Anual Report

年报

年

报

香港联合交易所有限公司（「联交所」）

GEM

的特色

GEM

的定位，乃为中小型公司提供一个上

市的市场，此等公司相比起其他在联交所

上市的公司带有较高投资风险。有意投资

的人士应了解投资于该等公司的潜在风

险，并应经过审慎周详的考虑后方作出投

资决定。

由于

GEM

上市公司普遍为中小型公司，在

GEM

买卖的证券可能会较在联交所主板

买卖之证券承受较大的市场波动风险，同

时无法保证在

GEM

买卖的证券会有高流

通量的市场。

香港交易及结算所有限公司及联交所对本

报告之内容概不负责，对其准确性或完整

性亦不发表任何声明，并明确表示概不就

因本报告全部或任何部份内容而产生或因

倚赖该等内容而引致之任何损失承担任何

责任。

本报告乃遵照联交所

GEM

证券上市规则

（「

GEM

上市规则」）而提供有关高裕金融

集团有限公司（「本公司」）的资料，本公司

董事（「董事」）愿共同及个别就此负全责。

董事在作出一切合理查询后确认，就彼等

所深知及确信，本报告所载资料在所有重

大方面均属准确完整，并无误导或欺诈成

份，亦无遗漏任何其他事项，致使本报告

所载任何声明或本报告有所误导。

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF

HONG KONG LIMITED (THE “STOCK EXCHANGE”)

GEM has ben positioned as a market designed to

acomodate smal and mid-sized companies to which

a higher investment risk may be atached than other

companies listed on the Stock Exchange. Prospective

investors should be aware of the potential risks

of investing in such companies and should make

the decision to invest only after due and careful

consideration.

Given that the companies listed on GEM are generaly

smal and mid-sized companies, there is a risk that

securities traded on GEM may be more susceptible to high

market volatility than securities traded on the Main Board

of the Stock Exchange and no asurance is given that

there wil be a liquid market in the securities traded on

GEM.

Hong Kong Exchanges and Clearing Limited and the

Stock Exchange take no responsibility for the contents

of this report, make no representation as to its acuracy

or completenes and expresly disclaim any liability

whatsoever for any los howsoever arising from or in

reliance upon the whole or any part of the contents of

this report.

This report, for which the directors (the “Directors”)

of Gaoyu Finance Group Limited (the “Company”)

colectively and individualy acept ful responsibility,

includes particulars given in compliance with the Rules

Governing the Listing of Securities on GEM of the Stock

Exchange (the “GEM Listing Rules”) for the purpose of

giving information with regard to the Company. The

Directors, having made al reasonable enquiries, confirm

that, to the best of their knowledge and belief, the

information contained in this report is acurate and

complete in al material respects and not misleading or

deceptive and there are no other maters the omision of

which would make any statement herein or this report

misleading.

CORPORATE INFORMATION

公司资料

2Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事会

执行董事

霍玉堂先生（主席）

谢青纯女士

霍洁仪女士

独立非执行董事

陈凯媛女士

唐永智先生

关子臻先生

审核委员会

唐永智先生（主席）

陈凯媛女士

关子臻先生

薪酬委员会

关子臻先生（主席）

霍玉堂先生

陈凯媛女士

唐永智先生

提名委员会

陈凯媛女士（主席）

霍玉堂先生

霍洁仪女士

唐永智先生

关子臻先生

公司秘书

林文杰先生

授权代表

霍玉堂先生

林文杰先生

注册办事处

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

BOARD OF DIRECTORS

Executive Directors

Mr. Fok Yuk Tong (Chairman)

Ms. Hsieh Ching Chun

Ms. Fok Kit Ye

Independent Non-executive Directors

Ms. Chan Hoi Wuen Katherine

Mr. Tong Wing Chi

Mr. Kwan Tsz Chun Sun

AUDIT COMITE

Mr. Tong Wing Chi (Chairman)

Ms. Chan Hoi Wuen Katherine

Mr. Kwan Tsz Chun Sun

REMUNERATION COMITE

Mr. Kwan Tsz Chun Sun (Chairman)

Mr. Fok Yuk Tong

Ms. Chan Hoi Wuen Katherine

Mr. Tong Wing Chi

NOMINATION COMITE

Ms. Chan Hoi Wuen Katherine (Chairman)

Mr. Fok Yuk Tong

Ms. Fok Kit Ye

Mr. Tong Wing Chi

Mr. Kwan Tsz Chun Sun

COMPANY SECRETARY

Mr. Lam Man Kit

AUTHORISED REPRESENTATIVES

Mr. Fok Yuk Tong

Mr. Lam Man Kit

REGISTERED OFICE

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

CORPORATE INFORMATION

公司资料

二零二五年报

•

高裕金融集团有限公司

总办事处及香港主要营业地点

香港

皇后大道中

号

中远大厦

楼

室

香港股份过户登记分处

联合证券登记有限公司

香港北角

英皇道

号

华懋交易广场

期

楼

3301-04

室

主要股份过户登记总处

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

核数师

中汇安达会计师事务所有限公司

执业会计师

香港九龙

九龙湾

宏照道

号

企业广场第五期

二座

楼

主要往来银行

渣打银行（香港）有限公司

香港

德辅道中

4-4A

号

股份代号

公司网站

w.gyf.com.hk

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Rom 4409, 44/F

COSCO Tower

183 Quen’s Road Central

Hong Kong

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Union Registrars Limited

Suites 3301-04, 33/F.

Two Chinachem Exchange Square

338 King’s Road

North Point, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER

OFICE

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

AUDITOR

ZHONGHUI ANDA CPA Limited

Certified Public Acountants

23/F, Tower 2

Enterprise Square Five

38 Wang Chiu Road

Kowlon Bay

Kowlon, Hong Kong

PRINCIPAL BANKER

Standard Chartered Bank (Hong Kong) Limited

4-4A Des Voeux Road Central,

Hong Kong

STOCK CODE

COMPANY WEBSITE

w.gyf.com.hk

CHAIRMAN’S STATEMENT

主席报告

4Gaoyu Finance Group Limited • ANUAL REPORT 2025

致股东：

本人谨代表高裕金融集团有限公司董事会

（「董事会」）高度热忱及乐观地呈报本公

司及其附属公司（统称「本集团」）截至二零

二五年三月三十一日止年度（「报告期间」）

的年度报告。这是多么令人振奋的一年！

尽管香港、中国大陆乃至全世界面临充满

挑战的经济形势，金融市场处于动荡之

中，本集团仍取得了卓越发展。得益于我

们人才团队坚定不移的奉献，我们创造新

高，于本年度录得营业额大幅增长。该成

就证明了我们在艰难状况下的韧性及茁壮

成长的能力。

面对不断变化的经营环境，本集团于二零

二年大胆涉足供应链融资行业，该行业

于本年度实现惊人增长。该成功突显了创

新金融服务的巨大需求及价值，将供应链

融资定位为我们未来增长的基石。此外，

我们亦从新兴经济体的机遇中获取动力，

致力于打造一个动态的资产信托及管理平

台，利用该等令人兴奋的可能性。

本人坚信，每一次挑战都蕴含著非凡的机

遇。凭借此等心态，本人有信心，不论经济

环境如何，本集团均已作好准备以实现强

劲增长，抓住未来潜力。

本人谨代表董事会衷心感谢股东、客户及

业务伙伴一直以来的坚定不移的支持，并

对管理层及员工为我们共同的成功所作出

的不懈努力及卓越贡献表示赞扬。携手前

行，共创美好未来！

主席兼执行董事

霍玉堂

香港，二零二五年六月二十五日

Dear Shareholders,

It is with great enthusiasm and optimism that I, on behalf of

the board (the “Board”) of Directors of Gaoyu Finance Group

Limited, present the anual report for the Company and its

subsidiaries (colectively the “Group”) for the year ended 31

March 2025 (the “Reporting Period”). What an exhilarating

year it has ben!

Despite facing a chalenging economic landscape in Hong

Kong, Mainland China and even the whole world, with

financial markets navigating turbulent waters, the Group has

achieved remarkable progres. Thanks to the unwavering

dedication of our talented team, we’ve reached new heights,

recording a significant surge in turnover during this year. This

achievement is a testament to our resilience and ability to thrive

in even the toughest conditions.

Embracing the evolving busines landscape, the Group

boldly ventured into suply chain financing in 2022, and

this year, we’ve sen phenomenal growth in this sector.

This suces underscores the imense demand and value

of our inovative financial services, positioning suply chain

financing as a cornerstone of our future growth. Furthermore,

we are energized by the oportunities in the emerging

economy and are comited to building a dynamic aset

trust and management platform that harneses these exciting

posibilities.

I firmly believe that within every chalenge lies extraordinary

oportunity. With this mindset, I am confident that the Group is

poised for robust growth, ready to seize the potential that lies

ahead, no mater the economic climate.

On behalf of the Board, I extend my heartfelt gratitude to

our shareholders, customers, and busines partners for their

steadfast suport. I also comend our management and

staf for their tireles eforts and remarkable contributions

to our shared suces. Together, we are forging a bright and

prosperous future!

Fok Yuk Tong

Chairman and Executive Director

Hong Kong, 25 June 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

恢复买卖

本公司股份（「股份」）自二零二三年六月

二十九日起于香港联合交易所有限公司

（「联交所」）

GEM

暂停买卖。于二零二三

年七月十八日，联交所发出一份函件，当

中载有关股份于联交所恢复买卖的指引

（「复牌指引」）。经过董事及本公司管理

层的不断努力，本公司于二零二四年七

月二十二日作出有关达成复牌指引及恢

复买卖的公告，而股份于二零二四年七月

二十三日上午九时正起于联交所重新开始

买卖。

业务回顾及前景

本集团主要从事提供

(i)

证券交易及经纪服

务（港股及美股）；

(i)

配售及包销服务；

(i)

包括贷款融资、证券及首次公开招股保证

金融资及财务借贷的融资服务；

(iv)

资产管

理服务；

(v)

供应链融资；

(vi)

信托服务；及

(vi)

咨询服务。

RESUMPTION OF TRADING

Trading in the shares of the Company (“Shares”) on GEM

of The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) has ben suspended since 29 June 2023. On 18

July 2023, the Stock Exchange isued a leter seting out the

guidance for the resumption of trading in the Shares on the

Stock Exchange (the “Resumption Guidance”). Folowing

the continued eforts of the Directors and management of the

Company, the Company made the anouncement in relation to

the fulfilment of the Resumption Guidance and resumption of

trading on 22 July 2024, and trading in the Shares on the Stock

Exchange recomenced with efect from 9:00 a.m. on 23 July

2024.

BUSINES REVIEW AND PROSPECTS

The Group is principaly engaged in the provision of (i) securities

dealing and brokerage services (Hong Kong and US stocks);

(i) placing and underwriting services; (i) financing services

including loan financing, securities and initial public ofering

margin financing and money lending; (iv) aset management

services; (v) suply chain financing; (vi) trust services; and (vi)

advisory services.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

6Gaoyu Finance Group Limited • ANUAL REPORT 2025

证券交易及经纪服务

本集团透过本公司附属公司高裕证券有

限公司（「

GSL

」）从事证券交易及经纪服

务，

GSL

为根据香港法例第

章证券及期

货条例（「证券及期货条例」）可从事第

类

（证券交易）、第

类（就证券提供意见）及

第

类（提供资产管理）受规管活动的持牌

法团。本集团为包括公司及个人客户在内

的客户买卖于香港联合交易所及美国证券

交易所上市的证券提供证券交易及经纪

服务。于二零二五年三月三十一日，本集

团共有

个（二零二四年三月三十一日：

个）于报告期间进行至少一次交易的

活跃证券交易账户，于报告期间的交易总

值约为

1,901,792,000

港元，而相应期间则

约为

1,315,495,000

港元。本集团来自证券

交易及经纪服务的佣金收入由相应期间约

2,073,000

港元增加约

83.6%

至报告期间

约

3,807,000

港元。

本集团已为其证券交易和经纪业务启动品

牌重塑计划，以吸引新客户，以及重新吸

引并激活现有客户群。于二零二四年二月

二十六日，本集团为其持牌法团推出新的

交易系统及新的智能手机应用程序，其对

于客户而言属更方便易用及内容更丰富的

线上系统，具备海外股票交易功能，且运

作成本较低。该等改进措施显著提升了交

易体验，为本集团的客户提供更高效率，

创造更大价值。

为提高本公司的品牌知名度并加强本公司

的市场影响力，本公司致力于与现有及潜

在客户接触，从而增进彼等对本集团以及

本公司提供的多样化产品及新服务的了

解。该战略方针旨在建立客户信心，鼓励

彼等与本公司合作，以实现彼等投资目标

及财富管理需求。本公司将继续发掘更多

VIP

客户，以扩大

VIP

客户群，进一步增加收

入。

Securities Dealing and Brokerage Services

The Group conducts securities dealing and brokerage services

through Gaoyu Securities Limited (“GSL”), a subsidiary of the

Company, which is a corporation licensed to cary on Type 1

(dealing in securities), Type 4 (advising on securities) and Type

9 (aset management) regulated activities under the Securities

and Futures Ordinance (Chapter 571 of the Laws of Hong

Kong) (the “SFO”). The Group provides securities dealing and

brokerage services to customers for trading in securities listed

on the stock exchange of Hong Kong and in the U.S. which

comprise corporate and individual customers. As at 31 March

2025, the Group had 298 active securities trading acounts

which have at least one trade during the Reporting Period (31

March 2024: 288), the total transaction value in the Reporting

Period was aproximately HK$1,901,792,000 compared to the

Coresponding Period of aproximately HK$1,315,495,000.

The Group’s comision income from securities dealing and

brokerage services increased by aproximately 83.6% from

aproximately HK$2,073,000 in the Coresponding Period to

aproximately HK$3,807,000 in the Reporting Period.

The Group has initiated a brand re-building program for its

securities dealing and brokerage busines to atract new clients,

and re-engaging and reactivating its existing client base. On

26 February 2024, the Group launched a new trading system

and new smartphone aplications for its licensed corporation,

which is a more user-friendly and informative online system

for customers, with foreign stock trading capacity and lower

runing costs. These improvements have significantly enhanced

the trading experience, ofering greater eficiency and value to

clients of the Group.

To elevate the Company’s brand awarenes and strengthen

the Company’s market presence, the Company is comited

to engaging both curent and prospective clients, thereby

enhancing their understanding of the Group, as wel as the

diverse product and new service oferings of the Company.

This strategic aproach is designed to build confidence among

clients, encouraging them to partner with the Company to

achieve their investment goals and wealth management neds.

The Company wil continue to identify more VIP clients so as to

broaden its VIP client base and to further bost its revenue.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

配售及包销服务

本集团透过

GSL

进行配售及包销服务。于

或将于联交所上市的公司或联交所上市公

司股东以首次公开招股、供股、公开发售

或配售新股份或现有股份或债券等方式筹

集资金时，本集团担任包销商或分包销商

或配售代理或分配售代理。

配售及包销费用以及佣金收入主要受到本

集团参与的委聘数目、委聘规模及佣金率

所影响。于报告期间，本集团有六项（相应

期间：七项）配售及包销委聘，交易总值约

348,810,000

港元（相应期间：

72,735,000

港元）。本集团于报告期间来自配售及包

销活动的收费及佣金收入约为

6,097,000

港元（相应期间：

2,436,000

港元）。

本公司拟透过以下方式加强配售及包销业

务：

(i)

扩大本公司的行业网络，尤其是与其

他包销商及配售代理就配售及╱或包销委

聘进行合作；

(i)

主要透过推广活动及本公

司的销售团队，将本公司的服务扩展至更

广泛的客户类别，包括非上市公司、高净值

（「高净值」）人士、机构客户、大众零售及

企业客户；及

(i)

探索担任首次公开招股的

包销商及配售代理以外的商机，包括债务

配售服务，及按更高费率承接或以更高金

额（按包销及配售金额计）参与项目委聘。

Placing and Underwriting Services

The Group conducts placing and underwriting services through

GSL. The Group acts as an underwriter or a sub-underwriter

or a placing agent or a sub-placing agent for companies listed

or to be listed on the Stock Exchange or for shareholders of

companies listed on the Stock Exchange for their fund raising

exercises such as IPOs, rights isue, open ofer or placing of

new or existing shares or bonds.

Placing and underwriting fe and comision income

is principaly afected by the number of engagements

participated by the Group, the size of engagements and the

comision rates. During the Reporting Period, there was

six (Coresponding Period: seven) placing and underwriting

engagements with a total transaction value of aproximately

HK$348,810,000 (Coresponding Period: HK$72,735,000). The

Group’s fe and comision income generated from placing

and underwriting activities was aproximately HK$6,097,000 in

the Reporting Period (Coresponding Period: HK$2,436,000).

The Company intends to strengthen the placing and

underwriting busines by (i) extending the industry networks

of the Company, particularly with other underwriters and

placing agents in respect of placing and/or underwriting

engagements; (i) extending the Company’s services to broader

categories of clients, including non-listed companies, high net

worth (“HNW”) individuals, institution clients, mas retail and

corporate clients, primarily through promotional campaigns

and the Company’s sales force; and (i) exploring busines

oportunities beyond acting as underwriter and placing agent

in respect of IPOs, to include debt placement services, and

to take up more significant values or to participate in a more

significant maner (in terms of underwriting and placing

amounts) in respect of project engagements.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

8Gaoyu Finance Group Limited • ANUAL REPORT 2025

贷款融资、保证金融资及财务借贷服务

来自贷款融资、保证金融资及财务借贷服

务的利息收入主要指为以保证金方式购买

联交所上市证券的客户提供贷款融资、保

证金融资及财务借贷服务、租购及按揭贷

款融资而产生的利息收入。

来自贷款融资、保证金融资及财务借贷服

务的利息收入由相应期间约

8,990,000

港

元减少约

62.2%

至报告期间约

3,394,000

港

元。减少主要由于报告期间保证金贷款减

少所致。

本公司将继续审慎地扩大其保证金放款

账，并谨慎地扩展贷款融资业务，包括向

以香港上市证券、债券、住宅物业及其他

有价证券等为抵押品的财务借贷客户提供

按揭贷款及短期融资业务。本公司将密切

监察抵押品的价值，并不断更新其信贷控

制政策，尤其是在当前的动荡时期，以最

大程度降低信贷风险。倘认为潜在贷款融

资项目存在重大信贷风险，本公司将采取

高度谨慎的态度，放弃该等项目，以确保

财务稳定及降低风险。

Loan Financing, Margin Financing and Money Lending

Services

Interest income from loan financing, margin financing and

money lending services mainly represents the interest income

generated from the provision of loan financing, margin

financing and money lending services for customers to

purchase securities listed on the Stock Exchange on a margin

basis, hire purchase and mortgage loan financing.

For the Reporting Period, interest income from loan financing,

margin financing and money lending services decreased by

aproximately 62.2% from aproximately HK$8,990,000 for

the Coresponding Period to aproximately HK$3,394,000. The

decrease was atributable to the decrease in margin loans over

the Reporting Period.

The Company wil continue prudently to expand its margin

bok and cautiously scale up loan financing busines to

include mortgage loans and short-term financing busines

to its money lending clients with colaterals such as Hong

Kong listed securities, bonds, residential properties, and other

marketable securities. The Company wil closely monitor the

value of the colaterals and constantly update its credit control

policy, particularly at this tumultuous moment, to minimize its

credit exposure. Should the potential loan financing projects be

demed to cary significant credit risk, the Company wil adopt

a highly cautious aproach and wil chose not to proced with

these projects to ensure financial stability and risk mitigation.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

本集团财务借贷业务之业务模式

本集团之财务借贷服务一般透过本公司全

资附属公司高裕财务有限公司（「

GFL

」），

提供予具有中短期资金需求且可提供充足

抵押品之个人及公司借款人，以满足其抵

押贷款（以住宅或商业物业作为抵押品之

第一或第二抵押贷款）或租购（车辆融资）

形式之借款需求。本集团亦可按个别情况

考虑无抵押品之个人贷款。

GFL

为香港法

例第

章放债人条例（「放债人条例」）项

下放债人牌照之注册持有人。本集团之客

户主要透过本集团管理层、业务伙伴或客

户之业务转介及介绍获得。

于报告期间，本集团应收固定利率贷款之

年利率介乎

至

15%

（相应期间：

至

13%

）。本集团自有关贷款融资产生利息

收入作为收入。本集团录得该分部收入约

767,000

港元（相应期间：

75,000

港元）。

本集团有关其财务借贷业务之信贷风险

评估政策

本集团之信贷风险主要来自其应收客户贷

款。为监控其信贷风险，本集团就其财务

借贷业务根据本集团所采纳之《信贷政策

手册》（「信贷政策手册」）载列以下信贷政

策。

为确保充分制衡以防止过度依赖单一信贷

人员之决定，

GFL

之董事会委托其自身之

信贷授权予批准委员会（「批准委员会」），

其属协助

GFL

任何一名董事监督信贷风险

管理之专门委员会。批准委员会由三名成

员组成，现时成员包括

GFL

之一名董事、本

公司之一名董事以及本集团其他成员公司

之一名董事。所有贷款必须由批准委员会

之任何两名成员根据其贷款之信贷审批限

额以及信贷政策手册所载之批准指南批准

及认可。

Busines model of the Group’s money lending busines

The Group’s money lending services are generaly provided to

individual and corporate borowers that have short-to-medium

term funding neds and could provide suficient colaterals

for their borowings in the form of mortgage loans (first or

second mortgage with residential or comercial properties

as colaterals) or hire purchases (vehicle financing) through

a wholy-owned subsidiary of the Company, Gaoyu Finance

Limited (“GFL”). The Group may also consider personal loans

without colaterals on a case-by-case basis. GFL is a Money

Lenders Licence holder registered under the Money Lenders

Ordinance, Cap. 163 of the Laws of Hong Kong (the “MLO”).

The Group’s clientele is primarily acquired through busines

referals and introductions from the Group’s management,

busines partners or customers.

During the Reporting Period, the range of interest rate on

the Group’s fixed rate loans receivable was 8% to 15%

(Coresponding Period: 8% to 13%) per anum. The Group

generates interest income from such loan facility as revenue.

The Group recorded revenue from this segment amounted

to aproximately HK$767,000 (Coresponding Period:

HK$75,000).

The Group’s credit risk asesment policy in respect of

its money lending busines

The Group’s credit risk is mainly arising from its loan receivable

from customers. To monitor its credit risk, the Group sets out

the folowing credit policies which is documented in Credit

Policy Manual (the “Credit Policy Manual”) adopted by the

Group for its money lending busines.

In order to ensure adequate check and balances to prevent

undue reliance on decision of a single credit oficer, the

board of directors of GFL delegates its own credit authority

to the aproval comite (the “Aproval Comite”),

a specialised comite established to asist any one of the

directors of GFL in overseing the credit risk management. The

Aproval Comite consists of thre members, the curent

composition including one of the directors of the GFL, one of

the directors of the Company and a director of other group

companies of the Group. Al loans must be aproved and

endorsed by any two members of the Aproval Comite in

acordance with their credit aproval limits for loans and the

aproval guidelines as set out in the Credit Policy Manual.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

10Gaoyu Finance Group Limited • ANUAL REPORT 2025

所有

GFL

客户之当前获批信贷状况将根据

客户之最新财务状况或市场状况而持续监

控及调整。为保障

GFL

免受客户拖欠还款

之风险，

GFL

将采取以下预防措施：

信贷观察名单

倘发生下列情况，客户将被列入信贷

观察名单并将获相应告知有关行动：

偿款已逾期

日，或

抵押品之价值较授信时之抵押

品初始估值下跌

20%

，或

客户受到金融危机不利影响。

客户可能会被要求以

GFL

接受之形式

提供额外抵押品，以保持其既定之信

贷额度。客户亦将可能获告知

GFL

打

算采取之行动方案，其中可能包括在

未能及时提供额外抵押品之情况下

被要求提早偿款。

提早偿款

无法提供额外抵押品之客户将须提

早偿还全部或部分未偿还金额。

抵押品估值

为确保

GFL

拥有抵押品之最新估值，

每年三月将就整个组合进行更新估

值。

于二零二五年三月三十一日，六项

应收贷款及利息仍未偿还（二零二四

年三月三十一日：两项），总结余

约为

13,097,000

港元（二零二四年

三月三十一日：

2,199,000

港元）。

于报告期间作出应收贷款亏损拨

备

2,624,000

港元（二零二四年三月

三十一日：无）。

The curent aproved credit positions of al GFL customers wil

be continuously monitored and adjusted based on the latest

financial position of the customers or market conditions. In

order to protect GFL from the risk of customer’s default on

repayment, GFL wil take the folowing preventive measures:

1. Credit Watchlist

A customer wil be placed in the credit watchlist and wil

be notified of such action acordingly when:

a) repayment is overdue for 7 days, or

b) the value of the colateral droped by 20% when

compared to the initial valuation of the colateral at

the time of credit extension, or

c) the customer is adversely afected by financial crisis.

A customer may be asked to provide aditional colateral

in the forms aceptable by GFL in order to maintain

its established credit limit. Customers wil also may be

informed of GFL’s intended course of action, which could

include the request for early repayment if aditional

colaterals are not furnished promptly.

2. Early Repayment

A customer that could not furnish aditional colateral

wil be subject to early repayment of whole or partial

outstanding amount.

3. Valuation of Colateral

To enable GFL to have up-to-date view of value of the

colateral, an updated valuation exercise wil be conducted

against the whole portfolio in March each year.

As at 31 March 2025, 6 loans and interest receivables

remained outstanding (31 March 2024: two) with the

gros balance of aproximately HK$13,097,000 (31 March

2024: HK$2,199,000). HK$2,624,000 los alowance on

loan receivables was made for the Reporting Period (31

March 2024: Nil).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

客户规模及多元化

于二零二五年三月三十一日，应收贷款以

港元计值，年利率为

至

15%

。一年至五

年期之贷款金额已以第一或第二抵押贷款

或个人担保抵押贷款形式出借予六名独立

第三方。总账面值约为

13,097,000

港元（二

零二四年：

2,199,000

港元）。于二零二五

年三月三十一日，本集团最大借款人占

本集团财务借贷业务之应收贷款约

52.5%

（二零二四年：

51.7%

）。

于二零二五年三月三十一日，有两份（二

零二四年：一份）以住宅物业作为抵押品

之抵押贷款分别为期一年及五年，两份贷

款本金额为

7,572,000

港元（二零二四年：

1,000,000

港元）。

有四项以个人担保抵押之其他贷款，贷

款本金额为

5,000,000

港元（二零二四年：

1,000,000

港元）。

主要内部监控

本集团一般提供中短期贷款。于报告期

间入账之贷款中，就贷款交易数目而言，

45%

之贷款期限在一年以内及

55%

之贷款

期限为五年。还款条款及条件乃根据借款

人之流动资金需求、本集团之资金及现金

流量管理策略，以及现行市场之条款及利

率等因素厘定。

放债人牌照及放债交易规管受放债人条

例规管。本集团已制定信贷政策、指引及

程序，当中涵盖贷款交易之主要内部监

控，包括尽职审查、信贷评估、妥善签立文

件、持续监察以及收集及收回款项。尽职

审查程序包括调查借款人之背景、评估其

当前业务营运及财务状况、市场声誉及信

誉，以及进行财务分析及可收回性分析。

为将信贷或投资风险降至最低，本集团可

就若干贷款要求个人担保及公司担保。

Size and diversity of customers

As at 31 March 2025, loan receivables were denominated in

Hong Kong dolars with interest rate of 8% – 15% per anum.

The loan amounts with one year to five years period terms

were lent to 6 independent third parties in the form of first

or second mortgage or loans secured by personal guarante.

The gros carying amount was aproximately HK$13,097,000

(2024: HK$2,199,000). The Group’s largest borower acounted

for aproximately 52.5% (2024: 51.7%) of the Group’s loans

receivable of its money lending busines at 31 March 2025.

As at 31 March 2025, there were two (2024: one) mortgage

loans with terms of one year and five years respectively with

residential properties as colaterals, of loan principals amount of

HK$7,572,000 (2024: HK$1,000,000).

Four other loans which were secured by personal guarante

have loan principals amounted to HK$5,000,000 (2024:

HK$1,000,000).

Key internal controls

The Group generaly provides short-to-medium term loans. For

loans boked during the Reporting Period, in terms of number

of loan transactions, 45% was with a term within one year

and 55% was with a term of 5 years. The repayment terms

and conditions are determined from the factors including the

liquidity neds of the borowers, the Group’s funding and cash

flows management strategies, and the terms and rates of the

prevailing market.

The licensing of money lenders and regulation of money-

lending transactions are governed by the MLO. The Group

has credit policies, guidelines and procedures in place which

cover key internal controls of a loan transaction including due

diligence, credit apraisal, proper execution of documentations,

continuous monitoring and colection and recovery. The

due diligence procedures included conducting research on

the borowers’ background, evaluating its curent busines

operations and financial conditions, market reputation and

creditability, and conducting financial analysis and recoverability

analysis. To minimise credit or investment risks, the Group

may require personal guarantes and corporate guarantes in

respect of certain loans.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

12Gaoyu Finance Group Limited • ANUAL REPORT 2025

于开户、客户审查及信贷评估等相关程序

完成后，本集团将向该等借款人授出贷款

融资，以满足彼等自身之资金需求。本集

团在申请放债人牌照续期及进行财务借贷

业务时，已遵守放债人条例条文规定之所

有形式及程序。于提取贷款后，贷款协议

将与贷款文件一并妥善存档。本集团与借

款人保持定期联系，并根据业务发展、财

务状况、还款能力（包括近期还款记录及

针对借款人之任何诉讼及破产令）进行定

期审阅以评估贷款之收回情况。本集团将

对相关借款人采取一切必要之法律行动，

以跟进未偿还贷款之清偿事宜。

资产管理服务

于报告期间，本集团概无录得任何来自

资产管理服务的收费收入（相应期间：

440,000

港元）。

本集团已成立三家开放式基金型公司（「开

放式基金型公司」），以拓展其资产管理服

务业务。就香港政府入境事务处公布的新

资本投资者入境计划而言，本公司已成立

专门负责移民服务的部门，并调配其现有

雇员至该新成立的业务单位。此外，本公

司亦聘用技术熟练的自由职业者管理该等

服务及开展研究。

本公司一直积极联系客户，全方位发展其

资产管理业务。凭借资产管理团队的过往

资产管理关系及人际关系，本公司一直参

与香港多个特定行业的活动及中国的社

交活动，以发掘香港市场以外的高净值客

户，从而进一步扩大网络，提升资产管理

业务。

Upon completion of relevant acount opening, know-your-

client and credit asesment procedures, the Group would

grant a loan facility to such borowers for their own financing

neds. The Group has folowed al forms and procedures

prescribed under the provisions of the MLO when making

relevant aplication for the renewal of money lender license

and conducting our money lending busines. After drawdown

of loan, the loan agrement wil be filed with the loan

documents properly. The Group maintains regular contact

with the borowers and caries out periodical review to ases

the recovery of the loan based on the busines development,

financial status, repayment ability including such as recent

setlement record and any litigations and bankruptcy orders

against borowers. The Group wil take al necesary legal

actions against the relevant borowers to folow up the

setlement of the outstanding loans.

Aset Management Services

The Group did not record any fe income from aset

management services for the Reporting Period (Coresponding

Period: HK$440,000).

The Group has set up thre open-ended fund companies (the

“OFCs”) to expand its aset management services busines.

For the new Capital Investment Entrant Scheme anounced by

the Imigration Department of Hong Kong government, the

Company has established a department dedicated to imigrant

services and re-deployed its curent employes to this newly

formed busines unit. Furthermore, the Company has brought

on board skiled frelance profesionals to manage these

services and undertake research.

The Company has ben actively reaching out to clients

to develop al aspects of its aset management busines.

Leveraging the aset management team’s previous aset

management relationships and personal relationships, the

Company has ben participating in various sector-specific

events in Hong Kong and social events in the PRC to explore

HNW clients beyond the Hong Kong market, thereby further

expanding their network with the aim of enhancing their aset

management busines.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

供应链融资

供应链融资业务的运作方式与贷款融资及

保证金融资业务类似。该业务利用

批发

商抵押予本集团的

产品作为抵押品，作

为回报，本集团向

批发商提供融资及配

套供应链解决方案服务。本集团作为

批

发商的贷款人，为彼等提供前期融资，并

代为向

供应商下订单。该供应链服务为

批发商采购产品提供资金便利，并扩大

彼等的业务规模。本集团透过提供融资获

得利息收入，从而获得稳定、低风险的回

报。

本集团于报告期间录得供应链融资的利息

收入及服务费约

15,579,000

港元（相应期

间：

8,430,000

港元）。于报告期间，该等客

户的采购总金额约为

864,485,000

港元（相

应期间：

769,729,000

港元）。

本集团一直努力扩大其业务规模，与主要

行业参与者建立伙伴关系，扩大其服务在

亚太地区的地理覆盖范围，并加强其基础

设施支持（包括物流渠道及仓储设施）。不

断改进及探索新产品、新市场及新行业网

络的承诺彰显了本集团对业务发展的不懈

追求。本公司将继续招徕更多

批发商客

户以进一步增加其收益。

现阶段，本集团的现有

批发商客户已销

售

2,000

多款不同的

产品。一般而言，

本集团会应

批发商客户的要求扩大其

产品的品类。于本集团蓝图的第二阶段

中，本集团可能会根据潜在客户的需求尝

试将供应链融资业务模式进行延伸，以涵

盖其他消费产品（如红酒及手表）。

Suply Chain Financing

The suply chain financing busines operates in a similar

maner to the loan financing and margin financing busines.

It utilises the 3C Products being pledged by 3C wholesalers

as colaterals to the Group, and in return, the Group provides

financing and ancilary suply chain solution services to 3C

wholesalers. The Group acts as a lender for 3C wholesalers,

providing upfront financing and placing orders on their behalf

with 3C supliers. This suply chain service financialy facilitates

3C wholesalers in their procurement of products, and enlarges

their busines scale. The Group generates stable, low-risk

returns through interest income from the financing it provides.

The Group recorded interest income and service fes from

suply chain financing of aproximately HK$15,579,000 for

the Reporting Period (Coresponding Period: HK$8,430,000).

The gros procurement amount of clients was aproximately

HK$864,485,000 for the Reporting Period (Coresponding

Period: HK$769,729,000).

The Group has diligently worked to scale its operations,

forging partnerships with key industry players, broadening

its geographical fotprint of service acros the APAC region,

and enhancing its infrastructure suport, including logistics

chanels and warehousing facilities. The comitment to

continuous improvement and exploration of new products,

markets, and industry networks underscores the Group’s

unwavering dedication to advancing its busines. The Company

wil continue to solicit more 3C wholesaler customers to further

bost its revenue.

At the curent stage, the Group’s existing 3C wholesaler

customers have sold more than 2,000 diferent 3C products.

Generaly, the Group increases its 3C products range at the

request of the 3C wholesaler customers. In the second stage

of the Group’s blueprint, depending on the neds of potential

clients, the Group may explore to extend the suply chain

financing busines model to cover other consumable products,

such as red wines and watches.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

14Gaoyu Finance Group Limited • ANUAL REPORT 2025

信托服务

就提供信托服务而言，本集团旨在为高净

值客户提供专业的信托服务，以满足彼等

资产保护、税务规划及理财需求。本集团

已于二零二四年二月正式取得香港的信托

牌照以开展信托业务，并已于二零二四年

九月完成第一阶段的线上服务平台，信托

客户能够利用此平台完成线上

KYC

程序及

跟踪信托所持资产状况。

本集团已正式开展信托业务，除了启动宣

传活动外，会增聘前线人员以加速推动业

务发展，并积极与不同类型机构（例如保

险经纪公司、律师事务所及移民公司等）

洽谈信托业务上的合作。

在于二零二四年二月取得开展信托服务业

务所需的所有牌照后，本公司已委聘一家

专业营销公司制作宣传及推广材料，同时

开发专门用于信托服务的用户友好型应

用程序及网站。下一步工作包括严格测试

网站和应用程序，以确保完美无瑕的功能

及用户体验。在进行该等技术准备工作的

同时，本公司亦将开展宣传活动，其将涉

及向精选目标受众派发全新创作的宣传材

料，以及一系列旨在吸引潜在客户注意力

的广告。本公司将继续利用其网络寻找潜

在客户，并已与数名潜在客户进行洽谈。

咨询服务

于截至二零二四年三月三十一日止财政年

度，本公司已获证券及期货事务监察委员

会批准进行证券及期货条例项下第

类受

规管活动（就证券提供意见）。该授权使本

集团能够提供一系列与投资意见及证券交

易相关的咨询服务。本公司已聘用于证券

行业拥有丰富经验的雇员及正在积极物色

及招揽潜在客户。目前，本公司正在与数

名潜在客户磋商，讨论其拟提供的服务范

围及条款。

Trust Service

Regarding its provision of trust services, the Group is targeting

the provision of profesional trust services to its HNW clients,

in order to fulfil their neds of aset protection, tax planing

and wealth management. The Group has formaly obtained

the trust license in Hong Kong in February 2024 to launch its

trust busines, and has completed the first phase of the online

services platform in September 2024, through which the trust

clients are able to complete online KYC procedures and track

the asets held in trust.

The Group has oficialy launched its trust busines. In adition

to embarking on promotional activities, the Group wil hire

aditional frontline staf to acelerate busines development,

and actively discus coperation in trust busines with various

types of institutions, such as insurance broker companies, law

ofices and imigration firms.

With the acquisition of al necesary licenses to initiate the trust

service busines in February 2024, the Company has engaged

a specialized marketing company to craft the promotional and

pitching materials, alongside the development of a user-friendly

ap and website dedicated to the trust service. The imediate

next steps include rigorous testing of the website and ap to

guarante flawles functionality and user experience. Paralel

to these technical preparations, the Company is set to embark

on promotion activities. This wil involve distributing the

newly created promotional materials to a carefuly selected

target audience, alongside a series of advertisements aimed

at capturing the atention of potential clients. The Company

wil continue to leverage its networks in search of prospective

customers and is already engaged in discusions with several

potential customers.

Advisory Services

The Company has ben granted with aproval to cary out Type

4 regulated activity (advising on securities) by the Securities

and Futures Comision under the SFO during the financial

year ended 31 March 2024. This authorization enables the

Group to provide a spectrum of advisory services related to

investment advice and dealing in securities. The Company has

already recruited employes who have extensive experience in

the securities industry and is proactively engaging in identifying

and courting potential clients. Curently, the Company is in the

midst of negotiations with several potential clients, discusing

the scope and terms of the services it proposes to ofer.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

其他服务

除上述业务活动外，本集团可能按个别情

况参与其他服务，有关收费收入列作其他

收益。

本集团于报告期间的其他收益约为

1,374,000

港元（相应期间：

910,000

港元）。

向实体垫款

在本集团财务借贷业务的日常过程

中，

GFL

（作为贷款人）及田青云先生

（作为借款人）（「客户」）于二零二四

年十二月六日订立贷款协议（「贷

款」）。贷款及未偿还贷款的本金额概

要如下：

Other Services

In adition to the above busines activities, the Group may on

a case by case basis come acros other services, the fe income

from which is recorded as other revenue.

The amount of other revenue generated by the Group in

the Reporting Period was aproximately HK$1,374,000

(Coresponding Period: HK$910,000).

ADVANCE TO ENTITY

1. In the ordinary course of the Group’s money lending

busines, GFL, as lender, entered into a loan agrement

with Mr. Tian Qingyun, as borower (the “Customer”)

(the “Loan”), on 6 December 2024. Sumary of the Loan

and the outstanding principal amount of the Loan is as

folow:

Principal:US$881,000

本金：

881,000

美元

Interest rate:8% per anum

利率：每年

Term:5 years

期限：五年

Drawdown date:6 December 2024

提款日期：二零二四年十二月六日

Maturity date:6 December 2029

到期日期：二零二九年十二月六日

Security:The Loan is secured by a first mortgage/legal charge in respect of a

residential property located in Futian District, Shenzhen, the PRC. Based on

the valuation conducted by an independent valuer, the apraised value of

the property as at 13 November 2024 is RMB13,590,000.

抵押：贷款由就位于中国深圳福田区的住宅物业作出之第一按揭╱法定押记作

抵押。基于独立估值师进行的估值，物业于二零二四年十一月十三日的估

值为人民币

13,590,000

元。

Repayment:The Customer shal repay the principal of the Loan and al acrued interests

on the maturity date.

偿还：客户应于到期日期偿还贷款的本金及所有应计利息。

Outstanding principal:US$881,000 as at 31 March 2025

未偿还本金：于二零二五年三月三十一日为

881,000

美元

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

16Gaoyu Finance Group Limited • ANUAL REPORT 2025

贷款详情披露于本公司日期为二零

二四年十二月六日之公告。

兹提述本公司日期为二零二四年九

月二十五日之通函（「主要交易通

函」），内容有关（其中包括）机颖控

股有限公司（「机颖」）与各客户订立

的供应链融资总协议（「供应链总协

议」）。除另有所指外，本节所用词汇

与主要交易通函界定者具相同涵义。

在本集团供应链融资业务的日常过

程中，机颖已与各客户订立供应链

总协议，以规管于二零二四╱二五

财年、二零二五╱二六财年及二零

二六╱二七财年的供应链融资交易。

供应链总协议及各客户之未偿还垫

款本金额概要如下：

Details of the Loan were disclosed in the anouncement

of the Company dated 6 December 2024.

2. Reference is made to the circular of the Company dated

25 September 2024 (the “MT Circular”) in relation

to, among others, the Master Suply Chain Financing

Agrements entered betwen Chance Wise Holdings

Limited (“Chance Wise”) and each of the customers

(the “Master Suply Chain Agrement(s)”). Unles

otherwise stated, terms used in this section have the same

meaning as defined in the MT Circular.

In the ordinary course of the Group’s suply chain

financing busines, Chance Wise has entered into

the Master Suply Chain Agrements with each of

the Customers governing the suply chain financing

transactions for FY2024/25, FY2025/26 and FY2026/27.

Sumary of the Master Suply Chain Agrement(s) and

the outstanding principal amount of Advances to each of

the Customers is as folow:

Customer A

客户

Advances:US$13,000,000 (or HK$101,400,000)

垫款：

13,000,000

美元（或

101,400,000

港元）

Interest rate:1% per month

利率：每月

Term:Up to and ending on 31 March 2027

期限：至二零二七年三月三十一日为止

Maximum number of days

of storage (i.e. the

repayment period of each

advance):

90 days

最长储藏天数

（即每笔垫款的还款期）：

天

Drawdown date:2 January 2025 to 31 March 2025

提款日期：二零二五年一月二日至二零二五年三月三十一日

Expected repayment date:1 April 2025 to 30 June 2025

预期还款日期：二零二五年四月一日至二零二五年六月三十日

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

Default terms:If a customer fails to repay the advances within the repayment period,

interest shal acrue on the unpaid sum from the repayment date to

the date of actual payment at a default interest of 0.1% per day. If the

customer fails to repay within 30 days after the repayment period, Chance

Wise is entitled to terminate the relevant Master Suply Chain Financing

Agrement and such customer is required to indemnify Chance Wise for

al loses sufered by Chance Wise for the default in payment.

