MISION 使命

’s quality of life

提升人们生活质素

• Grow with our employes

与员工一起成长

• Create value for shareholders

为股东创造价值

• Comited to a sustainable future

致力实现可持续发展的未来

VISION 愿景

To be a dynamic enterprise that improves

people’s livelihod through infrastructure

and profesional services for cities in Asia

and beyond

透过为亚洲和其他地区城市提供基建设

施和专业服务，成为一间改善民生并富

有活力的企业

Comitment

承诺

We build trust

through comitment

我们通过承诺建立互信

Inovation

创新

We are inteligent

problem-solvers

我们善用智慧解决问题

We prioritise ESG

in every decision

Sustainability

可持续发展

我们在每项决策中都优先

考虑环境、社会及管治

Nurture

培育

We spare no efort to nurture

the next generation

我们不遗余力地培育新一代

Initiative

主动

We are self-starters and

exced expectations

我们积极主动，并超越期望

Respect

尊重

We respect one another

and treat everyone equaly

我们互相尊重，

平等对待每个人

CORE VALUES

核心价值

2DEFINITIONS释义

4CORPORATE INFORMATION企业资料

6PERFORMANCE HIGHLIGHTS表现摘要

8CORPORATE EVENT HIGHLIGHTS企业大事纪要

12CHAIRMAN’S STATEMENT主席报告

16MANAGEMENT DISCUSION AND ANALYSIS管理层讨论及分析

53ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告

98BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高层管理人员资料

113CORPORATE GOVERNANCE REPORT企业管治报告

132DIRECTORS’ REPORT董事局报告

154INDEPENDENT AUDITOR’S REPORT独立核数师报告

162CONSOLIDATED STATEMENT OF PROFIT OR LOS AND

OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

164CONSOLIDATED STATEMENT OF FINANCIAL POSITION综合财务状况表

167CONSOLIDATED STATEMENT OF CHANGES IN EQUITY综合股东权益变动表

169CONSOLIDATED STATEMENT OF CASH FLOWS综合现金流量表

173NOTES TO FINANCIAL STATEMENTS财务报表附注

318FIVE YEARS FINANCIAL SUMARY五年财务概要

319PARTICULARS OF PROPERTIES物业详情

DEFINITIONS

释义

In this anual report, unles the context otherwise requires, the folowing terms shal have the meanings set out below:

在本年报内，除文义另有所指外，下列词汇应具有以下涵义：

TermsDefinitions

词汇释义

“Audit Comite”the audit comite of the Board

「审核委员会」董事局审核委员会

“Board”the board of Directors

「董事局」董事局

“Bye-laws”the Bye-laws of the Company

「公司细则」本公司之公司细则

“CG Code”the Corporate Governance Code contained in Apendix C1 to the Listing Rules

「企业管治守则」上市规则附录C1所载之《企业管治守则》

“Chun Wo”Chun Wo Development Holdings Limited, a subsidiary of the Company

「俊和」本公司附属公司俊和发展集团有限公司

“Company”Asia Alied Infrastructure Holdings Limited, a company incorporated in Bermuda with

limited liability, the shares of which are listed on the Main Board of the Stock Exchange

(stock code: 00711)

「本公司」亚洲联合基建控股有限公司，一间于百慕达注册成立之有限公司，其股份于联交所

主板上市（股份代号：00711）

“Company Secretary”the company secretary of the Company

「公司秘书」本公司之公司秘书

“CSR”corporate social responsibility

「企业社会责任」企业社会责任

“Director(s)”the director(s) of the Company

「董事」本公司之董事

“ESG”environmental, social and governance

「环境、社会及管治」环境、社会及管治

“Executive Comite”the executive comite of the Board

「执行委员会」董事局执行委员会

“Executive Director(s)”the executive Director(s)

「执行董事」执行董事

“Group”the Company and its subsidiaries from time to time

「本集团」本公司及其不时之附属公司

“HK$” and “HK cent(s)”Hong Kong dolar(s) and cent(s), the lawful curency of Hong Kong

「港元」及「港仙」港元及港仙，香港的法定货币

亚洲联合基建控股有限公司 2024/25年报03

DEFINITIONS

释义

TermsDefinitions

词汇释义

“Hong Kong”the Hong Kong Special Administrative Region of the PRC

「香港」中国香港特别行政区

“INED(s)”the independent non-executive Director(s)

「独立非执行董事」独立非执行董事

“Listing Rules”the Rules Governing the Listing of Securities on the Stock Exchange

「上市规则」联交所证券上市规则

“Management Comite”the management comite of the Board

「管理委员会」董事局管理委员会

“Model Code”Model Code for Securities Transactions by Directors of Listed Isuers contained in

Apendix C3 to the Listing Rules

「标准守则」上市规则附录C3所载《上市发行人董事进行证券交易的标准守则》

“NED(s)”the non-executive Director(s)

「非执行董事」非执行董事

“Nomination Comite”the nomination comite of the Board

「提名委员会」董事局提名委员会

“PRC”the People’s Republic of China

「中国」中华人民共和国

“Remuneration Comite”the remuneration comite of the Board

「薪酬委员会」董事局薪酬委员会

“RMB”Renminbi, the lawful curency of the PRC

「人民币」人民币，中国的法定货币

“SFO”the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)

「证券及期货条例」香港法例第571章证券及期货条例

“Share(s)”the ordinary share(s) of HK$0.10 each in the share capital of the Company

「股份」本公司股本中每股面值0.10港元之普通股

“Shareholder(s)”the holder(s) of isued Share(s)

「股东」已发行股份之持有人

“Stock Exchange”The Stock Exchange of Hong Kong Limited

「联交所」香港联合交易所有限公司

“Year”for the year ended 31 March 2025

「本年度」截至2025年3月31日止年度

“%”per cent

「%」百分比

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2504

CORPORATE INFORMATION

企业资料

HONORARY DIRECTOR

Li Wai Hang, Christina

BOARD OF DIRECTORS

Executive Directors

Pang Yat Ting, Dominic (Chairman)

Xu Jianhua, Jery (Deputy Chairman)

Pang Yat Bond, Derick (Chief Executive Oficer)

Non-executive Directors

Wong Wendy Dick Ye

Yim Yuk Lun, Stanley

Independent Non-executive Directors

Wu Wiliam Wai Leung

Lam Yau Fung, Curt

Ho Gilbert Chi Hang

Yen Gordon

AUDIT COMITE

Wu Wiliam Wai Leung (Chairman)

Wong Wendy Dick Ye

Yim Yuk Lun, Stanley

Lam Yau Fung, Curt

Ho Gilbert Chi Hang

EXECUTIVE COMITE

Pang Yat Ting, Dominic (Chairman)

Xu Jianhua, Jery

Pang Yat Bond, Derick

MANAGEMENT COMITE

Pang Yat Bond, Derick (Chairman)

Pang Yat Ting, Dominic

Xu Jianhua, Jery

NOMINATION COMITE

Pang Yat Ting, Dominic (Chairman)

Wong Wendy Dick Ye

Yim Yuk Lun, Stanley

Wu Wiliam Wai Leung

Lam Yau Fung, Curt

Ho Gilbert Chi Hang

Yen Gordon

REMUNERATION COMITE

Lam Yau Fung, Curt (Chairman)

Wu Wiliam Wai Leung

Ho Gilbert Chi Hang

荣誉董事

李蕙娴

董事局

执行董事

彭一庭（主席）

徐建华（副主席）

彭一邦（行政总裁）

非执行董事

黄廸怡

严玉麟

独立非执行董事

胡伟亮

林右烽

何智恒

严震铭

审核委员会

胡伟亮（主席）

黄廸怡

严玉麟

林右烽

何智恒

执行委员会

彭一庭（主席）

徐建华

彭一邦

管理委员会

彭一邦（主席）

彭一庭

徐建华

提名委员会

彭一庭（主席）

黄廸怡

严玉麟

胡伟亮

林右烽

何智恒

严震铭

薪酬委员会

林右烽（主席）

胡伟亮

何智恒

亚洲联合基建控股有限公司 2024/25年报05

CORPORATE INFORMATION

企业资料

公司秘书

黄智燕

核数师

安永会计师事务所

执业会计师

注册公众利益实体核数师

法律顾问

康德明律师事务所

杨朱律师事务所有限法律责任合伙

主要往来银行

创兴银行有限公司

富邦银行(香港)有限公司

恒生银行有限公司

东亚银行有限公司

香港上海汇丰银行有限公司

总办事处及

主要营业地点

香港

九龙长沙湾

琼林街83号

A座27楼

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

主要股份过户登记处

Apleby Global Corporate Services

(Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

股份过户登记处香港分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

企业网址

w.asialiedgroup.com

股份代号

COMPANY SECRETARY

Wong Chi Yin

AUDITOR

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

LEGAL ADVISORS

Conyers Dil & Pearman

YC Legal LP

PRINCIPAL BANKERS

Chong Hing Bank Limited

Fubon Bank (Hong Kong) Limited

Hang Seng Bank Limited

The Bank of East Asia Limited

The Hongkong and Shanghai Banking Corporation Limited

HEAD OFICE AND

PRINCIPAL PLACE OF BUSINES

27/F, Tower A

83 King Lam Stret

Cheung Sha Wan, Kowlon

Hong Kong

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

PRINCIPAL SHARE REGISTRAR

Apleby Global Corporate Services

(Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

HONG KONG BRANCH SHARE REGISTRAR

Tricor Investor Services Limited

17/F., Far East Finance Centre

16 Harcourt Road

Hong Kong

CORPORATE WEBSITE

w.asialiedgroup.com

STOCK CODE

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2506

PERFORMANCE HIGHLIGHTS

表现摘要

Total Revenue

总营业额

HK$

9,055,006,000

港元

Los Atributable

to Shareholders

股东应占亏损

HK$ 274,039,000 港元

Gearing Ratio

资本负债比率

0.94

HK$ 2,354,247,000

港元

Net Asets

资产净值

HK$ 8,937,263,000

港元

Total Asets

资产总额

Acident Rate

(per 100,000 man-hours)

意外率（每十万工时）

0.076

Acumulated Training Hours

累计培训时数

13,861.5

Number of Employes

雇员数目

7,528

WORKPLACE QUALITY

工作环境质素

FINANCIAL HIGHLIGHTS

财务摘要

Equity per Share

每股权益

HK$ 1.20 港元

Basic Los per Share

每股基本亏损

HK 15.27 cents 港仙

Fatality Rate

死亡率

亚洲联合基建控股有限公司 2024/25年报07

PERFORMANCE HIGHLIGHTS

表现摘要

HK$ milion revenue

耗水量及密度

Water Consumption

and Intensity

343,517

37.9

立方米

立方米／每百万港元收益

ENVIRONMENTAL PROTECTION

环境保护

COMUNITY

社区

Volunter Service Hours

义工服务时数

Charitable and Other Donations

慈善及其他捐款

HK$ 1,800,000 港元

452,957

Non-hazardous Waste Production

无害废弃物制造

Non-hazardous Waste Reused/Recycled

无害废弃物重用／回收

用电量及密度

Electricity Consumption

and Intensity

15,817,321kWh

千瓦时

1,746.8kWh/

HK$ milion revenue

千瓦时／每百万港元收益

356,555

39.4

Litre升

Litre/

HK$ milion revenue

升／每百万港元收益

Petrol Consumption

and Intensity

汽油使用量及密度

7,434,792Litre

升

Litre/

升／每百万港元收益

Diesel Consumption

and Intensity

柴油使用量及密度碳排放及密度

Carbon Emisions

and Intensity

26,623

tones CO2e

吨二氧化碳当量

2.9tones CO2e/

HK$ milion revenue

吨二氧化碳当量／每百万港元收益

tones 吨

432,622tones 吨

HK$ milion revenue

821.1

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2508

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

「尖沙咀雨水排放系统改善工程」引入隧道钻掘机采用无坑挖掘技术

俊和于「尖沙咀雨水排放系统改善工程」引入隧道钻掘机，采用无坑挖掘技术钻掘一条长约92米雨水渠，提升加连威

老道至漆咸道南的排水能力。此技术可减少对社区的影响，同时印证公司对社会可持续发展的承诺。

08/2024

Chun Wo Construction Holdings Company

Limited Retains the Honour of “Top 10

Contractor” at the BCI Asia Awards 2024

Chun Wo Construction Holdings Company Limited was again

chosen as one of the “Top Ten Contractors in Hong Kong” at

the BCI Asia Awards 2024, recognising its excelence in Asia’s

construction sector. With gratitude to clients and busines

partners, we remain comited to advancing Hong Kong’s

industry and upholding our vision of “Building a Beter Future

Through Trust & Comitment”.

06/2024

Enhancing Tsim Sha Tsui’s Drainage System:

The Introduction of Tunel Boring Machines

and Trenchles Technology

Chun Wo has deployed a Tunel Boring Machine (TBM)

to excavate a 92m stormwater chanel with trenchles

technology for the project “Drainage Improvement Works

in Tsim Sha Tsui”, enhancing the drainage capacity from

Granvile Road to Chatham Road South. This eco-friendly

implementation minimises comunity disruption and

demonstrates our comitment to sustainable development

within the comunity.

俊和建筑控股有限公司蝉联BCI Asia Awards 2024「十大承建商」

俊和建筑控股有限公司于「BCI Asia Awards 2024」再次获选为「香港十大承建商」，以表扬其作为亚洲地区具杰出业务

表现的建筑承建商。感谢所有客户和业务合作伙伴的支持，我们会为本港建造业持续贡献，秉承「承诺互信、共建未来」

的愿景，追求更卓越成就。

亚洲联合基建控股有限公司 2024/25年报09

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

AI Honoured with 2024 Hong Kong ESG Award

for Outstanding ESG Contributions

The Group was honoured with the 2024 “Hong Kong ESG

Award”, recognising the Group as one of the ten recipients of

this acolade in Hong Kong. This recognition acknowledges

the Company’s continuous eforts in the field of sustainable

development. AI has consistently integrated sustainability

into every aspect of busines operation, working towards the

environmental goals of the construction industry. The Group wil

continue to strive towards a more sustainable future.

集团获颁2024「香港ESG大奖」可持续发展卓越表现获肯定

本集团荣获2024「香港ESG奖」，成为全港十间获奖企业之一。奖项是对我们一直以来在可持续发展领域努力的肯定。

亚洲联合基建一直坚持将可持续发展融入业务营运的每一个细节中，从而实现建造业的环保目标，我们将继续努力，

建立更可持续的未来。

10/2024

Chun Wo’s MiC New Project: New Headquarters

and Youth Hostel of the Hong Kong Girl Guides

Asociation

Chun Wo Construction is delighted to have ben apointed

as the main contractor for the “New Headquarters and

Youth Hostel of the Hong Kong Girl Guides Asociation”,

located in Jordan. This project involves the development of

new headquarters for the asociation, with the uper part

of the youth hostel being constructed through the Modular

Integrated Construction (MiC) method and pledging safe and

eficient project delivery.

俊和获得MiC新项目 — 「香港女童军总会新总

部暨青年宿舍大楼」

俊和获委任为「香港女童军总会新总部暨青年宿舍」的总承建商，为女童军总会兴建位于佐敦的新总部。是次项目包括

为女童军总会兴建一座新总部大楼，并于上盖以「组装合成建筑法」(MiC)兴建青年宿舍部分，承诺安全高效完成工程。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2510

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

Stand with Rare Disease Wariors and Their

Families for Lifewire Run 2024

The “Lifewire Run 2024 — Tseung Kwan O”, jointly

organised by Lifewire and Chun Wo, was sucesfuly held.

This event has ben runing for seven years and this year

was hosted by Mr. Lau Chun Kit, Ricky, JP, Permanent

Secretary for Development (Works), Mr. Tai Sheung Shing,

Victor, JP, Under Secretary for Housing, and Ms. Minie So

Wai Yam, Table Tenis Olympic medalist. The race garnered

strong suport from multiple government departments,

organisations, and over 2,500 runers. After deducting

costs, al net proceds were donated to suport children

with rare diseases, raising public awarenes and fostering

inclusivity for afected families.

「2024爱跑•将军澳」齐撑罕见病童及家庭

俊和与Lifewire《护•联网》合办的「2024爱跑•将军澳」慈善跑圆满举行。赛事已举办至第7届，今年由发展局常任秘书

长（工务）刘俊杰先生太平绅士、房屋局副局长戴尚诚先生太平绅士，及奥运乒乓球奖牌得主苏慧音女士担任主礼嘉宾，

获多个政府部门、机构及逾2,500位健儿响应支持。扣除成本后，筹得的善款将全数拨捐支援病童，促进社会对罕见

病的关注及支持。

New Group Member — Manbond Suply

Chain (Hong Kong) Limited

The Group has sucesfuly acquired Manbond Suply

Chain (Hong Kong) Limited (“Manbond”), enhancing our

building materials suply chain. With Manbond’s expertise

in sales of construction material and state-owned enterprise

partnerships, this integration unlocks synergies for market

expansion and future projects.

集团新成员 — 万邦供应链（香港）有限公司

集团成功收购万邦供应链（香港）有限公司（「万邦」），强

化建材供应链管理能力。万邦长期为国企提供优质建筑建材，此次整合将创造协同效应，帮助集团拓展市场网络及潜

在项目机会。

12/2024

11/2024

亚洲联合基建控股有限公司 2024/25年报11

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

Chun Wo signed the “Aliance Pledge

for the Hung Shui Kiu/Ha Tsuen New

Development Area Second Phase

Development”

Chun Wo partnered with Civil Enginering and

Development Department in the Hung Shui Kiu/

Ha Tsuen New Development Area Phase 2 Aliance

Pledge, a colaborative framework focusing on

Design, Procurement, and Construction for the

Northern Metropolis development. The project scope

includes executing the fresh water infrastructure

project, leveraging this partnership to work with stakeholders in delivering critical comunity infrastructure.

俊和签署「洪水桥╱厦村新发展区第二期发展联盟承诺」

俊和与土木工程拓展署携手推动「洪水桥╱厦村新发展区第二期发展联盟承诺」，该联盟基于设计、采购及建设三大合

作方向，共同为北部都会区发展提供创新工程方案。目前，俊和负责该区食水配水库及水管工程，并将与其他持分者

密切合作，为社会建设完善基建设施。

02/2025

Grand Opening of Fanling On Lok Mun

Stret Playground Featuring World

Skate-Certified Facilities

Chun Wo has completed the reprovision of the

On Lok Mun Stret Playground in Fanling, the

project under the Kwu Tung North/Fanling North

New Development initiative. The new 3,800 sqm

playground features a 1,600 sqm extreme sports

zone certified by World Skate, with both bowl and

stret facilities meting international competition

standards, ofering profesional-grade extreme

sports amenities to the public.

03/2025

粉岭安乐门街游乐场启用

设国际级极限运动设施

俊和承建的粉岭安乐门街游乐场重置项目圆满

完工，此项目隶属古洞北及粉岭北新发展区基

础设施工程。新建游乐场占地3,800平方米，其

中1,600平方米为获国际滚轴运动总会认证的极

限运动区，其碗型及街式设施均达国际竞赛标

准，为市民提供专业级极限运动体验。

CHAIRMAN’S STATEMENT

主席报告

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25 12

REVIEW — THE MACROECONOMY

On behalf of the Board of Directors, I am pleased to present the Group’s

anual results for the year. Over the past year, the post-pandemic era’s

global landscapes have undergone significant shifts acros economic,

political, and technological fronts. Ongoing uncertainties surounding

tarifs have heightened geopolitical tensions. In Hong Kong, the economy

remained under presure from elevated interest rates, a tightening talent

pol, and rising operational costs. At the same time, Shenzhen and other

cities within the Greater Bay Area have drawn increasing numbers of Hong

Kong residents towards cros-border consumption, driven by favourable

exchange rates and a wider range of consumer choices. Acros industries,

busineses are being reshaped by new market dynamics, requiring new

models and new strategies. In response, we have comited to dual-track

progres through transformation and busines realignment.

The HKSAR Government has actively implemented the Hong Kong National

Security Law, ushering in a transition from stability to revitalisation. A key

initiative is the Northern Metropolis development plan, which aims to drive

long-term economic growth through strategic infrastructure investments

that strengthen conectivity betwen Hong Kong and Shenzhen. These

eforts are expected to enhance the flow of vehicles, people and gods

acros the region. Meanwhile, evolving Sino-US trade dynamics and

geopolitical realignments are stering Hong Kong towards deper trade

integration with Asia and the Midle East, unlocking new oportunities

for the city’s financial sector. Globaly, the rapid rise of artificial inteligence

continues to redefine industries. The Hong Kong government is adresing

the talent gap by atracting profesionals from both local and international

sources, while also investing in the development of emerging technology

sectors — further reinforcing Hong Kong’s position as an international

busines hub.

回顾 — 宏观经济

本人谨代表董事局呈报本集团本年度的全

年业绩。过去一年，环球经济、政治、科技

三项主要元素在后疫情时期都产生巨大的

变化，关税问题持续不明朗，加剧地缘政治

紧张；香港经济仍然受到高息、人才流失、

营运成本上升所影响。然而，深圳及大湾区

城市凭借汇率优势和消费多元选择吸引港

人跨境消费，各行各业在这次巨变中面对新

格局、新市场、新方式；我们全力准备转型、

转营，双轨前进。

香港政府积极落实香港国安法，由乱到治，

由治及兴，努力推进的北部都会区开发计

划，透过战略性基建投资连接深港两地，区

域和两地车流、人流、物流注入新动力，创

造长远经济效益。中美贸易和地缘政治推动

香港和亚洲及中东更紧密的贸易联系，扩大

香港金融的发展机会。同时，全球面对人工

智能的大趋势，香港政府致力从国内外招揽

人才，一方面解决人才短缺的问题，另一方

面也积极建设新科技板块，进一步巩固香港

作为国际商业枢纽的地位。

Pang Yat Ting, Dominic

Chairman

彭一庭

主席

亚洲联合基建控股有限公司 2024/25年报13

CHAIRMAN’S STATEMENT

主席报告

BUSINES REVIEW

During the year under review, the Group achieved steady progres despite

operating in a highly chalenging environment. Against a backdrop of

elevated interest rates and market volatility, the Group adopted a prudent and

disciplined aproach, prioritising stringent cash flow management. This strategy

was aimed at ensuring the Group to continue meting client expectations in

to suport day-to-day operations. Moreover, a core operational objective

of the Group remains the continuous enhancement of its technologies and

service oferings, with a view to building long-term competitivenes and

sustaining market leadership. Equaly important is the recognition and trust we

would earn, through our technological expertise, from both our clients and the

wider comunity. We remain comited to strengthening our brand visibility

through diverse comunication chanels and strategic engagement.

In the infrastructure segment, folowing the completion of a strategic

aset restructuring during the interim period, which involved the write-

of of projects with uncertain prospects, the overal operational eficiency

have ben enhanced. The division has long adhered to a management

philosophy centred on technological excelence and high-quality delivery.

The total contract value of completed projects in Hong Kong remained

broadly consistent with the previous year, reflecting our strong and reputable

presence built over more than five decades of operation in HKSAR.

Given the persistently high interest rate environment and subdued property

market activity, the Group had adopted a conservative aproach and

significantly scaled back its involvement in real estate development and

leasing activities when property prices peaked in 2018. Eforts during the

period were focused on disposing of the Group’s remaining units, thereby

suporting overal cash flow and financial flexibility.

The profesional services segment, encompasing security, tunel

management, property management for both public and private sectors,

and facilities management, returned to profitability during the period. This

reflects the positive contribution from the acquisition of Modern Living

Investments Holdings Limited (“Modern Living”) in 2023. Modern Living

curently manages a total of 60,692 subsidised units and 288 private-

sector units, totaling aproximately 60,980 units. This has positioned us as

a key player in the Hong Kong market. We remain confident in the growth

potential of this segment and are comited to expanding its scale through

the delivery of high-quality services.

With the number of visitors to Hong Kong gradualy rebounding to pre-

pandemic levels — reaching 45 milion in 2024 — the non-franchised

bus services segment recorded double-digit profit growth, suported by

enhanced operational eficiency and an expanded service network.

The medical technology and healthcare services segment delivered an

impresive performance, underpined by an ageing population and rising

public awarenes of health isues in Hong Kong. The Group remains

optimistic about the prospects for medical technology development in

Hong Kong. In line with this trend, we completed the establishment of a

second laboratory during the period, increasing capacity and enhancing the

quality of our service oferings.

业务回顾

本年度集团在充满挑战的环境中取得稳健

发展，因应高利率和市场波动的环境下，集

团的优先策略是严格管控现金流为首要任

务，一方面为满足市场客户要求的服务和质

素；另一方面确保集团现金流可以稳步应付

日常运作。此外，集团持续强调营运的宗旨

是不断优化有关方面的技术和服务，建立持

久的市场竞争力和领导地位。同时，客户和

社会对我们技术的认可、认知、及对我们高

度信任的认同也是同等重要，我们透过多方

面的沟通渠道和方式，贯彻提升集团的知名

度。

基建工程于中期业绩完成策略性资产重组，

撇销不确定性的工程项目，提升营运效率。

本事业部一向的管理方针以高技术，高质量

为目标，本年度为香港完成的工程合约总额

值和去年相约，在香港五十多年的历史经营

建立了坚实、卓越的声誉。

由于利率处于长期高位和市场交易淡静，当

楼价在2018年攀升至最高峰时，我们取用

审慎的政策，大幅减少投入房地产开发和租

赁业务，故此期内集中出售余下少量单位，

有助集团的整体资金营运。

专业服务（包括保安、隧道管理、公私营物

业管理及其他设施管理服务）于期内转亏为

盈，其中反映集团在2023年收购雅居投资

有限公司（「雅居」）所产生的效益，现时雅居

旗下管理物业总共有60,692私公营物业和

288私营物业，单位总数约60,980户，占香

港市场重要的一席，我们对这个业务充满信

心，将持续以优质服务扩大现在的规模。

因为香港旅客人数逐步回复疫前水平，

2024年的访客回升至4,500万人次，加上改

善营运效率和扩大服务网络，非专营巴士服

务也录得双位数字的盈利增长。

医疗科技与健康服务表现突出，主要于香港

人口高龄化及大众关注健康的知识，我们对

医疗科技在香港发展的前景非常乐观。本集

团紧把握了这个趋势，在期内完成第二所

实验室，扩大产能和提供更完善的服务。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25 14

CHAIRMAN’S STATEMENT

主席报告

未来策略及方向

展望未来，利息在新的年度已经下调，中美

关系和贸易关税的谈判也渐露曙光，除非中

东及俄乌战争加剧，否则市场困惑逐步解除。

香港的发展方向也非常清晰，全面实施一国

两制，加入大湾区和亚太经贸组织以扩大市

场，积极推动金融和新科技产业，持续都市

现代化及民生康健化的方案。

集团将必定务实完成本年度的资产重组计

划，通过友好协商，实现将相关项目的应收

帐收回，全数约港币9亿元，我们有百份百

的信心完成此项任务。

集团将以中长期发展战略为导向，持续深化

「技术与服务」科技化为核心目标，紧贴科技

改革的新时代。在新的财政年度，我们将重

点投入人工智能技术的场景化应用研发，透

过系统性提升智能化水平和服务的精准度，

计划在未来3–5年内建成完整的数位化营运

体系。这一战略布局将配合国家的优质生产

规划，也支持香港政府多项都市现代化的规

划，显著提升本集团各分部业务板块的生产

效率、安全标准和成本优势，为股东创造持

续增长的回报。

凭借集团五十余年的专业积淀和与时俱进

的创新能力，我们有信心在保持核心业务稳

健增长的同时，把握新兴领域的发展机遇。

我们坚信，不仅能为香港创造即时价值，更

将累积可持续发展的长期竞争优势。

FUTURE STRATEGY AND OUTLOK

Loking ahead, as interest rates have started to decline during the new

year, and ongoing negotiations surounding Sino — US trade relations

and trade tarifs apeared to be making progres, we expect the market

uncertainty would ease progresively, baring a significant escalation in

conflicts in the Midle East or the Rusia — Ukraine war.

The development path of Hong Kong is becoming more wel-defined.

The ful implementation of the “One Country, Two Systems” principle,

integration into the Greater Bay Area, and participation in Asia-Pacific

economic and trade organisations wil expand the city’s market reach.

The government continues to promote financial services and emerging

technologies, alongside modernisation initiatives and improvements in

public wel-being.

The Group is comited to completing its aset restructuring plan in

the curent year with a pragmatic aproach. Through constructive and

amicable negotiations, we aim to fuly recover project-related receivables

amounting to aproximately HK$900 milion. We are fuly confident in

achieving this target.

Guided by its medium- to long-term development strategies, the Group

wil continue to prioritise technological and service inovation as the core

focus in alignment with the curent wave of technological reform. The

new financial year wil se us concentrate our resources on research and

development of practical scenario aplication of artificial inteligence (AI).

Our goal is to systematicaly enhance the level of inteligence and service

precision of the Group, with the ambition of establishing a fuly digitalised

operational framework within the next 3 to 5 years. This strategic plan

suports both China’s initiatives for high-quality development and the

urban modernisation agenda of the HKSAR government. It wil significantly

improve the productivity, safety standards and cost-eficiency of our

busines segments, ultimately generating sustainable and growing returns

for our shareholders.

With over 50 years of profesional experience and a strong track record

of inovation, the Group is wel positioned to maintain steady growth

in its core busineses while capitalising on emerging oportunities. We

remain firmly convinced that our eforts wil not only deliver imediate

value to Hong Kong but wil also foster long-term competitive strength for

sustainable development.

亚洲联合基建控股有限公司 2024/25年报15

CHAIRMAN’S STATEMENT

主席报告

致谢

本人谨此衷心感谢管理团队和全体员工在这

段充满挑战的调整期中展现的专业与团结。

每一位同事的付出与坚持，都是我们能够稳

步前行的关键力量。同时，我们深感激所

有业务伙伴和持份者在此期间给予的信任

与支持。

立足香港数十载的深厚根基，我们将秉持一

贯的务实作风，持续强化核心业务的竞争

力。在追求成为亚洲领先基建及专业服务集

团的道路上，我们会以实际成果回报各位的

信任与期待。未来，我们更需要与各位携手

同行，共同开创更稳健、更长远的发展新方

向。

ACKNOWLEDGMENTS

I would like to extend my sincere gratitude to the management team and

al employes for their profesionalism and unity during this chalenging

period of transition. Our coleague’s dedication and perseverance have

ben instrumental to the continued progres. We are also deply thankful

for the trust and unwavering suport shown by our busines partners and

stakeholders throughout this time.

With long-standing and wel-established presence in Hong Kong over

decades, we shal continue to uphold the pragmatic aproach and

strengthen the competitivenes of our core busineses. As we pursue

our vision of becoming a leading infrastructure and profesional services

group in Asia, we are comited to delivering tangible results in return

for your confidence and expectations. Loking ahead, we recognise

that sustained suces wil require close colaboration with al of our

stakeholders. Together, we can forge a more resilient and long-lasting path

for development.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2516

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BUSINES REVIEW

During the Year, Hong Kong’s economy continued to face presure from

global financial, trade, and geopolitical factors. Interest rates remained

elevated, while the Group delivered stable performance, with total revenue

reaching HK$9.06 bilion (2024: HK$8.78 bilion), representing a year-

on-year increase of 3.1%. Net los atributable to shareholders for the

Year was aproximately HK$274.0 milion (2024: net profit atributable

to shareholders of aproximately HK$72.1 milion). Meanwhile, cash

balances for the end of the period rose by 25.5% year-on-year, and net

debt declined by 5.6%. Despite the chalenging environment, the Group

maintained a solid financial foundation.

Hong Kong operates as a highly open economy in the international

market. Since 2010, ultra-low interest rates — faling to as low as 0.5%

— encouraged some investors and property developers to take leverage

positions. However, from mid-2022, interest rates rose sharply and

remained elevated into early 2025. As a result, there were increasing cases

of borowers being unable to met their principal and interest obligations,

placing aditional presure on the overal economy. This contributed to

a downturn in the retail sector, slugish property sales, and tightening

liquidity acros the real estate market, further exacerbating financial

chalenges.

During the financial year under review, the construction industry faced

unprecedented chalenges. Several prominent player ceased operations and

exited the construction industry due to various operational and financial

presures, signaling the arival of a new era with high volatility and

transformation.

In 2018, at the peak of the price index of the property market, the Group

have already adopted a prudent investment strategy by limiting its exposure

to real estate and selective construction projects for private developers. At

the same time, we put our focus on public infrastructure projects, through

which we can contributed to Hong Kong’s urban development and also

enhanced the quality of our acounts receivables.

Moreover, aligned the Hong Kong’s urban modernisation policies, we

has gradualy acumulated some investments in lower-risk and enhancing

quality of living projects such as profesional services, non-franchised bus

services and medical technology and healthcare. These initiatives helped

stabilise the Group’s cash flow and investment returns. Operating results

for the period amounted to aproximately HK$33.9 milion (2024: los

of aproximately HK$11.0 milion), reflecting a significant year-on-year

improvement.

Therefore, the Group has ben focusing on thre strategic targets since the

begining of the year: 1. Balanced Funding, 2. Sustainable improving in

technology, services, and talent development, and 3. Maintaining market

position and brand value.

业务回顾

本年度香港的整体经济仍然受国际的金融、

贸易、政治的影响，利息继往年的水平持

续高企，集团表现保持平稳，总营业额达

9,060,000,000港元（2024年：8,780,000,000

港元），同比增长3.1%。本年度股东应占亏

损约为274,000,000港元（2024年：股东应

占纯利约为72,100,000港元）。此外，期末

现金比去年同期增加25.5%，带同净债务净

额减少5.6%，虽然是逆水行舟，财政基础

保持稳定。

香港是一个国际性开放型的经济体，自

2010年借贷利息低至0.5%，吸引部份投资

者和地产发展商借贷投资，结果在2022年

中开始利率急速调升，并维持高位至2025

年初，投资失利而不能支付本金和利息的案

例不断增加，令整体经济压力上升，做成零

售业低潮、楼市销售疲弱，令地产行业资金

紧张，百上加斤。

回顾本财政年度，建造业遭受史无前例的严

峻考验，行内有数间知名的企业因各自的原

因前后结业，退出本地建筑行业，充份反映

了一个波动和变革的时代已经来临。

本集团在2018年房地产价格指数最高峰时

已经决定以审慎态度投资房地产和承建私

营发展商的建筑项目。同时，我们全力专注

在政府公营基建项目，一方面为香港都市化

经济作出正面的支持和贡献，另一面提升应

收账的可靠性。

同时，我们按香港都市现代化的政策方向，

逐步累积投资本地优化都市民生而风险偏低

的项目（专业服务、非专营巴士服务及医疗

科技与健康），稳定集团的资金流及回报率。

期内经营业绩约为33,900,000港元（2024

年：亏损约11,000,000港元），较去年同期

实现明显的效益。

因此，本年度初集团全力落实既定的三项策

略性指标：1.资金平衡、2.持续提升技术、

服务和人才的培养、3.稳守市场地位和品牌

价值。

亚洲联合基建控股有限公司 2024/25年报17

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

资金平衡

身处于全球经济、金融危机的时刻，加上香

港基建的项目规模越来越庞大，资金周转和

平衡支持不同重点的管理至关重要。故此，

集团在中期业绩预先为长期之合约资产作

出适当的策略性安排。我们主动撇除多年来

未能解决的项目中的小部份数额，积极争取

就全额的一部份余额达成结算协议。尽管最

终结算及资金回笼预期将于一个财政年度

才能实现，我们的资金结余及净负债结余较

上一年度已有所减少，财政风险基本受控。

技术与服务

本集团的业务涉及高度精准的科技和服务质

素，不论外界的经济压力和营运风险情况，

集团的领导宗旨坚定保持投放合理的资源，

令多样化的项目设计和规划精准；所需的设

备完善，可以帮助施工的时间准时、安全、

和百份百达到设计标准；所需的物料绝对符

合指定的规格，或甚至超出目前的要求；当

然这些一切能够顺利执行是源于人才的培

训和建立优秀的团队精神。

品牌形象

香港是一个国际开放的城市，但本地市场和

国际市场的规模比较是天渊之别，本土生存

的动力非常具有挑战性，尤其是传统的行

业，外来的竞争者也可能具备经验丰富、资

源丰厚，面对本年度风高浪急的形势，我们

的软件、硬件都必须表现突出，发挥全面的

竞争优势。

我们持续投资技术、服务、和人才必须要先

主动获得相关业务单位认可，配合香港政

府，并分享集团的新科技研发进展，实践我

们的集团使命感，建造香港都市现代化和优

质都市生活的目标。

BUSINES REVIEW (Continued)

Balanced Funding

During a period of global economic and financial uncertainty, and with

Hong Kong’s infrastructure projects growing in both scale and complexity,

efective cash flow management and alocation of financial resources to

various busines priorities have become increasingly critical. Therefore, in

the interim results anouncement, the Group made strategic arangements

related to long-term contract asets. We tok a proactive step to write

of a smal portion of a long overdue but remained unsolved project, then

actively sought to reach setlement agrement on the larger portion of the

ful amount. Despite the final setlement and cash inflow being expected

to materialise in the next financial year, our Cash Balance and Net Debt

balance have reduced that from the previous year. Overal financial risk is

under proper control.

Technology and Services

The Group’s operations engage high precision technology and service

standards. Regardles of the conditions of external economic presures and

operational risks, the Group maintains it’s core principle to alocate the

right amount of resources to enhance technologies that can enable us to

achieve high precision in multiple types of projects design and planing;

to ensure our equipment can complete jobs with highest quality in terms

of completion time, safety, and 100% satisfying the design standards; al

materials are strictly adhere to, or in many cases exceded the required

specifications. After al, ongoing talent development and a strong culture

of teamwork and profesionalism are esential to make al of the above

posible.

Brand Image

As an open and internationaly conected city, Hong Kong’s market size

is relatively smal when comparing the scale of global markets. Therefore,

it is a very demanding chalenge for any local companies to maintain

long term survival when competing with the global players, especialy

to the conventional industries. Competitors from overseas may have

more experience and resources. In the midle of such a period of market

turbulence, we recognise that both of our hardware and software ought to

perform at the highest level to best present our competitive advantages.

To suport ongoing investments in technology, services, and talent, the

Group actively engages with key stakeholders to gain their recognition. We

also colaborate with the Hong Kong government to share the results of the

Group’s latest technological researches and developments. These eforts

reflect our comitment to advancing Hong Kong’s urban modernisation

and improving the quality of life for its residents.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2518

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

品牌形象（续）

而强大的品牌效应必须来自广阔的群体和

深刻的认知，建立良好印象，我们历年的技

术和服务能力都能够令客户和社会大众亲

身体验得到，感到满足、为香港本地的能力

感到自豪。

我们的技术和服务的领先不仅限于理论，

而是真正的应用，不论高山、平地、海

底、水面的建造技术都可以完成，让地方四

通八达，经济发展蓬勃、昌盛繁荣；巴士服

务准时接送；物业住客安居无忧；身体检查

精准无误，为客户和人民生活质素提升，都

市生活中建立良好的供应者的美誉。集团

亦积极主办多元化的地区主题，提倡ESG可

持续发展的项目，青年教育、雇主与雇员关

系、社区和谐、以及慈善活动、密切接触市

民，让大家亲身体验，深入民心。

最后，就是社会透过亲身体验我们宏伟的工

程、忠诚的服务，对我们的能力和贡献的认

同，我们一直的坚持和努力都获得客户的信

任，而信任便是最佳证明我们长期赢得业务

合约的持续性评估。

我们是建筑行业内工程意外率最低的建筑

商之一，多年来政府的基建工程保持稳定的

合约总额，合营商也建立长期紧密的合作关

系，工程的进度和资金流都没有发生无理的

拖延，整个工程和服务链上的持份者和全体

员工互相支持和信任，合作无间。

因此，本集团不单倚赖以上的高技术和服务

标准力争上游之外，我们对未来转型发展充

满信心。

BUSINES REVIEW (Continued)

Brand Image (Continued)

A strong brand impact is built upon a broad base of users who has

acumulated in-depth awarenes. Over the years, the Group’s technical

competence and outstanding service quality have earned the apreciation

of customers and the public, generating a shared sense of pride on the

domestic expertise in Hong Kong.

Our leadership in technology and service delivery goes beyond theory

— it is practicaly aplied in the real-world execution. From mountains

to fields, underwater to sea shore areas, our construction competence

enabling fre-acesibilities everywhere, empowering economic growth,

and contribute to a more eficient and vibrant city. Our public transport

services operate reliably and on schedule; our residential developments

provide safe and secure living environments; and our healthcare suplies

the best precision-medicine for health diagnostics — al of which enhance

the quality of life for the comunity and strengthen our reputation as a

trusted contributor to urban life. The Group also actively organises diverse

comunity programes and promotes ESG and sustainable development

initiatives, including youth education, employer-employe engagement,

social harmony, and charitable campaigns, fostering close engagement

with the public and leaving a lasting and meaningful impresion.

Ultimately, public recognition of the Group’s competence and contributions

comes through direct experience with our landmark projects and reliable

services. Our long-standing comitment to excelence has earned the trust

of our clients, a key driver behind the Group’s ability to consistently secure

long-term busines contracts.

We are recognised as one of the contractors with the lowest acident rates

in the construction industry. Over the years, we have maintained a stable

portfolio of government infrastructure contracts and established long-term,

colaborative relationships with joint venture partners. Project progres

and capital flows have always ben smoth, with no unreasonable delays.

Acros the entire project and service delivery chain, stakeholders and our

employes work closely together in an environment of mutual trust and

suport.

As such, beyond our strengths in technology and service standards, the

Group remains confident in its continued transformation and future

development.

亚洲联合基建控股有限公司 2024/25年报19

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BUSINES REVIEW (Continued)

Brand Image (Continued)

In light of the above, we wil actively ride on the new era of technology

to drive the adoption of inovative solutions. This includes enhancing our

capabilities in financial management, design and planing, construction

and quality control, as wel as the implementation of smart services.

Through these eforts, we aim to maintain our long-term leadership in

technology, service, and management capability.

We wil also adopt eficient comunication chanels to continuously

strengthen our brand image and build trust with customers, the

government, partners, and target audiences. As Xia Baolong, Director of

Hong Kong and Macao Work Ofice of CPC Central Comite and Hong

Kong and Macao Afairs Ofice of State Council, recently encouraged

during his visit to Hong Kong, local enterprises should strive to grow biger

and stronger. We are fuly comited and pasionate about realising this

vision and goal.

Construction

The construction segment, which operates under the renowned “Chun

Wo” brand, generated HK$7.88 bilion (2024: HK$7.89 bilion) in revenue

for the Year. The segment profit amounted to HK$52.4 milion (2024:

HK$306.2 milion). As at the end of the financial year, the Group held an

agregated contract sum of HK$35.46 bilion (2024: HK$33.67 bilion), of

which HK$20.40 bilion (2024: HK$21.04 bilion) being the outstanding

ongoing contracts.

The Group was able to secure 17 new projects, with total contract value

HK$6.2 bilion during the Year, including (among others) two major public

works contracts related to the Northern Metropolis Development, such as

Kwu Tung North New Development Area, Remaining Phase: Improvement

Works of Tai Tau Leng Roundabout and Po Shek Wu Road and Asociated

Works; Hung Shui Kiu/Ha Tsuen New Development Area Second Phase

Development — Contract 2 — Fresh Water Service Reservoir and

Asociated Mainlaying Works by the Civil Enginering and Development

Department; Construction and Rehabilitation of Sewage Rising Mains in

Southern District; Drainage Improvement Works in Kowlon City by the

Drainage Services Department; Proposed New Headquarters and Youth

Hostel at Kowlon Inland Lot No. 11128 for The Hong Kong Girl Guides

Asociation.

业务回顾（续）

品牌形象（续）

有见及此，我们将借着新科技的年代积极推

动新科技的应用，包括提升财政管理的能

力、设计和规划、施工和完工的质量审核管

理、以及智能服务的实施等，长期保持技

术、服务、和管理能力的领先优势。

我们也会采用高效的沟通渠道，不断强化和

客户、政府、合作伙伴、目标群体建立深入

民心的品牌形象和信任。正如中央港澳工作

办公室主任、国务院港澳事务办公室主任夏

宝龙最近访港时鼓励香港企业要用心做大

做强，我们都充满热诚，努力达成这个理想

和目标。

建筑

以「俊和」品牌营运的建筑业务于本年

度录得营业额7,880,000,000港元（2024

年：7,890,000,000港元），分部利润为

52,400,000港元（2024年：306,200,000

港元）。截至财政年度结束，集团持有的

合约总额达35,460,000,000港元（2024

年：33,670,000,000港元），其中未完成

合约额为20,400,000,000港元（2024年：

21,040,000,000港元）。

年内，集团成功取得17个新项目，总合约

价值6,200,000,000港元，其中包括两项与

「北部都会区」发展相关的大型政府工程合

约，如；土木工程拓展署的古洞北新发展区

余下阶段 — 大头岭回旋处及宝石湖路改善

工程及相关工程、洪水桥╱厦村新发展区第

二期发展 — 合约二 — 食水配水库及相关敷

设水管工程；渠务署的建造及修复南区污水

管、九龙城雨水排放系统改善工程合约；以

及九龙区内地段第11128号的香港女童军总

会新总部及青年宿舍。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2520

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

建筑（续）

截至2025年3月31日，集团共有49个进行

中的项目，包括广华医院重建计划（第二期）

的拆卸、地基、上盖建筑及相关工程合约、

沙田滤水厂原地重置工程（南厂） — 行政大

楼、安达臣道石矿场用地发展 — 道路改善

工程及行人连系设施工程第二期甲、落马洲

河套地区发展：第一期主体工程 — 合约一

落马洲河套地区工地平整和基础设施工程

及西面连接道路第一期、粉岭北新发展区第

一阶段：粉岭绕道东段（石湖新村北至龙跃

头），以及搬迁钻石山食水及海水配水库往

岩洞。

年内，集团已完成13个项目，包括安达臣

道石矿场用地发展的土地平整及基础建设

工程、石湖墟净水设施 — 主体工程第一阶

段 — 污水处理设施的土木工程；以及石湖

墟净水设施 — 主体工程第一阶段 — 污泥处

理设施及132kV主变电站的土木工程。

为应对私营市场风险，集团早于数年前已大

幅减少承接私营合约，现时大部分合约均来

自公营部门。有见及此，管理层决定将土木

工程建筑部门由3个业务单位扩展至4个，

以应对未来基建项目增加的需求。尽管面临

挑战，香港建造业仍展现韧性，主要得益于

政府对基础设施发展及可持续建筑项目的

持续投资。

BUSINES REVIEW (Continued)

Construction (Continued)

There were a total of 49 projects in progres as at 31 March 2025,

including Demolition, Foundation, Superstructure and Asociated Works

Contract for Redevelopment of Kwong Wah Hospital (Phase 2); In-situ

Reprovisioning of Sha Tin Water Treatment Works (South Works) —

Administration Building; Development of Anderson Road Quary Site —

Road Improvement Works and Pedestrian Conectivity Facilities Works

Phase 2A; Development of Lok Ma Chau Lop: Main Works Package 1

— Contract 1 Site Formation and Infrastructure Works inside Lok Ma

Chau Lop and Western Conection Road Phase 1; Fanling North New

Development Area, Phase 1: Fanling Bypas Eastern Section (Shek Wu

San Tsuen North to Lung Yeuk Tau) and Relocation of Diamond Hil Fresh

Water and Salt Water Service Reservoirs to Caverns.

The Group has also completed 13 projects during the Year, including Site

Formation and Infrastructure Works for Development of Anderson Road

Quary Site; Shek Wu Hui Efluent Polishing Plant — Main Works Stage

1 — Civil Works for Sewage Treatment Facilities; Shek Wu Hui Efluent

Polishing Plant — Main Works Stage 1 — Civil Works for Sludge Treatment

Facilities and 132kV Primary Substation.

To mitigate risks in the private sector, the Group significantly reduced its

undertaking of private contracts several years ago. Curently, the majority

of contracts are secured from public sector clients. In light of the above,

management decided to expand the civil enginering division from thre

to four busines units in anticipation of rising demand for infrastructure

projects. Despite market chalenges, the construction industry in Hong

Kong continues to demonstrate resilience, underpined by sustained

government investment in infrastructure development and sustainable

building projects.

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

亚洲联合基建控股有限公司 2024/25年报21

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

于本年度竣工之主要项目

BUSINES REVIEW (Continued)

Major Projects Completed in the Year

Building Construction Works 楼宇建筑工程

1Construction of a 30-clasrom Primary Schol at Site KT2c, Development at Anderson

Road, Kwun Tong

观塘安达臣道发展区（地盘KT2c）一所设有30间课室的小学建造工程

Construction of a 30-clasrom Primary Schol at Site KT2c,

Development at Anderson Road, Kwun Tong

观塘安达臣道发展区（地盘KT2c）

一所设有30间课室的小学建造工程

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

BUILDING CONSTRUCTION WORKS

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

3	Shek Wu Hui Effluent Polishing Plant — Main Works Stage 1 — Civil Works for Sewage Treatment Facilities 石湖墟净水设施 — 主体工程第一阶段 — 污水处理设施的土木工程	689

7	Term Contract for the Alterations, Additions, Maintenance & Repair of Buildings & Lands & Other Properties for which the Architectural Services Department (Property Services Branch) is Responsible (Designated Contract Area: Tai Po, North District & Outlying Islands (North)) 为建筑署（物业事务处）负责的建筑物、土地及其他物业进行改建、加建、保养及维修工程的定期合约（合约指定区：大埔、北区及离岛（北））	719

9	Construction of Kwai Chung Park 葵涌公园的建造工程	197

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2522

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BUSINES REVIEW (Continued)

Major Projects Completed in the Year (Continued)

Civil Enginering Works 土木工程

2Site Formation and Infrastructure Works for Development of Anderson Road Quary Site

安达臣道石矿场用地发展的土地平整及基础建设工程

2,668

4Shek Wu Hui Efluent Polishing Plant — Main Works Stage 1 — Civil Works for Sludge

Treatment Facilities and 132kV Primary Substation

石湖墟净水设施 — 主体工程第一阶段 — 污泥处理设施及132kV主变电站的土木工程

Foundation Works 地基工程

5Design & Construction of Public Housing Development at Kwu Tung North Area 19, Phase 2

古洞北第19区第二期公营房屋发展计划的设计和建筑工程

–

Maintenance & Minor Works 维修保养及小型工程

6Term Contract for the Alterations, Aditions, Maintenance & Repair of Buildings & Lands

& Other Properties for which the Architectural Services Department (Property Services

Branch) is Responsible (Designated Contract Area: Wan Chai (South) & Wan Chai (North)

为建筑署（物业事务处）负责的建筑物、土地及其他物业进行改建、加建、保养及维

修工程的定期合约（合约指定区：湾仔（南）及湾仔（北）

8Term Contract for Risk-Based Improvement of Water Mains — New Teritories West

新界西风险为本水管改善定期合约

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

业务回顾（续）

于本年度竣工之主要项目（续）

亚洲联合基建控股有限公司 2024/25年报23

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

CIVIL ENGINERING WORKS

Shek Wu Hui Efluent Polishing Plant — Main Works Stage 1

— Civil Works for Sewage Treatment Facilities

石湖墟净水设施 — 主体工程第一阶段 — 污水处理设施的土木工程

CIVIL ENGINERING WORKS

Shek Wu Hui Efluent Polishing Plant —

Main Works Stage 1 — Civil Works for

Sludge Treatment Facilities and 132kV Primary Substation

石湖墟净水设施 — 主体工程第一阶段 — 污泥处理设施及

132kV主变电站的土木工程

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

2	Construction of Public Housing Development at Hiu Ming Street 晓明街公营房屋发展计划之建造工程	1,330

4	Construction of a 30-classroom Primary School and a 6-classroom Kindergarten at Site E-1, Development of Anderson Road Quarry Site, Sai Kung 西贡安达臣道石矿场用地发展（地盘E–1）一所设有30间课室的小学及一所设有6间课室的幼稚园建造工程	396

6	Main Contract Works for 250-Place Student Hostel at United Campus for The Chinese University of Hong Kong 香港中文大学 — 250宿位联合书院学生宿舍建造工程	–

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2524

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

于本年度结束时在建的主要工程

BUSINES REVIEW (Continued)

Major Projects in Progres at the End of the Year

Building Construction Works 楼宇建筑工程

1Demolition, Foundation, Superstructure and Asociated Works Contract For

Redevelopment of Kwong Wah Hospital (Phase 2)

广华医院重建计划（第二期）的拆除、地基、上盖建筑及相关工程合约

7,388

3In-situ Reprovisioning of Sha Tin Water Treatment Works (South Works) — Administration Building

沙田滤水厂原地重置工程（南厂）— 行政大楼

5Construction of a 30-clasrom Primary Schol at Site KT2a, Development at Anderson

Road, Kwun Tong

观塘安达臣道发展区（地盘KT2a）一所设有30间课室的小学建造工程

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

Demolition, Foundation, Superstructure and Asociated Works

Contract For Redevelopment of Kwong Wah Hospital (Phase 2)

广华医院重建计划（第二期）的拆除、地基、上盖建筑及相关工程合约BUILDING CONSTRUCTION WORKS

亚洲联合基建控股有限公司 2024/25年报25

BUILDING CONSTRUCTION WORKS

Construction of Public Housing Development at Hiu Ming Stret

晓明街公营房屋发展计划之建造工程

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

8	Development of Lok Ma Chau Loop: Main Works Package 1 — Contract 1 Site Formation and Infrastructure Works inside Lok Ma Chau Loop and Western Connection Road Phase 1 落马洲河套地区发展：第一期主体工程 — 合约一落马洲河套地区工地平整和基础设施工程及西面连接道路第一期	2,403

10	Relocation of Diamond Hill Fresh Water and Salt Water Service Reservoirs to Caverns 搬迁钻石山食水及海水配水库往岩洞	1,651

12	Construction of Lung Tsun Stone Bridge Preservation Corridor at Kai Tak 启德龙津石桥保育长廊建造工程	570

14	Construction of San Shek Wan Sewage Treatment Works, Associated Submarine Outfall and Pui O Sewerage Works 䃟石湾污水处理厂、相关海底排放管及贝澳污水收集系统建造工程	482

16	Kwu Tung North New Development Area, Phase 1 — Roads and Drainage between Kwu Tung North New Development Area and Shek Wu Hui 古洞北新发展区第一阶段 — 古洞北新发展区至石湖墟的道路和渠务工程	451

18	Construction of Trunk Sewage Rising Main in Cheung Sha Wan 长沙湾污水主干泵喉建造工程	353

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2526

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Civil Enginering Works 土木工程

7In-situ Reprovisioning of Sha Tin Water Treatment Works (South Works) — Water

Treatment Works and Ancilary Facilities

沙田滤水厂原地重置工程（南厂） — 滤水厂及附属设施

2,999

9Fanling North New Development Area, Phase 1: Fanling Bypas Eastern Section (Shek Wu

San Tsuen North to Lung Yeuk Tau)

粉岭北新发展区第一阶段：粉岭绕道东段（石湖新村北至龙跃头）

1,690

11Development of Anderson Road Quary Site — Road Improvement Works and Pedestrian

Conectivity Facilities Works Phase 2A

安达臣道石矿场用地发展 — 道路改善工程及行人连系设施工程第二期甲

13Drainage Improvement Works in Tsim Sha Tsui

尖沙咀雨水排放系统改善工程

15Sau Nga Road Stormwater Storage Scheme

秀雅道地下蓄洪计划

17Improvement Works at Mui Wo, Phase 2 Stage 2

梅窝改善工程第2期第2阶段

19Retrofiting of Noise Bariers on Po Lam Road North and Po Ning Road

宝琳路北及宝宁路隔音屏障工程

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

BUSINES REVIEW (Continued)

Major Projects in Progres at the End of the Year

(Continued)

业务回顾（续）

于本年度结束时在建的主要工程（续）

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

20	Uprating of Pui O Raw Water Pumping Station and Pui O No. 2 Raw Water Pumping Station and Laying of Raw Water Mains along South Lantau Road 提升贝澳原水抽水站及贝澳二号原水抽水站及沿屿南道敷设原水水管	343

22	Lift and Pedestrian Walkway System between Pik Wan Road and Lei Yue Mun Road, Yau Tong 油塘碧云道至鲤鱼门道升降机及行人通道系统	263

24	Main Contract of Penfold Park Enhancement Project of The Hong Kong Jockey Club 香港赛马会彭福公园改善计划主工程合约	–

亚洲联合基建控股有限公司 2024/25年报27

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

21Development of Lok Ma Chau Lop: Main Works Package 1 — Contract 3 — Direct Road

Link Phase 2

落马洲河套地区发展：第一期主体工程 — 合约三 — 直接道路第二期

23Site Formation and Foundation Works for Campus Expansion at Ho Man Tin Slope for the

Hong Kong Polytechnic University

香港理工大学何文田斜坡校园扩建的地盘平整及地基工程

–

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

BUSINES REVIEW (Continued)

Major Projects in Progres at the End of the Year

(Continued)

业务回顾（续）

于本年度结束时在建的主要工程（续）

BUILDING CONSTRUCTION WORKS

In-situ Reprovisioning of Sha Tin Water Treatment Works

(South Works) — Administration Building

沙田滤水厂原地重置工程（南厂）— 行政大楼

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2528

BUILDING CONSTRUCTION WORKS

Construction of a 30-clasrom Primary Schol and

a 6-clasrom Kindergarten at Site E-1, Development of

Anderson Road Quary Site, Sai Kung

西贡安达臣道石矿场用地发展（地盘E–1）一所设有30间课室的小学及

一所设有6间课室的幼稚园建造工程

BUILDING CONSTRUCTION WORKS

Construction of a 30-clasrom Primary Schol at

Site KT2a, Development at Anderson Road, Kwun Tong

观塘安达臣道发展区（地盘KT2a）一所设有30间课室的小学建造工程

亚洲联合基建控股有限公司 2024/25年报29

BUILDING CONSTRUCTION WORKS

Main Contract Works for 250-Place Student Hostel at

United Campus for The Chinese University of Hong Kong

香港中文大学 — 250宿位联合书院学生宿舍建造工程

CIVIL ENGINERING WORKS

In-situ Reprovisioning of Sha Tin Water Treatment Works

(South Works) — Water Treatment Works and Ancilary Facilities

沙田滤水厂原地重置工程（南厂） — 滤水厂及附属设施

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2530

CIVIL ENGINERING WORKS

Development of Lok Ma Chau Lop: Main Works Package 1

— Contract 1 Site Formation and Infrastructure Works inside

Lok Ma Chau Lop and Western Conection Road Phase 1

落马洲河套地区发展：第一期主体工程一合约一落马洲河套地区工地

平整和基础设施工程及西面连接道路第一期

CIVIL ENGINERING WORKS

Fanling North New Development Area, Phase 1:

Fanling Bypas Eastern Section

(Shek Wu San Tsuen North to Lung Yeuk Tau)

粉岭北新发展区第一阶段：粉岭绕道东段（石湖新村北至龙跃头）

亚洲联合基建控股有限公司 2024/25年报31

CIVIL ENGINERING WORKS

Relocation of Diamond Hil Fresh Water and

Salt Water Service Reservoirs to Caverns

搬迁钻石山食水及海水配水库往岩洞

CIVIL ENGINERING WORKS

Development of Anderson Road Quary Site —

Road Improvement Works and Pedestrian Conectivity

Facilities Works Phase 2A

安达臣道石矿场用地发展 — 道路改善工程及行人连系设施工程第二期甲

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2532

CIVIL ENGINERING WORKS

Drainage Improvement Works in Tsim Sha Tsui

尖沙咀雨水排放系统改善工程

CIVIL ENGINERING WORKS

Construction of San Shek Wan Sewage Treatment Works,

Asociated Submarine Outfal and Pui O Sewerage Works

䃟石湾污水处理厂、相关海底排放管及贝澳污水收集系统建造工程

亚洲联合基建控股有限公司 2024/25年报33

CIVIL ENGINERING WORKS

Sau Nga Road Stormwater Storage Scheme

秀雅道地下蓄洪计划

CIVIL ENGINERING WORKS

Kwu Tung North New Development Area, Phase 1 — Roads and

Drainage betwen Kwu Tung North New Development Area and

Shek Wu Hui

古洞北新发展区第一阶段 — 古洞北新发展区至石湖墟的道路和渠务工程

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2534

CIVIL ENGINERING WORKS

Improvement Works at Mui Wo, Phase 2 Stage 2

梅窝改善工程第2期第2阶段

CIVIL ENGINERING WORKS

Construction of Trunk Sewage Rising Main in Cheung Sha Wan

长沙湾污水主干泵喉建造工程

亚洲联合基建控股有限公司 2024/25年报35

CIVIL ENGINERING WORKS

Retrofiting of Noise Bariers on

Po Lam Road North and Po Ning Road

宝琳路北及宝宁路隔音屏障工程

CIVIL ENGINERING WORKS

Uprating of Pui O Raw Water Pumping Station and Pui O

No. 2 Raw Water Pumping Station and Laying of

Raw Water Mains along South Lantau Road

提升贝澳原水抽水站及贝澳二号原水抽水站及沿屿南道敷设原水管

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2536

CIVIL ENGINERING WORKS

Development of Lok Ma Chau Lop: Main Works Package 1 —

Contract 3 — Direct Road Link Phase 2

落马洲河套地区发展：第一期主体工程 — 合约三 — 直接道路第二期

CIVIL ENGINERING WORKS

Site Formation and Foundation Works for Campus Expansion at

Ho Man Tin Slope for the Hong Kong Polytechnic University

香港理工大学何文田斜坡校园扩建的地盘平整及地基工程

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

Electrical & Mechanical Works 机电工程

26	Electrical Installation for Construction of Public Housing Development at Tung Chung Area 109 and Demolition for Sui Fai Factory Estate, Kwai On Factory Estate and Wang Cheong Factory Estate with Decontamination Works 东涌第109区公营房屋发展计划建筑工程的电力安装工程，以及穗辉工厂大厦、葵安工厂大厦和宏昌工厂大厦的拆卸及除污工程	101

Maintenance & Minor Works 维修保养及小型工程

29	Term Contract for the Alterations, Additions, Maintenance and Repair of Aided Schools, Buildings and Lands and Others Properties for the which the Education Bureau is Responsible (Designated Contract Area: Yau Tsim Mong, Kowloon City and Islands) 为合约指定区（油尖旺、九龙城及离岛）内由教育局负责的津贴学校、建筑物、土地及其他物业进行改建、加建、保养及维修工程的定期合约	613

31	Construction of Open Space at Eastern Street North, Sai Ying Pun 西营盘东边街北休憩用地建造工程	197

亚洲联合基建控股有限公司 2024/25年报37

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

25Electrical Instalation for Construction of Public Housing Development at Hang Tai Road,

Ma On Shan Area 86B Phase 2

马鞍山第86B区恒泰路第二期公营房屋发展计划建筑工程的电力装置工程

27Replacement of Tunel Lighting System at Eastern Harbour Crosing

更换东区海底隧道的照明系统

28Term Contract for the Alterations, Aditions, Maintenance and Repair of Aided Schols,

Buildings and Lands and Other Properties for the which the Education Bureau is

Responsible (Designated Contract Area: Sham Shui Po, Tsuen Wan and Kwai Tsing)

为合约指定区（深水埗、荃湾及葵青）内由教育局负责的津贴学校、建筑物、土地及

其他物业进行改建、加建、保养及维修工程的定期合约

30Term Contract for the Maintenance of Slopes for which the Architectural Services

Department (Property Services Branch) is Responsible (Designated Contract Area: Hong

Kong Island and Outlying Islands (South)

为建筑署（物业事务处）负责的斜坡进行保养工程的定期合约（合约指定区：港岛及离

岛（南）

BUSINES REVIEW (Continued)

Major Projects in Progres at the End of the Year

(Continued)

业务回顾（续）

于本年度结束时在建的主要工程（续）

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

3	Kwu Tung North New Development Area, Remaining Phase: Improvement Works of Tai Tau Leng Roundabout and Po Shek Wu Road and Associated Works 古洞北新发展区余下阶段 — 大头岭回旋处及宝石湖路改善工程及相关工程	1,080

5	Construction and Rehabilitation of Sewage Rising Mains in Southern District 建造及修复南区污水管	630

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2538

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

于本年度新承接的主要项目

BUSINES REVIEW (Continued)

New Major Projects Awarded in the Year

Building Construction Works 楼宇建筑工程

1Proposed New Headquarters and Youth Hostel at Kowlon Inland Lot No. 11128 for The

Hong Kong Girl Guides Asociation

九龙区内地段第11128号的香港女童军总会新总部及青年宿舍

–

Civil Enginering Works 土木工程

2Hung Shui Kiu/Ha Tsuen New Development Area Second Phase Development — Contract

2 — Fresh Water Service Reservoir and Asociated Mainlaying Works

洪水桥╱厦村新发展区第二期发展 — 合约二 — 食水配水库及相关敷设水管工程

1,539

4Drainage Improvement Works in Kowlon City

九龙城雨水排放系统改善工程合约

1,023

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

BUILDING CONSTRUCTION WORKS

Proposed New Headquarters and Youth Hostel at

Kowlon Inland Lot No. 11128

for The Hong Kong Girl Guides Asociation

九龙区内地段第11128号的香港女童军总会新总部及青年宿舍

亚洲联合基建控股有限公司 2024/25年报39

CIVIL ENGINERING WORKS

Hung Shui Kiu/Ha Tsuen New Development Area Second Phase

Development — Contract 2 — Fresh Water Service Reservoir and

Asociated Mainlaying Works

洪水桥╱厦村新发展区第二期发展 — 合约二

— 食水配水库及相关敷设水管工程

Drainage Improvement Works in Kowlon City

九龙城雨水排放系统改善工程合约

Project Name	Contract Sum* (HK$ million)
项目名称	合约金额* （百万港元）

9	Term Contract for the Alterations, Additions, Maintenance and Repair of Buildings and Lands and Other Properties for which the Architectural Services Department (Property Services Branch) is Responsible (Designated Contract Area: Tai Po, North District and Outlying Islands (North)) 为建筑署（物业事务处）负责的建筑物、土地及其他物业进行改建、加建、保养及维修工程的定期合约（合约指定区：大埔、北区及离岛（北））	–

11	Maintenance, Improvement and Refurbishment Works for Buildings, Hydraulic Systems at T1 and Associated Buildings 香港国际机场1号客运大楼及相关建筑物的建筑项目及水管系统的保养、维修、改善及翻新工程	–

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2540

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

于本年度新承接的主要项目（续）

Foundation Works 地基工程

6Foundation for Public Housing Development at Tung Chung Area 23 Phase 1

东涌第23区第一期公营房屋发展计划的地基工程

Electrical & Mechanical Works 机电工程

7Electrical Instalation for Construction of Public Housing Development at Wang Chau Site B , Yuen Long

元朗横洲B号地盘工程公营房屋发展计划的电力安装工程

–

Maintenance & Minor Works 维修保养及小型工程

8Hospital Authority Term Contract for Minor Works 2024 (HA-TMC-044) for Hong Kong West Cluster

医院管理局港岛西联网小型工程定期保养合约2024（HA-TMC-044）

–

10Term Contract for the Alterations, Aditions, Maintenance and Repair of Buildings and Lands

and Other Properties for which the Architectural Services Department (Property Services

Branch) is Responsible (Designated Contract Area: Wan Chai (South) and Wan Chai (North)

为建筑署（物业事务处）负责的建筑物、土地及其他物业进行改建、加建、保养及维修

工程的定期合约（合约指定区：湾仔（南）及湾仔（北）

–

* Disclosure of contract sum depends on nature of each project and it does not reflect the atributable contract value.

合约金额按各项目性质所披露，且并不反映其应占合约价值。

BUSINES REVIEW (Continued)

New Major Projects Awarded in the Year (Continued)

亚洲联合基建控股有限公司 2024/25年报41

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

物业发展及资产租赁

在2024/25财政年度，本分部于本年度在地

产发展及资产租赁方面维持稳健表现。然

而，经济环境面临多重挑战，包括贸易战、

通胀压力及地缘政治不确定性等宏观前景，

以及未来GDP预测仅增长一般，私人消费下

降，商业地产市场疲弱。有见及此，本分部

采取稳健而谨慎的经营策略，暂缓新增土地

收购，集中资源于现金流稳定的项目，同时

保持相关经营伙伴的资金链正常运作。

重点项目表现

• 何文田的128 Waterlo高端住宅项目

表现尤为突出。截至本财政年度末，

透过本分部各部门的同事通力合作，

已售出单位约80%，可见优质单位仍

然有需求。

，座落于九龙

市中心黄金核心地段，荟萃市区多元

便捷优势，尽享休闲、文化、娱乐配

套齐全之利，故此项目推出至今销售

成绩理想，已售出单位约70%。项目

于2024年第三季度如期交付，并为集

团带来现金流增长。

–447号的重建项目

进展顺利，该项目预计于2025年第三

季完工。

集团的财政管控风险严谨，以上全部都是合

营项目，本集团只占40%权益。

BUSINES REVIEW (Continued)

Property Development and Asets Leasing

In the 2024/25 financial year, the segment delivered stable performance

in the property development and aset leasing sector during the Year.

However, the macro-economic environment was afected by multiple

chalenges — including uncertain international trade, inflationary presures,

and geopolitical instability. With GDP growth forecasts remaining modest,

declining in private consumption, and a slugish comercial property

market, the segment adopted a prudent and cautious operating strategy.

This included pausing new land acquisitions, concentrating resources on

cash flow generating projects, and suporting the financial stability of key

busines partners.

Key Project Performance

, Ho Man Tin: This high-end residential project

delivered an outstanding performance. As of the end of the financial

year, aproximately 80% of units was sold, reflecting a sustained

demand for premium housing.

, Mong Kok: Located in the heart of Kowlon, the project

benefits from its prime location value and excelent conectivity to a

ful range of leisure, cultural, and entertainment amenities. Since its

launch, sales have ben strong with aproximately 70% of units sold.

The project was delivered on schedule in the third quarter 2024 and

contributed positive cash flow to the Group.

–447 Castle Peak Road, Cheung Sha Wan: This redevelopment

project is progresing smothly and is scheduled for completion in

the third quarter 2025.

The Group maintains rigorous financial risk controls. Al of the above are

joint venture projects in which the Group holds only 40% interest.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2542

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

专业服务

本分部的业务范围包括公私营物业的保安

及管理服务、隧道管理、会所及其他设施管

理服务，由集团旗下两间分公司组成：

（城市）

2. 雅居投资控股有限公司

本集团于2024年投资雅居，整体而言本事

业分部于本年度的业绩反映了并合的效益，

总营业额达到1,130,000,000港元，同比增

长32%，业绩贡献为15,600,000港元，实现

了业务的稳健增长。

客户网路与业务拓展

本分部始终以客户为中心，致力于提供高品

质的服务。

公营物业管理方面包括17个公共屋村和7个

居屋苑，约6万多个单位。据政府规划在

2032/33年前兴建约36万个公营房屋单位，

仍然存在非常广阔的拓展空间。我们的私营

客户组合涵盖多个重要领域，包括香港赛马

会、香港科技大学以及多个大型住宅项目，

这些长期合作伙伴为我们贡献了稳定的现

金流。同时我们在本年度成功续约了香港浸

会大学、围方及名城等重点专案、新增了君

汇港、晋海及MALIBU等住宅专案的专业服

务合约，进一步扩大了市场份额。

集团结合两者的优势和专长，提升综合的市

场力量，而取得策略性的成功。

BUSINES REVIEW (Continued)

Profesional Services

This segment covers security and property management services for both

public and private developments, as wel as tunel operations, clubhouse

management, and other facility-related management services. It consists of

two subsidiaries under the Group:

1. City Services Group Limited (City)

2. Modern Living Investments Holdings Limited

In 2024, the Group made an investment in Modern Living. Overal, the

segment’s performance during the Year reflected the benefits of the

colaboration, with total revenue reaching HK$1.13 bilion, representing a

32% year-on-year increase. Segment results contributed HK$15.6 milion,

reflecting steady busines growth.

Customer Network and Busines Expansion

This segment remains customer-centric and is comited to delivering

high-quality services.

Under the public housing property management, the Group curently

overses 17 public rental housing estates and 7 Home Ownership Scheme

estates, covering more than 60,000 units. With the government’s plan

to build aproximately 360,000 public housing units by 2032/33, there

remains substantial rom for further expansion. Our private client portfolio

spans several key sectors, including long-term partnerships with the Hong

Kong Jockey Club, the Hong Kong University of Science and Technology,

and various large-scale residential developments — al of which contribute

stable cash flows. During the Year, we sucesfuly renewed major

contracts with Hong Kong Baptist University, The Wai, and Festival City.

We also secured new profesional service contracts for residential projects

such as Harbour Gren, Wings at Sea, and MALIBU, further expanding our

market share.

By combining the advantages and expertise of both subsidiaries, the Group

has achieved strategic suces and enhanced its overal market presence.

亚洲联合基建控股有限公司 2024/25年报43

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

专业服务（续）

科技创新与智慧化升级

此外，我们在人工智慧和物联网解决方案上

的投入为未来大型基建专案的管理奠定了坚

实基础。本业务分部积极拥抱数位化转型。

我们推出了自主研发的手机应用程式，通过

智慧化系统升级优化工作流程，显著提升了

工单处理效率，同时有效控制了运营成本。

ESG承诺与可持续发展

环境、社会及管治(ESG)是本分部发展战略

的核心组成部分。自2021年起，我们便积

极推行可持续发展措施，并取得了显著成

果。2024年，我们荣获香港环境卓越大奖

— 优异奖及杰出推广伙伴嘉许，充分体现

了我们在环境保护和社会责任方面的努力，

并制定了明确的年度减排目标。同时，我

们注重员工发展，人均培训时数达到18小

时╱年，为团队的专业成长提供了坚实支援。

非专营巴士服务

本分部由俊和巴士服务有限公司（「俊和巴

士」）经营的非专营巴士服务，于本年度录得

溢利为6,700,000港元（2024年：5,400,000

港元），增幅达24%，保持稳健增长。

尽管本年度仍内受利息高企影响，本集团依

旧维持著良好的客户组合，包括多间知名机

构、学校及物业管理公司，努力为社区服务

作出最佳贡献。

同期，内地及海外访港旅客逐渐回复疫情前

的数目水平，2024年达到4,500万人次，同

比增加31%，对旅游巴士服务质素的期望

与日俱增，俊和巴士凭借长期优质服务的美

誉，持续充份地满足客户的需求。

BUSINES REVIEW (Continued)

Profesional Services (Continued)

Technological Inovation and Smart Upgrades

Our investment in artificial inteligence and Internet of Things (IoT) solutions

has laid a solid foundation for managing future large-scale infrastructure

projects. This busines segment is actively embracing digital transformation.

We have launched a self-developed mobile aplication that integrates with

smart system upgrades to streamline workflows, significantly enhancing

work order procesing eficiency while efectively controling operational

costs.

ESG Comitment and Sustainability

Environment, Social, and Governance (ESG) are the key elements of

this segment’s strategy. Since 2021, we have actively implemented

sustainability measures and achieved significant results. In 2024, we

received the Hong Kong Environmental Excelence Award — Merit Award

and the Outstanding Promotion Partner Award, a demonstration of our

eforts in environmental protection and social responsibility. We have also

set clear anual emision reduction targets. Aditionaly, we value the

importance of employe development, with an average training time of

18 hours per year, providing strong suport for the team’s profesional

growth.

Non-Franchised Bus Services

The non-franchised bus services segment is operated by Chun Wo Bus

Services Limited (“Chun Wo Bus”). The profit for the Year was recorded at

HK$6.7 milion (2024: HK$5.4 milion). It has maintained a steadily growth

rate of 24%.

Despite continued presure from high interest rates during the Year, the

Group maintained a strong and diversified client portfolio, including several

wel-known institutions, schols, and property management companies.

We remained comited to delivering the best posible services to the

comunity.

Meanwhile, the number of Mainland and international visitors to Hong

Kong gradualy returned to pre-pandemic levels, reaching 45 milion in

2024, a 31% year-on-year increase. As expectations for tour bus service

quality continued to rise, Chun Wo Bus consistently met customer neds

through its longstanding reputation for reliable and high-quality service.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2544

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

医疗科技与健康

医疗科技与健康事业分部属于本集团全

资拥有香港注册公司Hong Kong Cyclotron

Laboratories Limited（「HKCL」），专门从事正

电子放射断层扫描（「正电子扫描」）显影剂

的生产，并于香港营运最大的正电子扫描放

射性显影剂的分销网络。

HKCL于本财政年度营业增长16%，营业额

为45,900,000港元（2024年：39,600,000港

元）。增长主要由于本分部的优质产品及服

务，继续获得多个知名客户信任，包括香港

医院管理局、香港中文大学医院及多家医疗

影像中心。产品方面主要有氟化脱氧葡萄糖

(FDG)及前列腺特异性膜抗原(PSMA)等放射

性显影剂，市场需求保持稳健增长。

溢利保持平稳为11,600,000港元（2024年：

10,600,000港元），主要有部份新产能扩建

的费用在本年度开始产生，营销部份将于新

的年度逐渐投入。

其他业务

本年度，材迅亚洲发展集团有限公司（「材

迅」）持续深化建材产业数字化，旗下营运的

网上建材采购及管理平台通过优化智能比

价机制与供应商管理体系，显著提升承建商

采购效率及成本效益。为构建全流程智能化

解决方案，材迅推出的数码工程监督系统及

智慧工地监督系统实现施工流程可视化监

控与风险预警，有效强化项目品质管控与安

全标准。

在供应链垂直整合层面，集团通过战略收购

万邦供应链（香港）有限公司（「万邦」）完善

产业布局，其全资附属公司主要从事提供建

材采购。此举标志集团正式形成「线上采购

协同、工程管理赋能、供应链交付保障」的

服务生态，为建筑产业链参与者提供端到端

数字化支持，巩固市场差异化竞争优势。

BUSINES REVIEW (Continued)

Medical Technology and Healthcare

The Medical Technology and Healthcare segment is a wholy owned Hong

Kong- registered company under the AI Group, Hong Kong Cyclotron

Laboratories Limited (“HKCL”). It specialises in the production of positron

emision tomography (“PET”) radiopharmaceuticals and operates one of

the largest distribution networks for PET radiopharmaceutical in Hong

Kong.

In the curent financial Year, HKCL achieved 16% revenue growth, with

revenue reaching HK$45.9 milion (2024: HK$39.6 milion). This growth

was primarily driven by the segment’s high-quality products and services,

which continue to earn the trust of several prestigious clients, including

the Hong Kong Hospital Authority, The Chinese University of Hong Kong

Medical Centre, and various medical imaging centres. Key products such as

fluorodeoxyglucose (FDG) and prostate-specific membrane antigen (PSMA)

radiopharmaceuticals have maintained steady demand growth in the

market.

Profit remained stable at HK$11.6 milion (2024: HK$10.6 milion), partly

due to initial costs asociated with new capacity expansion during the Year,

while revenue is expected to gradualy contribute in the coming year.

Other Busines

During the Year, Matex Asia Development Limited (“Matex”) continued

to extend the digitalisation of the building materials industry. Its online

procurement and management platform has significantly enhanced

contractors’ purchasing eficiency and cost-efectivenes through optimised

inteligent pricing mechanisms and suplier management systems. To build

an end-to-end inteligent solution, Matex launched digital enginering

supervision and smart site monitoring systems that enable visible oversight

of construction workflows and risk alerts, efectively strengthening project

quality control and safety standards.

In terms of vertical integration of the suply chain, the Group strategicaly

acquired Manbond Suply Chain (HK) Company Limited (“Manbond”),

thereby improving its industry positioning. Manbond’s wholy owned

subsidiary focuses primarily on provision of construction material

procurement. This move marks the Group’s formal establishment of

a service ecosystem featuring “online procurement colaboration,

empowered enginering management, and secured suply chain delivery,”

providing comprehensive digital suport for al stakeholders in the

construction industry chain and consolidating the Group’s diferentiated

competitive edge in the market.

		As at 31 March 2025	As at 31 March 2024
		于2025年 3月31日	于2024年 3月31日
		HK$ million	HK$ million
		百万港元	百万港元

亚洲联合基建控股有限公司 2024/25年报45

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

流动资金及财政资源

于本年度本集团的财务状况保持平稳。本集

团实行集中资金管理以监控其现金状况、现

金流量和资金需求，其业务营运及扩展所需

资金主要来自内部资金及银行借款，在有需

要时再辅以发行股份集资。

于2025年3月31日，本集团之净债务总

额约为2,088,300,000港元，即债务总额

约3,331,500,000港元减去现金及银行结余

总额约1,243,200,000港元。根据本集团于

2025年3月31日之贷款协议所载之既定还

款日期，债项之到期日分析如下：

LIQUIDITY AND FINANCIAL RESOURCES

The financial position of the Group remained stable during the Year. The

Group operates a centralised treasury function to monitor its cash position,

cash flow and funding requirements, that mainly relies upon internaly

generated funds as wel as bank borowings to finance its operations and

expansion, which is suplemented by equity funding when it is required.

At 31 March 2025, the total net debts of the Group amounted

to aproximately HK$2,088.3 milion, representing total debts of

aproximately HK$3,331.5 milion les total cash and bank balances of

aproximately HK$1,243.2 milion. The debt maturity profile, based on

scheduled repayment dates set out in loan agrements of the Group at 31

March 2025, is analysed as folows:

Bank borowings and lease liabilities

repayable:

须于下列期间偿还之银行借款及

租赁负债承担：

Within one year or on demand 一年内或按要求2,377.81,092.0

After one year, but within two years 一年后至两年内

– On demand shown under curent

liabilities

– 列入流动负债作按要求偿还之部分

892.4315.3

– Remaining balances – 余额22.01,007.0

After two years, but within five years 两年后至五年内

– On demand shown under curent

liabilities

– 列入流动负债作按要求偿还之部分

–776.4

– Remaining balances – 余额31.310.1

Over five years 五年以上8.01.3

Total debts债务总额3,331.53,202.1

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2546

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

LIQUIDITY AND FINANCIAL RESOURCES (Continued)

The Group has continued to implement a prudent financial management

policy, at 31 March 2025, the gearing ratio of the Group, being the

proportion of net interest bearing debts to equity atributable to

Shareholders, was 0.94 (2024: 0.90).

At 31 March 2025, the Group did not comply with a financial covenant

of bank borowings with outstanding balances of HK$2,358.3 milion

and hence the bank borowings were clasified as curent liabilities and

included in the “Within one year or on demand” and “On demand shown

under curent liabilities” under “After one year, but within two years”

time bands disclosed above. Consent waivers of non-compliance with the

financial covenant have ben received by the Group subsequent to the

reporting period.

To minimise exposure on foreign exchange fluctuations, the Group’s bank

borowings and cash balances are primarily denominated in Hong Kong

dolars or Renminbi which are the same as the functional curency of the

relevant group entities. The Group has no significant exposure to foreign

exchange rate fluctuations and shal use derivative contracts to hedge

against its exposure to curency risk only when it is required. Furthermore,

the Group’s bank borowings have not ben hedged by any interest rate

financial instruments.

PLEDGE OF ASETS

Details of the pledge of asets of the Group are set out in Note 31(d) to the

financial statements.

CONTINGENT LIABILITIES

Details of the contingent liabilities of the Group are set out in Note 40 to

the financial statements.

EMPLOYE AND REMUNERATION POLICIES

The Group had aproximately 7,528 employes as at 31 March 2025.

Total remuneration of employes for the Year amounted to aproximately

HK$1,980.2 milion. Employes are remunerated acording to their nature

of work and the market trend, with merit-based components incorporated

in the anual increment review to reward and motivate individual

performance. Employe bonus is distributable based on the performance

of the respective divisions and the employes concerned. Moreover,

the Group also provides in-house training program and sponsorship for

external training courses which are complementary to their job functions.

流动资金及财政资源（续）

本集团继续采取保守的财务管理政策，于

2025年3月31日，本集团之资本负债比率

（即计息债务净额与股东应占权益之比率）

为0.94（2024年：0.90）。

于2025年3月31日，本集团未能遵守余额

为2,358,300,000港元之银行贷款的一项财

务契约。该银行借款被分类为流动负债并已

计入上文所披露「一年内或按要求」及「一年

后至两年内」的「列入流动负债作按要求偿

还之部分」。于报告期后，本集团已获取未

能遵守该财务契约之同意豁免。

为尽量减低外汇波动风险，本集团之银行借

款及现金结余均以港元或人民币为主，即与

相关集团实体之功能货币相同。本集团承担

之外汇波动风险不大，并仅于有需要时方会

使用衍生合约用作对冲所承担之货币风险。

此外，本集团之银行借款并无采用任何利率

金融工具作对冲。

资产抵押

本集团资产抵押之详情载于财务报表附注

31(d)。

或然负债

本集团或然负债之详情载于财务报表附注

40。

雇员及薪酬政策

于2025年3月31日，本集团约有7,528

名雇员。本年度之雇员薪酬总额约为

1,980,200,000港元。雇员薪酬按其工作性

质及市场趋势厘定，并根据考勤评核按表现

厘定每年之增薪金额，以奖励及激励个别员

工之表现。雇员之花红乃按个别分部及有关

雇员之表现而发放。此外，本集团亦因雇员

之工作职务而提供内部培训计划及就外间

培训课程提供资助。

亚洲联合基建控股有限公司 2024/25年报47

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

雇员及薪酬政策（续）

为激励雇员实现绩效，本公司于2017年8月

1日采纳了受限制股份奖励计划（「该股份奖

励计划」），据此本公司可向合资格参与者授

出本公司之受限制股份，让员工持有本公司

股份使员工的利益直接与股东的利益保持

一致。该等授出股份乃由计划受托人于联交

所之市场上购买及为承授人的利益以信托

方式持有，并于特定归属条件达成后归属承

授人。

此外，本公司亦已采纳购股权计划（「该购

股权计划」），据此，董事获授权向合资格参

与者授出购股权以认购本公司股份，旨在

（其中包括）向合资格参与者提供激励及奖

赏，并肯定其所作之贡献。该购股权计划由

2012年9月3日起计10年内有效及生效，已

于2022年9月2日失效，其后不得进一步要

约或授出购股权，惟于失效日期前已授出的

购股权将根据该购股权计划的条文继续有

效及可予行使。

前景及展望

建筑

预计2025年人才供应将更为充裕，建筑业

务正积极审视员工技能水平，考虑吸纳更

多高质素专业人才，以提升整体竞争力。同

时，集团正检视工作架构，计划精简程序，

以维持合理高效的组织规模及功能。建筑业

务亦致力加强成本控制，降低整体营运开

支。因应政府部门最新倡导的节约成本方

针，管理层鼓励项目团队提出节省成本的设

计或施工方案，多个进行中的项目已透过此

类方案成功节省数千万港元成本。来年，管

理层将加大力度推动节约成本的新方案，此

为提升项目利润最直接的方式。

管理层充分意识到，目前建筑项目数量显著

增加，基础设施项目储备稳固，加上香港特

区政府致力推进公营房屋供应、现有医院设

施更新，以及横跨20年的「北部都会区」发

展计划。此承诺将成为香港未来增长的新引

擎，为建造业及集团带来庞大机遇。

EMPLOYE AND REMUNERATION POLICIES

(Continued)

To provide incentive for employes to achieve performance goals, the

Company adopted the restricted share award scheme (the “Share Award

Scheme”) on 1 August 2017, pursuant to which the Company may grant

to eligible participants restricted shares of the Company, which wil align

the interests of employes directly to the Shareholders through ownership

of shares of the Company. Such grant shares are acquired by the scheme

truste on the market of the Stock Exchange and held upon trust for the

benefit of the grantes and shal become vested in the grantes upon

satisfaction of specified vesting criteria.

In adition, the Company had also adopted a share option scheme (the

“Share Option Scheme”), under which the Directors are authorised to

grant share options to the eligible participants to subscribe for shares of the

Company for the purpose of, among other things, providing incentives and

rewards to, and recognising the contributions of, the eligible participants.

The Share Option Scheme is valid and efective for a period of 10 years

comencing on 3 September 2012 and expired on 2 September 2022,

after which no further share options shal be ofered or granted but the

share options granted prior to the expiry date shal continue to be valid and

excisable in acordance with the provisions of the Share Option Scheme.

OUTLOK AND PROSPECTS

Construction

Loking ahead to 2025, talent suply is expected to improve. The

construction busines sector is thus actively asesing employe skil levels

and considering the recruitment of more high-caliber profesionals to

enhance overal competitivenes. Meanwhile the Group is also reviewing

its work structure, planing to streamline proceses to maintain a lean

yet eficient organisational and functional model. Cost control remains a

key focus for the construction busines sector to reduce overal operating

expenses. In line with recent government directives on cost-saving

measures, management encourages project teams to propose design or

construction solutions that reduce cost. Several ongoing projects have

already achieved savings amounting to tens of milions of HK dolars

through such initiatives. In the coming year, management wil intensify

eforts to promote inovative cost-saving aproaches, as these represent

the most direct means of improving project profitability.

Management recognises the significant increase in construction activity,

suported by a robust reserve of infrastructure projects. The HKSAR

Government’s comitment to expanding public housing, upgrading

existing hospital facilities, and delivering the 20-year “Northern Metropolis”

development plan is expected to serve as a new engine of growth for Hong

Kong — creating major oportunities for both the construction industry

and the Group.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2548

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

前景及展望（续）

建筑（续）

1. 北部都会区项目潜在效益

「北部都会区」发展对香港基础建设至

关重要，不仅解决土地短缺问题，更

为新基建项目提供广阔空间。透过「产

业带动，基建先行」的策略，该计划旨

在打造创新科技走廊，推动科技产业

发展，支持香港成为国际创新科技枢

纽。此外，它将促进跨境交通及港口

连接的升级，加强港深融合，使香港

更好地融入大湾区发展，进一步提升

区域连通性及整体竞争力。

本集团的建筑业务正日益参与「北部都

会区」的基础设施发展，并获批多项与

其相关的新公共工程合约。这些项目

将成为集团参与香港史上最大规模基

建发展的见证，全体「俊和」同仁引以

为荣。

2. 技术合作与支持

为响应香港政府推动建筑创新的政策，

本集团的「粉岭绕道」项目汇聚了国际

设计顾问、香港理工大学、清华大学

及内地钢结构制造商的专家，共同设

计、制造、运输及安装全球首座采用

超高强度钢材(S960)的行人天桥。相

较传统使用的355或460级钢材，此天

桥采用强度倍增的960级钢材，其设

计与制造技术开创全球先河，为业界

树立新标杆。由于其轻量化特性大幅

减少地基需求，此技术有效降低了地

下环境复杂性带来的风险。这不仅标

志著「俊和」技术卓越的重大里程碑，

亦为香港政府的建筑创新政策作出贡献。

根据政府最新财政预测中对未来五年

公共工程基建合约开支的承诺，管理

层对土木工程业务的增长充满信心。

OUTLOK AND PROSPECTS (Continued)

Construction (Continued)

1. Potential Benefits of the Northern Metropolis Project

The development of the Northern Metropolis is crucial to Hong

Kong’s infrastructure. It not only adreses land scarcity isues

but also provides vast space for new infrastructure projects. By

implementing the strategy of “industry-driven development with

infrastructure as a precursor,” it aims to build an inovative tech

coridor that bosts the tech sector, suporting Hong Kong in

becoming an international hub for inovation and technology.

