百分比

Mr. Yeung Him Kit, Denis杨衍杰先生4,084,000—(note (a)4,084,0000.84%

（附注(a)）

Madam Yeung Man Ye, Shirley杨敏仪女士1,200,000221,161(note (b)1,421,1610.29%

（附注(b)）

Mr. Sun Dai Hoe Harold孙大豪先生—3,200,0003,200,0000.66%

(note (c)

（附注(c)）

董事概无与本公司或其任何附属公司订立

本集团不作赔偿（法定赔偿除外）则不得于

一年内终止之服务合约。

截至二零二五年三月三十一日止年度本集

团支付予本公司董事及本集团高级管理层

之薪酬详情载于综合财务报表附注10。

董事拥有之证券权益及淡仓

根据香港证券及期货条例（「证券及期货条

例」）第352条规定保管之登记册所记录，

于二零二五年三月三十一日，本公司之董

事于本公司之股份及相关股份中拥有之权

益，或根据上市公司董事进行证券交易的

标准守则须知会本公司及香港联合交易所

有限公司（「联交所」）之权益如下：

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

DIRECTORS’ REPORT

董事会报告

Notes:

(a) Mr. Yeung Him Kit, Denis and his wife are the beneficial

owners of an agregate of about 16.7% of the isued share

capital of Realtower Holdings Limited, the beneficial owner

of 10% of the isued share capital of Furama Investments

Limited, which in turn is the beneficial owner of 80% of the

isued share capital of Datsun Holdings Limited. He is also

the beneficial owner of about 14.3% of the isued share

capital of Real Champ Limited, the beneficial owner of 20% of

the isued share capital of Datsun Holdings Limited. Datsun

Holdings Limited is the beneficial owner of 127,776,000

shares in the Company. He is also the beneficial owner of

2.5% of the isued share capital of Y.H. Chan Limited, which

is the beneficial owner of 25% of the isued share capital of

Furama Investments Limited. Y.H. Chan Limited also directly

holds 388,561 shares in the Company.

(b) Madam Yeung Man Ye, Shirley is the beneficial owner

of about 13.3% of the isued share capital of Realtower

Holdings Limited.

in Sun International Limited, which is the beneficial owner of

3,200,000 shares in the Company.

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

directors of the Company had any interest or short positions

in any shares, underlying shares or debentures of the

Company or any of its asociated corporations (within the

meaning of Part XV of the SFO) as recorded in the register

required to be kept under Section 352 of the SFO or as

otherwise notified to the Company and the Stock Exchange

pursuant to the Model Code for Securities Transactions by

Directors of Listed Companies.

附注：

(a) 杨衍杰先生及其妻子合共实益拥有

Realtower Holdings Limited已发行

股本约16.7%，Realtower Holdings

Limited实益拥有Furama Investments

Limited已发行股本10%，而Furama

Investments Limited实益拥有Datsun

Holdings Limited已发行股本80%。彼

亦实益拥有Real Champ Limited已发行

股本约14.3%，Real Champ Limited实

益拥有Datsun Holdings Limited已发行

股本20%。Datsun Holdings Limited实

益拥有127,776,000股本公司股份。彼

亦实益拥有陈耀洪有限公司已发行股本

2.5%。陈耀洪有限公司实益拥有Furama

Investments Limited已发行股本25%。

陈耀洪有限公司亦直接持有388,561股本

公司股份。

(b) 杨敏仪女士实益拥有Realtower Holdings

Limited已发行股本约13.3%。

International Limited 24.5% 权益。Sun

International Limited实益拥有3,200,000

股本公司股份。

除上文所披露者外，于二零二五年三月

三十一日，根据证券及期货条例第352条

规定保管之登记册所记录，本公司之董事

概无于本公司或其任何相联法团（定义见

证券及期货条例第XV部）之任何股份、相

关股份或债券中拥有任何权益或淡仓，或

根据上市公司董事进行证券交易的标准守

则须知会本公司及联交所之权益或淡仓。

Oriental Watch Holdings Limited 东方表行集团有限公司

DIRECTORS’ REPORT

董事会报告

SHARE AWARD SCHEME AND DIRECTORS’

RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

2022 Share Award Scheme

On 27 June 2022 (the “Adoption Date”), the Company

adopted an employes’ share award scheme (the

“2022 Share Award Scheme”). The 2022 Share Award

Scheme shal be valid and efective for a term of 10 years

comencing from the Adoption Date.

Under the 2022 Share Award Scheme, any employe,

executive, oficer, or directors of the Company or of any

subsidiary are eligible for participation in the scheme. The

purposes and objectives of the 2022 Share Award Scheme

are to recognise and motivate the contributions by certain

eligible persons and to provide them with incentives in order

to retain them for the continual operation and development

of the Group and to help the Group in atracting and

recruiting suitable personel as aditional employes to

further the operation and development of the Group, and to

provide the eligible persons with a direct economic interest

in ataining the long-term busines objectives of the Group.

The board of directors shal not make any further award

which wil result in: (i) the number of shares awarded by

the board under the scheme exceding 10% of the isued

share capital of the Company as at the Adoption Date; or (i)

the number of the shares held by public shareholders fals

below the minimum percentage as prescribed under the

Listing Rules. The maximum number of shares which may

be awarded to each selected person under the scheme shal

not exced 1% of the isued share capital of the Company

as at the Adoption Date. The total number of awards

available for grant under the 2022 Share Award Scheme was

48,735,822 shares as at 1 April 2024, 31 March 2025 and

the date of this report respectively, representing 10% of the

isued share capital of the Company as at the date of this

report. Under the 2022 Share Award Scheme, there is no

provision on (a) the vesting period of awards to be granted;

and (b) the amount payable on aplication or aceptance

of the award and the period within which payments or cals

must or may be made or loans for such purposes must be

repaid. Al these are subject to the discretion of the board of

directors of the Company on the granting of an award under

such scheme.

For further details of the principal terms of the 2022

Share Award Scheme, please refer to the Company’s

anouncement on 27 June 2022.

No share award has ben granted under the 2022 Share

Award Scheme since the Adoption Date.

股份奖励计划及董事购买股份或

债券之权利

二零二年股份奖励计划

于二零二年六月二十七日（「采纳日

期」），本公司已采纳雇员股份奖励计划

（「二零二年股份奖励计划」）。二零二

年购股权计划自采纳日期起具有效力及生

效，期限为10年。

根据二零二年股份奖励计划，本公司或

任何附属公司之任何雇员、执行人员、高

级人员或董事均合资格参与该计划。二零

二年股份奖励计划之目的及宗旨为嘉许

及激励若干合资格人士所作之贡献，为彼

等提供激励，以留聘彼等，继续支持本集

团的经营及发展以及帮助本集团吸引及招

聘合适人士作为新雇员，以进一步推动本

集团营运及发展，并于实现本集团长远业

务目标时向合资格人士提供直接经济利

益。董事会不得进一步作出奖励，以致：

(i)董事会根据该计划奖励之股份数目超过

本公司于采纳日期已发行股本之10%；或

(i)公众股东持有之股份数目低于上市规则

规定之最低百分比。每名选定人士根据该

计划可获授之最高股份数目不得超过本公

司于采纳日期已发行股本之1%。于二零

二四年四月一日、二零二五年三月三十一

日及本报告日期，可根据二零二年股份

奖励计划授权而授出的奖励数目分别为

48,735,822股份，相当于本报告日期本

公司已发行股本10%。根据二零二年股

份奖励计划，概无有关(a)授予奖励的归属

期；及(b)申请或接纳奖励时应付金额，

及必须或可能进行付款或催缴之期限，或

必须偿还用于该等目的之贷款。根据该计

划，所有相关事宜须待本公司董事会在授

予奖励时酌情决定。

有关二零二年股份奖励计划主要条款之

进一步详情，请参阅本公司于二零二年

六月二十七日之公告。

自采纳日期起，根据二零二年股份奖励

计划，概无股份奖励已授出。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

DIRECTORS’ REPORT

董事会报告

SUBSTANTIAL SHAREHOLDERS

As at 31 March 2025, acording to the register maintained

by the Company pursuant to Section 336 of the SFO, the

folowing persons (not being a director or chief executive

of the Company) had interests in the share capital of the

Company:

Number of

shares held

Percentage of

isued share

capital of the

Company

Name of shareholder股东名称所持股份数目

占本公司已发行

股本百分比

Yeung Ming Biu杨明标155,754,14431.96%

Datsun Holdings LimitedDatsun Holdings Limited127,776,00026.22%

Furama Investments Limited

(Note 1)

Furama Investments Limited

（附注1）127,776,00026.22%

Realtower Holdings Limited

(Note 1)

Realtower Holdings Limited

（附注1）127,776,00026.22%

Ntasian Discovery Master FundNtasian Discovery Master Fund29,164,0005.11% (Note 2)

（附注2）

TIG Advisors LCTIG Advisors LC16,134,0005.05% (Note 3)

（附注3）

Notes:

1. Realtower Holdings Limited holds 55% of the isued share

capital of Furama Investments Limited, which holds 80%

of the isued share capital of Datsun Holdings Limited.

Acordingly, both Realtower Holdings Limited and Furama

Investments Limited are demed under the SFO to be

interested in the 127,776,000 shares in the Company held by

Datsun Holdings Limited.

2. This percentage is acording to the latest notice filed under

the SFO on 10 June 2016 on the basis of 570,610,224 shares

then in isue.

3. This percentage is acording to the latest notice filed under

the SFO on 15 January 2008 on the basis of 319,253,000

shares then in isue.

Save as disclosed above, at 31 March 2025, there was

no person who had any interests or short position in the

shares or underlying shares of the Company acording to

the register maintained by the Company pursuant to Section

336 of the SFO.

主要股东

本公司根据证券及期货条例第336条规定

存置之登记册所示，于二零二五年三月

三十一日，以下人士（并非为本公司之董

事或最高行政人员）于本公司股本中拥有

权益：

附注：

1. Realtower Holdings Limited持有Furama

Investments Limited已发行股本55%，

Furama Investments Limited则持

有Datsun Holdings Limited已发行

股本80%。因此，根据证券及期货条例，

Realtower Holdings Limited及Furama

Investments Limited均被视为于Datsun

Holdings Limited所持之127,776,000股

本公司股份中拥有权益。

2. 该百分比乃根据二零一六年六月十日根

据证券及期货条例存档之最新通知按

570,610,224股当时已发行股份厘定。

3. 该百分比乃根据二零八年一月十五日

根据证券及期货条例存档之最新通知按

319,253,000股当时已发行股份厘定。

按本公司根据证券及期货条例第336条规

定存置之登记册所示，除上文所披露者

外，于二零二五年三月三十一日，概无任

何人士于本公司之股份或相关股份中拥有

任何权益或淡仓。

Oriental Watch Holdings Limited 东方表行集团有限公司

DIRECTORS’ REPORT

董事会报告

INTERESTS IN TRANSACTIONS,

ARANGEMENTS AND CONTRACTS OF

SIGNIFICANCE

There were no transactions, arangements or contracts of

significance to which the Company or any of its subsidiaries

was a party and in which a director or a conected entity of

a director of the Company had a material interest, whether

directly or indirectly, subsisting at the end of the year or at

any time during the year.

There is no contract of significance betwen the Group and

a controling shareholder of the Company (as defined in the

Listing Rules) or any of its subsidiaries, including for the

provision of services to the Group.

MAJOR CUSTOMERS AND SUPLIERS

The agregate purchases during the year atributable to

the Group’s five largest supliers comprised aproximately

92% of the Group’s total purchases while the purchases

atributable to the Group’s largest suplier was

aproximately 90% of the Group’s total purchases.

The agregate sales during the year atributable to the

Group’s five largest customers comprised aproximately

0.7% of the Group’s total sales while the sales atributable

to the Group’s largest customer was aproximately 0.2% of

the Group’s total sales.

None of the directors, their asociates or any shareholders,

which to the knowledge of the directors owned more than

5% of the Company’s isued share capital, had any interest

in the share capital of any of the five largest customers or

supliers of the Group.

于重大交易、安排及合约之权益

本公司或其任何附属公司概无订立任何于

年终或年内任何时间有效而本公司董事或

其关连实体直接或间接拥有重大利益之重

大交易、安排或合约。

本集团与本公司控股东（定义见上市规

则）或其任何附属公司概无订立任何重大

合约，包括向本集团提供服务之重要合

约。

主要客户及供应商

年内，本集团五大供应商应占之总采购额

占本集团总采购额约92%，而本集团最大

供应商应占之采购额占本集团总采购额约

90%。

年内，本集团五大客户应占之总销售额占

本集团总销售额约0.7%，而本集团最大

客户应占之销售额占本集团总销售额约

0.2%。

各董事、彼等之联系人或任何股东（就董

事所知拥有本公司已发行股本5%以上者）

概无于本集团任何五大客户及供应商之股

本中拥有任何权益。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

DIRECTORS’ REPORT

董事会报告

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

During the year, neither the Company nor any of its

subsidiaries had purchased, sold or redemed any of the

Company’s listed securities.

DONATIONS

During the year, the Group made donations totaling

HK$83,000.

CORPORATE GOVERNANCE

Principal corporate governance practices as adopted by the

Group are set out in the Corporate Governance Report on

pages 11 to 34.

EMOLUMENT POLICY

As at 31 March 2025, the Group had a total of about 581

employes.

The emolument policy of the employes of the Group is set

by the Remuneration Comite on the basis of their merit,

qualifications and competence.

The emoluments of the directors of the Company are

decided by the Remuneration Comite, having regard to

the Group’s operating results, individual performance and

comparable market statistics.

The Company has adopted a share award scheme as

incentives to directors and employes of the Group, details

of the scheme are set out in the paragraph headed “Share

award scheme and directors’ rights to acquire shares or

debentures” above and in note 29 to the consolidated

financial statements.

买卖或赎回本公司上市证券

年内，本公司或其任何附属公司概无购

买、售出或赎回本公司之任何上市证券。

捐赠

年内，本集团作出之捐赠合共83,000港

元。

企业管治

本集团所采纳之主要企业管治常规载于第

11页至第34页之企业管治报告。

酬金政策

于二零二五年三月三十一日，本集团合共

约有581名雇员。

本集团雇员之酬金政策由薪酬委员会按彼

等之功绩、资历及能力制定。

本公司董事之酬金由薪酬委员会考虑本集

团之经营业绩、个人表现及可资比较市场

统计数字后决定。

本公司已采纳股份奖励计划作为董事及本

集团雇员之奖励，计划详情载于上文「股

份奖励计划及董事购买股份或债券之权

利」一段及综合财务报表附注29。

Oriental Watch Holdings Limited 东方表行集团有限公司

DIRECTORS’ REPORT

董事会报告

AUDIT COMITE AND REMUNERATION

COMITE

Details of the Company’s Audit Comite and Remuneration

Comite are set out in the Corporate Governance Report

on pages 20 to 24.

SHARE CAPITAL

Details of movements during the year in the share capital

of the Company are set out in note 28 to the consolidated

financial statements.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

Company’s Bye-laws or the laws of Bermuda which would

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

to existing shareholders.

PERMITED INDEMNITY PROVISION

The Bye-laws of the Company provide that the directors

of the Company shal be indemnified out of the asets and

profits of the Company against al actions, costs, charges,

loses, damages and expenses which they may incur or

sustain by reason of any act done or omited in or about the

execution of their duty except in respect of any of their wilful

negligence, wilful default, fraud or dishonesty. The Group

has taken out insurance to cover Directors’ liabilities to third

parties.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the

Company and within the knowledge of its directors as at

the latest practicable date prior to the isue of this anual

report, the percentage of the Company’s shares in the hands

of the public exceds 25% of the Company’s total number of

isued shares.

审核委员会及薪酬委员会

本公司审核委员会及薪酬委员会之详情载

于第20页至第24页之企业管治报告。

股本

本公司股本于年内之变动详情载于综合财

务报表附注28。

优先购买权

根据本公司之公司细则或百慕达法例，并

无任何规定本公司按比例向现有股东发售

新股份之优先购买权条文。

获准许之弥偿条文

本公司之公司细则规定，本公司董事因其

执行职务时或有关其执行职务时所作出之

作为或不作为而可能招致或蒙受之诉讼、

费用、收费、损失、损害及开支，应从本

公司资产及溢利获得弥偿（不包括任何故

意疏忽、故意违反、欺诈或不诚实者）。

本集团已为董事之第三方责任作出投保。

足够公众持股量

根据本公司可取得之公开资料并就其董事

所知，于本年报刊发前之最后可行日期，

由公众人士持有之本公司股份百分比超过

本公司之已发行股份总数25%。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

DIRECTORS’ REPORT

董事会报告

AUDITOR

A resolution wil be submited to the anual general meting

of the Company to re-apoint Mesrs. Deloite Touche

Tohmatsu as auditor of the Company.

On behalf of the Board

Yeung Him Kit, Denis

CHAIRMAN

Hong Kong, 19 June 2025

核数师

本公司将于股东周年大会上提呈决议案续

聘德勤•关黄陈方会计师行为本公司之核

数师。

代表董事会

主席

杨衍杰先生

香港，二零二五年六月十九日

Oriental Watch Holdings Limited 东方表行集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

To the Shareholders of

Oriental Watch Holdings Limited

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of

Oriental Watch Holdings Limited (the “Company”) and its

subsidiaries (colectively refered to as the “Group”) set

out on pages 88 to 195, which comprise the consolidated

statement of financial position as at 31 March 2025, and

the consolidated statement of profit or los and other

comprehensive income, consolidated statement of changes

in equity and consolidated statement of cash flows for the

year then ended, and notes to the consolidated financial

statements, including material acounting policy information

and other explanatory information.

In our opinion, the consolidated financial statements give

a true and fair view of the consolidated financial position

of the Group as at 31 March 2025, and of its consolidated

financial performance and its consolidated cash flows for

the year then ended in acordance with HKFRS Acounting

Standards as isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the disclosure requirements of

the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) as isued by the HKICPA.

Our responsibilities under those standards are further

described in the Auditor’s Responsibilities for the Audit of

the Consolidated Financial Statements section of our report.

We are independent of the Group in acordance with the

HKICPA’s Code of Ethics for Profesional Acountants (the

“Code”) and we have fulfiled our other ethical responsibilities

in acordance with the Code. We believe that the audit

evidence we have obtained is suficient and apropriate to

provide a basis for our opinion.

致：东方表行集团有限公司

（于百慕达注册成立之有限公司）

各股东

意见

本核数师（以下简称「我们」）已审计列载于

第88页至第195页的东方表行集团有限公

司（「贵公司」）及其附属公司（统称为「贵

集团」）的综合财务报表，其中包括于二

零二五年三月三十一日的综合财务状况表

与截至该日止年度的综合损益及其他全面

收益表、综合权益变动表和综合现金流量

表，以及综合财务报表附注，包括重大会

计政策资料及其他解释资料。

我们认为，综合财务报表已根据香港会计

师公会（「香港会计师公会」）颁布的香港财

务报告准则会计准则真实公平地反映贵

集团于二零二五年三月三十一日的综合财

务状况及其截至该日止年度的综合财务表

现及综合现金流量，并已遵照香港公司条

例的披露规定妥善拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港

审计准则》（「香港审计准则」）进行审计。

我们在该等准则下承担的责任已在本报告

「核数师就审计综合财务报表承担的责任」

部分中作进一步阐述。根据香港会计师公

会颁布的《专业会计师道德守则》（以下简

称「守则」），我们独立于贵集团，并已

履行守则中的其他专业道德责任。我们相

信，我们所获得的审计凭证能充足及适当

地为我们的审计意见提供基础。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgment, were of most significance in our audit of the

consolidated financial statements of the curent period.

These maters were adresed in the context of our audit

of the consolidated financial statements as a whole, and

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

separate opinion on these maters.

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何对关键审计事项进行处理

Net realisable value asesment of watches

钟表之可变现净值评估

We identified net realisable value asesment of

watches included in inventories as a key audit

mater due to the significance of amount of

watches to the consolidated statement of financial

position as at the end of the reporting period,

and significant judgements and estimates by

management in identifying slow-moving watches

and determining the net realisable value.

由于钟表于呈报期末的综合财务状况表数额庞大，

且管理层于识别滞销钟表及厘定可变现净值时作出

重大判断及估计，故此，我们视计入存货之钟表之

可变现净值评估为关键审计事项。

The watches are stated at the lower of cost and net

realisable value and the management of the Group

regularly reviews the Group’s alowance policy on

watches and the estimates of alowances. The

net realisable value of the watches is determined

by considering the saleability of watches based

on curent market conditions, pricing policies and

strategies, as wel as the historical/latest available

sales information of similar watches including

the identification of slow-moving watches with

reference to the ageing analysis. Details of the

reversal of alowance for watches during the

year and the carying amount of watches (net of

alowance) as at 31 March 2025 are set out in

notes 4, 9 and 21, respectively.

钟表以成本与可变现净值的较低者入账，且本集团

管理层定期检讨本集团的钟表拨备政策及拨备估

计。钟表可变现净值乃依据现行市况、定价政策及

策略，以及类似钟表之过往╱最新可得销售资料（包

括参考账龄分析识别滞销钟表）考虑钟表之可销售程

度而厘定。有关于年内钟表之拨备拨回以及于二零

二五年三月三十一日钟表之账面值（扣除拨备）之详

情分别载于附注4、9及21。

Our procedures in relation to the net realisable

value asesment of watches included:

我们有关进行钟表之可变现净值评估的程序包括：

• Obtaining an understanding of the

Group’s alowance policy on watches and

evaluating the efectivenes of controls over

management’s asesment of alowance of

watches, identifying slow-moving watches and

determining the alowance for watches;

了解贵集团的钟表拨备政策，以及评价管理

层对控制钟表拨备评估、识别滞销钟表及厘定

钟表拨备的有效性；

• Evaluating the alowance policy adopted by

the management and the reasonablenes

of the estimation of net realisable value,

with reference to curent market conditions,

historical and curent sales information and

ageing of inventories;

评价管理层经参考现行市况、过往及现行销售

资料以及存货账龄后所采纳的拨备政策及可变

现净值估计的合理性；

• Evaluating the reasonablenes of the

estimation of the net realisable value of

watches with reference to sales information

subsequent to the end of the reporting period,

if any, and test the subsequent sales on a

sample basis.

评价经参考呈报期末后的销售资料（如有）所厘

定钟表可变现净值评估的合理性，并对后续的

销售情况进行抽样测试。

关键审计事项

关键审计事项是根据我们的专业判断，认

为对本期综合财务报表的审计最为重要的

事项。这些事项是在我们审计整体综合财

务报表及出具意见时进行处理的。我们不

会对这些事项提供单独的意见。

Oriental Watch Holdings Limited 东方表行集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

OTHER INFORMATION

The directors of the Company are responsible for the other

information. The other information comprises the information

included in the anual report, but does not include the

consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements does

not cover the other information and we do not expres any

form of asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information

is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or

otherwise apears to be materialy mistated. If, based on

the work we have performed, we conclude that there is

a material mistatement of this other information, we are

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

regard.

RESPONSIBILITIES OF DIRECTORS AND

THOSE CHARGED WITH GOVERNANCE

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the

preparation of the consolidated financial statements that give

a true and fair view in acordance with HKFRS Acounting

Standards as isued by the HKICPA and the disclosure

requirements of the 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.

Those charged with governance are responsible for

overseing the Group’s financial reporting proces.

其他资讯

贵公司董事需对其他资讯负责。其他资讯

包括刊载于年报内的资讯，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

资讯，我们亦不对该等其他资讯发表任何

形式的鉴证结论。

结合我们对综合财务报表的审计，我们的

责任是阅读其他资讯，在此过程中，考虑

其他资讯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，如果我们认为其他资讯存

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。

董事及治理层就综合财务报表须承

担的责任

贵公司董事须负责根据香港会计师公会颁

布的香港财务报告准则会计准则及香港

《公司条例》的披露规定拟备真实公平的综

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。

治理层须负责监督贵集团的财务报告过

程。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a whole

are fre from material mistatement, whether due to fraud

or eror, and to isue an auditor’s report that includes

our opinion solely to you, as a body, in acordance with

Section 90 of the Bermuda Companies Act, 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 judgment and maintain profesional skepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether due

to fraud or eror, design and perform audit procedures

responsive to those risks, and obtain audit evidence

that is suficient and apropriate to provide a basis

for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for

one resulting from eror, as fraud may involve colusion,

forgery, intentional omisions, misrepresentations, or

the overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are apropriate in the circumstances, but not for the

purpose of expresing an opinion on the efectivenes

of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting estimates

and related disclosures made by the directors.

核数师就审计综合财务报表承担的

责任

我们的目标，是对综合财务报表整体是否

不存在由于欺诈或错误而导致的重大错误

陈述取得合理保证，并按照百慕达《公司

法》第90条的规定仅向全体股东出具包括

我们意见的核数师报告。除此以外，我们

的报告不可用作其他用途。我们并不就本

报告的内容对任何其他人士承担任何责任

或接受任何义务。合理保证是高水准的保

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，保持了专业怀

疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综

合财务报表存在重大错误陈述的风

险，设计及执行审计程式以应对这些

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

适当的审计程式，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。

Oriental Watch Holdings Limited 东方表行集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

’ use

of the going concern basis of acounting and, based

on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that

may cast significant doubt on the Group’s ability to

continue as a going concern. If we conclude that

a material uncertainty exists, we are required to

draw atention in our auditor’s report to the related

disclosures in the consolidated financial statements

or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause

the Group to cease to continue as a going concern.

, structure and content

of the consolidated financial statements, including the

disclosures, and whether the consolidated financial

statements represent the underlying transactions and

events in a maner that achieves fair presentation.

• 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 those charged with governance

regarding, among other maters, the planed scope and

timing of the audit and significant audit findings, including

any significant deficiencies in internal control that we identify

during our audit.

We also provide those charged with governance with a

statement that we have complied with relevant ethical

requirements regarding independence, and to comunicate

with them al relationships and other maters that may

reasonably be thought to bear on our independence, and

where aplicable, actions taken to eliminate threats or

safeguards aplied.

核数师就审计综合财务报表承担的

责任（续）

• 对董事采用持续经营会计基础的恰当

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。

结构和内容，包括披露，以及综合财

务报表是否中肯反映相关交易和事

项。

，就贵集

团内实体或业务单位的财务资料获取

充足、适当的审计凭证，作为对贵

集团财务报表出具意见的基础。我们

负责指导、监督和审核为贵集团审

计而进行的审计工作。我们为审计意

见承担全部责任。

除其他事项外，我们与治理层沟通了计划

的审计范围、时间安排、重大审计发现

等，包括我们在审计中识别出内部控制的

任何重大缺陷。

我们还向治理层提交声明，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（如

适用）消除风险所采取的行动或相关防范

措施。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

From the maters comunicated with those charged with

governance, we determine those maters that were of

most significance in the audit of the consolidated financial

statements of the curent period and are therefore the key

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

report unles law 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 Mr. Tsang Yiu Chung

(practising certificate number: P05398).