违约条款：倘客户未能于偿还期内偿还垫款，则应就未付金额自偿还日期起至实际

支付日期止按每日

0.1%

的违约利息计息。倘客户未能于偿还期后

天内

偿还，则机颖有权终止相关供应链融资总协议，且有关客户须就机颖因

付款违约而蒙受的所有损失作出赔偿。

In adition, Chance Wise shal have the right to sel any 3C Products in

its warehouse for cash. The sales proceds shal first be used to setle any

outstanding sum owed by such customer to Chance Wise. In the event the

sales proceds is insuficient to setle the outstanding sum, Chance Wise

shal notify its customer of the deficit and such customer is required to

setle the deficit within 5 days.

此外，机颖应有权销售其仓库内的任何

产品以换取现金。销售所得款

项应首先用于支付有关客户结欠机颖的任何未付金额。倘销售所得款项

不足以结清未付金额，机颖应向其客户通报有关差额，而有关客户须于

五天内结清有关差额。

Repayment:The customer shal repay the principal of the Advance and al acrued

interests within 90 days from the date when Chance Wise setled the

purchase price with the 3C supliers.

偿还：客户应自机颖向

供应商结清购买价格之日起计

天内偿还垫款本金

及所有应计利息。

Outstanding principal:HK$74,236,000 as at 31 March 2025

未偿还本金：于二零二五年三月三十一日为

74,236,000

港元

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

18Gaoyu Finance Group Limited • ANUAL REPORT 2025

Customer B

客户

Advances:US$6,500,000 (or HK$50,700,000)

垫款：

6,500,000

美元（或

50,700,000

港元）

Interest rate:1% per month

利率：每月

Term:Up to and ending on 31 March 2027

期限：至二零二七年三月三十一日为止

Maximum number of days of

storage (i.e. the repayment

period of each advance):

90 days

最长储藏天数

（即每笔垫款的还款期）：

天

Drawdown date:2 January 2025 to 31 March 2025

提款日期：二零二五年一月二日至二零二五年三月三十一日

Expected repayment date:1 April 2025 to 30 June 2025

预期还款日期：二零二五年四月一日至二零二五年六月三十日

Default terms:If a customer fails to repay the advances within the repayment period,

interest shal acrue on the unpaid sum from the repayment date to

the date of actual payment at a default interest of 0.1% per day. If

the customer fails to repay within 30 days after the repayment period,

Chance Wise is entitled to terminate the relevant Master Suply Chain

Financing Agrement and such customer is required to indemnify Chance

Wise for al loses sufered by Chance Wise for the default in payment.

违约条款：倘客户未能于偿还期内偿还垫款，则应就未付金额自偿还日期起至实

际支付日期止按每日

0.1%

的违约利息计息。倘客户未能于偿还期后

天内偿还，则机颖有权终止相关供应链融资总协议，且有关客户须就机

颖因付款违约而蒙受的所有损失作出赔偿。

In adition, Chance Wise shal have the right to sel any 3C Products in

its warehouse for cash. The sales proceds shal first be used to setle any

outstanding sum owed by such customer to Chance Wise. In the event

the sales proceds is insuficient to setle the outstanding sum, Chance

Wise shal notify its customer of the deficit and such customer is required

to setle the deficit within 5 days.

此外，机颖应有权销售其仓库内的任何

产品以换取现金。销售所得款

项应首先用于支付有关客户结欠机颖的任何未付金额。倘销售所得款

项不足以结清未付金额，机颖应向其客户通报有关差额，而有关客户须

于五天内结清有关差额。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

Repayment:The customer shal repay the principal of the Advance and al acrued

interests within 90 days from the date when Chance Wise setled the

purchase price with the 3C supliers.

偿还：客户应自机颖向

供应商结清购买价格之日起计

天内偿还垫款本金

及所有应计利息。

Outstanding principal:HK$49,449,000 as at 31 March 2025

未偿还本金：于二零二五年三月三十一日为

49,449,000

港元

Customer C

客户

Advances:US$25,000,000 (or HK$195,000,000)

垫款：

25,000,000

美元（或

195,000,000

港元）

Interest rate:1.2% per month

利率：每月

1.2%

Term:Up to and ending on 31 March 2027

期限：至二零二七年三月三十一日为止

Maximum number of days of

storage (i.e. the repayment

period of each advance):

90 days

最长储藏天数

（即每笔垫款的还款期）：

天

Drawdown date:2 January 2025 to 31 March 2025

提款日期：二零二五年一月二日至二零二五年三月三十一日

Expected repayment date:1 April 2025 to 30 June 2025

预期还款日期：二零二五年四月一日至二零二五年六月三十日

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

20Gaoyu Finance Group Limited • ANUAL REPORT 2025

附注：

「垫款」指于该供应链融资总协议期限

内的任何时间点，机颖可能授予该客

户的最高垫款金额。客户可根据相关

供应链融资总协议的条款及条件重新

借用（全部或部分）任何预付金额。

除上文所披露者外，于二零二五年三月

三十一日，本集团并无其他根据

GEM

上市

规则第

17.22

至

17.24

条产生披露责任的情

况。

Default terms:If a customer fails to repay the advances within the repayment period,

interest shal acrue on the unpaid sum from the repayment date to

the date of actual payment at a default interest of 0.1% per day. If

the customer fails to repay within 30 days after the repayment period,

Chance Wise is entitled to terminate the relevant Master Suply Chain

Financing Agrement and such customer is required to indemnify Chance

Wise for al loses sufered by Chance Wise for the default in payment.

违约条款：倘客户未能于偿还期内偿还垫款，则应就未付金额自偿还日期起至实

际支付日期止按每日

0.1%

的违约利息计息。倘客户未能于偿还期后

天内偿还，则机颖有权终止相关供应链融资总协议，且有关客户须就机

颖因付款违约而蒙受的所有损失作出赔偿。

In adition, Chance Wise shal have the right to sel any 3C Products in

its warehouse for cash. The sales proceds shal first be used to setle any

outstanding sum owed by such customer to Chance Wise. In the event

the sales proceds is insuficient to setle the outstanding sum, Chance

Wise shal notify its customer of the deficit and such customer is required

to setle the deficit within 5 days.

此外，机颖应有权销售其仓库内的任何

产品以换取现金。销售所得款

项应首先用于支付有关客户结欠机颖的任何未付金额。倘销售所得款

项不足以结清未付金额，机颖应向其客户通报有关差额，而有关客户须

于五天内结清有关差额。

Repayment:The customer shal repay the principal of the Advance and al acrued

interests within 90 days from the date when Chance Wise setled the

purchase price with the 3C supliers.

偿还：客户应自机颖向

供应商结清购买价格之日起计

天内偿还垫款本金

及所有应计利息。

Outstanding principal:HK$20,391,000 as at 31 March 2025

未偿还本金：于二零二五年三月三十一日为

20,391,000

港元

Note: “Advance” represents the maximum amount of advance which

may be granted by Chance Wise to such customer at any

point of time during the term of such Master Suply Chain

Financing Agrement. A customer may re-borow (in whole or

in part) any amount prepaid in acordance with the terms and

conditions of the respective Master Suply Chain Financing

Agrement.

Save as disclosed above, as at 31 March 2025, the Group had

no other circumstances which would give rise to a disclosure

obligation under Rules 17.22 to 17.24 of the GEM Listing

Rules.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

财务回顾

主要财务数据

FINANCIAL REVIEW

Key Financial Data

As at/Year ended 31 March

于╱截至三月三十一日止年度

Aproximate

percentage

change

概约百分比

变动

二零二五年

二零二四年

Results of operation (HK$’000)

经营业绩（千港元）

Revenue

收益

30,49123,59129.2%

Profit/(los) before tax

除税前溢利╱（亏损）

(11,853)9,616(223.3%)

Total comprehensive income/(los) for

the year atributable to owners of the

Company

本公司拥有人应占年内全面

收益╱（亏损）总额

(12,907)8,887(245.2%)

Financial position (HK$’000)

财务状况（千港元）

Curent asets

流动资产

232,326217,7005.9%

Curent liabilities

流动负债

64,05370,436(9.1%)

Net asets

资产净值

145,971153,895(5.1%)

Key financial ratios

主要财务比率

Net profit margin

纯利率

(43.3%)37.7%

Return on equity

股本回报率

(8.9%)5.8%

Return on total asets

总资产回报率

(5.4%)3.9%

Curent ratio

流动比率

3.6 times

倍

3.1 times

倍

Net debt to equity ratio

净债务与权益比率

Net Cash

Position

现金净额状况

Net Cash

Position

现金净额状况

Gearing ratio

资产负债比率

36.4%19.5%

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

22Gaoyu Finance Group Limited • ANUAL REPORT 2025

于报告期间，本集团录得收益总额

约

30,491,000

港元，较相应期间约

23,591,000

港元增加约

29.2%

。详情载列

如下：

(i)

本集团来自证券交易及经纪服务的

佣金收入由相应期间约

2,073,000

港元增加约

83.6%

至报告期间约

3,807,000

港元；

(i)

本集团于报告期间的配售及包销活

动产生收费及佣金收入约

6,097,000

港元（相应期间：

2,436,000

港元）；

(i)

本集团来自贷款融资、保证金融资及

财务借贷服务的利息收入由相应期

间约

8,990,000

港元减少约

62.2%

至

报告期间约

3,394,000

港元；

(iv)

于报告期间，本集团概无录得来自资

产管理服务的收费收入（相应期间：

440,000

港元）；

(v)

本集团于报告期间录得供应链融资

的利息收入及服务费约

15,579,000

港

元（相应期间：

8,430,000

港元）；

(vi)

本集团于报告期间概无录得任何来

自信托服务的服务费（相应期间：零

港元）；

(vi)

本集团于报告期间录得咨询费收入

约

240,000

港元（相应期间：

312,000

港元）；

(vi)

于报告期间，按公平值计入损益之

金融资产的公平值变动亏损约为

8,243,000

港元（相应期间：收益约

6,704,000

港元）；及

(ix)

其他收益由相应期间约

910,000

港元

增加

51.0%

至报告期间约

1,374,000

港元。

The Group recorded a total revenue for the Reporting Period

of aproximately HK$30,491,000, representing an increase of

aproximately 29.2% from aproximately HK$23,591,000 for

the Coresponding Period. Details are stated as below:

(i) The Group’s comision income from securities dealing

and brokerage services increased by aproximately 83.6%

from aproximately HK$2,073,000 in the Coresponding

Period to aproximately HK$3,807,000 in the Reporting

Period;

(i) The Group generated fe and comision income from

placing and underwriting activities of aproximately

HK$6,097,000 in the Reporting Period (Coresponding

Period: HK$2,436,000);

(i) The Group’s interest income from loan financing, margin

financing and money lending services decreased by

aproximately 62.2% from aproximately HK$8,990,000

in the Coresponding Period to aproximately

HK$3,394,000 in the Reporting Period;

(iv) The Group did not record fe income from aset

management services for the Reporting Period

(Coresponding Period: HK$440,000);

(v) The Group recorded interest income and service fes from

suply chain financing of aproximately HK$15,579,000

for the Reporting Period (Coresponding Period:

HK$8,430,000);

(vi) The Group did no recorded any service fe from trust

services during the Reporting Period (Coresponding

Period: HK$ Nil);

(vi) The Group recorded advisory fe income of aproximately

HK$240,000 for the Reporting Period (Coresponding

Period: HK$312,000);

(vi) During the Reporting Period, the fair value changes on

financial asets at fair value through profit or los was at

a los of aproximately HK$8,243,000 (Coresponding

Period: gain of aproximately HK$6,704,000); and

(ix) Other revenue increased by 51.0% from aproximately

HK$910,000 in the Coresponding Period to

aproximately HK$1,374,000 in the Reporting Period.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

其他收益

其他收益主要包括杂项收入约

72,000

港元

及政府补助约

546,000

港元。于报告期间，

其他收益总额约为

618,000

港元（相应期

间：约

1,942,000

港元）。

佣金开支

佣金开支指已付本集团客户主任（包括内

部及自雇客户主任）的佣金，以及就本集

团所参与筹资活动已付由本集团委聘的

分配售代理或分包销商的佣金。佣金开

支总额由相应期间约

417,000

港元增加约

45.8%

至报告期间约

608,000

港元，主要由

于已付客户主任的佣金增加约

191,000

港

元所致。

使用权资产的折旧开支

自二零二零年一月一日起实施香港财务

报告准则第

号后，倘本集团（作为承租

人）进行任何租赁交易，则应确认使用权

资产，并将根据

GEM

上市规则被视为资产

收购。使用权资产的折旧开支指香港总办

事处的租赁期。于报告期间有关使用权资

产的折旧开支约为

2,317,000

港元（相应期

间：

1,486,000

港元）。

员工成本

员工成本包括董事酬金、员工薪金、花

红、津贴及强制性公积金供款。于二零

二五年三月三十一日，本集团共有

名

（二零二四年三月三十一日：

名）雇员

（包括董事）。员工成本为本集团其中一

项最大开支，占本集团于报告期间的开支

总额约

21.1%

（相应期间：约

31.7%)

。报告

期间的总员工成本约为

7,570,000

港元，较

相应期间约

7,317,000

港元增加约

3.5%

。

Other Gains

Other gains mainly consist of sundry income of aproximately

HK$72,000 and government grants amounted to aproximately

HK$546,000. The total other gains for the Reporting Period

was aproximately HK$618,000 (Coresponding Period:

aproximately HK$1,942,000).

Comision Expenses

Comision expenses represent comision paid to the

Group’s acounts executives (including in-house and self-

employed acounts executives) and comision paid to sub-

placing agents or sub-underwriters engaged by the Group

for the fund raising exercises participated by the Group. Total

comision expenses increased by aproximately 45.8% from

aproximately HK$417,000 in the Coresponding Period to

aproximately HK$608,000 in the Reporting Period which was

mainly due to the increase in comision paid to acounts

executives by aproximately HK$191,000.

Depreciation expenses for right-of-use asets

Upon implementation of HKFRS 16 efective from 1 January

2020, if the Group enters into any lease transaction as a

lese, it should recognise the right-of-use asets and wil be

regarded as an acquisition of aset under the GEM Listing

Rules. Depreciation expenses for right-of-use asets represent

the leasing period from the head ofice in Hong Kong. The

depreciation expenses for right-of-use asets for the Reporting

Period was aproximately HK$2,317,000 (Coresponding

Period: HK$1,486,000).

Staf Costs

Staf costs include Directors’ emoluments, staf salaries, bonus,

alowances and contribution to Mandatory Provident Fund.

As at 31 March 2025, the Group had a total of 19 employes

including Directors (31 March 2024: 19). Staf costs is one

of the largest expense in the Group which acounted for

aproximately 21.1% of the total expenses of the Group in the

Reporting Period (Coresponding Period: aproximately 31.7%).

Total staf costs in the Reporting Period was aproximately

HK$7,570,000, representing an increase of aproximately

3.5% from aproximately HK$7,317,000 in the Coresponding

Period.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

24Gaoyu Finance Group Limited • ANUAL REPORT 2025

其他经营开支

其他经营开支主要包括法律及专业费用、

业务招待开支、办公室租金及差饷、软件

及金融市场资讯费用开支以及多项杂项办

公室开支。其他经营开支总额由相应期间

约

10,525,000

港元增加

0.72%

至报告期间

约

10,601,000

港元，其明细披露于本报告

所载财务报表附注

。

汇兑（亏损）╱收益

报告期间的外汇亏损约为

331,000

港元（相

应期间：收益

144,000

港元），主要由于供

应链融资分部中美元兑港元的换算所致。

资产减值

于报告期间的资产减值约

11,033,000

港元

（相应期间：

1,831,000

港元），其全部分

别来自应收账款

8,409,000

港元及应收贷

款

2,624,000

港元的减值亏损（相应期间：

全部来自应收账款减值）。

报告期间的应收账款减值亏损乃就贷款融

资债务人作出。贷款由该债务人拥有的上

市股份作抵押。由于该债务人拖欠还款，

GSL

已获法院于二零二一年三月向该债务

人发出的颁令。于二零二三年八月，抵押

股份被转入借款人于

GSL

的证券账户。随

后

GSL

方可开始出售抵押股份以收回贷款

头寸。然而，该等抵押上市股份的市值已

下跌，因此已相应作出减值。此外，有两

名保证金客户的抵押股份因股价波动而强

行出售。保证金客户尚未偿还强行出售导

致的差额。来自强行出售的减值亏损已入

账。报告期间的应收贷款减值亏损总额为

6,988,000

港元。

报告期间已就本集团的总办事处进行有关

物业及设备以及使用权资产的减值评估，

且并无录得减值亏损。

Other Operating Expenses

Other operating expenses primarily consist of legal and

profesional fes, entertainment expenses, ofice rent and

rates, software and stock information expenses and various

miscelaneous ofice expenses. Total other operating expenses

increased by 0.72% from aproximately HK$10,525,000 in the

Coresponding Period to aproximately HK$10,601,000 in the

Reporting Period, and the breakdown is disclosed in note 11 to

the financial statements contained in this report.

Exchange (Los)/Gain

The foreign exchange los for the Reporting Period was

aproximately HK$331,000 (the Coresponding Period: gain of

HK$144,000), which was mainly due to translation of USD to

HKD in the suply chain financing segment.

Impairment of Asets

Impairment of asets for the Reporting Period was aproximately

HK$11,033,000 (Coresponding Period: HK$1,831,000) which

is al from impairment loses of HK$8,409,000 on acount

receivables and HK$2,624,000 on loan receivables, respectively

(Coresponding Period: al from an impairment on acount

receivables).

The impairment los on acounts receivables for the Reporting

Period was made over a loan financing debtor. The loan was

secured by listed shares owned by the debtor. Based on default

by this debtor, GSL has obtained judgement against this debtor

from the court in March 2021. In August 2023, the pledged

shares were transfered to the borower’s securities acount

with GSL. GSL could then start disposing the pledged shares

to recover the loan position. While the market value of the

pledged listed shares has droped, impairment was made

acordingly. In adition, two of the margin clients’ pledged

shares were forced to sel due to the fluctuation of the shares.

The margin clients have not repaid the deficit resulted from

the force sel. The impairment los from the force sel was

recorded. The total impairment loses on loan receivables for

the Reporting Period was HK$6,988,000.

Impairment asesment was performed on the Group’s property

and equipment and right-of-use asets for its head ofice, and

no impairment los was recorded for the Reporting Period.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

年内亏损

年内亏损约为

13,217,000

港元，相应期间

则为溢利约

8,890,000

港元。报告期间的每

股基本亏损约为

29.28

港仙，相应期间则

为每股盈利约

22.22

港仙（均经二零二五年

四月十七日实施的股份合并调整）。

股息

董事会不建议就报告期间派付任何股息

（相应期间：无）。

使用权资产

于二零二五年三月三十一日，本集团的使

用权资产约为

4,829,000

港元，其为香港办

事处的租赁安排。

按公平值计入损益之投资

本公司所持有的按公平值计入损益之投资

乃因于二零二三年三月的供股包销委聘而

持有一家香港上市公司的股份，公平值为

该等股份的市值。

流动资金及财务资源

于报告期间，本集团主要以内部资源、配

售新股份的所得款项、发行私募债券的所

得款项、银行借款及本公司控股东提供

的贷款融资为其营运、资本开支及其他资

金需求拨资。

Los for the Year

Los for the Year was aproximately HK$13,217,000, as

compared with a profit of aproximately HK$8,890,000 in the

Coresponding Period. Basic los per share in the Reporting

Period was aproximately HK29.28 cents, as compared

with earning per share of aproximately HK22.22 cents in

the Coresponding Period, both are adjusted by the share

consolidation implemented on 17 April, 2025.

Dividend

The Board does not recomend the payment of any dividend

for the Reporting Period (Coresponding Period: nil).

Right-of-use Asets

As at 31 March 2025, the Group’s right-of-use asets amounted

to aproximately HK$4,829,000, which is lease arangement

for the Hong Kong ofice.

Investments at fair value through profit or los

The investment at fair value through profit or los held by the

Company is shares of a Hong Kong listed company due to an

underwriting engagement of its rights isue in March 2023, the

fair value being the market value of these shares.

LIQUIDITY AND FINANCIAL RESOURCES

For the Reporting Period, the Group mainly financed its

operations, capital expenditure and other capital requirements

by internal resources, proceds from placing of new shares,

proceds from isue of private placement bond, bank

borowings and a loan facility provided by the Company’s

controling shareholder.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

26Gaoyu Finance Group Limited • ANUAL REPORT 2025

于二零二五年三月三十一日，本集团的流

动资产净值约为

166,544,000

港元（二零

二四年三月三十一日：约

147,264,000

港

元），包括现金及现金等价物约

27,060,000

港元（不包括代客户持有的现金）（二零

二四年三月三十一日：约

10,153,000

港

元）。本集团的流动比率（即流动资产对流

动负债比率）约为

3.6

倍（二零二四年三月

三十一日：

3.1

倍）。

于二零二五年三月三十一日，本集团尚未

偿还的银行借款约为

18,025,000

港元（相

应期间：零港元）。

资本架构

于二零二五年三月三十一日，本公司已发

行及缴足

2,380,000,000

股每股面值

0.01

港

元的普通股。

股份配售事项及所得款项之用途

于二零二四年九月四日，本公司与配售代

理（「配售代理」）订立配售协议，据此，本

公司拟提呈以供认购，而配售代理已同意

（作为本公司之代理）根据一般授权按竭

诚尽力基准促使不少于六

(6)

名承配人按

每股配售股份不低于

0.014

港元的价格认

购最多

380,000,000

股新股份（「股份配售

事项」）。股份配售事项于二零二四年九月

十七日完成，而配售代理已按配售协议的

条款及条件成功向不少于六

(6)

名承配人

配售合共

380,000,000

股新股份。股份配

售事项之所得款项总额约为

5,320,000

港

元及所得款项净额（经扣除应付配售代理

之佣金、专业费用以及股份配售事项产生

之其他有关成本及开支）约为

5,270,000

港

元，其将用作本集团一般营运资金（包括

租金付款、员工成本、专业费用及其他一

般行政及经营开支）。

所得款项净额已悉数使用，使用方式与有

关股份配售事项的公告一致。股份配售事

项的详情载于本公司日期为二零二四年九

月四日及二零二四年九月十七日之公告。

As at 31 March 2025, the net curent asets of the Group

amounted to aproximately HK$166,544,000 (31 March 2024:

aproximately HK$147,264,000), including cash and cash

equivalents of aproximately HK$27,060,000 excluding cash

held on behalf of customers (31 March 2024: aproximately

HK$10,153,000). The curent ratio of the Group, being the

ratio of curent asets to curent liabilities, was aproximately

3.6 times (31 March 2024: 3.1 times).

As at 31 March 2025, the outstanding bank borowings liable

to the Group amounted to aproximately HK$18,025,000

(Coresponding Period: HK$ Nil).

CAPITAL STRUCTURE

As at 31 March 2025, the Company has isued and fuly paid

2,380,000,000 ordinary shares of par value HK$0.01 each.

Placing of Shares and Use of Proceds

On 4 September 2024, the Company entered into a placing

agrement with the placing agent (the “Placing Agent”),

pursuant to which the Company proposes to ofer for

subscription and the Placing Agent has agred, as agent of the

Company, to procure not les than six (6) places on a best

efort basis to subscribe for up to 380,000,000 new shares

under general mandate at a price of not les than HK$0.014

per placing share (the “Placing of Shares”). The Placing of

Shares was completed on 17 September 2024, where a total

of 380,000,000 new shares has ben sucesfuly placed by

the Placing Agent to not les than six (6) places pursuant

to the terms and conditions of the placing agrement. The

gros proceds from the Placing of Shares are aproximately

HK$5,320,000 and the net proceds (after deducting the

comision payable to the Placing Agent, profesional fes

and other related costs and expenses incured in the Placing of

Shares) are aproximately HK$5,270,000 which wil be used

for the general working capital of the Group including rental

payments, staf costs, profesional fes and other general

administrative and operating expenses.

The net proceds have ben fuly utilised in a maner

consistent with the anouncements in relation to the Placing

of Shares. Details of the Placing of Shares were set out in the

anouncements of the Company dated 4 September 2024 and

17 September 2024.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

股份合并

于二零二五年三月七日，本公司宣布建议

(i)

股份合并，据此，本公司已发行及未发

行股本中每五十

(50)

股每股面值

0.01

港元

之现有股份合并为一

(1)

股每股面值

0.5

港

元之合并股份（「股份合并」）；及

(i)

待股份

合并生效后，于联交所买卖之每手买卖单

位由

20,000

股现有股份更改为

5,000

股合

并股份（「更改每手买卖单位」）。股份合并

已于二零二五年四月十五日举行之本公

司股东特别大会上获本公司股东批准。因

此，股份合并及更改每手买卖单位已分别

于二零二五年四月十七日及二零二五年五

月七日生效。

于二零二五年四月十七日进行股份合并

后，本公司之法定股本为

80,000,000

港

元，分为

160,000,000

股每股面值

0.5

港元

之合并股份，其中

47,600,000

股已发行合

并股份已缴足或入账列作缴足。

有关股份合并及更改每手买卖单位的详

情，请参阅本公司日期为二零二五年三月

七日及二零二五年四月十五日之公告及本

公司日期为二零二五年三月二十一日之通

函。

本集团的资产抵押

于二零二五年三月三十一日，本集团并无

抵押其任何资产（二零二四年三月三十一

日：无）。

雇员及雇员薪酬政策

于二零二五年三月三十一日，本集团共有

名（二零二四年三月三十一日：

名）

雇员（包括董事）。于报告期间的总员工成

本（包括董事酬金、员工薪金、花红、津贴

及强制性公积金供款）约为

7,570,000

港元

（相应期间：约

7,317,000

港元）。雇员薪

酬乃根据雇员资历、经验、职位及年资厘

定。薪酬待遇主要包括固定月薪及因应个

人表现而向雇员支付的酌情花红，以表扬

其贡献并给予奖励。

Share Consolidation

On 7 March 2025, the Company anounced the proposal of

(i) the share consolidation pursuant to which every fifty (50)

existing shares of par value HK$0.01 each in the isued and

unisued share capital of the Company be consolidated into

one (1) consolidated share of par value of HK$0.5 each. (the

“Share Consolidation”); and (i) the change in board lot

size for trading on the Stock Exchange from 20,000 existing

shares to 5,000 consolidated shares subject to and upon the

Share Consolidation becoming efective (the “Change in

Board Lot Size”). The Share Consolidation was aproved by

the Company’s shareholders at the Company’s extraordinary

general meting held on 15 April 2025. As such, the Share

Consolidation and the Change in Board Lot Size have ben

efective on 17 April 2025 and 7 May 2025, respectively.

Upon the implementation of the Share Consolidation on 17

April 2025, the authorised share capital of the Company was at

HK$80,000,000 divided into 160,000,000 consolidated shares

of par value of HK$0.5 each, of which 47,600,000 consolidated

shares are in isue which are fuly paid or credited as ful paid.

For details of the Share Consolidation and the Change in Board

Lot Size, please refer to the anouncements of the Company

dated 7 March 2025 and 15 April 2025, and the circular of the

Company dated 21 March 2025.

CHARGE ON GROUP ASETS

As at 31 March 2025, the Group did not have any charges on

its asets (31 March 2024: Nil).

EMPLOYES AND STAF REMUNERATION

POLICIES

As at 31 March 2025, the Group had a total of 19 employes

including Directors (31 March 2024: 19). Total staf costs

(including Directors’ emoluments, staf salaries, bonus,

alowances and contribution to the Mandatory Provident Fund)

for the Reporting Period were aproximately HK$7,570,000

(Coresponding Period: aproximately HK$7,317,000).

Employes’ remuneration was determined based on the

employes’ qualification, experience, position and seniority. The

remuneration packages comprise mainly monthly fixed salaries

and discretionary bonuses based on individual performance,

which are paid to employes as recognition of, and reward for,

their contributions.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

28Gaoyu Finance Group Limited • ANUAL REPORT 2025

本集团参考市场惯例及个别雇员的表现，

定期检讨其薪酬政策及雇员福利。本集团

亦致力为员工提供适当的持续培训，以为

其未来的职业发展作准备。截至二零二五

年三月三十一日止年度雇员薪酬政策并无

重大变动。

外汇风险

于截至二零二五年三月三十一日止年度，

本集团交易主要以港元及美元计值，因

此，本集团面临的外汇风险极低，并无使

用金融工具作对冲用途。然而，本集团将

密切监察汇率波动，并将考虑于有需要时

使用金融工具作对冲用途。

资产负债比率

于二零二五年三月三十一日，本集团的

资产负债比率（按总债务除以总权益计

算）为

36.4%

（二零二四年三月三十一日：

19.5%

）。

重大投资及资本资产的未来计划

于本报告日期，本集团并无任何重大投资

或资本资产的未来计划。

重大投资

本集团因于二零二三年三月的供股包销委

聘而持有一家香港上市公司的股份。于二

零二五年三月三十一日，该项按公平值计

量的投资的账面值约为

4,738,000

港元（二

零二四年三月三十一日：

13,842,000

港

元）。于报告期间，按公平值计入损益之金

融资产的公平值变动亏损约为

8,243,000

港元（相应期间：收益约

6,704,000

港元）。

除本报告所披露者外，本集团于报告期间

并无持有任何重大投资。

附属公司及联属公司的重大收购

事项或出售事项

于报告期间并无任何有关附属公司、联营

公司及合资企业的重大收购事项或出售事

项。

The Group regularly reviews its remuneration policies and

employe benefits with reference to market practices and

performance of individual employes. The Group is also

comited to providing apropriate on-going training to staf

members to equip them for future carer development. There

has ben no major change in staf remuneration policies during

the year ended 31 March 2025.

FOREIGN EXCHANGE EXPOSURE

During the year ended 31 March 2025, the Group’s

transactions were mainly denominated in Hong Kong dolars

and United States dolars, therefore the Group’s exposure to

foreign exchange risk was minimal and no financial instrument

were used for hedging purposes. However, the Group wil

closely monitor the fluctuations in exchange rates and wil

consider to employ financial instrument for hedging should the

neds arise.

GEARING RATIO

As at 31 March 2025, the gearing ratio of the Group, which

was calculated by dividing the total debts by the total equity,

was 36.4% (31 March 2024: 19.5%).

FUTURE PLANS FOR MATERIAL INVESTMENTS

AND CAPITAL ASETS

The Group did not have any future plans for material

investments or capital asets as at the date of this report.

SIGNIFICANT INVESTMENTS

The Group hold shares of a Hong Kong listed company due to

an underwriting engagement of its rights isue in March 2023.

As at 31 March 2025, the bok value of this investment at fair

value stod at aproximately HK$4,738,000 (31 March 2024:

HK$13,842,000). During the Reporting Period, the fair value

changes on financial asets at fair value through profit or los

was at a los of aproximately HK$8,243,000 (Coresponding

Period: gain of aproximately HK$6,704,000). Save as

disclosed in this report, the Group did not hold any significant

investments during the Reporting Period.

MATERIAL ACQUISITIONS OR DISPOSALS OF

SUBSIDIARIES AND AFILIATED COMPANIES

There was no material acquisition or disposal of subsidiaries,

asociates and joint ventures during the Reporting Period.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年报

•

高裕金融集团有限公司

资本承担

于二零二五年三月三十一日，本集团并无

任何未履行的重大资本承担（二零二四年

三月三十一日：无）。

或然负债

于二零二五年三月三十一日，本集团并

无重大或然负债（二零二四年三月三十一

日：无）。

报告期后事件

于二零二五年三月七日，本公司宣布建议

(i)

股份合并；及

(i)

更改每手买卖单位。

股份合并已于二零二五年四月十五日举行

之本公司股东特别大会上获本公司股东批

准。因此，股份合并及更改每手买卖单位

已分别于二零二五年四月十七日及二零

二五年五月七日生效。有关股份合并及更

改每手买卖单位的详情，请参阅本公司日

期为二零二五年三月七日及二零二五年四

月十五日之公告及本公司日期为二零二五

年三月二十一日之通函。

除本报告所披露者外，董事并不知悉于二

零二五年三月三十一日后及直至本报告日

期已发生任何须予披露的重大事件。

主要风险及不确定因素

本集团的风险管理目标旨在于风险与收益

之间取得适当平衡，将风险对本集团经营

业绩的负面影响降至最低水平，使本公司

股东获得最大利益。本集团已制定风险管

理架构并推行合规及营运手册，当中载有

有关业务过程中控制所承受风险的信贷政

策、营运程序及其他内部监控措施。

CAPITAL COMITMENTS

The Group had no significant outstanding capital comitment

as at 31 March 2025 (31 March 2024: nil).

CONTINGENT LIABILITIES

The Group had no significant contingent liabilities as at 31

March 2025 (31 March 2024: nil).

EVENTS AFTER THE REPORTING PERIOD

On 7 March 2025, the Company anounced the proposal of (i)

the Share Consolidation; and (i) the Change in Board Lot Size.

The Share Consolidation was aproved by the shareholders

of the Company at the extraordinary general meting of

the Company held on 15 April 2025. As such, the Share

Consolidation and the Change in Board Lot Size have ben

efective on 17 April 2025 and 7 May 2025, respectively. For

details of the Share Consolidation and the Change in Board

Lot Size, please refer to the anouncements of the Company

dated 7 March 2025 and 15 April 2025, and the circular of the

Company dated 21 March 2025.

Save as disclosed in this report, the Directors are not aware of

any significant event requiring disclosure that has ben taken

place subsequent to 31 March 2025 and up to the date of this

report.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group’s risk management objectives are to achieve a proper

balance betwen risks and yield, minimise the adverse impacts

of risks on the Group’s operating performance, and maximise

the benefits of the shareholders of the Company. The Group

has in place a risk management structure and implemented

compliance and operational manuals, which contain credit

policies, operating procedures and other internal control

measures for control of exposure to risks during the course of

busines activities.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

30Gaoyu Finance Group Limited • ANUAL REPORT 2025

信贷风险

本集团须承受因交易对手未能履行责任而

可能令本集团蒙受财务损失的信贷风险。

为最大限度地降低信贷风险，本集团管理

层已委派一组人员负责厘定信贷限额、信

贷审批及其他监控程序，以确保采取跟进

措施收回逾期债项。此外，本集团持有抵

押品以涵盖与应收保证金及贷款客户款

项有关的信贷风险，并于各报告期末检讨

每项个别应收账款的可收回金额，以确保

就不可收回金额作出足够减值亏损。就此

而言，董事认为本集团的信贷风险大幅降

低。

流动资金风险

GSL

须遵守香港证券及期货（财政资源）规

则（「证券及期货（财政资源）规则」）的流

动资金规定。本集团管理层每日密切监察

GSL

的流动资金水平，确保其符合证券及

期货（财政资源）规则的规定。

本集团亦备有其他监察制度，以监控现金

及现金等价物并将其维持在管理层认为充

足的水平，以为本集团经营提供资金及减

少现金流量波动的影响。

营运风险

本集团有负责人员及合规主任负责监督日

常营运、控制及监察合规事宜以及解决交

易问题。彼等亦会根据监管及行业规定就

各业务制定及更新合规及营运手册，以规

范本集团的营运程序及减少人为错误。

Credit Risk

The Group is exposed to credit risk which wil cause a financial

los to the Group due to failure to discharge an obligation by

the counterparties.

In order to minimise the credit risk, the management of the

Group has delegated a team responsible for the determination

of credit limits, credit aprovals and other monitoring

procedures to ensure folow-up action is taken to recover

overdue debts. In adition, the Group holds colateral to cover

its credit risks asociated with its acounts receivables from

margin and loan clients and reviews the recoverables amount

of each individual acounts receivables at the end of each

reporting period to ensure adequate impairment loses are

made for irecoverable amounts. In this regard, the Directors

consider that the Group’s credit risk is significantly reduced.

Liquidity Risk

GSL is subject to liquid capital requirements under the Hong

Kong Securities and Futures (Financial Resources) Rules

(“SF(FR)R”). The management of the Group closely monitors,

on a daily basis, the liquid capital level of GSL to ensure

compliance with the requirements under the SF(FR)R.

The Group also has other monitoring systems to monitor and

maintain a level of cash and cash equivalents dems adequate

by the management to finance the Group’s operations and

mitigate the efects of fluctuations in cash flows.

Operational Risk

The Group has responsible oficers and compliance oficers in

charge of overseing the day-to-day operations, controling

and monitoring compliance isues and solving dealing

problems. They also formulate and update the compliance

and operational manuals for each busines function based

on regulatory and industrial requirements to standardise the

Group’s operational procedures and reduce human erors.

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

二零二五年报

•

高裕金融集团有限公司

执行董事

霍玉堂先生（「霍先生」），

岁，于二零

二零年十一月二十日获委任为执行董事

并于二零二一年十月十二日获委任为董

事会主席。霍先生现为

PF Group Holdings

Limited

、

Dynamic Expres Global Limited

、

太平基业控股有限公司、

GSL

、

GFL

、悦

胜环球有限公司、机颖控股有限公司、

Brothers Worldwide Company Limited

、

Big Win Worldwide Company Limited

、

Excelence International Company Limited

、

昱玱信托有限公司及

Perfect Ten Holdings

Limited

（彼等均为本公司附属公司）的董

事。霍先生从事电信电子产品批发贸易和

分销超过

年。霍先生为谢青纯女士的配

偶及霍洁仪女士的父亲。

谢青纯女士（「谢女士」），

岁，于二零二

零年十一月二十日获委任为执行董事。

谢女士现为

PF Group Holdings Limited

、

Dynamic Expres Global Limited

、太平基

业控股有限公司、

GSL

、

GFL

、悦胜环球

有限公司、机颖控股有限公司、

Brothers

Worldwide Company Limited

、

Big Win

Worldwide Company Limited

、

Excelence

International Company Limited

、昱玱信

托有限公司及

Perfect Ten Holdings Limited

（彼等均为本公司附属公司）的董事。谢

女士从事电信电子产品批发贸易和分销超

过

年。谢女士为霍先生的配偶及霍洁仪

女士的母亲。

霍洁仪女士（「霍女士」），

岁，于二零二

零年十二月十一日获委任为执行董事。

霍女士从事电信电子产品批发贸易和分

销超过

年。彼持有乐卓博大学

(La Trobe

University)

商业（旅游与款待）学士学位及

墨尔本商业技术学院

(Melbourne Institute

of Busines and Technology)

商业文凭。霍

女士为谢女士及霍先生的女儿。

EXECUTIVE DIRECTORS

Mr. Fok Yuk Tong (“Mr. Fok”), aged 61, was apointed as an

executive Director on 20 November 2020 and as the chairman

of the Board on 12 October 2021. Mr. Fok is curently a

director of PF Group Holdings Limited, Dynamic Expres Global

Limited, Pacific Foundation Holdings Limited

（太平基业控股

有限公司）

, GSL, GFL, Jovial Victory Global Limited

（悦胜环球

有限公司）

, Chance Wise Holdings Limited

（机颖控股有限公

司）

, Brothers Worldwide Company Limited, Big Win Worldwide

Company Limited, Excelence International Company Limited,

UB Trust Company Limited

（昱玱信托有限公司）

and Perfect

Ten Holdings Limited, al of which are subsidiaries of the

Company. Mr. Fok has ben engaging in the wholesale trading

and distribution of telecomunications electronic products for

over 20 years. Mr. Fok is the spouse of Ms. Hsieh Ching Chun

and the father of Ms. Fok Kit Ye.

Ms. Hsieh Ching Chun (“Ms. Hsieh”), aged 64, was

apointed as an executive Director on 20 November 2020.

Ms. Hsieh is curently a director of PF Group Holdings Limited,

Dynamic Expres Global Limited, Pacific Foundation Holdings

Limited

（太平基业控股有限公司）

, GSL, GFL, Jovial Victory

Global Limited

（悦胜环球有限公司）

, Chance Wise Holdings

Limited

（机颖控股有限公司）

, Brothers Worldwide Company

Limited, Big Win Worldwide Company Limited, Excelence

International Company Limited, UB Trust Company Limited

（昱玱信托有限公司）

and Perfect Ten Holdings Limited,

al of which are subsidiaries of the Company. Ms. Hsieh has

ben engaging in the wholesale trading and distribution of

telecomunications electronic products for over 20 years. Ms.

Hsieh is the spouse of Mr. Fok and the mother of Ms. Fok Kit

Ye.

Ms. Fok Kit Ye (“Ms. Fok”), aged 38, was apointed as

an executive Director on 11 December 2020. Ms. Fok has

ben engaging in the wholesale trading and distribution of

telecomunications electronic products for over 10 years. She

holds a Bachelor of Busines (Tourism & Hospitality) from La

Trobe University and Diploma of Comerce from Melbourne

Institute of Busines and Technology. Ms. Fok is a daughter of

Ms. Hsieh and Mr. Fok.

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

32Gaoyu Finance Group Limited • ANUAL REPORT 2025

独立非执行董事

陈凯媛女士（「陈女士」），

岁，于二零

二零年十二月十一日获委任为独立非执

行董事。陈女士持有香港大学文学士（一

级荣誉）学位及哲学硕士学位，并获曼彻

斯特都会大学

(Manchester Metropolitan

University)

颁授法律学士学位。彼现任香港

执业律师，并为

Katherine Chan

律师事务

所的负责人。彼于企业融资、私募股权及

收购方面拥有丰富经验，熟悉法院及仲裁

程序等商业诉讼。

唐永智先生（「唐先生」），

岁，于二零

二一年十月六日获委任为独立非执行董

事。唐先生于二零四年十一月获得香港

理工大学会计学文学士学位（荣誉学位）。

彼为香港会计师公会资深会员及香港独立

非执行董事协会成员。

唐先生在审核、会计及财务报告方面拥有

逾

年经验。唐先生于德勤

•

关黄陈方会

计师行展开其职业生涯，于二零四年九

月至二零一零年二月期间任职，最后职位

为高级核数师。彼其后于二零一零年三月

至二零一年十月期间于戴德梁行有限公

司担任高级会计师。唐先生于二零一年

十月重回德勤

•

关黄陈方会计师行，担任

审计经理，而彼于二零一四年二月离开该

公司前的最后职位为首席商管咨询服务经

理。其后，唐先生在不同业务范畴的香港

上市公司或跨国公司担任财务高管。唐先

生于二零一九年十一月至二零二五年三月

期间担任汇萃国际咨询有限公司董事总经

理。自二零一八年七月起，彼亦担任永胜

咨询有限公司董事总经理，并自二零二

年八月起担任汇萃展诚会计师事务所有限

公司管理合伙人。于二零二年七月至二

零二三年二月期间，唐先生担任煜盛文化

集团（一间曾于联交所主板上市的公司，

前股份代号：

）公司秘书。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ms. Chan Hoi Wuen Katherine (“Ms. Chan”), aged 44,

was apointed as an independent non-executive Director on

11 December 2020. Ms. Chan holds a Bachelor degre in Arts

(first-clas honours) and a Master degre in Philosophy at The

University of Hong Kong as wel as a Bachelor degre in Laws

at the Manchester Metropolitan University. She is curently a

practising solicitor in Hong Kong and a principal of Katherine

Chan Law Ofice. She has a wide range of experience in

corporate finance, private equity and acquisitions and is familiar

with comercial litigation including court and arbitration

procedings.

Mr. Tong Wing Chi (“Mr. Tong”), aged 43, was apointed

as an independent non-executive Director on 6 October 2021.