Moreover, it wil facilitate cros-border transportation and port

conection upgrades, strengthening the integration betwen Hong

Kong and Shenzhen, and enabling Hong Kong to beter integrate

into the development of the Greater Bay Area. This wil further

enhance regional conectivity and elevate Hong Kong’s overal

competitivenes.

Our construction busines segment has become increasingly involved

in the infrastructure development of the Northern Metropolis, and

has secured multiple new public construction contracts related to

this initiative. These projects wil serve as the testimonial of our

participation in the largest-scale infrastructure development in

Hong Kong history. The entire team at Chun Wo is proud of this

achievement.

2. Technology Coperation and Suport

An echo to the Hong Kong government’s regime on promoting

construction inovation, our Fanling Bypas project has asembled

various experts from international design consultant, the Hong Kong

Polytechnic University, Tsing Hua University, structural stel fabricator

in the mainland together, they design, fabricate, transport and

instal the world first ever ultra-high grade stel (S960) fotbridge.

Compared to traditionaly adopted stel grade of 355 or 460, this

fotbridge is built of stel grade 960, Whole strength more than

double that of traditional stelwork. The techniques involved in

designing and fabrication were second to none in the world, as we

are the pioner of this, who has created benchmark for the industry.

Due to its lightweight nature which further reduce the extent of

foundation required, the adoption of this ultra-high grade stel

in fotbridge in the project mitigated most of the risks asociated

with the complexity of the underground conditions. This marks

a major milestone of technical excelence of Chun Wo, as wel as

contributing to the construction inovation regime of the Hong Kong

government.

Based on the government’s latest budget forecast and its pledged

public infrastructure works spending over the next five years,

the Group’s management is confident in the outlok for its civil

enginering busines segment.

亚洲联合基建控股有限公司 2024/25年报49

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

OUTLOK AND PROSPECTS (Continued)

Property Development and Aset Leasing

While continuing to promote project development, the segment has

achieved significant breakthroughs in its strategic transformation to

enhance long-term resilience and profitability. In response to the evolving

consumption paterns and economic uncertainties, the segment is actively

adjusting its aset alocation strategy, focusing on developing high-quality

aset clases with stable cash flow, strengthening sustainable development

capabilities, and bringing long-term returns to shareholders.

The Hong Kong Government’s Policy developments in 2024 benefited the

market, including stamp duty reductions for properties priced below HK$4

milion and the removal of aditional stamp duties. Such measures have

stimulated activity in the Group’s smal-unit segment, leading to a notable

rebound in residential transactions. However, retail property sales remained

weak, as the overal recovery was hindered by declining individual

consumption and shifts in mainland’s shoping paterns. That said, the

expansion of the multiple-entry Individual Visit Scheme (IVS) for more cities

has led to a gradual recovery in the number of tourists visiting Hong Kong,

and the segment remains cautiously optimistic about the market outlok.

Loking ahead, the segment has formulated short-term, mid-term, and

long-term strategic plans. In the short term, the segment wil focus on

promoting sales of 128 Waterlo and SOYO units to achieve strong cash

inflow, and at the same time actively seize oportunities from market

adjustments by investing in high-quality properties with apreciation

potential to enhance aset value. The Tung Chung land development plan

wil proced steadily, and is expected to generate substantial profit for the

Group. For the mid-term goal, the Group plans to expand its portfolio of

high-yield operational asets to create stable income streams, which can in

turn enhance financial resilience and suport long-term growth.

In sum, during the 2024/2025 financial year, the segment has maintained

stability amidst a chalenging economic environment. With the colective

eforts of our employes to reduce costs and the prioritisation of seling

unused inventory to strengthen cash flow, the Group has achieved solid

results. The Group poseses extensive property development experience,

flexible aset alocation capabilities, and sharp market decision-making

skils, al of which enables it to respond to market changes swiftly and

maintain its competitive edge. In coperation with the Group, the segment

is fuly comited to maximising shareholder’s value, aligning with Hong

Kong’s development goals, and promoting technological inovation,

regional colaboration, and sustainable development. Loking forward,

the Group wil continue to depen its short-term, mid-term, and long-

term strategic plans to ensure a robust capital structure, create a long-term

return mechanism, and deliver continuous value to shareholders and the

society.

前景及展望（续）

物业发展及资产租赁

本分部在持续推进各项目发展的同时，亦在

策略转型方面取得重要突破，以增强长期发

展韧性和盈利能力。面对消费模式转变及经

济环境的不确定性，本分部积极调整资产配

置策略，重点发展现金流稳定的优质资产类

别，加强可持续发展的能力，为股东带来长

期回报。

香港政府于2024年的政策发展对市场有所

助益，包括对价格低于400万港元物业的印

花税减免及额外印花税的取消，这些措施推

动了集团的细价单位，令住宅成交量明显反

弹。至于，商舖销售方面则仍然疲弱，整体

零售复苏仍受私人消费下降及内地购物模

式转变所影响。但随著国家增加了一签多行

的自由行城市数量，使来港旅客日渐回升，

本分部对未来市场仍持有审慎乐观的态度。

展望将来，本分部制定了短期、中期及长期

的战略计划。短期内，本分部将重点推进

128 Waterlo及SOYO单位的销售工作，预

计实现良好的资金回笼；同时，积极把握市

场调整机遇，物色具有升值潜力的优质物业

投资，以提升资产价值。东涌土地发展计划

也将稳步推进，预计为集团带来可观利润。

中期目标，集团计划拓展高回报的营运资

产，打造稳定的收入来源，以增强财务韧性

和长期增长动力。

总结来看，2024/25财政年度本分部于面临

挑战的经济环境中保持稳健，分部全体员工

齐心协力共同节省成本，尽量销售物业余货

以加强现金流为首要任务，为集团带来不俗

的成效。集团拥有深厚的地产开发经验、灵

活的资产配置能力及敏锐的市场决策力，

能迅速应对市场变化，发挥核心竞争力。全

力配合集团致力于实现股东价值最大化，并

支持香港发展方向，推动科技创新、区域协

作及可持续发展。展望未来，集团将继续深

化短、中、长期策略规划，确保资本结构稳

健，创造长期回报机制，为股东及社会带来

持续价值。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2550

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

前景及展望（续）

专业服务

本分部将继续秉持创新、可持续和高效运营

的理念，为股东创造长期价值，为社会贡献

更多力量。我们坚信，通过不懈努力和战略

布局，本分部将在专业服务领域书写更加辉

煌的篇章。

战略展望与未来规划

面对地缘政治、劳动力短缺及成本上升等挑

战，本业务分部将以谨慎而积极的态度应

对。我们计划进一步深化与香港「智慧城市」

和「北部都会区」发展战略的衔接，探索与香

港科技园、数码港等创新载体的合作机会。

在大湾区拓展方面，为香港粤港澳大湾区物

业及设施管理联合会的创会公司成员积极

对接此战略地区的业务发展。此外，我们将

持续完善合规披露机制，确保资讯透明度和

准确性，以增强投资者信心。

科技创新与可持续发展

同时，我们将继续加大研发力度，探索更多

创新技术应用，以保持行业领先地位。同

时，我们将持续推动ESG举措，进一步降低

碳排放，并强化员工培训与发展，为未来的

业务扩张和可持续增长奠定基础。

非专营巴士服务

本分部将持续优化服务体系，运用电子调动

行车班次系统，提升资源应用和成本效率。

管理团队将通过精准对接不同客群需求提

升服务质素，结合市场动态与客户反馈，审

视运营策略并灵活调整资源配置，进一步强

化现有市场基础。此举旨在巩固核心业务竞

争力的同时，系统性挖掘潜在市场空间，推

动整体业务发展。

OUTLOK AND PROSPECTS (Continued)

Profesional Services

The segment wil continue to uphold the principles of inovation,

sustainability, and eficient operations to create long-term value for

shareholders as wel as more contribution to the society. We firmly believe

that through relentles efort and strategic planing, the segment wil

achieve greater suces in the profesional services sector.

Strategic Outlok and Future Plans

The segment wil adopt a cautious yet proactive aproach towards the

chalenges of geopolitics, labor shortages, and rising costs. We plan to

further align with Hong Kong’s “Smart City” and “Northern Metropolis”

development strategies, exploring colaboration oportunities with

inovation hubs such as the Hong Kong Science Park and Cyberport. In

terms of expansion within the Greater Bay Area, we wil actively conect

with the founding members of the Hong Kong Greater Bay Area Property

and Facility Management Asociation to suport busines development

in this strategic region. Aditionaly, we wil continue to improve our

compliance and disclosure mechanisms to ensure transparency and

acuracy of information, thereby enhancing investor confidence.

Technological Inovation and Sustainable Development

We wil continue to increase our investment in research and development,

exploring more inovative technology aplications to maintain our

industry-leading position. At the same time, we wil further promote ESG

initiatives, reduce carbon emisions, and strengthen employe training and

development to lay a solid foundation for future busines expansion and

sustainable growth.

Non-franchised Bus Services

The segment wil continue to optimise its service system by leveraging a

digital bus dispatching system to improve resource utilisation and cost

eficiency. The management team wil review operational strategies

and flexibly adjust resource alocation based on market dynamics and

customer fedback. Thereby enhancing service quality through acurately

aligning with the diverse neds of diferent customer groups. It wil

further strengthening the existing market foundation. This initiative aims

to consolidate our core busines competitivenes while systematicaly

exploring potential market oportunities to drive the overal busines

development.

亚洲联合基建控股有限公司 2024/25年报51

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

前景及展望（续）

医疗科技与健康

基于香港人口高龄化与精准医疗需求双重

驱动，香港政府积极扩大筛查病疫计划，扩

大正电子扫描药物市场的发展潜力，本分部

因此对未来业务的需求增长抱有乐观态度。

作为香港正电子扫描药物的领先企业，

HKCL将持续支持政府对香港市民的「健康

老龄化计划」，持续增强的技术与产能，培

训人员相关的安全和服务能力，进一步巩固

HKCL的市场领导地位，并为提升财务表现

创造机会。凭借集团已做好充分准备，积极

把握医疗科技与健康领域的多元新兴机遇。

HKCL在今年初成功与GE HealthCare签署战

略合作协议，在香港生产用检测于阿兹海默

症的18F-Flutemetamol专利显影剂，令公司

稳居先进正电子扫描显影剂研发生产的前

沿。随著新专利显影剂的生产，HKCL将进

一步扩大客户群体及公司的盈利增长。

同时，随著第二所实验室的落成，HKCL产

能将按步增加，并扩展其多元化产品组合，

涵盖更多不同疾病的药物。HKCL计划同步

发展本土对特别同位素的需求，包括碳11

及镓68同位素相关的显影剂，积极配合市

场供需问题。这项计划预计可以巩固本司市

场地位及为公司带来新的增长盈利点。

此外，HKCL将持续发展本地市场的同时，

积极循著「融入国家发展大局」方向，将深入

探讨以大湾区及东南亚地区为发展邻近市

场的优先目标。HKCL将继续以创新为核心，

巩固及扩展在核医学影像市场的领导地位。

管理层有信心，凭借稳健的财务状况、专业

的团队及前瞻性的产品策略，公司能有效应

对市场挑战，实现可持续增长，为股东创造

长远价值。

OUTLOK AND PROSPECTS (Continued)

Medical Technology and Healthcare

Driven by both the aging population and the growing demand for precision

medicine in Hong Kong, the Hong Kong government is actively expanding

disease screning programs, which in turn has increased the development

potential of the PET radiopharmaceutical market. As such, the segment

remains optimistic about the future demand growth for our busines.

As a leading player in Hong Kong, HKCL wil continue to suport the

government’s “Healthy Aging Initiative” for Hong Kong citizens. It wil

enhance its technological capabilities and production capacity, train

personel on safety and service-related skils, further solidify HKCL’s market

leadership position, and create oportunities to improve its financial

performance. With thorough preparation, the Group is wel-positioned

to capitalise on emerging oportunities in the medical technology and

healthcare sector.

Earlier this year, HKCL sucesfuly signed a strategic coperation

agrement with GE Healthcare in producing the patented tracer for

Alzheimer’s disease, i.e. 18F-Flutemetamol, in Hong Kong, which

positioned the Company at the forefront of advanced PET tracer R&D and

production. With the launching of new patented tracer, HKCL wil further

expand its customer base and increase the Company’s profitability.

Meanwhile, the launch of the second laboratory wil gradualy increase

HKCL’s production capacity and diversify its portfolio to cover more

medicines for diferent diseases. HKCL plans to develop local demand for

special isotopes simultaneously, including carbon-11 (C11) and galium-68

(Ga68) tracers, to actively adres the suply-demand dynamics in the

market. This initiative is expected to strengthen the Company’s market

position and generate new growth and profit avenues.

Furthermore, while continuing to develop the local market, HKCL wil

actively align with the “Integration into National Development” strategy,

prioritising the expansion into the Greater Bay Area and Southeast Asia for

developing neighboring markets. Inovation remains at the core of HKCL’s

strategy to consolidate and expand its leadership in the nuclear medicine

imaging market. Management is confident that with a strong financial

position, a profesional team, and forward-loking product strategies, the

Company can efectively respond to market chalenges, achieve sustainable

growth, and create long-term value for shareholders.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2552

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

前景及展望（续）

其他业务

本集团将持续推动本集团其他业务的发展，

积极寻求合适的投资与合作机会，抓紧新兴

机遇，以实现业务长远增长，为股东带来更

大价值回报。

总结

依据客观的评估国际混乱的政治环境将最

少持续三年或更长的时间，香港必须坚守团

结、同心协力排除内忧外患的局面，并且锁

定「由治及兴」的方向，凝聚力量积极发展

金融和新科技经济。

香港的目标市场的转型迫在眉切，除了过往

的美洲及欧洲市场，新的方向便是亚洲、大

湾区和庞大的国内市场。

此外，零售业、房地产业面对「性价比」的

挑战，转型、转营也是持续的挑战。相对之

下，香港的公共基建工程规模将持续稳定，

我们的市场占有率可能在新一个年度扩大，

因为市场合格的建筑商受财政管理的弱势

在第一变革阶段已经被淘汰，下一个阶段将

会是工程安全和技术能力的考验，因为每天

都诞生出新颖的智能科技。

OUTLOK AND PROSPECTS (Continued)

Other Busineses

The Group wil continue to advance the development of its other

busines segments, actively pursuing suitable investment and partnership

oportunities to catch up with emerging trends. Our objective is to achieve

long-term busines growth to further enhance our shareholders’ value.

Conclusion

Based on an objective asesment, the chaotic international political

environment wil last for at least thre years or longer. Hong Kong must

remain united and work together to avoid overcome internal and external

troubles. It must also focus on the direction of “governing for prosperity”

and concentrate its eforts on actively developing the financial and new

technology economy.

There are imediate neds for Hong Kong to identify its new trading

markets. Beyond its traditional focus on the Americas and Europe, the new

direction lies in Asia, the Greater Bay Area, and the vast domestic market in

Mainland China.

Moreover, both the retail and real estate sectors are facing growing

presure to deliver beter “price-performance ratio”. They ned to

deal with such lasting chalenges, and must transform both in busines

structures and operational practices. In contrast, Hong Kong’s public

infrastructure busines is expected to remain stable in scale. We may be

able to increase our market share in the coming year since some of the

construction companies had already ben phased out during the first stage

of industry reform due to financial management shortcomings. The next

stage wil like be the chalenges of higher enginering safety standards

and technological capabilities, where inovation and AI technologies are

evolving rapidly every day.

亚洲联合基建控股有限公司 2024/25年报53

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

INTRODUCTION

The Group is dedicated to maintaining a high standard of CSR. The

busines sector is placing an increasing emphasis on CSR performance,

particularly in the aspects of safety and health, sustainable development,

comunity impact and law and regulatory compliance. We understand that

we do not operate our busines in isolation from our society. Employes,

supliers, clients, the natural environment and the general comunity are

al our stakeholders influenced by the ways in which the Group transacts

the busines.

BOARD STATEMENT

The Group conducts a top-down management aproach regarding its

CSR isues. The Board takes overal responsibilities for ESG maters,

with reference to the United Nations’ Sustainable Development Goals

(“SDGs”), integrating the objectives, strategies, priorities and goals into

the Company’s operation. To suport the Board’s oversight and systematic

management of the ESG isues, the ESG comite has ben formed for

identifying and asesing ESG related risks and implement strategies and

thereby improving ESG working mechanism. The ESG comite shal

review and evaluate the adequacy and efectivenes of the management

framework for ESG maters and provide ESG updates to the Board at least

once a year.

Through the materiality asesment, we have adresed and prioritised ESG

isues and potential climate physical and transitional risks that are both

financialy material to the Company and stakeholders. With our objectives

of ensuring the Company’s sustainability and introducing strategic decision

making, the Board comited to develop an efective reporting framework

to conect with the public, the Company prepared a CSR report and an

ESG report anualy.

As a responsible corporation, we recognise that compliance, health and

safety, quality of work and climate change pose a significant risks to our

busines, reputation and financial performance. Our working group is

aware of the existing oportunities for inovation and thereby we drive the

implementation of sustainability strategy and wide range measure including

investment in renewable energy and safety inovation and implementation

of our roadmap to gren and low carbon construction. Our VMV (Vision,

Mision & Core Values) clearly reflects the Group’s corporate culture in the

implementation of sustainable development.

绪言

本集团致力于维持高水准的企业社会责任。

商界日益重视企业社会责任表现，尤其于安

全与健康、可持续发展、社区影响以及法律

及法规合规方面。我们深明我们的业务营运

与社会息相关。雇员、供应商、客户、自

然环境及社区整体皆为我们的持份者，均受

本集团经营业务的方式影响。

董事局报告

本集团就其企业社会责任议题采用由上而

下的管理方式。董事局肩负环境、社会及管

治事宜的整体责任，及参照联合国的永续发

展目标（「永续发展目标」），将其宗旨、策

略、优先事项及目标融入本公司营运。为支

持董事局监督及有系统地管理环境、社会及

管治事宜，我们已成立工作小组，负责识别

和评估与环境、社会及管治相关风险和执行

策略，继而完善其工作机制。工作小组应每

年最少一次就环境、社会及管治事宜之最新

进展向董事局汇报。

通过重要性评估，我们已应对并优先处理会

在财务上严重影响本公司及持份者的环境、

社会及管治事宜，以及潜在的气候实质及过

渡性风险。秉承本公司可持续发展及引入战

略性决策的宗旨，董事局致力制订有效的报

告框架与公众建立联系，本公司每年编制一

份企业社会责任报告及环境、社会及管治报

告。

作为负责任的企业，我们意识到合规、健康

与安全、工作质量及气候变化对我们的业

务、声誉及财务表现构成重大风险。我们的

工作小组意识到现有的创新机会，因此我们

推动实施可持续发展策略，以及包括投资于

可再生能源及安全创新的广泛措施，并落实

绿色低碳建筑路线图。我们的「愿景、使命

和核心价值」清楚反映本集团落实可持续发

展的企业文化。

Compliance 合规
Safety 安全
Quality 质量
Green and Low Carbon Construction 绿色低碳建筑

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2554

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

董事局报告（续）

为加强本报告之碳排放及资源使用数据的

可信度，我们已聘请国际认可认证有限公司

（「ACI」）作为独立碳核查机构，对排放和资

源使用资料进行核查。核查工作包括基于证

据的核查和对报告数据的全面审查，确保报

告数据的准确性、一致性和可靠性。

我们亦实施多种管理系统，针对多种国际

标准（如ISO 14001:2015环境管理体系、ISO

45001:2018职业健康安全管理体系及ISO

50001:2018能源管理体系）安排培训课程，

以提高可持续发展绩效。

于企业内部，我们一直致力筹备回收工作

坊、「绿色」公共活动及成为「绿色」义工等

活动，以推广环境、社会及管治品行。我们

使用彩色回收箱分类回收废物，并确保所有

员工易于使用。我们亦鼓励员工分享节约资

源的心得。在建筑工地，我们开发了先进技

术及材料以优化施工过程及完善安全工作

环境，亦鼓励员工把握「绿色」机会，例如重

用或回收废物以及管理废物等，实践环境管

理措施并不断予以改进。

BOARD STATEMENT (Continued)

Continuously enhance prevention of legal risks, abide by al local laws, regulations and related policies

where the busines operates and ensure the interests of the Group

持续加强法律风险防范工作，遵守业务经营所在地的各项法律、法规及相关政策以保障本集团

利益

It has always ben first in our priority, we maintain precise management to prevent injuries, serious

incidents and prosecutions

安全第一，维持精确管理，防范工伤、严重事故及诉讼风险

We kep evaluating and improving the Group’s quality management system

我们持续评估及完善本集团质量管理系统

Continuously conserve and utilise resources, reduce the negative environmental impact, maximise

the number of renewable energy use and performance, therefore reducing the carbon emisions of

construction through the new building technology and our energy management

持续地于资源利用方面厉行节约，减少对环境的负面影响，尽可能提高可再生能源使用及效能，

应用新型建筑技术及能源管理以减少建筑碳排放

To strengthen the credibility of the data of this report, we have engaged

Acredited Certification International Limited (“ACI”) as independent

carbon verifier and conducted the verification with regard to the data of

emisions and use of resources. This verification included evidence-based

verification and comprehensive review on reported data, ensuring acuracy,

consistency and reliability.

We also implemented diferent kind of management systems and have

aranged training courses on various international standards, e.g. ISO

14001:2015 Environmental Management System, ISO 45001:2018

Ocupational Health and Safety Management System and ISO 50001:2018

Energy Management System to enhance sustainability performance.

Internaly, we have always ben comited to organising activities to

promote ESG behaviours, for example, recycling workshops, “Gren”

public activities and becoming a “Gren” volunter, etc. We designated

coloured recycling bins for diferent wastes and make them acesible to

al employes. We also encouraged employes to share testimonials about

resources conservation. In our construction sites, we developed advance

technology and material to optimise construction proces and safety

working environment, and also encouraged our staf to rush to “Gren”

oportunities such as reusing or recycling of waste and waste management

in order to achieve our environmental management practices and subject

to continuous improvement.

亚洲联合基建控股有限公司 2024/25年报55

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

BOARD STATEMENT (Continued)

We have ben closely monitoring the conditions of our staf and providing

solutions especialy in health care aspect. In the practice of social

responsibility, eforts shal be focused on conection with comunity such

as home visiting, distribution of caring bags and bay clean event.

Throughout the chalenging year of 2024, the Company has made

towards fulfiling its comitment to sustainability and driven busines

suces by focusing on ESG performance. We surely wil continue to drive

improvements in our ESG activities and create long-term value for our

stakeholders and customers.

ABOUT THIS REPORT

The Group tries its utmost best to comunicate with the stakeholders

through various comunication chanels such as surveys and interviews

and had incorporated their fedback into the proces of identifying the

material topics, which act as the foundation of formulating long term ESG

strategies as wel as a strong reference to this report.

Folowing the comunication with our senior management and the

stakeholders, we asesed ESG isues relevant to the Group by considering

their importance to our stakeholders. During the Year, five material aspects

were identified in the asesment, including Training and Development,

Employe Health and Safety, Environmental Performance, Inovation and

Product/Service Responsibility.

This ESG Report is prepared in acordance with the Environmental, Social

and Governance Reporting Guide contained in Apendix C2 to the Listing

Rules, which mainly covers the Group’s principal busines activities in

Hong Kong during the Year. The four key subject areas in this ESG Report

cover: (I) Workplace Quality, (I) Environmental Protection, (I) Operating

Practices and (IV) Comunity Involvement, which is aligned with the SDGs

advocated by United Nations. A total of 12 out of 17 SDGs are in relevance

with our ESG strategic areas, which wil be presented in the coresponding

section of this ESG Report.

董事局报告（续）

我们一直密切关注员工状况并尤其于医疗

保健方面提供解决方案。就实践社会责任而

言，我们致力以家访、派发关爱包及海湾清

洁活动等与社区建立联系。

2024年是充满挑战的一年，通过关注环境、

社会及管治绩效，本公司履行了对可持续发

展的承诺，并推动业务获得成功。我们定将

继续完善环境、社会及管治活动，并为持份

者及客户创造长期价值。

关于本报告

本集团竭力透过调查及访谈等各种沟通渠

道与持份者沟通，并将反馈意见纳入确定重

要议题的过程中，以作为制定长远环境、社

会及管治策略的基础，以及编制本报告的重

要参考资料。

与高级管理人员及持份者沟通后，我们对与

本集团相关的环境、社会及管治议题进行评

估，当中考虑该等议题对持份者的重要性。

于本年度评估后得出的五个重大议题包括

培训及发展、雇员健康及安全、环保绩效、

创新及产品╱服务责任。

本环境、社会及管治报告乃根据上市规则附

录C2所载之环境、社会及管治报告指引编

制，主要包括本集团于本年度在香港的主要

业务活动。本环境、社会及管治报告的四大

主题包括：(I)工作环境质素、(I)环境保护、

(I)营运惯例及(IV)社区参与，该等主题与联

合国提倡的永续发展目标一致。在17项永

续发展目标中，共有12项与我们的环境、

社会及管治策略范畴相关，有关目标将于本

环境、社会及管治报告的相应部分中呈列。

WORKPLACE QUALITY 工作环境质素		ENVIRONMENTAL PROTECTION 环境保护
We recognise that employees are valuable assets to the Group and embrace the philosophy of investing in people by providing them with a range of training programs that can enhance their professional skills and knowledge. We are also committed to maintaining a safe and healthy working environment for all employees as well as implementing equal opportunity employment practices. 我们深知雇员为本集团的宝贵资产，并秉承投资于人才的理念，向他们提供一系列可提高其专业技能及知识的培训课程。我们亦致力于为全体雇员维持安全及健康的工作环境，以及实施平等就业机会常规。	GOOD HEALTH AND WELL-BEING 良好健康与福祉 QUALITY EDUCATION 优质教育 GENDER EQUALITY 性别平等 DECENT WORK AND ECONOMIC GROWTH 体面工作和经济增长 REDUCED INEQUALITIES 减少不平等	Being a responsible corporation and main contractor in the construction industry, environmental protection is one of the top focuses to develop a green and sustainable city and community. 作为尽责的企业及建造业的主要承建商，环境保护乃发展绿色可持续发展城市及社区的首要重点之一。	CLEAN WATER AND SANITATION 清洁饮水和衞生设施 AFFORDABLE AND CLEAN ENERGY 经济适用的清洁能源 SUSTAINABLE CITIES AND COMMUNITIES 可持续城市及社区 RESPONSIBLE CONSUMPTION AND PRODUCTION 负责任消费与生产 CLIMATE ACTION 气候行动
OPERATING PRACTICES 营运惯例		COMMUNITY INVOLVEMENT 社区参与
We are committed to solving problems by intelligence and fulfil customer satisfaction by developing and adopting innovation and technology in operation and providing high quality products and services, with complying with internationally recognised standards, endeavoring to be a dynamic and responsible enterprise. 我们致力于运用智慧解决问题，并通过开发及采用创新及技术运作，提供高品质的产品及服务，实现客户满意度，并遵守国际公认的标准，努力成为富有活力及负责任的企业。	INDUSTRY, INNOVATION AND INFRASTRUCTURE 产业、创新与基础设施 RESPONSIBLE CONSUMPTION AND PRODUCTION 负责任消费与生产 PEACE, JUSTICE AND STRONG INSTITUTIONS 和平、正义与强大机构	We care about the sustainable development and wellness of the neighbouring community where we operate in. 我们关心经营所在社区邻里的可持续发展和福祉。	GOOD HEALTH AND WELL-BEING 良好健康与福祉 QUALITY EDUCATION 优质教育 SUSTAINABLE CITIES AND COMMUNITIES 可持续城市及社区

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2556

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

亚洲联合基建控股有限公司 2024/25年报57

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 工作环境质素

我们的员工

截至2025年3月31日，本集团约有

7,528名雇员，大部分驻于香港。本公

司采纳多元化政策，以促进本公司员

工（包括管理层）的多样性，从而提升

本公司整体企业管治的效率。本公司

考虑多元化的概念应包含多方面，如

专业经验、营商视野、技能、知识、

性别、年龄、文化和教育背景以及种

族。考虑到本集团的愿景、使命及核

心价值，聘用乃根据所甄选候选人将

为本集团带来的价值及贡献，以辅助

及提升本集团的能力、经验及视野。

为推动工作场所性别平等并赋能女性

雇员在公司肩负更重要职能，我们已

推出WomenLeaders@CW及筑梦女生

两项别树一帜的计划，旨在提高建造

业女性的专业地位并提升大众对行业

的印象。此外，为了增进女性员工之

间的连结及提供必要支持，本公司亦

成立了俊妍会，对象为所有女性员工。

俊妍会定期为会员提供独家优惠、安

排不同资讯讲座及兴趣班，会员亦可

获资助进行身体检查。本公司矢志逐

步增加员工团队内女性成员的比例，

确保符合持份者的期望去平衡性别多

元化。

(I) WORKPLACE QUALITY

Our People

As at 31 March 2025, the Group had an estimated 7,528 employes,

with the majority located in Hong Kong. In order to enhance the

overal efectivenes of corporate governance, the Company has

implemented a diversity policy aiming at promoting a diverse

workforce, including management positions. The Company believes

that diversity encompases aspects, such as profesional experiences,

busines perspectives, skils, knowledge, gender, age, cultural and

educational background and ethnicity. The selection of employes

is based on merit and the atributes that the shortlisted candidates

can bring to the Group, in order to complement and expand the

competencies, experience and perspectives, while considering the

Group’s vision, mision and core values.

In order to advance gender equality in the workplace and empower

female employes to take on more significant roles within the

Company, two distinct initiatives were launched: WomenLeaders@CW

and Dream Girls. These programs aim to elevate the profesional

standing of women in the construction industry and enhance public

perception of the field. Aditionaly, the establishment of the Chun

Wo Ladies’ Club (the “Club”) serves to foster stronger conections

among female employes and provide them with necesary suport.

Membership is opened to al female employes. The Club ofers

exclusive benefits, organises seminars and interest clases regularly,

and provides subsidised body checks to its members. The Company is

comited to increasing the representation of women in its workforce

over time, ensuring a balanced gender diversity that aligns with

stakeholders’ expectations.

Female-related Programs

女士相关计划

WomenLeaders@CW

Dream Girls

筑梦女生

Chun Wo Ladies’ Club

俊妍会

Employment Statistics		Employee Turnover Rate1
雇佣统计数据		雇员流失率1
2024/25	2023/24	2024/25	2023/24

Gender	性别
Male	男性	74.3%	56.8%	31.2%	45.6%
Female	女性	25.7%	43.2%	13.2%	33.4%
Employment Type	雇员类别
Top Management2	高层管理人员2	0.7%	2.4%	0.1%	1.3%
Middle Management3	中层管理人员3	7.2%	9.1%	8.2%	12.9%
Supervisory	主任	23.3%	21.0%	10.9%	11.5%
Operation	操作人员	68.8%	68.4%	34.1%	60.0%
Age Group	年龄组别
Below 30	30岁以下	18.7%	15.5%	8.8%	18.6%
30–50	30–50岁	44.2%	39.8%	20.4%	44.0%
Above 50	50岁以上	37.1%	44.7%	15.3%	37.4%
Geographical Region	地区
Hong Kong	香港	95.9%	99.8%	99.5%	99.8%
PRC	中国	4%	0%	0.1%	0%
Overseas	境外	0.1%	0.2%	0.4%	0.2%

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2558

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) WORKPLACE QUALITY (Continued)

Our People (Continued)

Employe turnover rate is calculated by dividing the number of separation employes in the Year by the number of employes at the end of the

Year

雇员流失率乃按于本年度离职的雇员人数除以于本年度末的雇员人数计算

The ratio for male and female are 87.5% and 12.5% for 2024/25; and 85.1% and 14.9% for 2023/24

2024/25年度男性及女性比例为87.5%及12.5%；而2023/24年度则为85.1%及14.9%

The ratio for male and female are 83.3% and 16.7% for 2024/25; and 73.7% and 26.3% for 2023/24

2024/25年度男性及女性比例为83.3%及16.7%；而2023/24年度则为73.7%及26.3%

(I) 工作环境质素

（续）

我们的员工（续）

Working Conditions

The Group places great importance in atracting, motivating, and

retaining talented employes. To achieve these, we regularly ases

our staf compensation and benefits packages to ensure they remain

competitive in the market. Our anual review of employe pay

packages and other employment fringe benefits, including medical

schemes, health check programs, travel insurance, training subsidies,

and retirement benefits, is conducted in acordance with prevailing

market conditions.

工作条件

本集团高度重视吸引、激励及挽留人

才。为了实现这目标，我们定期检讨

员工薪酬及福利计划，以确保福利于

市场上具有竞争力。本集团每年审阅

雇员薪酬及其他雇佣福利计划，包括

医疗计划、体检计划、旅游保险、培

训津贴及退休福利，以符合当前市场

状况。

Trained Employees 受训雇员		Average Training Hours per Employee (Hours)
每名雇员平均受训时数（小时）
2024/25	2023/24	2024/25	2023/24

Gender	性别
Male	男性	69.5%	66.8%	9.2	6.6
Female	女性	30.5%	33.2%	10.3	6.0
Employment Type	雇员类别
Top Management	高层管理人员	2.4%	2.0%	30.5	12.8
Middle Management	中层管理人员	17.6%	14.2%	17.7	11.0
Supervisory	主任	30.7%	25.5%	7.9	5.4
Operation	操作人员	49.3%	58.3%	7.2	5.5

亚洲联合基建控股有限公司 2024/25年报59

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 工作环境质素

（续）

培训及发展

培训

持续学习植根于我们的核心价值，体

现了我们对学习和发展的坚定承诺。

本集团为各级员工提供全面的培训和

发展支持。自2005年起，我们为全体

全职员工提供培训赞助，鼓励于学习

文化中自我增值。通过内部培训及外

间培训课程，包括研讨会、工作坊、

探访及示范活动，我们旨在为员工提

供在岗位所需的技能和知识，推动个

人成长。

本公司了解人才为最宝贵的资产。我

们重视员工的发展，皆因我们坚信彼

等的贡献能有助本公司走得更远，并

在建筑及其他行业取得更大的成功。

自1999年起，本集团旗下的俊和建筑

工程有限公司获香港工程师学会认证

为土木、建造、屋宇装备及结构界别

的工程毕业生培训计划认可机构。此

外，我们成立了「亚洲联合基建学院」，

旨在提供多元化及全面的培训课程，

为本集团的可持续发展培育并吸引来

自不同专业领域的优秀人才。

(I) WORKPLACE QUALITY (Continued)

Training and Development

Training

Continuous learning is deply embeded in our core values,

reflecting our unwavering comitment to learning and development.

The Group’s comprehensive suport for training and development

is extended to employes acros al levels. Since 2005, we have

ofered training sponsorships to al ful-time permanent employes,

encouraging self-improvement within a culture of learning. Through

a combination of in-house training and external courses, including

seminars, workshops, visits, and demonstrations, we aim to equip

our employes with the skils and knowledge necesary to excel in

their roles and drive personal growth.

The Company recognises talent as its utmost aset. We place great

importance on the development of our staf, as we firmly believe that

their contributions can propel the Company towards greater suces

in the construction and other industries. Since 1999, our subsidiary,

Chun Wo Construction and Enginering Company Limited, has ben

acredited by the Hong Kong Institution of Enginers as an aproved

organisation for Scheme A Graduate Training in the Civil, Building,

Building Services, and Structural disciplines. Aditionaly, we have

established the “AI Academy” to ofer a wide range of training

programs, aiming to nurture and atract exceptional talents from

various profesional fields, ensuring the sustainable growth of the

Group.

Training programs offered by the Group	本集团所提供的培训课程

Core Program	核心计划

Elite Program	精英培训计划

Site Agent Development Program	地盘总管发展计划

Graduate Quantity Surveyor Training Program	见习工料测量师培训计划

AAI Academy	亚洲联合基建学院

Contractors Cooperation Training Scheme (CCTS)	建造业议会承办商合作培训计划

Chun Wo Young Professional Group (CWYPG)	俊和青年专业人员会

GLAD Management Trainee Program	GLAD管理培训生计划

Project Co-Ordinator Training Program	项目协调员培训计划

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2560

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) WORKPLACE QUALITY (Continued)

Training and Development (Continued)

Training (Continued)

Women Leaders Program 女仕领袖计划

Young Profesional Program 年青专业人员培训计划

Graduate Enginer Training Program 见习工程师培训计划

Technical Aprentice Program 学徒培训计划

Intermediate Tradesman Colaborative Training Scheme (ITCTS) 中级技工合作培训计划

Advisory Scheme for Chartership 特许咨询计划

Sumer/Winter Internship Program 夏季╱冬季实习生计划

Asistant Surveyor Training Program 助理测量员培训计划

CIC Aproved Technical Talents Training Programes (ATP) 建造业议会认可技术专才培训计划

(I) 工作环境质素

（续）

培训及发展（续）

培训（续）

Name of Company 公司名称	Status/Award 资格╱奖项

City Services Group Limited 城市服务集团有限公司	ERB Manpower Developer Award Scheme ERB人才企业嘉许计划 ERB Excellence Award for Employers ERB杰出雇主年度大奖 ERB Manpower Developer Award Scheme Grand Prize Award ERB人才企业嘉许计划企业大奖

亚洲联合基建控股有限公司 2024/25年报61

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) WORKPLACE QUALITY (Continued)

Training and Development (Continued)

Development

Besides carer progresion, we value the development of the

physical and mental wel-being of our employes. The organisation is

comited to achieving work-life balance for its staf, thus promoting

participation in voluntering, recreational, and sports activities (i.e.

basketbal team as wel as socer team) during fre time to relax and

enhance team spirit. We also provide oportunity for coleagues to

conect each other casualy through “Hapy Friday” in ofices and

sites.

We provide care to our staf in specific circumstances.

我们于特定情况向员工提供关爱。

Birthday 生日

Birthday card and

gift coupon

生日卡

及礼券

Retirement 退休

Souvenir纪念品

Mariage and

New Birth

Gift coupon 礼券

结婚

及产子

Death 逝世

Flower wreath and

condolence money

花圈

及恩恤金

Hospitalisation

or Injury

Caring cal and

fruit basket

电话慰问

及果篮

住院

或工伤

Staf Caring Programs 员工关爱计划

In recognition of the Group’s eforts and acomplishments in

manpower training and development, the Group members have ben

awarded the folowing acreditations by the Employes Retraining

Board:

Chun Wo Development Holdings Limited

俊和发展集团有限公司

ERB Super Manpower Developers Award Scheme

(Super MD)

ERB 人才企业嘉许计划(Super MD)

(I) 工作环境质素

（续）

培训及发展（续）

发展

除职业发展以外，我们亦高度重视雇

员身心健康的发展。我们致力为每一

位员工在工作与生活之间达致平衡，

因此我们鼓励同事在工余时间参与义

工、娱乐及体育活动（例如篮球队和足

球队），以期帮助他们放松身心及加强

团队精神。我们亦为同事提供机会在

办公室和工地上通过「欢乐星期五」茶

会进行轻松的交流。

为表彰本集团在人力培训及发展方面

的努力及成就，本集团成员公司获雇

员再培训局授予以下肯定：

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2562

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 工作环境质素

（续）

雇员健康及安全

本集团遵守健康及安全标准，分别将

国际认可的ISO 9001、ISO 14001及

ISO 45001认证整合至品质、环境及

职业安全及健康管理系统。本集团的

「PDCA」系统进一步确保所有个人及团

队竭尽全力遵守法定要求，并达致持

续进步的最终目标。

我们深知工作环境安全之重要性。为

于建筑营运中维持建筑职业安全标

准，我们推出了安全审核制度，用作

监察安全管理系统的成效。于2024

年，企业平均安全审核分数 — 实际状

况为86.9%（2023年：87.8%），超过

86.5%的目标分数。

于2024年，所有安全指标均与我们的

目标相符。其中，工程项目意外率于

过去5年均达致目标，反映我们对工

程地盘安全的重视和成就以及一贯卓

越的职业安全表现。

(I) WORKPLACE QUALITY (Continued)

Employe Health and Safety

By integrating internationaly-recognised ISO 9001, ISO 14001

and ISO 45001 certifications into our quality, environmental and

ocupational safety and health management systems respectively,

the Group demonstrates our compliance with health and safety

standards. The Group’s “PDCA” system further ensures al individuals

and teams exert themselves to met the statutory requirements and

to achieve the ultimate goal of continuous improvement.

We are aware of the significance of workplace safety. To maintain

the ocupational safety standards in our construction operations,

we have introduced a safety audit system designed to monitor the

efectivenes of our safety management system. For the year of

2024, the corporate average safety audit score — physical condition

was 86.9% (2023: 87.8%), exceding the target of 86.5%.

Check

检查

实行

Act

行动

Plan

规划

Continuous

Improvement

持续改善

In 2024, al safety indicators were in line with our objectives. In

particular, the target of the acident frequency rate of construction

work within past 5 years has ben met, reflecting our dedication and

achievements in construction site safety and excelent and consistent

ocupational safety performance.

亚洲联合基建控股有限公司 2024/25年报63

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

We are fuly aware of certain risks of safety and health of workers in

construction sites and hence a series of measures have ben put in

place at various construction project sites to protect the safety and

health of workers.

我们深知工人于地盘工作潜在一定的

健康及安全风险，因此我们在多个工

程项目地盘推出一系列措施，以保障

工人的安全及健康。

2024 Target

目标

0.076

Acident Frequency Rate (per 100,000 man-hours)

意外率（每十万工时）

0.0700.0570.0970.087

0.18

Protection Measures

保障措施

Mini Health Check Stations

小型健康检查站

Ensure workers are at

optimal state

确保员工处于最佳状态

Heat Shelters and Water

Sprinklers on Roftops

屋顶加装隔热板及洒水器

Disipate heat gain

发挥散热作用

Morning Exercise

早晨运动

Alert workers of the

potential injuries and

ways of prevention

提醒员工潜在受伤风险

以及预防措施

(I) WORKPLACE QUALITY (Continued)

Employe Health and Safety (Continued)

(I) 工作环境质素

（续）

雇员健康及安全（续）

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2564

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

员工的健康及安全永远是我们优先关

注的事项，因此我们在疫情期间定期

为办公室进行Zono消毒，其有效对

抗超过100种常见病菌，以创造长期

无菌的环境，保障环境安全。

健康及安全政策

对本集团而言，每位雇员的安全和健

康均至关重要。因此，高层管理人员

非常重视我们雇员的安全及健康。我

们的保安及设施管理分部亦遵循一套

结构完善的管理系统及进行年度审核，

以确保我们符合国际标准。该分部下

的公司已获得认可认证机构授予ISO

45001职业健康及安全管理体系认证。

我们的非专营巴士分部致力于遵守职

业安全及健康条例。此外，我们优先

确保司机的工时合理，并确保他们获

得足够的休息时间，以保持良好的精

神状态和整体福祉。

2024/2025年，城市服务集团在其安全

和环境、社会及管治委员会的监督下，

继续致力维持安全健康的工作环境。

主要措施包括年度健康与安全活动，

其中的安全问答大奖旨在提高前线员

工的参与度和安全意识。为减低与暑

热有关的风险，特别是在户外及没有

空调的室内工作场所，本集团遵照劳

工处发出的「预防工作时中暑指引」，

根据工作量及环境因素进行风险评估，

并按照「工作暑热警告」级别安排适当

的休息时间。

本集团已实施了符合工厂及工业经营

（安全管理）规例及ISO 45001规定的有

效职业健康及安全管理系统。本集团

的安全政策概述了相关准则。

Staf’s health and safety are always our top priority, therefore we

aplied the Zono treatment regularly in our ofices during the

pandemic, which was efective against over 100 comon pathogens,

in order to protect our environmental safety by creating a long term

sterile environment.

Health and Safety Policies

The safety and health of our employes are paramount to the

Group. Our senior management team places a strong emphasis

on prioritising the safety and health of our workforce. Our security

and facility management divisions adhere to a wel-structured

management system and conduct anual audits to ensure alignment

with international standards. The companies within these divisions

have ben acredited with ISO 45001 for their ocupational health

and safety management system by aproved certification bodies.

Our non-franchised bus services division remains comited to

complying with the Ocupational Safety and Health Ordinance. In

adition, we prioritise the provision of reasonable working hours

for our drivers and ensure they are granted adequate rest time to

maintain their positive spirits and overal welfare.

In 2024/2025, City Services Group, under the oversight of its Safety and

ESG Comite, remained comited to maintaining a safe and healthy

work environment. Key initiatives included the anual Health and Safety

Campaign, featuring the Safety Quiz Award to enhance frontline staf

engagement and awarenes. To mitigate heat-related risks, particularly

for outdor and non-air-conditioned indor workplaces, the Group

adhered to the Labour Department’s Guidance Notes on Prevention of

Heat Stroke at Work, conducting risk asesments based on workload

and environmental factors, and implementing apropriate rest breaks

aligned with the Heat Stres at Work Warning levels.

The Group has implemented an efective ocupational health and

safety management system that complies with the Factories and

Industrial Undertakings (Safety Management) Regulation and mets

the requirements of ISO 45001. The safety policy of the Group

outlines the related guidelines.

Number of Fatality and Fatality Rate

(No. of work-related fatalities/1,000 workers)

死亡人数及死亡率

（因工作关系而死亡的人数╱1,000名工人）

Lost days due to work injury

因工伤损失工作日数

(0/1,000) 2024(0/1,000) 2022

0%

(0/1,000) 2023

0%0%

(I) WORKPLACE QUALITY (Continued)

Employe Health and Safety (Continued)

(I) 工作环境质素

（续）

雇员健康及安全（续）

Health and Safety Policies	健康及安全政策

No violence in the workplace	杜绝在工作场所中的暴力

An alcohol-free and drug-free workplace	无酒无毒的工作环境

Immediate reporting of accidents	即时汇报意外事故

Special arrangement for typhoons and rainstorm warnings	台风及暴雨警告的特别安排

亚洲联合基建控股有限公司 2024/25年报65

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环境、社会及管治报告

(I) WORKPLACE QUALITY (Continued)

Health and Safety Policies (Continued)

Our objective is to met al aplicable health, safety, and

environmental protection regulations while ensuring a safe working

environment for our employes. To acomplish this objective, we

encourage al employes to asume responsibility and adhere to the

established systems, policies, manuals, procedures, and working

rules. This includes wearing personal protective equipment and

promptly reporting any violations of regulatory requirements or

orders.

No sexual harasment and discrimination 杜绝性骚扰及歧视

A non-smoking workplace 无烟工作环境

Familiarity with fire prevention and safety working procedures 熟悉防火及安全工作程序

Security of property and safety inspection 物业保安及安全巡查

(I) 工作环境质素

（续）

健康及安全政策（续）

我们矢志确保雇员享有安全的工作环

境，达到所有相关的健康、安全及环

保监管要求。为实现此目标，我们鼓

励所有雇员承担责任并遵守有关制度、

政策、手册、程序和工作规则。这包

括佩戴个人保护装备及汇报违反监管

规定或指令的事宜。

Development Bureau and Construction Industry Council 发展局及建造业议会

Occupational Safety and Health Council 职业安全健康局

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2566

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 工作环境质素

（续）

安全及健康奖项

于本年度，我们多个业务单位勇夺超

过92个安全及健康奖项，印证本集团

各个分部内职业安全与健康管理系统

的有效实施。

(I) WORKPLACE QUALITY (Continued)

Safety and Health Awards

In the Year, our various busines units garnered more than 92

safety and health awards, proving our efective implementation of

ocupational safety and health management system throughout

various divisions in the Group.

The 30th Considerate Contractors Site Award Scheme

第30届公德地盘嘉许计划

Public Works — New Works and RMA Works — Considerate and Contractors Site Awards

(1 Bronze Award and 4 Merit Awards)

Public Works — New Works and RMA Works — Inovation Awards for Safety and Environmental

Management and Performance Awards (3 Merit Awards)

Public Works — New Works — Outstanding Environmental Management and Performance Awards

(1 Gold Award and 3 Merit Awards)

工务工程 — 新建工程 — 杰出环境管理奖（1项金奖及3项优异奖）

工务工程 — 新建工程及维修、保养、改建及加建工程 — 公德地盘奖

The 23rd Hong Kong Ocupational Safety & Health Award

第23届香港职业安全健康大奖

Safety Management System Award — 5S God Housekeping Best Practices Award

(Construction) (Gold Award)

安全表现大奖（16项杰出奖）

Safety Performance Awards (16 Outstanding Awards)

Safety Management System Award (Construction Industry) (Bronze Award)

安全管理制度大奖（建造业组别）（铜奖）

安全管理制度大奖 — 5S工作场所整理最佳实践奖（建造业组别）（金奖）

工务工程 — 新建工程及维修、保养、改建及加建工程 — 安全及环境卓越创新奖（3项优异奖）

（1项铜奖及4项优异奖）

Occupational Safety and Health Council 职业安全健康局

Occupational Safety and Health Council 职业安全健康局

Organisation/Enterprise (Frontline Worker) (Merit Award) 机构╱企业组（前线员工组）（优异奖）

Occupational Safety and Health Council 职业安全健康局

Construction Industry Council 建造业议会

亚洲联合基建控股有限公司 2024/25年报67

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) WORKPLACE QUALITY (Continued)

Safety and Health Awards (Continued)

(I) 工作环境质素

（续）

安全及健康奖项（续）

The 25th Construction Safety Award

第 25 届建造业安全大奖

职安健模范金属棚架工（1项铜奖及1项优异奖）

Outstanding Metal Scafolder in Ocupational Safety and Health (1 Bronze Award and 1 Merit Award)

The 16th Hong Kong Outstanding OSH Employe Award

第十六届全港杰出职安健员工嘉许计划

机构╱企业组（管工组）（铜奖）

Organisation/Enterprise (Foreman) (Bronze Award)

职安健模范吊运工作团队（铜奖）

Outstanding Lifting Operation Team in Ocupational Safety and Health (Bronze Award)

最佳施工方案（优异奖）

Best Method Statement (Merit Award)

Outstanding Power Operated Elevating Platform Worker in Ocupational Safety and Health

(1 Gold Award, 2 Bronze Awards and 1 Merit Award)

职安健模范动力操作升降工作台操作员（1项金奖、 2项铜奖及1项优异奖）

最佳职安健维修及保养承建商（优异奖）

Best Refurbishment and Maintenance Contractor in Ocupational Safety and Health (Merit Award)

最佳高处及离地工作安全改善计划（金奖）

Best Safety Enhancement Program for Working At Height and Working Above Ground (Gold Award)

最佳演绎奖（金奖）

Best Presentation Award (Gold Award)

19th Ocupational Health Award 2023–24

第十九届职业健康大奖2023-24

好心情@健康工作间大奖（企业╱机构组）（1项杰出机构大奖及7项良好机构大奖）

Joyful at Healthy Workplace Best Practices Awards (Enterprise/Organisation Category)

(1 Outstanding Award and 7 Merit Awards)

Life First Campaign 2024

「生命第一」 2024安全推广活动

1项金奖、4项卓越奖及2项优异奖

1 Gold Award, 4 Excelence Awards and 2 Merit Awards

Hong Kong Construction Association 香港建造商会

3 HKCA Safety Merit Awards 3 项香港建造商会安全优异奖

Hong Kong Construction Association (HKCA) 香港建造商会

The Lighthouse Club Hong Kong 明建会香港

2024 Safe Project Team (Highly Commended) 2024 安全项目团队奖（优良奖）

Hong Kong Institute of Civil Engineering Surveyors (Hong Kong Region) 英国特许土木工程测量师学会（香港分会）

Institute of Safety & Health Partitioners 安全健康师学会

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2568

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) WORKPLACE QUALITY (Continued)

Safety and Health Awards (Continued)

(I) 工作环境质素

（续）

安全及健康奖项（续）

2项安全主管大奖

2 Safe Person-in-Charge Awards

3项香港建造商会积极推动安全承建商大奖

3 项安全管工大奖

3 HKCA Proactive Safety Contractor Awards

2项宜居城市建筑贡献大奖－推动安全施工

2 Outstanding Awards for Contribution to Livable City Construction (Contractor) — Promote Safe Construction

2024安全大型分判商奖（1项金奖及1项铜奖）

2024 Safe Large Subcontractor Award (1 Gold Award and 1 Bronze Award)

3 Safe Supervisor Awards

Chartered ICES CICES Award 2024

英国特许土木工程测量师学会「2024 CICES Awards」

杰出智慧工地╱安全项目奖

Outstanding Smart Site/Safety Project

Asia Safety Management Sumit 2024

亚洲安全管理高峰会2024

环境、社会及企业管治奖 — 安全文化及安全技术奖（1项金奖及1项铜奖）

ESG Award – Safety Culture and Safety Technology (1 Gold Award and 1 Bronze Award)

HKCA Construction Safety Awards

香港建造商会建造业安全大奖

Hong Kong Gren and Sustainability Contribution Awards 2024

香港绿色和可持续贡献大奖2024

Lighthouse Club Contractor Safety Award 2024

明建会承建商安全大奖 2024

亚洲联合基建控股有限公司 2024/25年报69

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 工作环境质素

（续）

安全活动

为确保持续提升职业安全及健康标准，

我们已编制评价调查问卷，于每次会

议、研讨会及论坛中向参与者收集反

馈意见。

本集团鼓励员工参与职业安全及健康

活动及志愿服务，并与同事以及香港

建造业界的工友分享专业知识及资讯。

我们积极在本集团推动职业安全意识，

于本年度举办了多项安全活动，包括

安全工作坊、特别安全研讨会及社区

活动。

本集团已成立安全培训中心「俊和安全

地域」，当中包括5个培训区，模拟建

筑地盘意外事故的主要成因。参与者

可通过参加「安全行为改善训练课程」

（「安全行为改善训练课程」）提高安全

意识并改善工作安全行为。所有于地

盘工作的俊和雇员及分判商工人均须

持有效的安全行为改善训练课程证书。

本集团亦已采用名为「网络讲座」的中

央工具箱进行培训，其针对前线工人

及主管的职业安全及健康、质量及环

境培训，每项培训时间不超过15分

钟，主题与不同建筑地盘活动有关，

并由集团总部合规部门的相关人员每

周通过视像会议进行。

通过上述活动，所有参与者均提升职

业安全及健康、质量及环境意识以及

增进相关知识。此外，他们交流意见，

并协助于本集团内宣扬职业安全及健

康、质量及环境文化。

(I) WORKPLACE QUALITY (Continued)

Safety Activities

To ensure the continuous improvement of ocupational safety and

health standards, we have developed an evaluation questionaire to

colect fedback from the participants of al metings, seminars and

forums.

The Group encourages employes to participate in ocupational

safety and health activities and voluntary services and share expertise

and information not only with coleagues but also felow workers

in the Hong Kong construction industry. To actively promote the

awarenes of ocupational safety throughout the Group, a range of

safety activities, including safety workshops, special safety seminars

and comunity activities, were organised during the Year.

A safety training centre caled “Chun Wo Safe Zone” has ben

established which consists of 5 training zones to simulate the major

causes of acidents at construction sites. Participants can enhance

their safety awarenes and improve their work safety behaviour by

atending the “Behavioural Change Safety Training” (“BCST”). Al

Chun Wo employes and subcontractors’ workers, who work on site,

must be the holder of valid certificate of BCST.

The Group has also adopted a centralised tolbox training caled

“Web Talk”, which is an ocupational safety and health, quality and

environmental training targeted for frontline workers and supervisors

for duration of not more than 15 minutes on each topic related to

diferent construction site activities, which conducted by respective

stafs of head ofice’s Compliance Department every wek via the

video conferencing.

Through these activities, al participants have improved their

awarenes and knowledge of ocupational safety and health,

quality and environmental. Furthermore, they exchanged ideas and

helped to promote the ocupational safety and health, quality and

environmental culture in the Group.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2570

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 工作环境质素

（续）

遵守雇佣法例

我们已为本集团的雇员编制全面的雇

员手册及不时检讨该等政策，以确保

我们遵守有关雇佣保障及雇员福利的

雇佣条例。我们不同业务单位的人力

资源部亦遵守部门手册，以确保于整

个招聘过程中符合法律及法规定，

以及杜绝雇用非法劳工或童工及强迫

劳动。

于本年度，本集团并无发现任何涉及

非法劳工或童工及强迫劳动的违规个

案，并已遵守一切有关雇佣及劳工措

施的相关法律及法规。

(I) 环境保护

环境管理

鉴于温室效应及气候变化加剧，节能、

减碳及减少污染已成为与我们息相

关的全球议题。作为尽责的企业公民，

本集团已制订政策及采取措施，在营

运过程中减少污染、有效使用能源、

减废及扩展回收措施。我们已于管理

系统融入风险为本的思维、生命周期

观点及缓减措施，以解决最新的环境

挑战。本集团已按照国际认可的ISO

14001及ISO 50001标准，设立有效的

环境管理系统。我们已加入多个环保

团体成为会员并积极支持有关团体，

致力实践本集团的核心价值。

本公司已制定气候变化政策，其载述

本公司透过减少废物产生和碳足印及

提高循环再造以减少污染及保护环境；

有效使用资源；提供及推广绿色建筑

解决方案及方法；及支持采用可再生

能源，以减少碳足印等方式以应对环

境挑战之承诺。

我们已制定「俊和环境手册」并派发予

管理层至前线的所有项目员工。该手

册概述本集团的环境政策、本地法例

要求及相关缓解措施，作为「一站式」

指引，促进员工在涉及广泛的合规及

风险管理事宜的情况下提供服务及产品。

(I) WORKPLACE QUALITY (Continued)

Compliance with Employment Laws

We have adopted the comprehensive Employe Handbok for

employes of the Group and review the policies from time to time to

ensure that we comply with the Employment Ordinance in respect

of employment protection and benefits for employes. Our human

resource functions of diferent busines units also observe the

departmental manuals so as to ascertain that they adhere to legal and

regulatory requirements throughout the recruitment proces, and to

avoid the employment of ilegal labour or child and forced labour.

During the Year, the Group did not identify any non-compliance

cases involving ilegal labour or child and forced labour, and complied

with al relevant laws and regulations relating to employment and

labour practices.

(I) ENVIRONMENTAL PROTECTION

Environmental Stewardship

In view of the growing grenhouse efect and climate change,

energy conservation, carbon reduction and minimising polution have

become global isue that could afect any one of us. As a responsible

corporate citizen, the Group has established policies and measures

to minimise polution, eficiently utilise energy, reduce waste and

expand recycling practices in our operation. Risk-based thinking,

lifecycle perspective and mitigation have ben incorporated into our

management system to adres the latest environmental chalenges.

The Group has established efective environmental management

systems in compliance with internationaly-recognised ISO 14001 and

ISO 50001 standards. Comited to the core values of the Group,

we have become the members of various environmental protection

groups and actively suported these organisations.

The Company has adopted the climate change policy, which outlines

the comitment of the Company to adres the climate chalenges

by minimising polution and protecting the environment by reducing

waste generation and carbon fotprint and enhancing recycling;

making eficient use of resources; providing and promoting gren

building solutions and methodologies; and suporting the adoption

of renewable energy to reduce the carbon fotprint, etc.

We developed a “Chun Wo Environmental Handbok” and distributed

to al project staf from management to frontline level. This handbok

sumarises the Group’s environmental policy, local statutory

requirements and related mitigation measures which act as “one stop”

guidelines to facilitate staf to deliver our services and products acros

a wide spectrum of compliance and risk management maters.

	2024/25	2023/24
	Tonnes	Tonnes
	吨	吨
299,957
108,212
401
7
19,967
3,935
143
432,622

亚洲联合基建控股有限公司 2024/25年报71

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 环境保护

（续）

废物及资源管理

为减少产生废料及增加循环再造，我

们已在工地内实施废物管理架构。考

虑到现时营商环境以及建筑项目之性

质及年期，本集团持续推行环保措施，

旨在自2021财政年度起每五个财政年

度，实现每百万港元收益减少5%的排

放量及资源使用。

(I) ENVIRONMENTAL PROTECTION (Continued)

Waste and Resources Management

Waste Management Hierarchy has ben adopted on-site to reduce

waste production and enhance recycling. With the continuation

of our environmental protection measures, in view of the curent

busines environment and nature and period of construction

project, the Group targets to achieve a 5% drop in emisions and

resources used per HK$ milion revenue for every five financial years

comencing from the financial year of 2021.

Waste Management Hierarchy

废物管理架构

Top Priority

最优先

Last Priority

最后优先

Avoidance and

Minimisation

避免及尽量减少

Recovery and

Recycling

回收及循环再造

Treatment

处理

Disposal

弃置

Reuse of

Materials

重用材料

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2572

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) ENVIRONMENTAL PROTECTION (Continued)

Waste and Resources Management (Continued)

Expired Safety Helmets 过期的安全头盔

Damaged Water Bariers 损坏的注水路障

Trafic Cones 交通标桶

Plastic Strip/Pelet 胶条╱胶粒

Rocks, Soils, Concrete, Metal

石块、泥土、混凝土、金属

Construction and Demolition 工程及拆卸废物

Other Construction Sites 其他建筑工地

Paving Bricks 铺路砖

Recycled and Reused Over 95% of Construction Waste

循环再造及重用多于95%的工程废物

Disposed Les Than 5% Waste Generated

弃置少于5%的已产生废物

Reduce Waste Production and Enhance Recycling

减少产生废料及增加循环再造

Decrease Presure on Landfil Disposal

减轻堆填区的压力

Examples of Waste Recycled and Reused

废物循环再造及重用例子

Reuse

重用

Recycle

循环再造

(I) 环境保护

（续）

废物及资源管理（续）

Managing Resources and Energy Use in an Eco-friendly Manner	以环境友善的方式管理资源及能源使用

亚洲联合基建控股有限公司 2024/25年报73

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Aim: Maximise the Benefits in Environmental Protection, Energy Eficiency and Carbon Fotprint Reduction

目标：发挥环境保护、能源效益及减少碳足印的最大益处

(I) 环境保护

（续）

废物及资源管理（续）

「废电器电子产品生产者责任计划」覆

盖冷气机、雪柜、洗衣机、电视机、

电脑、打印机、扫描器及屏幕，供应

商在分销上述名单的设备前须向环境

保护署（「环保署」）登记。供应商须履

行其他法定责任，如向环保署定期提

交申报表、支付循环再造征费及分销

受管制电器时贴上回收标签。

汞管制条例旨在于香港全面实施关于

汞的水俣公约，目的是保护人类健康

与环境免受人为排放汞（俗称「水银」）

及汞化合物引起的污染。本公司于处

理有关污染物时已严格遵守相关条例。

另外，来自拆卸旧建筑或设备的不常

见有害废料（如石棉）占所产生废料总

额不足0.001%，均按照本地规例隔离

及处理。

(I) ENVIRONMENTAL PROTECTION (Continued)

Waste and Resources Management (Continued)

“The Producer Responsibility Scheme on Waste Electrical and

Electronic Equipment” covers air-conditioners, refrigerators, washing

machines, television, computers, printers, scaners and monitors,

our supliers must be registered with Environmental Protection

Department (“EPD”) before distributing the above listed equipment.

Our suplier must fulfil other statutory obligations such as the

periodic submision of returns to the EPD, payment of recycling levies

and providing recycling labels when distributing regulated electrical

equipment.

The Mercury Control Ordinance aims to fuly implement the

Minamata Convention on Mercury in Hong Kong, with a view to

protect human health and the environment from anthropogenic

emisions of mercury and mercury compounds. The Company has

strictly complied with the relevant ordinance when dealing with the

polutant. In adition, infrequent hazardous waste from demolition

of old structures or equipment (e.g. asbestos), which acounted for

les than 0.001% of the total waste generated has ben separated

and treated in acordance with local regulations.

Implementing Eco-friendly actions in our ofices and project

sites to promote environmental awarenes

Phasing out traditional T8 tubes and replacing with energy

saving T5 fluorescence tubes and LED lighting

Using of solar thermal energy for power (electricity) generation

to reduce diesel use and hence carbon emisions

Reusing wastewater after sedimentation treatment for site

cleaning, water supresion systems, whel washing at site

aces, water barier filing, etc.

Reusing recycled water for preliminary air lifting of bore piles

Using seawater instead of freshwater for marine works

Reusing water driping from air-conditioners for rof sprinkler

coling systems and watering of plants of site ofice

Using noise barier and enclosure to protect sensitive receivers

Minimising the use of generator

Increasing the use of renewable energy by 5% every year

Implementing IoT-integrated energy management systems which

enable real-time monitoring and optimisation of energy usage

在办公室及项目地盘推行环境友善

行动，以提升环保意识

逐步淘汰传统的T8光管，并以节能

的T5萤光灯管及LED照明取代

运用太阳能发电，以减少使用柴油，

从而减少碳排放

污水经沉淀处理后，循环再用于地盘

清洁、洒水抑尘系统、于工地出入口

清洗车轮及灌入注水路障等

将水循环再用于初步清洗钻孔桩

于海洋工程使用海水代替淡水

收集冷气机滴水，循环再用于屋顶洒

水降温系统及为工地办公室植物灌

溉

运用隔音屏障及隔音罩保护易受噪

音影响的群体

尽量减少发电机的使用

每年增加使用可再生能源5%

实施可实时监控及优化能源使用的

物联网整合能源管理系统

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2574

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) ENVIRONMENTAL PROTECTION (Continued)

Environmental Measures

It is our unshirkable responsibility to provide and promote gren

building solutions and methodologies to create sustainable cities

and contribute towards climate change. Sustainability designs and

construction methods have ben initiated in our project sites with

developed mitigation measures to protect our environment, reduce

waste generation and enhance recycling.

Eco-friendly Actions at Construction Sites (Gren Construction Methods)

于工地的环境友善行动（绿色建筑方法）

Water Pipes Recycling水管循环再造

Alteration as mobile ofice and resting area

Equiped with solar energy panels for site ofice and workers

welfare facilities

The generated electricity is used for powering the computers,

televisions and electric fans inside, and for phone charging

改建作为流动办公室及休息区

为地盘办公室及工人福利设备配置太

阳能板

产生的电力为室内的电脑、电视机及

电风扇供电及为手机充电

Use of Enertainer使用净能柜

Zero diesel fumes with 85% les carbon dioxide emision

Backend platform is equiped for energy usage analysis

柴油产生的废气为零，二氧化碳排放

减少85%

后端平台具备能源使用分析功能

Noise Reduction减少噪音

Use of dril and split for rock breaking, replacing traditional

noisy breaker, reducing noise emanating from sites

Use of silent piler for shet piling, replacing noisy percusive

piling

使用钻机及分割工具进行碎石，替代

传统且嘈吵的轧碎机，降低地盘现场

产生的噪音

使用无声打桩机，替代撞击式打桩

Waste Reduction减少废物

Use of more durable aluminum modules and stel formworks,

replacing traditional timber formworks, for wal and column

construction, reducing waste generation

Reuse excavated soil and rock in other contracts

在结构工序进行时使用更耐用的铝模

组及钢模板，替代传统的木模板，减

少废物的产生

于其他合约重用已挖掘的泥土及石块

B5 BiodieselB5生物柴油

Lower wel-to-whel carbon dioxide emision compared with

conventional diesel

与传统柴油相比，降低从油井到车轮

的二氧化碳排放

(I) 环境保护

（续）

环保措施

我们对提供及推广绿色建筑解决方案

以及打造可持续发展城市及应对气候

变化责无旁贷。我们已于项目地盘采

用可持续设计及建造方法，使用成熟

的缓减措施以保护环境、减少废物产

生及提高循环再造。

亚洲联合基建控股有限公司 2024/25年报75

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 环境保护

（续）

环保措施（续）

Eco-friendly Actions at Construction Sites (Gren Construction Methods)

于工地的环境友善行动（绿色建筑方法）

Use of Natural Resources使用天然资源

Use of seawater instead of freshwater for marine works

(predriling, piling and airlifting)

Surplus rocks and soils are reused by other projects instead of

disposal

于海洋工程（预钻孔、打桩及空运）使

用海水代替淡水

于其他项目重用剩余的石块及泥土代

替弃置

Building Information Modeling建筑信息模拟

Improve cordination and clash detection, reduce the amount

of unecesary remedial works with true representation of

the actual construction condition

Estimate material quantities precisely, avoid surplus of

materials

Facilitate of-site pre-casting of modules, reduce use of

formwork materials

Reduce of carbon dioxide emision with reduction in amount

of rework, construction and demolition waste and number of

construction plant on site

改善协调及碰撞检查及减少不必要的

修补工作，清晰反映实际施工状况

精确估算材料数量，避免材料过剩

促进在地盘外预制模组，减少模板工

序中使用的材料

透过降低翻工量、工程及拆卸废物及

工地中的建筑机械数量来减少二氧化

碳排放

Eco-Friendly Actions at Ofices

于办公室的环境友善行动

Carbon Emision Monitoring System碳排放监控系统

Paperles metings

Switching of lighting and apliances (computers and

monitors) during lunch hours

Maintaining indor temperature betwen 24°C and 26°C in

sumer

无纸会议

于午膳时间关掉照明及装置（电脑及屏

幕）

于夏季维持室内温度介乎摄氏24度至

26度

Eco-renovation环保装修

Aplying energy-saving lighting

Utilising natural light in interior design

Reusing old furniture

使用节能照明

在室内设计上善用自然光源

重用旧家具

On-Grid Solar System并网型太阳能系统

Operating in paralel with the electricity grid of the site for

suplementing the foil-based generation and protecting

environment

与工地的输电网络配合使用，以补充

以箔为本的发电以及保护环境

(I) ENVIRONMENTAL PROTECTION (Continued)

Environmental Measures (Continued)

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2576

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) ENVIRONMENTAL PROTECTION (Continued)

Digitisation of Environmental Data

In our civil enginering and building construction projects,

environmental data digitisation has become increasingly popular.

This trend alows us to minimise human eror raised from data

procesing and provide instant fedback for our staf to response

timely on the project’s emision and waste figures. Meanwhile,

the digitised environmental data can be made public, which can

increase transparency in emision and waste generation. We

therefore developed a carbon emision platform and implemented in

projects, this platform would be conected with IOT sensors on site

and alows us to consolidate the related real time carbon emision,

moreover, based on the date we colected and we can review and

make improvement on the carbon emision performance from time

to time.

We also understand the importance of creating a culture of

inovation and colaboration in the construction industry. We have

sucesfuly colaborated with government, institutions and other

stakeholders to explore the inovative environmental aproaches

such as:

Colaboration with EPD for the CEasy System for Electronic Chit

Ticket System Pilot Scheme

Colaboration with Lingnan University for Smart Inteligent

GeoAI Mosquito Kiler Device

Colaboration with Hong Kong Construction Asociation for

“ESG Recognition Scheme” and “Carbon Smart Scheme”

Environmental Performance

The Group has established a comprehensive group-wide carbon

audit system which extended the scope of carbon audit to monitor

emision data of diferent busines units under the Group. The Group

has developed policy of controling grenhouse gas emision, and

managing our fuel and electricity usage through deployment of high

eficiency equipment for beter use of resources.

The Group suports low carbon construction and is a signatory

member of “Low Carbon Charter” of Busines Environmental

Council. We suport greater use of electric plant and equipment

and low carbon alternative fuels (e.g. biodiesel) where electrification

is not posible. We use B5 biodiesel, renewable energy system (e.g.

solar power) and mas batery energy storage to reduce carbon

emision from sites.

(I) 环境保护

（续）

环境数据数码化

在我们的土木工程及楼宇建筑项目中，

环境数据数码化愈趋普及。此趋势使

我们能够减少因数据处理造成的人为

错误，并向员工提供即时反馈以便及

时应对项目排放及废物数据。同时，

数码化的环境数据可供公众查阅，增

加排放及废物产生的透明度。因此，

我们开发了一个碳排放平台，供各个

项目采用，此平台将与现场的物联网

感应器连接，让我们可以整合相关的

即时碳排放数据，亦可以根据我们收

集的数据不时检视及改善碳排放绩效。

我们亦理解在建筑界缔造创新合作文

化的重要性。我们成功与政府、机构

及其他持份者合作，探索创新的环保

方针，例如：

与环保署合作推行电子载运入帐

票系统先导计划筑好运系统

与岭南大学合作开发智能GeoAI

灭蚊装置

与香港建造商会合作推行「可持

续发展嘉许计划」及「碳智能计划」

环保绩效

本集团已设立全面涵盖集团整体的碳

审计系统，并将碳审计范围扩展至监

测本集团不同业务单位的排放数据。

本集团已制定控制温室气体排放的政

策，以及透过安装高效设备管理燃料

使用量及用电量，促进资源运用得宜。

本集团支持低碳建筑，并签署加入商

界环保协会的《低碳约章》。在不容许

电气化的情况下，我们支持提高发电

厂及设备以及低碳替代燃料（如生物柴

油）的使用率。我们使用B5生物柴油、

可再生能源系统（如太阳能）及大规模

的电池储能，以减少工地产生的碳排放。

KPIs	Description
关键绩效指标	描述
Aspect A1 层面A1	Emissions 排放物

Please refer to the section headed “ENVIRONMENTAL PROTECTION” above 请参见上文「环境保护」一节

Please refer to the section headed “ENVIRONMENTAL PROTECTION” above 请参见上文「环境保护」一节

亚洲联合基建控股有限公司 2024/25年报77

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 环境保护

（续）

环保绩效（续）

反映本集团于环境方面绩效之关键绩

效指标（「关键绩效指标」）如下：

(I) ENVIRONMENTAL PROTECTION (Continued)

Environmental Performance (Continued)

The Key Performance Indicators (“KPI(s)”) demonstrating our Group’s

performance under the environmental area are disclosed as folows:

A1.1The types of emisions and respective emisions data

排放物种类及相关排放数据

A1.2Grenhouse gas emisions and intensity

温室气体排放量及密度

Scope 1

范围1

Direct Emisions (tones CO2e)

直接排放（吨二氧化碳当量）

Scope 2

范围2

Energy Indirect Emisions (tones CO2e)

能源间接排放（吨二氧化碳当量）

Total (tones CO

总计（吨二氧化碳当量）

2024/252023/24

26,62325,012

Intensity (tones CO

per HK$ milion revenue)

密度（吨二氧化碳当量╱

每百万港元收益）

2024/252023/24

2.92.8

20,612

15,293

2024/25

2023/24

6,011

9,719

2024/25

2023/24

A1.3 & A1.4Total hazardous waste and non-hazardous waste produced and intensity

所产生有害及无害废弃物总量及密度

Non-hazardous Waste (tones)

无害废弃物（吨）

2024/25: 452,9572023/24: 470,902

Intensity

(tones per HK$ milion revenue)

密度（吨╱每百万港元收益）

2024/25: 50.02023/24: 53.6

Hazardous Waste (tones)

有害废弃物（吨）

2024/25: 0.272023/24: 78

Intensity

(tones per HK$ milion revenue)

密度（吨╱每百万港元收益）

2024/25: 0.000032023/24: 0.01

A1.5Description of emision target(s) set and steps taken to achieve them

描述所设定的排放目标及为达致目标所采取的步骤

KPIs	Description
关键绩效指标	描述

Please refer to the section headed “ENVIRONMENTAL PROTECTION” above 请参见上文「环境保护」一节

Aspect A2 层面A2	Use of Resources 资源使用

Please refer to the section headed “ENVIRONMENTAL PROTECTION” above 请参见上文「环境保护」一节

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2578

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

A1.6Description of how hazardous and non-hazardous wastes are handled, and a description

of reduction target(s) set and steps taken to achieve them

描述处理有害及无害废弃物的方法，以及描述所设定的减废目标及为达致目标所采

取的步骤

A2.1Direct and/or indirect energy consumption by type in total and intensity

按类型划分的直接及╱或间接能源总耗量及密度

Electricity (kWh) Intensity (kWh per HK$ milion revenue)

用电量（千瓦时）密度（千瓦时╱每百万港元收益）

Diesel (Litre) Intensity (Litre per HK$ milion revenue)

柴油（升）密度（升╱每百万港元收益）

Petrol (Litre) Intensity (Litre per HK$ milion revenue)

汽油（升）密度（升╱每百万港元收益）

2023/24:

24,861,766

5,448,542

2023/24:

332,506

2023/24:

2,832.0

620.6

2023/24:

37.9

2024/25:

15,817,321

7,434,792

2024/25:

356,555

2024/25:

1,746.8

821.1

2024/25:

39.4

A2.2Water consumption in total and intensity

总耗水量及密度

Water consumption (m

)Intensity (m

per HK$ milion revenue)

耗水量（立方米）密度（立方米╱每百万港元收益）

2024/25:2023/24:2024/25:2023/24:

343,517298,81037.934.0

A2.3Description of energy use eficiency target(s) set and steps taken to achieve them

描述所订立的能源使用效益目标及为达致目标所采取的步骤

(I) ENVIRONMENTAL PROTECTION (Continued)

Environmental Performance (Continued)

(I) 环境保护

（续）

环保绩效（续）

KPIs	Description
关键绩效指标	描述

Please refer to the section headed “ENVIRONMENTAL PROTECTION” above 请参见上文「环境保护」一节

Disclosure of packing material is omitted since it is not identified as material aspect in the business of the Group. 由于包装材料未被识别属于本集团之重要业务方面，因此省略包装材料之披露

Aspect A3 层面A3	The Environment and Natural Resources 环境及天然资源

Please refer to the section headed “ENVIRONMENTAL PROTECTION” above 请参见上文「环境保护」一节

Aspect A4 层面A4	Climate Change 气候变化

Please refer to the section headed “ENVIRONMENTAL PROTECTION” above 请参见上文「环境保护」一节

亚洲联合基建控股有限公司 2024/25年报79

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 环境保护

（续）

环保绩效（续）

A2.4Description of whether there is any isue in sourcing water that is fit for purpose, water

eficiency target(s) set and steps taken to achieve them

描述求取适用水源上是否有任何问题，以及所订立的用水效益目标及为达致目标所

采取的步骤

A2.5Total packaging material used for finished products and, if aplicable, with reference to

per unit produced

制成品所用包装材料的总量及（如适用）每生产单位占量

A3.1Description of the significant impacts of activities on the environment and natural

resources and the actions taken to manage them

描述业务活动对环境及天然资源的重大影响及已采取管理有关影响的行动

A.4.1Description of the significant climate-related isues which have impacted, and those which

may impact the isuer, and the actions taken to manage them

描述已经及可能对发行人产生影响的重大气候相关事宜，以及管理相关事宜的行动

(I) ENVIRONMENTAL PROTECTION (Continued)

Environmental Performance (Continued)

香港绿色机构认证
Environmental Campaign Committee (ECC) 环境运动委员会（环运会）
4 Wastewise Certifcates — Excellent Level 4 项减废证书 — 卓越级别
3 Wastewise Certifcates — Good Level 3 项减废证书 — 良好级别
1 Energywise Certificates — Excellent Level 1 项节能证书 — 卓越级别
2 Energywise Certificates — Good Level 2 项节能证书 — 良好级别

HKQAA 香港品质保证局
2 Outstanding Awards for Contribution to Livable City Construction (Contractor) — Promote Eco-friendly Construction 2 项杰出宜居城市建筑贡献大奖（承建商） — 推动环保施工
4 Gold Seal for Contribution to Livable City Construction (Contractor) — Promote Eco-friendly Construction 4 项宜居城市建筑贡献金章（承建商） — 推动环保施工

Development Bureau 发展局
1 Considerate Contractors Site Award (CCSA) (Bronze) 1 项公德地盘奖 — 铜奖
2 Considerate Contractors Site Awards (CCSA) (Merit) 2 项公德地盘奖 — 优异奖

Green Council 环保促进会
5 Project Awards — Recognised Project 5 项项目奖项 — 获认可项目

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2580

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) ENVIRONMENTAL PROTECTION (Continued)

Environmental Awards

Our Group’s eforts in contributing to environmental protection have

ben recognised by the comunity with the folowing environmental

awards received during the Year:

Hong Kong Gren Organisation Certification

Hong Kong Gren and Sustainability Contribution Awards — 2024

香港绿色和可持续贡献大奖 — 2024

UNSDG Achievement Awards Hong Kong 2024

联合国可持续发展目标香港成就奖2024

30th Considerate Contractors Site Award Scheme (CSAS)

第30届公德地盘嘉许计划

(I) 环境保护

（续）

环保奖项

本集团在环保方面的贡献备受社会肯

定，并于本年度荣获以下环保奖项：

香港绿色企业大奖2024
Green Council 环保促进会
1 Green Management Award — Project Management (Large Corporation) — Gold 1 项优越环保管理奖 — 项目管理（大型企业）— 金奖
4 Green Management Awards — Project Management (Large Corporation) — Silver 4 项优越环保管理奖 — 项目管理（大型企业）— 银奖
3 Green Management Awards — Project Management (Large Corporation) — Bronze 3 项优越环保管理奖 — 项目管理（大型企业）— 铜奖
3 Green Management Awards — Project Management (Large Corporation) — Merit 3 项优越环保管理奖 — 项目管理（大型企业）— 优异奖
3 Environmental, Health and Safety Awards (Large Corporation) — Bronze 3 项超卓环保安全健康奖（大型企业）— 铜奖 2023 Hong Kong Awards for Environmental Excellence 2023香港环境卓越大奖
Hong Kong Awards for Environmental Excellence 香港环境卓越大奖
2 Hong Kong Awards for Environmental Excellence — Merit 2 项香港环境卓越大奖 — 优异奖 HKCA ESG Recognition Scheme 香港建造商会「可持续发展嘉许计划」
Hong Kong Construction Association 香港建造商会
Environmental Merit Award 环境优异奖 iRecycle Sustainability Award 爱回收可持续发展大奖
iRecycle Charity Foundation 爱回收慈善基金
iRecycle Sustainability Award 爱回收可持续发展大奖 HKCA HK Construction Environmental Awards 2024 香港建造商会香港建筑环保大奖 2024
Hong Kong Construction Association 香港建造商会
2 Environmental Merit Awards 2 项环境优异奖

亚洲联合基建控股有限公司 2024/25年报81

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 环境保护

（续）

环保奖项（续）

(I) ENVIRONMENTAL PROTECTION (Continued)

Environmental Awards (Continued)

Hong Kong Gren Awards 2024

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2582

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 营运惯例

我们致力于以智慧解决问题，并通过

于运营中开发和采用创新和技术，提

供高品质的产品和服务，以满足客户

的需求，同时遵守国际公认的标准，

成为一家不断发展和负责任的企业。

创新

我们致力于开发建造业的创新技

术。于2016年，我们推出创新品牌

「Ino@ChunWo」，旨在提升建筑技

术，同时吸引年轻一代在创新及建筑

领域开展职业生涯。

我们的成功研发成果可分为五大领域，

包括「装配式建筑」、「先进技术及材

料」、「建造机械化」、「数码转型 — 智

能工地」及「电子采购」。

「装配式建筑」

本公司已成功采用创新的组装合成建

筑法技术，该技术为一种最先进的施

工方法，在提高生产力、安全性及可

持续性的同时，亦集中加快项目的运作。

为了进一步提高我们的组装合成建筑

法能力，我们已开发全面的模块式系

统，其中包括我们与一位合作伙伴合

作的专利「墙壁连接技术」。此项突破

性技术成功克服传统建筑及组装合成

建筑法技术的局限性，通过减少墙壁

厚度来满足市场对更大生活空间的需

求。该技术更具成本效益及可利用性，

不仅加快施工进度，亦可提高制成品

的品质。我们致力于采用及加强组装

合成建筑法技术，展现我们在实践环

境可持续性及社会责任的奉献及努力。

(I) OPERATING PRACTICES

We are comited to solving problems by inteligence and fulfil

customer satisfaction by developing and adopting inovation and

technology in operation and providing high quality products and

services, with complying with internationaly recognised standards,

endeavoring to be a dynamic and responsible enterprise.

Inovation

We are dedicated to developing inovation technologies for

construction. In 2016, we launched our inovation brand

“Ino@ChunWo”, with an aim to elevate construction techniques

and at the same time atract a younger generation to start their

carer in inovation and construction.

Our sucesful research and development outcomes can be

categorised into five main area, including “Of-Site Construction”,

“Advanced Technology & Materials”, “Robotics and Automation”,

“Digital Transformation — Smart Site” and “E-procurement”.

“Of-Site Construction”

Our company has sucesfuly adopted inovative MiC technology,

which represents a state-of-the-art construction method that

intensively speds up our projects’ operations while enhancing

productivity, safety and sustainability.

To further enhance our MiC capabilities, we have developed a

comprehensive modular system, which includes our patented “Wal

Conection Technology” in colaboration with a joint venture

partner. Such breakthrough technology has sucesfuly overcome

the limitations of traditional construction and MiC technology by

reducing wal thicknes to met the market’s demand for larger living

spaces. This more cost-efective and utilisable technique not only

speds up the construction proces but also enhances the quality

of the final product. Our comitment to adopting and enhancing

MiC technology demonstrates our dedication to environmental

sustainability and social responsibility.

亚洲联合基建控股有限公司 2024/25年报83

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 营运惯例

（续）

创新（续）

「先进技术及材料」

我们与纳米及先进材料研发院合作开

发快速修补砂浆材料（「R

」），该材

料可运用于建筑物上，以快速修复混

凝土剥落的区域。R

含有不锈钢纤

维，可恢复锈蚀钢筋失去的承载力，

并为板材抵御拉伸载荷。此项技术消

除了钢筋搭接及良好的混凝土破损的

需要，在成本及时间上超越了传统的

修复方法。通过该节省时间的修复方

法，我们可以减少混凝土的破损量，

减少产生噪音、灰尘及建筑废料，并

将对建筑物的用户及附近住宅的影响

降至最低。

「建造机械化」

我们与香港中文大学合作的研究项目

「用于外墙窗户清洗及墙面粉刷的混合

电缆驱动的串联机器人」，有助协助建

筑服务行业。该技术可有助解决工人

需求的不断增加及短缺、大量工人即

将退休、劳动密集及艰苦的工作、危

险及恶劣环境问题，以及可提高品质

及降低成本。此外，随著电缆机器人

的发展，我们能够通过自动化或远端

控制有风险的外墙工程以防止事故发生。

「数码转型 — 智能工地」

我们正在积极研究智能工地及相关硬

件及系统，以减少对环境及健康的影

响，例子如下：

环境监控系统：物联网感测器检

测周围环境并自动部署对策系

统，以减少对附近居民及工人的

影响

自动检测现场工作环境，如温

度、湿度、灰尘及噪音水平

当数值高于╱低于限值时，自动

打开╱关闭喷水器及冷却风扇

(I) OPERATING PRACTICES (Continued)

Inovation (Continued)

“Advanced Technology & Materials”

We have worked with Nano and Advanced Materials Institute to

develop the Repaid Repair Mortar Material (“R

”), which can be

deployed in buildings to quickly repair areas of concrete spaling.

contains stainles stel fibres which can recover the lost loading

capacity of coroded rebar and resist tensile loads for slabs. This

technology eliminates the ned for rebar laping and god concrete

breaking, surpasing the conventional repair method in terms of

cost and time. With this time-saving repair method, we can reduce

the volume of concrete breaking, produce les noise, dust and

construction waste, and minimise the impact to users of the building

and nearby residence.

“Robotics and Automation”

A research project with The Chinese University of Hong Kong on

“Hybrid Cable-Driven Serial Robot for Exterior Facade Window

Cleaning and Wal Painting” is able to asist the building services

industry. Such technology may tackle the isue arisen from the

increasing demand and lack of workers, high number of workers

aproaching retirement, labour intensive and hard work, dangerous

and harsh conditions, and increase quality and lower costs. Besides,

folowing the development of cable robot, we are able to prevent

acidents by automating or remotely controling risky exterior facade

works.

“Digital Transformation — Smart Site”

We are actively researching smart site and related hardware and

systems to reduce environment and health impacts, several examples

are as folows:

Environmental Monitoring System: Internet of Things sensors to

detect surounding environment and automate deployment of

countermeasure systems to reduce impacts to nearby residents

and workers

Auto detecting the site working environment e.g. temperature,

humility, dust and noise level

Automaticaly switch on/of the sprinklers and coling fan

when the figures are above/below the limit

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2584

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) OPERATING PRACTICES (Continued)

Inovation (Continued)

“Digital Transformation — Smart Site” (Continued)

Confined Space Monitoring System

Check status of worker, harmful gas monitoring, temperature

monitoring and real-time alert system

“E-procurement” & Project Document Management

Matex Asia Development Limited, a subsidiary of the Company,

has launched an online construction material procurement and

project document management platform caled “eMat”. It has ben

adopted by multiple construction projects to digitaly transform

their submision documents and material procurement procedures

throughout their projects. The platform included diferent modules

brings together developers, consultants, main contractors, sub-

contractors and supliers for al-rounded material management.

It fuly utilises cloud data procesing mode as wel as mobile

aplication, enabling users to centraly manage diferent stages of

material, from geting material aproval by clients, obtaining al

purchase requests from projects, confirming orders with supliers,

aranging delivery, recording gods receipt and reconciling invoice.

Through the utilisation of our Submision Management Module,

contractor team can centraly store relevant content to a submision

on our scalable cloud solution. Readied submision documents are

transmited to its target audience in digital form, along with its

electronic Document Management System integration, has eliminated

the ned for projects to deliver these documents via paper-based

mediums, while improving the eficiency and transparency amongst

project participants.

To help identify gren products during the material procurement

proces, our Transaction Management Module has provided key

features for supliers to identify which one of their products being

gren certified, and the oficial certification can be uploaded

and published to the platform, to alow it to be shortlisted when

purchasers sek for eco-friendly materials.