Deloite Touche Tohmatsu

Certified Public Acountants

Hong Kong

19 June 2025

核数师就审计综合财务报表承担的

责任（续）

从与治理层沟通的事项中，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

是曾耀宗先生（执业证书编号：P05398）。

德勤•关黄陈方会计师行

执业会计师

香港

二零二五年六月十九日

2025
二零二五年
HK$’000
千港元
3,449,857
(2,364,120)
1,085,737
57,415
3,731
3,077
(25,403)
(201,345)
(363,007)
(233,664)
(11,768)
21,957
(175)
336,555
(136,064)
200,491
2,885
(12,578)
—
(9,693)
190,798

Oriental Watch Holdings Limited 东方表行集团有限公司

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

Revenue收益53,638,758

Cost of gods sold销货成本(2,488,028)

Gros profit毛利1,150,730

Other income其他收入649,223

Other gains and loses其他收益及亏损7(3,854)

Reversal of impairment

loses (impairment loses

recognised) under expected

credit los (“ECL”) model, net

预期信贷亏损模式下

减值亏损拨回

（确认减值亏损）净额

— trade receivables— 贸易应收账款(3,559)

Impairment loses recognised

on property, plant and

equipment and right-of-use

asets

就物业、机器及设备及

使用权资产确认的

减值亏损

—

Distribution and seling

expenses

分销及销售开支

— Expenses related to leases— 租赁之相关开支15(189,552)

— Other distribution and

seling expenses

— 其他分销及销售开支

(353,950)

Administrative expenses行政开支(253,206)

Finance costs融资成本8(13,663)

Share of results of asociates应占联营公司之业绩16,578

Share of results of joint ventures应占合营公司之业绩(2,273)

Profit before taxation除税前溢利9396,474

Income tax expense所得税开支11(145,324)

Profit for the year年内溢利251,150

Other comprehensive income

(expense)

其他全面收益（开支）

Item that wil not be

reclasified to profit or los:

将不会重新分类至

损益之项目：

Change in fair value of

equity instruments at

fair value through other

comprehensive income

(“FVTOCI”)

按公平值计入其他

全面收益之股本

工具之公平值变动

(4,565)

Items that may be reclasified

subsequently to profit or

los:

其后可能重新分类至

损益之项目：

Exchange diference arising

on translation of foreign

operations

换算海外业务所

产生之汇兑差额

(64,378)

Reclasification of

cumulative translation

reserve upon

deregistration of a foreign

operation

于注销海外业务时重

新分类累计换算储

备

Other comprehensive expense

for the year

年内其他全面开支

(68,446)

Total comprehensive income for

the year

年内全面收益总额

182,704

2025
二零二五年
HK$’000
千港元
200,496
(5)
200,491
190,852
(54)
190,798
41.14 HK cents 港仙

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二四年

NoteHK$’000

附注千港元

Profit (los) for the year

atributable to:

以下人士应占年内溢利

（亏损）：

Owners of the Company本公司拥有人250,488

Non-controling interests非控股权益662

251,150

Total comprehensive income

(expense) for the year

atributable to:

以下人士应占年内全面收

益（开支）总额：

Owners of the Company本公司拥有人182,093

Non-controling interests非控股权益611

182,704

Earnings per share每股盈利

Basic基本1351.40 HK cents

港仙

2025
二零二五年
HK$’000
千港元
194,213
171,799
34,765
7,774
70,976
26,853
30,720
19,806
—
8,276
22,062
2,187
589,431
466,304
65,930
243,330
11,807
20,911
9,719
836,081
1,654,082
229,138
2,947
83,554
31,352
346,991
1,307,091
1,896,522
30,038
111,702
141,740
1,754,782

Oriental Watch Holdings Limited 东方表行集团有限公司

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025

于二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

Non-curent asets非流动资产

Property, plant and equipment物业、机器及设备14248,761

Right-of-use asets使用权资产15238,132

Investment properties投资物业1635,155

Deposits for acquisition

of property, plant and

equipment

收购物业、机器及设备

之按金

Interests in asociates于联营公司之权益1764,873

Interests in joint ventures于合营公司之权益1821,831

Equity instruments at FVTOCI按公平值计入其他全面

收益之股本工具1927,835

Financial asets at fair value

through profit or los

(“FVTPL”)

按公平值计入损益之

金融资产

2018,695

Loan receivables应收贷款2254,260

Defered tax asets递延税项资产276,864

Property rental deposits物业租金按金34,023

Long-term bank deposits长期银行存款24—

750,789

Curent asets流动资产

Inventories存货21442,997

Loan receivables应收贷款2221,988

Trade and other receivables贸易及其他应收账款23254,065

Financial asets at FVTPL按公平值计入损益之

金融资产2012,226

Amount due from a joint

venture

应收一间合营公司款项

18—

Taxation recoverable可退回税项6,776

Cash and cash equivalents现金及等同现金项目24898,634

1,636,686

Curent liabilities流动负债

Trade and other payables贸易及其他应付账款25253,132

Contract liabilities合约负债256,868

Lease liabilities租赁负债26132,560

Taxation payable应付税项36,390

428,950

Net curent asets流动资产净值1,207,736

Total asets les curent liabilities资产总值减流动负债1,958,525

Non-curent liabilities非流动负债

Defered tax liabilities递延税项负债2728,693

Lease liabilities租赁负债26133,865

162,558

Net asets资产净值1,795,967

2025
二零二五年
HK$’000
千港元
48,736
1,704,303
1,753,039
1,743
1,754,782

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025

于二零二五年三月三十一日

二零二四年

NoteHK$’000

附注千港元

Capital and reserves资本及储备

Share capital股本2848,736

Reserves储备1,745,434

Equity atributable to owners of

the Company

本公司拥有人应占权益

1,794,170

Non-controling interests非控股权益1,797

Total equity权益总额1,795,967

The consolidated financial statements on pages 88 to 195

were aproved and authorised for isue by the board of

directors on 19 June 2025 and are signed on its behalf by:

Yeung Him Kit, DenisYeung Man Ye, Shirley

杨衍杰杨敏仪

EXECUTIVE DIRECTOREXECUTIVE DIRECTOR

执行董事执行董事

载于第88页至第195页之综合财务报表经

董事会于二零二五年六月十九日批准及授

权刊发，并由下列董事代为签署：

48,736	303,250	148,209	425	840	(2,860)	5,180	(51,606)	1,229,903	112,093	1,794,170	1,797	1,795,967
—	—	—	—	—	—	—	—	200,496	—	200,496	(5)	200,491
—	—	—	—	—	2,885	—	—	—	—	2,885	—	2,885
—	—	—	—	—	—	—	(12,529)	—	—	(12,529)	(49)	(12,578)
—	—	—	—	—	2,885	—	(12,529)	200,496	—	190,852	(54)	190,798
—	—	—	—	—	—	—	—	—	(28,267)	(28,267)	—	(28,267)
—	—	—	—	—	—	—	—	—	(83,826)	(83,826)	—	(83,826)
—	—	—	—	—	—	—	—	(29,729)	—	(29,729)	—	(29,729)
—	—	—	—	—	—	—	—	(90,161)	—	(90,161)	—	(90,161)
—	—	—	—	—	—	—	—	(20,469)	20,469	—	—	—
—	—	—	—	—	—	—	—	(60,920)	60,920	—	—	—
—	—	34,911	—	—	—	—	—	(34,911)	—	—	—	—
48,736	303,250	183,120	425	840	25	5,180	(64,135)	1,194,209	81,389	1,753,039	1,743	1,754,782

Oriental Watch Holdings Limited 东方表行集团有限公司

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Statutory

reserve

Capital

redemption

reserve

Capital

reserve

Aset

revaluation

reserve

Special

reserve

Translation

reserve

Retained

profits

Dividend

reserveSub-total

Non-

controling

interestsTotal

股本股份溢价法定储备

资本

赎回储备资本储备

资产

重估储备特别储备换算储备保留溢利股息储备小计非控股权益合计

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

(note c)(note b)(note a)

（附注c）（附注b）（附注a）

At 1 April 2023于二零二三年四月一日48,736303,250112,9164258403,5305,18012,2241,263,873143,7711,894,7451,1861,895,931

Profit for the year年内溢利—250,488—250,488662251,150

Change in fair value of equity

instruments at FVTOCI

按公平值计入其他全面

收益之股本工具之

公平值变动—(4,565)—(4,565)—(4,565)

Reclasification of cumulative

translation reserve upon

disposal of a foreign operation

于注销海外业务时重新

分类累计换算储备

—497—497—497

Exchange diference arising

on translation of foreign

operations

换算海外业务所产生

之汇兑差额

—(64,327)—(64,327)(51)(64,378)

Total comprehensive (expense)

income for the year

年内全面（开支）

收益总额—(4,565)—(63,830)250,488—182,093611182,704

2023 final dividend paid已派发二零二三年

末期股息—(36,552)(36,552)—(36,552)

2023 special dividend paid已派发二零二三年

特别股息—(107,219)(107,219)—(107,219)

2024 interim dividend declared/

paid

已宣派╱已派发

二零二四年中期股息—(34,115)—(34,115)—(34,115)

2024 interim special dividend

declared/paid

已宣派╱已派发二零

二四年中期特别股息—(104,782)—(104,782)—(104,782)

2024 final dividend proposed拟派发二零二四年

末期股息—(28,267)28,267—

2024 special dividend proposed拟派发二零二四年

特别股息—(83,826)83,826—

Transfer转拨—35,293—(35,293)—

Disposal of equity instruments at

FVTOCI

出售按公平值计入其他

全面收益之股本工具—(1,825)—1,825—

At 31 March 2024于二零二四年三月

三十一日

Profit (los) for the year年内溢利（亏损）

Change in fair value of equity

instruments at FVTOCI

按公平值计入其他全面

收益之股本工具之

公平值变动

Exchange diference arising

on translation of foreign

operations

换算海外业务所产生之

汇兑差额

Total comprehensive income

(expense) for the year

年内全面收益（开支）

总额

2024 final dividend paid已派发二零二四年

末期股息

2024 special dividend paid已派发二零二四年

特别股息

2025 interim dividend declared/

paid

已宣派╱已派发

二零二五年中期股息

2025 interim special dividend

declared/paid

已宣派╱已派发二零

二五年中期特别股息

2025 final dividend proposed拟派发二零二五年

末期股息

2025 special dividend proposed拟派发二零二五年

特别股息

Transfer转拨

At 31 March 2025于二零二五年

三月三十一日

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Notes:

(a) The special reserve of the Group comprises the diference

betwen the nominal amount of the share capital isued by

the Company and the nominal amount of the isued share

capital and special reserves of those companies which were

acquired by the Company pursuant to a group reorganisation

in 1993. The special reserves of these acquired subsidiaries

represent the credit arising on reduction of their paid up

share capital under the group reorganisation.

(b) Subsequent to 力龙国际贸易股份有限公司 (“Li Long”)

becoming a subsidiary of the Company in May 2013, the

Group further subscribed 6,000,000 shares of Li Long in

September 2013, for a cash consideration of New Taiwan

Dolar (“NT$”) 60,000,000 (equivalent to HK$15,698,000).

The Group’s equity interest in Li Long increased from 90%

to 96%. This is acounted for as a demed acquisition of

aditional interests in a subsidiary and has ben recognised

as capital reserve.

investment enterprises in the People’s Republic of China (the

“PRC”), the PRC subsidiaries are required to transfer 10% of

their profit after taxation aplicable to enterprises established

in the PRC to the statutory reserve.

附注：

(a) 本集团之特别储备包括本公司所发行股本

面值与本公司根据一九三年进行集团重

组而收购之该等公司已发行股本面值之差

额及所收购公司之特别储备。该等所收购

附属公司之特别储备指根据集团重组削减

该等公司已缴足股本而产生之进账。

(b) 于力龙国际贸易股份有限公司（「力龙」）

在二零一三年五月成为本公司之附属公司

后，本集团进一步于二零一三年九月认

购6,000,000股力龙股份，现金代价为新

台币（「新台币」）60,000,000元（相等于

15,698,000港元）。本集团于力龙之股权

由90%增加至96%。此收购入账列作视

作收购一间附属公司之额外权益，并已确

认为资本储备。

企业之相关法律及法规，中国附属公司须

将其于适用于在中国成立企业之10%除

税后溢利转拨至法定储备。

2025
二零二五年
HK$’000
千港元
336,555
54,120
105,431
(3,077)
(8,957)
11,768
(27,011)
(2,900)
839
—
—
11,174
14,229
79
(901)
(1,249)
(21,957)
175

Oriental Watch Holdings Limited 东方表行集团有限公司

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

Operating activities经营业务

Profit before taxation除税前溢利396,474

Adjustments for:就以下项目作出调整：

Depreciation of property, plant

and equipment

物业、机器及设备之

折旧50,489

Depreciation of right-of-use

asets

使用权资产之折旧

122,014

(Reversal of) impairment loses

recognised under ECL model,

net

预期信贷亏损模式下

（拨回）确认减值亏损

净额3,559

(Reversal of alowance) alowance

for inventories, net

存货（拨备拨回）拨备

净额3,405

Interest expense利息开支13,663

Interest income利息收入(31,417)

Gain on leases termination/

modification

终止租赁╱租赁修改

收益(3,480)

Los on disposal/writen of of

property, plant and equipment

出售╱撇销物业、

机器及设备之亏损396

Los on deregistration of a

subsidiary

注销一间附属公司之

亏损497

Los on disposal of partial interest

in asociates

出售联营公司部分权益

之亏损7,554

Impairment loses recognised on

property, plant and equipment

就物业、机器及设备

确认的减值亏损—

Impairment loses recognised on

right-of-use asets

就使用权资产确认的

减值亏损—

Changes in fair value of

investment properties

投资物业之公平值变动

(259)

Changes in fair value of financial

asets at FVTPL

按公平值计入损益之金

融资产之公平值变动2,038

Changes in fair value of loan

receivables at FVTPL

按公平值计入损益之应

收贷款之公平值变动(3,442)

Share of results of asociates应占联营公司之业绩(16,578)

Share of results of joint ventures应占合营公司之业绩2,273

2025
二零二五年
HK$’000
千港元
468,318
(15,732)
23,928
(19,668)
(3,921)
(20,911)
432,014
(3,297)
(134,731)
(5,900)
288,086
(2,200)
38,479
(38,270)
23,237
14,183
13,173
5,922
(2,885)
1,757
653
(17,237)
(7,414)
(5,323)
—
—
—
—
—
24,075

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

Operating cash flows before

movements in working capital

营运资金变动前之经营现金

流量547,186

Increase in inventories存货增加(36,810)

Decrease in trade and other

receivables

贸易及其他应收账款减少

24,742

Decrease in trade and other payables贸易及其他应付账款减少(19,455)

Decrease in contract liabilities合约负债减少(13,805)

Increase in amount due from a joint

venture

应收一间合营公司款项增加

—

Cash generated from operations经营业务所产生之现金501,858

Income taxes paid in Hong Kong于香港支付之所得税(8,981)

Income taxes paid in the PRC于中国支付之所得税(140,567)

Income taxes paid in other

jurisdictions

于其他司法权区支付之

所得税(6,107)

Net cash from operating activities经营业务所产生之现金净额346,203

Investing activities投资活动

Placement of long-term bank

deposits

存入长期银行存款

—

Proceds from disposal of financial

asets at FVTPL

出售按公平值计入损益之

金融资产之所得款项33,115

Purchase of financial asets at

FVTPL

购买按公平值计入损益之

金融资产(36,403)

Repayment from loan receivable偿还应收贷款—

Interest received已收利息20,793

Dividends received from asociates已收联营公司股息11,129

Refund of rental deposits退还租金按金—

Payment for rental deposits支付租金按金(2,654)

Proceds from disposal of property,

plant and equipment

出售物业、机器及设备所

得款项589

Proceds from disposal of

investment property

出售投资物业所得款项

—

Purchase of property, plant and

equipment

购买物业、机器及设备

(53,123)

Deposits paid for acquisition of

property, plant and equipment

收购物业、机器及设备之

已付按金(360)

Acquisition of investment in a joint

venture

收购于合营公司之投资

—

Purchase of investment properties购买投资物业(28,520)

Purchase of equity instruments at

FVTOCI

购买按公平值计入其他全

面收益之股本工具(22,126)

Subscription on prefered shares

clasified at amortised cost

认购按摊销成本分类的优

先股(4,210)

Proceds from disposal of equity

instruments at FVTOCI

出售按公平值计入其他全

面收益之股本工具之所

得款项3,085

Proceds from disposal of partial

interests in asociates

出售联营公司部分权益之

所得款项10,848

Net cash from (used in) investing

activities

投资活动所产生（所耗）之现

金净额(67,837)

2025
二零二五年
HK$’000
千港元
(231,983)
(120,198)
(100,000)
100,000
(11,768)
(363,949)
(51,788)
898,634
(10,765)
836,081

Oriental Watch Holdings Limited 东方表行集团有限公司

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

Financing activities融资活动

Dividends paid已付股息(282,668)

Repayment of lease liabilities偿还租赁负债(127,128)

Repayment of bank loan偿还银行贷款—

Bank loan raised新增银行贷款—

Interest paid已付利息(13,663)

Net cash used in financing activities融资活动所耗之现金净额(423,459)

Net decrease in cash and cash

equivalents

现金及等同现金项目之减少

净额(145,093)

Cash and cash equivalents at the

begining of the year

年初之现金及等同现金项目

1,078,783

Efect of foreign exchange rate

changes

外汇率变动之影响

(35,056)

Cash and cash equivalents at the end

of the year, represented by:

bank balances and cash

年终之现金及等同现金项

目，即：银行结余及现金

898,634

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

1. GENERAL INFORMATION

Oriental Watch Holdings Limited (the “Company”) is

incorporated in Bermuda as an exempted company

with limited liability and acts as an investment holding

company as wel as engaged in watch trading. The

ultimate beneficial owner and the major shareholders of

the Company are disclosed in the “Directors’ Report” to

the anual report. The principal activities of its principal

subsidiaries are set out in note 36. The shares of the

Company are listed on The Stock Exchange of Hong

Kong Limited (the “Stock Exchange”). The adres of

the registered ofice and principal place of busines of

the Company are disclosed in the corporate information

section of the anual report.

The consolidated financial statements are presented in

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

curency of the Company.

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRS ACOUNTING

STANDARDS

Amendments to HKFRS Acounting Standards

that are mandatorily efective for the curent year

In the curent year, the Group has aplied the folowing

amendments to HKFRS Acounting Standards

isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) for the first time, which are

mandatorily efective for the Group’s anual period

begining on 1 April 2024 for the preparation of the

consolidated financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as Curent

or Non-curent and related

amendments to Hong Kong

Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance Arangements

1. 一般资料

东方表行集团有限公司（「本公司」）

为于百慕达注册成立之获豁免有限公

司，乃投资控股公司，并从事钟表贸

易业务。本公司之最终实益拥有人及

主要股东已于年报之「董事会报告」

中披露。其主要附属公司之主要业务

载于附注36。本公司股份于香港联合

交易所有限公司（「联交所」）上市。本

公司注册办事处及主要营业地点之地

址载于年报之公司资料一节。

综合财务报表乃以港元（「港元」）呈

列，港元亦为本公司之功能货币。

2. 应用新订香港财务报告准则会

计准则及修订本

于本年度强制生效之香港财务报告准

则会计准则修订本

于本年度内，本集团在编制综合财务

报表时已首次应用下列由香港会计师

公会所颁布，其强制适用于本集团于

二零二四年四月一日开始的年度期间

之香港财务报告准则会计准则修订

本：

香港财务报告准则第16号

（修订本）

售后租回的租赁负债

香港会计准则第1号

（修订本）

流动或非流动负债分类以及

香港诠释第5号

（二零二零年）的相关修订

香港会计准则第1号

（修订本）

附带契诺的非流动负债

香港会计准则第7号及

香港财务报告准则

第7号（修订本）

供应商融资安排

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRS ACOUNTING

STANDARDS (Continued)

Amendments to HKFRS Acounting Standards

that are mandatorily efective for the curent year

(Continued)

The aplication of the amendments to HKFRS

Acounting Standards in the curent year has had no

material impact on the Group’s financial positions and

performance for the curent and prior years and/or on

the disclosures set out in these consolidated financial

statements.

New and amendments to HKFRS Acounting

Standards in isue but not yet efective

The Group has not early aplied the folowing new and

amendments to HKFRS Acounting Standards that

have ben isued but are not yet efective:

HKFRS 18Presentation and Disclosure in

Financial Statements

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards — Volume

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 9 and

HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKAS 21Lack of Exchangeability

Efective for anual periods begining on or after a date

to be determined.

Efective for anual periods begining on or after 1

January 2025.

Efective for anual periods begining on or after 1

January 2026.

Efective for anual periods begining on or after 1

January 2027.

2. 应用新订香港财务报告准则会

计准则及修订本（续）

于本年度强制生效之香港财务报告准

则会计准则修订本（续）

于本年度内应用香港财务报告准则会

计准则修订本，对本集团于本年度及

过往年度的财务状况、表现及╱或综

合财务报表内所载列的披露并无产生

任何重大影响。

已颁布但尚未生效之新订香港财务报

告准则会计准则及修订本

本集团并无提早应用以下已颁布但尚

未生效之新订香港财务报告准则会计

准则及修订本：

香港财务报告准则第18号财务报表的呈列及披露

香港财务报告准则会计准则

（修订本）

香港财务报告准则会计准则的

年度改进 — 第11册

香港财务报告准则第9号及

香港财务报告准则

第7号（修订本）

金融工具分类及计量

（修订本）

香港财务报告准则第9号及

香港财务报告准则

第7号（修订本）

依赖自然条件之电力合约

香港财务报告准则第10号及

香港会计准则第28号

（修订本）

投资者与其联营或合营公司之

间的资产出售或注资

香港会计准则第21号

（修订本）

缺乏可兑换性

于待定日期或之后开始之年度期间

生效。

于二零二五年一月一日或之后开始

之年度期间生效。

于二零二六年一月一日或之后开始

之年度期间生效。

于二零二七年一月一日或之后开始

之年度期间生效。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRS ACOUNTING

STANDARDS (Continued)

New and amendments to HKFRS Acounting

Standards in isue but not yet efective (Continued)

Except for the new HKFRS Acounting Standard

mentioned below, the directors of the Company

anticipate that the aplication of al the amendments

to HKFRS Acounting Standards wil have no material

impact on the consolidated financial statements in the

foreseable future.

HKFRS 18 “Presentation and Disclosure in

Financial Statements”

HKFRS 18, which sets out requirements on

presentation and disclosures in financial statements, wil

replace HKAS 1 “Presentation of Financial Statements”.

This new HKFRS Acounting Standard, while

carying forward many of the requirements in HKAS

1, introduces new requirements to present specified

categories and defined subtotals in the statement of

profit or los; provide disclosures on management-

defined performance measures in the notes to the

financial statements and improve agregation and

disagregation of information to be disclosed in

the financial statements. In adition, some HKAS 1

paragraphs have ben moved to HKAS 8 “Acounting

Policies, Changes in Acounting Estimates and Erors”

and HKFRS 7 “Financial Instruments: Disclosures”.

Minor amendments to HKAS 7 “Statement of Cash

Flows” and HKAS 33 “Earnings per Share” are also

made.

HKFRS 18, and amendments to other standards, wil

be efective for anual periods begining on or after

1 January 2027, with early aplication permited. The

aplication of the new standard is expected to afect

the presentation of the statement of profit or los

and disclosures in the future financial statements.

The Group is in the proces of asesing the detailed

impact of HKFRS 18 on the Group’s consolidated

financial statements.

2. 应用新订香港财务报告准则会

计准则及修订本（续）

已颁布但尚未生效之新订香港财务报

告准则会计准则及修订本（续）

除下文所述的新订香港财务报告准则

会计准则外，本公司董事预期，所有

香港财务报告准则会计准则修订本之

应用于可预见将来对综合财务报表将

不会造成重大影响。

香港财务报告准则第18号「财务报表

的呈列及披露」

香港财务报告准则第18号载述有关

财务报表的呈列及披露规定，将取代

香港会计准则第1号「财务报表的呈

列」。这项新订香港财务报告准则会

计准则在延续香港会计准则第1号中

众多规定的同时，引入于损益表中呈

列特定类别及已界定小计的新规定；

并就财务报表附注中管理层所界定的

绩效计量提供披露，以及改进于财务

报表中将予披露的资料合并及分类。

此外，香港会计准则第1号部分段

落已移至香港会计准则第8号「会计

政策、会计估计变动及错误」及香港

财务报告准则第7号「金融工具：披

露」。香港会计准则第7号「现金流量

表」及香港会计准则第33号「每股盈

利」亦作出小幅修订。

香港财务报告准则第18号及其他准

则的修订本将于二零二七年一月一日

或之后开始的年度期间生效，并允许

提早应用。应用新准则预期将会影响

损益表的呈列及未来财务报表的披

露。本集团正在评估香港财务报告准

则第18号对本集团综合财务报表的

详细影响。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION

3.1 Basis of preparation of consolidated financial

statements

The consolidated financial statements have ben

prepared in acordance with HKFRS Acounting

Standards isued by the HKICPA. For the purpose

of preparation of the consolidated financial

statements, information is considered material

if such information is reasonably expected to

influence decisions made by primary users. In

adition, the consolidated financial statements

include aplicable disclosures required by the

Rules Governing the Listing of Securities on the

Stock Exchange (“Listing Rules”) and by the Hong

Kong Companies Ordinance.

The directors of the Company have, at the time of

aproving the consolidated financial statements,

a reasonable expectation that the Group has

adequate resources to continue in operational

existence for the foreseable future. Thus they

continue to adopt the going concern basis of

acounting in preparing the consolidated financial

statements.

3.2 Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate

the financial statements of the Company and entities

controled by the Company and its subsidiaries.

Control is achieved when the Company:

;

, or has rights, to variable returns

from its involvement with the investe; and

• has the ability to use its power to afect its

returns.

3. 综合财务报表编制基准及重大

会计政策资料

3.1 综合财务报表编制基准

综合财务报表乃按香港会计师公

会颁布之香港财务报告准则会计

准则编撰。就编制综合财务报表

而言，倘合理预期有关资料将影

响主要用户作出之决策，则该资

料被视为重大。此外，综合财务

报表载有联交所证券上市规则

（「上巿规则」）及香港公司条例

规定之适当披露事项。

在批准综合财务报表时，本公司

董事可合理预期本集团有足够资

源在可见将来继续经营。因此彼

等继续采用持续经营会计基准编

制综合财务报表。

3.2 重大会计政策资料

综合基准

综合财务报表包括本公司以及由

本公司及其附属公司所控制实体

之财务报表。当本公司在下列情

况下即达致控制权：

• 从参与被投资方可以或有

权取得可变回报；及

• 有能力运用其权力影响回

报。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Basis of consolidation (Continued)

The Group reaseses whether or not it controls

an investe if facts and circumstances indicate

that there are changes to one or more of the thre

elements of control listed above.

Consolidation of a subsidiary begins when the

Group obtains control over the subsidiary and

ceases when the Group loses control of the

subsidiary. Specificaly, income and expenses of a

subsidiary acquired or disposed of during the year

are included in the consolidated statement of profit

or los and other comprehensive income from the

date the Group gains control until the date when

the Group ceases to control the subsidiary.

Profit or los and each item of other comprehensive

income (“OCI”) are atributed to the owners of the

Company and to the non-controling interests. Total

comprehensive income of subsidiaries is atributed

to the owners of the Company and to the non-

controling interests even if this results in the non-

controling interests having a deficit balance.

Investments in asociates and joint ventures

An asociate is an entity over which the Group has

significant influence. Significant influence is the

power to participate in the financial and operating

policy decisions of the investe but is not control

or joint control over those policies.

A joint venture is a joint arangement whereby the

parties that have joint control of the arangement

have rights to the net asets of the joint

arangement. Joint control is the contractualy

agred sharing of control of an arangement, which

exists only when decisions about the relevant

activities require unanimous consent of the parties

sharing control.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

综合基准（续）

倘有事实及情况显示上文所列控

制权之三个元素中一个或以上发

生变化，则本集团会重新评估是

否控制被投资方。

综合附属公司于本集团取得附属

公司之控制权时开始，并于本集

团失去附属公司之控制权时终

止。具体而言，年内所收购或出

售附属公司之收入及开支，会由

本集团取得控制权当日起直至本

集团失去附属公司之控制权当日

止计入综合损益及其他全面收益

表。

损益及其他全面收益（「其他全面

收益」）之各个项目归属于本公司

拥有人及非控股权益。附属公司

之全面收益总额归属于本公司拥

有人及非控股权益，即使此举会

导致非控股权益出现亏绌结余。

于联营公司及合营公司之投资

联营公司是指本集团对其拥有重

大影响的实体。重大影响是指对

被投资方财务及经营政策有参与

决策的权力，但并不能够控制或

者与其他方一起共同控制该等政

策。

合营公司为一项合营安排，据

此，拥有安排共同控制权的人

士均有权享有合营公司的资产净

值。共同控制是指按照合约定

对某项安排所共有的控制，共同

控制仅在当相关活动要求共同享

有控制权之各方作出一致同意之

决定时存在。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Investments in asociates and joint ventures

(Continued)

The results and asets and liabilities of asociates

and joint ventures are incorporated in these

consolidated financial statements using the equity

method of acounting. The financial statements

of asociates and joint ventures used for equity

acounting purposes are prepared using uniform

acounting policies as those of the Group for like

transactions and events in similar circumstances.

Under the equity method, an investment in an

asociate or a joint venture is initialy recognised

in the consolidated statement of financial position

at cost and adjusted thereafter to recognise

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

comprehensive income of the asociate or joint

venture. When the Group’s share of loses of an

asociate or joint venture exceds the Group’s

interest in that asociate or joint venture (which

includes any long-term interests that, in substance,

form part of the Group’s net investment in the

asociate or joint venture), the Group discontinues

recognising its share of further loses. Aditional

loses are recognised only to the extent that

the Group has incured legal or constructive

obligations or made payments on behalf of the

asociate or joint venture.

An investment in an asociate or a joint venture is

acounted for using the equity method from the

date on which the investe becomes an asociate

or a joint venture. On acquisition of the investment

in an asociate or a joint venture, any exces of

the cost of the investment over the Group’s share

of the net fair value of the identifiable asets and

liabilities of the investe is recognised as godwil,

which is included within the carying amount of the

investment.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

于联营公司及合营公司之投资

（续）

联营公司及合营企业的业绩、资

产及负债按权益会计法列入该等

综合财务报表。以权益会计法处

理之联营公司及合营公司财务报

表乃按与本集团就于类似情况下

之交易及事件所采用的相同会计

政策编制。根据权益法，于联营

公司或合营公司的投资初步按成

本于综合财务状况表中确认，并

于其后就确认本集团应占该联营

公司或合营公司的损益及其他综

合收益而作出调整。当本集团应

占联营公司或合营公司之亏损超

出本集团在该联营公司或合营公

司之权益（包括任何长期权益实

际上是本集团对该联营公司或合

营公司之净投资），本集团将终

止确认日后之应占亏损。额外亏

损的确认仅以本集团已产生法定

或推定责任或代表该联营公司或

合营公司支付的款项为限。

自被投资方成为一家联营公司

或合营公司当日起，对联营公

司或合营公司之投资采用权益法

入账。于投资收购一间联营公司

或合营公司时，投资成本超过本

集团应占该被投资方可识别资产

及负债的公平值净额之任何部份

乃确认为商誉，并计入投资账面

值。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Investments in asociates and joint ventures

(Continued)

The Group aseses whether there is an objective

evidence that the interest in an asociate or

a joint venture may be impaired. When any

objective evidence exists, the entire carying

amount of the investment (including godwil) is

tested for impairment in acordance with HKAS

36 “Impairment of Asets” as a single aset by

comparing its recoverable amount (higher of value

in use and fair value les costs of disposal) with its

carying amount. Any impairment los recognised

is not alocated to any aset, including godwil,

that forms part of the carying amount of the

investment.

