01939 东京中央拍卖 财务报表/环境、社会及管治资料：二零二五年年度报告
| This annual report is printed on environmental paper 此年度报告以环保纸张印制 | TOKYO CHUO AUCTION HOLDINGS LIMITED东京中央拍卖控股有限公司 ANNUAL REPORT 2025 年度报告 |
|---|
股份代号
(incorporated in Hong Kong with limited liability)( 于香港注册成立之有限公司 )
Anual Report
年度报告
CONTENTS 目录
Corporate Information公司资料2
Chairman’s Statement主席报告5
Management Discusion and Analysis管理层讨论及分析9
Biographical Details of Directors and Senior Management董事及高级管理层的履历详情24
Corporate Governance Report企业管治报告38
Environment, Social and Governance Report环境、社会及管治报告61
Reports of the Directors董事会报告101
Independent Auditor’s Report独立核数师报告120
Consolidated Statement of Profit or Los and
Other Comprehensive Income
合并损益及其他综合收益表131
Consolidated Statement of Financial Position合并财务状况表133
Consolidated Statement of Changes in Equity合并权益变动表135
Consolidated Statement of Cash Flows合并现金流量表136
Notes to the Consolidated Financial Statements合并财务报表附注137
Five-Year Financial Sumary五年财务概要248
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 20252
CORPORATE INFORMATION
公司资料
董事
执行董事
安藤湘桂先生（又名廖湘桂）
（于2025年6月20日辞任）
安藤恵理女士（又名冯慧瑾）
（于2025年6月20日辞任）
葛文海先生（于2025年6月20日辞任）
孙鸿月先生（于2025年6月20日辞任）
黄仕坤先生（于2025年5月30日获委任）
黄仕峰先生（于2025年5月30日获委任）
钱源女士（于2025年5月30日获委任）
童军先生（于2025年5月30日获委任）
非执行董事
李杰峰先生（于2025年5月30日获委任）
郑浩然先生（于2025年5月30日获委任）
独立非执行董事
钟国武先生（于2025年6月20日辞任）
林淑玲女士（于2025年6月20日辞任）
秦治民先生（于2025年6月20日辞任）
何佳教授（于2025年5月30日获委任）
胡左浩教授（于2025年5月30日获委任）
梁廷育先生（于2025年5月30日获委任）
公司秘书
翟志胜先生
审核委员会
林淑玲女士（于2025年6月20日辞任）
钟国武先生（于2025年6月20日辞任）
秦治民先生（于2025年6月20日辞任）
梁廷育先生（审核委员会主席）
（于2025年6月20日调任）
李杰峰先生（于2025年6月20日调任）
何佳教授（于2025年6月20日调任）
DIRECTORS
Executive Directors
Mr. Ando Shokei (alias Liao Xiangui)
(resigned on 20 June 2025)
Mrs. Ando Eri (alias Feng Huijin)
(resigned on 20 June 2025)
Mr. Katsu Bunkai (alias Ge Wenhai)
(resigned on 20 June 2025)
Mr. Sun Hongyue (resigned on 20 June 2025)
Mr. Huang Shikun (apointed on 30 May 2025)
Mr. Huang Shifeng (apointed on 30 May 2025)
Ms. Qian Yuanyuan (apointed on 30 May 2025)
Mr. Tong Jun (apointed on 30 May 2025)
Non-executive directors
Mr. Li Jiefeng (apointed on 30 May 2025)
Mr. Zheng Haoran (apointed on 30 May 2025)
Independent Non-executive Directors
Mr. Chung Kwok Mo John (resigned on 20 June 2025)
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)
Mr. Chun Chi Man (resigned on 20 June 2025)
Profesor He Jia (apointed on 30 May 2025)
Profesor Hu Zuohao (apointed on 30 May 2025)
Mr. Leung Ting Yuk (apointed on 30 May 2025)
COMPANY SECRETARY
Mr. Chak Chi Shing
AUDIT COMITE
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)
Mr. Chung Kwok Mo John (resigned on 20 June 2025)
Mr. Chun Chi Man (resigned on 20 June 2025)
Mr. Leung Ting Yuk (chairman of the audit comite)
(re-designated on 20 June 2025)
Mr. Li Jiefeng (re-designated on 20 June 2025)
Profesor He Jia (re-designated on 20 June 2025)
东京中央拍卖控股有限公司 二零二五年度报告3
Corporate Information
公司资料
REMUNERATION COMITE
Mr. Chung Kwok Mo John (resigned on 20 June 2025)
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)
Mr. Chun Chi Man (resigned on 20 June 2025)
Mrs. Ando Eri (resigned on 20 June 2025)
Profesor He Jia (chairman of the remuneration comite)
(re-designated on 20 June 2025)
Mr. Huang Shikun (re-designated on 20 June 2025)
Profesor Hu Zuohao (re-designated on 20 June 2025)
NOMINATION COMITE
Mr. Ando Shokei (resigned on 20 June 2025)
Mr. Chung Kwok Mo John (resigned on 20 June 2025)
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)
Mr. Chun Chi Man (resigned on 20 June 2025)
Mr. Huang Shikun (chairman of the nomination comite)
(re-designated on 20 June 2025)
Ms. Qian Yuanyuan (re-designated on 20 June 2025)
Profesor He Jia (re-designated on 20 June 2025)
Profesor Hu Zuohao (re-designated on 20 June 2025)
Mr. Leung Ting Yuk (re-designated on 20 June 2025)
CORPORATE GOVERNANCE COMITE
Mr. Chun Chi Man (resigned on 20 June 2025)
Mr. Ando Shokei (resigned on 20 June 2025)
Mr. Chung Kwok Mo John (resigned on 20 June 2025)
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)
Profesor Hu Zuohao
(chairman of the corporate governance comite)
(re-designated on 20 June 2025)
Profesor He Jia (re-designated on 20 June 2025)
Mr. Huang Shifeng (re-designated on 20 June 2025)
AUTHORISED REPRESENTATIVES
Mr. Ando Shokei (resigned on 20 June 2025)
Mr. Chak Chi Shing
Ms. Qian Yuanyuan (apointed on 20 June 2025)
AUDITOR
HLB Hodgson Impey Cheng Limited
PRINCIPAL BANKERS
Hongkong and Shanghai Banking Corporation Limited
Sumitomo Mitsui Banking Corporation
薪酬委员会
钟国武先生（于2025年6月20日辞任）
林淑玲女士（于2025年6月20日辞任）
秦治民先生（于2025年6月20日辞任）
安藤恵理女士（于2025年6月20日辞任）
何佳教授（薪酬委员会主席）
（于2025年6月20日调任）
黄仕坤先生（于2025年6月20日调任）
胡左浩教授（于2025年6月20日调任）
提名委员会
安藤湘桂先生（于2025年6月20日辞任）
钟国武先生（于2025年6月20日辞任）
林淑玲女士（于2025年6月20日辞任）
秦治民先生（于2025年6月20日辞任）
黄仕坤先生（提名委员会主席）
（于2025年6月20日调任）
钱源女士（于2025年6月20日调任）
何佳教授（于2025年6月20日调任）
胡左浩教授（于2025年6月20日调任）
梁廷育先生（于2025年6月20日调任）
企业管治委员会
秦治民先生（于2025年6月20日辞任）
安藤湘桂先生（于2025年6月20日辞任）
钟国武先生（于2025年6月20日辞任）
林淑玲女士（于2025年6月20日辞任）
胡左浩教授
（企业管治委员会主席）
（于2025年6月20日调任）
何佳教授（于2025年6月20日调任）
黄仕峰先生（于2025年6月20日调任）
授权代表
安藤湘桂先生（于2025年6月20日辞任）
翟志胜先生
钱源女士（于2025年6月20日获委任）
核数师
国卫会计师事务所有限公司
主要往来银行
香港上海汇丰银行有限公司
三井住友银行
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 20254
Corporate Information
公司资料
股份过户登记总处
卓佳证券登记有限公司
香港
金钟夏悫道16号
远东金融中心17楼
注册办事处
香港
干诺道中111号
永安中心26楼2601室
总办事处及日本主要营业地点
日本
东京都
中央区京桥3–7–5
Kyobashi-Square 2楼及3楼
公司网站
w.chuo-auction.com.hk
股份代号
PRINCIPAL SHARE REGISTRAR AND TRANSFER
OFICE
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road, Admiralty
Hong Kong
REGISTERED OFICE
Rom 2601, 26/F Wing On Centre
No. 111 Conaught Road Central
Hong Kong
HEAD OFICE AND PRINCIPAL PLACE OF
BUSINES IN JAPAN
2/F and 3/F, Kyobashi-Square
3–7–5 Kyobashi, Chuo-ku
Tokyo
Japan
CORPORATE WEBSITE
w.chuo-auction.com.hk
STOCK CODE
东京中央拍卖控股有限公司 二零二五年度报告5
CHAIRMAN’S STATEMENT
主席报告
致股东
本人谨代表东京中央拍卖控股有限公司（「本
公司」，连同其附属公司统称为「本集团」）董事
（「董事」）会（「董事会」）提呈本公司截至2025年
3月31日止年度（「报告期间」）的年度报告。
我们是一间在香港及日本广受认可的中日艺
术品拍卖行。我们专门拍卖各类艺术品，主要
为中国及日本艺术品，包括中国书画、中国古
玩及中日茶具。凭借在中国及日本艺术品拍卖
行业超过十年的营运经验，我们已透过「东京
中央拍卖」的品牌，发展成为在香港及日本广
受认可和信任的拍卖品牌。我们凭借提供具吸
引力的拍卖艺术品及优质的拍卖服务，成功赢
得客户的认可，从而确立我们的市场地位、品
牌知名度及竞争力。作为一间能够探索及推广
每件艺术品历史文化意义及商业价值的拍卖
行，我们深感自豪。
DEAR SHAREHOLDERS
On behalf of the board (the “Board”) of directors (the
“Directors”) of Tokyo Chuo Auction Holdings Limited (the
“Company”, together with its subsidiaries, colectively, the
“Group”), I would like to present the anual report of the
Company for the year ended 31 March 2025 (the “Reporting
Period”).
We are a wel-recognised auction house of Chinese and
Japanese artworks in Hong Kong and Japan. We specialise in
auctionering a wide variety of artworks with emphasis on
Chinese and Japanese artworks, including Chinese paintings
and caligraphies, Chinese antiques and Japanese and Chinese
teawares. With over ten years of operating experience in the
Chinese and Japanese art auction industry, we have grown into
a wel-recognised and trusted auction brand in Hong Kong and
Japan, through our “Tokyo Chuo Auction” brand. By ofering
apealing auction artworks and quality auction services, we
have sucesfuly gained recognition from our customers and
established our market position, brand name and
competitivenes. We take pride in being an auction house with
the ability to explore and introduce the historical and cultural
significance as wel as the comercial value of each artwork.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 20256
Chairman’s Statement
主席报告
过去一年，本集团通过不同的方法采取合适的
行动以改善我们的营运，包括但不限于(i)在提
供优质服务的同时，采取及运用专业且聚焦历
史及文化导向的营销技术，达到拍卖艺术品的
最高交易价；(i)进一步加强我们于香港及日本
的中国及日本艺术拍卖市场的市场地位及市
场占有率，并加强品牌形象及知名度；(i)通过
投资于当代艺术作品及珍稀佳酿的领域以令
我们的业务范围多元化；(iv)招聘高质素的管
理人才及专家，并吸引、激励及保留优质雇员
以同时加强管理及营运团队，以支持可持续发
展；及(v)以扩展业务足印至其他具潜质的市场
为目标，旨在于其他主要亚洲城市及全球市场
建立及加强品牌形象及品牌影响力。
Over the past year, the Group tok apropriate actions to
improve our operations through diferent ways, including but
not limited to, (i) adopting and utilising profesional as wel as
history-focused and culture-oriented marketing techniques along
with quality services to maximise the transaction prices of our
auctioned artworks; (i) further strengthening our market
position and market share in the Chinese and Japanese art
auction market in Hong Kong and Japan, and enhancing our
brand recognition and awarenes; (i) diversifying our busines
scope by venturing into the field of contemporary artwork and
fine & rare whisky and moutai; (iv) recruiting high calibre
managers and experts and atracting, motivating and retaining
quality employes to strengthen both the management and
operating teams with a view to suport sustainable growth;
and (v) targeting to expand busines fotprint to other
potential markets with an aim to establish and enhance brand
image and brand influence in other major Asian cities and the
global market.
东京中央拍卖控股有限公司 二零二五年度报告7
Chairman’s Statement
主席报告
前景
鉴于全球经济以及香港、日本及中华人民共和
国（「中国」）的金融市场仍然不明朗，董事会认
为，全球经济及金融市场遭受的严重影响对中
日艺术品市场造成不利影响，具体指不可测的
市场需求、艺术品的价值及状况，以及艺术品
拍卖市场的整体发展。我们有志将我们的业务
范围扩大到当代艺术品及珠宝领域。本集团亦
借此机会加速其线上系统及线上拍卖平台的
搭建，紧跟时代发展趋势，整合平台并提升其
技术，为广大藏家带来全新的多场景拍卖体
验。发展线上交易及资讯平台，以及透过涉足
当代艺术品及珠宝领域，使我们的业务范围变
得多元化，可让本集团扩展目前的业务，并能
更灵活地应对近期的经济不确定性。
PROSPECTS
In view of the global economy and the financial markets in
Hong Kong, Japan and the People’s Republic of China (the
“PRC”) are being uncertain, the Board considered that such
significant impact on the global economy and financial markets
had adversely afected the market of Chinese and Japanese
artworks, specific for unpredictability in the market demand,
value and conditions for artworks and development of art
auction market in general. We are aspiring to diversify our
busines scope into the field of contemporary artworks and
jewelry. The Group also seized the oportunity to acelerate
the formation of its online system and online auction platform,
so as to kep up with the curent developing trend, integrate
platforms and upgrade its technology to bring new experience
of multi-scenario auction for al colectors. The development of
online trading and information platform and diversifying our
busines scope by venturing into the field of contemporary
artwork and jewelry alow the Group to expand its curent
busines and provide more flexibility to cope with the economic
uncertainty in the near future.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 20258
Chairman’s Statement
主席报告
此外，执行董事黄仕坤先生（「黄先生」）于2025
年5月30日获本公司委任，而本集团正探索未
来进军粤港澳大湾区的拍卖及相关服务市场
的可能性。凭借黄先生的个人背景、管理经
验、在中国的广泛网络及业务联系，本集团将
探索在拍卖及相关服务界别的持续业务发展，
以及将与本集团目前业务具有协同效益的其
他潜在商机。未来，本集团将力求稳定增长及
发展，在艺术品拍卖市场上继续秉承「为艺术
爱好者搜罗优秀艺术品」的宗旨。本集团将不
断丰富拍品种类，在满足藏家的多样化口味同
时，管理层也会时刻留意与其他拍卖公司的合
作商机，务求更迅速发展我们的业务。
致谢
最后，本人谨代表董事会及管理层对本集团全
体员工于本年孜不倦的努力深表谢意，亦就
本公司所有股东（「股东」）、投资者、客户及业
务伙伴对本集团的持续支持表示致谢。
东京中央拍卖控股有限公司
黄仕坤
主席
2025年6月30日
Moreover, Mr. Huang Shikun (“Mr. Huang”), an executive
director was apointed by the Company on 30 May 2025 and
the Group is exploring the posibilities of taping into the
auction and related services market in the Guangdong-Hong
Kong-Macao Greater Bay Area in the future. By leveraging
Mr. Huang’s personal background, management experience,
extensive network and busines conections in the PRC, the
Group wil explore continuous busines development in the
auction and related services sector and other potential busines
oportunities that wil be synergised with the Group’s curent
busineses. In the future, the Group wil aim at keping stable
growth and development, and continuously uphold its principle
of sourcing excelent artworks for art enthusiasts in the artwork
auction market. The Group wil constantly enrich the categories
of auction lots to fulfil the diversified preferences of the
colectors. At the same time, the management wil also kep an
eye on the oportunities to coperate with other auction
companies with a view to developing our busines more
rapidly.
APRECIATION
Lastly, on behalf of the Board and the management, I would
like to expres my sincere gratitude to al the staf for their
unremiting eforts during the year and to al the shareholders
of the Company (“Shareholders”), investors, clients and
busines partners for their continuous suport for the Group.
Tokyo Chuo Auction Holdings Limited
Huang Shikun
Chairman
30 June 2025
东京中央拍卖控股有限公司 二零二五年度报告9
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
BUSINES REVIEW
In view of the global economy and the financial markets in
Hong Kong and the PRC are being uncertain, the Board
considered that such unpredictable impact on the global
economy and financial markets had adversely afected our
busines of Chinese and Japanese artworks, specificaly on the
unpredictability in the market demand, the value and conditions
for artworks and development of art auction market in general.
We aspire to diversify our busines scope into the field of
contemporary artworks and jewelry and further expanding
busines in Taiwan markets, as (1) we believe there would be a
large potential demand for jewelry or contemporary artworks by
our existing customers, (2) there is an increasing market
demand on jewelry and contemporary artworks in the industry
and (3) is targeting to further expand busines in Taiwan
markets with an aim to establish and enhance brand image and
influence in other major Asian cities and the global markets.
During the Reporting Period, the Group obtained sucesful
results in each auction sesion, with an agregate of 4,166
pieces of auction lots launched in the 7 auctions in Hong Kong
and Japan. A total of 2,152 pieces were sucesfuly sold,
representing a suces rate of 51.7% and achieved an
agregate hamer price of aproximately HK$92.0 milion and
JPY2,306.3 milion in Hong Kong and Japan, respectively. The
Group is actively developing other new auction segments,
specialy jewelry and contemporary artworks to increase the
number and sources of customers and pursue new busines
oportunities.
业务回顾
鉴于全球经济以及香港及中国的金融市场仍
然不明朗，董事会认为，全球经济及金融市场
遭受的不可测影响对我们的中日艺术品业务
造成影响，尤指不可测的市场需求、艺术品的
价值及状况，以及艺术品拍卖市场的整体发
展。我们有志将我们的业务范围扩大到当代艺
术品及珠宝领域以及进一步拓展台湾市场的
业务，原因是(1)我们相信现有客户对珠宝或当
代艺术品的潜在需求庞大，(2)业内对珠宝及当
代艺术品的市场需求日增，以及(3)以进一步扩
展业务至台湾市场为目标，旨在于其他主要亚
洲城市及全球市场建立及加强品牌形象及品
牌影响力。
于报告期间，本集团各拍卖专场均取得丰硕收
益，香港及日本7个拍卖会共推出4,166件拍
品。合共2,152件已成功售出，成功率为
51.7%，香港及日本的总落槌价分别约为92.0
百万港元及2,306.3百万日圆。本集团积极发展
尤其是珠宝及当代艺术品的其他新拍卖业务
以增加客户数目及来源，同时物色新商机。
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202510
Management Discusion and Analysis
管理层讨论及分析
前景及未来计划
本集团发展成为专注艺术品拍卖的先锋企业，
并由日本扩大至整个亚洲。目前，本集团已立
足亚洲主要城市，业务由东京拓展至香港及台
湾。凭借黄先生的个人背景、管理经验、在中
国的广泛网络及业务联系，本集团正探索未来
进军粤港澳大湾区的拍卖及相关服务市场的
可能性，本集团积极开拓潜在客户，巩固竞争
优势，增加收藏界广泛脉络，推动拍卖业务增
长。此外，本集团的市场营销和品牌推广活动
将是本集团于亚太区高净值人士中打响名号、
建立口碑的重要一环，此举将会成功巩固本集
团的品牌形象并提升其品牌认可度。进一步提
升品牌认可度是本集团未来发展成功与否的
关键所在。
日后，本集团将力求稳定增长及发展，于艺术
品拍卖市场上继续秉承「来源有据，流传有序」
的宗旨，不断为艺术品爱好者搜罗更多珍贵的
艺术品。本集团将分配更多资源发展线上拍卖
平台、珠宝及当代艺术品分部，使其拍卖渠道
更多元化，珠宝亦然，此举可让本集团扩展目
前的业务，并能更灵活地应对近期的经济不确
定性。同时，本集团将继续寻找合适业务伙伴
以就拍卖活动展开合作。此外，管理层亦将与
其他拍卖公司合作，并考虑于艺术品相关业务
中作出战略投资，帮助本集团达致协同效应。
PROSPECTS AND FUTURE PLAN
The Group has ben expanding itself as a pionering corporate
with emphasis on artworks auction, expanding from Japan to
the entire Asia. At present, it has established fotholds in
major cities in Asia with its busines expanding from Tokyo to
Hong Kong and Taiwan. By leveraging Mr. Huang’s personal
background, management experience, extensive network and
busines conections in the PRC, the Group is exploring the
posibilities of taping into the auction and related services
market in the Guangdong-Hong Kong-Macao Greater Bay Area
in the future, the Group has actively explored potential
customers and consolidated its competitive strengths in order to
broaden its network in the colection comunity and facilitate
the growth of its auction busines. In adition, the Group’s
marketing and brand promotion activities are integral parts of
its efort to gain aclaim and build its reputation among the
high net worth individuals in the Asia-Pacific region, which
sucesfuly strengthened the brand image of the Group and
raised its brand awarenes. Further raising the Group’s brand
awarenes is the key to the suces of its future development.
In the future, the Group aims at maintaining stable growth and
development, and continuously uphold its principle of sourcing
excelent artworks with god provenance to explore and colect
more valuable artworks for art enthusiasts in the artwork
auction market. The Group wil alocate more resources to
develop its online auction platform, jewelry and contemporary
artworks segments to diversify its auction chanel and jewelry,
which alow the Group to expand its curent busines and
provide more flexibility to cope with the economic uncertainty
in the near future. At the same time, it shal kep loking for
aposite busines partners for colaboration in auction events.
Meanwhile, the management wil also coperate with other
auction companies and consider making strategic investments in
artworks related busines, which would help the Group achieve
synergies.
东京中央拍卖控股有限公司 二零二五年度报告11
Management Discusion and Analysis
管理层讨论及分析
财务回顾
收益
于报告期间，本集团收益约为62.1百万港元
（2024年：约57.9百万港元），较2024年同期增
加约4.2百万港元或7.25%。来自艺术品拍卖及
相关业务的收益约为52.2百万港元（2024年：
约48.7百万港元），来自艺术品销售的收益约
为9.9百万港元（2024年：约9.2百万港元）。于
报告期间，艺术品拍卖及相关业务的收益增
加，主要是由于香港艺术品拍卖及相关业务收
益增加。
毛利
于报告期间，与2024年同期相比，本集团的毛
利增加约1.7百万港元或3.63%至约48.5百万港
元（2024年：约46.8百万港元），与艺术品拍卖
及相关业务的收益增加一致。于报告期间，整
体毛利率约为78.1%（2024年：80.8%）。有关
轻微减少乃主要由于艺术品拍卖及相关业务的
收益利润率及艺术品销售收益减少所致。艺术
品拍卖及相关业务以及艺术品销售的毛利率分
别为约90.3%（2024年：91.4%）及约13.7%
（2024年：24.9%）。
其他收益净额
其他收益约为5.3百万港元，主要指按公平值
计入损益之金融资产公平值收益（2024年：收
益约为7,000港元，主要指按公平值计入损益
之金融资产公平值收益，当中因汇兑亏损而部
分抵销）。
FINANCIAL REVIEW
Revenue
During the Reporting Period, the revenue of the Group was
aproximately HK$62.1 milion (2024: aproximately HK$57.9
milion), which represents an increase of aproximately HK$4.2
milion or 7.25% as compared to the same period in 2024.
Revenue from art auction and related busines was
aproximately HK$52.2 milion (2024: aproximately HK$48.7
milion), while revenue from artwork sales was aproximately
HK$9.9 milion (2024: aproximately HK$9.2 milion). Such
increase in revenue from art auction and related busines for
the Reporting Period was mainly due to increase the revenue
from art auction and related busines in Hong Kong.
Gros profit
During the Reporting Period, gros profit of the Group
increased by aproximately HK$1.7 milion or 3.63% to
aproximately HK$48.5 milion (2024: aproximately HK$46.8
milion) as compared to the same period in 2024, which was in
line with the increase in revenue from art auction and related
busines. The overal gros profit margin was aproximately
78.1% for the Reporting Period (2024: 80.8%). The slightly
decrease was mainly due to the decrease in the profit margin
for the revenue from art auction and related busines and
revenue from artwork sales. The gros profit margins were
aproximately 90.3% (2024: 91.4%) for art auction and related
busines and aproximately 13.7% (2024: 24.9%) for artwork
sales respectively.
Other gains — net
Other gains of aproximately HK$5.3 milion mainly represented
the fair value gains on financial asets at FVTPL (2024: gains of
aproximately HK$7,000 mainly represented the fair value gains
on financial asets at FVTPL which partialy ofset by the
exchange los).
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202512
Management Discusion and Analysis
管理层讨论及分析
其他收入
其他收入约为432,000港元，主要指于报告期
间的已收取补偿、已没收竞投保证金及已确认
罚款（2024年：约1.4百万港元，主要指已收取
政府补助、已收取补偿、已没收竞投保证金及
已确认罚款）。
销售及分销开支
销售及分销开支主要包括已付本集团销售及
营销员工的雇员福利开支、广告及宣传开支、
已付顾问费、运输成本、差旅开支、娱乐及商
务接待开支。于报告期间产生销售及分销开支
约23.6百万港元（2024年：约23.8百万港元），
较2024年同期减少约0.2百万港元，与去年同
期相比维持稳定。
行政开支
行政开支主要指雇员福利开支、差旅开支、租
金开支及折旧。于报告期间，行政开支减少约
8.3%至约39.9百万港元（2024年：约43.5百万
港元）。行政开支减少乃主要由于报告期间确
认以权益结算的股份基础付款减少所致。
财务成本净额
本集团于报告期间录得财务成本约1.1百万港
元（2024年：财务成本约819,000港元）。财务
收入主要指银行存款的利息收入及若干委托
人预付款项利息收入，而财务成本则主要指银
行及其他借款利息开支及租赁负债利息开支。
Other income
Other income of aproximately HK$432,000 mainly represented
compensation received, biding deposits forfeited and penalties
recognised during the Reporting Period (2024: aproximately
HK$1.4 milion mainly represented government grant received,
compensation received, biding deposits forfeited and penalties
recognised).
Seling and distribution expenses
Seling and distribution expenses consisted primarily of
employe benefit expenses paid to the Group’s sales and
marketing staf, advertising and promotion expenses,
consultancy fe paid, transportation costs, traveling expenses,
entertainment and busines hospitality expenses. During the
Reporting Period, aproximately HK$23.6 milion (2024:
aproximately HK$23.8 milion) of seling and distribution
expenses were incured, representing a decrease of
aproximately HK$0.2 milion as compared to the same period
in 2024, which remained stable as compared to the same
period in last year.
Administrative expense
Administrative expenses mainly represented employe benefit
expenses, traveling expenses, rental expenses and depreciation.
During the Reporting Period, administrative expenses decreased
by aproximately 8.3% to aproximately HK$39.9 milion (2024:
aproximately HK$43.5 milion). Such decrease in administrative
expenses was mainly due to the decrease in recognition of
equity-setled share based payment for the Reporting Period.
Finance costs — Net
The Group recorded finance costs of aproximately HK$1.1
milion (2024: finance costs amounted to aproximately
HK$819,000) for the Reporting Period. Finance income mainly
represented interest income from bank deposit and interest
income from certain consignor advance, and finance costs
mainly represented interest expenses on bank and other
borowings and interest expenses on lease liabilities.
东京中央拍卖控股有限公司 二零二五年度报告13
Management Discusion and Analysis
管理层讨论及分析
所得税开支
本集团的香港及日本公司已就估计应课税溢
利按适用税率计提利得税拨备。报告期间的所
得税抵免包括过往年度超额拨备263,000港元
及递延税项抵免约605,000港元（2024年：即期
税项支出约342,000港元、过往年度拨备不足
216,000港元及递延税项抵免约21,000港元）。
本公司拥有人应占亏损
于报告期间，本公司录得本公司拥有人应占亏
损约19.5百万港元（2024年：约26.9百万港
元），乃主要由于报告期间确认以权益结算的
股份基础付款减少及按公平值计入损益之金
融资产公平值收益增加，被使用权益会计法列
账之投资的减值亏损及非金融资产减值亏损
增加所部分抵销所致。
委托人预付款项
就于2025年3月31日及2024年3月31日的委托人
预付款项而言，本金总额约为76.5百万港元
（2024年3月31日：70.9百万港元）及未偿还本
金总额约为59.0百万港元（2024年3月31日：
63.0百万港元），授出两项委托人预付款项，
年利率为1%至12%，而余下预付款项则按零
利率授出（2024年3月31日：授出两项委托人预
付款项，年利率为1%至12%，而余下预付款
项则按零利率授出）。截至2025年3月31日止年
度，委托人预付款项授予28名委托人，彼等均
为企业或个人艺术品收藏家。委托人预付款项
仅于本集团取得抵押品（即委托艺术品）后授
予委托人，而委托艺术品应提呈于其后拍卖出
售，其乃经委托人与本集团相互协定（一般于
一年内进行）。就董事所深知、尽悉及确信，
所有委托人及彼等之最终实益拥有人均为独
立于本公司及本公司关连人士之第三方。
Income tax expenses
Profits tax has ben provided for by the Group’s companies in
both Hong Kong and Japan at the aplicable rate on the
estimated asesable profits. Income tax credit for the Reporting
Period included the over-provision in prior years of HK$263,000
and defered tax credit of aproximately HK$605,000 (2024:
curent tax charge of aproximately HK$342,000,
under-provision in prior years of HK$216,000 and defered tax
credit of aproximately HK$21,000).
Los atributable to owners of the Company
During the Reporting Period, the Company recorded a los
atributable to owners of the Company of aproximately
HK$19.5 milion (2024: aproximately HK$26.9 milion), which
was mainly due to the decrease in recognition of equity-setled
share based payment and increase in fair value gain on
financial asets at fair value through profit or los which was
partialy ofset by increase in impairment los on investment
acounted for using the equity method and impairment loses
on non-financial asets for the Reporting Period.
Consignor advances
For the consignor advances as at 31 March 2025 and
31 March 2024, the total principal amount was aproximately
HK$76.5 milion (31 March 2024: HK$70.9 milion) and the
total outstanding principal was aproximately HK$59.0 milion
(31 March 2024: HK$63.0 milion), two of the consignor
advances were granted with interest rate of 1% to 12% per
anum and the rest of the advances was granted at nil interest
rate (31 March 2024: two of the consignor advances were
granted with interest rate of 1% to 12% per anum and the
rest of the advances was granted at nil interest rate). During
the year ended 31 March 2025, the consignor advances were
granted to 28 consignors and al of them were either corporate
or individual art colectors. The consignor advance was only
granted to the consignors after the colateral (which is the
consigned artwork) has ben obtained by the Group and the
consigned artwork should be proposed to sel in subsequent
auctions, which mutualy agred by consignors and the Group
(normaly within one year). To the best of the knowledge,
information and belief of the Directors, al the consignors and
their ultimate beneficial owners are third parties independent of
the Company and the conected persons of the Company.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202514
Management Discusion and Analysis
管理层讨论及分析
于2025年3月31日，应收最大委托人及五大委
托人的未偿还委托人预付款项分别占本集团
未偿还委托人预付款项总额约10.4%及33.8%
（2024年3月31日：最大委托人及五大委托人分
别占约12.8%及46.1%）。
截至2025年及2024年3月31日止年度，为吸引
具有长期关系及良好信贷记录的艺术品供应
商的具吸引力的艺术品，本公司已向若干委托
人提供委托人预付款项，按零利率或较低利率
就有关委托人预付款项计算应计利息。根据委
托安排，相关委托人预付款项及应付利息（如
有）须于收到拍卖购买价的全数付款后自委托
艺术品的销售所得款项中扣除，或倘本公司未
能于拍卖中出售委托艺术品，则委托艺术品须
于相关艺术品供应商悉数偿还委托人预付款
项及应计利息（如有）后退还予委托人。本集团
的业务高度依赖该等艺术品供应商提供的艺
术品，因此提供有关预付款项乃为本集团的业
务利益，而非仅为赚取利息收入。
于厘定授出委托人预付款项时，本集团将初步
评估艺术品及委托人的背景，当中考虑的因素
包括(i)取得委托人的个人资料及于必要时就委
托人的背景进行公开调查；(i)委托人所提供艺
术品及抵押品的建议价值；(i)本集团与委托
人的业务关系年期；及(iv)委托人基于委托人
信贷记录的信用度。
As at 31 March 2025, the outstanding amount of consignor
advances due from the largest consignor and five largest
consignors acounted for aproximately 10.4% and 33.8% of
the total outstanding amount of consignor advances of the
Group respectively (31 March 2024: the largest consignor and
five largest consignors acounted for aproximately 12.8% and
46.1% respectively).
In order to atract apealing artworks from artwork providers
with long-term relationship and god credit history, during the
year ended 31 March 2025 and 2024, the Company has
provided certain consignors with consignor advances carying
interest acruing on such consignor advances at nil or low
interest rates. Under the consignment arangement, the
relevant consignor advances with interests payable (if any) shal
be deducted from sales proceds of the consigned artwork after
receiving the ful payment of the purchase price from the
auction, or in case if the Company failed to sel the consigned
artwork at the auction, the consigned artwork shal be returned
to the consignor after obtaining ful repayment of the
consignor advances with acrued interest (if any) from the
relevant artwork provider. The busines of the Group heavily
relies on the artworks provided by these artwork providers and
therefore the provision of such advance is for the benefit of the
Group’s busines and not merely for the purpose of earning
interest income.
When determining the grant of consignor advances, the Group
would initialy ases the background of the artwork and the
consignors by the taking into factors including (i) obtaining the
personal information of the consignor and conduct available
public search on the background of the consignor when
necesary; (i) the proposed value of the artwork and colateral
ofered by the consignor; (i) the length of busines
relationship betwen the Group and the consignor; and (iv) the
creditability of the consignor based on the credit history of the
consignor.
东京中央拍卖控股有限公司 二零二五年度报告15
Management Discusion and Analysis
管理层讨论及分析
在厘定就委托人预付款项作出的任何减值时，
管理层藉基于获提供的委托人预付款项的整
体经济状况及于报告日期的相关委托艺术品
价值及状况进行估计而个别评估预期损失。由
于委托艺术品于该等年度内的公平值金额高
于委托人预付款项的账面值，故并无录得任何
减值。
财务状况及流动资金
本集团一般以内部产生的资源及银行融资为
其营运提供资金。于2025年3月31日，本集团
有流动资产约381.4百万港元（于2024年3月31
日：约368.1百万港元），而本集团的现金及现
金等价物约为76.5百万港元（于2024年3月31
日：约48.7百万港元）。
于2025年3月31日，本集团有计息银行借款约
37.3百万港元（于2024年3月31日：约41.6百万
港元），其中约14.5百万港元（于2024年3月31
日：约14.6百万港元）须于一年内偿还。
于2025年及2024年3月31日，本集团并无其他
借款。
于2025年3月31日，本集团的资产负债比率乃
按计息借款金额减现金及现金等价物除以股
东权益计算。本集团处于净现金状况（于2024
年3月31日：净现金状况）。
资本承担
于2025年3月31日，本集团并无任何重大资本
承担（于2024年3月31日：无）。于本报告日
期，本集团并无有关重大投资或资本资产的计
划。
When determining any impairments made in respect of the
consignor advances, the management asesed the expected
loses individualy by estimation based on general economic
conditions of the consignor advance provided and the value of
relevant consigned artwork and conditions at the reporting
date. Since the fair value amounts of the consigned artwork
were higher than the carying amounts of consigner advance
during the years, therefore, no impairment were recorded.
FINANCIAL POSITION AND LIQUIDITY
The Group generaly finances its operations with internaly
generated resources and banking facilities. As at 31 March
2025, the Group had curent asets of aproximately HK$381.4
milion (as at 31 March 2024: aproximately HK$368.1 milion)
while the Group’s cash and cash equivalents amounted to
aproximately HK$76.5 milion (as at 31 March 2024:
aproximately HK$48.7 milion).
As at 31 March 2025, the Group has interest-bearing bank
borowings of aproximately HK$37.3 milion (as at 31 March
2024: aproximately HK$41.6 milion) and of which
aproximately HK$14.5 milion (as at 31 March 2024:
aproximately HK$14.6 milion) was repayable within one year.
As at 31 March 2025 and 2024, the Group did not have other
borowings.
As at 31 March 2025, the Group’s gearing ratio was calculated
on the basis of the amount of interest-bearing borowings les
cash and cash equivalents divided by shareholders’ equity, and
the Group was in net cash position (as at 31 March 2024: net
cash position).
CAPITAL COMITMENTS
As at 31 March 2025, the Group had no any material capital
comitment (as at 31 March 2024: Nil). As at the date of this
report, the Group had no plan for material investment or
capital asets.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202516
Management Discusion and Analysis
管理层讨论及分析
或然负债及担保
于2025年3月31日，本集团并无为任何第三方
提供任何担保，且亦无重大或然负债（于2024
年3月31日：无）。
重大投资、附属公司及联营公司重大
收购及出售事项
本集团于报告期间并无持有任何重大投资，亦
无作出任何本公司附属公司或联营公司重大
收购及出售事项。
库务政策
本集团就库务及拨款政策采取审慎策略，而且
非常重视风险控制及与本集团主要业务直接
有关的交易。资金（主要以日圆及港元计值）一
般以中短期定期存款的形式存放于银行，以用
作本集团营运资金。
资本架构及外汇风险
于报告期间，本集团的业务主要由其营运、借
款及上市所得款项净额所产生的资金拨支。于
2025年3月31日，本集团的借款及本集团所持
现金及现金等价物主要以港元及日圆计值。于
报告期间，本集团所有借款均为浮息借款及以
银行存款约4.0百万港元作抵押，以担保该等
银行融资。本集团收益主要以港元及日圆计
值，而其成本及开支亦主要以港元及日圆计
值。由于本集团于报告期间的大部分资产、负
债、收益及付款以港元或日圆计值，且考虑到
现时宏观经济环境，本集团可能面临汇率风
险。目前，本集团并无外币对冲政策。本集团
将密切监控汇率波动及于适当时候使用合适
的对冲策略。
CONTINGENT LIABILITIES AND GUARANTES
As at 31 March 2025, the Group did not provide any
guarantes for any third party and had no significant
contingent liabilities (as at 31 March 2024: Nil).
SIGNIFICANT INVESTMENTS, MATERIAL
ACQUISITIONS AND DISPOSALS OF
SUBSIDIARIES AND ASOCIATED COMPANIES
The Group did not hold any material investments, nor did the
Group make any material acquisition and disposal of
subsidiaries or asociated companies of the Company during the
Reporting Period.
TREASURY POLICY
The Group adopted a prudent strategy towards the treasury
and funding policies, and atached high importance to the risk
control and transactions directly related to the Group’s principal
busines. Funds, primarily denominated in Japanese Yen and
Hong Kong Dolar, are normaly placed with banks in short or
medium term deposits for working capital of the Group.
CAPITAL STRUCTURE AND FOREIGN CURENCY
EXPOSURE
During the Reporting Period, the Group’s operation was mainly
financed by funds generated from its operation, borowings
and net proceds from the Listing. As at 31 March 2025, the
borowings of the Group and the cash and cash equivalents
held by the Group were mainly denominated in Hong Kong
Dolar and Japanese Yen. Al of the Group’s borowings were
floating rate borowings and were pledged by bank deposits of
aproximately HK$4.0 milion to secure such bank facilities
during the Reporting Period. The Group’s revenue is mainly
denominated in Hong Kong Dolar and Japanese Yen, while its
costs and expenses are also mainly denominated in Hong Kong
Dolar and Japanese Yen. As the majority of the Group’s asets,
liabilities, revenues and payments during the Reporting Period
were denominated in either Hong Kong Dolar or Japanese Yen,
and in view of the prevailing macro-economic environment, the
Group may be exposed to the foreign exchange rate risk.
Curently, the Group does not have a foreign curency hedging
policy. The Group wil closely monitor the volatility of foreign
exchange rate and aply the apropriate hedging strategy as
and when apropriate.
东京中央拍卖控股有限公司 二零二五年度报告17
Management Discusion and Analysis
管理层讨论及分析
资产抵押
于2025年3月31日，银行存款4.0百万港元（2024
年：4.0百万港元）已抵押予银行，以担保授予
本集团的一般银行融资。
除上述已抵押银行存款外，于2025年3月31日
本集团概无其他资产抵押（2024年：无）。
雇员及薪酬政策
于2025年3月31日，本集团于日本、香港、台
湾及中国分别有21名、9名、2名及1名全职员
工。本集团根据行业标准及雇员之个人表现定
期检讨报酬及福利政策。本集团亦提供其他附
加福利、强制性公积金及购股权以挽留忠诚雇
员，旨在形成可令本集团取得不同层面成功之
专业雇员及管理团队。
本集团根据香港法例第485章强制性公积金计
划条例为其所有香港雇员营运一个界定供款
退休福利计划。供款按雇员基本薪金的百分比
作出。本集团亦分别根据日本、台湾及中国的
适用法律及法规作出公积金、养老保险、医疗
保险、失业保险及工伤保险供款。
购股权计划
本集团已于2018年9月13日采纳购股权计划
（「2018年购股权计划」）以奖励合资格的有才干
雇员及吸引对本集团宝贵的类似优质人才。有
关2018年购股权计划，详情载于本公司日期为
2018年9月13日的通函。
CHARGE ON ASETS
As at 31 March 2025, bank deposits amounting to HK$4.0
milion (2024: HK$4.0 milion) was pledged to a bank to secure
general banking facilities granted to the Group.
Other than the aforesaid pledged bank deposits, there was no
other charge on asets of the Group as at 31 March 2025
(2024: Nil).
EMPLOYES AND EMOLUMENT POLICY
As at 31 March 2025, the Group had 21, 9, 2 and 1 ful-time
staf based in Japan, Hong Kong, Taiwan and the PRC
respectively. The Group regularly reviews compensation and
benefit policies acordingly to industry benchmark as wel as
the individual performance of employes. Other fringe benefits,
mandatory provident fund and share options are provided to
retain loyal employes with the aim to form a profesional staf
and management team that can bring the Group to diferent
levels of suces.
The Group operates a defined contribution retirement benefits
scheme under the Mandatory Provident Fund Schemes
Ordinance (Chapter 485 of the Laws of Hong Kong) for al of
its employes in Hong Kong. Contributions are made based on
a percentage of the employes’ base salaries. The Group also
made contributions to provident funds, elderly insurance,
medical insurance, unemployment insurance and work-related
injury insurance in acordance with aplicable laws and
regulations in Japan, Taiwan and the PRC respectively.
SHARE OPTION SCHEME
The Group has adopted a share option scheme on
13 September 2018 (the “2018 Share Option Scheme”) as a
reward to eligible high-calibre employes and to atract similar
high-quality personel that are valuable to the Group. Details of
the 2018 Share Option Scheme are set out in the circular of
the Company dated 13 September 2018.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202518
Management Discusion and Analysis
管理层讨论及分析
诚如本公司日期为2023年4月24日的公告所披
露，于2023年4月24日，48,000,000份购股权已
授予本集团若干董事、高级管理层及雇员（「承
授人」）。所授予的购股权将根据各自的时间表
归属于承授人。有关授予购股权的详情载于本
公司日期为2023年4月24日的公告。
2018年购股权计划项下的购股权于2024年4月
1日至2025年3月31日期间的变动详情如下：
附注：
- （2023年4
月23日）前的收市价为0.76港元。
- 。
On 24 April 2023, 48,000,000 share options were granted to
certain Director, senior managements and employes of the
Group (the “Grantes”), as disclosed in the anouncement of
the Company dated 24 April 2023. The share options granted
shal vest in the Grantes in acordance with their respective
the timetable. Details of the grant of share options are set out
in the anouncement of the Company dated 24 April 2023.
Details of the share option movements during the period from
1 April 2024 to 31 March 2025 under the 2018 Share Option
Scheme are as folows:
Number of share options
购股权数目
Holder of
Share OptionsDate of GrantExercise period
Exercise price
per Share
Outstanding
as at
1 April
Grant
during the
year ended
31 March
Exercised
during the
year ended
31 March
Lapsed/
canceled
during the
year ended
31 March
Outstanding
as at
31 March
购股权持有人授出日期行使期间每股行使价
于2024年
4月1日
尚未行使
截至2025年
3月31日止
年度授出
截至2025年
3月31日止
年度获行使
截至2025年
3月31日止
年度失效╱
注销
于2025年
3月31日
尚未行使
(HK$)
（港元）
Executive Director
执行董事
Katsu Bunkai24 April 202324.4.2024 to
23.4.2029
0.805,000,000—5,000,000
葛文海2023年4月24日2024年4月24日至
2029年4月23日
Employes24 April 202324.4.2024 to
23.4.2029
0.8043,000,000—43,000,000
雇员2023年4月24日2024年4月24日至
2029年4月23日
Total48,000,000—48,000,000
总计
Notes:
- ’s share imediately before the
date (23 April 2023) on which the share options were granted
was HK$0.76.
(2) Katsu Bunkai resigned as executive Director on 20 June 2025.
东京中央拍卖控股有限公司 二零二五年度报告19
Management Discusion and Analysis
管理层讨论及分析
- ,000,000份购股权已于
2025年6月20日交回注销。详情请参阅日期为
2025年5月2日、2025年5月23日、2025年5月30
日及2025年6月20日的联合公告（「该等联合公
告」）以及日期为2025年5月30日的通函（「该通
函」）。
于2023年9月4日，在股东周年大会（「2023年股
东周年大会」）上，本公司建议采纳购股权计划
（「2023年购股权计划」）及终止2018年购股权计
划已获股东按投票表决方式正式通过。2023年
购股权详情载于本公司日期为2023年7月28日
的通函以及本公司日期为2023年9月4日的公告
所载的2023年股东周年大会投票表决结果。
就截至2025年3月31日止年度本公司所有计划
项下已授出购股权而言可予发行的股份总数
除以截至2025年3月31日止年度已发行股份加
权平均数约为9.6%。
于2024年4月1日及本报告日期，2023年购股权
计划项下可予发行股份总数为50,000,000股，
相当于本公司于该日期已发行股份约10%。
薪酬委员会审阅的有关购股权计划的事宜摘
要：
计划项下授出的购股权
经考虑承授人过往表现及对本集团的贡献，薪
酬委员会及董事会认为授予该等具归属期的
购股权：
(i) 所有承授人均为本集团的中高层管理人
员，直接参与本集团的策略制定及日常
营运；
(i) 向该等主要员工授予购股权，不单可为
员工提供激励或奖励，并鼓励彼等继续
为本集团作出努力贡献；
- ,000,000 share options had ben tendered for cancelation
under the option ofer on 20 June 2025. For details, please refer
to the joint anouncements dated 2 May 2025, 23 May 2025,
30 May 2025 and 20 June 2025 (the “Joint Anouncements”)
and circular dated 30 May 2025 (the “Circular”).
On 4 September 2023, at the anual general meting (the
“2023 AGM”), the Company proposed adoption of the share
option scheme (the “2023 Share Option Scheme”) and
termination of the 2018 Share Option Scheme were duly
pased by the Shareholders by way of pol. Details of the 2023
Share Option Scheme are set out in the circular of the
Company dated 28 July 2023 and the pol result of the 2023
AGM are set out in the anouncement of the Company dated
4 September 2023.
The total number of shares that may be isued in respect of
options granted under al schemes of the Company during the
year ended 31 March 2025 divided by the weighted average
numbers of shares in isued for the year ended 31 March 2025
was aproximately 9.6%.
As at 1 April 2024 and the date of this report, the total
number of shares available for isue under the 2023 Share
Option Scheme was 50,000,000, representing aproximately
10% of the isued shares of the Company as at such date.
Sumary of maters relating to the share option scheme
reviewed by the Remuneration Comite:
Grant of share options under the scheme
Having considered that the past performance and contributions
to the Group of the Grantes, the Remuneration Comite
and the Board consider that the grant of such share options
with vesting period:
(i) al of the Grantes are midle to senior level management
of the Group, which directly involved in the strategy
making and daily operations of the Group;
(i) grant of the Share Options to those key employes not
only can provide incentive or reward to staf so as to
encourage them to make continuing efort and
contribution to the Group;
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202520
Management Discusion and Analysis
管理层讨论及分析
(i) 鼓励该等初级员工及╱或新员工为本集
团作出更多贡献，因为不论彼等任职的
部门，均有机会分享本公司发展的成果。
以下为2023年购股权计划主要条款的摘要：
(a) 合资格参与者
合资格参与者包括(i)本公司或其任
何附属公司的任何雇员（「雇员参与
者」）；(i)本公司或其任何附属公司
的任何非执行董事；(i)本公司控股
公司、同系附属公司或联营公司的
任何董事或雇员（「关联实体参与
者」）；及(iv)在本集团的一般及日常
业务过程中持续或经常性地向本集
团提供对其长期增长有利的服务的
任何人士（「服务提供者」）。
(b) 每名参与者的最高配额
根据2023年购股权计划及任何其他
股份计划，于截至有关进一步授出
日期（包括该日）止12个月期间内，
就向一名参与者于任何一次或合共
授出的所有购股权所发行或将予发
行的股份最高数目（不包括根据
2023年购股权计划或其他股份计划
的条款已失效的任何购股权及奖励）
合共占已发行股份总数超过1%
（「1%个人限额」），有关授出必须由
股东于股东大会上单独批准，而该
承授人及其紧密联系人（或（倘承授
人为本公司的关连人士）其联系人）
必须放弃投票。
(i) encourages those junior staf and/or new employes to
contribute more to the Group as there is a chance to
share results of the development of the Company no
mater which departments they are working for.
The folowing is a sumary of the principal terms of the 2023
Share Option Scheme:
(a) Eligible participants
Eligible participants include (i) any employe of the
Company or any of its subsidiaries (“Employe
Participant”); (i) any non-executive directors of the
Company or any of its subsidiaries; (i) any director
or employe of the holding companies, felow
subsidiaries or asociated companies of the
Company (“Related Entity Participant(s)”); and (iv)
any person who provides services to the Group on a
continuing or recuring basis in its ordinary and
usual course of busines which are in the interests
of the long-term growth of the Group (“Service
Provider”).
(b) The maximum entitlement of each participant
The maximum number of shares isued or to be
isued in respect of al options granted to a
participant at any one time or in agregate
(excluding any options and awards lapsed in
acordance with the terms of the 2023 Share Option
Scheme or the other share scheme) under the 2023
Share Option Scheme and any other Share Scheme
in the 12-month period up to and including the date
of such further grant representing in agregate over
1% of the total number of shares in isue (“1%
Individual Limit”), such grant must be separately
aproved by Shareholders in general meting with
such grante and his close asociates (or his
asociates if the grante is a conected person of
the Company) abstaining from voting.
东京中央拍卖控股有限公司 二零二五年度报告21
Management Discusion and Analysis
管理层讨论及分析
倘向本公司独立非执行董事或主要
股东或彼等各自的任何联系人授出
任何购股权或奖励，将导致在截至
该授出日期（包括该日）止12个月期
间向该人士授出的所有购股权及奖
励（不包括根据2023年购股权计划
或有关股份计划的条款已失效的任
何购股权及奖励）在行使时已发行
及将予发行的股份合共占超过已发
行股份的0.1%，则该等购股权或奖
励的授出必须由股东于股东大会上
批准（该承授人、其联系人及本公司
所有核心关连人士必须放弃投赞成
票）。
(c) 接纳及行使购股权
当本公司于要约可能注明的时间
（不得迟于要约日期起计21日）内接
获合资格参与者正式签署的要约接
纳函件副本，连同支付予本公司的
1.00港元汇款（作为获授出购股权的
代价）时，则该合资格参与者应为接
纳要约。
根据2023年购股权计划的条款，购
股权可在董事决定并通知承授人的
期间内随时行使，该期间可由要约
日期开始，惟在任何情况下均不得
迟于该购股权要约日期起计10年结
束，且须符合提前终止的条文。除
非董事另有决定，并于向承授人发
出的要约中作出说明，否则根据
2023年购股权计划，在购股权可供
行使之前，概无要求持有购股权的
最低期限。
Where any grant of options or awards to an
independent non-executive Director or a substantial
shareholder of the Company or any of their
respective asociates, would result in the Shares
isued and to be isued upon exercise of al options
and awards granted (excluding any options and
awards lapsed in acordance with the terms of the
2023 Share Option Scheme or the relevant Share
Scheme) to such person in the 12-month period up
to and including the date of such grant representing
in agregate over 0.1% of the Shares in isue, such
grant of options or awards must be aproved by the
Shareholders in general meting (with such grante,
his asociates and al core conected persons of the
Company abstaining from voting in favour).
(c) Aceptance and exercise of option
An ofer shal have ben acepted by an eligible
participant when the duplicate leter comprising
aceptance of the ofer duly signed by the eligible
participant together with a remitance in favour of
the Company of HK$1.00 by way of consideration
for the grant thereof is received by the Company
within such time as may be specified in the ofer
(which shal not be later than 21 days from the date
of the ofer).
An option may be exercised in acordance with the
terms of the 2023 Share Option Scheme at any time
during a period to be determined and notified by
the Directors to the grante, which period may
comence from the date of ofer but shal end in
any event not later than 10 years from the date of
ofer of that option subject to the provisions for
early termination thereof. Unles otherwise
determined by the Directors and stated in the ofer
to a grante, there is no minimum period required
under the 2023 Share Option Scheme for the
holding of an option before it can be exercised.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202522
Management Discusion and Analysis
管理层讨论及分析
(d) 归属期
授予任何合资格参与者的任何购股
权的归属期不得短于接纳要约日期
起的12个月。
(e) 认购价
根据购股权计划行使购股权时的股
份认购价将由董事会全权酌情厘
定，惟无论如何不得低于以下最高
者：(i)于要约日期（必须为营业日）
在联交所每日报价表所报的股份收
市价；(i)紧接要约日期前5个营业日
在联交所每日报价表所报的股份平
均收市价；及(i)（如适用）股份的面
值。
(f) 绩效目标
该等购股权并无附带绩效目标。
经考虑(i)各承授人均为中高层管理
人员，彼等于本集团工作超过4年，
并直接为本集团的整体业务表现、
可持续发展及╱或良好企业管治作
出贡献，及(i)该等购股权须遵守
2023年购股权计划的条款，计划已
涵盖在承授人不再为本集团雇员的
情况下购股权将失效的情况，本公
司薪酬委员会及董事会相信，在并
无额外绩效目标的情况下，授予购
股权使承授人的利益与本公司及本
公司股东的利益保持一致，激励承
授人致力于本公司未来的持续竞争
力、经营业绩及增长，并加强其对
本公司长期服务的承诺，乃与2023
年购股权计划的目的一致。
(d) Vesting period
The vesting period in respect of any option granted
to any eligible participant shal not be shorter than
12 months from the date of aceptance of the
ofer.
(e) Subscription price
The subscription price for the shares on the exercise
of an option under the option scheme shal be
determined by the Board in its absolute discretion
but in any event shal not les than the highest of (i)
the closing price of shares as stated in the Stock
Exchange’s daily quotations shet on the date of the
ofer, which must be a busines day; (i) the average
closing price of the shares as stated in the Stock
Exchange’s daily quotations shets for the five
busines days imediately preceding the date of the
ofer; and (i) (where aplicable) the nominal value
of a share.
(f) Performance target
There is no performance target atached to the
options.
Having considered that (i) each of the Grantes is a
midle to senior level management who has ben
working for the Group for over four years and have
contributed directly to the overal busines
performance, sustainable development and/or god
corporate governance of the Group, and (i) the
options are subject to the terms of the 2023 Share
Option Scheme, which already covers situations
where the share options wil lapse in the event that
the Grantes cease to be employes of the Group,
the remuneration comite of the Company and
the Board believe that without aditional
performance target, the grant of the Share Options
aligns the interests of the Grantes with that of the
Company and the shareholders of the Company,
provides incentive to the Grantes to devote to the
future continuous competitivenes, results of
operation and growth of the Company, and
reinforce their comitment to long term services of
the Company, which is in line with the purpose of
the 2023 Share Option Scheme.
东京中央拍卖控股有限公司 二零二五年度报告23
Management Discusion and Analysis
管理层讨论及分析
(g) 回拨机制
倘任何承授人因身故、疾病或按照
其雇佣合约退休以外的任何原因不
再为董事或本集团雇员，则任何已
授出购股权（以尚未行使者为限）须
于停止或终止雇佣日期失效。
(h) 2023年购股权计划的余下年期
除非董事会根据2023年购股权计划
规则决定提前终止，否则该购股权
计划自其采纳日期起计10年内（即
2023年9月4日至2033年9月3日）有
效及生效。
就截至2024年及2025年3月31日止年度授予的
购股权而言，薪酬委员会认为，2018年购股权
计划及2023年购股权计划旨在奖励对本集团
业务发展有贡献的合资格参与者，并鼓励合资
格参与者致力提升本公司的价值，以造福本公
司及其整体股东。此外，薪酬委员会亦考虑
到：(a)承授人为计划的合资格参与者，将直接
为本集团的整体业务表现及可持续发展作出
贡献；(b)向承授人授予购股权为肯定彼等过去
对本集团的贡献；及(c)购股权须遵守购股权计
划的条款，计划规定购股权可能失效的情况。
除上文所披露者外，截至2024年及2025年3月
31日止年度，本公司并无根据上市规则第
17.03F、17.06B(7)及17.06B(8)条向本集团董事
及╱或高级管理人员授予任何购股权。
(g) Clawback mechanism
If any Grante ceases to be a Director or an
employe of the Group for any reason other than
death, il-heath or retirement in acordance with his/
her contract of employment, any Share Options
granted (to the extent not already exercised) shal
lapse on the date of cesation or termination of
employment.
(h) The remaining life of the 2023 Share Option
Scheme
Subject to any early termination determined by the
Board in acordance with the rules of the Share
Option Scheme, the 2023 Share Option Scheme is
valid and efective for a term of 10 years
comencing on its adoption date (i.e. 4 September
2023 to 3 September 2033).
In respect of the share options granted during the years ended
31 March 2024 and 2025, the remuneration comite
considers that the 2018 Share Option Scheme and 2023 Share
Option Scheme are intended to reward eligible participants who
have contributed to the busines development of the Group
and to encourage eligible participants to work towards
enhancing the value of the Company for the benefit of the
Company and its shareholders as a whole. In adition, the
Remuneration Comite also consider that: (a) the Grantes
are eligible participants under the Scheme who would
contribute directly to the overal busines performance and
sustainable development of the Group; (b) the granting of share
options to the Grantes is a recognition for their past
contributions to the Group; and (c) the share options are
subject to the terms of the share option scheme which provides
for circumstances under which the share options may lapse.
Saved as disclosed above, the Company did not make any
grant of share options to the directors and/or senior managers
of the Group as set forth in Rules 17.03F, 17.06B(7) and
17.06B(8) of the Listing Rules during the years ended 31 March
2024 and 2025.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202524
BIOGRAPHICAL DETAILS OF
DIRECTORS AND SENIOR MANAGEMENT
董事及高级管理层的履历详情
董事会
执行董事
安藤湘桂先生（又名廖湘桂），57岁
执行董事兼董事会主席
安藤先生为执行董事兼董事会主席，负责本集
团的整体策略发展及领导业务发展。其于2013
年7月11日获委任为董事，并于2018年5月25日
调任为执行董事。安藤先生于2025年6月20日
辞任执行董事。安藤先生是本集团的创办人。
其拥有超过20年的艺术品交易业务营运及管理
经验，并拥有超过20年的拍卖业务营运和管理
经验。其于2010年11月加入本集团，担任本公
司日本直接非全资附属公司株式会社东京中
央オークション（「TCA日本」）的董事。安藤先
生自2002年9月起亦为株式会社百胜（「百胜」）
的董事，并透过其艺术品贸易业务获取艺术品
的知识，累积了日常公司营运管理、业务发展
推广及发展策略规划的经验，以及开始与艺术
品艺术家、大师、专家、商人和收藏家发展业
务关系。安藤先生于百胜任职前，于1995年至
2001年期间在株式会社オリエント担任总经
理，该公司为专营艺术品及工艺品和家具进出
口的贸易公司。其于1994年3月毕业于独协大
学，取得经济学士学位。安藤先生亦是本集团
若干附属公司的董事。安藤先生为安藤恵理女
士之配偶。于2025年3月31日，安藤先生拥有
于本年报「董事会报告 — 董事及最高行政人
员于本公司或其任何相联法团的股份、相关股
份及债权证中的权益及淡仓」一节披露于证券
及期货条例第XV部项下的该等数目的股份的
权益。
BOARD OF DIRECTORS
Executive Directors
Mr. Ando Shokei (安藤湘桂) (alias Liao Ziangui (廖湘桂),
aged 57
Executive Director and chairman of the Board
Mr. Ando is an executive Director and chairman of the Board,
and is responsible for overal strategic development, and
leading the busines development of the Group. He was
apointed as a Director on 11 July 2013 and re-designated as
executive Director on 25 May 2018. Mr. Ando resigned as
executive Director on 20 June 2025. Mr. Ando is the founder of
the Group. He has over 20 years of experience in operation
and management in the busines of artwork trading and over
20 years of experience in operation and management of
auction. He joined the Group in November 2010 as a director
of Tokyo Chuo Auction Co., Ltd.* (株式会社东京中央オークシ
ョン) (“TCA Japan”), a directly non-wholy owned subsidiary of
the Company in Japan. Mr. Ando is also a director of Bai
Sheng Co., Ltd.* (株式会社百胜) (“Bai Sheng”) since
September 2002, where he acquired knowledge in artworks
through artwork trading busineses, gained his experience in
daily company operations management, busineses development
promotion and development strategies planing, and started
developing his busines relationships with artwork artists,
masters, experts, merchants and colectors. Prior to working at
Bai Sheng, Mr. Ando worked at Orient Co., Ltd.* (株式会社オ
リエント), a trading company in arts and crafts and home
furniture import and export, from 1995 to 2001 as general
manager. He obtained a bachelor’s degre in economics from
Dokyo University in March 1994. Mr. Ando is also a director of
certain subsidiaries of the Group. Mr. Ando is the spouse of
Mrs. Ando Eri. As at 31 March 2025, Mr. Ando has an interest
in such number of Shares under Part XV of the SFO as
disclosed in the section headed “Report of the Directors —
Directors’ and chief executive’s interests and short positions in
the shares, underlying shares and debentures of the Company
or any of its asociated corporations” of this anual report.
东京中央拍卖控股有限公司 二零二五年度报告25
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
Mrs. Ando Eri (安藤
恵
理) (alias Feng Huijin (冯慧瑾),
aged 47
Executive Director and vice chairlady of the Board
Mrs. Ando is an executive Director and vice chairlady of the
Board, and is responsible for client management, promotion of
branding and marketing of the Group. She was apointed as
an executive Director on 25 May 2018 and resigned as
executive Director on 20 June 2025. She has over 10 years of
experience in operation and management of auction. Mrs. Ando
joined the Group in January 2011 as a managing director, and
she was involved in establishing and managing client
relationships. She was promoted to director of the board of
TCA Japan in December 2011, and since then she has ben
principaly responsible for conducting marketing events,
overseing and reviewing the auction catalogs and media
publications, as wel as the overal management of auctions
held by the Group. Prior to joining the Group, Mrs. Ando
worked at a catering company in the PRC, from 2000 to 2005
as general manager, responsible for overal management and
operations of such company. She completed a course in foreign
secretary at the Adult Higher Education, Schol of Continuing
Education, Shanghai Jiao Tong University* (上海交通大学夜大
学) in July 2000. Mrs. Ando is also a director of TCA Japan.
Mrs. Ando is the spouse of Mr. Ando Shokei. As at 31 March
2025, Mrs. Ando has an interest in such number of Shares
under Part XV of the SFO as disclosed in the section headed
“Report of the Directors — Directors’ and chief executive’s
interests and short positions in the shares, underlying shares
and debentures of the Company or any of its asociated
corporations” of this anual report.
安藤恵理女士（又名冯慧瑾），47岁
执行董事兼董事会副主席
安藤女士为执行董事兼董事会副主席，负责本
集团的客户管理、品牌推广及营销。其于2018
年5月25日获委任为执行董事，并于2025年6月
20日辞任执行董事。其拥有超过10年的拍卖业
务营运和管理经验。安藤女士于2011年1月加
入本集团担任董事总经理，负责建立及管理客
户关系。彼于2011年12月升任TCA日本的董事
会董事，其后一直主要负责进行营销活动、监
督及审阅拍品图录和媒体刊物，以及总体管理
本集团举办的拍卖会。安藤女士加盟本集团
前，于2000年至2005年期间在中国一家餐饮公
司担任总经理，负责该公司的整体管理及营
运。其于2000年7月于上海交通大学夜大学完
成涉外秘书课程。安藤女士亦担任TCA日本的
董事。安藤女士为安藤湘桂先生之配偶。于
2025年3月31日，安藤女士拥有于本年报「董事
会报告 — 董事及最高行政人员于本公司或其
任何相联法团的股份、相关股份及债权证中的
权益及淡仓」一节披露于证券及期货条例第XV
部项下的该等数目的股份的权益。
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202526
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
葛文海先生，55岁
执行董事兼集团营运总监
葛先生为执行董事兼集团营运总监，负责本集
团整体的营运管理。其于2018年5月25日获委
任为执行董事，并于2025年6月20日辞任执行
董事。葛先生拥有超过20年的艺术品交易业务
营运经验，并拥有超过10年的拍卖业务营运和
管理经验。葛先生自2012年2月起加入本集团
并获委任为TCA日本的董事及副总裁，其后主
要负责规划及监督本集团的拍卖会，包括在拍
卖会期间管理拍卖会物流及不同工作方（如装
修公司、保安及本集团不同部门员工）。彼亦
负责本集团的整体策略发展及管理。葛先生加
盟本集团前，亦曾于2010年4月至2015年10月
担任百胜的销售经理，负责艺术品买卖及营运
管理。其于2008年3月毕业于关东学院大学，
取得工商管理硕士学位。
孙鸿月先生，60岁
执行董事
孙先生为执行董事，负责本集团的整体业务发
展。其于2018年5月25日获委任为执行董事，
并于2025年6月20日辞任执行董事。孙先生拥
有超过30年的艺术品交易经验及超过20年的拍
卖经验。孙先生于2015年12月加入本集团，自
2015年12月起担任TCA日本的书画部门总经
理，期间负责鉴定拍卖会的艺术品、就艺术品
拍卖拜访委托人和接洽潜在委托人，以及向艺
术品的潜在竞投人和买家提供咨询服务。
Mr. Katsu Bunkai (葛文海) (alias Ge Wenhai), aged 55
Executive Director and chief operating oficer of the Group
Mr. Katsu is an executive Director and chief operating oficer of
the Group, and is responsible for the overal operational
management of the Group. He was apointed as an executive
Director on 25 May 2018 and resigned as executive Director on
20 June 2025. Mr. Katsu has over 20 years of experience in
operation in the busines of artwork trading and over 10 years
of experience in operation and management of auction.
Mr. Katsu joined the Group and was apointed as a director
and vice-president of TCA Japan since February 2012, and since
then he has ben principaly responsible for the planing and
supervising auctions of the Group, including managing auction
logistics and diferent working parties such as decoration
companies, security and staf of diferent departments of the
Group during auctions. He is also involved in overal strategic
development and management of the Group. Prior to joining
the Group, Mr. Katsu was also the sales manager of Bai Sheng,
responsible for artworks purchase and sales and operations
management, from April 2010 to October 2015. He obtained a
master’s degre in busines administration from Kanto Gakuin
University in March 2008.
Mr. Sun Hongyue (孙鸿月), aged 60
Executive Director
Mr. Sun is an executive Director, and is responsible for overal
busines development of the Group. He was apointed as an
executive Director on 25 May 2018 and resigned as executive
Director on 20 June 2025. Mr. Sun has over 30 years of
experience in artwork trading and over 20 years of experience
in auction. Mr. Sun joined the Group in December 2015. He
has ben the general manager of the caligraphy and painting
department of TCA Japan since December 2015, during which
he was involved in authenticating artworks for auction, visiting
consignors and aproaching potential consignors for auction of
artworks, and providing consultation to potential biders and
buyers of artwork.