(I) 营运惯例

（续）

创新（续）

「数码转型 — 智能工地」（续）

密闭空间监控系统

检查工人的状态、有害气体监

测、温度监测及实时警报系统

「电子采购」及项目文件管理

本公司之附属公司材迅亚洲发展集团

有限公司推出了名为「eMat」的在线

建筑材料采购和项目文件管理平台。

eMat已被多个工程项目采用，以数码

化各项目的物料审批文件和物料采购

流程。该平台内包含了不同模组连系

著发展商、顾问、总承建商、分判商

及供应商以进行全方位的物料管理。

平台充分利用云端数据处理模式和手

机应用程式，使各用家能集中管理物

料的各个阶段，从客户审批物料、获

取项目所有采购申请、与供应商确认

订单、安排发货、记录收货，以至核

对发票。

通过利用我们的物料审批管理模组，

承建商团队可以在我们的可扩展云端

解决方案上集中储存与提交相关内容。

完整的审批文件可以数码形式传送至

其目标受众，再加上电子文件管理系

统的配合，项目之间不再需要通过纸

质媒介传阅这些文件，同时亦提高了

项目参与者之间的效率和透明度。

为了帮助在材料采购过程中识别绿色

产品，我们的交易管理模组提供了关

键功能，让供应商标记其拥有绿色认

证的产品，以及于平台上传并发布相

关的官方认证，以允许当采购商寻求

环保物料时，将其列入候选名单内。

No. of Suppliers
By Region	按地区划分	供应商数量

亚洲联合基建控股有限公司 2024/25年报85

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 营运惯例

（续）

供应链管理

我们了解供应链管理乃提升营运效率

不可或缺的一环，因此我们与供应商

及承建商紧密合作，务求以行之有效

及高效率的方式迎合客户需求，同时

重视负责任的营运方式。

本集团严格挑选合资格供应商，确保

其整个生产过程均符合我们的标准及

规格。我们不但要求新供应商提交所

有相关文件以供审阅，亦会进行背景

调查，以评估其可靠性。我们定期进

行巡查及评估，以检视供应商的标准，

并会终止与不合资格的供应商合作。

我们致力在整体供应链中发展及维持

有效及互惠的合作关系。

此外，本集团对供应商提供的产品及

服务推出新规定，在质素及环保方面

须达到国际标准，以鼓励供应商制定

适当的环境政策及提倡节能减排及低

碳生产。本集团与供应商举行定期会

议，以交流及分享环保经验。

于本年度，本集团于香港、中国及境

外委聘且有交易的供应商分别有514

名，13名及5名。

(I) OPERATING PRACTICES (Continued)

Suply Chain Management

We recognise that suply chain management is esential to

operational eficiency and therefore work closely with supliers and

contractors to efectively and eficiently met our clients’ neds,

while emphasising responsible operating practices.

The Group is stringent in selecting qualified supliers, ensuring

that their entire production proces is in line with our standards

and specifications. Not only do we require our new supliers to

submit al relevant documents for review, we also run background

checks to evaluate their reliability. We conduct regular inspections

and evaluations to review the standards of our supliers and cease

coperation with unqualified supliers. We are comited to

developing and maintaining efective and mutualy fruitful working

relationships throughout our entire suply chain.

The Group also puts forward new requirements on the products and

services provided by supliers are up to the international standard

in terms of quality and environmental protection, motivating the

supliers to formulate apropriate environmental policies and

promoting energy-saving emision reduction and low-carbon

production. Regular metings betwen the Group and supliers

would be held for comunicating and sharing the experience of

environmental protection.

During the Year, the transacted supliers engaged by the Group in

Hong Kong, the PRC and overseas are 514, 13 and 5 respectively.

Hong Kong香港514

PRC中国13

Overseas境外5

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2586

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) OPERATING PRACTICES (Continued)

Product/Service Responsibility

We understand that god quality products and services are keys to

suces and enhance our competitive edge. Based on this belief, the

Group has established the Quality Management System embeded

with risk-based thinking, life-cycle perspective and mitigations. Such

system is implemented by reliable busines teams, ensuring the

quality of our products and services as wel as eficiently handling

of al queries from our clients. The heads of individual divisions

discus any particular incident related to our products and services

with the relevant division managers, project managers, suporting

departments and comites. They share their views regarding various

aspects of god standards and statutory compliance. Coresponding

improvement plans are set out and implemented acros al levels.

The senior management also regularly conducts reviews with

busines units and takes necesary precautionary measures whenever

aplicable.

We maintain reliable electronic and hard copy recording systems at

various stages, including material delivery notes, origin certificates,

method statements, traceability records, inspection and testing

reports, etc., to facilitate any neds for a recal. Recal procedures are

traced through our recording system to obtain relevant information

to make decisions on any further action that may be necesary.

The Group implements stringent quality control measures including

detailed operational flows and procedures, project management

and staf training to ensure that we deliver high quality services

to our clients. In recognition of our quality asurance, our various

subsidiaries have ben acredited with ISO 9001 quality management

system standard and ISO 10002 customer management system

standard to sustain our busines position. Through the ISO 9001

quality management system and ISO 10002 customer management

system, the internal and external factors are determined to suport

the Group’s strategic direction.

Aplicable laws and regulations governing property development

and asets leasing are being complied with, and practices are

being conformed to those promulgated by Lands Department,

Buildings Department and Planing Department. In property

development projects, from design to after-sales care, health and

safety considerations are taken into acount and that the Group is

comited to the delivery of high-quality products and services to the

satisfaction of customers.

(I) 营运惯例

（续）

产品╱服务责任

我们明白优质产品及服务乃成功的关

键，且可提升我们的竞争优势。本集

团基于此信念，设立了品质管理系统，

融入风险为本思维、生命周期观点及

缓减措施。此系统由可靠的业务团队

付诸实行，确保产品与服务质素以及

迅速处理客户的所有查询。各分部主

管与相关分部经理、项目经理、支援

部门及委员会讨论任何关于产品及服

务的特定事件。他们交流良好标准及

合规等各方面的意见，制订相应改善

计划，并于各级推行。高层管理人员

亦定期与业务单位进行检讨，并在适

当情况下采取必要的预防措施。

我们设有可靠的电子及纸本文件记录

系统，涵盖不同工作阶段，包括物料

发货单、产地来源证、施工说明书、

追溯记录、检查及测试报告等，以便

应付任何召回需要。召回程序会透过

我们的记录系统加以追溯，以取得相

关资料，决定所需的进一步行动。

本集团实施严格的品质控制措施（包括

详尽的营运流程及程序、项目管理及

员工培训），以确保我们向客户提供高

品质的服务。作为对我们质量保证的

认可，多间附属公司已获得ISO 9001

质量管理体系标准认证及ISO 10002客

户管理体系标准认证，以维持我们的

业务地位。透过ISO 9001质量管理体

系及ISO 10002客户管理体系，确定内

部及外部因素以支持本集团的战略方向。

本集团已遵守管理物业发展及资产租

赁的适用法律及法规，其惯例亦符合

地政总署、屋宇署及规划署颁布之规

条。在物业发展项目方面，健康及安

全在设计直至售后服务阶段均为重点

考量因素，本集团亦竭力提供优质产

品及服务，令客户满意。

亚洲联合基建控股有限公司 2024/25年报87

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(I) 营运惯例

（续）

产品╱服务责任（续）

针对有关物业销售的监管规定，除内

部员工外，我们委聘外部法律顾问及

专业顾问公司以就遵守有关法例及法

规提供意见，特别是一手住宅物业销

售条例（该条例规管售楼说明书、宣传

广告、价单、示范单位、参观物业、

销售安排、签立合约、成交纪录册等

事项），以及遵守及履行批地档及╱或

地政总署预售楼花同意方案下预售同

意书所载条件。

我们的保安及设施管理分部城市服务

集团亦就日常营运采取监控措施，并

遵守有关法律及法规，尤其是第626

章《物业管理服务条例》及第460章《保

安及护衞服务条例》下的牌照要求，以

确保高效、优质及贯彻的表现。于本

年度，该等分部于物业安全管理及保

安服务方面获得多个奖项，肯定了我

们于维护职业安全及健康方面的努力

以及我们于行业中的专业精神。

我们认真看待客户的意见，并视之为

持续改善所提供产品及服务质素的方

式。本集团已制定标准化流程处理客

户的意见。当接获任何意见时，本集

团会因应情况采取行动及跟进有关事

件的处理情况，确保每个意见均得到

妥善处理。于本年度，本集团并不知

悉任何涉及安全及健康理由的投诉个

案或产品召回。

知识产权

本集团在整个营运过程中致力保障知

识产权。我们主要依照香港的知识产

权法、保密协议及内部政策保护所有

有关本集团及营运的知识产权。雇员

手册订明雇员须遵守的守则及条文。

(I) OPERATING PRACTICES (Continued)

Product/Service Responsibility (Continued)

To adres regulatory requirements in the context of property

sales, in adition to internal staf members, external legal advisors

and profesional consultancy firms are apointed to advise on

the compliance of relevant laws and regulations, particularly the

Residential Properties (First-hand Sales) Ordinance which regulates

the provisions of sales brochures, promotional advertisements,

price lists, show flats, viewing of properties, sales arangements,

execution of agrements, register of transactions and the like, as

wel as observance and performance of the conditions set out in the

Land Grant and/or the pre-sale consent under the Lands Department

Consent Scheme.

Our security and facility management divisions, City Services Group,

also adopt control measures in respect of routine operations and

comply with the relevant laws and regulations, especialy the license

requirements under the Property Management Services Ordinance

(Cap. 626) and Security and Guarding Services Ordinance (Cap. 460),

in order to ensure eficiency, quality asurance and uniformity of

performance. During the Year, the divisions received several awards

in the aspects of property safety management and security services,

which afirms our eforts in maintaining ocupational safety and

health and our profesionalism in the industries.

In the view of the fedback from customers, we treat it seriously and

view it as means to consistently improve the quality of our products

and services we ofer. The Group has standard procedures in place

to deal with the client’s fedback. Upon receiving any fedback, the

Group, subject to the situation, wil take action and kep track of its

setlement, ensuring every fedback being handled properly. During

the Year, the Group was not aware of any cases of complaints or

products recal related to safety and health reasons.

Intelectual Property Rights

The Group is comited to ensuring the intelectual property

rights throughout its course of operation. We primarily rely on the

intelectual property laws in Hong Kong, confidentiality agrements

and internal policies to protect al intelectual property related to the

Group and operations. The employe handbok stipulates the code

and provision that require our employes to comply.

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环境、社会及管治报告

(I) OPERATING PRACTICES (Continued)

Intelectual Property Rights (Continued)

Intelectual Property Manager Scheme

City Services Group has enroled in the Intelectual Property Manager

Scheme organised by the Intelectual Property Department to

enhance our intelectual property manpower capacity and grasp the

oportunities brought by intelectual property trading. By enroling in

the Intelectual Property Manager Scheme, we have taken a proactive

step towards enhancing our intelectual property management

capabilities. We have apointed a dedicated in-house intelectual

property manager who has completed the training course and is

responsible for overseing our intelectual property asets.

Data Protection and Privacy Policies

Our privacy protection policy strictly prohibits al employes from

revealing any confidential information, including customer data.

To ensure the security and prevent any misuse or abuse, aces to

consumer data, project-related information, and other sensitive data

is controled through aces rights. The Group consistently adheres

to the Personal Data (Privacy) Ordinance and regularly reviews our

personel and busines practices to ensure compliance.

In 2020, the Information Security Policy was introduced to govern

the Company’s information, comprising a colection of regulations

focused on securing the Company’s information and data.

Anti-coruption

The Group places great importance on honesty, integrity, and fair

play as they greatly contribute to the value of our asets and busines.

It is crucial for al employes to uphold these values and ensure that

the Group’s reputation remains untarnished by dishonesty, disloyalty,

or coruption. To prevent any violation of the Prevention of Bribery

Ordinance, we have implemented various policies and guidelines.

Employes must refuse any gifts that could compromise their

objectivity in conducting the Group’s busines, lead them to act

against the Group’s interests, or result in alegations of impropriety.

If an employe wishes to acept a gift exceding the limit stated

in our Employe Handbok, they must obtain writen permision

from the managing director of their subsidiary or the Group. Any

employe who violates the code of conduct outlined in the Employe

Handbok wil face disciplinary action, including termination.

(I) 营运惯例

（续）

知识产权（续）

知识产权管理人员计划

城市服务集团参与了由知识产权署举

办的知识产权管理人员计划，以提升

知识产权人员的能力及把握知识产权

买卖带来的机遇。参与知识产权管理

人员计划后，我们已采取积极步骤提

升知识产权管理能力。我们已委派一

名已完成培训课程的专责内部知识产

权管理人员，负责监督我们的知识产

权资产。

资料保护及私隐政策

我们的私隐保护政策严禁所有雇员披

露任何保密资料，包括客户资料。为

确保资料安全及防止任何滥用或不当

使用，我们通过取览权限控制对客户

资料、项目资料及其他敏感资料的取

览。本集团始终遵守个人资料（私隐）

条例，并定期检讨人事及业务常规以

确保合规。

于2020年，我们引入了资讯安全政策

来规管本公司之资料，其中包括一系

列针对保护本公司资讯和资料的规定。

反贪污

本集团高度重视诚实、廉洁及公平竞

争，因为它们对我们的资产及业务的

价值贡献尤深。所有雇员必须维护这

些价值观以确保本集团的声誉不会因

欺诈、不忠或贪污而受损。为了避免

任何违反防止贿赂条例的事件，我们

已经实施多项政策及指引。

员工必须拒绝任何可能会影响雇员处

理本集团业务的客观性、诱使其行事

损害本集团的利益或引致不正当行为

的指控的馈赠。如雇员有意接受金额

超过雇员手册所列上限的馈赠，须向

特定附属公司或本集团的董事总经理

寻求书面许可。任何雇员如违反雇员

手册内的操守准则，均须接受纪律处

分，包括终止雇用。

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(I) 营运惯例

（续）

反贪污（续）

为确保我们的员工充分了解反贪污措

施的重要性，我们在季节性节日透过

发送内部备忘录以提供持续教育。该

等备忘录经常提醒员工将反贪污常规

融入日常运作，使他们具备所需的知

识和意识以辨认和预防潜在贪污风险。

我们亦会定期就「谢绝接受餽赠」政策

向业务伙伴及供应商发出书面提示。

本集团积极鼓励雇员举报任何可能有

损本集团利益的违法、违规、不道德

或不当行为或行动，并确保对有关举

报者给予足够保护。管理团队将及时

及公正地就所有接获的举报进行适当

程度的调查。本集团已制定举报政策，

当中列明报告任何工作中发现的违规

行为的指引。

于本年度，本集团并未发现任何有关

贪污的重大风险，亦无任何已裁定的

贪污案件或贪污诉讼。于未来，本集

团将继续重视反贪污措施及诚信，加

强反贪污监督，扩大外部监督范围，

借此促进本公司的健康发展。

利益冲突

所有雇员应避免任何可能导致实际或

潜在利益冲突的情况；如有此情况，

其应向附属公司或本集团的主管人员

作出书面申报。若未有申报利益冲突

情况，可能会被指控为偏私、滥权甚

至贪污。

(I) OPERATING PRACTICES (Continued)

Anti-coruption (Continued)

To ensure that our staf fuly understands the importance of anti-

coruption measures, we provide continuous education through

internal memos during seasonal festivals. These memos serve as

reminders for our staf to integrate anti-coruption practices into

their daily operations, equiping them with the knowledge and

awarenes neded to identify and prevent potential coruption risks.

We also send periodic writen reminders to our busines partners and

supliers regarding our policy of not acepting any advantages.

The Group actively encourages employes to report any ilegal,

iregular, unethical, or inapropriate acts or behaviours that may

harm the Group’s interests. We ensure that there are adequate

protections in place for whistleblowers, and al reports received are

promptly and impartialy investigated by the management team at

the apropriate level. We have implemented a whistleblowing policy

that outlines the guidelines for reporting any iregularities discovered

in the workplace.

During the year, the Group did not find any significant coruption

risks and was not involved in any confirmed coruption cases or

coruption-related litigations. Moving forward, the Group wil

continue to prioritise anti-coruption measures and integrity, enhance

oversight on anti-coruption eforts, and broaden external supervision

to ensure the Company’s healthy growth.

Conflict of Interests

Al employes should avoid any situation which may lead to an

actual or potential conflict of interests and should make a declaration

in writing to the head of the subsidiary or the Group when such

a situation arises. Failure to do so may give rise to alegations of

favoritism, abuse of authority or even coruption.

「和谐社区计划」
The “Harmony Community Programme” (HCP), established by the group in 2014, reflects our deep commitment to the communities in the 18 districts of Hong Kong where our construction projects take place. We understand that building positive relationships is essential, and we strive to minimise any miscommunication that might arise during project implementation. Moreover, the program encourages teamwork among our frontline site workers, clients, consultants, and stakeholders, fostering a collaborative spirit. In 2024, over 60 colleagues joined this initiative, contributing a total of 215 volunteer service hours. 本集团于2014年成立的「和谐社区计划」，反映我们在香港18区的建筑项目所在之社区的深切关注。我们深明建立正面的关系至关重要，并致力减少在项目施工期间可能出现的沟通不良。此外，该计划鼓励我们的前线同事、客户、顾问及各持分者之间的团队合作，培养协作精神。2024年，有超过60位同事参加该计划，累计贡献215 个服务小时。

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环境、社会及管治报告

(IV) 社区参与

本集团致力于与社区联系，积极参与

丰富的义工活动，以加强关系并促进

社会进步。透过善用我们多元化的专

业知识、承诺和创新技术，我们旨在

满足社区的重要需求、促进包容性，

以及支持当地事业，从而创造有意义

的影响。

2024年，我们与本地组织及持份者携

手合作举办一系列令人振奋的义工活

动，包括环境保护项目、教育工作坊

及支援弱势社群。我们的企业义工全

年投入超过660小时的服务，带来实

质的改变，展现我们对鼓舞身边人的

承诺。

社区

本集团鼓励员工积极参与义工活动，

回馈社区、传播正能量，同时提高员

工技能及福祉。我们致力建设和谐包

容的社会。为此，我们与慈善组织合

作及捐赠物资，为有需要人士提供援助。

(IV) COMUNITY INVOLVEMENT

The Group is comited to conecting with the comunity and

actively participating in enriching volunter initiatives that strengthen

relationships and contribute to societal beterment. By leveraging our

diverse expertise, comitment, and inovative technologies, we aim

to create a meaningful impact by adresing vital comunity neds,

fostering inclusivity, and suporting local causes.

In 2024, we joined forces with local organisations and stakeholders

to organise an exciting aray of volunter activities, including

environmental conservation projects, educational workshops, and

suport for underprivileged comunities. Our corporate volunters

invested over 660 hours of service throughout the year, making a

tangible diference and demonstrating our comitment to uplifting

those around us.

Comunity

The Group aims to inspire and motivate employes to participate

in volunter activities, give back to the comunity, and promote

positivity while also enhancing their skils and wel-being. We are

dedicated to building a harmonious and inclusive society. To achieve

this, we colaborate with charitable organisations and provide in-kind

donations to suport those in ned.

“Harmony Comunity Programe”

绿色经济及社区环保的非牟利机构

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环境、社会及管治报告

(IV) 社区参与

（续）

社区（续）

(IV) COMUNITY INVOLVEMENT (Continued)

Comunity (Continued)

Our group actively participated in the Gren Recycling Day

at the Hong Kong Flower Show, an initiative organised

by the Leisure and Cultural Services Department (LCSD)

that focuses on sustainability and flower recycling. Flowers

were transformed into compost, highlighting inovative

aproaches to waste reduction. As part of this recycling

program, over 10,000 plants were redistributed to schols

and NGOs acros Hong Kong. This efort reinforces the idea

that every smal action contributes to protecting our planet.

本集团积极参与香港花卉展览「环保回收日」，这是康乐

及文化事务署（「康文署」）举办的可持续发展及花卉回收

活动，透过将鲜花转化为堆肥，展示创新减废方法。作

为这项回收计划的一部分，超过10,000株植物被转送至香港各地的学校及非政府组织。这项活动强调了再微不

足道的行动都有助于保护我们的地球之理念。

The Group’s construction brand, Chun Wo Development

Holdings Limited (Chun Wo), has partnered with Fod Grace

Comunity Leap Limited, a non-profit organisation dedicated

to advancing a gren economy and comunity environmental

protection. Together, we organised activities to prepare and

deliver nutritious soup to the elderly residents of Shek Lei Estate.

Aditionaly, the “Vesel Repair” initiative ofered participants the

oportunity to develop repair skils, turning smal apliances into

valuable resources. This efort not only provided nourishment but

also enhanced the residents’ overal wel-being and brought joy

to their lives.

本集团的建筑品牌俊和发展集团有限公司（「俊和」）与致力推动绿色经济及社区环保的非牟利机构Fod Grace

Comunity Leap Limited合作举办活动，为石篱邨长者准备及送上营养汤品。此外，「复修号」活动让参加者有机

会发展维修技能，将小家电转化为宝贵的资源。这项活动不仅提供营养食品，还提升了居民的整体福祉，为他

们的生活带来欢乐。

Hong Kong Flower Show’s Gren Recycling Day

香港花卉展览「环保回收日」

NGO Partnership with Fod Grace Comunity Leap

与非政府组织食德好、绿德好合作

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环境、社会及管治报告

(IV) 社区参与

（续）

教育

本集团致力于支援下一代，透过提供

培训、机会及指导，务求协助他们获

得有助个人成长及未来成功所需的知

识及技能。本年度，本集团继续透过

财务援助和专业发展来支援年轻一代。

我们提供奖学金、导师计划、实习机

会，并与教育机构合作。

(IV) COMUNITY INVOLVEMENT (Continued)

Education

The Group is dedicated to suporting younger generations. By

ofering resources, oportunities, and guidance, we aim to help

them acquire the knowledge and skils necesary for personal growth

and future suces. This year, the Group continues to suport young

people through financial asistance and profesional development.

We provide scholarships, mentorship programs, internships, and

colaborations with educational institutions.

The forth “Chun Wo Inovation Student Awards”

(CWISA) was completed sucesfuly this year with

an inspiring final presentation. Established in 2018,

this bianual award aims to empower young

future enginers and encourage creative thinking

in the development of inovative enginering

solutions. The theme for this year’s CWISA is

“Enginers Overcoming the World’s Chalenges”,

with the goal of colecting bright minds to ride the

crest of the inovation wave, exploring cuting-

edge technologies like AI, robotics, and AR/VR to

craft solutions that forge an improved future for

individuals, comunities, and our planet.

第四届「俊和学生创新奖」在各方支持下圆满

举行，此奖项成立于2018年，每两年评选一次，旨在赋能年轻一代创新人才，激发他们开发创新工程解决方案。

本年度「俊和学生创新奖」主题为「工程师突破全球挑战」，旨在集结聪明的人才，在创新的浪潮中乘风破浪、探

索人工智能、机器人、AR/VR等尖端科技，打造解决方案，为个人、社区及我们的地球创造更美好的未来。

“Chun Wo Inovation Student Awards” (CWISA)

「俊和学生创新奖」（CWISA）

The Group has continued its suport for

the “Strive and Rise Program” for a second

consecutive year. A team of senior management

profesionals is actively engaged in mentoring

young individuals through valuable sharing of

knowledge and experiences, aiming to broaden

their perspectives and oportunities. Derick

Pang, the Group CEO has ben designated as

Star Mentor, shared his life experiences, carer

path, and industry insights with tenagers

and their mentors during a company visit. The

visit also included an exploration of advanced

technologies and construction knowledge at the

Group’s newly established Smart Zone.

本集团连续第二年支持「共创明Ten」计

划。我们的高级管理人员积极参与导师工

作，透过分享宝贵的知识及经验，协助年

轻人拓展视野与机遇。本集团行政总裁彭一邦获委任为星级导师，在参观公司期间与青少年及其导师分享他的人

生经验、职业发展路向及对行业的见解。参观活动还包括在本集团新成立的「智能工地」探索先进技术及建筑知识。

Strive and Rise Star Mentor

「共创明Ten」星级导师

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环境、社会及管治报告

(IV) 社区参与

（续）

健康

本集团继续致力于满足健康及社会需

求。除了为员工维持安全健康的工作

环境外，我们亦致力透过不同活动支

援有需要的人士。

Chun Wo and Lifewire jointly organised the Seventh

“Lifewire Run 2024 — Tseung Kwan O” charity run

on 1 December 2024. The event was hosted by Mr.

Lau Chun Kit, Ricky, JP, the Permanent Secretary for

Development (Works); Mr. Tai Sheung Shing, Victor,

JP, the Under Secretary for Housing; and Ms. Minie

So Wai-Yam, an Olympic Medalist in Table Tenis.

With suport from several government departments,

agencies, and aproximately 2,500 athletes, the funds

raised after covering expenses wil be used to suport

children with rare diseases and raise awarenes about

their conditions.

俊和与Lifewire《护•联网》于2024年12月1日合办第七届「2024爱跑•将军澳」。今年由发展局常任秘书长（工务）

刘俊杰先生太平绅士、房屋局副局长戴尚诚先生太平绅士，及奥运乒乓球奖牌得主苏慧音女士担任主礼嘉宾，

活动获多个政府部门、机构及约2,500名健儿响应支持，筹得善款扣除成本后将全数拨捐支援患有罕见病的儿童，

并提高大众对罕见病的关注。

Lifewire Run 2024

爱跑•将军澳2024

(IV) COMUNITY INVOLVEMENT (Continued)

Health

The Group remains comited to adresing health and social neds.

In adition to maintaining a safe and healthy work environment for

our staf, we endeavour to suport those in ned through a variety

of initiatives.

A team of dedicated athletes from Chun Wo participated in

“The CIC Dragon Boat Race 2024” held on 10 June 2024.

This estemed anual event exemplified the unwavering spirit

of our participants. It provided a significant oportunity for

our employes to come together and demonstrate the power

of teamwork and colaboration.

俊和派出一队充满热诚的运动员，参加了于2024年6月10

日举行的「建造业议会龙舟竞赛2024」。这项备受推崇的年

度盛事充分体现参赛者坚定不移的精神，也提供了一个重

要的机会，让我们的员工齐聚一堂，展示团队精神及协作

的力量。

Dragon Boat Race

龙舟竞赛

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环境、社会及管治报告

(IV) 社区参与

（续）

环境关注

本集团致力于环境保护，避免对自然

环境造成伤害。我们优先在建筑工地

实施安全及环保措施，并时刻鼓励员

工积极参与各种保护地球的措施。

(IV) COMUNITY INVOLVEMENT (Continued)

Environmental Concerns

The Group is dedicated to upholding the environment and refraining

from causing harm to the natural suroundings. We prioritise the

implementation of safety and environmental measures at our

construction sites, and consistently encourage our staf to engage in

various initiatives aimed at safeguarding our planet.

In partnership with Greners Action, the Group has

suported the “Lai Se Reuse & Recycle Program” for five

consecutive years. This initiative provides a meaningful

way to celebrate Chinese New Year while promoting

environmental responsibility. The red packets, which hold

cultural significance, represent more than just gifts and

traditions. Instead of discarding them, we have come

together to give them a new purpose, contributing to a

positive impact on the environment.

本集团与绿领行动合作，连续五年支持「利是封回收重

用大行动」。这项活动的参与者以有意义的方式庆祝农

历新年，同时推广环保责任。利是深具文化意义，代表

的不仅是礼物及传统。与其丢弃，我们一起赋予它们新的用途，对环境产生积极的影响。

Lai Se Reuse & Recycle Program

利是封回收重用大行动

In September 2024, a group of Chun Wo volunters

tok part in the “Lo Pan Service Month 2024:

Construction Industry Coastal Clean-up Day,”

organised by the Construction Industry Sports &

Voluntering Programe. Despite the hot weather, our

team embodied the spirit of Master Lo Pan and had

a rewarding experience during the beach clean-up at

Stanley Back Beach. They filed several large bags with

liter to prevent trash from entering the ocean and to

help kep the area beautiful and clean.

2024年9月，一群俊和义工参加了由建造业运动及

义工计划举办的「鲁班服务月2024：建造业爱山惜滩

行动」。我们的团队毋惧炎热天气，展现出鲁班先师的精神，在赤柱后滩的海滩清洁活动中获得宝贵的经验。

他们收集了几大袋垃圾，以防止垃圾进入海洋，帮助保持该地区美丽清洁。

Construction Industry Coastal Clean-up Day

建造业爱山惜滩行动

“Support Social Enterprises on Local Communities”	「支持本地社区社企机构」

“The Racial Diversity & Inclusion Charter for Employers”	「种族多元共融雇主约章」

“Chief Happiness Officer Recognition”	「首席快乐官嘉许标志」

亚洲联合基建控股有限公司 2024/25年报95

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(IV) COMUNITY INVOLVEMENT (Continued)

CSR Awards and Recognition

Chun Wo Construction & Enginering

Company, is honoured to have received

the prestigious recognition of “Social

Enterprise Suporter (Highest Anual Ethical

Consumption)” for 2024 from the Tithe

Ethical Consumption Movement (TECM).

This estemed platform, organised by the

Fulnes Social Enterprises Society (FSES), is

dedicated to suporting social enterprises

and promoting volunter initiatives that

enhance the development of social

entrepreneurship and ethical consumption

in Hong Kong.

俊和建筑工程公司荣获十一良心消费

运动（「十一良心消费」）颁发2024年度

「支持社企机构（最高年度良心消费金

额）」殊荣。这个备受推崇的平台由丰

盛社企学会（「丰盛」）举办，致力支持

社企机构及推动义工活动，促进香港

社企精神及道德消费的发展。

Asia Alied Infrastructure is comited to

promoting racial diversity and inclusion.

Since 2011, we have actively hired

employes from diverse backgrounds and

have adhered to best practices for ensuring

equal oportunities for everyone. We have

also signed the Racial Diversity & Inclusion

Charter for Employers, suporting the

principles of promoting racial diversity in the

workplace and working towards the nine

goals outlined by the Equal Oportunities

Comision.

亚洲联合基建致力推动种族多元共融。

自2011年起，我们积极聘请来自不同

背景的员工，并遵守最佳实务，确保

人享有平等机会。我们也签署了「种

族多元共融雇主约章」，支持在工作场

所促进种族多元的原则，并努力实现

平等机会委员会列出的九大目标。

The Group has continued to be granted

CHO Recognition from the Chief Hapines

Oficer Asociation in 2024, acknowledging

our acomplishments in employe

development and promoting an inclusive

work environment.

本集团于2024年继续获首席快乐官协

会颁发首席快乐官嘉许标志，肯定了

集团在员工发展及促进共融工作环境

方面所取得的成就。

(IV) 社区参与

（续）

企业社会责任奖项及嘉许

“Good Employer Charter 2024”	「好雇主约章2024」

“Caring Company & 15+ logo”	「商界展关怀及15年Plus标志」

“Hong Kong Volunteer Award 2024”	「香港义工奖2024」

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2596

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(IV) 社区参与

（续）

企业社会责任奖项及嘉许（续）

(IV) COMUNITY INVOLVEMENT (Continued)

CSR Awards and Recognition (Continued)

Our group’s member companies, including

Chun Wo Construction, City Profesional

Management, and City Security Company,

continues to endorse the God Employer

Charter. We strive to be suportive family-

friendly god employers by promoting

family-oriented employment practices.

Our goal is to cultivate a family-friendly

workplace and foster a sense of belonging

among our employes. This includes

ofering flexible work arangements and

providing suport for employes and their

families.

本集团的成员公司，包括俊和建筑、

城市专业管理及城市护卫，继续支持

「好雇主约章」。我们透过推广以家庭

为本的雇佣措施，致力成为支持家庭

友善的良好雇主。我们的目标是建立

一个家庭友善的工作环境，培养员工

的归属感，包括提供弹性的工作安排，

并为员工及其家庭提供支援。

Chun Wo and City Security Company Limited,

the Group’s subsidiary, are delighted to be

awarded the 15 Years Plus Caring Company

Logo from The Hong Kong Council of Social

Service for the Year 2023/2024, in recognition

of our continued comitment to corporate

social responsibility. The Group also holds the

“Caring Company” logo for the dedication in

building a caring comunity.

俊和及本集团附属公司城市护衞有

限公司荣获香港社会服务联会颁发

2023/2024年度「15年Plus商界展关怀」

标志，肯定了本集团持续致力于企业

社会责任的努力。本集团亦获颁发「商

界展关怀」标志，表扬其在建立关爱社

区方面的贡献。

Asia Alied Infrastructure has garnered

to receive the Certificate of Apreciation

for the Hong Kong Volunter Award.

This recognition reflects our comitment

to dedicated service and the significant

contributions made in fostering a spirit of

volunterism in the comunity.

亚洲联合基建荣获「香港义工奖」感谢

状。这份荣誉反映了我们对服务的热

诚，以及在推动社区义工精神方面所

作出的重大贡献。

“8 Plus Industry Cares Logo”	「8年+工业献爱心标志」

“World Wild Fund Hong Kong — Hong Kong Corporate Member Logo”	「世界自然基金会香港分会 — 香港公司会员标志」

“Breastfeeding Friendly Workplace”	「母乳喂哺友善工作间」

亚洲联合基建控股有限公司 2024/25年报97

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

(IV) 社区参与

（续）

企业社会责任奖项及嘉许（续）

展望未来

本集团深明企业社会责任的重要作用，

并致力加强在这重要范畴的措施。随

著我们在香港及亚洲各地扩展业务，

我们将积极推行具影响力的企业社会

责任计划，使我们的业务单位及所服

务的社区均能受惠。

(IV) COMUNITY INVOLVEMENT (Continued)

CSR Awards and Recognition (Continued)

Chun Wo has received the prestigious

“8+ Industry Cares” recognition from the

Federation of Hong Kong Industries. This

acolade acknowledges the company’s

dedication to corporate social responsibility

(CSR) initiatives and its exemplary

performance in advancing CSR eforts for

eight consecutive years.

俊和荣获香港工业总会颁发「8

年+工业献爱心标志」。这项殊

荣肯定了该公司对企业社会责

任的奉献精神，以及连续八年

在推动企业社会责任方面的杰

出表现。

Chun Wo has ben recognised as a Silver

Corporate Member of the World Wild

Fund Hong Kong this Year, recognising

the Company’s comitment in partnering

with WF to drive sustainability through

busines practices and the suport of

WF’s programes.

俊和于本年度获世界自然基金

会香港分会颁授「纯银会员」会

籍，以表彰其致力于通过商业

实践与世界自然基金会携手推

动可持续发展，以及对世界自

然基金会项目的支持。

The Group and Chun Wo have ben

organised as a Breastfeding Friendly

Workplace by UNICEF this year. To create

the best working environment for mothers,

the Group has extended maternity leave

to 14 weks and paternity leave to 7 days.

Aditionaly, nursing roms have ben

introduced in our ofices and at several

construction sites to provide privacy for

nursing mothers.

本集团及俊和于本年度获联合

国儿童基金会颁发「母乳喂哺友

善工作间」感谢状。为向母亲提

供最理想的工作环境，本集团

已将产假延长至14周，而侍产

假则延长至7天，并在办公室及

若干地盘设立哺乳间，保障哺

乳母亲的私隐。

The Future

Our Group understands the vital role of corporate social responsibility

(CSR) and is dedicated to enhancing our initiatives in this important

area. As we broaden our operations in Hong Kong and acros Asia,

we wil proactively implement impactful CSR programs that benefit

both our busines units and the comunities we serve.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/2598

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高层管理人员资料

EXECUTIVE DIRECTORS

Mr. Pang Yat Ting, Dominic BA, EMBA, JD

Chairman

Mr. Pang, aged 52, graduated from Columbia University, New York in

1995 with a Bachelor of Arts degre in Economics, Political Science and

Mathematics, and obtained a Juris Doctorate from the New York University

Schol of Law in 1998 and an Executive Master of Busines Administration

degre from Kelog-HKUST in 2010. In 2023, he was confered an

Honorary Felowship by City University of Hong Kong. Mr. Pang has

ben apointed as a vice president of Belt & Road General Chamber of

Comerce in April 2018, a member of council of the Vocational Training

Council in July 2019, the chairman of Executive Board of the Hong Kong

Real Property Federation since September 2019, a council member of

The Chinese University of Hong Kong since May 2022, the non-executive

director of the Mandatory Provident Fund Schemes Authority since

March 2023 and the apointed member of the Board of Stewards of The

Education University of Hong Kong Foundation since September 2024.

Mr. Pang joined the Group in 2003 and was apointed as the asistant to

the late Chairman, Dr. Pang Kam Chun. Mr. Pang was apointed as the

Chairman of the Company and the Executive Director in April 2010 and re-

designated as the Co-Chairman of the Company and the Non-executive

Director in January 2015. He has ben further re-designated as the Chairman

of the Company and the Executive Director since March 2017. Mr. Pang is

also the Chairman of the Nomination Comite and Executive Comite

and a member of the Management Comite. He is also curently the

Chairman of the property development executive board of the Group,

responsible for the management of the overal property development and

asets leasing busines of the Group. Mr. Pang has ben apointed as an

executive director and chief executive oficer of Modern Living Investments

Holdings Limited (a subsidiary of the Company listed on GEM of the Stock

Exchange, stock code: 08426) in March 2024 and April 2024 respectively.

He also holds directorships in certain subsidiaries of the Company. Mr. Pang

is the elder brother of Ir Dr. Pang Yat Bond, Derick and Mrs. Le Pang Yat

Sum, Rita and the son of Madam Li Wai Hang, Christina. Mr. Pang, Madam

Li Wai Hang, Christina and Mrs. Le Pang Yat Sum, Rita owns 45%, 45%

and 10% equity interest in GT Winers Limited, the substantial shareholder

of the Company (as defined in the Listing Rules) respectively.

执行董事

彭一庭先生BA, EMBA, JD

主席

彭先生，52岁，于1995年毕业于纽约哥伦

比亚大学，获授文学士学位，主修经济学、

政治学及数学，并分别于1998年及2010

年获纽约大学法学院颁授法律博士学位及

Kelog-HKUST颁授行政人员工商管理硕士

学位，并于2023年获香港城市大学颁授荣

誉院士衔。彭先生于2018年4月获委任为一

带一路总商会副会长、于2019年7月获委任

为职业训练局理事会成员、于2019年9月获

委任为香港房地产协会执行委员会主席、于

2022年5月获委任为香港中文大学校董会成

员、于2023年3月获委任为强制性公积金计

划管理局非执行董事及于2024年9月获委

任为香港教育大学基金董事会委员。

彭先生于2003年加入本集团并获委任为已

故主席彭锦俊博士之助理。彭先生于2010

年4月获委任为本公司主席兼执行董事，并

于2015年1月调任为本公司联席主席兼非

执行董事。彼再于2017年3月起调任为本公

司主席兼执行董事。彭先生亦为提名委员会

及执行委员会之主席，以及管理委员会之成

员。彼现时亦为本集团物业发展执行委员会

之主席，负责本集团整体物业发展及资产租

赁业务之管理。彭先生分别自2024年3月及

2024年4月起获委任为雅居投资控股有限公

司（一间于联交所GEM上市之本公司之附属

公司，股份代号：08426）之执行董事及行

政总裁。彼亦担任本公司若干附属公司之董

事。彭先生为彭一邦博士工程师及李彭一心

女士之胞兄，亦为李蕙娴女士之儿子。彭先

生、李蕙娴女士及李彭一心女士分别拥有本

公司主要股东（定义见上市规则）GT Winers

Limited之45%、45%及10%股本权益。

亚洲联合基建控股有限公司 2024/25年报99

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

执行董事（续）

徐建华先生LB, MBA, LM

副主席

徐先生，56岁，持有中国政法大学法学士

学位、北京航空航天大学工商管理硕士学位

及香港城市大学国际经济法学硕士学位。

彼于1994年获中国律师资格及于2003年获

得中国高级经济师资格。徐先生积逾26年

企业管理经验及丰富的并购交易经验及投融

资经验。彼曾于一间于上海证券交易所上市

之公司以及两间于联交所主板上市之公司

任职董事。徐先生于2015年1月获委任为本

公司之联席主席兼执行董事。彼于2017年3

月调任为本公司之副主席，现时亦为管理委

员会及执行委员会之成员。徐先生自2024

年3月起获委任为雅居投资控股有限公司（一

间于联交所GEM上市之本公司之附属公司，

股份代号：08426）之执行董事。徐先生亦

担任本公司若干附属公司之董事。

EXECUTIVE DIRECTORS (Continued)

Mr. Xu Jianhua, Jery LB, MBA, LM

Deputy Chairman

Mr. Xu, aged 56, holds a Bachelor’s degre in Law of the China University

of Political Science and Law, a Master’s degre in Busines Administration

of Beijing University of Aeronautics and Astronautics and a Master of Laws

degre in International Economic Law of City University of Hong Kong.

He was qualified as a lawyer in the PRC in 1994 and a senior economist

in the PRC in 2003. Mr. Xu has over 26 years of corporate management

experience and extensive experience in transactions of mergers and

acquisitions and investment and financing. He was a director of a company

listed on the Shanghai Stock Exchange and two companies listed on the

Main Board of the Stock Exchange. Mr. Xu was apointed as the Co-

Chairman of the Company and the Executive Director in January 2015.

He has ben re-designated as the Deputy Chairman of the Company in

March 2017 and is curently a member of the Management Comite and

Executive Comite. Mr. Xu has ben apointed as an executive director of

Modern Living Investments Holdings Limited (a subsidiary of the Company

listed on GEM of the Stock Exchange, stock code: 08426) in March 2024.

Mr. Xu also holds directorships in certain subsidiaries of the Company.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25100

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

执行董事（续）

彭一邦博士工程师太平绅士,

BSc, MEng, MBA, PhD, PE(US), MICE, MHKIE

行政总裁

彭博士工程师，50岁，1997年毕业于美国

加州大学柏克莱分校，获授理学士学位，并

于1998年获得美国麻省理工学院颁授土木

及环境工程硕士学位，以及于2007年获香

港中文大学颁授工商管理硕士学位。彼亦于

2014年获香港科技大学颁授哲学博士（土木

工程学）。彭博士工程师为英国土木工程师

学会及香港工程师学会员，亦为美国加州

注册专业工程师。彼于美国及香港积逾27

年土木工程设计及建筑经验。彼于2021年

4月起获委任为香港理工大学校董会成员、

2021年8月起获委任为航空发展与机场三

跑道系统咨询委员会成员、于2021年12月

起获委任为保险业监管局非执行董事，及于

2023年4月起获委任香港数码港管理有限公

司董事。彭博士工程师于2017年6月获香港

政府委任为太平绅士。

彭博士工程师于2001年加入本集团，并

自2010年4月起获委任为执行董事，并于

2010年4月至2017年3月期间出任本公司之

副主席。彭博士工程师自2017年4月起获委

任为本公司之行政总裁，并于2017年4月至

2019年1月期间出任本公司之营运总裁。彼

亦为管理委员会之主席及执行委员会之成

员。彼带领行政总裁办公室管理整体建筑业

务之表现及为本集团城市服务集团执行委员

会之主席及本集团物业发展执行委员会之成

员，负责本集团专业服务及物业发展及资产

租赁业务之整体管理。彭博士工程师分别自

2024年3月及2024年4月起获委任为雅居投

资控股有限公司（一间于联交所GEM上市之

本公司之附属公司，股份代号：08426）之

执行董事以及董事会主席、提名委员会主席

及薪酬委员会成员。彼亦担任本公司若干附

属公司之董事。彭博士工程师为彭一庭先生

及李彭一心女士之胞弟，亦为李蕙娴女士之

儿子，而彭一庭先生、李蕙娴女士及李彭一

心女士分别拥有本公司之主要股东（定义见

上市规则）GT Winers Limited之45%、45%

及10%股本权益。

EXECUTIVE DIRECTORS (Continued)

Ir Dr. Pang Yat Bond, Derick JP,

BSc, MEng, MBA, PhD, PE(US), MICE, MHKIE

Chief Executive Oficer

Ir Dr. Pang, aged 50, graduated from the University of California, Berkeley

in the United States in 1997 with a Bachelor of Science degre and

obtained a Master of Enginering degre in Civil and Environmental

Enginering from Masachusets Institute of Technology in the United

States in 1998 and a Master’s degre in Busines Administration from The

Chinese University of Hong Kong in 2007. He also obtained a Doctor of

Philosophy in Civil Enginering from the Hong Kong University of Science

and Technology in 2014. Ir Dr. Pang is a member of the Institution of Civil

Enginers, the United Kingdom and the Hong Kong Institution of Enginers

and a Registered Profesional Enginer in the State of California, United

States. He has over 27 years of civil enginering design and construction

experience in the United States and Hong Kong. He has ben apointed

as a council member of The Hong Kong Polytechnic University since April

2021, a member of the Aviation Development and Thre-runway System

Advisory Comite since August 2021, a non-executive director of the

Insurance Authority since December 2021 and a director of the Hong Kong

Cyberport Management Company Limited since April 2023. Ir Dr. Pang

was apointed as Justice of the Peace by the Government of Hong Kong in

June 2017.

Ir Dr. Pang joined the Group in 2001 and has ben apointed as the

Executive Director since April 2010 and acted as the Deputy Chairman

of the Company from April 2010 to March 2017. Ir Dr. Pang has ben

apointed as the Chief Executive Oficer of the Company since April 2017

and acted as the Chief Operating Oficer of the Company from April 2017

to January 2019. He is also the Chairman of the Management Comite

and a member of the Executive Comite. He leads the chief executive

oficer ofice for managing overal performance of the construction

busines and is the chairman of the City Services Group executive board of

the Group and a member of the property development executive board of

the Group, responsible for management of the overal profesional services

and property development and asets leasing busineses of the Group. Ir

Dr. Pang has ben apointed as an executive director, and the chairman

of the board as wel as the chairman of the nomination comite and

the member of the remuneration comite of Modern Living Investments

Holdings Limited (a subsidiary of the Company listed on GEM of the Stock

Exchange, stock code: 08426) in March 2024 and April 2024 respectively.

He also holds directorships in certain subsidiaries of the Company. Ir Dr.

Pang is the younger brother of Mr. Pang Yat Ting, Dominic and Mrs. Le

Pang Yat Sum, Rita, and also the son of Madam Li Wai Hang, Christina,

and Mr. Pang Yat Ting, Dominic, Madam Li Wai Hang, Christina and Mrs.

Le Pang Yat Sum, Rita owns 45%, 45% and 10% equity interest in GT

Winers Limited respectively, the substantial shareholders of the Company

(as defined in the Listing Rules).

亚洲联合基建控股有限公司 2024/25年报101

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

非执行董事

黄廸怡小姐BA

黄小姐，39岁，于2006年毕业于美国洛杉

矶西方学院，获授经济学文学士学位，并积

逾18年以上的市场销售及商业管理经验。

彼现时为Wow Concepts Limited之联合创办

人及董事，以及Topfit Limited之创办人。黄

小姐为国际经济学荣誉学会Omicron Delta

Epsilon之会员。黄小姐于2020年5月起获委

任为非执行董事，亦为审核委员会及提名委

员会之成员。

严玉麟博士银紫荆星章，铜紫荆星章，

太平绅士

严博士，66岁，为时捷集团有限公司（一

间于联交所主板上市之公司，股份代号：

01184）的创办人，自1993年5月起担任执

行董事及主席兼董事总经理。自2015年10

月，彼获委任为时腾科技控股有限公司（前

称杨宇科技控股有限公司）（一间于联交所

GEM上市之公司，股份代号：08113）之主

席及执行董事。

严博士现时为香港太平绅士协会长、香港

特别行政区扑灭罪行委员会委员、独立监察

警方处理投诉委员会成员、发展局上诉审裁

小组（建筑物条例）成员、香港电子业商会荣

誉副会长、仁济医院顾问局永远顾问、沪港

社团总会名誉会长、荃湾区少年警讯名誉会

长会主席、香港浸会大学基金永远荣誉主席

及香港浸会大学基金企业家委员会联席主席。

严博士于2020年5月获委任为独立非执行

董事。彼于2021年9月调任为非执行董事，

亦为审核委员会及提名委员会之成员。

NON-EXECUTIVE DIRECTORS

Ms. Wong Wendy Dick Ye BA

Ms. Wong, aged 39, graduated from Ocidental Colege, Los Angeles in

the United States in 2006 with a Bachelor of Arts degre in Economics and

has over 18 years’ experience in marketing and busines management.

She is curently the co-founder and director of Wow Concepts Limited

and founder of Topfit Limited. Ms. Wong is a member of Omicron Delta

Epsilon, the International Honor Society in Economics. Ms. Wong has ben

apointed as Non-executive Director since May 2020 and is also a member

of the Audit Comite and Nomination Comite.

Dr. Yim Yuk Lun, Stanley SBS BS JP

Dr. Yim, aged 66, is the founder, executive director, chairman and

managing director of S.A.S. Dragon Holdings Limited (a company listed

on the Main Board of the Stock Exchange, stock code: 01184) since May

1993. He has ben apointed as a chairman and executive director of

V&V Technology Holdings Limited (formerly known as Hi-Level Technology

Holdings Limited) (a company listed on GEM of the Stock Exchange, stock

code: 08113) in October 2015.

Dr. Yim is curently the president of the Hong Kong Justice of the Peace

Asociation, a member of HKSAR Fight Crime Comite, a member

of Independent Police Complaints Council, a member of Development

Bureau Apeal Tribunal Panel, the honorary vice chairman of the Hong

Kong Electronic Industries Asociation, a member of Yan Chai Hospital

Advisory Board, the Honorary President of Federation of Hong Kong-

Shanghai Asociations, the chairman of Tsuen Wan District JPC Honorary

President Council, the honorary permanent president of Hong Kong Baptist

University Foundation and the Co-chairman of Entrepreneur Comite of

Hong Kong Baptist University.

Dr. Yim was apointed as Independent Non-executive Director in May

2020. He has ben re-designated as Non-executive Director in September

2021 and is also a member of the Audit Comite and Nomination

Comite.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25102

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

独立非执行董事

胡伟亮先生BA, MBA, CFA

胡先生，58岁，持有加拿大Simon Fraser

University之工商管理学士学位及工商管理

硕士学位。彼于1996年取得特许金融分析

师学会之特许金融分析师资格。胡先生于

2006年4月至2010年9月期间曾任汇富金

融控股有限公司（现称新华汇富金融控股有

限公司）（一间于联交所主板上市之公司，

股份代号：00188）之行政总裁。彼亦曾于

2011年4月至2017年10月期间出任兴业金

融（香港）有限公司之董事兼行政总裁。胡

先生自2019年10月起获委任为DS, Inc.（一

间于纽约证券交易所上市之公司，股份代号：

DS）之非执行独立董事局成员、自2020年

11月起获委任为Alset Inc.（一间于纳斯达克

上市之公司，股份代号：AEI）之独立董事、

自2022年1月起获委任为HWH International

Inc.（前称Alset Capital Acquisition Corp.（前

股份代号：ACAXU）（一间于纳斯达克上市

之公司，股份代号：HWH）之独立提名董事、

自2019年11月起获委任为景业名邦集团控

股有限公司（一间于联交所主板上市之公司，

股份代号：02231）之独立非执行董事及自

2024年12月起获委任为蜂巢能源科技股份

有限公司之独立董事。胡先生亦由2019年

1月至2022年5月获委任为宝新证券有限公

司投资银行之董事总经理。

胡先生曾任职于多间国际投资银行，于投资

银行、资本市场、机构经纪及直接投资业务

方面积逾32年经验。彼为证券及期货条例

下可进行第9类（提供资产管理）受规管活动

之注册持牌人。彼由2013年1月至2022年

12月获委任为中国人民政治协商会议广西

壮族自治区委员会委员。

胡先生于2015年2月起获委任为独立非执

行董事，亦为审核委员会之主席，以及薪酬

委员会及提名委员会之成员。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Wu Wiliam Wai Leung BA, MBA, CFA

Mr. Wu, aged 58, holds a Bachelor of Busines Administration degre and

a Master of Busines Administration degre of Simon Fraser University in

Canada. He was qualified as a chartered financial analyst of The Institute

of Chartered Financial Analysts in 1996. Mr. Wu was the chief executive

oficer of SW Kingsway Capital Holdings Limited (now known as Sunwah

Kingsway Capital Holdings Limited) (a company listed on the Main Board

of the Stock Exchange, stock code: 00188) from April 2006 to September

2010. He was also a director and chief executive oficer of RHB Hong Kong

Limited from April 2011 to October 2017. Mr. Wu has ben apointed

as the non-executive, independent member of the board of DS, Inc. (a

company listed on the New York Stock Exchange, stock code: DS) since

October 2019, the independent director of Alset Inc. (a company listed

on NASDAQ, stock code: AEI) since November 2020, the independent

nomine director of HWH International Inc. (formerly known as Alset

Capital Acquisition Corp. (former stock code: ACAXU) (a company listed

on NASDAQ, stock code: HWH) since January 2022, the independent non-

executive director of JY Grandmark Holdings Limited (a company listed on

the Main Board of the Stock Exchange, stock code: 02231) since November

2019 and the independent director of SVOLT Energy Technology Co.,

Ltd since December 2024. Mr. Wu has also ben apointed as managing

director, Investment Banking of Glory Sun Securities Limited from January

2019 to May 2022.

Mr. Wu previously worked for a number of international investment banks

and poseses over 32 years of experience in the investment banking,

capital markets, institutional broking and direct investment busineses.

He is a registered license holder to cary out Type 9 (aset management)

regulated activities under the SFO. He has ben apointed as a member

of the Guangxi Zhuang Autonomous Region Comite of the Chinese

People’s Political Consultative Conference from January 2013 to December

2022.

Mr. Wu has ben apointed as Independent Non-executive Director

since February 2015 and is also the Chairman of Audit Comite and a

member of the Remuneration Comite and Nomination Comite.

亚洲联合基建控股有限公司 2024/25年报103

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

独立非执行董事（续）

林右烽先生MBA, CFA

林先生，56岁，现为创富金融集团的资深顾

问。创富金融集团是一所提供多方面金融服

务的持牌金融机构，总部位于香港。之前他

为于联交所主板上市并为大连万达集团成

员公司之万达酒店发展有限公司（股份代号：

00169）总经理，工作近12年。彼自2019年

8月起获委任为奥传思维控股有限公司之独

立非执行董事（一间于联交所GEM上市之公

司，股份代号：08091）及于2020年10月至

2023年3月获委任为信能低碳有限公司之独

立非执行董事（一间于联交所主板上市之公

司，股份代号：00145）。彼曾出任于联交

所主板上市之越秀地产股份有限公司（股份

代号：00123）之执行董事，亦曾为越秀集

团之财务总监。林先生曾担任中国其中一间

最大电器零售商并于联交所主板上市的国

美电器控股有限公司（现称国美零售控股有

限公司）（股份代号：00493）（「国美」）的企

业融资及业务发展总监。在加入国美前，彼

于施罗德投资、荷银洛希尔及德意志银行等

投资银行及资本市场任职约十年。林先生为

特许财务分析师，并持有美国莱斯大学企业

管理硕士学位。彼在企业融资、金融及会计

领域拥有丰富经验。

林先生于2017年1月起获委任为独立非执

行董事，亦为薪酬委员会之主席，以及审核

委员会及提名委员会之成员。

INDEPENDENT NON-EXECUTIVE DIRECTORS

(Continued)

Mr. Lam Yau Fung, Curt MBA, CFA

Mr. Lam, aged 56, is the Senior Advisor at Opus Financial Group, a Hong

Kong-based and SFC-licensed group which provides multi-disciplinary

financial services. Prior to this role, he worked for about 12 years as the

Managing Director of Wanda Hotel Development Company Limited (stock

code: 00169), which is listed on the Main Board of the Stock Exchange

and a member of the Dalian Wanda Group. He has ben apointed as an

independent non-executive director of OH Holdings Limited (a company

listed on GEM of the Stock Exchange, stock code: 08091) since August

2019 and was the independent non-executive director of CIAM Future

Energy Limited from October 2020 to March 2023 (a company listed

on the Main Board of the Stock Exchange, stock code: 00145). He was

an executive director of Yuexiu Property Company Limited (stock code:

00123), a company listed on the Main Board of the Stock Exchange,

and also the chief financial oficer of the Yue Xiu Group. Mr. Lam was

previously the head of Corporate Finance and Busines Development

at GOME Electrical Apliances Holding Limited (now known as GOME

Retail Holdings Limited) (stock code: 00493) (“GOME”), one of China’s

largest electronics retailers, which is listed on the Main Board of the Stock

Exchange. Prior to joining GOME, he spent about 10 years working in

investment banking and capital markets at Schroders Asia, ABN AMRO

Rothschild, and Deutsche Bank. Mr. Lam is a Chartered Financial Analyst

and holds a Master of Busines Administration degre from Rice University

in the United States. He has extensive experience in corporate finance,

financial and acounting fields.

Mr. Lam has ben apointed as Independent Non-executive Director since

January 2017 and is also the Chairman of the Remuneration Comite

and a member of the Audit Comite and Nomination Comite.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25104

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

独立非执行董事（续）

何智恒先生BCom, LB, FCPA (Aust.)

何先生，48岁，为周大福企业有限公司联

席行政总裁。彼亦为周大福创建有限公司

（「周大福创建」，前称新创建集团有限公司）

（一间于联交所主板上市之公司，股份代号：

00659）之执行董事及集团联席行政总裁。

彼于2024年11月29日获委任为新世界发展

有限公司（一间于联交所主板上市之公司，

股份代号：00017）之执行董事。

何先生于2018年5月起担任首程控股有限

公司（股份代号：00697）之非执行董事及于

2010年5月起担任锦兴国际控股有限公司（股

份代号：02307）之独立非执行董事（上述公

司均于联交所主板上市）。彼亦曾为惠记集

团有限公司的非执行董事（于2024年6月26

日辞任）（该公司于联交所主板上市）。何先

生亦曾于多家香港上市公司担任董事及╱或

高级管理人员。何先生于企业管理、投资、

企业融资、并购交易及国际品牌及零售管理

范畴拥有丰富经验。

何先生现为香港总商会理事会理事、香港总

商会中国委员会副主席、香港上市公司商会

副主席、澳洲会计师公会大湾区委员会副主

席、香港物流发展局成员、香港科技大学职

业发展顾问委员会成员及内蒙古自治区青

年联合会常务委员。彼曾于2020年6月至

2022年5月期间出任保险业监管局业界咨询

委员会委员以及于2007年至2021年期间出

任中国人民政治协商会议沈阳市委员会员。

何先生持有澳洲悉尼大学商业学士及法学

士学位，并为澳洲新南威尔士省、英格兰及

威尔斯认可之律师以及澳洲高等法院认可

之律师及大律师。彼亦为澳洲会计师公会资

深会员。

何先生于2017年1月获委任为独立非执行

董事，亦为审核委员会、薪酬委员会及提名

委员会之成员。

INDEPENDENT NON-EXECUTIVE DIRECTORS

(Continued)

Mr. Ho Gilbert Chi Hang BCom, LB, FCPA (Aust.)

Mr. Ho, aged 48, is the co-chief executive oficer of Chow Tai Fok

Enterprises Limited. He also serves as an executive director and group co-

chief executive oficer of CTF Services Limited (“CTFS“, formerly known as

NWS Holdings Limited) (a company listed on the Main Board of the Stock

Exchange, stock code: 00659). He was apointed as an executive director

of New World Development Company Limited (a company listed on the

Main Board of the Stock Exchange, stock code: 00017) on 29 November

2024.

Mr. Ho is a non-executive director of Shoucheng Holdings Limited (stock

code: 00697) since May 2018 and an independent non-executive director

of Kam Hing International Holdings Limited (stock code: 02307) since

May 2010 (both companies are listed on the Main Board of the Stock

Exchange). He was also a non-executive director of Wai Ke Holdings

Limited (resigned on 26 June 2024) a company listed on the Main Board

of the Stock Exchange. Mr. Ho was also a director and/or senior executive

in several Hong Kong listed public companies. Mr. Ho has extensive

experience in the area of corporate management, investments, corporate

finance, merger and acquisition transactions and international brand and

retail management.

Mr. Ho is the General Comite Member of the Hong Kong General

Chamber of Comerce, the Vice Chairman of the China Comite of

the Hong Kong General Chamber of Comerce, the Vice Chairperson

of the Chamber of Hong Kong Listed Companies, the Deputy Chairman

of the Greater Bay Area Comite of CPA Australia, a member of the

Hong Kong Logistics Development Council, a member of the Advisory

Council on Carer Development of Hong Kong University of Science and

Technology, and a standing comite member of the Youth Federation

of Iner Mongolia. He was a comite member of the Industry Advisory

Comite of Insurance Authority from June 2020 to May 2022 and

a comite member of the Chinese People’s Political Consultative

Conference of Shenyang from 2007 to 2021.

Mr. Ho holds a Bachelor of Comerce degre and a Bachelor of Laws

degre from The University of Sydney, Australia and was admited as a

solicitor in New South Wales, Australia and England and Wales and as a

solicitor and barister in the High Court of Australia. He is also a felow

member of CPA Australia.

Mr. Ho has ben apointed as Independent Non-executive Director in

January 2017 and is also a member of the Audit Comite, Remuneration

Comite and Nomination Comite.

亚洲联合基建控股有限公司 2024/25年报105

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

独立非执行董事（续）

严震铭博士BSc(ME), MBA, DBA

严博士，55岁，于1990年毕业于美国波士

顿大学，获授制造工程理学士学位。彼亦于

1992年获加拿大麦基尔大学颁发工商管理

硕士学位及于2005年获香港理工大学颁发

工商管理博士学位。严博士现为慧科创投

资有限公司（一家创新和技术开发投资公司）

的创始及执行合伙人。彼在投资、全球供应

链、制造及基建行业拥有29年以上私营及

上市公司的管理及营运经验。严博士为证券

及期货条例下可进行第9类（提供资产管理）

受规管活动之负责人员。彼亦分别自2013

年及2018年起担任福田实业（集团）有限公

司（一间于联交所主板上市之公司，股份代

号：00420）的非执行董事及非执行副主席

及自2019年起担任鹰普精密工业有限公司

（一间于联交所主板上市之公司，股份代号：

01286）之独立非执行董事。严博士为香港

风险及天使投资脉络主席及香港创业及私

募投资协会董及技术委员会联席主席。

严博士于2021年9月获委任为独立非执行

董事，亦为提名委员会之成员。

荣誉董事

李蕙娴女士

李女士，74岁，于1975年加入本集团，并

于建造业及企业管理积逾50年经验。李女

士为本公司其中一位创办人。彼曾出任执

行董事，并于2023年2月被任命为「荣誉董

事」及担任本公司顾问，为本集团重大事项

提供意见。彼亦担任本公司若干主要附属

公司之董事。李女士为彭一庭先生、彭一

邦博士工程师以及李彭一心女士之母亲。

彼为本公司控股东（定义见上市规则）GT

Winers Limited（「GT Winers」）之董事。李

女士、彭一庭先生及李彭一心女士各自拥有

GT Winers之45%、45%及10%股本权益。

INDEPENDENT NON-EXECUTIVE DIRECTORS

(Continued)

Dr. Yen Gordon BSc(ME), MBA, DBA

Dr. Yen, aged 55, graduated from Boston University in the United States

with a degre in Bachelor of Science in Manufacturing Enginering in

1990. He was also awarded a Master of Busines Administration degre

from McGil University in Canada in 1992 and a Doctor of Busines

Administration from The Hong Kong Polytechnic University in 2005. Dr.

Yen is curently the founding managing partner of Radiant Tech Ventures

Limited, an inovation and technology venture capital firm. He has more

than 29 years of management and operational experience in private and

listed companies in investment, global suply chain, manufacturing and

infrastructure industries. Dr. Yen is registered as a responsible oficer to

cary out Type 9 (aset management) regulated activities under the SFO.

He has also ben apointed as a non-executive director and non-executive

vice chairman of Fountain Set (Holdings) Limited (a company listed on the

Main Board of the Stock Exchange, stock code: 00420) since 2013 and

2018 respectively and an independent non-executive director of Impro

Precision Industries Limited (a company listed on the Main Board of the

Stock Exchange, stock code: 01286) since 2019. Dr. Yen is the Chairman

of the Hong Kong Venture Investment and Busines Angel Network, Board

of Director and Co-chairperson of the Technical Comite of the Hong

Kong Venture Capital and Private Equity Asociation (HKVCA).

Dr. Yen has ben apointed as Independent Non-executive Director in

September 2021 and is also a the member of the Nomination Comite.

HONORARY DIRECTOR

Madam Li Wai Hang, Christina

Madam Li, aged 74, joined the Group in 1975 and has over 50 years’

experience in the construction industry and corporate management.

Madam Li is one of the founders of the Company. She was an Executive

Director and is coronated as the Honorary Director in February 2023 as an

advisory role to the Company for contributing to the Group on significant

maters. She also holds directorships in certain principal subsidiaries of the

Company. Madam Li is the mother of Mr. Pang Yat Ting, Dominic, Ir Dr.

Pang Yat Bond, Derick, and Mrs. Le Pang Yat Sum, Rita. She is a director

of GT Winers Limited (“GT Winers”), the controling shareholder of the

Company (as defined in the Listing Rules). Madam Li, Mr. Pang Yat Ting,

Dominic and Mrs. Le Pang Yat Sum, Rita each owns 45%, 45% and 10%

equity interest in GT Winers.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25106

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

高层管理人员

集团

饶智生先生Dip(Eng), LB(Hons),

MA(ArbDR), MSc(C.Mgt), MRICS, MICE,

MHKIE, MASCE, FCIArb, FHKIArb, CEng

饶先生，69岁，1981年毕业于香港浸会大

学，获授土木工程文凭。彼分别于1995年

及1998年获香港城市大学颁授争议解决

及仲裁学文学硕士学位以及建筑管理学科

学硕士学位。彼其后再于2004年取得英国

University of Wolverhampton法律学士学位。

彼为英国皇家特许测量师学会、英国土木工

程师学会、香港工程师学会及美国土木工程

师学会之会员，以及英国特许仲裁司公会及

香港仲裁司学会之资深会员。饶先生于建造

业积逾44年经验，包括香港、澳门、越南及

中国内地之土木工程、建筑工程、地基工程

及海事工程项目。彼于2008年重投本集团，

曾担任本集团建筑部之营运总裁。彼现为本

公司之执行副总裁，负责协助本公司之行政

总裁监督本集团之建筑业务之运作。

谭志光先生MSc(PM)

谭先生，61岁，分别于1986年及1988年于

香港理工学院（现称为香港理工大学）取得

结构工程高级文凭及土木及结构工程院士。

彼其后亦分别于1996年及2009年于香港理

工大学取得土木工程学深造文凭及项目管理

理学硕士学位。彼于2002年加入本集团前，

曾任职于一间建筑公司，负责多个香港的工

程项目。彼于企业管理方面拥有逾18年经

验。谭先生曾担任城市服务集团有限公司之

行政总裁，现为本集团之董事，负责监管本

集团内部营运的整体表现。谭先生担任本公

司若干附属公司之董事，并为本集团其他业

务执行委员会之成员。

SENIOR MANAGEMENT

Group

Mr. Yiu Chi Sang, Andy Dip(Eng), LB(Hons), MA(ArbDR),

MSc(C.Mgt), MRICS, MICE, MHKIE, MASCE, FCIArb, FHKIArb, CEng

Mr. Yiu, aged 69, graduated from Hong Kong Baptist University in 1981

with a Diploma in Civil Enginering. He was awarded a Master of Arts

degre in Dispute Resolution and Arbitration in 1995 and a Master of

Science degre in Construction Management in 1998 from City University

of Hong Kong. He further obtained a Bachelor of Laws degre in 2004

from the University of Wolverhampton, the United Kingdom. He is a

member of the Royal Institution of Chartered Surveyors, the Institution

of Civil Enginers, the United Kingdom, the Hong Kong Institution of

Enginers and the American Society of Civil Enginers as wel as a felow

member of the Chartered Institute of Arbitrators, the United Kingdom

and the Hong Kong Institute of Arbitrators. Mr. Yiu has over 44 years’

experience in the construction industry, including civil, building, foundation

and marine enginering projects in Hong Kong, Macau, Vietnam and

the Mainland China. He re-joined the Group in 2008 and was the Chief

Operating Oficer of the construction segment of the Group. He is curently

the Executive Vice President of the Company, responsible for asisting the

Chief Executive Oficer of the Company to overse the operation of the

construction busines of the Group.

Mr. Tam Chi Kwong, Steve MSc(PM)

Mr. Tam, aged 61, obtained a higher diploma in structural enginering and

an asociateship in civil and structural enginering from the Hong Kong

Polytechnic (now known as the Hong Kong Polytechnic University) in 1986

and 1988 respectively. He further obtained a postgraduate diploma in

civil enginering and a Master of Science degre in project management

from the Hong Kong Polytechnic University in 1996 and 2009 respectively.

Prior to joining the Group in 2002, he had served a construction company,

responsible for various construction projects in Hong Kong. He has more

than 18 years of experience in corporate management. Mr. Tam had

ben the Chief Executive Oficer of City Services Group Limited and is

curently the director of the Group overseing the overal performance

of the internal operations of the Group. Mr. Tam holds directorships in

certain subsidiaries of the Company and is also a member of other busines

executive board of the Group.

亚洲联合基建控股有限公司 2024/25年报107

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

高层管理人员（续）

集团（续）

林伟雄先生EMBA, Msc, B. Eng(Hon)

林先生，40岁，2006年毕业于香港理工大

学，获授屋宇设备工程学工学士学位。彼亦

于2010年获香港大学颁授理科硕士（房地

产）学位及于2018年获香港中文大学颁授行

政人员工商管理硕士学位。彼于业务发展及

物业发展拥有19年经验。林先生曾于2006

年至2015年间受雇于本集团，负责协助管

理建筑及物业发展分部之项目。林先生于

2017年重投本集团，现时为本公司之总经

理，负责协助本公司之行政总裁监督本集团

之业务运作，以及亚洲第一信贷有限公司之

董事及材迅亚洲发展集团有限公司之行政

总裁，负责本集团建筑融资及建筑材料网上

采购平台业务之管理。

林汉铭先生

林先生，现年54岁，自1994年3月加入本

集团，并自2015年起出任本公司集团财务

总监。林先生主要负责本集团整体的会计及

财务管理工作，包括但不限于会计、财务及

资金运作等事宜。林先生在专业会计及财务

管理方面拥有逾30年经验，并担任本公司

若干附属公司之董事。

SENIOR MANAGEMENT (Continued)

Group (Continued)

Mr. Lam Wai Hung, Roy EMBA, Msc, B. Eng(Hon)

Mr. Lam, aged 40, graduated from The Hong Kong Polytechnic University

in 2006 with a Bachelor of Enginering in Building Services Enginering.

He has also awarded a Master of Science in Real Estate from The University

of Hong Kong in 2010 and an Executive Master of Busines Administration

from The Chinese University of Hong Kong in 2018. He has 19 years’

experience in busines development and property development. Mr. Lam

worked with the Group from 2006 to 2015, responsible for asisting in

management of projects under construction and property development

segments. Mr. Lam re-joined the Group in 2017 and is curently the

General Manager of the Company, responsible for asisting the Chief

Executive Oficer of the Company to overse the operation of the busines

of the Group, and the director of Asia One Credit Limited and the Chief

Executive Oficer of Matex Asia Development Limited, responsible for

the management of construction finance and construction material

e-procurement busineses of the Group.

Mr. Lam Hon Ming, Kelvin

Mr. Lam, aged 54, joined the Group in March 1994 and has served as

the Group Financial Controler since 2015. He is primarily responsible for

overseing the Group’s overal acounting and financial management

functions, including but not limited to acounting, finance and treasury

operations. Mr. Lam has over 30 years of experience in profesional

acounting and financial management. He also holds directorships in

certain subsidiaries of the Company.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25108

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

SENIOR MANAGEMENT (Continued)

Construction Segment

Sr Le Ka Lun, Stephen BA(AS), B. Bldg, Dip Proj Man (RICS), FRICS,

FHKIS, ACIArb, RPS(QS)

Sr Le, aged 68, graduated from The University of Hong Kong with a

Bachelor of Arts (Architectural Studies) degre in 1980 and a Bachelor of

Building degre in 1982. He is a Registered Profesional Surveyor (QS) with

felow membership of the Royal Institution of Chartered Surveyors and

The Hong Kong Institute of Surveyors and membership of the Chartered

Institute of Arbitrators. He is on the List of Arbitrators of Hong Kong

International Arbitration Centre and is a member of the Joint Panel of

Arbitrators of The Hong Kong Institute of Surveyors and The Hong Kong

Institute of Architects. Sr Le has 44 years’ experience in quantity surveying,

comercial management and project management in Hong Kong, the

Mainland China, Taiwan, Macau, Singapore, Malaysia and the Philipines.

He worked with the Group from 1998 to 2005 and re-joined the Group

in 2011. Sr Le was the Chief Executive Oficer of the construction

segment of the Group from 2017 and has ben the Chairman of Chun Wo

Construction Holdings Company Limited since 2022.

Mr. Luk Wai Lam, Wiliam B. Eng, EMBA, MICE, CEng, FHKIE, RPE,

NEC4:EC PM Acred., 正高级工程师(中国内地), APEC Enginer, IntPE

Mr. Luk, aged 47, graduated from the University Colege London in 2000

with a Bachelor of Enginering degre in Civil Enginering. He was also

awarded an Executive Master of Busines Administration from The Chinese

University of Hong Kong in 2016 and a NEC3 and NEC4 Enginering

and Construction Contract Project Manager Acreditation in 2019. He

is a member of the Institution of Civil Enginers in the United Kingdom

and a Registered Profesional Enginer in civil discipline in Hong Kong.

He is the vice president and a felow of the Hong Kong Institution of

Enginers, and past chairman of civil division of the institution. Mr. Luk

has 25 years’ experience in construction industry, including infrastructure

and project management in Hong Kong, Macau and the Mainland China.

Mr. Luk joined the Group in 2010 and is curently the Deputy Chief

Executive Oficer of the construction segment of the Group, responsible for

overseing performance of the construction busines and its development,

actively leading digitalization and smart technology development and

implementation.

高层管理人员（续）

建筑分部

李家粦测量师BA(AS), B. Bldg,

Dip Proj Man (RICS), FRICS, FHKIS, ACIArb,

RPS(QS)

李测量师，68岁，1980年毕业于香港大学，

获授文学士（建筑学）学位，及于1982年取

得建造学士学位。彼为香港注册专业测量

师（工料测量），并为英国皇家特许测量师

学会及香港测量师学会资深会员，以及英国

特许仲裁师公会员。彼获列入香港国际仲

裁中心的仲裁员名册，并为香港测量师学会

及香港建筑师学会联合仲裁委员会成员。

李测量师于香港、中国内地、台湾、澳门、

新加坡、马来西亚及菲律宾拥有44年有关

工料测量、商务管理及项目管理之经验。彼

曾于1998年至2005年间受雇于本集团，并

于2011年重投本集团。李测量师自2017年

起曾担任本集团建筑部之行政总裁，并从

2022年起为俊和建筑控股有限公司之主席。

陆伟霖先生B. Eng, EMBA, MICE, CEng,

FHKIE, RPE, NEC4:EC PM Acred., 正高级工

程师（中国内地）, APEC Enginer, IntPE

陆先生，47岁，2000年毕业於伦敦大学

院，获授土木工程学工学士学位。彼亦于

2016年获香港中文大学颁授行政人员工商

管理硕士学位及于2019年获授新工程合约

（NEC3及NEC4）项目经理认可。彼为英国土

木工程师学会员及香港注册专业工程师

（土木界别），亦为香港工程师学会副会长、

资深会员及土木分部前主席。陆先生于建造

业拥有25年之经验，包括于香港、澳门及

中国内地之基础建设及项目管理。陆先生于

2010年加入本集团，现为本集团建筑业务

副行政总裁，负责监管建筑业务的运营表现

与业务发展策略，并积极推动企业的数位化

转型及智慧技术研发。

亚洲联合基建控股有限公司 2024/25年报109

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

高层管理人员（续）

建筑分部（续）

黄灿光先生 BApSc (Hons), MHKIE

黄先生，52岁，1997年毕业于墨尔本皇家

理工大学，获建筑业管理学位，彼为香

港工程师学会员。彼于马来西亚、澳洲、

香港、中国、台湾、越南、澳门及阿拉伯

联合酋长国之不同地区拥有逾28年处理复

杂基建及建筑项目之国际经验。黄先生曾

于2000年至2010年间受聘于本集团，并于

2023年重投本集团，现担任本集团建筑部

之营运总监及本公司若干附属公司之董事，

负责提高建筑业务分部之有效运作及监督

项目执行。

陈贤宗先生

陈先生，39岁，2008年毕业于加拿大不列

颠哥伦比亚大学。彼为香港建造商会（「香港

建造商会」）义务秘书、香港建造商会土木工

程小组义务司库、香港建造商会环保小组主

席、香港建造商会青年会荣誉主席、香港建

造学院STEAM联盟督导小组主席、建造业

议会土木工程科工艺顾问组主席、香港广州

青年总会副主席及BEAM建筑环保评估协会

董事。彼亦为发展局建造业创新及科技基金

督导委员会成员、2024建造业议会国际建

造数码化论坛暨展览筹备委员会成员及护•

联网慈善基金有限公司委员会成员。陈先生

于2019年成为本集团之业务伙伴。彼于建

造业拥有丰富经验及现时为群利集团有限

公司之执行董事，负责管理其之整体业务。

黄书孝工程师B. Sc.Eng.(Hons)., M.Sc.

Eng., P.Eng., C Eng., ACPE., MIES., M.Con.E.S

黄工程师，70岁，1980年毕业于英国鸭巴

甸大学，获授工程荣誉学士学位。彼亦于

1985年获新加坡国立大学颁授土木工程硕

士学位。黄工程师为新加坡注册专业工程

师、东盟注册特许专业工程师及新加坡工

程师学会员。彼于新加坡、马来西亚、印

尼、斯里兰卡及越南拥有45年有关结构工

程、土木工程及项目管理之经验。黄工程师

于2016年成为本集团之业务伙伴，现为冠

格顾问有限公司之董事总经理，负责管理其

整体业务。

SENIOR MANAGEMENT (Continued)

Construction Segment (Continued)

Mr. Huynh Quang Vi, Roger BApSc (Hons), MHKIE

Mr. Huynh, aged 52, graduated from the Royal Melbourne Institute of

Technology in 1997 with a Bachelor of Aplied Science in Construction

Management (Hon) and is a member of the Hong Kong Institution of

Enginers. He has over 28 years of international experience in delivering

complex infrastructure and building projects acros numerous geographies

including Malaysia, Australia, Hong Kong, China, Taiwan, Vietnam, Macau,

and United Arab Emirates. Mr. Huynh worked for the Group from 2000

to 2010 and has since rejoined in 2023, he curently serves as the Chief

Operating Oficer of the construction segment of the Group and holds

directorships in certain subsidiaries of the Company. He is responsible for

the enhancement of operational performance of several divisions within

the construction busines and to ensure that the efectivenes, eficiency,

and project oversight measures are being sucesfuly executed.

Mr. Chan Anthony Yin Chung

Mr. Chan, aged 39, graduated from University of British Columbia in

Canada in 2008. He is an honorary secretary of Hong Kong Construction

Asociation (“HKCA”), an honorary treasurer of the HKCA Civil Enginering

Comite, a chairman of the HKCA Environmental Comite, an

honorary chairman of the HKCA Young Members Society, a chairman of

the Hong Kong Institute of Construction STEAM Aliance, a chairman of

the CIC Course Advisory Panel on Civil Enginering, and a vice chairman

of the Youth of Guangzhou and Hong Kong Asociation and a director of

BEAM Society Limited. He is also a comite member of Development

Bureau Stering Comite on Construction Inovation and Technology

Fund, CIC Organising Comite of Global Construction Digitalisation

Forum and Exhibition 2024 and the Lifewire Foundation Limited. Mr.

Chan became a busines partner of the Group in 2019. He has substantial

experience in construction industry and curently is the managing director

of Kwan Le Holding Limited and is responsible for the management of its

overal busines.

Er Ng Swe How, Vincent B. Sc.Eng.(Hons)., M.Sc.Eng., P.Eng.,

C Eng., ACPE., MIES., M.Con.E.S

Er Ng, aged 70, graduated from the Aberden University in the United

Kingdom with a Bachelor’s degre of Enginering (Hons) in 1980. He

has also awarded a Master of Civil Enginering degre from the National

University of Singapore in 1985. Er Ng is a Registered Profesional Enginer

in Singapore, a Registered Asean Chartered Profesional Enginer and

a member of the Institution of Enginers, Singapore. He has 45 years’

experience in structural design, civil enginering and project management

in Singapore, Malaysia, Indonesia, Sri Lanka and Vietnam. Er Ng became

a busines partner of the Group in 2016 and is curently the managing

director of R.J. Crocker Consultants Pte. Ltd., responsible for the

management of its overal busines.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25110

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

SENIOR MANAGEMENT (Continued)

Property Development and Asets Leasing Segment

Mr. Ho Chun Wai B.Arch, MSc(RED)

Mr. Ho, aged 50, graduated from The University of Southern California in

1999 with a degre in Bachelor of Architecture. He was awarded a Master

of Science degre in Real Estate Development from Columbia University,

New York in 2007. He has more than 22 years’ working experience in

architecture design, project management and property development

aspects for many projects of various size and complexity in Hong Kong and

the United States. Prior to joining the Group, he had served a public listed

property development company in Hong Kong, responsible for the property

development and management of projects in Hong Kong. Mr. Ho worked

with the Group from 2018 to 2021 and re-joined the Group in 2023, he

is curently the General Manager of the property development segment

of the Group, responsible for the management of the overal property

development and investment busines of the Group.

Profesional Services Segment

Mr. Cheng Siu Cheung, Andrew EMBA

Mr. Cheng, aged 48, graduated from the Hong Kong Polytechnic University

in 2000 with a Bachelor of Science degre in Building Technology and

Management. He obtained an Executive Master of Busines Administration

degre from the Chinese University of Hong Kong in 2016.

Mr. Cheng worked in Gamon Construction Limited from 2000. In 2008, he

worked in Henderson Land Development to overse construction projects in

Beijing and Shanghai. He joined the Asia Alied Infrastructure Holdings Limited

in July 2010 and was primarily responsible for managing civil enginering

and foundation projects. He has over 20 years of working experience in the

construction industry and is registered in the Buildings Department as the

Authorised Signatory of Specialist Contractor in Foundation Works.

Mr. Cheng was seconded to City Services Group as the Asistant General

Manager on 1 July 2021 and apointed as our Acting Chief Executive

Oficer from 1 April 2023. In 1 March 2025, he apointed as Chief

Executive Oficer of City Services Group.

Mr. Ho Chu Ming BSc (Hons), MRICS, MHKIS

Mr. Ho, aged 66, graduated from The University of Salford, the United

Kingdom with a Bachelor’s of Building Technology and Management degre

in 1986. He is a member of the Royal Institute of Chartered Surveyors and

a member of the Hong Kong Institute of Surveyors. He has over 31 years of

experience in the property management and maintenance industries. Mr.

Ho is the executive director of Modern Living Investments Holdings Limited,

responsible for the management of its overal busines development.

高层管理人员（续）

物业发展及资产租赁分部

何俊威先生B.Arch, MSc(RED)

何先生，50岁，1999年毕业于南加州大学，

获授建筑学士学位。彼于2007年获纽约哥

伦比亚大学颁授房地产开发理学硕士学位。

彼于香港及美国各种规模及复杂程度项目

之建筑设计、项目管理及物业发展范畴积逾

22年经验。彼加入本集团前，曾任职于一间

香港上市物业发展公司，负责香港物业发展

及项目管理工作。何先生于2018年至2021

年间受雇于本集团并于2023年重投本集团，

彼现时为本集团物业发展部之总经理，负责

本集团整体物业发展及投资业务之管理。

专业服务分部

郑绍章先生EMBA

郑先生，48岁，于2000年毕业于香港理工

大学，获建筑技术与管理学士学位，并于

2016年取得香港中文大学行政人员工商管

理硕士(EMBA)学位。

郑先生自2000年起任职于金门建筑有限公

司。2008年转投恒基兆业地产集团，负责督

导北京及上海地区的建筑工程项目。2010

年7月加入亚洲联合基建控股有限公司，主

要负责管理土木工程及地基工程项目。他在

建筑业拥有逾20年经验，并在香港屋宇署

注册为地基工程专门承建商授权签署人。

郑先生自2021年7月1日起借调至城市服务

集团担任助理总经理，并于2023年4月1日

获委任为署理行政总裁。2025年3月1日正

式出任城市服务集团行政总裁。

何柱明先生BSc (Hons), MRICS, MHKIS

何先生，66岁，1986年毕业于英国索尔福

德大学，获授建筑技术及管理学士学位。彼

为英国皇家特许测量师学会专业会员及香

港测量师学会员。何先生于物业管理及维

修保养行业拥有逾31年之经验。何先生为

雅居投资控股有限公司之执行董事，负责管

理其之整体业务发展。

亚洲联合基建控股有限公司 2024/25年报111

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

高层管理人员（续）

专业服务分部（续）

吴福华先生HKICPA, M.H.K.I.H, R.P.H.M

吴先生，65岁，分别于1983年及2002年取

得香港理工学院（现称香港理工大学）会计

学专业文凭及香港大学专业进修学院屋宇

管理文凭。彼为香港会计师协会（现称为香

港会计师公会）会员，香港房屋经理学会

员及房屋经理注册管理局的专业房屋经理。

吴先生于物业管理行业拥有逾30年之经验。

吴先生于本财政年度成为本集团之业务伙

伴及为雅居投资控股有限公司之执行董事，

负责管理其之整体业务发展。

非专营巴士服务分部

汪君杰先生BA(Mktg)

汪先生，40岁，2009年毕业于英国牛津布

鲁克斯大学，获授市场学工商管理学士学

位。彼于本地物流行业及商业管理拥有15

年经验。汪先生于2018年成为本集团之业

务伙伴，现时为本集团非专营巴士服务分部

之行政总裁，负责管理其整体业务。

教育分部

李彭一心女士BA, JD

彭女士，51岁，1996年毕业于美国哈佛大

学，获授文学士学位。彼亦于1999年获美

国北卡罗莱纳州杜克大学颁授法律博士学

位。彭女士为美国纽约及麻省律师协会之会

员及美国特拉华州之注册会计师。彭女士于

2019年加入本集团前，于花旗银行（香港）

及美国的律师事务所从事法律工作，并于美

国及香港拥有逾24年法律及合规方面之经

验。彭女士为斯程教育有限公司之创办人及

董事，负责本集团教育业务之管理。

彭女士为彭一庭先生之胞妹、彭一邦博士

工程师之胞姊及李蕙娴女士之女儿。彭女

士拥有本公司控股东（定义见上巿规则）

GT Winers Limited之10%股本权益，而彭

一庭先生及李蕙娴女士各自拥有GT Winers

Limited之45%股本权益。

SENIOR MANAGEMENT (Continued)

Profesional Services Segment (Continued)

Mr. Ng Fuk Wah HKICPA, M.H.K.I.H, R.P.H.M

Mr. Ng, aged 65, obtained his profesional diploma in acountancy from

the Hong Kong Polytechnic (now known as The Hong Kong Polytechnic

University) in 1983 and a diploma in housing management from the

Schol of Profesional and Continuing Education of The University of Hong

Kong (HKU SPACE) in 2002. He is a member of the Hong Kong Society

of Acountants (curently known as the Hong Kong Institute of Certified

Public Acountants) , a member of the Hong Kong Institute of Housing

and a profesional housing manager of the Housing Managers Registration

Board. He has over 30 years of experience in the property management

industry. Mr. Ng became a busines partner of the Group this fiscal year and

is the Executive Director of Modern Living Investments Holdings Limited,

responsible for the management of its overal busines development.

Non-franchised Bus Services Segment

Mr. Wong Kwan Kit, Calvin BA(Mktg)

Mr. Wong, aged 40, graduated from Oxford Brokes University in

the United Kingdom in 2009 with a degre in Bachelor of Busines

Administration in Marketing. He has 15 years’ experience in local logistics

industry and busines management. Mr. Wong became a busines partner

of the Group in 2018 and is curently the Chief Executive Oficer of the

non-franchised bus services segment of the Group, responsible for the

management of its overal busines.

Education Segment

Mrs. Le Pang Yat Sum, Rita BA, JD

Ms. Pang aged 51, graduated from Harvard University, the United States

in 1996 with a Bachelor of Arts degre. She has also awarded a degre

of Juris Doctor from Duke University, North Carolina in the United States

in 1999. Ms. Pang is a member admited to the State of Bar of New York

and Masachusets in the United States and a certified public acountant of

Delaware in the United States. Prior to joining the Group in 2019, Ms. Pang

had practiced law at Citibank (Hong Kong) and US law firms and has over 24

years’ experience in legal and compliance fields in the United States and Hong

Kong. Ms. Pang is the founder and director of Se Change Education Limited,

responsible for the management of education busines of the Group.

Ms. Pang is the younger sister of Mr. Pang Yat Ting, Dominic, the elder

sister of Ir Dr. Pang Yat Bond, Derick and the daughter of Madam Li

Wai Hang, Christina. Ms. Pang owns 10% equity interest in GT Winers

Limited, the controling shareholder of the Company (as defined in the

Listing Rules) in which each of Mr. Pang Yat Ting, Dominic and Madam Li

Wai Hang, Christina owns 45% equity interest.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25112

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员资料

SENIOR MANAGEMENT (Continued)

Medical Technology and Healthcare Segment

Mr. Hon Ru Jiun, Alex B. Eng(Hons), MICE, CEng, MHKIE

Mr. Hon, aged 34, graduated from The University of Hong Kong in 2012

with a Bachelor of Civil Enginering. He further obtained a NEC3 and NEC4

Enginering and Construction Contract Project Manager Acreditation in

2020. He is a member of the Institution of Civil Enginers in United Kingdom

and the Hong Kong Institution of Enginers. Mr. Hon has 13 years’ experience

in construction industry including infrastructure project management in Hong

Kong. Mr. Hon joined the Group in 2012 as an Elite Management Traine and

curently is the Asistant General Manager of the Company, and the Chief

Executive Oficer of Hong Kong Cyclotron Laboratories Limited and General

Manager of Chun Wo Elegant Decoration Enginering Limited, responsible

for management of radiopharmaceutical manufacturing medical busines,

and medical decoration busines of the Group.

COMPANY SECRETARY

Ms. Wong Chi Yin

Ms. Wong was apointed as the company secretary of the Company on

31 December 2024. Ms. Wong holds a degre in Bachelor of Busines

Administration (Honours) in Acountancy in City University of Hong Kong.

She is a felow member of Asociation of Chartered Certified Acountants,

an asociate member of The Taxation Institute of Hong Kong and a

member of The Institute of Internal Auditors Hong Kong. She is also a

Chartered Tax Adviser (Non-practising) in Hong Kong, a Certified Internal

Auditor and a Certified ESG Planer. Ms. Wong has substantial experience

in acounting, corporate finance and company secretarial maters in various

companies listed on the Stock Exchange and curently is the company

secretary of Modern Living Investments Holdings Limited (a subsidiary of

the Company listed on GEM of the Stock Exchange, stock code: 08426).