Mr. Tong obtained a degre of Bachelor of Arts (Honors) in

Acountancy from The Hong Kong Polytechnic University in

November 2004. He is a felow of the Hong Kong Institute of

Certified Public Acountants and a member of the Hong Kong

Independent Non-Executive Director Asociation.

Mr. Tong has over 20 years of experience in auditing,

acounting and financial reporting. Mr. Tong started his carer

in Deloite Touché Tohmatsu from September 2004 to February

2010 with his last position as an audit senior. He then worked

in DTZ Debenham Tie Leung as a senior acountant from

March 2010 to October 2011. Mr. Tong returned to Deloite

Touché Tohmatsu in October 2011 as an audit manager and

his last held position was a manager of chief experience oficer

advisory service when he left the company in February 2014.

Subsequently, Mr. Tong held senior financial positions in Hong

Kong listed companies or multinational companies in various

busines areas. Mr. Tong was a managing director of Edward

and Stan Global Advisory Limited from November 2019 to

March 2025. He has also ben a managing director of Victory

Suces Consulting Limited since July 2018, and a managing

partner of ESO Partners CPA Limited since August 2022. During

July 2022 to February 2023, Mr. Tong acted as the company

secretary of China Bright Culture Group, a company formerly

listed on the Main Board of the Stock Exchange (former stock

code: 1859).

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

二零二五年报

•

高裕金融集团有限公司

唐先生于二零二零年九月二十一日至二零

二年三月三十一日期间担任卓航控股集

团有限公司（一间于联交所主板上市的公

司，股份代号：

）独立非执行董事，

并于二零二年九月十九日至二零二三年

八月二十五日期间担任大湾区聚变力量控

股有限公司（一间于联交所主板上市的公

司，股份代号：

）独立非执行董事。自

二零二年三月一日起，彼担任中国恒天

立信国际有限公司（一间于联交所主板上

市的公司，股份代号：

）独立非执行董

事，并自二零二五年一月十三日起担任亿

达中国控股有限公司（一间于联交所主板

上市的公司，股份代号：

）独立非执

行董事。

关子臻先生（「关先生」），

岁，于二零

二一年十月十一日获委任为独立非执行董

事。关先生现为一间本地律师事务所的执

业律师。在加入法律专业之前，关先生曾

为香港多家金融机构担任证券及期货条

例项下第

类及╱或第

类受规管活动的负

责人员。在此之前，关先生是香港廉政公

署执行处的助理调查主任。关先生于二零

零一年获得香港中文大学工商管理学士学

位，二零八年获得伦敦大学法学士学

位，二零一三年获得香港大学法学研究生

证书。

Mr. Tong was an independent non-executive director of

Trendzon Holdings Group Limited, a company listed on the

Main Board of the Stock Exchange (stock code: 1865), from 21

September 2020 to 31 March 2022 and was an independent

non-executive director of Greater Bay Area Dynamic Growth

Holding Limited, a company listed in the Main Board of the

Stock Exchange (stock code: 1189) from 19 September 2022 to

25 August 2023. He is an independent non-executive director

of CHTC Fong’s International Company Limited, a company

listed on the Main Board of the Stok Exchange (stock code:

641) since 1 March 2022, and an independent non-executive

director of Yida China Holdings Limited, a company listed on

the Main Board of the Stock Exchange (stock code: 3639) since

13 January 2025.

Mr. Kwan Tsz Chun Sun (“Mr. Kwan”), aged 45, was

apointed as an independent non-executive Director on 11

October 2021. Mr. Kwan is curently a practising solicitor of a

local law firm. Before joining the legal profesion, Mr. Kwan

served as a responsible oficer for Types 4 and/or 9 regulated

activities under the SFO for a number of financial institutions

in Hong Kong. Prior to that, Mr. Kwan worked as an asistant

investigator in the Operations Department of the Independent

Comision Against Coruption of Hong Kong. Mr. Kwan

obtained a degre of Bachelor of Busines Administration

from The Chinese University of Hong Kong in 2001, a degre

of Bachelor of Laws from University of London in 2008 and a

Postgraduate Certificate in Laws from The University of Hong

Kong in 2013.

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

34Gaoyu Finance Group Limited • ANUAL REPORT 2025

高级管理层

冯健聪先生（「冯先生」），

岁，乃本集团

证券及期货条例项下第

类、第

类及第

类受规管活动的负责人员之一，负责（其

中包括）设立及发展本集团外部资产管理

人业务及信托业务。彼亦为昱玱信托有限

公司董事。冯先生于香港金融业拥有约

年的经验，涉及银行、保险、证券及资

产管理领域。于二零二三年一月加入本集

团前，冯先生于二零二一年至二零二年

在一盈证券有限公司担任董事及负责人员

（第

、

及

类受规管活动）之一。于二零

一六年至二零二一年，冯先生于兴证国际

证券有限公司及巴塞尔资本有限公司担任

销售总监，负责所有销售相关事项，包括

运营及合规。冯先生于一九年十一月

获得香港科技大学机械工程学士学位。彼

自二零九年起为香港财务策划师学会的

认可财务策划师。

SENIOR MANAGEMENT

Mr. Fung Kin Chung (“Mr. Fung”), aged 47, is one of the

responsible oficers for the Group’s Type 1, Type 4 and Type

9 regulated activities under the SFO and he is responsible

for, among others, seting up and developing the External

Aset Manager (EAM) busines and Trust busineses for the

Group. He is also a director of UB Trust Company Limited. Mr.

Fung has around 18 years of experience in the Hong Kong’s

finance industry, covering the fields of banking, insurance,

securities and aset management. Prior to joining the Group

in January 2023, Mr. Fung worked at I WIN SECURITIES

LIMITED from 2021-2022 where he was the director and

one of the responsible oficers (Type 1, 4 and 9 regulated

activities). From 2016 to 2021, Mr. Fung worked for CHINA

INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED

and Basel Capital Limited as Director of Sales, at which he is

responsible for al sales related isues including the operation

and compliances. Mr. Fung obtained a bachelor’s degre in

Mechanical Enginering from The Hong Kong University of

Science and Technology in November 1999. He has ben a

certified financial planer (CFP) of the Institute of Financial

Planers of Hong Kong in Year 2009.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

企业管治常规

董事会及本公司高级管理层致力推动高标

准的企业管治常规及程序，确保订有稳健

合适的企业管治常规以促进本集团增长以

及保障股东权益及本集团资产。

本公司已采纳

GEM

上市规则附录

所载

企业管治守则（「企业管治守则」）作为其自

身的企业管治守则。截至二零二五年三月

三十一日止年度，据董事会所深知，除下

文所述的偏离外，本公司已遵守企业管治

守则所载有关守则条文。

CORPORATE GOVERNANCE PRACTICES

The Board and senior management of the Company are

comited to promoting high standards of corporate

governance practices and procedures to ensure that sound

and apropriate corporate governance practices are in place

to grow the Group and safeguard the interests of shareholders

and the Group’s asets.

The Company has adopted the Corporate Governance Code

(the “CG Code”) as set out in Apendix C1 of the GEM Listing

Rules as its own code of corporate governance. For the year

ended 31 March 2025, to the best of the knowledge of the

Board, the Company was in compliance with the relevant code

provisions set out in the CG Code, except for the deviations

explained below.

Code provision

Reasons for the non-compliance and improvement actions tok

or to be taken

守则条文不合规原因及已经或将会采取之改善行动

C.1.8As the Company intends to solicit a suitable insurer at reasonable

comercial terms and conditions, therefore has not yet sourced an

apropriate insurance cover in respect of legal action against its

Directors for the year ended 31 March 2025.

第

C.1.8

条由于本公司拟以合理的商业条款及条件寻求合适的保险公司，故尚

未就截至二零二五年三月三十一日止年度针对其董事的法律诉讼寻

求适当的保险。

C.2.1The Company has not apointed a chief executive oficer as role

and functions of chief executive oficer have ben performed by

al the executive Directors colectively. The Board believes that this

arangement enables the Company to make and implement decisions

promptly, and thus achieve the Company’s objectives efectively and

eficiently in response to the changing environment. The Board wil

continuously ases whether any changes are necesary.

第

C.2.1

条本公司并无委任行政总裁，乃因行政总裁的角色及职能已由全体执

行董事共同履行。董事会认为，此安排使本公司能够迅速作出及实施

决策，从而有效及高效实现本公司的目标，以应对不断变化的环境。

董事会将持续评估是否有必要作出任何变更。

CORPORATE GOVERNANCE REPORT

企业管治报告

36Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事会将继续检讨其企业管治常规，务求

提升其企业管治标准，遵守日益复杂的监

管规定，并符合本公司股东及各投资者日

益增长的期望。

董事证券交易

本公司已采纳

GEM

上市规则第

5.48

至

5.67

条所载交易必守标准（「交易必守标准」），

作为董事买卖本公司证券的行为守则。对

全体董事作出特定查询后，董事确认彼等

于截至二零二五年三月三十一日止整个年

度已遵守交易必守标准。

Code provision

Reasons for the non-compliance and improvement actions tok

or to be taken

守则条文不合规原因及已经或将会采取之改善行动

D.1.2The Company has not provided al members of the Board with

monthly updates to enable the Board as a whole and each Director to

discharge their duties. However, the Company has based on busines

situation, provided to the Board on a quarterly basis, updated busines

information to enable the Board as a whole and each Director to

discharge their duties. The Company considers that such busines

information arising out of the ordinary busines provided to the Board

from time to time instead of monthly updates are suficient for the

Board to discharge its duties. In the event there are any significant

updates to be provided, the Company wil update al the Directors as

early as practicable for discusion and resolution. Every Director could

make enquiries with the Company about the busines operation of the

Group and give sugestions or fedback frely.

第

D.1.2

条本公司并无每月向董事会全体成员提供更新资料以让董事会整体及

各董事履行职责，但本公司已按其业务情况，每季度向董事会提供更

新业务资料，让董事会整体及各董事履行职责。本公司认为，不定时

向董事会提供该等日常业务的资料而非每月提供更新资料，足以让

董事会履行其职责。倘需提供任何重要的更新资料，本公司会于可行

情况下尽早向全体董事提供更新资料，以便进行讨论及通过决议。各

董事可就本集团的业务经营向本公司作出查询，并自由提出建议或

反馈。

The Board wil continue to review its corporate governance

practices in order to enhance its corporate governance

standards, comply with the increasingly complicated regulatory

requirements, and met with the rising expectations of the

shareholders and respective investors of the Company.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the required standard of dealings

(the “Required Standard of Dealings”) set out in rules 5.48

to 5.67 of the GEM Listing Rules as the code of conduct for

dealing in securities of the Company by the Directors. Having

made specific enquiries with al Directors, the Directors have

confirmed that they have complied with the Required Standard

of Dealings throughout the year ended 31 March 2025.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

董事会

董事会有责任领导及控制本集团，而董事

共同负责透过指导及监督本集团事务，推

动本集团迈向成功。董事会须就本集团的

策略发展向股东负责，以为股东取得最大

长远价值为目标，同时平衡广大持份者的

利益。董事会亦负责与股东及监管机构沟

通及（倘适用）将就末期股息向股东作出建

议以及批准宣派任何中期股息。董事会已

授权本公司执行董事及高级管理层日常责

任，而彼等会定期举行会议以检讨本集团

的财务业绩及表现，并就实施经董事会批

准的策略及计划作出财务及营运决策。

董事会组成

截至二零二五年三月三十一日止年度及直

至本报告日期的董事会由以下董事组成：

执行董事

霍玉堂先生（主席）

谢青纯女士

霍洁仪女士

独立非执行董事

陈凯媛女士

唐永智先生

关子臻先生

于本报告日期，董事会现时由六名董事组

成，包括三名执行董事及三名独立非执行

董事。彼等之履历详情（包括董事会成员

之间的关系）载于本报告第

至

页。

THE BOARD

The Board has the responsibility for leadership and control

of the Group and the Directors are colectively responsible

for promoting the suces of the Group by directing and

supervising the Group’s afairs. The Board is acountable to

shareholders for the strategic development of the Group with

the goal of maximising long-term shareholder value, while

balancing broader stakeholder interests. The Board is also

responsible to comunicate with shareholders and regulatory

bodies and, where apropriate, wil make recomendations to

shareholders on final dividends and aprove the declaration of

any interim dividend. The Board has delegated the day-to-day

responsibility to the executive Directors and senior management

of the Company who wil met regularly to review the financial

results and performance of the Group and make financial and

operational decisions for the implementation of strategies and

plans aproved by the Board.

Composition of the Board

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

report, the Board comprised the folowing Directors:

Executive Directors

Mr. Fok Yuk Tong (Chairman)

Ms. Hsieh Ching Chun

Ms. Fok Kit Ye

Independent non-executive Directors

Ms. Chan Hoi Wuen Katherine

Mr. Tong Wing Chi

Mr. Kwan Tsz Chun Sun

As at the date of this report, the Board curently comprises

six members, including thre executive Directors and thre

independent non-executive Directors. The biographical details

of them (including relationships betwen the Board members)

are set out on pages 31 to 34 of this report.

CORPORATE GOVERNANCE REPORT

企业管治报告

38Gaoyu Finance Group Limited • ANUAL REPORT 2025

委任及重选董事

根据本公司组织章程大纲及细则（「大纲及

细则」）第

83(3)

条，董事将有权不时及于任

何时间委任何人士为董事，以填补董事

会临时空缺或作为现有董事会新增成员。

任何获董事会委任以填补临时空缺或作为

董事会新增成员的董事任期将直至其获委

任后本公司首届股东周年大会为止，届时

将符合资格重选连任。

此外，根据大纲及细则第

条，于每届股

东周年大会上，当时三分之一的董事（或

如董事人数并非三的倍数，则为最接近但

不少于三分之一的数目）须轮值退任，惟

每名董事须至少每三年在股东周年大会上

退任一次。退任董事有资格重选连任及于

其退任之大会上整个会议期间继续担任董

事。

主席及行政总裁

霍先生为董事会主席（「主席」），负责确保

董事会在良好的企业管治常规及程序下正

常运作。

诚如上文所述，本公司并无委任行政总

裁，乃因行政总裁的角色及职能已由全体

执行董事共同履行。彼等负责执行经董事

会批准及授权的目标、政策及策略，并负

责本集团的日常管理及营运。

Apointment and Re-election of Directors

In acordance with article 83(3) of the memorandum and

articles of asociation of the Company (the “Memorandum

and Articles”), the Directors shal have the power from time

to time and at any time to apoint any person as a Director

either to fil a casual vacancy on the Board or as an adition to

the existing Board. Any Director apointed by the Board to fil

a casual vacancy on or as an adition to the Board shal hold

ofice until the first anual general meting of the Company

after his/her apointment, and shal then be eligible for re-

election.

In adition, in acordance with article 84 of the Memorandum

and Articles, at each anual general meting, one-third of the

Directors for the time being (or if their number is not a multiple

of thre, then the number nearest to but not les than one-

third) shal retire from ofice by rotation provided that every

Director shal be subject to retirement at an anual general

meting at least once every thre years. A retiring Director shal

be eligible for re-election and shal continue to act as a Director

throughout the meting at which he retires.

CHAIRMAN AND CHIEF EXECUTIVE OFICER

Mr. Fok is the chairman of the Board (the “Chairman”),

in which he is responsible for ensuring that the Board is

functioning properly, with god corporate governance practices

and procedures.

As aforementioned, the Company has not apointed a chief

executive oficer as role and functions of chief executive oficer

have ben performed by al the executive Directors colectively.

They are responsible for implementation of the objectives,

policies and strategies aproved and delegated by the Board

and are responsible for the day-to-day management and

operation of the Group.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

独立非执行董事

独立非执行董事乃来自不同背景及行业的

资深人士。

为遵守

GEM

上市规则第

5.05(1)

及

(2)

以及

5.05A

条，本公司已委任三名独立非执行

董事，占董事会人数超过三分之一，且其

中至少一名具备适当的专业资格，或具备

适当的会计或相关的财务管理专长。

独立非执行董事的任期为两年，任何一方

可随时向另一方发出最少一个月的事先书

面通知以终止有关委任。委任须根据大纲

及细则于本公司股东周年大会上轮值退任

及重选连任。

本公司已收到每名独立非执行董事就其独

立性而作出的年度确认函。本公司认为所

有独立非执行董事均符合

GEM

上市规则第

5.09

条列载的评估独立性的指引，并仍认

为彼等于本报告日期均属独立人士。

企业管治职能

董事会负责履行企业管治职务，包括

(a)

制

定及检讨本公司的企业管治政策及常规；

(b)

检讨及监察董事及高级管理层的培训

及持续专业发展；

(c)

检讨及监察本公司在

遵守法律及监管规定方面的政策及常规；

(d)

制定、检讨及监察雇员及董事适用的行

为守则及合规手册（如有）；及

(e)

检讨本公

司遵守企业管治守则的情况及于企业管治

报告的披露。

INDEPENDENT NON-EXECUTIVE DIRECTORS

The independent non-executive Directors are seasoned

individuals from diversified backgrounds and industries.

In compliance with rules 5.05(1) and (2), and 5.05A of the GEM

Listing Rules, the Company has apointed thre independent

non-executive Directors representing more than one-third

of the Board, and with at least one of them posesing the

apropriate profesional qualifications, or acounting or related

financial management expertise.

The independent non-executive Directors are apointed

for a term of two years. Either party may terminate such

apointment at any time by giving at least one month’s prior

notice in writing to the other. The apointment is subject to

retirement by rotation and re-election at the anual general

meting of the Company in acordance with the Memorandum

and Articles.

The Company has received an anual confirmation of

independence from each of the independent non-executive

Directors. The Company is of the view that al of them have

met the guidelines for asesing independence as set out in rule

5.09 of the GEM Listing Rules and stil considers them to be

independent as at the date of this report.

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for performing the corporate

governance duties which include (a) developing and reviewing

the Company’s policies and practices on corporate governance;

(b) reviewing and monitoring the training and continuous

profesional development of Directors and senior management;

practices on compliance with legal and regulatory requirements;

(d) developing, reviewing and monitoring the code of conduct

and compliance manual (if any) aplicable to employes and

Directors; and (e) reviewing the Company’s compliance with the

CG Code and disclosure in the Corporate Governance Report.

CORPORATE GOVERNANCE REPORT

企业管治报告

40Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事委员会

审核委员会

本公司已遵照

GEM

上市规则第

5.28

条成立

审核委员会（「审核委员会」），并遵照企业

管治守则订明书面职权范围。审核委员会

目前由三名独立非执行董事唐先生、关先

生及陈女士组成。唐先生为审核委员会主

席。

审核委员会的主要职责为（其中包括）

(i)

就

外聘核数师的委任及罢免向董事会提供推

荐建议；

(i)

审阅并监察本公司财务报表的

完整性以及提供有关财务申报的意见；

(i)

监督本集团的财务申报制度、内部监控及

风险管理制度；及

(iv)

监察任何持续关连交

易。

截至二零二五年三月三十一日止年度，审

核委员会曾举行三次会议以审阅截至二零

二四年三月三十一日止年度的年报、截至

二零二四年九月三十日止六个月的中期报

告、本集团内部监控及风险管理事宜、续

聘核数师以及截至二零二五年三月三十一

日止年度的审核范围及事宜。于该等会议

中，审核委员会已与本公司外部核数师会

面两次讨论审核、法定合规及财务申报等

事宜。审核委员会已审阅本集团截至二零

二五年三月三十一日止年度的经审核综合

财务报表（「综合财务报表」），并认为综合

财务报表已遵守适用会计准则、

GEM

上市

规则及其他适用法律规定，并已作出充分

披露。

截至二零二五年三月三十一日止年度，审

核委员会与履行本集团内部审核职能的独

立外部专业顾问会面，以监督本集团的风

险管理及内部控制系统（详见「风险管理及

内部监控」）。此外，审核委员会亦与本公

司管理层讨论了会计及财务报告职能方面

资源、员工资历、经验、培训及预算的充足

性。审核委员会对管理层于截至二零二五

年三月三十一日止年度内有效维持该等系

统表示满意。

BOARD COMITES

Audit Comite

The Company has established an audit comite (the “Audit

Comite”) in compliance with rule 5.28 of the GEM Listing

Rules and with the writen terms of reference in compliance

with the CG Code. The Audit Comite curently comprises

thre independent non-executive Directors, namely, Mr. Tong,

Mr. Kwan and Ms. Chan. Mr. Tong is the chairman of the Audit

Comite.

The primary duties of the Audit Comite are, among

others, (i) to make recomendations to the Board on the

apointment and removal of external auditors; (i) to review

and monitor the integrity of the Company’s financial statements

and provide advices in respect of financial reporting; (i) to

overse the financial reporting system, internal control and risk

management systems of the Group; and (iv) to monitor any

continuing conected transactions.

During the year ended 31 March 2025, the Audit Comite

held thre metings to review the anual report for the year

ended 31 March 2024, the interim report for the six months

ended 30 September 2024, the internal control and risk

management maters of the Group, re-apointment of auditor

and audit scope and maters for the year ended 31 March

2025. Among these metings, the Audit Comite met with

the external auditor of the Company twice to discus auditing,

statutory compliance and financial reporting maters. The Audit

Comite had reviewed the audited consolidated financial

statements (the “Consolidated Financial Statements”)

of the Group for the year ended 31 March 2025 and was

of the opinion that the Consolidated Financial Statements

complied with the aplicable acounting standards, the GEM

Listing Rules and other aplicable legal requirements and that

adequate disclosures were made therein.

The Audit Comite oversaw the Group’s risk management

and internal control systems by meting with the independent

external profesional consultant who performed the internal

audit function of the Group for the year ended 31 March

2025 (detailed under “RISK MANAGEMENT AND INTERNAL

CONTROL”). Also, the Audit Comite discused with

management of the Company the adequacy of resources,

staf qualifications, experience, training, and budget for

the acounting and financial reporting function. The Audit

Comite was satisfied that management had efectively

maintained these systems for the year ended 31 March 2025.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

提名委员会

本公司已根据

GEM

上市规则第

5.36A

条成

立提名委员会（「提名委员会」），并遵照企

业管治守则订明书面职权范围。提名委员

会目前由两名执行董事霍先生及霍女士以

及三名独立非执行董事陈女士、关先生及

唐先生组成。陈女士为提名委员会主席。

提名委员会的主要职责为（其中包括）

(i)

检

讨架构、人数及组成并于检讨后向董事会

提出推荐建议；

(i)

物色具备合适资格可担

任董事会成员的人士；

(i)

评估独立非执行

董事的独立性；

(iv)

就有关委任或重新委任

董事的相关事宜向董事会提供推荐建议；

及

(v)

检讨董事继任计划、提名政策（定义

见下文）及董事会多元化政策（定义见下

文）。

截至二零二五年三月三十一日止年度，提

名委员会已举行一次会议以就于股东大会

上重选董事提出推荐建议；检讨董事会架

构、人数、组成及多元化；评估独立非执行

董事的独立性；及检讨提名政策（定义见

下文）及董事会多元化政策（定义见下文）。

Nomination Comite

The Company has established a nomination comite (the

“Nomination Comite”) in compliance with rule 5.36A

of the GEM Listing Rules and with writen terms of reference

in compliance with the CG Code. The Nomination Comite

curently comprises two executive Directors, namely Mr. Fok

and Ms. Fok, and thre independent non-executive Directors,

namely Ms. Chan, Mr. Kwan and Mr. Tong. Ms. Chan is the

chairman of the Nomination Comite.

The primary duties of the Nomination Comite are, among

others, (i) to review the structure, size, composition and to

make recomendations to the Board after such review; (i)

to identify individuals suitably qualified to become Board

members; (i) to ases the independence of independent

non-executive Directors; (iv) to make recomendations to the

Board on relevant maters relating to the apointment or re-

apointment of Directors; and (v) to review sucesion planing

for Directors, the Nomination Policy (as defined below) and

Board Diversity Policy (as defined below).

During the year ended 31 March 2025, one meting was held

to make recomendations on the re-election of Directors at

the general meting; reviewing the structure, size, composition

and diversity of the Board; asesing the independence of

the independent non-executive Directors; and reviewing the

Nomination Policy (as defined below) and Board Diversity Policy

(as defined below).

CORPORATE GOVERNANCE REPORT

企业管治报告

42Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事会多元化政策

董事会所采纳的本集团董事会多元化政策

（「董事会多元化政策」）旨在实现董事会

多元化，以根据本集团业务性质而具备均

衡的技巧、经验及多样的观点。本公司赞

同并认可拥有多元化董事会的好处。董事

会多元化政策的概要载列如下：

可计量目标及实施

甄选候选人将按一系列多元化范畴为基

准，包括但不限于性别、年龄、文化及教育

背景、种族、专业经验、技能、知识及服务

年期。最终将按候选人的长处及将为董事

会带来的贡献而作决定。

监督及汇报

提名委员会将每年在本报告内汇报董事会

在多元化视角下的组成，并监督董事会多

元化政策的实施。

检讨董事会多元化政策

提名委员会将适时检讨董事会多元化政

策，以确保董事会多元化政策有效性。提

名委员会将讨论任何可能需要的修订，并

向董事会建议有关修订以供考虑及批准。

董事会现时由三名女性及三名男性董事组

成。董事会确信，董事会的性别多元化水

平已达致充分。本公司承诺将提供平等机

会，按客观标准甄选合适的候选人，同时

考虑到多元化的益处，确保在继任计划方

面在董事会层面强调和保持性别多元化，

以便在出现任何空缺时为董事会的任命提

供多元化的候选人渠道。本集团亦致力于

实现整个员工队伍（包括董事及高级管理

层）的性别多元化。于本报告日期，员工队

伍（包括董事及高级管理层）的性别比例约

为

1:1.375

，董事会认为目前已实现员工队

伍的性别多元化。

Board Diversity Policy

The board diversity policy of the Group (the “Board Diversity

Policy”) as adopted by the Board aims to achieve diversity in

the Board in order to have a balance of skils, experience and

diversity of perspectives in acordance with the busines nature

of the Group. The Company endorses and recognises the

benefits of having a diversified Board. A sumary of the Board

Diversity Policy is set out below:

Measurable Objectives and Implementation

Selection of candidates wil be based on a range of diversity

perspectives, including but not limited to gender, age, cultural

and educational background, ethnicity, profesional experience,

skils, knowledge and length of service. The ultimate decision

wil be based on merit and contribution that the selected

candidates wil bring to the Board.

Monitoring and Reporting

The Nomination Comite wil report anualy, in this report,

on the Board’s composition under diversified perspectives, and

monitor the implementation of the Board Diversity Policy.

Review of the Board Diversity Policy

The Nomination Comite wil review the Board Diversity

Policy, as apropriate, to ensure the efectivenes of the Board

Diversity Policy. The Nomination Comite wil discus any

revisions that may be required, and recomend any such

revisions to the Board for consideration and aproval.

The Board curently comprises thre females and thre male

Directors, the Board is satisfied that an adequate level of

gender diversity has ben achieved in respect of the Board.

The Company, through its comitment to providing equal

oportunities as wel as selecting the right candidates based on

objective criteria with due regard for the benefits of diversity,

wil ensure that gender diversity is emphasised and maintained

at the Board level in respect of sucesion planing in order to

make available a diverse pipeline of candidates for apointment

to the Board in case of any vacancies. The Group is also

comited to achieving gender diversity acros the workforce

(including Directors and senior management). As at the date

of this report, the gender ratio in the workforce (including

Directors and senior management) is aproximately 1:1.375,

the Board considers that the gender diversity in workforce is

curently achieved.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

提名政策

董事会已采纳提名政策（「提名政策」），当

中载列提名及委任董事的提名程序、准则

及流程。提名政策概述载列如下：

挑选准则

评估及挑选董事候选人时，提名委员会将

考虑下列准则：

•

品格及诚信；

•

资格，包括与本公司业务及企业策略

相关的专业资格、技能、知识及经验

及董事会多元化政策项下的多元化

方面；

•

就达致董事会多元化所采纳的任何

可计量目标；

•

根据

GEM

上市规则规定以及（就独立

非执行董事而言）根据

GEM

上市规则

所载独立性指引候选人是否被视为

独立；

•

就资格、技能、经验、独立性及性别

多元化方面，候选人可为董事会带来

的任何潜在贡献；

•

付出足够时间执行本公司董事会

及╱或董事委员会成员职责的意愿

及能力；及

•

适合本公司业务及继任计划的任何

其他观点及（倘适用）可能由董事会

及╱或提名委员会不时就提名董事

及继任计划采纳及╱或修订的任何

其他观点。

Nomination Policy

The Board has adopted a nomination policy (the “Nomination

Policy”) which sets out the nomination procedures, criteria

and proces in the nomination and apointment of Directors. A

sumary of the Nomination Policy is set out below:

Selection Criteria

The Nomination Comite shal consider the folowing criteria

in evaluating and selecting candidates for directorships:

;

, skils,

knowledge and experience and diversity aspects under the

Board Diversity Policy that are relevant to the Company’s

busines and corporate strategy;

• any measurable objectives adopted for achieving diversity

on the Board;

• requirement in acordance with the GEM Listing Rules and

whether the candidate would be considered independent

with reference to the independence guidelines set out

in the GEM Listing Rules (in case of independent non-

executive Directors);

• any potential contributions the candidate can bring to

the Board in terms of qualifications, skils, experience,

independence and gender diversity;

• wilingnes and ability to devote adequate time to

discharge duties as a member of the Board and/or Board

comite(s) of the Company; and

• any other perspectives that are apropriate to the

Company’s busines and sucesion plan and where

aplicable, may be adopted and/or amended by the Board

and/or the Nomination Comite from time to time for

nomination of Directors and sucesion planing.

CORPORATE GOVERNANCE REPORT

企业管治报告

44Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事提名程序

董事会根据

GEM

上市规则以及大纲及细则

设有董事提名的相关程序如下：

(a)

委任新董事

提名委员会或本公司公司秘书将于

接获任何候选人提名后召开提名委

员会议。提名委员会将根据上述挑

选准则评估有关候选人，以决定有关

候选人是否合资格担任董事。提名委

员会其后应向董事会建议委任合适

候选人为董事。至于由股东于本公司

股东大会提名选举董事的任何人士，

提名委员会及╱或董事会应根据上

述相同挑选准则评估有关候选人，以

决定有关候选人是否合资格担任董

事；及（倘合适）提名委员会及╱或董

事会应就建议于股东大会选举董事

向股东提供建议。董事会就有关建议

候选人于任何股东大会参选的所有

事宜拥有最终决定权。

(b)

于股东大会重选董事

根据大纲及细则，退任董事符合资格

由董事会提名于股东大会接受重选。

提名委员会及╱或董事会应审视退

任董事对本公司的整体贡献及服务、

其参与水平及董事会表现，并厘定退

任董事是否仍然符合上述挑选准则。

提名委员会及╱或董事会其后应就

建议于股东大会重选董事向股东提

供建议。

Directors Nomination Procedures

The Board has the relevant procedures for Directors’

nomination which are pursuant to the GEM Listing Rules and

the Memorandum and Articles as below:

(a) Apointment of New Director

The Nomination Comite or the company secretary

of the Company shal cal for a meting of the

Nomination Comite upon receipt of any nominations

of candidates. The Nomination Comite should

evaluate such candidate based on the selection criteria

mentioned above to determine whether such candidate

is qualified for directorship. The Nomination Comite

should then recomend to the Board to apoint the

apropriate candidate for directorship. For any person

that is nominated by a shareholder for election as a

Director at the general meting of the Company, the

Nomination Comite and/or the Board should evaluate

such candidate based on the same selection criteria as

mentioned above to determine whether such candidate

is qualified for directorship, and where apropriate, the

Nomination Comite and/or the Board should make

recomendation to the shareholders in respect of the

proposed election of Director at the general meting.

The Board should have the final decision on al maters

relating to its recomendation of candidates to stand for

election at any general meting.

(b) Re-election of Director at General Meting

Retiring Directors are eligible for nomination by the Board

to stand for re-election at the general meting acording

to the Memorandum and Articles. The Nomination

Comite and/or the Board should review the overal

contribution and service of the retiring Director to the

Company, his/her level of participation and performance

on the Board and determine whether the retiring Director

continues to met the above selection criteria. The

Nomination Comite and/or the Board should then

make recomendation to the shareholders in respect

of the proposed re-election of Director at the general

meting.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

薪酬委员会

本公司已遵照

GEM

上市规则第

5.34

条成立

薪酬委员会（「薪酬委员会」），并遵照企业

管治守则订明书面职权范围。薪酬委员会

目前由一名执行董事霍先生、三名独立非

执行董事陈女士、关先生及唐先生组成。

关先生为薪酬委员会主席。

薪酬委员会的主要职责为（其中包括）

(i)

检

讨与本集团全体董事及高级管理层有关的

整体薪酬政策及架构，并就此向董事会提

供推荐建议；

(i)

就个别执行董事及非执行

董事以及本集团高级管理层之薪酬待遇向

董事会提出建议；

(i)

审议其他薪酬相关事

宜，包括应付董事及高级管理层的实物福

利及其他报酬；及

(iv)

检讨薪酬绩效，并就

制定薪酬政策建立正式透明的流程。

截至二零二五年三月三十一日止年度，薪

酬委员会已举行一次会议以就董事的薪酬

待遇向董事会提出推荐建议，并检讨董事

薪酬待遇政策及架构。

向董事会提供独立意见

董事会认为其独立性对于有效的企业治理

至关重要。为保持高度的独立性，本公司

实施了以下机制：

董事会及董事委员会的组成

•

董事会致力确保委任至少三名独立

非执行董事及至少三分之一的董事

会成员为独立非执行董事（或

GEM

上

市规则可能不时规定的较高门槛）。

•

除遵守

GEM

上市规则有关若干董事

委员会组成的规定外，独立非执行董

事将于切实可行的情况下获委任至

其他董事委员会，以确保可提供独立

意见。

Remuneration Comite

The Company has established a remuneration comite

(the “Remuneration Comite”) in compliance with the

rule 5.34 of the GEM Listing Rules and with writen terms of

reference in compliance with the CG Code. The Remuneration

Comite curently comprises one executive Director, namely

Mr. Fok, and thre independent non-executive Directors,

namely Ms. Chan, Mr. Kwan and Mr. Tong. Mr. Kwan is the

chairman of the Remuneration Comite.

The primary duties of the Remuneration Comite are, among

others, (i) to review and make recomendations to the Board

on the overal remuneration policy and structure relating to al

Directors and senior management of the Group; (i) to make

recomendations to the Board on remuneration packages of

individual executive Directors and non-executive Directors as

wel as the senior management of the Group; (i) to review

other remuneration-related maters, including benefits-in-

kind and other compensation payable to the Directors and

senior management; and (iv) to review performance based

remunerations and to establish a formal and transparent

procedure for developing policy in relation to remuneration.

During the year ended 31 March 2025, one meting was held

to make recomendation to the Board on the remuneration

package of Directors and reviewing the policy and structure of

the remuneration packages for Directors.

Independence Views to the Board

The Board acknowledges that its independence is esential for

efective corporate governance. To uphold a robust level of

independence, the Company has implemented mechanisms, as

outlined below:

Composition of Board and Board Comites

• The Board endeavours to ensure the apointment of at

least thre independent non-executive Directors and at

least one-third of the Board members being independent

non-executive Directors (or such higher threshold as may

be required by the GEM Listing Rules from time to time).

• Apart from complying with the requirements prescribed

by the GEM Listing Rules as to the composition of certain

Board comites, independent non-executive Directors

wil be apointed to other Board comites as far as

practicable to ensure independent views are available.

CORPORATE GOVERNANCE REPORT

企业管治报告

46Gaoyu Finance Group Limited • ANUAL REPORT 2025

独立性评估

•

提名委员会须严格遵守

GEM

上市规

则所载有关提名及委任独立非执行

董事的提名政策及独立性评估准则。

•

倘各独立非执行董事自身的个人资

料出现任何变动而可能对其独立性

造成重大影响，则彼等亦须于切实可

行的情况下尽快通知本公司。

•

提名委员会获授权每年参考

GEM

上

市规则所载的独立性准则评估全体

独立非执行董事的独立性，以确保彼

等可持续行使独立判断。

薪酬

•

本公司并不会向独立非执行董事授

予带有绩效表现相关元素的股本权

益薪酬（如购股权或授予的权益），此

乃由于该类薪酬或会导致其决策偏

颇并影响其客观性和独立性。

决策

•

独立非执行董事（与其他董事一样）

均有权就将于董事会议上讨论的

事宜向管理层寻求进一步资料及文

件。彼等亦可寻求本公司的公司秘书

的协助及（如需要）外聘专业顾问的

独立意见，费用由本公司承担。

•

独立非执行董事（与其他董事一样）

不得就批准该董事或其任何紧密联

系人拥有重大权益的任何合约或安

排的任何董事会决议案投票，亦不得

计入法定人数。

•

主席应至少每年与独立非执行董事

举行一次没有其他董事出席的会议，

讨论重大事项及任何疑虑。

董事会已就上述机制的实施情况进行年度

检讨，并认为上述机制已获妥善实施。

Independence asesment

• The Nomination Comite shal strictly adhere to the

nomination policy and the independence asesment

criteria as set out in the GEM Listing Rules with regard to

the nomination and apointment of independent non-

executive Directors.

• Each independent non-executive Director is also required

to inform the Company as son as practicable if there

is any change in his own personal particulars that may

materialy afect his independence.

• The Nomination Comite is mandated to ases

anualy the independence of al independent non-

executive Directors by reference to the independence

criteria as set out in the GEM Listing Rules to ensure that

they can continualy exercise independent judgement.

Compensation

• No equity-based remuneration (e.g. share options or

grants) with performance-related elements wil be granted

to INEDs as this may lead to bias in their decision-making

and compromise their objectivity and independence.

Decision making

• Independent non-executive Directors (as other

Directors) are entitled to sek further information and

documentation from the management on the maters

to be discused at board metings. They can also sek

asistance from the Company’s company secretary and,

where necesary, independent advice from external

profesional advisers at the Company’s expense.

• Independent non-executive Directors (as other Directors)

shal not vote or be counted in the quorum on any board

resolution aproving any contract or arangement in

which such Director or any of his/her close asociates has

a material interest.

• The Chairman shal at least anualy hold meting with

the independent non-executive Directors without the

presence of other Directors to discus major isues and

any concerns.

The Board had made an anual review on the implementation

of the above-mentioned mechanisms and was of the view

that the above-mentioned mechanisms had ben satisfactorily

implemented.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

董事会议出席情况

截至二零二五年三月三十一日止年度，本

公司举行七次董事会议及一次股东大

会。董事出席董事会议、委员会议及

股东大会的情况如下：

问责及核数

董事知悉彼等负责编制本集团综合财务报

表及

GEM

上市规则所规定的其他财务披露

事项，管理层已向董事会提供该等解释及

资料以使其就财务及其他董事会决定作出

知情评估。董事相信，彼等已选择合适的

会计政策，并贯彻应用该等政策、作出审

慎及合理的判断及估计，并确保综合财务

报表按「持续经营」基准编制。本公司核数

师就彼等于本集团综合财务报表的汇报责

任所作声明载于本报告独立核数师报告。

董事培训及持续专业发展

每名新获委任之董事均获提供就职资料，

以确保其对本集团的业务及营运有适当的

认识，并充分理解其于适用规则及规定下

的董事职责及责任。

根据企业管治守则的守则条文第

C.1.4

条，

董事应参与持续专业发展，发展并更新其

知识及技能，以确保各董事在知情及相关

情况下对董事会作出贡献。

DIRECTORS’ ATENDANCE AT METINGS

During the year ended 31 March 2025, the Company

held seven Board metings and one general meting. The

atendance of the Directors at the Board, comites and

general metings are as folows:

Number of metings atended/Number of metings held

出席会议次数╱举行会议次数

DirectorBoard Meting

Audit

Comite

Meting

Nomination

Comite

Meting

Remuneration

Comite

Meting

General

Meting

董事董事会议审核委员会议提名委员会议薪酬委员会议股东大会

Mr. Fok

霍先生

6/7–1/11/11/1

Ms. Hsieh

谢女士

6/7–1/1

Ms. Fok

霍女士

6/7–1/1–1/1

Ms. Chan

陈女士

6/73/31/11/11/1

Mr. Tong

唐先生

6/73/31/11/11/1

Mr. Kwan

关先生

5/73/31/11/11/1

ACOUNTABILITY AND AUDIT

The Directors acknowledged their responsibilities to prepare

the consolidated financial statements of the Group and other

financial disclosures required under the GEM Listing Rules

and the management has provided such explanation and

information to the Board to enable it to make an informed

asesment of the financial and other Board decisions. The

Directors believe that they have selected suitable acounting

policies and aplied them consistently, made judgments and

estimates that are prudent and reasonable and ensured the

consolidated financial statements are prepared on a “going

concern” basis. The statement of the auditors of the Company

regarding their reporting responsibilities for the consolidated

financial statements of the Group is set out in the Independent

Auditors’ Report in this report.

DIRECTORS’ TRAINING AND CONTINUOUS

PROFESIONAL DEVELOPMENT

Every newly apointed Director wil receive an induction to

ensure that he has a proper understanding of the busines and

operations of the Group and that he/she is fuly aware of his/

her duties and responsibilities as a director under aplicable

rules and requirements.

Pursuant to code provision C.1.4 of the CG Code, the Directors

should participate in continuous profesional development to

develop and refresh their knowledge and skils to ensure that

their contribution to the Board remains informed and relevant.

CORPORATE GOVERNANCE REPORT

企业管治报告

48Gaoyu Finance Group Limited • ANUAL REPORT 2025

本公司定期向董事提供有关本集团业务

及立法及监管环境的变动及发展之最新

资料及简介，并鼓励董事参与持续的专业

发展。截至二零二五年三月三十一日止年

度，董事确认彼等已接受以下培训：

公司秘书

本公司委聘了外部专业公司秘书服务供应

商智轮环球企业服务有限公司（「智轮环球

企业服务」）向本公司提供合规及全方面的

公司秘书服务，以协助本公司应对不断变

化的监管环境，迎合不同的商业需求。智

轮环球企业服务的代表林文杰先生（「林先

生」）已获委任为本公司的名义公司秘书。

彼在本公司的主要企业联络人为本公司主

席兼执行董事霍先生。根据

GEM

上市规则

第

5.15

条，林先生于截至二零二五年三月

三十一日止年度已接受不少于

小时的相

关专业培训。

The Company provided regular updates and presentations on

changes and developments relating to the Group’s busines and

the legislative and regulatory environments to the Directors and

encouraged Directors to participate in continuous profesional

developments. During the year ended 31 March 2025, the

Directors have confirmed that they have received the training as

folow:

Atending or participating

in seminars/briefings

or reading regulatory

updates/journals relating

to director’s duties

出席或参与讲座╱

简介会或阅读监管

最新资料╱董事职责

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

独立核数师酬金

截至二零二五年三月三十一日止年度，本

公司就核数及非核数服务已付或应付外聘

核数师的酬金如下：

股息政策

董事会已批准及采纳一项股息政策（「股息

政策」），当中概述厘定及向股东派付股息

的一般原则。本公司将根据适用法例及规

例、大纲及细则以及股息政策决定及宣派

股息或分派。董事会可在其认为有需要时

修订股息政策的任何条文。

根据股息政策，建议或宣派股息时，本公

司须维持充足及足够现金储备以应付其营

运资金需求及未来发展以及其股东价值。

董事会就不时向股东宣派及分派股息拥有

全权酌情权，而财政年度的任何末期股息

须由股东批准作实。建议作出任何股息分

派时，董事会亦将考虑（其中包括）本集团

的财务业绩、财务状况、现金流状况、业务

状况及策略、估计未来营运及盈利、资金

需求及支出计划、股东权益、派付股息的

任何限制以及董事会可能认为相关的任何

其他因素。

INDEPENDENT AUDITORS’ REMUNERATION

During the year ended 31 March 2025, the remuneration paid

or payable to the external auditors of the Company in respect

of the audit and non-audit services were as folows:

Services rendered

Remuneration

paid/payable

所提供服务已付╱应付酬金

HK$’000

千港元

Audit services

核数服务

– Statutory audit services

－

法定核数服务

Non-audit services

非核数服务

– Tax advisory services

－

税务咨询服务

DIVIDEND POLICY

The Board aproved and adopted a dividend policy (the

“Dividend Policy”) which outlines general principles for the

determination and payment of dividend to its shareholders.

