00084 宝光实业 财务报表/环境、社会及管治资料：年报二零二五
（Stock Code 股份代号：84）
Anual Report 2025
年报二零二五
CONTENTS
Financial Sumary 1
Report of the Directors 2
Management Discusion and Analysis 27
Independent Auditor’s Report 34
Consolidated Income Statement and Statement
of Other Comprehensive Income 44
Consolidated Balance Shet 45
Consolidated Statement of Changes in Equity 47
Consolidated Statement of Cash Flows 48
Notes to the Consolidated Financial Statements 50
Particulars of Investment Properties Held 167
Environmental, Social and Governance Report 168
Corporate Governance Report 208
Corporate Information 234
Company Directory 236
Financial Calendar 239
财务摘要
董事会报告书
管理层讨论及分析
独立核数师报告
综合收益表及其他全面
收益表
综合资产负债表
综合权益变动表
综合现金流量表
综合财务报表附注
所持投资物业详情
环境、社会及管治报告
企业管治报告
公司资料
公司资料索引
财务日志
目录
FINANCIAL SUMARY
STELUX Holdings International Limited
ANUAL REPORT 2025
财务摘要
HK$’MHK$’MHK$’MHK$’MHK$’M
港币佰万元港币佰万元港币佰万元港币佰万元港币佰万元
Consolidated income statement
for the years ended 31 March
综合收益表
截至3月31日止年度
Revenue收入706.3692.5805.5767.6615.2
Net (los)/profit for the year年度净（亏损）╱溢利(81.6)(106.5)51.1473.3(106.8)
Interim dividend paid已派中期股息–
Final dividend proposed拟派末期股息–
Consolidated balance shet综合资产负债表
as at 31 March 3月31日结算
Asets资产1,357.81,182.01,063.11,428.61,426.1
Les: liabilities and减：负债及
non-controling interests 非控股权益870.3803.9639.0522.0512.9
Shareholders’ funds股东资金487.5378.1424.1906.6913.2
HK$HK$HK$HK$HK$
港币元港币元港币元港币元港币元
Per share data每股资料
(Los)/earnings（亏损）╱盈利(0.0783)(0.102)0.04850.4521(0.1028)
Interim dividend paid已派中期股息–
Final dividend proposed拟派末期股息–
Shareholders’ funds股东资金0.4660.3610.4050.8660.877
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
The directors of the Company (the “Board”) submit their report
together with the audited consolidated financial statements for
the year ended 31 March 2025.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The
activities of its principal subsidiaries are set out in Note 38 on
pages 164 to 166 to the consolidated financial statements.
BUSINES REVIEW
A fair review of the Group’s busineses for the year ended 31
March 2025 and an indication of likely future development in
the Group’s busineses are set out under Management Discusion
and Analysis on pages 27 to 33.
There were no important events afecting the Group that have
ocured since the end of FY2024/25.
Stelux is a company that cares about the way it does busines,
the way we engage with our customers, our employes, our
supliers, and others in general. Certain core principles underpin
the way we achieve our busines objectives. We engage our
busines partners and treat our employes in a fair, honest
and responsible maner to deliver sustainable results to our
shareholders.
Our vision to “Beautify and enrich lives through our products and
services” underscores the way we engage with our customers.
From our lifestyle products, ranging from trendy watches and
smart watches available at our physical and online stores, we
strive to deliver a personal shoping experience to our customers
engaging them through traditional and social media.
Customers loking for a wide brand selection wil enjoy shoping
at multi-branded retailer “CITY CHAIN”, apealing to customers
who enjoy fashionable watches.
本公司董事会（「董事会」）提呈董事会报告书连同
截至2025年3月31日止年度的经审核综合财务报
表。
主要业务
本公司的主要业务为投资控股。其主要附属公司
的业务载于综合财务报表第164页至第166页附注
38。
业务回顾
有关截至2025年3月31日止年度本集团业务的公
平检讨及本集团业务未来可能发展的评论载于第
27页至第33页的管理层讨论及分析。
自于2024/25财政年度结束以来，概无发生对集
团造成影响的重要事件。
宝光一直重视其经营业务的手法以及与顾客、员
工、供应商及其他人士的互动形式。我们依照若
干核心原则经营业务，务求实现业务目标。我们
以公平、诚实及负责的态度与业务伙伴合作及对
待员工，从而为股东带来持续回报。
「通过我们提供的产品和服务，丰富和美化您的
生活」的愿景强调了我们服务客户的方式。由我
们的实体店舖及网上购物平台所提供的潮流手表
及智能穿戴式装置等生活产品，本集团致力为顾
客带来传统及社交媒体层面的个人购物体验。
作为多样化品牌零售商，「时间廊」让客户享有广
泛的钟表品牌选择，吸引追求时尚钟表的客户。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
As for the Group’s watch wholesale busines, (in adition to
seling to CITY CHAIN), our customers comprise of a large
network of independent dealer stores spaning, Hong Kong,
Singapore, Malaysia, Macau and Brunei. Many of these dealers
have ben doing busines with the Group for an average period
of over 25 years. Some of our watch dealers operate at least 2
points of sales.
With older workers delaying retirement and younger workers
joining the workforce, the Group is aware of the chalenges
brought on by these underlying structural changes and also
higher employe expectations towards work life balance and
work fluidity. We continue with our mision to grow, respect
and reward our employes as they progres their carers with us.
More details on the Group’s employment and labour practices
can be found on pages 194 to 200 of the Environmental, Social
and Governance Report.
The Group’s supliers are an important component of our
busineses, ranging from upstream component vendors,
asemblers and manufacturers to downstream third party
brand principals and distributors, where third party brands
are sourced. Some brand principals have ben partnering the
Group for over 20 years. Credit terms granted by the Group’s
supliers range from 30 to 90 days. More details on our suply
chain management are set out on pages 200 to 201 of the
Environmental, Social and Governance Report.
Busineses require stable relationships with their lenders.
Without exception, the Group maintains strong and active
comunications with its lenders who provide important trade
and other short and long term credit facilities. These lenders
range from local banks with strong local conections to regional
and global banks with solid reputations.
The Group faces certain principal risks and uncertainties,
described below (in no order of preference):
关于本集团的钟表批发业务（销售予时间廊除
外），本集团的客户包括庞大的独立代理店舖网
络，横跨香港、新加坡、马来西亚、澳门及汶
莱。大部分代理商与本集团于业务上已合作多
年，平均年期超过25年。部份钟表代理商于最少
2个销售点经营。
随著老年员工延迟退休及年轻员工人加入工作岗
位，本集团关注到劳工市场的潜在结构变化及员
工对工作生活平衡及工作流动性的更高期望带来
挑战。我们亦明白使命感对员工表现、满意程度
及留任率极为重要，我们将继续履行我们的使
命，在员工与我们的职业生涯中不断成长、尊重
及奖励他们。有关本集团雇员及劳工常规的详情
载于环境、社会及管治报告内第194页至第200
页。
本集团的供应商为业务的重要部分，包括从事上
游业务的零件供应商、装配商和制造商以及从事
下游业务的第三方品牌代理及分销商。一些品牌
代理与本集团合作已超过20年。本集团供应商授
出的信贷期介乎30至90日。有关供应链管理的详
情载于环境、社会及管治报告内第200页至第201
页。
企业须与借贷人保持稳定的关系。本集团与其借
贷人维持良好及积极沟通，以获取重要贸易融资
（包括其他短期及长期贸易融资）。我们的借贷人
包括拥有强大网络的本地银行以及具备良好声誉
的地区及国际银行。
本集团所面对的主要风险及不确定性如下（排名
不分先后）：
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
Due to the chalenging busines environment, cash flow
management was strengthened with apropriate measures
adopted to improve liquidity. For more details, refer to the
“Finance” section of the Management, Discusion and Analysis
on pages 31 to 32.
As inventory levels impact sales, profitability and cash flows and
with long production lead times for some products, efective
inventory management is important. Systems are in place to
ensure key functions including merchandising, store operations
and finance closely monitor metrics like, inventory levels, aging
and turnover ratios. The Group adopts a conservative aproach
to ordering and purchasing stock with increased monitoring due
to the adverse busines environment. There are also measures to
fasten stock turn and to facilitate disciplined capital management
including flexible cros regional clearance initiatives.
Securing the right store location at an apropriate rental is
another principal driver of performance and afects Group
turnover and profitability. Leasing, store operations, finance and
senior management review and ases location suitability using a
checklist of pre-agred criteria. A dedicated leasing team focuses
on leasing strategies and activities in our major markets.
Product sourcing impacts Group turnover, gros margins and
inventory levels. CITY CHAIN being a multi-branded retailer,
sources a proportion of products from third party brand
principals or distributors and there is no asurance that suply
wil continue on terms aceptable to the Group. CITY CHAIN
has a dedicated merchandising function to focus on sourcing of
non-house branded products and maintaining god relationships,
particularly with principal supliers. We lok to form medium
to long term strategic brand partnerships with our supliers,
working closely with them to facilitate the sharing of fashion
trends and market information. To stay atuned to customer
tastes and preferences, market research on social media trends,
competitors’ oferings and market visits are caried out regularly,
and customer fedback is closely monitored.
The Group’s financial risks and relevant management policies
can be found in the “Finance” section under Management,
Discusion and Analysis on pages 31 to 32 and Note 6 to the
consolidated financial statements.
Laws and regulations governing consumer protection,
employment and personal data have a significant impact on the
Group’s retail busineses.
由于营商环境充满挑战，本公司更加重视现金流
管理，并采取适当措施加强流动性。进一步详情
载于第31页至第32页的管理层讨论及分析内「财
务」一节。
由于存货水平影响销售、盈利能力、现金流量及
若干生产周期较长的产品，故有效的存货管理甚
为重要。集团已建立系统以确保透过主要职能，
包括商品、店舖营运及财务，密切监察指标、存
货水平、账龄及周转率。由于不利的商业环境，
本集团采取保守方式订购及购买存货。亦有措施
加快存货周转期，并加强资本管理纪律，包括采
取弹性跨区减存货的措施。
能确保于合适地点并按合适的租金开设店舖是另
一个对业绩表现的主要推动力，并影响集团营业
额及盈利水平。不同的部门，包括租赁、店舖营
运、财务及高级管理层利用预先协定的准则审核
及评估位置合适度。本集团设有租赁团队专注于
主要市场的租赁策略及活动。
产品采购影响集团营业额、毛利率及存货水平。
「时间廊」作为多品牌零售商，不少产品均采购自
第三方品牌代理或分销商，因此难确保供应符合
集团可接受的条款。「时间廊」设有采购部，专注
于采购非自家品牌产品尤其与主供应商维持良好
关系。本集团采取与供应商建立中长期战略品牌
合作伙伴关系的策略与其密切合作，促进交流时
尚趋势及市场资料。为适时了解客户喜好，本集
团定期进行社交媒体市场研究、竞争对手的产品
及考察，并对客户反馈进行密切监控。
有关本集团财务风险及有关管理政策的详情载于
管理层讨论及分析内的「财务」部分第31页至第32
页及综合财务报表附注6。
监管消费者保障、雇佣及个人资料的法律及法规
对本集团的零售业务造成重大影响。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
A non-exhaustive list of these laws are:
• Environment (se page 173 to 174)
• Employment (se page 174 to 176)
• Products and Service (se page 176 to 177)
• Busines Ethics (se page 177 to 178)
A non-exhaustive list of relevant aplicable consumer protection
legislation for each teritory where the Group operates are as
folows:
Mainland China:
- ‘s Republic of China on the Protection of
Consumer Rights and Interests
Hong Kong:
• Control of Exemption Clauses Ordinance 2018
• Sale of Gods Ordinance 2018
• Trade Descriptions Ordinance 2022
Macau:
• Consumer Rights and Interests Protection Law
Malaysia:
• Consumer Protection Act
• Sale of Gods Act
Singapore:
• Consumer Protection (Fair Trading) Act
• Consumer Protection (Trade Descriptions And Safety
Requirements) Act
• Sale of Gods Act
Thailand:
• Consumer Protection Act B.E. 2522 (1979)
The Group has an in-house legal function and where necesary
seks external legal advice and training to kep abreast of latest
developments in diferent areas of law. There was no material
non-compliance with the above laws and regulations for the year
ended 31 March 2025.
此等法律的一个非详尽的清单：
- （参阅第173至174页）
- （参阅第174至176页）
- （参阅第176至177页）
- （参阅第177至178页）
本集团经营所在每个地区的相关的适用消费者保
障法规的非详尽清单如下：
中国内地：
• 中华人民共和国消费者权益保护法
香港：
- 《2018年管制免责条款（修订）条例》
- 《2018年货品售卖（修订）条例》
- 《2022年商品说明（修订）条例》
澳门：
• 消费者权益保护法
马来西亚：
• 消费人保护法令
• 货品销售法
新加坡：
- （公平交易）法
- （商品说明及安全规定）法
• 商品销售法
泰国：
• 1979年消费者保护法B.E. 2522
本集团设有内部法律部门，并于需要时寻求外部
法律意见及培训，以了解不同范畴相关法律的最
新发展情况。于截至2025年3月31日止年度，本
集团并无严重违反以上法律及法规。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
Climate change and other social isues may at times impact our
busines decisions and actions. Our environmental policy is
based on 3R’s – to reduce, reuse or recycle whenever feasible or
practical so as to reduce our environmental impact. Changing
the way we consume the earth’s resources requires the colective
eforts of individuals and busineses together with suportive
and progresive environmental policies enacted by governments.
The diferent regions where we operate in have varying degres
of comitment to environmental friendly legislation, regulations
and practices, and in places with les awarenes, there are more
constraints on our performance.
Further reporting on environmental maters can be found on
pages 183 to 193 of the Environmental, Social and Governance
Report.
RESULTS AND DIVIDENDS
The results of the Group for the year ended 31 March 2025 are
set out in the consolidated income statement and statement of
other comprehensive income on page 44.
No interim dividend was paid during the year (2024: nil).
The directors did not recomend the payment of a final dividend
in respect of the year ended 31 March 2025 (2024: nil).
DONATIONS
During the year, the Group made charitable and other donations
of HK$102,800.
SHARES ISUED IN THE YEAR
Details of the shares isued in the year ended 31 March 2025 are
set out in Note 26 to the consolidated financial statements.
FIVE-YEAR FINANCIAL SUMARY
A sumary of the results and of the asets and liabilities of the
Group for the last five financial years is set out on page 1 of this
anual report.
DISTRIBUTABLE RESERVES
As at 31 March 2025, the distributable reserves of the Company
available for distribution as dividends to shareholders amounted
to HK$32.737 milion (2024: HK$32.737 milion).
气候变化及其他社会问题于任何时候或对我们的
业务决策及措施造成一定影响。我们的环境政策
根据减量、再利用及循环使用的环保3R原则而
定，以减少环境影响。改变消耗地球资源的模式
须集合个人及商界的共同努力，并配合政府推行
的鼓励及推动环保政策。本集团不同的营运所在
地区都推行不同程度的环保法例、法规及惯例，
但低环保意识的地区则对本集团的表现造成较多
限制。
环保事项的进一步汇报详情载于第183页至第193
页的环境、社会及管治报告。
业绩及股息
本集团截至2025年3月31日止年度的业绩载于第
44页的综合收益表及其他全面收益表内。
年内，本公司并没有派发中期股息（2024年：
无）。
董事会不建议派发截至2025年3月31日止年度的
末期股息（2024年：无）。
捐款
年内，本集团作出慈善及其他捐款港币102,800
元。
年内已发行股份
截至2025年3月31日止年度已发行的股份的详情
载于综合财务报表附注26。
五年财务摘要
本集团于过去五个财政年度之业绩以及资产及负
债摘要载于年报第1页。
可分派储备
于2025年3月31日，本公司可作为股息向股东分
派的可分派储备为港币32.737佰万元（2024年：
港币32.737佰万元）。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Company’s
Bye-laws although there is no restriction against such rights
under the laws in Bermuda.
DIRECTORS AND INTERESTS IN TRANSACTIONS,
ARANGEMENTS AND CONTRACTS
The directors during the year and up to the date of this report
were:
Joseph C. C. Wong (Chairman and Chief Executive Oficer)
Suriyan Joshua (Vice Chairman and Executive Director)
Kanjanapas
Liao Ching Mei (Executive director and Chief Financial
Oficer)
Jef Ho Chi Kin (Independent non-executive director)
(retired on 20 August 2024)
Ricky Lai Kai Ming (Independent non-executive director)
Honus Cheung Ho Ling (Independent non-executive director)
(retired on 20 August 2024)
Chan Cheuk Pan (Independent non-executive director)
(apointed from 20 August 2024)
Lai Chun Yu (Independent non-executive director)
(apointed from 20 August 2024)
In acordance with the Company’s Bye-law 110(A), Mr. Ricky
Lai Kai Ming and Ms. Liao Ching Mei wil retire by rotation at the
Company’s forthcoming Anual General Meting (“AGM”). Mr.
Ricky Lai Kai Ming and Ms. Liao Ching Mei being eligible, ofers
themselves for re-election.
During the year and up to the date of this report, Mr. Joseph C. C.
Wong, Mr. Suriyan Joshua Kanjanapas and Ms. Liao Ching Mei
are also directors in certain subsidiaries of the Company. Other
directors of the Company’s subsidiaries in Hong Kong during the
year and up to the date of this report are: Mr. Wiliam Hui Kin
Wai, Ms. Stela Chow Yin Oi and Mr. Johny Chan Kon Kiu.
No director has a service contract with the Company which
is not determinable by the employer within one year without
payment of compensation (other than statutory compensation).
优先认股权
本公司的公司细则并无有关优先认股权的规定，
百慕达的法例亦无对该等权利作出限制。
董事及交易、协议及合约权益
年内及直至本报告日期的在任董事如下：
黄创增 （主席及行政总裁）
黄瑞欣 （副主席及执行董事）
廖晶薇 （执行董事及首席财务总裁）
何致坚 （独立非执行董事）
（于2024年8月20日退任）
黎启明 （独立非执行董事）
张可玲 （独立非执行董事）
（于2024年8月20日退任）
陈焯彬 （独立非执行董事）
（于2024年8月20日获委任）
黎振宇 （独立非执行董事）
（于2024年8月20日获委任）
按照公司细则第110(A)条，黎启明先生及廖晶薇
女士将于本公司应届股东周年大会（「股东周年大
会」）轮席告退。黎启明先生及廖晶薇女士合资格
并愿膺选连任。
年内及直至本报告日期，黄创增先生、黄瑞
欣先生及廖晶薇女士同为本公司若干附属公
司董事。年内及直至本报告日期，其他香港
本公司附属公司董事：许健伟先生，周燕爱
女士及陈冠桥先生。
各董事概无与本公司订立本公司不可于1年内免
付补偿（法定赔偿除外）而终止的服务合约。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
DIRECTORS AND INTERESTS IN TRANSACTIONS,
ARANGEMENTS AND CONTRACTS (continued)
The Company’s directors have formal leters of apointment
seting out the key terms and conditions of their apointment.
During the year, Mr. Joseph C.C. Wong, Mr. Suriyan Joshua
Kanjanapas and Ms. Liao Ching Mei were eligible to an anual
bonus determinable under the terms of a KPI based executive
bonus scheme with respect to their management of the Group.
Provision for the bonus under the executive bonus scheme for
the year ended 31 March 2025 was HK$1,000,000.
Apart from the foregoing and continuing conected transactions
and related party transactions (disclosed in Note 35 to the
consolidated financial statements) of the Group, no other
transactions, arangements and contracts of significance in
relation to the Group’s busineses to which the Company’s
subsidiaries or its holding company was a party and in which a
director of the Company and the director’s conected party had
a material interest, whether directly or indirectly, subsisted at the
end of the year or at any time during the year.
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR
EXECUTIVES
Chairman and Chief Executive Oficer
Mr. Chumphol KANJANAPAS (aka Joseph C. C. Wong), aged 65,
was apointed an executive director of the Company in 1986.
Mr. Wong undertok his tertiary studies in the United Kingdom.
He graduated from the University of Bradford with a B.Sc. in
Industrial Enginering (First Clas Honours). Mr. Wong also
holds a M.Sc. (with Distinction) in Operational Research from
the University of Southampton. Mr. Wong being the Founding
Honorary Patron and a member of the Board of Directors of
the HKU Foundation has ben serving the HKU Foundation for
nearly 30 years. He was awarded an Honorary Felowship by the
University of Hong Kong in 2012.
He is the father of Mr. Suriyan Joshua KANJANAPAS, Vice
Chairman and Executive Director of the Company.
董事及交易、协议及合约权益（续）
本公司董事均有正式委任信，载列其委任的主要
条款及条件。年内，黄创增先生、黄瑞欣先生及
廖晶薇女士就管理本集团作出贡献而合资格根
据「关键绩效指标」之行政人员花红计划条款获得
待定金额之年度花红。截至2025年3月31日止年
度，就行政人员花红计划合资格董事而作出之行
政人员花红拨备为港币1,000,000元。
除上述者及本集团的持续关联交易及有关联人士
交易（详请载于综合财务报表附注35）外，于年终
时或年内任何时间，概无任何本公司附属公司或
其控股公司所签订而本公司董事及其关联方直接
或间接享有重大利益之与本集团业务有关之重要
交易、协议及合约。
董事及高级管理人员的履历详情
主席及行政总裁
黄创增先生，65岁，于1986年获委任为本公司执
行董事。黄先生于英国接受高等教育，毕业于布
拉德福德大学，并拥有工业工程专业理学士学位
（一级荣誉）。黄先生亦持有英国南开普敦大学运
筹学理硕士学位（最优等）。黄先生为香港大学基
金创会荣誉会长及董事局成员，并已于该基金的
董事会任职近三十年。彼于2012年获得香港大学
名誉院士衔头。
彼为本公司副主席及执行董事黄瑞欣先生之父
亲。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR
EXECUTIVES (continued)
Vice Chairman and Executive Director
Mr. Suriyan Joshua KANJANAPAS, aged 33, was apointed a
non-executive director of the Company on 20 October 2021
and re-designated as an executive director of the Company in
April 2024. He holds a Bachelor of Busines Administration
and Law, a Bachelor of Laws and a Postgraduate Certificate
in Laws from the University of Hong Kong. He also holds a
Master of Science in Development Management from the
London Schol of Economics and Political Science. He has
ben a practising barister since 2018, with a predominantly
civil practice, specialising in construction law and company
law. Mr. Kanjanapas was a non-clinical lecturer for contract and
land law at the University of Hong Kong from August 2019 until
December 2024. He was admited as a Member of the Chartered
Institute of Arbitrators in 2021.
Mr. Kanjanapas is curently serving as Executive Comite
Member at the Hong Kong Retail Management Asociation
(HKRMA).
He is the son of Mr. Chumphol Kanjanapas (aka Joseph C.C.
Wong), the Chairman and Chief Executive Oficer of the
Company.
Executive Director and Chief Financial Oficer
Ms. LIAO Ching Mei, aged 46, joined the Stelux Group
in 2006 and was apointed Executive Director and Chief
Financial Oficer (“CFO”) on 24 November 2023. Ms. Liao
also serves as director of various subsidiaries of the Company.
Ms. Liao graduated from The Chinese University of Hong
Kong and holds a Bachelor of Busines Administration
Degre in Profesional Acountancy. She is a member of
the Hong Kong Institute of Certified Public Acountants. She
has over 20 years of experience in financial management,
having previously worked at an international audit firm.
董事及高级管理人员的履历详情（续）
副主席及执行董事
黄瑞欣先生，33岁，于2021年10月20日获委任
为本公司非执行董事及于2024年4月调任为执行
董事。黄先生持有香港大学工商管理学士（法
学）、法学士及法学研究生证书。彼亦持有伦敦
政治经济学院发展管理学硕士学位。自2018年
起，彼一直为一名执业大律师，主要从事民事执
业，专长于建筑法及公司法。黄先生于2019年8
月至2024年12月亦于香港大学担任合约及土地法
的非临床讲师。于2021年，彼获英国特许仲裁师
公会接纳为会员。
黄先生亦为现届香港零售管理协会执委会成员。
彼为本公司主席及行政总裁黄创增先生之子。
执行董事及首席财务总裁
廖晶薇女士，46岁，于2006年加入宝光集团，并
于2023年11月24日获委任为执行董事及首席财
务总裁。廖女士亦担任本公司多间附属公司之董
事。廖女士毕业于香港中文大学并持有工商管理
学士专业会计学位。彼为香港会计师公会员。
彼此前曾于国际审计师事务所任职，拥有超过20
年财务管理经验。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR
EXECUTIVES (continued)
Directors
Mr. Ricky LAI Kai Ming, aged 54, was apointed an independent
non-executive director of the Company on 31 August 2021. On
17 March 2025, Mr. Lai was apointed as Chief Strategy Oficer
of Oklin International Limited, a gren technology company
that provides inovative organic resources recycling solutions
to clients around the world. He holds a Master of Busines
Administration degre from Lancaster University, Certificate
of Busines Sustainability Management from University of
Cambridge and Certificate in ESG Investing from CFA Institute.
Mr. Lai worked in several international banking roles with
Standard Chartered Bank, Deutsche Bank and HSBC in London,
Tokyo and Hong Kong in relation to corporate banking, risk
management and compliance. Mr. Lai’s last position was at
HSBC where he was Head of Client Management, Global
Banking and Markets in Hong Kong. Mr. Lai was the Chief
Executive Oficer of FWM Group from December 2016 to April
2022, a multi-concept hospitality group operating restaurant
concepts. Mr. Lai was the President of Red Lobster China, a
seafod concept chain of restaurants which has over 750 outlets
worldwide, from April 2018 to April 2022. Mr. Lai has ben
an independent non-executive director of i-Control Holdings
Limited (HKEX stock code: 1402) from May 2022 to July 2024.
董事及高级管理人员的履历详情（续）
董事
黎启明先生，54岁，于2021年8月31日获委任为
本公司独立非执行董事。黎先生于2025年3月17
日获委任为Oklin International Limited的首席策
略官，一家为全球客户提供创新有机资源回收解
决方案的绿色科技公司。黎先生持有兰卡斯特大
学工商管理硕士学位。黎先生亦持有英国剑桥大
学商业可持续发展管理证书，及特许金融分析师
协会，ESG投资证书。黎先生在伦敦、东京及香
港渣打银行、德意志银行及汇丰银行担任若干国
际银行的职务，涉及企业银行业务、风险管理及
合规。黎先生于汇丰银行最后任职为香港环球银
行及市场的客户管理主管。黎先生于2016年12
月至2022年4月担任FWM集团的首席执行官，
FWM集团为一个多概念的餐饮集团，经营概念
餐厅。黎先生于2018年4月至2022年4月担任Red
Lobster China的总裁，其为一家海鲜概念的连锁
餐厅，在全球拥有超过750家门店。从2022年5
月至2024年7月，黎先生为超智能控股有限公司
（股份代号：1402）之独立非执行董事。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR
EXECUTIVES (continued)
Directors (continued)
CHAN Cheuk Pan, aged 34, was apointed an independent
non-executive director of the Company on 20 August 2024.
With over a decade of experience in finance and acounting,
Mr. Chan began his carer at EY, where his key roles included
leading and executing audit engagements for a diverse
portfolio of listed companies in Hong Kong. His responsibilities
encompased overseing financial statement audits, ensuring
compliance with financial reporting standards, conducting
risk asesments, and providing strategic insights to enhance
corporate governance. His subsequent leadership roles at
PwC and the Insurance Authority have significantly elevated
his expertise in auditing and compliance. Curently, Mr. Chan
holds a key position at Star Insurance, a U.S.-based insurance
company. In this role, he overses critical financial operations,
including regional management reporting, ensuring adherence
to regulatory compliance, preparing statutory financial reports,
and managing budgeting proceses. With dep expertise in
compliance and financial reporting, Mr. Chan consistently
provides acurate and timely insights, significantly contributing
to the company’s strategic financial oversight. Mr. Chan holds a
Bachelor of Busines Administration in Profesional Acountancy
from the Chinese University of Hong Kong and is a certified
public acountant with the Hong Kong Institute of Certified
Public Acountants, as wel as a chartered acountant with the
Institute of Chartered Acountants in England and Wales.
董事及高级管理人员的履历详情（续）
董事（续）
陈焯彬先生，34岁，于2024年8月20日获委
任为本公司独立非执行董事。陈先生于财务及会
计方面拥有逾10年经验。陈先生于安永会计师
事务所开启职业生涯，主要职责包括领导及执行
香港多家上市公司的审计项目。彼的职责包括监
督财务报表审计、确保遵守财务报告准则、进
行风险评估以及提供策略见解以加强公司治理。
随后，彼于罗兵咸永道会计师事务所及保险业监
管局担任的领导职务，显著提升其于审计及合规
方面的专业水准。目前，陈先生于一间总部位于
美国的保险公司Star Insurance担任要职。在这
个职位上，彼负责监督关键的财务运作，包括区
域管理报告、确保遵守法规、准备法定财务报告
及管理预算流程。陈先生在合规和财务报告方面
拥有深厚的专业知识，一贯地提供准确、及时的
见解，为公司的策略财务监督作出重大贡献。陈
先生持有香港中文大学专业会计工商管理学士学
位。彼是香港会计师公会的执业会计师以及英格
兰及威尔士特许会计师公会的特许会计师。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR
EXECUTIVES (continued)
Directors (continued)
LAI Chun Yu, aged 48, was apointed an independent non-
executive director of the Company on 20 August 2024. Mr.
Lai holds a bachelor of busines in acountancy from the
Quensland University of Technology, Australia. He is a
felow member of The Hong Kong Institute of Certified Public
Acountants, and a Certified Practising Acountant of CPA
Australia. Mr. Lai has extensive experience working in listed
companies, private groups and profesional firms in finance,
acounting and audit. He has more than 20 years of experience
in the area of acounting, auditing and finance management.
Mr. Lai is curently serving as an executive director and CFO at
China Financial Advisory Limited, a consultancy firm in Hong
Kong. In adition, he is curently an independent non-executive
director at Tailam Tech Construction Holdings Limited (HKEX
Stock Code: 6193) and Kwung’s Aroma Holdings Limited (HKEX
Stock Code: 1925). From October 2014 to August 2018, Mr.
Lai was an independent non-executive director of Anxian Yuan
China Holdings Limited (HKEX Stock Code: 922). Prior to that,
Mr. Lai was a company secretary from May 2009 to June 2017
and an executive director from April 2013 to June 2016 of
Amber Energy Limited (now known as Puxing Energy Limited)
(HKEX Stock Code: 90).
董事及高级管理人员的履历详情（续）
董事（续）
黎振宇先生，48岁，于2024年8月20日获委任为
本公司独立非执行董事。黎先生持有澳大利亚昆
士兰科技大学会计学商学士学位。彼为香港会
计师公会资深会员及澳大利亚执业会计师。黎先
生在上市公司、私人集团及专业企业的财务、会
计及审计方面拥有丰富的工作经验。彼于会计、
审计及财务管理领域拥有超过20年的经验。黎先
生目前担任一间香港咨询公司中国财经咨询有限
公司的执行董事兼首席财务官。此外，彼现任泰
林科建控股有限公司（联交所股份代号：6193）及
旷世芳香控股有限公司（联交所股份代号：1925）
的独立非执行董事。于2014年10月至2018年8
月，黎先生为安贤园中国控股有限公司（联交所
股份代号：922）的独立非执行董事。在此之前，
黎先生于2009年5月至2017年6月担任琥珀能源
有限公司（现称普星能量有限公司）（联交所股份代
号：90）的公司秘书，并于2013年4月至2016年6
月担任其执行董事。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
SHARE OPTIONS
The Company and its subsidiaries did not set up or operate any
share option scheme for the year ended 31 March 2025 and up
to the date of publication of this Anual Report.
DIRECTORS’ INTERESTS
As at 31 March 2025, the interests and short positions of the
directors, and the Company’s chief executive in the shares,
underlying shares and debentures of the Company or any
asociated corporation (within the meaning of Part XV of the
Securities and Futures Ordinance (“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
of Hong Kong Limited (the “Stock Exchange”) pursuant to the
Model Code for Securities Transactions by Directors of Listed
Isuers (“Model Code”) were as folows:
(a) The Company – Ordinary shares
Long position in shares and underlying shares of the Company
Number of sharesAproximate
percentage of
the total shares
in isue as at
31 March 2025
于2025年
3月31日占全部
已发行股份
之概约百分比
股份数目
Name of Director
Personal
interest
Family
interest
Corporate/
trust interest
Other
interestTotal
董事姓名个人权益家属权益
法团╱
信托权益其他权益总数
Mr. Joseph C. C. Wong548,474,81411,000950,900–549,436,71452.59
黄创增先生(Note 1)
（附注1）
购股权
本公司及其附属公司于截至2025年3月31日止年
度及直至本年报刊发日期并无设立或进行任何购
股权计划。
董事之权益
于2025年3月31日，按本公司根据证券及期货条
例（「证券及期货条例」）第352条而置存之登记册
所记录，董事及本公司之最高行政人员于本公司
或其任何相联法团（按证券及期货条例第XV部之
定义）之股份、相关股份及债券中拥有之权益及
淡仓，或根据上市发行人董事进行证券交易之标
准守则（「标准守则」）而须知会本公司及香港联合
交易所有限公司（「联交所」）之权益及淡仓如下：
(a) 本公司－普通股
于本公司之股份及相关股份之好仓
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
DIRECTORS’ INTERESTS (continued)
Notes:
- , Ye Hing Company Limited held 950,900
shares of the Company through its subsidiary Active Lights
Company Limited, 55% of the total isued ordinary shares of Ye
Hing Company Limited is held by Klayze Holdings Limited, which
is the truste of a discretionary trust (the “Trust”). Mr. Joseph C. C.
Wong is a beneficiary of the Trust and was therefore demed to be
interested in 950,900 shares of the Company through the Trust’s
interest in Ye Hing Company Limited.
(b) Subsidiaries – Preference shares
Number of shares
Aproximate
percentage of
the total
preference
shares in isue
as at
31 March 2025
于2025年3月
31日占全部巳
发行优先股
概约百分比
股份数目
Personal
interests
Family
interest
Corporate/
trust
interest
Other
InterestTotal
个人权益家属权益
法团╱
信托权益其他权益总数
(i) City Chain (Thailand) Company Limited – Preference shares
City Chain (Thailand) Company Limited – 优先股
Mr. Joseph C. C. Wong200–208,800–209,00099.52
黄创增先生
(i) Stelux Watch (Thailand) Company Limited – Preference shares
Stelux Watch (Thailand) Company Limited – 优先股
Mr. Joseph C. C. Wong600–60016.67
黄创增先生
(i) Stelux (Thailand) Limited – Preference shares
Stelux (Thailand) Limited – 优先股
Mr. Joseph C. C. Wong5,100–5,100100
黄创增先生
董事之权益（续）
附注：
- ，义兴有限公司通过其附属
公司Active Lights Company Limited持有本公司
950,900 股份。Klayze Holdings Limited以作
为一项酌情信托（「信托」）之受托人身份持有义兴
有限公司全部已发行普通股之55%权益。黄创增
先生为信托之受益人，故被视为通过信托于义兴
有限公司之权益而拥有本公司950,900 股份权
益。
(b) 附属公司－优先股
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
DIRECTORS’ INTERESTS (continued)
Notes:
(1) City Chain (Thailand) Company Limited is a subsidiary of the
Company. Each preference share caries a right to vote and a right
to an anual fixed dividend (if any) but not to any other profit
sharing.
(2) Stelux Watch (Thailand) Company Limited is a subsidiary of the
Company. Each preference share caries a right to vote and a right
to an anual fixed dividend (if any) but not to any other profit
sharing.
(3) Stelux (Thailand) Limited is a subsidiary of the Company. Mr.
Joseph C. C. Wong is entitled to aproximately 8.6% of the voting
power of such subsidiary and an anual fixed dividend (if any) by
virtue of the 5,100 preference shares held by him but not to any
other profit sharing.
Save as disclosed above, as at 31 March 2025, no directors, chief
executive of the Company or their asociates have any interest or
short positions in the shares or underlying shares and 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.
INTERESTS OF SHAREHOLDERS DISCLOSEABLE PURSUANT
TO THE SFO
As at 31 March 2025, so far as is known to any director, the
folowing persons had interests in the shares and underlying
shares of the Company as recorded in the register required to be
kept by the Company under Section 336 of the SFO:
董事之权益（续）
附注：
(1) City Chain (Thailand) Company Limited为本公司
的附属公司。每股优先股享有投票权及每年的固
定股息（如有），但并无权利分取任何其他盈利。
(2) Stelux Watch (Thailand) Company Limited为本公
司的附属公司。每股优先股享有投票权及每年的
固定股息（如有），但并无权分取任何其他盈利。
- 。
黄创增先生于该附属公司所持有的5,100股优先
股享有该附属公司大概8.6%投票权及每年的固
定股息（如有），但并无权分取任何其他盈利。
除上文所披露者外，截至2025年3月31日为止，
根据本公司依据证券及期货条例第352条而置存
登记册所记录或本公司及联交所根据上市公司董
事进行证券交易的标准守则所获通知，本公司各
董事、最高行政人员或彼等的联系人士概无在本
公司或其任何相联法团（按证券及期货条例第XV
部的定义）的股份或相关股份及债券中拥有任何
权益或淡仓。
根据证券及期货条例须予以披露之股东权益
于2025年3月31日，根据证券及期货条例第336
条而置存之登记册所记录，在任何董事已知悉的
范围内，以下人士于本公司之股份或相关股份中
拥有权益：
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
INTERESTS OF SHAREHOLDERS DISCLOSEABLE PURSUANT
TO THE SFO (continued)
Long position in shares and underlying shares of the Company
Number of sharesAproximate
percentage of
the total shares
in isue as at
31 March 2025
于2025年
3月31日占全部
已发行股份
之概约百分比
股份数目
Name of Shareholder
Personal
interest
Family
interest
Corporate/
trust interest
Other
interestTotal
股东姓名个人权益家属权益
法团╱
信托权益其他权益总数
Mr. Joseph C. C. Wong548,474,81411,000950,900–549,436,71452.59
黄创增先生(Note 1)
（附注1）
Notes:
- , Ye Hing Company Limited held 950,900
shares of the Company through its subsidiary Active Lights Company
Limited, whereas 55% of the total isued ordinary shares of Ye
Hing Company Limited is held by Klayze Holdings Limited, which
is the truste of the trust. Mr. Joseph C.C. Wong is a beneficiary of
the Trust and is therefore demed to be interested in 950,900 shares
of the Company through the Trust’s interest in Ye Hing Company
Limited for the purposes of Part XV of the SFO.
根据证券及期货条例须予以披露之股东权益（续）
于本公司之股份及相关股份之好仓
附注：
- ，义兴有限公司通过其附属
公司Active Lights Company Limited持有本公司
950,900股份。Klayze Holdings Limited以作
为信托之受托人身份持有义兴有限公司全部已发
行普通股之55%权益。黄创增先生为信托之受
益人，故（就证券及期货条例的目的而言）被视为
通过信托于义兴有限公司之权益而拥有本公司
950,900股份权益。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
INTERESTS OF SHAREHOLDERS DISCLOSEABLE PURSUANT
TO THE SFO (continued)
Save as disclosed above, as at 31 March 2025 the directors are
not aware of any person (other than a director or chief executive
of the Company or his/her respective asociate(s), who had an
interest or short position in the shares or underlying shares of the
Company as recorded in the register required to be kept under
Section 336 of the SFO.
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES
During the year, the Company repurchased in multiple batches a
total of 9,555,000 shares of the Company on the Stock Exchange
in cash for an agregate consideration (before expenses) of
HK$839,287. Among the shares so repurchased, 7,555,000
shares were repurchased in the month of August 2024 at the
highest price of HK$0.090 per share and the lowest price of
HK$0.078 per share for a total consideration (before expenses)
of HK$661,787 and 2,000,000 shares were repurchased in the
month of September 2024 at the highest price of HK$0.090 per
share and the lowest price of HK$0.088 per share for a total
consideration (before expenses) of HK$177,500.
As at 31 March 2025, a total of 1,716,000 repurchased shares
were canceled, and the remaining 7,839,000 repurchased
shares were held by the Company as treasury shares, in al cases
in acordance with the Bye-Laws.
For further details about the share repurchases, share cancelation
and treasury shares, please refer to the Explanatory Statements set
out in Apendix I to the Company’s circulars dated 21 July 2023
and 19 July 2024 respectively, as wel as the next day disclosure
returns and monthly returns as published by the Company from 5
August 2024 to 2 October 2024 (both dates inclusive).
Except for the foregoing, neither of the Company nor any of
its subsidiaries has redemed, purchased or sold any of the
Company’s listed securities (including sale of its treasury shares)
during the year.
根据证券及期货条例须予以披露之股东权益（续）
除上文所披露者外，于2025年3月31日，按本公
司根据证券及期货条例第336条而须予储存之登
记册所记录，董事概无知悉有任何人士（董事或
本公司之最高行政人员或其各自之联系人除外）
于本公司之股份或相关股份中拥有权益或淡仓。
上市证券的购买、出售或赎回
年内，本公司以现金于联交所分批购回合共
9,555,000股本公司股份，总代价（扣除开支前）
为HK$839,287。于购回的股份中，7,555,000
股于2024年8月以最高价每股HK$0.090及最低
价每股HK$0.078购回，总代价（扣除开支前）为
HK$661,787，而2,000,000股于2024年9月以最
高价每股HK$0.090及最低价每股HK$0.088购
回，总代价（扣除开支前）为HK$177,500。
于2025年3月31日，合共1,716,000股购回股份
予以注销，余下7,839,000股购回股份由本公司
持有作库存股份，而在所有情况下均符合公司细
则。
有关股份购回、股份注销及库存股份的进一步详
情，请参阅本公司日期分别为2023年7月21日及
2024年7月19日的通函附录一所载说明函件以及
本公司于2024年8月5日至2024年10月2日（包括
首尾两日）刊发的翌日披露报表及月报表。
除上述者外，本公司或其任何附属公司概无于年
内赎回、购买或出售任何本公司上市证券（包括
出售其库存股份）。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
MAJOR CUSTOMERS AND SUPLIERS
The percentages of purchases and sales for the year atributable
to the Group’s major supliers and customers are as folows:
Purchases
– the largest suplier 64%
– five largest supliers combined 79%
Sales
– the largest customer 3%
– five largest customers combined 7%
During the year ended 31 March 2025, Mr. Joseph C. C.
Wong, an executive director and a controling shareholder, was
beneficialy interested in les than 30% of the shares in one
of the Group’s five largest supliers. Save as disclosed above,
none of the directors, their respective close asociates or any
shareholders of the Company (which to the knowledge of the
directors owns more than 5% of the Company’s isued shares)
have any interest in any of the Group’s five largest customers and
supliers.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of
the whole or any substantial part of the busines of the Company
were entered into or existed during the year.
SUFICIENCY OF PUBLIC FLOAT
Based on information publicly available to the Company and to
the best knowledge of the directors of the Company, at least 25%
of the isued share capital of the Company was held by public
members as at the date of this report.
主要客户及供应商
本集团主要供应商及客户应占本年度采购额及销
售额百分比如下：
采购额
－最大供应商 64%
－五大供应商合计 79%
销售额
－最大客户 3%
－五大客户合计 7%
截至2025年3月31日止年度，执行董事兼控股
东黄创增先生实益拥有本集团五大供应商之一少
于30%的股份。除上文所披露者外，概无董事、
彼等各自之紧密联系人士或本公司任何股东（据
董事所知拥有本公司已发行股份5%以上）于本集
团任何五大客户及供应商拥有任何权益。
管理合约
年内，本公司并无签订或存有任何有关于整体或
部分主要业务的管理及行政合约。
足够公众持股量
根据本公司可公开获得之资料及据本公司董事所
知，于本报告日期本公司已发行股本中至少25%
由公众人士持有。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
CONTINUING CONECTED TRANSACTIONS
The folowing continuing conected transactions are based on
normal comercial terms agred after arms’ length negotiations
betwen the relevant parties and are in the ordinary and usual
course of busines of the Group. The continuing conected
transactions are subject to the anual review, reporting and
anouncement requirements under Chapter 14A of the Rules
Governing the Listing of Securities on the Stock Exchange (“Listing
Rules”) and exempt from independent shareholders’ aproval.
The Group’s internal audit function conducted an audit to verify
compliance of the folowing continuing conected transactions
with the Listing Rules and a sumary of the audit findings were
presented to the independent non-executive directors as part of
their anual review of the continuing conected transactions.
Continuing conected transactions of the Group for the
financial year ended 31 March 2025
Pursuant to Rule 14A.55 of the Listing Rules, the independent
non-executive directors of the Company have reviewed the
folowing continuing conected transactions and confirmed that
al these transactions have ben entered into by the Group:
(a) in the ordinary and usual course of busines of the Group;
(b) on normal comercial terms or beter; and
(c) acording to the agrements governing them on terms
that are fair and reasonable and in the interests of the
shareholders of the Company as a whole.
持续关联交易
以下持续关联交易乃基于相关订约各方经公平磋
商后协定的一般商业条款，并于本集团一般及日
常业务过程中进行。持续关联交易须遵守联交所
证券上市规则（「上市规则」）第14A章有关年度审
阅、申报及公告的规定，并获豁免独立股东的批
准。
本集团的内部审计部进行了审核，以核实下列各
项持续关联交易与上市规则的合规性。审核结果
概要已呈报给独立非执行董事作为年度审阅持续
关联交易的一部分。
本集团截至2025年3月31日止财政年度之持续关
联交易
根据上市规则第14A.55条，本公司的独立非执行
董事已审阅以下各项持续关联交易，并已确认本
集团的所有该等交易：
(a) 于本集团一般及日常业务过程中订立；
(b) 按一般商业条款或更好条款订立；及
(c) 根据规管该等交易的相关协议按公平合理
并符合本公司股东整体利益的条款订立。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
CONTINUING CONECTED TRANSACTIONS (continued)
The Company’s auditor was engaged to report on the Group’s
continuing conected transactions in acordance with the
Hong Kong Standard on Asurance Engagements 3000 (Revised)
“Asurance Engagements Other Than Audits or Reviews
of Historical Financial Information” and with reference to
Practice Note 740 “Auditor’s Leter on Continuing Conected
Transactions under the Hong Kong Listing Rules” isued by
the Hong Kong Institute of Certified Public Acountants.
The directors confirm that the Company’s auditor has isued
an unqualified leter in respect of the continuing conected
transactions disclosed by the Group below in acordance with
Rule 14A.56 of the Listing Rules. A copy of the auditor’s leter
has ben provided by the Company to the Stock Exchange.
Sumary of the continuing conected transactions:
1. Renewal of leases or licensing of ofice premises,
storeroms, parking spaces and warehouse spaces
Conected persons
关联人士
Nature of transactions
交易性质
(Expenses)/
income
（支出）╱收入
Anual Caps
年度上限
Notes
附注
HK$’000
港币仟元
HK$’000
港币仟元
Mengiwa Property Investment Limited
(“MPIL”) as Landlord/Licensor
明华物业投资有限公司（「明华」），
作为业主╱许可人
Leasing of properties and
licensing of storeroms
租赁物业及储物室许可
(7,267)(7,400)(i), (i)
& (vi)
MPIL, as Licensor
明华，作为许可人
Licensing of parking spaces
车位许可
(421)(500)(i), (i) &
(vi)
Active Lights Company Limited (“ALCL”)
as Landlord
Active Lights Company Limited（「ALCL」）
作为业主
Leasing of a warehouse and
licensing of parking space
租赁仓库及车位许可
(194)(200)(i), (i)
& (v)
MPIL, as Principal
明华，作为委托人
Provision of management and
property agency liaison
services
提供管理及物业代理
联络服务
2,5803,121.8(iv) & (vi)
持续关联交易（续）
根据香港会计师公会颁布的香港鉴证业务准则第
3000号（修订）「历史财务资料审核或审阅以外之
鉴证工作」并参考实务说明第740号「香港上市规
则规定的持续关联交易的核数师函件」，本公司
核数师已受聘对本集团持续关联交易作出报告。
董事确认，根据上市规则第14A.56条，本公司核
数师已就本集团以下披露的持续关联交易发出无
保留意见函件。本公司已向联交所提供核数师函
件副本。
持续关联交易概要：
- 、储物
室、车位及仓库
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
CONTINUING CONECTED TRANSACTIONS (continued)
Notes:
Al definitions in the notes below have the same meaning as refered to
in the Company’s anouncements dated 24 March 2022 and 19 March
2024 unles otherwise indicated.
(i) Leasing of properties and licensing of storerom and parking
spaces
On 19 March 2024, Stelux Holdings Limited (“SHL”) and
Thong Sia Watch Company Limited (“TSWCL”), wholy owned
subsidiaries of the Company, each individualy as tenant/license,
entered into the Stelux House Tenancy Agrements, Stelux House
Storerom Licence and Stelux House Carpark Licence with MPIL
in respect of the folowing properties:
Premises A: whole of 27th flor and portion of 28th flor of
Stelux House
Premises B: ofice unit number 2206A on the 22nd flor of
Stelux House
Premises C: portion of 21st flor of Stelux House
Storerom: storerom 6A on the 6th flor
storerom 6A on the 16th flor
storerom 1B on the 17th flor
storerom 6A on the 18th flor and
storerom 6A on the 20th flor
Carpark: eight carpark spaces at Stelux House
For a term of one year from 1 April 2024 up to and including 31
March 2025.
The total monthly rental for Premises A, B and C amounted
to HK$584,347.5 (exclusive of rates, government rent and
management charges). The total monthly licence fes for
Storerom and Carpark amounted to HK$21,240 and HK$35,050
respectively (inclusive of rates, government rent and management
charges). Al rents and licence fes are payable monthly in
advance in cash by the tenants/licenses on the first day of each
and every calendar month.
The monthly rents of the above-mentioned premises and
storeroms were determined on an arm’s length basis taking
into acount a rental valuation conducted by an independent
property valuer dated 19 March 2024 and as such reflected
the prevailing market rental values/licence fes of the subject
premises and storeroms. The monthly licence fe for the Stelux
House Carpark Licence was determined on an arm’s length
basis taking into acount prevailing market rates for carparking
spaces in the vicinity of Stelux House. Acordingly, the directors
considered the Stelux House Tenancy Agrements, Stelux House
Storerom Licence and Stelux House Carpark Licence were on
normal comercial terms and were fair and reasonable and in the
interests of the Company and the Shareholders as a whole.
持续关联交易（续）
附注：
除另有注明者外，本附注所有刊发定义与本公司于
2022年3月24日及2024年3月19日所刊发之公告所载者
具相同涵义。
(i) 租赁物业及储物室及车位许可
于2024年3月19日，本公司全资附属公司宝光实
业（集团）有限公司（「SHL」）及通城钟表有限公司
（「通城钟表」）（各自个别作为租户╱获许可人）与
明华订立宝光商业中心租赁协议、宝光商业中心
储物室及车位许可使用协议，内容有关以下物
业：
物业A： 宝光商业中心27楼全层及28楼的一
部份
物业B： 宝光商业中心22楼2206A室之办公
室单位
物业C： 宝光商业中心21楼的一部分
储物室： 6楼6A储物室
16楼6A储物室
17楼1B储物室
18楼6A储物室及
20楼6A储物室
车位： 宝光商业中心的八个车位
租约年期自2024年4月1日至2025年3月31日（包
括该日），为期一年。
物业A、B及C的每月租金总额为港币584,347.5
元（不包括差饷、政府地租及管理费）。储物室及
车位的每月许可使用费总额分别为港币21,240
元及港币35,050元（包括差饷、政府地租及管理
费）。所有租金及许可使用费由租户╱获许可人
于每个历月首日以现金预付。
上述物业及储物室每月租金乃根据公平原则厘
定，并经计及独立物业估值师于2024年3月19日
作出的租金估值，且该估值反映该等物业及储物
室的现行市场租赁价值╱许可使用费。宝光商业
中心车位许可使用协议之每月许可使用费乃按公
平原则厘定，并计及宝光商业中心附近车位之现
行市场租金。因此，董事认为，宝光商业中心租
赁协议、宝光商业中心储物室许可使用协议及宝
光商业中心车位许可使用协议乃一般商业条款订
立，属公平合理，并符合本公司及股东之整体利
益。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
CONTINUING CONECTED TRANSACTIONS (continued)
Notes: (continued)
(i) Leasing of warehouse and licensing of parking space
On 19 March 2024, Active Lights Company Limited (“ALCL”)
(as licensor) and a wholy-owned subsidiary of the Company (as
license), entered into Warehouse Licence with respect to one
warehouse unit and one car parking space at an industrial building
in Kowlon Bay, Kowlon, Hong Kong (“Kowlon Bay Building”)
for a term of one year from 1 April 2024 up to and including 31
March 2025.
Al licence fes are payable monthly in advance in cash by the
license on the first day of each and every calendar month.
The monthly license fes were determined on an arm’s length
basis taking into acount the prevailing market rates in the
vicinity, which indicated that the licence fes were favourable
to the Group. Acordingly, the directors considered the
Warehouse Licence was on normal comercial terms and was
fair and reasonable and in the interests of the Company and the
Shareholders as a whole.
(i) The Group has ben using the subject ofice premises, storeroms,
warehouses and parking spaces primarily for ofice, administrative
and storage purposes generaly over a long period of time. In
order to avoid posible disruption to its busines due to relocation,
the Group intends to continue to lease/licence the subject
ofice premises, storeroms, parking spaces and warehouses
folowing the expiration of the relevant leases/licences. The
directors consider it to be in the interests of the Company and
the Shareholders as a whole for the Group to continue with use
as long as the relevant rental/ licence fe and other terms are on
normal comercial terms or beter to the Group so as to avoid
relocation and refurbishment costs which otherwise the Group
wil have to incur.
The continuing conected transactions as set out in (i) to (i)
above, have ben agregated for the purpose of clasification
in acordance with Rule 14A.81 of the Listing Rules, and the
agregate anual cap for the financial year ended 31 March 2025
was aproximately HK$8,100,000.
持续关联交易（续）
附注：（续）
(i) 租赁仓库及车位许可
于2024年3月19日，Active Lights Company
Limited（「ALCL」）（作为许可人）及本公司一间全
资附属公司（作为获许可人）就位于香港九龙九龙
湾一幢工业大厦（「九龙湾楼宇」）一个仓库及一个
车位订立仓库许可使用协议，租约年期自2024
年4月1日至2025年3月31日（包括该日），为期一
年。
所有许可使用费由获许可人于每个历月首日以现
金预付。
每月许可使用费乃按公平原则厘定，并计及附近
位置之现行市场利率，由此显示的续期许可使用
费经对本集团有利。因此，董事认为，许可使用
协议乃按一般商业条款订立，属公平合理，并符
合本公司及股东之整体利益。
(i) 本集团于过去一直长期使用有关办公室物业、储
物室、仓库及车位，一般用作办公室、行政及储
物用途。为避免搬迁可能对业务导致的影响，本
集团拟于有关租约╱许可届满后继续租赁╱获许
可使用有关办公室物业、储物室、车位及仓库。
董事认为，只要有关之租金╱许可使用费及其他
条款按一般商业条款或更佳条款对本集团有利及
使本集团可避免产生搬迁及装修费用，本集团继
续使用以符合本公司及股东之整体利益。
根据上市规则第14A.81条，以上(i)至(i)所载的交
易为须合并计算之持续关联交易，而截至2025
年3月31日止财政年度的年度上限总额约为港币
8,100,000元。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
CONTINUING CONECTED TRANSACTIONS (continued)
Notes: (continued)
(iv) Provision of management and property agency liaison services
On 24 March 2022, Stelux Properties Agency Limited (“SPAL”),
a wholy-owned subsidiary of the Company, as agent, renewed
the management and property agency liaison services agrement
(“Service Agrement”) with MPIL, as principal, for a term of thre
years from 1 April 2022 up to and including 31 March 2025 for
the provision of the folowing services (“Services”):
(a) contract administration with respect to contracts entered
into betwen MPIL and third parties from time to time;
(b) property agency liaison and tenancy management;
(c) management of the property manager of Stelux House; and
(d) other miscelaneous administrative services.
SPAL has ben providing the Services with respect to Stelux
House since 1998 and has acumulated relevant knowledge and
experience. MPIL is satisfied so far with the Services provided
by the Group, whilst the remuneration received by the Group
is enough to cover the relevant costs incured by the Group in
providing the Services. As such, SPAL continued to provide the
Services to MPIL folowing the expiration of the preceding service
agrement on 31 March 2022.
Monthly remuneration was set at HK$215,000 per calendar
month (in the year ended 31 March 2025) payable in advance in
cash on the first day of each and every calendar month. Parties
to the Service Agrement shal negotiate and agre in god faith
to increase the remuneration on an anual basis for the third
year by not more than 10% over that in the preceding year with
reference to the actual increase in costs (including but not limited
to the related staf salaries) incured by the Group with respect
to the provision of the Services. In the event that no agrement is
reached betwen the parties in negotiating the remuneration for
the next year, the remuneration shal remain unchanged.
The remuneration was arived at after arm’s length negotiations
betwen the parties and with reference to the estimate of the costs
to be incured by the Company with respect to the provision of the
Services in the financial year ended 31 March 2025. Acordingly,
the directors considered the terms of the Service Agrement were
on normal comercial terms and were fair and reasonable and in
the interests of the Company and the Shareholders as a whole.
With reference to the monthly remuneration under the Service
Agrement, the Anual Cap Amount for this continuing conected
transaction was set at HK$3,121,800 for the financial year ended
31 March 2025.
持续关联交易（续）
附注：（续）
(iv) 提供管理及物业代理联络服务
于2022年3月24日，本公司全资附属公司宝光地
产代理有限公司（「宝光地产」）（作为代理），与明
华（作为委托人）重续管理及物业代理联络服务协
议（「服务协议」），由2022年4月1日起至2025年
3月31日（包括该日）止为期三年，提供下列服务
（「服务」）：
(a) 管理明华与第三方不时订立的合约；
(b) 物业代理联络及租赁管理；
(c) 管理宝光商业中心的物业管理公司；及
(d) 其他行政服务。
宝光地产自1998年起向宝光商业中心提供服务，
并累积相关知识及经验。明华迄今满意本集团提
供的服务，同时本集团收取的酬金足以抵销本集
团提供服务所产生的有关成本。因此，宝光地产
于2022年3月31日先前服务协议届满后继续向明
华提供服务。
每月酬金为每个历月港币215,000元（于截至
2025年3月31日止年度），须于每个历月首日以
现金预付。服务协议之订约方须参考本集团因提
供该等服务而产生之实际增加成本（包括但不限
于相关员工薪酬），并按年度基准真诚磋商及协
定于第三年度之酬金升幅，惟升幅不得超过上一
年度酬金之10%。倘订约方在磋商下一年度酬金
时未能达成协议，则该酬金将维持不变。
酬金按订约各方公平磋商后达成，并参考本公司
于截至2025年3月31日止财政年度提供服务所产
生的估计成本。因此，董事认为，服务协议之条
款为一般商业条款，属公平合理，并符合本公司
及股东之整体利益。
参照根据服务协议下之每月酬金，该持续关联交
易截至2025年3月31日止财政年度之年度上限金
额设定为港币3,121,800元。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
CONTINUING CONECTED TRANSACTIONS (continued)
Notes: (continued)
Relationships betwen counterparties
(v) ALCL is a wholy owned subsidiary of Ye Hing Company Limited
(“Ye Hing”). The Trust, of which Mr. Joseph C.C.Wong, is a
beneficiary, holds 55% of the total isued shares of Ye Hing.
As Mr. Joseph C.C. Wong is a director of the Company, ALCL is
an asociate of Mr. Joseph C.C. Wong and hence is a conected
person of the Company.
(vi) MPIL is a 30%–controled company (as defined under Rule 14A.06
of the Listing Rules) held indirectly by Mr. Joseph C. C. Wong,
who is a director of the Company.
2. Master Property Agrement
Conected persons
关联人士
Nature of transactions
交易性质
Income
收入
Anual Caps
年度上限
Note
附注
HK$’000
港币仟元
HK$’000
港币仟元
Al of Chumphol Kanjanapas (also
known as Joseph C. C. Wong)
and the Joseph Family Members
黄创增先生及其所有家族成员
Leasing, sub-leasing or licensing
ofices, shops and warehouses by the
Group to the Optical 88 Entities*
本集团向眼镜88实体*租赁、分租或许
可使用办公室、店舖及仓库
3,3965,000(i)
- ,
eG Optical Boutique Group Limited, Thong Sia Optical Group
Limited and Optical 88 (Thailand) Ltd which are wholy-owned
subsidiaries of a company wholy-owned by Mr Joseph C.C.
Wong.
On 19 March 2024, the Master Property Agrement was entered
into betwen Stelux Holdings Limited with the Optical 88 Entities.
Under the Master Property Agrement, members of the Group wil
lease, sub-lease or license certain ofices, shops and warehouse to
members of Optical 88 Entities from time to time.
持续关联交易（续）
附注：（续）
与交易对方之关系
(v) ALCL为义兴有限公司（「义兴」）之全资附属公司。
黄创增先生实益拥有的信托持有义兴已发行股份
总数之55%。由于黄创增先生为本公司董事，而
ALCL为黄创增先生之关联公司，故此，黄创增
先生为本公司之关连人士。
(vi) 明华是由本公司董事黄创增先生间接持有30%控
制权之公司（按上市规则第14A.06条定义）。
2. 物业总协议
* 眼镜88实体包括Optical 88 Group (BVI)
Limited、eG Optical Boutique Group
Limited、Thong Sia Optical Group Limited及
Optical 88 (Thailand) Ltd （均为由黄创增先生全
资拥有公司旗下之全资拥有附属公司）。
于2024年3月19日，宝光实业（集团）有限公司与
眼镜88实体订立物业总协议。根据物业总协议，
集团成员不时租赁、分租或许可使用若干办公
室、店舖及仓库予眼镜88实体。
REPORT OF THE DIRECTORS
STELUX Holdings International Limited
ANUAL REPORT 2025
董事会报告书
CONTINUING CONECTED TRANSACTIONS (continued)
2. Master Property Agrement (continued)
Note: (i) The ofice, shops and warehouse leased, sub-leased or
licensed by the Group to the Optical 88 Entities are as
folows:
NumberRegionNatureLocation
编号地区性质地址
3Macau
澳门
Shop
店舖
Em Macau, Rua da Palha N20 Beco da Palha
N 1A, San Vo Res-do-chao F and G
4Macau
澳门
Shop
店舖
Em Macau, Estrada da Areia Preta N5, Kei Kuan Bairo (Bloco 1 A Bloco 6)
Res-do-Chao G
6SEA
东南亚
Ofice
办公室
63 Ubi Avenue 1 #06-04 Singapore 408937
7SEA
东南亚
Ofice
办公室
G8, Jalan Puteri 7/13A Bandar Puteri, 47100 Puchong, Selangor Darul
Ehsan, Malaysia
9SEA
东南亚
Shop
店舖
Central Rama I
11SEA
东南亚
Warehouse
仓库
Kai Tak
12SEA
东南亚
Ofice
办公室
CP27, Suite 2601-04, 26th Flor, Central Plaza, 34, Jalan Sultan
Ismail, 50250 Kuala Lumpur, Malaysia
The total monthly rental for the above properties aproximated
HK$300,000 (exclusive of rates, government rent and management
charges). Al rents incured during FY2024/25 were paid during the
year. The continuing conected transactions as set out above have
ben agregated for the purpose of clasification in acordance
with Rule 14A.81 of the Listing Rules, and the agregate anual
cap for each of the thre financial years ended 31 March 2027
was aproximately HK$5,000,000.