高层管理人员（续）

医疗科技与健康分部

韩儒俊先生B. Eng(Hons), MICE, CEng,

MHKIE

韩先生，34岁，2012年毕业于香港大学，

获授土木工程学工学士学位。彼其后于

2020年获授新工程合约（NEC3及NEC4）项

目经理认可。彼为英国土木工程工程师学会

会员及香港工程师学会员。韩先生于建

筑业拥有13年之经验，包括香港之基础建

设及项目管理。韩先生于2012年透过精英

培训计划加入本集团，现为本公司副总经

理，以及Hong Kong Cyclotron Laboratories

Limited之行政总裁及俊和高雅装饰工程有

限公司之总经理，负责本集团医疗放射性药

物生产及医疗装修工程业务之管理。

公司秘书

黄智燕女士

黄女士，于2024年12月31日被委任为本公

司的公司秘书。黄女士持有香港城市大学会

计学（荣誉）工商管理学士学位。彼为英国

特许公认会计师公会资深会员、香港税务学

会员及香港内部审计师协会员。彼亦为

香港特许税务师（非执业）、注册内部审计

师及注册环境、社会及管治规划师。黄女士

具有多间联交所上市公司之会计、企业融资

及公司秘书事务的丰富经验，目前为雅居投

资控股有限公司（一间于联交所GEM上市之

本公司之附属公司，股份代号︰08426）的

公司秘书。

亚洲联合基建控股有限公司 2024/25年报113

CORPORATE GOVERNANCE REPORT

企业管治报告

The Company has ben making continued eforts to incorporate the key

elements of sound corporate governance into its management structure

and internal control procedures. The Company is comited to maintaining

a high standard of corporate governance, upholding a high standard of

ethics, transparency, responsibility and integrity in al aspects of busines,

and ensuring that afairs are conducted in acordance with aplicable laws

and regulations.

CORPORATE GOVERNANCE PRACTICES

The Company has complied with al the code provisions of the CG Code

throughout the Year. The Board had duly performed its duties relating

to the corporate governance functions and was not aware of any code

provisions of the CG Code being violated during the Year.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code as its code of conduct

regarding securities transactions by the Directors. Al Directors have

confirmed, after a specific enquiry made by the Company, that they have

fuly complied with the required standard set out in the Model Code

throughout the Year.

BOARD OF DIRECTORS

The Board is responsible for the management of the Company on behalf

of the Shareholders. Key responsibilities include formulation of the

Group’s overal strategies, seting of management targets and supervision

of management performance. The Board confines itself to making

broad policy decisions and also exercising a number of reserved powers

as mentioned below, while delegating responsibility for more detailed

considerations to the Management Comite under the leadership of the

Chief Executive Oficer of the Company:

• those functions and maters as set out in the terms of reference of

various Board comites (as amended from time to time), for which

Board’s aproval must be sought from time to time;

’s aproval must be

sought in acordance with the Group’s internal policy (as amended

from time to time);

, financial statements

in interim reports and anual reports, anouncements and pres

releases of interim and anual results;

’s overal strategic

policies, financing and Shareholders;

本公司一直致力将完善的企业管治要素融

入其管理架构及内部监控程序当中。本公司

锐意保持高水平的企业管治，维持业务在各

方面均能维护严谨的道德标准、透明度、责

任及诚信操守，并确保业务以符合适用法例

及法规的方式进行。

企业管治常规

本公司于本年度内已遵守企业管治守则内

所载之所有守则条文。董事局已履行其有关

企业管治职能之职责，及并无发现于本年度

内有违反企业管治守则内之任何守则条文。

董事的证券交易

本公司已采纳标准守则作为董事进行证券

交易之行为守则。经本公司作出具体查询

后，全体董事已确认彼等于本年度内已全面

遵守标准守则内所规定之标准。

董事局

董事局代表股东负责本公司之管理。主要职

责包括制订本集团之整体策略、订立管理目

标及监察管理层之表现。董事局负责整体决

策，并行使下文所述之多项保留权力，而考

虑工作细节之职务则交由本公司之行政总

裁带领之管理委员会负责：

• 各个董事局委员会之职权范围内订明

之各项职能及事务（经不时修订），其

必须由董事局不时批准；

（经不时修订），

必须提交予董事局批准的各项职能及

事务；

、社会及管治报告、

中期报告与年报内之财务报表，以及

中期与全年业绩之公告及新闻稿；

• 集中留意影响本公司之整体策略性政

策、融资及股东之事宜；

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25114

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局（续）

；及

• 检讨及监察本集团的企业管治政策及

常规，以确保遵守法律及监管规定。

全体董事均可全面和及时索阅所有相关资

讯，包括董事局辖下的委员会之定期报告，

以及对本集团构成影响之重大法律、监管或

会计事宜之简报。

为使董事局能获取独立意见，董事在董事局

将予考虑之交易或建议中存在重大利益冲

突时，该董事须申报有关利益及放弃投票，

但该董事仍可表达其意见。有关事项须经董

事局会议审议，并由交易中不存在重大利益

之董事投票表决。各董事在履行其董事职责

期间，及就履行职责而作出决定时，可寻求

彼等认为必要的独立专业意见，而该等费用

均由本公司负责。独立专业意见包括法律意

见、会计师及其他专业财务顾问就法律、会

计及其他监管事宜上提供的意见，而所有意

见均可向董事局其他成员提供。每个董事局

委员会都应向董事局报告其决定和建议。董

事局已审阅及信纳上述机制于本年度的实

施及有效性。

董事局组成

于本报告日期，董事局由九名董事组成，包

括三名执行董事、两名非执行董事及四名独

立非执行董事，其中独立非执行董事按上市

规则规定占董事局成员人数不少于三分之

一。董事局成员列示如下：

执行董事

彭一庭先生（主席）

徐建华先生（副主席）

彭一邦博士工程师太平绅士（行政总裁）

BOARD OF DIRECTORS (Continued)

; and

• reviewing and monitoring the corporate governance policies and

practices of the Group to ensure compliance with the legal and

regulatory requirements.

Al Directors have ful and timely aces to al relevant information,

including regular reports from the Board comites and briefings on

significant legal, regulatory or acounting isues afecting the Group.

To enable independent advice acesible by the Board, a Director has a

material conflict of interest in relation to a transaction or proposal to be

considered by the Board, such Director is required to declare such interest

and abstain from voting, but is stil able to expres his/her opinion. The

mater is considered at a Board meting and voted on by the Directors

who have no material interest in that transaction. Each Director may sek

independent profesional advice as considered necesary to fulfil his/her

responsibilities and in exercising independent judgment when making

decisions in furtherance of his/her Directors’ duties at the Company’s

expense. Independent profesional advice shal include legal advice and

advice of acountants and other profesional financial advisers on maters

of law, acounting and other regulatory maters. Any advice obtained may

be made available to other members of the Board. Each Board Comite

should report to the Board on its decisions and recomendations.

The Board has reviewed and satisfied with the implementation and

efectivenes for the Year of the abovementioned mechanism.

BOARD COMPOSITION

As at the date of this report, the Board comprises nine Directors

including thre Executive Directors, two NEDs and four INEDs, with INEDs

representing not les than one-third of the Board as required under the

Listing Rules. The Board members are listed below:

Executive Directors

Mr. Pang Yat Ting, Dominic (Chairman)

Mr. Xu Jianhua, Jery (Deputy Chairman)

Ir Dr. Pang Yat Bond, Derick JP (Chief Executive Oficer)

亚洲联合基建控股有限公司 2024/25年报115

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局组成（续）

非执行董事

黄廸怡小姐

严玉麟博士银紫荆星章，铜紫荆星章，太平绅士

独立非执行董事

胡伟亮先生

林右烽先生

何智恒先生

严震铭博士

各非执行董事及独立非执行董事已与本公

司订立一份为期三年之委任函。有关委任函

在本公司及非执行董事及独立非执行董事

各自同意下可予续约。非执行董事及独立非

执行董事须根据公司细则轮席退任。

董事局于本年度内任何时间均符合上市规

则之规定，委任最少三名独立非执行董事，

而其中最少一名独立非执行董事已具备合适

之专业资格或会计或相关财务管理专业知识。

本公司已接获各独立非执行董事按上市规

则第3.13条确认彼之独立性之书面确认书。

本公司认为全体独立非执行董事根据上市

规则均具独立性。

董事局成员之间之关系

彭一庭先生与彭一邦博士工程师为兄弟，以

及李蕙娴女士为彭一庭先生及彭一邦博士

工程师之母亲。

彭一庭先生、彭一邦博士工程师、李蕙娴女

士及╱或李彭一心女士，透过彼等共同持有

的若干公司，持有若干投资工具之少数权

益，而严震铭博士亦于该等投资工具持有权

益。

除上述披露者外，董事局成员之间概无财

务、业务、家属或其他重大╱相关之关系。

BOARD COMPOSITION (Continued)

Non-executive Directors

Ms. Wong Wendy Dick Ye

Dr. Yim Yuk Lun, Stanley SBS BS JP

Independent Non-executive Directors

Mr. Wu Wiliam Wai Leung

Mr. Lam Yau Fung, Curt

Mr. Ho Gilbert Chi Hang

Dr. Yen Gordon

Each of the NEDs and INEDs has entered into an apointment leter

with the Company for a term of thre years. The apointment leter is

renewable subject to consent given by the Company and the respective

NEDs and INEDs. The NEDs and INEDs are subject to retirement by rotation

in acordance with the Bye-laws.

The Board had at al times during the Year met the requirements of the

Listing Rules relating to the apointment of at least thre INEDs with

at least one INED posesing apropriate profesional qualifications, or

acounting or related financial management expertise.

The Company has received a writen confirmation from each INED to

confirm his independence pursuant to Rule 3.13 of the Listing Rules. The

Company is of the view that al INEDs are independent under the Listing

Rules.

Relationship betwen Board Members

Mr. Pang Yat Ting, Dominic and Ir Dr. Pang Yat Bond, Derick being

brothers, and Madam Li Wai Hang, Christina is the mother of Mr. Pang Yat

Ting, Dominic and Ir Dr. Pang Yat Bond, Derick.

Mr. Pang Yat Ting, Dominic, Ir Dr. Pang Yat Bond, Derick, Madam Li

Wai Hang, Christina and/or Mrs. Le Pang Yat Sum, Rita, through the

companies controled by them, hold minority interests in certain investment

vehicles in which Dr. Yen Gordon also has interests.

Save as disclosed above, there is no financial, busines, family or other

material/relevant relationship among members of the Board.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25116

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局组成（续）

多元化政策

本公司明白董事局成员多元化对提升其表

现质素及维持长远可持续发展裨益良多。为

此，提名委员会已批准一套董事局成员多元

化政策（「董事局成员多元化政策」），当中

列载达致董事局成员多元化之方针。

董事局成员多元化政策列明可测量目标，并

规定本公司应通过考虑其多项因素及可测

量目标（包括但不限于性别、年龄、文化及

教育背景、专业知识、行业经验、技能及知

识）努力实现董事局多元化。

董事局之组成自2017年起最少包括一位女

性成员，而董事局目前拥有一名女性董事，

故董事局已达致性别多元化。董事局已审阅

及信纳董事局成员多元化政策于本年度的

实施及有效性。我们将参考持份者的期望及

本地的最佳建议常规，致力提升女性比例并

实现性别多元化的合适水平。

本公司亦已采纳全体员工多元化政策，当中

规定聘任时之考虑因素及可测量目标。有关

详情载于第53页至第97页之「环境、社会及

管治报告」一节。

本公司致力履行其承诺，所有董事局成员之

委任及员工聘任均以用人唯才为原则，并以

多元化作考虑因素。

提名政策

本公司亦已采纳提名政策（「提名政策」），

当中列载本公司就委任及重新委任董事以

及董事继任计划向董事局提供建议之主要

甄选标准及原则，以确保董事局根据本公司

业务具备适当所需技能、知识、经验及多样

化观点。

提名委员会应参考董事局成员多元化政策

及提名政策，向董事局提名合适的合资格候

选人以供考虑，以及建议委任何候选人予

董事局或重新委任董事局任何之现有成员。

BOARD COMPOSITION (Continued)

Diversity Policy

The Company recognises the benefits of having a diverse Board to enhance

the quality of its performance and maintain a sustainable development

in long run. In this regard, the Nomination Comite has endorsed the

board diversity policy (the “Board Diversity Policy”) which sets out the

aproach to achieve diversity on the Board.

The Board Diversity Policy sets out the measurable objectives and provides

that the Company should endeavor to achieve board diversity through

consideration of a number of factors and measurable objectives, which

including but not limited to gender, age, cultural and educational

background, profesional expertise, industry experience, skils and

knowledge.

The Board since 2017 has upheld to consist of at least one female member

and curently has one female Director and as such has achieved gender

diversity in the Board. The Board has reviewed and satisfied with the

implementation and efectivenes for the Year of the Board Diversity Policy.

We wil strive to enhance female representation and achieve an apropriate

balance of gender diversity with reference to the stakeholders’ expectation

and local recomended best practices.

The Company has also adopted a workforce diversity policy which sets

out the factors and measurable objectives in the employment. Details of

which are provided in the section headed “ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT” set out on pages 53 to 97.

While conscious eforts are being taken by the Company to fulfil its

pledges, apointments of board member and employment wil be based

on merit while taking into acount diversity.

Nomination Policy

The Company has also adopted the nomination policy (the “Nomination

Policy”) seting out the key selection criteria and principles to be used

by the Company in making recomendations on the apointment or

re-apointment of Directors and sucesion planing for Directors to

the Board to ensure that the Board has a balance of skil, knowledge,

experience and diversity of perspectives apropriate to the requirements of

the Company’s busines.

The Nomination Comite shal make reference to the Board Diversity

Policy and the Nomination Policy to nominate suitably qualified candidates

to the Board for consideration and make recomendations on the

apointment of any proposed candidate to the Board or re-apointment of

any existing member(s) of the Board.

Number of Directors
董事数目

Gender	性别
Male	男性	8
Female	女性	1
Age Group	年龄组别
50 or below	50岁或以下	3
Over 50	50岁以上	6
Length of Service	服务年期
5 years or below	5年或以下	1
Over 5 years	5年以上	8
INED Length of Service	独立非执行董事服务年期
Over 9 years	9年以上	1

Experience or Expertise	经验或专业知识

• Accounting and Finance	• 会计及财务

• Construction	• 建筑

• Electronics	• 电子

• Legal	• 法律

• Merger and Acquisition	• 收购及合并

• Retail Management	• 零售管理

亚洲联合基建控股有限公司 2024/25年报117

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局组成（续）

提名政策（续）

提名委员会负责监察董事局成员多元化政

策及提名政策之执行，而董事局将于适当时

检讨以上政策，以确保其行之有效。

董事局成员多元化

下表阐述于本报告日期董事局之多元化：

BOARD COMPOSITION (Continued)

Nomination Policy (Continued)

The Nomination Comite is responsible for monitoring the

implementation of the Board Diversity Policy and the Nomination Policy

and the Board wil review the above policies, as apropriate, to ensure their

efectivenes.

Board Diversity

The folowing charts show the diversity of the Board as of the date of this

report:

• Aset Management• 资产管理

• Corporate Management• 企业管理

• Investment and Financing• 投资及融资

• Marketing• 市场销售

• Property Development• 物业发展

• Suply Chain Management• 供应链管理

Number of meetings attended/Number of meetings held
出席会议次数╱举行会议次数
		Board Meeting	Audit Committee Meeting	Nomination Committee Meeting	Remuneration Committee Meeting	Annual General Meeting
Directors	董事	董事局会议	审核委员会会议	提名委员会会议	薪酬委员会会议	股东周年大会

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25118

CORPORATE GOVERNANCE REPORT

企业管治报告

董事出席会议之记录

于本年度内，本公司举行了五次董事局会议

及一次股东大会。董事局及董事局辖下委员

会各个成员于本年度内出席相关会议之记

录载列如下：

，自2024年12月

31日生效。其于报告期间之出席情况乃参照其于

任期内举行的会议次数而定。

DIRECTORS’ ATENDANCE RECORDS AT

METINGS

During the Year, the Company had held five board metings and one

general meting. The atendance records of each member of the Board

and Board comites at the respective metings during the Year are set

out below:

Executive Directors执行董事

Mr. Pang Yat Ting, Dominic (Chairman)彭一庭先生（主席）5/5–1/1–1/1

Mr. Xu Jianhua, Jery (Deputy Chairman)徐建华先生（副主席）5/5–1/1

Ir Dr. Pang Yat Bond, Derick

(Chief Executive Oficer)

彭一邦博士工程师

（行政总裁）5/5–1/1

Mr. Shea Chun Lok, Quadrant*

(Chief Financial Oficer and

Company Secretary)

佘俊乐先生*

（首席财务官兼公司秘书）

2/5–1/1

Non-executive Directors非执行董事

Ms. Wong Wendy Dick Ye黄廸怡小姐5/52/21/1–0/1

Dr. Yim Yuk Lun, Stanley严玉麟博士4/52/21/1–1/1

Independent Non-executive Directors独立非执行董事

Mr. Wu Wiliam Wai Leung胡伟亮先生5/52/21/11/11/1

Mr. Lam Yau Fung, Curt林右烽先生5/52/21/11/11/1

Mr. Ho Gilbert Chi Hang何智恒先生4/52/21/11/11/1

Dr. Yen Gordon严震铭博士5/5–1/1–1/1

, Quadrant resigned as an Executive Director with efect from 31

December 2024. His atendance during the reporting period has ben recorded based on

the number of metings held during his tenure.

Topic on training covered (Note)
Directors	董事	培训涵盖的主题（附注）

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企业管治报告

董事之持续专业发展

我们鼓励全体董事参加相关培训课程，费用

由本公司支付。全体董事获定期提供有关本

集团最新业务发展及有关上市规则及其他

适用法律及法规定的最新发展之资讯，从

而促进其有效履行董事职责，以及确保合规

及维持良好的企业管治常规。于本年度，全

体董事已参与以下主题的研讨会及╱或阅读

有关资料以增进及更新其知识及技能。本公

司已接获全体董事于本年度各自的培训记录。

附注：

(a) 企业管治

(b) 监管

(d) 财务

主席及最高行政人员

于本年度，董事局由主席彭一庭先生领导，

行政总裁由彭一邦博士工程师担任。

主席与最高行政人员之角色明确划分。主席

负责监督董事局之职能运作，而最高行政人

员则负责管理本集团之业务。

DIRECTORS’ CONTINUOUS PROFESIONAL

DEVELOPMENT

Al Directors are encouraged to atend relevant training courses at the

Company’s expense. Al Directors are regularly provided with information

in respect of the Group’s latest busines development and the latest

development regarding the Listing Rules and other aplicable statutory

and regulatory requirements to facilitate their efective performance

of directors’ duties and ensure compliance and maintenance of god

corporate governance practices. During the Year, al Directors had

participated in seminars and/or studied materials on the folowing topics

for developing and refreshing their knowledge and skils. The Company has

received from al Directors their respective training records for the Year.

Executive Directors执行董事

Mr. Pang Yat Ting, Dominic彭一庭先生(a), (b), (c), (d)

Mr. Xu Jianhua, Jery徐建华先生(a), (b), (c), (d)

Ir Dr. Pang Yat Bond, Derick彭一邦博士工程师(a), (b), (c), (d)

Non-executive Directors非执行董事

Ms. Wong Wendy Dick Ye黄廸怡小姐(a), (b), (c)

Dr. Yim Yuk Lun, Stanley严玉麟博士(a), (b), (c)

Independent Non-executive Directors独立非执行董事

Mr. Wu Wiliam Wai Leung胡伟亮先生(a), (b), (c), (d)

Mr. Lam Yau Fung, Curt林右烽先生(a), (b), (c), (d)

Mr. Ho Gilbert Chi Hang何智恒先生(a), (b), (c), (d)

Dr. Yen Gordon严震铭博士(a), (b), (c), (d)

Notes:

(a) Corporate Governance

(b) Regulatory

(d) Finance

CHAIRMAN AND CHIEF EXECUTIVE

During the Year, the Board had ben led by the Chairman, Mr. Pang Yat

Ting, Dominic and the role of Chief Executive Oficer is performed by Ir Dr.

Pang Yat Bond, Derick.

The role of the Chairman is separate from that of the chief executive. The

Chairman is responsible for overseing the functioning of the Board while

the chief executive is responsible for managing the Group’s busines.

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企业管治报告

董事局辖下的委员会

董事局已成立不同委员会，包括审核委员

会、提名委员会、薪酬委员会、管理委员会

及执行委员会。审核委员会、提名委员会及

薪酬委员会其各自之职权范围不逊于企业

管治守则所规定之标准，并已登载于本公司

网站。所有委员会均获提供充足资源履行其

职责。

管理委员会

管理委员会于1993年4月成立。其获董事局

全面授权，以总管理委员会之身份运作，为

提升业务决策上之效率及有便于若干企业

行动之批核。

于本报告日期，管理委员会由三名成员组

成，全部均为执行董事。

管理委员会成员：

彭一邦博士工程师（主席）

彭一庭先生

徐建华先生

执行委员会

执行委员会于2007年3月成立，协助管理委

员会处理本公司之日常业务运作。其负责发

展及落实企业及业务部门的业务计划。执行

委员会亦获项目管理主管所支援，使绩效管

理延伸至项目层面。

于本报告日期，执行委员会由三名成员组

成，全部均为执行董事。

执行委员会成员：

彭一庭先生（主席）

徐建华先生

彭一邦博士工程师

薪酬委员会

薪酬委员会于2005年4月成立。薪酬委员会

之主要职责为（其中包括）就本公司有关全

体董事及本集团高层管理人员之薪酬政策

及架构向董事局提出建议，并获董事局转授

责任，厘定个别执行董事及本集团高层管理

人员之薪酬待遇。

BOARD COMITES

The Board has established various comites, including the Audit

Comite, the Nomination Comite, the Remuneration Comite,

the Management Comite and the Executive Comite. The respective

terms of reference of the Audit Comite, the Nomination Comite

and the Remuneration Comite are of no les exacting terms than those

set out in the CG Code and are available on the Company’s website. Al

comites are provided with suficient resources to discharge their duties.

Management Comite

The Management Comite was established in April 1993. It operates as

a general management comite with overal delegated authority from

the Board in order to increase the eficiency for the busines decisions and

facilitate the aproval of certain corporate actions.

As at the date of this report, the Management Comite comprises thre

members, al of whom are Executive Directors.

Members of the Management Comite:

Ir Dr. Pang Yat Bond, Derick (Chairman)

Mr. Pang Yat Ting, Dominic

Mr. Xu Jianhua, Jery

Executive Comite

The Executive Comite was established in March 2007 to asist the

Management Comite in runing of day-to-day busines of the

Company. It is responsible for the development and implementation of the

busines plans for corporate and busines units. The Executive Comite

is also suported by the heads of Project Management, cascading

performance management down to project level.

As at the date of this report, the Executive Comite comprises thre

members, al of whom are Executive Directors.

Members of the Executive Comite:

Mr. Pang Yat Ting, Dominic (Chairman)

Mr. Xu Jianhua, Jery

Ir Dr. Pang Yat Bond, Derick

Remuneration Comite

The Remuneration Comite was formed in April 2005. The primary

responsibilities of the Remuneration Comite are, inter alia, to make

recomendations to the Board on the Company’s policies and structure

for the remuneration of al Directors and senior management of the Group

and determine, with delegated responsibility, the remuneration packages

of individual Executive Directors and the senior management of the Group.

Number of Senior Management
Remuneration Band	薪酬等级	高层管理人员人数

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企业管治报告

董事局辖下的委员会（续）

薪酬委员会（续）

于本报告日期，薪酬委员会由三名成员组

成，全部均为独立非执行董事。

薪酬委员会成员：

林右烽先生（主席）

胡伟亮先生

何智恒先生

于本年度内，薪酬委员会已评估执行董事及

本集团高层管理人员之表现及批准其薪酬

待遇，以及建议独立非执行董事之薪酬予董

事局审批。

董事酬金政策

董事酬金乃符合市场水平。本集团采纳下列

主要原则厘定董事之酬金：

• 薪酬水平应与本集团聘用人才之竞争

公司大致相若；及

借此激励及挽留表现优秀之个别人士

及提升本公司对股东的价值。

除基本薪金外，本公司已采纳购股权计划及

股份奖励计划以奖励及挽留董事为本集团

持续经营及发展效力。

本年度董事酬金之详情载于本年报之财务

报表附注10。本年度本集团高层管理人员

之年度薪酬按等级载列如下：

BOARD COMITES (Continued)

Remuneration Comite (Continued)

As at the date of this report, the Remuneration Comite comprises thre

members, al of whom are INEDs.

Members of the Remuneration Comite:

Mr. Lam Yau Fung, Curt (Chairman)

Mr. Wu Wiliam Wai Leung

Mr. Ho Gilbert Chi Hang

During the Year, the Remuneration Comite asesed the performance

and aproved the remuneration packages of Executive Directors and senior

management of the Group, and recomended the remuneration of INEDs

to the Board for aproval.

Emolument Policy for Directors

The Directors’ emoluments are in line with market practice. The Group

adopted the folowing main principles in determining the Directors’

remuneration:

/her own remuneration;

• Remuneration should be broadly aligned with companies with whom

the Group competes for human resources; and

• Remuneration should reflect performance and responsibility with a

view to motivating and retaining high performing individuals and

enhancing the value of the Company to the Shareholders.

In adition to the basic salaries, the Share Option Scheme and the Share

Award Scheme have ben adopted for rewarding and retaining Directors

for the continual operation and development of the Group.

Details of the emoluments of Directors during the Year are set out in

Note 10 to the financial statements of this anual report. The anual

remuneration of the members of the senior management of the Group by

band for the Year is set out below:

HK$2,000,000 or below2,000,000港元或以下8

HK$2,000,001 to HK$3,000,0002,000,001港元至3,000,000 港元6

HK$3,000,001 to HK$4,000,0003,000,001港元至4,000,000 港元2

HK$4,000,001 to HK$5,000,0004,000,001港元至5,000,000 港元1

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企业管治报告

董事局辖下的委员会（续）

提名委员会

提名委员会于2005年4月成立。提名委员会

之职责为（其中包括）就董事委任或重新委

任以及董事继任计划向董事局提出建议、检

讨董事局之架构、规模及组成，并确保委任

或重新委任董事之程序公平及具透明度。

提名委员会将于必须时向董事局推荐委任

人选以供考虑，而董事局将审阅有关人选之

资历，并按照其资历、经验及背景决定该名

人选是否适合本集团。委任董事之决定必须

获董事局批准通过，而所有董事局成员之委

任均以用人唯才为原则，并以多元化作考虑

因素。

于本报告日期，提名委员会由七名成员组

成，包括一名执行董事、两名非执行董事及

四名独立非执行董事。

提名委员会成员：

彭一庭先生（主席）

黄廸怡小姐

严玉麟博士

胡伟亮先生

林右烽先生

何智恒先生

严震铭博士

以下为提名委员会于本年度内之工作概要：

(i) 检讨董事局之架构、人数及组成以及

执行截至2024年3月31日止年度之可

测量目标的评估；

(i) 评估独立非执行董事之独立性；及

(i) 建议股东批准于2024年股东周年大会

上膺选连任之退任董事。

BOARD COMITES (Continued)

Nomination Comite

The Nomination Comite was formed in April 2005. The responsibilities

of the Nomination Comite are, inter alia, to make recomendations

to the Board on the apointment or re-apointment of Directors and

the sucesion planing for Directors, to review the structure, size and

composition of the Board and to ensure fair and transparent procedures

for the apointment or re-apointment of Directors.

In case of necesity, the Nomination Comite wil propose candidates

for apointment to the Board for consideration and the Board wil review

the qualifications of the relevant candidates for determining the suitability

to the Group on the basis of his/her qualifications, experience and

background. The decision of apointing a director must be aproved by

the Board and al Board members’ apointments wil be based on merit

while taking diversity into acount.

As at the date of this report, the Nomination Comite comprises seven

members, consisting of an Executive Director, two NEDs and four INEDs.

Members of the Nomination Comite:

Mr. Pang Yat Ting, Dominic (Chairman)

Ms. Wong Wendy Dick Ye

Dr. Yim Yuk Lun, Stanley

Mr. Wu Wiliam Wai Leung

Mr. Lam Yau Fung, Curt

Mr. Ho Gilbert Chi Hang

Dr. Yen Gordon

The folowing is a sumary of work performed by the Nomination

Comite during the Year:

(i) reviewing the structure, size and composition of the Board and

performed the measurable objectives asesment for the year ended

31 March 2024;

(i) asesing the independence of the INEDs; and

(i) recomending the retiring Directors who ofered themselves for

re-election at the 2024 anual general meting for Shareholders’

aproval.

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企业管治报告

董事局辖下的委员会（续）

审核委员会

审核委员会于1998年12月成立。审核委员

会就本集团审核范围内之事宜，担当董事局

与本公司外聘核数师之间之重要桥梁。审核

委员会之主要职务为审阅及监督本集团之财

务及会计政策及常规。其亦同时负责检讨外

部审核以及内部监控及风险管理系统之效能。

于本报告日期，审核委员会由五名成员组

成，包括两名非执行董事及三名独立非执行

董事，而其主席已按上市规则规定具备适当

之专业资格、会计或相关财务管理专业知识。

审核委员会成员：

胡伟亮先生（主席）

黄廸怡小姐

严玉麟博士

林右烽先生

何智恒先生

以下为审核委员会于本年度内之工作概要：

(i) 审阅本集团截至2024年3月31日止年

度之年报及全年业绩公告，并建议董

事局批准；

(i) 检讨外聘核数师之独立性及客观性，

以及审核过程之有效性，并向董事局

建议于2024年股东周年大会上续聘外

聘核数师；

(i) 就委任外聘核数师批准其酬金及委任

函之条款，以由外聘核数师进行法定

审核及审阅业绩公告；

(iv) 审阅本集团截至2024年3月31日止年

度之环境、社会及管治报告，并建议

董事局批准；

(v) 审阅举报政策及系统及其实施及有效

性；

(vi) 审阅本集团截至2024年9月30日止六

个月之中期报告及中期业绩公告，并

建议董事局批准；

BOARD COMITES (Continued)

Audit Comite

The Audit Comite was established in December 1998. The Audit

Comite provides an important link betwen the Board and the

Company’s external auditor in maters coming within the scope of the

Group’s audit. The primary duties of the Audit Comite are to review

and supervise the financial and acounting policies and practices of the

Group. It also reviews the efectivenes of both the external audit and

internal controls and risk management system.

As at the date of this report, the Audit Comite comprises five members,

consisting of two NEDs and thre INEDs with its chairman posesing

apropriate profesional qualification, acounting or related financial

management expertise as required under the Listing Rules.

Members of the Audit Comite:

Mr. Wu Wiliam Wai Leung (Chairman)

Ms. Wong Wendy Dick Ye

Dr. Yim Yuk Lun, Stanley

Mr. Lam Yau Fung, Curt

Mr. Ho Gilbert Chi Hang

The folowing is a sumary of work performed by the Audit Comite

during the Year:

(i) reviewing the anual report and the anual results anouncement of

the Group for the year ended 31 March 2024, with a recomendation

to the Board for aproval;

(i) reviewing the external auditor’s independence and objectivity and

the efectivenes of the audit proces, with a recomendation to

the Board for the re-apointment of the external auditor at the 2024

anual general meting;

(i) aproving the remuneration and the terms of engagement leters for

the purpose of apointing the external auditor in conection with

the statutory audit and review of the results anouncement by the

external auditor;

(iv) reviewing the ESG report of the Group for the year ended 31 March

2024, with a recomendation to the Board for aproval;

(v) reviewing the whistleblowing policy and system and its

implementation and efectivenes;

(vi) reviewing the interim report and the interim results anouncement

of the Group for the six months ended 30 September 2024, with a

recomendation to the Board for aproval;

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企业管治报告

董事局辖下的委员会（续）

审核委员会（续）

(vi) 监察本集团之财务汇报系统以及风险

管理及内部监控程序，并审阅本集团

内部监控职能就风险管理及内部监控

系统之报告；

(vi) 审阅外聘核数师截至2024年3月31日

止年度的审计划；及

(ix) 批准外聘核数师提供的非审计服务范畴。

内部监控及风险管理

董事局负责本集团之内部监控，并对本集团

内部监控之有效性进行审视，包括财务、营

运与合规监控以及风险管理职能。

董事局的角色

董事局确认其于确保及审视本集团之内部

监控系统、风险管理及法律及法规合规方面

的整体责任，以维护股东利益及本集团资产。

内部监控及风险管理架构

董事局已制定政策及程序，包括明确界定本

集团内部特定职位的权限之授权政策。该等

政策及程序制定了风险管理及内部监控系统

之框架以供本集团上下采用。为确保现存系

统属充足及能够纠正实施中出现的不足，执

行董事在各业务部门执行委员会的协助下，

检讨现有政策及常规并不时发出指示文件，

以指出特定问题及关注点，从而实现本集团

管治常规的持续改进。执行董事亦会于定期

会议上批准由各业务部门管理层提交的营

运及财务报告、业务计划及预算。

BOARD COMITES (Continued)

Audit Comite (Continued)

(vi) overseing the Group’s financial reporting system and risk

management and internal control procedures and reviewing the

report of the internal control function on the risk management and

internal control systems of the Group;

(vi) reviewing the audit plan for the year ended 31 March 2024 by the

external auditor; and

(ix) aproving the scope of non-asurance services to be provided by the

external auditor.

INTERNAL CONTROLS AND RISK MANAGEMENT

The Board is responsible for the Group’s internal control and conducts

review on the efectivenes of the internal control of the Group, including

financial, operational and compliance controls and risk management

functions.

Role of the Board

The Board acknowledges its overal responsibility in ensuring and reviewing

the efectivenes of the systems of internal controls, risk management and

legal and regulatory compliance of the Group in order to safeguard the

interests of Shareholders and the asets of the Group.

Internal Controls and Risk Management Framework

The Board has put in place policies and procedures, including policies for

delegation of authority clearly defining the limits of authorities designated

to specified positions within the Group. Such policies and procedures set

out the framework for the risk management and internal control systems

for adoption throughout the Group. To ensure that the systems in place

are adequate and adres the existing weakneses in implementation, the

Executive Directors, with the asistance of the executive board of diferent

busines divisions, review the existing policies and practices and isue

directives from time to time to highlight the specific isues and concerns in

order to achieve ongoing improvement on the governance practices within

the Group. The Executive Directors also aprove operational and financial

reports, busines plans and budgets provided by management of each

busines division at regular metings.

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CORPORATE GOVERNANCE REPORT

企业管治报告

内部监控及风险管理（续）

内部监控及风险管理架构（续）

执行董事及本集团高层管理人员获委派担

任所有重大营运附属公司及联营公司之董

事职务，以监察该等公司之营运。彼等出席

董事局会议及参与有关审阅及批准财务预

算、制定业务计划及监控表现目标并识别相

关风险的重大决策过程。不同业务部门的管

理团队对彼等各分部之日常表现负责。执行

董事定期审阅部门管理层提交的财务及营

运报告，以监管表现及评估附属公司面临的

重大风险。

本集团财务部就有关监察本公司所有附属

公司及联营公司之财务汇报及监控制度事

宜向董事局汇报。业务分部编制年度预算，

供本集团财务部审阅，而综合年度预算则提

呈予执行董事以予批准。执行董事亦与业务

部门管理团队举行定期会议，以审视本集团

现金流状况，考虑需要额外营运或资本开支

的重大特别项目，并就重大投资及借贷活动

作出决策。付款批准受限于明确载列按有关

人员特定职位所定权限之权限指引列表。

法律及法规之合规

合约及法律部负责编写、审阅及批准集团公

司订立的所有重大合约，以维护本集团利益

不受法律风险的影响。其亦监察所有集团公

司在业务营运环境下的法规合规事宜。

此外，公司秘书部负责集团公司之法定文

件，及监察有关上市规则及不同司法权区之

相关企业法律及法规的合规事宜。

本集团在必要时聘请外聘法律顾问就重要

法律事宜及合规事项向本集团提供意见。

INTERNAL CONTROLS AND RISK MANAGEMENT

(Continued)

Internal Controls and Risk Management Framework

(Continued)

Executive Directors and senior management of the Group are apointed

to the boards of al operating subsidiaries and asociated companies of

material importance in order to monitor the operation of these companies.

They atend board metings and participate in significant decision-making

proces on reviewing and aproving financial budgets, establishing

busines plans and controling performance targets with asociated risks

identified. The management teams of diferent busines divisions are

acountable for the performance of their respective divisions on a day-

to-day basis. The Executive Directors review the financial and operational

reports from division management regularly to monitor the performance

and ases the significant risk exposure of the subsidiaries.

The Group’s Finance Department reports to the Board in respect of

overseing the financial reporting and control systems for al subsidiaries

and asociated companies of the Company. The busines segments

compile anual budgets for review by the Group’s finance function and

the consolidated anual budgets are presented to the Executive Directors

for aproval. The Executive Directors also hold regular metings with the

management team of busines divisions to review the cashflow position

of the Group, consider material ad-hoc projects which require aditional

operating or capital expenditure, and make decisions on significant

investment and lending activities. Payment aproval is subject to control of

the limits of authorities clearly seting out the authority with reference to

the specified positions of the relevant personel.

Legal and Regulatory Compliance

The Contracts and Legal Department is responsible for preparing, reviewing

and endorsing al material contracts entered into by Group companies in

order to safeguard the interests of the Group against legal risks. It also

overses the regulatory compliance maters of al Group companies in the

environment of their busines operations.

Besides, the Company Secretarial Department is in charge of statutory

documentation of Group companies and overseing compliance maters in

relation to the Listing Rules and the relevant corporate laws and regulations

of diferent jurisdictions.

External legal advisors are engaged to advise the Group on important legal

maters and compliance isues when necesary.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25126

CORPORATE GOVERNANCE REPORT

企业管治报告

内部监控及风险管理（续）

审核委员会及内部审核职能

本公司已设立内部审核职能。内部审核部持

续对本集团不同业务部门及职能进行内部

审核，以评估本集团现有内部监控、法律及

法规合规及风险管理制度的有效性及识别

其漏洞。倘若发现问题，内部审核部与管理

层讨论及就改进提供意见。

审核委员会获董事局授权审阅内部审核部每

半年编制一次的内部审核报告。于本年度，

本公司已就本集团内部监控及风险管理系

统进行审视，董事局及审核委员会信纳本集

团之风险管理及内部监控系统属有效及充足。

该等政策及程序旨在管理可能对本集团达

成其业务目标的能力构成负面影响的风险，

其并不能完全消除该等风险，且就重大错误

陈述、损失或违规仅可提供合理但非绝对保

证。

处理内幕消息

本集团已根据证券及期货条例采纳有关处

理内幕消息的政策。雇员应按该政策及雇员

手册所载「雇员操守及商业道德守则」列明

的方式保密任何内幕消息。本集团已就进行

本公司证券之交易采纳事先批准程序，并通

知董事及相关雇员有关于禁止买卖期间进

行本公司证券交易的限制，以防止于本集团

内可能出现内幕消息的不当处理。

INTERNAL CONTROLS AND RISK MANAGEMENT

(Continued)

Audit Comite and Internal Audit Function

The Company has established an internal audit function. The internal

audit function conducts internal audit on diferent busines divisions and

functions within the Group on an ongoing basis to ases the efectivenes

and identify weakneses in the existing internal control, legal and

regulatory compliance and risk management systems of the Group. In

the event that defects are identified, the internal audit function engages

in discusions with the management and recomends sugestions for

improvement.

Delegated by the Board, the Audit Comite reviews the internal audit

report prepared by the internal audit function twice every year. Reviews

have ben conducted on the Group’s internal control and risk management

systems during the Year and the Board and the Audit Comite are

satisfied that the Group’s risk management and internal control systems

are efective and adequate.

Whilst these policies and procedures are designed to manage the risks

that could adversely impact the ability of the Group to achieve its busines

objectives, they do not eliminate such risks and can only provide reasonable

but not absolute asurance against material mistatement, los or non-

compliance.

Handling of Inside Information

The Group has adopted a policy in relation to handling of inside

information in compliance with the SFO. Employes should preserve

the confidentiality of any inside information acording to the maner

specified in the policy and the “Code of Employe Conduct and Busines

Ethics” contained in the Staf Handbok. The Group has also adopted

the pre-clearance procedures on dealing in the Company’s securities

and notified Directors and relevant employes of restrictions on dealing

in the Company’s securities during blackout periods to prevent posible

mishandling of inside information within the Group.

HK$’000
千港元

亚洲联合基建控股有限公司 2024/25年报127

CORPORATE GOVERNANCE REPORT

企业管治报告

核数师之酬金

就安永会计师事务所（「安永」）提供之服务

支付的酬金分析如下：

* 该等非审核服务包括经审核委员会批准之有关全

年业绩之初步公告之协定程序、税务咨询及合规

服务。

董事及核数师对账目之责任

董事对编制财务报表之责任声明及本公司

核数师对其汇报之责任声明已载于本年报

的独立核数师报告内。

董事确认其于本公司年报及中期报告与其

他上市规则规定的财务披露以及应在向监

管机构提交的报告及根据法定要求披露的

资料呈列全面、清晰及容易理解之评估的责

任。

于2025年3月31日，董事局并不知悉任何

涉及可能对本公司之持续经营能力产生重

大疑虑之事件或情况之重大不明朗因素。因

此，董事已按持续经营基准编制本公司财务

报表。管理层已向董事局提供必要诠释及资

料，让董事局对本公司财务报表作出知情评

估。

公司秘书

黄智燕女士于2024年12月31日获委任为本

公司的公司秘书，并于本年度内已接受不少

于15小时的相关专业培训。

AUDITOR’S REMUNERATION

The remuneration in respect of services provided by Ernst & Young (“EY”)

is analysed as folows:

Anual audit services年度审核服务5,326

Non-audit services非审核服务366

5,692

* Such non-audit services include agred-upon procedures on preliminary anouncement

of anual results, tax advisory and compliance services which has ben aproved by the

Audit Comite.

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES

FOR ACOUNTS

Statements of the Directors’ responsibility for preparing the consolidated

financial statements and the auditor of the Company about their reporting

responsibilities are set out in the Independent Auditor’s Report of this

anual report.

The Directors also acknowledge their responsibility to present a balanced,

clear and understandable asesment in the Company’s anual and interim

reports and other financial disclosures required by the Listing Rules as wel

as reports to regulators and information disclosed pursuant to statutory

requirements.

As at 31 March 2025, the Board is not aware of any material uncertainties

relating to events or conditions which may cast significant doubt on

the Company’s ability to continue as a going concern. Acordingly, the

Directors have prepared the financial statements of the Company on a

going concern basis. The management has provided to the Board the

necesary explanation and information to enable the Board to cary out an

informed asesment of the financial statements of the Company.

COMPANY SECRETARY

Ms. Wong Chi Yin was apointed as the Company Secretary of the

Company on 31 December 2024 and she has taken no les than 15 hours

of relevant profesional training during the Year.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25128

CORPORATE GOVERNANCE REPORT

企业管治报告

股东权利

请求召开股东特别大会之程序

根据公司细则，于提出请求当日持有不少于

十分之一附有权利可于本公司股东大会上

投票之本公司缴足股本之股东，有权要求董

事局就处理该请求书所述之任何事项召开

股东特别大会，而该请求书必须由请求人签

署。请求书须呈递至本公司的注册办事处

（「注册办事处」），地址为Clarendon House,

2 Church Stret, Hamilton HM 11, Bermuda,

注明致公司秘书。为确保本公司及早收到该

请求书，已签署之请求书副本亦应呈递至本

公司香港总办事处（「总办事处」），地址为

香港九龙长沙湾琼林街83号A座27楼，注

明致公司秘书。

于股东大会上提呈建议之程序

根据百慕达1981年公司法（「公司法」），于

提出请求当日持有于本公司股东大会上之

总投票权不少于二十分之一之股东，或不少

于一百名股东，可向本公司提交书面请求，

列明拟于股东大会上处理之决议案。请求书

须呈递至注册办事处，注明致公司秘书。为

确保本公司及早收到该请求书，已签署之请

求书副本亦应呈递至总办事处，注明致公司

秘书。

有关股东提议推选个别人士为本公司之董

事而言，股东可参阅登载于本公司网站之程

序。

就提出任何要求或建议于本公司股东大会

上处理时，股东亦可参阅公司法及公司细则

之相关章节所载之详细规定及程序。

投资者关系

本集团透过若干正式渠道，确保对其表现及

业务作出公平之披露和全面而具透明度之

报告。本公司之年报、中期报告及通函印发

予全体股东。此外，本公司之公告、通函、

刊物及新闻稿亦会于本公司之网站内刊登，

本公司网站以电子方式适时发放公司资讯

及其他相关财务及非财务资料。附属公司之

资料及业务更新亦分别载于其网站。

SHAREHOLDERS’ RIGHTS

Procedures for Requisitioning a Special General Meting

Pursuant to the Bye-laws, Shareholders holding at the date of deposit

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

Company carying the right of voting at general metings of the Company

have rights to require a special general meting to be caled by the Board

for the transaction of any busines specified in such requisition, which must

be signed by the requisitionist(s). The requisition must be deposited at the

registered ofice of the Company at Clarendon House, 2 Church Stret,

Hamilton HM 11, Bermuda (the “Registered Ofice”) for the atention

of the Company Secretary. To ensure that the requisition is received by

the Company at the earliest oportunity, a copy of the signed requisition

should also be deposited at the head ofice of the Company in Hong Kong

at 27/F, Tower A, 83 King Lam Stret, Cheung Sha Wan, Kowlon, Hong

Kong (the “Head Ofice”) for the atention of the Company Secretary.

Procedures for Puting Forward Proposals at General

Metings

Pursuant to the Companies Act 1981 of Bermuda (the “Companies

Act”), Shareholders holding at the date of deposit of the requisition not

les than one-twentieth of the total voting right at general metings of

the Company or not les than one hundred Shareholders may provide

a writen requisition to the Company stating the resolution intended to

be proceded at the general meting. The requisition must be deposited

at the Registered Ofice for the atention of the Company Secretary. To

ensure that the requisition is received by the Company at the earliest

oportunity, a copy of the signed requisition should also be deposited at

the Head Ofice for the atention of the Company Secretary.

As regards proposing a person for election as a director of the Company

by Shareholders, Shareholders may refer to the procedures available on the

Company’s website.

Shareholders can also refer to the detailed requirements and procedures as

set forth in the relevant sections of the Companies Act and the Bye-laws

when making any requisitions or proposals for transaction at the general

metings of the Company.

INVESTOR RELATIONS

The Group uses several formal chanels to ensure fair disclosure and

comprehensive and transparent reporting of its performance and activities.

The Company’s anual and interim reports and circulars are printed and

sent to al Shareholders. Moreover, anouncements, circulars, publications

and pres releases of the Company are published on the Company’s

website. The Company’s website diseminates corporate information and

other relevant financial and non-financial information electronicaly on a

timely basis. The information and busines update of subsidiaries is also

available on their respective websites.

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CORPORATE GOVERNANCE REPORT

企业管治报告

投资者关系（续）

本公司认同股东大会乃公司与股东之间良

好之沟通渠道，并鼓励董事、董事局辖下的

委员会之成员及本集团高层管理人员出席

股东大会，并于会上解答股东之提问。

本公司致力促进及维持与股东及其他持份

者之有效沟通。股东通讯政策（「股东通讯政

策」）已更新及获采纳，以确保股东均可快

速、一致及适时地取得全面及容易理解的本

公司资料，一方面使股东可在知情况下行

使彼等之权力，另一方面亦让股东与本公司

加强沟通。股东通讯政策已登载于本公司网

站并由董事局不时检讨以反映其时与股东

沟通之最佳方法。

于本年度内，本公司有效地执行股东通讯政

策，持续与股东保持沟通，并确保及时向股

东发布信息（主要通过本公司公告、业绩公

告、中期及年度报告、股东大会、刊登于联

交所网站的所有披露以及本公司网站的企

业通讯。董事局已审阅及信纳股东通讯政策

于本年度的实施及有效性。

股东咨询

股东可就彼等之股权向本公司之股份过户

登记处查询。本公司之股份过户登记处的

地址已刊载于本年报「企业资料」一节内。

股东可随时要求索取本公司之公开资料。

股东亦可将书面查询或要求邮寄至总办

事处，或传真至(852) 3798 5700或电邮至

info@asialiedgroup.com ，注明致投资者关

系部。

INVESTOR RELATIONS (Continued)

The Company acknowledges that general metings are god

comunication chanel with Shareholders and encourages the Directors,

the members of the Board comites and senior management of the

Group to atend and answer questions raised by Shareholders at the

general metings.

The Company is comited to promoting and maintaining efective

comunication with Shareholders and other stakeholders. The shareholders

comunication policy (the “Shareholders Comunication Policy”) has ben

updated and adopted for ensuring that the Shareholders are provided with

ready, equal and timely aces to balanced and understandable information

about the Company in order to enable Shareholders to exercise their rights

in an informed maner, and to alow Shareholders to engage actively with

the Company. The Shareholders Comunication Policy is available on the

Company’s website and wil be reviewed by the Board from time to time to

reflect curent best practice in comunications with Shareholders.

During the Year, the Company has implemented the Shareholders

Comunication Policy efectively by maintaining an on-going dialogue

with Shareholders, and ensuring timely disemination of information to

Shareholders, mainly through the Company’s anouncements, results

anouncements, interim and anual reports, general meting(s), as wel as

by making available al the disclosures published to the Stock Exchange’s

website and the corporate comunications on the Company’s website.

The Board has reviewed and satisfied with the implementation and

efectivenes for the Year of the Shareholders Comunication Policy.

SHAREHOLDERS’ ENQUIRIES

Shareholders should direct their questions about their shareholdings to

the Company’s share registrars. The adreses of the Company’s share

registrars are set out in the section headed “CORPORATE INFORMATION”

of this anual report. Shareholders may at any time make a request

for the Company’s information to the extent that such information

is publicly available. Shareholders may also send writen enquiries or

requests to the Head Ofice or by fax to (852) 3798 5700 or by email

to info@asialiedgroup.com for the atention of the Investor Relations

Department.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25130

CORPORATE GOVERNANCE REPORT

企业管治报告

股息政策

董事局自2019年3月1日起为本公司通过及

采纳股息政策（「股息政策」），其中列载为

股东提供常规股息之原则及指引。

受限于公司细则及法定要求，本公司将维持

可持续及稳定的利润分配政策。根据股息政

策，董事局订立向股东派发之累计年度股息

金额为年度综合股东应占纯利中约30%。

于建议派发任何股息时，董事局将考虑以下

因素：

、现金流量、财务状况、

资金需求及可供分派储备；及

经考虑上述因素，董事局可全权酌情建

议╱不建议派付末期股息予以股东批准，及

宣派╱不宣派任何其他股息，包括但不限于

中期股息及╱或特别股息。

反欺诈及反贿赂政策

本集团致力于在所有业务交易中维持高标

准的商业诚信、诚实及透明度。为符合公司

整体利息，本公司确保避免发生任何损害股

东、投资者、客户及广大公众利益的不当或

失职行为。本著维持高道德标准的承诺，本

公司已采纳反欺诈及反贿赂政策，对所有形

式的欺诈、贿赂及贪污采取零容忍态度，并

遵守所有适用的法律及法规要求。

DIVIDEND POLICY

The Board has aproved and adopted the dividend policy (the “Dividend

Policy”) for the Company with efect from 1 March 2019 which seting

out the principles and guidelines to provide the Shareholders with regular

dividend.

Subject to the Bye-laws and the statutory requirements, the Company

shal maintain a sustainable and steady profit distribution policy. Under the

Dividend Policy, the Board targets to pay dividends to the Shareholders

in an agregate anual amount of aproximately 30% of the anual

consolidated net profit atributable to the Shareholders.

In proposing distribution of dividend, the Board wil take into consideration

of the folowing factors:

;

;

;

, cash flow, financial condition, capital requirement and

distributable reserves of the Group; and

• any other factors that the Board dems relevant.

The Board has the sole discretion to recomend/not to recomend final

dividend to the Shareholders for aproval and to declare/not to declare any

other dividend, including but not limited to interim dividend and/or special

dividends, after taking into consideration the factors as stated above.

ANTI-FRAUD AND ANTI-BRIBERY POLICY

The Group is comited to upholding high standards of busines integrity,

honesty and transparency in al busines dealings. It is in al interest of the

Company to ensure that any inapropriate behavior or malpractice that

compromise the interest of the Shareholders, investors, customers and

the wider public does not ocur. In line with this comitment to maintain

high ethical standards, the Company has adopted an anti-fraud and anti-

bribery policy which seting out a zero-tolerance aproach against al forms

of fraud, bribery and coruption, and comply with al aplicable laws and

regulatory requirements.

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企业管治报告

举报政策

为达致并保持最高标准的公开、廉洁及问

责，各阶层员工都应以正直、公正及诚实的

方式行事。本公司因此为所有员工及与本集

团来往的相关第三方制定了举报政策，当中

列明举报工作中发现违规行为的指引。本集

团确保以妥善方式令调查得以公平及独立

地进行及作出合适的后续行动。举报人的身

份及与举报告相关的所有资料均以严格

的保密方式处理。审核委员会已审阅及信纳

举报政策于本年度的实施及有效性。

宪章文件

于本年度内，本公司已修订公司细则以反映

并一致经修订的上市规则有关无纸化上市机

制及允许公司持有、出售或转让库存股份之

规定；及使本公司之公司细则与百慕达适用

法律保持一致，并纳入若干内部管理修订。

该修订已于2024年8月16日举行之本公司

股东周年大会上获股东批准。有关修订之详

情载于本公司日期为2024年7月19日之通

函内。公司细则之最新版本可于本公司及联

交所网页查阅。

WHISTLEBLOWING POLICY

To achieve and maintain the highest standards of openes, probity and

acountability, employes at al levels are expected to conduct themselves

with integrity, impartiality and honesty. The Company hence has devised a

whistleblowing policy for al employes and relevant third parties who deal

with the Group, which seting the guideline for reporting on iregularities

found at work. The Group ensures that proper arangements are in

place for the fair and independent investigation of such maters and for

apropriate folow-up action. The identity of each whistleblower and al

information provided in conection with a whistleblowing report wil be

treated with the strict confidence. The Audit Comite has reviewed and

satisfied with the implementation and efectivenes for the Year of the

whistleblowing policy.

CONSTITUTIONAL DOCUMENTS

During the Year, the Company has amended the Bye-laws to reflect and

align with changes to the amendments to the Listing Rules regarding

expanded paperles listing regime and alow holding, sales or transfers of

treasury shares by the Company; and to align the Bye-laws of the Company

with the aplicable laws of Bermuda and incorporate certain housekeping

amendments. The amendment was aproved by Shareholders in the

anual general meting of the Company held on 16 August 2024. Details

of the amendment are set out in the circular of the Company dated 19 July

2024. An up-to-date version of the Bye-laws is available on the websites of

the Company and the Stock Exchange.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25132

DIRECTORS’ REPORT

董事局报告

The Board hereby presents the anual report and the audited consolidated

financial statements of the Group for the Year.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. Its subsidiaries are

principaly engaged in civil enginering, electrical and mechanical

enginering, foundation and building construction work, property

development and asets leasing, profesional services (including provision

of security, tunel management, property management and other facility

management services), non-franchised bus services and manufacturing of

PET radiopharmaceuticals.

RESULTS AND APROPRIATIONS

The results of the Group for the Year are set out in the consolidated

statement of profit or los and other comprehensive income on pages 162

and 163.

FINANCIAL SUMARY

A financial sumary of the Group for the last five financial years is set out

on page 318.

FINAL DIVIDEND

The Board has aproved and adopted a Dividend Policy. Depending on

the financial conditions of the Group and the conditions and factors as set

out in the Dividend Policy, dividends may be proposed and/or declared by

the Board during a financial year and any final dividend for a financial year

wil be subject to the Shareholders’ aproval. Details of the Dividend Policy

have ben disclosed in the Corporate Governance Report of this anual

report.

The Board does not recomend the payment of a final dividend for the

Year (2023/24: Nil).

CLOSURE OF REGISTER OF MEMBERS

The register of members of the Company wil be closed from Wednesday,

20 August 2025 to Tuesday, 26 August 2025, both days inclusive, during

which period no transfer of shares wil be registered, to determine the

entitlement of shareholders to atend and vote at the 2025 Anual General

Meting. Al transfers, acompanied by the relevant share certificates,

must be lodged with the Hong Kong Branch Share Registrar of the

Company, Tricor Investor Services Limited at 17/F., Far East Finance Centre,

16 Harcourt Road, Hong Kong for registration no later than 4:30 pm on

Tuesday, 19 August 2025.

董事局谨此提呈本集团本年度之年报及经

审核综合财务报表。

主要业务

本公司为一间投资控股公司，其附属公司主

要从事土木工程、机电工程、地基及楼宇建

筑工程、物业发展及资产租赁、专业服务（包

括提供保安、隧道管理、物业管理及其他设

施管理服务）、非专营巴士服务及制造正电

子扫描放射性药物。

业绩及分派

本年度本集团之业绩载于第162页及第163

页之综合损益及其他全面收益表。

财务概要

本集团于过去五个财政年度之财务概要载

于第318页。

末期股息

董事局已通过及采纳股息政策。视乎本集团

之财务状况及股息政策载列之条件及因素，

董事局可于财政年度内建议及╱或宣派股

息，而财政年度之末期股息须待股东批准。

股息政策详情已于本年报之企业管治报告

内披露。

董事局不建议派发本年度之末期股息

（2023/24年度：无）。

暂停办理股份过户登记手续

本公司将于2025年8月20日（星期三）至

2025年8月26日（星期二）（首尾两日包括在

内）暂停办理股份过户登记手续，以厘定股

东出席2025年股东周年大会并于会上投票

之权利。所有股份过户文件连同相关股票，

必须于2025年8月19日（星期二）下午4时

30分前，一并送达本公司股份过户登记处

香港分处卓佳证券登记有限公司，地址为香

港夏悫道16号远东金融中心17楼，以办理

股份过户登记手续。

亚洲联合基建控股有限公司 2024/25年报133

DIRECTORS’ REPORT

董事局报告

业务回顾及前景

本集团之业务回顾及未来发展、其主要风

险及不确定因素，以及本年度表现之分析

载于第12页至第15页之「主席报告」一节

及第16页至第52页之「管理层讨论及分析」

一节。

本集团环境政策及表现、遵守相关法律及

法规，以及与雇员、客户及供应商以及其他

重要持份者的关系载于第53页至第97页之

「环境、社会及管治报告」一节。

根据一般授权以代价股份进行

的收购事项

于2024年12月2日，本公司之全资附属

公司银隽国际有限公司（「银隽」）、本公

司、Yan Trade (BVI) Holding Limited（「Yan

Trade」）、万邦供应链（香港）有限公司（「万

邦」）、甄氏家族(BVI)控股有限公司（「甄氏

家族」）及Yan Trade之担保人订立一份买卖

协议，据此，Yan Trade有条件同意向银隽

出售，而银隽亦有条件同意向Yan Trade购

买销售股份，该等股份代表万邦已发行股本

之51%，代价总额为47,503,928.50港元。

由本公司于交易完成时，按每股代价股份发

行价0.50港元（相对于买卖协议日期每股之

收市价0.45港元溢价约11.11%）以配发及

发行代价股份方式向甄氏家族支付。该项收

购已于2024年12月20日完成，并已配发及

发行95,007,857股代价股份。收购详情载于

2024年12月2日及2024年12月20日之公

告。

物业、机器及设备

本集团于本年度内之物业、机器及设备之变

动详情载于财务报表附注15。

股本

于本年度内，本公司之股本变动详情载于财

务报表附注33。

BUSINES REVIEW AND OUTLOK

A review of the busines and the future development of the Group, its

principal risks and uncertainties and an analysis of its performance for the

Year are provided in the sections headed “CHAIRMAN’S STATEMENT” set

out on pages 12 to 15 and “MANAGEMENT DISCUSION AND ANALYSIS”

set out on pages 16 to 52.

The Group’s environmental policies and performance, compliance with the

relevant laws and regulations as wel as its relationships with employes,

customers and supliers and other significant stakeholders are discused

in the section headed “ENVIRONMENTAL, SOCIAL AND GOVERNANCE

REPORT” set out on pages 53 to 97.

ACQUISITION INVOLVING THE ISUE OF

CONSIDERATION SHARES UNDER GENERAL

MANDATE

On 2 December 2024, Silver Genius International Limited (“Silver Genius”),

a wholy-owned subsidiary of the Company, the Company, Yan Trade (BVI)

Holding Limited (“Yan Trade”), Manbond Suply Chain (HK) Company

Limited (“Manbond”), Yan’s Family (BVI) Holding Limited (“Yan’s Family”)

and the guarantors of Yan Trade entered into a sale and purchase

agrement, pursuant to which Yan Trade has conditionaly agred to sel

to Silver Genius, and Silver Genius has conditionaly agred to purchase

from Yan Trade the sale shares, representing the 51% isued share capital

of Manbond, at a total consideration of HK$47,503,928.50 which to be

setled by alotment and isuance of the consideration shares at the isue

price of HK$0.50 per consideration share (a premium of aproximately

11.11% to the closing price of HK$0.45 per share at the sale and purchase

agrement date) by the Company to Yan’s Family upon completion. The

acquisition was completed and 95,007,857 consideration shares had

ben aloted and isued on 20 December 2024. Further details of the

acquisition are set out in the anouncements dated 2 December 2024 and

20 December 2024.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements during the Year in the property, plant and

equipment of the Group are set out in Note 15 to the financial statements.

SHARE CAPITAL

Details of the movements in the share capital of the Company during the

Year are set out in Note 33 to the financial statements.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25134

DIRECTORS’ REPORT

董事局报告

购股权计划

根据于2012年9月3日通过之普通决议案，

本公司已采纳该购股权计划。

宗旨

该购股权计划为给予本公司及其附属公司之

董事、雇员及技术、财务或企业管理之顾问

一个购入本公司拥有权之机会，并鼓励购股

权之承授人努力工作以提升本公司之价值，

从而令本公司及其股东整体上得益。

合资格参与者

该购股权计划下之合资格参与者包括(i)本公

司或任何附属公司之全职雇员；(i)本公司或

任何附属公司之董事（包括非执行董事及独

立非执行董事）；(i)受聘于本公司或任何附

属公司每周工作15小时或以上之兼职雇员；

及(iv)本公司或任何附属公司之顾问（技术、

财务或企业管理范畴）。

计划授权限额

根据该购股权计划及本公司任何其他购股

权计划将予授出之所有购股权获行使时可

予发行之股份总数，不得超过于2017年12

月11日通过更新该购股权计划下之计划授

权限额之普通决议案当日已发行股份总数之

10%（即187,553,384股份）（「该更新」）。

自该更新起，本公司授出共38,000,000份购

股权且被接纳。

此外，根据该购股权计划及本公司任何其他

购股权计划已授出而尚未行使之所有购股

权获行使时可予发行之股份，不得超过不时

已发行股份之30%。于本报告日期，根据

该购股权计划，本公司有34,000,000份已授

出而尚未行使之购股权，占已发行股份约

1.83%，而于该购股权计划中可予发行的股

份总数为34,000,000股份，占已发行股份

约1.83%。

SHARE OPTION SCHEME

Pursuant to an ordinary resolution pased on 3 September 2012, the

Company has adopted the Share Option Scheme.

Purposes

The purposes of the Share Option Scheme are to provide the directors and

employes of, and technical, financial or corporate managerial advisers

and consultants to the Company and its subsidiaries with the oportunity

to acquire proprietary interests in the Company, and to encourage the

grantes of options to work towards enhancing the value of and for the

benefit of the Company and the Shareholders as a whole.

Eligible Participants

The eligible participants under the Share Option Scheme include (i) any ful

time employe of the Company or of any subsidiary; (i) directors (including

non-executive directors and independent non-executive directors) of the

Company or of any subsidiary; (i) part-time employes of the Company

or of any subsidiary with wekly work hours of 15 hours or above; and

(iv) advisors and consultants to the Company or to any subsidiary in the

technical, financial or corporate managerial aspects.

Scheme Mandate Limit

The total number of Shares which may be isued upon exercise of al the

share options to be granted under the Share Option Scheme and any

other share option scheme(s) of the Company must not exced 10% of

the total number of Shares in isue as at the date of pasing the ordinary

resolution of the refreshment of the scheme mandate limit under the

Share Option Scheme on 11 December 2017 (i.e. 187,553,384 shares) (the

“Refreshment”). Since the Refreshment, 38,000,000 share options had

ben granted and acepted.

Furthermore, the Shares which may be isued upon exercise of al

outstanding share options granted and yet to be exercised under the Share

Option Scheme and any other share option scheme(s) of the Company

must not exced 30% of the Shares in isue from time to time. As at

the date of this report, the Company had 34,000,000 outstanding share

options granted and remaining unexercised under the Share Option

Scheme, representing aproximately 1.83% of the isued Shares, and

the number of Shares available for isue under the Share Option Scheme

were 34,000,000 shares, representing aproximately 1.83% of the isued

Shares.

亚洲联合基建控股有限公司 2024/25年报135

DIRECTORS’ REPORT

董事局报告

购股权计划（续）

可获授权益上限

于任何12个月期间内，按授予任何一位合

资格参与者之购股权（包括已行使及尚未行

使之购股权）获行使时已发行及将予发行之

股份总数，倘未获得股东另行批准，不得超

过已发行股份总数之1%。

购股权行使期

特定购股权之行使期乃指该购股权可予行

使之期间，而该期间由董事局于提出购股权

要约时通知各承授人，惟在任何情况下，购

股权行使期届满之日，不得迟于授出日期起

计10年之后。

接纳购股权

购股权之承授人须于要约日期起30日内向

本公司支付1港元作为授予购股权之代价。

行使价

购股权之行使价由董事局全权酌情厘定，且

不得低于下列之最高者：(i)每股份于授出

日期在联交所报的收市价；(i)每股份于

紧接授出日期前五个营业日在联交所报

的平均收市价；及(i)每股份的面值。

归属期

该购股权计划并无规定于行使购股权前必须

持有购股权之最短期限，惟须受每次授出购

股权之条款及条文所规限。就于2022年3月

31日所授出之购股权而言，最多30%可于

授出日期首个周年日行使，另外30%可于

授出日期第二个周年日行使，而余下40%

可于授出日期第三个周年日行使，而任何于

上周年尚未行使之购股权可以结转及可予

行使直至2026年3月30日。

该购股权计划之有效期

除根据该购股权计划之条款提前终止外，该

购股权计划于2012年9月3日（即该购股权

计划之采纳日期）起计10年内有效及生效，

且于2022年9月2日失效，其后不得进一步

要约或授出购股权，惟于失效日期前已授出

的购股权将根据该购股权计划的条文继续

有效及可予行使。

SHARE OPTION SCHEME (Continued)

Maximum Entitlement

The total number of Shares isued and to be isued upon exercise of the

options granted to any eligible participant (including both exercised and

outstanding options) in any 12-month period must not exced 1% of

the total number of Shares in isue without separate aproval from the

Shareholders.

Option Period

The option period of a particular option is the period during which the

option can be exercised. Such period is notified by the Board to each

grante at the time of making an ofer. In any event, the option period

shal not expire later than 10 years from the date of grant.

Aceptance of Options

The grante of options shal pay HK$1 in favour of the Company by way

of consideration for the grant of options within 30 days from the date of

ofer.

Exercise Price

The exercise price of an option shal be determined by the Board in its

absolute discretion and shal be no les than the highest of: (i) the closing

price per share as quoted on the Stock Exchange on the date of grant; (i)

the average closing price per share as quoted on the Stock Exchange for

the five busines days imediately preceding the date of grant; and (i) the

nominal value per share.

Vesting Period

No minimum period for which an option must be held before it can be

exercised set out in the Share Option Scheme, but it is subject to the terms

and provisions of each grant. Among the share options granted on 31

March 2022, up to 30% can be exercised on the first aniversary of the

date of grant, further 30% can be exercised on the second aniversary

of the date of grant and the remaining 40% can be exercised on the

third aniversary of the date of grant, such that any unexercised share

options can be caried forward from the previous aniversary year(s) and

exercisable until 30 March 2026.

Life of the Share Option Scheme

Subject to early termination of the Share Option Scheme in acordance

with the terms thereof, the Share Option Scheme was valid and efective

for a period of 10 years comencing on 3 September 2012 (i.e. the

adoption date of the Share Option Scheme) and expired on 2 September

2022, after which no further share options shal be ofered or granted

but the share options granted prior to the expiry date shal continue to be

valid and exercisable in acordance with the provisions of the Share Option

Scheme.

Number of share options 购股权数目
Name or category of grantees	Date of grant	Exercise price (HK$)	Vesting date	Exercise period	Outstanding as at 01/04/2024	Lapsed during the Year	Outstanding as at 31/03/2025
承授人姓名或类别	授出日期	行使价（港元）	归属日期	行使期	于2024年 4月1日尚未行使	于本年度内失效	于2025年 3月31日尚未行使

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25136

DIRECTORS’ REPORT

董事局报告

购股权计划（续）

购股权之变动

该购股权计划下于本年度内已授出及尚未

行使的购股权详情如下：

SHARE OPTION SCHEME (Continued)

Movements of Share Options

Details of the share options granted and outstanding under the Share

Option Scheme during the Year were as folows:

Directors:

董事：

Mr. Pang Yat Ting, Dominic*31/03/20220.6031/03/202331/03/2023–30/03/2026900,000–900,000

彭一庭先生*31/03/202431/03/2024–30/03/2026900,000–900,000

31/03/202531/03/2025–30/03/20261,200,000–1,200,000

Mr. Xu Jianhua, Jery31/03/20220.6031/03/202331/03/2023–30/03/2026900,000–900,000

徐建华先生31/03/202431/03/2024–30/03/2026900,000–900,000

31/03/202531/03/2025–30/03/20261,200,000–1,200,000

Ir Dr. Pang Yat Bond, Derick*31/03/20220.6031/03/202331/03/2023–30/03/2026900,000–900,000

彭一邦博士工程师*31/03/202431/03/2024–30/03/2026900,000–900,000

31/03/202531/03/2025–30/03/20261,200,000–1,200,000

Mr. Shea Chun Lok, Quadrant31/03/20220.6031/03/202331/03/2023–30/03/2026900,000–900,000

佘俊乐先生31/03/202431/03/2024–30/03/2026900,000–900,000

31/03/202531/03/2025–30/03/20261,200,000(1,200,000)0

Ms. Wong Wendy Dick Ye31/03/20220.6031/03/202331/03/2023–30/03/2026300,000–300,000

黄廸怡小姐31/03/202431/03/2024–30/03/2026300,000–300,000

31/03/202531/03/2025–30/03/2026400,000–400,000

Dr. Yim Yuk Lun, Stanley31/03/20220.6031/03/202331/03/2023–30/03/2026300,000–300,000

严玉麟博士31/03/202431/03/2024–30/03/2026300,000–300,000

31/03/202531/03/2025–30/03/2026400,000–400,000

Mr. Wu Wiliam Wai Leung31/03/20220.6031/03/202331/03/2023–30/03/2026300,000–300,000

胡伟亮先生31/03/202431/03/2024–30/03/2026300,000–300,000

31/03/202531/03/2025–30/03/2026400,000–400,000

Mr. Lam Yau Fung, Curt31/03/20220.6031/03/202331/03/2023–30/03/2026300,000–300,000

林右烽先生31/03/202431/03/2024–30/03/2026300,000–300,000

31/03/202531/03/2025–30/03/2026400,000–400,000

Mr. Ho Gilbert Chi Hang31/03/20220.6031/03/202331/03/2023–30/03/2026300,000–300,000

何智恒先生31/03/202431/03/2024–30/03/2026300,000–300,000

31/03/202531/03/2025–30/03/2026400,000–400,000

Dr. Yen Gordon31/03/20220.6031/03/202331/03/2023–30/03/2026300,000–300,000

严震铭博士31/03/202431/03/2024–30/03/2026300,000–300,000

31/03/202531/03/2025–30/03/2026400,000–400,000

18,000,000(1,200,000)16,800,000

Number of share options 购股权数目
Name or category of grantees	Date of grant	Exercise price (HK$)	Vesting date	Exercise period	Outstanding as at 01/04/2024	Lapsed during the Year	Outstanding as at 31/03/2025
承授人姓名或类别	授出日期	行使价（港元）	归属日期	行使期	于2024年 4月1日尚未行使	于本年度内失效	于2025年 3月31日尚未行使

亚洲联合基建控股有限公司 2024/25年报137

DIRECTORS’ REPORT

董事局报告

Directors’ asociate:

董事之联系人：

Madam Li Wai Hang, Christina*31/03/20220.6031/03/202331/03/2023–30/03/2026600,000–600,000

李蕙娴女士*31/03/202431/03/2024–30/03/2026600,000–600,000

31/03/202531/03/2025–30/03/2026800,000–800,000

Mrs. Le Pang Yat Sum, Rita*31/03/20220.6031/03/202331/03/2023–30/03/2026450,000–450,000

李彭一心女士*31/03/202431/03/2024–30/03/2026450,000–450,000

31/03/202531/03/2025–30/03/2026600,000–600,000

3,500,000–3,500,000

Other employes:

其他雇员：

In agregate31/03/20220.6031/03/202331/03/2023–30/03/20264,950,000(300,000)4,650,000

合共31/03/202431/03/2024–30/03/20264,950,000(300,000)4,650,000

31/03/202531/03/2025–30/03/20266,600,000(400,000)6,200,000

16,500,000(1,000,000)15,500,000

Total38,000,000(2,200,000)35,800,000

总计

Number of options exercisable at the end of the Year35,800,000

于本年度结束时可予行使之购股权数目

Weighted average exercise price (HK$ per share)0.60

加权平均行使价（港元（每股）

, Dominic and Madam Li Wai Hang, Christina, the employe and

senior management of the Company, are also substantial shareholders of the Company,

and Mr. Pang Yat Ting, Dominic, Ir Dr. Pang Yat Bond, Derick, Madam Li Wai Hang,

Christina and Mrs. Le Pang Yat Sum, Rita, the employe and senior management of the

Company, are asociates of each other (within the meanings as defined under the Listing

Rules).

* 彭一庭先生及本公司之雇员及高层管理人员李蕙

娴女士亦为本公司之主要股东，而彭一庭先生、

彭一邦博士工程师、李蕙娴女士及本公司之雇员

及高层管理人员李彭一心女士彼此互为联系人（根

据上市规则所界定之涵义）。

SHARE OPTION SCHEME (Continued)

Movements of Share Options (Continued)

购股权计划（续）

购股权之变动（续）

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25138

DIRECTORS’ REPORT

董事局报告

购股权计划（续）

购股权之变动（续）

股份在紧接授出日期前于联交所报的收

市价为每股0.60港元。

于本年度开始及结束时概无购股权可根据

计划授权获授出。

于本年度内可就该购股权计划授出的购股

权而发行的股份数目（即35,800,000股份）

除以本年度已发行的相关股份类别的加权

平均数为1.99%。

除上文所披露者外，于本年度内概无购股权

获授出、行使、失效或被注销。

该购股权计划之更多详情载于财务报表附

注35。

受限制股份奖励计划

董事局已采纳该股份奖励计划，据此本公司

可向合资格参与者授出受限制股份。该股份

奖励计划之概要载列如下：

宗旨

该股份奖励计划的宗旨是鼓励及挽留选定

参与者（「选定参与者」）（包括由该股份奖励

计划之行政委员会按照该股份奖励计划的

条款选定，并有权根据该股份奖励计划获得

授出的任何合资格人士）任职于本公司，并

向彼等提供达到表现目标的激励，以实现增

加本公司价值及令选定参与者利益透过拥

有股份直接与股东利益一致的目标。

合资格人士

该股份奖励计划下之合资格人士包括属本

公司或其附属公司的董事（包括执行董事及

非执行董事）、高级人员或雇员。

最高限额

受托人根据该股份奖励计划管理及持有的

股份最高数目不得超过本公司不时已发行

股份总数之10%。

SHARE OPTION SCHEME (Continued)

Movements of Share Options (Continued)

The closing price of the Shares imediately before the date of grant as

quoted on the Stock Exchange was HK$0.60 per share.

No share options were available for grant under the scheme mandate at

the begining and the end of the Year.

The number of shares that may be isued in respect of options granted

under the Share Option Scheme during the Year (i.e. 35,800,000 shares)

divided by the weighted average number of Shares of the relevant clas in

isue for the Year is 1.99%.

Save as disclosed above, no share options were granted, exercised, lapsed

or canceled during the Year.

Further details of the Share Option Scheme are set out in Note 35 to the

financial statements.

RESTRICTED SHARE AWARD SCHEME

The Board has adopted the Share Award Scheme, pursuant to which the

Company may grant to eligible participants restricted Shares. A sumary

of the Share Award Scheme is set out as below:

Purposes

The purposes of the Share Award Scheme are to encourage and retain

selected participants (the “Selected Participant(s)”), including any eligible

person selected by the administration comite of the Share Award

Scheme in acordance with the terms of and entitled to receive a grant

under the Share Award Scheme, to work with the Company and to provide

incentive for them to achieve performance goals with a view to achieving

the objectives of increasing the value of the Company and aligning the

interests of the Selected Participants directly with those of the Shareholders

through ownership of Shares.

Eligible Persons

The eligible persons under the Share Award Scheme include individuals

being a director (including executive and non-executive director), oficer or

employe of the Company or its subsidiaries.

Maximum Limit

The maximum number of Shares administered and held by the truste

under the Share Award Scheme must not exced 10% of the Company’s

total number of isued Shares from time to time.

亚洲联合基建控股有限公司 2024/25年报139

DIRECTORS’ REPORT

董事局报告

受限制股份奖励计划（续）

可获授权益上限

受限于上市规则的要求，于任何12个月期

间内，按奖励任何一位选定参与者之股份时

已发行之股份总数，倘未获得股东另行批

准，不得超过已发行股份总数之1%。

为免疑虑，所授出购股权及所奖励股份的可

获授权益上限均受该1%的限制。

接纳受限制股份

选定参与者须缴付之金额视乎该授出之归

属条件而定。

购买价

行政委员会可决定并向受托人提供于市场

上的股份预期最高或平均收购价格，而支付

予受托人的参考金额应参考该指示价格。

归属期

受限于上市规则的要求，行政委员会可不时

在该股份奖励计划生效期间厘定待归属股

份的归属期。

期限

除非该股份奖励计划提早终止，在不影响任

何选定参与者现有权利的情况下，该股份奖

励计划将于2017年8月1日（即该股份奖励

计划之采纳日期）起计10年内有效。

受限制股份之变动

于2017年8月2日授出之股份奖励已于2018

年8月2日归属。该股份奖励计划下于会计

年度开始及结束时概无尚未行使之股份奖

励。于2025年3月31日，计划受托人持有

12,452,000股份（尚未授出）。于本年度内

概无股份获授予或归属。

受限制股份之进一步详情载于财务报表附

注34。

RESTRICTED SHARE AWARD SCHEME (Continued)

Maximum Entitlement

Subject to the requirement of the Listing Rules, the total number of

Shares awarded to any Selected Participant in any 12-month period must

not exced 1% of the total number of Shares in isue without separate

aproval from the Shareholders.

For the avoidance of doubt, the maximum entitlement to share options

granted and shares awarded are under such 1% limitation.

Aceptance of Restricted Shares

The amount that the Selected Participant(s) has to pay is subject to the

vesting conditions of such grant.

Purchase Price

The Administration Comite may determine and provide the truste

with the expected maximum or average acquisition price of the Shares on

the market, and the referable amount to be paid to the truste shal be

determined with reference to such instructed price.

Vesting Period

Subject to the requirement of the Listing Rules, the Administration

Comite may from time to time while the Share Award Scheme is in

force determine such vesting periods for the Shares to be vested.

Duration

Subject to any early termination of the Share Award Scheme and without

prejudicing the subsisting rights of any Selected Participant, the Share

Award Scheme shal be valid for the period of 10 years comencing on 1

August 2017 (i.e. the adoption date of the Share Award Scheme).

Movements of Restricted Shares

The share awards granted on 2 August 2017 were vested on 2 August

2018. There were no share awards outstanding at the begining and the

end of the financial year. As at 31 March 2025, 12,452,000 shares (not yet

granted) held by scheme truste under the Share Award Scheme. No share

was awarded or vested during the Year.

Further details of the restricted Shares are set out in Note 34 to the

financial statements.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25140

DIRECTORS’ REPORT

董事局报告

购买股份或债券安排

为让员工参与本集团的股本投资，本集团于

2020年12月已分别与一间附属公司（「相关

附属公司」）的两位董事（其中一位为执行董

事及本公司之行政总裁彭一邦博士工程师）

及若干雇员（统称「相关员工」）签订股份买

卖协议（「附属公司买卖协议」）以在4至8年

的归属期内分5次等额出售相关附属公司的

若干股份予相关员工（「相关股权」）。待附

属公司买卖协议下的若干表现条件达成后，

彭一邦博士工程师可以总代价约1,700,000

港元购买相关附属公司共3.5%的股权益

（「股本投资」）。

于2025年3月31日，相关附属公司未能达

到截至2024年3月31日及2025年3月31日

止第一及第二个归属期的表现条件，因此，

该两期相关股权已失效。

除上文所披露之该购股权计划、该股份奖励

计划及股本投资外，本公司或其任何控股公

司、附属公司或同系附属公司并无于本年度

内任何时间及于本年度末订立任何安排，致

使董事因购入本公司或任何其他法人团体

之股份或债券而取得实益。

借款及利息资本化

本集团之借款详情载于财务报表附注31。

于本年度内，本集团之利息资本化载于财务

报表附注8。

附属公司、合营业务、合营公

司及联营公司

于2025年3月31日，本公司之主要附属公

司、合营业务、合营公司及联营公司之详情

分别载于财务报表附注46、47、48及49。

ARANGEMENT TO PURCHASE SHARES OR

DEBENTURES

To enable the employes to have a stake in the investment in the Group,

the Group in December 2020 had separately entered into the sale and

purchase agrement (the “Subsidiary SPA”) with two directors (one of

which is Ir Dr. Pang Yat Bond, Derick, the Executive Director and Chief

Executive Oficer of the Company) and certain employes of a subsidiary

(the “Relevant Subsidiary”) (colectively, the “Relevant Staf”) for disposal

of certain shares by 5 equal tranches over vesting period of 4 to 8 years (the

“Relevant Interest”) of the Relevant Subsidiary to the Relevant Staf. Upon

the fulfilment of certain performance conditions under the Subsidiary SPA,

Ir Dr. Pang Yat Bond, Derick shal acquire a total of 3.5% equity interest

in the Relevant Subsidiary at a total consideration of aproximately HK$1.7

milion (the “Stake Investment”).

As of 31 March 2025, the Relevant Subsidiary did not fulfil the

performance condition for the first and second vesting period ended 31

March 2024 and 31 March 2025, therefore both tranches of Relevant

Interest were lapsed.

Other than the Share Option Scheme, the Share Award Scheme and the

Stake Investment disclosed above, at no time during the Year and at

the end of the Year was the Company or any of its holding companies,

subsidiaries or felow subsidiaries a party to any arangements to enable

the Directors to acquire benefits by means of acquisition of shares in, or

debentures of, the Company or any other body corporate.

BOROWINGS AND INTEREST CAPITALISED

Details of the Group’s borowings are set out in Note 31 to the financial

statements.

Interest capitalised by the Group during the Year is set out in Note 8 to the

financial statements.

SUBSIDIARIES, JOINT OPERATIONS, JOINT

VENTURE AND ASOCIATES

Particulars of the Company’s principal subsidiaries, joint operations, joint

venture and asociates as at 31 March 2025 are set out in Notes 46, 47, 48

and 49 to the financial statements respectively.

HK$’000
千港元

亚洲联合基建控股有限公司 2024/25年报141

DIRECTORS’ REPORT

董事局报告

储备

于2025年3月31日，本公司可供分派予股

东之储备如下：

于本年度内，本公司及本集团之储备变动详

情分别载于财务报表附注52，以及第167页

及第168页之综合股东权益变动表。

董事

于本年度内及截至本报告之日期止之董事

如下：

执行董事

彭一庭先生

徐建华先生

彭一邦博士工程师太平绅士

佘俊乐先生（于2024年12月31日辞任）

非执行董事

黄廸怡小姐

严玉麟博士银紫荆星章，铜紫荆星章，太平绅士

独立非执行董事

胡伟亮先生

林右烽先生

何智恒先生

严震铭博士

根据公司细则第87条之规定，彭一庭先生、

徐建华先生及何智恒先生将于股东周年大

会上轮席退任。所有退任董事均符合资格并

将于股东周年大会上膺选连任。

RESERVES

The Company’s reserves available for distribution to Shareholders as at

31 March 2025 were as folows:

Contributed surplus缴入盈余52,552

Retained earnings保留溢利221,904

Total总计274,456

Details of the movements in the reserves of the Company and the Group

during the Year are set out in Note 52 to the financial statements and

the consolidated statement of changes in equity on pages 167 and 168

respectively.

DIRECTORS

The Directors during the Year and up to the date of this report are:

Executive Directors

Mr. Pang Yat Ting, Dominic

Mr. Xu Jianhua, Jery

Ir Dr. Pang Yat Bond, Derick JP

Mr. Shea Chun Lok, Quadrant (resigned on 31 December 2024)

Non-executive Directors

Ms. Wong Wendy Dick Ye

Dr. Yim Yuk Lun, Stanley SBS BS JP

Independent Non-executive Directors

Mr. Wu Wiliam Wai Leung

Mr. Lam Yau Fung, Curt

Mr. Ho Gilbert Chi Hang

Dr. Yen Gordon

In acordance with Bye-law 87 of the Bye-laws, Mr. Pang Yat Ting,

Dominic, Mr. Xu Jianhua, Jery and Mr. Ho Gilbert Chi Hang wil retire from

ofice by rotation at the AGM. Al the retiring Directors, being eligible, wil

ofer themselves for re-election at the AGM.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25142

DIRECTORS’ REPORT

董事局报告

董事（续）

拟于股东周年大会上膺选连任之董事，概无

与本公司或其任何附属公司订立本集团不

可于一年内不付赔偿（法定赔偿除外）而终

止之服务合约。

除载于「董事及高层管理人员资料」一节及

财务报表附注10所披露者外，直至本报告

日期，根据上市规则第13.51(2)条(a)至(e)及

(g)段所规定须由董事披露的资料概无变动。

独立非执行董事之独立性

本公司已收到各独立非执行董事根据上市

规则第3.13条呈交之确认书，确认其独立

性。本公司认为全体独立非执行董事根据上

市规则均具独立性。

管理合约

于本年度内，本公司并无订立或存在任何有

关本公司全部或任何重大部份业务的管理

及行政合约。

董事酬金及五名最高薪酬人士

董事酬金及本集团五名最高薪酬人士之详

情载于财务报表附注10及11。

获准许的弥偿条文

惠及本公司董事之获准许的弥偿条文（定义

见香港公司条例）于目前及本年度内有效。

本公司已就董事可能会面对的法律行动安

排适当的投保。

DIRECTORS (Continued)

None of the Directors being proposed for re-election at the AGM 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.

Save as disclosed in the section headed “BIOGRAPHICAL DETAILS OF

DIRECTORS AND SENIOR MANAGEMENT” and Note 10 to the financial

statements, up to the date of this report, there were no changes to

information which are required to be disclosed by Directors pursuant to

paragraphs (a) to (e) and (g) of Rule 13.51(2) of the Listing Rules.

INDEPENDENCE OF INDEPENDENT NON-

EXECUTIVE DIRECTORS

The Company has received from each of the INEDs a confirmation of his

independence pursuant to Rule 3.13 of the Listing Rules. The Company

considers al of the INEDs are independent under the Listing Rules.

MANAGEMENT CONTRACT

No contracts concerning the management and administration of the whole

or any substantial part of the busines of the Company were entered into

or in existence during the Year.

EMOLUMENTS OF DIRECTORS AND THE FIVE

HIGHEST PAID INDIVIDUALS

Details of the Directors’ emoluments and the five highest paid individuals in

the Group are set out in Notes 10 and 11 to the financial statements.

PERMITED INDEMNITY PROVISION

A permited indemnity provision (as defined in the Hong Kong Companies

Ordinance) for the benefit of the Directors is curently in force and was in

force throughout the Year.

The Company has aranged for apropriate insurance cover to protect the

Directors from posible legal actions against them.

Name of Directors	Capacity	Nature of interest	Notes	Number of ordinary shares held	Number of underlying shares held	% of the Company’s issued share capital
董事姓名	身份	权益性质	附注	持有普通股数目	持有相关股份数目	占本公司已发行股本百分比

亚洲联合基建控股有限公司 2024/25年报143

DIRECTORS’ REPORT

董事局报告

董事及主要行政人员于股份、

DIRECTORS’ REPORT

董事局报告

附注：

「购

股权计划」一节。

2. 彭一庭先生及李蕙娴女士各自拥有GT Winers

45%股权。根据证券及期货条例，彼等各自被视

为拥有GT Winers所拥有或被视为拥有权益之本

公司普通股或相关股份之权益。GT Winers及李

蕙娴女士有关权益之详情载于下文「主要股东于

股份及相关股份之权益及淡仓」一节。

（「Best

Manage 」）实益拥有。Best Manage由Brite-Tech

Research Company Limited（「Brite-Tech 」）全资拥

有，而Brite-Tech由Surplus Asets Limited（「Surplus

Asets 」）全资拥有。Surplus Asets由酌情信托The

Alan Wong 2020 Trust之受托人Buterfield Trust

(Asia) Limited（「Buterfield」）全资拥有，而黄廸怡

小姐为酌情信托之其中一位受益人。彼亦为Best

Manage其中一位董事。根据证券及期货条例，黄

廸怡小姐被视为拥有Best Manage所拥有或被视

为拥有权益之本公司普通股或相关股份之权益。

（一间于联交所主

板上市之公司，股份代号：01184）之全资附属公

司时捷投资有限公司持有，而严玉麟博士为其之

董事及持有该公司54.7%之权益。根据证券及期

货条例，严玉麟博士被视为拥有该等股份之权益。

除上文所披露者外，于2025年3月31日，

概无董事及本公司主要行政人员于本公司

或其任何相联法团（定义见证券及期货条例

第XV部）之股份、相关股份或债券中拥有任

何权益或淡仓。

Mr. Ho Gilbert Chi HangBeneficial ownerPersonal interest1–1,000,000 (L)0.05% (L)

何智恒先生实益拥有人个人权益

Dr. Yen GordonBeneficial ownerPersonal interest1–1,000,000 (L)0.05% (L)

严震铭博士实益拥有人个人权益

(L): Long Position 好仓

(S): Short Position 淡仓

Notes:

1. Details of the underlying shares of the Company held by the Directors are set out in the

above section headed “SHARE OPTION SCHEME”.

2. GT Winers was owned as to 45% by Mr. Pang Yat Ting, Dominic and 45% by Madam Li

Wai Hang, Christina. By virtue of the SFO, each of them was demed to be interested in

the ordinary shares/underlying shares of the Company in which GT Winers had interest

or was demed to have interest. The details of such interests of GT Winers and Madam Li

Wai Hang, Christina are set out in the folowing section headed “INTERESTS AND SHORT

POSITIONS OF SUBSTANTIAL SHAREHOLDERS IN SHARES AND UNDERLYING SHARES”.