东京中央拍卖控股有限公司 二零二五年度报告27
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
孙先生加盟本集团前，在1994年至2015年任职
于拍卖公司北京翰海拍卖有限公司，累积了书
画、拍卖和艺术品贸易的经验。在此之前，孙
先生于1984年至1994年间任职北京市文物公
司，主要负责艺术品征集及销售。彼为著名中
国石墨书法专家秦公先生的徒弟，于1984年至
1994年间在庆云堂（从事中国书法销售的北京
名店）接受书画鉴定及估值技巧培训。1986年，
孙先生在中国陕西省西安修毕中国家文物
局举办的文化古迹鉴定及估值课程。于1989年
至1991年，彼在北京大学一所附属学院完成为
期三年的博物馆学课程。
黄仕坤先生，44岁
执行董事兼董事会主席
黄先生为执行董事兼董事会主席，负责本集团
的整体策略发展及领导业务发展。其于2025年
5月30日获委任为执行董事。其于清华大学与
香港中文大学合办的课程中毕业，获得清华大
学的高级管理人员工商管理硕士学位及香港
中文大学的工商管理硕士学位。黄先生为深圳
金雅福控股集团有限公司（「深圳金雅福」）的主
席，该公司主要从事黄金及珠宝产业链。深圳
金雅福在2024年《财富》中国500强中排名第
295位。黄先生直接持有深圳金雅福约57.06%
股权，并透过其拥有95%权益的公司间接持有
深圳金雅福约40.87%股权。黄先生同时担任
第十二届、第十三届广东省政协委员会委员、
深圳市工商联副主席、深圳市新的社会阶层人
士联合会长。
Prior to joining the Group, Mr. Sun worked at Beijing Hanhai
Auction Co., Ltd.* (北京翰海拍卖有限公司), an auction
company, from 1994 to 2015 and gained experience in
caligraphy and painting, auction and artwork trading. Prior to
such, Mr. Sun worked at Beijing Antique Company* (北京市文
物公司) from 1984 to 1994 and was mainly responsible for
sourcing and sale of artworks. He was an aprentice of Mr. Qin
Gong (秦公), a renowned Chinese stone rubing caligraphy
expert, and trained his skils of authentication and valuation of
paintings and caligraphies at Qing Yun Tang (庆云堂), a
reputable store in Beijing engaging in the sales of Chinese
caligraphies from 1984 to 1994. In 1986, Mr. Sun completed a
course in cultural relics authentication and valuation organized
by the State Administration of Cultural Heritage of PRC (中国
国家文物局) in Xi’an, Shanxi province, the PRC. During 1989
to 1991, he completed a thre-year program in museology at a
sub-schol of Peking University.
Mr. Huang Shikun, aged 44
Executive Director and chairman of the Board
Mr. Huang is an executive Director and Chairman of the Board,
and is responsible for overal strategic development, and
leading the busines development of the Group. He was
apointed as an executive Director on 30 May 2025. He
graduated with an Executive Master of Busines Administration
degre from Tsinghua University and a Master of Busines
Administration degre from The Chinese University of Hong
Kong in a programe jointly ofered by both universities.
Mr. Huang is the chairman of 深圳金雅福控股集团有限公司
(Shenzhen Kinghod Holding Group Company Limited*)
(“Shenzhen Kinghod”), a company principaly engaged in
gold and jewelery industry chain. Shenzhen Kinghod ranked
295th in 2024 Fortune China 500. Mr. Huang holds
aproximately 57.06% equity interest directly in Shenzhen
Kinghod and aproximately 40.87% indirectly in Shenzhen
Kinghod through a company owned as to 95% by him. Mr.
Huang is also a member of the 12th and 13th Guangdong
Provincial Comite of the Chinese People’s Political
Consultative Conference, the vice chairman of the Shenzhen
Federation of Industry and Comerce, and the chairman of the
Shenzhen Federation of New Social Clas People* (深圳市新的
社会阶层人士联合会).
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202528
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
于本报告日期，黄先生拥有于本年报「董事会
报告 — 董事及最高行政人员于本公司或其任
何相联法团的股份、相关股份及债权证中的权
益及淡仓」一节披露于证券及期货条例第XV部
项下的该等数目的股份的权益。
黄先生为本公司执行董事黄仕峰先生之胞兄。
黄仕峰先生，42岁
执行董事
黄仕峰先生为执行董事，于2025年5月30日获
委任为执行董事。其于2007年7月毕业于中国
华南师范大学，获授光信息科学技术学士学
位。黄仕峰先生于黄金及珠宝科技及技术研发
创新领域拥有丰富经验。黄仕峰先生自2009年
1月起担任深圳金雅福的执行总裁兼创新中心
总监，并自2020年5月起担任深圳上善智能有
限公司的总经理。
黄仕峰先生为执行董事兼董事会主席黄先生
的胞弟。
钱源女士，41岁
执行董事
钱女士为执行董事，于2025年5月30日获委任
为执行董事。其于2010年6月获得中国浙江大
学管理学哲学博士学位。于2010年7月至2016
年6月，钱女士于深圳黄金投资有限公司任
职。钱女士于2018年5月加入深圳金雅福，于
2018年5月至2020年12月担任培训部总经理，
于2020年12月至2025年3月担任黄金及珠宝银
行渠道总裁助理，及自2025年4月起担任副总
裁。
As at the date of this Report, Mr. Huang has an interest in
such number of Shares under Part XV of the SFO as disclosed
in the section headed “Report of the Directors — Directors’
and chief executives interests and short positions in the shares,
underlying shares and debentures of the Company or any of its
asociated corporations” of this anual report.
Mr. Huang is the brother of Mr. Huang Shifeng, being the
executive Director of the Company.
Mr. Huang Shifeng, aged 42
Executive Director
Mr. Huang SF is an executive Director and was apointed as
executive Director on 30 May 2025. He graduated with a
bachelor’s degre in optical information and science technology
from the South China Normal University, the PRC in July 2007.
Mr. Huang SF has ample experience in the field of gold and
jewelery science and technology and technology research and
development inovation. Mr. Huang SF has ben the executive
president and head of the inovation centre of Shenzhen
Kinghod since January 2009 and the general manager of
Shenzhen Shangshan Inteligent Company Limited* (深圳上善
智能有限公司) since May 2020.
Mr. Huang SF is the brother of Mr. Huang, being the executive
Director and chairman of the Board.
Ms. Qian Yuanyuan, aged 41
Executive Director
Ms. Qian is an executive Director and was apointed as
executive Director on 30 May 2025. She obtained a doctor of
philosophy in management from Zhejiang University, the PRC in
June 2010. From July 2010 to June 2016, Ms. Qian worked at
Shenzhen Gold Investment Co., Ltd. Ms. Qian joined Shenzhen
Kinghod in May 2018 and had ben the general manager of
training from May 2018 to December 2020, the asistant to the
president of the gold and jewelry banking chanel from
December 2020 to March 2025 and the vice president since
April 2025.
东京中央拍卖控股有限公司 二零二五年度报告29
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
童军先生，60岁
执行董事
童先生为执行董事，于2025年5月30日获委任
为执行董事。其于2009年12月获得香港中文大
学的工商管理硕士学位。于2012年3月至2016
年9月，童先生为深圳金雅福的总经理，而自
2020年5月起，童先生一直为深圳金雅福的常
务副总裁。于2016年12月至2018年11月，童先
生为香港中文大学（深圳）深圳高等金融研究
院的协理副院长及高层管理培训主任。彼亦曾
于2002年7月至2012年2月期间担任深圳海王集
团股份有限公司金融证券部的副总经理。
非执行董事
李杰峰先生，58岁
非执行董事
李先生为非执行董事，于2025年5月30日获委
任为非执行董事。其以遥距学习方式毕业于桑
德兰大学，获授工商管理硕士学位。李先生持
有由北京市高级专业技术资格评审委员会评
审通过的高级工程师资格（专注于建筑装修设
计）。李先生目前是JKL Investment, s.r.o.的拥
有人，该公司于捷克共和国注册成立，主要从
事投资控股。于本报告日期，李先生拥有于本
年报「董事会报告 — 董事及最高行政人员于
本公司或其任何相联法团的股份、相关股份及
债权证中的权益及淡仓」一节披露于证券及期
货条例第XV部项下的该等数目的股份的权益。
Mr. Tong Jun, aged 60
Executive Director
Mr. Tong is an executive Director and was apointed as
executive Director on 30 May 2025. He obtained a master of
busines administration from The Chinese University of Hong
Kong in December 2009. From March 2012 to September
2016, Mr. Tong was the general manager of Shenzhen
Kinghod and since May 2020, Mr. Tong has ben the
executive vice president of Shenzhen Kinghod. From
December 2016 to November 2018, Mr. Tong was the
asociate vice president and director of senior management
training of the Shenzhen Finance Institute, Chinese University of
Hong Kong-Shenzhen. He was also the deputy general manager
of the financial and securities department of Shenzhen
Neptunus Group Co., Ltd. from July 2002 to February 2012.
Non-executive directors
Mr. Li Jiefeng, Aged 58
Non-executive Director
Mr. Li is a non-executive Director and was apointed as
non-executive Director on 30 May 2025. He graduated with a
Master of Busines Administration degre from The University of
Sunderland by way of distance learning. Mr. Li holds the
qualification of senior enginer specialising in architectural
decoration design aproved by Beijing Senior Specialized
Technique Qualification Evaluation Comite. Mr. Li is now the
owner of JKL Investment, s.r.o., a company incorporated in
Czech Republic which is principaly engaged in investment
holdings. As at the date of this Report, Mr. Li has an interest in
such number of Shares under Part XV of the SFO as disclosed
in the section headed “Report of the Directors — Directors’
and chief executives interests and short positions in the shares,
underlying shares and debentures of the Company or any of its
asociated corporations” of this anual report.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202530
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
郑浩然先生，36岁
非执行董事
郑先生为非执行董事，于2025年5月30日获委
任为非执行董事。其于2013年毕业于大连海洋
大学，获授信息与计算机科学士学位。郑先
生自2013年7月至2023年6月在招商银行工作，
最后担任招商银行珠海分行人民路支行的行
长。郑先生为沁湾（深圳）私募股权基金管理合
伙企业（有限合伙）（「沁湾」）的创始合伙人之
一，该公司主要从事私募股权基金管理。彼自
2023年6月起担任沁湾的合规及风险控制官。
于本报告日期，郑先生拥有于本年报「董事会
报告 — 董事及最高行政人员于本公司或其任
何相联法团的股份、相关股份及债权证中的权
益及淡仓」一节披露于证券及期货条例第XV部
项下的该等数目的股份的权益。
独立非执行董事
钟国武先生，56岁
独立非执行董事
钟先生为独立非执行董事。彼于2018年9月13
日获委任为独立非执行董事，并于2025年6月
20日辞任。钟先生拥有超过20年的审计、企业
融资及财务管理经验。钟先生于1992年至1999
年间担任安达信公司（一间国际会计师事务所）
的审计师。自2000年起，钟先生在香港多间上
市公司担任多个高级管理职位，包括首席财务
官、执行董事及独立非执行董事。现时，钟先
生亦为于联交所主板上市的其他四间公司（即
宾仕国际控股有限公司（股份代号：1705）、比
亚迪电子（国际）有限公司（股份代号：0285）、
圆通国际快递供应链科技有限公司（股份代
号：6123）及正业国际控股有限公司（股份代
号：3363）的独立非执行董事。
Mr. Zheng Haoran, aged 36
Non-executive Director
Mr. Zheng is a non-executive Director and was apointed as
non-executive Director on 30 May 2025. He graduated with
a bachelor’s degre in information and computing science
from Dalian Ocean University in 2013. Mr. Zheng worked in
China Merchants Bank from July 2013 to June 2023 with the
last position as the president of Renmin Road Sub-branch,
Zhuhai Branch of China Merchants Bank. Mr. Zheng is one
of the founding partners of 沁湾（深圳）私募股权基金管理合
伙企业（有限合伙） (Qinwan (Shenzhen) Private Equity Fund
Management Partnership (Limited Partnership)*) (“Qinwan”),
which is principaly engaged in private equity fund management.
He has ben a compliance and risk control oficer of Qinwan
since June 2023. As at the date of this Report, Mr. Zheng has
an interest in such number of Shares under Part XV of the SFO
as disclosed in the section headed “Report of the Directors —
Directors’ and chief executives interests and short positions in
the shares, underlying shares and debentures of the Company
or any of its asociated corporations” of this anual report.
Independent non-executive Directors
Mr. Chung Kwok Mo John (钟国武), aged 56
Independent non-executive Director
Mr. Chung is an independent non-executive Director. He was
apointed as an independent non-executive Director on
13 September 2018 and resigned on 20 June 2025. Mr. Chung
has over 20 years of experience in auditing, corporate finance
and financial management. Mr. Chung was an auditor in
Arthur Andersen (an international acounting firm) from 1992
to 1999. From 2000, Mr. Chung has held several senior
management positions including chief financial oficer, executive
director and independent non-executive director in a number of
listed companies in Hong Kong. Curently, Mr. Chung is also an
independent non-executive director of four other companies
listed on the Main Board of the Stock Exchange, namely B & S
International Holdings Ltd. (stock code: 1705); BYD Electronic
(International) Company Limited (stock code: 0285); YTO
International Expres and Suply Chain Technology Limited
Holdings Limited) (stock code: 6123); and Zhengye International
Holdings Company Limited (stock code: 3363).
东京中央拍卖控股有限公司 二零二五年度报告31
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
钟先生于1992年4月在麦觉理大学取得经济学
学士学位。其于1995年11月获澳洲会计师公会
认可为执业会计师及于1996年2月成为香港会
计师公会的会员。其现时为香港会计师公会的
非执业会员。
林淑玲女士，58岁
独立非执行董事
林女士为独立非执行董事。其于2018年9月13
日获委任为独立非执行董事，并于2025年6月
20日辞任。林女士拥有超过20年的审核、会计
及财务管理经验。林女士于2012年1月起获委
任为普汇中金国际控股有限公司（「普汇中金」）
（一家于联交所主板上巿的公司，股份代号：
0997）的首席财务官。彼分别由2012年2月及
2012年1月起直至2019年4月为普汇中金的执行
董事及公司秘书；及由2010年2月至2011年12
月期间为辉影国际集团有限公司（现称隽泰控
股有限公司，一家于联交所主板上巿的公司，
股份代号：630）的执行董事。林女士曾在私人
公司担任多个管理职位，包括于1999年6月至
2006年2月及于2006年7月至2007年3月间担任
副财务总裁及会计经理。彼亦曾于1993年5月
至1999年4月于不同的国际核数师行任职。
林女士于1993年2月在梅铎大学取得理学士学
位及于2006年4月在阿德莱德大学取得工商管
理学硕士学位。其在1995年11月获澳洲会计师
公会认可为执业会计师，并在1996年9月成为
香港会计师公会的会员。其现时是香港会计师
公会的非执业会员。
Mr. Chung obtained a bachelor’s degre in economics from
Macquarie University in April 1992. He was admited as a
certified practicing acountant of the Australian Society of
Certified Practicing Acountants (curently known as CPA
Australia) in November 1995 and an asociate of the Hong
Kong Society of Acountants (curently known as the Hong
Kong Institute of Certified Public Acountants) in February
1996. He is curently a non-practicing member of Hong Kong
Institute of Certified Public Acountants.
Ms. Lam Suk Ling Shirley (林淑玲), aged 58
Independent non-executive Director
Ms. Lam is an independent non-executive Director. She was
apointed as an independent non-executive Director on
13 September 2018 and resigned on 20 June 2025. Ms. Lam
has over 20 years of experience in auditing, acounting and
financial management. Ms. Lam has ben apointed as the
chief financial oficer of Chinlink International Holdings Limited
(“Chinlink”), a company listed on the Main Board of the Stock
Exchange (stock code: 0997), since January 2012. She was the
executive director and company secretary of Chinlink from
February 2012 and January 2012 respectively, to April 2019;
and the executive director of Jackin International Holdings
Limited (curently known as AMCO United Holding Limited), a
company listed on the Main Board of the Stock Exchange
(stock code: 630) from February 2010 to December 2011.
Ms. Lam held several management position in private
companies, including vice president of finance and acounting
manager, betwen June 1999 to February 2006 and betwen
July 2006 to March 2007. She also held position in various
international audit firms betwen May 1993 and April 1999.
Ms. Lam obtained a bachelor’s degre in science from Murdoch
University in February 1993 and a master’s degre in busines
administration from the University of Adelaide in April 2006.
She was admited as a certified practising acountant of the
Australian Society of Certified Practising Acountants (curently
known as CPA Australia) in November 1995 and an asociate of
the Hong Kong Society of Acountants (curently known as the
Hong Kong Institute of Certified Public Acountants) in
September 1996. She is curently a non-practicing member of
Hong Kong Institute of Certified Public Acountants.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202532
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
秦治民先生，64岁
独立非执行董事
秦先生乃独立非执行董事，于2018年9月13日
获委任为独立非执行董事，并于2025年6月20
日辞任。秦先生在中国和香港地产行业有逾20
年经验。自2020年9月起，秦先生为嘉泓物流
国际控股有限公司（一家于联交所主板上巿的
公司，股份代号：2130）之独立非执行董事。
秦先生于2015年3月至2016年12月担任东环的
租务总经理；2014年1月至2014年11月担任虹
桥天地的商务总经理；2010年9月至2013年12
月担任L Development & Management
(Shanghai) Co., Ltd.的总经理；2007年9月至
2010年7月担任丽丰控股有限公司（一家于联
交所主板上巿的公司，股份代号：1125）的副
总经理。秦先生于1995年7月至2005年7月担任
和记黄埔地产有限公司的多个经理职位。秦先
生于1987年7月取得索尔福德大学的理学士
学位。彼为上海市崇明区委员会（协商会议）委
员。
Mr. Chun Chi Man (秦治民), aged 64
Independent non-executive Director
Mr. Chun is an independent non-executive Director. He was
apointed as an independent non-executive Director on
13 September 2018 and resigned on 20 June 2025. Mr. Chun
has over 20 years of experience in property industry in PRC and
Hong Kong. Mr. Chun has ben the independent non-executive
director of CN Logistics International Holdings Limited, a
company listed on the Main Board of Stock Exchange (stock
code: 2130) since September 2020. Mr. Chun has ben the
General Manager (Leasing) of Century Link from March 2015 to
December 2016, the General Manager — comercial of The
Hub at Hong Qiao from January 2014 to November 2014, the
General Manager of L Development & Management (Shanghai)
Co., Ltd. from September 2010 to December 2013, the Deputy
General Manager of Lai Fung Holdings Limited, a company
listed on the Main Board of Stock Exchange (stock code: 1125)
from September 2007 to July 2010. Mr. Chun held various
managerial positions at Hutchison Whampoa Properties Limited
from July 1995 to July 2005. Mr. Chun obtained a bachelor’s
degre of Science from University of Salford at July 1987. He is
a member of Shanghai Chongming District Comite
(Consultative Conference).
东京中央拍卖控股有限公司 二零二五年度报告33
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
何佳教授，70岁
独立非执行董事
何教授为独立非执行董事，于2025年5月30日
获委任为独立非执行董事。其于1975年10月至
1978年7月以工农兵学员身分在中国黑龙江大
学数学系学习、于1983年12月毕业于中国上海
交通大学，获授计算机科学与决策硕士学位，
并于1988年8月获得美利坚合众国宾夕法尼亚
大学沃顿商学院金融学哲学博士学位。何教授
在中国及美利坚合众国的高等教育机构拥有
超过35年的学术经验。自2021年10月起，何教
授担任山东大学讲席教授，而于2021年5月至
2024年7月，何教授为浙江大学国际联合商学
院求是讲座教授。自2022年2月起，何教授担
任中国互联网协会互联网投融资工作委员会
的主任委员。何教授自2011年起亦担任中国银
河国际控股有限公司的独立董事。
何教授(i)自2015年9月起获委任为中国诚通发
展集团有限公司（一间于联交所主板上市的公
司，股份代号：217）的独立非执行董事；(i)自
2024年12月获委任为西藏华钰矿业股份有限
公司（一间于上海证券交易所上市的公司，股
份代号：601020）的独立董事；及(i)于2018年
6月至2025年1月获委任为天津银行股份有限公
司（一间于联交所主板上市的公司，股份代
号：1578）的独立非执行董事。
Profesor He Jia, aged 70
Independent non-executive Director
Profesor He is an independent non-executive Director and was
apointed as independent non-executive Director on 30 May
2025. He studied as a worker-peasant-soldier student in the
mathematics department of Heilongjiang University, the PRC
from October 1975 to July 1978, graduated with a master’s
degre in computer science and decision-making from Shanghai
Jiao Tong University, the PRC in December 1983 and obtained
a doctor of philosophy in finance from The Wharton Schol of
the University of Pensylvania, the United States of America in
August 1988. Profesor He has more than 35 years of
experience in academia in higher education institutes in the PRC
and the United States of America. Since October 2021,
Profesor He has ben the chair profesor at Shandong
University and from May 2021 to July 2024, Profesor He was
the Qiushi chair profesor of the International Busines Schol
of Zhejiang University. Since February 2022, Profesor He has
ben the chairman of the internet investment and financing
working comite of the Internet Society of China* (中国互
联网协会互联网投融资工作委员会). Profesor He has also ben
the independent director of CGS International Holdings Limited
since 2011.
Profesor He has ben apointed as (i) an independent non-
executive director of China Chengtong Development Group
Limited (Stock Code: 217) since September 2015, a company
listed on the Main Board of the Stock Exchange; (i) an
independent director of Tibet Huayu Mining Co., Ltd. (Stock
Code: 601020) since December 2024, a company listed on the
Shanghai Stock Exchange; and (i) an independent non-
executive director of Bank of Tianjin Co., Ltd. (Stock Code:
1578) from June 2018 to January 2025, a company listed on
the Main Board of the Stock Exchange.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202534
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
胡左浩教授，60岁
独立非执行董事
胡教授为独立非执行董事，于2025年5月30日
获委任为独立非执行董事。其于1985年7月毕
业于中国华中工学院（现称华中科技大学），获
授固体力学士学位。彼其后于1988年7月获
得中国浙江大学管理工程硕士学位，及于2000
年1月获得日本京都大学经济学哲学博士学
位。胡先生自2007年12月起担任清华大学经济
管理学院教授、于2001年8月至2007年11月担
任清华大学经济管理学院副教授、于2000年8
月至2001年8月担任清华大学经济管理学院讲
师，及于1988年8月至1995年10月担任浙江大
学管理学院讲师。胡教授目前亦为中国高等院
校市场学研究会的副会长及企业工作委员会
主任，以及清华大学经济管理学院的中国企业
研究中心的常务副主任。
胡教授(i)自2022年5月起担任青岛日辰食品股
份有限公司（一间于上海证券交易所上市的公
司，股份代号：603755）的独立董事；(i)自
2024年5月起担任北京三元基因药业股份有限
公司（一间于北京证券交易所上市的公司，股
份代号：837344）的独立董事；及(i)自2020年
6月起担任海洋王照明科技股份有限公司（一
间于深圳证券交易所上市的公司，股份代号：
002724）的独立董事。
Profesor Hu Zuohao, aged 60
Independent non-executive Director
Profesor Hu is an independent non-executive Director and was
apointed as independent non-executive Director on 30 May
2025. He graduated with a bachelor’s degre in solid
mechanics from Huazhong Institute of Technology* (华中工学
院), the PRC (presently known as Huazhong University of
Science and Technology) in July 1985. He then obtained a
master’s degre in industrial management enginering from
Zhejiang University, the PRC in July 1988 and a doctor of
philosophy in economics from Kyoto University, Japan, in
January 2000. Profesor Hu has ben a profesor of the Schol
of Economics and Management at Tsinghua University since
December 2007, an asociate profesor of the Schol of
Economics and Management at Tsinghua University from
August 2001 to November 2007, a lecturer at the Schol of
Economics and Management at Tsinghua University from
August 2000 to August 2001 and a lecturer at the Schol of
Management at Zhejiang University from August 1988 to
October 1995. Profesor Hu is also curently the vice chairman
and the enterprise working comite director of the Chinese
Marketing Asociation of Universities and the executive deputy
director of the China Enterprise Research Centre* (中国企业研
究中心) of the Schol of Economics and Management at
Tsinghua University.
Profesor Hu has ben the independent director of each of (i)
Qingdao Richen Fod Co. Ltd. (Stock Code: 603755) since May
2022, a company listed on the Shanghai Stock Exchange; (i)
Beijing Tri-Prime Gene Pharmaceutical Co., Ltd. (Stock Code:
837344) since May 2024, a company listed on the Beijing Stock
Exchange; and (i) Ocean’s King Lighting Science & Technology
Co., Ltd. (Stock Code: 002724) since June 2020, a company
listed on the Shenzhen Stock Exchange.
东京中央拍卖控股有限公司 二零二五年度报告35
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
梁廷育先生，50岁
独立非执行董事
梁先生为独立非执行董事，于2025年5月30日
获委任为独立非执行董事。其于2000年7月毕
业于澳洲伍伦贡大学，获授会计学商业学士学
位。梁先生于2006年11月获澳洲会计师公会认
可为执业会计师，并于2008年1月获香港会计
师公会认可为执业会计师。梁先生于财务管
理、会计及审计领域拥有逾19年经验。
梁先生自2009年12月起获委任为延长石油国际
有限公司（股份代号：346）的独立非执行董
事，自2018年3月起获委任为毛记葵涌有限公
司（股份代号：1716）的独立非执行董事，自
2018年11月起获委任为信义能源控股有限公
司（股份代号：3868）的独立非执行董事，及自
2023年7月起获委任为太和控股有限公司（股
份代号：718）的独立非执行董事，上述公司均
于联交所主板上市。
Mr. Leung Ting Yuk, aged 50
Independent non-executive Director
Mr. Leung is an independent non-executive Director and was
apointed as independent non-executive Director on 30 May
2025. He graduated with a bachelor of comerce in
acountancy from the University of Wolongong, Australia, in
July 2000. Mr. Leung has ben acredited as a Certified
Practising Acountant of CPA Australia in November 2006 and
as a Certified Public Acountant of The Hong Kong Institute of
Certified Public Acountants in January 2008. Mr. Leung has
more than 19 years of experience in the financial management,
acounting and auditing field.
Mr. Leung has ben apointed as an independent non-
executive director of Yanchang Petroleum International Limited
(Stock Code: 346) since December 2009, an independent non-
executive director of Most Kwai Chung Limited (Stock Code:
1716) since March 2018, an independent non-executive director
of Xinyi Energy Holdings Limited (Stock Code: 3868) since
November 2018 and an independent non-executive director of
Tai United Holdings Limited (Stock Code: 718) since July 2023,
each being companies listed on the Main Board of the Stock
Exchange.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202536
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
高级管理层
翟志胜先生，44岁
本公司财务总监及公司秘书
翟先生负责本公司的企业融资、投资者关系、
财务管理及公司秘书事宜。彼自2019年9月加
入本集团。翟先生亦为本公司的全资附属公司
CGU Enterprises Limited的董事。翟先生于
2019年5月至2024年11月为SDM教育集团控股
有限公司（「SDM」，一家于联交所GEM上市的
公司，股份代号：8363）的独立非执行董事、
于2021年6月至2023年9月为中国储能科技发展
公司（前称环亚国际医疗科技集团有限公司，
一家于联交所主板上市的公司，股份代号：
1143）的独立非执行董事、自2023年2月起为新
亚制程（浙江）股份有限公司（一家于深圳证券
交易所上市的公司，股份代号：002388）的独
立非执行董事、自2023年6月起为方正控股有
限公司（一家于联交所主板上市的公司，股份
代号：0418）的独立非执行董事及自2023年11
月起为Net Pacific Financial Holdings Limited
（一家于新加坡交易所上市的公司，股份代
号：5QY.SI）的独立非执行董事。
在加入本公司之前，彼于2018年12月至2019年
9月在中国升海食品控股有限公司（现称为高
地股份有限公司，一家于联交所主板上市的公
司，股份代号：1676）出任执行董事；于2017
年3月至2018年8月在航标控股有限公司（一家
于2021年3月10日除牌前于联交所主板上市的
公司，股份代号：1190）出任公司秘书；及于
2016年2月至2016年7月为SDM的财务总监及公
司秘书。
Senior management
Mr. Chak Chi Shing (翟志胜), aged 44
Chief financial oficer and company secretary of the Company
Mr. Chak is responsible for the corporate finance, investor
relations, financial management and company secretarial
maters of the Company. He joined the Group in September
2019. Mr. Chak is also a director of CGU Enterprises Limited, a
wholy owned subsidiary of the Company. Mr. Chak has ben
the independent non-executive director of SDM Education
Group Holdings Limited (“SDM”), a company listed on GEM of
the Stock Exchange (stock code: 8363) from May 2019 to
November 2024, the independent non-executive director of
China Energy Storage Technology Development Limited
(formerly known as Link-Asia International MedTech Group
Limited), a company listed on the Main Board of the Stock
Exchange (stock code: 1143) from June 2021 to September
2023, the independent non-executive director of Sunyes
Manufacturing ZheJiang Holding Co Ltd* (stock code: 002388),
a company listed on the Shenzhen Stock Exchange since
February 2023, the independent non-executive director of
Founder Holdings Limited, a company listed on the Main Board
of the Stock Exchange (stock code: 0418) since June 2023 and
the independent non-executive director of the Net Pacific
Financial Holdings Limited (stock code: 5QY.SI), a company
listed on Singapore Exchange since November 2023.
Prior to joining the Company, he was the executive director of
China Shenghai Fod Holdings Company Limited (curently
known as Gaodi Holdings Limited), a company listed on the
Main Board of the Stock Exchange (stock code: 1676), from
December 2018 to September 2019; the company secretary of
Bolina Holding Co., Ltd., a company listed on the Main Board
of the Stock Exchange prior to its delisting on 10 March 2021
(stock code: 1190), from March 2017 to August 2018, and the
chief financial oficer and company secretary of SDM from
February 2016 to July 2016.
东京中央拍卖控股有限公司 二零二五年度报告37
Biographical Details of Directors and Senior Management
董事及高级管理层的履历详情
彼于2006年3月自科廷科技大学(Curtin
University of Technology)取得会计和金融（商
务）专业学士学位。彼为香港会计师公会及澳
洲会计师公会的执业会计师。翟先生于审计、
会计、企业融资及财务管理方面拥有逾15年经
验及于上市公司的公司秘书事宜及企业管治
方面拥有逾5年经验。
He obtained a bachelor’s degre of comerce in Acounting
and Finance from Curtin University of Technology in March
2006. He is a certified public acountant of Hong Kong
Institute of Certified Public Acountants and Certified Public
Acountant Australia. Mr. Chak has over 15 years of experience
in auditing, acounting, corporate finance and financial
management and over 5 years of experience in company
secretarial mater and corporate governance in listed
companies.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202538
CORPORATE GOVERNANCE REPORT
企业管治报告
企业管治常规
董事会致力于维持高水平的企业管治。董事会
认为，高水平的企业管治准则对于为本集团提
供保障股东权益、提升企业价值、制定业务策
略及政策以及提高透明度及问责性的框架而
言至关重要。
本公司的企业管治常规乃根据上市规则附录
十四所载的企业管治守则（按于报告期间内适
用于本集团者）（「企业管治守则」）所载列的原
则及守则条文编制。本公司已于报告期间遵守
企业管治守则所载的所有守则条文。
董事的证券交易
本公司已采纳上市规则附录十所载上市发行
人董事进行证券交易的标准守则（「标准守则」）
作为其董事进行证券交易的行为守则。经作出
特定查询后，全体董事已确认，彼等已于报告
期间完全遵守标准守则所规定的准则。
本公司亦将标准守则的采纳范围拓展至可能
会掌握本公司未公开的内幕消息的本公司高
级管理层（「有关雇员」）。于报告期间，据本公
司所悉，有关雇员概无违反标准守则。
董事会
董事会监督本集团的业务、策略性决策及表
现，并应客观地作出符合本公司最佳利益的决
策。董事会已将日常职责授予执行董事及高级
管理层，彼等于董事会主席之领导下履行职
责。
CORPORATE GOVERNANCE PRACTICES
The Board is comited to maintaining god corporate
governance standards. The Board believes that high corporate
governance standards are esential in providing a framework
for the Group to safeguard the interests of Shareholders,
enhance corporate value, formulate its busines strategies and
policies, and enhance its transparency and acountability.
The Company’s corporate governance practices are based on
the principles and code provisions as set out in the Corporate
Governance Code (as aplicable to the Group during the
Reporting Period) (the “CG Code”) contained in Apendix 14 to
the Listing Rules. The Company has complied with al code
provisions of the CG Code during the Reporting Period.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Isuers (“Model Code”) set
out in Apendix 10 to the Listing Rules as the code of conduct
regarding securities transactions by its Directors. Having made
specific enquiry, al Directors have confirmed that they have
fuly complied with the required standard set out in the Model
Code during the Reporting Period.
The Company has also extended the coverage of the Model
Code adoption to the senior management of the Company
who are likely to be in posesion of unpublished inside
information of the Company (the “relevant employes”). No
incident of non-compliance of the Model Code by the relevant
employes was noted by the Company during the Reporting
Period.
BOARD OF DIRECTORS
The Board overses the Group’s busineses, strategic decisions
and performance and should take decisions objectively in the
best interests of the Company. The Board has delegated the
day-to-day responsibility to the executive Directors and senior
management who perform their duties under the leadership of
the chairman of the Board.
东京中央拍卖控股有限公司 二零二五年度报告39
Corporate Governance Report
企业管治报告
Folowing Mr. Ando Shokei, Mrs. Ando Eri, Mr. Katsu Bunkai
and Mr. Sun Hongyue were resigned as executive Directors on
20 June 2025 and Mr. Chung Kwok Mo John, Ms. Lam Suk
Ling Shirley and Mr. Chun Chi Man were resigned on
independent non-executive Directors on 20 June 2025, the
Board curently consists of four executive Directors, namely,
Mr. Huang Shikun (chairman of the Board), Mr. Huang Shifeng,
Ms. Qian Yuanyuan and Mr. Tong Jun; two non-executive
directors, namely Mr. Li Jiefeng and Mr. Zheng Haoran and
thre independent non-executive Directors, namely, Profesor He
Jia, Profesor Hu Zuohao, and Mr. Leung Ting Yuk as at the
date of this Report.
The Board curently comprises the folowing Directors:
Executive Directors
Mr. Huang Shikun (Chairman) (apointed on 30 May 2025)
Mr. Huang Shifeng (apointed on 30 May 2025)
Ms. Qian Yuanyuan (apointed on 30 May 2025)
Mr. Tong Jun (apointed on 30 May 2025)
Non-executive directors
Mr. Li Jiefeng (apointed on 30 May 2025)
Mr. Zheng Haoran (apointed on 30 May 2025)
Independent Non-executive Directors
Profesor He Jia (apointed on 30 May 2025)
Profesor Hu Zuohao (apointed on 30 May 2025)
Mr. Leung Ting Yuk (apointed on 30 May 2025)
The biographical information of the Directors are set out in the
section headed “Biographical Details of Directors and Senior
Management” on pages 24 to 37 of this anual report.
Other than the brother relationship betwen Mr. Huang Shikun
and Mr. Huang Shifeng, none of the members of the Board is
related to one another.
Chairman
Folowing the resignation of Mr. Ando Shokei as Chairman on
20 June 2025, Mr. Huang Shikun has ben apointed as the
Chairman of the Board since 20 June 2025, who provides
leadership and is responsible for the efective functioning and
leadership of the Board.
继安藤湘桂先生、安藤
恵
理女士、葛文海先生
及孙鸿月先生于2025年6月20日辞任执行董
事，以及钟国武先生、林淑玲女士及秦治民先
生于2025年6月20日辞任独立非执行董事后，
于本报告日期，董事会现时包括四名执行董
事，即黄仕坤先生（董事会主席）、黄仕峰先
生、钱源女士及童军先生；两名非执行董
事，即李杰峰先生及郑浩然先生；以及三名独
立非执行董事，即何佳教授、胡左浩教授及梁
廷育先生。
董事会现时由以下董事组成：
执行董事
黄仕坤先生（主席）（于2025年5月30日获委任）
黄仕峰先生（于2025年5月30日获委任）
钱源女士（于2025年5月30日获委任）
童军先生（于2025年5月30日获委任）
非执行董事
李杰峰先生（于2025年5月30日获委任）
郑浩然先生（于2025年5月30日获委任）
独立非执行董事
何佳教授（于2025年5月30日获委任）
胡左浩教授（于2025年5月30日获委任）
梁廷育先生（于2025年5月30日获委任）
董事履历资料载于本年报第24至37页的「董事
及高级管理层的履历详情」一节。
除黄仕坤先生与黄仕峰先生之兄弟关系外，董
事会成员彼此之间概无任何关联。
主席
继安藤湘桂先生于2025年6月20日辞任主席职
务后，黄仕坤先生已自2025年6月20日起获委
任为董事会主席，其发挥领导力，并负责领导
及确保董事会有效运作。
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202540
Corporate Governance Report
企业管治报告
独立非执行董事
于报告期间，董事会一直遵守上市规则有关委
任至少三名独立非执行董事并占董事会人数
三分之一，而其中一名独立非执行董事须具备
适当专业资格或会计或相关财务管理专长的
规定。
本公司已收到各独立非执行董事根据上市规
则第3.13条所载独立性指引就其独立性发出的
年度确认书。本公司认为，全体独立非执行董
事均属独立人士。
董事任期
本公司已于委任日期与各董事订立服务合约，
初步任期为一年，并将自动重续一年，除非任
何一方发出一个月的书面通知予以终止。
服务合约及委任函的年期可根据本公司组织
章程细则（「细则」）条文及适用上市规则予以续
期。于2025年5月30日获委任之各董事须根据
本公司组织章程细则于股东周年大会上轮值
退任及膺选连任。根据细则，于每届股东周年
大会上，当时为数三分之一的董事（如董事人
数并非三的倍数，则须为最接近但不少于三分
之一的董事人数）须轮值退任。退任董事合资
格膺选连任。
董事的职责
董事会应承担领导及控制本公司的职责，并集
体负责指导及监管本公司的事务。董事会直接
（及透过其各委员会间接）领导及指导管理层，
其工作包括制定策略及监督其执行情况、监控
本集团营运及财务表现，以及确保设有完备的
内部控制及风险管理系统。
Independent Non-executive Directors
During the Reporting Period, the Board at al times met the
requirements of the Listing Rules relating to the apointment of
at least thre independent non-executive directors representing
one-third of the Board with one of whom posesing
apropriate profesional qualifications or acounting or related
financial management expertise.
The Company has received writen anual confirmation from
each of the independent non-executive Directors in respect of
his/her independence in acordance with the independence
guidelines set out in Rule 3.13 of the Listing Rules. The
Company is of the view that al independent non-executive
Directors are independent.
Term of directors
The Company entered into a service contact with each of the
Directors on the date of the apointment with an initial term of
one year which shal be renewed automaticaly for sucesive
terms of one year unles terminated by either party with one
month’s writen notice.
The terms of the service contacts and the leters of
apointment may be renewed subject to the provisions of the
articles of asociation of the Company (“Articles”) and the
aplicable Listing Rules. Each of Directors were apointed on
30 May 2025 shal be subject to retirement by rotation and re-
election at the anual general meting in acordance with the
articles of asociation of the Company. Under the 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, the
number nearest to but not les than one third) shal retire from
ofice by rotation. The retiring Directors shal be eligible for re-
election.
Responsibilities of the directors
The Board should asume responsibility for leadership and
control of the Company, and is colectively responsible for
directing and supervising the Company’s afairs. The Board
directly, and indirectly through its comites, leads and
provides direction to management by laying down strategies
and overseing their implementation, monitors the Group’s
operational and financial performance, and ensures that sound
internal control and risk management systems are in place.
东京中央拍卖控股有限公司 二零二五年度报告41
Corporate Governance Report
企业管治报告
全体董事（包括独立非执行董事）均为董事会
带来多种领域的宝贵业务经验、知识及专业精
神，使其高效及有效地运作。全体董事均可全
面并及时获得本公司所有资料，及可在适当情
况下经提出要求后寻求独立专业意见，以向本
公司履行其职责。
独立非执行董事须负责确保本公司进行高水
平的监管报告，并为董事会带来持平的观点，
以就企业行动及运作出有效的独立判断。
董事会保留其有关本公司政策事项、策略及预
算、内部控制及风险管理、重大交易（尤其是
可能涉及利益冲突的交易）、财务资料、委任
董事及其他重大营运事项的所有重大事项的
决策。与执行董事会决策、指导及协调本公司
日常营运及管理有关的职责均转授予管理层
处理。
董事的持续专业发展
董事应了解监管的最新发展及变动，以有效履
行彼等的职责及确保彼等继续对董事会作出
知情及相关贡献。
本公司鼓励董事参与持续专业发展，以发展及
更新彼等的知识及技能。本公司将为董事安排
内部简报，并于适当时候向董事提供相关议题
的阅读材料。全体董事亦了解持续专业发展的
重要性，且彼等致力于参加任何适当的培训，
以发展及更新彼等的知识及技能。
Al Directors, including independent non-executive Directors,
have brought a wide spectrum of valuable busines experience,
knowledge and profesionalism to the Board for its eficient
and efective functioning. Al Directors have ful and timely
aces to al the information of the Company and may, upon
request, sek independent profesional advice in apropriate
circumstances for discharging their duties to the Company.
The independent non-executive Directors are responsible for
ensuring a high standard of regulatory reporting of the
Company and providing a balance in the Board for bringing
efective independent judgement on corporate actions and
operations.
The Board reserves for its decision al major maters relating to
policy maters, strategies and budgets, internal control and risk
management, material transactions (in particular those that may
involve conflict of interests), financial information, apointment
of directors and other significant operational maters of the
Company. Responsibilities relating to implementing decisions of
the Board, directing and co-ordinating the daily operation and
management of the Company are delegated to the
management.
Continuous profesional development of directors
Directors shal kep abreast of regulatory developments and
changes in order to efectively perform their responsibilities and
to ensure that their contribution to the Board remains informed
and relevant.
The Directors are encouraged to participate in continuing
profesional development to develop and refresh knowledge
and skils. Internaly-facilitated briefings for Directors would be
aranged and reading materials on relevant topics would be
provided to Directors where apropriate. Al directors also
understand the importance of continuous profesional
development and they are comited to participating any
suitable training to develop and refresh their knowledge and
skils.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202542
Corporate Governance Report
企业管治报告
于报告期间，各前董事均出席培训课程或研讨
会或阅读与其专业及╱或董事职责相关的材
料。于报告期间，各董事所接受的个人培训记
录概述如下：
During the Reporting Period, each of the former Directors has
atended training courses or seminars or read materials relevant
to his/her profesional and/or duties as Director. The individual
training record of each Director received for the Reporting
Period is sumarised below:
Course/Seminar
provided and
acredited by
profesional bodyReading materials
经专业机构
提供及认可的
课程╱研讨会阅读材料
Executive Directors执行董事
Mr. Ando Shokei (alias Liao Xiangui)
(resigned on 20 June 2025)
安藤湘桂先生（又名廖湘桂）
（于2025年6月20日辞任）—√
Mrs. Ando Eri (alias Feng Huijin)
(resigned on 20 June 2025)
安藤恵理女士（又名冯慧瑾）
（于2025年6月20日辞任）—√
Mr. Katsu Bunkai (alias Ge Wenhai)
(resigned on 20 June 2025)
葛文海先生
（于2025年6月20日辞任）—√
Mr. Sun Hongyue (resigned on 20 June 2025)孙鸿月先生（于2025年6月20日辞任）—√
Mr. Huang Shikun (apointed on 30 May 2025)黄仕坤先生（于2025年5月30日获委任）—
Mr. Huang Shifeng (apointed on 30 May 2025)黄仕峰先生（于2025年5月30日获委任）—
Ms. Qian Yuanyuan (apointed on 30 May 2025)钱源女士（于2025年5月30日获委任）—
Mr. Tong Jun (apointed on 30 May 2025)童军先生（于2025年5月30日获委任）—
Non-executive Directors非执行董事
Mr. Li Jiefeng (apointed on 30 May 2025)李杰峰先生（于2025年5月30日获委任）—
Mr. Zheng Haoran (apointed on 30 May 2025)郑浩然先生（于2025年5月30日获委任）—
Independent Non-executive Directors独立非执行董事
Mr. Chung Kwok Mo John
(resigned on 20 June 2025)
钟国武先生
（于2025年6月20日辞任）√
Ms. Lam Suk Ling Shirley
(resigned on 20 June 2025)
林淑玲女士
（于2025年6月20日辞任）√
Mr. Chun Chi Man (resigned on 20 June 2025)秦治民先生（于2025年6月20日辞任）√
Profesor He Jia (apointed on 30 May 2025)何佳教授（于2025年5月30日获委任）—
Profesor Hu Zuohao (apointed on 30 May 2025)胡左浩教授（于2025年5月30日获委任）—
Mr. Leung Ting Yuk (apointed on 30 May 2025)梁廷育先生（于2025年5月30日获委任）—
东京中央拍卖控股有限公司 二零二五年度报告43
Corporate Governance Report
企业管治报告
董事委员会
董事会已设立四个委员会，即审核委员会、薪
酬委员会、提名委员会及企业管治委员会，以
监察本公司特定范畴的事务。本公司所有董事
委员会均订有具体书面职权范围，清楚列载各
委员会的权限及职责。审核委员会、薪酬委员
会、提名委员会及企业管治委员会的职权范围
刊登于本公司网站及联交所网站，并应要求可
供股东查阅。
董事会议应定期举行，并应涉及多数董事亲
身或通过电子通信方式积极参与。
于报告期间，本公司曾举行三次董事会议及
一次股东大会。下表载列各董事于该等会议的
出席记录：
Board comites
The Board has established four comites, namely the Audit
Comite, the Remuneration Comite, the Nomination
Comite and the Corporate Governance Comite, for
overseing particular aspects of the Company’s afairs. Al
Board comites of the Company are established with specific
writen terms of reference which deal clearly with their
authority and duties. The terms of reference of the Audit
Comite, Remuneration Comite, Nomination Comite
and Corporate Governance Comite are posted on the
Company’s website and the Stock Exchange’s website and are
available to Shareholders upon request.
Regular Board metings should be held, which involving active
participation, either in person or through electronic means of
comunication, of a majority of Directors.
During the Reporting Period, the Company held thre board
metings and one general meting. The atendance record of
each Director at these metings is set out in the table below:
Atended/eligible to atend
参与╱合资格参与
Board
metingsAGM
董事会议股东周年大会
Executive Directors执行董事
Mr. Ando Shokei (alias Liao Xiangui)
(resigned on 20 June 2025)
安藤湘桂先生（又名廖湘桂）
（于2025年6月20日辞任）3/31/1
Mrs. Ando Eri (alias Feng Huijin)
(resigned on 20 June 2025)
安藤恵理女士（又名冯慧瑾）
（于2025年6月20日辞任）3/31/1
Mr. Katsu Bunkai (alias Ge Wenhai)
(resigned on 20 June 2025)
葛文海先生
（于2025年6月20日辞任）3/31/1
Mr. Sun Hongyue
(resigned on 20 June 2025)
孙鸿月先生
（于2025年6月20日辞任）3/31/1
Mr. Huang Shikun
(apointed on 30 May 2025)
黄仕坤先生
（于2025年5月30日获委任）0/00/0
Mr. Huang Shifeng
(apointed on 30 May 2025)
黄仕峰先生
（于2025年5月30日获委任）0/00/0
Ms. Qian Yuanyuan
(apointed on 30 May 2025)
钱源女士
（于2025年5月30日获委任）0/00/0
Mr. Tong Jun
(apointed on 30 May 2025)
童军先生
（于2025年5月30日获委任）0/00/0
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202544
Corporate Governance Report
企业管治报告
审核委员会
于本报告日期，审核委员会现时包括一名非执
行董事，即李杰峰先生；及两名独立非执行董
事，即梁廷育先生（审核委员会主席）及何佳教
授。审核委员会主席梁廷育先生拥有上市规则
第3.21条所规定的适当专业资格或会计或相关
财务管理专业知识。审核委员会的职权范围不
逊于企业管治守则所载的严格条款。
Atended/eligible to atend
参与╱合资格参与
Board
metingsAGM
董事会议股东周年大会
Non-executive Directors非执行董事
Mr. Li Jiefeng
(apointed on 30 May 2025)
李杰峰先生
（于2025年5月30日获委任）0/00/0
Mr. Zheng Haoran
(apointed on 30 May 2025)
郑浩然先生
（于2025年5月30日获委任）0/00/0
Independent Non-executive Directors独立非执行董事
Mr. Chung Kwok Mo John
(resigned on 20 June 2025)
钟国武先生
（于2025年6月20日辞任）3/31/1
Ms. Lam Suk Ling Shirley
(resigned on 20 June 2025)
林淑玲女士
（于2025年6月20日辞任）3/31/1
Mr. Chun Chi Man
(resigned on 20 June 2025)
秦治民先生
（于2025年6月20日辞任）3/31/1
Profesor He Jia
(apointed on 30 May 2025)
何佳教授
（于2025年5月30日获委任）0/00/0
Profesor Hu Zuohao
(apointed on 30 May 2025)
胡左浩教授
（于2025年5月30日获委任）0/00/0
Mr. Leung Ting Yuk
(apointed on 30 May 2025)
梁廷育先生
（于2025年5月30日获委任）0/00/0
Audit Comite
As at the date of this Report, the Audit Comite curently
consists of one non-executive Director, namely Mr. Li Jiefeng
and two independent non-executive Directors, namely
Mr. Leung Ting Yuk (chairman of the Audit Comite) and
Profesor Hu Jia. Mr. Leung Ting Yuk, chairman of the Audit
Comite, poseses apropriate profesional qualifications or
acounting or related financial management expertise as
required under Rule 3.21 of the Listing Rules. The terms of
reference of the Audit Comite are of no les exacting terms
than those set out in the CG Code.
东京中央拍卖控股有限公司 二零二五年度报告45
Corporate Governance Report
企业管治报告
审核委员会的职权范围刊登于联交所及本公
司网站。审核委员会的职责包括（但不限于）：
(a)就外聘核数师之委任、重新委任及罢免向董
事会提供建议、批准外聘核数师的薪金及聘用
条款以及处理任何有关核数师辞任或罢免之
问题；(b)监察财务报表、年报及账目以及中期
报告的完整性，并检讨当中所载的重大财务报
告判断；(c)检讨财务控制、风险管理及内部控
制系统；及(d)制定及检讨本公司的企业管治政
策及常规，并向董事会提供推荐建议。
审核委员会于报告期间举行了三次会议以审
阅（其中包括）中期及年度财务业绩及报告。审
核委员会成员及各成员于报告期间的出席情
况如下：
The terms of reference of the Audit Comite are available on
the websites of the Stock Exchange and the Company. The
duties of the Audit Comite include, without limitation, (a)
making recomendations to the Board on the apointment,
reapointment and removal of the external auditor, and to
aprove the remuneration and terms of engagement of the
external auditor, and any questions of its resignation or
dismisal; (b) monitoring the integrity of the financial
statements and anual report and acounts, and the interim
report, and reviewing significant financial reporting judgments
contained therein; (c) reviewing the financial control, risk
management and internal control systems; and (d) developing
and reviewing the Company’s policies and practices on
corporate governance and making recomendations to the
Board.
The Audit Comite held thre metings during the Reporting
Period to review, among others, the interim and anual
financial results and reports. The members of the Audit
Comite and the atendance of each member during the
Reporting Period are as folows:
Atended/
eligible to
atend
参与╱合资格
参与
Non-executive Director 非执行董事
Mr. Li Jiefeng (re-designated on 20 June 2025)李杰峰先生（于2025年6月20日调任）0/0
Independent Non-executive Directors独立非执行董事
Mr. Chung Kwok Mo John
(resigned on 20 June 2025)
钟国武先生（于2025年6月20日辞任）
3/3
Ms. Lam Suk Ling Shirley
(resigned on 20 June 2025)
林淑玲女士（于2025年6月20日辞任）
3/3
Mr. Chun Chi Man (resigned on 20 June 2025)秦治民先生（于2025年6月20日辞任）3/3
Profesor He Jia (re-designated on 20 June 2025)何佳教授（于2025年6月20日调任）0/0
Mr. Leung Ting Yuk
(re-designated on 20 June 2025)
梁廷育先生（于2025年6月20日调任）
0/0
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202546
Corporate Governance Report
企业管治报告
薪酬委员会
于本报告日期，薪酬委员会现时包括一名执行
董事，即黄仕坤先生；及两名独立非执行董
事，即何佳教授（薪酬委员会主席）及胡左浩教
授，其中大多数均为独立非执行董事。薪酬委
员会的职权范围不逊于企业管治守则所载的
严格条款。
薪酬委员会的职权范围刊登于联交所及本公
司网站。薪酬委员会的主要职能包括：(a)就本
公司之全体董事及高级管理层之薪酬政策及
架构向董事会提出建议，及就制订薪酬政策设
立正规而透明之程序；(b)因应董事会所制订的
企业方针及目标，检讨及批准管理层之薪酬建
议；及(c)向董事会建议个别董事及高级管理层
的总体薪酬待遇。
薪酬委员会于报告期间举行了一次会议，以审
阅并就执行董事及高级管理层的薪酬待遇作
出建议。薪酬委员会成员及各成员于报告期间
的出席情况如下：
Remuneration Comite
As at the date of this Report, the Remuneration Comite
curently consists of one executive Director, namely Mr. Huang
Shikun and two independent non-executive Directors, namely
Profesor He Jia (chairman of the Remuneration Comite)
and Profesor Hu Zuohao, a majority of whom are independent
non-executive Directors. The terms of reference of the
Remuneration Comite are of no les exacting terms than
those set out in the CG Code.
The terms of reference of the Remuneration Comite are
available on the websites of the Stock Exchange and the
Company. The primary functions of the Remuneration
Comite include (a) making recomendations to the Board
on the Company’s remuneration policy and structure for al
Directors and senior management and establishing a formal and
transparent procedure for developing remuneration policy; (b)
reviewing and aproving the management’s remuneration
proposal with reference to the Board’s corporate goals and
objectives; and (c) making recomendations to the Board on
the overal remuneration packages of individual Directors and
senior management.
The Remuneration Comite held one meting to review and
recomend the remuneration packages of the executive
Directors and senior management during the Reporting Period.
The members of the Remuneration Comite and the
atendance of each member during the Reporting Period are as
folows:
Atended/
eligible to
atend
参与╱合资格
参与
Executive Directors执行董事
Mrs. Ando Eri (resigned on 20 June 2025)安藤恵理女士（于2025年6月20日辞任）1/1
Mr. Huang Shikun (re-designated on 20 June 2025)黄仕坤先生（于2025年6月20日调任）0/0
Independent Non-executive Directors独立非执行董事
Mr. Chung Kwok Mo John (resigned on 20 June 2025)钟国武先生（于2025年6月20日辞任）1/1
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)林淑玲女士（于2025年6月20日辞任）1/1
Mr. Chun Chi Man (resigned on 20 June 2025)秦治民先生（于2025年6月20日辞任）1/1
Profesor He Jia (re-designated on 20 June 2025)何佳教授（于2025年6月20日调任）0/0
Profesor Hu Zuohao (re-designated on 20 June 2025)胡左浩教授（于2025年6月20日调任）0/0
东京中央拍卖控股有限公司 二零二五年度报告47
Corporate Governance Report
企业管治报告
提名委员会
于本报告日期，提名委员会现时包括两名执行
董事，即黄仕坤先生（提名委员会主席）及钱源
源女士；及三名独立非执行董事，即何佳教
授、胡左浩教授及梁廷育先生。
提名委员会的职权范围刊登于联交所及本公
司网站。提名委员会的主要职责包括（但不限
于）：(a)至少须每年检讨董事会架构、人数及
成员多元化（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
服务任期方面），并就任何拟定变更向董事会
提出建议以便配合企业策略；(b)物色具备合适
资格可担任董事会成员的人士及甄选或向董
事会建议甄选其提名之董事人选；(c)评估独立
非执行董事的独立性；及(d)就董事的委任或重
新委任以及董事（尤其是主席）继任计划向董
事会提出建议。
董事会多元化政策
本公司已采纳董事会多元化政策（「董事会多
元化政策」），当中载有达致董事会多元化的方
法。本公司认同及接纳多元化董事会的好处，
并将提升董事会层面多元化程度视为维持本
公司竞争优势的重要素。
于评估董事会组成时，提名委员会将考虑本公
司董事会多元化政策所载的多个方面以及董
事会多元化相关因素。提名委员会将讨论及议
定达致董事会多元化的可计量目标（倘必要）并
向董事会推荐以供采纳。在物色及甄选合适的
董事候选人时，提名委员会将在向董事会提供
推荐建议前考虑候选人的品格、资历、经验、
独立性及就配合公司策略及达致董事会成员
多元化而言属必要的其他相关准则（倘适用）。
Nomination Comite
As at the date of this Report, the Nomination Comite
curently consists of two executive Directors, namely Mr. Huang
Shikun (chairman of the Nomination Comite) and Ms. Qian
Yuanyuan and thre independent non-executive Directors,
namely Profesor He Jia, Profesor Hu Zuohao and Mr. Leung
Ting Yuk.
The terms of reference of the Nomination Comite are
available on the websites of the Stock Exchange and the
Company. The principal duties of the Nomination Comite
include, without limitation, (a) reviewing the structure, size and
diversity (including without limitation, gender, age, cultural and
educational background, ethnicity, profesional experience,
skils, knowledge and length of service) of the Board at least
anualy and making recomendations on any proposed
changes to the Board to complement the corporate strategy; (b)
identifying individuals suitably qualified to become members of
the Board and selecting or making recomendations to the
Board on the selection of individuals nominated for
directorships; (c) asesing the independence of the
independent non-executive Directors; and (d) making
recomendations to the Board on the apointment or
reapointment of the Directors and sucesion planing for the
Directors, in particular the chairman.
Board diversity policy
The Company has adopted a board diversity policy (“Board
Diversity Policy”) which sets out the aproach to achieve
diversity of the Board. The Company recognises and embraces
the benefits of having a diverse Board and ses increasing
diversity at the Board level as an esential element in
maintaining the Company’s competitive advantage.
In asesing the Board composition, the Nomination Comite
would take into acount various aspects as wel as factors
concerning Board diversity as set out in the Company’s Board
Diversity policy. The Nomination Comite would discus and
agre on measurable objectives for achieving diversity on the
Board, where necesary, and recomend them to the Board for
adoption. In identifying and selecting suitable candidates for
directorships, the Nomination Comite would consider the
candidate’s character, qualifications, experience, independence
and other relevant criteria necesary to complement the
corporate strategy and achieve Board diversity, where
apropriate, before making recomendation to the Board.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202548
Corporate Governance Report
企业管治报告
根据董事会多元化政策，提名委员会将每年检
讨董事会的架构、人数及组成，并于适当时就
董事会的变动作出建议，补足本公司的企业策
略，确保董事会维持平衡的多元化组合。就检
讨及评估董事会的组成而言，提名委员会致力
达成所有职级的多元性，并将会考虑多个层
面，包括但不限于性别、年龄、文化及教育背
景、专业资格、技能、知识及地区及行业经验。
本公司旨在保持本公司业务增长相关的多元
化层面的合适平衡，并致力确保所有职级（由
董事会起由上而下）的招聘及挑选惯例的架构
合适，因此可考虑广泛及多样的人选。
董事会将考虑设立可计量目标，以执行董事会
多元化政策，且不时评估有关目标，以确保其
合适性，以及确定达成该等目标的进程。现
时，提名委员会认为董事会的多元性充足，而
董事会并未设立任何可计量目标。
Pursuant to the Board Diversity Policy, the Nomination
Comite wil review anualy the structure, size and
composition of the Board and where apropriate, make
recomendations on changes to the Board to complement the
Company’s corporate strategy and to ensure that the Board
maintains a balanced diverse profile. In relation to reviewing
and asesing the Board composition, the Nomination
Comite is comited to diversity at al levels and wil
consider a number of aspects, including but not limited to
gender, age, cultural and educational background, profesional
qualifications, skils, knowledge and regional and industry
experience.
The Company aims to maintain an apropriate balance of
diversity perspectives that are relevant to the Company’s
busines growth and is also comited to ensuring that
recruitment and selection practices at al levels (from the Board
downwards) are apropriately structured so that a diverse range
of candidates are considered.
The Board wil consider seting measurable objectives to
implement the Board Diversity Policy and review such objectives
from time to time to ensure their apropriatenes and ascertain
the progres made towards achieving those objectives. At
present, the Nomination Comite considered that the Board
is suficiently diverse and the Board has not set any measurable
objectives.
东京中央拍卖控股有限公司 二零二五年度报告49
Corporate Governance Report
企业管治报告
于报告期间，提名委员会举行了一次会议，以
检讨董事会的架构、人数及组成，以及独立非
执行董事的独立性，并审阅于股东周年大会上
退任重选的董事的资历及考虑并向董事会推
荐董事的委任。
董事提名政策
本公司已于2018年12月31日采纳董事提名政策
（「董事提名政策」），当中载有挑选的准则及程
序，以及有关董事的提名及委任的董事会继任
计划的考虑因素，旨在确保董事会的技能、经
验及多元观点达致对本公司而言属适当的平
衡，确保董事会的延续性及董事会层级的领导
层合适。
董事提名政策载有评估董事会建议人选的合
适性及潜在贡献的因素，包括但不限于以下各
项：
- ；
- ，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；
The Nomination Comite met once during the Reporting
Period to review the structure, size and composition of the
Board and the independence of the independent non-executive
Directors and to consider the qualifications of the retiring
Directors standing for re-election at the anual general meting
and to consider and recomend to the Board on the
apointment of Directors.
Atended/
eligible to
atend
参与╱合资格
参与
Executive Directors执行董事
Mr. Ando Shokei (resigned on 20 June 2025)安藤湘桂先生（于2025年6月20日辞任）1/1
Mr. Huang Shikun (re-designated on 20 June 2025)黄仕坤先生（于2025年6月20日调任）0/0
Ms. Qian Yuanyuan (re-designated on 20 June 2025)钱源女士（于2025年6月20日调任）0/0
Independent Non-executive Directors独立非执行董事
Mr. Chung Kwok Mo John (resigned on 20 June 2025)钟国武先生（于2025年6月20日辞任）1/1
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)林淑玲女士（于2025年6月20日辞任）1/1
Mr. Chun Chi Man (resigned on 20 June 2025)秦治民先生（于2025年6月20日辞任）1/1
Profesor He Jia (re-designated on 20 June 2025)何佳教授（于2025年6月20日调任）0/0
Profesor Hu Zuohao (re-designated on 20 June 2025)胡左浩教授（于2025年6月20日调任）0/0
Mr. Leung Ting Yuk (re-designated on 20 June 2025)梁廷育先生（于2025年6月20日调任）0/0
Director nomination policy
The Company has adopted a director nomination policy (the
“Director Nomination Policy”) on 31 December 2018 which
sets out the selection criteria and proces and the Board
sucesion planing considerations in relation to nomination
and apointment of Directors and aims to ensure that the
Board has a balance of skils, experience and diversity of
perspectives apropriate to the Company and the continuity of
the Board and apropriate leadership at Board level.
The Director Nomination Policy sets out the factors for
asesing the suitability and the potential contribution to the
Board of a proposed candidate, including but not limited to the
folowing:
- ;
- , skils,
knowledge and experience that are relevant to the
Company’s busines and corporate strategy;
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202550
Corporate Governance Report
企业管治报告
- ，包括但不限于性
别、年龄（18岁或以上）、文化及教育背
景、族群、专业经验、技能、知识及服务
年期；
- ，董事会独立非执行董事
的规定，以及建议的独立非执行董事的
独立性；及
- ╱或本公司董事会委
员会成员职务的可行时间及相关意愿的
承诺。
董事提名政策亦载有挑选及委任新董事及于
股东大会重选董事的程序及过程。于报告期
间，提名委员会遵守以下提名程序及董事提名
政策所载程序，以甄选及推荐董事候选人：
(a) 委任新董事
i. 提名委员会应在收到委任新董事的
建议及候选人的履历资料（或相关
详情）后，依据上述准则评估该名候
选人，以决定该名候选人是否合资
格担任董事。
i. 如过程涉及一名或多名合意的候选
人，提名委员会应根据本公司的需
要及每名候选人的资历审查（如适
用）排列彼等的优先次序。
i. 提名委员会随后应就委任合适人选
担任董事一事向董事会提出建议
（如适用）。
- , including but not limited to gender,
age (18 years or above), cultural and educational
background, ethnicity, profesional experience, skils,
knowledge and length of service;
• requirements of independent non-executive Directors on
the Board and independence of the proposed
independent non-executive Directors in acordance with
the Listing Rules; and
• comitment in respect of available time and relevant
interest to discharge duties as a member of the Board
and/or Board comite(s) of the Company.
The Director Nomination Policy also sets out the procedures
and proces for the selection and apointment of new Directors
and re-election of Directors at general metings. During the
Reporting Period, the Nomination Comite adhered to the
folowing nomination procedures and the proces set out in the
Director Nomination Policy to select and recomend candidates
for directorship:
(a) Apointment of new director
i. Upon receipt of the proposal on apointment of new
Director and the biographical information (or
relevant details) of the candidate, the Nomination
Comite should, evaluate such candidate based on
the criteria as set out above to determine whether
such candidate is qualified for directorship.
i. If the proces yields one or more desirable candidates,
the Nomination Comite should rank them by
order of preference based on the neds of the
Company and reference check of each candidate
(where aplicable).
i. The Nomination Comite should then recomend
to the Board to apoint the apropriate candidate
for directorship, as aplicable.
东京中央拍卖控股有限公司 二零二五年度报告51
Corporate Governance Report
企业管治报告
iv. 就任何经由股东提名于本公司股东
大会上选举为董事的人士，提名委
员会应依据上述准则评估该名候选
人，以决定该名候选人是否合资格
担任董事。
提名委员会及╱或董事会应就拟于
股东大会上选举的董事向股东提出
建议（如适用）。
(b) 于股东大会上重选董事
i. 提名委员会应检讨退任董事对本公
司的整体贡献及服务，以及在董事
会的参与程度及表现。
i. 提名委员会亦应检讨及厘定退任董
事是否仍然符合上述准则。
i. 提名委员会及╱或董事会随后应就
拟于股东大会上重选的董事向股东
提出建议。提名委员会将于适当时
候检讨董事提名政策以确保其有效。
企业管治委员会
于本报告日期，企业管治委员会现时包括一名
执行董事，即黄仕峰先生；及两名独立非执行
董事，即胡左浩教授（企业管治委员会主席）及
何佳教授。
iv. For any person that is nominated by a Shareholder
for election as a Director at the general meting of
the Company, the Nomination Comite should
evaluate such candidate based on the criteria as set
out above to determine whether such candidate is
qualified for directorship.
Where apropriate, the Nomination Comite and/
or the Board should make recomendation to
Shareholders in respect of the proposed election of
Director at the general meting.
(b) Re-election of Director at General Meting
i. The Nomination Comite should review the overal
contribution and service to the Company of the
retiring Director and the level of participation and
performance on the Board.
i. The Nomination Comite should also review and
determine whether the retiring Director continues to
met the criteria as set out above.
i. The Nomination Comite and/or the Board should
then make recomendation to shareholders in
respect of the proposed re-election of Director at the
general meting. The Nomination Comite wil
review the Director Nomination Policy, as
apropriate, to ensure its efectivenes.
Corporate Governance Comite
As at the date of this Report, the Corporate Governance
Comite curently consists of one executive Director, namely
Mr. Huang Shifeng and two independent non-executive
Directors, namely Profesor Hu Zuohao (chairman of the
Corporate Governance Comite) and Profesor He Jia.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202552
Corporate Governance Report
企业管治报告
企业管治委员会的职权范围刊登于联交所及
本公司网站。企业管治委员会的主要职责包括
（但不限于）：(a)制定及检讨本集团的企业管治
政策及常规，并向董事会提出建议；(b)审查和
批准年度企业管治报告和本集团的年报及中
期报告中相关披露及确保遵守上市规则或任
何其他本公司之证券于其上市或报价的证券
交易所的规则或适用于本集团的其他法律、法
规、规则和守则；(c)制定及规范那些保留予董
事会的职能及该等由董事会转授予本集团管
理层的职能，并定期检讨有关安排以确保其仍
然符合本集团的需要；及(d)确保本集团有适当
的监测系统以确保遵循有关内部控制系统、过
程和政策，特别是监察本集团严格实施对维持
自身风险管理标准的计划。
于报告期间，企业管治委员会举行了一次会
议，以推出及提呈有关企业管治的相关原则及
检讨及厘定企业管治政策。
The terms of reference of the Corporate Governance
Comite are available on the websites of the Stock Exchange
and the Company. The principal duties of the Corporate
Governance Comite include, without limitation, (a) to
develop and review the Group’s policies and practices on
corporate governance and to make recomendations to the
Board; (b) to review and aprove the anual corporate
governance report and related disclosures in the anual and
interim reports of the Group and ensuring compliance with
relevant requirements under the Listing Rules or the rules of any
other stock exchange in respect of which the securities of the
Company are listed or quoted, or other laws, regulations, rules
and codes as may be aplicable to the Group; (c) to develop
and formalise the functions reserved to the Board and those to
be delegated by the Board to the management of the Group,
and to review those arangements on a periodic basis to ensure
that they remain apropriate to the neds of the Group; and
(d) to make sure that apropriate monitoring systems are in
place to ensure compliance against the relevant internal
controls systems, proceses and policies, and in particular to
monitor the implementation of the Group’s plans to maintain
high compliance with its own risk management standards.
The Corporate Governance Comite met once during the
Reporting Period to introduce and propose relevant principles
concerning corporate governance and to review and determine
the corporate governance policy.
Atended/
eligible to
atend
参与╱合资格
参与
Executive Directors执行董事
Mr. Ando Shokei (resigned on 20 June 2025)安藤湘桂先生（于2025年6月20日辞任）1/1
Mr. Huang Shifeng (re-designated on 20 June 2025)黄仕峰先生（于2025年6月20日调任）0/0
Independent Non-executive Directors独立非执行董事
Mr. Chung Kwok Mo John (resigned on 20 June 2025)钟国武先生（于2025年6月20日辞任）1/1
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)林淑玲女士（于2025年6月20日辞任）1/1
Mr. Chun Chi Man (resigned on 20 June 2025)秦治民先生（于2025年6月20日辞任）1/1
Profesor Hu Zuohao (re-designated on 20 June 2025)胡左浩教授（于2025年6月20日调任）0/0
Profesor He Jia (re-designated on 20 June 2025)何佳先生（于2025年6月20日调任）0/0
东京中央拍卖控股有限公司 二零二五年度报告53
Corporate Governance Report
企业管治报告
企业管治职能
董事会负责执行企业管治守则守则条文D.3.1
所载的职能。
于报告期间，董事会已检讨本公司的企业管治
政策及常规、董事及高级管理层的培训及持续
专业发展、本公司有关遵守法律及监管规定的
政策及常规、遵守标准守则的情况以及本公司
遵守企业管治守则及本企业管治报告中的披
露情况。
风险管理
董事会负责评估并厘定其在实现本公司策略
目标时愿意承担的风险的性质及程度，并确保
本公司建立及维持适当及有效的风险管理制
度。
于报告期间，本集团已审阅风险管理制度。董
事会认为，风险管理制度对本集团整体而言属
有效及充足。
董事会亦认为，于报告期间，(i)概无任何有关
本集团的重大监控问题，包括财务、营运以及
合规控制及风险管理职能方面；及(i)已有足够
具备适当资历与经验的人员以及资源及预算
处理其会计及财务申报工作，并已提供足够培
训课程。
董事会亦负责本集团的内部监控系统，检讨监
控的成效。本公司已设计程序，以（其中包括）
确保存适当的会计记录，以便提供可靠的财
务资料，以供内部使用或刊印发行，亦确保符
合适用法律、规则及规例。
CORPORATE GOVERNANCE FUNCTIONS
The Board is responsible for performing the functions set out in
the code provision D.3.1 of the CG Code.
During the Reporting Period, the Board had reviewed the
Company’s corporate governance policies and practices, training
and continuous profesional development of directors and
senior management, the Company’s policies and practices on
compliance with legal and regulatory requirements, the
compliance of the Model Code and the Company’s compliance
with the CG Code and disclosure in this Corporate Governance
Report.
RISK MANAGEMENT
The Board is responsible for evaluating and determining the
nature and extent of the risks it is wiling to take in achieving
the Company’s strategic objectives, and ensuring that the
Company establishes and maintains an apropriate and
efective risk management system.
During the Reporting Period, the Group has reviewed the risk
management system. The Board considers that the risk
management system is efective and adequate for the Group as
a whole.
The Board further considers that (i) there was no isue relating
to the material controls, including financial, operational and
compliance controls and risk management functions, of the
Group; and (i) that there were adequate staf with apropriate
qualifications and experience, resources and budget of its
acounting and financial reporting function, and adequate
training programes have ben provided for the Reporting
Period.
The Board is also responsible for the internal control system of
the Group and for reviewing its efectivenes. Procedures have
ben designed to, among other things, ensure maintenance of
proper acounting records for the provision of reliable financial
information for internal use or for publication and ensure
compliance of aplicable laws, rules and regulations.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202554
Corporate Governance Report
企业管治报告
风险管理及内部监控系统由审核委员会及董
事会持续审查及评估，并将由董事会每年最少
作一次深入审查及评估。
根据风险评估，本集团将按以下方式管理风
险：
- — 管理层可识别及实施若干变
动或监控，完全排除风险。
- — 管理层可实施风险缓解
计划，旨在使风险之可能性、速度或严重
性降低至可接受水平。
- — 作为管理风险工作之一部
分，将对涉及重大损失或接近损失的事
故及其他情况进行调查并妥为存档。
- — 管理层可确定基于风险
评级属于低而风险属可接受水平，毋须
采取任何措施。作为风险管理计划之一
部分，将继续监察风险以确保风险不会
上升至不可接受水平。
本公司已实施内部监控系统，该系统使本集团
能实现有效及高效营运、可靠财务报告及符合
适用法律法规的目标。内部监控系统之主要构
成如下：
- — 订立一套为进行本集团内部
监控提供基础的准则、程序及架构。
- — 一个动态重复流程，以识别
及分析达成本集团目标的风险，形成厘
定如何管理风险的依据。
The risk management and internal control systems are reviewed
and asesed on an on-going basis by the Audit Comite and
the Board, and wil be further reviewed and asesed at least
once each year by the Board.
Based on the risk evaluation, the Group wil manage the risk as
folows:
- — management may identify and implement
certain changes or controls that in efect eliminate the risk
entirely.
- — management may implement risk mitigation
plan designed to reduce the likelihod, velocity or severity of
the risk to an aceptable level.
- — acidents and other situations involving
material los or near-los wil be investigated and properly
documented as part of the efort to manage risks.
- — management may decide that the risk
rating is low enough that the risk is at aceptable level and
no action is required. The risk wil continue to be monitored
as part of the risk management program to ensure the level
of risk does not increase to an unaceptable level.
The Company has in place an internal control system which
enables the Group to achieve objectives regarding efectivenes
and eficiency of operations, reliability of financial reporting
and compliance with aplicable laws and regulations. The key
components of the internal control system are shown as
folow:
- — a set of standards, proceses and
structures are established to provide the basis for carying
out internal control acros the Group.
- — a dynamic and iterative proces is
conducted for identifying and analysing risks to achieve
the Group’s objectives, forming a basis for determining
how risks should be managed.
东京中央拍卖控股有限公司 二零二五年度报告55
Corporate Governance Report
企业管治报告
- — 根据政策及程序确立行动，
以助确保管理层执行降低达成本集团目
标之风险的举措。
- — 作出内部及外部沟通，以
向本集团提供进行日常监控所需资料。
- — 持续及个别评估以查明内部监控
的各元素是否存在并运作正常。
此外，本公司对内幕消息的处理及发布进行规
范，以确保内幕消息在获妥为批准披露前一直
保密，并确保有效及一致地发布有关消息。本
公司已采取多项程序及措施防止违反披露规
定，包括提高董事及雇员对内幕消息的持续保
密意识及在需要知情的基础上向指定人员发
布信息。
内部审核
本公司尚未成立内部审核部门，董事认为，基
于本集团业务之规模、性质及复杂程度，委任
独立内部监控审阅顾问（「内部监控顾问」，其
独立于本集团之日常营运及包括具有相关专
业知识之专业员工）检讨本集团之风险管理及
内部监控系统可更具成本效益，以满足其需
求。
董事会已于报告期间内亲自及透过审核委员
会及内部监控顾问对本集团的风险管理及内
部监控系统的有效性进行年度审阅，其涵盖包
括财务、营运及合规监控在内的所有重要监控
方面。
- — action established by policies and
procedures to help ensure management mitigates risks in
the achievement of objectives of the Group are caried
out.
- — internal and external
comunication is made to provide the Group with the
information neded to cary out day-to-day controls.
- — ongoing and separate evaluations are
conducted to ascertain whether each component of
internal control is present and functioning.
In adition, the Company regulates the handling and
disemination of inside information to ensure inside information
remains confidential until the disclosure of such information is
apropriately aproved, and the disemination of such
information is eficiently and consistently made. The Company
has taken various procedures and measures to prevent a breach
of disclosure requirement, including arousing the awarenes to
the Directors and employes to preserve confidentiality of inside
information and diseminating information to specified persons
on a ned-to-know basis.
Internal audit
The Company has not established an internal audit department
and the Directors are of the view that given the size, nature
and complexity of the busines of the Group, it would be more
cost efective to apoint an independent internal control review
advisor (“Internal Control Advisor”), which is independent of
the Group’s daily operation and consists of profesional staf
with relevant expertise, to perform the review on risk
management and internal control systems of the Group in
order to met its neds.
The Board itself and through the Audit Comite and the
Internal Control Advisor has conducted an anual review on the
efectivenes of risk management and internal control systems
of the Group during the Reporting Period, which cover al
material controls including financial, operational and compliance
controls.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202556
Corporate Governance Report
企业管治报告
内部监控顾问已与相关员工进行面谈，并审阅
本集团的风险管理及内部监控系统相关文件、
评估于该等系统中发现的任何不足并提供改
善意见。对该等系统审阅的范围及发现已呈报
审核委员会并经其审阅，而审核委员会已于董
事会议上就其审阅结果向董事会另行呈报。
于报告期间，本集团已委任内部监控顾问以检
讨内部监控系统。本集团已采纳对内部监控及
风险管理措施的改进建议。根据内部监控顾问
的调查结果，董事会认为内部监控系统对本集
团整体而言有效且足够。
董事对合并财务报表的责任
董事深明彼等编制本公司于报告期间合并财
务报表的责任。
据董事所知，并无有关可能会令本公司持续经
营能力备受质疑的事件或状况的任何重大不
确定因素。
本公司独立核数师有关其对合并财务报表的
申报责任的声明载于第120至130页独立核数师
报告内。
控股东的不竞争契据
谨此提述日期为2018年9月27日之本公司招股
章程（「招股章程」）所披露安藤湘桂先生为本公
司利益而提供的不竞争承诺。安藤先生已向本
公司确认，彼于报告期间遵守不竞争承诺。独
立非执行董事已于报告期间进行有关审阅，并
已审阅相关承诺及信纳有关承诺获遵守。
The Internal Control Advisor has conducted interviews with
relevant staf members, reviewed relevant documentation of risk
management and internal control systems of the Group,
evaluated findings of any deficiencies in the systems and
provided recomendations for improvement. The scope and
findings of review on the systems have ben reported to and
reviewed by the Audit Comite, who has further reported to
the Board for its review at Board meting.
During the Reporting Period, the Group has apointed an
Internal Control Advisor to review the internal control system.
Improvements in internal control and risk management
measures as recomended were adopted. Based on the
findings from Internal Control Advisor, the Board considers that
the internal control system is efective and adequate for the
Group as a whole.
DIRECTORS’ RESPONSIBILITY IN RESPECT OF
THE CONSOLIDATED FINANCIAL STATEMENTS
The Directors acknowledge their responsibility for preparing the
consolidated financial statements of the Company for the
Reporting Period.
The Directors are not aware of any material uncertainties
relating to events or conditions that may cast significant doubt
upon the Company’s ability to continue as a going concern.
The statement of the independent auditor of the Company
about their reporting responsibilities on the consolidated
financial statements is set out in the Independent Auditors’
Report on pages 120 to 130.
DED OF NON-COMPETITION OF THE
CONTROLING SHAREHOLDER
Reference is made to the non-competition undertakings given
by Mr. Ando Shokei in favour of the Company disclosed in the
prospectus of the Company dated 27 September 2018
(“Prospectus”). Mr. Ando has confirmed to the Company that
he has complied with the non-competition undertakings during
the Reporting Period. The independent non-executive Directors
have conducted such review for the Reporting Period, and also
reviewed the relevant undertakings and are satisfied that such
undertakings have ben complied with.
东京中央拍卖控股有限公司 二零二五年度报告57
Corporate Governance Report
企业管治报告
核数师酬金
公司秘书
自2019年9月13日起，本公司财务总监翟志胜
先生已获委任为本公司的公司秘书。
于报告期间，本公司的公司秘书翟志胜先生已
遵照上市规则第3.29条，参加不少于15个小时
的相关专业培训。
股东权利
为保障股东权益及权利，各项实质上独立的事
宜（包括选举各个别董事）应在股东大会上以
独立决议案的形式提呈。于股东大会上提呈的
所有决议案均将根据上市规则以投票表决方
式进行表决，而投票结果将于各次股东大会举
行后在本公司及联交所的网站上刊登。
召开股东大会之权利
股东大会可由董事按占有权于股东大会投票
的所有股东之总表决权至少5%之股东，或分
别根据公司条例（香港法例第622章）（「公司条
例」）第566及568条提出呈请之该等股东（视乎
情况而定）呈请予以召开。股东应遵守公司条
例所载有关召开股东大会之规定及程序。
AUDITOR REMUNERATION
Service category服务种类
Fes paid/
payable
已付╱应付费用
HK$
港元
Audit fe审计费用1,400,000
COMPANY SECRETARY
Mr. Chak Chi Shing, the chief financial oficer of the Company,
has ben apointed as the Company Secretary of the Company
since 13 September 2019.
Acording to Rule 3.29 of the Listing Rules, Mr. Chak Chi
Shing, the company secretary of the Company, has taken no
les than 15 hours of relevant profesional training during the
Reporting Period.
SHAREHOLDERS’ RIGHTS
To safeguard Shareholder interests and rights, separate
resolutions should be proposed for each substantialy separate
isue at general metings, including the election of each
individual Director. Al resolutions put forward at general
metings wil be voted on by pol pursuant to the Listing Rules
and pol results wil be posted on the websites of the Company
and of the Stock Exchange after each general meting.
Right to cal a general meting
General metings may be convened by the Directors on
requisition of Shareholder(s) representing at least 5% of the
total voting rights of al the Shareholders having a right to vote
at general metings or by such Shareholder(s) who made the
requisition (as the case may be) pursuant to Sections 566 and
568 respectively of the Companies Ordinance (Chapter 622 of
Laws of Hong Kong) (the “Companies Ordinance”).
Shareholders should folow the requirements and procedures as
set out in the Companies Ordinance for convening a general
meting.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202558
Corporate Governance Report
企业管治报告
于股东大会上提出议案
根据公司条例第615条，占全体股东总表决权至
少2.5%的股东或至少50位有权在相关股东周年
大会上投票的股东（视情况而定）可要求传阅将
于股东周年大会上动议的决议案。股东应遵守
公司条例所载有关传阅股东周年大会决议案之
规定及程序。书面请求可邮寄至本公司注册办
事处，地址为香港干诺道中111号永安中心26楼
2601室，或电邮至ir@chuo-auction.com.hk。
向董事会作出查询
就向董事会作出查询而言，股东可将书面查询
或请求发送至本公司。联络资料如下：
地址：香港干诺道中111号永安中心26楼
2601室（注明收件人为董事会）
电邮：ir@chuo-auction.com.hk
本公司亦欢迎股东透过网上查询表格作出
查询，有关表格刊载于本公司网站
w.chuo-auction.com.hk。
为免生疑，股东必须于提交查询时连同详细联
络资料（包括全名、联络详情及身份），以便本
公司在其认为适当情况下迅速回应。股东资料
或会按法律规定予以披露。
Puting forward proposals at general meting
Pursuant to Section 615 of the Companies Ordinance,
shareholders representing at least 2.5% of the total voting
rights of al shareholders; or at least 50 shareholders (as the
case may be) who have a right to vote at the relevant anual
general meting, may request to circulate a resolution to be
moved at an anual general meting. Shareholders should
folow the requirements and procedures as set out in the
Companies Ordinance for circulating a resolution for anual
general meting. Writen request can be sent by post to the
Company’s registered ofice adres at Rom 2601, 26/F Wing
On Centre, 111 Conaught Road Central, Hong Kong or by
email at ir@chuo-auction.com.hk.
Puting forward enquires to the Board
Shareholders may send writen enquiries or requests to the
Company for puting forward any enquiries to the Board.
Contact details are as folows:
Adres: Rom 2601, 26/F Wing On Centre, 111 Conaught
Road Central, Hong Kong (for the atention of the
Board of Directors)
Email: ir@chuo-auction.com.hk
Shareholders are also welcome to make enquiries via the online
enquiry form available on the Company’s website at
w.chuo-auction.com.hk.
For the avoidance of doubt, Shareholders must lodge their
questions together with their detailed contact information
(including ful name, contact details and identification) for
prompt response from the Company if the Company dems
apropriate. Shareholders’ information may be disclosed as
required by law.
东京中央拍卖控股有限公司 二零二五年度报告59
Corporate Governance Report
企业管治报告
COMUNICATION WITH SHAREHOLDERS AND
INVESTORS
The Company considers that efective comunication with
Shareholders is esential for enhancing investor relations and
investor understanding of the Group’s busines performance
and strategies. The Chairman of the Board and the chairman of
Board Comite wil atend the anual general meting to
answer any question. In adition, the Company wil convene
special general meting (“SGM”) to aprove transaction and/or
mater in acordance with the Listing Rules and the corporate
governance procedures of the Company. These wil provide
further oportunities for Shareholders to coment and vote on
specific transaction and/or mater. The Company endeavours to
maintain an on-going dialogue with Shareholders and in
particular, through anual general metings and other general
metings.
The interim and anual reports of the Company are dispatched
to Shareholders in a timely maner before the time limits laid
by statutory and Listing Rules requirements to ensure efective
comunication with Shareholders.
Al the Shareholders are given at least 20 clear busines days’
notice before the date of the anual general meting and at
least 10 clear busines days’ notice for al other general
metings.
Al the anual and interim reports, circulars, anouncements
and notices of Shareholders’ metings as required under the
Listing Rules wil be available on the websites of the Company
and the Stock Exchange.
The Company has also complied with the requirements
concerning voting by pol under the Listing Rules. Details of the
pol voting procedures and the rights of Shareholders to
demand a pol are included in circulars to Shareholders
dispatched by the Company and explained by the chairman of
general meting at the meting. Al resolutions proposed at
general meting are voted separately.
During the Reporting Period, the Company has not made any
changes to its Articles. An up to date version of the Articles is
available on the websites of the Company and the Stock
Exchange.
与股东及投资者的沟通
本公司认为，与股东有效沟通对促进投资者关
系及让投资者了解本集团业务表现及策略而
言至关重要。董事会主席及董事会委员会主席
将出席股东周年大会以回答任何问题。此外，
本公司将召开股东特别大会（「股东特别大
会」），以根据上市规则及本公司的企业管治程
序批准交易及╱或事宜。这些将为股东提供更
多机会就特定交易及╱或事宜发表评论及投
票。本公司致力与股东保持续对话，尤其是
透过股东周年大会及其他股东大会。
本公司中期报告及年报均于法定及上市规则
规定之时限前及时寄发予股东，以确保与股东
保持有效之沟通。
召开股东周年大会之通告须于大会日期前至
少二十个完整营业日向全体股东发出，至于召
开所有其他股东大会之通告，则须于大会日期
前至少十个完整营业日向全体股东发出。
诚如上市规则所规定，所有年报及中期报告、
通函、公告及股东大会通告将可于本公司及联
交所网站查阅。
本公司亦已遵守上市规则有关以投票方式表
决之规定。有关投票表决程序以及股东要求投
票表决之权利之详情载于本公司寄发予股东
之通函中，并由股东大会主席于大会上解释。
所有于股东大会上提呈之决议案均分开投票。
于报告期间，本公司并未对其细则作出任何变
动。最新版本的细则可于本公司及联交所的网
站阅览。
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202560
Corporate Governance Report
企业管治报告
Policies relating to Shareholders
The Company has in place a shareholders’ comunication
policy to ensure that Shareholders’ views and concerns are
apropriately adresed. The policy is regularly reviewed to
ensure its efectivenes.
The Company has adopted a dividend policy on 31 December
2018 (the “Dividend Policy”) on payment of dividends. Details
are set out in the Report of the Directors.
股东相关政策
本公司已制定股东通讯政策，以确保合适地处
理股东的意见及忧虑。本政策会定期检讨以确
保其有效。
本公司已于2018年12月31日就派付股息采纳股
息政策（「股息政策」）。详情载于董事会报告。
东京中央拍卖控股有限公司 二零二五年度报告61
ENVIRONMENT, SOCIAL
AND GOVERNANCE REPORT
环境、社会及管治报告
I. 关于本报告
东京中央拍卖控股有限公司（简称「本公
司」，连同其附属公司统称「本集团」）是
香港及日本知名的中国及日本艺术品拍
卖行。本集团专门拍卖各类艺术品，主要
为中国及日本艺术品，包括中国书画、
中国古玩及中日茶具。本集团致力建立
一个环保企业，同时在拍卖方面维持高
品质标准。本集团将社会及环境责任视
为其业务经营的核心价值之一，故致力
提高可持续性及透明度，并为下一代构
建可持续环境。
本报告概述多个主要范畴，包括本集团
在环境、社会及管治（简称「环境、社会
及管治报告」或「本报告」）的业务常规以
及有关本集团经营常规及环境保护的相
关已实施政策及策略。
本报告涵盖自2024年4月1日起至2025年3
月31日止期间（「报告期」）。
报告框架
本报告乃参考香港联合交易所有限公司
主板上市规则（「上市规则」）附录C2所载
之环境、社会及管治报告指引（「环境、社
会及管治报告指引」）编制。
在编制本报告时，本集团展开尽职审查
以遵守环境、社会及管治报告指引所载
的「重要性」、「量化」、「平衡」及「一致性」
汇报原则，详情如下。
重要性：我们通过重要性评估确定与我
们业务相关的最重要环境、社会及管治
议题。议题的重要性已由董事会审阅并
确认。
I. ABOUT THIS REPORT
Tokyo Chuo Auction Holdings Limited (refered to as the
“Company” and its subsidiaries, colectively refered to as
the “Group”) is a wel-recognized auction house of Chinese
and Japanese artworks in Hong Kong and Japan. The Group
specializes in auctionering a wide variety of artworks with
emphasis on Chinese and Japanese artworks, including
Chinese paintings and caligraphies, Chinese antiques and
Japanese and Chinese teawares. The Group is comited to
building an environmentaly-friendly corporation, while
maintaining high quality standards in auction. The Group
considers social and environmental responsibilities as one of
the core values in our busines operations and strives for
greater sustainability and transparency, as wel as fostering a
sustainable environment for future generation.
This report sumarizes several subjects of the Group’s
busines practices for the Environmental, Social and
Governance (refered to as the “ESG Report” or “this
Report”) and its relevant implemented policies and
strategies in relation to the Group’s operational practices
and environmental protection.
The Report covers the period from 1 April 2024 to
31 March 2025 (the “Reporting Period”).
Reporting Framework
The Report has ben prepared with reference to the ESG
Reporting Guide (the “ESG Reporting Guide”) set out in
Apendix C2 to the Main Board Listing Rules of the Stock
Exchange of Hong Kong Limited (the “Listing Rules”).
In preparation of this Report, due diligence has ben
taken to adhere to the Reporting Principles of
“Materiality”, “Quantitative”, “Balance” and
“Consistency” as set out in the ESG Reporting Guide,
which are detailed as folows.
Materiality: We identified the most material ESG isues
pertaining to our busineses through the materiality
asesment. The materiality of isues was reviewed and
confirmed by the Board.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202562
Environment, Social and Governance Report
环境、社会及管治报告
量化：本报告尽可能以量化形式披露环
境及社会层面的关键绩效指标并于适当
情况下提供比较数据。倘若被视之为重
大，本报告详细说明所使用的任何标准、
方法、假设及╱或计算工具，或所使用的
转换系数的来源。
平衡：本报告遵循平衡原则，客观呈现本
集团的环境、社会及管治表现及管理现
状。
一致性：除另有说明外，本报告采用与上
一年度环境、社会及管治报告相一致的
数据统计及计算方法，以便与往年数据
进行有意义的比较。
本环境、社会及管治报告已经过本集团
内部审阅程序，并获董事会批准。
报告范围
本报告内有关环境及社会政策及措施的
一般披露及合规事宜涵盖整个集团，而
本报告环境关键绩效指标一节所载之披
露范围涵盖本集团的日本总部及其于香
港的营运地点。源自其于中华人民共和
国（简称「中国」）及台湾的办公室的影响
极微，故本报告并无包括中国及台湾业
务所造成的环境事宜详情。报告范围相
较去年并无变动。
本集团的拍卖管理占本集团环境及社会
影响的绝大部分。因此，本环境、社会及
管治报告的内容主要集中于贮存及保养
拍卖品及在营销过程中引致的其他外在
因素所带来的影响。
Quantitative: This Report discloses key performance
indicators (KPIs) in environmental and social aspects in a
quantitative way wherever posible and gives comparative
data where apropriate. Whenever demed material, the
Report details any standards, methodologies, asumptions
and/or calculation tols used, or source of conversion
factors used.
Balance: This Report complies with the principle of
balance to present the curent performance and
management of the Group in ESG in an objective
maner.
Consistency: Unles otherwise stated, this Report aplies
the data statistics and calculation methods that are
consistent with those in last year ESG report to provide a
meaningful comparison with data over previous years.
This ESG Report has undergone the internal review
proces of the Group and was aproved by the Board.
Reporting Scope
The General Disclosure of the environmental and social
policies and measures in this Report and the compliance
isues cover the entire group, and the disclosure scope of
the Environmental KPI section of the Report covers the
Group’s headquarter in Japan and its operation sites in
Hong Kong. The impacts from its ofice in the People’s
Republic of China (refered to as the “PRC”) and Taiwan
are minimal, so this report does not include the details of
the environmental isues brought by the operation from
the PRC and Taiwan. There were no changes to the
reporting scope compared to the previous year.
The Group’s auction management represents the majority
of the Group’s environmental and social impacts. Thus,
the content of this ESG Report focus mainly on the
impacts brought by storing and maintaining the auction
lots and other externality induced throughout the
marketing proces.
东京中央拍卖控股有限公司 二零二五年度报告63
Environment, Social and Governance Report
环境、社会及管治报告
意见及反馈
本集团之发展有赖持份者提供宝贵意
见。倘 阁下对本环境、社会及管治报告
之内容有任何疑问或意见，请将意见及
建议电邮至info@chuo-auction.com.hk。
I. 持份者参与
本集团相信，识别并处理其持份者的看
法能够为本集团的长远发展及成功奠定
坚实基础。本集团拥有广阔的持份者网
络，包括投资者、雇员、卖方及业务伙
伴、客户、政府及社区。
Coments and Fedback
The progres of the Group depends in part on valuable
coments from stakeholders. For any clarifications or
advice as regarding this ESG Report, please forward your
coments and sugestions to info@chuo-auction.com.hk.
I. STAKEHOLDER ENGAGEMENT
The Group believes that identifying and adresing the
views of stakeholders lay a solid foundation to the
long-term growth and suces of the Group. The Group
has a wide network of stakeholders, including investors,
employes, selers and busines partners, customers,
government and comunity.
Employes
雇员
Investors
投资者
Selers & Busines
Partners
卖方及业务伙伴
Comunity
社区
Government
政府
Customers
客户
Tokyo Chuo Auction
东京中央拍卖
| Stakeholder Groups | Engagement channels | Topics of interest/concern |
|---|---|---|
| 持份者组别 | 参与渠道 | 关注主题 |
| Investors | • General meetings • Regular corporate publications including financial reports and ESG report • Circulars and announcements • Corporate website • Direct communication • Meetings and responses to phone and written enquiries | • Business strategies and sustainability • Financial performance • Corporate governance |
| 投资者 | • 股东大会 • 定期公司刊物，包括财务报告及 环境、社会及管治报告 • 通函及公告 • 公司网站 • 直接沟通 • 会议及回应电话及书面查询 | • 业务策略及可持续性 • 财务表现 • 企业管治 |
| Customers | • Business meetings • Corporate website • Direct communication • Emails | • Service quality and reliability • Client information security • Business ethics |
| 客户 | • 业务会议 • 公司网站 • 直接沟通 • 电邮 | • 服务质量及可靠性 • 客户资料安全性 • 商业道德 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202564
Environment, Social and Governance Report
环境、社会及管治报告
本集团已设立下表所概述的多个持份者
渠道，以向彼等提供就本集团的可持续
发展表现及未来策略发表意见的机会。
为加强彼此互信及互相尊重的关系，本
集团致力与持份者保持有效的正式及非
正式沟通渠道，使本集团能够更有效制
订业务策略，以回应彼等的需要及期望、
预计风险及加强关键关系。
The Group develops multiple chanels to the
stakeholders, which is sumarized in the folowing table,
that provide them with the oportunities to expres their
views on the Group’s sustainability performance and
future strategies. To reinforce mutual trust and respect,
the Group is comited to maintaining efective
comunication chanels, both formaly and informaly,
with stakeholders to enable the Group to beter shape its
busines strategies in order to respond to their neds and
expectations, anticipate risks and strengthen key
relationships.
| Stakeholder Groups | Engagement channels | Topics of interest/concern |
|---|---|---|
| 持份者组别 | 参与渠道 | 关注主题 |
| Employees | • Performance appraisals • On-the-job coaching • Training sessions • Internal memorandum • Human resources manual • Exit interview | • Training and development • Employee remuneration and welfare • Occupational health and safety • Equal opportunities • Rights and benefits • Working hours |
| 雇员 | • 表现评核 • 在职指导 • 培训课程 • 内部备忘录 • 人力资源手册 • 离职面谈 | • 培训及发展 • 雇员薪酬及福利 • 职业健康及安全 • 平等机会 • 权利及福利 • 工作时数 |
| Suppliers and business partners | • Business meetings • Tendering for procurement of products or services • Direct communication | • Fair competition • Business ethics • Payment schedule |
| 供应商及业务 伙伴 | • 商务会议 • 就采购产品或服务投标 • 直接沟通 | • 公平竞争 • 商业道德 • 付款时间表 |
| Government and regulatory authorities | • Statutory filings and notification • Regulatory or voluntary disclosures | • Compliance with law and regulations • Treatment of inside information |
| 政府及监管机关 | • 法定存档及通知 • 监管或自愿披露 | • 遵守法律及法规 • 处理内幕消息 |
| Community | • Community activities • Corporate donations | • Fair employment opportunities • Environmental protection |
| 社区 | • 社区活动 • 公司捐赠 | • 公平雇佣机会 • 环境保护 |
东京中央拍卖控股有限公司 二零二五年度报告65
Environment, Social and Governance Report
环境、社会及管治报告
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202566
Environment, Social and Governance Report
环境、社会及管治报告
I. 重要性评估
可持续发展涵盖环境和社会层面的全面
范围。为妥善利用相关风险及机遇，本集
团必须确定最重要的层面。本集团采用
识别、编排优次及核证的三步过程，以确
保根据其重要性对可持续发展主题进行
管理及报告。
(1) 识别
根据环境、社会及管治报告指引，
本集团识别所有基本的可持续发展
主题。基于最新的可持续发展形
势，本集团确定以下十九项被视为
透过旗下营运对环境和社会产生影
响的主题。
I. MATERIALITY ASESMENT
Sustainable development encompases a holistic spectrum
of environmental and social aspects. In order to harnes
the related risks and oportunities, it is crucial for the
Group to determine the most material aspects. The Group
adopts the thre-step proces of identification,
prioritisation and validation to ensure sustainability topics
are being managed and reported in acordance with their
materiality.
(1) Identification
The Group identified al fundamental sustainability
topics in acordance with the ESG Reporting Guide.
In the context of the latest sustainability landscape,
the Group has determined the folowing 19 topics
that are demed to have impact on the environment
and society through our operations.
| ESG Aspects | Material ESG issues for the Group | ||||
|---|---|---|---|---|---|
| 环境、社会及管治层面 | 对本集团属重大的环境、社会及管治事宜 | ||||
| A. Environmental 环境 | A1 Emissions 排放物 | 1. Air emissions 废气排放 2. Greenhouse gas emissions 温室气体排放 3. Waste management 废弃物管理 | |||
| A2 Use of Resources 资源使用 | 4. Energy consumption 能源消耗 5. Water consumption 水资源消耗 6. Paper consumption 纸张消耗 | ||||
| A3 The Environment and Natural Resources 环境及天然资源 | 7. Environmental risk management 环境风险管理 | ||||
| A4 Climate Change 气候变化 | 8. Climate change strategy 气候变化策略 | ||||
| B. Social 社会 | B1 Employment 雇佣 | 9. Human resources practices 人力资源常规 10. Employment and remuneration policies 雇佣及薪酬政策 11. Equal opportunity 平等机会 | |||
| B2 Health and Safety 健康及安全 | 12. Workplace health and safety 工作场所健康及安全 | ||||
| B3 Development and Training 发展及培训 | 13. Employee development 雇员发展 | ||||
| B4 Labour Standards 劳工准则 | 14. Anti-child and forced labour practices 防止童工及强制劳工 | ||||
| B5 Supply Chain Management 供应链管理 | 15. Supplier practices 供应商常规 | ||||
| B6 Product Responsibility 产品责任 | 16. Service quality and customer satisfaction 服务质量及客户满意度 17. Protection of customers’ privacy 保障客户私隐 | ||||
| B7 Anti-corruption 反贪污 | 18. Anti-corruption and anti-money laundering 反贪污及反洗钱 | ||||
| B8 Community Investment 社区投资 | 19. Community investment 社区投资 | ||||
东京中央拍卖控股有限公司 二零二五年度报告67
Environment, Social and Governance Report
环境、社会及管治报告
| 17 | ||||
|---|---|---|---|---|
| 1 3 | 5 8 2 | 12 | ||
| 6 18 | 7 9 10 15 | 14 11 13 | 4 HIGH MATERIALITY 重要性高 | |
| 19 | ||||
| NOT MATERIAL 不重要 | LOW MATERIALITY 重要性低 | |||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202568
Environment, Social and Governance Report
环境、社会及管治报告
(2) 编排优次
为厘定所选环境、社会及管治主题
的重要性，高级管理层对所有主题
的看法能做到俯瞰全局，兼能掌握
持份者的反馈，并已从持份者组别
及本集团的不同角度对每个环境、
社会及管治主题的重要性评分。由
此得出的以下重要性矩阵，最右上
象限厘定高度重要性的主题。
(2) Prioritization
To determine the materiality of the selected ESG
topics, the senior management, poses as a
high-level view of al the topics and have aces to
stakeholders’ fedback, was asked to score the
significance of each ESG topic to stakeholder groups
and the Group in each of their perspective. The
folowing materiality matrix resulted, where the
topmost-right quadrant determines the topics of
high materiality.
Materiality Matrix
重要性矩阵
0.0
1.0
2.0
3.0
5.0
4.0
0.01.02.03.04.05.0
I
m
p
a
c
t
o
n
s
t
a
k
e
h
o
l
d
e
r
s
对
持
份
者
的
影
响
Impact on Group
对本集团的影响
东京中央拍卖控股有限公司 二零二五年度报告69
Environment, Social and Governance Report
环境、社会及管治报告
(3) 核证
董事会已审阅并核证重要性程序，
因此，本报告披露本集团在所有高
重要性及低重要性的主题之表现。
为回应对本集团持份者最重要的主
题，本报告对具有高重要性的主题
进行更详细的讨论。
Highly material topics (by ranking)
高度重要的主题（按排名划分）
RankingNo.Topics
排名编号主题
Highest
最高
16Service quality and customer satisfaction
服务质量及客户满意度
17Protection of customers’ privacy
保障客户私隐
12Workplace health and safety
工作场所健康及安全
2, 4, 5Grenhouse gas emisions; Energy consumption; Water consumption
温室气体排放；能源消耗；水资源消耗
8Climate change strategy
气候变化策略
11Equal oportunity
平等机会
14Anti-child and forced labour practices
防止童工及强制劳工
7Environmental risk management
环境风险管理
10, 13Employment and remuneration policies; Employe development
雇佣及薪酬政策；雇员发展
9Human resources practices
人力资源常规
Lowest15Suplier practices
最低供应商常规
(3) Validation
The Board has reviewed and validated the materiality
proces and hence the Report discloses the Group’s
performance on al high and low materiality topics.
To adres maters most material to the Group’s
stakeholders, topics of high materiality are discused
in more depth throughout the Report.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202570
Environment, Social and Governance Report
环境、社会及管治报告
IV. 达致可持续发展之方针
作为负责任公司，本集团继续加强可持
续发展措施履行企业责任，并达到客户
的标准。为使本集团的投资者及持份者
能合适地获悉有关资料作评估，本集团
于下文载列其于报告期内为减少对环境
的负面影响、提升本集团雇员的福祉及
贡献社区所作出的努力。
董事会声明
董事会对本集团的环境、社会及管治策
略及报告负有全面责任，包括确定及评
估环境、社会及管治相关风险，监督并确
保建立适当有效的环境、社会及管治风
险管理及内部控制系统。董事会亦负责
确保各项策略计划及愿景以及环境、社
会及管治事宜的营运指引顺利运行。董
事会已成立环境、社会及管治工作小组
（「工作小组」），就制定及实施本集团的环
境、社会及管治策略、政策及常规，以及
检讨环境、社会及管治表现及目标向董
事会提供协助及建议。工作小组定期向
董事会汇报。其负责收集来自不同职能
部门及业务营运的数据，并在收集后分
析（包括但不限于与历史数据比较）及核
实环境、社会及管治数据，以确保遵守环
境、社会及管治相关法律及法规，并编制
环境、社会及管治报告。其亦负责实施环
境、社会及管治的管治策略、协调环境、
社会及管治事宜及定期向董事会汇报相
关工作进度。各职能部门及旗下公司作
为执行层，负责落实环境、社会及管治工
作小组制定的措施，并定期向环境、社会
及管治工作小组汇报相关工作进度及数
据。环境、社会及管治工作小组由不同营
运单位的员工组成，以确保在环境、社会
及管治的管理中有著不同背景及专业知
识。本集团将定期审阅环境、社会及管治
工作小组的组成。董事会将每年至少与
环境、社会及管治工作小组进行一次会
议，并定期接收有关任何最新环境、社会
及管治议题及表现（包括环境、社会及管
治相关目标及指标的进展）的简报，以确
保本集团的环境、社会及管治策略、目标
及指标得以实现。透过检讨及评估政策
的实施，董事会得以及时了解本集团的
环境、社会及管治表现。
IV. APROACH TO SUSTAINABILITY
DEVELOPMENT
As a responsible company, the Group continues to step up
for sustainability measures as a corporate responsibility as
wel as meting the customers’ standards. To make the
Group’s investors and stakeholders properly informed for
asesment, the Group has set out below its eforts to
minimize the negative influence to the environment,
promote the wel-being of the Group’s employes and
contribute to the comunity during the Reporting Period.
Board Statement
The Board has the overal responsibility for the Group’s
ESG strategy and reporting, which include determination
and evaluation of ESG related risks, overseing and
ensuring the suitable and efective ESG risk management
and internal control systems. The Board is also responsible
for ensuring the smoth operation of strategic plan and
vision, as wel as operational guidelines for ESG maters.
The Board has formed an ESG taskforce (the “Taskforce”)
to asist and advise the Board on the development and
implementation of ESG strategies, policies and practices of
the Group, and review of ESG performance and targets.
The Taskforce reports to the Board on a regular basis. It
has the responsibility for colecting data from diferent
functional departments and busines operations and
analysing (including but not limited to comparing with
historical data) and verifying ESG data after colected,
ensuring compliance with ESG-related laws and
regulations, and preparing ESG reports. It also has the
responsibility for implementing ESG governance strategy,
cordinating ESG maters and reporting relevant work
progres to the Board on a regular basis. Each functional
department and subordinate company, serving on the
execution level, is responsible for implementing initiatives
set up by the ESG taskforce and reporting relevant work
progres and data to ESG taskforce on a regular basis.
The ESG taskforce comprises of the stafs from diferent
operating units to ensure the diverse backgrounds and
expertise in ESG management. The Group wil review the
composition of the ESG taskforce on a regular basis. The
Board wil have meting with the ESG taskforce at least
once per year and receive briefings on any updated ESG
isues and performance, including the progres of ESG
related goals and targets, on a regular basis in order to
ensure that the Group’s ESG strategies, goals and targets
are achieved. By reviewing and evaluating the
implementation of policies, the Board is up-to-date
regarding the ESG performance of the Group.
东京中央拍卖控股有限公司 二零二五年度报告71
Environment, Social and Governance Report
环境、社会及管治报告
董事会每年检讨本集团风险管理及内部
控制系统的有效性。本集团已委任独立
内部监控审阅顾问（称为「内部监控顾
问」）透过风险识别、评估、处理、监察及
检讨等过程评估风险，包括与环境、社会
及管治相关的风险及机遇。整体环境、
社会及管治相关风险评估的结果将每年
向董事会报告以供审阅，以确保本集团
的环境、社会及管治策略及目标得以实
现。根据内部监控顾问的调查结果，董事
会得以及时了解环境、社会及管治的风
险及机遇。
董事会每年至少一次追踪、检讨及跟进
主要环境、社会及管治议题（包括与环
境、社会及管治相关的目标及指标）的达
成情况，以弥补当前进展与预期之间的
差距。董事会亦将确保本集团的政策得
以持续实施。
V. 环境责任
本集团透过寻求减轻营运对环境所产生
影响之解决方案，致力于环境可持续发
展，尤其侧重于减少温室气体排放物及
节约使用资源。本集团制定若干政策及
指引，力求管理影响及提升环保意识。
本集团锐意实现可持续发展，遵循其环
境责任推广保护资源。
层面A1：排放物及废弃物
本集团实施强而有力的措施，确保所有
废气排放及废弃物处理均符合监管标
准。于报告期内，本集团在所有营运地区
并无发生任何违反有关废气排放及废弃
物处理的所有适用法律法规的事件。主
要适用的法律法规详见相关章节。
The Board performs anual review on the efectivenes of
the Group’s risk management and internal control
systems. The Group has apoint an independent internal
control review advisor (refered to as the “Internal
Control Advisor”) to aseses the risks, including
ESG-related risks and oportunities, through the proceses
of risk identification, asesment, treatment, monitoring
and review. The result of the overal ESG-related risk
asesment wil be reported to the Board on an anual
basis for review in order to ensure that the Group’s ESG
strategy and goals are achieved. Base on the findings of
the Internal Control Advisor, the Board is up-to-date
regarding the risk and oportunities of ESG.
The Board tracks, reviews and folow up on the
achievement of the main ESG isues (including ESG
related goals and targets) at least once a year in order to
bridge the gap betwen curent progres and the
expectations. The Board wil also ensure the Group’s
policies are continuously implemented.
V. ENVIRONMENTAL RESPONSIBILITY
The Group is comited to environmental sustainability by
seking for solutions to minimize the environmental
impacts of its operations, with a particular focus on the
reduction of grenhouse gas emisions and conservation
of resources. The Group sets out a number of policies and
guidelines for impact management and environmental
awarenes. The Group strives to fulfil sustainable
development and to promote preservation of resources
with its environmental responsibility.
Aspect A1: Emisions and waste
The Group implements robust measures to ensure al
discharges to air and the handling of waste are compliant
with regulatory standards. During the Reporting Period,
the Group has not encountered any incidents of
non-compliance with al aplicable laws and regulations
related to air emisions and waste handling at al
operating regions. Major aplicable laws and regulations
are detailed in respective sections.
| Air emissions | Unit | 2025 | 2024 | YOY change |
|---|---|---|---|---|
| 废气排放 | 单位 | 2025年 | 2024年 | 同比变动 |
| Nitrogen oxides (NO) | kg | 3.16 | 4.05 | –22% |
| x 氮氧化物(NO) | 千克 | |||
| x | ||||
| Sulphur oxides (SO) | kg | 0.07 | 0.09 | –22% |
| x 硫氧化物(SO) | 千克 | |||
| x | ||||
| Particulate matter (PM) | kg | 0.23 | 0.30 | –23% |
| 颗粒物(PM) | 千克 | |||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202572
Environment, Social and Governance Report
环境、社会及管治报告
废气排放
本集团的废气排放仅限于使用车辆所产
生的废气，其中包括氮氧化物(NO
x
)、硫
氧化物(SO
x
)及颗粒物(PM)的排放。本集
团旨在以更环保的车型替代会造成严重
污染的车辆。为改善路边空气质素及交
通状况，本集团鼓励员工上下班乘坐公
共交通工具。与管制废气排放有关的主
要适用法律及法规包括但不限于香港的
《空气污染管制条例》及日本的《大气污染
防治法》。
于报告期内，本集团使用车辆所产生的
废气排放量已予以记录。本集团于2025
年的氮氧化物、硫氧化物及颗粒物排放
量分别为3.16千克、0.07千克及0.23千
克。
Air emisions
The Group’s air emisions are limited to the exhaust gas
from vehicle use, which includes the emision of nitrogen
oxides (NO
x
), sulphur oxides (SO
x
), and particulate mater
(PM). The Group aims to replace heavy-poluting vehicles
with more environmentaly-friendly models. In eforts to
improve roadside air quality and trafic conditions, the
Group encourages employes to take public
transportation during comutes to work. Major aplicable
laws and regulations related to control of air emisions
include, but are not limited to, the Air Polution Control
Ordinance of Hong Kong and Air Polution Control Act of
Japan.
During the Reporting Period, the Group’s air emisions
from vehicle use were recorded. The Group released
3.16kg, 0.07kg and 0.23kg of nitrogen oxides, sulphur
oxides, and particulate mater in 2025.
东京中央拍卖控股有限公司 二零二五年度报告73
Environment, Social and Governance Report
环境、社会及管治报告
温室气体排放及缓解气候变化
适应及缓解气候变化不再只属于国际议
程的主题，而是与社会所有成员息相
关。公司部门越来越意识到气候变化风
险对其营运造成的潜在影响类别。为实
施有效方法缓解气候变化，必须全面掌
握本集团的碳排放源。本集团的碳足迹
（呈列于以下图表）主要来自办公室用电
（于范围二内）。于回顾报告期内，本集团
合共产生69.25吨二氧化碳当量（tCO
e）
的温室气体（范围一及二），导致每名雇
员的碳密度为1.92吨二氧化碳当量。范围
一、二及三的总碳密度较2024年有所增
加，主要由于增加乘坐飞机出外公干。
Grenhouse gas emisions and climate change
mitigation
Climate change adaptation and mitigation is no longer
only a subject of international agenda, but highly relevant
to al members of society. The corporate sector is
increasingly becoming aware of the potential types of
impact climate change risks present to their operations.
To implement an efective aproach to climate change
mitigation, it is important to have a comprehensive
understanding of the carbon emision sources of the
Group. The Group’s carbon fotprint, presented in the
chart and table below, is primarily due to ofice electricity
usage (in Scope I). During the Reporting Period under
review, the Group generated a total of 69.25 tones of
carbon dioxide equivalent (tCO
e) of grenhouse gases
(Scope I and I), resulting in a carbon intensity of 1.92
tones of carbon dioxide equivalent per employe. The
total carbon intensity for scope I, I and I increased
compare to 2024 mainly owing to the increase in the
busines travel.
GHG EMISIONS
温室气体排放
Scope I
范围一
范围二
Scope I
范围三
Scope I
7%
17%
76%
| Greenhouse gas emissions(1) | Unit | 2025 | 2024 | YOY change | |
|---|---|---|---|---|---|
| 温室气体排放(1) | 单位 | 2025年 | 2024年 | 同比变动 | |
| Scope I (Direct Emissions) | tCO e | 12.43 | 15.90 | –22% | |
| 范围一（直接排放） | 2 二氧化碳当量 | ||||
| Mobile combustion | tCO e | 12.43 | 15.90 | –22% | |
| 车用燃油 | 2 二氧化碳当量 | ||||
| Scope II (Indirect Emissions)(2) | tCO e | 56.82 | 49.33 | 15% | |
| 范围二（间接排放）(2) | 2 二氧化碳当量 | ||||
| Electricity purchased | tCO e | 56.82 | 49.33 | 15% | |
| 购电 | 2 二氧化碳当量 | ||||
| Scope III (Other Indirect Emissions) | tCO e | 5.45 | 3.41 | 60% | |
| 范围三（其他间接排放） | 2 二氧化碳当量 | ||||
| Business air travels | tCO e | 2.77 | 1.20 | 131% | |
| 乘坐飞机出外公干 | 2 二氧化碳当量 | ||||
| Paper waste disposed at landfills | tCO e | 2.64 | 2.28 | 16% | |
| 弃置于堆填区的纸屑 | 2 二氧化碳当量 | ||||
| Fresh water and sewage processing (electricity use) | tCO e | 0.04 | 0.08 | –50% | |
| 淡水及污水处理（用电） | 2 二氧化碳当量 | ||||
| Total | (Scope I and II) | tCO e | 69.25 | 65.23 | 6% |
| 总计 | （范围一及二） | 2 二氧化碳当量 | |||
| (Scope I, II and III) | tCO e | 105.44 | 68.64 | 54% | |
| （范围一、二及三） | 2 二氧化碳当量 | ||||
| Carbon intensity(3) 碳密度(3) | (Scope I and II) （范围一及二） (Scope I, II and III) | tCO e/ 2 employee 二氧化碳 当量╱雇员 | 1.92 | 1.71 | 12% |
| 2.08 | 1.63 | 28% | |||
| （范围一、二及三） | |||||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202574
Environment, Social and Governance Report
环境、社会及管治报告
东京中央拍卖控股有限公司 二零二五年度报告75
Environment, Social and Governance Report
环境、社会及管治报告
附注(1)： 用于温室气体排放数据的方法乃
基于（但不限于）世界资源研究所
及世界可持续发展工商理事会刊
发的《温室气体盘查议定书：企业
会计与报告标准》及香港交易所刊
发的《如何准备环境、社会及管治
报告附录二：环境关键绩效指标
的汇报指引》。
附注(2)： 范围二包括从电力公司购买电力
的排放，参考包括但不限于Tokyo
Electric Power Company刊发的
《2024年TEPCO综合报告》、Kansai
Electric Power Group刊发的
《2024年Kansai Electric Power
Group综合报告》及香港交易所刊
发的《如何准备环境、社会及管治
报告附录二：环境关键绩效指标
的汇报指引》。
附注(3)： 本集团于2025年及2024年的雇员
人数分别为36名及38名。
本集团致力减少碳足迹。我们以节能措
施应对范围一及二的排放（见「A2.1能源
消耗」一节）。范围三的排放会在我们的
整个价值链中产生。我们已设定排放目
标，于2027年结束时将温室气体排放中
范围一、范围二及范围三的排放密度（每
名雇员）维持在与2022年相同的水平。就
本年度的目标进度而言，范围一、二及三
的排放密度（每名雇员）目标目前仍在进
行中。本集团将继续检讨现有举措的成
效，并继续采取以下措施以尽量减少有
关排放：
- ；
- ；
及
- 。
Note (1): The method used for grenhouse gas data emisions
is based on (but not limited to) the “Grenhouse
Gas Inventory Protocol: Corporate Acounting and
Reporting Standards” published by the World
Resources Institute and the World Busines Council
for Sustainable Development and “How to prepare
an ESG Report Apendix 2: Reporting Guidance on
Environmental KPIs” published by HKEX.
Note (2): Scope I includes emisions from the purchase of
electricity from power companies, and reference
includes but not limited to “TEPCO Integrated report
2024” isued by Tokyo Electric Power Company,
“Kansai Electric Power Group Integrated Report
2024” isued by Kansai Electric Power Group and
“How to prepare an ESG Report Apendix 2:
Reporting Guidance on Environmental KPIs”
published by HKEX.
Note (3): The number of employe of the Group in 2025 and
2024 are 36 and 38 respectively.
The Group is comited to reducing our carbon fotprint.
Scope I and I emisions are adresed through our energy
reduction initiatives (Se Section: A2.1 Energy
Consumption). Scope I emisions incur throughout our
value chain. We have set emision targets to maintain
scope I, scope I and scope I discharge intensity (per
employe) of grenhouse gas emisions at the same level
of 2022 by the end of 2027. Regarding to the target
progres of the curent year, the target of scope I, I and
I discharge intensity per employe is in progres. The
Group wil continue to review the efectivenes of the
existing initiatives and continue to employ the folowing
measures to minimize such emisions:
• Cut busines travels whenever posible through video
conferencing;
- ;
and
• Promote paper recycling at ofice premises.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202576
Environment, Social and Governance Report
环境、社会及管治报告
废弃物管理
本集团办公室所产生的典型废弃物为纸
张及一般废弃物。大多数废弃物均由合
资格承包商于堆填区处置。本集团透过
在办公室配置回收箱，建立处理及管理
办公室垃圾以及可回收废弃物的明确程
序。于报告期内，本集团产生500千克
（2024年：475千克）废纸，每名雇员的无
害废弃物密度为13.9千克（2024年：每名
雇员12.5千克）。在经营过程中，本集团
并无产生任何重大有害废弃物。与废弃
物控制有关的主要适用法律及法规包括
但不限于香港的《废物处置条例》及日本
的《废物管理和公共清洁法》。本集团已
设定废弃物目标，于2027年结束时将有
害及无害废弃物的排放密度（每名雇员）
维持在与2022年相同的水平。就本年度
的目标进度而言，有害及无害废弃物的
排放密度（每名雇员）目标已经达成。本
集团将继续推广减少废弃物的概念，并
继续检讨现有措施的成效。
本集团冀对闭环式经济作出贡献，于报
告期内，我们已采取下列措施和举措，
以减少无害废弃物的产生并提高回收率：
• 整理及清理垃圾及回收废弃物暂存
区；
- ；
• 减少使用一次性使用以及不可回收
的产品；
- ，即购买对环境造成
最小不利影响的产品及服务；
- ，避免库存过
多；
Waste management
The typical waste generated in the Group’s ofice are
paper and general waste. The majority of waste is
disposed at the landfil by qualified contractors. The
Group has established clear procedures for disposal and
management of ofice garbage and recyclable waste by
alocating recycle bins in the ofices. During the Reporting
Period, the Group generated 500 kg (2024: 475 kg) of
paper waste, resulting in the non-hazardous waste
intensity of 13.9 kg per employe (2024: 12.5 kg per
employe). In the course of operation, the Group did not
generate any significant hazardous waste. The major
aplicable laws and regulations related to the control of
waste include, but not limited to, the “Waste Disposal
Ordinance” of Hong Kong and “Waste Disposal and
Cleaning Law” of Japan. The Group has set waste target
of maintaining the discharge intensity (per employe) of
hazardous and non-hazardous waste at the same level of
2022 by the end of 2027. Regarding to the target
progres of the curent year, the target of discharge
intensity (per employe) of hazardous and non-hazardous
waste has ben achieved. The Group wil continue to
promote the concepts of reducing waste and continue to
review the efectivenes of the existing initiatives.
Seking to contribute to the closed-lop economy, we
have employed the folowing measures and initiatives
during the Reporting Period to reduce the generation of
non-hazardous waste, and raise recycling rates:
• Organise and maintain the garbage and recycled
waste storage areas;
- ;
• Reduce use of single-use disposable and
non-recyclable products;
- , i.e. purchasing products
and services that cause minimal adverse
environmental impacts;
- ;
| Energy consumption | Unit | 2025 | 2024 | YOY change |
|---|---|---|---|---|
| 能源消耗量 | 单位 | 2025年 | 2024年 | 同比变动 |
| Direct(1) | kWh | 45,157 | 57,775 | –22% |
| 直接(1) | 千瓦时 | |||
| Petrol | kWh | 45,157 | 57,775 | –22% |
| 汽油 | 千瓦时 | |||
| Indirect(1) | kWh | 138,983 | 121,208 | 15% |
| 间接(1) | 千瓦时 | |||
| Electricity purchased | kWh | 138,983 | 121,208 | 15% |
| 购电 | 千瓦时 | |||
| Total (Direct and Indirect) | kWh | 184,140 | 178,983 | 3% |
| 总计（直接和间接） | 千瓦时 | |||
| Energy intensity(2) | kWh/employee | 5,115 | 4,710 | 9% |
| 能源密度(2) | 千瓦时╱雇员 | |||
东京中央拍卖控股有限公司 二零二五年度报告77
Environment, Social and Governance Report
环境、社会及管治报告
• 将电脑及打印机设置默认为双面复
印及经济模式；及
- 、表格、报
告及储存采用电子通讯方式。
层面A2：资源使用
本集团致力持续监察及改善资源使用效
率，并将此作为业务策略及营运方法不
可或缺的一部分，并遵守政府的相关政
策及环保法规。
能源
本集团的能源消耗包括办公室营运中使
用的车用燃料及电力。购电约占总能耗
的75%，而汽油的使用则占剩余的
25%。我们继续经营一个拍卖平台，以
便我们的客户可不受时空限制地参与拍
卖及竞标。于回顾报告期内，本集团分别
直接及间接消耗能源45,157千瓦时及
138,983千瓦时，导致每名雇员的总能源
密度为5,115千瓦时。
• Set computer and printers to default duplex and
economical modes; and
• Encourage the stafs to use electronic
comunications for directory, forms, reports and
storage when posible.
Aspect A2: Use of resources
The Group is comited to continualy monitoring and
improving resource eficiency as an integral part of
busines strategy and operating methods, as wel as
complying with relevant government policies and
environmental legislations.
Energy
The Group’s energy consumption consists of vehicle fuel
and electricity use for ofice operations. Electricity
purchased acounted for aproximately 75% of total
energy consumption, and petrol use acounted for the
remaining 25%. We continue to operate an auction
platform so that our customers can participate and bid in
auction without time-space limitations. During the
Reporting Period under review, the Group consumed
45,157 kWh and 138,983 kWh of direct and indirect
energy respectively, resulting in a total energy intensity of
5,115 kWh per employe.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202578
Environment, Social and Governance Report
环境、社会及管治报告
附注(1)： 本集团采纳的能源转换方法乃基
于《如何准备环境、社会及管治报
告 — 附录二：环境关键绩效指标
的汇报指引》及IPC默认净热值数
据库。
附注(2)： 本集团于2025年及2024年的雇员
人数分别为36名及38名。
本集团设立能源消耗目标为于2027年结
束时将排放密度（每名雇员）维持在与
2022年相同的水平。就本年度的目标进
度而言，能源消耗的排放密度（每名雇员）
目标已经达成。本集团将继续推广减少
能源消耗的概念，并致力尽量减少有关
消耗。本集团将继续检讨现有措施的成
效。于报告期内，本集团的经营场所实施
以下举措：
• 用更环保的车型替代产生严重污染
的车辆；
- ；
• 为所有电子设备及电脑启用省电模
式；及
- 、伺服器及显示器
升级为节能型号。
Note (1): The energy conversion method adopted by the Group
is based on the “How to prepare an ESG Report —
Apendix 2: Reporting Guidance on Environmental
KPIs” and the IPC Default Net Calorific Values
Database.
Note (2): The number of employe of the Group in 2025 and
2024 are 36 and 38 respectively.
The Group has energy consumption targets of maintaining
the discharge intensity (per employe) at the same level of
2022 by the end of 2027. Regarding to the target
progres of the curent year, the target of discharge
intensity (per employe) of the energy consumption has
ben achieved. The Group wil continue to promote the
concepts of reducing energy consumption and comited
to minimising such consumption. The Group wil continue
to review the efectivenes of the existing initiatives.
During the Reporting Period, the Group’s premises of
operations have implemented the folowing initiatives:
• Replace heavy-poluting vehicles with more
environmentaly-friendly models;
• Instal energy-saving light bulbs and LED lights acros
ofices;
• Enable power saving modes for al electronic
equipment and computers; and
- , servers,
and monitors to energy eficient models.
东京中央拍卖控股有限公司 二零二五年度报告79
Environment, Social and Governance Report
环境、社会及管治报告
水资源
在本集团，办公室从市政供水中取水。
于报告期内，我们在求取适用水源方面
并无遇到任何问题。然而，水资源不应视
为理所当然，应加以保护以确保未来的
可持续发展。本集团已设定用水目标，
于2027年结束时将排放密度（每名雇员）
维持在与2022年相同的水平。就本年度
的目标进度而言，水消耗的排放密度（每
名雇员）目标已经达成，且我们致力尽量
减少用水。我们将继续检讨现有举措的
成效及目标进度。本集团已设立渠道加
强水资源运用成效，以长远角度作为指
示性目标。
于报告期内，各办公室及场地已采取以
下举措：
- ；
• 在购买决策中优先考虑有效的节水
产品；
- ；及
• 定期检查软管及管道是否出现泄
漏、破裂及其他损坏，并及时进行
修理。
Water resources
At the Group, the ofices withdraw water from municipal
water suplies. During the Reporting Period, it did not
encounter any problems in sourcing water fit for purpose.
However, water resources should not be taken for granted
and conserved to ensure a sustainable future. The Group
has set water consumption target of maintaining the
discharge intensity (per employe) at the same level of
2022 by the end of 2027. Regarding to the target
progres of the curent year, the target of discharge
intensity (per employe) of the water consumption has
ben achieved, and we are comited to minimizing
water consumption. We wil continue to review the
efectivenes of the existing initiatives and the progres of
the targets. The Group has established pathway of
enhancing the efectivenes of the use of water resources
with long-term perspective as directional targets.
During the Reporting Period, ofices and sites have
implemented the folowing initiatives:
- ;
• Gives priority to efective water-saving products in
purchasing decisions;
- ;
and
- , cracks, and
other damage regularly and repair it in a timely
maner.
| Water consumption(1) | Unit | 2025 | 2024 | YOY change |
|---|---|---|---|---|
| 用水量(1) | 单位 | 2025年 | 2024年 | 同比变动 |
| Total water consumption | cubic metre | 59 | 123.0 | –52% |
| 总用水量 | 立方米 | |||
| Water consumption intensity | cubic metre/ employee | 1.64 | 3.24 | –49% |
| 用水密度 | 立方米╱雇员 | |||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202580
Environment, Social and Governance Report
环境、社会及管治报告
由于管理公司变动，于报告期的用水量
减少至合共59立方米，导致每名雇员的
用水密度为1.64立方米。
附注(1)： 由于我们香港办公室的供水完全
由楼宇管理办公室控制，因此数
据披露的范围仅限于本集团于东
京的经营场所。
包装物料
基于本集团业务的性质，本集团不生产
实物产品以作出售，而拍卖产品使用的
包装物料则可忽略不计。因此，由于本集
团认为包装消耗并非重大主题，因此并
无披露于报告期的任何数据。然而，本集
团致力减少或避免使用过多的包装及╱
或装饰物料。
Due to the change in management company, the
consumption of water decreased to a total of 59 cubic
metre during the Reporting Period, resulting in a water
intensity of 1.64 cubic metre per employe.
Note (1): The scope of the data disclosure is limited to the
Group’s premise of operations in Tokyo, as the
water suply at our Hong Kong ofice is solely
controled by the building management ofice.
Packaging material
Due to the nature of the Group’s busines, the Group
does not manufacture physical products for sale, while
packaging materials for auction products are negligible.
Therefore, as the Group demed packaging consumption
was not a material topic, it did not disclose any data for
this Reporting Period. However, the Group makes eforts
to reduce or avoid the use of excesive packaging and/or
decorative material.
东京中央拍卖控股有限公司 二零二五年度报告81
Environment, Social and Governance Report
环境、社会及管治报告
层面A3：环境及天然资源
作为从事文化产品拍卖的企业，我们参
与公司活动的组织及管理。我们不断寻
求将可持续性原则整合至活动管理中，
例如旨在减少活动期间产生的废弃物。
本集团致力建立一种环保意识文化，使
员工树立积极的生活方式及习惯。其鼓
励员工上下班时选择乘搭公共交通工
具。本集团亦提供环保办公用品以及可
重复使用的杯子及厨具。
层面A4：气候变化
企业越来越意识到气候变化风险对其底
线构成的潜在影响类别，以及向私人领
域提供低碳经济转型的机会。尽管仍处
于早期阶段，本集团已开始将气候变化
风险及机遇纳入我们的经营策略。本集
团将至少每年进行一次企业风险评估，
以评估本集团业务面临的当前及潜在风
险，包括气候变化影响带来的潜在风险。
本集团定期检讨气候变化对其营运的影
响，并将制定应对风险的措施，实现未来
的可持续营运。
Aspect A3: The environment and natural resources
As a busines engaged in the auctioning of cultural
products, we are engaged in the organisation and
management of corporate events. We constantly sek to
integrate sustainability principles into the event
management, such as aiming to reduce waste generated
during events. The Group strives to build an
eco-conscious culture that ingrains positive lifestyles and
habits among employes. It encourages employes to opt
for public transportation when comuting to and from
ofices. The Group also provides eco-friendly ofice
suplies and reusable cups and kitchenware.
Aspect A4: Climate Change
The corporate sector has become increasingly aware of the
potential types of impact climate change risks present to
their botom line, as wel as the oportunities to transit to
a low-carbon economy ofers to the private sphere. Albeit
in the early stages, the Group has comenced the
integration of climate change risks and oportunities
within our busines strategies. Our Group wil conduct an
enterprise risk asesment at least once a year to ases
the curent and potential risks faced by our Group’s
busines, including the potential risks arising from the
impacts of climate change. The Group reviews the impact
of climate change on its operation on a regular basis and
wil formulate measures to adres risks and achieve
sustainable operations in the future.
| Risk Type | Risk | Potential Financial Impact | Mitigation Strategy |
|---|---|---|---|
| 风险种类 | 风险 | 潜在财务影响 | 缓解策略 |
| Physical Risks | • Changes in rainfall patterns, extreme changes in weather patterns and more severe extreme weather events | • Reduced revenue from business due to business disruptions | • Establish adverse weather condition policy and formulate emergency plans • Insurance coverage for fire, flood and typhoon damages to merchandise, fixtures and fittings etc. |
| 实体风险 | • 降雨模式变化、天气 模式极端变化及更严 重的极端天气事件 | • 业务中断导致业务收 益减少 | • 设立恶劣天气政策及 制定应急预案 • 保险范围涵盖火灾、 水灾及台风对商品、 装置及配件等损坏 |
| Transition Risks | • Changes in environmental-related regulations and increase in discharge responsibility | • Higher operating and compliance costs to adopt new practices | • Adopt energy conservation measures to reduce emissions • Continue to monitor the regulatory environment to ensure that the Group has complied with the environmental related laws and regulations |
| 过渡风险 | • 环境相关法规变化及 排放责任增加 | • 采纳新常规的营运及 合规成本增加 | • 采取节能措施以减少 排放 • 持续监察监管环境以 确保本集团遵守环境 相关法律及法规 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202582
Environment, Social and Governance Report
环境、社会及管治报告
本集团的环境、社会及管治政策强调，
本集团应实施三项关键策略：加强碳排
放披露，改善气候变化风险管理，并将气
候变化问题纳入本集团未来的经营计
划。本集团潜在的气候相关风险概述如
下：
The Group’s Environment, Social and Governance policy
emphasize that the Group should aply thre key
strategies: enhance the carbon emision disclosure,
improve climate change risk management, and include
climate change concerns in the future busines plan of the
Group. The Group’s potential climate-related risks are
sumarised as below:
东京中央拍卖控股有限公司 二零二五年度报告83
Environment, Social and Governance Report
环境、社会及管治报告
VI. 社会责任
本集团将社会责任植根于其所有营运层
面。本集团致力与员工维持诚实及真正
对话，并寻求应对其需要及观点以确保
我们于所有时间均以负责任方式行事。
本集团致力提供公平及安全且具备员工
发展机会的工作场所。此外，本集团致力
以道德业务操守及供应链管理为基础而
提供优质产品╱服务，以及实质参与社
群。
层面B1：雇佣
于报告期结束时，本集团合共雇用36名
雇员，其中男性及女性员工分别为20名
及16名。以年龄组别划分雇员团队而言，
本集团5名、16名、8名及7名雇员分别属
于30岁以下、30至39岁、40至49岁及50
岁及以上的年龄组别。以地区划分雇员
团队而言，本集团位于日本、香港、中国
及台湾的雇员分别为26名、8名、1名及1
名。以雇员类别划分雇员团队而言，本集
团6名、1名及29名雇员分别属于行政、技
术及管理人员。以雇佣类别划分雇员团
队而言，本集团33名及3名雇员分别属于
全职雇员及兼职雇员。
VI. SOCIAL RESPONSIBILITY
The Group ingrains social responsibility into al aspects of
its operations. The Group strives to maintain honest and
authentic dialogue with staf and seks to adres their
neds and views to ensure our conduct is responsible at
al times. The Group comits to ofering a fair and safe
workplace with staf development oportunities.