Changes in the Group’s interests in asociates and

joint ventures

When the Group reduces its ownership interest

in an asociate or a joint venture but the Group

continues to use the equity method, the Group

reclasifies to profit or los the proportion of the

gain or los that had previously ben recognised

in other comprehensive income relating to that

reduction in ownership interest if that gain or

los would be reclasified to profit or los on the

disposal of the related asets or liabilities.

Revenue from contracts with customers

Information about the Group’s policies relating to

contracts with customers is provided in note 5.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

于联营公司及合营公司之投资

（续）

本集团评估是否有客观证据证明

联营公司或合营公司可能面临减

值。于存在任何客观证据时，投

资（包括商誉）的全部账面值根

据香港会计准则第36号「资产

减值」作为单一资产透过比较可

收回金额（使用价值及公平值减

出售成本之较高者）与其账面值

进行减值测试。任何确认之减值

亏损（包含属投资账面值之一部

分的商誉）均不会分摊至任何资

产。

本集团于联营公司及合营公司之

权益变动

当本集团减少于联营公司或合营

公司之拥有权益但本集团继续

使用权益法时，倘与减少拥有权

权益有关之先前已于其他全面收

益确认之收益或亏损会于出售

相关资产或负债时重新分类至损

益，则本集团会将该部分收益或

亏损重新分类至损益。

客户合约收益

本集团有关客户合约的政策资料

载于附注5。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Leases

The Group aseses whether a contract is or

contains a lease based on the definition under

HKFRS 16 at inception of the contract. Such

contract wil not be reasesed unles the terms

and conditions of the contract are subsequently

changed.

The Group as a lese

Alocation of consideration to components of a

contract

For a contract that contains a lease component

and one or more aditional lease or non-lease

components, the Group alocates the consideration

in the contract to each lease component on the

basis of the relative stand-alone price of the lease

component and the agregate stand-alone price

of the non-lease components.

Non-lease components are separated from lease

component and are acounted for by aplying

other aplicable standards.

Short-term leases

The Group aplies the short-term lease recognition

exemption to leases that have a lease term of 12

months or les from the comencement date and

do not contain a purchase option. Lease payments

on short-term leases are recognised as expense

on a straight-line basis or another systematic basis

over the lease term.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁

本集团于合约开始时根据香港财

务报告准则第16号之定义评估

合约是否为或包含租赁。除非合

约条款及条件其后出现变动，否

则有关合约将不予重新评估。

本集团作为承租人

将代价分配至合约组成部分

就包含租赁组成部分及一项或多

项额外租赁或非租赁组成部分之

合约而言，本集团会根据租赁组

成部分之相对独立价格及非租赁

组成部分之单独价格总和将合

约之代价分配至各个租赁组成部

分。

非租赁组成部分与租赁组成部分

予以区分，并透过应用其他适用

准则入账。

短期租赁

对于租期自开始日期起计为12

个月或以内且并无包含购买选择

权的租赁，本集团应用短期租赁

确认豁免。短期租赁的租赁付款

按直线法基准或另一有系统基准

于租期内确认为开支。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets

The cost of right-of-use asets includes:

• the amount of the initial measurement of the

lease liability;

• any lease payments made at or before

the comencement date, les any lease

incentives received;

;

and

• an estimate of costs to be incured by the

Group in restoring the site on which it is

located or restoring the underlying aset

to the condition required by the terms and

conditions of the lease.

Right-of-use asets are measured at cost, les any

acumulated depreciation and impairment loses,

and adjusted for any remeasurement of lease

liabilities.

Right-of-use asets are depreciated on a straight-

line basis over the lease term.

The Group presents right-of-use asets as a

separate line item on the consolidated statement

of financial position.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产之成本包括：

• 于开始日期或之前所作之

任何租赁付款，减任何已

收取的租赁奖励；

• 本集团产生之任何初始直

接成本；及

• 本集团于恢复所在地点或

将相关资产恢复至租赁条

款及条件所规定状态时产

生的成本估计。

使用权资产按成本计量，减去任

何累计折旧及减值亏损并就租赁

负债之任何重新计量予以调整。

使用权资产按租赁期以直线法计

提折旧。

本集团于综合财务状况表内将使

用权资产呈列为单独项目。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Leases (Continued)

The Group as a lese (Continued)

Refundable rental deposits

Refundable rental deposits paid are acounted

under HKFRS 9 and initialy measured at fair value.

Adjustments to fair value at initial recognition are

considered as aditional lease payments and

included in the cost of right-of-use asets.

Lease liabilities

At the comencement date of a lease, the Group

recognises and measures the lease liability at the

present value of lease payments that are unpaid

at that date. In calculating the present value of

lease payments, the Group uses the incremental

borowing rate at the lease comencement date if

the interest rate implicit in the lease is not readily

determinable.

The lease payments include fixed payments

(including in-substance fixed payments) les any

lease incentives receivable.

Variable lease payments that do not depend

on an index or a rate are not included in the

measurement of lease liabilities and right-of-use

asets, and are recognised as expense in the

period in which the event or condition that trigers

the payment ocurs.

After the comencement date, lease liabilities are

adjusted by interest acretion and lease payments.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

可退还租金按金

已付可退还租金按金根据香港财

务报告准则第9号入账及初步按

公平值计量。于首次确认公平值

时所作调整被视为额外租赁款项

并计入使用权资产成本。

租赁负债

于租赁开始日期，本集团按当日

未支付的租赁款项现值确认及计

量租赁负债。倘租赁隐含之利率

难以厘定，则本集团会使用租赁

开始日期之增量借贷利率计算租

赁付款之现值。

租赁款项包括固定付款（包括实

质固定付款）减任何应收租赁奖

励。

不基于某项指数或比率的可变租

赁款项不包括于租赁负债及使用

权资产的计量中，且于有事件或

情形导致付款发生的期间内确认

为开支。

于开始日期后，租赁负债乃就利

息增长及租赁付款作出调整。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease liabilities (Continued)

The Group remeasures lease liabilities (and makes

a coresponding adjustment to the related right-

of-use asets) whenever the lease term has

changed, in which case the related lease liability

is remeasured by discounting the revised lease

payments using a revised discount rate at the date

of reasesment.

The Group presents lease liabilities as a separate

line item on the consolidated statement of financial

position.

Lease modifications

The Group acounts for a lease modification as a

separate lease if:

• the modification increases the scope of the

lease by ading the right to use one or more

underlying asets; and

• the consideration for the leases increases by

an amount comensurate with the stand-

alone price for the increase in scope and

any apropriate adjustments to that stand-

alone price to reflect the circumstances of the

particular contract.

For a lease modification that is not acounted for

as a separate lease, the Group remeasures the

lease liability, les any lease incentive receivables,

based on the lease term of the modified lease by

discounting the revised lease payments using a

revised discount rate at the efective date of the

modification.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁负债（续）

倘租期有所变动，本集团会重新

计量租赁负债（并对相关使用权

资产作出相应调整），在此情况

下，相关租赁负债透过使用重新

评估日期之经修订贴现率贴现经

修订租赁付款而重新计量。

本集团于综合财务状况表内将租

赁负债呈列为单独项目。

租赁修改

倘出现下列情况，则本集团将租

赁修订入账列为一项独立租赁：

• 进行修改时透过加入使用

一项或多项相关资产之权

利，令租赁范围增加；及

• 租赁之代价按与范围增加

之单独价格相符之金额及

为反映特定合约之情况而

对该单独价格进行之任何

适当调整增加。

对于并无入账列作一项独立租赁

之租赁修订，本集团会透过利用

于修改生效日期之经修订贴现率

贴现经修订租赁付款，基于经修

改租赁之租赁年期重新计量租赁

负债（扣减任何应收租赁奖励）。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease modifications (Continued)

The Group acounts for the remeasurement of lease

liabilities by making coresponding adjustments to

the relevant right-of-use asets. When the modified

contract contains a lease component and one or

more aditional lease or non-lease components,

the Group alocates the consideration in the

modified contract to each lease component on the

basis of the relative stand-alone price of the lease

component and the agregate stand-alone price of

the non-lease components.

Foreign curencies

In preparing the financial statements of each

individual group entity, transactions in curencies

other than the functional curency of that entity

(foreign curencies) are recognised at the rates

of exchange prevailing on the dates of the

transactions. At the end of the reporting period,

monetary items denominated in foreign curencies

are retranslated at the rates prevailing at that date.

Exchange diferences arising on the setlement

of monetary items, and on the retranslation of

monetary items, are recognised in profit or los in

the period in which they arise.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁修改（续）

本集团通过对相关使用权资产进

行相应调整，对租赁负债重新计

量。当经修改合约包含租赁组成

部分及一项或多项额外租赁或非

租赁组成部分时，本集团会根据

租赁组成部分之相对独立价格及

非租赁组成部分之单独价格总和

将经修改合约之代价分配至各个

租赁组成部分。

外币

于编制各个别集团实体之财务报

表时，以该实体功能货币以外之

货币（外币）于交易日期之适用

汇率确认。于呈报期末，以外币

计值之货币项目按该日之适用汇

率重新换算。

于结算货币项目及重新换算货币

项目时产生之汇兑差额于产生期

间内在损益确认。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Foreign curencies (Continued)

For the purposes of presenting the consolidated

financial statements, the asets and liabilities

of the Group’s foreign operations are translated

into the presentation curency of the Company

(i.e. HK$) using exchange rate prevailing at

the end of the reporting period. Income and

expenses items are translated at the average

exchange rates for the period, unles exchange

rates fluctuate significantly during the period,

in which case, the exchange rates prevailing at

the dates of transactions are used. Exchange

diferences arising, if any, are recognised in OCI

and acumulated in equity under the heading of

translation reserve (atributed to non-controling

interests as apropriate).

Taxation

Income tax expense represents the sum of curent

and defered income tax expense.

The tax curently payable is based on taxable profit

for the year. Taxable profit difers from profit before

taxation because of items of income or expense

that are taxable or deductible in other years and

items that are never taxable or deductible. The

Group’s liability for curent tax is calculated using

tax rates that have ben enacted or substantively

enacted by the end of the reporting period.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

外币（续）

就呈列综合财务报表而言，本集

团海外业务之资产及负债乃采用

呈报期末之适用汇率换算为本公

司之呈报货币（即港元）。收入及

开支项目乃按该期间之平均汇率

进行换算，除非汇率于该期间内

出现大幅波动则作别论，于此情

况下，则采用于交易当日之适用

汇率。所产生之汇兑差额（如有）

乃于其他全面收益确认，并于权

益内之换算储备下累计（归属于

非控股权益（倘适用）。

税项

所得税开支指本期及递延所得税

开支之总和。

本期应付之税项乃按年内应课税

溢利计算。由于在其他年度应课

税或可扣税之收入或开支项目及

毋须课税或不可扣税之项目，故

此应课税溢利与除税前溢利并不

相同。本集团就本期税项之负债

乃按已于呈报期末前已实施或大

致实施之税率计算。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Taxation (Continued)

Defered tax is recognised on temporary

diferences betwen the carying amount of

asets and liabilities in the consolidated financial

statements and the coresponding tax bases used

in the computation of taxable profit. Defered tax

liabilities are generaly recognised for al taxable

temporary diferences. Defered tax asets are

generaly recognised for al deductible temporary

diferences to the extent that it is probable that

taxable profits wil be available against which

those deductible temporary diferences can be

utilised. Such defered tax asets and liabilities

are not recognised if the temporary diference

arises from the initial recognition (other than in

a busines combination) of asets and liabilities

in a transaction that afects neither the taxable

profit nor the acounting profit and at the time

of transaction does not give rise to equal taxable

and deductible temporary diferences. In adition,

defered tax liabilities are not recognised if the

temporary diferences arises from initial recognition

of godwil.

Defered tax liabilities are recognised for taxable

temporary diferences asociated with investments

in subsidiaries and asociates, and interests in

joint ventures, except where the Group is able to

control the reversal of the temporary diference

and it is probable that the temporary diference

wil not reverse in the foreseable future. Defered

tax asets arising from deductible temporary

diferences asociated with such investments and

interests are only recognised to the extent that

it is probable that there wil be suficient taxable

profits against which to utilise the benefits of the

temporary diferences and they are expected to

reverse in the foreseable future.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

递延税项乃就综合财务报表之资

产及负债账面值及计算应课税溢

利所使用相应税基两者之暂时差

额而确认。递延税项负债通常会

就所有应课税暂时差额确认。递

延税项资产在可能出现可动用可

扣税暂时差额扣减之应课税溢利

时就所有可扣税暂时差额确认。

倘因于不会影响应课税溢利或会

计溢利之交易中初步确认（于业

务合并除外）资产及负债而引致

暂时差额且于交易时并不产生相

等的应课税及可扣减暂时差额，

则不会确认有关递延税项资产及

负债。此外，倘因初始确认商誉

而引致暂时差额，则不会确认递

延税项负债。

递延税项负债乃就与于附属公司

及联营公司之投资，以及于合营

公司之权益有关之应课税暂时差

额确认，惟倘本集团能够控制暂

时差额之拨回及暂时差额于可见

将来可能不会拨回则除外。与该

等投资及权益有关之可扣税暂时

差额产生之递延税项资产仅于可

能有足够应课税溢利可动用暂时

差额之利益及预期暂时差额于可

见将来拨回时确认。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Taxation (Continued)

The carying amount of defered tax asets is

reviewed at the end of the reporting period and

reduced to the extent that it is no longer probable

that suficient taxable profit wil be available to

alow al or part of the aset to be recovered.

Defered tax asets and liabilities are measured

at the tax rates that are expected to aply in the

period in which the liability is setled or the aset is

realised, based on tax rate (and tax laws) that have

ben enacted or substantively enacted by the end

of the reporting period.

The measurement of defered tax liabilities and

asets reflects the tax consequences that would

folow from the maner in which the Group

expects, at the end of the reporting period, to

recover or setle the carying amount of its asets

and liabilities.

For the purposes of measuring defered tax for

leasing transactions in which the Group recognises

the right-of-use asets and the related lease

liabilities, the Group first determines whether the

tax deductions are atributable to the right-of-use

asets or the lease liabilities.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

递延税项资产之账面值于呈报期

末作检讨，并于不再有足够应课

税溢利收回全部或部分资产时调

减。

递延税项资产及负债乃根据于呈

报期末前已实施或大致实施之税

率（及税法）按预期于负债清偿

或资产变现期间应用之税率计

量。

递延税项负债及资产之计量反映

本集团预期于呈报期末收回或清

偿其资产及负债账面值之方式所

产生之税务后果。

就计量本集团确认使用权资产及

相关租赁负债之租赁交易之递延

税项而言，本集团首先厘定税项

扣除是归属于使用权资产或归属

于租赁负债。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Taxation (Continued)

For leasing transactions in which the tax deductions

are atributable to the lease liabilities in which the

tax deductions are atributable to ultimate costs

incured, the Group aplies HKAS 12 “Income

Taxes” requirements to the lease liabilities, the

provisions for decomisioning and restoration and

the related asets separately. The Group recognises

a defered tax aset related to lease liabilities to the

extent that it is probable that the taxable profit wil

be available against which the deductible temporary

diference can be utilised and a defered tax liability

for al taxable temporary diferences.

Defered tax asets and liabilities are ofset when

there is a legaly enforceable right to set of curent

tax asets against curent tax liabilities and when

they relate to income taxes levied to the same

taxable entity by the same taxation authority.

Curent and defered tax are recognised in profit

or los, except when they relate to items that

are recognised in OCI or directly in equity, in

which case, the curent and defered tax are also

recognised in OCI or directly in equity respectively.

Property, plant and equipment

Property, plant and equipment are tangible asets

that are held for use in the production or suply of

gods or services, or for administrative purposes.

Property, plant and equipment are stated in the

consolidated statement of financial position at

cost les subsequent acumulated depreciation

and subsequent acumulated impairment loses, if

any.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

就税项扣减归属于租赁负债且税

项扣减归属于最终成本的租赁交

易而言，本集团分别对租赁负

债、退役及修复拨备及相关资产

应用香港会计准则第12号「所

得税」规定。本集团就所有应课

税暂时差额确认与租赁负债有关

之递延税项资产（倘可能有应课

税溢利而可扣税暂时差额可用于

扣减税项）及递延税项负债。

当有合法执行权利可将即期税项

资产与即期税项负债抵销，且与

同一税务机关对同一应课税实体

征收之所得税有关时，则递延税

项资产及负债可互相对销。

本期及递延税项于损益内确认，

惟当本期及递延税项关乎于其他

全面收益或直接于权益中确认之

项目时，在此情况下，本期及递

延税项亦分别于其他全面收益或

直接于权益中确认。

物业、机器及设备

物业、机器及设备为用于制造或

提供产品或服务，或作行政用途

而持有之有形资产。物业、机器

及设备于综合财务状况表按成本

减其后累计折旧及其后累计减值

亏损（如有）列账。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Property, plant and equipment (Continued)

When the Group make payments for ownership

interests of properties which includes both

leasehold land and building elements, the entire

consideration is alocated betwen the leasehold

land and the building elements in proportion to

the relative fair values at initial recognition. To the

extent the alocation of the relevant payments

can be made reliably, interest in leasehold land

is presented as “right-of-use asets” in the

consolidated statement of financial position.

When the consideration canot be alocated

reliably betwen non-lease building elements and

undivided interest in the underlying leasehold land,

the entire properties are clasified as property,

plant and equipment.

Depreciation is recognised so as to write of the

cost of asets les their residual values over

their estimated useful lives, using the straight-

line method. The estimated useful lives, residual

values and depreciation method are reviewed at

the end of each reporting period, with the efect

of any changes in estimate acounted for on a

prospective basis.

An item of property, plant and equipment is

derecognised upon disposal or when no future

economic benefits are expected to arise from the

continued use of the aset. Any gain or los on the

disposal or retirement of an item of property, plant

and equipment is determined as the diference

betwen the sales proceds and the carying

amount of the aset and is recognised in profit or

los.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

物业、机器及设备（续）

本集团在支付物业（包括租赁土

地和物业部分）的所有权益

时，全部代价按初始确认时的相

对公平值在租赁土地和物业部分

之间分配。倘能够可靠地分配有

关付款，租赁土地权益于综合财

务状况表按「使用权资产」呈列。

当代价无法在相关租赁土地之非

租赁楼宇成分及未分割权益之间

可靠分配时，整项物业分类为物

业、机器及设备。

折旧使用直线法于其估计可使用

年期撇销资产成本减其剩余价值

确认。于各呈报期末，估计可使

用年期、剩余价值及折旧方法将

予以审阅，任何估计变动之影响

将按前瞻性基准入账。

物业、机器及设备项目于出售或

预期继续使用资产并不会产生未

来经济利益时不再确认。出售或

报废物业、机器及设备项目产生

之任何盈亏乃按出售所得款项与

该资产账面值间之差额厘定，并

于损益确认。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Impairment on property, plant and equipment

and right-of-use asets

At the end of the reporting period, the Group

reviews the carying amounts of its property,

plant and equipment and right-of-use asets to

determine whether there is any indication that

these asets have sufered an impairment los. If

any such indication exists, the recoverable amount

of the relevant aset is estimated in order to

determine the extent of the impairment los, if any.

The recoverable amount of property, plant and

equipment and right-of-use asets are estimated

individualy. When it is not posible to estimate

the recoverable amount individualy, the Group

estimates the recoverable amount of the cash-

generating unit to which the aset belongs.

In testing a cash-generating unit for impairment,

corporate asets are alocated to the relevant

cash-generating unit when a reasonable and

consistent basis of alocation can be established,

or otherwise they are alocated to the smalest

group of cash generating units (“CGU”) for which

a reasonable and consistent alocation basis

can be established. The recoverable amount is

determined for the cash-generating unit or group

of cash-generating units to which the corporate

aset belongs, and is compared with the carying

amount of the relevant CGU or group of cash-

generating units.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

物业、机器及设备及使用权资产

之减值

于呈报期末，本集团审阅其物

业、机器及设备及使用权资产

之账面值，借以厘定是否有迹象

显示该等资产出现减值亏损。倘

显示任何出现减值亏损之迹象，

则会估计该相关资产之可收回金

额，以厘定减值亏损（如有）之

程度。

物业、机器及设备及使用权资产

可个别地估计可收回金额。倘不

可个别地估计可收回金额，则本

集团估计该资产所属之现金产生

单位之可收回金额。

在测试现金产生单位之减值时，

当可以建立合理一致之分配基础

时，公司资产会分配至相关现金

产生单位，否则分配至可以建立

合理一致之分配基础的最小现金

产生单位（「现金产生单位」）组

别。可收回金额乃针对公司资产

所属之现金产生单位或现金产生

单位组别确定，并与相关现金产

生单位或现金产生单位组别之账

面值进行比较。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Impairment on property, plant and equipment

and right-of-use asets (Continued)

Recoverable amount is the higher of fair value les

costs of disposal and value in use. In asesing

value in use, the estimated future cash flows are

discounted to their present value using a pre-

tax discount rate that reflects curent market

asesments of the time value of money and the

risks specific to the aset (or a cash-generating

unit) for which the estimates of future cash flows

have not ben adjusted.

If the recoverable amount of an aset (or a cash-

generating unit) is estimated to be les than its

carying amount, the carying amount of the

aset (or a cash-generating unit) is reduced to its

recoverable amount. The carying amount of an

aset is not reduced below the highest of its fair

value les costs of disposal (if measurable), its

value in use (if determinable) and zero. The amount

of the impairment los that would otherwise have

ben alocated to the aset is alocated pro rata

to the other asets of the unit or a group of cash-

generated units. An impairment los is recognised

imediately in profit or los.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

物业、机器及设备及使用权资产

之减值（续）

可收回金额为公平值减出售成本

与使用价值两者之较高者。于评

估使用价值时，会采用反映现时

市场对货币时间价值及该资产

（或现金产生单位）之特定风险

（并未调整对未来现金流量之估

计）之税前贴现率，将估计未来

现金流量贴现至其现值。

倘估计资产（或现金产生单位）

之可收回金额低于其账面值，则

资产（或现金产生单位）之账面

值扣减至其可收回金额。资产账

面值不得减少至低于其公平值减

出售成本（如可计量）、其使用价

值（如可厘定）及零之中的最高

值。已另行分配至资产之减值亏

损数额按比例分配至该单位或现

金产生单位组别之其他资产。减

值亏损即时于损益中确认。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Cash and cash equivalents

Cash and cash equivalents presented on the

consolidated statement of financial position

include:

a) cash, which comprises of cash on hand and

demand deposits; and

b) cash equivalents, which comprises of short-

term deposits generaly with original maturity

of thre months or les. Cash equivalents are

held for the purpose of meting short-term

cash comitments rather than for investment

or other purposes.

For the purposes of the consolidated statement of

cash flows, cash and cash equivalents consist of

cash and cash equivalents as defined above.

Investment properties

Investment properties are properties held to earn

rentals and/or for capital apreciation.

Investment properties are initialy measured

at cost, including any directly atributable

expenditure. Subsequent to initial recognition,

investment properties are measured at fair value,

adjusted to exclude any prepaid or acrued

operating lease income.

Gains or loses arising from changes in the fair

value of investment properties are included in

profit or los for the period in which they arise.

An investment property is derecognised upon

disposal or when the investment property is

permanently withdrawn from use and no future

economic benefits are expected from its disposal.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

现金及等同现金项目

现金及等同现金项目于综合财务

状况表呈列，包括：

a) 现金，其包括手头现金及

活期存款；及

b) 等同现金项目，其包括原

到期日为三个月或以下之

短期存款。等同现金项目

持作满足短期现金承担，

而非用于投资或其他目的。

就综合现金流量表而言，现金及

等同现金项目包括上文定义的现

金及等同现金项目。

投资物业

投资物业指持作赚取租金及╱或

用于资本增值的物业。

投资物业初步以成本（包括任何

直接应占支出）计量。于初步确

认后，投资物业乃按公平值计

量，并就剔除任何预付或应计经

营租赁收入作出调整。

投资物业公平值变动所产生的盈

亏于产生期间计入损益。

当投资物业出售、永久停止使用

或出售该投资物业预期不会带来

未来经济利益时，该项投资物业

不再确认。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Inventories

Inventories, which are finished gods held for sale,

are stated at the lower of cost and net realisable

value. Cost is calculated on a specific identification

basis for watches. Net realisable value represents

the estimated seling price for inventories les

incremental costs directly atributable to the sale

and non-incremental costs which the Group must

incur to make the sale.

Financial instruments

Financial asets

Clasification and subsequent measurement of

financial asets

Financial asets that met the folowing conditions

are subsequently measured at amortised cost:

• the financial aset is held within a busines

model whose objective is to colect

contractual cash flows; and

• the contractual terms give rise on specified

dates to cash flows that are solely payments

of principal and interest on the principal

amount outstanding.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

存货

存货指持作出售之制成品，乃按

成本及可变现净值两者之较低者

入账。就钟表而言，成本采用特

定识别基准计算。可变现净值指

存货估计售价减直接归属于销售

之增量成本及本集团为进行销售

必须产生之非增量成本。

金融工具

金融资产

金融资产之分类及其后计量

满足以下条件之金融资产其后按

摊销成本计量：

• 金融资产由一个旨在持有

金融资产以收取合约现金

流量之业务模式所持有；

及

• 合约条款于特定日期产生

之现金流量纯粹为支付本

金及未偿还本金之利息。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

Financial asets that met the folowing conditions

are subsequently measured at FVTOCI:

• the financial aset is held within a busines

model whose objective is achieved by both

colecting contractual cash flows and seling

the financial asets; and

• the contractual terms give rise on specified

dates to cash flows that are solely payments

of principal and interest on the principal

amount outstanding.

Al other financial asets are subsequently

measured at FVTPL, except that at initial

recognition of a financial aset the Group may

irevocably elect to present subsequent changes

in fair value of an equity investment in OCI if

that equity investment is neither held for trading

nor contingent consideration recognised by an

acquirer in a busines combination to which

HKFRS 3 “Busines Combinations” aplies.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

满足以下条件之金融资产其后透

过按公平值计入其他全面收益计

量：

• 金融资产由一个以收取合

约现金流量及出售金融资

产来实现目标之业务模式

所持有；及

• 合约条款于特定日期产生

之现金流量纯粹为支付本

金及未偿还本金之利息。

所有其他金融资产其后透过按公

平值计入损益计量，惟于初始确

认金融资产时，倘该股本投资既

非持作买卖，亦非香港财务报告

准则第3号「业务合并」所适用

之业务合并收购方确认之或然代

价，本集团可不可撤销地选择于

其他全面收益呈列股本投资之其

后公平值变动。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

A financial aset is held for trading if:

• it has ben acquired principaly for the

purpose of seling in the near term;

• on initial recognition it is a part of a portfolio

of identified financial instruments that the

Group manages together and has a recent

actual patern of short-term profit-taking; or

• it is a derivative that is not designated and

efective as a hedging instrument.

In adition, the Group may irevocably designate

a financial aset that are required to be measured

at the amortised cost or FVTOCI as measured

at FVTPL if doing so eliminates or significantly

reduces an acounting mismatch.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

倘出现下列情况，则金融资产为

持作买卖：

• 收购之主要目的为于短期

作出售用途；

• 于初始确认时构成本集团

合并管理之已识别金融工

具组合之一部分，并具有

近期实际短期获利模式；

或

• 并非作为指定及有效对冲

工具之衍生工具。

此外，本集团可不可撤回地将一

项须按摊销成本计量或按公平值

计入其他全面收益之金融资产指

定为按公平值计入损益方式计

量，前提为有关指定可消除或大

幅减少会计错配。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

(i) Amortised cost and interest income

Interest income is recognised using the

efective interest method for financial asets

measured subsequently at amortised cost.