3. The shares were beneficialy owned by Best Manage Holdings Limited (“Best Manage”).

Best Manage was wholy owned by Brite-Tech Research Company Limited (“Brite-Tech”)

which was in turn wholy owned by Surplus Asets Limited (“Surplus Asets”). Surplus

Asets was wholy owned by Buterfield Trust (Asia) Limited (“Buterfield”) as the truste

of The Alan Wong 2020 Trust, a discretionary trust of which Ms. Wong Wendy Dick Ye

was one of the beneficiaries. She also was one of the directors of Best Manage. By virtue

of the SFO, Ms. Wong Wendy Dick Ye was demed to be interested in the ordinary

shares/underlying shares of the Company in which Best Manage had interest or was

demed to have interest.

4. The shares were beneficialy owned by S.A.S. Investment Company Limited, a wholy-

owned subsidiary of S.A.S. Dragon Holdings Limited (a company listed on the Main

Board of the Stock Exchange, stock code: 01184), in which Dr. Yim Yuk Lun, Stanley was

a director and owned 54.7% interest. By virtue of the SFO, Dr. Yim Yuk Lun, Stanley was

demed to be interested in such shares.

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

the shares, underlying shares or debentures of the Company or any of its

asociated corporations (within the meaning of Part XV of the SFO).

INTERESTS AND SHORT POSITIONS OF

DIRECTORS AND CHIEF EXECUTIVE IN SHARES,

UNDERLYING SHARES AND DEBENTURES

(Continued)

董事及主要行政人员于股份、

DIRECTORS’ REPORT

董事局报告

主要股东于股份及相关股份之

权益及淡仓

于2025年3月31日，本公司根据证券及期

货条例第336条规定所备存之登记册之记

录，以下股东（董事或本公司主要行政人员

除外）于本公司已发行股本中拥有或被视为

拥有5%或以上之权益：

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS IN SHARES AND

UNDERLYING SHARES

As at 31 March 2025, the folowing Shareholders (other than Directors or

chief executive of the Company) were recorded in the register kept by the

Company under Section 336 of the SFO as being interested or demed to

have interest in 5% or more of the isued share capital of the Company:

GT WinersBeneficial owner1984,604,705 (L)246,000,000 (L)66.00% (L)

实益拥有人

Interests of controled corporation295,007,857 (L)–5.10% (L)

受控法团权益

Madam Li Wai Hang, ChristinaBeneficial owner311,294,875 (L)2,000,000 (L)0.72% (L)

李蕙娴女士实益拥有人

Interests of controled corporation11,079,612,562 (L)246,000,000 (L)71.10% (L)

受控法团权益

Best ManageBeneficial owner4166,000,000 (L)166,000,000 (S)8.90% (L)

实益拥有人8.90% (S)

Brite-TechInterests of controled corporation4166,000,000 (L)166,000,000 (S)8.90% (L)

受控法团权益8.90% (S)

Surplus AsetsInterests of controled corporation4166,000,000 (L)166,000,000 (S)8.90% (L)

受控法团权益8.90% (S)

ButerfieldTruste4166,000,000 (L)166,000,000 (S)8.90% (L)

受托人8.90% (S)

Yan TradeBeneficial owner595,007,857 (L)–5.10% (L)

实益拥有人

Yan’s Family

甄氏家族

Beneficial owner

实益拥有人

595,007,857 (L)–5.10% (L)

Yan’s Group (BVI) Holding Limited

(“Yan’s Group”)

甄氏集团(BVI)控股有限公司

（「甄氏集团」）

Beneficial owner

实益拥有人

595,007,857 (L)–5.10% (L)

Name of Shareholders	Capacity	Notes	Number of ordinary shares held	Number of underlying shares held	% of the Company’s issued share capital
股东姓名╱名称	身份	附注	持有普通股数目	持有相关股份数目	占本公司已发行股本百分比

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25146

DIRECTORS’ REPORT

董事局报告

附注：

1. 该等权益指由GT Winers直接持有(i)于

984,604,705股本公司普通股之实益权益，相当

于本公司已发行股本约52.81%；及(i)根据若干

认购及╱或认沽期权契约于246,000,000股本公

司相关股份之实益权益，相当于本公司已发行股

本约13.19%。李蕙娴女士于GT Winers有关权

益之详情载于上文「董事及主要行政人员于股份、

相关股份及债券之权益及淡仓」一节。

2. 该等股份由甄氏集团的全资附属公司甄氏家族实

益拥有，而甄氏集团最终实益拥有人为梁爱兰女

士。根据日期均为2024年12月2日的买卖协议及

股份抵押契据，该等股份已质押予本公司间接全

资附属公司银隽作为交易的担保。银隽由Zenith

Gain全资拥有，而Zenith Gain则由本公司全资附

属公司亚洲联合基建海外全资拥有。根据证券及

期货条例，银隽、Zenith Gain、亚洲联合基建海

外及本公司均被视为于该等股份中拥有权益。

Ms. Leung Oi LanInterests of controled corporation595,007,857 (L)–5.10% (L)

梁爱兰女士受控法团权益

Silver Genius Beneficial owner295,007,857 (L)–5.10% (L)

银隽实益拥有人

Zenith Gain International Limited

(“Zenith Gain”)

Interests of controled corporation

受控法团权益

295,007,857 (L)–5.10% (L)

AI Overseas Holdings LimitedInterests of controled corporation295,007,857 (L)–5.10% (L)

(“AI Overseas”)

亚洲联合基建海外控股有限公司

（「亚洲联合基建海外」）

受控法团权益

The Company

本公司

Interests of controled corporation

受控法团权益

295,007,857 (L)–5.10% (L)

(L): Long Position 好仓

(S): Short Position 淡仓

Notes:

1. These represent (i) a beneficial interest in 984,604,705 ordinary shares of the Company,

representing aproximately 52.81% of the isued share capital of the Company; and (i) a

beneficial interest in 246,000,000 underlying shares of the Company pursuant to certain

cal and/or option deds, representing aproximately 13.19% of the isued share capital

of the Company, directly held by GT Winers. The detail of such interest in GT Winers

of Madam Li Wai Hang, Christina is set out in the above section headed “INTERESTS

AND SHORT POSITIONS OF DIRECTORS AND CHIEF EXECUTIVE IN SHARES, UNDERLYING

SHARES AND DEBENTURES”.

2. The shares were beneficialy owned by Yan’s Family, a wholy-owned subsidiary of Yan’s

Group, which is ultimately beneficialy owned by Ms. Leung Oi Lan. Pursuant to a sale

and purchase agrement and a ded of share charge, both dated 2 December 2024,

these shares were pledged in favour of Silver Genius, an indirect wholy-owned subsidiary

of the Company, as security for the transaction. Silver Genius was wholy owned

by Zenith Gain, which was in turn wholy owned by AI Overseas, a wholy-owned

subsidiary of the Company. By virtue of the SFO, each of Silver Genius, Zenith Gain, AI

Overseas and the Company was demed to be interested in such shares.

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS IN SHARES AND

UNDERLYING SHARES (Continued)

主要股东于股份及相关股份之

权益及淡仓（续）

Months of share repurchase	Number of shares repurchased	Highest price paid per share	Lowest price paid per share	Aggregate consideration paid (before expenses)
购回股份之月份	购回股份之数目	已付每股最高价	已付每股最低价	已付总代价（未计及开支）
		HK$	HK$	HK$
		港元	港元	港元

亚洲联合基建控股有限公司 2024/25年报147

DIRECTORS’ REPORT

董事局报告

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS IN SHARES AND

UNDERLYING SHARES (Continued)

Notes: (Continued)

3. Detail of the underlying shares of the Company held by Madam Li Wai Hang, Christina is

set out in the above section headed “SHARE OPTION SCHEME”.

4. The details of such interests of Best Manage are set out in the above section headed

“INTERESTS AND SHORT POSITIONS OF DIRECTORS AND CHIEF EXECUTIVE IN SHARES,

UNDERLYING SHARES AND DEBENTURES”.

5. The shares were beneficialy owned by Yan’s Family, a wholy-owned subsidiary of Yan’s

Group, which is ultimately beneficialy owned by Ms. Leung Oi Lan. By virtue of the SFO,

Yan’ s Group and Ms. Leung Oi Lan were demed to be interested in such shares.

Save as disclosed above, as at 31 March 2025, the Company had not ben

notified of any other person or corporation (other than Directors or chief

executive of the Company) as being interested or demed to have interests

or short positions in shares or underlying shares of the Company which

would fal to be disclosed to the Company or the Stock Exchange under

Part XV of the SFO.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

During the Year, the Company repurchased 22,130,000 shares of the

Company at an agregate consideration of HK$10,045,150 (before

expenses) on the Stock Exchange. Among the repurchased shares,

16,558,000 shares were canceled during the Year and the remaining

shares with agregate consideration of HK$2,466,200 (before expenses)

were canceled in June 2025.

Particulars of the repurchase during the Year are as folows:

20242024年

April4月3,460,0000.480.471,649,940

June6月1,464,0000.460.46673,440

July7月4,724,0000.460.442,141,830

August8月3,388,0000.4550.441,523,320

September9月2,050,0000.450.45922,500

October10月1,472,0000.460.45667,920

December12月2,296,0000.4450.441,012,690

20252025年

January1月1,722,0000.450.435755,830

February2月974,0000.4650.44438,320

March3月580,0000.4650.44259,360

Total总计22,130,00010,045,150

主要股东于股份及相关股份之

权益及淡仓（续）

附注：（续）

3. 李蕙娴女士持有之本公司相关股份之详情载于上

文「购股权计划」一节。

4. Best Manage有关权益之详情载于上文「董事及主

要行政人员于股份、相关股份及债券之权益及淡

仓」一节。

5. 该等股份由甄氏集团的全资附属公司甄氏家族实

益拥有，而甄氏集团最终实益拥有人为梁爱兰女

士。根据证券及期货条例，甄氏集团及梁爱兰女

士被视为拥有该等股份之权益。

除上文所披露者外，于2025年3月31日，

本公司并无获悉任何其他人士或法团（董事

或本公司主要行政人员除外）于本公司股份

或相关股份中拥有或被视为拥有根据证券

及期货条例第XV部须向本公司或联交所披

露之权益或淡仓。

购回、出售或赎回本公司之上

市证券

于本年度内，本公司以总代价10,045,150港

元（未计及开支）于联交所购回22,130,000股

本公司股份。于购回之股份中，16,558,000

股已于本年度内注销，而余下的股份之总

代价为2,466,200港元（未计及开支）则已于

2025年6月注销。

于本年度内进行购回之资料如下：

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25148

DIRECTORS’ REPORT

董事局报告

购回、出售或赎回本公司之上

市证券（续）

董事认为进行购回是为了提高本公司每股

资产净值及每股盈利。

除上文披露者外，于本年度内，本公司或其

任何附属公司概无购买、出售或赎回本公司

任何上市证券。

优先购股权

公司细则并无载有优先购股权之条文，而百

慕达法例亦无该等权利之限制。

充足的公众持股量

根据于本报告日期本公司可得悉之公开资

料所示及就董事所知悉，本公司于本年度内

已维持上市规则所规定之充足公众持股量。

关连交易

关连方交易详情载于财务报表附注42。除

上文所披露者外，于本年度内，概无关连方

交易构成任何上市规则定义下之关连交易

或持续关连交易。

董事于重要交易、安排或合约

中之利益

除财务报表附注42所披露之关连方交易外，

于2025年3月31日或于本年度内之任何时

间，本公司或其任何附属公司或其控股公

司，或其控股公司的任何附属公司，概无存

在董事于其中拥有直接或间接重大利益的

有关本集团业务之重要交易、安排或合约。

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES (Continued)

The Directors considered that the repurchases were made with a view to

enhancing the net aset value per share and earnings per share of the

Company.

Save as disclosed above, neither the Company nor any of its subsidiaries

purchased, sold or redemed any of the Company’s listed securities during

the Year.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Bye-laws and

there is no restriction against such rights under the laws of Bermuda.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within

the knowledge of the Directors as at the date of this report, the Company

has maintained suficient public float throughout the Year as required

under the Listing Rules.

CONECTED TRANSACTIONS

Details of the related party transactions set out in Note 42 to the financial

statements. Save as disclosed above, no related party transaction

constitutes any conected transactions or continuing conected

transactions as defined under the Listing Rules during the Year.

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS OF

SIGNIFICANCE

Save as the related party transactions disclosed in Note 42 to the financial

statements, no transactions, arangements or contracts of significance

in relation to the Group’s busines in which the Company or any of

its subsidiaries, its holding company, or any subsidiaries of its holding

company was a party and in which a Director had a material interest,

whether directly or indirectly, subsisted as at 31 March 2025 or at any time

during the Year.

亚洲联合基建控股有限公司 2024/25年报149

DIRECTORS’ REPORT

董事局报告

上市规则第13章第13.21条之

持续披露规定

(i) 于2023年3月13日，本集团（作为借款

人）与多间香港大型商业银行（作为贷

款人）（「贷款人I」）订立一份本金总额为

1,100,000,000港元之3年期可转让贷款

融资（「融资I」）之融资协议（「融资协议

I」）。根据融资协议I之条款，最后到期

日为融资协议I日期起计36个月。

随后，融资I在一个加入权行使后增加

至1,250,000,000港元。该融资协议I中

的其他条款，包括违约事件，则保持

不变。

根据融资协议I，倘于融资I仍然生效

之年期内发生以下事件，即属违约（获

贷款人I豁免者除外）：(a)彭一庭先生、

李蕙娴女士、彭一邦博士工程师及GT

Winers）直接或间接共同拥有本公司

少于51%之实益拥有权益；或(b)彭

一庭先生不再为董事局主席；或(c)彭

一邦博士工程师不再为本公司行政总

裁；或(d)彭一庭先生、彭一邦博士工

程师及另外两名董事不再共同拥有本

公司之管理控制权。

于本报告期内，本集团已获贷款人I就

彭一庭先生、彭一邦博士工程师及另

外两名董事须共同维持本公司之管理

控制权的要求授出豁免。该豁免乃因

其中一名董事于2024年12月31日辞

任而获授出，并有效至融资协议I之最

后到期日。

(i) 于2023年8月4日，本集团（作为

借款人）与多间商业银行（作为贷款

人）（「贷款人I」）订立一份本金总额为

1,130,000,000港元之3年期定期及循

环信贷融资（「融资I」）之融资协议（「融

资协议I」）。根据融资协议I之条款，

最后到期日为融资协议I日期起计36

个月。

CONTINUING DISCLOSURE REQUIREMENTS

UNDER RULE 13.21 OF CHAPTER 13 OF THE

LISTING RULES

(i) On 13 March 2023, the Group, as the borower, entered into

a facility agrement (the ”Facility Agrement I”) for a 3-year

transferable term loan facility in an agregate principal amount of

HK$1.1 bilion (the “Facility I”) with major comercial banks in Hong

Kong, as the lenders (the “Lenders I”). Pursuant to the terms of the

Facility Agrement I, the final maturity date is 36 months from the

date of the Facility Agrement I.

Subsequently, Facility I was increased to HK$1.25 bilion after an

acesion option was exercised. Other terms in the Facility Agrement

I, including events of default, remain unchanged.

It wil be an event of default under the Facility Agrement I (unles

waived by the Lenders I) if (a) Mr. Pang Yat Ting, Dominic, Madam Li

Wai Hang, Christina, Ir Dr. Pang Yat Bond, Derick and GT Winers

colectively own, directly or indirectly, les than 51% beneficial

ownership interest in the Company; or (b) Mr. Pang Yat Ting,

Dominic ceases to be the Chairman of the Board; or (c) Ir Dr. Pang

Yat Bond, Derick ceases to be the Chief Executive Oficer of the

Company; or (d) Mr. Pang Yat Ting, Dominic, Ir Dr. Pang Yat Bond,

Derick and two other Directors cease to jointly have management

control of the Company, throughout the life of the Facility I.

During the reporting period, the Group received a waiver from the

Lenders I in respect of the requirement that Mr. Pang Yat Ting,

Dominic, Ir Dr. Pang Yat Bond, Derick and two other Directors jointly

maintain management control of the Company. The waiver was

granted folowing the resignation of one of the two other Directors

on 31 December 2024 and is efective until the final maturity date of

Facility Agrement I.

(i) On 4 August 2023, the Group, as the borower, entered into a facility

agrement (the “Facility Agrement I”) for a 3-year term and revolving

credit facilities of an agregate principal amount of HK$1.13 bilion (the

“Facility I”) with several comercial banks, as the lenders (the “Lenders

I”). Pursuant to the terms of the Facility Agrement I, the final maturity

date is 36 months from the date of the Facility Agrement I.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25150

DIRECTORS’ REPORT

董事局报告

上市规则第13章第13.21条之

持续披露规定（续）

(i) （续）

随后，融资I在一个加入权行使后增加

至1,230,000,000港元。该融资协议I

中的其他条款，包括违约事件，则保

持不变。

根据融资协议I，倘于融资I仍然生效

之年期内发生以下事件，即属违约（获

贷款人I豁免者除外）：(a)彭一庭先生、

彭一邦博士工程师、任何其各自之父

母、配偶、子女、兄弟或姐妹及任何

上述一名或多名人士为主要受益人之

信托直接或间接维持少于本公司51%

之实益拥有权益；或(b)彭一庭先生

不再为执行董事及董事局主席；或(c)

彭一邦博士工程师不再为执行董事及

本公司行政总裁；或(d)彭一庭先生、

彭一邦博士工程师及本公司另外两名

执行董事不再共同拥有本公司之管理

控制权。

于本报告期内，本集团已获贷款人I就

彭一庭先生、彭一邦博士工程师及另

外两名执行董事须共同维持本公司之

管理控制权的要求授出豁免。该豁免

乃因其中一名执行董事于2024年12月

31日辞任而获授出，并有效至融资协

议I之最后到期日。

倘发生上述违约事件，贷款人I或贷款人I可

相应地宣布全部或部分贷款连同应计利息以

及融资协议I或融资协议I下所有其他应计

或未付款项立即到期并须予支付。融资I及

融资I的进一步详情分别载于本公司日期为

2023年3月13日及2023年8月4日之公告。

于本报告日期，彭一庭先生、彭一邦博士工

程师及上述联系人拥有本公司已发行股本

约54.02%及自融资协议I及融资协议I日期

起，本公司之管理控制权概无转变。

CONTINUING DISCLOSURE REQUIREMENTS

UNDER RULE 13.21 OF CHAPTER 13 OF THE

LISTING RULES (Continued)

(i) (Continued)

Subsequently, Facility I was increased to HK$1.23 bilion after an

acesion option was exercised. Other terms in the Facility Agrement

I, including events of default, remain unchanged.

It wil be an event of default under the Facility Agrement I (unles

waived by the Lenders I) if (a) Mr. Pang Yat Ting, Dominic, Ir Dr.

Pang Yat Bond, Derick, any parent, spouse, child, brother or sister

of each of them and any trust whose principal beneficiary(ies) is

any one or more of the abovementioned persons maintain, directly

or indirectly, les than 51% beneficial ownership interest in the

Company; or (b) Mr. Pang Yat Ting, Dominic ceases to be the

Executive Director and Chairman of the Board; or (c) Ir Dr. Pang Yat

Bond, Derick ceases to be the Executive Director and Chief Executive

Oficer of the Company; or (d) Mr. Pang Yat Ting, Dominic, Ir Dr.

Pang Yat Bond, Derick and two other Executive Directors cease to

jointly have management control of the Company, throughout the

life of the Facility I.

During the reporting period, the Group received a waiver from the

Lenders I in respect of the requirement that Mr. Pang Yat Ting,

Dominic, Ir Dr. Pang Yat Bond, Derick and two other Executive

Directors jointly maintain management control of the Company. The

waiver was granted folowing the resignation of one of the two other

Executive Directors on 31 December 2024 and is efective until the

final maturity date of Facility Agrement I.

Upon ocurence of aforesaid event of default, the Lenders I or Lenders I

may declare that al or part of the loans, together with acrued interest,

and al other amounts acrued or outstanding under the Facility Agrement

I or Facility Agrement I be imediately due and payable acordingly.

Further details of the Facility I and Facility I were set out in the Company’s

anouncements dated and 13 March 2023 and 4 August 2023 respectively.

As at the date of this report, Mr. Pang Yat Ting, Dominic, Ir Dr. Pang Yat

Bond, Derick and their aforesaid asociate own aproximately 54.02%

of the isued share capital of the Company and there is no change in the

Company’s management control since the date of the Facility Agrement I

and Facility Agrement I.

HK$ million
百万港元

亚洲联合基建控股有限公司 2024/25年报151

DIRECTORS’ REPORT

董事局报告

上市规则第13章第13.22条之

持续披露规定

兹根据上市规则第13章第13.22条之规定披

露以下资料：

于2025年3月31日，本集团提供财务资

助及担保予若干联属公司合共金额约为

942,333,000港元，相当于本集团资产总额

之10.5%，超过上市规则第14.07(1)条所界

定的资产比率之8%。

该等联属公司于2025年3月31日之备考合

并资产负债表如下：

于2025年3月31日，本集团于该等联属公

司之综合应占权益合共约为36,500,000港元。

与收购相关的盈利目标

本集团于2024年2月21日完成收购雅居

的控股权。根据2024年1月26日订立的买

卖协议，是次收购的代价包括初始代价及

递延代价。若雅居于截至2024年12月31

日、2025年12月31日及2026年12月31日

止各财政年度的经审核除税后纯利不少于

15,000,000港元，则递延代价将分阶段支付

（「盈利目标」）。有关盈利目标及收购条款的

详情载于本公司于2024年1月31日及2024

年2月21日刊发的公告。雅居于截至2024

年12月31日止年度的盈利目标已达成。

CONTINUING DISCLOSURE REQUIREMENTS

UNDER RULE 13.22 OF CHAPTER 13 OF THE

LISTING RULES

The folowing information is disclosed in acordance with Rule 13.22 of

Chapter 13 of the Listing Rules:

As at 31 March 2025, the Group had provided financial asistance and

guarantes to its certain afiliated companies in agregate amounted to

aproximately HK$942.3 milion, representing 10.5% of the total asets

of the Group, exceding 8% of the asets ratio as defined under Rule

14.07(1) of the Listing Rules.

The proforma combined balance shet of these afiliated companies as at

31 March 2025 as folows:

Non-curent asets非流动资产531

Curent asets流动资产3,332

Curent liabilities流动负债(2,666)

Non-curent liabilities非流动负债(1,292)

Net liabilities负债净值(95)

Isued capital已发行股本0

Reserves储备(95)

Capital and reserves股本及储备(95)

As at 31 March 2025, the consolidated atributable interest of the Group

in these afiliated companies amounted to aproximately HK$36.5 milion.

PROFIT TARGETS IN RELATION TO THE ACQUISITION

On 21 February 2024, the Group completed the acquisition of a controling

stake in Modern Living. Pursuant to the sale and purchase agrement dated

26 January 2024, the consideration for the acquisition comprises an initial

consideration and defered consideration. The defered consideration wil

be payable in stages if Modern Living achieves an audited net profit after

tax of not les than HK$15,000,000 for each of the financial years ending

31 December 2024, 31 December 2025 and 31 December 2026 (the “Profit

Target(s)”). Details of the Profit Targets and the terms of the acquisition

are set out in the Company’s anouncements dated 31 January 2024 and

21 February 2024. The Profit Target for the year ended 31 December 2024

has ben met.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25152

DIRECTORS’ REPORT

董事局报告

董事于竞争业务中之权益

独立非执行董事胡伟亮先生为景业名邦集

团控股有限公司之独立非执行董事，而景业

名邦集团控股有限公司若干附属公司从事

物业发展业务。董事局认为胡先生作为景业

名邦集团控股有限公司之独立非执行董事，

并无参与其日常营运，故因此与本集团的业

务不构成竞争。

独立非执行董事何智恒先生为周大福创建之

执行董事及曾任惠记集团有限公司非执行董

事（直至2024年6月26日），其等若干附属

公司从事建筑业务。董事局认为两间公司之

建筑业务与本集团相似但规模及性质不同，

并因此与本集团的业务不构成竞争。

各董事均知悉其作为董事的诚信责任，并将

以本公司及股东整体利益为依归行事及避

免作为董事之职责与其个人利益产生任何

利益冲突。

除上文所披露者外，概无董事于与本集团业

务直接或间接构成或可能构成竞争的任何

业务中拥有权益。

主要客户及供应商

于本年度内，本集团之五个最大客户之累计

营业总额占本集团总营业额约88%，而本

集团最大客户之营业额占本集团总营业额约

73%。本集团之五个最大供应商之累计采购

总额占本集团总采购金额少于30%。

本集团五大客户包括政府机关及法定机构、

基础建设及物业发展商及业主。向该等客户

授出之信用期与向其他客户授出之信用期及

行业惯例相符。本集团管理层已考虑该等主

要客户的信贷质素，并认为概无相关贸易应

收款项被视为呆坏账。于厘定信用期时，本

集团已考虑若干因素，包括交易方之背景、

财务实力及账项清付之往绩记录，以降低信

用风险。基于主要客户之财务实力及高信贷

评级，董事认为本集团面对的集中信用风险

有限。

DIRECTORS’ INTERESTS IN COMPETING

BUSINESES

Mr. Wu Wiliam Wai Leung, the INED, is an independent non-executive

director of JY Grandmark Holdings Limited, which had certain subsidiaries

engaged in the property development busines. The Board is of the view

that Mr. Wu as an independent non-executive director of JY Grandmark

Holdings Limited, is not involved in its daily operation and therefore it does

not compete with the busines of the Group.

Mr. Ho Gilbert Chi Hang, the INED, is an executive director of CTFS and

was a non-executive director of Wai Ke Holdings Limited until 26 June

2024, both of which had certain subsidiaries engaged in the construction

busines. The Board is of the view that the construction busines of both

companies is similar to but in diferent scale and nature with that of the

Group and therefore it does not compete with the busines of the Group.

Each of the Directors is aware of his/her fiduciary duties as Director and wil

act in the interests of the Company and the Shareholders as a whole and

avoids any conflict of interests betwen his/her duties as a Director and his/

her personal interests.

Save as disclosed above, none of the Directors were interested in any

busines which competes or was likely to compete, either directly or

indirectly, with the Group’s busines.

MAJOR CUSTOMERS AND SUPLIERS

For the Year, the agregate amount of turnover atributable to the

Group’s five largest customers acounted for aproximately 88% of the

Group’s total turnover and the turnover atributable to the Group’s largest

customer acounted for aproximately 73% of the Group’s total turnover.

The agregate amount of purchases atributable to the Group’s five largest

supliers acounted for les than 30% of the Group’s total purchases.

The Group’s five largest customers include governmental authorities

and statutory organisations, infrastructure and property developers and

property owners. The credit terms granted to these customers are in line

with those granted to other customers as wel as industry practices. The

Group’s management has considered the credit quality of these major

customers and is of the view that none of the relevant trade receivables

is considered doubtful. In determining the credit terms, the Group takes

into acount various factors, including the background, financial strength

and track records of credit setlement of the counterparties, in order to

mitigate credit risks. In view of the financial strength and high credit rating

the major customers, the Directors consider that the Group’s exposure to

concentration of credit risk is limited.

亚洲联合基建控股有限公司 2024/25年报153

DIRECTORS’ REPORT

董事局报告

主要客户及供应商（续）

董事、彼等之联系人或据董事所知悉拥有本

公司已发行股份5%以上之任何股东，概无

拥有本集团五大客户或供应商之任何权益。

捐献

于本年度内，本集团所作之慈善及其他捐款

共约为1,800,000港元。

报告期后事项

本集团报告期后事项之详情载于财务报表

附注50。

核数师

本年度之综合财务报表乃由本公司之核数

师安永审核，其将于股东周年大会结束时退

任，惟符合资格并愿膺聘连任。于股东周年

大会上，将就续聘安永为本公司核数师及授

权董事局厘订其酬金向股东提呈一项决议案。

本公司过去三年间并无更换核数师。

代表董事局

主席

彭一庭

香港，2025年6月26日

MAJOR CUSTOMERS AND SUPLIERS (Continued)

None of the Directors, their asociates or any Shareholders (which to the

knowledge of the Directors own more than 5% of the Company’s isued

Shares) had any interest in any of the Group’s five largest customers or

supliers.

DONATIONS

During the Year, the Group made charitable and other donations totaling

aproximately HK$1.8 milion.

EVENTS AFTER THE REPORTING PERIOD

Details of the events of the Group after the reporting period are set out in

Note 50 to the financial statements.

AUDITOR

The consolidated financial statements for the Year were audited by

EY, the auditor of the Company, which wil retire at the conclusion of

the AGM and, being eligible, ofer themselves for re-apointment. A

resolution wil be proposed to the Shareholders at the AGM to re-apoint

EY as the auditor of the Company and to authorise the Board to fix their

remuneration.

There was no change in the auditor of the Company in the preceding thre

years.

On behalf of the Board

Pang Yat Ting, Dominic

Chairman

Hong Kong, 26 June 2025

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25154

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

To the shareholders of Asia Alied Infrastructure Holdings Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Asia Alied

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

(the “Group”) set out on pages 162 to 317, which comprise the

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

consolidated statement of profit or los and other comprehensive income,

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 (the “HKICPA”) and have ben properly prepared in

compliance with the disclosure requirements of the Hong Kong Companies

Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities under

those standards are further described in the Auditor’s responsibilities for

the audit of the consolidated financial statements section of our report.

We are independent of the Group in acordance with the HKICPA’s Code

of Ethics for Profesional Acountants (the “Code”), and we have fulfiled

our other ethical responsibilities in acordance with the Code. We believe

that the audit evidence we have obtained is suficient and apropriate to

provide a basis for our opinion.

致：亚洲联合基建控股有限公司

（于百慕达注册成立之有限公司）

列位股东

意见

我们已审核列载于第162页至第317页的

亚洲联合基建控股有限公司（「贵公司」）及

其附属公司（「贵集团」）之综合财务报表，

该等综合财务报表包括于2025年3月31

日之综合财务状况表与截至该日止年度之

综合损益及其他全面收益表、综合股东权益

变动表及综合现金流量表，以及综合财务报

表附注，包括重大会计政策资料。

我们认为，综合财务报表已根据香港会计师

公会（「香港会计师公会」）颁布的香港财务

报告准则会计准则真实而公平地反映了贵

集团于2025年3月31日的综合财务状况以

及其截至该日止年度的综合财务表现及综

合现金流量，并已遵照香港公司条例的披露

要求妥为编制。

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」）进行审核。我们在

该等准则下的责任在本报告「核数师就审核

综合财务报表须承担的责任」一节进一步阐

述。根据香港会计师公会的「专业会计师道

德守则」（「守则」），我们独立于贵集团，

并已履行守则中其他道德责任。我们相信，

我们所获得的审核凭证能充足及适当地为

我们的审核意见提供基础。

亚洲联合基建控股有限公司 2024/25年报155

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审核事项

关键审核事项为根据我们的专业判断认为

对本期间的综合财务报表审核中最重要的

事项。这些事项是在对综合财务报表整体进

行审计并形成意见的背景下进行处理的，我

们不对这些事项提供单独的意见。我们对下

述每一事项在审计中是如何应对的描述也

以此为背景。

我们已履行本报告核数师就审核综合财务报

表须承担的责任一节所述的责任，包括与此

等事项相关之责任。据此，我们的审核工作

包括执行为应对综合财务报表进行重大错

误陈述风险评估而设计的程序。审核程序（包

括为处理下列事项而进行的程序）的结果为

我们就随附综合财务报表发表审核意见提

供了基础。

建筑合约的收益及合约资产之确认

截至2025年3月31日止年度，贵集团提供

建筑工程的收益约为7,770,000,000港元，

而于2025年3月31日的建筑工程之合约资

产约为3,750,000,000港元。

因为贵集团的履约创造或增加了客户所控

制的资产，合约收益随时间推移就资产被创

造或增加而确认。

收益的确认依赖管理层对各合约最终结果

的估计，有关估计涉及行使重大管理判断，

尤其是决定合约所修改、索偿及延期赔偿之

价值、估计预期亏损金额及评估贵集团根

据协定时间表交付服务的能力。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgement,

were of most significance in our audit of the consolidated financial

statements of the curent period. These maters were adresed in the

context of our audit of the consolidated financial statements as a whole,

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

opinion on these maters. For each mater below, our description of how

our audit adresed the mater is provided in that context.

We have fulfiled the responsibilities described in the Auditor’s

responsibilities for the audit of the consolidated financial statements

section of our report, including in relation to these maters. Acordingly,

our audit included the performance of procedures designed to respond to

our asesment of the risks of material mistatement of the consolidated

financial statements. The results of our audit procedures, including the

procedures performed to adres the maters below, provide the basis for

our audit opinion on the acompanying consolidated financial statements.

Recognition of revenue and contract asets for

construction contracts

The Group’s revenue from the provision of construction work amounted

to aproximately HK$7.77 bilion for the year ended 31 March 2025 and

contract asets from construction work as at 31 March 2025 amounted to

aproximately HK$3.75 bilion.

Contract revenue is recognised over time, because the Group’s

performance creates or enhances an aset that the customer controls as

the aset is created or enhanced.

The recognition of revenue relies on management’s estimate of the final

outcome of each contract, which involves the exercise of significant

management judgement, particularly in determining the value of contract

variations, claims and liquidated damages, in estimating the amount of

expected loses and asesing the ability of the Group to deliver services

acording to the agred timetable.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25156

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审核事项（续）

建筑合约的收益及合约资产之确认

（续）

此外，贵集团根据有关建筑工程之最近期

事实及情况，以及开展类似建筑工程之过往

经验，定期评估建筑合约之可能结果。当预

测到建筑合约之结果会出现变动及能够可

靠估计时，贵集团将相应调整合约收益及

合约资产。该变动构成会计估计之变动，并

涉及管理层对合约结果的重大估计及判断。

于本年度及未来期间，会计估计之任何变动

的影响会预期确认并计入损益（如适用）。

鉴于建筑收益的估计涉及重大的管理层判

断及估计，我们认为此项为关键审核事项。

相关披露载于综合财务报表附注3.3、4、6

及23。

于审核中处理关键审核事项的方法

作为审核程序的一部分，我们了解、评估及

测试贵集团关于就建筑工程的收益及合约

资产之确认的关键控制。我们检查就已确认

合约收益及截止收益的外部或内部测量工

作。我们挑选了重大建筑合约，阅读其财务

预算，并就建筑合约财务预算编制及审批流

程以及独立测量师的工程进度证书事宜采

访贵集团的工料测量师。此外，我们阅读

了贵集团与独立测量师的通信，并获得合

约客户及贵集团聘用之争议解决顾问有关

已履行建筑工程的专业意见（倘必要）。我

们亦已评估综合财务报表附注所载相关披

露的充足性。

KEY AUDIT MATERS (Continued)

Recognition of revenue and contract asets for

construction contracts (Continued)

In adition, the Group regularly aseses the posible outcome of

construction contracts based on the latest facts and circumstances relating

to the construction work, and past experience in conducting similar

construction work. When there is a change in the expectation as to when

the outcome of construction contracts can be estimated reliably, the

Group wil adjust the amounts of contract revenue and contract asets

acordingly. Such change constitutes a change in an acounting estimate

and involves significant management estimation and judgement regarding

the outcome of a contract. The efect of any change in an acounting

estimate is recognised prospectively by including it in profit or los in the

curent year and future periods, if apropriate.

Given that the estimation of construction revenue involves significant

management judgement and estimation, we considered this a key audit

mater.

Related disclosures are included in notes 3.3, 4, 6 and 23 to the

consolidated financial statements.

How our audit adresed the key audit mater

As part of our audit procedures, we understod, evaluated and tested the

key controls of the Group in respect of recognition of revenue and contract

asets for construction work. We examined the external or internal surveys

of work for amounts of contract revenue recognised and revenue cutof.

We selected material construction contracts, read their financial budgets

and interviewed the Group’s quantity surveyors regarding the preparation

and aproval proceses of financial budgets of construction contracts and

the progres of work certification by independent surveyors. In adition, we

read the corespondence betwen the Group and independent surveyors

and, if necesary, obtained profesional advice from the dispute resolution

advisors engaged by the contract customers and the Group in respect

of construction work performed. We also asesed the adequacy of the

related disclosures in the notes to the consolidated financial statements.

亚洲联合基建控股有限公司 2024/25年报157

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATERS (Continued)

Net realisable value of land held for property

development

At 31 March 2025, land held for property development of the Group

amounted to aproximately HK$206 milion.

The carying amounts of the land held for property development are stated

at the lower of cost and net realisable value. Significant management

judgement is involved in determining the estimated net realisable values of

the land held for property development, including the estimation of seling

prices, costs to be incured until completion.

Given the sensitivity of the asumptions and the level of judgement

involved, management engaged independent profesional valuers to

prepare a feasibility report for the land held for property development of

the Group.

Related disclosures are included in notes 3.3, 4 and 21 to the consolidated

financial statements.

How our audit adresed the key audit mater

As part of our audit procedures, we obtained the feasibility report

and asesed the objectivity, competence and independence of the

independent profesional valuers. We engaged our internal valuation

specialists to asist us in asesing the bases and asumptions adopted

in the impairment asesments. In adition, our procedures included

discusions with management and the independent profesional valuers

about the asumptions and parameters used in estimating the latest seling

prices, costs to be incured until completion, variable seling expenses and,

as aplicable, the feasibility of the Group’s property development plan.

关键审核事项（续）

持作物业发展之土地可变现净值

于2025年3月31日，贵集团持作物业发展

之土地金额约为206,000,000港元。

持作物业发展之土地账面值按成本与可变

现净值两者中之较低者入账。于厘定持作物

业发展的土地的预计可变现净值时，需要作

出重大的管理层判断，包括估计售价、直至

完成前将产生的成本。

鉴于假设的敏感度及所用判断的程度，管理

层已委聘独立专业估值师，就贵集团持作

物业发展的土地编制可行性报告。

相关披露载于综合财务报表附注3.3、4及

21。

于审核中处理关键审核事项的方法

作为审核程序的一部分，我们获得可行性报

告并评估独立专业估值师的客观性、能力及

独立性。我们委聘内部估值专家协助我们对

减值评估中采纳的基准及假设进行评估。此

外，我们之程序包括与管理层及独立专业估

值师就估计最新售价、直至完成前将产生的

成本、可变出售开支及贵集团物业发展计

划可行性（如适用）所用之假设及参数进行

讨论。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25158

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

OTHER INFORMATION INCLUDED IN THE

ANUAL REPORT

The directors of the Company are responsible for the other information.

The other information comprises the information included in the Anual

Report, other than the consolidated financial statements and our auditor’s

report thereon.

Our opinion on the consolidated financial statements does not cover the

other information and we do not expres any form of asurance conclusion

thereon.

In conection with our audit of the consolidated financial statements,

our responsibility is to read the other information and, in doing so,

consider whether the other information is materialy inconsistent with the

consolidated financial statements or our knowledge obtained in the audit

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

have performed, we conclude that there is a material mistatement of this

other information, we are required to report that fact. We have nothing to

report in this regard.

RESPONSIBILITIES OF THE DIRECTORS FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view in

acordance with HKFRS Acounting Standards as isued by the HKICPA and

the disclosure requirements of the Hong Kong Companies Ordinance, and

for such internal control as the directors determine is necesary to enable

the preparation of consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors of the

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

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

and using the going concern basis of acounting unles the directors of the

Company either intend to liquidate the Group or to cease operations or

have no realistic alternative but to do so.

The directors of the Company are asisted by the Audit Comite in

discharging their responsibilities for overseing the Group’s financial

reporting proces.

载于年报的其他资料

贵公司董事须对其他资料承担责任。其他资

料包括载于年报的资料，但不包括综合财务

报表及我们的核数师报告。

我们对综合财务报表作出的意见并无涵盖

其他资料，而我们不会对其他资料发表任何

形式的鉴证结论。

就我们审核综合财务报表而言，我们的责任

为阅读其他资料，从而考虑其他资料是否与

综合财务报表或我们在审核过程中所了解

的情况存在重大不符，或似乎存在重大错误

陈述。倘我们基于已进行的工作认为其他资

料出现重大错误陈述，则我们须报告有关事

实。就此而言，我们无需作出报告。

董事就综合财务报表须承担的

责任

贵公司董事须负责根据香港会计师公会颁

布的香港财务报告准则会计准则及香港公

司条例的披露要求，编制真实而公平地反映

情况的综合财务报表，及对其认为使综合财

务报表的编制不会存在由于欺诈或错误而

导致的重大错误陈述所需的内部监控负责。

在编制综合财务报表时，贵公司的董事须

负责评估贵集团持续经营的能力，并披露

与持续经营有关的事项（如适用）。除非贵

公司董事拟将贵集团清盘或停止营运，或

除此之外并无其他实际可行的办法，否则须

采用以持续经营为基础的会计法。

审核委员会协助贵公司董事履行彼等监

督贵集团财务报告程序的责任。

亚洲联合基建控股有限公司 2024/25年报159

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s

report that includes our opinion. Our report is made solely to you, as a

body, in acordance with section 90 of the Bermuda Companies Act 1981,

and for no other purpose. We do not asume responsibility towards or

acept liability to any other person for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a guarante

that an audit conducted in acordance with HKSAs wil always detect a

material mistatement when it exists. Mistatements can arise from fraud

or eror and are considered material if, individualy or in the agregate,

they could reasonably be expected to influence the economic decisions of

users taken on the basis of these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgement and maintain profesional scepticism throughout the audit. We

also:

• identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

provide a basis for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

核数师就审核综合财务报表须

承担的责任

我们的目标是对综合财务报表整体是否不会

存在由于欺诈或错误而导致的重大错误陈

述取得合理确定，并发出载有我们意见的核

数师报告。本报告依据百慕达公司法1981

年第90条，仅为全体股东编制，除此以外

不可作其他用途。我们概不就本报告的内容

对任何其他人士负责或承担任何责任。

合理确定属高层次的核证，惟根据香港审计

准则进行的审核工作不能保证总能察觉所

存在的重大错误陈述。错误陈述可因欺诈或

错误产生，倘个别或整体在合理预期情况下

可影响使用者根据综合财务报表作出的经

济决定时，则被视为重大错误陈述。

在根据香港审计准则进行审计的过程中，我

们运用专业判断，并保持专业怀疑态度。我

们亦：

• 识别及评估由于欺诈或错误而导致综

合财务报表存在重大错误陈述的风险、

设计及执行审计程序以应对该等风险，

以及取得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

或凌驾内部监控的情况，因此未能发

现因欺诈而导致的重大错误陈述的风

险高于未能发现因错误而导致的重大

错误陈述的风险。

，以设计

适当的审计程序，惟并非旨在对贵

集团内部监控的有效性发表意见。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25160

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

• evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made

by the directors.

’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability

to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw atention in our auditor’s

report to the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a going

concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

busines units within the Group as a basis for forming an opinion

on the consolidated financial statements. We are responsible for the

direction, supervision and review of the audit work performed for

purposes of the group audit. We remain solely responsible for our

audit opinion.

We comunicate with the Audit Comite regarding, among other

maters, the planed scope and timing of the audit and significant audit

findings, including any significant deficiencies in internal control that we

identify during our audit.

核数师就审核综合财务报表须

承担的责任（续）

• 评估董事所采用会计政策的恰当性及

作出会计估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰

当性作出结论，并根据所取得的审计

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。倘我们认为存在重大不确定性，

则有必要在核数师报告中提请使用者

注意综合财务报表中的相关披露。倘

有关披露不足，则修订我们意见。我

们结论乃基于截至核数师报告日期止

所取得的审计凭证。然而，未来事项

或情况可能导致贵集团无法持续经营。

结构及内容，包括披露资料，以及综

合财务报表是否中肯反映相关交易和

事项。

• 计划及进行集团审计以就贵集团内

实体或业务单位的财务资料获取充足、

适当的审计凭证，作为达致对综合财

务报表意见的基础。我们负责指导、

监督和审查为集团审计而进行的审计

工作。我们为审计意见承担全部责任。

我们与审核委员会就（其中包括）审计的计

划范围、时间安排及重大审计发现沟通，该

等发现包括我们在审计过程中识别的内部

监控的任何重大缺失。

亚洲联合基建控股有限公司 2024/25年报161

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

We also provide the Audit Comite with a statement that we have

complied with relevant ethical requirements regarding independence and

to comunicate with them al relationships and other maters that may

reasonably be thought to bear on our independence, and where aplicable,

actions taken to eliminate threats or safeguards aplied.

From the maters comunicated with the Audit Comite, we

determine those maters that were of most significance in the audit of the

consolidated financial statements of the curent period and are therefore

the key audit maters. We describe these maters in our auditor’s report

unles law or regulation precludes public disclosure about the mater or

when, in extremely rare circumstances, we determine that a mater should

not be comunicated in our report because the adverse consequences of

doing so would reasonably be expected to outweigh the public interest

benefits of such comunication.

The engagement partner on the audit resulting in this independent

auditor’s report is TSANG, Chiu Hang (practising certificate number:

P06370).

Ernst & Young

Certified Public Acountants

Hong Kong

26 June 2025

核数师就审核综合财务报表须

承担的责任（续）

我们亦向审核委员会作出声明，指出我们已

符合有关独立性的相关道德要求，并与彼等

沟通可能被合理认为会影响我们独立性的

所有关系及其他事宜，以及为消除威胁所采

取的行动或实施的防范措施（如适用）。

从与审核委员会沟通的事项中，我们厘定对

本期间综合财务报表的审计至关重要的事

项，因而构成关键审核事项。我们在核数师

报告中描述该等事项，除非法律或法规不允

许公开披露该等事项，或在极端罕见的情况

下，倘合理预期在我们报告中沟通某事项造

成的负面后果超出产生的公众利益，则我们

决定不应在报告中传达该事项。

出具本独立核数师报告的审计项目合伙人

为曾昭恒（执业证书编号：P06370）。

安永会计师事务所

执业会计师

香港

2025年6月26日

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
9,055,006
(8,658,352)
396,654
40,912
(437,459)
(39,104)
(213,524)
(470)
23,278
(229,713)
(26,225)
(255,938)
(2,495)
–
–
(104)
(1,045)
(3,644)
(259,582)

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25162

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

Year ended 31 March 2025

截至2025年3月31日止年度

		2025	2024
	Note	HK$’000	HK$’000
	附注	千港元	千港元
(274,039)
18,101
(255,938)
(277,683)
18,101
(259,582)
HK cents 港仙
(15.27)

亚洲联合基建控股有限公司 2024/25年报163

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

综合损益及其他全面收益表

(

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
188,992
227,012
216,452
1,174
3,266
550,118
2,678
3,694
163,535
278
1,357,199
42,917
13,150
3,750,379
1,604,505
882,973
26,743
16,235
53,190
1,189,972
7,580,064

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25164

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

31 March 2025

2025年3月31日

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
1,651,888
399,277
1,096,465
3,236,052
34,097
102,096
6,519,875
1,060,189
2,417,388
2,605
58,754
1,782
63,141
2,354,247

亚洲联合基建控股有限公司 2024/25年报165

31 March 2025

2025年3月31日

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
186,424
2,041,583
2,228,007
126,240
2,354,247

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25166

31 March 2025

2025年3月31日

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

Pang Yat Ting, DominicPang Yat Bond, Derick

彭一庭彭一邦

DirectorDirector

董事董事

Attributable to shareholders of the Company
本公司股东应占
		Issued capital	Share premium account	Shares held under the share award scheme account	Share-based compensation reserve	Capital reserve	Exchange fluctuation reserve	Retained profits	Total	Non- controlling interests	Total equity
		已发行股本	股份溢价账	根据股份奖励计划账目下持有的股份	股份报酬储备	资本储备	外汇波动储备	保留溢利	总额	非控股权益	权益总额
	Notes	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	附注	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元

亚洲联合基建控股有限公司 2024/25年报167

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合股东权益变动表

Year ended 31 March 2025

截至2025年3月31日止年度

At 1 April 2023于2023年4月1日179,623739,410(10,643)13,80523,143(22,741)1,518,0012,440,59848,0952,488,693

Profit for the year本年度溢利–72,09472,09413,72085,814

Other comprehensive (los)/income

for the year:

本年度其他全面（亏损）╱

收益：

Exchange diferences:汇兑差额：

Translation of foreign operations换算海外业务–(7,748)–(7,748)–(7,748)

Reclasification adjustments of gains

included in profit or los upon:

收益之重新分类调整

（计入损益）：

Deregistration of subsidiaries撤销注册附属公司–10–10–10

Disposal of subsidiaries出售附属公司–1,802–1,802–1,802

Share of movement in the exchange

fluctuation reserve of a joint venture

应占一间合营公司外汇

波动储备之变动–(171)–(171)–(171)

Share of movements in the exchange

fluctuation reserves of asociates

应占联营公司外汇波动

储备之变动–(5,932)–(5,932)–(5,932)

Total comprehensive (los)/income

for the year

本年度全面（亏损）╱收益

总额–(12,039)72,09460,05513,72073,775

Acquisition of subsidiaries收购附属公司38–22,18222,182

Disposal of partial interest of

a subsidiary

出售一间附属公司的部分

权益36(b)(v)–4,473–4,4735275,000

Cancelation of repurchased shares注销已购回股份33(a)(1,044)(4,321)–(5,365)–(5,365)

Equity-setled share option expense以股本结算之购股权开支35(b)–1,183–1,183–1,183

Other equity-setled share-based

payment expense

其他以股本结算之以股份

为基础付款开支9–1,766–1,766–1,766

Transfer of share-based compensation

reserve upon the forfeiture of

share-based arangement

于没收以股份为基础安排时

转拨股份报酬储备

9–(3,698)–(3,698)–(3,698)

Disposal of subsidiaries出售附属公司39–(4,421)(4,421)

Dividends paid to non-controling

shareholders of subsidiaries

已付附属公司非控股

股东股息 –(9,503)(9,503)

Interim 2024 dividend declared已宣派2024年度中期股息13–(20,190)(20,190)–(20,190)

Final 2023 dividend paid已派付2023年度末期股息 –(18,853)(18,853)–(18,853)

At 31 March 2024于2024年3月31日178,579735,089(10,643)13,05627,616(34,780)1,551,0522,459,96970,6002,530,569

Attributable to shareholders of the Company
本公司股东应占
		Issued capital	Share premium account	Shares held under the share award scheme account	Treasury shares account	Share-based compensation reserve	Capital reserve	Exchange fluctuation reserve	Retained profits	Total	Non- controlling interests	Total equity
		已发行股本	股份溢价账	根据股份奖励计划账目下持有的股份	库存股份账	股份报酬储备	资本储备	外汇波动储备	保留溢利	总额	非控股权益	权益总额
	Notes	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	附注	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
		178,579	735,089	(10,643)	–	13,056	27,616	(34,780)	1,551,052	2,459,969	70,600	2,530,569
		–	–	–	–	–	–	–	(274,039)	(274,039)	18,101	(255,938)
		–	–	–	–	–	–	(2,495)	–	(2,495)	–	(2,495)
		–	–	–	–	–	–	(104)	–	(104)	–	(104)
		–	–	–	–	–	–	(1,045)	–	(1,045)	–	(1,045)
		–	–	–	–	–	–	(3,644)	(274,039)	(277,683)	18,101	(259,582)
		9,501	32,303	–	–	–	–	–	–	41,804	19,076	60,880
		–	–	–	–	–	17,213	–	–	17,213	33,187	50,400
		(1,656)	(5,923)	–	7,579	–	–	–	–	–	–	–
		–	–	–	–	540	–	–	–	540	–	540
		–	–	–	–	2,548	–	–	–	2,548	–	2,548
		–	–	–	–	(226)	–	–	–	(226)	–	(226)
		–	–	–	–	(6,113)	–	–	–	(6,113)	–	(6,113)
		–	–	–	–	–	–	–	–	–	(15)	(15)
		–	–	–	(10,045)	–	–	–	–	(10,045)	–	(10,045)
		–	–	–	–	–	–	–	–	–	(14,709)	(14,709)
		186,424	761,469*	(10,643)*	(2,466)*	9,805*	44,829*	(38,424)*	1,277,013*	2,228,007	126,240	2,354,247

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25168

Year ended 31 March 2025

截至2025年3月31日止年度

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合股东权益变动表

$2,041,583,000 (2024:

HK$2,281,390,000) in the consolidated statement of financial position as at 31 March

2025.

，该等储备账包括综合财务状

况表内之综合储备2,041,583,000港元（2024年：

2,281,390,000港元）。

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
(229,713)
470
(23,278)
(26,619)
(478)
331
4,422
–
214,702
31,225
37,243
370
12
(753)
2,888
(75)
–
–
–
–
–
30,824
314
(3,565)
38,320

亚洲联合基建控股有限公司 2024/25年报169

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Year ended 31 March 2025

截至2025年3月31日止年度

(

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
(1,110)
11,357
918,073
(615,972)
20,394
(294,267)
134,732
81,636
293,163
(1,178)
2,685
294,670

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25170

Year ended 31 March 2025

截至2025年3月31日止年度

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
26,619
478
12,643
(13,321)
(32,425)
9,788
4,803
239
–
–
–
–
(572)
3,567
(10,000)
1,141
76,493
2,066
81,519

亚洲联合基建控股有限公司 2024/25年报171

Year ended 31 March 2025

截至2025年3月31日止年度

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
(10,045)
1,633,798
281,704
(1,551,284)
(293,036)
(34,031)
(2,406)
(193,870)
–
(14,709)
50,400
(4,751)
(138,230)
237,959
953,433
(1,420)
1,189,972
1,189,972

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25172

Year ended 31 March 2025

截至2025年3月31日止年度

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

亚洲联合基建控股有限公司 2024/25年报173

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31 March 2025

2025年3月31日

1. CORPORATE AND GROUP INFORMATION

Asia Alied Infrastructure Holdings Limited is incorporated in Bermuda

as an exempted company with limited liability and its shares are listed

on the Main Board of The Stock Exchange of Hong Kong Limited (the

“Stock Exchange”). The registered ofice of the Company is located

at Clarendon House, 2 Church Stret, Hamilton HM 11, Bermuda,

and the principal place of busines of the Company is located at 27/F,

Tower A, 83 King Lam Stret, Cheung Sha Wan, Kowlon, Hong

Kong.

During the year, the Company and its subsidiaries (colectively,

the “Group”), joint operations, joint ventures and asociates were

involved in the folowing principal activities:

• provision of construction and consultancy services in areas

of civil enginering, electrical and mechanical enginering,

foundation and building construction mainly in Hong Kong;

• development and sale of properties and leasing of asets in

Hong Kong, mainland (“Mainland China”) of the People’s

Republic of China (the “PRC”) and the United Arab Emirates

(the “UAE”);

, tunel management, property

management and other facility management services in Hong

Kong;

; and

“PET”)

radiopharmaceuticals for medical use in Hong Kong.

Particulars of the Company’s principal subsidiaries, joint operations, a

joint venture and asociates are set out in notes 46, 47, 48 and 49 to

the financial statements, respectively.

At 31 March 2025, in the opinion of the directors of the Company

(the “Directors”), the imediate holding company and the ultimate

holding company of the Company is GT Winers Limited (“GT

Winers”), which is a company incorporated in the British Virgin

Islands (the “BVI”) with limited liability.

1. 公司及集团资料

亚洲联合基建控股有限公司于百慕达

注册成立为一间受豁免之有限公司，

其股份在香港联合交易所有限公司

（「联交所」）主板上市。本公司之注册

办事处位于Clarendon House, 2 Church

Stret, Hamilton HM 11, Bermuda，而

本公司之主要营业地点位于香港九龙

长沙湾琼林街83号A座27楼。

于本年度内，本公司及其附属公司（统

称「本集团」）、合营业务、合营公司及

联营公司涉及下列主要业务：

、机

电工程、地基及楼宇建筑方面之

工程及咨询服务；

、中华人民共和国（「中

国」）内地（「中国内地」）及阿拉伯

联合酋长国（「阿联酋」）进行发展

及出售物业以及资产租赁；

、隧道管理、物

业管理及其他设施管理服务；

；及

• 在香港生产及销售正电子发射断

层扫描（「正电子扫描」）放射性药

物以作医疗用途。

本公司之主要附属公司、合营业务、

一间合营公司及联营公司详情分别载

于财务报表附注46、47、48及49。

于2025年3月31日，本公司董事（「董

事」）认为本公司之直接控股公司及最

终控股公司为GT Winers Limited（「GT

Winers」），其为于英属处女群岛（「英

属处女群岛」）注册成立之有限公司。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25174

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

2. 编制基准

此等财务报表乃根据香港会计师公会

（「香港会计师公会」）颁布之香港财务

报告准则会计准则（包括所有香港财务

报告准则、香港会计准则（「香港会计

准则」）及诠释）及香港公司条例之披露

规定而编制。财务报表乃按历史成本

基准编制，惟于一项保险合约之投资、

按公平值计入损益之金融资产及收购

附属公司之或然代价按公平值计量（更

多详情载于财务报表附注3.3）除外。

此等财务报表以港元呈列，除非另有

说明，所有数值均四舍五入至最接近

千位（「千港元」）。

综合基准

综合财务报表包括本公司及其附属公

司截至2025年3月31日止年度之财务

报表。附属公司为一间由本公司直接

或间接控制之实体（包括结构性实体）。

当本集团对参与投资对象业务的多项

回报承担风险或享有权利以及能透过

对投资对象的权力（即本集团获赋予现

有能力以主导投资对象相关活动的既

存权利）影响该等回报时，即取得控制

权。

2. BASIS OF PREPARATION

These financial statements have ben prepared in acordance with

HKFRS Acounting Standards (which include al Hong Kong Financial

Reporting Standards, Hong Kong Acounting Standards (“HKASs”)

and Interpretations) as isued by the Hong Kong Institute of Certified

Public Acountants (the “HKICPA”) and the disclosure requirements

of the Hong Kong Companies Ordinance. They have ben prepared

under the historical cost convention except for investment in an

insurance contract, financial asets at fair value through profit or

los and contingent consideration payable for the acquisition of

subsidiaries which have ben measured at fair value, as further

explained in note 3.3 to the financial statements. These financial

statements are presented in Hong Kong dolars and al values

are rounded to the nearest thousand (“HK$’000”) except when

otherwise indicated.

Basis of consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries for the year ended 31

March 2025. A subsidiary is an entity (including a structured entity),

directly or indirectly, controled by the Company. Control is achieved

when the Group is exposed, or has rights, to variable returns from

its involvement with the investe and has the ability to afect those

returns through its power over the investe (i.e. existing rights that

give the Group the curent ability to direct the relevant activities of

the investe).

亚洲联合基建控股有限公司 2024/25年报175

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

2. 编制基准

（续）

综合基准（续）

一般情况下，可推定多数投票权形成

控制权。

倘本公司拥有少于投资对象大多数投

票权或类似的权利，则本集团于评估

其是否拥有对投资对象之权力时会考

虑一切相关事实及情况，包括：

(a) 与投资对象其他投票持有人之合

约安排；

(b) 其他合约安排所产生之权利；及

附属公司的财务报表乃就本公司之相

同报告期编制。附属公司之业绩乃由

本集团获取控制权之日开始作综合计

算，并继续综合入账直至失去有关控

制权之日为止。倘出现任何不相符之

会计政策，即会作出调整加以修正。

损益及其他全面收益各组成部分乃归

属于本公司股东及非控股权益，即使

此举引致非控股权益出现亏绌结余。

有关本集团成员公司间交易资产及负

债、权益、收入、开支及现金流量均

于综合账目时全数抵销。

倘有事实及情况显示上文所述三个控

制因素中有一个或以上出现变动，则

本集团将重新评估是否仍控制投资对

象。附属公司之拥有权益变动（并无

丧失控制权）作为权益交易入账。

倘本集团失去对附属公司之控制权，

则取消确认相关资产（包括商誉）、负

债、任何非控股权益及外汇波动储备；

及确认所保留任何投资之公平值及损

益中任何因此产生之盈余或亏绌。先

前于其他全面收益内确认之本集团应

占部分重新分类至损益或保留溢利（如

适用），所依据之基准与倘本集团直接

出售相关资产或负债所需依据者相同。

2. BASIS OF PREPARATION (Continued)

Basis of consolidation (Continued)

Generaly, there is a presumption that a majority of voting rights

results in control.

When the Company has les than a majority of the voting or similar

rights of an investe, the Group considers al relevant facts and

circumstances in asesing whether it has power over an investe,

including:

(a) the contractual arangement with the other vote holders of the

investe;

(b) rights arising from other contractual arangements; and

The financial statements of the subsidiaries are prepared for the same

reporting period as the Company. The results of subsidiaries are

consolidated from the date on which the Group obtains control, and

continue to be consolidated until the date that such control ceases.

Adjustments are made to bring into line any disimilar acounting

policies that may exist.

Profit or los and each component of other comprehensive

income are atributed to the shareholders of the Company 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.

The Group reaseses whether or not it controls an investe if facts

and circumstances indicate that there are changes to one or more

of the thre elements of control described above. A change in

the ownership interest of a subsidiary, without a los of control, is

acounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognises the

related asets (including godwil), liabilities, any non-controling

interest and the exchange fluctuation reserve; and recognises the

fair value of any investment retained and any resulting surplus or

deficit in profit or los. The Group’s share of components previously

recognised in other comprehensive income is reclasified to profit or

los or retained profits, as apropriate, on the same basis as would

be required if the Group had directly disposed of the related asets or

liabilities.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25176

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.1 会计政策变动及披露

本集团就本年度之财务报表首次采纳

下列经修订香港财务报告准则会计准

则：

香港财务报告准则

第16号之修订

售后租回之

租赁负债

香港会计准则

第7号及香港

财务报告准则

第7号之修订

供应商融资安排

适用于本集团之经修订香港财务报告

准则会计准则的性质及影响描述如下：

(a) 香港财务报告准则第16号之修

订明卖方 — 承租人于计量售

后租回交易中产生之租赁负债时

所采用之规定，以确保卖方 —

承租人不会确认与所保留之使用

权有关之任何收益或亏损。由于

本集团自首次采用香港财务报告

准则第16号租赁之日起并无不

取决于指数或比率的可变租赁付

款之售后租回交易，故该等修订

对本集团的财务状况或表现并无

任何影响。

(b) 香港会计准则第7号及香港财务

报告准则第7号之修订厘清供应

商融资安排之特点，并规定须就

该等安排作出额外披露。该等修

订之披露规定旨在协助财务报表

使用者了解供应商融资安排对实

体负债、现金流量及流动资金风

险之影响。

由于实施该等修订，本集团已于

财务报表附注29、31及37中提

供有关其供应商融资安排的额外

披露。

除上文披露者外，编制综合财务报表

所采用的会计政策与截至2024年3月

31日止年度的年度综合财务报表所采

用者一致。

3.1 CHANGES IN ACOUNTING POLICIES AND

DISCLOSURES

The Group has adopted the folowing revised HKFRS Acounting

Standards for the first time for the curent year’s financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and Leaseback

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The nature and the impact of these revised HKFRS Acounting

Standards that are aplicable to the Group are described below:

(a) Amendments to HKFRS 16 specify the requirements that a

seler-lese uses in measuring the lease liability arising in a

sale and leaseback transaction to ensure the seler-lese does

not recognise any amount of the gain or los that relates to

the right of use it retains. Since the Group has no sale and

leaseback transactions with variable lease payments that do not

depend on an index or a rate ocuring from the date of initial

aplication of HKFRS 16 Leases, the amendments did not have

any impact on the financial position or performance of the

Group.

(b) Amendments to HKAS 7 and HKFRS 7 clarify the characteristics

of suplier finance arangements and require aditional

disclosure of such arangements. The disclosure requirements

in the amendments are intended to asist users of financial

statements in understanding the efects of suplier finance

arangements on an entity’s liabilities, cash flows and exposure

to liquidity risk.

As a result of the implementation of the amendments, the

Group has provided aditional disclosures about its suplier

finance arangements in note 29, 31 and 37 to the financial

statements.

Save as disclosed above, the acounting policies used in preparing

the consolidated financial statements are consistent with those of

the anual consolidated financial statements for the year ended

31 March 2024.

亚洲联合基建控股有限公司 2024/25年报177

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.2 已颁布但尚未生效之香港

财务报告准则会计准则

本集团并无于该等财务报表应用下列

已颁布但尚未生效之适用新订及经修

订香港财务报告准则会计准则。本集

团拟于该等适用新订及经修订香港财

务报告准则会计准则生效时予以应用

（倘适用）。

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19号非公共受托责任的

附属公司：披露

香港财务报告准则第9号

及香港财务报告准则

第7号之修订

金融工具分类及

计量之修订

香港财务报告准则第10号

及香港会计准则第28号

之修订

投资者与其联营公司或

合营公司之间之

资产出售或注入资产

香港会计准则第21号之修订缺乏可兑换性

香港财务报告准则会计准则

的年度改进 — 第11册

香港财务报告准则

第1号、香港财务报告

准则第7号、香港财务

报告准则第9号、

香港财务报告准则

第10号及香港会计

准则第7号之修订

于2025年1月1日或之后开始之年度期间

生效

于2026年1月1日或之后开始之年度期间

生效

于2027年1月1日或之后开始之年度╱报

告期间生效

尚未厘定强制生效日期，但可采纳

3.2 ISUED BUT NOT YET EFECTIVE HKFRS

ACOUNTING STANDARDS

The Group has not aplied the folowing aplicable new and revised

HKFRS Acounting Standards, that have ben isued but are not yet

efective, in these financial statements. The Group intends to aply

these aplicable new and revised HKFRS Acounting Standards, if

aplicable, when they become efective.

HKFRS 18Presentation and Disclosure in Financial

Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets betwen

an Investor and its Asociate or Joint

Venture

Amendments to HKAS 21Lack of Exchangeability

Anual Improvements

to HKFRS Acounting

Standards — Volume 11

Amendments to HKFRS 1, HKFRS 7,

HKFRS 9, HKFRS 10 and HKAS 7

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/reporting periods begining on or after 1 January 2027

No mandatory efective date yet determined but available for adoption

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25178

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.2 已颁布但尚未生效之香港

财务报告准则会计准则（续）

有关预期适用于本集团之该等适用香

港财务报告准则会计准则之进一步资

料如下：

(a) 香港财务报告准则第18号取代

香港会计准则第1号财务报表的

呈列。尽管香港会计准则第1号

的多个章节已被纳入而变动有

限，香港财务报告准则第18号就

损益表内呈列方式引入新规定，

包括指定的总计及小计。实体须

将损益表内所有收益及开支分类

为以下五个类别之一：经营、投

资、融资、所得税及已终止经营

业务，并呈列两项新界定小计。

其亦规定於单一附注中披露管理

层界定的绩效指标，并对主要财

务报表及附注中资料的组合（总

计及分类）和资讯位置提出更高

的要求。若干早前已纳入香港会

计准则第1号的规定移至香港会

计准则第8号会计政策、会计估

计变动及错误，并更名为香港会

计准则第8号财务报表的呈列基

准。由于颁布香港财务报告准则

第18号，对香港会计准则第7号

现金流量表、香港会计准则第33

号每股盈利及香港会计准则第34

号中期财务报告作出有限但广泛

适用的修订。此外，其他香港财

务报告准则会计准则亦有轻微的

相应修订。香港财务报告准则第

18号及其他香港财务报告准则会

计准则的相应修订于2027年1月

1日或之后开始的年度期间生效，

可提早应用，并须追溯应用。本

集团现正分析新订规定并评估香

港财务报告准则第18号对本集

团财务报表的呈列及披露的影响。

3.2 ISUED BUT NOT YET EFECTIVE HKFRS

ACOUNTING STANDARDS (Continued)

Further information about those aplicable HKFRS Acounting

Standards that are expected to be aplicable to the Group is

described below:

(a) HKFRS 18 replaces HKAS 1 Presentation of Financial

Statements. While a number of sections have ben brought

forward from HKAS 1 with limited changes, HKFRS 18

introduces new requirements for presentation within the

statement of profit or los, including specified totals and

subtotals. Entities are required to clasify al income and

expenses within the statement of profit or los into one of the

five categories: operating, investing, financing, income taxes

and discontinued operations and to present two new defined

subtotals. It also requires disclosures about management-

defined performance measures in a single note and introduces

enhanced requirements on the grouping (agregation and

disagregation) and the location of information in both the

primary financial statements and the notes. Some requirements

previously included in HKAS 1 are moved to HKAS 8 Acounting

Policies, Changes in Acounting Estimates and Erors, which

is renamed as HKAS 8 Basis of Preparation of Financial

Statements. As a consequence of the isuance of HKFRS 18,

limited, but widely aplicable, amendments are made to HKAS

7 Statement of Cash Flows, HKAS 33 Earnings per Share and

HKAS 34 Interim Financial Reporting. In adition, there are

minor consequential amendments to other HKFRS Acounting

Standards. HKFRS 18 and the consequential amendments to

other HKFRS Acounting Standards are efective for anual

periods begining on or after 1 January 2027 with earlier

aplication permited. Retrospective aplication is required.

The Group is curently analysing the new requirements and

asesing the impact of HKFRS 18 on the presentation and

disclosure of the Group’s financial statements.

亚洲联合基建控股有限公司 2024/25年报179

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.2 已颁布但尚未生效之香港

财务报告准则会计准则（续）

(b) 香港财务报告准则第19号允许

合资格实体选择应用经减少的披

露规定，同时仍应用其他香港财

务报告准则会计准则的确认、计

量及呈列规定。为符合资格，于

报告期末，实体须为香港财务报

告准则第10号综合财务报表所

界定的附属公司，且无需作出公

共受托责任，并须拥有一间编制

符合香港财务报告准则会计准则

及供公众使用的综合财务报表的

母公司（最终或中间公司）。允许

提早应用。由于本公司为上市公

司，并不符合资格选择应用香港

财务报告准则第19号。本公司若

干附属公司正考虑于其特定财务

报表中应用香港财务报告准则第

19号。

财务报告准则第7号之修订厘清

终止确认金融资产或金融负债

的日期，并引入一项会计政策选

择，在符合特定条件的情况下，

终止确认于结算日前透过电子付

款系统结算的金融负债。该等修

订厘清如何评估具有环境、社会

及管治以及其他类似或然特征的

金融资产的合约现金流量特征。

此外，该等修订厘清具有无追索

权特征的金融资产及合约挂钩工

具的分类规定。该等修订亦包括

指定按公平值计入其他全面收益

的股本工具投资及具有或然特征

的金融工具的额外披露。该等修

订须追溯应用，并于首次应用日

期对期初保留溢利╱累计亏损（或

权益的其他组成部分）进行调整。

过往期间无需重列，且仅可在不

作出预知的情况下重列。允许同

时提早应用所有修订，或仅提早

应用与金融资产分类相关之修

订。该等修订预期不会对本集团

的财务报表造成任何重大影响。

3.2 ISUED BUT NOT YET EFECTIVE HKFRS

ACOUNTING STANDARDS (Continued)

(b) HKFRS 19 alows eligible entities to elect to aply reduced

disclosure requirements while stil aplying the recognition,

measurement and presentation requirements in other HKFRS

Acounting Standards. To be eligible, at the end of the

reporting period, an entity must be a subsidiary as defined

in HKFRS 10 Consolidated Financial Statements, canot have

public acountability and must have a parent (ultimate or

intermediate) that prepares consolidated financial statements

available for public use which comply with HKFRS Acounting

Standards. Earlier aplication is permited. As the Company

is a listed company, it is not eligible to elect to aply HKFRS

19. Some of the Company’s subsidiaries are considering the

aplication of HKFRS 19 in their specified financial statements.

which a financial aset or financial liability is derecognised

and introduce an acounting policy option to derecognise a

financial liability that is setled through an electronic payment

system before the setlement date if specified criteria are met.

The amendments clarify how to ases the contractual cash

flow characteristics of financial asets with environmental,

social and governance and other similar contingent features.

Moreover, the amendments clarify the requirements for

clasifying financial asets with non-recourse features and

contractualy linked instruments. The amendments also include

aditional disclosures for investments in equity instruments

designated at fair value through other comprehensive

income and financial instruments with contingent features.

The amendments shal be aplied retrospectively with an

adjustment to opening balance of retained profits/acumulated

loses (or other component of equity) at the initial aplication

date. Prior periods are not required to be restated and can only

be restated without the use of hindsight. Earlier aplication

of either al the amendments at the same time or only the

amendments related to the clasification of financial asets

is permited. The amendments are not expected to have any

significant impact on the Group’s financial statements.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25180

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.2 ISUED BUT NOT YET EFECTIVE HKFRS

ACOUNTING STANDARDS (Continued)

(d) Amendments to HKFRS 10 and HKAS 28 adres an

inconsistency betwen the requirements in HKFRS 10 and

in HKAS 28 Investments in Asociates and Joint Ventures in

dealing with the sale or contribution of asets betwen an

investor and its asociate or joint venture. The amendments

require a ful recognition of a gain or los resulting from a

downstream transaction when the sale or contribution of

asets constitutes a busines. For a transaction involving asets

that do not constitute a busines, a gain or los resulting

from the transaction is recognised in the investor’s profit or

los only to the extent of the unrelated investor’s interest in

that asociate or joint venture. The amendments are to be

aplied prospectively. The previous mandatory efective date of

amendments to HKFRS 10 and HKAS 28 was removed by the

HKICPA. However, the amendments are available for adoption

now.

(e) Amendments to HKAS 21 specify how an entity shal ases

whether a curency is exchangeable into another curency and

how it shal estimate a spot exchange rate at a measurement

date when exchangeability is lacking. The amendments require

disclosures of information that enable users of financial

statements to understand the impact of a curency not being

exchangeable. Earlier aplication is permited. When aplying

the amendments, an entity canot restate comparative

information. Any cumulative efect of initialy aplying the

amendments shal be recognised as an adjustment to the

opening balance of retained profits/acumulated loses or to

the cumulative amount of translation diferences acumulated

in a separate component of equity, where apropriate, at the

date of initial aplication. The amendments are not expected

to have any significant impact on the Group’s financial

statements.

3.2 已颁布但尚未生效之香港

财务报告准则会计准则（续）

(d) 香港财务报告准则第10号及香

港会计准则第28号之修订针对

香港财务报告准则第10号及香

港会计准则第28号于联营公司

及合营公司之投资有关投资者与

其联营公司或合营公司之间之资

产出售或注入资产时两者规定

的不一致情况。该等修订规定，

当资产出售或注入资产构成一项

业务时，须全数确认下游交易的

收益或亏损。当交易涉及不构成

一项业务的资产时，由该交易产

生的收益或亏损于投资者的损益

内确认，惟仅以非关联投资者于

该联营公司或合营公司的权益为

限。该等修订将前瞻应用。香港

会计师公会已取消香港财务报告

准则第10号及香港会计准则第

28号之修订的先前强制生效日

期。然而，该等修订现已可供采

纳。

(e) 香港会计准则第21号之修订

明实体应如何评估某种货币是否

可兑换为另一种货币，以及在缺

乏可兑换性的情况下，实体应如

何估算于计量日期的即期汇率。

该等修订要求披露资料以让财务

报表使用者了解货币不可兑换的

影响。允许提前采用。于应用该

等修订时，实体不能重列比较资

料。初始应用该等修订的任何累

计影响应于初始应用当日确认为

对保留溢利╱累计亏损期初结余

的调整，或于独立权益组成部分

中确认为对所累积汇兑差额的累

计金额调整（倘适用）。该等修订

预期不会对本集团的财务报表造

成任何重大影响。

亚洲联合基建控股有限公司 2024/25年报181

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.2 ISUED BUT NOT YET EFECTIVE HKFRS

ACOUNTING STANDARDS (Continued)

(f) Anual Improvements to HKFRS Acounting Standards —

Volume 11 set out amendments to HKFRS 1, HKFRS 7 Financial

Instruments: Disclosures (and the acompanying Guidance on

implementing HKFRS 7), HKFRS 9 Financial Instruments, HKFRS

10 and HKAS 7. Details of the amendments that are expected

to be aplicable to the Group are as folows:

: The amendments have updated certain wording

in paragraph B38 of HKFRS 7 and paragraphs IG1, IG14

and IG20B of the Guidance on implementing HKFRS 7

for the purpose of simplification or achieving consistency

with other paragraphs in the standard and/or with the

concepts and terminology used in other standards. In

adition, the amendments clarify that the Guidance on

implementing HKFRS 7 does not necesarily ilustrate

al the requirements in the referenced paragraphs of

HKFRS 7 nor does it create aditional requirements.

Earlier aplication is permited. The amendments are not

expected to have any significant impact on the Group’s

financial statements.

: The amendments clarify that when a lese has

determined that a lease liability has ben extinguished

in acordance with HKFRS 9, the lese is required to

aply paragraph 3.3.3 of HKFRS 9 and recognise any

resulting gain or los in profit or los. In adition, the

amendments have updated certain wording in paragraph

5.1.3 of HKFRS 9 and Apendix A of HKFRS 9 to remove

potential confusion. Earlier aplication is permited. The

amendments are not expected to have any significant

impact on the Group’s financial statements.

3.2 已颁布但尚未生效之香港

财务报告准则会计准则（续）

(f) 香港财务报告准则会计准则的年

度改进 — 第11册载列香港财务

报告准则第1号、香港财务报告

准则第7号金融工具：披露（及随

附的香港财务报告准则第7号实

施指引）、香港财务报告准则第9

号金融工具、香港财务报告准则

第10号及香港会计准则第7号之

修订。预期将适用于本集团的修

订详情如下：

该等修订更新了香港财务

报告准则第7号第B38段以

及香港财务报告准则第7

号实施指引第IG1、IG14及

IG20B段的若干措辞，以达

到简化的目的或与本准则

其他段落及╱或其他准则

中所用的概念及术语保持

一致。此外，该等修订厘

清香港财务报告准则第7号

实施指引不一定阐述香港

财务报告准则第7号所述段

落的所有规定，亦不会增

设额外规定。允许提早应

用。该等修订预期不会对

本集团的财务报表造成任

何重大影响。

该等修订厘清当承租人确

定租赁负债已根据香港财

务报告准则第9号终止时，

承租人须应用香港财务报

告准则第9号第3.3.3段，

并于损益中确认任何因此

产生的收益或亏损。此外，

该等修订更新了香港财务

报告准则第9号第5.1.3段

及香港财务报告准则第9号

附录A中的若干措辞，以消

除潜在的混淆情况。允许

提早应用。该等修订预期

不会对本集团的财务报表

造成任何重大影响。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25182

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.2 ISUED BUT NOT YET EFECTIVE HKFRS

ACOUNTING STANDARDS (Continued)

(f) (Continued)

: The amendments clarify that the relationship

described in paragraph B74 of HKFRS 10 is just one

example of various relationships that might exist betwen

the investor and other parties acting as de facto agents

of the investor, which removes the inconsistency with

the requirement in paragraph B73 of HKFRS 10. Earlier

aplication is permited. The amendments are not

expected to have any significant impact on the Group’s

financial statements.

: The amendments replace the term “cost

method” with “at cost” in paragraph 37 of HKAS

7 folowing the prior deletion of the definition of

“cost method”. Earlier aplication is permited. The

amendments are not expected to have any impact on the

Group’s financial statements.

3.2 已颁布但尚未生效之香港

财务报告准则会计准则（续）

(f) （续）

该等修订阐明香港财务报

告准则第10号第B74段所

述的关系仅为投资者与其

他各方（作为其实际代理人

行事）之间可能存在的各种

关系的一种示例，从而消

除与香港财务报告准则第

10号第B73段规定的不一

致之处。允许提早应用。

该等修订预期不会对本集

团的财务报表造成任何重

大影响。

：继先

前删除「成本法」的定义后，

该等修订于香港会计准则

第7号第37段中以「按成

本」取代「成本法」。允许提

早应用。该等修订预期不

会对本集团的财务报表造

成任何影响。

亚洲联合基建控股有限公司 2024/25年报183

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

于合营公司及联营公司之投资

合营公司指一种合营安排，对该安排

拥有共同控制权之订约方据此对合营

公司之资产净值拥有权利。共同控制

指按照合约协定对一项安排所应占之

控制权，共同控制仅在有关活动要求

享有控制权之订约方作出一致同意之

决定时存在。

联营公司为本集团拥有一般不少于

20%股份投票权之长期权益，并可对

其发挥重大影响力之实体。重大影响

力为参与投资对象之财务及营运政策

决定之权力，而非控制或共同控制该

等政策。

本集团于合营公司及联营公司之投资

乃按权益会计法，以本集团应占之资

产净值减任何减值亏损计算，并于综

合财务状况表列账。倘出现任何不相

符之会计政策，即会作出调整加以修正。

本集团应占合营公司及联营公司于收

购后之业绩及其他全面收益分别于综

合损益及综合其他全面收益内列账。

此外，倘直接于合营公司或联营公司

之权益确认变动，本集团会于综合股

东权益变动表确认其应占之任何变动

（如适用）。本集团与其合营公司或联

营公司之交易所产生之未变现收益及

亏损会以本集团于合营公司或联营公

司之投资为限抵销，惟未变现亏损证

明所转让资产出现减值则除外。收购

合营公司或联营公司所产生之商誉乃

计入作为本集团于合营公司或联营公

司之投资之一部分。

倘于合营公司之投资成为于联营公司

之投资或反之亦然，则不会重新计量

保留权益。反之，该投资继续根据权

益法入账。在所有其他情况下，于失

去合营公司共同控制权或联营公司之

重大影响力时，本集团会按公平值计

量及确认任何保留投资。于失去共同

控制权或重大影响力时合营公司或联

营公司之账面值与保留投资公平值之

任何差异及出售所得款项乃在损益内

确认。

3.3 MATERIAL ACOUNTING POLICIES

Investments in joint ventures and asociates

A joint venture is a type of joint arangement whereby the parties

that have joint control of the arangement have rights to the net

asets of the joint venture. Joint control is the contractualy agred

sharing of control of an arangement, which exists only when

decisions about the relevant activities require the unanimous consent

of the parties sharing control.

An asociate is an entity in which the Group has a long term interest

of generaly not les than 20% of the equity voting rights and over

which it 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 Group’s investments in joint ventures and asociates are stated

in the consolidated statement of financial position at the Group’s

share of net asets under the equity method of acounting, les

any impairment loses. Adjustments are made to bring into line any

disimilar acounting policies that may exist.

The Group’s share of the post-acquisition results and other

comprehensive income of joint ventures and asociates is included in

the consolidated profit or los and consolidated other comprehensive

income, respectively. In adition, when there has ben a change

recognised directly in the equity of the joint ventures or asociates,

the Group recognises its share of any changes, when aplicable, in

the consolidated statement of changes in equity. Unrealised gains

and loses resulting from transactions betwen the Group and

its joint ventures or asociates are eliminated to the extent of the

Group’s investments in the joint ventures or asociates, except where

unrealised loses provide evidence of an impairment of the asets

transfered. Godwil arising from the acquisition of joint ventures

or asociates is included as part of the Group’s investments in joint

ventures or asociates.

If an investment in a joint venture becomes an investment in an

asociate or vice versa, the retained interest is not remeasured.

Instead, the investment continues to be acounted for under the

equity method. In al other cases, upon los of joint control over the

joint venture or significant influence over the asociate, the Group

measures and recognises any retained investment at its fair value.

Any diference betwen the carying amount of the joint ventures or

asociates upon los of joint control or significant influence and the

fair value of the retained investment and proceds from disposal is

recognised in profit or los.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25184

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

于合营业务之权益

合营业务指一种合营安排，对该安排

拥有共同控制权之订约方据此对该安

排之资产及负债拥有权利及义务。

共同控制指按照合约协定对一项安排

所应占之控制权，共同控制仅在有关

活动要求享有控制权之订约方作出一

致同意之决定时存在。本集团就其在

合营业务之权益确认：

，包括其应占共同持有之

任何资产；

，包括其应占共同产生之

任何负债；

• 其来自出售其应占合营业务产生

之产值之收入；

• 其应占合营业务销售产值所产生

之收入；及

，包括其应占共同产生之

任何支出。

与本集团于合营业务之权益相关之资

产、负债、收入及支出根据适用于特

定资产、负债、收入及支出之香港财

务报告准则会计准则入账。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Interests in joint operations

A joint operation is a joint arangement whereby the parties that

have joint control of the arangement have rights to the asets, and

obligations for the liabilities, relating to the arangement.

Joint control is the contractualy agred sharing of control of an

arangement, which exists only when decisions about the relevant

activities require the unanimous consent of the parties sharing

control. The Group recognises in relation to its interest in a joint

operation:

, including its share of any asets held jointly;

, including its share of any liabilities incured jointly;

• its revenue from the sale of its share of the output arising from

the joint operation;

• its share of the revenue from the sale of the output by the joint

operation; and

, including its share of any expenses incured jointly.

The asets, liabilities, revenues and expenses relating to the Group’s

interest in a joint operation are acounted for in acordance with

the HKFRS Acounting Standards aplicable to the particular asets,

liabilities, revenues and expenses.

亚洲联合基建控股有限公司 2024/25年报185

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

关连方

任何一方如属以下情况，即视为本集

团之关连方：

(a) 该方为以下人士或为该人士之近

亲且该人士

(i) 拥有本集团之控制权或共

同控制权；

(i) 对本集团具有重大影响力；

或

(i) 为本集团之主要管理人员

其中一名成员；

或

(b) 该方为一实体，且以下任何一种

情况适用：

(i) 实体及本集团为同一集团

之成员公司；

(i) 一间实体为另一间实体（或

另一间实体之控股公司、

附属公司或同系附属公司）

之联营公司或合营公司；

(i) 实体及本集团为同一第三

方之合营公司；

(iv) 一间实体为第三方实体之

合营公司，而另一间实体

为该第三方实体之联营公

司；

(v) 实体为终止雇用后福利计

划，乃为本集团或与本集

团有关连之实体之雇员福

利而设；

(vi) 实体受(a)所识别之人士控

制或共同控制；

(vi) (a)(i)所识别之人士对实体

具有重大影响力或为实体

（或实体之控股公司）之主

要管理人员其中一名成员；

及

(vi) 该实体或其所属集团之任

何成员向本集团或本集团

之控股公司提供主要管理

人员服务。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Related parties

A party is considered to be related to the Group if:

(a) the party is 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;

(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 holding company, 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);

(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 holding company 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 a holding company of the Group.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25186

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

业务合并及商誉

业务合并乃采用收购法入账。转让代

价乃以收购日期的公平值计量，该公

平值为本集团转让的资产于收购日期

的公平值及本集团向被收购方前拥有

人承担的负债。于各业务合并中，本

集团选择是否以公平值或于被收购方

可识别净资产的应占比例，计量于被

收购方的非控股权益。非控股权益的

所有其他组成部分均按公平值计量。

收购相关成本于产生时列为开支。

当所收购的一组活动及资产包含共同

对创造产出的能力作出重大贡献的一

项投入及一项实质性程序时，本集团

厘定其已收购一项业务。

当本集团收购一项业务时，会根据合

约条款、收购日期之经济环境及相关

条件对所承担的金融资产及负债进行

评估，以作出适当的分类及确认，包

括将嵌入式衍生工具与被收购方主合

约分开。

如业务合并分阶段进行，先前持有的

股本权益按其于收购日期的公平值重

新计量，所产生的任何损益在损益内

确认。

收购方将转让的任何或然代价按收购

日期的公平值确认。分类为资产或负

债的或然代价按公平值计量，其公平

值变动于损益内确认。分类为权益的

或然代价不重新计量，其后的结算在

权益中入账。

商誉按成本进行首次计量，即已转让

代价、非控股权益之确认金额及本集

团先前所持于被收购方之股本权益公

平值总额超出所收购可识别资产净值

及所承担负债之差额。倘总代价及其

他项目之总和低于所收购资产净值之

公平值，于重估后之差额会于损益内

确认为议价购买时之收益。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Busines combinations and godwil

Busines combinations are acounted for using the acquisition

method. The consideration transfered is measured at the acquisition

date fair value which is the sum of the acquisition date fair values of

asets transfered by the Group and liabilities asumed by the Group

to the former owners of the acquire. For each busines combination,

the Group elects whether to measure the non-controling interests

in the acquire at fair value or at the proportionate share of the

acquire’s identifiable net asets. Al other components of non-

controling interests are measured at fair value. Acquisition-related

costs are expensed as incured.

The Group determines that it has acquired a busines when

the acquired set of activities and asets includes an input and a

substantive proces that together significantly contribute to the ability

to create outputs.

When the Group acquires a busines, it aseses the financial asets

and liabilities asumed for apropriate clasification and designation

in acordance with the contractual terms, economic circumstances

and pertinent conditions as at the acquisition date. This includes the

separation of embeded derivatives in host contracts of the acquire.

If the busines combination is achieved in stages, the previously held

equity interest is remeasured at its acquisition date fair value and any

resulting gain or los is recognised in profit or los.

Any contingent consideration to be transfered by the acquirer

is recognised at fair value at the acquisition date. Contingent

consideration clasified as an aset or liability is measured at fair value

with changes in fair value recognised in profit or los. Contingent

consideration that is clasified as equity is not remeasured and

subsequent setlement is acounted for within equity.

Godwil is initialy measured at cost, being the exces of the

agregate of the consideration transfered, the amount recognised

for non-controling interests and any fair value of the Group’s

previously held equity interests in the acquire over the identifiable

net asets acquired and liabilities asumed. If the sum of this

consideration and other items is lower than the fair value of the net

asets acquired, the diference is, after reasesment, recognised in

profit or los as a gain on bargain purchase.

亚洲联合基建控股有限公司 2024/25年报187

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

业务合并及商誉（续）

首次确认后，商誉按成本减累计减值

亏损计量。商誉每年就减值进行测试，

倘有事件或情况变化显示账面值可能

出现减值迹象，则进行更为频密之检

讨。本集团会于3月31日进行商誉年

度减值测试。进行就减值测试而言，

业务合并中购入之商誉由收购日期起，

被分配到预期将从合并之协同效应中

受益之本集团各现金产生单位（或现金

产生单位组别），不论本集团之其他资

产或负债是否被分配至该等单位或单

位组别。

减值按对与商誉有关之现金产生单位

（现金产生单位组别）可收回金额进行

之评估厘定。倘现金产生单位（现金产

生单位组别）之可收回金额少于其账面

值，则确认减值亏损。就商誉确认之

减值亏损不会于后续期间拨回。

当商誉被分配至现金产生单位（或现金

产生单位组别）而出售该单位之某部分

业务，则于厘定出售业务之收益或亏

损时，与出售业务相关之商誉将包括

在该业务之账面值内。在此情况下出

售之商誉将以出售业务和保留之现金

产生单位部分相对价值为基础作计量。

公平值计量

本集团于各报告期末按公平值计量投

资物业及按公平值计入损益之金融资

产。公平值为市场参与者于计量日期

在有序交易中出售资产将会收取或转

让负债将会支付之价格。公平值计量

乃根据假设出售资产或转让负债之交

易在资产或负债之主要市场或（在无主

要市场之情况下）在资产或负债之最具

优势市场进行而作出。主要或最具优

势市场必须为本集团可进入之市场。

资产或负债之公平值乃按假设市场参

与者于资产或负债定价时会以最佳经

济利益行事计量。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Busines combinations and godwil (Continued)

After initial recognition, godwil is measured at cost les any

acumulated impairment loses. Godwil is tested for impairment

anualy or more frequently if events or changes in circumstances

indicate that the carying value may be impaired. The Group

performs its anual impairment test of godwil as at 31 March. For

the purpose of impairment testing, godwil acquired in a busines

combination is, from the acquisition date, alocated to each of the

Group’s cash-generating units, or groups of cash-generating units,

that are expected to benefit from the synergies of the combination,

irespective of whether other asets or liabilities of the Group are

asigned to those units or groups of units.