Furthermore, the Group comits to delivering the quality
products/services grounded on ethical busines conduct
and suply chain management, as wel as to meaningful
engagements with the comunity.
Aspect B1: Employment
As at the end of the Reporting Period, the Group
employed a total of 36 employes, in which 20 and 16
are male and female staf respectively. In term of the
workforce by the age group, 5, 16, 8 and 7 of Group’s
employes were in the age group of les than 30, 30 to
39, 40 to 49 and 50 and more respectively. In terms of
the workforce by region, 26, 8, 1 and 1 of the Group’s
employes are located in Japan, Hong Kong, the PRC and
Taiwan. In term of the workforce by employe category,
6, 1 and 29 of Group’s employes were executive,
technical, administrative respectively. In term of the
workforce by employment type, 33 and 3 of Group’s
employes were ful-time employe and part-time
employe respectively.
| Employees(1) | Unit | 2025 | 2024 |
|---|---|---|---|
| 雇员(1) | 单位 | 2025年 | 2024年 |
| Group | person | 36 | 38 |
| 本集团 | 人数 | ||
| By Gender | |||
| 按性别 | |||
| Male | person | 20 | 20 |
| 男性 | 人数 | ||
| Female | person | 16 | 18 |
| 女性 | 人数 | ||
| By Type | |||
| 按雇佣类别 | |||
| Full-Time | person | 33 | 36 |
| 全职 | 人数 | ||
| Part-Time | person | 3 | 2 |
| 兼职 | 人数 | ||
| By Category | |||
| 按雇员类别 | |||
| Executive | person | 6 | 5 |
| 行政 | 人数 | ||
| Technical | person | 1 | 1 |
| 技术 | 人数 | ||
| Administrative | person | 29 | 32 |
| 管理 | 人数 | ||
| By Age | |||
| 按年龄 | |||
| Under 30 | person | 5 | 5 |
| 30岁以下 | 人数 | ||
| 30–39 | person | 16 | 18 |
| 30岁至39岁 | 人数 | ||
| 40–49 | person | 8 | 7 |
| 40岁至49岁 | 人数 | ||
| ＞= 50 | person | 7 | 8 |
| 50岁及以上 | 人数 | ||
| By Region | |||
| 按地区 | |||
| PRC | person | 1 | 1 |
| 中国 | 人数 | ||
| Hong Kong | person | 8 | 11 |
| 香港 | 人数 | ||
| Taiwan | person | 1 | 1 |
| 台湾 | 人数 | ||
| Japan | person | 26 | 25 |
| 日本 | 人数 | ||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202584
Environment, Social and Governance Report
环境、社会及管治报告
东京中央拍卖控股有限公司 二零二五年度报告85
Environment, Social and Governance Report
环境、社会及管治报告
附注(1)： 雇员人数的数据乃基于本集团人
力资源部门所提供与雇员签订的
劳动合同。数据涵盖根据当地相
关法律与本集团有直接雇佣关系
的雇员，以及由本集团控制其工
作或工作场所的雇员。上述雇佣
数据的报告方法乃基于《如何准备
环境、社会及管治报告 — 附录
三：社会关键绩效指标汇报指
引》。
根据公平及平等原则，本集团的雇佣手
册规定有关相关劳工法律、规例及行业
惯例的具体政策，涵盖多个范围，例如补
偿、解雇、晋升、工作时数、招聘、休息
时间、平等机会、多元化以及其他利益及
福利。于报告期内，本集团于所有营运地
区均无涉及违反有关雇佣的所有重大适
用法律及规例的事故。重大的适用法律
及规例包括但不限于《中华人民共和国劳
动法》、《中华人民共和国劳动合同法》、
香港的《雇佣条例》以及日本及台湾的《劳
动基准法》。
列入雇佣手册的本集团政策及程序均会
定期进行检讨及更新。本集团不鼓励及
不容许违反雇佣手册内规例的任何行
为。违规者将受到警告，而本集团有权就
任何严重违规行为终止与违规者订立的
雇佣合约。
Note (1): The data of the number of employes is based on the
labour contract signed with employes provided by
the human resources department of the Group. The
data cover employes who have a direct employment
relationship with the Group in acordance with
relevant local laws and those whose work or
workplace is controled by the Group. The above
method of reporting employment data is based on
the “How to prepare an ESG Report — Apendix 3:
Reporting Guidance on Social KPIs”.
Based on the principles of fairnes and equality, the
Group’s employment handbok stipulates concrete policies
relating to relevant labor laws, regulations and industry
practices, covering areas such as compensation, dismisal,
promotion, working hours, recruitment, rest periods, equal
oportunities, diversity and other benefits and welfare.
During the Reporting Period, the Group has encountered
no incidents of non-compliance with al major aplicable
laws and regulations related to employment at al
operating regions. Major aplicable laws and regulations
include, but are not limited to, “Labour Law of the
People’s Republic of China”, the “Labour Contract Law of
the People’s Republic of China”, “Employment Ordinance”
of Hong Kong and the Labor Standards Act in Japan and
Taiwan.
The Group’s policies and procedures included in the
employment handbok are reviewed and updated on a
regular basis. The Group discourages and disalows any
behavior that violates the regulations in the employment
handbok. Ofenders wil receive warning, and the Group
has the right to terminate employment contract with
ofenders for any serious violations.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202586
Environment, Social and Governance Report
环境、社会及管治报告
薪酬政策
本集团向雇员提供具竞争力的薪酬，并
经参考市场情况及个别雇员能力而定，
以及根据其表现及经验给予奖励。本集
团雇员的晋升及薪酬乃视年度检讨而
定。根据香港的《强制性公积金计划条
例》，雇员有权参与定额供款退休福利计
划。本集团根据雇员底薪百分比作出供
款。本集团亦根据日本适用法律及规例
作出公积金、养老保险、医疗保险、失业
保险及工伤保险供款。此外，雇员有权享
有交通津贴、「第十三个月」花红、五天工
作周安排及各类有偿假期。本集团已采
纳购股权计划，作为对合资格优秀雇员
的奖励，并吸引对本集团十分重要的同
样优秀人员。为确保有关雇员于责任及
权利的资讯透明度，详情载于雇佣手册。
人力资源部门开展全面的招聘评审流
程，确保候选人提供的资料准确无误。
本集团的招聘及晋升流程对所有员工均
公平公开。员工按其贡献、工作表现及技
能获得认可及奖励，且结果不会受到任
何基于年龄、性别、婚姻状况、家庭状
况、种族、残疾、国籍、宗教、政治联系
及性倾向以及其他因素的歧视所影响。
如遭解雇，一切依据雇佣手册规定，其中
确保一切程序均遵守法律规定。本集团
致力挽留最优秀员工，并已不断监察员
工流失率，期望于终止雇用过程中识别
及管控问题。在雇员假期方面，如该日子
属于法定假期，则将会提供补假。
Remuneration policies
Employes of the Group are remunerated at a competitive
level with reference to market terms and individual merits
and are rewarded acording to their performance and
experience. The promotion and remuneration of the
Group’s employes are subject to anual review.
Employes are entitled to the defined contribution
retirement benefits scheme under the Mandatory
Provident Fund Schemes Ordinance in Hong Kong.
Contributions are made based on a percentage of the
employes’ base salaries. The Group also made
contributions to provident funds, elderly insurance,
medical insurance, unemployment insurance and
work-related injury insurance in acordance with
aplicable laws and regulations in Japan. Furthermore,
employes are entitled to travel alowances, “thirtenth
month” bonus, five-day workwek arangement and
various types of paid leave. The Group has adopted share
option scheme as a reward to eligible high-caliber
employes and to atract similar high quality personel
that are valuable to the Group. To ensure information
transparency on the responsibilities and rights of
employes, details are set out in the employment
handbok.
The human resources department conducts a
comprehensive recruitment review proces to ensure that
the data provided by the candidates is acurate. The
Group’s recruitment and promotion proces are caried out
in a fair and open maner for al employes. Employes
are recognised and rewarded by their contribution, work
performance and skils, and outcomes wil not be afected
by any discrimination on the grounds of age, sex, marital
status, family status, race, disability, nationality, religion,
political afiliation and sexual orientation and other
factors. In the case of dismisal, the employment
handbok is adhered to which ensures the entire
procedure is compliant with statutory requirements. The
Group strives to retain the best employes at work, and
has continued to monitor staf turnover with a view to
identify and manage problems in the termination proces.
In regards to employe’s holiday, if it fals on a statutory
holiday, compensatory time of wil be ofered.
| Turnover rate(1) | Unit | 2025 | 2024 |
|---|---|---|---|
| 流失率(1) | 单位 | 2025年 | 2024年 |
| Group | % | 17 | 47 |
| 本集团 | |||
| By Gender | |||
| 按性别 | |||
| Male | % | 20 | 40 |
| 男性 | |||
| Female | % | 13 | 56 |
| 女性 | |||
| By Age Group | |||
| 按年龄组别 | |||
| ＜30 | % | 40 | 100 |
| <30岁 | |||
| 30–39 | % | 19 | 39 |
| 30岁至39岁 | |||
| 40–49 | % | — | — |
| 40岁至49岁 | |||
| 50–59 | % | — | — |
| 50岁至59岁 | |||
| By Region | |||
| 按地区 | |||
| Japan | % | 4 | 36 |
| 日本 | |||
| Hong Kong | % | 62 | 45 |
| 香港 | |||
| Taiwan | % | — | — |
| 台湾 | |||
| PRC | % | — | — |
| 中国 | |||
东京中央拍卖控股有限公司 二零二五年度报告87
Environment, Social and Governance Report
环境、社会及管治报告
于回顾报告年度内，本集团的雇员流失
率由47%持续减少至2025年的17%。下
表载列按性别、年龄及地区划分的流失
率。
During the Reporting Year under review, the Group’s
employe turnover rate continue to decrease from 47%
to 17% in 2025. The charts below present the turnover
rate by gender, age and region.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202588
Environment, Social and Governance Report
环境、社会及管治报告
附注(1)： 雇员流失率数据乃基于本集团人
力资源部门所提供与雇员签订的
劳动合同。流失率乃按年内离职
雇员人数除以年末雇员人数计
算。上述流失率数据所使用的报
告方法乃基于联交所发布的《如何
准备环境、社会及管治报告 — 附
录三：社会关键绩效指标汇报指
引》。
反歧视及多元化
本集团为平等机会雇主，并不会基于年
龄、性别、婚姻状况、家庭状况、种族、
残疾、国籍、宗教、政治联系及性倾向而
作出歧视行为。我们的雇佣包含共融元
素，从而建立和谐及互相尊重的工作场
所。本集团致力确保提供安全及稳妥的
工作场所，对工作场所内任何形式的滥
权及╱或性骚扰采取零容忍态度。
层面B2：工作场所健康及安全
本集团确保为雇员建立安全及健康的工
作场所至为重要，原因在于本集团相信
雇员为企业的最宝贵资产。本集团的管
理团队负责识别每名员工面对的任何实
际及潜在危害及风险，并致力于营造安
全及卫生之工作环境，及确保我们的工
作环境遵守相关法律及规例的规定。于
报告期内，本集团于所有营运地区均无
涉及违反有关职业健康及安全的所有适
用法律及规例的事故。重大的适用法律
及规例包括但不限于香港的《职业安全及
健康条例》及日本的《工业安全及健康法
律》，以及中国的《安全生产法》。
Note (1): Employe turnover data are based on labour contracts
signed with employes provided by the human
resources department of the Group. The turnover
rate is calculated by dividing the number of
employes who left during the year by the number
of employes at the end of the year. The reporting
method used for the above turnover data is based
on the “How to prepare an ESG Report — Apendix
3: Reporting Guidance on Social KPIs” isued by the
Stock Exchange.
Anti-discrimination and diversity
The Group is an equal oportunity employer and does not
discriminate on the basis of age, sex, marital status,
family status, race, disability, nationality, religion, political
afiliation and sexual orientation. We embrace inclusive
employment that builds a harmony and respectful
workplace. The Group strives to ensure a safe and secure
workplace with zero tolerance to any form of abuse and/
or sexual harasment in the workplace.
Aspect B2: Workplace health and safety
It is of paramount importance to ensure a safe and
healthy workplace for the employes as the Group
believes its employes are the most valuable asets of an
enterprise. The Group’s management team is responsible
for identifying any actual and potential hazards and risks
to each individual, work towards a safe and hygienic work
environment and to ensure that our work environment is
adhered to the requirements of relevant laws and
regulations. During the Reporting Period, the Group has
encountered no incidents of non-compliance with al
aplicable laws and regulations related to ocupational
health and safety at al operating regions. Major
aplicable laws and regulations include, but are not
limited to, “Ocupational Safety and Health Ordinance” of
Hong Kong and Industrial Safety and Health Law in Japan,
“Law on Work Safety”of the PRC.
东京中央拍卖控股有限公司 二零二五年度报告89
Environment, Social and Governance Report
环境、社会及管治报告
本集团不遗余力地保障我们雇员及工作
场所的安全。于报告期内，本集团已透过
以下安全政策及程序采纳最佳常规。
• 制定安全指引及常规以确保为雇员
提供健康及安全的工作条件；
• 为新加入雇员提供安全导览以确保
透彻了解健康及安全，以及其角色
及责任；
• 进行定期检查及调查任何报称不安
全情况；
- 、防
火及疏散演习；及
- ，从
而提升职业安全意识。
本集团透过以下工作场所程序及规定遵
守安全第一原则，包括但不限于以下各
项：
The Group spares no efort to safeguard the safety of our
employes and workplace. During the Reporting Period,
the Group has adopted the best practices through the
folowing safety policies and procedures.
• Establishes safety guidelines and practices to ensure
healthy and safe working conditions for the
employes;
• Provides safety orientation to new employes to
ensure a thorough understanding of health and
safety, and their roles and responsibilities;
• Conducts regular inspections and investigate any
reported unsafe conditions;
- , fire and evacuation drils on a
regular basis and acording to statutory
requirements; and
• Provides safety trainings materials to employes on a
regular basis in order to raise awarenes of
ocupational safety.
The Group abides to safety-first principles through the
folowing workplace procedures and provisions that
include, but are not limited to:
General measures and initiatives
一般措施及行动
- ’s recomendations
根据供应商的建议检查及保持设备的状况
- , based on risk asesment
evaluations
根据风险评估算，为从事劳力工作的人员提供全面培训
• Provide adequate first-aid facilities
提供足够的急救设施
• Establish emergency plans
制定应急计划
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202590
Environment, Social and Governance Report
环境、社会及管治报告
于过往三年内，概无工作相关致命事件。
此外，于报告期内，概无因工伤而引致损
失工作日数。
层面B3：发展及培训
本集团视我们的员工为最宝贵的资产。
本集团投入大量资源以吸引及挽留优秀
雇员，以及确保员工在能力及技能上与
业务一同成长。本集团致力于提供全面
的在职培训计划，整体上作为鼓励其员
工发展潜能及自我提升的平台。
本集团寻求改良其综合内部及外聘员工
培训系统。本集团透过在职培训，提供理
想的职业发展机会，而培训重点为拍卖
营运诀窍、客户服务技巧及艺术品真伪
鉴定与估值能力，雇员可借此加强其技
能质素。
此外，每名新委任董事将于其首次接受
委任时获得正式、全面及适切的就任须
知，以确保适当了解本公司的业务及营
运，以及充分理解于上市规则及相关法
律规定项下的董事责任及义务。
本集团亦鼓励董事参与持续专业发展，
以发展及重温知识及技能。在适当情况
下，本集团将为董事安排内部特设的简
报会及向董事提供相关专题的阅读材
料。所有董事亦承诺参与任何适合培训
以发展及重温其知识及技能。
During the past thre years, there was no work-related
fatalities. Furthermore, there were no lose days due to
work injuries in the Reporting Period.
Aspect B3: Development and training
The Group regards our staf as the most valuable asets.
The Group dedicates significant resources to atract and
retain talented employes, and to ensure that staf grow
in competence and skil sets alongside the busines. The
Group is comited to providing comprehensive
on-the-job training programs, which colectively serve as a
platform to encourage its staf to develop potential and
self-improvement.
The Group seks to improve its comprehensive internal
and external staf training systems. The Group strives to
provide promising carer development oportunities
through on-the-job trainings with a focus on auction
operation know-how, customer service techniques,
artworks authentication and valuation abilities, through
which the employes could strengthen the quality of their
skil sets.
Furthermore, every newly apointed director wil receive
formal, comprehensive and tailored induction on the first
ocasion of his apointment to ensure apropriate
understanding of the busines and operations of the
Company and ful awarenes of director’s responsibilities
and obligations under the Listing Rules and relevant
statutory requirements.
The Group also encouraged the directors to participate in
continuing profesional development to develop and
refresh knowledge and skils. Internaly-facilitated briefings
for directors would be aranged and reading materials on
relevant topics would be provided to directors where
apropriate. Al directors are also comited to
participating any suitable training to develop and refresh
their knowledge and skils.
| 2025 | 2024 | |||
|---|---|---|---|---|
| 2025年 | 2024年 | |||
| Development and Training(1) | Trained Employee (in percentage) | Average Training hours (in hour) | Trained Employee (in percentage)(2) | Average Training hours (in hour) |
| 发展及培训(1) | 受训雇员 （以百分比计） | 平均受训时数 （以小时计） | 受训雇员 （以百分比计）(2) | 平均受训时数 （以小时计） |
| Group | 100% | 1.33 | 100% | 1.12 |
| 本集团 | ||||
| By Gender | ||||
| 按性别 | ||||
| Male | 56% | 1.80 | 48% | 1.13 |
| 男性 | ||||
| Female | 44% | 0.75 | 52% | 1.11 |
| 女性 | ||||
| Employee Category | ||||
| 雇员类别 | ||||
| Executive | 17% | 3.00 | 12% | 2.00 |
| 行政人员 | ||||
| Technical | 3% | 6.00 | 5% | 1.00 |
| 技术人员 | ||||
| Administrative | 80% | 0.83 | 83% | 1.00 |
| 管理人员 | ||||
东京中央拍卖控股有限公司 二零二五年度报告91
Environment, Social and Governance Report
环境、社会及管治报告
于回顾报告年度内，共有36名雇员参加
培训，其中分别20名为男性及16名为女
性。按雇员类别计，6名（即17%）、１名
（即3%）及29名（即80%）受训雇员分别
属行政人员、技术人员及管理人员。
于回顾报告年度内，本集团为员工提供
共计48个小时的培训，每名男性及女性
员工平均受训1.8个及0.8个小时。按雇员
类别计，行政、技术及管理人员职级的雇
员每人平均接受3.0、6.0及0.8个小时的
培训。
During the Reporting Year under review, a total number
of 36 employes have atended training hours, of which
20 and 16 were male and female respectively. In terms of
employe category, 6 (i.e. 17%), 1 (i.e. 3%) and 29 (i.e.
80%) of employes trained were of executive, technical
and administrative respectively.
During the Reporting Year under review, the Group has
provided a total of 48 training hours for staf, which
averages to 1.8 and 0.8 hours per male and female staf.
In terms of employe category, an average of 3.0, 6.0
and 0.8 training hours per staf were received by
executive, technical and administrative grade employes.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202592
Environment, Social and Governance Report
环境、社会及管治报告
附注(1)： 雇员培训数据来自本公司的人力
资源部门。培训指本公司雇员于
年内参与的职业培训。上述报告
所采纳受训雇员人数及百分比的
方法乃基于香港交易所发布的《如
何准备环境、社会及管治报告附
录三：社会关键绩效指标汇报指
引》。
附注(2)： 由于得出受训雇员百分比所采纳
的方法有所变动，百分比已根据
香港交易所发布的《如何准备环
境、社会及管治报告附录三：社
会关键绩效指标汇报指引》重列。
层面B4：劳工准则
本集团严格禁止所有形式的童工、强迫
劳工或现代奴役方式。本集团已制定及
执行员工手册，内容囊括有关相关劳动
法律、规例及行业惯例之具体政策，涵盖
范围涉及补偿、解雇、晋升、工作时数、
招聘、休息时间、平等机会、多元化以及
其他利益及福利等。我们的业务透过对
所有求职者进行年龄核实以避免聘用童
工。
于回顾报告期内，本集团于所有营运地
区均无涉及违反有关反对童工及反对强
迫劳工手法的所有适用法律及规例的事
故。重大的适用法律及规例包括但不限
于香港的《雇佣条例》以及日本及台湾的
《劳动基准法》。
Note (1): The employe’s training data are obtained from the
Company’s human resources department. Training
refers to the vocational training that the employes
of the Company participated in during the year. The
method adopted for the above report on the
number and percentage of trained employes are
based on “How to prepare an ESG Report Apendix
3: Reporting Guidance on Social KPIs” isued by
HKEX.
Note (2): The percentages have ben restated as the method
on the percentage of trained employes adopted
changed and based on “How to prepare an ESG
Report Apendix 3: Reporting Guidance on Social
KPIs” isued by HKEX.
Aspect B4: Labor Standard
The Group strictly prohibits al forms of child labour,
forced labour or modern slavery. The Group has
established and implemented the staf handbok which
contains concrete policies relating to relevant labor laws,
regulations and industry practices, covering areas such as
compensation, dismisal, promotion, working hours,
recruitment, rest periods, equal oportunities, diversity
and other benefits and welfare. Cases of child labour in
our busineses are averted by conducting age verification
of al job aplicants.
During the Reporting Period under review, the Group has
encountered no incidents of non-compliance with al
aplicable laws and regulations related to anti-child and
anti-forced labour practices at al operating regions. Major
aplicable laws and regulations include, but are not
limited to, “Employment Ordinance” of Hong Kong and
the Labor Standards Act in Japan and Taiwan.
| Distribution of suppliers | Unit | 2025 | 2024 |
|---|---|---|---|
| 供应商分布 | 单位 | 2025年 | 2024年 |
| By Region | |||
| 按地区 | |||
| Japan | % | 55 | 55 |
| 日本 | |||
| Hong Kong | % | 25 | 30 |
| 香港 | |||
| PRC | % | 15 | 10 |
| 中国 | |||
| Other regions | % | 5 | 5 |
| 其他地区 | |||
东京中央拍卖控股有限公司 二零二五年度报告93
Environment, Social and Governance Report
环境、社会及管治报告
层面B5：供应链管理
本集团承诺与我们的业务伙伴建立及维
持有效及互惠互利的工作关系。于报告
期内，供应商主要包括本集团以主事人
身份就艺术品销售分部向其购买艺术品
的卖家、提供场地作艺术品预展及举行
艺术品拍卖会的业主、为艺术品预展及
举行艺术品拍卖会提供活动筹备及住宿
预订服务的供应商、为拍品图录提供摄
影、印刷及付运服务的供应商，以及为已
拍卖艺术品提供付运服务、保安及保险
服务的供应商。于报告期内，本集团于所
有营运地区均无涉及违反所有相关法律
及规例的事故。
本集团的主要供应商位于中国、香港及
日本。本集团供应商的地域分布如下。
本集团一般以供应商的业务规模及声誉
挑选供应商。本集团亦支持及鼓励供应
商提倡高效运用资源及环保元素以及履
行企业社会责任。本集团在采购材料及
服务时将采取公平及开放原则。
Aspect B5: Suply chain management
The Group is comited to developing and maintaining
efective and mutualy beneficial working relationships
with our busines partners. During the Reporting Period,
the supliers include mainly selers from whom the Group
purchase artworks as principal for the artwork sales
segment, property owners who provide venue for artwork
preview exhibition and art auction operation, supliers of
event organization and acomodation boking services
for the artwork preview exhibition and art auction
operation, supliers of photo-taking, printing and delivery
services for the auction catalogs, and supliers of delivery
services for the auctioned artworks and security and
insurance services. During the Reporting Period, the Group
has encountered no incidents of non-compliance with al
related laws and regulations at al operating regions.
The major supliers of the Group are located in PRC,
Hong Kong and Japan. The geographical distribution of
the supliers of the Group is as below.
The Group generaly selects supliers based on their scale
of busines and reputation. The Group also suports and
encourages the supliers to promote eficient use of
resources and environmental protection and fulfil
corporate social responsibility. The Group wil take a fair
and open principle on procurement of materials and
services.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202594
Environment, Social and Governance Report
环境、社会及管治报告
由于艺术品为主要产品，其质素对本集
团业务至关重要。本集团购买本集团相
信拥有升值潜力的艺术品及将其转售予
独立第三方。本集团已实行内部监控及
风险管理系统为艺术品鉴定真伪及厘定
价值。所有艺术品卖家必须通过严谨的
评估程序，例如在购买艺术品作转售前
为其进行筛选及鉴定真伪。此外，本集团
已设立内部艺术品鉴定团队及聘用外部
艺术品鉴定顾问，为不同种类的艺术品
的真伪及估值向本集团提供意见。该团
队将根据本集团的内部监控政策为艺术
品鉴定真伪及厘定价值。本集团不会接
受不合资格供应商或自其购买艺术品。
此外，本集团逐渐将环保元素纳入采购
程序。为了将环保愿景与产品供应的采
购互相结合，本集团避免即用即弃产品
及选取以较少包装材料提供耐用产品的
供应商。本集团优先选用环保材料及办
公室物品，从而提升供应商的可持续发
展意识。
本集团已将疫情风险纳入企业风险管理
机制及未来业务计划中。我们已暂停公
众活动，改为使用崭新的通讯科技及现
有数码基建来进行无缝通讯 — 于拍卖线
上平台进行拍卖，以延续业务。我们使客
户及供应链伙伴得悉业务的最新消息，
确保短期内供需同步。
The quality of artworks is esential to the Group’s
busines as they are the main products. The Group
purchases artworks which the Group believes has
apreciation potential and resel them to independent
third parties. The Group has implemented internal control
and risk management systems to authenticate and value
the artworks. Al the artwork selers must pas the
stringent asesment procedures, such as screning and
authenticate the artworks before purchasing them for
resale. Furthermore, the Group has established Internal
Artwork Apraisal Team and External Artwork Apraisal
Consultants to advise the Group on the authenticity and
valuation of diferent types of artworks. The team wil
authenticate and value them in acordance with the
Group’s internal control policy. The Group would not
aprove or purchase from unqualified supliers.
Furthermore, the Group gradualy takes environmental
consideration into acount in the procurement proces. To
integrate the environmental vision into the procurement
of product suplies, the Group avoids disposable products
and choses supliers who provide durable products with
les packaging materials. Priority wil be given to
environmentaly friendly materials and ofice gods, so as
to raise the supliers’ awarenes of sustainable
development.
The Group has integrated the pandemic risks into our
enterprise risk management mechanism and future
busines plan. We have suspended public activities and
events, in contrast, we utilise new comunication
technologies and existing digital infrastructure to facilitate
seamles comunication for busines continuity —
conducted auction in our auction online platform. We
kep our customers and suply chain partners informed of
the latest busines information and ensure short term
demand-suply synchronization.
东京中央拍卖控股有限公司 二零二五年度报告95
Environment, Social and Governance Report
环境、社会及管治报告
层面B6：产品责任
本集团以负责任的营运常规为基础提供
优质产品及服务。本集团致力透过创新
及完善的商业道德以应对客户需要。
产品质量及安全
确保艺术品及服务的质量及安全至为重
要。本集团已实行具体的内部监控系统
及风险管理系统，为艺术品鉴定真伪及
厘定价值以供拍卖或转售。所有艺术品
必须通过严谨的评估程序，例如筛选艺
术品及鉴定其真伪。此外，本集团已设立
内部艺术品鉴定团队及聘用外部艺术品
鉴定顾问，为不同种类的艺术品的真伪
及估值向本集团提供意见。该团队由广
受认同的专家及拥有足够资历及经验的
外部艺术品鉴定顾问组成，将根据本集
团的内部监控政策为艺术品鉴定真伪及
厘定价值。
在出售艺术品前，确认其拥有权及来源
合法性非常重要，本集团已就艺术品的
背景进行一连串的尽职审查工作。在检
查艺术品及确定艺术品的出处后，鉴定
团队将编制评估报告。如有需要，内部艺
术品鉴定团队将考虑自外部艺术品鉴定
顾问寻求建议及第二意见。倘若内部艺
术品鉴定团队与外部艺术品鉴定顾问进
行详尽会谈后仍对特定艺术品的真伪及
估值存在分歧，该特定艺术品将不会进
行拍卖。否则，最终估值应为双方作出的
估值，该数值并且须经由委托人与我们
签署订立的拍卖委托协议协定和确认，
以作记录及进一步程序。
Aspect B6: Product responsibility
The Group ofers quality products and services grounded
on responsible operating practices. The Group comits to
meting customer neds through inovation and sound
busines ethics.
Product quality and safety
Asuring the quality and safety of the artworks and
services is of the topmost importance. The Group has
implemented concrete internal control system and risk
management system to authenticate and value the
artworks for auction or for resale. Al the artwork must
pas the stringent asesment procedures, such as
screning and authenticating the artworks. Furthermore,
the Group has established an internal artwork apraisal
team and hired external artwork apraisal consultants to
advise the Group on the authenticity and valuation of
diferent types of artworks. The team, which consist of
wel recognised experts and external artwork apraisal
consultants with adequate qualification and experience,
wil authenticate and value them in acordance with the
Group’s internal control policy.
The confirmation of ownership and legality of the source
is crucial before seling the artworks, the Group has
implemented a series of due diligence work on the
background of the artworks. After examined the artworks
and ascertained the provenance of the artwork, the
apraisal team wil produce asesment reports. The
internal artwork apraisal team wil consider seking
advice and a second opinion from the external artwork
apraisal consultants if necesary. If there is a discrepancy
on the authentication and valuation of a particular
artwork betwen the internal artwork apraisal team and
the external artwork apraisal consultants after a detailed
discusion, such particular artwork wil not be put for
auction. Otherwise, the final valuation should be the
valuation made by both parties and agred and confirmed
by the consignor in the signed auction consignment
agrement with us for record and further procedure.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202596
Environment, Social and Governance Report
环境、社会及管治报告
有关委托艺术品方面，本集团就确认拥
有权实行以下一连串措施。本集团不会
接受任何受制于所有权争议或法律障碍
的艺术品。
• 要求委托人提供文件以证实艺术品
的拥有权、真伪及价值，并会鉴定
相关艺术品的真伪及来源；
• 要求委托人提供艺术品的鉴定证明
或艺术家证书或过往在拍卖活动或
私人交易中的购买记录（如有）；
• 透过互联网及公安和法庭记录进行
公开查册，包括但不限于「中国被盗
（丢失）文物信息发布平台」，以获取
艺术品的任何记录（如有）；及
• 对艺术品的拥有权及来源合法性作
出声明及保证，并将该等声明及保
证列入拍卖委托协议或销售协议的
明文条款中。
于报告期内，本集团并无面临任何重大
产品责任索偿，且无因安全与健康理由
而召回任何产品。本集团认真对待所有
投诉及反馈，并及时以专业态度处理。
我们将审阅及调查有关投诉及反馈并于
必要时采取即时行动。于报告期内，本集
团并无接到任何客户对本集团产品质量
作出的重大投诉。
Regarding the artworks on consignment, the Group has
implemented a series of folowing measures for ownership
confirmation. The Group wil not acept any artwork that
we know is subject to title disputes or legal impediments.
• Requests the consignor to provide documents to
prove ownership, authenticity and value of the
artwork and verify the authenticity and origin of the
relevant artwork;
• Requests the consignor to provide authentication or
artist certificate or previous purchase record in
auction or private transaction, if any;
• Conducts public searches through the internet and
from the public security and court record, including
but not limited to the “Stolen (Lost) Cultural Relics
Information Publishing Platform of China” to retrieve
any record of artworks, if any; and
• Gives representations and waranties to the
ownership and legality of source, and such
representations and waranties are set out as an
expres term in the auction consignment agrement
or the sale agrement.
During the Reporting Period, the Group did not faced any
major product liability claims, and did not recaled any
products due to safety and health reason. The Group
treats al the complaints and fedback seriously and
handles them in a timely and profesional maner. We wil
review and investigate the complaints and fedback and
takes the imediate actions when necesary. During the
Reporting Period, the Group had not received any major
customer complaints about the quality of the Group’s
products.
东京中央拍卖控股有限公司 二零二五年度报告97
Environment, Social and Governance Report
环境、社会及管治报告
公平公开竞争
本集团提倡公平公开竞争，旨在与其买
家及供应商建立以互信为基础的长期关
系。本集团已确保拍卖的公平性及透明
度。举例而言，我们详细向公众披露艺术
拍卖品的背景资料及事实。本集团实施
「认识你的客户」尽职审查和客户筛查程
序，旨在评估新卖家及买家的身份、财务
背景、声誉及业务活动（如有）。本集团要
求卖家提供文件以证实艺术品的拥有
权、真伪及价值，并会自行鉴定相关艺术
品的真伪及来源。
道德营运常规
本集团非常重视在进行所有业务层面时
坚守诚信及忠诚的价值。由保障资料私
隐及知识产权以至道德营销传讯，我们
的稳健管理方式确保最微细的层面亦不
会被忽略。于报告期内，本集团于所有营
运地区均无涉及违反有关资料私隐、广
告、标签事项的所有适用法律及规例的
事故。重大的适用法律及规例包括但不
限于香港的《个人资料（私隐）条例》，以
及日本、中国及台湾的《个人资料保障
法》。
Fair and Open Competition
The Group promotes fair and open competition that aims
to develop long-term relationships with its buyers and
supliers based on mutual trust. The Group has ensured
the fairnes and transparency of the auction. For example,
the background information and facts about the auction
lots would be disclosed in details to public. The Group
implements “Know Your Client” due diligence and client
screning procedures that aim at evaluating the identity,
financial background, reputation and busines activities (if
any) of a new seler and buyer. The Group requests the
seler to provide documents to prove ownership,
authenticity and value of the artwork and verify the
authenticity and origin of the relevant artwork on its
own.
Ethical operating practices
The Group places great value in conducting al aspects of
our busineses with integrity and honest values. From
protection of data privacy and intelectual property to
ethical marketing comunication, our robust management
aproaches ensure even the most trivial aspects is not
overloked. During the Reporting Period, the Group has
encountered no incidents of non-compliance with al
aplicable laws and regulations related to data privacy,
advertising, labeling maters at al operating regions.
Major aplicable laws and regulations include, but are not
limited to, Hong Kong Personal Data (Privacy) Ordinance,
Personal Data Protection Act in Japan, the PRC and
Taiwan.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 202598
Environment, Social and Governance Report
环境、社会及管治报告
个人资料私隐保障
本集团承诺保障所收集个人资料的私隐
及保密。本集团极其重视沟通及保障资
料安全，且尊重法例赋予每个人之私隐
权。由于本集团拥有艺术品电子数据库、
拍卖平台及大量买家及卖家的资料，因
此资讯科技人员定期更新病毒防护系
统。本集团已制定有关处理从我们的雇
员、客户及其他业务伙伴所取得个人资
料的内部政策。本集团只会以合法及公
平方式收集资料，并清楚表明只会以与
资料目标直接有关的目的收集资料。本
集团要求雇员小心处理客户资料及仅于
有合理由时方可取得客户资料。本集
团以负责任及非歧视方式收集及使用客
户资料，并已限制仅以使用委聘合约列
明的目的使用客户资料。于报告期内，
本集团一直遵守香港的《个人资料（私隐）
条例》及日本的《个人资料保障法》的规
定。
广告及产品标签
负责任的营销手法对争取客户信赖及信
心非常重要。本集团已就以合乎道德方
式使用一切形式的销售推广及直接营销
及数码营销传讯而实行清晰指引。有关
艺术品的所有拍品图录均可于我们的网
站上审视以确保有关资料为完备及准
确。本集团亦制作及于本身的艺术品拍
卖会中派发自行设计的受委托拍品图
录。产品标签肩负非常重要的作用，确保
独特的产品识别及让客户得悉任何可能
存在的产品风险。我们会透过定期评估
而持续评估政策。
Personal data privacy protection
The Group is comited to protecting privacy and
confidentiality of the colected personal data. The Group
is conscientious about securing comunication and data
protection, and the Group respects al individuals’ legal
rights to privacy. As the Group owns electronic artworks
database, auction platform and information on a large
number of buyers and selers, regular enhancements on
the anti-virus protection system are proceded by
information technology personel. The Group has
established internal policies on handling personal data
recorded from our employes, customers and other
busines partners. The Group colects data only in a lawful
and fair way, for directly related purposes of which the
data subject is clearly notified. The employes are
instructed to handle client information with due care and
aces to the client information only with god reasons.
The Group colects and uses client information in a
responsible and non-discriminatory maner and has
restricted the use of client information for the purposes
that are only in consistent with those identified in
engagement contracts. During the Reporting Period, the
Group has complied with the requirements of the Personal
Data Ordinance of Hong Kong and Act on the Protection
of Personal Information of Japan.
Advertising and product labeling
Responsible marketing practices are crucial to gaining
customer trust and confidence. The Group has
implemented clear guidelines on the ethical usage of al
forms of sales promotion and direct marketing and digital
marketing comunications. Al auction catalogs for
artworks available on our website are reviewed to ensure
the information is complete and acurate. The Group also
produce and distribute self-designed consigned auctions
catalogs in our art auctions. Product labeling serves a
critical function, ensuring unique product identification
and that customers are informed of any posible product
risks. Ongoing asesment of policies is conducted
through periodic asesment.
东京中央拍卖控股有限公司 二零二五年度报告99
Environment, Social and Governance Report
环境、社会及管治报告
层面B7：反贪污
本集团致力在公开、廉洁及问责性方面
达致及维持最高标准。我们要求各个层
级的雇员均以具诚信、公正及诚实方式
行事并遵守相关法律规范及道德标准。
每名雇员均有责任确保不会发生损害股
东、投资者、客户以至广大公众利益之任
何不当或有组织渎职行为，此举亦符合
本公司的整体利益。年内，本集团举行有
关反贪污及反洗钱的内部培训（包括但不
限于法律及法规），并向员工发出反贪污
资料。为确保我们的反贪污内部控制持
续加强，本集团进行年度贪污风险评估。
本集团已实行举报政策以鼓励对事件感
到非常关注的雇员及其他人士提出任何
怀疑的不当行为、不法行为或疏忽行事。
违反贪污政策的雇员将面对纪律行
动，并可能因严重不当行为而遭到解雇。
本集团绝不容忍任何贪污行为，并制定
举报政策以报告任何贪污行为。举报人
可以口头或书面向本集团的部门或高级
管理层报告任何怀疑的不当行为的详情
及证据。
此外，本集团会在每次拍卖活动后执行
定期筛查及监察程序，并在显示可能有
洗钱活动发生的情况下进行调查。如经
识别为洗钱活动，则相关卖家或买家的
任何可疑交易将会中止，而根据调查结
果，可能终止与该买家或卖家的业务关
系。
Aspect B7: Anti-coruption
The Group is comited to achieving and maintaining the
highest standards of openes, probity and acountability.
Employes at al levels are expected to conduct themselves
with integrity, impartiality and honesty and to comply with
the relevant legal norms and ethical standards. It is every
employe’s responsibility and it is al interest of the
company to ensure that any inapropriate behavior or
organisational malpractice that compromises the interest
of the shareholders, investors, customers and the wider
public does not ocur. During the year, the Group held
internal trainings regarding the anti-coruption and
anti-money laundering, including but not limited to laws
and regulations, and sent out the anti-coruption materials
to the staf. To ensure the continuous enhancement of
our anti-coruption internal controls, the Group conducts
anual coruption risk asesments.
The Group has implemented whistle-blowing policy to
encourage employes and others who have serious
concerns to voice any suspected misconduct, ilegal acts or
failure to act. Employes who breach the anti-coruption
policy wil face disciplinary action, which could result in
dismisal for serious misconduct. The Group has no
tolerance to any coruption and set whistle-blowing policy
to report any coruption. Whistle-blowers can report
verbaly or in writing to the department or the senior
management of the Group with regards to any suspected
misconduct with ful details and suporting evidence.
Furthermore, the Group performs regular screning and
monitoring proces after each auction event and conducts
investigation on situations indicating potential
money-laundry activities. If the money-laundry activities
were identified, any suspicious transactions of the
respective seler or buyer wil be suspended and the
busines relationship with such buyer or seler may be
terminated subject to result of the investigation.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025100
Environment, Social and Governance Report
环境、社会及管治报告
于报告期内，本集团于所有营运地区均
无涉及违反所有适用法律及规例的事
故。重大的适用法律及规例包括但不限
于中国的《刑法及民法》及香港的《防止贿
赂条例》。于报告期内，本集团严格遵守
所有规则及规例，并无发生对本集团及
其员工提出有关贿赂的诉讼。
层面B8：社区投资
尽管市场和经济状况面临重挑战，但
本集团竭力向社会经济发展、社区福祉
及可持续性作出贡献。就本集团的长期
发展而言，社区参与非常重要。作为负责
任的企业公民，本集团经常留意有关需
要及承诺于本集团经营的社区提倡发展
活动。本集团亦鼓励员工投入时间及努
力于不同社区项目，为社区作出贡献。
于报告年度内，本集团已向慈善组织及
活动捐款合共约296,500港元，包括向惜
食堂捐赠米饭及向粉红革命和台湾国立
历史博物馆捐款，并举办若干义务活动，
如清洁沙滩及向儿童说故事。
During the Reporting Period, the Group has encountered
no incidents of non-compliance with al aplicable laws
and regulations at al operating regions. Major aplicable
laws and regulations include, but are not limited to, the
“Criminal and Civil Law” of the PRC and the “Prevention
of Bribery Ordinance” of Hong Kong. During the
Reporting Period, the Group has strictly abided by al the
rules and regulations, no litigation regarding bribery has
ben instituted against the Group and its staf.
Aspect B8: Comunity investment
Despite the chalenging market and economic conditions,
the Group is comited to contributing to socio-economic
development, comunity wel-being and sustainability. For
the Group’s long-term development, comunity
participation is important. As a responsible corporate
citizen, the Group is constantly aware of the neds and is
comited to promoting development activities of the
comunity at which the Group operates. The Group also
encourages staf to spend time and eforts in various
comunity projects and make contributions to the
comunity. During the Reporting Year, the Group has
made a total of aproximately HK$296,500 donations to
the charitable organizations and activities including the
donation of rice to fod angel and the donation to pink
revolution and National Museum of History in Taiwan and
organized some volunter activities, such as beach clean
up and storyteling with children.
东京中央拍卖控股有限公司 二零二五年度报告101
REPORTS OF THE DIRECTORS
董事会报告
董事谨此提呈报告及本集团于报告期间的经
审核合并财务报表。
主要业务活动
本集团是香港及日本知名的中国及日本艺术
品拍卖行。本集团专注拍卖以中国及日本艺术
品为主的各种艺术品，包括中国书画、中国古
董及日本及中国茶具。
本集团在本年度之业绩表现按营运分部进行
的分析载于合并财务报表附注5。
业务审视
部分根据公司条例附表5的业务审视载列于本
年报第9至23页的「管理层讨论及分析」一节
内，上述内容为本董事会报告一部分。
业绩及股息
本集团于报告期间业绩载于本年报第131页合
并损益表。
董事会并不建议就截至2025年及2024年3月31
日止年度派付任何股息。
财务概要
本集团过去五年之业绩以及资产及负债概要
载于本年报第248页。
The Directors submit herewith their report together with the
audited consolidated financial statements of the Group for the
Reporting Period.
PRINCIPAL BUSINES ACTIVITIES
The Group is a wel-recognised auction house of Chinese and
Japanese artworks in Hong Kong and Japan. The Group
specialises in auctionering a wide variety of artworks with
emphasis on Chinese and Japanese artworks, including Chinese
paintings and caligraphies, Chinese antiques and Japanese and
Chinese teawares.
An analysis of the Group’s performance for the year by
operating segment is set out in Note 5 to the consolidated
financial statements.
BUSINES REVIEW
Part of the busines review as required under Schedule 5 to the
Companies Ordinance is included in the section headed
“Management Discusion and Analysis” in this anual report on
pages 9 to 23 and such contents form part of this Report of
the Directors.
RESULTS AND DIVIDENDS
The results of the Group for the Reporting Period are set out in
the consolidated statement of profit or los on page 131 of this
anual report.
The Board did not recomend the payment of any dividend for
the years ended 31 March 2025 and 2024.
FINANCIAL SUMARY
A sumary of the results and of the asets and liabilities of the
Group for the past five year is set out on page 248 of this
anual report.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025102
Reports of the Directors
董事会报告
股息政策
本公司已采纳股息政策，旨在载列本公司适用
于向股东宣派及派发股息的原则及指引。本公
司可通过普通决议案宣派董事认为适当的股
息。支付股息的决定将基于本公司的利润、现
金流量、财务状况、资本要求以及董事会认为
相关的其他条件。股息只能从本公司可供分派
之溢利或其他可供分派之储备中支付。除非在
细则或任何附于股份之权利或其发行条款另
有规定，所有股息将根据派付股息的股份缴足
金额宣派及支付。本公司可按董事认为适当的
任何方法支付股息。
物业、厂房及设备
本集团物业、厂房及设备于报告期间的变动详
情载于合并财务报表附注15。
股本
本公司股本于报告期间的变动详情载于合并
财务报表附注26。
已发行债权证
本公司于报告期间并无任何已发行债权证。
股票挂钩协议
于报告期间，除本董事会报告「购股权计划」一
段所载购股权计划外，本公司并无订立任何其
他股票挂钩协议，亦无任何其他股票挂钩协议
于报告期间存在。有关购股权计划之进一步资
料，请参阅本董事会报告「购股权计划」一段及
合并财务报表附注35。
DIVIDEND POLICY
The Company has adopted the Dividend Policy, which aims to
set out the principles and guidelines that the Company aplies
to the declaration and distribution of dividends to the
Shareholders. The Company may by ordinary resolution declare
dividends as the Directors consider apropriate. The
determination to pay dividends wil be based on the
Company‘s profits, cash flows, financial condition, capital
requirements and other conditions that the Board dems
relevant. No dividend shal be payable except out of the profits
or other distributable reserves of the Company available for
distribution. Except as otherwise provided by the Articles or the
rights atached to Shares or the terms of isue thereof, al
dividends shal be declared and paid acording to the amounts
paid up on the Shares on which the dividend is paid. The
Company may pay dividends by any method that the Directors
consider apropriate.
PROPERTY, PLANT AND EQUIPMENT
Details of movements during the Reporting Period in the
property, plant and equipment of the Group are set out in
Note 15 to the consolidated financial statements.
SHARE CAPITAL
Details of the movements during the Reporting Period in the
share capital of the Company are set out in Note 26 to the
consolidated financial statements.
DEBENTURES ISUED
The Company did not have any debentures in isue for the
Reporting Period.
EQUITY-LINKED AGREMENT
During the Reporting Period, save for the Share Option Scheme
as set out in the paragraph headed “Share Option Scheme” of
this Report of the Directors, the Company did not enter into
any other equity-linked agrement, nor did any other
equity-linked agrement exist during the Reporting Period.
Please refer to the paragraph headed “Share Option Scheme”
in this Report of the Directors and Note 35 to the consolidated
financial statements for further information about the Share
Option Scheme.
东京中央拍卖控股有限公司 二零二五年度报告103
Reports of the Directors
董事会报告
购回股份或债权证之安排
于报告期间，概无本公司或其任何附属公司参
与任何安排，致使董事（包括彼等之配偶及
十八岁以下之子女）可藉购入本公司或任何其
他法人团体的股份或债权证而获取利益。
储备
本集团及本公司的储备于年内的变动详情，分
别载于本年报第135页合并权益变动表及合并
财务报表附注27。
董事认为，于2025年3月31日，本公司并无可
供分派予股东之储备。
董事
于报告期间及直至本董事会报告日期之董事
如下：
执行董事
安藤湘桂先生（又名廖湘桂）
（于2025年6月20日辞任）
安藤恵理女士（又名冯慧瑾）
（于2025年6月20日辞任）
葛文海先生
（于2025年6月20日辞任）
孙鸿月先生（于2025年6月20日辞任）
黄仕坤先生（于2025年5月30日获委任）
黄仕峰先生（于2025年5月30日获委任）
钱源女士（于2025年5月30日获委任）
童军先生（于2025年5月30日获委任）
非执行董事
李杰峰先生（于2025年5月30日获委任）
郑浩然先生（于2025年5月30日获委任）
ARANGEMENTS TO PURCHASE SHARES OR
DEBENTURES
During the Reporting Period, neither the Company nor any of
its subsidiaries were a party to any arangements to enable the
Directors (including their spouse and children under 18 years of
age) to acquire benefits by means of the acquisition of shares
in, or debentures of, the Company or any other body
corporate.
RESERVES
Details of the movements in the reserves of the Group and the
Company during the year are set out in the consolidated
statement of changes in equity on page 135 of this anual
report and Note 27 to the consolidated financial statements,
respectively.
In the opinion of the Directors, there is no reserve of the
Company which is available for distribution to Shareholders at
31 March 2025.
DIRECTORS
The Directors during the Reporting Period and up to the date
of this Report of the Directors were:
Executive Directors
Mr. Ando Shokei (alias Liao Xiangui)
(resigned on 20 June 2025)
Mrs. Ando Eri (alias Feng Huijin)
(resigned on 20 June 2025)
Mr. Katsu Bunkai (alias Ge Wenhai)
(resigned on 20 June 2025)
Mr. Sun Hongyue (resigned on 20 June 2025)
Mr. Huang Shikun (apointed on 30 May 2025)
Mr. Huang Shifeng (apointed on 30 May 2025)
Ms. Qian Yuanyuan (apointed on 30 May 2025)
Mr. Tong Jun (apointed on 30 May 2025)
Non-executive directors
Mr. Li Jiefeng (apointed on 30 May 2025)
Mr. Zheng Haoran (apointed on 30 May 2025)
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025104
Reports of the Directors
董事会报告
独立非执行董事
钟国武先生（于2025年6月20日辞任）
林淑玲女士（于2025年6月20日辞任）
秦治民先生（于2025年6月20日辞任）
何佳教授（于2025年5月30日获委任）
胡左浩教授（于2025年5月30日获委任）
梁廷育先生（于2025年5月30日获委任）
于本报告日期，何佳教授、胡左浩教授及梁廷
育先生均为独立非执行董事并于2025年5月30
日获委任，自委任之日起为期一年，并将自动
重续一年，除非任何一方发出不少于一个月的
书面通知予以终止。
于报告期间及直至本报告日期，安藤湘桂先
生、安藤恵理女士及葛文海先生亦为本公司若
干附属公司的董事。
于报告期间及直至本报告日期，本公司附属公
司的其他董事如下：
翟志胜先生
彭贯琳女士
董事的服务合约
于2025年3月31日，概无拟于应届股东周年大
会膺选连任的董事与本公司或其任何附属公
司订立于一年内本集团不作赔偿（法定赔偿除
外）则不得终止的服务合约。
董事薪酬乃根据可资比较公司支付的薪酬、董
事投入的时间、职务及责任、个别工作表现及
本集团的业绩而厘定。
Independent Non-executive Directors
Mr. Chung Kwok Mo John (resigned on 20 June 2025)
Ms. Lam Suk Ling Shirley (resigned on 20 June 2025)
Mr. Chun Chi Man (resigned on 20 June 2025)
Profesor He Jia (apointed on 30 May 2025)
Profesor Hu Zuohao (apointed on 30 May 2025)
Mr. Leung Ting Yuk (apointed on 30 May 2025)
As at the date of this Report, Profesor He Jia, Profesor Hu
Zuohao and Mr. Leung Ting Yuk are independent
non-executive Directors and were apointed on 30 May 2025
with a term of one year from the date of apointment which
shal be renewed automaticaly for sucesive terms of one year
unles terminated by either party giving not les than one
month’s writen notice.
During the Reporting Period and up to the date of this report,
Mr. Ando Shokei, Mrs. Ando Eri and Mr. Katsu Bunkai are also
directors in certain subsidiaries of the Company.
Other directors of the Company’s subsidiaries during the
Reporting Period and up to the date of this report were:
Mr. Chak Chi Shing
Ms. Peng Kuan Lin
Directors’ service contracts
As at 31 March 2025, no Director proposed for re-election at
the forthcoming anual general meting has a service contract
with the Company or any of its subsidiaries which is not
determinable by the Group within one year without payment of
compensation (other than statutory compensation).
The Directors’ remuneration is determined with reference to the
remuneration of the comparable companies, the Directors’ time
contribution, duties and responsibilities and individual
performance as wel as the results of the Group.
东京中央拍卖控股有限公司 二零二五年度报告105
Reports of the Directors
董事会报告
董事及高级管理层履历详情
董事及高级管理层履历详情载于本年报第24
至37页。
执行董事
本公司已与各执行董事订立服务合约，自委任
之日起为期一年，并将自动重续一年，除非任
何一方发出一个月的书面通知予以终止。各执
行董事须根据本公司组织章程细则于股东周
年大会上轮值退任及膺选连任。
非执行董事及独立非执行董事
本公司已与各非执行董事及独立非执行董事
订立委任函，自委任之日起为期一年，并将自
动重续一年，除非任何一方发出一个月的书面
通知予以终止。该等委任受细则中有关董事离
任、罢免及董事轮席退任的条文规限。各非执
行董事均有权每年收取60,000港元的董事袍
金，而各独立非执行董事均有权每年收取
120,000港元的董事袍金。除董事袍金外，预
期并无非执行董事及独立非执行董事会因担
任非执行董事或独立非执行董事一职而收取
任何其他薪酬。
Biographical details of Directors and senior
management
Biographical details of Directors and senior management are set
out in page 24 to 37 of this anual report.
Executive Directors
The Company has entered into a service contract with each of
executive Directors, with a term of one year from the date of
apointment which shal be renewed automaticaly for
sucesive terms of one year unles terminated by either party
with one month’s writen notice. Each of executive Directors
shal be subject to retirement by rotation and re-election at the
anual general meting in acordance with the articles of
asociation of the Company.
Non-executive Directors and independent non-executive
Directors
The Company has ben entered into a leter of apointment
with each of the non-executive Directors and independent
non-executive Directors with a term of one year from the date
of apointment which shal be renewed automaticaly for
sucesive terms of one year unles terminated by either party
with one month’s writen notice. The apointments are subject
to the provisions of the Articles with regard to vacation of
ofice of Directors, removal and retirement by rotation of
Directors. Each of the non-executive Directors is entitled to a
director’s fe of HK$60,000 per anum and each of the
independent non-executive Directors is entitled to a director’s
fe of HK$120,000 per anum. Save for directors’ fes, none of
the non-executive Directors and independent non-executive
Directors is expected to receive any other remuneration for
holding their ofice as a non-executive Director or an
independent non-executive Director.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025106
Reports of the Directors
董事会报告
董事及高级管理层薪酬
本集团董事于报告期间的薪酬详情载于本公
司合并财务报表附注13及38。各高级管理层人
员的薪酬范围如下：
董事于重大交易、安排或合约之权益
除合并财务报表附注13及38所披露者外，概无
与本集团业务有关的重大交易、安排及合约于
报告期间末或报告期间内任何时间存续，而当
中本公司或其任何附属公司为订约方，且董事
或其关连实体直接或间接拥有重大权益。
董事履历详情变动
除本年报所披露者外，本公司并不知悉董事资
料有其他变动，而须根据上市规则第13.51B(1)
条作出披露。
获准许的弥偿条文
根据公司条例第469条中的定义，有关董事及
要员责任保险的获准许弥偿条文于报告期间
有效及直至本年报日期仍然有效。
Directors’ and senior management remuneration
Details of the remuneration of the Directors of the Group for
the Reporting Period are set out in Notes 13 and 38 to the
consolidated financial statements of the Company. The
remuneration of each senior management personel by band is
as folows:
No. of senior
management
高级管理层人员数目
Les than HK$1,000,000少于1,000,000港元1
More than HK$1,000,001 and
les than HK$2,000,000
多于1,000,001港元及
少于2,000,000港元1
Directors’ interest in transactions, arangements or
contracts of significance
Save as disclosed in Notes 13 and 38 to the consolidated
financial statements, no transactions, arangements and
contracts of significance in relation to the Group’s busines to
which the Company or any of its subsidiaries was a party and
in which a Director or his/her conected entity had a material
interest, whether directly or indirectly, subsisted at the end of
the Reporting Period or at any time during the Reporting
Period.
Changes in Director’s biographical details
Save as disclosed in this anual report, the Company is not
aware of other changes in the Directors’ information which are
required to be disclosed pursuant to rule 13.51B(1) of the
Listing Rules.
PERMITED INDEMNITY PROVISION
In acordance with the definition of section 469 of the
Companies Ordinance, the permited indemnity provision in
relation to the director’s and oficer’s liability insurance was in
force during the Reporting Period and remains in force as at the
date of this anual report.
东京中央拍卖控股有限公司 二零二五年度报告107
Reports of the Directors
董事会报告
控股东在重大合约中的权益
于报告期间内，除招股章程中「持续关连交易」
一节所披露者及合并财务报表附注34所披露的
交易外，概无本公司或其任何附属公司控股
东与本公司或其附属公司订立任何重大合约
（包括提供服务的重大合约）。
管理合约
于报告期间，本集团并无就本集团全部或任何
重大部分业务之管理或行政工作订立或存有
任何合约。
退休金计划
本集团为其日本及香港雇员参与多项定额供
款退休福利计划，包括国民年金及强制性公积
金。本集团的供款于向该等退休金计划作出供
款时全数归属雇员。因此，本集团并无没收供
款可供减少其对各退休金计划的现有供款水
平。本公司退休金计划的进一步详情载于合并
财务报表附注2.22(b)中「退休金责任」一段。
CONTROLING SHAREHOLDER’S INTERESTS IN
CONTRACTS OF SIGNIFICANCE
Save as disclosed in the Prospectus under the section headed
“Continuing Conected Transaction” and the transactions as
disclosed in Note 34 to the consolidated financial statements,
no controling shareholder of the Company or any of its
subsidiaries has any contract of significance (including contract
of significance for the provision of services) with the Company
or its subsidiaries during the Reporting Period.
MANAGEMENT CONTRACTS
No contracts concerning the management or administration of
the whole or any substantial part of the busines of the Group
was entered into or subsisted during the Reporting Period.
PENSION SCHEME
The Group participates in several defined contribution
retirement benefit schemes, including the National Pension and
Mandatory Provident Fund for its employes in Japan and Hong
Kong, respectively. The Group’s contributions vest fuly with the
employes when such contributions are made into these
pension schemes. Acordingly, no forfeited contribution is
available for the Group to reduce its existing level of
contributions to the respective pension schemes. Further details
of the pension scheme of the Company are set out in the
paragraph headed “Pension Obligations” in Note 2.22(b) to the
consolidated financial statements.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025108
Reports of the Directors
董事会报告
购股权计划
本公司于2018年9月13日采纳购股权计划
（「2018年购股权计划」），以使本公司能够向选
定参与者授予购股权，作为向彼等对本集团的
贡献予以激励或奖励。全体董事、雇员、商品
或服务供应商、客户、为本集团提供研究、开
发或其他技术支援的人士或实体、本集团任何
成员公司的股东、本集团的咨询人或顾问，以
及曾经或可能藉合资经营、业务联盟或其他业
务安排而对本集团的增长作出贡献的任何其
他群组或类别的参与者，均有资格参与2018年
购股权计划。参与者应于授出购股权的要约日
期起计21日内接纳购股权。于接纳所授购股权
时须缴付1港元的象征式代价。购股权可于董
事厘定并通知各承授人的期间内随时根据购
股权计划的条款行使（该期间须由获行使授出
购股权的要约当日1日后起计，但无论如何须
于授出购股权日期起计10年内届满，惟可根据
有关条文提早终止）。购股权计划下的股份认
购价须由董事厘定，但不得低于：(i)授出购股
权的要约日期（必须为营业日）在联交所每日
报价表所报的股份收市价；及(i)紧接授出购股
权的要约日期前5个营业日在联交所每日报价
表所报的股份平均收市价各项中的最高者。
SHARE OPTION SCHEME
The Company has adopted the Share Option Scheme on
13 September 2018 (the “2018 Share Option Scheme”) for the
purpose to enable the Company to grant share options to
selected participants as incentives or rewards for their
contribution to the Group. Al directors, employes, supliers of
gods or services, customers, persons or entities that provide
research, development or other technological suport to the
Group, shareholders of any member of the Group, advisers or
consultants of the Group and any other group or clases of
participants who have contributed or may contribute by way of
joint venture, busines aliance or other busines arangement
to growth of the Group are eligible to participate in the 2018
Share Option Scheme. An option may be acepted by a
participant within 21 days from the date of the ofer of grant
of the option. A nominal consideration of HK$1 is payable on
aceptance of the grant of an option. An option may be
exercised in acordance with the terms of the Share Option
Scheme at any time during a period to be determined and
notified by the Directors to each grante, which period may
comence on a day after the date upon which the ofer for
the grant of options is made but shal end in any event not
later than 10 years from the date of grant of the option,
subject to the provisions for early termination thereof. The
subscription price for the Shares under the Share Option
Scheme wil be a price determined by the Directors, but shal
not be les than the highest of: (i) the closing price of Shares
as stated in the Stock Exchange’s daily quotations shet on the
date of the ofer of grant, which must be a busines day; and
(i) the average closing price of the Shares as stated in the
Stock Exchange’s daily quotations shet for the five busines
days imediately preceding the date of the ofer for the grant.
东京中央拍卖控股有限公司 二零二五年度报告109
Reports of the Directors
董事会报告
因根据购股权计划及本集团采纳的任何其他
购股权计划将予授出的所有购股权获行使而
可能配发及发行的股份总数合共不得超过于
2018年10月11日（即本公司股份上市日期）已
发行股份数目的10%（「2018年一般计划上
限」）。根据2018年购股权计划及本集团所采纳
的任何其他购股权计划而已授出惟尚未行使
的所有尚未行使的购股权获行使而可能发行
的股份数目上限，合共不得超过不时已发行股
份的30%。除非获本公司股东批准，于任何12
个月期间因根据2018年购股权计划及本集团
任何其他购股权计划向各参与者所授出的购
股权（包括已行使或尚未行使购股权两者）获
行使而已发行及可能将发行的股份总数不得
超过当时本公司已发行股本的1%。除非董事
另行决定及在向承授人作出授出购股权的要
约中列明，购股权计划并无规定在可行使购股
权前所需持有的最短期限。
诚如本公司日期为2023年4月24日的公告所披
露，于2023年4月24日，48,000,000份购股权已
授予本集团若干董事、高级管理层及雇员（「承
授人」）。授出的购股权将根据承授人各自的时
间表归属于彼等。授出购股权的详情载于本公
司日期为2023年4月24日的公告。于报告期
间，本公司根据2018年购股权计划概无已行
使、失效或注销的购股权。于2025年3月31
日，2018年购股权计划项下有48,000,000股有
效及尚未行使的购股权。
The total number of Shares which may be aloted and isued
upon exercise of al options to be granted under the Share
Option Scheme and any other share option scheme adopted by
the Group must not in agregate exced 10% of the Shares in
isue on 11 October 2018 (being the date of listing of Shares
of the Company) (the “2018 General Scheme Limit”). The
maximum number of Shares which may be isued upon exercise
of al outstanding options granted and yet to be exercised
under the 2018 Share Option Scheme and any other share
option scheme adopted by the Group must not in agregate
exced 30% of the Shares in isue from time to time. Unles
aproved by the shareholders of the Company, the total
number of Shares isued and to be isued upon exercise of the
options granted under the 2018 Share Option Scheme and any
other share option scheme of the Group (including both
exercised or outstanding options) to each participant in any
12-month period shal not exced 1% of the isued share
capital of the Company for the time being. Unles otherwise
determined by the Directors and stated in the ofer of the
grant of options to a grante, there is no minimum period
required under the Share Option Scheme for the holding of an
option before it can be exercised.
On 24 April 2023, 48,000,000 share options were granted to
certain Director, senior managements and employes of the
Group (the “Grantes”), as disclosed in the anouncement of
the Company dated 24 April 2023. The share options granted
shal vest in the Grantes in acordance with their respective
the timetable. Details of the grant of share options are set out
in the anouncement of the Company dated 24 April 2023.
During the Reporting Period, no share options have ben
exercised, lapsed or canceled by the Company under the 2018
Share Option Scheme. As at 31 March 2025, there were Share
Options for 48,000,000 shares valid and outstanding under the
2018 Share Option Scheme.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025110
Reports of the Directors
董事会报告
于2023年9月4日，于股东周年大会（「2023年股
东周年大会」）上，本公司建议采纳2023年购股
权计划（「2023年购股权计划」）及终止2018年
购股权计划已获股东以投票表决方式正式通
过。有关详情，请参阅本公司日期为2023年7
月28日的通函（「2023年股东周年大会通函」），
而2023年股东周年大会的投票结果载于本公
司日期为2023年9月4日的公告。
购股权计划
2023年购股权计划旨在(i)使本公司能够向合资
格参与者授予购股权，作为向彼等对本集团增
长及发展的贡献予以激励或奖励；(i)吸引及挽
留人才，以促进本集团的可持续发展；及(i)使
承授人的利益与股东的利益一致，以促进本公
司的长期财务及业务表现。2023年购股权计划
的主要规则概要载于2023年股东周年大会通
函附录三。董事相信，有关条文以及董事会可
能厘定的其他条款将保障本公司的价值以及
达致2023年购股权计划的目的。
概无董事为2023年购股权计划的受托人或于
2023年购股权计划受托人（如有）中拥有直接
或间接权益。概无就2023年购股权计划委任
何受托人。
本公司2023年购股权计划项下将予授出的所
有购股权及所有股份奖励而可能发行的本公
司股份总数，合共不得超过本公司于采纳日期
已发行股份的10%。根据上市规则第17.07(3)
条，于2025年3月31日及本报告日期，2023年
购股权计划项下可能发行的本公司股份总数
为50,000,000股份，相当于本公司于该日期
已发行股份的10%。
On 4 September 2023, at the anual general meting (the
“2023 AGM”), the Company proposed adoption of 2023 share
option scheme (the “2023 Share Option Scheme”) and
termination of the 2018 Share Option Scheme were duly
pased by the Shareholders by way of pol. For details
information, please refer the circular of the Company dated
28 July 2023 (the “2023 AGM Circular”) and the pol result of
the 2023 AGM are set out in the anouncement of the
Company dated 4 September 2023.
The Share Option Scheme
The purpose of the 2023 Share Option Scheme is to (i) enable
the Company to grant Options to the Eligible Participants as
incentives or rewards for their contribution to the growth and
development of the Group; (i) to atract and retain personel
to promote the sustainable development of the Group; and (i)
to align the interest of the grantes with those of the
Shareholders to promote the long-term financial and busines
performance of the Company. A sumary of the principal rules
of the 2023 Share Option Scheme is set out in Apendix I to
the 2023 AGM Circular. The Directors believe that the
provisions as wel as such other terms as may be determined by
the Board, wil serve to protect the value of the Company as
wel as to achieve the purpose of the 2023 Share Option
Scheme.
None of the Directors is a truste of the 2023 Share Option
Scheme or has a direct or indirect interest in the trustes of
the 2023 Share Option Scheme (if any). There is no truste
apointed for the purposes of the 2023 Share Option Scheme.
The total number of shares of the Company which may be
isued in respect of al share options and al share awards to be
granted under the 2023 Share Option Scheme of the Company
must not in agregate exced 10% of the shares of the
Company in isue as at the date of adoption. Pursuant to the
Rule 17.07(3) of the Listing Rules, as at 31 March 2025 and
the date of this report, the total number of shares of the
Company which may be isued under the 2023 Share Option
Scheme is 50,000,000 shares, representing 10% of the isue
shares of the Company as at such date.
东京中央拍卖控股有限公司 二零二五年度报告111
Reports of the Directors
董事会报告
随著新上市规则第17章于2023年1月1日生效，
本公司须于购股权计划修订前根据过渡安排
遵守新上市规则第17章的相关规则，以遵守新
上市规则第17章的规定。
有关购股权计划的进一步详情载于本报告「管
理层讨论及分析」一节。
主要股东于股份的权益
就董事所知，于2025年3月31日，除其权益于
下文「董事及最高行政人员于本公司或其任何
相联法团的股份、相关股份及债权证中的权益
及淡仓」分段所披露的本公司董事或最高行政
人员外，概无其他人士于股份或相关股份中拥
有根据证券及期货条例（香港法例第571章）
（「证券及期货条例」）第336条记录于本公司须
存置之登记册内的权益或淡仓。
With the efectivenes of the new Chapter 17 of the Listing
Rules with efect from 1 January 2023, the Company shal
comply with the relevant rules of the new Chapter 17 of the
Listing Rules under the transitional arangements before the
Share Option Scheme is amended to comply with the new
Chapter 17 of the Listing Rules.