Dividends or distributions by the Company shal be determined

and declared in acordance with the aplicable laws and

regulations, the Memorandum and Articles and the Dividend

Policy. The Board may amend any provision in the Dividend

Policy if it considers necesary.

Pursuant to the Dividend Policy, that, in recomending or

declaring dividends, the Company shal maintain adequate

and suficient cash reserves for meting its working capital

requirements and future growth as wel as its shareholder

value. The Board has the absolute discretion to declare and

distribute dividends from time to time to the shareholders,

and any final dividend for a financial year wil be subject to

shareholders’ aproval. In proposing any dividend payout,

the Board shal also take into acount, among other things,

the Group’s financial results, financial position, cash flow

situation, busines conditions and strategies, expected future

operations and earnings, capital requirements and expenditure

plans, interests of shareholders, any restrictions on payment

of dividends and any other factors the Board may consider

relevant.

CORPORATE GOVERNANCE REPORT

企业管治报告

50Gaoyu Finance Group Limited • ANUAL REPORT 2025

章程文件

截至二零二五年三月三十一日止年度，大

纲及细则并无变动。

本公司最新版本之大纲及细则可于本公司

网站及联交所网站查阅。

风险管理及内部监控

董事会了解其对监督本集团的风险管理

（包括环境、社会及管治（「环境、社会及

管治」）风险）及内部监控制度并审阅其成

效的整体责任。本公司的风险管理及内部

监控制度旨在管理而非消除无法实现业务

目标的风险，只能对重大错误陈述或损失

提供合理而非绝对的保证。董事会致力实

行具效率且完善的风险管理及内部监控制

度，以保障股东权益及本集团资产。董事

会已授权管理层执行风险管理及内部监控

制度及管理层已向董事会确认该等制度于

截至二零二五年三月三十一日止年度具有

成效。

于截至二零二五年三月三十一日止年度，

本公司已委聘独立外部专业顾问履行内部

审核职能，以评估及检讨本集团主要实体

及业务流程的风险管理及内部控制系统的

有效性及效率。

截至二零二五年三月三十一日止年度，独

立外部专业顾问的工作范围包括审阅监控

的设计及执行流程演练。

CONSTITUTIONAL DOCUMENTS

During the year ended 31 March 2025, there was no change in

the Memorandum and Articles.

The latest version of the Memorandum and Articles is available

on the Company’s website and the Stock Exchange’s website.

RISK MANAGEMENT AND INTERNAL

CONTROL

The Board acknowledges its overal responsibility for overseing

the risk management (including environmental, social and

governance (“ESG”) risk) and internal control systems of

the Group and reviewing their efectivenes. The Company’s

risk management and internal control systems are designed

to manage rather than eliminate risks of failure to achieve

busines objectives, and can only provide reasonable and not

absolute asurance against material mistatement or los. The

Board is comited to implementing an efective and sound

risk management and internal control systems to safeguard

the interest of the shareholders and the Group’s asets. The

Board has delegated to the management the implementation

of the systems of risk management and internal control, and

the management has provided a confirmation to the Board on

the efectivenes of these systems for the year ended 31 March

2025.

The Company has engaged an independent external

profesional consultant to perform the internal audit function

to ases and review the efectivenes and eficiency of the risk

management and internal control systems of the Group’s key

entities and busines proceses during the year ended 31 March

2025.

The scope of work of the independent external profesional

consultant for the year ended 31 March 2025 includes

reviewing the design of the control and performing

walkthrough of the proceses.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

独立外部专业顾问已向审核委员会汇报主

要发现及需要改进的地方。本集团将密切

跟进独立外部专业顾问的所有建议，以确

保于合理时间内实施有关建议。

由于本集团的企业及营运架构简单直接，

因此对于广泛的内部职能需求有限。此

外，设立独立的内部审核职能将耗费大量

资源，并可能占用其他关键领域的资源。

因此，本集团并无维持内部审核部门。为

了保持严格的监控，本公司已委聘独立外

部专业顾问进行全面的内部监控检讨，确

保潜在风险得到识别及有效管理。董事会

透过审核委员会对本集团的风险管理及内

部监控制度的成效进行年度审阅，包括审

阅独立外部专业顾问报告的结论，以及评

估是否有必要继续设立独立的内部审核职

能。

董事会在审核委员会的支持下，并根据独

立外部专业顾问的报告，对本集团截至

二零二五年三月三十一日止年度的风险

管理及内部监控系统的有效性进行了审

阅，审阅范围包括财务、营运及合规监控

以及风险管理职能等所有重要监控。董事

会认为，截至二零二五年三月三十一日止

年度，本集团的风险管理及内部监控制度

及程序（包括会计及财务报告职能方面资

源、员工资历及经验的充足性，以及彼等

的培训计划及预算）属充足及有效，且符

合企业管治守则的规定。

The independent external profesional consultant has reported

major findings and areas for improvement to the Audit

Comite. Al recomendations from the independent

external profesional consultant would be folowed up closely

to ensure that they are implemented within a reasonable period

of time.

Given the Group’s straightforward corporate and operating

structure, the ned for extensive internal function is limited.

Aditionaly, establishing a separate internal audit function

would be resource-intensive and could divert resources

from other critical areas. Consequently, the Group does not

maintain an internal audit department. In order to maintain

rigorous oversight, the Company engages an independent

external profesional consultant to conduct thorough internal

control reviews, ensuring that potential risks are identified and

managed efectively. The Board, through the Audit Comite,

conducts an anual review of the efectivenes of the Group’s

risk management and internal control systems. This proces

includes reviewing the findings of the independent external

profesional consultant’s report and evaluating the ongoing

necesity of creating a separate internal audit function.

The Board, with the suport of the Audit Comite and the

report from the independent external profesional consultant,

has conducted a review of the efectivenes of the risk

management and internal control system of the Group for the

year ended 31 March 2025, which covered al material controls

such as financial, operational and compliance controls and risk

management functions. The Board has considered that the risk

management and internal control system and procedures of the

Group, including the adequacy of resources, qualifications and

experience of staf of the acounting and financial reporting

function, and their training programs and budget, are adequate

and efective and have complied with the provisions of the CG

Code for the year ended 31 March 2025.

CORPORATE GOVERNANCE REPORT

企业管治报告

52Gaoyu Finance Group Limited • ANUAL REPORT 2025

风险管理及内部监控系统的特点及流程

本集团风险管理及内部监控制度的主要元

素于下文载述：

•

清晰界定管理架构以及职责及职权

所在；

•

高招聘标准及正规的职业发展及培

训，确保员工操守及胜任其职位；

•

向管理层定期提供全面资料，涵盖财

务业绩及非财务表现指标；

•

批准资本开支、投资及收购程序；

•

详细预算编制程序，据此，最高管理

人员将参与制订预算、不断监察主要

统计数据及每月审阅管理账目，以留

意及调查主要数据偏差；及

•

于每月管理层检讨会议考虑减轻重

大业务风险的措施，并向董事会作季

度简报。

本集团识别、评估及管理重大风险的程序

概述如下：

风险识别

识别可能对本集团业务及营运构成潜在影

响的监管及经营环境变动风险。

Features and Proces for Risk Management and

Internal Control System

The key elements of the risk management and internal control

systems of the Group are described below:

• management structure is clearly defined with lines of

responsibilities and delegation of authority;

• high recruitment standards and formal carer development

and training to ensure the integrity and competence of the

staf;

• regular and comprehensive information provided to

management, covering financial results and non-financial

performance indicators;

investments and acquisitions;

• detailed budgeting proces in which top management

is involved in budget seting, constant monitoring of

key statistics and review of management acounts on a

monthly basis, noting and investigating major variances;

and

• consideration of mitigating measures against significant

busines risks at monthly management review metings,

with quarterly briefings to the Board.

The proceses used to identify, evaluate and manage significant

risks by the Group are sumarised as folows:

Risk Identification

Identifies risks relating to changing regulatory and operating

environment that may potentialy afect the Group’s busines

and operations.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

风险评估

利用管理层所制订评估标准评估所识别风

险；及考虑不利事件导致相关风险对业务

所构成影响，以及发生该等不利事件的可

能性。

对风险所作反应

透过比较风险评估的结果排行风险优先次

序；及厘定风险纾缓计划及内部监控程序

以防止、避免及减轻风险。

风险监管及汇报

持续定期监管风险及确保订有合适内部

监控程序，并处理重大内部监控缺失（如

有）；如情况出现任何重大转变，修订风险

纾缓计划及内部监控程序；及定期向管理

层及董事会汇报结果及提出适当的风险监

察建议。

处理及发布内幕消息之程序及内部监控

措施

作为风险管理及内部监控制度的一部分，

本集团订有关处理及发布内幕消息的

政策，以确保内幕消息得到处理及妥善解

决，并符合适用法律及法规。本集团的各

部门主管以及一名执行董事负责监察其各

自营运范围的变动及发展，并向董事会汇

报任何潜在或疑似内幕消息事件。根据透

过内部报告取得的消息，董事会评估任何

有关消息是否构成内幕消息且须向公众

发布。倘须作出公开披露，董事会将决定

将予披露的消息范围及披露时间。倘及当

于有需要时，董事会可能征求独立专业意

见，确保本公司遵守披露规定。

Risk Asesment

Aseses the risks identified by using the asesment criteria

developed by management; and considers the impacts of risks

on the busines caused by adverse events together with the

likelihod of ocurence of these adverse events.

Response to Risks

Prioritizes the risks by comparing the results of the risk

asesments; and determines the risk mitigation plan and

internal control proceses to prevent, avoid and mitigate the

risks.

Risk Monitoring and Reporting

Performs ongoing and periodic monitoring of the risks and

ensures that apropriate internal control proceses are in

place and resolve material internal control defects (if any);

revises the risk mitigation plan and internal control proceses

in case of any significant change of situation; and reports the

results and make apropriate sugestions of risk monitoring to

management and the Board regularly.

Procedures and Internal Control Measures for Handling

and Disemination of Inside Information

The Group has in place, as an element of its risk management

and internal control systems, a policy on handling and

disemination of inside information, to ensure that inside

information is handled and diseminated properly and in

acordance with the aplicable laws and regulations. The

department heads within the Group and an executive Director

are responsible for monitoring the changes and developments

in their respective areas of operation and report any potential

or suspected inside information events to the Board. Based

on this information obtained through internal reporting, the

Board aseses whether any of the information constitutes

inside information which neds to be released to the public.

Should public disclosure be required, the Board wil determine

the scope of information to be disclosed and the timing of

disclosure. If and when apropriate, the Board may sek

independent profesional advice to ensure that the Company

complies with the disclosure requirements.

CORPORATE GOVERNANCE REPORT

企业管治报告

54Gaoyu Finance Group Limited • ANUAL REPORT 2025

举报政策

本公司致力达致并维持高标准的诚实、公

开及问责制度。本公司已制定举报政策，

旨在为本公司雇员及其他持份者建立一个

系统，以保密方式提出对疑似不当行为的

关注。每位举报人的身份及就举报提供的

所有资料均会获得最严格的保密处理。

反贪污政策

本集团致力于在本集团内部推广合规文

化、道德行为及良好的企业管治，本公司

禁止一切形式的贪污并致力预防及调查

一切形式的贪污。本公司已采纳反贪污政

策，规定本集团个人及业务伙伴必须遵守

的具体行为准则，以打击贪污腐败，并表

明本集团致力于实践合乎道德的商业行

为，并遵守适用于其营运的反贪污法律及

法规。

投资者关系

本公司相信，维持高透明度乃为提升投资

者关系的关键所在。本公司承诺向其股东

及公众投资者适时地披露公司资料。

本公司资讯主要透过本公司的中期及年度

报告、股东周年大会以及可能召开的其他

股东大会，及于本公司网站登载向联交所

提交的所有披露资料、公司通讯及其他公

司刊物传达给股东及潜在投资者。

Whistleblowing Policy

The Company is comited to achieving and maintaining

a high standard of probity, openes, and acountability. A

whistleblowing policy is in place to create a system for the

employes and other stakeholders of the Company to raise

concerns, in confidence, about posible improprieties. The

identity of each whistleblower and al information provided in

conection with a whistleblowing report wil be treated with

the strictest confidence.

Anti-Coruption Policy

The Group is comited to promoting a culture of compliance,

ethical conduct and god corporate governance within the

Group, and the Company prohibits al forms of coruption

and is comited to preventing and investigating al forms

of coruption. The Company has adopted an anti-coruption

policy to set out the specific behavioural guidelines that the

Group’s personel and busines partners must folow to combat

coruption and demonstrate the Group’s comitment to

the practice of ethical busines conduct and the compliance

of the anti-coruption laws and regulations that aply to its

operations.

INVESTOR RELATIONS

The Company believes that maintaining a high level of

transparency is a key to enhance investor relations. It is

comited to a policy of timely disclosure of corporate

information to its shareholders and public investors.

Information of the Company shal be comunicated to

the shareholders and potential investors mainly through

the Company’s interim and anual reports, anual general

metings and other general metings that may be convened as

wel as by making available al the disclosure submited to the

Stock Exchange and the corporate comunications and other

corporate publications on the Company’s website.

CORPORATE GOVERNANCE REPORT

企业管治报告

二零二五年报

•

高裕金融集团有限公司

股东权利

股东召开股东特别大会的程序

根据大纲及细则第

条，任何一名或以

上于递呈要求日期持有不少于本公司股

本（赋有于本公司股东大会上投票权，即

按一股份投一票的基准）十分之一的股

东，于任何时候有权透过向董事会或本公

司公司秘书发出书面要求，要求董事会召

开股东特别大会，以处理有关要求中指明

的任何事项或决议。该大会须于递呈该要

求后两个月内举行。倘递呈要求后二十一

日内，董事会未有开展召开该大会的程

序，则递呈要求人士可自发以同样方式作

出此举，而递呈要求人士因董事会的缺失

而合理产生的所有开支须由本公司向递呈

要求人偿付。

股东于股东大会上提呈建议的程序

根据大纲及细则第

58A

条，任何一位或以

上于递呈要求日期持有不少于本公司股本

（赋有于本公司股东大会上投票权，即按

一股份投一票的基准）十分之一的股东

有权于发出合理通知后，要求董事会于股

东大会议程中加入决议。

向董事会提交股东查询的程序

股东可向董事会作出查询，方法为致函本

公司的总部及香港主要营业地点（地址为

香港皇后大道中

号中远大厦

楼

室）或电邮至

info@gysechk.com

。股东可随

时要求索取本公司的公开资料。

股东提名人士参选董事的程序

本公司股东提名人士参选董事的程序登载

于本公司网站。

RIGHTS OF THE SHAREHOLDERS

Procedures for the Shareholders to Convene an

Extraordinary General Meting

Pursuant to article 58 of the Memorandum and Articles, any

one or more members holding at the date of deposit of the

requisition not les than one-tenth of the voting rights at

general metings of the Company, on a one vote per share

basis, in the share capital of the Company shal at al times

have the right, by writen requisition to the Board or the

company secretary of the Company, to require an extraordinary

general meting to be caled by the Board for the transaction

of any busines or resolution specified in such requisition.

Such meting shal be held within two months after the

deposit of such requisition. If within twenty-one days of such

deposit the Board fails to proced to convene such meting,

the requisitionist(s) himself (themselves) may do so in the

same maner, and al reasonable expenses incured by the

requisitionist(s) as a result of the failure of the Board shal be

reimbursed to the requisitionist(s) by the Company.

Procedures for Puting Forward Proposals by

Shareholders at Shareholders’ Metings

Pursuant to article 58A of the Memorandum and Articles,

any one or more member(s) holding, at the date of deposit of

the requisition, not les than one tenth of the voting rights at

general metings of the Company, on a one vote per share

basis, in the share capital of the Company shal have the right

to, upon reasonable notice, raise requisition to the Board

for ading resolutions to the meting agenda of a general

meting.

Procedures for directing shareholders’ enquiries to the

Board

The shareholders may send their enquiries to the Board by

adresing them to the Company’s head ofice and principal

place of busines in Hong Kong (located at Rom 4409, 44/F,

COSCO Tower, 183 Quen’s Road Central, Hong Kong) by post

or by email to info@gysechk.com. Shareholders may at any time

make a request for the Company’s information to the extent

such information is publicly available.

Procedures for the Shareholders to Propose a Person

for Election as a Director

The procedures for shareholders of the Company to propose a

person for election as a Director are posted on the Company’s

website.

REPORT OF THE DIRECTORS

董事会报告

56Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事会欣然提呈其报告及本集团截至二零

二五年三月三十一日止年度的经审核综合

财务报表。

主要业务

本公司为投资控股公司。本集团主要从

事提供

(i)

证券交易及经纪服务（港股及美

股）；

(i)

配售及包销服务；

(i)

包括贷款融

资、证券及首次公开招股保证金融资以及

财务借贷的融资服务；

(iv)

资产管理服务；

(v)

供应链融资；

(vi)

信托服务；及

(vi)

咨询服

务。

附属公司

本公司于二零二五年三月三十一日的主要

附属公司详情载于综合财务报表附注

。

业务回顾

本报告载列本集团截至二零二五年三月

三十一日止年度的业务表现及与其财务状

况相关的重要因素之详尽回顾及分析，以

及本集团业务发展及可能未来前景，并在

以下章节详述：

(i)

本公司业务及财务状况回顾及本公

司业务发展及未来前景于本报告「主

席报告」及「管理层讨论及分析」各节

列明；

(i)

主要表现指标详情于本报告「管理层

讨论及分析」一节列明；

(i)

本公司面临的主要风险及不确定因

素于「管理层讨论及分析」一节「主要

风险及不确定因素」一段列明；

(iv)

本集团遵守相关法律及法规的情况

于下文「遵守相关法律及法规」一段及

「二零二五年环境、社会及管治报

告」中列明；及

The Directors present their report and the audited consolidated

financial statements of the Group for the year ended 31 March

2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. The Group

is principaly engaged in the provision of (i) securities dealing

and brokerage services (Hong Kong and US stocks); (i) placing

and underwriting services; (i) financing services including

loan financing, securities and IPO margin financing and money

lending; (iv) aset management services; (v) suply chain

financing; (vi) trust services; and (vi) advisory services.

SUBSIDIARIES

Details of the Company’s principal subsidiaries as at 31 March

2025 are set out in note 40 to the consolidated financial

statements.

BUSINES REVIEW

A detailed review and analysis on the Group’s busines

performance and the material factors underlying its financial

position during the year ended 31 March 2025, as wel as the

development and likely future prospects of the Group’s busines

are provided throughout this report and in particular under the

folowing separate sections:

(i) review of the Company’s busines and financial position

and development and future prospects of the Company’s

busines are shown in the sections headed “Chairman’s

Statement” and the “Management Discusion and

Analysis” of this report;

(i) details of key performance indicators are shown in the

section headed “Management Discusion and Analysis” of

this report;

(i) the principal risks and uncertainties facing the Company

are shown in the paragraph headed “Principal Risks and

Uncertainties” in the section headed “Management

Discusion and Analysis”;

(iv) the Group’s compliance with the relevant laws and

regulations are shown in the paragraph headed

“Compliance with Relevant laws and regulations” below

and the “ESG Report 2025”; and

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

(v)

本集团与雇员、客户及供应商的主要

关系于下文「与主要持份者的主要关

系」一段及「二零二五年环境、社会及

管治报告」中列明。

有关本集团环境政策及表现的详情，请

参阅本公司发布二零二五年报的同

时发布的「二零二五年环境、社会及管

治报告」。本公司二零二五年环境、社会

及管治报告仅以电子形式于本公司网站

w.gyf.com.hk

投资者关系一栏公布，

亦可透过披露易网站

w.hkexnews.hk

查

阅。

阁下可通过向本公司总办事处及香港

主要营业地点递交书面要求，获取印制版

二零二五年环境、社会及管治报告。

上文所述之讨论构成本董事会报告之一部

分。

分部资料

分部报告的详情载于综合财务报表附注

。

业绩及股息

本集团截至二零二五年三月三十一日止年

度的业绩及本集团于该日的财务状况载于

本报告第

至

页的综合财务报表。

董事会不建议就截至二零二五年三月

三十一日止年度派付任何股息（二零二四

年三月三十一日：无）。

财务概要

本集团过去五个财政年度各年的业绩以及

资产及负债概要载于本报告第

页。

(v) the Group’s key relationships with employes, customers

and supliers are shown in the paragraph headed “Key

Relationships with Key Stakeholders” below and the “ESG

Report 2025”.

For details about the environmental policies and performance

of the Group, please refer to the “ESG Report 2025” isued

by the Company at the same time of the publication of the

Anual Report 2025 of the Company. The Company’s ESG

Report 2025 was published in electronic form only under

the Investor Relations section of the Company’s website at

w.gyf.com.hk and is also available on the website of HKEX

at w.hkexnews.hk. If you wish to receive the printed version

of the ESG Report 2025, you may send your request in writing

to the Company’s head ofice and principal place of busines in

Hong Kong.

The discusions refered to in the above form part of this report

of the Directors.

SEGMENT INFORMATION

Details of segment reporting are set out in note 7 to the

consolidated financial statements.

RESULTS AND DIVIDENDS

The results of the Group for the year ended 31 March 2025

and the financial position of the Group as at that date are set

out in the consolidated financial statements from pages 76 to

79 of this report.

The Board does not recomend the payment of any dividend

for the year ended 31 March 2025 (31 March 2024: nil).

FINANCIAL SUMARY

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

Group for each of the last five financial years is set out on page

152 of this report.

REPORT OF THE DIRECTORS

董事会报告

58Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要客户及供应商

截至二零二五年三月三十一日止年度，本

集团最大客户应占收益占本集团总收益

约

25.2%

（二零二四年三月三十一日：约

25.9%

），以及本集团五大客户应占收益

占本集团总收益约

68.8%

（二零二四年三

月三十一日：约

37.4%

）。

据董事所深知，概无董事、彼等各自的紧

密联系人（定义见

GEM

上市规则）或本公司

任何股东（据董事所深知，拥有本公司已

发行股份

以上）于上述任何主要客户中

拥有权益。

本集团因其主要业务性质使然而并无任何

供应商。

物业及设备

截至二零二五年三月三十一日止年度，本

集团物业及设备变动详情载于综合财务报

表附注

。

股本

截至二零二五年三月三十一日止年度，本

公司的股本变动详情载于综合财务报表附

注

。

债权证

截至二零二五年三月三十一日止年度，本

公司并无发行任何债权证。

储备

截至二零二五年三月三十一日止年度，本

集团及本公司储备变动详情分别载于综合

权益变动表及综合财务报表附注

。

本公司可供分派储备

于二零二五年三月三十一日，本公司可供

分派予本公司股东的储备约为

35,275,000

港元（二零二四年三月三十一日：

35,634,000

港元）。

MAJOR CUSTOMERS AND SUPLIERS

During the year ended 31 March 2025, the revenue atributable

to the Group’s largest customer acounted for aproximately

25.2% (31 March 2024: aproximately 25.9%) of the Group’s

total revenue and the revenue atributable to the Group’s

five largest customers acounted for aproximately 68.8%

(31 March 2024: aproximately 37.4%) of the Group’s total

revenue.

To the best of the Directors’ knowledge, none of the Directors,

their respective close asociates (as defined under the GEM

Listing Rules) nor any shareholder of the Company (who to the

best of the knowledge of the Directors owns more than 5% of

the isued shares of the Company) had an interest in any of the

major customers above.

The Group had no suplier due to the nature of its principal

busines activities.

PROPERTY AND EQUIPMENT

Details of movements in the property and equipment of the

Group during the year ended 31 March 2025 are set out in

note 19 to the consolidated financial statements.

SHARE CAPITAL

Details of movements in the share capital of the Company

during the year ended 31 March 2025 are set out in note 34 to

the consolidated financial statements.

DEBENTURES

The Company did not isue any debentures during the year

ended 31 March 2025.

RESERVES

Details of movements in the reserves of the Group and the

Company during the year ended 31 March 2025 are set out in

the consolidated statement of changes in equity and in note 36

to the consolidated financial statements, respectively.

DISTRIBUTABLE RESERVES OF THE COMPANY

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

distribution to the shareholders of the Company amounted

to aproximately HK$35,275,000 (31 March 2024:

HK$35,634,000).

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

购买、出售或赎回本公司上市证

券

截至二零二五年三月三十一日止年度，本

公司或其任何附属公司均无购买、出售或

赎回任何本公司上市证券。

优先购买权

大纲及细则或本公司注册成立所在司法权

区开曼群岛之法例均无优先购买权之条文

规定本公司须按比例向本公司现有股东发

售新股份。

购股权计划

本公司股东已采纳购股权计划（「该计

划」），该计划于二零一六年十二月五日生

效。除非另行取消或修订，否则该计划将

自其采纳日期二零一六年十二月五日起计

年期间维持有效。在该计划的条款规限

下，董事会有权向董事会全权酌情选定的

任何董事、本集团雇员、本集团顾问或咨

询人、本集团货品及╱或服务供应商、本

集团客户、持有本集团任何成员公司所发

行证券的持有人或董事会全权酌情甄选曾

对本集团作出贡献的任何其他人士（「合资

格参与者」）提出购股权（「购股权」）授出要

约，以认购本公司股份（「股份」）。

该计划旨在让本公司可授出购股权以吸

引、挽留及奖励合资格参与者及就合资格

参与者为本集团所作贡献为彼等提供激励

或奖励，以及使有关人士的贡献进一步促

进本集团的利益，从而提升本公司及股东

的利益。

PURCHASE, SALE OR REDEMPTION OF LISTED

SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries purchased, sold

or redemed any of the Company’s listed securities during the

year ended 31 March 2025.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

Memorandum and Articles or the laws of the Cayman Islands,

the jurisdiction in which the Company was incorporated, which

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

basis to existing shareholders of the Company.

SHARE OPTION SCHEME

A share option scheme (the “Scheme”) was adopted by the

shareholders of the Company and was efective on 5 December

2016. Unles otherwise canceled or amended, the Scheme

wil remain in force for a period of 10 years from the date of

its adoption on 5 December 2016. Subject to the terms of the

Scheme, the Board shal be entitled to make an ofer of the

grant of an option (the “Option”) to subscribe for shares (the

“Shares”) of the Company to any Directors, employes of the

Group, consultants or advisers of the Group, providers of gods

and/or services to the Group, customers of the Group, holders

of securities isued by any member of the Group, or any other

person, who at the sole discretion of the Board, has contributed

to the Group (the “Eligible Participants”), whom the Board

may select at its absolute discretion.

The purpose of the Scheme is to advance the interests of the

Company and the shareholders by enabling the Company

to grant Options to atract, retain and reward the Eligible

Participants and to provide the Eligible Participants an incentive

or reward for their contribution to the Group and by enabling

such persons’ contribution to further advance the interests of

the Group.

REPORT OF THE DIRECTORS

董事会报告

60Gaoyu Finance Group Limited • ANUAL REPORT 2025

向合资格参与者授出购股权时，董事会可

全权酌情厘定其认为合适的有关条件，包

括但不限于就任何关键时间行使购股权而

言，在购股权（或其任何部分）可获行使前

必须持有购股权的最短期限，或于本集团

任何成员公司服务或维持关系的最短期

限，或任何合资格参与者、本公司及其附

属公司在购股权可予行使前必须达到的表

现准则，惟有关条件必须与该计划的任何

其他条款及条件以及适用法例或

GEM

上市

规则相关规定一致。

购股权将自授出购股权日期起计十个营业

日期间可予要约接纳。承授人于接纳要约

时将按董事会厘定的面值向本公司支付款

项。任何购股权的认购价（可根据该计划

条款予以调整）将由董事会厘定并通知各

承授人，并须为以下各项中的最高者：

(i)

本

公司股份于授出购股权日期在联交所每日

报价表所报每股收市价，该日须为联交所

开放进行证券买卖的日子（「交易日」）；

(i)

本公司股份于紧接授出购股权日期前五个

交易日在联交所每日报价表所报每股平均

收市价；及

(i)

本公司股份于授出购股权日

期的面值。

The Board may in its absolute discretion specify such conditions

as it thinks fit when granting an Option to an Eligible

Participant (including, without limitation, as to any minimum

period an Option must have ben held or the minimum period

of service or relationship with any member of the Group to

be achieved before an Option can be exercised (or any part

thereof), to the extent of the Option which can be exercised

at any material time, or any performance criteria which must

be satisfied by the Eligible Participant, the Company, and its

subsidiaries, before an Option may be exercised), provided that

such conditions shal not be inconsistent with any other terms

and conditions of the Scheme and the relevant requirements

under the aplicable laws or the GEM Listing Rules.

The Option wil be ofered for aceptance for a period of ten

busines days from the date on which the Option is granted.

The amount payable by the grante to the Company on

aceptance of the ofer shal be a nominal amount to be

determined by the Board. The subscription price in respect of

any Option shal, subject to any adjustments made pursuant

to the terms of the Scheme, be a price determined by the

Board and notified to each grante and shal be at least the

highest of: (i) the closing price per share of the Company as

stated in the Stock Exchange’s daily quotations shet on the

date of grant of the Options, which must be a day on which

the Stock Exchange is open for the busines of dealing in

securities (“Trading Day”); (i) the average of the closing prices

per share of the Company as stated in the Stock Exchange’s

daily quotations shets for the five Trading Days imediately

preceding the date of grant of the Options; and (i) the

nominal value of the shares of the Company on the date of

grant of the Options.

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

因行使将根据该计划及本公司任何其他购

股权计划授出的所有购股权而可予发行的

本公司股份总数，合计不得超过本公司于

二零一七年一月六日的已发行股份总数的

10%

，惟本公司获得股东的新批准除外。

本公司可在股东大会上征求股东批准更新

上述

10%

限额，而董事会根据该计划及本

公司任何其他购股权计划可授出的购股权

涉及的已发行股份总数，不得超过经更新

限额获批准当日已发行股份总数的

10%

。

本公司可向指定参与者授出超出上述

10%

限额的购股权，惟授予超出有关限额的购

股权必须于股东大会上获股东特定批准，

而在征求上述批准前本公司须指明参与者

身份。尽管如此及在各合资格参与者最高

配额的规限下，根据该计划可予授出的购

股权连同根据该计划及本公司任何其他购

股权计划尚未行使及有待行使的任何购股

权所涉及已发行股份数目，最高不得超过

不时已发行股份总数的

30%

（或

GEM

上市

规则允许的其他较高百分比）。

各合资格参与者于要约日期届满前十二

个月期间内因行使其获授购股权（包括该

计划项下已行使及尚未行使的购股权）而

获发行及将获发行的本公司股份总数，不

得超过本公司已发行股本的

，惟根据

GEM

上市规则已获本公司股东批准则另作

别论。倘于截至及包括授出日期止十二个

月期间内建议向主要股东或独立非执行董

事或彼等各自的任何联系人授出购股权，

致使该人士因行使所有已获授及将获授

购股权（包括已行使、已注销及尚未行使

的购股权）而获发行及将获发行的股份总

数，合计超过本公司已发行股本的

0.1%

，

而有关总值（按股份于各授出日期的收市

价计算）超逾

5,000,000

港元，则该次授出

须根据

GEM

上市规则于股东大会上获本公

司股东批准。

The total number of shares of the Company which may be

isued upon exercise of al Options to be granted under the

Scheme and any other share option schemes of the Company

shal not in agregate exced 10% of the total number of

shares of the Company in isue as at 6 January 2017 unles

the Company obtains a fresh aproval from the shareholders.

The Company may sek aproval of shareholders in general

meting to renew the 10% limit above such that the total

number of shares in respect of which Options may be granted

by the Board under the Scheme and any other share option

schemes of the Company in isue shal not exced 10% of

the total number of shares in isue as at the date of aproval

of the renewed limit. The Company may grant Options to

specified participant(s) beyond the 10% limit set out above

provided that the Options granted in exces of such limit are

specificaly aproved by the shareholders in general meting

and the participants are specificaly identified by the Company

before such aproval is sought. Notwithstanding the foregoing

and subject to the maximum entitlement of each Eligible

Participant, the maximum number of shares in respect of which

Options may be granted under the Scheme together with any

Options outstanding and yet to be exercised under the Scheme

and any other share option schemes of the Company in isue

shal not exced 30% (or such higher percentage as may be

alowed under the GEM Listing Rules) of the total number of

shares in isue from time to time.

The total number of shares of the Company isued and to be

isued upon exercise of the Options granted to each Eligible

Participant (including both exercised and outstanding Options

under the Scheme) in the twelve-month period expiring on

the ofer date shal not exced 1% of the isued share capital

of the Company, unles aproval of the shareholders of the

Company has ben obtained in acordance with the GEM

Listing Rules. Where Options are proposed to be granted to

a substantial shareholder or an independent non-executive

Director or any of their respective asociates, and the proposed

grant of Options wil, result in the total number of shares isued

and to be isued upon exercise of al Options already granted

and to be granted (including Options exercised, canceled and

outstanding) to such person in the twelve– month period up to

and including the date of such grant representing in agregate

over 0.1% of the isued share capital of the Company and

having an agregate value, based on the closing price of the

shares at the date of each grant, in exces of HK$5,000,000,

such grant must be aproved by the shareholders of the

Company at general meting in acordance with the GEM

Listing Rules.

REPORT OF THE DIRECTORS

董事会报告

62Gaoyu Finance Group Limited • ANUAL REPORT 2025

购股权可于由董事会可能厘定的期限内随

时根据该计划条款行使，惟该期间不得超

过接纳要约日期起计十年（须受到有关提

早终止条文所规限）。

于二零二五年三月三十一日，该计划项下

可予发行的股份总数为

200,000,000

股，占

该日本公司已发行股份的约

8.40%

。于二

零二五年四月十七日实施股份合并后及于

本报告日期，该计划项下可予发行的股份

总数已调整为

4,000,000

股，仍占该日及本

报告日期本公司已发行股份的约

8.40%

。

直至二零二五年三月三十一日，该计划项

下并无授出任何购股权。

股本挂钩协议

除上文「购股权计划」一段所披露的该计划

外，本公司于截至二零二五年三月三十一

日止年度并无签订或于本年度结束时存续

(i)

将会或可能导致本公司发行股份或

(i)

要

求本公司签订任何协议而将会或可能导致

本公司发行股份的股本挂钩协议。

企业管治

本公司采纳的主要企业管治常规载于本报

告「企业管治报告」一节。

遵守相关法律及法规

截至二零二五年三月三十一日止年度，据

董事所深知，本集团概无严重违反或不遵

守对本集团业务及营运有重大影响的适用

法律及法规情况。

有关本集团遵守法律及法规的进一步讨

论载于「二零二五年环境、社会及管治报

告」。

An Option may be exercised in acordance with the terms

of the Scheme at any time during a period as the Board may

determine save that such period shal not exced ten years from

the date of aceptance of the ofer subject to the provisions of

early termination thereof.

As at 31 March 2025, the total number of shares available

for isue under the Scheme is 200,000,000, representing

aproximately 8.40% of the isued shares of the Company

as at that date. Subsequent to the Share Consolidation

implemented on 17 April 2025 and as at the date of this

report, the total number of shares available for isue under

the Scheme has ben adjusted to 4,000,000, stil representing

aproximately 8.40% of the isued shares of the Company

as at that date and the date of this report. No Option were

granted under the Scheme up to 31 March 2025.

EQUITY-LINKED AGREMENTS

Save and except for the Scheme as disclosed in the paragraph

headed “Share Option Scheme” above, no equity-linked

agrement that (i) wil or may result in the Company isuing

shares or (i) requires the Company to enter into any agrement

that wil or may result in the Company isuing shares, was

entered into by the Company during the year ended 31 March

2025 or subsisted at the end of the year.

CORPORATE GOVERNANCE

The principal corporate governance practices as adopted by

the Company are set out in the section headed “Corporate

Governance Report” of this report.

COMPLIANCE WITH RELEVANT LAWS AND

REGULATIONS

During the year ended 31 March 2025, to the best of

knowledge of the Directors, there was no material breach of

or non-compliance with the aplicable laws and regulations by

the Group that has a significant impact on the busineses and

operations of the Group.

Further discusion on the Group’s compliance with laws and

regulations is contained in the “ESG Report 2025”.

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

与主要持份者的主要关系

作为负责任企业，本集团致力于保持环保

及社会的高标准，确保其业务可持续发

展。本集团已遵守所有与其业务有关的相

关法律及法规，包括健康及安全、工作场

所条件、就业及环境。本集团明白美好的

将来有赖人参与及贡献。本集团鼓励雇

员、客户、供应商及其他持份者参与环保

及社会活动，为整个社区出一份力。本集

团与其雇员维持紧密关系，并为其客户提

供优质产品及服务，确保可持续发展。

由专业第三方编撰的截至二零二五年三月

三十一日止年度的二零二五年环境、社会

及管治报告将根据

GEM

上市规则的规定予

以独立刊发。

本集团致力于与客户建立及维持长远和谐

关系。为维持与客户的关系，本集团已建

立各种渠道（包括电邮、电话及会面）以加

强本集团与客户的沟通。此外，本集团将

善用其网络及现有客户的转介，从而继续

扩大其客户基础。

因主要业务性质使然，本集团并无委聘主

要供应商以提供产品、原材料及服务。

捐款

截至二零二五年三月三十一日止年度，本

集团并无作出慈善捐款（二零二四年三月

三十一日：无）。

KEY RELATIONSHIPS WITH KEY

STAKEHOLDERS

As a responsible corporation, the Group is comited to

maintaining a highly environmental and social standard to

ensure sustainable development of its busines. The Group has

complied with al relevant laws and regulations in relation to

its busines including health and safety, workplace conditions,

employment and the environment. The Group understands

a beter future depends on everyone’s participation and

contribution. It has encouraged employes, customers,

supliers and other stakeholders to participate in environmental

and social activities which benefit the comunity as a whole.

The Group maintains strong relationships with its employes,

and has provided high quality products and services to its

customers so as to ensure sustainable development.

The ESG Report 2025 conducted by a profesional third party

for the year ended 31 March 2025 wil be published separately

in compliance with the requirements of the GEM Listing Rules.

The Group is comited to establish and maintain long term

and harmonious relationships with its customers. In order to

maintain the relationships with customers, various means have

ben established to strengthen the comunications betwen

the Group and the customers including email, telephone and

face-to-face meting. In adition, the Group wil continue to

expand the customer base by utilising the network it has and

referals from existing customers.

Due to the Group’s principal busines activities, it did not

engage major supliers to provide products, raw materials and

services.

DONATION

The Group did not make any charitable donations during the

year ended 31 March 2025 (31 March 2024: nil).

REPORT OF THE DIRECTORS

董事会报告

64Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事及董事服务合约

于截至二零二五年三月三十一日止年度及

直至本报告日期，本公司董事如下：

执行董事

霍玉堂先生（主席）

谢青纯女士

霍洁仪女士

独立非执行董事

陈凯媛女士

唐永智先生

关子臻先生

根据大纲及细则，陈凯媛女士及关子臻先

生将于本公司应届股东周年大会（「二零

二五年股东周年大会」）上轮值退任及符合

资格并愿意重选连任。

执行董事与本公司已订立服务合约，为期

三年，其后可自动续期三年直至任何一方

发出不少于三个月的事先书面通知终止为

止，并须根据大纲及细则轮值退任及重选

连任。

独立非执行董事的任期为两年，任何一方

可随时向另一方发出最少一个月的事先书

面通知以终止有关委任。委任须根据大纲

及细则轮值退任及重选连任。

概无拟于二零二五年股东周年大会上重选

连任的董事与本公司或其任何附属公司订

立本公司不可于一年内终止而毋须作出赔

偿（一般法定赔偿除外）的服务合约。

DIRECTORS AND DIRECTORS’ SERVICE

CONTRACTS

The Directors of the Company during the year ended 31 March

2025 and up to date of this report were as folows:

Executive Directors

Mr. Fok Yuk Tong (Chairman)

Ms. Hsieh Ching Chun

Ms. Fok Kit Ye

Independent non-executive Directors

Ms. Chan Hoi Wuen Katherine

Mr. Tong Wing Chi

Mr. Kwan Tsz Chun Sun

Pursuant to the Memorandum and Articles, Ms. Chan Hoi

Wuen Katherine and Mr. Kwan Tsz Chun Sun wil retire by

rotation and, being eligible, ofer themselves for re-election at

the forthcoming anual general meting of the Company (the

“2025 AGM”).

The executive Directors have entered into service contracts

with the Company for a term of thre years and be renewable

automaticaly for sucesive terms of thre years unles and

until the termination by either party thereto by giving not les

than thre months’ prior writen notice and are subject to

retirement by rotation and re-election in acordance with the

Memorandum and Articles.

The independent non-executive Directors are apointed

for a term of two years. Either party may terminate such

apointment at any time by giving at least one month prior

notice in writing to the other. The apointment is subject to

retirement by rotation and re-election in acordance with the

Memorandum and Articles.

No Director proposed for re-election at the 2025 AGM has a

service contract with the Company or any of its subsidiaries

which is not determinable by the Company within one year

without payment of compensation, other than the normal

statutory compensation.

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

独立性确认函

本公司已收到每名独立非执行董事根据

GEM

上市规则第

5.09

条的规定就其独立性

而作出的年度确认函。本公司认为所有独

立非执行董事均属独立人士。

董事及高级管理层履历

本集团董事及高级管理层履历详情载于本

报告「董事及高级管理层履历」一节。

董事薪酬及薪酬政策

董事的薪酬乃由薪酬委员会参考董事的经

验、职责、工作量及为本集团付出的时间

以及本集团表现后作出推荐意见。本公司

已采纳购股权计划以奖励合资格参与者，

计划详情载于「购股权计划」一段。

本集团董事及五名最高薪人士的薪酬详情

分别载于综合财务报表附注

、

及

。

获准许的弥偿条文

根据组织章程大纲及细则及在适用法律的

规限下，各董事有权就其任期内或因执行

其职务而可能遭致或发生与此相关之所有

损失或责任自本公司的资产中获得弥偿，

惟与董事本身之欺诈或不诚实事宜有关者

除外。该获准许的弥偿条文现时有效且于

截至二零二五年三月三十一日止年度内有

效。

CONFIRMATION OF INDEPENDENCE

The Company has received anual confirmation of

independence from each of the independent non-executive

Directors pursuant to the requirement of rule 5.09 of the GEM

Listing Rules. The Company considers al independent non-

executive Directors to be independent.