Impairment is determined by asesing the recoverable amount of

the cash-generating unit (group of cash-generating units) to which

the godwil relates. Where the recoverable amount of the cash-

generating unit (group of cash-generating units) is les than the

carying amount, an impairment los is recognised. An impairment

los recognised for godwil is not reversed in a subsequent period.

Where godwil has ben alocated to a cash-generating unit (or

group of cash-generating units) and part of the operation within

that unit is disposed of, the godwil asociated with the operation

disposed of is included in the carying amount of the operation when

determining the gain or los on the disposal. Godwil disposed of in

these circumstances is measured based on the relative value of the

operation disposed of and the portion of the cash-generating unit

retained.

Fair value measurement

The Group measures its investment properties and financial asets

at fair value through profit or los at fair value at the end of each

reporting period. Fair value is the price that would be received to

sel an aset or paid to transfer a liability in an orderly transaction

betwen market participants at the measurement date. The fair value

measurement is based on the presumption that the transaction to

sel the aset or transfer the liability takes place either in the principal

market for the aset or liability, or in the absence of a principal

market, in the most advantageous market for the aset or liability.

The principal or the most advantageous market must be acesible by

the Group. The fair value of an aset or a liability is measured using

the asumptions that market participants would use when pricing

the aset or liability, asuming that market participants act in their

economic best interest.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25188

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

公平值计量（续）

非金融资产之公平值计量经计及一名

市场参与者透过以最大限度利用资产

以达致最佳用途或将资产出售予将以

最大限度利用资产以达致最佳用途之

另一名市场参与者而产生经济效益之

能力。

本集团视乎情况使用适当且具备充足

数据可供计量公平值之估值技术，以

尽量增加使用相关可观察输入值及尽

量减少使用不可观察输入值。

所有其公平值会被计量或于财务报表

披露之资产及负债乃按整体对公平值

计量属重要之最低级输入值在下述公

平值等级内分类：

第1级—按相同资产或负债于

活跃市场之报价（未

经调整）

第2级—按对公平值计量属重

要之最低级输入值为

可直接或间接观察之

估值技术

第3级—按对公平值计量属重

要之最低级输入值为

不可观察之估值技术

就经常于财务报表以公平值确认之资

产及负债而言，本集团透过于各报告

期末重新评估分类（按整体对公平值计

量属重要之最低级输入值）厘定等级内

各级之间有否出现转换。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Fair value measurement (Continued)

A fair value measurement of a non-financial aset takes into acount

a market participant’s ability to generate economic benefits by using

the aset in its highest and best use or by seling it to another market

participant that would use the aset in its highest and best use.

The Group uses valuation techniques that are apropriate in the

circumstances and for which suficient data are available to measure

fair value, maximising the use of relevant observable inputs and

minimising the use of unobservable inputs.

Al asets and liabilities for which fair value is measured or disclosed

in the financial statements are categorised within the fair value

hierarchy, described as folows, based on the lowest level input that

is significant to the fair value measurement as a whole:

Level 1—based on quoted prices (unadjusted) in active

markets for identical asets or liabilities

Level 2—based on valuation techniques for which the

lowest level input that is significant to the fair

value measurement is observable, either directly or

indirectly

Level 3—based on valuation techniques for which the

lowest level input that is significant to the fair value

measurement is unobservable

For asets and liabilities that are recognised in the financial

statements at fair value on a recuring basis, the Group determines

whether transfers have ocured betwen levels in the hierarchy by

reasesing categorisation (based on the lowest level input that is

significant to the fair value measurement as a whole) at the end of

each reporting period.

亚洲联合基建控股有限公司 2024/25年报189

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

物业、机器及设备以及折旧

物业、机器及设备乃按其成本值扣去

累计折旧及任何累计减值亏损后列账。

一项物业、机器及设备之成本包括其

购入价以及令该资产达至其生产状况

及位置以作其拟定用途时任何直接有

关之应占成本。物业、机器及设备项

目运作后产生之开支，例如维修及保

养支出等，一般将于其产生期间内在

损益中扣除。在确认条件获达成之情

况下，主要检查之支出乃计入资产账

面值之成本账项内作为替代。倘物业、

机器及设备之主要部分须不时更换，

则本集团确认该等部分为具有特定可

使用年期之独立资产，并作出相应折旧。

楼宇之折旧按直线法计算，以于租期

及其可使用年期25年中的较短者为准

撇销其成本。

其他物业、机器及设备之折旧乃按递

减余额基准于估计余下可使用年期撇

销各个其他物业、机器及设备项目之

成本值至其估计剩余价值。其他物业、

机器及设备不同类别之年度估计折旧

率如下：

永久业权土地未折旧

楼宇租期与可使用

年期25年之较短者

机器及设备 15%至25%

家具、装置及设备 15%

汽车 10%至25%

当一项物业、机器及设备之部分有不

同之可使用年期，该项目之成本乃按

合理基准于各部分之间分配，而每一

部分乃分开折旧。剩余价值、可使用

年期及折旧法最少于各财政年度结束

时检讨，及倘适用时作出调整。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost les acumulated

depreciation and any acumulated impairment loses.

The cost of an item of property, plant and equipment comprises its

purchase price and any directly atributable costs of bringing the

aset to its working condition and location for its intended use.

Expenditure incured after items of property, plant and equipment

have ben put into operation, such as repairs and maintenance,

is normaly charged to profit or los in the period in which it is

incured. In situations where the recognition criteria are satisfied,

the expenditure for a major inspection is capitalised in the carying

amount of the aset as a replacement. Where significant parts

of property, plant and equipment are required to be replaced at

intervals, the Group recognises such parts as individual asets with

specific useful lives and depreciates them acordingly.

Depreciation of buildings are calculated on the straight-line basis

to write of their costs over the shorter of the lease terms and their

useful lives of 25 years.

Depreciation of other property, plant and equipment is calculated on

the reducing balance basis to write of the cost of each item of other

property, plant and equipment to its estimated residual value over its

estimated useful life. The estimated depreciation rates per anum of

diferent categories of other property, plant and equipment are as

folows:

Frehold land Not depreciated

Buildings Over the shorter of the lease terms

and useful life of 25 years

Plant and machinery 15% to 25%

Furniture, fixtures and equipment 15%

Motor vehicles 10% to 25%

Where parts of an item of property, plant and equipment have

diferent useful lives, the cost of that item is alocated on a

reasonable basis among the parts and each part is depreciated

separately. Residual values, useful lives and the depreciation methods

are reviewed, and adjusted if apropriate, at least at each financial

year end.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25190

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

物业、机器及设备以及折旧（续）

一项物业、机器及设备包括任何重大

部分之首次确认于出售时或当预期其

使用或出售再无未来经济利益时取消

确认。于资产取消确认之期间于损益

内确认之出售或废弃所得任何之收益

或亏损为有关资产之出售所得净额与

账面值间之差额。

投资物业

投资物业指持有以赚取租金收入及╱或

作资本增值用途之土地及楼宇权益（包

括使用权资产）。有关物业首次按成本

（包括直接建筑成本、于建设期间相关

借款资金之资本化借款成本以及交易

成本）计量。于首次确认后，投资物业

按反映报告期末市况之公平值列账。

投资物业公平值变动所产生之盈亏于

产生之期间计入损益内。

投资物业报废或出售所产生之任何盈

亏于报废或出售期间之损益中确认。

当投资物业转移至业主自用物业，用

于后续会计处理之物业视作成本为其

用途变动日期之公平值。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Property, plant and equipment and depreciation

(Continued)

An item of property, plant and equipment including any significant

part initialy recognised is derecognised upon disposal or when no

future economic benefits are expected from its use or disposal. Any

gain or los on disposal or retirement recognised in profit or los in

the period the aset is derecognised is the diference betwen the

net sales proceds and the carying amount of the relevant aset.

Investment properties

Investment properties are interests in land and buildings (including

right-of-use-asets) held to earn rental income and/or for capital

apreciation. Such properties are measured initialy at cost, including

the direct costs of construction, capitalised borowing costs on

related borowed funds during the period of construction and

transaction costs. Subsequent to initial recognition, investment

properties are stated at fair value, which reflects market conditions at

the end of the reporting period.

Gains or loses arising from changes in the fair values of investment

properties are included in profit or los in the period in which they

arise.

Any gains or loses on the retirement or disposal of an investment

property are recognised in profit or los in the period of the

retirement or disposal.

For a transfer from investment properties to owner-ocupied

properties, the demed cost of a property for subsequent acounting

is its fair value at the date of change in use.

亚洲联合基建控股有限公司 2024/25年报191

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

租赁

本集团于合约开始时评估合约是否为

租赁或包含租赁。倘合约为换取代价

而授予在一段期间内可识别资产的使

用控制权，则该合约为租赁或包含租赁。

本集团作为出租人

本集团作为出租人时，其于租赁开始

时（或于租赁修订时）将其各项租赁分

类为经营租赁或融资租赁。

本集团并无转让资产拥有权所附之绝

大部分风险及回报之租赁分类为经营

租赁。倘合约包含租赁及非租赁部分，

本集团根据相对独立售价将合约代价

分配至各部分。租金收入于租期内按

直线法入账并根据其经营性质于损益

内列为收益或其他收入。于磋商及安

排经营租赁时产生之初步直接成本乃

计入租赁资产之账面值，并于租期内

按相同方法确认为租金收入。或然租

金乃于赚取期间内确认为收益。

凡有关相关资产之拥有权所附之绝大

部分风险及回报转让予承租人之租赁

均列为融资租赁。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Leases

The Group aseses at contract inception whether a contract is, or

contains, a lease. A contract is, or contains, a lease if the contract

conveys the right to control the use of an identified aset for a period

of time in exchange for consideration.

Group as a lesor

When the Group acts as a lesor, it clasifies at lease inception (or

when there is a lease modification) each of its leases as either an

operating lease or a finance lease.

Leases in which the Group does not transfer substantialy al the

risks and rewards incidental to ownership of an aset are clasified

as operating leases. When a contract contains lease and non-lease

components, the Group alocates the consideration in the contract to

each component on a relative stand-alone seling price basis. Rental

income is acounted for on the straight-line basis over the lease

terms and is included in revenue or other income in profit or los

due to its operating nature. Initial direct costs incured in negotiating

and aranging an operating lease are aded to the carying amount

of the leased aset and recognised over the lease term on the same

basis as rental income. Contingent rents are recognised as revenue in

the period in which they are earned.

Leases that transfer substantialy al the risks and rewards incidental

to ownership of an underlying aset to the lese are acounted for

as finance leases.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25192

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

租赁（续）

本集团作为承租人

本集团对所有租赁（惟短期租赁及低价

值资产租赁除外）应用单一确认及计量

方法。本集团确认作出租赁付款之租

赁负债及代表使用相关资产权利之使

用权资产。

(a) 使用权资产

使用权资产乃于租赁开始日期（即

相关资产可供使用日期）确认。

使用权资产按成本减任何累计折

旧及任何累计减值亏损计量，并

就任何重新计量租赁负债作出调

整。使用权资产之成本包括已确

认租赁负债金额、初步已产生之

直接成本及于开始日期或之前作

出的租赁付款减任何已收取租赁

优惠。

有关租赁土地之使用权资产，于

租期或其可使用年期50年（以较

短者为准）按直线法折旧。其他

使用权资产于租期及资产之估计

可使用年期于下列折旧期间（以

较短者为准）按递减余额基准折

旧：

租赁物业 1至5年

机器及设备 3至5年

汽车 4年

倘于租期结束前租赁资产之拥有

权被转让予本集团或成本反映购

买选择权之行使，折旧则根据资

产之估计可使用年期计算。

倘使用权资产与持有作存货之租

赁土地权益有关，则其后根据本

集团之「持作物业发展之土地、

发展中物业及持作销售物业」政

策按成本或可变现净值（以较低

者为准）计量。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Leases (Continued)

Group as a lese

The Group aplies a single recognition and measurement aproach

for al leases, except for short-term leases and leases of low-value

asets. The Group recognises lease liabilities to make lease payments

and right-of-use asets representing the right to use the underlying

asets.

(a) Right-of-use asets

Right-of-use asets are recognised at the comencement date

of the lease (that is the date the underlying aset is available

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

acumulated depreciation and any acumulated impairment

loses, and adjusted for any remeasurement of lease liabilities.

The cost of right-of-use asets includes the amount of lease

liabilities recognised, initial direct costs incured, and lease

payments made at or before the comencement date les any

lease incentives received.

Right-of-use asets in respect of leasehold land are depreciated

on the straight-line basis over the shorter of the lease terms

and their useful lives of 50 years. Other right-of-use asets are

depreciated on the reducing balance basis over the folowing

deprecation periods, which are the shorter of the lease terms

and the estimated useful lives of the asets:

Leased properties 1 to 5 years

Plant and machinery 3 to 5 years

Motor vehicles 4 years

If ownership of the leased aset is transfered to the Group by

the end of the lease term or the cost reflects the exercise of a

purchase option, depreciation is calculated using the estimated

useful life of the aset.

When the right-of-use asets relate to interests in leasehold

land held as inventories, they are subsequently measured at

the lower of cost and net realisable value in acordance with

the Group’s policy for “Land held for property development,

properties under development and properties held for sale”.

亚洲联合基建控股有限公司 2024/25年报193

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

租赁（续）

本集团作为承租人（续）

(a) 使用权资产（续）

倘使用权资产符合投资物业之定

义，则计入投资物业。根据本集

团有关「投资物业」之政策，相应

之使用权资产按成本进行首次计

量，其后则按公平值计量。

本集团之使用权资产于综合财务

状况表中单独呈列。

(b) 租赁负债

租赁负债乃于租赁开始日期按租

期内将作出的租赁付款现值确

认。租赁付款包括定额付款（含

实质定额租赁付款）减任何应收

租赁优惠，取决于指数或利率的

可变租赁付款，以及预期根据剩

余价值担保支付的金额。租赁付

款亦包括合理确定将由本集团行

使的购买选择权之行使价，及为

终止租赁而支付之罚款（倘租期

反映本集团正行使终止租赁权）。

并非取决于某一指数或比率之可

变租赁付款于导致付款之事件或

条件发生之期间确认为支出。

本集团使用租赁内所含利率计

算租赁付款之现值，或该利率不

容易厘定时，则本集团于租赁开

始日期使用其增额借款利率计

算。于开始日期后，租赁负债金

额之增加反映了利息之增长，其

减少则关乎所作出之租赁付款。

此外，倘存在修改、租期变动、

租赁付款变动（即由指数或利率

变动引起之未来租赁付款变动）

或购买相关资产之选择权评估变

动，则租赁负债之账面值将被重

新计量。

本集团之租赁负债于综合财务状

况表中单独呈列。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Leases (Continued)

Group as a lese (Continued)

(a) Right-of-use asets (Continued)

When a right-of-use aset mets the definition of investment

property, it is included in investment properties. The

coresponding right-of-use aset is initialy measured at cost,

and subsequently measured at fair value, in acordance with

the Group’s policy for “Investment properties”.

The Group’s right-of-use asets are separately presented on the

face of the consolidated statement of financial position.

(b) Lease liabilities

Lease liabilities are recognised at the comencement date of

the lease at the present value of lease payments to be made

over the lease term. 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, and amounts expected to be paid under residual value

guarantes. The lease payments also include the exercise price

of a purchase option reasonably certain to be exercised by the

Group and payments of penalties for termination of a lease,

if the lease term reflects the Group exercising the option to

terminate the lease. The variable lease payments that do not

depend on an index or a rate are recognised as an expense in

the period in which the event or condition that trigers the

payment ocurs.

In calculating the present value of lease payments, the Group

uses the interest rate implicit in the lease or, where that rate

canot be readily determined, the Group uses its incremental

borowing rate at the lease comencement date. After the

comencement date, the amount of lease liabilities is increased

to reflect the acretion of interest and reduced for the lease

payments made. In adition, the carying amount of lease

liabilities is remeasured if there is a modification, a change in

the lease term, a change in lease payments (e.g. a change to

future lease payments resulting from a change in an index or

rate) or a change in asesment of an option to purchase the

underlying aset.

The Group’s lease liabilities are separately presented on the

face of the consolidated statement of financial position.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25194

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

租赁（续）

本集团作为承租人（续）

本集团就其机器及设备以及办公

室设备之短期租赁（即由开始日

期起计租期为12个月或以下且

不包含购买选择权之该等租赁）

应用短期租赁确认豁免。其亦就

被认为具有低价值之办公室设备

租赁应用低价值资产租赁确认豁

免。短期租赁及低价值资产租赁

之租赁付款在租期内按直线法确

认为开支。

无形资产（商誉除外）

单独收购之无形资产于首次确认时按

成本计量。于业务合并中收购之无形

资产成本指于收购日期之公平值。无

形资产之可使用年期被评估为有限或

无限。具有限年期之无形资产其后于

可使用经济年期内摊销，且于有迹象

表明该无形资产可能出现减值时进行

减值评估。具有限可使用年期之无形

资产之摊销期及摊销方法最少于各财

政年度结束时检讨。

具无限可使用年期之无形资产每年个

别地或按现金产生单位级别进行减值

测试。该等无形资产不予摊销。具无

限年期之无形资产之可使用年期每年

进行检讨，以厘定无限年期之评估是

否继续有理据支持。如否，则将可使

用年期之评估由无限至有限之变动按

前瞻性基准入账。

专利

购买的专利按成本减任何减值亏损呈

列，并按直线法于其估计可使用年限7

年内摊销。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Leases (Continued)

Group as a lese (Continued)

The Group aplies the short-term lease recognition exemption

to its short-term leases of plant and machinery and ofice

equipment (that is those 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 leases of low-value asets to leases of ofice

equipment that are considered to be of low value. Lease

payments on short-term leases and leases of low-value asets

are recognised as an expense on the straight-line basis over the

lease term.

Intangible asets (other than godwil)

Intangible asets acquired separately are measured on initial

recognition at cost. The cost of intangible asets acquired in a

busines combination is the fair value at the date of acquisition.

The useful lives of intangible asets are asesed to be either finite

or indefinite. Intangible asets with finite lives are subsequently

amortised over the useful economic life and asesed for impairment

whenever there is an indication that the intangible aset may be

impaired. The amortisation period and the amortisation method for

an intangible aset with a finite useful life are reviewed at least at

each financial year end.

Intangible asets with indefinite useful lives are tested for impairment

anualy either individualy or at the cash-generating unit level. Such

intangible asets are not amortised. The useful life of an intangible

aset with an indefinite life is reviewed anualy to determine

whether the indefinite life asesment continues to be suportable. If

not, the change in the useful life asesment from indefinite to finite

is acounted for on a prospective basis.

Patent

Purchased patent is stated at cost les any impairment loses and is

amortised on the straight-line basis over its estimated useful lives of 7

years.

亚洲联合基建控股有限公司 2024/25年报195

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

持作物业发展之土地、发展中

物业及持作销售物业

持作物业发展之土地及发展中物业拟

于完成物业发展后持作销售。彼等分

类为流动资产，除非相关物业发展项

目之建筑期间预期于一般营运周期以

后完成。完成时，物业转拨至持作销

售物业。

持作物业发展之土地、发展中物业及

持作销售物业按成本及可变现净值之

较低者列账。成本包括土地租赁预付

款项及土地╱土地使用权成本，连同

任何其他物业发展应占直接成本及于

发展期间资本化之借款成本。可变现

净值乃参考基于现行市况之估计售价

厘定，当中扣减：(i)完成开发有关发

展中物业之预期成本；及(i)营销及销

售物业产生之估计成本。

非金融资产减值

倘有迹象显示出现减值，或需要就非

金融资产（投资物业、持作物业发展之

土地、发展中物业、持作销售物业、

递延税项资产、合约资产及分类为持

作销售之非流动资产╱一间出售集团

除外）进行年度减值测试，则会估计资

产之可收回数额。资产之可收回数额

乃资产或现金产生单位之使用价值及

其公平值（以较高者为准）减出售成本，

并就个别资产而厘定，除非有关资产

并无产生很大程度上独立于其他资产

或资产组别所产生之现金流入，在此

情况下，可收回数额则就资产所属之

现金产生单位而厘定。对现金产生单

位进行减值测试时，企业资产（如总部

楼宇）账面值的一部分如果能够按合理

和一贯的基准分配至现金产生单位组

别（甚或其最小组别），则分配至个别

现金产生单位。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Land held for property development, properties

under development and properties held for sale

Land held for property development and properties under

development are intended to be held for sale after completion of the

property development. They are clasified as curent asets unles

the construction period of the relevant property development project

is expected to complete beyond the normal operating cycle. On

completion, the properties are transfered to properties held for sale.

Land held for property development, properties under development

and properties held for sale are stated at the lower of cost and net

realisable value. Cost includes prepaid land lease payments, cost of

land/land use rights together with any other direct costs atributable

to the development of the properties, and borowing costs capitalised

during the development period. Net realisable value is determined

by reference to estimated seling price based on prevailing market

conditions les (i) anticipated cost to completion of the development

in respect of properties under development; and (i) estimated costs

to be incured in marketing and seling the properties.

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for non-financial aset is required (other than

investment properties, land held for property development, properties

under development, properties held for sale, defered tax asets,

contract asets and non-curent asets/a disposal group clasified as

held for sale), 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.

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.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25196

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

非金融资产减值（续）

倘资产之账面值超逾其可收回数额，

减值亏损方予确认。于评估使用价值

时，估计日后现金流量乃按可反映现

时市场评估货币之时间价值及资产特

定风险之除税前贴现率贴现至其现值。

减值亏损乃于产生期间于损益中扣除。

于各报告期末，会就有否迹象显示先

前已确认之减值亏损可能不再存在或

可能减少而作出评估。倘出现该迹象，

则估计可收回数额。就非金融资产（商

誉除外）先前已确认之减值亏损仅于厘

定该资产之可收回数额所使用之估计

出现变动时方予拨回，惟在假设于过

往期间并无就该资产确认减值亏损，

高出于此情况下所厘定之账面值之数

额（扣除任何折旧╱摊销）则不予拨回。

减值亏损之拨回乃于产生期间计入损益。

投资及其他金融资产

首次确认及计量

金融资产于首次确认时分类，其后于

适当时按摊销成本或公平值计入损益

（如适用）。

金融资产于首次确认时之分类视乎金

融资产之合约现金流量特征以及本集

团管理该等金融资产之业务模式而定。

除贸易应收款项不包含重大融资成分

或本集团已应用不调整重大融资成分

影响之可行的权宜方法外，本集团初

步按公平值另加交易成本（倘金融资产

不按公平值计入损益）计量金融资产。

并无重大融资成分或本集团已应用可

行的权宜方法之贸易应收款项，乃根

据下文「收益确认」所载政策按香港财

务报告准则第15号来自客户合约之收

益所厘定之交易价格计量。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Impairment of non-financial asets (Continued)

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 profit or los in the period in which it

arises.

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 a non-financial 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 periods. A reversal of such

an impairment los is credited to profit or los in the period in which

it arises.

Investments and other financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as subsequently

measured at amortised cost, or fair value through profit or los, as

apropriate.

The clasification of financial asets at initial recognition depends

on the financial aset’s contractual cash flow characteristics and the

Group’s busines model for managing them. With the exception

of trade receivables that do not contain a significant financing

component or for which the Group has aplied the practical

expedient of not adjusting the efect of a significant financing

component, the Group initialy measures a financial aset at its fair

value, plus in the case of a financial aset not at fair value through

profit or los, transaction costs. Trade receivables that do not contain

a significant financing component or for which the Group has

aplied the practical expedient are measured at the transaction price

determined under HKFRS 15 Revenue from Contracts with Customers

in acordance with the policies set out for “Revenue recognition”

below.

亚洲联合基建控股有限公司 2024/25年报197

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

投资及其他金融资产（续）

首次确认及计量（续）

为使金融资产（债务工具）按摊销成本

进行分类及计量，其需要产生纯粹为

支付本金及未偿还本金之利息（「纯粹

支付本金及利息」）之现金流量。就现

金流量并非纯粹支付本金及利息之金

融资产（债务工具）而言，不论其业务

模式如何，均按公平值计入损益分类

及计量。

本集团管理金融资产（债务工具）之业

务模式指其管理金融资产（债务工具）

以产生现金流量之方法。业务模式可

确定现金流量是否来自收集合约现金

流量、出售金融资产（债务工具）或两

者兼而有之。按摊销成本分类及计量

之金融资产（债务工具）按旨在收取合

约现金流量而持有金融资产（债务工具）

之业务模式持有，而按公平值计入其

他全面收益分类及计量之金融资产（债

务工具）按旨在收取合约现金流量及出

售而持有之业务模式持有。并非按上

述业务模式持有之金融资产（债务工具）

按公平值计入损益分类及计量。

嵌入混合约（包含金融资产主体）的

衍生工具不作单独列账。金融资产主

体连同嵌入式衍生工具须整体分类为

按公平值计入损益之金融资产。

购买或销售乃指须按照市场一般规定

或惯例于一定期间内交付资产之购买

或销售金融资产，该等购买或销售于

交易日期确认，交易日期即本集团购

买或销售资产当日。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Investments and other financial asets (Continued)

Initial recognition and measurement (Continued)

In order for a financial aset (debt instrument) to be clasified and

measured at amortised cost, it neds to give rise to cash flows that

are solely payments of principal and interest (“SPI”) on the principal

amount outstanding. Financial asets (debt instruments) with cash

flows that are not SPI are clasified and measured at fair value

through profit or los, irespective of the busines model.

The Group’s busines model for managing financial asets (debt

instruments) refers to how it manages its financial asets (debt

instruments) in order to generate cash flows. The busines model

determines whether cash flows wil result from colecting contractual

cash flows, seling the financial asets (debt instruments), or both.

Financial asets (debt instruments) clasified and measured at

amortised cost are held within a busines model with the objective to

hold financial asets (debt instruments) in order to colect contractual

cash flows, while financial asets (debt instruments) clasified and

measured at fair value through other comprehensive income are held

within a busines model with the objective of both holding to colect

contractual cash flows and seling. Financial asets (debt instruments)

which are not held within the aforementioned busines models are

clasified and measured at fair value through profit or los.

A derivative embeded within a hybrid contract containing a financial

aset host is not acounted for separately. The financial aset host

together with the embeded derivative is required to be clasified in

its entirety as a financial aset at fair value through profit or los.

Purchases or sales are purchases or sales of financial asets that

require delivery of asets within the period generaly established by

regulation or convention in the marketplace are recognised on the

trade date, that is, the date that the Group comits to purchase or

sel the aset.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25198

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

投资及其他金融资产（续）

其后计量

金融资产之其后计量视乎彼等以下之

分类而定：

(a) 按摊销成本计量之金融资产（债

务工具）

按摊销成本计量之金融资产其后

采用实际利率法计量，并可能会

出现减值。当资产被取消确认、

修改或出现减值时，收益及亏损

乃于损益内确认。

(b) 按公平值计入损益之金融资产

按公平值计入损益之金融资产于

综合财务状况表以公平值列值，

并于损益内确认公平值净额变动。

该类别包括现金流并非纯粹支付

本金及利息之债务工具及股本投

资，本集团并无不可撤销地选择

其按公平值透过其他全面收益分

类。当付款权已确立，股本投资

股息亦会作为其他收入于损益内

确认。

减值

本集团会确认对并非按公平值计入损

益的所有债务工具预期信贷亏损（「预

期信贷亏损」）之拨备。预期信贷亏损

乃基于根据合约到期的合约现金流量

与本集团预期收取的所有现金流量之

间的差额而厘定，并以原实际利率的

近似值贴现。预期现金流量将包括出

售所持抵押的现金流量或组成合约条

款的其他信贷提升措施。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Investments and other financial asets (Continued)

Subsequent measurement

The subsequent measurement of financial asets depends on their

clasification as folows:

(a) Financial asets at amortised cost (debt instruments)

Financial asets at amortised cost are subsequently measured

using the efective interest method and are subject to

impairment. Gains and loses are recognised in profit or los

when the aset is derecognised, modified or impaired.

(b) Financial asets at fair value through profit or los

Financial asets at fair value through profit or los are caried

in the consolidated statement of financial position at fair value

with net changes in fair value recognised in profit or los.

This category includes debt instruments with cash flows that

are not SPI and equity investments which the Group had

not irevocably elected to clasify at fair value through other

comprehensive income. Dividends on the equity investments

are also recognised as other income in profit or los when the

right of payment has ben established.

Impairment

The Group recognises an alowance for expected credit loses (“ECLs”)

for al debt instruments not held at fair value through profit or los.

ECLs are based on the diference betwen the contractual cash

flows due in acordance with the contract and al the cash flows

that the Group expects to receive, discounted at an aproximation

of the original efective interest rate. The expected cash flows wil

include cash flows from the sale of colateral held or other credit

enhancements that are integral to the contractual terms.

亚洲联合基建控股有限公司 2024/25年报199

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

投资及其他金融资产（续）

减值（续）

一般方法

预期信贷亏损分两个阶段确认。就首

次确认以来信贷风险并无大幅增加的

信贷风险而言，会为未来12个月可能

发生的违约事件所产生的信贷亏损（12

个月预期信贷亏损）作出预期信贷亏损

拨备。就首次确认以来信贷风险大幅

增加的信贷风险而言，须就预期于风

险的余下年期产生的信贷亏损作出亏

损拨备，而不论违约的时间（全期预期

信贷亏损）。

于各报告日期，本集团会评估自首次

确认以来金融工具的信贷风险是否已

大幅增加。在进行评估时，本集团会

将于报告日期金融工具发生的违约风

险与于首次确认日期金融工具发生的

违约风险进行比较，并考虑无须花费

过多成本或精力即可获得的合理及可

支持的资料（包括过往资料及前瞻性资

料）。

本集团认为，当合约付款逾期超过30

天，则信贷风险大幅增加。

当合约付款逾期90天时，本集团认为

金融资产违约。然而，在若干情况下，

当内部或外部资料表明本集团在计及

本集团所持有的任何信贷提升措施之

前不大可能完全收到未偿还合约款项

时，本集团亦可能认为金融资产违约。

倘并无合理预期可收回合约现金流量，

金融资产将被撇账。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Investments and other financial asets (Continued)

Impairment (Continued)

General aproach

ECLs are recognised in two stages. For credit exposures for which

there has not ben a significant increase in credit risk since initial

recognition, ECLs are provided for credit loses that result from

default events that are posible within the next 12 months (a

12-month ECL). For those credit exposures for which there has ben

a significant increase in credit risk since initial recognition, a los

alowance is required for credit loses expected over the remaining

life of the exposure, irespective of the timing of the default (a

lifetime ECL).

At each reporting date, the Group aseses whether the credit risk

on a financial instrument has increased significantly since initial

recognition. When making the asesment, the Group compares

the risk of a default ocuring on the financial instrument as at the

reporting date with the risk of a default ocuring on the financial

instrument as at the date of initial recognition and considers

reasonable and suportable information that is available without

undue cost or efort, including historical and forward-loking

information.

The Group considers that there has ben a significant increase in

credit risk when contractual payments are more than 30 days past

due.

The Group considers a financial aset in default when contractual

payments are 90 days past due. However, in certain cases, the Group

may also consider a financial aset to be in default when internal or

external information indicates that the Group is unlikely to receive the

outstanding contractual amounts in ful before taking into acount

any credit enhancements held by the Group. A financial aset is

writen of when there is no reasonable expectation of recovering the

contractual cash flows.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25200

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

投资及其他金融资产（续）

减值（续）

一般方法（续）

按摊销成本计量之金融资产在一般方

法下可能会出现减值，且会在以下阶

段进行分类以计量预期信贷亏损，惟

应用简化方法的贸易应收款项及合约

资产除外，如下所详述。

第1阶段—自首次确认以来其信

贷风险并无显著增

加，且亏损拨备乃按

相等于12个月预期信

贷亏损的金额计量之

金融工具

第2阶段—自首次确认以来其信

贷风险显著增加（惟

并非信贷减值金融资

产），且亏损拨备乃

按相等于全期预期信

贷亏损的金额计量之

金融工具

第3阶段—于报告日期已信贷减

值（惟并非购入或源

生信贷减值），且亏

损拨备乃按相等于全

期预期信贷亏损的金

额计量之金融资产

简化方法

就并无重大融资成分的贸易应收款项

及合约资产而言，或当本集团应用不

就重大融资成分的影响作出调整的可

行的权宜方法时，本集团应用简化方

法计算预期信贷亏损。根据简化方法，

本集团不会追踪信贷风险的变动，而

是根据各报告日期的全期预期信贷亏

损确认亏损拨备。本集团已根据过往

信贷亏损经验建立拨备矩阵，并根据

债务人及经济环境所特有的前瞻性因

素作出调整。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Investments and other financial asets (Continued)

Impairment (Continued)

General aproach (Continued)

Financial asets at amortised cost are subject to impairment under the

general aproach and they are clasified within the folowing stages

for measurement of ECLs except for trade receivables and contract

asets which aply the simplified aproach as detailed below.

Stage 1—Financial instruments for which credit risk has not

increased significantly since initial recognition and

for which the los alowance is measured at an

amount equal to 12-month ECLs

Stage 2—Financial instruments for which credit risk has

increased significantly since initial recognition but

that are not credit-impaired financial asets and for

which the los alowance is measured at an amount

equal to lifetime ECLs

Stage 3—Financial asets that are credit-impaired at the

reporting date (but that are not purchased or

originated credit-impaired) and for which the los

alowance is measured at an amount equal to

lifetime ECLs

Simplified aproach

For trade receivables and contract asets that do not contain a

significant financing component or when the Group aplies the

practical expedient of not adjusting the efect of a significant financing

component, the Group aplies the simplified aproach in calculating

ECLs. Under the simplified aproach, the Group does not track

changes in credit risk, but instead recognises a los alowance based

on lifetime ECLs at each reporting date. The Group has established a

provision matrix that is based on its historical credit los experience,

adjusted for forward-loking factors specific to the debtors and the

economic environment.

亚洲联合基建控股有限公司 2024/25年报201

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

投资及其他金融资产（续）

取消确认

金融资产（或如适用，一项金融资产之

一部分或一组类似金融资产之一部分）

主要在下列情况下取消确认（即从综合

财务状况表中移除）：

• 收取该项资产所得现金流量之权

利已届满；或

• 本集团已转让收取该项资产所得

现金流量之权利，或根据一项「通

过」安排，在未有严重延缓第三

方之情况下，已就所收取现金流

量全数承担付款之责任；及(a)本

集团已大致转让该项资产所附之

所有风险及回报；或(b)本集团并

无大致转让或保留该项资产所附

之所有风险及回报，但已转让该

项资产之控制权。

本集团凡已转让其收取一项资产所得

现金流量之权利或已订立一项通过安

排，其评估是否有保留资产拥有权之

风险及回报和保留程度。倘其无大致

转让或保留该项资产所附之所有风险

及回报，且并无转让该项资产之控制

权，本集团继续以本集团之持续参与

为限确认已转让资产。于该情况下，

本集团亦确认一项相关负债。已转让

资产及相关负债乃按反映本集团已保

留之权利及责任之基础计量。

就已转让资产作出担保形式之持续参

与乃按该资产之原账面值与本集团可

能须偿还之最高代价金额之较低者计量。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Investments and other financial asets (Continued)

Derecognition

A financial aset (or, where aplicable, a part of a financial aset or

part of a group of similar financial asets) is primarily derecognised

(i.e. removed from the consolidated statement of financial position)

when:

; or

• the Group has transfered its rights to receive cash flows from

the aset, or has asumed an obligation to pay the received

cash flows in ful without material delay to a third party under

a “pas-through” arangement; and either (a) the Group

has transfered substantialy al the risks and rewards of the

aset, or (b) the Group has neither transfered nor retained

substantialy al the risks and rewards of the aset, but has

transfered control of the aset.

When the Group has transfered its rights to receive cash flows from

an aset or has entered into a pas-through arangement, it evaluates

if, and to what extent, it has retained the risk and rewards of

ownership of the asets. When it has neither transfered nor retained

substantialy al the risks and rewards of the aset nor transfered

control of the aset, the Group continues to recognise the transfered

asets to the extent of the Group’s continuing involvement. In that

case, the Group also recognises an asociated liability. The transfered

aset and the asociated liability are measured on a basis that reflects

the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarante over the

transfered aset is measured at the lower of the original carying

amount of the aset and the maximum amount of consideration that

the Group could be required to repay.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25202

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

金融负债

首次确认及计量

于首次确认时，金融负债均分类为按

摊销成本计量之金融负债，按公平值

及扣除直接应占交易成本作首次确认。

其后计量

首次确认后，按摊销成本计量之金融

负债其后采用实际利率法按摊销成本

计量；倘若贴现之影响并不重大，则

按成本列账。收益及亏损于负债取消

确认时及透过实际利率摊销过程在损

益内确认。

摊销成本计及收购之任何折让或溢价

后计算，并包括属实际利率组成部分

之费用或成本。实际利率摊销计入损

益中之融资成本内。

取消确认

一项金融负债于负债项下之责任获解

除或取消或届满时取消确认。

当一项现有金融负债获同一贷款人以

大致不相同条款之另一负债所取代，

或一项现有负债之条款经大幅修订，

该项交换或修订应被视为原负债之取

消确认及一项新负债之确认，而有关

账面值间之差额乃于损益内确认。

财务担保合约

本集团作出的财务担保合约即要求发

行人作出特定付款以偿付持有人因特

定债务人未能根据债务工具的条款偿

还到期款项而招致损失的合约。财务

担保合约首次按其公平值确认为一项

负债，并就作出该担保直接产生的交

易成本作出调整。于首次确认后，本

集团按如下的较高者计量财务担保合

约：(i)根据「投资及其他金融资产 —

减值」所载政策厘定之预期信贷亏损拨

备；及(i)首次确认金额减（如适用）已

确认累计收入金额。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Financial liabilities

Initial recognition and measurement

Financial liabilities are al clasified, at initial recognition, as financial

liabilities at amortised cost, which are recognised initialy at fair value

and net of directly atributable transaction costs.

Subsequent measurement

After initial recognition, financial liabilities at amortised cost are

subsequently measured at amortised cost, using the efective interest

method unles the efect of discounting would be imaterial, in

which case they are stated at cost. Gains and loses are recognised in

profit or los when the liabilities are derecognised as wel as through

the efective interest rate amortisation proces.

Amortised cost is calculated by taking into acount any discount or

premium on acquisition and fes or costs that are an integral part of

the efective interest rate. The efective interest rate amortisation is

included as finance costs in profit or los.

Derecognition

A financial liability is derecognised when the obligation under the

liability is discharged or canceled, or expires.

When an existing financial liability is replaced by another from the

same lender on substantialy diferent terms, or the terms of an

existing liability are substantialy modified, such an exchange or

modification is treated as a derecognition of the original liability

and a recognition of a new liability, and the diference betwen the

respective carying amounts is recognised in profit or los.

Financial guarante contracts

Financial guarante contracts isued by the Group are those contracts

that require a payment to be made to reimburse the holder for a

los it incurs because the specified debtor fails to make a payment

when due in acordance with the terms of a debt instrument. A

financial guarante contract is recognised initialy as a liability at its

fair value, adjusted for transaction costs that are directly atributable

to the isuance of the guarante. Subsequent to initial recognition,

the Group measures the financial guarante contracts at the higher

of: (i) the ECL alowance determined in acordance with the policy as

set out in “Investments and other financial asets — Impairment”;

and (i) the amount initialy recognised les, when apropriate, the

cumulative amount of income recognised.

亚洲联合基建控股有限公司 2024/25年报203

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

抵销金融工具

倘目前存在可执行之法律权力抵销已

确认金额，且计划以净额基准结算或

同时变现资产及偿付负债，方会抵销

金融资产及金融负债并在综合财务状

况表内呈报有关净额。

根据股份奖励计划持有的股份

由本公司或本集团根据本公司股份奖

励计划在市场上重新购入及持有的自

身股本工具（库存股份）乃按成本直接

于权益中扣除。并无购回、出售、发

行或注销本集团自身股本工具的收益

或亏损于损益内确认。

行使股份奖励后，从市场上购回的已

归属奖励股份及就奖励股份所收取股

息的再投资中收购的股份的相关成本，

记入根据股份奖励计划账目下持有的

股份，而股份报酬储备已就奖励股份

相应减少。

就重新授出的已没收或未分配股份的

归属而言，重新授出的已没收或未分

配股份的相关成本记入根据股份奖励

计划账目下持有的股份，而重新授出

股份的相关公平值于股份报酬储备内

扣除。倘重新授出股份的公平值高于

成本，则其成本与公平值的差额记入

股份溢价账，而倘公平值低于成本，

两者之差额于保留溢利中扣除。

现金及与现金等值项目

财务状况表内的现金及与现金等值项

目包括手持及银行现金，以及可随时

转换为可知数额现金、价值改变风险

不大的短期高流动性存款，该等存款

一般于三个月内到期，乃为应付短期

现金承担而持有。

就综合现金流量表而言，现金及与现

金等值项目包括手持及银行现金，以

及上文所界定的短期存款，减须按要

求偿还并构成本集团现金管理组成部

分的银行透支。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Ofseting of financial instruments

Financial asets and financial liabilities are ofset and the net amount

is reported in the consolidated statement of financial position if there

is a curently enforceable legal right to ofset the recognised amounts

and there is an intention to setle on a net basis, or to realise the

asets and setle the liabilities simultaneously.

Shares held under a share award scheme

Own equity instruments which are reacquired from the market and

held by the Company or the Group (treasury shares) under the share

award scheme of the Company are recognised directly in equity at

cost. No gain or los is recognised in profit or los on the purchase,

sale, isue or cancelation of the Group’s own equity instruments.

Upon exercise of share awards, the related costs of the vested

awarded shares repurchased from the market and shares acquired

from reinvesting dividends received on the awarded shares are

credited to the shares held under the share award scheme acount,

with a coresponding decrease in the share-based compensation

reserve for the awarded shares.

For vesting of forfeited or unalocated shares regranted, the related

costs of the forfeited or unalocated shares regranted are credited

to the shares held under the share award scheme acount, and the

related fair value of the shares regranted are debited to the share-

based compensation reserve. The diference betwen the cost

and the fair value of the shares regranted is credited to the share

premium acount if the fair value is higher than the cost or debited

against retained profits if the fair value is les than the cost.

Cash and cash equivalents

Cash and cash equivalent in the statement of financial position

comprise cash on hand and at bank, and short-term highly liquid

deposits with a maturity of generaly within thre months that

are readily convertible into known amounts of cash, subject to an

insignificant risk of changes in value, and held for the purpose of

meting short-term cash comitments.

For the purpose of the consolidated statement of cash flows, cash

and cash equivalents comprise cash on hand and at banks, and

short-term deposits as defined above, les bank overdrafts which are

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

management.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25204

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

拨备

倘因过往事件产生现有责任（法定或推

定）及日后可能需要有资源流出以履行

责任，则确认拨备，惟必须能可靠估

计责任所涉及之金额。

倘贴现之影响属重大时，所确认之拨

备金额为预期须支付有关责任之未来

支出于报告期末之现值。因时间流逝

而导致贴现值增加之金额，乃计入

损益表内融资成本中。

于业务合并中，或然负债首次按公平

值计量。其后，其按以下较高者计量：

(i)根据上述普遍拨备政策应予确认之

金额；及(i)已首次确认之金额减（如

适用）根据收益确认政策确认之收入金

额。

所得税

所得税包括即期税项及递延税项。与

在损益以外确认项目有关之所得税乃

在损益以外确认，即在其他全面收益

或直接在股本中确认。

即期税项资产及负债乃根据于报告期

末前已颁布或实际已颁布之税率（及税

务法例），并经考虑本集团经营业务所

在国家之现行诠释及惯例后，按预期

可向税务机关收回或支付予税务机关

之数额计算。

递延税项就于报告期末资产及负债之

税项基准及其于财务申报中之账面值

之所有暂时性差额以负债法作出拨备。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Provisions

A provision is recognised when a present obligation (legal or

constructive) has arisen as a result of a past event and it is probable

that a future outflow of resources wil be required to setle the

obligation, provided that a reliable estimate can be made of the

amount of the obligation.

When the efect of discounting is material, the amount recognised

for a provision is the present value at the end of the reporting period

of the future expenditures expected to be required to setle the

obligation. The increase in the discounted present value amount

arising from the pasage of time is included as finance costs in profit

or los.

A contingent liability recognised in a busines combination is initialy

measured at its fair value. Subsequently, it is measured at the higher

of (i) the amount that would be recognised in acordance with

the general policy for provisions above; and (i) the amount initialy

recognised les, when apropriate, the amount of income recognised

in acordance with the policy for revenue recognition.

Income tax

Income tax comprises curent and defered tax. Income tax relating

to items recognised outside profit or los is recognised outside profit

or los, either in other comprehensive income or directly in equity.

Curent tax asets and liabilities are measured at the amount

expected to be recovered from or paid to the taxation authorities,

based on tax rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period, taking into

consideration interpretations and practices prevailing in the countries

in which the Group operates.

Defered tax is provided, using the liability method, on al temporary

diferences at the end of the reporting period betwen the tax

bases of asets and liabilities and their carying amounts for financial

reporting purposes.

亚洲联合基建控股有限公司 2024/25年报205

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

所得税（续）

所有应课税暂时性差额均被确认为递

延税项负债，除非：

• 递延税项负债从首次确认商誉或

一项交易（该交易并非为企业合

并）之资产或负债时产生，及于

进行交易时，不对会计盈利或应

课税盈利或亏损构成影响，且不

会产生等额的应课税及可扣减暂

时性差额；及

、合营业务、合

营公司及联营公司之投资所产生

之应课税暂时性差额，除非可控

制拨回暂时性差额之时间及暂时

性差额于可预见之将来可能不会

拨回。

所有可被扣减之暂时性差额及未被动

用之税项抵免与任何未被动用之税务

亏损之结转均被确认为递延税项资产。

递延税项资产以可能产生足够应课税

盈利抵扣可扣减暂时性差额为限确认，

而结转未被动用之税项抵免及税务亏

损可予动用，除非：

• 与可扣减暂时性差额有关之递延

税项资产从首次确认一项（该交

易并非为企业合并）之资产或负

债产生，及于进行交易时，并不

对会计盈利或应课税盈利或亏损

构成影响，且不会产生等额的应

课税及可扣减暂时性差额；及

、合营业务、合

营公司及联营公司之投资产生之

可扣减暂时性差额，递延税项资

产以可能出现之暂时性差额于可

预见之将来可拨回及有可动用应

课税盈利抵扣所动用暂时性差额

时予以确认。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Income tax (Continued)

Defered tax liabilities are recognised for al taxable temporary

diferences, except:

• when the defered tax liability arises from the initial recognition

of godwil or an aset or liability in a transaction that is not

a busines combination and, at the time of the transaction,

afects neither the acounting profit nor taxable profit or

los and does not give rise to equal taxable and deductible

temporary diferences; and

• in respect of taxable temporary diferences asociated with

investments in subsidiaries, joint operations, joint ventures and

asociates, when the timing of the reversal of the temporary

diferences can be controled and it is probable that the

temporary diferences wil not reverse in the foreseable future.

Defered tax asets are recognised for al deductible temporary

diferences, and the caryforward of unused tax credits and any

unused tax loses. Defered tax asets are recognised to the extent

that it is probable that taxable profit wil be available against which

the deductible temporary diferences, and the caryforward of

unused tax credits and unused tax loses can be utilised, except:

• when the defered tax aset relating to the deductible

temporary diferences arises from the initial recognition of

an aset or liability in a transaction that is not a busines

combination and, at the time of the transaction, afects neither

the acounting profit nor taxable profit or los and does not

give rise to equal taxable and deductible temporary diferences;

and

• in respect of deductible temporary diferences asociated with

investments in subsidiaries, joint operations, joint ventures and

asociates, defered tax asets are only recognised to the extent

that it is probable that the temporary diferences wil reverse

in the foreseable future and taxable profit wil be available

against which the temporary diferences can be utilised.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25206

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

所得税（续）

递延税项资产之账面值于各报告期末

检讨，并扣减至当不再可能有足够应

课税盈利让所有或部分递延税项资产

被动用为止。未被确认之递延税项资

产乃于各报告期末重新评估及在已可

能有足够应课税盈利让所有或部分递

延税项资产被收回时确认。

递延税项资产及负债以该期间（当资产

被变现或负债被清还时）预期之适用税

率计量，根据于报告期末前已颁布或

实际已颁布之税率（及税务法例）计算。

只有在本集团具有依法可强制执行的

权利抵销即期税项资产和即期税项负

债，且递延税项资产和递延税项负债

涉及同一税务机关对同一应评税实体

或对拟按净额基准结算即期税项负债

和资产或同时变现资产和清偿负债的

不同应评税实体征收的所得税时，才

能在预期清偿或收回大额递延税项负

债或资产的各未来期间抵销递延税项

资产和递延税项负债。

收益确认

来自客户合约之收益

当货品或服务的控制权按能反映本集

团预期就交换该等货品或服务而可收

取的代价的金额转让予客户时，会确

认来自客户合约之收益。

当合约中之代价包含可变金额时，将

估计本集团有权就交换将该等货品或

服务转移至客户而收取之代价金额。

可变代价乃于合约开始时作出估计并

受到约束，直至与可变代价相关之不

明朗因素其后得以解决，已确认累计

收益很可能不会发生重大收益拨回为止。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Income tax (Continued)

The carying amount of defered tax asets is reviewed at the end of

each reporting period and reduced to the extent that it is no longer

probable that suficient taxable 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.

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.

Defered tax asets and defered tax liabilities are ofset if and only if

the Group has a legaly enforceable right to set of curent tax asets

and curent tax liabilities and the defered tax asets and defered tax

liabilities relate to income taxes levied by the same taxation authority

on either the same taxable entity or diferent taxable entities which

intend either to setle curent tax liabilities and asets on a net basis,

or to realise the asets and setle the liabilities simultaneously, in each

future period in which significant amounts of defered tax liabilities

or asets are expected to be setled or recovered.

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised when control

of gods or services is transfered to the customers at an amount

that reflects the consideration to which the Group expects to be

entitled in exchange for those gods or services.

When the consideration in a contract includes a variable amount,

the amount of consideration is estimated to which the Group wil

be entitled in exchange for transfering the gods or services to

the customer. The variable consideration is estimated at contract

inception and constrained until it is highly probable that a significant

revenue reversal in the amount of cumulative revenue recognised

wil not ocur when the asociated uncertainty with the variable

consideration is subsequently resolved.

亚洲联合基建控股有限公司 2024/25年报207

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

收益确认（续）

来自客户合约之收益（续）

当合约包含融资部分，其在将货品或

服务转移至客户方面为客户提供重大

融资利益超过一年时，收益会按以本

集团与客户于合约开始时进行的个别

融资交易中所反映贴现率贴现的应收

款项现值计量。当合约包含融资部分，

为本集团提供重大财务利益超过一年

时，会根据该合约确认的收益包括按

实际利率法计算合约负债产生的利息

开支。就客户付款与承诺货品或服务

转移之间的间隔期限为一年或以内之

合约而言，交易价格不会根据香港财

务报告准则第15号所提供之可行的权

宜方法就重大融资部分之影响作出调整。

(a) 建筑工程

由于本集团之履约行为会创造或

增加了客户在资产创造或增加了

所控制之资产，故建筑工程之收

益随时间而确认。

建筑工程之收益乃参照完成该履

约责任的进度而确认。完成履约

责任的进度乃基于最能描述本集

团履行履约责任之情况的方法而

计量，即直接计量所提供之服务

的价值或本集团为履行履约责任

所做的努力或投入。

向客户提出之索偿乃本集团寻求

向客户收取之金额，作为原建筑

合约以外工程范围之成本及利润

之补偿款项。索偿乃作为可变代

价列账并受到约束，直至与可变

代价相关之不明朗因素其后得以

解决，已确认累计收益很可能不

会发生重大收益拨回为止。本集

团使用最可能金额法估计索偿金

额，乃由于此方法最能预测本集

团将有权获得之可变代价金额。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Revenue recognition (Continued)

Revenue from contracts with customers (Continued)

When the contract contains a financing component which provides

the customer with a significant benefit of financing the transfer

of gods or services to the customer for more than one year,

revenue is measured at the present value of the amount receivable,

discounted using the discount rate that would be reflected in a

separate financing transaction betwen the Group and the customer

at contract inception. When the contract contains a financing

component which provides the Group with a significant financial

benefit for more than one year, revenue recognised under the

contract includes the interest expense acreted on the contract

liability under the efective interest method. For a contract where the

period betwen the payment by the customer and the transfer of the

promised gods or services is one year or les, the transaction price

is not adjusted for the efects of a significant financing component,

using the practical expedient in HKFRS 15.

(a) Construction work

Revenue from construction work is recognised over time,

because the Group’s performance creates or enhances an aset

that the customer controls as the aset is created or enhanced.

Revenue from construction work is recognised by reference to

the progres towards complete satisfactory of that performance

obligation. The progres towards complete satisfactory of

the performance obligation is measured based on methods

that best depicts the Group’s performance in satisfying the

performance obligation either direct measurements of the

value of services delivered or the Group’s eforts or inputs to

the satisfaction of the performance obligation relative to the

total expected eforts or inputs.

Claims to customers are amounts that the Group seks to

colect from the customers as reimbursement of costs and

margins for scope of works not included in the original

construction contract. Claims are acounted for as variable

consideration and constrained until it is highly probable that

a significant revenue reversal in the amount of cumulative

revenue recognised wil not ocur when the asociated

uncertainty with the variable consideration is subsequently

resolved. The Group uses the most likely amount method to

estimate the amounts of claims because this method best

predicts the amount of variable consideration to which the

Group wil be entitled.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25208

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

收益确认（续）

来自客户合约之收益（续）

(b) 提供建筑相关咨询服务

提供建筑相关咨询服务之收益乃

于履行履约责任随时间确认。

销售货品之收益乃于资产控制权

转移至客户之时间点确认。

(d) 提供保安、隧道管理、物业管理

及其他设施管理服务

提供服务之收益乃于计划年期内

以直线法基准确认，因为客户同

时接收及消耗本集团所提供的利

益。

其他来源之收益

(a) 租金收入

租金收入乃于租期以直线法基准

确认。

(b) 利息收入

利息收入乃以应计方式按金融工

具之估计年期（或较短期间，倘

适用）使用实际利率法将日后估

计之现金收入准确折扣计算金融

资产之账面净值而确认。

股息收入乃于股东收取付款之权

利确立后，与股息相关之经济利

益很可能会流入本集团，且股息

金额能够可靠地计量时确认。

(d) 担保收入

担保收入乃于担保期以直线法基

准确认。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Revenue recognition (Continued)

Revenue from contracts with customers (Continued)

(b) Rendering of construction-related consultancy services

Revenue from the rendering of construction-related consultancy

services is recognised over time upon the completion of

performance obligations.

Revenue from the sale of gods is recognised at the point in

time when control of the aset is transfered to the customer.

(d) Rendering of security, tunel management, property

management and other facility management services

Revenue from the rendering of services is recognised over

the scheduled period on the straight-line basis because the

customer simultaneously receives and consumes the benefits

provided by the Group.

Revenue from other sources

(a) Rental income

Rental income is recognised on the straight-line basis over the

lease terms.

(b) Interest income

Interest income is recognised on an acrual basis using the

efective interest method by aplying the rate that exactly

discounts the estimated future cash receipts over the expected

life of the financial instrument or a shorter period, when

apropriate, to the net carying amount of the financial aset.

Dividend income is recognised when the shareholders’ right to

receive payment has ben established, it is probable that the

economic benefits asociated with the dividend wil flow to

the Group and the amount of the dividend can be measured

reliably.

(d) Guarante income

Guarante income is recognised on the straight-line basis over

the guarante period.

亚洲联合基建控股有限公司 2024/25年报209

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

合约资产

倘本集团通过于有权无条件根据合约

条款收取代价前将货品或服务转移至

客户来履约，则会就所赚取之有条件

代价确认合约资产。合约资产须进行

减值评估，其详情载于金融资产减值

之会计政策。该等合约资产会于代价

成为无条件时重新分类为贸易应收款项。

合约负债

于本集团转让相关货品或服务前收到

客户付款或付款到期（以较早者为准）

时则确认合约负债。合约负债于本集

团履行合约（即向客户转移相关货品或

服务之控制权）时确认为收益。

合约成本

履行合约之成本

除作为存货、物业、机器及设备及无

形资产拨充资本之成本外，倘符合以

下所有条件，则履行与客户订立之合

约所产生之成本会作为一项资产拨充

资本：

(a) 成本与合约或实体可具体确定之

预期合约直接相关。

(b) 成本会产生或增加将用于履行（或

持续履行）履约责任之实体资源。

资本化合约成本乃按系统基准摊销及

自损益扣除，其符合向客户转移与资

产相关之货品或服务。其他合约成本

则于产生时列作开支。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Contract asets

If the Group performs by transfering gods or services to a customer

before being unconditionaly entitled to the consideration under

the contract terms, a contract aset is recognised for the earned

consideration that is conditional. Contract asets are subject

to impairment asesment, details of which are included in the

acounting policies for impairment of financial asets. They are

reclasified to trade receivables when the right to the consideration

becomes unconditional.

Contract liabilities

A contract liability is recognised when a payment is received or a

payment is due (whichever is earlier) from a customer before the

Group transfers the related gods or services. Contract liabilities

are recognised as revenue when the Group performs under the

contract (i.e. transfers control of the related gods or services to the

customer).

Contract costs

Costs to fulfil a contract

Other than the costs which are capitalised as inventories, property,

plant and equipment and intangible asets, costs incured to fulfil

a contract with a customer are capitalised as an aset if al of the

folowing criteria are met:

(a) The costs relate directly to a contract or to an anticipated

contract that the entity can specificaly identify.

(b) The costs generate or enhance resources of the entity that wil

be used in satisfying (or in continuing to satisfy) performance

obligations in the future.

The capitalised contract costs are amortised and charged to profit or

los on a systematic basis that is consistent with the transfer to the

customer of the gods or services to which the aset relates. Other

contract costs are expensed as incured.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25210

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

合约成本（续）

获得合约的成本

获得合约的成本增加部分是本集团与

客户订立合约所产生的成本，倘未能

获得合约，则不会产生该等成本。倘

成本与收益相关（将于未来报告期确认）

且预计可收回成本，则以获得合约的

成本增长部分于产生时予以拨充资本。

获得合约的成本增加部分按系统基准

计入损益内，其符合向客户转移与资

产相关之货品或服务。获得合约的其

他成本于产生时计入费用。

以股份为基础付款

股份奖励计划

本集团实行股份奖励计划，以向雇员

提供达到表现目标的激励及令雇员利

益透过拥有本公司股份直接与本公司

股东利益一致的目标。

作为以股份为基础支付的酬金开支所

支销的金额乃经参考所授出股份奖励

的公平值并计及所有与授出相关的非

授予条件而厘定。总开支于有关归属

期内（或倘股份即时归属，则于授出当

日）确认，并相应记入权益项下之股份

报酬储备。

就于归属期摊销的股份奖励而言，本

集团于各报告期末修订其预期最终会

根据归属条件归属的奖励股份数目的

估计数目。因而对过往年度确认的累

计公平值的任何调整于本年度损益中

确认，并对股份报酬储备作出相应调整。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Contract costs (Continued)

Costs to obtain a contract

Incremental costs of obtaining a contract are those costs that the

Group incurs to obtain a contract with customer that it would not

have incured if the contract had not ben obtained. Incremental

costs of obtaining a contract are capitalised when incured if the

costs relate to revenue which wil be recognised in a future reporting

period and the costs are expected to be recovered. The incremental

costs of obtaining a contract are charged to profit or los on a

systematic basis that is consistent with the transfer to the customer

of the gods or services to which the aset relates. Other costs of

obtaining a contract are expensed when incured.

Share-based payments

Share award scheme

The Group operates a share award scheme for the purposes of

providing incentives for employes to achieve performance goals

and aligning the interests of employes directly with those of the

shareholders of the Company through ownership of shares of the

Company.

The amount to be expensed as share-based compensation expenses

is determined by reference to the fair value of the share awards

granted, taking into acount al non-vesting conditions asociated

with the grants. The total expense is recognised over the relevant

vesting periods (or on the grant date if the shares vest imediately),

with a coresponding credit to the share-based compensation reserve

under equity.

For those share awards which are amortised over the vesting periods,

the Group revises its estimates of the number of awarded shares

that are expected to ultimately vest based on the vesting conditions

at the end of each reporting period. Any resulting adjustment to the

cumulative fair value recognised in prior years is recognised in profit

or los in the curent year, with a coresponding adjustment to the

share-based compensation reserve.

亚洲联合基建控股有限公司 2024/25年报211

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

以股份为基础付款（续）

购股权计划

本公司执行购股权计划。本集团之雇

员（包括本公司董事）以股份为基础付

款方式获取报酬，而雇员提供之服务

则作为股本工具之代价（「股本结算交

易」）。

授予雇员之股本结算交易之成本，乃

参考授予该股份日期之公平值计算。

公平值乃由外部估值师使用二项式购

股权定价模式厘定，进一步详情于财

务报表附注35披露。

就股本结算交易之成本，连同相应之

股本增加，乃按业绩表现及╱或服务

之条件获履行之期间在雇员福利开支

内确认入账。就股本结算交易于各报

告期末确认直至生效日期为止之累计

开支，反映生效期之届满及本集团就

最终将予生效之股本工具数目作出之

最佳估计予以确认。在某一期间之损

益扣除或计入之数额，为该期间之期

初及期末确认之累计开支之变动。

厘定奖励获授当日之公平值时，并不

计及服务及非市场绩效条件，惟在有

可能符合条件的情况下，则评估为本

集团对最终将会赋予股本工具数目最

佳估计之一部分，市场绩效条件反映

于奖励获授当日之公平值。奖励之任

何其他附带条件（但不带有服务要求）

视作非赋予条件。非赋予条件反映于

奖励之公平值，除非同时具服务及╱或

绩效条件，否则奖励即时开销。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Share-based payments (Continued)

Share option scheme

The Company operates a share option scheme. Employes (including

directors of the Company) of the Group receive remuneration in the

form of share-based payments, whereby employes render services as

consideration for equity instruments (“equity-setled transactions”).

The cost of equity-setled transactions with employes is measured

by reference to the fair value at the date at which they are granted.

The fair value is determined by an external valuer using a binomial

option pricing model, further details of which are given in note 35 to

the financial statements.

The cost of equity-setled transactions is recognised in employe

benefit expense, together with a coresponding increase in equity,

over the period in which the performance and/or service conditions

are fulfiled. The cumulative expense recognised for equity-setled

transactions at the end of each reporting period until the vesting

date reflects the extent to which the vesting period has expired and

the Group’s best estimate of the number of equity instruments that

wil ultimately vest. The charge or credit to profit or los for a period

represents the movement in the cumulative expense recognised as at

the begining and end of that period.

Service and non-market performance conditions are not taken into

acount when determining the grant date fair value of awards, but

the likelihod of the conditions being met is asesed as part of the

Group’s best estimate of the number of equity instruments that wil

ultimately vest. Market performance conditions are reflected within

the grant date fair value. Any other conditions atached to an award,

but without an asociated service requirement, are considered to be

non-vesting conditions. Non-vesting conditions are reflected in the

fair value of an award and lead to an imediate expensing of an

award unles there are also service and/or performance conditions.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25212

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

以股份为基础付款（续）

购股权计划（续）

由于非市场绩效及╱或服务条件未达

成而最终并无生效之奖励不会确认为

开支。倘奖励包括一项市场或非归属

条件，则有关交易视作归属，而无论

有关市场或非归属条件是否已达成，

惟所有其他绩效及╱或服务条件已达成。

倘股本结算奖励之条款经修订，所确

认之开支须最少达到犹如条款未经修

订之水平（如已达到奖励之原本条款）。

此外，倘按修订日期计算，任何修订

将使以股份为基础付款之公平值总额

增加，或对雇员带来其他利益，则应

就修订确认开支。

倘股本结算奖励被注销，应被视为已

于注销日期生效，并即时确认奖励之

任何尚未确认开支。此包括于本集团

或雇员控制范围内非生效条件未获达

成之任何奖励。然而，倘一新奖励替

代已注销之奖励，且于授予日期指定

为替代奖励，则如前段所述，已注销

及新奖励均应被视为原奖励之修订。

于行使购股权时，本公司将所涉及之

已发行股份按股份面值入账列为额外

股本，本公司亦会将每股行使价高于

股份面值之款额计入股份溢价账内。

此外，于购股权行使时，先前于股份

报酬储备确认之款项将转拨至股份溢

价账。

在行使日期前注销或失效之购股权均

自尚未行使购股权之名册中剔除。倘

购股权于归属日期后遭没收或于届满

日期仍未行使，则先前于股份报酬储

备确认之款项将转拨至保留溢利作为

储备之变动。

未行使之购股权之摊薄影响，于计算

每股盈利时反映为额外股份摊薄。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Share-based payments (Continued)

Share option scheme (Continued)

For awards that do not ultimately vest because non-market

performance and/or service conditions have not ben met, no

expense is recognised. Where awards include a market or non-

vesting condition, the transactions are treated as vesting irespective

of whether the market or non-vesting condition is satisfied, provided

that al other performance and/or service conditions are satisfied.

Where the terms of an equity-setled award are modified, as a

minimum an expense is recognised as if the terms had not ben

modified, if the original terms of the award are met. In adition, an

expense is recognised for any modification that increases the total

fair value of the share-based payments, or is otherwise beneficial to

the employe as measured at the date of modification.

Where an equity-setled award is canceled, it is treated as if it

had vested on the date of cancelation, and any expense not yet

recognised for the award is recognised imediately. This includes

any award where non-vesting conditions within the control of

either the Group or the employe are not met. However, if a new

award is substituted for the canceled award, and is designated as a

replacement award on the date that it is granted, the canceled and

new awards are treated as if they were a modification of the original

award, as described in the previous paragraph.

Upon exercise of share options, the resulting shares isued are

recorded by the Company as aditional share capital at the nominal

value of the shares, and the exces of the exercise price per share

over the nominal value of the shares is recorded by the Company in

the share premium acount. In adition, at the time when the share

options are exercised, the amount previously recognised in the share-

based compensation reserve wil be transfered to the share premium

acount.

Share options which are canceled prior to their exercise date or lapse

are deleted from the register of outstanding options. When the share

options are forfeited after the vesting date or are stil not exercised

at the expiry date, the amount previously recognised in the share-

based compensation reserve wil be transfered to retained profits as

a movement in reserves.

The dilutive efect of outstanding share options is reflected as

aditional share dilution in the computation of earnings per share.

亚洲联合基建控股有限公司 2024/25年报213

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

以股份为基础付款（续）

其他以股份为基础付款之交易

本集团若干雇员通过本集团提供之以

股份为基础付款之方式收取薪酬，据

此，该等雇员同意向本集团提供为期

三年的服务，以按低于市场之价格取

得本集团一间附属公司若干百分比之

股权（「股本结算交易」）。

股本结算交易之成本按所取得之附属

公司股权之公平值减雇员支付及应付

之代价计量。就股本结算交易之成本，

连同附属公司股本之相应增加，乃按

绩效及╱或服务之条件获履行之期间

确认为雇员福利开支。就股本结算交

易于各报告期末确认直至归属日期为

止之累计支出，反映归属期届满之程

度。在某一期间之损益扣除之数额为

该期间之期初及期末确认之累计开支

之变动。

其他雇员褔利

定额供款计划

本集团根据香港强制性公积金计划条

例于香港执行定额供款强制公积金退

休计划（「强积金计划」）予合资格参与

强积金计划之雇员。供款乃按参与计

划之雇员获得之基本薪金之某百分比

而作出，并根据强积金计划之规则于

应付时于损益中扣除。强积金计划之

资产与本集团之资产乃分开保存，由

独立管理基金持有。本集团所作之雇

主供款于向强积金计划供款时悉数归

予雇员。

定额福利计划

长期服务金

本集团支付长期服务金的法定责任为

一项定额福利计划。提供长期服务金

相关福利时，成本以预期单位福利精

算估值法厘定。综合财务状况表内就

长期服务金确认的负债为责任净额，

即未来长期服务金福利的现值减去本

集团所作强积金供款产生之累计福利

权益。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Share-based payments (Continued)

Other share-based payment transactions

Certain employes of the Group received remuneration in the form

of a share-based payment provided by the Group, whereby the

employes agred to render services for a thre-year period to the

Group in exchange for acquiring a certain percentage of equity

interest in a subsidiary of the Group at a below-market price (the

“equity-setled transaction”).

The cost of the equity-setled transaction is measured at the fair value

of the equity interest of the subsidiary acquired les the consideration

paid and payable by the employe. The cost of the equity-setled

transaction is recognised as an employe benefit expense, together

with a coresponding increase in equity of the subsidiary, over the

period in which the performance and/or service conditions are fulfiled.

The cumulative expense recognised for the equity-setled transaction

at the end of each reporting period until the vesting date reflects the

extent to which the vesting period has expired. The charge to profit or

los for a period represents the movement in the cumulative expense

recognised as at the begining and end of that period.

Other employe benefits

Defined contribution plans

The Group operates a defined contribution Mandatory Provident

Fund retirement benefit scheme in Hong Kong (the “MPF Scheme”)

under the Hong Kong Mandatory Provident Fund Schemes Ordinance

for those employes who are eligible to participate in the MPF

Scheme. Contributions are made based on a percentage of the

employes’ basic salaries and are charged to profit or los as they

become payable in acordance with the rules of the MPF Scheme.

The asets of the MPF Scheme are held separately from those of the

Group in an independently administered fund. The Group’s employer

contributions vest fuly with the employes when contributed into

the MPF Scheme.

Defined benefit plans

Long service payment

The Group’s statutory obligation to pay long service payment is

a defined benefit plan. The cost of providing benefits relating

to long service payment is determined using the projected unit

credit actuarial valuation method. The liability recognised in the

consolidated statement of financial position in respect of long service

payment is the net obligation, representing the present value of the

future long service payment benefits reduced by entitlements from

acrued benefits arising from MPF contributions made by the Group.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25214

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

其他雇员褔利（续）

定额福利计划（续）

长期服务金（续）

重新计量（包括精算收益及亏损）、强

积金雇主供款涉及的投资回报和其他

经验调整（不包括计入定额福利负债净

额之净利息的款项），于产生期间自其

他全面收益内的权益扣除或计入其他

全面收益内的权益。重新计量不会于

往后期间重新分类至损益。

过往服务成本于下列日期之较早者于

损益确认：

；及

• 本集团确认重组相关成本的日期

净利息以定额福利负债净额的贴现率

计算。本集团按功能于综合损益表内

「销售成本」及「行政开支」项下确认定

额福利责任净额的下列变动：

，包括当下服务成本、

过往服务成本、缩减或非经常结

算的收益及亏损

• 净利息开支或收入

借款成本

借款成本包括实体就借入资金产生之

利息及其他成本。

收购、兴建或生产合资格资产（即需要

一段颇长期间始能达致其拟定用途或

出售之资产）直接应占之借款成本乃计

入成本账作为该等资产成本之一部分。

当该等资产大致可作其拟定用途或出

售时，借款成本将停止计入成本账内。

建筑合约活动直接应占借款成本计为

合约成本一部分。

所有其他借款成本已于产生之期间内

支销。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Other employe benefits (Continued)

Defined benefit plans (Continued)

Long service payment (Continued)

Remeasurements, comprising actuarial gains and loses, and

investment returns asociated with the MPF employer contributions

and other experience adjustments (excluding amounts included in net

interest on the net defined benefit liability), are debited or credited

to equity in other comprehensive income in the period in which

they ocur. Remeasurements are not reclasified to profit or los in

subsequent periods.

Past service costs are recognised in profit or los at the earlier of:

; and

• the date that the Group recognises restructuring-related costs

Net interest is calculated by aplying the discount rate to the net defined

benefit liability. The Group recognises the folowing changes in the net

defined benefit obligations under “cost of sales” and “administrative

expenses” in the consolidated statement of profit or los by function:

, past-service costs,

gains and loses on curtailments and non-routine setlements

• net interest expense or income

Borowing costs

Borowing costs consist of interest and other costs that an entity

incurs in conection with the borowing of funds.

Borowing costs directly atributable to the acquisition, construction

or production of qualifying asets, i.e. asets that necesarily take a

substantial period of time to get ready for their intended use or sale,

are capitalised as part of the cost of those asets. The capitalisation

of such borowing costs ceases when the asets are substantialy

ready for their intended use or sale.

Borowing costs directly atributable to the activity of a construction

contract are included as part of the contract costs.

Al other borowing costs are expensed in the period in which they

are incured.

亚洲联合基建控股有限公司 2024/25年报215

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

股息

末期股息于已获股东在股东大会上批

准时确认为负债。建议末期股息于财

务报表附注披露。

由于本公司组织章程大纲及章程细则

授予董事派付中期股息的权力，因此

同时建议及宣派中期股息。因此，中

期股息于建议及宣派时即时确认为负债。

外币

此等财务报表乃以本公司的功能货币

港元列报。本集团内每个实体均自行

决定其功能货币，而每个实体的财务

报表所包含的项目均采用该功能货币

计量。本集团旗下实体所记录的外币

交易最初以交易当日的各功能货币汇

率记录。以外币计算的货币资产及负

债按报告期末的功能货币汇率换算。

货币项目结算或换算产生的差额于损

益内确认。

结算或换算货币项目的差额于损益表

确认，惟特定作本集团海外业务投资

净额对冲部分的货币项目则除外。此

等项目于其他全面收入内确认入账，

直至出售投资净额为止，此时，累计

金额会重新分类至损益表。因该等货

币项目的汇兑差额录得的税项开支及

抵免亦于其他全面收入内入账。

以外币历史成本计量的非货币项目采

用首次交易日期的汇率换算。以外币

公平值计量的非货币项目按计量公平

值当日的汇率换算。换算按公平值计

量的非货币项目交易所产生的收益或

亏损与确认该项目公平值变动的盈亏

的处理方法一致（即于其他全面收益或

损益内确认公平值盈亏的项目的换算

差额，亦分别于其他全面收益或损益

内确认）。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Dividends

Final dividends are recognised as a liability when they have ben

aproved by the shareholders in a general meting. Proposed final

dividends are disclosed in the notes to the financial statements.

Interim dividends are simultaneously proposed and declared, because

the Company’s memorandum and articles of asociation grant the

directors the authority to declare interim dividends. Consequently,

interim dividends are recognised imediately as a liability when they

are proposed and declared.

Foreign curencies

These financial statements are presented in Hong Kong dolar, which

is the Company’s functional curency. Each entity in the Group

determines its own functional curency and items included in the

financial statements of each entity are measured using that functional

curency. Foreign curency transactions recorded by the entities in

the Group are initialy recorded using their respective functional

curency rates prevailing at the dates of the transactions. Monetary

asets and liabilities denominated in foreign curencies are translated

at the functional curency rates of exchange ruling at the end of the

reporting period. Diferences arising on setlement or translation of

monetary items are recognised in profit or los.

Diferences arising on setlement or translation of monetary items

are recognised in the statement of profit or los with the exception

of monetary items that are designated as part of the hedge of the

Group’s net investment of a foreign operation. These are recognised

in other comprehensive income until the net investment is disposed

of, at which time the cumulative amount is reclasified to the

statement of profit or los. Tax charges and credits atributable to

exchange diferences on those monetary items are also recorded in

other comprehensive income.

Non-monetary items that are measured in terms of historical cost

in a foreign curency are translated using the exchange rates at the

dates of the initial transactions. Non-monetary items measured at

fair value in a foreign curency are translated using the exchange

rates at the date when the fair value was measured. The gain or los

arising on translation of a non-monetary item measured at fair value

is treated in line with the recognition of the gain or los on a change

in fair value of the item (i.e. translation diference on the item whose

fair value gain or los is recognised in other comprehensive income

or profit or los is also recognised in other comprehensive income or

profit or los, respectively).

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25216

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

3.3 重大会计政策

（续）

外币（续）

于厘定首次确认与预付代价相关之非

货币资产或非货币负债于取消确认时

的有关资产、开支或收入之汇率时，

首次交易日期为本集团首次确认因预

付代价产生之非货币资产或非货币负

债之日期。倘存在多笔预付款项或预

收款项，则本集团会厘定每笔预付款

项或预收款项之交易日期。

若干于中国及海外成立的附属公司、

合营公司及联营公司的功能货币为港

元以外的货币。于报告期末，该等实

体的资产与负债按报告期末的现行汇

率换算为港元，而损益则按近似于交

易日期现行汇率换算为港元。所产生

的汇兑差额于其他全面收益内确认，

并累计入外汇波动储备，但倘差额

源自非控股权益，则不在此限。于出

售海外业务时，与该特定海外业务有

关的储备累计金额于损益确认。

收购海外业务产生的任何商誉被视为

海外业务的资产及按收市汇率换算。

就综合现金流量表而言，若干于中国

及海外成立的附属公司的现金流量乃

按现金流量当日的汇率换算为港元。

年内该等海外附属公司频繁产生的现

金流量乃按本年度的加权平均汇率换

算为港元。

3.3 MATERIAL ACOUNTING POLICIES (Continued)

Foreign curencies (Continued)

In determining the exchange rate on initial recognition of the related

aset, expense or income on the derecognition of a non-monetary

aset or non-monetary liability relating to an advance consideration,

the date of initial transaction is the date on which the Group initialy

recognises the non-monetary aset or non-monetary liability arising

from the advance consideration. If there are multiple payments or

receipts in advance, the Group determines the transaction date for

each payment or receipt of the advance consideration.

The functional curencies of certain subsidiaries, joint venture and

asociates established in the PRC and overseas are curencies other

than the Hong Kong dolar. As at the end of the reporting period, the

asets and liabilities of these entities are translated into Hong Kong

dolars at the exchange rates prevailing at the end of the reporting

period and their profits or loses are translated into Hong Kong

dolars at the exchange rates that aproximate to those prevailing

at the dates of the transactions. The resulting exchange diferences

are recognised in other comprehensive income and acumulated

in the exchange fluctuation reserve, except to the extent that the

diferences are atributable to non-controling interests. On disposal

of a foreign operation, the cumulative amount in the reserve relating

to that particular foreign operation is recognised in profit or los.

Any godwil arising on the acquisition of a foreign operation is

treated as an asets of the foreign operation and translated at the

closing rate.

For the purpose of the consolidated statement of cash flows, the cash

flows of certain subsidiaries established in the PRC and overseas are

translated into Hong Kong dolars at the exchange rates prevailing at

the dates of the cash flows. Frequently recuring cash flows of these

subsidiaries which arise throughout the year are translated into Hong

Kong dolars at the weighted average exchange rates for the year.

亚洲联合基建控股有限公司 2024/25年报217

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

4. 关键会计判断及估计

管理层编制本集团之财务报表时，须

作出会影响收益、支出、资产及负债

之呈报金额及其随同披露，以及或然

负债披露之判断、估计及假设。有关

假设及估计之不确定因素可导致管理

层须就未来受影响之资产或负债账面

值作出重大调整。

对财务报表所确认金额具有极重大影

响及导致资产及负债账面值于未来出

现重大调整之重大风险之主要判断、

估计及假设载列如下：

建筑合约

收益乃参照完成该履约责任的完成进

度于合约期内确认。进度乃基于对所

提供服务之价值的直接计量或对迄今

为止所完成的履约或工程的测量或参

考建筑合约之整体表现而获得的建筑

合约之最近可得财政预算，以及管理

层之最佳估计及判断而厘定。在得出

建筑合约之财政预算时，估计建筑收

益乃根据相关合约所载之条款厘定。

由于建筑行业之性质使然，管理层将

根据定期检讨合约工程进度、完成合

约的成本、合约修改、索偿、潜在延

期赔偿之财务影响及估计建筑收益对

建筑收益之金额作出调整（如适用）。

本集团根据建筑合约发生之最近期事

实及情况以及开展类似建筑工程之经

验定期评估建筑合约之可能结果。当

预测到建筑合约之结果会出现变动时，

本集团将调整预期于损益内确认之合

约收益。

4. SIGNIFICANT ACOUNTING JUDGEMENTS

AND ESTIMATES

The preparation of the Group’s financial statements requires

management to make judgements, estimates and asumptions that

afect the reported amounts of revenues, expenses, asets and liabilities,

and their acompanying disclosures, and the disclosure of contingent

liabilities. Uncertainty about these asumptions and estimates could

result in outcomes that could require a material adjustment to the

carying amounts of the asets or liabilities afected in the future.

The major judgements, estimates and asumptions that have the

most significant efect on the amounts recognised in the financial

statements and have a significant risk of causing a material

adjustment to the carying amounts of asets and liabilities in the

future are set out below:

Construction contracts

Revenue is recognised over the period of the contract by reference

to the progres towards completion of that performance obligation.

The progres is determined based on direct measurements of the

value of services delivered or surveys on the performance or work

completed to date or latest available financial budgets of the

construction contract with reference to the overal performance of

the construction contract, and management’s best estimates and

judgements. In developing the financial budget of a construction

contract, construction revenue is estimated in acordance with

the terms set out in the relevant contract. Because of the nature

of the construction industry, management wil make adjustments,

where apropriate, to the amounts of construction revenue based

on regular review of contract work progres, costs to complete the

contracts, the financial impact of contract variations, claims, potential

liquidated damages, and estimated construction revenue.

The Group regularly aseses the posible outcome of construction

contracts based on latest facts and circumstances ocured in the

construction contracts, and past experience in conducting similar

construction work. When there is a change in the expected outcome

of construction contracts, the Group wil adjust the amounts of

contract revenue to be recognised in profit or los prospectively.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25218

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

4. SIGNIFICANT ACOUNTING JUDGEMENTS

AND ESTIMATES (Continued)

Determining the method to estimate variable

consideration and asesing the constraint for

construction work

The Group seks to colect claims from customers as reimbursement

of costs and margins for scope of works not included in the original

construction contract, which give rise to variable consideration. The

Group has determined that the most likely amount method is the

apropriate method to use in estimating the variable consideration for

claims in construction work, given there is a wide range of posible

outcomes which are subject to negotiations with third parties.

Before including any amount of variable consideration in the

transaction price, the Group considers whether the amount of

variable consideration is constrained by considering its historical

experience, curent negotiations with customers and the curent

economic conditions.

Determination of net realisable value of land held

for property development

Land held for property development are stated at the lower of cost

and net realisable value. The net realisable value is the estimated

seling price (based on the direct comparison method) les estimated

seling expenses and estimated cost of completion (if any), which

are determined based on best available information and valuation

performed by independent profesional valuers. Where there are

any unfavourable changes in the estimated seling price, estimated

seling expenses and/or estimated cost of completion arising from any

changes to the property market conditions in Hong Kong and the

UAE, los may be recognised in profit or los of the Group.

4. 关键会计判断及估计

（续）

厘定估算可变代价及评估建筑

工程限制之方法

本集团会寻求向客户收取索偿款项，

作为原建筑合约以外工程范围之成本

及利润之补偿款项，因而会产生可变

代价。鉴于存在多种需要与第三方磋

商之可能结果，故本集团厘定预期价

值法乃用于估算建筑服务索偿可变代

价之适当方法。

于将任何数额之可变代价纳入交易价

格之前，本集团会计及其过往经验、

与客户之当前磋商情况及当前经济状

况，考虑可变代价之金额是否受到限制。

厘定持作物业发展之土地之可

变现净值

持作物业发展之土地乃按成本或可变

现净值（以较低者为准）入账。可变现

净值乃以估计售价（按直接比较法计算）

减估计销售开支及估计竣工成本（如有）

计算，并根据最可靠之资料及独立专

业估值师作出之估值厘定。倘香港及

阿联酋之物业市场状况发生任何改变

导致估计售价、估计销售开支及╱或

估计竣工成本出现不利变动，可能会

于本集团损益内确认亏损。

亚洲联合基建控股有限公司 2024/25年报219

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

4. 关键会计判断及估计

（续）

商誉减值

本集团每年至少进行一次评估以厘定

商誉是否减值。这要求对获分配商誉

之现金产生单位（或现金产生单位组别）

之可收回金额进行估计。本集团须评

估其现金产生单位（或现金产生单位组

别）预期未来现金流量以估计可收回金

额，并选择合适的贴现率作为计算该

等现金流量的现值。于2025年3月31

日之综合财务状况表内列账为资产之

商誉账面值为216,452,000港元（2024

年：194,485,000港元），有关详情载

于财务报表附注17。

所得税

于2025年3月31日，综合财务状况表

中已确认与未使用税项亏损有关之递

延税项资产17,251,000港元（2024年：

17,251,000港元），而于2025年3月

31日，由于未能预测未来溢利之来源，

故并无就1,956,907,000港元（2024

年：1,370,838,000港元）之税项亏损

确认为递延税项资产（附注32(a)）。变

现递延税项资产主要视乎日后有否足

够的未来溢利或应课税暂时性差额而

定。倘实际产生之未来溢利少于或多

于预期，则可能引致对递延税项资产

作重大拨回或进一步确认，并于拨回

或确认发生期间于损益内确认。

4. SIGNIFICANT ACOUNTING JUDGEMENTS

AND ESTIMATES (Continued)

Impairment of godwil

The Group determines whether godwil is impaired at least on an

anual basis. This requires an estimation of the recoverable amount

of the cash-generating unit (or group of cash-generating units) to

which the godwil is alocated. Estimating the recoverable amount

requires the Group to make an estimate of the expected future cash

flows from the cash-generating unit (or group of cash-generating

units) and also to chose a suitable discount rate in order to

calculate the present value of those cash flows. The carying amount

of godwil caried as an aset in the consolidated statement of

financial position as at 31 March 2025 was HK$216,452,000 (2024:

HK$194,485,000), details of which are set out in note 17 to the

financial statements.

Income tax

At 31 March 2025, defered tax asets of HK$17,251,000 (2024:

HK$17,251,000) in relation to unused tax loses have ben

recognised in the consolidated statement of financial position

whereas a defered tax aset has not ben recognised in respect of

tax loses of HK$1,956,907,000 (2024: HK$1,370,838,000) as at 31

March 2025 due to the unpredictability of future profit streams (note

32(a). The realisability of the defered tax asets mainly depends on

whether suficient future profits or taxable temporary diferences wil

be available in the future. In cases where the actual future profits

generated are les or more than expected, a material reversal or

further recognition of defered tax asets may arise, which would be

recognised in profit or los for the period in which such a reversal or

recognition takes place.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25220

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

5. 经营分部资料

就管理目的而言，本集团的经营业务

乃按其营运性质及所提供产品和服务

分开组织及管理。本集团旗下各经营

分部均为提供产品和服务的策略业务

单位，各产品和服务所承受风险及回

报有别于其他经营分部。

本集团之主要营运决策者为本公司执

行董事及若干高级管理层（统称为「主

要营运决策者」）。就主要营运决策者

评估表现及分配资源而言，本集团之

业务活动分类为以下五个可呈报经营

分部：

•建筑服务—主要在香港提供

土木工程、机电

工程、地基及楼

宇建筑方面之工

程及咨询服务

•物业发展及

资产租赁

—在香港、中国内

地及阿联酋进行

发展及出售物业

以及租赁资产

•专业服务—在香港提供保

安、隧道管理、

物业管理及其他

设施管理服务

•非专营巴士

服务

—在香港提供非专

营巴士服务

•医疗科技与

健康

—在香港生产及销

售正电子扫描放

射性药物以作医

疗用途

分部收益及业绩

分部业绩指各分部所产生之溢利，经

扣除各分部直接应占之行政开支，而

并无分配企业开支、利息收入、出售

分类为持作销售之非流动资产之收益、

非租赁相关的融资成本及未分配租赁

负债之利息。此为向主要营运决策者

就资源分配及表现评核作报告之计量

基准。

5. OPERATING SEGMENT INFORMATION

For management purposes, the Group’s operating busineses are

structured and managed separately acording to the nature of their

operations and the products and services they provide. Each of the

Group’s operating segments represents a strategic busines unit that

ofers products and services which are subject to risks and returns

that are diferent from those of the other operating segments.

The chief operating decision maker of the Group has ben identified

as the executive directors of the Company and certain senior

management (colectively refered to as the “CODM”). For the

purpose of performance asesment and resource alocation by the

CODM, the Group’s busines activities are categorised under the

folowing five reportable operating segments:

•Construction services—provision of construction and

consultancy services in areas of civil

enginering, electrical and mechanical

enginering, foundation and building

construction mainly in Hong Kong

•Property development

and asets leasing

—development and sale of

properties, and leasing of asets in

Hong Kong, Mainland China and

the UAE

•Profesional services—provision of security, tunel

management, property management

and other facility management

services in Hong Kong

•Non-franchised bus

services

—provision of non-franchised bus

services in Hong Kong

•Medical technology

and healthcare

—production and sale of PET

radiopharmaceuticals for medical

use in Hong Kong

Segment revenue and results

Segment results represent the profit generated from each segment,

net of administrative expenses directly atributable to each segment

without alocation of corporate expenses, interest income, gain on

disposal of non-curent asets clasified as held for sale, non-lease-

related finance costs and interest on unalocated lease liabilities. This

is the measure reported to the CODM for the purposes of resource

alocation and performance asesment.