The monthly rents of the above properties were determined
on an arms-length basis taking into acount publicly available
information of similar properties leased, sub-leased or licensed by
independent third parties.
The above continuing conected transactions also constitute
related party transactions and are disclosed in Note 35 to the
consolidated financial statements on page 158. For operating
lease rental in respect of the ofice premises, the amounts shown
in Note 35(a)(i) to the consolidated financial statements on page
160 were calculated at efective rents in acordance with the
HKFRS Acounting Standards isued by the Hong Kong Institute of
Certified Public Acountants.
持续关联交易（续）
- （续）
附注：(i) 本集团向眼镜88实体租赁、分租或许可使用
办公室、店舖及仓库如下：
上述物业的每月租金总额约为港币300,000元（不
包括差饷、政府地租及管理费）。所有于2024/25
财政年度产生的租金已于年内支付。上述的持续
关联交易已根据上市规则第14A.81条合并计算，
而截至2027年3月31日止的每个财政年度的合并
年度上限总额约为港币5,000,000元。
上述物业的每月租金乃按公平原则，并已考虑独
立第三方租赁、分租或许可使用类似物业的公开
资料后厘定。
上述持续关联交易亦构成有关连人士交易，并于
第158页综合财务报表附注35内披露。就办公室
物业的营业租金而言，第160页综合财务报表附
注35(a)(i)所列之金额乃根据香港会计师公会颁
布的香港财务报告准则按实际租金计算。
REPORT OF THE DIRECTORS
宝光实业（国际）有限公司
2025年报
董事会报告书
PERMITED INDEMNITY PROVISIONS
To the extent permited by Bermuda law, and as permited by
the Bye-laws of the Company, a director of the Company may
be indemnified out of the Company’s asets against any liability
incured by the director save where incured or sustained through
his/her own wilful neglect or default, fraud and dishonesty. Such
permited indemnity provision has ben in force throughout the
financial year and is curently in force at the time of aproval of
this report.
The Company has also taken out and maintained directors’ and
oficers’ liability insurance throughout the year, which provides
apropriate cover for certain legal actions brought against its
directors and oficers.
As permited by the articles of asociation of the Company’s
subsidiaries in Hong Kong (“Hong Kong Subsidiaries”), a director
or a former director of the Hong Kong Subsidiaries may be
indemnified out of the Hong Kong Subsidiaries’ asets against
any liability incured by the director to a person other than the
Hong Kong Subsidiaries or an asociated company of the Hong
Kong Subsidiaries, to the extent permited by law. Such permited
indemnity provision is curently in force at the time of aproval
of this report.
AUDITOR
The consolidated financial statements have ben audited by RSM
Hong Kong who retire and, being eligible, ofer themselves for
re-apointment.
Last but not least, I expres my most sincere thanks and gratitude
to coleagues and staf members for their comitment, hard work
and loyalty to the Group during an unprecedented year.
On behalf of the Board
Joseph C. C. Wong
Chairman and Chief Executive Oficer
Hong Kong, 24 June 2025
获准许的弥偿条文
本公司之细则允许及本公司董事可在百慕达法律
允许的范围内，获得从本公司于其资产中补偿所
有责任，惟不包括由其自身故意忽视或违约、欺
诈及不诚实所致或持续。此等获准许的弥偿条文
于财政年度内及至批准本报告时仍为有效。
本公司于年内已购买及维持董事及高级职员责任
保险，为其董事及高级职员面对若干法律行动时
提供适当的保障。
本公司于香港附属公司(「香港附属公司」）之组织
章程细则允许香港附属公司董事或前董事可在法
律允许的范围内，获得从香港附属公司于其资产
中补偿所有除香港附属公司或香港附属公司相联
公司以外因该董事为香港附属公司董事的任何责
任。此等获准许的弥偿条文至批准本报告时仍为
有效。
核数师
本综合财务报表已经由罗申美会计师事务所审
核，该核数师任满告退，惟合资格并愿膺选连
任。
最后，本人衷心感谢各位员工于过去不平凡的一
年持续对本集团的辛勤贡献及忠诚服务。
代表董事会
黄创增
主席及行政总裁
香港，2025年6月24日
MANAGEMENT DISCUSION AND ANALYSIS
STELUX Holdings International Limited
ANUAL REPORT 2025
管理层讨论及分析
- $615.2 milion
• Los Atributable to Equity Holders of the Company of
HK$107.0 milion
- $919.4 milion (31 March 2024:
HK$912.3 milion)
- % (31 March 2024: 18.3%)
A los atributable to Group equity holders of HK$107.0 milion
was recorded in FY2024/25 (FY2023/24: Profit of HK$473.2
milion) after taking into acount of the folowing special items:
– The gain on disposal of a subsidiary and the disposal of
a stock of watches (“Disposal of watches”) of HK$544.2
milion in FY2023/24;
– A revaluation diference of properties (non-cash) of
HK$24.7 milion (expense) (FY2023/24: HK$0.1 milion
(expense) due to revaluation of properties; and
– The impairment los of intangible asets (non-cash)
of HK$1.1 milion was recorded in FY2023/24 due
to reducing recoverable amount while there was no
impairment los of intangible asets recorded in FY2024/25.
If the above special items were excluded, the Group would have
reported a los of HK$82.3 milion in FY2024/25 (FY2023/24:
HK$69.8 milion).
During FY2024/25, Group turnover of HK$615.2 milion was
recorded and the year-on-year decrease would be 15.4% if the
sales recognised upon the Disposal of watches was excluded
in FY2023/24. In FY2023/24, group turnover was HK$767.6
milion including the sales of HK$40.3 milion recognised upon
the Disposal of watches. If excluding the sales of Disposal of
watches, Group turnover in FY2023/24 would be HK$727.3
milion.
- $615.2佰万
- $107.0佰
万
- $919.4佰万（2024年3月31
日：HK$912.3佰万）
- %（2024年3月31日：
18.3%）
于2024/25财政年度录得本集团权益持有人应
占亏损HK$107.0佰万（2023/24财政年度：溢利
HK$473.2佰万），已经计及下列特殊项目：
– 于2023/24财政年度出售一间附属公司及出
售一批钟表（「出售钟表」）之收益HK$544.2
佰万；
– 重新估值物业的物业重估差额（非现金）
HK$24.7佰万（开支）（2023/24财政年度：
HK$0.1佰万（开支）；及
– 于2023/24财政年度录得减少可收回金额的
无形资产减值亏损（非现金）HK$1.1佰万，
而于2024/25财政年度并无录得无形资产减
值亏损。
如剔除上述特殊项目，本集团于2024/25财政年
度录得亏损HK$82.3佰万（2023/24财政年度：
HK$69.8佰万）。
于2024/25财政年度，本集团营业额为HK$615.2
佰万，倘剔除2023/24财政年度就出售钟表确认
的销售额，则按年减少15.4%。于2023/24财政
年度，本集团营业额为HK$767.6佰万，包括就
出售钟表确认的销售额HK$40.3佰万。倘剔除出
售钟表的销售额，2023/24财政年度的本集团营
业额将为HK$727.3佰万。
MANAGEMENT DISCUSION AND ANALYSIS
宝光实业（国际）有限公司
2025年报
管理层讨论及分析
The Group gros profit margin was 45.7% in FY2024/25
(FY2023/24: 50.2%), decrease by 4.5%. Amidst the prevailing
weaknes in the retail market, more discount should be ofered
in order to stimulate sales.
In FY2024/25, the Group continued to implement inventory
measures. The Group inventory balance at 31 March 2025
was HK$207.7 milion, a decrease of 8.2% compared with the
balance at 31 March 2024 of HK$226.3 milion. Continuous
inventory control and prudent stock procurement are in place to
strengthen balance shet management.
FINAL DIVIDEND
The Board does not recomend the payment of a final dividend
for the year ended 31 March 2025 (FY2023/24: Nil per ordinary
share).
CITY CHAIN GROUP
- $413.0 milion
- “LBIT”) was
HK$65.7 milion (FY2023/24: HK$2.6 milion)
The CITY CHAIN Group curently operates around 80 stores in
Hong Kong, Macau, Singapore, Thailand and Malaysia together
with online stores under our own brands of “CITY CHAIN” and
“SOLVIL et TITUS”.
The CITY CHAIN Group recorded a turnover of HK$413.0
milion in FY2024/25 (FY2023/24: HK$543.0 milion). The year-
on-year decrease would be 17.8% if the sales of HK$40.3 milion
recognised upon the Disposal of watches in FY2023/24 was
excluded and the turnover in FY2023/24 would be HK$502.7
milion.
于2024/25财政年度，本集团的毛利率为45.7%
（2023/24财政年度：50.2%），下降4.5%。在零
售市场普遍疲弱的情况下，提供更多折扣以刺激
销售。
于2024/25财政年度，本集团继续推行存货管
控措施。本集团于2025年3月31日的存货结余
为HK$207.7佰万，较2024年3月31日的结余
HK$226.3佰万减少8.2%。本集团将继续实施存
货控制及谨慎采购措施，以强化资产负债表管
理。
末期股息
董事会不建议宣派截至2025年3月31日止年度的
末期股息（2023/24财政年度：每股普通股零）。
「时间廊」集团
- 「时间廊」集团营业额为HK$413.0佰万
- 「时间廊」集团除利息及税项前亏损（「除利息
及税项前亏损」）为HK$65.7佰万（2023/24财
政年度：HK$2.6佰万）
「时间廊」集团目前于香港、澳门、新加坡、泰国
及马来西亚营运约80间店舖，并以集团的自有品
牌「时间廊」及「铁达时」经营网上商店。
「时间廊」集团2024/25财政年度的营业额为
HK$413.0佰万（2023/24财政年度：HK$543.0佰
万）。倘剔除就出售钟表确认的销售额HK$40.3
佰万，2023/24财政年度的营业额将为HK$502.7
佰万，2024/25财政年度的销售额则按年减少
17.8%。
MANAGEMENT DISCUSION AND ANALYSIS
STELUX Holdings International Limited
ANUAL REPORT 2025
管理层讨论及分析
Greater China
Turnover for City Chain operations in Hong Kong, Macau and
Mainland China (“Greater China”) was HK$225.9 milion
(FY2023/24: HK$321.5 milion). The year-on-year decrease
would be 19.7% if the sales of HK$40.3 milion recognised
upon the Disposal of watches in FY2023/24 was excluded and
the turnover in FY2023/24 would be HK$281.2 milion. As a
strategic move to streamline the Group’s busines operations,
the Group had decided to cease the retail operations in
Mainland China. The turnover in Mainland China acounted for
aproximate 2.7% of Group’s revenue in FY2024/25.
In FY2024/25, LBIT of HK$57.5 milion (FY2023/24: profit of
HK$8.0 milion) was recorded after taking into acount of the
folowing factors:
– the gain resulted from the Disposal of watches of HK$34.7
milion in FY2023/24; and
– an impairment los of HK$18.7 milion in FY2024/25
due to valuation of investment properties at year end
(FY2023/24: los of HK$0.4 milion).
If the above factors were excluded in both years, the LBIT of
FY2024/25 would be HK$38.8 milion (FY2023/24: los of
HK$26.3 milion). The retail sentiment in Hong Kong and Macau
remained weak as the trend of traveling northward continued
and the travel habit of Mainland Chinese tourists shifted to
experiential travel instead of shoping. In adition, strong HK
dolars lead to decrease in spending in Hong Kong by inbound
tourists to Hong Kong as wel as Hong Kong residents tend to
traveling and shoping abroad.
Our Hong Kong online busines of our own brands “CITY
CHAIN” and “SOLVIL et TITUS” delivered a profitable result in
FY2024/25 contributed by the sucesful launch of our various
IP products which were wel received by the market. The Group
continued to invest and expand our e-comerce busines to
prioritize our online brand exposure and customer engagement.
大中华
香港、澳门及中国内地（「大中华」）「时间廊」业务
的营业额为HK$225.9佰万（2023/24财政年度：
HK$321.5佰万）。倘剔除就出售钟表确认的销售
额HK$40.3佰万，2023/24财政年度的营业额将
为HK$281.2佰万，2024/25财政年度的销售额
则按年减少19.7%。为精简本集团业务运营的战
略举措，集团决定终止中国内地的零售营运。于
2024/25财政年度，中国内地的营业额占本集团
收入约2.7%。
于2024/25财政年度，除利息及税项前亏损为
HK$57.5佰万（2023/24财政年度：溢利HK$8.0佰
万），已计及以下因素：
– 于2023/24财政年度出售钟表的收益
HK$34.7佰万；及
– 于2024/25财政年度的年末投资物业估值
的减值亏损HK$18.7佰万（2023/24财政年
度：亏损HK$0.4佰万）。
倘于两个年度剔除上述因素，2024/25财政年
度的除利息及税项前亏损将为HK$38.8佰万
（2023/24财政年度：亏损HK$26.3佰万）。北上旅
游趋势持续，加上中国内地游客的旅游习惯由购
物转向体验式旅游，令香港及澳门的零售气氛持
续疲弱。此外，港元走强，导致访港旅客在香港
的消费减少，香港居民亦倾向前往海外旅游及购
物。
集团品牌「时间廊」及「铁达时」的香港网上业务于
2024/25财政年度录得盈利，主要受惠于本集团
成功推出多款受市场欢迎的IP产品。本集团继续
投资及发展电子商贸业务，以提高品牌线上知名
度及丰富顾客体验。
MANAGEMENT DISCUSION AND ANALYSIS
宝光实业（国际）有限公司
2025年报
管理层讨论及分析
Southeast Asia
Turnover for City Chain operations in Southeast Asia was
HK$187.1 milion (FY2023/24: HK$221.5 milion), declined
by 15.5% year-on-year and LBIT reduced to HK$8.2 milion
compared with HK$10.6 milion in FY2023/24 which was
mainly due to closure of los-making stores. The number of
stores declined by aproximately 20% year-on-year.
With continual investments in our e-comerce platforms to
deploy welcoming products for consumers and coresponding
marketing eforts, our e-comerce busines in Southeast Asia
regions continued to develop satisfactorily and continued to be
profitable in FY2024/25.
SUPLY CHAIN MANAGEMENT AND WHOLESALE TRADING
Turnover for this division comprising our suply chain and
wholesale trading subsidiaries decreased by 9.9% to HK$202.2
milion (FY2023/24: HK$224.5 milion) and an EBIT of HK$22.3
milion was posted (FY2023/24: HK$27.2 milion).
Our wholesale trading unit wil continue to launch various
marketing campaigns with quality service suport to increase
sel-through rate to retailers.
GROUP OUTLOK
Loking into the year ahead, the busines environment continues
to be chalenging. The retail market is facing an evolving
transition such as the shift in buying behavior of local customers
and tourists. Nevertheles, we remain dedicated to staying
updated with latest market trends by enriching our product
portfolio and optimizing our marketing strategies.
东南亚
东南亚「时间廊」业务的营业额为HK$187.1佰万
（2023/24财政年度：HK$221.5佰万），按年减少
15.5%，而除利息及税项前亏损由2023/24财政
年度的HK$10.6佰万减少至HK$8.2佰万，主要
由于关闭录得亏损的店舖。店舖数目按年减少约
20%。
本集团持续投资电子商贸业务，为消费者提供受
欢迎的产品，加上开展相应的市场营销工作，东
南亚地区的电子商贸业务取得令人满意的发展，
于2024/25财政年度继续录得盈利。
供应链管理及批发贸易
供应链及批发贸易分部的营业额下降9.9%至
HK$202.2佰万（2023/24财政年度：HK$224.5佰
万），并录得除利息及税项前溢利HK$22.3佰万
（2023/24财政年度：HK$27.2佰万）。
集团此分部将继续开展多项市场营销活动，并提
供优质顾客服务以增加零售商的销售。
集团展望
展望未来一年，营商环境仍然充满挑战。零售市
场正面临一系列变革，包括本地顾客和游客购买
行为的转变。尽管如此，集团仍将通过丰富产品
组合并优化营销策略，致力紧贴最新市场趋势。
MANAGEMENT DISCUSION AND ANALYSIS
STELUX Holdings International Limited
ANUAL REPORT 2025
管理层讨论及分析
We have a spectrum of wel-known watch brands including
Swis brands of Solvil et Titus, CYMA, Pronto, Delvina as wel
as Italian brand of Elese. With more resources alocated on
the development of our owned watch brands, aiming at driving
margin growth in the long run, we strive to achieve sustainability
by strengthening our competitivenes in the watch market in
the Greater China and South-east Asia where we have had
establishments in retail and wholesale trading busineses for
decades. To cope with the ever-changing global market, we
are also exploring oportunities in new regions especialy the
countries in the Belt and Road Initiative to expand exposure of
our owned watch brands.
FINANCE
The Group’s capital management, curency and interest rate
movement are constantly monitored and reviewed by the
management of the Group to adres and manage relevant
financial risks relating to the Group’s operations. The Group
maintains prudent treasury management policies to adres
liquidity to finance both short-term and long-term working
capital neds for busines operations. Funds are generated from
busines operating activities and banking facilities in the form of
term loans and short-term trading facilities. Forecast and actual
cash flow analyses are continuously monitored. Maturity of asets
and liabilities and requirement of financial resources for busines
operations are prudently managed.
As at 31 March 2025, Group gearing ratio was 17.4% (31 March
2024: 18.3%) with shareholders’ funds standing at HK$913.2
milion (31 March 2024: HK$906.6 milion) and net debts of
HK$158.6 milion (31 March 2024: HK$166.3 milion). The net
debts are based on the bank borowings of HK$241.9 milion
(31 March 2024: HK$234.0 milion) and les bank balance and
cash of HK$83.3 milion (31 March 2024: HK$67.7 milion). The
bank borowings comprised of HK$81.5 milion repayable within
one year and HK$160.4 milion with scheduled repayment after
one year but repayable on demand and were clasified as curent
liabilities. The unutilized banking facilities as at 31 March 2025
was HK$89.0 milion.
集团拥有一系列知名钟表品牌，包括瑞士品牌
「铁达时」、「CYMA」、「Pronto」、「Delvina」及意
大利品牌「Elese」。集团将投入更多资源于自有
钟表品牌的发展，以推动毛利增长，加强集团在
已屹立数十年的大中华及东南亚钟表零售及批发
业务市场的竞争力，致力实现可持续发展；为应
对不断变化的全球市场，集团亦正在新地区特别
是一带一路国家物色机会，提高自有钟表品牌的
知名度。
财务
本集团管理层密切监察及掌握集团的资本管理、
货币及利率变动，以监控本集团营运相关的财务
风险。本集团实行严谨的财务管理策略，以掌控
用于业务营运的短期及长期资金需求的流动性。
有关资金来自业务营运以及有期贷款及短期贸易
融资等银行融资。本集团亦持续监察现有及预估
未来现金流，审慎管理资产及负债的到期日以及
业务营运的财务资金需要。
于2025年3月31日，本集团的借贷比率为
17.4%（2024年3月31日：18.3%），股东资金为
HK$913.2佰万（2024年3月31日：HK$906.6佰
万），本集团的净债务为HK$158.6佰万（2024年3
月31日：HK$166.3佰万）。净债务乃根据银行贷
款HK$241.9佰万（2024年3月31日：HK$234.0佰
万）减去银行结余及现金HK$83.3佰万（2024年3
月31日：HK$67.7佰万）。银行贷款包括HK$81.5
佰万需于一年内偿还及HK$160.4佰万为预定还
款期于一年以后（但可应要求偿还，因此列为流
动负债）。于2025年3月31日，未动用银行融资为
HK$89.0佰万。
MANAGEMENT DISCUSION AND ANALYSIS
宝光实业（国际）有限公司
2025年报
管理层讨论及分析
The Group’s major borowings are in Hong Kong dolars and
mostly based on a floating rate at HIBOR or bank prime lending
rates. As major asets of the Group are in Hong Kong dolars, the
natural hedge mechanism is aplied.
As at 31 March 2025, the curent asets and curent liabilities
were aproximately HK$445.9 milion (31 March 2024:
HK$462.8 milion) and HK$430.3 milion (31 March 2024:
HK$437.7 milion), respectively. The curent ratio was
aproximately 1.04 (1.06 as at 31 March 2024).
As at 31 March 2025, the Group’s total equity funds amounted
to HK$919.4 milion.
The Group does not use any financial instruments for hedging
purposes.
The Group does not engage in speculative derivative trading.
As at 31 March 2025, a subsidiary of the Company had
contingent liabilities in respect of bank guarantes given to
landlords in lieu of rental deposits for certain retails shops and
supliers amounting to aproximately HK$7.715 milion (31
March 2024: HK$7.738 milion).
The Group does not have plans for material investments or
change of capital asets.
As at 31 March 2025, certain property, plant and equipment
and investment properties amounting to HK$516.4 milion (31
March 2024: HK$433.8 milion) were pledged to secure banking
facilities granted to the Group.
The investment properties were revalued by independent valuers
as at 31 March 2025. A revaluation los of HK$24.7 milion was
recorded in the year ended 31 March 2025 acordingly.
本集团的主要贷款以港币结算，主要按香港银行
同业拆息率或银行最优惠利率基准，以浮动息率
计算。由于本集团的主要资产以港币计算，故本
集团应用自然对冲机制。
于2025年3月31日，流动资产及流动负债分别约
为HK$445.9佰万（2024年3月31日：HK$462.8
佰万）及HK$430.3佰万（2024年3月31日：
HK$437.7佰万）。流动比率约为1.04（2024年3月
31日：1.06）。
于2025年3月31日，本集团的股权总额为
HK$919.4佰万。
集团并无使用任何财务工具作对冲用途。
集团并无参与纯投机的衍生工具交易。
于2025年3月31日，本公司一间附属公司有
或然负债约HK$7.715佰万（2024年3月31日：
HK$7.738佰万），涉及向业主就其若干零售店铺
的租金按金及若干供应商提供银行担保。
集团并无任何重大投资或转变资本资产之计划。
于2025年3月31日，本集团部分物业、机器及设
备及投资物业总值HK$516.4佰万（2024年3月31
日：HK$433.8佰万）已抵押予银行以获取银行信
贷。
于2025年3月31日，投资物业由独立专业合资格
估值师重新估值。截至2025年3月31日止年度，
录得重估亏损HK$24.7佰万。
MANAGEMENT DISCUSION AND ANALYSIS
STELUX Holdings International Limited
ANUAL REPORT 2025
管理层讨论及分析
NUMBER AND REMUNERATION OF EMPLOYES,
REMUNERATION POLICIES, BONUS AND TRAINING
SCHEMES
The Group’s remuneration policies are reviewed on a regular
basis, and remuneration packages are in line with market
practices in the relevant countries where the Group operates.
The Group generaly ofers key performance index (“KPI”)-related
bonuses to eligible employes based on (among others) the
performance of the Group and the individual employe, and in
relation to the executive directors of the Company, the Company
ofers an executive bonus scheme under which executive
bonuses are made to eligible participants in acordance with the
terms and conditions set out therein.
The Group also provides or encourages employes to participate
in relevant training programes (internal and external) to
improve the quality, competence and skils of its employes.
Internal training programes include courses for profesional
competency and technical development to enhance employes’
capabilities, whereas external training programes include
seminars and conferences organised by external parties that
provide training and profesional development oportunities for
employes.
As at 31 March 2025, the Group had aproximately 645
employes (31 March 2024: 825 employes), and the total
employe costs incured by the Group during the year amounted
to HK$181.9 milion (31 March 2024: HK$183.9 milion).
On behalf of the Board
Joseph C.C. Wong
Chairman and Chief Executive Oficer
Hong Kong, 24 June 2025
雇员数目及酬金、酬金政策、奖金及雇员培训计
划
本集团以其运营国家的人力资源市场惯例为准
则，厘定给予当地雇员的报酬，并定期进行检
讨。本集团通常就（其中包括）业绩及个别雇员表
现提供按关键绩效指标（「关键绩效指标」）厘定之
奖金给予合资格的雇员，而就本公司执行董事而
言，本公司提供行政人员奖金计划，据此，合资
格参与者将根据其中所载条款及条件获发放行政
人员奖金。
本集团亦向雇员提供或鼓励其等参与相关培训计
划（内部及外部），以提高其雇员质素、能力及技
能。内部培训计划包括专业能力及技术发展课
程，以提升雇员的能力，而外部培训计划包括由
外部机构举办的研讨会及会议，为雇员提供培训
及专业发展机会。
于2025年3月31日，本集团共有约645位雇员
（2024年3月31日：825位雇员），而本集团于年内
产生的雇员成本总额为HK$181.9佰万元（2024年
3月31日：HK$183.9佰万元）。
代表董事会
黄创增
主席及行政总裁
香港，2025年6月24日
INDEPENDENT AUDITOR’S REPORT
宝光实业（国际）有限公司
2025年报
独立核数师报告
TO THE SHAREHOLDERS OF
STELUX HOLDINGS INTERNATIONAL LIMITED
(Incorporated in Bermuda with limited liability)
OPINION
We have audited the consolidated financial statements of
Stelux Holdings International Limited (the “Company”) and its
subsidiaries (the “Group”) set out on pages 44 to 166, which
comprise the consolidated balance shet as at 31 March 2025,
and the consolidated income statement and statement of other
comprehensive income, the consolidated statement of changes in
equity and the consolidated statement of cash flows for the year
then ended, and notes to the consolidated financial statements,
including material acounting policy information.
In our opinion, the consolidated financial statements give a true
and fair view of the consolidated balance shet of the Group as
at 31 March 2025, and of its consolidated financial performance
and its consolidated cash flows for the year then ended in
acordance with HKFRS Acounting Standards isued by the
Hong Kong Institute of Certified Public Acountants (“HKICPA”)
and have ben properly prepared in compliance with the
disclosure requirements of the Companies Ordinance.
致宝光实业（国际）有限公司股东
（于百慕达注册成立之有限公司）
意见
本核数师（以下简称「吾等」）已审计列载于第44至
166页的宝光实业（国际）有限公司（「贵公司」）及其
附属公司（「贵集团」）的综合财务报表，此等综合
财务报表包括于2025年3月31日的综合资产负债
表以及截至该日止年度的综合收益表及其他全面
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（包括主要会计政策概要）。
吾等认为，该等综合财务报表已根据香港会计师
公会（「香港会计师公会」）颁布之香港财务报告准
则真实而公平地反映 贵集团于2025年3月31日
的综合资产负债表及截至该日止年度 贵集团的
综合财务表现及综合现金流量，并已按照香港
《公司条例》的披露规定妥为编制。
INDEPENDENT AUDITOR’S REPORT
STELUX Holdings International Limited
ANUAL REPORT 202535
独立核数师报告
BASIS FOR OPINION
We conducted our audit in acordance with Hong Kong
Standards on Auditing (“HKSAs”) isued by the HKICPA. Our
responsibilities under those standards are further described in
the Auditor’s responsibilities for the audit of the consolidated
financial statements section of our report. We are independent of
the Group in acordance with the HKICPA’s Code of Ethics for
Profesional Acountants (the “Code”), and we have fulfiled our
other ethical responsibilities in acordance with the Code. We
believe that the audit evidence we have obtained is suficient
and apropriate to provide a basis for our opinion.
KEY AUDIT MATERS
Key audit maters are those maters that, in our profesional
judgement, were of most significance in our audit of the
consolidated financial statements of the curent period. These
maters were adresed in the context of our audit of the
consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these maters. The key audit maters we identified are:
意见基准
我们已根据香港会计师公会颁布的《香港审计准
则》（「香港审计准则」）进行审计。我们在该等准
则下承担的责任已在本报告「核数师就审计综合
财务报表承担的责任」部分中作进一步阐述。根
据香港会计师公会颁布的《专业会计师道德守则》
（以下简称「守则」），我们独立于 贵集团，并已
履行守则中的其他道德责任。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意见提
供基础。
关键审计事项
关键审计事项为按照吾等的专业判断，审计本期
综合财务报表中最重要的事项。吾等于审计综合
财务报表之整体过程中处理此等事项及就此形成
意见，而不会就此等事项单独发表意见。吾等识
别的关键审计事项如下：
INDEPENDENT AUDITOR’S REPORT
宝光实业（国际）有限公司
2025年报
独立核数师报告
Key audit materHow our audit adresed the key audit
mater
Net realisable value of inventories
Refer to Note 23 to the consolidated financial
statements.
The net realisable value of inventories is
identified as a key audit mater because of the
magnitude of the inventories combined with
the judgements asociated with determining the
amount of alowance for inventories.
As at 31 March 2025, the Group recorded
inventories (net of provision) of aproximately
HK$207.654 milion.
The write-down of inventories to net realisable
value was estimated by management through
the aplication of judgement and the use of
asumptions.
During the year ended 31 March 2025, reversal
of provision for inventories of aproximately
HK$25.643 milion was recognised to the
consolidated income statement based on
management’s asesment.
Our procedures in relation to management’s
estimation and judgement aplied in
determining the net realisable value of
inventories include:
• Understanding and evaluating the
inventories alowance/write down
policy of the Group and the design
and implementation of the key
controls over the management’s
asesment proces;
• Asesing the inherent risk
of material mistatement by
considering the degre of estimation
uncertainty and level of other
inherent risk factors;
• Evaluating the outcome of prior year
period asesment of net realisable
value of inventories to aces the
efectivenes of management’s
estimation proces;
- , on a sample basis, the
acuracy of the inventory ageing
reports; and
• Evaluating the key asumptions and
estimates aplied by management
to determine the provisioning
percentages aplicable to individual
ageing categories of inventory by
comparing to curent year and
historical sales trends.
关键审计事项我们的审计如何处理关键审计事项
存货的可变现净值
请参阅综合财务报表附注
23。
存货的可变现净值被确定
为关键的审计事项，与确
定存货拨备的判断相关
联。
于2025年3月31日， 贵
集团于存货拨备后录得存
货约港币207.654佰万元。
管理层透过判断及高度主
观假设来估计撇销存货至
可变现净值。
截至2025年3月31日止年
度，存货拨备回拨约港币
25.643佰万元，并根据管
理层的评估计入综合收益
表。
对于管理层在厘定存货的可变现净
值中所运用的估计及判断，我们的
程序包括：
• 了解及评估 贵集团存货拨备
及撇账政策以及管理层对主要
控制的设计和实施流程；
• 通过考虑估计的不确定性程度
和其他固有风险因素的水准评
估重大错报的固有风险；
• 评估上年度存货可变现净值评
估的结果以了解管理层估计流
程的有效性；
• 以抽样方式测试存货龄报告
之准确性；及
• 根据比较本年度及过往销售趋
势，评估管理层厘定存货的个
别账龄分类之拨备比率所应用
的主要假设及估计。
INDEPENDENT AUDITOR’S REPORT
STELUX Holdings International Limited
ANUAL REPORT 202537
独立核数师报告
Key audit materHow our audit adresed the key audit
mater
Impairment asesment on property, plant and
equipment and right-of-use asets
Refer to Note 17 and Note 19 to the
consolidated financial statements.
The impairment of property, plant and
equipment, and right-of-use asets is identified
as a key audit mater because of the significant
judgement involved in asesing the amount of
impairment of property, plant and equipment,
and right-of-use asets.
As at 31 March 2025, the Group had retail
stores asets recorded under property, plant
and equipment and right-of-use asets of
aproximately HK$132.805 milion and
HK$61.032 milion, respectively.
The carying amount of the retail stores asets
is writen down to their recoverable amount
when the asets carying amount exceded their
estimated recoverable amount.
Management determined that each retail store
is a cash-generating unit and monitors retail
stores financial performance for the existence of
impairment indicators, such as stores making a
los and early closure of stores before the lease
term.
The recoverable amount of self-owned retail
shops is determined using fair value les costs
of disposal aproach, of which the fair values
of properties were largely based on property
valuations obtained from profesional property
valuer. Meanwhile, the recoverable amount of
the remaining retail stores asets is determined
by value-in-use calculations using discounted
cash flow projections based on the forecasts
aproved by management covering the
remaining tenure of the lease.
Our procedures in relation to management’s
asesment proces for identifying
impairment include:
• Understanding and evaluating
management’s proces for
identifying impairment
indicators and the design and
implementation of key controls
over the management’s impairment
asesment;
• Asesing the inherent risk
of material mistatement by
considering the degre of estimation
uncertainty and level of other
inherent risk factors;
• Evaluating the historical acuracy of
forecast by, for example, comparing
the forecast used in prior years
model to the actual performance of
the retail stores in the curent year;
• Chalenging the judgements made
by management in identifying
impairment indicators;
• Obtaining the cash flow forecasts
prepared by management,
understanding the major
asumptions adopted in the cash
flow forecasts for each cash-
generating unit and checking
arithmetic acuracy of the forecast
calculation;
关键审计事项我们的审计如何处理关键审计事项
物业、机器及设备及使用权
资产的减值评估
请参阅综合财务报表附注
17及19。
物业、机器及设备及使用
权资产减值识别为关键审
计事项，因为于评估物
业、机器及设备及使用权
资产的减值金额时涉及重
大判断。
于2025年3月31日，记录
于 贵集团的物业、机器
及设备及使用权资产之下
的零售店舖资产分别为
约HK$132.805佰万元及
HK$61.032佰万元。
倘零售店舖资产的账面值
大于其估计可收回金额，
则将其账面值撇减至可收
回金额。
管理层厘定其个别零售店
舖为独立可识别现金产生
单位，并监察零售店舖的
财务表现，检视有否出现
减值指标，如店舖产生亏
损及于店舖租期完结前提
前关闭。
自有零售店舖资产的可收
回金额根据公允价值减去
处置费用的方法厘定，其
中物业主要根据专业物业
估值师估价获得。同时，
其余零售店舖资产的可收
回金额根据使用价值计算
厘定，根据管理层批准涵
盖租赁剩余年期的预测使
用折现金流量预测。
管理层在识别减值时，我们的程序
包括：
• 了解及评估管理层识别减值指
标的流程以及管理层减值评估
主要控制的设计和实施；
• 通过考虑估计的不确定性程度
和其他固有风险因素的水准评
估重大错报的固有风险；
- ，例如
将往年模型中使用的预测与零
售店当年的实际业绩进行比
较；
• 对于管理层识别减值指标时作
出的判断提出质疑；
• 获取管理层编制之现金流量预
测，了解各现金产生单位之现
金流量预测采纳之主要假设，
以及核实现金流量预测计算之
运算准确性；
INDEPENDENT AUDITOR’S REPORT
宝光实业（国际）有限公司
2025年报
独立核数师报告
Key audit materHow our audit adresed the key audit
mater
Impairment asesment on property, plant and
equipment and right-of-use asets (Continued)
Management caried out an impairment
asesment for such asets which have
an impairment indicator and as a result
impairment los of property, plant and
equipment of aproximately HK$2.596 milion
and impairment los of right-of-use asets
of aproximately HK$8.830 milion have
ben recognised in the consolidated income
statement for the year.
• Comparing the major asumptions
such as growth rates, budgeted
sales and gros margins to
historical results and evaluating
their reasonablenes in light of
curent and expected future market
conditions; and
• Evaluating the suficiency of the
disclosure of the impairment
asesment by management in the
consolidated financial statements.
Going concern asesment
Refer to Note 2 to the consolidated financial
statements.
The going concern asesment is identified as
a key audit mater as significant management
judgement is involved in determining whether
a material uncertainty exists and in estimating
the Group’s future cash flows and funding
requirements.
As at 31 March 2025, included in curent
liabilities of the Group are bank borowings
of aproximately HK$241.890 milion which
contain a repayment on demand clause,
HK$81.515 milion out of HK$241.890 milion
are bank borowings that are scheduled
repayable within the next twelve months,
together with the related bank borowings
interests of HK$16.569 milion. However, as
of that date, the cash and cash equivalents of
the Group was only maintained at HK$83.339
milion. This condition may cause significant
doubt about the Group’s ability to continue as a
going concern.
Our procedures in relation to management’s
asesment of going concern included:
• Obtaining an understanding of the
inputs and key asumptions of the
cash flow projections prepared for
the purpose of the going concern
asesment;
• Chalenging the inputs and
asumptions used in the cash flow
projections by benchmarking them
against historical trends and data
and observable external economic
data;
• Asesing the availability of unused
banking facilities during the forecast
periods by inspecting relevant
documentation and evaluating
whether the facilities were suficient
to met the Group’s funding neds
with reference to the cash flow
projections;
关键审计事项我们的审计如何处理关键审计事项
物业、机器及设备及使用权
资产的减值评估（续）
管理层对有减值迹象的该
等资产进行减值评估，并
因此于本年度综合收益表
确认物业、机器及设备减
值亏损约港币2.596佰万
元及使用权资产减值亏损
约港币8.830佰万元。
- ，如增长率、预算
销售额及毛利与历史数据进行
比较，并根据现时及预期未来
市场状况评估其合理性；及
• 评估管理层在综合财务报表中
披露减值评估的充足性。
持续经营评估
请参阅综合财务报表附
注2。
持续经营评估识别为关键
审计事项，原因是于厘定
是否出现重大不确定性以
及估计 贵集团的日后现
金流量及资金需求时涉及
重大管理判断。
于2025年3月31日， 贵
集团的流动负债包括约港
币241.890佰万元（载有按
要求偿还条款）的银行贷
款。在港币241.890佰万
元的银行贷款，其中港币
81.515佰万元为按计划须
于未来十二个月内偿还的
银行贷款，连同相关银行
贷款利息约港币16.569佰
万元。然而，于截至报告
日， 贵集团现金及现
金等值物仅维持在港币
83.339佰万元。此财务状
况可能导致对 贵集团的
持续经营能力产生重大疑
虑。
对于董事就持续经营的评估，我们
的程序包括：
• 了解为进行持续经营评估而编
制的现金流量预测的输入及主
要假设；
• 通过对照历史趋势及数据以及
可观察外部经济数据对现金流
量预测中使用的输入及假设提
出质疑；
• 检查相关文件并参考现金流量
预测以评估融资是否足够以满
足 贵集团的资金需求，以评估
预测期内未动用银行融资的可
行性
INDEPENDENT AUDITOR’S REPORT
STELUX Holdings International Limited
ANUAL REPORT 202539
独立核数师报告
Key audit materHow our audit adresed the key audit
mater
Going concern asesment (Continued)
The Group’s consolidated financial statements
were prepared on a going concern basis.
The directors’ asesment in respect of going
concern is set out in Note 2.
• Performing sensitivity analysis on
the cash flow projections;
• Asesing the posible mitigating
actions identified by management in
the event that actual cash flows are
below forecast;
- ’
asesment that there was not a
material uncertainty in relation
to going concern based on our
understanding of the Group’s
expected liquidity requirements
during the forecast period; and
• Asesing the apropriatenes of the
disclosures included in Note 2 to the
consolidated financial statements.
关键审计事项我们的审计如何处理关键审计事项
持续经营评估（续）
贵集团综合财务报表乃按
持续经营基准编制。董事
就持续经营的评估载于附
注2。
• 对现金流量预测进行敏感性分
析；
- ，
评估管理层识别的可能缓解措
施；
• 根据吾等对 贵集团在预测期
内的预期流动资金需求的理
解，对董事的评估认为持续经
营不存在重大不确定性提出质
疑；及
• 评估载于综合财务报表附注2的
披露的恰当性。
INDEPENDENT AUDITOR’S REPORT
宝光实业（国际）有限公司
2025年报
独立核数师报告
OTHER INFORMATION
The directors of the Company are responsible for the other
information. The other information comprises al of the
information included in the anual report other than the
consolidated financial statements and our auditor’s report
thereon.
Our opinion on the consolidated financial statements does not
cover the other information and we do not expres any form of
asurance conclusion thereon.
In conection with our audit of the consolidated financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is
materialy inconsistent with the consolidated financial statements
or our knowledge obtained in the audit, or otherwise apears to
be materialy mistated.
If, based on the work we have performed, we conclude that
there is a material mistatement of this other information, we are
required to report that fact. We have nothing to report in this
regard.
RESPONSIBILITIES OF THE DIRECTORS AND AUDIT
COMITE FOR THE CONSOLIDATED FINANCIAL
STATEMENTS
The directors of the Company are responsible for the preparation
of the consolidated financial statements that give a true and fair
view in acordance with HKFRS Acounting Standards isued by
the HKICPA and the disclosure requirements of the Companies
Ordinance, and for such internal control as the directors determine
is necesary to enable the preparation of consolidated financial
statements that are fre from material mistatement, whether due
to fraud or eror.
In preparing the consolidated financial statements, the directors
of the Company are responsible for asesing the Group’s ability
to continue as a going concern, disclosing, as aplicable, maters
related to going concern and using the going concern basis of
acounting unles the directors of the Company either intend to
liquidate the Group or to cease operations or have no realistic
alternative but to do so.
The Audit Comite asists the directors in discharging their
responsibilities for overseing the Group’s financial reporting
proces.
其他信息
贵公司董事须对其他信息负责。其他信息包括年
度报告中除综合财务报表及核数师报告外的所有
信息。
我们对综合财务报表的意见并不涵盖其他信息，
我们不对该等其他信息发表任何形式的鉴证结
论。
结合我们对综合财务报表的审计，我们的责任是
阅读上述的其他信息，在此过程中，考虑其他信
息是否与综合财务报表或我们在审计过程中所了
解的情况存在重大抵触或者似乎存在重大错误陈
述的情况。
基于我们取得的其他信息所执行的工作，如果我
们认为其他信息存在重大错误陈述，我们需要报
告该事实。在这方面，我们没有任何报告。
董事及审核委员会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》及香港《公司条例》的披露规
定拟备真实而中肯的综合财务报表，并对其认为
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， 贵公司董事负责评
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 贵公司董事有意将 贵集团清
盘或停止经营，或别无其他实际的替代方案。
审核委员会协助 贵公司董事，执行监督 贵集
团的财务报告过程。
INDEPENDENT AUDITOR’S REPORT
STELUX Holdings International Limited
ANUAL REPORT 202541
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. Our report is made
solely to you, as a body, in acordance with Section 90 of the
Companies Act 1981 of Bermuda and for no other purpose. We
do not asume responsibility towards or acept liability to any
other person for the contents of this report.
Reasonable asurance is a high level of asurance, but is not a
guarante that an audit conducted in acordance with HKSAs
wil always detect a material mistatement when it exists.
Mistatements can arise from fraud or eror and are considered
material if, individualy or in the agregate, they could
reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial
statements.
As part of an audit in acordance with HKSAs, we exercise
profesional judgement and maintain profesional skepticism
throughout the audit. We also:
• Identify and ases the risks of material mistatement of the
consolidated financial statements, whether due to fraud
or eror, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is suficient
and apropriate to provide a basis for our opinion. The
risk of not detecting a material mistatement resulting from
fraud is higher than for one resulting from eror, as fraud
may involve colusion, forgery, intentional omisions,
misrepresentations, or the overide of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
apropriate in the circumstances, but not for the purpose of
expresing an opinion on the efectivenes of the Group’s
internal control.
• Evaluate the apropriatenes of acounting policies used
and the reasonablenes of acounting estimates and related
disclosures made by the directors.
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任何重大错误陈述取
得合理保证，并出具包括我们意见的核数师报
告。我们仅根据百慕达《1981年公司法》第90条
向 阁下（作为整体）报告，除此之外本报告别无
其他目的。我们不会就本报告内容向任何其他人
士负上或承担任何责任。
合理保证是高水平的保证，但不能保证按照《香
港审计准则》进行的审计，在某一重大错误陈述
存在时总能发现。错误陈述可以由欺诈或错误引
起，如果合理预期它们单独或汇总起来可能影响
综合财务报表使用者依赖综合财务报表所作出的
经济决定，则有关的错误陈述可被视作重大。
在根据《香港审计准则》进行审计的过程中，我
们运用了专业判断，保持了专业怀疑态度。我们
亦：
• 识别和评估由于欺诈或错误而导致综合财
务报表存在重大错误陈述的风险，设计及
执行审计程序以应对这些风险，以及获取
充足和适当的审计凭证，作为我们意见的
基础。由于欺诈可能涉及串谋、伪造、蓄
意遗漏、虚假陈述，或凌驾于内部控制之
上，因此未能发现因欺诈而导致的重大错
误陈述的风险高于未能发现因错误而导致
的重大错误陈述的风险。
- ，以设计适当
的审计程序，但目的并非对 贵集团内部
控制的有效性发表意见。
• 评价董事所采用会计政策的恰当性及作出
会计估计和相关披露的合理性。
INDEPENDENT AUDITOR’S REPORT
宝光实业（国际）有限公司
2025年报
独立核数师报告
- ’ 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
consolidated financial statements. We are responsible for
the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain
solely responsible for our audit opinion.
We comunicate with the Audit Comite regarding, among
other maters, the planed scope and timing of the audit and
significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide the Audit Comite with a statement that we
have complied with relevant ethical requirements regarding
independence and 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.
• 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
否中肯反映交易和事项。
- ，就 贵集团内
实体或业务活动的财务信息获取充足、适
当的审计凭证，以便对综合财务报表发表
意见。我们负责集团审计的指导、监督和
审查工作。我们为审计意见承担全部责
任。
除其他事项外，我们与审核委员会沟通了计划的
审计范围、时间安排、重大审计发现等，包括我
们在审计中识别出内部控制的任何重大缺陷。
我们还向审核委员会提交声明，说明我们已符合
有关独立性的相关道德要求，并与他们沟通有可
能合理地被认为会影响我们独立性的所有关系和
其他事项，以及在适用的情况下，相关的防范措
施。
INDEPENDENT AUDITOR’S REPORT
STELUX Holdings International Limited
ANUAL REPORT 202543
独立核数师报告
From the maters comunicated with the Audit Comite,
we determine those maters that were of most significance in
the audit of the consolidated financial statements of the curent
period and are therefore the key audit maters. We describe these
maters in our auditor’s report unles law or regulation precludes
public disclosure about the mater or when, in extremely
rare circumstances, we determine that a mater should not be
comunicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the
public interest benefits of such comunication.
The engagement partner on the audit resulting in this
independent auditor’s report is Mr. Yu Kwok Keung (practising
certificate number: P07372).
RSM Hong Kong
Certified Public Acountants
24 June 2025
从与审核委员会沟通的事项中，我们确定哪些事
项对本期综合财务报表的审计最为重要，因而构
成关键审计事项。我们在核数师报告中描述这些
事项，除非法律或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余国
强先生（执业证书编号：P07372）。
罗申美会计师事务所
执业会计师
2025年6月24日
CONSOLIDATED INCOME STATEMENT AND STATEMENT OF OTHER COMPREHENSIVE INCOME
宝光实业（国际）有限公司
2025年报
综合收益表及其他全面收益表
For the year ended 31 March 2025 截至2025年3月31日止年度
NoteHK$’000HK$’000
附注港币仟元港币仟元
Revenue
收入
8615,215767,561
Cost of sales销售成本(334,359)(381,888)
Gros profit毛利280,856385,673
Other (loses)/gains其他（亏损）╱收益9(27,650)514,791
Other income其他收入1035,77728,865
Seling expenses销售支出(212,732)(247,952)
General and administrative expenses一般及行政支出(164,749)(155,030)
Other operating income/(expenses)其他营运收入╱（支出）8,015(14,648)
Finance costs财务成本11(22,666)(29,993)
(Los)/profit before tax除税前（亏损）╱溢利12(103,149)481,706
Income tax expense所得税支出15(3,639)(8,381)
(Los)/profit for the year年内（亏损）╱溢利(106,788)473,325
(Los)/profit for the year atributable to:以下人士应占年内（亏损）╱溢利：
Equity holders of the Company本公司权益持有人(106,999)473,151
Non-controling interests非控股权益211174
(106,788)473,325
(Los)/earnings per share每股（亏损）╱盈利
Basic and diluted (HK cents)基本及摊薄（港仙）16(10.28)45.21
Other comprehensive income:其他全面收益：
Items that reclasified and may be reclasified
subsequently to profit or los:
其后已重新分类及可重新分类至损益
的项目：
Exchange diferences of translation of foreign
operations
海外业务的汇兑差额
11,802(15,776)
Exchange diferences reclasified to profit or
los upon disposal of foreign operations
出售海外业务汇兑差额重新分类
至损益–21,897
Items that wil not be reclasified to profit or los:其后不会重新分类至损益的项目：
Change in fair value of equity investment at fair
value through other comprehensive income
按公平值透过其他全面收益列账的
股份投资的公平值变动21(310)2,646
Gain on revaluation of property, plant and
equipment, net of tax
除税后物业、机器及设备重估收益
102,993–
Re-measurement on retirement benefit
obligations
重新计量退休福利承担
Other comprehensive income for the year,
net of tax
年内除税后其他全面收益
114,7738,897
Total comprehensive income for the year年内全面收益总额7,985482,222
Total comprehensive income for the year
atributable to:
以下人士应占年内全面收益总额：
Equity holders of the Company本公司权益持有人7,488482,528
Non-controling interests非控股权益497(306)
7,985482,222
第50至166页的附注为此等综合财务报表不可或
缺的部份。
The notes on page 50 to 166 are an integral part of these
consolidated financial statements.
CONSOLIDATED BALANCE SHET
STELUX Holdings International Limited
ANUAL REPORT 202545
综合资产负债表
At 31 March 2025 于2025年3月31日
NoteHK$’000HK$’000
附注港币仟元港币仟元
ASETS资产
Non-curent asets非流动资产
Property, plant and equipment物业、机器及设备17162,621183,127
Investment properties投资物业18393,100297,800
Right-of-use asets使用权资产1969,21191,312
Intangible asets无形资产2047,54247,567
Equity investment at fair value through
other comprehensive income
按公平值透过其他全面收益
列账的股份投资215,4005,710
Consideration receivable应收代价22261,887298,975
Trade receivables and deposits应收贸易账款及按金2434,90434,873
Defered tax asets递延税项资产285,6056,482
Total non-curent asets非流动资产总额980,270965,846
Curent asets流动资产
Inventories存货23207,654226,251
Consideration receivable应收代价2243,64742,711
Trade and other receivables贸易及其他应收账款24111,217126,106
Cash and cash equivalents现金及现金等值物2583,33967,711
Total curent asets流动资产总额445,857462,779
Total asets资产总额1,426,1271,428,625
EQUITY股权
Capital and reserves atributable to the
equity holders of the Company
本公司权益持有人应占股本及
储备
Share capital股本26104,475104,647
Treasury shares库存股份26(698)–
Reserves储备27809,452801,933
Shareholders’ funds股东资金913,229906,580
Non-controling interests非控股权益6,2025,705
Total equity股权总额919,431912,285
CONSOLIDATED BALANCE SHET
宝光实业（国际）有限公司
2025年报
综合资产负债表
At 31 March 2025 于2025年3月31日
NoteHK$’000HK$’000
附注港币仟元港币仟元
LIABILITIES负债
Non-curent liabilities非流动负债
Defered tax liabilities递延税项负债2840,19526,287
Lease liabilities租赁负债2934,33050,551
Retirement benefit obligations退休福利承担301,8621,803
Total non-curent liabilities非流动负债总额76,38778,641
Curent liabilities流动负债
Trade and other payables贸易及其他应付账款31117,229118,513
Income tax payable应付所得税20,79022,559
Bank borowings银行贷款32241,890233,984
Lease liabilities租赁负债2950,40062,643
Total curent liabilities流动负债总额430,309437,699
Total liabilities负债总额506,696516,340
Total equity and liabilities股权及负债总额1,426,1271,428,625
The consolidated financial statements on page 44 to 166 were
aproved by the Board of Directors on 24 June 2025 and were
signed on its behalf.
Joseph C.C. WongLiao Ching Mei
黄创增廖晶薇
Chairman and Chief Executive OficerExecutive Director and Chief Financial Oficer
主席及行政总裁执行董事及首席财务总裁
董事会在2025年6月24日批准并签署载于第44页
至第166页的综合财务报表。
第50至166页的附注为此等综合财务报表不可或
缺的部份。
The notes on page 50 to 166 are an integral part of these
consolidated financial statements.
For the year ended 31 March 2025 截至2025年3月31日止年度
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
STELUX Holdings International Limited
ANUAL REPORT 202547
综合权益变动表
Atributable to equity holders of
the company
本公司权益持有人应占
Share
capital
Treasury
shares
Reserves
(Note 27)Total
Non-
controling
interests
Total
equity
股本库存股份
储备
（附注27）总计非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元港币仟元港币仟元
At 1 April 2023于2023年4月1日104,647–319,405424,0526,011430,063
Profit for the year年度溢利–473,151473,151174473,325
Other comprehensive income/(los)其他全面收益╱(亏损)–9,3779,377(480)8,897
Changes in equity for the year年度权益变动–482,528482,528(306)482,222
At 31 March 2024于2024年3月31日104,647–801,933906,5805,705912,285
At 1 April 2024于2024年4月1日104,647–801,933906,5805,705912,285
(Los)/profit for the year年度(亏损)╱溢利–(106,999)(106,999)211(106,788)
Other comprehensive income其他全面收益–114,487114,487286114,773
Share repurchased and canceled股份购回并注销(172)–31(141)–(141)
Share repurchased as treasury shares股份购回作为库存股份–(698)–(698)–(698)
Changes in equity for the year年度权益变动(172)(698)7,5196,6494977,146
At 31 March 2025于2025年3月31日104,475(698)809,452913,2296,202919,431
第50至166页的附注为此等综合财务报表不可或
缺的部份。
The notes on page 50 to 166 are an integral part of these
consolidated financial statements.
For the year ended 31 March 2025 截至2025年3月31日止年度
CONSOLIDATED STATEMENT OF CASH FLOWS
宝光实业（国际）有限公司
2025年报
综合现金流量表
NoteHK$’000HK$’000
附注港币仟元港币仟元
Cash flows from operating activities经营活动的现金流量
(Los)/profit before tax除所得税前（亏损）╱溢利(103,149)481,706
Adjustments for调整
Depreciation of:折旧：
– property, plant and equipment－物业、机器及设备21,67522,037
– right-of-use asets－使用权资产53,87462,087
Los/(gain) on disposal of:出售亏损╱（收益）：
– property, plant and equipment－物业、机器及设备3,392(122)
– a subsidiary－附属公司33(c)–(509,487)
Gain on termination of leases终止租赁合约收益(606)(70)
Fair value changes of investment
properties
投资物业公平值变动
24,700100
Re-measurement of defered
consideration payable in respect of
acquisition of a subsidiary in prior
years
重新计量递延应付代价
(有关过往年度收购
附属公司）
–(17,340)
Reversal of provision for inventories存货拨备的回拨(25,643)(20,921)
(Reversal of impairment los)/impairment
los of:
（减值损失回拨）╱减值
损失：
– property, plant and equipment－物业、机器及设备2,5966,732
– right-of-use asets－使用权资产8,83018,056
– intangible asets－无形资产–1,083
– consideration receivable－应收代价(650)5,203
– trade receivables－应收贸易账款(807)1,210
Dividend income股息收入(1,593)(1,481)
Interest income利息收入(17,067)(1,589)
Finance costs财务成本22,66629,993
Operating (los)/profit before working
capital changes
营运资金转变前的
经营（亏损）╱溢利(11,782)77,197
Adjustments for调整
Inventories存货46,84812,554
Trade and other receivables贸易及其他应收账款17,247(44,047)
Trade and other payables贸易及其他应付账款(1,397)(7,054)
Cash generated from operations营运活动所得现金50,91638,650
Interest paid支付利息(16,298)(21,507)
Interest on lease liabilities租赁负债利息(6,368)(8,486)
Hong Kong profits tax paid支付香港利得税(1,166)(5,210)
Overseas profits tax paid支付海外利得税(2,419)(4,063)
Overseas profits tax refunded退回海外利得税12823
Net cash generated from/(used in)
operating activities
营运活动所得╱（所用）的现金
净额24,793(593)
For the year ended 31 March 2025 截至2025年3月31日止年度
CONSOLIDATED STATEMENT OF CASH FLOWS
STELUX Holdings International Limited
ANUAL REPORT 202549
综合现金流量表
NoteHK$’000HK$’000
附注港币仟元港币仟元
Cash flows from investing activities投资活动的现金流量
Purchase of property, plant and
equipment
购入物业、机器及设备
(8,201)(30,424)
Proceds from disposal of:出售所得款项：
– property, plant and equipment－物业、机器及设备10151
– a subsidiary－附属公司33(c)44,101174,452
Interest received已收利息17,0671,589
Dividend received已收股息1,5931,481
Net cash generated from investing
activities
投资活动所得的现金净额
54,570147,249
Cash flows from financing activities融资活动的现金流量
Drawdown of bank borowings提取银行贷款33(a)196,442112,058
Repayment of bank borowings偿还银行贷款33(a)(188,536)(220,922)
Repurchases of shares回购股份26(839)–
Principal portion of lease payments支付租赁本金部份33(a)(68,821)(65,240)
Net cash used in financing activities融资活动所用的现金净额(61,754)(174,104)
Net increase/(decrease) in cash
and cash equivalents
现金及现金等值物
之增加╱（减少）净额17,609(27,448)
Efect of foreign exchange rate changes汇率变动的影响(1,981)9,733
Cash and cash equivalents at the
begining of the year
年初的现金及现金等值物
67,71185,426
Cash and cash equivalents at the end of
the year
年终的现金及现金等值物
83,33967,711
Analysis of balances of cash and cash
equivalents:
现金及现金等值物结余的
分析：
Cash and cash equivalents现金及现金等值物2583,33967,711
第50至166页的附注为此等综合财务报表不可或
缺的部份。
The notes on page 50 to 166 are an integral part of these
consolidated financial statements.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
1. GENERAL INFORMATION
Stelux Holdings International Limited (the “Company”)
is a limited liability company incorporated in Bermuda.
The adres of its registered ofice is Clarendon House, 2
Church Stret, Hamilton, HM11, Bermuda and the adres
of its principal place of busines is 27/F, Stelux House, 698
Prince Edward Road East, San Po Kong, Kowlon, Hong
Kong.
The Company has its primary listing on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”).
The principal activity of the Company is investment
holding. The activities of its principal subsidiaries are
shown in Note 38 to the consolidated financial statements.
These consolidated financial statements are presented in
Hong Kong dolars (“HK$”), unles otherwise stated.
2. BASIS OF PREPARATION
These consolidated financial statements have ben
prepared in acordance with al aplicable HKFRS
Acounting Standards isued by the Hong Kong Institute
of Certified Public Acountants (the “HKICPA”). HKFRS
Acounting Standards comprise Hong Kong Financial
Reporting Standards (“HKFRS”); Hong Kong Acounting
Standards (“HKAS”); and Interpretations. These
consolidated financial statements also comply with the
aplicable disclosure provisions of the Rules Governing the
Listing of Securities on the Stock Exchange and with the
disclosure requirements of the Companies Ordinance.
The HKICPA has isued certain new and revised HKFRS
Acounting Standards that are first efective or available
for early adoption for the curent acounting period of
the Group. Note 3 provides information on any changes
in acounting policies resulting from initial aplication
of these developments to the extent that they are relevant
to the Group for the curent and prior acounting periods
reflected in these consolidated financial statements.
1. 一般资料
宝光实业（国际）有限公司（「本公司」）为于
百慕达注册成立之有限公司，其注册地
址为Clarendon House, 2 Church Stret,
Hamilton, HM11, Bermuda及其主要办事处
地址为香港九龙新蒲岗太子道东698号宝光
商业中心27楼。
本公司的股份于香港联合交易所有限公司
上市（「联交所」）。
本公司的主要业务为投资控股，其主要附
属公司的业务载于综合财务报表附注38。
除另有注明者外，本综合财务报表乃以港
币计值。
2. 编制基准
此等综合财务报表乃按照香港会计师公会
（「香港会计师公会」）颁布的所有适用香港财
务报告准则编制。香港财务报告准则包括
香港财务报告准则（「香港财务报告准则」）、
香港会计准则（「香港会计准则」）及诠释。此
等综合财务报表亦符合联交所证券上市规
则之适用披露条文及《公司条例》的披露规
定。
香港会计师公会已颁布若干于本集团本会
计期间首次生效或可供提早采纳的新订及
经修订香港财务报告准则。附注3提供于本
会计期间及过往会计期间因初步应用与本
集团相关之此等发展而产生之会计政策变
动的资料，有关变动资料反映于此等综合
财务报表。
STELUX Holdings International Limited
ANUAL REPORT 202551
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
2. BASIS OF PREPARATION (Continued)
As at 31 March 2025, included in curent liabilities of the
Group are bank borowings of aproximately HK$241.890
milion which contain a repayment on demand clause,
HK$81.515 milion out of HK$241.890 milion are bank
borowings that are scheduled repayable within the next
twelve months, together with the related bank borowings
interests of HK$16.569 milion. However, as of that
date, the cash and cash equivalents of the Group was
only maintained at HK$83.339 milion. This condition
may cause significant doubt about the Group’s ability to
continue as a going concern.
In preparing these consolidated financial statements, the
directors of the Company have given careful consideration
to the curent and anticipated future liquidity of the Group
and the ability of the Group to continue to atain profitable
and positive cash flows from operations in the imediate
and longer terms.
Based on the Group’s credit history and historical
relationship with the banks, the directors of the Company
do not believe that it is probable that the banks wil
demand imediate repayment of bank borowing of
aproximately HK$241.890 milion but rather such
bank borowings wil be repaid in acordance with their
scheduled repayment dates as disclosed in Note 6(a)(iv).
Acordingly, principal and interest payments due within
the next twelve months from the reporting date amounted
to HK$98.084 milion.
In adition, in order to strengthen the Group’s liquidity in
the foreseable future, the directors of the Company have
taken measures such as closing down under-performing
retail stores and implementing various cost control
measures to reduce the costs of operations. The Group
continues with the implementation of the aforementioned
measures in order to achieve further improvement of the
Group’s liquidity in short term and long-term periods.