DIRECTORS’ AND SENIOR MANAGEMENT’S

BIOGRAPHIES

Biographical details of the Directors and the senior

management of the Group are set out in the section headed

“Biographical Details of Directors and Senior Management” of

this report.

REMUNERATION OF DIRECTORS AND

REMUNERATION POLICY

The remunreation of the Directors are recomended by the

Remuneration Comite, having regard to their experience,

responsibilities, workload and time devoted to the Group and

performance of the Group. The Company has adopted a share

option scheme as an incentive to eligible participants, details

of which are set out in the paragraph headed “Share Option

Scheme”.

Details of the emoluments of the Directors and the five highest

paid individuals of the Group are set out in notes 15, 16 and

38 to the consolidated financial statements respectively.

PERMITED INDEMNITY PROVISION

Pursuant to the Memorandum and Articles of Asociation

and subject to aplicable laws, every Director is entitled to be

indemnified out of the asets of the Company against al loses

or liabilities which he/she may sustain or incur in or about the

execution of duties of his/her ofice or otherwise in relation

thereto provided that such indemnity shal not extend to any

mater in respect of fraud or dishonesty which may atach to

the Director. Such permited indemnity provision is curently in

force and was in force during the year ended 31 March 2025.

REPORT OF THE DIRECTORS

董事会报告

66Gaoyu Finance Group Limited • ANUAL REPORT 2025

竞争权益

于截至二零二五年三月三十一日止年度

及直至本报告日期，概无董事、本公司控

股东或彼等各自的紧密联系人（定义见

GEM

上市规则）在与本集团业务直接或间

接竞争或可能构成竞争的业务中拥有任何

权益。

关联方交易及关连交易

本集团于截至二零二五年三月三十一日止

年度的关联方交易详情披露于综合财务报

表附注

。该等关联方交易概无构成

GEM

上市规则第

章项下须遵守申报、年度

审阅、公布及╱或股东批准规定的关连交

易。

董事及主要行政人员于本公司及

其相联法团的股份、相关股份及

债权证的权益及淡仓

于二零二五年三月三十一日，董事及本公

司主要行政人员（「主要行政人员」）各自

于本公司或其任何相联法团（定义见证券

及期货条例第

部）的股份、相关股份及

债权证中，拥有根据证券及期货条例第

部第

及

分部须知会本公司及联交所的权

益及淡仓（包括根据证券及期货条例有关

条文被当作或视为拥有的权益及淡仓）；

或根据证券及期货条例第

条须记入本

公司存置的登记册的权益及淡仓；或根据

GEM

上市规则第

5.46

条至第

5.67

条须另行

知会本公司及联交所的权益及淡仓如下：

COMPETING INTERESTS

None of the Directors, the controling shareholders of the

Company nor their respective close asociates (as defined in

the GEM Listing Rules) had any interest in a busines which

competes or is likely to compete, either directly or indirectly,

with the busines of the Group during the year ended 31

March 2025 and up to the date of this report.

RELATED PARTY TRANSACTIONS AND

CONECTED TRANSACTIONS

Details of the Group’s related party transactions during the

year ended 31 March 2025 are disclosed in note 38 to the

consolidated financial statements. None of such related party

transactions constitutes a conected transaction which is

subject to the reporting, anual review, anouncement and/or

shareholders’ aproval requirements under Chapter 20 of the

GEM Listing Rules.

DIRECTORS’ AND CHIEF EXECUTIVES’

INTERESTS AND SHORT POSITIONS IN

THE SHARES, UNDERLYING SHARES AND

DEBENTURES OF THE COMPANY AND ITS

ASOCIATED CORPORATIONS

As at 31 March 2025, the interests and short positions in the

shares, underlying shares and debentures of the Company or

any asociated corporation (within the meaning of Part XV

of the SFO) held by the Directors and chief executives of the

Company (the “Chief Executives”) which have to be notified

to the Company and the Stock Exchange pursuant to Divisions

7 and 8 of Part XV of the SFO (including interests and short

positions which they were taken or demed to have under such

provisions of the SFO) or have to be entered in the register

maintained by the Company pursuant to section 352 of the

SFO, or as otherwise have to be notified to the Company and

the Stock Exchange pursuant to rules 5.46 to 5.67 of the GEM

Listing Rules are as folows:

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

于本公司每股面值

0.01

港元的普通股中

的好仓

附注：

机颖投资有限公司（「机颖投资」）的已发行股本

分别由霍先生及谢女士实益拥有

30%

及

70%

。

霍先生为谢女士之配偶。因此，根据证券及期

货条例，霍先生及谢女士被视为于机颖投资持

有的本公司

1,199,640,000

股份中拥有权益。

除上文所披露者外，于二零二五年三月

三十一日，概无董事或主要行政人员于本

公司或其任何相联法团（定义见证券及期

货条例第

部）的股份、相关股份及债权

证中，拥有根据证券及期货条例第

部第

及

分部须知会本公司及联交所的任何权

益或淡仓（包括根据证券及期货条例有关

条文被当作或视为拥有的权益及淡仓）；

或根据证券及期货条例第

条须记入该

条所述登记册的任何权益或淡仓；或根据

GEM

上市规则第

5.46

条至第

5.67

条须知会

本公司及联交所的任何权益或淡仓。

Long position in ordinary shares of HK$0.01 each of

the Company

Name of DirectorCapacity/Nature of interest

Number of shares

held

Aproximate

percentage of

shareholding

董事姓名身份╱权益性质所持股份数目股权概约百分比

Mr. Fok (Note)Interest of controled corporation1,199,640,00050.41

霍先生（附注）受控法团权益

Ms. Hsieh (Note)Interest of controled corporation1,199,640,00050.41

谢女士（附注）受控法团权益

Ms. FokBeneficial interest360,0000.02

霍女士实益权益

Note:

The isued share capital of Chance Wise Investments Limited (“CWIL”)

is beneficialy owned as to 30% by Mr. Fok and 70% by Ms. Hsieh

respectively. Mr. Fok is the spouse of Ms. Hsieh. Therefore, Mr. Fok and

Ms. Hsieh are demed to be interested in the 1,199,640,000 shares of

the Company held by CWIL by virtue of the SFO.

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

Directors or Chief Executives had any interests or short positions

in the shares, underlying shares or debentures of the Company

nor any of its asociated corporations (within the meaning

of Part XV of the SFO) which would have to be notified to

the Company and the Stock Exchange pursuant to Divisions

7 and 8 of Part XV of the SFO (including interests and short

positions which they were taken or demed to have under

such provisions of the SFO) or which was required, pursuant to

section 352 of the SFO, to be entered in the register refered

to therein, or pursuant to rules 5.46 to 5.67 of the GEM Listing

Rules to be notified to the Company and the Stock Exchange.

REPORT OF THE DIRECTORS

董事会报告

68Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要股东及其他人士于本公司股

份及相关股份的权益及淡仓

据董事及主要行政人员所知，于二零二五

年三月三十一日，除董事及主要行政人员

外，下列人士╱公司拥有或被视作或当作

拥有根据证券及期货条例第

部第

及

分部的条文须向本公司及联交所披露的本

公司股份或相关股份的权益及╱或淡仓，

或根据证券及期货条例第

条规定须记

录于本公司须存置的登记册的权益及╱或

淡仓，或直接或间接拥有附带权利可于所

有情况下在本公司或本集团任何成员公司

的股东大会上投票的任何类别股本面值

或以上权益：

于本公司每股面值

0.01

港元的普通股中

的好仓

SUBSTANTIAL SHAREHOLDERS’ AND OTHER

PERSONS’ INTERESTS AND SHORT POSITIONS

IN THE SHARES AND UNDERLYING SHARES OF

THE COMPANY

So far as the Directors and the Chief Executives are aware,

as at 31 March 2025, other than the Directors and the Chief

Executives, the folowing person/corporation had or was

demed or taken to have an interest and/or short position in

the shares or the underlying shares of the Company which

would fal to be disclosed to the Company and the Stock

Exchange under the provisions of Divisions 2 and 3 of Part XV

of the SFO, or which would be recorded in the register of the

Company required to be kept under section 336 of the SFO,

or which would be, directly or indirectly, interested in 5% or

more of the nominal value of any clas of share capital carying

rights to vote in al circumstances at general metings of the

Company or any other members of the Group:

Long position in ordinary shares of HK$0.01 each of

the Company

NameCapacity/Nature of interest

Number of shares

held

Aproximate

percentage of

shareholding

姓名╱名称身份╱权益性质所持股份数目股权概约百分比

CWIL (Note 1)Beneficial interest1,199,640,00050.41

机颖投资（附注

）实益权益

Mega Wise Group Limited

(“MWGL”) (Note 2)

Beneficial interest300,000,00012.60

巨智集团有限公司（「巨智」）

（附注

）

实益权益

Dr. Le Chun Pong Bruce

(“Dr. Le”) (Note 2)

Interest of a controled corporation300,000,00012.60

李振邦博士（「李博士」）

（附注

）

受控法团权益

Ms. Chow Nim Pui

(“Ms. Chow”) (Note 3)

Interest of spouse300,000,00012.60

周念佩女士（「周女士」）

（附注

）

配偶权益

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

附注：

机颖投资之已发行股本分别由霍先生及

谢女士实益拥有

30%

及

70%

。霍先生为

谢女士之配偶。因此，根据证券及期货条

例，霍先生及谢女士被视为于机颖投资

持有的本公司

1,199,640,000

股份中拥

有权益。

巨智由李博士全资拥有。因此，根据证券

及期货条例，李博士被视为于巨智持有

的本公司的

300,000,000

股份中拥有权

益。

周女士为李博士之配偶。因此，根据证券

及期货条例，周女士被视为于李博士透

过巨智持有的本公司

300,000,000

股份

中拥有权益。

除上文所披露者外，于二零二五年三月

三十一日，董事概不知悉任何人士或公司

（除董事及主要行政人员外）于本公司股

份或相关股份中拥有根据证券及期货条例

第

部第

及

分部的条文须向本公司披

露的任何权益或淡仓，或根据证券及期货

条例第

条规定须记录于该条所述登记

册的权益或淡仓。

董事购买股份或债券的权利

除本报告「董事及主要行政人员于本公司

及其相联法团的股份、相关股份及债权证

的权益及淡仓」及「购股权计划」各段所披

露者外，本公司或其任何附属公司或其母

公司概无于截至二零二五年三月三十一日

止年度任何时间订立任何安排，使董事及

主要行政人员（包括彼等各自的配偶及

岁以下的子女）可透过收购本公司或任何

其相联法团的股份或相关股份或债券而获

取利益。

Notes:

1. The isued share capital of CWIL is beneficialy owned as to

30% by Mr. Fok and 70% by Ms. Hsieh respectively. Mr. Fok is

the spouse of Ms. Hsieh. Therefore, Mr. Fok and Ms. Hsieh are

demed to be interested in the 1,199,640,000 shares of the

Company held by CWIL by virtue of the SFO.

2. MWGL is wholy-owned by Dr. Le. Therefore, Dr. Le is demed

to be interested in the 300,000,000 shares of the Company held

by MWGL by virtue of the SFO.

3. Ms. Chow is the spouse of Dr. Le. Therefore, Ms. Chow is

demed to be interested in the 300,000,000 shares of the

Company held by Dr. Le through MWGL under the SFO.

Save as disclosed above, as at 31 March 2025, the Directors

were not aware of any person or corporation (other than

the Directors and the Chief Executives) who had any interest

or short position in the shares or underlying shares of the

Company which would fal to be disclosed to the Company

under the provisions of Divisions 2 and 3 of Part XV of the SFO,

or pursuant to section 336 of the SFO, which would have to be

recorded in the register refered to therein.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Save as disclosed under the paragraphs headed “Directors’ and

Chief Executives’ Interests and Short Positions in the Shares,

Underlying Shares and Debentures of the Company and its

Asociated Corporations” and “Share Option Scheme” in this

report, at no time during the year ended 31 March 2025 was

the Company, or any of its subsidiaries or its parent company

a party to any arangements to enable the Directors and Chief

Executives (including their respective spouse and children

under 18 years of age) to acquire benefits by means of the

acquisition of shares or underlying shares in, or debentures of,

the Company or any of its asociated corporation.

REPORT OF THE DIRECTORS

董事会报告

70Gaoyu Finance Group Limited • ANUAL REPORT 2025

于重大交易、安排及合约中的权

益

除上文「关联方交易及关连交易」一节及综

合财务报表附注

所披露者外，董事及其

关连实体概无及未曾于本公司或其任何附

属公司或其母公司所订立于截至二零二五

年三月三十一日止年度内存续且对本集团

业务属重大的交易、安排或合约中直接或

间接拥有重大权益。

除本文所披露者外，于截至二零二五年三

月三十一日止年度，本公司或其任何附属

公司及本公司或其任何附属公司任何控股

股东（定义见

GEM

上市规则）概无订立任何

重大合约。

管理合约

截至二零二五年三月三十一日止年度，除

雇佣合约外，概无订立或存在任何有关本

集团全部或任何重大部分业务管理及行政

的合约。

公众持股量

根据本公司公开可得资料及据董事所深

知，于本报告日期，本公司按

GEM

上市规

则第

11.23(7)

条规定维持本公司已发行股

份

25%

的足够公众持股量。

核数师

本集团截至二零二五年三月三十一日止年

度的综合财务报表由中汇安达会计师事务

所有限公司（「中汇安达」）审计，并将于二

零二五年股东周年大会上提呈决议案，续

聘中汇安达为本公司核数师。

除上文所披露者外，本公司核数师于过去

三年并无变动。

INTERESTS IN SIGNIFICANT TRANSACTIONS,

ARANGEMENTS AND CONTRACTS

Save for those disclosed under the section headed “Related

Party Transactions and Conected Transactions” above and

those disclosed in note 38 to the consolidated financial

statements, there was no transaction, arangement or

contract of significance in relation to the Group’s busines

which subsisted during or at the end of the year ended 31

March 2025 to which the Company, or any of its subsidiaries

or its parent company was a party and in which a Director

or a conected entity of that Director has or had, directly or

indirectly, a material interest.

Save as disclosed herein, during the year ended 31 March

2025, there was no contract of significance entered into

betwen the Company, or any of its subsidiaries, and any of the

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

the Company or any of its subsidiaries.

MANAGEMENT CONTRACTS

No contracts, other than employment contracts, concerning

the management and administration of the whole or any

substantial part of the Group’s busines were entered into or

existed during the year ended 31 March 2025.

PUBLIC FLOAT

Based on the information that is publicly available to the

Company and within the best of the knowledge of the

Directors, as at the date of this report, there is suficient public

float of 25% of the Company’s isued shares as required under

rule 11.23(7) of the GEM Listing Rules.

AUDITORS

The consolidated financial statements of the Group for the year

ended 31 March 2025 were audited by ZHONGHUI ANDA CPA

Limited (“Zhonghui Anda”) and a resolution wil be proposed

at 2025 AGM to re-apoint Zhonghui Anda as the auditor of

the Company.

Save as disclosed above, there has ben no change in the

auditor of the Company during the past thre years.

REPORT OF THE DIRECTORS

董事会报告

二零二五年报

•

高裕金融集团有限公司

二零二五年股东周年大会

二零二五年股东周年大会预定于二零二五

年八月二十七日（星期三）举行。为厘定

出席二零二五年股东周年大会并于会上

投票的资格，本公司将于二零二五年八

月二十二日（星期五）至二零二五年八月

二十七日（星期三）（包括首尾两日）暂停办

理股份过户登记。于该期间内将不会办理

任何股份过户登记。厘定出席二零二五年

股东周年大会并于会上投票的股东资格之

记录日期为二零二五年八月二十七日（星

期三）。为符合资格出席二零二五年股东

周年大会并于会上投票，所有股份过户文

件连同有关股票必须于二零二五年八月

二十一日（星期四）下午四时正前送达本公

司的香港股份过户登记分处联合证券登记

有限公司，地址为香港北角英皇道

号

华懋交易广场

期

楼

3301-04

室，以办理

登记手续。

代表董事会

主席兼执行董事

霍玉堂

香港，二零二五年六月二十五日

2025 AGM

The 2025 AGM is scheduled to be held on Wednesday, 27

August 2025. For determining the entitlement to atend

and vote at the 2025 AGM, the transfer boks and register

of members of the Company wil be closed from Friday, 22

August 2025 to Wednesday, 27 August 2025, both days

inclusive. During such period, no share transfers wil be

efected. The record date for determining the entitlements

of the shareholders to atend and vote at the 2025 AGM is

Wednesday, 27 August 2025. In order to qualify for atending

and voting at the 2025 AGM, al share transfer documents,

acompanied by the relevant share certificates, must be

lodged with the Company’s branch share registrar in Hong

Kong, Union Registrars Limited at Suites 3301-04, 33/F.,

Two Chinachem Exchange Square, 338 King’s Road, North

Point, Hong Kong for registration no later than 4:00 p.m. on

Thursday, 21 August 2025.

On behalf of the Board

Fok Yuk Tong

Chairman and Executive Director

Hong Kong, 25 June 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

72Gaoyu Finance Group Limited • ANUAL REPORT 2025

致高裕金融集团有限公司

列位股东

（于开曼群岛注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审计列载

于第

至

页的高裕金融集团有限公司

（「贵公司」）及其附属公司（统称「贵集

团」）的综合财务报表，此综合财务报表包

括于二零二五年三月三十一日的综合财务

状况表与截至该日止年度的综合损益及其

他全面收益表、综合权益变动表及综合现

金流量表，以及综合财务报表附注，包括

重大会计政策资料。

我们认为，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」）颁布的香

港财务报告准则会计准则真实而中肯地反

映了贵集团于二零二五年三月三十一日

的综合财务状况与截至该日止年度的综合

财务表现及综合现金流量，并已遵照香港

公司条例的披露规定妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的香港审

计准则（「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须承担的责任」

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（「守则」），

我们独立于贵集团，并已履行守则中的

其他专业道德责任。我们相信，我们所获

得的审计凭证能充足及适当地为我们的审

计意见提供基础。

TO THE SHAREHOLDERS OF

Gaoyu Finance Group Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of

Gaoyu Finance Group Limited (the “Company”) and its

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

pages 76 to 151, which comprise the consolidated statement

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

statement of profit or los and other comprehensive income,

consolidated statement of changes in equity and consolidated

statement of cash flows for the year then ended, and notes

to the consolidated financial statements, including material

acounting policy information.

In our opinion, the consolidated financial statements give a

true and fair view of the consolidated financial position of the

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

performance and its consolidated cash flows for the year then

ended in acordance with HKFRS Acounting Standards isued

by the Hong Kong Institute of Certified Public Acountants (the

“HKICPA”) and have ben properly prepared in compliance

with the disclosure requirements of the Hong Kong Companies

Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) 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.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

二零二五年报

•

高裕金融集团有限公司

关键审计事项

关键审计事项是根据我们的专业判断，认

为对本期间综合财务报表的审计最为重要

的事项。此等事项是在我们审计整体综合

财务报表及出具意见时进行处理。我们不

会对此等事项提供单独的意见。

应收账款

请参阅综合财务报表附注

贵集团就应收账款的金额进行减值测试。

由于应收账款于二零二五年三月三十一日

之结余

155,435,000

港元对综合财务报表

而言属重大，因此有关减值测试对我们的

审计非常重要。此外，贵集团之减值测

试涉及应用判断且基于估计。

我们的审计程序包括（其中包括）：

－

评估贵集团向客户授出之信贷限

额及信贷期限之程序；

－

评估贵集团与客户之关系及交易

历史；

－

估计贵集团减值评估；

－

评估债务账龄；

－

评估客户之信誉；

－

检查客户之后续结算情况；

－

评估债务抵押品之价值；及

－

评估贵集团综合财务报表信贷风

险披露。

我们认为，贵集团为应收账款所作之减

值测试由可用证据支持。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgment, were of most significance in our audit of the

consolidated financial statements of the curent period. These

maters were adresed in the context of our audit of the

consolidated financial statements as a whole, and in forming

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

on these maters.

ACOUNTS RECEIVABLES

Refer to note 23 to the consolidated financial statements

The Group tested the amount of acounts receivables

for impairment. This impairment test is significant to our

audit because the balance of acounts receivables of

HK$155,435,000 as at 31 March 2025 is material to the

consolidated financial statements. In adition, the Group’s

impairment test involves aplication of judgement and is based

on estimates.

Our audit procedures included, among others:

– Asesing the Group’s procedures on granting credit limits

and credit periods to customers;

– Asesing the Group’s relationship and transaction history

with the customers;

– Evaluating the Group’s impairment asesment;

– Asesing ageing of the debts;

– Asesing creditworthines of the customers;

– Checking subsequent setlements from the customers;

– Asesing the value of the colateral for the debts; and

– Asesing the disclosure of the Group’s exposure to credit

risk in the consolidated financial statements.

We consider that the Group’s impairment test for acounts

receivables is suported by the available evidence.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

74Gaoyu Finance Group Limited • ANUAL REPORT 2025

其他资料

董事须对其他资料负责。其他资料包括刊

载于贵公司年报的所有资料，但不包括

综合财务报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他

资料，我们亦不对该等其他资料发表任何

形式的鉴证结论。

结合我们对综合财务报表的审计，我们的

责任是阅读其他资料，在此过程中，考虑

其他资料是否与综合财务报表或我们在审

计过程中所了解的情况存在重大抵触或者

似乎存在重大错误陈述的情况。基于我们

已执行的工作，倘我们认为其他资料存在

重大错误陈述，我们需要报告该事实。就

此，我们并无任何报告。

董事就综合财务报表须承担的责

任

董事须负责根据香港会计师公会颁布的香

港财务报告准则会计准则及香港公司条例

的披露规定拟备真实而中肯的综合财务报

表，并对其认为使综合财务报表的拟备

不存在由于欺诈或错误而导致的重大错误

陈述所需内部监控负责。

在拟备综合财务报表时，董事负责评

估贵集团持续经营的能力，并在适用情

况下披露与持续经营有关的事项，以及

使用持续经营为会计基础，除非董事有意

将贵集团清盘或停止经营，或别无其他

实际的替代方案。

OTHER INFORMATION

The directors are responsible for the other information.

The other information comprises al the information in

the Company’s anual report, but does not include the

consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements does not

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

asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information

is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or

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

work we have performed, we conclude that there is a material

mistatement of this other information, we are required to

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

RESPONSIBILITIES OF DIRECTORS FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the

consolidated financial statements that give a true and fair view

in acordance with HKFRS Acounting Standards isued by the

HKICPA and the disclosure requirements of the Hong Kong

Companies Ordinance, and for such internal control as the

directors determine is necesary to enable the preparation of

consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors

are responsible for asesing the Group’s ability to continue as

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

going concern and using the going concern basis of acounting

unles the directors either intend to liquidate the Group or to

cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

二零二五年报

•

高裕金融集团有限公司

核数师就审计综合财务报表须承

担的责任

我们的目标，是对综合财务报表整体是否

不存在由于欺诈或错误而导致的重大错误

陈述取得合理保证，并出具包括我们的意

见的核数师报告。我们仅向阁下（作为

整体）报告，除此之外报告别无其他目的。

我们概不就本报告的内容，对任何其他人

士负责或承担法律责任。合理保证是高水

平的保证，但不能保证按照香港审计准则

进行的审计，在某一重大错误陈述存在时

总能发现。错误陈述可以由欺诈或错误引

起，如果合理预期其单独或汇总起来可能

影响使用者倚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。

我们就审计综合财务报表之责任之更多描

述载于香港会计师公会之网站：

htps:/w.hkicpa.org.hk/en/Standards-

seting/Standards/Our-views/auditre

该描述构成核数师报告之一部分。

中汇安达会计师事务所有限公司

执业会计师

杨匡俊

审计项目董事

执业证书编号

P07374

香港，二零二五年六月二十五日

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. We

report our opinion solely to you, as a body, 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.

A further description of our responsibilities for the audit of the

consolidated financial statements is located at the HKICPA’s

website at:

htps:/w.hkicpa.org.hk/en/Standards-seting/Standards/Our-

views/auditre

This description forms part of our auditor’s report.

ZHONGHUI ANDA CPA Limited

Certified Public Acountants

Yeung Hong Chun

Audit Engagement Director

Practising Certificate Number P07374

Hong Kong, 25 June 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

76Gaoyu Finance Group Limited • ANUAL REPORT 2025

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Revenue

收益

Comision income from securities

dealing, brokerage and other services

来自证券交易、经纪及

其他服务的佣金收入

3,8072,073

Fe and comision income from placing

and underwriting activities

来自配售及包销活动的

收费及佣金收入

6,0972,436

Interest income from margin and

loan financing services

来自保证金及贷款融资

服务的利息收入

3,3948,990

Suply chain financing

供应链融资

15,5798,430

Advisory fe incomes

咨询费收入

Aset management services

资产管理服务

–440

Others

其他

1,374910

Total revenue

总收益

730,49123,591

Bank interest income

银行利息收入

1,227690

Fair value change on investments at

fair value through profit or los

按公平值计入损益之投资的

公平值变动

(8,243)6,704

Other gains

其他收益

86181,942

24,09332,927

Comision expenses

佣金开支

9(608)(417)

Depreciation expenses for property

and equipment

物业及设备的折旧开支

(1,730)(1,750)

Depreciation expenses for

right-of-use asets

使用权资产的折旧开支

(2,317)(1,486)

Staf costs

员工成本

10(7,570)(7,317)

Other operating expenses

其他经营开支

11(10,601)(10,525)

Impairment of asets

资产减值

12(11,033)(1,831)

Finance costs

融资成本

13(1,756)(129)

Exchange (los)/gain

汇兑（亏损）╱收益

(331)144

(Los)/profit before tax

除税前（亏损）╱溢利

(11,853)9,616

Income tax expense

所得税开支

14(1,364)(726)

(Los)/profit and total comprehensive

(los)/income for the year

年内（亏损）╱溢利及全面

（亏损）╱收益总额

(13,217)8,890

(Los)/profit and total comprehensive (los)/

income for the year atributable to:

以下各方应占年内（亏损）╱

溢利及全面（亏损）╱

收益总额：

Owners of the company

本公司拥有人

(12,907)8,887

Non-controling interests

非控股权益

(310)3

(13,217)8,890

HK centsHK cents

港仙港仙

(Restated)

（经重列）

(Los)/profit per share

每股（亏损）╱溢利

Basic and diluted

基本及摊薄

17(29.28)22.22

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

AS AT 31 MARCH 2025

于二零二五年三月三十一日

二零二五年报

•

高裕金融集团有限公司

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets

非流动资产

Property and equipment

物业及设备

192,1423,840

Right-of-use asets

使用权资产

204,8297,146

Deposits placed with stock exchange and

clearing house

存放于证券交易所及

结算所的按金

Loan receivables

应收贷款

226,640–

14,35611,591

Curent asets

流动资产

Acounts receivables

应收账款

23155,435152,466

Loan receivables

应收贷款

223,7052,071

Rental and utility deposits

租金及水电费按金

Prepayments and other receivables

预付款项及其他应收款项

8211,981

Investments at fair value through profit or

los

按公平值计入损益之投资

254,73813,842

Due from non-controling shareholders

应收非控股东款项

26–600

Cash and bank balances:

现金及银行结余：

Bank balance – house acounts

银行结余－公司账户

2727,06010,153

Cash held on behalf of customers

代客户持有的现金

2739,79835,669

232,326217,700

Curent liabilities

流动负债

Acounts payables

应付账款

2840,57537,715

Due to a related company

应付一间关联公司款项

29–28,388

Other payables and acruals

其他应付款项及应计费用

305271,423

Bank loan

银行贷款

3118,025–

Bond and interest payable

应付债券及利息

32534–

Lease liabilities

租赁负债

332,3022,184

Curent tax payables

应付即期税项

2,090726

64,05370,436

Net curent asets

流动资产净值

168,273147,264

Total asets les curent liabilities

总资产减流动负债

182,629158,855

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

AS AT 31 MARCH 2025

于二零二五年三月三十一日

78Gaoyu Finance Group Limited • ANUAL REPORT 2025

董事会于二零二五年六月二十五日批准

及授权刊发，并由下列董事代表董事会签

署：

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent liabilities

非流动负债

Bond and interest payable

应付债券及利息

3234,000–

Lease liabilities

租赁负债

332,6584,960

36,6584,960

NET ASETS

资产净值

145,971153,895

Equity

权益

Share capital

股本

3423,80020,000

Reserves

储备

36121,293132,707

Equity atributable to owners of

the Company

本公司拥有人应占权益

145,093152,707

Non-controling interests

非控股权益

8781,188

TOTAL EQUITY

权益总额

145,971153,895

Aproved and authorised for isue by the Board of Directors on

25 June 2025 and signed on its behalf by:

Fok Yuk TongHsieh Ching Chun

霍玉堂谢青纯

DirectorDirector

董事董事

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Other

reserves

Retained

profitsTotal

Non-

controling

interestsTotal

股本股份溢价其他储备保留溢利总计非控股权益总计

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

千港元千港元千港元千港元千港元千港元千港元

(Note 34)(Note 36(a)(Note 36(b)

（附注

）（附注

36(a)

）（附注

36(b)

）

At 1 April 2023

于二零二三年

四月一日

20,00048,2299,76265,829143,820(15)143,805

Total comprehensive income for the year

年内全面收益总额

–8,8878,88738,890

Contribution by non-controling

shareholders of a subsidiary

附属公司非控股

股东注资

–1,2001,200

At 31 March 2024

于二零二四年

三月三十一日

20,00048,2299,76274,716152,7071,188153,895

At 1 April 2024

于二零二四年四月一日

20,00048,2299,76274,716152,7071,188153,895

Isue of shares on placement (note 34)

配售时发行股份

（附注

）

3,8001,493–5,293–5,293

Total comprehensive los for the year

年内全面亏损总额

–(12,907)(12,907)(310)(13,217)

At 31 March 2025

于二零二五年

三月三十一日

23,80049,7229,76261,809145,093878145,971

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

80Gaoyu Finance Group Limited • ANUAL REPORT 2025

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

CASH FLOWS FROM OPERATING ACTIVITIES

经营活动产生的现金流量

(Los)/profit before tax

除税前（亏损）╱溢利

(11,853)9,616

Adjustments for:

就以下项目调整：

Bank interest income

银行利息收入

(1,227)(690)

Finance costs

融资成本

1,756129

Depreciation of property and equipment

物业及设备折旧

1,7301,750

Depreciation of right-of-use asets

使用权资产折旧

2,3171,486

Los on disposal of investment at fair value

through profit or los

出售按公平值计入损益之

投资的亏损

398–

Fair value gain on investments at

fair value through profit or los

按公平值计入损益之投资的

公平值收益

8,243(6,704)

Impairment of asets

资产减值

11,0331,831

Operating profit before working capital change

营运资金变动前的经营溢利

12,3977,418

Change in bank balances – client acounts

银行结余变动－客户账户

(4,129)(3,457)

Change in rental and utility deposits

租金及水电费按金变动

149(90)

Change in acounts receivable

应收账款变动

(11,378)(45,415)

Change in prepayments and

other receivables

预付款项及其他应收款项变动

1,020(293)

Change in loan receivables

应收贷款变动

(10,898)(738)

Change in acounts payable

应付账款变动

2,8601,935

Change in other payables and acruals

其他应付款项及应计费用变动

(896)(1,812)

Change in amount due from

non-controling shareholders

应收非控股东款项变动

600–

Cash used in operating activities

经营活动所用现金

(10,275)(42,452)

Interest paid

已付利息

(182)–

Bank interest received

已收银行利息

1,227690

Net cash used in operating activities

经营活动所用现金净额

(9,230)(41,762)

CASH FLOWS FROM INVESTING ACTIVITIES

投资活动产生的现金流量

Proceds from disposals of investments at

fair value through profit or los

出售按公平值计入损益之投资的

所得款项

Purchases of property and equipment

购买物业及设备

(32)(26)

Net cash generated from investing

activities

投资活动产生的现金净额

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

CASH FLOWS FROM FINANCING ACTIVITIES

融资活动产生的现金流量

Proceds from isue of shares

发行股份所得款项

5,320–

Share isue expenses paid

已付股份发行开支

(27)–

(Repayment of)/advance from

a related company

（偿还）╱一间关联公司之垫款

(28,388)16,666

Contribution by non-controling shareholders

of a subsidiary

附属公司非控股东注资

–600

Bank loans raised

筹集银行贷款

18,500–

Proceds from isue of bonds

发行债券所得款项

34,000–

Repayment of lease liabilities

偿还租赁负债

(2,539)(2,766)

Repayment of bank loans

偿还银行贷款

(1,160)–

Net cash generated from

financing activities

融资活动产生的现金净额

25,70614,500

NET INCREASE/(DECREASE) IN CASH AND

CASH EQUIVALENTS

现金及现金等价物增加╱

（减少）净额

16,907(26,464)

CASH AND CASH EQUIVALENTS AT

BEGINING OF YEAR

年初现金及现金等价物

10,15336,617

CASH AND CASH EQUIVALENTS AT

END OF YEAR

年末现金及现金等价物

27,06010,153

ANALYSIS OF CASH AND

CASH EQUIVALENTS

现金及现金等价物分析

Bank balance – house acounts

银行结余－公司账户

27,06010,153

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

82Gaoyu Finance Group Limited • ANUAL REPORT 2025

一般资料

高裕金融集团有限公司（「本公司」）

在开曼群岛注册成立为有限公司。

本公司注册办事处的地址为

Cricket

Square, Hutchins Drive, P.O. Box

2681, Grand Cayman, KY1-1111,

Cayman Islands

，而本公司主要营业

地点的地址为香港皇后大道中

号

中远大厦

楼

室。本公司股份

于二零一七年一月六日于香港联合

交易所有限公司（「联交所」）

GEM

上

市。

本公司为投资控股公司。其附属公司

的主要业务载于综合财务报表附注

。

采纳新订及经修订香港财务

报告准则

于本年度，本集团已采纳所有由香港

会计师公会（「香港会计师公会」）颁

布、与其营运有关且于二零二四年四

月一日开始之会计年度生效之新订

及经修订香港财务报告准则会计准

则。香港财务报告准则会计准则包括

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。采纳该等新订及经修订

香港财务报告准则会计准则并无导

致本集团之会计政策、本集团综合财

务报表之呈列方式以及本年度及过

往年度之已呈报金额出现重大变动。

本集团未有应用已经颁布但尚未生

效之新订及经修订香港财务报告准

则会计准则。本集团已开始评估该等

新订及经修订香港财务报告准则会

计准则之影响，惟尚无法说明该等新

订及经修订香港财务报告准则会计

准则会否对其经营业绩及财务状况

产生重大影响。

1. GENERAL INFORMATION

Gaoyu Finance Group Limited (the “Company”) was

incorporated in Cayman Islands with limited liability. The

adres of its registered ofice is Cricket Square, Hutchins

Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman

Islands. The adres of its principal place of busines

is Rom 4409, 44/F, COSCO Tower, 183 Quen’s Road

Central, Hong Kong. The Company’s shares were listed on

the GEM of The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”) on 6 January 2017.

The Company is an investment holding company. The

principle activities of its subsidiaries are set out in note 40

to the consolidated financial statements.

2. ADOPTION OF NEW AND REVISED

HONG KONG FINANCIAL REPORTING

STANDARDS

In the curent year, the Group has adopted al the new

and revised HKFRS Acounting Standards isued by the

Hong Kong Institute of Certified Public Acountants

(the “HKICPA”) that are relevant to its operations and

efective for its acounting year begining on 1 April

2024. HKFRS Acounting Standards comprise Hong Kong

Financial Reporting Standards (“HKFRS”); Hong Kong

Acounting Standards (“HKAS”); and Interpretations. The

adoption of these new and revised HKFRS Acounting

Standards did not result in significant changes to the

Group’s acounting policies, presentation of the Group’s

consolidated financial statements and amounts reported

for the curent year and prior years.

The Group has not aplied the new and revised HKFRS

Acounting Standards that have ben isued but are

not yet efective. The Group has already comenced an

asesment of the impact of these new and revised HKFRS

Acounting Standards but is not yet in a position to

state whether these new and revised HKFRS Acounting

Standards would have a material impact on its results of

operations and financial position.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

本综合财务报表乃按照香港会计师

公会颁布的香港财务报告准则会计

准则及联交所

GEM

证券上市规则及

香港公司条例之适用披露规定编制。

本综合财务报表乃根据历史成本惯

例编制，并就重估按公平值列账之投

资而作出修订。

编制符合香港财务报告准则会计准

则之综合财务报表时需要使用若干

关键假设及估计，亦需要董事于应用

会计政策之过程中作出判断。涉及对

本综合财务报表属重大之假设及估

计之范畴，在综合财务报表附注

中

披露。

编制本综合财务报表时应用之主要

会计政策载列如下。

综合账目

综合财务报表包含本公司及其附属

公司直至三月三十一日之财务报表。

附属公司指本集团拥有控制权之实

体。当本集团可以或有权藉参与实体

获得可变回报，且有能力透过其对实

体之权力影响该等回报时，本集团即

控制该实体。当本集团现时拥有权利

赋予其目前掌控有关活动（即大幅影

响实体回报之活动）之能力时，本集

团即对该实体拥有权力。

当评估控制权时，本集团会考虑其潜

在表决权及其他人士持有之潜在表

决权，以厘定其是否拥有控制权。仅

在持有人能实际行使潜在表决权之

情况下，方会考虑该权利。

3. MATERIAL ACOUNTING POLICIES

These consolidated financial statements have ben

prepared in acordance with HKFRS Acounting Standards

isued by the HKICPA and the aplicable disclosures

required by the Rules Governing the Listing of Securities

on the GEM of The Stock Exchange and by the Hong

Kong Companies Ordinance.

These consolidated financial statements have ben

prepared under the historical cost convention, as modified

by the revaluation of investments at their fair values.

The preparation of consolidated financial statements in

conformity with HKFRS Acounting Standards requires

the use of certain key asumptions and estimates. It also

requires the directors to exercise its judgements in the

proces of aplying the acounting policies. The areas

where asumptions and estimates are significant to these

consolidated financial statements, are disclosed in note 4

to the consolidated financial statements.

The material acounting policies aplied in the

preparation of these consolidated financial statements are

set out below.

Consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries made

up to 31 March. Subsidiaries are entities over which the

Group has control. The Group controls an entity when

it is exposed, or has rights, to variable returns from its

involvement with the entity and has the ability to afect

those returns through its power over the entity. The

Group 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, to determine whether it has control. A

potential voting right is considered only if the holder has

the practical ability to exercise that right.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

84Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

综合账目（续）

附属公司由其控制权转至本集团当

日起综合入账，并由控制权终止之日

起不再综合入账。

集团内公司间之交易、结余及未变现

溢利会作对销。未变现亏损亦会对

销，除非该项交易证明所转让资产出

现减值。附属公司之会计政策亦已于

必要时作出调整，确保符合本集团采

纳之政策。

非控股权益指并非由本公司直接或

间接应占的附属公司权益。非控股权

益于综合损益表、综合财务状况表及

综合权益变动表的权益内呈列。于综

合损益及其他全面收益表内，非控股

权益呈列为年内损益及全面收益总

额在本公司非控股东与拥有人之

间的分配。

损益及各项其他全面收益项目归属

于本公司拥有人及非控股东，即使

此举导致非控股权益出现亏绌结余。

本公司于附属公司的拥有权益变

动并无导致失去控制权，则列作权益

交易（即与拥有人以彼等作为拥有人

的身份进行的交易）入账。控股及非

控股权益的账面值予以调整，以反映

其于附属公司的相对权益变动。非控

股权益调整金额与已付或已收代价

的公平值之间的任何差额直接于权

益中确认，并归属于本公司拥有人。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Consolidation (Continued)

Subsidiaries are consolidated from the date on

which control is transfered to the Group. They are

deconsolidated from the date the control ceases.

Intragroup transactions, balances and unrealised profits

are eliminated. Unrealised loses are also eliminated unles

the transaction provides evidence of an impairment of the

aset transfered. 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 statement of profit or los and consolidated

statement of financial position and consolidated

statement of changes in equity within equity. Non-

controling interests are presented in the consolidated

statement of profit or los and 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.

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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

外币换算

(a)

功能及呈列货币

本集团各实体财务报表内所包

括项目利用该实体经营之主要

经济环境之货币（「功能货币」）

计量。综合财务报表以港元呈

列，而港元为本公司之功能货

币及呈列货币。

(b)

各个实体之财务报表中之交

易及结余

外币交易于初始确认时使用交

易日期之通行汇率换算为功能

货币。以外币为单位之货币资

产及负债按各报告期末之汇率

换算。此换算政策产生之盈亏

于损益内确认。

以公平值计量并以外币计值之

非货币项目按厘定公平值当日

之汇率换算。

当非货币项目之盈亏于其他全

面收益确认时，该盈亏之任何

汇兑部分于其他全面收益确

认。当非货币项目之盈亏于损

益确认时，该盈亏之任何汇兑

部分于损益确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Foreign curency translation

(a) 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 Hong Kong dolars, which is the Company’s

functional and presentation curency.

(b) Transactions and balances in each entity’s

financial statements

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 profit or los.

Non-monetary items that are measured at fair

values 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 nonmonetary item is recognised in

profit or los, any exchange component of that gain

or los is recognised in profit or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

86Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

外币换算（续）

(c)

综合账目时换算

功能货币与本公司呈列货币不

同之所有本集团实体之业绩及

财务状况按以下方式换算为本

公司之呈列货币：

(i)

呈列每份财务状况表的资

产及负债以该财务状况表

日期之收市汇率换算；

(i)

收入及开支按平均汇率换

算（除非该平均值并非交

易日通行汇率累积影响

之合理近似值，在此情况

下，收入及开支按交易日

之汇率换算）；及

(i)

所有因而产生之汇兑差额

于外币换算储备确认。

于综合账目时，换算境外实体净投资

及借贷所产生之汇兑差额于外币换

算储备确认。当出售境外业务时，有

关汇兑差额作为出售之盈亏之一部

分于损益确认。

物业及设备

物业及设备按成本减累计折旧及减

值亏损列账。

只有当与资产有关之未来经济利益

有可能流入本集团，且该项目之成本

能可靠地计量时，方会将其后成本计

入该项资产的账面值或确认为独立

资产（如适用）。所有其他维修及保养

于产生之期间在损益确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Foreign curency translation (Continued)

The results and financial position of al the Group

entities that have a functional curency diferent

from the Company’s presentation curency are

translated into the Company’s presentation curency

as folows:

(i) Asets and liabilities for each statement of

financial position presented are translated at

the closing rate at the date of that statement

of financial position;

(i) Income and expenses 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

transaction dates); and

(i) Al resulting exchange diferences are

recognised in the foreign curency translation

reserve.

On consolidation, exchange diferences arising from the

translation of the net investment in foreign entities and

of borowings are recognised in the foreign curency

translation reserve. When a foreign operation is sold, such

exchange diferences are recognised in profit or los as

part of the gain or los on disposal.

Property and equipment

Property and equipment are stated at cost les

acumulated depreciation and impairment loses.

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. Al other repairs

and maintenance are recognised in profit or los during

the period in which they are incured.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

物业及设备（续）

计算物业及设备折旧所用之比率足

以于估计可使用年期内以直线法撇

销该等项目之成本减剩余价值。主要

年率如下：

家私及设备

20%

租赁物业装修

20%

或按租期（以

较短者为准）

汽车

20%

剩余价值、可使用年期及折旧方法于

各报告期末检讨并于适当时调整。

出售物业、厂房及设备之盈亏为出售

所得款项净额与相关资产账面值之

差额，乃于损益确认。

租赁

本集团作为承租人

租赁于租赁资产可供本集团使用时

确认为使用权资产及相应之租赁负

债。使用权资产按成本减累计折旧及

减值亏损列账。使用权资产折旧于资

产之可使用年期及租期（以较短者为

准）内以直线法撇销其成本计量。主

要年率如下：

土地及楼宇

至

年租期

办公室设备

年租期以上

3. MATERIAL ACOUNTING POLICIES

(Continued)

Property and equipment (Continued)

Depreciation of property and equipment is calculated at

rates suficient to write of their cost les their residual

values over the estimated useful lives on a straight-line

basis. The principal anual rates are as folows:

Furniture and equipment20%

Leasehold improvementShorter of 20% and over the

lease terms

Motor vehicles20%

The residual values, useful lives and depreciation method

are reviewed and adjusted, if apropriate, at the end of

each reporting period.

The gain or los on disposal of property, plant and

equipment is the diference betwen the net sales

proceds and the carying amount of the relevant aset,

and is recognised in profit or los.

Leases

The Group as lese

Leases are recognised as right-of-use asets and

coresponding lease liabilities when the leased asets

are available for use by the Group. Right-of-use asets

are stated at cost les acumulated depreciation and

impairment loses. Depreciation of right-of-use asets is

calculated at rates to write of their cost over the shorter

of the aset’s useful life and the lease term on a straight-

line basis. The principal anual rates are as folows:

Land and buildingsover the lease term of 1 year

to 3 years

Ofice equipmentover the lease term of 5 years

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

88Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

租赁（续）

本集团作为承租人（续）

使用权资产按成本（包括租赁负债、

预付租赁款项、初始直接成本及恢复

成本之初始计量金额）计量。租赁负

债包括按租赁中隐含之利率（如可厘

定）或本集团之递增借贷利率贴现之

租赁款项净现值。每笔租赁款项会分

配为负债或融资成本。融资成本于租

期内自损益扣除，为每个期间之租赁

负债余下结余制定固定利率。

与短期租赁及低价值资产相关之付

款于租期内以直线法在损益确认为

开支。短期租赁为初始租期为

个月

或以下之租赁。低价值资产为价值低

于

5,000

美元（相当于约

39,000

港元）

之资产。

确认及取消确认金融工具

当本集团成为工具合约条文之订约

方时，会于综合财务状况表确认金融

资产及金融负债。

当从资产收取现金流之合约权利届

满；本集团转让资产拥有权之绝大部

分风险及回报；或本集团既无转让亦

无保留资产拥有权之绝大部分风险

及回报但未有保留对资产之控制权

时，便会取消确认金融资产。于取消

确认金融资产时，资产账面值与已收

代价总和两者间之差额会于损益确

认。

当相关合约订明之责任获解除、取消

或届满时，本集团会取消确认金融负

债。已取消确认之金融负债之账面值

与已付代价两者间之差额会于损益

确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Leases (Continued)

The Group as lese (Continued)

Right-of-use asets are measured at cost comprising the

amount of the initial measurement of the lease liabilities,

lease payments prepaid, initial direct costs and the

restoration costs. Lease liabilities include the net present

value of the lease payments discounted using the interest

rate implicit in the lease if that rate can be determined,

or otherwise the Group’s incremental borowing rate.

Each lease payment is alocated betwen the liability and

finance cost. The finance cost is charged to profit or los

over the lease term so as to produce a constant periodic

rate of interest on the remaining balance of the lease

liability.

Payments asociated with short-term leases and leases of

low-value asets are recognised as expenses in profit or

los on a straight-line basis over the lease terms. Short-

term leases are leases with an initial lease term of 12

months or les. Low-value asets are asets of value below

US$5,000 (equivalent to aproximately HK$39,000).

Recognition and derecognition of financial

instruments

Financial asets and financial liabilities are recognised in

the consolidated statement of financial position when the

Group becomes a party to the contractual provisions of

the instruments.

Financial asets are derecognised when the contractual

rights to receive cash flows from the asets expire; the

Group transfers substantialy al the risks and rewards of

ownership of the asets; or the Group neither transfers

nor retains substantialy al the risks and rewards of

ownership of the asets but has not retained control on

the asets. On derecognition of a financial aset, the

diference betwen the aset’s carying amount and the

sum of the consideration received is recognised in profit

or los.

Financial liabilities are derecognised when the obligation

specified in the relevant contract is discharged, canceled

or expires. The diference betwen the carying amount of

the financial liability derecognised and the consideration

paid is recognised in profit or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

金融资产

倘购买或出售金融资产之合约条款

规定须于有关市场指定时限内交付

该项资产，则该项资产按交易日基准

确认及取消确认，并初步按公平值加

直接应占交易成本确认，惟按公平值

计入损益之投资除外。收购按公平值

计入损益之投资直接应占之交易成

本即时于损益确认。

本集团之金融资产归入以下类别：

－

按摊销成本列胀之金融资产；

及

－

按公平值计入损益之投资

(i)

按摊销成本列账之金融资产

倘金融资产（包括应收账款及其

他应收款项）同时符合以下两项

条件，即分类至此类别：

－

持有资产之业务模式以藉

持有资产收取合约现金流

量为目的；及

－

资产之合约条款于指定日

期产生纯粹为本金及未偿

还本金利息付款之现金流

量。

该等金融资产其后以实际利息

法按摊销成本计量，并就预期

信贷亏损扣除亏损拨备。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial asets

Financial asets are recognised and derecognised on a

trade date basis where the purchase or sale of an aset

is under a contract whose terms require delivery of the

aset within the timeframe established by the market

concerned, and are initialy recognised at fair value,

plus directly atributable transaction costs except in the

case of investments at fair value through profit or los.

Transaction costs directly atributable to the acquisition

of investments at fair value through profit or los are

recognised imediately in profit or los.

Financial asets of the Group are clasified under the

folowing categories:

– Financial asets at amortised cost; and

– Investments at fair value through profit or los

(i) Financial asets at amortised cost

Financial asets (including acounts and other

receivables) are clasified under this category if they

satisfy both of the folowing conditions:

– the asets are held within a busines model

whose objective is to hold asets in order to

colect contractual cash flows; and

– the contractual terms of the asets give rise

on specified dates to cash flows that are solely

payments of principal and interest on the

principal amount outstanding.

They are subsequently measured at amortised

cost using the efective interest method les los

alowance for expected credit loses.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

90Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

金融资产（续）

(i)

按公平值计入损益之投资

倘金融资产不符合按摊销成本

计量的条件及按公平值计入其

他全面收益的债务投资的条

件，除非本集团于初始确认时

将不以交易为目的之权益投资

指定为按公平值计入其他全面

收益计量，则金融资产分类至

此类别。

按公平值计入损益之投资其后

按公平值计量，而公平值变动

产生的任何收益或亏损于损益

中确认。于损益中确认的公平

值收益或亏损扣除所有利息收

入及股息收入。利息收入及股

息收入于损益中确认。

预期信贷亏损之亏损拨备

本集团就按摊销成本列账之金融资

产之预期信贷亏损确认亏损拨备。预

期信贷亏损为就相应违约风险加权

之加权平均信贷亏损。

于各报告期末或倘金融工具的信贷

风险自初始确认以来大幅增加，本集

团就应收账款，按相等于所有可能发

生违约事件的预期信贷亏损除以该

金融工具的预计年期（「全期预期信

贷亏损」）的金额，计量金融工具的亏

损拨备。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial asets (Continued)

(i) Investments at fair value through profit or

los

Financial asets are clasified under this category

if they do not met the conditions to be

measured at amortised cost and the conditions

of debt investments at fair value through other

comprehensive income unles the Group designates

an equity investment that is not held for trading as

at fair value through other comprehensive income

on initial recognition.

Investments at fair value through profit or los

are subsequently measured at fair value with any

gains or loses arising from changes in fair values

recognised in profit or los. The fair value gains

or loses recognised in profit or los are net of

any interest income and dividend income. Interest

income and dividend income are recognised in profit

or los.

Los alowances for expected credit loses

The Group recognises los alowances for expected credit

loses on financial asets at amortised cost. Expected

credit loses are the weighted average of credit loses

with the respective risks of a default ocuring as the

weights.

At the end of each reporting period, the Group measures

the los alowance for a financial instrument at an amount

equal to the expected credit loses that result from al

posible default events over the expected life of that

financial instrument (“lifetime expected credit loses”)

for acounts receivable, or if the credit risk on that

financial instrument has increased significantly since initial

recognition.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

预期信贷亏损之亏损拨备（续）

倘于报告期末金融工具（应收账款除

外）之信贷风险自初始确认以来并无

大幅增加，则本集团按相等于反映该

金融工具可能于报告期间后

个月

内发生的违约事件所引致预期信贷

亏损的全期预期信贷亏损部分的金

额计量金融工具之亏损拨备。

预期信贷亏损金额或因于报告期末

将亏损拨备调整至所需金额而作出

之拨回，于损益确认为减值收益或亏

损。

现金及现金等价物

就综合现金流量表而言，现金及现金

等价物指银行及手头现金、存放于银

行及其他财务机构之活期存款，以及

可随时转换为已知数额之现金且价

值变动风险不高之短期高流通性投

资。须按要求偿还并构成本集团现金

管理组成部分之银行透支，亦计入现

金及现金等价物之一部分。

金融负债及股本工具

金融负债及股本工具按所订立合约

安排之内容及香港财务报告准则会

计准则中金融负债及股本工具之定

义分类。股本工具为证明本集团资产

于扣除其所有负债后之剩余权益之

任何合约。下文载列就特定金融负债

及股本工具采纳之会计政策。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Los alowances for expected credit loses

(Continued)

If, at the end of the reporting period, the credit risk on

a financial instrument (other than acounts receivable)

has not increased significantly since initial recognition,

the Group measures the los alowance for that financial

instrument at an amount equal to the portion of lifetime

expected credit loses that represents the expected credit

loses that result from default events on that financial

instrument that are posible within 12 months after the

reporting period.

The amount of expected credit loses or reversal to adjust

the los alowance at the end of the reporting period to

the required amount is recognised in profit or los as an

impairment gain or los.

Cash and cash equivalents

For the purpose of the consolidated statement of cash

flows, cash and cash equivalents represent cash at

bank and on hand, demand deposits with banks and

other financial institutions, and short-term highly liquid

investments which are readily convertible into known

amounts of cash and subject to an insignificant risk of

change in value. Bank overdrafts which are repayable on

demand and form an integral part of the Group’s cash

management are also included as a component of cash

and cash equivalents.

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. The

acounting policies adopted for specific financial liabilities

and equity instruments are set out below.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

92Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

借款

借款最初按公平值确认，并扣除所产

生的交易成本，其后使用实际利率法

按摊销成本计量。

借款分类为流动负债，除非本集团有

权无条件将偿还负债日期延期至报

告期后至少

个月则另作别论。

应付账款及其他应付款项

应付账款及其他应付款项初步按公

平值列账，其后使用实际利率法按摊

销成本计量，惟倘贴现影响不大，则

按成本列账。

股本工具

本公司所发行之股本工具按已收所

得款项扣除直接发行成本入账。

来自客户合约收益

收益按客户合约订明之代价计量，当

中会参考商业常规，并剔除代表第三

方收取之金额。对于客户付款与承诺

产品或服务转移之间相距一年以上

之合约，代价会就重大融资部分之影

响作出调整。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Borowings

Borowings are initialy recognised at fair value, net of

transaction costs incured, and subsequently measured at

amortised cost using the efective interest method.

Borowings are clasified as curent liabilities unles the

Group has an unconditional right to defer setlement

of the liability for at least 12 months after the reporting

period.

Acounts and other payables

Acounts and other payables are initialy stated at their

fair value and subsequently measured at amortised cost

using the efective interest method unles the efect of

discounting would be imaterial, in which case they are

stated at cost.

Equity instruments

Equity instruments isued by the Company are recorded at

the proceds received, net of direct isue costs.

Revenue from contracts with customers

Revenue is measured based on the consideration specified

in a contract with a customer with reference to the

customary busines practices and excludes amounts

colected on behalf of third parties. For a contract where

the period betwen the payment by the customer and

the transfer of the promised product or service exceds

one year, the consideration is adjusted for the efect of a

significant financing component.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

来自客户合约收益（续）

本集团于达成履约责任向客户转移

产品或服务之控制权时确认收益。视

乎合约条款及适用于合约之法律，履

约责任可能随时间或于某一时间点

达成。在下列情况下，履约责任随时

间达成：

－

客户同时取得及耗用本集团履

约所提供之利益；

－

本集团之履约产生或提升一项

于资产生或提升时由客户控

制之资产；或

－

本集团之履约并无产生本集团

有替代用途之资产，且本集团

对迄今已完成履约之付款享有

可强制执行权利。

倘履约责任随时间达成，则收益参照

达成该履约责任之完成进度确认。否

则，收益于客户取得产品或服务控制

权之时间点确认。

包含多项履约责任的合约

就拥有超过一项履约责任的合约而

言，本集团按相关单独售价基准，将

交易价分配至各履约责任。

与各履约责任相关的个别货品或服

务之单独售价于合约订立之时厘定，

指本集团单独向客户出售允诺货品

或服务的价格。倘单独售价并不直接

观察可得，则本集团会使用合适的技

巧估计价格，以最终将交易价分配至

任何履约责任，以反映本集团预期就

转移允诺货品或服务至该客户而有

权换取的代价金额。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue from contracts with customers (Continued)

The Group recognises revenue when it satisfies a

performance obligation by transfering control over a

product or service to a customer. Depending on the terms

of a contract and the laws that aply to that contract, a

performance obligation can be satisfied over time or at a

point in time. A performance obligation is satisfied over

time if:

– the customer simultaneously receives and consumes

the benefits provided by the Group’s performance;

– the Group’s performance creates or enhances an

aset that the customer controls as the aset is

created or enhanced; or

– the Group’s performance does not create an aset

with an alternative use to the Group and the

Group has an enforceable right to payment for

performance completed to date.

If a performance obligation is satisfied over time, revenue

is recognised by reference to the progres towards

complete satisfaction of that performance obligation.

Otherwise, revenue is recognised at a point in time when

the customer obtains control of the product or service.

Contracts with multiple performance obligations

For contracts that contain more than one performance

obligations, the Group alocates the transaction price to

each performance obligation on a relative stand-alone

seling price basis.

The stand-alone seling price of the distinct god or

service underlying each performance obligation is

determined at contract inception. It represents the price

at which the Group would sel a promised god or service

separately to a customer. If a stand-alone seling price

is not directly observable, the Group estimates it using

apropriate techniques such that the transaction price

ultimately alocated to any performance obligation reflects

the amount of consideration to which the Group expects

to be entitled in exchange for transfering the promised

gods or services to the customer.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

94Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

来自客户合约收益（续）

证券交易、经纪及其他服务的佣金

收入

证券经纪及其他佣金收入于执行证

券销售或购买交易时按交易日基准

确认。

配售及包销服务的收费及佣金收入

以及专业服务费收入

配售及包销佣金以及专业服务费收

入于完成有关重大行动时根据相关

协议条款或交易授权确认。

咨询服务费收入

咨询服务费收入于签署日期根据协

议条款确认为收入。咨询服务费收入

根据各客户的协议按固定金额收取。

来自资产管理服务的收费收入

来自资产管理服务的收费收入乃根

据于估值日期的协议条款确认为收

入。资产管理费收入按由本集团管理

的在管账户的资产净值的每月固定

金额及固定百分比收取。投资咨询费

收入就管理每名客户的投资组合每

月按固定金额收取。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue from contracts with customers (Continued)

Comision income from securities dealing,

brokerage and other services

Securities brokerage and other comision income is

recognised on trade date basis when the relevant sale or

purchase of securities transactions is executed.

Fe and comision income from placing and

underwriting services and profesional service fe

income

Placing and underwriting comision and profesional

service fe income are recognised in acordance with the

terms of the underlying agrement or deal mandate when

the relevant significant act has ben completed.

Advisory services fe incomes

Fe income from advisory services is recognised as income

in acordance with the terms of the agrements on the

signature date. Advisory services fe income are charged

at a fixed amount by the agrement of each client.

Fe income from aset management services

Fe income from aset management services is

recognised as income in acordance with the terms of the

agrements on the valuation date. Aset management

fe income are charged at a fixed amount and a fixed

percentage per month of the net aset value of the

managed acounts under management of the Group.

Investment advisory fe income is charged at a fixed

amount per month for managing the investment portfolio

of each client.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

其他收益

利息收入按时间比例基准使用实际

利率法确认。

雇员福利

(a)

雇员应享假期

雇员应享之年假及长期服务假

期于雇员应享有时确认。截至

报告期末，因雇员提供之服务

而产生之年假及长期服务假期

之估计负债已计提拨备。

雇员应享之病假及产假于雇员

休假时方会确认。

(b)

退休金责任

本集团根据香港强制性公积金

计划条例为合资格参与香港强

积金退休福利计划（「强积金计

划」）之雇员营办定额供款强积

金计划。供款乃按雇员基本薪

金之某一百分比计算，并根据

强积金计划之规则在应付时自

损益中扣除。强积金计划之资

产独立持有，与本集团其他资

金分开管理。本集团之雇主供

款于向强积金计划供款时即全

数拨归雇员所有。

(c)

离职福利

离职福利于本集团无法再撤回

提供该等福利时及于本集团确

认重组成本并涉及支付离职福

利时（以较早者为准）确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Other revenue

Interest income is recognised on a time-proportion basis

using the efective interest method.

Employe benefits

(a) Employe leave entitlements

Employe entitlements to anual leave and long

service leave are recognised when they acrue to

employes. A provision is made for the estimated

liability for anual leave and long service leave as a

result of services rendered by employes up to the

end of the reporting period.

Employe entitlements to sick leave and maternity

leave are not recognised until the time of leave.

(b) Pension obligations

The Group operates a defined contribution

Mandatory Provident Fund retirement benefits

scheme (“MPF Scheme”) in Hong Kong under the

Hong Kong Mandatory Provident Fund Schemes

Ordinance, for those employes who are eligible to

participate in the MPF Scheme. Contributions are

made based on a percentage of the employes’

basic salaries and are charged to profit or los as

they become payable in acordance with the rules

of the MPF Scheme. The asets of the MPF Scheme

are held separately from those of the Group in

an independently administered fund. The Group’s

employer contributions vest fuly with the employes

when contributed into the MPF Scheme.

Termination benefits are recognised at the earlier of

the dates when the Group can no longer withdraw

the ofer of those benefits and when the Group

recognises restructuring costs and involves the

payment of termination benefits.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

96Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

借款成本

收购、兴建或生产合资格资产（即需

要长时间准备作拟定用途或出售之

资产）直接应占之借款成本拨充资本

作为有关资产成本之一部分，直至资

产大致可作拟定用途或出售为止。指

定借款于就合资格资产支销前暂时

投资所得投资收入自合资格拨充资

本之借款成本中扣除。

倘于一般情况下借入资金并用于取

得合资格资产，则合资格拨充资本

之借款成本金额将透过就有关资产

之开支应用拨充资本比率确定。该

拨充资本比率为本集团期内未偿还

借款（指定用于取得合资格资产之借

款除外）之适用借款成本之加权平均

数。

所有其他借款成本均于产生之期间

于损益内确认。

政府补贴

政府补贴乃当可合理保证本集团将

符合政府补助所附带条件且将会收

取该补助时予以确认。

税项

所得税指即期税项与递延税项之总

和。

即期应付税项基于本年度应课税溢

利计算。应课税溢利与于损益确认之

溢利有所不同，原因是前者不包括其

他年度之应课税或可扣税收入或开

支项目，亦不包括永不课税或不可扣

税项目。本集团有关即期税项之负债

使用于报告期末前已实行或实际已

实行之税率计算。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which

are asets that necesarily take a substantial period of

time to get ready for their intended use or sale, are

capitalised as part of the cost of those asets, until

such time as the asets are substantialy ready for their

intended use or sale. Investment income earned on the

temporary investment of specific borowings pending

their expenditure on qualifying asets is deducted from

the borowing costs eligible for capitalisation.

To the extent that funds are borowed generaly and

used for the purpose of obtaining a qualifying aset,

the amount of borowing costs eligible for capitalisation

is determined by aplying a capitalisation rate to the

expenditures on that aset. The capitalisation rate is the

weighted average of the borowing costs aplicable to the

borowings of the Group that are outstanding during the

period, other than borowings made specificaly for the

purpose of obtaining a qualifying aset.

Al other borowing costs are recognised in profit or los

in the period in which they are incured.

Government subsidies

A government subsidy is recognised when there is

reasonable asurance that the Group wil comply with

the conditions ataching to it and that the grant wil be

received.

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 profit

or los because it excludes items of income or expense

that are taxable or deductible in other years and it further

excludes items that are never taxable or deductible. The

Group’s liability for curent tax is calculated using tax rates

that have ben enacted or substantively enacted by the

end of the reporting period.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

税项（续）

本集团就财务报表内资产及负债之

账面值与计算应课税溢利所用相应

税基之间之差额确认递延税项。本集

团一般就所有应课税暂时差额确认

递延税项负债，而递延税项资产则于

可能有应课税溢利可用于抵销可扣

减暂时差额、未动用税项亏损或未动

用税项抵免时确认。倘暂时差额因商

誉或因初步确认（于业务合并中除外）

一项既不影响应课税溢利亦不影响

会计溢利之交易中之其他资产及负

债而产生，则不会确认有关资产及负

债。

本集团就于附属公司之投资所产生

之应课税暂时差额确认递延税项负

债，惟倘本集团能够控制暂时差额之

拨回，且该暂时差额可能不会于可见

将来拨回则作别论。

递延税项资产之账面值会于各报告

期末检讨，并于不大可能有足够应课

税溢利以收回全部或部分资产时调

减。

递延税项基于报告期末前已实行或

实际已实行之税率，按预期于负债清

偿或资产变现期间适用之税率计算。

递延税项于损益确认，惟当递延税项

与于其他全面收益确认或直接于权

益确认之项目有关时，亦会于其他全

面收益确认或直接于权益确认。

递延税项资产及负债之计量反映按

照本集团于报告期末预期收回或清

偿其资产及负债账面值之方式而产

生之税务后果。

当有合法可强制执行权利对销即期

税项资产与即期税项负债，且递延税

项资产及负债与由同一税务机关征

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，

递延税项资产及负债会作对销。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Taxation (Continued)

Defered tax is recognised on diferences betwen the

carying amounts of asets and liabilities in the financial

statements and the coresponding tax bases used in the

computation of taxable profit. Defered tax liabilities are

generaly recognised for al taxable temporary diferences

and defered tax asets are recognised to the extent that

it is probable that taxable profits wil be available against

which deductible temporary diferences, unused tax loses

or unused tax credits can be utilised. Such asets and

liabilities are not recognised if the temporary diference

arises from godwil or from the initial recognition (other

than in a busines combination) of other asets and

liabilities in a transaction that afects neither the taxable

profit nor the acounting profit.

Defered tax liabilities are recognised for taxable

temporary diferences arising on investments in

subsidiaries, except where the Group is able to control

the reversal of the temporary diference and it is probable

that the temporary diference wil not reverse in the

foreseable future.

The carying amount of defered tax asets is reviewed

at the end of each reporting period and reduced to the

extent that it is no longer probable that suficient taxable

profits wil be available to alow al or part of the aset to

be recovered.

Defered tax is calculated at the tax rates that are

expected to aply in the period when the liability is setled

or the aset is realised, based on tax rates that have

ben enacted or substantively enacted by the end of the

reporting period. Defered tax is recognised in profit or

los, except when it relates to items recognised in other

comprehensive income or directly in equity, in which case

the defered tax is also recognised in other comprehensive

income or directly in equity.

The measurement of defered tax asets and liabilities

reflects the tax consequences that would folow from the

maner in which the Group expects, at the end of the

reporting period, to recover or setle the carying amount

of its asets and liabilities.

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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

98Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

分部报告

营运分部及财务报表内所呈报各分

部项目之金额，取自就本集团各项业

务分配资源及评估表现而定期向本

集团最高行政管理层提供之财务资

料。

个别重大营运分部不会为财务申报

目的而汇集计算，除非该等分部拥有

类似经济特征，且产品及服务性质、

生产流程性质、客户类型或类别、分

销产品或提供服务所用方法及监管

环境之性质相似。非个别重大营运分

部如符合上述大部分标准，则可汇集

计算。

关联方

关联方为与本集团有关联之人士或

实体。

(a)

倘属以下人士，则该人士或其

近亲与本集团有关联：

(i)

对本集团拥有控制权或共

同控制权；

(i)

对本集团有重大影响力；

或

(i)

为本公司或其母公司之主

要管理层成员。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Segment reporting

Operating segments and the amounts of each segment

item reported in the financial statements are identified

from the financial information provided regularly to

the Group’s most senior executive management for

the purpose of alocating resources and asesing the

performance of the Group’s various lines of busines.

Individualy material operating segments are not

agregated for financial reporting purposes unles the

segments have similar economic characteristics and are

similar in respect of the nature of products and services,

the nature of productions proceses, the type or clas of

customers, the methods used to distribute the products

or provide the services, and the nature of the regulatory

environment. Operating segments which are not

individualy material may be agregated if they share a

majority of these criteria.

Related parties

A related party is a person or entity that is related to the

Group.

(a) A person or a close member of that person’s family is

related to the Group if that person:

(i) has control or joint control over the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel

of the Company or of a parent of the

Company.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

关联方（续）

(b)

倘下列任何条件适用，则实体

与本集团有关联：

(i)

该实体与本公司属同一集

团之成员公司（即各母公

司、附属公司及同系附属

公司彼此间有关联）。

(i)

一间实体为另一实体之联

营公司或合营企业（或另

一实体为成员公司之集团

旗下成员公司之联营公司

或合营企业）。

(i)

两间实体均为同一第三方

之合营企业。

(iv)

一间实体为第三方实体之

合营企业，而另一实体为

该第三方实体之联营公

司。

(v)

该实体为本集团或与其有

关联之实体为雇员利益设

立之离职后福利计划。倘

本集团本身为该计划，则

资助雇主亦与本集团有关

联。

(vi)

该实体受

(a)

项所识别人士

控制或共同控制。

(vi) (a)(i)

项所识别人士对该实

体有重大影响力或属该实

体（或该实体之母公司）之

主要管理层成员。

(vi)

该实体或其所属集团之任

何成员公司为本公司或其

母公司提供主要管理人员

服务。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Related parties (Continued)

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

folowing conditions aplies:

(i) The entity and the Company 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, the sponsoring

employers are also related to the Group.

(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).

(vi) The entity, or any member of a group of

which it is a part, provides key management

personel services to the Company or to a

parent of the Company.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

100Gaoyu Finance Group Limited • ANUAL REPORT 2025

主要会计政策

（续）

资产减值

于各报告期末，本集团审阅其资产

（投资及应收款项除外）之账面值，

以厘定是否有任何迹象显示该等资

产已出现减值亏损。倘存在任何该等

迹象，则会估计资产之可收回金额以

厘定减值亏损程度。倘无法估计个别

资产之可收回金额，则本集团会估计

资产所属现金产生单位之可收回金

额。

可收回金额为公平值减出售成本与

使用价值两者中之较高者。于评估使

用价值时，本集团使用反映现时市场

对金钱时间价值之评估及资产特定

风险之税前贴现率将估计未来现金

流量贴现至其现值。

倘资产或现金产生单位之可收回金

额估计低于账面值，则资产或现金产

生单位之账面值会调减至可收回金

额。减值亏损即时于损益确认，除非

相关资产按重估金额列账，于此情况

下，减值亏损被视为重估减值处理。

倘减值亏损于其后拨回，则资产或现

金产生单位之账面值会增加至其经

修订之估计可收回金额，惟增加后

之账面值不得超过假设于过往年度

并无确认资产或现金产生单位减值

亏损而应厘定之账面值（扣除摊销或

折旧）。减值亏损拨回即时于损益确

认，除非相关资产按重估金额列账，

于此情况下，减值亏损拨回被视为重

估增值处理。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Impairment of asets

At the end of each reporting period, the Group reviews

the carying amounts of its asets except investments and

receivables, to determine whether there is any indication

that those asets have sufered an impairment los. If

any such indication exists, the recoverable amount of the

aset is estimated in order to determine the extent of

any impairment los. Where it is not posible to estimate

the recoverable amount of an individual aset, the Group

estimates the recoverable amount of the cash-generating

unit to which the aset belongs.

Recoverable amount is the higher of fair value les costs

of disposal and value in use. In asesing value in use,

the estimated future cash flows are discounted to their

present value using a pre-tax discount rate that reflects

curent market asesments of the time value of money

and the risks specific to the aset.

If the recoverable amount of an aset or cash-generating

unit is estimated to be les than its carying amount, the

carying amount of the aset or cash-generating unit is

reduced to its recoverable amount. An impairment los

is recognised imediately in profit or los, unles the

relevant aset is caried at a revalued amount, in which

case the impairment los is treated as a revaluation

decrease.

Where an impairment los subsequently reverses, the

carying amount of the aset or cash-generating unit

is increased to the revised estimate of its recoverable

amount, but so that the increased carying amount does

not exced the carying amount that would have ben

determined (net of amortisation or depreciation) had no

impairment los ben recognised for the aset or cash-

generating unit in prior years. A reversal of an impairment

los is recognised imediately in profit or los, unles the

relevant aset is caried at a revalued amount, in which

case the reversal of the impairment los is treated as a

revaluation increase.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

主要会计政策

（续）

拨备及或然负债

当本集团因过往事件而承担现有法

律或推定责任，而履行责任有可能导

致经济利益流出，并能够可靠地估计

时，本集团会就时间或金额不确定之

负债确认拨备。倘金钱之时间价值重

大，则拨备按预期用于履行该责任的

支出现值列账。

倘经济利益流出之可能性较低，或金

额无法可靠地估计，则责任会披露为

或然负债，除非流出之可能性极低。

可能出现之责任（其存在与否仅取决

于一项或多项未来事件是否发生）亦

披露为或然负债，除非流出之可能性

极低。

报告期后事项

提供有关本集团于报告期末之状况

之额外资料或显示持续经营假设并

不适当之报告期后事项为调整事项，

会于综合财务报表反映。并非调整事

项之报告期后事项如属重大，则在综

合财务报表附注披露。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain

timing or amount when the Group has a present legal

or constructive obligation arising as a result of a past

event, it is probable that an outflow of economic benefits

wil be required to setle the obligation and a reliable

estimate can be made. Where the time value of money is

material, provisions are stated at the present value of the

expenditures expected to setle the obligation.

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.

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 or those that indicate the going concern

asumption is not apropriate 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

102Gaoyu Finance Group Limited • ANUAL REPORT 2025

估计不确定因素的主要来源

下文叙述报告期末有关未来的主要

假设及估计不确定因素的其他主要

来源，此等假设及来源或会具有对下

一财政年度资产及负债的账面值造

成须作出大幅调整的重大风险。

呆坏账减值亏损

本集团根据应收账款、按金、应收贷

款及其他应收款项的可收回性之评估

（包括各债务人的当下信誉及过往

的收款记录），就呆坏账作出减值亏

损。当有事件或情况变动，显示余款

可能无法收回，即出现减值。确认呆

坏账需要使用判断及估计。倘实际结

果有别于原本估计，有关差额会于估

计有变的年度对应收账款、按金、应

收贷款及其他应收款项以及呆账开

支产生影响。

金融工具

金融工具之分类

4. KEY SOURCES OF ESTIMATION

UNCERTAINTY

The key asumptions concerning the future, and other

key sources of estimation uncertainty at the end of the

reporting period, that have a significant risk of causing

a material adjustment to the carying amounts of asets

and liabilities within the next financial year, are discused

below.

Impairment los for bad and doubtful debts

The Group makes impairment los for bad and doubtful

debts based on asesments of the recoverability of the

acounts receivables, deposits, loan receivables and other

receivables, including the curent creditworthines and the

past colection history of each debtor. Impairments arise

where events or changes in circumstances indicate that

the balances may not be colectible. The identification of

bad and doubtful debts requires the use of judgement

and estimates. Where the actual result is diferent from

the original estimate, such diference wil impact the

carying value of the acounts receivable, deposits, loan

receivables and other receivables and doubtful debt

expenses in the year in which such estimate has ben

changed.

5. FINANCIAL INSTRUMENTS

Categories of financial instruments

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets:

金融资产：

Investments at fair value through profit or los

按公平值计入损益之投资

4,73813,842

Financial asets at amortised cost (including cash

and cash equivalents)

按摊销成本列账之

金融资产（包括现金及

现金等价物）

234,518204,461

Financial liabilities:

金融负债：

Financial liabilities at amortised cost

按摊销成本列账之

金融负债

98,23773,574

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

金融工具

（续）

金融风险管理目标及政策

本集团风险管理的目标是在风险和

收益之间取得适当的平衡，将风险对

本集团经营业绩的负面影响降低到

最低水平，使股东的利益最大化。基

于该等风险管理目标，本集团风险管

理的基本策略是确定和分析本集团

所面临的各种风险，建立风险管理惯

例的适当风险承受底线并定期对各

种风险进行有效监测、报告和应对，

将风险控制在可接受的范围之内。

本集团在日常经营活动中涉及的风

险主要包括市场风险（包括货币风险

及利率风险）、信贷风险及流动资金

风险。本集团已制定相应的政策及程

序以识别及分析风险。本集团已设定

适当的风险指标、风险限额、风险政

策及内部控制流程。本集团亦通过资

讯系统按持续监控方式管理风险。

本集团就金融工具面临的风险类型

或其管理以及计量该等风险的方式

并无变化。

本集团管理层管理及监察此等风险，

以确保及时有效实施合适措施。

5. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

The Group’s risk management objectives are to achieve

a proper balance betwen risks and yield, minimise

the adverse impacts of risks on the Group’s operating

performance, and maximise the benefits of the

shareholders. Based on these risk management objectives,

the Group’s basic risk management strategy is to identify

and analyse the various risks the Group is exposed to, and

to establish an apropriate tolerance for risk management

practice, so as to monitor, notify and respond to the

risks regularly and efectively and to control risks at an

aceptable level.

The risks the Group is exposed to in its daily operating

activities mainly include market risk (including curency

risk and interest rate risk), credit risk and liquidity risk. The

Group has established policies and procedures acordingly

to identify and analyse the risks. The Group has set up

apropriate risk indicators, risk limits, risk policies and

internal control proces. The Group also manages risks

with information system on a continuous monitoring

basis.

There has ben no change to the types of the Group’s

exposure in respect of financial instruments or the maner

in which it manages and measures the risks.

The management of the Group manages and monitors

these exposures to ensure apropriate measures are

implemented in a timely and efective maner.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

104Gaoyu Finance Group Limited • ANUAL REPORT 2025

金融工具

（续）

市埸风险

利率风险

于报告期末，现金流量利率风险主

要产生自本集团银行结余（公司账户）

（为按浮动利率计息的金融工具）。

基于年末计息银行结余（公司账户），

倘利率上调╱下调

个基点，在所有

其他可变因素不变情况下，本集团截

至二零二五年三月三十一日止财政

年度的除税前溢利将增加╱减少约

225,000

港元（二零二四年：约

51,000

港元）。

应付一间关联公司款项按固定利率

计息，因此须面临公平值利率风险。

货币风险

货币风险为因与外币银行存款、应收

贷款、应付一间关联公司款项及应收

账款有关的外汇率不利变动所致

的亏损风险。于报告期末，本集团以

外币计值货币资产的账面值如下：

由于美元与港元挂钩，本集团预期美

元兑港元汇率不会有任何重大波动。

下表载列在所有其他可变因素维持

不变的情况下，本集团于报告期末的

除税前溢利对人民币汇率出现合理

可能变动的敏感程度。

5. FINANCIAL INSTRUMENTS (Continued)

Market risk

Interest rate risk

At the end of the reporting period, the cash flow interest

rate risk mainly arises from the Group’s bank balances

(house acount), which are financial instruments caried

at variable interest rates. Based on the year end interest

bearing bank balances (house acount), if interest rates

had ben 50 basis points higher/lower and al other

variables were held constant, the Group’s profit before

tax for the financial year ended 31 March 2025 would

increase/decrease by aproximately HK$225,000 (2024:

aproximately HK$51,000).

The due to a related company bear interest at fixed

interest rates and therefore are subject to fair value

interest rate risk.

Curency risk

Curency risk is the risk of los due to adverse movements

in foreign exchange rates relating to foreign curency

deposits with banks, loan receivables due to a related

company and acounts receivables. The carying amounts

of the Group’s foreign curency denominated monetary

asets at the end of the reporting period are as folows:

二零二五年二零二四年

Foreign curencyHK$’000HK$’000

外币千港元千港元

Bank balances

银行结余

USD

美元

17,204595

RMB

人民币

Loan receivables

应收贷款

USD

美元

6,640–

Due to a related company

应付一间关联公司款项

USD

美元

–28,388

Acounts receivables

应收账款

USD

美元

147,533115,150

As USD is peged to HK$, the Group does not expect any

significant movement in the USD/HK$ exchange rate. The

folowing table demonstrates the sensitivity at the end

of the reporting period to a reasonably posible change

in the RMB exchange rates, with al other variables held

constant, of the Group’s profit before tax.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

金融工具

（续）

市埸风险（续）

货币风险（续）

信贷风险及减值评估

于报告期末，本集团所面临因交易对

手未能履行责任而可能令本集团蒙

受财务损失的最高信贷风险，乃源

自综合财务状况表呈列应收账款、

应收贷款、其他应收款项、应收非控

股东款项及现金及银行结余账面

值。于二零二五年三月三十一日，本

集团就应收账款而面临集中信贷风

险，此乃由于应收五大客户账款占应

收账款总额的

93.69%

（二零二四年：

75.53%

），及应收账款总额的零港元

（二零二四年：

9,614,000

港元）为应

收一间结算所账款。

本集团应用简化方法就香港财务报

告准则第

号规定的预期信贷亏损计

提拨备，该准则允许就所有与香港财

务报告准则第

号项下来自客户合

约收益有关的应收账款使用全期预

期信贷亏损拨备。为计量预期信贷亏

损，应收账款已根据共同信贷风险特

点分类。本集团已进行历史分析并识

别主要经济变数，该等因素影响信贷

风险及预期信贷亏损。其将考虑合理

及具支持性的前瞻性宏观经济数据，

例如反映债务人经营所处行业整体

经济状况的经济增长率。

5. FINANCIAL INSTRUMENTS (Continued)

Market risk (Continued)

Curency risk (Continued)

Decrease/increase

in los before tax

除税前亏损减少╱增加

二零二五年二零二四年

HK$’000HK$’000

As at 31 March

于三月三十一日千港元千港元

If Hong Kong Dolar strengthens/weakens

against RMB by 5%

倘港元兑人民币升值╱

贬值

5%12

Credit risk and impairment asesment

At the end of the reporting period, the Group’s maximum

exposure to credit risk which wil cause a financial los

to the Group due to failure to discharge an obligation by

the counterparties is arising from the carying amount of

acounts receivables, loan receivables, other receivables,

due from non-controling shareholders and cash and

bank balances as stated in the consolidated statement

of financial position. As at 31 March 2025, the Group

has concentration of credit risk on acounts receivable as

93.69% (2024: 75.53%) of the total acounts receivable

was due from top five largest customers and HK$Nil

(2024: HK$9,614,000) of the total acounts receivable

was due from a clearing house.

The Group aplies the simplified aproach to provide

for expected credit loses prescribed by HKFRS 9, which

permits the use of the lifetime expected credit loses

provision for al acounts receivable relate to revenue from

contracts with customers under HKFRS 15. To measure

the expected credit loses, acounts receivable has ben

grouped based on shared credit risk characteristics. The

Group has performed historical analysis and identified

the key economic variables impacting credit risk and

expected credit loses. It considers available reasonable

and suportive forwarding-loking macroeconomic data

(for example, the economic growth rates which reflect

the general economic conditions of the industry in which

debtors operate).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

106Gaoyu Finance Group Limited • ANUAL REPORT 2025

金融工具

（续）

市埸风险（续）

信贷风险及减值评估（续）

为最大限度地降低信贷风险，本集团

透过计量预期信贷亏损，定期评估应

收账款的可收回性。本集团管理层已

委派一组人员负责厘定有关所有客

户（包括现金及保证金客户）的信贷

限额、信贷审批及其他监控程序。此

举确保采取跟进措施收回逾期债项。

于执行任何采购交易前，现金客户须

按本集团信贷政策规定存置按金。应

收现金客户的款项一般于交易日后

两个交易日到期。由于涉及规定按金

要求及结算期较短，应收现金客户款

项所产生信贷风险被认为不重大。此

外，本集团持有抵押品以涵盖与附注

所述应收保证金客户、贷款融资客

户及供应链融资客户款项有关的信

贷风险，并于报告期末检讨每项个别

应收账款的可收回金额，以确保就不

可收回金额作出足够减值亏损。本集

团使用一般方法及个别评估法评估

其保证金客户、贷款融资客户及供应

链融资客户之信贷亏损。本集团评估

应收保证金客户、贷款融资客户及供

应链融资客户之账款之信贷风险自

初步确认以来是否已显著增加，并应

用三阶段减值模式计算其预期信贷

亏损，管理层使用风险参数模拟法评

估减值亏损，该方法纳入主要计量参

数，包括违约概率、违约损失率及违

约风险，并考虑前瞻性资料。就此而

言，本公司董事认为本集团的信贷风

险大幅降低。一般而言，倘应收账款

逾期超过两年将会被撇销。除应收账

款的集中信贷风险外，本集团并无任

何其他重大集中信贷风险。

5. FINANCIAL INSTRUMENTS (Continued)

Market risk (Continued)

Credit risk and impairment asesment (Continued)

In order to minimise the credit risk, the Group makes

periodic asesment on the recoverability of the acounts

receivables by measurement of expected credit loses.

The management of the Group has delegated a team

responsible for determination of credit limits, credit

aprovals and other monitoring procedures to al clients

including cash and margin clients. This ensure that

folow-up action is taken to recover overdue debts. Cash

clients are required to place deposits as prescribed by the

Group’s credit policy before execution of any purchase

transaction. Receivables due from cash clients are

normaly due within two trading days after the trade date.

Because of the prescribed deposit requirements and the

short setlement period involved, credit risk arising from

the acounts receivables from cash clients is considered

insignificant. In adition, the Group holds colateral

to cover its credit risks asociated with its acounts

receivables from margin clients, loan financing clients and

suply chain financing clients as mentioned in Note 23

and reviews the recoverable amount of each individual

acounts receivables at the end of the reporting period

to ensure that adequate impairment loses are made for

irecoverable amounts. The Group aseses the credit

loses of its margin clients, loan financing clients and

suply chain financing clients using the general aproach

and asesment individualy. The Group aseses whether

the credit risk of the acounts receivables from margin

clients, loan financing clients and suply chain financing

clients have increased significantly since their initial

recognition, and aply a thre-stage impairment model

to calculate their expected credit loses, the management

aseses impairment los using the risk parameter

modeling aproach that incorporates key measurement

parameters, including probability of default, los given

default and exposure at default, with the consideration of

forward-loking information. In this regard, the directors

of the Company consider that the Group’s credit risk

is significantly reduced. Generaly, acounts receivables

are writen of if past due for more than two years.

Other than concentration of credit risk on acounts

receivables, the Group does not have any other significant

concentration of credit risk.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

金融工具

（续）

市埸风险（续）

信贷风险及减值评估（续）

有关抵押品及本集团因应收账款承

担的信贷风险的进一步定量数据于

综合财务报表附注

中披露。

本集团使用一般方法及个别评估法

评估其应收贷款客户之信贷亏损。

本集团评估应收贷款之信贷风险自

初步确认以来是否已显著增加，并应

用三阶段减值模式计算其预期信贷

亏损，管理层使用风险参数模拟法评

估减值亏损，该方法纳入主要计量参

数，包括违约概率、违约损失率及违

约风险，并考虑前瞻性资料。就此而

言，本公司董事认为本集团的信贷风

险大幅降低。

于二零二五年及二零二四年三月

三十一日，其他应收款项及按金账面

值约为

1,135,000

港元（二零二四年：

约

2,397,000

港元）。该等结余的信贷

风险较低，原因为交易对手违约风险

较低且并无任何逾期款项并得出结

论，按

个月预期信贷亏损计算，该

等结余于两个年度的预期信贷亏损

属微不足道。

应收非控股东款项由本公司董事

密切监控。

于二零二五年及二零二四年三月

三十一日，本集团透过向多间具有高

信贷评级的银行存置存款以限制其

信贷风险。流动资金及应收结算所账

款的信贷风险有限，皆因交易对手均

为获国际信贷评级机构颁予高信贷

评级之银行及结算所。除于流动资金

及应收账款集中信贷风险外，本集团

并无任何其他重大集中信贷风险。

5. FINANCIAL INSTRUMENTS (Continued)

Market risk (Continued)

Credit risk and impairment asesment (Continued)

Further quantitative data in respect of the colaterals and

the Group’s exposure to credit risk arising from acounts

receivables are disclosed in Note 23 to the consolidated

financial statements.

The Group aseses the credit loses of its loan receivables

clients using the general aproach and asesment

individualy. The Group aseses whether the credit

risk of the loan receivables have increased significantly

since their initial recognition, and aply a thre-stage

impairment model to calculate their expected credit

loses, the management aseses impairment los using

the risk parameter modeling aproach that incorporates

key measurement parameters, including probability of

default, los given default and exposure at default, with

the consideration of forward-loking information. In this

regard, the directors of the Company consider that the

Group’s credit risk is significantly reduced.

As at 31 March 2025 and 2024, the carying amounts

of other receivables and deposits were aproximately of

HK$1,135,000 (2024: aproximately of HK$2,397,000).

The credit risks on these balances are low because the

counterparties have a low risk of default and do not have

any past-due amounts and concluded the expected credit

loses on these balances are insignificant at 12-month

expected credit loses for both years.

Due from non-controling shareholders are closely

monitored by directors of the Company.

As at 31 March 2025 and 2024, the Group limits its

exposure to credit risk by placing deposits with several

banks with high credit rating. The credit risk on liquid

funds and acounts receivable from clearing house is

limited because the counterparties are bank and a clearing

house with high credit ratings asigned by international

credit rating agencies. Other than concentration of credit

risk on liquid funds and acounts receivable, the Group

does not have any other significant concentration of credit

risk.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

108Gaoyu Finance Group Limited • ANUAL REPORT 2025

金融工具

（续）

市埸风险（续）

流动资金风险

管理流动资金风险时，本集团监控现

金及现金等价物并将其维持在管理

层认为充足的水平，以为本集团业务

营业提供资金及减少现金流量波动

的影响。

下表呈列本集团于报告期末余下合

约到期日的应付现金流量。下表所披

露的数额为合约未贴现之现金流量。

下表包括利息及本金现金流量。倘利

率为浮动利率，则未贴现金额按报告

期末的利率计算。

5. FINANCIAL INSTRUMENTS (Continued)

Market risk (Continued)

Liquidity risk

In the management of the liquidity risk, the Group

monitors and maintains a level of cash and cash

equivalents dems adequate by the management to

finance the Group’s operations and mitigate the efects of

fluctuations in cash flows.

The tables below present the cash flows payable by the

Group within the remaining contractual maturities at

the end of the reporting period. The amounts disclosed

in the tables are the contractual undiscounted cash

flows. The tables include both interest and principal cash

flows. To the extent that interest rates are floating, the

undiscounted amount is derived from interest rate at the

end of the reporting period.

Weighted

average

interest rate

On demand

or les than

1 year

Betwen

1 to 2 years

Betwen

2 to 5 yearsOver 5 years

Total

undiscounted

cash flow

Carying

amount

加权平均利率

按要求或

年内

至

年

至

年

年以上

未贴现金

流量总额账面值

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

千港元千港元千港元千港元千港元千港元

At 31 March 2025

于二零二五年

三月三十一日

Other payables

其他应付款项

–140–137140

Dividends payables

应付股息

–3–33

Bank loans

银行贷款

4.6718,025–18,02518,025

Bond and interest payable

应付债券及利息

6.001,8582,0406,12040,12050,13834,534

Acounts payable arising from the

busines of dealing in securities:

证券交易业务产生的

应付账款：

– Clearing house

－结算所

–399–399399

– Cash clients

－现金客户

–37,389–37,38937,389

– Margin clients

－保证金客户

–2,787–2,7872,787

Lease liabilities

租赁负债

5.382,5292,750–5,2794,960

63,1304,7906,12040,120114,16098,237

At 31 March 2024

于二零二四年

三月三十一日

Other payables

其他应付款项

–246–246246

Dividends payables

应付股息

–81–8181

Due to a related company

应付一间关联公司款项

–28,388–28,38828,388

Acounts payable arising from the

busines of dealing in securities:

证券交易业务产生的

应付账款：

– Cash clients

－现金客户

–35,061–35,06135,061

– Margin clients

－保证金客户

–2,654–2,6542,654

Lease liabilities

租赁负债

5.382,5402,5292,750–7,8197,144

68,9702,5292,750–74,24973,574

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

公平值计量

金融资产及金融负债的公平值按以

下方式厘定：

(i)

具有标准条款及条件并于活跃

流通市场买卖的金融资产及金

融负债（包括衍生工具）的公平

值分别参考市场所报的买入价

及卖出价厘定；

(i)

其他金融资产及金融负债（包括

衍生工具）的公平值乃根据公认

定价模式按照已贴现金流量

分析，使用可观察现有市场交

易的价格或费率作为输入数据

而厘定；及

(i)

衍生工具的公平值按报价计

算。倘未能获得有关价格，则以

非期权衍生工具的工具期限的

适用孳息曲线，以及期权衍生

工具的期权定价模式进行贴现

现金流量分析。

除下表详述者外，董事认为于综合财

务报表入账的金融资产及金融负债

的账面值与其公平值相若。

于综合财务状况表确认的公平值

计量

下表提供于初步确认后按公平值计

量，根据公平值可观察程度划分为第

一至第三级的金融工具分析：

(i)

第一级公平值计量乃源自活跃

市场上同样资产或负债的报价

（未经调整）；

(i)

第二级公平值计量乃源自资产

或负债的直接（即价格）或间接

（即源自价格）可观察输入数据

（不包括第一级包括的报价）；

及

6. FAIR VALUE MEASUREMENTS

The fair value of financial asets and financial liabilities are

determined as folows:

(i) the fair value of financial asets and financial

liabilities (including derivative instruments) with

standard terms and conditions and traded on active

liquid markets are determined with reference to

quoted market bid prices and ask prices respectively;

(i) the fair value of other financial asets and financial

liabilities (including derivative instruments) are

determined in acordance with generaly acepted

pricing models based on discounted cash flow

analysis using prices or rates from observable curent

market transactions as input; and

(i) the fair values of derivative instruments are

calculated using quoted prices. Where such prices

are not available, a discounted cash flow analysis

is performed using the aplicable yield curve for

the duration of the instruments for non-optional

derivatives, and option pricing models for optional

derivatives.

Except as detailed in the folowing tables, the directors

consider that the carying amounts of financial asets and

financial liabilities recorded in the consolidated financial

statements aproximate their fair values.

Fair value measurements recognised in the

consolidated statement of financial position

The folowing table provides an analysis of financial

instruments that are measured subsequent to initial

recognition at fair value, grouped into Levels 1 to 3 based

on the degre to which the fair value is observable:

(i) Level 1 fair value measurements are those derived

from quoted prices (unadjusted) in active markets for

identical asets or liabilities;

(i) Level 2 fair value measurements are those derived

from inputs, other than quoted prices included

within Level 1, that are observable for the aset or

liability, either directly (i.e. prices) or indirectly (i.e.

derived from prices); and

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

110Gaoyu Finance Group Limited • ANUAL REPORT 2025

公平值计量

（续）

于综合财务状况表确认的公平值

计量（续）

(i)

第三级公平值计量乃源自估值

技术（包括并非基于可观察市场

数据（不可观察输入数据）的资

产或负债的输入数据）。

本集团的政策为于导致转拨之事件

或情况变化日期确认拨入及拨出该

等任何三个层级的转拨。

于二零二五年三月三十一日

的公平值层级水平披露

于二零二四年三月三十一日的公

平值层级水平披露

6. FAIR VALUE MEASUREMENTS (Continued)

Fair value measurements recognised in the

consolidated statement of financial position

(Continued)

(i) Level 3 fair value measurements are those derived

from valuation techniques that include inputs for the

aset or liability that are not based on observable

market data (unobservable inputs).

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.

a) Disclosures of level in fair value hierarchy as

at 31 March 2025

Fair value

measurements

using:

使用以下层级的

公平值计量：

Level 3

第三级

HK$’000

千港元

Financial asets

金融资产

Investments at fair value through profit

or los

Listed securities in Hong Kong

按公平值计入损益之投资

香港上市证券

4,738

Disclosures of level in fair value hierarchy as at 31

March 2024

Fair value

measurements

using:

使用以下层级的

公平值计量：

Level 1

第一级

HK$’000

千港元

Financial asets

金融资产

Investments at fair value through profit or los

Listed securities in Hong Kong

按公平值计入损益之投资

香港上市证券

13,842

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

公平值计量

（续）

于二零二四年三月三十一日的公

平值层级水平披露（续）

基于第三级按公平值计量的资

产之对账：

年内，金额为

5,712,000

港元的

香港上市证券因自二零二四年

十月起暂停买卖而自第一级计

量转拨至第三级计量。

于损益确认的收益或亏损总额

（包括于报告期末持有的资产）

于损益及其他全面收益表按公

平值计入损益之投资的公平值

变动呈列。

本集团使用之估值程序及于二

零二五年三月三十一日之公平

值计量中使用之估值技术及输

入数据之披露：

本集团财务总监负责财务申报

要求的资产及负债公平值计

量，包括第三级公平值计量。财

务总监直接向董事会报告该等

公平值计量。财务总监与董事

会至少每年进行两次估值程序

及结果讨论。

6. FAIR VALUE MEASUREMENTS (Continued)

Disclosures of level in fair value hierarchy as at 31

March 2024 (Continued)

b) Reconciliation of asets measured at fair value based

on level 3:

Investments

at fair value

through

profit or los

按公平值计入

损益之投资

Equity

investments

股权投资

Level 3

Description

描述第三级

HK$’000

千港元

At 1 April 2024

于二零二四年四月一日

–

Transfer from Level 1

转自第一级

5,712

Total gains or loses recognised in profit

or los (#)

于损益确认的收益或亏损

总额

(#)

(974)

At 31 March 2025

于二零二五年三月三十一日

4,738

(#) Include gain or loses for asets held

at end of reporting period

(#)

包括于报告期末持有的资产

的收益或亏损

(974)

During the year, listed securities in Hong Kong

amounting to HK$5,712,000 were transfered from

measurement based on level 1 to level 3 as a result

of suspension of trading since October 2024.

The total gains or loses recognised in profit or los

including those for asets held at end of reporting

period are presented in fair value change on

investment at fair value thought profit or los in the

statement of profit or los and other comprehensive

income.

c) Disclosure of valuation proces used by the Group

and valuation techniques and inputs used in fair

value measurements at 31 March 2025:

The Group’s financial controler is responsible for

the fair value measurements of asets and liabilities

required for financial reporting purposes, including

level 3 fair value measurements. The financial

controler reports directly to the Board of Directors

for these fair value measurements. Discusions of

valuation proceses and results are held betwen

the financial controler and the Board of Directors at

least twice a year.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

112Gaoyu Finance Group Limited • ANUAL REPORT 2025

公平值计量

（续）

于二零二四年三月三十一日的公

平值层级水平披露（续）

（续）

就第三级公平值计量而言，本

集团一般委聘具备认可专业资

格及近期估值经验的外部估值

专家进行估值。

第三级公平值计量

收益及分部资料

本集团主要营运决策人（「主要营运

决策人」），即本集团执行董事及高级

管理层，按主要服务定期审阅收益

分析，以作出资源分配决策。除收益

外，并无独立财务资料定期呈报予主

要营运决策人。管理层根据综合损益

及其他全面收益表呈列的收益及溢

利评估本集团的表现。

由于主要营运决策人并无审阅分部

资产及负债，故并无呈列分部资产或

负债。

6. FAIR VALUE MEASUREMENTS (Continued)

Disclosures of level in fair value hierarchy as at 31

March 2024 (Continued)

c) (Continued)

For level 3 fair value measurements, the Group wil

normaly engage external valuation experts with the

recognised profesional qualifications and recent

experience to perform the valuations.

Level 3 fair value measurements

DescriptionValuation technique

Unobservable

inputsRange

Efect on

fair value for

increase of

Inputs

Fair value

描述估值技术

不可观察

输入数据范围

输入数据

增加对

公平值的

影响

公平值

二零二五年

HK$’000

千港元

Investments at fair value

through profit or los

按公平值计入损益之

投资

Listed securities in

Hong Kong

Index return methodLack of marketability

discount

15.61%Decrease4,738

香港上市证券指数回报法缺乏市场流通性

贴现率

减少

Return of

comparable

companies

1.45%Decrease

可资比较公司的

回报

减少

7. REVENUE AND SEGMENT INFORMATION

The chief operating decision maker (“CODM”) of

the Group, being the executive directors and senior

management of the Group, regularly review revenue

analysis by major services to make decisions about

resource alocation. No discrete financial information

other than revenue is regularly provided to the CODM.

The management aseses the performance of the

Group based on the revenue and profit as presented in

the consolidated statement of profit or los and other

comprehensive income.

No segment asets or liabilities is presented as the CODM

does not review segment asets and liabilities.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

收益及分部资料

（续）

主要服务所得收益

本集团提供七类服务：

(a)

证券交易及其他经纪服务，主

要产生证券交易佣金；

(b)

配售及包销服务，主要产生来

自权益及债务证券配售及包销

的收费及佣金；

(c)

融资服务，包括证券及首次公

开招股保证金融资、贷款融资

及财务借贷，产生来自保证金

及贷款融资客户的利息收入；

(d)

供应链融资为一项在保证金及

贷款融资以及财务借贷下延伸

的另类金融服务，为批发商的

（电脑、通讯及电子消费品）产

品贸易业务提供应链融资及

物流服务；

(e)

资产管理服务，主要产生管理

费及表现费；

(f)

咨询服务，提供专业意见服务；

(g)

信托服务，为高净值客户提供

专业信托服务，以满足彼等的

资产保护、税务规划及理财需

求；及

(h)

其他服务，主要产生来自提供

其他服务的收费收入（如代理

费、专业服务费、贷款承诺费及

转介费）。

收益指自第三方已收及应收总金额、

来自证券交易及经纪服务、配售及包

销服务以及咨询服务的收入。年内已

确认的收益如下：

7. REVENUE AND SEGMENT INFORMATION

(Continued)

Revenue from major services

The Group provides seven types of services:

(a) securities dealing and other brokerage services,

which primarily generate comision on securities

dealing;

(b) placing and underwriting services, which primarily

generate fe and comision from equity and debt

securities placing and underwriting;

margin financing, loan financing and money lending,

which generate interest income from margin and

loan financing clients;

(d) suply chain financing is an alternative financial

service under the margin and loan financing

and money lending which provides suply chain

financing and logistic services to wholesalers for

their trading busineses in respect of 3C (computer,

comunication and consumer electronics) products;

(e) aset management services, which primarily generate

management fe and performance fe;

(f) advisory services, which provide profesional advice

services;

(g) trust services, which provide profesional trust

services to its high net worth clients, in order to fulfil

their neds of aset protection, tax planing and

wealth management; and

(h) other services, which primarily generate fe income

(such as agency fe, profesional service fe, loan

comitment fes and referal fes) from other

services provided.

Revenue represents the agregate of the amounts

received and receivable from third parties, income from

securities dealing and brokerage services, placing and

underwriting services and advisory services. Revenue

recognised during the years are as folowings:

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

114Gaoyu Finance Group Limited • ANUAL REPORT 2025

收益及分部资料

（续）

主要服务所得收益（续）

来自客户合约收益的划分：

7. REVENUE AND SEGMENT INFORMATION

(Continued)

Revenue from major services (Continued)

Disagregation of revenue from contracts with

customers:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Securities dealing and brokerage services

证券交易及经纪服务

3,8072,073

Placing and underwriting services

配售及包销服务

6,0972,436

Profesional service fe income

专业服务费收入

1,374910

Advisory fe incomes

咨询费收入

Aset management services

资产管理服务

–440

Revenue from contracts with customers

客户合约收益

11,5186,171

Revenue from other sources

来自其他来源的收益

Interest income from margin financing services

保证金融资服务的利息收入

2,6278,061

Interest income from loan financing and

money lending

贷款融资及财务借贷的

利息收入

Interest income from suply chain financing

供应链融资的利息收入

15,5798,430

18,97317,420

30,49123,591

Timing of revenue recognition:

确认收益的时间：

A point in time

于指定时间点

11,5186,171

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

收益及分部资料

（续）

地区资料

本集团的非流动资产位于香港。本集

团于香港经营，其收益来自香港的业

务。

主要客户资料

占本集团总收益超逾

10%

的主要客

户收益如下：

附注：

客户

及

于截至二零二四年三月

三十一日止年度未达到占总收益

10%

或以上的下限值。客户

于截

至二零二五年三月三十一日止年

度未达到占总收益

10%

或以上的

下限值。

其他收益

佣金开支

7. REVENUE AND SEGMENT INFORMATION

(Continued)

Geographical information

The Group’s non-curent asets are located in Hong Kong.

The Group operates in Hong Kong and its revenue is

derived from its operations in Hong Kong.

Information about major customers

Revenue from major customers contributing over 10% of

the total revenue of the Group are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Customer A

客户

A7,6896,113

Customer B

客户

B4,017N/A

不适用

Customer C

客户

C3,788N/A

不适用

Customer D

客户

DN/A

不适用

6,333

Note: Customer B and C did not met the threshold of

acounting for 10% or more of total revenue for the year

ended 31 March 2024. Customer D did not met the

threshold of acounting for 10% or more of total revenue

for the year ended 31 March 2025.

8. OTHER GAINS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Government subsidies

政府补贴

5461,092

Sundry income

杂项收入

6181,942

9. COMISION EXPENSES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Comision to acount executives

支付予客户主任的佣金

Comision to others

支付予其他人士的佣金

–129

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

116Gaoyu Finance Group Limited • ANUAL REPORT 2025

10.

员工成本

11.

其他经营开支

10. STAF COSTS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries and bonus

薪金及花红

5,6305,244

Contributions to Mandatory Provident Fund

强制性公积金供款

Directors’ emoluments (Note 15)

董事酬金（附注

）

– Fes

－袍金

1,6921,833

– Contributions to Mandatory Provident Fund

－强制性公积金供款

7,5707,317

11. OTHER OPERATING EXPENSES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Auditor’s remuneration

核数师酬金

– audit services

－核数服务

– non-audit services

－非核数服务

Bank charges

银行收费

Entertainment expenses

招待开支

Legal and profesional fe

法律及专业费用

5,0656,044

Los on disposal of investments at fair value

through profit or los

出售按公平值计入损益之

投资的亏损

398–

Ofice management charges

办公室管理费用

Rates

差饷

Ofice suplies and utilities

办公用品及水电费

Software and stock information expenses

软件及金融市场资讯费用

开支

1,5891,630

Traveling and transportation expenses

差旅及运输开支

Others

其他

1,691809

10,60110,525

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

10.

员工成本

11.

其他经营开支

12.

资产减值

13.

融资成本

14.

所得税开支

12. IMPAIRMENT OF ASETS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Impairment los on acount receivables

应收账款减值亏损

8,4091,831

Impairment los on loan receivables

应收贷款减值亏损

2,624–

11,0331,831

13. FINANCE COSTS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest on bonds

债券利息

716–

Interest on bank loan

银行贷款利息

685–

Interest on lease liabilities

租赁负债利息

1,756129

14. INCOME TAX EXPENSE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent tax:

即期税项：

Hong Kong Profits Tax

香港利得税

1,364726

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

118Gaoyu Finance Group Limited • ANUAL REPORT 2025

14.

所得税开支

（续）

截至二零二五年及二零二四年三月

三十一日止年度，本集团已就未超过

2,000,000

港元的应课税溢利按税率

8.25%

及就超过

2,000,000

港元的任

何应课税溢利部分按税率

16.5%

计提

香港利得税。

年内税项支出可与综合损益及其他

全面收益表的除税前（亏损）╱溢利

对账如下：

14. INCOME TAX EXPENSE (Continued)

Hong Kong Profits Tax has ben provided at the rate

of 8.25% on asesable profits up to HK$2,000,000

and 16.5% on any part of asesable profits over

HK$2,000,000 for the years end 31 March 2025 and

2024.

The tax charge for the year can be reconciled to (los)/

profit before tax per the consolidated statement of profit

or los and other comprehensive income as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

(Los)/profit before tax

除税前（亏损）╱溢利

(11,853)9,616

Tax at the Hong Kong Profits Tax rate of 16.5%

(2024: 16.5%)

按香港利得税率

16.5%

（二零二四年：

16.5%

）

计算的税项

(1,956)1,587

Tax relief of 8.25% on first HK$2 milion

asesable profit

首

2,000,000

港元应课税

溢利的

8.25%

税务减免

(165)(165)

Tax efect of expenses not deductible for

tax purpose

不可扣税开支的税务影响

Tax efect of income not taxable for tax purpose

毋须课税收入的税务影响

(290)(1,433)

Tax efect of temporary diferences not recognised

未确认暂时差额的税务影响

3,423187

Tax efect of utilisation of tax loses not

previously recognised

先前未确认税项亏损使用的

税务影响

(108)(276)

Tax efect of tax loses not recognised

未确认税项亏损的税务影响

Tax expenses for the years

年内税项开支

1,364726

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

14.

所得税开支

（续）

于二零二五年及二零二四年三月

三十一日，本集团并无可扣减或应课

税暂时差额产生的重大递延税项资

产或负债。

于报告期间末，本集团估计有约

13,182,000

港元（二零二四年：

19,667,000

港元）的税务亏损可与未

来的溢利抵销。由于未来利润流的不

可预测性，并无就剩余的

2,173,000

港元（二零二四年：

3,295,000

港元）

确认递延税项资产。相关税项亏损可

无限期结转。

15.

董事酬金

截至二零二五年三月三十一日止

年度

14. INCOME TAX EXPENSE (Continued)

As at 31 March 2025 and 2024, the Group had no

material defered tax asets or liabilities arising from

deductible or taxable temporary diferences.

At the end of the reporting period, the Group has

estimated tax loses of aproximately HK$13,182,000

(2024: HK$19,667,000) available for ofset against

future profits. No defered tax aset has ben recognised

in respect of remaining HK$2,173,000 (2024:

HK$3,295,000) due to the unpredictability of future

profit streams. The tax loses may be caried forward

indefinitely.

15. DIRECTORS’ EMOLUMENTS

For the year ended 31 March 2025

Director fesSalaries

Contributions

to Mandatory

Provident FundTotal

董事袍金薪金

强制性

公积金供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Name

姓名

Executive director:

执行董事：

Mr. Fok Yuk Tong

霍玉堂先生

732–18750

Ms. Fok Kit Ye

霍洁仪女士

240–12252

Ms. Hsieh Ching Chun

谢青纯女士

360–18378

Independent non-executive

director:

独立非执行董事：

Ms. Chan, Katherine Hoi Wuen

陈凯媛女士

120–120

Mr. Tong Wing Chi

唐永智先生

120–120

Mr. Kwan Tsz Chun Sun

关子臻先生

120–120

Total for 2025

二零二五年总计

1,692–481,740

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

120Gaoyu Finance Group Limited • ANUAL REPORT 2025

15.

董事酬金

（续）

截至二零二四年三月三十一日止年

度

附注：

(i)

李浩良先生于二零二三年四月一日

获委任为执行董事并于二零二四年

一月二日辞任。

以上所示董事酬金乃就其担任本公

司及本公司附属公司的董事而作出。

花红乃参考本集团业绩及个人表现

酌情厘定。

截至二零二五年三月三十一日止年

度，概无本公司董事放弃任何酬金，

而本集团亦无向本公司任何董事支

付酬金，作为促使彼等加入本集团的

奖金或作为离职补偿（二零二四年：

无）。

15. DIRECTORS’ EMOLUMENTS (Continued)

For the year ended 31 March 2024

Director fesSalaries

Contributions

to Mandatory

Provident FundTotal

董事袍金薪金

强制性

公积金供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Name

姓名

Executive director:

执行董事：

Mr. Fok Yuk Tong

霍玉堂先生

782–18800

Ms. Fok Kit Ye

霍洁仪女士

240–12252

Ms. Hsieh Ching Chun

谢青纯女士

360–18378

Mr. Le, Ho Leung Wiliam (Note i)

李浩良先生（附注

）

91900181,009

Independent non-executive

director:

独立非执行董事：

Ms. Chan, Katherine Hoi Wuen

陈凯媛女士

120–120

Mr. Tong Wing Chi

唐永智先生

120–120

Mr. Kwan Tsz Chun Sun

关子臻先生

120–120

Total for 2024

二零二四年总计

1,833900662,799

Notes:

(i) Mr. Le, Ho Leung Wiliam was apointed as an executive

director on 1 April 2023 and resigned on 2 January 2024.

The directors’ emoluments shown above were for their

services as directors of the Company and subsidiaries

undertaking of the Company.

The bonuses are discretionary and determined with

reference to the Group’s and the individuals’ performance.

During the year ended 31 March 2025, no directors of the

Company waived any emoluments and no emoluments

were paid by the Group to any of the directors of the

Company as an inducement to join or upon joining the

Group or as compensation for los of ofice (2024: nil).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

16.

最高薪人士

本集团五名最高薪人士中，一名（二

零二四年：三名）为本公司董事，其酬

金于上文附注

中披露。其余四名人

士（二零二四年：两名）的酬金如下：

酬金介乎以下范围的最高薪人士（不

包括董事）人数如下：

花红乃参考本集团业绩及个人表现

酌情厘定。年内，概无向该等人士支

付酬金，作为促使彼等加入本集团的

奖金或作为离职补偿。

16. HIGHEST PAID INDIVIDUALS

Of the five individuals with the highest emoluments in the

Group, one (2024: thre) out of the five individuals were

directors of the Company whose emoluments are included

in the disclosures in Note 15 above. The emolument

of the remaining four (2024: two) individuals were as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Basic salaries and alowances

基本薪金及津贴

2,4101,080

Contribution to retirement benefit schemes

退休福利计划供款

2,4731,113

The number of the highest paid individuals (excluding

directors) whose emoluments were within the folowing

band:

Number of employes

雇员人数

二零二五年二零二四年

Nil to HK$1,000,000

零至

1,000,000

港元

Bonuses are discretionary and determined with reference

to the Group’s and the individuals’ performance. No

emoluments have ben paid to these individuals as an

inducement to join or upon joining the Group or as

compensation for los of ofice during the year.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

122Gaoyu Finance Group Limited • ANUAL REPORT 2025

17.

每股（亏损）╱溢利

(a)

每股基本亏损╱（溢利）

截至二零二五年三月三十一

日止年度本公司拥有人应占

每股基本亏损乃根据本公

司拥有人应占年内亏损约

12,907,000

港元（二零二四年：

溢利约

8,887,000

港元）及本年

度已发行普通股加权平均数

44,081,096

股（经二零二五年

四月十七日完成的股份合并

调整（二零二四年：（经重列）

40,000,000

股普通股，经二零

二五年四月十七日完成的股份

合并调整）计算。

(b)

每股摊薄亏损╱（溢利）

由于截至二零二五年及二零

二四年三月三十一日止年度并

无任何潜在摊薄已发行普通

股，故每股摊薄亏损╱（溢利）

与每股基本亏损╱（溢利）相同。

18.

股息

董事会不建议向本公司股东派付截

至二零二五年及二零二四年三月

三十一日止年度的末期股息。

/PROFIT PER SHARE

(a) Basic los/(profit) per share

The calculation of basic los per share atributable

to owners of the Company for the year ended

31 March 2025 is based on the los for the

year atributable to owners of the Company of

aproximately HK$12,907,000 (2024: aproximately

profit HK$8,887,000) and the weighted average

number of ordinary shares of 44,081,096, adjusted

by the share consolidation completed on 17 April

2025 (2024: (restated) 40,000,000 ordinary shares,

adjusted by the share consolidation completed on 17

April 2025) in isue during the year.

(b) Diluted los/(profit) per share

Diluted los/(profit) per share were same as the basic

los/(profit) per share as there were no potential

dilutive ordinary shares in existences during the years

ended 31 March 2025 and 2024.

18. DIVIDENDS

The Board does not recomend the payment of a final

dividend to shareholders of the Company for the years

ended 31 March 2025 and 2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

19.

物业及设备

由于本集团提供服务所在之市场变

差，本集团已审阅其厂房及设备于二

零二五年之可收回金额。相关资产之

可收回金额

2,142,000

港元（二零二四

年：

3,840,000

港元）使用贴现金

流量法（第三级公平值计量）并根据

其使用价值厘定。所使用之贴现率为

12%

（二零二四年：

12%

）。

19. PROPERTY AND EQUIPMENT

Furniture and

equipment

Leasehold

improvement

Motor

vehiclesTotal

家私及设备租赁物业装修汽车总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Cost

成本

At 1 April 2023

于二零二三年四月一日

2,8813,6696,19812,748

Aditions

添置

179–26

Writen of

撇销

–(52)–(52)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

2,8983,6266,19812,722

Aditions

添置

266–32

At 31 March 2025

于二零二五年三月三十一日

2,9243,6326,19812,754

Acumulated depreciation

累计折旧

At 1 April 2023

于二零二三年四月一日

2,6182,6041,9627,184

Provided for the year

年内计提

974141,2391,750

Writen of

撇销

–(52)–(52)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

2,7152,9663,2018,882

Provided for the year

年内计提

754151,2401,730

At 31 March 2025

于二零二五年三月三十一日

2,7903,3814,44110,612

Carying amount

账面值

At 31 March 2025

于二零二五年三月三十一日

1342511,7572,142

At 31 March 2024

于二零二四年三月三十一日

1836602,9973,840

The Group caried out reviews of the recoverable

amount of its plant and equipment in 2025 as a result

of the deterioration of the markets of the Group’s

services. The recoverable amount of the relevant

asets of HK$2,142,000 (2024: HK$3,840,000) has

ben determined on the basis of their value in use

using discounted cash flow method (level 3 fair value

measurements). The discount rate used was 12 per cent

(2024: 12 per cent).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

124Gaoyu Finance Group Limited • ANUAL REPORT 2025

20.

使用权资产

租赁相关项目披露如下：

20. RIGHT-OF-USE ASETS

Disclosures of lease-related items:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At 31 March:

于三月三十一日：

Right-of-use asets

使用权资产

– Land and buildings

－土地及楼宇

4,8057,111

– Ofice equipment

－办公设备

4,8297,146

The maturity analysis, based on undiscounted

cash flows, of the Group’s lease liabilities is

as folows:

本集团租赁负债的到期分析

（基于未贴现金流量）

如下：

– Les than 1 year

－

年以下

2,5292,540

– Betwen 1 and 2 years

－

至

年

2,7502,529

– Betwen 2 and 5 years

－

至

年

–2,750

5,2797,819

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Year ended 31 March:

截至三月三十一日止年度：

Depreciation charge of right-of-use asets

使用权资产的折旧开支

– Land and buildings

－土地及楼宇

2,3061,475

– Ofice equipment

－办公设备

2,3171,486

Lease interest expenses

租赁利息开支

Total cash outflow for leases

租赁的现金流出总额

2,5392,766

Aditions to right-of-use asets

添置使用权资产

–7,496

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

20.

使用权资产

（续）

本集团租赁土地及楼宇以及办公设

备。租赁协议的固定期限一般为

至

年（二零二四年：

至

年）。租赁条款

乃个别磋商，包含多种不同条款及条

件。

由于本集团提供服务所在之市场变

差，本集团已审阅其使用权资产于二

零二五年之可收回金额。相关资产之

可收回金额

4,829,000

港元（二零二四

年：

7,146,000

港元）使用贴现金

流量法（第三级公平值计量）并根据

其使用价值厘定。所使用之贴现率为

12%

（二零二四年：

12%

）。

21.

存放于证券交易所及结算所

的按金

截至二零二五年及二零二四年三月

三十一日止年度存放于证券交易所

及结算所的按金减值评估的详情载

于综合财务报表附注

。

20. RIGHT-OF-USE ASETS (Continued)

The Group leases land and buildings and ofice

equipment. Lease agrements are typicaly made for

fixed period of 1-5 years (2024: 1-5 years). Lease terms

are negotiated on an individual basis and contain a wide

range of diferent terms and conditions.

The Group caried out reviews of the recoverable

amount of its right-of-use asets in 2025 as a result

of the deterioration of the markets of the Group’s

services. The recoverable amount of the relevant

asets of HK$4,829,000 (2024: HK$7,146,000) has

ben determined on the basis of their value in use

using discounted cash flow method (level 3 fair value

measurements). The discount rate used was 12 per cent

(2024: 12 per cent).

21. DEPOSITS PLACED WITH STOCK

EXCHANGE AND CLEARING HOUSE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Deposits with Hong Kong Stock Exchange

香港联交所按金

Stamp duty with Hong Kong Stock Exchange

香港联交所印花税

Deposits with Hong Kong Securities Clearing

Company Limited:

香港中央结算有限公司

按金：

Admision fe

参与费

Guarante fund

保证金

Details of impairment asesment of deposits placed with

Stock Exchange and clearing house for the year ended

31 March 2025 and 2024 are set out in Note 5 to the

consolidated financial statements.

20.

使用权资产

租赁相关项目披露如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

126Gaoyu Finance Group Limited • ANUAL REPORT 2025

22.

应收贷款

应收贷款以港元计值，年利率为

至

15%

。期限为

至

年的贷款金额已

借予独立第三方。本集团董事参考其

各自目前的信誉，密切监察应收贷款

的可收回性。本集团就减值拨备设有

政策，乃基于对账目可收回性的评估

及管理层的判断，包括各客户的现时

信誉、抵押品及过往收回记录。

于报告期末，按至合约到期日的剩余

期限分析应收贷款（扣除拨备）的到

期状况如下：

22. LOAN RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Loan receivables

应收贷款

13,0972,199

Provision for los alowance

亏损拨备计提

(2,752)(128)

10,3452,071

Loan receivables are denominated in Hong Kong

dolars with interest rate of 8% – 15% per anum. The

loan amount with 1-5 years period term was lent to

independent third parties. The directors of the Group

monitored the colectability of the loan receivables closely

with reference to their respective curent creditworthines.

The Group has policy for impairment alowance which

is based on the evaluation of colectability of acounts

and on management’s judgment, including the curent

creditworthines, colaterals and the past colection history

of each client.

The maturity profile of loan receivables net of alowance

at the end of reporting period, analysed by the remaining

period to the contractual maturity date is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within one year

一年内

3,7052,071

In the second year – five years

两年－五年内

6,640–

10,3452,071

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

22.

应收贷款

（续）

应收贷款的亏损拨备对账：

截至二零二五年及二零二四年三月

三十一日止年度应收贷款的减值评

估的详情载于综合财务报表附注

。

23.

应收账款

22. LOAN RECEIVABLES (Continued)

Reconciliation of los alowance for loan receivables:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At the begining of the reporting period

于报告期初

Increase in los alowance for the year

年内亏损拨备增加

2,624–

At the ending of the reporting period

于报告期末

2,752128

Details of impairment asesment of loan receivables for

the years ended 31 March 2025 and 2024 are set out in

Note 5 to the consolidated financial statements.

23. ACOUNTS RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Acounts receivable arising from the busines of

dealing in securities:

证券交易业务产生的应收

账款：

– Clearing house

－结算所

–9,614

– Cash clients

－现金客户

1,576375

– Margin clients

－保证金客户

13,13124,464

Acounts receivable arising from loan financing

贷款融资产生的应收账款

13,11714,376

Acounts receivable arising from

suply chain financing

供应链融资产生的应收

账款

147,533115,150

175,357163,979

Provision for los alowance

亏损拨备计提

(19,922)(11,513)

155,435152,466

22.

应收贷款

应收贷款以港元计值，年利率为

至

15%

。期限为

至

年的贷款金额已

借予独立第三方。本集团董事参考其

各自目前的信誉，密切监察应收贷款

的可收回性。本集团就减值拨备设有

政策，乃基于对账目可收回性的评估

及管理层的判断，包括各客户的现时

信誉、抵押品及过往收回记录。

于报告期末，按至合约到期日的剩余

期限分析应收贷款（扣除拨备）的到

期状况如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

128Gaoyu Finance Group Limited • ANUAL REPORT 2025

23.

应收账款

（续）

来自结算所及现金客户的应收账款

指来自证券交易业务的尚待结算交

易，一般于交易日后两个交易日内到

期应付。所有来自结算所及现金客户

的应收账款列入「未逾期亦未减值」

分类。管理层认为，由于该等结余被

视为可以全数收回，故毋须就该等结

余计提减值拨备。

来自保证金客户的应收账款于要求

时或根据所协定还款时间表可收

回，于二零二五年三月三十一日按

介乎

5.38%

至

48.00%

（二零二四年：

5.38%

至

48.00%

）的利率计息。对保

证金客户的信贷融资限额乃按本集

团接受的抵押担保品的贴现市值厘

定。本集团设有一份认可股份清单，

以按特定贷款抵押比率给予保证金

借款。在来自保证金客户的应收账款

结余超过获准的保证金贷款限额时，

或在抵押担保品贴现市值少于来自

保证金客户的应收账款结余时，则可

能触发保证金追加。

于二零二五年及二零二四年三月

三十一日，来自保证金客户的应收

账款以证券或债务工具抵押，作为

向本公司附属公司高裕证券有限公

司（「

GSL

」）抵押的抵押品。于二零

二五年三月三十一日，该等证券公平

值约为

821,177,000

港元（二零二四

年：约

165,613,000

港元）。本集团未

有遭禁止于客户拖欠款项时出售抵

押品或经客户授权后再抵押抵押品。

23. ACOUNTS RECEIVABLES (Continued)

Acounts receivable from clearing house and cash clients

represent trades pending setlement arising from busines

of dealing in securities which are normaly due within

two trading days after the trade date. Al acounts

receivable from clearing house and cash clients are

included in “neither past due nor impaired” category. The

management believes that no impairment alowance is

necesary in respect of these balances as the balances are

considered fuly recoverable.

Acounts receivable from margin clients are recoverable

on demand or acording to agred repayment schedules,

and bearing interest at rates ranged from 5.38% to

48.00% as at 31 March 2025 (2024: 5.38% to 48.00%).

The credit facility limits to margin clients are determined

by the discounted market value of the colateral securities

acepted by the Group. The Group maintains a list of

aproved stocks for margin lending at a specified loan-

to-colateral ratio. A margin cal may ocur when the

balances of the acounts receivable from margin clients

exced the permited margin loan limit, or when the

discounted market value of the colateral security is les

than the balances of the acounts receivable from margin

clients.

Acounts receivable from margin clients as at 31

March 2025 and 2024 were secured by securities

or debt instrument, which were pledged to Gaoyu

Securities Limited (“GSL”), the Company’s subsidiary,

as colaterals. The securities had a fair value of

aproximately HK$821,177,000 as at 31 March 2025

(2024: aproximately HK$165,613,000). The Group is not

prohibited to sel the colaterals upon customers’ default

or repledge the colaterals upon receiving customers’

authorisation.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

23.

应收账款

（续）

于二零二五年三月三十一日，本集团

持有证券及债务工具作为此等结余

的抵押品。于二零二五年三月三十一

日，来自保证金客户的应收账款结余

净额的

100%

（二零二四年：

100%

）

按个别基础以充足的抵押品作担保。

本集团管理层已于各报告期间末评

估各个人客户已抵押证券的市值，并

在计及客户信贷质素、所提供抵押品

及其后偿还的款项后认为毋须作减

值拨备。除上述者外，所有来自保证

金客户的应收账款列入「未逾期亦未

减值」分类。

来自证券交易业务的应收账款亏

损拨备对账

于二零二五年三月三十一日，来自

保证金客户的应收账款包括来自本

公司董事的应收账款约零港元（二零

二四年：

886,000

港元）。

除已逾期但未减值的来自保证金客

户的应收账款账龄外，由于本公司董

事认为就经纪业务性质而言，账龄分

析并无其他价值，因此并无披露证券

交易业务产生的应收账款的账龄分

析。

贷款融资产生的应收账款以港元计

值，年利率为

8%-15%

（二零二四年：

8%-13%

）。期限为

个月的贷款金额

借予一名独立第三方，并由相关上市

股份及借款人股东所提供的个人担

保作抵押。在向证券交易及经纪服务

业务的客户批出任何贷款前，本集团

已评估潜在客户的信贷质素，并界定

个别信贷限额。本集团就减值拨备设

有政策，该政策乃基于对账目可收回

性的评估及管理层的判断，包括各客

户的现时信誉、抵押品及过往收回记

录。

23. ACOUNTS RECEIVABLES (Continued)

As at 31 March 2025, the Group held securities and

debt instrument as colaterals over these balances. As at

31 March 2025, 100% (2024: 100%) the net balance

of the acounts receivable from margin clients were

secured by suficient colaterals on an individual basis.

The management of the Group has asesed the market

value of the pledged securities of each individual customer

as at the end of each reporting period and considered

that no impairment alowance is necesary taking into

consideration of client’s credit quality, colaterals provided

and subsequent repayment of monies. Except as described

above, al acounts receivable from margin clients are

included in “neither past due nor impaired” category.

Reconciliation of los alowance for acounts

receivable arising from the busines of dealing in

securities

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At the begining of the reporting period

于报告期间初

–

Increase in los alowance for the year

年内亏损拨备增加

5,450–

At the ending of the reporting period

于报告期间末

5,450–

As at 31 March 2025, acounts receivable from margin

clients include acounts receivable from directors of the

Company of aproximately HK$ Nil (2024: HK$886,000).

Except for the ageing of acounts receivable from margin

clients which are past due but not impaired, no ageing

analysis is disclosed for acounts receivable arising from

the busines of dealing in securities as, in the opinion of

directors of the Company, the ageing analysis does not

give aditional value in view of the nature of broking

busines.

Acounts receivable arising from loan financing are

denominated in Hong Kong dolars with interest rate

of 8% – 15% (2024: 8% – 13%) per anum. The loan

amount with 5 months period term was lent to an

independent third party and secured by the underlying

listed shares and personal guarante provided by the

shareholder of the borower. Before aproving any loan

to its clients in the busines of securities dealing and

brokerage services, the Group has asesed the potential

client’ s credit quality and defined credit limits individualy.

The Group has policy for impairment alowance which

is based on the evaluation of colectability of acounts

and on management’s judgment, including the curent

creditworthines, colaterals and the past colection history

of each client.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

130Gaoyu Finance Group Limited • ANUAL REPORT 2025

23.

应收账款

（续）

该贷款融资于二零二零年初违约，

GSL

一直对借款人及担保人采取法

律行动。当提取贷款时，抵押股份并

未存入借款人于

GSL

的证券账户，直

至法院于二零二三年七月颁令强制

出售抵押股份。于二零二三年八月，

抵押股份转入借款人于

GSL

的证券账

户。随后

GSL

方可开始出售抵押股份

以收回贷款头寸。

由于抵押股份一直于香港交易所交

易，因此，抵押股份的市场价格被用

作估计亏损拨备的基准。贷款的可收

回性明显与相关抵押物的市场价值

23. ACOUNTS RECEIVABLES (Continued)

The loan financing was defaulted in early 2020, GSL has

ben taking legal actions against the borower and the

guarantor. The pledged shares were not deposited in the

securities acount of the borower with GSL at the time of

loan drawn down until the court granted an order to force

sel the pledged shares in July 2023. In August 2023,

the pledged shares were transfered to the borower’

s securities acount with GSL. GSL could then start

disposing the pledged shares to recover the loan position.

Given the pledged shares have ben trading on HKEX,

market prices of the pledged shares were therefore used

as the benchmarks for estimating the los alowance.

The recoverability of the loan is obviously related to the

market value of the underlying colaterals.

Reconciliation of los alowance for acounts

receivable arising from loan financing

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At the begining of the reporting period

于报告期间初

11,5139,682

Increase in los alowance for the year

年内亏损拨备增加

1,5381,831

At the ending of the reporting period

于报告期间末

13,05111,513

Acounts receivable arising from suply chain financing

are denominated in US dolars with interest rate of

1.0%-1.2% per months. The loan amount with 90 days

period term and secured by the inventories stored in a

warehouse, which are controled by the Chance Wise

Holding Limited (“Chance Wise”), the Company’s

subsidiary, as colaterals. The Group is not prohibited to

sel the colaterals upon customers’ default.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

23.

应收账款

（续）

在向供应链融资的客户批出任何贷

款前，本集团已评估潜在客户的信贷

质素，并界定个别信贷限额。本集团

就减值拨备设有政策，该政策乃基于

对账目可收回性的评估及管理层的

判断，包括各客户的现时信誉、抵押

品及过往收回记录。

于二零二五年三月三十一日，本集团

管理层已评估各个人债务人各客户

的现时信誉、抵押品及过往收回记

录。所有供应链融资产生的应收账款

列入「未逾期亦未减值」分类。

来自供应链融资的应收账款亏损

拨备对账

23. ACOUNTS RECEIVABLES (Continued)

Before aproving any loan to its clients in suply chain

financing, the Group has asesed the potential client’s

credit quality and defined credit limits individualy. The

Group has policy for impairment alowance which is

based on the evaluation of colectability of acounts

and on management’s judgment, including the curent

creditworthines, colaterals and the past colection history

of each client.

As at 31 March 2025, the management of the Group has

asesed the curent creditworthines, colaterals and the

past colection history of each client of each individual

debtor. Al acounts receivable from suply chain

financing are included in “neither past due nor impaired”

category.

Reconciliation of los alowance for acounts

receivable arising from suply chain financing

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At the begining of the reporting period

于报告期间初

–

Increase in los alowance for the year

年内亏损拨备增加

1,421–

At the ending of the reporting period

于报告期间末

1,421–

23.

应收账款

（续）

该贷款融资于二零二零年初违约，

GSL

一直对借款人及担保人采取法

律行动。当提取贷款时，抵押股份并

未存入借款人于

GSL

的证券账户，直

至法院于二零二三年七月颁令强制

出售抵押股份。于二零二三年八月，

抵押股份转入借款人于

GSL

的证券账

户。随后

GSL

方可开始出售抵押股份

以收回贷款头寸。

由于抵押股份一直于香港交易所交

易，因此，抵押股份的市场价格被用

作估计亏损拨备的基准。贷款的可收

回性明显与相关抵押物的市场价值

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

132Gaoyu Finance Group Limited • ANUAL REPORT 2025

23.

应收账款

（续）

本集团应用香港财务报告准则第

号

项下的简化方法就预期信贷亏损计

提拨备，并就所有应收账款采用全期

预期亏损拨备。为计量预期信贷亏

损，应收账款已根据共同信贷风险特

征及逾期天数分组。预期信贷亏损亦

包括前瞻性资料。

24.

租金及水电费按金

23. ACOUNTS RECEIVABLES (Continued)

The Group aplies the simplified aproach under HKFRS

9 to provide for expected credit loses using the lifetime

expected los provision for al acounts receivable. To

measure the expected credit loses, acounts receivables

have ben grouped based on shared credit risk

characteristics and the days past due. The expected credit

loses also incorporate forward loking information.

Curent

Over

30 days

past due

Over

60 days

past due

Over

120 days

past dueTotal

即期

逾期

超过

天

逾期

超过

天

逾期

超过

天总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025

于二零二五年三月

三十一日

Weighted average expected

los rate

加权平均预期

亏损率

4%0%0%99%

Acounts receivables (HK$’000)

应收账款（千港元）

162,240–13,117175,357

Los alowance (HK$’000)

亏损拨备（千港元）

6,871–13,05119,922

At 31 Marh 2024

于二零二四年三月

三十一日

Weighted average expected

los rate

加权平均预期

亏损率

0%0%0%80%

Acounts receivables (HK$’000)

应收账款（千港元）

149,603–14,376163,979

Los alowance (HK$’000)

亏损拨备（千港元）

–11,51311,513

24. RENTAL AND UTILITY DEPOSITS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Rental deposits

租金按金

Utility deposits

水电费按金

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

25.

按公平值计入损益之投资

26.

应收非控股东款项

应收非控股东款项为无抵押，免息

及并无固定偿还期。

27.

现金及银行结余

银行结余指按现行市场利率计息的

银行活期存款。

本集团持有独立银行账户，以保管客

户来自一般业务交易的存款。本集团

于应付账款确认相应金额。代客户持

有之现金受证券及期货条例项下证

券及期货（客户款项）规则所限制及

规管。

独立账户

自本集团提供证券经纪及相关服务

的日常业务中，本集团收取及持有客

户于进行受规管活动的过程中所存

放款项。该等客户款项存放于独立银

行账户，并按市场利率计息。本集团

已确认应付予相关客户的相应账款。

于二零二五年三月三十一日，就经纪

业务而于法定证券机构开立的独立

账户总金额为

39,798,000

港元（二零

二四年：

35,669,000

港元）。

公司账户

现金及银行结余包括本集团所持现

金及按浮动利率计息且原到期日为

三个月或以下的银行存款。

25. INVESTMENTS AT FAIR VALUE THROUGH

PROFIT OR LOS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Equity securities, at fair value

listed in Hong Kong

于香港上市按公平值计量

之股本证券

4,73813,842

26. DUE FROM NON-CONTROLING

SHAREHOLDERS

The amounts due from non-controling shareholder are

unsecured, interest-fre and have no fixed repayment

terms.

27. CASH AND BANK BALANCES

Bank balances represent demand deposits at bank which

bear interest at the prevailing market rates.

The Group maintains segregated bank acounts to

hold customers’ deposits arising from normal busines

transactions. The Group has recognised the coresponding

amount in acounts payable. The cash held on behalf of

customers is restricted and governed by the Securities

and Futures (Client Money) Rules under the Securities and

Futures Ordinance.

Segregated acounts

From the Group’s ordinary busines in provision of

securities brokerage and related services, the Group

receives and holds money deposited by clients in the

course of the conduct of the regulated activities.

These clients’ monies are maintained in segregated

bank acounts at market interest rates. The Group has

recognised the coresponding acounts payables to

respective clients. At 31 March 2025, the segregated

acounts with authorised institutions in securities relation

to its brokerage busines totaled HK$39,798,000 (2024:

HK$35,669,000).

House acounts

Cash and bank balances comprise cash held by the Group

and bank deposits at variable interest rate with original

maturity of thre months or les.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

134Gaoyu Finance Group Limited • ANUAL REPORT 2025

28.

应付账款

应付结算所账款指来自证券交易业

务的尚待结算交易，一般于交易日后

两个交易日内到期应付。

应付现金客户及保证金客户账款须

按要求偿还，惟尚待结算交易或于日

常业务过程中就交易活动向客户收

取的保证金之若干结余除外，只有超

出所需保证金款额的金额须按要求

偿还。

于二零二五年三月三十一日，应付

现金客户账款包括应付本公司董事

款项约

392,000

港元（二零二四年：

1,000

港元）。

证券交易业务产生的应付账款为计

息，惟应付结算所、现金客户及保证

金客户的尚待结算交易款项除外。

由于本公司董事认为就经纪业务性

质而言，账龄分析并无其他价值，因

此并无披露证券交易业务产生的应

付账款的账龄分析。

29.

应付一间关联公司款项

垫款以美元计值，无抵押，免息及并

无固定偿还期。

28. ACOUNTS PAYABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Acounts payable arising from the busines of

dealing in securities:

证券交易业务产生的应付

账款：

– Clearing house

－结算所

399–

– Cash clients

－现金客户

37,38935,061

– Margin clients

－保证金客户

2,7872,654

40,57537,715

Acounts payable to clearing house represent trades

pending setlement arising from busines of dealing in

securities which are normaly due within two trading days

after the trade date.

The acounts payable to cash clients and margin clients

are repayable on demand except where certain balances

represent trades pending setlement or deposits received

from clients for their trading activities under the normal

course of busines. Only the amounts in exces of the

required deposits are repayable on demand.

Acounts payable to cash clients include amounts

payable to directors of the Company of aproximately

HK$392,000 as at 31 March 2025 (2024: HK$1,000).

Acounts payable arising from the busines of dealing

in securities are interest-bearing, except for amounts

representing pending trades payable to the clearing

house, cash clients and margin clients.

No ageing analysis is disclosed for acounts payable

arising from the busines of dealing in securities as, in the

opinion of directors of the Company, the ageing analysis

does not give aditional value in view of the nature of

broking busines.

29. DUE TO A RELATED COMPANY

The advances are denominated in US$, unsecured,

interest-fre and have no fixed repayment terms.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

30.

其他应付款项及应计费用

31.

银行贷款

于十二月三十一日的平均利率如下：

银行贷款按浮动利率计息，由本集团

董事担保及由董事的物业作抵押。

30. OTHER PAYABLES AND ACRUALS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Acruals

应计费用

3841,096

Dividends payables

应付股息

Other payables

其他应付款项

5271,423

31. BANK LOANS

二零二五年

HK$’000

千港元

Bank revolving loans

银行循环贷款

18,025

The borowings are repayable as folows:

借款的偿还期如下：

On demand or within one year

按要求或一年内

18,025

The average interest rates at 31 December were as

folows:

二零二五年

Bank loans

银行贷款

4.67%

Bank loans are aranged at floating interest rates,

guaranted by Directors of Group and secured by

Director’s property.

28.

应付账款

应付结算所账款指来自证券交易业

务的尚待结算交易，一般于交易日后

两个交易日内到期应付。

应付现金客户及保证金客户账款须

按要求偿还，惟尚待结算交易或于日

常业务过程中就交易活动向客户收

取的保证金之若干结余除外，只有超

出所需保证金款额的金额须按要求

偿还。

于二零二五年三月三十一日，应付

现金客户账款包括应付本公司董事

款项约

392,000

港元（二零二四年：

1,000

港元）。

证券交易业务产生的应付账款为计

息，惟应付结算所、现金客户及保证

金客户的尚待结算交易款项除外。

由于本公司董事认为就经纪业务性

质而言，账龄分析并无其他价值，因

此并无披露证券交易业务产生的应

付账款的账龄分析。

29.

应付一间关联公司款项

垫款以美元计值，无抵押，免息及并

无固定偿还期。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

136Gaoyu Finance Group Limited • ANUAL REPORT 2025

31.

银行贷款

（续）

本集团使用若干特定银行借款作为

其供应商融资安排。该等借款的资金

将先存入本集团的银行账户，随后本

集团可使用该等资金来结算其供应

商的款项。该等特定银行借款的期限

为自提取借款起计

年。

以下供应商融资安排负债计入上述

银行贷款结余：

32.

应付债券及利息

于二零二四年十一月二十一日，本公

司向一名独立第三方发行本金额为

27,000,000

港元的债券，票面年利率

为

，期限为自发行之日起计

年。

31. BANK LOANS (Continued)

The Group uses certain specific bank borowings as

its suplier finance arangement. The funds of these

borowings are first deposited to the Group’s bank

acounts and the Group can later use these funds to setle

its supliers. The terms of these specific bank borowings

are within 3 year from drawing of the borowings.

Included in the bank loans balances above are the

folowing suplier finance arangement liabilities:

As at

31 March

于

二零二五年

三月三十一日

HK$’000

千港元

Carying amount of liabilities

负债之账面值

17,340

– of which supliers have received payment

－其中供应商已收到付款

的部分

17,340

Range of payment due dates after invoice dates

发票日期后付款到期日范围

Suplier finance arangement liabilities

供应商融资安排负债

120 days-3 years

天至

年

Comparable trade payable not part of the suplier finance

arangement

并非供应商融资安排部分

的可比贸易应付款项

0-90 days

至

天

32. BOND AND INTEREST PAYABLE

二零二五年

HK$’000

千港元

Within 1 year

一年内

After five years

五年后

34,000

34,534

On 21 November 2024, the Company isued a bond with

principal amount of HK$27,000,000 to an independent

third party with coupon interest of 6% per anum and a

maturity of 8 years from the date of isue.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

32.

应付债券及利息

（续）

于二零二四年十二月五日，本公司

向一名独立第三方发行本金额为

7,000,000

港元的债券，票面年利率

为

，期限为自发行之日起计

年。

33.

租赁负债

于二零二五年三月三十一日，平均实

际借贷利率介乎

至

5.75%

（二零

二四年：

至

5.75%

）。利率于合约

日期厘定，因此本集团面临公平值利

率风险。

32. BOND AND INTEREST PAYABLE (Continued)

On 5 December 2024, the Company isued a bond with

principal amount of HK$7,000,000 to an independent

third party with coupon interest of 6% per anum and a

maturity of 8 years from the date of isue.

33. LEASE LIABILITIES

Minimum lease payments

Present value of minimum

lease payments

最低租赁付款最低租赁付款现值

二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Within one year

一年内

2,5292,5402,3022,184

Over one year but within five years

一年以上但五年内

2,7505,2792,6584,960

5,2797,8194,9607,144

Les: Future finance charges

减：未来融资费用

(319)(675)–

Present value of lease obligations

租赁义务现值

4,9607,1444,9607,144

Les: Amount due for setlement

within 12 months

(shown under curent liabilities)

减：

个月内应

结付的金额（列于流

动负债项下）

(2,302)(2,184)

Amount due for setlement after

12 months

个月后应结付的

金额

2,6584,960

At 31 March 2025, the average efective borowing rate

was 5% – 5.75% (2024: 5%-5.75%). Interest rates are

fixed at the contract dates and thus expose the Group to

fair value interest rate risk.

31.

银行贷款

（续）

本集团使用若干特定银行借款作为

其供应商融资安排。该等借款的资金

将先存入本集团的银行账户，随后本

集团可使用该等资金来结算其供应

商的款项。该等特定银行借款的期限

为自提取借款起计

年。

以下供应商融资安排负债计入上述

银行贷款结余：

32.

应付债券及利息

于二零二四年十一月二十一日，本公

司向一名独立第三方发行本金额为

27,000,000

港元的债券，票面年利率

为

，期限为自发行之日起计

年。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

138Gaoyu Finance Group Limited • ANUAL REPORT 2025

34.

股本

附注：

(a)

于二零二四年九月四日，本公司与

配售代理订立配售协议，内容有关

按每股份

0.014

港元的价格向独

立投资者配售

380,000,000

股每股

面值

0.01

港元的普通股。该配售于

二零二四年九月十七日完成，发行

股份的溢价（约

1,520,000

港元，经

扣除股份发行开支

27,000

港元）计

入本公司股份溢价账。

(b)

于二零二五年四月十七日，本公司

完成本公司已发行股份的股份合

并，借此，每五十股每股面值

0.01

港元的已发行及未发行普通股合并

为一股每股面值

0.5

港元的合并普

通股。

资本管理

本集团管理其资本，以确保其得以持

续经营，同时亦透过优化债项及权益

结余达至股东回报最大化。本集团的

整体策略于报告期内保持不变。

本集团之资本结构包括现金及现金

等价物以及本公司拥有人应占权益。

34. SHARE CAPITAL

Number of

ordinary

sharesAmount

普通股数目金额

Notes’000 HK$’000

附注千股千港元

Ordinary shares of HK$0.01

(2024: HK$0.01) each

每股面值

0.01

港元（二零二四

年：

0.01

港元）的普通股

Authorised:

法定：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

8,000,00080,000

Isued and fuly paid:

已发行及缴足：

At 1 April 2023, 31 March 2024 and

1 April 2024

于二零二三年四月一日、

二零二四年三月三十一日及

二零二四年四月一日

2,000,00020,000

Isue of shares

发行股份

(a)380,0003,800

At 31 March 2025

于二零二五年三月三十一日

2,380,00023,800

Notes:

(a) On 4 September 2024, the Company and a placing

agent entered into a placing agrement in respect of the

placement of 380,000,000 ordinary shares of HK$0.01

each to independent investors at a price of HK$0.014 per

share. The placement was completed on 17 September

2024 and the premium on the isue of shares, amounting

to aproximately HK$1,520,000, after net of share isue

expenses of HK$27,000, was credited to the Company’s

share premium acount.

(b) On 17 April 2025, the Company completed the

consolidation of shares in the isued shares of the

Company whereby every fifty isued and unisued ordinary

shares of HK$0.01 each were consolidated into one

consolidated ordinary share of HK$0.5 each.

Capital management

The Group manages its capital to ensure that it wil be

able to continue as a going concern while maximising

the return to shareholders through the optimisation of

the debt and equity balance. The Group’s overal strategy

remains unchanged during the reporting periods.

The capital structure of the Group consists of cash and

cash equivalents and equity atributable to owners of the

Company.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

34.

股本

（续）

资本管理（续）

GSL

于香港证券及期货事务监察委员

会（「证监会」）登记其经营的业务，须

遵守香港证券及期货（财政资源）规则

（「证券及期货（财政资源）规则」）项

下之流动资金规定。根据证券及期货

（财政资源）规则，受规管附属公司

须维持其流动资金超出

3,000,000

港

元或其已调整负债总额之

（以较

高者为准）。

GSL

于报告期内一直遵守

证券及期货（财政资源）规则施加之

资本要求。

除

GSL

外，本集团毋须遵守任何外界

施加之资本要求。

资产负债比率

本集团管理层持续检讨资本结构。作

为是项检讨的一部分，本集团管理层

考虑资本成本及与各类资本有关的

风险。

于各报告期末的资产负债比率如下：

附注：

(a)

债务指载于综合财务报表附注

、

附注

、附注

及附注

的应付一

间关联公司款项、银行贷款、应付

债券及利息及租赁负债。

(b)

权益包括所有资本及储备。

34. SHARE CAPITAL (Continued)

Capital management (Continued)

GSL is registered with the Hong Kong Securities and

Futures Comision (“SFC”) for the busines in which

it operates and is subject to liquid capital requirements

under the Hong Kong Securities and Futures (Financial

Resources) Rules (“SF(FR)R”). Under the SF(FR)R, it is

required to maintain liquid capital in exces of HK$3

milion or 5% of the total adjusted liabilities, whichever is

higher. GSL had complied with the capital requirements

imposed by the SF(FR)R throughout the reporting periods.

Other than GSL, the Group is not subject to any externaly

imposed capital requirements.

Gearing ratio

The management of the Group reviews the capital

structure on an ongoing basis. As part of this review, the

management of the Group considers the cost of capital

and the risks asociated with each clas of capital.

The gearing ratio at the end of each reporting periods are

as folows:

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Debts

债务

(a)57,51935,532

Equity

权益

(b)145,971153,895

Debt to equity ratio

债务与权益比率

39.4%23.1%

Notes:

(a) Debts represent due to a related company, bank loans,

bond and interest payable and lease liabilities as set

out in Note 29, Note 31, Note 32 and Note 33 to the

consolidated financial statements.

(b) Equity includes al capital and reserves.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

140Gaoyu Finance Group Limited • ANUAL REPORT 2025

35.

本公司财务状况表

董事会于二零二五年六月二十五日

批准及授权刊发，并由下列董事代表

董事会签署：

35. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets

非流动资产

Property and equipment

物业及设备

Investments in a subsidiary

于一间附属公司之投资

Curent asets

流动资产

Prepayments

预付款项

6881,156

Amounts due from subsidiaries

应收附属公司款项

92,40954,763

Bank balances

银行结余

93,53055,979

Curent liabilities

流动负债

Bond and interest payable

应付债券及利息

34,534–

Other payables and acruals

其他应付款项及应计费用

34,643573

Net curent asets

流动资产净值

58,88755,406

Net asets

资产净值

59,07555,634

Equity

权益

Share capital

股本

3423,80020,000

Reserves

储备

3635,27535,634

TOTAL EQUITY

权益总额

59,07555,634

Aproved and authorised for isue by the Board of

Directors on 25 June 2025 and signed on its behalf by:

Fok Yuk TongHsieh Ching Chun

霍玉堂谢青纯

DirectorDirector

董事董事

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

36.

储备

(a)

股份溢价

股份溢价乃

(i)

本公司股份按溢

价发行时已收所得款项（扣除发

行股份所产生开支后）与股份面

值的差额；及

(i)

股份资本化发

行之净额。

(b)

其他储备

其他储备指

(i)

截至二零一六年

三月三十一日止年度出售一间

附属公司所产生的被视作来自

罗德荣先生的注资约

3,640,000

港元；及

(i)

截至二零一七年三

月三十一日止年度拨作资本

化的应付罗德荣先生款项约

6,122,000

港元。

本公司储备概要如下：

36. RESERVES

(a) Share premium

Share premium is the net amount of (i) exces of

the proceds received over the nominal value of the

shares of the Company isued at a premium, les

expenses incured in conection with the isue of

the shares; and (i) capitalisation isue of shares.

(b) Other reserves

Other reserves represent (i) demed capital

contribution of aproximately HK$3,640,000 from

Mr. Lo Tak Wing Benson arising from the disposal

of a subsidiary during the year ended 31 March

2016; and (i) the amount due to Mr. Lo Tak Wing

Benson of aproximately HK$6,122,000 which was

capitalised during the year ended 31 March 2017.

A sumary of the Company’s reserves is as folows:

Share premium

Acumulated

losesTotal

股份溢价累计亏损总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

48,229(9,435)38,794

Los and total comprehensive los

for the year

年内亏损及全面亏损总额

–(3,160)(3,160)

At 31 March 2024 and 1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日

48,229(12,595)35,634

Los and total comprehensive los

for the year

年内亏损及全面亏损总额

–(1,852)(1,852)

Isue of shares on placement (note 34)

配售时发行股份（附注

）

1,493–1,493

At 31 March 2025

于二零二五年

三月三十一日

49,722(14,447)35,275

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

142Gaoyu Finance Group Limited • ANUAL REPORT 2025

37.

融资活动所产生负债对账

下表列载于本年度本集团因融资活

动产生的负债变动：

37. RECONCILIATION OF LIABILITIES ARISING

FROM FINANCING ACTIVITIES

The folowing table shows the Group’s changes in

liabilities arising from financing activities during the year:

BondsBank loans

Due to a

company

Lease

liabilitiesTotal

债券银行贷款

应付一间

关联公司

款项租赁负债总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2023

于二零二三年

三月三十一日

–11,7222,97014,692

Changes in cash flows

现金流量变动

–16,666(2,766)13,900

Non-cash changes

非现金变动

– interest charged

－已收取利息

–129129

– aditions of lease liabilities

－租赁负债增加

–6,8116,811

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日

–28,3887,14435,532

Changes in cash flows

现金流量变动

– financing activities

－融资活动

34,00017,340(28,388)(2,539)20,413

– operating activities

－经营活动

(182)–(182)

Non-cash changes

非现金变动

– interest charged

－已收取利息

716685–3551,756

At 31 March 2025

于二零二五年

三月三十一日

34,53418,025–4,96057,519

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

38.

关联方交易

本集团于年内与关联方进行以下交

易：

与关联方的结余已于综合财务报表

附注

及

披露。

主要管理人员报酬

主要管理层包括本集团董事及高级

管理层。主要管理层（包括综合财务

报表附注

所披露的董事）薪酬如

下：

38. RELATED PARTY TRANSACTIONS

During the year, the Group entered into the folowing

transactions with related parties:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Comision income from securities dealing

and brokerage services received or

receivable from:

已收或应收来自证券交易及

经纪服务的佣金收入：

Directors of the Company

本公司董事

Interest income from margin financing

received or receivable from:

已收或应收来自保证金融资

的利息收入：

Directors of the Company

本公司董事

The balances with related parties have ben disclosed in

Notes 23 and 28 to the consolidated financial statements.

Compensation of key management personel

Key management includes directors and senior

management of the Group. The remuneration of key

management, including directors as disclosed in Note 15

to the consolidated financial statement, are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries, alowances and benefits in kind

薪金、津贴及实物福利

4,1023,813

Retirement benefit scheme contributions

退休福利计划供款

4,2133,912

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

144Gaoyu Finance Group Limited • ANUAL REPORT 2025

38.

关联方交易

（续）

主要管理人员报酬（续）

并非本公司董事的高级管理层薪酬

介乎以下范围：

39.

抵销金融资产及金融负债

本集团倘现时有合法可执行的权利

抵销结余，并有意以净额结算或同时

变现结余，则抵销以下金融资产及金

融负债。

根据本集团与选定客户签订的协议，

与同一客户间的应收及应付款于同

一结算日以净额结算。

根据持续净额结算，与香港中央结算

有限公司及其他经纪人间的应收及

应付款于同一结算日以净额结算。

38. RELATED PARTY TRANSACTIONS (Continued)

Compensation of key management personel

(Continued)

The remuneration of senior management who are not the

directors of the Company whose emoluments fel within

the folowing band:

Number of individuals

雇员人数

二零二五年二零二四年

Nil to HK$1,000,000

零至

1,000,000

港元

39. OFSETING FINANCIAL ASETS AND

FINANCIAL LIABILITIES

The Group ofsets the folowing financial asets and

financial liabilities since it curently has a legaly

enforceable right to set of the balances, and intends

either to setle on a net basis, or to realise the balances

simultaneously.

Under the agrement signed betwen the Group and the

selected customers, money obligations receivable and

payable with the same customers on the same setlement

date are setled on net basis.

Under the continuous net setlement, money obligations

receivable and payable with Hong Kong Securities

Clearing Company Limited and other brokers on the same

setlement date are setled on a net basis.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

39.

抵销金融资产及金融负债

（续）

可予抵销的金融资产及金融负债

已确认金融资产及金融负债总额及

于综合财务状况表呈列的净额如下：

于二零二五年三月三十一日

39. OFSETING FINANCIAL ASETS AND

FINANCIAL LIABILITIES (Continued)

Financial asets and financial liabilities subject to

ofseting

The gros amounts of the recognised financial asets and

financial liabilities and their net amounts as presented in

the consolidated statement of financial position are as

folows:

As at 31 March 2025

Gros amounts

of recognised

financial

asets

Gros amounts

of recognised

financial

liabilities set

of in the

consolidated

statement

of financial

position

Net amounts

of financial

asets

presented

in the

consolidated

statement

of financial

position

amounts not

set of in the

consolidated

statement

of financial

position

Financial

colateral

receivedNet amount

已确认

金融资产总额

于综合

财务状况表

抵销所确认

金融负债总额

于综合

财务状况表

呈列的

金融资产净额

未于综合

财务状况表

抵销的

相关金额

已收取的

金融抵押品净额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Type of financial asets

金融资产类型

Deposits placed with stock exchange

and clearing house

存放于证券交易所及结算所的

按金

745–745–745

Acounts receivables arising from the

busines of dealing in securities:

证券交易业务产生的

应收账款：

– Clearing house

－结算所

1,672(1,672)–

– Cash clients

－现金客户

1,576–1,576–1,576

– Margin clients

－保证金客户

13,131–(13,131)(13,131)–

38.

关联方交易

（续）

主要管理人员报酬（续）

并非本公司董事的高级管理层薪酬

介乎以下范围：

39.

抵销金融资产及金融负债

本集团倘现时有合法可执行的权利

抵销结余，并有意以净额结算或同时

变现结余，则抵销以下金融资产及金

融负债。

根据本集团与选定客户签订的协议，

与同一客户间的应收及应付款于同

一结算日以净额结算。

根据持续净额结算，与香港中央结算

有限公司及其他经纪人间的应收及

应付款于同一结算日以净额结算。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

146Gaoyu Finance Group Limited • ANUAL REPORT 2025

39.

抵销金融资产及金融负债

（续）

可予抵销的金融资产及金融负债

（续）

于二零二五年三月三十一日（续）

39. OFSETING FINANCIAL ASETS AND

FINANCIAL LIABILITIES (Continued)

Financial asets and financial liabilities subject to

ofseting (Continued)

As at 31 March 2025 (Continued)

Gros amounts

of recognised

financial

liabilities

Gros amounts

of recognised

financial

asets set

of in the

consolidated

statement

of financial

position

Net amounts

of financial

liabilities

presented

in the

consolidated

statement

of financial

position

amounts not

set of in the

consolidated

statement

of financial

position

Financial

colateral

pledgedNet amount

已确认

金融负债总额

于综合

财务状况表

抵销所确认

金融资产总额

于综合

财务状况表

呈列的

金融负债净额

未于综合

财务状况表

抵销的

相关金额

已抵押的

金融抵押品净额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Type of financial liabilities

金融负债类型

Acounts payables arising from the

busines of dealing in securities:

证券交易业务产生的

应付账款：

– Clearing house

－结算所

2,071(1,672)399–399

– Cash clients

－现金客户

37,389–37,389–37,389

– Margin clients

－保证金客户

2,787–2,787–2,787

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

39.

抵销金融资产及金融负债

（续）

可予抵销的金融资产及金融负债

（续）

于二零二四年三月三十一日

39. OFSETING FINANCIAL ASETS AND

FINANCIAL LIABILITIES (Continued)

Financial asets and financial liabilities subject to

ofseting (Continued)

As at 31 March 2024

Gros amounts

of recognised

financial

asets

Gros amounts

of recognised

financial

liabilities set

of in the

consolidated

statement

of financial

position

Net amounts

of financial

asets

presented

in the

consolidated

statement

of financial

position

amounts not

set of in the

consolidated

statement

of financial

position

Financial

colateral

receivedNet amount

已确认

金融资产总额

于综合

财务状况表

抵销所确认

金融负债总额

于综合

财务状况表

呈列的

金融资产净额

未于综合

财务状况表

抵销的

相关金额

已收取的

金融抵押品净额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Type of financial asets

金融资产类型

Deposits placed with stock exchange

and clearing house

存放于证券交易所及

结算所的存款

605–605–605

Acounts receivables arising from the

busines of dealing in securities:

证券交易业务产生的

应收账款：

– Clearing house

－结算所

23,455(13,841)9,614–9,614

– Cash clients

－现金客户

375–375–375

– Margin clients

－保证金客户

24,464–24,464(24,464)–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

148Gaoyu Finance Group Limited • ANUAL REPORT 2025

39.

抵销金融资产及金融负债

（续）

可予抵销的金融资产及金融负债

（续）

于二零二四年三月三十一日（续）

39. OFSETING FINANCIAL ASETS AND

FINANCIAL LIABILITIES (Continued)

Financial asets and financial liabilities subject to

ofseting (Continued)

As at 31 March 2024 (Continued)

Gros amounts

of recognised

financial

liabilities

Gros amounts

of recognised

financial

asets set

of in the

consolidated

statement

of financial

position

Net amounts

of financial

liabilities

presented

in the

consolidated

statement

of financial

position

amounts not

set of in the

consolidated

statement

of financial

position

Financial

colateral

pledgedNet amount

已确认

金融负债总额

于综合

财务状况表

抵销所确认

金融资产总额

于综合

财务状况表

呈列的

金融负债净额

未于综合

财务状况表

抵销的

相关金额

已抵押的

金融抵押品净额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Type of financial liabilities

金融负债类型

Acounts payables arising from the

busines of dealing in securities:

证券交易业务产生的

应付账款：

– Clearing house

－结算所

13,841(13,841)–

– Cash clients

－现金客户

35,061–35,061–35,061

– Margin clients

－保证金客户

2,654–2,654–2,654

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

40.

本公司附属公司的详情

40. PARTICULARS OF SUBSIDIARIES OF THE

COMPANY

Name of

subsidiary

Place of

incorporation

Place of

operation

Date of

incorporation

Isued and

paid up capital

Equity atributable

to the Group

At 31 March

Principal

activities

附属公司名称注册成立地点营业地点注册成立日期已发行及缴足股本

本集团应占股权

于三月三十一日主要业务

二零二五年二零二四年

Direct

直接

PF Group

Holdings Limited

Hong KongHong Kong11 October 2023HK$10,000100%100%Investment holding

香港香港二零二三年

十月十一日

10,000

港元投资控股

Dynamic Expres

Global Limited

British Virgin

Islands

Hong Kong1 June 2015US$1100%100%Investment holding

英属处女群岛香港二零一五年

六月一日

美元投资控股

Perfect Ten

Holdings Limited

British Virgin

Islands

Hong Kong15 January 2021US$10,000100%100%Investment holding

英属处女群岛香港二零二一年

一月十五日

10,000

美元投资控股

Indirect

间接

Pacific Foundation

Holdings Limited

Hong KongHong Kong7 October 1993HK$7100%100%Investment holding

太平基业控股有限公司香港香港一九三年

十月七日

港元投资控股

GSLHong KongHong Kong17 June 1987HK$10,000,000100%100%Provision of (i) securities

dealing and brokerage

services; (i) placing and

underwriting services;

(i) financing services

including securities

and IPO margin

financing; and (iv) aset

management services

香港香港一九八七年六月

十七日

10,000,000

港元提供

(i)

证券交易及经纪

服务；

(i)

配售及包销服

务；

(i)

包括证券及首次

公开招股保证金融资

的融资服务；及

(iv)

资产

管理服务

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

150Gaoyu Finance Group Limited • ANUAL REPORT 2025

Name of

subsidiary

Place of

incorporation

Place of

operation

Date of

incorporation

Isued and

paid up capital

Equity atributable

to the Group

At 31 March

Principal

activities

附属公司名称注册成立地点营业地点注册成立日期已发行及缴足股本

本集团应占股权

于三月三十一日主要业务

二零二五年二零二四年

Gaoyu Finance LimitedHong KongHong Kong15 November 2019HK$1,000,000100%100%Money lending services

高裕财务有限公司香港香港二零一九年

十一月十五日

1,000,000

港元财务借贷服务

Jovial Victory

Global Limited

British Virgin

Islands

Hong Kong15 November 2021US$5,000100%100%Investment holding

英属处女群岛香港二零二一年

十一月十五日

5,000

美元投资控股

Chance WiseHong KongHong Kong15 November 2021HK$10,000100%100%Suply chain services

机颖香港香港二零二一年

十一月十五日

10,000

港元供应链服务

Brothers Worldwide

Company Limited

British Virgin

Islands

Hong Kong27 September 2022US$50,000100%100%Investment holding

英属处女群岛香港二零二年

九月二十七日

50,000

美元投资控股

Big Win Worldwide

Company Limited

British Virgin

Islands

Hong Kong27 September 2022US$50,000100%100%Investment holding

英属处女群岛香港二零二年

九月二十七日

50,000

美元投资控股

Excelence International

Company Limited

British Virgin

Islands

Hong Kong27 September 2022US$50,000100%100%Investment holding

英属处女群岛香港二零二年

九月二十七日

50,000

美元投资控股

40. PARTICULARS OF SUBSIDIARIES OF THE

COMPANY (Continued)

40.

本公司附属公司的详情

（续）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二五年报

•

高裕金融集团有限公司

于年末，概无附属公司发行任何债务

证券。

上表所列出的本集团附属公司为董

事认为对本集团业绩或资产构成主

要影响的附属公司。董事认为，提供

其他附属公司的详情将使篇幅过于

冗长。

41.

批准综合财务报表

综合财务报表于二零二五年六月

二十五日由董事会批准及授权刊发。

Name of

subsidiary

Place of

incorporation

Place of

operation

Date of

incorporation

Isued and

paid up capital

Equity atributable

to the Group

At 31 March

Principal

activities

附属公司名称注册成立地点营业地点注册成立日期已发行及缴足股本

本集团应占股权

于三月三十一日主要业务

二零二五年二零二四年

UB Trust

Company Limited

Hong KongHong Kong10 November 2022HK$3,000,00060%60%Investment holding

昱玱信托有限公司香港香港二零二年

十一月十日

3,000,000

港元投资控股

Gaoyu High Yield

Income Fund OFC

Hong KongHong Kong18 December 2023US$1100%100%Open-ended fund

香港香港二零二三年

十二月十八日

美元开放式基金

Gaoyu Global

Master Fund OFC

Hong KongHong Kong18 December 2023US$1100%100%Open-ended fund

香港香港二零二三年

十二月十八日

美元开放式基金

Gaoyu Global

Infrastructure OFC

Hong KongHong Kong25 March 2024US$1100%100%Open-ended fund

香港香港二零二四年

三月二十五日

美元开放式基金

None of the subsidiaries had isued any debt securities at

the end of the year.

The above table lists the subsidiaries of the Group, which,

in the opinion of the directors, principaly afected the

results or asets of the Group. To give details of other

subsidiaries would, in the opinion of the directors, result

in particulars of excesive lengths.

41. APROVAL FOR CONSOLIDATED

FINANCIAL STATEMENTS

The consolidated financial statements were aproved and

authorised for isue by the Board of Directors on 25 June

2025.

40. PARTICULARS OF SUBSIDIARIES OF THE

COMPANY (Continued)

40.

本公司附属公司的详情

（续）

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

152Gaoyu Finance Group Limited • ANUAL REPORT 2025

业绩

资产及负债

RESULTS

For the year ended 31 March

截至三月三十一日止年度

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue

收益

Comision income from

securities dealing and

brokerage services

来自证券交易及

经纪服务的佣金收入

3,8072,0731,2342,9577,837

Fe and comision income

from placing and

underwriting activities

来自配售及包销活动的

收费及佣金收入

6,0972,436396–508

Interest income from margin

and loan financing and

money lending services

来自保证金及贷款融资

以及财务借贷服务的

利息收入

3,3948,9908,0614,4045,036

Suply chain financing

供应链融资

15,5798,4302,024–

Advisory fe incomes

咨询费收入

2403121,920–

Fe income from aset

management services

来自资产管理服务的

收费收入

–440–1,567

Others

其他

1,374910120831,500

Total revenue

总收益

30,49123,59113,7557,44416,448

Bank interest income

银行利息收入

1,227690384171256

Fair value change on

investment at fair value

through profit or los

按公平值计入损益之

投资的公平值变动

(8,243)6,704232–

Other gains

其他收益

6181,9421,7352,3132,379

24,09332,92716,1069,92819,083

Comision expenses

佣金开支

(608)(417)(416)(1,246)(2,850)

Depreciation expenses for

property and equipment

物业及设备的

折旧开支

(1,730)(1,750)(1,766)(1,663)(250)

Depreciation expenses for

right-of-use asets

使用权资产的

折旧开支

(2,317)(1,486)(1,318)(3,146)(4,727)

Staf costs

员工成本

(7,570)(7,317)(8,021)(8,601)(15,967)

Other operating expenses

其他经营开支

(10,601)(10,525)(8,594)(7,866)(11,220)

Finance costs

融资成本

(11,033)(129)(175)(176)(129)

Exchange gain/(los)

汇兑收益╱（亏损）

(1,756)144(3,023)–

Impairment of asets

资产减值

(331)(1,831)(2,322)(12,021)–

Profit/(los) before tax

除税前溢利╱（亏损）

(11,853)9,616(9,529)(24,791)(16,060)

Income tax expense

所得税开支

(1,364)(726)–

Profit/(los) for the year

年内溢利╱（亏损）

(13,217)8,890(9,529)(24,791)(16,060)

ASETS AND LIABILITIES

As at 31 March

于三月三十一日

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Total asets

总资产

246,682229,291197,155199,466226,874

Total liabilities

总负债

100,711(75,396)(53,350)(46,132)(48,749)

Net asets

资产净值

145,971153,895143,805153,334178,125

Anual Report

年报

年

报

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

1. Credit Watchlist

2. Early Repayment

3. Valuation of Colateral

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Period: HK$440,000).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Period: HK$769,729,000).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

1. In the ordinary course of the Group’s money lending

Principal:US$881,000

Interest rate:8% per anum

Term:5 years

Drawdown date:6 December 2024

Maturity date:6 December 2029

Security:The Loan is secured by a first mortgage/legal charge in respect of a

Repayment:The Customer shal repay the principal of the Loan and al acrued interests

Outstanding principal:US$881,000 as at 31 March 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2. Reference is made to the circular of the Company dated

Advances:US$13,000,000 (or HK$101,400,000)

Interest rate:1% per month

Term:Up to and ending on 31 March 2027

Drawdown date:2 January 2025 to 31 March 2025

Expected repayment date:1 April 2025 to 30 June 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Default terms:If a customer fails to repay the advances within the repayment period,

Repayment:The customer shal repay the principal of the Advance and al acrued

Outstanding principal:HK$74,236,000 as at 31 March 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Advances:US$6,500,000 (or HK$50,700,000)

Interest rate:1% per month

Term:Up to and ending on 31 March 2027

Drawdown date:2 January 2025 to 31 March 2025

Expected repayment date:1 April 2025 to 30 June 2025

Default terms:If a customer fails to repay the advances within the repayment period,

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Repayment:The customer shal repay the principal of the Advance and al acrued

Outstanding principal:HK$49,449,000 as at 31 March 2025

Advances:US$25,000,000 (or HK$195,000,000)

Interest rate:1.2% per month

Term:Up to and ending on 31 March 2027

Drawdown date:2 January 2025 to 31 March 2025

Expected repayment date:1 April 2025 to 30 June 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析