	Construction services	Property development and assets leasing	Professional services	Non- franchised bus services	Medical technology and healthcare	Total
	建筑服务	物业发展及资产租赁	专业服务	非专营巴士服务	医疗科技与健康	总额
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元
	7,883,245	–	1,125,841	–	45,920	9,055,006
	–	–	6,333	–	–	6,333
	7,883,245	–	1,132,174	–	45,920	9,061,339
(6,333)
9,055,006
						52,399	(26,953)	15,639	6,674	11,578	59,337
26,619
(103,846)
(211,823)
(229,713)
(26,225)
(255,938)
							(470)	–	–	–	–	(470)
	4,398	12,206	–	6,674	–		23,278
	(24,597)	(1,484)	(4,098)	–	(1,046)		(31,225)
	(24,649)	(4,693)	(6,007)	–	(1,894)		(37,243)
(370)
	(24,649)	(4,693)	(6,007)	–	(1,894)		(6,247)	–	3,359	–	–	(2,888)
	75	–	–	–	–		75
	–	(30,824)	–	–	–	(30,824)

亚洲联合基建控股有限公司 2024/25年报221

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

5. 经营分部资料

（续）

分部收益及业绩（续）

本集团按可呈报经营分部划分之收益

及业绩分析如下：

截至2025年3月31日止年度

5. OPERATING SEGMENT INFORMATION

(Continued)

Segment revenue and results (Continued)

The folowing is an analysis of the Group’s revenue and results by

reportable operating segment:

Year ended 31 March 2025

(

Construction services	Property development and assets leasing	Professional services	Non- franchised bus services	Medical technology and healthcare	Total
建筑服务	物业发展及资产租赁	专业服务	非专营巴士服务	医疗科技与健康	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25222

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

5. 经营分部资料

（续）

分部收益及业绩（续）

截至2024年3月31日止年度

，于

2023年3月31日分类为持作销售之一间出

售集团相关的物业、机器及设备之折旧及

使用权资产之折旧，分别为340,000港元

及220,000港元。

5. OPERATING SEGMENT INFORMATION

(Continued)

Segment revenue and results (Continued)

Year ended 31 March 2024

Segment revenue (note 6):分部收益（附注6）：

Sales to external customers向外部客户销售7,886,708–852,700–39,6098,779,017

Intersegment sales分部间销售–5,662–5,662

7,886,708–858,362–39,6098,784,679

Reconciliation:对账：

Elimination of intersegment sales分部间销售之抵销(5,662)

8,779,017

Segment results分部业绩306,178(12,793)(27,000)5,40010,632282,417

Interest income利息收入20,239

Gain on disposal of non-curent asets clasified

as held for sale

出售分类为持作销售之

非流动资产之收益81,855

Corporate and other unalocated expenses企业及其他未分配开支(88,887)

Finance costs (other than interest on

segment lease liabilities)

融资成本（分部之租赁

负债利息除外）(197,828)

Profit before tax除税前溢利97,796

Income tax所得税(11,982)

Profit for the year本年度溢利85,814

Other segment information:其他分部资料：

Share of los of a joint venture应占一间合营公司亏损(5,093)–(5,093)

Share of profits and loses of asociates应占联营公司溢利及亏损2,5078,245–5,400–16,152

— unalocated asets— 未分配资产(367)

15,785

Depreciation of property, plant and equipment物业、机器及设备之折旧(29,553)(1,524)(5,625)–(1,118)(37,820)

Depreciation of right-of-use asets使用权资产之折旧(21,988)(4,693)(7,791)–(2,283)(36,755)

Amortisation of intangible asets — unalocated

asets

无形资产之摊销－未分配资产

(370)

(Los)/gain on disposal of property, plant and

equipment, net

出售物业、机器及设备之

（亏损）╱收益净额(161)–1,292–1,131

Impairment of other receivables其他应收款项之减值–(10,040)–(10,040)

Write-of of prepayments, deposits and

other receivables

预付款项、按金及其他应收款项

之撇账(8,927)–(8,927)

— unalocated asets— 未分配资产(5,514)

(14,441)

, depreciation of property, plant and

equipment and depreciation of right-of-use asets included amounts of

HK$340,000 and HK$220,000, respectively, asociated with a disposal group

clasified as held for sale as at 31 March 2023.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
674,494
188,125
163,535
107,943
1,134,097

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
6,141,318
493,495
6,634,813

亚洲联合基建控股有限公司 2024/25年报223

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

5. 经营分部资料

（续）

分部资产及负债

由于主要营运决策者并非定期审阅有

关分部资产及负债的资料，故不作披露。

地区资料

(a) 来自外部客户之收益

于截至2025年及2024年3月31

日止之各年度内，超过90%之收

益来自香港，故来自外部客户之

收益之地区资料不作呈列。

(b) 非流动资产

上述披露之非流动资产资料乃根

据资产（不包括商誉、于一项保

险合约之投资、按金及其他应收

款项及递延税项资产）所在地而

作出分类。

有关一名主要客户之资料

于截至2025年及2024年3月31日止各

年度来自为本集团贡献收益达10%以

上的一名外部客户的收益摘要载列如

下：

5. OPERATING SEGMENT INFORMATION

(Continued)

Segment asets and liabilities

Information about segment asets and liabilities is not disclosed as it

is not regularly reviewed by the CODM.

Geographical information

(a) Revenue from external customers

No geographical information of revenue from external

customers is presented as more than 90% of revenue during

each of the years ended 31 March 2025 and 2024 was derived

from Hong Kong.

(b) Non-curent asets

The non-curent aset information disclosed above is based on

the locations of the asets and excludes godwil, investment

in an insurance contract, deposits and other receivables and

defered tax asets.

Information about a major customer

A sumary of revenue earned from an external customer, which

contributed more than 10% of the Group’s revenue for each of the

years ended 31 March 2025 and 2024, is set out below:

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
9,055,006

Segments
分部
	Construction services	Professional services	Medical technology and healthcare	Total
	建筑服务	专业服务	医疗科技与健康	总额
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元
	7,774,949	–	–	7,774,949
	108,296	–	–	108,296
	–	–	45,920	45,920
	–	1,125,841	–	1,125,841
	7,883,245	1,125,841	45,920	9,055,006
	7,733,559	1,125,841	45,920	8,905,320
	149,686	–	–	149,686
	7,883,245	1,125,841	45,920	9,055,006
	–	–	45,920	45,920
	7,883,245	1,125,841	–	9,009,086
	7,883,245	1,125,841	45,920	9,055,006

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25224

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

6. 营业额

本集团之营业额分析如下：

附注：

(a) 营业额之分拆资料

截至2025年3月31日止年度

6. REVENUE

An analysis of the Group’s revenue is as folows:

Notes:

(a) Disagregated revenue information

Year ended 31 March 2025

Segments
分部
	Construction services	Professional services	Medical technology and healthcare	Total
	建筑服务	专业服务	医疗科技与健康	总额
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元

亚洲联合基建控股有限公司 2024/25年报225

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

6. 营业额

（续）

附注：（续）

(a) 营业额之分拆资料（续）

截至2024年3月31日止年度

6. REVENUE (Continued)

Notes: (Continued)

(a) Disagregated revenue information (Continued)

Year ended 31 March 2024

Type of gods or services货品或服务类型

Construction work建筑工程7,781,416–7,781,416

Rendering of construction-related

consultancy services

提供建筑相关咨询服务

105,292–105,292

Sale of gods销售货品–39,60939,609

Rendering of security, tunel management,

property management and other facility

management services

提供保安、隧道管理、

物业管理及其他设施

管理服务–852,700–852,700

Total revenue from contracts with customers来自客户合约之收益总额7,886,708852,70039,6098,779,017

Geographical market地区市场

Hong Kong香港7,738,535852,70039,6098,630,844

Other jurisdictions其他司法权区148,173–148,173

Total revenue from contracts with customers来自客户合约之收益总额7,886,708852,70039,6098,779,017

Timing of revenue recognition收益确认时间

Gods transfered at a point in time于时间点转移货品–39,60939,609

Services transfered over time随时间转移服务7,886,708852,700–8,739,408

Total revenue from contracts with customers来自客户合约之收益总额7,886,708852,70039,6098,779,017

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
264,545
305,768

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25226

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

6. 营业额

（续）

附注：（续）

(a) 营业额之分拆资料（续）

下表列示于本报告期内确认之收益金额，

该等金额已计入报告期初之合约负债及从

先前期间已达成之履约责任中确认：

(b) 履约责任

有关本集团之客户合约履约责任资料概述

如下：

建筑工程

履约责任随提供服务时间而达成，且款项

一般于自开具账单日期起计一个月内到期

支付。客户会保留一定比例之付款直至保

固期结束，因为本集团收取最终付款之权

利取决于客户在合约规定之一段时间内是

否对服务质量感到满意。

提供建筑相关咨询服务

履约责任随服务提供的时间而达成，而付

款一般自开具账单日期起计30日内到期

支付。

6. REVENUE (Continued)

Notes: (Continued)

(a) Disagregated revenue information (Continued)

The folowing table shows the amounts of revenue recognised in the curent

reporting period that were included in the contract liabilities at the begining of

the reporting period and recognised from performance obligations satisfied in

previous periods:

(b) Performance obligations

Information about the Group’s performance obligations in contracts with

customers is sumarised below:

Construction work

The performance obligation is satisfied over time as services are rendered and

payment is generaly due within one month from the date of biling. A certain

percentage of payment is retained by customers until the end of the retention

period as the Group’s entitlement to the final payment is conditional on the

satisfaction of the service quality by the customers over a certain period as

stipulated in the contracts.

Rendering of construction-related consultancy services

The performance obligation is satisfied over time when the services are rendered

and payment is generaly due within 30 days from the date of biling.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
7,886,973
12,938,615
20,825,588

亚洲联合基建控股有限公司 2024/25年报227

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

6. 营业额

（续）

附注：（续）

(b) 履约责任（续）

销售货品

履约责任乃于转移已售货品之控制权之时

间点达成，且通常需要提前付款。

提供保安、隧道管理、物业管理及其他设

施管理服务

履约责任随服务提供的时间而达成，而付

款一般自开具账单日期起计30日内到期

支付。

于3月31日，向余下履约责任（未达成或

部分未达成）分配之交易价格金额如下：

分配至预期于一年后确认之余下履约责任

的交易价格金额涉及将于两至五年内达成

之建筑工程。预期分配至余下履约责任的

所有其他交易价格金额将于一年内确认为

收益。上述所披露之金额不包括受到限制

之可变代价。

附注：本集团已将香港财务报告准则第

15号内可行的权宜方法应用于来

自提供保安、隧道管理、物业管理

及其他设施管理服务所得收益，从

而并无披露本集团现有合约项下之

余下履约责任，原因为本集团按其

有权自客户收取直接对应至今已完

成实体履约之客户价值的代价金额

确认达致履约责任产生之收益。此

外，就原预期限为一年或以内之

预期将确认为收益之履约责任的所

有其他合约而言，根据香港财务报

告准则第15号，分配至该等未完

成合约的交易价格可不作披露。

6. REVENUE (Continued)

Notes: (Continued)

(b) Performance obligations (Continued)

Sale of gods

The performance obligation is satisfied at a point in time upon transfer of the

control of gods sold and payment in advance is normaly required.

Rendering of security, tunel management, property management and

other facility management services

The performance obligation is satisfied over time when the services are rendered

and payment is generaly due within 30 days from the date of biling.

The amounts of transaction prices alocated to the remaining performance

obligations (unsatisfied or partialy unsatisfied) as at 31 March are as folows:

The amounts of transaction prices alocated to the remaining performance

obligations which are expected to be recognised after one year relate to

construction work, of which the performance obligations are to be satisfied

in two to five years. Al the other amounts of transaction prices alocated

to the remaining performance obligations are expected to be recognised as

revenue within one year. The amounts disclosed above do not include variable

consideration which is constrained.

Note: The Group has aplied the practical expedient in HKFRS 15 to its

revenue from the provision of security, tunel management, property

management and other facility management services for not disclosing

the remaining performance obligations under the Group’s existing

contracts as the Group recognises revenue from the satisfaction of the

performance obligation in the amount to which the Group has a right to

consideration from a customer that coresponds directly with the value to

the customer of the entity’s performance completed to date. In adition,

for al other contracts in which the performance obligations are expected

to be recognised as revenue with an original expected duration of one

year or les, the transaction price alocated to these unsatisfied contracts

is not disclosed as permited under HKFRS 15.

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
26,619
478
–
324
6,275
214
5,064
38,974
1,110
–
–
75
–
–
–
–
–
753
–
1,938
40,912

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25228

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

, NET

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
193,870
2,406
196,276
18,426
214,702
(1,178)
213,524

亚洲联合基建控股有限公司 2024/25年报229

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

7. 其他收入及收益净额

（续）

附注：

(i) 该款项指根据香港防疫抗疫基金及其他支

援计划收到的补贴。有关该等资助的所有

条件均已达成。

(i) 于2023年1月30日，本集团与一名独

立第三方订立一份临时买卖协议出售使

用权资产项下的一幅租赁土地，代价为

93,750,000港元。

该使用权资产于2023年3月31日被分类

为持作销售之非流动资产。该交易已于

2023年4月28日完成。而就该交易，收益

约81,855,000港元已于截至2024年3月31

日止年度内确认。

该交易的进一步详情载于本公司日期为

2023年1月30日的公告。

8. 融资成本

本集团之融资成本分析如下：

，于

2023年3月31日分类为持作销售之一间出

售集团相关的银行借款及租赁负债之利息，

分别为2,023,000港元及6,000港元。

7. OTHER INCOME AND GAINS, NET (Continued)

Notes:

(i) The amount represented subsidies received under the Anti-epidemic Fund and

other suport scheme in Hong Kong. Al conditions relating to these grants have

ben fulfiled.

(i) On 30 January 2023, the Group entered into a provisional sale and purchase

agrement with an independent third party for disposal of a leasehold land under

right-of-use asets at the consideration of HK$93,750,000.

The right-of-use aset was clasified as a non-curent aset clasified as held for

sale as at 31 March 2023. The transaction was completed on 28 April 2023. As

a result of the transaction, a gain of HK$81,855,000 was recognised during the

year ended 31 March 2024.

Further details of the transaction were set out in the Company’s anouncement

dated 30 January 2023.

8. FINANCE COSTS

An analysis of the Group’s finance costs is as folows:

, interest on bank borowings and lease

liabilities included amounts of HK$2,023,000 and HK$6,000, respectively,

asociated with a disposal group clasified as held for sale as at 31 March 2023.

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
7,507,668
77,134
19,551
1,053,999
31,225
(24,159)
7,066
37,243
(12,879)
24,364
370
105,361
(102,676)
2,685
5,326

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25230

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

（亏损）╱溢利

本集团之除税前（亏损）╱溢利已扣

除╱（计入）下列各项：

，于

2023年3月31日分类为持作销售之一间出

售集团相关的物业、机器及设备之折旧及

使用权资产之折旧，分别为340,000港元

及220,000港元。

/PROFIT BEFORE TAX

The Group’s (los)/profit before tax is arived at after charging/

(crediting):

, depreciation of property, plant and

equipment and depreciation of right-of-use asets included amounts of

HK$340,000 and HK$220,000, respectively, asociated with a disposal group

clasified as held for sale as at 31 March 2023.

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
2,173,997
540
(226)
314
2,548
(6,113)
(3,565)
67,358
2,238,104
(1,955,143)
282,961
(1,110)
12
331
2,888
4,422
30,824
–
–

亚洲联合基建控股有限公司 2024/25年报231

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

（亏损）╱溢利

（续）

* 概无本集团作为雇主可使用之没收供款以

降低现有供款水平。

/PROFIT BEFORE TAX (Continued)

* There is no forfeited contribution that may be used by the Group as the employer

to reduce the existing level of contributions.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25232

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

（亏损）╱溢利

（续）

附注：于截至2021年3月31日止年度内，本集

团与一间附属公司（「相关附属公司」）之两

名董事（其中一名为本公司的执行董事）及

六名雇员订立协议。根据协议，如达成若

干表现之条件，本集团将在4至8年的归

属期内以总代价7,865,000港元向该董事

及雇员分5次等额出售相关附属公司合共

16.25%的股权（即162,500股份）（「相关

股权」）。

相关附属公司之相关股权于授出日期的

公平值估计为30,623,000港元，因此，其

公平值与所收╱应收代价之间的差额为

22,758,000港元，应于4至8年的归属期

以股本结算之以股份为基础付款开支于损

益内作摊销。

于本年度内，于损益确认的相关附属公

司权益金额为2,548,000港元（2024年：

4,200,000港元）。截至2025年3月31日

止年度内，相关附属公司股权的2.8%（即

28,000股份）（2024年：2.75%股权（即

27,500股份）已失效，金额为3,446,000

港元（2024年：2,434,000港元）。

于2025年3月31日，相关附属公司未能达

到截至2025年3月31日止第2个归属期的

表现条件，因此，相关附属公司的1.60%

股权（即16,000股份）（2024年：2.3%

股权（即23,000股份）已失效，于过往

年度已确认的以股本结算之以股份为基

础付款开支共2,667,000港元（2024年：

3,698,000港元）已计入年内损益。

于2025年3月31日，有4.8%股权（即

48,000股份）（2024年：9.2%股权（即

92,000股份）可供收购。

公平值计量披露

上述附属公司的股权（一项非上市股本投

资）之公平值乃参考仲量联行企业评估及

咨询有限公司（于香港注册的独立专业合

资格估值师）根据并非由可观察市价或利

率支持的假设采用市场估值技术进行之估

值而厘定。

上述附属公司股权于授出日期的公平值乃

经参考以现金流量预测计算的使用价值（以

高级管理层所批准涵盖五年期的财务预

测为基准）厘定。存续期内所使用的增长

率为2%，而用于现金流量预测的贴现率

14.6%为除税前，并反映有关网上采购建

筑材料业务的特定风险。25%的市场化贴

现应用于非上市股本投资相应的股权价值

以计量公平值。

/PROFIT BEFORE TAX (Continued)

Note: During the year ended 31 March 2021, the Group has entered into agrements

with two directors (one of which is an executive director of the Company)

and six employes of a subsidiary (the “Relevant Subsidiary”). Pursuant to the

agrements, subject to the fulfilment of certain performance conditions, the

directors and employes shal acquire a total of 16.25% equity interest (i.e.

162,500 shares) (the “Relevant Interest”) in the Relevant Subsidiary from the

Group at a total consideration of HK$7,865,000 in 5 equal tranches over vesting

periods of 4 to 8 years.

The fair value of the Relevant Interest of the Relevant Subsidiary as at the grant

date was asesed to be HK$30,623,000, and therefore the diference betwen

its fair value and the consideration received/receivable, which amounted to

HK$22,758,000, shal be amortised as equity-setled share-based payment

expense in profit or los over the vesting period of 4 to 8 years.

During the year, the amount of the Relevant Subsidiary Interest recognised in

profit or los amounted to HK$2,548,000 (2024: HK$4,200,000). There were

2.8% equity interest (i.e. 28,000 shares) (2024: 2.75% equity interest (i.e.

27,500 shares) of the Relevant Subsidiary amounted to HK$3,446,000 (2024:

HK$2,434,000) lapsed during the year ended 31 March 2025.

As at 31 March 2025, the Relevant Subsidiary did not fulfil the performance

condition for the 2nd vesting period ended 31 March 2025. Therefore, 1.60%

equity interest (i.e. 16,000 shares) (2024: 2.3% equity interest (i.e. 23,000

shares) of the Relevant Subsidiary was lapsed, and there are amounting

HK$2,667,000 (2024: HK$3,698,000) equity-setled share-based payment

expenses which have ben recognised in previous year is being credited to the

profit or los during the year.

As at 31 March 2025, there were 4.8% equity interest (i.e. 48,000 shares) (2024:

9.2% equity shares, i.e. 92,000 shares) available to acquire.

Fair value measurement disclosure

The fair value of the aforementioned equity interest of the subsidiary (an unlisted

equity investment) was determined with reference to a valuation performed by

Jones Lang LaSale Corporate Apraisal and Advisory Limited, an independent

profesionaly qualified valuer registered in Hong Kong, using a market-based

valuation technique, based on asumptions that are not suported by observable

market prices or rates.

The fair value of the aforementioned equity interest of the subsidiary as at the

grant date has ben determined with reference to a value in use calculation

using cash flow projections, which were based on a financial forecast aproved

by senior management covering a five-year period. A growth rate of 2% is used

for the perpetual period and the discount rate of 14.6% aplied to the cash

flow projections is pre-tax and reflects specific risks relating to the construction

material e-procurement busines. A marketability discount of 25% is aplied to

the coresponding equity value of the unlisted equity investment to measure the

fair value.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
1,380
12,630
255
(121)
134
863
(1,166)
(303)
183
12,644
14,024

亚洲联合基建控股有限公司 2024/25年报233

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

10. 董事薪酬

根据联交所证券上市规则（「上市规

则」）、香港公司条例第383(1)(a)、(b)、

(c)及(f)条及公司（披露董事利益资料）

规例第2部，本年度之董事薪酬披露

如下：

10. DIRECTORS’ REMUNERATION

Directors’ remuneration for the year, disclosed pursuant to The

Rules Governing the Listing of Securities on the Stock Exchange (the

“Listing Rules”), section 383(1)(a), (b), (c) and (f) of the Hong Kong

Companies Ordinance and Part 2 of the Companies (Disclosure of

Information about Benefits of Directors) Regulation, is as folows:

Fees	Salaries, allowances and benefits in kind	Equity-settled share option expense	Other equity-settled share-based payment expense	Retirement benefit scheme contributions	Total
袍金	薪金、津贴及实物福利	以股本结算之购股权开支	其他以股本结算之以股份为基础付款开支	退休福利计划供款	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
–	3,168	44	–	18	3,230
–	3,001	44	–	60	3,105
–	4,405	44	(303)	60	4,206
–	2,056	(88)	–	45	2,013
–	12,630	44	(303)	183	12,554
230	–	15	–	–	245
230	–	15	–	–	245
460	–	30	–	–	490
230	–	15	–	–	245
230	–	15	–	–	245
230	–	15	–	–	245
230	–	15	–	–	245
920	–	60	–	–	980
1,380	12,630	134	(303)	183	14,024

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25234

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

10. 董事薪酬

（续）

以具名方式作出之董事薪酬分析如下：

截至2025年3月31日止年度

10. DIRECTORS’ REMUNERATION (Continued)

An analysis of the directors’ remuneration, on a named basis, is as

folows:

Year ended 31 March 2025

Fees	Salaries, allowances and benefits in kind	Equity-settled share option expense	Other equity-settled share-based payment expense	Retirement benefit scheme contributions	Total
袍金	薪金、津贴及实物福利	以股本结算之购股权开支	其他以股本结算之以股份为基础付款开支	退休福利计划供款	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元

亚洲联合基建控股有限公司 2024/25年报235

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

10. 董事薪酬

（续）

截至2024年3月31日止年度

于2024年12月31日辞任执行董事

10. DIRECTORS’ REMUNERATION (Continued)

Year ended 31 March 2024

Executive directors:执行董事：

Pang Yat Ting, Dominic彭一庭–4,69493–184,805

Xu Jianhua, Jery徐建华–4,12893–604,281

Pang Yat Bond, Derick彭一邦–6,6969380606,929

Shea Chun Lok, Quadrant佘俊乐–3,47993–603,632

–18,9973728019819,647

Non-executive directors:非执行董事：

Wong Wendy Dick Ye黄廸怡230–31–261

Yim Yuk Lun, Stanley严玉麟230–31–261

460–62–522

Independent non-executive directors:独立非执行董事：

Wu Wiliam Wai Leung胡伟亮230–31–261

Lam Yau Fung, Curt林右烽230–31–261

Ho Gilbert Chi Hang何智恒230–31–261

Yen Gordon严震铭230–31–261

920–124–1,044

Total总额1,38018,9975588019821,213

Resigned as an executive director on 31 December 2024

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
11,269
78
11,347

Number of employees
雇员人数
	2025	2024
2
–
1
3

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25236

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

10. 董事薪酬

（续）

附注：

(a) 根据本公司购股权计划及一项其他安排，

若干董事已于本年度及过往年度就彼等为

本集团所提供的服务拥有与本集团以股份

为基础付款交易，其进一步详情分别载于

财务报表附注34、35及9。该等于归属期

在损益内确认的以股份为基础付款交易之

公平值已于相关授出日期厘定，而于本年

度计入财务报表的金额已载入上述董事薪

酬披露内。

(b) 于本年度内，并无任何安排让董事据此放

弃或同意放弃任何薪酬（2024年：无）。

11. 五名最高薪酬雇员

于本年度内，五名最高薪酬雇员包括

本公司两名（2024年：四名）董事，其

薪酬详情载于上文附注10。年内三名

（2024年：一名）非董事最高薪酬雇员

之薪酬详情如下：

酬金介乎下列范围内之非董事最高薪

酬雇员之人数如下：

10. DIRECTORS’ REMUNERATION (Continued)

Notes:

(a) Certain directors had share-based payment transactions with the Group in the

curent and prior years, in respect of their services to the Group, under the share

option scheme of the Company and another arangement, further details of

which are set out in notes 34, 35 and 9 to the financial statements, respectively.

The fair values of these share-based payment transactions, which have ben

recognised in profit or los over the vesting period, was determined as at the

respective dates of grant and the amount included in the financial statements for

the curent year is included in the above directors’ remuneration disclosures.

(b) There was no arangement under which a director waived or agred to waive any

remuneration during the year (2024: Nil).

11. FIVE HIGHEST PAID EMPLOYES

The five highest paid employes during the year included two (2024:

four) directors of the Company, details of whose emoluments are

set out in note 10 above. Details of the remuneration for the year of

thre (2024: one) non-director highest paid employes is as folows:

The number of non-director highest paid employes whose

remuneration fel within the folowing bands is as folows:

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
34,272
(12,145)
22,127
976
3,503
(381)
26,225

亚洲联合基建控股有限公司 2024/25年报237

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

12. 所得税

本集团之所得税分析如下：

附注：

(a) 香港利得税乃按本年度内在香港产生之估

计应课税溢利以16.5%（2024年：16.5%）

计提拨备，惟本集团一间附属公司除外，

该公司为符合两级制利得税率制度的实体。

该附属公司首2,000,000港元（2024年：

2,000,000港元）的应课税溢利按8.25%缴

付，余下应课税溢利则按16.5%缴付。就

其他地区应课税溢利缴付之税项，乃根据

本集团经营之司法权区之现行税率计算。

12. INCOME TAX

An analysis of the Group’s income tax is as folows:

Notes:

(a) Hong Kong profits tax has ben provided at the rate of 16.5% (2024: 16.5%)

on the estimated asesable profits arising in Hong Kong during the year, except

for one subsidiary of the Group which is a qualifying entity under the two-

tiered profits tax rates regime. The first HK$2,000,000 (2024: HK$2,000,000)

of the asesable profits of this subsidiary is taxed at 8.25% and the remaining

asesable profits are taxed at 16.5%. Taxes on profits asesable elsewhere have

ben calculated at the rates of tax prevailing in the jurisdictions in which the

Group operates.

10. 董事薪酬

（续）

附注：

(a) 根据本公司购股权计划及一项其他安排，

若干董事已于本年度及过往年度就彼等为

本集团所提供的服务拥有与本集团以股份

为基础付款交易，其进一步详情分别载于

财务报表附注34、35及9。该等于归属期

在损益内确认的以股份为基础付款交易之

公平值已于相关授出日期厘定，而于本年

度计入财务报表的金额已载入上述董事薪

酬披露内。

(b) 于本年度内，并无任何安排让董事据此放

弃或同意放弃任何薪酬（2024年：无）。

11. 五名最高薪酬雇员

于本年度内，五名最高薪酬雇员包括

本公司两名（2024年：四名）董事，其

薪酬详情载于上文附注10。年内三名

（2024年：一名）非董事最高薪酬雇员

之薪酬详情如下：

酬金介乎下列范围内之非董事最高薪

酬雇员之人数如下：

	2025		2024
	HK$’000	%	HK$’000	%
	千港元		千港元
(229,713)
	(40,352)	17.6
	(5,000)	2.2
	(21,978)	9.5
	11,481	(5.0)
	(12,145)	5.3
	114,687	(49.9)
	(20,468)	8.9
	–	–
	26,225	(11.4)

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25238

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

12. 所得税

（续）

附注：（续）

(b) 按法定税率计算之除税前（亏损）╱溢利适

用税项（抵免）╱开支与按本集团实际税率

计算之税项开支之对账如下：

支柱二所得税

于2021年12月，经济合作暨发展组织

（「经合组织」）颁布支柱二示范规则，

又称全球反税基侵蚀提案（「GloBE」），

以改革国际企业税。

本集团属经合组织支柱二示范规则范

围内。于本报告日期，支柱二法例已

于本集团经营所在的若干司法管辖区

颁布或实质颁布，包括马来西亚、新

加坡、阿联酋及香港。预计新制度将

于2025年4月1日开始的本集团财政

年度生效。

12. INCOME TAX (Continued)

Notes: (Continued)

(b) A reconciliation of the tax (credit)/expense aplicable to (los)/profit before tax at

the statutory tax rates to the tax expense at the Group’s efective tax rate is as

folows:

Pilar Two income taxes

In December 2021, the Organisation for Economic Co-operation and

Development (“OECD”) released the Pilar Two model rules, also

known as the Global Anti-Base Erosion Proposal (“GloBE”), to reform

international corporate taxation.

The Group is within the scope of the OECD Pilar Two model rules.

As of the reporting date, Pilar Two legislation has ben enacted

or substantively enacted in certain jurisdictions in which the Group

operates, including Malaysia, Singapore, UAE and Hong Kong. It is

expected that the new regime wil come into efect for the Group’s

financial year begining on 1 April 2025.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
–

亚洲联合基建控股有限公司 2024/25年报239

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

12. 所得税

（续）

支柱二所得税（续）

本集团已应用香港会计师公会于2023

年7月所颁布香港会计准则第12号所

得税的修订中的临时强制性例外规定，

不予确认或披露与支柱二所得税相关

的递延所得税资产及负债资料。

根据经合组织支柱二示范规则，本集

团须就其每个司法管辖区的GloBE实

际税率与15%最低税率之间的差额缴

纳补足税。本集团已基于其截至2025

年3月31日止年度的财务数据，根据

支柱二法例评估补足税影响。根据该

评估，于报告日期，本集团预期于该

等司法管辖区并无支柱二法例下的支

柱二补足税的重大潜在风险。

本集团将继续监察与支柱二法例相关

的全球发展，并相应地重新评估任何

潜在影响。

13. 股息

董事局不建议派发截至2025年3月31

日止年度之末期股息。

12. INCOME TAX (Continued)

Pilar Two income taxes (Continued)

The Group has aplied the temporary mandatory exception provided

in the amendments to HKAS 12 Income Taxes isued by the HKICPA

in July 2023, thereby not recognising or disclosing information about

defered income tax asets and liabilities asociated with Pilar Two

Income Taxes.

Under the OECD Pilar Two model rules, the Group is liable to pay a

top-up tax for the diference betwen its GloBE efective tax rate per

jurisdiction and the 15% minimum rate. The Group has asesed the

top-up tax implication under the Pilar Two legislation based on the

financial data for the year ended 31 March 2025. Acording to the

asesment, the Group does not expect a material potential exposure

to Pilar Two top-up taxes under the Pilar Two legislation in these

jurisdictions as of the reporting date.

The Group wil continue to monitor global developments related

to the Pilar Two legislation and reases any potential impacts

acordingly.

13. DIVIDENDS

The Board does not recomend the payment of a final dividend for

the year ended 31 March 2025.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
(274,039)

		2025	2024
1,794,945,270

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25240

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

（亏

损）╱盈利

每股基本（亏损）╱盈利金额乃根据本

公司股东应占本年度（亏损）╱溢利计

算，而计算所用的普通股加权平均数

为本年度内已发行之普通股加权平均数。

由于本公司于截至2025年及2024年3

月31日止各年度尚未行使之购股权对

已呈列之每股基本（亏损）╱盈利金额

并无摊薄影响，故并无就所呈列之每

股基本（亏损）╱盈利金额作出调整。

每股基本及摊薄（亏损）╱盈利金额乃

根据以下数据计算：

（亏损）╱盈利

股份数目

/EARNINGS PER SHARE

ATRIBUTABLE TO SHAREHOLDERS OF THE

COMPANY

The calculation of the basic (los)/earnings per share amount is based

on the (los)/profit for the year atributable to shareholders of the

Company and the weighted average number of ordinary shares used

in the calculation is the weighted average number of ordinary shares

in isue during the year.

No adjustment has ben made to the basic (los)/earnings per share

amount presented as the share options of the Company outstanding

during each of the years ended 31 March 2025 and 2024 had

no diluting efect on the basic (los)/earnings per share amount

presented.

The calculation of the basic and diluted (los)/earnings per share

amounts is based on the folowing data:

(Los)/earnings

Number of shares

		Land and buildings	Plant and machinery	Furniture, fixtures and equipment	Motor vehicles	Total
		土地及楼宇	机器及设备	家私、装置及设备	汽车	总额
	Note	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	附注	千港元	千港元	千港元	千港元	千港元
(Note)
（附注）
		50,915	527,712	165,560	55,855	800,042
		(11,369)	(385,744)	(142,360)	(46,165)	(585,638)
		39,546	141,968	23,200	9,690	214,404
		39,546	141,968	23,200	9,690	214,404
		9,257	1,521	1,370	1,173	13,321
		–	–	–	216	216
		(2,040)	(22,083)	(3,793)	(3,309)	(31,225)
		–	(1,817)	(5,480)	(395)	(7,692)
		(32)	–	(3)	3	(32)
		46,731	119,589	15,294	7,378	188,992
		60,137	517,848	121,993	43,728	743,706
		(13,406)	(398,259)	(106,699)	(36,350)	(554,714)
		46,731	119,589	15,294	7,378	188,992

亚洲联合基建控股有限公司 2024/25年报241

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

15. PROPERTY, PLANT AND EQUIPMENT

、机器及设备

		Land and buildings	Plant and machinery	Furniture, fixtures and equipment	Motor vehicles	Total
		土地及楼宇	机器及设备	家私、装置及设备	汽车	总额
	Note	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	附注	千港元	千港元	千港元	千港元	千港元
(Note)
（附注）

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25242

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

、机器及设备

（续）

附注：于2025年3月31日，本集团已抵押若干土

地及楼宇，其总账面净值为36,325,000港

元（2024年：38,014,000港元），作为本集

团获授一般银行融资之担保（附注31(d)）。

15. PROPERTY, PLANT AND EQUIPMENT (Continued)

At 31 March 2024于2024年3月31日

At 1 April 2023:于2023年4月1日：

Cost成本51,087527,934165,17055,824800,015

Acumulated depreciation and impairment累计折旧及减值(9,633)(361,500)(136,619)(44,187)(551,939)

Net carying amount账面净值41,454166,43428,55111,637248,076

Net carying amount:账面净值：

At 1 April 2023于2023年4月1日41,454166,43428,55111,637248,076

Aditions添置–3584572,8843,699

Acquisition of subsidiaries收购附属公司38–92442331,161

Depreciation provided during the year年内计提之折旧(1,761)(25,489)(5,753)(4,477)(37,480)

Disposals and write-of出售及撇账–(259)(53)(587)(899)

Exchange realignment汇兑调整(147)–(6)–(153)

At 31 March 2024于2024年3月31日39,546141,96823,2009,690214,404

At 31 March 2024:于2024年3月31日：

Cost成本50,915527,712165,56055,855800,042

Acumulated depreciation and impairment累计折旧及减值(11,369)(385,744)(142,360)(46,165)(585,638)

Net carying amount账面净值39,546141,96823,2009,690214,404

Note: At 31 March 2025, certain of the Group’s land and buildings with a then total

net carying amount of HK$36,325,000 (2024: HK$38,014,000), were pledged

to secure general banking facilities granted to the Group (note 31(d).

亚洲联合基建控股有限公司 2024/25年报243

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

16. 租赁

本集团作为出租人

本集团于截至2024年3月31日止年度

内确认之租金收入为191,000港元，其

详情载于财务报表附注7。

于截至2024年3月31日止年度内，投

资物业已于财务报表附注39所披露的

亿高集团完成出售后出售。于2024年

3月31日，本集团于未来期间并无重

大应收之未贴现租赁付款。

本集团作为承租人

本集团（作为承租人）拥有于其经营中

使用之土地、物业、机器及设备以及

汽车之租赁安排。已作出一次性付款

以向业主取得租赁土地，租期各为75

年，而根据该等土地租赁之条款，将

不会持续作出任何付款。

物业租赁之租期介乎1至6年，而机器

及设备以及汽车之租赁余下租期分别

介乎1年至2年及4年。一般而言，本

集团不可向本集团以外人士转让及分

租赁资产。

16. LEASES

The Group as a lesor

Rental income recognised by the Group during the year ended 31

March 2024 was HK$191,000, details of which are included in note

7 to the financial statements.

During the year ended 31 March 2024, the investment properties

were disposed of upon the completion of disposal of ECO Group

as disclosed in note 39 to the financial statement. No material

undiscounted lease payment receivable by the Group in future period

as at 31 March 2024.

The Group as a lese

The Group has lease arangements as a lese for land, properties,

plant and machinery and motor vehicles for use in its operations.

Lump sum payments were made upfront to acquire the leased

land from the owners with a lease period of 75 years each, and no

ongoing payments wil be made under the terms of these land leases.

Leases of properties have lease terms ranging from 1 to 6 years, while

leases of plant and machinery and motor vehicles have remaining

lease terms of 1 to 2 years and 4 years, respectively. Generaly, the

Group is restricted from asigning and subleasing the leased asets

outside the Group.

		Leasehold land	Leased properties	Plant and machinery	Motor vehicles	Total
		租赁土地	租赁物业	机器及设备	汽车	总额
	Note	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	附注	千港元	千港元	千港元	千港元	千港元
(Note)
（附注）

107,884	49,111	1,176	201	158,372
32,195	75,090	–	850	108,135
(5,581)	(30,970)	(525)	(167)	(37,243)
–	(1,916)	–	(164)	(2,080)
(170)	–	–	(2)	(172)
134,328	91,315	651	718	227,012

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25244

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

16. 租赁

（续）

本集团作为承租人（续）

(a) 使用权资产

本集团使用权资产之账面值及于

年内之变动如下：

附注：于2025年3月31日，本集团已

抵押若干租赁土地，其总账面净

值为99,640,000港元（2024年：

104,118,000港元），作为本集团

获授一般银行融资之担保（附注

31(d)）。

16. LEASES (Continued)

The Group as a lese (Continued)

(a) Right-of-use asets

The carying amounts of the Group’s right-of-use asets and

the movements during the year are as folows:

At 1 April 2023于2023年4月1日112,78655,509–322168,617

Aditions添置–25,178–25,178

Acquisition of subsidiaries收购附属公司38–8001,224–2,024

Depreciation provided during the year年内计提之折旧(4,693)(31,678)(48)(116)(36,535)

Disposals出售–(698)–(698)

Exchange realignment汇兑调整(209)–(5)(214)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Aditions添置

Depreciation provided during the year年内计提之折旧

Disposals出售

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

Note: At 31 March 2025, certain of the Group’s leasehold land with a then total

net carying amount of HK$99,640,000 (2024: HK$104,118,000), were

pledged to secure general banking facilities granted to the Group (note

31(d).

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
53,082
75,710
(1,882)
2,406
–
(36,437)
(28)
92,851
(34,097)
58,754

		2025	2024
	Note	HK$’000	HK$’000
	附注	千港元	千港元
2,406
37,243
105,361
145,010

亚洲联合基建控股有限公司 2024/25年报245

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

16. 租赁

（续）

本集团作为承租人（续）

(b) 租赁负债

本集团租赁负债之账面值及于年

内之变动如下：

租赁负债之到期分析于财务报表

附注45披露。

于损益内确认之有关租赁之金额

如下：

分类为持作销售之一间出售集团相

关的租赁的使用权资产之折旧金额

为220,000港元。

租赁现金流出总额于财务报表附

注37(c)披露。

16. LEASES (Continued)

The Group as a lese (Continued)

(b) Lease liabilities

The carying amount of the Group’s lease liabilities and the

movements during the year are as folows:

The maturity analysis of lease liabilities is disclosed in note 45

to the financial statements.

The amounts recognised in profit or los in relation to leases

are as folows:

, depreciation of right-of-use asets

included amount of HK$220,000 related to leases asociated with a

disposal group clasified as held for sale.

The total cash outflow for leases is disclosed in note 37(c) to

the financial statements.

		2025	2024
	Note	HK$’000	HK$’000
	附注	千港元	千港元
194,485
–
194,485
194,485
21,949
18
216,452
216,452
–
216,452

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25246

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

17. 商誉

商誉减值测试

透过业务合并所得的商誉被分配到以

下现金产生单位（或现金产生单位组别）

以进行减值测试：

(a) 位于新加坡的楼宇建设及建筑咨

询业务为46,000,000港元（2024

年：46,000,000港元）；

(b) 位于香港的正电子扫描放射性药

物业务为46,800,000港元（2024

年：46,800,000港元）；

务为101,600,000港元（2024年：

101,600,000港元）；及

(d) 位于中国内地提供建筑材料采

购业务为22,000,000港元（2024

年：不适用）。

17. GODWIL

Impairment testing of godwil

Godwil acquired through busines combinations is alocated to the

folowing cash-generating units (or group of cash-generating units)

for impairment testing:

(a) Building construction and architectural consultancy busines in

Singapore of HK$46.0 milion (2024: HK$46.0 milion);

(b) PET radiopharmaceuticals busines in Hong Kong of HK$46.8

milion (2024: HK$46.8 milion);

Kong of HK$101.6 milion (2024: HK$101.6 milion); and

(d) Provision of construction material procurement busines in

Mainland China of HK$22.0 milion (2024: N/A).

亚洲联合基建控股有限公司 2024/25年报247

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

17. 商誉

（续）

商誉减值测试（续）

各相关业务单位的可收回金额乃参考

使用现金流量预测计算的使用价值厘

定，该计算乃使用高级管理层批准之

五年期财务预测计算的现金流量预测

作出。

根据商誉减值测试结果，董事认为，

于2025年及2024年3月31日，并无必

要就本集团商誉计提减值拨备。

管理层就编制商誉减值测试的现金流

量预测所依据的各重大假设描述如下：

(a) 楼宇建设及建筑咨询业务

(i) 预算毛利率

用以厘定预算毛利率价值

的基准为紧接预算年度前

一年所达致的平均毛利率，

因预计效率提升及预计市

场开发而增加。

(i) 业务环境

新加坡现有政治、法律及

经济状况并无重大变动。

(i) 增长率

现金流量预测所应用之2%

（2024年：1.4%）增长率乃

基于新加坡平均年度通胀率。

(iv) 贴现率

现金流量预测所应用之

14.6%（2024年：12.8%）

贴现率为除税前的及反映

有关楼宇建设及建筑咨询

业务的特定风险。

17. GODWIL (Continued)

Impairment testing of godwil (Continued)

The recoverable amount of each of the relevant busines units has

ben determined with reference to a value in use calculation using

cash flow projections, which were based on a financial forecast

aproved by senior management covering a five-year period.

Based on the results of the impairment testing of godwil, in the

opinion of the Directors, no impairment provision is considered

necesary for the Group’s godwil as at 31 March 2025 and 2024.

The folowing describes each key asumption on which management

has based for the preparation of the cash flow projections to

undertake impairment testing of godwil:

(a) Building construction and architectural consultancy busines

(i) Budgeted gros margin

The basis used to determine the value asigned to the

budgeted gros margin is the average gros margin

achieved in the year imediately before the budget year,

increased for expected eficiency improvements and

expected market development.

(i) Busines environment

There have ben no major changes in the existing

political, legal and economic conditions in Singapore.

(i) Growth rate

The growth rate of 2% (2024: 1.4%) aplied to the cash

flow projections is based on the average anual inflation

rate in Singapore.

(iv) Discount rate

The discount rate of 14.6% (2024: 12.8%) aplied to the

cash flow projections is pre-tax and reflects specific risks

relating to the building construction and architectural

consultancy busines.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25248

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

17. 商誉

（续）

商誉减值测试（续）

(b) 正电子扫描放射性药物业务

(i) 预算毛利率

用以厘定预算毛利率价值

的基准为紧接预算年度前

一年所达致的平均毛利率，

因预计效率提升及预计市

场开发而增加。

(i) 业务环境

香港现有政治、法律及经

济状况并无重大变动。

(i) 增长率

现金流量预测所应用之2.5%

（2024年：2.5%）增长率乃

基于香港平均年度通胀率。

(iv) 贴现率

现金流量预测所应用之

14.7%（2024年：17.7%）

贴现率为除税前的及反映

有关正电子扫描放射性药

物业务的特定风险。

(i) 预算毛利率

用以厘定预算毛利率价值

的基准为紧接预算年度前

一年所达致的平均毛利率，

因预计效率提升及预计市

场开发而增加。

(i) 业务环境

香港现有政治、法律及经

济状况并无重大变动。

17. GODWIL (Continued)

Impairment testing of godwil (Continued)

(b) PET radiopharmaceuticals busines

(i) Budgeted gros margin

The basis used to determine the value asigned to the

budgeted gros margin is the average gros margin

achieved in the year imediately before the budget year,

increased for expected eficiency improvements and

expected market development.

(i) Busines environment

There have ben no major changes in the existing

political, legal and economic conditions in Hong Kong.

(i) Growth rate

The growth rate of 2.5% (2024: 2.5%) aplied to the

cash flow projections is based on the average anual

inflation rate in Hong Kong.

(iv) Discount rate

The discount rate of 14.7% (2024: 17.7%) aplied to the

cash flow projections is pre-tax and reflects specific risks

relating to the PET radiopharmaceuticals busines.

(i) Budgeted gros margin

The basis used to determine the value asigned to the

budgeted gros margin is the average gros margin

achieved in the year imediately before the budget year,

increased for expected eficiency improvements and

expected market development.

(i) Busines environment

There have ben no major changes in the existing

political, legal and economic conditions in Hong Kong.

亚洲联合基建控股有限公司 2024/25年报249

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

17. GODWIL (Continued)

Impairment testing of godwil (Continued)

(i) Growth rate

The growth rate of 2.5% (2024: 2.0%) aplied to the

cash flow projections is based on the average anual

inflation rate in Hong Kong.

(iv) Discount rate

The discount rate of 10.2% (2024: 10.2%) aplied to the

cash flow projections is pre-tax and reflects specific risks

relating to the property management services busines.

(d) Provision of construction material procurement busines

(i) Budgeted gros margin

The basis used to determine the value asigned to the

budgeted gros margin is the average gros margin

achieved in the year imediately before the budget year,

increased for expected eficiency improvements and

expected market development.

(i) Busines environment

There have ben no major changes in the existing political,

legal and economic conditions in Mainland China.

(i) Growth rate

The growth rate of 2.0% (2024: N/A) aplied to the cash

flow projections is based on the average anual inflation

rate in Mainland China.

(iv) Discount rate

The discount rate of 13.9% (2024: N/A) aplied to the

cash flow projections is pre-tax and reflects specific risks

relating to the construction material procurement busines.

17. 商誉

（续）

商誉减值测试（续）

(i) 增长率

现金流量预测所应用之2.5%

（2024年：2.0%）增长率乃

基于香港平均年度通胀率。

(iv) 贴现率

现金流量预测所应用之

10.2%（2024年：10.2%）

贴现率为除税前的及反映

有关物业管理服务业务的

特定风险。

(d) 提供建筑材料采购业务

(i) 预算毛利率

用以厘定预算毛利率价值

的基准为紧接预算年度前

一年所达致的平均毛利率，

因预计效率提升及预计市

场开发而增加。

(i) 业务环境

中国内地现有政治、法律

及经济状况并无重大变动。

(i) 增长率

现金流量预测所应用之

2.0%（2024年：不适用）增

长率乃基于中国内地平均

年度通胀率。

(iv) 贴现率

现金流量预测所应用之

13.9%（2024年：不适用）贴

现率为除税前的及反映有关

建材采购业务的特定风险。

Patent
专利
HK$’000
千港元
2,500
(956)
1,544
1,544
(370)
1,174
2,500
(1,326)
1,174

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25250

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

18. 无形资产18. INTANGIBLE ASETS

At 31 March 2024于2024年3月31日

At 1 April 2023:于2023年4月1日：

Cost成本2,500

Acumulated amortisation累计摊销(586)

Net carying amount账面净额1,914

Net carying amount:账面净额：

At 1 April 2023于2023年4月1日1,914

Amortisation provided during the year年内计提之摊销(370)

At 31 March 2024于2024年3月31日1,544

At 31 March 2024:于2024年3月31日：

Cost成本2,500

Acumulated amortisation累计摊销(956)

Net carying amount账面净额1,544

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
3,266

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
(470)
(104)
(574)
3,266

亚洲联合基建控股有限公司 2024/25年报251

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

18. 无形资产

（续）

注：于2021年9月9日，本集团与I – Smart

Technology International Limited（一间由彭

一庭先生、李蕙娴女士及李彭一心女士分

别拥有45%、45%及10%之公司及根据

上市规则界定为本公司之关连人士）订立

确认协议及专利转让协议（统称「该等协

议」）。根据该等协议，本集团同意购买控

制系统及无线控制方法的发明专利，总现

金代价为2,500,000港元。交易于2021年

10月5日完成。

19. 于合营公司之投资

附注：

(a) 一间合营公司于2025年3月31日之详情

载于财务报表附注48。

(b) 合营公司之财务资料概要

下表载列本集团非个别重大合营公司之财

务资料：

18. INTANGIBLE ASETS (Continued)

Note: On 9 September 2021, the Group entered into a confirmatory agrement and

patent asignment agrement (colectively the “Agrements”) with I-Smart

Technology International Limited (a company owned as to 45%, 45% and 10%

by Mr. Pang Yat Ting, Dominic, Madam Li Wai Hang, Christina and Mrs. Le Pang

Yat Sum, Rita respectively and as defined as a conected person of the Company

under the Listing Rules). Pursuant to the Agrements, the Group agred to

purchase patent for the invention of a control system and a wireles control

method at a total cash consideration of HK$2,500,000. The transaction was

completed on 5 October 2021.

19. INVESTMENTS IN JOINT VENTURES

Notes:

(a) Particulars of a joint venture as at 31 March 2025 are set out in note 48 to the

financial statements.

(b) Sumarised financial information of joint ventures

The folowing table ilustrates the financial information of joint ventures of the

Group that are not individualy material:

		2025	2024
	Note	HK$’000	HK$’000
	附注	千港元	千港元
353,778
196,340
550,118

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25252

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

20. 于联营公司之投资

附注：

(a) 各主要联营公司于2025年3月31日之详

情载于财务报表附注49。

(b) 该等结余实质上构成于联营公司投资净额

的一部分，及预期不会于一年内偿还，因

此，其于综合财务状况表中分类为非流动

资产。应收联营公司之款项并无近期拖欠

记录及逾期款项。于2025年及2024年3

月31日，亏损拨备被评估为甚微。

以下实体被视为本集团的重大联营公司，

于本年度内采用权益法入账：

(i) 莱蒙俊和物业发展控股有限公司

（「莱蒙俊和物业发展」）及其附属公

司（「莱蒙俊和物业发展集团」），其

重大资产为位于香港何文田窝打老

道的一个优质住宅发展项目；

(i) 创利发展有限公司（「创利发展」），

其拥有位于香港金马伦道及嘉兰围

之地块作物业发展；

(i) Chun Wo Bus Services (BVI) Limited

（「俊和巴士服务」）及其附属公司

（「俊和巴士集团」），拥有100（2024

年：100）辆巴士及92（2024年：

92）张客运营业证以在香港提供非

专营巴士服务；

(iv) 彩碧有限公司（「彩碧」）及其附属公

司（「彩碧集团」），其拥有位于香港

豉油街之综合式住宅及零售大楼；

(v) Soyo Development Limited（「SDL」）

及其附属公司（「SDL集团」）就物业

发展拥有位于香港青山道的一块土

地；及

(vi) 石家庄俊景房地产开发有限公司

（「石家庄俊景」）于中国内地拥有综

合商业开发项目。

20. INVESTMENTS IN ASOCIATES

Notes:

(a) Particulars of the principal asociates as at 31 March 2025 are set out in note 49

to the financial statements.

(b) These balances, in substance, form part of the net investments in asociates and

are not expected to be repaid within one year and hence they are clasified as

non-curent asets in the consolidated statement of financial position. There were

no recent history of default and past due amounts for the amounts due from

asociates. At 31 March 2025 and 2024, the los alowance was asesed to be

minimal.

The folowing entities are considered as material asociates of the Group and are

acounted for using the equity method during the year:

(i) Top Spring Chun Wo Property Development Holdings Limited (“TSCWPD”)

and its subsidiaries (the “TSCWPD Group”), the major aset of which is a

quality residential development project located at Waterlo Road, Ho Man

Tin in Hong Kong;

(i) Creative Profit Development Limited (“CPDL”), which owns parcels of

land located at Cameron Road and Granvile Circuit in Hong Kong for

property development;

(i) Chun Wo Bus Services (BVI) Limited (“CWBS”) and its subsidiaries (the

“Chun Wo Bus Group”), which own 100 (2024: 100) motor buses and 92

(2024: 92) pasenger service licences for the provision of non-franchised

bus services in Hong Kong;

(iv) Rainbow Jasper Limited (“RJL”) and its subsidiaries (the “RJL Group”),

which own a hybrid residential and retail building located at Soy Stret in

Hong Kong;

(v) Soyo Development Limited (“SDL”) and its subsidiary (the “SDL Group”),

which own a parcel of land located at Castle Peak Road in Hong Kong for

property development; and

(vi) 石家庄俊景房地产开发有限公司 (the “Shijiazhuang JunJing”) owns a

comprehensive comercial development project in Mainland China.

TSCWPD Group		CPDL		Chun Wo Bus Group		RJL Group		SDL Group		Shijiazhuang JunJing
莱蒙俊和物业发展集团		创利发展		俊和巴士集团		彩碧集团		SDL集团		石家庄俊景
2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
40%		10%		60%		40%		40%		49%

HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
千港元	– – 14,128 – 1,037,283 44,667 85,413		– – – 1,651,672 – 35,778 222		322,255 – 306 – – 10,326 30,773		– – – 533,031 – 2,585 663		– – – 355,396 – 1,010 790
–		–		317,228		–		–		–
–		–		–		200,000		–		–
14,128		–		–		–		–		–
–		1,853,734		–		–		450,337		457,421
682,860		–		–		43,875		–		–
54,170		35,283		17,273		5,959		241		1,535
149,171		222		32,505		4,407		1,563		22,692
	1,167,363		1,687,672		41,099		536,279		357,196
886,201		1,889,239		49,778		54,241		452,141		481,648
	(1,214,302) –		(915,473) (768,782)		(264,644) (49,290)		(575,762) –		(222,888) (140,614)
(1,000,233)		(974,404)		(205,494)		(216,153)		(269,632)		(188,583)
(9,968)		(916,438)		(100,662)		(75,000)		(190,126)		–
	(32,811)		3,417		49,726		(39,483)		(6,306)
(109,872)		(1,603)		60,850		(36,912)		(7,617)		293,065
	–*		–*		29,836		–*		–*
–*		–*		36,510		–*		–*		143,602
	290,463 (16,203) – –* –		– 5,480 – –* –		86,784 9,000 – 5,400 –		– (2,296) – –* –		– (6,193) – –* –
548,463		–		85,460		362,679		–		–
(77,061)		(5,020)		11,124		2,571		(1,311)		(5,891)
–		–		–		–		–		(3,079)
–*		–*		6,674		–*		–*		(2,886)
–		–		–		–		–		(1,509)

亚洲联合基建控股有限公司 2024/25年报253

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

20. 于联营公司之投资

（续）

附注：（续）

下表载列莱蒙俊和物业发展集团、创利发

展、俊和巴士集团、彩碧集团、SDL集团

及石家庄俊景（就会计政策的任何差异已

作出调整）的财务资料概要以及与财务报

表账面值的对账分析：

20. INVESTMENTS IN ASOCIATES (Continued)

Notes: (Continued)

The folowing tables ilustrate the sumarised financial information in respect

of the TSCWPD Group, CPDL, the Chun Wo Bus Group, the RJL Group, the SDL

Group and the Shijiazhuang JunJing adjusted for any diferences in acounting

policies and reconciled to the carying amount in the financial statements:

(

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
19,490
464
19,954
96,248
93,238
(15,820)
173,666
12,643

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25254

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

20. 于联营公司之投资

（续）

附注：（续）

* 本集团已终止分占莱蒙俊和物业

发展集团、创利发展、彩碧集团

及SDL集团之进一步亏损，因应占

其亏损已超过本集团于其投资且

本集团并无责任承担其他亏损。

于2025年3月31日，本集团应占

莱蒙俊和物业发展集团、创利发

展、彩碧集团及SDL集团累计未确

认的亏损金额分别为40,863,000港

元（2024年：10,039,000港元）、

3,589,000港元（2024年：3,087,000

港元）、14,765,000港元（2024年：

15,793,000港元）及3,040,000港元

（2024年：2,516,000港元）。

下表载列本集团之个别非重大联营公司之

汇总财务资料：

20. INVESTMENTS IN ASOCIATES (Continued)

Notes: (Continued)

* The Group has discontinued sharing further loses of the TSCWPD

Group, CPDL, the RJL Group and the SDL Group because the share

of their loses has exceded the Group’s investments in them and the

Group has no obligation to take up further of their loses. The amounts

of the Group’s acumulated unrecognised share of the loses of the

TSCWPD Group, CPDL, the RJL Group and the SDL Group as at 31 March

2025 were HK$40,863,000 (2024: HK$10,039,000), HK$3,589,000

(2024: HK$3,087,000), HK$14,765,000 (2024: HK$15,793,000) and

HK$3,040,000 (2024: HK$2,516,000), respectively.

The folowing table ilustrates the agregate financial information of the Group’s

asociates that are not individualy material:

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
42,917
163,535
206,452
(42,917)
163,535

亚洲联合基建控股有限公司 2024/25年报255

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

21. 持作物业发展之土地

本集团持作物业发展之土地即本集团

为未来物业发展作销售用途而获取之

租赁土地或土地使用权。截至报告期

末本集团持作物业发展之土地按照地

区分析如下：

董事预期，于阿联酋之土地发展将于

物业发展业务之营运周期以后完成，

因此其获分类为非流动资产。

本集团于香港持作物业发展之土地发

展预期将于正常营运周期内完成，因

此其获分类为流动资产。于报告期末，

此等资产之预期收回时间超过一年。

21. LAND HELD FOR PROPERTY DEVELOPMENT

The Group’s land held for property development is leasehold

land or land use rights acquired by the Group for future property

development for sale. An analysis of the Group’s land held for

property development by geographical area as at the end of the

reporting period is as folows:

The Directors expected that the development of the land in the UAE

would be completed beyond the operating cycle of the property

development busines, and hence it is clasified as a non-curent

aset.

The development of the Group’s land held for property development

in Hong Kong is expected to be completed within the normal

operating cycle and hence they are clasified as curent asets. The

expected timing of recovery of these asets as at the end of the

reporting period is more than one year.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
2,996
10,154
13,150

		31 March 2025	31 March 2024	1 April 2023
		2025年 3月31日	2024年 3月31日	2023年 4月1日
	Notes	HK$’000	HK$’000	HK$’000
	附注	千港元	千港元	千港元
3,359,343
391,036
3,750,379

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25256

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

22. 存货

23. 合约资产及合约负债

(a) 合约资产

附注：

(i) 未发票据之收益初步就提供建筑工

程所赚取之收益确认，因收取代价

以成功完成工程为条件。于工程完

成及获客户验收后，确认为未发票

据之收益之金额会被重新分类至贸

易应收款项。

(i) 合约客户持有之应收保固金乃产生

自本集团之建筑工程业务，借以向

客户保证本集团将根据合约满意

地完成责任，而并非向客户提供融

资。根据建筑工程合约所规定，一

般于建筑工程竣工后介乎一年至三

年内结付。

22. INVENTORIES

23. CONTRACT ASETS AND CONTRACT

LIABILITIES

(a) Contract asets

Notes:

(i) Unbiled revenue is initialy recognised for revenue earned from the

provision of construction work as the receipt of consideration is

conditional on sucesful completion of construction. Upon completion of

construction and aceptance by the customer, the amounts recognised as

unbiled revenue are reclasified to trade receivables.

(i) Retention receivables arise from the Group’s construction work busines

and are held by contract customers in order to provide the customers

with asurance that the Group wil complete its obligations satisfactorily

under the contracts, rather than to provide financing to the customers.

They are in general setled within a period ranging from one year to thre

years after the completion of the construction work, as stipulated in the

construction contracts.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
1,939,347
1,811,032
3,750,379

	31 March 2025	31 March 2024	1 April 2023
	2025年 3月31日	2024年 3月31日	2023年 4月1日
	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元
399,277

亚洲联合基建控股有限公司 2024/25年报257

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

23. 合约资产及合约负债

（续）

(a) 合约资产（续）

附注：（续）

(i) 于报告期末，合约资产之预期收回

或结算时间如下：

本集团应用香港财务报告准则第9

号所规定的简化方法就预期信贷亏

损作出拨备，即准许为所有合约资

产使用全期预期亏损拨备。本集团

已根据内部信贷评级及该等结余的

账龄对个别合约资产减值进行评

估，而董事认为本年度内信贷风险

并无显著增加。预期信贷亏损乃基

于债务人估计年期内的过往观察所

得违约率估算，并就无需过多成本

或努力即可获得的前瞻性资料进行

调整。就香港债务人而言，并无近

期拖欠记录且亏损拨备被评估为甚

微。

(b) 合约负债

合约负债详情如下：

23. CONTRACT ASETS AND CONTRACT

LIABILITIES (Continued)

(a) Contract asets (Continued)

Notes: (Continued)

(i) The expected timing of recovery or setlement of contract asets as at the

end of the reporting period is as folows:

The Group aplies the simplified aproach to provide for expected credit

loses prescribed by HKFRS 9, which permits the use of the lifetime

expected los provisions, for al contract asets. The Group has asesed

the impairment of its contract asets on an individual basis based on the

internal credit rating and ageing of these balances which, in the opinion

of the Directors, had no significant increase in credit risk during the

year. ECL is estimated based on historical observed default rates over the

expected life of debtors and are adjusted for forward-loking information

that is available without undue cost or efort. For the debtors in Hong

Kong, there were no recent history of default and the los alowance was

asesed to be minimal.

(b) Contract liabilities

Details of contract liabilities are as folows:

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
1,604,505

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
1,353,968
149,902
37,508
63,127
1,604,505

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25258

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

24. 贸易应收款项

附注：

(a) 本集团一般向其客户提供不超过60日之

信贷期。有关建筑合约之中期进度付款申

请一般按月提交及一般于一个月内结算。

于接纳任何新客户前，本集团将评估潜在

客户的信贷质素及按客户界定信贷限额。

客户应占的限额与评级将定期审阅。根据

相关结算记录，本集团大部分并无逾期或

减值的贸易应收款项均与具备良好信贷质

素的客户有关。

于报告期末，基于发票日期之贸易应收款

项（已扣除减值）的账龄分析列载如下：

本集团应用香港财务报告准则第9号所规

定的简化方法就预期信贷亏损作出拨备，

即准许为所有贸易应收款项使用全期预期

亏损拨备。本集团已根据内部信贷评级及

该等结余的账龄对个别贸易应收款项减值

进行评估，而董事认为本年度内信贷风险

并无显著增加。预期信贷亏损乃基于债务

人估计年期内的过往观察所得违约率估算，

并就无需过多成本或努力即可获得的前瞻

性资料进行调整。就香港债务人而言，并

无近期拖欠记录且亏损拨备被评估为甚微。

(b) 计入本集团于2025年3月31日的贸易应收

款项中应收合营业务其他伙伴之款项总额

为84,887,000港元（2024年：51,242,000

港元）。

24. TRADE RECEIVABLES

Notes:

(a) The Group generaly alows a credit period of not exceding 60 days to its

customers. Interim aplications for progres payments on construction contracts

are normaly submited on a monthly basis and are normaly setled within one

month.

Before acepting any new customer, the Group aseses the potential customer’s

credit quality and defines credit limits by customer. Limits and scoring atributed

to customers are reviewed periodicaly. The majority of the Group’s trade

receivables that are neither past due nor impaired relate to customers that have

god credit quality with reference to the respective setlement history.

The ageing analysis of the trade receivables as at the end of the reporting period,

based on the invoice date and net of impairment, is as folows:

The Group aplies the simplified aproach to provide for expected credit loses

prescribed by HKFRS 9, which permits the use of the lifetime expected los

provision, for al trade receivables. The Group has asesed the impairment of its

trade receivables on an individual basis based on internal credit rating and ageing

of these balances which, in the opinion of the Directors, had no significant

increase in credit risk during the year. ECL is estimated based on historical

observed default rates over the expected life of debtors and are adjusted for

forward-loking information that is available without undue cost or efort. For

the debtors in Hong Kong, there were no recent history of default and the los

alowance was asesed to be minimal.

(b) Included in the trade receivables of the Group as at 31 March 2025 are amounts

of HK$84,887,000 (2024: HK$51,242,000) in total due from other partners of

joint operations.

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
22,137
425,790
11,000
48,843
–
11,002
360,483
45,123
14,160
938,538
(51,871)
886,667
(3,694)
882,973

亚洲联合基建控股有限公司 2024/25年报259

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

、按金及其他应

收款项

25. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25260

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

、按金及其他应

收款项（续）

附注：

(a) 该金额为就收购中国城市发展有限公司

（「目标公司」）之全部已发行股本而支付的

一项投资按金及部分代价。

于2015年11月4日，本集团与中国城建

投资有限公司（「卖方」）订立一份买卖协议

（「原协议」），据此，本集团有条件同意收

购，而卖方有条件同意出售目标公司之全

部已发行股本，现金代价为660,000,000

港元（「收购事项」）。当时，目标公司持有

两间中国建筑公司，分别为中城建第四工

程局集团有限公司（「中城建第四工程局」）

及中城建第十三工程局有限公司（「中城建

第十三工程局」）各自之50%股权。目标公

司及该两间建筑公司主要于中国从事市政

建筑、楼宇建筑、及以兴建 — 移交、兴建

— 营运 — 移交、公私合营项目建设、物

业发展及投资。投资按金及部分代价（统

称为「按金」）共计198,000,000港元已于收

购事项之原来完成日期支付予卖方。

根据本集团与卖方于2016年8月25日签

订并已在本公司于2016年10月31日举行

之股东特别大会上获批准之一份补充协议

（「2017年补充协议」），收购事项其后于

2017年3月31日遭撤销。根据补充协议，

卖方须退还按金予本集团，以及当卖方未

能履行其向本集团偿还按金的义务时，本

集团有权采取措施以保障其权益，包括将

目标公司的部分或全部股份出售予第三方，

并直接向卖方及其股东（作为收购事项的

担保人）索赔任何差额、损失或赔偿。有

关补充协议的进一步详情分别载于本公司

日期为2016年8月25日的公告及2016年

9月30日的通函。

本集团能收回50,000,000港元作为按金

之部份退款。尽管本集团已作出多番努力

向卖方追讨退款，惟按金之较大部份（即

148,000,000港元）（「未偿还金额」）于2019

年3月31日仍然尚未予以支付。

于2019年6月19日，就收回未偿还金额而

言，本集团与一名独立第三方（「买方A」）

订立两份有条件销售及购买协议（「销售协

议」）。于其中一份销售协议，本集团同意

向买方A出售本公司一间附属公司（其持

有中城建第十三工程局之股权）之股份，

总代价为74,000,000港元。交易已于过往

年度内完成，且代价已获悉数偿付。

25. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES (Continued)

Notes:

(a) The amount was an investment deposit and partial consideration paid in

conection with the acquisition of the entire isued share capital of C

Development Limited (the “Target Company”).

On 4 November 2015, the Group entered into a sale and purchase agrement

(the “Original Agrement”) with China Chengjian Investment Limited (the

“Vendor”), pursuant to which the Group conditionaly agred to acquire and the

Vendor conditionaly agred to sel the entire isued share capital of the Target

Company at a cash consideration of HK$660 milion (the “Acquisition”). At the

material time, the Target Company held 50% equity interest in each of the two

PRC construction companies, namely 中城建第四工程局集团有限公司 (“C

Fourth”) and 中城建第十三工程局有限公司 (“C Thirtenth”). The Target

Company and the two construction companies were principaly engaged in

municipal construction, building construction, and construction of build-transfer,

build-operate-transfer, public-private partnership projects, property development

and investment in the PRC. An investment deposit and partial consideration

(colectively, the “Deposit”) of HK$198 milion in total was paid to the Vendor at

the original completion date of the Acquisition.

The Acquisition was subsequently rescinded on 31 March 2017 pursuant to a

suplemental agrement (the “2017 Suplemental Agrement”) which was

entered into betwen the Group and the Vendor on 25 August 2016, and was

aproved at the Company’s special general meting on 31 October 2016. In

acordance with the Suplemental Agrement, the Vendor shal refund the

Deposit to the Group and the Group was entitled to take steps to protect its

interest, including seling the shares of the Target Company in part or in whole

to a third party and claiming any shortfal, los or damages directly against the

Vendor and its shareholder (as guarantor in the Acquisition) should the Vendor

fail to fulfil its obligations to repay the Deposit to the Group. Further details of

the Suplemental Agrement are set out in the Company’s anouncement and

circular dated 25 August 2016 and 30 September 2016, respectively.

The Group was able to recoup HK$50 milion as part of the refund of the Deposit,

but the larger portion of the Deposit, being HK$148 milion (the “Outstanding

Amount”), remained unpaid as at 31 March 2019, despite the Group’s repeated

eforts to pursue the Vendor for refund.

On 19 June 2019, for the purpose of recovering the Outstanding Amount, the

Group entered into two conditional sale and purchase agrements (the “Sale

Agrement(s)”) with an independent third party (the “Buyer A”). In one of

the Sale Agrements, the Group agred to sel to the Buyer A the shares of a

subsidiary of the Company which holds the equity interest in C Thirtenth

for a total consideration of HK$74 milion. The transaction was completed and

the consideration was fuly setled during the prior year.

亚洲联合基建控股有限公司 2024/25年报261

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

、按金及其他应

收款项（续）

附注：（续）

(a) （续）

于第二份销售协议，本集团同意向买

方A出售目标公司之股份，最高代价为

74,000,000港元。由于本集团于2023年6

月24日（根据日期为2021年6月24日的补

充协议获延长）或之前未能促致中城建第

四工程局之股权存至目标公司之一间附属

公司名下，其代价减少至22,200,000港元。

于2023年10月17日，经双方协商下，

本集团与买方A订立调解协议（「调解协

议」），未偿还代价减少至16,000,000港元。

于过往年度，经考虑销售协议及上述第二

份销售协议可能发生之代价减少，以及因

执行该等行动及协议而产生之成本，董事

认为合共52,500,000港元之未偿还金额预

期不可收回，因此该金额于过往年度的损

益内确认为减值亏损。根据调解协议，该

减值拨备已于截至2024年3月31日止年

度列为无法收回之撇账。

于2025年1月23日，本公司与买方A订立

一份补充协议（「2025年补充协议」）。根

据该协议，买方A有责任不迟于2025年7

月31日前结付未付代价。

(b) 应收贷款为提供予独立第三方的分包

商贷款及发票融资贷款，金额分别为

41,889,000港元及6,954,000港元（2024

年：42,040,000港元及8,869,000港元）。

该等贷款按年利率介乎9%至15%（2024

年：8%至15%）计息，并须于1年内偿还

（2024年：1年内）。

本集团向分包商及业务伙伴提供分包商贷

款，以满足其营运资金需求。所有贷款以

相关借款人分包商存放于本集团的保固金

作抵押，或以本集团应付相关借款人分包

商的贸易应付款项作抵销，或以船舶作抵

押。截至2025年3月31日及2024年3月

31日止年度并无作出减值。

本集团向分包商及业务伙伴提供发票融资

贷款，并全部以相关借款人开具的发票作

为抵押品。本公司已根据内部信贷评级及

该等结余的账龄对其应收贷款减值进行个

别评估。预期信贷亏损乃基于债务人的过

往观察所得违约率估算，并就无需过多成

本或努力即可获得的前瞻性资料进行调整。

过往年度已确认减值亏损5,877,000港元。

25. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES (Continued)

Notes: (Continued)

(a) (Continued)

In the second Sale Agrement, the Group agred to sel the shares of the Target

Company to the Buyer A for a maximum consideration of HK$74.0 milion.

As the Group is not able to procure the equity interest in C Fourth to be

placed under a subsidiary of the Target Company on or before 24 June 2023

(as extended pursuant to a suplemental agrement dated 24 June 2021), the

consideration was reduced to HK$22.2 milion.

On 17 October 2023, after mutualy agrement, the Group and the Buyer

A entered into a mediation agrement (the “Mediation Agrement”), the

outstanding consideration was reduced to HK$16.0 milion.

In prior years, after taking into acount the Sale Agrements and the posible

reduction in consideration in the second Sale Agrement as mentioned above and

the costs incured to execute the actions and agrements, the Directors are of the

view that a total of HK$52.5 milion was not expected to be recoverable out of

the Outstanding Amount and hence an impairment los against this amount was

recognised in profit or los in prior years. Pursuant to the Mediation Agrement,

such impairment provision was writen of as uncolectible during the year ended

31 March 2024.

On 23 January 2025, the Company entered into a suplemental agrement (the

“2025 Suplemental Agrement”) with the Buyer A. Under this agrement, the

Buyer A is obligated to setle the outstanding consideration no later than 31 July

2025.

(b) The loan receivables are subcontractor loans and invoice financing loans provided

to independent third parties amounting to HK$41,889,000 and HK$6,954,000

(2024: HK$42,040,000 and HK$8,869,000), respectively. Such loans bear

interests at rates ranging from 9% to 15% per anum (2024: 8% to 15%) and

are repayable within 1 year (2024: within 1 year).

The subcontractor loans are provided to the Group’s subcontractors and busines

partners for their working capital neds. Al loans are secured by retention monies

deposited with the Group by, or set of against the trade payables by the Group

to, the relevant borower subcontractors or secured by shiping vesels. No

impairment was made for the years ended 31 March 2025 and 31 March 2024.

Al invoice financing loans are provided to the Group’s subcontractors and

busines partners with invoices isued by such borowers as colateral. The

Company has asesed the impairment of its loan receivables on an individual

basis based on internal credit rating and ageing of these balances. ECL is

estimated based on historical observed default rates of debtors and are adjusted

for forward-loking information that is available without undue cost or efort. An

impairment los of HK$5,877,000 was recognised in previous years.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
21,139
30,824
(92)
–
51,871

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25262

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

、按金及其他应

收款项（续）

附注：（续）

俊景51%股权而产生的未付代价。于本年

度，该代价已收取。于2025年3月31日，

并无应收代价。

(d) 该等款项为无抵押、免息及须按要求偿还。

于2025年及2024年3月31日，亏损拨备

被评估为甚微。

(e) 应收联营公司之款项为本集团对应本集团

于联营公司的股权向其联营公司提供的股

东贷款。该等联营公司从事建筑及物业发

展项目。向联营公司提供股东贷款为本集

团在日常及一般业务过程中发展其建筑

及物业发展分部的常见做法。该等款项为

无抵押、免息及须按要求偿还。于2025

年3月31日，就香港整体经济状况而言，

亏损拨备为HK$30,824,000港元（2024：

10,040,000港元）。

(f) 其他应收款项减值亏损拨备的变动如下：

截至2024年3月31日止年度内，亏损拨备

减少57,600,000港元，乃由于上述附注(a)

所披露之若干其他应收款项之撇账及一项

溢利保证收入应收款项。

25. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES (Continued)

Notes: (Continued)

arising from the disposal of 51% equity interest in Shijiazhuang JunJing. During

the year, the consideration was received. No consideration receivable was noted

as at 31 March 2025.

(d) The amounts are unsecured, interest-fre and repayable on demand. At 31 March

2025 and 2024, the los alowance was asesed to be minimal.

(e) The amounts due from asociates are shareholders’ loans extended by the Group

to its asociates coresponding to Group’s shareholdings in the asociates.

Such asociates engage in construction and property development projects.

Providing shareholders’ loans to the asociates is a comon way for the Group

to develop its construction and property development segments in its ordinary

and usual course of busines. The amounts are unsecured, interest-fre and

repayable on demand. At 31 March 2025, the los alowance was asesed to

be HK$30,824,000 (2024: HK$10,040,000) considering the overal economic

condition in Hong Kong.

(f) The movement in the los alowance for impairment of other receivables is as

folows:

During the year ended 31 March 2024, the decrease in the los alowance of

HK$57,600,000 was due to the write-of of certain other receivables as disclosed

in note (a) above and a profit guarante income receivable.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
16,235

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
–
37,446
15,744
53,190

亚洲联合基建控股有限公司 2024/25年报263

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

26. 按公平值计入损益之金融

资产

按公平值计入损益之金融资产

于2025年及2024年3月31日，本集团

按公平值计入损益之金融资产为香港

及海外上市股本投资及一份于金融产

品投资的投资合约，其分类为持作买

卖并按基于市场报价厘定（属第1级公

平值计量）及重大不可观察输入数据（属

第3级公平值计量）的公平值列账。

27. 受限制现金及已抵押存款

附注：

(a) 于2024年3月31日，受限制现金存入一间

指定银行以确保支付购买一项设备的费用。

(b) 于2025年3月31日，本集团于指定银行存

放已抵押存款37,446,000港元（2024年：

34,718,000港元，作为担保本集团一般银

行融资之部分抵押（附注31(d)）。

（2024年：不适用）之已抵押存款已被作为

应付票据的担保。

26. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

Financial asets at fair value through profit or los

Financial asets at fair value through profit or los of the Group as

at 31 March 2025 and 2024 were equity investments listed in Hong

Kong and overseas and an investment contract for investment in

financial products, which were clasified as held for trading and

stated at fair value determined based on their quoted market prices

(Level 1 fair value measurement) and significant unobservable inputs

(Level 3 fair value measurement).

27. RESTRICTED CASH AND PLEDGED DEPOSITS

Notes:

(a) At 31 March 2024, the restricted cash placed in a designated bank to secure

payment for acquiring an equipment.

(b) At 31 March 2025, the pledged deposits amounting to HK$37,446,000 (2024:

HK$34,718,000) have ben placed in designated banks as part of the security

given to secure general banking facilities granted to the Group (note 31(d) .

have ben placed as security for bils payable.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
771,339
471,823
1,243,162
(53,190)
1,189,972

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25264

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

28. 现金及与现金等值项目

附注：

(a) 于报告期末，本集团以人民币（「人民币」）

计值之现金及银行结余为32,656,000港元

（2024年：39,165,000港元），当中总额为

31,703,000港元（2024年：38,579,000港

元）已存放于中国内地之银行。人民币不

能自由兑换成其他货币，然而，根据《中

华人民共和国外汇管理条例》及《结汇、售

汇及付汇管理规定》，本集团可透过获授

权经营外汇业务之银行将人民币兑换成其

他货币。

(b) 银行现金按每日银行存款利率计算之浮动

利率赚取利息。视乎本集团即时现金需求，

定期存款之存款期介乎7天至6个月不等，

并按有关短期定期存款利率赚取利息。银

行结余乃存置于近期并无拖欠记录之具信

誉银行。

28. CASH AND CASH EQUIVALENTS

Notes:

(a) At the end of the reporting period, the cash and bank balances of the Group

denominated in Renminbi (“RMB”) amounted to HK$32,656,000 (2024:

HK$39,165,000), of which HK$31,703,000 (2024: HK$38,579,000) in total was

deposited at banks in Mainland China. The RMB is not frely convertible into

other curencies, however, under the PRC’s Foreign Exchange Control Regulations

and Administration of Setlement, Sale and Payment of Foreign Exchange

Regulations, the Group is permited to exchange RMB for other curencies

through banks authorised to conduct foreign exchange busines.

(b) Cash at banks earns interest at floating rates based on daily bank deposit rates.

Time deposits are made for varying periods of betwen 7 days and 6 months

depending on the imediate cash requirements of the Group, and earn interest

at the respective short term time deposit rates. The bank balances are deposited

with creditworthy banks with no recent history of default.

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
897,770
711,278
42,840
1,651,888

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
244,850
133,695
88,636
430,589
897,770

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
495,954
215,324
711,278

亚洲联合基建控股有限公司 2024/25年报265

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

29. 贸易应付款项及应付票据

附注：

(a) 本集团之贸易应付款项为免息并通常按30

天期数偿还。

于报告期末，本集团之贸易应付款项以发

票日期为基准计算之账龄分析列载如下：

(b) 本集团所持有应付保固金乃产生自本集团

之建筑服务业务，并根据分包工程合约所

规定，于分包商完成相关建筑工程后介乎

一年至三年内向分包商偿付。

截至报告期末，本集团应付保固金的到期

日分析如下：

29. TRADE AND BILS PAYABLES

Notes:

(a) The Group’s trade payables are non-interest bearing and are normaly setled on

30-day terms.

An ageing analysis of the Group’s trade payables as at the end of the reporting

period, based on the invoice date, is as folows:

(b) Retention payables held by the Group arose from the Group’s construction

services busines and are setled to subcontractors within a period ranging

from one year to thre years after the completion of the contract work by the

subcontractors, as stipulated in the subcontracting contracts.

The due date for setlement of the Group’s retention payables as at the end of

the reporting period was analysed as folows:

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25266

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

29. TRADE AND BILS PAYABLES (Continued)

The financial liabilities that are part of the Group’s suplier finance

arangements included in trade and bils payables and bank

borowings are normaly setled on 180-day terms and from 90-day

to 150-day terms, respectively.

The Group has established suplier finance arangements that are

ofered to some of the Group’s key supliers in Hong Kong and

Mainland China and key subcontractors in Hong Kong. Participation

in the arangements is at the supliers’ own discretion. Supliers that

participate in the suplier finance arangements wil receive early

payments or payments at the original due dates on invoices sent to

the Group from the Group’s external finance provider. If supliers

chose to receive early payments, they pay a fe to the finance

provider. In order for the finance provider to pay the invoices, the

gods must have ben received or suplied and the invoices must

have ben aproved by the Group. Payments to supliers ahead

of or at the invoice due date are procesed by the finance provider

and, in al cases, the Group setles the original invoice by paying

the finance provider in line with the original invoice maturity date

or at a later date as agred with the finance provider. Payment

terms with supliers have not ben renegotiated in conjunction with

the arangements. The Group provides no security to the finance

provider.

29. 贸易应付款项及应付票据

（续）

计入贸易应付款项及应付票据及银行

借款及作为构成本集团供应商融资安

排一部分的金融负债通常分别在180

天内及90至150天内结清。

本集团已建立供应商融资安排，为本

集团位于香港及中国内地的部分主要

供应商及位于香港的部分主要分包商

提供融资。供应商可自行决定是否参

与安排。参与供应商融资安排的供应

商将收到本集团外部融资提供者的提

早付款或于寄发予本集团的发票之原

定到期日付款。若供应商选择提前收

款，则须向融资提供者支付费用。为

使融资提供者支付发票，货物须为已

予收取或供应，且发票须获本集团批

准。融资提供者会提前或于发票到期

日向供应商付款，且在任何情况下，

本集团会根据原定发票到期日或与融

资提供者协定的较后日期向融资提供

者支付款项，以结清原发票。与供应

商的付款条款并未连同有关安排一起

重新协商。本集团并无向融资提供者

提供任何抵押。

	31 March 2025	31 March 2024	1 April 2023
	2025年 3月31日	2024年 3月31日	2023年 4月1日
	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元
42,840
78,341

亚洲联合基建控股有限公司 2024/25年报267

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

29. 贸易应付款项及应付票据

（续）

所有作为构成供应商融资安排一部分

的金融负债均于财务状况表中计入贸

易应付款项及应付票据及银行借款，

并分别为在应付票据及无抵押银行贷

款的流动部分。

对于计入贸易应付款项及应付票据中

并构成供应商融资安排一部分的金融

负债，该等金融负债的账面值并无发

生重大非现金变动。

29. TRADE AND BILS PAYABLES (Continued)

Al financial liabilities that are part of the suplier finance

arangements are included in trade and bils payables and bank

borowings in the statement of financial position and, in which are

within bils payable and the curent portion of unsecured bank loans,

respectively.

For financial liabilities that are part of the suplier finance

arangements included in trade and bils payables, there were no

significant non-cash changes in the carying amounts of these

financial liabilities.

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
863,432
5,025
58,328
25,011
1,516
61,276
63,963
17,914
1,096,465

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25268

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

30. OTHER PAYABLES AND ACRUALS

Notes:

(a) As part of the sale and purchase agrement, contingent considerations are

payable, which was dependent on the projected profit after tax of Modern Living

and its subsidiaries (the “Modern Living Group”) subsequent to the acquisition.

The contingent considerations payable was determined using the discounted cash

flow model and was within Level 3 Fair value measurement.

(b) The amounts are unsecured, interest-fre and repayable on demand.

30. 其他应付款项及应计款项

附注：

(a) 作为买卖协议的一部分，应付或然代价取

决于收购雅居及其附属公司（「雅居集团」）

后的预测税后利润。应付或然代价按折算

现金流量模式厘定，属于第3级公平值计

量范围。

(b) 该等款项为无抵押、免息及须按要求偿还。

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
78,341
152,997
3,029,346
3,260,684
(22,027)
3,238,657
3,235,660
392
417
1,420
768
3,238,657
(3,236,052)
2,605

亚洲联合基建控股有限公司 2024/25年报269

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31. BANK BOROWINGS

Notes:

(a) Except for certain bank loans of aproximately HK$2,997,000 (2024:

HK$3,364,000) which are denominated in Singapore dolars (“SG$”), the Group’s

bank borowings are denominated in HK$.

31. 银行借款

附注：

(a) 除约2,997,000港元（2024年：3,364,000

港元）之若干银行贷款以新加坡元（「新加

坡元」）计值外，本集团之银行借款均以港

元计值。

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
2,343,262
892,398
–
3,235,660

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25270

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31. 银行借款

（续）

附注：（续）

(b) 本集团以港元计值之信托收据贷款按年利

率介乎一个月香港银行同业拆息加1.4%

至1.65%（2024年：一个月香港银行同业

拆息加1.4%至1.65%）之浮动利率之利率

计息。

本集团以港元及新加坡元计值之银行贷款

分别按年利率介乎一个月香港银行同业拆

息加1.25%至2%（2024年：一个月香港

银行同业拆息加0.8%至2%）之浮动利率

及年利率为6.25%之固定利率（2024年：

固定利率2.18%至6.25%）之利率计息。

赋予银行随时自行决定要求还款的无条件

权利。由于按要求偿还条款，该等银行借

款于2025年及2024年3月31日被分类为

流动负债并归类为「须按要求偿还」。

于2025年3月31日，本集团未能遵守

余额为2,358,319,000港元（2024年：

1,091,712,000港元）之银行借款的一项财

务契约，故该等银行借款被分类为流动负

债并于上文披露之银行借款偿还分析中归

类为「须按要求偿还」。于报告期后，本集

团已接获未能遵守该财务契约之同意豁免。

参考有期贷款协议所载还款时间表，本集

团归类为「须按要求偿还」之银行借款之预

期还款日期如下：

31. BANK BOROWINGS (Continued)

Notes: (Continued)

(b) The trust receipt loans of the Group denominated in HK$ cary interest at floating

rates ranging from one-month HIBOR plus 1.4% to 1.65% (2024: one-month

HIBOR plus 1.4% to 1.65%) per anum.

The bank loans of the Group denominated in HK$ and SG$ cary interest at

floating rates ranging from one-month HIBOR plus 1.25% to 2% (2024: one-

month HIBOR plus 0.8% to 2%) per anum and at fixed rates of 6.25% (2024:

fixed rates from 2.18% to 6.25%) per anum, respectively.

that provides the banks with an unconditional right to demand repayment at

any time at their own discretion. Due to the repayment on demand clause, such

amount of bank borowings were clasified as curent liabilities and grouped into

the “Repayable on demand” category as at 31 March 2025 and 2024.

At 31 March 2025, the Group did not comply with a financial covenant of

bank borowings with outstanding balances of HK$2,358,319,000 (2024:

HK$1,091,712,000) and hence the bank borowings were clasified as curent

liabilities and grouped into the “Repayable on demand” category in the bank

borowings repayment analysis disclosed above. Consent waivers of non-

compliance with the financial covenant have ben received by the Group

subsequent to the reporting period.

The expected repayment dates of the Group’s bank borowings that are grouped

under “Repayment on demand” category, with reference to schedules of

repayments set out in the term loan agrements, are as folows:

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
36,325
2,678
99,640
37,446
176,089

亚洲联合基建控股有限公司 2024/25年报271

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31. 银行借款

（续）

附注：（续）

(d) 于报告期末，已抵押以下资产，作为本集

团获授银行融资之担保：

除上文外，于2025年及2024年3月31

日，本集团已抵押一间全资拥有附属公司

之股权，作为一间联营公司获授银行融资

之担保。

于2025年3月31日，总额为2,997,000港

元（2024年：3,364,000港元）之一间银行

借款由一间附属公司之一名非控股权持

有人担保。

(e) 于2025年及2024年3月31日，就银行借

款（视情况而定）的若干贷款协议载有财务

契约，包括但不限于每年分别于适用测试

日期的综合有形净值、综合借款净值与综

合有形净值之比、综合未计利息、税项、

折旧及摊销前盈利（「EBITDA」）与综合利息

开支之比、综合流动资产与综合流动负债

之比及向本公司股东分配的股息和其他现

金收入的价值，直至偿还或到期为止。

31. BANK BOROWINGS (Continued)

Notes: (Continued)

(d) At the end of the reporting period, the folowing asets were pledged to secure

the banking facilities granted to the Group:

In adition to the above, as at 31 March 2025 and 2024, the Group has pledged

the equity interest in a wholy-owned subsidiary to secure a banking facility

granted to an asociate.

At 31 March 2025, a bank borowing in the total amount of HK$2,997,000

(2024: HK$3,364,000) was guaranted by a non-controling equity holder of a

subsidiary.

(e) As at 31 March 2025 and 2024, certain loan agrements governing the bank

borowings, as the case may be, contain financial covenants, including but not

limited to consolidated tangible net worth, consolidated net borowings to

consolidated tangible net worth, consolidated earnings before interests, taxes,

depreciation and amortisation (“EBITDA”) to consolidated interest expenses,

consolidated curent asets to consolidated curent liabilities and the value of

dividends and other income distribution in cash to shareholders of the Company

with respective aplicable test dates of each year until repayment or maturity.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
278
(1,782)
(1,504)

Attributable to
应占
		Depreciation allowances in excess of related depreciation	Tax losses	Other taxable temporary differences	Net deferred tax assets/ (liabilities)
		折旧免税额超过相关折旧	税项亏损	其他应课税暂时性差额	递延税项资产╱（负债）净额
	Notes	HK$’000	HK$’000	HK$’000	HK$’000
	附注	千港元	千港元	千港元	千港元

(16,859)	17,251	(2,277)	(1,885)
381	–	–	381
(16,478)	17,251	(2,277)	(1,504)

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25272

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

32. 递延税项

于综合财务状况表确认之递延税项资

产及负债净额如下：

年内，递延税项资产╱（负债）之组成

部分及其变动如下：

32. DEFERED TAX

Net defered tax asets and liabilities recognised in the consolidated

statement of financial position are as folows:

The components of defered tax asets/(liabilities) and their movements

during the year are as folows:

At 1 April 2023于2023年4月1日(19,314)22,249(2,181)754

Acquisition of subsidiaries收购附属公司38(120)–(96)(216)

Defered tax charged/(credited) to

profit or los during the year

年内扣除╱（计入）

于损益之递延税项122,575(4,998)–(2,423)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Defered tax charged to profit or

los during the year

年内扣除于损益之递延税项

At 31 March 2025于2025年3月31日

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
500,000
186,424

亚洲联合基建控股有限公司 2024/25年报273

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

32. 递延税项

（续）

附注：

(a) 于2025年3月31日，概无就未动用税

项亏损1,956,907,000港元（2024年：

1,370,838,000港元）确认递延税项资产，

因为其产生自若干附属公司及合营业务，

其已于一定时间内持续亏损，且无法确定

将产生可动用抵销有关税项亏损之应课税

溢利。

(b) 根据中国企业所得税法，于中国成立之外

资企业向外国投资者宣派股息须征收10%

预扣税。倘中国与有关外国投资者之司法

权区订有税务条约，则可按较低预扣税率

征税。就本集团而言，适用税率为5%或

10%。因此，本集团须就于中国成立之该

等附属公司分派之股息缴交预扣税。

于2025年3月31日，概无就本集团于中国

成立之附属公司之未转汇盈利（须缴纳预

扣税）之应付预扣税确认递延税项（2024

年：无）。董事认为，该等附属公司不大

可能于可见未来分派有关盈利。

33. 股本

(a) 股份

32. DEFERED TAX (Continued)

Notes:

(a) At 31 March 2025, defered tax asets have not ben recognised in respect of

unused tax loses of HK$1,956,907,000 (2024: HK$1,370,838,000) as they

have ben arisen in certain subsidiaries and joint operations that have ben los-

making for some time and it is not asured that taxable profits wil be available

against which such tax loses can be utilised.