Further details of the Share Option Scheme are set out in
section headed “Management Discusion and Analysis” of this
report.
SUBSTANTIAL SHAREHOLDERS’ INTEREST IN
THE SHARES
So far as is known to the Directors, as at 31 March 2025,
other than a Director or chief executive of the Company whose
interests are disclosed under the sub-paragraph headed
“Directors’ and chief executive’s interests and short positions in
the shares and underlying shares and debentures of the
company or any of its asociated corporations” below, no other
persons had an interest or a short position in the Shares or
underlying Shares as recorded in the register required to be
kept by the Company under Section 336 of the Securities and
Futures Ordinance, Chapter 571 of the Laws of Hong Kong (the
“SFO”).
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025112
Reports of the Directors
董事会报告
董事及最高行政人员于本公司或其
任何相联法团的股份、相关股份及债
权证中的权益及淡仓
于2025年3月31日，本公司董事及最高行政人
员于本公司或其相联法团（定义见证券及期货
条例第XV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352条记录于须存置
之登记册的权益及淡仓，或根据上市规则附录
十所载的标准守则须另行知会本公司及联交
所的权益及淡仓如下：
附注：
- 「L」代表董事于本公司或有关相联法团
股份中的好仓。
- 。根据
证券及期货条例，安藤恵理女士被当作于安
藤湘桂先生拥有权益的相同股份数目中拥有
权益。安藤湘桂先生及安藤恵理女士于2025
年6月20日辞任本公司执行董事。
3. 该等股份为葛文海先生于TCA日本持有的A类
股份。TCA日本A类股份股东于TCA日本的股
东大会上并无任何投票权。葛文海先生于
2025年6月20日辞任本公司执行董事。
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN SHARES
AND UNDERLYING SHARES AND DEBENTURES
OF THE COMPANY OR ANY OF ITS
ASOCIATED CORPORATIONS
As at 31 March 2025, the interests and short positions of the
Directors and the chief executive of the Company in the shares,
underlying shares and debentures of the Company or its
asociated corporation (within the meaning of Part XV of the
SFO), as recorded in the register required to be kept under
Section 352 of the SFO or as otherwise notified to the
Company and the Stock Exchange pursuant to the Model Code
set out in Apendix 10 to the Listing Rules, were as folows:
Name
Name of Group
member/asociated
corporationNature of interest
Number of shares
interested
Aproximate
percentage of
interest held in
the Company
姓名
本集团成员公司╱
相联法团名称权益性质拥有权益股份数目
本公司持有的
权益之概约
百分比
(Note 1)
（附注1）
Mr. Ando ShokeiThe CompanyBeneficial owner374,967,278(L)75%
安藤湘桂先生本公司实益拥有人
Mrs. Ando EriThe CompanyInterest of spouse
(Note 2)
374,967,278(L)75%
安藤恵理女士本公司配偶权益（附注2）
Mr. Katsu BunkaiTCA JapanBeneficial owner
(Note 3)
50 clas A shares(L)5%
葛文海先生TCA日本实益拥有人（附注3）50股A类股份(L)
Notes:
1. The leter “L” denotes the Directors’ long position in the shares
of the Company or the relevant asociated corporation.
2. Mrs. Ando Eri is the spouse of Mr. Ando Shokei. Under the SFO,
Mrs. Ando Eri is taken to be interested in the same number of
Shares in which Mr. Ando Shokei is interested. Mr. Ando Shokei
and Mrs. Ando Eri resigned as executive Directors of the
Company on 20 June 2025.
3. These shares represent clas A shares in TCA Japan held by
Mr. Katsu Bunkai. Shareholders of clas A shares in TCA Japan
do not have any voting right at the general meting of
shareholders of TCA Japan. Mr. Katsu Bunkai resigned as
executive Director of the Company on 20 June 2025.
东京中央拍卖控股有限公司 二零二五年度报告113
Reports of the Directors
董事会报告
于2023年4月24日，合共5,000,000份购股权获
授予葛文海先生，以供于行使该等购股权后按
行使价每股0.80港元认购股份，行使期为2024
年4月24日至2029年4月23日。购股权要约项下
的该等5,000,000份购股权已于2025年6月20日
交回注销。
除上文所披露者外，于2025年3月31日，概无
本公司董事及最高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XV部）
之任何股份、相关股份或债权证中拥有根据证
券及期货条例第352条记录于须存置之登记
册，或根据标准守则及公司条例之规定而须另
行知会本公司及联交所的任何权益或淡仓。
于2025年4月25日，安藤湘桂先生与ESA
Financial Group Ltd订立买卖协议，紧随完成买
卖374,967,278股份后，由安藤湘桂先生分别
向ESA Financial Group Ltd、李杰峰先生、郑
浩然先生及其他买方转让329,967,278股
份、15,000,000股份、15,000,000股份及
15,000,000股份。本集团的母公司为ESA
Financial Group Ltd，而最终控股东为黄仕
坤先生，彼亦自2025年5月30日起担任本公司
执行董事，并自2025年6月20日起担任本公司
主席。详情请参阅本公司日期为2025年5月2
日、2025年5月23日、2025年5月30日及2025年
6月20日的联合公告（「该等联合公告」）以及日
期为2025年5月30日的通函（「该通函」）。
李杰峰先生及郑浩然先生自2025年5月30日起
获委任为本公司非执行董事。
主要客户及供应商
本集团的艺术品拍卖及相关业务客户主要包
括将艺术品委托予我们拍卖的卖家及在艺术
品拍卖会上购买艺术品的买家。据董事所知，
我们在此分部下的客户一般由艺术品爱好者
构成，包括艺术家、艺术品大师、专家、商
人、收藏家、艺廊及私人博物馆。
On 24 April 2023, total 5,000,000 options are granted to Mr.
Katsu Bunkai to subscribe for Shares upon exercise of such
share options at an exercise price of HK$0.80 per shares with
an exercise period of 24 April 2024 to 23 April 2029. Such
5,000,000 share options had ben tendered for cancelation
under the option ofer on 20 June 2025.
Save as disclosed above, as at 31 March 2025, none of the
Directors and chief executive of the Company had any interests
or short positions in any shares, underlying shares or
debentures of the Company or any of its asociated
corporations (within the meaning of Part XV of the SFO) which
were recorded in the register required to be kept under section
352 of the SFO or otherwise notified to the Company and the
Stock Exchange pursuant to the Model Code and the
Companies Ordinance.
On 25 April 2025, Mr. Ando Shokei had entered into the sale
and purchase agrement with ESA Financial Group Ltd,
imediately after the completion of the sale and purchase of
the 374,967,278 shares, which transfered from Mr. Ando
Shokei to the ESA Financial Group Ltd of the 329,967,278
Shares, Mr. Li Jiefeng of the 15,000,000 Shares, Mr. Zheng
Haoran of the 15,000,000 Shares and other purchaser of the
15,000,000 Shares respectively. The parent company of the
Group is ESA Financial Group Ltd and the ultimate controling
shareholder is Mr. Huang Shikun, who is also the executive
Director of the Company since 30 May 2025 and chairman of
the Company since 20 June 2025. For details, please refer to
the joint anouncements dated 2 May 2025, 23 May 2025,
30 May 2025 and 20 June 2025 (the “Joint
Anouncements”) and circular dated 30 May 2025 (the
“Circular”) of the Company.
Mr. Li Jiefeng and Mr. Zheng Haoran were apointed as non-
executive Directors of the Company since 30 May 2025.
MAJOR CUSTOMERS AND SUPLIERS
The customers under the art auction and related busines
primarily include selers who consign artworks to the Group for
the auctions and buyers who purchase artworks in the art
auctions. To the best knowledge of the Directors, the
customers under the segment are generaly comprised of
artwork interested parties including artworks artists, masters,
experts, merchants, colectors, art galeries and private
museums.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025114
Reports of the Directors
董事会报告
供应商主要包括本集团以主事人身份就艺术
品销售分部向其购买艺术品的卖家、提供场地
作艺术品预展及举行艺术品拍卖会的业主、为
我们的艺术品预展及举行艺术品拍卖会提供
活动筹备及住宿预订服务的供应商、为我们的
拍品图录提供摄影、印刷及付运服务的供应
商，以及为已拍卖艺术品提供付运服务、保安
及保险服务的供应商。
客户及供应商的资料如下：
附注： 截至2025年3月31日止年度，来自五大客户
的总销售百分比指向五大客户作出的总销
售除以总落槌价及总销售。截至2025年3月
31日止年度，来自五大供应商的总购买百
分比指来自五大供应商的总购买除以总落
槌价及总购买。
The supliers mainly include selers from whom the Group
purchase artworks as principal for the artwork sales segment,
property owners who provide venue for artwork preview
exhibition and art auction operation, supliers of event
organisation and acomodation boking services for the
artwork preview exhibition and art auction operation, supliers
of photo-taking, printing and delivery services for the auction
catalogs, and supliers of delivery services for the auctioned
artworks and security and insurance services.
The information of the customers and supliers is as folows:
Percentage of
total sales for the
year ended
31 March 2025
截至2025年3月31日
止年度占总销售
百分比
Five largest customers五大客户25.0%
The largest customer最大客户6.37%
Percentage of total
purchase for the
year ended
31 March 2025
截至2025年3月31日
止年度占总购买
百分比
Five largest supliers五大供应商21.3%
The largest suplier最大供应商4.6%
Note: The percentage of total sales from the five largest customers
was represented by total sales to the five largest customers
divided by agregate harmer price and total sales for the year
ended 31 March 2025. The percentage of total purchase from
five largest supliers was presented by total purchase from the
five largest supliers divided by agregate harmer price and
total purchase for the year ended 31 March 2025.
东京中央拍卖控股有限公司 二零二五年度报告115
Reports of the Directors
董事会报告
就董事所知，概无董事、彼等的紧密联系人或
持有本公司已发行股份5%以上的股东于本集
团五大客户或五大供应商中拥有任何权益。
关联方交易
本集团于报告期间日常业务过程中进行的关
联方交易详情载于本年报合并财务报表附注
34。各该等关联方交易构成关连交易（定义见
上市规则第14A章），其获全面豁免遵守上市规
则第14A章项下股东批准、年度审阅及所有披
露规定。因此，本公司已根据上市规则第14A
章遵守披露规定。
公众持股量
根据本公司可获得的公开资料及就其董事知
悉，于本年报日期，本公司已维持上市规则规
定的最低公众持股量。
竞争业务
本公司控股东，即安藤湘桂先生，遵守于
2018年9月13日为本公司利益出具的不竞争承
诺的情况载于企业管治报告内。
于报告期间，概无本公司董事或控股东或其
各自的紧密联系人被认为于与本集团核心业
务直接或间接竞争或可能竞争的业务中拥有
权益。
As far as the Directors are aware, none of the Directors, their
close asociates or shareholders holding more than 5% of the
isued shares of the Company had any interest in the five
largest customers or five largest supliers of the Group.
RELATED PARTY TRANSACTIONS
Details of the related party transactions undertaken in the
ordinary course of busines by the Group during the Reporting
Period are set out in Note 34 to the consolidated financial
statements of this anual report. Each of such related party
transactions constitute conected transactions (as defined under
Chapter 14A of the Listing Rules) which are fuly exempted
from the shareholders’ aproval, anual review and al
disclosure requirements under Chapter 14A of the Listing Rules.
Acordingly, the Company has complied with the disclosure
requirements in acordance with Chapter 14A of the Listing
Rules.
PUBLIC FLOAT
Based on the information publicly available to the Company
and as far as the Directors are aware as at the date of this
anual report, the Company has maintained the prescribed
minimum public float under the Listing Rules.
COMPETING BUSINES
The compliance of the controling shareholder of the Company,
namely Mr. Ando Shokei, of the non-competition undertakings
entered into in favour of the Company on 13 September 2018
is set out in the Corporate Governance Report.
During the Reporting Period, none of the Directors or the
controling shareholder of the Company or their respective close
asociates are considered to be interested in busineses which
compete or are likely to compete, either directly or indirectly,
with the core busineses of the Group.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025116
Reports of the Directors
董事会报告
雇员
于2025年3月31日的雇员人数载于本年报第17
页「管理层讨论及分析 — 雇员及薪酬政策」。
于报告期间，本集团并无经历任何对本集团经
营有重大影响的罢工或重大劳工纠纷。本集团
与其雇员维持良好关系。
报告期间后事项
于2025年4月25日，安藤湘桂先生与ESA
Financial Group Ltd（「要约人」）订立买卖协议，
据此，安藤湘桂先生同意出售而要约人及其他
买方同意购买合共374,967,278股份（「待售
股份」），相当于本公司全部已发行股本约
74.99%。待售股份的总代价为164,985,602.32
港元，相当于每股待售股份0.44港元。详情请
参阅本公司的该等联合公告及该通函。
所得款项用途
自全球发售
本公司股份于2018年10月11日在联交所上市，
而本公司自全球发售获得所得款项净额（「所
得款项净额」）（经扣除包销佣金及相关成本及
开支后）约110.0百万港元。于2021年3月26
日，本公司已决议更改约27.3百万港元尚未动
用所得款项净额之用途（「重新分配」）。详情请
参见本公司日期为2018年9月27日有关全球发
售之招股章程（「招股章程」）及本公司日期为
2021年3月26日的公告（「该公告」）。
EMPLOYES
The number of employes as at 31 March 2025 is set out
under “Management Discusion and Analysis — Employes and
emolument policy” on page 17 of this anual report. During
the Reporting Period, the Group did not experience any strikes
or significant labour disputes which materialy afected the
operation of the Group. The Group maintained god
relationship with its employes.
EVENTS AFTER THE REPORTING PERIOD
On 25 April 2025, Mr. Ando Shokei had entered into the sale
and purchase agrement with the ESA Financial Group Ltd (the
“Oferor”), pursuant to which Mr. Ando Shokei had agred to
sel and the Oferor and other purchasers had agred to
purchase an agregate of 374,967,278 shares (the “Sale
Shares”), representing aproximately 74.99% of the total
isued share capital of the Company. The total consideration
for the Sale Shares is HK$164,985,602.32, which is equivalent
to HK$0.44 per Sale Share. For details, please refer to the Joint
Anouncements and the Circular of the Company.
USE OF PROCEDS
From the Global Ofering
The Company’s shares were listed on the Stock Exchange on
11 October 2018 and the Company received net proceds (the
“Net Proceds”) (after deduction of underwriting comision
and related costs and expenses) from the global ofering of
aproximately HK$110.0 milion. On 26 March 2021, the
Company has resolved to change the use of the unutilised net
proceds of aproximately HK$27.3 milion (the
“Realocation”). For details, please refer to the prospectus (the
“Prospectus”) of the Company dated 27 September 2018 in
relation to the global ofering and the anouncement of the
Company dated 26 March 2021 (the “Anouncement”).
东京中央拍卖控股有限公司 二零二五年度报告117
Reports of the Directors
董事会报告
于2025年3月31日，本公司已悉数动用所得款
项净额，使用情况如下：
审核委员会
本公司已遵照上市规则第3.21条规定设立审核
委员会。于本报告日期，审核委员会现时包括
一名非执行董事，即李杰峰先生；及两名独立
非执行董事，即梁廷育先生及何佳教授。
审核委员会已与本集团管理层审阅本集团所
采纳的会计原则及准则，并讨论审计、内部控
制及财务报告事宜，包括审阅本年报及本集团
于报告期间的经审核年度财务业绩。
核数师
于报告期间的合并财务报表已由国卫会计师
事务所有限公司（「国卫」）审核。将于应届股东
周年大会提呈一项决议案，以重新委聘国卫为
本公司的核数师，直至本公司下届股东周年大
会结束为止。
As at 31 March 2025, the Net Proceds had ben fuly utilised
by the Company and aplied for as folows:
Planed use of
Net Proceds as
disclosed in the
Prospectus
Amount of
Realocation as
disclosed in the
Anouncement
Amount
utilised as at
1 April 2024
Amount utilised
during the year
ended
31 March 2025
Amount
utilised as at
31 March 2025
Unutilised Net
Proceds as at
31 March 2025
招股章程
披露的所得款项
净额计划用途
该公告所披露
重新分配的金额
于2024年4月1日
所动用的金额
截至
2025年3月31日
止年度
所动用的金额
于2025年3月31日
所动用的金额
于2025年3月31日
尚未动用的
所得款项净额
(HK$ milion)(HK$ milion)(HK$ milion)(HK$ milion)(HK$ milion)(HK$ milion)
（百万港元）（百万港元）（百万港元）（百万港元）（百万港元）（百万港元）
(i) Strengthening and
expanding existing auction
busines
加强及扩充现有
拍卖业务
62.7(22.8)(39.9)—(39.9)—
(i) Enhancing marketing and
promotional activities
加强营销及推广
活动22.0—(22.0)—(22.0)—
(i) Recruiting high-calibre
managers and experts
招聘高质素的管理
人才及专家8.8—(8.8)—(8.8)—
(iv) Developing the Group’s ERP
system
开发本集团的企业
资源规划系统5.5(4.5)(1.0)—(1.0)—
(v) Suplementing the Group’s
working capital and for
general corporate
purposes
补充本集团的营运
资金及作一般
公司用途
11.0—(11.0)—(11.0)—
(vi) Developing an artwork
busines for online trading
and information platform
发展线上交易及
资讯平台的
艺术品业务—27.3(15.8)(9.2)(11.5)—
110.0—(98.5)(9.2)(11.5)—
AUDIT COMITE
The Company has established an audit comite in
compliance with Rule 3.21 of the Listing Rules. As at the date
of this Report, it curently comprises one non-executive
Director, namely Mr. Li Jiefeng and two independent
non-executive Directors, namely Mr. Leung Ting Yuk and
Profesor He Jia.
The audit comite has reviewed with the management of the
Group the acounting principles and standards adopted by the
Group, and discused auditing, internal control and financial
reporting maters including the review of this anual report and
the audited anual financial results of the Group for the
Reporting Period.
AUDITOR
The consolidated financial statements for the Reporting Period
have ben audited by HLB Hodgson Impey Cheng Limited
(“HLB”). A resolution wil be submited to the forthcoming
AGM to re-apoint HLB as auditors of the Company until the
conclusion of the next anual general meting of the
Company.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025118
Reports of the Directors
董事会报告
主要风险及不确定因素
有关本集团所面临的主要风险及不确定因素
的讨论载于合并财务报表附注3，且该等内容
构成本董事会报告的一部分。
环境政策
本集团致力推动环保，重视企业社会责任。本
集团持续更新规避环境风险的内部政策和项
目，以确保遵守适用行业和地方标准、法律、
规例及政策的规定。本集团亦持续推行环保、
节能及减排项目，以改善环境管理，为日后的
更佳发展奠定坚实基础。
本集团的主要关系说明
雇员
我们视雇员为本集团最为重要及珍贵的资产。
本集团人力资源管理的目的为提供具竞争力
的薪酬待遇及推行完善的绩效评估制度，并附
设适当奖励，从而嘉奖和认可表现优秀的员
工，以及提供适当培训和在本集团的晋升机
会，从而促进事业发展与进程。
供应商
有关本集团的供应商详情，请参阅本董事会报
告「主要客户及供应商」一段。与本集团的供应
商维持良好关系对本集团的业务至关重要，可
促进成本效益及长期商业利益。
客户
有关本集团的客户详情，请参阅本董事会报告
「主要客户及供应商」一段。本集团的使命为搜
罗更多「来源有据，流传有序」的出色艺术珍品
以让客户作拍卖，同时实现长期的盈利和业务
增长。我们已使用各种方法来加强客户与本集
团的沟通。
PRINCIPAL RISKS AND UNCERTAINTIES
Discusion of the principal risks and uncertainties faced by the
Group is included in Note 3 to the consolidated financial
statements and such contents form part of this Report of the
Directors.
ENVIRONMENTAL POLICIES
The Group is comited to environmental protection and values
corporate social responsibilities. The Group continues to update
internal policies and programes for environmental risk
prevention to ensure compliance with requirements of
aplicable industrial and local standards, laws, regulations and
policies. The Group also continues to implement environmental
protection, energy saving and emision reduction projects to
improve environmental management, seting a solid foundation
for beter future development.
ACOUNT OF THE GROUP KEY RELATIONSHIP
Employes
Employes are regarded as the most important and valuable
asets of the Group. The objective of the Group’s human
resource management is to reward and recognise high
performing staf by providing a competitive remuneration
package and implementing a sound performance apraisal
system with apropriate incentives, and to promote carer
development and progresion by ofering apropriate training
and providing oportunities within the Group for carer
advancement.
Supliers
Please refer to the paragraph headed “Major Customers and
Supliers” in this Report of the Directors for details of the
supliers of the Group. Sound relationships with supliers of
the Group are important for the Group’s busines, which can
derive cost efectivenes and long term busines benefits.
Customers
Please refer to the paragraph headed “Major Customers and
Supliers” in this Report of the Directors for details of the
customers of the Group. The Group has the mision of sourcing
excelent artworks with god provenance to explore and colect
more valuable artworks for auction by its customer whilst
maintaining long term profitability and busines growth. Various
means have ben taken to strengthen the comunications
betwen customers and the Group.
东京中央拍卖控股有限公司 二零二五年度报告119
Reports of the Directors
董事会报告
委任独立非执行董事
本公司已收到各独立非执行董事根据联交所
证券上市规则（「上市规则」）第3.13条就其独立
性发出的年度确认书。本公司认为，全体独立
非执行董事均属独立人士。
遵守法律及法规
于报告期间，本公司概不知悉任何未有遵守任
何相关法律及法规而于所有重大层面对本集
团产生重大影响之情况。
企业管治
本公司已采纳上市规则附录十四所载企业管
治守则（「企业管治守则」）的原则及守则条文。
董事会已审阅本公司的企业管治常规，并信纳
本公司于报告期间已遵守企业管治守则所载
的守则条文。
董事进行证券交易之标准守则
本公司已就董事的交易采纳一套行为守则，其
条款不逊于标准守则所载的规定准则。经本公
司作出特定查询后，全体董事已确认彼等于报
告期间，已遵守标准守则及本公司规管董事进
行证券交易的行为守则所载的规定准则。
购回、出售或赎回本公司上市证券
于报告期间，本公司或其任何附属公司概无购
回、出售或赎回本公司任何上市证券。
代表董事会
黄仕坤
香港，2025年6月30日
APOINTMENT OF INDEPENDENT NON-EXECUTIVE
DIRECTORS
The Company has received, from each of the independent
non-executive Directors, an anual confirmation of his
independence pursuant to Rule 3.13 of the Rules Governing the
Listing of Securities on the Stock Exchange (the “Listing
Rules”). The Company considers al of the independent
non-executive Directors are independent.
COMPLIANCE WITH LAWS AND REGULATIONS
During the Reporting Period, the Company was not aware of
any non-compliance with any relevant laws and regulations that
had a significant impact on the Group in al material respects.
CORPORATE GOVERNANCE
The Company has adopted the principles and code provisions
the Corporate Governance Code (the “CG Code”) set out in
Apendix 14 to the Listing Rules. The Board has reviewed the
Company’s corporate governance practices and is satisfied that
the Company has complied with the code provisions set out in
the CG Code during the Reporting Period.
MODEL CODE FOR SECURITIES TRANSACTION
BY DIRECTORS
The Company has adopted a code of conduct regarding
Directors’ transactions on terms no les exacting than the
required standard set out in the Model Code. After specific
enquiry made by the Company, al Directors confirmed that
they have complied with the required standard set out in the
Model Code and the code of conduct of the Company
governing Directors’ securities transactions during the Reporting
Period.
REPURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES
During the Reporting Period, neither the Company nor any of
its subsidiaries purchased, sold or redemed any of the
Company’s listed securities.
On behalf of the Board
Huang Shikun
Hong Kong, 30 June 2025
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025120
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
香港
中环
毕打街11号
置地广场
告罗士打大厦31楼
To the Shareholders of Tokyo Chuo Auction Holdings Limited
(Incorporated in Hong Kong with limited liability)
OPINION
We have audited the consolidated financial statements of Tokyo
Chuo Auction Holdings Limited (the “Company”) and its
subsidiaries (colectively refered to as the “Group”) set out on
pages 131 to 247, which comprise the consolidated statement
of financial position as at 31 March 2025, the consolidated
statement of profit or los and other comprehensive income,
the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended,
and notes to the consolidated financial statements, including
material acounting policy information.
In our opinion, the consolidated financial statements give a true
and fair view of the consolidated financial position of the
Group as at 31 March 2025, and of its consolidated financial
performance and its consolidated cash flows for the year then
ended in acordance with HKFRS Acounting Standards as
isued by the Hong Kong Institute of Certified Public
Acountants (“HKICPA”) and have ben properly prepared in
compliance with the Hong Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in acordance with the Hong Kong
Standards on Auditing (“HKSAs”) as isued by the HKICPA. Our
responsibilities under those standards are further described in
the “Auditors’ Responsibilities for the Audit of the
Consolidated Financial Statements” section of our report. We
are independent of the Group in acordance with the HKICPA’s
Code of Ethics for Profesional Acountants (the “Code”), and
we have fulfiled our other ethical responsibilities in acordance
with the Code. We believe that the audit evidence we have
obtained is suficient and apropriate to provide a basis for our
opinion.
致东京中央拍卖控股有限公司股东
（于香港注册成立的有限公司）
意见
我们已审计东京中央拍卖控股有限公司（「贵
公司」）及其附属公司（以下统称「贵集团」）列载
于第131至247页的合并财务报表，包括于2025
年3月31日的合并财务状况表、截至该日止年
度的合并损益及其他综合收益表、截至该日止
年度的合并权益变动表及截至该日止年度的
合并现金流量表，以及合并财务报表附注，包
括重大会计政策资料。
我们认为，该等合并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2025年3月31日的合并财务状况及其截至该
日止年度的合并财务表现及合并现金流量，并
已遵照香港《公司条例》妥为拟备。
意见的基础
我们已根据香港会计师公会颁布的《香港审计
准则》（「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
计合并财务报表承担的责任」部分中作进一步
阐述。根据香港会计师公会颁布的《专业会计
师道德守则》（「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
我们的意见提供基础。
东京中央拍卖控股有限公司 二零二五年度报告121
Independent Auditor’s Report
独立核数师报告
KEY AUDIT MATERS
Key audit maters are those maters that, in our profesional
judgment, were of most significance in our audit of the
consolidated financial statements of the curent period. These
maters were adresed in the context of our audit of the
consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion
on these maters.
Key Audit MaterHow our audit adresed the key Audit Mater
关键审计事项我们的审计如何处理关键审计事项
Net realisable value of the inventories
存货之可变现净值
Refer to note 2.11, note 4.1 and note 22 to the
consolidated financial statements.
请参阅合并财务报表附注2.11、附注4.1及附注22。
As at 31 March 2025, the balance of artwork inventories
was HK$132.3 milion, which represented 33.5% of the
total asets of the Group as at 31 March 2025.
于2025年3月31日，艺术品存货之结余为132.3百万港
元，占 贵集团于2025年3月31日总资产的33.5%。
Artwork inventories are measured at the lower of cost
and net realisable value.
艺术品存货按成本及可变现净值两者之间较低者计量。
Our procedures in relation to net realisable value of
the inventories including but not limited to:
我们有关存货之可变现净值的程序包括但不限于：
- ’ experience,
qualifications and credentials by inspecting the
Group’s records and information in the public
domain;
通过检查 贵集团在公共领域的记录及信息来
评估外部艺术专家的经验、资格和资历；
• obtaining the external valuation reports for
artwork inventories as at 31 March 2025 and
comparing valuation amount of artworks
inventories to the net realisable value of the
artwork inventories, on a sample basis;
取得于2025年3月31日的艺术品存货的外部估值
报告，并将艺术品存货的估值金额与艺术品存
货的可变现净值进行抽样比较；
- , on a sample basis, whether there were
any loses or damage to art inventories by
atending the inventory count with the
asistance of the external art experts; and
在外部艺术品专家的协助下，通过清点存货，
以抽样方式评估艺术品存货是否有任何损失或
损坏；及
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
本期合并财务报表的审计最为重要的事项。这
些事项是在我们审计整体合并财务报表及出
具意见时进行处理的。我们不会对这些事项提
供单独的意见。
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025122
Independent Auditor’s Report
独立核数师报告
Key Audit MaterHow our audit adresed the key Audit Mater
关键审计事项我们的审计如何处理关键审计事项
We identified the asesment of the net realisable value
of artworks inventories as a key audit mater because the
judgement exercised by the management in determining
the net realisable value of artwork inventories, which can
be inherently uncertain, and because the impact on the
consolidated financial statements could be material.
我们将评估艺术品存货之可变现净值厘定为关键审计事
项，因为管理层在厘定艺术品存货可变现净值时所行使
的判断可能具有内在的不确定性，且可能对合并财务报
表造成重大影响。
• obtaining an understanding of recent market
trends for artwork inventories, on a sample
basis, by inspecting recent auction prices and
other publicly available information and
enquiring internal artwork apraisal team in the
auction division and aplying the information
obtained from the procedures above in
evaluation of the net realisable value of artwork
inventories.
以抽样方式通过检查近期拍卖价格及其他公开
可得信息以及向拍卖部门的内部艺术品鉴定团
队查询，了解艺术品存货的近期市场趋势，并将
通过上述程序取得的信息应用于艺术品存货之
可变现净值评估。
Based on our work performed, we found that the net
realisable value of the inventories were suportable by
available evidence.
根据我们执行的工作，我们认为存货可变现净值有现
存的证据支持。
东京中央拍卖控股有限公司 二零二五年度报告123
Independent Auditor’s Report
独立核数师报告
Key Audit MaterHow our audit adresed the key Audit Mater
关键审计事项我们的审计如何处理关键审计事项
Impairment of consignor advance
委托人预付款项的减值
Refer to note 2.9, note 2.12, note 3.2 and note 23 to
the consolidated financial statements.
请参阅合并财务报表附注2.9、附注2.12、附注3.2及附注
23。
As at 31 March 2025, the balance of consignor advance
was HK$59.0 milion which represented 14.9% of the
total asets of the Group as at 31 March 2025.
于2025年3月31日，委托人预付款项之结余为59.0百万港
元，占 贵集团于2025年3月31日总资产的14.9%。
Our procedures in relation to management’s
asesment on impairment of consignor advance
including but not limited to:
我们有关管理层评估委托人预付款项减值的程序包
括但不限于：
- ,
implementation of key internal control over the
management’s aproval proces of granting
consignor advance;
了解及评估对管理层有关授出委托人预付款项
的批核程序所作出关键内部控制的设计及实施；
• discusing with management on the nature and
judgement involved in their asesment on the
recoverability of individual significant balances
for consignor advance by considering the credit
history and worthines of the consignors and
coroborated their explanations with suporting
evidences to evaluate whether specific provision
should be made;
经考虑委托人的信贷记录及信誉度，与管理层
就委托人预付款项的个别重大结余的可收回性，
讨论彼等的评估所牵涉的性质及判断，及证实
彼等的解释有可支持证据，以评价是否有需要
作出特定的拨备；
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025124
Independent Auditor’s Report
独立核数师报告
Key Audit MaterHow our audit adresed the key Audit Mater
关键审计事项我们的审计如何处理关键审计事项
The Group provides certain colectors and art dealers
with advances with artwork held under the Group’s
custody. If the consigned artwork is sold in auction, the
proceds received from the buyer, after deducting
comision, consignor advance, interest and relevant
taxes, wil be paid to the consignor. If the artwork under
custody remains unsold, the consignor wil be required to
repay the advance together with interest, where
aplicable, before the artwork under custody is returned
to the consignor.
贵集团以 贵集团托管所持有的艺术品向若干藏家及艺
术经销商提供预付款项。如果受委托之艺术品于拍卖中
售出，从买家所得之所得款项（经扣除佣金、委托人预
付款项、利息及相关税项）将会支付予委托人。如果托
管之艺术品仍未售出，委托人在托管艺术品交回委托人
前，将须偿还预付款项（连同利息，如有）。
- , on a sample basis, the aproval of
consignor advance by tracing to agrements and
payment records;
透过追查协议及付款记录以抽样检查委托人预
付款项之审批；
• obtaining the ful list of consignor advance and
checked, on a sample basis, whether these
advances are suported by the artwork under
the custody of the Group;
取得委托人预付款项的完整清单及以抽样方式
检查该等预付款项是否有 贵集团托管的艺术
品支持；
东京中央拍卖控股有限公司 二零二五年度报告125
Independent Auditor’s Report
独立核数师报告
Key Audit MaterHow our audit adresed the key Audit Mater
关键审计事项我们的审计如何处理关键审计事项
The Group established policies to ensure that advances
are made to consignors with an apropriate credit
history and the Group aseses the credit worthines of
its consignors as wel as considering prior transaction
history with these consignors.
贵集团订有政策以确保预付款项乃向信贷记录恰当的委
托人作出，而 贵集团评估其委托人的信誉度，并考虑
该等委托人的交易记录。
- , on a sample basis, whether the artwork
under the Group’s custody was in god
condition by atending the physical count of the
artwork with asistance of the external art
experts;
在外部艺术品专家的协助下，通过亲身盘点 贵
集团托管的艺术品，以抽样方式评估艺术品是
否状况良好；
- , obtaining and reviewing the
valuation asesments for the artwork under the
Group’s custody prepared by the internal
artwork apraisal team. We inquired of the
internal artwork apraisal team about the factors
they considered in their asesments and
compared the asesments by referencing to the
recent market prices for similar artwork on a
sample basis;
以抽样方式取得及审阅由内部艺术品鉴定团队
对 贵集团托管的艺术品所进行之估值评估。
我们向内部艺术品鉴定团队询问彼等进行评估
所考虑的因素及参考类近艺术品的近期市场价
格以抽样方式比较该等评估；
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025126
Independent Auditor’s Report
独立核数师报告
Key Audit MaterHow our audit adresed the key Audit Mater
关键审计事项我们的审计如何处理关键审计事项
Management has aplied HKFRS 9 and conducted an
asesment of expected credit loses (“ECL”) relating to
the consignor advance. The Group considers that the
credit risk arising from these advances is not significant
after considering the credit history and worthines of the
consignors as wel as the market value of the relevant
artwork held by the Group.
管理层已应用香港财务报告准则第9号及就委托人预付
款项进行预期信贷亏损（「预期信贷亏损」）的评估。经考
虑委托人的信贷记录及信誉度以及 贵集团持有的相关
艺术品的市值后， 贵集团认为该等预付款项的信贷风
险并不重大。
The Group’s internal artwork apraisal team has asesed
and evaluated the market value of the artwork under its
custody based on the recent market prices of similar
artwork so to determine if the amount of alowance
made is adequate.
贵集团的内部艺术品鉴定团队已根据类近艺术品的近期
市场价格对其托管的艺术品的市场价值进行评估及估
价，以厘定所作之拨备是否足够。
We identified impairment of consignor advance as a key
audit mater because of its significance to the
consolidated financial statements and because the
judgement exercised by management in determining an
apropriate level of los alowances for these advances
involves asesment on creditability of consignors as wel
as estimation of the market value of artwork under the
Group’s custody, which can be inherently uncertain.
我们识别委托人预付款项的减值为关键审计事项，因为
其对于合并财务报表具有重大影响，且管理层于厘定该
等预付款项的亏损拨备适当程度时作出的判断涉及评估
委托人的信用度以及估计 贵集团托管的艺术品的市场
价值，其本质上可能具有不确定性。
- , evaluating management’s
asesment of the values of artwork under the
Group’s custody based on the valuation
asesments performed by the internal artwork
apraisal team and discusing with management
on the means of realisation of the artwork
under the Group’s custody and the expected
cash flows to be recovered from the artwork,
and comparing the carying value of the
consignor advance with the value of artwork on
a sample basis; and
根据内部艺术品鉴定团队进行的估值评估，以
抽样方式评价管理层对 贵集团托管的艺术品
的价值的评估，并与管理层讨论 贵集团托管的
艺术品变现方式及自该等艺术品收回的预期现
金流量，以及以抽样方式将委托人预付款项之
账面值与艺术品的价值作出比较；及
- , checking the subsequent
setlement of the consignor advance as at
31 March 2025 with bank receipts or other
relevant documents.
以抽样方式将于2025年3月31日委托人预付款项
的期后结算与银行收据或其他相关文件进行检
查。
Based on our work performed, we found that
management’s estimates and judgment were
suported by available evidence.
根据我们执行的工作，我们认为管理层的估计及判断
有现存的证据支持。
东京中央拍卖控股有限公司 二零二五年度报告127
Independent Auditor’s Report
独立核数师报告
其他信息
董事须对其他信息负责。其他信息包括年报内
的信息，但不包括合并财务报表及我们的核数
师报告（「其他信息」）。
我们对合并财务报表的意见并不涵盖其他信
息，我们亦不对该等其他信息发表任何形式的
鉴证结论。
结合我们对合并财务报表的审计，我们的责任
是阅读其他信息，在此过程中，考虑其他信息
是否与合并财务报表或我们在审计过程中所
了解的情况存在重大抵触或者似乎存在重大
错误陈述的情况。基于我们已执行的工作，如
果我们认为其他信息存在重大错误陈述，我们
需要报告该事实。在这方面，我们没有任何报
告。
董事及治理层就合并财务报表须承
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》之
披露规定拟备真实而中肯的合并财务报表，并
对其认为使合并财务报表的拟备不存在由
于欺诈或错误而导致的重大错误陈述所需的
内部控制负责。在拟备合并财务报表时，董事
负责评估 贵集团持续经营的能力，并在适用
情况下披露与持续经营有关的事项，以及使用
持续经营为会计基础，除非董事有意将 贵集
团清盘或停止经营，或别无其他实际的替代方
案。
治理层须负责监督 贵集团的财务报告过程。
OTHER INFORMATION
The directors are responsible for the other information. The
other information comprises the information included in the
anual report, but does not include the consolidated financial
statements and our auditors’ report thereon (the “Other
Information”).
Our opinion on the consolidated financial statements does not
cover the Other Information and we do not expres any form of
asurance conclusion thereon.
In conection with our audit of the consolidated financial
statements, our responsibility is to read the Other Information
and, in doing so, consider whether the Other Information is
materialy inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or
otherwise apears to be materialy mistated. If, based on the
work we have performed, we conclude that there is a material
mistatement of this Other Information, we are required to
report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF DIRECTORS AND THOSE
CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors are responsible for the preparation of the
consolidated financial statements that give a true and fair view
in acordance with HKFRS Acounting Standards as isued by
the HKICPA and the Hong Kong Companies Ordinance, and for
such internal control as the directors determine is necesary to
enable the preparation of consolidated financial statements that
are fre from material mistatement, whether due to fraud or
eror. In preparing the consolidated financial statements, the
directors are responsible for asesing the Group’s ability to
continue as a going concern, disclosing, as aplicable, maters
related to going concern and using the going concern basis of
acounting unles the directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative
but to do so.
Those charged with governance are responsible for overseing
the Group’s financial reporting proces.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025128
Independent Auditor’s Report
独立核数师报告
核数师就审计合并财务报表承担的
责任
我们的目标，是对合并财务报表整体是否不存
在由于欺诈或错误而导致的重大错误陈述取
得合理保证，并按照香港《公司条例》第405条
仅向 阁下（作为整体）出具包括我们意见的核
数师报告，除此之外本报告别无其他目的。我
们不会就本报告的内容向任何其他人士负上
或承担任何责任。合理保证是高水平的保证，
但不能保证按照《香港审计准则》进行的审计，
在某一重大错误陈述存在时总能发现。错误陈
述可以由欺诈或错误引起，如果合理预期它们
单独或汇总起来可能影响合并财务报表使用
者依赖该等合并财务报表所作出的经济决定，
则有关的错误陈述可被视作重大。
在根据香港审计准则进行审计的过程中，我们
运用了专业判断，保持了专业怀疑态度。我们
亦：
• 识别和评估由于欺诈或错误而导致合并
财务报表存在重大错误陈述的风险，设
计及执行审计程序以应对这些风险，以
及获取充足和适当的审计凭证，作为我
们意见的基础。由于欺诈可能涉及串谋、
伪造、蓄意遗漏、虚假陈述，或凌驾于内
部控制之上，因此未能发现因欺诈而导
致的重大错误陈述的风险高于未能发现
因错误而导致的重大错误陈述的风险。
- ，以设计就
情况而言适当的审计程序，但目的并非
对 贵集团内部控制的有效性发表意见。
• 评价董事所采用会计政策的恰当性及作
出会计估计和相关披露的合理性。
AUDITORS’ 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 auditors’ report that includes our opinion,
solely to you, as a body, in acordance with section 405 of the
Hong Kong Companies Ordinance, and for no other purpose.
We do not asume responsibility towards or acept liability to
any other person for the contents of this report. Reasonable
asurance is a high level of asurance, but is not a guarante
that an audit conducted in acordance with HKSAs wil always
detect a material mistatement when it exists. Mistatements
can arise from fraud or eror and are considered material if,
individualy or in the agregate, they could reasonably be
expected to influence the economic decisions of users taken on
the basis of these consolidated financial statements.
As part of an audit in acordance with HKSAs, we exercise
profesional judgment and maintain profesional scepticism
throughout the audit. We also:
• Identify and ases the risks of material mistatement of
the consolidated financial statements, whether due to
fraud or eror, design and perform audit procedures
responsive to those risks, and obtain audit evidence that
is suficient and apropriate to provide a basis for our
opinion. The risk of not detecting a material mistatement
resulting from fraud is higher than for one resulting from
eror, as fraud may involve colusion, forgery, intentional
omisions, misrepresentations, or the overide of internal
control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are
apropriate in the circumstances, but not for the purpose
of expresing an opinion on the efectivenes of the
Group’s internal control.
• Evaluate the apropriatenes of acounting policies used
and the reasonablenes of acounting estimates and
related disclosures made by the directors.
东京中央拍卖控股有限公司 二零二五年度报告129
Independent Auditor’s Report
独立核数师报告
• 对董事采用持续经营会计基础的恰当性
作出结论。根据所获取的审计凭证，确定
是否存在与事项或情况有关的重大不确
定性，从而可能导致对 贵集团的持续经
营能力产生重大疑虑。如果我们认为存
在重大不确定性，则有必要在核数师报
告中提请使用者注意合并财务报表中的
相关披露。假若有关的披露不足，则我们
应当发表非无保留意见。我们的结论是
基于核数师报告日止所取得的审计凭
证。然而，未来事项或情况可能导致 贵
集团不能持续经营。
- 、结
构和内容，包括披露，以及合并财务报表
是否中肯反映相关交易和事项。
- ，以就 贵集团
内实体或业务单位的财务信息获取充
足、适当的审计凭证，作为对 贵集团财
务报表形成意见的基础。我们负责指导、
监督及审阅就 贵集团审计而言所进行
的审计工作。我们为审计意见承担全部
责任。
除其他事项外，我们与治理层沟通了计划的审
计范围、时间安排、重大审计发现等，包括我
们在审计中识别出内部控制的任何重大缺陷。
我们还向治理层提交声明，说明我们已符合有
关独立性的相关道德要求，并与他们沟通有可
能合理地被认为会影响我们独立性的所有关
系和其他事项，以及在适用的情况下，为消除
威胁而采取的行动及应用的防范措施。
- ’ use of
the going concern basis of acounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw atention in our auditors’
report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditors’
report. However, future events or conditions may cause
the Group to cease to continue as a going concern.
- , structure and content of
the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a maner that achieves fair presentation.
• Plan and perform the group audit to obtain suficient
apropriate audit evidence regarding the financial
information of the entities or busines units within the
group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction,
supervision and review of the audit work performed for
purposes of the group audit. We remain solely responsible
for our audit opinion.
We comunicate with those charged with governance
regarding, among other maters, the planed scope and timing
of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify
during our audit.
We also provide the those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to comunicate
with them al relationships and other maters that may
reasonably be thought to bear on our independence, and where
aplicable, actions taken to eliminate threats or safeguards
aplied.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025130
Independent Auditor’s Report
独立核数师报告
从与治理层沟通的事项中，我们确定哪些事项
对本期合并财务报表的审计最为重要，因而构
成关键审计事项。我们在核数师报告中描述这
些事项，除非法律或法规不允许公开披露这些
事项，或在极端罕见的情况下，如果合理预期
在我们报告中沟通某事项造成的负面后果超
过产生的公众利益，我们决定不应在报告中沟
通该事项。
出具本独立核数师报告的审计项目董事是邱
伟业。
国卫会计师事务所有限公司
执业会计师
邱伟业
执业证书编号：P07849
香港，2025年6月30日
From the maters comunicated with those charged with
governance, we determine those maters that were of most
significance in the audit of the consolidated financial
statements of the curent period and are therefore the key
audit maters. We describe these maters in our auditors’ report
unles law or regulation precludes public disclosure about the
mater or when, in extremely rare circumstances, we determine
that a mater should not be comunicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits
of such comunication.
The engagement director on the audit resulting in this
independent auditors’ report is Yau Wai Ip.
HLB Hodgson Impey Cheng Limited
Certified Public Acountants
Yau Wai Ip
Practising Certificate Number: P07849
Hong Kong, 30 June 2025
| Revenue | 收益 | 6 | 62,051 | 57,852 |
|---|---|---|---|---|
| Costs of services | 服务成本 | (5,058) | (4,175) | |
| Costs of sales of goods | 货品销售成本 | (8,509) | (6,898) | |
| Gross profit | 毛利 | 48,484 | 46,779 | |
| Other gains or losses, net | 其他收益或亏损净额 | 7 | 5,262 | 7 |
| Other income | 其他收入 | 8 | 432 | 1,380 |
| Provision for allowance for expected credit losses on financial assets | 金融资产预期信贷亏 损拨备计提 | (1,662) | (6,778) | |
| Selling and distribution expenses | 销售及分销开支 | (23,572) | (23,803) | |
| Administrative expenses | 行政开支 | (39,904) | (43,498) | |
| Impairment loss on non-financial assets | 非金融资产减值亏损 | (4,265) | — | |
| Operating loss | 经营亏损 | (15,225) | (25,913) | |
| Finance income | 财务收入 | 10 | 700 | 226 |
| Finance costs | 财务成本 | 10 | (1,762) | (1,045) |
| Finance costs, net | 财务成本净额 | 10 | (1,062) | (819) |
| Share of result on investment accounted for using the equity method | 应占使用权益会计法 列账之投资业绩 | 19 | (953) | 343 |
| Impairment loss on investment accounted for using the equity method | 使用权益会计法列账 之投资的减值亏损 | 19 | (3,122) | — |
| Loss before income tax | 除所得税前亏损 | 9 | (20,362) | (26,389) |
| Income tax credit/(expense) | 所得税抵免╱（开支） | 11 | 868 | (537) |
| Loss for the year | 年度亏损 | (19,494) | (26,926) | |
| Loss attributable to: | 以下各方应占亏损： | |||
| Owners of the Company | 本公司拥有人 | (19,461) | (26,890) | |
| Non-controlling interests | 非控股权益 | (33) | (36) | |
| (19,494) | (26,926) | |||
| Loss per share for loss attributable to owners of the Company | 本公司拥有人应占亏 损的每股亏损 | |||
| Basic and diluted (HK cents) | 基本及摊薄（港仙） | 12 | HK (3.89) cents | HK (5.38) cents |
| (3.89)港仙 | (5.38)港仙 | |||
东京中央拍卖控股有限公司 二零二五年度报告131
FOR THE YEAR ENDED 31 MARCH 2025
截至2025年3月31日止年度
CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME
合并损益及其他综合收益表
2025年2024年
NoteHK$’000HK$’000
附注千港元千港元
The above consolidated statement of profit or los and other
comprehensive income should be read in conjunction with the
acompanying notes.
上述合并损益及其他综合收益表应与随附
注一并阅读。
| Loss for the year | 年度亏损 | (19,494) | (26,926) | |
|---|---|---|---|---|
| Other comprehensive loss: | 其他综合亏损： | |||
| Items that may be reclassified subsequently to profit or loss | 其后可能重新分类至 损益的项目 | |||
| Exchange difference on translating foreign operations | 换算海外业务产生 的汇兑差额 | (217) | (6,583) | |
| Total comprehensive loss for the year, net of tax | 年度综合亏损总额， 扣除税项 | (217) | (6,583) | |
| Total comprehensive loss for the year | 年度综合亏损总额 | (19,711) | (33,509) | |
| Total comprehensive loss for the year attributable to: | 以下各方应占年度 综合亏损总额： | |||
| Owners of the Company | 本公司拥有人 | (19,688) | (33,048) | |
| Non-controlling interests | 非控股权益 | (23) | (461) | |
| (19,711) | (33,509) | |||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025132
FOR THE YEAR ENDED 31 MARCH 2025
截至2025年3月31日止年度
Consolidated Statement of Profit or Los and Other Comprehensive Income
合并损益及其他综合收益表
2025年2024年
NoteHK$’000HK$’000
附注千港元千港元
The above consolidated statement of profit or los and other
comprehensive income should be read in conjunction with the
acompanying notes.
上述合并损益及其他综合收益表应与随附
注一并阅读。
| Assets | 资产 | |||
|---|---|---|---|---|
| Non-current assets | 非流动资产 | |||
| Property, plant and equipment | 物业、厂房及设备 | 15 | 4,548 | 8,341 |
| Right-of-use assets | 使用权资产 | 16 | 3,701 | 9,978 |
| Intangible assets | 无形资产 | 17 | 1,248 | 2,246 |
| Investment accounted for using the equity method | 使用权益会计法列账 之投资 | 19 | 575 | 5,010 |
| Deferred income tax assets | 递延所得税资产 | 21 | 1,911 | 1,337 |
| Deposits and prepayments | 按金及预付款项 | 24 | 1,588 | 1,586 |
| 13,571 | 28,498 | |||
| Current assets | 流动资产 | |||
| Inventories | 存货 | 22 | 132,347 | 128,588 |
| Trade and other receivables | 贸易及其他应收款项 | 23 | 145,435 | 158,160 |
| Deposits and prepayments | 按金及预付款项 | 24 | 15,190 | 26,147 |
| Financial asset at fair value through profit or loss | 按公平值计入损益之 金融资产 | 20 | 7,962 | 2,500 |
| Pledged bank deposits | 已抵押银行存款 | 25 | 4,000 | 4,000 |
| Cash and cash equivalents | 现金及现金等价物 | 25 | 76,457 | 48,744 |
| 381,391 | 368,139 | |||
| Total assets | 总资产 | 394,962 | 396,637 | |
| Equity | 权益 | |||
| Equity attributable to owners of the company | 本公司拥有人应占 权益 | |||
| Share capital | 股本 | 26 | 169,730 | 169,730 |
| Reserves | 储备 | 27 | 51,569 | 65,906 |
| 221,299 | 235,636 | |||
| Non-controlling interests | 非控股权益 | 3,287 | 3,310 | |
| Total equity | 总权益 | 224,586 | 238,946 | |
东京中央拍卖控股有限公司 二零二五年度报告133
AS AT 31 MARCH 2025
于2025年3月31日
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
合并财务状况表
2025年2024年
NoteHK$’000HK$’000
附注千港元千港元
| Liabilities | 负债 | |||
|---|---|---|---|---|
| Non-current liabilities | 非流动负债 | |||
| Other payables | 其他应付款项 | 29 | 1,200 | 1,200 |
| Lease liabilities | 租赁负债 | 16 | 2,611 | 6,519 |
| Borrowings | 借款 | 28 | 22,807 | 26,996 |
| Deferred income tax liabilities | 递延所得税负债 | 21 | 1,921 | 1,959 |
| 28,539 | 36,674 | |||
| Current liabilities | 流动负债 | |||
| Other payables and accruals | 其他应付款项及应计 费用 | 29 | 123,349 | 101,557 |
| Lease liabilities | 租赁负债 | 16 | 3,861 | 4,133 |
| Borrowings | 借款 | 28 | 14,520 | 14,602 |
| Current income tax liabilities | 当期所得税负债 | 107 | 725 | |
| 141,837 | 121,017 | |||
| Total liabilities | 负债总额 | 170,376 | 157,691 | |
| Total equity and liabilities | 权益及负债总额 | 394,962 | 396,637 | |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025134
AS AT 31 MARCH 2025
于2025年3月31日
Consolidated Statement of Financial Position
合并财务状况表
2025年2024年
NoteHK$’000HK$’000
附注千港元千港元
The above consolidated statement of financial position should
be read in conjunction with the acompanying notes.
The consolidated financial statements on pages 131 to 247
were aproved by the Board of Directors on 30 June 2025 and
were signed on its behalf.
Huang ShikunQian Yuanyuan
黄仕坤钱源
DirectorDirector
董事董事
上述合并财务状况表应与随附注一并阅读。
第131至247页之合并财务报表于2025年6月30
日获董事会批准并由以下董事代为签署。
| Balance at 1 April 2023 | 于2023年4月1日的 结余 | 169,730 | (60,252) | 149,839 | 259,317 | 3,771 | 263,088 |
|---|---|---|---|---|---|---|---|
| Loss for the year | 年度亏损 | — | — | (26,890) | (26,890) | (36) | (26,926) |
| Other comprehensive loss | 其他综合亏损 | ||||||
| — Exchange difference on translating foreign operations | — 换算海外业务 产生的汇兑 差额 | — | (6,158) | — | (6,158) | (425) | (6,583) |
| Total comprehensive loss for the year | 年度综合亏损总额 | — | (6,158) | (26,890) | (33,048) | (461) | (33,509) |
| Recognition of equity-settled share based payment | 已确认的以权益 结算的股份基础 付款 | — | 9,367 | — | 9,367 | — | 9,367 |
| Balance at 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日的 结余 | 169,730 | (57,043) | 122,949 | 235,636 | 3,310 | 238,946 |
| Loss for the year | 年度亏损 | — | — | (19,461) | (19,461) | (33) | (19,494) |
| Other comprehensive loss | 其他综合亏损 | ||||||
| — Exchange difference on translating foreign operations | — 换算海外业务 产生的汇兑 差额 | — | (227) | — | (227) | 10 | (217) |
| Total comprehensive loss for the year | 年度综合亏损总额 | — | (227) | (19,461) | (19,688) | (23) | (19,711) |
| Recognition of equity-settled share based payment | 已确认的以权益 结算的股份基础 付款 | — | 5,351 | — | 5,351 | — | 5,351 |
| Balance at 31 March 2025 | 于2025年3月31日的 结余 | 169,730 | (51,919) | 103,488 | 221,299 | 3,287 | 224,586 |
东京中央拍卖控股有限公司 二零二五年度报告135
FOR THE YEAR ENDED 31 MARCH 2025
截至2025年3月31日止年度
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
合并权益变动表
Atributable to the owners of the Company
本公司拥有人应占
Share
capital
(Note 26)
Other
reserve
(Note 27)
Retained
earningsSub-Total
Non-
controling
interests
Total
equity
股本
（附注26）
其他储备
（附注27）保留盈利小计非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
The above consolidated statement of changes in equity should
be read in conjunction with the acompanying notes.
上述合并权益变动表应与随附注一并阅读。
| Cash flow from operating activities | 经营活动之现金流量 | |||
|---|---|---|---|---|
| Cash generated from/(used in) operations | 经营业务所得╱ （所用）现金 | 31(a) | 37,510 | (7,225) |
| Income tax (paid)/refund | （已付）╱已退所得税 | (355) | 1,066 | |
| Net cash generated from/(used in) operating activities | 经营活动所得╱ （所用）现金净额 | 37,155 | (6,159) | |
| Cash flow from investing activities | 投资活动之现金流量 | |||
| Purchase of property, plant and equipment | 购买物业、厂房及 设备 | (110) | (4,759) | |
| Purchase of intangible assets | 购买无形资产 | — | (15) | |
| Interest received | 已收利息 | 700 | 226 | |
| Net cash generated from/(used in) investing activities | 投资活动所得╱ （所用）现金净额 | 590 | (4,548) | |
| Cash flow from financing activities | 融资活动之现金流量 | |||
| Repayment of lease liabilities | 偿还租赁负债 | 36 | (3,788) | (4,252) |
| Proceeds from bank borrowings | 银行借款所得款项 | 36 | 10,231 | 15,428 |
| Repayment of borrowings | 偿还借款 | 36 | (14,586) | (17,301) |
| Interest paid | 已付利息 | (1,417) | (752) | |
| Net cash used in financing activities | 融资活动所用 现金净额 | (9,560) | (6,877) | |
| Net increase/(decrease) in cash and cash equivalents | 现金及现金等价物 增加╱（减少）净额 | 28,185 | (17,584) | |
| Cash and cash equivalents at beginning of the year | 年初现金及现金等 价物 | 48,744 | 67,280 | |
| Effect of foreign exchange rate change | 汇率变动影响 | (472) | (952) | |
| Cash and cash equivalents at end of the year | 年末现金及现金等 价物 | 25 | 76,457 | 48,744 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025136
CONSOLIDATED STATEMENT OF CASH FLOWS
合并现金流量表
FOR THE YEAR ENDED 31 MARCH 2025
截至2025年3月31日止年度
2025年2024年
NoteHK$’000HK$’000
附注千港元千港元
The above consolidated statement of cash flows should be read
in conjunction with the acompanying notes.
上述合并现金流量表应与随附注一并阅读。
东京中央拍卖控股有限公司 二零二五年度报告137
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
合并财务报表附注
1. GENERAL INFORMATION
Tokyo Chuo Auction Holdings Limited (the “Company”) is
a limited liability company incorporated in Hong Kong. As
at 31 March 2025, the ultimate controling party is
Mr. Ando Shokei (“Mr. Ando”), who is also the chairman
and executive director of the Company as at 31 March
2025.
On 25 April 2025, imediately after the completion of
the sale and purchase of the 374,967,278 shares
transfered from Mr. Ando Shokei to ESA Financial
Group Ltd (incorporated in the British Virgin Islands) and
the other purchasers, the parent company of the Group is
ESA Financial Group Ltd and the ultimate controling
shareholder is Mr. Huang Shikun, who is also the
executive director of the Company since 30 May 2025
and chairman of the Company since 20 June 2025.
The Company is an investment holding company. The
Company’s subsidiaries principaly engage in the provision
of auction and related services as wel as artwork sales in
Hong Kong and Japan.
The Company’s shares are listed on the Main Board of
The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”).
These consolidated financial statements are presented in
Hong Kong Dolar (“HK$”), which is the same as the
functional curency of the Company, unles otherwise
stated.
1. 一般资料
东京中央拍卖控股有限公司（「本公司」）
为一间在香港注册成立的有限公司。于
2025年3月31日，最终控股方为安藤湘桂
先生（「安藤先生」），彼于2025年3月31日
亦为本公司主席兼执行董事。
于2025年4月25日，紧随完成买卖从安藤
湘桂先生转让予ESA Financial Group Ltd
（于英属处女群岛注册成立）及其他买方
的374,967,278股份后，本集团的母公
司为ESA Financial Group Ltd，而最终
控股东为黄仕坤先生，彼亦自2025年5
月30日起担任本公司执行董事，并自
2025年6月20日起担任本公司主席。
本公司为投资控股公司。本公司附属公
司主要从事在香港及日本提供拍卖及相
关服务以及艺术品销售。
本公司股份于香港联合交易所有限公司
（「联交所」）主板上市。
除另有注明外，该等合并财务报表以港
元（「港元」）呈列，与本公司的功能货币
相同。
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025138
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
2.1 编制基准
合并财务报表乃按照香港会计师公
会（「香港会计师公会」）颁布的香港
财务报告准则会计准则及香港公认
会计原则编制。就编制合并财务报
表而言，倘资料经合理预测会影响
主要使用者作出的决定，则有关资
料被视为重大。此外，合并财务报
表包括香港联合交易所有限公司证
券上市规则（「上市规则」）及香港公
司条例（第622章）的适用规定所规
定之适用披露事项。
本公司董事于批准合并财务报表
时，合理预期本集团有足够资源于
可见未来继续经营。因此，彼等于
编制合并财务报表时继续采用持续
经营会计基准。
合并财务报表乃按历史成本基准编
制，惟诚如下文载列的会计政策所
说明，于各报告期末按公平值计量
的若干金融工具除外。
历史成本一般基于为换取货品而支
付代价之公平值。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
2.1 Basis of Preparation
The consolidated financial statements have ben
prepared in acordance with HKFRS Acounting
Standards isued by Hong Kong Institute of Certified
Public Acountants (the “HKICPA”), and acounting
principles generaly acepted in Hong Kong. For the
purpose of preparation of the consolidated financial
statements, information is considered material if
such information is reasonably expected to influence
decisions made by primary users. In adition, the
consolidated financial statements include aplicable
disclosures required by the Rules Governing the
Listing of Securities on The Stock Exchange of Hong
Kong Limited (“Listing Rules”) and the aplicable
requirements of the Hong Kong Companies
Ordinance (Cap.622).
The directors of the Company have, at the time of
aproving the consolidated financial statements, a
reasonable expectation that the Group has adequate
resources to continue in operational existence for the
foreseable future. Thus, they continue to adopt the
going concern basis of acounting in preparing the
consolidated financial statements.
The consolidated financial statements have ben
prepared on the historical cost basis except for
certain financial instruments that are measured at
fair values at the end of each reporting period, as
explained in the acounting policies set out below.
Historical cost is generaly based on the fair value of
the consideration given in exchange for gods.
东京中央拍卖控股有限公司 二零二五年度报告139
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.1 编制基准（续）
公平值是市场参与者于计量日期在
有秩序交易中出售资产将收取或转
让负债将支付之价格，而不论该价
格是否可直接观察或使用其他估值
方法作出估计。于估计资产或负债
之公平值时，本集团会考虑该等市
场参与者于计量日期对资产或负债
定价时所考虑资产或负债之特点。
在该等合并财务报表中计量及╱或
披露的公平值均在此基础上予以确
定，惟香港财务报告准则第2号以股
份为基础付款范围内之以股份为基
础付款的交易、根据香港财务报告
准则第16号租赁列账之租赁交易以
及与公平值有些类似但并非公平值
的计量（例如，香港会计准则第2号
存货中的可变现净值或香港会计准
则第36号资产减值中的使用价值）
除外。
此外，就财务报告而言，公平值计
量分为第一级、第二级或第三级，
此等级别之划分乃根据公平值计量
的输入数据可观察程度及输入数据
对公平值计量的整体重要性，详述
如下：
• 第一级输入数据乃实体于计量
日期可以取得的相同资产或负
债于活跃市场的报价（未经调
整）；
• 第二级输入数据乃第一级所载
报价以外，就资产或负债直接
或间接可观察的输入数据；及
• 第三级输入数据乃资产或负债
的不可观察输入数据。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.1 Basis of Preparation (Continued)
Fair value is the price that would be received to sel
an aset or paid to transfer a liability in an orderly
transaction betwen market participants at the
measurement date, regardles of whether that price
is directly observable or estimated using another
valuation technique. In estimating the fair value of
an aset or a liability, the Group takes into acount
the characteristics of the aset or liability if market
participants would take those characteristics into
acount when pricing the aset or liability at the
measurement date. Fair value for measurement and/
or disclosure purposes in these consolidated financial
statements is determined on such a basis, except for
share-based payment transactions that are within the
scope of HKFRS 2 Share-based Payment, leasing
transactions that are acounted for in acordance
with HKFRS 16 Leases, and measurements that have
some similarities to fair value but are not fair value,
such as net realisable value in HKAS 2 Inventories or
value in use in HKAS 36 Impairment of Asets.
In adition, for financial reporting purposes, fair
value measurements are categorised into Level 1, 2
or 3 based on the degre to which the inputs to the
fair value measurements are observable and the
significance of the inputs to the fair value
measurement in its entirety, which are described as
folows:
• Level 1 inputs are quoted prices (unadjusted) in
active markets for identical asets or liabilities
that the entity can aces at the measurement
date;
- , other than quoted
prices included within Level 1, that are
observable for the aset or liability, either
directly or indirectly; and
• Level 3 inputs are unobservable inputs for the
aset or liability.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025140
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.2 应用新订及经修订香港财务报告
准则会计准则
本年度强制生效的经修订香港财务
报告准则会计准则
于本年度，本集团首次应用以下由
香港会计师公会颁布的经修订香港
财务报告准则会计准则，该等修订
于2024年4月1日开始之本集团年度
报告期间强制生效，以编制合并财
务报表：
香港财务报告准则第
16号（修订本）
售后租回之租赁负
债
香港会计准则第1号
（修订本）
将负债分类为流动
或非流动及香港
诠释第5号（2020
年）之相关修订
香港会计准则第1号
（修订本）
附带契诺的非流动
负债
香港会计准则第7号
及香港财务报告准
则第7号（修订本）
供应商融资安排
于本年度应用经修订香港财务报告
准则会计准则对本集团本年度及过
往年度的财务状况和表现及╱或该
等合并财务报表所载披露并无重大
影响。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.2 Aplication of New and Amendments to
HKFRS Acounting Standards
Amendments to HKFRS Acounting Standards
that are mandatorily efective for the curent
year
In the curent year, the Group has aplied the
folowing amendments to HKFRS Acounting
Standards isued by the HKICPA for the first time,
which are mandatorily efective for the Group’s
anual reporting period begining 1 April 2024 for
the preparation of consolidated financial statements:
Amendments to HKFRS 16Lease Liability in a Sale and
Leaseback
Amendments to HKAS 1Clasification of Liabilities as
Curent or Non-curent
and related amendments
to Hong Kong
Interpretation 5 (2020)
Amendments to HKAS 1Non-curent Liabilities with
Covenants
Amendments to HKAS 7 and
HKFRS 7
Suplier Finance
Arangements
The aplication of the amendments to HKFRS
Acounting Standards in the curent year has had no
material impact on the Group’s financial positions
and performance for the curent and prior years
and/or on the disclosures set out in these
consolidated financial statements.
东京中央拍卖控股有限公司 二零二五年度报告141
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.2 应用新订及经修订香港财务报告
准则会计准则（续）
已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
本集团并无提早应用下列已颁布但
尚未生效之新订及经修订香港财务
报告准则会计准则：
香港财务报告准则
第9号及香港财务
报告准则第7号
（修订本）
金融工具分类及计
量的修订
香港财务报告准则
第10号及香港会计
准则第28号
（修订本）
投资者与其联营公
司或合营企业之
间资产出售或注
资
香港财务报告准则会
计准则（修订本）
香港财务报告准则
会计准则年度改
进 — 第11卷
香港会计准则第21号
（修订本）
缺乏可交换性
香港财务报告准则第
18号
财务报表的呈列及
披露
香港财务报告准则
第9号及香港财务
报告准则第7号
（修订本）
涉及倚赖自然电力
的合约
于待定日期或之后开始的年度期
间生效。
于2025年1月1日或之后开始的年
度期间生效。
于2026年1月1日或之后开始的年
度期间生效。
于2027年1月1日或之后开始的年
度期间生效。
董事预计应用所有新订及经修订香
港财务报告准则会计准则将不会在
可见未来对合并财务报表造成重大
影响。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.2 Aplication of New and Amendments to
HKFRS Acounting Standards (Continued)
New and amendments to HKFRS Acounting
Standards in isued but not yet efective
The Group has not early aplied the folowing new
and amendments to HKFRS Acounting Standards
that have ben isued but are not yet efective:
Amendments to HKFRS 9 and
HKFRS 7
Amendments to the
Clasification and
Measurement of Financial
Instruments
Amendments to HKFRS 10 and
HKAS 28
Sales or Contribution of
Asets betwen an
Investor and its Asociate
or Joint Venture
Amendments to HKFRS
Acounting Standards
Anual Improvements to
HKFRS Acounting
Standards — Volume 11
Amendments to HKAS 21Lack of Exchangeability
HKFRS 18Presentation and Disclosure
in Financial Statements
Amendments to HKFRS 9 and
HKFRS 7
Contracts referencing
nature-dependent
electricity
Efective for anual periods begining on or after a
date to be determined.
Efective for anual periods begining on or after 1
January 2025.
Efective for anual periods begining on or after 1
January 2026.
Efective for anual periods begining on or after 1
January 2027.
The directors anticipate that the aplication of al
new and amendments to HKFRS Acounting
Standards wil have no material impact on the
consolidated financial statements in the foreseable
future.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025142
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.3 重大会计政策资料
(a) 综合入账基准
合并财务报表包括本公司及本
公司控制之实体及其附属公司
之财务报表。倘属以下情况，
则本公司获得控制权：
- ；
• 因参与投资对象之业务
而可获得或有权获得可
变回报；及
• 有能力藉行使其权力而
影响其回报。
附属公司于本集团获得附属公
司控制权时综合入账，并于本
集团失去附属公司控制权时终
止入账。具体而言，于年内购
入或出售之附属公司之收入及
开支，按自本集团获得控制权
当日起至本集团不再控制附属
公司当日止，计入合并损益及
其他综合收益表内。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.3 Material acounting policy information
(a) Basis of consolidation
The consolidated financial statements
incorporate the financial statements of the
Company and entities controled by the
Company and its subsidiaries. Control is
achieved when the Company:
- ;
- , or has rights, to variable
returns from its involvement with the
investe; and
• has the ability to use its power to afect
its returns.
Consolidation of a subsidiary begins when the
Group obtains control over the subsidiary and
ceases when the Group loses control of the
subsidiary. Specificaly, income and expenses of
a subsidiary acquired or disposed of during the
year are included in the consolidated statement
of profit or los and other comprehensive
income from the date the Group gains control
until the date when the Group ceases to
control the subsidiary.
东京中央拍卖控股有限公司 二零二五年度报告143
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.3 重大会计政策资料（续）
(a) 综合入账基准（续）
即使会导致非控股权益出现亏
蚀结余，损益及其他综合收益
的各个组成部分仍会归属于本
集团母公司拥有人及非控股权
益。所有集团内公司间资产及
负债、权益、收入、开支以及
与本集团成员公司间交易有关
的现金流量，将于综合入账时
悉数对销。
于附属公司的非控股权益自本
集团于当中的股权分开呈列，
其指赋予其持有人权利于清盘
时按比例分占相关附属公司净
资产的现有拥有权益。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.3 Material acounting policy information
(Continued)
(a) Basis of consolidation (Continued)
Profit or los and each component of other
comprehensive income are atributed to the
owners of the parent of the Group and to the
non-controling interests, even if this results in
the non-controling interests having a deficit
balance. Al intra-group asets and liabilities,
equity, income, expenses and cash flows
relating to transactions betwen members of
the Group are eliminated in ful on
consolidation.
Non-controling interests in subsidiaries are
presented separately from the Group’s equity
therein, which represent present ownership
interests entitling their holders to a
proportionate share of net asets of the
relevant subsidiaries upon liquidation.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025144
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.3 重大会计政策资料（续）
(b) 于联营公司的权益
联营公司指本集团能对其行使
重大影响力之实体。重大影响
力指可参与投资对象之财务及
营运决策但不是控制或共同控
制该等政策之权力。
除投资或部份投资根据香港财
务报告准则第5号持作出售的
非流动资产及已终止经营业务
分类为持作出售外，联营公司
的业绩、资产及负债以权益会
计法于该等合并财务报表入
账。任何并无分类为持作出售
于联营公司的投资的保留部分
应继续使用权益会计法列账。
用作权益会计法的联营公司的
财务报表乃按与本集团于类似
情况下就类似交易及事件使用
的该等会计政策统一编制。根
据权益会计法，于联营公司之
投资初步按成本于合并财务状
况表内确认，并于其后就确认
本集团应占该联营公司的损益
及其他综合收益予以调整。除
损益及其他综合收益外，联营
公司的资产净值变动不会入
账，除非该等变动导致本集团
持有的所有权出现变动。当本
集团应占联营公司的亏损超出
本集团于该联营公司的权益
（包括实质上成为本集团于该
联营公司投资净值一部分的任
何长期权益）时，本集团终止
确认其应占之进一步亏损。仅
于本集团已产生法律或推定责
任，或已代表联营公司支付款
项之情况下，方会确认额外亏
损。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.3 Material acounting policy information
(Continued)
(b) Interest in asociates
An asociate is an entity over which the Group
has significant influence. Significant influence is
the power to participate in the financial and
operating policy decisions of the investe but is
not control or joint control over those policies.
The results and asets and liabilities of
asociates are incorporated in these
consolidated financial statements using the
equity method of acounting, except when the
investment, or a portion thereof, is clasified as
held for sale, in which case it is or the portion
so clasified is acounted for in acordance
with HKFRS 5 Non-curent Asets Held for Sale
and Discontinued Operations. Any retained
portion of an investment in an asociate that
has not ben clasified as held for sale
continues to be acounted for using the equity
method. The financial statements of asociates
used for equity acounting purposes are
prepared using uniform acounting policies as
those of the Group for like transactions and
events in similar circumstances. Under the
equity method, an investment in an asociate is
initialy recognised in the consolidated
statement of financial position at cost and
adjusted thereafter to recognise the Group’s
share of the profit or los and other
comprehensive income of the asociate.
Changes in net asets of the asociate other
than profit or los and other comprehensive
income are not acounted for unles such
changes resulted in changes in ownership held
by the Group. When the Group’s share of
loses of an asociate exceds the Group’s
interest in that asociate (which includes any
long-term interests that, in substance, form
part of the Group’s net investment in the
asociate), the Group discontinues recognising
its share of further loses. Aditional loses are
recognised only to the extend that the Group
has incured legal or constructive obligations or
made payment on behalf of the asociate.
东京中央拍卖控股有限公司 二零二五年度报告145
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.3 重大会计政策资料（续）
(b) 于联营公司的权益（续）
于联营公司之投资乃自投资对
象成为联营公司当日起使用权
益会计法列账。收购于联营公
司之投资时，投资成本超出本
集团应占该投资对象之可识别
资产及负债之公平值净额之任
何数额确认为商誉，并计入该
投资之账面值。本集团应占可
识别资产及负债的公平值净额
超出投资成本之任何部分，在
重新评估后，即时于收购投资
期间于损益内确认。
本集团评估是否有客观证据显
示于联营公司之权益可能出现
减值。当存有任何客观证据，
则投资之全部账面值（包括商
誉）将视作单一资产并按香港
会计准则第36号透过比较其可
收回金额（使用价值及公平值
减出售成本两者之较高者）与
其账面值进行减值测试。任何
已确认减值亏损不会分配至构
成投资账面值一部分之任何资
产（包括商誉）。倘投资之可收
回金额其后增加，该减值亏损
之任何拨回会按照香港会计准
则第36号确认。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.3 Material acounting policy information
(Continued)
(b) Interest in asociates (Continued)
An investment in an asociate is acounted for
using the equity method from the date on
which the investe becomes an asociate. On
acquisition of the investment in an asociate,
any exces of the cost of the investment over
the Group’s share of the net fair value of the
identifiable asets and liabilities of the investe
is recognised as godwil, which is included
within the carying amount of the investment.
Any exces of the Group’s share of the net fair
value of the identifiable asets and liabilities
over the cost of the investment, after
reasesment, is recognised imediately in
profit or los in the period in which the
investment is acquired.
The Group aseses whether there is an
objective evidence that the interest in an
asociate may be impaired. When any objective
evidence exists, the entire carying amount of
the investment (including godwil) is tested for
impairment in acordance with HKAS 36 as a
single aset by comparing its recoverable
amount (higher of value in use and fair value
les costs of disposal) with its carying amount.
Any impairment los recognised is not alocated
to any aset, including godwil, that forms
part of the carying amount of the investment.
Any reversal of that impairment los is
recognised in acordance with HKAS 36 to the
extent that the recoverable amount of the
investment subsequently increases.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025146
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.3 重大会计政策资料（续）
(b) 于联营公司的权益（续）
当本集团对联营公司失去重大
影响力时，其入账列作出售投
资对象的全部权益，所产生的
损益于损益确认。当根据香港
财务报告准则第9号之范围，
本集团保留于前联营公司之权
益且该保留权益为金融资产，
则本集团会于该日按公平值计
量保留权益，而该公平值被视
为于初步确认时之公平值。于
联营公司之账面值与任何保留
权益及出售联营公司之相关权
益之任何所得款项公平值间之
差额计入厘定出售联营公司之
损益。此外，本集团会将先前
在其他综合收益就该联营公司
确认之所有金额入账，基准与
犹如该联营公司已直接出售相
关资产或负债所需基准相同。
因此，倘该联营公司先前已于
其他综合收益确认之收益或亏
损，会于出售相关资产或负债
时重新分类至损益，本集团会
于出售╱部分出售相关联营公
司时将收益或亏损由权益重新
分类至损益（作为重新分类调
整）。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.3 Material acounting policy information
(Continued)
(b) Interest in asociates (Continued)
When the Group ceases to have significant
influence over an asociate, it is acounted for
as a disposal of the entire interest in the
investe with a resulting gain or los being
recognised in profit or los. When the Group
retains an interest in the former asociate and
the retained interest is a financial aset within
the scope of HKFRS 9, the Group measures the
retained interest at fair value at that date and
the fair value is regarded as its fair value on
initial recognition. The diference betwen the
carying amount of the asociate and the fair
value of any retained interest and any proceds
from disposing the relevant interest in the
asociate is included in the determination of
the gain or los on disposal of the asociate. In
adition, the Group acounts for al amounts
previously recognised in other comprehensive
income in relation to that asociate on the
same basis as would be required if that
asociate had directly disposed of the related
asets or liabilities. Therefore, if a gain or los
previously recognised in other comprehensive
income by that asociate would be reclasified
to profit or los on the disposal of the related
asets or liabilities, the Group reclasifies the
gain or los from equity to profit or los (as a
reclasification adjustment) upon disposal/
partial disposal of the relevant asociate.
东京中央拍卖控股有限公司 二零二五年度报告147
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.4 分部报告
营运分部按照向主要营运决策者
（「主要营运决策者」）提供的内部报
告方式呈报。主要营运决策者（负责
资源调配及评估各营运分部的表现）
已确认为作出策略决定的本集团执
行董事。
2.5 外币换算
(a) 功能及呈列货币
本集团各实体的财务报表所载
的项目乃采用该实体营运所在
的主要经济环境的货币（「功能
货币」）计量。合并财务报表以
本公司的功能货币及本集团的
呈列货币港元呈列。
(b) 交易及结余
外币交易采用交易日或项目重
新计量的估值日的通行汇率换
算为功能货币。因结算该等交
易及按年底汇率兑换以外币计
值的货币资产及负债而产生的
汇兑收益及亏损均于合并损益
及其他综合收益表内确认。
有关借款与现金及银行结余的
汇兑收益及亏损呈列于合并损
益及其他综合收益表内「其他
收益或亏损净额」项下。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.4 Segment reporting
Operating segments are reported in a maner
consistent with the internal reporting provided to the
chief operating decision-maker (the “CODM”). The
CODM, who is responsible for alocating resources
and asesing performance of the operating
segments, has ben identified as executive directors
of the Group that makes strategic decisions.
2.5 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 HK$
which is the Company’s functional and the
Group’s presentation curency.
(b) Transactions and balances
Foreign curency transactions are translated
into the functional curency using the exchange
rates prevailing at the dates of the transactions
or valuation where items are re-measured.
Foreign exchange gains and loses resulting
from the setlement of such transactions and
from the translation at year-end exchange rates
of monetary asets and liabilities denominated
in foreign curencies are recognised in the
consolidated statement of profit or los and
other comprehensive income.
Foreign exchange gains and loses that relate
to borowings and cash and bank balances are
presented in the consolidated statement of
profit or los and other comprehensive income
within “other gains or los, net”.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025148
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.5 外币换算（续）
(c) 集团公司
功能货币有别于呈列货币的所
有本集团实体（并无来自严重
通货膨胀经济体的货币）的业
绩及财务状况均按以下方式换
算为呈列货币：
(i) 于各财务状况表呈列的
资产及负债乃按该财务
状况表日期的收盘汇率
换算；
(i) 各收益表的收支乃按平
均汇率换算（除非该平均
汇率并非为有关交易当
日的通行汇率累积影响
的合理约数，在该情况
下，收支按有关交易当
日的汇率换算）；及
(i) 所有因此而产生的汇兑
差额于其他综合收益确
认。
购入外国实体所产生的商誉及
公平值调整，乃作为该外国实
体的资产及负债处理，并按收
盘汇率换算。所产生的汇兑差
额于其他综合收益中确认。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.5 Foreign curency translation (Continued)
(c) Group companies
The results and financial position of al the
Group entities (none of which has the curency
of a hyperinflationary economy) that have a
functional curency diferent from the
presentation curency are translated into the
presentation curency as folows:
(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 for each income
statement are translated at average
exchange rates (unles this average is not
a reasonable aproximation of the
cumulative efect of the rates prevailing
on the transaction dates, in which case
income and expenses are translated at the
rate on the dates of the transactions);
and
(i) al resulting exchange diferences are
recognised in other comprehensive
income.
Godwil and fair value adjustments arising on
the acquisition of a foreign entity are treated
as asets and liabilities of the foreign entity and
translated at the closing rate. Exchange
diferences arising are recognised in other
comprehensive income.
东京中央拍卖控股有限公司 二零二五年度报告149
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.6 物业、厂房及设备
物业、厂房及设备（永久业权土地除
外）是按历史成本减累计折旧和任
何减值亏损列账。历史成本包括收
购项目直接引致的开支。
仅当与项目相关的未来经济利益很
可能会流入本集团，且能够可靠计
量项目的成本时，其后成本方会计
入资产的账面值或确认为一项独立
资产（如适用）。重置部分的账面值
取消确认。所有其他维修及保养于
其产生的财政期间在合并损益及其
他综合收益表中扣除。
永久业权土地并无折旧。物业、厂
房及设备的折旧乃按其估计可使用
年期以直线法分配其成本至其剩余
价值，计算如下：
资产之剩余价值及可使用年期于各
报告期末进行检讨及调整（如适
用）。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.6 Property, plant and equipment
Property, plant and equipment, other than frehold
land, are stated at historical cost les acumulated
depreciation and any impairment loses. Historical
cost includes expenditure that is directly atributable
to the acquisition of the items.
Subsequent costs are included in the aset’s carying
amount or recognised as a separate aset, as
apropriate, only when it is probable that future
economic benefits asociated with the item wil flow
to the Group and the cost of the item can be
measured reliably. The carying amount of the
replaced part is derecognised. Al other repairs and
maintenance are charged to the consolidated
statement of profit or los and other comprehensive
income during the financial period in which they are
incured.
Frehold land is not depreciated. Depreciation of
property, plant and equipment is calculated using the
straight-line method to alocate their costs to their
residual values over their estimated useful lives, as
folows:
Buildings2%–4%
楼宇2%至4%
Leasehold improvementsShorter of remaining period of the lease or
useful life of 5 years
租赁物业装修租赁的余下期限或5年的可使用年期
（以较短者为准）
Furniture, fixtures and ofice equipment20%
家私、固定装置及办公室设备20%
Motor vehicles20%
汽车20%
The asets’ residual values and useful lives are
reviewed, and adjusted if apropriate, at the end of
each reporting period.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025150
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.6 物业、厂房及设备（续）
倘资产账面值高于其估计可收回金
额，则资产的账面值即时撇减至其
可收回金额（附注2.8）。
出售收益及亏损透过比较所得款项
及账面值进行厘定，并于合并损益
及其他综合收益表的「其他收益或
亏损净额」内确认。
2.7 无形资产
(a) 电脑软件
购自卖方的电脑软件初步以历
史成本列示并随后按其估计可
使用年期摊销，该年期不会超
过五年。
(b) 俱乐部会籍
俱乐部会籍按其20年的可使用
年期摊销，并以成本减累计摊
销及减值亏损列账。
2.8 非金融资产减值
除存货及金融资产外，当有减值迹
象或须对非金融资产进行年度减值
测试时，会估计资产之可收回金
额。资产之可收回金额指资产或现
金产生单位之使用价值与其已扣除
出售成本之公平值两者中之较高
者，并会为个别资产厘定，除非该
资产所产生之现金流入并非很大程
度上独立于其他资产或资产组别所
产生者，在该情况下可收回金额按
资产所属现金产生单位厘定。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.6 Property, plant and equipment (Continued)
An aset’s carying amount is writen down
imediately to its recoverable amount if the aset’s
carying amount is greater than its estimated
recoverable amount (Note 2.8).
Gains and loses on disposals are determined by
comparing proceds with carying amount and are
recognised within “other gains or loses, net” in the
consolidated statements of profit or los and other
comprehensive income.
2.7 Intangible asets
(a) Computer software
Computer software purchased from vendors are
initialy shown at historical cost and
subsequently amortised over their estimated
useful lives, which does not exced five years.
(b) Club membership
Club membership is amortised over its useful
life of 20 years and is stated at cost les
acumulated amortisation and impairment los.
2.8 Impairment of non-financial asets
Where an indication of impairment exists, or when
anual impairment testing for non-financial aset is
required (other than inventories and financial asets),
the aset’s recoverable amount is estimated. An
aset’s recoverable amount is the higher of the
aset’s or cash-generating unit’s value in use and its
fair value les costs of disposal, and is determined
for an individual aset, unles the aset does not
generate cash inflows that are largely independent
of those from other asets or groups of asets, in
which case the recoverable amount is determined for
the cash-generating unit to which the aset belongs.
东京中央拍卖控股有限公司 二零二五年度报告151
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.8 非金融资产减值（续）
在对现金产生单位进行减值测试
时，倘企业资产（例如总部大楼）的
部分账面值可按合理及一致基准分
配，则其分配至个别现金产生单
位，否则分配至最小现金产生单位
组别。
仅当资产之账面值超逾其可收回金
额时方会确认减值亏损。评估使用
价值时，估计未来现金流量以反映
当前市场评定之货币时间价值以及
资产特有风险之税前贴现率贴现至
其现值。减值亏损于产生期间在合
并损益及其他综合收益表中列入与
减值资产功能属于同一类别之开支。
于各报告期末评估有否迹象显示原
已确认之减值亏损不复存在或有所
减少。如有该迹象，则估计可收回
金额。仅当厘定资产可收回金额之
估计方法改变时，方可拨回先前就
资产（商誉除外）确认之减值亏损，
惟拨回后之数额不得高于假设过往
年度并无确认资产减值亏损而应予
厘定之账面值（扣除任何折旧╱摊
销）。该减值亏损之拨回于产生期间
计入合并损益及其他综合收益表。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.8 Impairment of non-financial asets (Continued)
In testing a cash-generating unit for impairment, a
portion of the carying amount of a corporate aset
(e.g., a headquarters building) is alocated to an
individual cash-generating unit if it can be alocated
on a reasonable and consistent basis or, otherwise,
to the smalest group of cash-generating units.
An impairment los is recognised only if the carying
amount of an aset exceds its recoverable amount.
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. An impairment los is
charged to the consolidated statement of profit or
los and other comprehensive income in the period
in which it arises in those expense categories
consistent with the function of the impaired aset.
An asesment is made at the end of each reporting
period as to whether there is an indication that
previously recognised impairment loses may no
longer exist or may have decreased. If such an
indication exists, the recoverable amount is
estimated. A previously recognised impairment los
of an aset other than godwil is reversed only if
there has ben a change in the estimates used to
determine the recoverable amount of that aset, but
not to an amount higher than the carying amount
that would have ben determined (net of any
depreciation/amortisation) had no impairment los
ben recognised for the aset in prior years. A
reversal of such an impairment los is credited to the
consolidated statement of profit or los and other
comprehensive income in the period in which it
arises.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025152
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具
金融资产及金融负债于集团实体成
为工具合约条款的一方时确认。
已确认的金融资产及金融负债起初
以公平值计量，除自客户合约产生
的贸易应收款项外，根据香港财务
报告准则第15号初步计量。初始确
认时，金融资产及金融负债的收购
或发行直接应占的交易成本添置于
金融资产或金融负债的公平值或从
金融资产或金融负债的公平值中扣
除（倘适用）。按公平值计入损益
（「按公平值计入损益」）的金融资产
或金融负债的收购直接应占的交易
成本乃于损益确认。
实际利率法乃计算金融资产或金融
负债的摊销成本及于相关期间分配
利息收入及利息开支的方法。实际
利率乃按金融资产或金融负债的预
期年期或较短期间（如适用），准确
贴现估计未来现金收款及付款（包
括构成实际利率一部分的所有已付
或已收费用及点子、交易成本及其
他溢价或折让）至初步确认时账面
净值的利率。
(a) 金融资产
金融资产的分类及其后计量
符合下列条件的金融资产于其
后按摊销成本计量：
• 金融资产于旨在收取合
约现金流量的业务模式
内持有；及
• 合约条款令于特定日期
产生的现金流量仅为支
付本金及未偿还本金的
利息。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments
Financial asets and financial liabilities are recognised
when the group entity becomes a party to the
contractual provisions of the instrument.
Recognised financial asets and financial liabilities are
initialy measured at fair value except for trade
receivable arising from contracts with customers
which are initialy measured in acordance with
HKFRS 15. Transaction costs that are directly
atributable to the acquisition or isue of financial
asets and financial liabilities are aded to or
deducted from the fair value of the financial asets
or financial liabilities, as apropriate, on initial
recognition. Transaction costs directly atributable to
the acquisition of financial asets or financial
liabilities at fair value through profit or los
(“FVTPL”) are recognised in profit or los.
The efective interest method is a method of
calculating the amortised cost of a financial aset or
financial liability and of alocating interest income
and interest expense over the relevant period. The
efective interest rate is the rate that exactly
discounts estimated future cash receipts and
payments (including al fes and points paid or
received that form an integral part of the efective
interest rate, transaction costs and other premiums
or discounts) through the expected life of the
financial aset or financial liability, or, where
apropriate, a shorter period, to the net carying
amount on initial recognition.
(a) Financial asets
Clasification and subsequent measurement of
financial asets
Financial asets that met the folowing
conditions are subsequently measured at
amortised cost:
• the financial aset is held within a busines
model whose objective is to colect
contractual cash flows; and
• the contractual terms give rise on specified
dates to cash flows that are solely
payments of principal and interest on the
principal amount outstanding.
东京中央拍卖控股有限公司 二零二五年度报告153
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(a) 金融资产（续）
金融资产的分类及其后计量
（续）
符合下列条件的金融资产其后
按公平值计入其他综合收益
（「按公平值计入其他综合收
益」）计量：
• 金融资产于旨在同时收
回合约现金流量及出售
金融资产的业务模式内
持有；及
• 合约条款令于特定日期
产生的现金流量仅为支
付本金及未偿还本金的
利息。
所有其他金融资产其后按公平
值计入损益计量，除非该股权
投资既非持作买卖，亦非香港
财务报告准则第3号业务合并
所适用的业务合并收购方确认
的或然代价，于初始应用╱初
始确认金融资产之日，本集团
可不可撤销地选择于其他综合
收益中呈列股权投资公平值的
其后变动。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(a) Financial asets (Continued)
Clasification and subsequent measurement of
financial asets (Continued)
Financial asets that met the folowing
conditions are subsequently measured at fair
value through other comprehensive income
(“FVTOCI”):
• the financial aset is held within a busines
model whose objective is achieved by
both colecting contractual cash flows and
seling the financial asets; and
• the contractual terms give rise on specified
dates to cash flows that are solely
payments of principal and interest on the
principal amount outstanding.
Al other financial asets are subsequently
measured at FVTPL, except that at the date of
initial aplication/initial recognition of a
financial aset the Group may irevocably elect
to present subsequent changes in fair value of
an equity investment in other comprehensive
income if that equity investment is neither held
for trading nor contingent consideration
recognised by an acquirer in a busines
combination to which HKFRS 3 Busines
Combinations aplies.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025154
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(a) 金融资产（续）
金融资产的分类及其后计量
（续）
倘属下列情况，则金融资产分
类为持作买卖：
• 购入该金融资产之主要
目的为于不久将来出
售；或
- ，该金融
资产为本集团共同管理
的已识别金融工具组合
的部份，且近期实际出
现短期获利模式；或
• 该金融资产为并非指定
及有效作为对冲工具的
衍生工具。
此外，本集团可不可撤回地指
定一项须按摊销成本或按公平
值计入其他综合收益的金融资
产按公平值计入损益计量，倘
有关指定可消除或大幅减少会
计错配。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(a) Financial asets (Continued)
Clasification and subsequent measurement of
financial asets (Continued)
A financial aset is clasified as held for trading
if:
• it has ben acquired principaly for the
purpose of seling in the near term; or
• on initial recognition it is a part of a
portfolio of identified financial
instruments that the Group manages
together and has a recent actual patern
of short-term profit-taking; or
• it is a derivative that is not designated and
efective as a hedging instrument.
In adition, the Group may irevocably
designate a financial aset that are required to
be measured at the amortised cost or FVTOCI
as measured at FVTPL if doing so eliminates or
significantly reduces an acounting mismatch.
东京中央拍卖控股有限公司 二零二五年度报告155
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(b) 摊销成本及利息收入
就其后按摊销成本计量的金融
资产而言，利息收入乃使用实
际利率法进行确认。除其后发
生信贷减值的金融资产外（见
下文），利息收入乃通过金融
资产的账面总值应用实际利率
计算。就其后信贷减值的金融
资产而言，利息收入自下个报
告期间起通过对金融资产的摊
销成本应用实际利率进行确
认。倘信贷减值的金融工具的
信贷风险改善，使得金融资产
不再信贷减值，则从确定该项
资产不再信贷减值之后的报告
期初起，利息收入通过对金融
资产的账面总值应用实际利率
进行确认。
(c) 按公平值计入损益的金融资产
不符合按摊销成本或按公平值
计入其他综合收益或指定为按
公平值计入其他综合收益计量
标准的金融资产按公平值计入
损益计量。
按公平值计入损益的金融资产
按各报告期末的公平值计量，
任何公平值收益或亏损于损益
中确认。于损益确认的收益或
亏损净额，不包括从金融资产
赚取的任何股息或利息，并计
入「其他收益或亏损净额」项目
内。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(b) Amortised cost and interest income
Interest income is recognised using the
efective interest method for financial asets
measured subsequently at amortised cost.
Interest income is calculated by aplying the
efective interest rate to the gros carying
amount of a financial aset, except for financial
asets that have subsequently become
credit-impaired (se below). For financial asets
that have subsequently become credit-impaired,
interest income is recognised by aplying the
efective interest rate to the amortised cost of
the financial aset from the next reporting
period. If the credit risk on the credit-impaired
financial instrument improves so that the
financial aset is no longer credit-impaired,
interest income is recognised by aplying the
efective interest rate to the gros carying
amount of the financial aset from the
begining of the reporting period folowing the
determination that the aset is no longer
credit-impaired.
(c) Financial asets at FVTPL
Financial asets that do not met the criteria
for being measured at amortised cost or
FVTOCI or designated as FVTOCI are measured
at FVTPL.
Financial asets at FVTPL are measured at fair
value at the end of each reporting period, with
any fair value gains or loses recognised in
profit or los. The net gain or los recognised
in profit or los excludes any dividend or
interest earned on the financial aset and is
included in the “other gains or loses, net” line
item.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025156
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(d) 金融资产减值
本集团就根据香港财务报告准
则第9号须予减值的金融资产
（包括贸易应收款项、按金及
其他应收款项及银行结余）根
据预期信贷亏损模式进行减值
评估。预期信贷亏损的金额于
各报告日期更新，以反映自初
步确认后信贷风险的变化。
全期预期信贷亏损指将相关工
具的预期年期内所有可能的违
约事件产生的预期信贷亏损。
相反，12个月预期信贷亏损
（「12个月预期信贷亏损」）指预
期于报告期间后12个月内可能
发生的违约事件导致的全期预
期信贷亏损部分。评估乃根据
本集团的历史信贷亏损经验进
行，并根据债务人特有的因
素、一般经济状况以及对报告
日期当前状况的评估以及对未
来状况的预测作出调整。本集
团经常为贸易应收款项确认全
期预期信贷亏损。
对于所有其他工具，本集团计
量的亏损拨备等于12个月预期
信贷亏损，除非自初始确认后
信贷风险显著增加，本集团确
认全期预期信贷亏损。是否应
确认全期预期信贷亏损的评估
乃基于自初始确认以来发生违
约的可能性或风险的大幅增
加。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(d) Impairment of financial asets
The Group performs impairment asesment
under ECL model on financial asets which are
subject to impairment under HKFRS 9
(including trade receivables, deposits and other
receivables and bank balances). The amount of
ECL is updated at each reporting date to
reflect changes in credit risk since initial
recognition.
Lifetime ECL represents the ECL that wil result
from al posible default events over the
expected life of the relevant instrument. In
contrast, 12-month ECL (“12m ECL”)
represents the portion of lifetime ECL that is
expected to result from default events that are
posible within 12 months after the reporting
period. Asesment are done based on the
Group’s historical credit los experience,
adjusted for factors that are specific to the
debtors, general economic conditions and an
asesment of both the curent conditions at
the reporting date as wel as the forecast of
future conditions. The Group always recognise
lifetime ECL for trade receivables.
For al other instruments, the Group measures
the los alowance equal to 12m ECL, unles
when there has ben a significant increase in
credit risk since initial recognition, the Group
recognises lifetime ECL. The asesment of
whether lifetime ECL should be recognised is
based on significant increases in the likelihod
or risk of a default ocuring since initial
recognition.
东京中央拍卖控股有限公司 二零二五年度报告157
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(e) 信贷风险大幅增加
于评估信贷风险自初始确认以
来有否大幅增加时，本集团比
较金融工具于报告期间出现违
约的风险与该金融工具于初始
确认日期出现违约的风险。作
此评估时，本集团会考虑合理
有据的定量及定性资料，包括
过往经验及毋须花费不必要成
本或努力即可获得的前瞻性资
料。
尤其是，评估信贷风险有否大
幅增加时会考虑下列资料：
- （如有）或
内部信贷评级的实际或
预期重大恶化；
• 信贷风险的外界市场指
标的重大恶化，例如信
贷息差大幅增加，债务
人的信贷违约掉期价格
大幅上升；
- 、财务或经济状况
的现有或预测不利变
动，预期将导致债务人
履行其债务责任的能力
大幅下降；
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(e) Significant increase in credit risk
In asesing whether the credit risk has
increased significantly since initial recognition,
the Group compares the risk of a default
ocuring on the financial instrument as at the
reporting period with the risk of a default
ocuring on the financial instrument as at the
date of initial recognition. In making this
asesment, the Group considers both
quantitative and qualitative information that is
reasonable and suportable, including historical
experience and forward-loking information
that is available without undue cost or efort.
In particular, the folowing information is taken
into acount when asesing whether credit risk
has increased significantly:
• an actual or expected significant
deterioration in the financial instrument’s
external (if available) or internal credit
rating;
• significant deterioration in external market
indicators of credit risk, e.g. a significant
increase in the credit spread, the credit
default swap prices for the debtor;
• existing or forecast adverse changes in
busines, financial or economic conditions
that are expected to cause a significant
decrease in the debtor’s ability to met its
debt obligations;
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025158
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(e) 信贷风险大幅增加（续）
• 债务人经营业绩的实际
或预期重大恶化；
- 、经济或技
术环境的实际或预期重
大不利变动，导致债务
人履行其债务责任的能
力大幅下降。
不论上述评估结果如何，当合
约付款逾期超过30天，本集团
假定信贷风险自初始确认以来
已大幅增加，惟本集团拥有合
理有据的资料显示情况并非如
此，则作别论。
本集团定期监控用于识别信贷
风险是否显著增加的标准的有
效性，并进行适时修订，以确
保标准能够于金额逾期前识别
信贷风险大幅增加。
(f) 违约的定义
就内部信贷风险管理而言，本
集团认为违约事件在内部制订
或得自外界来源的资料显示债
务人不大可能悉数（不计及本
集团持有的任何抵押品）向债
权人（包括本集团）还款时发
生。
尽管上文所述，当金融资产逾
期超过90天，本集团认为违约
事件已发生，惟本集团拥有合
理有据的资料显示更宽松的违
约标准更适合除外。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(e) Significant increase in credit risk (Continued)
• an actual or expected significant
deterioration in the operating results of
the debtor;
• an actual or expected significant adverse
change in the regulatory, economic, or
technological environment of the debtor
that results in a significant decrease in the
debtor’s ability to met its debt
obligations.
Irespective of the outcome of the above
asesment, the Group presumes that the credit
risk has increased significantly since initial
recognition when contractual payments are
more than 30 days past due, unles the Group
has reasonable and suportable information
that demonstrates otherwise.
The Group regularly monitors the efectivenes
of the criteria used to identify whether there
has ben a significant increase in credit risk
and revises them as apropriate to ensure that
the criteria are capable of identifying
significant increase in credit risk before the
amount becomes past due.
(f) Definition of default
For internal credit risk management, the Group
considers an event of default ocurs when
information developed internaly or obtained
from external sources indicates that the debtor
is unlikely to pay its creditors, including the
Group, in ful (without taking into acount any
colaterals held by the Group).
Irespective of the above, the Group considers
that default has ocured when a financial
aset is more than 90 days past due unles the
Group has reasonable and suportable
information to demonstrate that a more
laging default criterion is more apropriate.
东京中央拍卖控股有限公司 二零二五年度报告159
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(f) 违约的定义（续）
信贷减值金融资产
倘发生一项或多项违约事件对
于金融资产的预计未来现金流
量产生不利影响，则该金融资
产发生信贷减值。金融资产的
信贷减值证据包括下列事件的
可观察数据：
(i) 发行方或借款人出现重
大财务困难；
(i) 违反合约，如违约或逾
期事件等；
(i) 借款人的贷款人因有关
借款人财政困难的经济
或合约理由而向借款人
批出贷款人原应不会考
虑的宽免；
(iv) 借款人可能进行破产或
其他财务重组；或
(v) 由于出现财政困难导致
该金融资产失去活跃市
场。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(f) Definition of default (Continued)
Credit-impaired financial asets
A financial aset is credit-impaired when one or
more events of default that have a detrimental
impact on the estimated future cash flows of
that financial aset have ocured. Evidence
that a financial aset is credit-impaired includes
observable data about the folowing events:
(i) significant financial dificulty of the isuer
or the borower;
(i) a breach of contract, such as a default or
past due event;
(i) the lender(s) of the borower, for
economic or contractual reasons relating
to the borower’s financial dificulty,
having granted to the borower a
concesion(s) that the lender(s) would not
otherwise consider;
(iv) it is becoming probable that the borower
wil enter bankruptcy or other financial
reorganisation; or
(v) the disapearance of an active market for
that financial aset because of financial
dificulties.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025160
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(f) 违约的定义（续）
撇销政策
当资料显示对手方处于严重财
困及无实际收回可能时（例如
对手方被清盘或已进入破产程
序时或就贸易应收款项而言，
当金额逾期超过90天时，以较
早发生者为准），本集团则撇
销金融资产。经考虑法律意见
后（倘合适），被撇销的金融资
产可能仍须按本集团收回程序
进行强制执行活动。撇销构成
终止确认事件。任何其后收回
在损益中确认。
预期信贷亏损的计量及确认
预期信贷亏损的计量为违约概
率、违约损失率（即违约时的
损失程度）及违约风险函数。
违约概率及违约损失率的评估
依据历史数据作出，并就前瞻
性资料作出调整。预期信贷亏
损的估算乃反映无偏概率加权
金额，以各自发生违约的风险
为权重厘定。本集团使用可行
权宜方法，利用拨备矩阵估计
贸易应收款项的预期信贷亏
损，当中考虑到过往信贷亏损
经验以及毋须花费不必要成本
或努力即可获得的前瞻性资
料。
一般而言，预期信贷亏损为根
据合约应付本集团的所有合约
现金流量与本集团预期收取的
现金流量（按初始确认时厘定
的实际利率贴现）的差额。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(f) Definition of default (Continued)
Write-of policy
The Group writes of a financial aset when
there is information indicating that the
counterparty is in severe financial dificulty and
there is no realistic prospect of recovery, for
example, when the counterparty has ben
placed under liquidation or has entered into
bankruptcy procedings, or in the case of trade
receivables, when the amounts are over 90
days past due, whichever ocurs soner.
Financial asets writen of may stil be subject
to enforcement activities under the Group’s
recovery procedures, taking into acount legal
advice where apropriate. A write-of
constitutes a derecognition event. Any
subsequent recoveries are recognised in profit
or los.
Measurement and recognition of ECL
The measurement of ECL is a function of the
probability of default, los given default (i.e.
the magnitude of the los if there is a default)
and the exposure at default. The asesment of
the probability of default and los given default
is based on historical data adjusted by
forward-loking information. Estimation of ECL
reflects an unbiased and probability-weighted
amount that is determined with the respective
risks of default ocuring as the weights. The
Group uses a practical expedient in estimating
ECL on trade receivables using a provision
matrix taking into consideration historical credit
los experience and forward loking
information that is available without undue
cost or efort.
Generaly, the ECL is the diference betwen al
contractual cash flows that are due to the
Group in acordance with the contract and the
cash flows that the Group expects to receive,
discounted at the efective interest rate
determined at initial recognition.
东京中央拍卖控股有限公司 二零二五年度报告161
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(f) 违约的定义（续）
预期信贷亏损的计量及确认
（续）
经计及过往逾期资料及相关信
贷资料（例如前瞻性宏观经济
资料），若干贸易应收款项的
全期预期信贷亏损乃按集体基
准予以考虑。
为进行集体评估，本集团制定
分组时考虑以下特点：
- ；
- 、规模及
行业；及
- 。
管理层定期审阅分组，以确保
各组别的组成部分继续共享类
似信贷风险特征。
利息收入按金融资产的账面总
值计算，除非该金融资产属信
贷减值，在此情况下，利息收
入按金融资产的摊销成本计
算。
本集团透过调整所有金融工具
的账面值于损益确认其减值收
益或亏损，惟贸易应收款项及
其他应收款项除外，其透过亏
损拨备账确认相应调整。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(f) Definition of default (Continued)
Measurement and recognition of ECL
(Continued)
Lifetime ECL for certain trade receivables are
considered on a colective basis taking into
consideration past due information and relevant
credit information such as forward loking
macroeconomic information.
For colective asesment, the Group takes into
consideration the folowing characteristics when
formulating the grouping:
- ;
- , size and industry of debtors; and
• External credit ratings where available.
The grouping is regularly reviewed by
management to ensure the constituents of each
group continue to share similar credit risk
characteristics.
Interest income is calculated based on the
gros carying amount of the financial aset
unles the financial aset is credit impaired, in
which case interest income is calculated based
on amortised cost of the financial aset.
The Group recognises an impairment gain or
los in profit or los for al financial
instruments by adjusting their carying amount,
with the exception of trade receivables and
other receivables where the coresponding
adjustment is recognised through a los
alowance acount.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025162
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(g) 终止确认金融资产
仅当资产现金流量的合约权利
届满时，或向另一实体转让金
融资产及资产所有权的绝大部
份风险及回报时，本集团方会
终止确认金融资产。倘本集团
并无转让或保留所有权的绝大
部分风险及回报并继续控制所
转让资产，则本集团确认其在
资产中的保留权益，并就可能
须支付的金额确认相关负债。
倘本集团保留已转让金融资产
所有权的绝大部分风险及回
报，则本集团会继续确认金融
资产，亦会就已收取的所得款
项确认有抵押借款。
终止确认按摊销成本计量的金
融资产时，该资产账面值与已
收及应收代价总和的差额于损
益确认。
(h) 金融负债及权益工具
分类为债务或权益
债务及权益工具乃根据合约安
排的内容以及金融负债及权益
工具的定义分类为金融负债或
权益。
权益工具
权益工具为证明实体资产于扣
除其所有负债后的剩余权益的
任何合约。本公司所发行权益
工具按已收所得款项扣除直接
发行成本确认。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(g) Derecognition of financial asets
The Group derecognises a financial aset only
when the contractual rights to the cash flows
from the aset expire, or when it transfers the
financial aset and substantialy al the risks
and rewards of ownership of the aset to
another entity. If the Group neither transfers
nor retains substantialy al the risks and
rewards of ownership and continues to control
the transfered aset, the Group recognises its
retained interest in the aset and an asociated
liability for amounts it may have to pay. If the
Group retains substantialy al the risks and
rewards of ownership of a transfered financial
aset, the Group continues to recognise the
financial aset and also recognises a
colateralised borowing for the proceds
received.
On derecognition of a financial aset measured
at amortised cost, the diference betwen the
aset’s carying amount and the sum of the
consideration received and receivable is
recognised in profit or los.
(h) Financial liabilities and equity instruments
Clasification as debt or equity
Debt and equity instruments are clasified as
either financial liabilities or as equity in
acordance with the substance of the
contractual arangements and the definitions of
a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that
evidences a residual interest in the asets of an
entity after deducting al of its liabilities. Equity
instruments isued by the Company are
recognised at the proceds received, net of
direct isue costs.
东京中央拍卖控股有限公司 二零二五年度报告163
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.9 金融工具（续）
(h) 金融负债及权益工具（续）
按摊销成本计量之金融负债
金融负债（包括其他应付款项
及应计费用、借款及租赁负
债）其后按摊销成本使用实际
利率法计量。
终止确认金融负债
当且仅当本集团的义务已解
除、取消或届满时，本集团才
会终止确认金融负债。终止确
认的金融负债的账面值与已付
及应付代价之间的差额于损益
确认。
2.10 抵销金融资产及金融负债
当且仅当本集团现时拥有合法可强
制执行权利抵销有关已确认金额，
而且有意以净额方式结算，或同时
变现资产及清偿负债时，方会将金
融资产与金融负债相互抵销，并将
抵销后的净额于合并财务状况表中
呈列。
2.11 存货
存货指本集团趁机购买的艺术品，
并按成本值与可变现净值较低者列
账。购买该等艺术品的成本乃扣除
回扣及折扣后厘定。可变现净值为
日常业务过程中的估计售价减去进
行出售所需的估计成本。进行出售
所需的成本包括直接与出售相关的
增量成本，以及本集团就进行出售
必须产生的非增量成本。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.9 Financial instruments (Continued)
(h) Financial liabilities and equity instruments
(Continued)
Financial liabilities at amortised cost
Financial liabilities (including other payables and
acruals, borowings and lease liabilities) are
subsequently measured at amortised cost, using
the efective interest method.
Derecognition of financial liabilities
The Group derecognises financial liabilities
when, and only when, the Group’s obligations
are discharged, canceled or have expired. The
diference betwen the carying amount of the
financial liability derecognised and the
consideration paid and payable is recognised in
profit or los.
2.10 Ofseting a financial aset and a financial
liability
A financial aset and a financial liability are ofset
and the net amount presented in the consolidated
statement of financial position when, and only
when, the Group curently has a legaly enforceable
right to set of the recognised amounts; and intends
either to setle on a net basis, or to realise the aset
and setle the liability simultaneously.
2.11 Inventories
Inventories represented artworks that
oportunisticaly purchased by the Group and are
stated at the lower of cost and net realisable value.
Costs of purchase of these artworks are determined
after deducting rebates and discounts. Net realisable
value is the estimated seling price in the ordinary
course of busines les the estimated costs necesary
to make the sale. Costs necesary to make the sale
include incremental costs directly atributable to the
sale and non-incremental costs which the Group
must incur to make the sale.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025164
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.12 贸易及其他应收款项
贸易应收款项指因本集团举行的拍
卖而应收买家及卖家的应收佣金及
应收相关服务费用。贸易应收款项
亦包括来自本集团举行的直接艺术
品销售产生的款项。本集团就应收
佣金而授出7天的信贷期，并就应收
艺术品销售款项而授出30天的信贷
期。应收款项一般须于本集团授出
的信贷期内结付，并全部分类为流
动。
于拍卖完成时，本集团须向买家收
取售出艺术品的落槌价。该等应收
款项分类为「应收买家拍卖及相关
业务款项」，并须根据与买家订立的
合约条款于确认后7天内结付。
委托人预付款项最初按公平值减预
期信贷亏损拨备确认。其指在艺术
品被拍卖出前向艺术收藏家提供的
融资，由艺术品作担保。
变现为本集团正常营运周期的一部
分的其他应收款项分类为流动资
产，即使该等应收款项预期不会于
报告期间后12个月内变现。一个实
体的营运周期为收购资产作加工与
其变现为现金或现金等价物之间的
时间。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.12 Trade and other receivables
Trade receivables represent comision receivables
and related services fes receivables that are due
from buyers and selers as a result of the auctions
conducted by the Group. Trade receivables also
included those arising from direct artwork sales
conducted by the Group. The Group grants credit
period of 7 days for comision receivables and 30
days for receivables from artwork sales. Receivables
are generaly due for setlement within credit periods
granted by the Group and are al clasified as
curent.
Upon completing the auction, the Group is obliged
to colect from the buyers the hamer price
amounts for artworks sold. Such receivables are
clasified as “receivables from buyers in respect of
auction and related busines” and due for
setlement within 7 days of recognition acording to
the terms of the contracts with the buyers.
Consignor advances are recognised initialy at fair
value les alowance for ECL. It represents financing
provided to art colectors prior to their works of art
being auctioned of, secured by works of art.
Other receivables that are realised as part of the
Group’s normal operating cycle are clasified as
curent asets even when they are not expected to
be realised within 12 months after the reporting
period. The operating cycle of an entity is the time
betwen the acquisition of asets for procesing and
their realisation in the form of cash or cash
equivalents.
东京中央拍卖控股有限公司 二零二五年度报告165
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.12 贸易及其他应收款项（续）
贸易及其他应收款项最初按公平值
确认。本集团持有贸易应收款项的
目标是收集合约现金流量，因此其
后使用实际利率法按摊销成本计
量。有关本集团减值政策的说明，
请参阅附注3.2。
2.13 现金及现金等价物
就编制现金流量表而言，现金及现
金等价物包括手头现金、其他短期
高流动性投资（原定到期日为三个
月或以下，随时可转换为已知金额
的现金及价值变动风险不大者）。
2.14 贸易及其他应付款项
贸易应付款项指就供应商于日常业
务过程中所提供服务付款的责任及
本集团就买卖用途购买艺术品而应
付卖家的款项。
于拍卖完成时，本集团在向买家收
取相关款项后，须把已成交艺术品
的落槌价支付予卖家，而该等应付
款项分类为「应付卖家拍卖及相关
业务款项」。于期末的该等未付结余
为无抵押，一般须于收取落槌价款
项后35天内支付。除非款项并非于
报告期后12个月内到期，否则贸易
及其他应付款项乃呈列为流动负
债。其初步按公平值确认及随后使
用实际利率法按摊销成本计量。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.12 Trade and other receivables (Continued)
Trade and other receivables are recognised initialy at
fair value. The Group holds the trade receivables
with the objective to colect the contractual cash
flows and therefore measures them subsequently at
amortised cost using the efective interest method.
Se note 3.2 for a description of the Group’s
impairment policies.
2.13 Cash and cash equivalents
For the purpose of presentation in the statement of
cash flows, cash and cash equivalents includes cash
on hand, other short-term, highly liquid investments
with original maturities of thre months or les that
are readily convertible to known amounts of cash
and which are subject to an insignificant risk of
changes in value.
2.14 Trade and other payables
Trade payables represent obligations to pay for
services from supliers in the ordinary course of
busines and amounts due to selers of artworks
purchased by the Group for trading purpose.
Upon completing the auction, the Group is required
to remit the hamer price amounts for artworks
sold to selers upon receiving the coresponding
amounts from the buyer and such payables are
clasified as “payables to selers in respect of auction
and related busines”. These unpaid balances as at
period end are unsecured and are usualy paid
within 35 days upon receiving the hamer price
amount. Trade and other payables are presented as
curent liabilities unles payment is not due within
12 months after the reporting period. They are
recognised initialy at fair value and subsequently
measured at amortised cost using the efective
interest method.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025166
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.15 借款
借款初步按公平值扣除所产生的交
易成本确认。借款其后按摊销成本
计量。所得款项（扣除交易成本）与
赎回金额之间的任何差额以实际利
率法于借款期间于损益中确认。
在融资很有可能部分或全部提取的
情况下，就设立贷款融资支付的费
用乃确认为贷款交易成本。在此情
况下，该费用将递延至提取贷款发
生时。在并无证据显示该融资很有
可能部分或全部提取的情况下，该
费用将资本化为流动资金服务的预
付款项，并于其相关融资期间内予
以摊销。
除非本集团于报告期末有权利将负
债的结算递延至报告期末后最少12
个月，否则借款归类为流动负债。
本集团须于报告期末或之前遵守的
契诺会于将附带契诺的贷款安排分
类为流动或非流动时予以考虑。本
集团须于报告期后遵守的契诺，并
不影响于报告日期的分类。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.15 Borowings
Borowings are initialy recognised at fair value, net
of transaction costs incured. Borowings are
subsequently measured at amortised cost. Any
diference betwen the proceds (net of transaction
costs) and the redemption amount is recognised in
profit or los over the period of the borowings
using the efective interest method.
Fes paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the
extent that it is probable that some or al of the
facility wil be drawn down. In this case, the fes are
defered until the draw-down ocurs. To the extent
there is no evidence that it is probable that some or
al of the facility wil be drawn down, the fes are
capitalised as a prepayment for liquidity services and
amortised over the period of the facility to which it
relates.
Borowings are clasified as curent liabilities unles,
at the end of the reporting period, the Group has a
right to defer setlement of the liability for at least
12 months after the end of the reporting period.
Covenants that the Group is required to comply
with, on or before the end of the reporting period,
are considered in clasifying loan arangements with
covenants as curent or non-curent. Covenants that
the Group is required to comply with after the
reporting period do not afect the clasification at
the reporting date.
东京中央拍卖控股有限公司 二零二五年度报告167
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.16 借款成本
直接归属于收购、兴建或生产合资
格资产（即为需要颇长时间方可用
作拟定用途或出售的资产）的一般
及特定借款成本乃计入该等资产的
成本，直至资产大体上可用作拟定
用途或出售为止。
所有其他借款成本在产生期内的损
益中确认。
2.17 税项
所得税开支指即期及递延所得税开
支之总额。
即期应付税项乃按本年度应课税溢
利计算。应课税溢利与除税前溢
利╱（亏损）不同，乃因其他年度的
应课税收入或可扣税开支及从未课
税或扣税的项目所致。本集团之即
期税项负债乃按报告期末前已颁布
或实质颁布之税率计算。
递延税项乃根据合并财务报表之资
产及负债账面值与用作计算应课税
溢利之相应税基之暂时性差额确
认。递延税项负债一般会就所有应
课税暂时性差额确认，而递延税项
资产则一般就所有可扣减暂时性差
额予以确认，惟以可能获得应课税
溢利用作抵扣该等可扣减暂时性差
额为限。若交易中首次确认（业务合
并的情况下除外）资产及负债而产
生之暂时性差额并不影响应课税溢
利或会计溢利，且交易时不会产生
相等应课税及可扣减暂时性差额，
则不会确认该等递延税项资产及负
债。此外，若暂时性差额是源自商
誉之首次确认，则不确认递延税项
负债。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.16 Borowing costs
General and specific 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 aded to
the cost of those asets, until such time as the
asets are substantialy ready for their intended use
or sale.
Al other borowing costs are recognised in profit or
los in the period in which they are incured.
2.17 Taxation
Income tax expense represents the sum of curent
and defered income tax expense.
The tax curently payable is based on taxable profit
for the year. Taxable profit difers from profit/(los)
before tax because of income or expense that are
taxable or deductible in other years and items that
are never taxable or deductible. The Group’s liability
for curent tax is calculated using tax rates that have
ben enacted or substantively enacted by the end of
the reporting period.
Defered tax is recognised on temporary diferences
betwen the carying amounts of asets and
liabilities in the consolidated financial statements and
the coresponding tax bases used in the
computation of taxable profit. Defered tax liabilities
are generaly recognised for al taxable temporary
diferences. Defered tax asets are generaly
recognised for al deductible temporary diferences
to the extent that it is probable that taxable profits
wil be available against which those deductible
temporary diferences can be utilised. Such defered
tax asets and liabilities are not recognised if the
temporary diference arises from the initial
recognition (other than in a busines combination) of
asets and liabilities in a transaction that afects
neither the taxable profit nor the acounting profit
and at the time of the transaction does not give rise
to equal taxable and deductible temporary
diferences. In adition, defered tax liabilities are
not recognised if the temporary diference arises
from the initial recognition of godwil.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025168
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.17 税项（续）
与于附属公司及联营公司的投资以
及于合营企业的权益相关的应课税
暂时性差额均确认为递延税项负
债，惟倘本集团可控制拨回该暂时
性差额，及暂时性差额可能不会于
可见未来拨回则除外。与该等投资
及权益相关之可扣减暂时性差额所
产生之递延税项资产，仅于可能有
足够应课税溢利可用以抵扣暂时性
差额之利益且预计于可见未来拨回
的情况下予以确认。
递延税项资产之账面值会于各报告
期末检讨，并减至不再可能有足够
应课税溢利令全部或部分递延税项
资产得以动用为止。未确认之递延
税项资产会于各报告期末重新评
估，并于可能有足够应课税溢利令
全部或部分递延税项资产得以收回
时确认。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.17 Taxation (Continued)
Defered tax liabilities are recognised for taxable
temporary diferences asociated with investments in
subsidiaries and asociates, and interests in joint
ventures, except where the Group is able to control
the reversal of the temporary diference and it is
probable that the temporary diference wil not
reverse in the foreseable future. Defered tax asets
arising from deductible temporary diferences
asociated with such investments and interests are
only recognised to the extent that it is probable that
there wil be suficient taxable profits against which
to utilise the benefits of the temporary diferences
and they are expected to reverse in the foreseable
future.
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 profit wil be available to
alow al or part of the defered tax aset to be
utilised. Unrecognised defered tax asets are
reasesed at the end of each reporting period and
are recognised to the extent that it has become
probable that suficient taxable profit wil be
available to alow al or part of the defered tax
aset to be recovered.
东京中央拍卖控股有限公司 二零二五年度报告169
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.17 税项（续）
递延税项资产及负债按预期适用于
变现资产或结算负债期间之税率，
并根据报告期末已颁布或实质颁布
之税率（及税法）计算。
递延税项负债及资产之计量反映本
集团于报告期末预期收回或偿付其
资产及负债账面值之税务影响。
倘有法定可执行权抵销当期税项资
产及当期税项负债，且递延税项与
同一应课税实体及同一税务机关有
关，则递延税项资产及递延税项负
债方予以抵销。
就本集团确认使用权资产及相关租
赁负债的租赁交易计量递延税项而
言，本集团首先厘定使用权资产或
租赁负债是否应占税项扣减。
就税项扣减归属于租赁负债之租赁
交易以及拆除及修复拨备所产生之
最终成本而言，本集团会对使用权
资产及租赁负债、拆除及修复拨备
以及相关资产分开应用香港会计准
则第12号所得税之规定。本集团确
认与租赁负债以及拆除及修复拨备
有关之递延税项资产（仅限于可能
获得应课税溢利用作抵扣可扣减暂
时性差额）并就所有应课税暂时性
差异确认递延税项负债。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.17 Taxation (Continued)
Defered tax asets and liabilities are measured at
the tax rates that are expected to aply to the
period when the aset is realised or the liability is
setled, based on tax rates (and tax laws) that have
ben enacted or substantively enacted by the end of
the reporting period.
The measurement of defered tax liabilities and
asets reflects the tax consequences that would
folow from the maner in which the Group expects,
at the end of the reporting period, to recover or
setle the carying amount of its asets and
liabilities.
Defered tax asets and defered tax liabilities are
ofset if a legaly enforceable right exists to set of
curent tax asets against curent tax liabilities and
the defered taxes relate to the same taxable entity
and the same taxation authority.
For the purposes of measuring defered tax for
leasing transactions in which the Group recognizes
the right-of-use asets and the related lease
liabilities, the Group first determines whether the tax
deductions are atributable to the right-of-use asets
or the lease liabilities.
For leasing transactions in which the tax deductions
are atributable to the lease liabilities, ultimate costs
incured for provision for decomisioning and
restoration, the Group aplies HKAS 12 Income
Taxes requirements to right-of-use asets and lease
liabilities, the provisions for decomisioning and
restoration and the related asets separately. The
Group recognises a defered tax aset related to
lease liabilities and the provisions for
decomisioning and restoration to the extent that
it is probable that taxable profit wil be available
against which the deductible temporary diference
can be utilised and a defered tax liability for al
taxable temporary diferences.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025170
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.17 税项（续）
倘有法定可执行权利抵销当期税项
资产及当期税项负债，且两者与同
一税务机构向同一课税实体征收的
所得税有关，则递延税项资产及负
债相互抵销。
当期及递延税项于损益确认。
2.18 拨备及或然负债
当本集团因过往事件须承担现有的
法律或推定责任，而履行有关责任
可能需要资源流出，并可对有关金
额作可靠估计，则确认拨备。并无
就未来经营亏损确认拨备。
倘存在多项相若责任，结付时是否
可能需要资源流出，须考虑整体责
任的类别而定。即使同一类别的任
何一项责任导致资源流出可能性极
低，亦须确认拨备。
拨备采用税前比率按照预期需履行
有关责任的开支现值计量，该比率
反映当时市场对金钱时间值和有关
责任固有风险的评估。随著时间过
去而增加的拨备确认为利息开支。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.17 Taxation (Continued)
Defered tax asets and liabilities are ofset when
there is a legaly enforceable right to set of curent
tax asets against curent tax liabilities and when
they relate to income taxes levied to the same
taxable entity by the same taxation authority.
Curent and defered tax are recognised in profit or
los.
2.18 Provisions and contingent liabilities
Provisions are recognised when the Group has a
present legal or constructive obligation as a result of
past events; it is more likely than not that an
outflow of resources wil be required to setle the
obligation; and the amount has ben reliably
estimated. Provisions are not recognised for future
operating loses.
Where there are a number of similar obligations, the
likelihod that an outflow wil be required in
setlement is determined by considering the clas of
obligations as a whole. A provision is recognized
even if the likelihod of an outflow with respect to
any one item included in the same clas of
obligations may be smal.
Provisions are measured at the present value of the
expenditure expected to be required to setle the
obligation using a pre-tax rate that reflects curent
market asesments of the time value of money and
the risks specific to the obligation. The increase in
the provision due to pasage of time is recognized
as interest expense.
东京中央拍卖控股有限公司 二零二五年度报告171
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.18 拨备及或然负债（续）
或然负债乃因过往事件可能产生的
责任，而其存在与否仅能透过发生
或未有发生一宗或以上本集团不能
完全控制的不明朗未来事件确定。
或然负债亦可能是因不大可能须流
出经济资源或未能可靠计量有关责
任金额而不予确认的过往事件所产
生的现时责任。
或然负债不予确认，但已在合并财
务报表附注中披露。当流出资源的
可能性有变，致使可能流出资源，
则或然负债将被确认为拨备。
2.19 收益确认
(a) 佣金收益
本集团透过拍卖销售向买家及
卖家赚取佣金收益，而本集团
在拍卖销售当中主要担当拍卖
官的角色，以及透过所提供的
专业营销技术推广销售。佣金
收益乃按照本集团与买家及卖
家所订立的合约，于拍卖售出
艺术品的落槌价的百分比而计
算得出。本集团亦录得来自本
集团代表委托人安排的私洽产
生的收益。本集团在私洽中担
任代理人，配对委托人与买家
的需求。本集团从中收取佣金
作为回报，佣金按买家与卖家
磋商而定，一般是买家支付的
购买价与卖家与本集团事先协
定的售价之间的差额。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.18 Provisions and contingent liabilities
(Continued)
A contingent liability is a posible obligation that
arises from past events and whose existence wil only
be confirmed by the ocurence or non-ocurence
of one or more uncertain future events not wholy
within the control of the Group. It can also be a
present obligation arising from past events that is
not recognised because it is not probable that
outflow of economic resources wil be required or
the amount of obligation canot be measured
reliably.
A contingent liability is not recognised but is
disclosed in the notes to the consolidated financial
statements. When a change in the probability of an
outflow ocurs so that outflow is probable, it wil
then be recognised as a provision.
2.19 Revenue recognition
(a) Comision revenue
The Group earns comision revenue from
both buyer and seler through the auction sales
in which the Group mainly acts as the role of
auctioner as wel as promoting the sales
through profesional marketing techniques
provided. The comision revenue is calculated
as a percentage of the hamer price of the
artwork sold at the auction in acordance with
the contracts betwen the Group and the
buyer and the seler. The Group also recorded
revenue generated from private sales aranged
by the Group on behalf of the consignors. The
Group may act as an agent by matching the
neds of consignors to those of buyers by
private sales. In return, the Group colect
comisions which are determined through
negotiation with both buyers and selers,
usualy representing the diference betwen the
purchase price paid by the buyers and the
seling price as pre-agred by the selers and
the Group.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025172
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.19 收益确认（续）
(a) 佣金收益（续）
本集团收取佣金收入的权利包
括代价的元素，其根据未来事
件结果而有所变动或取决于该
等事件。将收取的实际佣金收
入视乎（其中包括）买卖双方之
间完成交易及根据常见的行业
惯例的价格优惠。
本集团以拍卖官落槌所证明的
拍卖销售完成后确认收益。就
私洽而言，佣金收益于相关买
家及卖家订立合约后确认。
(b) 与拍卖相关其他服务的收益
就所举办的拍卖会而言，本集
团亦自编制图录或为筹备拍卖
而放置于拍卖会的艺术品向卖
家收取的保费中赚取其他服务
收入，并于提供相关服务时确
认为收益。
(c) 艺术品销售收益
艺术品销售收益于货品的控制
权转移予客户（一般与货品向
客户交付及所有权转交的时间
相符）时确认。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.19 Revenue recognition (Continued)
(a) Comision revenue (Continued)
The Group’s entitlement to comision income
includes an element of consideration that is
variable or contingent on the outcome of
future events. Actual comision income to be
received is dependent upon, among others, the
completion of transaction betwen buyers and
selers; and price concesion based on
customary industry practice.
The Group recognised revenue upon
completion of the auction sale as evidenced by
the fal of auctioner’s hamer. For private
sales, comision revenue is recognised upon
conclusion of contract with relevant buyer and
seler.
(b) Revenue from other services relating to
auctions
In relation to the auctions organised, the
Group also earns other services income from
catalogue preparation, or insurance charged to
the selers for artworks in preparation for and
placed in the auctions, and they are recognised
as revenue when the related services are
rendered.
(c) Revenue from artwork sales
Revenue from sale of artworks is recognised
upon transfering control of gods to
customers, which generaly coincides with the
time when the gods are delivered to
customers and title has pased.
东京中央拍卖控股有限公司 二零二五年度报告173
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.20 雇员福利
(a) 短期责任
雇员直至报告期末的服务获确
认工资及薪金负债（包括预期
在雇员提供相关服务期间结束
后12个月内悉数结算的非货币
福利及累计病假），并按结算
有关负债预期支付的金额计
量。负债于合并财务状况表内
呈列为当期雇员福利责任。
(b) 退休金责任
定额供款计划为本集团须向独
立实体支付固定供款的退休金
计划。倘基金资产于本期间及
过往期间并不足以向所有雇员
支付与雇员服务有关的褔利，
则本集团概无任何法律或推定
责任支付额外供款。本集团雇
员参与多个获政府资助的定额
供款退休金计划，据此，雇员
有权享有每月按若干公式计算
的退休金。相关政府机构有责
任向此等退休雇员支付退休
金。本集团每月向此等退休金
计划供款。根据此等计划，除
所作供款外，本集团并无其他
退休后福利责任。
供款于到期时确认为雇员福利
开支。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.20 Employe benefits
(a) Short-term obligations
Liabilities for wages and salaries, including
non-monetary benefits and acumulating sick
leave that are expected to be setled wholy
within 12 months after the end of the period
in which the employes render the related
service are recognised in respect of employes’
services up to the end of the reporting period
and are measured at the amounts expected to
be paid when the liabilities are setled. The
liabilities are presented as curent employe
benefit obligations in the consolidated
statement of financial position.
(b) Pension obligations
A defined contribution plan is a pension plan
under which the Group pays fixed
contributions into a separate entity. The Group
has no legal or constructive obligations to pay
further contributions if the fund does not
hold suficient asets to pay al employes
the benefits relating to employe service in
the curent and prior periods. Employes
of the Group are covered by various
government-sponsored defined contribution
pension plans under which the employes are
entitled to a monthly pension based on certain
formulas. The relevant government agencies are
responsible for the pension liability to these
retired employes. The Group contributes on a
monthly basis to these pension plans. Under
these plans, the Group has no obligation for
post-retirement benefits beyond the
contributions made.
The contributions are recognised as employe
benefit expense when they are due.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025174
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.20 雇员福利（续）
(c) 雇员应享假期
雇员应享年假于有关假期应计
予雇员时确认。本集团为雇员
直至财务状况表日期止就已提
供服务所产生年假的估计负债
作出拨备。
(d) 以股份为基础的酬金
本集团实行购股权计划，据
此，本集团获取雇员提供的服
务作为本公司股本工具的代
价。
雇员为获取购股权而提供的服
务的公平值确认为开支。该等
予以支销的总金额参考于授出
日期的购股权的公平值厘定：
(i)包括任何市场表现条件；(i)
不包括任何服务及非市场表现
归属条件的影响（例如：盈利
能力及销售增长目标）；及(i)
包括任何非归属条件的影响
（例如规定雇员保存或于指定
时段持有股份）。非市场归属
条件计入有关预期将归属的购
股权数目的假设中。总开支于
归属期间（所有特定归属条件
将获达成的期间）确认。于各
报告期末，本集团会根据非营
销归属条件修改其估计预期将
归属的购股权数目，并于合并
损益及其他综合收益表内确认
修改原来估计数字（如有）的影
响，以及须对权益作出的相应
调整。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.20 Employe benefits (Continued)
(c) Employe leave entitlement
Employe entitlements to anual leave are
recognised when they acrue to employes. A
provision is made for the estimated liability for
anual leave as a result of services rendered by
employes up to the statement of financial
position date.
(d) Share-based compensation
The Group operates share option scheme under
which the Group receives services from
employes as consideration for equity
instruments of the Company.
The fair value of the employe services received
in exchange for the grant of the options is
recognised as an expense. The total amount to
be expensed is determined by reference to the
fair value of the options as at the date of
grant: (i) including any market performance
conditions; (i) excluding the impact of any
service and non-market performance vesting
conditions (for example, profitability and sales
growth targets); and (i) including the impact
of any non-vesting conditions (for example, the
requirement for employes to save or holding
shares for a specified period of time).
Non-market vesting conditions are included in
asumptions about the number of options that
are expected to vest. The total expense is
recognised over the vesting period, which is the
period over which al of the specified vesting
conditions are to be satisfied. At the end of
each reporting period, the Group revises its
estimates of the number of options that are
expected to vest based on the non-marketing
vesting conditions. It recognises the impact of
the revision to original estimates, if any, in the
consolidated statement of profit or los and
other comprehensive income, with a
coresponding adjustment to equity.
东京中央拍卖控股有限公司 二零二五年度报告175
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.20 雇员福利（续）
(d) 以股份为基础的酬金（续）
倘购股权获行使，本公司将发
行新股。扣除任何直接应占交
易成本的已收所得款项入账计
入股本。
2.21 租赁
本集团根据香港财务报告准则第16
号的定义于合约开始时评估该合约
是否属于或包含租赁。除非合约的
条款及条件其后出现变动，否则有
关合约将不予重新评估。作为可行
权宜方法，倘本集团合理预期对合
并财务报表产生的影响不会与组合
内个别租赁之影响有重大差异，则
具有类似性质的租赁按组合基准入
账。
作为承租人
分配代价至合约组成部分
就包含租赁组成部分及非租赁组成
部分的合约而言，本集团根据租赁
组成部分的相对单独价格及非租赁
组成部分的单独价格总额将合约代
价分配至各个租赁组成部分。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.20 Employe benefits (Continued)
(d) Share-based compensation (Continued)
When the options are exercised, the Company
isues new shares. The proceds received net of
any directly atributable transaction costs are
credited to share capital.
2.21 Leases
The Group aseses whether a contract is or contains
a lease based on the definition under HKFRS 16 at
inception of the contract. Such contract wil not be
reasesed unles the terms and conditions of the
contract are subsequently changed. As a practical
expedient, leases with similar characteristics are
acounted on a portfolio basis when the Group
reasonably expects that the efects on the
consolidated financial statements would not difer
materialy from individual leases within the portfolio.
As a lese
Alocation of consideration to components of a
contract
For a contract that contains a lease component and
non-lease components, the Group alocates the
consideration in the contract to each lease
component on the basis of the relative stand-alone
price of the lease component and the agregate
stand-alone price of the non-lease components.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025176
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.21 租赁（续）
作为承租人（续）
分配代价至合约组成部分（续）
本集团应用可行权宜方法，不会将
非租赁组成部分与租赁组成部分
开，而将租赁组成部分及任何相关
非租赁组成部分作为单一租赁组成
部分入账。
短期租赁及低价值资产租赁
本集团将短期租赁确认豁免应用于
租期自开始日期起计为期12个月或
以内且不包含购买选择权的租赁。
本集团亦对低价值资产租赁应用确
认豁免。短期租赁及低价值资产租
赁的租赁付款根据租期按直线法或
另一系统性基准确认为开支。
使用权资产
使用权资产的成本包括：
- ；
• 在开始日期或之前作出的任何
租赁付款，扣减收讫的任何租
赁优惠；
• 本集团产生的任何初始直接成
本；及
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.21 Leases (Continued)
As a lese (Continued)
Alocation of consideration to components of a
contract (Continued)
The Group aplies practical expedient not to
separate non-lease components from lease
component, and instead acount for the lease
component and any asociated non-lease
components as a single lease component.
Short-term leases and leases of low-value asets
The Group aplies the short-term lease recognition
exemption to leases that have a lease term of 12
months or les from the comencement date and do
not contain a purchase option. It also aplies the
recognition exemption for lease of low-value asets.
Lease payments on short-term leases and leases of
low-value asets are recognised as expense on a
straight-line basis or another systematic basis over
the lease term.
Right-of-use asets
The cost of right-of-use aset includes:
• the amount of the initial measurement of the
lease liability;
• any lease payments made at or before the
comencement date, les any lease incentives
received;
- ;
and
东京中央拍卖控股有限公司 二零二五年度报告177
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.21 租赁（续）
作为承租人（续）
使用权资产（续）
• 本集团在拆卸并拆除相关资
产、修复该资产所在地盘或将
相关资产修复至租赁条款及条
件所规定状况时将产生的估计
成本。
本集团于租赁开始日期（即相关资
产可供使用之日）确认使用权资产。
使用权资产按成本减任何累计折旧
及减值亏损计量，并就任何重新计
量租赁负债作出调整。
本集团合理确定能于租期届满时获
得相关租赁资产所有权的使用权资
产于开始日期至可使用年期届满期
间折旧。否则，使用权资产根据估
计其可使用年期与租期两者中的较
短期间按直线法折旧。
本集团于合并财务状况表内将使用
权资产呈列为独立项目。
可退还租赁按金
已支付的可退还租赁按金根据香港
财务报告准则第9号列账，并初步按
公平值计量。初始确认时对公平值
的调整被视为额外租赁付款并计入
使用权资产的成本。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.21 Leases (Continued)
As a lese (Continued)
Right-of-use asets (Continued)
• an estimate of costs to be incured by the Group
in dismantling and removing the underlying
asets, restoring the site on which it is located
or restoring the underlying aset to the
condition required by the terms and conditions
of the lease.
The Group recognises right-of-use asets at the
comencement date of the lease (i.e. the date the
underlying aset is available for use). Right-of-use
asets are measured at cost, les any acumulated
depreciation and impairment loses, and adjusted for
any remeasurement of lease liabilities.
Right-of-use asets in which the Group is reasonably
certain to obtain ownership of the underlying leased
asets at the end of the lease term is depreciated
from comencement date to the end of the useful
life. Otherwise, right-of-use asets are depreciated
on a straight-line basis over the shorter of its
estimated useful life and the lease term.
The Group presents right-of-use asets as a separate
line item on the consolidated statement of financial
position.
Refundable rental deposits
Refundable rental deposits paid are acounted under
HKFRS 9 and initialy measured at fair value.
Adjustments to fair value at initial recognition are
considered as aditional lease payments and
included in the cost of right-of-use asets.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025178
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.21 租赁（续）
作为承租人（续）
租赁负债
于租赁开始日期，本集团确认按于
该日期未付的租赁付款现值计量的
租赁负债。在计算租赁付款的现值
时，倘租赁中隐含的利率不易确
定，则本集团在租赁开始日使用增
量借款利率。
租赁付款包括：
- （包括实质固定付款）
减去任何应收租赁奖励；
• 取决于指数或比率的可变租赁
付款，使用开始日期的指数或
比率进行初始计量；
• 预期根据剩余价值担保支付的
金额；
• 本集团合理确定将予行使的购
买选择权的行使价；及
- ，倘租赁期限
反映本集团行使选择权终止租
赁。
于开始日期后，租赁负债通过利息
增加及租赁付款进行调整。
本集团于合并财务状况表内将租赁
负债呈列为独立项目。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.21 Leases (Continued)
As a lese (Continued)
Lease liabilities
At the comencement date of a lease, the Group
recognises and measures the lease liability at the
present value of lease payments that are unpaid at
that date. In calculating the present value of lease
payments, the Group uses the incremental
borowing rate at the lease comencement date if
the interest rate implicit in the lease is not readily
determinable.
The lease payments include:
• fixed payments (including in-substance fixed
payments) les any lease incentives receivable;
• variable lease payments that depend on an index
or a rate, initialy measured using the index or
rate as at the comencement date;
• amounts expected to be paid under residual
value guarantes;
• the exercise price of a purchase option
reasonably certain to be exercised by the
Group; and
- ,
if the lease term reflects the Group exercising
the option to terminate the lease.
After the comencement date, lease liabilities are
adjusted by interest acretion and lease payments.
The Group presents lease liabilities as a separate line
item on the consolidated statement of financial
position.
东京中央拍卖控股有限公司 二零二五年度报告179
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.22 关联方
(a) 一名人士或该人士之关系密切
家庭成员及该人士：
(i) 对本集团有控制权或共
同控制权；
(i) 对本集团有重大影响
力；或
(i) 为本集团或本集团母公
司的主要管理层成员；
或
(b) 该方为符合下列任何条件的一
间实体：
(i) 该实体及本集团属同一
集团的成员公司；
(i) 一间实体为另一实体（或
另一实体之母公司、附
属公司或同系附属公司）
的联营公司或合营企业；
(i) 实体及本集团均为同一
第三方的合营企业；
(iv) 一间实体为第三方实体
的合营企业，而另一实
体为该第三方实体的联
营公司；
(v) 该实体为本集团或与本
集团有关联的实体就雇
员利益设立的离职后福
利计划；
(vi) 该实体受(a)项所识别人
士控制或受共同控制；
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.22 Related parties
(a) a person or a close member of that person’s
family and that person:
(i) has control or joint control over the
Group;
(i) has significant influence over the Group;
or
(i) is a member of the key management
personel of the Group or of a parent of
the Group; or
(b) the party is an entity where any of the folowing
conditions aplies:
(i) the entity and the Group are members of
the same group;
(i) one entity is an asociate or joint venture
of the other entity (or of a parent,
subsidiary or felow subsidiary of the
other entity);
(i) the entity and the Group are joint ventures
of the same third party;
(iv) one entity is a joint venture of a third
entity and the other entity is an asociate
of the third entity;
(v) the entity is a post-employment benefit
plan for the benefit of employes of
either the Group or an entity related to
the Group;
(vi) the entity is controled or jointly controled
by a person identified in (a);
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025180
Notes to the Consolidated Financial Statements
合并财务报表附注
2. 编制基准及重大会计政策资料
（续）
2.22 关联方（续）
(b) （续）
(vi) (a)(i)所识别对实体有重
大影响力或为实体（或实
体母公司）的主要管理层
人员的人士；及
(vi) 该实体或集团内任何成
员公司为本集团或本集
团母公司提供主要管理
人员服务。
2.23 政府补助
在合理地保证本集团会遵守政府补
助的附带条件以及将会得到补助
后，政府补助方会予以确认。
政府补助乃应收补偿已产生的支出
或亏损的收入或旨在给予本集团的
即时财务支援（而无未来有关成
本），于有关补助成为应收款项的期
间在损益中确认。有关补助呈列于
「其他收入」。
以低于市场利率拨出的政府贷款的
收益视为政府补助，按已收所得款
项与按现行市场利率计算的贷款的
公平值之间的差额计量。
2. BASIS OF PREPARATION AND MATERIAL
ACOUNTING POLICY INFORMATION
(Continued)
2.22 Related parties (Continued)
(b) (Continued)
(vi) a person identified in (a)(i) has significant
influence over the entity or is a member
of the key management personel of the
entity (or of a parent of the entity); and
(vi) the entity, or any member of a group of
which it is a part, provides key
management personel services to the
Group or to the parent of the Group.
2.23 Government grants
Government grants are not recognised until there is
reasonable asurance that the Group wil comply
with the conditions ataching to them and that the
grants wil be received.
Government grants related to income that are
receivable as compensation for expenses or loses
already incured or for the purpose of giving
imediate financial suport to the Group with no
future related costs are recognised in profit or los in
the period in which they become receivable. Such
grants are presented under “other income”.
The benefit of a government loan at a below-market
rate of interest is treated as a government grant,
measured as the diference betwen proceds
received and the fair value of the loan based on
prevailing market interest rates.
东京中央拍卖控股有限公司 二零二五年度报告181
Notes to the Consolidated Financial Statements
合并财务报表附注
3. 财务风险管理
本集团的活动令其面对各类财务风险：
市场风险（包括外汇风险及现金流量利率
风险）、信贷风险及流动资金风险。本集
团的整体风险管理政策主要针对金融市
场不可预测的特性，并务求将对本集团
财务表现构成的潜在不利影响降至最低。
3.1 市场风险
(a) 外汇风险
本公司主要在香港及日本营
运，交易主要以港元及日圆
（「日圆」）结付。当未来商业交
易或已确认资产或负债以本集
团实体的功能货币以外的货币
计值时，将产生外汇风险。
由于本集团各公司的资产及负
债均主要以其功能货币计值，
董事认为外币汇率的合理可能
变动对本集团之溢利不稳定性
并无严重的影响。
3. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial
risks: market risk (including foreign exchange risk and
cash flow interest rate risk), credit risk and liquidity risk.
The Group’s overal risk management policy focuses on
the unpredictability of financial markets and seks to
minimize potential adverse efects on the Group’s financial
performance.
3.1 Market risk
(a) Foreign exchange risk
The Company mainly operates in Hong Kong
and Japan with transactions mainly setled in
HK$ and Japanese Yen (“JPY”). Foreign
exchange risk arises when future comercial
transactions or recognised asets or liabilities
are denominated in a curency that is not the
Group entity’s functional curency.
As the asets and liabilities of each company
within the Group are mainly denominated in
the respective company’s functional curency,
the directors are of the opinion that the
Group’s volatility of its profits against
reasonably posible changes in exchange rates
of foreign curencies would not be significant.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025182
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.1 市场风险（续）
(b) 现金流量利率风险
本集团的利率风险来自银行借
款。本集团以浮动利率计息的
银行借款令本集团面对现金流
量利率风险。本集团并无订立
任何利率掉期以对冲所承受的
利率风险。
于2025年3月31日，假设所有
其他变数维持不变，倘借款利
率上升╱下跌100个基点，年
度除税后亏损将增加╱减少约
85,000港元（2024年：除税后
亏损减少╱增加86,000港
元），主要由于浮动利率借款
的利息开支增加╱减少。
3.2 信贷风险
合并财务报表内的现金及现金等价
物、银行存款、贸易及其他应收款
项以及按金及预付款项之账面值，
代表本集团就其金融资产承受的最
高信贷风险。本公司一间附属公司
就本公司获授银行融资向金融机构
作出担保（载于附注32），因而令本
集团或本公司面临信贷风险。本集
团管理信贷风险措施的目的为控制
可收回性问题的潜在风险。
(a) 风险管理
现金及现金等价物及银行存款
存放于董事认为拥有高信贷质
素的香港、日本、台湾及中国
的大型金融机构。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.1 Market risk (Continued)
(b) Cash flow interest rate risk
The Group’s interest rate risk arises from bank
borowings. The Group’s bank borowings
which are caried at floating rates expose the
Group to cash flow interest rate risk. The
Group has not entered into any interest rate
swaps to hedge its exposure to interest rate
risk.
As at 31 March 2025, if the interest rates on
borowings had ben 100 basis points higher/
lower with al other variables held constant,
the post-tax los for the year would have ben
aproximately HK$85,000 higher/lower (2024:
post-tax los HK$86,000 lower/higher), mainly
as a result of higher/lower interest expense on
floating-rate borowings.
3.2 Credit risk
The carying amounts of cash and cash equivalents,
bank deposits, trade and other receivables and
deposits and prepayments included in the
consolidated financial statements represent the
Group’s maximum exposure to credit risk in relation
to its financial asets. A Company’s subsidiary had
given guarantes to financial institutions in
conection with the banking facilities granted to the
Company as set out in Note 32, which would
expose the Group or the Company to credit risk. The
objective of the Group’s measures to manage credit
risk is to control potential exposure to recoverability
problem.
(a) Risk management
Cash and cash equivalents and bank deposits
were deposited in the major financial
institutions in Hong Kong, Japan, Taiwan and
the PRC, which the directors believe are of
high credit quality.
东京中央拍卖控股有限公司 二零二五年度报告183
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.2 信贷风险（续）
(a) 风险管理（续）
本集团订有政策以确保来自艺
术品拍卖及相关业务以及艺术
品销售的收益、委托人预付款
项及就已拍卖艺术品向卖家预
付的款项乃向信贷记录恰当的
客户作出，而本集团评估客户
的信誉度及财务实力，并考虑
客户的交易往绩及销售量。有
关贸易应收款项的账龄分析，
请参阅附注23。管理层根据债
务人的过往付款记录、逾期
间长短、财务实力以及与债务
人可能存在的任何争议，对贸
易及其他应收款项的可收回性
定期进行集体评估及个别评
估。倘其他应收买家拍卖及相
关业务款项尚未收取，本集团
毋须就拍卖及相关业务向卖家
支付相关其他应付款项。倘买
家未能支付，销售可能会取
消，而拍卖品将退回予卖家。
就该等已取消销售而言，其他
应收及应付拍卖及相关业务款
项须同时取消确认。因此，管
理层相信与其他应收拍卖及相
关业务款项有关的信贷风险并
不重大。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.2 Credit risk (Continued)
(a) Risk management (Continued)
The Group established policies to ensure that
revenue from art auction and related busines
and artwork sales, consignor advance and
prepayment to selers for auctioned artwork are
made to customers with an apropriate credit
history and the Group aseses the credit
worthines and financial strength of its
customers as wel as considering prior
transaction history with the customers and
volume of sales. Refer to Note 23 for ageing
analysis of trade receivables. Management
makes periodic colective asesment as wel as
individual asesment on the recoverability of
trade and other receivables based on historical
payment records, the length of the overdue
period, the financial strength of the debtors
and whether there are any disputes with the
debtors. If the other receivables from buyers in
respect of auction and related busines has not
ben received, the Group is not obligated to
pay the coresponding other payables to selers
in respect of auction and related busines. If
the buyer defaults on payment, the sale may
be canceled, and the auction lots wil be
returned to the seler. Both of the other
receivables and other payables in respect of
auction and related busines in relation to such
canceled sales shal be derecognised
simultaneously. As such, management believes
the credit risk relating to other receivables in
respect of auction and related busines is not
significant.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025184
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.2 信贷风险（续）
(a) 风险管理（续）
就委托人预付款项而言，本集
团就本集团托管持有的艺术品
向若干藏家及艺术经销商提供
预付款项。如果受委托之艺术
品于拍卖中售出，从买家所得
之所得款项（经扣除佣金、委
托人预付款项、利息及相关税
项）将会支付予委托人。如果
所托管之艺术品仍未售出，委
托人在所托管艺术品交回委托
人前，将须偿还预付款项（连
同利息，如有）。因此，管理
层相信有关委托人预付款项的
信贷风险并不重大。
就已拍卖艺术品向卖家预付的
款项指未向相关买家收取全数
款项前，就艺术品预付予卖家
之金额。在相关买家全数支付
拍卖购买价前，可使用相关已
拍卖艺术品作为抵押品，向卖
家预付款项。收到相关买家悉
数支付拍卖购买价的款项前，
本集团保留权利要求卖家偿还
已预付于彼等的预付款项，或
要求卖家取代另一项艺术品作
为抵押品，其估计价值不少于
向本集团的预付款项。因此，
管理层相信有关向卖家预付的
款项的信贷风险并不重大。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.2 Credit risk (Continued)
(a) Risk management (Continued)
For consignor advance, the Group provides
certain colectors and art dealers with advances
with artwork held under the Group’s custody.
If the consigned artwork is sold in auction, the
proceds received from the buyer, after
deducting comision, consignor advances,
interest and relevant taxes, wil be paid to the
consignor. If the under custody artwork
remains unsold, the consignor wil be required
to repay the advance together with interest,
where aplicable, before the artwork under
custody is returned to the consignor. As such,
management believes the credit risk relating to
consignor advance is not significant.
Prepayments to selers for auctioned artwork
represent the amounts advanced to selers of
artwork before receiving ful payments from
relevant buyers. Amounts may be advanced to
selers prior to receiving ful payment of the
auction purchase prices from the relevant
buyers using the related auctioned artwork as
colateral. Prior to receiving ful payment of the
auction purchase prices from the relevant
buyers, the Group reserves the right to request
repayment from selers for the prepayments
advanced to them, or request the selers to
replace another artwork with estimated value
no les than the prepayments to the Group. As
such, management believes the credit risk
relating to prepayments to selers is not
significant.
东京中央拍卖控股有限公司 二零二五年度报告185
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.2 信贷风险（续）
(b) 金融资产减值
本集团的贸易应收款项及其他
按摊销成本列账的金融资产须
应用预期信贷亏损模式。
贸易应收款项
本集团应用香港财务报告准则
第9号简化法计量预期信贷亏
损拨备计提，该方法就所有贸
易应收款项使用全期预期亏损
拨备。
为计量预期信贷亏损拨备计
提，贸易应收款项根据共同信
贷风险特征及逾期日数分类。
预期亏损率乃根据销售付款情
况及期间经历之相应过往信贷
亏损计算。过往亏损率乃经调
整以反映影响客户结清应收款
项能力的宏观经济因素之现时
及前瞻性资料。本集团已将其
销售货品及服务所在国家的国
内生产总值识别为最相关因
素，因此根据该等因素的预期
变化调整过往亏损率。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.2 Credit risk (Continued)
(b) Impairment of financial asets
The Group’s trade receivables and other
financial asets caried at amortised cost are
subject to the expected credit los model.
Trade receivables
The Group aplies the HKFRS 9 simplified
aproach to measuring provision for alowance
for ECL which uses a lifetime expected los
alowance for al trade receivables.
To measure the provision for alowance for
ECL, trade receivables have ben grouped
based on shared credit risk characteristics and
the days past due.
The expected los rates are based on the
payment profiles of sales and the
coresponding historical credit loses
experienced within this period. The historical
los rates are adjusted to reflect curent and
forward-loking information on macroeconomic
factors afecting the ability of the customers to
setle the receivables. The Group has identified
the gros domestic product of the countries in
which it sels its gods and services to be the
most relevant factors, and acordingly adjusts
the historical los rates based on expected
changes in these factors.
| As at 31 March 2025 | 于2025年3月31日 | |||||||
|---|---|---|---|---|---|---|---|---|
| Expected loss rate | 预期亏损率 | 2.78% | — | 4.94% | 7.00% | 12.62% | 100.00% | |
| Gross carrying amount | 账面总值 | |||||||
| — Trade receivables (HK$’000) | — 贸易应收款项 （千港元） | 5,351 | — | 5 | 53 | 9 | 5,261 | 10,679 |
| Allowance for ECL (HK$’000) | 预期信贷亏损拨备 （千港元） | (149) | — | (1) | (4) | (1) | (5,261) | (5,416) |
| As at 31 March 2024 | 于2024年3月31日 | |||||||
| Expected loss rate | 预期亏损率 | 3.3% | 4.0% | 5.9% | 10.0% | 15.2% | 100.00% | |
| Gross carrying amount | 账面总值 | |||||||
| — Trade receivables (HK$’000) | — 贸易应收款项 （千港元） | 5,677 | 25 | 1,036 | 10 | 1,087 | 3,279 | 11,114 |
| Allowance for ECL (HK$’000) | 预期信贷亏损拨备 （千港元） | (190) | (1) | (61) | (1) | (165) | (3,279) | (3,697) |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025186
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.2 信贷风险（续）
(b) 金融资产减值（续）
贸易应收款项（续）
故此，贸易应收款项于截至
2025年及2024年3月31日止年
度的亏损拨备厘定如下：
当合理预期无法收回时撇销贸
易应收款项。合理预期无法收
回的指标（其中）包括债务人未
能与本集团订立还款计划，以
及逾期超过360日未能作出合
约付款。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.2 Credit risk (Continued)
(b) Impairment of financial asets (Continued)
Trade receivables (Continued)
On that basis, the los alowance was
determined for the years ended 31 March
2025 and 2024 as folows for trade
receivables:
Curent or
past due
within
30 days
Past due
1 to 3
months
Past due
3 to 6
months
Past due
6 to 12
months
Past due
over 12
months
Individual
asesmentTotal
即期或逾期
少于30日
逾期
1至3个月
逾期
3至6个月
逾期
6至12个月
逾期
超过12月个别评估总计
Trade receivables are writen of when there is
no reasonable expectation of recovery.
Indicators that there is no reasonable
expectation of recovery include, amongst
others, the failure of a debtor to engage in a
repayment plan with the Group, and a failure
to make contractual payments for a period of
greater than 360 days past due.
东京中央拍卖控股有限公司 二零二五年度报告187
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.2 信贷风险（续）
(b) 金融资产减值（续）
贸易应收款项（续）
贸易应收款项预期信贷亏损拨
备于合并损益及其他综合收益
表中呈列作预期信贷亏损拨备
净额。其后收回先前撇销的款
项于同一栏目入账。
其他金融资产
按摊销成本列账的其他金融资
产（包括应收买家拍卖及相关
业务款项、就已拍卖艺术品向
卖家预付的款项、委托人预付
款项及其他）方面，管理层根
据历史结算记录、过往经验、
本集团持有的相关艺术品的市
值，以及属合理及具理据前胆
性资料的定量及定质资料，对
其他金融资产的可收回性定期
进行个别评估。就委托人预付
款项而言，管理层根据内部艺
术品鉴定团队进行的估值评
估，并参考类似艺术品的近期
市场价格，评估及评价其托管
艺术品的市值，鉴于最终处置
抵押品的估计变现金额，违约
损失率甚低，管理层认为委托
人预付款项的预期信贷亏损并
不重大，因此未确认任何亏损
拨备。管理层相信，自初步确
认以来，其他金融资产的信贷
风险并无大幅增加，而本集团
按12个月预期信贷亏损作出减
值拨备。截至2025年3月31日
止年度，本集团就其他金融资
产评估的预期信贷亏损金额为
7,000港元（2024年：38,000港
元）。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.2 Credit risk (Continued)
(b) Impairment of financial asets (Continued)
Trade receivables (Continued)
Alowance for ECL on trade receivables are
presented as net alowance for ECL within the
consolidated statement of profit or los and
other comprehensive income. Subsequent
recoveries of amounts previously writen of are
credited against the same line item.
Other financial asets
Other financial asets caried at amortised cost,
including receivables from buyers in respect of
auction and related busines, prepayments to
selers for auctioned artwork, consignor
advance and others, the management make
periodic individual asesment on the
recoverability of other financial asets based on
historical setlement records, past experience,
market value of the relevant artwork held by
the Group and also quantitative and qualitative
information that is reasonable and suportive
forward-loking information. For consignor
advance, management asesed and evaluated
the market value of the artwork under its
custody based on the valuation asesments
performed by the internal artwork apraisal
team and by referencing to the recent market
prices of similar artwork, the los given default
is low in view of the estimated realised amount
of ultimate disposal of the colaterals, the
management considers the ECL for consignor
advance is insignificant and therefore no los
alowance as recognised. The management
believes that there is no significant increase in
credit risk of other financial asets since initial
recognition and the Group provided
impairment based on 12m ECL. For the year
ended 31 March 2025, the Group asesed the
ECL for other financial asets amounted to
HK$7,000 (2024: HK$38,000).
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025188
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.2 信贷风险（续）
(b) 金融资产减值（续）
已抵押银行存款以及现金及现
金等价物
由于对手方为具信誉并获国际
信贷机构授予高信贷评级的银
行，因此已抵押银行存款及现
金以及现金等价物的信贷风险
有限。本集团已评估已抵押银
行存款以及现金及现金等价物
的12个月预期信贷亏损。
3.3 流动资金风险
本集团对流动资金需求的滚动预
测进行监控，确保有足够现金满足
经营需求及本集团预计以内部产
生的经营所得现金流量及金融机
构借款为未来现金流量需求提供
资金。根据付款条款，本集团的流
动负债将于未来十二个月结付。当
中包括大部分流动负债为就拍卖
及相关业务应付予卖方的款项，
金额为114,852,000港元（2024年：
93,962,000港元）。就其他应付卖家
拍卖及相关业务款项而言，本集团
毋须向卖家付款，直至收取其他应
收买家拍卖及相关业务款项为止。
倘买家未能支付，销售可能会取
消，而拍卖品将退回予卖家。就该
等已取消销售而言，其他应收及应
付拍卖及相关业务款项须同时取消
确认。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.2 Credit risk (Continued)
(b) Impairment of financial asets (Continued)
Pledged bank deposits and cash and cash
equivalents
Credit risk on pledged bank deposits and cash
and cash equivalent is limited because the
counterparties are reputable banks with high
credit ratings asigned by international credit
agencies. The Group asesed 12m ECL of
pledged bank deposits and cash and cash
equivalent.
3.3 Liquidity risk
The Group monitors roling forecasts of the Group’s
liquidity requirements to ensure it has suficient cash
to met its operational neds and the Group expects
to fund the future cash flow neds through
internaly generated cash flows from operations and
borowings from financial institutions. The curent
liabilities of the Group wil be setled in the coming
twelve months in acordance with their payment
terms. Amongst the others, the majority of the
curent liabilities were payables to selers in respect
of auction and related busines, amounting to
HK$114,852,000 (2024: HK$93,962,000). Regarding
other payables to selers in respect of auction and
related busines, the Group is not obligated to pay
the seler until the other receivables from buyers in
respect of auction and related busines are colected.
If the buyer defaults on payment, the sale may be
canceled, and the auction lots wil be returned to
the seler, and both of the other receivables and
payables in respect of auction and related busines
in relation to such canceled sales shal be
derecognised simultaneously.
| As at 31 March 2025 | 于2025年3月31日 | |||||||
|---|---|---|---|---|---|---|---|---|
| Other payables and accruals | 其他应付款项及 应计费用 | — | 123,349 | 1,200 | — | — | 124,549 | 124,549 |
| Borrowings and interest payments | 借款及利息款项 | 0.89% | 14,807 | 4,563 | 17,448 | 1,551 | 38,369 | 37,327 |
| Lease liabilities | 租赁负债 | 4.17% | 4,054 | 2,381 | 281 | — | 6,716 | 6,472 |
| 142,210 | 8,144 | 17,729 | 1,551 | 169,634 | 168,348 | |||
| As at 31 March 2024 | 于2024年3月31日 | |||||||
| Other payables and accruals | 其他应付款项及 应计费用 | — | 101,557 | — | 1,200 | — | 102,757 | 102,757 |
| Borrowings and interest payments | 借款及利息款项 | 0.86% | 15,002 | 4,603 | 13,330 | 10,239 | 43,174 | 41,598 |
| Lease liabilities | 租赁负债 | 3.99% | 4,478 | 4,080 | 2,683 | — | 11,241 | 10,652 |
| 121,037 | 8,683 | 17,213 | 10,239 | 157,172 | 155,007 | |||
东京中央拍卖控股有限公司 二零二五年度报告189
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.3 流动资金风险（续）
本公司董事已审阅本集团的现金流
量预测，涵盖自2025年4月1日起计
十二个月期间。董事认为，经计及
本集团营运产生的预期现金流量及
营运表现的可能变动，本集团将有
充足营运资金，满足其自2025年3月
31日起计未来十二个月到期的财务
责任。
下表为根据于各合并财务状况表日
期至相关合约到期日为止的剩余期
间按相关到期组别对本集团按净额
结算的金融负债所作的分析。表内
披露的金额为订约未贴现金流量。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.3 Liquidity risk (Continued)
The directors of the Company have reviewed the
Group’s cash flows projections, which cover a period
of twelve months from 1 April 2025. The directors
are of the opinion that, taking into acount the
anticipated cash flows generated from the Group’s
operations, the posible changes in its operating
performance, the Group wil have suficient working
capital to fulfil its financial obligations as and when
they fal due in the coming twelve months from
31 March 2025.
The table below analyses the Group’s financial
liabilities that wil be setled on a net basis into
relevant maturity grouping based on the remaining
period at each of the consolidated statement of
financial position dates to the respective contractual
maturity dates. The amounts disclosed in the table
are the contractual undiscounted cash flows.
Weighted
average
efective
interest rate
On
demand or
les than
1 year
Betwen
1 and 2 years
Betwen
2 and 5 years
Over
5 years
Undiscounted
cash flows
Carying
amount
加权平均
实际利率
按要求或
少于1年1至2年2至5年超过5年
未贴现
现金流量账面值
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
| Borrowings (Note 28) | 借款（附注28） | 37,327 | 41,598 |
|---|---|---|---|
| Lease liabilities (Note 16) | 租赁负债（附注16） | 6,472 | 10,652 |
| Total debt | 债务总额 | 43,799 | 52,250 |
| Total capital | 总资本 | 268,385 | 291,196 |
| Gearing ratio | 资产负债比率 | 16.3% | 17.9% |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025190
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.4 资本风险管理
本集团管理资本旨在保障本集团持
续经营的能力，借以回报股东及为
其他持份者提供利益，同时维持最
佳资本架构以长期提升股东价值。
本集团通过定期检讨资本架构借以
监管资本。作为该项检讨的一环，
本公司董事会考虑资本成本及与已
发行股本有关的风险。本集团或会
调整向股东派付的股息金额、向股
东返还资本、发行新股份或出售资
产以降低债务。
与业内其他公司一样，本集团利用
资产负债比率监察其资本。该比率
按照债务总额除以总资本计算所
得。债务总额按总借款及租赁负债
计算。总资本为合并财务状况表所
列的「权益」另加债务计算。
于2025年及2024年3月31日的资产
负债比率如下：
3. FINANCIAL RISK MANAGEMENT (Continued)
3.4 Capital risk management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders
and benefits for other stakeholders and to maintain
an optimal capital structure to enhance
shareholders’ value in long term.
The Group’s monitors capital by regularly reviewing
the capital structure. As a part of this review, the
directors of the Company consider the cost of
capital and the risks asociated with the isued share
capital. The Group may adjust the amount of
dividends paid to shareholders, return capital to
shareholders, isue new shares or sel asets to
reduce debt.
Consistent with others in the industry, the Group
monitors capital on basis of the gearing ratio. This
ratio is calculated as total debts divided by total
capital. Total debts are calculated as total
borowings and lease liabilities. Total capital is
calculated as “equity” as shown in the consolidated
statement of financial position plus debts.
The gearing ratio at 31 March 2025 and 2024 is as
folows:
2025年2024年
HK$’000HK$’000
千港元千港元
| As at 31 March 2025 | 于2025年3月31日 | ||||
|---|---|---|---|---|---|
| Financial assets at FVTPL | 按公平值计入损 益之金融资产 | ||||
| — Put option | — 认沽期权 | — | — | 7,962 | 7,962 |
| As at 31 March 2024 | 于2024年3月31日 | ||||
|---|---|---|---|---|---|
| Financial assets at FVTPL | 按公平值计入损 益之金融资产 | ||||
| — Put option | — 认沽期权 | — | — | 2,500 | 2,500 |
东京中央拍卖控股有限公司 二零二五年度报告191
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.5 公平值估计
(a) 金融资产及负债
(i) 公平值层级架构
本节阐述厘定金融工具
公平值所作出的判断及
估计，该等金融工具于
财务报表中按公平值确
认并计量。为得出厘定
公平值所用输入数据的
可信程度指标，本集团
根据会计准则将其金融
工具分为三层。各层级
之说明载于下表。
3. FINANCIAL RISK MANAGEMENT (Continued)
3.5 Fair value estimation
(a) Financial asets and liabilities
(i) Fair value hierarchy
This section explains the judgements and
estimates made in determining the fair
values of the financial instruments that
are recognised and measured at fair value
in the financial statements. To provide an
indication about the reliability of the
inputs used in determining fair value, the
Group has clasified its financial
instruments into the thre levels
prescribed under the acounting
standards. An explanation of each level
folows underneath the table.
Level 1Level 2Level 3Total
第1层第2层第3层总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Level 1Level 2Level 3Total
第1层第2层第3层总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
| As at 1 April 2023 | 于2023年4月1日 | 850 |
|---|---|---|
| Fair value gain recognised in the consolidated statement of profit or loss and other comprehensive income | 已于合并损益及其他综合 收益表确认之公平值 收益 | 1,650 |
| As at 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 2,500 |
| Fair value gain recognised in the consolidated statement of profit or loss and other comprehensive income | 已于合并损益及其他综合 收益表确认之公平值 收益 | 5,462 |
| As at 31 March 2025 | 于2025年3月31日 | 7,962 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025192
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.5 公平值估计（续）
(a) 金融资产及负债（续）
(i) 公平值层级架构（续）
用以估值金融工具的特
定估值技术包括：
于2025年3月31日，认沽
期权的公平值乃使用布
莱克－舒尔斯模型计算
（2024年：蒙地卡罗模拟
模式）。重大不可观察输
入数据包括无风险利率
及相关资产的公平值贴
现率（2024年：波幅及派
息比率）。
金融资产或负债的第1
层、第2层及第3层公平
值层级架构的分层之间
并无转移。
下表呈列截至2025年及
2024年3月31日止年度第
3层项目的变动：
3. FINANCIAL RISK MANAGEMENT (Continued)
3.5 Fair value estimation (Continued)
(a) Financial asets and liabilities (Continued)
(i) Fair value hierarchy (Continued)
Specific valuation techniques used to
value financial instrument include:
As at 31 March 2025, the fair value of
the put option is calculated by Black-
Scholes Model (2024: Monte Carlo
simulation). The significant unobservable
inputs include risk-fre interest rate and
discount rate for the fair value of
underlying asets (2024: volatility and
dividend payout ratio).
There were no transfers of financial asets
or liabilities betwen level 1, level 2 and
level 3 fair value hierarchy clasifications.
The folowing table presents the changes
in level 3 items for the years ended
31 March 2025 and 2024:
Put option at
认沽期权
HK$’000
按千港元
| As at 31 March 2025 | |||||
|---|---|---|---|---|---|
| 于2025年3月31日 | |||||
| Financial assets at FVTPL | |||||
| 按公平值计入损益之金融资产 | |||||
| Put option 认沽期权 | 7,962 | Black-Scholes model 布莱克－ 舒尔斯模型 | Risk-free interest rate: 1.37% 无风险利率： 1.37% | +1% | (39) |
| –1% | 39 | ||||
| Discount rate for the fair value of underlying assets: 13.24% 相关资产的 公平值贴现率： 13.24% | +1% | 118 | |||
| –1% | (142) | ||||
| As at 31 March 2024 | |||||
| 于2024年3月31日 | |||||
| Financial assets at FVTPL | |||||
| 按公平值计入损益之金融资产 | |||||
| Put option 认沽期权 | 2,500 | Monte Carlo simulation 蒙地卡罗 模拟模式 | Volatility: 90% 波幅：90% | +5% | 132 |
| –5% | (114) | ||||
| Dividend payout ratio: 46.98% 派息比率： 46.98% | +5% | (57) | |||
| –5% | 39 | ||||
东京中央拍卖控股有限公司 二零二五年度报告193
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.5 公平值估计（续）
(a) 金融资产及负债（续）
(i) 公平值层级架构（续）
可观察及不可观察输入
数据敏感度分析
如上文所述，分类为第3
层公平值层级之金融资
产公平值乃使用并非依
据可观察市场数据之重
大输入数据之估值法厘
定。该等公平值可能对
用作产生输入数据之假
设变动较为敏感。波幅
及派息比率乃主要重大
不可观察输入数据。下
表说明重大输入数据于
变为合理可行输入数据
时之敏感度：
3. FINANCIAL RISK MANAGEMENT (Continued)
3.5 Fair value estimation (Continued)
(a) Financial asets and liabilities (Continued)
(i) Fair value hierarchy (Continued)
Sensitivity analysis of observable and
unobservable inputs
As described, the fair values of financial
aset that is clasified in level 3 of the fair
value hierarchy are determined using
valuation techniques that make use of
significant inputs that are not based on
observable market data. These fair values
could be sensitive to changes in the
asumptions used to derive the inputs.
Volatility and dividend payout ratio are
the main significant unobservable inputs.
The table below ilustrates the sensitivity
of the significant inputs when they are
changed to reasonably posible alternative
inputs:
DescriptionFair value
Valuation
techniques
Significant
unobservable
inputsRange of inputs
Favourable/
(unfavourable)/
changes in
profit or los
概述公平值估值法
重大不可观察
输入数据
输入数据
范围
损益有利╱
（不利）变动
HK$’000HK$’000
千港元千港元
46.98%
| As at 31 March 2025 | 于2025年3月31日 | |||
|---|---|---|---|---|
| Financial assets | 金融资产 | |||
| Trade receivables | 贸易应收款项 | 16,212 | (5,533) | 10,679 |
| Financial liabilities | 金融负债 | |||
| Payables to sellers in respect of auction and related business | 就拍卖及相关业务 应付卖家的款项 | (120,385) | 5,533 | (114,852) |
| As at 31 March 2024 | 于2024年3月31日 | |||
| Financial assets | 金融资产 | |||
| Trade receivables | 贸易应收款项 | 15,736 | (4,622) | 11,114 |
| Financial liabilities | 金融负债 | |||
| Payables to sellers in respect of auction and related business | 就拍卖及相关业务 应付卖家的款项 | (98,584) | 4,622 | (93,962) |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025194
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
3.6 抵销金融资产及金融负债
下表呈列于2025年及2024年3月31
日的抵销已确认金融工具：
3. FINANCIAL RISK MANAGEMENT (Continued)
3.6 Ofseting financial asets and financial
liabilities
The folowing table presents the recognised financial
instruments that are ofset as at 31 March 2025
and 2024:
Efects of ofseting on the consolidated
statement of financial position
抵销对合并财务状况表的影响
Gros
amounts
Gros
amounts set
of in the
consolidated
statement of
financial
position
Net amounts
presented
in the
consolidated
statement of
financial
position
总额
于合并财务
状况表抵销的
总额
呈列于合并
财务状况表的
净额
HK$’000HK$’000HK$’000
千港元千港元千港元
东京中央拍卖控股有限公司 二零二五年度报告195
Notes to the Consolidated Financial Statements
合并财务报表附注
4. 重大会计估计及判断
本集团持续评估及根据过往经验及其他
因素作出估计及判断，包括在有关情况
下对未来事件的合理预期。
本集团就未来作出估计及假设，而按照
定义所得会计估计与相关实际结果相等
的机会不大。下文论述可能会有较大风
险导致于下个财政年度内对资产及负债
之账面值作出重大调整的估计及假设：
4.1 存货之可变现净值
存货之可变现净值乃根据于日常业
务过程中之估计售价减估计销售开
支计算。该等估计乃以现行市况及
销售相若性质产品的过往经验为依
据。倘发生事件或情况变动显示结
余可能无法变现时，将记录存货撇
减。识别撇减情况时须作出判断及
估计。当预期之金额与原定估计有
差异时，则有关差异将影响于该估
计出现变动期间内存货之账面值及
存货之撇减。管理层于各报告日期
重新评估该等估计。
4. CRITICAL ACOUNTING ESTIMATES AND
JUDGEMENTS
Estimates and judgements are continualy evaluated and
are based on historical experience and other factors
including expectation of future events that are believed to
be reasonable under the circumstances.
The Group makes estimates and asumptions concerning
the future. The resulting acounting estimates wil, by
definition, seldom equal the related actual results. The
estimates and asumptions that have a significant risk of
causing a material adjustment to the carying amounts of
asets and liabilities within the next financial year are
outlined below:
4.1 Net realisable value of inventories
Net realisable value of inventories is the estimated
seling price in the ordinary course of busines, les
estimated seling expenses. These estimates are
based on the curent market condition and the
historical experience of seling products of similar
nature. Write-downs of inventories are recorded
where events or changes in circumstances indicate
that the balances may not be realised. The
identification of write-downs requires the use of
judgement and estimates. Where the expectation is
diferent from the original estimate, such diference
wil impact the carying value of inventories and
write-downs of inventories in the period in which
such estimate has ben changed. Management
reaseses these estimates at each reporting date.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025196
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
4.2 金融资产减值
金融资产亏损拨备乃根据违约风险
及预期亏损率的假设计量。本集团
于各报告期末根据本集团过往经
验、当前市况以及前瞻性估计，使
用判断作出该等假设及挑选输入数
据，以计算减值。所用主要假设及
输入数据的详情于附注3.2的表格披
露。
5. 分部资料
本集团执行董事被视为作出策略决策的
主要经营决策者（「主要经营决策者」）。
主要经营决策者根据毛利计量评估经营
分部的表现，以分配资源。
管理层已基于收益类别识别两个经营分
部，分别为(i)艺术品拍卖及相关业务经
营；及(i)艺术品销售。
4. CRITICAL ACOUNTING ESTIMATES AND
JUDGEMENTS (Continued)
4.2 Impairment of financial asets
The los alowances for financial asets are based on
asumptions about risk of default and expected los
rates. The Group uses judgement in making these
asumptions and selecting the inputs to the
impairment calculation, based on the Group’s past
history, existing market conditions as wel as forward
loking estimates at the end of each reporting
period. Details of the key asumptions and inputs
used are disclosed in the tables in note 3.2.
5. SEGMENT INFORMATION
The chief operating decision-maker (“CODM”) has ben
identified as the executive directors of the Group that
make strategic decisions. The CODM aseses the
performance of the operating segments based on a
measure of gros profit for the purpose of alocating
resources.
The management has identified two operating segments
based on the types of revenues, namely (i) operation of
art auction and related busines; and (i) artwork sales.
| Year ended 31 March 2025 | 截至2025年3月31日止年度 | |||
|---|---|---|---|---|
| Segment revenue from external customers | 来自外部客户的分部收益 | 52,194 | 9,857 | 62,051 |
| Costs of services/sales | 服务╱销售成本 | (5,058) | (8,509) | (13,567) |
| Segment results | 分部业绩 | 47,136 | 1,348 | 48,484 |
| Other gains or losses, net | 其他收益或亏损净额 | 5,262 | ||
| Other income | 其他收入 | 432 | ||
| Provision for allowance for expected credit losses (“ECL”) on financial assets | 金融资产预期信贷亏损 （「预期信贷亏损」） 拨备计提 | (1,662) | — | (1,662) |
| Selling and distribution expenses | 销售及分销开支 | (23,572) | ||
| Administrative expenses | 行政开支 | (39,904) | ||
| Impairment loss on non-financial assets | 非金融资产减值亏损 | (4,265) | ||
| Operating loss | 经营亏损 | (15,225) | ||
| Finance income, net | 财务收入净额 | (1,062) | ||
| Share of result on investment accounted for using the equity method | 应占使用权益会计法列账之 投资业绩 | (953) | ||
| Impairment loss on investment accounted for using the equity method | 使用权益会计法列账之 投资的减值亏损 | (3,122) | ||
| Loss before income tax | 除所得税前亏损 | (20,362) | ||
| Income tax expense | 所得税开支 | 868 | ||
| Loss for the year | 年度亏损 | (19,494) | ||
东京中央拍卖控股有限公司 二零二五年度报告197
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
于截至2025年及2024年3月31日止年度，
呈交主要经营决策者的分部资料如下：
5. SEGMENT INFORMATION (Continued)
The segment information provided to the CODM for the
years ended 31 March 2025 and 2024 are as folows:
Operation of
art auction
and related
busines
Artwork
salesTotal
艺术品拍卖及
相关业务经营艺术品销售总计
HK$’000HK$’000HK$’000
千港元千港元千港元
| Year ended 31 March 2024 | 截至2024年3月31日止年度 | |||
|---|---|---|---|---|
| Segment revenue from external customers | 来自外部客户的分部收益 | 48,671 | 9,181 | 57,852 |
| Costs of services/sales | 服务╱销售成本 | (4,175) | (6,898) | (11,073) |
| Segment results | 分部业绩 | 44,496 | 2,283 | 46,779 |
| Other gains or losses, net | 其他收益或亏损净额 | 7 | ||
| Other income | 其他收入 | 1,380 | ||
| Provision for allowance for ECL on financial assets | 金融资产预期信贷亏损 拨备计提 | (6,778) | — | (6,778) |
| Selling and distribution expenses | 销售及分销开支 | (23,803) | ||
| Administrative expenses | 行政开支 | (43,498) | ||
| Operating loss | 经营亏损 | (25,913) | ||
| Finance income, net | 财务收入净额 | (819) | ||
| Share of result on investment accounted for using the equity method | 应占使用权益会计法列账之 投资业绩 | 343 | ||
| Loss before income tax | 除所得税前亏损 | (26,389) | ||
| Income tax expense | 所得税开支 | (537) | ||
| Loss for the year | 年度亏损 | (26,926) | ||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025198
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续） 5. SEGMENT INFORMATION (Continued)
Operation of
art auction
and related
busines
Artwork
salesTotal
艺术品拍卖及
相关业务经营艺术品销售总计
HK$’000HK$’000HK$’000
千港元千港元千港元
| Hong Kong | 香港 | 27,474 | 19,459 |
|---|---|---|---|
| Japan | 日本 | 34,577 | 38,393 |
| 62,051 | 57,852 |
| Hong Kong | 香港 | 2,837 | 12,765 |
|---|---|---|---|
| Japan | 日本 | 8,248 | 9,386 |
| Taiwan | 台湾 | 575 | 5,010 |
| 11,660 | 27,161 |
东京中央拍卖控股有限公司 二零二五年度报告199
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
按地理区域划分的来自外部客户收益如
下：
所有客户个别占本集团截至2025年3月31
日止年度的收益不足10%（2024年：不足
10%）。
由于本集团的分部资产及分部负债资料
并未由主要经营决策者审阅以分配资源
及评核表现，亦未有定期呈交予主要经
营决策者，故并无呈列分部资产及分部
负债的分析。
按地理区域划分的非流动资产（递延所得
税资产除外）如下：
5. SEGMENT INFORMATION (Continued)
Revenue from external customers, by geographical area, is
as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
Al customers individualy acounted for les than 10% of
the Group’s revenue for the year ended 31 March 2025
(2024: les than 10%).
Information on segment asets and segment liabilities of
the Group are not reviewed by CODM for the purpose of
resource alocation and performance asesment nor
otherwise regularly provided to the CODM. As a result, no
analysis of segment asets and segment liabilities is
presented.
Non-curent asets, other than defered income tax asets
by geographical area are as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
| Revenue from art auction and related business | 艺术品拍卖及相关业务 收益 | 52,194 | 48,671 |
|---|---|---|---|
| Artwork sales | 艺术品销售 | 9,857 | 9,181 |
| 62,051 | 57,852 |
| Exchange loss | 汇兑亏损 | (200) | (1,643) |
|---|---|---|---|
| Fair value gain on financial asset at FVTPL | 按公平值计入损益之 金融资产公平值 收益 | 5,462 | 1,650 |
| 5,262 | 7 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025200
Notes to the Consolidated Financial Statements
合并财务报表附注
6. 收益
本集团所有收益均于某时间点确认。
7. 其他收益或亏损净额
6. REVENUE
2025年2024年
HK$’000HK$’000
千港元千港元
Al revenue of the Group are recognised at a point in
time.
7. OTHER GAINS OR LOSES, NET
2025年2024年
HK$’000HK$’000
千港元千港元
| Government grants (Note (i)) | 政府补助（附注(i)） | — | 163 |
|---|---|---|---|
| Compensation received | 已收补偿 | 173 | 528 |
| Other (Note (ii)) | 其他（附注(ii)） | 259 | 689 |
| 432 | 1,380 |
东京中央拍卖控股有限公司 二零二五年度报告201
Notes to the Consolidated Financial Statements
合并财务报表附注
8. 其他收入
附注：
(i) 截至2024年3月31日止年度，本集团确
认政府补助约163,000港元，主要指受
惠于低于市场利率的政府贷款。
(i) 其他主要指已退回销售税、没收买家的
竞投保证金及罚款。
8. OTHER INCOME
2025年2024年
HK$’000HK$’000
千港元千港元
Notes:
(i) During the year ended 31 March 2024, the Group
recognised government grants of aproximately
HK$163,000, which mainly represented the benefit of a
government loan at a below-market rate of interest.
(i) Others mainly represented sales tax refunded, biding
deposits forfeited and penalties from the buyers.
| Cost of inventories sold | 已售存货成本 | 8,509 | 6,898 |
|---|---|---|---|
| Rental and setup costs for auction and preview exhibition venues | 拍卖及预展场地租用及 设置费用 | 2,742 | 1,617 |
| Expenses relating to short term lease | 有关短期租赁的开支 | 2,491 | 2,482 |
| Employee benefit expenses (Note 13) | 雇员福利开支（附注13） | 23,985 | 29,815 |
| Depreciation of property, plant and equipment (Note 15) | 物业、厂房及设备折旧 （附注15） | 1,904 | 1,696 |
| Depreciation of right-of-use assets (Note 16) | 使用权资产折旧 （附注16） | 4,019 | 3,973 |
| Amortisation of intangible assets (Note 17) | 无形资产摊销 （附注17） | 994 | 1,078 |
| Provision for/(reversal of) allowance for ECL on financial assets | 金融资产预期信贷亏损 拨备计提╱（拨回） | ||
| — Trade receivables | — 贸易应收款项 | 1,693 | 6,778 |
| — Other receivables | — 其他应收款项 | (31) | — |
| Impairment loss on non-financial assets | 非金融资产减值亏损 | ||
| — Property, plant and equipment | — 物业、厂房及设备 | 2,011 | — |
| — Right-of-use assets | — 使用权资产 | 2,254 | — |
| Auditor’s remuneration | 核数师薪酬 | ||
| — Audit services | — 审计服务 | 1,400 | 1,400 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025202
Notes to the Consolidated Financial Statements
合并财务报表附注
9. 除所得税前亏损9. LOS BEFORE INCOME TAX
2025年2024年
HK$’000HK$’000
千港元千港元
| Finance income: | 财务收入： | ||
|---|---|---|---|
| — Interest income on bank deposits | — 银行存款利息收入 | 520 | 163 |
| — Interest income from consignor advance | — 委托人预付款项 利息收入 | 180 | 63 |
| 700 | 226 | ||
| Finance costs: | 财务成本： | ||
| — Imputed interest of provision for reinstatement cost | — 复原成本拨备之 推算利息 | — | (39) |
| — Interest expense on lease liabilities | — 租赁负债利息开支 | (345) | (254) |
| — Interest expense on bank and other borrowings | — 银行及其他借款 利息开支 | (1,417) | (752) |
| (1,762) | (1,045) | ||
| Finance cost, net | 财务成本净额 | (1,062) | (819) |
东京中央拍卖控股有限公司 二零二五年度报告203
Notes to the Consolidated Financial Statements
合并财务报表附注
- , NET
2025年2024年
HK$’000HK$’000
千港元千港元
| Current income tax | 当期所得税 | ||
|---|---|---|---|
| — Hong Kong | — 香港 | — | — |
| — Japan | — 日本 | — | 330 |
| — Taiwan | — 台湾 | — | 12 |
| Total current income tax | 当期所得税总额 | — | 342 |
| (Over)/under-provision in prior years | 过往年度（超额拨备）╱ 拨备不足 | ||
| — Hong Kong | — 香港 | — | 216 |
| — Japan | — 日本 | (263) | — |
| Deferred income tax (Note 21) | 递延所得税（附注21） | (605) | (21) |
| Income tax (credit)/expense | 所得税（抵免）╱开支 | (868) | 537 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025204
Notes to the Consolidated Financial Statements
合并财务报表附注
- （抵免）╱开支
于合并损益及其他综合收益表扣除的所
得税（抵免）╱开支款项指：
11. INCOME TAX (CREDIT)/EXPENSE
The amounts of income tax (credit)/expense charged to
the consolidated statements of profit or los and other
comprehensive income represent:
2025年2024年
HK$’000HK$’000
千港元千港元
东京中央拍卖控股有限公司 二零二五年度报告205
Notes to the Consolidated Financial Statements
合并财务报表附注
- （抵免）╱开支（续）
(a) 香港利得税
于两个年度，香港利得税均按估计
应课税溢利的16.5%计算。
由于本集团并无产生任何估计应课
税溢利，故截至2025年及2024年3
月31日止年度并无就香港利得税计
提拨备。
(b) 日本公司所得税
日本公司所得税按照截至2025年及
2024年3月31日止年度估计应课税
溢利依日本（本集团经营业务所在
地）之现行税率计算。由于本集团并
无产生任何估计应课税溢利，故截
至2025年3月31日止年度并无就日
本公司所得税计提拨备（2024年：
在日本，本集团须缴纳国家公司所
得税、居民税及企业税，合计实际
法定所得税率约为36.2%）。
(c) 台湾所得税
于两个年度，台湾所得税均按估计
应课税溢利的20%计算。
11. INCOME TAX (CREDIT)/EXPENSE (Continued)
(a) Hong Kong profits tax
Hong Kong profits tax is calculated at 16.5% of the
estimated asesable profits for both years.
No Hong Kong profits tax was provided for the
years ended 31 March 2025 and 2024 as the Group
did not derive any estimated asesable profits.
(b) Japan corporate income tax
Japan corporate income tax has ben calculated on
the estimated asesable profit for the years ended
31 March 2025 and 2024 at the rates of taxations
prevailing in Japan in which the Group operates. No
Japan corporate income tax was provided for the
year ended 31 March 2005 as the Group did not
derive any estimated asesable profit (2024: the
Group is subject to national corporate income tax,
inhabitant tax, and enterprise tax in Japan which in
agregate, results in efective statutory income tax
rates of aproximately 36.2%).
(c) Taiwan income tax
Taiwan income tax is calculated at 20% of the
estimated asesable profits for both years.
| Loss before income tax | 除所得税前亏损 | (20,362) | (26,389) |
|---|---|---|---|
| Tax calculated at a taxation rate of 16.5% | 以16.5%税率计算的 税项 | (3,360) | (4,354) |
| Difference arising from tax rate in respect of other jurisdiction | 其他司法权区税率的 差异 | (90) | 81 |
| Tax effect of: | 以下各项之税务影响： | ||
| — Expenses not deductible for tax purpose | — 不可扣税开支 | 3,964 | 255 |
| — Income not subject to income tax | — 毋须缴纳所得税之 收入 | (1,671) | (272) |
| — Tax losses not recognised | — 未确认税项亏损 | 599 | 4,583 |
| — Withholding tax on unremitted earnings (Note 21) | — 未汇出盈利之预扣税 （附注21） | (47) | 28 |
| — (Over)/under-provision in prior years | — 过往年度 （超额拨备）╱ 拨备不足 | (263) | 216 |
| Income tax (credit)/expense | 所得税（抵免）╱开支 | (868) | 537 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025206
Notes to the Consolidated Financial Statements
合并财务报表附注
- （抵免）╱开支（续）
于相关年度，本集团除所得税前亏损之
税项有别于采用适用于合并实体溢利之
加权平均税率计算之理论税额，详情如
下：
11. INCOME TAX (CREDIT)/EXPENSE (Continued)
The tax on the Group’s los before income tax difers
from the theoretical amount that could arise using the
weighted average tax rates aplicable to profits of the
consolidated entities during the respective years is as
folows:
2025年2024年
HK$’000HK$’000
千港元千港元
| Loss attributable to the owners of the Company (HK$’000) | 本公司拥有人应占亏损 （千港元） | (19,461) | (26,890) |
|---|---|---|---|
| Weighted average number of ordinary shares in issue (’000) | 已发行普通股的加权平 均数（千股） | 500,000 | 500,000 |
| Basic loss per share (HK cents) | 每股基本亏损（港仙） | (3.89) | (5.38) |
东京中央拍卖控股有限公司 二零二五年度报告207
Notes to the Consolidated Financial Statements
合并财务报表附注
12. 每股亏损
(a) 每股基本亏损
每股基本亏损按截至2025年及2024
年3月31日止年度，本公司拥有人应
占亏损除以已发行普通股的加权平
均数计算。
(b) 每股摊薄亏损
截至2025年及2024年3月31日止年
度，由于行使本公司尚未行使的购股
权具反摊薄影响，故每股摊薄亏损与
每股基本亏损相同。
12. LOS PER SHARE
(a) Basic los per share
Basic los per share is calculated by dividing the los
atributable to the owners of the Company by the
weighted average number of ordinary shares in isue
during the years ended 31 March 2025 and 2024.
2025年2024年
(b) Diluted los per share
Diluted los per share for the years ended 31 March
2025 and 2024 was the same as basic los per share
because the exercise of the Company’s outstanding
share options would have anti-dilutive efect.
| Salaries, wages and bonuses | 薪金、工资及花红 | 17,386 | 18,972 |
|---|---|---|---|
| Pension, medical insurance and other social insurances | 退休金、医疗保险及 其他社会保险 | 1,217 | 1,430 |
| Equity-settled share-base payment | 以权益结算的股份 基础付款 | 5,351 | 9,367 |
| Staff welfare and other benefits | 员工福利及其他利益 | 31 | 46 |
| 23,985 | 29,815 |
| Salaries, allowances and benefits in kind | 薪金、津贴及实物 福利 | 1,670 | 1,654 |
|---|---|---|---|
| Retirement benefits | 退休福利 | 32 | 36 |
| Equity-settled share-based payment | 以权益结算的股份 基础付款 | 444 | 777 |
| 2,146 | 2,467 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025208
Notes to the Consolidated Financial Statements
合并财务报表附注
- （包括董事及高级
管理层酬金）
五名最高薪人士
年内，本集团五名最高薪雇员包括三名
董事（2024年：三名董事），彼等薪酬详
情载列于附注38。其余两名（2024年：两
名）既非本公司董事亦非最高行政人员的
最高薪雇员于年内薪酬详情如下：
13. EMPLOYE BENEFIT EXPENSES (INCLUDING
EMOLUMENTS OF DIRECTORS AND SENIOR
MANAGEMENT)
2025年2024年
HK$’000HK$’000
千港元千港元
Five highest paid individuals
The five highest paid employes of the Group during the
year included thre directors (2024: thre directors),
details of whose remuneration are set out in note 38.
Details of the remuneration for the year of the remaining
two (2024: two) highest paid employe who is neither a
director nor chief executive of the Company is as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
| Nil to HK$1,000,000 | 零至1,000,000港元 | 1 | 1 |
|---|---|---|---|
| HK$1,000,000 to HK$1,500,000 | 1,000,000港元至 1,500,000港元 | 1 | 1 |
| 2 | 2 |
东京中央拍卖控股有限公司 二零二五年度报告209
Notes to the Consolidated Financial Statements
合并财务报表附注
- （包括董事及高级
管理层酬金）（续）
五名最高薪人士（续）
薪酬在以下范围内的非本公司董事最高
薪雇员人数如下：
截至2025年及2024年3月31日止年度，董
事或其他五名最高薪人士的成员概无收
取本集团任何酬金作为加入本集团、于
加入本集团后、离开本集团的奖励或离
职补偿。
14. 股息
董事会并不建议就截至2025年及2024年
3月31日止年度派付任何股息。
13. EMPLOYE BENEFIT EXPENSES (INCLUDING
EMOLUMENTS OF DIRECTORS AND SENIOR
MANAGEMENT) (Continued)
Five highest paid individuals (Continued)
The number of the highest paid employe who is not the
director of the Company whose remuneration fel within
the folowing band is as folow:
Number of employe
雇员人数
2025年2024年
During the years ended 31 March 2025 and 2024, neither
the director nor other members of the five highest paid
individuals received any emoluments from the Group as an
inducement to join, upon joining the Group, to leave the
Group or as compensation for los of ofice.
14. DIVIDEND
The Board did not recomend the payment of any
dividend for the year ended 31 March 2025 and 2024.
| Cost | 成本 | ||||||
|---|---|---|---|---|---|---|---|
| At 1 April 2023 | 于2023年4月1日 | 425 | 5,013 | 9,335 | 3,408 | 1,915 | 20,096 |
| Additions | 添置 | — | 70 | 2,959 | 1,730 | — | 4,759 |
| Written-off | 撇销 | — | — | (1,776) | — | — | (1,776) |
| Exchange realignment | 汇兑调整 | (53) | (631) | (473) | (295) | (141) | (1,593) |
| At 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 372 | 4,452 | 10,045 | 4,843 | 1,774 | 21,486 |
| Additions | 添置 | — | — | — | 110 | — | 110 |
| Written-off | 撇销 | — | (23) | (32) | (47) | — | (102) |
| Exchange realignment | 汇兑调整 | 1 | 15 | 7 | 9 | 3 | 35 |
| At 31 March 2025 | 于2025年3月31日 | 373 | 4,444 | 10,020 | 4,915 | 1,777 | 21,529 |
| Accumulated depreciation and impairment | 累计折旧及减值 | ||||||
| At 1 April 2023 | 于2023年4月1日 | — | 1,688 | 8,785 | 1,724 | 1,915 | 14,112 |
| Depreciation charge for the year | 年度折旧支出 | — | 141 | 857 | 698 | — | 1,696 |
| Written-off | 撇销 | — | — | (1,776) | — | — | (1,776) |
| Exchange realignment | 汇兑调整 | — | (218) | (411) | (117) | (141) | (887) |
| At 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | — | 1,611 | 7,455 | 2,305 | 1,774 | 13,145 |
| Depreciation charge for the year | 年度折旧支出 | — | 137 | 1,100 | 667 | — | 1,904 |
| Impairment loss for the year | 年度减值亏损 | — | — | 1,300 | 711 | — | 2,011 |
| Written-off | 撇销 | — | (23) | (32) | (47) | — | (102) |
| Exchange realignment | 汇兑调整 | — | 7 | 8 | 5 | 3 | 23 |
| At 31 March 2025 | 于2025年3月31日 | — | 1,732 | 9,831 | 3,641 | 1,777 | 16,981 |
| Carrying amount | 账面值 | ||||||
| At 31 March 2025 | 于2025年3月31日 | 373 | 2,712 | 189 | 1,274 | — | 4,548 |
| At 31 March 2024 | 于2024年3月31日 | 372 | 2,841 | 2,590 | 2,538 | — | 8,341 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025210
Notes to the Consolidated Financial Statements
合并财务报表附注
- 、厂房及设备
附注：
截至2025年及2024年3月31日止年度，所有折
旧开支已于行政开支内扣除。
15. PROPERTY, PLANT AND EQUIPMENT
Frehold landBuildings
Leasehold
improvements
Furniture,
fixtures and
ofice
equipment
Motor
vehiclesTotal
永久业权土地楼宇租赁物业装修
家私、固定装
置及办公设备汽车总计
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
Note:
Al depreciation expenses have ben charged to administrative
expenses for the years ended 31 March 2025 and 2024.
东京中央拍卖控股有限公司 二零二五年度报告211
Notes to the Consolidated Financial Statements
合并财务报表附注
- 、厂房及设备（续）
减值评估
由于截至2025年3月31日止年度拍卖业务
客户情绪疲弱，本集团管理层认为存在
减值迹象，并已对账面值分别约
6,559,000港元及5,955,000港元的物业、
厂房及设备以及使用权资产的可收回金
额进行减值评估。倘无法单独估计可收
回金额，本集团会估计资产所属拍卖相
关服务及艺术品销售的拨备的可收回金
额，包括于可确立合理及一致基准时分
配企业资产。非流动资产的可收回金额
乃根据使用价值计算厘定。现金流量预
测乃基于经本集团管理层批准之有关相
关可识别现金产生单位之财务预算。五
年期后之现金流量采用2.5%的增长率推
算。现金流量乃以贴现率12.5%贴现。所
采用的贴现率为除税前，并反映与拍卖
及相关分部有关之特定风险。
根据使用价值计算及分配，就物业、厂
房及设备以及使用权资产分别确认减值
亏损约2,011,000港元（2024年：无）及
2,254,000港元（2024年：无）。
15. PROPERTY, PLANT AND EQUIPMENT
(Continued)
Impairment asesment
As auction busines faced weakened customer sentiment
during the year ended 31 March 2025, the management
of the Group concluded there was indication for
impairment and conducted impairment asesment on
recoverable amount of the property, plant and equipment
and right-of-use of asets with carying amounts of
aproximately HK$6,559,000 and HK$5,955,000
respectively. The Group estimate the recoverable amount
of provision of auction related services and artwork sales
to which the asets belongs when it is not posible to
estimate the recoverable amount individualy, including
alocation of corporate asets when reasonable and
consistent basis can be established. The recoverable
amount of the non-curent asets is determined based on
value-in-use calculation. The cash flow projection is based
on financial budgets aproved by the management of the
Group in respect of the relevant identifiable CGU. Cash
flows beyond the five-year period are extrapolated using
growth rate of 2.5%. The cash flows are discounted using
a discount rate of 12.5%. The discount rate used is pre-
tax and reflects specific risks relating to the auction and
related segment.
Based on the value in use calculation and the alocation,
an impairment los of aproximately HK$2,011,000 (2024:
Nil) and HK$2,254,000 (2024: Nil) was recognised in
respect of property, plant and equipment and right-of-use
asets respectively.
| Right-of-use assets | 使用权资产 | ||
|---|---|---|---|
| Leased properties | 租赁物业 | 2,974 | 8,991 |
| Motor vehicles | 汽车 | 727 | 987 |
| 3,701 | 9,978 | ||
| Lease liabilities | 租赁负债 | ||
| Non-current | 非流动 | 2,611 | 6,519 |
| Current | 流动 | 3,861 | 4,133 |
| 6,472 | 10,652 | ||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025212
Notes to the Consolidated Financial Statements
合并财务报表附注
16. 租赁
本附注就本集团为承租人下的租赁提供
资料。
本集团的使用权资产及租赁负债主要自
办公室、仓库及汽车租赁产生，租期介乎
2至5年，但可能有下述之延期选择权。租
期按个别基准磋商及包含多种不同条款
及条件。租赁协议不施加任何契诺。
本集团内的多项物业租赁包含延期及终
止选择权。就管理本集团的营运中的资
产而言，该等选择权用以让营运具有最
高灵活度。大部分持有的延期及终止选
择权只可由本集团而非相关出租人行使。
合并财务状况表列示下列有关租赁的金
额：
16. LEASES
This note provides information for leases where the Group
is a lese.
The Group’s right-of-use asets and lease liabilities mainly
arise from lease of ofices, warehouses and motor vehicles
with lease terms of 2 to 5 years, but may have extension
options as described below. Lease terms are negotiated
on an individual basis and contain a wide range of
diferent terms and conditions. The lease agrements do
not impose any covenants.
Extension and termination options are included in a
number of property leases acros the Group. These are
used to maximise operational flexibility in terms of
managing the asets used in the Group’s operations. The
majority of extension and termination options held are
exercisable only by the Group and not by the respective
lesor.
The consolidated statement of financial position shows the
folowing amounts relating to leases:
2025年2024年
HK$’000HK$’000
千港元千港元
| Right-of-use assets | 使用权资产 | |||
|---|---|---|---|---|
| Cost | 成本 | |||
| At 1 April 2023 | 于2023年4月1日 | 2,015 | 24,938 | 26,953 |
| Additions | 添置 | — | 10,794 | 10,794 |
| Elimination | 对销 | — | (23,852) | (23,852) |
| Exchange realignment | 汇兑调整 | (252) | (1,139) | (1,391) |
| At 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 1,763 | 10,741 | 12,504 |
| Elimination | 对销 | (448) | — | (448) |
| Exchange realignment | 汇兑调整 | 6 | 4 | 10 |
| At 31 March 2025 | 于2025年3月31日 | 1,321 | 10,745 | 12,066 |
| Accumulated depreciation and impairment | 累计折旧及减值 | |||
| At 1 April 2023 | 于2023年4月1日 | 500 | 23,089 | 23,589 |
| Depreciation charge for the year | 年度折旧支出 | 355 | 3,618 | 3,973 |
| Elimination | 对销 | — | (23,852) | (23,852) |
| Exchange realignment | 汇兑调整 | (79) | (1,105) | (1,184) |
| At 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 776 | 1,750 | 2,526 |
| Depreciation charge for the year | 年度折旧支出 | 261 | 3,758 | 4,019 |
| Impairment loss for the year | 年度减值亏损 | — | 2,254 | 2,254 |
| Elimination | 对销 | (448) | — | (448) |
| Exchange realignment | 汇兑调整 | 5 | 9 | 14 |
| At 31 March 2025 | 于2025年3月31日 | 594 | 7,771 | 8,365 |
| Carrying amount | 账面值 | |||
| At 31 March 2025 | 于2025年3月31日 | 727 | 2,974 | 3,701 |
| At 31 March 2024 | 于2024年3月31日 | 987 | 8,991 | 9,978 |
东京中央拍卖控股有限公司 二零二五年度报告213
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
截至2025年3月31日止年度，已确认减值
亏损约2,254,000港元（2024年：无）。
有关减值评估详情请参阅附注15。
16. LEASES (Continued)
Motor
vehicle
Leased
propertiesTotal
汽车租赁物业总计
HK$’000HK$’000HK$’000
千港元千港元千港元
During the year ended 31 March 2025, an impairment
los of aproximately HK$2,254,000 (2024: Nil) was
recognised. Please refer to note 15 for the detail of
impairment asesment.
| Lease liabilities | 租赁负债 | ||
|---|---|---|---|
| Lease liabilities payable: | 应付租赁负债： | ||
| Within one year | 于一年内 | 3,861 | 4,133 |
| More than one year but not exceed two years | 超过一年但不超过两年 | 2,336 | 3,887 |
| More than two years but not exceed five years | 超过两年但不超过五年 | 275 | 2,632 |
| 6,472 | 10,652 | ||
| Less: Amount due for settlement within 12 months shown under current liabilities | 减：流动负债所示于 12个月内到期 结付的款项 | (3,861) | (4,133) |
| Amount due for settlement after 12 months shown under non-current liabilities | 非流动负债所示于 12个月后到期 结付的款项 | 2,611 | 6,519 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025214
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
于2025年的租赁现金流出总额（包括有关
租赁负债作出的付款及有关短期租赁付
款的开支）为6,279,000港元（2024年：
6,734,000港元）。
16. LEASES (Continued)
2025年2024年
HK$’000HK$’000
千港元千港元
The total cash outflow for leases, including the payments
made in relation to lease liabilities and expenses relating
to short-term lease payments in 2025 was HK$6,279,000
(2024: HK$6,734,000).
| Cost | 成本 | |||
|---|---|---|---|---|
| As 1 April 2023 | 于2023年4月1日 | 591 | 6,806 | 7,397 |
| Addition | 添置 | — | 15 | 15 |
| Exchange realignment | 汇兑调整 | (74) | (840) | (914) |
| As at 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 517 | 5,981 | 6,498 |
| Written off | 撇销 | — | (386) | (386) |
| Exchange realignment | 汇兑调整 | 2 | 15 | 17 |
| As at 31 March 2025 | 于2025年3月31日 | 519 | 5,610 | 6,129 |
| Accumulated amortisation and impairment | 累计摊销及减值 | |||
| As at 1 April 2023 | 于2023年4月1日 | 311 | 3,294 | 3,605 |
| Change for the year | 年度支出 | 25 | 1,053 | 1,078 |
| Exchange realignment | 汇兑调整 | (40) | (391) | (431) |
| As at 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 296 | 3,956 | 4,252 |
| Change for the year | 年度支出 | 25 | 969 | 994 |
| Written off | 撇销 | — | (386) | (386) |
| Exchange realignment | 汇兑调整 | 1 | 20 | 21 |
| As at 31 March 2025 | 于2025年3月31日 | 322 | 4,559 | 4,881 |
| Carrying amount: | 账面值： | |||
| As at 31 March 2025 | 于2025年3月31日 | 197 | 1,051 | 1,248 |
| As at 31 March 2024 | 于2024年3月31日 | 221 | 2,025 | 2,246 |
东京中央拍卖控股有限公司 二零二五年度报告215
Notes to the Consolidated Financial Statements
合并财务报表附注
17. 无形资产
摊销994,000港元（2024年：1,078,000港
元）已于行政开支确认。
限定使用年期的俱乐部会籍及电脑软件
按直线法，分别于20年及3至5年内摊销。
17. INTANGIBLE ASETS
Club
membership
Computer
softwareTotal
俱乐部会籍电脑软件总计
HK$’000HK$’000HK$’000
千港元千港元千港元
Amortisation of HK$994,000 (2024: HK$1,078,000) has
ben recognised in administrative expenses.
Club membership and computer software have finite
useful lives and are amortised on a straight-line basis over
20 years and 3 to 5 years, respectively.
| Tokyo Chuo Auction Co., Ltd (“TCA Japan”) | Japan | Provision of auction related services and artwork sales | Paid-in capital of JPY 50,000,000 | 95% | — | 95% | — |
|---|---|---|---|---|---|---|---|
| 株式会社东京中央オークション （「TCA日本」） | 日本 | 提供拍卖相关服务及艺术品销售 | 实缴资本50,000,000日圆 | ||||
| Tokyo Chuo Auction Hong Kong Company Limited | Hong Kong | Provision of auction related services and artwork sales | Paid-in capital of HK$1 | 100% | — | 100% | — |
| 东京中央拍卖香港有限公司 | 香港 | 提供拍卖相关服务及艺术品销售 | 实缴资本1港元 | ||||
| Tokyo Chuo Taiwan Auction Company Limited | Taiwan | Investment holding | Paid-in capital of TWD1,000,000 | 100% | — | 100% | — |
| 东京中央台湾拍卖股份有限公司 | 台湾 | 投资控股 | 实缴资本新台币1,000,000元 | ||||
| CGU Enterprises Limited | Hong Kong | Provision of money lending | Paid-in capital of HK$10,000 | 100% | — | 100% | — |
| 香港 | 提供放债 | 实缴资本10,000港元 | |||||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025216
Notes to the Consolidated Financial Statements
合并财务报表附注
18. 附属公司
于2025年及2024年3月31日，本集团的主
要附属公司载列如下：
附注：
(i) 该等附属公司主要在其注册成立╱成立
地点经营业务。
上表包括董事认为主要影响年度业绩或
组成本集团资产净值重大部分的本公司
附属公司。董事认为，提供其他附属公司
的详情将导致资料过度冗长。
18. SUBSIDIARIES
The Group’s principal subsidiaries as at 31 March 2025
and 2024 are set out below:
Name
Place of incorporation/
establishment (Note (i)Principal activities
Particulars of
isued share capital/
registered capital
Interest held by
the Company
Interest held by
the Company
DirectlyindirectlyDirectlyindirectly
名称
注册成立╱成立地点
（附注(i)）主要业务已发行股本╱注册资本详情本公司持有之权益本公司持有之权益
直接间接直接间接
2025年2025年2024年2024年
Note:
(i) These subsidiaries principaly operate in their places of
incorporation/establishment.
The above list includes the subsidiaries of the Company
which, in the opinion of the directors, principaly afected
the results of the years or formed a substantial portion of
the net asets of the Group. To give details of other
subsidiaries would in the opinion of the directors, result in
particulars of excesive length.
| At the beginning of the year | 年初 | 5,010 | 5,846 |
|---|---|---|---|
| Share of result from an associate | 应占一间联营公司的 业绩 | (953) | 343 |
| Dividend paid | 已付股息 | — | (710) |
| Impairment loss | 减值亏损 | (3,122) | — |
| Exchange realignment | 汇兑调整 | (360) | (469) |
| At the end of the year | 年末 | 575 | 5,010 |
东京中央拍卖控股有限公司 二零二五年度报告217
Notes to the Consolidated Financial Statements
合并财务报表附注
19. 使用权益会计法列账之投资
于一间联营公司的投资
于2019年4月1日，本公司与独立第三方
订立无法律约束力的谅解备忘录，内容
有关本集团拟收购一间台湾拍卖行沐春
堂拍卖股份有限公司（「沐春堂」）的全部
已发行股份的34%。拟进行的收购于
2019年8月16日完成，代价为8,500,000港
元。
诚如股份购买协议所载，倘沐春堂于
2019年1月1日至2021年12月31日期间之
除税后净溢利合共不超过7,500,000港
元，本公司有权要求沐春堂的卖家以原
先购买价8,500,000港元购回本公司持有
之股权。该认沽期权的公平值以按公平
值计入损益之金融资产列账。认沽期权
的公平值截至收购当日为875,000港元。
于截至2022年3月31日止年度，本公司与
沐春堂的卖家签署补充协议以延长期
限，倘沐春堂于2022年1月1日至2024年
12月31日期间之除税后净溢利合共不超
过7,500,000港元，沐春堂的卖家应以原
先购买价8,500,000港元购回本公司持有
之股权。
沐春堂未能达到2022年1月1日至2024年
12月31日期间的溢利目标，因此本公司
有权随时要求沐春堂的卖家以原价
8,500,000港元购回股权。
19. INVESTMENT ACOUNTED FOR USING
EQUITY METHOD
2025年2024年
HK$’000HK$’000
千港元千港元
Investment in an asociate
On 1 April 2019, the Company entered into a non-legaly
binding memorandum of understanding with an
independent third party in relation to the proposed
acquisition by the Group of 34% of the entire isued
shares in Mu Chun Tang Auction Co., Ltd (“Mou Chun
Tang”) (沐春堂拍卖股份有限公司), a Taiwan-based
auction house. The Proposed Acquisition was completed
on 16 August 2019 at a consideration of HK$8,500,000.
As set out in the share purchase agrement, the Company
shal be entitled to require the seler of Mou Chun Tang
to repurchase the equity interest held by the Company at
original purchase price at HK$8,500,000 if the net profit
after tax of Mou Chun Tang during the period from
1 January 2019 to 31 December 2021 does not exced
HK$7,500,000 in agregate. The fair value of such put
option has ben acounted for as a financial aset at fair
value through profit or los. The fair value of the put
option as of date of acquisition amounted to
HK$875,000.
During the year ended 31 March 2022, the Company and
the seler of Mou Chun Tang has signed a suplementary
agrement to extend the terms that the seler of Mou
Chun Tang should repurchase the equity interest held by
the Company at original purchase price at HK$8,500,000
if the net profit after tax of Mou Chun Tang during the
period from 1 January 2022 to 31 December 2024 does
not exced HK$7,500,000 in agregate.
Mou Chun Tang canot met the profit target for the
period from 1 January 2022 to 31 December 2024, thus
the Company has the option to require the seler of Mou
Chun Tang to repurchase the equity interest at original
price at HK$8,500,000 at any time.
| Assets and liabilities as at 31 March | 于3月31日的资产及负债 | ||
|---|---|---|---|
| Current assets | 流动资产 | 9,986 | 14,040 |
| Non-current assets | 非流动资产 | 1,170 | 947 |
| Current liabilities | 流动负债 | (2,808) | (3,908) |
| Non-current liabilities | 非流动负债 | (4,147) | (3,913) |
| Profit or loss for the year ended 31 March | 截至3月31日止年度的 损益 | ||
| Revenue | 收益 | 5,986 | 9,169 |
| (Loss)/profit and total comprehensive (loss)/income for the year | 年度（亏损）╱溢利及 综合（亏损）╱收益 总额 | (2,803) | 1,008 |
| Reconciliation to carrying amounts: | 账面值对账： | ||
| Opening net assets at book value | 按账面值之年初资产 净值 | 7,166 | 8,629 |
| (Loss)/profit and total comprehensive (loss)/income for the year | 年度（亏损）╱溢利及 综合（亏损）╱收益 总额 | (2,803) | 1,008 |
| Dividend paid | 已付股息 | — | (2,089) |
| Exchange realignment | 汇兑调整 | (162) | (382) |
| Closing net assets at book value | 按账面值之年末资产 净值 | 4,201 | 7,166 |
| Interest in associate (34%) | 于联营公司之 权益(34%) | 1,428 | 2,436 |
| Fair value adjustment upon acquisition, net of tax | 收购后公平值调整 （扣除税项） | 4,224 | 4,419 |
| Impairment loss | 减值亏损 | (5,090) | (2,058) |
| Exchange realignment | 汇兑调整 | 13 | 213 |
| Carrying value as at 31 March | 于3月31日的账面值 | 575 | 5,010 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025218
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
于一间联营公司的投资（续）
下文载列截至2025年及2024年3月31日止
年度一间联营公司的财务资料概要：
19. INVESTMENT ACOUNTED FOR USING
EQUITY METHOD (Continued)
Investment in an asociate (Continued)
Set out below are the sumarised financial information
for an asociate for the years ended 31 March 2025 and
2024:
Mu Chun Tang
沐春堂
2025年2024年
HK$’000HK$’000
千港元千港元
东京中央拍卖控股有限公司 二零二五年度报告219
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
于一间联营公司的投资（续）
截至2025年3月31日止年度，基于可收回
金额大幅下跌，低于账面值，加上联营公
司经营所在的市场的不利变动，因此于
本集团的合并损益表内确认于一间联营
公司的投资减值亏损约3,122,000港元
（2024年：无）。
截至2025年3月31日止年度，于一间联营
公司的投资的可收回金额乃按使用价值
计算厘定，有关计算运用基于获本集团
管理层批准并经专业估值师估值的五年
期财务预算而作出的现金流量预测，以
及每年13.24%的除税前贴现率。超过五
年期的现金流量使用固定的增长率1.5%
推算。此增长率并无高于市场长期平均
增长率。计算使用价值的另一主要假设
为预算毛利率，此乃按现金产生单位的
过往表现及管理层对市场发展的预期厘
定。
19. INVESTMENT ACOUNTED FOR USING
EQUITY METHOD (Continued)
Investment in an asociate (Continued)
During the year ended 31 March 2025, an impairment
los on investment in an asociate of aproximately
HK$3,122,000 (2024: Nil) was recognised in the Group’s
consolidated statement of profit or los on the basis of
material decline in the recoverable amount which was
below the carying amount and adverse changes in the
market in which the asociate operated.
For the year ended 31 March 2025, the recoverable
amount of investment in an asociate has ben
determined based on a value in use calculation which
uses cash flow projection based on financial budgets
covering a five-year period aproved by the management
of the group and valued by the profesional valuer and
pre-tax discount rate of 13.24% per anum. Cash flows
beyond that five-year period have ben extrapolated using
a steady 1.5% growth rate. This growth rate does not
exced the long-term average growth rate for the market.
Another key asumption for the value in use calculated is
budgeted gros margin, which is determined based on the
cash-generating units past performance and
management’s expectations for market development.
| Put option in relation to acquisition of Investment accounted for using equity method | 有关收购使用权益会计 法列账之投资的认沽 期权 | 7,962 | 2,500 |
|---|---|---|---|
| 7,962 | 2,500 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025220
Notes to the Consolidated Financial Statements
合并财务报表附注
20. 按公平值计入损益之金融资产
有关认沽期权的详情，请参阅附注19。
20. FINANCIAL ASETS AT FAIR VALUE
THROUGH PROFIT OR LOS
2025年2024年
HK$’000HK$’000
千港元千港元
For the details of put option, please refer to note 19.
| Deferred income tax assets | 递延所得税资产 | 1,911 | 1,337 |
|---|---|---|---|
| Deferred income tax liabilities | 递延所得税负债 | (1,921) | (1,959) |
| (10) | (622) |
| At the beginning of the year | 年初 | (622) | (847) |
|---|---|---|---|
| Credited to profit or loss (Note 11) | 于损益计入（附注11） | 605 | 21 |
| Exchange realignment | 汇兑调整 | 7 | 204 |
| At the end of the year | 年末 | (10) | (622) |
东京中央拍卖控股有限公司 二零二五年度报告221
Notes to the Consolidated Financial Statements
合并财务报表附注
21. 递延所得税资产及负债
当有法定可执行权利将可收回之当期所
得税与当期所得税负债抵销，以及当递
延所得税资产和负债与同一税务机关就
该应课税实体或不同应课税实体征收之
所得税有关，而有意按净额基准结算结
余时，递延所得税资产与负债将会抵销。
抵销金额如下：
递延所得税（负债）╱资产净额的变动如
下：
21. DEFERED INCOME TAX ASETS AND
LIABILITIES
Defered income tax asets and liabilities are ofset when
there is a legaly enforceable right to ofset curent
income tax recoverable against curent income tax
liabilities and when the defered income tax asets and
liabilities relate to income tax levied by the same taxation
authority on either the taxable entity or diferent taxable
entities where there is an intention to setle the balances
on a net basis. The ofset amounts are as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
Movements in net defered income tax (liabilities)/asets
are as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
| At 1 April 2023 | 于2023年4月1日 | 545 | 461 | (350) | 852 | 576 | 2,084 |
|---|---|---|---|---|---|---|---|
| Credited/(charged) to profit or loss | 于损益计入╱（扣除） | 50 | 66 | 566 | 1,374 | (123) | 1,933 |
| Exchange realignment | 汇兑调整 | (71) | (61) | 18 | (72) | (66) | (252) |
| At 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 524 | 466 | 234 | 2,154 | 387 | 3,765 |
| (Charged)/credited to profit or loss | 于损益（扣除）╱计入 | (100) | 335 | (374) | (880) | 313 | (706) |
| Exchange realignment | 汇兑调整 | 1 | 7 | (5) | (3) | 5 | 5 |
| At 31 March 2025 | 于2025年3月31日 | 425 | 808 | (145) | 1,271 | 705 | 3,064 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025222
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
递延所得税资产及负债于截至2025年及
2024年3月31日止年度的变动（不考虑在
同一税务司法权区内抵销结余）如下：
递延所得税资产
21. DEFERED INCOME TAX ASETS AND
LIABILITIES (Continued)
Movements in defered income tax asets and liabilities
during the years ended 31 March 2025 and 2024,
without taking into consideration the ofseting of balance
within the same tax jurisdiction, are as folows:
Defered income tax asets
Property,
plant and
equipmentInventories
Other
payables
and
acruals
Lease
liabilitiesOthersTotal
物业、厂房
及设备存货
其他
应付款项及
应计费用租赁负债其他总计
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
| At 1 April 2023 | 于2023年4月1日 | 2,210 | 690 | 31 | 2,931 |
|---|---|---|---|---|---|
| Charged to profit or loss | 于损益扣除 | 28 | 1,439 | 445 | 1,912 |
| Exchange realignment | 汇兑调整 | (279) | (152) | (25) | (456) |
| At 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 1,959 | 1,977 | 451 | 4,387 |
| Credited to profit or loss | 于损益计入 | (47) | (839) | (425) | (1,311) |
| Exchange realignment | 汇兑调整 | 9 | 15 | (26) | (2) |
| At 31 March 2025 | 于2025年3月31日 | 1,921 | 1,153 | — | 3,074 |
东京中央拍卖控股有限公司 二零二五年度报告223
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
递延所得税负债
董事无意分派本集团若干附属公司的
保留盈利，因此并无就附属公司
未汇出盈利应付的预扣税及其他税项确
认递延所得税负债823,000港元
（2024年：840,000港元）。于2025年3月
31日，有关未汇出盈利合共为16,467,000
港元（2024年：16,794,000港元）。
于报告期末，本集团有约25,900,000港元
（2024年：22,268,000港元）的未动用税
项亏损可用作抵销未来溢利。由于未来
溢利流的不可预测性，并无就未动用税
项亏损确认递延税项资产。亏损可无限
期结转。
21. DEFERED INCOME TAX ASETS AND
LIABILITIES (Continued)
Defered income tax liabilities
Witholding
tax on
unremited
earnings
Right-of-use
asetsOthersTotal
未汇出盈利之
预扣税使用权资产其他总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
The directors do not have an intention to distribute the
retained earnings of certain subsidiary of the Group such
that defered income tax liabilities of HK$823,000 (2024:
HK$840,000) have not ben recognised for the
witholding tax and other taxes that would be payable on
the unremited earnings of the subsidiary. Such
unremited earnings totaled HK$16,467,000 as at
31 March 2025 (2024: HK$16,794,000).
At the end of the reporting period, the Group has unused
tax loses of aproximately HK$25,900,000 (2024:
HK$22,268,000) available for ofset against future profits.
No defered tax aset has ben recognised in respect of
the unused tax loses due to the unpredictability of future
profit streams. The loses may be caried forward
indefinitely.
| Artwork | 艺术品 | 132,347 | 128,588 |
|---|
| Trade receivables | 贸易应收款项 | 10,679 | 11,114 |
|---|---|---|---|
| Less: Allowance for ECL | 减：预期信贷亏损拨备 | (5,416) | (3,697) |
| Trade receivables — net | 贸易应收款项净额 | 5,263 | 7,417 |
| Other receivables | 其他应收款项 | ||
| — Receivables from buyers in respect of auction and related business (Note (i)) | — 应收买家拍卖及相关 业务款项（附注(i)） | 71,351 | 83,835 |
| — Consignor advance (Note (ii)) | — 委托人预付款项 （附注(ii)） | 59,031 | 63,021 |
| — Input value-added tax recoverable | — 可收回进项增值税 | 517 | 227 |
| — Others | — 其他 | 9,273 | 3,660 |
| Trade and other receivables | 贸易及其他应收款项 | 145,435 | 158,160 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025224
Notes to the Consolidated Financial Statements
合并财务报表附注
22. 存货
截至2025年3月31日止年度，确认为
开支并计入「货品销售成本」之存货成本
约为8,509,000港元（2024年：6,898,000
港元）。
23. 贸易及其他应收款项
于2025年3月31日，本集团贸易及其他应
收款项的公平值与账面值大致相同（2024
年：情况相同）。
22. INVENTORIES
2025年2024年
HK$’000HK$’000
千港元千港元
The cost of inventories recognised as expenses and
included in “costs of sales of gods” amounted to
aproximately HK$8,509,000 for the year ended 31 March
2025 (2024: HK$6,898,000).
23. TRADE AND OTHER RECEIVABLES
2025年2024年
HK$’000HK$’000
千港元千港元
As at 31 March 2025, the fair value of trade and other
receivables of the Group were aproximately the same as
their carying amounts (2024: same).
| HK$ | 港元 | 59,107 | 76,487 |
|---|---|---|---|
| JPY | 日圆 | 85,598 | 80,920 |
| Other | 其他 | 730 | 753 |
| 145,435 | 158,160 |
| — Within 30 days | — 30天内 | 5,351 | 5,677 |
|---|---|---|---|
| — 1 to 3 months | — 1至3个月 | — | 25 |
| — 3 to 6 months | — 3至6个月 | 5 | 1,036 |
| — 6 to 12 months | — 6至12个月 | 53 | 10 |
| — Over 1 year | — 1年以上 | 5,270 | 4,366 |
| 10,679 | 11,114 |
东京中央拍卖控股有限公司 二零二五年度报告225
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
附注：
(i) 其他应收买家拍卖及相关业务款项指代
表卖家应收的拍卖品购买价。
(i) 于2025年3月31日计入其他应收款项的
预付款项约59,031,000港元（2024年：
63,021,000港元），为向本集团委托拍卖
品后向若干委托人作出。于2025年3月
31日，该等预付款项按年利率0%至
12%计息（2024年：年利率0%至12%）。
于2025年及2024年3月31日，贸易及其他
应收款项的账面值以下列货币计值：
本集团分别就应收佣金及应收艺术品销
售款项授出7天及30天的信贷期。于2025
年及2024年3月31日，贸易应收款项基于
发票日期（未计贸易应收款项预期信贷亏
损拨备前）的账龄分析如下：
23. TRADE AND OTHER RECEIVABLES
(Continued)
Notes:
(i) Other receivables from buyers in respect of auction and
related busines represent the purchase price of the
auction articles receivable on behalf of selers.
(i) Included in other receivables are advances of aproximately
HK$59,031,000 made to certain consignors as at
31 March 2025 (2024: HK$63,021,000) upon consignment
of auction articles to the Group. As at 31 March 2025,
these advances bore interest at 0% to 12% per anum
(2024: interest at 0% to 12% per anum).
As at 31 March 2025 and 2024, the carying amounts of
trade and other receivables are denominated in the
folowing curencies:
2025年2024年
HK$’000HK$’000
千港元千港元
The Group grants credit period of 7 days for comision
receivables and 30 days for receivables from artwork sales.
The ageing analysis of trade receivables based on invoice
date, before alowance for ECL of trade receivables, as at
31 March 2025 and 2024, was as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
| At beginning of the year | 年初 | 3,697 | 4,824 |
|---|---|---|---|
| Allowance for ECL | 预期信贷亏损拨备 | 1,693 | 6,778 |
| Written-off | 撇销 | — | (7,800) |
| Exchange realignment | 汇兑调整 | 26 | (105) |
| At end of the year | 年末 | 5,416 | 3,697 |
| At beginning of the year | 年初 | 38 | 38 |
|---|---|---|---|
| Allowance for ECL | 预期信贷亏损拨备 | (31) | — |
| At end of the year | 年末 | 7 | 38 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025226
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
本集团贸易应收款项预期信贷亏损拨备
之变动如下：
本集团其他应收款项预期信贷亏损拨备
之变动如下：
23. TRADE AND OTHER RECEIVABLES
(Continued)
Movements of the Group’s alowance for ECL of trade
receivables are as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
Movements of the Group’s alowance for ECL of other
receivables are as folows:
2025年2024年
HK$’000HK$’000
千港元千港元
| Current portion: | 流动部分： | ||
|---|---|---|---|
| Prepayments to sellers for auctioned artwork (Note (i)) | 就已拍卖艺术品向卖家 预付的款项（附注(i)） | 65 | 5,837 |
| Deposits and prepayments | 按金及预付款项 | 15,125 | 20,310 |
| 15,190 | 26,147 | ||
| Non-current portion: | 非流动部分： | ||
| Rental and other deposits | 租金及其他按金 | 1,588 | 1,586 |
| 16,778 | 27,733 | ||
| HK$ | 港元 | 11,548 | 16,900 |
|---|---|---|---|
| JPY | 日圆 | 5,230 | 10,833 |
| 16,778 | 27,733 |
东京中央拍卖控股有限公司 二零二五年度报告227
Notes to the Consolidated Financial Statements
合并财务报表附注
24. 按金及预付款项
于2025年及2024年3月31日，本集团按金
的公平值与其账面值相若。
于2025年及2024年3月31日，按金及预付
款项的账面值以下列货币计值：
附注：
(i) 于2025年3月31日，就已拍卖艺术品向
卖家预付的款项指就艺术品预付予卖家
之款项65,000港元（2024年：5,837,000
港元）。金额可于收到相关买家悉数支
付拍卖购买价的款项前预付予卖家，而
本集团将保留相关拍卖艺术品由其托
管。于2025年及2024年3月31日，有关
预付款项为免息及相关已拍卖艺术品将
保留由本集团托管。
24. DEPOSITS AND PREPAYMENTS
2025年2024年
HK$’000HK$’000
千港元千港元
As at 31 March 2025 and 2024, the fair value of deposits
of the Group aproximated their carying amounts.
As at 31 March 2025 and 2024, the carying amounts of
deposits and prepayments are denominated in the
folowing curencies:
2025年2024年
HK$’000HK$’000
千港元千港元
Notes:
(i) As at 31 March 2025, prepayments to selers for auctioned
artwork represent the amounts advanced to selers of
artwork of HK$65,000 (2024: HK$5,837,000). Amounts
may be advanced to selers prior to receiving ful payment
of the auction purchase prices from the relevant buyers
and the Group wil kep the related auctioned artwork
under its custody. As at 31 March 2025 and 2024, such
prepayments were interest-fre and the respective
auctioned artwork was kept under the Group’s custody.
| Cash at banks and on hand | 银行及手头现金 | 76,457 | 48,744 |
|---|
| HK$ | 港元 | 49,504 | 32,122 |
|---|---|---|---|
| JPY | 日圆 | 29,697 | 19,433 |
| USD | 美元 | 644 | 380 |
| RMB | 人民币 | 291 | 274 |
| Others | 其他 | 321 | 535 |
| 80,457 | 52,744 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025228
Notes to the Consolidated Financial Statements
合并财务报表附注
25. 现金及银行存款
已抵押银行存款指抵押予银行以取得
授予本集团一般银行融资的存款。
现金及现金等价物指现金及原到期日为
三个月或更短时间的短期银行存款。
已抵押银行存款及现金及现金等价物的
账面值以下列货币计值：
于2025年3月31日，本集团的银行结余约
194,000港元（2024年：202,000港元）已
存于中国一间银行。将该等资金汇出中
国须遵守中国政府颁布之外汇管制规则
及法规。
25. CASH AND BANK DEPOSITS
Pledged bank deposits represent deposits pledged to a
bank to secure general banking facilities granted to the
Group.
Cash and cash equivalents represent cash and short-term
bank deposits with an original maturity of thre months
or les.
2025年2024年
HK$’000HK$’000
千港元千港元
The carying amounts of the pledged bank deposits and
cash and cash equivalents are denominated in the
folowing curencies:
2025年2024年
HK$’000HK$’000
千港元千港元
As at 31 March 2025, the Group’s bank balances of
aproximately HK$194,000 (2024: HK$202,000) were
deposited with a bank in the PRC. The remitance of
these funds out of the PRC is subject to the rules and
regulations of foreign exchange control promulgated by
the PRC government.
| Ordinary shares | 普通股 | ||||
|---|---|---|---|---|---|
| Issued and fully paid: | 已发行及缴足： | ||||
| As at 1 April 2023, 31 March 2024, 1 April 2024 and 31 March 2025 | 于2023年4月1日、 2024年3月31日、 2024年4月1日及 2025年3月31日 | 500,000,000 | 500,000,000 | 169,730 | 169,730 |
| At 1 April 2023 | 于2023年4月1日 | — | (38,358) | (21,894) | (60,252) | 149,839 | 89,587 |
|---|---|---|---|---|---|---|---|
| Loss for the year | 年度亏损 | — | — | — | — | (26,890) | (26,890) |
| Exchange difference on translating foreign operation | 换算海外业务产生的 汇兑差额 | — | — | (6,158) | (6,158) | — | (6,158) |
| Recognition of equity-settled share based payment | 已确认的以权益结算的 股份基础付款 | 9,367 | — | — | 9,367 | — | 9,367 |
| At 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 9,367 | (38,358) | (28,052) | (57,043) | 122,949 | 65,906 |
| Loss for the year | 年度亏损 | — | — | — | — | (19,461) | (19,461) |
| Exchange difference on translating foreign operation | 换算海外业务产生的 汇兑差额 | — | — | (227) | (227) | — | (227) |
| Recognition of equity-settled share based payment | 已确认的以权益结算的 股份基础付款 | 5,351 | — | — | 5,351 | — | 5,351 |
| At 31 March 2025 | 于2025年3月31日 | 14,718 | (38,358) | (28,279) | (51,919) | 103,488 | 51,569 |
东京中央拍卖控股有限公司 二零二五年度报告229
Notes to the Consolidated Financial Statements
合并财务报表附注
26. 股本
27. 储备
26. SHARE CAPITAL
Number of sharesShare capital
股份数目股本
2025年2024年2025年2024年
27. RESERVES
Other reserves
其他储备
Share
option
reserve
(Note (i)
Merger
reserves
(Note (i)
Curency
translation
diferencesSub-total
Retained
earningsTotal
购股权
储备
（附注(i)）
合并储备
（附注(i)）
外币折算
差额小计保留盈利总计
HK’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
| Bank borrowings (Note (a)) | 银行借款（附注(a)） | 37,327 | 41,598 |
|---|---|---|---|
| Secured | 有抵押 | 6,056 | 7,068 |
| Unsecured | 无抵押 | 31,271 | 34,530 |
| 37,327 | 41,598 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025230
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
附注：
(i) 「合并储备」中包括在合并会计法下产生
的合并差额，乃透过比较已付代价和并
入本集团的附属公司股本而计算。
(i) 购股权储备包括已授出但尚未行使的购
股权的公平值，详情请参阅财务报表附
注2.20(d)中以股份为基础的付款的会计
政策。倘相关购股权获行使，该金额将
转拨至股本╱其他储备账户，或倘相关
购股权届满或被没收，该金额将转拨至
保留溢利。
28. 借款
27. RESERVES (Continued)
Notes:
(i) The consolidation diference that arises under merger
acounting is included as “merger reserve”, and computed
by comparing the considerations paid and the share capital
of the subsidiaries that merged into the Group.
(i) The share option reserve comprises the fair value of share
options granted which are yet to be exercised, as further
explained in the acounting policy for share-based
payments in note 2.20(d) to the financial statements. The
amount wil be transfered to the share capital/other
reserve acount when the related options are exercised, or
be transfered to retained profits should the related
options expire or be forfeited.
28. BOROWINGS
2025年2024年
HK$’000HK$’000
千港元千港元
| The carrying amounts of the above borrowings are repayable: | 上述借款的账面值应于 以下期间偿还： | ||
|---|---|---|---|
| Within one year | 一年内 | 14,520 | 14,602 |
| With a period of more than one year but not exceeding two years | 超过一年但不超过两年 的期间 | 4,296 | 4,269 |
| With a period of more than two years but not exceeding five years | 超过两年但不超过五年 的期间 | 11,779 | 12,655 |
| With a period of more than five years | 超过五年的期间 | 6,732 | 10,072 |
| 37,327 | 41,598 | ||
| Less: Amounts due within one year shown under current liabilities | 减：列于流动负债下 于一年内到期的 金额 | (14,520) | (14,602) |
| Amounts shown under non-current liabilities | 列于非流动负债下的 金额 | 22,807 | 26,996 |
| JPY | 日圆 | 37,327 | 41,598 |
|---|
东京中央拍卖控股有限公司 二零二五年度报告231
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
本集团借款以下列货币计值：
28. BOROWINGS (Continued)
2025年2024年
HK$’000HK$’000
千港元千港元
The Group’s borowings are denominated in the folowing
curencies:
2025年2024年
HK$’000HK$’000
千港元千港元
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025232
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
附注：
(a) 银行借款
(i) 于2025年3月31日，无抵押定息银
行借款约5,517,000港元（2024
年：6,531,000港元）须于2030年
偿还，并按0.9%年利率计息。其
由本公司董事安藤先生个人担保
作担保。
(i) 于2025年3月31日，有抵押定息银
行借款约6,056,000港元（2024
年：7,068,000港元）须于2031年
偿还，并按0.9%年利率计息。其
由本公司董事安藤先生和安藤女
士的财产担保。
(i) 本金额约20,240,000港元，相等于
390,000,000日圆（2024年：20,167,000
港元，相等于390,000,000日圆）的无
抵押定息银行借款乃自日本银行
取得，其利息由日本政府补贴，
较市场利率为低，于2025年3月31
日的账面值约为15,521,000港元
（2024年：17,656,000港元）须于
2030年度悉数偿还。等值银行
借款的现行市场利率为1.11%至
1.91%。银行借款所得款项总额
与公平值之间的差额为免息银行
借款产生的利益，并确认为其他
收入项下的政府补助。
(iv) 无抵押浮息银行借款约10,233,000
港元（2024年：10,343,000港元）
须于一年内偿还，于1个月基准利
率之上按年利率0.35%至0.45%计
息。
28. BOROWINGS (Continued)
Notes:
(a) Bank borowings
(i) The unsecured fixed-rate bank borowing of
aproximately HK$5,517,000 (2024: HK$6,531,000)
as at 31 March 2025 is repayable on 2030 and
bearing interest at 0.9% per anum. It was
guaranted by personal guarante of Mr. Ando, a
director of the Company.
(i) The secured fixed-rate bank borowing of
aproximately HK$6,056,000 (2024: HK$7,068,000)
as at 31 March 2025 is repayable on 2031 and
bearing interest at 0.9% per anum. It was secured
by property of Mr. Ando and Mrs. Ando, directors of
the Company.
(i) The unsecured fixed-rate bank borowings with
principal amount of aproximately HK$20,240,000,
equivalent to JPY 390,000,000, (2024:
HK$20,167,000, equivalent to JPY 390,000,000)
were received from Japanese bank in which interest
were subsidised by Japanese government with lower
than market rate and the carying amounts of
aproximately HK$15,521,000 (2024:
HK$17,656,000) as at 31 March 2025 are repayable
in ful on year 2030. The prevailing market interest
rates for equivalent bank borowings of 1.11% to
1.91%. The diference of betwen the gros
proceds and the fair value of the bank borowings
are the benefit derived from the interest-fre bank
borowings and are recognised as government grant
under other income.
(iv) The unsecured variable-rate bank borowings of
aproximately HK$10,233,000 (2024:
HK$10,343,000) is repayable within one year and
bearing interest at 0.35% to 0.45% per anum over
1-month benchmark interest rate.
| Payables to sellers in respect of auction and related business | 应付卖家拍卖及相关 业务款项 | 114,852 | 93,962 |
|---|---|---|---|
| Deposits received, other payables and accruals | 已收按金、其他应付 款项及应计费用 | 9,697 | 8,795 |
| 124,549 | 102,757 | ||
| Less: Non-current portion: | 减：非流动部分： | ||
| — Other payables | — 其他应付款项 | (1,200) | (1,200) |
| Current portion | 流动部分 | 123,349 | 101,557 |
东京中央拍卖控股有限公司 二零二五年度报告233
Notes to the Consolidated Financial Statements
合并财务报表附注
29. 其他应付款项及应计费用
应付卖家拍卖及相关业务款项指应付卖
家拍卖品购买价减卖家佣金及其他拍卖
相关应收款项。
于2025年及2024年3月31日，本集团所有
已收按金、其他应付款项及应计费用均
免息，而由于彼等到期日较短，因此彼等
公平值与彼等账面值相若。
于2025年及2024年3月31日，其他应付款
项分类为非流动负债，其指本集团向香
港及日本办事处业主支付复原成本的责
任并预期将于租赁结束时结付。
29. OTHER PAYABLES AND ACRUALS
2025年2024年
HK$’000HK$’000
千港元千港元
Payables to selers in respect of auction and related
busines represent the purchase price of auction articles
payable to selers les seler comisions and other
auction related receivable.
As at 31 March 2025 and 2024, al deposits received,
other payables and acruals of the Group were
non-interest bearing, and their fair value aproximate to
their carying amounts due to their short maturities.
As at 31 March 2025 and 2024, the other payable
clasified as non-curent liabilities, which represented the
Group’s obligation to pay the reinstatement costs to the
landlords of the ofices in Hong Kong and Japan and was
expected to be setled at the end of the leases.
| HK$ | 港元 | 53,236 | 46,862 |
|---|---|---|---|
| JPY | 日圆 | 71,293 | 55,883 |
| Others | 其他 | 20 | 12 |
| 124,549 | 102,757 |
| Financial assets at amortised cost | 按摊销成本列账的 金融资产 | ||
|---|---|---|---|
| — Trade and other receivables | — 贸易及其他应收款项 | 144,918 | 157,933 |
| — Prepayments to sellers for auctioned artwork | — 就已拍卖艺术品向 卖家预付之款项 | 65 | 5,837 |
| — Deposits | — 按金 | 1,939 | 3,775 |
| — Pledged bank deposits | — 已抵押银行存款 | 4,000 | 4,000 |
| — Cash and cash equivalents | — 现金及现金等价物 | 76,457 | 48,744 |
| 227,379 | 220,289 | ||
| Financial assets at fair value through profit or loss | 按公平值计入损益的 金融资产 | 7,962 | 2,500 |
| Financial liabilities at amortised cost | 按摊销成本列账的 金融负债 | ||
| — Other payables and accruals | — 其他应付款项及 应计费用 | 124,549 | 102,757 |
| — Borrowings | — 借款 | 37,327 | 41,598 |
| — Lease liabilities | — 租赁负债 | 6,472 | 10,652 |
| 168,348 | 155,007 | ||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025234
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
本集团其他应付款项及应计费用以下列
货币计值：
30. 按类别划分的金融工具
29. OTHER PAYABLES AND ACRUALS
(Continued)
The Group’s other payables and acruals are denominated
in the folowing curencies:
2025年2024年
HK$’000HK$’000
千港元千港元
30. FINANCIAL INSTRUMENTS BY CATEGORY
2025年2024年
HK$’000HK$’000
千港元千港元
| Loss before income tax | 除所得税前亏损 | (20,362) | (26,389) |
|---|---|---|---|
| Adjustments for: | 就以下各项调整： | ||
| — Depreciation of property, plant and equipment | — 物业、厂房及设备 折旧 | 1,904 | 1,696 |
| — Amortisation of intangible assets | — 无形资产摊销 | 994 | 1,078 |
| — Depreciation of right-of-use assets | — 使用权资产折旧 | 4,019 | 3,973 |
| — Share of result of on investment accounted using the equity method | — 应占使用权益会计法 列账之投资业绩 | 953 | (343) |
| — Change in fair value of financial assets at fair value through profit or loss | — 按公平值计入损益 之金融资产公平值 变动 | (5,462) | (1,650) |
| — Interest income | — 利息收入 | (700) | (226) |
| — Interest expenses | — 利息开支 | 1,762 | 1,045 |
| — Provision for allowance for ECL on financial assets | — 金融资产预期信贷 亏损拨备计提 | 1,662 | 6,778 |
| — Impairment loss on investment accounted for using the equity method | — 使用权益会计法列账 之投资的减值亏损 | 3,122 | — |
| — Impairment loss on non-financial assets | — 非金融资产减值亏损 | 4,265 | — |
| — Equity-settled share-based payment | — 以权益结算的股份 基础付款 | 5,351 | (9,367) |
| Operating cash flows before movement on working capital | 营运资金变动前之经营 现金流量 | (2,492) | (23,405) |
| Changes in working capital: | 营运资金变动： | ||
| — Increase in inventories | — 存货增加 | (3,615) | (2,055) |
| — Decrease in trade and other receivables | — 贸易及其他应收款项 减少 | 11,304 | 5,018 |
| — Decrease in deposits and prepayments | — 按金及预付款项 减少 | 10,913 | 30,209 |
| — Increase/(decrease) in other payables and accruals | — 其他应付款项及应计 费用增加╱（减少） | 21,400 | (16,992) |
| Cash generated from/(used in) operations | 经营业务所得╱（所用） 现金 | 37,510 | (7,225) |
东京中央拍卖控股有限公司 二零二五年度报告235
Notes to the Consolidated Financial Statements
合并财务报表附注
31. 合并现金流量表附注
(a) 除所得税前亏损与经营业务所
得╱（所用）现金之对账：
31. NOTES TO CONSOLIDATED STATEMENTS
OF CASH FLOWS
(a) Reconciliation of los before income tax to
cash generated from/(used in) operations:
2025年2024年
HK$’000HK$’000
千港元千港元
| Pledged bank deposits | 已抵押银行存款 | 4,000 | 4,000 |
|---|
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025236
Notes to the Consolidated Financial Statements
合并财务报表附注
32. 财务担保合约
于2025年3月31日，本公司的附属公司
已就授予本公司的银行融资向财务机
构作出合共约18,500,000港元（2024年：
18,500,000港元）的担保。
33. 已抵押为担保的资产
于报告期末，本集团已抵押下列资产以
担保授予本集团的一般银行融资：
34. 关联方交易
(a) 关联方名称及关系
关联方指有能力控制、共同控制或
在对投资对象持有权力时能对方
施加重大影响力；因参与投资对象
的业务而承担可变回报的风险或权
利；且有能力藉对投资对象行使其
权力而影响投资者回报金额的人
士。倘受限于同一控制或共同控
制，亦被视为关联方。
以下人士及公司为本集团的关联
方，彼等于截至2025年及2024年3
月31日止年度与本集团录得结余
及╱或进行交易。
32. FINANCIAL GUARANTES CONTRACTS
As at 31 March 2025, the Company’s subsidiary had given
guarantes totaling aproximately HK$18,500,000 (2024:
HK$18,500,000) to financial institutions in conection with
the banking facilities granted to the Company.
33. ASETS PLEDGED AS SECURITY
At the end of the reporting period, the Group has
pledged the folowing asets to secure general banking
facilities granted to the Group:
2025年2024年
HK$’000HK$’000
千港元千港元
34. RELATED PARTY TRANSACTIONS
(a) Names and relationships with related parties
Related parties are those parties that have the ability
to control, jointly control or exert significant
influence over the other party in holding power over
the investe; exposure, or rights, to variable returns
from its involvement with the investe; and the
ability to use its power over the investe to afect
the amount of the investor’s returns. Parties are also
considered to be related if they are subject to
comon control or joint control.
The folowing individuals and companies are related
parties of the Group that had balances and/or
transactions with the Group during the year ended
31 March 2025 and 2024.
Name of related partiesRelationship with the Group
关联方姓名╱名称与本集团的关系
Mr. Ando ShokeiControling Shareholder
安藤湘桂先生控股东
Bai Sheng Co., Ltd.Controled by Mr. Ando Shokei
株式会社百胜由安藤湘桂先生控制
| Rental expenses to a related party | 向关联方支付的 租金开支 | ||
|---|---|---|---|
| — Bai Sheng Co., Ltd. | — 株式会社百胜 | — | 14 |
| Salaries and Wages | 薪金及工资 | 6,952 | 7,194 |
|---|---|---|---|
| Pensions, medical insurances, other social insurances and other benefits | 退休金、医疗保险、 其他社会保险及其他 福利 | 277 | 397 |
| Equity-settled share-based payment | 以权益结算的股份基础 付款 | 583 | 1,021 |
| 7,812 | 8,612 |
东京中央拍卖控股有限公司 二零二五年度报告237
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
(a) 关联方名称及关系（续）
(i) 除合并财务报表附注其他部分
所披露者外，本集团与关联方
之交易如下：
(i) 于2025年3月31日，本集团
金额为11,573,000港元（2024
年：13,599,000港元）的银行
融资由安藤先生作出的个人
担保所担保。
所有关联方交易乃根据与关联方相
互协定的条款于日常业务过程中进
行。
主要管理层包括董事及最高管理
层。就雇员服务而已付或应付主要
管理层的薪酬列示如下：
34. RELATED PARTY TRANSACTIONS
(Continued)
(a) Names and relationships with related parties
(Continued)
(i) In adition to those disclosed elsewhere in the
notes to the consolidated financial statement,
the Group had the folowing transactions with
related parties:
2025年2024年
HK$’000HK$’000
千港元千港元
(i) As at 31 March 2025, the Group’s bank
facilities amounting to HK$11,573,000 (2024:
HK$13,599,000) were guaranted by personal
guarante from Mr. Ando.
Al the related party transactions were conducted in
acordance with terms mutualy agred with related
parties and in the ordinary course of busines.
Key management includes directors and top
management. The compensation paid or payable to
key management for employe services is shown
below:
2025年2024年
HK$’000HK$’000
千港元千港元
| Directors | 24 April 2023 | 0.80 | — | 5,000 | 5,000 | 5,000 |
|---|---|---|---|---|---|---|
| 董事 | 2023年4月24日 | |||||
| Employees | 24 April 2023 | 0.80 | — | 43,000 | 43,000 | 43,000 |
| 雇员 | 2023年4月24日 | |||||
| Total | — | 48,000 | 48,000 | 48,000 | ||
| 总计 | ||||||
| Exercisable at the end of the year | — | 14,400 | ||||
| 年末可予行使 | ||||||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025238
Notes to the Consolidated Financial Statements
合并财务报表附注
35. 购股权计划
本集团于2018年9月13日采纳购股权计
划，据此，若干获甄选类别的参与者（其
中包括全职雇员等）可获授予购股权以认
购新股。于2023年4月24日，48,000,000
份购股权以行使价每股0.80港元已授予
本集团若干董事、高级管理层及雇员。
截至2025年3月31日止年度，约5,351,000
港元（2024年：9,367,000港元）确认为以
权益结算的股份基础付款开支。
购股权将自授出日期起计为期六年有
效。任何于2029年4月23日前尚未行使的
购股权将告失效。
(i) 已授出购股权的30%将于授出日期
第一个周年（即2024年4月24日）归
属并自该日起可予行使；
(i) 已授出购股权的30%将于授出日期
第二个周年（即2025年4月24日）归
属并自该日起可予行使；及
(i) 已授出购股权的剩余40%将于授出
日期第三个周年（即2026年4月24
日）归属并自该日起可予行使。
35. SHARE OPTION SCHEME
The Group has adopted the share option scheme on
13 September 2018 under which certain selected clases
of participants (including, among others, ful-time
employes) may be granted options to subscribe for the
new shares. On 24 April 2023, 48,000,000 share options
were granted to certain Director, senior managements and
employes of the Group at an exercise price of HK$0.80
per share. Aproximately HK$5,351,000 (2024:
HK$9,367,000) was recognised as equity-setled
share-based payment expense for the year ended
31 March 2025.
The Share Options shal be valid for a period of six years
from the Date of Grant. Any Share Options not exercised
by 23 April 2029 shal lapse.
(i) 30% of the Share Options granted shal be vested
on, and exercisable from, the first aniversary of the
Date of Grant (i.e. 24 April 2024);
(i) 30% of the Share Options granted shal be vested
on, and exercisable from, the second aniversary of
the Date of Grant (i.e. 24 April 2025); and
(i) the remaining 40% of the Share Options granted
shal be vested on, and exercisable from, the third
aniversary of the Date of Grant (i.e. 24 April
2026).
Date of grantExercise price1 April 2023
Granted during
the year
Outstanding as at
31 March 2024
Outstanding as at
31 March 2025
授出日期行使价2023年4月1日年内已授出
于2024年3月31日
尚未行使
于2025年3月31日
尚未行使
HK$’000’000’000’000
港元千份千份千份千份
| Exercise price of share option (HK$ per share option) | 购股权行使价 （每份购股权港元） | 0.8 |
|---|---|---|
| Dividend yield (%) | 股息率(%) | 1.3158 |
| Expected volatility (%) | 预期波幅(%) | 60.874 |
| Risk-free interest rate (%) | 无风险利率(%) | 3.172 |
| Expected life of options (years) | 购股权预期年期（年） | 6.0 |
| Weighted average share price (HK$ per share) | 加权平均股份价格 （每股港元） | 0.76 |
| Fair value of share option (HK$ per share option) | 购股权公平值 （每份购股权港元） | 0.364 |
东京中央拍卖控股有限公司 二零二五年度报告239
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
截至2025年及2024年3月31日止年度，计
划项下授出的购股权并无因本集团雇员
离职而失效，亦无购股权获行使或注销。
以二项式模型估计年内以权益结算的购
股权于授出日期的公平值，并考虑购股
权授出的条款及条件。估计公平值时使
用的重要假设及输入数据如下：
预期波幅乃根据本公司过往年度股价的
历史波幅厘定。计算购股权公平值所用
的变量及假设乃根据董事的最佳估计。
主观输入假设的变动可能会对公平值估
计造成重大影响。
于2025年3月31日尚未行使之购股权之加
权平均余下合约期限为4.07年（2024年：
5.07年）。
购股权要约项下的购股权已于2025年6月
20日交回注销。详情请参阅日期为2025
年5月2日、2025年5月23日、2025年5月
30日及2025年6月20日的联合公告以及日
期为2025年5月30日的通函。
35. SHARE OPTION SCHEME (Continued)
During the years ended 31 March 2025 and 2024, no
share options granted under the Scheme lapsed upon the
resignation of the employes of the Group and no share
options was exercised or canceled.
The fair value of equity-setled share options during the
year was estimated as at the date of grant, using a
binomial model, taking into acount the terms and
conditions upon which the options were granted. The
significant asumption and inputs used in the estimation
of fair value are as folows:
Grant date on
24 April 2023
授予日期
于2023年
4月24日
Expected volatility was determined by using the historical
volatility of the Company’s share price over the previous
years. The variables and asumptions used in computing
the fair value of the share options are based on the
Directors’ best estimate. Changes in the subjective input
asumptions could materialy afect the fair value
estimate.
The share options outstanding at 31 March 2025 had a
weighted average remaining contractual life of 4.07 years
(2024: 5.07 years).
The share options had ben tendered for cancelation
under the option ofer on 20 June 2025. For details,
please refer to the joint anouncements dated 2 May
2025, 23 May 2025, 30 May 2025 and 20 June 2025 and
circular dated 30 May 2025.
| As at 1 April 2023 | 于2023年4月1日 | 49,332 | 4,110 | 53,442 |
|---|---|---|---|---|
| New bank loan raised | 新筹措银行贷款 | 15,428 | — | 15,428 |
| Repayment of bank loan | 偿还银行贷款 | (17,301) | — | (17,301) |
| Interest elements on lease liabilities | 租赁负债的利息元素 | — | 254 | 254 |
| Repayment of lease liabilities | 偿还租赁负债 | — | (4,252) | (4,252) |
| Addition of lease | 添置租赁 | — | 10,794 | 10,794 |
| Exchange realignment | 汇兑调整 | (5,861) | (254) | (6,115) |
| As at 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 41,598 | 10,652 | 52,250 |
| New bank loan raised | 新筹措银行贷款 | 10,231 | — | 10,231 |
| Repayment of bank loan | 偿还银行贷款 | (14,586) | — | (14,586) |
| Interest elements on lease liabilities | 租赁负债的利息元素 | — | 345 | 345 |
| Repayment of lease liabilities | 偿还租赁负债 | — | (3,788) | (3,788) |
| Exchange realignment | 汇兑调整 | 84 | (737) | (653) |
| As at 31 March 2025 | 于2025年3月31日 | 37,327 | 6,472 | 43,799 |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025240
Notes to the Consolidated Financial Statements
合并财务报表附注
36. 来自融资活动负债的对账
下表详述本集团来自融资活动负债的变
动，包括现金及非现金变动。来自融资活
动的负债指现金流量已经或未来现金流
量将于本集团合并现金流量表分类为来
自融资活动者。
36. RECONCILIATION OF LIABILITIES ARISING
FROM FINANCING ACTIVITIES
The table below details changes in the Group’s liabilities
arising from financing activities, including both cash and
non-cash changes. Liabilities arising from financing
activities are those for which cash flow were, or future
cashflows wil be clasified in the Group’s consolidated
statement of cash flows from financing activities.
Borowings
Lease
liabilitiesTotal
借款租赁负债总计
HK$’000HK$’000HK$’000
千港元千港元千港元
(Note 28)(Note 16)
（附注28）（附注16）
| Assets | 资产 | |||
|---|---|---|---|---|
| Non-current assets | 非流动资产 | |||
| Investment in subsidiaries | 于附属公司的投资 | 47,063 | 47,063 | |
| Right-of-use assets | 使用权资产 | 2,837 | 8,306 | |
| Deferred tax assets | 递延税项资产 | 58 | 56 | |
| Deposits and prepayments | 按金及预付款项 | 1,008 | 1,008 | |
| 50,966 | 56,433 | |||
| Current assets | 流动资产 | |||
| Inventories | 存货 | 2,279 | 2,279 | |
| Deposits and prepayments | 按金及预付款项 | 9,845 | 9,868 | |
| Amount due from subsidiaries | 应收附属公司款项 | 120,974 | 121,659 | |
| Pledged bank deposits | 已抵押银行存款 | 4,000 | 4,000 | |
| Cash and cash equivalents | 现金及现金等价物 | 3,320 | 5,219 | |
| 140,418 | 143,025 | |||
| Total assets | 总资产 | 191,384 | 199,458 | |
东京中央拍卖控股有限公司 二零二五年度报告241
Notes to the Consolidated Financial Statements
合并财务报表附注
37. 本公司财务状况表及储备变动
(a) 本公司财务状况表
37. STATEMENT OF FINANCIAL POSITION AND
RESERVE MOVEMENT OF THE COMPANY
(a) Statement of financial position of the
Company
2025年2024年
NoteHK$’000HK$’000
附注千港元千港元
| Equity | 权益 | |||
|---|---|---|---|---|
| Equity attributable to owners of the Company | 本公司拥有人应占 权益 | |||
| Share capital | 股本 | 169,730 | 169,730 | |
| Reserves | 储备 | 37(b) | 12,815 | 17,466 |
| Total equity | 总权益 | 182,545 | 187,196 | |
| Liabilities | 负债 | |||
| Non-current liabilities | 非流动负债 | |||
| Other payables | 其他应付款项 | 1,200 | 1,200 | |
| Lease liabilities | 租赁负债 | 2,054 | 5,444 | |
| 3,254 | 6,644 | |||
| Current liabilities | 流动负债 | |||
| Other payables and accruals | 其他应付款项及 应计费用 | 2,196 | 1,709 | |
| Amounts due to subsidiaries | 应付附属公司款项 | — | 710 | |
| Lease liabilities | 租赁负债 | 3,389 | 3,199 | |
| 5,585 | 5,618 | |||
| Total liabilities | 负债总额 | 8,839 | 12,262 | |
| Total equity and liabilities | 权益及负债总额 | 191,384 | 199,458 | |
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025242
Notes to the Consolidated Financial Statements
合并财务报表附注
37. 本公司财务状况表及储备变动
（续）
(a) 本公司财务状况表（续）
本公司财务状况表已由董事会于
2025年6月30日批准并由下列董事
代表签署。
37. STATEMENT OF FINANCIAL POSITION AND
RESERVE MOVEMENT OF THE COMPANY
(Continued)
(a) Statement of financial position of the
Company (Continued)
2025年2024年
NoteHK$’000HK$’000
附注千港元千港元
The statement of financial position of the Company was
aproved by the Board of Directors on 30 June 2025 and
was signed on its behalf.
Huang ShikunQian Yuanyuan
黄仕坤钱源
DirectorDirector
董事董事
| As at 1 April 2023 | 于2023年4月1日 | — | 19,524 | 19,524 |
|---|---|---|---|---|
| Loss and total comprehensive loss for the year | 年度亏损及综合亏损 总额 | — | (11,425) | (11,425) |
| Recognition of equity-settled share based payment | 已确认的以权益结算的 股份基础付款 | 9,367 | — | 9,367 |
| As at 31 March 2024 and 1 April 2024 | 于2024年3月31日及 2024年4月1日 | 9,367 | 8,099 | 17,466 |
| Loss and total comprehensive loss for the year | 年度亏损及综合亏损 总额 | — | (10,002) | (10,002) |
| Recognition of equity-settled share based payment | 已确认的以权益结算的 股份基础付款 | 5,351 | — | 5,351 |
| As at 31 March 2025 | 于2025年3月31日 | 14,718 | (1,903) | 12,815 |
东京中央拍卖控股有限公司 二零二五年度报告243
Notes to the Consolidated Financial Statements
合并财务报表附注
37. 本公司财务状况表及储备变动
（续）
(b) 本公司储备变动
37. STATEMENT OF FINANCIAL POSITION AND
RESERVE MOVEMENT OF THE COMPANY
(Continued)
(b) Reserve movement of the Company
Share option
reserve
Retained
earningsTotal
购股权储备保留盈利总计
HK$’000HK$’000HK$’000
千港元千港元千港元
| 31 March 2025 | 2025年3月31日 | ||||||
|---|---|---|---|---|---|---|---|
| Executive directors | 执行董事 | ||||||
| — Mr. Ando | — 安藤先生 | (i) | — | 2,585 | 105 | 583 | 3,273 |
| — Mrs. Ando Eri | — 安藤 理女士 | (i) | — | 1,661 | 66 | — | 1,727 |
| — Mr. Katsu Bunkai | 恵 — 葛文海先生 | (i) | — | 952 | 87 | — | 1,039 |
| — Mr. Sun Hongyue | — 孙鸿月先生 | (i) | — | — | — | — | — |
| Independent non- executive directors | 独立非执行董事 | ||||||
| — Mr. Chung Kwok Mo John | — 钟国武先生 | (i) | 195 | — | — | — | 195 |
| — Ms. Lam Suk Ling Shirley | — 林淑玲女士 | (i) | 195 | — | — | — | 195 |
| — Mr. Chun Chi Man | — 秦治民先生 | (i) | 195 | — | — | — | 195 |
| 585 | 5,198 | 258 | 583 | 6,624 | |||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025244
Notes to the Consolidated Financial Statements
合并财务报表附注
38. 董事福利及利益
(a) 董事及最高行政人员酬金
截至2025年及2024年3月31日止年
度，本集团已付╱应付本公司各董
事的薪酬载列如下：
38. BENEFITS AND INTEREST OF DIRECTORS
(a) Directors and chief executive’s emoluments
The remuneration of each director of the Company
paid/payable by the Group for the years ended
31 March 2025 and 2024 are set out as folows:
For the year ended
Director’s
Fe
Salaries
and wages
Pension,
medical
insurance,
other social
insurances
and other
benefits
Equity-
setled
share based
paymentTotal
截至以下日期止年度董事袍金薪金及工资
退休金、
医疗保险、
其他社会保险
及其他福利
以权益
结算的
股份基础
付款总计
NoteHK$’000HK$’000HK$’000HK$’000HK$’000
附注千港元千港元千港元千港元千港元
| 31 March 2024 | 2024年3月31日 | ||||||
|---|---|---|---|---|---|---|---|
| Executive directors | 执行董事 | ||||||
| — Mr. Ando | — 安藤先生 | (i) | — | 2,622 | 112 | 1,021 | 3,755 |
| — Mrs. Ando Eri | — 安藤 理女士 | (i) | — | 1,691 | 73 | — | 1,764 |
| — Mr. Katsu Bunkai | 恵 — 葛文海先生 | (i) | — | 1,009 | 94 | — | 1,103 |
| — Mr. Sun Hongyue | — 孙鸿月先生 | (i) | — | — | — | — | — |
| Independent non-executive directors | 独立非执行董事 | ||||||
| — Mr. Chung Kwok Mo John | — 钟国武先生 | (i) | 240 | — | — | — | 240 |
| — Ms. Lam Suk Ling Shirley | — 林淑玲女士 | (i) | 240 | — | — | — | 240 |
| — Mr. Chun Chi Man | — 秦治民先生 | (i) | 240 | — | — | — | 240 |
| 720 | 5,322 | 279 | 1,021 | 7,342 | |||
东京中央拍卖控股有限公司 二零二五年度报告245
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
(a) 董事及最高行政人员酬金（续）
上表所载薪酬指该等董事于截至
2025年及2024年3月31日止年度以
本集团雇员身份及╱或本公司董事
身份由本集团已付及应付的薪酬。
概无董事于截至2025年及2024年3
月31日止年度放弃或同意放弃任何
酬金。
(i) 于2025年6月20日辞任。
38. BENEFITS AND INTEREST OF DIRECTORS
(Continued)
(a) Directors and chief executive’s emoluments
(Continued)
For the year ended
Director’s
Fe
Salaries
and wages
Pension,
medical
insurance,
other social
insurances
and other
benefits
Equity-
setled
share based
paymentTotal
截至以下日期止年度董事袍金薪金及工资
退休金、
医疗保险、
其他社会保险
及其他福利
以权益
结算的
股份基础
付款总计
NoteHK$’000HK$’000HK$’000HK$’000HK$’000
附注千港元千港元千港元千港元千港元
The remuneration shown above represents
remuneration paid and payable by the Group for
these directors in their capacity as employes to the
Group and/or in their capacity as directors of the
Company during the years ended 31 March 2025
and 2024. No directors waived or agred to waive
any emoluments during the years ended 31 March
2025 and 2024.
(i) Resigned on 20 June 2025.
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025246
Notes to the Consolidated Financial Statements
合并财务报表附注
- （续）
(b) 董事退休福利
截至2025年3月31日止年度，概无
任何董事已就管理本公司事务或其
附属公司业务所提供的其他服务而
获付或应收取任何退休福利（2024
年：无）。
(c) 董事离职福利
截至2025年3月31日止年度，并无
向董事作出任何付款作为提早终止
委聘的补偿（2024年：无）。
(d) 就提供董事服务向第三方拨付的
代价
截至2025年3月31日止年度，并无
就提供董事服务向第三方作出任何
付款（2024年：无）。
(e) 关于以董事、有关董事的受控法
团及与有关董事关连的实体为受
益人的贷款、准贷款及其他交易
的资料
除附注34所披露者外，截至2025年
3月31日止年度，并无以董事、有关
董事的受控法团及与有关董事关连
的实体为受益人的其他贷款、准贷
款及其他交易（2024年：无）。
(f) 董事于交易、安排或合约的重大
权益
本公司概无签订于年末或截至2025
年3月31日止年度内的任何时间存
续且涉及本公司业务而本公司董事
直接或间接在其中拥有重大权益之
重要交易、安排及合约（2024年：
无）。
38. BENEFITS AND INTEREST OF DIRECTORS
(Continued)
(b) Directors’ retirement benefits
During the year ended 31 March 2025, no
retirement benefits were paid to or receivable by any
directors in respect of their other services in
conection with the management of the afairs of
the Company or its subsidiaries undertaking (2024:
Nil).
(c) Directors’ termination benefits
No payment was made to directors as compensation
for early termination of the apointment during the
year ended 31 March 2025 (2024: Nil).
(d) Consideration provided to third parties for
making available directors’ services
No payment was made to third parties for making
available directors’ services during the year ended
31 March 2025 (2024: Nil).
(e) Information about loans, quasi-loans and
other dealings in favor of directors,
controled bodies corporate by and conected
entities with such directors
Save as disclosed in Note 34, there are no other
loans, quasi-loans and other dealings in favor of
directors, controled bodies corporate by and
conected entities with such directors during the
year ended 31 March 2025 (2024: Nil).
(f) Directors’ material interests in transactions,
arangements or contracts
There are no significant transactions, arangements
and contracts in relation to the Company’s busines
to which the Company was a party and in which a
director of the Company had a material interest,
whether directly or indirectly, subsisted at the end of
the year or at any time during the year ended
31 March 2025 (2024: Nil).
东京中央拍卖控股有限公司 二零二五年度报告247
Notes to the Consolidated Financial Statements
合并财务报表附注
39. 报告期间后事项
于2025年4月25日，安藤湘桂先生与ESA
Financial Group Ltd（「要约人」）订立买卖
协议，据此，安藤湘桂先生同意出售而要
约人及其他买方同意购买合共
374,967,278股份（「待售股份」），相当
于本公司全部已发行股本约74.99%。待
售股份的总代价为164,985,602.32港元，
相当于每股待售股份0.44港元。详情请参
阅本公司的该等联合公告及该通函。
39. EVENTS AFTER THE REPORTING PERIOD
On 25 April 2025, Mr. Ando Shokei had entered into the
sale and purchase agrement with the ESA Financial
Group Ltd (the “Oferor”), pursuant to which Mr. Ando
Shokei had agred to sel and the Oferor and other
purchasers had agred to purchase an agregate of
374,967,278 shares (the “Sale Shares”), representing
aproximately 74.99% of the total isued share capital of
the Company. The total consideration for the Sale Shares
is HK$164,985,602.32, which is equivalent to HK$0.44 per
Sale Share. For details, please refer to the Joint
Anouncements and the Circular of the Company.
| Revenue | 收益 | 80,753 | 79,597 | 72,762 | 57,852 | 62,051 |
|---|---|---|---|---|---|---|
| Gross profit | 毛利 | 70,023 | 68,969 | 53,321 | 46,779 | 48,484 |
| Profit/(loss) before income tax | 除所得税前溢利╱ （亏损） | 11,698 | 12,031 | (8,479) | (26,389) | (20,362) |
| Profit/(loss) attributable to owners of the Company | 本公司拥有人应占 溢利╱（亏损） | 8,363 | 8,434 | (8,286) | (26,890) | (19,461) |
| Total assets | 总资产 | 594,653 | 581,081 | 466,001 | 396,637 | 394,962 |
| Total liabilities | 负债总额 | 308,188 | 297,060 | 202,913 | 157,691 | 170,376 |
| Net Assets | 资产净值 | 286,465 | 284,021 | 263,088 | 238,946 | 224,586 |
| Equity attributable to: | 以下人士应占权益： | |||||
| — Equity shareholders of the Company | — 本公司权益 持有人 | 282,241 | 279,940 | 259,317 | 235,636 | 221,299 |
| — Non-controlling interests | — 非控股权益 | 4,224 | 4,081 | 3,771 | 3,310 | 3,287 |
| 286,465 | 284,021 | 263,088 | 238,946 | 224,586 | ||
TOKYO CHUO AUCTION HOLDINGS LIMITED Anual Report 2025248
FIVE-YEAR FINANCIAL SUMARY
五年财务概要
A sumary of the results and of the asets, liabilities and non-
controling interests of the Group for the last five financial
years, as extracted from the published audited financial
statements.
FINANCIAL HIGHLIGHTS
2021年2022年2023年2024年2025年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
本集团于过去五个财政年度之业绩以及资产、
负债与非控股权益概要，摘录自已刊发经审核
财务报表。
财务摘要
| This annual report is printed on environmental paper 此年度报告以环保纸张印制 | TOKYO CHUO AUCTION HOLDINGS LIMITED东京中央拍卖控股有限公司 ANNUAL REPORT 2025 年度报告 |
|---|
股份代号
(incorporated in Hong Kong with limited liability)( 于香港注册成立之有限公司 )