Interest income is calculated by aplying

the efective interest rate to the gros

carying amount of a financial aset, except

for financial asets that have subsequently

become credit-impaired. For financial asets

that have subsequently become credit-

impaired, interest income is recognised by

aplying the efective interest rate to the

amortised cost of the financial aset from the

next reporting period. If the credit risk on the

credit-impaired financial instrument improves

so that the financial aset is no longer credit-

impaired, interest income is recognised by

aplying the efective interest rate to the

gros carying amount of the financial aset

from the begining of the reporting period

folowing the determination that the aset is

no longer credit-impaired.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

(i) 摊销成本及利息收入

其后按摊销成本计量之金

融资产之利息收入乃使用

实际利率法予以确认。利

息收入乃对一项金融资产

账面总值应用实际利率予

以计算，惟其后出现信贷

减值之金融资产除外。就

其后出现信贷减值之金融

资产而言，自下一呈报期

起，利息收入乃对金融资

产摊销成本应用实际利率

予以确认。倘信贷减值金

融工具之信贷风险好转，

使金融资产不再出现信贷

减值，于厘定资产不再出

现信贷减值后，自呈报期

开始起利息收入乃对金融

资产账面总值应用实际利

率予以确认。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

(i) Equity instruments designated as at FVTOCI

Investments in equity instruments at FVTOCI

are subsequently measured at fair value with

gains and loses arising from changes in fair

value recognised in OCI and acumulated

in the aset revaluation reserve; and are

not subject to impairment asesment. The

cumulative gain or los wil not be reclasified

to profit or los on disposal of the equity

investments, and wil be transfered to

retained profits.

Dividends on these investments in equity

instruments are recognised in profit or

los when the Group’s right to receive the

dividends is established, unles the dividends

clearly represent a recovery of part of the cost

of the investment. Dividends are included in

the “other income” line item in profit or los.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

(i) 指定为按公平值计入其他

全面收益之股本工具

按公平值计入其他全面收

益之股本工具投资乃其后

按公平值计量，公平值变

动产生之收益及亏损于其

他全面收益中确认，并于

资产重估储备中累计；毋

须进行减值评估。累计收

益或亏损将不重新分类至

出售股本投资之损益，并

将转拨至保留溢利。

当本集团收取股息之权利

确立时，该等股本工具投

资之股息于损益中确认，

除非股息明确为收回部分

投资成本。股息于损益计

入「其他收入」项目内。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

(i) Financial asets at FVTPL

Financial asets that do not met the criteria

for being measured at amortised cost or

FVTOCI nor designated as FVTOCI are

measured at FVTPL.

Financial asets at FVTPL are measured

at fair value at the end of each reporting

period, with any fair value gains or loses

recognised in profit or los. The net gain or

los recognised in profit or los included any

dividend or interest earned on the financial

aset and is included in the “other gains and

loses” line item.

Impairment of financial asets subject to impairment

asesment under HKFRS 9

The Group performs impairment asesment under

ECL model on financial asets (including trade

and other receivables, refundable property rental

and other deposits, loan receivables at amortised

cost, amount due from a joint venture, long-term

bank deposits and bank balances) which are

subject to impairment asesment under HKFRS 9.

The amount of ECL is updated at each reporting

date to reflect changes in credit risk since initial

recognition.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

(i) 按公平值计入损益之金融资产

金融资产如不符合按摊销

成本或按公平值计入其他

全面收益或指定为按公平

值计入其他全面收益之标

准，则按公平值计入损益

计量。

于各呈报期末，按公平值

计入损益之金融资产按公

平值计量，而任何公平值

收益或亏损于损益确认。

于损益确认之收益或亏损

净额包括就金融资产所赚

取之任何股息或利息，并

计入「其他收益及亏损」项

目内。

根据香港财务报告准则第9号须

予进行减值评估的金融资产减值

本集团根据预期信贷亏损模式对

须按香港财务报告准则第9号进

行减值评估的金融资产（包括贸

易及其他应收账款、可退还物业

租金及其他按金、按摊销成本列

示的应收贷款、应收合营公司款

项、长期银行存款及银行结余）

进行减值评估。预期信贷亏损

金额于各呈报日予以更新，以反

映信贷风险自初始确认以来的变

动。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

Lifetime ECL represents the ECL that wil result from

al posible default events over the expected life of

the relevant instrument. In contrast, 12-month ECL

(“12m ECL”) represents the portion of lifetime ECL

that is expected to result from default events that

are posible within 12 months after the reporting

date. Asesments are done based on the Group’s

historical credit los experience, adjusted for factors

that are specific to the debtors, general economic

conditions and an asesment of both the curent

conditions at the reporting date as wel as the

forecast of future conditions.

The Group always recognises lifetime ECL for

trade receivables and contract asets.

For al other instruments, the Group measures the

los alowance equal to 12m ECL, unles there has

ben a significant increase in credit risk since initial

recognition, in which case the Group recognises

lifetime ECL. The asesment of whether lifetime

ECL should be recognised is based on significant

increases in the likelihod or risk of a default

ocuring since initial recognition.

The Group considers a financial aset to be credit-

impaired when one or more events that have a

detrimental impact on the estimated future cash

flows of that financial aset have ocured.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须

予进行减值评估的金融资产减值

（续）

整个存续期预期信贷损失指相关

工具预期存续期内所有可能发生

的违约事件所导致的预期信贷亏

损。相反，12个月预期信贷亏

损（「12个月预期信贷亏损」）则

指预期于呈报日后12个月内可

能发生的违约事件而导致的部分

存续期预期信贷亏损。评估乃根

据本集团过往信贷亏损经验作

出，并就债务人而言特定的因

素、整体经济状况及对于呈报日

的当前状况及未来状况预测的评

估作出调整。

本集团一直确认贸易应收账款及

合约资产的存续期预期信贷亏

损。

就所有其他工具而言，本集团计

量的亏损拨备相等于12个月预

期信贷亏损，除非信贷风险自初

始确认以来显著增加，则本集团

确认存续期预期信贷亏损。评估

应否确认存续期预期信贷亏损乃

视乎自初始确认以来发生违约的

可能性或风险是否显著增加。

倘发生一项或多项事件损害金融

资产的预计未来现金流量时，本

集团会视该金融资产为信用已减

值。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Derecognition of financial asets

The Group derecognises a financial aset only

when the contractual rights to the cash flows from

the aset expire.

On derecognition of a financial aset measured at

amortised cost, the diference betwen the aset’s

carying amount and the sum of the consideration

received and receivable is recognised in profit or

los.

On derecognition of an investment in equity

instrument which the Group has elected on initial

recognition to measure at FVTOCI, the cumulative

gain or los previously acumulated in the aset

revaluation reserve is not reclasified to profit or

los, but is transfered to retained profits.

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either

financial liabilities or as equity in acordance with

the substance of the contractual arangements

and the definitions of a financial liability and an

equity instrument.

Equity instruments

An equity instrument is any contract that evidences

a residual interest in the asets of an entity after

deducting al of its liabilities.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

不再确认金融资产

本集团仅于从资产收取现金流量

之合约权利届满时，方会不再确

认金融资产。

于不再确认按摊销成本计量之金

融资产时，资产账面值与已收及

应收代价总和之差额于损益中确

认。

当不再确认本集团首次确认时已

选择按公平值计入其他全面收益

计量之股本工具投资时，其先前

累计于资产重估储备之累计收益

或亏损不会重新分类至损益，但

会转拨至保留溢利。

金融负债及股本

分类为债务或股本

债务及股本工具按合约安排实质

及金融负债及股本工具之定义分

类为金融负债或股本。

股本工具

股本工具乃证明一家实体的资产

于扣除所有负债后的剩余权益的

任何合约。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

(Continued)

Financial instruments (Continued)

Financial liabilities and equity (Continued)

Financial liabilities at amortised cost

Financial liabilities including trade and other

payables are subsequently measured at amortised

cost, using the efective interest method.

Financial guarante contracts

A financial guarante contract is a contract that

requires the isuer to make specified payments to

reimburse the holder for a los it incurs because

a specified debtor fails to make payments when

due in acordance with the terms of a debt

instrument. Financial guarante contract liabilities

are measured initialy at their fair values. It is

subsequently measured at the higher of:

• the amount of the los alowance determined

in acordance with HKFRS 9; and

, where

apropriate, cumulative amortisation

recognised over the guarante period.

Derecognition of financial liabilities

The Group derecognises financial liabilities

when, and only when, the Group’s obligations

are discharged canceled or have expired.

The diference betwen the carying amount

of the financial liability derecognised and the

consideration paid and payable is recognised in

profit or los.

3. 综合财务报表编制基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及股本（续）

按摊销成本计量之金融负债

金融负债（包括贸易及其他应付

账款）其后使用实际利率法按摊

销成本计量。

财务担保合约

财务担保合约为规定发行人作出

指定付款以补偿持有人因特定债

务人未能按照债务工具条款在到

期时付款所招致的亏损之合约。

财务担保合约负债初步按公平值

计量。其后按以下较高者计量：

• 根据香港财务报告准则第

9号厘定的亏损拨备金额；

及

（如适

用）于担保期内确认之累计

摊销。

不再确认金融负债

本集团于或仅于责任获免除、取

消或届满时，方会不再确认金融

负债。不再确认的金融负债的账

面值与已付及应付代价之差额会

于损益中确认。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCE OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies,

the directors of the Company are required to make

judgments, estimates and asumptions about the

carying amounts of asets and liabilities that are not

readily aparent from other sources. The estimates

and underlying asumptions are based on historical

experience and other factors that are considered to be

relevant. Actual results may difer from these estimates.

The estimates and underlying asumptions are

reviewed on an on-going basis. Revisions to acounting

estimates are recognised in the period in which the

estimate is revised if the revision afects only that

period, or in the period of the revision and future

periods if the revision afects both curent and future

periods.

Critical judgments in aplying acounting policies

The folowing are the critical judgments, apart from

those involving estimations (se below), that the

directors of the Company have made in the proces of

aplying the Group’s acounting policies and that have

the most significant efect on the amounts recognised

in the consolidated financial statements.

Determination on lease term of contracts with

extension options

The Group aplies judgment to determine the lease

term for lease contracts in which it is a lese that

include extension option, specificaly, the leases relating

to retail shops. The asesment of whether the Group

is reasonably certain to exercise extension options

impacts the lease term, which significantly afects

the amount of lease liabilities and right-of-use asets

recognised.

4. 主要会计判断及估计不确定性

之主要来源

于应用本集团之会计政策时，本公司

董事须作出有关资产及负债账面值而

目前未能从其他来源得出之判断、估

计及假设。该等估计及相关假设乃建

基于过往经验及被认为相关之其他因

素。实际结果或会有别于该等估计。

估计及相关假设均按持续基准进行审

阅。倘对会计估计之修订仅影响估计

修订之期间，则有关修订会于该期间

确认，而倘修订影响当前及未来期

间，则于修订期间及未来期间确认。

应用会计政策之关键判断

以下为本公司董事在应用本集团会计

政策之过程中作出，而对在综合财务

报表中确认之金额有最重大影响之关

键判断（不包括涉及估计之判断（见下

文）。

厘定包含续租选择权之合约之租期

本集团运用判断厘定其为承租人并拥

有续租选择权之租赁合约（尤其零售

店相关租赁）之租期。有关本集团是

否合理确定将行使续租选择权之评估

会对租期产生影响，继而对所确认之

租赁负债及使用权资产金额造成重大

影响。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCE OF ESTIMATION

UNCERTAINTY (Continued)

Critical judgments in aplying acounting policies

(Continued)

Determination on lease term of contracts with

extension options (Continued)

When asesing reasonable certainty, the Group

considers al relevant facts and circumstances including

economic incentives/penalties for exercising or not

exercising the options. Factors considered include:

• contractual terms and conditions for the optional

periods compared with market rates (e.g. whether

the amount of payments in the optional periods is

below the market rates); and

• the extent of leasehold improvements undertaken

by Group.

The details of the leases with extension option are set

out in note 15.

Key sources of estimation uncertainty

The folowing are the key asumption concerning the

future, and other key sources of estimation uncertainty

at the end of the reporting period, that have a

significant risk of causing a material adjustment to the

carying amounts of asets and liabilities within the next

financial year.

4. 主要会计判断及估计不确定性

之主要来源（续）

应用会计政策之关键判断（续）

厘定包含续租选择权之合约之租期

（续）

在评估合理确定性时，本集团会考虑

所有相关事实及情况，包括行使或不

行使有关选择权之经济奖罚。所考虑

之因素包括：

，合约在续租

期方面之条款及条件（例如续租

期间付款金额是否低于市场费

率）；及

• 本集团进行之租赁物业装修程

度。

包含续租选择权之租赁详情载于附注

15。

估计不确定性之主要来源

于呈报期末，很大可能导致须于下一

个财政年度内对资产及负债账面值作

出重大调整而有关未来之主要假设，

以及估计不确定性之其他主要来源如

下。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCE OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

Net realisable value asesment of watches

Watches are stated at the lower of cost and net

realisable value. The management of the Group

reviews regularly the suitability of alowance policy and

estimates the amount of alowance for inventories. The

net realisable value of the watches is determined by

considering the saleability of watches based on curent

market conditions, pricing policies and strategies, as

wel as historical/latest available sales information of

similar watches, and the identification of slow-moving

watches with reference to the ageing analysis. If

conditions which have an impact on the net realisable

value of inventories deteriorate/improve, aditional

alowances/reversal of alowances may be required.

Details of the reversal of alowance for slow-moving

watches during the year and the carying amount of

watches (net of alowance) as at 31 March 2025 are set

out in notes 9 and 21, respectively.

Estimated impairment of property, plant and

equipment and right-of-use asets

Property, plant and equipment and right-of-use asets

are stated at costs les acumulated depreciation and

impairment, if any. In determining whether an aset is

impaired, the Group has to exercise judgement and

make estimation, particularly in asesing: (1) whether

an event has ocured or any indicators that may afect

the aset value; (2) whether the carying value of an

CGU can be suported by the recoverable amount,

in the case of value in use, the net present value of

future cash flows which are estimated based upon the

continued use of the aset; and (3) the apropriate key

asumptions to be aplied in estimating the recoverable

amounts including cash flow projections and an

apropriate discount rate.

4. 主要会计判断及估计不确定性

之主要来源（续）

估计不确定性之主要来源（续）

钟表之可变现净值评估

钟表按成本及可变现净值两者之较低

者列账。本集团管理层定期检讨存货

拨备政策是否合适及估计存货拨备金

额。钟表可变现净值乃依据现行市

况、定价政策及策略，以及类似钟表

之过往╱最新销售资料，并经参考账

龄分析识别滞销钟表后考虑钟表之可

销售程度而厘定。倘影响存货之可变

现净值之状况恶化╱改善，可能需要

作出额外拨备╱拨回拨备。有关于本

年度滞销钟表之拨备拨回以及于二零

二五年三月三十一日钟表之账面值

（扣除拨备）之详情分别载于附注9及

21。

物业、机器及设备以及使用权资产估

计减值

物业、机器及设备以及使用权资产以

成本减去累计折旧及减值（如有）呈

列。于厘定资产是否发生减值时，本

集团必须进行判断及作出估计，特别

是在评估以下各项时：(1)是否发生任

何事件或存在任何迹象以致可能影响

资产价值；(2)现金产生单位的账面值

是否可由可收回金额作支撑，就使用

价值而言，根据该资产的继续使用情

况估算未来现金流量的现值净额；及

（3）估计可收回金额时应用的适当关

键假设，包括现金流量预测及适当的

折现率。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCE OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

Estimated impairment of property, plant and

equipment and right-of-use asets (Continued)

As at 31 March 2025, the carying amounts of

property, plant and equipment and right-of-use

asets were HK$194,213,000 and HK$171,799,000

(2024:HK$248,761,000 and HK$238,132,000) respectively,

after taking into acount the impairment loses of

HK$11,174,000 and HK$14,229,000 (2024: Nil and Nil) in

respect of property, plant and equipment and right-of-use

asets. Details of the impairment of right-of-use asets,

property, plant and equipment, are disclosed in notes 14

and 15 respectively.

5. REVENUE AND SEGMENT INFORMATION

The Group’s operation is principaly sales of watches.

The Group’s revenue represents consideration received

or receivable from sales of watches.

Information reported to the executive directors of the

Company, being the chief operating decision maker

(“CODM”), for the purpose of resource alocation and

asesment of segment performance is analysed based

on the geographical markets of the gods sold, which

is consistent with the basis of the Group’s organisation

for managing the busines operations.

Specificaly, the Group had thre operating segments,

being (a) Hong Kong, (b) the PRC and (c) Macau. No

operating segments identified by the CODM have ben

agregated in ariving at the reportable segments of the

Group.

4. 主要会计判断及估计不确定性

之主要来源（续）

估计不确定性之主要来源（续）

物业、机器及设备以及使用权资产估

计减值（续）

于二零二五年三月三十一日，物

业、机器及设备以及使用权资产的

账面价值分别为194,213,000港元

及171,799,000港元（二零二四年：

248,761,000港元及238,132,000港

元），并计及物业、机器及设备以及

使用权资产的减值亏损11,174,000

港元及14,229,000港元（二零二四

年：零及零）。使用权资产、物业、

机器及设备之减值详情分别于附注14

及15披露。

5. 收益及分部资料

本集团主要从事销售钟表业务。本集

团之收益指销售钟表之已收或应收代

价。

就资源分配及评估分部表现之目的向

本公司之执行董事（乃首席营运决策

者（「首席营运决策者」）汇报之资料

乃按出售货品之地理市场分析，与本

集团以管理业务营运之组织基准一

致。

具体而言，本集团有三个经营分部，

即(a)香港、(b)中国及(c)澳门。概无

首席营运决策者所识别之经营分部已

于构成本集团之可呈报分部时汇集计

算。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Sales of watches (revenue recognised at a point in

time)

For sales of watches, revenue is recognised when

control of the gods has ben transfered, being at the

point the customer purchases the gods at the retail

shop, including self-operating shops and the shops at

department stores. Payment of the transaction price is

due imediately at the point the customer purchases

the gods. A credit period of not more than 30 days is

granted to department stores who receive the payment

on behalf of the Group at the point the customer

purchases the gods.

Al sales contracts are for periods of one year or les.

As permited under HKFRS 15 “Revenue from Contracts

with Customers”, the transaction price alocated to

these unsatisfied contracts is not disclosed.

（续）

销售钟表（收益于某一时间点确认）

钟表销售的收益于货品控制权转让时

确认，即客户于零售店（包括自营商

店及于百货公司的商店）完成购买时

确认收益。客户购买货品时须即时支

付交易价格。于客户购买货品之时间

代本集团收取款项之百货公司获授不

多于30日之信贷期。

所有销售合约均为期一年或更短时

间。根据香港财务报告准则第15号

「客户合约收益」所准许，并无披露相

应未履约合约之交易价格。

2025		2025
二零二五年		二零二五年
HK$’000		HK$’000
千港元		千港元
757,034		(57,077)
2,617,485		462,553
75,338		(83)
3,638,758
3,449,857		405,393
25,853
(119,435)
4,020
(1,058)
21,957
(175)
336,555

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Sales of watches (revenue recognised at a point in

time) (Continued)

The folowing is an analysis of the Group’s segment

revenue and results by operating segments:

Segment revenue —

recognised at

a point in timeSegment (los) profit

分部收益 — 按时点确认分部（亏损）溢利

二零二四年

HK$’000

千港元

Hong Kong香港35,644

The PRC中国471,223

Macau澳门17,327

524,194

Unalocated other

income

未分配其他收入

29,439

Unalocated corporate

expenses

未分配企业开支

(166,301)

Unalocated other gains

and loses

未分配其他收益

及亏损(5,163)

Interest on bank loan银行贷款之利息—

Share of results of

asociates

应占联营公司之

业绩16,578

Share of results of joint

ventures

应占合营公司之

业绩(2,273)

Profit before taxation除税前溢利396,474

（续）

销售钟表（收益于某一时间点确认）

（续）

以下为本集团按经营分部划分之分部

收益及业绩分析：

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Sales of watches (revenue recognised at a point in

time) (Continued)

The acounting policies used to determine segment

revenue and results are the same as the acounting

policies adopted in the Group’s consolidated financial

statements. Segment (los) profit represents the

(los) profit before taxation earned by each segment

without alocation of share of results of asociates

and joint ventures, interest on bank loan, unalocated

other income, unalocated other gains and loses, and

unalocated corporate expenses. Unalocated corporate

expenses include auditor’s remuneration, directors’

emoluments, expenses of the Group’s headquarter

which are unalocated betwen the operating segments

and operating expenses of inactive companies. This is

the measure reported to the CODM of the Group for

the purposes of resources alocation and performance

asesment.

The Group has no customer who contributed over 10%

of the total revenue of the Group for any of the years

ended 31 March 2025 and 2024.

Al segment revenue is generated from external customers

for both years.

（续）

销售钟表（收益于某一时间点确认）

（续）

厘定分部收益及业绩所用之会计政策

与本集团综合财务报表采纳之会计政

策相同。分部（亏损）溢利指在未分配

应占联营公司及合营公司之业绩、银

行贷款利息、未分配其他收入、未分

配其他收益及亏损及未分配企业开支

的情况下各分部赚取之除税前（亏损）

溢利。未分配企业开支包括核数师酬

金、董事酬金、未在经营分部间分配

之本集团总部开支及暂无营业公司之

营运开支。此乃向本集团首席营运决

策者就资源分配及表现评估作出报告

之计量方式。

截至二零二五年及二零二四年三月

三十一日止年度，并无客户为本集团

任何一年之集团收益总额带来10%以

上之贡献。

两个年度之所有分部收益均来自外部

客户。

2025		2025
二零二五年		二零二五年
HK$’000		HK$’000
千港元		千港元
513,729		154,736
548,532		145,928
43,217		10,293
1,217,753 1,169,722
1,105,478		310,957
1,138,035		177,774
2,387,475
2,243,513		488,731

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Sales of watches (revenue recognised at a point in

time) (Continued)

The folowing is an analysis of the Group’s asets and

liabilities by operating segments.

Segment asetsSegment liabilities

分部资产分部负债

二零二四年

HK$’000

千港元

Hong Kong香港192,313

The PRC中国155,920

Macau澳门48,339

Segment total分部总额396,572

Unalocated未分配194,936

Group’s total本集团总计591,508

The segment asets by location of asets are the same

as by location of markets of the gods sold.

For the purposes of monitoring segment performance

and alocating resources betwen segments:

• al asets are alocated to operating segments other

than investment properties, interests in asociates,

interests in joint ventures, equity instruments at

FVTOCI, financial asets at FVTPL, loan receivables,

defered tax asets, long-term bank deposits, amount

due from a joint venture, taxation recoverable, cash

and cash equivalents, and other unalocated corporate

asets; and

• al liabilities are alocated to operating segments

other than taxation payable, defered tax liabilities,

and other unalocated corporate liabilities.

（续）

销售钟表（收益于某一时间点确认）

（续）

以下为本集团按经营分部划分之资产

与负债分析。

按资产所在地划分之分部资产与按出

售货品市场之位置划分者相同。

就监察分部表现及于分部间分配资源

而言：

、于联营公司之权

益、于合营公司之权益、按公

平值计入其他全面收益之股本工

具、按公平值计入损益之金融资

产、应收贷款、递延税项资产、

长期银行存款、应收一间合营公

司款项、可收回税项、现金及等

同现金项目以及其他未分配公司

资产外，所有资产均分配至各经

营分部；及

、递延税项负债及其

他未分配公司负债外，所有负债

均分配至各经营分部。

2025
二零二五年
Hong Kong	The PRC	Macau	Segment and Group’s total
香港	中国	澳门	分部及本集团总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
5,719	7,519	106	13,344
57,943	33,445	12,985	104,373
—	1,228	1,672	2,900
(32,088)	(21,943)	(89)	(54,120)
(71,701)	(29,322)	(4,408)	(105,431)
—	(839)	—	(839)
(11,174)	—	—	(11,174)
(14,229)	—	—	(14,229)
—	3,077	—	3,077
7,278	521	1,158	8,957

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Other segment information

Amounts included in the measure of segment results or

segment asets:

二零二四年

Hong KongThe PRCMacau

Segment

and

Group’s

total

香港中国澳门

分部及

本集团总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Aditions of property, plant and

equipment

添置物业、机器及设备

24,09631,3685955,523

Aditions of right-of-use asets添置使用权资产36,02171,125—107,146

Gain on leases termination/modification终止租赁╱租赁修改收益7842,696—3,480

Depreciation of property, plant and

equipment

物业、机器及设备之折旧

(34,185)(16,217)(87)(50,489)

Depreciation of right-of-use asets使用权资产之折旧(80,270)(26,780)(14,964)(122,014)

(Los) gain on disposal/writen of of

property, plant and equipment

出售╱撇销物业、机器及设备之

（亏损）收益(636)240—(396)

Impairment loses recognised on

property, plant and equipment

就物业、机器及设备确认的减值

亏损—

Impairment loses recognised on

right-of-use asets

就使用权资产确认的减值亏损

—

Impairment loses reversed (recognised)

under ECL model — trade receivables

预期信贷亏损模式下拨回（确认）

减值亏损 — 贸易应收账款—(3,559)—(3,559)

Reversal of alowance (alowance) for

inventories

存货拨备拨回（拨备）

(3,879)(1,011)1,485(3,405)

Note: The amounts of interests in asociates and share of

results of asociates, and the interests in joint ventures

and share of results of joint ventures, are presented to

the CODM as a whole but not included in the measure

of segment profit or los or segment asets.

（续）

其他分部资料

计入分部业绩或分部资产计量之金

额：

附注：于联营公司之权益及应占联营公司

之业绩以及于合营公司之权益及应

占合营公司之业绩金额作为整体呈

报首席营运决策者，但并不计入分

部溢利或亏损或分部资产之计量。

2025
二零二五年
HK$’000
千港元
259,346
96,732
17,708
34,765
408,551

2025
二零二五年
HK$’000
千港元
14,183
11,670
1,158
21,426
2,415
6,563
57,415

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Other segment information (Continued)

Information about the Group’s non-curent asets

(excluding financial instruments, defered tax asets,

interests in asociates and interests in joint ventures) by

geographical location of the asets is detailed below:

Carying amount of

non-curent asets

非流动资产之账面值

二零二四年

HK$’000

千港元

Hong Kong香港325,322

The PRC中国115,004

Macau澳门46,927

Other其他35,155

522,408

6. OTHER INCOME

二零二四年

HK$’000

千港元

Interest income from bank银行利息收入20,793

Interest income from loan

receivables at amortised cost

按摊销成本计量之应收贷

款利息收入9,528

Interest income from rental

deposits

租金按金利息收入

1,096

Government subsidies (note)政府补助（附注）9,487

Rental income租金收入1,179

Others其他7,140

49,223

Note: During the years ended 31 March 2025 and 2024, the

Group recognised government grants in respect of

unconditional subsidies received for subsidising the

Group’s busines in the PRC.

（续）

其他分部资料（续）

按资产所在地区划分之本集团非流动

资产（不包括金融工具、递延税项资

产、于联营公司之权益及于合营公司

之权益）之资料详述如下：

6. 其他收入

附注：截至二零二五年及二零二四三月

三十一日止年度，本集团就其于中

国业务收到之无条件政府补贴，已

确认为政府补助收入。

2025
二零二五年
HK$’000
千港元
1,249
901
(79)
—
—
2,900
(839)
(831)
430
3,731

2025
二零二五年
HK$’000
千港元
10,710
1,058
11,768

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

7. OTHER GAINS AND LOSES

二零二四年

HK$’000

千港元

Changes in fair value of loan

receivables at FVTPL

按公平值计入损益之应收

贷款之公平值变动3,442

Changes in fair value of financial

asets at FVTPL

按公平值计入损益之金融

资产之公平值变动(2,038)

Changes in fair value of investment

properties

投资物业之公平值变动

Los on deregistration of a

subsidiary

注销一间附属公司之亏损

(497)

Los on disposal of partial interests

in asociates

出售联营公司部分权益之

亏损(7,554)

Gain on leases termination/

modification

终止租赁╱租赁修改收益

3,480

Los on disposal/writen of of

property, plant and equipment

出售╱撇销物业、机器及

设备之亏损(396)

Net exchange (loses) gains汇兑（亏损）收益净额282

Others其他(832)

(3,854)

8. FINANCE COSTS

二零二四年

HK$’000

千港元

Interest on lease liabilities租赁负债之利息13,663

Interest on bank loan银行贷款之利息—

13,663

7. 其他收益及亏损

8. 融资成本

2025
二零二五年
HK$’000
千港元
89,365
178,971
4,832
273,168
11,174
14,229
3,600
2,364,120
54,120
105,431

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

9. PROFIT BEFORE TAXATION

二零二四年

HK$’000

千港元

Profit before taxation has ben

arived at after charging:

除税前溢利已扣除：

Directors’ remuneration (note 10)董事酬金（附注10）111,787

Other staf costs其他职员成本169,648

Other staf’s retirement benefits

scheme contributions

其他职员之退休福利计划

供款4,547

Total staf costs职员成本总额285,982

Impairment loses recognised

related to the retail shops

就零售店确认减值亏损

— property, plant and equipment— 物业、机器及设备—

— right-of-use asets— 使用权资产—

Auditor’s remuneration核数师酬金3,600

Cost of inventories recognised

as expense (including reversal

of alowance for inventories of

HK$8,957,000 (2024: alowance

for inventories of HK$3,405,000)

确认为开支的存货成本

（包括存货拨备拨回

8,957,000港元

（二零二四年：存货拨

备3,405,000港元）2,488,028

Depreciation of property, plant and

equipment

物业、机器及设备之折旧

50,489

Depreciation of right-of-use asets使用权资产之折旧122,014

9. 除税前溢利

2025
二零二五年
Fees	Salaries and other benefits	Retirement benefits scheme contributions	Performance- related incentive bonus	Total
袍金	薪金及其他福利	退休福利计划供款	表现相关奖励花红	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
			(note)
			（附注）
—	4,936	576	46,200	51,712
—	1,950	270	15,400	17,620
—	3,378	414	15,400	19,192
300	—	—	—	300
300	—	—	—	300
241	—	—	—	241
—	—	—	—	—
841	10,264	1,260	77,000	89,365

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

10. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS

Directors’ and chief executive’s remuneration for the

year, disclosed pursuant to the aplicable Listing

Rules and Hong Kong Companies Ordinance. The

emoluments paid or payable to each of the six (2024:

six) directors were as folows:

二零二四年

Fes

Salaries

and other

benefits

Retirement

benefits

scheme

contributions

Performance-

incentive

bonusTotal

袍金

薪金及

其他福利

退休福利

计划供款

表现相关

奖励花红总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

(note)

（附注）

Executive directors执行董事

Mr. Yeung Him Kit,

Denis

杨衍杰先生

—4,68554060,00065,225

Madam Yeung Man

Ye, Shirley

杨敏仪女士

—1,76824520,00022,013

Mr. Lam Hing Lun,

Alain

林庆麟先生

—3,25339620,00023,649

Independent non-

executive directors

独立非执行董事

Mr. Choi Man Chau,

Michael

蔡文洲先生

300—300

Mr. Sun Dai Hoe

Harold

孙大豪先生

300—300

Mr. Sin Nga Yan,

Benedict

冼雅恩先生

—

Dr. Li Sau Hung,

Edy

李秀恒博士

300—300

9009,7061,181100,000111,787

Note: During the years ended 31 March 2025 and 2024, the

performance related incentive bonus payments are

determined with reference to the operating results and

individual performance.

Apointed on 12 June 2024

Pased away on 25 March 2024

附注：截至二零二五年及二零二四年三月

三十一日止年度，表现相关奖励花

红付款参考经营业绩及个人表现厘

定。

于二零二四年六月十二日获委任

于二零二四年三月二十五日辞世

10. 董事及雇员之酬金

董事及行政总裁之本年度薪酬乃根据

适用上市规则及香港公司条例披露。

已付或应付六名（二零二四年：六名）

董事各人之酬金如下：

2025
二零二五年
HK$’000
千港元
4,200
7,850
90
12,140

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

10. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (Continued)

Mr. Yeung Him Kit, Denis is also the managing director

of the Company and his emoluments disclosed above

include those for services rendered by him as the chief

executive.

The executive directors’ emoluments shown above were

for their services in conection with the management

of the afairs of the Company and the Group. The

emoluments of independent non-executive directors

shown above were for their services as directors of the

Company.

Employes’ emoluments

The five highest paid individuals included thre (2024:

thre) directors of the Company, details of whose

emoluments are set out above. The emoluments of the

remaining two (2024: two) highest paid individuals are

as folows:

二零二四年

HK$’000

千港元

Employes雇员

— basic salaries and alowances— 基本薪金及津贴4,240

— bonus— 花红7,500

— retirement benefits scheme

contributions

— 退休福利计划供款

11,824

Note: The bonus is determined based on performance of the

employes.

（续）

杨衍杰先生亦为本公司之董事总经

理，上文所披露其酬金包括其作为行

政总裁提供服务之酬金。

上文所示执行董事之酬金乃就彼等所

提供有关管理本公司及本集团事务之

服务而支付。上文所示独立非执行董

事之酬金乃就彼等担任本公司董事所

提供之服务而支付。

雇员酬金

五位最高薪酬人士包括三名（二零

二四年：三名）本公司董事，有关该

等人士之酬金详情载于上文。其余两

位（二零二四年：两名）最高薪酬人士

之酬金如下：

附注：花红乃基于雇员表现而厘定。

2025
二零二五年
—
1
—
1

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

10. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (Continued)

Employes’ emoluments (Continued)

The emoluments were within the folowing bands:

Number of employes

雇员人数

二零二四年

HK$3,500,001 to HK$4,000,0003,500,001港元至

4,000,000港元1

HK$4,000,001 to HK$4,500,0004,000,001港元至

4,500,000港元—

HK$7,500,001 to HK$8,000,0007,500,001港元至

8,000,000港元1

HK$8,000,001 to HK$8,500,0008,000,001港元至

8,500,000港元—

There was no arangement under which a director

or the chief executive waived or agred to waive any

remuneration during the year. No emoluments were

paid by the Group to the directors of the Company and/

or five highest paid individuals as an inducement to join

or as compensation for los of ofice.

（续）

雇员酬金（续）

酬金范围如下：

于本年度，概无董事或行政总裁放弃

或同意放弃任何薪酬之安排。本集团

并无向本公司董事及╱或五位最高薪

酬人士支付任何酬金，作为加盟报酬

或离职补偿。

2025
二零二五年
HK$’000
千港元
92
115,617
9
2,766
16,502
134,986
(16)
1,167
1,151
(73)
136,064

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

11. INCOME TAX EXPENSE

二零二四年

HK$’000

千港元

Curent tax:本期税项：

Hong Kong香港1,788

PRC Enterprise Income Tax中国企业所得税119,864

Other jurisdictions其他司法权区2,556

Witholding tax on dividend

income from asociates

联营公司股息收入之

预扣税2,337

Witholding tax on dividend

income from subsidiaries

附属公司股息收入之

预扣税15,017

141,562

(Over)underprovision in prior years:过往年度（超额拨备）

拨备不足：

Hong Kong香港2,475

Other jurisdictions其他司法权区1,211

3,686

Defered taxation (credit) charge

(note 27)

递延税项（抵免）支出

（附注27）76

145,324

Hong Kong Profits Tax for both years is calculated

at 16.5% of the estimated asesable profits for the

year, except for one subsidiary of the Group which is

a qualifying corporation under the two-tiered profits

tax rates regime. For this subsidiary, the first HK$2

milion of asesable profits are taxed at 8.25% and the

remaining asesable profits are taxed at 16.5%.

Under the Law of the PRC on Enterprise Income Tax

(the “EIT Law”) and Implementation Regulation of the

EIT Law, the tax rate of the PRC subsidiaries is 25%

for both years, after seting of of tax loses brought

forward, if any.

Taxation in other jurisdictions mainly represent Macau

SAR Complementary Tax, which is calculated at the

rate of 12% on the estimated asesable profits for

both years.

11. 所得税开支

两个年度之香港利得税按年内估计应

课税溢利之16.5%计算，惟本集团

一间附属公司（为利得税两级制下之

合资格公司）除外。该附属公司之首

2,000,000港元应课税溢利按8.25%

之税率缴纳税项，余下应课税溢利则

按16.5%之税率缴纳税项。

根据《中国企业所得税法》及《企业所

得税法实施条例》，于抵销结转之税

项亏损后（如有），于两个年度中国附

属公司之税率为25%。

其他司法权区之税项主要指澳门特区

所得补充税，按两个年度之估计应课

税溢利的12%计算。

2025
二零二五年
HK$’000
千港元
336,555
55,532
(3,623)
29
5,110
(4,382)
22,628
4,566
15,710
39,731
1,151
(72)
(165)
(151)
136,064

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

11. INCOME TAX EXPENSE (Continued)

The tax expense for the year can be reconciled to the

profit before taxation per the consolidated statement

of profit or los and other comprehensive income as

folows:

二零二四年

HK$’000

千港元

Profit before taxation除税前溢利396,474

Tax at the aplicable income tax

rate of 16.5% (2024: 16.5%)

根据适用所得税率16.5%

（二零二四年：16.5%）

计算之税项65,418

Tax efect of share of results of

asociates

应占联营公司之业绩之税

务影响(2,735)

Tax efect of share of results of joint

ventures

应占合营公司之业绩之税

务影响375

Tax efect of expenses not

deductible for tax purposes

不可扣税开支之税务影响

3,407

Tax efect of income not taxable for

tax purposes

毋须课税收入之税务影响

(7,178)

Tax efect of tax loses not

recognised

未确认税务亏损之税务影

响22,646

Tax efect of temporary diferences

atributable to undistributed

profits of asociates and joint

ventures

联营公司及合营公司未分

派溢利应占之暂时差额

之税务影响

3,799

Tax efect of temporary diferences

atributable to undistributed

profits of subsidiaries

附属公司未分派溢利应占

之暂时差额之税务影响

16,069

Efect of diferent tax rates of

subsidiaries operating in other

jurisdictions

于其他司法权区经营之附

属公司所使用不同税率

之影响39,518

Underprovision in prior years过往年度拨备不足3,686

Utilisation of tax loses previously

not recognised

动用之前未确认之税务亏

损(185)

Income tax at concesionary rate优惠税率所得税(165)

Others其他669

Tax expense for the year年内税项支出145,324

（续）

年内税项开支可与根据综合损益及其

他全面收益表之除税前溢利对账如

下：

2025
二零二五年
HK$’000
千港元
29,729
90,161
28,267
83,826
231,983
20,469
60,920
81,389

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

12. DIVIDENDS

二零二四年

HK$’000

千港元

Dividends recognised as distribution

during the year:

年内已确认为分派之股息：

Interim dividend for financial year

ended 31 March 2025 of 6.1 HK

cents (2024: 7.0 HK cents) per

share on 487,358,224 (2024:

487,358,224) shares

按487,358,224股（二零二四年：

487,358,224股）股份计算之

截至二零二五年三月三十一日

止财政年度中期股息为每股

6.1港仙（二零二四年：

7.0港仙）34,115

Interim special dividend for financial

year ended 31 March 2025 of 18.5

HK cents (2024: 21.5 HK cents)

per share on 487,358,224 (2024:

487,358,224) shares

按487,358,224股（二零二四年：

487,358,224股）股份计算之

截至二零二五年三月三十一日

止财政年度中期特别股息为

每股18.5港仙（二零二四年：

21.5港仙）

104,782

Final dividend for financial year ended

31 March 2024 of 5.8 HK cents

(2023: 7.5 HK cents) per share on

487,358,224 (2023: 487,358,224)

按487,358,224股（二零二三年：

487,358,224股）股份计算之

截至二零二四年三月三十一日

止财政年度末期股息为

每股5.8港仙（二零二三年：

7.5港仙）36,552

Special dividend for financial year

ended 31 March 2024 of 17.2

HK cents (2023: 22.0 HK cents)

per share on 487,358,224 (2023:

487,358,224) shares

按487,358,224股（二零二三年：

487,358,224股）股份计算之

截至二零二四年三月三十一日

止财政年度特别股息为

每股17.2港仙（二零二三年：

22.0港仙）107,219

282,668

Dividends proposed after year end

(note):

年结后拟派之股息（附注）：

Proposed final dividend for financial

year ended 31 March 2025 of 4.2

HK cents (2024: 5.8 HK cents)

per share on 487,358,224 (2024:

487,358,224) shares

按487,358,224股（二零二四年：

487,358,224股）股份计算之

截至二零二五年三月三十一日

止财政年度拟派末期股息为

每股4.2港仙（二零二四年：

5.8港仙）28,267

Proposed special dividend for

financial year ended 31 March 2025

of 12.5 HK cents (2024: 17.2 HK

cents) per share on 487,358,224

(2024: 487,358,224) shares

按487,358,224股（二零二四年：

487,358,224股）股份计算之

截至二零二五年三月三十一日

止财政年度拟派特别股息为

每股12.5港仙（二零二四年：

17.2港仙）83,826

112,093

12. 股息

2025
二零二五年
HK$’000
千港元
200,496

2025
二零二五年
’000
千股
487,358

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

12. DIVIDENDS (Continued)

Note: Subsequent to the end of the reporting period, a final

dividend and a special dividend for the year ended

31 March 2025 have ben proposed by the directors

of the Company and are subject to aproval by

the shareholders in the forthcoming anual general

meting.

13. EARNINGS PER SHARE

The calculation of the basic earnings per share atributable

to owners of the Company is based on the folowing data:

二零二四年

HK$’000

千港元

Earnings盈利

Earnings for the purposes of basic

earnings per share (profit for the

year atributable to owners of

the Company)

计算每股基本盈利之盈利

（本公司拥有人应占年内

溢利）

250,488

二零二四年

’000

千股

Number of shares股份数目

Weighted average number of

ordinary shares for the purpose

of basic earnings per share

计算每股基本盈利之普通

股加权平均数

487,358

For both years, no diluted earnings per share have ben

presented as there were no potential ordinary shares

outstanding for the years.

（续）

附注：于呈报期末后，本公司董事拟派截

至二零二五年三月三十一日止年度

之末期股息及特别股息，并待股东

于应届股东周年大会上批准。

13. 每股盈利

本公司拥有人应占每股基本盈利乃根

据以下数据计算：

由于年内概无流通在外潜在普通股，

故该两个年度并未呈列每股摊薄盈

利。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

14. PROPERTY, PLANT AND EQUIPMENT

Leasehold

land and

buildings

Leasehold

improvements

Furniture,

fixtures

and

equipment

Motor

vehiclesTotal

租赁

土地及楼宇

租赁

物业装修

家私、

装置及设备汽车合计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

COST成本

At 1 April 2023于二零二三年四月一日188,216200,008105,34011,383504,947

Exchange adjustment汇兑调整(1,263)(3,998)(1,167)—(6,428)

Aditions添置—48,0386,3261,15955,523

Disposals/writen of出售╱撇销—(20,182)(2,339)(647)(23,168)

At 31 March 2024于二零二四年三月三十一日186,953223,866108,16011,895530,874

Exchange adjustment汇兑调整(124)(235)(118)(11)(488)

Aditions添置—9,6542,2111,47913,344

Disposals/writen of出售╱撇销—(30,757)(5,790)(1,022)(37,569)

At 31 March 2025于二零二五年三月三十一日186,829202,528104,46312,341506,161

DEPRECIATION折旧

At 1 April 2023于二零二三年四月一日59,280139,19355,9453,894258,312

Exchange adjustment汇兑调整(1,021)(2,628)(856)—(4,505)

Provided for the year本年度拨备4,26032,87211,9511,40650,489

Eliminated on disposals/

writen of

出售╱撇销时对销

—(19,723)(2,045)(415)(22,183)

At 31 March 2024于二零二四年三月三十一日62,519149,71464,9954,885282,113

Exchange adjustment汇兑调整(111)(282)(87)(9)(489)

Provided for the year本年度拨备4,00936,78311,8481,48054,120

Impairment loses

recognised in profit or

los

于损益确认之减值亏损

—11,174—11,174

Eliminated on disposals/

writen of

出售╱撇销时对销

—(28,802)(5,246)(922)(34,970)

At 31 March 2025于二零二五年三月三十一日66,417168,58771,5105,434311,948

CARYING VALUES账面值

At 31 March 2025于二零二五年三月三十一日120,41233,94132,9536,907194,213

At 31 March 2024于二零二四年三月三十一日124,43474,15243,1657,010248,761

、机器及设备

2025
二零二五年
HK$’000
千港元
118,302
2,110
120,412

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

14. PROPERTY, PLANT AND EQUIPMENT

(Continued)

Depreciation is provided to write of the cost of items of

property, plant and equipment, after taking into acount

the residual values, using straight-line method at the

folowing rates per anum:

Leasehold land and

buildings

Over 20 years for those located

in the PRC or 50 years for

those located in Hong Kong or

remaining term of land lease,

whichever is shorter

Leasehold

improvements

20% – 33

3% or over the lease

terms, if shorter

Furniture, fixtures

and equipment

10 – 20%

Motor vehicles20%

Owner-ocupied leasehold land located in Hong

Kong and the PRC is included in property, plant and

equipment because the alocation betwen the land

portion and building portion canot be made reliably.

二零二四年

HK$’000

千港元

The carying value of property

comprises:

物业之账面值包括：

Properties located in:位于下列地点之物业：

Hong Kong香港121,257

PRC中国3,177

124,434

、机器及设备（续）

折旧为按直线法经计及剩余价值后以

下列年利率撇销物业、机器及设备项

目之成本：

租赁土地及

楼宇

位于中国为超过20

年或位于香港则50

年，或租赁土地剩

余年期，以较短者

为准

租赁物业

装修

20% – 33

3%或按租

期（以较短者为准）

家私、装置

及设备

10 – 20%

汽车20%

由于位于香港及中国之业主自用租赁

土地之土地部分及楼宇部分不能可靠

地划分，故业主自用租赁土地乃计入

物业、机器及设备。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

14. PROPERTY, PLANT AND EQUIPMENT

(Continued)

During the year ended 31 March 2025, as certain retail

shops in Hong Kong and the PRC incured operating

loses, the management of the Group concluded

there was an indication for impairment and conducted

impairment asesment on certain property, plant and

equipment and right-of-use asets of relevant retail

shops. The Group estimates the recoverable amount of

these retail shops, each represents an individual CGU,

to which the aset belongs when it is not posible to

estimate the recoverable amount individualy.

The recoverable amount of CGUs has ben determined

based on a value in use calculation.

Based on the result of the asesment, management

of the Group determined that the recoverable amount

of certain CGUs is lower than the respective carying

amount. The relevant retail shops are not expected

to resume profitable position before the end of the

relevant leases. As a result, impairment loses of

HK$11,174,000 and HK$14,229,000 have ben

recognised against the carying amount of property,

plant and equipment and right-of-use asets. (2024:

the management of the Group determined that the

recoverable amount of those CGUs with impairment

indication is higher than the respective carying amount

and no impairment los has ben recognised for the

year ended 31 March 2024.)

、机器及设备（续）

截至二零二五年三月三十一日止年

度，由于香港及中国若干零售店铺出

现经营亏损，本集团管理层认为存在

减值迹象，并对若干物业、机器及设

备以及相关零售店铺的使用权资产进

行减值评估。倘不可个别地估计可收

回金额，则本集团估计该等零售店

（各自代表资产所属之个别现金产生

单位）之可收回金额。

现金产生单位之可收回金额按使用价

值计算法厘定。

根据评估结果，本集团管理层认为若

干现金产生单位之可收回金额低于其

账面值。预期有关零售店于相关租赁

结束前无法恢复获利。因此，已就物

业、机器及设备以及使用权资产的

账面值确认减值亏损11,174,000港

元及14,229,000港元。（二零二四

年：本集团管理层认为该等有减值迹

象的现金产生单位之可收回金额高于

其账面值，因此截至二零二四年三月

三十一日止年度并无确认任何减值亏

损。）

2025
二零二五年
HK$’000
千港元
37,020
72,340
105,431
214,791
201,345
13,446
214,791
104,373
240,268

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. RIGHT-OF-USE ASETS

Leased

properties

租赁物业

HK$’000

千港元

As at 31 March 2025于二零二五年三月三十一日

Carying amount账面值171,799

As at 31 March 2024于二零二四年三月三十一日

Carying amount账面值238,132

二零二四年

HK$’000

千港元

Expenses related to leases租赁之相关开支

Expenses relating to short-term

leases

与短期租赁有关之开支

20,329

Variable lease payments not

included in the measurement of

lease liabilities

计量租赁负债时并无计入

之可变租赁款项

59,400

Depreciation for the year年内折旧122,014

201,743

Analysed as:分析为：

Distribution and seling expenses分销及销售开支189,552

Administrative expenses行政开支12,191

201,743

Aditions to right-of-use asets使用权资产增加107,146

Total cash outflow for leases租赁现金流出总额220,520

15. 使用权资产

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. RIGHT-OF-USE ASETS (Continued)

For both years, the Group leases various retail shops

and ofices for its operations. Lease contracts are

entered into for fixed terms of 1 year to 5 years (2024:

1 year to 7 years), but may have extension options as

described below. Lease terms are negotiated on an

individual basis and contain a wide range of diferent

terms and conditions. In determining the lease term

and asesing the length of the non-cancelable

period, the Group aplies the definition of a contract

and determines the period for which the contract is

enforceable.

During the year ended 31 March 2025, the Group

entered into new lease agrements for the use of

leased properties for 1 year to 3 years (2024: 1 year to

5 years). The Group recognised aditions to right-of-

use asets of HK$22,910,000 (2024: HK$87,948,000)

and related lease liabilities of HK$22,596,000 (2024:

HK$87,468,000) upon comencement of leases,

which constitutes non-cash transactions. In adition,

lease terms of certain leases were extended through

modification and the Group recognised aditions

to right-of-use asets of HK$81,463,000 (2024:

HK$19,198,000) and related lease liabilities of

HK$80,405,000 (2024: HK$18,913,000) at the efective

date of modification. Furthermore, during the year

ended 31 March 2025, before the comencement

of the extension period of a lease, the Group had

entered into a renewal agrement with term of years

shorter than the term of years per extension option

and acordingly, the Group recognised reduction

to right-of-use asets of HK$44,619,000 (2024:

HK$54,812,000) and lease liabilities of HK$46,291,000

(2024: HK$55,596,000) as the leases were considered

modified, and a gain on leases modification of

HK$1,672,000 was recognised in profit or los (2024:

HK$784,000).

During the year ended 31 March 2025, the Group early

terminated a lease which constitutes lease modification.

As a result, the Group has derecognised right-of-use

asets of HK$6,027,000 (2024: HK$4,123,000) and

lease liabilities of HK$7,255,000 (2024: HK$6,819,000),

and a gain on leases termination of HK$1,228,000 was

recognised in profit or los (2024: HK$2,696,000).

（续）

于两个年度，本集团就其营运租赁多

个零售店及办公室。租赁合约以固定

租期一至五年（二零二四年：一至七

年）订立，惟具有续租选择权（如下所

述）。租赁条款乃按个别基准商议，

所载条款及条件各有不同且幅度颇

大。厘定租赁条款及评估不可撤销期

长度时，本集团应用合约之定义，并

决定可强制执行合约之期间。

截至二零二五年三月三十一日止年

度，本集团就使用租赁物业订立新

租赁协议，为期一至三年（二零二四

年：一至五年）。本集团于租赁开始

时确认添置使用权资产22,910,000

港元（二零二四年：87,948,000港元）

及相关租赁负债22,596,000港元（二

零二四年：87,468,000港元），构成

非现金交易。此外，若干租约已透过

修改而延长，而本集团于修改生效日

期已确认添置使用权资产81,463,000

港元（二零二四年：19,198,000港

元）及相关租赁负债80,405,000港元

（二零二四年：18,913,000港元）。

此外，于截至二零二五年三月三十一

日止年度，于租赁延长期开始前，本

集团已订立重续协议，年期短于各个

延长选择权的年期，因此，由于租赁

被视为已修改，本集团确认使用权

资产减少44,619,000港元（二零二四

年：54,812,000港元）及租赁负债

减少46,291,000港元（二零二四年：

55,596,000港元），而租赁修改之收

益为1,672,000港元已于损益中确认

（二零二四年：784,000港元）。

于截至二零二五年三月三十一日止

年度，本集团提前终止一项构成租

赁修改的租赁。因此，本集团终止

确认使用权资产6,027,000港元（二

零二四年：4,123,000港元）及租赁

负债7,255,000港元（二零二四年：

6,819,000港元），并于损益确认终止

租赁收益1,228,000港元（二零二四

年：2,696,000港元）。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. RIGHT-OF-USE ASETS (Continued)

The Group regularly entered into short-term lease for

retails shops in the PRC with duration of one year or

les and the portfolio of short-term leases is similar for

both years.

Variable lease payments

Leases of retail shops, excluding short-term leases, are

either with only fixed lease payments or contain variable

lease payment that are based on certain percentage of

sales. The payment terms are comon in retail shops

in Hong Kong and the PRC where Group operates.

For leases of retail shops that contain both fixed lease

payments and variable lease payment that are based

on 7% to 14% (2024: 8% to 14%) of sales, the amount

of fixed and variable lease payments paid/payable to

relevant lesors for the years are as below:

For the year ended 31 March 2025

Number

of shops

Fixed

payments

Variable

payments

Total

payments

店舖数目固定付款可变付款付款总额

HK$’000HK$’000HK$’000

千港元千港元千港元

Retail shops without

variable lease

payments

不设可变租赁付款之

零售店

917,749—17,749

Retail shops with

variable lease

payments

设有可变租赁付款之

零售店

1136,99772,340109,337

2054,74672,340127,086

（续）

本集团就中国零售店定期订立短期租

赁，租期为一年或以内，且短期租赁

组合于两个年度相若。

可变租赁付款

零售店之租赁（不包括短期租赁）仅

有固定租赁付款或包含可变租赁付款

（其乃基于若干百分比销售额）。付款

条款于本集团在香港及中国营运之零

售店乃属普遍。

就包括固定租赁付款及包含基于销

售额之7%至14%（二零二四年：8%

至14%）之可变租赁付款之零售店租

赁，于以下年度已付╱应付予相关出

租人之固定及可变租赁付款金额如

下：

截至二零二五年三月三十一日止年度

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. RIGHT-OF-USE ASETS (Continued)

Variable lease payments (Continued)

For the year ended 31 March 2024

Number

of shops

Fixed

payments

Variable

payments

Total

payments

店舖数目固定付款可变付款付款总额

HK$’000HK$’000HK$’000

千港元千港元千港元

Retail shops without

variable lease

payments

不设可变租赁付款之

零售店

1010,944—10,944

Retail shops with

variable lease

payments

设有可变租赁付款之

零售店

1233,62659,40093,026

2244,57059,400103,970

The overal financial efect of using variable payment

terms is that higher rental costs are incured by shops

with higher sales. Variable rent expenses are expected

to continue to represent a similar proportion of shops

sales in future years.

Extension options

The Group has extension options for certain leases

of retail shops. This is used to maximise operational

flexibility in terms of managing the asets used in

the Group’s operations. The extension option held is

exercisable only by the Group and not by the respective

lesor.

The Group aseses at lease comencement date

whether it is reasonably certain to exercise the

extension options. The directors of the Company

concluded the Group is reasonably certain to exercise

al leases with extension options considering al relevant

facts and circumstances including economic incentives

for exercising the options. As at 31 March 2024, the

carying amount of lease liability over the periods of

extension option is HK$44,948,000 (2025: Nil).

（续）

可变租赁付款（续）

截至二零二四年三月三十一日止年度

使用可变付款条款之整体财政影响为

销售额较高之店铺所产生之租金成本

较高。预期未来多年，可变租金开支

将继续相当于店铺销售额之相若比

重。

续租选择权

本集团就若干零售店之租赁中包含续

租选择权，用于令管理本集团营运所

用资产方面之营运灵活性达至最大。

所持有之续租选择权仅可由本集团行

使，相关出租人不得行使。

本集团于租赁开始当日评估会否合

理肯定会行使续租选择权。考虑到

一切相关事实及状况（包括行使选

择权之经济上诱因），本公司董事认

定，本集团合理肯定会行使续租选择

权。于二零二四年三月三十一日，续

租选择权期间之租赁负债账面值为

44,948,000港元（二零二五年：零）。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. RIGHT-OF-USE ASETS (Continued)

Extension options (Continued)

The Group reaseses whether it is reasonably certain

to exercise an extension option, upon the ocurence

of either a significant event or a significant change in

circumstances that is within the control of the lese.

During the year, there is no such trigering event.

Restriction on asets

In adition, lease liabilities of HK$195,256,000

(2024: HK$266,425,000) are recognised with related

right-of-use asets of HK$171,799,000 (2024:

HK$238,132,000) as at 31 March 2025. The lease

agrements do not impose any covenants other than

the security interests in the leased asets that are held

by the lesor and the relevant leased asets may not be

used as security for borowing purposes.

Details of the lease maturity analysis of lease liabilities

are set out in notes 26 and 35.

16. INVESTMENT PROPERTIES

The Group leases out various residential properties

under operating leases with rentals payable monthly.

The leases typicaly run for an initial period of two years.

The Group is not exposed to foreign curency risk as

a result of the lease arangements, as al leases are

denominated in the respective functional curency

of group entity. The lease contracts do not contain

residual value guarante or lese’s option to purchase

the property at the end of lease term.

（续）

续租选择权（续）

在发生重大事件或承租人控制范围内

之情况发生重大变化时，本集团重新

评估是否合理确定行使续租选择权。

于本年度，概无触发事件。

资产之限制

此外，已就于二零二五年三月三十一

日之相关使用权资产171,799,000港

元（二零二四年：238,132,000港元）

确认租赁负债195,256,000港元（二

零二四年：266,425,000港元）。租

赁协议并无赋予任何契诺，惟有租赁

资产（由出租人持有）之抵押品权益，

而相关租赁资产不可于借款时用作抵

押品除外。

租赁负债之租赁到期日分析详情载于

附注26及35。

16. 投资物业

本集团以经营租赁方式出租多项住宅

物业，并按月支付租金。租赁之初始

期限通常为两年。

本集团并无因租赁安排而承受外汇风

险，原因为所有租赁均以集团实体之

各别功能货币计值。租赁合约不包含

剩余价值担保或承租人可于租赁期限

结束时购买物业之选择权。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

16. INVESTMENT PROPERTIES (Continued)

HK$’000

千港元

FAIR VALUE公平值

At 1 April 2023于二零二三年四月一日8,261

Aditions添置28,520

Exchange adjustment汇兑调整(1,885)

Changes in fair value recognised in profit or

los

于损益确认之公平值变动

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日35,155

Disposal出售(653)

Exchange adjustment汇兑调整342

Changes in fair value recognised in profit or

los

于损益确认之公平值变动

(79)

At 31 March 2025于二零二五年三月三十一日34,765

The fair value of the Group’s investment properties as

at 31 March 2025 and 2024 has ben arived at on

the basis of a valuation caried out on the year ended

date by GCA Profesional Services Group, independent

qualified profesional valuer not conected to the

Group. The management works closely with the

qualified external valuer to establish the apropriate

valuation techniques and inputs to the model. The

management reports the findings to the board of

directors of the Company every half-year to explain the

cause of fluctuations in the fair value of the investment

property.

The change in fair value, being an unrealised los, on

investment properties amounted to HK$159,000 (2024:

unrealised gain of HK$259,000) during the year ended

31 March 2025 is included in profit or los (included in

other gains and loses).

The valuation of Group’s investment properties at 31

March 2025 and 2024 is derived from the basis of

capitalisation of net income with due alowance for the

reversionary income potential but without alowance

for any expenses or taxation which may be incured in

efecting a sale, and where apropriate, cros reference

by sales comparables.

（续）

本集团投资物业于二零二五年及二零

二四年三月三十一日之公平值乃根据

一名与本集团并无关连之独立合资格

专业估值师汉华专业服务集团于年结

日所进行之估值而得出。管理层与合

资格外部估值师密切合作，确立适当

之估值技术及模式输入数据。管理层

每半年向本公司董事会汇报结果，解

释投资物业公平值出现波动之原因。

于截至二零二五年三月三十一日止年

度，投资物业之公平值变动（属未变

现亏损）为159,000港元（二零二四

年：未变现收益259,000港元）并计

入损益（计入其他收益及亏损）。

本集团投资物业于二零二五年及二零

二四年三月三十一日之估值以净收益

资本化为基准并为复归收入潜力作出

充分拨备，惟并无就销售时可能产生

之任何费用或税项作出拨备，并（如

适用）与可资比较销售作交叉参考。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

16. INVESTMENT PROPERTIES (Continued)

In estimating the fair values of the properties, the

highest and best use of the properties is their curent

use.

The fair values of the Group’s investment properties

situated in Japan are clasified as Level 3 of the fair

value hierarchy. There were no transfers into or out of

Level 3 during the year.

The folowing table gives information about how the

fair values of these investment properties as at 31

March 2025 are determined (in particular, the valuation

techniques and inputs used), as wel as the fair value

hierarchy into which the fair value measurements are

categorised based on the degre to which the inputs to

the fair value measurements is observable.

Description

Fair value

hierarchyValuation technique(s)

Significant

unobservable input(s)

描述公平值架构估值技巧重大不可观察输入数据

Investment properties

located in Japan

Level 3Income aproach method

asuming sale in their

existing states and by

taking into acount of

the curent market rents

and the reversionary

income potential of the

tenancies.

(i) Capitalisation rate

(i) Prevailing market rent

per month

位于日本之投资物业第3级收益法，假设在现况下

进行销售并考虑目前市场

租金和租赁之复归收益

潜力。

(i) 资本化率

(i) 每月现行市场租金

（续）

于估计该等物业之公平值时，该等物

业之最高及最佳用途为其现时用途。

本集团位于日本之投资物业之公平值

归类为公平值架构第3级。年内，第

3级概无任何转入或转出。

下表载列于二零二五年三月三十一日

有关如何厘定该等投资物业之公平值

（尤其是所使用之估值技术及输入数

据），以及按公平值计量按照其输入

数据之可观察程度进行分类之公平值

架构之资料。

2025
二零二五年
HK$’000
千港元
46,157
(6,581)
31,400
70,976

2025
二零二五年
45%
45%
45%

2025
二零二五年
40%
40%
40%

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

17. INTERESTS IN ASOCIATES

二零二四年

HK$’000

千港元

Cost of investments in unlisted

asociates

于非上市联营公司之投资

成本46,157

Exchange adjustments汇兑调整(3,900)

Share of post-acquisition profits,

net of dividends received

应占收购后溢利，扣除已

收股息22,616

64,873

Included in the interests of investments are godwil

of HK$18,530,000 (2024: HK$19,270,000) arising on

acquisition of asociates.

Details of the Group’s major asociates at 31 March

2025 and 2024 are as folows:

Name of asociates

Place of

incorporation

and operation

Proportion of

ownership interest

Proportion of

voting power heldPrincipal activity

联营公司名称

注册成立及

营运地点所有权益比例持有之投票权比例主要业务

二零二四年二零二四年

(note)

（附注）

力新钟表股份有限公司

（「力新」）

Taiwan

台湾

45%40%Watch trading

钟表经销

永新钟表股份有限公司

（「永新」）

Taiwan

台湾

45%40%Watch trading

钟表经销

益新钟表股份有限公司

（「益新」）

Taiwan

台湾

45%40%Watch trading

钟表经销

17. 于联营公司之权益

投资权益中包括因收购联营公司而产

生之商誉18,530,000港元（二零二四

年：19,270,000港元）。

本集团主要联营公司于二零二五年及

二零二四年三月三十一日之详情如

下：

2025
二零二五年
HK$’000
千港元
21,957
70,976

2025
二零二五年
HK$’000
千港元
27,117
(3,080)
2,816
26,853

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

（续）

附注：于截至二零二四年三月三十一日止

年度，本集团与上述台湾联营公

司（「台湾联营公司」）余下股东订

立买卖协议，以出售15%股权，

代价为新台币44,500,000元（相当

于约10,848,000港元）。因此，本

集团于台湾联营公司之股权减少至

45%，及本集团继续应用权益法

将其于台湾联营公司的投资入账。

因此，录得出售部分联营公司亏损

7,554,000港元。

并非个别重大之联营公司之合计资料

17. INTERESTS IN ASOCIATES (Continued)

Note: During the year ended 31 March 2024, the Group

entered into the sales and purchase agrement with

the remaining shareholders of the abovesaid asociates

in Taiwan (“Taiwan Asociates”) to dispose of 15%

equity interest at a consideration of NT$44,500,000

(equivalent to aproximately HK$10,848,000). As such,

the Group’s equity interest in Taiwan Asociates was

reduced to 45% and the Group continues to aply the

equity method to acount for its investment in Taiwan

Asociates. As a result, a los on partial disposal of

asociates of HK$7,554,000 was recorded.

Agregate information of asociates that are not

individualy material

二零二四年

HK$’000

千港元

The Group’s share of profit and

total comprehensive income

本集团应占溢利及全面收

益总额16,578

Agregate carying amount of

the Group’s interests in these

asociates

本集团于该等联营公司之

权益之账面总值

64,873

18. INTERESTS IN JOINT VENTURES AND

AMOUNT DUE FROM A JOINT VENTURE

二零二四年

HK$’000

千港元

Cost of investments in unlisted joint

ventures

于非上市合营公司之投资

成本21,794

Exchange adjustments汇兑调整(2,954)

Share of post-acquisition profit应占收购后溢利2,991

21,831

18. 于合营公司之权益及应收一间

合营公司款项

2025
二零二五年
HK$’000
千港元
20,911

2025
二零二五年
HK$’000
千港元
1,108
902
3,471
15,430
20,911

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. INTERESTS IN JOINT VENTURES AND

AMOUNT DUE FROM A JOINT VENTURE

(Continued)

Amount due from a joint venture

二零二四年

HK$’000

千港元

Amount due from a joint venture应收一间合营公司款项—

The amount due from a joint venture is trade in nature,

unsecured, interest fre and repayable on demand. The

folowing is an aged analysis of amount due from a joint

venture of trade in nature based on the invoice date at

the end of the reporting period:

二零二四年

HK$’000

千港元

Age账龄

0 to 30 days0至30日—

31 to 60 days31至60日—

61 to 90 days61至90日—

Over 90 days90日以上—

—

18. 于合营公司之权益及应收一间

合营公司款项（续）

应收一间合营公司款项

应收一间合营公司款项乃属贸易性

质、无抵押、免息及须按要求偿还。

以下为属贸易性质的应收一间合营公

司款项于呈报期末按发票日期呈列之

账龄分析：

2025
二零二五年
40%
50%

2025
二零二五年
40%
50%

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. INTERESTS IN JOINT VENTURES AND

AMOUNT DUE FROM A JOINT VENTURE

(Continued)

Details of the Groups’ joint ventures at 31 March 2025

and 2024 are as folows:

Name of joint

ventures

Place of

incorporation

and operation

Proportion of

ownership interest

Proportion of

voting power heldPrincipal activity

合营公司名称

注册成立及

营运地点所有权益比例持有之投票权比例主要业务

二零二四年二零二四年

宁波汇美钟表有限公司

(“Huimei”) (Note 1)

宁波汇美钟表有限公司

（「汇美」）（附注1）

The PRC

中国

40%40%Watch trading

钟表经销

SinoMoser Limited

(“SinoMoser”)

(Note 2)

东方美瑞时有限公司

（「东方美瑞时」）

（附注2）

Hong Kong

香港

N/A

不适用

N/A

不适用

Watch trading

钟表经销

Note 1: The Group holds 40% of the paid-in capital of Huimei.

Huimei is jointly controled by the Group and the

other substantial equity owner by virtue of contractual

arangements among equity owners. Therefore, Huimei

is clasified as a joint venture of the Group.

Note 2: SinoMoser was set up during the year ended 31 March

2025 with another equity owner and the Group has

contributed 50% of the paid-in capital.

Included in the interest of investment is godwil

of HK$3,683,000 (2024: HK$3,704,000) arising on

acquisition of Huimei during the year ended 31 March

2012.

18. 于合营公司之权益及应收一间

合营公司款项（续）

本集团合营公司于二零二五年及二零

二四年三月三十一日之详情如下：

附注1：本集团持有汇美实缴股本之

40%。汇美因各股权拥有人之间

订立之合约安排而受本集团与另

一重大股权拥有人共同控制。因

此，汇美分类为本集团之合营公

司。

附注2：东方美瑞时于截至二零二五年三

月三十一日止年度与另一名权益

拥有人共同成立，且本集团已出

资50%的实缴资本。

投资权益中包括因于截至二零一二年

三月三十一日止年度内收购汇美而产

生之商誉3,683,000港元（二零二四

年：3,704,000港元）。

2025
二零二五年
HK$’000
千港元
(175)
26,853

2025
二零二五年
HK$’000
千港元
30,720

2025
二零二五年
HK$’000
千港元
27,425

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. INTERESTS IN JOINT VENTURES AND

AMOUNT DUE FROM A JOINT VENTURE

(Continued)

Information of the joint ventures that are not

individualy material

二零二四年

HK$’000

千港元

The Group’s share of los and total

comprehensive expense

本集团应占亏损及全面开

支总额(2,273)

Agregated carying amount of

the Group’s interests in the joint

ventures

本集团于合营公司之权益

之账面总值

21,831

19. EQUITY INSTRUMENTS AT FVTOCI

二零二四年

HK$’000

千港元

Unlisted investments非上市投资27,835

Note: The directors of the Company have elected to

designate these investments as at FVTOCI as they

believe that recognising short-term fluctuations in

these investments’ fair value in profit or los would

not be consistent with the Group’s strategy of holding

these investments for long-term purposes and realising

their performance in the long run.

The amount of the Group’s financial asets at FVTOCI

denominated in curencies other than functional

curencies of the relevant group’s entities is set out

below:

二零二四年

HK$’000

千港元

Swis Fran (“CHF”)瑞士法郎（「瑞士法郎」）24,588

18. 于合营公司之权益及应收一间

合营公司款项（续）

并非个别重大之合营公司之资料

19. 按公平值计入其他全面收益之

股本工具

附注：由于本公司董事相信，确认该等投

资于损益反映之公平值之短期波动

与本集团为长远目的而持有该等投

资及实现其长远表现之策略不符，

因此已选择将该等投资指定为按公

平值计入其他全面收益。

本集团按公平值计入其他全面收益之

金融资产之金额以下文所载相关集团

实体功能货币以外之货币计值：

2025
二零二五年
HK$’000
千港元
10,581
1,226
11,807
19,806
31,613
11,807
19,806
31,613

2025
二零二五年
HK$’000
千港元
21,032

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

20. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

二零二四年

HK$’000

千港元

Listed investments上市投资

Equity securities listed in Hong

Kong

于香港上市之股本证券

10,915

Equity securities listed in overseas于海外上市之股本证券1,311

12,226

Unlisted investments非上市投资18,695

30,921

Analysed as:分析为：

Curent portion即期部分12,226

Non-curent portion非即期部分18,695

30,921

The amount of the Group’s financial asets at FVTPL

denominated in curencies other than functional

curencies of the relevant group’s entities is set out

below:

二零二四年

HK$’000

千港元

United States Dolar (“US$”)美元（「美元」）20,006

20. 按公平值计入损益之金融资产

本集团按公平值计入损益之金融资产

之金额以下文所载相关集团实体功能

货币以外之货币计值：

2025
二零二五年
HK$’000
千港元
445,196
21,108
466,304

2025
二零二五年
HK$’000
千港元
65,930
—
65,930

2025
二零二五年
HK$’000
千港元
—
65,930
65,930

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

21. INVENTORIES

二零二四年

HK$’000

千港元

Watches钟表438,663

Acesories and parts配件及部件4,334

442,997

22. LOAN RECEIVABLES

二零二四年

HK$’000

千港元

Loan receivable at amortised cost

(note a)

按摊销成本计量之应收贷

款（附注a）54,260

Loan receivables at FVTPL (note b)按公平值计入损益之应收

贷款（附注b）21,988

76,248

The folowing is the maturity profile of the loan

receivables at the end of the reporting period:

二零二四年

HK$’000

千港元

Repayable after one year于一年后偿还54,260

Repayable within one year于一年内偿还21,988

76,248

21. 存货

22. 应收贷款

以下为于呈报期末应收贷款到期概

况：

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

22. LOAN RECEIVABLES (Continued)

Notes:

(a) During the year ended 31 March 2024, the Group

entered into a prefered shares subscription agrement

to subscribe the prefered shares of an independent third

party (“Borower A”) at a consideration of US$6,000,000

(equivalent to aproximately HK$46,950,000) as the

principal, with a cumulative anual dividend at 25%

per anum, to finance the Borower A’s acquisition

of the equity interests in another company who has

beneficial interest in certain properties in Vietnam and

Indonesia (“Underlying Properties”). The consideration

is setled by the cash payment of US$541,000 and

the setlement arangement of the loan granted to

the Borower A in 2022 with the principal and interest

amounting to US$5,459,000. The prefered shares

would be redemed at principal plus the cumulative

dividend acrued on principal and are payable upon the

redemption, and the redemption date should not fal

on a date later than 24 months after the subscription

of the prefered shares. Subsequent to the reporting

period, the management has agred with the Borower

A to extend the redemption date of the prefered shares

by 6 months as the Borower A is in the proces of

finalising a potential transaction with the potential buyer

to dispose of the beneficial interest of the Underlying

Properties. Extra time is required for the completion of

the transaction and no change in the other contractual

term other than the extension of the redemption date.

As at 31 March 2025, the management expects the

repayment of the prefered shares would be within one

year from the reporting period end and the investment is

clasified as curent asets. The investment is acounted

for at amortised cost as the management considers the

contractual term of the investment give rise on specified

dates to cash flow that is solely payment of principal

and interest on the principal outstanding for both before

and after the extension of the redemption date. It is held

within the busines model to hold the investments in

order to colect the contractual cash flow.

The management performs the impairment asesment

based on 12m-ECL for the investment as there is no

significant increase in credit risk since initial recognition.

No alowance was recognised in the profit or los after

considering the financial positions of Borower A.

（续）

附注：

(a) 于截至二零二四年三月三十一日止

年度，本集团订立优先股认购协

议，以代价6,000,000美元（相当于

约46,950,000港元）作为本金认购

一名独立第三方（「借款人甲」）的优

先股，累计年度股息为每年25%，

以拨资借款人甲收购拥有越南及印

尼若干物业（「相关物业」）实益权

益的另一间公司之股权。代价以现

金付款541,000美元及于二零二

年授予借款人甲的贷款清偿安排本

金连利息为5,459,000美元之方式

清偿。优先股以本金加累计本金之

应计股息进行赎回，并于赎回时支

付，赎回日不得迟于优先股认购后

24个月。呈报期后，管理层已与

借款人甲协议，将优先股的赎回日

期延长6个月，因为借款人A正在

与潜在买家敲定潜在交易，以出售

相关物业的实益权益。完成交易需

要额外的时间，除了延长赎回日期

外，其他合同条款不会改变。截至

二零二五年三月三十一日，管理层

预计优先股将在呈报期间结束后一

年内偿还，且该投资被归类为流动

资产。该投资以摊销成本入账，因

为管理层认为投资的合约期限在特

定日期产生的现金流量仅为本金以

及延长赎回日之前和之后未偿还本

金的利息的支付。它在商业模式中

持有投资，以收取合约现金流。

由于该投资自初始确认后信贷风险

并无大幅增加，管理层按12个月

预期信贷亏损对该投资进行减值

评估。经考虑借款人甲的财务状况

后，概无于损益中确认任何拨备。

2025
二零二五年
HK$’000
千港元
198,773
(4,766)
194,007
35,731
1,058
12,534
243,330

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

22. LOAN RECEIVABLES (Continued)

Notes: (Continued)

(b) On 22 December 2022, the Group entered into a loan

facility agrement (“Facility B”) with an independent

third party (“Borower B”) with an amount not exceding

US$2,500,000, to fund the Borower B in acquiring

the frehold land in Thailand through its wholy-owned

subsidiary. The loan to Borower B caries interest at

fixed rate of 12% per anum and is repayable after 18

months from the date of drawdown, with the right to

extend the loan period up to 27 months and Borower

B drew down the facility in ful during the year ended 31

March 2023. During the year ended 31 March 2024, the

Borower B has exercised the option to extend the loan

and the amount is expected to be repaid within 1 year.

The shareholder of Borower B has pledged its shares

in Borower B to the Group as colateral. This loan

receivable is acounted for as FVTPL as the directors

of the Company consider that the contractual right to

cash flow of the loan receivable does not represent

contractual cash flow that is solely payments of principal

and interest on the principal outstanding. As at 31

March 2025, the amount was fuly repaid during the

year.

23. TRADE AND OTHER RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables贸易应收账款227,114

Les: Alowance for credit loses减：信贷亏损拨备(7,872)

219,242

Property rental and other deposits物业租金及其他按金21,869

Advances to supliers向供应商垫款5,433

Others其他7,521

254,065

As at 1 April 2023, trade receivables from contract

with customers, net of alowance for credit loses,

amounted to HK$262,508,000.

（续）

附注：（续）

(b) 于二零二年十二月二十二日，本

集团与一名独立第三方（「借款人

乙」）订立一份金额不超过2,500,000

美元之贷款融资协议（「融资乙」），

为借款人乙通过其全资附属公司收

购泰国之永久业权土地提供资金。

向借款人乙提供的贷款按固定年利

率12%计息，须于提取日期起计18

个月后偿还，并有权将贷款期限延

长至27个月，而借款人乙已于截至

二零二三年三月三十一日止年度悉

数提取贷款。于截至二零二四年三

月三十一日止年度，借款人乙已行

使延长贷款的选择权，预期将于一

年内偿还该金额。借款人乙之股东

已将其于借款人乙之股份抵押予本

集团作为抵押品。该应收贷款按公

平值计入损益入账，乃由于本公司

董事认为，应收贷款的现金流量的

合约权利并不代表仅对本金和未偿

付本金的利息的支付的合约现金流

量。于二零二五年三月三十一日，

该款项已于年内全额偿还。

23. 贸易及其他应收账款

于二零二三年四月一日，来自客户合

约之贸易应收账款（扣除信贷亏损拨

备）为262,508,000港元。

2025
二零二五年
HK$’000
千港元
129,587
20,638
22,778
21,004
194,007

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

23. TRADE AND OTHER RECEIVABLES

(Continued)

The Group maintains a general credit policy of not more

than 30 days for its retails sales in department stores.

Sales made to retail customers are mainly made on a

cash basis. The folowing is an aged analysis of trade

receivables net of alowance for credit loses based on

the invoice date at the end of the reporting period:

二零二四年

HK$’000

千港元

Age账龄

0 to 30 days0至30日136,433

31 to 60 days31至60日14,920

61 to 90 days61至90日19,012

Over 90 days90日以上48,877

219,242

As at 31 March 2025, included in the Group’s trade

receivables balance are debtors with agregate carying

amount of HK$64,420,000 (2024: HK$82,809,000)

which are past due as at the reporting date. Out

of the past due balances, HK$6,230,000 (2024:

HK$32,339,000) has ben past due 90 days or more.

These balances are not considered as in default

because historical experience indicated that such

receivables could be recoverable from the relevant

debtors. The Group does not hold any colateral over

these balances.

Details of the impairment asesment of trade and

other receivables are stated in note 35.

24. CASH AND CASH EQUIVALENTS AND

LONG-TERM BANK DEPOSITS

Cash and cash equivalents comprise demand deposits

and bank deposits held by the Group with an original

maturity of thre months or les and cash balances.

The bank deposits caried efective interest rates

ranging from 0.010% to 4.000% (2024: 0.125% to

5.770%) per anum.

（续）

本集团对其百货公司零售销售实行不

超过30日之一般信贷政策。零售客

户销售主要以现金进行。以下为贸易

应收账款（扣除信贷亏损拨备）于呈报

期末按发票日期之账龄分析：

于二零二五年三月三十一日，本集团

之贸易应收账款结余包括债务人账面

总值64,420,000港元（二零二四年：

82,809,000港元）之应收账款，而该

等应收账款于呈报日已逾期。逾期结

余中，6,230,000港元（二零二四年：

32,339,000港元）已逾期90日或以

上。该等结余不被视为违约，此乃由

于过往经验显示该等应收账款可自相

关债务人收回。本集团并无就该等结

余持有任何抵押品。

贸易及其他应收账款之减值评估详情

载于附注35。

24. 现金及等同现金项目及长期银

行存款

现金及等同现金项目包括本集团持有

的活期存款，以及原到期日为三个

月或以下的银行存款及现金结余。

银行存款按实际年利率介乎0.010厘

至4.000厘（二零二四年：0.125厘至

5.770厘）计息。

2025
二零二五年
HK$’000
千港元
25,571
100,083
45,181
2,344
24,514
11,519
19,926
229,138

2025
二零二五年
HK$’000
千港元
24,090
33
1,448
25,571

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

24. CASH AND CASH EQUIVALENTS AND

LONG-TERM BANK DEPOSITS (Continued)

The Group’s bank deposits amounting to HK$2,187,000

with maturity more than one year caries fixed interest

rate of 1.7% per anum, are clasified as non-curent

asets (2024: Nil).

25. TRADE AND OTHER PAYABLES AND

CONTRACT LIABILITIES

Trade and other payables

二零二四年

HK$’000

千港元

Trade payables贸易应付账款34,927

Payrol and welfare payables应付工资及福利110,957

Comision payables应付佣金53,639

Renovation work payables应付翻新工程账款6,237

PRC value aded tax and other

taxes payables

应付中国增值税及其他税

项24,142

Property rental fe payables应付物业租金11,339

Others其他11,891

253,132

The folowing is an aged analysis of trade payables

presented based on the invoice date at the end of the

reporting period:

二零二四年

HK$’000

千港元

Age账龄

0 to 60 days0至60日32,626

61 to 90 days61至90日39

Over 90 days90日以上2,262

34,927

The average credit period on purchases of gods is 30

days.

24. 现金及等同现金项目及长期银

行存款（续）

本集团之银行存款为2,187,000港

元，到期日超过一年，以固定年利率

1.7厘计息，分类为非流动资产（二零

二四年：无）。

25. 贸易及其他应付账款以及合约

负债

贸易及其他应付账款

以下为贸易应付账款于呈报期末按发

票日期呈列之账龄分析：

购买货品之平均信贷期为30日。

2025
二零二五年
HK$’000
千港元
2,947

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

25. TRADE AND OTHER PAYABLES AND

CONTRACT LIABILITIES (Continued)

Contract liabilities

二零二四年

HK$’000

千港元

Contract liabilities on sales of

watches

销售钟表之合约负债

6,868

As at 1 April 2023, contract liabilities amounted to

HK$20,677,000.

During the year ended 31 March 2025, revenue

recognised in curent year of HK$6,868,000 (2024:

HK$20,677,000) was included in the contract liabilities

balance at the begining of the year.

Contract liabilities represent receipts in advance for

sales of watches, giving rise to contract liabilities

until revenue is recognised and the contract liabilities

decreased during the year ended 31 March 2025 and

2024 are due to les deposits are received for the

obligation to deliver watches to customers.

25. 贸易及其他应付账款以及合约

负债（续）

合约负债

于二零二三年四月一日，合约负债为

20,677,000港元。

截至二零二五年三月三十一日止年

度，于本年度确认之收益6,868,000

港元（二零二四年：20,677,000港元）

已计入本年初之合约负债结余中。

合约负债指销售钟表之预收款项，其

产生合约负债直至确认收益为止，而

合约负债于截至二零二五年及二零

二四年三月三十一日止年度减少，原

因为因向客户交付钟表的责任，使所

收的按金减少。

2025
二零二五年
HK$’000
千港元
83,554
66,679
45,023
195,256
(83,554)
111,702

2025
二零二五年
HK$’000
千港元
8,276
(30,038)
(21,762)

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

26. LEASE LIABILITIES

二零二四年

HK$’000

千港元

Lease liabilities payable:应付租赁负债：

Within one year一年内132,560

Within a period of more than one

year but not more than two

years

超过一年但不超过两年

之期间内

67,501

Within a period of more than two

years but not more than five

years

超过两年但不超过五年

之期间内

66,364

266,425

Les: Amount due for setlement

with 12 months shown

under curent liabilities

减：流动负债下所示12个

月内到期结算之款

项(132,560)

Amount due for setlement after 12

months shown under non-curent

liabilities

非流动负债下所示12个月

后到期结算之款项

133,865

The incremental borowing rates aplied to lease

liabilities range from 2.17% to 7.19% (2024: from 2.19%

to 7.35%) per anum.

27. DEFERED TAXATION

For the purpose of presentation in the consolidated

statement of financial position, certain defered tax

asets and liabilities have ben ofset. The folowing is

the analysis of the defered tax balances for financial

reporting purposes:

二零二四年

HK$’000

千港元

Defered tax asets递延税项资产6,864

Defered tax liabilities递延税项负债(28,693)

(21,829)

26. 租赁负债

适用于租赁负债的增量借款利率为年

利率2.17厘至7.19厘（二零二四年：

2.19厘至7.35厘）。

27. 递延税项

就呈列综合财务状况表而言，若干递

延税项资产及负债已予抵销。以下为

用作财务申报之递延税项结余分析：

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

27. DEFERED TAXATION (Continued)

The folowing are the major defered tax (liabilities)

asets recognised and movements thereon during the

curent and prior years:

ECL

provision

of trade

receivable

Distributable

profits of

asociates and

joint ventures

Distributable

profits of

subsidiaries

Right-of-use

asets

Lease

liabilitiesOthersTotal

贸易应收账款

之预期信贷

亏损拨备

联营公司及

合营公司

之可分派溢利

附属公司之

可分派溢利使用权资产租赁负债其他合计

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

千港元千港元千港元千港元千港元千港元千港元

(note)

（附注）

At 1 April 2023于二零二三年四月一日1,166(4,877)(21,285)8,173(8,173)3,337(21,659)

Exchange adjustment汇兑调整(83)—(569)569(11)(94)

Reversal of witholding

tax payment

拨回已付预扣税

—2,33715,017—17,354

Credit (charge) to profit or

los

于损益计入（扣除）

890(3,799)(16,069)10,055(10,055)1,548(17,430)

At 31 March 2024于二零二四年三月三十一日1,973(6,339)(22,337)17,659(17,659)4,874(21,829)

Exchange adjustment汇兑调整(8)—(100)1002(6)

Reversal of witholding

tax payment

拨回已付预扣税

—2,76616,502—19,268

(Charge) credit to profit or

los

于损益（扣除）计入

(769)(4,566)(15,710)(476)4761,850(19,195)

At 31 March 2025于二零二五年三月三十一日1,196(8,139)(21,545)17,083(17,083)6,726(21,762)

Note: The amounts as at 31 March 2025 and 31 March 2024

mainly represent deductible temporary diferences

arising from property, plant and equipment.

At 31 March 2025, the Group had unutilised tax loses

of HK$722,396,000 (2024: HK$585,693,000) available

to set of against future asesable profits. No defered

tax aset has ben recognised in respect of these

unutilised tax loses due to the unpredictability of future

profit stream. The tax loses of the Group at 31 March

2025 and 2024 may be caried forward indefinitely.

（续）

以下为于本年度及以往年度确认之主

要递延税项（负债）资产及其变动：

附注：于二零二五年三月三十一日及二零

二四年三月三十一日之金额主要指

物业、机器及设备产生之可扣减暂

时差额。

于二零二五年三月三十一日，本集团

有未动用税务亏损722,396,000港元

（二零二四年：585,693,000港元）可

供抵销未来应课税溢利。由于未能预

测未来溢利来源，故并无就该等未动

用税务亏损确认递延税项资产。本集

团于二零二五年及二零二四年三月

三十一日之税务亏损可无限期结转。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

27. DEFERED TAXATION (Continued)

Under the EIT Law, witholding tax with tax rate of 5%

or 10% is imposed on dividends declared in respect

of profits earned by PRC subsidiaries from 1 January

2008 onwards. As at 31 March 2025, defered tax

liabilities of HK$21,545,000 (2024: HK$22,337,000)

has ben provided for in ful in respect of the temporary

diference arising from the undistributed profits earned

by the PRC subsidiaries from 1 January 2008 onwards

as the directors of the Company considered that these

subsidiaries wil continue to distribute dividend in the

foreseable future.

Under the Taiwan tax law, witholding tax with tax rate

of 21% is imposed on dividends declared in respect of

profit earned by Taiwan from 2018 onwards. As at 31

March 2025, defered tax liabilities of HK$8,074,000

(2024: HK$6,230,000) has ben provided for in ful in

respect of the temporary diference arising from the

undistributed profits earned by the Taiwan asociates.

28. SHARE CAPITAL

Number

of sharesAmount

股份数目金额

HK$’000

千港元

Ordinary shares of HK$0.10 each每股面值0.10港元之普通

股

Authorised:法定：

At 1 April 2023, 31 March 2024

and 31 March 2025

于二零二三年四月一

日、二零二四年三月

三十一日及二零二五年

三月三十一日1,000,000,000100,000

Isued and fuly paid:已发行及缴足：

At 1 April 2023, 31 March 2024

and 31 March 2025

于二零二三年四月一

日、二零二四年三月

三十一日及二零二五年

三月三十一日487,358,22448,736

（续）

根据企业所得税法，自二零八年

一月一日起，中国附属公司所宣派

有关所赚取溢利之股息须缴付5%或

10%之预扣税。于二零二五年三月

三十一日，由于本公司董事认为中国

附属公司将在可见将来继续分派股

息，故已就该等附属公司自二零八

年一月一日起赚取之未分派溢利所

产生之暂时差额全额计提递延税项

负债21,545,000港元（二零二四年：

22,337,000港元）。

根据台湾税法，自二零一八年起，台

湾所宣派有关所赚取溢利之股息须缴

付21%之预扣税。于二零二五年三月

三十一日，已就台湾联营公司赚取的

未分派溢利所产生的暂时差额悉数拨

备递延税项负债8,074,000港元（二

零二四年：6,230,000港元）。

28. 股本

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

29. SHARE-BASED PAYMENT TRANSACTION

(a) 2013 Share Option Scheme

Pursuant to an ordinary resolution pased at the

anual general meting of the Company held on

13 August 2013, a new share option scheme was

adopted with efect on 3 November 2013 (the

“2013 Share Option Scheme”) after the expiry of

the 2003 Share Option Scheme.

Under the 2013 Share Option Scheme, options

might be granted to (i) any director, employe or

consultant of the Group or a company in which the

Company held an equity interest or a subsidiary of

such company (“Afiliate”); or (i) any discretionary

trust whose discretionary objects included any

director, employe or consultant of the Group or

an Afiliate; or (i) a company beneficialy owned

by any director, employe or consultant of the

Group or an Afiliate; or (iv) any customer, suplier

or adviser whose service to the Group or busines

with the Group contributed or was expected to

contribute to the busines or operation of the

Group. The purpose of the 2013 Share Option

Scheme was to atract and retain quality personel

and other persons to provide incentive to them

to contribute to the busines and operation of

the Group. The total number of shares available

for isue under the 2013 Share Option Scheme

as at 2 November 2023, the expiry date of such

scheme, was 57,061,022 shares representing

about 11.7% of the isued share capital of the

Company on such date. No eligible persons

should be granted an option in any 12-month

period for such number of shares (isued and to

be isued) which in agregate would exced 1% of

the share capital of the Company in isue on the

last day of such 12-month period unles aproval

of the shareholders of the Company had ben

obtained in acordance with the Listing Rules. The

exercisable period was determined by the directors

of the Company, which should not be more than

ten years from the date of grant, and might include

a minimum period for which the options must be

held before it could be exercised. The exercise

price per share payable on the exercise of an

option equal to the highest of:

29. 以股份为基础之付款交易

(a) 二零一三年购股权计划

根据本公司于二零一三年八月

十三日举行之股东周年大会上通

过之普通决议案，于二零三年

购股权计划届满后，一项于二零

一三年十一月三日生效之新购股

权计划（「二零一三年购股权计

划」）获采纳。

根据二零一三年购股权计划，购

股权可授予(i)本集团或本公司持

有股本权益之公司或该公司之附

属公司（「联属公司」）之任何董

事、雇员或顾问；或(i)受益人

包括本集团或联属公司之任何董

事、雇员或顾问之任何全权信

托；或(i)由本集团或联属公司

之任何董事、雇员或顾问实益拥

有之公司；或(iv)为本集团或本

集团之业务服务而对或预期对本

集团之业务或经营作出贡献之任

何客户、供应商或顾问。二零

一三年购股权计划旨在吸引及挽

留优秀人才及其他人士，以激励

彼等对本集团之业务及经营作出

贡献。于二零二三年十一月二

日（该计划之届满日期），二零

一三年购股权计划项下可供发行

之股份总数为57,061,022股，

相当于该日本公司已发行股本约

11.7%。根据上市规则，除非已

取得本公司股东批准，否则于任

何十二个月期间内，合资格人士

不得获授予涉及股份数目（已发

行及将予发行）合共超过本公司

于该十二个月期间最后一日之已

发行股本1%之购股权。行使期

乃由本公司董事厘定，惟不得超

过自授出日期起计十年，且可包

括购股权获行使前必须持有之最

短期限。在行使购股权时应付之

每股行使价相等于以下三者中之

最高者：

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

29. SHARE-BASED PAYMENT TRANSACTION

(Continued)

(a) 2013 Share Option Scheme (Continued)

(a) the nominal value of one share;

(b) the closing price per share as stated in the

Stock Exchange’s daily quotations shet on

the date of grant; and

in the Stock Exchange’s daily quotations

shet for the five busines days imediately

preceding the date of grant.

The 2013 Share Option Scheme expired on 2

November 2023.

No option was granted, exercised, lapsed or

forfeited under the 2013 Share Option Scheme

since its efective date on 3 November 2013 and

there was no outstanding share option as at 31

March 2025 and 31 March 2024.

(b) 2022 Share Award Scheme

On 27 June 2022 (the “Adoption Date”), the

Company adopted the employes’ share award

scheme (the “2022 Share Award Scheme”).

Pursuant to the 2022 Share Award Scheme, it

shal be valid and efective for a term of 10 years

comencing from the Adoption Date.

（续）

(a) 二零一三年购股权计划（续）

(a) 一股份面值；

(b) 股份于授出当日在联交所

每日报价表所报之每股收

市价；及

个营业日在联交所每日报

价表所报之每股平均收市

价。

二零一三年购股权计划已于二零二三

年十一月二日届满。

自二零一三年购股权计划生效日期二

零一三年十一月三日起，概无购股权

已授出、行使、失效或被没收，而于

二零二五年三月三十一日及二零二四

年三月三十一日亦无未行使购股权。

(b) 二零二年股份奖励计划

于二零二年六月二十七日（「采

纳日期」），本公司已采纳雇员股

份奖励计划（「二零二年股份奖

励计划」）。根据二零二年股份

奖励计划，自采纳日起该计划的

有效期限为十年。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

29. SHARE-BASED PAYMENT TRANSACTION

(Continued)

(b) 2022 Share Award Scheme (Continued)

Under the 2022 Share Award Scheme, any

employe, executive, oficer, or director of the

Company or of any subsidiary is eligible for

participation in the scheme. The purposes and

objectives of the 2022 Share Award Scheme are

to recognise and motivate the contributions by

certain eligible persons and to provide them with

incentives in order to retain them for the continual

operation and development of the Group and to

help the Group in atracting and recruiting suitable

personel as aditional employes to further the

operation and development of the Group, and to

provide the eligible persons with a direct economic

interest in ataining the long-term busines

objectives of the Group. The board of directors

shal not make any further award which wil result

in: (i) the number of shares awarded by the board

under the scheme exceding 10% of the isued

share capital of the Company as at the Adoption

Date; or (i) the number of the shares held by

public shareholders fals below the minimum

percentage as prescribed under the Listing Rules.

The maximum number of shares which may be

awarded to each selected person under the

scheme shal not exced 1% of the isued share

capital of the Company as at the Adoption Date.

Under such scheme, there is no provision on (a)

the vesting period of awards to be granted; and (b)

the amount payable on aplication or aceptance

of the award and the period within which payments

or cals must or may be made or loans for such

purposes must be repaid. Al these are subject

to the discretion of the board of directors of the

Company on the granting of an award under such

scheme. For further details of the principal terms

of the 2022 Share Award Scheme, please refer to

the Company’s anouncement on 27 June 2022.

（续）

(b) 二零二年股份奖励计划（续）

根据二零二年股份奖励计划，

本公司或任何附属公司之任何雇

员、执行人员、高级人员或董事

均合资格参与该计划。二零二

年股份奖励计划之目的及宗旨为

嘉许及激励若干合资格人士所作

之贡献，为彼等提供奖励，以

留聘彼等继续支持本集团的经营

及发展，同时协助本集团吸引及

招聘合适人士作为新雇员，以进

一步推动本集团营运及发展，并

于实现本集团长远业务目标时向

合资格人士提供直接经济利益。

董事会不得进一步作出奖励，以

致：(i)董事会根据该计划奖励之

股份数目超过本公司于采纳日期

已发行股本之10%；或(i)公众

股东持有之股份数目低于上市规

则规定之最低百分比。每名选定

人士根据该计划可获授之最高股

份数目不得超过本公司于采纳日

期已发行股本之1%。

根据该计划，概无规定(a)授予

奖励之归属期；及(b)申请或接

纳奖励时应付金额，及必须或

可能进行付款或催缴之期限，或

必须偿还用于该等目的之贷款。

根据该计划，所有相关事宜须待

本公司董事会在授予奖励时酌情

决定。有关二零二年股份奖励

计划主要条款之进一步详情，请

参阅本公司于二零二年六月

二十七日之公布。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

29. SHARE-BASED PAYMENT TRANSACTION

(Continued)

(b) 2022 Share Award Scheme (Continued)

The total number of awards available for grant

under the 2022 Share Award Scheme was

48,735,822 shares both as at 1 April 2024,

31 March 2025 and the date of this report

respectively, representing 10% of the isued share

capital of the Company as at the date of this

report. No share award has ben granted under

the 2022 Share Award Scheme since the Adoption

Date.

During the year ended 31 March 2025 and 2024,

no share-based payment expense was recognised

in relation to share option scheme and the 2022

Share Award Scheme.

30. FINANCIAL GUARANTE CONTRACTS

As at 31 March 2025, the Group and the other

shareholders of the asociates of the Company isued

financial guarantes jointly and severaly to certain banks

in respect of banking facilities granted to asociates.

The agregate amounts that could be required

to be paid is NT$150,000,000 and equivalent to

HK$36,450,000 (2024: NT$150,000,000 and equivalent

to HK$37,590,000) if the guarantes were caled upon

in entirety. As at 31 March 2025, NT$120,000,000 and

equivalent to HK$29,160,000 (2024: NT$120,000,000

and equivalent to HK$30,072,000) has ben draw

down by these asociates. The Group considers the

fair value of the contract is nil at initial recognition and

the los alowance as at 31 March 2025 and 2024 are

insignificant. Details of the credit risk asesment of the

financial guarante contracts are set out in note 35.

（续）

(b) 二零二年股份奖励计划（续）

于二零二四年四月一日、二零

二五年三月三十一日及本报告

日期，可根据二零二年股份

奖励计划授出的奖励总数分别

为48,735,822股份，相当于

本报告日期本公司已发行股本

10%。自采纳日期起，根据二零

二年股份奖励计划，概无股份

奖励已授出。

截至二零二五年及二零二四年三

月三十一日止年度，概无就购股

权计划及二零二年股份奖励计

划确认以股份为基础之付款开

支。

30. 财务担保合约

于二零二五年三月三十一日，本集

团及本公司联营公司之其他股东就

联营公司获授之银行融资共同及个

别向若干银行发出财务担保。倘被

要求全数代还该等担保，则可能须

予支付之总额为新台币150,000,000

元（相等于36,450,000港元）（二零

二四年：新台币150,000,000元，

相等于37,590,000港元）。于二零

二五年三月三十一日，该等联营公

司已提取新台币120,000,000元（相

等于29,160,000港元）（二零二四

年：新台币120,000,000元，相等于

30,072,000港元）。本集团认为合约

之公平值于初步确认时为零，且于二

零二五年及二零二四年三月三十一日

之亏损拨备属微不足道。财务担保合

约之信贷风险评估详情载于附注35。

2025
二零二五年
HK$’000
千港元
15,427

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

31. CAPITAL COMITMENTS

二零二四年

HK$’000

千港元

Capital expenditure in respect of

the acquisition of property, plant

and equipment contracted for but

not provided in the consolidated

financial statements

就已订约但未于综合财

务报表内拨备之收购物

业、机器及设备之资本

开支

3,045

32. RETIREMENT BENEFITS SCHEMES

The Group participate in defined contribution retirement

schemes for al qualifying employes, including

directors.

The retirement scheme cost represents contributions

payable to the funds by the Group at rates specified in

the rules of the schemes.

In Hong Kong, the Group participates in defined

contribution schemes, of which one scheme is

registered under the Ocupational Retirement Schemes

Ordinance (the “ORSO” Scheme) and the other is

a Mandatory Provident Fund Scheme (the “MPF”

Scheme) established under the Mandatory Provident

Fund Schemes Ordinance in December 2000. The

asets of the schemes are held separately from those

of the Group, in funds under the control of independent

trustes.

The ORSO Scheme is funded by monthly contributions

from both employes and the Group at rates ranging

from 5% to 15% of the employe’s basic salary,

depending on the length of service with the Group.

For members of the MPF Scheme, the employer and

its employes are each required to make contributions

to the plan at 5% of the employes’ relevant income,

subject to a monthly cap of HK$1,500.

31. 资本承担

32. 退休福利计划

本集团为所有合资格雇员（包括董事）

参与定额供款退休计划。

退休计划成本指本集团按计划规则指

定之比率应付予基金之供款。

于香港，本集团参与定额供款计划，

其中一项计划根据职业退休计划条例

于二零年十二月根据强制性公积

金计划条例设立之强制性公积金计划

（「强积金」计划）。该等计划之资产于

受独立受托人控制之基金持有，与本

集团之资产分开。

ORSO计划以雇员及本集团作出之每

月供款提供资金，供款比率为雇员基

本薪金之5%至15%，视乎于本集团

之服务年期而定。

至于强积金计划之成员，雇主及其雇

员均须按雇员有关收入的5%向该计

划作出供款，每月上限为1,500港元。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

32. RETIREMENT BENEFITS SCHEMES

(Continued)

The employes of the Company’s PRC subsidiaries

are members of the state-managed retirement benefits

scheme operated by the PRC government. The

Company’s PRC subsidiaries are required to contribute

a certain percentage of their payrol to the retirement

benefits scheme to fund the benefits. The only

obligation of the Group with respect to the retirement

benefits scheme is to make the required contributions

under the scheme.

The total cost charged to profit or los of HK$6,092,000

(2024: HK$5,728,000) represents contributions payable

to these schemes by the Group at rates specified in the

rules of the plans in respect of the curent acounting

period. For the years ended 31 March 2025 and 2024,

there were no forfeitures arising from employes leaving

the Group prior to completion of qualifying service

period.

At 31 March 2025 and 2024, there were no forfeited

contributions which arose upon employes leaving the

retirement plans and which are available to reduce the

contributions payable in the future years.

（续）

本公司中国附属公司之雇员为由中国

政府营办之国家管理退休福利计划之

成员。本公司之中国附属公司须按雇

员薪资之若干百分比向退休福利计划

供款，为该等福利提供资金。本集团

有关退休福利计划之责任为根据计划

作出规定供款。

自损益扣除之总成本6,092,000港元

（二零二四年：5,728,000港元）指本

集团就本会计期间按计划规则规定之

费率应付该等计划之供款。截至二零

二五年及二零二四年三月三十一日止

年度，概无因雇员于完成合资格服务

年期前离开本集团而没收之款项。

于二零二五年及二零二四年三月

三十一日，概无因雇员退出退休金计

划而产生可供未来年度减少须支付供

款之没收款项。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

33. RECONCILIATION OF LIABILITIES

ARISING FROM FINANCING ACTIVITIES

The table below details changes in the Group’s liabilities

arising from financing activities, including both cash

and non-cash changes. Liabilities arising from financing

activities are those for which cash flows were, or future

cash flows wil be, clasified in the Group’s consolidated

statement of cash flows as cash flows from financing

activities.

Bank loan

Lease

liabilities

Dividend

payableTotal

银行贷款租赁负债应付股息总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日—352,121—352,121

Financing cash flows (note)融资现金流量（附注）—(140,791)(282,668)(423,459)

Dividends declared已宣派股息—282,668282,668

Interest acrued应计利息—13,663—13,663

New leases entered or modified已订立或修改之新租赁—50,785—50,785

Termination of leases租赁终止—(6,819)—(6,819)

Exchange adjustment汇兑调整—(2,534)—(2,534)

At 31 March 2024于二零二四年三月三十一日—266,425—266,425

Financing cash flows (note)融资现金流量（附注）(1,058)(130,908)(231,983)(363,949)

Dividends declared已宣派股息—231,983231,983

Interest acrued应计利息1,05810,710—11,768

New leases entered or modified已订立或修改之新租赁—56,710—56,710

Termination of leases租赁终止—(7,255)—(7,255)

Exchange adjustment汇兑调整—(426)—(426)

At 31 March 2025于二零二五年三月三十一日—195,256—195,256

Note: The cash flows represent dividends paid, repayments

of lease liabilities, repayment of bank loan, new bank

loan raised and interest paid in the consolidated

statement of cash flows.

33. 融资活动而产生之负债之对账

下表详述本集团融资活动而产生之负

债变动，包括现金及非现金变动。融

资活动而产生之负债为现金流量已经

或未来现金流量将会于本集团之综合

现金流量表中分类为融资活动产生之

现金流量。

附注：现金流量指综合现金流量表之已付

股息、偿还租赁负债、偿还银行贷

款、新增银行贷款及已付利息。

2025
二零二五年
HK$’000
千港元
1,175,773
31,613
30,720
—
100,077

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

34. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in

the Group wil be able to continue as a going concern

while maximising the return to shareholders through

the optimisation of the debt and equity balance. The

Group’s overal strategy remains unchanged from prior

year.

The capital structure of the Group consists of net debt,

which includes lease liabilities in note 26, net of cash

and cash equivalents and equity atributable to owners

of the Company, comprising isued share capital and

reserves including retained profits. The directors of the

Company review the capital structure on an anual

basis. As part of this review, the directors consider the

cost of capital and the risks asociated with each clas

of capital. Based on recomendations of the directors,

the Group wil balance its overal capital structure

through payment of dividends, new share isues as wel

as isue of new debts or redemption of existing debts.

35. FINANCIAL INSTRUMENTS

Categories of financial instruments

二零二四年

HK$’000

千港元

Financial asets金融资产

Financial asets at amortised cost按摊销成本计量之

金融资产1,223,469

Financial asets at FVTPL按公平值计入损益之

金融资产30,921

Equity instruments at FVTOCI按公平值计入其他全面

收益之股本工具27,835

Loan receivables at FVTPL按公平值计入损益之

应收贷款21,988

Financial liabilities金融负债

Amortised cost摊销成本117,863

34. 资本风险管理

本集团管理其资本，以确保本集团旗

下实体将能够持续经营，同时透过改

善债务与权益平衡提高股东之回报。

本集团之整体策略与上年度维持不

变。

本集团之资本架构包括债务净额（其

中包括附注26所披露之租赁负债扣

除现金及等同现金项目）及本公司拥

有人应占权益（其中包括已发行股本

及储备（包括保留溢利）。本公司董

事每年检讨资本架构。作为此检讨工

作一部分，董事考虑资本成本及与各

类资本相关之风险。基于董事作出之

建议，本集团将透过派发股息、发行

新股及发行新债或赎回现有债务平衡

其整体资本架构。

35. 金融工具

金融工具类别

2025
二零二五年
HK$’000
千港元
40,423
27,425

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

The Group’s major financial instruments include

financial asets at FVTPL, equity instruments at

FVTOCI, loan receivables at FVTPL and amortised cost,

long-term bank deposits, trade and other receivables,

refundable property rental and other deposits, amount

due from a joint venture, bank balances, and trade and

other payables, and financial guarante contracts and

lease liabilities. Details of these financial instruments

are disclosed in respective notes. The risks asociated

with these financial instruments include market risk

(curency risk, interest rate risk and other price risk),

credit risk and impairment asesment, and liquidity

risk. The policies on how to mitigate these risks are set

out below. The management manages and monitors

these exposures to ensure that apropriate measures

are implemented on a timely and efective maner.

Market risk

Curency risk

Most of the Group’s transactions are denominated in

either US$, CHF, HK$ and Renminbi.

The Group has limited curency exposure as the

majority of the sales were denominated in functional

curencies of the relevant group entities except exposed

to foreign curency risk in relation to US$ arising from

financial asets at FVTPL and loan receivables, and

CHF arising from financial asets at FVTOCI.

The carying amount of the major foreign curency

denominated monetary asets at the reporting date is

as folows:

二零二四年

HK$’000

千港元

US$美元96,254

CHF瑞士法郎24,588

（续）

财务风险管理目标及政策

本集团之主要金融工具包括按公平值

计入损益之金融资产、按公平值计入

其他全面收益之股本工具、按公平值

计入损益之应收贷款及摊销成本、长

期银行存款、贸易及其他应收账款、

可退回物业租赁及其他按金、应收一

间合营公司款项、银行结余、贸易及

其他应付账款以及财务担保合约及租

赁负债。该等金融工具之详情于各有

关附注披露。与该等金融工具相关之

风险包括市场风险（货币风险、利率

风险及其他价格风险）、信贷风险及

减值评估以及流动资金风险。下文载

列如何降低该等风险之政策。管理层

管理及监察该等风险，以确保及时和

有效地采取适当之措施。

市场风险

货币风险

本集团大部分交易以美元、瑞士法

郎、港元及人民币计值。

由于大部分销售以有关集团实体之功

能货币为单位，故本集团面对相关之

外汇风险有限，惟因按公平值计入损

益之金融资产以及应收贷款产生之美

元，以及按公平值计入其他全面收益

之金融资产生之瑞士法郎的外汇风

险除外。

于呈报日期，主要外币计值之货币资

产之账面值如下：

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Market risk (Continued)

Curency risk (Continued)

Under the peged exchange rate system, the financial

impact on exchange diference betwen HK$ and US$

wil be imaterial as US$ denominated monetary asets

are held by group entities having HK$ as their functional

curency, and therefore no sensitivity analysis has ben

prepared.

The Group curently does not have a foreign exchange

hedging policy. However, the management conducts

periodical review of exposure and requirements of

various curencies, and wil consider hedging significant

foreign curency exposures should the ned arise. No

sensitivity analysis was prepared since the directors

of the Company consider the amount involved is not

significant.

Interest rate risk

The Group is exposed to fair value interest rate risk in

relation to fixed-rate long-term bank deposits (details of

which are set out in note 24) and lease liabilities (details

of which are set out in note 26). The management

monitors interest rate exposure when significant interest

rate exposure is anticipated.

The Group is also exposed to cash flow interest rate

risk in relation to bank balances (details of which are set

out in note 24). The Group curently does not have an

interest rate hedging policy. However, the management

monitors interest rate exposure and wil consider

hedging significant interest rate exposure should the

ned arise. The fair value interest rate risk on bank

deposits is insignificant as the fixed deposits are short-

term.

No sensitive analysis is performed as the exposures to

fair value and cash flow interest rates risks for these

items are considered as insignificant.

（续）

财务风险管理目标及政策（续）

市场风险（续）

货币风险（续）

根据汇率挂钩制度，由于集团实体持

有之美元计值货币资产以港元为其功

能货币，港元兑美元汇率差别之财务

影响将不重大，因此并无编制敏感度

分析。

本集团现时并无外汇对冲政策。然

而，管理层会定期检讨各种货币之风

险及需求，并将于有需要时考虑对冲

重大外币风险。由于本公司董事认为

涉及之金额并不重大，故并无编制敏

感度分析。

利率风险

本集团面对有关定息长期银行存款

（有关详情载于附注24）及租赁负债

（有关详情载于附注26）之公平值利

率风险。当预期有重大利率风险时，

管理层会监察利率风险。

本集团亦面对有关银行结余之现金流

量利率风险，有关详情分别载于附注

24。本集团现时并无利率对冲政策。

然而，管理层会监察利率风险，并将

于有需要时考虑对冲重大利率风险。

由于定期存款属短期存款，故银行存

款之公平值利率风险不大。

由于该等项目之公平值及现金流量利

率风险甚微，故并无进行敏感度分

析。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Market risk (Continued)

Other price risk

The Group’s financial asets at FVTPL at the end of the

reporting period exposed the Group to other price risk.

Sensitivity analysis

No sensitivity analysis has ben presented because

the Group’s net exposure to other price risk arising

from financial asets at FVTPL is considered to be

insignificant.

Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s counterparties

default on their contractual obligations resulting in

financial loses to the Group. The Group’s credit risk

exposures are primarily atributable to trade receivables,

loan receivables, bank balances, refundable rental and

other deposits, other receivables, amount due from a joint

venture and financial guarante contracts. The Group

does not hold any colateral or other credit enhancements

to cover its credit risks asociated with its financial asets

and financial guarante contracts as disclosed in note

30, except that the credit risks asociated with loan

receivables is mitigated after considering the underlying

performance of the borower and the quality of asets

held.

Except for loan receivables at FVTPL, the Group

performed impairment asesment for financial asets

and other items under ECL model. Information about

the Group’s credit risk management, maximum credit

risk exposures and the related impairment asesment,

as aplicable, are sumarised as below.

（续）

财务风险管理目标及政策（续）

市场风险（续）

其他价格风险

本集团于呈报期末之按公平值计入损

益之金融资产令本集团面对其他价格

风险。

敏感度分析

由于本集团面临之按公平值计入损益

之金融资产而产生之其他价格净风险

被视为甚微，因此并无呈列敏感性分

析。

信贷风险及减值评估

信贷风险指本集团之对手方违反其合

约责任，导致本集团蒙受财务损失之

风险。本集团之信贷风险主要源于贸

易应收账款、应收贷款、银行结余、

可退回租赁及其他按金、其他应收账

款、应收一间合营公司款项及财务担

保合约。本集团并无持有任何抵押品

或其他提升信贷之措施，以涵盖与附

注30所披露之其金融资产及财务担

保合约相关之信贷风险，惟与应收贷

款有关之信贷风险在经考虑借款人相

关表现及所持资产的品质后有所减

轻。

除按公平值计入损益之应收贷款外，

本集团已就预期信贷亏损模式下之金

融资产及其他项目进行减值评估。有

关本集团的信贷风险管理、面临的最

大信贷风险及相关减值评估的资料

（如适用）概述如下。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

The Group’s internal credit risk grading asesment

comprises the folowing categories:

Internal

credit ratingDescription

Trade receivables and

amount due from a

joint venture

Other financial

asets/other items

内部信贷评级描述

贸易应收账款及应收一

间合营公司款项

其他金融资产╱

其他项目

Low riskThe counterparty has a low risk of default

and does not have any past-due

amounts

Lifetime ECL —

not credit-impaired

12m ECL

低风险对手方之违约风险较低且并无任何逾期

款项

存续期预期信贷亏损 —

非信贷减值

12个月预期信贷亏损

Watch listDebtor frequently repays after due dates

but usualy setles in ful

Lifetime ECL —

not credit-impaired

12m ECL

观察名单债务人经常于到期日后偿还款项，但通常

悉数偿还

存续期预期信贷亏损 —

非信贷减值

12个月预期信贷亏损

DoubtfulThere have ben significant increases

in credit risk since initial recognition

through information developed internaly

or external resources

Lifetime ECL —

not credit-impaired

Lifetime ECL —

not credit-impaired

存疑内部或外部资料来源所得信息显示信贷

风险自初始确认以来显著增加

存续期预期信贷亏损 —

非信贷减值

存续期预期信贷亏损 —

非信贷减值

LosThere is evidence indicating the aset is

credit-impaired

Lifetime ECL —

credit-impaired

Lifetime ECL —

credit-impaired

亏损有证据显示有关资产已发生信贷减值存续期预期信贷亏损 —

信贷减值

存续期预期信贷亏损 —

信贷减值

Write-ofThere is evidence indicating that the

debtor is in severe financial dificulty and

the Group has no realistic prospect of

recovery

Amount is writen ofAmount is writen of

撇销有证据显示债务人陷入严重财务困难且

本集团不认为日后可收回有关款项

撇销有关金额撇销有关金额

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

本集团内部信贷风险级别评估包括下

列类别：

2025
二零二五年
B2 — Aa1
Aa1
N/A 不适用
N/A 不适用
N/A 不适用
N/A 不适用
N/A 不适用

2025
二零二五年
HK$’000
千港元
834,945
2,187
57,793
198,773
65,930
20,911
36,450

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

The tables below detail the credit risk exposure of

the Group’s financial asets and financial guarante

contracts, which are subject to ECL asesment:

External credit ratingInternal

credit rating

12m or

lifetime ECL

Gros carying amount

外部信贷评级内部信贷评级12个月或存续期

预期信贷亏损

总账面值

二零二四年二零二四年

NotesHK$’000

附注千港元

Financial asets at

amortised cost

按摊销成本计量之

金融资产

Bank balances

(Note d)

银行结余

（附注d）

24B2 — Aa1N/A

不适用

12m ECL

12个月预期

信贷亏损

894,075

Long-term bank

deposits (Note d)

长期银行存款

（附注d）

24N/A

不适用

N/A

不适用

12m ECL

12个月预期

信贷亏损

—

Refundable property

rental and other

deposits and other

receivables

可退回物业租赁及其

他按金以及其他应

收账款

23N/A

不适用

(Note a)

（附注a）

12m ECL

12个月预期

信贷亏损

55,892

Trade receivables贸易应收账款23N/A

不适用

(Note b)

（附注b）

Lifetime ECL (not-

credit-impaired)

存续期预期

信贷亏损

（非信贷减值）

227,114

Loan receivables应收贷款22N/A

不适用

(Note e)

（附注e）

12m ECL

12个月预期

信贷亏损

54,260

Amount due from a joint

venture

应收一间合营公司款项18N/A

不适用

(Note f)

（附注f）

Lifetime ECL (not-

credit-impaired)

存续期预期

信贷亏损

（非信贷减值）

—

Other item其他项目

Financial guarante

contracts

财务担保合约30N/A

不适用

(Note c)

（附注c）

12m ECL

12个月预期

信贷亏损

37,590

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表详列本集团之金融资产及财务担

保合约面对之信贷风险，其受限于预

期信贷亏损评估：

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Notes:

(a) In determining the ECL for refundable rental and other

deposits, and other receivables, the management of

the Group makes periodic individual asesment on the

recoverability of other receivables based on the historical

default experience and forward-loking information,

as apropriate. The directors of the Company have

considered the consistently low historical default rate in

conection with other general payments, and concluded

that credit risk inherent in the Group’s other receivables

is insignificant.

(b) The sales of the Group are mainly on cash-basis and

the trade receivables of the Group mainly represents

those retail sales in department stores in which those

are reputable department stores in the PRC. The Group

uses an internal credit scoring system to ases the

potential counterparty’s credit quality and defines credit

limits individualy. Limits and scoring atributed to the

department stores are reviewed twice a year. Other

monitoring procedures are in place to ensure that

folow-up action is taken to recover overdue debts. In

this regard, the directors of the Company consider that

the Group’s credit risk is significantly reduced.

The Group has concentration of credit risk as 51%

(2024: 38%) and 76% (2024: 69%) of the total trade

receivables was due from the Group’s largest trade

receivable and the five largest trade receivables

respectively. In order to minimise the credit risk, the

management of the Group has delegated a team

responsible for determination of credit limits and credit

aprovals.

In adition, the Group performs impairment asesment

under ECL model on trade receivables individualy and

based on the internal credit risk grading asesment,

those trade receivables with past due balances are

grouped under watch list. The management is of the

opinion that there has no default ocured for trade

receivables past due 90 days or more and the balances

are stil considered recoverable due to long term/on-

going relationship and god repayment record from

these customers.

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：

(a) 于厘定可退回租赁及其他按金以及

其他应收账款之预期信贷亏损时，

本集团管理层根据过往违约经验及

前瞻性资料（倘适用）对其他应收账

款之可收回性作出定期个别评估。

本公司董事已考虑持续与付款有关

之低过往违约率，并得出结论为本

集团其他应收账款之固有信贷风险

并不重大。

(b) 本集团之销售主要以现金为基础，

而本集团之贸易应收账款主要指其

中为中国知名百货公司之百货公司

的零售销售。本集团运用内部信贷

评分系统以评估潜在对手方之信贷

质素及个别界定信贷限额。给予百

货公司之信贷上限及评分每年审阅

两次。其他已实施之监察程序可确

保采取跟进行动收回逾期债务。就

此而言，本公司董事认为本集团之

信贷风险已大幅降低。

由于51%（二零二四年：38%）及

76%（二零二四年：69%）之贸易

应收账款总额分别来自本集团最大

贸易应收账款及前五大贸易应收账

款，因此本集团面临信贷风险集中

之情况。为将信贷风险减至最低，

本集团管理层已委派一支团队，专

责厘定信贷额度及信贷审批。

此外，本集团按预期信贷亏损模式

对贸易应收账款个别及按内部信贷

风险级别评估进行减值评估，而含

有逾期余额的贸易应收账款则归入

观察名单。管理层认为，由于与该

等客户之长期╱持续关系及其良好

之还款记录，逾期90天或以上之贸

易应收账款并无发生违约，且余下

账款仍被认为可收回。

2025
二零二五年
HK$’000
千港元
7,872
(7,869)
4,792
(29)
4,766

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Notes: (Continued)

(b) (Continued)

The estimated los rates are estimated by reference

to the external credit rating and internal information,

and are adjusted for forward-loking information that

is available without undue cost or efort. Such forward-

loking information is used by the management of the

Group to ases both the curent as wel as the forecast

direction of conditions at the reporting date.

The folowing table shows the movement of los

alowances that has ben recognised for trade

receivables.

Lifetime ECL

(not credit-impaired)

存续期预期信贷亏损

（非信贷减值）

二零二四年

HK$’000

千港元

As at 1 April于四月一日4,653

Changes due to financial

instruments recognised:

因金融工具确认而变

动：

— Impairment loses reversed

during the year

－年内减值亏损拨回

(4,439)

New financial asets originated已产生新金融资产7,998

Exchange adjustment汇兑调整(340)

As at 31 March于三月三十一日7,872

The Group writes of a trade receivable when there

is information indicating that the debtor is in severe

financial dificulty and there is no realistic prospect of

recovery, e.g. when the debtor has ben placed under

liquidation or has entered into bankruptcy procedings.

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：（续）

(b) （续）

估计亏损率乃参考外部信贷评级及

内部资料估计，并就毋须付出过多

成本或努力可得之前瞻性资料作出

调整。本集团管理层使用有关前瞻

资料评估呈报日期状况之当前及预

测方向。

下表显示已确认贸易应收账款之亏

损拨备变动。

倘有资料显示债务人处于严重财务

困难且并无实际收回可能（如债务人

已进入清盘或破产程序），则本集团

撇销贸易应收账款。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Notes: (Continued)

amount represents the maximum amount that the Group

has guaranted under the respective contracts and was

aproximately HK$36,450,000 (2024: HK$37,590,000)

as at 31 March 2025. At the end of the reporting

period, the directors of the Company have performed

impairment asesment by considering the financial

positions and performance of the relevant asociates,

and concluded that there has ben no significant

increase in credit risk since initial recognition of the

financial guarante contracts. Acordingly, the los

alowance for financial guarante contracts isued by

the Group is measured at an amount equal to 12m ECL.

The management of the Group considers the probability

of default is low and acordingly, los alowance was

considered as insignificant.

(d) The Group has concentration of credit risk on long-term

bank deposits and bank balances. The credit risk on

long-term bank deposits and bank balances is limited

because the counterparties are banks with high credit

ratings asigned by international credit-rating agencies.

(e) In order to minimise the credit risk, the management has

reviewed the recoverable amount of the loan receivables

at amortised cost regularly to ensure that adequate

impairment is made for irecoverable amounts. The

management aseses the ECL under 12m-ECL model

as there is no significant increase in credit risk since

the initial recognition. The management estimates the

estimated los rates of loan receivables based on the

financial position of the counterparty and considers the

los alowance is insignificant.

(f) The Group regularly monitors the busines performance

of the joint venture. The management aseses the

ECL under lifetime ECL model as there is no significant

increase in credit risk since the initial recognition and

considered the credit risk is insignificant as the credit

risk is mitigated through the power to jointly control the

asets and activities of the entity.

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：（续）

本集团于二零二五年三月三十一日

根据各合约所担保之最高金额约

为36,450,000港元（二零二四年：

37,590,000港元）。于呈报期末，

本公司董事已透过考虑相关联营公

司之财务状况及表现进行减值评

估，认为财务担保合约之信贷风险

自初始确认以来并无大幅增加。因

此，本集团发出之财务担保合约之

亏损拨备按相等于12个月预期信贷

亏损计量。本集团管理层认为违约

机率甚低，因此亏损拨备被视为微

不足道。

(d) 本集团有与长期银行存款及银行结

余有关之信贷风险集中情况。由于

交易对手方为获国际信贷评级机构

评定为具有高信贷评级之银行，长

期银行存款及银行结余之信贷风险

有限。

(e) 为将信贷风险减至最低，管理层已

定期检讨按摊销成本计量之应收贷

款之可收回金额，以确保对不可收

回金额作出足够减值。由于信贷风

险自初始确认以来并无显著增加，

管理层按12个月预期信贷亏损模型

评估预期信贷亏损。管理层按交易

对手方的财务状况估计应收贷款之

估计亏损率，并认为亏损拨备属微

不足道。

(f) 本集团定期监察合营公司的业务表

现。管理层根据存续期预期信贷亏

损模式评估预期信贷亏损，乃由于

自首次确认以来信贷风险并无显著

增加，并认为信贷风险微不足道，

此乃因为信贷风险透过共同控制实

体资产和活动的权力缓解。

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Liquidity risk

In the management of liquidity risk, the Group monitors

and maintains a level of cash and cash equivalents

demed adequate by the management to finance

the Group’s operations and mitigate the efects of

fluctuations in cash flows.

The folowing table details the Group’s remaining

contractual maturity for its financial liabilities based on

the agred repayment terms. The table has ben drawn

up based on the undiscounted cash flows of financial

liabilities based on the earliest date on which the Group

can be required to pay. The maturity dates for other

financial liabilities are based on the agred repayment

dates. The table includes both interest and principal

cash flows.

（续）

财务风险管理目标及政策（续）

流动资金风险

于管理流动资金风险时，本集团会监

察及维持管理层视作足够之现金及等

同现金项目水平，以为本集团营运提

供资金及减低现金流量波动之影响。

下表详述本集团金融负债按协定还款

期之余下合约期限。下表乃依照本集

团可能须付款之最早日期之未贴现金

融负债现金流量编制。其他金融负债

之到期日乃按协定还款日厘定。下表

包括利息及本金现金流量。

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Liquidity risk (Continued)

Liquidity and interest risk tables

Weighted

average

efective

interest rate

On demand

or les than

1 year

Over

1 year

but not

more than

2 years

Over

2 years

but not

more than

5 years

Total

undiscounted

cash flows

Carying

amount

加权平均

实际利率

按要求或

少于1年

1年以上

但2年内

2年以上

但5年内

未贴现金

流量总额账面值

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

2025二零二五年

Financial liabilities金融负债

Trade and other

payables

贸易及其他应付账款N/A

不适用100,077—100,077100,077

Lease liabilities租赁负债4.72%91,96671,09046,723209,779195,256

Financial guarante

contracts

财务担保合约N/A

不适用36,450—36,450—

2024二零二四年

Financial liabilities金融负债

Trade and other

payables

贸易及其他应付账款N/A

不适用117,863—117,863117,863

Lease liabilities租赁负债4.69%140,84973,98468,574283,407266,425

Financial guarante

contracts

财务担保合约N/A

不适用37,590—37,590—

（续）

财务风险管理目标及政策（续）

流动资金风险（续）

流动资金及利率风险列表

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Liquidity risk (Continued)

Liquidity and interest risk tables (Continued)

The amounts included above for financial guarante

contracts are the maximum amounts the Group could

be required to setle under the arangement for the ful

guaranted amount if that amount is claimed by the

counterparties to the guarante. Based on expectations

at the end of the reporting period, the Group considers

that it is more likely than not that no amount wil be

payable under the arangement. However, this estimate

is subject to change depending on the probability of the

counterparties claiming under the guarante which is a

function of the likelihod that the financial receivables

held by the counterparties which are guaranted sufer

credit loses.

Fair value measurements of financial instruments

Fair value of the Group’s financial asets that are

measured at fair value on a recuring basis

Some of the Group’s financial asets are measured

at fair value at the end of each reporting period. The

folowing table gives information about how the fair

values of these financial asets are determined (in

particular, the valuation technique(s) and inputs used).

（续）

财务风险管理目标及政策（续）

流动资金风险（续）

流动资金及利率风险列表（续）

以上就财务担保合约计入之金额为于

交易对手方申索担保金额时本集团根

据安排须偿付全数担保额之最高金

额。依照呈报期末之预期，本集团认

为不大可能须支付安排下之任何金

额。然而，此估计可能因应持有已担

保财务应收账款之交易对手方蒙受信

贷损失而按担保条款追讨之可能性而

改变。

金融工具之公平值计量

按经常性基准以公平值计量之本集团

金融资产之公平值

本集团部分金融资产于各呈报期末按

公平值计量。下表载列有关如何厘定

该等金融资产之公平值（特别是所采

用的估值技巧及输入数据）。

2025
二零二五年
HK$’000
千港元
2,387
28,333
11,807
19,806
—

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Fair value measurements of financial instruments

(Continued)

Fair value of the Group’s financial asets that are

measured at fair value on a recuring basis (Continued)

Financial asetsFair value

Fair value

hierarchyValuation techniques and key inputs

金融资产公平值公平值架构估值技巧及主要输入数据

二零二四年

HK$’000

千港元

(i) Equity instruments at FVTOCI

— unlisted investments

1,589Level 2Quoted market prices provided by brokers

which are financial institutions (note)

按公平值计入其他全面收益之

股本工具

— 非上市投资

第2级作为经纪之金融机构提供之市场报价（附注）

26,246Level 3Fair value derived by management estimation

with reference to price to sales/price

to earnings before interest and tax,

depreciation, amortisation ratio of the

industry

第3级管理层参考行业市销率╱价格比息税、折旧、

摊销前利润率进行估计得出的公平值

(i) Financial asets at FVTPL

— listed investments, equity

securities listed in Hong Kong

and overseas

12,226Level 1

第1级

Quoted bid prices in an active market

活跃市场所报之买入价

按公平值计入损益之金融资产

— 上市投资、于香港及海外上

市之股本证券

(i) Financial asets at FVTPL —

unlisted investments

18,695Level 2Quoted market prices provided by brokers

which are financial institutions (note)

按公平值计入损益之金融资产

— 未上市投资

第2级作为经纪之金融机构提供之市场报价（附注）

(iv) Loans receivables at FVTPL

按公平值计入损益之应收贷款

21,988Level 2Discounted cash flow. Future cash flow is

estimated based on the contract interest

rates, discounted at a rate that reflects the

credit risk of counter party

第2级贴现金流量。未来现金流量乃根据

合约利率估计，并按反映对手方之信贷风险

的比率贴现得出

（续）

金融工具之公平值计量（续）

按经常性基准以公平值计量之本集团

金融资产之公平值（续）

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

Fair value measurements of financial instruments

(Continued)

Fair value of the Group’s financial asets that are

measured at fair value on a recuring basis (Continued)

Note: Quoted market prices provided by brokers which are

financial institutions represent the fair values of the

respective investments, based on the observable

quoted prices of the underlying investments in an

active market.

There were no transfers betwen levels of the fair value

hierarchy during the year.

Reconciliation of Level 3 fair value measurements

The financial asets subsequently measured at fair value

on Level 3 fair value measurement represent equity

instruments at FVTOCI. During the year ended 31 March

2025, there are no purchase of equity instruments at

FVTOCI (2024: HK$22,126,000), no disposal of equity

instruments at FVTOCI (2024: HK$3,085,000) and gain

on change in fair value of HK$2,885,000 (2024: los

on change in fair value of HK$4,565,000) has ben

recognised in other comprehensive income. Out of the

total gains or loses for the period included in profit

or los, HK$2,885,000 (2024: HK$3,690,000) relates

to equity instruments at FVTOCI held at the end of the

curent reporting period.

The directors of the Company consider that the carying

amounts of financial asets and financial liabilities

recorded at amortised cost in the consolidated financial

statements aproximate to their fair values.

（续）

金融工具之公平值计量（续）

按经常性基准以公平值计量之本集团

金融资产之公平值（续）

附注：作为经纪之金融机构提供之市场报

价指相应投资之公平值，乃基于

相关投资在活跃市场中之可观察报

价。

年内并无于公平值架构层级之间进行

转移。

第3级公平值计量对账

其后在第3级公平值计量中按公平值

计量之金融资产为按公平值计入其他

全面收益之股本工具。截至二零二五

年三月三十一日止年度，并无购买按

公平值计入其他全面收益之股本工具

（二零二四年：22,126,000港元），

亦无出售按公平值计入其他全面收益

之股本工具（二零二四年：3,085,000

港元），惟公平值变动收益2,885,000

港元（二零二四年：公平值变动亏损

4,565,000港元）已于其他全面收益中

确认。计入损益的期内收益或亏损总

额之中，2,885,000港元（二零二四

年：3,690,000港元）与本呈报期末持

有的按公平值计入其他全面收益之股

本工具有关。

本公司董事认为，于综合财务报表中

按摊销成本记账之金融资产及金融负

债之账面值与其公平值相若。

2025
二零二五年
Ordinary shares HK$1,000
普通股1,000港元
Ordinary shares HK$1,000
普通股1,000港元
Ordinary shares HK$2,000
普通股2,000港元
Ordinary shares MOP$25,000
普通股25,000澳门元
Ordinary shares HK$2,000
普通股2,000港元
Ordinary share HK$1
普通股1港元
Ordinary shares HK$2
普通股2港元
Ordinary shares HK$1
普通股1港元
Ordinary shares HK$8
普通股8港元
Registered and paid-up capital US$54,000,000
注册及已缴资本 54,000,000美元
Ordinary shares JPY10,000,000
普通股10,000,000日圆

2025
二零二五年
%
100
—
100
50
100
—
—
100
100
—
100

2025
二零二五年
%
—
100
—
50
—
100
100
—
—
100
—

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

36. PRINCIPAL SUBSIDIARIES

Details of the Company’s principal subsidiaries, al of

which are limited liability companies, at 31 March 2025

and 2024 are as folows:

Name of subsidiary

Place of

incorporation/

registration/

operations

Isued and fuly paid share capital/

registered and paid-up capital

Proportion of nominal value of isued capital/

registered capital held by the CompanyPrincipal activities

附属公司名称

注册成立╱

登记╱经营地点已发行及缴足股本╱注册及已缴资本公司所持已发行股本面值╱注册资本之比例主要业务

DirectlyIndirectly

直接间接

二零二四年二零二四年二零二四年

La Suise Watch Company LimitedHong KongOrdinary shares

HK$1,000

100—Watch trading

瑞士表行有限公司香港普通股1,000港元钟表经销

Oriental Watch (China) Company

Limited

Hong KongOrdinary shares

HK$1,000

—100Watch trading and investment

holding

东方表行（中国）有限公司香港普通股1,000港元钟表经销及投资控股

Oriental Watch Company LimitedHong KongOrdinary shares

HK$2,000

100—Watch trading

东方表行有限公司香港普通股2,000港元钟表经销

Oriental Watch (Macau) Company

Limited

MacauOrdinary shares

MOP$25,000

5050Watch trading

东方表行（澳门）有限公司澳门普通股25,000澳门元钟表经销

Cathay Watch Company LimitedHong KongOrdinary shares

HK$2,000

100—Watch trading

国泰表行有限公司香港普通股2,000港元钟表经销

Sharp Beauty LimitedHong KongOrdinary share

HK$1

—100Investment holding

丽亮有限公司香港普通股1港元投资控股

Unex Development LimitedHong KongOrdinary shares

HK$2

—100Property holding

宇立发展有限公司香港普通股2港元持有物业

Eastfair LimitedHong KongOrdinary shares

HK$1

100—Securities investment

东方有限公司香港普通股1港元证券投资

Fuly Field Development LimitedHong KongOrdinary shares

HK$8

100—Property holding

满辉发展有限公司香港普通股8港元持有物业

东方表行（中国）贸易有限公司

(Oriental Watch (China)

Trading Co., Ltd.)

The PRC (note)Registered and

paid-up capital

US$54,000,000

—100Watch trading

东方表行（中国）贸易有限公司中国（附注）注册及已缴资本

54,000,000美元

钟表经销

东力株式会社JapanOrdinary shares

JPY10,000,000

100—Property investment

日本普通股10,000,000日圆普通股10,000,000日圆物业投资

Note: These companies were established in the PRC in the

form of wholy foreign-owned enterprise.

36. 主要附属公司

于二零二五年及二零二四年三月

三十一日，本公司主要附属公司（均

为有限公司）之详情如下：

附注：该等公司于中国以外商独资企业之

形式成立。

2025
二零二五年
1
6
8
1
9
16

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

36. PRINCIPAL SUBSIDIARIES (Continued)

The above table lists the subsidiaries of the Company

which, in the opinion of the directors of the Company,

principaly afected the results or asets of the

Group. To give details of other subsidiaries would,

in the opinion of the directors, result in particulars of

excesive length.

None of the subsidiaries had any debt securities

outstanding at the end of the year, or at any time during

the year.

At the end of the reporting period, the Company has

other subsidiaries that are not material to the Group.

A majority of these subsidiaries operate in Hong Kong,

the PRC and Taiwan. The principal activities of these

subsidiaries are sumarised as folows:

Principal activitiesPrincipal place of businesNumber of subsidiaries

主要业务主要业务地点附属公司数目

二零二四年

Watch trading

钟表经销

Hong Kong

香港1

Investment holding

投资控股

Hong Kong

香港6

Inactive

暂无营业

Hong Kong

香港8

Taiwan

台湾1

（续）

上表载列本公司董事认为主要影响本

集团业绩或资产之本公司附属公司。

董事认为，如载列其他附属公司之详

情，则会导致资料过份冗长。

各附属公司于年终或年内任何时间概

无任何未偿还债务证券。

于呈报期末，本公司有对本集团而言

并非重大之其他附属公司。大部分该

等附属公司于香港、中国及台湾经

营。该等附属公司之主要业务概述如

下：

2025
二零二五年
HK$’000
千港元
88,105
1,260
89,365

2025
二零二五年
HK$’000
千港元
20,911

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. RELATED PARTY TRANSACTIONS

Compensation of key management personel

The key management personel are the directors of

the Company. The remuneration of directors during the

year was as folows:

二零二四年

HK$’000

千港元

Short-term benefits短期福利110,606

Post-employment benefits离职后福利1,181

111,787

The remuneration of directors is determined by

the remuneration comite having regard to the

performance of individuals and market trends.

Amount due from a Joint Venture

二零二四年

HK$’000

千港元

Amount due from a joint venture应收一间合营公司款项—

The amount due from a joint venture is trade in nature,

unsecured, interest fre and repayable on demand.

37. 有关连人士交易

主要管理层人员之补偿

主要管理层人员为本公司董事。年内

之董事酬金如下：

董事薪酬由薪酬委员会经考虑个人表

现及市场趋势后厘定。

应收一间合营公司款项

应收一间合营公司款项乃属贸易性

质、无抵押、免息及须按要求偿还。

2025
二零二五年
HK$’000
千港元
116
619,279
2,387
621,782
629,265
1,838
1,200
632,303
71,648
618,761
690,409
(58,106)
563,676
48,736
514,940
563,676

Oriental Watch Holdings Limited 东方表行集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

38. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

二零二四年

HK$’000

千港元

Non-curent asets非流动资产

Property, plant and equipment物业、机器及设备145

Investments in subsidiaries于附属公司之投资619,279

Equity instruments at FVTOCI按公平值计入其他全面

收益之股本工具1,589

621,013

Curent asets流动资产

Amounts due from subsidiaries应收附属公司款项629,034

Bank balances and cash银行结余及现金1,259

Financial asets at FVTPL按公平值计入损益之

金融资产600

630,893

Curent liabilities流动负债

Other payables其他应付账款81,589

Amounts due to subsidiaries应付附属公司款项527,064

608,653

Net curent (liabilities) asets流动（负债）资产净值22,240

Net asets资产净值643,253

Capital and reserves资本及储备

Share capital股本48,736

Reserves (note (a)储备（附注(a)）594,517

Total equity权益总额643,253

38. 本公司之财务状况表

Oriental Watch Holdings Limited 东方表行集团有限公司

Anual Report 2025 二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

38. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY (Continued)

Note:

(a) Movements of the Company’s reserves during the

curent and the prior years are as folows:

premium

Capital

redemption

reserve

Contributed

surplus

Aset

revaluation

reserve

Retained

profits

Dividend

reserveTotal

股份溢价资本赎回储备缴入盈余资产重估储备保留溢利股息储备合计

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

千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日303,250425122,1833,60116,696143,771589,926

Profit for the year年内溢利—288,134—288,134

Change in fair value of equity

instruments at FVTOCI

按公平值计入其他全面收益之

股本工具之公平值变动—(875)—(875)

Total comprehensive (expense)

income for the year

年内全面（开支）收益总额

—(875)288,134—287,259

2023 final dividend paid已派发二零二三年末期股息—(36,552)(36,552)

2023 special dividend paid已派发二零二三年特别股息—(107,219)(107,219)

2024 interim dividend declared/paid已宣派╱已派发二零二四年中期股息—(34,115)—(34,115)

2024 interim special dividend

declared/paid

已宣派╱已派发二零二四年中期特别

股息—(104,782)—(104,782)

2024 final dividend proposed拟派发二零二四年末期股息—(28,267)28,267—

2024 special dividend proposed拟派发二零二四年特别股息—(83,826)83,826—

Disposal of equity instruments at

FVTOCI

出售按公平值计入其他全面收益之

股本工具—(1,825)1,825—

At 31 March 2024于二零二四年三月三十一日303,250425122,18390155,665112,093594,517

Profit for the year年内溢利—151,608—151,608

Change in fair value of equity

instruments at FVTOCI

按公平值计入其他全面收益之

股本工具之公平值变动—798—798

Total comprehensive income for the

year

年内全面收益总额

—798151,608—152,406

2024 final dividend paid已派发二零二四年末期股息—(28,267)(28,267)

2024 special dividend paid已派发二零二四年特别股息—(83,826)(83,826)

2025 interim dividend declared/paid已宣派╱已派发二零二五年中期股息—(29,729)—(29,729)

2025 interim special dividend

declared/paid

已宣派╱已派发二零二五年中期特别

股息—(90,161)—(90,161)

2025 final dividend proposed拟派发二零二五年末期股息—(20,469)20,469—

2025 special dividend proposed拟派发二零二五年特别股息—(60,920)60,920—

At 31 March 2025于二零二五年三月三十一日303,250425122,1831,6995,99481,389514,940

The contributed surplus arose as a result of the

diference betwen the agregate net tangible

asets of the subsidiaries by the Company and the

nominal amount of the Company’s shares which were

isued to acquire those subsidiaries under the group

reorganisation in 1993.

（续）

附注：

(a) 本公司储备于本年度及过往年度之

变动如下：

缴入盈余因本公司附属公司净有形资

产总值与于一九三年根据集团重组

为收购该等附属公司而发行之本公司

股份面值两者之差额而产生。

2025
二零二五年
HK$’000
千港元
3,449,857
336,555
(136,064)
200,491
200,496
(5)
200,491

2025
二零二五年
HK$’000
千港元
2,243,513
(488,731)
1,754,782
1,753,039
1,743
1,754,782

Oriental Watch Holdings Limited 东方表行集团有限公司

FINANCIAL SUMARY

财务摘要

Year ended 31 March

截至三月三十一日止年度

二零二一年二零二年二零二三年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

RESULTS业绩

Revenue收益3,504,0223,639,7743,704,6773,638,758

Profit before taxation除税前溢利355,736513,437440,058396,474

Income tax expense所得税开支(123,112)(150,461)(144,534)(145,324)

Profit for the year年内溢利232,624362,976295,524251,150

Atributable to:以下人士应占：

Owners of the

Company

本公司拥有人

233,256362,574295,432250,488

Non-controling

interests

非控股权益

(632)40292662

Profit for the year年内溢利232,624362,976295,524251,150

At 31 March

于三月三十一日

二零二一年二零二年二零二三年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

ASETS AND

LIABILITIES

资产及负债

Total asets资产总值2,727,5302,879,2752,619,2582,387,475

Total liabilities负债总额(736,981)(843,108)(723,327)(591,508)

1,990,5492,036,1671,895,9311,795,967

Equity atributable

to owners of the

Company

本公司拥有人应

占权益

1,991,4952,035,0071,894,7451,794,170

Non-controling

interests

非控股权益

(946)1,1601,1861,797

1,990,5492,036,1671,895,9311,795,967

Oriental Watch Holdings Limited

东方表行集团有限公司

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSION AND

ANALYSIS

主席报告及管理层讨论及分析

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

1993. He became Managing Director and Chairman of the

1992. He is the Finance Director and Company Secretary

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

Note: Mr. Yeung Him Kit, Denis and Madam Yeung Man Ye,

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告