- （续）
于2025年3月31日，本集团的流动负债约港
币241.890佰万元（载有按要求偿还条款）的
银行贷款，其中港币81.515佰万元为按计
划须于未来十二个月内偿还的银行贷款，
连同相关银行贷款利息约港币16.569佰万
元。然而，于截至报告日，本集团现金及
现金等值物仅维持在港币83.339佰万元。
此财务状况可能导致对本集团的持续经营
能力产生重大疑虑。
于编制该等综合财务报表时，本公司董事
已审慎考虑本集团之现有及预期未来流动
资金，以及本集团即期及较长期业务持续
达至盈利及正面现金流量之能力。
根据本集团的信贷历史及与银行的长期关
系，本公司董事并不认为银行要求即时偿
还约港币241.890佰万元的银行贷款，而是
根据附注6(a)(iv)所披露的银行之预定的偿
还日期按计划偿还该等银行贷款。因此，
自报告日期起计未来十二个月内到期应付
的本金及利息约为港币98.084佰万元。
此外，为增强本集团于可预见未来流动资
金状况，本公司董事已采取以下措施：关
闭表现不佳的零售店舖；并制定各项成本
控制措施，以缩紧经营成本。本集团将继
续实施上述措施，以进一步改善本集团短
期及长期的流动性。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
2. BASIS OF PREPARATION (Continued)
The directors of the Company have taken into acount the
cash requirements of the Group for the next twelve months
comencing from the end of the reporting period. With
unutilised banking facilities of aproximately HK$89.022
milion as at 31 March 2025, other potential sources of
funding, and continued adoption of the above measures,
the directors have therefore concluded that the Group
wil have suficient working capital to fuly met its
financial obligations when they fal due. Acordingly, the
consolidated financial statements have ben prepared on a
going concern basis.
3. ADOPTION OF NEW AND REVISED HKFRS
ACOUNTING STANDARDS
(a) Aplication of new and revised HKFRS Acounting
Standards
The Group has aplied the folowing amendments to
HKFRS Acounting Standards isued by the HKICPA
for the first time, which are mandatorily efective
for the anual period begining on or after 1 April
2024 for the preparation of the consolidated financial
statements:
Amendments to HKAS 1Clasification of Liabilities as
Curent or Non-curent
Amendments to HKAS 1Non-curent Liabilities with
Covenants
Amendments to HKFRS 16Lease Liability in a Sale and
Leaseback
Hong Kong
Interpretation 5
(“HK Int 5”)(Revised)
Presentation of Financial
Statements – Clasification
by the Borower of a
Term Loan that Contains
a Repayment on Demand
Clause
Amendments to
HKAS 7 and HKFRS 7
Suplier Finance
Arangements
- （续）
本公司董事已考虑本集团于报告期末起未
来十二个月之现金需求。于2025年3月31
日的未动用银行融资约为港币89.022佰万
元、其他潜在融资方式及继续采取上述措
施，董事继而得出结论，本集团将拥有充
足营运资金以履行其到期之财务责任。因
此，此综合财务报表已按持续经营基准编
制。
3. 采纳新订及经修订香港财务报告准则
(a) 应用新订及经修订香港财务报告准则
本集团于编制综合财务报表时已首次
采纳以下由香港会计师公会颁布的相
关香港财务报告准则修订本，有关修
订本自2024年4月1日或之后开始的年
度期间强制生效：
香港会计准则
第1号（修订本）
流动或非流动
负债分类
香港会计准则
第1号（修订本）
附带契约的
非流动负债
香港财务报告
准则第16号
（修订本）
售后回租的
租赁负债
香港诠释第5号
（经修订）
财务报表的呈报－分
类为包含按要求偿
还条款的定期贷款
之借款人
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
STELUX Holdings International Limited
ANUAL REPORT 202553
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
3. ADOPTION OF NEW AND REVISED HKFRS
ACOUNTING STANDARDS (Continued)
(a) Aplication of new and revised HKFRS Acounting
Standards (Continued)
Adoption of Amendments to HKAS 1 “Clasification
of Liabilities as Curent or Non-curent” and
Amendments to HKAS 1 “Non-curent Liabilities
with Covenants” (colectively the “HKAS 1
Amendments”)
As a result of the adoption of the HKAS 1
Amendments, the Group changed its acounting
policy for the clasification of borowings as below:
“Borowings are clasified as curent liabilities unles,
at the end of the reporting period, the Group has a
right to defer setlement of the liability for at least 12
months after the reporting period.
Covenants that the Group is required to comply
with, on or before the end of the reporting period,
are considered in clasifying loan arangements with
covenants as curent or non-curent. Covenants
that the Group is required to comply with after the
reporting period do not afect the clasification.”
This new policy did not result in a change in the
clasification of the Group’s borowings. The Group
did not make retrospective adjustments as a result of
adopting HKAS 1 Amendments.
Except for the above, other amendments and
interpretation listed above did not have any material
impact on the amounts recognised in prior periods
and are not expected to significantly afect the
curent or future periods.
- （续）
(a) 应用新订及经修订香港财务报告准则
（续）
采纳香港会计准则第1号「流动或非流
动负债分类」（修订本）及香港会计准
则第1号「附带契约的非流动负债」（修
订本）（统称「香港会计准则第1号修订
本」）
由于采纳香港会计准则第1号修订
本，本集团对借款分类的会计政策作
出以下更改：
借款归类为流动负债，除非在报告期
末，本集团有权将负债的结算延后至
报告期间后至少12个月。
将附有契约的贷款安排分类为流动或
非流动时，会考虑本集团于报告期末
或之前须遵守的契约。本集团于报告
期后须遵守的契约不影响于报告日期
的分类。
该新政策并未导致集团借款分类的改
变。本集团并无因采纳香港会计准则
第1号（修订本）而作出追溯调整。
除上述内容外，上述所列的其他修订
和诠释对过往期间确认的金额并无重
大影响，并预计不会对当前或未来期
间产生重大影响。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(b) 已颁布但尚未生效的经修订香港财务
报告准则
截至本综合财务报表刊发日，香港会
计师公会已颁布多项新订准则、准则
修订及诠释，该等准则及诠释于截至
2025年3月31日止年度尚未生效，且
并未于本综合财务报表中采纳。本集
团并无提早应用以下可能与本集团相
关的准则及诠释修订：
本公司董事正在评估该等新订准则、
准则修订及诠释在首次应用期间的影
响。目前，董事们已得出结论，除以
下情况外，采用该等新订准则、准则
修订及诠释不太可能对综合财务报表
产生重大影响。
3. ADOPTION OF NEW AND REVISED HKFRS
ACOUNTING STANDARDS (Continued)
(b) Revised HKFRS Acounting Standards in isue but
not yet efective
Up to the date of isue of these consolidated financial
statements, the HKICPA has isued a number of
new standards and amendments to standards and
interpretation, which are not efective for the year
ended 31 March 2025 and which have not ben
adopted in these consolidated financial statements.
The Group has not early aplied the folowing which
may be relevant to the Group:
Efective for
acounting periods
begining on or after
于以下日期
或之后开始的会计
期间生效
Amendments to HKAS 21 and HKFRS 1 – Lack of Exchangeability1 April 2025
香港会计准则第21号及香港财务报告准则第1号（修订本）－缺乏可交换性2025年4月1日
Amendments to HKFRS 9 and HKFRS 7 – Clasification and Measurement of
Financial Instruments
1 April 2026
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）－金融工具的分类
及计量
2026年4月1日
Anual Improvements to HKFRS Acounting Standards – Volume 111 April 2026
香港财务报告准则年度改进－第11卷2026年4月1日
HKFRS 18 – Presentation and Disclosure in Financial Statements1 April 2027
香港财务报告准则第18号－财务报表的呈列及披露2027年4月1日
HKFRS 19 – Subsidiaries without Public Acountability: Disclosures1 April 2027
香港财务报告准则第19号－非公共受托责任附属公司的披露2027年4月1日
Amendments to HK Int 5 – Presentation of Financial Statements –
Clasification by the Borower of a Term Loan that Contains
a Repayment on Demand Clause
1 April 2027
香港诠释第5号（修订本）－财务报表的呈报－分类为包含按要求偿还条款
的定期贷款之借款人
2027年4月1日
Amendments to HKFRS 10 and HKAS 28 – Sale or Contribution of Asets
betwen an Investor and its Asociate or Joint Venture
To be determined
by the HKICPA
香港财务报告准则第10号及香港会计准则第28号（修订本）－投资者与联营或
合营企业之间的资产出售或注资
待香港会计
师公会厘定
The directors of the Company are in the proces
of making an asesment of what the impacts of
these new standards, amendments to standards and
interpretation are expected to be in the period of
initial aplication. So far it has concluded that the
adoption of them is unlikely to have a significant
impact on the consolidated financial statements,
except for the folowing.
STELUX Holdings International Limited
ANUAL REPORT 202555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
3. ADOPTION OF NEW AND REVISED HKFRS
ACOUNTING STANDARDS (Continued)
(b) Revised HKFRS Acounting Standards in isue but
not yet efective (Continued)
HKFRS 18 “Presentation and Disclosure in Financial
Statements”
HKFRS 18 wil replace HKAS 1 “Presentation of
financial statements”, introducing new requirements
that wil help to achieve comparability of the financial
performance of similar entities and provide more
relevant information and transparency to users. Even
though HKFRS 18 wil not impact the recognition or
measurement of items in the consolidated financial
statements, HKFRS 18 introduces significant changes
to the presentation of financial statements, with a
focus on information about financial performance
present in the consolidated income statement, which
wil afect how the Group present and disclose
financial performance in the consolidated financial
statements. The key changes introduced in HKFRS 18
relate to (i) the structure of the consolidated income
statement, (i) required disclosures for management-
defined performance measures (which are refered
to alternative or non-GAP performance measures),
and (i) enhanced requirements for agregation and
disagregation of information.
The directors of the Company are curently asesing
the impact of aplying HKFRS 18 on the presentation
and the disclosures of the consolidated financial
statements.
- （续）
(b) 已颁布但尚未生效的经修订香港财务
报告准则（续）
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号将取代香港
会计准则第1号「财务报表的列报」。
香港财务报告准则第18号引入新的要
求，有助于实现类似实体财务业绩的
可比性，并为使用者提供更相关的资
讯和透明度。虽然香港财务报告准则
第18号不会影响综合财务报表中项目
的确认或计量，但对财务报表的呈列
方式进行重大变更，重点关注综合收
益表中的财务业绩信息，将影响集团
在综合财务报表中呈列和披露财务业
绩的方式。香港财务报告准则第18
号引入的主要变更涉及：(i)综合收益
表的结构；(i)管理层定义的绩效指标
（称为替代或非公认会计准则绩效指
标）的揭露要求；以及(i)加强资讯汇
总和分解的要求。
本公司董事目前正在评估应用香港财
务报告准则第18号对综合财务报表的
呈列及揭露的影响。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
These consolidated financial statements have ben
prepared under the historical cost convention, unles
mentioned otherwise in the acounting policies below (e.g.
investment properties and certain financial instruments that
are measured at fair value).
The preparation of consolidated financial statements in
conformity with HKFRS Acounting Standards requires the
use of certain critical acounting estimates. It also requires
management to exercise its judgement in the proces
of aplying the Group’s acounting policies. The areas
involving a higher degre of judgement or complexity, or
areas where asumptions and estimates are significant to
the consolidated financial statements are disclosed in Note
5.
The material acounting policies aplied in the preparation
of these consolidated financial statements are set out
below.
(a) Consolidation
The consolidated financial statements include
the financial statements of the Company and its
subsidiaries made up to 31 March. Subsidiaries are
al entities (including structured entities) over which
the Group has control. The Group controls an entity
when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity
and has the ability to afect those returns through its
power over the entity. The Group has power over an
entity when the Group has existing rights that give
it the curent ability to direct the relevant activities,
i.e. activities that significantly afect the entity’s
returns. When asesing control, the Group considers
its potential voting rights as wel as potential voting
rights held by other parties. A potential voting right is
considered only if the holder has the practical ability
to exercise that right.
Subsidiaries are fuly consolidated from the date on
which control is transfered to the Group. They are
deconsolidated from the date that control ceases.
4. 重要会计政策资料
本综合财务报表乃按历史成本常规法编
制，除以下会计政策中另有说明之外（投资
物业及部分金融工具按公平值计量）。
编制符合香港财务报告准则之综合财务报
表须采用若干重要会计估计，管理层亦须
于应用本集团会计政策时作出判断。附注5
披露对涉及对本综合财务报表重要的较高
判断力或复杂性的领域或假设和估计。
编制此综合财务报表所采用的重要会计政
策如下：
(a) 合并
综合财务报表包括本公司及其附属公
司截至3月31日止的财务报表。附属
公司指本集团对其具有控制权的所有
实体（包括结构性实体）。当本集团因
为参与该实体而承担可变回报的风险
或享有可变回报的权益，并有能力透
过其对该实体的权力影响此等回报
时，本集团即控制该实体。当本集团
拥有现有权利，且该权利赋予本集团
目前主导相关活动（即对某实体的回
报产生重大影响的活动）的能力时，
本集团对该实体拥有权力。在评估控
制权时，本集团会考虑其潜在投票权
以及其他各方持有的潜在投票权。仅
于持有人能实际行使潜在投票权的情
况下，方会考虑其权利。
附属公司之账目自控制权转让予本集
团之日起全面综合入账，并自该控制
权终止之日停止综合计入账目。
STELUX Holdings International Limited
ANUAL REPORT 202557
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(a) Consolidation (Continued)
The gain or los on the disposal of a subsidiary that
results in a los of control represents the diference
betwen (i) the fair value of the consideration of the
sale plus the fair value of any investment retained in
that subsidiary and (i) the Company’s share of the net
asets of that subsidiary plus any remaining godwil
and any acumulated exchange reserve relating to
that subsidiary.
Intercompany transactions, balances and unrealised
gains on transactions betwen group companies are
eliminated. Unrealised loses are also eliminated
unles the transaction provides evidence of an
impairment of the transfered aset. Acounting
policies of subsidiaries have ben changed where
necesary to ensure consistency with the policies
adopted by the Group.
Non-controling interests represent the equity in
subsidiaries not atributable, directly or indirectly,
to the Company. Non-controling interests are
presented in the consolidated balance shet and
consolidated statement of changes in equity within
equity. Non-controling interests are presented in
the consolidated income statement and statement
of other comprehensive income as an alocation of
profit or los and total comprehensive income for the
year betwen the non-controling shareholders and
owners of the Company.
Profit or los and each component of other
comprehensive income are atributed to the
owners of the Company and to the non-controling
shareholders even if this results in the non-controling
interests having a deficit balance.
- （续）
(a) 合并（续）
因出售附属公司而导致丧失控制权的
损益代表以下两者之间的差额：(i)出
售代价的公允价值加上该附属公司保
留的任何投资的公允价值；(i)本公司
所占该附属公司净资产的份额加上与
该附属公司有关的任何剩余商誉及任
何累计汇兑储备。
集团内交易、结余及未变现溢利均会
予以对销。除非该交易有证据显示所
转让资产出现减值，否则未变现亏损
亦予以对销。附属公司的会计政策已
按需要进行变更，以确保与本集团采
用的政策保持一致。
非控股权益是指不是直接或间接归属
于本公司的附属公司股权。非控制权
益在综合资产负债表及综合权益变动
表中的股东权益中呈列。非控股权益
在综合收益表及其他全面收益表中作
为非控制股东与本公司权益持所有人
之间本年度损益及综合收益总额的分
配呈列。
损益及其他全面收益的各组成部分归
属于本公司权益持所有人及非控股权
益，即使这会导致非控制权益出现赤
字结余。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(a) Consolidation (Continued)
Changes in the Company’s ownership interest in
a subsidiary that do not result in a los of control
are acounted for as equity transactions (i.e.
transactions with owners in their capacity as owners).
The carying amounts of the controling and non-
controling interests are adjusted to reflect the
changes in their relative interests in the subsidiary.
Any diference betwen the amount by which
the non-controling interests are adjusted and the
fair value of the consideration paid or received is
recognised directly in equity and atributed to the
owners of the Company.
(b) Separate financial statements
Investments in subsidiaries are stated at cost les
impairment. Cost also includes direct atributable
costs of investment. The results of subsidiaries are
acounted for by the Company on the basis of
dividends received and receivable.
Impairment testing of the investments in subsidiaries
is required upon receiving dividends from these
investments if the dividend exceds the total
comprehensive income of the subsidiary in the
period the dividend is declared or if the carying
amount of the investment in the separate financial
statements exceds the carying amount in the
financial statements of the investe’s net asets
including godwil.
- （续）
(a) 合并（续）
本公司对附属公司所有者权益的变
动，若不导致丧失控制权，则作为权
益交易（即与权益持所有人以权益持
所有人身分进行的交易）进行会计处
理。控股和非控制权益的帐面价值会
进行调整，以反映其在附属公司中相
关权益的变化。非控制权益调整金额
与支付或收到代价的公允价值之间的
任何差额直接在权益中确认并归属于
公司权益持所有人。
(b) 独立财务报表
于附属公司的投资按成本扣除减值列
账。成本亦包括投资的直接应占成
本。本公司将附属公司的业绩根据已
收及应收股息入账。
倘于附属公司的投资产生的股息超过
附属公司于宣派股息期间的全面收益
总额或倘该等投资于独立财务报表
内的账面值超过投资对象资产净值
（包括商誉）于综合财务报表内的账面
值，则于收到该等股息时须对该等投
资进行减值测试。
STELUX Holdings International Limited
ANUAL REPORT 202559
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(c) Segment reporting
Operating segments are reported in a maner
consistent with the internal reporting provided to the
chief operating decision-maker.
The Company has apointed the executive directors
as the chief operating decision makers to review the
operating results of the Group on a consolidated
basis and makes strategic decisions.
(d) Foreign curency translation
(i) Functional and presentation curency
Items included in the financial statements of
each of the Group’s entities are measured
using the curency of the primary economic
environment in which the entity operates
(the “functional curency”). The consolidated
financial statements are presented in HK$,
which is the functional curency of the
Company and presentation curency of the
Group.
(i) Transactions and balances
Transactions in foreign curencies are
translated into the functional curency on initial
recognition using the exchange rates prevailing
on the transaction dates. Monetary asets and
liabilities in foreign curencies are translated at
the exchange rates at the end of each reporting
period. Gains and loses resulting from this
translation policy are recognised in income
statement.
- （续）
(c) 分部报告
营运分部之报告方式，与向主要营运
决策者提供内部报告之方式一致。
本公司已委任执行董事为首席经营决
策者，其会按综合基准审阅本集团的
营运业绩，并作出策略性决定。
(d) 外币换算
(i) 功能及呈报货币
本集团旗下每个实体之财务报
表所包括之项目，均以该实体
之主要营运地区之货币计算，
此为功能货币。本综合财务报
表乃以港币呈报，港币为本公
司之功能及本集团之呈报货
币。
(i) 交易及结余
外币交易于初始确认时采用交
易日的现行汇率换算为功能货
币。外币货币性资产和负债以
报告期末的汇率折算。此换算
政策产生的收益和损失计入损
益。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(d) Foreign curency translation (Continued)
(i) Transactions and balances (Continued)
Non-monetary asets and liabilities that are
measured in terms of historical cost in a foreign
curency are translated using the foreign
exchange rates ruling at the transaction dates.
The transaction date is the date on which
the company initialy recognises such non-
monetary asets or liabilities. Non-monetary
items that are measured at fair value in foreign
curencies are translated using the exchange
rates at the dates when the fair values are
determined.
When a gain or los on a non-monetary item
is recognised in other comprehensive income,
any exchange component of that gain or los
is recognised in other comprehensive income.
When a gain or los on a non-monetary item is
recognised in income statement, any exchange
component of that gain or los is recognised in
income statement.
- （续）
(d) 外币换算（续）
(i) 交易及结余（续）
按历史成本以外币计量的非货
币性资产及负债，以交易日的
汇率换算。交易日是本公司初
始确认该非货币性资产或负债
的日期。按公平值以外币计量
的非货币项目使用厘定公平值
当日的汇率换算。
当非货币性项目的收益和亏损
在其他综合收益表中确认时，
该收益或亏损的任何汇兑部分
均在其他综合收益表中确认。
当非货币项目的收益或亏损计
入收益表时，该收益或亏损的
任何交换部分也计入收益表。
STELUX Holdings International Limited
ANUAL REPORT 202561
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(d) Foreign curency translation (Continued)
(i) Translation on consolidation
The results and balance shet of al the group
entities (none of which has the curency
of a hyperinflationary economy) that have
a functional curency diferent from the
presentation curency are translated into the
presentation curency as folows:
• asets and liabilities for each balance
shet presented are translated at the
closing rate at the date of that balance
shet;
• income and expenses for each income
statement are translated at average
exchange rates (unles this average is
not a reasonable aproximation of the
cumulative efect of the rates prevailing
on the transaction dates, in which case
income and expenses are translated at the
exchange rates on the transactions dates);
and
• al resulting curency translation
diferences are recognised in other
comprehensive income and acumulated
in the exchange reserve.
On consolidation, exchange diferences arising
from the translation of any net investment
in foreign entities, and of borowings, are
recognised in other comprehensive income.
When a foreign operation is sold or any
borowings forming part of the net investment
are repaid, the asociated exchange diferences
are reclasified to the consolidated income
statement, as part of the gain or los on sale.
Godwil and fair value adjustments arising on
the acquisition of a foreign entity are treated as
asets and liabilities of the foreign entity and
translated at the closing rate.
- （续）
(d) 外币换算（续）
(i) 综合入账换算
集团旗下所有功能货币与呈报
货币不同之实体（全部均非高通
涨经济之货币）之业绩及财务状
况，按以下方式换算为呈报货
币：
• 各资产负债表所呈列资产
及负债，按结算日之收市
汇率换算；
- ，
按平均汇率换算，惟此平
均值并非交易当日现行汇
率具累积效果之合理约数
除外。在此情况下，收入
及支出于按交易日的汇率
换算；及
• 所有汇兑差额于其他全面
收益表中确认并累计至汇
兑储备。
于综合入账时，换算任何海外
实体净投资以及借款所产生之
汇兑差额均在其他全面收益中
确认。当出售海外业务或偿还
组成净投资一部分的任何借款
时，相关汇兑差额会于出售时
重新分类至损益，作为收益或
亏损的一部分。
收购一间海外实体所产生之商
誉及公允值调整被视作海外实
体之资产及负债，并按期末汇
率换算。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(e) Property, plant and equipment
Property, plant and equipment are stated at
historical cost les acumulated depreciation and
acumulated impairment loses. Historical cost
includes expenditure that is directly atributable to
the acquisition of the items.
Subsequent costs are included in the aset’s
carying amount or recognised as a separate aset,
as apropriate, only when it is probable that future
economic benefits asociated with the item wil
flow to the Group and the cost of the item can be
measured reliably. The carying amount of any
component acounted for as a separate aset is
derecognised when replaced. Al other repairs and
maintenance are charged to the consolidated income
statement during the financial period in which they
are incured.
No depreciation is provided on frehold land.
Frehold land is stated at cost les acumulated
impairment los, if any.
Depreciation on other asets is calculated using the
straight-line method to alocate their cost to their
residual values over their estimated useful lives, as
folows:
Leasehold landShorter of remaining lease
term or useful life
BuildingsShorter of the unexpired
lease term or 20 to 50
years
Equipment and
leasehold
improvements
3 to 10 years or over the
lease term
Furniture and fixtures3 to 15 years
Motor vehicles5 years
The asets’ residual values and useful lives are
reviewed, and adjusted if apropriate, at the end of
each reporting period.
- （续）
(e) 物业、机器及设备
物业、机器及设备按历史成本减累积
折旧及累积减值亏损入账。历史成本
包括直接归属于该收购项目的支出。
当与项目有关之未来经济利益可能流
入本集团，以及项目成本能可靠计算
时，其后成本才会计入资产之账面
值或确认为独立资产（视适用情况而
定）。计入为独立资产的已更换零件
之账面值于置换时被终止确认。所有
其他维修及保养费用于产生财政期间
于综合收益表扣除。
永久业权之土地无须折旧。永久业权
之土地以成本减累计减值亏损（如有）
入账。
其他资产之折旧以直线法于其估计可
用年期内分配其成本至剩余价值。所
采用年率如下：
租赁土地未届满租期或使用年限
（以较短者为准）
楼宇未届满租期或20至50年
（以较短者为准）
设备及租赁
权益改良
3至10年或租赁期
家私及装修3至15年
汽车5年
资产之剩余价值及可用年期会于各结
算日审阅及调整（如适用）。
STELUX Holdings International Limited
ANUAL REPORT 202563
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(e) Property, plant and equipment (Continued)
An aset’s carying amount is writen down
imediately to its recoverable amount if the
aset’s carying amount is greater than its estimated
recoverable amount.
An owner-ocupied property becomes an investment
property is caried at fair value at the date of change
in use. Any revaluation increase arising on the
revaluation of such property is recognised in other
comprehensive income and acumulated in property,
plant and equipment revaluation reserve, except
to the extent that it reverses a revaluation decrease
for the same aset previously recognised in income
statement, in which case the increase is credited
to income statement to the extent of the decrease
previously expensed. A decrease in the carying
amount arising on the revaluation of such property
is recognised in income statement to the extent that
it exceds the balance, if any, held in the property,
plant and equipment revaluation reserve relating to a
previous revaluation of that property.
Gains and loses on disposals are determined by
comparing the proceds with the carying amount
and are recognised in the consolidated income
statement within “other loses/gains”.
(f) Investment properties
Investment properties principaly leasehold land and
buildings are held for long-term rental yields and are
not ocupied by the Group.
Investment property is stated at fair value. Gains
or loses arising from changes in the fair value of
investment properties are recognised in income
statement for the period in which they arise.
An investment property is derecognised upon
disposal or when the investment property is
withdrawn from use. Any gain or los on disposal
of an investment property is the diference betwen
the net sales proceds and the carying amount of
the property and is recognised in income statement.
Rental income from investment properties is
acounted for as described in Note 4(s).
- （续）
(e) 物业、机器及设备（续）
倘资产之账面值超过其估计可收回金
额，则其账面值将即时撇减至可收回
金额。
自用物业成为投资物业后，以用途变
更当日的公允价值入帐。因该等物业
重估而产生的任何重估增值均计入其
他全面收益，并计入物业、机器及设
备重估储备中，除非其抵消先前已计
入损益的同一资产的重估减值部分，
在该种情况下，该增值部分将计入损
益中，减值金额应与于先前计入费用
的减值金额相等。因该物业重估而产
生的帐面价值减少，若超过物业、机
器及设备重估储备中与该物业先前重
估相关的余额（如有），则计入损益。
出售之损益按比较所得款项与账面
值厘定，并计入综合收益表「其他亏
损╱收益」内。
(f) 投资物业
投资物业指本集团为获得长期租金收
益，但并不由本集团占用而持有之物
业。
投资物业以公允价值计量。投资物业
公允价值变动产生的收益或亏损，计
入当期收益表。
投资物业在出售或退出使用时终止确
认。出售投资物业的任何收益或亏损
为出售所得款项净额与该物业帐面金
额之间的差额，并于收益表中确认。
投资物业的租金收入依附注4(s)所述
进行会计处理。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(g) Intangible asets
(i) Godwil
Godwil is subsequently measured as
disclosed in Note 4(j). Godwil on acquisitions
of subsidiaries is included in intangible asets.
Godwil is not amortised but it is tested for
impairment anualy, or more frequently if
events or changes in circumstances indicate
that it might be impaired, and is caried at cost
les acumulated impairment loses. Gains
and loses on the disposal of an entity include
the carying amount of godwil relating to the
entity sold.
Godwil is alocated to cash-generating units
for the purpose of impairment testing. The
alocation is made to those cash-generating
units or groups of cash-generating units that
are expected to benefit from the busines
combination in which the godwil arose. The
units or groups of units are identified at the
lowest level at which godwil is monitored
for internal management purposes, being the
operating segments.
(i) Trademarks
Separately acquired trademarks are shown at
historical cost. Trademarks have an indefinite
useful life and are not amortised but tested
anualy for impairment.
(i) Technical know-how
Technical know-how acquired in a busines
combination is recognised at fair value at the
acquisition date. The technical know-how has
a finite useful life and is caried at cost les
acumulated amortisation. Amortisation is
calculated using the straight-line method over
the expected life of 30 years.
- （续）
(g) 无形资产
(i) 商誉
商誉其后按附注4(j)所述计量。
收购附属公司之商誉计入无形
资产。商誉不予摊销，惟会每
年进行减值测试，或倘出现事
件或情况转变显示可能出现减
值时，则更频密地进行测试，
且按成本减累计减值亏损列
账。出售实体之收益及亏损包
括有关已售实体的商誉账面
值。
商誉就减值测试目的分配至现
金产生单位。分配乃对该等预
期将受惠于产生商誉的业务合
并的现金产生单位或现金产生
单位组别作出。该等单位或单
位组别乃按就内部管理目的监
察商誉的最低层级识别，即经
营分部。
(i) 商标
单独购入的商标按历史成本列
账。商标具有无限使用年期，
且毋须摊销，但须每年就减值
进行测试。
(i) 专业技术
在业务合并中取得的专业技术
于收购日期按公平值确认。专
业技术具有使用期限，并按成
本减累计摊销列账。摊销乃使
用直线法按预期专业技术的
三十年使用期计算。
STELUX Holdings International Limited
ANUAL REPORT 202565
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(h) Recognition and derecognition of financial
instruments
Financial asets and financial liabilities are
recognised in the consolidated balance shet when
the Group entity becomes a party to the contractual
provisions of the instrument.
Financial asets and financial liabilities are initialy
measured at fair value. Transaction costs that are
directly atributable to the acquisition or isue of
financial asets and financial liabilities (other than
financial asets and financial liabilities at fair value
through profit or los (“FVTPL”) are aded to or
deducted from the fair value of the financial asets
or financial liabilities, as apropriate, on initial
recognition. Transaction costs directly atributable
to the acquisition of financial asets or financial
liabilities at FVTPL are recognised imediately in
income statement.
The Group derecognises a financial aset only when
the contractual rights to the cash flows from the aset
expire, or when it transfers the financial aset and
substantialy al the risks and rewards of ownership
of the aset to another entity. If the Group neither
transfers nor retains substantialy al the risks and
rewards of ownership and continues to control the
transfered aset, the Group recognises its retained
interest in the aset and an asociated liability for
amounts it may have to pay. If the Group retains
substantialy al the risks and rewards of ownership
of a transfered financial aset, the Group continues
to recognise the financial aset and also recognises a
colateralised borowing for the proceds received.
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, including any non-cash asets transfered
or liabilities asumed, is recognised in income
statement.
- （续）
(h) 金融工具之确认及终止确认
金融资产及金融负债于本集团实体成
为该工具合约条文之订约方时，在综
合财务状况表内确认。
金融资产及金融负债初步按公平值计
量。收购或发行金融资产及金融负债
直接应占之交易成本（以公允值计入
损益表的金融资产和金融负债除外）
于初步确认时加入金融资产公平值或
从金融负债公平值扣除（倘适用）。于
取得以公允值计入损益表的金融资产
和金融负债直接应占之交易成本立即
计入当期损益。
仅当自资产收取现金流量之合约权利
届满时， 或本集团将金融资产及资产
拥有权绝大部分风险及回报转让予另
一实体时，本集团方会终止确认金融
资产。倘本集团并未转让亦未保留所
有权的绝大部分风险及回报，并继续
控制已转让资产，本集团确认其于资
产的保留权益及可能需支付的相关负
债。倘本集团保留已转让金融资产所
有权的绝大部分风险及回报，则本集
团继续确认该金融资产并确认已收所
取款项为有抵押借款。
本集团仅于其责任已获解除、注销或
届满时方会终止确认金融负债。终止
确认的金融负债的账面值与已付及
应付代价的差额（包括任何非现金资
产转让或所承担的债项）于损益内确
认。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(h) Recognition and derecognition of financial
instruments (Continued)
Financial asets and liabilities are ofset and the net
amount reported in the balance shet when there is
a legaly enforceable right to ofset the recognised
amounts, and there is an intention to setle on a
net basis or realise the aset and setle the liability
simultaneously. The Group has also entered into
arangements that do not met the criteria for
ofseting but stil alow for the related amounts to be
set of in certain circumstances, such as bankruptcy
or the termination of a contract.
(i) Financial asets
The Group clasifies its financial asets in two
categories:
- ; and
• financial asets designated at fair
value through other comprehensive
income (“FVTOCI”) with no recycling
of cumulative gains and loses upon
derecognition (equity instruments).
Financial asets at amortised cost
The Group clasifies its financial asets at
amortised cost only if both of the folowing
criteria are met:
• the financial aset is held within a
busines model with the objective of
colecting the 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 outstanding.
The Group’s financial asets at amortised cost
includes trade and other receivables, deposit
and bank balances.
- （续）
(h) 金融工具之确认及终止确认（续）
当本集团具有抵销已确认金额之合
法 强制执行权，而有关方面拟按净额
基准结算或同时变现资产和结算负债
时，金融资产与负债将会互相抵销，
并在综合资产负债表报告其净额。本
集团亦已经订立不符合抵销准则之安
排，惟仍然容许在若干情况下抵销相
关金额，如破产或终止合约。
(i) 金融资产
本集团将其金融资产分为两
类：
• 按摊销成本计量的金融资
产；及
• 指定为按公允值计入其他
全面收益表且终止确认时
累计损益不可转回的金融
资产（权益工具）。
按摊销成本计量的金融资产
在同时满足以下两个条件时，
本集团按摊销成本对金融资产
进行分类：
• 金融资产是以收取合同现
金流量为目标的业务模式
而持有的；及
• 合同条款在特定日期产生
的现金流量仅包括本金和
未偿还本金利息的支付。
本集团按摊销成本计量的金融
资产包括贸易及其他应收账
款、按金以银行存款结余。
STELUX Holdings International Limited
ANUAL REPORT 202567
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(h) Recognition and derecognition of financial
instruments (Continued)
(i) Financial asets (Continued)
Financial asets designated at FVTOCI (Equity
investment)
The Group makes an election to designate its
equity investment at FVTOCI (non-recycling)
such that subsequent changes in fair value are
recognised in other comprehensive income.
Such elections are made on an instrument-
by-instrument basis but may only be made if
the investment mets the definition of equity
from the isuer’s perspective. Where such an
election is made, the amount acumulated
in other comprehensive income remains in
the fair value reserve (non-recycling) until
the investment is disposed of. At the time of
disposal, the amount acumulated in the fair
value reserve (non-recycling) is transfered
to retained profits. It is not recycled through
income statement. Dividends from an
investment in equity securities, irespective
of whether clasified as at FVTPL or FVTOCI,
are recognised in income statement as other
income.
Al regular way purchases or sales of financial
asets are recognised and derecognised on a
trade date basis. Regular way purchases or sales
are purchases or sales of financial asets that
require delivery of asets within the time frame
established by regulation or convention in the
marketplace. Al recognised financial asets
are measured subsequently in their entirety at
either amortised cost or fair value, depending
on the clasification of the financial asets.
- （续）
(h) 金融工具之确认及终止确认（续）
(i) 金融资产（续）
指定为按公允值计入其他综合
全面收益表的金融资产（权益工
具）
本集团于初次确认投资时选择
指定将投资以公允值计入其他
全面收益（不可转回）计量，此
后公允值之变动则于其他全面
收益中确认。该等选择以个别
工具的基础上作出，但该投资
需符合发行人对权益之定义，
方可作出该选择。倘已作出选
择，于其他全面收益中所累计
之金额便保留于公允值储备（不
可转回）中，直至出售该投资为
止。于出售时，该公允值储备
（不可转回）中之累计金额将转拨
至保留溢利，而不会转回计入
损益。权益证券投资之股息，
不论分类为以公允值计入损
益，或以公允值计入其他全面
收益，均于损益中确认为其他
收入。
所有通过常规方式买卖之金融
资产买卖于交易日确认及终止
确认。常规买卖指须在市场规
则或惯例订定的时间内交收资
产之金融资产买卖。所有已确
认金融资产整体以摊销成本或
公平值计量，视乎金融资产的
类别而定。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(h) Recognition and derecognition of financial
instruments (Continued)
(i) Financial liabilities and equity instruments
Financial liabilities and equity instruments are
clasified acording to the substance of the
contractual arangements entered into and
the definitions of a financial liability and an
equity instrument under HKFRS Acounting
Standards. An equity instrument is any contract
that evidences a residual interest in the asets
of the Group after deducting al of its liabilities.
(i) Borowings
Borowings are recognised initialy at fair value,
net of transaction costs incured, and subsequently
measured at amortised cost using the efective interest
method. Any diference betwen the proceds (net
of transaction costs) and the redemption amount is
recognised in income statement over the period of
the borowings using the efective interest method.
Fes paid on the establishment of loan facilities
are recognised as transaction costs of the loan to
the extent that it is probable that some or al of the
facility wil be drawn down. In this case, the fe is
defered until the draw-down ocurs. To the extent
there is no evidence that it is probable that some
or al of the facility wil be drawn down, the fe is
capitalised as a prepayment for liquidity services and
amortised over the period of the facility to which it
relates.
Borowings are clasified as curent liabilities unles,
at the end of the reporting period, the Group has a
right to defer setlement of the liability for at least 12
months after the reporting period.
Covenants that the Group is required to comply
with, on or before the end of the reporting period,
are considered in clasifying loan arangements with
covenants as curent or non-curent. Covenants
that the Group is required to comply with after the
reporting period do not afect the clasification at the
reporting date.
- （续）
(h) 金融工具之确认及终止确认（续）
(i) 金融负债及权益工具
根据香港财务报告准则，金融
负债及权益工具乃根据该金融
负债及权益工具所订立合约安
排性质及金融负债及权益工具
之定义而进行分类。权益工具
指证明于扣除本集团之所有负
债后其资产中余下权益之任何
合约。
(i) 借款
借款初步按公平值确认，扣除已发生
的交易成本。随后采用实际利率法
按摊销成本计量。出售所得款项（扣
除交易成本）与赎回金额之间的任何
差异以实际利率法在借贷期内从损益
中确认。部分或全部借贷可能被提取
时，该借贷支付的费用会确认为借贷
的交易成本。在这种情况下，费用会
递延直到提 取时发生。在没有证据表
明部分或全部借贷可能被提取，费用
则被列作流动性服务之预付费用及在
借贷的相关期间内摊销。
借款分类为流动负债，除非在报告期
末，本集团有权将负债的结算延后至
报告期间后至少12个月。
将附有契约的贷款安排分类为流动或
非流动时，会考虑集团在报告期末或
之前必须遵守的契约。本集团在报告
期间后必须遵守的契约不影响报告日
的分类。
STELUX Holdings International Limited
ANUAL REPORT 202569
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(j) Impairment of non-financial asets
Godwil and intangible asets that have an indefinite
useful life are not subject to amortisation and are
tested anualy for impairment, or more frequently
if events or changes in circumstances indicate
that they might be impaired. Other non-financial
asets are tested for impairment whenever events or
changes in circumstances indicate that the carying
amount may not be recoverable. An impairment los
is recognised for the amount by which the aset’s
carying amount exceds its recoverable amount.
The recoverable amount is the higher of an aset’s
fair value les costs of disposal and value in use.
For the purposes of asesing impairment, asets
are grouped at the lowest levels for which there are
separately identifiable cash inflows which are largely
independent of the cash inflows from other asets
or groups of asets (cash-generating units). Non-
financial asets other than godwil that sufered an
impairment are reviewed for posible reversal of the
impairment at the end of each reporting period.
(k) Impairment of financial asets
The Group recognises an alowance for expected
credit loses (“ECL”) for al debt instruments not held
at FVTPL. ECLs are based on the diference betwen
the contractual cash flows due in acordance with
the contract and al the cash flows that the Group
expects to receive, discounted at an aproximation
of the original efective interest rate. The expected
cash flows wil include cash flows from the sale of
colateral held or other credit enhancements that are
integral to the contractual terms.
- （续）
(j) 非财务资产减值
没有确定可使用年期之商誉及无形资
产毋须摊销，但每年或于发生事件或
情况改变显示其或已减值时则更频密
地就减值进行测试。当有事件出现或
情况改变显示账面值可能无法收回时
会测试其他非财务资产是否有减值。
减值亏损按资产之账面值超出其可收
回金额之差额确认。可收回金额以资
产之公允值扣除销售成本及使用价值
两者之较高者为准。为评估减值，资
产将按独立可识别现金流入之最低层
次组合，即与其他资产或资产组合
之现金流入大致独立者（现金产生单
位）。非财务资产（除商誉外）若已减
值，则须在各报告期间期末评估资产
有否减值转拨之可能性。
(k) 金融资产减值
本集团就所有并非按公平价值计入损
益持有之债务工具确认预期信贷亏损
拨备。预期信贷亏损乃基于根据合约
应付的合约现金流量与本集团预期收
取并按原有实际利率的相若利率贴现
的所有现金流量之间的差额计算。预
期现金流量将包括出售所持抵押品或
合约条款所包含的其他信贷升级所得
的现金流量。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(k) Impairment of financial asets (Continued)
General aproach
ECLs are recognised in two stages. For credit
exposures for which there has not ben a significant
increase in credit risk since initial recognition, ECLs
are provided for credit loses that result from default
events that are posible within the next 12-months (a
12-month ECL). For those credit exposures for which
there has ben a significant increase in credit risk
since initial recognition, a los alowance is required
for credit loses expected over the remaining life of
the exposure, irespective of the timing of the default
(a lifetime ECL).
At each reporting date, the Group aseses whether
the credit risk on a financial instrument has increased
significantly since initial recognition. When making
the asesment, the Group compares the risk of
a default ocuring on the financial instrument
as at the reporting date with the risk of a default
ocuring on the financial instrument as at the date
of initial recognition and considers reasonable and
suportable information that is available without
undue cost or efort, including historical and forward-
loking information.
The Group considers a financial aset in default
when contractual payments are 90 days past due.
However, in certain cases, the Group may also
consider a financial aset to be in default when
or external information indicates that the Group
is unlikely to receive the outstanding contractual
amounts in ful before taking into acount any credit
enhancements held by the Group. A financial aset is
writen of when there is no reasonable expectation
of recovering the contractual cash flows.
- （续）
(k) 金融资产减值（续）
一般方法
预期信贷亏损于两个阶段确认。就初
次确认后并无显著增加的信贷风险，
预期信贷亏损就可能于未来12个月内
（12个月的预期信贷亏损）发生就违约
事件而产生的信贷亏损计提拨备。就
初次确认后显著增加的信贷风险，须
于信贷亏损风险剩余年期内计提亏损
拨备，不论违约时间（全期预期信贷
亏损）。
于各报告日期，本集团评估金融工具
的信贷风险是否自初次确认后大幅提
高。于作出该评估时，本集团将于报
告日期金融工具产生的违约风险与于
初次确认时金融工具产生的违约风险
进行比较，并考虑在无须付出不必要
成本或努力而可获得合理及可靠资
料，包括过往及前瞻性资料。
本集团将合约付款逾期90日的财务资
产视作违约。然而，于若干情况下，
当内部或外部资料显示本集团不可能
在本集团采取任何信贷提升安排前悉
数收回未偿还合约金额时，本集团亦
可能认为该财务资产违约。倘无法合
理预期收回合约现金流量，则撇销财
务资产。
STELUX Holdings International Limited
ANUAL REPORT 202571
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(k) Impairment of financial asets (Continued)
General aproach (Continued)
Financial asets at amortised cost are subject to
impairment under the general aproach and they are
clasified within the folowing stages for measurement
of ECLs except for trade receivables which aply the
simplified aproach as detailed below.
Stage 1: Financial instruments for which credit
risk has not increased significantly since
initial recognition and for which the los
alowance is measured at an amount equal
to 12-month ECLs.
Stage 2: Financial instruments for which credit
risk has increased significantly since
initial recognition but that are not credit-
impaired financial asets and for which the
los alowance is measured at an amount
equal to lifetime ECL.
Stage 3: Financial asets that are credit-impaired
at the reporting date (but that are not
purchased or originated credit-impaired)
and for which the los alowance is
measured at an amount equal to lifetime
ECLs.
- （续）
(k) 金融资产减值（续）
一般方法（续）
按摊销成本入账之财务资产根据一般
方法减值及除应收账款使用下文详述
的简化法外，其在以下阶段分类用于
预期信贷亏损计量。
第一阶段： 信贷风险自初次确认后并
无大幅增加的金融工具，
其亏损拨备按等于12个
月预期信贷亏损的金额计
量。
第二阶段： 信贷风险自初次确认后大
幅增加但并无出现财务资
产信贷减值的金融工具，
其亏损拨备按等于全期预
期信贷亏损的金额计量。
第三阶段： 于报告日期已出现信贷减
值的财务资产（但在购买
或产生之时并无信贷减
值），其亏损拨备按等于
全期预期信贷亏损的金额
计量。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(k) Impairment of financial asets (Continued)
Simplified aproach
For trade receivables that do not contain a significant
financing component or when the Group aplies the
practical expedient of not adjusting the efect of a
significant financing component, the Group aplies
the simplified aproach in calculating ECLs. Under
the simplified aproach, the Group does not track
changes in credit risk, but instead recognises a los
alowance based on lifetime ECLs at each reporting
date. The Group has established a provision matrix
that is based on its historical credit los experience,
adjusted for forward-loking factors specific to the
debtors and the economic environment.
For trade receivables that contain a significant
financing component, if any, the Group choses as its
acounting policy to adopt the simplified aproach
in calculating ECLs with policies as described above.
(l) Leases
At inception of a contract, the Group aseses
whether the contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys
the right to control the use of an identified aset for a
period of time in exchange for consideration. Control
is conveyed where the customer has both the right
to direct the use of the identified aset and to obtain
substantialy al of the economic benefits from that
use.
(i) The Group as a lese
Where the contract contains lease component(s)
and non-lease component(s), the Group has
elected not to separate non-lease components
and acounts for each lease component and
any asociated non-lease components as a
single lease component for al leases.
- （续）
(k) 金融资产减值（续）
简化方法
就不包含重大融资组成部分的应收账
款或当本集团使用不调整重大融资组
成部分影响的可行权宜方法时，本集
团计算预期信贷亏损时应用简化法。
根据简化法，本集团并无追踪信贷风
险的变化，但于各报告日期根据全期
预期信贷亏损确认亏损拨备。本集团
已根据过往信贷亏损经验，建立拨备
矩阵，并就债务人及经济环境的特定
前瞻性因素作出调整。
对于包含重大融资成分及应收租赁款
项的应收账款（如有），本集团选择采
用简化方法计算上述预期信贷亏损之
会计政策。
(l) 租赁
订立一份合约时，本集团评估合约是
否或包含租赁。倘合约转移一段时期
内控制已识别资产的使用以换取代
价，则合约属或包含租赁。如顾客有
权控制已识别资产的使用并从该使用
中获得近乎所有的经济利益时，即有
控制权。
(i) 本集团作为承租人
倘合约包含租赁部分及非租赁
部分，则本集团选择不区分非
租赁部分，并就所有租赁将各
租赁部分及任何相关的非租赁
部分入账列为单一租赁部分。
STELUX Holdings International Limited
ANUAL REPORT 202573
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(l) Leases (Continued)
(i) The Group as a lese (Continued)
At the lease comencement date, the Group
recognises a right-of-use aset and a lease
liability, except for short-term leases that have
a lease term of 12 months or les and leases
of low-value asets which, for the Group are
primarily laptops and ofice furniture. When
the Group enters into a lease in respect of a
low-value aset, the Group decides whether to
capitalise the lease on a lease-by-lease basis.
The lease payments asociated with those
leases which are not capitalised are recognised
as an expense on a systematic basis over the
lease term.
Where the lease is capitalised, the lease liability
is initialy recognised at the present value of
the lease payments payable over the lease
term, discounted using the interest rate implicit
in the lease or, if that rate canot be readily
determined, using a relevant incremental
borowing rate. After initial recognition, the
lease liability is measured at amortised cost
and interest expense is calculated using the
efective interest method. Variable lease
payments that do not depend on an index or
rate are not included in the measurement of the
lease liability and hence are charged to income
statement in the acounting period in which
they are incured.
- （续）
(l) 租赁（续）
(i) 本集团作为承租人（续）
于租赁开始日期，本集团确认
使用权资产及租赁负债，惟租
赁期为12个月或以下的短期租
赁及低价值资产租赁除外，就
本集团而言主要为电脑及办公
家具。倘本集团就低价值资产
订立租赁，则本集团决定是否
按个别租赁基准将有关租赁资
本化。与该等并无资本化的租
赁相关的租赁付款于租期内按
系统基准确认为开支。
倘有关租赁被资本化，则有关
租赁负债于租期内按应付租赁
付款现值初步确认，并使用租
赁内含利率或（如该利率无法轻
易厘定）使用相关增量借款利率
贴现。初步确认后，租赁负债
按摊销成本计量，利息开支则
使用实际利率法计算。计量租
赁负债时并不计及不会依赖指
数或利率的可变租赁付款，故
有关付款在产生的会计期间于
损益中扣除。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(l) Leases (Continued)
(i) The Group as a lese (Continued)
To determine the incremental borowing rate,
the Group:
- , uses recent third-party
financing received by the individual
lese as a starting point, adjusted to
reflect changes in financing conditions
since third party financing was received,
• uses a build-up aproach that starts with
a risk-fre interest rate adjusted for credit
risk for leases held by the group entities as
lese, which does not have recent third-
party financing, and
- ,
eg term, country, curency and security.
If a readily observable amortising loan rate
is available to the individual lese (through
recent financing or market data) which has a
similar payment profile to the lease, then the
group entities use that rate as a starting point to
determine the incremental borowing rate.
The right-of-use aset recognised when a lease
is capitalised is initialy measured at cost,
which comprises the initial amount of the lease
liability plus any lease payments made at or
before the comencement date, and any initial
direct costs incured.
- （续）
(l) 租赁（续）
(i) 本集团作为承租人（续）
厘定借款利率之增加，本集团
- ，以个别
承租人最近收到的第三方
融资为起点，并根据收到
第三方融资条件的变化进
行调整，
- ，首先计算无
风险利率，该利率根据本
集团实体作为承租人持有
的租赁信用风险进行调
整，且该承租人近期没有
第三方融资，及
- ，例
如租赁期限、国家、货币
和担保。
倘单一承租人能够获得易于观
察的摊销贷款利率（透过最近的
融资或市场数据），且该利率具
有与租赁类似的付款情况，则
集团企业将使用该利率作为厘
定借款利率增加的起点。
租赁资本化时确认的使用权资
产初步按成本计量，其中包括
租赁负债的初步金额加于开始
日期或之前作出的任何租赁付
款及任何已产生初步直接成
本。
STELUX Holdings International Limited
ANUAL REPORT 202575
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(l) Leases (Continued)
(i) The Group as a lese (Continued)
Where aplicable, the cost of the right-of-
use asets also includes an estimate of costs to
dismantle and remove the underlying aset or
to restore the underlying aset or the site on
which it is located, discounted to their present
value, les any lease incentives received. The
right-of-use aset is subsequently stated at cost
les acumulated depreciation and impairment
loses, except for the right-of-use asets that
met the definition of investment property are
caried at fair value.
Right-of-use asets in which the Group is
reasonably certain to obtain ownership of the
underlying leased asets at the end of the lease
term are depreciated from comencement date
to the end of the useful life. Otherwise, right-
of-use asets are depreciated on a straight-line
basis over the shorter of its estimated useful life
and the lease term.
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.
- （续）
(l) 租赁（续）
(i) 本集团作为承租人（续）
倘适用，使用权资产成本亦包
括就拆除并移除相关资产或修
复相关资产或其所在地盘产生
的估计成本，并将其贴现至现
值（扣除任何已收租赁优惠）。使
用权资产其后按成本减累计折
旧及减值亏损列账，符合按公
平值计量的投资物业定义的使
用权资产除外。
本集团于租期结束时合理确定
获取相关租赁资产所有权的使
用权资产自开始日期起至使用
年期结束期间计提折旧。在其
他情况下，使用权资产以直线
法于其估计使用年期及租赁期
（以较短者为准）内计提折旧。
已付的可退款租赁按金根据香
港财务报告准则第9号列账，初
步按公平值计量。初步确认的
公平值调整被视为额外租赁付
款及计入使用权资产成本。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(l) Leases (Continued)
(i) The Group as a lese (Continued)
The lease liability is remeasured when there
is a change in future lease payments arising
from a change in an index or rate, or there is a
change in the Group’s estimate of the amount
expected to be payable under a residual value
guarante, or there is a change arising from
the reasesment of whether the Group wil
be reasonably certain to exercise a purchase,
extension or termination option. When the
lease liability is remeasured in this way, a
coresponding adjustment is made to the
carying amount of the right-of-use aset, or is
recorded in income statement if the carying
amount of the right-of-use aset has ben
reduced to zero.
The lease liability is also remeasured when
there is a change in the scope of a lease
or the consideration for a lease that is not
originaly provided for in the lease contract
(“lease modification”) that is not acounted
for as a separate lease. In this case the lease
liability is remeasured based on the revised
lease payments and lease term using a revised
discount rate at the efective date of the
modification.
(i) The Group as a lesor
When the Group acts as a lesor, it determines
at lease inception whether each lease is a
finance lease or an operating lease. A lease
is clasified as a finance lease if it transfers
substantialy al the risks and rewards incidental
to the ownership of an underlying asets to
the lese. If this is not the case, the lease is
clasified as an operating lease.
- （续）
(l) 租赁（续）
(i) 本集团作为承租人（续）
倘指数或利率变动导致未来租
赁付款变动，或本公司所估计
根据余值担保预期应付的金额
变动，或因重新评估本集团将
是否合理确定行使购买、续期
或终止选择权而导致变动，则
租赁负债予以重新计量。倘以
此方式重新计量租赁负债，则
会相应调整使用权资产账面
值，或倘使用权资产账面值减
至零，则将有关调整计入损
益。
倘租赁范围或租赁合约中最初
未规定的租赁代价发生变化
（「租赁修改」），且该租赁修改尚
未作为一项单独租赁进行会计
处理，则租赁负债也需要重新
计量。在这种情况下，租赁负
债将根据修改后的租赁付款和
租赁期，使用修改生效日的修
改后折现率进行重新计量。
(i) 本集团作为出租人
倘本集团作为出租人，其于租
赁开始时厘定一项租赁为融资
租赁或经营租赁。倘租赁转移
相关资产的所有权附带的绝大
部分风险及报酬，该租赁应分
类为融资租赁。倘不属于该情
况，该租赁被分类为经营租
赁。
STELUX Holdings International Limited
ANUAL REPORT 202577
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(m) Inventories
Raw materials, work-in-progres and finished
gods are stated at the lower of cost and net
realisable value. Cost comprises direct materials and
subcontracting fe. Costs are asigned to individual
items of inventory on the basis of weighted average
costs. Costs of purchased inventory are determined
after deducting rebates and discounts. Net realisable
value is the estimated seling price in the ordinary
course of busines les the estimated costs of
completion and the estimated costs necesary to
make the sale. Provision for inventories is recognised
in the consolidated income statement within “other
operating expenses”.
(n) Cash and cash equivalents
Cash and cash equivalents includes cash on hand,
deposits held at cal with financial institutions, other
short-term, highly liquid investments with original
maturities of thre months or les that are readily
convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value,
and bank overdrafts. Cash and cash equivalents are
asesed for ECL.
(o) Share capital
Ordinary shares are clasified as equity. Incremental
costs directly atributable to the isue of new shares
or options are shown in equity as a deduction, net of
tax, from the proceds.
- （续）
(m) 存货
原材料、在制品及制成品按成本与可
变现净值之较低者列账。成本包括直
接材料及直接劳工。成本按加权平均
成本获分配至个别存货项目。已购买
存货成本于扣除回扣及折扣后厘定。
可变现净值为日常业务过程中的估计
售价，减去估计完成本及进行销售
所需的估计成本。存货拨备于综合收
益表内「其他营运支出」内确认。
(n) 现金及现金等值物
现金及现金等值物包括手头现金、随
时可用于提取之金融机构存款、其
他短期、高流通性投资（原到期日为
三个月或以下，可即时转换为已知现
金额且面临的价值变动风险并不重
大）以及银行透支。现金及现金等值
物需评估其预期信贷亏损。
(o) 股本
普通股被列为权益。直接归属于发行
新股或认股权之新增成本在权益中列
为所得款项之减少（扣除税项）。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(p) Provisions and contingent liabilities
Provisions are recognised when the Group has
a present legal or constructive obligation as a
result of past events, it is probable that an outflow
of economic benefits wil be required to setle
the obligation and the amount has ben reliably
estimated. Provisions are not recognised for future
operating loses.
Where there are a number of similar obligations,
the likelihod that an outflow wil be required in
setlement is determined by considering the clas
of obligations as a whole. A provision is recognised
even if the likelihod of an outflow with respect
to any one item included in the same clas of
obligations may be smal.
Provisions are measured at the present value of
management’s best estimate of the expenditure
required to setle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that
reflects curent market asesments of the time value
of money and the risks specific to the liability. The
increase in the provision due to the pasage of time is
recognised as interest expense.
The Group provides for waranties in relation to the
sale of watch products for general repairs of defects
ocuring during the waranty period. Provisions
for these asurance-type waranties granted by the
Group on certain products are recognised based
on sales volume and past experience of the level of
repairs and returns, discounted to their present values
as apropriate.
Where it is not probable that an outflow of economic
benefits wil be required, or the amount canot
be estimated reliably, the obligation is disclosed
as a contingent liability, unles the probability of
outflow is remote. Posible obligations, whose
existence wil only be confirmed by the ocurence
or non-ocurence of one or more future events are
also disclosed as contingent liabilities unles the
probability of outflow is remote.
- （续）
(p) 拨备及或然负债
当集团因已发生的事件须承担现有的
法律性或推定性的责任，而解除责任
时有可能导致经济利益流出，且责任
金额能够可靠地作出估算，则需确认
拨备。未来经营亏损不会被确认为拨
备。
如有多项类似义务，则履行时要求资
源流出的可能性应通过总体考虑该类
义务来确定。即使就该类义务中某个
项目而言，资源流出的可能性很低，
仍须确认拨备。
拨备乃按管理阶层对报告期末履行现
时义务所需支出的最佳估算之现值计
量，其反映当时市场对货币之时间值
及该责任之特定风险之评估。因时间
之流逝而增加之拨备确认为利息开
支。
本集团在保修期内提供手表产品售后
一般维修。本集团就若干产品授出此
等保证条款乃根据销售量及过往维修
及退货水平的经验确认，并酌情贴现
至其现值。
倘经济利益流出的可能性不大，或无
法可靠估计其金额，则该义务应披露
为或然负债，除非流出的可能性极
低。只透过一项或多项未来事件的发
生或不发生才能确认其存在的潜在义
务，也应披露为或然负债，除非流出
的可能性极低。
STELUX Holdings International Limited
ANUAL REPORT 202579
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(q) Contract liabilities
A contract liability is the obligation to transfer
gods or services to a customer for which the
Group has received a consideration (or an amount
of consideration that is due) from the customer. If a
customer pays the consideration before the Group
transfers gods or services to the customer, a contract
liability is recognised when the payment is made or
the payment is due (whichever is earlier). Contract
liabilities are recognised as revenue when the Group
performs under the contract.
(r) Related parties
A party is considered to be related to the Group if:
(a) A person or a close member of that person’s
family is related to the Group if that person:
(i) has control or joint control of the Group;
(i) has significant influence over the Group;
or
(i) is a member of the key management
personel of the Group or of a parent of
the Group;
Or
- （续）
(q) 合约负债
合约负债指就本集团已向客户收取代
价（或代价款项已到期）而须向客户转
让货品或服务的责任。倘客户于本集
团将货品或服务转让予客户前支付代
价，合约负债则于作出付款或该款项
到期时（以较早者为准）确认。合约负
债于本集团履行合约时确认为收益。
(r) 关联人士
若个人在下列情况下，将视为与本集
团有关联：
(a) 该人士或该人士之近亲与本集
团有关系；
(i) 对本集团拥有控制权或共
同控制权；
(i) 对本集团拥有重大影响
力；或
(i) 为本集团或本集团母公司
之主要管理层成员；
或
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(r) Related parties (Continued)
(b) An entity is related to the Group if any of the
folowing conditions aplies:
(i) the entity and the Group are members of
the same group (which means that each
parent, subsidiary and felow subsidiary is
related to the others);
(i) one entity is an asociate or joint venture
of the other entity (or an asociate or joint
venture of a member of a group of which
the other entity is a member);
(i) both entities are joint ventures of the
same third party;
(iv) one entity is a joint venture of a third
entity and the other entity is an asociate
of the third entity;
(v) the entity is a post-employment benefit
plan for the benefit of employes of
either the Group or an entity related to
the Group. If the Group is itself such a
plan and the sponsoring employers of the
postemployment benefit plan;
(vi) the entity is controled or jointly
controled by a person identified in (a);
(vi) a person identified in (a)(i) has significant
influence over the entity or is a member
of the key management personel of the
entity (or of a parent of the entity); and
(vi) the entity, or any member of a group
of which it is a part, provides key
management personel services to the
Group or to the parent of the Group.
- （续）
(r) 关联人士（续）
(b) 实体若符合下列情况之一，则
与本集团有关联；
(i) 该实体及本集团为同一集
团之成员公司（意指母公
司、子公司及兄弟公司间
彼此具有关联）；
(i) 一实体为另一实体之关联
企业或合资（或为某集团
中某成员之关联企业或合
资，而另一实体亦为该集
团之成员）；
(i) 两实体均为相同第三方之
合资；
(iv) 一实体为一第三者之合营
公司，且另一实体为该第
三者之联营公司；
(v) 该实体为本集团或与本集
团有关联的实体的雇员而
设的受雇后福利计划；倘
本集团自身为该计划，主
办的雇主亦与本集团有关
联﹔
(vi) 该实体受(a)所识别人士控
制或共同控制；
(vi) 于(a)(i)所识别之人士对该
实体有重大影响力，或为
该实体（或该实体之母公
司）之主要管理层成员；
及
(vi) 该实体或其所属集团之任
何成员公司向本集团或本
集团母公司提供主要管理
人员服务。
STELUX Holdings International Limited
ANUAL REPORT 202581
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(s) Revenue recognition
Revenue from contracts with customers is recognised
when control of gods or services is transfered
to the customers at an amount that reflects the
consideration to which the Group expects to be
entitled in exchange for those gods or services.
(i) Sale of watch products
Revenue from the sale of products is recognised
at the point in time when control of the aset
is transfered to the customer, generaly on
delivery of the products.
Some contracts for the sale of products provide
customers with rights of return and volume
rebates. The rights of return give rise to variable
consideration.
• Rights of return
For contracts which provide a customer
with a right to return the gods within
a specified period, the expected value
method is used to estimate the gods
that wil not be returned because this
method best predicts the amount of
variable consideration to which the
Group wil be entitled. The requirements
in HKFRS 15 on constraining estimates
of variable consideration are aplied
in order to determine the amount of
variable consideration that can be
included in the transaction price. For
gods that are expected to be returned,
instead of revenue, a refund liability is
recognised. A right-of-return aset (and
the coresponding adjustment to cost of
sales) is also recognised for the right to
recover products from a customer.
- （续）
(s) 收入确认
来自客户合约之收益乃于货品或服务
按反映本集团预期就转让货品或服务
而有权获得的代价金额转予客户时确
认。
(i) 销售钟表
来自货品销售之收入于资产之
控制权转让予客户时（一般为交
付货品时）确认。
若干销售合约给予客户退货权
及批量折扣。其退货权引致产
生可变代价。
• 退货权
就给予客户于指定时间内
可退回货品之合约而言，
使用预期价值法估计将不
予退回之货品，因该方法
为预测本集团将享有之可
变代价金额之最佳方法。
采用香港财务报告准则第
15号关于可变代价估计
之规限，以厘定可计入交
易价格之可变代价金额。
就预期将予退回之货品，
确认退款负债，而并非收
入。另就向客户收回产品
之权利确认退货权资产
（并对销售成本作出相应
调整）。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(s) Revenue recognition (Continued)
(i) Other income
Building management services income and
shared services income are recognised when
the services are rendered.
(i) Rental income
Rental income is recognised on a time
proportion basis over the lease terms.
(iv) Interest income
Interest income is recognised on an acrual
basis using the efective interest method
by aplying the rate that exactly discounts
the estimated future cash receipts over the
expected life of the financial instrument or a
shorter period, when apropriate, to the net
carying amount of the financial aset.
(v) Dividend income
Dividend income is recognised when the
shareholders’ right to receive payment has ben
established, it is probable that the economic
benefits asociated with the dividend wil flow
to the Group and the amount of the dividend
can be measured reliably.
(t) Borowing costs
Borowing costs are expensed in the period in which
they are incured.
- （续）
(s) 收入确认（续）
(i) 其他收入
物业管理费收入及共享服务收
入于有关服务提供后确认。
(i) 租金收入
租金收入按租赁期时间比例基
准确认。
(iv) 利息收入
利息收入采用实质利息法，按
应计基准，以有关利率在有关
金融工具之预计年期或较短期
间（按适用情况）内准确折现估计
未来现金收入至有关财务资产
之账面净值确认。
(v) 股息收入
股息收入于股东收取股息权利
确立时，与股息相关之经济利
益很可能流入本集团，而股息
金额可以可靠地计量时确认。
(t) 贷款成本
借贷成本于其发生期间的收益表内确
认。
STELUX Holdings International Limited
ANUAL REPORT 202583
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(u) Taxation
Income tax represents the sum of the curent tax and
defered tax.
The tax curently payable is based on taxable
profit for the year. Taxable profit difers from profit
recognised in income statement 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.
Defered tax is recognised on temporary diferences
betwen the carying amounts 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 deductible temporary diferences can be
utilised. Such asets and liabilities are not recognised
if the temporary diference arises from godwil or
from the initial recognition (other than in a busines
combination) of other asets and liabilities in a
transaction that afects neither the taxable profit nor
the acounting profit and at the time of transaction
does not give rise to equal taxable and deductible
temporary diferences.
Defered tax liabilities are recognised for taxable
temporary diferences arising on investments in
subsidiaries, except where the Group is able to
control the reversal of the temporary diference and
it is probable that the temporary diference wil not
reverse in the foreseable future.
- （续）
(u) 税项
所得税指即期税项及递延税项之总
和。
即期应付税项乃根据本年度之应课税
溢利计算。应课税溢利与于损益确认
之溢利不同，乃由于其他年度之应课
税或可予扣税之收入或开支项目，以
及免税或不可扣税之项目所致。本集
团有关即期税项之负债乃采用于报告
期末已实施或实质已实施之税率计
算。
递延税项乃指在综合财务报表内资产
及负债之账面值与计算应课税溢利采
用之相应税基之暂时性差额。递延税
项负债一般按所有应课税暂时差额确
认入账。递延税项资产一般会在预期
应课税溢利可供作抵销可予扣减暂时
差额时确认入账。倘暂时差额乃因商
誉或首次确认一项既不影响应课税
溢利亦不影响会计溢利之交易（业务
合并除外）中之其他资产及负债而产
生，则不会确认有关资产及负债，该
交易亦不产生相应的应课税暂时性差
额及可抵扣暂时性差额。
递延税项负债乃按于附属公司之投资
而产生之应课税暂时差额确认入账，
惟倘本集团可控制暂时差额之拨回，
并预期该暂时差额将不会在可见将来
拨回者除外。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(u) Taxation (Continued)
The carying amount of defered tax asets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that suficient taxable profits wil be available to
alow al or part of the aset to be recovered.
Defered tax is calculated at the tax rates that are
expected to aply in the period when the liability
is setled or the aset is realised, based on tax rates
that have ben enacted or substantively enacted
by the end of the reporting period. Defered tax is
recognised in income statement, except when it
relates to items recognised in other comprehensive
income or directly in equity, in which case
the defered tax is also recognised in other
comprehensive income or directly in equity.
The measurement of defered tax asets and liabilities
reflects the tax consequences that would folow from
the maner in which the Group expects, at the end of
the reporting period, to recover or setle the carying
amount of its asets and liabilities.
For the purposes of measuring defered tax for
investment properties that are measured using the fair
value model, the carying amounts of such properties
are presumed to be recovered through sale, unles
the presumption is rebuted. The presumption is
rebuted when the investment property is depreciable
and is held within a busines model of the Group
whose busines objective is to consume substantialy
al of the economic benefits embodied in the
investment property over time, rather than through
sale. If the presumption is rebuted, defered tax for
such investment properties are measured based on
the expected maner as to how the properties wil be
recovered.
- （续）
(u) 税项（续）
递延税项资产之账面值乃于各报告期
末进行检讨，并于预期将不可能有充
裕之应课税溢利以抵销所有或部分资
产时调减。
递延税项乃根据于报告期末已实施或
实质实施之税率，按预期在负债偿还
或资产变现期间适用之税率计算。递
延税项乃自损益中扣除或计入，惟倘
递延税项与于其他全面收益或直接于
权益确认之项目相关，则在此情况下
亦会在其他全面收益或直接于权益内
确认。
递延税项资产及负债之计量反映于报
告期末本集团预期收回及结付其资产
及负债账面值之方式所产生之税务影
响。
就本集团确认使用公平价值方式计量
之投资物业计量递延税项而言，除非
对推定有反驳，否则假定该等物业账
面值是通过出售而收回的。当投资物
业可折旧且以本集团的业务模式持有
时，该推定被驳回。本集团的业务目
标是随著时间的推移体现该等物业的
经济利益，而不是通过出售该等物业
来体现该等物业的经济利益。如果推
定被驳回，则该等投资物业的递延税
项将根据有关如何收回物业的预期方
式计量。
STELUX Holdings International Limited
ANUAL REPORT 202585
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(u) Taxation (Continued)
For leasing transactions in which the tax deductions
are atributable to the lease liabilities, the Group
aplies HKAS 12 requirements to right-of-use asets
and lease liabilities separately. The Group recognises
a defered tax aset related to lease liabilities to the
extent that it is probable that taxable profit wil be
available against which the deductible temporary
diferences 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 by the same taxation
authority and the Group intends to setle its curent
tax asets and liabilities on a net basis, or to realise
the aset and setle the liability simultaneously.
(v) Employe benefits
(i) Pension obligations
Group companies operate various pension
schemes. The schemes are generaly funded
through payments to insurance companies or
truste-administered funds. The Group mainly
has defined contribution plans.
A defined contribution plan is a pension
plan under which the Group pays fixed
contributions into a separate entity. The Group
has no legal or constructive obligations to
pay further contributions if the fund does not
hold suficient asets to pay al employes the
benefits relating to employe service in the
curent and prior periods.
The Group pays contributions to publicly
administered pension plans on a mandatory
basis. The Group has no further payment
obligations once the contributions have ben
paid. The contributions are recognised as
employe benefit expense when they are due.
Prepaid contributions are recognised as an aset
to the extent that a cash refund or a reduction
in the future payments is available.
- （续）
(u) 税项（续）
对于税项扣减归因于租赁负债的租赁
交易，本集团对使用权资产和租赁负
债分别应用香港会计准则第12号的规
定。本集团在应课税溢利可供作抵销
可予扣减暂时性差额时确认与租赁负
债相关的递延税项资产及确认其所有
应课税暂时性差额的递延税项负债。
当可合法执行权利许可将即期税项资
产与即期税项负债抵销，并涉及与同
一税务机关征收之所得税有关且本集
团拟按净额基准结算其即期税项资产
及负债时，或同时变现该资产、清偿
该负债时，则递延税项资产及负债可
互相对销。
(v) 雇员福利
(i) 退休计划责任
集团公司营办不同的退休金计
划。该等计划一般是通过向保
险公司或由信托管理的退休金
作出供款而拨付。本集团主要
设有界定供款计划。
界定供款计划为本集团须向独
立实体支付固定供款之退休金
计划。倘基金之资产于本期间
或过往期间并不足以向全体雇
员支付所有与雇员服务有关之
褔利，则本集团概无任何法律
或推定责任支付额外供款。
本集团按强制基准向公众管理
之退休金计划供款。本集团于
支付供款后，再无其他付款责
任。供款于到期时确认为雇员
福利开支。预付供款确认为资
产，惟以退回现金或可扣减日
后付款金额为限。
宝光实业（国际）有限公司
2025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2025年3月31日止年度
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(v) Employe benefits (Continued)
(i) Pension obligations (Continued)
For the defined benefit retirement plans, the
liability recognised in the consolidated balance
shet is the present value of the defined benefit
obligation les the fair value of plan asets.
The defined benefit obligation is calculated
anualy by using the projected unit credit
method. The present value of the defined
benefit obligation is determined by discounting
the estimated future cash outflows using
apropriate interest rates of selected corporate
bonds that are denominated in the curency in
which the benefits wil be paid, and that have
terms to maturity aproximating the terms of
the related pension obligation.
Remeasurements of the net defined benefit
liability which include actuarial gains and
loses, the return on plan asets (excluding
amounts included in net interest on the net
defined benefit liability), and any change
in the efect of the aset ceiling (excluding
amounts included in net interest on the net
defined benefit liability) are recognised in other
comprehensive income in the period in which
they arise and wil not be reclasified to income
statement.
Net interest is calculated by aplying the
discount rate at the begining of the period to
the net defined benefit liability. However, if
the Group remeasures the net defined benefit
liability before plan amendment, curtailment or
setlement, the Group determines net interest
for the remainder of the anual reporting
period after the plan amendment, curtailment
or setlement using the benefits ofered under
the plan and the plan asets after the plan
amendment, curtailment or setlement and
the discount rate used to remeasure such net
defined benefit liability or aset, taking into
acount any changes in the net defined benefit
liability or aset during the period resulting
from contributions or benefit payments.
- （续）
(v) 雇员福利（续）
(i) 退休计划责任（续）
就界定福利退休计划而言， 于
综合资产负债表中确认之负债
为界定福利责任之现值减计划
资产之公平值。界定福利责任
每年采用预计单位贷记法计
算。界定福利责任之现值采用
指定公司债券（以支付福利的货
币计值，到期年期与相关退休
金责任的年期相若）的适当利率
贴现估计未来现金流出厘定。
重新计量界定福利负债净额，
包括精算收益及亏损、计划资
产回报率（不包括计入界定福利
负债净额的利息净额）及资产上
限影响的任何变动（不包括计入
界定福利负债净额的利息净额）
在其他期内综合收益产生，不
会重新分类为利润或损失。
利息净额乃使用于期初对界定
福利负债之贴现率计算。但
是，倘本集团在计划修订、缩
减或结算前重新计量界定福利
负债净额，则本集团于计划修
订、缩减或结算后，使用计划
修订、缩减或结算后根据计划
提供的福利及计划资产以及用
于重新计量该界定福利负债净
额或资产的贴现率来厘定年度
报告期剩余的净利息，并考虑
到该期间由于缴款或福利支付
导致的界定福利负债净额或资
产的任何变化。
STELUX Holdings International Limited
ANUAL REPORT 202587
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(v) 雇员福利（续）
(i) 退休计划责任（续）
界定福利成本分类如下：
‧ 服务成本（包括当前的服
务成本，过去的服务成本
以及缩减及结算的收益及
亏损）；
‧ 利息支出或收入净额；及
‧ 重新计量。
综合资产负债表内确认之退休
福利承担代表本集团界定福利
计划实际亏损或盈余。经此计
算所产生之任何盈余乃限于以
计划退款或削减未来计划供款
之形式而获得之任何经济利益
之现值。
雇员或第三方作出的酌情供款
于支付向计划供款时减少服务
成本。
就香港的长期服务金责任而
言，根据香港会计准则第19号
第93(a)段，本集团将预期抵销
的雇主强积金供款视为对长期
服务金责任的雇员供款，并按
净额基准计量。未来福利的估
算金额乃于扣除由本集团强积
金供款（已归属于雇员而被视为
相关雇员供款）的累算福利所产
生的负服务成本后厘定。
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(v) Employe benefits (Continued)
(i) Pension obligations (Continued)
Defined benefit costs are categorised as
folows:
• Service cost (including curent service
cost, past service cost, as wel as
gains and loses on curtailments and
setlements);
- ; and
• Remeasurement.
The retirement benefit obligation recognised in
the consolidated balance shet represents the
actual deficit or surplus in the Group’s defined
benefit plans. Any surplus resulting from this
calculation is limited to the present value of
any economic benefits available in the form of
refunds from the plans or reduction in future
contributions to the plan.
Discretionary contributions made by employes
or third parties reduce service cost upon
payment of these contributions to the plan.
For long service payments (“LSP”) obligation
in Hong Kong, the Group acounts for the
employer mandatory provident fund (“MPF”)
contributions expected to be ofseted as a
demed employe contribution towards the LSP
obligation in term of HKAS 19 paragraph 93(a)
and it is measured on a net basis. The estimated
amount of future benefit is determined after
deducting the negative service cost arising
from the acrued benefits derived from the
Group’s MPF contributions that have ben
vested with employes, which are demed to
be contributions from the relevant employes.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(v) 雇员福利（续）
(i) 利润分享及花红计划
本集团根据本公司股东应占溢
利经调整后的公式就花红及利
润分享确认负债及支出。当负
有合约上之责任或当以往惯例
造成推定性责任时，本集团须
确认拨备。
(i) 雇员应有假期
雇员在年假及长期服务休假的
权利在雇员应享有时确认。本
集团为截至报告期末止雇员已
提供服务而产生的休假及长期
服务假的估计负债作出拨备。
雇员的病假及产假于雇员正式
休假前不作确认，于休假时确
认。
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(v) Employe benefits (Continued)
(i) Profit-sharing and bonus plans
The Group recognises a liability and an expense
for bonuses and profit-sharing, based on a
formula that takes into consideration the profit
atributable to the Company’s shareholders
after certain adjustments. The Group recognises
a provision where contractualy obliged or
where there is a past practice that has created a
constructive obligation.
(i) Employe leave entitlements
Employe entitlements to anual leave are
recognised when they acrue to employes. A
provision is made for the estimated liability for
anual leave as a result of services rendered
by employes up to the end of the reporting
period.
Employe entitlements to sick leave and
maternity leave are not recognised until the
time of leave.
STELUX Holdings International Limited
ANUAL REPORT 202589
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(v) 雇员福利（续）
(iv) 终止福利
终止福利于雇员在正常退休日
前被本集团终止聘用或雇员接
受自愿离职以换取这些福利时
支付。本集团按以下日期（以较
早者为准）确认离职福利：(a)
于本集团不能取消提供该等福
利时；及(b)实体确认任何属香
港会计准则第37号范畴内及涉
及终止服务权益付款之有关重
组成本当日。在提出要约以鼓
励自愿离职的情况下，离职福
利乃根据预期接受要约的雇员
人数计量。在报告期末后超过
十二个月到期支付的福利应贴
现为现值。
(w) 股息分派
在获本公司股东或董事（倘合适）批准
分派股息之期间内，分派予本公司股
东之股息于本集团之综合财务报表内
确认为负债。
(x) 报告期后事项
为本集团于报告期末状况提供额外资
料之报告期后事项均属于调整事项，
并于综合财务报表内反映。并非调整
事项之报告期后事项如属重大，则于
综合财务报表附注中披露。
4. MATERIAL ACOUNTING POLICY INFORMATION
(Continued)
(v) Employe benefits (Continued)
(iv) Termination benefits
Termination benefits are payable when
employment is terminated by the Group before
the normal retirement date, or whenever an
employe acepts voluntary redundancy
in exchange for these benefits. The Group
recognises termination benefits at the earlier
of the folowing dates: (a) when the Group
can no longer withdraw the ofer of those
benefits; and (b) when the entity recognises
costs for a restructuring that is within the
scope of HKAS 37 and involves the payment
of termination benefits. In the case of an ofer
made to encourage voluntary redundancy, the
termination benefits are measured based on
the number of employes expected to acept
the ofer. Benefits faling due more than 12
months after the end of the reporting period are
discounted to their present value.
(w) Dividends distribution
Dividend distribution to the Company’s shareholders
is recognised as a liability in the Group’s
consolidated financial statements in the period in
which the dividends are aproved by the Company’s
shareholders or directors, where apropriate.
(x) Events after the reporting period
Events after the reporting period that provide
aditional information about the Group’s position
at the end of the reporting period are adjusting
events and are reflected in the consolidated financial
statements. Events after the reporting period that are
not adjusting events are disclosed in the notes to the
consolidated financial statements when material.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
5. 关键判断及主要估计
在应用附注4所述的集团会计政策时，董事
需要作出对确认金额有重大影响的判断（涉
及估计的判断除外），并对无法从其他来源
轻易获得的资产和负债的帐面值作出估计
和假设。该等估计和相关假设是基于历史
经验和其他被认为相关的因素。实际结果
可能与该等估计不同。
该等估计及相关假设会被持续审阅。倘会
计估计的修订仅影响修订当期，则于修订
当期确认；倘修订同时影响当期及未来期
间，则于修订当期及未来期间确认。
应用会计政策之关键判断
于应用会计政策过程中，董事已作出以下
对综合财务报表中所确认金额具有重大影
响的判断（在下文处理涉及估计的判断除
外）。
(a) 持续经营基准
此等综合财务报表乃按持续经营基准
编制，其有效性取决于未来的经营业
绩和预期的未来经营现金流入；以及
银行融资的持续可用性。有关详情于
综合财务报表附注2说明。
5. CRITICAL JUDGEMENTS AND KEY ESTIMATES
In aplying the Group’s acounting policies, which are
described in Note 4, the directors are required to make
judgements (other than those involving estimations) that
have a significant impact on the amounts recognised and
to make estimates and asumptions about the carying
amounts of asets and liabilities that are not readily
aparent from other sources. The estimates and asociated
asumptions are based on historical experience and other
factors that are considered to be relevant. Actual results
may difer from these estimates.
The estimates and underlying asumptions are reviewed
on an ongoing basis. Revisions to acounting estimates are
recognised in the period in which the estimate is revised
if the revision afects only that period, or in the period of
the revision and future periods if the revision afects both
curent and future periods.
Critical judgements in aplying acounting policies
In the proces of aplying the acounting policies, the
directors have made the folowing judgements that have
the most significant efect on the amounts recognised in
the consolidated financial statements (apart from those
involving estimations, which are dealt with below).
(a) Going concern basis
These consolidated financial statements have ben
prepared on a going concern basis, the validity of
which depends upon future operational performance
and the expected future operating cash inflows;
and the continuous availability of banking facilities.
Details are explained in Note 2 to the consolidated
financial statements.
STELUX Holdings International Limited
ANUAL REPORT 202591
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
应用会计政策之关键判断（续）
(b) 信贷风险显著增加
预期信贷亏损的计量方法是：第一阶
段资产的预期信贷亏损等于12个月
的亏损拨备，第二阶段或第三阶段资
产的预期信贷亏损按整个存续期预期
信贷亏损的亏损拨备计量。自初始确
认后，资产的信贷风险显著增加，则
资产进入第二阶段。香港财务报告准
则第9号并未界何为信贷风险显著增
加。在评估资产的信贷风险是否显著
增加时，本集团考虑定性和定量的合
理且可支持的前瞻性信息。
(c) 厘定租赁年期
于开始日期厘定含有本集团可行使重
续选择权的租赁的租赁年期时，本集
团评估行使重续选择权的可能性，当
中计及产生令本集团行使选择权的经
济优惠的所有相关事实及情况，包括
优惠条款、已进行租赁装修及该相关
资产对本集团营运的重要性。
一般而言，因为本集团可替换有关资
产而不产生重大成本或导致业务中
断，其他物业租赁中延长选择权涵盖
的期间并无计入租赁负债。进一步资
料请参阅附注19。
当出现本集团可控制范围内的重大事
件或重大变动，则重新评估租赁年
期。于本财务年度，并无重新评估租
赁年期。
5. CRITICAL JUDGEMENTS AND KEY ESTIMATES
(Continued)
Critical judgements in aplying acounting policies
(Continued)
(b) Significant increase in credit risk
The ECL are measured as an alowance equal to
12-month ECL for stage 1 asets, or lifetime ECL for
stage 2 or stage 3 asets. An aset moves to stage
2 when its credit risk has increased significantly
since initial recognition. HKFRS 9 does not define
what constitutes a significant increase in credit
risk. In asesing whether the credit risk of an aset
has significantly increased the Group takes into
acount qualitative and quantitative reasonable and
suportable forward-loking information.
(c) Determining the lease term
In determining the lease term at the comencement
date for leases that include renewal options
exercisable by the Group, the Group evaluates the
likelihod of exercising the renewal options taking
into acount al relevant facts and circumstances
that create an economic incentive for the Group
to exercise the option, including favourable terms,
leasehold improvements undertaken and the
importance of that underlying aset to the Group’s
operation.
Generaly, periods covered by an extension option in
other properties leases have not ben included in the
lease liability because the Group could replace the
asets without significant cost or busines disruption.
Se Note 19 for further information.
The lease term is reasesed when there is
a significant event or significant change in
circumstance that is within the Group’s control.
During the year, no lease term has ben reasesed.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
应用会计政策之关键判断（续）
(d) 投资物业的递延税项
就本集团确认使用公平价值方式计量
之投资物业递延税项而言，董事已审
阅本集团之投资物业组合，并得出结
论认为本集团之投资物业并非按照资
产为目标的业务模式持有，本集团的
业务目标是随著时间的推移体现该等
物业的经济利益。因此，在确定本集
团投资物业之递延税项时，董事采用
根据投资物业通过出售收回的公平价
值方式计量。
估计不明朗因素之主要来源
很大可能导致下一个财政年度资产及负债
账面值须作出重大调整之未来主要假设及
于报告期末估计不明朗因素之其他主要来
源于下文讨论。
5. CRITICAL JUDGEMENTS AND KEY ESTIMATES
(Continued)
Critical judgements in aplying acounting policies
(Continued)
(d) Defered tax for investment properties
For the purposes of measuring defered tax for
investment properties that are measured using the fair
value model, the directors have reviewed the Group’s
investment property portfolios and concluded that
the Group’s investment properties are not held under
a busines model whose objective is to consume
substantialy al of the economic benefits embodied
in the investment properties over time, rather than
through sale. Therefore, in determining the Group’s
defered tax for investment properties, the directors
have adopted the presumption that investment
properties measured using the fair value model are
recovered through sale.
Key sources of estimation uncertainty
The key asumptions concerning the future, and other key
sources of estimation uncertainty at the end of the reporting
period, that have a significant risk of causing a material
adjustment to the carying amounts of asets and liabilities
within the next year, are discused below.
STELUX Holdings International Limited
ANUAL REPORT 202593
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
估计不明朗因素之主要来源（续）
(a) 物业、机器及设备以及使用权资产减
值
本集团会至少每年评估物业、机器及
设备及使用权资产是否存在任何减值
迹象。可收回金额按照使用价值计算
及公平值减处置成本而厘定。使用价
值计算包括对持续使用该资产于未来
所得之现金流入及流出，以及按适当
贴现率折现金流量。对将产生之现
金流量、及选择适用市场该等计算需
要应用判断及估计。管理层认为，上
述任何主要假设的任何合理可预见变
动，将不会导致重大额外的减值。
于2025年3月31日，物业、机器及设
备及使用权资产之账面值分别在附注
17和19内披露。
(b) 投资物业之公平值
本集团考虑来自各种途径之资料，包
括：(1)于活跃市场上不同性质、状况
或地点的物业的现价，并作出调整以
反映该等差别；(2)于次要市场上类似
物业近期的价格，并作出调整以反映
自按该等价格进行交易日期起出现的
任何经济状况变化；及(3)独立估值。
于2025年3月31日，投资物业之账面
值在附注18内披露。
5. CRITICAL JUDGEMENTS AND KEY ESTIMATES
(Continued)
Key sources of estimation uncertainty (Continued)
(a) Impairment of property, plant and equipment and
right-of-use asets
The Group aseses at least anualy whether
property, plant and equipment and right-of-use
asets exhibit any indications of impairment. The
recoverable amounts are determined based on value-
in-use calculation and fair value les cost of disposal.
The value-in-use calculation involves estimating
the future cash inflows and outflows to be derived
from continuing use of the aset and aplying the
apropriate discount rate to those future cash flows.
The estimation of future cash flows and selection
of discount rate require the use of judgements and
estimates. Management believes that any reasonably
foreseable change in any of the above key elements
in the value-in-use calculation would not result in
material aditional impairment charges.
The carying amounts of property, plant and
equipment and right-of-use asets as at 31 March
2025 are disclosed in Note 17 and Note 19
respectively.
(b) Fair value of investment properties
The Group considers information from a variety of
sources, including (1) curent prices in an active
market for properties of a diferent nature, condition
and location, adjusted to reflect those diferences;
(2) recent prices of similar properties on les active
markets, with adjustments to reflect any changes
in economic conditions since the date of the
transactions that ocured at those prices; and (3)
independent valuations.
The carying amount of investment properties as at
31 March 2025 is disclosed in Note 18.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
估计不明朗因素之主要来源（续）
(c) 商誉的减值
本集团每年测试商誉是否出现减值。
本集团审阅商誉的减值，当事件发生
或情况变动显示相关账面值或不能被
收回时。厘定是否减值须作出各种判
断和估计，可收回金额按照使用价值
计算及按公平值减出售成本的较高者
而厘定。
于2025年3月31日，商誉之账面值及
有关厘定可收回金额所用估值假设的
资料于附注20内披露。
(d) 商标减值
商标因使用寿命不确定不每年摊销而
以成本计价。管理层考虑到商标产生
的经济利益，每年测试商标是否受到
任何减值。可收回金额基于使用价值
厘定。此计算使用基于管理层所编制
的财务预算的税前现金流量预测而作
出。管理层根据过往表现及其对未来
市场发展的预期厘定财务预算，其中
涉及重大判断及估计。
于2025年3月31日，商标之账面值及
有关厘定可收回金额所用估值假设的
资料于附注20内披露。
5. CRITICAL JUDGEMENTS AND KEY ESTIMATES
(Continued)
Key sources of estimation uncertainty (Continued)
(c) Impairment of godwil
The Group tests at least anualy whether godwil
have sufered any impairment. The Group also
reviews godwil for impairment whenever events
or changes in circumstances indicate that the related
carying amounts may not be recoverable. The
recoverable amount has ben determined based on
higher of value-in-use calculation and fair value les
cost of disposal. The calculation requires the use of
judgments and estimates.
The carying amount of godwil as at 31 March
2025 and valuation asumption used in determining
recoverable amount is disclosed in Note 20.
(d) Impairment of trademarks
Trademarks with an indefinite useful life are caried
at costs and are not amortised. Management tests
anualy whether the trademarks sufered any
impairment by considering the economic benefit
to be generated from trademarks. The recoverable
amount is determined based on value-in-use
calculation. This calculation used pre-tax cashflows
projections based on financial budgets prepared
by management. Management determined the
financial budget based on past performance and
its expectations for the future market development,
which involved significant judgment and estimates.
The carying amount of trademarks as at 31 March
2025 and valuation asumption used in determining
recoverable amount is disclosed in Note 20.
STELUX Holdings International Limited
ANUAL REPORT 202595
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
估计不明朗因素之主要来源（续）
(e) 存货的可变现净值
存货之可变现净值乃在日常业务进行
中之估计售价，减去估计完成本及
销售开支。该等估计乃以现有市况及
制造与销售同类产品之历来经验为基
准进行。由于客户品味和竞争对手行
动的变化而导致严重的行业周期变
化，其可能会发生显著变化。管理层
将于每个报告期末重新评估有关估
计。
截至2025年3月31日止年度的存货拨
备在附注23内披露。
(f) 应收贸易账款减值
本集团使用拨备矩阵以计量应收帐款
的预期信贷亏损。拨备率乃基于不同
债务人分组的帐龄计算，并考虑本集
团无需付出过多的成本或努力即可获
得的历史违约率和前瞻性资讯是否合
理且有支持性。于各报告期间，重新
评估历史观察到的违约率，且考虑前
瞻性资讯的变化。
于2025年3月31日，应收贸易账款之
账面值（扣除减值损失）在附注24内披
露。
5. CRITICAL JUDGEMENTS AND KEY ESTIMATES
(Continued)
Key sources of estimation uncertainty (Continued)
(e) Net realisable value of inventories
Net realisable value of inventories is the estimated
seling price in the ordinary course of busines,
les estimated costs of completion and seling
expenses. These estimates are based on the curent
market condition and the historical experience of
seling products of similar nature. It could change
significantly as a result of changes in customer taste
and competitor actions in response to severe industry
cycles. Management wil reases the estimations at
the end of each reporting period.
The alowance for inventories was made for the year
ended 31 March 2025 is disclosed in Note 23.
(f) Impairment of trade receivables
The Group estimates ECL on trade receivables using
a provision matrix. The provision rates are based
on aging of debtors as groupings of various debtors
taking into consideration the Group’s historical
default rates and forward-loking information that is
reasonable and suportable available without undue
costs or efort. At every reporting date, the historical
observed default rates are reasesed and changes in
the forward-loking information are considered.
As at 31 March 2025, the carying amount of trade
receivables (net of impairment los) is disclosed in
Note 24.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
6. 财务风险管理
(a) 财务风险
本集团经营活动面对各种财务风险：
外汇风险、利率风险、信贷风险及流
动资金风险。本公司董事会审阅并同
意下文所概述管理各项此等风险之政
策。
(i) 外汇风险
本集团主要于香港、澳门、中
国及若干东南亚国家经营业
务。而零售交易大部分乃以集
团实体的功能货币计值。本集
团主要承受来自以集团实体的
功能货币以外货币计值的商业
交易，已确认资产及负债的外
汇风险。本集团认为其外币风
险主要来自新加坡元、马来西
亚令吉、泰铢、人民币及瑞士
法郎兑港币的风险。本集团定
期监控其外币交易风险。
本集团主要面临的港币外汇
率的合理可能变动而导致的对
本集团的税前（亏损）╱溢利概约
影响概要如下：
6. FINANCIAL RISK MANAGEMENT
(a) Financial risks
The Group’s activities expose it to a variety of
financial risks: foreign exchange risk, interest
rate risk, credit risk and liquidity risk. The board
of directors of the Company reviews and agres
policies for managing each of these risks and they are
sumarised below.
(i) Foreign exchange risk
The Group mainly operates in Hong Kong,
Macau, China and a number of countries
in Southeast Asia. Retail sales transactions
are mostly denominated in the functional
curencies of respective group entities. The
Group’s exposure to foreign exchange risk
mainly arises from comercial transactions,
recognised asets and liabilities denominated
in curencies other than the functional curency
of the group entities to which they relate. The
Group considers its foreign curency exposure
as mainly arising from the exposure of the
Singapore dolar, Malaysian ringit, Thai baht,
Renminbi and Swis Franc against the Hong
Kong dolar. The Group regularly monitors its
exposures to foreign curency transactions.
The impact to the Group’s (los)/profit before
tax that might be resulted from the reasonable
posible changes in the foreign exchange rates
against the Hong Kong dolar to which the
Group has significant exposure as at the end of
the reporting date is sumarised below.
STELUX Holdings International Limited
ANUAL REPORT 202597
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(a) 财务风险（续）
(i) 外汇风险（续）
上述外汇率减少5%（2024
年：5%）将对除税前亏损
（2024：除税前溢利）产生相同
金额但相反方向的影响。
(i) 利率风险
由于本集团并无重大计息资产
除附注25中详述的银行结余
外，故本集团之收入及营运现
金流量大致上不受市场利率变
动影响。本集团面对的利率变
动风险主要来自附注32披露之
银行贷款。按浮动利率授出的
银行贷款使本集团承受现金流
量利率风险。本集团的政策乃
为公司争取最有利之利率。
6. FINANCIAL RISK MANAGEMENT (Continued)
(a) Financial risks (Continued)
(i) Foreign exchange risk (Continued)
Increase
in foreign
exchange
rate
Decrease/
(increase)
in los
before
income
tax
Increase
in foreign
exchange
rate
Increase/
(decrease)
in profit
before
income
tax
外汇率
的增加
除税前亏损
减少╱
（增加）
外汇率
的增加
除税前溢利
增加╱
（减少）
HK$’000HK$’000
港币仟元港币仟元
Singapore dolar新加坡元5%8845%959
Malaysian ringit马来西亚令吉5%(720)5%(754)
Thai baht泰铢5%(4,686)5%(4,687)
Renminbi人民币5%9365%826
Swis franc瑞士法郎5%20,7455%21,683
Decrease in the above foreign exchange rates
by 5% (2024: 5%) would afect the los (2024:
profit) before income tax by the same amount
but in the oposite direction.
(i) Interest rate risk
The Group’s income and operating cash flows
are substantialy independent of changes in
market interest rates as the Group has no
significant interest-bearing asets other than
bank balances as disclosed in Note 25. The
Group’s exposure to changes in interest rates
is mainly atributable to its bank borowings
as disclosed in Note 32. Bank borowings
at variable rates expose the Group to cash
flow interest-rate risk. The Group’s policy
is to obtain the most favorable interest rates
available.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(a) 财务风险（续）
(i) 利率风险（续）
本集团并无使用任何利率掉期
对冲现金流量利率风险。
于2025年3月31日，倘贷款利
率上升╱降低50个（2024年：
50个）基点而其他因素保持不
变，除所得税前亏损将上升╱
降低港币1.209佰万元（2024
年：除所得税前溢利将降低╱
上升港币1.170佰万元），主要
是由于浮动利率借贷利息开支
上升╱降低所致。
(i) 信贷风险
本集团因交易对手方未能履行
责任引致财务亏损所承担之最
大信贷风险来自综合资产负债
表所载各已确认财务资产之账
面值，主要包括银行存款、贸
易及其他应收账款及应收代
价。
下表根据本集团的信贷政策，
列示信贷质素及最高信贷风
险，除非无须过大成本或努力
便可获得其他资料，否则下表
主要以逾期资料，及报告日之
年末分阶段分类为基础。呈列
数字为财务资产的账面总值。
6. FINANCIAL RISK MANAGEMENT (Continued)
(a) Financial risks (Continued)
(i) Interest rate risk (Continued)
The Group has not used any interest rate swaps
to hedge its exposure to cash flow interest rate
risk.
At 31 March 2025, if interest rates of bank
borowings at variable rates had ben 50 basis
points (2024: 50 basis points) higher/lower with
al other variables held constant, los (2024:
profit) before income taxes would have ben
HK$1.209 milion (2024: HK$1.170 milion)
higher/lower (2024: lower/higher), mainly as a
result of higher/lower interest expense.
(i) Credit risk
The Group’s maximum exposure to credit
risk which cause a financial los to the Group
due to failure to perform an obligation by the
counterparties arises from the carying amount
of the respective recognised financial asets
(mainly include deposits with banks, trade and
other receivables and consideration receivable)
as disclosed in the consolidated balance shet.
The table below shows the credit quality and
the maximum exposure to credit risk based
on the Group’s credit policy, which is mainly
based on past due information unles other
information is available without undue cost or
efort, and year-end staging clasification at the
end of reporting date. The amounts presented
are gros carying amounts for financial asets.
STELUX Holdings International Limited
ANUAL REPORT 202599
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(a) 财务风险（续）
(i) 信贷风险（续）
附注：
(a) 本集团应用简化方式评估应
收账款的减值，以拨备矩阵
为基础的资料披露于财务报
告附注24。
(b) 倘包含在按金及其他应收账
款的财务资产并无逾期且并
无资讯显示该等财务资产之
信贷风险自初次确认后大幅
增加， 则该等财务资产之信
贷质量被视为「正常」。
6. FINANCIAL RISK MANAGEMENT (Continued)
(a) Financial risks (Continued)
(i) Credit risk (Continued)
12-month ECLsLifetime ECLs
12个月预期
信贷亏损全期预期信贷亏损
Stage 1Stage 2Stage 3
Simplified
aproachTotal
第一阶段第二阶段第三阶段简化方法总计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元港币仟元
20252025年
Trade receivables (note a)应收账款（附注 a）–87,12487,124
Financial asets included in
deposits and other
receivables (note b)
包括按金及其他
应收账款的财务资产
（附注 b）52,792–52,792
Consideration receivable应收代价305,534–305,534
Cash and cash equivalents现金及现金等值物83,339–83,339
441,665–87,124528,789
20242024年
Trade receivables (note a)应收账款（附注 a）–92,25592,255
Financial asets included in
deposits and other
receivables (note b)
包括按金及其他
应收账款的财务
资产（附注 b）60,829–60,829
Consideration receivable应收代价341,686–341,686
Cash and cash equivalents现金及现金等值物67,711–67,711
470,226–92,255562,481
Note:
(a) The Group aplies the simplified aproach for
impairment of trade receivables, information
based on the provision matrix is disclosed in
Note 24.
(b) The credit quality of the financial asets
included in deposits and other receivables are
considered to be “normal” when they are not
past due and there is no information indicating
that the financial asets had a significant
increase in credit risk since initial recognition.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(a) 财务风险（续）
(iv) 流动资金风险
本集团内的各个经营实体负责
各自的现金管理，包括筹集借
款以满足预期的现金需求，当
借款超过若干预定的授权水平
时，须经本公司董事批准。
本集团之政策为定期监察目前
及预期之流动资金需要及其对
任何贷款契约的遵守情况，以
确保本集团维持足够现金储备
以应付其短期及较长期之流动
资金需要。
本集团的财务负债按未折现的
现金流量计算的到期日分析如
下：
6. FINANCIAL RISK MANAGEMENT (Continued)
(a) Financial risks (Continued)
(iv) Liquidity risk
Individual operating entities within the Group
are responsible for their own cash management,
including the raising of loans to cover expected
cash demands, subject to aproval by the
Directors of the Company when the borowing
exced certain predetermined level of authority.
The Group’s policy is to regularly monitor
curent and expected liquidity requirements
and its compliance with any lending covenants
to ensure that it maintains suficient reserves of
cash to met its liquidity requirements in the
short and longer term.
The maturity analysis based on contractual
undiscounted cash flows of the Group’s
financial liabilities is as folows:
Repayable on
demand/
within 1 year
Betwen
1 and 2
years
Betwen
2 and 5
years
Over
5 years
应要求偿还╱
1年以下1至2年内2至5年内5年以上
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
As at 31 March 2025于2025年3月31日
Bank borowing (note)银行贷款（附注）258,459–
Lease liabilities租赁负债53,98527,1428,067–
Trade and other payables贸易及其他应付账款113,372–
425,81627,1428,067–
As at 31 March 2024于2024年3月31日
Bank borowing (note)银行贷款（附注）251,432–
Lease liabilities租赁负债68,46938,94113,849–
Trade and other payables贸易及其他应付账款115,698–
435,59938,94113,849–
STELUX Holdings International Limited
ANUAL REPORT 2025101
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(a) 财务风险（续）
(iv) 流动资金风险（续）
附注︰
若干贷款载有应要求偿还的条文，
可按银行全权酌情行使。根据本集
团的信贷历史及与银行的长期关
系，董事并不认为银行会行使其酌
情权要求即时偿还，反而根据其预
定的偿还日期偿还该等银行贷款。
管理流动资金风险方面，本集团管
理层根据银行借款协议中规定的预
定还款日期，审阅本集团银行借款
的预期现金流量分析如下，有关金
额包括使用合约利率计算的利息付
款。
6. FINANCIAL RISK MANAGEMENT (Continued)
(a) Financial risks (Continued)
(iv) Liquidity risk (Continued)
Note:
Certain bank borowings contain a repayment on
demand clause which can be exercised at the bank’s
sole discretion. Taking into acount the Group’s
consolidated balance shet, the directors do not
believe that it is probable that the banks wil exercise
their discretionary rights to demand imediate
repayment. The directors believe that such bank
borowings wil be repaid in acordance with the
scheduled repayment dates set out in the loan
agrements.
For the purpose of managing liquidity risk, the
management of the Group reviews the expected cash
flow information of the Group’s bank borowings
based on the scheduled repayment dates set out in
the bank borowings agrements as set out in the
table below. The amount includes interest payments
computed using contractual rates.
Within
1 year
Betwen
1 and 2
years
Betwen
2 and 3
years
Over
3 years
1年以下1至2年内2至3年内3年以上
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
At 31 March 2025于2025年3月31日98,08437,43371,09082,164
At 31 March 2024于2024年3月31日109,93332,71226,059121,198
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(b) 金融工具分类
(c) 公平值
本集团综合资产负债表内反映之金融
资产及金融负债之账面值与其各自之
公平值相若。
6. FINANCIAL RISK MANAGEMENT (Continued)
(b) Categories of financial instruments
HK$’000HK$’000
港币仟元港币仟元
Financial asets:金融资产：
Equity investment at fair value through
other comprehensive income
按公平值透过其他全面收益列账
的股份投资5,4005,710
Financial asets at amortised cost:以摊销成本计量的金融资产：
– Consideration receivable－应收代价305,534341,686
– Trade and other receivables and
deposits
－贸易及其他应收账款
及按金139,916153,084
– Cash and cash equivalents－现金及现金等值物83,33967,711
534,189568,191
Financial liabilities:金融负债：
Financial liabilities at amortised cost:以摊销成本计量的金融负债：
– Trade and other payables－贸易及其他应付账款113,372115,698
– Bank borowings－银行贷款241,890233,984
355,262349,682
Lease liabilities租赁负债84,730113,194
(c) Fair value
The carying amounts of the Group’s financial
asets and financial liabilities as disclosed in the
consolidated balance shet aproximate their
respective fair value.
STELUX Holdings International Limited
ANUAL REPORT 2025103
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(d) 资本管理
本集团的资本管理目标是保障本集团
能继续营运以为股东提供回报和为其
他权益持有人提供利益，同时维持最
佳的资本结构以减低资金成本之能
力。
为了维持或调整资本结构，本集团可
能会调整支付股东的股息数额、向股
东返还资本、发行新股或出售资产以
减低债务。
本集团以借贷比率作为监控资本的基
准。借贷比率按净债务除以资本总
额计算。净债务按贷款总额（包括综
合资产负债表所示之流动及非流动贷
款）减现金及现金等值物计算。资本
总额计算为综合资产负债表所示的
「股东资金」。
本集团借贷比率载列如下：
6. FINANCIAL RISK MANAGEMENT (Continued)
(d) Capital management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders
and benefits for other stakeholders and to maintain
an optimal capital structure to reduce the cost of
capital.
In order to maintain or adjust the capital structure,
the Group may adjust the amount of dividends paid
to shareholders, return capital to shareholders, isue
new shares or sel asets to reduce debt.
The Group monitors capital on the basis of the
gearing ratio and this is calculated as net debt
divided by total capital. Net debt is calculated as
total borowings (including curent and non-curent
borowings as shown in the consolidated balance
shet) les cash and cash equivalents. Total capital is
calculated as ‘shareholders’ funds’ as shown in the
consolidated balance shet.
The gearing ratio of the Group were as folows:
HK$’000HK$’000
港币仟元港币仟元
Bank borowings (Note 32)银行贷款（附注32）241,890233,984
Les:减：
Cash and cash equivalents (Note 25)现金及现金等值物（附注25）(83,339)(67,711)
Net debt净债务158,551166,273
Shareholders’ funds股东资金913,229906,580
Gearing ratio借贷比率17.4%18.3%
宝光实业（国际）有限公司
2025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2025年3月31日止年度
7. FAIR VALUE MEASUREMENTS
(i) Fair value hierarchy
The Group’s finance department leading by the
Chief Financial Oficer (the “CFO”) is responsible
for determining the policies and procedures for the
fair value measurement of financial instruments. The
finance controlers report directly to the CFO. At
each reporting date, the finance department analyses
the movements in the values of financial instruments
and determines the major inputs aplied in the
valuation. The valuation is reviewed and aproved
by the CFO.
Fair value is the price that would be received to sel
an aset or paid to transfer a liability in an orderly
transaction betwen market participants at the
measurement date. The folowing disclosures of fair
value measurements use a fair value hierarchy that
categorises into thre levels the inputs to valuation
techniques used to measure fair value:
Level 1: The fair value of financial instruments
traded in active markets is based on quoted
market prices at the measurement date.
Level 2: The fair value of financial instruments
that are not traded in an active market (for
example, over-the-counter derivatives) is
determined using valuation techniques
which maximise the use of observable
market data and rely as litle as posible on
entity-specific estimates. If al significant
inputs required to fair value an instrument
are observable, the instrument is included
in level 2.
Level 3: If one or more of the significant inputs is
not based on observable market data, the
instrument is included in level 3. This is
the case for unlisted equity securities.
7. 公平值计量
(i) 公平值架构
本集团由首席财务总裁带领的财务部
门负责确定金融工具公平价值计量之
政策及程序。财务总监直接向首席财
务总裁报告。在每个报告日期，财务
部门分析金融工具价值之变动，并确
定估值应用数据。其估值由首席财务
总裁审核及批准。
公平值乃市场参与者在计量日进行之
有秩序交易中出售一项资产所收取或
转让一项负债所支付之价格。以下披
露之公平值计量使用公平值等级机
制，有关机制将用以计量公平值之估
值技术之输入数据分为三级，详情如
下：
第1层： 在活跃市场买卖的金融工
具的公平值按计量日的市
场报价列账。
第2层： 并非于活跃市场（如场外
衍生工具）买卖的金融工具
的公平值采用估值技术厘
定，该等估值技术尽量利
用可观察市场数据而极少
依赖实体的特定估计。倘
计算工具公平值所需全部
重大输入数据均为可观察
数据，则该工具会被列入
为第2层。
第3层： 如一项或多项重大输入数
据并非根据可观察市场数
据得出，则该工具会被列
入为第3层。非上市股本证
券即属此情况。
STELUX Holdings International Limited
ANUAL REPORT 2025105
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(i) 公平值架构（续）
本集团之政策为于转拨事件或导致转
拨情况发生变化当日，确认转入及转
出三个级别。按公平值等级作出之披
露：
于2025年3月31日及 2024年3月31
日，概并无任何以公平值计量的资产
被列入第1层及第2层。
年内，经常性公平值计量之第1、2及
3层之间概无转拨。
7. FAIR VALUE MEASUREMENTS (Continued)
(i) Fair value hierarchy (Continued)
The Group’s policy is to recognise transfers into
and transfers out of any of the thre levels as of the
date of the event or change in circumstances that
caused the transfer. Disclosures of level in fair value
hierarchy:
Level 3Level 3
第3层第3层
HK$’000HK$’000
港币仟元港币仟元
Recuring fair value measurements经常性公平值计量
Financial asets金融资产
Equity investment at fair value through
other comprehensive income
按公平值透过其他全面收益
列账的股份投资
– unlisted equity securities－非上市股本证券5,4005,710
Non-financial asets非金融资产
Investment properties投资物业
– comercial building－商业楼宇393,100297,800
398,500303,510
None of the asets at fair value is included in level 1
and level 2 as at 31 March 2025 and 31 March 2024.
There were no transfers betwen levels 1, 2 and 3 for
recuring fair value measurements during the year.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(i) 厘定公平值所用的估值技术
金融资产
按公平值透过其他全面收益列账的非
上市股份投资的估值通过使用基于市
场的估值技术厘定。估值要求董事根
据行业、规模、杠杆及战略厘定可资
比较公众公司，并就各间识别可资比
较公众公司计算合适企业价值对除利
息、税项、折旧及摊销前盈利比率
（企业价值倍数）及市盈率倍数。倍数
乃以可资比较公司的市值除以盈利计
算得出。倍数以非流动性予以贴现。
于各报告期间，贴现倍数用于非上市
股份投资的盈利以计量公平值。
非金融资产
投资物业的公平值乃按由与本集团并
无关联的独立估值师第一太平戴维斯
（澳门）有限公司「第一太平戴维斯」进
行的估值而达成。为编制财务报表，
本集团财务部审阅第一太平戴维斯所
进行的估值。有关估值结果会向本集
团管理层报告，以就估值程序及估值
结果的合理性作出讨论及审阅。
投资物业的公平值乃根据与目标物业
的状况及位置相若的类似物业的（经
对物业面积及物业楼层等作出调整以
反映目标物业之状况）可观察市场交
易使用直接比较法达致。于估计物业
的公平值时，物业的最高及最佳用途
为目前用途。
7. FAIR VALUE MEASUREMENTS (Continued)
(i) Valuation techniques used to determine fair values
Financial asets
The valuation of unlisted equity investment at
fair value through other comprehensive income
was determined using a market-based valuation
technique. The valuation requires the directors to
determine comparable public companies based on
industry, size, leverage and strategy, and calculates
an apropriate enterprise value of earnings before
interest, tax, depreciations and amortisation (“EV to
EBITDA”) multiple and price to earnings multiple, for
each comparable company identified. The multiple
is calculated by dividing the market capitalisation
by the profits of the comparable companies. The
multiple is then discounted for non-marketability.
The discounted multiple is aplied to the profit of the
unlisted equity investment to measure the fair value
at each reporting period.
Non-financial asets
The fair value of the investment properties is arived
at on the basis of valuation caried out by Savils
(Macau) Limited (“Savils”) independent valuer
which is not related to the Group. The Group’s
finance department reviews the valuations performed
by Savils for financial reporting purpose. These
valuation results are then reported to the Group’s
management for discusions and review in relation
to the valuation proceses and the reasonablenes of
valuation results.
The fair value of the investment properties was
arived by using direct comparison method based on
market observable transactions of similar properties
in the similar conditions and locations of the subject
properties and adjusted to reflect the conditions of
the subject properties including property size and
property flor level. In estimating the fair value of the
properties, the highest and best use of the properties is
their curent use.
STELUX Holdings International Limited
ANUAL REPORT 2025107
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(i) 按第3层公平值计量之金融资产及非
金融资产对账
7. FAIR VALUE MEASUREMENTS (Continued)
(i) Reconciliation of financial asets and non-financial
asets measured at level 3
Equity
investment
at fair value
through other
comprehensive
income
Investment
properties
按公平值
透过其他全面
收益列账的
股份投资投资物业
HK$’000HK$’000
港币仟元港币仟元
At 1 April 2023于2023年4月1日3,064297,900
Revaluation surplus transfer to equity转至股权的重估收益2,646–
Change in fair value recognised in
income statement
于收益表内确认的公平值变动
–(100)
At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日5,710297,800
Revaluation deficit transfer to equity转至股权的重估亏损(310)–
Change in fair value recognised in
income statement
于收益表内确认的公平值变动
–(24,700)
Transfer from property, plant and
equipment
自物业、机器及设备转入
–120,000
At 31 March 2025于2025年3月31日5,400393,100
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(iv) 估值程序
本集团财务部门专责就财务报告目的
所需的金融资产项目估值，包括第
3层公平值。此财务部门直接向首席
财务总裁(CFO)和审核委员会(AC)汇
报。为配合本集团的半年报告期，
CFO与AC最少每六个月开会一次，讨
论估值流程和相关结果。
本集团计量公允值使用的主要数据从
下列资讯中取得和评估：
• 市盈率倍数
• 企业价值倍数
• 非流动性贴现率
(v) 估值输入数据及与公平值的关系
金融资产
最重大不可观察输入数据为1的企业
价值倍数（2024年：1）及35%的非流
动性贴现率（2024年：32%）。企业价
值倍数越低，按公平值透过其他全面
收益列账的股份投资的公平值越低。
非流动性贴现率或非控股权益贴现越
低，按公平值透过其他全面收益列账
的股份投资的公平值越高。
于2025年3月31日，如果非流动性贴
现率上升╱（降低）1%，将导致公平
值（降低）╱上升港币82,000元（2024
年：港币82,000元）。
7. FAIR VALUE MEASUREMENTS (Continued)
(iv) Valuation proceses
The Group’s finance department is responsible for the
fair value measurement of financial asets required
for financial purposes, including Level 3 fair value
measurements. The financial department reports
directly to the CFO and the audit comite (“AC”).
Discusions of valuation proceses and results are
held betwen the CFO and AC at least once every six
months, in line with the Group’s half-yearly reporting
periods.
The main inputs used in fair value measurement by
the Group are derived and evaluated as folows:
• price to earnings multiple
• EV to EBITDA multiple
• non-marketability discount rate
(v) Valuation inputs and relationships to fair value
Financial asets
The most significant unobservable input is EV
to EBITDA multiple of 1 (2024: 1), and non-
marketability discount rate of 35% (2024: 32%). The
lower the EV to EBITDA multiple, the lower the fair
value of the equity investment at fair value through
other comprehensive income. The lower of the non-
marketability discount rate or non-controling interest
discount, the higher the fair value of the equity
investment at fair value through other comprehensive
income.
As at 31 March 2025, if the non-marketability
discount rate increase/(decrease) by 1%, it would
result in (decrease)/increase in fair value by
HK$82,000 (2024: HK$82,000).
STELUX Holdings International Limited
ANUAL REPORT 2025109
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(v) 估值输入数据及与公平值的关系（续）
非金融资产
7. FAIR VALUE MEASUREMENTS (Continued)
(v) Valuation inputs and relationships to fair value
(Continued)
Non-financial asets
Valuation technique(s)
Significant
unobservable
input(s)
Range of
unobservable
inputs
Relationship of
unobservable
inputs to fair value
估值技术
重大不可观察
输入数据
不可观察
输入数据之范围
不可观察输入数据
与公平值的关系
Direct comparison method based on
market observable transactions of
similar properties and adjust to reflect
the conditions of the subject property.
1. Unit rate
2. Frontage
From HK$35,000 to
HK$260,000 per
square fet
From HK$35,000 to
HK$218,000 per
square fet
1. The higher the unit rate,
the higher the fair value
2. The larger the shop
frontage, the higher the
fair value
根据类似物业的可观察市场交易使用直
接比较法，并经调整以反映目标物业
的状况。
1. 单位价格
2. 朝向
每平方呎由
港币35,000元至
港币260,000元
每平方呎由
港币35,000元至
港币218,000元
- ，
公平值越高
- ，公平值越高
宝光实业（国际）有限公司
2025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2025年3月31日止年度
8. 收入及分部资料
本公司之首席运营决策者为本公司执行董
事。执行董事主要从业务性质及地区角度
审阅本集团之财务资料。从业务性质角度
来看，本集团有二个分部报告，即钟表零
售及钟表批发业务分部。管理层主要从地
区角度评核(i)香港、澳门及中国大陆和(i)
亚洲其余地区之钟表零售业绩。
收入是指来自钟表零售分部及钟表批发分
部的商品销售。营运分部间之销售按相等
于现行按公平原则进行的交易之条款进
行。执行董事按除利息及税项前经调整盈
利（「EBIT」）评核营运分部之业绩，计算该
盈利时不包括未分配收入及集团行政净支
出。
未分配收入指来自非上市股份投资的股息
收入、出售附属公司收益及有关过往年
度收购附属公司重新计量递延应付代价
收益。集团行政净支出主要为集团层面
的员工成本及高级管理层花红拨备。未
分配的资产指集团层面的物业、机器及设
备、投资物业及使用权资产、非上市的股
份投资、递延税项资产以及现金及现金等
值物。未分配的负债是指集团层面的租赁
负债、其他应付款项及应计费用、银行贷
款、递延税项负债及应付所得税。
8. REVENUE AND SEGMENT INFORMATION
The chief operating decision-makers have ben identified
as the executive directors of the Company. The executive
directors review the Group’s financial information mainly
from busines nature and geographical perspectives.
From a perspective on busines nature, the Group has
two reportable segments, namely watch retail and
watch wholesale trading segments. From a geographical
perspective, management mainly aseses the performance
of watch retail operations in (i) Hong Kong, Macau and
Mainland China and (i) the rest of Asia.
Revenue represents sales of gods from watch retail
segment and watch wholesale trading segment. Sales
betwen operating segments are caried out on terms
equivalent to those prevailing in arm’s length transactions.
The executive directors ases the performance of the
operating segments based on a measure of adjusted
earnings before interest and tax (“EBIT”). This measurement
basis excludes unalocated income and net corporate
expenses.
Unalocated income represents dividend income from
unlisted equity investment, gain on disposal of a subsidiary
and re-measurement of defered consideration payable in
respect of acquisition of a subsidiary in prior years. Net
corporate expenses mainly represent corporate staf costs
and provision for senior management bonus. Unalocated
asets represent property, plant and equipment, investment
properties and right-of-use asets at corporate level,
unlisted equity investment, defered tax asets and cash
and cash equivalents. Unalocated liabilities represent
lease liabilities, other payables and acruals at corporate
level, bank borowings, defered tax liabilities and income
tax payable.
STELUX Holdings International Limited
ANUAL REPORT 2025111
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
截至2025年3月31日止年度
8. REVENUE AND SEGMENT INFORMATION (Continued)
For the year ended 31 March 2025
Watch retail
钟表零售
Hong Kong,
Macau and
Mainland
China
Rest of
Asia
Watch
wholesale
tradingTotal
香港、
澳门及
中国大陆
亚洲
其余地区
钟表
批发业务合计
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
Revenues from contracts with
customers within the scope
of HKFRS 15
香港财务报告准则第15号范
围内的客户合约收益
– Gros segment－分部总额225,887187,119342,979755,985
– Inter-segment－分部间–(140,770)(140,770)
Sales to external customers销售予外来客户225,887187,119202,209615,215
Timing of revenue recognition收入确认时间
– At a point in time－于一个时间点转拨225,887187,119202,209615,215
Segment results分部业绩(57,484)(8,219)22,263(43,440)
Unalocated income未分配收入1,593
Net corporate expenses集团行政净支出(38,636)
Finance costs财务成本(22,666)
Los before tax除税前亏损(103,149)
Income tax expense所得税支出(3,639)
Los for the year年度亏损(106,788)
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
截至2025年3月31日止年度（续）
8. REVENUE AND SEGMENT INFORMATION (Continued)
For the year ended 31 March 2025 (Continued)
Watch retail
钟表零售
Hong Kong,
Macau and
Mainland
China
Rest of
Asia
Watch
wholesale
tradingUnalocatedTotal
香港、
澳门及
中国大陆
亚洲
其余地区
钟表
批发业务未分配合计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元港币仟元
Adition of non-curent asets:新增非流动资产：
– property, plant and equipment－物业、机器及设备(3,003)(4,467)(702)(29)(8,201)
– right-of-use asets－使用权资产(22,768)(22,432)(257)–(45,457)
Depreciation:折旧：
– property, plant and equipment－物业、机器及设备(4,492)(6,038)(1,189)(9,956)(21,675)
– right-of-use asets－使用权资产(27,338)(21,823)(4,713)–(53,874)
Impairment of:减值：
– property, plant and equipment－物业、机器及设备(1,737)(859)–(2,596)
– right-of-use asets－使用权资产(7,639)(1,191)–(8,830)
Reversal of impairment of:减值回拨：
– trade receivables－应收贸易账款20–787–807
– consideration receivable－应收代价–650650
Fair value change of investment
properties
投资物业公平值变动
(18,700)–(6,000)(24,700)
Reversal of provision/(provision)
for inventories
存货拨备的回拨╱（存货拨
备）9,210(802)17,235–25,643
Other material items of income
and expense:
其他重要收入和支出项目：
– cost of inventories sold－出售存货成本(115,264)(100,903)(118,192)–(334,359)
– staf costs－雇员福利支出(73,792)(43,350)(37,977)(26,738)(181,857)
Segment asets分部资产450,766138,024213,660623,6771,426,127
Segment liabilities分部负债(76,033)(55,477)(55,590)(319,596)(506,696)
STELUX Holdings International Limited
ANUAL REPORT 2025113
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
截至2024年3月31日止年度
8. REVENUE AND SEGMENT INFORMATION (Continued)
For the year ended 31 March 2024
Watch retail
钟表零售
Hong Kong,
Macau and
Mainland
China
Rest of
Asia
Watch
wholesale
tradingTotal
香港、
澳门及
中国大陆
亚洲
其余地区
钟表
批发业务合计
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
Revenues from contracts with
customers within the scope
of HKFRS 15
香港财务报告准则第15号范
围内的客户合约收益
– Gros segment－分部总额321,506221,506403,231946,243
– Inter-segment－分部间–(178,682)(178,682)
Sales to external customers销售予外来客户321,506221,506224,549767,561
Timing of revenue recognition收入确认时间
– At a point in time－于一个时间点转拨321,506221,506224,549767,561
Segment results分部业绩8,035(10,610)27,23024,655
Unalocated income未分配收入528,308
Net corporate expenses集团行政净支出(41,264)
Finance costs财务成本(29,993)
Profit before tax除税前溢利481,706
Income tax expense所得税支出(8,381)
Profit for the year年度溢利473,325
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
截至2024年3月31日止年度（续）
8. REVENUE AND SEGMENT INFORMATION (Continued)
For the year ended 31 March 2024 (Continued)
Watch retail
钟表零售
Hong Kong,
Macau and
Mainland
China
Rest of
Asia
Watch
wholesale
tradingUnalocatedTotal
香港、
澳门及
中国大陆
亚洲
其余地区
钟表
批发业务未分配合计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元港币仟元
Adition of non-curent asets:新增非流动资产：
– property, plant and equipment－物业、机器及设备(16,399)(9,618)(3,124)(1,283)(30,424)
– right-of-use asets－使用权资产(60,232)(26,628)(2,026)–(88,886)
Depreciation:折旧：
– property, plant and equipment－物业、机器及设备(5,445)(5,206)(738)(10,648)(22,037)
– right-of-use asets－使用权资产(32,488)(25,253)(4,346)–(62,087)
Impairment of:减值：
– property, plant and equipment－物业、机器及设备(3,674)(1,369)–(1,689)(6,732)
– intangible asets－无形资产–(1,083)(1,083)
– right-of-use asets－使用权资产(13,167)(4,889)–(18,056)
– trade receivables－应收贸易账款(265)–(945)–(1,210)
– consideration receivable－应收代价–(5,203)(5,203)
Fair value change of investment
properties
投资物业公平值变动
(400)–300(100)
Reversal of provision/(provision)
for inventories
存货拨备的回拨╱
（存货拨备）13,985(139)7,075–20,921
Other material items of income and
expense:
其他重要收入和支出项目：
– cost of inventories sold－出售存货成本(142,063)(117,159)(122,666)–(381,888)
– staf costs－雇员福利支出(76,443)(47,590)(39,966)(19,894)(183,893)
Segment asets分部资产402,059138,716227,099660,7511,428,625
Segment liabilities分部负债(104,248)(55,106)(60,433)(296,553)(516,340)
STELUX Holdings International Limited
ANUAL REPORT 2025115
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
地区资料
按地区分析集团收入及分部业绩如下：
按地区分析集团非流动资产（按公平值透过
其他全面收益列账的股份投资、递延税项
资产、应收代价、应收贸易账款及可退还
按金除外）如下：
上述收入资料乃根据客户所在地编制。
年内，并无来自单一外部客户的收入超过
本集团收入的10%或以上（2024年：无）。
8. REVENUE AND SEGMENT INFORMATION (Continued)
Geographical information
An analysis of the Group’s revenue and segment results by
geographical area are as folows:
RevenueSegment results
收入分部业绩
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
Hong Kong, Macau and
Mainland China
香港、澳门及中国大陆
309,403423,092(46,199)21,992
The rest of Asia亚洲其余地区303,857343,6707,3331,877
Europe欧洲1,955799(4,574)786
615,215767,561(43,440)24,655
An analysis of the Group’s non-curent asets (other
than equity investment at fair value through other
comprehensive income, defered tax asets, consideration
receivables, trade receivables and refundable deposits) by
geographical area is as folows:
HK$’000HK$’000
港币仟元港币仟元
Hong Kong, Macau and Mainland China香港、澳门及中国大陆557,589504,304
The rest of Asia亚洲其余地区77,24778,566
Europe欧洲37,63837,283
672,474620,153
The revenue information above is based on the locations of
the customers.
These were no revenue transactions with a single external
customer which amounted to 10% or more of the Group’s
revenue during the year (2024: Nil).
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
地区资料（续）
在报告期初计入合同负债的已确认收入：
履约义务
履约责任于交付货物时达成，付款主要以
现金或信用卡结算，惟批发客户除外，其
于交付后的信贷期内付款。于2025年3月31
日的剩余履约责任（未满足或部分未满足）为
原初预期持续时间为一年或以下的合约的
一部分，根据香港财务报告准则第15号的
权宜方法，并无呈列分配的交易价格。
- （亏损）╱收益
8. REVENUE AND SEGMENT INFORMATION (Continued)
Geographical information (Continued)
Revenue recognised that was included in contract liabilities
at the begining of the reporting period:
HK$’000HK$’000
港币仟元港币仟元
Sales of watches销售钟表8921,345
Performance obligations
The performance obligation is satisfied upon delivery
of the gods and payment is mainly on cash and credit
card setlement, except for wholesale customers, where
payment is due within credit period from delivery. As at
31 March 2025, the remaining performance obligations
(unsatisfied or partialy unsatisfied) are part of contracts
that have an original expected duration of one year or les,
the transaction price alocated to which is not presented
acording to practical expedient in HKFRS 15.
9. OTHER (LOSES)/GAINS
HK$’000HK$’000
港币仟元港币仟元
Exchange loses汇兑亏损(164)(12,128)
Fair value changes of investment
properties
投资物业公平值变动
(24,700)(100)
(Los)/gain on disposal of:出售（亏损）╱收益：
– property, plant and equipment－物业、机器及设备(3,392)122
– a subsidiary (Note 33(c)－附属公司（附注(33(c)）–509,487
Gain on termination of leases终止租赁合约收益60670
Re-measurement of defered consideration
payable in respect of acquisition of a
subsidiary in prior years (Note 31(e)
重新计量递延应付代价（有关过往年
度收购附属公司）（附注(31(e)）
–17,340
(27,650)514,791
STELUX Holdings International Limited
ANUAL REPORT 2025117
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
10. 其他收入
11. 财务成本
10. OTHER INCOME
HK$’000HK$’000
港币仟元港币仟元
Building management fe income楼宇管理费收入2,5802,580
Interest income利息收入17,0671,589
Rental income租金收入5,8895,671
Dividend income股息收入1,5931,481
Rent concesions租金减免141124
Shared service income共享服务收入6,46215,316
Government subsidies政府补助1,049118
Sundries杂项9961,986
35,77728,865
11. FINANCE COSTS
HK$’000HK$’000
港币仟元港币仟元
Interest on:利息：
– bank borowings－银行贷款16,29821,507
– lease liabilities－租赁负债6,3688,486
22,66629,993
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （亏损）╱溢利
本集团的除税前（亏损）╱溢利已扣除╱（计
入）综合收益表中以下项目。
- /PROFIT BEFORE TAX
The Group’s (los)/profit before tax has ben derived
after debiting or (crediting) the folowing items in the
consolidated income statement.
HK$’000HK$’000
港币仟元港币仟元
Auditor’s remuneration:核数师酬金：
– audit services－核数服务2,6482,204
– non-audit services－非核数服务415530
Cost of inventories sold and raw
materials consumed
出售存货成本及原材料消耗
334,359381,888
Depreciation of:折旧：
– property, plant and equipment
(Note 17)
－物业、机器及设备（附注17）
21,67522,037
– right-of-use asets (Note 19)－使用权资产（附注19）53,87462,087
Employe benefit expenses (Note 13)雇员福利支出（附注13）181,857183,893
Fair value changes of investment
properties (Note 18)
投资物业公平值变动（附注18）
24,700100
(Reversal of impairment los)/impairment
los of:
（减值损失回拨）╱减值损失：
– property, plant and equipment
(Note 17)
－物业、机器及设备（附注17）
2,5966,732
– right-of-use asets (Note 19)－使用权资产（附注19）8,83018,056
– intangible asets (Note 20)－无形资产（附注20）–1,083
– consideration receivable (Note 22)－应收代价（附注22）(650)5,203
– trade receivables (Note 24(b)－应收贸易账款（附注24(b)）(807)1,210
Los/(gain) on disposal of property,
plant and equipment
出售物业、机器及设备
（亏损）╱收益3,392(122)
Gain on termination of leases终止租赁合约收益(606)(70)
Lease rental in respect of land and
buildings
关于土地及楼宇
的租赁租金
– short-term lease payments－短期租赁付款22,79126,388
– variable lease payments－可变租赁付款2,4305,260
– rent concesion (Note 10)－租金减免（附注10）(141)(124)
Reversal of provision for inventories
(Note 23)
存货拨备回拨（附注23）
(25,643)(20,921)
STELUX Holdings International Limited
ANUAL REPORT 2025119
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
13. 雇员福利支出
(a) 退休金－定额供款计划
直至2000年11月30日为止，本集团
根据职业退休计划条例为香港区雇
员提供退休计划。自2000年12月1日
起，本集团设立强积金计划，本集团
的合资格雇员（包括本公司执行董事）
均有权参与。强积金计划成立后，职
业退休计划并无新增雇员或供款。本
集团及雇员向强积金计划作出的供款
乃依据强积金计划规则所规定的水平
计算。强积金计划的资产与本集团的
资产分开持有，并由独立管理基金负
责管理。
就香港以外的附属公司而言，本集团
及雇员对当地退休金计划作出的供
款，乃按当地退休金计划规则所规定
的水平计算。退休金计划之资产与本
集团之资产分开持有，并由独立管理
基金负责管理。
截至2025年3月31日止年度内，雇员
离职时被没收之职业退休计划供款总
额港币1.470佰万元（2024年：港币
1.424佰万元），已被动用以抵销年内
供款。
13. EMPLOYE BENEFIT EXPENSES
HK$’000HK$’000
港币仟元港币仟元
Salaries and alowances薪金及津贴159,208167,944
Pension contributions les forfeiture
utilised (note a)
退休金供款（扣除已被动用的
没收供款）（附注a）13,55913,322
Others其他9,0902,627
181,857183,893
(a) Pensions-defined contribution plans
The Group operates a retirement scheme under
Ocupation Retirement Scheme Ordinance (“ORSO
scheme”) up to 30 November 2000 for employes in
Hong Kong. With efect from 1 December 2000, a
MPF scheme is set up which is available to eligible
employes of the Group, including executive
directors of the Company. No further employes and
contributions have ben aded to the ORSO scheme
after the set up of MPF scheme. Contributions to
the MPF scheme by the Group and employes are
calculated at rates specified in the rules of the MPF
scheme. The asets of the MPF scheme and ORSO
scheme are held separately from those of the Group
in an independently administered fund.
Meanwhile, relevant employes of subsidiaries
outside Hong Kong contribute to the local pension
schemes, contributions to the local pension schemes
are calculated at rates specified in the rules of the
local pension schemes. The asets of the pension
scheme are held separately from those of the Group
in an independently administered fund.
For the year ended 31 March 2025, forfeited
contributions totaling HK$1.470 milion (2024:
HK$1.424 milion) arising from employes
leaving the ORSO scheme, were utilised to ofset
contributions during the year.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(b) 五位最高薪酬人士
本年度本集团五名最高薪酬人士包括
两名（2024年：两名）董事，其薪酬详
情已于附注14分析中反映。于年内应
付予其余最高薪酬三名（2024年：三
名）人士之酬金如下：
介于下列酬金组别人士如下：
13. EMPLOYE BENEFIT EXPENSES (Continued)
(b) Five highest paid individuals
The five individuals whose emoluments were
the highest in the Group for the year include two
directors (2024: two directors) whose emoluments
are reflected in the analysis shown in Note 14. The
emoluments payable to the remaining thre (2024:
thre) highest paid individuals during the year are as
folows:
HK$’000HK$’000
港币仟元港币仟元
Basic salaries, alowances and
benefits in kind
基本薪金，津贴及实物利益
3,9023,899
Performance bonuses表现花红1,9905,471
Contributions to pension plans退休金计划的供款177177
6,0699,547
The emoluments fel within the folowing bands:
Number of individuals
人数
Emolument bands (in HK dolars)薪酬组别（港币）
HK$1,000,001 to HK$1,500,000港币1,000,001元至港币1,500,000元–
HK$1,500,001 to HK$2,000,000港币1,500,001元至港币2,000,000元1–
HK$2,000,001 to HK$2,500,000港币2,000,001元至港币2,500,000元2–
HK$2,500,001 to HK$3,000,000港币2,500,001元至港币3,000,000元–1
Over HK$3,000,000港币3,000,000元以上–2
STELUX Holdings International Limited
ANUAL REPORT 2025121
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
14. 董事福利及权益
(a) 董事酬金
本公司各董事酬金如下：
14. BENEFITS AND INTERESTS OF DIRECTORS
(a) Directors’ emoluments
The remuneration of every director of the Company is
set out below:
Emoluments paid or payable in respect of a person’s services as a director,
whether of the Company or its subsidiary undertaking:
本公司或其附属公司已付董事或董事应收薪酬：
NameFe
Basic salaries,
alowances, and
benefits in kind
Contributions
to retirement
benefit schemes
Discretionary
bonus
Remunerations
paid or payable
in respect of
acepting ofice
as directorTotal
姓名袍金
基本薪金、津贴
及实物利益
退休金
供款计划酌情花红
已支付或
就该接受为
董事应收酬金总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元港币仟元港币仟元
For the year ended 31 March 2025截至2025年3月31日年度
Joseph C. C. Wong (i)黄创增(i)1002,40049172–2,721
Suriyan Joshua Kanjanapas (i)黄瑞欣(i)80–3466–549
Liao Ching Mei (i)廖晶薇(i)801,54364371–2,058
Lai Kai Ming, Ricky黎启明135–135
Chan Cheuk Pan (vi)陈焯彬(vi)83–83
Lai Chun Yu (vi)黎振宇(vi)83–83
Ho Chi Kin, Jef (v)何致坚(v)53–53
Cheung Ho Ling, Honus (vi)张可玲(vi)53–53
6673,9431161,009–5,735
For the year ended 31 March 2024截至2024年3月31日年度
Joseph C. C. Wong (i)黄创增(i)1001,15953–1,312
Suriyan Joshua Kanjanapas (i)黄瑞欣(i)–407–407
Liao Ching Mei (i)廖晶薇(i)2846720147–662
Kwan Chi Kin, Walace (iv)关志坚(iv)521,078441,760–2,934
Ho Chi Kin, Jef (v)何致坚(v)135–135
Lai Kai Ming, Ricky黎启明135–135
Cheung Ho Ling, Honus (vi)张可玲(vi)135–135
5852,7041172,314–5,720
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
(a) 董事酬金（续）
(i) 黄创增先生亦是本集团行政总裁。
(i) 黄瑞欣先生于2024年4月25日由非
执行董事调任为执行董事。
(i) 廖晶薇女士于2023年11月24日获委
任为执行董事及首席财务总裁。
(iv) 关志坚先生于2023年11月24日辞任
执行董事及首席财务总裁。
(v) 何致坚先生任期届满后已于2024年
8月20日轮值退任本公司独立非执
行董事。
(vi) 张可玲女士任期届满后已于2024年
8月20日轮值退任本公司独立非执
行董事。
(vi) 陈焯彬先生于2024年8月20日获委
任为本公司独立非执行董事。
(vi) 黎振宇先生于2024年8月20日获委
任为本公司独立非执行董事。
截至2025年3月31日及2024年3月31日止
年度，概无任何董事放弃酬金，除黄瑞欣
先生于截至2025年3月31日止年度放弃其
基本薪金及黄创增先生于截至2024年3月
31日止年度放弃其部分薪金港币579,267
元。
14. BENEFITS AND INTERESTS OF DIRECTORS (Continued)
(a) Directors’ emoluments (Continued)
(i) Mr. Joseph C. C. Wong is also the chief executive
oficer of the Group.
(i) Mr. Suriyan Joshua Kanjanapas was re-designated
from a non-executive director to an executive
director on 25 April 2024.
(i) Ms. Liao Ching Mei has ben apointed as executive
director and chief financial oficer of the Group on
24 November 2023.
(iv) Mr. Kwan Chi Kin, Walace has resigned as executive
director and chief financial oficer of the Group on
24 November 2023.
(v) Mr. Ho Chi Kin, Jef has retired by rotation as an
independent non-executive director of the Company
upon the expiry of his term of ofice on 20 August
2024.
(vi) Ms. Cheung Ho Ling, Honus has retired by rotation
as an independent non-executive director of the
Company upon the expiry of her term of ofice on 20
August 2024.
(vi) Mr. Chan Cheuk Pan has ben apointed as an
independent non-executive director of the Company
on 20 August 2024.
(vi) Mr. Lai Chun Yu has ben apointed as an
independent non-executive director of the Company
on 20 August 2024.
During the year ended 31 March 2025 and 31 March
2024, none of the directors waived their emoluments,
except for Suriyan Joshua Kanjanapas waived his
basic salary for the year ended 31 March 2025 and
Mr. Joseph C.C. Wong waived a portion of his salary
of HK$579,267 for the year ended 31 March 2024.
STELUX Holdings International Limited
ANUAL REPORT 2025123
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(b) 董事退休福利及离职福利
年内，概无董事已收取或将收取任何
退休福利及离职福利（2024年：无）。
(c) 就获取董事服务向第三方支付之代价
截至2025年3月31日止年度，本公司
并无就获取董事服务而向任何第三方
支付代价（2024年：无）。
(d) 有关以董事、该等董事之受控制法团
及关联实体为受益人之贷款、准贷款
及其他交易之资料
截至2025年3月31日止年度，概无以
董事、或该等董事之受控制法团及关
联实体为受益人之贷款、准贷款及其
他交易安排（2024年：无）。
(e) 董事在交易，协议或合同的重大利益
除附注35所披露者外，本年度内或年
结时，本公司并无签订任何涉及本集
团之业务而本公司之董事直接或间接
在其中拥有重大利益之重要交易、协
议或合同。
14. BENEFITS AND INTERESTS OF DIRECTORS (Continued)
(b) Directors’ retirement benefits and termination
benefits
None of the directors received or wil receive any
retirement benefits or termination benefits during the
year (2024: Nil).
(c) Consideration provided to receivable by third
parties for making available directors’ services
During the year ended 31 March 2025, the Company
did not pay consideration to any third parties for
making available directors’ services (2024: Nil).
(d) Information about loans, quasi-loans and other
dealings in favour of directors, controled bodies
corporate and conected entities
During the year ended 31 March 2025, there are no
loans, quasi-loans and other dealing arangements
in favour of directors, controled bodies corporate
by and controled entities with such directors (2024:
Nil).
(e) Directors’ material interests in transactions,
arangements or contracts
Except as disclosed in Note 35, no other significant
transactions, arangements and contracts in relation
to the Group’s busines to which the Company was
a party and in which a director of the Company had
a material interest, whether directly or indirectly,
subsisted at the end of the year or at any time during
the year.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
15. 所得税支出
2025年度香港得税乃根据估计应课税溢利
按税率16.5%（2024年：16.5%）计算。海外
利得税乃根据年内估计应课税溢利按本集
团经营地区的适用税率计算。
本公司及大部分附属公司所在地司法管辖
区按其适用的法定税率计算的除所得税前
（亏损）╱溢利税项与其按实际税率计算的税
项有差别，调节表如下：
15. INCOME TAX EXPENSE
HK$’000HK$’000
港币仟元港币仟元
Curent income tax本期税项
– Hong Kong profits tax－香港利得税8183,923
– Overseas profits tax－海外利得税2,6742,317
– (Over)/under provision in prior years－过往年度拨备（过多）╱过少(715)1,731
2,7777,971
Defered tax (Note 28)递延税项（附注28）862410
3,6398,381
The provision for Hong Kong Profits Tax for 2025 is
calculated at 16.5% (2024: 16.5%) of the estimated
asesable profits for the year. Taxation on overseas
profits has ben calculated on the estimated asesable
profits for the year at the rates of taxation prevailing in the
jurisdictions in which the Group operates.
A reconciliation of the tax expense aplicable to (los)/
profit before tax at the statutory rates for the jurisdictions in
which the Company and the majority of its subsidiaries are
domiciled to the tax expense at the efective tax rates are as
folows:
STELUX Holdings International Limited
ANUAL REPORT 2025125
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）15. INCOME TAX EXPENSE (Continued)
HK$’000HK$’000
港币仟元港币仟元
(Los)/profit before tax除税前（亏损）╱溢利(103,149)481,706
Tax at the statutory tax rates of 16.5%
(2024: 16.5%)
按法定税率16.5%（2024年：16.5%）
计算的税项(17,020)79,481
Efect of diferent tax rates of subsidiaries附属公司不同税率的影响(3,962)(74,579)
Tax efect arising from:税务影响产生自：
– Non-taxable income－无需课税的收入(3,547)(17,269)
– Non-deductible expenses－不可扣税的开支8,6088,162
– Recognition of temporary diferences
not previously recognised
－确认往年未被确认的暂时性
差额1,3051,721
– Utilisation of previously unrecognised
tax loses
－使用往年未确认的税项亏损
(377)(533)
– Tax loses not recognised－未确认的税项亏损19,3859,652
– Tax reduction－税项减免(6)(9)
– Others－其他(32)24
– (Over)/under provision in prior years－过往年度拨备（过多）╱过少(715)1,731
Income tax expense所得税支出3,6398,381
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （亏损）╱盈利
基本
每股基本（亏损）╱盈利以年内本公司权益持
有人应占本集团（亏损）╱溢利除以已发行普
通股加权平均数而计算。
摊薄
截至2025年3月31日及2024年3月31日止年
度，每股摊薄（亏损）╱盈利金额与每股基本
（亏损）╱盈利金额相同，因为于两个年度内
并无潜在摊薄普通股。
- /EARNINGS PER SHARE
Basic
Basic (los)/earnings per share is calculated by dividing
the Group’s (los)/profit atributable to equity holders of
the Company by the weighted average number of ordinary
shares in isue during the year.
(Los)/profit atributable to equity holders
of the Company (HK$’000)
本公司权益持有人应占（亏损）╱
溢利（港币仟元）(106,999)473,151
Weighted average number of ordinary
shares in isue (thousands)
已发行普通股加权平均数
（以仟股计）1,040,9001,046,474
Basic (los)/earnings per share atributable
to the equity holders of the Company
(HK cents)
本公司权益持有人应占每股
基本（亏损）╱盈利
（港仙）(10.28)45.21
Diluted
Diluted (los)/earnings per share for the years ended 31
March 2025 and 31 March 2024 are the same as the
basic (los)/earnings per share amounts as there were no
potentialy dilutive ordinary shares in isues during two
years.
STELUX Holdings International Limited
ANUAL REPORT 2025127
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- 、机器及设备17. PROPERTY, PLANT AND EQUIPMENT
Frehold,
leasehold
land and
buildings
Equipment,
leasehold
improvements
and othersTotal
私有产权
土地、租赁
土地及楼宇
设备、租赁
权益改良及其他总额
HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元
Cost成本
At 1 April 2023于2023年4月1日263,360235,473498,833
Aditions添置–30,42430,424
Disposals/writen of出售╱撇账–(16,182)(16,182)
Exchange realignment汇兑差额(3,621)(4,088)(7,709)
At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日259,739245,627505,366
Aditions添置–8,2018,201
Disposals/writen of出售╱撇账(2,229)(59,204)(61,433)
Revaluation upon transfer
to investment properties
转至投资物业重估收益
117,037–117,037
Transfer to investment properties转至投资物业(120,000)–(120,000)
Exchange realignment汇兑差额3,2562,4615,717
At 31 March 2025于2025年3月31日257,803197,085454,888
Acumulated depreciation and
impairment loses
累计折旧及减值
At 1 April 2023于2023年4月1日89,215225,935315,150
Charge for the year本年度折旧10,93011,10722,037
Disposals/writen of出售╱撇账–(16,153)(16,153)
Impairment los (Note a)减值（附注a）–6,7326,732
Exchange realignment汇兑差额(1,793)(3,734)(5,527)
At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日98,352223,887322,239
Charge for the year本年度折旧10,95910,71621,675
Disposals/writen of出售╱撇账(2,229)(55,802)(58,031)
Impairment los (Note a)减值（附注a）–2,5962,596
Exchange realignment汇兑差额1,7951,9933,788
At 31 March 2025于2025年3月31日108,877183,390292,267
Carying amount账面值
At 31 March 2025于2025年3月31日148,92613,695162,621
At 31 March 2024于2024年3月31日161,38721,740183,127
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- 、机器及设备（续）
附注：
(a) 于2025年3月31日，零售店铺的物业、
机器及设备及使用权资产的账面值分别
约为港币132.805佰万元（2024年：港
币152.815佰万元）和港币61.032佰万元
（2024年：港币82.170佰万元）。
本集团视其个别零售店舖为独立可识别现
金产生单位，而可收回之现金产生单位是
经参考若干物业设备的使用价值厘定。管
理层对出现减值指标的零售店舖资产（包括
物业、机器及设备以及使用权资产）进行减
值评估。管理层对亏损的店铺及租赁期提
前关闭等表现不佳的零售店舖进行减值评
估。倘零售店舖资产的账面值大于其估计
可收回金额，则将其账面值撇减至可收回
金额。零售店舖的估计可收回金额按使用
价值厘定，并根据经管理层批准涵盖租赁
剩余年期的预测使用折现金流量，贴现
率为14%（2024年：14%）。
由于手表零售业务放缓，本集团已修订有
减值迹像的零售店铺的使用价值。因此，
截至2025年3月31日止年度，物业、机器
及设备的减值约为港币2.596佰万元（2024
年：港币6.732佰万元）及使用权资产减
值约为港币8.830佰万元（2024年：港币
18.056佰万元）。由于其账面值预计无法
悉数收回而作出减值。减值亏损已计入综
合收益表的其他营运支出中。
可收回金额的使用价值计算中使用的主要
假设如下：
- ：根据所有地区最近平均每年
的销售额表现估计。
- ：根据本集团节省成本计
划及措施有关的估计变化。
(b) 于2025年3月31日，本集团物业、机器及
设备账面值港币123.347佰万元（2024年：
港币136.014佰万元）已抵押给银行以获取
附注32内本集团的银行信贷。
17. PROPERTY, PLANT AND EQUIPMENT (Continued)
Note:
(a) As at 31 March 2025, carying amounts of retail stores
asets represent property, plant and equipment and right-
of-use asets of aproximately HK$132.805 milion (2024:
HK$152.815 milion) and HK$61.032 milion (2024:
HK$82.170 milion) respectively.
The Group regards its individual retail stores as separately
identifiable CGUs and the recoverable amounts of the
CGUs is determined with reference to their value-in-use.
Management caried out an impairment asesment for the
retail stores asets, including property, plant and equipment
and right-of-use asets, which exhibited an impairment
indicator. Management performed impairment asesment
for under-performing retail stores, such as stores making a
los and early closure of stores before the lease term. The
carying amount of the retail stores asets is writen down
to its recoverable amount if the aset’s carying amount
is greater than its estimated recoverable amount. The
estimates of the recoverable amount of retail stores asets
were based on value-in-use calculations using discounted
cash flow projections based on the forecasts aproved by
management covering the remaining tenure of the lease,
with 14% (2024: 14%) discount rate.
Due to a slowdown in the watch retailing operations, the
Group has revised its value-in-use of those retail stores
that exhibited impairment indicator. As a result, during the
year ended 31 March 2025, impairment of property, plant
and equipment of aproximately HK$2.596 milion (2024:
HK$6.732 milion) and impairment of right-of-use asets
of aproximately HK$8.830 milion (2024: HK$18.056
milion) were made as their carying values are not expected
to be fuly recoverable. Impairment los was included
in other operating expenses in the consolidated income
statement.
Key asumptions used in the value-in-use calculations for
the recoverable amount as folow:
- : based on estimated sales with reference to
recent average yearly performance in al regions.
- : based on the estimated change related
to the Group’s cost saving plan and measures.
(b) As at 31 March 2025, the carying amount of the Group’s
property, plant and equipment pledged as security for
the Group’s bank borowings (Note 32) amounted to
HK$123.347 milion (2024: HK$136.014 milion).
STELUX Holdings International Limited
ANUAL REPORT 2025129
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
18. 投资物业
该投资物业于自物业、机器及设备转入时
及于报告期末由独立专业合资格估值师重
新估值。
(i) 投资物业于收益表中确认的金额
18. INVESTMENT PROPERTIES
HK$’000HK$’000
港币仟元港币仟元
At 1 April于4月1日297,800297,900
Transfer from property,
plant and equipment
自物业、机器
及设备转入120,000–
Changes in fair value公平值变动(24,700)(100)
At 31 March于3月31日393,100297,800
The investment properties were revalued at the date of
transfer when they were transfered from property, plant
and equipment, and at the end of the reporting date by
independent profesionaly qualified valuer.
(i) Amount recognised in consolidated income
statement for investment properties
HK$’000HK$’000
港币仟元港币仟元
Rental income租金收入4,6684,292
Direct operating expenses from properties
which generated rental income
产生租金收入的物业之
直接营运支出(1,141)(389)
3,5273,903
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
18. INVESTMENT PROPERTIES (Continued)
(i) Lease arangements
Comitments for minimum lease payments
receivable on leases of the investment properties are
set out in Note 34(a).
The Group leases out its properties under operating
leases with rentals payable monthly. The leases
typicaly run for an initial period of 1 to 6 (2024: 2 to
3) years.
The Group is not exposed to foreign curency risk as
a result of the lease arangements, as al leases are
denominated in the respective functional curencies
of group entities. The lease contracts do not contain
residual value guarante and/or leses’ option to
purchase the property at the end of lease term.
(i) Pledge
The Group’s investment properties have ben
pledged as security for the Group’s bank borowings
(Note 32).
- （续）
(i) 租赁安排
有关投资物业应收最低租赁款项承诺
载于附注34(a)。
本集团在经营租赁项下出租其物业，
每月收取租金。租赁通常为期1年至6
（2024年: 2至3）年。
由于所有租赁合约均以集团实体各自
的功能货币计算，故本集团不会因租
赁安排而承受外币风险。租赁合约均
不包含残值担保，在租赁期满时承租
人亦无权选择购买该物业。
(i) 抵押
本集团的投资物业已抵押给银行以获
取银行贷款（附注32）。
STELUX Holdings International Limited
ANUAL REPORT 2025131
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
19. 使用权资产
已确认的使用权资产涉及以下类型的资
产：
19. RIGHT-OF-USE ASETS
HK$’000HK$’000
港币仟元港币仟元
At 1 April于4月1日91,31285,668
Adition添置45,45788,886
Termination of leases终止租赁合约(8,483)(658)
Depreciation charge for the year本年度折旧(53,874)(62,087)
Impairment loses (Note 17(a)减值（附注17(a)）(8,830)(18,056)
Exchange diferences汇兑差额3,629(2,441)
At 31 March于3月31日69,21191,312
The recognised right-of-use asets relate to the folowing
types of asets:
HK$’000HK$’000
港币仟元港币仟元
Land use rights土地使用权135264
Property:物业：
– ofice premises－办公室7,8528,553
– retail stores－零售店铺61,03282,170
Motor vehicles汽车192325
69,21191,312
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
于2025年3月31日，港币84.730佰万元
（2024年：港币113.194佰万元）租赁负债
已连同港币69.211佰万元（2024年：港币
91.312佰万元）的相关使用权资产予以确
认。该等租赁协议并无施加任何契诺，惟
出租人于已租赁资产中持有的担保权益除
外。已租赁资产不得就借贷目的用作抵押
品。
该等年度内，本集团租赁多间办公室及零
售店进行营运。一般而言 , 租赁合约按1年
至3年的固定年期订立，惟可具有下文所述
的延长及终止选择权。租赁年期乃按个别
基准商定，包括范畴广泛的不同条款及条
件。厘定租赁年期及评估不可撤销期间的
长度时，本集团应用合约的定义及厘定合
约可强制执行的期间。
部分租赁包括于合约年期结束后按额外期
间重续租赁的选择权。于实际可行的情况
下，本集团寻求含有可供本集团行使该等
延长选择权的租赁，以提供营运灵活性。
本集团于租赁开始日期评估是否合理确定
能行使延长选择权。倘本集团无法合理确
定行使延长选择权，延长期间内的未来租
赁付款不会计入租赁负债的计量内。该等
未来租赁付款的潜在风险概述如下：
19. RIGHT-OF-USE ASETS (Continued)
Lease liabilities of HK$84.730 milion (2024: HK$113.194
milion) are recognised with related right-of-use asets of
HK$69.211 milion (2024: HK$91.312 milion) 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. Leased asets may not be
used as security for borowing purposes.
For both years, the Group leases various ofices and retail
stores for its operations. Generaly, lease contracts are
entered into for fixed term of 1 year to 3 years but may
have extension and termination 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.
Some leases include an option to renew the lease for an
aditional period after the end of the contract term. Where
practicable, the Group seks to include such extension
options exercisable by the Group to provide operational
flexibility. The Group aseses at lease comencement
date whether it is reasonably certain to exercise the
extension options. If the Group is not reasonably certain to
exercise the extension options, the future lease payments
during the extension periods are not included in the
measurement of lease liabilities. The potential exposure to
these future lease payments is sumarised below:
STELUX Holdings International Limited
ANUAL REPORT 2025133
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
此外，当承租人的控制范围内发生重大事
件或情况有重大改变，本集团重新评估是
否合理确定能行使延长选择权。于截至
2025年3月31日止年度，概无有关触发事
件。
租赁现金流出总额的详细资料在附注33(b)
中列出。
于截至2025年3月31止年度，本集团租赁多
间零售店铺，包含基于零售店铺所产生销
售的可变租赁付款条款及固定最低年度租
赁付款条款。该等付款条款于本集团营运
所在地属常见。租金减免金额在附注10中
披露。于综合收益表确认之短期租赁付款
和可变租赁付款在附注12中披露。
19. RIGHT-OF-USE ASETS (Continued)
Lease liabilities
recognised (discounted)
Potential future lease
payments under extension
options not included in lease
liabilities (undiscounted)
确认的
租赁负债（贴现）
不包括在租赁负债中延期
选择权项下潜在的未来
租赁付款（未贴现）
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
Ofice premises办公室4,25649911,0324,032
Retail stores零售店舖10,86211,18021,49216,090
In adition, the Group reaseses whether it is reasonably
certain to exercise an extension option, upon the
ocurence of either a significant event or a significant
change in circumstances that is within the control of the
lese. During the year ended 31 March 2025, there has
ben no such trigering event.
Details of total cash outflow for leases is set out in Note
33(b).
During the year ended 31 March 2025, the Group leased
a number of retail stores which contain variable lease
payment terms that are based on sales generated from the
retail stores and minimum anual lease payment terms
that are fixed. These payment terms are comon in retail
stops in the regions where the Group operates. The amount
of rent concesion recognised is disclosed in Note 10.
The amount of short-term and variable lease payments
recognised in consolidated income statement is disclosed
in Note 12.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
20. 无形资产
专业技术的减值测试
为确保日后的钟表零件供应，本集团于
2015年收购瑞士钟表生产商CATENA SA，
并确认可识别专业技术为港币70.816佰万
元。截至2020年3月31日止年度，该专业技
术已全部摊销。
20. INTANGIBLE ASETS
Technical
Know-howTrademarksGodwilTotal
专业技术商标商誉总额
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
Cost成本
At 1 April 2023于2023年4月1日74,89585,37211,401171,668
Exchange realignment汇兑差额–132–132
At 31 March 2024 and
1 April 2024
于2024年3月31日及
2024年4月1日74,89585,50411,401171,800
Exchange alignment汇兑差额–361(386)(25)
At 31 March 2025于2025年3月31日74,89585,86511,015171,775
Acumulated amortisation and
impairment los
累计摊销及
减值
At 1 April 2023于2023年4月1日74,89548,255–123,150
Impairment los减值–1,0831,083
At 31 March 2024 and
1 April 2024
于2024年3月31日及
2024年4月1日74,89548,2551,083124,233
Impairment los减值–
At 31 March 2025于2025年3月31日74,89548,2551,083124,233
Carying amount账面值
At 31 March 2025于2025年3月31日–37,6109,93247,542
At 31 March 2024于2024年3月31日–37,24910,31847,567
Impairment asesment for technical know-how
In 2015, in order to secure the suply of mechanical
movements in the future, the Group acquired CATENA SA,
a Swis watch movement manufacturer, and recognised
an identified technical know-how of HK$70.816 milion.
Technical know-how has ben fuly amortised as at 31
March 2020.
STELUX Holdings International Limited
ANUAL REPORT 2025135
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
商标减值测试
本集团自有手表品牌商标账面值港币
37.610佰万元（2024年：港币37.249佰万
元）。管理层考虑到商标产生的经济利益，
每年测试商标是否受到任何减值。可回收
金额根据使用价值之计算而厘定。该等计
算采用根据管理层就涵盖五年期间之财政
预算作出之税前现金流量预测。本集团管
理层根据过往表现及其对市场发展之预期
而厘定财政预算。
用于使用价值之计算的主要假设包括：
(a) 用作推断超过五年预算期的现金流增
长率为2.3%（2024年：0%）。
(b) 根据后续销售增长率的合理考虑，用
作推断五年预算期内的增长率为2%
（2024年：负增长率-5%）。
(c) 用于现金流预测的除税前贴现率为
12.5%（2024年：16%）。该贴现率反
映了与本集团有关的特定风险。
管理层认为，上述任何主要假设的任何合
理可预见变动，将不会导致商标的账面值
大幅超过可收回金额。
截至2025年3月31日及2024年3月31日止年
度，并无商标减值拨备。
20. INTANGIBLE ASETS (Continued)
Impairment asesment for trademarks
The carying amount of trademarks of HK$37.610 milion
(2024: HK$37.249 milion) represents the trademarks
of self-owned watch brands. Management aseses
anualy whether the trademarks exhibit any impairment
by considering the economic benefit generated from the
trademarks. The recoverable amount is determined based
on a value-in-use calculation. This calculation uses pre-tax
cash flow projections based on financial budgets performed
by management covering a five-year period. Management
determined the financial budget based on past performance
and its expectations for the market development.
The key asumptions used for value-in-use calculation are
as folows:
(a) Growth rate used to extrapolate cash flows beyond
the five-year budget period of 2.3% (2024: 0%).
(b) Growth rate used within the five-year budget period
of 2% (2024: negative growth rate of -5%) which was
considered reasonable with reference to subsequent
sales growth rate.
(c) Pre-tax discount rate aplied to cash flow projections
of 12.5% (2024: 16%). The discount rate used
reflects specific risks related to the Group.
Management believes that any reasonably foreseable
change in any of the above key asumptions would not
cause the carying amount of trademarks to exced the
recoverable amount significantly.
No impairment los on trademarks is recognised during the
year ended 31 March 2025 and 31 March 2024.
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
商誉减值测试
商誉根据业务分部分配至本集团可识辨的
现金产生单位。商誉来自钟表批发贸易业
务。现金产生单位的可收回金额根据使用
价值计算。计算方式利用税前现金流量预
测，依据管理层批核的五年期财政预算。
管理层依据过往表现及其对市场发展的预
期制定财政预算。超越该五年期的现金流
量采用以下所述的估计增长率作出推算。
计算使用价值的主要假设如下：
(a) 用以推算超过五年预算期的现金流
量所使用的增长率为2.3%（2024年：
0%）。
(b) 根据后续销售增长率的合理考虑，用
作推断五年预算期内的增长率为 4％
（2024年：负增长率-8％）。
(c) 用于现金流量预测的税前贴现率为
10.8%（2024年：16%）。该贴现率反
映了与本集团有关的特定风险。
截至2025年3月31日止年度，并无商誉减值
拨备。截至2024年3月31日止年度，由于手
表批发贸易业务放缓，本集团已修订现金
产生单位的现金流量预测。现金产生单位
已减少至可收回金额港币130.251佰万元，
并导致确认商誉减值损失约港币1.083佰万
元。减值损失计入「其他营运支出」。
管理层认为，计算可收回金额时所用的假
设的任何不利变化将导致商誉进一步减
值。
20. INTANGIBLE ASETS (Continued)
Impairment asesment for godwil
Godwil is alocated to the Group’s CGUs identified
acording to busines segment. The godwil is
atributable to the watch wholesale trading operations.
The recoverable amount of a CGU is determined based
on value-in-use calculation. This calculation uses pre-
tax cash flow projections based on financial budgets
performed by management covering a five-year period.
Management determined the financial budgets based
on past performance and its expectations for the market
development. Cash flows beyond the five-year period are
extrapolated using the estimated growth rate stated below.
The key asumptions used for value-in-use calculation are
as folows:
(a) Growth rate used to extrapolate cash flows beyond
the five-year budget period of 2.3% (2024: 0%).
(b) Growth rate used within the five-year budget period
of 4% (2024: negative growth rate of -8%) which was
considered reasonable with reference to subsequent
sales growth rate.
(c) Pre-tax discount rate aplied to cash flow projections
of 10.8% (2024: 16%). The discount rate used
reflects specific risks related to the Group.
No impairment los on godwil is recognised during the
year ended 31 March 2025. During the year ended 31
March 2024, due to a slowdown in the watch wholesale
trading operations, the Group has revised its cash flow
forecasts of the CGU. The CGU has ben reduced to
its recoverable amount of HK$130.251 milion, and
resulted recognition of impairment loses on godwil of
aproximately HK$1.083 milion. The impairment loses
are recognised in the “Other operating expenses”.
Management believes that any adverse change in the
asumptions used in the calculation of recoverable amount
would result in further impairment loses.
STELUX Holdings International Limited
ANUAL REPORT 2025137
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
21. 按公平值透过其他全面收益列账的股份投
资
上述股份投资已不可撤回地指定为按公平
值透过其他全面收益列账，乃由于本集团
认为该等投资属策略性质。
截至2025年3月31日止年度，于其他全面
收益表中确认的公平值减值亏损为港币
310,000元（2024年：公平值收益港币2.646
佰万元）。
22. 应收代价
应收代价为因出售附属公司而产生的递
延代价付款（附注33(c)）。截至2025年3月
31日，余下应收代价约港币310.187佰万
元（2024年：港币346.889佰万元），将于
2026年至2028年（2024年：2025年至2028
年）期间每年可收回约港币44.312佰万元
（2024年：港币43.361佰万元），于2029
年，最终应收支付代价约为港币177.251佰
万元（2024年：港币173.445佰万元）。
应收代价以瑞士法郎呈列，并以年利率
3.5%（2024年：4.75%）计息。
21. EQUITY INVESTMENT AT FAIR VALUE THROUGH
OTHER COMPREHENSIVE INCOME
HK$’000HK$’000
港币仟元港币仟元
Equity investment at fair value through
other comprehensive income
按公平值透过其他全面收益列账
的股份投资
Unlisted equity investment, at fair value非上市公司股份投资（公平值）5,4005,710
The above equity investment was irevocably designated
at fair value through other comprehensive income as the
Group considers these investments to be strategic in nature.
During the year ended 31 March 2025, the fair value los
recognised in other comprehensive income amounted to
HK$310,000 (2024: fair value gain of HK$2.646 milion).
22. CONSIDERATION RECEIVABLE
HK$’000HK$’000
港币仟元港币仟元
Consideration receivable应收代价310,187346,889
Les: impairment los减：减值拨备(4,653)(5,203)
305,534341,686
Les: non-curent portion减：非流动部份(261,887)(298,975)
Curent portion流动部份43,64742,711
The consideration receivable represents defered
consideration payments arising from disposal of a
subsidiary (Note 33(c). As at 31 March 2025, the
remaining consideration receivable of aproximately
HK$310.187 milion (2024: HK$346.889 milion) are
colectable at aproximately HK$44.312 milion (2024:
HK$43.361 milion) anualy from 2026 to 2028 (2024:
2025 to 2028) and a final consideration payment of
aproximately HK$177.251 milion (2024: HK$173.445
milion) in 2029.
The consideration receivable is denominated in Swis
francs that bearing interest at a rate of 3.5% (2024: 4.75%)
per anum.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
23. 存货
由于以前年度已计提存货拨备的存货消耗
较高，因此转回以前年度已计提的存货拨
备港币25.643佰万元（2024年：港币20.921
佰万元）。
于截至2025年3月31日止年度，已确认为
支出并计入销售成本内的存货成本为港币
334.359佰万元（2024年：港币381.888佰万
元）。
24. 贸易及其他应收账款
23. INVENTORIES
HK$’000HK$’000
港币仟元港币仟元
Raw materials原材料138,335169,350
Work-in-progres在制品20,5608,655
Finished gods制成品269,033307,596
427,928485,601
Les: provision for inventories减：存货拨备(220,274)(259,350)
207,654226,251
Because of high consumption on inventories where
alowance have ben provided in prior years, as a result,
alowance made in prior years against the inventories
of HK$25.643 milion (2024: HK$20.921 milion) was
reversed.
The cost of inventories sold recognised as expense and
included in cost of sales amounted to HK$334.359 milion
during the year ended 31 March 2025 (2024: HK$381.888
milion).
24. TRADE AND OTHER RECEIVABLES
HK$’000HK$’000
港币仟元港币仟元
Trade receivables, gros应收贸易账款，总额87,54893,480
Les: impairment los (note (b)减：减值拨备（附注(b)）(424)(1,225)
87,12492,255
Other receivables其他应收账款13,27212,813
Deposits按金39,52048,016
Prepayments预付款项6,2057,895
146,121160,979
Les: non-curent portion减：非流动部份(34,904)(34,873)
Curent portion流动部份111,217126,106
STELUX Holdings International Limited
ANUAL REPORT 2025139
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
按发票日期分析的应收贸易账款账龄如
下：
附注：
(a) 本集团透过指定的进出口代理，将香港附
属公司的产品运往内地的附属公司。应收
及应付进出口代理的结余乃按同等的对应
金额结算，该等结余按要求结算。截至
2025年3月31日，本集团应收账款及应付
账款包括应收及应付进出口代理的结余为
港币37.000佰万元（2024年：港币34.968
佰万元）。
除应收及应付进出口代理的结余外，本集
团给予其应收贸易账款由发票日起计平均
60天（2024年：60天）的信贷期。
(b) 本集团于各报告年度使用拨备矩阵进行减
值分析，以计量预期信贷亏损。拨备率乃
基于具有类似损失情况（例如按地区以及
客户类型及评级）之各个客户分类组别之
逾期天数厘定。相关计算反映可能性加权
结果、货币之时间价值以及于报告日期可
获得有关过往事件之合理及可支持资料、
当前状况以及未来经济状况预测。一般而
言，当交易对手处于严重的财务困境时且
应收账款显示不能被收回时（交易对手进入
清盘或破产时），该应收账款会予以撇销。
与此同时，本集团根据香港财务报告准则
第9号项下，应用一般方法就包括按金及
其他应收账款的财务资产计提预期信贷亏
损。本集团于计算预期信贷损率时计及历
史亏损率，并就前瞻性宏观经济数据作出
调整。于2025年及2024年3月31日，本集
团估计按金及其他应收账项所包括的金融
资产的预期亏损率并不重大。
24. TRADE AND OTHER RECEIVABLES (Continued)
The ageing analysis of the trade receivables based on
invoice date is as folows:
HK$’000HK$’000
港币仟元港币仟元
0 – 60 days0-60天25,56947,804
Over 60 days60天以上61,97945,676
87,54893,480
Note:
(a) The Group engages designated import and export agents
for the importation of products from the subsidiaries in
Hong Kong to the subsidiaries in the Mainland China. The
balances due from and due to the import and export agents
are setled on a back-to-back basis, and such balances are
repayable on demand. The Group’s trade receivables and
trade payables include balances due from and due to the
import and export agents of HK$37.000 milion as at 31
March 2025 (2024: HK$34.968 milion).
Other than the balances due from the import and export
agents, the Group alows an average credit period of 60
days (2024: 60 days) from the invoice date to its trade
receivables.
(b) An impairment analysis is performed at each reporting date
by using a provision matrix to measure ECL. The provision
rates are based on days past due for groupings of various
customer segments with similar los paterns (i.e., by
geographical region, and customer type). The calculation
reflects the probability-weighted outcome, the time value
of money and reasonable and suportable information that
is available at the reporting date about past events, curent
conditions and forecasts of future economic conditions.
Generaly, trade receivables are writen of when the
counter party is in severe financial dificulty and there is
no realistic prospect of recovering e.g. under liquidation or
entered into bankruptcy.
Meanwhile, the Group aplied general aproach to provide
for ECLs for financial asets included in deposits and
other receivables under HKFRS 9. The Group considers
the historical los rate and adjusts for forward loking
macroeconomic data in calculating the expected credit los
rate. As at 31 March 2025 and 2024, the Group estimated
the expected los rate for financial asets included in
deposits and other receivables is insignificant.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
附注：（续）
(b) 应收贸易账款的减值拨备变动如下：
(c) 贸易及其他应收账款包括应收关联公司
的款项港币6.600佰万元（2024年：港币
6.518佰万元）。
(d) 贸易及其他应收账款之账面值按货币呈列
如下：
(e) 截至2025年3月31日，应收贸易帐款总额
中，约港币17.700佰万元（2024年：港币
17.320佰万元），以年利率3.5%（2024年：
4.75%）计息。
24. TRADE AND OTHER RECEIVABLES (Continued)
Note: (Continued)
(b) Movements on the los alowance for impairment of trade
receivables are as folows:
HK$’000HK$’000
港币仟元港币仟元
At 1 April于4月1日1,22521
(Reversal of impairment los)/impairment los（减值拨备回拨）╱减值拨备(807)1,210
Exchange realignment汇兑差额6(6)
At 31 March于3月31日4241,225
(c) Trade and other receivables included amounts due from
related companies of HK$6.600 milion (2024: HK$6.518
milion).
(d) The carying amount of trade and other receivables are
denominated in the folowing curencies:
HK$’000HK$’000
港币仟元港币仟元
Hong Kong dolars港币47,26455,923
Renminbi人民币31,82832,362
Malaysian ringit马来西亚令吉24,78524,038
Swis francs瑞士法郎22,60620,102
Singapore dolars新加坡元13,71613,059
Thai bahts泰铢2,1542,464
Others其他3,76813,031
146,121160,979
(e) As at 31 March 2025, included in trade receivables are
gros amount of aproximately HK$17.700 milion (2024:
HK$17.320 milion) that bearing interest at a rate of 3.5%
(2024: 4.75%) per anum.
STELUX Holdings International Limited
ANUAL REPORT 2025141
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
25. 现金及现金等值物
附注：
(a) 上述余额主要为银行现金。银行存款余额
为存放于信用评级良好的银行存款，以减
低信贷风险。
(b) 将人民币兑换为外币及将人民币汇出中国
大陆须受中国政府颁布的外汇管控规则及
条例规限。
(c) 现金及现金等值物按货币呈列如下：
25. CASH AND CASH EQUIVALENTS
HK$’000HK$’000
港币仟元港币仟元
Cash at banks银行现金 81,35566,895
Cash on hand手头现金1,984816
83,33967,711
Note:
(a) The above balances mainly represent cash at banks. Bank
balances are deposited in banks with sound credit ratings to
mitigate the credit risk.
(b) The conversion of Renminbi into foreign curencies and
remitance of Renminbi out of the PRC is subject to the rules
and regulations of exchange controls promulgated by the
PRC government.
(c) The cash and cash equivalents are denominated in the
folowing curencies:
HK$’000HK$’000
港币仟元港币仟元
Singapore dolars新加坡元30,41525,925
Hong Kong dolars港币15,65417,451
Malaysian ringit马来西亚令吉21,80414,538
Thai bahts泰铢3,7983,655
Renminbi人民币7,2311,573
Swis francs瑞士法郎1,027972
Others其他3,4103,597
83,33967,711
宝光实业（国际）有限公司
2025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2025年3月31日止年度
26. 股本及库存股份
附注：
(a) 自2024年8月2日至2024年8月16日，根据
本公司股东于2023年8月29日举行的股东
周年大会上授予董事会回购本公司股份的
一般授权，本公司在公开市场在联交所以
总代价约港币141,000元购回1,716,000股
本公司股份，其后于2024年9月9日予以注
销。
(b) 自2024年8月20日至2024年9月3日，根据
本公司股东于2024年8月20日举行的股东
周年大会上授予董事会回购本公司股份的
一般授权，本公司在公开市场在联交所以
总代价约港币698,000元购回7,839,000股
本公司股份。截至2025年3月31日，该等
股份尚未被注销。
26. SHARE CAPITAL AND TREASURY SHARES
Note
Number of
shares of
HK$0.1 each
Share capital
HK$’000
Treasury shares
HK$’000
附注
每股面值
港币0.1元的
股份数目
股本
港币仟元
库存股份
港币仟元
Authorised:法定股本：
At 1 April 2023, 31 March 2024,
1 April 2024 and 31 March 2025
于2023年4月1日、2024年
3月31日、2024年4月1日
及2025年3月31日1,600,000,000160,000–
Isued and fuly paid:已发行及缴足股本：
At 1 April 2023, 31 March 2024
and 1 April 2024
于2023年4月1日、
2024年3月31日及2024年4月1日1,046,474,025104,647–
Share repurchased and canceled股份购回并注销(a)(1,716,000)(172)–
Share repurchased as treasury shares股份购回作为库存股份(b)(7,839,000)–(698)
At 31 March 2025于2025年3月31日1,036,919,025104,475(698)
Note:
(a) From 2 August 2024 to 16 August 2024, the Company
repurchased 1,716,000 shares of the Company for a total
consideration of aproximately HK$141,000 in the open
market on the Stock Exchange and subsequent canceled
on 9 September 2024 pursuant to the general mandate
to repurchase the shares of the Company granted by the
shareholders at the anual general meting held on 29
August 2023 to the Board.
(b) From 20 August 2024 to 3 September 2024, the Company
repurchased 7,839,000 shares of the Company for a total
consideration of aproximately HK$698,000 in the open
market on the Stock Exchange. The shares have not ben
canceled as at 31 March 2025. The repurchase was
aproved pursuant to the general mandate to repurchase
the shares of the Company granted by the shareholders at
the anual general meting held on 20 August 2024 to the
Board.
STELUX Holdings International Limited
ANUAL REPORT 2025143
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
27. 储备
储备之性质及用途
(i) 股份溢价
股份溢价指股东因注资而支付的金额
超过面值。
(i) 重估储备
重估储备指于报告期末持有的以公平
值计入其他全面收益之金融资产的公
平值累计变动净额，并根据附注4(h)
内之会计政策处理。
27. RESERVES
Share
premium
Revaluation
reserve
Exchange
reserve
Property,
plant and
equipment
revaluation
reserve
(Acumulated
loses)/
retained
profitsTotal
股份溢价重估储备汇兑储备
物业、机器及
设备重估储备
（累计亏损）╱
保留盈利总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元港币仟元港币仟元
At 1 April 2023于2023年4月1日1,977813(62,418)403,684(24,651)319,405
Profit for the year年内溢利–473,151473,151
Other comprehensive income/(los) for the year年内其他全面收益╱（亏损）–2,646(15,296)–130(12,520)
Release of cumulative exchange reserve upon disposal出售后累计汇兑储备转出–21,897–21,897
At 31 March 2024于2024年3月31日1,9773,459(55,817)403,684448,630801,933
At 1 April 2024于2024年4月1日1,9773,459(55,817)403,684448,630801,933
Los for the year年内亏损–(106,999)(106,999)
Other comprehensive (los)/income for the year年内其他全面（亏损）╱收益–(310)11,516102,993288114,487
Share repurchased and canceled股份购回并注销31–31
At 31 March 2025于2025年3月31日2,0083,149(44,301)506,677341,919809,452
Nature and purpose of reserves
(i) Share premium
Share premium represents amount paid by
shareholders for capital injection in exces of par
value.
(i) Revaluation reserve
Revaluation reserve represents the cumulative net
change in the fair value of financial asets held at
FVTOCI at the end of reporting date and is dealt with
in acordance with the acounting policy in Note
4(h).
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
储备之性质及用途（续）
(i) 汇兑储备
汇兑储备包括所有因换算海外业务财
务报表产生之汇兑差额。储备乃根据
附注4(d) 所载会计政策处理。
(iv) 物业、机器及设备重估储备
物业、机器及设备重估储备之设立，
采用根据附注4(e)中为自用而持有之
土地及楼宇所载会计政策处理。
28. 递延税项
递延税项资产及递延税项负债分析如下：
净递延税项资产╱（负债）状况的变动如下：
27. RESERVES (Continued)
Nature and purpose of reserves (Continued)
(i) Exchange reserve
The exchange reserve comprises al foreign exchange
diferences arising from the translation of the financial
statements of foreign operations. The reserve is dealt
with in acordance with the acounting policies set
out in Note 4(d).
(iv) Property, plant and equipment revaluation reserve
The property, plant and equipment revaluation
reserve has ben set up and is dealt with in
acordance with the acounting policies adopted for
land and buildings held for own use in Note 4(e).
28. DEFERED INCOME TAX
The analysis of defered tax asets and defered tax
liabilities is as folows:
HK$’000HK$’000
港币仟元港币仟元
Defered tax asets递延税项资产5,6056,482
Defered tax liabilities递延税项负债(40,195)(26,287)
(34,590)(19,805)
The movement on the net defered tax asets/(liabilities)
position is as folows:
HK$’000HK$’000
港币仟元港币仟元
At 1 April于4月1日(19,805)(19,187)
Charged to income statement (Note 15)计入收益表（附注15）(862)(410)
Charged to other comprehensive income计入其他全面收益表(14,044)–
Exchange realignment汇兑差额121(208)
At 31 March于3月31日(34,590)(19,805)
STELUX Holdings International Limited
ANUAL REPORT 2025145
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
28. DEFERED INCOME TAX (Continued)
The movements in defered tax asets and liabilities during
the year, without taking into consideration the ofseting of
balances within the same tax jurisdiction, are as folows:
Defered tax asets
Depreciation
alowances
Provision of
unrealised profit
in inventories
Other
provisions
Other
temporary
diferencesTotal
折旧准备
存货中未变现
溢利的准备其他拨备
其他
暂时性差额总计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元港币仟元
At 1 April 2023于2023年4月1日1414,9451,2247817,091
(Charged)/credited to income statement（扣除）╱计入收益表(136)10514(358)(375)
Exchange diferences汇兑差额–(145)(46)(43)(234)
At 31 March 2024于2024年3月31日54,9051,1923806,482
At 1 April 2024于2024年4月1日54,9051,1923806,482
Credited/(charged) to income statement计入╱（扣除）收益表18(1,052)205(169)(998)
Exchange diferences汇兑差额–733513121
At 31 March 2025于2025年3月31日233,9261,4322245,605
Out of the unrecognised tax loses of HK$1,284.304
milion (2024: HK$1,226.592 milion) caried forward, an
amount of HK$1,066.658 milion (2024: HK$1,000.475
milion) can be caried forward indefinitely. The remaining
HK$217.646 milion (2024: HK$226.117 milion) wil
expire in the folowing years:
- （续）
年内递延税项资产及负债的变动（不考虑于
相同税务司法权区内余额抵销）如下：
递延税项资产
所结转以抵销未来应课税之未确认税项
亏损总额为港币1,284.304佰万元（2024
年：港币1,226.592佰万元），其中港币
1,066.658佰万元（2024年：港币1,000.475
佰万元）可无限期结转，其余港币217.646
佰万元（2024年：港币226.117佰万元）将在
下列期限届满：
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
递延税项资产（续）
若干在一段时间内产生亏损的附属公司，
并且很可能无法获得应课税利润以抵销其
税项亏损，故此本集团并未就该等亏损确
认递延税项资产。
递延税项负债
28. DEFERED INCOME TAX (Continued)
Defered tax asets (Continued)
HK$’000HK$’000
港币仟元港币仟元
In the first year第1年44,08634,221
In the second year第2年69,77248,050
In the third year第3年59,59471,319
In the fourth year第4年19,91251,917
In the fifth to tenth years inclusive第5年至第10年（包括首尾两年）24,28220,610
217,646226,117
Defered tax asets have not ben recognised in respect of
these loses as they have arisen in subsidiaries that have
ben los-making for some time and it is not considered
probable that taxable profits wil be available against
which the tax loses can be utilised.
Defered tax liabilities
Depreciation
alowances
Revaluation
of property,
plant and
equipment
Right-of-use
asetsTotal
折旧准备
物业、机器
及设备重估使用权资产总计
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
At 1 April 2023于2023年4月1日4,08821,58660426,278
Charged/(credited) to income statement扣除╱（计入）收益表8(48)7535
Exchange diferences汇兑差额–(26)(26)
At 31 March 2024于2024年3月31日4,09621,53865326,287
At 1 April 2024于2024年4月1日4,09621,53865326,287
Credited to income statement扣除收益表–(136)(136)
Charged to other comprehensive income计入其他全面收益表–14,044–14,044
At 31 March 2025于2025年3月31日4,09635,58251740,195
STELUX Holdings International Limited
ANUAL REPORT 2025147
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
29. 租赁负债
租赁负债按货币呈列如下：
29. LEASE LIABILITIES
Minimum
lease
payment
Present
value
of lease
liabilities
Minimum
lease
payment
Present
value
of lease
liabilities
最低
租赁款项
最低租赁
款项之现值
最低
租赁款项
最低租赁
款项之现值
HK$’000HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元港币仟元
Minimum lease payment due:到期最低租赁付款：
– within one year－1年内53,98550,40068,46962,643
– more than one year but not exceding
two years
－1年后但2年内
27,14226,19038,94136,850
– more than two years but not exceding
five years
－2年后但5年内
8,0678,14013,84913,701
89,19484,730121,259113,194
Les: future finance charge减：未来财务支出(4,464)N/A(8,065)N/A
Present value of lease liabilities租赁负债现值84,73084,730113,194113,194
Les: Amount due for setlement within 12
months (shown under curent liabilities)
减： 12 个月内到期结算金额
（于流动负债内呈列）(50,400)(62,643)
Amount due for setlement after 12 months12个月后到期结算金额34,33050,551
The lease liabilities are denominated in the folowing
curencies:
HK$’000HK$’000
港币仟元港币仟元
Hong Kong dolars港币39,59861,952
Malaysian ringit马来西亚令吉23,51127,681
Singapore dolars新加坡元18,12216,984
Renminbi人民币2,6394,889
Thai bahts泰铢8601,688
84,730113,194
宝光实业（国际）有限公司
2025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2025年3月31日止年度
30. 退休福利承担
本集团对香港所有合资格雇员实行强制性
公积金计划。根据香港雇佣条例，在若干
特定情况下，连续受雇最少五年的香港雇
员有权获得长期服务金。该等情况包括因
严重行为失当或人手过剩以外的原因被解
雇的雇员、年满65岁或以上而辞任的雇
员或雇佣合约属固定年期且届满后并未
重续。应付长期服务金的金额参考雇员最
终薪金（上限为港币22,500元）及服务年期
厘定，并扣除本集团的强积金计划（附注
13(a)）供款产生的任何应计利益，每名雇员
的整体上限为港币390,000元。目前，本集
团并未设立任何独立融资安排以履行其长
期服务金责任。
于2022年6月，政府刊宪修订条例，废除以
雇主强制性强积金供款之累算权益对冲长
期服务金的安排。废除机制于2025年5月1
日（「过渡日期」）正式生效。另外，香港特别
行政区政府亦预期开展一项资助计划协助
雇主支付雇主应付的长期服务金，自过渡
日期起为期25年，每年每名雇员设有若干
金额上限。
根据修订条例，于过渡日期后，本集团的
强制性强积金供款加╱减任何正╱负回报
可继续用于对冲过渡日期前的长期服务金
责任，但不可抵销过渡日期后的长期服务
金责任。此外，过渡日期前的长期服务金
责任将获豁免，并按紧接过渡日期前的最
后月薪及直至该日止的服务年期计算。
30. RETIREMENT BENEFIT OBLIGATIONS
The Group operates a Mandatory Provident Fund Scheme
for al qualifying employes in Hong Kong. Hong Kong
employes that have ben employed continuously for
at least five years are entitled to LSP in acordance with
the Hong Kong Employment Ordinance under certain
circumstances. These circumstances include where an
employe is dismised for reasons other than serious
misconduct or redundancy, that employe resigns at the
age of 65 or above, or the employment contract is of fixed
term and expires without renewal. The amount of LSP
payable is determined with reference to the employe’s
final salary (caped at HK$22,500) and the years of service,
reduced by the amount of any acrued benefits derived
from the Group’s contributions to MPF scheme (Note
13(a), with an overal cap of $390,000 per employe.
Curently, the group does not have any separate funding
arangement in place to met its LSP obligation.
In June 2022, the Government gazeted the Amendment
Ordinance, which abolishes the use of the acrued benefits
derived from employers’ mandatory MPF contributions
to ofset the LSP. The Abolition wil oficialy take efect
on 1 May 2025 (the “Transition Date”). Separately, the
Government of the HKSAR is also expected to introduce a
subsidy scheme to asist employers for a period of 25 years
after the Transition Date on the LSP payable by employers
up to a certain amount per employe per year.
Under the Amendment Ordinance, the Group’s mandatory
MPF contributions, plus/minus any positive/negative
returns, after the Transition Date can continue to be
aplied to ofset the pre-Transition Date LSP obligation
but are not eligible to ofset the post-Transition Date LSP
obligation. Furthermore, the LSP obligation before the
Transition Date wil be grandfathered and calculated based
on the last monthly wages imediately preceding the
Transition Date and the years of service up to that date.
STELUX Holdings International Limited
ANUAL REPORT 2025149
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
本年度未拨付长期服务金责任的现值变动
如下：
于2025年3月31日界定福利责任之平均年期
为6.7年（2024年：8.0年）
本年度支出中，港币423,000元（2024年：
港币789,000元）已计入一般及行政支出。
厘定长期服务金责任之重大精算假设为
2.9%贴现率（2024年：3.7%）、预期薪酬增
长2.5%（2024年：3.0%）及可对冲强积金
累算权益的预期投资回报率为2.5%（2024
年：2.5%）。下列敏感度分析乃于所有其他
假设维持不变之情况下，根据报告期末各
假设合理可能发生之变动而厘定。
30. RETIREMENT BENEFIT OBLIGATIONS (Continued)
Movements in the present value of unfunded LSP obligation
in the curent year were as folows:
HK$’000HK$’000
港币仟元港币仟元
At 1 April于4月1日1,8031,150
Amounts recognised in the profit or los:于损益中确认的金额
Curent service cost当期服务成本358226
Interest cost利息支出6533
Past service cost过去服务成本–530
Remeasurements recognised in other
comprehensive income:
于其他全面收益确认的重新计量
金额：
Actuarial los/(gains) arising from:精算亏损╱（收益）产生于：
– changes in financial asumptions－财务假设变动37(73)
– experience adjustment－经验调整(325)(57)
Benefit payments福利支付(76)(6)
At 31 March于3月31日1,8621,803
The average duration of the benefit obligation at 31 March
2025 is 6.7 years (2024: 8.0 years).
Of the expenses for the year, HK$423,000 (2024:
HK$789,000) has ben included in general and
administrative expenses.
Significant actuarial asumptions for the determination
of the LSP obligation are discount rate of 2.9% (2024:
3.7%), expected salary increase of 2.5% (2024: 3.0%) and
expected investment return on ofsetable MPF acrued
benefits of 2.5% (2024: 2.5%). The sensitivity analysis
below has ben determined based on reasonably posible
changes of the respective asumptions ocuring at the end
of the reporting period, while holding al other asumptions
constant.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
上述比率减少0.5%（2024年：0.5%）将对长
期服务金拨备产生大致相同金额但方向相
反的影响。
由于若干假设可能互有关连，致使假设不
太可能在孤立于其他假设下出现变动，因
此上列敏感度分析可能并不代表长期服务
金责任之实际变动。
31. 贸易及其他应付账款
30. RETIREMENT BENEFIT OBLIGATIONS (Continued)
Increase
in rates
Increase/
(decrease)
in LSP
provision
Increase
in rates
Increase/
(decrease)
in LSP
provision
比率增加
长期服务金
拨备增加╱
（减少）比率增加
长期服务金
拨备增加╱
（减少）
HK$’000HK$’000
港币仟元港币仟元
Discount rate贴现率0.5%(35)0.5%(70)
Expected salary increase预期薪酬增加0.5%160.5%29
Investment return on ofsetable
MPF contribution
可对冲强积金累算权益的
预期投资回报率0.5%(21)0.5%(66)
Decrease in the above rates by 0.5% (2024: 0.5%) would
afect the LSP provision by aproximately the same amount
but in the oposite direction.
The sensitivity analysis presented above may not be
representative of the actual change in the LSP obligation as
it is unlikely that the change in asumptions would ocur
in isolation of one another as some of the asumptions may
be corelated.
31. TRADE AND OTHER PAYABLES
HK$’000HK$’000
港币仟元港币仟元
Trade payables (note b)应付贸易账款（附注b）56,72855,787
Contract liabilities (note d)合约负债（附注d）1,814892
Other payables (note e)其他应付账款（附注e）15,21715,082
Acruals应计费用43,47046,752
117,229118,513
STELUX Holdings International Limited
ANUAL REPORT 2025151
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
附注：
(a) 应付贸易账款为无抵押，通常于确认后30
日内支付。
(b) 按发票日期分析的应付贸易账款账龄如
下：
(c) 贸易及其他应付账款包括应付关联公司款
项港币216,000元（2024年：港币2.364佰
万元）。
(d) 合约负债包括就交付钟表产品收取的短期
款项。合约负债余额增加仍由于客户预付
款项增加所致。
(e) 本集团其他应付款项包括为收购本公司附
属公司Catena SA（「Catena」）12%股权的权
利之递延应付代价。收购股权利的行使
价相当于 Catena 资产净值比例。不过，
如果Catena的资产净值为负数时，购买价
为零。收购股权利可行使至2035年12月
31日。
截至2024年3月31日，管理层对Catena的
资产净值以及对未来经营业绩的预测进行
审查，管理层认为Catena 12%股权的收购
价格将接近于零。因此，拨回递延应付代
价及相关折现利息港币17.34佰万元已计
入于截至2024年3月31日止年度的综合损
益表（附注 9）。
31. TRADE AND OTHER PAYABLES (Continued)
Note:
(a) Trade payables are unsecured and usualy paid within 30
days of recognition.
(b) The ageing analysis of the trade payables based on invoice
date is as folows:
HK$’000HK$’000
港币仟元港币仟元
0 – 60 days0-60天16,98413,740
Over 60 days60天以上39,74442,047
56,72855,787
(c) Trade and other payables included amounts due to related
companies of HK$216,000 (2024: HK$2.364 milion).
(d) Contract liabilities include advances received from
customers. The increase in balance of contract liabilities is
due to the increase in advances from customers as at year
end.
(e) The Group has a defered consideration payable which
represents a right to acquire the 12% equity interest of a
subsidiary of the Company, namely Catena SA (“Catena”).
The acquisition right is exercisable at the price equal to the
proportional net asets value of Catena. However, if the net
asets value is negative, the purchase price shal be set as
zero. The acquisition right is exercisable until 31 December
2035.
As at 31 March 2024, management caried out a review
on the net asets value and forecasts of future busines
performance of Catena and determined that the purchase
price of 12% equity interest in Catena wil be close to zero.
As a result, a reversal of defered consideration payable
and related discounting interest of HK$17.34 milion was
recognised to consolidated income statements for the year
ended 31 March 2024 (Note 9).
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
附注：（续）
(f) 贸易及其他应付账款按货币呈列如下：
32. 银行贷款
附注：
(a) 本集团银行贷款须应要求偿还，因此列为
流动负债。
(b) 根据贷款协议所列的预计还款日期，银行
贷款的须还款情况分析如下：
31. TRADE AND OTHER PAYABLES (Continued)
Note: (Continued)
(f) The trade and other payables are denominated in the
folowing curencies:
HK$’000HK$’000
港币仟元港币仟元
Hong Kong dolars港币42,83149,472
Renminbi人民币34,46928,321
Malaysian ringit马来西亚令吉11,96811,106
United states dolars美元10,1858,947
Singapore dolars新加坡元5,8367,812
Thai bahts泰铢6,1936,420
Swis francs瑞士法郎1,5722,913
Others其他4,1753,522
117,229118,513
32. BANK BOROWINGS
HK$’000HK$’000
港币仟元港币仟元
Bank borowings, secured银行贷款，抵押241,890233,984
Note:
(a) The Group’s bank borowings are repayable on demand,
and clasified as curent liabilities.
(b) The analysis of the repayment schedule of bank borowings
in acordance with the scheduled repayment dates set out
in the loan agrement is as folows:
HK$’000HK$’000
港币仟元港币仟元
Within one year1年内81,51592,485
More than one year, but not exceding
two years1年后但2年内26,44822,160
More than two years, but not exceding
five years2年后但5年内61,91851,480
More than five years5年后72,00967,859
241,890233,984
STELUX Holdings International Limited
ANUAL REPORT 2025153
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
附注：（续）
(c) 已抵押给银行以获取本集团银行信贷的资
产账面值如下：
(d) 本集团的银行贷款以港元计值。
(e) 于2025年3月31日，银行贷款的加权平均
实际年利率为6.8%（2024年：7.5%）。
(f) 由于本集团贷款期限较短或以浮动利率计
息，因此其公平值与其帐面价值相若。
(g) 本集团的若干银行融资需遵守定期测试的
契约。此类契约常见于与金融机构的贷款
安排。截至2025年3月31日及2024年3月
31日止年度，本集团遵守其贷款融资的财
务契约。
32. BANK BOROWINGS (Continued)
Note: (Continued)
(c) The carying amounts of asets pledged as security for the
Group’s bank borowings are:
NoteHK$’000HK$’000
附注港币仟元港币仟元
Property, plant and equipment物业、机器及设备17123,347136,014
Investment properties投资物业18393,100297,800
516,447433,814
(d) The bank borowings of the Group are denominated in
Hong Kong dolars.
(e) As at 31 March 2025, weighted average efective interest
rate per anum for bank borowings was 6.8% (2024: 7.5%).
(f) The fair values of the Group’s borowing are aproximated
to their carying amounts due to their short term nature or
carying interest at variable rate.
(g) Certain of the Group’s bank facilities are subject to the
fulfilment of covenants which tested periodicaly. Such
covenants are comonly found in lending arangements
with financial institutions. The Group has complied with
the financial covenants of its borowing facilities during the
years ended 31 March 2025 and 31 March 2024.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
33. 综合现金流量表附注
(a) 融资活动产生的债务变动
本节载列各所示年度融资活动产生的
债务及融资活动所产生债务变动的分
析。
33. CONSOLIDATED CASH FLOW INFORMATION
(a) Changes in liabilities arising from financing activities
Analysis of liabilities arising from financing activities
and the movements in liabilities arising from
financing activities for each of the years presented.
Lease
liabilities
Bank
borowingsTotal
租赁负债银行贷款总计
HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元
At 1 April 2023于2023年4月1日92,768342,848435,616
Cash flows现金流量(65,240)(108,864)(174,104)
Non-cash flows非现金流量88,158–88,158
Exchange diferences汇兑差额(2,492)–(2,492)
At 31 March 2024于2024年3月31日113,194233,984347,178
At 1 April 2024于2024年4月1日113,194233,984347,178
Cash flows现金流量(68,821)7,906(60,915)
Non-cash flows非现金流量36,656–36,656
Exchange diferences汇兑差额3,701–3,701
At 31 March 2025于2025年3月31日84,730241,890326,620
STELUX Holdings International Limited
ANUAL REPORT 2025155
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(b) 租赁之现金流出总额
计入现金流量表中的有关租赁金额包
括如下：
(c) 出售附属公司
于2023年12月12日，本公司一间全
资附属公司（「卖方」）与独立第三方
（「买方」）订立股份销售协议，出售卖
方一间全资附属公司的全部已发行股
本，总代价约为港币535.103佰万。
该交易已于2024年2月29日完成。
33. CONSOLIDATED CASH FLOW INFORMATION
(Continued)
(b) Total cash outflow for leases
Amounts included in the cash flow statements for
leases comprise the folowing:
HK$’000HK$’000
港币仟元港币仟元
Within operating cash flows于营运活动现金流量内31,44840,010
Within financing cash flows于融资活动现金流量内68,82165,240
Represents lease rental paid指已支付的租赁租金100,269105,250
(c) Disposal of a subsidiary
On 12 December 2023, a wholy owned subsidiary
of the Company (the “Seler”) entered into a share
sale agrement with an independent third party (the
“Purchaser”) for a disposal of entire isued share
capital of a wholy owned subsidiary of the Seler
at an agregate consideration of aproximately
HK$535.103 milion. The transaction was completed
on 29 February 2024.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(c) 出售附属公司（续）
于出售日，有关出售资产净值及出售
收益概述如下：
有关出售事项的银行结余及现金净流
入分析如下：
33. CONSOLIDATED CASH FLOW INFORMATION
(Continued)
(c) Disposal of a subsidiary (Continued)
The net asets disposed of and the resulting gain on
disposal at the date of disposal are sumarised as
folows:
HK$’000
港币仟元
Trade and other receivables贸易及其他应收账款124
Cash and cash equivalents现金及现金等值物622
Trade and other payables贸易及其他应付账款(153)
Net asets disposed of出售资产净值593
Gain on disposal出售收益
Total consideration总代价535,103
Les: profesional fes减：专业服务费用(3,126)
531,977
Net asets disposed of出售资产净值(593)
Release of cumulative exchange reserve
upon disposal
出售后累计汇兑储备转出
(21,897)
509,487
Satisfied by:支付：
– cash－现金175,074
– consideration receivable－应收代价356,903
531,977
An analysis of net inflows of cash and bank balances
of the disposal is as folows:
HK$’000
港币仟元
Cash consideration现金代价175,074
Les: cash and bank of the disposed subsidiary减：出售时的现金及银行结余(622)
Net proceds from disposal of a subsidiary出售附属公司所得款项净额174,452
STELUX Holdings International Limited
ANUAL REPORT 2025157
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
34. 承担
(a) 不可撤销的营业租赁（本集团作为出
租人）
若干土地及楼宇租赁下的未来最低应
收租金总额如下：
(b) 不可撤销的营业租赁（本集团作为承
租人）
本集团为若干办公室和零售店舖签订
短期租约。于2025年3月31日，该等
办公室及零售店舖相关的未偿还租
赁承担约为港币17.810佰万元（2024
年：港币13.994佰万元）。
34. COMITMENTS
(a) Non-cancelable operating leases (where the Group
is the lesor)
Minimum lease payments receivable on leases of
certain land and buildings are as folows:
HK$’000HK$’000
港币仟元港币仟元
Investment properties投资物业
Comitments for minimum lease payments
receivable in relation to non-cancelable
operating leases are payable as folows:
本集团在不可撤销营业租赁
下的未来最低应收租金总
额如下：
– Not later than one year－1年内 7,0004,774
– Later than one year but not later than
five years
－1年后但5年内
25,6555,875
– Later than five years－5年后5,808–
38,46310,649
Other properties其他物业
Comitments for minimum lease payments
receivable in relation to non-cancelable
subleases of operating leases are payable
as folows:
本集团在不可撤销营业租赁
下的未来最低应收分租
金总额如下：
– Not later than one year－1年内1,160710
– Later than one year but not later than
five years
－1年后但5年内
1,6431,586
(b) Non-cancelable operating leases (where the Group
is the lese)
The Group entered into certain short-term leases
for ofice and retail shops. As at 31 March 2025,
the outstanding lease comitments relating to these
ofice and retail shops are aproximately HK$17.810
milion (2024: HK$13.994 milion).
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
35. 有关联人士交易
于2025年3月31日，义兴有限公司（「义兴」）
通过其附属公司Active Lights Company
Limited持有本公司950,900股份。Klayze
Holdings Limited以作为一项酌情信托（「信
托」）之受托人身份持有义兴全部已发行普
通股之55%权益。黄创增先生为信托之受
益人，故被视为通过信托于义兴之权益而
拥有本公司950,900股份权益。
(a) 与有关联人士进行之重大交易
除综合财务报表其他部分所披露外，
下列为本集团与有关联人士之间所进
行的重大交易概要，该等交易乃于本
集团日常业务中进行。关联人士是指
由本公司董事兼主要股东拥有受益权
的实体。
(i) 向有关联公司提供服务
35. RELATED PARTY TRANSACTIONS
As at 31 March 2025, Ye Hing Company Limited (“Ye
Hing”) held 950,900 shares of the Company through its
subsidiary Active Lights Company Limited. 55% of the
total isued ordinary shares of Ye Hing is held by Klayze
Holdings Limited, which is the truste of a discretionary
trust (the “Trust”). Mr. Joseph C. C. Wong is a beneficiary
of the Trust, therefore demed to be interested in 950,900
shares of the Company through the Trust’s interest in Ye
Hing.
(a) Significant transactions with related parties
Apart from disclosed elsewhere in these consolidated
financial statements, the folowing is a sumary
of the significant related party transactions caried
out in the normal course of the Group’s busines.
The related parties are entities which a director
and substantial shareholder of the Company has
beneficial interests.
(i) Provision of services to related companies
HK$’000HK$’000
港币仟元港币仟元
Building management service
income (note a)
物业管理收入（附注a）
2,5802,580
Shared service income (note b)共享服务收入（附注 b）6,46215,316
Rental income (note c)租金收入（附注c）3,3963,633
Royalty income (note d)特许权使用费收入（附注d）301654
Sundries杂项125–
12,86422,183
STELUX Holdings International Limited
ANUAL REPORT 2025159
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(a) 与有关联人士进行之重大交易（续）
(i) 向有关联公司提供服务（续）
附注：
(a) 本集团全资附属公司与义兴
全资附属公司明华物业投资
有限公司（「明华」）就于2022
年4月1日至2025年3月31
日期间提供以下服务订立协
议：
(i) 明华与第三方不时订
立的合约下之合约行
政；
(i) 物业代理洽商及租赁
管理；
(i) 管理宝光商业中心物
业管理公司；及
(iv) 其他行政服务。
于服务协议年期内，提供上
述服务的有关费用为每个历
月港币215,000元（2024年：
港币215,000元）。
(b) 本集团向关联人士提供管理
服务。共享服务费收入是根
据交易对方对各种服务的应
用且经考虑员工人数和店铺
数量等因素按成本收取。
(c) 本集团向关联人士提供租赁
服务。租金收入根据占地面
积乘以实际产生的实际总成
本向关联人士收取。
(d) 本集团向关联人士提供特许
权许可服务。特许权使用费
收入按供应商或交易对方之
供应商开具的发票价值的
10％收取。
35. RELATED PARTY TRANSACTIONS (Continued)
(a) Significant transactions with related parties
(Continued)
(i) Provision of services to related companies
(Continued)
Note:
(a) A wholy owned subsidiary of the Group
entered into a renewal agrement with
Mengiwa Property Investment Limited
(“MPIL”), a wholy owned subsidiary of
Ye Hing, for the provision of the folowing
services for the period from 1 April 2022 to 31
March 2025:
(i) contract administration with respect to
contracts entered into betwen MPIL
and third parties from time to time;
(i) property agency liaison and tenancy
management;
(i) management of the property manager of
Stelux House; and
(iv) other miscelaneous administrative
services.
The fe for the provision of the above
services was agred at HK$215,000 (2024:
HK$215,000) per calendar month during the
agrement period.
(b) The Group provided administrative services
to related parties. Shared service income was
charged at cost basis alocated based on the
counterparties’ usage of each type of service,
taking into acount factors such as headcount
and the number of stores.
(c) The Group provided leasing services to related
parties. Rental income was charged to related
parties based on the ocupied area ratio times
total actual costs incured.
(d) The Group provided licensing services to
related parties. Royalty income was charged
at 10% of the amount invoiced by supliers or
vendors of the counterparties.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(a) 与有关联人士进行之重大交易（续）
(i) 向有关联人士购买货品及服务
附注：
(a) 于年内，本集团若干附属公
司向一间关联公司购买钟表
产品。
向关联公司购买钟表产品为
本集团日常业务。交易之条
款由本集团与交易对手方厘
定及协定，而所有余款按交
易条款支付。
(b) 年内，本集团若干附属公司
与下列有关联人士订立租赁
协议，以租用办公物业、店
铺、仓库、陈列室及停车
位：
(c) 一家有关联公司向本集团提
供租赁管理服务。提供该等
服务的费用已于协议期内按
预定收费收取。
(d) 义兴及一间关联公司向本集
团提供行政管理服务。该等
费用乃根据本集团各类服务
的使用情况，按成本基础收
取。
35. RELATED PARTY TRANSACTIONS (Continued)
(a) Significant transactions with related parties
(Continued)
(i) Purchases of gods and services from related
parties
HK$’000HK$’000
港币仟元港币仟元
Purchase of gods (note a)购买货品（附注a）11,36915,818
Rental expenses (note b)租金支出（附注b）9,3039,243
Lease management expenses (note c)租赁管理费支出（附注c）720420
Expenses recharged (note d)其他费用（附注d）858–
22,25025,481
Note:
(a) During the year, certain subsidiaries of the
Group purchased watch products from a
related company.
Purchases of watch products from the related
company are conducted in the normal
course of the Group’s busines. The terms
of transactions are determined and agred
betwen the Group and the counterparty and
al balances due are repayable acording to
trade terms.
(b) During the year, certain subsidiaries of the
Group entered into tenancy agrements
with the folowing related parties for ofice
premises, stores, warehouses, showrom and
car-parking spaces:
HK$’000HK$’000
港币仟元港币仟元
MPIL明华7,6887,687
Other related parties其他有关联人士1,6151,556
9,3039,243
(c) A related company provided lease
management services to the Group. The fe
for the provision of such services is charged at
pre-determined amount during the agrement
period.
(d) Ye Hing and a related company provided
administrative services to the Group. The
expenses were charged at cost basis alocated
based on the Group’s usage of each type of
services.
STELUX Holdings International Limited
ANUAL REPORT 2025161
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
(b) 与有关联人士之间的结余
附注24及31所披露的应收及应付关联
公司间的款项为无抵押、免息及应要
求偿还。关联人士是指由本公司董事
兼主要股东拥有受益权的实体。
(c) 主要管理层报酬
36. 或然负债
于2025年3月31日及2024年3月31日，本公
司一间附属公司向其若干零售店铺业主及
供应商提供履约保证，详情如下：
于2025年3月31日，董事会并不认为就上述
担保向本集团提出申索的可能性。
35. RELATED PARTY TRANSACTIONS (Continued)
(b) Balances with related parties
The balances due from/to related companies as
disclosed in Notes 24 and 31 are unsecured,
interest-fre and repayable on demand. The related
parties are entities which a director and substantial
shareholder of the Company has beneficial interests.
(c) Key management compensation
HK$’000HK$’000
港币仟元港币仟元
Salaries and other short-term employe
benefits
薪金及其他短期雇员福利
5,6185,603
Contribution to retirement benefit scheme退休计划供款117117
5,7355,720
36. CONTINGENT LIABILITIES
As at 31 March 2025 and 31 March 2024, a subsidiary of
the Company has secured various performance bonds to
its landlord of certain retail shops and supliers, details as
folow:
HK$’000HK$’000
港币仟元港币仟元
Security given by banks for performance
bonds
银行提供的履约保证金担保
7,7157,738
At 31 March 2025, the directors do not consider it
probable that a claim wil be made against the Group
under the above guarantes.
宝光实业（国际）有限公司
2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
37. 公司资产负债表及储备变动表
公司资产负债表
董事会在2025年6月24日批准并由下列人士
代表签署：
37. BALANCE SHET AND RESERVE MOVEMENTS OF THE
COMPANY
Balance shet of the Company
NoteHK$’000HK$’000
附注港币仟元港币仟元
ASETS资产
Non-curent asets非流动资产
Investment in a subsidiary附属公司投资38–
Curent asets流动资产
Amounts due from subsidiaries应收附属公司款项a767,830767,830
Trade and other receivables贸易及其他应收账款301261
Cash and cash equivalents现金及现金等值物2,0792,022
770,210770,113
Total asets资产总额770,210770,113
EQUITY股权
Share capital股本104,475104,647
Treasury shares库存股份(698)–
Reserves储备b34,74534,714
Total equity股权总额138,522139,361
LIABILITIES负债
Curent liabilities流动负债
Trade and other payables贸易及其他应付账款2,0112,546
Amounts due to subsidiaries应付附属公司款项a629,677628,206
Total liabilities负债总额631,688630,752
Total equity and liabilities股权及负债总额770,210770,113
Aproved by the Board of Directors on 24 June 2025 and
are signed on its behalf by:
Joseph C.C. WongLiao Ching Mei
黄创增廖晶薇
Chairman and Chief Executive OficerExecutive Director and Chief Financial Oficer
主席及行政总裁执行董事及首席财务总裁
STELUX Holdings International Limited
ANUAL REPORT 2025163
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
附注：
(a) 应收及应付附属公司的款项为无抵押、免
息及应要求偿还。
(b) 公司储备变动
37. BALANCE SHET AND RESERVE MOVEMENTS OF THE
COMPANY (Continued)
Note:
(a) The amounts due from/to subsidiaries are unsecured,
interest-fre and repayable on demand.
(b) Reserve movements of the Company
Share
premium
Retained
profitsTotal
股本溢价保留盈利总额
HK$’000HK$’000HK$’000
港币仟元港币仟元港币仟元
At 1 April 2023于2023年4月1日1,97732,73734,714
Los for the year年内亏损–
At 31 March 2024于2024年3月31日1,97732,73734,714
At 1 April 2024于2024年4月1日1,97732,73734,714
Los for the year年内亏损–
Share repurchased and canceled股份购回并注销31–31
At 31 March 2025于2025年3月31日2,00832,73734,745
宝光实业（国际）有限公司
2025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2025年3月31日止年度
38. 主要附属公司
于2025年3月31日及2024年3月31日，主要
附属公司如下：
38. PRINCIPAL SUBSIDIARIES
The principal subsidiaries at 31 March 2025 and 31 March
2024 are:
Place of incorporation/
operation
注册成立╱经营地
Principal activities
主要业务
Particulars of share capital isued
已发行股本
Percentage of equity
atributable to the
Group (%)
集团所占权益的
百分比
Number
股数
Value
每股面值20252024
Investment 投资
Stelux Holdings International
Group (BVI) Limited
British Virgin Islands
英属处女群岛
Investment holding
投资控股
1US$1
1美元
Stelux Holdings Limited
宝光实业（集团）有限公司
Hong Kong
香港
Investment holding
投资控股
1,000HK$1
港币1元
Stelux Investments and Properties
(BVI) Limited
British Virgin Islands
英属处女群岛
Investment holding
投资控股
1US$1
1美元
Thong Sia (BVI) Company LimitedBritish Virgin Islands
英属处女群岛
Investment holding
投资控股
1US$1
1美元
C Group (BVI) LimitedBritish Virgin Islands
英属处女群岛
Investment holding
投资控股
1US$1
1美元
Stelux Watch Group (BVI) LimitedBritish Virgin Islands
英属处女群岛
Investment holding
投资控股
1US$1
1美元
City Chain (Bermuda) Holdings
Limited
Bermuda
百慕达
Investment holding
投资控股
12,000US$1
1美元
Stelux Watch Group (Hong Kong)
Limited
Hong Kong
香港
Investment holding
投资控股
2HK$1
港币1元
Property物业
City Chain Properties Limited
时间廊物业有限公司
Hong Kong
香港
Property investment
物业投资
2HK$1
港币1元
Oswald Property Management
Company Limited
Hong Kong
香港
Property investment
物业投资
2HK$100
港币100元
Stelux Properties Agency Limited
宝光地产代理有限公司
Hong Kong
香港
Property agency and
management
物业代理及管理
2HK$1
港币1元
STELUX Holdings International Limited
ANUAL REPORT 2025165
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至2025年3月31日止年度
- （续）
Place of incorporation/
operation
注册成立╱经营地
Principal activities
主要业务
Particulars of share capital isued
已发行股本
Percentage of equity
atributable to the
Group (%)
集团所占权益的
百分比
Number
股数
Value
每股面值20252024
Retailing and trading 零售及贸易
City Chain Company Limited
时间廊钟表有限公司
Hong Kong
香港
Watch retailing
钟表零售
250,000HK$100
港币100元
City Chain (M) Sdn BhdMalaysia
马来西亚
Watch retailing
钟表零售
3,333,333RM1
1令吉
City Chain (Macau) Company
Limited
时间廊（澳门）有限公司
Macau
澳门
Watch retailing
钟表零售
2MOP5,000
澳门葡币
5,000元
City Chain Stores (S) Pte LimitedSingapore
新加坡
Watch retailing
钟表零售
1,800,000S$1
新加坡币1元
City Chain (Thailand) Company
Limited
Thailand
泰国
Watch retailing
钟表零售
200,000Baht100
100泰铢
210,000
a
Baht100
100泰铢
Pronto Watch SASwitzerland
瑞士
Watch distribution
钟表分销
100SFr1,000
1,000瑞士
法郎
Solvil et Titus SASwitzerland
瑞士
Watch distribution
钟表分销
300SFr1,000
1,000瑞士
法郎
CYMA SASwitzerland
瑞士
Watch distribution
钟表分销
100,000SFr1
1瑞士法郎
Lisignol SarlSwitzerland
瑞士
Watch distribution
钟表分销
200SFr100
100瑞士法郎
Stelux International Licensing
Limited
Bahamas
巴哈马
Trademark holding and
licensing
商标持有及特许经营
2US$1
1美元
Stelux Watch Limited
宝光钟表有限公司
Hong Kong
香港
Watch suply chain
management
钟表供应链管理
1,000,000HK$1
港币1元
38. PRINCIPAL SUBSIDIARIES (Continued)
宝光实业（国际）有限公司
2025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2025年3月31日止年度
- （续）
附注：
(a) 不可赎回优先股
(b) 100%权益包括88%股权及以买入认购权
购买12%股权
Place of incorporation/
operation
注册成立╱经营地
Principal activities
主要业务
Particulars of share capital isued/
paid up capital
已发行股本╱缴足资本
Percentage of equity
atributable to the
Group (%)
集团所占权益的
百分比
Number
股数
Value
每股面值20252024
Retailing and trading (Continued)
零售及贸易（续）
Thong Sia Watch Company
Limited
通城钟表有限公司
Hong Kong
香港
Watch distribution
钟表分销
80,000HK$10
港币10元
Stelux Trading (International)
Limited
Hong Kong
香港
Watch distribution
钟表分销
2HK$1
港币1元
Thong Sia Company (Singapore)
Pte Limited
Singapore
新加坡
Watch distribution
钟表分销
2,000,000S$1
新加坡币1元
Thong Sia Sdn BhdMalaysia
马来西亚
Watch distribution
钟表分销
1,000,000RM1
1令吉
97.697.6
Catena SASwitzerland
瑞士
manufacture of watch
movements
手表机芯制造商
1,016,667SFr1
1瑞士法郎
b
b
Stelux Thong Sia (Guangdong)
Trading Limited
宝光通城（广东）商贸有限公司
The PRC (foreign-invested
comercial enterprise)
中国╱中国大陆（外商
投资商业企业）
Watch retailing, trading
and related services
钟表零售、贸易及
相关服务
HK$270,000,000
港币270,000,000元
Note:
(a) Non-redemable preference shares.
(b) 100% equity interest included 88% of equity interest and a
right to purchase 12% of equity interest.
38. PRINCIPAL SUBSIDIARIES (Continued)
PARTICULARS OF INVESTMENT PROPERTIES HELD
As at 31 March 2025 于2025年3月31日
所持投资物业详情
STELUX Holdings International Limited
ANUAL REPORT 2025167
Location
地点
Lot Number
地段号数
Type
种类
Lease term
租期
Atributable interest
of the Group
本集团应占权益
Macau
澳门
Em Macau
Rua de S.Domingos No.21-A
澳门，板樟堂街
21-A号
712Comercial
商业
Medium
中
100%
Em Macau
Estrada da Areia Preta No 5
Kei Kuan Bairo
(Bloco 1A Bloco 6)
Res-do-Chao G
澳门，黑沙环马路5号
歧关新村（第一座至第六座）
地下G座
12125-GR/Comercial
商业
Medium
中
100%
Em Macau
Rua da Palha Nos. 20 – 22
Beco da Palha Nos. 1-5
Rua de S.Domingos Nos.1-G – 1-J
San Vo Res-do-Chao F & G
澳门，卖草地街20-22号
干草里（卖草地围）1-5号
板樟堂街1-G – 1-J号
新和大厦地下F座及G座
10253-FR/C & GR/Comercial
商业
Medium
中
100%
Em Macau
Rua da Palha Nos. 20 – 22
Beco da Palha Nos. 1-5
Rua de S.Domingos Nos.1-G – 1-J
San Vo Res-do-Chao D
澳门，卖草地街20-22号
干草里（卖草地围）1-5号
板樟堂街1-G – 1-J号
新和大厦地下D座
10253-DR/Comercial
商业
Medium
中
100%
Em Macau
Rua da Palha Nos. 20 – 22
Beco da Palha Nos. 1-5
Rua de S.Domingos Nos.1-G – 1-J
San Vo Res-do-Chao E
澳门，卖草地街20-22号
干草里（卖草地围）1-5号
板樟堂街1-G – 1-J号
新和大厦地下E座
10253-ER/Comercial
商业
Medium
中
100%
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
ABOUT THIS REPORT
Reporting Scope
This Environmental, Social and Governance Report 2025 (the
“ESG Report”) covers the period from 1 April 2024 to 31 March
2025 (the “Reporting Period”) and focuses on the operations
of the Group’s busineses in Greater China, as wel as the SEA.
These geographical segments contribute significantly to the
Group’s activities, encompasing retail and wholesale trading
of watches, and watch suply chain management for our house
brands during the Reporting Period. The ESG Report provides an
overview of the Group’s sustainability comitment, initiatives,
progres, and achievements during the Reporting Period.
Reporting Standard
This ESG Report is prepared in acordance with Apendix C2 –
Environmental, Social and Governance Reporting Guide (“ESG
Guide”) of the Stock Exchange of Hong Kong’s (the “Stock
Exchange”) Listing Rules under the “comply or explain” provision
and the four reporting principles – Materiality, Quantitative,
Balance and Consistency:
Materiality: The ESG Report outlines the environmental, social,
and governance (“ESG”) isues that significantly impact the
Group and its stakeholders, including investors. By conducting
regular materiality asesments, these material ESG isues are
identified and reviewed by the Board.
Quantitative: To complement the quantitative data presented in
the ESG Report, suplementary notes are provided to clarify any
standards, methodologies, and source of conversion factors used
during the calculation of emisions and energy consumption.
Balance: This ESG Report covers an unbiased ilustration of the
Group’s performance during the Reporting Period and avoids
selecting, omiting or presenting formats that may inapropriately
influence a decision or judgement of the reader.
Consistency: The methodologies aplied to colect and calculate
data in the ESG Report are ensured to be consistent with those
used in previous ESG reports, enabling meaningful comparisons
over time. Any changes to the methodologies are detailed within
the ESG Report.
关于本报告
汇报范围
本2025年环境、社会及管治（「ESG」）报告（「报
告」）覆盖2024年4月1日至2025年3月31日期间
（「报告期间」），并集中于本集团于大中华以及东
南亚的业务。于报告期间，该等地区分部对本集
团业务活动作出重大贡献，包括钟表零售及批发
贸易，以及我们自家品牌的钟表供应链管理。本
报告概述本集团于报告期间的可持续发展承诺、
举措、进展及成果。
汇报原则
本报告乃根据香港联合交易所有限公司（「联交
所」）主板上市规则附录C2《环境、社会及管治报
告指引》而编制，符合「不遵守就解释」条文及遵
循以下四项汇报原则—重要性、量化、平衡及一
致性：
重要性：ESG报告概述对本集团及其持份者（包括
投资者）有重大影响的ESG事宜。通过进行定期重
要性评估，董事会已识别并检讨该等重大ESG事
宜。
量化：为补充ESG报告中的量化数据，提供补充
性附注，澄清在计算排放及能源消耗时所使用的
任何标准、计算方法及系数转换的来源。
平衡：本ESG报告不偏不倚地说明本集团于报告
期间的表现，避免可能会不恰当地影响读者决策
或判断的选择、遗漏或呈报格式。
一致性：ESG报告中用于收集及计算数据的方法
确保与过往ESG报告所使用者一致，以便对不同
时间的ESG报告进行有意义的长期比较。方法的
任何变动于ESG报告中详述。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025169
Forward-Loking Statements
This ESG Report contains forward-loking statements based on
the curent expectations, estimates, projections, beliefs, and
asumptions of the Group about the busineses and the markets
in which it and its subsidiaries operate. The forward-loking
statement is not a guarante of future performance and is subject
to market risk, uncertainties, and factors beyond the control of
the Group. Therefore, actual outcomes and returns may difer
from the asumptions and statements in this ESG Report.
Review and Aproval
The board (the “Board”) of directors (the “Directors”) of the
Company acknowledges its responsibility for ensuring the
integrity of the ESG Report. To the best of their knowledge,
this ESG Report adreses al relevant material isues and fairly
presents the Company’s ESG performance. The ESG Report was
reviewed and aproved by the Board on 24 June 2025.
Information and Fedback
The Group strives for excelence and actively welcomes
fedback from its stakeholders. Please contact us by email via
ir@stelux.com.
ABOUT STELUX
Publicly listed in Hong Kong since 1972, Stelux is principaly
engaged in the retail watch busines trading under the name of
“CITY CHAIN”, a leading retailer. The Group also distributes
Swis watch brands “SOLVIL et TITUS” and “CYMA” acros
Hong Kong, Macau, Singapore, Malaysia and Thailand.
Aditionaly, the Group manages the watch suply chain as the
sole wholesale distributor of “GRAND SEIKO” and “CREDOR”
watches in Hong Kong and Macau, as wel as “SEIKO” watches
and clocks in Hong Kong, Macau, Singapore, Brunei and
Malaysia.
前瞻性陈述
本ESG报告载有前瞻性陈述，该等陈述乃以本集
团对其及其附属公司经营的业务及市场的当前预
期、估计、预测、信念及假设为基础。前瞻性陈
述并非未来表现的保证，受市场风险、不确定性
以及非本集团所能控制的因素之影响。因此，实
际结果及回报可能有别于本ESG报告中的估计及
陈述。
审查及批准
本公司董事（「董事」）会（「董事会」）确认其有责任
确保ESG报告的完整性。就彼等所深知，本ESG
报告处理所有相关重要性事宜及公平呈报本公司
的ESG表现。ESG报告于2025年6月24日经由董
事会审查及批准。
资料及反馈
本集团追求卓越，积极欢迎其持份者提供反馈。
持份者可以发送电邮至ir@stelux.com联系我们。
关于宝光
宝光自1972年起在香港公开上市，主要以「时
间廊」（一间居领导地位的零售商）从事零售钟
表业务。本集团亦在香港、澳门、新加坡、
马来西亚及泰国分销瑞士钟表品牌「铁达时」及
「CYMA」。此外，本集团作为「GRAND SEIKO」及
「CREDOR」钟表于香港及澳门以及「精工」钟表于
香港、澳门、新加坡、汶莱及马来西亚的独家批
发经销商管理钟表供应链。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Stelux’ vision
Our vision is to
• beautify and enrich lives through our products and
services.
Stelux’ mision
Our mision is to
• provide high quality products and services of best value to
Stelux’ customers;
- , respect and reward our employes as they develop
together with Stelux;
- , to serve and contribute
by promoting corporate social responsibility; and
- ’ value in a sustainable
maner.
Stelux’ values
Our values are to
- ’ and Stelux’ interests;
- ;
• improve ourselves through continuous learning and
development; and
• be proactive and determined in our execution.
宝光的愿景
我们的愿景是
- ，丰富和美化
您的生活。
宝光的使命
我们的使命是
• 为顾客提供高品质的产品和高价值的服
务；
- 、受到
尊重、获得应得的奖励；
- ，以努力成为社会的一
部分，服务社会，作出贡献；及
- 、保证股东长期权
益。
宝光的价值观
我们的价值观是
- ，以公司利益为重；
- ，更承担结果；
- ，不断改善、自我提升；及
- ，更会坚决执行。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025171
MESAGE FROM THE BOARD
Stelux is comited to embeding sustainability into our busines
and decision-making proceses. The Board of Directors overses
the sustainable development of Stelux and strives to integrate
sustainability considerations into every aspect of our operations.
This is achieved through a comprehensive aproach that
combines “top-down” leadership with “botom-up” participation,
ensuring active involvement from employes at al levels.
As the highest governance body, the Board plays a pivotal role
in supervising and suporting sustainability-related maters. To
ensure efective oversight, the Board delegates responsibility to
the ESG Working Group, which reports anualy to the Board.
The ESG Working Group provides updates on stakeholder
engagement, ESG risk identification, and progres toward
achieving the 2029 ESG Targets established in FY2023/2024.
It also evaluates ESG performance by reviewing progres and
identifying areas for improvement.
We are dedicated to fostering a corporate culture built on
respect for individuals, equitable compensation, and a safe,
productive work environment. These principles are fundamental
to engaging efectively with stakeholders and the broader public.
Our supliers and busines partners play an integral role in our
operations, as we work colaboratively to source, produce, and
deliver premium-quality products to our customers. We maintain
rigorous procedures to ensure that our partnerships align with
our values and met our expectations.
Our customers are esential to our suces, and their continued
suport enables us to deliver high-caliber products and services.
Similarly, our shareholders expect sustainable performance that
reflects robust corporate governance, environmental stewardship,
and active comunity involvement.
We believe that colaborative eforts with like-minded
stakeholders are esential to driving meaningful change. By
fostering transparent dialogue and coperative partnerships,
we aim to create lasting sustainable impacts. Together, we are
comited to advancing toward a resilient and sustainable
future.
Board of Directors
董事会寄语
宝光致力于将可持续发展融入业务和决策流程
中。董事会负责监督宝光的可持续发展，并确保
可持续发展考虑因素已纳入经营的各个范畴。我
们透过各级雇员的积极参与，结合「由上而下」的
领导及「由下而上」的参与来实现此目标。
董事会作为最高管治机构，在监督和支持可持续
发展相关事务方面发挥关键作用。为确保有效
监督，董事会将职责委托给ESG工作小组，该工
作小组每年向董事会报告工作。ESG工作小组负
责提供有关持份者参与、ESG领域风险识别及于
2023/2024财政年度确立的2029年ESG目标进展
的最新情况。另外亦透过审查进度和确定需要改
进的领域来评估ESG绩效。
我们致力于培养尊重个人是基石、报酬公平，以
及工作环境既安全又有利于实现最佳生产力的企
业文化。这种环境是我们与持份者及广大公众有
效合作的基础。供应商及业务合作伙伴在与我
们合作采购、生产及向客户交付优质产品方面
扮演不可或缺的角色，这一点无论怎样强调都不
为过。我们坚持采用各种程序，确保与我们合作
的厂商及供应商有共同价值观，并符合我们的期
望。
客户对我们的成功至关重要。彼等的持续支持使
我们能够提供优质产品及服务。股东期望本集团
持续创造佳绩，与健全的企业管治、环保意识及
积极参与社区活动等原则一致。
我们相信，协同合作对创造持久的可持续影响至
关重要。我们与组织内外的持份者团结一心，承
诺取得更大成就。通过透明的对话及共同努力，
我们致力携手迈向可持续发展的未来。
董事会
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE
Board Governance
Under Stelux’s robust governance structure, the Board overses
al maters related to sustainability to ensure Stelux’s steady
progres towards its long-term comitments and the creation of
values. It also directs the formulation and integration of relevant
policies, which are implemented at every staf level, from
management and functional units to busines departments and
individual employes.
The Board reviews 2029 ESG Targets, identifies and manages
ESG-related risks, aseses climate resilience, and overses other
key sustainability projects. It advises on the prioritization of
ESG tasks, participates in progres reviews and ofers strategic
recomendations.
ESG Working Group
With its primary responsibility to draft Stelux’s sustainability
agenda, the ESG Working Group (the “ESG Working Group”),
comprising the Group’s senior management, mets anualy
to report and evaluate the sustainability performance of their
respective units. Referencing the key performance indicators
outlined in the 2029 ESG roadmap, the ESG Working Group is
charged with the task of giving detailed consideration to and
implementing various initiatives in line with expectations derived
from stakeholder engagement and materiality asesments.
While the ESG Working Group serves a vital role in suporting
the Board by gathering insights through both internal and external
comunications with stakeholders on critical sustainability
topics, the Board reviews and aproves the ESG Report and
the progres of other initiatives anualy. The ESG Working
Group wil also be involved in enterprise risk management to
asist in asesing and identifying the Group’s ESG risks and
oportunities.
It has ben confirmed by the Board that this ESG Report has ben
reviewed and aproved. To the best of the Board’s knowledge,
the Report acurately represents the material isues and the
Group’s aproach to ESG.
企业管治
董事会管治
在宝光稳健的管治架构下，董事会监督与可持续
发展相关的所有事项，以确保宝光在实践其长期
承诺及创造价值方面稳步前进。董事会亦指导相
关政策的制定及整合，在从管理层及职能单位至
业务部门及雇员个人的各个层面加以落实。
董事会审查2029年ESG目标、识别及管理ESG相
关风险、评估气候应对能力及监督其他关键可持
续发展项目。董事会就ESG任务的优先顺序提出
意见、参与进度审查及提供策略性推荐建议。
ESG工作小组
ESG工作小组（「工作小组」）的主要职责是草拟宝
光的可持续发展议程，由本集团高级管理层组
成，每年举行一次会议，以报告及评估彼等各自
单位的可持续发展表现。工作小组负责参照2029
年ESG路线图所概述的关键绩效指标，根据持份
者参与及重要性评估得出的期望，详细考虑及实
施各种举措。
工作小组与持份者就重要可持续发展话题进行内
部及外部沟通收集见解，在支持董事会方面发挥
重要作用，而董事会每年审查及批准ESG报告及
其他举措的进展。ESG工作小组亦将参与企业风
险管理，协助评估及识别本集团的ESG风险及机
遇。
董事会确认，本ESG报告已获审查及批准。据董
事所深知，报告准确呈报重要性事宜及本集团的
ESG方针。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
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STELUX Holdings International Limited
ANUAL REPORT 2025173
Risk Management
A wel-structured risk management framework suports efective
risk management in asociation with its strategies and busines
objectives throughout Stelux’s day-to-day operation. More
information about our Risk Management and Internal Control
governance framework can be found in our Anual Report 2025,
from pages 223 to 229.
COMPLIANCE MANAGEMENT
The Group is comited to complying with relevant laws and
regulatory requirements and ensures compliance through the
formulation of various busines ethics policies and Employe
Handbok. To reduce operational, reputational, and financial
risks, Stelux has identified laws and regulations that are
considered material to the Group’s operations and has established
policies to ensure compliance. These include, but are not limited
to the folowing laws and regulations:
Aspect
方面
Region
地区
Laws and regulations
法律及法规
EnvironmentHong KongAir Polution Control Ordinance
Waste Disposal Ordinance
Water Polution Control Ordinance
环境香港《空气污染管制条例》
《废物处置条例》
《水污染管制条例》
Mainland ChinaEnvironmental Protection Law of the People’s Republic of China
Law of the People’s Republic of China on the Prevention and Control on
Environmental Protection by Solid Wastes
Law of the People’s Republic of China on the Prevention and Control of
Atmospheric Polution
Law of the People’s Republic of China on Prevention and Control of Water Polution
中国内地《中华人民共和国环境保护法》
《中华人民共和国固体废物污染环境防治法》
《中华人民共和国大气污染防治法》
《中华人民共和国水污染防治法》
风险管理
在宝光的日常经营中，结构合理的风险管理框架
支持与其策略及业务目标相关的有效风险管理。
有关风险管理及内部监控管治框架的更多资料，
可查阅2025年报第223至229页。
合规管理
本集团致力遵守相关法律及监管规定，通过制定
各种商业道德政策及雇员手册确保合规。为降低
营运、声誉及财务风险，宝光已确定被视为对本
集团经营具有重大影响的法律及法规，并已制定
政策以确保合规。该等法律及法规包括但不限于
以下法律及法规：
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Aspect
方面
Region
地区
Laws and regulations
法律及法规
MacauEnvironmental Act (No. 2/91/M)
Law No. 8/2014
澳门第2/91/M号法律《环境纲要法》
第8/2014号法律
MalaysiaEnvironmental Quality Act 1974
Environmental Quality (Clean Air) Regulations 1978
Environmental Quality (Sewage and Industrial Efluents) Regulations 1979
马来西亚1974年《环境质量法》
1978年《环境质量（清洁空气）条例》
1979年《环境质量（污水及工业废水）条例》
SingaporeEnvironmental Protection and Management Act
Environmental Public Health Act
Hazardous Waste (Control of Export, Import and Transit) Act
Sewage and Drainage Act
新加坡《环境保护和管理法》
《环境公共健康法》
《危险废物（出口、进口和过境管制）法》
《废水和排水法》
ThailandEnhancement and Conservation of the National Environmental Quality Act, B.E.
2535, enacted in 1992
泰国于1992年制定的《国家环境质量促进和保护法》B.E. 2535
EmploymentHong KongOcupational Safety and Health Ordinance
Fire Safety Ordinance
Employment Ordinance
Employes’ Compensation Ordinance
Sex Discrimination Ordinance
Disability Discrimination Ordinance
Personal Data (Privacy) Ordinance
Minimum Wage Ordinance
雇佣香港《职业安全及健康条例》
《消防安全条例》
《雇佣条例》
《雇员补偿条例》
《性别歧视条例》
《残疾歧视条例》
《个人资料（私隐）条例》
《最低工资条例》
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ANUAL REPORT 2025175
Aspect
方面
Region
地区
Laws and regulations
法律及法规
Mainland ChinaLabour Law of the People’s Republic of China
Labour Contract Law of the People’s Republic of China
Social Insurance Law of the People’s Republic of China
Law of the People’s Republic of China on Protection of Minors
Production Safety Law of the People’s Republic of China
Law of the People’s Republic of China on the Prevention and Treatment of
Ocupational Diseases
Regulation on Work Related Injury Insurances of the People’s Republic of China
中国内地《中华人民共和国劳动法》
《中华人民共和国劳动合同法》
《中华人民共和国社会保险法》
《中华人民共和国未成年保护法》
《中华人民共和国安全生产法》
《中华人民共和国职业病防治法》
《中华人民共和国工伤保险条例》
MacauLaw No. 8/2020 “Amendments to Law No. 7/2008 (Labour Relations Law)”
Worker’s Minimum Wage law (Law No. 5/2020)
Maternity Leave Pay Subsidy Measure (Administrative Regulation No.20/2020)
Law on Employment of Non-Resident Workers (Law No. 21/2009)
澳门第8/2020号法律—《修改第7/2008号法律《劳动关系法》
第5/2020号法律—《雇员的最低工资》
第20/2020号行政法规—《产假报酬补贴措施》
第21/2009号法律—《聘用外地雇员法》
MalaysiaChildren and Young Persons (Employment) Act 1966
Employment (Amendment) Act 2022
Employes Provident Fund Act 1991 (Amended 2022)
P.U.(A) 133/2021 – Income Tax (Deduction for Value of Benefit Given to
Employes) (Amendment) Rules 2021
马来西亚1966年《儿童及青年（就业）法》
2022年《劳工法修订案》
1991年《雇员公积金法》（2022年修订）
P.U.（A） 133/2021－2021年《所得税（扣除雇员福利价值）（修订）规则》
SingaporeEmployment Act
Employment Regulation
Workplace Safety and Health Act
Work Injury Compensation Act
新加坡《雇佣法令》
《雇佣条例》
《工作场所安全与健康法令》
《工伤赔偿法令》
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
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2025年报
Aspect
方面
Region
地区
Laws and regulations
法律及法规
ThailandLabour Protection Act B.E. 2541 (1998) (Amendment B.E. 2562 (2019) and B.E.
2566 (2023)
泰国1998年《劳动保护法》B.E. 2541（B.E.2562 （2019年）及B.E. 2566（2023年）修订）
Products and
Service
Hong KongTrade Descriptions Ordinance
Personal Data (Privacy) Ordinance
Consumer Gods Safety Ordinance
Copyright Ordinance
Trade Marks Ordinance
Patents Ordinance
Controls of Exemption Clauses Ordinance
Sales of Gods Ordinance
产品及服务香港《商品说明条例》
《个人资料（私隐）条例》
《消费品安全条例》
《版权条例》
《商标条例》
《专利条例》
《管制免责条款条例》
《货品售卖条例》
Mainland ChinaAdvertising Law of the People’s Republic of China
Law of the People’s Republic of China on Product Quality
Law of the People’s Republic of China on Protection of Consumer Rights and
Interests
Patent Law of the People’s Republic of China
Trademark Law of the People’s Republic of China
Cyber Security Law of the People’s Republic of China 2016
National Standard of the People’s Republic of China-Information Security
Technology-Personal Information Security Specification 2020
Data Exit Security Asesment Measures 2022
Data Security Law of the People’s Republic of China 2021
Personal Information Protection Law of the People’s Republic of China 2021
中国内地《中华人民共和国广告法》
《中华人民共和国产品质量法》
《中华人民共和国消费者权益保护法》
《中华人民共和国专利法》
《中华人民共和国商标法》
2016年《中华人民共和国网络安全法》
2020年《中华人民共和国家标准—信息安全技术个人信息安全规范》
2022年《数据出境安全评估办法》
2021年《中华人民共和国数据安全法》
2021年《中华人民共和国个人信息保护法》
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025177
Aspect
方面
Region
地区
Laws and regulations
法律及法规
MacauPersonal Data Protection Law (Law No. 8/2005)
Consumer Rights and Interests Protection Law (Law No. 9/2021)
澳门第8/2005号法律—《个人资料保护法》
第9/2021号法律—《消费者权益保护法》
MalaysiaPersonal Data Protection Act 2010
Consumer Protection (Amendment) Act 2019
Sale of Gods Act (Amendment and Extension) Act 1990
马来西亚2010年《个人资料保护法令》
2019年《消费者保护法》（修正案）
1990年《货品销售法》（修正案及延续）
SingaporePersonal Data Protection (Amendment) Act
Cybersecurity Act
Consumer Protection (Fair Trading) Act
Consumer Protection (Trading Description and Safety Requirements) Act
Sale of Gods Act
新加坡《个人资料保护修正法》
《网络安全法》
《消费者保护（公平交易）法》
《消费者保护（交易说明与安全要求）法》
《货物销售法》
ThailandPersonal Data Protection Act B.E. 2562 (2019)
Consumer Protection Act B.E. 2522 (1979)
泰国2019年《个人资料保护法》B.E. 2562
1979年《消费者保护法》B.E. 2522
Busines EthicsHong KongPrevention of Bribery Ordinance
Anti-Money Laundering and Counter-Terorist Financing Ordinance
商业道德香港《防止贿赂条例》
《打击洗钱及恐怖分子资金筹集条例》
Mainland ChinaAnti-Money Laundering Law of the People’s Republic of China
Anti-Unfair Competition Law of the People’s Republic of China
Criminal Law of the People’s Republic of China
Tendering and Biding Law of the People’s Republic of China
中国内地《中华人民共和国反洗钱法》
《中华人民共和国反不正当竞争法》
《中华人民共和国刑法》
《中华人民共和国招标投标法》
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Aspect
方面
Region
地区
Laws and regulations
法律及法规
MacauLaw No. 2/2006: Prevention and Supresion of the Crime of Money Laundering
Law
澳门第2/2006号法律 – 预防及遏止清洗黑钱犯罪
MalaysiaAnti-Coruption Comision Act 2009
马来西亚2009年《反贪污法》
SingaporePrevention of Coruption Act
新加坡《预防贪污法》
ThailandOrganic Act on Anti-Coruption B.E 2561. (2018)
泰国2018年《反腐败组织法》B.E 2561.
During the Reporting Period, the Group was not aware of
any material non-compliance with environmental and social
laws and regulations. The Group wil continue to review the
aplicable laws and regulations that have a significant impact on
the busines operations of the Group in diferent regions, as wel
as other circumstances that may cause a material impact on the
Group.
STAKEHOLDER ENGAGEMENT
Active stakeholder engagement lies at the core of our
sustainability strategy, empowering us to embrace diverse
perspectives and foster meaningful colaboration. The major
stakeholder groups and the engagement chanels we use to
facilitate ongoing comunications are listed below.
于报告期间，本集团并不知悉任何严重违反环境
及社会法律及法规的情况。本集团将继续审阅对
本集团不同地区业务经营有重大影响的法律及法
规（如适用），以及可能对本集团造成重大影响的
其他情况。
持份者参与
积极与持份者沟通是我们可持续发展策略的核
心，它使我们能够接纳多元化的观点，并促进有
意义的合作。以下列出了主要的持份者群组以及
我们用于促进持续沟通的参与渠道。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025179
Stakeholders
持份者
Engagement Chanels
参与渠道
Expectations
期望
Employes• Regular performance apraisal
• Training and workshops
• Internal anouncement
• Remuneration and benefits
• Equal oportunities
• Carer development
• Ocupational health and safety
雇员• 定期表现评核
• 培训及工作坊
• 内部公告
• 薪酬及福利
• 平等机会
• 职业发展
• 职业健康与安全
Shareholders and investors• Anual general meting
• Financial reports
• Anouncements and circulars
• Financial performance
• Information transparency
• Shareholder rights protection
• Complaint operation
股东及投资者• 股东周年大会
• 财务报告
• 公告及通函
• 财务表现
• 信息透明度
• 股东权利保护
• 投诉操作
Customers• Customer service hotline and email
• Company website
• Customer satisfaction survey
• Customer privacy protection
• High quality customer services
• Busines ethic and integrity
客户• 客户服务热线及电邮
• 公司网站
• 客户满意度调查
• 客户私隐保护
• 优质客户服务
• 商业道德及诚信
Supliers and busines
partners
• Suplier conferences and metings
• Suplier performance evaluation
• Suply chain management
• Fair and open procurement
• Mutual benefit
供应商及业务伙伴• 供应商大会及会议
• 供应商表现评估
• 供应链管理
• 公平及公开采购
• 共同利益
Government and
regulatory authorities
• Regular performance and supervision
and evaluation
• Writen or electronic corespondences
• Government pres release
• Compliance with laws and regulations
• Corporate governance
政府及监管机构• 定期表现及监督及评估
• 书面或电子通讯
• 政府新闻稿
• 遵守法律及法规
• 企业管治
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Stakeholders
持份者
Engagement Chanels
参与渠道
Expectations
期望
Comunity• Comunity events
• ESG Reports
• Comunity participation
• Corporate social responsibility
• Providing job oportunities
• Environmental protection
社区• 社区活动
• ESG报告
• 社区参与
• 企业社会责任
• 提供就业机会
• 环境保护
MATERIALITY ASESMENT
The materiality asesment proces is crucial for the Group, as
stakeholders’ inputs are esential for determining task priorities,
improving execution strategies, and enhancing reporting
standards to adres their ESG concerns and facilitate progres
toward our 2029 ESG Targets. A 3-step aproach, as indicated
below, has ben adopted to ases the materiality of ESG isues:
Identification: We identified and refined the list of sustainability
isues related to the Group’s economic, environmental, and
social impacts and performance based on industry research
and per benchmarking. We grouped 16 ESG topics into 4 key
themes:
• Environment
• Employes
• Busines Ethics and Quality Services
• Society
Prioritisation: We engaged our stakeholders, including
employes, shareholders and investors, customers, supliers,
and busines partners, government and regulatory authorities,
and the comunity through online surveys on a regular basis.
Stakeholders ranked the ESG topics acording to their perceived
importance to the Group on a scale of 1 to 6, with ‘1’ being not
important at al and ‘6’ being very important. The ESG topics
were ploted in a matrix that shows their degre of importance
to stakeholders relative to the significance of their impact on the
Group’s busines.
重要性评估
重要性评估流程对集团至关重要，因为持份者的
意见对于确定任务优先事项、改善执行策略和提
高报告标准以处理他们的ESG担忧并促进我们实
现2029年ESG目标至关重要。如下文所示，我们
已就评估ESG事宜的重要性采纳三步法：
识别：我们根据行业调查及同业基准调整，识别
及完善与本集团经济、环境及社会影响及表现相
关的可持续发展事宜清单。我们将16个ESG议题
分为四组关键主题：
• 环境
• 雇员
• 商业道德及优质服务
• 社会
优先排序：我们通过线上调查与持份者（包括雇
员、股东及投资者、客户、供应商及业务伙伴、
政府及监管机构以及社区）定期沟通。持份者根
据ESG议题对本集团的重要性从1至6排序，「1」代
表完全不重要，「6」代表非常重要。ESG议题绘制
成矩阵，显示对持份者的重要程度相对于对本集
团业务影响的重要性。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025181
Validation: We gathered qualitative fedback from our
stakeholder review panel to validate the ranked results. The
ESG Working Group, with the asistance of the independent
consultant, reviewed and aproved the scope, topic boundaries,
and completenes of the prioritised material topics.
Materiality Matrix
We engaged an independent ESG consultant to perform a
refreshed comprehensive materiality asesment in the Reporting
Period, and the findings have ben presented in the Materiality
Matrix below.
(cid:31)
(cid:30)
(cid:29)(cid:28)
(cid:27)
(cid:26)
(cid:25)
(cid:29)(cid:30)
(cid:29)(cid:29)
(cid:29)(cid:24)(cid:29)(cid:23)
(cid:29)(cid:28)
(cid:29)(cid:27)
(cid:29)(cid:26)
(cid:24)
(cid:22)
Impact on Busines
对业务发展的重要性
I
m
p
a
c
t
o
n
S
t
a
k
e
h
o
l
d
e
r
s
对
持
份
者
的
重
要
性
验证：我们向持份者审阅小组收集定性反馈，以
验证排序结果。ESG工作小组在独立顾问的协助
下，审查及批准优先重要议题的范围、议题界限
及完整性。
重要性矩阵
我们委托了独立的ESG顾问，在报告期间内进行
了一次更新的全面重要性评估，评估结果已在下
面的重要性矩阵中呈现。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Environment
环境
Employes
雇员
Busines Ethics
and Quality Services
商业道德及优质服务
Society
社会
1. Emision Control
1. 排放控制
5. Diversity and Equal
Oportunities
5. 多元化及公平机会
9. Suply Chain
Management
9. 供应链管理
16. Corporate Social
Responsibility
16. 企业社会责任
2. Use of Resources
2. 资源使用
6. Anti-child and
anti-forced labour
6. 反童工及反强制劳工
10. Protection of intelectual
property rights
10. 保护知识产权
3. Waste Management
3. 废弃物管理
7. Ocupational Health
and Safety Management
7. 职业健康及安全管理
11. Data Privacy and
Protection
11. 数据私隐及保护
4. Climate resilience
4. 气候应对能力
8. Development and
Training
8. 发展及培训
12. Product Safety
12. 产品安全
13. Product Quality and
Asurance
13. 产品质量及保证
14. Customer Services
14. 客户服务
15. Busines Ethics and
Anti-coruption
15. 商业道德及反贪污
The ESG Working Group reviewed and confirmed that the high-
priority material topics identified hold significant importance
to our stakeholders and busines. In the latest update to our
materiality matrix, “Protection of Intelectual Property Rights”
has ben replaced with “Data Privacy and Protection” within
the top five high-priority topics. This adjustment underscores
stakeholders’ heightened focus on emerging concerns related to
data security while maintaining our comitment to adresing
other critical priorities.
ESG工作小组在审阅后确认，已识别的优先重要
议题对持份者及我们的业务发展极为重要。在最
近更新的重要性矩阵中，前五大优先议题中的
「保护知识产权」已被「数据私隐及保护」取代。在
我们致力应对其他重大优先议题的同时，这项调
整反映了持份者对与数据安全有关的新兴议题高
度关注。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025183
CLIMATE RESILIENCE AND ADAPTATION
Climate change poses profound chalenges that impact
comunities acros the globe. In alignment with the national
dual-carbon target and Hong Kong’s Climate Action Plan 2050,
we are comited to taking decisive action to adres these
presing isues. We enhanced our climate-related disclosures by
refering to the new International Sustainability Standards Board’s
IFRS S2 standards to ensure transparency and consistency. We
consolidated our aproaches to the four thematic categories,
including Governance, Strategy, Risk Management and Metrics
and Targets.
Governance
The Board of Directors holds ultimate responsibility for
overseing climate-related risks and oportunities (“CRO”),
providing leadership, and making strategic decisions to adres
climate change. The Board, suported by members with climate-
related expertise through regular training. Climate isues are
a standing agenda item, reviewed at least anualy to ensure
alignment with strategic priorities.
The ESG Working Group, reporting anualy to the Board,
executes these decisions by identifying and asesing CRO,
proposing actionable recomendations, and guiding
departments in implementing mitigation measures. The Group
uses a risk asesment framework to prioritize climate risks based
on likelihod and financial impact. Climate risk management is
fuly integrated into the company’s enterprise risk management
system, ensuring a cohesive aproach to adresing climate-
related chalenges.
Strategy
At the strategic level, we embed climate considerations into our
busines model to drive sustainable growth while minimizing
environmental impacts. Our aproach strikes a balance betwen
economic performance and climate resilience, aligning with
Hong Kong’s Climate Action Plan 2050 and the national dual-
carbon goals.
应对及适应气候
气候变化带来巨大挑战，影响全球各地的社区。
为配合国家的双碳目标以及《香港气候行动蓝图
2050》，我们致力采取果断行动，应对与气候变
化相关的迫切问题。我们参考国际可持续准则理
事会新订的国际财务报告准则S2号的标准，加强
气候相关披露，确保透明度与一致性。我们将方
针落实到四个主题分类，即治理、策略、风险管
理以及指标与目标。
治理
对于监督气候相关风险和机遇（「气候相关风险和
机遇」）、提供指导及作出应对气候变化的策略性
决策，董事会负有最终责任。董事会成员通过定
期培训而掌握气候相关专业知识。气候议题为常
设议程项目，至少每年检讨一次，确保与策略优
先次序一致。
ESG工作小组每年向董事会汇报，并透过识别和
评估气候相关风险和机遇、提出可行建议及指导
各部门实施缓解措施，执行上述决策。本集团采
用风险评估框架，根据可能性及财务影响来排定
气候风险的优先顺序。气候风险管理已彻底融入
本公司的企业风险管理系统，确保以贯彻一致的
方式来应对气候相关挑战。
策略
在策略层面上，我们将气候因素纳入业务模式，
在推动可持续增长的同时，尽量减少对环境造成
的影响。我们的方针，是在经济表现与气候韧性
之间取得平衡，并与《香港气候行动蓝图2050》及
国家双碳目标保持一致。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
We have identified climate-related risks and oportunities that
influence our cash flows, aces to finance, and cost of capital
acros short, medium, and long-term horizons. Physical risks,
such as typhons, pose operational disruptions, while transition
risks, like carbon pricing, may elevate costs. On the other hand,
oportunities include the development of low-carbon products
and leveraging gren financing, which shape our suply chain,
product oferings, and capital alocation strategies.
To ensure resilience, Stelux conducted an asesment of climate
risks and oportunities impacting our watches and jewelry
busines under two scenarios:
1.5°C Low-Emision Scenario (“NGFS Net Zero 2050”):
This scenario projects limiting global warming to 1.5°C by 2050.
Stricter regulations, like carbon taxes, wil increase manufacturing
costs. However, strategic investments in sustainable operations
and suply chains ofer significant oportunities for resilience
and competitive advantage.
We are exploring energy-eficient technologies, enhanced suply
chain traceability, and repair programs to reduce costs and met
consumer demand for durable watches.
4°C High-Emision Scenario (“NGFS Curent Policies”):
More frequent typhons disrupt store operations, leading to
increasing repair costs and lost sales. Aditionaly, suply chain
delays for materials result in higher costs.
These scenario analysis inform our strategic direction, enabling us
to adapt to climate chalenges while advancing sustainable retail
practices and fostering long-term growth.
我们已识别出会影响我们短、中、长期现金流、
融资渠道及资本成本的气候相关风险和机遇。台
风等实体风险会造成营运中断，而碳定价等过渡
风险则可能会抬高成本。另一方面，出现了开发
低碳产品及利用绿色融资等机遇，我们的供应
链、产品种类及资本分配策略都会因应这些机遇
而作出改变。
宝光为了确保复原力，对以下两个情景下影响我
们钟表珠宝业务的气候风险和机遇进行了评估：
摄氏1.5度低排放情景（「监管机构绿色金融网络
2050年前达致净零」）：
这情景预测2050年全球暖化将限制在摄氏1.5°C
以内。碳税等更严苛的法规会增加钟表生产的成
本，但对可持续的营运和供应链策略性的投资提
供重要机会以提升韧性和竞争优势。
我们正在探索节能技术、增强供应链可追溯性和
维修方案，以降低成本及满足消费者对耐用手表
的需求。
摄氏4度高排放情景（「监管机构绿色金融网络现
行政策」）：
台风更频繁地发生，会妨碍店舖营运，导致维修
成本上涨及销售损失，而材料的供应链延误，亦
会导致成本上涨。
上述情景分析为我们的策略方向提供了参考，有
助我们适应气候挑战，同时推动落实可持续零售
惯例，促进长期增长。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025185
Risk Management
The ESG Working Group overses climate-related risks and
oportunities, ensuring their integration into our strategic and
risk management frameworks, in line with the Task Force on
Climate-related Financial Disclosures (“TCFD”) and the Stock
Exchange guidelines. We conduct anual risk asesments,
analysing these risks acros short-term (1 year), medium-term (3
years) and long-term (5+ years) horizons, while considering our
busines operations and geographic presence acros Asia.
Risk Type
风险类型
Financial Impact
财务影响
Time
horizon
时间跨度
Stelux’s Strategy
宝光的策略
Physical Risks
实体风险
Typhon• Revenue los from store
disruptions and reduced
customer visits
Short term• Ases disaster risks at each location;
develop emergency plans and
resilient infrastructure
台风• 店舖营运受阻、客流减少，导
致收入损失
短期• 评估每个地点的灾害风险；制定紧
急应变计划以及具抗灾能力的基建
Heavy Rains• Increased costs from employe
absenteism and suply chain
delays
Medium
term
- ; diversify
logistics for product deliveries
暴雨• 员工缺勤、供应链延误，导致
成本增加
中期• 实施安全措施；实现产品交付的物
流多元化
Transition Risks
过渡风险
Policy and Legal• Higher compliance costs from
new climate regulations
Medium
term
• Monitor regulatory developments to
ensure compliance
政策及法律• 新的气候法规导致合规成本上
升
中期• 监控法规的制定情况，确保合规
Technology• Costs for adopting low-carbon
manufacturing proceses
Long term• Evaluate and adopt sustainable
technologies for production
技术• 采用低碳制程的成本长期• 评估并采用可持续生产技术
Market and
Reputation
• Reduced investor confidence
due to weak climate action
Long term• Engage stakeholders to met
sustainability expectations
市场及声誉• 因气候行动不力而降低投资者
信心
长期• 透过持份者参与，符合持份者对可
持续发展的期望
风险管理
ESG工作小组负责监督气候相关风险和机遇，确
保将其融入我们的策略及风险管理框架，并符合
气候相关财务披露工作小组（「TCFD」）及香港联交
所的指引。鉴于我们的业务营运遍布亚洲各地，
因此我们每年都会进行风险评估分析短期（1年）、
中期（3年）和长期（5年以上）的风险。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Risk Type
风险类型
Financial Impact
财务影响
Time
horizon
时间跨度
Stelux’s Strategy
宝光的策略
Oportunities
机遇
Product Longevity• Strengthens customer retention,
stabilising revenue and
enhancing resilience against
market and regulatory presures
Medium
term
• Explore the feasibility of investing
in the development of sustainable
product lines
产品寿命• 强化客户留存，稳定收入及增
加抵御市场和监管压力的能力
中期• 探讨投资研发可持续产品线的可行
性
Gren Financing• Aces to lower-cost capital for
climate initiatives
Medium
term
• Pursue financing options to suport
energy-eficient upgrades
绿色融资• 取得成本较低的资金来进行气
候行动
中期• 寻求支援节能升级的融资方案
Metrics and Targets
We measure and report our energy consumption and the scope
1, 2 and some scope 3 carbon emisions from our operations in
acordance with the listing rules of Stock Exchange and in line
with the GHG Protocol.
In FY2023/2024, we set clear objectives aimed at minimizing
the environmental impact of our Group and its operations. The
Group conducts regular reviews to monitor progres and ensure
alignment with these environmental targets.
Focus Area2029 Target (Compared to a FY2023/2024 baseline)Progres in FY2024/2025
重点领域2029年目标（与2023/2024财政年度基准线相比较）2024/2025财政年度进展
GHG Emisions2% reduction on GHG emisions intensity by 2029Emisions intensity increased by
12% due to the busines operation
温室气体排放因业务运作上升
12%
温室气体排放在2029年或之前将温室气体排放密度减少2%
Waste2% reduction on Non-Hazardous Waste intensity by 2029Waste intensity decreased by 3%
through enhanced recycling and
sustainable packaging
废弃物密度因增强回收同可持续
包装下降3%
废弃物在2029年或之前将无害废弃物密度减少2%
Energy2% reduction on Energy consumption intensity by 2029Energy intensity increased by 14%
due to higher production to met
market demand
能源消耗密度因生产量增加，以
满足市场需求上升14%
能源在2029年或之前将能源消耗密度减少2%
指标与目标
我们根据联交所上市规则并参照温室气体盘查议
定书，计量并汇报我们在营运时的能源消耗以及
范围1、范围2及部分范围3的碳排放量。
于2023/2024财政年度，我们定下明确目标，旨
在将本集团及其营运对环境造成的影响减至最
低。本集团定期进行检讨，监察进度，确保我们
的营运与环境目标一致。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025187
ENVIRONMENTAL PROTECTION
As environmental polution has become increasingly serious,
governments acros the globe have established stricter
environmental laws. The Group strictly complies with relevant
laws and regulations related to the emisions of exhaust gases
and grenhouse gas (“GHG”), polution discharge to water
and land, and the production of hazardous and non-hazardous
waste. During the Reporting Period, the Group was not aware
of any significant material non-compliance isues with laws and
regulations that may have a significant impact on the busines
operations of the Group in diferent regions or are related to
environmental laws and regulations.
ENVIRONMENTAL MANAGEMENT
Air Emisions
The Group’s air emisions primarily originate from the exhaust
of motor vehicles owned by the Group. Even though these air
emisions are considered imaterial to the Group, we encourage
employes to reduce the usage of these motor vehicles. In
response to the above source, the folowing emision reduction
measures are actively adopted:
- ;
• Conducting regular vehicle maintenance to ensure that the
vehicles operate at maximum eficiency;
- ; and
• Requiring that idling engines be switched of.
Types of Air Emisions
气体排放类型
Unit
单位
2025年
2024年
Nitrogen Oxides (NOx)tones0.500.52
氮氧化物（NOx）吨0.500.52
Sulphur Oxides (SOx)tones0.0010.001
硫氧化物（SOx）吨0.0010.001
Particulate Mater (PM)tones0.040.05
悬浮粒子（PM）吨0.040.05
环境保护
随著环境污染日益严重，各国政府均已收紧环境
法律。本集团严格遵守与废气及温室气体（「温室
气体」）排放、向水及土地排放污染物以及产生有
害及无害废弃物相关的法律及法规。于报告期
间，本集团并不知悉任何严重违反法律及法规而
可能对本集团在不同地区的业务经营造成重大影
响，或与环保法律及法规有关的严重违规事项。
环境管理
气体排放
本集团的废气排放主要来自本集团拥有的汽车产
生的废气。尽管本集团认为该等气体排放的重要
性不大，我们鼓励雇员减少使用该等车辆。针对
上述排放源头，我们已积极采取以下减排措施：
- ；
- ，确保车辆以最高效率运
行；
- ；及
- 。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Grenhouse Gas (GHG) Management
During the Reporting Period, the GHG emisions generated by
the Group were mainly the direct emisions from the Group’s
motor vehicles (“Scope 1”), the indirect emisions from electricity
use (“Scope 2”) and the disposal of paper (“Scope 3”). The
Group caried out measures to reduce the air and grenhouse
gas emisions. In response to the above source, the folowing
emision reduction measures are actively adopted:
Air Conditioning and Ventilation Systems
- , deactivate air conditioning units in sections
that are unocupied;
• Draw blinds or curtains to block direct sun rays and
minimize heat in the ofice during suny periods; and
- ’s end to reduce direct
sunlight and heat entering the workplace.
Computer Systems
- , monitors, and printers
after work or during extended absences; and
- , turn on only if neded.
Lighting Systems
- ; and
- , switch of lights in unused sections and reduce
lighting in sparsely ocupied areas, except for the front
desk and main coridors.
温室气体管理
于报告期间，本集团产生的温室气体排放主要来
自本集团车辆的直接排放（「范围1」）、用电的间接
排放（「范围2」）及纸张处置（「范围3」）。本集团采
取措施减少气体及温室气体排放。针对上述排放
源头，我们已积极采取以下减排措施：
空调及通风系统
- ，关掉无人区域的空调设
备；
- ，阻挡阳
光直射，尽量减低办公室的热度；及
- ，减少阳光直射
及工作场所的热度。
电脑系统
• 鼓励办公时间结束后或长期缺勤时关闭电
脑、显示器及打印机；及
- ，仅在有需要时开
启。
照明系统
- ；及
- ，减少人员稀少
区域的灯光，惟前台及主要走廊除外。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025189
The Group wil continue to evaluate, record, and disclose anual
grenhouse gas emisions, along with other environmental data,
to ases the efectivenes of curent measures. This wil facilitate
the formulation of future emision reduction targets.
Scope of GHG Emisions
温室气体排放范围
Unit
单位
2025年
2024年
Direct Emisions (Scope 1)tCO2e158.18171.94
直接排放（范围1）吨二氧化碳当量158.18171.94
Energy Indirect Emisions (Scope 2)tCO2e1,299.431,491.22
能源间接排放（范围2）吨二氧化碳当量1,299.431,491.22
Other Indirect Emisions (Scope 3)tCO2e29.8838.73
其他间接排放（范围3）吨二氧化碳当量29.8838.73
Total GHG EmisionstCO2e1,487.481,701.89
温室气体排放总量吨二氧化碳当量1,487.481,701.89
GHG Emisions Intensity
tCO2e/employe2.312.06
温室气体排放密度
吨二氧化碳当量╱雇员2.312.06
1. GHG emision data is presented in terms of carbon dioxide
equivalent and is based on, but not limited to, “The Grenhouse
Gas Protocol: A Corporate Acounting and Reporting Standards”
isued by the World Resources Institute and the World Busines
Council for Sustainable Development, “Apendix 2: Reporting
Guidance on Environmental KPIs” isued by HKEX, “Global
Warming Potential Values” from the IPC Sixth Asesment Report,
2021 (AR6), the “Anouncement on the Release of Electricity
Carbon Fotprint Factors for the Year 2023” published by the
Ministry of Ecology and Environment of PRC, the “Sustainability
Report 2024” published by CLP Holdings Limited, the “CEM 2023
Sustainability Report’ published by Companhia de Electricidade
de Macau, the “Sustainability Report 2024” published by Tenaga
Nasiona, the “2023 Electricity Grid Emision Factors and Upstream
Fugitive Methane Emision Factor” isued by the Energy Market
Authority of Singapore, and “Energy Policy and Planing Ofice
(EPO) 2024” isued by Thai Government Ministry of Energy.
2. As of 31 March 2025, the Group had a total of 645 (2024: 825)
employes. This data is also utilised for calculating other intensity
metrics.
本集团将继续评估、记录及披露年度温室气体排
放量连同其他环境数据，以评估当前措施的有效
性。这将有助于制定未来减排目标。
- ，并基于
（但不限于）世界资源研究所与世界可持续发展工
商理事会刊发的《温室气体盘查议定书：企业会
计与报告标准》、香港交易所刊发的《附录二：环
境关键绩效指标汇报指引》、政府间气候变化专
门委员会（IPC）2021年第六次评估报告（AR6）中
的「全球暖化潜势值」、中华人民共和国生态环境
部刊发的《关于发布2023年电力碳足迹因子数据
的公告》、中电控股有限公司刊发的《2024可持
续发展报告》、澳门电力股份有限公司刊发的《澳
电2023可持续发展报告》、马来西亚国家能源公
司刊发的《可持续发展报告2024》、新加坡能源
市场管理局刊发的《2023年电网排放因子及上游
甲烷逃逸排放因子》及泰国政府能源部刊发的《能
源政策及规划办公室(EPO) 2024》。
- ，本集团共有645名（2024：
825名）雇员。该数据亦用于计算其他密度指标。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
WASTE MANAGEMENT
Hazardous Waste
During the Reporting Period, the Group observed a significant
increase in hazardous waste generation compared to previous
year. This increase is primarily atributed to the inclusion of
aditional data from operations in Malaysia, Thailand, and
Singapore, as wel as enhancements to its data colection
proceses to ensure more comprehensive and acurate reporting.
Hazardous waste produced mainly consisted of inks from ofice
printing operations and disposal of light emiting diode (“LED”).
Hazardous Waste
有害废弃物
Unit
单位
2025年
2024年
Ink cartridgepieces88.8367
油墨盒个88.8367
Toner cartridgekg22525.91
碳粉盒千克22525.91
Light emiting diode (“LED”)pc628182
发光二极管（「LED」）个628182
Non-Hazardous Waste
The non-hazardous wastes generated by the Group’s busines
activities is mainly paper based. To reduce resource consumption
during daily operations, we have implemented the folowing
measures:
- , as
demonstrated by our Company’s board metings, which
are conducted paper-fre;
• Encouraging the practice of duplex printing to save paper
when printing is necesary;
• Promoting the reuse of paper that has ben printed on only
one side; and
- , to
minimize waste and improve monitoring and control.
废弃物管理
有害废弃物
于报告期间，本集团注意到有害废弃物产生量较
往年显著增加。这显著增加主要归因于纳入（更
多）马来西亚、泰国和新加坡业务数据，以及数
据收集流程的改进，以确保报告更加全面及准
确。产生的有害废弃物主要包括办公室印刷作业
产生的油墨及处置发光二极管（「LED」）。
无害废弃物
本集团业务活动产生的无害废弃物以纸张为主。
为减少日常经营中的资源消耗，我们已推行以下
措施：
- ，本公司的董事会议亦
不会使用纸张；
- ，以节
省纸张；
- ；及
- ，以最大限度减少浪
废及方便监控。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025191
Non-Hazardous Waste
无害废弃物
Unit
单位
2025年
2024年
Papertones6.238.07
纸张吨6.238.07
Non-Hazardous Waste Intensitytones/employe0.010.01
无害废弃物密度吨╱雇员0.010.01
ENERGY CONSERVATION
The Group has established relevant policies and initiatives
on energy conservation to monitor and maximize its energy
eficiency. Al employes are duly notified of the implementation
of these policies and measures. The Group curently has
numerous energy eficiency initiatives in place, including the
folowing:
Reuse of Store Fixtures and Fitings:
- ;
- % to 90%;
- , wod, and
glas, which are easier to reuse and recycle, constituting
80% to 90% of store fixtures and fitings; and
• Implementation ensured by Standard Operating Procedures
(“SOPs”), strict Capital Expenditure (“CAPEX”) control, and
periodic internal audits.
Energy-Eficient Ofice Practices:
• Ofice equipment is turned of or set to power saving mode
after work hours;
- ;
lights are also switched of during lunch hour; and
• Daily or periodic checks by designated ofice security or
administration personel.
节约能源
本集团已制定相关节能政策及措施，以监督及最
大限度提高能源效率。所有雇员均已获正式通知
该等政策及措施的实施。本集团目前已实施多项
节能举措，包括以下各项：
重用店舖的装置和设备：
- ，预期寿命介乎5至7
年；
- %至90%；
- 、木材及玻璃等天然材料，
该等材料较易再利用及循环使用，占店舖
内装置和设备的80%至90%；及
- （「标准作业程序」）、严格的资
本支出（「资本支出」）控制及定期的内部审计
确保政策得以执行。
节能办公惯例：
• 办公时间结束后关掉办公室设备或切换至
节能模式；
- ，在午餐时间
亦关闭照明；及
• 指定办公室保安或行政人员进行日常或定
期检查。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
Travel and Meting Policies:
- ; and
- , video conferencing,
and virtual meting tols such as Zom, Microsoft Teams,
Tencent VoV, WhatsAp and WeChat to minimize travel.
Types of Energy
能源类型
Unit
单位
2025年
2024年
Direct energy consumption
直接能源消耗
• PetrolMWh105.46123.11
• 汽油兆瓦时105.46123.11
• DieselMWh501.87536.49
• 柴油兆瓦时501.87536.49
Indirect energy consumption
间接能源消耗
- ,872.963,238.29
- ,872.963,238.29
Total Energy ConsumptionMWh3,480.293,897.89
能源消耗总量兆瓦时3,480.293,897.89
Energy Consumption IntensityMWh/employe5.404.72
能源消耗密度兆瓦时╱雇员5.404.72
WATER RESOURCES CONSERVATION
The Group conducts its primary busines activities within ofices
and stores. A significant portion of our water usage costs is
covered by the rental fes, which only acount for a fraction of
the total water consumption. The Group’s operations are situated
in regions where there is no significant isue with acesing
water suitable for use. Despite this, we actively strive to reduce
water wastage.
差旅及会议政策：
• 所有员工的商务航空旅程须获预先书面批
准；及
- 、视像会议及虚拟会议
工具（例如Zom、Microsoft Teams、腾讯
VoV、WhatsAp及微信），从而减少外
游。
节约水资源
本集团的主要业务活动在办公室及店舖内进行。
我们用水成本的一大部分由租金支付，而租金仅
占总耗水量的一小部分。在本集团经营所在地区
求取合适水源方面并无重大问题。尽管如此，我
们仍积极努力减少浪费水源。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025193
污水排放
由于本集团的业务性质，本集团的耗水量极少。
此外，供水及排水设施主要由物业管理团队管
理。因此，我们的业务活动不会产生大量的污水
排放。
使用包装材料
在本集团的日常业务经营中，使用包装材料对于
钟表包装以及推广及广告用途至关重要。我们致
力交付最精巧的钟表，同时坚定不移地致力于可
持续发展及环境管理。因此，我们在日常经营的
所有方面（包括销售、促销及送货），非常重视负
责任地使用包装材料。
Indicators
指标
Unit
单位
2025年
2024年
Water consumptionm
1,708.681,815.14
耗水立方米1,708.681,815.14
Water Consumption intensitym
/employe2.652.20
耗水密度立方米╱雇员2.652.20
Sewage Discharge
Due to the nature of the Group’s busines, water consumption
is minimal. Moreover, water suply and discharge facilities are
predominantly managed by the property management team.
Consequently, our busines activities do not generate a material
amount of water discharges.
USE OF PACKAGING MATERIAL
In the Group’s daily busines operations, the use of packaging
materials is esential for watches packaging, as wel as for
promotional and advertising purposes. Our dedication to
delivering the finest watches is matched only by our unwavering
comitment to sustainability and environmental stewardship.
Therefore, we place a strong emphasis on the responsible use of
packaging materials acros al aspects of our daily operations,
including sales, promotions, and product dispatch.
Types of Packaging Material
包装材料类型
Unit
单位
2025年
2024年
Boxestones46.9242.87
盒子吨46.9242.87
Bagstones7.515.44
手提袋吨7.515.44
Tags and Cardstones1.331.32
标签及卡片吨1.331.32
Otherstones0.790.53
其他吨0.790.53
Total Packaging Materialtones56.5450.16
包装材料总量吨56.5450.16
Packaging Material intensitytones/employe0.090.06
包装材料密度吨╱雇员0.090.06
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
EMPLOYMENT AND LABOUR PRACTICES
Talent Atraction and Retention
Our employes are one of the Group’s most valuable asets,
and fostering harmonious employment relationships is a vital
foundation for the Group’s stable and forward progresion. In
recognition of this comitment to fairnes, we have established
an “Employe Handbok” coupled with comprehensive
remuneration frameworks and benefits policies to ensure that
al our staf members receive fair and equitable treatment. We
comply with al relevant laws and regulations in the jurisdictions
in which we operate.
Diversity, Anti-discrimination and Inclusion
The Group is firmly comited to an equal oportunity
employment policy. We ensure a non-discriminatory aproach
toward al job aplicants and employes, disregarding gender,
age, disabilities, ethnicity, race, religion, national origin, sexual
orientation, and gender identity. Discrimination and bias have
no place in our recruitment practices or work environment.
Only job-relevant qualifications, performance, experience,
and competencies are considered for hiring and promotions,
with personal circumstances such as marital status or health
conditions having no bearing. We hire and promote individuals
aligned with our values and work ethics, particularly those
showing initiative, responsibility and integrity.
We prioritise our employes’ work-life balance as it contributes
significantly to their wel-being. Our eforts to provide a positive
working environment include a discrimination- and harasment-
fre workplace, equitable oportunities for al staf members,
and competitive salary packages. Our remuneration and benefits
policies adhere strictly to legal standards and are in line with
curent industry trends, reflecting an individual’s experience
and qualifications. Aditionaly, for certain roles, we implement
performance bonuses and comision structures to reward and
motivate our employes.
雇员及劳工常规
吸引及挽留人才
雇员是本集团最宝贵资产之一，建立和谐的雇佣
关系是本集团稳步向前发展的重要基础。为恪守
这一公平承诺，我们已制定雇员手册以及全面的
薪酬框架及福利政策，以确保全体员工获得公平
公正的待遇。我们遵守我们经营所在司法权区的
所有相关法律及法规。
多元化、反歧视及包容性
本集团坚决贯彻机会平等的雇佣政策。我们确保
对所有求职者及雇员一视同仁，无分性别、年
龄、残疾、民族、种族、宗教、国籍、性取向及
性别认同。我们的招聘工作或工作环境中不容许
歧视及偏见。在招聘及晋升时，我们只会考虑与
工作相关的资格、表现、经验及能力，而不会考
虑婚姻状况或健康状况等个人情况。我们聘用及
晋升与我们的价值观及职业道德一致的人员，尤
其是表现出主动性、责任感及诚信的雇员。
我们优先考虑雇员的工作与生活平衡，因为这对
其健康福祉非常重要。我们努力提供正面的工作
环境，包括无歧视、无骚扰的工作环境，为全体
员工提供公平的机会，以及具有竞争力的薪酬方
案。我们的薪酬及福利政策严格遵守法律标准，
与当前行业趋势一致，反映个人的经验及资格。
此外，对于若干职位，我们实施表现花红及佣金
制度，以奖励及激励雇员。
| 252 |
|---|
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025195
Fair Labour Practices and Employe Benefits
The Group takes care of its staf’s future with retirement benefits
and employe insurance, governed by regional requirements.
Furthermore, we ofer an Educational Asistance Program for
employes who have served more than two years to enhance
their skils and capabilities, as wel as medical benefits for al our
employes.
During the Reporting Period, the Group was not aware of any
material non-compliance with employment-related laws and
regulation that would have a significant impact on the busines
operations of the Group in diferent regions.
As at 31 March 2025, total employes of the Group was 645
(2024: 825). The number of employes by gender, employment
type, age group and geographical region are as folow:
Total workforce by gender
按性别划分的雇员总数
N
u
m
b
e
r
o
f
e
m
p
lo
y
e
e
s
雇
员
人
数
Male
男
Female
女
Total workforce by employment type
按雇佣类型划分的雇员总数
N
u
m
b
e
r
o
f
e
m
p
lo
y
e
e
s
雇
员
人
数
Ful-time Staf
全职员工
Part-time Staf
兼职员工
Total workforce by geographical region
按地区划分的雇员总数
N
u
m
b
e
r
o
f
e
m
p
lo
y
e
e
s
雇
员
人
数
Greater China
大中华区
SEA
亚洲其他地区
Total workforce by age group
按年龄组别划分的雇员总数
N
u
m
b
e
r
o
f
e
m
p
lo
y
e
e
s
雇
员
人
数
18-3435-4445-5455-64>=65
18-34岁35-44岁45-54岁55-64岁>=65岁
公平劳工惯例及雇员福利
本集团根据地区要求，为员工的未来著想，提供
退休福利及雇员保险。此外，我们为服务两年以
上的员工提供教育资助计划，以提高彼等的技能
及能力，以及为全体雇员提供医疗福利。
于报告期间，本集团并不知悉任何严重违反雇佣
相关法律及法规而可能对本集团在不同地区的业
务经营造成重大影响的情况。
于2025年3月31日，本集团雇员总数为645人
（2024：825人）。按性别、雇佣类型、年龄组别
及地区划分的雇员人数如下：
| 32% | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 27% 22% |
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
The total turnover rate of the Group’s employes in Reporting
Period is 39%
. The turnover rate by gender, age group and
geographical region are as folows
:
43%
Employe turnover rate by gender
按性别划分的雇员流失比率
Male
男
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Female
女
Employe turnover rate by age group
按年龄组别划分的雇员流失比率
18-3435-4445-5455-64
63%
=65
18-34岁35-44岁45-54岁55-64岁>=65岁
50%
20%
70%
60%
40%
30%
10%
0%
40%
38%
Employe turnover rate by geographical region
按地区划分的雇员流失比率
Greater China
大中华区
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
SEA
亚洲其他地区
- “Total Turnover Rate” refers to the ratio of the total number of
employes who left the company during the Reporting Period to
the total number of employes at the end of the Reporting Period.
- “Turnover Rate for each specific category” refers to the ratio of the
total number of employes who left a specific category during the
Reporting Period to the total number of employes in that category
at the end of the Reporting Period.
于报告期间，本集团雇员的总流失比率为39%
。
按性别、年龄组别及地区划分的流失比率如下
：
- 「总流失比率」指报告期间离职雇员总数与于报告
期间末雇员总数的比率。
- 「各指定类别的流失比率」指报告期间离开特定类
别的雇员总数与于报告期间末该类别的雇员总数
的比率。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025197
EMPLOYES HEALTH AND SAFETY
Ensuring the health and safety of our employes is a top priority
for us. We are comited to maintaining a workplace where
safety is paramount, and we do this by providing a secure
environment and regularly updating our staf with important
safety information.
The Group has implemented “Security Policies” that outline
workplace safety procedures. These policies and their respective
instructions are acesible to al employes via the intranet. The
target audience for these policies includes drivers, warehousing
employe, ofice staf who frequently move betwen locations,
retail employes, and electricians. We have adopted the
folowing measures:
• Employes are provided with individual workstations and
necesary equipment to perform their duties safely and
eficiently;
- , wel-lit, ventilated, and
regularly cleaned, with clear aisles and aces to first aid
and fire safety equipment;
• Regular maintenance is performed on ofice furniture and
equipment;
• Security measures are implemented to control aces to our
premises, and we adhere to government safety guidelines;
and
• Staf welbeing is suported through initiatives like fre
anual flu vacinations and regular health check-ups for
eligible employes.
雇员健康及安全
确保雇员的健康及安全是我们的首要任务。我们
致力维护一个安全至上的工作场所，为此我们提
供了一个安全的环境，定期向员工提供最新的重
要安全资讯。
本集团实施安全政策，该政策概述工作场所的安
全程序。全体雇员均可通过内联网查阅该等政策
及相关说明。该等政策的目标受众包括司机、仓
储雇员、经常在不同地点之间流动的办公室员
工、零售雇员及电工。我们已采取以下措施：
- ，以
便彼等安全有效地履行职责；
- 、光线充足、通风良好且
定期清洁，过道保持畅通，设有急救及消
防设备；
- ；
- ，控制可进出办公场所的人
士，并坚守政府安全指引；及
• 每年为合资格雇员免费接种流感疫苗及定
期进行身体检查，为员工的健康提供支
持。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
于报告期间，二名销售人员受伤，导致其分别连
续缺勤22天及44天。过去三年（包括报告期间）并
无发生任何工伤致命事故。于报告期间，本公司
并无面临任何涉及人身伤害、身故或财产损失的
重大事故索偿，亦并无经历任何对本公司业务经
营、财务健康或经营业绩造成不利影响的事件。
于报告期间，本集团并不知悉任何严重违反我们
的业务地区的健康及安全相关法律及法规而可能
对本集团造成重大影响的情况。
培训及发展
客户非常重视我们在其购物体验中提供的个性化
服务。我们深知高水准的服务与训练有素的雇员
息相关，因此非常重视员工的发展及培训。我
们制定了全面的发展计划，旨在让员工掌握必要
的技能，以提供一流的服务。
我们通过各种课程促进员工持续学习，该等课程
不仅能提高员工的工作能力，还能促进其个人成
长。我们的培训课程涵盖金融知识、人力资源管
理、数据私隐、安全、营运、产品理解、销售策
略、人际技巧及技术能力。
During the Reporting Period, there were 2 salesperson injuries,
leading to repetitive absences of 22 and 44 days respectively
from their duties. There have ben no work-related fatalities in
the past thre years, including the Reporting Period. Furthermore,
during the Reporting Period, our company did not face any
claims related to significant acidents that involved personal
injuries, fatalities, or property damage, nor did we experience
any events that adversely afected our busines operations,
financial health, or operational results.
Health and safety
健康及安全
Unit
单位
2025年
2024年
2023年
Work-related fatalitiesCases000
工伤致命事故宗000
Work injuriesCases210
工伤宗210
Days lost to work injuriesDays6680
工伤损失天数天6680
The Group was not aware of any material non-compliance with
health and safety-related laws and regulations in our busines
region that would have a significant impact on the Group during
the Reporting Period.
TRAINING AND DEVELOPMENT
Our customers value the personal touch we ofer during their
shoping experience. Recognizing the link betwen high service
standards and wel-trained employes, we put strong emphasis
on staf development and training. With a comprehensive
development plan in place, we aim to equip our staf with the
necesary skils to excel in delivering top-notch service.
We promote continuous learning through a variety of courses
that enhance not only job-related abilities but also personal
growth. Our training programs cover financial literacy, HR
management, data privacy, safety, operations, product insights,
sales strategies, interpersonal skils, and technology proficiency.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025199
为优化培训效果，我们已实施发展及培训政策，
以便监督及管理。在职培训根据员工的个人职责
及独特优势量身定制，为员工提供全面成长的机
会。本集团通过以下详细的培训计划，致力推动
雇员成长：
- ，
以满足当前需求；
- ，为
新员工奠定稳健基础；
- ，内容包括
产品知识、客户服务、有效的销售技巧以
及最新的法律规定；及
- ，以评估效果并监察雇员的发
展。
于报告期间，本集团雇员中65%
已接受培训及每
名雇员的平均培训时数为4.3个小时
。已接受培
训员工及每名雇员完成的平均培训时数的明细如
下：
- 「已培训雇员总百分比」指于报告年度已培训雇员
总数与于报告期间末的雇员总数之比率。
To optimize the impact of our training, we’ve implemented
a Development and Training Policy for oversight and
management. The on-the-job training is tailored to individual
roles and employes’ unique strengths, ofering oportunities for
comprehensive growth. The Group is comited to employe
growth through a detailed training program as below:
• Regular and specialized training for al in-store staf to
adres curent neds;
• Detailed induction and orientation for new hires to establish
a solid foundation;
- , customer service,
efective sales techniques, and legal updates, drawing from
internal and external resources; and
• Post-training evaluations to ases efectivenes and
monitor employe development.
During the Reporting Period, 65%
of the Group’s employes
received training and the average training hours per employe
is 4.3
hours. The breakdown of staf members received training
and average training hours completed per employe are as
folows:
Breakdown of
Employe Trained
已培训雇员明细
Average Training
Hours per Employe
每名雇员的
平均培训时数
(a) by Employe Level(a) 按雇员层级
Senior Management高级管理层2.6%2.5
Midle Management中级管理层31.0%5.0
Supervisor主管5.5%5.9
General Employe普通雇员60.9%3.9
(b) by Employe Category(b) 按雇员类别
Ofice Staf办公室员工47.0%5.6
Shop Staf店舖员工53.0%3.1
(c) by Gender(c) 按性别
Male男性37.9%3.0
Female女性62.1%5.1
- “Total percentage of employes trained” refers to the ratio of the
total number of employes trained during the Reporting Year to
the total number of employes at the end of the Reporting Period.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
- 「平均培训时数」指于报告年度雇员的总培训时数
与于报告期间参与培训的雇员总数之比率。
- 「已培训雇员明细」指于报告期间已培训指定类别
的雇员总数与于报告期间参与培训的雇员总数之
比率。
- 「各指定类别雇员的平均培训时数」指于报告期间
指定类别的雇员总培训时数与于报告期间参与培
训的该类别雇员平均人数之比率。
劳工准则
本集团采取任人唯贤的方针，重视雇员能力以打
造一个高效团队。我们制定了明确的员工政策及
管理控制措施，以确保工作场所的公平性，包括
机会平等、防止性骚扰、禁止童工及强制劳工、
申诉机制、反贪污措施及个人资料保密。
人力资源部必须遵守国家及地方的劳动法，我们
会定期与人力资源部主管进行合规检查。为防止
童工及强制劳工，应征者必须提供有效的身份证
明文件。我们未曾雇用未成年工人。如有任何违
规行为，我们将立即展开调查，并终止合约。
我们的雇员手册概述了工作时间及加班政策，让
雇员了解自身的权利。人力资源部会定期审查考
勤记录，并对强制劳工事件迅速采取行动，包括
解雇及向执法部门举报。
本集团严禁供应商使用童工及强制劳工，于报告
期间，我们的业务区域并无发现严重违规。我们
避免与有使用童工或强制劳工记录的供应商合
作，并会定期评估我们的措施是否持续有效。
供应链管理
本集团透过与我们的价值观一致、秉持公平、诚
信及负责任原则营商的供应商合作，致力生产自
有品牌产品。
- “Average training hours” refers to the ratio of the total training
hours for employes during the Reporting Year to the total number
of employes who participated in training during the Reporting
Period.
- “Breakdown of employes trained” refers to the ratio of the
total number of employes in a specific category trained during
the Reporting Period to the total number of employes who
participated in training during the Reporting Period.
- “Average Training Hours for each specific category” refers to the
ratio of the total training hours of employes in a specific category
during the Reporting Period to the average number of employes
in that category who participated in training during the Reporting
Period.
LABOR STANDARDS
The Group adopts a merit-based aproach, valuing employe
competence to build an eficient team. We have clear staf
policies and management controls that ensure a fair workplace
with equal oportunities, prevention of sexual harasment,
prohibition of child and forced labor, grievance mechanisms,
anti-coruption measures and personal data confidentiality
protection.
HR departments must comply with national and local labor
laws, and we have regular compliance checks with HR heads.
To prevent child and forced labor, candidates must provide valid
identity documents, and we’ve employed no underage workers.
Any violations lead to imediate investigation and termination
of contracts.
Our “Employe Handbok” outlines working hours and
overtime policies to inform employes of their rights. The HR
Department reviews atendance records routinely and takes swift
action, including dismisal and legal reporting, on forced labor
incidents.
The Group strictly forbids child and forced labor among supliers
and, during the reporting period, has sen no significant non-
compliance in our busines regions. We avoid supliers with
records of child or forced labor and regularly ases our measures
for continued efectivenes.
SUPLY CHAIN MANAGEMENT
The Group is comited to producing its house brand products
by colaborating with supliers who uphold our values of
conducting busines in a fair, honest, and responsible maner.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025201
Responsible Procurement
As part of our partnership criteria, we meticulously ases and
audit potential and existing supliers based on a stringent set of
guidelines designed to evaluate everything from compliance with
international and local standards like RoHS, REACH, and CE, to
management suport systems such as ISO and ERP. Aditionaly,
our evaluations consider factory conditions including size,
cleanlines, and safety features, environmental practices
regarding waste treatment and certification, and employe
welfare aspects like acomodation and compliance with
local labor laws. Any suplier failing to met these standards
is either not selected or not renewed upon contract expiration,
emphasizing that these agrements are time-sensitive and
contingent upon satisfactory audit outcomes. Relevant policies
are reviewed at least anualy to ensure their efectivenes.
During the Reporting Period, we have a total of 58 supliers, as
detailed below:
Suply Chain by geographical region按地区划分的供应链
2025年
Greater China大中华区32
SEA亚洲其他地区18
Others其他8
Total总计58
The Group comitment to ethical practices extends to ensuring
our supliers refrain from employing bonded or underage labor
and avoid using toxic materials in their products. We also
encourage our supliers to align with our ethical framework by
adopting Standards of Engagement, which are integral to their
contracts with us. These standards underscore the importance
of fredom from forced labor, equality in employment without
discrimination, fair compensation, safe and healthy working
conditions, embracing sustainability in busines decisions, and
fostering comunity involvement. The Group gives priority to
environmentaly preferable product. Taking transportation cost,
environmental risks, social risks, raw material quality, and other
relevant factors into consideration, the Group choses local
supliers and selects the nearest supliers as wel as apropriate
transportation means to minimize asociated carbon emisions.
Through these rigorous practices, the Group strives to maintain
its reputation for integrity and responsibility in every aspect of
our busines operations.
负责任的采购
作为合作标准的一部分，我们采用专为评估是否
符合RoHS、REACH及CE等国际及地方标准，以
及ISO及ERP等管理支持体系而设计的一套严格指
引，仔细评估及审计准供应商及现有供应商。此
外，我们的评估会考虑厂房条件（包括规模、清
洁度及安全设施）、废弃物处理及认证方面的环
保惯例，以及雇员福利（如住宿及遵守地方劳动
法）。如任何供应商未能达到该等标准，则不会
获选，或在合约到期后不予续约，同时强调该等
协议属时间敏感性，且取决于令人信纳的审查结
果。相关政策至少每年审查一次，以确保其有效
性。于报告期间，我们共有58家供应商，详情如
下：
本集团对道德惯例的承诺延伸至确保我们的供应
商不雇用抵债劳工或未成年劳工，并避免在其产
品中使用有毒材料。我们亦鼓励供应商采用委聘
标准，使其与我们的道德框架保持一致，这亦是
供应商与我们签订合约的重要一环。该等标准强
调不得强制劳工、无歧视的平等就业、公平报
酬、安全健康的工作条件、在业务决策中纳入可
持续发展以及促进社区参与的重要性。本集团优
先考虑采用环保产品。经考虑运输成本、环境风
险、社会风险、原材料品质以及其他相关因素，
本集团选择当地供应商，并选择地点最近的供应
商及适当的运输方式，以尽量减少相关碳排放。
通过该等严格的惯例，本集团努力在业务经营的
各个方面保持其诚信及负责任的声誉。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
PRODUCT RESPONSIBILITY
As a provider of high-quality products and services, we are
deply comited to our responsibilities regarding what we
deliver. Ensuring customer safety is our top priority, and we
diligently monitor our quality control and asurance proceses.
We strictly avoid any false advertising or labeling. Our products
typicaly include waranties, with clear waranty and exchange
policies stated in sales memos. We have standard operating
procedures (SOPs) for after-sales service, waranties, and product
exchanges. During the Reporting Period, the Group was not
aware of any material non-compliance with any laws and
regulations about the quality of products and services provided
that would have a significant impact on the busines operations
of the Group in diferent regions.
Ensuring the Quality of Services
During the Reporting Period, our Customer Services department
recorded 7 complaints, a year-over-year decrease of around
73%. In FY2024/25, we sucesfuly resolved nearly 100% of
inquiries and complaints within this timeframe.
• Customers are encouraged to share their fedback on our
products and services through various chanels such as
service hotlines, leters, emails and social media;
• We are comited to adresing customer complaints
within thre working days, folowing our standard
complaint handling procedures; and
• Our standard resolution proces includes reviewing
product quality, customer service, and product repairs.
产品责任
作为优质产品及服务的提供商，我们对所交付的
产品及服务责任重大。确保客户安全是我们的首
要任务，我们对质量控制及保证流程进行严格监
控。我们严格避免任何虚假广告或标签。我们的
产品一般提供保养期，而保养及退货的政策均于
销售收据明确标示。我们已制订产品售后服务、
产品保养及退货的标准作业程序。于报告期间，
本集团并无发现任何严重违反有关所提供的产品
及服务品质的法律及法规而对本集团在不同地区
的业务经营产生重大影响的情况。
确保服务质量
于报告期间，客户服务部录得7宗投诉，按年减
少约73%。于2024/25财政年度，我们在时限内
成功解决近100%的查询及投诉。
- ，如服务热
线、信件、电邮及社交媒体，分享彼等对
我们的产品及服务的回馈；
- ，在三个
工作日内处理客户投诉；及
- 、
客户服务及产品维修。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025203
Ensuring the Quality of Product
Our Quality Control Department is responsible for quality
control and asurance of our house brand products. A quality
asurance system and procedures are in place and these are
continualy monitored and updated. In FY2024/25, none of our
sold or shiped products were subject to recals due to safety or
health concerns. Our quality asurance system and procedures
include:
• Seting key performance indicators with clear inspection
guidelines and procedures for quality management, for
example, instructions for inspection of components,
reliability tests and procedures for water resistance; and
- , reports on reliability
tests, statistical monthly quality reports and atending
monthly suplier metings to ensure consistent folow-up
on improvement or corective actions.
Recal procedures for our house brand products:
• Customer Services are responsible for monitoring
customer satisfaction levels by colecting customer
coments and analysing defective product return
rates;
• Customer fedback on product quality and repair
service requests are recorded in our after sales service
return and repair job management system;
• Customer Services monitors the monthly defective
product return rate, analyses the results and regularly
reports to our Product Development and Quality
Control Departments and other relevant departments
for posible product problems or potential quality
risks;
- , the Product
Development and Quality Control Departments,
Customer Services and other relevant departments
promptly investigate, to find the posible causes of
product defects, discus the solutions and identify any
necesary improvements in product development;
and
确保产品质量
我们的质量控制部门负责我们的自有品牌产品的
质量控制及保证。我们已实施质量保证体系及程
序，并进行持续监控及更新。于2024/25财政年
度，我们销售或付运的产品均并无因安全或健康
问题而被召回。我们的质量保证体系及程序包
括：
- ，具有明确的检查准则
及质量控制程序，例如部件的检查说明、
可靠性测试及防水程序；及
- 、可靠性测试报告、统
计每月质量报告，并参加每月的供应商会
议，以确保持续跟进改进或纠正措施。
我们自有品牌产品的召回程序：
• 客户服务部负责透过收集客户意见及
分析缺陷产品的退货率来监控客户满
意度水平；
• 客户对产品质量的回馈及维修服务要
求均记录在我们的售后服务退货及维
修工作管理系统中；
• 客户服务部监控每月缺陷产品的退货
率，分析结果并定期向我们的产品开
发及质量控制部以及其他相关部门报
告可能存在的产品问题或潜在的质量
风险；
- ，产品开发及质量
控制部、客户服务部及其他相关部门
及时进行调查，寻找产品缺陷的可能
原因，讨论解决方案，并确定产品开
发中任何必要的改进需求；及
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
• To evaluate and determine whether it is necesary to
recal the products and take any corective actions. If
products are to be recaled, we wil notify customers
and ofer either a return or exchange of the products.
Protection of Intelectual Property Rights
We protect and manage our intelectual property rights through
registration, maintenance, monitoring, and enforcement. An
external watching service, along with our local ofices, conducts
the monitoring. Copyrights for designs of our house brand
products are systematicaly stored and, where aplicable,
registered for protection. We respect third-party intelectual
property rights and avoid using them without authorization.
Before adopting potential brands or sub-brands, we perform
trademark searches to ensure availability and prevent
infringement of third-party rights.
Customer Information Protection
Consumer protection data policies and SOPs are established to
ensure compliance with aplicable laws. Our PIC statements
detail our policies and practices regarding consumer data,
explaining the definition of personal data, as wel as the
principles of its colection, use, retention, and disposal acording
to local privacy laws. We ask consumers to review the PIC
statement and consent to the colection and use of their personal
data. Anual audits are caried out to ensure compliance.
The Group prioritises the confidentiality and proper handling
of consumer personal data. Employes found breaching these
policies or related guidelines may be subject to disciplinary
action. During the Reporting Period, the Group did not receive
any complaint about leakage of customer data.
- ，并
采取任何纠正措施。倘要召回产品，
我们将通知客户并提供产品退货或换
货。
保护知识产权
我们透过注册、维护、监控及强制措施保护及管
理本集团的知识产权。监控乃透过外部观察服务
供应商及我们的当地办事处进行。与本集团自有
品牌产品设计有关的版权已按系统化的方式储
存，并于适用情况下，进行版权登记以获得保
护。我们尊重第三方的知识产权，不会故意未经
授权使用第三方知识产权。在采用潜在的品牌或
子品牌之前，我们会进行商标搜索，以确认是否
可以使用，并防止侵犯第三方权利。
客户资料保护
本公司已制订消费者资料保护政策及标准作业程
序，以确保遵从适用法例。个人资料收集声明详
述我们有关消费者资料的政策及惯例，解释个人
资料的定义，以及依据当地适用私隐法例收集、
使用、保留及处置该等资料的一般原则。消费者
被要求阅读个人资料收集声明并同意收集及使用
彼等的个人资料。每年均会进行审核以监督合规
情况。
本集团将消费者个人资料的保密及妥善处理放在
首位。雇员如违反该等政策或相关指引，或会面
临纪律处分。于报告期间，本集团并无收到任何
有关客户资料泄露的投诉。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025205
ANTI-CORUPTION
The Group has established anti-coruption policies in our
Employe Handboks and Group Anti-Money Laundering
Policy in acordance with aplicable local laws. Aditionaly,
internal controls and systems have ben implemented to prevent
or minimise the ocurence of bribery, extortion, and fraud.
Integrity is one of the core principles that underpin the way we
conduct our busines. Top management sets the tone and al
employes are expected to discharge their duties with integrity
and to comply with our policies and the relevant local laws.
During the Reporting Period, the Group did not observe nor
receive any legal cases regarding corupt practices, bribery,
conflicts of interest, extortion, fraud, money laundering brought
against the Group or its employes. The Group was not aware
of any material non-compliance with any laws and regulations
relating to bribery, extortion, fraud and money laundering that
would have a significant impact on the busines operations of
the Group in diferent regions.
Whistleblowing Policy
The Group has implemented an efective Whistle-blowing
Policy and Procedure to facilitate the reporting of fraud and
coruption. Clear reporting guidelines are outlined in the
Employe Handbok and acesible via the Group intranet,
ensuring transparency and acountability acros al levels of the
organisation. We encourage the reporting of suspected busines
iregularities and provide clear chanels specificaly for this
purpose. When suspected wrongdoings are identified, such as
breach of duty, abuse of power, receiving bribes, staf should
report to the Group for investigation and verification. The Group
wil cary out investigation on the reported case and report to the
regulator and/or to law enforcement authority when necesary.
The Group is determined to protect whistle-blowers against
retaliation for reporting incidents in god faith. The Group wil
also ensure the confidentiality of the identity of whistle-blowers.
Related measures wil be reviewed regularly by the Group to
ensure their efectivenes.
The Group provides anual anti-coruption training to directors
and staf, referencing the local Prevention of Bribery Ordinance
and Anti-Money Laundering Laws. During the Reporting Period,
36 employes in Hong Kong completed a total of 144 training
hours on anti-coruption, while in Malaysia, 47 employes
completed 51.5 hours.
反贪污
本集团已根据适用的本地法律在雇员手册中制定
反贪污政策，并制定内部监控及制度以防止或尽
量减少贿赂、敲诈及欺诈的发生。诚信是支持我
们开展业务的核心原则之一。高级管理层厘定基
调及期望全体雇员以诚信履行职责，并遵守我们
的政策及本地相关法律。于报告期间，本集团并
无发现亦并无收到任何针对本集团或其员工的贪
污行为、贿赂、利益冲突、勒索、欺诈、洗钱等
法律案件。本集团并不知悉任何严重违反有关贿
赂、敲诈、欺诈及洗钱的法律及法规而对本集团
在不同地区的业务经营造成重大影响的情况。
举报政策
本集团已实施有效的举报政策，并在雇员手册及
本集团内联网上明确规定举报程序。我们鼓励举
报可疑的商业违规行为，并为此提供明确的举报
渠道。一旦发现可疑的不当行为，如违反职责、
滥用权力、收受贿赂等，员工应向本集团举报，
以便进行调查及核实。本集团将对举报案件进行
调查，并在必要时向监管机构及╱或执法机关报
告。本集团坚决保护真诚举报的员工免遭报复。
本集团亦将确保举报人的身份保密。本集团将定
期审查相关措施，以确保其有效性。
本集团每年参照当地防止贿赂条例及反洗钱法，
为董事及员工提供反贪污培训。于报告期间，香
港有36名雇员完成共计144个小时的反贪污培
训，而马来西亚则有47名雇员完成51.5个小时的
培训。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
宝光实业（国际）有限公司
2025年报
COMUNITY INVESTMENT
The Group is comited to enhancing its comunity relations,
believing firmly that suces stems from suporting local
comunities. This includes aiding vulnerable groups, engaging
in volunter eforts, and backing charitable causes. During
the Reporting Period, we proudly contributed HK$102,800 in
donations to various organizations such as Oxfam (Hong Kong &
Macau), UNICEF, and Hong Chi Asociation, among others, and
dedicated 8 hours to volunter work.
In recognition of our continuous eforts, we’ve consistently
earned the Caring Company Logo from the Hong Kong Council
of Social Service over the years. For Stelux Holdings International
Limited, we have earned the Caring Company Logo for over 20
years while for the subsidiaries, City Chain Company Limited
and Thong Sia Watch Company Limited, we have earned such
logo for over 15 years. These recognitions underscore our
comitment to enriching lives and stands as a beacon of our
values in action.
Through comunity engagement, the Group aims to:
- , to give hope and to suport the disadvantaged;
- ;
- ; and
• empower through education.
社区投资
本集团致力于加强社区关系，坚信成功源于对地
方社区的支持。这包括帮助弱势社群、参与义务
工作及支持慈善事业。于报告期间，本集团向
（其中包括）乐施会（香港及澳门）、联合国儿童基
金及匡智会等机构捐款港币102,800元，并投入8
个小时的义务工作。
为表扬我们的不懈努力，我们连续多年荣获香
港社会服务联会颁发的「商界展关怀」标志。宝光
实业（国际）有限公司获得「商界展关怀」标志逾20
年，而附属公司时间廊钟表有限公司及通城钟表
有限公司亦已获得该标志逾15年。该等殊荣彰显
我们对丰富人生的承诺，亦是我们以行动实践价
值观的明灯。
通过参与社区活动，本集团旨在：
- 、给予希望及支持弱势社群；
- ；
- ；及
- 。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
STELUX Holdings International Limited
ANUAL REPORT 2025207
本著上述目标，我们帮助社区人士，特别是：
- ；
- ；
- ；及
• 儿童及青少年
为彼等提供：
• 基本物资及日常用品
- ；及
• 教育
我们的捐赠政策为：
- 。每年审查合
作伙伴关系；
- ，以达至最大效益；
- ，雇员在工作时间进行义
务工作的时数上限为6小时。工作时间以外
则并无上限；
• 活动及捐赠重点关注目标群体及其确定的
需求；及
- （包括成本的明
细（倘适用）。
本集团会定期与慈善团体召开检讨会议，以了解
彼等的具体需要，并确定本集团的捐献被适当地
运用。
With the above objectives in mind, we engage with those within
our comunities with specific emphasis on:
- ;
- ;
- ; and
• children and youth
to provide them with:
• basic sustenance and daily necesities
• social interaction and integration with the wider
comunity; and
• education
Our policies on giving are:
• to partner reliable registered charities. Partnerships are
reviewed anualy;
- “no frils” aproach to maximise each dolar
donated;
• employe voluntering during work hours are caped at
6 hours per employe for each financial year. There is no
cap outside of work hours;
• activities and giving focus on target groups and their
identified neds; and
• receipts must be isued by a charity for the donations with
a breakdown of costs, where aplicable.
Periodic apraisal metings are held with the charities we
suport to understand specific neds and to ensure contributions
are apropriately disbursed.
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
1. CORPORATE GOVERNANCE
The Group is comited to maintaining high standards
of corporate governance to improve transparency and
protect the interests of shareholders in general. The Board
of directors (the “Board”) of the Company is comited to
making sure that efective self-regulatory practices exist to
protect the interests of its shareholders. These include a
Board comprising experienced and high calibre members,
board comites, and efective and sound systems of risk
management and internal controls.
This section describes the Company’s corporate
governance practices with specific reference to the
Corporate Governance Code contained in Apendix C1
of the Listing Rules (the “Corporate Governance Code”).
During the financial year ended 31 March 2025, the
Company complied with the provisions of the Corporate
Governance Code except for certain deviations. These
deviations with considered reasons are set out in this
Report.
2. DIRECTORS’ AND EMPLOYES’ SECURITIES
TRANSACTIONS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Companies contained in
Apendix C3 of the Listing Rules (the “Model Code”) as the
code of conduct regarding directors’ securities transactions.
The Company has also made specific enquiry of al its
directors to ascertain whether they have complied with
or whether there has ben any non-compliance with the
required standard set out in the Model Code.
In adition, the Board has established writen guidelines
on no les exacting terms than the Model Code for relevant
employes of the Company and its subsidiaries (the
“Group”) in respect of these employes’ dealings in the
securities of the Company.
1. 企业管治
本集团致力维持高水平企业管治，以确保
维持更高透明度以及维护股东整体利益。
本公司董事会（「董事会」）致力确保具备有效
的自我监察常规，以保障其股东的利益，
当中包括设立由资深能干人员组成的董事
会、董事委员会以及实施有效及完善的风
险管理及内部控制系统。
本部分阐述本公司的企业管治常规，当中
特别参照上市规则附录C1所载企业管治守
则（「企业管治守则」）。截至2025年3月31日
止财政年度，本公司已遵守企业管治守则
条文，惟本报告所述偏离事项则除外。偏
离守则之因由，在本报告内亦有详述。
2. 董事及雇员进行证券交易
本公司已采纳上市规则附录C3所载上市公
司董事进行证券交易的标准守则（「标准守
则」）作为董事进行证券交易之操守则。
本公司亦已向全体董事作出具体查询，以
确定彼等是否遵守标准守则所载规定标
准，并无违规的情况。
此外，董事会已就本公司及其附属公司
（「本集团」）有关雇员买卖本公司证券事宜
订立书面指引，指引条文不比标准守则宽
松。
STELUX Holdings International Limited
ANUAL REPORT 2025209
CORPORATE GOVERNANCE REPORT
企业管治报告
3. BOARD OF DIRECTORS
The Board asumes responsibility for leadership and control
of the Group and is colectively responsible for promoting
the suces of the Group by directing and supervising its
afairs. Every director is expected to discharge his or her
duties in god faith and up to the standard of prevailing
aplicable laws and regulations, acting objectively in the
best interests of the Group.
Proposals for apointments to the Board are based on the
Company’s board diversity and nomination policies.
The Board curently comprises of 6 members; thre
executive directors and thre independent non-executive
directors (with one female executive director).
Under Code Provision C.2.1 of the Corporate Governance
Code, the roles of chairman and chief executive oficer
(“CEO”) should be separate and should not be performed
by the same individual. Under the curent organisation
structure of the Group, Mr. Joseph C. C. Wong is the
Chairman and CEO of the Group. The Board believes that
with Mr. Joseph C. C. Wong acting as both Chairman and
CEO ensures consistent leadership and further enables
beter strategic planing for the Group. The Board also
believes that the non-separation of roles does not afect the
balance of power and authority within the Board.
The independent non-executive directors are highly
experienced individuals with a broad range of expertise
and experience including in areas such as acounting, tax,
risk management and compliance in banks. Together, they
ensure that the Board maintains high standards of financial
acounting and other mandatory reporting; providing
adequate checks and balances to safeguard the interests of
shareholders in general and the Group as a whole.
3. 董事会
董事会负有领导及监控本集团的责任，并
集体负责统管并监督本集团事务以促使其
业务成功。各董事应本著真诚且符合现行
适用法例及法规所订标准履行其责任，并
客观地以本集团之最佳利益行事。
委任董事会成员的建议乃根据本公司董事
会成员多元化政策及提名政策而提出。
董事会有六名成员，包括三名执行董事、
及三名独立非执行董事（其中一名执行董事
为女性）。
根据企业管治守则的守则条文第C.2.1条规
定，主席与行政总裁（「行政总裁」）的角色
应有区分，并应由不同人士担任。根据本
集团现有组织架构，黄创增先生现为本集
团主席及行政总裁。董事会认为，主席及
行政总裁之角色由黄创增先生同时兼任，
确保本集团内统一领导，从而使本集团之
整体策略计划更佳。董事会亦相信，董事
会内之权力制衡并不会受到不区分角色影
响。
独立非执行董事为资深专业人士，各自拥
有不同专业知识及经验，彼等分别来自包
括会计、税务、银行风险管理及合规。彼
等须共同确保董事会维持高水平的财务会
计及其他法定汇报机制，提供足够检测及
权衡，以保障股东及本集团整体利益。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
3. BOARD OF DIRECTORS (Continued)
The Company has in place efective mechanisms to
ensure independent views and input are available to the
Board. The Board conducts a review on such mechanisms
anualy and is of the view that the mechanisms have ben
properly implemented and are efective. In particular, the
Company plans Board and Board comites meting
schedules wel in advance and provides remote facilities
for atendance, so as to facilitate active atendance and
participation in the metings. Board members, especialy
independent non-executive Directors, are welcome
and are encouraged to raise enquiries, sugestions and
views during the metings. The Board proces as stated
above, including agenda seting and provision of meting
information, facilitates efective and active participation by
al Directors.
To asist the directors to discharge their duties, there are
established writen procedures to enable the directors,
upon reasonable request, to sek independent profesional
advice in apropriate circumstances, at the Company’s
expense.
The term of ofice of the Company’s independent non-
executive directors, is 3 years, subject to retirement by
rotation (pursuant to Bye-law 110(A) of the Company’s
Bye-laws), whichever is the earlier.
Under Code Provision B.2.2, every director, including
those apointed for a specific term, should be subject to
retirement by rotation at least once every thre years. Not
al directors of the Company retire strictly under Code
Provision B.2.2. The Company’s Bye-Laws 110(A) stipulates
that, one-third of the directors of the Company who have
ben longest serving in ofice since their last election,
except the Chairman or CEO and the Vice Chairman,
shal retire from ofice by rotation at each anual general
meting (“AGM”).
- （续）
本公司已设立有效机制，以确保董事会可
获取独立意见及资料。董事会每年对该等
机制进行审查，认为该等机制已适当实施
并具成效。尤其是，本公司预早规划董事
会及董事委员会议的时间表，并提供遥
距参与设施，以方便成员出席和参与会
议。本公司欢迎董事会成员（特别是独立
非执行董事）在会议上提出查询、建议及意
见。上述董事会流程（包括设定议程及提
供会议资料）有利于所有董事有效和积极参
与。
为协助董事履行职务，董事会已制订书面
程序，让董事按合理要求，可在适当情况
下寻求独立专业意见，有关费用由本公司
支付。
本公司独立非执行董事的任期为三年，并
须根据本公司的公司细则第110(A)条规定轮
席告退，以较早者为准。
根据守则条文第B.2.2条，各董事（包括有
指定任期的董事）应最少每三年轮席告退一
次。本公司细则第110(A)条规定除主席或
行政总裁及副主席外自上次获选起计任期
最长的三分一董事须于每次股东周年大会
（「股东周年大会」）轮席告退，并非本公司全
体董事均须严格遵照守则条文第B.2.2条告
退，惟须根据本公司的公司细则告退。
STELUX Holdings International Limited
ANUAL REPORT 2025211
CORPORATE GOVERNANCE REPORT
企业管治报告
3. BOARD OF DIRECTORS (Continued)
Both the Board and management have clearly defined
roles and responsibilities. The Board is ultimately
responsible for establishing the overal long term strategic
direction and objectives of the Group, monitoring the
performance of senior management and overses corporate
governance and risk management and internal control
systems. Management is responsible for formulating and,
implementing operational and busines strategies and
plans to achieve the Group’s strategic direction. Directors
have aces to management for enquiries, explanations,
briefings or informal discusions on the Group’s operations
and busineses.
The Board held a total of five board metings and pased
circular resolutions during the financial year ended 31
March 2025. At the board metings, diferent isues
and maters were discused and reviewed including,
aproval of the Group’s FY2023/24 final results and
FY2024/25 interim results; reviewing financial and
operating performances of the Group; aproval of new
and/or renewals of borowing facilities; anual review
of continuing conected transactions; conducting an
anual review of the efectivenes of the system of internal
controls of the Company and its subsidiaries, reviewing
risk management framework, identifying top risks and
coresponding mitigation actions and evaluating and
prioritising ESG related isues. Details of the directors’
atendance at the board metings during the financial year
are set out below. Al busineses transacted at the board
metings are wel documented and records are maintained
in acordance with aplicable laws and regulations.
- （续）
董事会及管理层均有明确界定的角色和职
责。董事会负责确立本集团整体长远策略
方向及目标策略、监察高级管理人员之表
现以及监控企业管治、风险管理及内部监
控系统。管理层则负责制定营运及业务策
略及政策及达致本集团策略方向的计划。
各董事均可联络管理层，就本集团的营运
和业务查询任何问题、要求作出解答、要
求提供简报或作非正式交流。
董事会于截至2025年3月31日止财政年度，
共举行5次董事会议，并通过多项书面决
议案。在该5次董事会议上讨论及检讨多
方面事宜，包括通过本集团2023/24财政年
度末期业绩及2024/25财政年度中期业绩；
检讨本集团财务及营运表现；批准新及╱
或重续借贷融资；年度检讨持续关联交
易；对本公司及其附属公司的内部监控制
度的成效进行年度检讨；检讨风险管理框
架、辨别重大风险及相关缓解措施并评估
及确定ESG相关事宜的优先顺序。于本财政
年度，各董事于董事会议之出席详情载
列如下。于董事会议讨论之各项事务均
详细记录，并按照适用法例及法规存备有
关记录。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
- （续）
附注：
- （于2024/25财政年度）。
- 。
- 。
- 。
- 。
- 。
- 。
(8) 于2025年6月24日获委任为提名委员会主
席。
(9) 于2025年6月24日获委任为提名委员会
员。
3. BOARD OF DIRECTORS (Continued)
Number of metings atended/held during FY2024/25
2024/25财政年度出席╱召开之会议数目
DirectorBoard
Audit
Comite
Remuneration
Comite
Nomination
Comite
Corporate
Governance
Comite
Anual
General
Meting
董事董事会审核委员会薪酬委员会提名委员会企业管治委员会股东周年大会
Mr. Joseph C. C. Wong
(1) (7)
5/5–1/11/1–1/1
黄创增先生
(1) (7)
Mr. Suriyan Joshua Kanjanapas
(8)
5/5–1/1–1/1
黄瑞欣先生
(8)
Ms. Liao Ching Mei
(2) (9)
5/5–1/11/1
廖晶薇女士
(2) (9)
Mr. Jef Ho Chi Kin
(3)
2/22/21/11/11/1–
何致坚先生
(3)
Mr. Ricky Lai Kai Ming
(4)
5/53/31/11/11/11/1
黎启明先生
(4)
Ms. Honus Cheung Ho Ling
(3)
2/22/21/11/11/1–
张可玲女士
(3)
Mr. Chan Cheuk Pan
(5) (6)
3/31/1–1/1
陈焯彬先生
(5) (6)
Mr. Lai Chun Yu
(6)
3/31/1–1/1
黎振宇先生
(6)
Notes:
- /25.
(2) Chairman of Corporate Governance Comite.
(3) Resigned on 20 August 2024.
(4) Chairman of Remuneration Comite.
(5) Chairman of Audit Comite.
(6) Apointed on 20 August 2024.
(7) Retired as Chairman of the Nomination Comite on 24
June 2025
(8) Apointed as Chairman of the Nomination Comite on
24 June 2025
(9) Apointed as Member of the Nomination Comite on 24
June 2025
STELUX Holdings International Limited
ANUAL REPORT 2025213
CORPORATE GOVERNANCE REPORT
企业管治报告
3. BOARD OF DIRECTORS (Continued)
The Board is suplied with relevant information by
management pertaining to maters to be brought before the
Board for decision as wel as reports relating to internal
controls, risk management or financial performance of the
Group before each regular board meting. At least 14 day’s
notice of a regular board meting is given to al directors
giving them the oportunity to atend. Board papers are
despatched to directors generaly at least 3 days before
the meting and in any event as son as practicable, in al
instances, ensuring that they have suficient time to review
the papers and are adequately prepared for the meting.
At the time when papers are sent to the directors, they are
requested to contact the Company Secretary or the Group
CFO, where aplicable should they have any questions.
The procedings of board metings are generaly conducted
by the Chairman of the Company who ensures that
suficient time is alocated for discusion and consideration
of items on the agenda and also ample oportunities are
given to directors to speak, expres their views and share
their concerns. The Chairman values insightful and strategic
advice from other directors and further promotes a culture
conducive to the exchange of constructive comunication
within the Board. The Chairman held a meting on 24
April 2025 with the independent non-executive directors
without the presence of other directors.
Under Code Provision C.1.4, al directors should
participate in continuous profesional development to
develop and refresh their knowledge and skils. As such
the directors are encouraged to participate in continuous
profesional development. Courses have ben regularly
circulated to directors for their selection and materials are
circulated for their reading. E-training on the website of the
HKEX was also made available to the directors.
- （续）
于每次定期董事会议召开前，管理人员
会向董事会提供与将提呈董事会决议事项
有关之资料以及有关本集团内部监控、风
险管理或财务表现之报告。于定期董事会
会议举行至少14天前向全体董事发出通
告，让董事有机会出席。董事会文件一般
须于会议举行至少3天前派发予董事，并无
论如何应在切实可行情况下尽快作出有关
安排，以确保董事有足够时间审阅会议文
件及为会议作出充足准备。于向董事发送
文件时，会请彼等就任何问题（如有）联系公
司秘书或本集团首席财务总裁（如适用）。
董事会之会议程序通常由本公司主席主
持，彼须确保分配足够时间让董事就各项
议程作出讨论及审议，同时亦给予各董事
充足机会发言，提出意见及表达其关注的
事项。主席重视其他董事提出的有见地的
策略建议，并在董事会内部进一步提倡一
种有利于交流建设性沟通的文化。在无其
他董事出席的情况下，主席与独立非执行
董事于2025年4月24日举行了一次会议。
根据守则条文第C.1.4条，所有董事均须参
加持续专业发展以发展及更新其知识及技
能。因此，本公司鼓励董事参加持续专业
发展并定期发送相关课程及阅读材料予各
董事选修及阅读。董事亦可于香港交易所
网站上进行电子培训。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
3. BOARD OF DIRECTORS (Continued)
Sumary of Directors’ training records for the year is set
out below:
Director
董事
Training Areas (note)
培训范畴（附注）
Mr Joseph C.C. Wong
(Chairman and Chief Executive Oficer)
黄创增先生
（主席及行政总裁）
b
Mr. Suriyan Joshua Kanjanapas
(Vice Chairman)
黄瑞欣先生
（副主席）
b
Ms. Liao Ching Mei
(Chief Financial Oficer)
廖晶薇女士
（首席财务总裁）
a,b
Mr. Jef Ho Chi Kin (independent)
(retired on 20 August 2024)
何致坚先生（独立）
（于2024年8月20日退任）
Nil
Mr. Ricky Lai Kai Ming (independent)黎启明先生（独立）a,b
Ms. Honus Cheung Ho Ling (independent)
(retired on 20 August 2024)
张可玲女士（独立）
（于2024年8月20日退任）
a
Mr. Chan Cheuk Pan (independent)
(apointed from 20 August 2024)
陈焯彬先生（独立）
（于2024年8月20日获委任）
a,b
Mr. Lai Chun Yu (independent)
(apointed from 20 August 2024)
黎振宇先生（独立）
（于2024年8月20日获委任）
a,b
Note:
a Atending courses/seminars relevant to the busines or
directors’ duties or profesional knowledge
b Reading materials relating to technical knowledge in
finance or law or relevant to the Company’s busines
- （续）
年内董事培训纪录概列如下：
附注:
a 出席与业务或董事职责或专业知识相关的
课程/研讨会
b 与财务或法律方面的技术知识有关或与本
公司业务有关的阅读材料
STELUX Holdings International Limited
ANUAL REPORT 2025215
CORPORATE GOVERNANCE REPORT
企业管治报告
4. CONFIRMATION OF INDEPENDENCE
The Company confirms that it has received from each
of its independent non-executive directors an anual
confirmation of his/her independence pursuant to Rule
3.13 of the Listing Rules and the Company considers the
independent non-executive directors to be independent.
5. BOARD DIVERSITY
(1) Board Diversity Policy
• We believe that board apointments should
first and foremost be based on merit
• We embrace diversity by being inclusive and
suport gender, ethnic, cultural, generational
and geographical diversity, amongst others
• We believe that an optimal and balanced
board should comprise of both male and
female members with an apropriate balance
of diferent skils, educational and industry
background, experience, knowledge and
independence
(2) Objective and Benefits of Board Diversity
We believe in diversity and inclusivenes as these
bring to the boardrom a spectrum of perspectives
and opinions, necesary as we navigate our
busineses through a more complex market place and
as our customers’ aspirations grow in sophistication.
Regarding the Board’s curent composition, the Board
comprises of Directors of diferent genders, five male and
one female, with diferent age, experience, background
and diversity perspectives, which have ben disclosed in
biographical details of Directors and Senior Executives in
Report of the Directors.
The Nomination Comite wil continuously monitor
and review the implementation and operation of Board
Diversity Policy, and also review this policy anualy to
ensure its efectivenes.
4. 独立性确认函
本公司确认已接获各独立非执行董事根
据上市规则3.13条发出之年度独立性确认
函，且本公司仍认为独立非执行董事为独
立人士。
5. 董事会成员多元化
(1) 董事会成员多元化政策
- ，用人唯才应为董
事会委任董事的首要原则
- ，奉行多元化
政策，并支持性别、种族、文
化、年纪及地域多样化
- ，一个至优及均衡
的董事会应由在不同技能、教
育及行业背景、经验、知识及
独立性之间取得适度平衡的男
性及女性成员组成
(2) 董事会成员多元化的目标及裨益
本集团相信多元化及兼收并蓄，会为
董事会提供更全面的观点与看法，对
本集团在日趋复杂的市场开展业务以
及满足本集团客户不断提高且复杂多
样的期望实属必要。
根据董事会现有结构，董事会由不同性别
的董事组成，五名男性董事及一名女性董
事组成，由不同年龄，经验、背景及具多
元化视野之董事组成，已于董事会报告书
中的董事及高级管理人员的履历详情中披
露。
提名委员会将继续监管及检讨董事会成员
多元化政策的实行及运作，亦每年检讨该
政策以确保其行之有效。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
6. NOMINATION POLICY
• Nomination Comite to consider director
retirements, re-election and eligibility within a
reasonable time before proposing to the Board
- ’
backgrounds, experience, expertise acording to a)
Board diversity policy of the Company; b)curent
board composition of the Company and c) Group’s
strategic objectives
• To consider how a proposed candidate (whether new
or seking re-election) can contribute to and suport
or has in the past contributed to and suported the
Board
- , to review and
ases if they have atended board, comite and
general metings, and frequency of atendance
• To consider if a proposed candidate can devote
suficient time to discharge his/her duties and
responsibilities
- , to ensure listing rules
requirements on independence are met
7. PROCEDURE FOR NOMINATION
(i) Refer/propose name to Company Secretary who wil
inform the Nomination Comite with CV of the
proposed candidate.
(i) Presents candidate and his/her CV and where
posible, other relevant background information
to the Nomination Comite for consideration
acording to the Nomination Policy.
(i) Where necesary, the Nomination Comite or the
Chairman of the Nomination Comite mets the
proposed candidate to ases suitability.
(iv) Nomination Comite confirms or rejects proposed
candidate with proper reasons.
(v) To restart proces when a proposed candidate is
rejected.
6. 提名政策
• 提名委员会在向董事会提出董事退
任、重选连任及资格的建议前在合理
时间内考虑
• 根据a)本公司的董事会成员多元化政
策；b)本公司目前的董事会组成；及
c)本集团的战略目标，审查及评估建
议候选人的背景、经验及专业知识
- （无论是新候选人还
是寻求连任的候选人）如何能为董事
会作出贡献及支持，或于过去对董事
会所作出的贡献及支持
- ，审查及评估
彼等有没有出席董事会、委员会及股
东大会，以及其出席次数
• 考虑建议候选人能否投入足够的时间
履行其职责及责任
- ，需确保
有关建议候选人符合上市规则内有关
独立性的规定
7. 提名程序
(i) 向公司秘书提交╱提议建议候选人的
名称，公司秘书其后将向提名委员会
提供有关建议候选人的履历。
(i) 根据提名政策，向提名委员会提交候
选人及其履历，以及在可行的情况
下，提供其他相关的背景资料，以供
委员会考虑。
(i) 提名委员会或提名委员会主席于需要
时会与建议候选人会面，以评估其合
适性。
(iv) 提名委员会以正当理由确认或拒绝
建议候选人。
(v) 建议候选人被拒绝时，有关流程将重
新开始。
STELUX Holdings International Limited
ANUAL REPORT 2025217
CORPORATE GOVERNANCE REPORT
企业管治报告
8. COMPANY SECRETARY
The Company Secretary is an employe of the Company
and has day to day knowledge of the Group’s afairs. She
reports to the Chairman and CEO. The Board has aces
to the advice and services of the Company Secretary to
ensure that board procedures and al aplicable laws, rules
and regulations, are folowed.
The Company Secretary atended various profesional
development seminars and read materials on legal, finance,
busines and corporate secretarial updates, receiving more
than 20 hours of training during the financial year.
9. ACOUNTABILITY AND AUDIT
The Board acknowledges its responsibility for the
preparation of the Group’s acounts and has delegated
this responsibility to the Group CFO. The Group CFO and
her team are responsible for preparing interim and anual
financial statements based on HKFRS Acounting Standards
ensuring that the financial statements present a true and fair
view of the results and the financial position of the Group
and that they comply with the disclosure requirements of
the Hong Kong Companies Ordinance, the Listing Rules
and other aplicable laws and regulations. The Group
CFO maintains regular comunications with the external
auditors. She also plays a role in reviewing and making
recomendations to the Board on the Group’s financial
risk management. During the fiscal year, the Group CFO
was also responsible for overseing the Group’s investor
relations activities.
A statement by the Group’s external auditor, RSM Hong
Kong, about their reporting responsibilities on the Group’s
consolidated financial statements are set out in the
Independent Auditor’s Report on pages 34 to 43.
The Board is not aware of any material uncertainties
relating to events or conditions that may cast significant
doubt upon the Company and its subsidiaries ability to
continue as a going concern. The Group’s consolidated
financial statements have ben prepared on a going
concern basis (se notes to consolidated financial
statements “2. Basis of Preparation” on pages 50 to 52).
8. 公司秘书
本公司的公司秘书为本公司的雇员，了解
本集团的日常事务。公司秘书向主席及行
政总裁报告。公司秘书向董事会提供建议
及服务以确保遵守董事会程序及所有适用
法律、规则及规例。
公司秘书已于本财政年度出席各项专业发
展研讨会并研读法律、财务、商业及公司
秘书的最新资讯，接受多于20个小时的培
训。
9. 问责及审核
董事会知悉其肩负编制本集团账目之责
任，并已将此责任委派予本集团首席财务
总裁。本集团首席财务总裁及其属下人员
负责遵照香港财务报告准则编制中期及年
度财务报表，确保财务报表真实及公平地
反映本集团的业绩及财务状况，并遵守香
港公司条例、上市规则及其他适用法例及
法规之披露规定。本集团首席财务总裁须
定期与外聘核数师沟通。本集团首席财务
总裁在本集团财务风险管理方面亦担当审
核及向董事会作出建议的角色。于财政年
内，本集团首席财务总裁亦负责监管本集
团投资者关系事务。
本集团外聘核数师罗申美会计师事务所就
其对本集团综合财务报表的责任而作出的
声明载于第34页至43页独立核数师报告。
董事会并未注意到任何与或对本公司及其
附属公司持续经营能力构成重大疑虑之事
件或情况有关之重大不确定因素。本集团
的综合财务报表已按持续经营基准编制（请
参阅第50至52页上的综合财务报表附注2
「编制基础」）。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
10. AUDITORS’ REMUNERATION
The Board apointed RSM Hong Kong as the external
auditor of the Company and certain of its subsidiaries at the
2024 AGM until the conclusion of the next anual general
meting. During the year, HK$2,136,000 and HK$35,000
were paid or payable to RSM Hong Kong for the provision
of audit services and non-audit services, respectively.
The Group also engaged other auditors in overseas for
auditing and miscelaneous services and total fes paid
amounted to 512,000.
11. BOARD COMITES
To asist the Board in the discharge of its duties, the Board is
suported by four board comites. Each comite has
its defined scope of duties and terms of reference and the
comite members are empowered to make decisions on
maters within the terms of reference of each comite.
Al busineses transacted at board comite metings are
recorded and minuted with copies provided to the Board.
Ful minutes of board comite metings are kept by the
Company Secretary. Draft and final versions of the minutes
are sent to al comite members for their coments and
records within a reasonable time (generaly 14 days) after
the comite meting.
(1) Audit Comite
The Audit Comite comprises of thre independent
non-executive directors; Mr. Jef Ho Chi Kin
(independent) (Chairman of the Audit Comite)
(retired on 20 August 2024) replaced by Mr. Chan
Cheuk Pan (independent) (apointed from 20 August
2024), Ms. Honus Cheung Ho Ling (independent)
(retired on 20 August 2024) replaced by Mr. Lai
Chun Yu (independent) (apointed from 20 August
2024) and Mr. Ricky Lai Kai Ming (independent).
10. 核数师酬金
董事会于2024年股东周年大会委任罗申美
会计师事务所为本公司及若干其附属公司
之外聘核数师，任期直至下届股东周年大
会结束为止。年内，本公司就罗申美会计
师事务所提供之核数服务及非核数服务向
其支付或应付分别为港币2,136,000元及港
币35,000元。
本集团亦于海外委聘其他核数师提供核数
及不同服务，所支付费用合共港币512,000
元。
11. 董事委员会
为协助董事会履行职务，在董事会以下设
有四个董事委员会。各委员会有既定的职
责及职权范围，委员会成员获授权可就各
委员会职权范围内的事项作出决策。
于董事委员会议进行的所有事项均有记
录及记入会议记录，该等记录的副本亦会
提供予董事会。董事委员会的完整会议记
录由公司秘书保存。会议记录的草稿及最
终版本会在委员会议结束后的合理时间
内（一般为14天）发送予所有委员会成员，
供其评论及记录。
(1) 审核委员会
审核委员会由三名独立非执行董事，
分别为何致坚先生（独立）（审核委员
会主席）（于2024年8月20日退任），由
陈焯彬先生（独立）（于2024年8月20日
获委任）取代、张可玲女士（独立）（于
2024年8月20日退任），由黎振宇先生
（独立）（于2024年8月20日获委任）取
代及黎启明先生（独立）组成。
STELUX Holdings International Limited
ANUAL REPORT 2025219
CORPORATE GOVERNANCE REPORT
企业管治报告
11. BOARD COMITES (Continued)
(1) Audit Comite (Continued)
The terms of reference of the Audit Comite is
available on the Company’s website (w.stelux.com)
and HKEXnews website (w.hkexnews.hk)
respectively.
The terms of reference of the Comite are aligned
with the recomendations set out in the Listing Rules
and the code provisions set out in the Corporate
Governance Code. The Comite provides advice
and recomendations to the Board and overses al
maters relating to the external auditors, thus playing
an important role in monitoring and safeguarding the
independence of the external auditors.
The Comite met thre times during the financial
year to discus maters, including, the Group’s audit
service plan, the review of acounting standards and
practices adopted by the Group and other financial
reporting maters; to ensure the completenes,
acuracy and fairnes of the financial statements
of the Company; to discus the efectivenes of the
systems of internal control throughout the Group
including the adequacy of resources, qualifications
and experience of staf of the Company’s acounting
and financial reporting function, and their training
programes and budget, ESG related isues and
risks on the Group’s busineses (if any); to review al
significant busines afairs managed by the executive
directors in particular on continuing conected
transactions and to review the Group’s results for the
year ended 31 March 2024 and interim results for
FY2024/25 before they were presented to the Board
for aproval.
The atendance record of the members during
FY2024/25 is set out on page 212 “Board of
Directors” of this Report.
- （续）
- （续）
审核委员会的职权范围已分别于本公
司网站(w.stelux.com)及披露易网
站(w.hkexnews.hk)登载。
委员会的职权范围乃根据上市规则所
载建议及企业管治守则所载守则条文
而制定。委员会向董事会提供意见及
建议，并监督与外聘核数师有关的所
有事宜，因此，其在监察及保持外聘
核数师独立性方面扮演重要角色。
委员会于本财政年度举行3次会议，
会议讨论之事项包括本集团之核数服
务计划、检讨本集团采纳的会计准则
及惯例以及其他财务报告事项；确保
本公司财务报表的完整性、准确性及
公平性；检讨本集团整体内部监控制
度的成效，包括在本公司会计及财
务汇报职能方面是否拥有充足的资
源、员工是否具备足够的资历及经
验，并已接受充足的培训，及是否
备有充足的预算、ESG相关事宜及有
关本集团业务（如有）的风险；检讨执
行董事负责的一切重要商业事务，特
别是持续关联交易；以及在呈报本集
团截至2024年3月31日止年度业绩及
2024/25财政年度中期业绩予董事会
核准前，审阅该等业绩。
成员于2024/25财政年度的出席记录
载于本报告「董事会」第212页。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
11. BOARD COMITES (Continued)
(2) Remuneration Comite
The Company’s Remuneration Comite comprises
of thre independent non-executive directors; Mr.
Ricky Lai Kai Ming (Chairman of the Remuneration
Comite), Ms. Honus Cheung Ho Ling (retired
on 20 August 2024) replaced by Mr. Lai Chun Yu
(apointed from 20 August 2024) and Mr. Jef Ho
Chi Kin (retired on 20 August 2024) replaced by Mr.
Chan Cheuk Pan (apointed from 20 August 2024)
and one executive director; Mr. Joseph C.C. Wong
(Group Chairman and CEO).
The terms of reference of the Remuneration
Comite is available on the Company’s website
(w.stelux.com) and HKEXnews website
(w.hkexnews.hk) respectively.
Code Provision E.1.2 deals with the terms of reference
of the Remuneration Comite. The Company has
adopted the terms of reference under Code Provision
E.1.2 except that the terms of reference do not
include reviewing and determining the remuneration
packages of senior management. The Company
believes that the remuneration packages of senior
management should be the responsibility of the
executive directors as they are in a beter position to
apraise the performance of senior management. The
Remuneration Comite determines with delegated
responsibility the remuneration packages of its
individual executive directors.
The atendance record of the members during
FY2024/25 is set out on page 212 “Board of
Directors” of this Report.
- （续）
(2) 薪酬委员会
本公司的薪酬委员会由三名独立非执
行董事，分别为黎启明先生（薪酬委
员会主席）、张可玲女士（于2024年8
月20日退任），由黎振宇先生（于2024
年8月20日获委任）取代及何致坚先生
（于2024年8月20日获委任），由陈焯
彬先生（于2024年8月20日获委任）取
代及一名执行董事，黄创增先生（集
团主席及行政总裁）组成。
薪酬委员会的职权范围已分别于本公
司网站(w.stelux.com)及披露易网
站(w.hkexnews.hk)登载。
守则条文第E.1.2条载有关薪酬委员
会的职权范围。本公司已采纳守则条
文第E.1.2条所载的职权范围，惟不
包括有关检讨及厘定高级管理人员薪
酬待遇的部分。本公司认为执行董事
较适合评估高级管理人员的表现，因
此，厘定高级管理人员的薪酬待遇应
由执行董事负责。薪酬委员会的职责
为厘定其执行董事个人的报酬。
成员于2024/25财政年度的出席记录
载于本报告「董事会」第212页。
STELUX Holdings International Limited
ANUAL REPORT 2025221
CORPORATE GOVERNANCE REPORT
企业管治报告
11. BOARD COMITES (Continued)
(3) Nomination Comite
During the financial year and up to the date of this
Report, the Nomination Comite comprises of two
executive directors; Mr. Joseph C. C. Wong (retired as
Chairman of the Nomination Comite on 24 June
2025), Mr. Suriyan Joshua Kanjanapas (Chairman
of the Nomination Comite as of 24 June 2025,
previously member of the Nomination Comite),
Ms. Liao Ching Mei (apointed on 24 June 2025)
and thre independent non-executive directors; Mr.
Jef Ho Chi Kin (retired on 20 August 2024) replaced
by Mr. Chan Cheuk Pan (apointed from 20 August
2024), Ms. Honus Cheung Ho Ling (retired on 20
August 2024) replaced by Mr. Lai Chun Yu (apointed
from 20 August 2024) and Mr. Ricky Lai Kai Ming.
The terms of reference of the Nomination Comite
is available on the Company’s website (w.stelux.com)
and HKEXnews website (w.hkexnews.hk) respectively.
Code Provision B.3.1 deals with the terms of
reference of a Nomination Comite. The Company
has adopted the terms of reference under Code
Provision B.3.1. During the financial year, the
Nomination Comite reviewed the structure,
size and composition of the Board and considered
the independence of its retiring independent non-
executive directors and confirmed having received
from each of its independent non-executive directors
an anual confirmation of his independence.
The atendance record of the members during
FY2024/25 is set out on page 212 “Board of
Directors” of this Report.
- （续）
(3) 提名委员会
于本财政年度内及直至本报告日期，
提名委员会由两名执行董事，分别
为黄创增先生（于2025年6月24日退
任提名委员会主席）、黄瑞欣先生（于
2025年6月24日接任提名委员会主席
一职，此前为提名委员会成员）、廖
晶薇女士（于2025年6月24日获委任）
及三名独立非执行董事，分别为何致
坚先生（于2024年8月20日退任），由
陈焯彬先生（于2024年8月20日获委
任）取代、张可玲女士（于2024年8月
20日退任），由黎振宇先生（于2024年
8月20日获委任）取代及黎启明先生组
成。
提名委员会的职权范围已分别于本公
司网站(w.stelux.com)及披露易网
站(w.hkexnews.hk)登载。
守则条文第B.3.1条载有关提名委员
会的职权范围。本公司已采纳守则条
文第B.3.1条所载的职权范围。于本财
政年度提名委员会检讨董事会架构、
规模及组成及考虑独立非执行董事的
独立性，并确认已收到各独立非执行
董事的年度独立性确认函。
成员于2024/25财政年度的出席记录
载于本报告「董事会」第212页。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
11. BOARD COMITES (Continued)
(4) Corporate Governance Comite
Stelux recognises that adopting proper systems,
runing our busineses within a strong legal
framework of rules and procedures, underpined by
sound busines ethics are esential to safeguarding
the performance of the Group and our shareholders’
interests in a sustainable maner. The Corporate
Governance Comite comprises of one executive
director; Ms. Liao Ching Mei (Chairman of the
Corporate Governance Comite and Chief
Financial Oficer) and thre independent non-
executive directors; Mr. Jef Ho Chi Kin (retired on
August 2024) replaced by Mr. Chan Cheuk Pan
(apointed from 20 August 2024), Mr. Ricky Lai Kai
Ming and Ms. Honus Cheung Ho Ling (retired on 20
August 2024) replaced by Mr. Lai Chun Yu (apointed
from 20 August 2024).
The terms of reference of the Corporate Governance
Comite is available on the Company’s website
(w.stelux.com) and HKEXnews website
(w.hkexnews.hk) respectively.
Code Provision A.2.1 deals with the terms of
reference of a corporate governance comite. The
Company has adopted the terms of reference under
Code Provision A.2.1. The Corporate Governance
Comite held a meting to review the Company’s
compliance with the Code Provisions and disclosure
in the Corporate Governance Report. Since the
implementation of the statutory disclosure regime for
inside information under the Securities and Futures
(Amendment) Ordinance 2012 on 1 January 2013,
systems are in place on reporting and disemination
of inside information.
The atendance record of the members during
FY2024/25 is set out on page 212 “Board of
Directors” of this Report.
- （续）
(4) 企业管治委员会
宝光认为以良好的商业道德为本，采
用合适的体制，按由规则及程序构成
的健全法律框架下经营业务，乃保障
本集团财务表现及以可持续的方式保
障股东权益的基础。企业管治委员会
由一名执行董事，廖晶薇女士（企业
管治委员会主席及首席财务总裁）及
三名独立非执行董事，分别为何致坚
先生（于2024年8月20日退任），由陈
焯彬先生（于2024年8月20日获委任）
取代、黎启明先生及张可玲女士（于
2024年8月20日退任），由黎振宇先生
（于2024年8月20日获委任）取代。
企业管治委员会的职权范围已分别于
本公司网站(w.stelux.com)及披露
易网站(w.hkexnews.hk)登载。
守则条文第A.2.1条载有关企业管治
委员会的职权范围。本公司已采纳守
则条文第A.2.1条所载的职权范围。企
业管治委员会举行一次会议检讨本公
司对守则条文的遵守及于企业管治报
告内的披露情况。自2012年证券及期
货（修订）条例下的内幕消息法定披露
政策于2013年1月1日起生效，本公司
已制定申报及发放内幕消息的体制。
成员于2024/25财政年度的出席记录
载于本报告「董事会」第212页。
STELUX Holdings International Limited
ANUAL REPORT 2025223
CORPORATE GOVERNANCE REPORT
企业管治报告
12. RISK MANAGEMENT AND INTERNAL CONTROL
The Board acknowledges that it has overal responsibility
for ensuring that the Group establishes and maintains
apropriate risk management and internal control systems
and for reviewing their efectivenes. The Group’s risk
management and internal control systems are designed
to manage and minimise risk of failures in the Group’s
operational systems, and to achieve our objectives. Such
systems can only provide reasonable but not absolute
asurance against material mistatement or los.
During the year, the Group has complied with al the code
provisions on risk management and internal control under
the Corporate Governance Code.
The main features of the Group’s Risk Management and
Internal Control Systems, include:
(1) Risk Management
The Group’s risk management proces is a four-step
proces involving identifying, asesing, responding
to and monitoring risks which could afect the Group
from achieving its strategic or busines objectives.
In order to ensure the risk management proces is
executed efectively and as an integral part of our
busines, the Board has established the folowing
risk management and reporting framework which
specifies the responsible parties and their roles and
responsibilities for managing risks of the Group.
12. 风险管理及内部监控
董事会知悉其有责任确保本集团制定及维
持适当的风险管理及内部监控系统以及审
查有关系统之效用。本集团风险管理及内
部监控系统用于管理及减低本集团营运系
统的失效风险，从而达致本集团之目标。
该等系统只可就重大错误陈述或损失提供
合理而非绝对之保证。
年内，本集团已符合企业管治守则项下风
险管理及内部监控的所有守则条文。
本集团的风险管理及内部监控系统的主要
特点包括：
(1) 风险管理
本集团的风险管理程序有四个步骤，
包括识别、评估、回应及监察可能对
本集团达致策略或业务目标造成影响
的风险。
为确保风险管理程序可有效执行并作
为本集团业务之整合部分，董事会已
设立以下风险管理及报告框架，订明
各负责部门及其就管理本集团风险的
职责及责任。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
12. RISK MANAGEMENT AND INTERNAL CONTROL
(Continued)
(1) Risk Management (Continued)
The Board
- ,
implementation and monitoring of the risk
management and internal control systems
- ’s key risks
which would significantly afect it achieving
strategic or busines objectives
- ’s key risks and mitigation
actions and ensure the efectivenes of risk
management and internal control systems
Audit Comite
• overses design and operating efectivenes
of the Group’s underlying risk management
proces and internal control systems
- ’s risk
management and internal controls with suport
from the Internal Audit Function and reporting
to the Board
Risk Stering Comite
• members comprised of key executives of the
Group
- ’s key risks and
ensure apropriate mitigation actions/controls
are in place
- /controls
over identified key risks and report to Audit
Comite
• provide confirmation to the Board on the
efectivenes of the Group’s risk management
and internal control systems anualy
- （续）
- （续）
董事会
• 监督管理层对风险管理及内部
监控系统之制定、实施及监察
• 评估及判断可能对本集团达成
策略或业务目标造成重大影响
的主要风险
• 审阅本集团的主要风险及减低
风险之措施，以及确保风险管
理及内部监控系统之有效性
审核委员会
• 监测本集团相关风险管理程序
及内部监控系统之制定及操作
效用
• 在内部审计部的协助下审阅本
集团的风险管理及内部监控的
有效性，并向董事会报告
风险督导委员会
• 成员包括本集团的主要执行人
员
• 评估及判断本集团的主要风
险，并确保实施适当减低风险
的措施╱监控
• 跟进已识别主要风险之缓减措
施╱监控，并向审核委员会报
告
• 每年向董事会确认本集团的风
险管理及内部监控系统的有效
性
STELUX Holdings International Limited
ANUAL REPORT 2025225
CORPORATE GOVERNANCE REPORT
企业管治报告
12. RISK MANAGEMENT AND INTERNAL CONTROL
(Continued)
(1) Risk Management (Continued)
Busines Units and Functional Suport
Management
• management mets periodicaly to identify
new and review existing risks
- , implement and monitor mitigation
actions and internal control activities in their
day-to-day operations
• ensure risk management proces and
mitigation actions and internal controls folow
guidelines or recomendations provided by
the Risk Stering Comite and Internal Audit
Function
Internal Audit Function
• cary out analysis and independent apraisal
of the adequacy and efectivenes of the
Group’s risk management and internal control
systems
• suport the Audit Comite in reviewing the
efectivenes of the Group’s risk management
and internal control systems
(2) Internal Control
Internal control is a proces for the Board and
management to asure achievement of the Group’s
objectives in operational efectivenes and eficiency,
reliable financial reporting, and compliance with
laws, regulations and our internal policies.
The Group has the folowing major internal controls
in place:
• Policies and SOPs are in place set to govern
staf in shop operations, integrity of trading
practices, compliance on handling personal
data of customers, acquisition and disposal of
capital asets, financial reporting, etc.
• Authorisation and aproval matrix are set based
on nature and type of transactions.
- （续）
- （续）
业务单位及部门支援管理
- ，以识别
新风险及审阅现有风险
- 、实施及监测日常营运的
减低风险措施及内部监控措施
• 确保风险督导委员会及内部审
计部提供的风险管理程序及风
险减低措施及内部监控指引或
建议获遵从
内部审计部
• 就本集团的风险管理及内部监
控系统的合适性及有效性进行
分析及独立评估
• 支援审核委员会审阅本集团的
风险管理及内部监控系统的有
效性
(2) 内部监控
内部监控为董事会及管理层确保达致
本集团有关营运有效性及效率、可靠
财务汇报制度及遵守法律、法规及内
部政策的程序。
本集团已实行下列主要内部监控措
施：
• 落实政策及标准经营程序以监
管营运店舖之员工、交易常规
的完整性、处理客户个人资料
的合规性、资本资产的收购及
出售、财务报告等。
• 根据不同交易性质及类型制定
不同授权及批准的基础。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
- （续）
- （续）
- 、
雇员手册及业务手册之内。雇
员需要严格遵守操守则，确
保本集团的营运符合业务行为
及道德的最高标准。
• 管理层定期制定及监察个别业
务单位的业务计划及预算。
- ，参照有
关各预算及相关键绩效指
标，检讨业务的最新情况、现
金状况及经营表现。
- 。
- 「有需要知道」的原则
管理有关会计、人力资源、
CRM及其他电脑系统的资料，
以保障资料及确保资料的完整
性。
• 主要或重大关联交易需要独立
非执行董事的事前批准，而所
有持续关联交易根据上市规则
每年予以审阅。
- 「举报」政策，供员
工向内部审计部主管匿名报告
任何涉嫌欺诈或员工不当行
为，而内部审计主管将向审核
委员会及董事会报告，以作出
进一步调查及╱或行动。举报
政策由内部审计主管定期监察
及检讨。
12. RISK MANAGEMENT AND INTERNAL CONTROL
(Continued)
(2) Internal Control (Continued)
- ’ Code of Conduct is available on the
Company’s intranet, Employe Handboks and
Operations Manuals. Employes are required
to strictly folow the Code of Conduct to ensure
the Group operates to the highest standards of
busines behaviour and ethics.
• Busines plans and budgets of individual
busines units are prepared and regularly
monitored by management.
• Regular management metings are held to
review busines updates, cash positions and to
monitor operating performance against budgets
and relevant KPIs.
• Regular reviews on store portfolio.
- , Human
Resources, CRM and other IT systems are
restricted and managed on a ned-to-know
basis in order to protect data and ensure data
integrity.
• Major or material conected transactions
require pre-aproval of independent non-
executive directors and al continuing
conected transactions are reviewed on an
anual basis pursuant to the requirements of
the Listing Rules.
• The Group has a Whistle-blowing Policy to
alow staf to anonymously report any suspected
fraud or employe’s misconduct to the Head
of Internal Audit who wil refer the report to
the Audit Comite and the Board for further
investigation and/or actions. The Whistle-
blowing Policy is periodicaly monitored and
reviewed by the Head of Internal Audit.
STELUX Holdings International Limited
ANUAL REPORT 2025227
CORPORATE GOVERNANCE REPORT
企业管治报告
- （续）
- （续）
• 本公司设有制度列明处理及向
公众传播内幕资料的要求和程
序。如一名或以上的高级人员
知悉任何重要资料，则须即时
查明、评估及向董事会提呈（如
适用）有关资料。
• 内部审计部进行定期审阅及特
设行动，包括风险评估及监测
营运、财务及合规（包括环境、
社会及管治）等方面。
(3) 内部审计
根据守则条文第D.2.5条，须设立内
部审计部。本集团内部审计部的主要
职责包括：
(i) 就本集团的风险管理及内部监
控系统向审核委员会及董事会
提供独立和客观的保证；
(i) 就本集团的财务、经营及合规
监控进行独立审计，并就改善
营运流程效率及效用提供建
议；
(i) 就高级管理层或董事会成员识
别的问题进行特别审阅；
(iv) 调查有关业务道德、员工不当
行为、欺诈个案、及其他违反
本集团政策惯例及标准之事
宜；及
(v) 监测「举报」政策。
内部审核职能部门亦对本集团实施的
ESG相关系统及惯例进行审核，以监
控合规，并将我们的业务风险降至最
低。
12. RISK MANAGEMENT AND INTERNAL CONTROL
(Continued)
(2) Internal Control (Continued)
• The Company has a system which sets out the
requirements and procedures for handling and
diseminating inside information to the public.
Any material information which comes to the
knowledge of one or more oficers should be
promptly identified, asesed and escalated,
where apropriate, to the atention of the
Board.
• Our internal audit function conducts regular
reviews and ad hoc engagements which cover
risk asesment and monitoring operational,
financial and compliance (including ESG)
aspects.
(3) Internal Audit
Under Code Provision D.2.5, an internal audit
function should be in place. The key tasks of the
Group’s Internal Audit Function include:
(i) provides independent and objective asurance
to the Audit Comite and the Board with
respect to the Group’s risk management and
internal control systems;
(i) conduct independent audits on the Group’s
financial, operational and compliance controls
and make recomendations on improving
work flow eficiency and efectivenes;
(i) conduct special reviews on areas of concerns as
identified by senior management or the Board;
(iv) conduct investigations on busines ethics,
employe misconduct, fraud cases and other
violations of the Group’s policies practices and
standards; and
(v) overse the “whistle-blowing” policy.
The internal audit function also conducts audits on
ESG related systems and practices implemented by
the Group to monitor compliance and to minimise
risks to our busineses.
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
12. RISK MANAGEMENT AND INTERNAL CONTROL
(Continued)
(4) Anual Review by the Board
Under Code Provision D.2.1, the directors should at
least anualy conduct a review of the efectivenes
of the Group’s internal controls system reporting
to the Company’s shareholders in the Corporate
Governance Report. The review should cover al
material controls, including financial, operational
and compliance controls and risk management
functions.
Under Code Provision D.2.2, the Board’s anual
review should, in particular, consider the adequacy
of resources, staf qualifications and experience,
training programes and budget of the Group’s
acounting and financial reporting function.
The Board through the Audit Comite, reviews the
overal efectivenes of the Group’s risk management
proces and internal control systems anualy. During
the curent financial year, the reviews covered the
folowing:
(i) any significant change in the nature and
extent of significant risks and in the control
environment of the Group;
(i) the significant control weakneses (including
financial, operational and compliance controls)
as identified by the Internal Audit Function
and the consideration of efectivenes over
its recomendations on improving internal
busines environment;
(i) major investigation findings on internal control
maters as presented by the Internal Audit
function;
(iv) the efectivenes of the Group’s financial
reporting and listing related compliance
proceses;
- （续）
(4) 董事会之年度审阅
根据守则条文第D.2.1条，董事应最
少每年对本集团内部监控制度的成效
进行一次检讨，并在企业管治报告中
向本公司股东汇报。有关检讨应涵盖
所有重要的监控方面，包括财务、营
运及合规监控以及风险管理职能。
根据守则条文第D.2.2条，董事会的
年度检讨应特别审视本集团会计及财
务汇报职能是否拥有充足的资源、员
工是否具备足够的资历及经验，并已
接受充足的培训，及是否备有充足的
预算。
董事会透过审核委员会每年阅审本集
团的风险管理程序及内部监控系统的
整体成效。于本财政年度，审阅包括
以下：
(i) 重大风险的性质及程度以及本
集团监控环境的任何重大改
变；
(i) 内部审计部识别的重大监控缺
陷（包括财务、营运及合规监
控），以及有关其就改善内部业
务环境建议的效用性之考虑；
(i) 内部审计部就内部监控事宜的
主要调查结果；
(iv) 本集团财务报告及上市规则相
关合规程序的有效性；
STELUX Holdings International Limited
ANUAL REPORT 2025229
CORPORATE GOVERNANCE REPORT
企业管治报告
12. RISK MANAGEMENT AND INTERNAL CONTROL
(Continued)
(4) Anual Review by the Board (Continued)
(v) the Group’s risk management system, key
risks and coresponding mitigation actions
which were sumarized by the Risk Stering
Comite and the Internal Audit Function
based upon discusion with senior management
of diferent busines units and functional
suports; and
(vi) the performance, staf qualification and
experience, training and adequacy of the
Group’s acounting, financial reporting and
internal audit functions.
The Board and the Audit Comite respectively,
conducted an anual review of the Group’s risk
management and internal control systems for the year
ended 31 March 2025 on 24 April 2025 and concluded
that adequate and efective risk management and internal
control systems of the Group are being maintained.
13. DIVIDEND POLICY
The Company’s decision to pay dividends to its
shareholders is based on a combination of factors
including, the financial performance of the Group, its
future developments and capital investments, its liquidity
requirements for busines operations and external market
conditions, like the general operating environment.
14. INVESTOR RELATIONS
We welcome dialogue with existing and prospective
investors as a way to promote a greater understanding of
the Group’s busines model and the way we conduct our
busineses.
Consolidated version of the Company’s constitutional
documents is available on the website of each of the Hong
Kong Stock Exchange and the Company.
- （续）
- （续）
(v) 本集团由风险督导委员会及内
部审计部根据与不同业务单位
及部门支援的高级管理层之讨
论而概括的风险管理制度、主
要风险及相应减低风险措施；
及
(vi) 本集团会计、财务汇报及内部
审计部的表现、员工资历及经
验、培训及充足性。
董事会及审核委员会已分别对本集团截至
2025年3月31日止年度的风险管理及内部监
控系统于2025年4月24日进行年度检讨，并
总结本集团有维持合适及有效的风险管理
及内部监控系统。
13. 股息政策
本公司向其股东派付股息的决定基于多项
因素，包括本集团的财务表现、其未来发
展及资本投资、其业务营运的流动资金需
求及外围市况，如一般营运环境。
14. 投资者关系
我们欢迎与现有及潜在投资者进行对话，
借此促进对本集团的业务模式及开展业务
方式的进一步了解。
本公司组织章程文件的综合版本已刊载于
香港联交所及本公司网站。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
15. SHAREHOLDERS RIGHTS
(1) How shareholders can convene an extraordinary
general meting
Shareholders may request to convene an
extraordinary general meting in acordance with
section 74 of the Bermuda Companies Act 1981:
- , notwithstanding
anything in its bye-laws shal, on the requisition
of members of the company holding at the
date of the deposit of the requisition not les
than one-tenth of such of the paid-up capital
of the company as at the date of the deposit
caries the right of voting at general metings
of the company, or, in the case of a company
not having a share capital, members of the
company representing not les than one-tenth
of the total voting rights of al the members
having at the said date a right to vote at general
metings of the company, forthwith proced
duly to convene a special general meting of
the company.
i. The requisition must state the purposes of
the meting, and must be signed by the
requisitionists and deposited at the registered
ofice of the company, and may consist of
several documents in like form each signed by
one or more requisitionists.
i. If the directors do not within twenty-one days
from the date of the deposit of the requisition
proced duly to convene a meting, the
requisitionists, or any of them representing
more than one half of the total voting rights
of al of them, may themselves convene a
meting, but any meting so convened shal
not be held after the expiration of thre months
from the said date.
15. 股东权利
(1) 股东要求召开股东特别大会程序
股东可根据百慕达《1981年公司法》
第74条要求召开股东特别大会：
- ，尽管公司细则有所
规定，如收到公司股东呈请，
于提出呈请之日持有不少于公
司于提出呈请之日已缴股本十
分之一并享有在公司股东大会
的投票权，或如公司没有股
本，则公司股东代表于提出呈
请之日持有不少于公司所有股
东于股东大会上投票的总投票
权的十分之一，则应立刻召开
公司特别股东大会。
i. 呈请必须列明会议目的，由呈
请人签署及投寄至公司注册办
事处，及可包括由多于一位呈
请人签署的同一格式的多份文
件。
i. 如董事自递交呈请后21天内仍
未召开大会；该等呈请人，或
代表多于全体呈请人一半的总
投票权的任何呈请人，则可以
自行召开大会，但任何大会皆
不能在呈请日起超过三个月后
召开。
STELUX Holdings International Limited
ANUAL REPORT 2025231
CORPORATE GOVERNANCE REPORT
企业管治报告
15. SHAREHOLDERS RIGHTS (Continued)
(1) How shareholders can convene an extraordinary
general meting (Continued)
iv. A meting convened under this section by the
requisitionists shal be convened in the same
maner, as nearly as posible, as that in which
metings are to be convened by directors.
v. Any reasonable expenses incured by the
requisitionists by reason of the failure of the
directors duly to convene a meting shal be
repaid to the requisitionists by the company,
and any sum so repaid shal be retained by the
company out of any sums due or to become
due from the company by way of fes or other
remuneration in respect of their services to
such directors as were in default.
(2) Procedures by which enquiries may be put to the
board and suficient contact details to enable these
enquiries to be properly directed
Shareholders may send their enquiries to the Board
by adresing them to the Company Secretary in
writing to:
the Company’s principal ofice, 27/F, Stelux House,
698 Prince Edward Road East, San Po Kong,
Kowlon, Hong Kong; or by email to ir@stelux.com.
(3) Procedures and suficient contact details for puting
forward proposals at shareholders’ metings
Shareholders may, subject to (1) above, by way of
request in writing request a shareholders’ meting to
be convened for the purpose of considering a certain
mater, adresing the request to the Company
Secretary at:
the Company’s principal ofice, 27/F, Stelux House,
698 Prince Edward Road East, San Po Kong,
Kowlon, Hong Kong.
- （续）
- （续）
iv. 在此条例下由该等呈请人召开
的大会须尽可能与由董事召开
大会的形式一样。
- ，任何
由该等呈请人支付的合理费
用，将由公司付回呈请人。已
支付数额将从公司支付给该不
履行责任董事的袍金或其他薪
酬内扣除。
- ，并
提供足够的联络资料以便有关查询可
获恰当处理
股东可以书面方式透过公司秘书向董
事会提出问题，邮寄至：
本公司主要办事处（香港九龙新蒲岗
太子道东698号宝光商业中心27楼）；
或电邮至ir@stelux.com。
(3) 在股东大会提出建议的程序及足够的
联络资料
在受限于上述第(1)条的情况下，股
东可向公司秘书发出书面要求，要求
召开股东大会以考虑若干事宜，邮寄
至：
本公司主要办事处（香港九龙新蒲岗
太子道东698号宝光商业中心27楼）。
宝光实业（国际）有限公司
2025年报
CORPORATE GOVERNANCE REPORT
企业管治报告
16. COMUNICATION WITH SHAREHOLDERS
The Company ataches great importance to comunication
with its shareholders and investors. To foster efective
comunications, the Company provides extensive
information in its anual report, interim report and also
publishes information relating to the Group and its
busineses on its website: w.stelux.com.
The Company regards the AGM as a platform to provide an
important oportunity for direct comunications betwen
the Board and the Company’s shareholders. Al directors
and senior management wil make an efort to atend.
External auditors wil also atend the AGM. The chairman
of the Audit, Remuneration, Nomination and Corporate
Governance Comites were al present at the Company’s
AGM held in 2024. Shareholders are given at least 21
days’ notice of the AGM. The Company encourages
shareholders’ participation.
In adition, the Company’s website (w.stelux.com)
contains company information which is easily acesible
for investors and shareholders. Mechanisms for enabling
shareholder participation is reviewed anualy by the
Board.
Shareholders may send any enquiries they have by
adresing them to the Company Secretary in writing to:
(i) the Company’s principal ofice, 27/F, Stelux House, 698
Prince Edward Road East, San Po Kong, Kowlon, Hong
Kong; or (i) by email to ir@stelux.com.
17. CODE OF CONDUCT
To enhance the ethical standards of employes, the
Company has an Employe Handbok, seting out the
Group’s requisite standards and an ethical code of conduct
for al employes of the Group. Employes at al levels are
expected to conduct themselves in an honest, diligent and
responsible maner.
16. 与股东之间的沟通
本公司十分重视与其股东和投资者的沟
通。为促进有效的沟通，本公司在年度报
告、中期报告中详尽公布本集团的资料，
亦透过其网站w.stelux.com发布关于本
集团及其业务的资料。
本公司视股东周年大会为董事会与本公司
股东提供直接沟通的重要渠道。全体董事
及高级管理人员会尽量抽空出席股东周年
大会。外聘核数师亦会出席股东周年大
会。审核委员会、薪酬委员会、提名委员
会及企业管治委员会的主席也有出席本公
司于2024年举行的股东周年大会。本公
司会于举行股东周年大会前最少21日向股
东发出会议通知。本公司鼓励股东出席会
议。
此外，本公司网站(w.stelux.com)载有公
司资料以便各投资者及股东查阅。董事会
每年检讨股东参与机制。
股东如有任何查询，可以书面方式邮寄
至：
(i)本公司主要办事处（地址为香港九龙新蒲
岗太子道东698号宝光商业中心27楼）；或
(i)电邮至ir@stelux.com向公司秘书提交。
17. 操守则
为提高雇员的操守标准，本公司设有员工
手册，为本集团全体员工列明本集团所要
求的标准及操守则条文。预期各阶级员
工均以忠诚、尽职及负责的态度行事。
STELUX Holdings International Limited
ANUAL REPORT 2025233
CORPORATE GOVERNANCE REPORT
企业管治报告
18. CONCLUSION
The Company recognises that adopting god corporate
governance principles and practices are important for
the suces of the Group and as such we wil continue to
strengthen and improve the standard and quality of the
Group’s corporate governance.
18. 总结
本公司认为采纳良好的企业管治原则及惯
例对本集团的成功至关重要，因此本公司
将继续加强及改善本集团企业管治的水平
及质素。
CORPORATE INFORMATION
公司资料
宝光实业（国际）有限公司
2025年报
Registered Ofice
Clarendon House, 2 Church Stret
Hamilton, HM11, Bermuda
Principal Ofice
27th Flor, Stelux House
698 Prince Edward Road East
San Po Kong
Kowlon
Hong Kong
Principal Bankers
Hang Seng Bank Limited
The Hongkong and Shanghai Banking Corporation Limited
Auditor
RSM Hong Kong
Share Registrar
Conyers Corporate Services (Bermuda) Ltd.
Clarendon House, 2 Church Stret
Hamilton HM11
Bermuda
Branch Share Registrar and Transfer Ofice
Computershare Hong Kong Investor Services Limited
Rom 1712-1716
17th Flor
Hopewel Centre
183 Quen’s Road East
Hong Kong
注册办事处
Clarendon House, 2 Church Stret
Hamilton, HM11, Bermuda
主要办事处
香港九龙新蒲岗
太子道东698号
宝光商业中心27楼
主要往来银行
恒生银行有限公司
香港上海汇丰银行有限公司
核数师
罗申美会计师事务所
股份过户登记处
Conyers Corporate Services (Bermuda) Ltd.
Clarendon House, 2 Church Stret
Hamilton HM11
Bermuda
股份过户登记处香港分处
香港中央证券登记有限公司
香港皇后大道东183号
合和中心17楼1712-1716室
CORPORATE INFORMATION
公司资料
STELUX Holdings International Limited
ANUAL REPORT 2025235
Audit Comite
Mr. Jef Ho Chi Kin (retired on 20 August 2024)
Mr. Chan Cheuk Pan (Chairman of Comite)
(apointed from 20 August 2024)
Mr. Ricky Lai Kai Ming
Ms. Honus Cheung Ho Ling (retired on 20 August 2024)
Mr. Lai Chun Yu (apointed from 20 August 2024)
Remuneration Comite
Mr. Ricky Lai Kai Ming (Chairman of Comite)
Mr. Chumphol Kanjanapas (aka Joseph C. C. Wong)
Mr. Jef Ho Chi Kin (retired on 20 August 2024)
Mr. Chan Cheuk Pan (apointed from 20 August 2024)
Ms. Honus Cheung Ho Ling (retired on 20 August 2024)
Mr. Lai Chun Yu (apointed from 20 August 2024)
Nomination Comite
Mr. Chumphol Kanjanapas (aka Joseph C. C. Wong)
(retired as Chairman of Comite on 24 June 2025)
Mr. Suriyan Joshua Kanjanapas (Chairman of Comite)
(re-designated from a member to Chairman on 24 June 2025)
Ms. Liao Ching Mei (apointed from 24 June 2025)
Mr. Jef Ho Chi Kin (retired on 20 August 2024)
Mr. Chan Cheuk Pan (apointed from 20 August 2024)
Mr. Ricky Lai Kai Ming
Ms. Honus Cheung Ho Ling (retired on 20 August 2024)
Mr. Lai Chun Yu (apointed from 20 August 2024)
Corporate Governance Comite
Ms. Liao Ching Mei (Chairman of Comite)
Mr. Jef Ho Chi Kin (retired on 20 August 2024)
Mr. Chan Cheuk Pan (apointed from 20 August 2024)
Mr. Ricky Lai Kai Ming
Ms. Honus Cheung Ho Ling (retired on 20 August 2024)
Mr. Lai Chun Yu (apointed from 20 August 2024)
Company Secretary
Ms. Hui Ka Wai (resigned on 16 October 2024)
Ms. Liao Ching Mei (apointed from 16 October 2024)
审核委员会
何致坚先生（于2024年8月20日退任）
陈焯彬先生（委员会主席）
（于2024年8月20日获委任）
黎启明先生
张可玲女士（于2024年8月20日退任）
黎振宇先生（于2024年8月20日获委任）
薪酬委员会
黎启明先生（委员会主席）
黄创增先生
何致坚先生（于2024年8月20日退任）
陈焯彬先生（于2024年8月20日获委任）
张可玲女士（于2024年8月20日退任）
黎振宇先生（于2024年8月20日获委任）
提名委员会
黄创增先生
（于2025年6月24日退任委员会主席）
黄瑞欣先生（委员会主席）
（于2025年6月24日由委员会成员调任为主席）
廖晶薇女士（于2025年6月24日获委任）
何致坚先生（于2024年8月20日退任）
陈焯彬先生（于2024年8月20日获委任）
黎启明先生
张可玲女士（于2024年8月20日退任）
黎振宇先生（于2024年8月20日获委任）
企业管治委员会
廖晶薇女士（委员会主席）
何致坚先生（于2024年8月20日退任）
陈焯彬先生（于2024年8月20日获委任）
黎启明先生
张可玲女士（于2024年8月20日退任）
黎振宇先生（于2024年8月20日获委任）
公司秘书
许嘉慧女士（于2024年10月16日辞任）
廖晶薇女士（于2024年10月16日获委任）
COMPANY DIRECTORY
公司资料索引
宝光实业（国际）有限公司
2025年报
MAINLAND CHINA AND HONG KONG
Equity Investment, Property Investment, Retail, Trading,
Wholesale and Suply Chain Management
• Stelux Holdings International Limited
• Stelux Holdings Limited
• Stelux Properties Limited
• Stelux Trading (International) Limited
27/F., Stelux House,
698 Prince Edward Road East,
San Po Kong, Kowlon, HONG KONG
• City Chain Company Limited
• Stelux Watch Limited
27/F., Stelux House,
698 Prince Edward Road East,
San Po Kong, Kowlon, HONG KONG
6/F., Continental Electric Building,
17 Wang Chiu Road,
Kowlon Bay, Kowlon, HONG KONG
• Thong Sia Watch Company Limited
• Thong Tai Watch Company Limited
21/F., Stelux House
698 Prince Edward Road East,
San Po Kong, Kowlon, HONG KONG
• Stelux Thong Sia (Guangdong) Trading Limited
28th Flor, Xinde Busines Building,
246 Zhongshan 4th Road, Yuexiu District,
Guangzhou City, Guangdong Province, China
Postal code:510045
中国内地及香港
股本投资、物业投资、零售、贸易、批发及供应
链管理
- （国际）有限公司
- （集团）有限公司
• 宝光地产有限公司
• Stelux Trading (International) Limited
香港九龙新蒲岗
太子道东698号
宝光商业中心27楼
• 时间廊钟表有限公司
• 宝光钟表有限公司
香港九龙新蒲岗
太子道东698号
宝光商业中心27楼
香港九龙九龙湾
宏照道17号
康大电业大厦6楼
• 通城钟表有限公司
• 通泰钟表有限公司
香港九龙新蒲岗
太子道东698号
宝光商业中心21楼
- （广东）商贸有限公司
中国广东省广州市越秀区中山四路246号
信德商务大厦28楼
邮政编号:510045
COMPANY DIRECTORY
公司资料索引
STELUX Holdings International Limited
ANUAL REPORT 2025237
MACAU
Retail
• City Chain (Macau) Co Limited
Avenida de Horta E Costa,
No.49-B-49-C, Edif. Chan Pou,
Res Do Chao B e Res Do Chao C
Em, Macau
MALAYSIA
Retail and Wholesale Trading
• City Chain (M) Sdn Bhd
Stelux No. 8, Jalan Puteri 7/13A
Bandar Puteri
47100 Puchong
Selangor Darul Ehsan
MALAYSIA
• Thong Sia Sdn Bhd (87055-A)
CP 27, Suite 2601-04,
26th Flor, Wisma Chuang
34, Jalan Sultan Ismail
50250 Kuala Lumpur
MALAYSIA
THAILAND
Retail and Wholesale Trading
• City Chain (Thailand) Company Limited
• Thong Sia (Thailand) Limited
347, 349 Muang Thong Thani
Bond Stret Road
Bangpod Subdistrict
Pakred District
Nonthaburi 11120
THAILAND
澳门
零售
- （澳门）有限公司
澳门高士德大马路49-B – 49-C
珍宝大厦地下B座及地下C座
马来西亚
零售及批发贸易业务
• City Chain (M) Sdn Bhd
Stelux No. 8, Jalan Puteri 7/13A
Bandar Puteri
47100 Puchong
Selangor Darul Ehsan
MALAYSIA
• Thong Sia Sdn Bhd (87055-A)
CP 27, Suite 2601-04,
26th Flor, Wisma Chuang
34, Jalan Sultan Ismail
50250 Kuala Lumpur
MALAYSIA
泰国
零售及批发贸易业务
• City Chain (Thailand) Company Limited
• Thong Sia (Thailand) Limited
347, 349 Muang Thong Thani
Bond Stret Road
Bangpod Subdistrict
Pakred District
Nonthaburi 11120
THAILAND
COMPANY DIRECTORY
公司资料索引
宝光实业（国际）有限公司
2025年报
SINGAPORE
Retail and Wholesale Trading
• City Chain Stores (S) Pte Limited
31 Ubi Road 1, #02-08 Main Building
Singapore 408694
SINGAPORE
• Thong Sia Company (Singapore) Pte Ltd
31 Ubi Road 1, #02-06 Main Building
Singapore 408694
SINGAPORE
SWITZERLAND
Watch Suply Chain Management and Trading
• Catena SA
• Solvil et Titus SA
• Pronto Watch SA
• CYMA SA
• Lisignol Sarl
Rue du Rhône 114,
1204 Genève
SWITZERLAND
新加坡
零售及批发贸易业务
• City Chain Stores (S) Pte Limited
31 Ubi Road 1, #02-08 Main Building
Singapore 408694
SINGAPORE
• Thong Sia Company (Singapore) Pte Ltd
31 Ubi Road 1, #02-06 Main Building
Singapore 408694
SINGAPORE
瑞士
钟表供应链管理及贸易业务
• Catena SA
• Solvil et Titus SA
• Pronto Watch SA
• CYMA SA
• Lisignol Sarl
Rue du Rhône 114,
1204 Genève
SWITZERLAND
FINANCIAL CALENDAR
STELUX Holdings International Limited
ANUAL REPORT 2025
财务日志
Latest time for lodging transfers of Shares for
registration in order to qualify for
atending and voting at the
Anual General Meting
4:30 p.m. on Wednesday, 13 August 2025
Latest date and time for return of proxy
form for the Anual General Meting
not les than 48 hours before the time of the Anual General
Meting
Closure of the register of members of the
Company for determining the identity of
Shareholders who are entitled to atend
and vote at the Anual General Meting
Thursday, 14 August 2025 to
Tuesday, 19 August 2025 (both days inclusive)
Anual General Meting
3:00 p.m. on Tuesday, 19 August 2025
Email Contacts
Investor Relations: ir@stelux.com
Shareholder Enquiries: ir@stelux.com
递交股份转让登记文件
以获资格出席股东
周年大会并于会上投票
之最后时间
2025年8月13日（星期三）下午四时三十分
交回股东周年大会代表委任表格之最后
日期及时间
股东周年大会召开时间48小时前
暂停办理股份过户登记以确定有资格
出席大会并于会上投票之股东身份
2025年8月14日（星期四）至
2025年8月19日（星期二）（包括首尾两日）
股东周年大会
2025年8月19日（星期二）下午三时正
联络电邮
投资者关系：ir@stelux.com
股东查询：ir@stelux.com
website 网 址：
htp:/w.stelux.com