(b) Pursuant to the PRC Corporate Income Tax Law, a 10% witholding tax is levied

on dividends declared to foreign investors from the foreign investment enterprises

established in the PRC. A lower witholding tax rate may be aplied if there is

a tax treaty betwen the PRC and the jurisdiction of the foreign investors. For

the Group, the aplicable rate is 5% or 10%. The Group is therefore liable for

witholding taxes on dividends distributed by those subsidiaries established in the

PRC.

At 31 March 2025, no defered tax has ben recognised for witholding taxes

that would be payable on the unremited earnings that are subject to witholding

taxes of the Group’s subsidiaries established in the PRC (2024: Nil). In the opinion

of the Directors, it is not probable that these subsidiaries wil distribute such

earnings in the foreseable future.

the Company to its shareholders.

33. SHARE CAPITAL

(a) Shares

	Number of ordinary shares in issue	Issued capital	Share premium account	Total
	已发行普通股数目	已发行股本	股份溢价账	总额
Note		HK$’000	HK$’000	HK$’000
附注		千港元	千港元	千港元

1,785,791,847	178,579	735,089	913,668
95,007,857	9,501	32,303	41,804
(16,558,000)	(1,656)	(5,923)	(7,579)
1,864,241,704	186,424	761,469	947,893

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25274

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

33. 股本

（续）

(a) 股份（续）

于截至2025年及2024年3月31

日止年度，本公司已发行股本及

股份溢价账之变动概要如下：

33. SHARE CAPITAL (Continued)

(a) Shares (Continued)

A sumary of the movements in the Company’s isued share

capital and share premium acount during the years ended 31

March 2025 and 2024 is as folows:

At 1 April 2023于2023年4月1日1,796,231,847179,623739,410919,033

Cancelation of repurchased shares

(note)

注销已购回股份

（附注）(10,440,000)(1,044)(4,321)(5,365)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日1

Isue of shares股份发行38

Cancelation of repurchased shares

(note)

注销已购回股份

（附注）

At 31 March 2025于2025年3月31日1

	Number of ordinary shares repurchased	Purchase price paid per share 每股已付购买价		Aggregate consideration paid
Months of repurchases		Highest	Lowest
购回月份	已购回普通股数目	最高	最低	已付总代价
		HK$	HK$	HK$’000
		港元	港元	千港元
	3,460,000	0.48	0.47	1,650
	1,464,000	0.46	0.46	673
	4,724,000	0.46	0.44	2,142
	3,388,000	0.455	0.44	1,523
	2,050,000	0.45	0.45	923
	1,472,000	0.46	0.45	668
	2,296,000	0.445	0.44	1,013
	1,722,000	0.45	0.435	756
	974,000	0.465	0.44	438
	580,000	0.465	0.44	259
	22,130,000			10,045

亚洲联合基建控股有限公司 2024/25年报275

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

33. 股本

（续）

(a) 股份（续）

附注：于本年度内，本公司以总代价约

10,045,000港元（2024年：5,365,000

港元）于联交所购回合共22,130,000

股（2024年：10,440,000股）普通

股，且16,558,000股（2024年：

10,440,000股）普通股其后已于年结

日之前注销。购回该等股份时支付

之超过账面值的溢价约5,923,000港

元（2024年：4,321,000港元）已于

股份溢价账中扣除。于2025年3月

31日购回但尚未注销之5,572,000

股普通股所支付之代价已于库存股

份中扣除。该等5,572,000股普通

股，连同本公司于2025年4月报告

期后以总代价约684,060港元购回

的1,530,000股普通股，已于2025

年6月由本公司注销。有关购回由

董事进行，旨在透过提高本公司资

产净值及每股盈利致令本公司股东

整体受惠。购回详情概述如下︰

截至2025年3月31日止年度

33. SHARE CAPITAL (Continued)

(a) Shares (Continued)

Note: During the year, the Company repurchased 22,130,000 (2024:

10,440,000) ordinary shares in total on the Stock Exchange at an

agregate consideration of aproximately HK$10,045,000 (2024:

HK$5,365,000) and 16,558,000 (2024: 10,440,000) ordinary shares

were subsequently canceled before the year end date. The premium

of aproximately HK$5,923,000 (2024: HK$4,321,000) paid over the

nominal value on the repurchases of these shares was debited to the

share premium acount. The consideration paid on the repurchase of

5,572,000 ordinary shares not yet canceled as at 31 March 2025 was

debited to the treasury shares. These 5,572,000 ordinary shares, together

with the 1,530,000 ordinary shares repurchased by the Company for an

agregate consideration of aproximately HK$684,060 after the reporting

period in April 2025, were canceled by the Company in June 2025. The

repurchases were efected by the Directors with a view to benefiting the

shareholders of the Company as a whole by enhancing the Company’s

net aset value and earnings per share. Details of the repurchases are

sumarised as folows:

Year ended 31 March 2025

	Number of ordinary shares repurchased	Purchase price paid per share 每股已付购买价		Aggregate consideration paid
Months of repurchases		Highest	Lowest
购回月份	已购回普通股数目	最高	最低	已付总代价
		HK$	HK$	HK$’000
		港元	港元	千港元

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25276

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

33. 股本

（续）

(a) 股份（续）

附注：（续）

截至2024年3月31日止年度

(b) 根据股份奖励计划持有的

股份

本公司受限制股份奖励计划及根

据该计划持有的股份之详情载于

财务报表附注34。

本公司购股权计划及根据计划发

行之购股权之详情载于财务报表

附注35。

33. SHARE CAPITAL (Continued)

(a) Shares (Continued)

Note: (Continued)

Year ended 31 March 2024

July 20232023年7月1,530,0000.500.50765

August 20232023年8月3,144,0000.530.491,630

September 20232023年9月1,652,0000.520.50857

October 20232023年10月2,820,0000.520.511,461

November 20232023年11月774,0000.520.51402

February 20242024年2月520,0000.480.47250

10,440,0005,365

(b) Shares held under a share award scheme

Details of the Company’s restricted share award scheme and

the shares held under the scheme are included in note 34 to

the financial statements.

Details of the Company’s share option scheme and the share

options isued under the scheme are included in note 35 to the

financial statements.

	Number of ordinary shares held under share award scheme account	Amount
	根据股份奖励计划账目下持有的普通股数目	金额
HK$’000
千港元

亚洲联合基建控股有限公司 2024/25年报277

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

34. 股份奖励计划

董事局已批准采纳受限制股份奖励计

划（「股份奖励计划」），自2017年8月

1日（「采纳日期」）起生效。该股份奖

励计划的宗旨是鼓励及挽留选定参与

者（「选定参与者」）（包括本公司董事）

任职于本公司，并向彼等提供达到表

现目标的激励，以实现增加本公司价

值及令选定参与者利益透过拥有本公

司股份直接与本公司股东利益一致的

目标。除非董事局决议案提前终止，

否则股份奖励计划自采纳日期起计10

年期间有效及生效。

股份奖励计划透过一名独立于本集团

的受托人营运。根据股份奖励计划授

出的股份将由受托人于收到本公司通

知及指示后自公开市场上购入。受托

人所持股份应不超过持有本公司已发

行股份总数之10%。

于2017年8月2日授出之股份奖励

已全数于2018年8月2日归属，而于

2025年及2024年3月31日，股份奖励

计划下概无尚未行使之股份奖励。

截至2025年及2024年3月31日止年

度，本公司根据股份奖励计划账目下

持有的股份（尚未授出）之变动如下：

34. SHARE AWARD SCHEME

The Board aproved the adoption of a restricted share award scheme

(the “Share Award Scheme”) with efect from 1 August 2017 (the

“Adoption Date”). The purposes of the Share Award Scheme are

to encourage and retain the selected participants (the “Selected

Participant(s)”), including directors of the Company, to work with the

Company and to provide incentives for them to achieve performance

goals with a view to achieving the objectives of increasing the

value of the Company and aligning the interests of the Selected

Participants directly with those of the shareholders of the Company

through ownership of shares of the Company. Unles otherwise early

terminated by the resolution of the Board, the Share Award Scheme

is valid and efective for a period of 10 years from the Adoption

Date.

The Share Award Scheme is operated through a truste which is

independent of the Group. The shares to be awarded under the

Share Award Scheme wil be acquired by the truste from the open

market after the notification and instruction by the Company. The

truste shal not hold more than 10% of the total number of isued

Shares of the Company.

Al share awards granted on 2 August 2017 were vested on 2 August

2018 and there were no share awards outstanding under the Share

Award Scheme as at 31 March 2025 and 2024.

The movements of the Company’s shares held under the Share

Award Scheme acount (not yet granted) during the years ended 31

March 2025 and 2024 are as folows:

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12,452,00010,643

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25278

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

35. 购股权计划

根据于2012年9月3日通过之普通决

议案，本公司已采纳一项购股权计划

（「购股权计划」）。主要目的是为合资

格参与人士提供购入本公司拥有权之

机会，并鼓励购股权之承授人努力工

作以提升本公司及其股份之价值，从

而令本公司及其股东整体得益。董事

局将于提出要约时列出授予购股权之

条款。该等条款可包括(i)于购股权可

全部或局部行使前最低限度须达致之

表现目标；及╱或(i)董事局按个别情

况或一般情况酌情施加之其他条款（包

括归属期）。

按购股权计划及本公司之其他购股权

计划（如有）已授出而尚未行使之购股

权获全数行使时所发行之股份总数，

以不超过不时已发行普通股之30%

（「购股权计划上限」）为限。在任何时

候，倘若授出购股权会导致超逾购股

权计划上限，则不得根据购股权计划

授出任何购股权。

按购股权计划及本公司之所有其他购

股权计划（如有）将授出之全数购股权

获行使时所发行之股份总数，以不超

过于批准购股权计划当日已发行普通

股之10%（「购股权计划授权上限」）为

限，惟购股权计划授权上限可作出更

新。凡按照购股权计划或本公司之任

何其他购股权计划条款已告期满失效

之购股权均不计算入购股权计划授权

上限之内。

于任何12个月期间内，按授予任何一

位合资格参与人士之购股权（包括已行

使及尚未行使之购股权）获行使而已发

行及将发行之股份总数，倘未获得股

东事先批准，不得超过已发行股份之

1%。如该合资格参与人士于提出要约

日期起计30日内缴付1港元之代价，

即被视作接纳有关购股权。

35. SHARE OPTION SCHEME

Pursuant to an ordinary resolution pased on 3 September 2012, the

Company has adopted a share option scheme (the “Share Option

Scheme”) for the primary purpose of providing eligible personel

with the oportunity to acquire proprietary interests in the Company,

which wil encourage the grantes of such options to work towards

enhancing the value of the Company and its shares for the benefit

of the Company and its shareholders as a whole. The Board wil

set out in the ofer the terms on which the option is to be granted.

Such terms may include (i) minimum performance targets that must

be reached before the option can be exercised in whole or in part;

and/or (i) such other terms (including the vesting period) as may be

imposed at the discretion of the Board either on a case-by-case basis

or generaly.

The overal limit on the number of shares which may be isued upon

exercise of al outstanding options granted and yet to be exercised

under the Share Option Scheme and other share option schemes of

the Company (if any) must not exced 30% of the ordinary shares

in isue from time to time (the “Share Option Scheme Limit”). No

options wil be granted under the Share Option Scheme at any time

if such grant wil result in the Share Option Scheme Limit being

exceded.

The total number of shares which may be isued upon exercise of al

options to be granted under the Share Option Scheme and al other

share option schemes of the Company (if any) shal not exced 10%

of the ordinary shares in isue as at the date of aproval of the Share

Option Scheme (the “Share Option Scheme Mandate Limit”), subject

to the refreshment of the Share Option Scheme Mandate Limit.

Options which have lapsed in acordance with the terms of the Share

Option Scheme or any other share option schemes of the Company

shal not be counted for the purpose of calculating the Share Option

Scheme Mandate Limit.

The total number of shares isued and to be isued upon exercise

of the options granted to any eligible personel (including both

exercised and outstanding options) in any 12-month period must not

exced 1% of the shares in isue without prior aproval from the

shareholders. An ofer of the options shal be demed to have ben

acepted by way of consideration of HK$1 payable by the eligible

personel within 30 days from the date of ofer.

亚洲联合基建控股有限公司 2024/25年报279

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

35. 购股权计划

（续）

倘若向某位主要股东或独立非执行董

事或彼等各自之任何联系人士授出购

股权，而将会导致于授出日期之前12

个月期间（包括该日在内）按已授予及

将授予该人士之全数购股权（包括已行

使、已注销及尚未行使之购股权）获行

使而已发行及将发行之股份：(i)总数

占已发行股份之0.1%以上；及(i)按于

相关授出日期联交所发布之每日报价

表上注明之股份收市价计算之总值超

过5,000,000港元，则上述进一步授出

购股权事宜须获股东批准后，方可进行。

认购价应由董事局全权酌情厘定并将

在要约内通知合资格参与人士，而且

不得低于下列之最高者：

(i) 于授出日期联交所发布之每日报

价表上注明之股份收市价；

(i) 于紧接授出日期之前5个营业日

内联交所发布之每日报价表上注

明之股份收市价之平均数；及

(i) 于授出日期股份之面值。

购股权计划于采纳日期（即2012年9

月3日）起计10年内有效及生效且于

2022年9月2日失效，其后不得进一步

要约或授出购股权，惟于失效日期前

已授出的购股权将根据购股权计划的

条文继续有效及可予行使。

35. SHARE OPTION SCHEME (Continued)

Where any grant of options to a substantial shareholder or an

independent non-executive director, or any of their respective

asociates, would result in the shares isued and to be isued upon

exercise of al options already granted and to be granted (including

options exercised, canceled and outstanding) to such person in

the 12-month period up to and including the date of grant (i)

representing in agregate over 0.1% of the shares in isue; and (i)

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

as stated in the daily quotations shets isued by the Stock Exchange

on the relevant date of grant, in exces of HK$5 milion, such further

grant of options must be aproved by the shareholders.

The subscription price shal be such price determined by the Board in

its absolute discretion and wil be notified to the eligible personel in

the ofer and shal be no les than the highest of:

(i) the closing price of a share as stated in the daily quotations

shets isued by the Stock Exchange on the date of grant;

(i) the average of the closing prices of a share as stated in the

daily quotations shets isued by the Stock Exchange for the 5

busines days imediately preceding the date of grant; and

(i) the nominal value of a share on the date of grant.

The Share Option Scheme is valid and efective for a period of 10

years comencing on the adoption date of 3 September 2012 and

expired on 2 September 2022, after which no further share options

shal be ofered or granted but the share options granted prior to the

expiry date shal continue to be valid and exercisable in acordance

with the provisions of the Share Option Scheme.

Number of share options
购股权数目
Category of eligible participants	Date of grant	Exercise period	Exercise price per option	Outstanding as at 1 April 2024	Granted during the year	Lapsed during the year	Outstanding as at 31 March 2025
合资格参与者之类别	授出日期	行使期	每份购股权行使价	于2024年 4月1日尚未行使	年内已授出	年内已失效	于2025年 3月31日尚未行使
			HK$
			港元
				3,600,000	–	–	3,600,000
				3,600,000	–	–	3,600,000
				4,800,000	–	(1,200,000)	3,600,000
				600,000	–	–	600,000
				600,000	–	–	600,000
				800,000	–	–	800,000
				1,200,000	–	–	1,200,000
				1,200,000	–	–	1,200,000
				1,600,000	–	–	1,600,000
				6,000,000	–	(300,000)	5,700,000
				6,000,000	–	(300,000)	5,700,000
				8,000,000	–	(400,000)	7,600,000
				38,000,000	–	(2,200,000)	35,800,000
			35,800,000
				38,000,000	–	(2,200,000)	0.60	N/A 不适用	N/A 不适用	0.60

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25280

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

35. 购股权计划

（续）

根据购股权计划授出的购股权变动详

情如下：

截至2025年3月31日止年度

35. SHARE OPTION SCHEME (Continued)

Details of the movements in share options granted under the Share

Option Scheme are as folows:

Year ended 31 March 2025

Number of share options
购股权数目
Category of eligible participants	Date of grant	Exercise period	Exercise price per option	Outstanding as at 1 April 2023	Granted during the year	Lapsed during the year	Outstanding as at 31 March 2024
合资格参与者之类别	授出日期	行使期	每份购股权行使价	于2023 年 4 月1 日尚未行使	年内已授出	年内已失效	于2024 年 3 月31 日尚未行使
			HK$
			港元

亚洲联合基建控股有限公司 2024/25年报281

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

35. 购股权计划

（续）

截至2024年3月31日止年度

35. SHARE OPTION SCHEME (Continued)

Year ended 31 March 2024

Executive directors31/3/202231/3/2023–30/3/20260.603,600,000–3,600,000

执行董事31/3/2024–30/3/20260.603,600,000–3,600,000

31/3/2025–30/3/20260.604,800,000–4,800,000

Non-executive directors31/3/202231/3/2023–30/3/20260.60600,000–600,000

非执行董事31/3/2024–30/3/20260.60600,000–600,000

31/3/2025–30/3/20260.60800,000–800,000

Independent non-executive directors31/3/202231/3/2023–30/3/20260.601,200,000–1,200,000

独立非执行董事31/3/2024–30/3/20260.601,200,000–1,200,000

31/3/2025–30/3/20260.601,600,000–1,600,000

Employes31/3/202231/3/2023–30/3/20260.606,000,000–6,000,000

雇员31/3/2024–30/3/20260.606,000,000–6,000,000

31/3/2025–30/3/20260.608,000,000–8,000,000

38,000,000–38,000,000

Number of options exercisable at

the end of the reporting period

于报告期末可行使之购股权数目

38,000,000

Weighted average exercise price

(HK$ per share)

加权平均行使价（港元（每股）0.60N/A

不适用

N/A

不适用

0.60

Date of grant 授出日期	Exercise period 行使期	Maximum percentage of share options exercisable	占可行使购股权之最高百分比

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25282

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

35. 购股权计划

（续）

附注：

(a) 已授出购股权之归属期（授出日期至首个

可行使日期间）乃由本公司董事于授出

各购股权时厘定。根据购股权计划授出之

购股权之持有人仅可于以下行使期内行使

其购股权：

(b) 截至2022年3月31日止年度授出的购股

权的公平值为4,177,000港元（约每股0.11

港元），其中本集团于截至2025年3月31

日止年度确认的购股权开支为540,000港

元（2024年：1,183,000港元）。于本年度，

一名董事的1,200,000股份及一名雇

员的1,000,000股份失效，金额分别为

121,000港元及105,000港元。

35,800,000份尚未行使的购股权。根据

本公司目前的资本架构，倘该等尚未行

使的购股权获悉数行使，将导致发行

35,800,000股本公司额外普通股，并产生

额外股本21,480,000港元（未计及发行开

支）。

于此等财务报表获批准当日，本公司于该

计划下有34,000,000份尚未行使的购股

权，占该日本公司已发行股份的约1.83%。

35. SHARE OPTION SCHEME (Continued)

Notes:

(a) The vesting period, which is the period from the date of grant to the first

exercisable date, of the share options granted is determined by directors of the

Company at each time when the options are granted. Holders of share options

granted under the Share Option Scheme may only exercise their options during

the exercisable periods as folows:

31/3/202231/3/2023–30/3/2024up to 30%不超过30%

31/3/2024–30/3/2025up to 60%不超过60%

31/3/2025–30/3/2026up to 100%不超过100%

(b) The fair value of the share options granted during the year ended 31 March

2022 was HK$4,177,000 (aproximately HK$0.11 each), of which the Group

recognised a share option expenses of HK$540,000 (2024: HK$1,183,000) during

the year ended 31 March 2025. There were 1,200,000 shares of a director and

1,000,000 shares of an employe amounted to HK$121,000 and HK$105,000,

respectively, lapsed during the year.

outstanding under the Scheme. The exercise in ful of the outstanding share

options would, under the present capital structure of the Company, result in the

isue of 35,800,000 aditional ordinary shares of the Company and aditional

share capital of HK$21,480,000 (before isue expenses).

At the date of aproval of these financial statements, the Company had

34,000,000 share options outstanding under the Scheme, which represented

aproximately 1.83% of the Company’s shares in isue as at that date.

亚洲联合基建控股有限公司 2024/25年报283

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

36. 储备

(a) 本集团于本年度及过往年度之储

备金额及其变动于综合股东权益

变动表呈列。

(b) 资本储备主要包括：

(i) 于过往年度确认之借项结

余7,340,000港元，即俊和

建筑工程有限公司（本集团

全资拥有附属公司）之无投

票权递延股本，以及本公

司发行之股本面值与依据

1993年集团重组而购入之

附属公司股本总面值两者

差额之总额。

(i) 于截至1997年3月31日止

年度配发俊和地基工程有

限公司（一间全资拥有附属

公司）之股本时资本化之溢

利。

(i) 因于截至2020年3月31

日止年度向本公司一名

控股东收购Clover Peak

Limited（「CPL」）之40%权

益而确认之被视作注资

6,961,000港元，相当于已

付代价与收购日期本集团

应占CPL资产净值之公平值

之差额。

36. RESERVES

(a) The amounts of the Group’s reserves and the movements

therein for the curent and prior years are presented in the

consolidated statement of changes in equity.

(b) The capital reserve mainly includes:

(i) a debit balance of HK$7,340,000 recognised in prior

years, which represented the agregate amount of

the non-voting defered share capital of Chun Wo

Construction and Enginering Company Limited, a

wholy-owned subsidiary of the Group, and the diference

betwen the nominal amount of the share capital isued

by the Company and the agregate nominal amount of

the share capital of the subsidiaries acquired pursuant to

a group reorganisation undertaken in 1993.

(i) the amount of profit capitalisation upon alotment of

share capital of Chun Wo Foundations Limited (a wholy-

owned subsidiary) during the year ended 31 March 1997.

(i) a demed contribution of HK$6,961,000 recognised

upon the acquisition of a 40% interest in Clover Peak

Limited (“CPL”) from a controling shareholder of the

Company during the year ended 31 March 2020, which

represented the diference betwen the consideration

paid and the acquisition-date fair value of the net asets

of CPL atributable to the Group.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25284

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

36. 储备

（续）

(b) （续）

(iv) 于截至2022年3月31日止

年度向独立第三方出售于

36. RESERVES (Continued)

(b) (Continued)

(iv) a gain of HK$4,615,000 recognised upon the disposal

of a 5% interest in the Relevant Subsidiary to an

independent third party during the year ended 31 March

2022, which represented the diference betwen the

consideration received of HK$6,000,000 and 5% net

asets value of the Relevant Subsidiary atributable to the

Group of HK$1,385,000 as at the disposal date.

(v) a gain of HK$4,473,000 recognised upon the disposal

of a 2.5% interest in the Relevant Subsidiary to an

asociate during the year ended 31 March 2024, which

represented the diference betwen the consideration

received of HK$5,000,000 and 2.5% net asets value

of the Relevant Subsidiary atributable to the Group of

HK$527,000 as at the disposal date.

(vi) a gain of HK$17,213,000 recognised upon the disposal

of a 21% interest in the Modern Living to independent

third parties during the year, which represented the

diference betwen the consideration received of

HK$50,400,000 and 21% net aset value of the Modern

Living atributable to the Group of HK$33,187,000 as at

disposal date.

	Bank borrowings	Lease liabilities
	银行借款	租赁负债
Notes	HK$’000	HK$’000
附注	千港元	千港元
	3,149,046	53,082
	(122,687)	(36,437)
	–	75,710
	–	(1,882)
	193,870	2,406
	18,426	–
	2	(28)
	3,238,657	92,851

亚洲联合基建控股有限公司 2024/25年报285

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

37. 综合现金流量表之附注

(a) 重大非现金交易

于截至2025年3月31日止年度

内，本集团有关各项资产租赁安

排之使用权资产及租赁负债之

非现金添置分别为75,090,000港

元（2024年：25,178,000港元）

及75,090,000港元（2024年：

25,178,000港元）。

除上文所披露者外，于截至2025

年及2024年3月31日止年度内，

本集团并未有其他重大投资及融

资活动之非现金交易。

(b) 融资活动所产生之负债变

动

截至2025年3月31日止年度

37. NOTES TO THE CONSOLIDATED STATEMENT

OF CASH FLOWS

(a) Major non-cash transactions

During the year ended 31 March 2025, the Group had non-

cash aditions to right-of-use asets and lease liabilities of

HK$75,090,000 (2024: HK$25,178,000) and HK$75,090,000

(2024: HK$25,178,000), respectively, in respect of lease

arangements for various asets.

Save as disclosed above, the Group did not have other major

non-cash transactions of investing and financing activities

during the years ended 31 March 2025 and 2024.

(b) Changes in liabilities arising from financing

activities

Year ended 31 March 2025

	Bank borrowings	Lease liabilities
	银行借款	租赁负债
Notes	HK$’000	HK$’000
附注	千港元	千港元

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
105,361
36,437
141,798

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25286

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

37. 综合现金流量表之附注

（续）

(b) 融资活动所产生之负债变

动（续）

截至2024年3月31日止年度

于截至2024年3月31日止年度

内，于2023年3月31日分类为持

作销售之一间出售集团相关，并

就银行借款及租赁负债有关的融

资现金流量变动之金额，分别为

5,626,000港元及83,000港元。

计入综合现金流量表之租赁现金

流出总额如下：

37. NOTES TO THE CONSOLIDATED STATEMENT

OF CASH FLOWS (Continued)

(b) Changes in liabilities arising from financing

activities (Continued)

Year ended 31 March 2024

At 1 April 2023于2023年4月1日2,760,96961,409

Changes from operating cash flows经营现金流量之变动(1,800)–

Changes from investing cash flows投资现金流量之变动38–2,120

Changes from financing cash flows融资现金流量之变动192,640(37,243)

New leases新租赁–25,178

Early termination of leases提前终止租赁–(677)

Interest expense利息开支8176,0302,299

Amortisation of ancilary costs incured

in conection with the arangement

of bank loans

有关银行贷款安排产生之

辅助性成本之摊销

821,282–

Exchange realignment汇兑调整(75)(4)

At 31 March 2024于2024年3月31日3,149,04653,082

During the year ended 31 March 2024, changes from

financing cash flows related to bank borowings and lease

liabilities included amounts of HK$5,626,000 and HK$83,000,

respectively, asociated with a disposal group clasified as held

for sale as at 31 March 2023.

The total cash outflow for leases included in the consolidated

statement of cash flows is as folows:

亚洲联合基建控股有限公司 2024/25年报287

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

38. 业务合并

本集团于截至2025年及2024年3月31

日止年度有以下业务合并：

截至2025年3月31日止年度

于2024年12月2日，本公司一间

接全资附属公司（「买方」）与本集团

之一间独立第三方Yan Trade (BVI)

Holding Limited（「卖方」）订立一份买卖

协议，据此，卖方有条件同意出售而

买方有条件同意购买万邦供应链（香港）

有限公司（「万邦香港」）已发行股本

总额之51%。代价将以配发及发行

95,007,857股本公司代价股份予Yan’s

Family (BVI) Holdings Limited（「指定实

体」）之方式支付，发行价为每股0.50

港元，合共47,503,928.50港元。万邦

香港及其附属公司（「万邦集团」）主要

从事提供建筑材料采购。

收购事项已于2024年12月20日完成，

而本公司已于完成日期根据买卖协议

的条款及条件配发及发行95,007,857

股新股份予指定实体。完成后，本公

司间接拥有万邦香港已发行股本的

51%，而万邦香港成为本公司的一间

非全资附属公司。

有关收购事项的进一步详情载于本公

司日期为2024年12月2日、2024年12

月13日及2024年12月20日的公告。

截至2024年3月31日止年度

于2024年1月26日，本公司的一间

间接全资附属公司（「要约人」，为买

方）与R5A Group Limited及3名卖方

（统称「卖方」）（尽管根据香港公司收

购及合并守则（「收购守则」）卖方被视

为与要约人一致行动之人士，彼等各

自为本集团之独立第三方）订立一份

买卖协议，据此，卖方有条件同意出

售及要约人有条件同意收购雅居（其

已发行普通股于联交所GEM上市）的

473,870,000股份（「待售股份」），占

雅居已发行股本约59.23%。代价应为

最多为165,854,500港元（相当于每股

待售股份0.35港元）。雅居集团主要从

事提供物业管理服务，服务对象主要

为香港的公营房屋及资助房屋。

38. BUSINES COMBINATIONS

The Group had the folowing busines combinations during the years

ended 31 March 2025 and 2024:

Year ended 31 March 2025

On 2 December 2024, an indirect wholy-owned subsidiary of the

Company (the “Purchaser”) and Yan Trade (BVI) Holding Limited

(the “Vendor”), an independent third party of the Group, entered

into a sale and purchase agrement, pursuant to which the Vendor

conditionaly agred to sel, and the Purchaser conditionaly

agred to purchase, 51% of the total isued share capital of

Manbond Suply Chain (HK) Company Limited (“Manbond HK”).

The consideration shal be setled by alotment and isuance of

95,007,857 consideration shares of the Company to Yan’s Family

(BVI) Holdings Limited (the “Designated Entity”), at the isue price of

HK$0.50 per share, amounts to HK$47,503,928.50. Manbond HK

and its subsidiaries (the “Manbond Group”) is principaly engaged in

provision of construction material procurement.

Completion of the acquisition tok place on 20 December 2024 and

95,007,857 new shares of the Company were aloted and isued to

the Designated Entity in acordance with the terms and conditions

of the sale and purchase agrement on completion date. Upon

completion, the Company indirectly owns 51% of the isued share

capital of Manbond HK and Manbond HK has become a non-wholy

owned subsidiary of the Company.

Further details of the acquisition are set out in the anouncements of

the Company dated 2 December 2024, 13 December 2024 and 20

December 2024.

Year ended 31 March 2024

On 26 January 2024, an indirect wholy-owned subsidiary of the

Company (the “Oferor”, as purchaser) and R5A Group Limited and

3 vendors (together as the “Vendors”), independent third parties of

the Group, respectively, notwithstanding the Vendors are demed to

be parties acting in concert with the Oferor pursuant to the Hong

Kong Code on Takeovers and Mergers (the “Takeovers Code”),

entered into a Sale and Purchase Agrement, pursuant to which the

Vendors conditionaly agred to sel, and the Oferor conditionaly

agred to purchase, 473,870,000 shares (“Sale Share”) of Modern

Living, the isued ordinary shares of which are listed on GEM of The

Stock Exchange, which represents aproximately 59.23% of the

isued share capital in Modern Living. The consideration shal be in

the maximum of HK$165,854,500 (equivalent to HK$0.35 per Sale

Share). Modern Living Group is principaly engaged in provision of

property management services of public housing and subsidised

housing in Hong Kong.

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25288

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

38. 业务合并

（续）

截至2024年3月31日止年度（续）

收购事项已于2024年2月21日完成，

并已根据买卖协议之条款及条件于完

成日期向卖方支付136,854,500港元。

紧随完成交易后，要约人持有雅居全

部已发行股本约59.23%，而雅居成为

本公司的间接非全资附属公司。

余额29,000,000港元（于收购日期公平

值为25,764,000港元）应根据上述之买

卖协议之溢利保证之条款及条件支付。

或然代价为按公平值计入损益。

更多有关收购事项的详情载于本公司

与雅居日期为2024年1月31日及2024

年2月21日之联合公告。

于完成交易后，要约人须根据收购守

则规则26.1就雅居全部已发行股份作

出强制无条件现金要约（即股份要约）

（已由要约人及其一致行动人士拥有或

同意将予收购者除外（「要约股份」）。

于2024年3月5日，要约人与雅居就

（其中包括）股份要约联合刊发综合文

件（「综合文件」）。

于2024年3月26日，要约人已接获涉

及股份要约项下合共213,779,500股要

约股份之有效接纳，相当于雅居全部

已发行股本约26.72%。

紧随股份要约截止后，要约人及其

一致行动人士（卖方除外）于合共

687,649,500股雅居股份中拥有权益，

占雅居全部已发行股本约85.96%。

更多有关股份要约及股份要约结果的

详情载于本公司与雅居日期为2024年

3月5日及2024年3月26日之综合文

件及公告。

38. BUSINES COMBINATIONS (Continued)

Year ended 31 March 2024 (Continued)

Completion of acquisition tok place on 21 February 2024 and

HK$136,854,500 was paid to the Vendors in acordance with

the terms and conditions of the sale and purchase agrement

on completion date. Folowing the completion, the Oferor holds

aproximately 59.23% of the total isued share capital of Modern

Living and Modern Living became an indirectly non-wholy-owned

subsidiary of the Company.

The remaining balance of HK$29,000,000 (with the fair value of

HK$25,764,000 at acquisition date) shal be paid pursuant to the

terms and conditions of profit guarante as set out in the sale and

purchase agrement above. The contingent considerations which are

measured at fair value through profit or los.

Further details of the acquisition are set out in the joint

anouncements of the Company and Modern Living dated 31

January 2024 and 21 February 2024.

Folowing the completion, the Oferor was required under Rule 26.1

of the Takeovers Code to make a mandatory unconditional cash

ofer (i.e. the Share Ofer) for al the isued shares of Modern Living

(other than those already owned or agred to be acquired by the

Oferor and parties acting in concert with it) (the “Ofer Shares”).

On 5 March 2024, the Oferor and Modern Living jointly isued a

composite document (the “Composite Document”) in relation to,

among others, the Share Ofer.

On 26 March 2024, the Oferor received valid aceptance of a total

of 213,779,500 Ofer Shares under the Share Ofer, representing

aproximately 26.72% of the entire isued share capital of Modern

Living.

Imediately after the close of the Share Ofer, the Oferor and

parties in concert with it (exclude the Vendors) is interested in an

agregate of 687,649,500 shares of Modern Living, representing

aproximately 85.96% of the total isued share capital of Modern

Living.

Further details of the Share Ofer and the Result of the Share Ofer

were set out in the Composite Document and anouncement of the

Company and Modern Living dated 5 March 2024 and 26 March

2024.

		2025	2024
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
216
–
21,233
–
20,560
–
42,480
11,404
9,788
–
(63,997)
(958)
(1,795)
–
–
38,931
(19,076)
21,949
41,804
–
41,804
–
41,804

亚洲联合基建控股有限公司 2024/25年报289

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

38. 业务合并

（续）

被收购实体于收购日期之可识别资产

及负债的公平值如下：

38. BUSINES COMBINATIONS (Continued)

The fair value of the identifiable asets and liabilities of acquired

entities as at the date of acquisition were as folows:

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
–
9,788
9,788

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25290

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

38. 业务合并

（续）

收购附属公司之现金及与现金等值项

目之流入╱（流出）净额分析如下：

自收购事项以来，被收购实体为本集

团贡献收益41,271,000港元（2024年：

34,173,000港元），且截至2025年3月

31日止年度产生溢利2,363,000港元

（2024年：4,704,000港元）。

倘上述业务合并于截至2025年3月31

日止年度初发生，本集团的年度亏损

将为244,653,000港元（2024年：溢

利99,699,000港元），且本集团的收

益将为9,218,699,000港元（2024年：

9,095,446,000港元）。

38. BUSINES COMBINATIONS (Continued)

An analysis of the net inflow/(outflow) of cash and cash equivalents

in respect of the acquisition of subsidiaries is as folows:

Since the acquisition, the acquired entities contributed

HK$41,271,000 (2024: HK$34,173,000) to the Group’s revenue and

incured a profit of HK$2,363,000 (2024: HK$4,704,000) for the

year ended 31 March 2025.

Had the above busines combination taken place at the begining of

the year ended 31 March 2025, the Group’s los for the year would

have ben HK$244,653,000 (2024: profit of HK$99,699,000) and

the Group’s revenue would have ben HK$9,218,699,000 (2024:

HK$9,095,446,000).

亚洲联合基建控股有限公司 2024/25年报291

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

39. DISPOSAL OF SUBSIDIARIES

The Group completed certain disposal of subsidiaries during the year

ended 31 March 2024.

Year ended 31 March 2024

On 14 June 2023, the Group entered into an agrement with Buyer

B, pursuant to which the Group shal sel to the Buyer B 20.99%

of the isued shares of the ECO Group for a total consideration of

RM7,665,000 (equivalent to aproximately HK$12,975,000), the

transaction was completed on the same date. As a result of the

transaction, a gain of aproximately HK$6,654,000 was recognised

during the year ended 31 March 2024.

Acordingly, the Group’s remaining investment in ECO Group was

reclasified as an investment in an asociate.

On 20 October 2023, the Group entered into an agrement with

the Buyer B, pursuant to which the Group agred to sel to the

Buyer B the remaining investment (30% of the isued shares of

ECO Group) for a total consideration of RM9,947,000 (equivalent

to aproximately HK$16,599,000), the transaction was completed

on 1 November 2023. A gain of aproximately HK$2,487,000 was

recognised during the year ended 31 March 2024.

Further details of the transactions were set out in the Company’s

anouncements dated 14 June 2023 and 21 June 2023.

In adition to the above disposal, the Group also completed disposal

of certain subsidiaries during the year ended 31 March 2024.

39. 出售附属公司

本集团于截至2024年3月31日止年度

已完成出售若干附属公司。

截至2024年3月31日止年度

于2023年6月14日，本集团与买方B

订立一份协议，据此，本集团向买方

B出售亿高集团之20.99%已发行股

份，总代价为7,665,000令吉（相当于

约12,975,000港元），交易已于同日完

成。而就该交易，收益约6,654,000港

元已于截至2024年3月31日止年度确

认。

据此，本集团在亿高集团的余下投资

已重新归类为于一间联营公司之投资。

于2023年10月20日本集团与买方B订

立一份协议，据此，本集团同意向买

方B出售其余下投资（亿高集团之30%

已发行股份），总代价为9,947,000令

吉（相当于约16,599,000港元），交易

已于2023年11月1日完成。收益约

2,487,000港元已于截至2024年3月31

日止年度确认。

该等交易的进一步详情载于本公司日

期为2023年6月14日及2023年6月21

日的公告。

除上述出售事项外，本集团亦于截至

2024年3月31日止年度完成出售若干

附属公司。


ECO Group	Others	Total
亿高集团	其他	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25292

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

39. DISPOSAL OF SUBSIDIARIES (Continued)

An analysis of the asets and liabilities derecognised as a result of the

above disposal is as folows:

Net asets disposed of:出售资产之净值：

Property, plant and equipment物业、机器及设备39,519–39,519

Right-of-use asets使用权资产5,785–5,785

Investment properties投资物业12,153–12,153

Investment in an asociate于一间联营公司之投资1–1

Godwil商誉10,076–10,076

Defered tax asets递延税项资产667–667

Inventory存货321–321

Contract asets合约资产161,874–161,874

Trade receivables贸易应收款项37,980–37,980

Prepayments, deposits and other

receivables

预付款项、按金及

其他应收款项21,76690422,670

Income tax recoverable可退回所得税93–93

Restricted cash and pledged deposits受限制现金及已

抵押存款16,772–16,772

Cash and cash equivalents现金及与现金等值项目6,7644317,195

Contract liabilities合约负债(27,031)–(27,031)

Trade payables贸易应付款项(32,660)–(32,660)

Acruals and other liabilities应计款项及其他负债(35,300)(2,525)(37,825)

Bank borowings银行借款(194,979)–(194,979)

Lease liabilities租赁负债(615)–(615)

Non-controling interests非控股权益(4,421)–(4,421)

Translation reserve换算储备1,802–1,802

20,567(1,190)19,377

Gain on disposal of subsidiaries出售附属公司之收益6,6542,3569,010

Reclasification to investment

in asociates at fair value

at date of disposal

于出售日期重新分类至

按公平值计量的

于联营公司之投资(14,246)(366)(14,612)

12,97580013,775

Satisfied by cash达成方式为现金支付12,97580013,775

39. 出售附属公司

（续）

由于上述出售事项而取消确认之资产

及负债分析如下：


ECO Group	Others	Total
亿高集团	其他	总额
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
783,923
70,342
–
854,265
389,351
1,243,616

亚洲联合基建控股有限公司 2024/25年报293

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

39. DISPOSAL OF SUBSIDIARIES (Continued)

An analysis of the net inflow of cash and cash equivalents as a result

of the above disposal is as folows:

Cash consideration现金代价12,97580013,775

Cash and bank balances disposed of已出售之现金及银行

结余(6,764)(431)(7,195)

Net inflow of cash and cash

equivalents in respect of

disposal of subsidiaries

出售附属公司之现金

及与现金等值项目

流入净额6,2113696,580

40. CONTINGENT LIABILITIES

At the end of the reporting period, the Group had the folowing

contingent liabilities, which have not ben provided for in the

financial statements:

(a) Corporate guarantes and performance bonds

given

39. 出售附属公司

（续）

由于上述出售事项而产生之现金及与

现金等值项目之流入净额分析如下：

40. 或然负债

于报告期末，本集团有以下尚未于财

务报表计提拨备之或然负债：

(a) 已作出之公司担保及履约

保证

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25294

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

40. CONTINGENT LIABILITIES (Continued)

(a) Corporate guarantes and performance bonds

given (Continued)

In adition to the above, corporate guarantes were provided

by the Group to two parties to indemnify them any loses

and liabilities that they may incur in conection with certain

construction works of the Group in which the two parties

have involvement. In the opinion of the Directors, the financial

impact of the contingent liabilities that may arise from these

arangements is asesed to be minimal.

Notes:

(i) In the opinion of the Directors, the fair values of the financial guarante

contracts of the Group are insignificant at initial recognition and the

posibility of the default of the parties involved is remote. Acordingly,

no value has ben recognised in the consolidated statement of financial

position in respect of these financial guarante contracts.

(i) At 31 March 2025, the banking facilities granted to asociates and

guaranted by the Group were utilised to the extent of HK$248,020,000

(2024: HK$356,423,000).

(b) Litigations

The legal procedings arose out of four sets of Sale and

Purchase Agrement dated 4 August 2011 and 3 March

2012 respectively (the “SPAs”), pursuant to which the

Group purchased four flat-top barges (the “Vesels”) from

a plaintif. The SPAs stipulated that the plaintif should buy

back the Vesels from the Group in the total consideration of

HK$15,150,000 (the “Buyback”) after 36 months from the

Vesels’ respective delivery dates (the “Buyback Dates”). The

Buyback did not take place on the Buyback Dates nor after

rounds of negotiations in 2015. In May 2018, the Group

disposed of the Vesels to a third party.

In June 2021, the plaintif comenced the legal procedings

aleging that the Group was in breach of the SPAs and claims,

inter alia, for (i) los of rental charges beyond the Buyback

Dates and (i) los of the diference betwen the market price

and buyback price of the Vesels.

40. 或然负债

（续）

(a) 已作出之公司担保及履约

保证（续）

除上文所述者外，本集团向两名

人士提供公司担保，以补偿本集

团若干建筑工程（该两名人士均

参与其中）可能对彼等带来任何

亏损及负债。董事认为，该等安

排可能产生的或然负债的财务影

响被评估为甚微。

附注：

(i) 董事认为，本集团财务担保合约于

首次确认时之公平值不属重大，

且有关各方违约之可能性甚低。因

此，并无就该等财务担保合约于综

合财务状况表内确认价值。

(i) 于2025年3月31日，由本集团担

保而向联营公司授出之银行融资已

被动用248,020,000港元（2024年：

356,423,000港元）。

(b) 诉讼

本法律诉讼是由四份日期分别为

2011年8月4日及2012年3月3

日的买卖协议（「买卖协议」）所引

起。据此，本集团向一名原告人

购买了四艘平顶船舶（「船舶」）。

买卖议规定，原告人应在船舶各

自之交付日期起计36个月后（「回

购日期」）向本集团回购船舶，

其总代价15,150,000港元（「回

购」）。回购并未于回购日期进

行，亦未于2015年多轮谈判后

进行。于2018年5月，本集团将

该等船舶出售予第三方。

于2021年6月，原告人向本集团

展开法律诉讼，声称本集团违反

买卖协议并索偿，其中包括(i)回

购日后的租金损失及(i)船舶市场

价格及回购价之间的差额损失。

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
–

亚洲联合基建控股有限公司 2024/25年报295

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

40. CONTINGENT LIABILITIES (Continued)

(b) Litigations (Continued)

The Group counterclaims against the plaintif for, inter alia, (i)

the diference betwen the buyback prices under the SPAs and

the seling price to a third party and (i) the costs of maintaining

the Vesels beyond the Buyback Dates until disposal to the

third party.

The plaintif is now claiming loses and damages in the sum

of aproximately HK$9,511,000 against the Group while the

Group is counterclaiming loses and damages in the sum of

aproximately HK$16,985,000.

On 30 August 2024, the Group and the plaintif entered

into an agrement in ful and final setlement of the legal

procedings and al related maters. Pursuant to the setlement

agrement, the Group and the plaintif has procured their

respective solicitors to file and serve a Consent Sumons to

the Court on 5 September 2024 to wholy discontinue the legal

procedings and to vacate the pre-trial fixed for 21 May 2025

and trial fixed for 8 to 18 September 2025, with no order as to

costs for the legal procedings. The Court has granted an order

in terms on 9 September 2024.

41. COMITMENTS

The Group had the folowing comitments at the end of the

reporting period:

Capital comitments

40. 或然负债

（续）

(b) 诉讼（续）

本集团对原告人提出反索偿，其

中包括(i)买卖协议项下的回购价

与售予第三方予的价格之间的差

额，及(i)在回购日期后直到出售

予第三方之维护船舶的费用。

原告人现向本集团索偿约

9,511,000港元的损失及损害，而

本集团则反索偿约为16,985,000

港元的损失及损害。

于2024年8月30日，本集团与原

告人就法律诉讼及所有相关事宜

订立全面及最终和解协议。根据

和解协议，本集团与原告人已促

使彼等各自之律师于2024年9月

5日向法院提交及送达同意传票，

以全面终止法律诉讼及撤销原定

于2025年5月21日进行之预审

及原定于2025年9月8日至18日

进行之审讯，惟并无就法律诉讼

之费用发出命令。法院已于2024

年9月9日发出按条款作出的命

令。

41. 承担

于报告期末，本集团有以下承担：

资本承担

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
6,275

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25296

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

42. RELATED PARTY DISCLOSURES

(a) In adition to the transactions detailed elsewhere in these

financial statements, the Group entered into the folowing

material transactions with related parties during the year:

Note: The transaction prices were determined by reference to the then

prevailing market rates.

(b) Outstanding balances and other transactions with related

parties:

(i) Details of the balances with asociates at the end of the

reporting period are disclosed in note 20(b), 25 and 30 to

the financial statements.

(i) Details of the trade receivable balances with other

partners of joint operations at the end of the reporting

period are disclosed in note 24(b) to the financial

statements.

(i) Details of the guarantes provided by a non-controling

equity holder of a subsidiary in respect of a bank loan

of the Group are set out in note 31(d) to the financial

statements.

(iv) Details of the corporate guarantes and performance

bonds given by the Group in conection with the

operations of joint operations, a joint venture and

asociates of the Group are disclosed in note 40(a) to the

financial statements.

42. 关连方披露

(a) 除该等财务报表其他部分详述之

交易外，本集团于年内与关连方

订立以下重大交易：

附注：交易价格乃参考当时适用之市场价

格厘定。

(b) 与关连方之未付余额及其他交易：

(i) 于报告期末，与联营公司

之余额详情于财务报表附

注20(b)、25及30披露。

(i) 于报告期末，与合营业务

其他伙伴之贸易应收款项

结余详情于财务报表附注

24(b)披露。

(i) 一间附属公司之一名非控

股权持有人就本集团之

一项银行贷款提供担保之

详情载于财务报表附注

31(d)。

(iv) 本集团就本集团合营业务、

一间合营公司及联营公司

之经营已作出之公司担保

及履约保证之详情于财务

报表附注40(a)披露。

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
47,320
227
(607)
738
47,678

亚洲联合基建控股有限公司 2024/25年报297

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

42. RELATED PARTY DISCLOSURES (Continued)

(b) (Continued)

(v) Details of the purchase of patent from a conected

person of the Company are disclosed in note 18 to the

financial statements.

This transaction constituted conected transaction

as defined in Chapter 14A of the Listing Rules but

was exempted from anouncement, reporting and

independent shareholders’ aproval requirement

pursuant to Rule 14A.76 of the Listing Rules.

Further details of directors’ emoluments are included in note

10 to the financial statements.

43. FINANCIAL INSTRUMENTS BY CATEGORY

Except for equity investments being clasified as financial asets at fair

value through profit or los as disclosed in note 26 to the financial

statements, investment in an insurance contract and contingent

considerations payable, al other financial asets and liabilities of

the Group as at 31 March 2025 and 2024 are clasified as financial

asets and liabilities at amortised cost, respectively.

42. 关连方披露

（续）

(b) （续）

(v) 向本公司关连人士购买专

利之详情披露于财务报表

附注18。

该交易构成关连交易（定

义见上市规则第14A章），

惟获豁免遵守上市规则第

14A.76条的公告、申报及

独立股东批准规定。

董事薪酬的进一步详情载于财务

报表附注10。

43. 按类别划分之金融工具

除分类为按公平值计入损益之金融资

产之股本投资（于财务报表附注26披

露）、于一项保险合约之投资及应付或

然代价外，于2025年及2024年3月31

日，本集团所有其他金融资产及负债

乃分别分类为按摊销成本计量之金融

资产及负债。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25298

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

44. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS

The fair values of financial asets and financial liabilities are

determined as folows:

• the fair values of financial asets with standard terms and

conditions and traded on active liquid markets are determined

with reference to quoted market bid prices; and

• the fair values of other financial asets and financial liabilities

included in the Level 2 and Level 3 categories have ben

determined in acordance with generaly acepted pricing

models based on a discounted cash flow analysis, with the

most significant inputs being the discount rate that reflects the

credit risk of counterparties.

The Directors consider that the fair values of financial asets and

financial liabilities which are due to be received or setled within one

year aproximate to their carying amounts largely due to the short

term maturities of these instruments.

Fair value measurements recognised in the

consolidated statement of financial position

The folowing table provides an analysis of financial instruments that

are measured subsequent to initial recognition at fair value, grouped

into Levels 1 to 3 based on the degre to which the fair value is

observable.

• Level 1 fair value measurements are those derived from quoted

prices (unadjusted) in active markets for identical asets or

liabilities.

• Level 2 fair value measurements are those derived from inputs

other than quoted prices included within Level 1 that are

observable for the aset or liability, either directly (i.e. as prices)

or indirectly (i.e. derived from prices).

• Level 3 fair value measurements are those derived from

valuation techniques that include inputs for the aset or liability

that are not based on observable market data (unobservable

inputs).

44. 金融工具之公平值及公平

值层级

金融资产及金融负债之公平值乃按下

列方式厘定：

• 受标准条款及条件规管并于活跃

流通市场中买卖之金融资产之公

平值乃参考市场所报买入价厘定；

及

（计入

第2级及第3级类别）之公平值乃

按折算现金流量分析为基准之公

认定价模式厘定，其中最重要的

输入数据为反映交易对手信贷风

险的贴现率。

董事认为，于一年内到期收取或结算

之金融资产及金融负债之公平值与各

自之账面值相若，主要由于此等工具

之期限均为短期。

于综合财务状况表确认之公平

值计量

下表提供首次确认后以公平值计量之

金融工具分析，其按可观察公平值程

度分为1至3级。

• 第1级公平值计量乃按相同资产

或负债于活跃市场中所报价格（未

经调整）。

• 第2级公平值计量乃除第1级计

入之报价外，来自资产或负债可

直接（即价格）或间接（即自价格

衍生）观察输入数据得出。

• 第3级公平值计量乃计入并非根

据可观察市场数据（非可观察输

入数据）之资产或负债之估值方

法得出。

2025			2024
Level 1	Level 3	Total	Level 1	Level 3	Total
第1级	第3级	总额	第1级	第3级	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
–	2,678	2,678
16,235	–	16,235
16,235	2,678	18,913

	2025	2024
	Level 3	Level 3
	第3级	第3级
	HK$’000	HK$’000
	千港元	千港元
25,011

亚洲联合基建控股有限公司 2024/25年报299

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

44. FAIR VALUE AND FAIR VALUE HIERARCHY

OF FINANCIAL INSTRUMENTS (Continued)

Fair value measurements recognised in the

consolidated statement of financial position

(Continued)

Note: As at 31 March 2025, the Group has a life insurance policy with an insurance

company to insure a director of a non wholy-owned subsidiary. The carying

amount of the investment in an insurance contract is considered a close estimate

to the fair value of the life insurance policy, determined by reference to the cash

values as published by the insurance company.

There are no transfers betwen Level 1 and Level 2 and no transfer

into or out of Level 3 in the curent and prior year.

44. 金融工具之公平值及公平

值层级（续）

于综合财务状况表确认之公平

值计量（续）

附注：于2025年3月31日，本集团的一间非全资

附属公司为一名董事与一间保险公司签订

一份人寿保险保单。于一项保险合约之投

资的账面值被视为与人寿保险保单之公平

值的近似估值，该价值乃参考保险公司公

布的现金价值厘定。

于本年度及上一年度，第1级与第2级

之间并无任何转换及并无由第3级转

入或转出。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25300

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES

The Group’s financial instruments include trade and other receivables,

investment in an insurance contract, financial asets at fair value

through profit or los, balances with joint ventures, asociates, other

partners of joint operations and non-controling equity holders of

subsidiaries, cash and bank balances, trade and bils payables, other

payables and bank borowings. Details of the financial instruments

are disclosed in the respective notes to the financial statements.

The risks asociated with these financial instruments include market

risk (curency risk and interest rate risk), credit risk and liquidity risk.

Management manages and monitors these exposures to ensure

apropriate measures are implemented in a timely and efective

maner. The policies on how to mitigate these risks are set out

below:

Market risk

(i) Curency risk

Most of the Group’s asets and liabilities are denominated in

HK$ or RMB, which are the same as the functional curencies

of the relevant group entities. The Group undertakes certain

transactions denominated in foreign curencies, and hence

exposures to exchange rate fluctuations arise. The Group

does not expect any significant exposure to foreign exchange

fluctuations and shal use derivative contracts to hedge against

its exposure to curency risk only when it is required. The

Group manages its foreign curency risk by closely monitoring

the movement of the foreign curency rate.

(i) Fair value and cash flow interest rate risks

The Group has significant bank borowings and bank deposits

with floating interest rates which are exposed to cash flow

interest rate risk. During the year, the Group has not hedged

its cash flow and fair value interest rate risks. The Directors

consider the Group’s exposure to cash flow interest rate risk on

the bank deposits is insignificant as most deposits bear variable

interest rates which have not significantly fluctuated in recent

years.

45. 财务风险管理目标及政策

本集团之金融工具包括贸易及其他应

收款项、于一项保险合约之投资、按

公平值计入损益之金融资产、于合营

公司、联营公司、合营业务其他伙伴

及附属公司非控股权持有人之结余、

现金及银行结余、贸易应付款项及应

付票据、其他应付款项及银行借款。

该等金融工具之详情于财务报表有关

附注披露。该等金融工具之相关风险

包括市场风险（货币风险及利率风险）、

信贷风险及流动资金风险。管理层管

理及监控有关风险，以确保能适时及

有效地采取适当措施。有关减低该等

风险之政策载于下文：

市场风险

(i) 货币风险

本集团大部分资产及负债均以港

元或人民币计值，与相关集团实

体之功能货币一致。本集团进行

若干以外币计值之交易，因此面

临汇率波动风险。本集团预期无

需承担任何重大外汇波动风险，

并仅会于有需要时使用衍生合约

对冲其外币风险。本集团透过密

切监察外币汇率变动，管理其外

币风险。

(i) 公平值及现金流量利率风险

本集团以浮动利率计息的重大银

行借款及银行存款面临现金流利

率风险。本年度内本集团并无就

其现金流量及公平值利率风险进

行任何对冲。由于大部分存款以

浮息利率计息，而近年息率之波

动并不重大，故董事认为本集团

银行存款之现金流量利率风险并

不重大。

亚洲联合基建控股有限公司 2024/25年报301

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Market risk (Continued)

(i) Fair value and cash flow interest rate risks (Continued)

Sensitivity analysis

The sensitivity analysis below has ben determined based on

the exposure to interest rates for variable-rate bank borowings

at the end of the reporting period. The analysis is prepared

asuming the amount of liability outstanding at the end of

the reporting period was outstanding for the whole year. A

100 (2024: 100) basis point increase or decrease is used when

reporting interest rate risk internaly to key management

personel and represents management’s asesment of the

reasonably posible change in interest rates.

If interest rates had ben 100 (2024: 100) basis points higher/

lower and al other variables were held constant, the Group’s

post-tax profit for the year ended 31 March 2025 would have

decreased/increased by aproximately HK$26,868,000 (2024:

HK$25,993,000).

Sensitivity analysis on bank deposits is not presented as the

Directors consider that the Group’s exposure to interest rate

fluctuations on bank deposits is insignificant.

45. 财务风险管理目标及政策

（续）

市场风险（续）

(i) 公平值及现金流量利率风险（续）

敏感度分析

下列敏感度分析根据于报告期末

浮息银行借款之利率风险厘定。

编制有关分析时，乃假设于报告

期末未偿还之负债金额于全年一

直并未偿还。100基点（2024年：

100基点）增减乃代表管理层对

利率之合理可能变动所作评估，

亦是内部对主要管理人员汇报利

率风险时所用基准。

假设利率上升╱下跌100基点

（2024年：100基点），而所有

其他变数均维持不变，本集团

截至2025年3月31日止年度

之除税后溢利将会减少╱增加

约26,868,000港元（2024年：

25,993,000港元）。

由于董事认为本集团银行存款之

利率波动风险并不重大，因此并

无呈列银行存款之敏感度分析。

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25302

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Credit risk

The Group’s credit risk is primarily atributable to its debtors and

amounts due from other partners of joint operations. The Group is

exposed to credit concentration risk as a substantial portion of its

trade debtors are generated from a limited number of customers.

At the end of the reporting period, two (2024: two) customers of

the Group acounted for aproximately 68% (2024: 64%) of the

Group’s trade receivables. In order to minimise the credit risk, the

management of the Group has delegated a team responsible for

determination of credit limits, credit aprovals and other monitoring

procedures to ensure that folow-up action is taken to recover

overdue debts. To mitigate credit risk arising from guarantes

provided to banks in respect of credit facilities utilised by asociates,

the Group has delegated a team responsible for asesing credit

standing and limits to the guarantes to be made. In adition,

management considers the credit risk exposure to financial

guarantes provided to property purchasers is limited because the

facilities are secured by the properties. In this regard, the Directors

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

Except for the above, the Group does not have any significant

concentration of credit risk, with exposure spreading over a number

of counterparties and customers.

The credit risk on liquid funds is limited because the counterparties

are banks with high credit ratings asigned by international credit-

rating agencies.

With respect to credit risk arising from amounts due from joint

ventures, asociates and other partners of joint operations,

the Group’s exposure to credit risk arising from default of the

counterparty is limited as the counterparty has suficient net asets to

repay its debts and/or a god history of repayment.

45. 财务风险管理目标及政策

（续）

信贷风险

本集团之信贷风险主要来自其应收账

项以及合营业务其他伙伴所欠款项。

本集团面对信贷集中风险，因为其大

部分贸易应收账项源自少量的客户。

于报告期末，本集团两名（2024年：

两名）客户占本集团之贸易应收款项约

68%（2024年：64%）。为减低信贷风

险，本集团之管理层已授权一个小组，

负责厘定信贷额、批授信贷及执行其

他监控程序，以确保采取跟进行动收

回逾期债务。为减轻就动用联营公司

信贷融资提供财务担保而引起的信贷

风险，本集团已委派一组人员负责评

估信贷状况及所作担保之限制。此外，

管理层认为，由于融资以物业作为抵

押，因此提供予物业买方的财务担保

信贷风险有限。就此而言，董事认为，

本集团之信贷风险已大幅减少。

除上文所述者外，本集团并无任何重

大集中之信贷风险，该等风险乃分散

至多名交易对手及客户。

由于交易对手为获国际信贷评级机构

评级为高信贷评级之银行，故流动资

金之信贷风险有限。

就合营公司、联营公司及合营业务其

他伙伴所之应收款项产生之信贷风险

而言，本集团来自交易对手方违约的

信贷风险有限，因为交易对手有足够

的净资产偿还其债务及╱或具备良好

之还款记录。

12-month ECLs	Lifetime ECLs
12 个月内的预期信贷亏损	全期预期信贷亏损
Stage 1	Stage 2	Stage 3	Simplified approach	Total
第1阶段	第2阶段	第3阶段	简单法	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
–	–	–	3,750,379	3,750,379
–	–	–	1,604,505	1,604,505
905,401	–	–	–	905,401
–	11,000	–	–	11,000
53,190	–	–	–	53,190
1,189,972	–	–	–	1,189,972
2,148,563	11,000	–	5,354,884	7,514,447

亚洲联合基建控股有限公司 2024/25年报303

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Credit risk (Continued)

The tables below shows the credit quality and the maximum exposure

to credit risk based on the Group’s credit policy, which is mainly

based on past due information unles other information is available

without undue cost or efort, and year-end staging clasification as at

31 March 2025 and 2024. The amounts presented are gros carying

amounts for financial asets.

At 31 March 2025

45. 财务风险管理目标及政策

（续）

信贷风险（续）

下表列示基于本集团信贷政策的信贷

质量及最大信贷风险敞口，该信贷政

策主要基于过往的有效资料（除非其他

资料无需付出不必要的成本或努力即

可获得）以及截至2025年及2024年3

月31日的年末按阶段分类。所呈列金

额为金融资产之账面总值。

于2025年3月31日

12-month ECLs	Lifetime ECLs
12 个月内的预期信贷亏损	全期预期信贷亏损
Stage 1	Stage 2	Stage 3	Simplified approach	Total
第1阶段	第2阶段	第3阶段	简单法	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25304

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Credit risk (Continued)

At 31 March 2024

Contract asets合约资产–4,667,2744,667,274

Trade receivables贸易应收款项–967,973967,973

Financial asets included in

prepayments, deposits and

other receivables

计入预付款项、

按金及其他应收

款项的金融资产

— Normal— 正常966,722–966,722

— Doubtful— 可疑–11,000–11,000

Restricted cash and pledged

deposits

受限制现金及

已抵押存款

— Not yet past due— 尚未逾期37,035–37,035

Cash and cash equivalents现金及与现金等值

项目

— Not yet past due— 尚未逾期953,433–953,433

1,957,19011,000–5,635,2477,603,437

* For contract asets and trade receivables to which the Group aplies the simplified

aproach for impairment, information based on historical observed default rates

over the expected life of debtors and adjusted for forward-loking information as

disclosed in notes 23(a) and 24 to the financial statements, respectively.

The credit quality of the financial asets included in prepayments, deposits and

other receivables is considered to be “normal” when they are not past due

and there is no information indicating that the financial asets had a significant

increase in credit risk since initial recognition. Otherwise, the credit quality of the

financial asets is considered to be “doubtful”.

45. 财务风险管理目标及政策

（续）

信贷风险（续）

于2024年3月31日

* 就本集团采用简单法进行减值的合约资产

及贸易应收款项而言，基于债务人估计年

期内的过往观察所得的违约率估算，并就

前瞻性资料进行调整的资料分别于财务报

表附注23(a)及24披露。

计入于预付款项、按金及其他应收款项的

金融资产的信贷质量于未逾期，并且无任

何迹象表明该金融资产自首次确认以来其

信贷风险已显著增加时被视为「正常」。否

则，该金融资产的信贷质量被视为「可疑」。

Weighted average effective interest rate	Repayable on demand or within 1 year	1 to 5 years	More than 5 years	Total undiscounted cash flows	Carrying amount
加权平均实际利率	须按要求或一年内偿还	一年至五年	超过五年	未贴现现金流量总额	账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
	1,436,564	215,324	–	1,651,888	1,651,888
	794,878	–	–	794,878	794,878
	63,963	–	–	63,963	63,963
	61,276	–	–	61,276	61,276
	17,914	–	–	17,914	17,914
5.98	3,366,491	2,276	805	3,369,572	3,238,657
3.55	38,389	57,599	7,425	103,413	92,851
	248,020	–	–	248,020	–
	6,027,495	275,199	8,230	6,310,924	5,921,427

亚洲联合基建控股有限公司 2024/25年报305

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Liquidity risk

In the management of liquidity risk, the Group monitors and

maintains a level of cash and cash equivalents demed adequate

by management to finance the Group’s operations and mitigate

the efects of fluctuations in cash flows. Management monitors the

utilisation of bank borowings and ensures compliance with loan

covenants.

The Group relies on bank borowings and equity financing as

significant sources of liquidity. Details of which are set out in notes

31 and 33 to the financial statements.

The folowing tables detail the Group’s remaining contractual

maturity for its non-derivative financial liabilities based on the agred

repayment terms. The tables have ben drawn up based on the

undiscounted cash flows of financial liabilities based on the earliest

date on which the Group can be required to pay. The tables include

both interest and principal cash flows. To the extent that cash flows

are at floating rate, the undiscounted amount is derived from the

interest rate at the end of the reporting period.

Liquidity and interest risk tables

At 31 March 2025

45. 财务风险管理目标及政策

（续）

流动资金风险

在管理流动资金风险方面，本集团监

控及维持一定水平之现金及与现金等

值项目，而管理层认为其足以为本集

团营运提供资金及缓和现金流量波动

之影响。管理层监控银行借款之使用

情况并确保遵守贷款契约。

本集团依靠银行借款及股本融资作为

其主要流动资金来源，有关详情载于

财务报表附注31及33。

下表详列本集团非衍生金融负债按协

定偿还条款分析之剩余合约年期。下

表根据本集团最早需要还款之日期按

金融负债之未贴现金流量编制。该

等列表同时包括利息及本金之现金流

量。倘该等现金流量为浮息，未贴现

金额按报告期末之利率计算。

流动资金及利息风险表

于2025年3月31日

Weighted average effective interest rate	Repayable on demand or within 1 year	1 to 5 years	More than 5 years	Total undiscounted cash flows	Carrying amount
加权平均实际利率	须按要求或一年内偿还	一年至五年	超过五年	未贴现现金流量总额	账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
%	千港元	千港元	千港元	千港元	千港元

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25306

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Liquidity risk (Continued)

Liquidity and interest risk tables (Continued)

At 31 March 2024

Trade payables贸易应付款项1,671,340244,752–1,916,0921,916,092

Other payables and acruals其他应付款项及

应计款项702,669–702,669702,669

Due to other partners of joint

operations — interest-fre

应付合营业务其他伙伴

之款项 — 免息44,890–44,89044,890

Due to asociates应付联营公司之款项51,939–51,93951,939

Due to non-controling equity

holders of subsidiaries

应付附属公司的非控股

股权持有人之款项15,775–15,77515,775

Bank borowings — variable rates银行借款 — 浮息5.652,430,5661,074,4081,6033,506,5773,149,046

Lease liabilities租赁负债3.5531,34124,483–55,82453,082

Financial guarante contracts财务担保合约356,423–356,423–

5,304,9431,343,6431,6036,650,1895,933,493

The amounts included above for financial guarante contracts are

the maximum amounts the Group could be required to setle under

the arangements for the ful guaranted amounts if those amounts

are claimed by the counterparties to the guarantes. Based on

expectations at the end of the reporting period, the Group considers

that it is more likely than not that no amount wil be payable under

the arangements. However, this estimate is subject to change

depending on the probability of the counterparties claiming under

the guarantes which are a function of the likelihod that the

financial receivables held by the counterparties which are guaranted

sufer credit loses.

45. 财务风险管理目标及政策

（续）

流动资金风险（续）

流动资金及利息风险表（续）

于2024年3月31日

上述计入财务担保合约之金额为交易

对手就担保提出索偿有关款项时，本

集团根据安排可能须就全数担保金额

偿还之最高金额。根据于报告期末之

预期，本集团认为，不大可能须根据

安排支付任何款项。然而，是项估计

将因应交易对手根据担保提出申索之

可能性而出现变动，而有关可能性则

与交易对手所持已担保之财务应收款

项出现信贷亏损之可能性有关。

Repayable within 1 year	1 to 5 years	More than 5 years	Total undiscounted cash flows	Carrying amount
须一年内偿还	一年至五年	超过五年	未贴现现金流量总额	账面值
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
2,460,738	905,184	–	3,365,922	3,235,660

亚洲联合基建控股有限公司 2024/25年报307

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Liquidity risk (Continued)

Bank borowings with a repayment on demand clause are included

in the “repayable on demand or within 1 year” time band in the

above maturity analysis. At 31 March 2025, the agregate carying

amount of the bank borowings clasified as repayable on demand

was HK$3,235,660,000 (2024: HK$1,912,112,000). At 31 March

2025, the Group did not comply with a financial covenant of bank

borowings with outstanding balances of HK$2,358,319,000 (2024:

HK$1,091,712,000). Consent waivers of non-compliance with the

financial covenant have ben received by the Group subsequent to

the reporting period , as further detailed in note 31(c) to the financial

statements.

For the purpose of managing liquidity risk, management reviews the

expected cash flow information of the Group’s bank borowings. The

maturity profile of the Group’s bank borowings with a repayment

on demand clause as at the end of the reporting period, based on

the scheduled repayment dates and the contractual undiscounted

payments, is as folows:

At 31 March 2024于2024年3月31日

Bank borowings with a repayment

on demand clause

附有须按要求偿还条文之

银行借款906,6251,192,881–2,099,5061,912,112

The amounts included above for variable interest rate instruments

for non-derivative financial liabilities are subject to change if changes

in variable interest rates difer to those estimates of interest rates

determined at the end of the reporting period.

45. 财务风险管理目标及政策

（续）

流动资金风险（续）

附有须按要求偿还条文之银行借款

于上述到期分析中列入「须按要求或

一年内偿还」时间组别。于2025年3

月31日，分类为按要求偿还之银行

借款之总账面值为3,235,660,000港

元（2024年：1,912,112,000港元）。

于2025年3月31日，本集团未能遵守

余额为2,358,319,000港元（2024年：

1,091,712,000港元）之银行借款的一

项财务契约。于报告期后，本集团已

接获未能遵守财务契约之同意豁免（如

财务报表附注31(c)所进一步详述）。

为管理流动资金风险，管理层检讨本

集团之银行借款之预期现金流量资料。

于报告期末，根据约定还款日期及合

约未贴现付款，本集团附有须按要求

偿还条款的银行借款到期日如下：

上述计入非衍生金融负债浮动利率工

具之金额，将于浮动利率之变动与于

报告期末厘定之估计利率变动有差异

时作出修订。

	31 March 2025	31 March 2024
	2025年 3月31日	2024年 3月31日
	HK$’000	HK$’000
	千港元	千港元
3,238,657
92,851
3,331,508
(1,243,162)
2,088,346
2,228,007
94%

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25308

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

45. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

Capital management

The primary objectives of the Group’s capital management are to

safeguard the Group’s ability to continue as a going concern and to

maintain healthy capital ratios in order to suport its busines and

maximise shareholders’ value.

The Group manages its capital structure and makes adjustments to it

in light of changes in economic conditions and the risk characteristics

of the underlying asets. To maintain or adjust the capital structure,

the Group may adjust the dividend payment to shareholders or isue

new shares. No changes were made in the objectives, policies or

proceses for managing capital during the years ended 31 March

2025 and 2024.

Depending on the market conditions and funding arangements,

if at any time, repurchase of the Company’s shares wil lead to an

enhancement of the net aset value per share and/or earnings per

share of the Group, the Directors wil authorise such transactions.

The Group monitors capital using a gearing ratio, which is total debts

les total cash and bank balances divided by the equity atributable

to shareholders of the Company. The gearing ratios as at the end of

the reporting periods are as folows:

45. 财务风险管理目标及政策

（续）

资本管理

本集团资本管理的首要目标是保障本

集团持续经营并维持稳健的资本比率

以支持其业务及尽量提升股东价值的

能力。

本集团根据经济环境的变化及相关资

产的风险特质管理其资本架构及作出

调整。为维持或调整资本架构，本集

团可能调整支付予股东的股息或发行

新股份。于截至2025年及2024年3月

31日止年度，资本管理目标、政策或

程序概无任何变动。

视乎市况及资金安排，倘于任何时间

购回本公司股份将提升本集团每股资

产净值及╱或每股盈利，董事将批准

有关交易。

本集团使用资本负债比率监察资本，

资本负债比率即总债务减现金及银行

结余总额除以本公司股东应占权益。

于报告期末资本负债比率如下：

Name of subsidiary	Place of incorporation/ registration and business	Issued share capital/ registered capital	Percentage of equity attributable to the Company		Principal activities
附属公司名称	注册成立╱注册及营业地点	已发行股本╱注册资本	本公司应占股权百分比		主要业务
			2025	2024
			%	%
			75
			62
			100
			100
			100
			100
			100
			100

亚洲联合基建控股有限公司 2024/25年报309

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

46. PARTICULARS OF PRINCIPAL SUBSIDIARIES

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

2025 are as folows:

100,000,000

46. 主要附属公司详情

本公司主要附属公司于2025年3月31

日的详情如下：

Name of subsidiary	Place of incorporation/ registration and business	Issued share capital/ registered capital	Percentage of equity attributable to the Company		Principal activities
附属公司名称	注册成立╱注册及营业地点	已发行股本╱注册资本	本公司应占股权百分比		主要业务
			2025	2024
			%	%
			100
			100
			98
			98
			98
			100
			100
			51
			100
			100

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25310

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

46. PARTICULARS OF PRINCIPAL SUBSIDIARIES

(Continued)

46. 主要附属公司详情

（续）

Name of subsidiary	Place of incorporation/ registration and business	Issued share capital/ registered capital	Percentage of equity attributable to the Company		Principal activities
附属公司名称	注册成立╱注册及营业地点	已发行股本╱注册资本	本公司应占股权百分比		主要业务
			2025	2024
			%	%
			64.96
			92.5
			51
			100
			100
			75
			100

亚洲联合基建控股有限公司 2024/25年报311

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

60,000,000

Notes:

(i) Al the above principal subsidiaries are indirectly held by the Company.

(i) This subsidiary is wholy-foreign-owned enterprise established under PRC law.

The above table lists the subsidiaries of the Group which, in the

opinion of the Directors, principaly afected the results for the year

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.

46. PARTICULARS OF PRINCIPAL SUBSIDIARIES

(Continued)

46. 主要附属公司详情

（续）

附注：

(i) 上述所有主要附属公司均由本公司间接持

有。

(i) 该附属公司为根据中国法律成立之外商独

资企业。

上表列举董事认为主要影响本年度业

绩或占本集团资产净值相当比重之本

公司附属公司。董事认为列出其他附

属公司之详情会令篇幅过于冗长。

Name of joint operation	Form of business structure	Place of registration/ operation	Percentage of attributable interest of the Group		Principal activities
合营业务名称	经营架构形式	注册╱营业地点	本集团应占权益百分比		主要业务
			2025	2024
			%	%
			(note (a))	(note (a))	(note (b))
			（附注(a)）	（附注(a)）	（附注(b)）
			48
			90
			55
			45
			51
			90
			82
			55

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25312

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

47. PARTICULARS OF PRINCIPAL JOINT

OPERATIONS

Particulars of the Company’s principal joint operations as at 31 March

2025 are as folows:

47. 主要合营业务详情

本集团主要合营业务于2025年3月31

日的详情如下：

Name of joint venture	Particulars of issued shares held	Place of registration and business	Ownership interest	Percentage of voting power	Profit sharing	Principal activities
合营公司名称	所持已发行股份之详情	注册及营业地点	所有者权益	投票权百分比	利润分红	主要业务
合营公司名称	所持已发行股份之详情	注册及营业地点	%	%	%

亚洲联合基建控股有限公司 2024/25年报313

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

47. PARTICULARS OF PRINCIPAL JOINT

OPERATIONS (Continued)

Notes:

(a) The Group’s atributable interest is equal to, greater or les than 50% in these

body unincorporates. However, under the joint venture agrements, the joint

operators have contractualy agred on the sharing of control over the relevant

activities of these body unincorporates, and hence al these body unincorporates

are jointly controled by the Group and the other joint operators. Furthermore,

the relevant joint venture agrements specify that the Group and the other

parties to the joint arangements have rights to the asets and obligations to the

liabilities relating to the joint arangements in acordance with the atributable

interest of the Group as disclosed above and the interest atributable to the

other joint operators respectively, and therefore these body unincorporates are

clasified as joint operations.

(b) Al principal joint operations engaged in construction works are contracted to

cary out infrastructure and public facilities related works in Hong Kong. These

joint operations are strategic to the Group’s principal activities in construction

works.

The above table lists the joint operations of the Group which, in the

opinion of the Directors, principaly afect the results of the year or

constitute a substantial portion of the net asets of the Group. To

give details of other joint operations would, in the opinion of the

Directors, result in particulars of excesive length.

48. PARTICULARS OF A JOINT VENTURE

Particulars of the Group’s joint venture, which is indirectly held by the

Company, as at 31 March 2025 are as folows:

Novabala JV Corp.2,000 comon shares of

PHP100 each and 9,000

redemable prefered

shares of PHP200 each

Philipines202020Design and

construction

2,000股每股面值100菲

律宾比索的普通股及

9,000股每股面值200

菲律宾比索的可赎回

优先股

菲律宾设计及建造

47. 主要合营业务详情

（续）

附注：

(a) 本集团应占权益相等于、高于或低于该等

非公司法人团体的50%。然而，根据合营

协议，合营方已订约协定共同享有该等非

公司法人团体相关活动的控制权，因此，

该等非公司法人团体全部均由本集团及其

他合营方共同控制。此外，相关合营协议

订明，本集团及合营安排其他订约方有权

利分别根据上述本集团应占之权益及其他

合营方应占之权益，享有合营安排所涉及

资产，及承担当中的责任，因此，该等非

公司法人团体被分类为合营业务。

(b) 所有从事建筑工程的主要合营业务均已订

约，以于香港进行基建及公众设施相关工

程。该等合营业务对本集团于建筑工程的

主要活动至关重要。

上表列举董事认为主要影响本年度业

绩或占本集团资产净值相当比重之本

集团合营业务。董事认为列出其他合

营业务之详情会令篇幅过于冗长。

48. 一间合营公司详情

于2025年3月31日，本集团之合营公

司（由本公司间接持有）之资料详情如

下：

Name of associate	Place of incorporation/ registration and business	Issued share capital/ registered capital	Percentage of equity attributable to the Group		Principal activities
联营公司名称	注册成立╱注册及营业地点	已发行股本╱注册资本	本集团应占股权百分比		主要业务
			2025	2024
			%	%
			20
			40
			10
			40
			49
			40
			60
			40

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25314

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

49. PARTICULARS OF PRINCIPAL ASOCIATES

Particulars of the Group’s principal asociates as at 31 March 2025

are as folows:

134,057,000

49. 主要联营公司详情

于2025年3月31日，本集团之主要联

营公司之详情如下：

亚洲联合基建控股有限公司 2024/25年报315

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

49. 主要联营公司详情

（续）

上表列举董事认为主要影响本年度业

绩或构成本集团资产净值相当比重之

本集团联营公司。董事认为列出其他

联营公司之详情会令篇幅过于冗长。

50. 报告期后事项

除财务报表附注33(a)及35(c)所披露者

外，于报告期后概无发生其他重大事项。

51. 比较数字

若干比较数字已重新分类，以符合本

年度之呈列方式及披露。

49. PARTICULARS OF PRINCIPAL ASOCIATES

(Continued)

The above table lists the asociates of the Group which, in the

opinion of the Directors, principaly afected the results for the year

or formed a substantial portion of the net asets of the Group. To

give details of other asociates would, in the opinion of the Directors,

result in particulars of excesive length.

50. EVENTS AFTER THE REPORTING PERIOD

Save as disclosed in notes 33(a) and 35(c) to the financial statements,

there are no other significant events ocured subsequent to the

reporting period.

51. COMPARATIVE AMOUNTS

Certain comparative amounts have ben reclasified to conform to

the curent year’s presentation and disclosures.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元
284
1,918,033
1,918,317
1,189
1,611
2,696
5,496
2,107
2,107
3,389
1,921,706
708,531
708,531
1,213,175
186,424
1,026,751
1,213,175

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25316

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

52. 本公司之财务状况表

于报告期末，有关本公司之财务状况

表之资料如下：

52. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

Information about the statement of financial position of the

Company as at the end of the reporting period is as folows:

	Share premium account	Shares held under the share award scheme account	Treasury shares account	Contributed surplus	Share-based compensation reserve	Retained profits	Total
	股份溢价账	根据股份奖励计划账目下持有的股份	库存股份账	缴入盈余	股份报酬储备	保留溢利	总额
Notes	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
附注	千港元	千港元	千港元	千港元	千港元	千港元	千港元

735,089	(10,643)	–	52,552	3,621	119,018	899,637
–	–	–	–	–	102,886	102,886
(5,923)	–	7,579	–	–	–	1,656
32,303	–	–	–	–	–	32,303
–	–	–	–	540	–	540
–	–	(10,045)	–	–	–	(10,045)
–	–	–	–	(226)	–	(226)
761,469	(10,643)	(2,466)	52,552	3,935	221,904	1,026,751

亚洲联合基建控股有限公司 2024/25年报317

31 March 2025

2025年3月31日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

52. 本公司之财务状况表

（续）

附注：年内本公司之储备变动如下：

53. 批准财务报表

财务报表已于2025年6月26日获董事

局批准及授权刊发。

52. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY (Continued)

Note: The movements of the Company’s reserves during the year are as folows:

At 1 April 2023于2023年4月1日739,410(10,643)–52,5522,43883,825867,582

Profit for the year and total

comprehensive income for the year

本年度溢利及本年度

全面收益总额–74,23674,236

Cancelation of repurchased shares注销已购回股份(4,321)–(4,321)

Equity-setled share option expense以股本结算之购股权开支35(b)–1,183–1,183

Interim 2024 dividend declared已宣派2024年度中期股息13–(20,190)(20,190)

Final 2023 dividend paid已派付2023年度末期股息–(18,853)(18,853)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Profit for the year and total

comprehensive income for the year

本年度溢利及本年度

全面收益总额

Cancelation of repurchased shares注销已购回股份

Acquisition of subsidiaries收购附属公司

Equity-setled share option expense以股本结算之购股权开支35(b)

Repurchase of shares股份回购

Transfer of share-based compensation

reserve upon the forfeiture of share

options

于没收购股权时转拨股份

报酬储备

At 31 March 2025于2025年3月31日

53. APROVAL OF THE FINANCIAL STATEMENTS

The financial statements were aproved and authorised for isue by

the Board on 26 June 2025.

Year ended 31 March
截至3月31日止年度
	2021	2022	2023	2024	2025
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
9,055,006
(229,713)
(26,225)
(255,938)
(274,039)
18,101
(255,938)

As at 31 March
于3月31日
	2021	2022	2023	2024	2025
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
8,937,263
(6,583,016)
2,354,247
2,228,007
126,240
2,354,247

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25318

FIVE YEARS FINANCIAL SUMARY

五年财务概要

(

Location	Stage of completion	Expected date of completion	Usage	Total estimated site area (square metres)	Total estimated gross floor area (square metres)	Group’s interest
地点	完工阶段	预计落成日期	用途	估计总地盘面积（平方米）	估计总楼面建筑面积（平方米）	本集团所占权益

亚洲联合基建控股有限公司 2024/25年报319

PARTICULARS OF PROPERTIES

物业详情

PROPERTIES HELD FOR DEVELOPMENT/SALE

A parcel of land located

betwen northern side of He

Ping Road and southern side of

Guang Hua Road, Shijiazhuang,

Hebei Province, The People‘s

Republic of China

Phase 3: T1, T2 & T6

construction in

progres

2025Residential, comercial and

carpark

29,255225,66749%

中华人民共和国

河北省石家庄

和平路北侧与光华路南侧

之间地块

第三期：1号、2号及6号楼

建筑工程进行中

2025住宅、商业及停车场29,255225,66749%

Plot No. S5-C35 at

Shams Abu Dhabi,

Al Rem Island,

Abu Dhabi,

United Arab Emirates

Planing–Residential and comercial2,42522,715100%

阿联酋阿布扎比

Al Rem Island

Shams Abu Dhabi

地块编号S5–C35

计划中–住宅及商业2,42522,715100%

Lots 1766 R.P., 1768 R.P.,

1770 R.P., 1771 R.P.,

1771 S.B.,1774 R.P., 1774 S.A.

in Demarcation District

No. 3 Tung Chung,

Lantau Island,

New Teritories, Hong Kong

Planing–Agricultural land2,838–

(Note)

100%

香港新界大屿山东涌丈量

约份第3约

地段第1766 R.P.、1768 R.P.、

1770 R.P.、1771 R.P.、

1771 S.B.、1774 R.P.、

1774 S.A.号

计划中–农地2,838–

（附注）

100%

持作发展╱销售物业

Note: Developable area wil be confirmed after reaching an agrement with the Government

on the amount of land premium payable.

附注：有关发展面积须有待与政府达成补地价协议方可

落实。

Location	Stage of completion	Expected date of completion	Usage	Total estimated site area (square metres)	Total estimated gross floor area (square metres)	Group’s interest
地点	完工阶段	预计落成日期	用途	估计总地盘面积（平方米）	估计总楼面建筑面积（平方米）	本集团所占权益

Asia Alied Infrastructure Holdings Limited Anual Report 2024/25320

PARTICULARS OF PROPERTIES

物业详情

Nos. 35 and 37 Cameron Road,

and No. 16 Granvile Circuit,

Tsim Sha Tsui, Kowlon, Hong Kong

Superstructure work

in progres

2025Comercial6988,37210%

香港九龙尖沙咀

金马伦道35及37号及

嘉兰围16号

上盖工程进行中2025商业6988,37210%

No. 128 Waterlo Road,

Kowlon, Hong Kong

Kowlon Inland Lot No. 1900

Completed–Residential1,6927,96640%

九龙内地段第1900号

香港九龙窝打老道128号

已完工–住宅1,6927,96640%

Nos. 61–67 Soy Stret,

Mong Kok, Kowlon, Hong Kong

Completed–Residential and comercial3363,02840%

香港九龙旺角

豉油街61–67号

已完工–住宅及商业3363,02840%

Nos. 437–441

Castle Peak Road,

Cheung Sha Wan,

Kowlon, Hong Kong

Superstructure work

in progres

2025Residential and comercial3412,88140%

香港九龙长沙湾

青山道437–441号

上盖工程进行中2025住宅及商业3412,88140%

PROPERTIES HELD FOR DEVELOPMENT/SALE

(Continued)

持作发展╱销售物业（续）

MAJOR MEMBERS OF

ASIA ALIED INFRASTRUCTURE GROUP

亚洲联合基建集团主要成员

CONSTRUCTION

建筑

Chun Wo Construction Holdings Company Limited

俊和建筑控股有限公司

Chun Wo Building Construction Limited

俊和建筑有限公司

Chun Wo Construction and Enginering Company Limited

俊和建筑工程有限公司

Chun Wo E & M Enginering Limited

俊和机电工程有限公司

Chun Wo Elegant Decoration Enginering Company Limited

俊和高雅装饰工程有限公司

Chun Wo Foundations Limited

俊和地基工程有限公司

Kwan Le Holding Limited

群利集团有限公司

Alalign Construction and Enginering Company Limited

同心建筑工程有限公司

Amain Enginering Development Limited

君龢工程发展有限公司

Guangdong Wanbong Suply Chain Company Limited*

广东万邦供应链有限公司

Matex Asia Development Limited

材迅亚洲发展集团有限公司

R.J. Crocker Consultants Pte. Ltd.

冠格顾问有限公司*

Vision Foundations Limited

杰胜地基工程有限公司

PROPERTY DEVELOPMENT AND ASETS LEASING

物业发展及资产租赁

Chun Wo Property Development Holdings Limited

俊和物业发展控股有限公司

PROFESIONAL SERVICES

专业服务

City Services Group Limited

城市服务集团有限公司

City Profesional Management Limited

城市专业管理有限公司

City Security Company Limited

城市护衞有限公司

Chun Wo Tunel Management Limited

俊和隧道管理有限公司

Modern Living Investments Holdings Limited (Stock Code: 08426)

雅居投资控股有限公司（股份代号：08426）

Modern Living Property Management Limited

雅居物业管理有限公司

NON-FRANCHISED BUS SERVICES

非专营巴士服务

Chun Wo Bus Services Limited

俊和巴士服务有限公司

MEDICAL TECHNOLOGY AND HEALTHCARE

医疗科技与健康

AI Medical Technology Limited

亚洲联合基建医疗科技有限公司

Hong Kong Cyclotron Laboratories Limited

OTHER BUSINES

其他业务

AI Overseas Holdings Limited

亚洲联合基建海外控股有限公司

* For identification purposes only 仅供识别

HONG KONG CYCLOTRON LABORATORIES LTD.

R.J. CROCKER Consultants Pte Ltd

冠格顾问有限公司

MISION 使命

VISION 愿景

CORE VALUES

核心价值

CONTENTS

目录

DEFINITIONS

释义

DEFINITIONS

释义

CORPORATE INFORMATION

企业资料

CORPORATE INFORMATION

企业资料

PERFORMANCE HIGHLIGHTS

表现摘要

9,055,006,000

HK$ 274,039,000 港元

0.94

HK$ 2,354,247,000

HK$ 8,937,263,000

0.076

13,861.5

7,528

WORKPLACE QUALITY

工作环境质素

FINANCIAL HIGHLIGHTS

财务摘要

PERFORMANCE HIGHLIGHTS

表现摘要

343,517

37.9

ENVIRONMENTAL PROTECTION

环境保护

COMUNITY

社区

HK$ 1,800,000 港元

452,957

15,817,321kWh

1,746.8kWh/

356,555

39.4

7,434,792Litre

26,623

821.1

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

CORPORATE EVENT HIGHLIGHTS

企业大事纪要

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS