00025 CHEVALIER INT’L 财务报表/环境、社会及管治资料：2025 年报
ANUAL REPORT
年报
HERITAGE
INOVATION
ENVISIONING THE FUTURE
HERITAGE
INOVATION
ENVISIONING THE FUTURE
传承．开创．启未来传承．开创．启未来
FINANCIAL REVIEW
财务回顾
2025 年报 | 其士国际集团有限公司
Vision, Mision and Core Values2愿景、使命及核心价值
Our Busineses3业务概览
Financial Sumary4财务概要
Corporate Information8企业资料
Project Highlights10重点项目
CSR Highlights12企业社会责任重点活动
Leter to Shareholders14致股东之函件
Management Discusion and Analysis17管理层讨论及分析
Financial Review25财务回顾
Management Profile31管理层简介
Schedule of Major Properties38主要物业表
Corporate Governance Report43企业管治报告
Environmental, Social and Governance Report58环境、社会及管治报告
Report of the Directors101董事会报告
Independent Auditor’s Report111独立核数师报告
Index to the Consolidated Financial Statements123综合财务报表索引
Consolidated Income Statement124综合收益表
Consolidated Statement of Comprehensive Income125综合全面收益表
Consolidated Statement of Financial Position126综合财务状况表
Consolidated Statement of Changes in Equity129综合权益变动表
Consolidated Statement of Cash Flows131综合现金流量表
Notes to the Consolidated Financial Statements133综合财务报表附注
CONTENTS目录
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
VISION, MISION AND CORE VALUES
愿景、使命及核心价值
VISION 愿景
Be the most trusted busines partner of our customers
and build together a brighter and sustainable future
成为客户最可信赖的商业伙伴，共建美好及可持续未来
MISION 使命
We strive to help build and upkep the comunity and to provide
a high-quality living environment through a range of comprehensive
quality, eficient and high value-aded products and services for
the varied neds and interests of our divers customers. To ensure
sustainability of our busines, we nurture our talents, invest in
technology and uphold our steadfast comitment to corporate
governance standards and sustainable busines practices in an ever-
changing environment.
我们致力建设社区，透过一系列全面的优质、高效率及高增值的服务
及产品满足不同客户所需及期望，提升生活环境质素。我们培育人
才、投资科技以及坚守对企业管治标准及可持续商业模式的承诺，以
确保集团业务在瞬息万变的环境中可持续发展。
CORE VALUES 核心价值
• Striving for Excelence 追求卓越
• Upholding Integrity 坚守诚信
• Caring for Our People 关爱员工
• Sustainable Inovation 可持续创新
• Maintaining Busines Diversity 维持业务多元化
2025 年报 | 其士国际集团有限公司
OUR BUSINESES
业务概览
HEALTHCARE INVESTMENT
保健护理投资
Senior Housing
安老院舍
Medical Ofice Building
医疗办公室大楼
CONSTRUCTION AND ENGINERING
建筑及机械工程
Lifts & Escalators
升降机及电扶梯
Aluminium Windows & Curtain Wals
铝窗及幕墙
Building Construction
楼宇建筑
Civil Enginering & Infrastructure
土木工程及基建
Environmental Enginering
环保工程
Electrical & Mechanical Enginering
机电工程
Building Suplies
建材供应
PROPERTY DEVELOPMENT AND
OPERATIONS
物业发展及营运
Property Development
物业发展
Cold Storage & Logistics
冷藏仓库及物流
Property Management
物业管理
Hotel Investment
酒店业务投资
CAR DEALERSHIP
汽车代理
PROPERTY INVESTMENT
物业投资
Property Leasing
物业租务
INSURANCE AND INVESTMENT
保险及投资
OTHERS
其他
Enterprise & Network Solutions
企业及网络方案
Freight Logistics Services
货运物流服务
Lifestyle Restaurants & Bars
休闲餐厅及酒吧
Trading
贸易
Travel Agency
旅游代理
FINANCIAL SUMARY
财务概要
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
2025 HIGHLIGHTS
二零二五年撮要
9,669
milion
百万
TOTAL EQUITY
总权益
6.5% Decrease from 2024
较二零二四年下降6.5%
HK$ 港币
20,150
milion
百万
TOTAL ASETS
总资产
1.1% Decrease from 2024
较二零二四年下降1.1%
HK$ 港币
(1.57)
元
LOS PER SHARE
每股亏损
27.6% Increase from 2024
较二零二四年上升27.6%
HK$ 港币
0.16
元
DIVIDENDS PER SHARE
每股息
20.0% Decrease from 2024
较二零二四年下降20.0%
HK$ 港币
30.4
元
NET ASETS PER SHARE
每股资产净值
6.2% Decrease from 2024
较二零二四年下降6.2%
HK$ 港币
3,600
TOTAL NUMBER OF EMPLOYES
总员工人数
Similar to 2024
与二零二四年相若
Ful Time Staf 全职员工
Aproximately 约
13.0% Increase from 2024
较二零二四年上升13.0%
9,265
milion
百万
REVENUE
收入
HK$ 港币
(503)
milion
百万
LOS FOR THE YEAR
年度亏损
55.7% Increase from 2024
较二零二四年上升55.7%
HK$ 港币
| SHAREHOLDERS’ FUNDS 股东资金 (HK$ million 港币百万元) 10,427 10,589 9,785 9,929 9,173 25 24 23* 22 21 Year 年份 |
|---|
| (LOSS)/EARNINGS AND DIVIDENDS PER SHARE 每股（亏损）╱盈利及股息 (HK$ 港币) (Loss)/earnings 2.13 2.12 （亏损）╱盈利 Dividends 股息 0.85 0.50 0.55 0.38 0.16 0.20 (1.23) (1.57) 25 24 23* 22 21 Year 年份 |
| REVENUE 收入 (HK$ million 港币百万元) 9,265 8,634 8,196 7,353 7,134 25 24 23* 22 21 Year 年份 |
|---|
| (LOSS)/PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY 本公司股东应占（亏损）╱溢利 (HK$ million 港币百万元) 645 641 258 (370) (473) 25 24 23* 22 21 Year 年份 |
2025 年报 | 其士国际集团有限公司
FINANCIAL SUMARY
财务概要
* Restated 经重列
| SEGMENT REVENUE 分类收入 6% 6% 5% 5% 13% 19% 2025 2024 9% 9% 7% 58% 53% 2% 6% 2% Construction and engineering Property investment Property development and operations 建筑及机械工程 物业投资 物业发展及营运 Healthcare investment Car dealership Insurance and investment Others 保健护理投资 汽车代理 保险及投资 其他 |
|---|
| SEGMENT PROFIT/(LOSS) AFTER TAXATION 除税后的分类溢利╱（亏损） 2025 2024 143 189 118 126 4 124 94 37 134 (263) (442) (16) (17) (136) (329) (29) (36) (9) (19) (8) (35) (42) (21) (HK$ million 港币百万元) Subsidiaries Associates and joint ventures 附属公司 联营公司及合营企业 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
FINANCIAL SUMARY
财务概要
| 20,150 |
|---|
| 10,481 |
| 9,669 |
| 496 |
| 9,173 |
| 301 |
| 377 |
| 9,265 |
| (473) |
| (1.57) |
| 0.16 |
| 30.4 |
| 6,687 |
|---|
| 204 |
| 785 |
| 1,012 |
| 1,502 |
| 539 |
| 642 |
| 11,371 |
| 261 |
|---|
| 126 |
| (298) |
| (463) |
| (12) |
| 124 |
| (26) |
| (288) |
2025 年报 | 其士国际集团有限公司
FINANCIAL SUMARY
财务概要
The folowing is a sumary of the total asets, total liabilities, results and other financial information of Chevalier
International Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”) as of year ended 31
March for the last five years.
下列为其士国际集团有限公司（「本公司」）及其附属公司（统称「本集团」）于过往五年内截至三月三十一日止年度之总
资产、总负债、业绩及其他财务资料概要。
(Restated)
(经重列)
Financial Information (HK$ milion) 财务资料（港币百万元）二零二五年二零二四年二零二三年二零二年二零二一年
Total asets 总资产20,36420,12920,21518,613
Total liabilities 总负债10,0229,0958,9888,044
Total equity 总权益10,34211,03411,22710,569
Non-controling interests 非控股权益557607638640
Shareholders’ funds 股东资金9,78510,42710,5899,929
Share capital 股本
– in number (milion shares) －数目（百万股）302302302302
– in value (HK$1.25 per share) －数值（每股港币1.25元）377377377377
Revenue 收入8,1967,1348,6347,353
(Los)/profit atributable to
shareholders of the Company
本公司股东应占
（亏损）╱溢利(370)258645641
Per Share Basis (HK$) 每股计算（港币）
(Los)/earnings – basic （亏损）╱盈利－基本(1.23)0.852.132.12
Dividends 股息0.200.380.500.55
Net asets value 资产净值
– excluding non-controling interests －不包括非控股权益32.434.535.132.9
二零二五年二零二四年
HK$ milionHK$ milion
港币百万元港币百万元
Segment Revenue分类收入
Construction and enginering 建筑及机械工程5,430
Property investment 物业投资192
Property development and operations 物业发展及营运661
Healthcare investment 保健护理投资956
Car dealership 汽车代理1,966
Insurance and investment 保险及投资538
Others 其他592
Total总额10,335
Segment Profit/(Los) after Taxation除税后的分类溢利╱（亏损）
Construction and enginering 建筑及机械工程283
Property investment 物业投资37
Property development and operations 物业发展及营运(144)
Healthcare investment 保健护理投资(371)
Car dealership 汽车代理(29)
Insurance and investment 保险及投资134
Others 其他(55)
Total总额(145)
- /results of asociates and joint ventures
包括所占联营公司及合营企业之收入╱业绩
CORPORATE INFORMATION
企业资料
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
荣誉主席
已故周亦卿博士
执行董事
郭海生先生（主席）
周维正先生（副主席）
谭国荣先生（董事总经理）
何宗梁先生
马志荣先生
周莉小姐
独立非执行董事
潘宗光教授
施荣怀先生
孙立勋先生
关蕙女士
秘书
梅展良先生
核数师
罗兵咸永道会计师事务所
执业会计师
及注册公众利益实体核数师
香港中环
太子大厦二十二楼
主要往来银行
中国银行（香港）有限公司
Berkadia Comercial Mortgage LC
创兴银行有限公司
恒生银行有限公司
上海商业银行有限公司
东亚银行有限公司
香港上海汇丰银行有限公司
律师
康德明律师事务所
的近律师行
罗拔臣律师事务所
注册办事处
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
CHAIRMAN EMERITUS
The late Dr. CHOW Yei Ching
EXECUTIVE DIRECTORS
Mr. KUOK Hoi Sang (Chairman)
Mr. CHOW Ve Tsung, Oscar (Vice Chairman)
Mr. TAM Kwok Wing (Managing Director)
Mr. HO Chung Leung
Mr. MA Chi Wing
Mis Lily CHOW
INDEPENDENT NON-EXECUTIVE DIRECTORS
Profesor PON Chung Kwong
Mr. Irons SZE
Mr. SUN Leland Li Hsun
Ms. KWAN Angelina Agnes
SECRETARY
Mr. MUI Chin Leung
AUDITOR
PricewaterhouseCopers
Certified Public Acountants
and Registered Public Interest Entity Auditor
22nd Flor, Prince’s Building
Central, Hong Kong
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited
Berkadia Comercial Mortgage LC
Chong Hing Bank Limited
Hang Seng Bank Limited
Shanghai Comercial Bank Limited
The Bank of East Asia, Limited
The Hongkong and Shanghai Banking Corporation Limited
SOLICITORS
Conyers Dil & Pearman
Deacons
Robertsons
REGISTERED OFICE
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
2025 年报 | 其士国际集团有限公司
CORPORATE INFORMATION
企业资料
主要营业地点
香港
九龙湾宏开道八号
其士商业中心二十二楼
电话：(852) 2318 1818
传真：(852) 2757 5138
主要股份过户
登记处
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Stret
Hamilton HM11
Bermuda
香港股份过户
登记分处
卓佳证券登记有限公司
香港夏悫道十六号
远东金融中心十七楼
股份上市
香港联合交易所有限公司
股份代号：25
网址
htps:/w.chevalier.com
PRINCIPAL PLACE OF BUSINES
22nd Flor, Chevalier Comercial Centre
8 Wang Hoi Road, Kowlon Bay
Hong Kong
Telephone: (852) 2318 1818
Facsimile: (852) 2757 5138
PRINCIPAL SHARE REGISTRAR AND
TRANSFER AGENT
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Stret
Hamilton HM11
Bermuda
BRANCH SHARE REGISTRAR AND
TRANSFER OFICE IN HONG KONG
Tricor Investor Services Limited
17th Flor, Far East Finance Centre
16 Harcourt Road, Hong Kong
SHARE LISTING
The Stock Exchange of Hong Kong Limited
Stock Code: 25
WEBSITE
htps:/w.chevalier.com
FINANCIAL CALENDAR财务日志
Anouncement of Results业绩公布
Interim Results28 November 2024中期业绩二零二四年十一月二十八日
Final Results26 June 2025末期业绩二零二五年六月二十六日
Bok Close Dates截止过户日期
Interim Dividend16 to 17 December 2024中期股息二零二四年十二月十六日至十七日
Anual General Meting22 to 27 August 2025股东周年大会二零二五年八月二十二日至二十七日
Final Dividend11 to 12 September 2025末期股息二零二五年九月十一日至十二日
Anual General Meting27 August 2025股东周年大会二零二五年八月二十七日
Payment of Dividends派发股息
Interim dividend of
HK$0.08 per share
20 December 2024中期股息
每股港币0.08元
二零二四年十二月二十日
Final dividend of
HK$0.08 per share
19 September 2025末期股息
每股港币0.08元
二零二五年九月十九日
PROJECT HIGHLIGHTS
重点项目
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
g Project
en Long
公屋项目
| Prince Wesidence |
|---|
2025 年报 | 其士国际集团有限公司
PROJECT HIGHLIGHTS
重点项目
| 04.2024 | ||||
|---|---|---|---|---|
| 04.2024 |
| 07.2024 | ||||
|---|---|---|---|---|
| 07.2024 |
| 07.2024 | ||||
|---|---|---|---|---|
| 07.2024 |
| 08.2024 | ||||
|---|---|---|---|---|
| 08.2024 |
| 11.2024 | ||||
|---|---|---|---|---|
| 11.2024 |
CSR HIGHLIGHTS
企业社会责任重点活动
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
Suported the Chevalier Cup Race Day for the 29th
consecutive year
连续二十九年赞助「其士杯赛马日」
Chevalier Cares led the elderly living in the rural area of
Kwu Tung to visit the transitional housing in the Northern
District with the Evangelical Lutheran Church Social Service
of Hong Kong
爱心骑士义工队与基督教香港信义会社会服务部带领居
于古洞乡郊的长者参观北区过渡性房屋
Organised sumer experiential activities for high schol
students to explore the latest construction technologies
举办暑期体验活动让中学生了解建造业最新技术
Presented the Chevalier Group Scholarship to outstanding
enginering students from the Vocational Training Council
for the sixth year
颁发第六届「其士集团奖学金」予职业训练局的优秀
工程学生
Staf participated in the WEL DUNK! Corporate Charity
3X3 Basketbal Tournament with the Group’s suport
员工在集团支持下参加《邨 JUMP！》企业慈善3人篮球邀请赛
| 11.2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 11.2024 | ||||||||||||||
| 11.2024 | ||||||||||||||
| 11.2024 | ||||||||||||||
| 12.2024 | ||||||||||||||
| 12.2024 | ||||||||||||||
| 12.2024 | ||||||||||||||
| 12.2024 | ||||||||||||||
| 02.2025 | ||||||||||||||
| 02.2025 |
| 03.2025 | ||||||
|---|---|---|---|---|---|---|
| 03.2025 |
2025 年报 | 其士国际集团有限公司
CSR HIGHLIGHTS
企业社会责任重点活动
Suported the SO Walk 2025 organised by SideBySide
支持由善导会举办的「苏Walk．同你心同你行2025」
Staf participated in the Kai Tak Run 2025 with the Group’s
suport
员工在集团支持下参加启德飞步跑2025
LETER TO SHAREHOLDERS
致股东之函件
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
各位股东：
今年致股东之函件以本公司董事会成员
变更为开端。首先，我欢迎周维正先生
自二零二五年一月一日起出任本公司副
主席及调任执行董事，同时欢迎谭国荣
先生出任本公司董事总经理一职。其次，
我谨向将于二零二五年八月二十七日股东
周年大会结束后荣休的执行董事何宗梁
先生致以衷心的谢意。何先生为集团服
务四十年，我们由衷感谢他多年来的辛
勤付出与宝贵贡献。
Dear Shareholders,
This year’s Leter to Shareholders starts on a diferent note with the
anouncement of changes to the board of directors of the Company. I would
firstly like to welcome the apointment of Mr. Chow Ve Tsung, Oscar as
the Vice Chairman and his re-designation as executive director and
also the apointment of Mr. Tam Kwok Wing as the Managing Director
of the Company efective from 1 January 2025. Secondly, I would also
like to extend my heartfelt gratitude to our long-serving executive
director Mr. Ho Chung Leung, who wil retire after the conclusion of
the Anual General Meting on 27 August 2025 after 40 years of
service with the Group. We thank him for his many years of hard work
and dedication and are grateful for his invaluable contributions to the
Group over the years.
2025 年报 | 其士国际集团有限公司
LETER TO SHAREHOLDERS
致股东之函件
全球商业形势正处于重要交叉点。中东
和东欧持续的军事冲突，加剧的贸易和
关税战争，美中之间的紧张关系，以及
对贸易和其他政策的不确定性，都不可
避免地削弱了投资信心，延长了商业决
策，导致全球增长受阻和经济稳定性下
降。本集团二零二四╱二五财政年度的
表现不可避免地受到了影响。
尽管香港在不确定的经济环境中受到影
响，但其经济基础依然稳健。二零二四
年特首的施政报告和二零二五╱二六财
政预算案均重申政府对增加土地和住房
供应的决心，这将使建筑和工程行业受
惠。为实现这一目标，政府通过加快新
界北部的发展进程，计划将部份商业用
地重新规划为住宅用地，以提升土地运
用的灵活性。市场上，铁路物业发展项
目、市区重建局的计划以及私人发展商
的土地供应均有所增加。本集团积极配
合政府提高效率、降低成本和改善房屋
质量的措施，利用精简的建筑审批流程
及多年前已采用的先进技术，如组装合
成建筑法(MiC)、机电装备合成法(MiMEP)
以及建筑信息模拟(BIM)，协助政府达成
房屋供应的目标。这些技术优势将提升
建筑及工程部的竞争力。
在香港，尽管旅游业和本地消费有所回
升，但经济复苏步伐仍不理想，消费者
信心恢复也相对疲弱。其他持续的挑战
包括房价高企、劳动力短缺，以及与大
湾区其他城市相比生活成本偏高。为应
对劳动力缺口和刺激房地产行业的增长，
政府积极推行多项人才引进计划，包括
高端人才通行证计划（高才通计划），以
吸引专业人士来港发展。这些措施不仅
为香港引入所需的人才，随着新来港人
才及其家属在港定居，刺激了房地产需
求。此外，在港内地学生人数持续增加
也进一步刺激了住房需求。
The global busines landscape is at a crosroad. The lingering military
conflicts in the Midle East and Eastern Europe, heightened trade and
tarif war, continuing tensions betwen the US and China, lack of
certainty over trade and other policies al naturaly dampens investment
confidence and prolongs busines decisions, resulting in the disruption
of global growth and the undermining of economic stability. The
Group’s FY2024/25 performance has inevitably ben afected.
Though Hong Kong has also ben afected by the bleak economic
landscape amidst such uncertainties, Hong Kong’s economic
fundamentals remain sound. The 2024 Chief Executive’s Policy
Adres and the 2025/26 Budget reafirm the government’s
comitment to bosting land and housing suply, benefiting the
construction and enginering industry. To achieve this goal, the
government has acelerated progres through developments in the
northern part of the New Teritories, with plans to rezone certain
comercial sites for residential use to enhance land use flexibility. The
market ses an increase in land suply from railway property
development projects, Urban Renewal Authority initiatives, and also
from private developers. The Group has contributed to the
Government’s initiatives to improve eficiency, reduce costs, and
improve housing quality, and has helped with the government
achieving its housing suply targets through the streamlined
construction aproval and advanced technologies like Modular
Integrated Construction (MiC), Multi-trade Integrated Mechanical,
Electrical and Plumbing (MiMEP) and Building Information Modeling (BIM)
the Group has adopted years ago, wil help the Group’s construction
and enginering units.
In Hong Kong, we are seing a les-than-optimal rate of recovery in
the economy and laging consumer confidence despite reports of
rebound in tourism and domestic consumption. Other persistent
chalenges remain, including expensive housing, labor shortages, and
high cost of living compared to other cities in the Greater Bay Area. To
adres workforce gaps and stimulate the real estate sector’s growth,
the Government is promoting various talent admision schemes
including Top Talent Pas Scheme (TPS) to atract profesionals to
Hong Kong. This initiative not only atracts the talent neded in Hong
Kong, but also bosts real estate demand as new talent and their
families setle in Hong Kong. Aditionaly, the growing number of
mainland Chinese students in the city further stimulates housing
demand.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
LETER TO SHAREHOLDERS
致股东之函件
展望未来，本集团将继续专注于核心价
值，成为客户可信赖的商业伙伴。本集
团将继续培养人才，履行企业使命，确
保业务可持续发展，同时以创新和永续
增长的承诺，积极应对机遇和挑战。
二零二五年标志著本集团成立五十五周
年的重要里程碑，见证我们自一九七零
年成立以来坚持诚信、创新和卓越的核
心价值，成功应对不断变化的市场环境。
本集团稳健的发展步伐与可持续成功，
源于审慎务实及具前瞻性的经营理念。
这些成就离不开团队的专业智慧、辛勤
付出与坚定的信念，正是这份执着，推
动着本集团不断向前、为本集团把握未
来机遇奠定基础。
在这个特别的时刻，本人谨向业务伙伴、
董事、管理层和员工致以衷心的谢意，
感谢他们坚定不移的信任及支持。在过
去五十五载奠定的坚实基础上，我们将
继续努力利用科技优化流程、提升效率，
推动本集团的增长、现代化和竞争力，
实现新的里程碑。
主席
郭海生
As we lok ahead, the Group shal remain focused on our core values
and be the trusted busines partner of our customers. We shal
continue to nurture talents and pursue our mision to ensure the
sustainability of our busines, while our comitment to inovation and
sustainable growth wil enable us to capitalise on oportunities and
navigate chalenges efectively.
2025 marks the Group’s 55th Aniversary, a significant milestone that
celebrates our growth and acomplishments since our establishment
in 1970. Throughout the decades, the Group has sucesfuly adapted
to changing market dynamics by staying true to its core values of
integrity, inovation, and excelence. Our steady progres and
sustainable suces are roted in a prudent and forward-thinking
aproach. These achievements have ben made posible by the
dedication, expertise, and hard work of our team, whose comitment
has ben key to driving the Group forward and preparing us to
embrace future oportunities.
On this special ocasion, I extend my heartfelt gratitude to our
busines partners, directors, management, and staf for their
unwavering trust and suport. Building on the strong foundation laid
over the past fifty-five years, we wil continue striving toward new
milestones by leveraging technology to optimise proceses, enhance
eficiency, and drive the Group’s growth, modernisation, and
competitivenes.
KUOK Hoi Sang
Chairman
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
2025 年报 | 其士国际集团有限公司
本集团的综合收入由截至二零二四年三
月三十一日止年度的港币81.96亿元增至
截至二零二五年三月三十一日止年度的
港币92.65亿元。总分类收入（包括本集
团所占联营公司及合营企业收入）由港币
103.35亿元增至港币113.71亿元。本集
团于截至二零二五年三月三十一日止年
度录得除税后亏损港币5.03亿元（二零
二四年：除税后亏损港币3.23亿元）。综
合业绩录得亏损主要由于本集团截至二
零二五年三月三十一日止年度确认按公
允值列入损益处理之投资亏损，及对于
发展中物业之拨备所致。截至二零二五
年三月三十一日止年度的本公司股东应
占除税后亏损为港币4.73亿元（二零二四
年：本公司股东应占除税后亏损港币3.70
亿元），相当于每股亏损为港币1.57元（二
零二四年：每股亏损港币1.23元）。
建筑及机械工程
截至二零二五年三月三十一日止年度，
建筑及机械工程录得分类收入与去年相
比增加23.1%，由港币54.30亿元升至港
币66.87亿元。扣除净财务费用前的分类
溢利由港币3.07亿元下跌10.1%至港币
2.76亿元。这主要是因为多个项目的进
展已进入中后期阶段。
建筑业务分部年内业绩有所提升，主要
是本集团的合营企业在元朗攸壆路、屯
门第3A区及牛头角彩兴路承建超过6,300
个简约公屋单位。简约公屋单位的迅速
交付，由于本集团采用组装合成建筑技
术(MiC)，该技术不仅提高了建筑速度、
效率和质量，还融入了绿色生活环境、
节能与悭水等可持续发展的元素。
机电工程分部年内的业绩有所下降，主
要由于为一项目作出拨备。该部门凭借
其专业知识，与多家著名的娱乐场所和
豪华酒店签订了机电工程系统现代化改
造合约。通过提供从设计、安装到测试
和调试的全方位端到端机电工程服务，
该分部将在这些物业转型为世界级酒店
的过程中发挥了关键的作用。
The Group’s consolidated revenue increased from HK$8,196 milion for
the year ended 31 March 2024 to HK$9,265 milion for the year ended
31 March 2025. Total segment revenue, which includes the Group’s
share of revenue of asociates and joint ventures, increased to
HK$11,371 milion from HK$10,335 milion. Los after tax of the Group
for the year ended 31 March 2025 amounted to HK$503 milion (2024:
los after tax of HK$323 milion). The los in the consolidated results
was mainly due to the recognition of los on investments at fair value
through profit or los of the Group and the provision for properties
under development of the Group for the year ended 31 March 2025.
Los after tax atributable to the Company’s shareholders for the year
ended 31 March 2025 was HK$473 milion (2024: los after tax
atributable to the Company’s shareholders of HK$370 milion) which
translates into a los per share of HK$1.57 (2024: los per share of
HK$1.23).
CONSTRUCTION AND ENGINERING
The Construction and Enginering segment’s revenue for the year
ended 31 March 2025 reported an increase of 23.1% from HK$5,430
milion to HK$6,687 milion as compared to last year due to progres
status with several projects are now wel into the mid to late stage
while the segment profit before net finance costs recorded a drop of
10.1% from HK$307 milion to HK$276 milion.
The building construction division reported a performance improvement
during the year due to the Group’s joint venture construction of over 6,300
units of Light Public Housing located at Yau Pok Road in Yuen Long,
Tuen Mun Area 3A, and Choi Hing Road in Ngau Tau Kok. Spedy
delivery of the Light Public Housing units are made posible by the
implementation of Modular Integrated Construction (MiC) technology
which enhances construction sped, eficiency, and quality while
incorporating sustainable features such as gren living environments,
energy eficiency, and water-saving measures.
The electrical and mechanical enginering (E&M) division’s
performance declined during the year due to the provision for a
project. Leveraging its expertise, the division secured contracts with
leading casinos and luxury hotels for the modernisation of MEP (Mechanical,
Electrical, and Plumbing) systems. By ofering comprehensive end-to-
end E&M services, from design and instalation to testing and
comisioning, the division is playing a pivotal role in transforming
these properties into world-clas hospitality destinations.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
建筑及机械工程（续）
年内，铝窗及幕墙分部业绩较去年同期
大幅提升。该分部已完成香港机场第三
跑道工程的外墙工程，并预计在未来一
年内完成西九龙高铁站工程项目。西九
龙高铁站项目由哈迪德建筑事务所（Zaha
Hadid Architects）设计，位于香港唯一
的高铁西九龙站上盖，是香港建筑史上
其中一个最大的商业发展项目。除了在
香港市场取得卓越表现外，该分部的澳
洲分公司也取得了显著进展，完成了悉
尼的「C学校」项目的外墙工程，该项
目包括Carlingford West公立学校和
Cumberland中学建造的六栋教学大楼。
与此同时，位于悉尼达令港的地标性
Harbourside重建工程也已进入驻场安装
阶段。展望未来，预计澳洲分公司将保
持强劲势头，积极参与更多一级和二级
建筑项目。
建材供应分部于年内继续录得正面的业
绩表现。该分部提供多种优质建筑物料
和设备，包括面板水箱、厨柜、天花板
系统和防水物料，以及相关的设计和安
装服务。年内，该分部在香港贸易发展
局举办的国际环保博览上展示了Kryton
先进的防水解决方案，彰显了其对持续
创新的承诺。Kryton的Krystol技术为新
建和修复项目提供耐用的防水性能，并
在香港西九龙演艺综合剧场等大型发展
项目中取得了成功。
环境工程分部年内录得正面的业绩表现，
成功于石湖墟建成香港首个再造水厂。
该项目涵盖了整个机电工程范畴，包括
设计、供应、安装、测试和校验，将处理
过的污水转化为再生水，供新界东北部
作非饮用途。第一期工程的竣工标志
著可持续水资源重用的重要里程碑。为
了把握机遇，该分部将继续与市场上其
他经验丰富的专家合作，参与香港特区
政府推出大型项目。
年内，升降机及电扶梯分部为香港地标
性体育及娱乐中心启德体育园顺利交付
了综合垂直运输系统，展现其提供大规
模、可靠流动性解决方案的能力。整个
占地28公顷的综合大楼由三座主要体育
建筑物和三座主要购物大楼组成，135部
升降机和电扶梯策略性地分布在整个综
合大楼中，以确保最佳的人流疏导，体
现该分部的专业水准。
CONSTRUCTION AND ENGINERING (CONTINUED)
During the year, the aluminium windows and curtain wals division
reported substantial improvement as compared to last year. This
division has completed the façade works of the Hong Kong Airport’s
Third Runway Project and on track to complete the West Kowlon
Expres Rail Link (“XRL”) project within this coming year. West
Kowlon XRL, designed by Zaha Hadid Architects, is located above the
city’s only high-sped rail station, West Kowlon Station, which is one
of the largest comercial development in Hong Kong’s construction
history. In adition to progres in the Hong Kong market, our Australian
branch has made significant strides in completing the façade works for
the “C Schol” project in Sydney, which includes six clasrom
buildings for Carlingford West Public Schol and Cumberland High
Schol. Meanwhile, the landmark Harbourside Redevelopment project
in Sydney’s Darling Harbour has proudly entered the on-site instalation
stage. Loking ahead, the Australian branch is expected to maintain
strong momentum, with continued involvement in more Tier 1 and Tier
2 construction projects.
The building suplies division continued to deliver positive results
during the year. This division provides an extensive variety of quality
building materials and equipment, including panel water tanks, kitchen
cabinets, ceiling systems and waterprofing materials, together with
related design and instalation services. During the year, the division
showcased Kryton’s advanced waterprofing solutions at Eco Expo
Asia, organised by the Hong Kong Trade Development Council,
reinforcing its dedication to sustainable inovation. Kryton’s Krystol’s
technology delivers durable waterprofing for new and restoration
projects, with proven suces in major developments like Hong Kong’s
West Kowlon Lyric Theatre Complex.
The environmental enginering division recorded positive results
during the year, sucesfuly delivering Hong Kong’s first water
reclamation plant at Shek Wu Hui. The project encompased the ful
E&M scope, including design, suply, instalation, testing, and
comisioning, converting treated sewage into reclaimed water for
non-potable use in the North East New Teritories. The completion of
Phase 1 marks a significant milestone in sustainable water reuse. In
order to capture oportunities, this division wil continue to join forces
with other wel-established expertises in the market for mega projects
launched by the HKSAR Government.
During the year, the lifts and escalators division’s capability to deliver
large-scale, reliable mobility solutions is showcased by the smoth
delivery of the comprehensive vertical transportation systems for the
Kai Tak Sports Park, Hong Kong’s landmark sports and entertainment
hub. 135 elevators and escalators are strategicaly positioned acros
the entire 28-hectare complex comprising of thre major sports
buildings and thre main shoping towers to ensure optimal crowd
flow, exemplifying this division.
2025 年报 | 其士国际集团有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
建筑及机械工程（续）
于二零二五年三月三十一日，本集团所
有未完成的建筑及机械工程合约价值总
额为港币61.17亿元。主要合约包括：
1. 承建新界屯门医院手术室大楼之扩
建工程；
2. 承建香港黄竹坑香港仔内地段第
467号港岛南岸五期的物业发展；
3. 承建九龙土瓜湾美善同道51-57号
拟建综合发展项目；
4. 承建小蚝湾滤水厂扩展部份及小蚝
湾原水增压抽水站之电力工程；
- 、银矿湾及小蚝湾滤水厂之驻
场氯气生产设施营运及维修工程；
6. 澳门路氹银河度假城及娱乐场第四
期地库、平台及第三座之低压电器
及暖通空调安装工程；
7. 西九龙International Gateway Centre
的幕墙设计、供应及安装工程；
8. 新界屯门青山湾段第48区青山公
路屯门市地段第518号拟建住宅发
展项目幕墙的设计、制作、供应及
安装工程；
9. 新界将军澳日出康城第13期厨柜
的供应及安装工程；及
10. 九龙启德第4A区1号地盘的新九龙
内地段第6577号拟建住宅发展项
目厨柜的供应及安装工程。
物业投资
分类收入较去年增加6.3%，由港币1.92
亿元增至港币2.04亿元。扣除净财务费
用前的分类溢利则大幅增加73.4%，由
港币1.09亿元增至港币1.89亿元。此乃
由于整体公允值与去年相比前年大幅下
跌下，今年保持稳定。本集团的租赁业
务凭借分布于香港、中国内地、新加坡、
加拿大及英国多元化的物业组合产生稳
定的收入。
CONSTRUCTION AND ENGINERING (CONTINUED)
As at 31 March 2025, the total value of al outstanding construction
and enginering contracts for the Group amounted to HK$6,117
milion. Major contracts include:
1. Construction of the extension of the operating theatre block for
Tuen Mun Hospital, New Teritories;
2. Construction of a property development at THE SOUTHSIDE,
Package Five, Aberden Inland Lot No. 467, Wong Chuk Hang,
Hong Kong;
3. Construction of a proposed composite development at 51-57
Maidstone Road, To Kwa Wan, Kowlon;
4. Electrical works for construction of Siu Ho Wan water treatment
works extension and Siu Ho Wan raw water boster pumping
station;
5. Operations and maintenance of on-site chlorine generation plants
at Sheung Shui, Silver Mine Bay and Siu Ho Wan water treatment
works;
6. LV Electrical and HVAC instalation works for Basement, Podium
and Tower 3 of Galaxy Resort & Casino Phase 4 at Cotai, Macau;
7. Design, suply and instalation of curtain wal for International
Gateway Centre, West Kowlon;
8. Design, fabrication, suply and instalation of Tower Façade for
proposed residential development at TMTL 518, Castle Peak
Road, Castle Peak Bay Area 48, Tuen Mun, New Teritories;
9. Suply and instalation of kitchen cabinet for Phase 13, LOHAS
Park, Tseung Kwan O, New Teritories; and
10. Suply and instalation of kitchen cabinet for proposed residential
development at NKIL, 6577 Kai Tak Area 4A, Site 1, Kai Tak,
Kowlon.
PROPERTY INVESTMENT
Segment revenue increased by 6.3% from HK$192 milion to HK$204
milion as compared to last year. Segment profit before net finance
costs reported a significant improvement by 73.4% from HK$109
milion to HK$189 milion due to overal fair value remaining steady as
compared to last year which sufered a significant decline against the
year before last. The Group’s leasing busines generated stable
income from its diversified property portfolio acros Hong Kong,
Mainland China, Singapore, Canada, and the United Kingdom.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
物业投资（续）
在香港，本集团的核心投资物业需求稳
定、流失率低、入住率高，为此分类带
来稳定的盈利。
在伦敦，本集团在黄金地段拥有两栋甲
级商业╱写字大楼，总室内净面积为
29,356平方呎。其中一栋物业位於伦敦
市中心，步行可达英伦银行，目前分租
予多间知名公司，且加权平均未到期租
期超过三年。另一栋位于Hamersmith
Broadway一号的物业，座落于Hamersmith
车站交通枢纽上方，目前某些楼层已出
租予单一租户集团营运服务式办公室。
「Prince Wesidence」是本集团位于九龙
何文田太子道西292A-D号的住宅发展项
目。该工程已于二零二四年下旬落成，
提供共58个城景及远山景不同户型单位。
市场反应理想，出租率已超过90%。
物业发展及营运
物业发展及营运分类的收入由港币6.61
亿元增加至港币7.85亿元，与去年相比
增加18.8%。该分类收入增加主要受惠
于中国内地长春的「香港城」第三期及香
港大角咀的「傲寓」住宅单位销售上升。
扣除净财务费用前的分类亏损由亏损港
币1.04亿元增加至亏损港币2.81亿元，
上升170.2%。分类亏损的增加主要由于
位于新界沙田的恒乐里项目和位于新界
粉岭的工业用地的物业减值，以及位于
长春的「香港城」第三期和香港的「傲寓」
余下单位调低售价所致。
位于新界粉岭安居街的地盘，将发展为
高规格且配备完善设施的工业大厦，以
「产业驱动、基建先行」为发展方向，为
香港的科技驱动型发展作出贡献。
「香港城」第三期包括10幢住宅楼宇，提
供约1,100个住宅单位，占地约100,000
平方米，单位面积由36平方米至125平
方米不等。自开售以来，第三期住宅单
位已售出逾90%。第五期的建筑工程已
于二零二四年底竣工，该项目预计即
将开售。
PROPERTY INVESTMENT (CONTINUED)
In Hong Kong, the Group’s core investment properties, experienced
stable demand, low atrition, and high ocupancy rates, which
contributed to the segment’s reliable earnings.
In London, the Group owns two Grade-A comercial/ofice buildings
at prime locations with a combined net internal area of 29,356 square
fet. One of the properties, situated in the heart of the City of London
and within walking distance from The Bank of England, is multi-let to
reputable institutions with a weighted average unexpired lease term of
over thre years. The other one at 1 Hamersmith Broadway sits right
above the Hamersmith Station transportation hub, and certain flors
are curently licensed to a single ocupier group and is operated as
serviced ofices.
“Prince Wesidence” is the Group’s residential development project
located at 292A-D Prince Edward Road West, Ho Man Tin, Kowlon.
Completed in late 2024, the development comprises 58 units of
various layouts, ofering both city and distant mountain views. Market
response has ben promising, achieving an ocupancy rate of over
90%.
PROPERTY DEVELOPMENT AND OPERATIONS
The Property Development and Operations segment recorded an
increase in revenue from HK$661 milion to HK$785 milion,
representing an increase of 18.8% as compared to last year. Increase
in segment revenue was mainly contributed by increased sales of
residential units of Phase I of “Chevalier City” in Changchun,
Mainland China and “SABLIER” in Tai Kok Tsui, Hong Kong. Segment
los before net finance costs increased from a los of HK$104 milion
to a los of HK$281 milion, representing an increase of 170.2%. The
increase in segment los was mainly due to the impairment of
properties values in Hang Lok Lane project in Sha Tin, New Teritories
and the industrial site in Fanling, New Teritories as wel as the lower
unit price achieved for the remaining units sold in Phase I of “Chevalier
City” in Changchun and “SABLIER” in Hong Kong.
The site located at On Kui Stret, Fanling, New Teritories wil be
developed into a high-spec industrial building with premium facilities
which folows an “industry-driven and infrastructure-led” aproach,
contributing to Hong Kong’s tech-driven development.
Phase I of “Chevalier City” comprises 10 residential blocks, ofering
aproximately 1,100 units acros 100,000 square metres, with unit
sizes ranging from 36 to 125 square metres. Since its launch, over
90% of Phase I units have ben sold. The construction work of Phase
V completed at the end of 2024 and the project is expected to be
launched for sale son.
2025 年报 | 其士国际集团有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
物业发展及营运（续）
本集团持有一间为重建一幢位于香港九
龙油塘四山街18-20号的工业大厦的合营
企业50%的股权。该项目涉及将约30万
平方呎的总楼面积改造成混合住宅发
展项目，包括两栋住宅、停车位、商业
用途的非住宅楼面和政府宿舍。目前工
业大厦的拆卸工程已完成，且地基工程
已展开。
冷藏仓库及物流分部的业绩表现因营运
成本高、跨境购物趋势、地缘政治供应
链中断、以及本地零售和餐饮业疲软等
行业挑战而下滑。食品进口减少以及中
小型营运商的竞争加剧，进一步为业绩
表现带来压力。因应这些变化，该分部
在提升设备的同时，将专注于客户互动、
市场监测和确保服务质量。
物业管理分部凭借可靠及专业的服务，
继续赢得客户的信赖，并已获得香港房
屋委员会的四份新合约，负责管理香港
岛及新界的住宅单位。
保健护理投资
保健护理投资分类的收入录得由港币9.56
亿元按年上升5.9%至港币10.12亿元，
主要由于美国俄勒冈州的安老院舍入住
率上升。扣除净财务费用前的分类亏损
与去年相比由亏损港币3.29亿元扩大至
亏损港币4.33亿元，此乃由于根据适用
会计准则录得的「曦芸居」项目财务工具
的非现金公允值亏损所致。尽管美国安
老院舍入住率有所改善，惟固定及营运
成本仍然高企。为提升本集团在美国的
保健护理投资表现，本集团将密切监察
当地经济、人口结构及市场状况之变化，
并在合适的情况下重新调整投资组合之
规模。
于二零二五年三月三十一日，本集团在
美国六个州拥有26个安老院舍设施，提
供约2,300个单位╱床位，服务范围广
泛，涵盖自理起居、协助起居、失智护
理及专业护理。本集团亦拥有三幢位于
纽约、宾夕法尼亚及罗得岛的医疗办公
室大楼，总楼面积约428,000平方呎。
PROPERTY DEVELOPMENT AND OPERATIONS (CONTINUED)
The Group holds a 50% stake in a joint venture company established
solely for the redevelopment of an industrial building located at 18-20
Sze Shan Stret, Yau Tong, Kowlon. The project involves transforming
aproximately 300,000 square fet gros flor area into a mixed
residential development comprising two residential blocks, car parking
spaces, comercial non-domestic flor spaces, and government
acomodations. Demolition works for the existing industrial building
has completed and the foundation work has comenced.
The cold storage and logistics division experienced a decline due to
industry chalenges such as high operational costs, cros-border
shoping trends, geopolitical suply chain disruptions, and weakened
local retail and catering sectors. Reduced fod imports and increased
competition from smal and medium-sized operators further presured
performance. To adapt, this division focused on client engagement,
market monitoring, and service quality while upgrading equipment.
With its reliable and profesional service, the property management
division continues to win the trust of customers and has secured four
new contracts from the Hong Kong Housing Authority, for the
management of residential units acros Hong Kong Island and the New
Teritories.
HEALTHCARE INVESTMENT
The revenue of the Healthcare Investment segment recorded a year-
on-year revenue growth of 5.9% from HK$956 milion to HK$1,012
milion, mainly due to increased ocupancy at senior housing facilities
in Oregon, US. Segment los before net finance costs deteriorated as
compared to last year from a los of HK$329 milion to a los of
HK$433 milion due to non-cash fair value los on financial instrument
in “Ventria Residence” project which is in acordance with the
apropriate acounting standards. Although ocupancy at the US
senior housing facilities has improved, fixed and operating costs
remained high. To enhance the performance of the Group’s healthcare
investments in the US, the Group wil closely monitor changes in the
local economy, demographics and market conditions, and rebalance its
investment portfolios as apropriate.
As at 31 March 2025, the Group owned 26 senior housing facilities
acros six states in the US providing around 2,300 units/beds covering
a wide spectrum of services including independent living, asisted
living, memory care and skiled nursing. The Group has interests in
thre medical ofice buildings located in New York, Pensylvania and
Rhode Island comprising a total gros flor area of aproximately
428,000 square fet.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
保健护理投资（续）
年内，本集团与独立第三方订立协议，
以代价3,500万美元（约相等于港币2.73
亿元）（于结算时可调整）出售位于美国俄
勒冈州波特兰市的一个安老院舍物业。
出售安老院舍物业所得的净收益将用作
本集团的一般营运资金。本集团将继续
把握机遇，发挥其在美国投资的效益。
本集团与基督复临安息日会港澳区会的
合作项目「曦芸居」，于二零二四年十一
月正式开业。该项目结合了持续照顾退
休社区(CRC)模式及高端居家安老服务，
「曦芸居」以「医社合一」的概念营运，住
户只需在同一建筑内转换居住类型，便
能在熟悉的社区中享受退休生活。
「曦芸居」位于跑马地，地理位置优越，
拥有168个服务式单位，面积由262至
695平方呎。住客可按需要选择入住独立
自住型单位或曦芸苑护理安老院的生活
协助型或认知照顾型单位。
汽车代理
汽车代理收入由港币19.66亿元减少至港
币15.02亿元，与去年相比减少23.6%，
此乃由于销量减少所致。扣除净财务费
用前的分类亏损有所改善，与去年相比
由亏损港币2,200万元收窄至亏损港币
800万元。
在中国内地，业绩欠佳的原因为电动车
竞争激烈导致销售下滑。消费者对传统
燃油汽车的兴趣正在减弱，为了应对此
情况，该分部在年内开设了两家全新的
埃安电动车专门店，并在时间合适时，
持续转型以增加更多电动车的销售。
在加拿大，目前经济疲弱的状况下，高
企的利率及新车价格，抑制了消费者对
购买新车的意愿。该分部透过专注于二
手车销售以及提升服务和零件业务来应
对这一问题。
HEALTHCARE INVESTMENT (CONTINUED)
During the year, the Group entered into an agrement with an
independent third party to dispose a senior housing property located in
Portland, Oregon, US at a consideration of US$35 milion (equivalent to
aproximately HK$273 milion) (subject to closing adjustments). The
net proceds from the disposal of the senior housing property wil be
alocated as general working capital for the Group. The Group wil
continue to capitalise on its investment in the US when oportunities
arise.
“Ventria Residence”, a colaborative project betwen the Group and
the Hong Kong-Macau Conference of the Seventh-day Adventist
Church, oficialy opened in November 2024. Integrating the Continuing
Care Retirement Comunity (CRC) model with premium home-based
eldercare services, “Ventria Residence” operates under the “Medical-social
integration” concept, alowing residents to transition seamlesly
betwen living arangements within the same building, ensuring they
can enjoy their retirement years in a familiar comunity.
Strategicaly located in Hapy Valey, “Ventria Residence” features 168
serviced units, ranging from 262 to 695 square fet. Residents can
chose from independent living units or opt for asisted living or
memory care services at the Ventria Garden Care and Atention Home,
al within the same premises, tailored to their evolving neds.
CAR DEALERSHIP
Revenue of car dealership declined from HK$1,966 milion to HK$1,502
milion, representing a decrease of 23.6% as compared to last year,
due to the decrease in the sales volume. The segment los before net
finance costs improved from a los of HK$22 milion to a los of HK$8
milion as compared to last year.
In Mainland China, underperformance stemed from decreased sales
as a result of intense electric vehicles (EVs) competition. Interests in
traditional fuel vehicles is diminishing and to adres this, the division
opened two new AION EV shops during the year and wil continue to
transition to cary more EV vehicles if and when the oportunities
arise.
In Canada, high interest rates and the cost of new vehicles have
dampened consumers’ interest in purchasing new cars given the
curent weak economic landscape. The division has ben adresing
this by focusing on used car sales and also on improving its service
and parts busineses.
2025 年报 | 其士国际集团有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
保险及投资
保险及投资分类（包括保险业务及本公司
的投资组合）的收入由港币5.38亿元轻微
增至港币5.39亿元。年内，由于市场竞
争激烈及严峻的市场环境，保险业务的
收入下降，抵销了部份投资业务的增长。
分类溢利与去年同期持平，由港币1.142
亿元微跌至港币1.138亿元，轻微减少
0.4%。在地缘政治分化带来的挑战对本
地经济和商业环境造成不利影响，本集
团将继续凭借其长期建立的声誉和与业
务伙伴的稳固关系以保持稳定的回报。
本集团的雇员补偿保险业务继续对该分
类的收入作出重大贡献。于回顾期内，
该分类为若干大型项目承保了雇员补偿
保险。保险业务及本公司的投资组合主
要以收益可观、期限较长的投资等级固
定收益证券组成，并辅以蓝筹股及精选
小型私募基金投资。于二零二五年三月
三十一日，投资组合的正收益有所提升，
包括未变现的市值变动。本集团的投资
政策强调采取严谨的投资方法，以确保
在较长时期内获得稳定的回报。
其他
该分类收入由港币5.92亿元增至港币6.42
亿元，与去年相比上升8.4%。扣除净财
务费用前的分类亏损由亏损港币4,600万
元减少至亏损港币2,000万元，这是由于
去年退出一间餐饮业务所产生的一次性
撇账。
货运物流服务分部继续通过为航运业的
关键垂直市场提供增值服务来强化业务
策略。航空零件运输和仓库管理业务已
从新冠疫情引发的航空活动放缓中显著
反弹。同时，生命科学运输业务继续稳
步增长，受惠于香港政府致力于建设制
药和生物医学研发中心。电子商务业务
仍然发展蓬勃，然而，由于电子商务客
户所需的信用额度较高，该分部必须谨
慎控制该领域的增长。
INSURANCE AND INVESTMENT
Revenue of the Insurance and Investment segment, which includes
the investment portfolios of both the insurance busines and the
Company, increased marginaly from HK$538 milion to HK$539 milion.
The growth in our investment segment was partialy ofset by a decline
in revenue from the insurance busines due to fierce competition and
chalenging market conditions during the year. Segment profit was
steady from last year with a minimal decline from HK$114.2 milion to
HK$113.8 milion, representing a marginal drop of 0.4%. Amid
chalenging geopolitical fragmentation, which afected adversely the
local economy and busines environment, the Group wil continue to
maintain steady returns by leveraging its long-standing reputation and
strong relationship with busines partners.
The Group’s employes’ compensation insurance busines continued
to make a significant contribution to the segment’s revenue. During
the period under review, the segment underwrote employes’
compensation insurance for several large projects. The investment
portfolios of the insurance busines and the Company consist mainly
of investment-grade fixed-income securities with atractive yields and
longer duration, complemented by blue-chip equities and select smal
private fund investments. As of 31 March 2025, the portfolios
generated improved positive returns, including unrealised mark-to-
market movements. The Group’s investment policy emphasises a
disciplined aproach to ensure consistent returns over an extended
time horizon.
OTHERS
This segment’s revenue increased from HK$592 milion to HK$642
milion, representing a growth of 8.4% as compared to last year.
Segment los before net finance costs declined from a los of HK$46
milion to a los of HK$20 milion due to the one time write-of from
the exiting of a fod and beverages outlet last year.
Freight logistics services division continues to enhance our strategy by
ofering value-aded services to key vertical markets within the
shiping industry. Aviation parts transport and warehouse management
have rebounded significantly from the setbacks caused by the COVID-
driven slowdown in air activities. Meanwhile, life science transportation
continues to grow steadily, suported by the Hong Kong Government’s
initiative to establish the city as a research and development hub for
pharmaceuticals and biomedical advancements. E-comerce remains
buoyant; however, due to the long credit lines required by e-comerce
customers, this division has had to carefuly control growth in this
sector.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
其他（续）
于过去一年，资讯科技分部透过获得关
键的数位转型项目取得了重大里程碑。
其中一项突出的成就是升级了政府部门
的IP电话系统，整合超过5,000台分机，
提升了各部门之间的沟通，并支援客户
增长。该分部还扩展了其人工智能力，
推进了对话式人工智能的发展，并探索
人工智慧物联网，以帮助中小型企业客
户。此外，该分部提供多种数位解决方
案，包括人工智慧聊天机器人、语音识
别、智能系统、人工智慧支援文件智能
及多功能列印管理系统。透过与领先的
科技品牌和初创企业建立战略合作伙伴
关系，该分部加强了提供客制化端到端
资讯科技解决方案的能力。这些努力为
香港和亚太地区的客户提供支持，通过
创新和合作帮助他们的数位转型之旅。
该分部仍然致力于推动科技进步。
展望未来，全球经济格局将受到多种因
素的影响，如地缘政治紧张局势、通胀
波动和利率变化等。同时，科技加速的
进步，尤其是人工智能和绿色科技领域，
正在改变竞争格局。消费者偏好的变化
也在重塑需求模式。为此，本集团将采
取积极主动的策略，结合营运灵活性和
策略前瞻性，密切监察宏观经济指标及
地缘政治发展，以减轻潜在的干扰。本
集团将继续专注于利用科技创新来提高
效率和创造新的价值来源。可持续性将
嵌入我们的营运中，不仅作为合规要求，
更作为竞争优势的驱动力。透过保持严
谨的财务纪律，并投资于准备未来的能
力，我们旨在将市场波动转化为策略商
机，确保在不确定性的环境中实现韧性
增长。
OTHERS (CONTINUED)
Over the past year, the information and technology division achieved
major milestones by securing key digital transformation projects. A
standout acomplishment was upgrading the IP Phone System of a
government department, integrating over 5,000 extensions to enhance
interdepartmental comunication and suport client growth. The
division also expanded its AI capabilities, advancing conversational AI
and exploring AIoT (Artificial Inteligence of Things) to help of smal
and medium-sized enterprise clients. Aditionaly, the division
delivered diverse digital solutions, including AI chatbots, voice
recognition, smart systems, AI-powered document inteligence, and
multifunctional print management systems. By forging strategic
partnerships with leading tech brands and startups, the division
strengthened its ability to provide customised, end-to-end IT solutions.
These eforts suport clients in Hong Kong and acros the Asia Pacific
region, empowering their digital transformation journeys through
inovation and colaboration. The division remains comited to driving
technological advancement.
Loking forward, the global economic landscape wil be shaped by
multiple factors, such as geopolitical tensions, inflation volatility, and
interest rate fluctuations. Simultaneously, acelerated technological
advancements, particularly in AI and gren technologies, is
transforming the competitive landscapes. Changing consumer
preferences also reshape demand paterns. In response, the Group
wil adopt a proactive stance, combining operational agility with
strategic foresight. We wil closely monitor macroeconomic indicators
and geopolitical developments to mitigate potential disruptions. Our
focus wil remain on harnesing technological inovation to enhance
eficiency and create new value streams. Sustainability wil be
embeded acros our operations, not just as compliance but as a
driver of competitive advantage. By maintaining financial discipline
while investing in future-ready capabilities, we aim to turn market
volatility into strategic oportunities, ensuring resilient growth amid
uncertainty.
FINANCIAL REVIEW
财务回顾
2025 年报 | 其士国际集团有限公司
综合收益表
收入
本集团的收入由二零二三╱二四年度港
币81.96亿元增加至二零二四╱二五年度
港币92.65亿元。增加主要由于建筑及安
装合约确认的收入增加所致。
毛利
毛利由二零二三╱二四年度港币8.55亿
元减至二零二四╱二五年度港币6.39亿
元，而毛利率由10.4%降至6.9%。
其他收入
于二零二四╱二五年度录得其他收入港
币1.12亿元（二零二三╱二四年度：港币
9,300万元）。增加主要由于政府补贴增
加港币1,500万元所致。
其他亏损，净额
于二零二四╱二五年度录得其他亏损，
净额港币4.90亿元（二零二三╱二四年度：
港币5.07亿元）。金额变动主要由于商誉
之减值亏损减至港币3,100万元（二零
二三╱二四年度：港币9,000万元）、净
已拨回贸易及其他应收账款之拨备港币
1,000万元（二零二三╱二四年度：净已
确认拨备港币3,900万元）、净投资物业
之公允值增加增至港币4,300万元（二零
二三╱二四年度：港币300万元）、出售
与安老院舍有关的需求证明书之收益港
币2,400万元（二零二三╱二四年度：
无）、物业、厂房及设备之减值亏损减至
港币600万元（二零二三╱二四年度：港
币2,800万元），被按公允值列入损益处
理之投资净亏损增至港币3.18亿元（二零
二三╱二四年度：港币1.48亿元）所抵销。
销售及经销成本
销售及经销成本由二零二三╱二四年度
港币1.99亿元减至二零二四╱二五年度
港币1.79亿元。减少主要由于二零
二三╱二四年度因终止餐厅营运而产生
的一次性减值港币1,100万元。
所占联营公司业绩
本集团所占联营公司业绩由二零二三╱
二四年度港币1.70亿元降至二零二四╱
二五年度港币1.33亿元。减少主要归因
于中国内地从事升降机及电扶梯业务联
营公司录得之亏损增加所致。
CONSOLIDATED INCOME STATEMENT
Revenue
Revenue of the Group increased from HK$8,196 milion in the year
2023/24 to HK$9,265 milion in the year 2024/25. The increase was
mainly due to more revenue recognised from construction and
instalation contracts.
Gros profit
Gros profit decreased from HK$855 milion in the year 2023/24 to
HK$639 milion in the year 2024/25 and gros profit margin decreased
from 10.4% to 6.9%.
Other income
Other income of HK$112 milion was recorded in the year 2024/25 (2023/24:
HK$93 milion). The increase was mainly due to increase in
government subsidies by HK$15 milion.
Other loses, net
Other loses, net of HK$490 milion were recorded in the year 2024/25
(2023/24: HK$507 milion). This change was primarily due to les
impairment los on godwil of HK$31 milion (2023/24: HK$90 milion),
net provision writen back for trade and other debtors of HK$10 milion
(2023/24: net provision recognised of HK$39 milion), a larger net
increase in fair value of investment properties by HK$43 milion (2023/24:
HK$3 milion), gain on disposal of the Certificates of Ned for senior
housing of HK$24 milion (2023/24: Nil), les impairment los on
property, plant and equipment of HK$6 milion (2023/24: HK$28 milion)
ofset by a larger net los on investments at fair value through profit or
los of HK$318 milion (2023/24: HK$148 milion).
Seling and distribution costs
Seling and distribution costs decreased from HK$199 milion in the
year 2023/24 to HK$179 milion in the year 2024/25. The decrease was
mainly due to one of impairment due to cesation of restaurant
operation in 2023/24 of HK$11 milion.
Share of results of asociates
The Group’s share of results of asociates decreased from HK$170
milion in the year 2023/24 to HK$133 milion in the year 2024/25. The
decrease was mainly atributable to larger loses from asociates in
Mainland China under the lifts and escalators busines.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
FINANCIAL REVIEW
财务回顾
所占合营企业绩
本集团所占合营企业绩相若，于二零
二三╱二四年度录得亏损港币4,900万元
及二零二四╱二五年度录得亏损港币
5,200万元，主要由于两个年度合营企业
之投资物业均录得公允值亏损所致。
财务费用，净额
于二零二四╱二五年度录得财务费用，
净额港币1.45亿元（二零二三╱二四年度：
港币1.27亿元）。财务费用增加港币4,200
万元至港币2.59亿元（二零二三╱二四年
度：港币2.17亿元），而财务收入增加港
币2,400万元至港币1.14亿元（二零二三╱
二四年度：港币9,000万元），主要由于
年内提取银行贷款所致。
税项
于二零二四╱二五年度之税项港币1.39
亿元（二零二三╱二四年度：港币1.62亿
元）乃来自本年度税项支出港币9,000万
元（二零二三╱二四年度：港币1.10亿元）
及递延税项支出港币4,900万元（二零
二三╱二四年度：港币5,200万元）。本
年度税项支出减少主要由于澳门空调及
机电工程业务以及中国内地物业发展业
务相关的应课税溢利减少，而递延税项
支出减少主要由于若干投资物业的公允
值变动减少所致。
本公司股东应占亏损
二零二四╱二五年度，本公司股东应占
亏损为港币4.73亿元（二零二三╱二四年
度：港币3.70亿元）。不计及于二零
二四╱二五年度之净投资物业公允值增
加港币4,300万元（二零二三╱二四年度：
港币300万元）及政府补助港币2,200万
元（二零二三╱二四年度：港币700万
元），本公司股东应占亏损由港币3.80亿
元增至港币5.38亿元。金额变动主要由
于二零二四╱二五年度按公允值列入损
益处理之投资净亏损增加所致，被已确
认商誉之减值亏损减少所抵销。
Share of results of joint ventures
The Group’s share of results of joint ventures remains constant at a
los of HK$49 milion in the year 2023/24 and a los of HK$52 milion
in the year 2024/25 mainly due to fair value los on joint ventures’
investment properties for both years.
Finance costs, net
Finance costs, net of HK$145 milion were recorded in the year
2024/25 (2023/24: HK$127 milion). Finance costs increased by HK$42
milion to HK$259 milion (2023/24: HK$217 milion), while finance
income increased by HK$24 milion to HK$114 milion (2023/24: HK$90
milion), mainly due to drawn down of bank loans during the year.
Taxation
Taxation of HK$139 milion in the year 2024/25 (2023/24: HK$162
milion) was derived from the curent tax expense of HK$90 milion (2023/24:
HK$110 milion) and the defered tax expense of HK$49 milion (2023/24:
HK$52 milion). The decrease in curent tax expense was mainly due
to decrease in taxable profits relating to air conditioning, electrical and
mechanical enginering busines in Macau and property development
busines in Mainland China, while the decrease in defered tax
expense was mainly due to les fair value change on certain
investment properties.
Los atributable to shareholders of the Company
Los atributable to shareholders of the Company in the year 2024/25
was HK$473 milion (2023/24: HK$370 milion). Excluding the net
increase in fair value of investment properties of HK$43 milion (2023/24:
HK$3 milion) and government grants of HK$22 milion (2023/24: HK$7
milion) in the year 2024/25, los atributable to shareholders of the
Company increased from HK$380 milion to HK$538 milion. The
change was mainly due to a larger net los on investments at fair value
through profit or los ofset by les impairment los on godwil
recognised in the year 2024/25.
2025 年报 | 其士国际集团有限公司
FINANCIAL REVIEW
财务回顾
综合财务状况表
投资物业
投资物业账面值增加港币8.05亿元至二
零二五年三月三十一日之港币57.48亿元
（二零二四年：港币49.43亿元），主要由
于自发展中物业转拨之物业及净公允值
增加。
物业、厂房及设备
物业、厂房及设备之账面值减少港币1.86
亿元至二零二五年三月三十一日之港币
25.58亿元（二零二四年：港币27.44亿
元），主要由于折旧及物业、厂房及设备
转拨至持作出售资产所致，被年内添置
所抵销。
商誉
商誉账面值减少港币6,600万元至二零
二五年三月三十一日之港币4.48亿元（二
零二四年：港币5.14亿元）。变动与美国
安老院舍业务相关，主要由于已确认商
誉之减值亏损港币3,100万元（二零二四
年：9,000万元）、出售需求证明书及商
誉转拨至持作出售资产所致。
联营公司之权益
联营公司之权益由联营公司之权益（包括
商誉）港币6.83亿元（二零二四年：港币
7.05亿元）及应收一间联营公司账款之非
流动部份港币4,500万元（二零二四年：
港币3,600万元）组成。
合营企业之权益
合营企业之权益由合营企业之权益（包括
商誉）港币6.17亿元（二零二四年：港币
6.97亿元）及应收合营企业账款之非流动
部份港币6.39亿元（二零二四年：港币
2.64亿元）组成。
发展中物业
发展中物业减少港币13.45亿元至港币7.6
亿元（二零二四年：港币21.05亿元），主
要指已确认拨备港币1.81亿元（二零二四
年：港币1.91亿元）及物业转拨至投资物
业港币7.81亿元（二零二四年：无）及待
售物业港币6.06亿元（二零二四年：无），
被香港及中国内地长春之物业发展项目
产生之发展成本合共港币2.26亿元（二零
二四年：港币2.26亿元）所抵销。
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Investment properties
The carying value of investment properties increased by HK$805
milion to HK$5,748 milion as at 31 March 2025 (2024: HK$4,943
milion) mainly due to transfer of properties from properties under
development and net increase in fair value.
Property, plant and equipment
The carying value of property, plant and equipment decreased by
HK$186 milion to HK$2,558 milion as at 31 March 2025 (2024:
HK$2,744 milion) which mainly resulted from depreciation and transfer
of properties, plant and equipment to asets held-for-sale, ofset by
aditions during the year.
Godwil
The carying value of godwil decreased by HK$66 milion to HK$448
milion as at 31 March 2025 (2024: HK$514 milion). The change was
related to senior housing busines in the USA, mainly due to the
impairment los of HK$31 milion (2024: HK$90 milion) recognised on
godwil, disposal of the Certificates of Ned and transfer of godwil
to asets held-for-sale.
Interests in asociates
Interests in asociates consisted of interests in asociates, including
godwil, of HK$683 milion (2024: HK$705 milion) and non-curent
portion of amount due from an asociate of HK$45 milion (2024:
HK$36 milion).
Interests in joint ventures
Interests in joint ventures consisted of interests in joint ventures,
including godwil, of HK$617 milion (2024: HK$697 milion) and non-
curent portion of amounts due from joint ventures of HK$639 milion (2024:
HK$264 milion).
Properties under development
Properties under development decreased by HK$1,345 milion to
HK$760 milion (2024: HK$2,105 milion) mainly representing provision
recognised of HK$181 milion (2024: HK$191 milion) and transfer of
properties to investment properties of HK$781 milion (2024: Nil) and
properties for sale of HK$606 milion (2024: Nil) ofset by development
costs incured for property development projects in Hong Kong and
Changchun, Mainland China totaling HK$226 milion (2024: HK$226
milion).
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
FINANCIAL REVIEW
财务回顾
待售物业
待售物业增加港币1.94亿元至港币9.64
亿元（二零二四年：港币7.70亿元），主
要由于中国内地长春自发展中物业转拨
之物业所致，被销售中国内地长春及香
港之物业以及已确认拨备港币1.09亿元
（二零二四年：港币2,800万元）所抵销。
银行结存及现金
于二零二五年三月三十一日，银行结存
及现金减少至港币18.9亿元（二零二四年：
港币24.72亿元），其中72.3%（二零二四
年：83.7%）的银行结存及现金以港币及
美元（「美元」）为单位，而17.4%（二零
二四年：10.0%）以人民币为单位。
银行及其他借款
于二零二五年三月三十一日，银行及其
他借款增加至港币45.59亿元（二零二四
年：港币44.71亿元），此乃由于年内提
取银行贷款所致。于二零二五年三月
三十一日的结余82.0%、10.2%及6.0%
（二零二四年：80.5%、10.7%及6.5%）
分别以港币、美元及英镑为单位。
本集团于一年内到期或须按要求偿还之
银行及其他借款部份由二零二四年三月
三十一日的23.4%上升至二零二五年三
月三十一日的31.7%。
大多数于香港及英国之借款按浮动利率
计息，其中大部份根据香港银行同业拆
息或英伦银行基准利率计息。大多数于
美国之借款按固定利率计息。
股东权益
于二零二五年三月三十一日，本公司股
东应占本集团的资产净值为港币91.73亿
元，较上一年度的港币97.85亿元减少港
币6.12亿元。该减少主要由于本公司股
东应占亏损港币4.73亿元、换算海外附
属公司、联营公司及合营企业之业务所
产生之外汇兑换差额港币5,800万元及派
付股息港币6,600万元所致。
Properties for sale
The increase in properties for sale of HK$194 milion to HK$964 milion
(2024: HK$770 milion) was mainly due to transfer of properties in
Changchun, Mainland China from properties under development, ofset
by sale of properties in Changchun, Mainland China and Hong Kong
and provision recognised of HK$109 milion (2024: HK$28 milion).
Bank balances and cash
As at 31 March 2025, bank balances and cash decreased to HK$1,890
milion (2024: HK$2,472 milion), of which 72.3% (2024: 83.7%) of
bank balances and cash were denominated in Hong Kong dolar and
United States dolar (“US dolar”) while 17.4% (2024: 10.0%) were
denominated in Renminbi.
Bank and other borowings
Bank and other borowings increased to HK$4,559 milion as at 31
March 2025 (2024: HK$4,471 milion) as a result of drawn down of
bank loans during the year. 82.0%, 10.2% and 6.0% of the balance as
at 31 March 2025 (2024: 80.5%, 10.7% and 6.5%) were denominated
in Hong Kong dolar, US dolar and British Pound respectively.
The portion of the Group’s bank and other borowings due within one
year or repayable on demand increased from 23.4% as at 31 March
2024 to 31.7% as at 31 March 2025.
Majority of the borowings in Hong Kong and the United Kingdom cary
floating interest rates, most of which are based on Hong Kong
Interbank Ofered Rate or the Bank of England Base Rate. Majority of
the borowings in the USA cary fixed interest rate.
SHAREHOLDERS’ EQUITY
As of 31 March 2025, the Group’s net asets atributable to the
Company’s shareholders amounted to HK$9,173 milion, representing
a decrease of HK$612 milion from the previous year’s figure of
HK$9,785 milion. The decline was primarily due to a los atributable
to the Company’s shareholders of HK$473 milion, exchange diference
on translation of operations of overseas subsidiaries, asociates and
joint ventures amounting to HK$58 milion and dividend payments of
HK$66 milion.
| 3,672,737 |
|---|
| 462,978 |
| 423,550 |
| 886,528 |
| 4,559,265 |
| (1,889,668) |
| 2,669,597 |
2025 年报 | 其士国际集团有限公司
FINANCIAL REVIEW
财务回顾
杠杆比率
本集团一般以内部产生之现金流量及其
于香港、美国及英国的主要往来银行提
供之信贷融资拨付营运所需资金。
于二零二五年三月三十一日，本集团的
总债务为港币45.59亿元（二零二四年：
港币44.71亿元），其中安老院舍业务的
债务占港币4.63亿元（二零二四年：港币
4.78亿元），该等贷款并无向本公司追索
的权利。
净债务之分析载列如下：
于二零二五年三月三十一日，随著银行
及其他借款增加，总债务与权益比率升
至47.2%（二零二四年：43.2%），此乃
按银行及其他借款与本集团资产净值港
币96.69亿元（二零二四年：港币103.42
亿元）之百分比列示。净债务与权益比率
上升至27.6%（二零二四年：19.3%），
此乃按银行及其他借款净额（即银行及其
他借款总额扣除银行结存及现金）与本集
团资产净值之百分比列示。总债务与总
资产港币201.5亿元（二零二四年：港币
203.65亿元）之比率由22.0%升至二零
二五年三月三十一日的22.6%。
LEVERAGE RATIOS
The Group generaly finances its operations with internaly generated
cash flow and credit facilities provided by its principal bankers in Hong
Kong, the USA and the United Kingdom.
As at 31 March 2025, of the Group’s total debt which amounted to
HK$4,559 milion (2024: HK$4,471 milion), HK$463 milion (2024:
HK$478 milion) was atributable to the senior housing busines, which
was without recourse to the Company.
Analysis of the net debt is set out below:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Unsecured:无抵押：
– other busines－其他业务3,528,588
Secured:有抵押：
– senior housing busines－安老院舍业务477,879
– other busines－其他业务464,438
942,317
Total debt总债务4,470,905
Bank balances and cash银行结存及现金(2,472,257)
Net debt净债务1,998,648
As at 31 March 2025, with the increase in bank and other borowings,
total debt to equity ratio increased to 47.2% (2024: 43.2%), which was
expresed as a percentage of bank and other borowings over the
Group’s net asets of HK$9,669 milion (2024: HK$10,342 milion). Net
debt to equity ratio increased to 27.6% (2024: 19.3%), which was
expresed as a percentage of net bank and other borowings (representing
total bank and other borowings net of bank balances and cash) over
the Group’s net asets. Ratio of total debt to total asets of HK$20,150
milion (2024: HK$20,365 milion) increased from 22.0% to 22.6% as
at 31 March 2025.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
FINANCIAL REVIEW
财务回顾
凭借现有之银行信贷及经常性营运现金，
本集团具备足够之财务资源以应付日常
营运及未来业务扩展之资金需求。
库务政策
本集团对现金及财务管理采取审慎之库
务政策。为达到更好的风险管理及降低
资金成本，本集团集中处理库务事宜。
现金一般会存放为主要以港币、人民币
或美元为单位之短期存款。本集团经常
检讨其流动性及融资要求，并不时因应
新投资项目或银行及其他借款之还款期，
在维持恰当的负债比率下，考虑新的融
资安排。
外汇率及利率浮动之风险
业务营运所用之主要货币为港币、人民
币及美元。于二零二五年三月三十一日，
本集团已安排外汇远期合约港币100万
元（二零二四年：港币4,200万元），以对
冲来自经营业务所用各类外币所产生之
若干外币风险。
资产抵押
于二零二五年三月三十一日，银行及其
他借款港币8.87亿元（二零二四年：港币
9.42亿元）及其他未动用银行信贷均以投
资物业港币6.26亿元（二零二四年：港币
6.01亿元）、物业、厂房及设备港币3.48
亿元（二零二四年：港币3.58亿元）、按
公允值列入损益处理之投资港币1,100万
元（二零二四年：港币2,100万元）、其他
非流动资产港币1,600万元（二零二四年：
港币3,300万元）、存货港币1.59亿元（二
零二四年：港币1.83亿元）、应收账款、
合约资产、已付存出按金及预付款项港
币6,500万元（二零二四年：港币6,500
万元），以及银行存款港币1.71亿元（二
零二四年：港币1.42亿元）之抵押作为担
保。
或然负债
或然负债之详情载于综合财务报表附注
42。
承担
承担之详情载于综合财务报表附注43。
承担将通过借款及内部资金拨付。
With the existing banking facilities and the recuring cash generation
from its operations, the Group has suficient financial resources to
met the funding requirements for its ongoing operations as wel as
its future expansion.
TREASURY POLICIES
The Group adopts conservative treasury policies in cash and financial
management. The Group’s treasury activities are centralised in order
to achieve beter risk control and minimise cost of funds. Cash is
generaly placed in short-term deposits with majority denominated in
Hong Kong dolar, Renminbi or US dolar. The Group’s liquidity and
financing requirements are frequently reviewed. In anticipating new
investments or maturity of bank and other borowings, the Group wil
consider new financing while maintaining an apropriate level of
gearing.
EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATES AND
INTEREST RATES
The major curencies used to operate the busineses are Hong Kong
dolar, Renminbi and US dolar. As at 31 March 2025, the Group had
aranged foreign curency forward contracts amounting to HK$1 milion
(2024: HK$42 milion) to hedge part of its foreign curency risk from
certain foreign curencies used for busines operations.
CHARGES ON ASETS
As at 31 March 2025, bank and other borowings of HK$887 milion (2024:
HK$942 milion) and other unutilised banking facilities were secured by
charges on investment properties of HK$626 milion (2024: HK$601
milion), property, plant and equipment of HK$348 milion (2024:
HK$358 milion), investments at fair value through profit or los of
HK$11 milion (2024: HK$21 milion), other non-curent asets of
HK$16 milion (2024: HK$33 milion), inventories of HK$159 milion (2024:
HK$183 milion), debtors, contract asets, deposits paid and
prepayments of HK$65 milion (2024: HK$65 milion) and deposits at
bank of HK$171 milion (2024: HK$142 milion).
CONTINGENT LIABILITIES
Details of the contingent liabilities are set out in note 42 to the
consolidated financial statements.
COMITMENTS
Details of the comitments are set out in note 43 to the consolidated
financial statements. The comitment is to be financed by borowings
and internal funds.
MANAGEMENT PROFILE
管理层简介
2025 年报 | 其士国际集团有限公司
郭海生先生MH，本公司执行董事，主
席，并为执行委员会及提名委员会主席、
及薪酬委员会成员，现年七十五岁，于
一九七二年加入其士集团。彼亦为本集
团若干公司之董事。郭先生负责领导董
事会，专注于策略性发展及监督本集团
的业务。彼亦领导其士集团的升降机及
电扶梯、楼宇建筑、建材供应、铝窗及
幕墙、机电工程，及土木工程之营运管
理。郭先生为香港房地产协会长、注
册专门行业承造商联会创会荣誉会长、
电梯业协会永远荣誉会长、国际电梯工
程师协会香港－中国分会主席、香港机
电工程商联会副会长及香港注册升降机
及自动梯工程师。
郭先生为香港特别行政区政府辖下之理
事会及委员会担任公职，包括机电工程
署辖下之升降机及自动梯安全咨询委员
会，以及注册成为升降机工程师及自动
梯工程师之笔试委员会。郭先生于二零
一六年获香港特别行政区政府颁授荣誉
勋章以表扬彼积极参与公共服务，尤其
致力推动机电业的发展。彼亦曾为中国
人民政治协商会议广州市委员会（由第九
届至第十二届）及香港特别行政区行政长
官选举委员会之委员。
周维正先生，本公司执行董事副主席并
为执行委员会及薪酬委员会成员现年
五十一岁，于二零年加入其士集团。
彼亦为本集团若干公司之董事。周先生
主要负责协助主席履行其职责及职务、
规划、制定及执行其士集团的企业策略
及活动、业务发展以及监督财务及风险
管理。
周先生持有英国牛津大学工程硕士学位。
周先生为巴林王国驻香港名誉领事及现
任香港巴林商会长。周先生亦为香港
中华厂商联合会董及香港理工大学顾
问委员会名誉成员。彼目前担任香港特
别行政区第五届选举委员会委员。周先
生为本公司已故荣誉主席周亦卿博士之
儿子及为本公司执行董事周莉小姐之
弟。
MR. KUOK HOI SANG MH, Executive Director, Chairman, chairman of
each of the Executive Comite and the Nomination Comite, and
a member of the Remuneration Comite of the Company, aged 75,
joined Chevalier Group in 1972. He is also a director of certain
companies of the Group. Mr. Kuok is responsible for leading the Board,
focusing on strategic development and overseing the Group’s
busines. He also leads the operations of lift and escalator, building
construction, building suplies, aluminium windows and curtain wals,
electrical and mechanical enginering, and civil enginering of
Chevalier Group. Mr. Kuok is the President of The Hong Kong Real
Property Federation, the Honorable Founding President of Registered
Specialist Trade Contractors Federation, the Life Honorary President of
The Lift and Escalator Contractors Asociation, the Chairman of the
Hong Kong – China Branch of The International Asociation of Elevator
Enginers, Vice President of The Hong Kong Federation of Electrical
and Mechanical Contractors Limited and a Registered Lift and
Escalator Enginer in Hong Kong.
Mr. Kuok has served on a number of the Boards and Comites of
the Government of the Hong Kong Special Administrative Region,
including the Lift and Escalator Safety Advisory Comite as wel as
the Writen Examination Comite of the Electrical and Mechanical
Services Department for registration of lift enginers and escalator
enginers. Mr. Kuok was awarded the Medal of Honour by the
Government of the Hong Kong Special Administrative Region in 2016
for his dedicated public service, particularly for his contributions to the
development of the electrical and mechanical services industry. He
was also a member of the Guangzhou Comite of the Chinese
People’s Political Consultative Conference from the 9th to 12th
sesions and the Election Comite of the Chief Executive of the
Hong Kong Special Administrative Region.
MR. CHOW VE TSUNG, OSCAR, Executive Director, Vice Chairman,
and a member of each of the Executive Comite and the
Remuneration Comite of the Company, aged 51, joined Chevalier
Group in 2000. He is also a director of certain companies of the Group.
Mr. Chow is primarily responsible for asisting the Chairman in
performing his responsibilities and duties, planing, formulating and
implementing corporate strategies and activities, busines
development and overseing financials and risk management of the
Chevalier Group.
Mr. Chow holds a Master’s degre in Enginering from The University
of Oxford in the United Kingdom. Mr. Chow is the Honorary Consul of
the Kingdom of Bahrain in Hong Kong and curently the Chairman of
Hong Kong Bahrain Busines Asociation. Mr. Chow is also a General
Comite Member of The Chinese Manufacturers’ Asociation of
Hong Kong and a Court Honorary Member of The Hong Kong
Polytechnic University. He is a member of the fifth-term Election
Comite of the Hong Kong Special Administrative Region. Mr. Chow
is the son of the late Dr. Chow Yei Ching, Chairman Emeritus of the
Company, and a brother of Mis Lily Chow, Executive Director of the
Company.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
MANAGEMENT PROFILE
管理层简介
谭国荣先生MH，本公司执行董事，董事
总经理，环境、社会及管治委员会主席
及执行委员会成员，现年六十四岁，于
一九八六年加入其士集团。彼亦为本集
团若干公司之董事。谭先生亦负责管理
冷藏仓库及物流、保险服务、物业投资
及发展、物业管理及旅游代理业务。
谭先生持有中国北京大学法律学士学位、
香港城市大学文学硕士学位及香港理工
大学企业管理深造文凭。谭先生获委任
为中东巴林王国驻香港名誉副领事，并
兼任香港巴林商会总干事。谭先生为英
国特许仲裁学会、英国皇家特许测量师
学会、英国特许公司治理公会，以及香
港公司治理公会之资深会士。谭先生亦
是英国特许房屋经理学会特许会员。
谭先生为现任香港保险业联会之上任主
席及一般保险总会委员。彼亦出任物业
管理业监管局成员。此外，彼为香港公
司治理公会之前会长及香港物业管理公
司协会之前会长兼理事。彼目前亦担任
香港特别行政区第五届选举委员会委员。
彼亦曾为中国人民政治协商会议长春市
第十三届委员会常务委员。
何宗梁先生，本公司执行董事及执行委
员会成员，现年七十五岁，于一九八五
年加入其士集团。彼亦为本集团若干公
司之董事。彼负责本集团之内部审核事
务。何先生为英国特许公认会计师公会
资深会员及香港会计师公会员。
MR. TAM KWOK WING MH, Executive Director, Managing Director,
chairman of the Environmental, Social and Governance Comite,
and a member of the Executive Comite of the Company, aged 64,
joined Chevalier Group in 1986. He is also a director of certain
companies of the Group. Mr. Tam is also responsible for the operations
of cold storage and logistics, insurance services, property investment
and development, property management, and travel agency
busineses.
Mr. Tam holds a Bachelor Degre in Laws from Peking University of
the People’s Republic of China, a Master of Arts Degre from City
University of Hong Kong, and a Postgraduate Diploma in Corporate
Administration from the Hong Kong Polytechnic University. Mr. Tam
has ben apointed as the Honorary Vice Consul of the Kingdom of
Bahrain to Hong Kong. He also serves as the Secretary General of the
Hong Kong Bahrain Busines Asociation. Mr. Tam is a Felow Member
of each of the Chartered Institute of Arbitrators, the Royal Institution
of Chartered Surveyors, the Chartered Governance Institute in the
United Kingdom, and The Hong Kong Chartered Governance Institute.
Mr. Tam is also a Chartered Member of the Chartered Institute of
Housing in the United Kingdom.
At present, Mr. Tam is the Imediate Past Chairman of the Hong Kong
Federation of Insurers, and a Councilor of the General Insurance
Council. He also sits as a member on the Property Management
Services Authority. In adition, he is a Past President of The Hong
Kong Chartered Governance Institute, and a Past President and Council
Member of the Hong Kong Asociation of Property Management
Companies. He is also curently a member of the fifth-term Election
Comite of the Hong Kong Special Administrative Region. He was
also a Standing Comite Member of the 13th Changchun Comite
of the Chinese People’s Political Consultative Conference.
MR. HO CHUNG LEUNG, Executive Director and a member of the
Executive Comite of the Company, aged 75, joined Chevalier
Group in 1985. He is also a director of certain companies of the Group.
He is responsible for the internal audit of the Group. Mr. Ho is a Felow
Member of the Asociation of Chartered Certified Acountants in the
United Kingdom and a Member of the Hong Kong Institute of Certified
Public Acountants.
2025 年报 | 其士国际集团有限公司
MANAGEMENT PROFILE
管理层简介
马志荣先生，本公司执行董事及执行委
员会成员，现年五十六岁，于一九三
年加入其士集团。彼亦为本集团若干公
司之董事，并负责本集团之人力资源及
行政管理事务。马先生拥有广泛的项目
管理经验，现时并负责本集团之保健护
理投资、汽车代理、酒店投资及贸易等
业务。马先生持有英国华威大学工商管
理硕士学位、香港城市大学国际商业学
士学位、美国加州大学柏克莱分校企业
财务证书及中国内地清华大学中国建筑
业务专业证书。彼现为香港贸易发展局
内地商贸咨询委员会委员。
周莉小姐，执行董事及执行委员会成
员，现年六十二岁，于一九零年加入
其士集团。彼亦为本集团若干公司之董
事。彼负责本集团之企业及网络方案业
务。周小姐持有加拿大温哥华哥伦比亚
大学颁授文学士学位。周小姐为香港中
华总商会妇女委员会荣誉主席、港区妇
联代表联谊会务顾问、永远名誉会长、
名誉会长及理事会成员、中华全国妇女
联合会之香港特邀代表、平等机会委员
会委员、平等机会（性倾向）资助计划评
审委员会主席、香港城市大学顾问委员
会成员及香港贸易发展局港日经济合作
委员会委员。彼目前担任香港特别行政
区第五届选举委员会委员。彼亦为中国
人民政治协商会议第十三届浙江省政协
委员会委员。周小姐为本公司已故荣誉
主席周亦卿博士之千金及为本公司执行
董事及副主席周维正先生之姊。
MR. MA CHI WING, Executive Director and a member of the
Executive Comite of the Company, aged 56, joined Chevalier
Group in 1993. He is also a director of certain companies of the Group
and is responsible for the human resources and general administration
of the Group. Mr. Ma has extensive experience in project management
and is curently in charge of the healthcare investment, car dealership,
hotel investment and trading busineses of the Group. Mr. Ma holds a
Master’s degre in Busines Administration from The University of
Warwick in the United Kingdom, a Bachelor’s degre in International
Busines Studies from City University of Hong Kong, a Corporate
Finance Certificate from University of California, Berkeley in the United
States of America, and a Profesional Certificate in China Construction
from Tsinghua University, Mainland China. He is curently a Comite
Member of HKTDC Mainland Busines Advisory Comite.
MIS LILY CHOW, Executive Director and a member of the Executive
Comite, aged 62, joined Chevalier Group in 1990. She is also a
director of certain companies of the Group. She is responsible for the
enterprise and network solutions busineses of the Group. Mis Chow
holds a Bachelor’s degre in Arts from the University of British
Columbia in Canada. Mis Chow is a Honorary Chairman of Ladies’
Comite of The Chinese General Chamber of Comerce, an Afairs
Consultant, Permanent Honorary President, Honorary President, and
member of General Comite of Al-China Women’s Federation Hong
Kong Delegates Asociation, the Hong Kong non-voting member of the
Al China Women’s Federation, a member of Equal Oportunities
Comision, Chairperson of Asesment Comite of the Equal
Oportunities (Sexual Orientation) Funding Scheme, a Court Member
of City University of Hong Kong and a member of Hong Kong-Japan
Busines Co-operation Comite of Hong Kong Trade Development
Council. She is curently a member of the fifth term Election
Comite of the Hong Kong Special Administrative Region. She is
also a member of the 13th Zhejiang Provincial Comite of the
Chinese People’s Political Consultative Conference. Mis Chow is the
daughter of the late Dr. Chow Yei Ching, Chairman Emeritus of the
Company, and a sister of Mr. Chow Ve Tsung, Oscar, Executive
Director and Vice Chairman of the Company.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
MANAGEMENT PROFILE
管理层简介
潘宗光教授，大紫荆勋贤，GBM, GBS,
OBE, JP, PhD, DSc，独立非执行董事，
并为薪酬委员会主席、审核委员会及提
名委员会成员，现年八十五岁，于二零
一二年加入本公司。潘教授早年考获香
港大学理学士（荣誉）学位，英国伦敦
大学哲学博士及高级科学博士，并在美
国加州理工学院、南加州大学及加拿大
多伦多大学从事博士后研究。彼亦于二
零九年获香港理工大学颁授荣誉人文
博士学位。潘教授现为精进基金有限公
司（注册非牟利慈善组织）会长。彼为香
港理工大学荣休教授及荣休校长，彼于
二零九年一月退休前，担任香港理工
大学校长之职达十八年，并在香港一直
致力推动大学教育四十年。潘教授于
一九八九年获委任为非官守太平绅士、
于一九一年获颁英国官佐勋章勋衔、
于二零二年获颁授金紫荆星章及于二
零八年获颁「杰出领袖奖（教育）」。彼
亦于二零二三年获香港特别行政区政府
颁授大紫荆勋章。此外，潘教授曾于
一九八五至一九一年被委任为立法局
议员，及于一九八年至二零一三年担
任中国人民政治协商会议全国委员会委
员。
潘教授现任恒基兆业地产有限公司之独
立非执行董事和企业管治委员会成员，
及香港中华煤气有限公司之独立非执行
董事、审核及风险委员会、薪酬委员会
及提名委员会之成员。该等公司均为在
香港联合交易所有限公司主板上市之公
众公司。
PROFESOR THE HONOURABLE PON CHUNG KWONG GBM,
GBS, OBE, JP, PhD, DSc, Independent Non-Executive Director and
chairman of the Remuneration Comite, a member of each of the
Audit Comite and Nomination Comite, aged 85, joined the
Company in 2012. Profesor Pon obtained a Bachelor of Science (Honours)
degre from the University of Hong Kong, a Doctor of Philosophy
degre and a Higher Doctor of Science degre from the University of
London in the United Kingdom. He was a Postdoctoral Felow at the
California Institute of Technology and University of Southern California
in the United States of America and University of Toronto in Canada.
He also held the Honorary Degre of Doctor of Humanities from The
Hong Kong Polytechnic University in 2009. Profesor Pon is curently
the Chairman of Virya Foundation Limited (a registered non-profit
charitable organisation). He is an Emeritus Profesor and the President
Emeritus of The Hong Kong Polytechnic University and had devoted 40
years of his life to advancing university education in Hong Kong before
he retired in January 2009 from his 18-year presidency at The Hong
Kong Polytechnic University. Profesor Pon was apointed a Non-
oficial Justice of the Peace in 1989 and received the OBE award in
1991, the Gold Bauhinia Star award in 2002, and the “Leader of the
Year Awards 2008 (Education)”. He was also awarded the Grand
Bauhinia Medal by the Government of the Hong Kong Special
Administrative Region in 2023. In adition, Profesor Pon was
apointed as a member of the Legislative Council (1985-1991) and a
member of the National Comite of the Chinese People’s Political
Consultative Conference (1998-2013).
Profesor Pon is an independent non-executive director and member
of corporate governance comite of Henderson Land Development
Company Limited, and an independent non-executive director, member
of board audit and risk comite, remuneration comite and
nomination comite of The Hong Kong and China Gas Company
Limited. Al of those companies are public companies listed on the
Main Board of The Stock Exchange of Hong Kong Limited.
2025 年报 | 其士国际集团有限公司
MANAGEMENT PROFILE
管理层简介
施荣怀先生GBS, BS, JP，独立非执行
董事，并为审核委员会成员，现年
六十三岁，于二零一六年加入本公司。
施先生于一九八五年毕业于美国威斯康
辛大学拉克罗斯分校，取得理学士学位。
施先生于投资及企业管理方面拥有丰富
经验。施先生为恒和珠宝集团有限公司
之独立非执行董事、审核委员会及薪酬
委员会成员，优品360控股有限公司之
独立非执行董事、薪酬委员会主席及审
核委员会成员，力高健康生活有限公司
之独立非执行董事及审核委员会、薪酬
委员会和提名委员会之成员，尚晋（国际）
控股有限公司之独立非执行董事及审核
委员会、薪酬委员会和提名委员会之成
员，及通达集团控股有限公司之独立非
执行董事。上述公司均于香港联合交易
所有限公司上市。施先生亦为一间私人
公司恒通资源集团有限公司之执行董事，
并于多家私人公司出任董事。
施先生为第十四届中国人民政治协商会
议全国委员会常务委员，中国人民政治
协商会议北京市委员会常务委员，港区
省级政协委员联谊会永远名誉会长，香
港中华厂商联合会永远名誉会长，香港
贸易发展局内地商贸咨询委员会主席，
香港再出发大联盟副秘书长，香港话剧
团理事会成员，劳工处辖下之劳工顾问
委员会委员，香港大学校务委员会成员
及香港理工大学顾问委员会成员。彼亦
于二零一六年获选为香港特别行政区行
政长官选举委员会委员。施先生分别于
二零一年，二零一五年及二零二五年
获香港特别行政区政府委任为太平绅士，
颁授铜紫荆星章及金紫荆星章。
MR. IRONS SZE GBS, BS, JP, Independent Non-Executive Director
and a member of the Audit Comite, aged 63, joined the Company
in 2016. Mr. Sze graduated with a Bachelor’s degre in Science from
University of Wisconsin-La Crose, the United States of America in
1985. Mr. Sze has extensive experience in investment and corporate
management. Mr. Sze is an independent non-executive director,
member of each of the audit comite and remuneration comite
of Continental Holdings Limited, an independent non-executive
director, chairman of the remuneration comite and member of the
audit comite of Best Mart 360 Holdings Limited, an independent
non-executive director, and member of each of the audit comite,
remuneration comite and nomination comite of Redco Healthy
Living Company Limited, an independent non-executive director, and
member of each of the audit comite, remuneration comite and
nomination comite of Forward Fashion (International) Holdings
Company Limited, and an independent non-executive director of
Tongda Group Holdings Limited. Al of the above mentioned companies
are listed on The Stock Exchange of Hong Kong Limited. Mr. Sze is
also an executive director of a private company, Hang Tung Resources
Holding Limited and holds directorship in various private companies.
Mr. Sze is a Standing Member of the 14th National Comite of the
Chinese People’s Political Consultative Conference, a Standing
Comite Member of the Beijing Municipal Comite of the
Chinese People’s Political Consultative Conference, the Permanent
Honorary Chairman of the HKCPC (Provincial) Asociation Limited,
the Permanent Honorary President of The Chinese Manufacturers’
Asociation of Hong Kong, the Chairman of the Mainland Busines
Advisory Comite of the Hong Kong Trade Development Council,
the Deputy Secretary General of the Hong Kong Coalition, a Council
member of the Hong Kong Repertory Theatre Limited, a member of
Labour Advisory Board under Labour Department, a member of Council
of The University of Hong Kong and a Court Member of The Hong
Kong Polytechnic University. He was also elected as a member of
Election Comite of the Chief Executive of the Hong Kong Special
Administrative Region in 2016. Mr. Sze was apointed as a Justice of
the Peace, awarded the Bronze Bauhinia Star and the Gold Bauhinia
Star by the Government of the Hong Kong Special Administrative
Region in 2011, 2015 and 2025 respectively.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
MANAGEMENT PROFILE
管理层简介
孙立勋先生，独立非执行董事，并为审
核委员会及薪酬委员会成员，现年
六十三岁，于二零一九年加入本公司。
孙先生取得由美国加州大学洛杉矶分校
的Anderson商学院颁授的工商管理硕士
学位。孙先生为宏亚按揭证券有限公司
的创办人及行政总裁，该公司为创新非
银行金融服务公司，自二零一年起专
门从事香港住宅按揭融资业务。孙先生
自二零二一年起，服务香港特别行政区
成立的香港金融发展局市场推广小组。
孙先生亦为香港总商会中国委员会委员。
孙先生于二零一七年获选为香港特别行
政区行政长官选举委员会委员。彼亦曾
获香港特别行政区政府财政司长委任
为香港按揭证券有限公司首位行政总监。
此前，彼曾担任贝尔斯登亚洲有限公司
高级董事总经理及高盛（亚洲）有限责任
公司之执行董事。彼亦曾为瑞穗证券亚
洲有限公司之独立非执行董事，审核委
员会主席及薪酬委员会成员。孙先生亦
曾为香港总商会理事会及咨议会常务副
主席，以及香港美国会主席及香港美国
商会执行委员会（司库）及理事会成员。
MR. SUN LELAND LI HSUN, Independent Non-Executive Director and
a member of each of the Audit Comite and the Remuneration
Comite, aged 63, joined the Company in 2019. Mr. Sun obtained
his Master’s degre in Busines Administration from the UCLA
Anderson Schol of Busines, the United States of America. Mr. Sun
is the Founder and Chief Executive Oficer of Pan Asian Mortgage
Company Limited, an inovative non-banking financial services
company specialising in residential mortgage financing in Hong Kong
since 2001. Mr. Sun serves on the Market Development Comite,
FSDC (Financial Services Development Council) of the Hong Kong
Special Administrative Region since 2021. Mr. Sun is also a Member
of the China Comite of the Hong Kong General Chamber of
Comerce.
Mr. Sun was elected as a member of Election Comite of the Chief
Executive of the Hong Kong Special Administrative Region in 2017. He
was also apointed by the Financial Secretary of the Government of
the Hong Kong Special Administrative Region as the first Chief
Operating Oficer of The Hong Kong Mortgage Corporation Limited.
Previously, he was a Senior Managing Director of Bear Stearns Asia
Limited and an Executive Director of Goldman Sachs (Asia) LC. He
was also an independent non-executive director, chairman of the audit
comite and a member of remuneration comite of Mizuho
Securities Asia Limited. Mr. Sun was also a Deputy Chairman of the
General Comite and Chamber Council of the Hong Kong General
Chamber of Comerce, the President of The American Club Hong
Kong and member of the Executive Comite (Treasurer) and Board
of Governors of the American Chamber of Comerce in Hong Kong.
2025 年报 | 其士国际集团有限公司
MANAGEMENT PROFILE
管理层简介
关蕙女士，独立非执行董事，并为审核
委员会主席、薪酬委员会及提名委员会
成员，现年五十九岁，于二零二三年加
入本公司。关女士持有美国哈佛法学院
法学硕士学位、美国佩珀代因大学工商
管理硕士学位、香港大学专业进修学院
及英国曼彻斯特都会大学合辨课程的法
律学士学位及美国南加州大学金融及会
计学士学位。彼亦为香港会计师公会和
澳洲及纽西兰特许会计师公会之会员。
关女士现为匡丰有限公司之董事总经理、
IMC Asia Pacific Limited之高级顾问、
妇女基金会董事会主席及香港证券及投
资学会持续培训委员会成员。彼亦担任
多个香港政府任命的董事会和慈善机构，
包括香港金融发展局拓新业务小组成员、
香港特别行政区政府民政及青年事务局
辖下的上诉委员会（博彩税条例）成员及
心光盲人院暨学校董事会董事。关女士
亦委任为粤剧发展基金投资委员会委员。
关女士曾担任HashKey Group之高级顾问、
集团首席营运总监及集团首席风险总监。
彼亦曾为衞奕信勋爵文物信托受托人委
员会及妇女事务委员会之成员。关女士
曾为香港交易及结算所有限公司上市及
监管事务科的监管合规主管和证券及期
货事务监察委员会之市场监察部总监及
法规执行部总监。彼亦曾担任国际数码
资产交易、Cantor Fitzgerald、里昂证券
之董事职位及香港特别行政区政府行政
上诉委员会成员及碳中和及可持续发展
委员会之成员。
MS. KWAN ANGELINA AGNES, Independent Non-Executive Director
and chairman of the Audit Comite, a member of each of the
Remuneration Comite and the Nomination Comite, aged 59,
joined the Company in 2023. Ms. Kwan holds a Master of Laws from
Harvard Law Schol in the United States of America, a Master of
Busines Administration from Peperdine University in the United
States of America, a Bachelor of Laws from a joint programe
organised by The University of Hong Kong, Schol of Profesional and
Continuing Education and Manchester Metropolitan University in the
United Kingdom, and a Bachelor of Finance and Acounting from the
University of Southern California in the United States of America. She
is also a member of the Hong Kong Institute of Certified Public
Acountants and the Chartered Acountants of Australia and New
Zealand.
Ms. Kwan is curently the Managing Director of Stratford Finance
Limited, a Senior Advisor of IMC Asia Pacific Limited, the Chair of the
Women’s Foundation and a Member of the Education and
Development Comite of Hong Kong Securities and Investment
Institute. She also serves on a number of Hong Kong Government-
apointed Boards and charities including as a Member of New
Busines Comite of the Hong Kong Financial Services
Development Council, a Member of Beting Duty Apeal Board under
Home and Youth Afairs Bureau of The Government of the Hong Kong
Special Administrative Region and a Board Director of the Ebenezer
Schol and Home for the Visualy Impaired. Ms. Kwan is also apointed
as Comite Member of the Cantonese Opera Development Fund
Investment Comite.
Ms. Kwan has held the Senior Advisor, Group Chief Operating Oficer
and Group Chief Risk Oficer roles at the HashKey Group. She was
also a Member of the Board of Trustes of the Lord Wilson Heritage
Trust and the Women’s Comision. Ms. Kwan was the Head of
Regulatory Compliance in Listing and Regulatory Afairs Division of the
Hong Kong Exchanges and Clearing Limited and a Director of
Supervision of Markets Division and a Director of the Enforcement
Division of Securities and Futures Comision. She also previously
held directorate positions with international digital aset exchanges,
Cantor Fitzgerald, CLSA and was also a Member of Administrative
Apeals Board and a Council Member for Carbon Neutrality and
Sustainable Development of the Hong Kong Special Administrative
Region.
SCHEDULE OF MAJOR PROPERTIES
主要物业表
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
本集团于本报告日期之主要物业详列如
下：
(I) 持作投资物业╱自用物业
Particulars of major properties held by the Group as at the date of this
report are as folows:
(I) HELD AS INVESTMENT PROPERTIES/PROPERTIES FOR
OWN USE
LocationUsage
Aproximate
gros flor area*
The Group’s
interest
地点用途楼面积约数*本集团所占权益
sq. ft. 平方呎%
Hong Kong 香港
Units 1011 to 1019 on 10th Flor,
19th to 23rd Flors and one-third
interest in 201 car parking spaces of
Chevalier Comercial Centre,
8 Wang Hoi Road, Kowlon Bay
九龙湾宏开道八号其士商业中心
十楼一零一至一零一九室、
十九至二十三楼及占三分一权益
之201个停车位
Comercial and carpark
商用及停车场
174,600100
Chevalier Warehouse Building,
3 On Fuk Stret, On Lok Tsuen, Fanling
粉岭安乐邨安福街三号其士货仓大厦
Industrial
工业
118,300100
29–33 Tsing Yi Road, Tsing Yi
青衣青衣路二十九至三十三号
Industrial
工业
253,50087.5
8 Kwai Hei Stret, Kwai Chung
葵涌葵喜街八号
Cold storage warehouse
冷藏仓库
380,00075
124–130 Kwok Shui Road and
79–85 Yau Ma Hom Road, Kwai Chung
葵涌国瑞路一百二十四至一百三十号
及油麻磡路七十九至八十五号
Cold storage warehouse
冷藏仓库
427,50075
20 Shek O Road
石澳道二十号
Residential
住宅
5,300100
Unit 801 on 8th Flor, Cheung Fung Industrial
Building, 23–29 Pak Tin Par Stret,
Tsuen Wan
荃湾白田坝街二十三至二十九号
长丰工业大厦八楼八零一室
Industrial
工业
20,40045
Unit 802 on 8th Flor, Cheung Fung Industrial
Building, 23–29 Pak Tin Par Stret,
Tsuen Wan
荃湾白田坝街二十三至二十九号
长丰工业大厦八楼八零二室
Industrial
工业
20,700100
2025 年报 | 其士国际集团有限公司
SCHEDULE OF MAJOR PROPERTIES
主要物业表
(I) 持作投资物业╱自用物业
（续）
LocationUsage
Aproximate
gros flor area*
The Group’s
interest
地点用途楼面积约数*本集团所占权益
sq. ft. 平方呎%
Hong Kong (continued) 香港（续）
292A–D Prince Edward Road West,
Ho Man Tin, Kowlon
九龙何文田太子道西二百九十二 A–D 号
Residential
住宅
39,200100
Mainland China 中国内地
上海市徐汇区安福路一百六十八号亦园Residential, shop and carpark
住宅、商舖及停车场
142,60080
长春市绿园区香港城1期商场Comercial
商用
129,500100
Singapore 新加坡
Chevalier House, 23 Genting Road,
Singapore 349481
Industrial
工业
106,500100
The Blue Building, 10 Genting Road,
Singapore 349473
Industrial
工业
16,900100
United States of America 美利坚合众国
430 East Grand Avenue,
South San Francisco, CA 94080
Industrial/Warehouse
工业╱仓库
37,000100
13258 Nelson Avenue, City of Industry,
Los Angeles, CA 91746
Industrial/Warehouse
工业╱仓库
31,400100
1530, 1560, 1570 & 1590 Poplar Drive,
Medford, Oregon 97504
Senior housing
安老院舍
33,600100
1700 Montana Drive, Charlote,
North Carolina 28216
Senior housing
安老院舍
34,400100
8425 Aspi Blvd NE, Moses Lake WA 98837Senior housing
安老院舍
50,900100
535 U.S 158 W Yanceyvile, NC 27379Senior housing
安老院舍
38,30098.6
6031 Cheyene Avenue, Las Vegas, NV 89108Senior housing
安老院舍
109,100100
(I) HELD AS INVESTMENT PROPERTIES/PROPERTIES FOR
OWN USE (CONTINUED)
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
SCHEDULE OF MAJOR PROPERTIES
主要物业表
(I) 持作投资物业╱自用物业
（续）
LocationUsage
Aproximate
gros flor area*
The Group’s
interest
地点用途楼面积约数*本集团所占权益
sq. ft. 平方呎%
United States of America (continued) 美利坚合众国（续）
1001 Main Stret, Bufalo, Erie Country,
New York 14203
Medical ofice building
医疗办公室大楼
296,600Joint venture
^
合营企业
^
455 Tol Gate Road – Building 3 Warwick,
Kent Country, Rhode Island 02886
Medical ofice building
医疗办公室大楼
62,700Joint venture
^
合营企业
^
455 West Wodview Road West Grove,
Chester Country, Pensylvania 193390
Medical ofice building
医疗办公室大楼
68,800Joint venture
^
合营企业
^
United Kingdom 英国
1–3 Hamersmith Broadway, Hamersmith,
London
Comercial
商用
29,400100
30 King Stret, LondonComercial
商用
35,500100
Canada 加拿大
838 Hamilton Stret, Vancouver,
B.C., V6B 6A2
Hotel
酒店
66,000100
4334–4340 Kingston Road, Ontario,
M1E 2M8
Ofice and workshop
for automobile
dealership
用作汽车经销之办公室及
工场
20,200100
14535–14583 Yonge Stret, Aurora,
Ontario, L4G 6L1
Ofice and workshop
for automobile
dealership
用作汽车经销之办公室及
工场
25,000100
Thailand 泰国
Chevalier House,
540 Bamrungmuang Road,
Debsirin Sub-district,
Pomprab District, Bangkok Metropolis
Ofice premise and
showrom
办公室及陈列室
21,300100
(I) HELD AS INVESTMENT PROPERTIES/PROPERTIES FOR
OWN USE (CONTINUED)
2025 年报 | 其士国际集团有限公司
SCHEDULE OF MAJOR PROPERTIES
主要物业表
(I) 待售物业(I) PROPERTIES FOR SALE
Location
Aproximate
gros flor area*
The Group’s
interest
地点楼面积约数*本集团所占权益
sq. ft. 平方呎%
Hong Kong 香港
Sablier, 8 Fuk Chak Stret, Tai Kok Tsui, Kowlon
九龙大角咀福泽街八号傲寓
17,100100
City Hub, 8 Kowlon City Road,
44 Chi Kiang Stret and 6 Kowlon City Road,
Ma Tau Kok, Kowlon
九龙马头角九龙城道八号、浙江街四十四号及
九龙城道六号津汇
5,200Joint venture
#
合营企业
#
Mainland China 中国内地
长春市绿园区香港城1期、2期、3期及5期 – 240个公寓单位、
1,110个住宅单位及64个商舖单位
1,499,000100
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
SCHEDULE OF MAJOR PROPERTIES
主要物业表
(I) 发展中物业
* 不包括停车场
+
不包括地下室、停车场、公建配套及回
迁建筑之楼面积
^
本集团持有医疗办公室大楼百分之
九十五权益
就英国物业采用净楼面积
#
本集团持有百分之五十权益
(I) PROPERTIES UNDER DEVELOPMENT
Location
Stage of
completion
Expected date
of completionMajor usage
Aproximate
site area
Estimated
gros flor
area after
completion
+
The Group’s
interest
地点完工进度预计完工日期主要用途
地盘土地
面积约数
完成后估计
楼面积
+
本集团
所占权益
sq. ft. 平方呎sq. ft. 平方呎%
Hong Kong 香港
5 Hang Lok Lane, Shatin
沙田恒乐里第五号
In progres
工程进行中
二零二七年
Residential
住宅
47,900124,600100
Fanling Sheung Shui Town Lot
No. 245, On Kui Stret, Fanling
粉岭安居街粉岭上水市地段
第二百四十五号
In progres
工程进行中
二零二七年
Industrial
工业
17,60087,800100
18-20 Sze Shan Stret, Yau Tong
油塘四山街十八至二十号
In progres
工程进行中
二零三零年
Residential
住宅
41,600322,000Joint venture
#
合营企业
#
Mainland China 中国内地
长春市绿园区In progres
工程进行中
2025 to 2029
二零二五年至
二零二九年
Residential and
comercial
住宅及商用
637,0001,142,000100
* Excluding carparks
+
Excluding the flor areas of basements, carparks, public amenities and
resetlement buildings
^
The Group has 95% interest in the Medical Ofice buildings
Net flor area is adopted for United Kingdom properties
#
The Group has 50% interest
CORPORATE GOVERNANCE REPORT
企业管治报告
2025 年报 | 其士国际集团有限公司
董事会致力维持高水平的企业管治常规
及商业道德标准的承诺，并坚信此对于
提高及维持投资者的信心和为股东争取
最大的回报至为重要。为了达到与持份
者对企业管治常规水平不断提升的期望，
遵守法规要求，以及实践董事会对坚守
优越企业管治的承诺，董事会不时检讨
企业管治常规。
香港联合交易所有限公司（「联交所」）证
券上市规则（「上市规则」）附录C1所载《企
业管治守则》（「企业管治守则」）订明：(a)
在《企业管治报告》中的披露的强制要求；
及(b)良好企业管治的原则，即「不遵守
就解释」的守则条文以及若干建议最佳
常规。本公司已遵守企业管治守则中的
守则条文，惟以下之守则条文除外：
第C.2.1之守则条文规定主席及行政总裁
之角色应有区分，且不应由一人同时兼
任。主席负责监督董事会职能运作，董
事总经理则负责管理本集团的业务。
郭海生先生身兼本公司主席及董事总经
理的职位。董事会认为，郭先生凭借于
过往对各项业务分类有全面的认识，及
其丰富的经验有助本集团业务营运，由
郭先生同时担任主席及董事总经理的职
位将为本公司提供强大而贯彻的领导，
有利于本集团业务策略的实施及执行，
符合本公司的最佳利益。自二零二五年
一月一日起委任谭国荣先生为董事总经
理，本公司已遵守第C.2.1之守则条文，
即主席及行政总裁的角色由不同人士担
任。
董事会
董事会肩负向本公司提供有效率和负责
任的领导。各董事，无论个别地及共同
地，都必须真诚及以本公司及其股东的
最佳利益为前提行事。董事会订立本集
团之整体目标和策略、监管和评估本集
团在营运与财务上之表现并检讨本公司
之企业管治水平。其亦须决定各项公司
事宜，其中包括全年及中期业绩、须予
公布的交易、董事聘任或续聘、及股息
分派与会计政策。
The Board is comited to a high standard of corporate governance
practices and busines ethics in the firm belief that they are esential
for promoting and maintaining investors’ confidence and maximising
shareholders’ returns. The Board reviews its corporate governance
practices from time to time in order to met the rising expectations of
stakeholders, comply with regulatory requirements, and to fulfil its
comitment to excelence in corporate governance.
The Corporate Governance Code (the “CG Code”) as set out in
Apendix C1 of the Rules Governing the Listing of Securities (the “Listing
Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) sets out: (a) the mandatory requirements for disclosure in
the Corporate Governance Report; and (b) the principles of god
corporate governance, that is, the code provisions on a “comply or
explain” basis and certain recomended best practices. The Company
is in compliance with the code provisions of the CG Code except for
the folowing deviations:
Code Provision C.2.1 stipulates that the roles of chairman and chief
executive should be separate and should not be performed by the
same person. The Chairman is responsible for overseing the Board
while the Managing Director is responsible for managing the Group’s
busineses. Mr. Kuok Hoi Sang served as both the Chairman and
Managing Director of the Company. The Board believes that with Mr.
Kuok’s comprehensive knowledge in the history of various busines
segments, and his extensive experience in the operation of the Group,
vesting the roles of both Chairman and Managing Director in Mr. Kuok
provides the Company with strong and consistent leadership and
facilitates the implementation and execution of the Group’s busines
strategies which is in the best interest of the Company. Folowing the
apointment of Mr. Tam Kwok Wing as Managing Director on 1
January 2025, the Company has complied with the Code Provision C.2.1
that the roles of chairman and chief executive are performed by
diferent individuals.
THE BOARD
The Board is charged with providing efective and responsible
leadership for the Company. The Directors, individualy and colectively,
must act in god faith and in the best interests of the Company and its
shareholders. The Board sets the Group’s overal objectives and
strategies, monitors and evaluates its operating and financial
performance and reviews the corporate governance standard of the
Company. It also decides on maters such as anual and interim
results, notifiable transactions, director apointments or
re-apointments, and distribution of dividend and acounting policies.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
董事会（续）
本公司已就本集团董事可能在法律程序
中进行抗辩所招致的法律责任及费用购
买保险。保险涵盖内容将每年审视。
大股东或董事在董事会审议的事项中如
存有董事会认为重大的利益冲突，有关
事项应以举行实体董事会议（而非书面
决议）方式处理。在交易中本身及其紧密
联系人均没有重大利益的独立非执行董
事应该出席有关的董事会议。
于本报告之日，董事会由六名执行董事
及四名独立非执行董事组成，详情如下：
执行董事
郭海生先生（主席）
周维正先生（副主席）
谭国荣先生（董事总经理）
何宗梁先生
马志荣先生
周莉小姐
独立非执行董事
潘宗光教授
施荣怀先生
孙立勋先生
关蕙女士
本公司管理层简介载于第31页至37页。
除周维正先生（本公司之执行董事及副主
席）为周莉小姐（本公司之执行董事）之
胞弟外，各董事会成员之间概无财务、
业务、家属或其他重大╱相关的关系。
年内，本公司收到每位董事的两份书面
确认，以更新其履历详情及披露在其他
公众公司或组织担任职务的数目和性质
以及其他重大承担。
THE BOARD (CONTINUED)
The Company has taken out insurance against the liability and costs
asociated with defending any procedings which may be brought
against the Directors of the Group. The insurance coverage wil be
reviewed on an anual basis.
Where a substantial shareholder or a director has a conflict of interest
in a mater to be considered by the Board which has ben determined
by the Board to be material, the mater shal be dealt with by a physical
board meting instead of a writen resolution. Independent non-
executive directors who, and whose close asociates, have no material
interest in the transaction should be present at that board meting.
As at the date of this report, the Board comprises six Executive
Directors and four Independent Non-Executive Directors as set out
below:
Executive Directors
Mr. KUOK Hoi Sang (Chairman)
Mr. CHOW Ve Tsung, Oscar (Vice Chairman)
Mr. TAM Kwok Wing (Managing Director)
Mr. HO Chung Leung
Mr. MA Chi Wing
Mis Lily CHOW
Independent Non-Executive Directors
Profesor PON Chung Kwong
Mr. Irons SZE
Mr. SUN Leland Li Hsun
Ms. KWAN Angelina Agnes
Management profile of the Company is set out on pages 31 to 37.
The Board members have no financial, busines, family or other material/relevant
relationships with each other except that Mr. Chow Ve Tsung, Oscar,
Executive Director and Vice Chairman of the Company is a brother of
Mis Lily Chow, an Executive Director of the Company.
During the year, the Company received two writen confirmations from
each of the Directors to update their biographical details and to
disclose the number and nature of ofices held in the other public
companies or organisations and other significant comitments.
2025 年报 | 其士国际集团有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
董事会（续）
董事会每年召开至少四次会议。每次会
议前应向全体董事发出至少14天通知，
以让全体董事皆有机会提出商讨事项。
议程和相关会议文件将在预定会议日期
前至少三天送交全体董事。管理层每月
向全体董事提供更新资料，载列有关本
公司的表现，财务状况及前景的公正及
易于理解的评估，内容足以让董事们作
出知情的决定及履行上市规则第3.08条
及第十三章所规定的职责。主席亦鼓励
所有董事就每个议程项目表达出其关注
事宜及给予充足时间让董事讨论。公司
秘书记录会议上董事会所考虑事项、董
事会提出的关注事宜及达致决定的详情，
并负责保存董事会议及董事会委员会
会议的会议记录。任何董事发出合理通
知后，所有会议记录均可在任何合理的
时段查阅。会议记录初稿和最终定稿分
别在每次会议后的合理时段内发送给全
体董事以供其发表意见和记录之用。回
顾年度内，董事会共举行了四次会议。
根据第C.1.4之守则条文，所有董事应参
加持续专业发展，以增进并更新其知识
及技能，以确保其继续在具备全面资讯
及切合所需的情况下对董事会作出贡献。
本公司亦向董事提供阅读材料并向彼等
提供有关上市规则、董事职责及责任相
关适用法律及法规的最新发展及变动之
资讯。
回顾年内，本公司为董事安排了有关「发
现环境、社会及管治的价值」的研讨班。
董事培训将持续举行并鼓励所有董事参
加相关培训课程，费用由本公司支付。
董事已向本公司之公司秘书提供其接受
持续专业发展培训的记录以供存档（如适
用）。
THE BOARD (CONTINUED)
The Board mets at least four times a year. At least 14 days’ notice is
given to al Directors before each meting and al Directors are given
an oportunity to include maters for discusion. An agenda and
acompanying board papers are sent in ful to al Directors at least
thre days before the intended date of a meting. Management
provides al Directors with monthly updates giving a balanced and
understandable asesment of the Company’s performance, financial
position and prospects in suficient detail to enable them to make
informed decisions and discharge their duties under Rule 3.08 and
Chapter 13 of the Listing Rules. The Chairman also encourages al
Directors to voice their concerns on each agenda item and alow
suficient time for al isues to be discused by Directors. The
Company Secretary records the details of maters considered, the
concerns raised by the Board and the decisions reached, and is
responsible for keping the minutes of Board metings or metings of
Board Comite. Al minutes are open for inspection at reasonable
time on reasonable notice by any Director. Draft minutes of metings
and final versions of minutes are sent to Directors for their coments
and record, respectively, within a reasonable time after each meting.
During the year under review, the Board held four metings.
Pursuant to Code Provision C.1.4, al Directors should participate in
continuous profesional development to develop and refresh their
knowledge and skils to ensure that their contribution to the Board
remains informed and relevant. The Company also provides reading
materials and updates to the Directors on the latest developments and
changes to the Listing Rules, aplicable laws and regulations relating
to directors’ duties and responsibilities.
During the year under review, the Company aranged a seminar titled
“Discovering the Value of ESG” for the Directors. Directors’ training is
an ongoing proces and al Directors are encouraged to atend relevant
training courses at the Company’s expenses. Directors have provided
their records of continuous profesional development received to the
Company Secretary of the Company for records as apropriate.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
董事会（续）
各董事在各会议及培训的出席率如下：
a 于二零二五年一月一日继续出任主席
b 于二零二五年一月一日调任为执行董
事，并获委任为副主席和执行委员会及
薪酬委员会成员
c 于二零二五年一月一日获委任为董事总
经理
d 于二零二五年一月一日获委任为薪酬委
员会成员
回顾年内，主席与独立非执行董事举行
了一次没有其他董事出席的会议。
THE BOARD (CONTINUED)
The atendance of Directors at each meting and training is set out in
the table below:
Metings Atended/Held
Atended
seminars/
Received
reading
materials
会议出席╱举行次数
DirectorsBoard
Audit
Comite
Remuneration
Comite
Nomination
Comite
General
Meting
董事董事会审核委员会薪酬委员会提名委员会股东大会
出席研讨会╱
获派阅读资料
Executive Directors
执行董事
Mr. KUOK Hoi Sang (Chairman)
a
4/4–1/11/11/1
郭海生先生（主席）
a
Mr. CHOW Ve Tsung, Oscar (Vice Chairman)
b
4/4–1/1
周维正先生（副主席）
b
Mr. TAM Kwok Wing (Managing Director)
c
4/4–1/1
谭国荣先生（董事总经理）
c
Mr. HO Chung Leung4/4–1/1
何宗梁先生
Mr. MA Chi Wing4/4–1/1
马志荣先生
Mis Lily CHOW4/4–1/1
周莉小姐
Independent Non-Executive Directors
独立非执行董事
Profesor PON Chung Kwong4/43/31/11/11/1
潘宗光教授
Mr. Irons SZE3/42/3–1/1
施荣怀先生
Mr. SUN Leland Li Hsun
d
4/42/3–1/1
孙立勋先生
d
Ms. KWAN Angelina Agnes4/43/31/11/11/1
关蕙女士
a Continue to serve as Chairman with efect from 1 January 2025
b Re-designated as Executive Director and be apointed as Vice Chairman
and a member of each of the Executive Comite and the Remuneration
Comite with efect from 1 January 2025
c Apointed as Managing Director with efect from 1 January 2025
d Apointed as a member of the Remuneration Comite with efect
from 1 January 2025
During the year under review, the Chairman held a meting with al
Independent Non-Executive Directors without the presence of other
Directors.
2025 年报 | 其士国际集团有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
独立非执行董事
独立非执行董事凭借其独立性以及多元
化技能和经验，在董事会中担任著重要
角色。于截至二零二五年三月三十一日
止年度，本公司一直遵守上市规则内订
明上市公司须至少设有三名独立非执行
董事或至少占董事会人数三分之一，且
其中至少一名独立非执行董事须具备会
计及财务方面的适当管理专长及专业资
格之规定。
有关在任超过九年的独立非执行董事在
股东周年大会上进行重选，该独立非执
行董事的重选须以独立决议案形式由股
东在股东周年大会上审议通过。致股东
通函将包括其履历详情、董事会认为其
仍属独立人士且应获重选的原因。
本公司接获各独立非执行董事根据上市
规则第3.13条发出之年度独立性确认书。
董事会评估彼等之独立性，并确定全体
独立非执行董事均具独立性。本公司已
在与股东之所有公司通讯中说明其独立
非执行董事之身份。
董事之委任及重选
董事会有权委任何人士为董事以填补
空缺或增加董事会成员人数。本公司设
立提名委员会负责制定提名政策给予董
事会作考虑以及就董事挑选、委任及续
聘向董事会提出建议。所有候选人均须
符合上市规则第3.08及3.09条列出之要
求，而在委任独立非执行董事时，候选
人亦必须符合上市规则第3.13条所载指
引之独立性。
每位新委任的董事在受委任时将获得为
其而设的就任须知，以确保其对本公司
的业务和运作均有适当的理解，并充分
了解本身在上市规则和相关监管规定下
的职责和义务。
根据本公司之经修订及重订公司细则，
所有董事须于本公司之股东周年大会上
轮值告退并膺选连任。年内获董事会委
任之新董事亦须在获委任后之首届股东
周年大会或股东大会上退任，并可膺选
连任。再者，于每届股东周年大会上须
有三分之一（如董事退任人数不是三的倍
数）或最接近但不少于三分之一的董事退
任，而每位董事均须在其上次当选或重
选后不超过三届之股东周年大会上退任。
INDEPENDENT NON-EXECUTIVE DIRECTORS
Independent non-executive directors play an important role in the
Board by virtue of their independence and their diverse skils and
experience. Throughout the year ended 31 March 2025, the Company
met at al times the requirements of the Listing Rules to have at least
thre independent non-executive directors or representing at least
one-third of the Board and with at least one independent non-executive
director posesing apropriate acounting and financial management
expertise and profesional qualifications.
In respect of the re-election of an independent non-executive director
who has served more than nine years at the anual general meting,
the re-election of such independent non-executive director wil be
subject to a separate resolution to be aproved by the shareholders at
the anual general meting. The circular to shareholders wil include
their biographical details, the reason why the Board considers that
they are stil independent and should be re-elected.
The Company received from each of the Independent Non-Executive
Directors anual confirmation of independence in acordance with
Rule 3.13 of the Listing Rules. The Board asesed their independence
and concluded that al the Independent Non-Executive Directors are
independent. The Company has identified its Independent Non-
Executive Directors as such in al its corporate comunications to the
shareholders.
APOINTMENT AND RE-ELECTION OF DIRECTORS
The Board shal have power to apoint any person as a director either
to fil a vacancy or for expansion of the Board. The Company has set
up a Nomination Comite for formulating a nomination policy for
consideration by the Board and making recomendations to the Board
on the selection, apointment and re-apointment of directors. Al
candidates must also met the standards as set forth in Rules 3.08
and 3.09 of the Listing Rules. A candidate who is to be apointed as
an independent non-executive director should also met the
independence criteria set out in Rule 3.13 of the Listing Rules.
Every newly apointed Director wil receive a tailored induction on
apointment to ensure apropriate understanding of the busines and
operations of the Company and ful awarenes of director’s
responsibilities and obligations under the Listing Rules and relevant
regulatory requirements.
In acordance with the Amended and Restated Bye-Laws of the
Company, al Directors are subject to retirement by rotation and re-
election at anual general metings of the Company. New directors
apointed by the Board during the year are required to retire and
submit themselves for re-election at the anual general meting or
general meting imediately folowing their apointments. Further, at
each anual general meting, one-third of the Directors, or, if their
number is not a multiple of thre, then the number nearest to but not
les than one-third are required to retire from ofice by rotation and a
Director shal retire at no later than the third anual general meting
since such Director’s last re-election or apointment.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
董事之委任及重选（续）
根据本公司之经修订及重订细则，谭国荣
先生、何宗梁先生、潘宗光教授及孙立勋
先生须于即将于二零二五年八月二十七
日（星期三）召开之本公司股东周年大会
（「股东周年大会」）上告退。何宗梁先生已
知会本公司彼将不会膺选连任，因此彼将
于股东周年大会完结时退任本公司执行
董事职务。除何先生外，其他退任董事均
符合资格，并愿于股东周年大会上膺选连
任。
董事委员会
董事会下设有五个委员会，分别为审核
委员会、薪酬委员会、提名委员会、环
境、社会及管治委员会和执行委员会，
并均向董事会汇报。
本公司采纳的书面职权范围列明审核委
员会、薪酬委员会及提名委员会的职权，
并已载于本公司及联交所网站，而董事
会亦会定期审议及更新。董事及各委员
会可寻求管理层及公司秘书的意见，亦
可在适当情况下寻求独立专业意见，费
用由公司承担。
审核委员会
审核委员会负责（其中包括）审议外聘核
数师进行审核的性质和范围及其委任、
审阅本集团之财务资料及监察本集团之
财务报告系统、风险管理及内部监控系
统，以及审视和监管内部审核职能的有
效性。该委员会并负责审阅本集团中期
及末期业绩后予董事会批核。独立非执
行董事关蕙女士为该委员会之主席。彼
于财务报告及监控具资深经验。其他成
员包括其余独立非执行董事，分别为
潘宗光教授、施荣怀先生及孙立勋先生。
APOINTMENT AND RE-ELECTION OF DIRECTORS (CONTINUED)
Mr. Tam Kwok Wing, Mr. Ho Chung Leung, Profesor Pon Chung Kwong
and Mr. Sun Leland Li Hsun shal retire from ofice at the forthcoming
anual general meting of the Company to be held on Wednesday, 27
August 2025 (the “AGM”) in acordance with the Amended and Restated
Bye-Laws of the Company. Mr. Ho Chung Leung has informed the
Company that he would not ofer himself for re-election and acordingly
wil retire as Executive Director of the Company after the conclusion of
the AGM. Save for Mr. Ho, the other retiring Directors, being eligible,
shal ofer themselves for re-election at the AGM.
BOARD COMITES
The Board has five Board Comites, namely Audit Comite,
Remuneration Comite, Nomination Comite, Environmental,
Social and Governance Comite and Executive Comite and al of
them report to the Board.
Writen terms of reference, which describe the authority and duties of
the Audit Comite, Remuneration Comite and Nomination
Comite, have ben adopted and posted on the websites of the
Company and the Stock Exchange, and are regularly reviewed and
updated by the Board. The Directors and each Comite have aces
to the advice of the management and Company Secretary, and they
may also able to sek independent profesional advice in apropriate
circumstances, at the Company’s expenses.
AUDIT COMITE
The Audit Comite is responsible for, among others, reviewing the
nature and scope of audit performed by external auditors and their
apointments, reviewing the Group’s financial information and
overseing the Group’s financial reporting system, risk management
and internal control systems, and reviewing and monitoring the
efectivenes of the internal audit function. It is also responsible for
reviewing the interim and final results of the Group prior to
recomending them to the Board for aproval. Ms. Kwan Angelina Agnes,
Independent Non-Executive Director, is the chairman of the
comite. She has extensive experience in financial reporting and
controls. Other members include the remaining Independent Non-
Executive Directors, namely Profesor Pon Chung Kwong, Mr. Irons Sze
and Mr. Sun Leland Li Hsun.
2025 年报 | 其士国际集团有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
审核委员会（续）
审核委员会于截至二零二五年三月
三十一日止年度内共举行了三次会议。
审核委员会年内与管理层审阅本集团所
采纳之举报政策和会计政策及实务，及
讨论核数、风险管理和内部监控系统及
财务报告等事宜，其中包括本集团截至
二零二四年九月三十日止六个月之未经
审核简明综合中期财务报表，及已于二
零二五年六月二十三日召开之审核委员
会议上审核本集团截至二零二五年三
月三十一日止年度之综合财务报表。彼
等亦审议及批准外聘核数师提供非审核
服务的委聘、外聘核数师提供审核及非
审核服务的薪酬、风险管理和内部监控
系统，以及内部审核职能的有效性。
薪酬委员会
薪酬委员会负责就本公司全体董事按照
本公司的政策及结构，以及为薪酬政策
的发展制订正式及具透明度的程序，提
供意见以予董事会批准。薪酬委员会已
采纳一套运作模式，获授权的薪酬委员
会有责任、权力及酌情权厘定本公司个
别执行董事及高级管理人员的薪酬待遇，
以及就非执行董事的薪酬向董事会提出
建议。薪酬委员会现时由三名独立非执
行董事潘宗光教授（委员会主席）、关蕙
女士及孙立勋先生，及两名执行董事
郭海生先生及周维正先生组成。
薪酬委员会于截至二零二五年三月
三十一日止年度内举行了一次会议，并
审阅截至二零二五年三月三十一日止年
度支付予董事之薪酬待遇。董事酬金及
五位最高薪酬人士详情载于综合财务报
表附注40。
AUDIT COMITE (CONTINUED)
The Audit Comite held thre metings during the year ended 31
March 2025. During the year, they reviewed with the management the
Whistle-Blower Policy, the acounting policies and practices adopted
by the Group, and discused the auditing, financial reporting, as wel
as the risk management, internal controls systems and the financial
reporting maters including the unaudited condensed consolidated
interim financial statements for the six months ended 30 September
2024, and reviewed the consolidated financial statements for the year
ended 31 March 2025 at the Audit Comite meting held on 23
June 2025. They also reviewed and aproved the engagement of
external auditors for providing non-audit services, the remuneration in
respect of audit and non-audit services provided by external auditors,
risk management and internal control systems and the efectivenes
of the internal audit function.
REMUNERATION COMITE
The Remuneration Comite is responsible for making
recomendations to the Board based on the Company’s policy and
structure on the remuneration for al Directors of the Company, and on
the establishment of a formal and transparent procedure for developing
remuneration policy for aproval by the Board. The Remuneration
Comite has adopted the operation model where it has the
responsibility, powers and discretion to determine, with delegated
responsibility, the remuneration packages of individual Executive
Directors and senior management, and makes recomendations to
the Board on the remuneration of Non-Executive Directors. The
Remuneration Comite curently comprises thre Independent Non-
Executive Directors, namely Profesor Pon Chung Kwong (chairman
of the comite), Ms. Kwan Angelina Agnes and Mr. Sun Leland Li Hsun;
and two Executive Directors, namely Mr. Kuok Hoi Sang and
Mr. Chow Ve Tsung, Oscar.
The Remuneration Comite held a meting during the year ended
31 March 2025 to review the remuneration packages paid to Directors
for the year ended 31 March 2025. Details of Directors’ emoluments
and five highest pay individuals are set out in note 40 to the
consolidated financial statements.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
提名委员会
提名委员会负责审议有关董事的委任或
续聘，以及董事继任计划（尤其是主席及
董事总经理）的相关事宜，并向董事会作
出推荐。提名委员会负责考虑及识别合
资格人士成为董事会成员，并甄选或向
董事会推荐其甄选提名出任董事职务的
人士。经参考本公司董事会多元化政策
后，提名委员会将每年讨论及检讨董事
会的架构、人数及其组成以及同意就董
事会多元化而制定的可计量目标，并向
董事会提出有关建议以供采纳。提名委
员会现时由一名执行董事郭海生先生（委
员会主席）及两名独立非执行董事潘宗光
教授及关蕙女士组成。
提名委员会于截至二零二五年三月
三十一日止年度内举行一次会议，以审
阅董事会的架构、人数及组成、评估独
立非执行董事的独立性、推荐膺选连任
的退任董事人选。
董事会多元化政策
董事会于二零一七年八月采纳董事会多
元化政策。该政策的目的旨在列出达致
董事会多元化之方案。本公司认同并接
受董事会多元化的益处。提名委员会将
每年商讨并同意实施董事会多元化的可
计量目标并提出建议予董事会采纳。
本公司旨在建立及维持一个在技能、经
验、知识、专长、文化、独立性、年龄、
性别、种族及服务年期方面具有多元化
的董事会。提名委员会将不时监察该政
策的执行以提升董事会的表现。提名委
员会将定期检讨该政策，并在适当时予
以修订以确保其持续有效。提名委员会
将讨论任何可能需作出的修订，并向董
事会提出修订建议以供董事会考虑及审
批。
报告期内，本公司20%的董事及本集团
超过33%的雇员总数为女性。保持性别
多元化对本集团而言是一项挑战，尤其
是在建筑及机械工程分类。本集团定期
检讨薪酬及福利计划以确保该等薪酬及
福利待遇仍具竞争力。
NOMINATION COMITE
The Nomination Comite is responsible for reviewing and making
recomendations to the Board on relevant maters relating to the
apointment or re-apointment of directors and sucesion planing
for directors, in particular the chairman and the managing director. The
Nomination Comite has the responsibility to consider and identify
individuals suitably qualified to become Board members, and select or
make recomendations to the Board on the selection of individuals
nominated for directorships. The Nomination Comite discuses
and reviews anualy the structure, size and composition of the Board
and agres on measurable objectives for achieving diversity of the
Board and makes relevant recomendations to the Board for adoption
with reference to the Board Diversity Policy of the Company. The
Nomination Comite curently comprises one Executive Director,
namely Mr. Kuok Hoi Sang (chairman of the comite) and two
Independent Non-Executive Directors, namely Profesor Pon Chung Kwong
and Ms. Kwan Angelina Agnes.
The Nomination Comite held a meting during the year ended 31
March 2025 to review the structure, size and composition of the
Board, ases the independence of the Independent Non-Executive
Directors, recomend the re-election of retiring directors.
BOARD DIVERSITY POLICY
The Board adopted a Board Diversity Policy in August 2017. The aim of
this policy is to set out the aproach to achieve diversity on the Board
of Directors. The Company recognises and embraces the benefits of
diversity in the Board. The Nomination Comite wil discus and
agre anualy measurable objectives for implementing diversity on
the Board and recomend them to the Board for adoption.
The Company aims to build and maintain a Board with diversity with
respect to skils, experience, knowledge, expertise, culture,
independence, age, gender, race and length of services. The
Nomination Comite wil monitor the implementation of the policy
from time to time with a view to enhancing the Board’s performance.
The Nomination Comite wil review the policy periodicaly and
amend it as apropriate to ensure its continued efectivenes. The
Nomination Comite wil discus any revisions that may be required,
and recomend any proposed changes to the Board for consideration
and aproval.
During the reporting year, 20% of Directors of the Company and over
33% of total workforce of the Group were female. Maintaining gender
diversity remains a chalenge to the Group, especialy for the
Construction and Enginering segment. The Group reviews its
compensation and benefits programes regularly to ensure that its
compensation and benefits packages remain competitive.
2025 年报 | 其士国际集团有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
提名政策
董事会于二零一八年十一月采纳提名政
策。该政策的目的旨在协助提名委员会
识别具备合资格的人士成为董事会成员，
并就甄选提名担任董事之人选向董事会
提出建议董事的委任或续聘和董事的继
任计划，尢其是主席及董事总经理。提
名委员会在评估建议的候选人的适合性
时，将考虑以下准则：
- ：建议的候选人应具有较
高道德标准，良好品格，和真诚处
事。
- ：建议的候选人应能投
放时间了解本公司的事务，使他╱
她能够向董事会提供具增值的贡献。
- 、专长和经验：为贯彻本公司
的企业策略，建议的候选人应拥有
在商界或公共事务领域的履历、专
长和经验。
- ：根据本公司的董事会多元
化政策考虑董事会的多元化，当中
应包括但不限于性别、年龄、文化
及教育背景、种族、技能、知识、
宗教、行业和专业经验以及服务年
期。
若所建议的侯选人为独立非执行董事则
应按以下的额外准则以评估其独立性（如
适用）：
- ：符合上市规则所规定的独
立性要求。
- ：确保有足够的时间
于履行作为独立非执行董事的职
责╱责任。对于在七家或以上之上
市公司担任董事职位的独立非执行
董事，董事会需要确定建议的候选
人可以为董事会投入足够的时间。
提名委员会将考虑以下因素，这些
因素可能影响个人对公司所须付出
的时间：
1. 在提名时公司是否正处于特
别活跃期间，例如收购或全
面收购；
- ╱或委员会的
次数；
NOMINATION POLICY
The Board adopted a Nomination Policy in November 2018. The aim of
this policy is to asist the Nomination Comite in identifying
individuals suitably qualified to become Board members and select and
make recomendations to the Board on the selection of individuals for
directorship, for the apointment or re-apointment of directors and
sucesion planing for directors, in particular the chairman and the
managing director. The Nomination Comite shal consider the
folowing criteria in asesing the suitability of a proposed candidate:
- : The proposed candidate shal poses high ethical
standards, god character, and act with integrity.
- : The proposed candidate should be able to devote
time to understand the afairs of the Company in order to enable
him/her to make value-aded contributions to the Board.
- , expertise and experience: The proposed
candidate shal have ascertained qualification, expertise and
experience in an area of busines or public afairs in line with the
Company’s corporate strategy.
- : The diversity of the Board wil be considered including
but not limited to gender, age, cultural and educational
background, race, skils, knowledge, religion, industry and
profesional experience and length of service in acordance with
the Board Diversity Policy of the Company.
Aditional criteria are required for asesing the independence of the
proposed independent non-executive director as apropriate:
- : Comply with the independence requirements set
under the Listing Rules.
- : Ensure that suficient time can be devoted
to discharge the duties/responsibilities as independent non-
executive directors. For independent non-executive directors
who hold directorships in seven or more listed companies, the
Board wil ned to be satisfied that the proposed candidate can
devote suficient time to the Board. The Nomination Comite
wil consider the folowing factors which can afect the
individual’s time comitment to the Company:
1. whether at the time of nomination the Company is
undergoing a period of particularly increased activity, such
as an acquisition or takeover;
- /or the
comite(s);
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
提名政策（续）
- ；
4. 候选人是否为另一上市发行
人的行政总裁或全职执行董
事；及
5. 候选人是否担任多个董事会
的独立非执行董事以及政府
或非牟利机构的多项重大委
任。
董事会在任何有关建议候选人于任何股
东大会上重选连任之所有事项上作出最
终决定。该政策将持续检讨，并在必要
时由董事会不时修订。
环境、社会及管治委员会
本集团已于二零二四年三月成立环境、
社会及管治（「环境、社会及管治」）委员
会，并通过书面职权范围。环境、社会
及管治委员会负责识别、监控、监督和
审查本集团的环境、社会及管治事宜。
该委员会识别和评估对本集团及其持份
者重要的议题，设定目标以评估本集团
环境、社会及管治绩效和应采取行动，
准备环境、社会及管治报告、识别相关
的气候变迁风险和机遇并制定改进策略。
该委员会每年审查本集团的气候相关财
务信息披露工作小组(TCFD)目标及监督
其进展情况。环境、社会及管治委员会
现由执行董事谭国荣先生担任主席，委
员会成员由相关部门和业务单位代表担
任。
执行委员会
董事会已授权于一九一年成立之执行
委员会负责推行本集团商业策略及管理
其日常业务运作。书面职权范围列明执行
委员会的职权已被采纳，而董事会亦会定
期审视及更新。执行委员会由郭海生先生
（委员会主席）、周维正先生、谭国荣先
生、何宗梁先生、马志荣先生及周莉
小姐六位执行董事所组成。
NOMINATION POLICY (CONTINUED)
- ;
4. whether the candidate is a chief executive oficer or ful-
time executive director of another listed isuer; and
5. whether the candidate is an independent non-executive
director for multiple boards and the number of significant
comitments at government or non-profit making bodies.
The Board shal have the final decision on al maters relating to its
recomendation of candidates to stand for re-election at any general
meting. This policy shal be reviewed on a continuous basis and,
when necesary, can be revised by the Board from time to time.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE COMITE
The Environmental, Social and Governance (“ESG”) Comite was
established with writen terms of reference adopted in March 2024.
The ESG Comite is responsible for identifying, monitoring,
overseing and reviewing the Group’s ESG maters. It identifies and
aseses ESG isues that are material to the Group and its
stakeholders, sets targets to evaluate the Group’s ESG performance
and actions to be taken, prepares ESG reports, identifies relevant
climate changes risks and oportunities and makes improvement
recomendations and strategies to the Board. It reviews the Task
Force on Climate-Related Financial Disclosures (TCFD) target anualy
and monitors the Group’s progres. The ESG Comite is curently
chaired by Mr. Tam Kwok Wing, Executive Director, with
representatives from relevant departments and busines units.
EXECUTIVE COMITE
The Board has delegated the authority and responsibility for
implementing busines strategies and managing the daily operations
of the Group’s busines to an Executive Comite which was
established in 1991. Writen terms of reference, which describe the
authority and duties of the Executive Comite, have ben adopted
and are regularly reviewed and updated by the Board. Members of the
Executive Comite comprise six Executive Directors, namely
Mesrs Kuok Hoi Sang (chairman of the comite), Chow Ve Tsung, Oscar,
Tam Kwok Wing, Ho Chung Leung, Ma Chi Wing and Mis Lily Chow.
2025 年报 | 其士国际集团有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
执行委员会（续）
执行委员会的主要企业管治职能为协助
董事会及主席制定、检讨及监察本公司
有关企业管治的政策及常规，以确保遵
守法律及监管规定，检讨及监察培训及
操守准则适用于雇员及董事，亦检讨本
公司遵守企业管治守则的情况及在企业
管治报告中披露的情况。
风险管理及内部监控
董事会负责评估及厘定在达致本集团的
策略目标时其愿意承担的风险性质及程
度，以及确保本集团设立及维持合适且
有效的风险管理及内部监控系统并持续
检讨其有效性。董事会亦负责监督风险
管理及内部监控系统的设计、执行及监
察情况。风险管理及内部监控系统旨在
针对重大的失实陈述或损失作出合理而
非绝对的保证，并管理而非消除营运系
统失效或未能达成本集团业务目标时所
产生的风险。
董事会透过审核委员会每年检讨本集团
涵盖所有重大监控措施的风险管理及内
部监控系统的有效性，包括财务、营运
及合规监控措施；亦会考虑资源是否充
足、员工的资历及经验、培训计划及本
集团会计、内部审核及财务报告职能的
预算。内部及外部核数师管理函件内的
重大事项（如有）须提呈审核委员会垂注，
以确保采取及时的补救行动。所有建议
将会妥善跟进，以确保于合理时间内执
行。
根据企业风险管理框架，现时设有识别、
评估、管理、控制及报告风险的政策及
程序。有关风险包括策略、信贷、营运
（行政系统、人力资源、有形资产及声
誉）、市场、流动资金、法律、监管和环
境、社会及管治风险。董事会透过审核
委员会持续监察该等风险的出现。
内部监控系统包括以特定的权限范围界
定管理架构。董事会已清晰界定各部门
的权限及主要职责，确保有足够的检查
及平衡。内部监控系统旨在保障本集团
的资产不受未经授权的使用及处置；确
保存置恰当的会计记录，以供编制可靠
的财务资料；及确保遵守适用法律、法
规及行业标准。
EXECUTIVE COMITE (CONTINUED)
The principal corporate governance functions of the Executive
Comite is to asist the Board and the Chairman in developing,
reviewing and monitoring the Company’s policies and practices on
corporate governance on asurance the compliance with legal and
regulatory requirements, reviewing and monitoring of training and code
of conduct aplicable to employes and Directors, and also reviewing
the Company’s compliance with the CG Code and disclosure in the
Corporate Governance Report.
RISK MANAGEMENT AND INTERNAL CONTROL
The Board is responsible for evaluating and determining the nature and
extent of the risks it is wiling to take in achieving the Group’s strategic
objectives, and ensuring that the Group establishes and maintains
apropriate and efective risk management and internal control
systems and reviewing their efectivenes on an ongoing basis. The
Board is also responsible for overseing the design, implementation
and monitoring of the risk management and internal control systems.
The risk management and internal control systems are designed to
provide reasonable, but not absolute, asurance against material
mistatement or los, and to manage, rather than eliminate, risks of
failure in operating systems or in achievement of the Group’s busines
objectives.
The Board, through the Audit Comite, conducts a review of the
efectivenes of the Group’s risk management and internal control
systems, which covers al material controls, including financial,
operational and compliance controls, on an anual basis. It also
considers the adequacy of resources, staf qualifications and
experience, training programes and budget of the Group’s
acounting, internal audit and financial reporting function. Significant
isues in the management leters from both internal and external
auditors (if any) wil be brought to the atention of the Audit Comite
to ensure that prompt remedial action is taken. Al recomendations
wil be properly folowed up to ensure they are implemented within a
reasonable period of time.
Under the enterprise risk management framework, policies and
procedures are in place to identify, ases, manage, control and report
risks. Such risks include strategic, credit, operational (administrative
system, human resources, tangible asets and reputation), market,
liquidity, legal, regulatory and ESG risks. Exposure to these risks is
continuously monitored by the Board through the Audit Comite.
The internal control system includes a defined management structure
with specified limits of authority. The Board has clearly defined the
authorities and key responsibilities of each division to ensure adequate
checks and balances. The internal control system has ben designed
to safeguard the Group’s asets against unauthorised use or
disposition, to ensure the maintenance of proper acounting records
for producing reliable financial information; and to ensure compliance
with aplicable laws, regulations and industry standard.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
风险管理及内部监控（续）
回顾年内，审核委员会概无发现任何重
大事件，但发现可改进的地方，而内部
核数师已采取适当的措施改进。董事会
认为年内及截至年度报告发行日期的风
险管理及内部监控系统均属有效及足够。
本公司的内部审核部门监察本集团的内
部管治，并致力向董事会确保设有合适、
足够及有效的风险管理及内部监控系统。
该部门可不受限制地审阅本集团所有范
畴的活动及内部监控事宜，亦会就管理
层或审核委员会识别的特别范围进行审
核。内部审核部门采纳以风险为基准的
方法。其至少每年进行一次独立风险评
估，以确定所有关键风险均已按照风险
管理政策和程序进行了适当的识别和评
估，以及现有的风险控制和处理措施是
否有效。所有审核报告均会交予审核委
员会及主要管理层传阅。内部审核部门
亦会负责跟进建议及纠正行动的执行情
况。
董事会已制定举报政策予雇员及与本公
司有往来者（例如本公司的客户和供应
商），就本集团内部及任何可能关于本集
团的不当事宜提出保密举报。董事会亦
制定了反贪污、商业餽赠及款待政策，
以实践反贪污行动，并秉承诚实及正直
态度经营本公司业务。
董事和核数师对综合财务报表的
责任
董事知悉彼等须负责编制截至二零二五
年三月三十一日止年度综合财务报表，
真实及公平地反映本集团之财务状况以
及本集团之财务表现及现金流量。编制
综合财务报表时，董事已采纳并持续应
用香港公认会计准则及适当之会计政策，
作出公平及合理之判断及评估，并按持
续经营基准编制综合财务报表。本公司
之核数师确认彼等对本公司截至二零
二五年三月三十一日止年度综合财务报
表独立核数师报告的申报责任载于第
111页至122页的独立核数师报告中。
RISK MANAGEMENT AND INTERNAL CONTROL (CONTINUED)
During the year under review, there were no major isue but areas for
improvement have ben identified by the Audit Comite and the
internal auditor have taken apropriate measures for improvement.
The Board is of the view that the risk management and internal control
systems in place for the year and up to the date of isuance of the
anual report is efective and adequate.
The Company’s Internal Audit Department monitors the Group’s internal
governance and strives to provide objective asurance to the Board that
apropriate, adequate and efective risk management and internal
control systems are in place. It has unrestricted aces to review al
aspects of the Group’s activities and internal controls. It also conducts
special audits of areas of concern identified by management or the Audit
Comite. The Internal Audit Department adopts a risk-based audit
aproach. It conducts independent risk asesment, at least on an
anual basis, to determine al key risk have ben properly identified and
asesed in acordance with the Risk Management Policy and
Procedure, as wel as the existing risk control and treatment measures
are efective. Al audit reports are circulated to the Audit Comite and
key management. The Internal Audit Department is also responsible for
folowing up the implementation of recomendations and corective
actions.
The Board has in place a Whistle-Blower Policy for employes, and
those who deal with the Company such as the Company’s customers
and supliers, to raise concerns in confidence regarding posible
improprieties within and in any mater relating to the Group. The Board
has also developed the Anti-Coruption, Busines Gift and
Entertainment Policy to implement anti-coruption practices and to
cary out the Company’s busines fairly with honesty and integrity.
DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The Directors acknowledge their responsibilities for preparing the
consolidated financial statements for the year ended 31 March 2025,
which give a true and fair view of the financial position of the Group
and of the Group’s financial performance and cash flows. In preparing
the consolidated financial statements, the Directors have adopted
generaly acepted acounting standards in Hong Kong and suitable
acounting policies and aplied them consistently, made judgments
and estimates that are fair and reasonable and prepared the
consolidated financial statements on a going concern basis. The
Auditor of the Company acknowledge their reporting responsibilities in
the Independent Auditor’s Report on the consolidated financial
statements for the year ended 31 March 2025 as set out in the
Independent Auditor’s Report on pages 111 to 122.
2025 年报 | 其士国际集团有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
核数师酬金及核数师相关事宜
截至二零二五年三月三十一日止财政年
度内，就本集团核数师提供之核数及非
核数服务已支付╱应付核数师酬金如下：
附注： 于本年度的非审核服务主要包括税务合
规相关服务。
证券交易的标准守则
本公司已采纳上市规则附录C3所载之《上
市发行人董事进行证券交易的标准守则》
（「标准守则」）。经向全体董事具体查询
后，各董事均确认于整个年度内已遵守
标准守则的规定。
公司秘书
公司秘书为本公司之全职雇员，向主席
汇报并熟悉本公司之日常事务。回顾年
内，公司秘书已符合上市规则第3.29条
有关专业培训的要求。
AUDITORS’ REMUNERATION AND AUDITOR RELATED MATERS
For the year ended 31 March 2025, the fes paid/payable to the
auditors in respect of the audit and non-audit services provided by the
auditors to the Group were as folows:
Nature of servicesAmount (HK$’000)
服务性质金额（港币千元）
Audit services– PricewaterhouseCopers and other firms of the worldwide
network of PricewaterhouseCopers
6,944
核数服务 罗兵咸永道会计师事务所及其他属于罗兵咸永道全球网络
中的事务所
– other auditors8,576
其他核数师
Non-audit services
(note)
– PricewaterhouseCopers and other firms of the worldwide
network of PricewaterhouseCopers
非核数服务
（附注）
罗兵咸永道会计师事务所及其他属于罗兵咸永道全球网络
中的事务所
– other auditors2,572
其他核数师
Note: Non-audit services for the year comprise primarily tax compliance related
services.
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions
by Directors of Listed Isuer (the “Model Code”) as set out in
Apendix C3 to the Listing Rules. Folowing a specific enquiry of al
Directors, each of the Directors confirmed that he/she has complied
with the Model Code throughout the year.
COMPANY SECRETARY
The Company Secretary is a ful-time employe of the Company, who
reports to the Chairman and has day-to-day knowledge of the
Company’s afairs. During the year under review, the Company
Secretary had duly complied with the relevant profesional training
requirement under Rule 3.29 of the Listing Rules.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
股东权利
召开股东特别大会
于递呈要求日期持有不少于本公司缴足
股本（附有于本公司股东大会投票之权利）
十分之一之任何股东随时有权透过向董
事会或公司秘书发出书面要求，要求董
事会召开股东特别大会，以处理有关要
求中指明之任何事项。该等要求须由呈
请者签署并交回本公司于香港之主要营
业地点，注明收件人为公司秘书。
大会应于递呈该要求后两个月内举行。
倘递呈后二十一日内，董事会未有召开
该大会，则呈请者或持有超过全部呈请
者总投票权半数的任何呈请者，可自行
召开该大会，惟任何由此召开的会议不
能于所述日期届满三个月后召开。
向董事会作出查询
股东可透过向公司秘书寄发邮件至本公
司于香港之主要营业地点或发送电邮至
cd_enquiry@chevalier.com向董事会作
出查询及提问。
于股东大会提呈建议
股东可提出书面请求于股东大会上动议
决议案。于提出请求日期，有权于股东
大会上投票之股东人数须占所有股东之
总投票权不少于二十分一，或不少于
一百名股东。
有关书面请求须列明相关决议案，连同
一份声明，内容有关任何所建议决议案
提述之事宜或将在股东大会上处理之事
务。该书面请求亦须由全体有关股东签
署，并交回本公司于香港之主要营业地
点，注明收件人为公司秘书。
有关股东须寄存一笔合理及足够的款项，
用以支付本公司根据适用法例及规则发
出决议案通知及传阅有关股东提交之声
明所需之开支。
本公司股东提名候选董事之程序已刊登
于本公司网站。
SHAREHOLDERS’ RIGHTS
Convening a special general meting
Shareholders holding at the date of deposit of the requisition not les
than one-tenth of the paid up capital of the Company carying the right
of voting at general metings of the Company shal at al times have
the right, by writen requisition to the Board or the Company Secretary,
to require a special general meting to be caled by the Board for the
transaction of any busines specified in such requisition. The
requisition must be signed by the requisitionist(s) and deposited at the
principal place of busines of the Company in Hong Kong for the
atention of the Company Secretary.
The meting shal be held within two months after the deposit of such
requisition. If within twenty-one days of such deposit the Board fails to
proced to convene such meting, the requisitionist(s) themselves, or
any of them representing more than one half of the total voting rights
of al of them, may themselves convene a meting, but any meting
so convened shal not be held after the expiration of thre months
from the said date.
Puting enquiries to the Board
Shareholders may send their enquiries and concerns to the Board by
adresing them to the Company Secretary and deposit the same at
the Company’s principal place of busines in Hong Kong or by e-mail
to cd_enquiry@chevalier.com.
Puting forward proposals at general meting
Shareholders can submit a writen requisition to move a resolution at
the general meting. The number of shareholders shal represent not
les than one-twentieth of the total voting rights of al the shareholders
having at the date of the requisition a right to vote at the general
meting, or shal not be les than one hundred shareholders.
The writen requisition must state the resolution, acompanied by a
statement with respect to the mater refered to in any proposed
resolution or the busines to be dealt with at the general meting. It
must also be signed by al of the shareholders concerned and be
deposited at Company’s principal place of busines in Hong Kong for
the atention of the Company Secretary.
The shareholders concerned must deposit a sum of money reasonably
suficient to met the Company’s expenses in giving the notice of the
resolution and circulating the statement submited by the shareholders
concerned under aplicable laws and rules.
The procedures for shareholders of the Company to propose a person
for election as a director is posted on the website of the Company.
2025 年报 | 其士国际集团有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
与投资者及股东之关系
本公司认同具透明度和及时披露公司资
料的重要性，让股东能够作出知情的投
资决定。为确保与股东及投资者的持续
对话，董事会制定了股东通讯政策，列
载多个通讯渠道，目的是与股东及投资
者保持紧密沟通。本政策已载于本公司
网站及须由董事会定期审视以确保其仍
然有效。
本公司透过刊发中期报告及年报、通
函、通告及公告，向其股东及公众提供
本集团的充分资料。本公司向联交所网
站发布的资料亦刊登于本公司网站
htps:/w.chevalier.com。本公司网
站提供及时的公司公告、新闻稿和其他
业务信息。
董事会欢迎股东对影响本集团的事项提
出意见，并鼓励彼等出席股东大会，藉
以直接向董事会反映彼等关注的事项及
提供意见及建议。本公司股东大会为董
事会与股东提供最佳交流意见的机会。
董事会主席以及审核、薪酬及提名委员
会主席，或在他们缺席的情况下，各相
关委员会的其他成员，以及独立董事委
员会及核数师（如适用），可在股东大会
上回答问题。股东大会上就每项实际独
立的事宜个别（包括重选个别董事）提出
独立决议案。于股东大会上提出的所有
决议案均以投票方式表决，而投票表决
程序的详情将在股东大会上向股东解释。
投票表决结果将刊登于本公司及联交所
网站内。
股息政策
董事会于二零一八年十一月根据适用法
律及法规以及本公司之经修订及重订细
则采纳股息政策。该政策的目的是在决
定股息的宣布或建议时为公司董事会确
定参数。该政策亦允许公司股东参与公
司利润的同时保留公司的流动资金以捕
捉未来的增长机会。该政策将持续审视，
并在必要时由董事会不时修订。
宪章文件
报告期内，本公司之组织章程大纲及经
修订及重订细则并无作出修订。
INVESTOR AND SHAREHOLDER RELATIONS
The Company recognises the importance of transparency and timely
disclosure of corporate information, which enables shareholders to
make the most informed investment decisions. To ensure an ongoing
dialogue with shareholders and investors, the Board has in place
Shareholders’ Comunication Policy seting out a various chanels of
comunication, with the objective to maintain close comunications
with shareholders and investors. The Policy is posted on the
Company’s website and subject to regular review by the Board in order
to ensure that the policy remains efective.
The Company provides extensive information of the Group to its
shareholders and the public through the publication of interim and
anual reports, circulars, notices and anouncements. Information
released by the Company to the website of the Stock Exchange is also
posted on the Company’s website at htps:/w.chevalier.com. The
Company’s website ofers timely corporate anouncements, pres
releases and other busines information.
The Board welcomes the views of shareholders on maters afecting
the Group and encourages them to atend shareholders’ metings to
comunicate any concerns they might have and provide coments
and sugestions to the Board directly. The general metings of the
Company provide the best oportunity for exchange of views betwen
the Board and shareholders. The Chairman of the Board as wel as
chairmen of the Audit, Remuneration and Nomination Comites or,
in their absence, other members of the respective comites, and
where aplicable, the independent board comite and auditor, are
available to answer questions at general meting. Separate resolutions
are proposed at general metings on each substantialy separate isue,
including the re-election of individual Directors. Al resolutions put
forward at general metings wil be voted on by pol and details of the
pol voting procedures wil be explained to shareholders at general
metings. The pol results wil be posted on the websites of the
Company and the Stock Exchange.
DIVIDEND POLICY
The Board adopted a Dividend Policy in November 2018 in acordance
with the aplicable laws and regulations as wel as the Amended and
Restated Bye-Laws of the Company. The aim of this policy is to
establish the parameters for the Board of the Company when they
make decision on the declaration or recomendation of the dividend.
It also alows shareholders of the Company to participate in the
Company’s profits whilst preserving the Company’s liquidity to capture
future growth oportunities. This policy shal be reviewed on
continuous basis, and when necesary, and can be revised by the
Board from time to time.
CONSTITUTIONAL DOCUMENTS
During the reporting period, no amendment had ben made to the
Memorandum of Asociation and Amended and Restated Bye-Laws of
the Company.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
绪言
本环境、社会及管治报告阐述了本集团
在二零二四年四月一日至二零二五年三
月三十一日期间如何处理环境、社会和
管治事项。本报告的环境资料包括本集
团所有公司，但由于大部份业务以香港
为主，社会部份仅涵盖在香港之业务。
我们视可持续发展及服务社群为成功的
关键。董事会负责制定各项发展目标及
策略，包括环境、社会及管治相关工作。
年内，环境、社会及管治委员会统筹相
关事务，该委员会不仅确保本集团的工
作符合香港联合交易所有限公司（「联交
所」）证券上市规则（「上市规则」）附录C2
中的《环境、社会及管治报告守则》（「环
境、社会及管治报告守则」），并就重大
环境、社会及管治决策向董事会提供建
议。
我们深知持份者（尤其是投资者）对企业
的环境、社会及管治绩效的期望日益增
长。为满足这一需求，我们已将环境、
社会及管治纳入整体业务风险识别与管
理的主要部份。
本集团持续更新政策以符合最新法规及
行业常规，这有助我们作出长远发展的
决策，及规避新型风险。
为了加深理解，我们已聘请独立专家评
估气候风险与机遇，包括实体风险（如极
端天气与长期气候变化）及转型风险（如
新法规、技术与市场变化）。其专业建议
有助我们更完善规划，实现商业成长与
环境效益的双赢。
更多关于风险管理及内部控制的详情，
请参阅企业管治报告第53至54页。
INTRODUCTION
This Environmental, Social and Governance (“ESG”) Report explains
how the Group handled ESG maters from 1 April 2024 to 31 March
2025. It includes environmental information from al of our companies,
but the social section only covers our work in Hong Kong, where most
of our busines takes place.
We se sustainability as key to our suces and to helping the
comunities we serve. The Board sets our goals and strategies,
including ESG eforts. During the year, our ESG Comite was
managed relevant ESG activities. This Comite checks that our work
folows the ESG Reporting Code in Apendix C2 of the Rules
Governing the listing of Securities (the “Listing Rules“) (the “ESG
Reporting Code”) on The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and advises the Board on important ESG decisions.
We understand that there are increasing expectations from stakeholders,
especialy investors, about the company’s ESG performance. To met
this demand, we have made ESG a key part of how we spot and
manage risks acros our busines.
We regularly update our policies to kep up with the latest rules and
industry practices. This helps us make decisions that suport long-
term suces and avoid new types of risk.
To depen our understanding, we hired an independent expert to
ases climate risks and oportunities. These include physical risks (like
extreme weather and long-term climate change) and transition risks (such
as new laws, technologies, and market changes). Their advice helps us
plan beter and grow in a way that suports the environment and our
busines.
Find more on our aproach to risk and internal controls in the
Corporate Governance Report on pages 53 to 54.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
本报告编制方法
本集团致力于成为负责任的企业，并遵
守相关法律及规例。本报告依据环境、
社会及管治报告守则的四项主要原则所
编制：
(i)重要性：本集团与持份者沟通确定
关键环境、社会及管治议
题（详见「持份者参与」）；
(i)量化：关键绩效指标的原始数据
直接来源于公司各部门；
(i)平衡：本报告以客观公正地披
露本集团的表现；及
(iv)一致性：除特别说明的变更外，
本报告的编制方法与上
年度一致。
持份者参与
我们定期与主要持份者进行沟通。听取
他们的意见不仅有助于建立信任、遵循
合规，更能聚焦于各方关注的重要可持
续发展议题。通过沟通，有助我们得以
在充满变化的商业环境中增强抗风险能
力，实现长远繁荣。
下表详列本集团与主要持份者的沟通方
式。
HOW THIS REPORT WAS MADE
We aim to be a responsible company and has complied with relevant
laws and regulations. This Report was created using four key principles
from the ESG Reporting Code:
(i)Materiality:The Group asked stakeholders to tel us what ESG
topics mater most (se “Stakeholder Engagement”)
for more details;
(i)Quantitative:The raw data used to formulate our key
performance indicators (KPI), comes directly from
company departments;
(i)Balance:This Report shares our performance clearly and
fairly; and
(iv)Consistency:This Report has ben prepared in the same way
we prepared last year’s report, unles we have
noted any changes.
STAKEHOLDER ENGAGEMENT
We regularly speak to key stakeholders. Listening to their views helps
us build trust, folow rules, and focus on sustainability topics that
mater to them. These conversations help us stay strong and
prosperous, even as the world changes.
The table below shows how we comunicate with our key
stakeholders.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
持份者参与（续）
StakeholdersExpectations, neds and concernsComunication chanels
持份者期望、需求及关注沟通渠道
Shareholders and
investors
股东及投资者
• Return on investments
投资回报
• Corporate strategy and
governance
企业策略及管治
• Company website
公司网站
• Interim and anual reports
中期及年度报告
• Anual general meting
股东周年大会
- , notices of metings,
circulars
公告、会议通告、通函
• Social media platforms
社交媒体平台
Employes
雇员
• Compensation and benefits
薪酬及福利
• Carer development
oportunities
职业发展机会
• Ocupational health and safety
职业健康与安全
• Employe activities
雇员活动
- , email updates, and
intranet
企业期刊、电邮通知及内联网
• In-house training programes
内部培训计划
• Job performance reviews and apraisals
工作表现评核及评估
- /training sesions
定期会议╱培训课程
• Social media platforms
社交媒体平台
Sub-contractors
分包商
• Efective project management
有效的项目管理
• Ocupational health and safety
职业健康与安全
• Ethical busines practices
商业道德营商常规
• Sub-contractors asesment
criteria
分包商评估标准
• Training sesions
培训课程
- , safety and environment comite
健康、安全及环境委员会
• Regular operation metings
定期营运会议
• Audits and asesments
审核及评估
• Social media platforms
社交媒体平台
Supliers
供应商
• Long-term relationship
长期合作关系
• Ethical busines practices
商业道德营商常规
• Suplier asesment criteria
供应商评估标准
• Procurement proceses
采购流程
• Regular review and asesment
定期审阅及评估
• Social media platforms
社交媒体平台
General public and
comunity
公众及社区
• Environmental isues
环境议题
• Comunity participation
社区参与
• Company website
公司网站
• Volunter comunity work
义工社区服务
• Sponsorships and donations
赞助及捐赠
• Social media platforms
社交媒体平台
STAKEHOLDER ENGAGEMENT (CONTINUED)
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
重要性评估
在环境、社会及管治领域，「重要性」意
味著聚焦最具策略意义的议题，从而将
管理精力、透明度及资源配置集中于能
产生最大影响力的地方。
本集团采用双重要性评估，涵盖以下：
- －分析环境、社会及管
治议题如何影响业务价值。
- －评估业务活动对社会
与环境的影响。
该方法有助确定对本集团的业务和持份
者最重要的环境、社会及管治议题，它
遵循了联交所的环境、社会及管治报告
守则的要求。
本集团如何确定环境、社会及管治的
核心议题
评估流程方法：如何做到
我们的评估遵循清晰的、循序渐进的流
程，识别对企业及持份者最重要的环境、
社会及管治议题。
首先覆核上次评估的结果与联交所当前
的环境、社会及管治规则，继而分析行
业新兴风险，并通过问卷调查与访谈收
集持份者的回应。
评估标准：关注的重点
基于「双重要性」方法，考量对业务的
财务风险和本集团营运的广泛影响，以
决定议题聚焦。
主要环境、社会及管治议题之识别
经分析确定的优先议题包括：
环境
– 能源效益
– 绿色建筑
– 气候适应及韧性
– 碳排放
– 废弃物管理
社会
– 薪酬、福利与员工关怀
– 吸引和保留人才
– 健康与安全
– 客户满意度
MATERIALITY ASESMENT
In the ESG world, “materiality” means spotlighting the most
meaningful isues, so that efort, transparency and resources go
where they can make the bigest diference.
The Group did a double materiality asesment, loking at:
- – how ESG isues could afect our busines
value.
- – how our busines activities afect society
and the environment.
This aproach helped us identify the ESG topics that are most
important to our busines and our stakeholders. It folows the ESG
Reporting Code from the Stock Exchange.
How the Group found the most important ESG isues
Methodology: How we did it
Our asesment folowed a clear, step-by-step proces to find out
which ESG isues mater most to our company and stakeholders.
We began by checking that the results from our last asesment stil
match the curent ESG rules from the Stock Exchange. We then
considered any new industry risks and gathered fedback from
stakeholders through surveys and interviews.
Criteria: What we loked for
We used a “double-materiality” aproach, loking at financial risk to
the busines and the wider impacts of our operations, to decide what
isues to focus on.
Key ESG Topics Identified
Our analysis highlighted the folowing priority areas:
Environmental
– Energy Eficiency
– Gren Buildings
– Climate Adaptation and Resilience
– Emisions
– Waste Management
Social
– Compensation, Benefits and Employe Care
– Talent Atraction and Retention
– Health and safety
– Customer Satisfaction
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
重要性评估（续）
主要环境、社会及管治议题之识别（续）
管治
– 品质管治
– 气候风险评估
– 风险管理
– 资料私隐与安全
本集团的方法
本集团研究显示，雇员、管理层、行政
人员及股东认为最重要的四个议题为：
1. 健康与安全
健康与安全始终是本集团的最高优
先事项。我们致力于保障雇员，确
保遵守法律规则，并在各个层面降
低风险。一个安全的工作环境支持
我们的道德和法律义务，提高雇员
士气，降低营运成本，并维护企业
声誉。投资于强而有力的健康与安
全措施有助于预防事故，并促进整
体生产力。
2. 客户满意度
客户满意度对于企业成功至关重
要。团队明白，卓越的客户满意度
能提高回购率及使本集团在其高端
产品和服务实现溢价定价。通过减
少价格折扣需求和降低营销成本以
提升利润率。
MATERIALITY ASESMENT (CONTINUED)
Key ESG Topics Identified (continued)
Governance
– Quality Governance
– Climate Risk Asesments
– Risk Management
– Data Privacy and Security
The Group’s Aproach
Materiality Matrix for Internal Stakeholders
内部持份者的重要性矩阵图
S
t
a
k
e
h
o
ld
e
r
I
m
p
a
c
t
持
份
者
影
响
Financial Impact
财务影响
Waste Management
废弃物管理
Climate Risk Asesments 气候风险评估
Gren Buildings 绿色建筑
Energy Eficiency 能源效益
Risk Management 风险管理
Quality Governance 品质管治
Health and Safety 健康与安全
Customer Satisfaction 客户满意度
Data Privacy and Security 资料私隐与安全
Emisions 碳排放
Compensation, Benefits and Employe Care
薪酬、福利与关怀员工
Talent Atraction and Retention
吸引和保留人才
Climate Adaptation and Resilience 气候适应及韧性
High 高
Low 低
The Group’s study showed the four topics that our employes,
managers, executives and shareholders found most important:
1. Health and Safety
Health and safety remain the Group’s highest priority. We are
firmly comited to protecting our people, ensuring we met
legal rules and reducing risk at every level. A safe working
environment suports our moral and legal obligations, enhances
employe morale, reduces costs, and safeguards our reputation.
Investing in strong health and safety measures helps prevent
acidents and contributes to overal productivity.
2. Customer Satisfaction
Customer satisfaction is vital to busines suces. Our teams
understand that high customer satisfaction means repeat
busines and alows the Group to charge for its premium
products and services. It improves profit margins by reducing the
ned for discounts and lowering marketing costs.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
重要性评估（续）
主要环境、社会及管治议题之识别（续）
本集团的方法（续）
3. 品质管治
品质管治（涵盖内部控制、规则遵
循及道德领导）是本集团持续高效
地提供优质产品与服务的关键。这
不仅关乎正确行事，更是持续优化
营运流程以创造更佳成果。我们深
知，有效的管治能提升透明度、问
责制和长期价值。同时可降低合规
与诈骗相关的风险、增强投资者信
心，并有利于取得更优越融资条
件。简而言之，完善的管治机制是
财务稳健与韧性的核心。
4. 资料私隐与安全
在数位化时代，保护敏感资料至关
重要。本集团深知，保护客户及企
业资讯是维持信任与营运稳健的核
心。有效的资料私隐和安全策略能
够防范代价高昂的资料泄露、罚款
及对集团声誉损害。完善的资料防
护机制不仅能确保合规性、增强持
份者信心，更能保障本集团的长期
价值。
MATERIALITY ASESMENT (CONTINUED)
Key ESG Topics Identified (continued)
The Group’s Aproach (continued)
3. Quality Governance
Quality governance (covering internal controls, folowing rules,
and having ethical leadership) is neded for the Group to
consistently deliver high-quality products or services in the most
eficient and efective way posible. It is not just about doing
things right, it is about continuously improving how things are
done to achieve beter results. We recognise that efective
governance improves transparency, acountability, and long-term
value. It minimises risks related to compliance and fraud, builds
investor confidence, and enables beter aces to capital and
credit. Simply put, strong governance drives financial stability
and resilience.
4. Data Privacy and Security
In today’s digital landscape, protecting sensitive data is vital. The
Group understands that guarding customer and corporate
information is key to maintaining trust and operational integrity.
Efective data privacy and security strategies protect against
expensive breaches, fines, and any damage to the Group’s
reputation. Strong digital safeguards ensure compliance, reasure
stakeholders and preserve long-term value.
Materiality Matrix for External Stakeholders
外部持份者的重要性矩阵图
S
t
a
k
e
h
o
ld
e
r
I
m
p
a
c
t
持
份
者
影
响
Financial Impact
财务影响
Waste Management
废弃物管理
Climate Risk Asesments
气候风险评估
Gren Buildings 绿色建筑
Energy Eficiency 能源效益
Risk Management 风险管理
Quality Governance 品质管治
Health and Safety 健康与安全
Customer Satisfaction 客户满意度
Data Privacy and Security
资料私隐与安全
Emisions 碳排放
Compensation, Benefits and Employe Care
薪酬、福利与员工关怀Talent Atraction and Retention
吸引和保留人才
Climate Adaptation and Resilience
气候适应及韧性
High 高
Low 低
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
重要性评估（续）
主要环境、社会及管治议题之识别（续）
本集团的方法（续）
研究显示，本集团的外部持份者认为以
下议题最为重要：
1. 健康与安全
外部持份者期望公司为雇员、承包
商和终端用户制定严格的健康与安
全标准。良好的健康安全记录可以
提升企业声誉，增强合作伙伴和社
区的信任。
若在此方面表现不佳可能导致法律
诉讼、规管性罚款、保险费用上
升，及损害本集团的声誉。反之，
积极的健康与安全措施能减少营运
中断，促进雇员稳定性，提高生产
力，并帮助降低营运成本。
2. 风险管理
外部持份者认为成熟稳健的企业具
备完善的风险管理能力。清晰展示
风险识别、评估和管理风险流程，
让持份者确信集团已为经济、环境
和地缘政治的不确定性做好准备。
良好的风险管理可减少财务损失的
可能性，提升信用评级并优化融资
成本。同时，支持长期规划，并在
市场波动时期保障股东利益。
3. 资料私隐与安全
外部持份者对企业如何收集、储存
和保护个人及敏感数据越来越关
注。资料私隐泄露可能会严重损害
持份者的信任和品牌声誉。
资料外泄可能导致巨额罚款、诉讼
费用和客户流失。投资于网路安全
和资料管治不仅能规避这类风险，
还能在资料敏感行业中创造竞争优
势。
我们的评估发现，健康与安全以及资料
私隐与安全是内部和外部持份者列为优
先事项，反映了这些议题在构建信任、
韧性和创造长期价值中的重要性。
MATERIALITY ASESMENT (CONTINUED)
Key ESG Topics Identified (continued)
The Group’s Aproach (continued)
The study showed that the Group’s external stakeholders believe the
folowing isues are most important:
1. Health and Safety
External stakeholders expect companies to have strong health
and safety standards for employes, contractors and end-users.
A solid health and safety record bosts corporate reputation and
strengthens trust with partners and comunities.
Por performance in this area can result in legal consequences,
regulatory fines, increased insurance premiums, and damage to
the Group’s reputation. In contrast, proactive health and safety
practices minimise disruptions, promote workforce stability,
improve productivity, and help reduce operating costs.
2. Risk Management
External stakeholders believe mature and resilient organisations
have strong risk management. Clearly showing how we identify,
ases and manage risk measures stakeholders that the Group is
prepared for economic, environmental, and geopolitical uncertainties.
God risk management reduces the posibility of financial loses,
enhances credit scores, and can lower the cost of capital. It also
suports long-term planing and protects shareholder value
during periods of shifting markets.
3. Data Privacy and Security
External stakeholders are increasingly concerned about how
organisations colect, store, and protect personal and sensitive
data. A breach of data privacy can severely damage stakeholder
trust and brand reputation.
Data breaches can result in significant financial penalties, legal
costs, and los of busines. Investing in cybersecurity and data
governance not only decreases these risks but also creates a
competitive advantage in data-sensitive industries.
Our asesment found that Health and Safety and Data Privacy and
Security are top priorities for both internal and external stakeholders,
reflecting their importance in ensuring trust, resilience, and long-term
value creation.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理
环境可持续性是企业责任和长期规划的
核心。我们将生态因素纳入管治、规划
和营运中，专注于减排、节能节水，以
及废弃物管理。相关措施与联交所的环
境、社会及管治报告守则及全球气候目
标保持一致。
报告年度亮点：
获得港币一亿元的绿色及社会责任贷款：
这笔来自恒生银行的贷款已获香港品质
保证局认证，支持我们的简约公屋合营
公司项目，当中融入绿色居住环境、提
升能源和用水效益等特点。
使用更多组装合成建筑技术(MiC)：
在香港的简约公屋项目中扩大组装合成
建筑技术(MiC)的使用。通过在地盘外预
制建筑模组并在现场组装，减少了建筑
废物、噪音和灰尘，同时提升了项目进
度和施工安全性。
获得能源效率奖项：
– 节能约章2024 －其士富居物业管
理有限公司（旭禾苑）
– 2024积极悭电大奖（银奖）－其士
富居物业管理有限公司
这些成果显示我们在减碳进程取得可量
化的进展。
环境管治
董事会每年会审议与气候相关的风险和
机遇，并由环境、社会及管治委员会提
供支持。该委员会负责制定气候策略、
监察发展，并确保业务与最新可持续性
议题保持一致。
我们邀请外部专家向董事会提供培训，
以帮助董事掌握与气候有关的资讯趋势，
并在快速变化的环境中能作出决策。
环境策略
气候变化为本集团带来挑战和机遇。我
们评估和管理气候风险，包括极端天气
事件、政策和市场变化，涵盖营运、供
应链和投资。
同时，本集团在能源效率、可持续金融
和技术创新等领域寻找机会。通过情景
分析和风险管治，不断增强韧性，推动
低碳和可持续未来。
ENVIRONMENTAL STEWARDSHIP
Environmental sustainability is at the heart of our corporate
responsibility and long-term planing. We integrate ecological factors
into governance, planing, and operations, with a focus on reducing
emisions, conserving energy and water, and managing waste. Our
eforts align with the ESG Reporting Code from the Stock Exchange
and global climate goals.
Highlights from the Reporting Year:
We secured a HK$100 milion gren and social loan:
The loan from Hang Seng Bank is certified by the Hong Kong Quality
Asurance Agency. This suports our Light Public Housing joint
venture project, which focuses on gren living environments and
enhanced energy and water eficiency.
We employed more modular integrated construction (MiC):
We expanded MiC use in Hong Kong’s Light Public Housing projects.
By prefabricating building modules of-site and asembling them on-
site, we reduced construction waste, noise, and dust, while improving
project timelines and safety.
We earned awards for energy eficiency:
– Energy Saving Charter 2024 – Chevalier Property Management
Limited (Yuk Wo Court)
– CLP Top Saving in 2024 (Silver) – Chevalier Property
Management Limited
These achievements show measurable progres toward our
decarbonisation goals.
Environmental Governance
Our Board of Directors reviews climate-related risks and oportunities
each year. The Board is suported by the ESG Comite, which
develops climate strategy, monitors developments, and ensures our
busines stays aligned with the latest sustainability isues.
We also held board-level training sesions with external experts to
help directors stay informed and guide climate-related decision-making
in a fast-evolving landscape.
Environmental Strategy
Climate change brings us chalenges and oportunities. We ases and
manage climate risks, whether from extreme weather events or policy
and market changes, acros operations, suply chains, and
investments.
At the same time, we find oportunities in areas such as energy
eficiency, sustainable finance, and technological inovation. Through
scenario analysis and risk governance, we are building resilience and
advancing a low-carbon, sustainable future.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
气候相关的风险与机遇
以下表格总结了最重要的气候相关风险
和机遇，及其对业务模式和价值链的潜
在影响。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Climate-related Risks and Oportunities
The folowing table sumarises the most material climate-related risks
and oportunities, and their potential impacts to busines model and
value chain.
Types of RisksClimate-related RisksEfects on BusinesEfects on Value Chain
风险类型气候相关风险对业务的影响对价值链的影响
Climate-related physical risks
气候实体风险
Acute
急性
Extreme heat
极端高温
• Reduced productivity
生产力下降
• Increased coling costs
制冷成本增加
• Equipment overheating
设备过热风险
• Disruptions in logistics and
warehousing due to heat-
sensitive gods
由于货物对高温敏感导致的
物流及仓储中断
Acute
急性
Riverine and coastal
floding
河流及沿海洪灾
• Increased costs of
operations and los of
equipment value
营运成本上升及设备价值
损失
• Transport route disruption
运输路线中断
• Increased probability of
production shutdowns, labour
shortages and infrastructure
damage
停产劳动力短缺、基础设施损
坏概率增加
Acute
急性
Wildfire
火灾
• Temporary or prolonged
shutdowns of facilities
设施临时╱长期关闭
• Increased health and
safety risks from air
quality and evacuations
空气质素及疏散引发的健
康及安全风险
• Raw material sourcing
disruptions
原材料采购中断
Acute
急性
Tropical cyclones
热带气旋
• Increased risk of damage
to building asets
增加建筑资产损毁风险
• Shiping and transport delays
or cancelations
航运及运输延误或取消
Chronic
慢性
• Changes in
precipitation paterns
and extreme
variability in weather
paterns
降水模式改变和天气
模式的极端变化
• Rising mean
temperatures
平均气温上升
• Rising sea levels
海平面上升
• Long-term shifts in
climate may reduce
certain geographic
markets or operational
models viability
长期气候变化导致某些区
域市场或营运模式失效
• Increased maintenance costs
维修成本增加
• Reduced aset lifespan
资产寿命缩短
• Suply chain instability in
climate-vulnerable regions
气候脆弱地区供应链不稳定
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
气候相关的风险与机遇（续）
在识别气候相关风险后，我们也评估了
支持低碳转型和业务韧性的气候相关机
遇。
Types of RisksClimate-related RisksEfects on BusinesEfects on Value Chain
风险类型气候相关风险对业务的影响对价值链的影响
Climate-related transition risks
气候过渡风险
Policy and legal
政策及法律
Increased carbon pricing
碳定价提高
• Higher operating costs
may reduce profit
margins or require
product pricing
adjustments
营运成本上升可能降低利
润或需调整产品定价
• Increased input prices
原材料价格上涨
• Necesary low-carbon
sourcing strategies
需制定低碳采购策略
Policy and legal
政策及法律
Mandatory regulation of
existing products and
services
现有产品及服务强制监管
• May render curent
oferings non-compliant
or obsolete, requiring
redesign or withdrawal
可能导致现有产品不符合
规格，需重新设计或回收
• Increased compliance costs
and retoling of production
lines
合规成本增加、生产线改造
• Potential disruption in
distribution and customer
relationships
分销与客户关系潜在中断
Technology
技术
Unsucesful investment
in new technologies
新技术投资失败
• Sunk costs
沉没成本
• Mised market
oportunities
错失市场机遇
• Reputational damage
声誉受损
- ,
increase costs, or reduce
product quality
营运中断、成本上升或产品
品质下降
Market
preference
市场偏好
Increased cost of raw
materials
原材料成本上涨
• Require increase in
product price or product
reformulation
需提高售价或调整产品
配方
• Suply chain volatility and
the ned to diversify sourcing
or invest in material eficiency
供应链波动，需推动采购多元
化或材料效率投资
After we identified the climate-related risks, we also asesed climate-
related oportunities that suport our transition to a low-carbon and
resilient busines model.
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Climate-related Risks and Oportunities (continued)
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
气候相关的风险与机遇（续）
情境分析
本集团聘请了一家第三方顾问公司进行
气候情境分析，以帮助评估了在各种气
候条件下战略的韧性，并为长期可持续
发展规划提供信息。
使用MSCI气候风险估价模型(CVaR)，评
估了在过渡和实体违约风险情境下对业
务营运、供应链和财务表现的潜在影响。
范围
• 4个选定的代表业务单位
- （位于中国、泰国、
新加坡、英国、加拿大和美国）
使用的气候情境
实体违约情境：
- | 2°C
假设
- 。资
产假定在情境期间保持在其当前位
置。
- 。
Climate-related OportunitiesEfects on BusinesEfects on Value Chain
气候相关机遇对业务的影响对价值链的影响
Improve how we operate, which
might ned equipment upgrades
将设备升级，以改善营运效益
• Improved service quality
提升服务质素
• Reduced runing costs
降低营运成本
• Higher potential for new
service lines
新兴服务线开发潜力更大
• Work beter by reducing
unecesary steps
减少不必要工序以提高工作效率
• Improved service quality
提升服务质素
Smart technology adoption
采用智能技术
• Create operational savings
创造营运效益
• Improved service quality
提升服务质素
• Work beter by reducing
unecesary steps
减少不必要工序以提高工作效率
• Improved service quality
提升服务质素
Behavioural changes
(including employe training and
stakeholder engagement)
行为改变（包括雇员培训和持份者参与）
• Increased productivity
提高生产力
• Improved service quality
提升服务质素
• Work beter by reducing
unecesary steps
减少不必要工序以提高工作效率
Scenario Analysis
We engaged a third-party consultant to conduct a climate scenario
analysis, which helped us to ases the resilience of our strategy
under various climate conditions and inform our long-term sustainability
planing.
Using MSCI Climate Value at Risk (CVaR) model, we asesed
potential impacts on operations, suply chains, and financial
performance under both transition and physical default risk scenarios.
Scope
• 4 selected representative busines units
- , Thailand, Singapore, UK,
Canada and USA)
Climate Scenarios Used
Physical default scenario:
- | 2°C
Asumptions
• Analysis conducted in 2023-24. Asets are asumed to stay in
their curent locations for the duration of the scenario.
• Mitigation measures wil remain the same.
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Climate-related Risks and Oportunities (continued)
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
主要发现
根据上述结果，发现了几种气候相关的
风险，每种风险的严重程度各不相同。
这些风险可能影响业务营运、资产管理
和财务规划。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Key Findings
Physical RiskRelevance and Asumptions
实体风险相关性和假设REMIND | 2°C
Coastal floding
沿海洪灾
We loked at how extreme weather could afect
where our asets are located and how much value
might be at risk.
研究了极端天气如何影响资产的地理位置以及可能面临
的价值风险。
Low
低
Riverine floding
河流洪灾
Low
低
Tropical cyclones
热带气旋
Medium
中
Extreme heat
极端高温
High
高
Extreme cold
极端寒冷
Low
低
Wildfire
火灾
Medium
中
Based on the above results, we found several climate-related risks,
each with diferent levels of seriousnes. These risks could afect how
we run our busines, manage our asets, and plan our finances.
Physical RiskLevel of RiskBusines ImplicationsFinancial Implications
实体风险风险等级商业影响财务影响
Extreme heat
极端高温
High
高
• A ned for more coling in
buildings and on building sites,
leading to higher energy use.
建筑物及建筑地盘对降温的需求
增加，导致能源消耗上升。
• Labour would not be able to work
at the same rate they do today,
and outdor workers could face
higher risks.
劳动力无法维持现有工作效率，
户外工作者可能面临更高风险。
• Ned to change how we work
and build stronger systems to
beter handle climate change.
需要改变工作模式并建立更强健
的系统以应对气候变化。
• Runing costs rise because of
higher energy use and the ned
to adjust to climate change.
因应气候变化导致能源使用增
加和调节的需要，营运成本将上
升。
• We may ned to upgrade
buildings to handle extreme
heat.
可能需要升级建筑物以应对极
端高温。
• Insurance premiums wil rise
for asets exposed to heat.
暴露于高温环境的资产之保险
费用将会上涨。
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
主要发现（续）
转向低碳经济面临若干风险，如新法例、
客户偏好的变化、声誉挑战和不断发展
的技术，这些都可能影响我们的业务。
政策及法律
• 逐步淘汰高全球暖化潜势(GWP)制
冷剂
• 使用生物柴油作为车辆燃料
• 限制煤气使用
• 以电动车代替柴油车
市场偏好
• 转向低全球暖化潜势(GWP)制冷剂
• 使用低碳建筑材料
• 为建筑物增加可再生能源
• 实行无纸化文件管理
声誉
• 行业因高碳排放而形象负面
Physical RiskLevel of RiskBusines ImplicationsFinancial Implications
实体风险风险等级商业影响财务影响
Tropical cyclones
and wildfire
热带气旋和火灾
Medium
中
• Higher operational costs due to
increased energy use and
adaptation measures.
增加能源使用和应对措施，导致
营运成本上升。
• Potential capital expenditure for
retrofiting facilities with heat
mitigation technologies.
为引入防暑降温技术，设施改造
需投入资本支出。
• Insurance premiums may rise for
heat-exposed asets.
暴露于高温的资产保险费用可能
上升。
• Increased insurance costs and
potential aset write-downs.
保险成本上升和潜在的资产减值。
• Ned for contingency funds and
busines continuity planing.
需设立应急资金和制定业务持
续性计划。
• Potential delays in revenue
recognition from project
disruptions.
项目中断可能会导致收入确认
延迟。
Coastal floding,
fluvial floding and
extreme cold
沿海和河流洪灾，
及极端寒冷
Low
低
• How weather can afect logistics
and site aces.
天气对物流和地盘通道的影响。
• Ocasional damage to
infrastructure in flod-prone
areas.
在洪水易发地区基础设施可能遭
受间歇性损毁。
• Smal increases in maintenance
and repair costs.
维修成本的轻微增加。
• Smal but real chance some
asets in high-risk areas could
be impaired.
高风险地区的部份资产可能出
现减值，概率较小但仍存在。
Changing to a low-carbon economy has several risks, such as new
laws, changing customer preferences, reputational chalenges, and
evolving technology that could afect our busines.
Policy and Legal
• Phasing out high-GWP refrigerants
• Use biodiesel for vehicle fuel
• Gas use caped
• Electric vehicles to replace diesel
Market Preference
• Changing to low-GWP refrigerants
• Using low-carbon construction materials
• Ading renewable energy to buildings
• Going paperles for documents
Reputational
• Industry has a negative public image because it produces high-
carbon emisions
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Key Findings (continued)
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
主要发现（续）
技术
• 使用低全球暖化潜势(GWP)制冷剂
• 采用低碳建筑方法
- （例如太阳能板）
• 无纸化和电子签名技术
这些风险可能导致更多支出、资产价值
变化，并可能影响信用评级和保险成本。
气候相关转型计划
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Key Findings (continued)
Technology
• Developing low-GWP refrigerants
• Low-carbon construction methods
• Renewable energy technology (e.g. solar panels)
• Developing technology in paperles documentation and e-signature
These risks may lead to more spending, changes in aset value, and
may afect credit ratings and insurance costs.
Climate-related Transition Plan
DurationCategoryDescription
时期分类描述
Short Term (2025-26) &
Medium Term (2026-27)
短期（二零二五年至
二六年）及
中期（二零二六年至
二七年）
Acute climate risk
急性气候风险
• Use climate-resilient designs when upgrading curent
buildings or planing new ones in areas likely to face
severe weather or climate risks.
对现有建筑物进行升级或在可能面临严重天气或气候
风险的地区规划新建筑时，采用气候应对设计。
• Hold aset-level climate risk asesment for existing
buildings and buildings owned or to be developed.
对现有建筑物及拟开发物业进行资产级气候风险评估。
• Hold employe training and ensure employes know
what to do in case of a climate-related emergency.
举办雇员培训，确保雇员了解在气候相关突发情况下的
应对措施。
Chronic climate risk
慢性气候风险
• Provide training and ensure al busines units and
external property managers folow the required
procedures.
提供培训，确保所有业务部门和外部物业管理人员遵循
既定的程序。
Long Term
(2027-28 or later)
长期（二零二七年至
二八年或以后）
Mandatory regulation of
existing products and
services
对现有产品和服务进行
强制性审查
• Explore electric vehicle options to replace vehicles
that use fosil fuel.
探索电动车方案，以替代燃油车辆。
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
财务影响
环境风险管理
环境风险管理在集团的企业风险框架中
为主要组成部份，通过识别、评估和减
少可能影响业务营运、供应链和长期可
持续性的环境及气候相关风险。这些风
险由本公司董事会进行监控和监督。
自二零二四年底起，已启用集团数据收
集系统以追踪关键环境指标，包括燃料、
柴油、制冷剂、电力和水的使用情况，
一般废弃物产生量，以及回收量。这些
数据使环境、社会及管治委员会和各业
务部门能够定期评估绩效，并向董事会
报告气候相关的风险管理情况。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Financial Implications
Risk
Climate-related
IndicatorFinancial ItemQualitative ImpactQuantitative Impact
风险气候相关指标财务项目定性影响定量影响
Policy and regulation
changes
政策和法规变化
GHG emisions
(Scope 1, 2 and 3)
温室气体排放
（范围一、二和三）
• Liabilities
负债
• Operating expenses
营运开支
• Carbon tax or ban on
high-emision products and
services
实施碳税或禁止高排放产品
和服务
• Fines or penalties if we do
not met new climate rules
or tougher industry
standards
对未能遵守新的气候规则或
更严格行业标准的情况，将
实施罚款或处罚
• Fes paid historicaly
in comparable cases
on lawsuits multiplied
by probability of
ocurence
过往同类诉讼案件已支
付费用乘以发生机率
Increased severity of
extreme weather
events
极端天气事件的严重
程度增加
Proportion of asets,
properties and
equipment materialy
exposed to extreme
weather events
受极端天气事件影响
的资产、物业和设备的
比例
• Revenue
收入
• Operating expenses
营运开支
• Percentage of asets
资产百分比
• Depreciation of asets and
los of revenue from damage
资产折旧和损失造成的收入
损失
• Insurance premiums wil
likely increase, raising
operating expenses
保险费用可能会上涨，导致
营运成本增加
• Revenue los from
reduced output
产量减少而造成的收入
损失
• Capital spent on
repairing climate-
related damage
修复气候相关损坏的资
本支出
• Rising cost of
insurance coverage
保险费用上升
Environmental Risk Management
Environmental risk management plays a key role in our enterprise risk
framework, helping us to find, ases, and reduce environmental and
climate-related risks that could afect our operations, suply chain, and
long-term sustainability. These risks are monitored and oversen by
our Board.
We have ben using a Group-wide data colection system since late
2024 to track key environmental measurements, including our use of
fuel, diesel, refrigerant, electricity and water, our general waste, and
how much we recycle. This data enables the ESG Comite and
busines units to regularly review performance and report climate-
related risk management to the Board.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
环境管治（续）
环境风险管理（续）
根据气候情境分析和业务链反映，已识
别了四个重大风险领域：
• 温室气体排放
• 废弃物减量
• 极端气候风险
• 持续气候风险
集团已在各领域设立了目标，用以指导
业务决策，并确保适当的缓解方案和资
源。
我们的综合风险管理框架包括定期监察
和审查，以便及早识别新兴风险，并评
估风险承受能力是否需要调整。
下一步：将启动识别气候相关的机遇评
估工作，并在评估完成后分享结果。
气候相关披露
温室气体排放
数据表
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Environmental Governance (continued)
Environmental Risk Management (continued)
Based on our climate scenario analysis and busines chain maping,
we identified four material risk areas:
• Grenhouse gas emisions
• Waste reduction
• Extreme climate risks
• Ongoing climate risks
We have set targets in these areas to guide busines decision-making
and ensure the right mitigation plans and resources are in place.
Our integrated risk management framework includes regular
monitoring and reviews to catch emerging risks early and ases
whether our risk apetite neds adjustment.
Next step: We wil begin identifying and evaluating climate-related
oportunities and share the results once the asesment is complete.
Climate-related Disclosures
Grenhouse Gas Emisions
Data Table
UnitFY24/25
Emisions Category排放类别单位
二零二四╱
二五财政年度
Scope 1范围一Tone CO2e
公吨二氧化碳当量
2,780.29
Scope 1 emision intensity范围一排放密度Tone CO2e/HK$1
milion
公吨二氧化碳当量╱
每百万港元
0.30
Scope 2范围二Tone CO2e
公吨二氧化碳当量
24,614.13
Scope 2 emision intensity范围二排放密度Tones CO2e/HK$1
milion
公吨二氧化碳当量╱
每百万港元
2.66
Scope 3范围三Tone CO2e
公吨二氧化碳当量
47,254.44
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
气候相关披露（续）
温室气体排放（续）
数据表（续）
备注：
• 数据涵盖的财政年度为二零二四年
四月一日至二零二五年三月三十一
日。
• 排放数据涵盖本集团全球主要营运
据点，除非另有说明。
• 如果最近的数据或直接测量不可
用，将使用估算值。后续将完善并
进行修正。
- ，总数可能存在细微
差异。
• 集团使用国际权威机构发布的标准
参数，包括英国环境、食品和农村
事务部（DEFRA）、美国环境保护署
(EPA)以及由联合国支持的全球机
构－政府间气候变化专门委员会
(IPC)。
• 计算遵循英国政府转换因子方法论
说明。
- ，假设
一周五天工作。计算单程距离并将
其加倍以显示往返行程，并假设每
次使用相同的交通方式。
方法
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Climate-related Disclosures (continued)
Grenhouse Gas Emisions (continued)
Data Table (continued)
Remarks:
• The data covers the fiscal year from 1 April 2024 to 31 March
2025.
- , unles
noted otherwise.
- , we use
estimates. These may change as we improve our methods.
- , totals may not always match exactly.
- , including the
UK’s Department for Environment, Fod & Rural Afairs (DEFRA),
the US Environmental Protection Agency (EPA), and the
Intergovernmental Panel on Climate Change (IPC), a global body
suported by the United Nations.
• Calculations folow the UK Government GHG Conversion Factors
for Company Reporting.
- , we asume
a five-day work wek. We count the one-way distance and
double it to show a round trip, using the same transport method
each way.
Our Aproach
Standard used
使用标准
GHG Protocol Corporate and Reporting Standard (2004)
温室气体核算体系：企业核算与报告标准（2004年）
GHG Protocol Value Chain (Scope 3) Acounting and Reporting Standard (2011)
温室气体核算体系：企业价值链（范围三）核算与报告标准（2011年）
Measurement aproach
测量方法
Financial control aproach to ensure that al GHG emisions from operations we fund
or financialy control are fuly acounted for, folowing the GHG Protocol
采用财务控制方法，确保集团出资或财务控制的所有营运的温室气体排放均被完全记录，
遵循温室气体核算体系。
Organisational boundary
组织边界
Al properties owned/jointly controled through joint ventures by the Group
所有由本集团拥有或透过合营公司共同控制的物业。
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
气候相关披露（续）
范围三报告边界
气候相关风险与机遇
本部份概述了受气候相关风险和机遇影
响的资产和业务活动的比例：
• 百分之九的资产极有可能因气候相
关事件受损。
• 所有资产和业务活动均面临低碳经
济转型带来的风险。
• 所有资产和业务活动都在日常营运
中充分把握气候相关机遇，采用可
持续实践。
资本配置
资本配置体现对可持续增长和长期价值
的承诺。尽管具体数据尚未披露，但我
们重点于四个主要领域：
- ：投资基础设施升级、更
洁净技术和优化资源使用。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Climate-related Disclosures (continued)
Scope 3 Reporting Boundary
Scope 3 CategoryBasis of Selection
范围三类别筛选依据%
Capital gods
资本产品
Important to the Group’s ability to deliver services, and because
they may contribute to emisions that hapen before our own
work begins.
对本集团交付服务能力至关重要，因为该活动可能会在自身营运
开始前产生排放影响。
10.02
Fuel-and-energy related
activities
燃料和能源相关活动
Relates to the company’s indirect energy use, including
emisions from purchased electricity and water treatment
esential to delivering our services.
涵盖公司间接能源消耗，包括交付服务必需的电力购买和水处理
中产生的排放。
0.66
Upstream transportation and
distribution
上游运输及配送
Ads to our emisions through its role in logistics and the value chain.
在物流和价值链中产生的排放增量。
73.21
Waste generated in operations
营运中产生的废物
Ads to emisions from the company’s handling of daily waste
and disposal.
日常废弃物和处置过程中产生的增量。
10.51
Busines travel
商务差旅
Employes’ busines air travel ads to our emisions.
雇员商务航空差旅造成的排放。
0.89
Employe comuting
雇员通勤
Employes traveling betwen home and work count as part of
the company’s daily operations.
雇员往返于住所及工作地点的交通出行被视为日常营运的部份。
4.72
Climate-related Risks and Oportunities
This section outlines the portion of asets and busines activities
afected by climate-related risks and oportunities:
• Nine percent of asets are highly likely to be damaged by
climate-related events
• Al asets and activities are afected by risks tied to the global
shift toward a low-carbon economy
• Al asets and activities are making the most of climate-related
oportunities by using sustainable practices in daily operations
Capital Deployment
Our capital deployment reflects a comitment to sustainable growth
and long-term value. Although specific figures are not yet available, we
focus on four main areas:
- : Investing in infrastructure upgrades,
cleaner technologies, and beter resource use acros operations.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
气候相关披露（续）
资本配置（续）
- ：支持本地社区、
雇员福祉和包容性增长。
- ：完善管治、保护
数据和环境、社会及管治的合规。
- ：支持可持续解决
方案，提升业务韧性及为未来做好
准备。
内部碳定价
我们正在探索使用内部碳定价机制作为
我们营运中每吨碳排放的成本。这有助于：
- 。
• 在投资和采购决策中更加考虑气候
因素。
- 。
- 。
尽管尚未推行，但我们认识到有关机制
在管理气候风险和符合联交所的环境、
社会及管治报告守则的价值。
报酬
目前，未有将雇员薪酬或奖金与气候相
关目标挂钩。
行业基准指标
本集团尚未采用针对行业定制的环境、
社会及管治指标进行披露。然而，我们
正在评估全球框架（如国际财务报告准则
(IFRS)，以及永续会计准则委员会的框
架），以寻找合适的指标。以便有助建立
更相关、更可比性和更便利于持份者理
解的指标。随著可持续发展实践的完善，
我们计划在未来的报告中纳入这些指标。
气候相关目标
本集团已制定明确的目标，以推动低碳
转型发展。这些目标与地方及国际气候
目标保持一致，并计划在二零三零╱
三一财政年度之前实现。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Climate-related Disclosures (continued)
Capital Deployment (continued)
- : Suporting local comunities,
employe wel-being, and inclusive growth.
- : Strengthening systems that
improve governance, protect data, and met ESG rules.
- : Backing sustainable solutions
that kep the busines resilient and prepared for the future.
Internal Carbon Pricing
We are exploring the use of an internal carbon price as a cost asigned
to each tone of emisions from our operations. This helps us:
• Prepare for future costs like carbon taxes or trading schemes.
• Make more climate-conscious investment and procurement
decisions.
• Promote lower-emision ways of working.
• Strengthen climate-related financial reporting.
While we have not introduced this pricing yet, we recognise its value
in managing climate risks and aligning with the ESG Reporting Code of
the Stock Exchange.
Remuneration
Curently, we do not link employe pay or bonuses to climate-related
goals.
Industry-Based Metrics
We do not yet report using ESG metrics tailored to our industry.
However, we are reviewing global frameworks (such as the
International Financial Reporting Standards (IFRS), and those of the
Sustainability Acounting Standards Board) to find suitable indicators.
These wil help improve relevance, comparability, and stakeholder
understanding. We aim to include these in future reports as we refine
our sustainability practices.
Climate-Related Targets
We have set clear targets to guide our shift toward a low-carbon
future, aligned with both local and international climate goals, that we
aim to achieve by the financial year 2030/31.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
气候相关披露（续）
气候相关目标（续）
这些目标将涵盖本集团全资拥有的所有
物业。
本报告年期将作为基准年，我们将在未
来的环境、社会及管治报告中追踪和披
露进展情况。
这些目标已纳入业务策略的一部份，并
定期审查以确保责任和持续改进。
跨行业指标
作为我们对透明度和可比性的环境、社
会及管治报告承诺的一部份，我们披露
了一组跨行业指标，这些指标在各行各
业中被广泛认可为相关的。这些指标为
持份者提供了一致的环境和社会绩效视
角，并与主要框架保持一致，包括联交
所的环境、社会及管治报告守则、全球
报告倡议组织(GRI)和国际财务报告可持
续披露(ISB)。
环境指标
- ：
我们报告来自三个来源的温室气体
排放：来自我们营运的直接排放（范
围一），来自我们使用的电力和能
源的间接排放（范围二），及其他间
接排放，如供应商、商务旅行和废
弃物（范围三）。我们正完善范围三
数据的完整性，以提高气候信息披
露的准确性。我们也报告了相对于
公司收入的排放密度。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Climate-related Disclosures (continued)
Climate-Related Targets (continued)
Target CategoryDescription
目标类别描述
Grenhouse gas emisions
温室气体排放
Reduce 30% GHG emisions (Scope 1 and Scope 2) per dolar of revenue.
每元收入对应的温室气体排放（范围一和范围二）减少30%。
Waste reduction
减废
Reduce waste by 30%.
废弃物减少30%。
Divert 30% of waste (through recycling or other means) for every dolar earned.
每赚取一元，通过回收或其他方式将废弃物转移率达30%。
Acute climate risk
急性气候风险
100% of properties owned or to be developed wil have a climate mitigation plan.
所有持有或将发展的物业制定气候减缓计划，比例为100%。
Chronic climate risk
慢性气候风险
<0.5% injuries anualy due to extreme weather.
每年因极端天气导致的工伤事故率低于0.5%。
The targets wil cover al properties wholy owned by the Group.
The reporting period serves as the baseline year, and we wil track and
disclose our progres in future ESG reports.
These targets are part of our busines strategy and are reviewed
regularly to ensure acountability and continuous improvement.
Cros-industry Metrics
As part of our comitment to transparent and comparable ESG
reporting, we disclose a set of cros-industry metrics widely
recognised as relevant acros sectors. These provide stakeholders
with a consistent view of our environmental and social performance
and align with major frameworks, including the ESG Reporting Code of
the Stock Exchange, the Global Reporting Initiative (GRI), and the
International Sustainability Standards Board (ISB).
Environmental Metrics
- :
We report grenhouse gas emisions from thre sources: direct
emisions from our own operations (Scope 1), indirect emisions
from the electricity and energy we use (Scope 2), and other
indirect emisions, such as those from our supliers, busines
travel, and waste (Scope 3). We are working to improve the
completenes of our Scope 3 data so that our climate reporting
wil be more acurate. We also report emisions intensity,
relative to company revenue.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
气候相关披露（续）
环境指标（续）
- ：
所有能源消耗均被监测，包括可再
生能源使用量。
- ：
总耗水量被监测。
- ：
我们监测废弃物的产生及其转移到
堆填区的数量，重点关注循环经济
实践。
社会指标
- ：
集团披露全体雇员数量，以及性别
和年龄。多元化和包容性仍然是主
要优先事项。
- ：
集团监测安全指标，包括可记录总
事故率、损失工时工伤事故频率和
安全培训小时。
管治指标
- ：
集团报告董事会成员的独立性和多
元化，以及在董事会层面如何管理
环境、社会及管治责任。
- ：
集团监测商业道德培训完成率、通
过举报渠道收到的报告和已查实违
规事件的数量。
本集团每年审查这些指标，并根据不断
变化的预期和规例进行更新，尽可能提
供过去数据，以显示进展。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Climate-related Disclosures (continued)
Environmental Metrics (continued)
- :
Al energy consumption is tracked, including the energy from
renewable sources.
- :
Total water consumption is tracked.
- :
We track to the extent waste generated and how much is
diverted from landfil, with a focus on circular economy practices.
Social Metrics
- :
We report al employe numbers, along with gender and age.
Diversity and inclusion remain key priorities.
- :
We track safety indicators, including the total recordable incident
rate (TRIR), the lost-time injury frequency rate (LTIFR), and the
number of safety training hours.
Governance Metrics
- :
We report on the independence and diversity of our board
members, and how ESG responsibilities are managed at board
level.
- :
We track the number of completed ethics training sesions,
reports received through whistleblower chanels, and confirmed
cases of non-compliance.
The Group reviews these metrics anualy and updates them to show
changing expectations and regulations. Where posible, we also
provide past data to show progres over time.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
资源使用与效率
本集团正在改善其营运中的能源管理。
在报告期内，所有能源使用，包括电力、
燃料和其他来源，均在大多数拥有和管
理的地点进行了测量。
为了减少环境影响，本集团采取了以下
措施：
- ，以降低电力使用。
- ：例如，在
物业管理站安装了6,262块太阳能
板，通过洁净能源减少对电网的依
赖，有助于降低范围二的温室气体
排放。
本集团持续追踪洁净能源量及减少碳排
放的成效，并积极探索创新的节能方案，
以支持向低碳未来的过渡。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Resource Use and Eficiency
Energy Consumption and Eficiency Initiatives
能源消耗与效率倡议
经济适用的清洁能源
气候行动
Reference: GRI 302: Energy
参考：GRI 302：能源
The Group is improving its energy management acros its operations.
During the reporting period, al energy use, including electricity, fuel,
and other sources, was measured at most owned and managed sites.
To reduce environmental impact, the Group:
• Switched to LED lighting to cut electricity use.
- : for instance, 6,262
panels at property management sites. These generate clean
electricity and reduce reliance on grid power, helping lower
Scope 2 GHG emisions.
The Group is tracking how much energy is generated and how much
carbon is avoided, while also exploring new energy-saving ideas to
suport the transition toward a low-carbon future.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
资源使用与效率（续）
本集团秉持责任与效率为核心，系统管
控用水量。在报告期内，对所有取水量
及用水情况进行了追踪监察，识别出重
要改进方向。
为减少用水量及对环境影响，集团已采
取或正计划推行以下措施：
- 。
• 通过定期维修以防止漏水和水资源
流失。
- 。
本集团将持续监测用水量，并探索未来
节水方案，相关进展将在未来的报告中
披露。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Resource Use and Eficiency (continued)
Water Usage and Conservation Eforts
用水量与节约措施
清洁饮水和卫生设施
负责任
消费和生产
Reference: GRI 303: Water and Efluents
参考：GRI 303：水与废水
The Group manages water use with a clear focus on responsibility and
eficiency. During the reporting period, we tracked al water
withdrawals and use, finding important areas for improvement.
To reduce water consumption and environmental harm, the Group has
adopted or is planing to adopt the folowing measures:
• Instal water-eficient fixtures and apliances.
• Cary out regular maintenance to prevent leaks and water los.
• Raise employe awarenes about water conservation.
The Group continues to monitor its water use and is exploring new
ways to save water for the future. Progres wil be reported in future
disclosures.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
资源使用与效率（续）
本集团通过可持续常规，以减少废弃物
产生和提高营运中材料管理效率。
具体或已计划步骤包括：
- 、减
少一般垃圾桶数量。
- 。
• 改善资源使用并减少营运和供应链
中的废弃物。
• 选择与集团在负责任采购和回收方
面目标一致的供应商。
在九龙湾总部，这些改变帮助雇员更有
效地分类可重用物料，减少废弃物运送
到堆填区。本集团计划将模式逐步推广
至其他地点、管理办公室及相关物业。
本集团正监测废弃物转移和雇员参与情
况，并将在未来的报告中披露。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Resource Use and Eficiency (continued)
Materials and Resource Use
物料与资源使用
产业、创新和基础设施
负责任
消费和生产
Reference: GRI 301: Materials, GRI 306: Waste
参考：GRI 301：物料，GRI 306：废弃物
The Group folows sustainable practices to reduce waste and manage
materials more eficiently acros its operations.
Steps taken or planed include:
• Having more recycling bins and fewer general waste bins at the
Kowlon Bay Headquarters.
• Using more eco-friendly materials in products and packaging.
• Improving resource use and reducing waste acros operations
and suply chains.
• Using supliers that share our goals of responsible sourcing and
recycling.
At the Kowlon Bay Headquarters, the changes help employes sort
reusable material more efectively and send les waste to landfils.
The Group plans to rol out this aproach to other sites, management
ofices, and relevant properties.
Waste diversion and employe participation are being monitored, and
results wil be reported in future disclosures.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
资源使用与效率（续）
本集团致力于减少废弃物产生及改善营
运管理流程。
在报告期内，废弃物已按类型（如一般废
弃物和可回收物）进行追踪和报告。
正采取或计划采取的步骤包括：
- ，减少一
般垃圾桶数量。
- ，以确
保妥善分类、回收和处置。
• 开展雇员活动以推广更好的分类和
减废。
• 探索重新利用物料和减少包装废弃
物的新方法。
这些措施有助于减少对堆填区的依赖，
促进资源循环再用。本集团正制定明确
的废弃物转移目标，并完善收集数据与
报告方式。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Resource Use and Eficiency (continued)
Polution and Waste Management
污染与废弃物管理
Waste generation, recycling, and disposal practices
废物产生、回收与处置常规
可持续城市和社区
负责任
消费和生产
Reference: GRI 306: Waste
参考：GRI 306：废弃物
The Group is working to reduce waste and improve the way we
manage it acros its operations.
During the reporting period, waste was tracked and reported by type (such
as general waste and recyclables).
Steps we are taking, or plan to:
• Having more recycling bins and fewer general waste bins in
ofice areas.
- ,
recycling, and disposal.
• Holding employe campaigns to promote beter sorting and
waste reduction.
• Seking new ways to reuse materials and cut packaging waste.
These actions help reduce dependence on landfils and kep more
material in use. The Group is also working toward seting clear waste
diversion targets and is improving how waste data is colected and
reported.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
资源使用与效率（续）
本集团监测与营运相关的气体排放，并
致力于减少这些排放。这些排放包括氮
氧化物（NOx）、硫氧化物（SOx）、悬浮物
(PM)、挥发性有机化合物(VOCs)和温室
气体。
主要措施包括：
- 。
• 在高影响区域安装空气过滤器和净
化系统。
- 。
- 。
这些步骤有助于改善空气质素并减少健
康风险。本集团将继续监测成效并报告
进展情况。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Resource Use and Eficiency (continued)
Polution and Waste Management (continued)
污染与废弃物管理（续）
Air emisions and polution control measures
气体排放及控制污染物措施
良好健康与福祉
可持续城市和社区
Reference: GRI 305: Emisions
参考：GRI 305：排放
The Group tracks air emisions linked to its operations and works to
reduce them. These emisions include polutants such as nitrogen
oxides (NOx), sulphur oxides (SOx), particulate mater (PM), volatile
organic compounds (VOCs), and grenhouse gases.
Key actions include:
• Maintaining equipment to minimise emisions.
• Instaling air filters and purifiers in high-impact areas.
• Using low-emision equipment and refrigerants.
• Folowing local air quality standards.
These steps help improve air quality and reduce health risks. The
Group wil continue to monitor performance and report progres.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
环境管理（续）
资源使用与效率（续）
本集团正著力完善有害废弃物的管理。
尽管目前尚未建立正式系统，但本集团
正在评估营运情况。
下一步包括：
- ，以符合本
地法规要求。
- ，防止泄
漏和接触。
- 。
- ，及
如何应对任何紧急情况。
- ，尽量
减少有害废弃物。
本集团致力于减少风险和改善有害废弃
物的追踪和报告方式。
ENVIRONMENTAL STEWARDSHIP (CONTINUED)
Resource Use and Eficiency (continued)
Polution and Waste Management (continued)
污染与废弃物管理（续）
Hazardous waste handling and reduction
有害废弃物处理及减量
良好健康与福祉
负责任
消费和生产
Reference: GRI 306: Waste
参考：GRI 306：废弃物
The Group is working to improve how it manages hazardous waste.
Although formal systems are not yet in place, we are asesing our
operational situation.
Next steps include:
• Identifying and clasifying hazardous waste to met local rules.
• Securing and labeling hazardous materials to prevent spils and
exposure.
• Using licensed contractors for safe disposal.
• Training staf to handle hazardous waste corectly and how to
respond to any emergency.
• Reducing hazardous waste by switching to safer materials where
posible.
We are working to reduce risks and improve the way we track and
report hazardous waste.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会
雇佣及劳工常规
雇佣及劳工准则
本集团视员工为其最宝贵的资产，并竭
尽所能招聘、培训和留住优秀人才。我
们提供职业发展机会、安全的工作环境，
以及具有竞争力的薪酬与福利计划。我
们已实施平等就业政策。
于二零二五年三月三十一日，本集团于
全球雇用合共约3,600名全职雇员。
吸引及保留人才
维持性别多元化对本集团而言是一项挑
战，尤其在建筑及机械工程岗位。年内，
雇员中男性占比超过65%。雇员流失率
在30岁及以下的雇员中最高，且均为另
有发展而自愿离职。
为了吸引及保留人才，本集团：
- ，包
括医疗计划、健康检查、外地公干
保险、培训津贴和退休福利。
- ，根据职责、行
业薪酬水平和市场环境进行检讨。
- ，以表彰
忠诚。
- 、校园活动和实习
计划，扩大招聘力度。
• 通过内地招聘计划和其他活动进行
有目标性的推广，支持多元化。
我们致力于建立一个多元化及高质素的
人才队伍，让员工感到被重视并有动力
成长。
招募人才
年内，本集团通过以下渠道拓展招聘：
- ，接触大湾区的
年轻人才。
- ，包括由劳
工处、生产力促进局、建造业议会
和本地大学举办的活动。
• 为本科及专科生提供暑期实习机
会，以提供早期入职机会。
SOCIAL
Employment and Labour Practices
Employment and Labour Standards
The Group believes that its employes are its most valuable asets
and goes to great lengths to recruit, train and retain outstanding talent.
We ofer profesional development oportunities, a healthy working
environment and competitive salary and benefits packages. We have
implemented equal oportunity employment practices.
As of 31 March 2025, the Group had about 3,600 ful-time employes
globaly.
Talent Atraction and Retention
The Group faces chalenges in maintaining gender diversity, particularly
in construction and enginering roles. As of the reporting year, over
65% of employes are male. Staf turnover is highest among
employes aged 30 or below, al of whom left voluntarily.
To atract and retain talent, the Group:
- , including medical scheme,
health checks, travel insurance, training subsidies, and retirement
benefits.
- , based on job roles, industry
benchmarks, and market trends.
- , with Long Service and Retirement Awards.
- , including job fairs, campus events,
and internships.
- , with targeted outreach through the Mainland
Recruitment Programe and other initiatives.
We remain comited to building a diverse and capable workforce
where people fel valued and motivated to grow.
Finding the Right People
During the year, the Group expanded its recruitment eforts by:
• Joining the Mainland Recruitment Programe to reach young
talents in the Greater Bay Area.
- , including those
hosted by the Labour Department, Hong Kong Productivity
Council, Construction Industry Council, and local universities.
- ’s and diploma students
to build early engagement.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
雇佣及劳工常规（续）
招募人才（续）
本集团正著力打造卓越人才发展、事业
持续晋升和员工安心长留的理想职场。
本集团通过推广工作与个人生活的平衡，
加强归属感以支持促进雇员的身心健康。
年内，本集团：
- 、工作坊和体育活动，
以促进员工福祉和团队精神。
- ，包括与
有特殊教育需要的学童参加的15
周年慈善步行「马湾Go Gren!」绿
悠游嘉年华、「爱跑－将军澳」、「建
造业开心跑2025」和「启德飞步跑」。
- ，如羽毛球、乒
乓球和足球。
- ，以支持在职母亲。
- ，以供员工休息
和联谊。
- 、社交媒体平台、企业
期刊和电邮分享更新和公司最新资
讯。
我们致力于营造积极向上的工作环境，
让雇员感受到充分的支持、及时的沟通
且紧密的联系。
SOCIAL (CONTINUED)
Employment and Labour Practices (continued)
Finding the Right People (continued)
The Group is shaping a workplace where talent thrives, carers grow
and people chose to stay.
Health, Wel-being and Staf Engagement
健康、员工福祉及参与
良好健康与福祉
The Group suports its employes’ physical and mental wel-being by
promoting balance betwen work and personal life and by building a
strong sense of belonging.
During the year, we:
- , workshops and sports activities to
promote wel-being and team spirit.
- , including
the 15th Aniversary Charity Walk – “Ma Wan Go Gren!”
Carnival with SEN students, “Lifewire Run – Tseung Kwan O”,
“Construction Industry Hapy Run 2025”, and “Kai Tak Run
2025”.
- , table
tenis and fotbal.
• Provided a private nursing rom to suport working mothers.
• Maintained the Chevalier Staf Recreation Centre for rest and
socializing.
- , social
media, newsleters and emails.
We remain comited to creating a positive work environment where
employes fel suported, informed and conected.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
雇佣及劳工常规（续）
本集团支持平等机会、道德操守和相互
尊重的职场理念。
主要运作包括：
- 、晋升和薪酬基于绩效评估，
不受年龄、性别、种族、残疾或家
庭状况影响。
- ，通过
入职培训和人力资源材料中分享。
• 采纳有关消除性取向歧视之实务守
则。
- ，包括身份和就
业资格的检查。
• 对所有营运中的童工或强制劳工零
容忍。
• 在内联网上发布员工个人操守
则，表明道德规范和期望。
SOCIAL (CONTINUED)
Employment and Labour Practices (continued)
Fairnes at Work
职场公平性
减少不平等
The Group suports equal oportunity, ethical conduct, and respect in
the workplace.
Key actions include:
- , promotion and pay based on merit, not age, gender, race,
disability, or family status.
- , shared during
onboarding and in HR materials.
• Adopting the Code of Practice against sexual orientation
discrimination in employment.
- , including checks on identity
and employment eligibility.
• Zero tolerance for child or forced labour in al operations.
• Staf Conduct Code published on the intranet to guide ethical
behaviour and expectations.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
雇佣及劳工常规（续）
健康与安全
本集团致力于保护所有雇员的健康与安
全，并遵循所有相关法律和规例。
主要行动包括：
• 监测工作场所的卫生和维护员工设
施。
- ，
以降低风险。
• 为新入职员工和相关人员提供强制
性安全及健康培训。
- ，如安全
帽、耳塞、防尘面具、护目镜和安
全鞋。
应对气候变化引起的高温风险：
- 《防暑工作计
划》，包括风险检查、工时调整和
疾病应对。
- ，如饮用水、宽边
帽、降温毛巾和防晒袖。
已实施的建筑地盘高温策略，更获得业
界认可。
SOCIAL (CONTINUED)
Employment and Labour Practices (continued)
Health and Safety
The Group is comited to protecting al employes’ health and safety
and folows al relevant laws and regulations.
Key actions include:
• Monitoring hygiene in the workplace and maintaining staf
facilities.
• Enforcing strict safety rules on construction sites to reduce risks.
• Providing mandatory training on safety and health for new hires
and site teams.
- – helmets, earplugs,
dust masks, gogles and safety shoes.
To manage rising heat risks linked to climate change:
- , including risk
checks, adjusted shifts, and ilnes response.
- – drinking water, sun hats, coling towels and
sleves – are made available as neded.
Construction site heat strategies have ben implemented and
recognised by the industry.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
雇佣及劳工常规（续）
健康与安全（续）
职业健康及安全委员会
• 自二零二零年以来保持ISO45001
认证，涵盖雇员和承包商。
• 招标文件纳入了开工前必须进行风
险评估。
• 在总部及选定苑厦由英国标准学会
定期审核。
- ，对屋苑进行
审查、分享受伤个案并指导安全改
进。
- 。
地盘安全小组
• 定期检查以识别风险和及时处理问
题。
• 与项目团队及分包商的常规营运会
议，以协调安全工作。
回顾年内，录得两宗工伤致死事故。
表彰
铝窗及幕墙分部获得由职业安全健康局
颁发的「好心情@健康工作间最佳实践奖」
企业╱机构类别的卓越奖。
这是连续第三年因推广健康饮食、体育
活动和心理健康而获得的殊荣。
SOCIAL (CONTINUED)
Employment and Labour Practices (continued)
Health and Safety (continued)
Ocupational Health and Safety Comite
- , covering
employes and contractors.
- , built into
tendering procedures.
• British Standards Institution audits are conducted regularly at
head ofice and selected sites.
- , share
lesons from incidents, and guide safety updates.
• We provide protective equipment to ensure frontline safety.
Site Safety Subgroup
- , and any problems are
adresed promptly.
• Frequent operation metings with project teams and
subcontractors to cordinate safety eforts.
During the reporting year, two fatal ocupational acidents were
recorded.
Recognition
The aluminium windows and curtain wals division received the
Excelence Award in the Enterprise/Organisation Category of the
“Joyful @ Healthy Workplace Best Practices Award”, organised by the
Ocupational Safety and Health Council.
This marks the third consecutive year of recognition for promoting
healthy eating, physical activity, and mental wel-being at work.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
雇佣及劳工常规（续）
安全文化与领导
本集团持续加强建筑地盘的安全，并促
进关怀和问责的文化。
主要运作包括：
- ，超过
150名同事分享见解和探讨最新的
安全挑战。
- 「大
师级培训课程：建筑安全领导文
化」，分享他的经验和本集团的安
全管理制度。
- ，包括
安全早会、动态风险评估和持续的
培训。
发展与培训
本集团支持续学习和人才发展，以建
立适应未来的可持续人才梯队。
主要措施包括：
- ，涵盖专业和
技术、客户服务、网络安全、环
境、社会及管治和法规更新。
• 提供教育津贴以鼓励合资格员工进
一步学习。
• 自一九零年代起与职业训练局
（「职训局」）合作的学徒计划，培育
超过450名学徒。
- －学徒分享会，分享职业发展
和专业资格路径。
- ，为非本
地学生提供两年实习和奖学金。
我们致力为员工提供所需的技能培训、
信心和支持，以促进成长和繁荣。
SOCIAL (CONTINUED)
Employment and Labour Practices (continued)
Safety Culture and Leadership
The Group continues to strengthen construction site safety and
promote a culture of care and acountability.
Key actions include:
- , with over 150 coleagues
sharing insights and discused the latest safety chalenges.
- ’s participation in the “Master Clas in Safety
Leadership Culture” organised by the Construction Industry
Council, sharing his experiences and the Group’s safety
practices.
- , including safety
asemblies, dynamic risk asesments and ongoing training.
Development and Training
The Group suports continuous learning and talent development to
build a resilient and future-ready workforce.
Key initiatives include:
• Internal and external training courses covering profesional and
technical, customer service, cybersecurity, ESG and regulatory
updates.
• Education subsidies for eligible employes to suport further
learning.
• Aprenticeship programe with the Vocational Training Council
(“VTC”), active since the 1990s, with over 450 aprentices trained.
• Mentor-aprentice sharing sesions to share carer development
and profesional qualification pathways.
- ,
ofering two-year internships and scholarships for non-local
students.
We remain comited to equiping our people with the skils,
confidence and suport neded to grow and thrive.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
营运惯例
供应商和分包商管理
本集团在选择和管理供应商及分包商方
面保持高标准，以确保质量、安全和合
规性。
主要措施包括：
• 在招标阶段要求进行文件审阅和风
险评估。
- 、环境和质量系统的
检验和审查。
- 。
- 。
目前，尚未获得任何服务投诉的数据。
我们将在下一个报告年度开始收集数据
及汇报。
SOCIAL (CONTINUED)
Operating Practices
Suply Chain Management
供应链管理
负责任
消费和生产
Suplier and Subcontractor Management
The Group maintains high standards in selecting and managing
supliers and subcontractors to ensure quality, safety and compliance.
Key measures include:
• Document screning and risk asesments required at tender
stage.
- , environmental and
quality systems.
• Face-to-face interviews aranged when necesary to ases
capability.
• Removal from the aproved list if performance standards are not
met.
The Product Responsibility
产品责任
负责任
消费和生产
Curently, the data on any service complaints are not yet available.
We wil start to colect the data and report in the upcoming reporting
year.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
营运惯例（续）
采购与公平营运惯例
本集团在采购和合同管理中主张透明度
和公平性。
主要运作包括：
• 具竞争性的投标系统以确保价值和
诚信。
- 。
- ，以加强合作伙伴关
系和合规性。
- 、道德、环
境及性别公平方面的准则。
客户服务与质量保证
本集团在所有业务部门中优先考虑客户
满意度和服务卓越。
重点包括：
- ，高效地处理
查询。
- :2015质
量认证管理系统。
• 冷藏仓库及物流分部实施严密的收
货监控程序，并将流程电子化和无
纸化，获得业界认可。
• 货运物流分部获得CEIV Pharma认
证，为首间本地国际物流服务供应
商获得此认证。
共融物业管理
本集团的物业管理分部融合了通用设计
和共融服务理念。
主要措施包括：
- ，如斜道、无障碍洗手
间和等候区域或休息区的座位。
- 「智能巡逻系统」以提升物业营运及
减少纸张使用。
SOCIAL (CONTINUED)
Operating Practices (continued)
Procurement and Fair Operating Practices
We uphold transparency and fairnes in procurement and contract
management.
Key actions include:
• Competitive tendering systems to ensure value and integrity.
• Performance monitoring and reporting for supliers and
subcontractors.
• Regular contract reviews to strengthen partnerships and
compliance.
- , ethical, environmental and gender equality
criteria in contract terms.
Customer Service and Quality Asurance
The Group prioritises customer satisfaction and service excelence
acros al busines units.
Highlights include:
• Dedicated customer service teams to handle queries eficiently.
- :2015-certified quality management systems in key
divisions.
• Cold storage and logistics division implements stringent receiving
monitoring procedures with paperles and digitised operations,
recognised by the industry.
• Center of Excelence for Independent Validators in Pharmaceutical
Logistics (CEIV Pharma) certification for the freight logistics division,
the first of its kind in Hong Kong to achieve this acreditation.
Inclusive Property Management
Our property management division integrates universal design and
inclusive service principles.
Key initiatives include:
- , such as ramps, acesible restroms and
seating in waiting or rest areas.
- “Smart Patrol System” to improve estate operations and reduce
paper use.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
营运惯例（续）
共融物业管理（续）
- 、ISO14001和ISO45001
的质量、环境和安全标准。
- 「2024/2025年度通用设计嘉许
计划」中获奖，表彰晴朗商场（金奖）
及航天科技中心（银奖）的包容性设
计。
资料保护与知识产权
本集团通过完善的制度和培训，以保障
客户资料和知识产权。
主要保障措施包括：
- ，防止未经授权的读
取、使用及泄漏。
- ，以确保符合法
规要求。
• 提供保护个人资料和版权合规的员
工培训。
企业管治与商业道德
本集团通过完善的管治框架，促进诚信
及问责制。
主要元素包括：
- 、商业馈赠及款待和利
益冲突的政策。
- 。
• 依据业务部门的需求定期进行由廉
政公署主导的培训。
- 。
回顾年内，并无接获任何贪污案件的举
报。
SOCIAL (CONTINUED)
Operating Practices (continued)
Inclusive Property Management (continued)
- , ISO14001 and ISO45001 for quality,
environmental and safety standards.
- “2024/2025 Universal Design Award Scheme”,
recognising inclusive design at Ching Long Shoping Centre (Gold
Award) and China Aerospace Centre (Silver Award).
Data Protection and Intelectual Property
We safeguard customer data and intelectual property through robust
policies and training.
Key safeguards include:
- , use or
leakage.
• Regular reviews of privacy policies to ensure legal compliance.
• Provide staf training on personal data protection and copyright
compliance.
Corporate Governance and Busines Ethics
The Group promotes integrity and acountability through strong
governance frameworks.
Key elements include:
- , gifts, entertainment and conflicts of
interest.
• Whistleblower Policy with confidential reporting chanels.
• Regular ICAC-led training tailored to busines unit neds.
• Incluing ethics topics in new staf orientation.
No ICAC coruption cases reported during the year under review.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
社区
本集团致力于履行企业社会责任，支持
社区福祉。
主要措施包括：
- 、慈善赞助、教育、
文化和体育活动，以及环保项目。
• 透过义工队组织和支持社区服务活
动，推动雇员回馈社会。
• 自二零一年起获香港社会服务联
会颁发「10年Plus商界展关怀」标志。
• 每年与香港红十字会合办其士捐血
日，以支持本地医疗需求。
- ，筹
集资金以帮助精神康复人士。
本集团将教育和青少年培育列为重点，
作为其对香港未来长期承诺的重要部份。
主要措施包括：
- 「其士文教基金会」，于一九八年
成立，推动文化和学术交流。
- 「其士员工子女奖学金」，于二零
八年设立。至今，已支持25位雇员
子女到本地或海外升读大学。
SOCIAL (CONTINUED)
Comunity
The Group is comited to corporate social responsibility and
suporting the wel-being of the comunity.
Key initiatives include:
- , charitable sponsorships,
education, cultural and sports activities, and environmental
projects.
• Empowering employes to give back through a dedicated
volunter team that organises and suports comunity service
eforts.
- “10 Years Plus Caring Company” by the Hong
Kong Council of Social Service since 2011.
- , co-organised with the
Hong Kong Red Cros to suport local healthcare neds.
- ,
raising funds to suport persions in mental health recovery.
Education and Culture
教育及文化
优质教育
The Group prioritises education and youth development as part of its
long-term comitment to Hong Kong’s future.
Key initiatives include:
- & Education Foundation, established in 1998 to
promote cultural and academic exchange.
- ’ Children, launched
in 2008, has suported 25 employes’ children to pursue studies
at local and overseas undergraduate to date.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
社区（续）
- ，为职训局全日制
工程学科学生设立「其士集团奖学
金」。
o 回顾期内，获颁奖学金的学
生达40名，总额为港币100
万元。
o 迄今为止已支持240名学生。
• 捐赠自主研发的组装合成(MiC)升
降机井模组及连接头的3D列印
模型给予职训局创新建筑技术中
心，促进行业创新。
• 与新世界发展有限公司旗下大型捐
赠配对平台「Share for God爱互送」
合作开展的「未来筑职」计划，为
逾100名儿童之家的青年提供职业
指导和实习机会。
文化参与
本集团支持香港艺术及文化保育。
重点包括：
• 超过七年担任香港歌剧院的白金赞
助商，推动表演艺术。
- ，为编纂
《香港志》作出贡献，该书是香港历
史文化发展的全面记录。
体育与健康参与
本集团通过长期的体育伙伴关系和慈善
活动，促进员工健康、团队合作和社区
共融。
主要重点包括：
- 「其
士杯赛马日」。
SOCIAL (CONTINUED)
Comunity (continued)
Education and Culture (continued)
教育及文化（续）
• Chevalier Group Scholarship for ful-time VTC enginering
students, launched in 2018:
o 40 students awarded during the review period, totaling
HK$1 milion.
o 240 students suported to date.
- ’s self-developed MiC
lift shaft module and conection joints to VTC’s Inovative
Construction Technology Centre to promote industry inovation.
- “Future Step-Up” programe, co-organised with Share for
God (New World Development Company Limited’s large-scale
crowd donation platform), ofering carer guidance and internship
oportunities to over 100 youths from Smal Group Homes.
Cultural Engagement
The Group suports the arts and cultural preservation in Hong Kong.
Highlights include:
- ,
promoting the performing arts
- ,
contributing to the compilation of the Hong Kong Chronicles, a
comprehensive record of the city’s historical and cultural
development:
Sports and Welnes Engagement
The Group promotes welnes, teamwork and comunity conection
through long-standing sports partnerships and charitable events.
Key highlights include:
- “Chevalier Cup Race Day”, in partnership
with the Hong Kong Jockey Club for 29 consecutive years.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
社区（续）
体育与健康参与（续）
- ，例如：
o 《邨JUMP!》企业慈善三人篮
球邀请赛2024
o 上海商业•博爱单车百万行
o 爱跑•将军澳
o Rainbow Foundation举办之
15周年慈善步行
o 建造业开心跑2025
o 启德飞步跑
员工的参与彰显本集团对健康生活、社
会共融及公益事业的支持。
环境承诺
本集团通过合作伙伴关系、创新和实践
宣传活动推动可持续发展。
主要措施包括：
• 二零二四年至二零二五年世界自然
基金会香港分会－「公司会员计划」
的纯银会员。
• 获恒生银行首笔绿色及社会责任贷
款，并经香港品质保证局认证，以
支持香港三个简约公屋项目的建设。
• 参加由香港建造商会举办的屯门海
岸清理活动，超过30名员工参与，
提升对海洋废物和源头减量的认识。
SOCIAL (CONTINUED)
Comunity (continued)
Sports and Welnes Engagement (continued)
- , such as:
o WEL DUNK! Charity Corporate 3×3 Basketbal Tournament
o Shanghai Comercial Pok Oi Cycle for Milions 2024
o Lifewire Run 2024 – Tseung Kwan O
o Rainbow Foundation 15th Aniversary Charity Walk
o Construction Industry Hapy Run 2025
o Kai Tak Run 2025
Staf involvement underscoring the Group’s suport for health,
inclusion and comunity causes.
Environmental Comitment
The Group advances sustainability through partnerships, inovation
and awarenes campaigns.
Key initiatives include:
• Silver Member of WF-Hong Kong Corporate Membership
Programe 2024–2025.
- ’s first Gren and Social Loan, certified
by the Hong Kong Quality Asurance Agency, to suport the
construction of thre Light Public Housing projects in Hong Kong.
- , organised by the Hong Kong
Construction Asociation, with more than 30 staf participating to
raise awarenes of marine waste and source reduction.
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
社会（续）
社区（续）
义工活动
本集团通过企业义工计划与本地非政府
组织的合作，致力促进更具包容性的社
会。
重点包括：
- 「爱心骑士」义工队，通过多元外展
活动支持弱势社群。
- 「海岸清洁日」，提升对减少废
物和可持续生活习惯的认识。
• 与以下社区机构建立合作伙伴关
系，包括：
o 基督教香港信义会
o 香港基督教女青年会
o 基督教怀智服务处
o 香港家庭福利会
o 香港伤健协会
- 、特殊学习需要
的儿童、智障人士、伤残人士和低
收入家庭。
于回顾期内贡献了接近815小时的义工
时间。
SOCIAL (CONTINUED)
Comunity (continued)
Voluntering
The Group contributes to a more inclusive society through its corporate
volunter programe and colaboration with local NGOs.
Highlights include:
- “Chevalier Cares” volunter team, suporting disadvantaged
comunities through a variety of outreach eforts.
- “Beach Cleanup Day” participation, raising awarenes of waste
reduction and sustainability habits.
- , including:
o Evangelical Lutheran Church of Hong Kong
o Hong Kong Young Women’s Christian Asociation
o Wai Ji Christian Service
o Hong Kong Family Welfare Society
o Hong Kong PHAB Asociation
- , children with special
education neds, mentaly chalenged persons, individuals with
disabilities and low-income families.
Nearly 815 volunter hours contributed during the review period.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
附录
环境、社会及管治指标表
环境
社会
APENDIX
ESG Metrics Table
Environmental
CategoryDescriptionUnitFY24/25ESG Reporting Code
类别描述单位二四╱二五财政年度
环境、社会及管治
报告守则
GHG Emisions
温室气体排放
Scope 1
范围一
Tone CO2e
公吨二氧化碳当量
2,780.29Apendix C2 Part A-D
附录C2，A-D部份
Scope 2
范围二
Tone CO2e
公吨二氧化碳当量
24,614.13Apendix C2 Part A-D
附录C2，A-D部份
Scope 3 (partial)
范围三（部份）
Tone CO2e
公吨二氧化碳当量
47,254.44Apendix C2 Part A-D
附录C2，A-D部份
Energy
能源
Total energy consumption
总耗电量
MWh
兆瓦时
62,308.28Apendix C2 Part A-D
附录C2，A-D部份
Water
用水
Total water consumption
总耗水量
m
立方米
969,539Apendix C2 Part A-D
附录C2，A-D部份
Waste
废弃物
Total waste generated
产生的废弃物总量
Tones
吨
15,726.55Apendix C2 Part A-D
附录C2，A-D部份
Social
DescriptionUnitFY24/25Stock Exchange KPI
描述单位二四╱二五财政年度联交所关键绩效指标
Number of Employe
雇员数量
Total number of employesNumber2,269B1.1
雇员总数人数
Gender – MaleNumber1,503B1.1
性别－男人数
Gender – FemaleNumber766B1.1
性别－女人数
Age – 30 or belowNumber274B1.1
年龄－30岁或以下人数
Age – 31 to 50Number856B1.1
年龄－31-50岁人数
Age – 51 or aboveNumber1,139B1.1
年龄－51岁或以上人数
Contract type – Ful timeNumber2,228B1.1
合同类型－全职人数
Contract type – Part timeNumber41B1.1
合同类型－兼职人数
2025 年报 | 其士国际集团有限公司
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
附录（续）
环境、社会及管治指标表（续）
社会（续）
APENDIX (CONTINUED)
ESG Metrics Table (continued)
Social (continued)
DescriptionUnitFY24/25Stock Exchange KPI
描述单位二四╱二五财政年度联交所关键绩效指标
Employe Turnover Rate
雇员流失率
Gender – Male%35.0B1.2
性别－男
Gender – Female%36.4B1.2
性别－女
Age – 30 or below%40.1B1.2
年龄－30岁或以下
Age – 31 to 50%30.8B1.2
年龄－31 – 50岁
Age – 51 or above%37.8B1.2
年龄－51岁或以上
Training and Development
培训与发展
Percentage of employes trained by category
按类别划分的受训雇员百分比率
Gender – Male%64.59B3.1
性别－男
Gender – Female%35.41B3.1
性别－女
Employe category – Managerial%3.38B3.1
雇员类别－经理级
Employe category – Supervisory%20.96B3.1
雇员类别－主管级
Employe category – General/Operational Staf%75.65B3.1
雇员类别－一般╱操作员工
Average training hours per employe
每位雇员的平均培训时数
Gender – MaleHour3.95B3.2
性别－男小时
Gender – FemaleHour2.80B3.2
性别－女小时
Employe category – ManagerialHour4.95B3.2
雇员类别－经理级小时
Employe category – SupervisoryHour5.66B3.2
雇员类别－主管级小时
Employe category – General/Operational StafHour3.29B3.2
雇员类别－一般╱操作员工小时
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
环境、社会及管治报告
APENDIX (CONTINUED)
ESG Metrics Table (continued)
Social (continued)
DescriptionUnitFY24/25FY23/24FY22/23
Stock Exchange
KPI
描述单位
二四╱二五
财政年度
二三╱二四
财政年度
二╱二三
财政年度
联交所
关键绩效指标
Ocupational Health and Safety
职业健康与安全
FatalitiesCase200B2.1
工作相关的死亡宗
Lost days due to work injuriesDay3,225.53,035.54,062.5B2.2
因工伤而损失的日数日
Work injuryCase313343B2.2
工伤宗
附录（续）
环境、社会及管治指标表（续）
社会（续）
REPORT OF THE DIRECTORS
董事会报告
2025 年报 | 其士国际集团有限公司
董事会提呈本公司及本集团截至二零
二五年三月三十一日止年度年报及经审
核财务报表供各股东阅览。
主要业务
本公司之主要业务为投资控股，而本集
团之主要业务为建筑及机械工程、物业
投资、物业发展及营运、保健护理投资、
汽车代理、保险及投资及其他。其他辅
助性业务已归入本集团主要业务并载于
第292页至300页之主要附属公司、联营
公司及合营企业内。
本集团截至二零二五年三月三十一日止
年度（以营运分类）之收入及业绩分析载
于综合财务报表附注5。
业务审视
本集团业务于年内的公平检讨，尤其是
于截至二零二五年三月三十一日止年度
之后影响本集团的重大事件（如有）、本
集团面对的主要风险及不明朗因素以及
本集团前景的讨论载于致股东之函件第
14页至16页、管理层讨论及分析第17页
至24页、财务回顾第25页至30页及综
合财务报表附注3。此外，对本集团有重
大影响的相关法律及法规的讨论、与主
要持份者的关系及环境政策分别载于企
业管治报告第43页至57页及环境、社会
及管治报告第58页至100页。
业绩及分派
本集团截至二零二五年三月三十一日止
年度之业绩载于第124页之综合收益表。
董事会现建议以现金派发末期股息每股
港币0.08元（二零二四年：港币0.14元）
予于二零二五年九月十二日（星期五）名
列本公司股东名册之股东。连同已于二
零二四年十二月二十日（星期五）派付之
中期股息每股港币0.08元（二零二四年：
港币0.06元），本年度合共派发股息每股
港币0.16元（二零二四年：港币0.20元）。
待即将召开之股东周年大会（「股东周年
大会」）获股东批准后，建议末期股息将
约于二零二五年九月十九日（星期五）以
现金支付。
The Board presents to shareholders their anual report together with
the audited financial statements of the Company and of the Group for
the year ended 31 March 2025.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The
principal activities of the Group are construction and enginering,
property investment, property development and operations, healthcare
investment, car dealership, insurance and investment and others.
Other ancilary and suporting busineses of principal subsidiaries,
asociates and joint ventures that are integrated with the main
busineses of the Group are shown on pages 292 to 300.
The Group’s revenue and results for the year ended 31 March 2025,
analysed by operating segments, are set out in note 5 to the
consolidated financial statements.
BUSINES REVIEW
A fair review of the busineses of the Group during the year,
particulars of important events afecting the Group that have ocured
subsequent to the year ended 31 March 2025 (if any), a description of
principal risks and uncertainties facing the Group and discusion on
the Group’s prospects are provided in the Leter to Shareholders on
pages 14 to 16, Management Discusion and Analysis on pages 17 to
24, Financial Review on pages 25 to 30 and note 3 to the consolidated
financial statements. In adition, discusions on the Group’s
compliance with relevant laws and regulations which have a significant
impact on the Group, relationships with its key stakeholders and
environmental policy are provided in the Corporate Governance Report
and Environmental, Social and Governance Report on pages 43 to 57
and pages 58 to 100, respectively.
RESULTS AND APROPRIATIONS
The results of the Group for the year ended 31 March 2025 are set out
in the consolidated income statement on page 124. The Board now
recomends the payment of a final dividend of HK$0.08 (2024:
HK$0.14) per share payable in cash to shareholders whose names
apear on the Register of Members of the Company on Friday, 12
September 2025. Together with an interim dividend of HK$0.08 (2024:
HK$0.06) per share paid on Friday, 20 December 2024, the total
dividends for the year amounted to HK$0.16 (2024: HK$0.20) per
share. Subject to the aproval by shareholders at the forthcoming
anual general meting (the “AGM”), the proposed final dividend wil
be payable in cash to shareholders on or about Friday, 19 September
2025.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
REPORT OF THE DIRECTORS
董事会报告
暂停办理股份过户登记
为确定股东有权出席股东周年大会及于
会上投票，本公司将于二零二五年八月
二十二日（星期五）至二零二五年八月
二十七日（星期三）（首尾两天包括在内），
暂停办理股份过户登记手续。为确保符
合资格出席股东周年大会及于会上投票，
所有股份过户文件连同有关股票必须于
二零二五年八月二十一日（星期四）下午
四时三十分前，一并送达本公司于香港
之股份过户登记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，以便办理过户登记手续。
为确定股东有权收取建议末期股息，待
本公司股东于股东周年大会通过该普通
决议案后，本公司将于二零二五年九月
十一日（星期四）至二零二五年九月十二
日（星期五）（首尾两天包括在内），暂停
办理股份过户登记手续。为确保符合资
格获派发建议末期股息，所有股份过户
文件连同有关股票必须于二零二五年九
月十日（星期三）下午四时三十分前，一
并送达本公司于香港之股份过户登记分
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，以便办
理过户登记手续。
已发行股本
本公司年内已发行股份的详情载于综合
财务报表附注35。
储备
本集团及本公司年内之储备变动载于综
合财务报表附注36及附注48。
于二零二五年三月三十一日，本公司可
向股东分派之储备为港币1,473,239,000
元（二零二四年：港币1,915,324,000元）。
投资物业
本集团年内之投资物业变动载于综合财
务报表附注14。
物业、厂房及设备
本集团年内之物业、厂房及设备变动载
于综合财务报表附注15。
银行及其他借款
本集团于二零二五年三月三十一日银行
及其他借款之详情载于综合财务报表附
注34。
CLOSURE OF REGISTER OF MEMBERS
For determining the entitlement to atend and vote at the AGM, the
Register of Members of the Company wil be closed from Friday, 22
August 2025 to Wednesday, 27 August 2025, both days inclusive,
during which period no transfer of shares wil be efected. In order to
be eligible to atend and vote at the AGM, al transfer documents
acompanied by the relevant share certificates must be lodged with
the Company’s branch share registrar and transfer ofice in Hong
Kong, Tricor Investor Services Limited, at 17/F., Far East Finance
Centre, 16 Harcourt Road, Hong Kong for registration not later than 4:30
p.m. on Thursday, 21 August 2025.
For determining entitlement to the proposed final dividend (subject to
the pasing of an ordinary resolution by the shareholders of the
Company at the AGM), the Register of Members of the Company wil
be closed from Thursday, 11 September 2025 to Friday, 12 September
2025, both days inclusive, during which period no transfer of shares
wil be efected. In order to qualify for the proposed final dividend, al
transfer documents acompanied by the relevant share certificates
must be lodged with the Company’s branch share registrar and
transfer ofice in Hong Kong, Tricor Investor Services Limited, 17/F.,
Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration
not later than 4:30 p.m. on Wednesday, 10 September 2025.
SHARES ISUED
Details of the shares isued by the Company during the year are set
out in note 35 to the consolidated financial statements.
RESERVES
Movements in reserves of the Group and the Company during the year
are set out in note 36 and note 48 to the consolidated financial
statements.
As at 31 March 2025, the Company’s reserves available for distribution
to shareholders amounted to HK$1,473,239,000 (2024: HK$1,915,324,000).
INVESTMENT PROPERTIES
Movements in investment properties of the Group during the year are
set out in note 14 to the consolidated financial statements.
PROPERTY, PLANT AND EQUIPMENT
Movements in property, plant and equipment of the Group during the
year are set out in note 15 to the consolidated financial statements.
BANK AND OTHER BOROWINGS
Details of bank and other borowings of the Group as at 31 March
2025 are set out in note 34 to the consolidated financial statements.
2025 年报 | 其士国际集团有限公司
REPORT OF THE DIRECTORS
董事会报告
财务概要╱财务回顾
本集团之财务概要及财务回顾分别载于
第4页至7页及第25页至30页。
主要客户及供应商
本集团年度内之五大客户占本集团收入
约37.9%，而最大客户为独立第三方，
占本集团收入约11.3%。于二零二五年
三月三十一日，本集团五大供应商应占
购货额少于30%。
于二零二五年三月三十一日，各董事、
其各自紧密联系人士（定议见香港联合交
易所有限公司（「联交所」）证券上市规则
（「上市规则」）或任何股东（就董事所知其
拥有本公司已发行股本5%或以上）概无
于本集团之五大客户及供应商有任何权
益。
主要物业
本集团于二零二五年三月三十一日之主
要物业资料载于第38页至42页。
雇员及薪酬政策
于二零二五年三月三十一日，本集团于
全球雇用约3,600名全职员工。截至二零
二五年三月三十一日止年度，员工总开
支为港币16.26亿元。本集团之薪酬政策
乃根据雇员之工作性质、市场趋势、公
司业绩及个别员工之表现而定期作出评
估。其他员工福利包括酌情发放花红奖
赏、医疗计划及退休金计划等。
董事及高级管理人员的薪酬待遇乃根据
其对本集团表现的贡献厘定并由本公司
薪酬委员会监管。
董事薪酬的详情载于综合财务报表附注
40。
慈善捐款
年内，本集团捐款予慈善机构为港币
2,693,500元。
优先承让权
本公司之经修订及重订细则并无优先承
让权之条款，虽然根据本公司之注册地
百慕达之法例，对此并无作出任何限制。
FINANCIAL SUMARY/FINANCIAL REVIEW
Financial sumary and financial review of the Group are shown on
pages 4 to 7 and on pages 25 to 30, respectively.
MAJOR CUSTOMERS AND SUPLIERS
The Group’s revenue for the year atributable to the Group’s five
largest customers acounted for about 37.9%, and the largest
customer is an independent third party, acounted for about 11.3%.
The agregate purchase as at 31 March 2025 atributable to the
Group’s five largest supliers were les than 30%.
None of the Directors, their respective close asociates (as defined in
the Rules Governing the Listing of Securities (the “Listing Rules”) on
The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) or
any shareholder (whom to the knowledge of the Directors owns 5% or
more of the isued share capital of the Company) as at 31 March 2025
had any interest in the Group’s five largest customers and supliers.
MAJOR PROPERTIES
Particulars of major properties of the Group as at 31 March 2025 are
set out on pages 38 to 42.
EMPLOYES AND REMUNERATION POLICIES
The Group employed aproximately 3,600 ful-time staf globaly as at
31 March 2025. Total staf costs amounted to HK$1,626 milion for the
year ended 31 March 2025. The remuneration policies of the Group are
reviewed periodicaly on the basis of the nature of job, market trend,
company performance and individual performance. Other staf benefits
include bonuses awarded on a discretionary basis, medical schemes
and retirement schemes.
The remuneration package of the Directors and the senior management
is based on their contribution to the performance of the Group and is
supervised by the Remuneration Comite of the Company.
Details of the Directors’ remuneration are set out in note 40 to the
consolidated financial statements.
DONATIONS
During the year, the Group made donations of HK$2,693,500 to
charitable bodies.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Company’s
Amended and Restated Bye-Laws although there is no restriction
against such rights under the laws of Bermuda where the Company is
incorporated.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
REPORT OF THE DIRECTORS
董事会报告
购买、出售或赎回上市证券
年内，本公司于联交所购回合共660,000
股本公司股份，已付总代价（扣除开支前）
为港币3,169,080元。实施购回的原因乃
董事会认为股份的市值未能反映其内在
价值及本集团的业务前景，此为本公司
购回股份的良机，从而提升股份价值及
提升股东回报。该等交易详情如下：
除上文所披露者外，本公司或其任何附
属公司年内并无购买、出售或赎回本公
司的上市证券。
获准许的弥偿
根据本公司之经修订及重订细则，每位
董事有权就其因执行职务或与其有关的
其他事宜所引致或蒙受之一切损失或法
律责任从本公司资产中获得弥偿。本公
司已就本集团董事可能在法律程序中进
行抗辩所招致的法律责任及费用购买保
险。
董事
年内及截至本报告日期止之在任董事如
下：
执行董事
郭海生先生
a
（主席）
周维正先生
b
（副主席）
谭国荣先生
c
（董事总经理）
何宗梁先生
马志荣先生
周莉小姐
独立非执行董事
潘宗光教授
施荣怀先生
孙立勋先生
关蕙女士
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES
During the year, the Company bought back a total of 660,000 shares of
the Company on the Stock Exchange with agregate consideration
paid (before expenses) amounting to HK$3,169,080. The repurchases
were made as the Board considered that the trading price of the
shares did not reflect their intrinsic value and busines prospects of
the Group, this is therefore a god oportunity for the Company to
repurchase the shares to enhance share value and improve
shareholders return. Details of those transactions are as folows:
Month月份
Number of
shares
repurchasedPrice per share
Total
price paid
购回股份数量每股价格已付总价
HighestLowest
最高最低
HK$HK$HK$
港币港币港币
September 2024二零二四年九月632,0005.234.303,023,580
October 2024二零二四年十月28,0005.205.18145,500
Save as disclosed above, no purchase, sale or redemption of listed
securities of the Company by the Company or any of its subsidiaries
during the year.
PERMITED INDEMNITY
Pursuant to the Company’s Amended and Restated Bye-Laws, every
Director shal be indemnified out of the asets of the Company against
al loses or liabilities which he/she may sustain or incur in the
execution of his/her ofice or otherwise in relation thereto. The
Company has taken out insurance against the liability and costs
asociated with defending any procedings which may be brought
against the Directors of the Group.
DIRECTORS
The Directors who held ofice during the year and up to the date of
this report were:
Executive Directors
Mr. KUOK Hoi Sang
a
(Chairman)
Mr. CHOW Ve Tsung, Oscar
b
(Vice Chairman)
Mr. TAM Kwok Wing
c
(Managing Director)
Mr. HO Chung Leung
Mr. MA Chi Wing
Mis Lily CHOW
Independent Non-Executive Directors
Profesor PON Chung Kwong
Mr. Irons SZE
Mr. SUN Leland Li Hsun
Ms. KWAN Angelina Agnes
2025 年报 | 其士国际集团有限公司
REPORT OF THE DIRECTORS
董事会报告
董事（续）
a 于二零二五年一月一日继续出任主席
b 于二零二五年一月一日由非执行董事调
任为执行董事及获委任为副主席
c 于二零二五年一月一日获委任为董事总
经理
根据本公司之经修订及重订细则，谭国荣
先生、潘宗光教授及孙立勋先生须于股
东周年大会上告退，彼等具资格并愿膺
选连任。各非执行董事之告退规定与各
执行董事相同。
何宗梁先生已知会本公司彼将不会膺选
连任，因此彼将于股东周年大会完结时
退任本公司执行董事的职务。除何先生
外，其他退任董事具资格并愿于股东周
年大会上膺选连任。
本公司董事于本报告日期的简历详情刊
载于第31页至37页「管理层简介」一节。
董事于交易、安排或合约之重大
权益
本公司董事或其关连实体并无在本公司
附属公司所订立对本公司业务而言属于
重大之交易、安排或合约中（在年终或年
内任何时间仍然有效），直接或间接拥有
任何重大权益。
董事于竞争性业务之权益
年内，概无董事于任何与本集团构成竞
争之业务中有任何权益。
DIRECTORS (CONTINUED)
a Continue to serve as Chairman with efect from 1 January 2025
b Re-designated from Non-Executive Director to Executive Director and
apointed as Vice Chairman with efect from 1 January 2025
c Apointed as Managing Director with efect from 1 January 2025
In acordance with the Company’s Amended and Restated Bye-Laws,
Mr. Tam Kwok Wing, Profesor Pon Chung Kwong and Mr.
Sun Leland Li Hsun shal retire from ofice at the AGM and, being
eligible, may ofer themselves for re-election. The non-executive
directors are subject to the same retirement requirements as the
executive directors.
Mr. Ho Chung Leung has informed the Company that he would not
ofer himself for re-election and acordingly wil retire as Executive
Director of the Company after the conclusion of the AGM. Save for Mr.
Ho, the other retiring Directors, being eligible, shal ofer themselves
for re-election at the AGM.
The biographical details of the Directors of the Company as at the date
of this report are set out in the “Management Profile” section on
pages 31 to 37.
DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS,
ARANGEMENTS OR CONTRACTS
No transactions, arangements or contracts of significance in relation
to the Company’s busines to which the Company’s subsidiaries was
a party or were parties and in which a director of the Company or his
or her conected entity had a material interest, whether directly or
indirectly, subsisted at the end of the year or at any time during the
year.
DIRECTORS’ INTERESTS IN COMPETING BUSINES
During the year, none of the Directors have an interest in any busines
constituting a competing busines to the Group.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
REPORT OF THE DIRECTORS
董事会报告
董事及最高行政人员之证券权益
于二零二五年三月三十一日，本公司董
事及最高行政人员于本公司或其相联法
团（定义见香港法例第571章证券及期货
条例（「证券及期货条例」）第XV部）之股
份、相关股份或债权证中所拥有已根据
证券及期货条例第XV部第7及第8分部
知会本公司及联交所之权益及淡仓（包括
彼等根据上述证券及期货条例条文被列
为或视作拥有之权益及淡仓），或必须并
已记录于本公司根据证券及期货条例第
352条规定须予备存之登记册内之权益
及淡仓，或根据标准守则须知会本公司
及联交所之权益及淡仓如下：
本公司权益－股份
周莉小姐
根据本公司董事周莉小姐于二零二三
年四月四日提交的披露权益通知（对彼于
二零二一年六月二十八日提交的披露权
益通知作修订），其以已故周亦卿博士（「已
故周博士」）在二零九年四月二十七日
的遗嘱，及以已故周博士在二零一五年
十月二十九日的遗嘱（「二零一五年遗嘱」）
的遗产执行人之一持有已故周博士的
189,490,248股份（62.90%）。两份遗
嘱均有待高等法院遗嘱认证诉讼HCAP
22/2019之判决。本公司不评论对其在披
露权益通知上披露名列遗产执行人的身
份，惟本公司获悉根据香港上诉法庭在
二零二三年二月八日的案件编号CAMP
202/2021 [2023] HKCA167中提述，由于
周莉小姐在其有关高等法院遗嘱认证
诉讼HCAP 22/2019的法庭诉状中表示，
其无意接受二零一五年遗嘱的遗产执行
人的任命直至法院作出该诉讼之裁决，
因此周莉小姐在二零二一年六月
二十九日后向第三方作出的任何有关其
以遗嘱执行人身份行事的陈述为不正确的。
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SECURITIES
As at 31 March 2025, the interests and short positions of the Directors
and the chief executive of the Company in the shares, underlying
shares or debentures of the Company or its asociated corporations,
within the meaning of Part XV of the Securities and Futures Ordinance
(Chapter 571 of the Laws of Hong Kong) (the “SFO”), which have ben
notified to the Company and the Stock Exchange pursuant to Divisions
7 and 8 of Part XV of the SFO (including interests and short positions
which they have taken or demed to have taken under such provisions
of the SFO), or which were required to be recorded in the register to
be kept by the Company pursuant to Section 352 of the SFO or as
otherwise required to be notified to the Company and the Stock
Exchange pursuant to the Model Code were as folows:
Interests in the Company – Shares
Numbers of ordinary shares held (Long Positions)
所持普通股份数目（好仓）
Name of DirectorsCapacity
Personal
interests
Family
interestsTotal
Aproximate
percentage of
interest (%)
董事名称身份个人权益家族权益总数权益概约(%)
Mr. KUOK Hoi SangBeneficial owner173,460–173,4600.06
郭海生先生实益拥有人
Mr. TAM Kwok WingBeneficial owner209,58340,265249,8480.08
谭国荣先生实益拥有人
Mr. HO Chung LeungBeneficial owner40,000–40,0000.01
何宗梁先生实益拥有人
Mis Lily CHOW
Acording to the disclosure of interests form filed by Mis Lily Chow,
a director of the Company, on 4 April 2023 (amendment to her
disclosure of interests form filed on 28 June 2021), 189,490,248
shares (62.90%) were held by her as one of the named executrixes
of the Wil dated 27 April 2009 of the late Dr. Chow Yei Ching (the “late
Dr. Chow”), and as one of the named executrixes of the Wil dated
29 October 2015 (“2015 Wil”) of the late Dr. Chow, and both Wils
are subject to the determination of the High Court Probate Action
HCAP 22/2019. The Company has no coment on her capacity as
named executrix disclosed under the disclosure of interests forms
however, it is noted that there are references made by the Court of
Apeal Hong Kong under case reference CAMP 202/2021 [2023]
HKCA 167 dated 8 February 2023 to the efect that any
representation made by Mis Lily Chow to third parties that she is
acting in the capacity as an executrix would not be corect after 29
June 2021 as Mis Lily Chow has stated in her court pleading
concerning the High Court Probate Action HCAP 22/2019 that she
does not intend to acept the ofice of executrixship of the 2015 Wil
pending the judgment in the said Action.
2025 年报 | 其士国际集团有限公司
REPORT OF THE DIRECTORS
董事会报告
董事及最高行政人员之证券权益
（续）
于二零二五年三月三十一日，就本公司
董事及最高行政人员所知，概无其他人
士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
份或债权证中拥有须根据证券及期货条
例第XV部第7及第8分部的条文知会本
公司及联交所之权益或淡仓（包括彼根据
上述证券及期货条例条文被列为或视作
拥有之权益及淡仓），或须根据证券及期
货条例第352条规定记录于该条所述登
记册内之权益或淡仓，或须根据标准守
则知会本公司及联交所之权益或淡仓。
董事服务合约
概无任何于股东周年大会膺选连任的董
事与本公司签订不可在一年内不作补偿
（法定赔偿除外）而可予以终止之服务合
约。
管理合约
年内并无签署有关管理及经营本公司或
其任何附属公司全部或大部份业务之重
要合约。
退休金计划
本集团为其香港及海外员工设立多项退
休福利计划。
于香港，本集团参与按《职业退休计划条
例》注册之界定供款计划（「公积金计划」）
及于二零年十二月按《强制性公积金
计划条例》设立之强制性公积金计划（「强
积金计划」）。就公积金计划，雇员及本
集团每月按雇员底薪之5%至7.5%为供
款额，视乎雇员于本集团之年资而定。
本集团为强积金计划之成员，按雇员有
关每月入息之5%计算（截至二零二五年
三月三十一日止年度内每月最多为港币
1,500元）就强积金计划作出强制性供款。
本集团亦参与其经营业务之国家或地区
之雇员退休金计划。本集团须按既定供
款金额以每月薪酬之若干百分比或数目
计算。
本集团年内在该等计划已计入综合收益
表之总供款为港币4,410万元，并无已扣
除之已没收供款。
退休福利计划详情载于综合财务报表附
注41。
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SECURITIES
(CONTINUED)
As at 31 March 2025, so far as is known to the Directors and the chief
executive of the Company, no other person had 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) which were required to be notified to the Company
and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the
SFO (including interests and short positions which the Director was
taken or demed to have taken under such provisions of the SFO), or
were required, pursuant to Section 352 of the SFO, to be recorded in
the register refered to therein, or were required, pursuant to the
Model Code for Securities Transactions by Directors of Listed Isuer (the
“Model Code”), to be notified to the Company and the Stock
Exchange.
DIRECTORS’ SERVICE CONTRACTS
No Director ofering for re-election at the AGM has a service contract
with the Company which is not determinable by the Company within
one year without payment of compensation (other than statutory
compensation).
MANAGEMENT CONTRACTS
No contract of significance concerning the management and
administration of the whole or any substantial part of the busines of
the Company or any of its subsidiaries was entered into or subsisted
during the year.
RETIREMENT SCHEMES
The Group has established various retirement benefit schemes for the
benefit of its staf in Hong Kong and overseas.
In Hong Kong, the Group participates in both defined contribution
schemes which are registered under the Ocupational Retirement
Schemes Ordinance (the “ORSO Schemes”) and Mandatory Provident
Fund Schemes (the “MPF Schemes”) established under the Mandatory
Provident Fund Schemes Ordinance in December 2000. The ORSO
Schemes are funded by monthly contributions from both employes
and the Group at rates ranging from 5% to 7.5% of the employe’s
basic salary, depending on the length of service with the Group. For
members of the MPF Schemes, the Group contributes 5% of the
relevant payrol costs per employe, at a maximum of HK$1,500 per
month for the year ended 31 March 2025, to the mandatory
contribution of the MPF Schemes.
The Group also participates in the employe pension schemes in
countries or locations where the Group operates. The Group is
required to make defined contributions at rates calculated as a certain
percentage or sum of the monthly payrol.
The Group’s total contributions to these schemes charged to the
consolidated income statement during the year amounted to HK$44.10
milion against which no forfeited contributions had ben deducted.
Particulars of the retirement benefit schemes are set out in note 41 to
the consolidated financial statements.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
REPORT OF THE DIRECTORS
董事会报告
主要股东之证券权益
于二零二五年三月三十一日，就本公司
董事及最高行政人员所知，下列人士或
法团于本公司股份或相关股份中所拥有
须根据证券及期货条例第XV部第2及3
分部的条文向本公司披露，及须记录于
本公司根据证券及期货条例第336条备
存之登记册内之权益及淡仓如下：
@ 周蕙女士及周薇女士各自已根据证
券及期货条例第XV部以已故周博士之
遗产执行人身份通知其股份为已故周博
士之股份权益，以及周蕙女士已通知
其持有本公司14,551,162股份之权
益（作为实益拥有人持有104,607股
份之权益及透过全资拥有之法团持有
14,446,555股份之权益）。
周莉小姐已根据证券及期货条例第
XV部以已故周博士之遗产执行人身份
通知其股份为已故周博士之股份权益。
根据周莉小姐于二零二三年四月四日
提交的披露权益通知（对彼于二零二一
年六月二十八日提交的披露权益通知作
修订），其以已故周博士在二零九年
四月二十七日的遗嘱，及以已故周博士
在二零一五年遗嘱的遗产执行人之一持
有已故周博士的189,490,248股份。
两份遗嘱均有待高等法院遗嘱认证诉讼
HCAP 22/2019之判决。本公司不评论
对其在披露权益通知上披露名列遗产执
行人的身份，惟本公司获悉根据香港上
诉法庭在二零二三年二月八日的案件编
号CAMP 202/2021 [2023] HKCA 167
中提述，由于周莉小姐在其有关高等
法院遗嘱认证诉讼HCAP 22/2019的法
庭诉状中表示，其无意接受二零一五年
遗嘱的遗产执行人的任命直至法院作出
该诉讼之裁决，因此周莉小姐在二零
二一年六月二十九日后向第三方作出的
任何有关其以遗嘱执行人身份行事的陈
述为不正确的。
- ，已故周
博士之配偶宫川美智子女士被视为拥有
该等由已故周博士持有之189,490,248
股份之权益。
SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN SECURITIES
As at 31 March 2025, so far as is known to the Directors and the chief
executive of the Company, the interests and short positions of the
persons or corporations in the shares or underlying shares of the
Company which have ben disclosed to the Company under the
provisions of Divisions 2 and 3 of Part XV of the SFO and as recorded
in the register required to be kept by the Company under Section 336
of the SFO were as folows:
Substantial shareholdersCapacity
Number of ordinary
shares held
(Long Positions)
Aproximate
percentage of
interest (%)
主要股东身份所持普通股
股份数目（好仓）权益概约(%)
Dr. CHOW Yei Ching
@
(Deceased)Beneficial owner189,490,24862.90
周亦卿博士
@
（辞世）实益拥有人
Ms. MIYAKAWA MichikoInterest of spouse189,490,248*62.90
宫川美智子女士配偶权益
@ Ms. Chow Wai Wai, Violet and Ms. Chow Vi Vi have each reported
under Part XV of the SFO that they have interest in the shares of the
late Dr. Chow each as an executrix of the estate of the late Dr. Chow
and in adition, Ms. Chow Wai Wai, Violet has also reported to have
interests in 14,551,162 shares (held as to 104,607 shares as beneficial
owner, and as to 14,446,555 shares through wholy-owned corporations)
of the Company.
Mis Lily Chow has reported under Part XV of the SFO that she has
interest in the shares of the late Dr. Chow as an executrix of the estate
of the late Dr. Chow. Acording to the disclosure of interests form filed
by Mis Lily Chow on 4 April 2023 (amendment to her disclosure of
interests form filed on 28 June 2021), 189,490,248 shares were held by
her as one of the named executrixes of the Wil dated 27 April 2009 of
the late Dr. Chow, and as one of the named executrixes of the 2015
Wil of the late Dr. Chow, and both Wils are subject to the
determination of the High Court Probate Action HCAP 22/2019. The
Company has no coment on her capacity as named executrix
disclosed under the disclosure of interests forms however, it is noted
that there are references made by the Court of Apeal Hong Kong
under case reference CAMP 202/2021 [2023] HKCA 167 dated 8
February 2023 to the efect that any representation made by Mis Lily
Chow to third parties that she is acting in the capacity as an executrix
would not be corect after 29 June 2021 as Mis Lily Chow has stated
in her court pleading concerning the High Court Probate Action HCAP
22/2019 that she does not intend to acept the ofice of executrixship
of the 2015 Wil pending the judgment in the said Action.
- , Ms. Miyakawa Michiko, the spouse of the
late Dr. Chow, is demed to be interested in the same parcel of
189,490,248 shares held by the late Dr. Chow.
2025 年报 | 其士国际集团有限公司
REPORT OF THE DIRECTORS
董事会报告
SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN SECURITIES (CONTINUED)
Save as disclosed above, as at 31 March 2025, so far as is known to
the Directors and the chief executive of the Company, no other person
had interests or short positions in the shares or underlying shares of
the Company which were required to be disclosed to the Company
under the provisions of Divisions 2 and 3 of Part XV of the SFO and
recorded in the register required to be kept by the Company under
Section 336 of the SFO, or, were directly or indirectly, interested in 5%
or more of the nominal value of any clas of share capital carying
rights to vote in al circumstances at general metings of the
Company.
ARANGEMENT FOR ACQUISITION OF SHARES OR DEBENTURES
At no time during the year was the Company or any of its subsidiaries
a party to any arangement to enable the Directors of the Company to
acquire benefits by means of the acquisition of shares in or debentures
of the Company or any other body corporate.
CORPORATE GOVERNANCE
The Board is comited to maintaining high standards of corporate
governance. The Company has adopted the aplicable code provisions
as set out in the Corporate Governance Code (the “CG Code”)
contained in Apendix C1 of the Listing Rules. In the opinion of the
Directors, the Company has complied with the code provisions
throughout the year ended 31 March 2025, except for the deviations
from code provision C.2.1 of the CG Code for the period from 1 April
2024 to 31 December 2024 which have already ben stated in the
Corporate Governance Report of the Anual Report. Detailed
information on the Company’s corporate governance practices is set
out in the Corporate Governance Report on pages 43 to 57.
CHANGES IN DIRECTORS’ BIOGRAPHICAL DETAILS
Pursuant to Rule 13.51(B)(1) of the Listing Rules, changes in Directors’
biographical details since the date of the Company’s Interim Report
2024/25 are set out as folows:
– Mr. KUOK Hoi Sang, continue to serve as Chairman of the
Company with efect from 1 January 2025;
– Mr. CHOW Ve Tsung, Oscar, was re-designated as Executive
Director and was apointed as Vice Chairman and a member of
each of the Executive and Remuneration Comites of the
Company with efect from 1 January 2025;
– Mr. TAM Kwok Wing, was apointed as Managing Director of the
Company with efect from 1 January 2025; and
主要股东之证券权益（续）
除上文所披露者外，于二零二五年三月
三十一日，就本公司董事及最高行政人
员所知，概无任何其他人士于本公司股
份或相关股份中拥有须根据证券及期货
条例第XV部第2及第3分部的条文向本
公司披露之权益或淡仓，及须记录于本
公司根据证券及期货条例第336条备存
之登记册内，或直接或间接持有任何类
别股本（附有权利在任何情况下可于本公
司之股东大会上投票之股本）面值5%或
以上权益。
购买股份或债权证之安排
本年任何时间内，本公司或其任何附属
公司并无参与任何安排，使本公司董事
透过购买本公司或任何其他公司之股份
或债权证而获得利益。
企业管治
董事会致力维持高水平之企业管治。本
公司已采纳适用的上市规则附录C1的企
业管治守则（「企业管治守则」）所载守则
条文。董事认为，本公司于截至二零
二五年三月三十一日止整个年度均已遵
守所有适用的守则条文，惟二零二四年
四月一日至二零二四年十二月三十一日
期间偏离企业管治守则之守则条文第C.2.1
条除外，而该偏离已列载于本年报之企
业管治报告内。有关本公司之企业管治
常规已详载于企业管治报告第43页至57
页。
董事履历详情之变更
根据上市规则第13.51B(1)条，自本公司
二零二四╱二五年度中期报告刊发日期
之董事履历详情变更载列如下：
– 郭海生先生于二零二五年一月一日
继续出任本公司主席；
– 周维正先生于二零二五年一月一日
调任为执行董事，并获委任为本公
司副主席和执行委员会及薪酬委员
会成员；
– 谭国荣先生于二零二五年一月一日
获委任为本公司董事总经理；及
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
REPORT OF THE DIRECTORS
董事会报告
董事履历详情之变更（续）
– 孙立勋先生于二零二五年一月一日
获委任为本公司薪酬委员会成员。
除上文所述者外，董事履历详情概无其
他变更须根据上市规则第13.51B(1)条作
出披露。
足够公众持股量
根据本公司获得之公开资料及据董事会
所知，于二零二五年六月二十六日（即本
年报刊发前确定该等资料的最后实际可
行日期），公众人士所持有本公司股份超
过本公司已发行股份总数25%。
核数师
本综合财务报表已由罗兵咸永道会计师
事务所审核。罗兵咸永道会计师事务所
将会告退，并具资格，愿在本公司股东
周年大会重获委任。
承董事会命
主席
郭海生
香港，二零二五年六月二十六日
CHANGES IN DIRECTORS’ BIOGRAPHICAL DETAILS (CONTINUED)
– Mr. SUN Leland Li Hsun, curently Independent Non-Executive
Director, was apointed as a member of the Remuneration
Comite of the Company with efect from 1 January 2025.
Save as disclosed above, there is no other change of Directors’
biographical details required to be disclosed pursuant to Rule 13.51B(1)
of the Listing Rules.
SUFICIENCY OF PUBLIC FLOAT
Acording to the information that is publicly available to the Company
and within the knowledge of the Board, the percentage of the
Company’s share which is in the hands of the public exceds 25% of
the Company’s total number of isued shares as at 26 June 2025, the
latest practicable date to ascertain such information prior to the isue
of this Anual Report.
AUDITOR
The consolidated financial statements have ben audited by
PricewaterhouseCopers who shal retire and being eligible, ofer
themselves for re-apointment at the AGM.
On behalf of the Board
KUOK Hoi Sang
Chairman
Hong Kong, 26 June 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
2025 年报 | 其士国际集团有限公司
致其士国际集团有限公司股东
（于百慕达注册成立的有限公司）
意见
我们已审计的内容
其士国际集团有限公司（以下简称「贵公
司」）及其附属公司（以下统称「贵集团」）
列载于第124至300页的综合财务报表，
包括：
• 于二零二五年三月三十一日的综合
财务状况表；
- ；
- ；
- ；
- ；
及
- ，包括重大会计
政策信息及其他解释信息。
我们的意见
我们认为，该等综合财务报表已根据香
港会计师公会颁布的《香港财务报告会计
准则》真实而中肯地反映了 贵集团于二
零二五年三月三十一日的综合财务状况
及其截至该日止年度的综合财务表现及
综合现金流量，并已遵照香港《公司条例》
的披露规定妥为拟备。
意见的基础
我们已根据香港会计师公会颁布的《香港
审计准则》进行审计。我们在该等准则下
承担的责任已在本报告「核数师就审计
综合财务报表承担的责任」部份中作进
一步阐述。
我们相信，我们所获得的审计凭证能充
足及适当地为我们的审计意见提供基础。
独立性
根据香港会计师公会颁布的《专业会计师
道德守则》（以下简称「守则」），我们独立
于 贵集团，并已履行守则中的其他专
业道德责任。
TO THE SHAREHOLDERS OF CHEVALIER INTERNATIONAL
HOLDINGS LIMITED
(incorporated in Bermuda with limited liability)
OPINION
What we have audited
The consolidated financial statements of Chevalier International
Holdings Limited (the “Company”) and its subsidiaries (the “Group”),
which are set out on pages 124 to 300, comprise:
• the consolidated statement of financial position as at 31 March
2025;
- ;
• the consolidated statement of comprehensive income for the
year then ended;
• the consolidated statement of changes in equity for the year
then ended;
• the consolidated statement of cash flows for the year then
ended; and
- , comprising
material acounting policy information and other explanatory
information.
Our opinion
In our opinion, the consolidated financial statements give a true and
fair view of the consolidated financial position of the Group as at 31
March 2025, and of its consolidated financial performance and its
consolidated cash flows for the year then ended in acordance with
HKFRS Acounting Standards as isued by the Hong Kong Institute of
Certified Public Acountants (“HKICPA”) and have ben properly
prepared in compliance with the disclosure requirements of the Hong
Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in acordance with Hong Kong Standards on
Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities
under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements
section of our report.
We believe that the audit evidence we have obtained is suficient and
apropriate to provide a basis for our opinion.
Independence
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.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
关键审计事项
关键审计事项是根据我们的专业判断，
认为对本期综合财务报表的审计最为重
要的事项。这些事项是在我们审计整体
综合财务报表及出具意见时进行处理的。
我们不会对这些事项提供单独的意见。
我们在审计中识别的关键审计事项概述
如下：
- ；
- ；
• 集团及其合营企业持有的发展中物
业及集团持有的待售物业的可回收
性；及
• 与于美利坚合众国的若干安老院舍
业务相关的商誉减值评估。
关键审计事项
我们的审计如何处理关键
审计事项
建筑工程的收入确认
请参考综合财务报表
附注4(g)及6。
截至二零二五年三月
三十一日止年度， 贵
集团确认建筑工程的
收入为港币50.96亿元。
我们针对管理层就建筑工
程的收入确认的程序包
括：
• 了解管理层对于建
筑工程的收入确认
控制程序，及透过
考虑估计不确定性
程度及其他固有风
险因素之程度，评
估重大错误陈述的
固有风险；
• 评估及抽样测试建
筑工程确认之收入
之主要控制；
KEY AUDIT MATERS
Key audit maters are those maters that, in our profesional judgment,
were of most significance in our audit of the consolidated financial
statements of the curent period. These maters were adresed in
the context of our audit of the consolidated financial statements as a
whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these maters.
Key audit maters identified in our audit are sumarised as folows:
- ;
- ;
• Recoverability of properties under development held by the
Group and a joint venture and properties for sale held by the
Group; and
• Impairment asesment of godwil relating to certain senior
housing busines in the United States of America.
Key audit mater
How our audit adresed
the Key audit mater
Revenue recognition from construction works
Refer to notes 4(g) and 6 to the
consolidated financial statements.
For the year ended 31 March
2025, the Group recognised
revenue from construction works
of HK$5,096 milion.
Our procedures in relation to management’s
recognition of revenue from construction
works included.
• obtained an understanding of the
management’s control procedures
of revenue recognition from construction
works and asesed the inherent risk of
material mistatement by considering
the degre of estimation uncertainty
and level of other inherent risk factors;
- , on a sample
basis, the key controls over the
revenue recognition from construction
works;
2025 年报 | 其士国际集团有限公司
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
关键审计事项
我们的审计如何处理关键
审计事项
建筑工程的收入确认（续）
建筑工程的收入确认
涉及管理层就估计合
约总值、估计总合约成
本以及完成履行履约
义务的进度的厘定作
出高度判断。部份建筑
工程需耗时超过一年
完工，期间项目范围或
会不时变动。管理层于
合约开始生效时估计
合约总收入及预算成
本，并参考建筑工程的
进度定期重估该等金
额及财务影响。
由于厘定建筑工程所
确认收入的金额及时
点需管理层作出重大
判断，我们将该事项视
为关键审计事项。
• 于测试管理层就于
报告期末各份合约
的建筑合约总值、
总建筑成本及完成
履行履约义务的进
度所作估计时，我
们按抽样方式选取
若干建筑工程，并
进行以下：
• 与管理层及各
项目团队讨论
项目进度；
• 评估管理层的
估计合约价值
及建筑成本，
并参考支持证
据（如客户、分
包商及供应商
合约及其他通
讯）；
• 透过追踪证明
文件（包括向分
包商发出的建
筑师证书以及
分包商及供应
商所提供的发
票）测试报告期
间建筑工程所
产生的建筑成
本；及
• 测试与建筑师
证明书及其他
合适通讯相关
所完成的工作
价值以及基于
最新管理层预
算重新计算完
成履行履约义
务的进度。
根据所执行之程序，我们
认为，就厘定建筑工程所
确认收入的金额及时点而
需管理层就作出的判断及
估计有可得证据支持。
Key audit mater
How our audit adresed
the Key audit mater
Revenue recognition from construction works (continued)
The recognition of revenue from
construction works involves a
high degre of management
judgement in relation to the
determination of estimated total
contract value, estimated total
contract costs, as wel as the
progres towards complete
satisfaction of the performance
obligations. Some of the
construction works takes more
than one year to complete during
which the project scope may
change from time to time.
Management estimates the total
contract revenue and budgeted
cost at the comencement of the
contracts and regularly reaseses
these amounts and the financial
impact with reference to the
progres of construction works.
Due to the existence of significant
management’s judgement
required to determine the amount
and timing of revenue recognised
from construction works, we
considered it a key audit mater.
- ’s
estimation on the total construction
contract value, total construction
costs and the progres towards
complete satisfaction of the
performance at the end of the
reporting period, we selected a
number of construction works on a
sample basis and performed the
folowing:
• discused with management
and the respective project teams
on the progres of the projects;
- ’s
estimates in contract value and
construction costs with reference
to the suporting evidence such
as contracts with customers,
subcontractors and supliers
and other corespondences;
• tested the construction costs
incured for construction works
during the reporting period by
tracing to suporting documents
including architect’s certificates
isued to subcontractors and
invoices from subcontractors
and supliers; and
• tested the value of work done to
architect’s certificates and other
corespondences as apropriate
and recalculated the progres
towards complete satisfaction of
the performance obligations
based on the latest management
budget.
Based on the procedures performed, we
considered that management’s
judgement and estimates in determining
the amount and timing of revenue
recognised from the construction works
were suportable by the available
evidence.
KEY AUDIT MATERS (CONTINUED)关键审计事项（续）
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
关键审计事项
我们的审计如何处理关键
审计事项
投资物业的估值
请参考综合财务报表
附注4(a)、8及14。
于二零二五年三月
三十一日， 贵集团的
投资物业按港币57.48
亿元列账，并于综合收
益表确认公允值增加，
净额港币4,300万
元。 贵集团的投资物
业组合包括于中国内
地、香港及海外的商
业、住宅及工业物业。
管理层已聘请独立外
部估值师采用直接比
较法及收益资本化方
法（如适用）估计 贵集
团投资物业于二零二五
年三月三十一日的公
允值。
投资物业的估值取决
于管理层必须作出重
大判断的某些关键假
设，包括资本化率、现
行市场租金、可类比市
场交易以及所作出的
调整。
我们针对管理层就投资物
业的估值的程序包括：
• 了解管理层对于投
资物业估值的过程，
及透过考虑估计不
确定性程度及其他
固有风险因素之程
度，评估重大错误
陈述的固有风险；
• 评估独立估值师的
资历、能力及客观
性；
• 获取估值报告并与
独立外部估值师讨
论以了解采用的估
值方法及可类比市
场数据；
Key audit mater
How our audit adresed
the Key audit mater
Valuation of investment properties
Refer to notes 4(a), 8 and 14 to
the consolidated financial
statements.
The Group’s investment properties
were caried at HK$5,748 milion
as at 31 March 2025 and a net
increase in fair value of HK$43
milion was recognised in the
consolidated income statement.
The Group’s investment property
portfolio comprises comercial
residential and industrial properties
in the Mainland China, Hong
Kong and overseas.
Management has engaged
independent external valuers to
estimate the fair value of the
Group’s investment properties
as at 31 March 2025 based on
the direct comparison aproach
and income capitalisation
aproach, where apropriate.
The valuation of investment
properties depends on certain
key asumptions that require
significant management judgement,
including capitalisation rates,
prevailing market rents, comparable
market transactions and the
adjustments made.
Our procedures in relation to management’s
valuation of investment properties
included:
• obtained an understanding of the
management’s proceses of valuation
of the investment properties and
asesed the inherent risk of material
mistatement by considering the
degre of estimation uncertainty
and level of other inherent risk factors;
- ’
competence, capabilities and
objectivity;
• obtained the valuation reports and
discused with the independent
external valuers to understand the
valuation methodologies and the
comparable market data used;
KEY AUDIT MATERS (CONTINUED)关键审计事项（续）
2025 年报 | 其士国际集团有限公司
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
关键审计事项
我们的审计如何处理关键
审计事项
投资物业的估值（续）
由于在投资物业的估
值中需管理层作出重
大判断及假设，我们将
该事项视为关键审计
事项。
• 通过比较所用的数
据与参照可取得市
场收益率的资本化
率、最近可类比物
业租赁交易的市场
租金及具有可类比
条件及地段的物业
的近期市场交易价
格（如适用），让我
们的内部估值专家
评估抽样选取物业
估值中使用的方法
的适当性以及所用
关键假设的合理性；
及
• 抽样选取独立估值
师使用的输入数据
（包括租金收入），
与管理层的记录、
历史资料或其他证
明文件（包括租赁协
议的关键条款及租
金收入表）进行对比
来检查其准确性。
根据所执行之程序，我们
认为，管理层对投资物业
所作估值所用的判断及假
设有可得证据支持。
Key audit mater
How our audit adresed
the Key audit mater
Valuation of investment properties (Continued)
Due to the existence of
significant management’s
judgement and asumptions
used in the valuation of
investment properties, we
considered it a key audit mater.
• involved our internal valuation experts
to ases the apropriatenes of
methodologies and the reasonablenes
of the key asumptions used in the
valuation of a sample of properties
selected by comparing the data used
against the available market yields for
capitalisation rates, prevailing market
rents of leasing transactions of
comparable properties and recent
market transaction prices of properties
with comparable conditions and
locations, where apropriate; and
• checked the acuracy of input
data, on a sample basis, used by
the independent valuers including
rental income by agreing them
back to management’s records,
historical information or other
suporting documents including
key terms of lease agrements
and rental income schedules.
Based on the procedures performed,
we considered that judgement and
asumptions used in management’s
valuation of investment properties
were suportable by the available
evidence.
KEY AUDIT MATERS (CONTINUED)关键审计事项（续）
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
关键审计事项
我们的审计如何处理关键
审计事项
集团及其合营企业持有的发展中物业及集团持
有的待售物业的可回收性
请参考综合财务报表
附注4(e)、8、19、24
及27
于二零二五年三月
三十一日， 贵集团拥
有价值港币7.60亿元
的发展中物业及价值
港币9.64亿元的待售
物业。 贵集团的物业
发展项目组合包括于
中国内地及香港的已
完工物业及发展中物
业。集团亦占有价值港
币4.20亿元由其合营
企业持有的重大物业
发展项目。
管理层基于对发展中
物业及待售物业可变
现净值的估计评估相
关物业的可回收性，当
中涉及同类地段的可
类比物业的当前市场
价格、完成及销售发展
项目将产生的成本的
分析并参考独立外部
估值师的估值报告（如
适用）。
由于评估发展中物业
及待售物业的可回收
性存在估计不确定性
及管理层的判断，我们
将该事项视为关键审
计事项。
我们针对管理层就评估发
展中物业及待售物业的可
回收性的程序包括：
• 了解管理层对于发
展中物业及待售物
业可回收性评估的
控制程序，及透过
考虑估计不确定性
程度及其他固有风
险因素之程度，评
估重大错误陈述的
固有风险；
• 评估及抽样测试物
业开发周期内的主
要控制；及
• 抽样选取物业使用
的关键假设来评估
管理层估计可变现
净值的合理性，包
括：
• 就估计售价与
相关物业的订
约售价或同类
地段的可类比
物业的近期市
场成交价格（如
适用）进行比
较；
• 就完成及销售
物业的总成本
与最新批准的
预算进行比
较，并对照证
明文件（如供应
商合约）查证该
等预算。
Key audit mater
How our audit adresed
the Key audit mater
Recoverability of properties under development held by the
Group and a joint venture and properties for sale held by the
Group
Refer to notes 4(e), 8, 19, 24
and 27 to the consolidated
financial statements.
The Group had HK$760 milion
and HK$964 milion of properties
under development and properties for
sale respectively as at 31 March
2025. The Group’s development
properties portfolio comprises
completed properties and
properties under development in
the Mainland China and Hong
Kong. The Group also shared a
significant interest in a property
under development in Hong Kong
held by a joint venture of HK$420
milion.
Management asesed the
recoverability of properties under
development and properties for sale
based on an estimation of the net
realisable values of the underlying
properties which involves analyses of
the curent market prices of
comparable properties at similar
locations, and costs to be incured to
complete and sel the developments
and where aplicable made
reference to the valuation report
from the independent external
valuer.
Due to the existence of estimation
uncertainty and management’s
judgement in asesing the
recoverability of properties under
development and properties for
sale, we considered it a key audit
mater.
Our procedures in relation to
management’s asesment on the
recoverability of properties under
development and properties for sale
included:
• obtained an understanding of the
management’s control procedures
of recoverability asesment of
the properties under development
and properties for sale and asesed
the inherent risk of material
mistatement by considering the
degre of estimation uncertainty
and level of other inherent risk
factors;
- , on a sample
basis, the key controls over the
property development cycle; and
• asesed the reasonablenes of key
asumptions used in management’s
estimation of the net realisable
values, on a sample of properties
selected, including:
• compared estimated seling
prices to the contracted sales
prices of the underlying
properties or to recent market
transaction prices of comparable
properties at similar locations,
where aplicable;
• compared total costs to
complete and sel the properties
to the latest aproved budgets
and checked those budgets
to suporting documents
such as supliers’ contracts.
KEY AUDIT MATERS (CONTINUED)关键审计事项（续）
2025 年报 | 其士国际集团有限公司
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
关键审计事项
我们的审计如何处理关键
审计事项
集团及其合营企业持有的发展中物业及集团持
有的待售物业的可回收性（续）
• 就具独立估值报告
的物业项目而言，
• 评估独立估值
师的资历、能
力及客观性；
• 获取估值报告
并与独立估值
师讨论以了解
所用的估值方
法及可类比市
场数据；及
• 通过比较所用
数据与具有可
类比条件及地
段的物业可得
的近期市场交
易价格，让我
们的内部估值
专家评估抽样
选取物业估值
中使用的方法
的适当性以及
所用关键假设
的合理性。
根据所执行之程序，我们
认为，管理层对评估发展
中物业及待售物业的可回
收性的判断有可得证据支
持。
Key audit mater
How our audit adresed
the Key audit mater
Recoverability of properties under development held by the
Group and a joint venture and properties for sale held by the
Group (Continued)
• For property projects with
independent valuation reports,
• evaluated the independent
valuer’s competence, capabilities
and objectivity;
• obtained the valuation report and
discused with the independent
valuer to understand the valuation
methodologies and the comparable
market data used; and
• involved our internal valuation experts
to ases the apropriatenes of
methodologies and the reasonablenes
of the key asumptions used in the
valuation of a sample of properties
selected by comparing the data
used against the available recent
market transaction prices of
properties with comparable
conditions and locations.
Based on the procedures performed,
we considered that management’s
judgement in asesing the
recoverability of properties under
development and properties for sale
were suportable by the available
evidence.
KEY AUDIT MATERS (CONTINUED)关键审计事项（续）
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
关键审计事项
我们的审计如何处理关键
审计事项
与于美利坚合众国的若干安老院舍业务相关的
商誉减值评估
请参考综合财务报表
附注4(c)、8、16及39
于二零二五年三月
三十一日， 贵集团就
于美利坚合众国的若
干安老院舍业务产生
商誉港币3.75亿元。
管理层通过评估现金
产生单位或现金产生
单位组别的可回收金
额去评估商誉是否已
出现任何减值。管理层
评估现金产生单位的
可收回金额是其公允
值扣除销售成本与使
用中价值两者中的较
高者。
与商誉的现金产生单
位组别有关的估计可
收回金额乃按使用中
价值计算法厘定。根据
有关评估，于截至二零
二五年三月三十一日
止年度作出港币3,100
万元的减值。
管理层的使用中价值
计算方法使用按管理
层批准的财政预算进
行的现金流量预测，当
中涉及使用管理层应
用在厘定收入增长率、
终端增长率及贴现率
等方面时的判断。
由于对美利坚合众国
的若干安老院舍业务
相关的商誉进行的减
值评估存在估计不确
定性及管理层的判断
（以使用价值计算），我
们将该事项视为关键
审计事项。
我们对管理层于评估商誉
减值时所使用的方法及假
设进行评估所进行的程序
概述如下：
• 了解管理层对于减
值评估的过程，及
透过考虑估计不确
定性程度及其他固
有风险因素之程度，
评估重大错误陈述
的固有风险；
• 评估编制减值评估
所使用的方法之适
当性；
• 将输入数据与过往
业绩及管理层所批
准的财务预算等支
持证据进行抽样印
证；
Key audit mater
How our audit adresed
the Key audit mater
Impairment asesment of godwil relating to certain senior
housing busines in the United States of America
Refer to notes 4(c), 8, 16 and
39 to the consolidated financial
statements.
The Group had HK$375 milion of
godwil relating to certain senior
housing busines in the United
States of America as at 31 March
2025. Management asesed
whether godwil has sufered
any impairment by asesing
recoverable amounts of cash
generating units (“CGU”) or
groups of CGUs, being the higher
of fair value les costs of disposal
and value-in-use thereof.
The estimated recoverable
amount in relation to the group
of CGUs with a godwil was
determined based on value-in-
use calculations. Based on the
asesment, HK$31 milion of
impairment was made for the
year ended 31 March 2025.
Management’s value-in-use
calculations use cash flow
projections based on financial
budgets aproved by management
which involve the use of judgement
aplied by management such as
the determination of revenue
growth rate, terminal growth rate
and discount rate.
Due to the existence of estimation
uncertainty and management
judgement in the impairment
asesment of godwil relating
to certain senior housing busines
in the United States of America
using value-in-use calculations,
we considered it a key audit
mater.
The procedures performed to ases
the methodologies and asumptions
used by management in the impairment
asesment of godwil are sumarised
below:
• obtained an understanding of the
management’s proceses of the
impairment asesment and
asesed the inherent risk of material
mistatement by considering the
degre of estimation uncertainty and
level of other inherent risk factors;
• asesed the apropriatenes of
methodologies used in preparing
the impairment asesment;
• agred the input data to suporting
evidence on a sample basis such
as historical results and financial
budgets aproved by management;
KEY AUDIT MATERS (CONTINUED)关键审计事项（续）
2025 年报 | 其士国际集团有限公司
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
Key audit mater
How our audit adresed
the Key audit mater
Impairment asesment of godwil relating to certain senior
housing busines in the United States of America (Continued)
• asesed the reasonablenes of
key asumptions such as revenue
growth rate, terminal growth rate
and discount rate aplied by
management including comparing
the curent year actual results
with the prior year forecast and
comparing to available market
information, to ases the
reasonablenes of management
forecasts; and
• performed sensitivity analysis on
the key asumptions adopted in
the impairment asesment to
understand the impact of reasonable
changes in asumptions on the
recoverable amounts.
Based on the procedures performed,
we considered that the asumptions
used by management in the
impairment asesment of godwil
based on value-in-use calculations
were suportable by available
evidence.
关键审计事项
我们的审计如何处理关键
审计事项
与于美利坚合众国的若干安老院舍业务相关的
商誉减值评估（续）
• 评估管理层所应用
的收入增长率、终
端增长率及贴现率
等关键假设的合理
性，包括将本年度
实际业绩与过往年
度预测作比较，并
与可得市场资料作
比较，以评估管理
层预测的合理性；
及
• 对减值评估采纳之
关键假设进行敏感
度分析，以了解假
设之合理变动对可
收回金额之影响。
根据所执行之程序，我们
认为，管理层在商誉减值
评估中所使用的假设（按
使用价值计算方法厘定）
有可得证据支持。
KEY AUDIT MATERS (CONTINUED)关键审计事项（续）
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
其他信息
贵公司董事须对其他信息负责。其他信
息包括年报内的所有信息，但不包括综
合财务报表及我们的核数师报告。
我们对综合财务报表的意见并不涵盖其
他信息，我们亦不对该等其他信息发表
任何形式的鉴证结论。
结合我们对综合财务报表的审计，我们
的责任是阅读其他信息，在此过程中，
考虑其他信息是否与综合财务报表或我
们在审计过程中所了解的情况存在重大
抵触或者似乎存在重大错误陈述的情况。
基于我们已执行的工作，如果我们认为
其他信息存在重大错误陈述，我们需要
报告该事实。在这方面，我们没有任何
报告。
董事及审核委员会就综合财务报
表须承担的责任
贵公司董事须负责根据香港会计师公会
颁布的《香港财务报告会计准则》及香港
《公司条例》的披露规定拟备真实而中肯
的综合财务报表，并对其认为使综合
财务报表的拟备不存在由于欺诈或错误
而导致的重大错误陈述所需的内部控制
负责。
在拟备综合财务报表时，董事负责评
估 贵集团持续经营的能力，并在适用
情况下披露与持续经营有关的事项，以
及使用持续经营为会计基础，除非董事
有意将 贵集团清盘或停止经营，或别
无其他实际的替代方案。
审核委员会须负责监督 贵集团的财务
报告过程。
OTHER INFORMATION
The directors of the Company are responsible for the other
information. The other information comprises al of the information
included in the anual report other than the consolidated financial
statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover
the other information and we do not expres any form of asurance
conclusion thereon.
In conection with our audit of the consolidated financial statements,
our responsibility is to read the other information and, in doing so,
consider whether the other information is materialy inconsistent with
the consolidated financial statements or our knowledge obtained in the
audit, or otherwise apears to be materialy mistated.
If, based on the work we have performed, we conclude that there is a
material mistatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF DIRECTORS AND THE AUDIT COMITE
FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation of
the consolidated financial statements that give a true and fair view in
acordance with HKFRS Acounting Standards as isued by the
HKICPA and the disclosure requirements of the Hong Kong Companies
Ordinance, and for such internal control as the directors determine is
necesary to enable the preparation of consolidated financial
statements that are fre from material mistatement, whether due to
fraud or eror.
In preparing the consolidated financial statements, the directors are
responsible for asesing the Group’s ability to continue as a going
concern, disclosing, as aplicable, maters related to going concern
and using the going concern basis of acounting unles the directors
either intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so.
The Audit Comite is responsible for overseing the Group’s
financial reporting proces.
2025 年报 | 其士国际集团有限公司
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
核数师就审计综合财务报表承担
的责任
我们的目标，是对综合财务报表整体是
否不存在由于欺诈或错误而导致的重大
错误陈述取得合理保证，并出具包括我
们意见的核数师报告。我们仅按照百慕
达一九八一年《公司法》第90条向 阁下
（作为整体）报告我们的意见，除此之外
本报告别无其他目的。我们不会就本报
告的内容向任何其他人士负上或承担任
何责任。合理保证是高水平的保证，但
不能保证按照《香港审计准则》进行的审
计，在某一重大错误陈述存在时总能发
现。错误陈述可以由欺诈或错误引起，
如果合理预期它们单独或汇总起来可能
影响综合财务报表使用者依赖综合财务
报表所作出的经济决定，则有关的错误
陈述可被视作重大。
在根据《香港审计准则》进行审计的过程
中，我们运用了专业判断，保持了专业
怀疑态度。我们亦：
• 识别和评估由于欺诈或错误而导致
综合财务报表存在重大错误陈述的
风险，设计及执行审计程序以应对
这些风险，以及获取充足和适当的
审计凭证，作为我们意见的基础。
由于欺诈可能涉及串谋、伪造、蓄
意遗漏、虚假陈述，或凌驾于内部
控制之上，因此未能发现因欺诈而
导致的重大错误陈述的风险高于未
能发现因错误而导致的重大错误陈
述的风险。
- ，以设
计适当的审计程序，但目的并非
对 贵集团内部控制的有效性发表
意见。
• 评价董事所采用会计政策的恰当性
及作出会计估计和相关披露的合理
性。
• 对董事采用持续经营会计基础的恰
当性作出结论。根据所获取的审计
凭证，确定是否存在与事项或情况
有关的重大不确定性，从而可能导
致对 贵集团的持续经营能力产生
重大疑虑。如果我们认为存在重大
不确定性，则有必要在核数师报告
中提请使用者注意综合财务报表中
的相关披露。假若有关的披露不
足，则我们应当发表非无保留意
见。我们的结论是基于核数师报告
日止所取得的审计凭证。然而，未
来事项或情况可能导致 贵集团不
能持续经营。
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable asurance about whether the
consolidated financial statements as a whole are fre from material
mistatement, whether due to fraud or eror, and to isue an auditor’s
report that includes our opinion. We report our opinion solely to you,
as a body, in acordance with Section 90 of the Companies Act 1981
of Bermuda, and for no other purpose. We do not asume
responsibility towards or acept liability to any other person for the
contents of this report. Reasonable asurance is a high level of
asurance, but is not a guarante that an audit conducted in
acordance with HKSAs wil always detect a material mistatement
when it exists. Mistatements can arise from fraud or eror and are
considered material if, individualy or in the agregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
As part of an audit in acordance with HKSAs, we exercise profesional
judgment and maintain profesional scepticism throughout the audit.
We also:
• Identify and ases the risks of material mistatement of the
consolidated financial statements, whether due to fraud or eror,
design and perform audit procedures responsive to those risks,
and obtain audit evidence that is suficient and apropriate to
provide a basis for our opinion. The risk of not detecting a
material mistatement resulting from fraud is higher than for one
resulting from eror, as fraud may involve colusion, forgery,
intentional omisions, misrepresentations, or the overide of
internal control.
• Obtain an understanding of internal control relevant to the audit
in order to design audit procedures that are apropriate in the
circumstances, but not for the purpose of expresing an opinion
on the efectivenes of the Group’s internal control.
• Evaluate the apropriatenes of acounting policies used and the
reasonablenes of acounting estimates and related disclosures
made by the directors.
- ’ 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.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
核数师就审计综合财务报表承担
的责任（续）
• 评价综合财务报表的整体列报方
式、结构和内容，包括披露，以及
综合财务报表是否中肯反映交易和
事项。
- ，以获取关
于 贵集团内实体或业务单位财务
信息的充足和适当的审计凭证，以
对综合财务报表形成审计意见提供
基础。我们负责指导、监督和覆核
为集团审计而执行的审计工作。我
们为审计意见承担总体责任。
除其他事项外，我们与审核委员会沟通
了计划的审计范围、时间安排、重大审
计发现等，包括我们在审计中识别出内
部控制的任何重大缺陷。
我们还向审核委员会提交声明，说明我
们已符合有关独立性的相关专业道德要
求，并与他们沟通有可能合理地被认为
会影响我们独立性的所有关系和其他事
项，以及在适用的情况下，用以消除对
独立性产生威胁的行动或采取的防范措
施。
从与审核委员会沟通的事项中，我们确
定哪些事项对本期综合财务报表的审计
最为重要，因而构成关键审计事项。我
们在核数师报告中描述这些事项，除非
法律法规不允许公开披露这些事项，或
在极端罕见的情况下，如果合理预期在
我们报告中沟通某事项造成的负面后果
超过产生的公众利益，我们决定不应在
报告中沟通该事项。
出具本独立核数师报告的审计项目合伙
人是朱皓琨（执业证书编号：P04994）。
罗兵咸永道会计师事务所
执业会计师
香港，二零二五年六月二十六日
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
- , structure and content of the
consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the
underlying transactions and events in a maner that achieves fair
presentation.
• Plan and perform the group audit to obtain suficient apropriate
audit evidence regarding the financial information of the entities
or busines units within the Group as a basis for forming an
opinion on the consolidated financial statements. We are
responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain
solely responsible for our audit opinion.
We comunicate with the Audit Comite regarding, among other
maters, the planed scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Comite with a statement that we have
complied with relevant ethical requirements regarding independence,
and to comunicate with them al relationships and other maters that
may reasonably be thought to bear on our independence, and where
aplicable, actions taken to eliminate threats or safeguards aplied.
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 Chu Ho Kwan Raphael (practising certificate number:
P04994).
PricewaterhouseCopers
Certified Public Acountants
Hong Kong, 26 June 2025
INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表索引
2025 年报 | 其士国际集团有限公司
Page
页
Consolidated Income Statement
综合收益表
Consolidated Statement of Comprehensive Income
综合全面收益表
Consolidated Statement of Financial Position
综合财务状况表
Consolidated Statement of Changes in Equity
综合权益变动表
Consolidated Statement of Cash Flows
综合现金流量表
Notes to the Consolidated Financial Statements
综合财务报表附注
1General information
一般资料
2Material acounting policy information
重大会计政策资料
3Financial risk management objectives
and policies
财务风险管理目标及政策
4Critical acounting estimates and judgements
关键会计估计及判断
5Segment information
分类资料
6Revenue
收入
7Other income
其他收入
8Other loses, net
其他亏损，净额
9Finance costs, net
财务费用，净额
10Los before taxation
除税前亏损
11Taxation
税项
12Los per share
每股亏损
13Dividends
股息
14Investment properties
投资物业
15Property, plant and equipment
物业、厂房及设备
16Godwil
商誉
17Other intangible asets
其他无形资产
18Interests in asociates
联营公司之权益
19Interests in joint ventures
合营企业之权益
20Amounts due from/(to) non-controling interests
应收╱（应付）非控股权益账款
21Investments at fair value through other
comprehensive income
按公允值列入其他全面收益处理之投资
22Investments at fair value through profit or los
按公允值列入损益处理之投资
23Investments at amortised cost
按摊销成本列账之投资
24Properties under development
发展中物业
Page
页
Notes to the Consolidated Financial Statements
(continued)
综合财务报表附注（续）
25Other non-curent asets
其他非流动资产
26Inventories
存货
27Properties for sale
待售物业
28Debtors, contract asets, deposits paid and
prepayments
应收账款、合约资产、已付存出按金及预付款项
29Right-of-use asets and lease liabilities
使用权资产及租赁负债
30Derivative financial instruments
衍生财务工具
31Bank balances and cash
银行结存及现金
32Creditors, bils payable, deposits received,
contract liabilities, acruals and provisions
应付账款、应付票据、已收存入按金、
合约负债、预提费用及拨备
33Insurance and reinsurance contract asets
and liabilities
保险及再保险合约的资产及负债
34Bank and other borowings
银行及其他借款
35Share capital
股本
36Reserves
储备
37Defered taxation
递延税项
38Notes to the consolidated statement of
cash flows
综合现金流量表附注
39Impairment testing of godwil
商誉之减值测试
40Benefits and interests of directors
and employes
董事及雇员之福利及权益
41Post-employment benefits
离职后福利
42Contingent liabilities
或然负债
43Comitments
承担
44Lease comitments
租赁承担
45Related party transactions
关联方交易
46Asets held-for-sale
持作出售资产
47Events after the end of the reporting period
报告期末后事项
48Statement of financial position and reserves
movement of the company
本公司财务状况及储备变动表
49Principal subsidiaries
主要附属公司
50Principal asociates
主要联营公司
51Principal joint ventures
主要合营企业
| 9,265,045 |
|---|
| (8,626,053) |
| 638,992 |
| 112,289 |
| (490,008) |
| (179,093) |
| (382,983) |
| (300,803) |
| 133,018 |
| (51,531) |
| (219,316) |
| 114,177 |
| (258,738) |
| (144,561) |
| (363,877) |
| (138,739) |
| (502,616) |
| (473,089) |
| (29,527) |
| (502,616) |
| (1.57) |
CONSOLIDATED INCOME STATEMENT
综合收益表
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
二零二五年二零二四年
NoteHK$’000HK$’000
附注港币千元港币千元
Revenue收入68,196,207
Cost of sales销售成本(7,341,510)
Gros profit毛利854,697
Other income其他收入792,783
Other loses, net其他亏损，净额8(507,063)
Seling and distribution costs销售及经销成本(199,262)
Administrative expenses行政支出(395,643)
Operating los经营亏损(154,488)
Share of results of asociates所占联营公司业绩18169,739
Share of results of joint ventures所占合营企业绩19(49,127)
(33,876)
Finance income财务收入989,706
Finance costs财务费用9(217,082)
Finance costs, net财务费用，净额9(127,376)
Los before taxation除税前亏损10(161,252)
Taxation税项11(161,512)
Los for the year年度亏损(322,764)
Atributable to:应占方：
Shareholders of the Company本公司股东(370,390)
Non-controling interests非控股权益47,626
(322,764)
Los per share每股亏损
– basic and diluted (HK$ per share)－基本及摊薄（每股港币）12(1.23)
The notes on pages 133 to 300 are integral parts of these consolidated
financial statements.
第133页至300页之附注乃此等综合财务
报表之组成部份。
| (502,616) |
|---|
| (2,129) |
| (8,131) |
| – |
| 415 |
| (3,377) |
| (58,267) |
| (71,489) |
| (574,105) |
| (542,378) |
| (31,727) |
| (574,105) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
综合全面收益表
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Los for the year年度亏损(322,764)
Other comprehensive (expenses)/
income for the year
年度其他全面（支出）╱收益
Items that wil not be reclasified
to profit or los
不会重新归类至损益的项目
Exchange diference atributable to
non-controling interests on
translation of operations of
overseas subsidiaries
换算海外附属公司之业务
对非控股权益所产生之
外汇兑换差额
(13,606)
Change in fair value of investments
at fair value through other
comprehensive income
按公允值列入其他全面收益
处理之投资的公允值变动
4,061
Fair value surplus of property,
plant and equipment upon transfer
to investment properties
物业、厂房及设备转拨至
投资物业时之公允值盈余
13,940
Share of a joint venture’s fair value
surplus of property, plant and
equipment upon transfer to
investment properties
所占一间合营企业之物业、
厂房及设备转拨至投资物业
时之公允值盈余
–
Remeasurement of defined benefit
plan obligations
界定福利计划责任之重新计量
–
Items that may be reclasified
subsequently to profit or los
其后可能重新归类至损益的项目
Exchange diference on translation of
operations of overseas subsidiaries,
asociates and joint ventures
换算海外附属公司、联营公司及
合营企业之业务所产生之
外汇兑换差额(179,914)
Other comprehensive expenses for
the year, net of tax
年度其他全面支出，除税后
(175,519)
Total comprehensive expenses
for the year
年度全面支出总额
(498,283)
Atributable to:应占方：
Shareholders of the Company本公司股东(532,303)
Non-controling interests非控股权益34,020
(498,283)
Note:
Items shown within other comprehensive (expenses)/income are disclosed net
of tax.
The notes on pages 133 to 300 are integral parts of these consolidated
financial statements.
附注：
于其他全面（支出）╱收益所示之项目乃按扣
除税项后披露。
第133页至300页之附注乃此等综合财务
报表之组成部份。
| 5,748,044 |
|---|
| 2,557,954 |
| 447,894 |
| 22,642 |
| 727,956 |
| 1,256,127 |
| 44,015 |
| 501,198 |
| 508,972 |
| 204,656 |
| 55,307 |
| 9,806 |
| 101,560 |
| 103,627 |
| 12,289,758 |
| 16,957 |
| 5,747 |
| 34,582 |
| 1,400,941 |
| 153,200 |
| 205,250 |
| 964,474 |
| 555,421 |
| 2,458,600 |
| 65 |
| 21,730 |
| 26,693 |
| 1,889,668 |
| 7,733,328 |
| 126,439 |
| 7,859,767 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
As at 31 March 2025
于二零二五年三月三十一日
二零二五年二零二四年
NoteHK$’000HK$’000
附注港币千元港币千元
Non-curent asets非流动资产
Investment properties投资物业144,943,096
Property, plant and equipment物业、厂房及设备15, 29(a)2,743,653
Godwil商誉16513,831
Other intangible asets其他无形资产1719,668
Interests in asociates联营公司之权益18741,397
Interests in joint ventures合营企业之权益19961,002
Investments at fair value through
other comprehensive income
按公允值列入其他全面收益
处理之投资2154,151
Investments at fair value through
profit or los
按公允值列入损益处理之
投资22871,908
Investments at amortised cost按摊销成本列账之投资23209,492
Properties under development发展中物业24187,274
Defered tax asets递延税项资产3762,503
Amount due from a non-controling
interest
应收一非控股权益账款
2010,625
Reinsurance contract asets再保险合约资产33(b)41,804
Other non-curent asets其他非流动资产25186,748
11,547,152
Curent asets流动资产
Amounts due from asociates应收联营公司账款1830,907
Amounts due from joint ventures应收合营企业账款19135,894
Amounts due from non-controling
interests
应收非控股权益账款
2035,610
Investments at fair value through
profit or los
按公允值列入损益处理之
投资22839,894
Investments at amortised cost按摊销成本列账之投资23304,237
Inventories存货26222,572
Properties for sale待售物业27770,019
Properties under development发展中物业241,917,266
Debtors, contract asets, deposits
paid and prepayments
应收账款、合约资产、已付
存出按金及预付款项281,996,842
Derivative financial instruments衍生财务工具30–
Reinsurance contract asets再保险合约资产33(b)68,432
Prepaid tax预付税项23,473
Bank balances and cash银行结存及现金312,472,257
8,817,403
Asets held-for-sale持作出售资产46–
8,817,403
| 22,177 |
|---|
| 259,539 |
| – |
| 3,320,566 |
| 379,967 |
| 120,175 |
| 1,445,356 |
| 17,837 |
| 5,565,617 |
| 2,294,150 |
| 14,583,908 |
2025 年报 | 其士国际集团有限公司
As at 31 March 2025
于二零二五年三月三十一日
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
二零二五年二零二四年
NoteHK$’000HK$’000
附注港币千元港币千元
Curent liabilities流动负债
Amounts due to joint ventures应付合营企业账款1917,665
Amounts due to non-controling
interests
应付非控股权益账款
20259,233
Derivative financial instruments衍生财务工具30425
Creditors, bils payable, deposits
received, contract liabilities,
acruals and provisions
应付账款、应付票据、
已收存入按金、合约负债、
预提费用及拨备323,062,000
Insurance contract liabilities保险合约负债33(a)364,710
Curent income tax liabilities当期所得税负债110,691
Bank and other borowings银行及其他借款341,044,471
Lease liabilities租赁负债29(b)19,105
4,878,300
Net curent asets流动资产净值3,939,103
Total asets les curent liabilities总资产减流动负债15,486,255
| 376,586 |
|---|
| 8,796,090 |
| 9,172,676 |
| 496,102 |
| 9,668,778 |
| 286,114 |
| 950,242 |
| 3,113,909 |
| 49,009 |
| 515,856 |
| 4,915,130 |
| 14,583,908 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
As at 31 March 2025
于二零二五年三月三十一日
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
二零二五年二零二四年
NoteHK$’000HK$’000
附注港币千元港币千元
Capital and reserves股本及储备
Share capital股本35377,411
Reserves储备369,407,178
Shareholders’ funds股东资金9,784,589
Non-controling interests非控股权益557,747
Total equity总权益10,342,336
Non-curent liabilities非流动负债
Amounts due to non-controling
interests
应付非控股权益账款
20270,193
Insurance contract liabilities保险合约负债33(a)904,789
Bank and other borowings银行及其他借款343,426,434
Lease liabilities租赁负债29(b)63,157
Defered tax liabilities递延税项负债37479,346
5,143,919
Total equity and non-curent
liabilities
总权益及非流动负债
15,486,255
Aproved by the Board of Directors on 26 June 2025 and signed on its
behalf by:
经董事会于二零二五年六月二十六日批
准，并由下列董事代表签署：
KUOK Hoi SangHO Chung Leung
郭海生何宗梁
DirectorDirector
董事董事
The notes on pages 133 to 300 are integral parts of these consolidated
financial statements.
第133页至300页之附注乃此等综合财务
报表之组成部份。
| 9,784,589 | 557,747 | 10,342,336 |
|---|---|---|
| (473,089) | (29,527) | (502,616) |
| (8,131) | – | (8,131) |
| 415 | – | 415 |
| (58,267) | (2,129) | (60,396) |
| (3,306) | (71) | (3,377) |
| (542,378) | (31,727) | (574,105) |
| (66,366) | – | (66,366) |
| – | (32,964) | (32,964) |
| (3,169) | – | (3,169) |
| – | 2,061 | 2,061 |
| – | 985 | 985 |
| 9,172,676 | 496,102 | 9,668,778 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Equity atributable to
应占权益
Shareholders
of the
Company
Non-
controling
interests
Total
equity
本公司股东非控股权益总权益
HK$’000HK$’000HK$’000
港币千元港币千元港币千元
At 1 April 2024于二零二四年四月一日
Los for the year年度亏损
Change in fair value of investments
at fair value through other
comprehensive income
按公允值列入其他全面
收益处理之投资的
公允值变动
Share of a joint venture’s fair value
surplus of property, plant and
equipment upon transfer to
investment properties
所占一间合营企业之
物业、厂房及设备
转拨至投资物业时之
公允值盈余
Exchange diference on translation
of operations of overseas
subsidiaries, asociates and
joint ventures
换算海外附属公司、
联营公司及合营企业之
业务所产生之
外汇兑换差额
Remeasurement of defined
benefit plan obligations
界定福利计划责任之
重新计量
Total comprehensive expenses
for the year
年度全面支出总额
Dividends paid已付股息
Dividends paid to non-controling
interests
已付予非控股权益股息
Repurchase of shares回购股份
Acquisition of a subsidiary收购一间附属公司
Disposal of a subsidiary处置一间附属公司
At 31 March 2025于二零二五年
三月三十一日
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
Equity atributable to
应占权益
Shareholders
of the
Company
Non-
controling
interests
Total
equity
本公司股东非控股权益总权益
HK$’000HK$’000HK$’000
港币千元港币千元港币千元
Restated at 1 April 2023于二零二三年四月一日
经重列10,426,873606,88911,033,762
(Los)/profit for the year年度（亏损）╱溢利(370,390)47,626(322,764)
Change in fair value of investments
at fair value through other
comprehensive income
按公允值列入其他全面
收益处理之投资的公允
值变动4,061–4,061
Fair value surplus of property,
plant and equipment upon
transfer to investment properties
物业、厂房及设备转拨至
投资物业时之公允值
盈余13,940–13,940
Exchange diference on translation
of operations of overseas
subsidiaries, asociates and
joint ventures
换算海外附属公司、
联营公司及合营企业之
业务所产生之
外汇兑换差额(179,914)(13,606)(193,520)
Total comprehensive (expenses)/
income for the year
年度全面（支出）╱
收益总额(532,303)34,020(498,283)
Dividends paid已付股息(102,656)–(102,656)
Dividends paid to non-controling
interests
已付予非控股权益股息
–(54,002)(54,002)
Acquisition of aditional interest
in a subsidiary from a
non-controling interest
向一非控股权益收购
一间附属公司
额外权益(7,325)(29,160)(36,485)
At 31 March 2024于二零二四年
三月三十一日9,784,589557,74710,342,336
The notes on pages 133 to 300 are integral parts of these consolidated
financial statements.
第133页至300页之附注乃此等综合财务
报表之组成部份。
| (54,165) |
|---|
| (229,071) |
| (3,339) |
| (87,822) |
| 3,767 |
| (370,630) |
| 79,616 |
| 153,841 |
| 23,978 |
| (7,130) |
| 14,331 |
| (103,808) |
| 5,664 |
| 47,698 |
| (5,742) |
| 5,366 |
| (12,000) |
| 3,150 |
| (244,933) |
| 4,823 |
| 5,871 |
| (120,426) |
| 84,292 |
| (65,409) |
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
二零二五年二零二四年
NoteHK$’000HK$’000
附注港币千元港币千元
Operating activities经营业务
Cash (used in)/generated from
operations
（用于）╱来自营运之现金
38(a)30,160
Interest paid on bank overdrafts,
a non-controling interest and
bank and other borowings
银行透支、一非控股权益
以及银行及其他借款之
已缴付利息(177,511)
Interest paid on lease liabilities租赁负债之已缴付利息(3,790)
Profits tax paid已缴付利得税(99,581)
Profits tax refunded利得税退款4,923
Net cash used in operating
activities
用于经营业务之现金净额
(245,799)
Investing activities投资业务
Interest received已收利息85,177
Dividends received from an asociate已收一联营公司之股息152,118
Dividends received from joint
ventures
已收合营企业之股息
38,588
Aditions to investment properties添置投资物业(2,585)
Proceds from disposal of
investment properties
出售投资物业之所得款项
–
Purchases of property,
plant and equipment
购置物业、厂房及设备
(116,819)
Proceds from disposal of
property, plant and equipment
出售物业、厂房及设备之
所得款项11,865
Proceds from disposal of
the Certificates of Ned for
senior housing
出售与安老院舍有关的
需求证明书之所得款项
–
Purchases of other intangible
asets
购置其他无形资产
(2,631)
Net cash inflow from acquisition
of a subsidiary
收购一间附属公司之
现金流入净额38(b)–
Advances to asociates向联营公司所作之贷款(26,092)
Repayments from asociates来自联营公司之偿还款项–
Advances to joint ventures向合营企业所作之贷款(26,486)
Repayments from joint ventures来自合营企业之偿还款项8,506
Proceds from disposal of
investments at fair value through
other comprehensive income
出售按公允值列入其他
全面收益处理之投资之
所得款项–
Increase in an investment at
amortised cost
按摊销成本列账之投资增加
(276,611)
Decrease in unpledged bank
deposits with original maturity
more than thre months
原三个月后到期之无抵押
银行存款减少
394,032
Net cash (used in)/from
investing activities
（用于）╱来自投资业务之
现金净额239,062
| (66,366) |
|---|
| (32,964) |
| 1,751,096 |
| (1,684,298) |
| (21,025) |
| 406 |
| – |
| (3,169) |
| (56,320) |
| (492,359) |
| 2,352,781 |
| (4,434) |
| 1,855,988 |
| 1,889,668 |
| (23,942) |
| (9,738) |
| 1,855,988 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
二零二五年二零二四年
NoteHK$’000HK$’000
附注港币千元港币千元
Financing activities融资业务
Dividends paid已付股息(102,656)
Dividends paid to non-controling
interests
已付予非控股权益股息
(46,816)
Drawn down of bank and
other borowings
提取银行及其他借款
2,786,168
Repayments of bank and
other borowings
偿还银行及其他借款
(2,198,754)
Payments of lease liabilities租赁负债付款(16,151)
Decrease/(increase) in pledged
bank deposits
已抵押银行存款减少╱
（增加）(18,116)
Acquisition of aditional interest
in a subsidiary from a
non-controling interest
向一非控股权益收购一间
附属公司额外权益
(29,160)
Repurchase of shares回购股份–
Net cash (used in)/from
financing activities
（用于）╱来自融资业务之
现金净额374,515
(Decrease)/increase in cash
and cash equivalents
现金及现金等价物（减少）╱
增加367,778
Cash and cash equivalents at
begining of the year
年初之现金及现金等价物
2,007,183
Efect of changes in foreign
exchange rates
外汇率变动之影响
(22,180)
Cash and cash equivalents at
end of the year
年末之现金及现金等价物
2,352,781
Analysis of balances of cash
and cash equivalents
现金及现金等价物之
结存分析
Bank balances and cash银行结存及现金2,472,257
Les: Pledged bank deposits减：已抵押银行存款31(23,936)
Unpledged bank deposits
with original maturity
more than thre months
原三个月后到期之
无抵押银行存款
(95,540)
2,352,781
The notes on pages 133 to 300 are integral parts of these consolidated
financial statements.
第133页至300页之附注乃此等综合财务
报表之组成部份。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
1 一般资料
其士国际集团有限公司（「本公司」）
为一间公众上市并在百慕达注册成
立之有限公司。本公司注册办事处
及主要营业地点之地址分别为
Clarendon House, 2 Church
Stret,Hamilton HM 11, Bermuda及
香港九龙湾宏开道8号其士商业中心
22楼。其股份于香港联合交易所有
限公司上市。
本公司之主要业务为投资控股，而
其主要附属公司之业务载于综合财
务报表附注49。
此等综合财务报表以港币呈列，与
本公司之功能货币相同。本综合财
务报表已于二零二五年六月二十六
日经董事会批准发布。
2 重大会计政策资料
编制本综合财务报表所采用之重大
会计政策载列如下。除另有说明外，
此等政策已持续应用于呈列之各年度。
(a) 编制基准
本集团之综合财务报表乃根据香
港会计师公会（「香港会计师公
会」）所颁布之香港财务报告会计
准则编制。此等财务报表亦符合
香港《公司条例》（第622章）之披
露规定及香港联合交易所有限公
司证券上市规则之适用披露规
定。此等综合财务报表乃按历史
成本惯例编制，并因应投资物
业、按公允值列入其他全面收益
（「按公允值列入其他全面收益」）
处理之投资以及按公允值列入损
益（「按公允值列入损益」）处理之
财务资产及财务负债（包括衍生
财务工具）之重估、以及再保险
合约资产、保险合约负债、已签
发保险合约、持有的再保险合约
及长期服务金拨备之精算估值而
修订，如附注2(q)及附注2(u)(i)
中所述按现值计量。
1 GENERAL INFORMATION
Chevalier International Holdings Limited (the “Company”) is a
public listed company incorporated in Bermuda with limited
liability. The adreses of the registered ofice and principal place
of busines of the Company are Clarendon House, 2 Church
Stret, Hamilton HM 11, Bermuda and 22nd Flor, Chevalier
Comercial Centre, 8 Wang Hoi Road, Kowlon Bay, Hong Kong
respectively. The Company has its shares listed on The Stock
Exchange of Hong Kong Limited.
The principal activity of the Company is investment holding while
the activities of its principal subsidiaries are set out in note 49 to
the consolidated financial statements.
The consolidated financial statements are presented in Hong Kong
dolar, which is the same as the functional curency of the
Company. The consolidated financial statements have ben
aproved for isue by the Board of Directors on 26 June 2025.
2 MATERIAL ACOUNTING POLICY INFORMATION
The material acounting policies aplied in the preparation of these
consolidated financial statements are set out below. These policies
have ben consistently aplied to al the years presented, unles
otherwise stated.
(a) Basis of preparation
The consolidated financial statements of the Group have ben
prepared in acordance with HKFRS Acounting Standards
isued by the Hong Kong Institute of Certified Public
Acountants (“HKICPA”). These financial statements also
complied with the disclosure requirements of the Hong Kong
Companies Ordinance (Cap. 622) and the aplicable disclosure
provisions of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited. The consolidated
financial statements have ben prepared under the historical
cost convention, as modified by the revaluation of investment
properties, investments at fair value through other
comprehensive income (“FVOCI”) and financial asets and
financial liabilities (including derivative financial instruments) at
fair value through profit or los (“FVPL”), and the actuarial
valuation of reinsurance contract asets, insurance contract
liabilities, insurance contracts isued, reinsurance contracts
held and long service payment provision measured on a
curent value basis as explained in note 2(q) and note 2(u)(i).
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(a) 编制基准（续）
根据香港财务报告会计准则编制
之综合财务报表要求使用某些关
键会计估计，并要求管理层在执
行本集团会计政策之过程中运用
其判断。综合财务报表附注4披
露了涉及重大判断或复杂性之
处，或需要对综合财务报表作出
重大假设及估计之处。
(i) 在本集团于二零二四年四月
一日开始之财政年度生效之
准则及诠释之修订本
香港会计师公会已就本集团
自二零二四年四月一日开始
之财政年度颁布下列准则及
诠释之修订本：
- （修
订本），「流动或非流动
负债分类」及「附带契诺
的非流动负债」
• 香港会计准则第7号及
香港财务报告准则第7
号（修订本），「供应商融
资安排」
• 香港财务报告准则第16
号（修订本），「售后租回
交易中的租赁负债」
- （经修
订），「财务报表之呈列－
借款人对含有按要求还
款条款之定期贷款之分
类」
采纳上述准则及诠释之修订
本对本集团之综合业绩及财
务状况并无重大影响，亦无
对本集团之会计政策及综合
财务报表之呈列方式造成任
何重大变动。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(a) Basis of preparation (continued)
The preparation of consolidated financial statements in
conformity with HKFRS Acounting Standards requires the use
of certain critical acounting estimates. It also requires
management to exercise its judgement in the proces of
aplying the Group’s acounting policies. The areas involving a
higher degre of judgement or complexity, or areas where
asumptions and estimates are significant to the consolidated
financial statements, are disclosed in note 4 to the
consolidated financial statements.
(i) Amendments to standards and interpretation that are
efective for the Group’s financial year begining on 1
April 2024
The HKICPA has isued the folowing amendments to
standards and interpretation for the financial year of the
Group begining on 1 April 2024:
- , “Clasification of Liabilities as
Curent or Non-curent” and “Non-curent Liabilities
with Covenants”
- , “Suplier
Finance Arangements”
- , “Lease Liability in a Sale
and Leaseback”
- , “Presentation of Financial
Statements – Clasification by the Borower of a Term
Loan that Contains a Repayment on Demand Clause”
The adoption of the above amendments to standards and
interpretation neither have significant impact on the
Group’s consolidated results and financial position nor any
substantial changes in the Group’s acounting policies and
the presentation of the consolidated financial statements.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(a) 编制基准（续）
(i) 已颁布惟尚未生效且本集团
并无提前采纳之新订准则、
准则及诠释之修订本
下列新订准则、准则及诠释
之修订本已经颁布，惟在本
集团于二零二四年四月一日
开始之财政年度尚未生效，
亦无提前采纳：
• 香港会计准则第21号及
香港财务报告准则第1
号（修订本），「缺乏可兑
换性」
• 香港财务报告准则第9
号及香港财务报告准则
第7号（修订本），「财务
工具的分类及计量」及「涉
及依赖自然电力的合约」
• 香港财务报告准则第10
号及香港会计准则第28
号（修订本），「投资者与
其联营公司或合营企业之
间出售或注入资产」
• 香港财务报告准则第18
号，「财务报表之呈列与
披露」
- （修订
本），「财务报表之呈列－
借款人对含有按要求还
款条款之定期贷款之分
类」
• 香港财务报告准则会计
准则之年度改进－第11
册
于二零二五年一月一日或
之后开始的年度期间生效
于二零二六年一月一日或
之后开始的年度期间生效
于二零二七年一月一日或
之后开始的年度期间生效
于待定日期或之后开始的
年度期间生效
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(a) Basis of preparation (continued)
(i) New standards, amendments to standards and
interpretation that have ben isued but are not yet
efective and have not ben early adopted by the
Group
The folowing new standards, amendments to standards
and interpretation have ben isued but are not yet
efective for the financial year of the Group begining on 1
April 2024 and have not ben early adopted:
- , “Lack of
Exchangeability”
- , “Clasification
and Measurement of Financial Instruments” and “Contracts
Referencing Nature-dependent Electricity”
- , “Sale or
Contribution of Asets betwen an Investor and its
Asociate or Joint Venture”
- , “Presentation and Disclosure in Financial
Statements”
3
- , “Presentation of Financial
Statements – Clasification by the Borower of a Term
Loan that Contains a Repayment on Demand Clause”
• Anual Improvements to HKFRS Acounting Standards
– Volume 11
Efective for anual periods begining on or after 1 January
Efective for anual periods begining on or after 1 January
Efective for anual periods begining on or after 1 January
Efective for anual periods begining on or after a date to be
determined
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(a) 编制基准（续）
(i) 已颁布惟尚未生效且本集团
并无提前采纳之新订准则、
准则及诠释之修订本（续）
本集团预期应用已颁布但尚
未生效的新订准则、准则及
诠释之修订本对经营业绩及
财务状况可能不会造成重大
影响，惟香港财务报告准则
第18号除外，该准则预期对
本集团综合财务报表的呈列
有若干影响。
(b) 综合账目基础
综合财务报表包括本公司及其附
属公司截至二零二五年三月
三十一日之财务报表。
附属公司乃指本集团拥有控制权
之所有企业（包括结构实体）。当
本集团因参与企业而承担可变回
报的风险或享有可变回报的权
益，且有能力透过其对企业之权
力影响该等回报时，则本集团控
制该企业。附属公司在控制权转
移至本集团之日综合入账。附属
公司在控制权终止之日起停止综
合入账。
本集团采用收购法将业务合并入
账。收购一间附属公司已转让的
代价包括本集团所转让的资产、
向被收购方前拥有人所产生的负
债及发行的股本权益之公允值。
所转让的代价包括或然代价安排
所产生的任何资产或负债的公允
值。在业务合并中所购买可识别
的资产以及所承担的负债及或然
负债，首先以彼等于收购日的公
允值计量。按逐项收购基准，本
集团可按公允值或按非控股权益
所占被收购方可识别资产净值已
确认金额的比例，确认被收购方
的任何非控股权益。
收购相关成本在产生时支销。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(a) Basis of preparation (continued)
(i) New standards, amendments to standards and
interpretation that have ben isued but are not yet
efective and have not ben early adopted by the
Group (continued)
The Group anticipates that the aplication of new
standards, amendments to standards and interpretation
that have ben isued but are not yet efective may have
no material impact on the results of operations and
financial position, except for HKFRS 18, which is expected
to have certain impacts to the presentation of the Group’s
consolidated financial statements.
(b) Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and its subsidiaries made up to 31
March 2025.
Subsidiaries are al entities (including structured entities) over
which the Group has control. The Group controls an entity
when the Group is exposed, or has rights, to variable returns
from its involvement with the entity and has the ability to
afect those returns through its power over the entity.
Subsidiaries are consolidated from the date on which control is
transfered to the Group. They are de-consolidated from the
date that control ceases.
The Group aplies the acquisition method to acount for
busines combinations. The consideration transfered for the
acquisition of a subsidiary comprises the fair values of the
asets transfered, the liabilities incured to the former owners
of the acquire and the equity interests isued by the Group.
The consideration transfered includes the fair value of any
aset or liability resulting from a contingent consideration
arangement. Identifiable asets acquired and liabilities and
contingent liabilities asumed in a busines combination are
measured initialy at their fair values at the acquisition date.
The Group recognises any non-controling interest in the
acquire on an acquisition-by-acquisition basis, either at fair
value or at the non-controling interest’s proportionate share in
the recognised amounts of the acquire’s net identifiable
asets.
Acquisition-related costs are expensed as incured.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(b) 综合账目基础（续）
倘业务合并分阶段进行，则收购
方先前持有之被收购方股权之账
面值乃重新计量为收购日之公允
值；该重新计量产生之任何收益
或亏损乃于损益内确认。
本集团所转让之任何或然代价将
在收购日按公允值确认。被视为
资产或负债之或然代价日后在公
允值上如有任何变动按照香港财
务报告准则第9号「财务工具」（「香
港财务报告准则第9号」）确认，
而相应之收益或亏损于损益内确
认。分类为权益之或然代价不会
重新计量，而其后结算于权益入
账。
转让之代价、被收购方的任何非
控股权益金额，以及被收购方之
任何先前股权于收购日之公允
值，超过所购买可识别资产净值
公允值之数额，列为商誉。就议
价购买而言，倘所转让之代价、
已确认非控股权益及先前持有之
权益计量之总额低于所购入附属
公司资产净值之公允值，该差额
直接在损益内确认。
集团内公司间之交易、交易结余
及由集团公司间交易产生之未变
现盈亏均作对销。未变现亏损亦
予对销。附属公司所呈报金额已
按需要作出调整，以确保与本集
团会计政策一致。
不会导致失去控制权之与非控股
权益的交易入账列作权益交易－
即与附属公司拥有人以彼等为拥
有人之身份进行之交易。所付任
何代价公允值与所收购附属公司
之资产净值账面值相关部份间之
差额于权益中入账。对于向非控
股权益出售所产生之盈亏亦于权
益入账。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(b) Basis of consolidation (continued)
If the busines combination is achieved in stages, the carying
value of the acquirer’s previously held equity interest in the
acquire is re-measured to fair value at the acquisition date;
any gains or loses arising from such re-measurement are
recognised in profit or los.
Any contingent consideration to be transfered by the Group is
recognised at fair value at the acquisition date. Subsequent
changes to the fair value of the contingent consideration that
is demed to be an aset or liability is recognised in
acordance with HKFRS 9, “Financial Instruments” (“HKFRS 9”)
with the coresponding gain or los recognised in profit or
los. Contingent consideration that is clasified as equity is not
re-measured, and its subsequent setlement is acounted for
within equity.
The exces of the consideration transfered, the amount of
any non-controling interest in the acquire and the acquisition-
date fair value of any previous equity interest in the acquire
over the fair value of the identifiable net asets acquired is
recorded as godwil. If the total of consideration transfered,
non-controling interest recognised and previously held interest
measured is les than the fair value of the net asets of the
subsidiary acquired in the case of a bargain purchase, the
diference is recognised directly in profit or los.
Intra-group transactions, balances and unrealised gains or
loses on transactions betwen group companies are
eliminated. Unrealised loses are also eliminated. When
necesary, amounts reported by subsidiaries have ben
adjusted to conform with the Group’s acounting policies.
Transactions with non-controling interests that do not result in
a los of control are acounted for as equity transactions – that
is, as transactions with the owners of the subsidiary in their
capacity as owners. The diference betwen fair value of any
consideration paid and the relevant share acquired of the
carying amount of net asets of the subsidiary is recorded in
equity. Gains or loses on disposal to non-controling interests
are also recorded in equity.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(b) 综合账目基础（续）
当本集团失去控制权时，于企业
之任何保留权益按失去控制权当
日之公允值重新计量，有关账面
值变动在损益内确认。就其后入
账列作联营公司、合营企业或财
务资产之保留权益，其公允值为
初始账面值。此外，先前于其他
全面收益确认与该企业有关之任
何金额按犹如本集团已直接出售
有关资产或负债之方式入账。此
举可能意味先前在其他全面收益
确认之金额重新分类至损益，或
按适用香港财务报告会计准则所
订明╱准许转拨至另一类别之权
益。
(c) 收购产生之商誉╱折让
收购附属公司、联营公司或合营
企业产生之商誉乃指所转让代价
超出本集团于收购日所占被收购
方之可识别资产、负债及或然负
债之公允值净额权益之数额。本
集团按逐项收购基准，以公允值
或按非控股权益所占被收购方可
识别资产净值已确认金额之比例
确认于被收购方之任何非控股权
益。倘本集团按公允值确认于被
收购方之非控股权益，商誉包括
非控股权益应占部份。
因收购附属公司而产生之商誉乃
于综合财务状况表分开呈列。因
收购联营公司或合营企业而产生
之商誉乃列入有关联营公司或合
营企业之投资成本。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(b) Basis of consolidation (continued)
When the Group ceases to have control, any retained interest
in the entity is re-measured to its fair value at the date when
control is lost, with the change in carying amount recognised
in profit or los. The fair value is the initial carying amount for
the purposes of subsequently acounting for the retained
interest as an asociate, joint venture or financial aset. In
adition, any amounts previously recognised in other
comprehensive income in respect of that entity are acounted
for as if the Group had directly disposed of the related asets
or liabilities. This may mean that amounts previously
recognised in other comprehensive income are reclasified to
profit or los, or transfered to another category of equity as
specified/permited by aplicable HKFRS Acounting
Standards.
(c) Godwil/discount on acquisitions
Godwil arising on an acquisition of a subsidiary, an asociate
or a joint venture, representing the exces of the consideration
transfered over the Group’s interest in net fair value of the
identifiable asets, liabilities and contingent liabilities of the
acquire at the date of acquisition. The Group recognises any
non-controling interest in the acquire on an acquisition-by-
acquisition basis, either at the fair value or at the non-
controling interest’s proportional share of the recognised
amount of acquire’s net identifiable asets. If the Group
recognises non-controling interest in the acquire at fair value,
godwil includes the portion atributable to the non-controling
interest.
Godwil arising on an acquisition of a subsidiary is presented
separately in the consolidated statement of financial position.
Godwil arising on an acquisition of an asociate or a joint
venture is included in the cost of the investment of the
relevant asociate or joint venture.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(c) 收购产生之商誉╱折让（续）
独立确认之商誉会每年进行减值
测试，或于有迹象显示商誉可能
出现减值时更频密地进行减值测
试。收购联营公司及合营企业所
产生之商誉计入相关联营公司及
合营企业之投资，并视为结余总
额之一部份进行减值测试。就减
值测试而言，收购所产生之独立
确认之商誉乃被分配到预期可受
惠于收购协同效应之各有关现金
产生单位（「现金产生单位」）或现
金产生单位组别。获分配商誉之
现金产生单位或现金产生单位组
别会每年及在有迹象显示商誉可
能出现减值时进行减值测试。就
于某个财政年度之收购所产生商
誉而言，已获分配商誉之现金产
生单位或现金产生单位组别于该
财政年度完结前进行减值测试。
当现金产生单位或现金产生单位
组别之可收回金额少于该单位之
账面值，则减值亏损首先被分配
以削减任何被分配到该单位之商
誉之账面值，然后削减该单位内
其他资产。商誉之任何减值亏损
乃直接于损益内确认，且于其后
期间不予回拨。
其后出售附属公司、联营公司或
合营企业时，须计入被资本化商
誉之应占金额，以厘定出售之损
益。
因收购附属公司、联营公司或合
营企业而产生之收购折让，乃指
被收购方之可识别资产、负债及
或然负债之应占公允净值超出业
务合并成本之差额。收购折让即
时于损益内确认。
当被收购方之或然负债公允值可
以被可靠地计量时，该等或然负
债乃在收购日被确认。于收购当
日，该或然负债按公允值作首次
计量。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(c) Godwil/discount on acquisitions (continued)
Separately recognised godwil is tested for impairment
anualy or more frequently if there is indication that godwil
might be impaired. Godwil on acquisitions of asociates and
joint ventures is included in investments in respective
asociates and joint ventures and is tested for impairment as
part of the overal balance. For the purposes of impairment
testing, separately recognised godwil arising from an
acquisition is alocated to each of the relevant cash-generating
units (“CGUs”), or group of CGUs, that is expected to benefit
from the synergies of the acquisition. A CGU or group of CGUs
to which godwil has ben alocated is tested for impairment
anualy, and whenever there is an indication that the godwil
may be impaired. For godwil arising on an acquisition in a
financial year, the CGU or group of CGUs to which godwil
has ben alocated is tested for impairment before the end of
that financial year. When the recoverable amount of the CGU
or group of CGUs is les than the carying amount of that, the
impairment los is alocated to reduce the carying amount of
any godwil alocated to that first, and then to the other
asets of that. Any impairment los for godwil is recognised
directly in profit or los and is not reversed in subsequent
periods.
On subsequent disposal of a subsidiary, an asociate or a joint
venture, the atributable amount of godwil capitalised is
included in the determination of the amount of profit or los on
disposal.
A discount on acquisition arising on an acquisition of a
subsidiary, an asociate or a joint venture represents the
exces of the share of net fair value of an acquire’s
identifiable asets, liabilities and contingent liabilities over the
cost of the busines combination and is recognised
imediately in profit or los.
Contingent liabilities of an acquire are recognised at the date
of the acquisition if the fair value of the contingent liabilities
can be measured reliably. Contingent liabilities are initialy
measured at fair value at the date of acquisition.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(d) 所占联营公司之权益
联营公司指本集团对其有重大影
响而非控制权或共同控制权之所
有企业。一般而言，本集团持有
20%至50%之投票权。联营公
司之业绩及资产净值按会计之权
益法计入此综合财务报表内。
根据会计之权益法，投资初步按
成本确认，随后作出调整，以于
损益确认本集团所占被投资公司
之收购后溢利或亏损，以及于其
他全面收益确认本集团所占被投
资公司之其他全面收益变动。已
收或应收联营公司之股息确认为
投资账面值之扣减。在收购联营
公司之所有权益时，联营公司
成本与本集团所占联营公司可识
别资产及负债公允值净额之任何
差额入账为商誉。如本集团所占
以权益入账之投资亏损相等于或
超过其于该企业所占之权益（包
括任何其他无抵押长期应收款
项），则本集团不再确认进一步
亏损，除非其代表其他企业招致
义务或作出付款则另作别论。
本集团与其联营公司之间交易之
未变现收益会以本集团所占有关
联营公司之权益为限进行对销。
除非有证据显示交易中所转让资
产出现减值，否则未变现亏损亦
会对销。联营公司之会计政策已
按需要作出修订，确保与本集团
所采纳之政策一致。
(e) 合营安排
合营安排指两名或以上参与方拥
有共同控制权而任何参与方并无
单方面控制权之安排。
根据香港财务报告准则第11号「合
营安排」，于合营安排之投资的
类别，以每位投资者拥有之合约
权利与义务分为合营经营或合营
企业。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(d) Interests in asociates
Asociates are al entities over which the Group has significant
influence but not control or joint control. This is generaly the
case where the Group holds betwen 20% and 50% of the
voting rights. The results and net asets of asociates are
incorporated in the consolidated financial statements using the
equity method of acounting.
Under the equity method of acounting, the investments are
initialy recognised at cost and adjusted thereafter to recognise
the Group’s share of the post-acquisition profits or loses of
the investe in profit or los, and the Group’s share of
movements in other comprehensive income of the investe in
other comprehensive income. Dividends received or receivable
from asociates are recognised as a reduction in the carying
amount of the investment. Upon the acquisition of the
ownership interest in an asociate, any diference betwen
the cost of the asociate and the Group’s share of the net fair
value of the asociate’s identifiable asets and liabilities is
acounted for as godwil. Where the Group’s share of loses
in an equity-acounted investment equals or exceds its
interest in the entity, including any other unsecured long-term
receivables, the Group does not recognise further loses,
unles it has incured obligations or made payments on behalf
of the other entity.
Unrealised gains on transactions betwen the Group and its
asociates are eliminated to the extent of the Group’s interest
in the relevant asociate. Unrealised loses are also eliminated
unles the transaction provides evidence of an impairment of
the aset transfered. Acounting policies of the asociates
have ben changed where necesary to ensure consistency
with the policies adopted by the Group.
(e) Joint arangements
A joint arangement is an arangement of which two or more
parties have joint control and over which none of the
participating parties has unilateral control.
Under HKFRS 11, “Joint Arangements”, investments in joint
arangements are clasified either as joint operations or joint
ventures, depending on the contractual rights and obligations
of each investor.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(e) 合营安排（续）
合营经营
合营经营指其投资者对其安排有
资产权利与债务责任。合营经营
之投资的入账方法为各合营经营
者均确认其资产（包括所占任何
共同持有资产）、其负债（包括所
占任何共同产生负债）、其收入
（包括所占合营经营产出销售收
入）及其支出（包括所占任何共同
产生支出）。各合营经营者根据
适用会计政策就其于合营经营中
的权益将资产及负债以及收入及
支出入账。
合营企业
合营企业是一种合营安排，据
此，各方享有该安排下之资产净
值。合营企业之业绩及资产净值
使用会计之权益法计入综合财务
报表。
根据会计之权益法，投资初步按
成本确认，随后作出调整，以于
损益确认本集团所占被投资公司
之收购后溢利或亏损，以及于其
他全面收益确认本集团所占被投
资公司之其他全面收益变动。已
收或应收合营企业之股息确认为
投资账面值之扣减。在收购合营
企业之所有权益时，合营企业
成本与本集团所占合营企业可识
别资产及负债公允值净额之任何
差额入账为商誉。如本集团所占
以权益入账之投资亏损相等于或
超过其于该企业所占之权益（包
括任何其他无抵押长期应收款
项），则本集团不再确认进一步
亏损，除非其代表其他企业招致
义务或作出付款则另作别论。
本集团与其合营企业之间交易之
未变现收益会以本集团所占有关
合营企业之权益为限进行对销。
除非有证据显示交易中所转让资
产出现减值，否则未变现亏损亦
会对销。合营企业之会计政策已
按需要作出修订，确保与本集团
所采纳之政策一致。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(e) Joint arangements (continued)
Joint operations
Joint operations arise where the investors have rights to the
asets and obligations for the liabilities of an arangement.
Investments in joint operations are acounted for such that
each joint operator recognises its asets (including its share of
any asets jointly held), its liabilities (including its share of any
liabilities incured jointly), its revenue (including its share of
revenue from the sale of the output by the joint operation) and
its expenses (including its share of any expenses incured
jointly). Each joint operator acounts for the asets and
liabilities, as wel as revenue and expenses, relating to its
interest in the joint operation in acordance with the aplicable
acounting policies.
Joint ventures
A joint venture is a joint arangement whereby the parties that
have rights to the net asets of the arangement. The results
and net asets of joint ventures are incorporated in the
consolidated financial statements using the equity method of
acounting.
Under the equity method of acounting, the investments are
initialy recognised at cost and adjusted thereafter to recognise
the Group’s share of the post-acquisition profits or loses of
the investe in profit or los, and the Group’s share of
movements in other comprehensive income of the investe in
other comprehensive income. Dividends received or receivable
from joint ventures are recognised as a reduction in the
carying amount of the investment. Upon the acquisition of the
ownership interest in a joint venture, any diference betwen
the cost of the joint venture and the Group’s share of the net
fair value of the joint venture’s identifiable asets and liabilities
is acounted for as godwil. Where the Group’s share of
loses in an equity-acounted investment equals or exceds
its interest in the entity, including any other unsecured long-
term receivables, the Group does not recognise further loses,
unles it has incured obligations or made payments on behalf
of the other entity.
Unrealised gains on transactions betwen the Group and its
joint ventures are eliminated to the extent of the Group’s
interest in the relevant joint venture. Unrealised loses are
also eliminated unles the transaction provides evidence of an
impairment of the aset transfered. Acounting policies of the
joint ventures have ben changed where necesary to ensure
consistency with the policies adopted by the Group.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments
Financial asets and financial liabilities are recognised in the
consolidated statement of financial position when a group
entity becomes a party to the contractual provisions of the
instrument. Financial asets and financial liabilities are initialy
measured at fair value. Transaction costs that are directly
atributable to the acquisition or isue of financial asets and
financial liabilities (other than financial asets and financial
liabilities at FVPL) are aded to or deducted from the fair value
of the financial asets or financial liabilities, as apropriate, on
initial recognition. Transaction costs directly atributable to the
acquisition of financial asets or financial liabilities at FVPL are
recognised imediately in profit or los.
Financial asets are derecognised when the rights to receive
cash flows from the asets expire or the financial asets are
transfered and the Group has transfered substantialy al the
risks and rewards of ownership of the financial asets. On
derecognition of a financial aset, the diference betwen the
aset’s carying amount and the sum of the consideration
received or receivable and the cumulative gain or los that had
ben recognised directly in equity is recognised in profit or
los.
Financial liabilities are derecognised when the obligation
specified in the relevant contract is discharged, is canceled or
expires. The diference betwen the carying amount of the
financial liability derecognised and the consideration paid or
payable is recognised in profit or los.
2 重大会计政策资料（续）
(f) 财务工具
当集团企业成为工具合约条文之
订约方，则财务资产及财务负债
于综合财务状况表内确认。财务
资产及财务负债初始按公允值计
量。应直接计入收购或发行财务
资产及财务负债（按公允值列入
损益处理之财务资产及财务负债
除外）之交易成本，于首次确认
时从财务资产或财务负债之公允
值加入或扣减（视适用情况而
定）。直接应占收购按公允值列
入损益处理之财务资产或财务负
债之交易成本，乃立即于损益内
确认。
当从资产收取现金流量之权利届
满或财务资产被转让而本集团已
转让该项财务资产拥有权之绝大
部份风险及回报时，有关财务资
产会被终止确认。于终止确认财
务资产时，该项资产账面值与已
收或应收代价及已直接于权益内
确认之累计收益或亏损之总和间
之差额将于损益内确认。
财务负债于有关合约所订明责任
获解除或注销或届满时被终止确
认。被终止确认之财务负债之账
面值与已付或应付代价间之差额
将于损益内确认。
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 财务资产
分类
本集团将其财务资产分类为
以下计量类别：
• 其后按公允值列入其他
全面收益计量；
• 其后按公允值列入损益
计量；或
- 。
该分类取决于本集团管理财
务资产之业务模式及现金流
量之合约条款。
就按公允值计量的资产而
言，其收益及亏损于其他全
面收益或损益列账。就并非
持作买卖之股本工具投资，
则取决于本集团是否于初始
确认时不可撤销地选择就股
本投资按公允值列入其他全
面收益入账。
仅当管理该等资产之业务模
式发生变动时，本集团方会
对债务投资重新分类。
确认及终止确认
财务资产之定期买卖在交易
日（即本集团承诺购入或出
售该资产之日）确认及终止
确认。当从财务资产收取现
金流量之权利已经届满或转
让，以及本集团已将拥有权
之绝大部份风险及回报转让
时，便会终止确认有关财务
资产。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Financial asets
Clasification
The Group clasifies its financial asets in the folowing
measurement categories:
- ;
- ; or
• those to be measured at amortised cost.
The clasification depends on the Group’s busines model
for managing the financial asets and the contractual
terms of the cash flows.
For asets measured at fair value, gains and loses wil
either be recorded in other comprehensive income or
profit or los. For investments in equity instruments that
are not held for trading, this wil depend on whether the
Group has made an irevocable election at the time of
initial recognition to acount for the equity investments at
FVOCI.
The Group reclasifies debt investments when and only
when its busines model for managing those asets
changes.
Recognition and derecognition
Regular way purchases and sales of financial asets are
recognised and derecognised on trade-date, the date on
which the Group comits to purchase or sel the aset.
Financial asets are derecognised when the rights to
receive cash flows from the financial asets have expired
or have ben transfered and the Group has transfered
substantialy al the risks and rewards of ownership.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 财务资产（续）
计量
初始确认时，本集团按公允
值加（倘并非按公允值列入
损益处理之财务资产）收购
财务资产直接应占之交易成
本计量财务资产。按公允值
列入损益计量之财务资产之
交易成本在损益支销。
• 债务工具
债务工具之后续计量取
决于本集团管理资产之
业务模式及资产之现金
流量特征。本集团将其
债务工具分类为三种计
量类别：
– 按摊销成本列账：
倘为收取合约现金
流量而持有之资产
的现金流量纯粹为
本金及利息之付款，
则该等资产按摊销
成本计量。该等财
务资产之利息收入、
减值亏损、外汇收
益及亏损以及终止
确认产生的收益或
亏损直接于损益确
认。
– 按公允值列入其他
全面收益：以收取
合约现金流量及出
售财务资产为目的
而持有的资产（有关
资产之现金流量纯
粹为本金及利息之
付款）以公允值列入
其他全面收益计量。
除确认减值亏损或
拨回、利息收入及
外汇收益及亏损于
损益内确认外，账
面值之变动透过其
他全面收益计量。
当财务资产终止确
认时，先前于其他
全面收益内确认之
累计收益或亏损从
权益重新分类至损
益并于损益确认。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Financial asets (continued)
Measurement
At initial recognition, the Group measures a financial aset
at its fair value plus, in the case of a financial aset not at
FVPL, transaction costs that are directly atributable to the
acquisition of the financial aset. Transaction costs of
financial asets caried at FVPL are expensed in profit or
los.
• Debt instruments
Subsequent measurement of debt instruments
depends on the Group’s busines model for managing
the aset and the cash flow characteristics of the
aset. There are thre measurement categories into
which the Group can clasify its debt instruments:
– Amortised cost: Asets that are held for colection
of contractual cash flows where those cash flows
represent solely payments of principal and interest
are measured at amortised cost. Interest income
from these financial asets, impairment loses,
foreign exchange gains and loses, and gain or
los arising on derecognition are recognised
directly in profit or los.
– FVOCI: Asets that are held for colection of
contractual cash flows and for seling the financial
asets, where the asets’ cash flows represent
solely payments of principal and interest, are
measured at FVOCI. Movements in the carying
amount are taken through other comprehensive
income, except for the recognition of impairment
loses or reversals, interest income and foreign
exchange gains and loses which are recognised
in profit or los. When the financial aset is
derecognised, the cumulative gain or los
previously recognised in other comprehensive
income is reclasified from equity to, and
recognised in profit or los.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 财务资产（续）
计量（续）
- （续）
– 按公允值列入损益：
不符合按摊销成本
列账或按公允值列
入其他全面收益的
准则之资产乃按公
允值列入损益计量。
其后按公允值列入
损益之债务投资之
盈亏于其产生期间
在损益内确认。
• 股本工具
本集团其后按公允值计
量所有股本投资。倘本
集团管理层选择于其他
全面收益内呈报股权投
资之公允值盈亏，则其
后不会于终止确认投资
后将公允值收益及亏损
重新分类至损益。当本
集团收取付款之权利确
定后，有关投资之股息
继续于损益确认。
按公允值列入损益之财
务资产之公允值变动于
损益确认。按公允值列
入其他全面收益计量之
股本投资之减值亏损（及
减值亏损拨回）不会与公
允值其他变动分开呈报。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Financial asets (continued)
Measurement (continued)
• Debt instruments (continued)
– FVPL: Asets that do not met the criteria for
amortised cost or FVOCI are measured at FVPL. A
gain or los on a debt investment that is
subsequently measured at FVPL is recognised in
profit or los in the period in which it arises.
• Equity instruments
The Group subsequently measures al equity
investments at fair value. Where the Group’s
management has elected to present fair value gains or
loses on equity investments in other comprehensive
income, there is no subsequent reclasification of fair
value gains and loses to profit or los folowing the
derecognition of the investment. Dividends from such
investments continue to be recognised in profit or los
when the Group’s rights to receive payments is
established.
Changes in the fair value of financial asets at FVPL
are recognised in profit or los. Impairment loses (and
reversal of impairment loses) on equity investments
measured at FVOCI are not reported separately from
other changes in fair value.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 财务资产（续）
减值
本集团之应收账款、已付存
出按金、应收联营公司、合
营企业及非控股权益账款、
按摊销成本计量之债务投资
及银行结存及现金按前瞻性
基准进行预期信贷亏损评
估。应用之减值方法视乎信
贷风险有否大幅增加而定。
就贸易应收账款而言，本集
团应用香港财务报告准则第
9号允许之简化方法，其要
求全期预期信贷亏损须自首
次确认贸易应收账款后确认。
除贸易应收账款外，按摊销
成本计量之财务资产减值按
12个月预期信贷亏损或全期
预期信贷亏损计量，视乎信
贷风险初始确认后有否大幅
升高而定。倘财务资产信贷
风险于初始确认后大幅升
高，则其减值按全期预期信
贷亏损计量。
倘信贷风险大幅升高或财务
资产未按协议条款支付，管
理层认为此类财务资产为关
注级或不良级，其减值按全
期信贷亏损计量。
当管理层合理预计不能收
回，按摊销成本计量之财务
资产将被撇销。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Financial asets (continued)
Impairment
The Group aseses on a forward-loking basis the
expected credit loses asociated with debtors, deposits
paid, amounts due from asociates, joint ventures and
non-controling interests, debt investments measured at
amortised cost and bank balances and cash. The
impairment methodology aplied depends on whether
there has ben a significant increase in credit risk.
For trade debtors, the Group aplies the simplified
aproach permited by HKFRS 9, which requires lifetime
expected credit loses to be recognised from initial
recognition of the trade debtors.
Impairment on financial asets measured at amortised
cost other than trade debtors is measured as either
12-month expected credit loses or lifetime expected
credit loses, depending on whether there has ben a
significant increase in credit risk since initial recognition. If
a significant increase in credit risk of a financial aset has
ocured since initial recognition, then impairment is
measured as lifetime expected credit los.
When there is a significant increase in credit risk or the
financial asets are not setled in acordance with the
terms stipulated in the agrements, management
considers these financial asets as under-performing or
non-performing and impairment is measured as lifetime
credit los.
When management considers that there is no reasonable
expectation of recovery, the financial asets measured at
amortised cost wil be writen of.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 财务负债及股本工具
由集团企业发行之财务负债
及股本工具按所订立之合约
安排性质，以及财务负债及
股本工具之定义而分类。
股本工具为能够证明本集团
资产剩余权益（经扣除其所
有负债）之任何合约。本集
团之财务负债分类为按公允
值列入损益处理之财务负债
及其他财务负债。就财务负
债及股本工具而采纳之会计
政策载列如下：
按公允值列入损益处理之财
务负债
按公允值列入损益处理之财
务负债乃于初始确认时持作
买卖之财务负债。于首次确
认后之各报告期末，按公允
值列入损益处理之财务负债
按公允值重新计量，其公允
值变动直接于产生期内在损
益确认。
其他财务负债
其他财务负债包括应付合营
企业及非控股权益账款、应
付账款、应付票据、已收存
入按金、租赁负债以及银行
及其他借款，随后采用实际
利率法按摊销成本计量。
股本工具
本公司发行之股本工具按所
收到所得之款项扣除直接发
行成本后入账。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Financial liabilities and equity instruments
Financial liabilities and equity instruments isued by a
group entity are clasified acording to the substance of
the contractual arangements entered into and the
definitions of a financial liability and an equity instrument.
An equity instrument is any contract that evidences a
residual interest in the asets of the Group after deducting
al of its liabilities. The Group’s financial liabilities are
clasified into financial liabilities at fair value through profit
or los and other financial liabilities. The acounting
policies adopted in respect of financial liabilities and equity
instruments are set out below:
Financial liabilities at fair value through profit or los
Financial liabilities at FVPL are financial liabilities held for
trading on initial recognition. At the end of each reporting
period subsequent to initial recognition, financial liabilities
at FVPL are re-measured at fair value, with changes in fair
value recognised directly in profit or los in the period in
which they arise.
Other financial liabilities
Other financial liabilities including amounts due to joint
ventures and non-controling interests, creditors, bils
payables, deposits received, lease liabilities and bank and
other borowings are subsequently measured at amortised
cost, using the efective interest method.
Equity instruments
Equity instruments isued by the Company are recorded at
the proceds received, net of direct isue costs.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 衍生工具及对冲活动
衍生工具初步按订立衍生工
具合约当日的公允值确认，
其后按各报告期末的公允值
重新计量。公允值后续变动
的会计处理取决于衍生工具
是否被指定为对冲工具，如
指定为对冲工具，则其所对
冲项目之性质。本集团指定
若干衍生工具作为：
- ，对冲已确
认资产或负债或一项确
定承担之公允值；或
- ，对冲已
确认资产及负债及极有
可能进行之预计交易之
现金流量相关特定风险。
于订立对冲时，本集团就对
冲工具与对冲项目之经济关
系（包括是否预期对冲工具
现金流量之变动抵销对冲项
目现金流量之变动）作档记
录。本集团亦对其风险管理
目标及执行对冲交易之策略
作档记录。
于对冲关系中指定的各项衍
生财务工具之公允值于综合
财务报表附注30中披露。股
东权益对冲储备的变动于综
合财务报表附注36中列示。
当对冲项目之余下年期超过
十二个月，则对冲衍生工具
之全部公允值分类为非流动
资产或负债；当对冲项目之
余下年期少于十二个月，则
分类为流动资产或负债。贸
易衍生工具分类为流动资产
或负债。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Derivatives and hedging activities
Derivatives are initialy recognised at fair value on the date
a derivative contract is entered into and are subsequently
remeasured at their fair value at the end of each reporting
period. The acounting for subsequent changes in fair
value depends on whether the derivative is designated as
a hedging instrument, and if so, the nature of the item
being hedged. The Group designates certain derivatives as
either:
- , which are hedges of the fair value of
recognised asets or liabilities or a firm comitment;
or
• cash flow hedges which are hedges of a particular risk
asociated with the cash flows of recognised asets
and liabilities and highly probable forecast transactions.
At the inception of hedging, the Group documents the
economic relationship betwen hedging instruments and
hedged items, including whether changes in the cash
flows of the hedging instruments are expected to ofset
changes in the cash flows of hedged items. The Group
documents its risk management objective and strategy for
undertaking its hedge transactions.
The fair values of various derivative financial instruments
designated in hedge relationship are disclosed in note 30
to the consolidated financial statements. Movements in
the hedging reserve in shareholders’ equity are shown in
note 36 to the consolidated financial statements. The ful
fair value of a hedging derivative is clasified as a non-
curent aset or liability when the remaining maturity of
the hedged item is more than twelve months; it is
clasified as a curent aset or liability when the remaining
maturity of the hedged item is les than twelve months.
Trading derivatives are clasified as a curent aset or
liability.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 衍生工具及对冲活动（续）
(I) 现金流量对冲
被指定并符合资格作为
现金流量对冲之衍生工
具之公允值变动的有效
部份于权益中的对冲储
备确认。与无效部份有
关的盈亏即时于损益内
确认。
当期权合约用于对冲预
期交易时，本集团仅指
定期权内在价值为对冲
工具。
与期权内在价值变动有
效部份相关的收益或亏
损于权益内的对冲储备
确认。与对冲项目相关
期权的时间价值变动（「一
致时间价值」），于权益
内的对冲成本储备的其
他全面收益确认。
当远期合约用于对冲预
期交易时，本集团一般
仅将与即期部份相关的
远期合约公允值变动指
定为对冲工具。与远期
合约即期部份变动的有
效部份相关的收益或亏
损于权益内的对冲储备
确认。与对冲项目相关
的合约远期要素变动（「一
致时间价值」）于权益内
的对冲储备成本的其他
全面收益下确认。于部
份情况下，企业或会将
远期合约公允值的全部
变动（包括远期点数）指
定为对冲工具。于此等
情况下，与整份远期合
约公允值变动的有效部
份相关的收益或亏损于
权益内的对冲储备确认。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Derivatives and hedging activities (continued)
(I) Cash flow hedge
The efective portion of changes in the fair value of
derivatives that are designated and qualify as cash
flow hedges is recognised in the hedging reserve
within equity. The gain or los relating to the
inefective portion is recognised imediately in profit
or los.
When option contracts are used to hedge forecast
transactions, the Group designates only the intrinsic
value of the options as the hedging instruments.
Gains or loses relating to the efective portion of the
change in intrinsic value of the options are recognised
in the hedging reserve within equity. The changes in
the time value of the options that relate to the hedged
item (“aligned time value”) are recognised within other
comprehensive income in the costs of hedging reserve
within equity.
When forward contracts are used to hedge forecast
transactions, the Group generaly designates only the
change in fair value of the forward contract related to
the spot component as the hedging instrument. Gains
or loses relating to the efective portion of the change
in the spot component of the forward contracts are
recognised in the hedging reserve within equity. The
change in the forward element of the contract that
relates to the hedged item (“aligned time value”) is
recognised within other comprehensive income in the
costs of hedging reserve within equity. In some cases,
the entity may designate the ful change in fair value
of the forward contract (including forward points) as
the hedging instrument. In such cases, the gains or
loses relating to the efective portion of the change in
fair value of the entire forward contract are recognised
in the hedging reserve within equity.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(i) 衍生工具及对冲活动（续）
(I) 现金流量对冲（续）
于权益累计的金额在对
冲项目影响损益期间按
下文所述重新分类：
– 倘对冲项目其后导
致本集团确认非财
务资产（如存货），
则递延对冲收益及
亏损及期权合约或
递延远期点数（如有）
的递延时间价值均
计入资产初始成本。
由于对冲项目影响
损益（如透过销售成
本），递延金额最终
于损益确认。
– 与利率掉期对冲浮
动利率借贷的有效
部份有关的收益或
亏损，于对冲借贷
产生利息支出的同
时于财务费用内损
益确认。
当一项对冲工具到期、
出售或终止，或对冲不
再达到对冲会计标准，
则当时权益中任何累计
递延收益或亏损及递延
对冲成本仍列为权益，
直至发生预期交易令本
集团确认非财务资产（如
存货）。当不再预期发生
预期交易，于权益中申
报的累计收益或亏损及
递延对冲成本当即重新
分类至损益。
(I) 不符合对冲会计处理之
衍生工具
若干衍生工具不符合对
冲会计处理。该等衍生
财务工具之公允值变动
即时于损益内确认。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(i) Derivatives and hedging activities (continued)
(I) Cash flow hedge (continued)
Amounts acumulated in equity are reclasified in the
periods when the hedged item afects profit or los,
as folows:
– Where the hedged item subsequently results in
the recognition of a non-financial aset (such as
inventory), both the defered hedging gains and
loses and the defered time value of the option
contracts or defered forward points, if any, are
included within the initial cost of the aset. The
defered amounts are ultimately recognised in
profit or los as the hedged item afects profit or
los (for example through cost of sales).
– The gain or los relating to the efective portion of
the interest rate swaps hedging variable rate
borowings is recognised in profit or los within
finance costs at the same time as the interest
expense on the hedged borowings.
When a hedging instrument expires, or is sold or
terminated, or when a hedge no longer mets the
criteria for hedge acounting, any cumulative defered
gain or los and defered costs of hedging in equity at
that time remains in equity until the forecast
transaction ocurs, resulting in the recognition of a
non-financial aset such as inventory. When the
forecast transaction is no longer expected to ocur,
the cumulative gain or los and defered costs of
hedging that were reported in equity are imediately
reclasified to profit or los.
(I) Derivatives that do not qualify for hedge acounting
Certain derivative instruments do not qualify for hedge
acounting. Changes in the fair value of these
derivative financial instrument are recognised
imediately in profit or los.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(f) 财务工具（续）
(iv) 抵销财务工具
当本集团现时有可合法强制
执行权利抵销已确认金额，
并有意按净额基准结算或同
时变现资产及结算负债时，
财务资产与负债可互相抵
销，并在综合财务状况表呈
报其净额。本集团亦曾订立
不符合抵销标准但仍容许相
关款项在若干情况下抵销的
安排，例如破产或合约终止。
(g) 投资物业
持作长期租金收益或资本增值或
以上两项目的，而并非由本集团
占用之物业，均列作投资物业。
投资物业包括土地及根据租赁持
有之楼宇。当符合投资物业之其
余定义时，根据租赁持有之土地
分类及入账为投资物业。
投资物业初始时按其成本（包括
相关交易成本）计量。于初始确
认后，投资物业按公允值列账。
公允值是按报告期末时进行之专
业估值厘定。公允值之变动于损
益内确认。
当该资产相关之日后经济利益很
可能会流入本集团，且该项资产
之成本能被可靠计量时，方会将
其后支出资本化至该项资产之账
面值。在财务期间内产生的所有
其他维修及保养成本会在损益内
支销。
公允值变动于损益内确认为其他
亏损，净额之一部份。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(f) Financial instruments (continued)
(iv) Ofseting financial instrument
Financial asets and liabilities are ofset and the net
amount reported in the consolidated statement of financial
position where the Group curently has a legaly
enforceable right to ofset the recognised amounts, and
there is an intention to setle on a net basis or realise the
aset and setle the liability simultaneously. The Group has
also entered into arangements that do not met the
criteria for ofseting but stil alow for the related amounts
to be set of in certain circumstances, such as bankruptcy
or the termination of a contract.
(g) Investment properties
Property that is held for long-term rental yields or for capital
apreciation or both, and that is not ocupied by the Group, is
clasified as investment property.
Investment property comprises land and buildings held under
leases. Land held under lease is clasified and acounted for
as investment property when the rest of the definition of
investment property is met.
Investment property is measured initialy at its cost, including
related transaction costs. After initial recognition, investment
property is caried at fair value. Fair value is determined by
profesional valuation conducted as at the end of the reporting
period. Changes in fair value are recognised in profit or los.
Subsequent expenditure is capitalised to the carying amount
of the aset only when it is probable that future economic
benefits asociated with the aset wil flow to the Group and
the cost of the aset can be measured reliably. Al other
repairs and maintenance costs are expensed in profit or los
during the financial period in which they are incured.
Changes in fair values are recognised in profit or los as part
of the other loses, net.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(g) 投资物业（续）
若投资物业变成业主自用，会被
重新分类为物业、厂房及设备，
其于重新分类日期的公允值，就
会计目的而言变为其成本。根据
香港会计准则第16号「物业、厂
房及设备」，若物业、厂房及设
备的某个项目因其用途改变而成
为投资物业，该项目于转拨日期
的账面值与公允值的任何差额在
权益中确认为物业、厂房及设备
的重估。任何因此而增加物业、
厂房及设备的账面值于损益中确
认，将以往的减值亏损拨回后，
任何剩余的增加额直接在权益中
的重估盈余内确认。任何因此而
减少的物业、厂房及设备账面值
在损益中扣除。投资物业若其后
售出，该物业、厂房及设备的任
何重估储备结余转拨至保留溢
利，并以权益变动的方式列出。
当投资物业的用途有所改变，有
证据显示物业的发展的启动以出
售为目的，该物业将以物业用途
改变当日之公允值被转拨至待售
物业。
由待售物业转为投资物业将按公
允值入账，有关物业于该日之公
允值与其先前之账面值两者之间
之任何差额于损益内确认。
(h) 物业、厂房及设备
确认为使用权资产之租赁于本集
团可使用租赁资产当日按现值初
始计量。其于综合财务状况表「物
业、厂房及设备」内呈列。
物业、厂房及设备（包括使用权
资产）乃按过往成本值减去累计
折旧及减值亏损列账。过往成本
包括直接应占收购项目的开支。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(g) Investment properties (continued)
If an investment property becomes owner-ocupied, it is
reclasified as property, plant and equipment, and its fair value
at the date of reclasification becomes its cost for acounting
purposes. If an item of property, plant and equipment becomes
an investment property because its use has changed, any
diference resulting betwen the carying amount and the fair
value of this item at the date of transfer is recognised in equity
as a revaluation of property, plant and equipment under HKAS
16, “Property, Plant and Equipment”. Any resulting increase in
the carying amount of the property, plant and equipment is
recognised in profit or los to the extent that it reverses a
previous impairment los, with any remaining increase
recognised directly to revaluation surplus within equity. Any
resulting decrease in the carying amount of the property,
plant and equipment is charged to profit or los. Upon the
subsequent disposal of investment property, any revaluation
reserve balance of the property, plant and equipment is
transfered to retained profits and is shown as a movement in
equity.
When an investment property undergoes a change in use,
evidenced by comencement of development with a view to
sale, the property is transfered to properties for sale at its fair
value at the date of change in use.
For a transfer from properties for sale to investment properties
that wil be caried at fair value, any diference betwen the
fair value of the property at that date and its previous carying
amount shal be recognised in profit or los.
(h) Property, plant and equipment
Leases are recognised as right-of-use asets initialy measured
on a present value basis at the date at which the leased aset
is available for use by the Group. These are presented within
“Property, plant and equipment” in the consolidated statement
of financial position.
Property, plant and equipment (including right-of-use asets)
are stated at historical cost les acumulated depreciation and
impairment loses. Historical cost includes expenditure that is
directly atributable to the acquisition of the items.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(h) 物业、厂房及设备（续）
当该项目相关之日后经济利益很
可能会流入本集团，且该项目之
成本能被可靠计量时，方会将其
后成本列入资产账面值或作为单
独资产确认（如适用）。入账列为
单独资产的任何部份的账面值于
被取代时终止确认。在报告期内
产生的所有其他维修及保养会在
损益内扣除。
租赁土地自该土地权益可作其拟
定用途之时开始折旧。折旧乃按
其以下估计可使用年期以直线法
计算，将其成本或公允值减去其
剩余价值按下列比率每年分配：
每年折旧
楼宇按介乎20年至50年
或其剩余之租赁
年期的较短者
租赁土地按剩余之租赁年期
租赁物业装修按剩余之租赁年期
使用权资产按剩余之租赁年期
机器10%
家私、装置、
办公室设备、
汽车及船舶
10% – 33
/
%
其他10% – 20%
倘资产之账面值高于其估计可收
回金额，会即时将资产之账面值
撇减至其可收回金额。
出售或报废资产之收益或亏损乃
由出售所得款项净额与其账面值
间之差额厘定，并在损益内确认。
于各报告期末，资产之剩余价值
及可使用年期已予审阅，并予以
调整（如适用）。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(h) Property, plant and equipment (continued)
Subsequent costs are included in the aset’s carying amount
or recognised as a separate aset, as apropriate, only when it
is probable that future economic benefits asociated with the
item wil flow to the Group and the cost of the item can be
measured reliably. The carying amount of any component
acounted for as a separate aset is derecognised when
replaced. Al other repairs and maintenance are charged to
profit or los during the reporting period in which they are
incured.
Leasehold land comences depreciation from the time when
the land interest becomes available for its intended use.
Depreciation is calculated using the straight-line method to
alocate their costs or fair values les their residual values over
their estimated useful lives at the folowing rates per anum:
Anual charge
BuildingOver the shorter of 20 to 50
years or the remaining lease
term
Leasehold landOver the remaining lease term
Leasehold improvementsOver the remaining lease term
Right-of-use asetsOver the remaining lease term
Machinery10%
Furniture, fixtures, ofice
equipment, motor vehicles
and vesel
10% – 33
/
%
Others10% – 20%
An aset’s carying amount is writen down imediately to its
recoverable amount if the aset’s carying amount is greater
than its estimated recoverable amount.
The gain or los arising from disposal or retirement of an aset
is determined as the diference betwen the net sale proceds
and the carying amount of the aset and is recognised in
profit or los.
The asets’ residual values and useful lives are reviewed, and
adjusted if apropriate, at the end of each reporting period.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(i) 其他无形资产
初始确认时，独立收购及来自业
务合并之无形资产乃分别按成本
值及公允值确认。初始确认后，
有限可使用年期之无形资产乃按
成本值减累计摊销及累计减值亏
损入账。有限可使用年期之无形
资产之摊销乃以直线法就其估计
可使用年期计提拨备。无限可使
用年期之无形资产则按成本值减
累计减值亏损入账。
终止确认无形资产所产生收益或
亏损按出售所得款项净额与资产
账面值间之差额计量，于终止确
认资产时在损益内确认。
(j) 发展中物业
发展中物业乃按成本与可变现净
值两者间之较低者呈列。物业开
发成本包括预付租赁款项、开发
费用及作资本化处理之借款成本。
可变现净值指日常业务过程中扣
减销售支出以及完成本的估计
售价。
(k) 存货
存货乃按成本与可变现净值两者
之较低值入账。成本按先进先出
或加权平均法计算。可变现净值
乃按日常业务过程中预计销售所
得款项减适用销售支出之基准厘
定。
(l) 待售物业
待售物业初步按物业于自发展中
物业重新分类之日期之账面值计
量。随后，待售物业乃按成本与
可变现净值两者间之较低者列账。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(i) Other intangible asets
On initial recognition, intangible asets acquired separately and
from busines combinations are recognised at cost and at fair
value respectively. After initial recognition, intangible asets
with finite useful lives are caried at costs les acumulated
amortisation and acumulated impairment loses. Amortisation
for intangible asets with finite useful lives is provided on a
straight-line basis over their estimated useful lives. Intangible
asets with indefinite useful lives are caried at cost les
acumulated impairment loses.
Gain or los arising from derecognition of an intangible aset is
measured as the diference betwen the net disposal proced
and the carying amount of the aset and are recognised in
profit or los when the aset is derecognised.
(j) Properties under development
Properties under development are stated at the lower of cost
and net realisable value. Development cost of properties
comprise prepaid lease payments, development expenditure
and borowing costs capitalised.
The net realisable value is the estimated seling price in the
ordinary course of busines les seling expenses and costs to
completion.
(k) Inventories
Inventories are stated at the lower of cost and net realisable
value. Cost is calculated using the first-in-first-out or weighted
average method. Net realisable value is determined on the
basis of anticipated sales proceds in the ordinary course of
busines les aplicable seling expenses.
(l) Properties for sale
Properties for sale are initialy measured at the carying
amount of the property at the date of reclasification from
properties under development. Subsequently, properties for
sale are caried at the lower of cost and net realisable value.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(m) 合约资产及合约负债
与客户订立合约后，本集团取得
从客户收取代价的权利，并承担
将货品转让予客户或向客户提供
服务的履约义务。
该等权利及履约义务结合导致净
合约资产或净合约负债，视乎余
下权利与履约义务之间的关系而
定。倘合约已确认于损益的累计
收入超过客户已作出的累计付
款，资产项目确认为合约资产。
相反，倘客户已作出的累计合约
付款超出已确认于损益的收入，
负债项目则确认为合约负债。
合约资产乃按与贸易应收账款减
值评估所采纳的相同方法进行减
值评估（附注2(f)(i)）。合约负债
于本集团将货品或服务转让予客
户因而完成履约义务时确认为收
入。
倘本集团预期可收回为获取与客
户订立合约的增量成本及其后按
与向客户转让资产相关的货品或
服务一致的系统性基准摊销成
本，有关成本则进行资本化且呈
报为合约相关资产。因应已确认
与合约有关资产账面值超过本集
团预期收取代价余下金额减直接
与提供该等货品或服务相关但尚
未确认为开支的成本，本集团于
损益确认减值亏损。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(m) Contract asets and contract liabilities
Upon entering into a contract with a customer, the Group
obtains rights to receive consideration from the customer and
asumes performance obligations to transfer gods or provide
services to the customer.
The combination of those rights and performance obligations
gives rise to a net contract aset or a net contract liability
depending on the relationship betwen the remaining rights
and the performance obligations. An item of asets is
recognised as contract asets if a contract’s cumulative
revenue recognised in profit or los exceds cumulative
payments made by customers. Conversely, an item of
liabilities is recognised as contract liabilities if a contract’s
cumulative payments made by customers exceds the revenue
recognised in profit or los.
Contract asets are asesed for impairment under the same
aproach adopted for impairment asesment of trade debtors
(note 2(f)(i). Contract liabilities are recognised as revenue
when the Group transfers the gods or services to the
customers and therefore satisfied its performance obligation.
The incremental costs of obtaining a contract with a customer
are capitalised and presented as contract related asets, if the
Group expects to recover those costs, and are subsequently
amortised on a systematic basis that is consistent with the
transfer to the customers of the gods or services to which
the asets relate. The Group recognises an impairment los in
profit or los to the extent that carying amount of the contract
related asets recognised exceds the remaining amounts of
consideration that the Group expects to receive les the costs
that relate directly to providing those gods or services that
have not ben recognised as expenses.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(n) 持作出售资产
当非流动资产之账面值之回收主
要透过一项出售交易，而该出售
被视为高度可能时，该非流动资
产分类为持作出售资产。倘其账
面值主要透过出售交易而非通过
持续使用收回，则以账面值与公
允值扣除销售成本之较低者列
账，惟递延税项资产及投资物业
等资产除外。
重新计量亏损就资产之任何首次
或其后撇减至公允值扣除销售成
本确认。收益就任何公允值其后
增加扣除资产销售成本确认，惟
不超出过往已确认之任何累计重
新计量亏损。于出售非流动资产
日期前过往并无确认之收益或亏
损于终止确认日期确认。
分类为持作出售之非流动资产不
予折旧或摊销。
分类为持作出售之非流动资产与
综合财务状况表之其他资产分别
呈列。与分类为持作出售资产之
非流动资产直接相关之负债与综
合财务状况表之其他负债分别呈
列。
(o) 现金及现金等价物
现金及现金等价物包括手头现
金、原三个月或以内到期之银行
通知存款及银行透支。
现金及现金等价物并不包括已抵
押银行存款。
(p) 拨备及或然事项
如本集团因过往事件须承担现时
法定或推定责任，而承担该责任
可能须动用资源及该责任所涉及
之金额能可靠地估计时，则须确
认拨备。并无就未来经营亏损确
认拨备。倘本集团预期拨备将获
偿付，则偿付额于实际可确定将
获偿付之时作为单独资产确认。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(n) Asets held-for-sale
Non-curent asets are clasified as asets held-for-sale when
their carying amount is to be recovered principaly through a
sale transaction and a sale is considered highly probable. They
are stated at the lower of carying amount and fair value les
costs to sel if their carying amount is to be recovered
principaly through a sale transaction rather than through
continuing use, except for asets such as defered tax asets
and investment properties.
A remeasurement los is recognised for any initial or
subsequent write-down of the aset to fair value les costs to
sel. A gain is recognised for any subsequent increase in fair
value les costs to sel of an aset, but not in exces of any
cumulative remeasurement los previously recognised. A gain
or los not previously recognised by the date of the sale of the
non-curent aset is recognised at the date of derecognition.
Non-curent asets are not depreciated or amortised while
they are clasified as held-for-sale.
Non-curent asets clasified as held-for-sale are presented
separately from the other asets in the consolidated statement
of financial position. Liabilities directly asociated with non-
curent asets clasified as asets held-for-sale are presented
separately from the other liabilities in the consolidated
statement of financial position.
(o) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held
at cal with banks with original maturities up to thre months
and bank overdrafts.
Pledged bank deposits are not included in cash and cash
equivalents.
(p) Provisions and contingencies
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events, it is
probable that an outflow of resources wil be required to setle
the obligation, and a reliable estimate of the amount can be
made. Provisions are not recognised for future operating
loses. Where the Group expects a provision to be reimbursed,
the reimbursement is recognised as a separate aset when
the reimbursement is virtualy certain.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(p) 拨备及或然事项（续）
如有多项类似责任，其需要在偿
付中流出资源的可能性，根据责
任的类别整体考虑而厘定。即使
在同一责任类别中所包含的任何
一个项目，其相关的资源流出的
可能性极低，仍须确认拨备。
拨备采用反映目前市场评估货币
之时间价值及责任之特定风险的
除税前利率，以预计须用作履行
责任之开支所得现值计量。由于
时间流逝导致的拨备增加，会确
认为利息支出。
或然负债乃指由于过去事件产生
之可能债务，而该事件之存在只
有通过发生或未发生一项或多项
不可由本集团完全控制之不确定
日后事件而被确认。或然负债亦
可指由过去发生之事件而导致之
当前债务，惟由于经济资源可能
不会流出或债务之金额无法可靠
计量而未被确认。
或然负债毋须确认，惟须于综合
财务报表附注内披露。倘资源流
出之可能性改变而导致资源可能
流出时，或然负债将会被确认为
拨备。
或然资产乃因过往事件而产生之
可能资产，其存在仅凭发生或未
发生一项或多项本集团不能完全
控制之不确定日后事件而被确认。
或然资产不予确认，惟于可能流
入经济利益时在综合财务报表附
注内予以披露。倘实际可确定将
发生流入，则确认资产。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(p) Provisions and contingencies (continued)
Where there are a number of similar obligations, the likelihod
that an outflow wil be required in setlement is determined by
considering the clas of obligations as a whole. A provision is
recognised even if the likelihod of an outflow with respect to
any one item included in the same clas of obligations may be
smal.
Provisions are measured at the present value of the
expenditures expected to be required to setle the obligation
using a pre-tax rate that reflects curent market asesments
of the time value of money and the risks specific to the
obligation. The increase in the provision due to pasage of
time is recognised as interest expense.
A contingent liability is a posible obligation that arises from
past events and whose existence wil only be confirmed by the
ocurence or non-ocurence of one or more uncertain future
events not wholy within the control of the Group. It can also
be a present obligation arising from past events that is not
recognised because it is not probable that an outflow of
economic resources wil be required or the amount of
obligation canot be measured reliably.
A contingent liability is not recognised but is disclosed in the
notes to the consolidated financial statements. When a change
in the probability of an outflow ocurs so that the outflow is
probable, it wil then be recognised as a provision.
A contingent aset is a posible aset that arises from past
events and whose existence wil be confirmed only by the
ocurence or non-ocurence of one or more uncertain future
events not wholy within the control of the Group.
A contingent aset is not recognised but is disclosed in the
notes to the consolidated financial statements when an inflow
of economic benefits is probable. When inflow is virtualy
certain, an aset is recognised.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(q) 保险合约
(i) 保险合约－初始计量
本集团就其所有已签发的保
险合约及持有的再保险合约
应用保费分配法（「保费分配
法」）。
本集团之已签发保险合约及
持有的再保险合约并无任何
投资部份。
就所有已签发保险合约而
言，未到期责任负债不会贴
现以反映货币时间价值及收
取的保费之财务风险的影
响。倘事实及情况表明合约
于初始确认时属亏损，本集
团会进行额外分析以厘定合
约会否预期产生净现金流
出。该等亏损合约与其他合
约中分开归类，而本集团于
损益中就净现金流出确认亏
损，使组别的负债账面值相
等于履约现金流量。本集团
已就该亏损组别的未到期责
任负债确立亏损部份，以描
述已确认的亏损。
(i) 持有的再保险合约－初始计量
本集团按其根据保费分配法
计量一组已签发保险合约之
相同会计原则计量其持有的
一组再保险合约之再保险资
产。
倘本集团于初始确认时就相
关保险合约亏损组别确认亏
损或当额外亏损相关保险合
约新增至该组别，本集团会
就持有的再保险合约组别之
未到期责任资产确立亏损摊
回部份，以描述摊回的亏损。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(q) Insurance contracts
(i) Insurance contracts – initial measurement
The Group aplies the Premium Alocation Aproach (“PA”)
to al the insurance contracts that it isues and reinsurance
contracts that it holds.
There is no investment component in the Group’s
insurance contracts isued and reinsurance contracts held.
For al insurance contracts isued, the liability for
remaining coverage is not discounted to reflect the time
value of money and the efect of financial risk for
premiums received. Where facts and circumstances
indicate that contracts are onerous at initial recognition,
the Group performs aditional analysis to determine if a
net cash outflow is expected from the contracts. Such
onerous contracts are separately grouped from other
contracts and the Group recognises a los in profit or los
for the net cash outflow, resulting in the carying amount
of the liability for the group being equal to the fulfilment
cash flows. A los component is established by the Group
for the liability for remaining coverage for such onerous
group depicting the loses recognised.
(i) Reinsurance contracts held – initial measurement
The Group measures its reinsurance asets for a group of
reinsurance contracts that it holds on the same acounting
principles used to measure a group of insurance contracts
isued under the PA.
Where the Group recognises a los on initial recognition of
an onerous group of underlying insurance contracts or
when further onerous underlying insurance contracts are
aded to a group, the Group establishes a los-recovery
component of the aset for remaining coverage for a group
of reinsurance contracts held depicting the recovery of
loses.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(q) 保险合约（续）
(i) 持有的再保险合约－初始计量（续）
本集团透过将就相关保险合
约已确认的亏损乘以本集团
预期从持有的一组再保险合
约中摊回的相关保险合约索
偿之百分比计算亏损摊回部
份。倘相关组别的若干合约
未包含于持有的再保险合约
组别，本集团使用一种系统
及合理的方法厘定持有的再
保险合约组别包含的保险合
约组别已确认的部份亏损。
亏损摊回部份调整未到期责
任资产的账面值。
(i) 保险合约－后续计量
本集团于各报告期末将余下
责任负债的账面值计量为期
初的未到期责任负债：
• 加于期内已收取的保费
• 减保险获取现金流量
• 加就保险合约组别与于
报告期间已确认为保险
服务支出的保险获取现
金流量摊销有关的任何
金额
• 加融资部份的任何调整
（如适用）
• 减已确认为期内提供服
务的保险服务收入之金
额
• 减已支付或转拨至已发
生索偿负债的任何投资
部份（如适用）
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(q) Insurance contracts (continued)
(i) Reinsurance contracts held – initial measurement (continued)
The Group calculates the los-recovery component by
multiplying the los recognised on the underlying
insurance contracts and the percentage of claims on the
underlying insurance contracts the Group expects to
recover from the group of reinsurance contracts held. The
Group uses a systematic and rational method to determine
the portion of loses recognised on the group to insurance
contracts covered by the group of reinsurance contracts
held where some contracts in the underlying group are not
covered by the group of reinsurance contracts held.
The los-recovery component adjusts the carying amount
of the aset for remaining coverage.
(i) Insurance contracts – subsequent measurement
The Group measures the carying amount of the liability for
remaining coverage at the end of each reporting period as
the liability for remaining coverage at the begining of the
period:
• plus premiums received in the period
• minus insurance acquisition cash flows
• plus any amounts relating to the amortisation of the
insurance acquisition cash flows recognised as an
insurance service expenses in the reporting period for
the group of contracts
- , where
aplicable
• minus the amount recognised as insurance revenue
for the services provided in the period
• minus any investment component paid or transfered
to the liability for incured claims, where aplicable
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(q) 保险合约（续）
(i) 保险合约－后续计量（续）
年内并无已确认投资部份（二
零二四年：无）。
本集团将已发生索偿负债估
计为与已发生索偿有关的履
约现金流量。履约现金流量
包含在无需付出不必要的成
本或努力的情况下以无偏的
方式获得所有合理和可靠的
有关该等未来现金流量金
额、时间及不确定性的资
料，其反映从本集团角度来
看的目前估计，并包括非财
务风险的清晰调整（风险调
整）。本集团将已发生索偿
负债之计量为货币时间价值
及财务风险影响调整未来现
金流量，惟应付索偿除外。
倘于责任期间有事实及情况
表明一组保险合约属亏损，
本集团于损益中就净流出确
认亏损，使组别的负债之账
面值相等于履约现金流量。
本集团已就该亏损组别的未
到期责任负债确立亏损部
份，以描述已确认的亏损。
(iv) 持有的再保险合约－后续计量
持有的再保险合约之后续计
量遵从已签发保险合约的相
同原则，且已调整以反映持
有的再保险合约之具体特点。
倘本集团已确立亏损摊回部
份，本集团其后会将亏损摊
回部份减至零以与相关保险
合约的亏损组别内之扣减一
致，以反映亏损摊回部份不
应超出实体预期从持有的再
保险合约组别摊回的相关保
险合约的亏损组别的亏损部
份之部份账面值。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(q) Insurance contracts (continued)
(i) Insurance contracts – subsequent measurement (continued)
No investment component has ben recognised during the
year (2024: Nil).
The Group estimates the liability for incured claims as the
fulfilment cash flows related to incured claims. The
fulfilment cash flows incorporate, in an unbiased way, al
reasonable and suportable information available without
undue cost or efort about the amount, timing and
uncertainty of those future cash flows, they reflect curent
estimates from the perspective of the Group, and include
an explicit adjustment for non-financial risk (the risk
adjustment). The Group adjusts the future cash flows for
the time value of money and the efect of financial risk for
the measurement of liability for incured claims except
claims payables.
Where, during the coverage period, facts and circumstances
indicate that a group of insurance contracts is onerous, the
Group recognises a los in profit or los for the net
outflow, resulting in the carying amount of the liability for
the group being equal to the fulfilment cash flows. A los
component is established by the Group for the liability for
remaining coverage for such onerous group depicting the
loses recognised.
(iv) Reinsurance contracts held – subsequent measurement
The subsequent measurement of reinsurance contracts
held folows the same principles as those for insurance
contracts isued and has ben adapted to reflect the
specific features of reinsurance contracts held.
Where the Group has established a los-recovery
component, the Group subsequently reduces the los
recovery component to zero in line with reductions in the
onerous group of underlying insurance contracts in order
to reflect that the los-recovery component shal not
exced the portion of the carying amount of the los
component of the onerous group of underlying insurance
contracts that the entity expects to recover from the group
of reinsurance contracts held.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(r) 股本
普通股分类为权益。
可直接归因于发行新股份或购股
权之增量成本作为所得款项扣减
额（扣除税项）于权益内列示。
(s) 收入及收益确认
香港财务报告准则第15号「客户
合约之收入」（「香港财务报告准
则第15号」）利用五个步骤，确
立厘定确认收入时间及金额之全
面框架：(i)辨别客户合约；(i)辨
别合约中之个别履约责任；(i)
厘定交易价格；(iv)将交易价格
分配至履约责任；及(v)于完成
履约责任时确认收入。核心原则
是公司应于货品或服务的控制权
转移至客户时确认收入。
收入于货品或服务之控制权转移
至客户时确认。视乎合约之条款
与适用于合约之法例规定，货品
或服务之控制权可在一段时间或
在某一时点转移。
倘本集团在履约过程中符合下列
条件，货品或服务之控制权可在
一段时间转移：
• 提供客户收到且同时消耗之
所有利益；
• 本集团履约时创造或提升客
户所控制之资产；或
• 并无创造对本集团而言有其
他用途之资产，而本集团有
强制执行权利收取至今已完
成履约部份的款项。
倘货品或服务之控制权可在一段
时间转移，则收入乃于整个合约
期间经参考完成履行履约责任之
进度确认。否则，收入于客户获
得货品或服务控制权之某一时点
确认。
因获取合约而产生之增量成本（倘
可收回）会资本化为合约资产，
随后于确认相关收入时予以摊销。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(r) Share capital
Ordinary shares are clasified as equity.
Incremental costs directly atributable to the isue of new
shares or options are shown in equity as a deduction, net of
tax, from the proceds.
(s) Revenue and income recognition
HKFRS 15, “Revenue from Contracts with Customers” (“HKFRS
15”) establishes a comprehensive framework for determining
when to recognise revenue and how much revenue to
recognise through a 5-step aproach: (i) identify the contract(s)
with a customer; (i) identify separate performance obligations
in the contract; (i) determine the transaction price; (iv) alocate
the transaction price to the performance obligations; and (v)
recognise revenue when a performance obligation is satisfied.
The core principle is that a company should recognise revenue
when control of a god or service transfers to a customer.
Revenues are recognised when or as the control of the gods
or service is transfered to the customer. Depending on the
terms of the contract and the laws that aply to the contract,
control of the gods or service may be transfered over time
or at a point in time.
Control of the gods or service is transfered over time if the
Group’s performance:
• provides al of the benefits received and consumed
simultaneously by the customer;
• creates or enhances an aset that the customer controls
as the Group performs; or
• does not create an aset with an alternative use to the
Group and the Group has an enforceable right to payment
for performance completed to date.
If control of the gods or service transfers over time, revenue
is recognised over the period of the contract by reference to
the progres towards complete satisfaction of that
performance obligation. Otherwise, revenue is recognised at a
point in time when the customer obtains control of the gods
or service.
Incremental costs incured to obtain a contract, if recoverable,
are capitalised as contract asets and subsequently amortised
when the related revenue is recognised.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(s) 收入及收益确认（续）
已完成建造合约履约责任之进度
乃按以下能够最佳描述本集团完
成履约责任表现之其中一种方法
计量：
• 直接计量本集团已向客户转
移之价值；或
• 本集团为完成履约责任而作
出之努力或投入（相对于预
期工作或投入总额）。
物业销售之收入于法定转让完成
时或客户接收物业时，即客户有
能力指示使用物业及获得该物业
的绝大部份剩余利益之时点确认。
销售货品（如资讯科技设备、汽
车、餐饮、厨柜及其他建筑相关
存货）之收入乃于货品送出及货
品拥有权转予客户时确认。收入
已减除任何销售退回、折扣及相
关地方税项。
提供服务（如提供保养及物业管
理、仓库及物流服务、酒店及安
老院舍营运）之收入乃于完成提
供服务之一段时间确认。提供服
务前之收入乃按合约负债入账。
已签发保险合约的保费乃根据时
间流逝确认为期内提供服务的保
险服务收入。
来自财务资产之利息收入乃按时
间比例入账，并根据尚未偿还本
金及适用实际利率作出计算，实
际利率为将财务资产之预计使用
年期的估计未来现金收入准确贴
现至资产之账面净值之比率。
来自投资之股息收入乃于本集团
收取款项之权利确立时确认。
营运租赁之租金收入乃于相应租
赁之租期内按直线法确认。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(s) Revenue and income recognition (continued)
The progres towards complete satisfaction of the
performance obligation of a construction contract is measured
based on one of the folowing methods that best depict the
Group’s performance in satisfying the performance obligation:
• direct measurements of the value transfered by the Group
to the customer; or
- ’s eforts or inputs to the satisfaction of the
performance obligation relative to the total expected
eforts or inputs.
Income from sale of properties is recognised when the legal
asignment is completed or the property is acepted by the
customer, which is the point in time when the customer has
the ability to direct the use of the property and obtain
substantialy al of the remaining benefits of the property.
Income from sale of gods such as information technology
equipment, motor vehicles, fod and beverage, kitchen
cabinets and other construction related stock are recognised
when gods are delivered and title to the gods has pased to
the customers. Revenue is arived at after deduction of any
sales return, discount and relevant local tax.
Income from rendering of services such as provision of
maintenance and property management, warehouse and
logistics services and hotel and senior housing operations are
recognised over time when services are rendered. Receipt in
advance of provision of services are acounted for as contract
liabilities.
Premiums for insurance contracts isued are recognised as
insurance revenue for service provided in the period on the
basis of the pasage of time.
Interest income from a financial aset is acrued on a time
basis, with reference to the principal outstanding and at the
efective interest rate aplicable, which is the rate that exactly
discounts the estimated future cash receipts through the
expected life of the financial aset to its net carying amount.
Dividend income from investments is recognised when the
Group’s rights to receive payment have ben established.
Rental income under operating leases is recognised on a
straight-line basis over the terms of the respective leases.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(s) 收入及收益确认（续）
融资部份
本集团预期不会签订由转移承诺
货品或服务予客户与客户付款之
期间超过一年的任何合约，于报
告期末后十二个月内可能无法完
全结算的应收保留金除外。因
此，本集团并无就货币时间价值
调整任何交易价格。
(t) 租赁
本集团作为出租人
融资租赁下应收承租人之款项乃
入账列作应收款项，数额为本集
团于租赁之净投资。融资租赁收
入乃分配至各会计期间，以反映
本集团于租赁尚未收回净投资之
固定期回报率。
营运租赁产生之租金收入按有关
租赁之租期以直线法于损益内确
认。商谈及安排营运租赁所产生
之首次直接成本计入该项租赁资
产之账面值内，并于租期内以直
线法确认为支出。
本集团作为承租人
本集团于合约开始时评估合约是
否属租赁或包含租赁。本集团于
可用租赁资产当日就其属于承租
人之所有租赁安排确认使用权资
产及相应租赁负债，惟短期租赁
（定义为租期为十二个月或以下
之租赁）及低价值资产租赁（定义
为租赁资产为5,000美元（相当
于约港币39,000元）或以下之租
赁）除外。就短期租赁及低价值
租赁而言，本集团于租赁期内以
直线法将租赁付款确认为经营开
支，除非另有系统基准更能代表
所耗用租赁资产生经济利益之
时间模式。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(s) Revenue and income recognition (continued)
Financing components
The Group does not expect to have any contracts where the
period betwen the transfer of the promised gods or services
to the customer and payment by the customer exceds one
year, except for retention receivables which may not be fuly
setled within twelve months after the end of the reporting
period. As a consequence, the Group does not adjust any of
the transaction prices for the time value of money.
(t) Leases
The Group as lesor
Amounts due from leses under finance leases are recorded
as receivables at the amount of the Group’s net investment in
the leases. Finance lease income is alocated to acounting
periods so as to reflect a constant periodic rate of return on
the Group’s net investment outstanding in respect of the
leases.
Rental income from operating leases is recognised in profit or
los on a straight-line basis over the terms of the relevant
leases. Initial direct costs incured in negotiating and aranging
an operating lease are aded to the carying amount of the
leased aset and recognised as an expense on a straight-line
basis over the lease term.
The Group as lese
The Group aseses whether a contract is or contains a lease,
at inception of the contract. The Group recognises a right-of-
use aset and a coresponding lease liability with respect to al
lease arangements in which it is the lese at the date when
the leased aset is available for use by the Group, except for
short-term leases (defined as leases with a lease term of
twelve months or les) and leases of low value asets (defined
as leases with a lease aset of US$5,000 or below, equivalent
to aproximately HK$39,000). For short-term leases and low
value leases, the Group recognises the lease payments as an
operating expense on a straight-line basis over the term of the
lease unles another systematic basis is more representative
of the time patern in which economic benefits from the
leased asets are consumed.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(t) 租赁（续）
本集团作为承租人（续）
租赁负债
于开始日期，本集团按租赁付款
之现值计量租赁负债。租赁付款
采用租赁所隐含的利率贴现。倘
无法厘定该利率，则使用承租人
之增量借款利率，即承租人在类
似经济环境中以类似条款、抵押
及条件借入获得相近价值资产所
需资金而必须支付之利率。
租赁负债包括以下租赁付款之净
现值：
- （包括实质固定款
项）减任何应收租赁优惠；
• 基于指数或利率之可变租赁
款项；
• 承租人根据剩余价值担保预
期应付之金额；
- （倘承租
人合理确定行使该选择权）；及
- （倘租
赁期反映承租人已行使该选
择权）。
根据可合理确定之延续选择权而
作出之租赁付款亦于计量负债时
计入。
租赁负债随后藉调高账面值以反
映租赁负债利息（使用实际利率
法）及降低账面值以反映作出之
租赁付款计量。
租赁付款于本金与财务费用之间
作出分配。财务费用于租赁期间
自损益扣除，借此制定各期间负
债余额之稳定期利率。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(t) Leases (continued)
The Group as lese (continued)
Lease liabilities
At the comencement date, the Group measures lease liability
at the present value of the lease payments. The lease
payments are discounted by using the interest rate implicit in
the lease. If this rate canot be determined, the lese’s
incremental borowing rate is used, being the rate that the
lese would have to pay to borow the funds necesary to
obtain an aset of similar value in a similar economic
environment with similar terms, security and conditions.
Lease liabilities include the net present value of the folowing
lease payments:
- ,
les any lease incentives receivable;
• variable lease payment that are based on an index or a
rate;
• amounts expected to be payable by the lese under
residual value guarantes;
• the exercise price of a purchase option if the lese is
reasonably certain to exercise that option; and
- , if the
lease term reflects the lese exercising that option.
Lease payments to be made under reasonably certain
extension options are also included in the measurement of the
liability.
The lease liability is subsequently measured by increasing the
carying amount to reflect interest on the lease liability (using
the efective interest method) and by reducing the carying
amount to reflect the lease payments made.
Lease payments are alocated betwen principal and finance
costs. The finance costs are charged to profit or los over the
lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each
period.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(t) 租赁（续）
本集团作为承租人（续）
使用权资产
按成本初始计量之使用权资产包
括以下各项：
- ；
• 于租赁开始日或之前所支付
之任何租赁付款，已扣除所
收取之任何租赁优惠；
- ；及
- 。
使用权资产随后按成本减累计折
旧及减值亏损计量。其于剩余租
期按直线法折旧。折旧在租赁开
始日开始计算。
本集团于「物业、厂房及设备」
呈列使用权资产。
租赁修订
不属于初始条款及条件之租赁合
约代价变动入账为租赁修订。
本集团透过对相关使用权资产作
出相应调整，将租赁负债之重新
计量入账。当经修订合约包含一
项租赁组成部份及一项或多项额
外租赁或非租赁组成部份，本集
团根据租赁组成部份之相对单独
价格及非租赁组成部份之单独价
格总和，将经修订合约代价分配
至各个租赁组成部份。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(t) Leases (continued)
The Group as lese (continued)
Right-of-use asets
Right-of-use asets are initialy measured at cost comprising
the folowing:
- ;
• any lease payments made at or before the comencement
date les any lease incentives received;
- ; and
• restoration costs.
Right-of-use asets are subsequently measured at cost les
acumulated depreciation and impairment loses. They are
depreciated over the remaining lease term on a straight-line
basis. The depreciation starts at the comencement date of
the lease.
The Group presents right-of-use asets in “Property, plant and
equipment”.
Lease modifications
Changes in considerations of lease contracts that were not
part of the original terms and conditions are acounted for as
lease modifications.
The Group acounts for the remeasurement of lease liabilities
by making coresponding adjustments to the relevant right-of-
use aset. When the modified contract contains a lease
component and one or more aditional lease or non-lease
components, the Group alocates the consideration in the
modified contract to each lease component on the basis of the
relative stand-alone price of the lease component and the
agregate stand-alone price of the non-lease components.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(u) 雇员福利
(i) 雇员应享假期
雇员年假于雇员享有应得假
期时确认。因雇员于截至报
告期末提供之服务而产生之
估计年假负债会计提拨备。
雇员病假及产假直至雇员正
式休假前不予确认。
(i) 花红计划
本集团因雇员提供之服务而
负有当前法定或推定义务且
相关义务能够可靠估计时会
确认花红计划拨备。
(i) 长期服务金
本集团根据香港雇佣条例（第
57章）于若干情况下员工终
止合约或退休而支付之长期
服务金界定福利责任净额指
雇员于现时及过往期间提供
服务所赚取的未来福利金额。
此责任以预计单位信贷记存
法计算，并计算其贴现值
及扣除本集团退休计划下本
集团供款所占之应计权益。
贴现率为报告日期与有关负
债到期限相若之优质企业
债券的收益率。
(iv) 界定供款计划
界定供款退休福利计划支付
之款项于到期时列账为支出。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(u) Employe benefits
(i) Employe leave entitlements
Employe entitlements to anual leave are recognised
when they acrue to employes. A provision is made for
the estimated liability for anual leave as a result of
services rendered by employes up to the end of the
reporting period. Employe entitlements to sick leave and
maternity leave are not recognised until the time of leave.
(i) Bonus plans
Provision for bonus plans is recognised when the Group
has a present legal or constructive obligation as a result of
services rendered by employes and a reliable estimate of
the obligation can be made.
(i) Long service payment
The Group’s net defined benefit obligation in respect of
long service payments to its employes upon the
termination of their employment or retirement when the
employe fulfils certain circumstances under the Hong
Kong Employment Ordinance (Cap. 57) is the amount of
future benefit that employes have earned in return for
their services in the curent and prior periods.
The obligation is calculated using the projected unit credit
method, discounted to present value and reduced by
entitlements acrued under the Group’s retirement plans
that are atributable to contributions made by the Group.
The discount rate is the yield at the reporting date on high
quality corporate bonds which have terms to maturity
aproximating the terms of the related liability.
(iv) Defined contribution plans
Payments to defined contribution retirement benefit plans
are charged as an expense as they fal due.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(v) 借款及借款成本
借款首先按公允值减已产生之交
易成本确认。借款其后按摊销成
本列账，而所得款项（扣除交易
成本）与赎回价值之任何差额于
借款期间按实际利率法在损益确
认或拨充资本。
除非本集团有无条件权利将负债
之结算递延至报告期末后最少
十二个月，否则借款均列为流动
负债。
于收购、建造或生产需要长时间
方能达致拟定用途或销售之符合
规定的资产之直接应占借款成
本，须资本化为该等资产成本之
一部份，直至该等资产大致上已
可供作拟定用途或出售为止。特
定为符合规定的资产而取得之借
款在其尚未用于有关用途时作为
暂时投资而赚取之投资收入，乃
于可作资本化之借款成本中扣除。
所有其他借款成本，乃于费用产
生期间于损益内确认。
(w) 税项
税项指当期应付税项及递延税项
之总和。
当期应付税项乃根据期内之应课
税溢利计算。应课税溢利与于损
益内呈报之溢利有所不同，原因
在于应课税溢利并不包括于其他
年度应课税或可扣税之收入或支
出项目，亦不包括从来毋须课税
或不可扣税之损益项目。本集团
之当期税项负债乃按报告期末已
颁布或实质颁布之税率计算。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(v) Borowings and borowing costs
Borowings are recognised initialy at fair value, net of
transaction costs incured. Borowings are subsequently
stated at amortised cost; any diference betwen the proceds
(net of transaction costs) and the redemption value is
recognised in profit or los or capitalised over the period of the
borowings using efective interest method.
Borowings are clasified as curent liabilities unles the Group
has an unconditional right to defer setlement of the liability
for at least twelve months after the end of the reporting
period.
Borowing costs directly atributable to the acquisition,
construction or production of qualifying asets, which are
asets that necesarily take a substantial period of time to get
ready for their intended use or sale, are capitalised as part of
the cost of those asets, until such time as the asets are
substantialy ready for their intended use or sale. Investment
income earned on the temporary investment of specific
borowings pending their expenditure on qualifying asets is
deducted from the borowing costs eligible for capitalisation.
Al other borowing costs are recognised in profit or los in the
period in which they are incured.
(w) Taxation
Taxation represents the sum of the tax curently payable and
defered tax.
The tax curently payable is based on taxable profit for the
period. Taxable profit difers from profit as reported in profit or
los because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes
profit or los items that are never taxable or deductible. The
Group’s liability for curent tax is calculated using tax rates that
have ben enacted or substantively enacted by the end of the
reporting period.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(w) 税项（续）
递延税项乃根据财务报表内资产
及负债账面值与计算应课税溢利
所采用相应税基之差额而确认，
并采用负债法入账。递延税项负
债一般就所有应课税暂时性差异
确认，递延税项资产则于可扣减
暂时性差异有可能用以抵销未来
应课税溢利时予以确认。倘暂时
性差异由商誉或（不包括业务合
并）一项不影响应课税溢利或会
计溢利之交易之其他资产及负债
之初始确认所产生，有关资产及
负债不予以确认。
递延税项负债乃按于附属公司之
投资、所占联营公司及合营企业
之权益所产生应课税暂时性差异
而确认，除非本集团可控制暂时
性差异之回拨及暂时性差异在可
预见将来可能不会回拨。
递延税项资产之账面值乃于各报
告期末进行审阅，并在不可能有
足够日后应课税溢利以收回全部
或部份资产时作调减。
递延税项按预期于清偿负债或变
现资产期间之适用税率计算。
具有将当期税项资产与负债相抵
销的依法强制执行权，且递延税
项结余与同一税务机构有关时，
将递延税项资产与负债相抵销。
当实体拥有依法强制执行权可抵
销且有意以净额方式结算，或同
时变现资产及结算负债时，当期
税项资产与税项负债予以抵销。
厘定因位于香港及新加坡之投资
物业产生之递延税项负债或递延
税项资产时乃假设相关投资物业
之账面值将以所应用之相应税率
透过销售收回。
就计量本集团确认使用权资产及
相关租赁负债之租赁交易之递延
税项而言，本集团首先厘定税项
扣减是否归因于使用权资产或租
赁负债。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(w) Taxation (continued)
Defered tax is recognised on diferences betwen the
carying amounts of asets and liabilities in the financial
statements and the coresponding tax bases used in the
computation of taxable profit, and is acounted for using the
liability method. Defered tax liabilities are generaly recognised
for al taxable temporary diferences and defered tax asets
are recognised to the extent that it is probable that future
taxable profits wil be available against which deductible
temporary diferences can be utilised. Such asets and
liabilities are not recognised if the temporary diference arises
from godwil or from the initial recognition (other than in a
busines combination) of other asets and liabilities in a
transaction that afects neither the taxable profit nor the
acounting profit.
Defered tax liabilities are recognised for taxable temporary
diferences arising on investments in subsidiaries, and
interests in asociates and joint ventures, except where the
Group is able to control the reversal of the temporary
diference and it is probable that the temporary diference wil
not reverse in the foreseable future.
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 future taxable profits wil
be available to alow al or part of the aset to be recovered.
Defered tax is calculated at the tax rates that are expected to
aply in the period when the liability is setled or the aset is
realised.
Defered tax asets and liabilities are ofset when there is a
legaly enforceable right to ofset curent tax asets and
liabilities and when the defered tax balances relate to the
same taxation authority. Curent tax asets and tax liabilities
are ofset where the entity has a legaly enforceable right to
ofset and intends either to setle on a net basis, or to realise
the aset and setle the liability simultaneously.
Defered tax liabilities or defered tax asets arising from
investment properties located in Hong Kong and Singapore are
determined based on the presumption that the carying
amount of such investment properties wil be recovered
through sale with the coresponding tax rate aplied.
For the purposes of measuring defered tax for leasing
transactions in which the Group recognises the right-of-use
asets and the related lease liabilities, the Group first
determines whether the tax deductions are atributable to the
right-of-use asets or the lease liabilities.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(w) 税项（续）
就税项扣减归因于租赁负债之租
赁交易而言，本集团对使用权资
产及租赁负债分别应用香港会计
准则第12号「所得税」之规定。
本年度税项及递延税项于损益确
认，但如本年度税项及递延税项
与于其他全面收益确认之项目有
关或与直接于权益确认之项目有
关则除外。于此情况下，有关本
年度税项及递延税项亦于其他全
面收益确认或直接于权益确认。
(x) 外币
于编制各个别集团企业之财务报
表时，以该企业功能货币以外之
货币（外币）进行之交易均按交易
日期之适用汇率换算为其功能货
币（即该企业经营所在主要经济
地区之货币）记账。于各报告期
末，以外币为单位之货币性项目
均按报告期末之适用汇率换算。
按公允值列账以外币为单位之非
货币性项目乃按公允值厘定当日
之适用汇率换算。按过往成本计
量以外币为单位之非货币性项目
毋须再换算。
于结算及换算货币性项目时产生
之汇兑差额均于产生期间在损益
内确认，惟组成本集团海外业务
之净投资部份之货币性项目所产
生之汇兑差额除外，该等汇兑差
额乃于综合财务报表权益内确
认。按公允值列值之非货币性项
目经重新换算后所产生之汇兑差
额于该期间列入损益内，惟重新
换算有关收益及亏损直接在权益
内确认之非货币性项目所产生之
汇兑差额除外，于此情况下，有
关收益或亏损之汇兑部份亦直接
在权益内确认。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(w) Taxation (continued)
For leasing transactions in which the tax deductions are
atributable to the lease liabilities, the Group aplies HKAS 12,
“Income Taxes”, requirements to right-of-use asets and lease
liabilities separately.
Curent and defered tax is recognised in profit or los, except
to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or
directly in equity, respectively.
(x) Foreign curencies
In preparing the financial statements of each individual group
entity, transactions in curencies other than the functional
curency of that entity (foreign curencies) are recorded in its
functional curency (i.e. the curency of the primary economic
environment in which the entity operates) at the exchange
rates prevailing at the dates of the transactions. At the end of
each reporting period, monetary items denominated in foreign
curencies are translated at the rates prevailing at the end of
the reporting period. Non-monetary items caried at fair value
that are denominated in foreign curencies are translated at
the rates prevailing on the date when the fair value has
determined. Non-monetary items that are measured in terms
of historical cost in a foreign curency are not retranslated.
Exchange diferences arising on the setlement of monetary
items, and on the translation of monetary items, are
recognised in profit or los in the period in which they arise,
except for exchange diferences arising on a monetary item
that forms part of the Group’s net investment in a foreign
operation, which are recognised in equity in the consolidated
financial statements. Exchange diferences arising on the
retranslation of non-monetary items caried at fair value are
included in profit or los for the period except for diferences
arising on the retranslation of non-monetary items in respect
of which gains and loses are recognised directly in equity, in
which cases, the exchange components of that gain or los
are also recognised directly in equity.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(x) 外币（续）
就呈列综合财务报表而言，本集
团海外业务之资产及负债乃按于
报告期末之适用汇率换算为本公
司之列账货币，而其收入及支出
乃按该期间之平均汇率进行换
算，除非汇率于该期间内出现大
幅波动，于此情况下，则采用于
交易当日之适用汇率。所产生之
汇兑差额（如有）于其他全面收益
内确认作权益之独立部份（外汇
兑换浮动储备）。该等汇兑差额
乃于海外业务被出售之期间内于
损益内确认。
因收购海外业务而产生之商誉及
可识别资产之公允值调整乃视作
该海外业务的资产及负债，及按
报告期末之适用汇率换算。所产
生之汇兑差额于外汇兑换浮动储
备中确认。
(y) 非财务资产的减值
商誉及无限可使用年期的无形资
产毋须摊销，并每年或当有事件
出现或情况改变显示可能出现减
值时更频密地进行减值测试。当
有事件出现或情况改变显示账面
值可能无法收回时，则其他资产
进行减值检讨。减值亏损按资产
之账面值超出其可收回金额间之
金额确认。可收回金额以资产之
公允值扣除销售成本及使用中价
值两者之间较高者为准。于评估
减值时，资产按可分开识别现金
流入之最低层次组合，该等现金
流入大致独立于来自其他资产或
资产组别（现金产生单位）之现金
流入。除商誉外，已蒙受减值之
非财务资产在各报告期末均就减
值是否可以回拨进行检讨。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(x) Foreign curencies (continued)
For the purposes of presenting the consolidated financial
statements, the asets and liabilities of the Group’s foreign
operations are translated into the presentation curency of the
Company at the exchange rates prevailing at the end of the
reporting period, and their income and expenses are translated
at the average exchange rates for the period, unles exchange
rates fluctuate significantly during the period, in which case,
the exchange rates prevailing at the dates of transactions are
used. Exchange diferences arising, if any, are recognised in
other comprehensive income as a separate component of
equity, the exchange fluctuation reserve. Such exchange
diferences are recognised in profit or los in the period in
which the foreign operation is disposed of.
Godwil and fair value adjustments on identifiable asets
acquired arising on an acquisition of a foreign operation are
treated as asets and liabilities of that foreign operation and
translated at the exchange rates prevailing at the end of the
reporting period. Exchange diferences so arising are
recognised in the exchange fluctuation reserve.
(y) Impairment of non-financial asets
Godwil and intangible asets that have an indefinite useful
life are not subject to amortisation and are tested anualy for
impairment, or more frequently if events or changes in
circumstances indicate that they might be impaired. Other
asets are tested for impairment whenever events or changes
in circumstances indicate that the carying amount may not be
recoverable. An impairment los is recognised for the amount
by which the aset’s carying amount exceds its recoverable
amount. The recoverable amount is the higher of an aset’s
fair value les costs of disposal and value-in-use. For the
purposes of asesing impairment, asets are grouped at the
lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows from
other asets or groups of asets (CGUs). Non-financial asets
other than godwil that sufered an impairment are reviewed
for posible reversal of the impairment at the end of each
reporting period.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
2 重大会计政策资料（续）
(z) 分类报告
营运分类之报告方式须与主要营
运决策者获提供之内部报告之方
式一致。主要营运决策者负责分
配资源并且评核营运分类之表
现，已被确认为作出策略决定的
本公司董事。
分类资产主要包括综合财务状况
表内披露之非流动资产及流动资
产，惟预付税项、未分配银行结
存及现金、递延税项资产及其他
未分配资产除外。
分类负债主要包括综合财务状况
表内披露之流动负债及非流动负
债，惟当期所得税负债、银行及
其他借款、递延税项负债。
(a) 政府补助
政府补助将不会确认，直至可合
理确定本集团将遵守补助所附带
之条件及收取补助为止。
政府补助于本集团将该补助拟用
于补偿之相关成本确认为开支之
期间内，有系统地于损益中确认。
与作为补偿已产生之开支或亏损
或为了给予本集团即时财务支援
且未来并无相关成本之应收之收
入有关之政府补助于其成为应收
款项期间在损益中确认。
3 财务风险管理目标及政策
本集团之主要财务工具包括按公允
值列入损益及按公允值列入其他全
面收益处理之投资、按摊销成本列
账之投资、衍生财务工具、应收账款
及应收款项、应付账款及应付款项、
应收╱应付关连公司及非控股权益
账款、银行结存及银行及其他借款
以及租赁负债。该等财务工具之详
情于综合财务报表相关附注中披露。
该等财务工具之相关风险以及减轻
该等风险之政策载列如下。管理层
管理及监察该等风险，以确保及时
有效地施行适当之措施。
2 MATERIAL ACOUNTING POLICY INFORMATION (CONTINUED)
(z) Segment reporting
Operating segments are reported in a maner consistent with
the internal reporting provided to the chief operating decision-
maker. The chief operating decision-maker, who is responsible
for alocating resources and asesing performance of the
operating segments, has ben identified as the Directors of
the Company that make strategic decisions.
Segment asets mainly consist of non-curent asets and
curent asets as disclosed in the consolidated statement of
financial position except prepaid tax, unalocated bank balances
and cash, defered tax asets and other unalocated asets.
Segment liabilities mainly consist of curent liabilities and non-
curent liabilities as disclosed in the consolidated statement of
financial position except curent income tax liabilities, bank
and other borowings, defered tax liabilities.
(a) Government grants
Government grants are not recognised until there is reasonable
asurance that the Group wil comply with the conditions
ataching to them and the grants wil be received.
Government grants are recognised in profit or los on a
systematic basis over the periods in which the Group
recognises as expenses the related costs for which the grants
are intended to compensate.
Government grants relate to income that are receivable as
compensation for expenses or loses already incured or for
the purpose of giving imediate financial suport to the Group
with no future related costs are recognised in profit or los in
the period in which they become receivable.
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s major financial instruments include investments at
FVPL and FVOCI, investments at amortised cost, derivative
financial instruments, debtors and receivables, creditors and
payables, amounts due from/to related companies and non-
controling interests, bank balances and bank and other borowings
and lease liabilities. Details of these financial instruments are
disclosed in respective notes to the consolidated financial
statements. The risks asociated with these financial instruments
and the policies on how to mitigate these risks are set out below.
The management manages and monitors these exposures to
ensure apropriate measures are implemented on a timely and
efective maner.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素
(a) 市场风险
(i) 利率风险
本集团之利率风险来自
应付票据、按摊销成本
列账之投资、应收一间
合营企业账款、应收╱
（应付）非控股权益账款、
浮息银行及其他借款及
浮息银行存款。本集团
大部份银行及其他借款
以浮动利率计息，而本
集团须面对现金流量利
率风险。管理层监察利
率风险并利用如利率掉
期合约等财务工具对冲
重大利率风险。
于二零二五年三月
三十一日，倘利率增加╱
减少一个百分点，而所
有其他可变因素均维持
不变，本集团之税后亏
损会主要因银行及其他
借款的借款成本及浮息
银行存款的利息收入变
动而分别增加╱减少港
币23,182,000元（二零
二四年：港币
24,659,000元）。
已发生索偿负债的未来
现金流量估计及已发生
索偿之可收回金额估计
经参考已调整无风险利
率贴现至现值，以反映
非流动性溢价。因此，
本集团因利率变动而面
临潜在承保水平波动。
本集团亦面临持有按固
定利率计息的债务证券
所引致的公允值利率风
险，其中由于市场利率
变动，财务工具未来现
金流量的公允值将会出
现波动。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors
(a) Market risk
(i) Interest rate risk
The Group’s interest rate risk arises from bils payable,
investment at amortised cost, amount due from a joint
venture, amount due from/(to) non-controling
interests, bank and other borowings and bank
deposits at floating rates. Majority of the Group’s bank
and other borowings cary interests at floating rates
and expose the Group to cash flow interest rate risk.
The management monitors interest rate exposure and
hedges significant interest rate exposure by using
financial instruments such as interest rate swap
contracts.
As at 31 March 2025, if interest rates had ben
increased/decreased by one percentage point and al
other variables were held constant, the post-tax los
of the Group, would increase/decrease by
HK$23,182,000 (2024: HK$24,659,000), resulting
mainly from the change in the borowing costs of bank
and other borowings and interest income of bank
deposits with floating interest rates.
The estimates of future cash flows in the liabilities for
incured claims and amount recoverable on incured
claims are discounted to present value by reference to
risk-fre interest rates adjusted to reflect an iliquidity
premium. The Group is therefore exposed to potential
underwriting result volatility as a result of interest rate
movements.
The Group is also exposed to fair value interest rate
risks resulting from the holding of debt securities
carying at fixed interest rates which the fair value of
the future cash flows of the financial instruments wil
fluctuate because of changes in market interest rates.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(a) 市场风险（续）
(i) 外汇风险
本集团乃经营国际性业
务，须面对多种货币风
险引致之外汇风险。本
集团已确认之资产及负
债以非企业之功能货币
为单位时，将产生外汇
风险。
本集团面对外汇风险之
财务资产主要包括债务
及股本证券投资、向海
外顾客作出销售而产生
之应收账款结余、银行
结存及现金及应收集团
公司账款（企业层面）。
本集团面对外汇风险之
财务负债主要包括向海
外供应商作出采购而产
生之应付账款结余及应
付集团公司账款（企业层
面）。本集团之政策乃确
保将净风险保持于可接
受之水平，并透过以即
期汇率买卖外币（如有需
要）以处理短期失衡来实
现。管理层监控外汇风
险并利用如远期外汇合
约等财务工具对冲重大
外汇风险。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(a) Market risk (continued)
(i) Foreign curency risk
The Group operates internationaly and is exposed to
foreign curency risk arising from various curency
exposures. Foreign curency risk arises when the
Group’s recognised asets and liabilities are
denominated in curencies that are not the entities’
functional curency.
The Group’s financial asets that are exposed to
foreign curency risk mainly comprise of investments
in debt and equity securities, acounts receivable
balances arising from sales to overseas customers,
bank balances and cash and amounts due from group
companies (on entity level). The Group’s financial
liabilities that are exposed to foreign curency risk
mainly comprised of acounts payable balances arising
from purchases from overseas supliers and amounts
due to group companies (on entity level). It is the
Group’s policies to ensure that the net exposure is
kept to an aceptable level by buying or seling foreign
curencies at spot rates where necesary to adres
short-term imbalances. The management monitors
foreign exchange exposure and hedges significant
foreign curency exposure by using financial
instruments such as foreign curency forward
contracts.
| 13,363 |
|---|
| 9,358 |
| 157,875 |
| 42,855 |
| 12,400 |
| 5,748 |
| 3 |
| 131,195 |
| 42,407 |
| 2,571 |
| 2,674,610 |
| 44,997 |
| 17 |
| (8,751) |
|---|
| – |
| – |
| (585) |
| – |
| (274) |
| (815,041) |
| (612) |
| – |
| – |
| (125) |
| – |
| – |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(a) 市场风险（续）
(i) 外汇风险（续）
面临外汇风险之外币财务
工具（不包括本集团企业
之功能货币）主要以澳
元、英镑、加拿大元、欧
罗、港币、日圆、澳门
币、人民币、新加坡元、
瑞士法郎、美元（「美元」）
及越南盾为单位。本集团
以外币为单位之财务资产
及财务负债于年末之账面
值如下：
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(a) Market risk (continued)
(i) Foreign curency risk (continued)
Financial instruments under foreign curencies (other
than the functional curencies of the Group’s entities)
that are exposed to foreign exchange risk are mainly
denominated in Australian dolar, British Pound,
Canadian dolar, Euro, Hong Kong dolar, Japanese
Yen, Macau Pataca, Renminbi, Singapore dolar, Swis
Franc, United States dolar (“US dolar”) and Vietnam
Dong. The carying amounts of the Group’s foreign
curency denominated financial asets and financial
liabilities at the end of the year are as folows:
AsetsLiabilities
资产 负债
二零二五年二零二四年二零二五年二零二四年
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Australian dolar澳元10,849(8,488)
British Pound英镑23,159–
Canadian dolar加拿大元173,422–
Euro欧罗13,184(470)
Hong Kong dolar港币13,081–
Japanese Yen日圆8,306(486)
Macau Pataca澳门币3(831,616)
Renminbi人民币143,700(168)
Singapore dolar新加坡元50,850–
Swis Franc瑞士法郎4,913–
US dolar美元2,664,597(367)
Vietnam Dong越南盾54,244–
Others其他86–
| 22,681 |
|---|
| 440 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(a) 市场风险（续）
(i) 外汇风险（续）
下表详列本集团之相关
集团企业功能货币对以
上外币之每增加及减少
一个百分点之敏感度。
敏感度分析只包括以外
币为单位之尚未结算货
币性项目，并已于报告
期末按汇率每增加一个
百分点之换算予以调整。
以下正数显示以上外币
兑换相关集团企业之功
能货币每升值一个百分
点之情况下使税后亏损
减少及投资重估储备增
加。
(i) 价格风险
本集团面临债券及股本
证券所报之价格风险，
此乃由于本集团所持有
之投资于综合财务状况
表中分类为按公允值列
入其他全面收益处理之
投资或按公允值列入损
益处理之投资所致。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(a) Market risk (continued)
(i) Foreign curency risk (continued)
The folowing table details the Group’s sensitivity to
every percentage point increase and decrease in the
functional curency of coresponding group entity
against the above foreign curency. The sensitivity
analysis includes only outstanding foreign curency
denominated monetary items and adjusts their
translation at the end of the reporting period for every
percentage point increase in foreign curency rates.
Positive numbers below indicate a decrease in post-
tax los and increase in investment revaluation reserve
where the above foreign curency strengthens every
percentage point against the functional curency of
coresponding group entity.
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Decrease in post-tax los税后亏损减少22,646
Increase in investment
revaluation reserve
投资重估储备增加
(i) Price risk
The Group is exposed to quoted debt and equity
securities price risk because investments held by the
Group are clasified on the consolidated statement of
financial position either as investments at FVOCI or
investments at FVPL.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(a) 市场风险（续）
(i) 价格风险（续）
倘本集团债务及股本工
具各自所报之价格每增
加╱减少一个百分点，
而所有其他可变因素均
维持不变，则：
– 本集团截至二零二五
年三月三十一日止年
度之税后亏损将
减少╱增加港币
12,654,000元（二零
二四年：港币
6,676,000元），此乃由
于按公允值列入损益
处理之投资之公允值
变动所致；
– 由于按公允值列入其
他全面收益处理之投
资公允值变动，本集
团截至二零二五年三
月三十一日止年度投
资重估储备将增加╱
减少港币428,000元
（二零二四年：港币
529,000元）。
(b) 信贷风险
本集团持有按公允值列入其
他全面收益处理之投资、按
公允值列入损益处理之投
资、按摊销成本列账之投
资、衍生财务工具、应收账
款、合约资产及其他应收
款、应收关连公司及非控股
权益账款及银行结存，该等
项目受限于预期信贷亏损模
式，使本集团面临交易对手
的信贷风险。倘交易对手无
法履行彼等之责任，本集团
于报告期末就各类已确认财
务资产所承受之最大信贷风
险为扣除任何亏损拨备后于
综合财务状况表内所列示该
等资产之账面值。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(a) Market risk (continued)
(i) Price risk (continued)
If the prices of the respective quoted debt and equity
instruments of the Group had ben increased/
decreased by one percentage point and al other
variables held constant:
– the post-tax los of the Group for the year ended
31 March 2025 would decrease/increase by
HK$12,654,000 (2024: HK$6,676,000) as a result of
the changes in fair values of investments at FVPL;
– the investment revaluation reserve of the Group
for the year ended 31 March 2025 would increase/
decrease by HK$428,000 (2024: HK$529,000) as a
result of the changes in fair values of investments
at FVOCI.
(b) Credit risk
The Group’s holdings of investments at FVOCI,
investments at FVPL, investments at amortised costs,
derivative financial instruments, debtors, contract asets
and other receivables, amounts due from related
companies and non-controling interests and bank balances
which are subject to expected credit los model, expose
the Group to credit risk of counterparties. The Group’s
maximum exposure to credit risk in the event of the
counterparties’ failure to perform their obligations at the
end of the reporting period in relation to each clas of
recognised financial asets is the carying amount of those
asets as stated in the consolidated statement of financial
position after deducting any los alowance.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(b) 信贷风险（续）
本集团之债务人或会受到不
利经济环境及资金流动性较
低情况影响，因而影响其偿
还欠款能力。债务人经营状
况恶化亦可能影响管理层对
现金流量之预测及对应收款
项减值之评估。管理层已根
据可得之资料，在其减值评
估适当反映经修订之预期未
来现金流量估计。
本集团对各项核心业务客户
已确立不同之信贷政策。给
予贸易债务人之平均信贷期
为0至90天。
银行结存及现金亦需遵循香
港财务报告准则第9号之减
值要求，但已识辨之减值亏
损并不重大。
(i) 贸易应收账款及合约资产
就所有贸易应收账款及
合约资产而言，本集团
应用香港财务报告准则
第9号之简化处理方法，
使用全期预期信贷亏损
拨备计量预期信贷亏损。
为计量预期信贷亏损，
贸易应收账款及合约资
产已根据共同信贷风险
特点及逾期日数分类。
本集团所使用之预期亏
损率根据具有不同信贷
风险特征及风险承担情
况之类别之账龄而决定。
预期信贷亏损率乃根据
应收账款之预期限内
之过往信贷亏损经验而
估计，并作出调整以反
映影响客户结清应收款
项能力之宏观经济因素
之现时及具有前瞻性之
资料。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(b) Credit risk (continued)
Debtors of the Group may be afected by the unfavourable
economic conditions and the lower liquidity situation which
could in turn impact their ability to repay the amounts
owed. Deteriorating operating conditions for debtors may
also have an impact on management’s cash flow forecasts
and asesment of the impairment of receivables. To the
extent that information is available, management has
properly reflected revised estimates of expected future
cash flows in their impairment asesments.
The Group has established diferent credit policies for
customers in each of its core busineses. The average
credit period granted to trade debtors is 0-90 days.
Bank balances and cash are also subject to the impairment
requirements of HKFRS 9 but the identified impairment
los was imaterial.
(i) Trade debtors and contract asets
The Group aplies the HKFRS 9 simplified aproach to
measuring expected credit loses which uses a
lifetime expected los alowance for al trade debtors
and contract asets.
To measure the expected credit loses, trade debtors
and contract asets have ben grouped based on
shared credit risk characteristics and the days past
due. The Group used expected los rates based on the
ageing for clases with diferent credit risk
characteristics and exposures. The expected credit
los rates are estimated based on the historical credit
loses experienced over the expected life of the
debtors and are adjusted to reflect curent and
forward-loking information on macroeconomic factors
afecting the ability of the customers to setle the
receivables.
| 968,627 | 14,625 | 96,905 | 1,080,157 |
|---|---|---|---|
| (96) | (44) | (20,115) | (20,255) |
| 0.01% | 0.30% | 20.76% | |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(b) 信贷风险（续）
(i) 贸易应收账款及合约资产（续）
根据该基准，就贸易应
收账款而言，于二零
二五年及二零二四年三
月三十一日根据逾期日
数分类之亏损拨备厘定
如下：
当没有合理预期可收回
款项时，应注销贸易应
收账款。没有合理预期
可收回款项之指标包括
（其中包括）债务人未能
与本集团订立还款计划，
以及未能对逾期超过90
至365天的合约付款。
于二零二五年及二零
二四年三月三十一日，
没有任何合约资产被视
为减值，因为相关余额
的预期信贷亏损被视为
最小。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(b) Credit risk (continued)
(i) Trade debtors and contract asets (continued)
On that basis, the los alowance as at 31 March 2025
and 2024 was determined as folows for trade debtors
based on the days past due:
Up to
60 days
61-90
days
Over
90 daysTotal
60天内61-90天超过90天总额
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
31 March 2025二零二五年三月三十一日
Gros carying amount账面值总额
Los alowance亏损拨备
Expected los rate预期亏损率
31 March 2024二零二四年三月三十一日
Gros carying amount账面值总额644,03512,942116,679773,656
Los alowance亏损拨备(114)(361)(58,678)(59,153)
Expected los rate预期亏损率0.02%2.79%50.29%
Trade debtors are writen of when there is no
reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include,
amongst others, the failure of a debtor to engage in a
repayment plan with the Group, and a failure to make
contractual payments for a period of greater than 90-
365 days past due.
No contract aset was considered impaired as at 31
March 2025 and 2024 as the expected credit los for
respective balances are considered as minimal.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(b) 信贷风险（续）
(i) 其他应收账款、应收联
营公司、合营企业、非控
股权益账款及银行结存
应用预期信贷风险模型
导致其他应收账款、应
收联营公司、合营企业、
非控股权益账款及银行
结存之亏损拨备已足够。
(i) 按摊销成本列账之债务
投资
本集团按摊销成本列账
之所有债务投资均被视
为低信贷风险，故此于
年内确认之亏损拨备仅
限于十二个月预期亏损。
当债务投资违约风险低
且发行人具备短期内履
行其合约现金流责任之
强劲能力，乃管理层认
为债务投资之「低信贷
风险」。
(iv) 财务担保
本集团已评估就授予若
干物业买家、一间联营
公司及一间合营企业之
信贷融资而向金融机构
提供担保所产生之信贷
风险，当中考虑到相关
项目╱资产的可变现价
值。本集团预期此等担
保不会产生任何重大信
贷风险。
本集团并无于任何个别债务
人或交易对手存有任何重大
风险。
(c) 资金流动风险
本集团致力维持审慎之资金
流动风险管理及透过保留足
够现金及现金等价物、可随
时变现之有价证券及已承诺
短期及中期信贷额度以保持
资金灵活性。
董事相信，本集团获银行批
授之已承诺及未承诺一般信
贷融资，足以应付营运资金
所需。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(b) Credit risk (continued)
(i) Other debtors, amounts due from asociates, joint
ventures, non-controling interests and bank balances
The los alowance for other debtors, amounts due
from asociates, joint ventures, non-controling
interests and bank balances as a result of aplying the
expected credit risk model was suficiently provided
for.
(i) Debt investments caried at amortised cost
Al of the Group’s debt investments at amortised cost
are considered to have low credit risk, and the los
alowance recognised during the year was therefore
limited to twelve months expected loses.
Management consider “low credit risk” for debt
investments when they have a low risk of default and
the isuers have strong capability to met its
contractual cash flow obligations in the near term.
(iv) Financial guarantes
The Group has asesed the credit risk arising from
guarantes given to financial institutions for credit
facilities granted to certain property buyers, an
asociate and a joint venture taking into consideration
the realisable value of the underlying projects/asets.
The Group does not expect any significant credit risk
arising from these guarantes.
The Group does not have any significant exposure to any
individual debtors or counterparties.
(c) Liquidity risk
The Group aims to maintain prudent liquidity risk
management and flexibility in funding by keping suficient
cash and cash equivalents, readily realisable marketable
securities and to have comited short term and medium
term credit lines available.
The Directors believe that the Group has obtained
suficient comited and uncomited general credit
facilities from banks for working capital purposes.
| 22,177 | – | – | – | 22,177 | 22,177 |
|---|---|---|---|---|---|
| 260,147 | 1,529 | 175,924 | 418,597 | 856,197 | 545,653 |
| 821,405 | 283,301 | – | – | 1,104,706 | 1,104,706 |
| 1,639,692 | 2,779,439 | 107,070 | 560,159 | 5,086,360 | 4,559,265 |
| 19,828 | 16,391 | 27,325 | 6,534 | 70,078 | 66,846 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(c) 资金流动风险（续）
本公司管理层密切监察本集
团之流动资金状况及遵守贷
款契诺情况。本集团为一间
联营公司、一间合营企业及
就其所发展物业的若干买家
的按揭协议向银行提供担保
（附注42）。本集团预计将不
会因担保而出现资源大量流
出。
下表详列本集团于报告期末
财务负债之合约到期情况。
该表格乃根据本集团可能被
要求支付之最早日期之财务
负债之未贴现金流量编
制。该表格包括利息及本金
之现金流量。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(c) Liquidity risk (continued)
The Group’s liquidity position and compliance with loan
covenants are monitored closely by the management of
the Company. The Group provided guarantes to banks for
an asociate, a joint venture, and in conection with
mortgage facilities of certain buyers of properties
developed by the Group (note 42). The Group does not
anticipate material outflow of resources, arising from the
guarantes.
The folowing table details the Group’s contractual maturity
for its financial liabilities at the end of the reporting period.
The table has ben drawn up based on the undiscounted
cash flows of financial liabilities based on the earliest date
on which the Group can be required to pay. The table
includes both interest and principal cash flows.
Les than
1 year
or repayable
on demand1-2 years2-5 years
More than
5 years
Total
undiscounted
cash flows
Carying
amounts
少于一年或须
按要求偿还一至两年两至五年超过五年
未贴现金
流量总额账面值
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
2025二零二五年
Amounts due to joint ventures应付合营企业账款
Amounts due to
non-controling interests
应付非控股权益账款
Creditors and payables应付账款及应付款项
Bank and other borowings银行及其他借款
Lease liabilities租赁负债
2024二零二四年
Amounts due to joint ventures应付合营企业账款17,665–17,66517,665
Amounts due to
non-controling interests
应付非控股权益账款
348,50884,476140,9068,557582,447529,426
Creditors and payables应付账款及应付款项754,984215,697–970,681970,681
Derivative financial instruments
(gros setled)
衍生财务工具（总额结算）
– outflow－流出42,287–42,28742,287
– inflow－流入(41,862)–(41,862)(41,862)
Bank and other borowings银行及其他借款1,263,6151,118,9792,198,583594,5755,175,7524,470,905
Lease liabilities租赁负债22,02520,15631,84613,25887,28582,262
| 338,232 | 307,694 | 364,328 | 20,832 | 1,031,086 |
|---|
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.1 财务风险因素（续）
(c) 资金流动风险（续）
下表概述本集团属负债的已
签发保险合约组合及属负债
的持有再保险合约组合根据
预期于呈列期间支付的估计
未来现金流量现值的到期状
况。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.1 Financial risk factors (continued)
(c) Liquidity risk (continued)
The folowing table sumarises the maturity profile of
portfolios of insurance contracts isued that are liabilities
and portfolios of reinsurance contracts held that are
liabilities of the Group based on the estimates of the
present value of the future cash flows expected to be paid
out in the periods presented.
Les than
1 year1-2 years2-5 years
More than
5 years
Total
discounted
cash flows
少于一年一至两年两至五年超过五年
已贴现金
流量总额
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
2025二零二五年
Insurance and reinsurance
contracts liabilities
保险及再保险
合约负债
2024二零二四年
Insurance and reinsurance
contracts liabilities
保险及再保险
合约负债284,550257,852316,54918,106877,057
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.2 资本风险管理
本集团管理资本之目标为保障本
集团持续经营之能力，同时透过
最理想债务及权益比例为股东带
来最大回报。
本集团定期及密切检讨及管理其
资本结构，以向本集团提供符合
成本效益之资金，并就经济状况
或企业需求之变化对资本结构作
出调整。
就本集团的保险业务而言，自二
零二四年七月一日起，其附属公
司须遵从香港保险业条例（第41
章）所引入之香港风险为本资本
制度下的资本要求。根据该条例
第13A条及估值及资本规则，
其附属公司必须确保其资本基础
不少于订明资本额、最低资本额
及港币2,000万元。
订明资本额是按有关市场风险、
一般保险风险、交易对手违责和
其他风险及营运风险之各项风险
模块及子风险模块的风险资本额
合计，并考虑到风险分散效益而
厘定。
本集团按净债务与权益比率之基
准监察资本，该基准为净债务（包
括总债务减银行结存及现金）对
总权益之百分比。总债务指银行
及其他借款。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.2 Capital risk management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going concern
while maximising the returns to shareholders through the
optimisation of the debt and equity balances.
The Group regularly and closely reviews and manages its
capital structure to provide cost eficient funding to the Group
and make adjustments to the capital structure in light of
changes of economic conditions or corporate neds.
For the insurance busines of the Group, efective from 1 July
2024, the subsidiary is subject to capital requirements under
Hong Kong Risk-based Capital Regime introduced by Hong
Kong’s Insurance Ordinance (Cap. 41). Acording to section
13A of the ordinance and the Valuation and Capital Rules, the
subsidiary must ensure that its capital base is not les than
each of its Prescribed Capital Amount (“PCA”), its minimum
capital amount and HK$20 milion.
PCA is determined by agregating the risk capital amounts for
each risk module and sub-risk module with respect to market
risk, general insurance risk, counterparty default and other risk,
and operational risk, taking acount of diversification benefits.
The Group monitors the capital on the basis of net debt to
equity ratio, which is expresed as a percentage of net debt (comprises
total debt les bank balances and cash) over total equity. Total
debt represents bank and other borowings.
| 4,559,265 |
|---|
| (1,889,668) |
| 2,669,597 |
| 9,668,778 |
| 27.6% |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.2 资本风险管理（续）
本集团之净债务与权益比率如
下：
集团若干企业须遵从贷款契诺条
件。二零二五年及二零二四年均
无出现违反有关贷款契诺条件的
情况。如附注34所披露，集团位
于香港，美利坚合众国（「美国」）
及英国的若干企业之银行及其他
借款中的非流动部份均附有若干
契诺条件，集团有关企业须遵守
此等契诺条件。根据贷款协议条
款，集团若干企业须遵守适用于
某些银行贷款的财务契诺条件，
其中包括于每个中期及╱或年度
终结时评估的贷款价值比、偿债
覆盖比率、负债杠杆比率及为偿
还贷款而收取的每月最低收入。
集团企业须遵守的非财务相关契
诺条款是根据金融市场惯例而订
立，并普遍适用于一般借款人，
以及根据与贷款者协定的日期进
行评估。
目前并无迹象显示集团企业于报
告期末后十二个月内会面临遵守
契诺条件的困难。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.2 Capital risk management (continued)
The net debt to equity ratio of the Group is as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Total debt (note 34)总债务（附注34）4,470,905
Bank balances and cash (note 31)银行结存及现金（附注31）(2,472,257)
Net debt净债务1,998,648
Total equity总权益10,342,336
Net debt to equity ratio净债务与权益比率19.3%
Certain entities of the Group are subject to loan covenants. For
both 2025 and 2024, there is no non-compliance with those
loan covenants. As disclosed in note 34, the non-curent
portion of bank and other borowings for certain Group entities
in Hong Kong, the United States of America (“USA”) and the
United Kingdom are subject to certain covenants which the
relevant Group entities are required to comply with. Under the
terms of the loan agrements, certain entities of the Group are
required to comply with financial covenants aplicable to
certain bank loans, which includes loan to valuation ratio, debt
service cover ratio, debt gearing ratio and the colection of
minimum monthly income for loan servicing that are asesed
at the end of each interim and/or anual period. Non-financial
related covenants that the Group’s entities must comply with
are terms that comonly aplicable to borowers based on the
prevalent financial market practice and asesed on the date
agred upon with the lenders.
There are no indicators that the Group entities would have
dificulties complying with the convents within twelve months
after the end of the reporting period.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.2 资本风险管理（续）
根据香港保险业条例（第41章），
所有获授权保险公司均须保持资
产超出负债之额度不少于规定之
偿付准备金。截至二零二五年及
二零二四年三月三十一日止年
度，本集团相关附属公司遵守香
港相关机关颁布之偿付准备金规
定。
3.3 公允值估计
下表按用于计量公允值之估值方
法所用输入数据的层级，分析本
集团按公允值列账之财务工具。
有关输入数据乃分类为公允值架
构内之下列三个层级：
• 有关相同资产或负债在活跃
市场之报价（未调整）（第一
级）。
• 有关资产或负债之输入数据
不包括于第一级内之报价，
惟可直接（即价格）或间接地
（即自价格引伸）观察（第二
级）。
• 有关资产或负债之输入数据
并非依据可观察之市场数据
（即不可观察之输入数据）（第
三级）。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.2 Capital risk management (continued)
Pursuant to the Hong Kong Insurance Ordinance (Cap. 41), al
authorised insurance companies are required to maintain an
exces of asets over liabilities of not les than a required
solvency margin. For the years ended 31 March 2025 and
2024, the Group’s relevant subsidiaries complied with the
solvency margin requirements as set out by the relevant
authorities in Hong Kong.
3.3 Fair value estimation
The table below analyses the Group’s financial instruments
caried at fair values by level of inputs to valuation techniques
to measure fair values. Such inputs are categorised into thre
levels within a fair value hierarchy as folows:
• Quoted prices (unadjusted) in active markets for identical
asets or liabilities (level 1).
• Inputs other than quoted prices included in level 1 that are
observable for the aset or liability either directly (that is,
as prices) or indirectly (that is, derived from prices) (level 2).
• Inputs for the aset or liability that are not based on
observable market data (that is, unobservable inputs) (level
3).
| 1,181,705 | 97,896 | 440,333 | 1,719,934 |
|---|---|---|---|
| 120,107 | – | 62,098 | 182,205 |
| 42,783 | – | 1,232 | 44,015 |
| – | 65 | – | 65 |
| 1,344,595 | 97,961 | 503,663 | 1,946,219 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.3 公允值估计（续）
下表载列于二零二五年及二零
二四年三月三十一日按公允值计
量之本集团财务资产及财务负
债：
就第一级内之财务资产而言，本
集团采用市场报价。所用的报价
为目前买卖价最能代表公允值之
价格。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.3 Fair value estimation (continued)
The folowing table presents the Group’s financial asets and
financial liabilities that are measured at fair values as at 31
March 2025 and 2024:
Level 1Level 2Level 3Total
第一级第二级第三级总额
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
2025二零二五年
Financial asets财务资产
Investments at FVPL按公允值列入损益
处理之投资
– debt securities－债务证券
– equity securities－股本证券
Investments at FVOCI按公允值列入其他
全面收益处理之投资
– equity securities－股本证券
Derivative financial instruments衍生财务工具
2024二零二四年
Financial asets财务资产
Investments at FVPL按公允值列入损益
处理之投资
– debt securities－债务证券544,660105,973804,6021,455,235
– equity securities－股本证券187,032–69,535256,567
Investments at FVOCI按公允值列入其他
全面收益处理之投资
– equity securities－股本证券52,908–1,24354,151
784,600105,973875,3801,765,953
Financial liability财务负债
Derivative financial instruments衍生财务工具–(425)–(425)
The Group uses quoted market prices for financial asets
included in level 1. The quoted price used is the curent bid
price that is most representative of the fair value.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.3 公允值估计（续）
并无在活跃市场上买卖之财务工
具（如场外衍生工具）之公允值采
用估值方法厘定。该等估值方法
尽量采用可观察之市场数据（如
可得到），并尽量少倚赖企业特
定估计。倘计量工具公允值所需
之所有重大输入数据可观察，则
该工具将计入第二级。
倘一项或多项重大输入数据并非
基于可观察市场数据，则该工具
将计入第三级。
用以进行财务工具估值之特定估
值方法包括：
• 类似工具之市场报价或交易
商报价；
• 利率掉期合约之公允值根据
可观察孳息曲线按估计未来
现金流量之现值计算；
• 远期外汇合约之公允值利用
于报告期末之远期汇率厘
定，并按结果值贴现至现值；
• 就并无活跃市场之非上市证
券或财务资产而言，本集团
采用估值方法设定其公允
值，当中包括利用近期公平
交易、参照其他大致相同之
工具、参照被投资公司之资
产净值及贴现金流量分
析，充分利用市场信息及尽
量少依赖企业特定信息；及
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.3 Fair value estimation (continued)
The fair values of financial instruments that are not traded in
an active market (for example, over-the-counter derivatives)
are determined by using valuation techniques. These valuation
techniques maximise the use of observable market data where
it is available and rely as litle as posible on entity specific
estimates. If al significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on
observable market data, the instrument is included in level 3.
Specific valuation techniques used to value financial
instruments include:
• Quoted market prices or dealer quotes for similar
instruments;
• The fair value of interest rate swap contracts is calculated
as the present value of the estimated future cash flows
based on observable yield curves;
• The fair value of forward foreign exchange contracts is
determined using forward exchange rates at the end of the
reporting period with the resulting value discounted back
to present value;
• For unlisted securities or financial asets without an active
market, the Group establishes the fair value by using
valuation techniques including the use of recent arm’s
length transactions, reference to other instruments that
are substantialy the same, reference to net aset value of
investe and discounted cash flow analysis, making
maximum use of market inputs and relying as litle as
posible on entity-specific inputs; and
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.3 公允值估计（续）
• 分类为按公允值列入损益处
理之财务资产之债务证券包
括公允值约港币4.25亿元（二
零二四年：港币7.75亿元）
之债务工具，并与在香港一
间教会及一间安老院舍设施
发展项目之融资有关。独立
外部估值师按贴现金流量
法估算公允值。于评估内所
用之估计现金流量乃基于多
项假设，例如安老院舍设施
所产生之估计现金所得款项
净额及贴现率。于厘定公允
值评估所用之假设包含估计
及判断，任何来自估计之偏
离可导致公允值增加或减
少。例如，任何贴现率增加
或任何估计现金所得款项净
额减少（其他变量保持不变）
（如采纳），将导致较低公允
值。
本年度评估中使用的假设考虑了
管理层对安老院舍设施于本财政
年度开业时之最新预期销售计
划，并考虑了当前市场环境下的
影响。
供说明用途，针对每项假设性单
独变动之营运安老院舍设施的收
入增加5%、已收取之非营运相
关现金所得款项增加20%及贴
现率减少1%，在所有其他变量
及假设维持不变的情况下，此按
公允值列入损益处理之公允值将
增加港币6,300万元、港币1.06
亿元及港币3,700万元；而针对
每项假设性单独变动之营运安老
院舍设施的收入减少5%、已收
取之非营运相关现金所得款项减
少20%及贴现率增加1%，在所
有其他变量及假设维持不变的情
况下，此按公允值列入损益处理
之公允值将减少港币6,900万元、
港币8,500万元及港币3,400万元。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.3 Fair value estimation (continued)
• Debt securities clasified as financial asets at FVPL
included a debt instrument with fair value of aproximately
HK$425 milion (2024: HK$775 milion) which relates to the
financing of the development project of a church and a
senior housing facility in Hong Kong. The fair value was
derived by an independent external valuer based on
discounted cash flow method. The estimated cash flows
used in the asesment are based on asumptions, such
as estimated net cash proceds generated from the senior
housing facility and discount rate. The asumptions used
in the fair value asesment determination involve
estimates and judgements, and any deviation from the
estimates may result in increase or decrease in fair value.
For example, any increase in the discount rate or any
decrease in the estimated net cash proceds, with other
variables remain constant, if adopted, would result in a
lower fair value.
The asumptions used in the curent year asesment
incorporated management’s latest sales plan expectation upon
the opening of the senior housing facility in this financial year
as wel as considered the efects under the curent market
environment.
For ilustration purposes, for a change in isolation for each of a
hypothetical 5% increase in the amount of revenue from
operating that senior housing facility, a 20% increase in the
non-operational related cash proceds received, and a 1%
decrease in discount rate, with al other variables and
asumptions held constant, would increase the fair value of
such FVPL by HK$63 milion, HK$106 milion, HK$37 milion;
while for a change in isolation for each of a hypothetical 5%
decrease in the amount of revenue from operating that senior
housing facility, a 20% decrease in the non-operational related
cash proceds received, and a 1% increase in discount rate,
with al other variables and asumptions held constant, would
decrease the fair value of such FVPL by HK$69 milion, HK$85
milion, HK$34 milion.
| 804,602 | 70,778 | 875,380 |
|---|---|---|
| 1,106 | – | 1,106 |
| (12,756) | (267) | (13,023) |
| – | (2) | (2) |
| (352,470) | (7,400) | (359,870) |
| (149) | 221 | 72 |
| 440,333 | 63,330 | 503,663 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.3 公允值估计（续）
截至二零二五年及二零二四年三
月三十一日止年度，各级别公允
值架构之间概无财务工具转移。
下表载列第三级公允值架构的财
务工具截至二零二五年及二零
二四年三月三十一日止年度之变
动：
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.3 Fair value estimation (continued)
There were no transfers of financial instruments betwen
levels in the hierarchy for the years ended 31 March 2025 and
2024.
The folowing table presents the changes in level 3 fair value
hierarchy of financial instruments for the years ended 31
March 2025 and 2024:
Debt
securities
Equity
securitiesTotal
债务证券股本证券总额
HK$’000HK$’000HK$’000
港币千元港币千元港币千元
At 1 April 2024于二零二四年四月一日
Aditions添置
Receipt for capital returns收回资本
Fair value los recognised in
other comprehensive income
于其他全面收益确认之
公允值亏损
Fair value los recognised in
profit or los
于损益确认之
公允值亏损
Exchange realignment汇兑调整
At 31 March 2025于二零二五年三月三十一日
At 1 April 2023于二零二三年四月一日888,58976,319964,908
Aditions添置77,696–77,696
Receipt for capital returns收回资本(28,344)–(28,344)
Fair value los recognised in
other comprehensive income
于其他全面收益确认之
公允值亏损–(12)(12)
Fair value los recognised in
profit or los
于损益确认之
公允值亏损(114,959)(5,863)(120,822)
Disposal出售(16,149)–(16,149)
Exchange realignment汇兑调整(2,231)334(1,897)
At 31 March 2024于二零二四年三月三十一日804,60270,778875,380
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
3 财务风险管理目标及政策（续）
3.4 保险风险
任何一份保险合约的风险指发生
保险事故的可能性及由此产生的
索赔金额的不确定性的风险。由
于保险合约的特有性质，其风险
属不规则的风险，因此为不可预
料的风险。
就可能性理论应用至保险合约组
合的定价及拨备而言，本集团于
保险合约项下面临的主要风险乃
实际索赔及赔偿付款超出保险负
债的账面值。此类情况出现的原
因为索赔及赔偿的频率或严重程
度高于原先所估计。保险事故随
机发生，而索赔及赔偿的实际数
目及金额较使用统计方法设定的
水平按年变化。
经验显示，类似保险合约的组合
越大，预期结果的相对可变性则
越低。此外，多样性越强的组合
较不易受组合的任何子集变动所
影响。本集团已制订可分散所面
对保险风险类别的保险承销策
略，并在该等类别内形成足够大
的风险群体以降低预期结果的可
变性。本集团亦订立再保险合约
以减轻来自若干类别的保险总风
险。
保险风险上升的因素包括未有将
风险的种类及金额、地区以及覆
盖行业分散所致。
3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
3.4 Insurance risk
The risk under any one insurance contract is the posibility
that the insured event ocurs and the uncertainty of the
amount of the resulting claim. By the very nature of an
insurance contract, this risk is random and therefore
unpredictable.
For a portfolio of insurance contracts where the theory of
probability is aplied to pricing and provisioning, the principal
risk that the Group faces under its insurance contracts is that
the actual claims and benefit payments exced the carying
amount of the insurance liabilities. This could ocur because
the frequency or severity of claims and benefits are greater
than originaly estimated. Insurance events are random, and
the actual number and amount of claims and benefits wil vary
from year to year from the level established using statistical
techniques.
Experience shows that the larger the portfolio of similar
insurance contracts, the smaler the relative variability about
the expected outcome wil be. In adition, a more diversified
portfolio is les likely to be afected by a change in any subset
of the portfolio. The Group has developed its insurance
underwriting strategy to diversify the type of insurance risks
acepted and within each of these categories to achieve a
suficiently large population of risks to reduce the variability of
the expected outcome. The Group also enters into reinsurance
arangement to reduce its agregated exposure to certain
types of insurance risks.
Factors that agravate insurance risk include lack of risk
diversification in terms of type and amount of risk,
geographical location and type of industry covered.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continualy evaluated and based on
historical experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances.
The Group makes estimates and asumptions concerning the
future. The resulting acounting estimates wil, by definition,
seldom equal to the related actual results. The estimates and
asumptions that have a significant risk of causing a material
adjustment to the carying amounts of asets and liabilities within
the next financial year are discused below:
(a) Fair values of investment properties
The valuations of investment properties held directly by the
Group are made on the basis of the “Market Value” adopted
by the Hong Kong Institute of Surveyors (“HKIS”) and/or the
International Valuation Standards Council (“IVSC”) and/or the
Royal Institution of Chartered Surveyors (“RICS”). They are
performed in acordance with the HKIS Valuation Standards on
Properties published by the HKIS and/or the International
Valuation Standards published by the IVSC and/or the RICS
Valuation – Global Standards published by the RICS. The
valuations are reviewed anualy by qualified valuers by
considering the information from a variety of sources including (i)
recent market transaction prices in an active market for
properties of diferent nature, condition or location, adjusted to
reflect those diferences; (i) recent market transaction prices
of similar properties in les active market, with adjustments to
reflect any changes in economic conditions since the date of
the transactions that ocured at those prices; and (i) rental
income derived from existing tenancies with due provision for
reversionary income potential based on market conditions
existing at the end of the reporting period.
4 关键会计估计及判断
本公司按过往经验及其他因素（包括
于有关情况下相信为对未来事件之
合理预测）持续检讨估计及判断。
本集团会对未来作出估计及假设。
顾名思义，该等会计估计甚少与有
关实际结果相同。具有重大风险致
使资产及负债之账面值于下一个财
政年度内作出重大调整之估计及假
设讨论如下：
(a) 投资物业之公允值
本集团直接持有之投资物业之估
值乃根据香港测量师学会（「香港
测量师学会」）及╱或国际估值准
则理事会（「国际估值准则理事
会」）及╱或皇家特许测量师学会
（「皇家特许测量师学会」）所采纳
之「市值」基准，按香港测量师
学会颁布之香港测量师学会物业
估值准则及╱或国际估值准则理
事会颁布之国际估值准则及╱或
皇家特许测量师学会颁布之皇家
特许测量师学会估值－环球标准
进行。估值由合资格评估师每年
检讨并考虑来自多种来源的资
料，包括(i)不同性质、状况或地
点之物业于活跃市场之近期市场
交易价格，并作出调整以反映有
关差异；(i)类似物业于较不活跃
市场之近期市场交易价格，并作
出调整以反映自该等交易成交日
期以来该等价格之任何经济状况
变动；及(i)现有租约之租金收
入，并计入根据报告期末当时之
市况对收入变化潜力而作出之适
当拨备。
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
4 关键会计估计及判断（续）
(a) 投资物业之公允值（续）
该等方法乃根据未来业绩估计及
各项物业之一系列特定假设以反
映其租约及现金流量状况。各项
投资物业之公允值反映（其中包
括）来自现有租赁之租金收入以
及根据当前市况（包括公开市场
租金、适用之资本化率及收入变
化潜力）对来自未来租赁之租金
收入的假设。截至二零二五年三
月三十一日止年度，估值采用介
乎2.5%至7.29%（二零二四年：
2.5%至7.75%）之资本化率。公
允值亦按类似基准反映就该物业
可预期之任何现金流出。
于二零二五年三月三十一日，在
所有其他可变因素保持不变之情
况下，倘投资物业之市值上升╱
下降10%（二零二四年：10%)，
本集团投资物业之账面值将分别
上升╱下降港币574,804,000元
（二零二四年：港币494,310,000
元）。
(b) 物业、厂房及设备之减值评估
当有迹象显示物业、厂房及设备
之账面值可能无法收回之事件或
变动发生时，均对其进行减值检
讨。物业、厂房及设备之可收回
金额乃按其公允值扣除销售成本
与使用中价值两者之间较高者，
并计及最新市场条件及过往经验
厘定。
4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS
(CONTINUED)
(a) Fair values of investment properties (continued)
These methodologies are based upon estimates of future
results and a set of asumptions specific to each property to
reflect its tenancy and cash flow profile. The fair value of each
investment property reflects, among other things, rental
income from curent leases and asumptions about rental
income from future leases in light of curent market conditions
including open market rents, apropriate capitalisation rates
and reversionary income potential. For the year ended 31
March 2025, capitalisation rate in the range of 2.5% to 7.29%
(2024: 2.5% to 7.75%) were used in the valuation. The fair
value also reflects on a similar basis, any cash outflows that
could be expected in respect of the property.
As at 31 March 2025, if the market values of investment
properties had ben 10% (2024: 10%) higher/lower with al other
variables held constant, the carying values of the Group’s
investment properties would have ben HK$574,804,000 (2024:
HK$494,310,000) higher/lower respectively.
(b) Impairment asesment for property, plant and
equipment
Property, plant and equipment are reviewed for impairment
whenever events or changes in circumstances indicate that
the carying amounts may not be recoverable. The recoverable
amounts of property, plant and equipment have ben
determined based on the higher of their fair values les costs
of disposal and value-in-use, taking into acount the latest
market conditions and past experience.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
4 关键会计估计及判断（续）
(c) 商誉之减值评估
根据综合财务报表附注2(y)所述
之会计政策，本集团就商誉是否
出现任何减值进行测试。现金产
生单位或现金产生单位组别之可
收回金额乃按使用中价值计算法
或将其公允值扣除销售成本（以
较高者为准）厘定。倘估计可收
回金额使用贴现金流量预测，
则须本集团估计该现金产生单位
或现金产生单位组别之预期未来
现金流量，并以适当贴现率计算
现值。倘实际未来现金流量或估
计交易价格（倘适用）少于预期，
将可产生大额减值亏损。详情载
于综合财务报表附注16及39。
(d) 按公允值列入其他全面收益处
理及按公允值列入损益处理之
非上市投资及衍生财务工具之
公允值
并非于活跃市场交易的按公允值
列入其他全面收益处理及按公允
值列入损益处理之非上市投资及
衍生财务工具之公允值采用附注
3.3中详述的估值方法确定。本
集团运用判断选取多种方法，并
主要根据各报告期末当时之市况
作出假设，包括本集团支付的购
买价、被投资方的财务状况及业
绩、风险状况、前景，包括趋势
及其他因素。所使用的任何关键
假设的任何变化将导致公允值增
加或减少。
4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS
(CONTINUED)
(c) Impairment asesment for godwil
The Group tests whether godwil has sufered any impairment
in acordance with acounting policies stated in note 2(y) to
the consolidated financial statements. The recoverable
amounts of CGUs or groups of CGUs have ben determined
based on value-in-use calculations or their fair values les
costs of disposal, whichever are higher. Where discounted
cash flow forecast is used to estimate the recoverable amount,
it requires the Group to estimate the future cash flows
expected to arise from CGUs or groups of CGUs and a suitable
discount rate in order to calculate the present value. Where
the actual future cash flows or estimated transaction price,
which aplicable, are les than expected, a material
impairment los may arise. Details are set out in notes 16 and
39 to the consolidated financial statements for details.
(d) Fair values of unlisted investments at FVOCI and FVPL
and derivative financial instruments
The fair values of unlisted investments at FVOCI and FVPL and
derivative financial instruments that are not traded in an active
market are determined by using valuation techniques as
detailed in note 3.3. The Group uses its judgement to select a
variety of methods and make asumptions that are mainly
based on market conditions existing at the end of each
reporting period, including the purchase price paid by the
Group, the investes’ financial position and results, risk profile,
prospects, including trend and other factors. Any change in
any of the key asumptions used would result in increase or
decrease in fair values.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
4 关键会计估计及判断（续）
(e) 发展中物业及待售物业之可变
现净值
经计及以往经验所得之完成本
及销售成本及根据现行市况所得
之销售净值，本集团将发展中物
业及待售物业撇减至根据评估发
展中物业及待售物业之可变现能
力估算之可变现净值。倘完成
本或销售成本增加或销售净值减
少，可变现净值亦将会减少并可
能导致发展中物业及待售物业撇
减至可变现净值。倘发生有迹象
显示结余可能不获变现之事件或
变动，则撇减须予记录。辨别撇
减须运用判断及估计。倘预期异
于原有之估计，则于该等估计变
动之期间内对发展中物业及待售
物业之账面值作出调整。
(f) 保险合约
本集团的保险合约负债主要包括
未到期责任及待付已发生索偿的
负债拨备。当未到期责任负债不
足以支付未来索偿及合约应占的
其他保险服务支出，保险合约属
亏损性。倘存在事实及情况可能
表明存在潜在亏损合约，亏损合
约损失根据合约组合应占的履约
现金流量（未来现金流量的现值
及风险调整的总和）超出该等组
合的未到期责任负债之程度计
量。本集团根据过往资料、精算
分析及其他分析方法厘定已发生
索偿的拨备。估计保险合约负债
受多项假设影响，包括索偿发生
模式、法律环境以及社会及经济
趋势变动、风险调整系数及贴现
率等。重新评估保险负债后所导
致之差额将于其后之综合财务报
表确认。本集团持续检讨估计，
并在有需要时作出调整，惟实际
结果或会与作出估计时所推算者
有异。
4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS
(CONTINUED)
(e) Net realisable values of properties under development
and properties for sale
The Group writes down properties under development and
properties for sale to net realisable value based on asesment
of the realisability of properties under development and
properties for sale which takes into acount cost to completion
and cost to sel based on past experience and net sales value
based on prevailing market conditions. If there is an increase
in cost to completion or cost to sel or a decrease in net sales
value, the net realisable value wil decrease which may result
in writing down properties under development and properties
for sale to net realisable value. Write-downs are recorded
where events or changes in circumstances indicate that the
balances may not be realised. The identification of write-
downs requires the use of judgement and estimates. Where
the expectation is diferent from the original estimate, the
carying value of properties under development and properties
for sale is adjusted in the period in which such estimate is
changed.
(f) Insurance contracts
The Group’s insurance contract liabilities mainly comprise
liability provision for remaining coverage and for outstanding
incured claims. Insurance contracts are onerous when the
liability for remaining coverage is insuficient to pay future
claims and other insurance service expenses atributable to
the contracts. If there are facts and circumstances that may
indicate the existence of posible onerous contracts, the
onerous contract loses are measured based on the extent to
which the fulfilment cash flows (sum of present value of future
cash flows and a risk adjustment) atributable to the group of
contracts exced the liability for remaining coverage for those
portfolios. The Group determines provision for incured claims
based on historical information, actuarial analysis and other
analytical techniques. The estimated insurance contract
liabilities are afected by asumptions including patern of
claims incidence, changes in legal environment and social and
economic trends, risk adjustment factor as wel as discount
rate, etc. Diferences resulting from reasesment of
insurance liabilities are recognised in subsequent consolidated
financial statements. The Group continualy reviews the
estimates and makes adjustments as necesary, but actual
results could difer from what is envisioned when these
estimates are made.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
4 关键会计估计及判断（续）
(g) 建筑合约
建筑工程的收入随著时间的推移
而确认，并取决于管理层对建筑
合约总成果的估计，以及至今完
成的工程。随著合约的进行，本
集团检讨及修订合约价值、合约
成本、变更订单及为每份建筑合
约编制的合约索偿的估计。建筑
工程的收入按照完成履行履约义
务的进度计量。管理层根据本集
团与其主要承建商、供应商或参
与卖方之间的通讯以及管理层的
经验编制预算建筑成本，包括但
不限于分包成本、材料成本及劳
工成本。为了保持预算准确及最
新，管理层通过将预算金额与实
际产生金额进行比较，对管理预
算进行定期审查。在估算合约价
值、合约成本、变更工程及合约
索偿时需要作出大量判断，此可
能对完成履行履约义务及确认溢
利的进展产生影响。
(h) 所得税
于二零二五年三月三十一日，与
未动用之税务亏损有关的递延税
项资产港币45,941,000元（二零
二四年：港币63,072,000元）已
于综合财务状况表中确认。递延
税项资产能否变现，主要视乎日
后是否有足够未来应课税溢利或
应课税暂时性差异而定。倘实际
产生之应课税溢利多于或少于预
期，则或会出现递延税项资产之
增加或拨回，并于该增加或拨回
出现期间于损益内确认。
4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS
(CONTINUED)
(g) Construction contracts
Revenue from construction works is recognised over time, and
is dependent on management’s estimation of the total
outcome of the construction contracts, as wel as the work
done to date. The Group reviews and revises the estimates of
contract value, contract costs, variation orders and contract
claims prepared for each construction contract as the contract
progreses. Revenue from construction works is measured in
acordance with progres towards complete satisfaction of the
performance obligations. Budgeted construction costs,
including but not limited to subcontracting costs, material
costs and labour costs, are prepared by the management on
the basis of corespondence betwen the Group and its major
contractors, supliers or vendors involved and the experience
of the management. In order to kep the budget acurate and
up-to-date, the management conducts periodic reviews of the
management budgets by comparing the budgeted amounts to
the actual amounts incured. A considerable amount of
judgement is required in estimating the contract value,
contract costs, variation works and contract claims which may
have an impact in terms of progres towards complete
satisfaction of the performance obligations and recognition of
profit.
(h) Income taxes
As at 31 March 2025, defered tax aset of HK$45,941,000 (2024:
HK$63,072,000) in relation to unused tax loses had ben
recognised in the consolidated statement of financial position.
The realisability of the defered tax aset mainly depends on
whether suficient future taxable profits or taxable temporary
diferences wil be available in the future. In cases where the
actual taxable profits generated are more or les than
expected, aditional defered tax asets or reversal of defered
tax asets may arise, which would be recognised in profit or
los for the period in which such an adition or a reversal takes
place.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
4 关键会计估计及判断（续）
(h) 所得税（续）
而且，本集团与联营公司及合营
企业须缴纳多个主要于澳洲、香
港、中国内地、澳门、新加坡及
美国的司法管辖区之所得税。厘
定所得税拨备时，本集团须作出
重大判断。在日常业务过程中，
有多宗交易及计算未能厘定最终
税项。倘该等事宜之最终税务结
果有异于最初入账之金额，该等
差异将影响税务厘定期内之所得
税及递延税项拨备。
(i) 对入账列为附属公司之被投资
方之控制
若干被投资方被视为本公司附属
公司，即使本集团于当中之股权
不超过有关被投资方之50%。基
于本集团与其他股东之间订立之
有关股东协议所规定之合约权
力，本集团于相关被投资方董事
会拥有多数投票权，据此确定对
被投资方之回报有重大影响的相
关活动，因此，对该等被投资方
有控制权。因此，该等被投资方
入账列为本公司之附属公司。
(j) 将于美国的安老院舍业务综合入账
本集团于美国的安老院舍业务由
不同专业的安老院舍营运商经
营。在厘定本集团是否为委托人
及同样，该营运商是否为该业务
的代理人时需要作出重大判断。
管理层认为本集团面临与提供服
务有关的风险及回报，因此将本
集团视为委托人。因此，该业务
的财务业绩及营运已于本集团的
财务报表中综合入账。
4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS
(CONTINUED)
(h) Income taxes (continued)
Also, the Group as wel as asociates and joint ventures are
subject to income taxes in several jurisdictions, mainly in
Australia, Hong Kong, Mainland China, Macau, Singapore and
the USA. Significant judgement is required in determining the
provision for income taxes. There are many transactions and
calculations for which the ultimate tax determination is
uncertain during the ordinary course of busines. Where the
final tax outcome of these maters is diferent from the
amounts that were initialy recorded, such diferences wil
impact the income tax and defered tax provisions in the
period in which such determination is made.
(i) Control over investes acounted for as subsidiaries
Certain investes are considered to be subsidiaries of the
Company despite the equity interests therein are not more
than 50% of the relevant investes. Based on the contractual
power pursuant to the relevant shareholders’ agrement
betwen the Group and the other shareholder, the Group has
the majority voting power in the board of directors in the
respective investes, by which the relevant activities that
significantly afect the return of the investes are determined,
and hence has control over these investes. Acordingly,
those investes are acounted for as subsidiaries of the
Company.
(j) Consolidation of senior housing busines in the USA
The Group’s senior housing busines in the USA is operated
by diferent profesional senior housing operators. Significant
judgement is required in determining whether Group is a
principal and similarly, whether the operator is an agent in this
busines. Management considered the Group has exposure to
the risks and return asociated with rendering of services and
therefore regarded the Group as the principal. Acordingly, the
financial results and operations of this busines is consolidated
in the Group’s financial statements.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
4 关键会计估计及判断（续）
(k) 厘定租期及租赁负债之贴现率
于厘定租期时，管理层会考虑能
够引发行使续租选择权或不行使
终止选择权之经济动机的所有相
关事实及情况。续租选择权（或
终止选择权后之期间）仅会于合
理确定租赁获续租（或未终止）时
涵盖在租期内。
于厘定租期时，以下因素一般最
为相关：
- （或不续租）而导致
重大罚款，则本集团一般会
合理确定续租（或不终止）；
• 倘任何租赁物业装修预期将
产生重大剩余价值，则本集
团一般会合理确定续租（或
不终止）；
- ，本集团会考虑包括过
往租赁期限以及因替换租赁
资产所需之成本及业务中断
等其他因素。
于厘定贴现率时，本集团须考虑
相关资产之性质及位置以及租赁
于开始日期之条款及条件，就厘
定贴现率作出重大判断。
4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS
(CONTINUED)
(k) Determination of lease term and discount rate for lease
liabilities
In determining the lease term, management considers al facts
and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination
option. Extension options (or periods after termination options)
are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated).
In determining the lease term, the folowing factors are
normaly the most relevant:
• if there are significant penalties to terminate (or not
extend), the Group is typicaly reasonably certain to extend
(or not terminate);
• if any leasehold improvements are expected to have a
significant remaining value, the Group is typicaly
reasonably certain to extend (or not terminate);
- , the Group considers other factors including
historical lease durations and the costs and busines
disruption required to replace the leased aset.
In determining the discount rate, the Group is required to
exercise considerable judgement in relation to determining the
discount rate taking into acount the nature and location of the
underlying asets, and the terms and conditions of the leases
at the comencement date.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料
经营分类根据董事（主要营运决策者）
已审阅以作出策略决定之报告厘定。
董事以产品╱服务角度考虑业务。
该等分类之主要业务如下：
建筑及机械工程：承办铝窗及幕墙、
楼宇建筑、建材供应、土木工程、机
电工程、环保工程及升降机以及电
扶梯。
物业投资：物业租赁业务。
物业发展及营运：物业发展及管理、
冷藏仓库及物流以及酒店营运。
保健护理投资：安老院舍业务及医
疗办公大楼投资。
汽车代理：汽车零售、贸易及服务。
保险及投资：一般保险业务（不包括
飞机、飞机责任及信用保险）及证券
投资。
其他：资讯科技设备及商用机器之
销售及服务、食品贸易、餐饮和货运
代理服务。
分类收入之计量方式与综合收益表
之计量方式一致，除此以外亦包括
来自本集团所占联营公司及合营企
业按比例综合基准之收入。联营公
司及合营企业销售予本集团以及个
别联营公司及合营企业间之销售并
未对销。
董事根据各分类业绩之计量评估经
营分类之表现。此计量包括本集团
所占联营公司及合营企业按比例综
合基准之业绩。未分配企业支出、未
分配财务收入及费用与未分配税项
并不包括于分类业绩。
5 SEGMENT INFORMATION
The operating segments are determined based on the reports
reviewed by the Directors, the chief operating decision maker, that
are used to make strategic decisions. The Directors consider the
busines from a product/service perspective.
Principal activities of the segments are as folows:
Construction and enginering: Construction and enginering work
for aluminium windows and curtain wals, building construction,
building suplies, civil enginering, electrical and mechanical
enginering, environmental enginering, and lifts and escalators.
Property investment: Properties rental busines.
Property development and operations: Property development and
management, cold storage and logistics and hotel operations.
Healthcare investment: Senior housing busines and medical ofice
building investment.
Car dealership: Retailing, trading and servicing of motor vehicles.
Insurance and investment: General insurance busines (except
aircraft, aircraft liabilities and credit insurance) and investment in
securities.
Others: Sale and servicing of information technology equipment
and busines machines, fod trading, fod and beverage and
freight forwarding services.
Segment revenue is measured in a maner consistent with that in
the consolidated income statement, except that it also includes
the Group’s share of revenue of asociates and joint ventures on a
proportionate consolidated basis. The sales from asociates and
joint ventures to the Group and sales betwen individual
asociates and joint ventures are not eliminated.
The Directors ases the performance of the operating segments
based on a measure of segment results. This measurement
includes the Group’s share of results of asociates and joint
ventures on a proportionate consolidated basis. Unalocated
corporate expenses, unalocated finance income and costs and
unalocated taxation are not included in segment results.
| 5,397,650 | 205,851 | 781,983 | 884,977 | 1,083,395 | 550,579 | 439,024 | 9,343,459 | |
|---|---|---|---|---|---|---|---|---|
| (12,600) | (2,042) | (44,613) | – | – | (11,304) | (7,855) | (78,414) | |
| 5,385,050 | 203,809 | 737,370 | 884,977 | 1,083,395 | 539,275 | 431,169 | 9,265,045 | |
| 1,303,898 | – | 47,252 | 127,493 | 418,545 | – | 210,953 | 2,108,141 | |
| (1,98 9) | – | – | – | – | – | – | (1,98 9) | |
| 6,686,959 | 203,809 | 784,622 | 1,012,470 | 1,501,940 | 539,275 | 642,122 | 11,371,197 | |
| Revenue from contracts with customers 客户合约之收入根据香港 in accordance with HKFRS 15: 财务报告准则第15号： – recognised at a point in time －在某一时点确认 24,947 – 336,882 4,087 1,043,176 1,001 392,397 1,802,490 – recognised over time －在一段时间确认 5,360,068 – 393,526 880,890 6,241 – 36,795 6,677,520 Revenue from other sources 其他来源产生之收入 35 203,809 6,962 – 33,978 538,274 1,977 785,035 Group revenue 集团收入 5,385,050 203,809 737,370 884,977 1,083,395 539,275 431,169 9,265,045 | ||||||||
| 24,947 | – | 336,882 | 4,087 | 1,043,176 | 1,001 | 392,397 | 1,802,490 | |
| 5,360,068 | – | 393,526 | 880,890 | 6,241 | – | 36,795 | 6,677,520 | |
| 35 | 203,809 | 6,962 | – | 33,978 | 538,274 | 1,977 | 785,035 | |
| 5,385,050 | 203,809 | 737,370 | 884,977 | 1,083,395 | 539,275 | 431,169 | 9,265,045 | |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
分类资产主要包括综合财务状况表
内披露之流动资产及非流动资产，
惟预付税项、未分配银行结存及现
金、递延税项资产及其他未分配资
产除外。
分类负债主要包括综合财务状况表
内披露之流动负债及非流动负债，
惟当期所得税负债、银行及其他借
款及递延税项负债除外。
(a) 收入及业绩
5 SEGMENT INFORMATION (CONTINUED)
Segment asets mainly consist of curent asets and non-curent
asets as disclosed in the consolidated statement of financial
position except prepaid tax, unalocated bank balances and cash,
defered tax asets and other unalocated asets.
Segment liabilities mainly consist of curent liabilities and non-
curent liabilities as disclosed in the consolidated statement of
financial position except curent income tax liabilities, bank and
other borowings and defered tax liabilities.
(a) Revenue and results
Construction
and
enginering
Property
investment
Property
development
and
operations
Healthcare
investment
Car
dealership
Insurance
and
investmentOthersTotal
建筑及
机械工程物业投资
物业发展
及营运
保健护理
投资汽车代理
保险及
投资其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
| 275,731 | 188,775 | (281,312) | (432,882) | (7,694) | 113,825 | (19,713) | (163,270) |
|---|---|---|---|---|---|---|---|
| 8,775 | 2,992 | 14,502 | 5,358 | 1,796 | 30,140 | 2,358 | 65,921 |
| (1,345) | (18,960) | – | (22,066) | (6,669) | – | (2,807) | (51,847) |
| 283,161 | 172,807 | (266,810) | (449,590) | (12,567) | 143,965 | (20,162) | (149,196) |
| (21,927) | (47,206) | (31,130) | (13,035) | 279 | (19,602) | (6,031) | (138,652) |
| 261,234 | 125,601 | (297,940) | (462,625) | (12,288) | 124,363 | (26,193) | (287,848) |
| 141,980 | – | – | – | – | – | (8,962) | 133,018 |
| 566 | – | (34,730) | (21,048) | 3,681 | – | – | (51,531) |
| (14,860) | (1,054) | (68,808) | (77,670) | (18,454) | (102) | (12,091) | (193,039) |
| – | – | (109,380) | – | – | – | – | (109,380) |
| – | – | (180,855) | – | – | – | – | (180,855) |
| – | – | – | – | (6,227) | – | – | (6,227) |
| – | – | – | – | – | (2,918) | – | (2,918) |
| – | – | – | (5,825) | – | – | – | (5,825) |
| – | – | – | (31,160) | – | – | – | (31,160) |
| – | 52,779 | (13,018) | 779 | (2,321) | – | 4,379 | 42,598 |
| – | – | – | (350,000) | – | 23,495 | – | (326,505) |
| (5) | – | – | – | 1,749 | – | (246) | 1,498 |
| 15,227 | (475) | (206) | (4,810) | – | – | (146) | 9,590 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(a) 收入及业绩（续）
Construction
and
enginering
Property
investment
Property
development
and
operations
Healthcare
investment
Car
dealership
Insurance
and
investmentOthersTotal
建筑及
机械工程物业投资
物业发展
及营运
保健护理
投资汽车代理
保险及
投资其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
RESULTS业绩
Segment profit/(los) before
finance costs, net
扣除净财务费用前的
分类溢利╱（亏损）
Finance income财务收入
Finance costs财务费用
Segment profit/(los) before taxation除税前的分类溢利╱（亏损）
Taxation税项
Segment profit/(los) after taxation除税后的分类溢利╱（亏损）
Included in segment profit/(los) are:分类溢利╱（亏损）包括：
Share of results of asociates所占联营公司业绩
Share of results of joint ventures所占合营企业绩
Depreciation and amortisation, net of
amounts alocated to contract work
折旧及摊销，扣除分配
至合约工程之金额
Provision recognised for properties for
sale to net realisable value
已确认待售物业拨备
至可变现净值
Provision recognised for properties
under development
已确认发展中物业拨备
Impairment los on property,
plant and equipment
物业、厂房及设备之
减值亏损
Impairment los on investments at
amortised cost
按摊销成本列账之投资之
减值亏损
Impairment los on other
non-curent asets
其他非流动资产之
减值亏损
Impairment los on godwil商誉之减值亏损
Increase/(decrease) in fair value of
investment properties, net
投资物业之公允值增加╱（减少），
净额
Unrealised (los)/gain on investments at
fair value through profit or los, net
按公允值列入损益处理
之投资的未变现
（亏损）╱收益，净额
Provision (recognised)/writen back for
inventories to net realisable value, net
已（确认）╱拨回存货拨备
至可变现净值，净额
Provision writen back/(recognised) for
trade and other debtors, net
已拨回╱（确认）贸易及
其他应收账款之拨备，净额
5 SEGMENT INFORMATION (CONTINUED)
(a) Revenue and results (continued)
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 SEGMENT INFORMATION (CONTINUED)
(a) Revenue and results (continued)
Construction
and
enginering
Property
investment
Property
development
and
operations
Healthcare
investment
Car
dealership
Insurance
and
investmentOthersTotal
建筑及
机械工程物业投资
物业发展
及营运
保健护理
投资汽车代理
保险及
投资其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
For the year ended 31 March 2024截至二零二四年
三月三十一日止年度
REVENUE收入
Total revenue总收入4,093,682193,338667,903831,2951,552,983560,585425,6748,325,460
Inter-segment revenue (note)分类之间收入（附注）(52,544)(1,740)(45,022)–(22,578)(7,369)(129,253)
Group revenue集团收入4,041,138191,598622,881831,2951,552,983538,007418,3058,196,207
Share of revenue of asociates and
joint ventures
所占联营公司
及合营企业收入1,389,449–37,629125,023413,372–174,0082,139,481
Proportionate revenue from a joint
venture eliminated
已对销来自一间合营企业
之按比例收入(816)–(816)
Segment revenue分类收入5,429,771191,598660,510956,3181,966,355538,007592,31310,334,872
Revenue from contracts with customers
in acordance with HKFRS 15:
客户合约之收入根据香港
财务报告准则第15号：
– recognised at a point in time－在某一时点确认21,120–193,3682,9681,499,733774380,1872,098,150
– recognised over time－在一段时间确认4,019,983–421,788822,40418,619–36,5975,319,391
Revenue from other sources其他来源产生之收入35191,5987,7255,92334,631537,2331,521778,666
Group revenue集团收入4,041,138191,598622,881831,2951,552,983538,007418,3058,196,207
5 分类资料（续）
(a) 收入及业绩（续）
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
Construction
and
enginering
Property
investment
Property
development
and
operations
Healthcare
investment
Car
dealership
Insurance
and
investmentOthersTotal
建筑及
机械工程物业投资
物业发展
及营运
保健护理
投资汽车代理
保险及
投资其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
RESULTS业绩
Segment profit/(los) before
finance costs, net
扣除净财务费用前的
分类溢利╱（亏损）306,634109,002(103,511)(329,387)(22,064)114,225(45,654)29,245
Finance income财务收入6,1722,78912,0094,5442,51538,6301,90768,566
Finance costs财务费用(1,909)(26,194)–(41,438)(9,429)–(3,407)(82,377)
Segment profit/(los) before taxation除税前的分类溢利╱（亏损）310,89785,597(91,502)(366,281)(28,978)152,855(47,154)15,434
Taxation税项(28,604)(48,649)(52,780)(4,409)408(18,626)(8,145)(160,805)
Segment profit/(los) after taxation除税后的分类溢利╱（亏损）282,29336,948(144,282)(370,690)(28,570)134,229(55,299)(145,371)
Included in segment profit/(los) are:分类溢利╱（亏损）包括：
Share of results of asociates所占联营公司业绩188,240–(18,501)169,739
Share of results of joint ventures所占合营企业绩594–(7,747)(42,368)394–(49,127)
Depreciation and amortisation, net of
amounts alocated to contract work
折旧及摊销，扣除分配
至合约工程之金额(12,351)(1,091)(68,888)(68,451)(25,797)(68)(15,349)(191,995)
Provision recognised for properties for
sale to net realisable value
已确认待售物业拨备
至可变现净值–(27,991)–(27,991)
Provision recognised for properties
under development
已确认发展中物业拨备
–(190,500)–(190,500)
Impairment los on property,
plant and equipment
物业、厂房及设备
之减值亏损–(1,915)(7,784)–(18,449)(28,148)
Impairment los on godwil商誉之减值亏损–(89,661)–(89,661)
(Decrease)/increase in fair value of
investment properties, net
投资物业之公允值
（减少）╱增加，净额–(32,016)27,399(2,349)(3,270)–13,2593,023
Unrealised los on investments at
fair value through profit or los, net
按公允值列入损益处理之投资
的未变现亏损，净额–(122,402)–(29,328)–(151,730)
Provision (recognised)/writen back for
inventories to net realisable value, net
已（确认）╱拨回存货拨备
至可变现净值，净额(34)–4,834–(1,143)3,657
Provision (recognised)/writen back for
trade and other debtors, net
已（确认）╱拨回贸易及其他
应收账款之拨备，净额(31,601)–251(8,022)–(86)(39,458)
Note:
Inter-segment revenue is charged at prices determined by the
Directors with reference to market prices.
附注：
分类之间收入之交易价格由董事依
据市场价格厘定。
5 SEGMENT INFORMATION (CONTINUED)
(a) Revenue and results (continued)
5 分类资料（续）
(a) 收入及业绩（续）
| 11,371,197 |
|---|
| 1,989 |
| 790,315 |
| 513,583 |
| 418,545 |
| 210,953 |
| 129,134 |
| 23,830 |
| 21,781 |
| 2,108,141 |
| 9,265,045 |
| (287,848) |
|---|
| (56,046) |
| 48,256 |
| (206,891) |
| (87) |
| (502,616) |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(a) 收入及业绩（续）
总分类收入与本集团于综合收益
表内之收入对账如下：
除税后的分类亏损与年度亏损之
对账如下：
5 SEGMENT INFORMATION (CONTINUED)
(a) Revenue and results (continued)
Total segment revenue is reconciled to the Group’s revenue in
the consolidated income statement as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Total segment revenue总分类收入10,334,872
Ad: Proportionate revenue from
a joint venture eliminated
加：已对销来自一间合营
企业之按比例收入816
Les: Share of revenue of asociates
and joint ventures
减：所占联营公司
及合营企业收入
Maintenance and
other services
保养及其他服务
736,860
Construction and
instalation contracts
建筑及安装合约
652,589
Sales of motor vehicles
and others
汽车及其他之销售
413,372
Fod and beverage餐饮174,008
Leasing of properties物业租赁126,547
Hotel operations酒店营运29,524
Sales of properties物业销售6,581
2,139,481
Total revenue in the consolidated
income statement (note 6)
于综合收益表之总收入
（附注6）8,196,207
Reconciliation of segment los after taxation to los for the
year is provided as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Segment los after taxation除税后的分类亏损(145,371)
Unalocated corporate expenses未分配企业支出(63,121)
Unalocated finance income未分配财务收入21,140
Unalocated finance costs未分配财务费用(134,705)
Unalocated taxation未分配税项(707)
Los for the year年度亏损(322,764)
| 3,085,793 | 6,047,819 | 3,648,544 | 3,064,572 | 863,871 | 2,470,576 | 503,602 | 19,684,777 |
|---|---|---|---|---|---|---|---|
| 727,956 | – | – | – | – | – | – | 727,956 |
| 15,353 | – | 603,961 | 558,817 | 77,996 | – | – | 1,256,127 |
| 16,957 | – | – | – | – | – | – | 16,957 |
| – | – | 4,785 | – | 962 | – | – | 5,747 |
| 75,979 | 23,777 | 6,481 | 66,412 | 25,242 | 311 | 4,744 | 202,946 |
| 2,418,142 | 88,588 | 412,760 | 431,086 | 427,909 | 1,393,534 | 113,432 | 5,285,451 |
| – | – | 22,177 | – | – | – | – | 22,177 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(b) 资产及负债
5 SEGMENT INFORMATION (CONTINUED)
(b) Asets and liabilities
Construction
and
enginering
Property
investment
Property
development
and
operations
Healthcare
investment
Car
dealership
Insurance
and
investmentOthersTotal
建筑及
机械工程物业投资
物业发展
及营运
保健护理
投资汽车代理
保险及
投资其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
At 31 March 2025于二零二五年三月三十一日
ASETS资产
Segment asets分类资产
Included in segment asets are:分类资产包括：
Interests in asociates联营公司之权益
Interests in joint ventures合营企业之权益
Amount due from an asociate应收一间联营公司账款
Amounts due from joint ventures应收合营企业账款
Aditions to non-curent asets (note)添置非流动资产（附注）
LIABILITIES负债
Segment liabilities分类负债
Included in segment liabilities are:分类负债包括：
Amounts due to joint ventures应付合营企业账款
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(b) 资产及负债（续）
附注：
非流动资产指除财务工具、联营公
司之权益、合营企业之权益、递延税
项资产、应收一非控股权益账款及
再保险合约资产以外的非流动资产。
5 SEGMENT INFORMATION (CONTINUED)
(b) Asets and liabilities (continued)
Construction
and
enginering
Property
investment
Property
development
and
operations
Healthcare
investment
Car
dealership
Insurance
and
investmentOthersTotal
建筑及
机械工程物业投资
物业发展
及营运
保健护理
投资汽车代理
保险及
投资其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
At 31 March 2024于二零二四年三月三十一日
ASETS资产
Segment asets分类资产2,680,5195,260,6884,592,8883,340,199918,4372,408,145510,60619,711,482
Included in segment asets are:分类资产包括：
Interests in asociates联营公司之权益741,397–741,397
Interests in joint ventures合营企业之权益14,788–264,697606,88974,628–961,002
Amounts due from asociates应收联营公司账款20,107–10,80030,907
Amounts due from joint ventures应收合营企业账款–135,894–135,894
Aditions to non-curent asets (note)添置非流动资产（附注）80,8974,31740,05980,27424,7561634,665235,131
LIABILITIES负债
Segment liabilities分类负债2,253,19696,255347,469387,771433,7691,330,790112,0274,961,277
Included in segment liabilities are:分类负债包括：
Amounts due to joint ventures应付合营企业账款–17,512–153–17,665
Note:
Non-curent asets represent non-curent asets other than financial
instruments, interests in asociates, interests in joint ventures,
defered tax asets, amount due from a non-controling interest and
reinsurance contract asets.
| 19,684,777 |
|---|
| 26,693 |
| 364,248 |
| 55,307 |
| 18,500 |
| 20,149,525 |
| 5,285,451 |
| 120,175 |
| 4,559,265 |
| 515,856 |
| 10,480,747 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(b) 资产及负债（续）
分类资产及负债与总资产及负债
之对账如下：
(c) 地区资料
本集团建筑及机械工程业务主要
在香港、中国内地、澳门及澳洲
运作。物业投资业务主要在香
港、中国内地、加拿大、新加坡
及英国运作。物业发展及营运业
务主要在香港、中国内地及加拿
大运作。保健护理投资业务在香
港及美国运作。汽车代理业务在
中国内地及加拿大运作。保险及
投资业务主要在香港运作。其他
业务则主要在香港、美国、中国
内地及泰国运作。
5 SEGMENT INFORMATION (CONTINUED)
(b) Asets and liabilities (continued)
Reconciliation of segment asets and liabilities to total asets
and liabilities is provided as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Segment asets分类资产19,711,482
Prepaid tax预付税项23,473
Unalocated bank balances and cash未分配银行结存及现金548,956
Defered tax asets递延税项资产62,503
Other unalocated asets其他未分配资产18,141
Total asets总资产20,364,555
Segment liabilities分类负债4,961,277
Curent income tax liabilities当期所得税负债110,691
Bank and other borowings银行及其他借款4,470,905
Defered tax liabilities递延税项负债479,346
Total liabilities总负债10,022,219
(c) Geographical information
The Group’s operations in construction and enginering
busineses are mainly caried out in Hong Kong, Mainland
China, Macau and Australia. Property investment busineses
are mainly caried out in Hong Kong, Mainland China, Canada,
Singapore and the United Kingdom. Property development and
operations busineses are mainly caried out in Hong Kong,
Mainland China and Canada. Healthcare investment busineses
are caried out in Hong Kong and the USA. Car dealership
busineses are caried out in Mainland China and Canada.
Insurance and investment busineses are mainly caried out in
Hong Kong. Other busineses are mainly caried out in Hong
Kong, the USA, Mainland China and Thailand.
| 6,244,722 | 810,144# | 7,054,866 | 62 |
|---|---|---|---|
| 1,087,370 | 830,413 | 1,917,783 | 17 |
| 998,405 | 127,493 | 1,125,898 | 10 |
| 414,746 | 16,129 | 430,875 | 4 |
| 354,536 | – | 354,536 | 3 |
| 14,647 | 292,330 | 306,977 | 3 |
| 77,993 | 29,150 | 107,143 | 1 |
| 49,701 | – | 49,701 | 0 |
| 22,925 | – | 22,925 | 0 |
| – | 493 | 493 | 0 |
| 9,265,045 | 2,106,152 | 11,371,197 | 100 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(c) 地区资料（续）
联营公司及合营企业之建筑及机
械工程业务主要在香港、中国内
地、新加坡及澳门运作。物业发
展及营运业务主要在香港及中国
内地运作。保健护理投资业务在
美国运作。汽车代理业务在中国
内地运作。其他业务则主要在香
港及澳洲运作。
#
来自一间合营企业之按比例收
入已被对销。
本集团有两名客户各占超过本集
团总收入的10%。截至二零二五
年三月三十一日止年度，来自该
等客户的收入分别为港币10.504
亿元及港币9.678亿元，或占本
集团总收入的11.3%及10.4%（二
零二四年：一名客户收入为港币
8.703亿元或占本集团总收入的
10.6%）。
5 SEGMENT INFORMATION (CONTINUED)
(c) Geographical information (continued)
The asociates’ and joint ventures’ operations in construction
and enginering busineses are mainly caried out in Hong
Kong, Mainland China, Singapore and Macau. Property
development and operations busineses are mainly caried out
in Hong Kong and Mainland China. Healthcare investment
busineses are caried out in the USA. Car dealership
busineses are caried out in Mainland China. Other
busineses are mainly caried out in Hong Kong and Australia.
Segment revenue by geographical areas
按地区划分之分类收入
Company
and
subsidiaries
Asociates
and joint
ventures
Total
Company
and
subsidiaries
Asociates
and joint
ventures
Total
本公司及
附属公司
联营公司及
合营企业
二零二五年
总额
本公司及
附属公司
联营公司及
合营企业
二零二四年
总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元%港币千元港币千元港币千元%
Hong Kong香港4,343,680734,445
#
5,078,12550
Mainland China中国内地1,431,3311,000,3942,431,72524
USA美国948,386125,0231,073,40910
Macau澳门927,45617,086944,5429
Canada加拿大403,703–403,7034
Singapore新加坡14,035237,338251,3732
Australia澳洲54,59123,91678,5071
Thailand泰国44,602–44,6020
United Kingdom英国28,423–28,4230
Vietnam越南–4634630
8,196,2072,138,66510,334,872100
#
The proportionate revenue from a joint venture is eliminated.
The Group had two customers that each contributed more
than 10% of the Group’s total revenue. Revenue from these
customers acounted for HK$1,050.4 milion and HK$967.8
milion, respectively, or 11.3% and 10.4% of the total revenue
of the Group for the year ended 31 March 2025 (2024: One
customer is acounted for HK$870.3 milion or 10.6% of the
total revenue of the Group).
| 4,196,736 |
|---|
| 2,209,065 |
| 1,364,683 |
| 497,696 |
| 494,466 |
| 272,711 |
| 39,686 |
| 8,161 |
| 1,613 |
| 9,084,817 |
| 278,453 |
|---|
| 70,186 |
| 7,044 |
| 2,732 |
| 7,907 |
| 14,824 |
| 102,693 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(c) 地区资料（续）
以下为不包括财务工具、联营公
司之权益、合营企业之权益、递
延税项资产、应收一非控股权益
账款及再保险合约资产之按地区
划分之非流动资产账面值分析：
(d) 与客户合约有关的资产及负债
本集团确认以下与客户合约有关
的资产及负债：
5 SEGMENT INFORMATION (CONTINUED)
(c) Geographical information (continued)
The folowing is an analysis of the carying amounts of non-
curent asets, excluding financial instruments, interests in
asociates, interests in joint ventures, defered tax asets,
amount due from a non-controling interest and reinsurance
contract asets analysed by geographical areas:
Non-curent asets
非流动资产
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Hong Kong香港3,565,607
Mainland China中国内地2,115,987
USA美国1,599,175
United Kingdom英国474,240
Singapore新加坡487,200
Canada加拿大302,830
Macau澳门40,397
Thailand泰国6,587
Australia澳洲2,247
8,594,270
(d) Asets and liabilities related to contracts with
customers
The Group has recognised the folowing asets and liabilities
related to contracts with customers:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Contract asets合约资产
– construction and enginering－ 建筑及机械工程271,171
Contract liabilities合约负债
– construction and enginering－ 建筑及机械工程186,352
– property development
and operations
－ 物业发展及营运
10,759
– healthcare investment－ 保健护理投资5,309
– car dealership－ 汽车代理7,771
– others－ 其他13,196
223,387
| 173,319 |
|---|
| 10,759 |
| 4,033 |
| 7,771 |
| 12,769 |
| 208,651 |
| 19,981 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(d) 与客户合约有关的资产及负债（续）
合约资产增加是由于本集团就若
干合约于客户及╱或彼等顾问的
认证进度前执行较多建筑及机械
工程。
由于本年度就若干合约从客户收
取的预付款项减少及整体已完成
的建筑工程进度增加，故主要来
自建筑及机械工程之合约负债有
所减少。
(e) 就合约负债之已确认收入
下表载列于本报告期内已确认收
入与年初合约负债余额相关的金
额及与于过往期间履行的履约责
任相关的金额：
5 SEGMENT INFORMATION (CONTINUED)
(d) Asets and liabilities related to contracts with
customers (continued)
Contract asets have increased as the Group has performed
more construction and enginering works ahead of the
certified progres by customers and/or their consultants for
certain contracts.
Contract liabilities have decreased mainly from construction
and enginering due to les prepayment received from
customers for certain contracts and increase in overal
completed construction projects in curent year.
(e) Revenue recognised in relation to contract liabilities
The folowing table shows the amount of the revenue
recognised in the curent reporting period relates to contract
liabilities balance at the begining of the year and the amount
relates to performance obligations that were satisfied in
previous period:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Revenue recognised that was
included in the contract liabilities
balance at the begining of the year
计入年初合约负债余额之
已确认收入
– construction and enginering－ 建筑及机械工程305,925
– property development
and operations
－ 物业发展及营运
8,384
– healthcare investment－ 保健护理投资6,152
– car dealership－ 汽车代理9,645
– others－ 其他14,361
344,467
Revenue recognised from
performance obligations satisfied/
partialy satisfied in previous period
来自于过往期间履行╱
部份履行的履约责任之
已确认收入
– construction and enginering－ 建筑及机械工程1,287
| 4,883,919 |
|---|
| 1,232,625 |
| 6,116,544 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
5 分类资料（续）
(f) 尚未履行的履约责任
下表载列原预期限为一年期或
以上的合约中建筑及机械工程产
生的尚未履行履约责任的金额：
原预期到期日为一年或以下或本
集团有权从客户获得与本集团向
客户迄今完成的履约价值直接对
应的代价之所有其他合约，根据
香港财务报告准则第15号，分
配至该类未完成合约的交易价格
可不作披露。
(g) 为完成合约而将成本确认为资
产
于二零二五年及二零二四年三月
三十一日，并无为完成合约而将
成本确认为资产。
5 SEGMENT INFORMATION (CONTINUED)
(f) Unsatisfied performance obligations
The folowing table shows the amount unsatisfied performance
obligations resulting from construction and enginering for
contracts with an original expected duration of one year or
more:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Expected to be recognised within
one year
预期于一年内确认
4,665,418
Expected to be recognised after
one year
预期于一年后确认
5,397,099
10,062,517
For al other contracts with an original expected duration of
one year or les or where the Group has a right to
consideration from a customer in an amount that coresponds
directly with the value to the customer of the Group’s
performance completed to date, as permited under HKFRS
15, the transaction price alocated to these unsatisfied
contracts is not disclosed.
(g) Asets recognised from costs to fulfil a contract
As at 31 March 2025 and 2024, there is no aset recognised
from costs to fulfil a contract.
| 5,096,270 |
|---|
| 1,327,176 |
| 884,978 |
| 465,245 |
| 461,215 |
| 342,316 |
| 309,259 |
| 229,369 |
| 74,029 |
| 56,285 |
| 18,903 |
| – |
| 9,265,045 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
6 收入6 REVENUE
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Revenue represents amounts received
and receivable from:
收入指来自以下各项之已收
及应收款项：
Construction and instalation contracts建筑及安装合约3,886,381
Sales of information technology
equipment, motor vehicles and others
资讯科技设备、汽车及其他
之销售1,668,583
Senior housing and
rehabilitation operations
安老院舍及复康营运
825,372
Insurance contracts and
insurance brokerage
保险合约及保险经纪
482,265
Maintenance and property
management services
保养及物业管理服务
450,499
Warehouse, logistics and freight
forwarding services
仓库、物流及货运代理服务
363,516
Sales of properties物业销售163,925
Leasing of properties物业租赁211,905
Dividend and interest income
from investments
来自投资之股息及利息收入
61,668
Hotel operations酒店营运52,270
Leasing of vehicles and equipment汽车及设备租赁25,748
Fod and beverage餐饮4,075
Total revenue (note 5)总收入（附注5）8,196,207
| 41,139 |
|---|
| 24,627 |
| 1,880 |
| 22,412 |
| 4,308 |
| 2,835 |
| 4,850 |
| 1,933 |
| 8,305 |
| 112,289 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
7 其他收入7 OTHER INCOME
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Sales and marketing services income
from an asociate (note 45)
来自一间联营公司之销售及
市场推广服务收入（附注45）39,486
Management fe income from an
asociate and joint ventures (note 45)
来自一间联营公司及合营企业
之管理费收入（附注45）24,228
Service fe income from asociates
(note 45)
来自联营公司之服务费收入
（附注45）503
Government grants政府补助7,494
Compensation income补偿收入–
Handling fe income手续费收入4,467
Syndicated insurance income银团保险收入6,960
Secondment fe income from
an asociate (note 45)
来自一间联营公司之
借调费收入（附注45）1,806
Others其他7,839
92,783
| (317,649) |
|---|
| 490 |
| 42,598 |
| – |
| (658) |
| 193 |
| (19) |
| (3,840) |
| (6,227) |
| (2,918) |
| (5,825) |
| (31,160) |
| 1,331 |
| (2,165) |
| – |
| (14,002) |
| 9,590 |
| (180,855) |
| 24,469 |
| (1,666) |
| (1,695) |
| (490,008) |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
8 其他亏损，净额8 OTHER LOSES, NET
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Los on investments at fair value
through profit or los, net
按公允值列入损益处理之
投资亏损，净额(148,304)
Gain/(los) on derivative financial
instruments
衍生财务工具之收益╱（亏损）
(1,221)
Increase in fair value of investment
properties, net (note 14)
投资物业之公允值增加，净额
（附注14）3,023
Gain on transfer of properties for
sale to investment properties
待售物业转拨至投资物业
之收益11,575
Los on transfer of properties under
development to investment
properties (note 24)
发展中物业转拨至投资物业
之亏损（附注24）
–
Gain on disposal of property,
plant and equipment, net
出售物业、厂房及设备
之收益，净额1,389
Los on other intangible asets expired其他无形资产到期之亏损–
Los on disposal of investment properties出售投资物业之亏损–
Impairment los on property,
plant and equipment (note 15)
物业、厂房及设备之
减值亏损（附注15）(28,148)
Impairment los on investments at
amortised cost
按摊销成本列账之投资
之减值亏损–
Impairment los on other
non-curent asets
其他非流动资产之减值亏损
–
Impairment los on godwil (note 16)商誉之减值亏损（附注16）(89,661)
Gain on bargain purchase (note 38(b)议价收购之收益（附注38(b)）–
Writen of of property, plant and
equipment (note 15)
撇销物业、厂房及设备
（附注15）–
Provision for los of interest in
a joint venture (note 19)
于一间合营企业的权益
之亏损拨备（附注19）(21,800)
Provision recognised for amount
due from an asociate (note 18)
已确认应收一间联营公司账款
之拨备（附注18）–
Provision writen back/(recognised)
for trade and other debtors, net
已拨回╱（确认）贸易及
其他应收账款之拨备，净额(39,458)
Provision recognised for properties
under development (note 24)
已确认发展中物业之拨备
（附注24）(190,500)
Gain on disposal of the Certificates
of Ned for senior housing
出售与安老院舍有关的
需求证明书之收益–
Exchange los, net汇兑亏损，净额(3,958)
Others其他–
(507,063)
| 281,266 |
|---|
| (22,528) |
| 258,738 |
| (114,177) |
| 144,561 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
9 财务费用，净额
附注：
应用于从借款得来并用作物业发展之资
金的资本化年率为5.68%（二零二四年：
年率为5.52%至5.91%）。
9 FINANCE COSTS, NET
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Interest expenses on lease liabilities,
bank overdrafts, non-controling
interests and bank and other
borowings
租赁负债、银行透支、非控股
权益及银行及其他借款之
利息支出
263,141
Les: Amounts capitalised to
properties under
development (note)
减：拨作发展中物业之
资本化金额（附注）
(46,059)
217,082
Les: Interest income from bank
deposits, promisory notes,
an asociate, a joint venture,
a non-controling interest,
compensation income and an
investment at amortised cost
减：来自银行存款、承兑票据、
一间联营公司、一间合营
企业、一非控股权益、
补偿收入及一按摊销成本
列账之投资的利息收入
(89,706)
127,376
Note:
The capitalisation rate aplied to funds borowed and used for the
development of properties was 5.68% per anum (2024: betwen 5.52%
and 5.91% per anum).
| 4,957,673 | |
|---|---|
| 1,014,549 | |
| 298,493 | |
| (185,552) | |
| (464,243) | (481,491) 414,695 (32,103) |
| 363,267 | |
| 33,384 | |
| (98,899) 22,536 (1,337) | |
| (67,592) | |
| 49,150 | |
| (5,495) | |
| (23,937) | |
| 1,626,331 | 1,521,048 (311,855) |
| (336,546) | |
| 1,289,785 | |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
10 除税前亏损10 LOS BEFORE TAXATION
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Los before taxation has ben arived
at after charging/(crediting) the
folowing:
除税前亏损已扣除╱（计入）
下列项目：
Cost of construction contracts建筑合约成本
Cost of inventories sold存货销售成本
Cost of properties sold物业销售成本
Gros rental income of
HK$229,369,000 (2024:
HK$211,905,000) from properties
les direct operating expenses
(note a)
物业租金总收入港币229,369,000
元（二零二四年：港币
211,905,000元）
减直接经营支出（附注a）
Net insurance result保险业绩净额
– insurance service result－ 保险服务业绩
– insurance revenue－ 保险服务收入
– insurance service expenses
(note 33(a)
－ 保险服务支出
（附注33(a)）
– net expenses/(income) from
reinsurance contracts held
(note 33(b)
－ 持有的再保险合约之支
出╱（收入）净额
（附注33(b)）
– finance expenses from insurance
contracts isued (note 33(a)
－ 已签发保险合约之财务支出
（附注33(a)）
– finance income from reinsurance
contracts held (note 33(b)
－ 持有的再保险合约之财务收
入（附注33(b)）
Staf costs (note b)员工成本（附注b）
Les: Amounts alocated to
contract work
减：分配至合约工程之金额
1,289,7851,209,193
| 203,280 | 198,909 (4,393) |
|---|---|
| (7,776) | |
| 195,504 | |
| 7,314 | 6,039 2,861 |
| 2,582 | |
| 9,896 | |
| 6,944 | 8,913 8,996 446 3,018 412 |
| 8,576 | |
| 351 | |
| 2,572 | |
| (79) | |
| 18,364 | |
| 2,731 | 2,594 (50) |
| (71) | |
| 2,660 | |
| (1,498) | |
| 109,380 | |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
10 除税前亏损（续）
附注：
(a) 租金收入包括本集团从一间合营经营
所占收取之租金港币6,368,000元（二
零二四年：港币6,693,000元）减支出
港币981,000元（二零二四年：港币
1,052,000元）。租金收入包括来自投
资物业之总租金收入港币212,683,000
元（二零二四年：港币195,753,000元）
减直接经营支出港币41,330,000元（二
零二四年：港币26,943,000元）。
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Depreciation of property, plant and
equipment (note 15)
物业、厂房及设备之折旧
（附注15）
Les: Amounts alocated to
contract work
减：分配至合约工程之金额
Short-term lease payments in
respect of leasing of (note 29(c)
租赁以下项目之短期租赁费用
（附注29(c)）
– premises (note c)－ 楼宇（附注c）
– equipment－ 设备
Auditors’ remuneration核数师酬金
– audit services (Company’s auditor
and its afiliates)
－ 核数服务（本公司核数师及
其联属公司）
– audit services (other auditors)－ 核数服务（其他核数师）
– non-audit services (Company’s
auditor and its afiliates)
－ 非核数服务（本公司核数师
及其联属公司）
– non-audit services (other auditors)－ 非核数服务（其他核数师）
– (over)/under-provision in prior years－ 过往年度（超额拨备）╱
拨备不足
Amortisation of other intangible
asets (note 17)
其他无形资产摊销（附注17）
Les: Amounts alocated to
contract work
减：分配至合约工程之金额
Provision writen back for inventories
to net realisable value, net
已拨回存货拨备至可变现
净值，净额
Provision recognised for properties
for sale to net realisable value
已确认待售物业拨备至可
变现净值
Notes:
(a) Included in rental income is the Group’s share of an amount of
HK$6,368,000 (2024: HK$6,693,000) les outgoings of HK$981,000 (2024:
HK$1,052,000) from a joint operation. Included in rental income is a
gros amount of HK$212,683,000 (2024: HK$195,753,000) derived
from investment properties les direct operating expenses of
HK$41,330,000 (2024: HK$26,943,000).
10 LOS BEFORE TAXATION (CONTINUED)
| 79,202 |
|---|
| 1,634 |
| 3,731 |
| 14,731 |
| (9,020) |
| 90,278 |
| 48,461 |
| 138,739 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
10 除税前亏损（续）
附注：（续）
(b) 董事酬金已包括在员工成本内，其
详情在综合财务报表附注40中披露。
员工成本包括向员工作出之雇佣终
止福利港币3,515,000元（二零二四
年：港币873,000元）及界定供款退
休福利计划供款港币44,103,000元
（二零二四年：港币37,400,000元）。
(c) 截至二零二五及二零二四年三月
三十一日止年度，租赁楼宇之短期
租赁费用不包括或然租金。
11 税项
香港利得税乃就估计应课税溢利按
税率16.5%（二零二四年：16.5%）计
算。中国内地、澳门及海外溢利课税
乃按年内估计应课税溢利依本集团
经营业务所在税务管辖区之现行税
率计算。
递延税项之详情于综合财务报表附
注37内披露。
10 LOS BEFORE TAXATION (CONTINUED)
Notes: (continued)
(b) Details of Directors’ emoluments included in staf costs are disclosed
in note 40 to the consolidated financial statements.
Included in staf costs are amounts of HK$3,515,000 (2024:
HK$873,000) in respect of termination benefits made to staf and
HK$44,103,000 (2024: HK$37,400,000) in respect of contributions to
defined contribution retirement benefit schemes.
(c) For the years ended 31 March 2025 and 2024, no contingent rental
was included in short-term lease payments in respect of leasing of
premises.
11 TAXATION
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Curent tax本年度税项
Hong Kong香港64,092
Mainland China中国内地14,724
Macau澳门20,805
Overseas海外11,006
Over-provision in prior years过往年度超额拨备(1,116)
109,511
Defered tax递延税项
Origination and reversal of
temporary diferences and unused
tax loses (note 37)
暂时性差异及未动用
税务亏损之产生及
回拨（附注37）52,001
161,512
Hong Kong profits tax is calculated at the rate of 16.5% (2024:
16.5%) on the estimated asesable profits. Taxation on Mainland
China, Macau and overseas profits has ben calculated on the
estimated asesable profits for the year at the rates of taxation
prevailing in the tax jurisdictions in which the Group operates.
Details of defered taxation are disclosed in note 37 to the
consolidated financial statements.
| (363,877) |
|---|
| (133,018) |
| 51,531 |
| (445,364) |
| (73,486) |
| (4,286) |
| (576) |
| 73,580 |
| (37,973) |
| 116,785 |
| 85,082 |
| (14,744) |
| (9,020) |
| 4,765 |
| (1,388) |
| 138,739 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
11 税项（续）
综合收益表内除税前亏损与本年度
税项之对账如下：
11 TAXATION (CONTINUED)
Taxation for the year can be reconciled to the los before taxation
per the consolidated income statement as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Los before taxation除税前亏损(161,252)
Adjusted for:调整：
Share of results of asociates所占联营公司业绩(169,739)
Share of results of joint ventures所占合营企业绩49,127
(281,864)
Tax at the domestic income tax rate of
16.5% (2024: 16.5%)
按本地所得税率16.5%
（二零二四年：16.5%）
计算之税项(46,508)
Efect of diferent tax rates on
subsidiaries operating in
other tax jurisdictions
在其他税务管辖区经营之
附属公司因使用不同税率
之影响(7,280)
Changes in aplicable tax rates适用税率变更745
Tax efect of non-deductible expenses不可抵扣支出之税项影响110,332
Tax efect of non-taxable income毋须课税收入之税项影响(42,924)
Tax efect of tax loses not recognised未予确认税务亏损之税项影响114,232
Tax efect of deductible temporary
diference not recognised
未予确认可扣减暂时性差异之
税项影响39,564
Tax efect of tax loses and deductible
temporary diference not
previously recognised
过往未予确认之税务
亏损及可扣减暂时性差异之
税项影响(3,720)
Over-provision in prior years过往年度超额拨备(1,604)
Tax efect of land apreciation tax
deductible for calculation of income
tax purpose
就计算所得税之可扣减
土地增值税之税项影响
(249)
Others其他(1,076)
Taxation for the year年度税项161,512
| (473,089) |
|---|
| 301,576 |
|---|
| (1.57) |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
11 税项（续）
本集团属于经济合作暨发展组织发
布的第二支柱规则范本的范围内。
就本集团营运的若干税务管辖区（包
括澳洲、加拿大及英国）而言，第二
支柱法规已于二零二四年一月一日
生效。有关本集团在该等税务管辖
区的业务，截至二零二五年三月
三十一日止年度，本集团已评估并
无第二支柱所得税的重大风险。同
时，香港及本集团有营运的若干其
他税务管辖区之第二支柱法规，已
获颁布或实质上已获颁布，并将于
本集团在二零二五年四月一日或之
后开始的财政年度生效。根据现有
的评估及量化，倘新税法适用于截
至二零二五年三月三十一日止年度，
本集团认为不会有重大风险。
本集团亦已应用香港会计准则第12
号（修订本）「国际税务改革－第二支
柱规则范本」关于确认及披露与第二
支柱所得税有关的递延税项资产及
负债资料的暂时强制性豁免。
12 每股亏损
每股亏损乃根据本公司股东应占亏
损除以截至二零二五年及二零二四
年三月三十一日止年度已发行普通
股之加权平均数计算。
截至二零二五年及二零二四年三月
三十一日止年度概无潜在摊薄普通股。
11 TAXATION (CONTINUED)
The Group is within the scope of the Pilar Two model rules
published by the Organisation for Economic Co-operation and
Development. For certain tax jurisdictions where the Group has
operations including Australia, Canada and the United Kingdom,
the Pilar Two legislation has come into efect as of 1 January
2024. The Group has asesed that there is no material exposure
to Pilar Two income taxes for the year ended 31 March 2025 with
respect to the Group’s operations in these tax jurisdictions.
Meanwhile, the Pilar Two legislation in Hong Kong, as wel as
certain other tax jurisdictions where the Group operates, has ben
enacted or substantively enacted and wil be efective for the
Group’s financial years begining on or after 1 April 2025. Based
on the curent asesment and quantification, the Group considers
that if the new tax laws had ben aplied for the year ended 31
March 2025, the exposure would not have ben material.
The Group has also aplied the Amendments to HKAS 12, “International
Tax Reform – Pilar Two Model Rules”, temporary mandatory
exception to recognising and disclosing information about defered
tax asets and liabilities related to Pilar Two income taxes.
12 LOS PER SHARE
The los per share is calculated by dividing the los atributable to
shareholders of the Company by the weighted average number of
ordinary shares in isue during the years ended 31 March 2025
and 2024.
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Los atributable to shareholders
of the Company
本公司股东应占亏损
(370,390)
二零二五年二零二四年
Weighted average number of ordinary
shares in isue (’000 shares)
已发行普通股之加权平均数
（千股）301,928
Basic and diluted los per share (HK$)每股基本及摊薄亏损（港币）(1.23)
There were no potential diluted ordinary shares in existence for
the years ended 31 March 2025 and 2024.
| 24,101 |
|---|
| 24,101 |
| 48,202 |
| 4,943,096 |
|---|
| (19,650) |
| 7,130 |
| (18,171) |
| – |
| 781,000 |
| 12,041 |
| 42,598 |
| 5,748,044 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
13 股息
董事拟派末期股息每股港币0.08元，
合共港币24,101,000元，其须待即
将召开之股东周年大会上获股东批
准后，方可作实。金额将于截至二零
二六年三月三十一日止年度列作保
留溢利之分派。
14 投资物业
13 DIVIDENDS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Interim dividend of HK$0.08 (2024:
HK$0.06) per share paid
已派中期股息每股港币0.08元
（二零二四年：港币0.06元）18,116
Final dividend of HK$0.08 (2024:
HK$0.14) per share proposed
拟派末期股息每股港币0.08元
（二零二四年：港币0.14元）42,270
60,386
Final dividend of HK$0.08 per share totaling HK$24,101,000 has
ben proposed by the Directors and is subject to aproval by the
shareholders in the forthcoming anual general meting. The
amount wil be reflected as an apropriation of retained profits for
the year ending 31 March 2026.
14 INVESTMENT PROPERTIES
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
At begining of the year年初4,765,251
Exchange realignment汇兑调整(71,923)
Aditions添置2,585
Disposal出售–
Transfer from properties for sales转拨自待售物业64,310
Transfer from properties under
development (note 24)
转拨自发展中物业（附注24）
–
Transfer from property, plant and
equipment (note 15)
转拨自物业、厂房及设备
（附注15）179,850
Increase in fair value, net (note 8)公允值增加，净额（附注8）3,023
At end of the year年末4,943,096
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
14 投资物业（续）
附注：
(a) 本集团位于香港、中国内地及海外
之投资物业于二零二五年三月
三十一日之公允值乃根据主要由华
坊咨询评估有限公司及高力国际物
业顾问（香港）有限公司（此为独立合
资格评估师行，并于有关地区拥有
进行物业估值之合适资格及经验）按
该天进行之估值为基准而得出。该
估值乃遵守香港测量师学会所颁布
之香港测量师学会物业估值准则及╱
或国际估值准则理事会颁布之国际
估值准则及╱或皇家特许测量师学
会颁布之皇家特许测量师学会估值－
环球标准并已参照市场上类似物业
之交易价得出，或按收入净额计算，
并计及发展变化潜力。就所有投资
物业而言，其目前用途等于其最高
和最佳用途。
(b) 位于香港之投资物业之账面总值港
币82,000,000元（二零二四年：港币
80,667,000元）为本集团所占一间合
营经营之权益。
(c) 账面总值港币626,014,000元（二零
二四年：港币601,329,000元）之投
资物业已作抵押，作为授予本集团
银行信贷之担保。
(d) 投资物业之估值
下表载列第三级公允值架构的投资
物业截至二零二五年及二零二四年
三月三十一日止年度之变动：
14 INVESTMENT PROPERTIES (CONTINUED)
Notes:
(a) The fair value of the Group’s investment properties in Hong Kong,
Mainland China and overseas as at 31 March 2025 had ben arived at
on the basis of valuation caried out on that date mainly by CHFT
Advisory and Apraisal Limited and Coliers International (Hong Kong)
Limited, which are independent firms of qualified valuers having
apropriate qualifications and experience in the valuation of properties
in the relevant locations. The valuation, which conforms to the HKIS
Valuation Standards on Properties published by the HKIS and/or the
International Valuation Standards published by the IVSC and/or the
RICS Valuation – Global Standards published by the RICS, was arived
at with reference to market evidence of transaction prices of similar
properties or calculated on the net income alowing for reversionary
potential. For al investment properties, their curent use equates to
the highest and best use.
(b) Investment properties in Hong Kong with a total carying value of
HK$82,000,000 (2024: HK$80,667,000) represented the Group’s share
of interest in a joint operation.
(c) Charges were created on the investment properties with a total
carying value of HK$626,014,000 (2024: HK$601,329,000) for the
purpose of securing banking facilities granted to the Group.
(d) Valuation of investment properties
The folowing table presents the changes in level 3 fair value hierarchy
of investment properties for the years ended 31 March 2025 and 2024:
| 371,797 | 355,741 | 592,015 | 37,320 | 1,251,289 | 1,705,593 | 629,341 | 4,943,096 |
|---|---|---|---|---|---|---|---|
| – | (3,240) | 2,658 | – | (12,641) | – | (6,427) | (19,650) |
| – | – | – | – | – | 7,130 | – | 7,130 |
| – | (3,370) | (14,801) | – | – | – | – | (18,171) |
| – | – | – | 781,000 | – | – | – | 781,000 |
| – | 12,041 | – | – | – | – | – | 12,041 |
| (27,33 7) | (14,89 5) | 13,36 0 | 2,20 0 | 113,86 7 | (55,56 2) | 10,96 5 | 42,59 8 |
| 344,460 | 346,277 | 593,232 | 820,520 | 1,352,515 | 1,657,161 | 633,879 | 5,748,044 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
14 投资物业（续）
附注：（续）
(d) 投资物业之估值（续）
本集团包含审阅由独立评估师就财
务报告目的所作估值之团队，且该
团队直接向高级管理人员报告。高
级管理人员至少每六个月（与本集团
中期及年度报告日期一致）与评估师
进行一次估值过程及结果讨论。
于各报告期末，本集团：
• 核实对独立估值报告的所有重
大输入数据；
• 评估物业估值与上年度估值报
告比较下的变动；及
- 。
14 INVESTMENT PROPERTIES (CONTINUED)
Notes: (continued)
(d) Valuation of investment properties (continued)
Comercial propertiesResidential propertiesIndustrial propertiesTotal
商业物业住宅物业工业物业总计
Hong Kong
Mainland
ChinaOverseasHong Kong
Mainland
ChinaHong KongOverseas
香港中国内地海外香港中国内地香港海外
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
At 1 April 2024于二零二四年四月一日
Exchange realignment汇兑调整
Aditions添置
Disposal出售
Transfer from properties under
development (note 24)
转拨自发展中物业（附注24）
Transfer from property, plant and
equipment (note 15)
转拨自物业、厂房及设备
（附注15）
(Decrease)/increase in fair value,
net (note 8)
公允值（减少）╱增加，净额
（附注8）
At 31 March 2025于二零二五年三月三十一日
At 1 April 2023于二零二三年四月一日414,617127,337689,34542,0401,234,7711,658,039599,1024,765,251
Exchange realignment汇兑调整–(8,880)11,633–(65,743)–(8,933)(71,923)
Reclasification重新分类–11,678–(11,678)–
Aditions添置–2,585–2,585
Transfer from properties for sales转拨自待售物业–64,310–64,310
Transfer from property, plant and
equipment (note 15)
转拨自物业、厂房及设备（附注15）
–179,850–179,850
(Decrease)/increase in fair value,
net (note 8)
公允值（减少）╱增加，净额（附注8）
(42,820)(6,876)(120,641)(4,720)82,26144,96950,8503,023
At 31 March 2024于二零二四年三月三十一日371,797355,741592,01537,3201,251,2891,705,593629,3414,943,096
The Group includes a team that reviews the valuations performed by
the independent valuer for financial reporting purposes and reports
directly to the senior management. Discusions of valuation proceses
and results are held betwen the senior management and valuers at
least once every six months, in line with the Group’s interim and
anual reporting dates.
At the end of each reporting period, the Group:
- ;
• aseses property valuation movements when compared to the
prior year valuation reports; and
• holds discusions with the independent valuers.
| HK$200 to HK$1,026 港币200元至 港币1,026元 |
|---|
| HK$8 to HK$40 港币8元至 港币40元 |
| HK$37 to HK$303 港币37元至 港币303元 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
14 投资物业（续）
附注：（续）
(d) 投资物业之估值（续）
香港、中国内地及海外商用、住宅及
工业物业之公允值采用直接比较法
及收益资本化方法计算得出（如适
用）。直接比较法乃基于将要估值之
物业与最近曾交易之其他可供比较
物业作直接比较。然而，鉴于房地产
物业之多样化性质，通常须就任何
可能影响在审议中的物业所达之价
格的质素差异作出适当调整。收益
资本化法乃基于通过采用适当之资
本化率，将收入净额及收入变化潜
力予以资本化，而资本化率乃通过
对销售交易之分析和评估师对当时
投资者之要求或期望的理解而得出。
在估值中采用之现行市场租金乃根
据对该物业及其他可供比较物业之
近期出租情况而厘定。
年内的估值方法并无变化。
厘定公允值所用之重大不可观察输
入数据
现行市场租金乃基于投资物业，于
接受估值的物业及其他可供比较物
业内之最近期出租情况估计。租金
越低，则公允值越低。
收益资本化方法所用现行市场租金：
14 INVESTMENT PROPERTIES (CONTINUED)
Notes: (continued)
(d) Valuation of investment properties (continued)
Fair values of comercial, residential and industrial properties in Hong
Kong, Mainland China and overseas are derived using the direct
comparison method and income capitalisation method, as apropriate.
Direct comparison method is based on comparing the property to be
valued directly with other comparable properties, which have recently
transacted. However, given the heterogeneous nature of real estate
properties, apropriate adjustments are usualy required to alow for
any qualitative diferences that may afect the price likely to be
achieved by the property under consideration. Income capitalisation
method is based on the capitalisation of the net income and
reversionary income potential by adopting apropriate capitalisation
rates, which are derived from analysis of sale transactions and valuers’
interpretation of prevailing investor requirements or expectations. The
prevailing market rents adopted in the valuation have reference to
recent letings, within the subject properties and other comparable
properties.
There were no changes to the valuation techniques during the year.
Significant unobservable inputs used to determine fair values
Prevailing market rents are estimated based on recent letings for
investment properties, within the subject properties and other
comparable properties. The lower the rents, the lower the fair values.
Prevailing market rents used in the income capitalisation method:
二零二五年二零二四年
Residential properties住宅物业
– Mainland China (per square metre
(“sq. m.”) per month)
－ 中国内地（每月每平方米
（「平方米」）
HK$183 to
HK$1,031
港币183元至
港币1,031元
Comercial properties商业物业
– Mainland China (per sq. m. per month)－ 中国内地（每月每平方米）HK$8 to
HK$46
港币8元至
港币46元
– Overseas (per square fet (“sq. ft.”)
per month)
－ 海外（每月每平方呎（「平方呎」）HK$38 to
HK$309
港币38元至
港币309元
| 2.5% to 6.5% |
|---|
| 2.5%至6.5% |
| 7% to 7.25% |
| 7%至7.25% |
| 3.99% to 7.29% |
| 3.99%至7.29% |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
14 投资物业（续）
附注：（续）
(d) 投资物业之估值（续）
厘定公允值所用之重大不可观察输
入数据（续）
资本化率乃由评估师基于所估值之
投资物业之风险状况估计。比率越
高，则公允值越低。
收益资本化方法所用资本化率：
对比其他可比较物业的每平方呎或
每平方米近期交易价格构成直接比
较法下的输入数据，于二零二五年
三月三十一日香港及中国内地商业
物业、香港及中国内地住宅物业及
香港工业物业之价格平均值分别约
为每平方呎港币6,300元、每平方米
港币12,400元、每平方呎港币
10,200元、每平方米港币34,800元
及每平方呎港币4,000元（二零二四
年：每平方呎港币6,900元、每平方
米港币17,900元、每平方呎港币
9,900元、每平方米港币34,400元及
每平方呎港币4,500元）。
14 INVESTMENT PROPERTIES (CONTINUED)
Notes: (continued)
(d) Valuation of investment properties (continued)
Significant unobservable inputs used to determine fair values (continued)
Capitalisation rates are estimated by valuers based on the risk profile
of the investment properties being valued. The higher the rates, the
lower the fair values.
Capitalisation rates used in the income capitalisation method:
二零二五年二零二四年
Residential properties住宅物业
– Mainland China－ 中国内地2.5% to 6.5%
2.5%至6.5%
Comercial properties商业物业
– Mainland China－ 中国内地7% to 7.25%
7%至7.25%
– Overseas－ 海外3.98% to 7.75%
3.98%至7.75%
Comparing price per sq. ft. or per sq. m. with other recently transacted
comparable properties formed the inputs under direct comparison
method, which is in average of aproximately amounted to HK$6,300
per sq. ft., HK$12,400 per sq. m., HK$10,200 per sq. ft., HK$34,800
per sq. m. and HK$4,000 per sq. ft. (2024: HK$6,900 per sq. ft.,
HK$17,900 per sq. m., HK$9,900 per sq. ft., HK$34,400 per sq. m. and
HK$4,500 per sq. ft.) for comercial properties in Hong Kong and
Mainland China, residential properties in Hong Kong and Mainland
China, and industrial properties in Hong Kong respectively as at 31
March 2025.
| 62,149 | 134,041 | 1,549,901 | 112,579 | 729,489 | 1,787,553 | 4,375,712 |
|---|---|---|---|---|---|---|
| – | (8,314) | (11,345) | (1,108) | (2,541) | (4,652) | (27,960) |
| – | – | 17,358 | 17,783 | 68,667 | 67,509 | 171,317 |
| – | – | 2,420 | 1,245 | – | – | 3,665 |
| – | – | – | (11,482) | (15,020) | – | (26,502) |
| – | – | (4,005) | (484) | – | – | (4,489) |
| – | – | (12,374) | – | – | – | (12,374) |
| – | – | (163,409) | – | (44,942) | – | (208,351) |
| – | – | – | – | – | (465) | (465) |
| – | – | – | – | – | (1,763) | (1,763) |
| 62,149 | 125,727 | 1,378,546 | 118,533 | 735,653 | 1,848,182 | 4,268,790 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
15 物业、厂房及设备15 PROPERTY, PLANT AND EQUIPMENT
Cold storage
warehouse
Hotel
properties
Other
properties
Plant,
machinery
and
equipment
Furniture,
fixtures, ofice
equipment,
motor
vehicles and
vesel
Right-of-use
asetsTotal
冷藏货仓酒店物业其他物业
厂房、
机器及设备
家私、装置、
办公室设备、
汽车及船舶使用权资产总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元
Cost or valuation成本或估值
At 31 March 2023于二零二三年三月三十一日62,149134,7151,580,052122,371666,0241,989,1024,554,413
Exchange realignment汇兑调整–(674)(11,780)(3,975)(4,878)(22,008)(43,315)
Aditions添置–25,67116,43474,7143,700120,519
Disposals出售–(22,251)(6,371)–(28,622)
Transfer to investment properties (note 14)转拨至投资物业（附注14）–(44,042)–(197,766)(241,808)
Lease modification租赁修订–(462)(462)
Lease expiration/termination租赁届满╱终止–(3,599)(3,599)
Change in fair value公允值变动–18,58618,586
At 31 March 2024于二零二四年三月三十一日
Exchange realignment汇兑调整
Aditions添置
Acquisition of a subsidiary (note 38(b)收购一间附属公司（附注38(b)）
Disposals出售
Writen of (note 8)撇销（附注8）
Transfer to investment properties (note 14)转拨至投资物业（附注14）
Realocation to asets held-for-sale重新分配至持作出售资产
Lease modification租赁修订
Lease expiration/termination租赁届满╱终止
At 31 March 2025于二零二五年三月三十一日
| 43,528 | 66,162 | 413,533 | 78,829 | 491,424 | 538,583 | 1,632,059 |
|---|---|---|---|---|---|---|
| – | (4,211) | (4,010) | (738) | (1,018) | (2,080) | (12,057) |
| 3,238 | 1,272 | 44,340 | 10,556 | 79,584 | 64,290 | 203,280 |
| – | – | – | (6,523) | (14,508) | – | (21,031) |
| – | – | (2,057) | (267) | – | – | (2,324) |
| – | – | (333) | – | – | – | (333) |
| – | – | (61,961) | – | (31,261) | – | (93,222) |
| – | – | – | 1,901 | – | 4,326 | 6,227 |
| – | – | – | – | – | (1,763) | (1,763) |
| 46,766 | 63,223 | 389,512 | 83,758 | 524,221 | 603,356 | 1,710,836 |
| 15,383 | 62,504 | 989,034 | 34,775 | 211,432 | 1,244,826 | 2,557,954 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
15 物业、厂房及设备（续）15 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Cold storage
warehouse
Hotel
properties
Other
properties
Plant,
machinery
and
equipment
Furniture,
fixtures, ofice
equipment,
motor
vehicles and
vesel
Right-of-use
asetsTotal
冷藏货仓酒店物业其他物业
厂房、
机器及设备
家私、装置、
办公室设备、
汽车及船舶使用权资产总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元
Acumulated depreciation
and impairment
累计折旧及减值
At 31 March 2023于二零二三年三月三十一日40,29065,102391,21682,254415,934509,6871,504,483
Exchange realignment汇兑调整–(336)(4,365)(2,252)(2,599)(5,548)(15,100)
Charged for the year (note 10)年度折旧（附注10）3,2381,39647,40011,55570,00665,314198,909
Disposals出售–(12,756)(5,390)–(18,146)
Transfer to investment properties
(note 14)
转拨至投资物业（附注14）
–(23,880)–(38,078)(61,958)
Impairment los (note 8) (note c)减值亏损（附注8）（附注c）–3,1622813,47311,48528,148
Lease expiration/termination租赁届满╱终止–(4,277)(4,277)
At 31 March 2024于二零二四年三月三十一日
Exchange realignment汇兑调整
Charged for the year (note 10)年度折旧（附注10）
Disposals出售
Writen of (note 8)撇销（附注8）
Transfer to investment properties
(note 14)
转拨至投资物业（附注14）
Realocation to asets held-for-sale重新分配至持作出售资产
Impairment los (note 8) (note c)减值亏损（附注8）（附注c）
Lease expiration/termination租赁届满╱终止
At 31 March 2025于二零二五年三月三十一日
Carying value账面值
At 31 March 2025于二零二五年三月三十一日
At 31 March 2024于二零二四年三月三十一日18,62167,8791,136,36833,750238,0651,248,9702,743,653
| 887,245 |
|---|
| 1,424,502 |
| 2,311,747 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
15 物业、厂房及设备（续）
附注：
(a) 物业之账面值包括：
(b) 账面总值港币347,795,000元（二零
二四年：港币358,112,000元）之物
业、厂房及设备已作抵押，作为授予
本集团银行信贷之担保，其中结余
港币29,219,000元（二零二四年：港
币27,210,000元）乃属于浮动抵押。
(c) 截至二零二五年三月三十一日止年
度，已确认物业、厂房及设备的减值
亏损约港币620万元（二零二四年：
港币2,810万元）。
截至二零二四年三月三十一日止年
度，约港币190万元的减值亏损乃就
香港的保健护理投资业务确认，以
反映管理层根据过往表现而对复康
中心的前景作出的最新评估。估计
可收回金额为港币300万元。
就香港的餐饮业务而言，截至二零
二四年三月三十一日止年度已确认
物业、厂房及设备的减值亏损约港
币1,840万元，以反映管理层的最新
业务决定，终止本集团其中一间自
营餐厅的业务营运。估计可收回金
额为零。
此外，约港币620万元（二零二四年：
港币780万元）减值亏损已就中国内
地的汽车代理业务确认，以反映管
理层根据业务未来前景对现金产生
单位的最新评估。估计可收回金额
为港币500万元（二零二四年：港币
1,030万元）。
年内确认的减值亏损指现金产生单
位的物业、厂房及设备的账面值与
其估计可收回金额之间的差额。
15 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Notes:
(a) The carying value of properties comprise:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Frehold land and buildings thereon永久业权土地及建于其上之楼宇1,029,515
Leased and leasehold land and
buildings thereon
租赁及租赁土地及建于其上之楼宇
1,442,323
2,471,838
(b) Charges were created on the property, plant and equipment with a
total carying value of HK$347,795,000 (2024: HK$358,112,000) for
the purpose of securing banking facilities granted to the Group, of
which balances of HK$29,219,000 (2024: HK$27,210,000) were
subject to floating charges.
(c) During the year ended 31 March 2025, impairment los on property,
plant and equipment of aproximately HK$6.2 milion (2024: HK$28.1
milion) was recognised.
For the year ended 31 March 2024, aproximately HK$1.9 milion
impairment los was recognised for healthcare investment busines in
Hong Kong in order to reflect the management’s latest asesment of
the outlok of the rehabilitation centre based on its past performance.
The estimated recoverable amount was HK$3.0 milion.
In respect of the fod and beverage busineses in Hong Kong,
impairment los on property, plant and equipment of aproximately
HK$18.4 milion was recognised for the year ended 31 March 2024 in
order to reflect the management’s latest busines decision to cease
one of the Group’s own restaurant operations. The estimated
recoverable amount was nil.
Also, aproximately HK$6.2 milion (2024: HK$7.8 milion) impairment
los was recognised for car dealership busines in Mainland China in
order to reflect management’s latest asesment of the CGUs based
on future outlok of the busines. The estimated recoverable amount
was HK$5.0 milion (2024: HK$10.3 milion).
The impairment los recognised for the year represented the
diference betwen the carying amounts of property, plant and
equipment of the CGUs and their estimated recoverable amounts.
| 513,831 |
|---|
| (2,268) |
| (9,280) |
| (31,160) |
| (23,229) |
| 447,894 |
| 26,534 | 3,000 | 102,002 | 17,837 | 13,780 | 163,153 |
|---|---|---|---|---|---|
| – | – | (494) | (30) | 67 | (457) |
| – | – | – | 5,231 | 511 | 5,742 |
| – | – | (20,989) | (2,981) | (43) | (24,013) |
| 26,534 | 3,000 | 80,519 | 20,057 | 14,315 | 144,425 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
16 商誉
商誉之减值评估详情披露于综合财
务报表附注39。
17 其他无形资产
16 GODWIL
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
At begining of the year年初605,419
Exchange realignment汇兑调整(1,927)
Realocation to asets held-for-sale重新分配至持作出售资产–
Impairment los (note 8)减值亏损（附注8）(89,661)
Disposal出售–
At end of the year年末513,831
Details of the impairment asesment of godwil are disclosed in
note 39 to the consolidated financial statements.
17 OTHER INTANGIBLE ASETS
Roads,
drainage
and
waterworks
licence
Cold
storage
and public
bonded
warehouse
licences
Lease-in-
place
Computer
software
and systemOthersTotal
道路、
渠务及水务
工程牌照
冷藏仓库及
公众保税仓
牌照现存租赁
电脑软件及
系统其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
Cost成本
At 31 March 2023于二零二三年三月三十一日26,5343,000102,39315,25913,694160,880
Exchange realignment汇兑调整–(391)(53)86(358)
Aditions添置–2,631–2,631
At 31 March 2024于二零二四年三月三十一日
Exchange realignment汇兑调整
Aditions添置
Writen of/expired撇销╱到期
At 31 March 2025于二零二五年三月三十一日
| 26,534 | 3,000 | 80,519 | 7,242 | 4,488 | 121,783 |
|---|---|---|---|---|---|
| – | – | – | 12,815 | 9,827 | 22,642 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
17 其他无形资产（续）
其他无形资产（除道路、渠务及水务
工程牌照（「牌照」）外）乃以直线法按
下列估计可使用年期或牌照期两者
中之较短者进行摊销：
冷藏仓库及公众
保税仓牌照
十年
现存租赁三年
电脑软件及系统五至十年或余下
订阅期（以较短者
为准）
Roads,
drainage
and
waterworks
licence
Cold
storage
and public
bonded
warehouse
licences
Lease-in-
place
Computer
software
and systemOthersTotal
道路、
渠务及水务
工程牌照
冷藏仓库及
公众保税仓
牌照现存租赁
电脑软件及
系统其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
Acumulated amortisation
and impairment
累计摊销及减值
At 31 March 2023于二零二三年
三月三十一日26,5343,000101,7825,5914,306141,213
Exchange realignment汇兑调整–(391)(18)87(322)
Charged for the year (note 10)年度摊销（附注10）–6111,952312,594
At 31 March 2024于二零二四年
三月三十一日26,5343,000102,0027,5254,424143,485
Exchange realignment汇兑调整–(494)(12)67(439)
Charged for the year (note 10)年度摊销（附注10）–2,691402,731
Writen of/expired撇销╱到期–(20,989)(2,962)(43)(23,994)
At 31 March 2025于二零二五年
三月三十一日
Carying value账面值
At 31 March 2025于二零二五年
三月三十一日
At 31 March 2024于二零二四年
三月三十一日–10,3129,35619,668
Other intangible asets (other than roads, drainage and waterworks
licence (“Licence”) are amortised on a straight-line basis over the
shorter of folowing estimated useful lives or licence period:
Cold storage and public bonded
warehouse licences
10 years
Lease-in-place3 years
Computer software and systemShorter of 5-10 years or
remaining subscription period
17 OTHER INTANGIBLE ASETS (CONTINUED)
| 683,358 |
|---|
| 58,600 |
| (14,002) |
| 727,956 |
| 16,957 |
| 705,597 |
|---|
| (285) |
| 133,018 |
| (1,131) |
| (153,841) |
| 683,358 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
17 其他无形资产（续）
董事认为，重续牌照费用较低，故本
集团亦会将牌照不断更新。本集团
管理层认为牌照具有无限可使用年
期，故此不会被摊销，直至在本集团
管理层就其可使用年期每年重新评
估后，断定其可使用年期有限为止。
金额已于过往年度悉数减值。
安老院舍业务之现存租赁乃作为业
务合并一部份而购入。本集团管理
层认为现存租赁之有限可使用年期
为三年。现存租赁将于有迹象表明
可能出现减值时进行减值测试。
18 联营公司之权益
本集团于年内所占联营公司之权益
变动之分析如下：
17 OTHER INTANGIBLE ASETS (CONTINUED)
The Directors are of the opinion that the upkep of the Licence is
at minimal cost and the Group would renew the Licence
continuously. The Licence is considered by the management of
the Group as having an indefinite useful life and wil not be
amortised until its useful life is determined to be finite upon
reasesment of its useful life anualy by the management of the
Group. The amount was fuly impaired in prior year.
The lease-in-place of senior housing busines was purchased as
part of busines combination. The lease-in-place is considered by
the management of the Group as having finite lives of 3 years. The
lease-in-place wil be tested for impairment whenever there is an
indication that it may be impaired.
18 INTERESTS IN ASOCIATES
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent:非流动：
Interests in asociates, including
godwil
联营公司之权益，包括商誉
705,597
Amount due from an asociate
(note b)
应收一间联营公司账款
（附注b）35,800
Les: Provision for impairment
(note 8)
减：减值拨备（附注8）
–
741,397
Curent:流动：
Amounts due from asociates
(note b)
应收联营公司账款
（附注b）30,907
The movements in the Group’s interests in asociates during the
year are analysed as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
At begining of the year年初698,943
Exchange realignment汇兑调整(5,155)
Share of results所占业绩169,739
Share of other comprehensive
expenses
所占其他全面支出
(5,812)
Dividends股息(152,118)
At end of the year年末705,597
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
18 联营公司之权益（续）
附注：
(a) 于二零二五年三月三十一日各主要
联营公司之资料已载于综合财务报
表附注50。
(b) 非流动资产项下之应收一间联营公
司账款港币58,600,000元（二零二四
年：港币35,800,000元）被视为属权
益性质及以港币计值。
应收联营公司账款为无抵押、免息及
须按要求偿还，惟港币25,000,000元、
港币21,600,000元及港币12,000,000
元（二零二四年：港币25,000,000元及
港币21,600,000元）之结余除外，该等
款项分别按每年5%、5.41%及6%（二
零二四年：每年5%及5.41%）计息。
流动资产项下应收联营公司账款之
账面值与其公允值相若及以港币计值。
(c) 其士（香港）有限公司及其附属公司（统
称「其士香港集团」）、东芝电梯（中国）
有限公司（「东芝电梯（中国）」）及东
芝电梯（沈阳）有限公司（「东芝电梯（沈
阳）」）具类似风险状况，从事相似业
务活动及彼此之间相互关联，董事
认为，对本集团而言属重大。以下载
列其士香港集团、东芝电梯（中国）
及东芝电梯（沈阳）之财务资料概要。
其士香港集团、东芝电梯（中国）及
东芝电梯（沈阳）从事升降机及电扶
梯制造、营销、安装、维修及保养业
务，以权益法入账。
18 INTERESTS IN ASOCIATES (CONTINUED)
Notes:
(a) Particulars regarding the principal asociates as at 31 March 2025
were set out in note 50 to the consolidated financial statements.
(b) Amount due from an asociate under non-curent asets of
HK$58,600,000 (2024: HK$35,800,000) is considered equity in nature
and denominated in Hong Kong dolar.
Amounts due from asociates are unsecured, interest-fre and
repayable on demand, except for the balances of HK$25,000,000,
HK$21,600,000 and HK$12,000,000 (2024: HK$25,000,000 and
HK$21,600,000) which bear interest rates at 5%, 5.41% and 6% per
anum respectively (2024: 5% and 5.41% per anum).
The carying amounts of amounts due from asociates under curent
asets aproximate their fair values and are denominated in Hong
Kong dolar.
(c) Chevalier (HK) Limited and its subsidiaries (together, “CHK Group”),
Toshiba Elevator (China) Co., Ltd. (“TCE”) and Toshiba Elevator (Shenyang)
Co., Ltd. (“STE”) which have a similar risk profile, are engaged in
similar busines activities and related to each other which, in the
opinion of the Directors, are material to the Group. Set out below is
the sumarised financial information for CHK Group, TCE and STE.
CHK Group, TCE and STE are engaged in the manufacturing,
marketing, instalation, repair and maintenance of the lift and escalator
busines and are acounted for using equity method.
| 295,000 |
|---|
| 2,876,363 |
| (1,588,128) |
| 1,288,235 |
| (149,749) |
| 1,433,486 |
| 3,661,978 |
|---|
| 135,062 |
| (79,097) |
| 55,965 |
| (2,644) |
| 53,321 |
| 140,685 |
| 153,841 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
18 联营公司之权益（续）
附注：（续）
(c) （续）
财务状况表概要
全面收益表概要
18 INTERESTS IN ASOCIATES (CONTINUED)
Notes: (continued)
(c) (continued)
Sumarised statement of financial position
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent asets非流动资产237,803
Curent流动
Asets资产3,201,368
Liabilities负债(1,701,648)
Net curent asets流动资产净值1,499,720
Non-curent liabilities非流动负债(43,022)
Net asets资产净值1,694,501
Sumarised statement of comprehensive income
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Revenue收入4,385,519
Profit before taxation除税前溢利419,054
Taxation expense税项开支(111,306)
Profit for the year年度溢利307,748
Other comprehensive expenses
for the year
年度其他全面支出
(12,610)
Total comprehensive income
for the year
年度全面收益总额
295,138
The Group’s share of total
comprehensive income for the year
本集团所占年度全面收益总额
182,061
Dividends received from an asociate已收一间联营公司股息152,118
| 1,694,501 |
|---|
| (376) |
| 55,965 |
| (2,644) |
| (313,960) |
| 1,433,486 |
| 713,262 |
| 14,69 4 |
| 727,956 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
18 联营公司之权益（续）
附注：（续）
(c) （续）
全面收益表概要（续）
上述资料反映联营公司财务报表内
呈列的总额，乃就本集团与联营公
司会计政策不同而作出调整。上述
资料乃于公司间对销前之金额。
财务资料概要之对账
所呈列财务资料概要与联营公司之
权益账面值之对账载列如下：
#
于二零二五年三月三十一日，本集
团分别持有其士香港集团、东芝
电梯（中国）及东芝电梯（沈阳）（均
为联营公司）之49%、20%及20%
（二零二四年：分别持有49%、
20%及20%）权益。
18 INTERESTS IN ASOCIATES (CONTINUED)
Notes: (continued)
(c) (continued)
Sumarised statement of comprehensive income (continued)
The information above reflects the agregated amounts as presented
in the financial statements of the asociates, adjusted for diferences
in acounting policies betwen the Group and the asociates. The
information above is the amount before inter-company eliminations.
Reconciliation of sumarised financial information
Reconciliation of the sumarised financial information presented to
the carying amount of the interests in asociates is provided as
folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Net asets at begining of the year年初之资产净值1,735,577
Exchange realignment汇兑调整(25,769)
Profit atributable to shareholders股东应占溢利307,748
Other comprehensive expenses
atributable to shareholders
股东应占其他全面支出
(12,610)
Dividends股息(310,445)
Net asets at end of the year年末之资产净值1,694,501
Interests in asociates
#
联营公司之权益
#
726,703
Godwil, net of impairment los商誉，扣除减值亏损14,694
At end of the year年末741,397
#
As at 31 March 2025, the interests held by the Group in CHK
Group, TCE and STE as asociates were 49%, 20% and 20%
respectively (2024: 49%, 20% and 20% respectively)
| (8,798) |
|---|
| (22,718) |
|---|
| (22,718) |
| 617,165 |
|---|
| 638,962 |
| 1,256,127 |
| 5,747 |
| (22,177) |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
18 联营公司之权益（续）
附注：（续）
(d) 个别不重大之本集团联营公司总财
务资料概要如下：
(e) 本集团联营公司未确认之亏损概要
如下：
19 合营企业之权益
18 INTERESTS IN ASOCIATES (CONTINUED)
Notes: (continued)
(d) The agregate sumarised financial information of Group’s asociates
that are not individualy material is set out below:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
The Group’s share of total
comprehensive expenses
本集团所占全面支出总额
(18,134)
(e) The unrecognised share of loses of Group’s asociates is set out
below:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
The unrecognised share of loses of
asociates for the year
年内未确认应占联营公司之亏损
(897)
Cumulative unrecognised share of
loses of asociates
累计未确认应占联营公司之亏损
(897)
19 INTERESTS IN JOINT VENTURES
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent:非流动：
Interests in joint ventures,
including godwil
合营企业之权益，包括商誉
696,872
Amounts due from joint ventures
(note b)
应收合营企业账款
（附注b）264,130
961,002
Curent:流动：
Amounts due from joint ventures
(note b)
应收合营企业账款
（附注b）135,894
Amounts due to joint ventures
(note b)
应付合营企业账款
（附注b）(17,665)
| 696,872 |
|---|
| (4,613) |
| (51,531) |
| 415 |
| – |
| (23,978) |
| 617,165 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
19 合营企业之权益（续）
本集团于年内所占合营企业之权益
变动之分析如下：
附注：
a) 于二零二五年三月三十一日各主要
合营企业之资料已载于综合财务报
表附注51。
b) 非流动资产项下之应收合营企业账
款港币638,962,000元（二零二四年：
港币264,130,000元）被视为属权益
性质、免息及以港币计值，惟港币
17,200,000元及港币116,270,000元
（二零二四年：无）之结余除外，该等
款项分别按每年6%及一个月香港银
行同业拆息（「香港银行同业拆息」）
加年利率1.3%计息。
流动资产项下之应收合营企业账款
为无抵押、免息及须按要求偿还或
预期将于一年内收回，惟于二零二四
年三月三十一日结余港币
111,720,000元按一个月香港银行同
业拆息加年利率1.3%计息。
流动负债项下之应付合营企业账款
为无抵押、免息及须按要求偿还。
流动资产╱（负债）项下之应收╱（应
付）合营企业账款之账面值与其公允
值相若。
19 INTERESTS IN JOINT VENTURES (CONTINUED)
The movements in the Group’s interests in joint ventures during
the year are analysed as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
At begining of the year年初819,518
Exchange realignment汇兑调整(13,131)
Share of results所占业绩(49,127)
Share of other comprehensive income所占其他全面收益–
Provision for los (note 8)亏损拨备（附注8）(21,800)
Dividends股息(38,588)
At end of the year年末696,872
Notes:
a) Particulars regarding the principal joint ventures as at 31 March 2025
were set out in note 51 to the consolidated financial statements.
b) Amounts due from joint ventures under non-curent asets of
HK$638,962,000 (2024: HK$264,130,000) is considered equity in
nature, interest-fre and is denominated in Hong Kong dolar, except
for the balances of HK$17,200,000 and HK$116,270,000 (2024: Nil)
which bear interest rates at 6% and one-month Hong Kong Interbank
Ofered Rate (“HIBOR”) plus 1.3% per anum respectively.
Amounts due from joint ventures under curent asets are unsecured,
interest-fre and repayable on demand or expected to be recovered
within a year except for the balance of HK$111,720,000 as at 31
March 2024 bears interest rate at one-month HIBOR plus 1.3% per
anum.
Amounts due to joint ventures under curent liabilities are unsecured,
interest-fre and repayable on demand.
The carying amounts of amounts due from/(to) joint ventures under
curent asets/(liabilities) aproximate their fair values.
| 638,962 |
|---|
| (16,430) |
| 1,488,694 |
|---|
| 18,419 |
| 5,907 |
| 24,326 |
| (787,851) |
| (15,332) |
| (803,183) |
| (778,857) |
| (38,831) |
| (82,778) |
| (121,609) |
| 588,228 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
19 合营企业之权益（续）
附注：（续）
(b) （续）
应收╱（应付）合营企业账款净值之
账面值乃以下列货币为单位：
(c) Seavest Core Fund I, LC及其附属
公司（统称「Seavest集团」）投资位于
美国的三栋医疗办公室大楼，董事
认为其对本集团而言属重大。以下
载列Seavest集团之财务资料概要，
并使用权益法入账。
综合财务状况表概要
19 INTERESTS IN JOINT VENTURES (CONTINUED)
Notes: (continued)
(b) (continued)
The net carying amounts of amounts due from/(to) joint ventures are
denominated in the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Hong Kong dolar港币395,777
Renminbi人民币(13,418)
(c) Seavest Core Fund I, LC and its subsidiaries (together, “Seavest
Group”), that invest in the thre medical ofice buildings in the USA
which, in the opinion of the Directors, are material to the Group. Set
out below is the sumarised financial information for Seavest Group
and acounted for using equity method.
Sumarised consolidated statement of financial position
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent asets非流动资产1,560,662
Curent asets流动资产
Cash and cash equivalents现金及现金等价物17,872
Other curent asets其他流动资产9,122
26,994
Curent liabilities流动负债
Financial liabilities (excluding creditors,
acruals and provisions)
财务负债（不包括应付账款、
预提费用及拨备）(811,862)
Other curent liabilities其他流动负债(9,065)
(820,927)
Net curent liabilities流动负债净值(793,933)
Non-curent liabilities非流动负债
Financial liabilities (excluding creditors,
acruals and provisions)
财务负债（不包括应付账款、
预提费用及拨备）(39,238)
Other non-curent liabilities其他非流动负债(86,774)
(126,012)
Net asets资产净值640,717
| 134,203 |
|---|
| (41,845) |
| (27,593) |
| 3,55 7 |
| (24,036) |
| (21,048) |
| 23,978 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
19 合营企业之权益（续）
附注：（续）
(c) （续）
综合全面收益表概要
以上资料反映一间合营企业综合财
务报表内呈列的金额，乃就本集团
与合营企业会计政策不同而作出调
整。上述资料乃于公司间对销前的
金额。
19 INTERESTS IN JOINT VENTURES (CONTINUED)
Notes: (continued)
(c) (continued)
Sumarised consolidated statement of comprehensive income
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Revenue收入131,603
Interest expense利息支出(39,944)
Los before taxation除税前亏损(76,664)
Taxation credit税项抵免22,319
Los and total comprehensive expenses
for the year
年度亏损及全面支出总额
(54,345)
The Group’s share of total comprehensive
expenses for the year
本集团所占年度全面支出总额
(42,368)
Dividends received from a joint venture已收一间合营企业之股息38,584
The information above reflects the amounts presented in the
consolidated financial statements of a joint venture, adjusted for
diferences in acounting policies betwen the Group and the joint
venture. The information above is the amount before inter-company
eliminations.
| 640,717 |
|---|
| (3,213) |
| (24,036) |
| (25,240) |
| 588,228 |
| 558,817 |
| 558,817 |
| (30,483) |
|---|
| 58,348 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
19 合营企业之权益（续）
附注：（续）
(c) （续）
财务资料概要之对账
所呈列财务资料概要与合营企业之
权益账面值之对账载列如下：
(d) 个别不重大之本集团合营企业总财
务资料概要如下：
(e) 于二零二五年三月三十一日，本集
团按比例所占合营企业持有的发展
中物业之账面值为港币420,298,000
（二零二四年：无）。
19 INTERESTS IN JOINT VENTURES (CONTINUED)
Notes: (continued)
(c) (continued)
Reconciliation of sumarised financial information
Reconciliation of the sumarised financial information presented to
the carying amount of the interest in a joint venture is provided as
folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Net asets at begining of the year年初之资产净值738,377
Exchange realignment汇兑调整(2,701)
Los atributable to shareholders股东应占亏损(54,345)
Dividends股息(40,614)
Net asets at end of the year年末之资产净值640,717
Interest in a joint venture一间合营企业之权益606,889
At end of the year年末606,889
(d) The agregate sumarised financial information of Group’s joint
ventures that are not individualy material is set out below:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
The Group’s share of total
comprehensive expenses
本集团所占全面支出总额
(6,759)
Agregate carying amount of the Group’s
interests in these joint ventures
本集团所占此等合营企业权益之
账面总值89,983
(e) As at 31 March 2025, the Group’s proportionate share of the carying
amount of properties under development in Hong Kong which is held
by a joint venture amounted to HK$420,298,000 (2024: Nil).
| 9,806 |
|---|
| (286,114) |
| 34,582 |
| (259,539) |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
20 应收╱（应付）非控股权益账款
附注：
(a) 非流动资产项下应收一非控股权益
账项为无抵押及按一个月香港银行
同业拆息加年利率3.6%（二零二四
年：一个月香港银行同业拆息加年
利率3.6%）之浮动利率计息。该等款
项毋须于报告期末起计一年内偿还。
(b) 非流动负债项下应付非控股权益账款
为无抵押结余港币169,000,000元（二
零二四年：港币169,000,000元）及港
币9,857,000元（二零二四年：港币
10,836,000元），分别按固定年利率
10%（二零二四年：年利率10%）及一
个月香港银行同业拆息加年利率2.1%
（二零二四年：一个月香港银行同业拆
息加年利率2.1%）之浮动利率计息。
该等款项毋须于报告期末起计一年内
偿还。
(c) 流动资产项下应收非控股权益账款
为无抵押、免息及须按要求偿还，惟
结余港币1,047,000元（二零二四年：
港币1,047,000元）按一个月香港银
行同业拆息加年利率3.6%（二零
二四年：一个月香港银行同业拆息
加年利率3.6%）之浮动利率计息除外。
20 AMOUNTS DUE FROM/(TO) NON-CONTROLING INTERESTS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent:非流动：
Amount due from a non-controling
interest (note a)
应收一非控股权益账款
（附注a）10,625
Amounts due to non-controling
interests (note b)
应付非控股权益账款
（附注b）(270,193)
Curent:流动：
Amounts due from non-controling
interests (note c)
应收非控股权益账款
（附注c）35,610
Amounts due to non-controling
interests (note d)
应付非控股权益账款
（附注d）(259,233)
Notes:
(a) Amount due from a non-controling interest under non-curent asets
is unsecured which bears floating interest rate at one-month HIBOR
plus 3.6% per anum (2024: one-month HIBOR plus 3.6% per anum).
They are not repayable within one year from the end of the reporting
period.
(b) Amounts due to non-controling interests under non-curent liabilities
are unsecured balances of HK$169,000,000 (2024: HK$169,000,000)
and HK$9,857,000 (2024: HK$10,836,000) which bear fixed interest
rate at 10% per anum (2024: 10% per anum) and floating interest
rate at one-month HIBOR plus 2.1% per anum (2024: one-month
HIBOR plus 2.1% per anum) respectively. They are not repayable
within one year from the end of the reporting period.
(c) Amounts due from non-controling interests under curent asets are
unsecured, interest-fre and repayable on demand, except for the
balance of HK$1,047,000 (2024: HK$1,047,000) which bears floating
interest rate at one-month HIBOR plus 3.6% per anum (2024: one-
month HIBOR plus 3.6% per anum).
| (276,179) |
|---|
| (224,839) |
| (247) |
| 42,783 |
|---|
| 1,232 |
| 44,015 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
20 应收╱（应付）非控股权益账款
（续）
附注：（续）
(d) 流动负债项下应付非控股权益账款
为无抵押、免息及须按要求偿还，惟
结余港币1,060,000元（二零二四年：
港币1,060,000元）按一个月香港银
行同业拆息加年利率2.1%（二零
二四年：一个月香港银行同业拆息
加年利率2.1%）之浮动利率计息除外。
(e) 应收╱（应付）非控股权益账款的账
面值与其公允值相若。
(f) 应付非控股权益账款净值的账面值
乃以下列货币为单位：
21 按公允值列入其他全面收益处
理之投资
20 AMOUNTS DUE FROM/(TO) NON-CONTROLING INTERESTS
(CONTINUED)
Notes: (continued)
(d) Amounts due to non-controling interests under curent liabilities are
unsecured, interest-fre and repayable on demand, except for the
balance of HK$1,060,000 (2024: HK$1,060,000) which bears floating
interest rate at one-month HIBOR plus 2.1% per anum (2024: one-
month HIBOR plus 2.1% per anum).
(e) The carying amounts of amounts due from/(to) non-controling
interests aproximate their fair values.
(f) The net carying amounts of amounts due to non-controling interests
are denominated in the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Hong Kong dolar港币(258,734)
Renminbi人民币(224,208)
US dolar美元(249)
21 INVESTMENTS AT FAIR VALUE THROUGH OTHER
COMPREHENSIVE INCOME
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Listed investment:上市投资：
– equity security listed overseas
(note)
－海外上市之股本证券
（附注）52,908
Unlisted investments:非上市投资：
– equity securities－股本证券1,243
54,151
| 42,783 |
|---|
| 1,232 |
| 44,015 |
| 1,181,705 |
|---|
| 115,216 |
| 4,891 |
| 1,301,812 |
| 538,229 |
| 62,098 |
| 600,327 |
| 1,902,139 |
| 501,198 |
| 1,400,941 |
| 1,902,139 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
21 按公允值列入其他全面收益处
理之投资（续）
按公允值列入其他全面收益处理之
投资之账面值乃以下列货币为单位：
附注：
本集团上市投资之公允值乃按有关交易
所报之市场买入价厘定。
22 按公允值列入损益处理之投资
21 INVESTMENTS AT FAIR VALUE THROUGH OTHER
COMPREHENSIVE INCOME (CONTINUED)
The carying values of investments at FVOCI are denominated in
the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Vietnam Dong越南盾52,908
Renminbi人民币1,243
54,151
Note:
The fair value of the listed investment of the Group is determined based on
the quoted market bid prices available on the relevant exchange.
22 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Listed investments:上市投资：
– debt securities－债务证券544,660
– equity securities listed in
Hong Kong
－香港上市之股本证券
163,561
– equity securities listed overseas－海外上市之股本证券23,471
731,692
Unlisted investments:非上市投资：
– debt securities－债务证券910,577
– equity securities－股本证券69,533
980,110
1,711,802
Analysed for reporting purposes as:就报告用途分析为：
Non-curent asets非流动资产871,908
Curent asets流动资产839,894
1,711,802
| 8,137 |
|---|
| 1,917 |
| 494,398 |
| 11,053 |
| 2,379 |
| 1,383,628 |
| 627 |
| 1,902,139 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
22 按公允值列入损益处理之投资
（续）
本集团之上市投资之公允值乃按有
关交易所报之市场买入价厘定，
而本集团之非上市投资之公允值乃
按财务模式厘定，或参考来自有关
财务机构之报价。
账面总值港币11,053,000元（二零
二四年：港币21,119,000元）之按公
允值列入损益处理之投资已作浮动
抵押，作为授予本集团银行信贷之
担保。
按公允值列入损益处理之投资之账
面值乃以下列货币为单位：
22 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOS
(CONTINUED)
The fair values of the listed investments of the Group are
determined based on the quoted market bid prices available on the
relevant exchanges and the unlisted investments of the Group are
determined based on financial models or with reference to quoted
prices from relevant financial institutions.
Floating charge was created on investments at FVPL with total
carying value of HK$11,053,000 (2024: HK$21,119,000) for the
purpose of securing banking facilities granted to the Group.
The carying amounts of investments at FVPL are denominated in
the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
British Pound英镑13,190
Euro欧罗7,285
Hong Kong dolar港币878,759
Renminbi人民币21,119
Swis Franc瑞士法郎4,726
US dolar美元785,737
Vietnam Dong越南盾986
1,711,802
| 68,066 |
|---|
| 36,312 |
| 125,000 |
| 432,794 |
| 662,172 |
| 508,972 |
| 153,200 |
| 662,172 |
| 104,378 |
|---|
| 557,794 |
| 662,172 |
| 60,406 |
|---|
| 34,202 |
| 94,608 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
23 按摊销成本列账之投资
按摊销成本列账之投资之账面值乃
以下列货币为单位：
附注：
以下公允值乃参照有关市场公开报价厘定。
23 INVESTMENTS AT AMORTISED COST
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Listed corporate bonds上市公司债劵71,473
Unlisted corporate bonds非上市公司债券33,923
Unlisted and secured debt investment非上市及有抵押债务投资125,000
Unlisted and unsecured debt
investments
非上市及无抵押债务投资
283,333
513,729
Analysed for reporting purposes as:就报告用途分析为：
Non-curent asets非流动资产209,492
Curent asets流动资产304,237
513,729
The carying values of investments at amortised cost are
denominated in the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
US dolar美元100,368
Hong Kong dolar港币413,361
513,729
Note:
The fair values below are determined by reference to the published price
quotations in relevant market.
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Listed corporate bonds上市公司债券60,898
Unlisted corporate bonds非上市公司债券31,095
91,993
| 2,104,540 |
|---|
| (1,877) |
| 226,292 |
| (180,855) |
| (781,000) |
| (658) |
| (606,365) |
| 760,077 |
| 204,656 |
| 555,421 |
| 760,077 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
24 发展中物业
于二零二五年及二零二四年三月
三十一日，该结余与中国内地长春
市及香港的物业发展项目有关。
发展中物业资本化之借款成本于综
合财务报表附注9披露。
发展中物业均分类为流动资产，除
非有关项目之建设期预计将超出正
常经营周期完成。分类为流动资产
之发展中物业预期于一年后收回之
金额为港币555,421,000元（二零
二四年：港币1,917,266,000元）。
24 PROPERTIES UNDER DEVELOPMENT
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
At begining of the year年初2,096,508
Exchange realignment汇兑调整(27,762)
Aditions添置226,294
Provision recognised (note 8)已确认拨备（附注8）(190,500)
Transfer to investment properties
(note 14)
转拨至投资物业（附注14）
–
Los on transfer to investment
properties (note 8)
转拨至投资物业之亏损（附注8）
–
Transfer to properties for sale转拨至待售物业–
At end of the year年末2,104,540
Analysed for reporting purposes as:就报告用途分析为：
Non-curent asets非流动资产187,274
Curent asets流动资产1,917,266
2,104,540
As at 31 March 2025 and 2024, the balances are related to
property development projects in Changchun, Mainland China and
Hong Kong.
The borowing costs capitalised to properties under development
is disclosed in note 9 to the consolidated financial statements.
Properties under development are clasified as curent asets
unles the construction period of the relevant project is expected
to complete beyond normal operating cycle. The amount of
properties under development clasified as curent asets
expected to be recovered after one year is HK$555,421,000 (2024:
HK$1,917,266,000).
| 18,982 |
|---|
| 29,525 |
| 32,896 |
| 22,224 |
| 103,627 |
| 6,275 |
|---|
| 194,837 |
| 4,138 |
| 205,250 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
25 其他非流动资产
账面总值港币15,793,000元（二零
二四年：港币33,453,000元）之其他
非流动资产已作抵押，作为授予本
集团银行信贷之担保。
附注：
于二零二五年及二零二四年三月三十一
日，该结余为中国内地长春市一项物业
发展项目之已付存出按金。
26 存货
截至二零二五年三月三十一日止年
度，已确认为支出并列入销售成本
之已售、已用及已撇减存货成本为
港币1,069,897,000元（二零二四年：
港币1,523,546,000元）。
账面总值港币158,645,000元（二零
二四年：港币182,650,000元）之存
货已作浮动抵押，作为授予本集团
银行信贷之担保。
25 OTHER NON-CURENT ASETS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Deposits paid for a property
development project (note)
已付一项物业发展项目之
存出按金（附注）19,159
Non-curent receivables非流动应收款项29,329
Non-curent deposits paid and
prepayments
非流动已付存出按金及
预付款项118,471
Others其他19,789
186,748
Charges were created on the other non-curent asets with total
carying value of HK$15,793,000 (2024: HK$33,453,000) for the
purpose of securing banking facilities granted to the Group.
Note:
As at 31 March 2025 and 2024, the balances represent deposits paid for a
property development project in Changchun, Mainland China.
26 INVENTORIES
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Raw materials原材料7,077
Finished gods制成品211,842
Consumables耗用物料3,653
222,572
The costs of inventories sold, used and writen down recognised
as expenses and included in cost of sales amounted to
HK$1,069,897,000 during the year ended 31 March 2025 (2024:
HK$1,523,546,000).
Floating charges were created on the inventories with total
carying value of HK$158,645,000 (2024: HK$182,650,000) for the
purpose of securing banking facilities granted to the Group.
| 15,882 |
|---|
| 210,107 |
| 738,485 |
| 964,474 |
| 1,080,157 |
|---|
| (20,255) |
| 1,059,902 |
| 536,726 |
| 278,453 |
| 657,227 |
| (73,708) |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
27 待售物业
于二零二五年三月三十一日，待售
物业包括账面值为港币18,129,000
元（二零二四年：港币18,129,000元）
之本集团所占一间合营经营份额。
截至二零二五年三月三十一日止年
度，已售并列入销售成本之物业成
本（扣除已确认待售物业拨备至可变
现净值前）为港币298,493,000元（二
零二四年：港币133,233,000元）。
截至二零二五年三月三十一日止年
度，已确认待售物业拨备至可变现
净值为港币109,380,000元（二零
二四年：港币27,991,000元），该拨
备已列入销售成本。
28 应收账款、合约资产、已付存
出按金及预付款项
27 PROPERTIES FOR SALE
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Unamortised prepaid land leases未摊销预付土地租赁
– Hong Kong－香港15,882
– Mainland China－中国内地82,309
Development costs发展成本671,828
770,019
Properties for sale included the Group’s share of a joint operation
with a carying value of HK$18,129,000 (2024: HK$18,129,000) as
at 31 March 2025.
The cost of properties sold and included in cost of sales (before
provision recognised for properties for sale to net realisable value)
amounted to HK$298,493,000 for the year ended 31 March 2025 (2024:
HK$133,233,000).
During the year ended 31 Mar 2025, provision was recognised for
properties for sale to net realisable value amounted to
HK$109,380,000 (2024: HK$27,991,000) and the provision was
included in cost of sales.
28 DEBTORS, CONTRACT ASETS, DEPOSITS PAID AND
PREPAYMENTS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Trade debtors贸易应收账款773,656
Les: Provision for impairment减：减值拨备(59,153)
Trade debtors, net贸易应收账款，净额714,503
Retention receivables应收保留款项409,676
Contract asets合约资产271,171
Other debtors, deposits paid and
prepayments
其他应收账款、已付存出按金及
预付款项668,328
Les: Provision for impairment减：减值拨备(66,836)
| 583,519 |
|---|
| 2,458,600 |
| 776,724 |
|---|
| 204,413 |
| 78,765 |
| 1,059,902 |
| 59,153 |
|---|
| (184) |
| 4,735 |
| (17,083) |
| (26,366) |
| 20,255 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
28 应收账款、合约资产、已付存
出按金及预付款项（续）
本集团已对各项核心业务之客户确
立不同之信贷政策。给予贸易债务
人之平均信贷期为0-90天。
贸易应收账款扣除减值拨备按发票
日期呈列之账龄分析如下：
本集团采纳香港财务报告准则第9号
的简化方法计量预期信贷亏损，就
贸易应收账款使用全期预期信贷亏
损拨备。于年内贸易应收账款之减
值拨备之变动如下：
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Other debtors, deposits paid and
prepayments, net
其他应收账款、已付存出按金及
预付款项，净额601,492
1,996,842
The Group has established diferent credit policies for customers
in each of its core busineses. The average credit period granted
to trade debtors is 0-90 days.
The ageing analysis of trade debtors, net of impairment provision,
is presented based on the invoice date as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Up to 60 days最多60天626,915
61 – 90 days61－90天24,792
Over 90 days逾90日62,796
714,503
The Group aplies the HKFRS 9 simplified aproach to measuring
expected credit loses which uses a lifetime expected credit los
alowance for trade debtors. The movement in the impairment
provision for trade debtors during the year is as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
At begining of the year年初43,392
Exchange realignment汇兑调整(148)
Provision recognised已确认拨备29,668
Provision writen back已回拨备(2,191)
Uncolectable amounts writen of撇销不可收回之金额(11,568)
At end of the year年末59,153
28 DEBTORS, CONTRACT ASETS, DEPOSITS PAID AND
PREPAYMENTS (CONTINUED)
| 37,110 |
|---|
| 16,215 |
| 845,231 |
| 46,148 |
| 48,863 |
| 55,971 |
| 10,364 |
| 1,059,902 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
28 应收账款、合约资产、已付存
出按金及预付款项（续）
本集团贸易应收账款之账面值乃以
下列货币为单位：
于二零二五年及二零二四年三月
三十一日，应收保留款项及其他应
收账款之账面值主要以港币、澳门
币、人民币及美元为单位。
于二零二五年及二零二四年三月
三十一日，应收账款及应收款项之
账面值与其公允值相若。
应收保留款项港币148,820,000元（二
零二四年：港币51,273,000元）预期
于报告期末后十二个月内结算。
应收账款、合约资产、已付存出按金
及预付款项包括本集团就有关合营
经营所占之资产，为港币
476,994,000元（二零二四年：港币
369,150,000元）。
账面总值港币64,653,000元（二零
二四年：港币64,826,000元）之应收
账款、合约资产、已付存出按金及预
付款项已作浮动抵押，作为授予本
集团银行信贷之担保。
28 DEBTORS, CONTRACT ASETS, DEPOSITS PAID AND
PREPAYMENTS (CONTINUED)
The carying amounts of the Group’s trade debtors are
denominated in the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Australian dolar澳元39,341
Canadian dolar加拿大元26,911
Hong Kong dolar港币489,963
Macau Pataca澳门币35,692
Renminbi人民币73,316
US dolar美元42,185
Others其他7,095
714,503
The carying amounts of retention receivables and other debtors
as at 31 March 2025 and 2024 were mainly denominated in Hong
Kong dolar, Macau Pataca, Renminbi and US dolar.
The carying amounts of debtors and receivables as at 31 March
2025 and 2024 aproximated their fair values.
Retention receivables amounted to HK$148,820,000 (2024:
HK$51,273,000) are expected to be setled within twelve months
after the end of the reporting period.
Included in debtors, contract asets, deposits paid and
prepayments was the Group’s share of asets of HK$476,994,000 (2024:
HK$369,150,000) in relation to joint operations.
Floating charges were created on the debtors, contract asets,
deposits paid and prepayments with total carying value of
HK$64,653,000 (2024: HK$64,826,000) for the purpose of securing
banking facilities granted to the Group.
| 1,206,375 |
|---|
| 32,530 |
| 5,921 |
| 1,244,826 |
| 49,009 |
|---|
| 17,837 |
| 66,846 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
29 使用权资产及租赁负债
(a) 使用权资产
由于收购新租赁土地及新租赁楼宇
及设备，截至二零二五年三月三十一
日止年度之添置使用权资产为港币
67,509,000元（二零二四年：港币
3,700,000元）。
(b) 租赁负债
29 RIGHT-OF-USE ASETS AND LEASE LIABILITIES
(a) Right-of-use asets
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Leasehold land租赁土地1,197,106
Buildings楼宇49,658
Equipment设备2,206
1,248,970
Aditions to the right-of-use asets for the year ended 31
March 2025 amounted to HK$67,509,000 (2024:
HK$3,700,000), due to acquisition of new leasehold land and
new leases of buildings and equipment.
(b) Lease liabilities
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent非流动63,157
Curent流动19,105
82,262
| 64,290 | |
|---|---|
| 64,290 | |
| (3,170) | |
| 61,120 | |
| 3,339 | |
| (22) | |
| 3,317 | |
| 9,896 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
29 使用权资产及租赁负债（续）
(c) 于综合收益表确认之金额
于截至二零二五年三月三十一日
止年度，租赁负债之现金流出总
额为港币24,364,000元（二零
二四年：港币19,941,000元）。
(d) 本集团之租赁活动
本集团租赁多项办公室、仓库、
零售店舖、设备及汽车。租赁合
约一般按两年至十年之固定期限
订立。
29 RIGHT-OF-USE ASETS AND LEASE LIABILITIES (CONTINUED)
(c) Amounts recognised in the consolidated income
statement
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Depreciation of right-of-use asets
(note 15)
使用权资产之折旧（附注15）
65,314
Les: Amounts alocated to
contract work
减：分配至合约工程之金额
(987)
64,327
Interest expense on lease liabilities租赁负债的利息支出3,790
Les: Amounts alocated to
contract work
减：分配至合约工程之金额
(42)
3,748
Expense relating to short-term leases
(note 10)
有关短期租赁的支出
（附注10）8,900
The total cash outflow for lease liabilities during the year
ended 31 March 2025 amounted to HK$24,364,000 (2024:
HK$19,941,000).
(d) The Group’s leasing activities
The Group leases various ofices, warehouses, retail stores,
equipment and vehicles. Rental contracts are typicaly made
for fixed periods of 2 years to 10 years.
| 65 |
|---|
| 65 |
| – |
| 65 |
| – |
|---|
| 65 |
| 65 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
30 衍生财务工具
衍生工具按各报告期末之公允值计
量。衍生工具之公允值乃根据可供
比较工具之市场公允值或对方报价
而计算。衍生工具之账面净值乃以
下列货币为单位：
附注：
本集团为不同的外币掉期为其他交叉货
币而订立远期外汇合约，其总名义金额
最高为港币1,448,000元（二零二四年：
港币41,773,000元）。此等合约已于二零
二五年四月九日至二零二五年四月十日
期间内（二零二四年：于二零二四年四月
三十日至二零二四年五月十七日）到期。
30 DERIVATIVE FINANCIAL INSTRUMENTS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Financial asets/(liabilities) in respect
of derivative financial instruments
衍生财务工具之财务
资产╱（负债）
– foreign curency forward
contracts (note)
－远期外汇合约（附注）
(425)
Analysed for reporting purposes as:就报告用途分析为：
Curent asets流动资产–
Curent liabilities流动负债(425)
(425)
The derivatives are measured at fair value at the end of each
reporting period. Their fair values are determined with reference to
fair values of comparable instruments in the market or quoted
prices from counterparties. The net carying amounts of derivatives
are denominated in the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Euro欧罗(403)
Japanese Yen日圆(22)
(425)
Note:
Foreign curency forward contracts of the Group with a total notional
amount up to HK$1,448,000 (2024: HK$41,773,000) were entered to swap
various foreign curencies to other cros curencies. These contracts
matured within the period from 9 April 2025 to 10 April 2025 (2024: from
30 April 2024 to 17 May 2024).
| 1,855,988 |
|---|
| 9,738 |
| 23,942 |
| 1,889,668 |
| 9,163 |
|---|
| 33,107 |
| 57,252 |
| 40,938 |
| 1,147,952 |
| 4,728 |
| 329,307 |
| 3,133 |
| 39,204 |
| 218,032 |
| 6,852 |
| 1,889,668 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
31 银行结存及现金
银行结存及现金包括所持现金、原
三个月后到期之短期银行存款、原
三个月或以内到期之短期银行存款
及存入财务机构之现金。此等资产
之账面值与其公允值相若。
银行结存及现金之账面值乃以下列
货币为单位：
31 BANK BALANCES AND CASH
Bank balances and cash comprise cash held, short-term bank
deposits with original maturity more than thre months, short-term
bank deposits with original maturity up to thre months and cash
placed with financial institutions. The carying amounts of these
asets aproximate their fair values.
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Cash and unpledged bank deposits with
original maturity up to thre months
现金及原三个月或以内到期之
无抵押银行存款2,352,781
Unpledged bank deposits with original
maturity more than thre months
原三个月后到期之无抵押银行
存款95,540
Pledged bank deposits已抵押银行存款23,936
2,472,257
The carying amounts of bank balances and cash are denominated
in the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Australian dolar澳元14,583
British Pound英镑37,424
Canadian dolar加拿大元48,504
Euro欧罗1,246
Hong Kong dolar港币1,722,565
Macau Pataca澳门币9,676
Renminbi人民币246,343
Singapore dolar新加坡元3,405
Thai Baht泰铢36,781
US dolar美元345,498
Others其他6,232
2,472,257
| 400,304 |
|---|
| 371,617 |
| 48,335 |
| 102,693 |
| 1,377,110 |
| 1,020,507 |
| 3,320,566 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
31 银行结存及现金（续）
港币171,251,000元（二零二四年：
港币141,714,000元）之本集团银行
结余已作抵押，作为授予本集团银
行信贷之担保，其中于二零二五年
三月三十一日已作出浮动抵押的结
余港币147,309,000元（二零二四年：
港币117,778,000元），作为授予本
集团银行信贷之担保。
于二零二五年三月三十一日，本集
团之定期银行存款之实际年利率为
3.2%（二零二四年：4.6%），此等存
款之平均到期日为57天（二零二四年：
81天）。
于二零二五年三月三十一日，持有
于中国内地之银行结存及现金港币
325,719,000元（二零二四年：港币
247,364,000元）须遵循当地外汇管
制规定，据此，此等结存不得自由汇
出中国内地。资金可透过股息或其
他遵守规定之方式调离中国内地。
32 应付账款、应付票据、已收存
入按金、合约负债、预提费用
及拨备
31 BANK BALANCES AND CASH(CONTINUED)
Charges were created on the Group’s bank balances of
HK$171,251,000 (2024: HK$141,714,000) for the purpose of
securing banking facilities granted to the Group, of which balances
of HK$147,309,000 (2024: HK$117,778,000) were subject to
floating charges to secure the banking facilities granted to the
Group as at 31 March 2025.
As at 31 March 2025, the efective interest rates on fixed bank
deposits of the Group were 3.2% (2024: 4.6%) per anum; and
these deposits had an average maturity of 57 days (2024: 81 days).
As at 31 March 2025, bank balances and cash of HK$325,719,000
(2024: HK$247,364,000) were held in Mainland China and are
subject to local exchange control regulations, under which the
balances could not be exported frely out of Mainland China. The
repatriation of funds out of Mainland China is posibly conducted
by way of dividends or other means as complied to the regulations.
32 CREDITORS, BILS PAYABLE, DEPOSITS RECEIVED,
CONTRACT LIABILITIES, ACRUALS AND PROVISIONS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Trade creditors and bils payable贸易应付账款及应付票据367,003
Retention payables应付保留款项295,952
Deposits received已收存入按金80,275
Contract liabilities合约负债223,387
Acrued contract costs预提合约成本1,250,066
Other creditors, acruals and provisions其他应付账款、预提费用及拨备845,317
3,062,000
| 376,895 |
|---|
| 5,016 |
| 18,393 |
| 400,304 |
| 268,241 |
|---|
| 36,452 |
| 65,723 |
| 19,765 |
| 10,123 |
| 400,304 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
32 应付账款、应付票据、已收存
入按金、合约负债、预提费用
及拨备（续）
贸易应付账款及应付票据按发票日
期呈列之账龄分析如下：
本集团贸易应付账款及应付票据之
账面值乃以下列货币为单位：
于二零二五年及二零二四年三月
三十一日，应付保留款项及其他应
付账款之账面值主要以港币、澳门
币及人民币为单位。
于二零二五年及二零二四年三月
三十一日，应付账款及应付款项之
账面值与其公允值相若。
应付保留款项为港币88,316,000元
（二零二四年：港币80,255,000元）
预期于报告期末后十二个月内结算。
应付账款、应付票据、已收存入按
金、合约负债、预提费用及拨备已包
括本集团就合营经营所占之负债港
币583,629,000元（二零二四年：港
币547,028,000元）。
32 CREDITORS, BILS PAYABLE, DEPOSITS RECEIVED,
CONTRACT LIABILITIES, ACRUALS AND PROVISIONS
(CONTINUED)
The ageing analysis of trade creditors and bils payable is
presented based on the invoice date as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Up to 60 days最多60天329,632
61 – 90 days61－90天12,342
Over 90 days逾90天25,029
367,003
The carying amounts of the Group’s trade creditors and bils
payable are denominated in the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Hong Kong dolar港币229,346
Macau Pataca澳门币33,788
Renminbi人民币70,050
US dolar美元25,191
Others其他8,628
367,003
The carying amounts of retention payables and other creditors as
at 31 March 2025 and 2024 were mainly denominated in Hong
Kong dolar, Macau Pataca and Renminbi.
The carying amounts of creditors and payables as at 31 March
2025 and 2024 aproximated their fair values.
Retention payables amounted to HK$88,316,000 (2024:
HK$80,255,000) are expected to be setled within twelve months
after the end of the reporting period.
Included in creditors, bils payable, deposits received, contract
liabilities, acruals and provisions are the Group’s share of
liabilities of HK$583,629,000 (2024: HK$547,028,000) in relation to
joint operations.
| (1,330,209) |
|---|
| 123,290 |
| (1,206,919) |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债
已签发的保险合约及再保险合约组
合的负债明细以及持有的再保险合
约组合的资产明细载于下表：
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES
The breakdown of portfolios of insurance and reinsurance
contracts isued in a liability position and reinsurance contracts
held in an aset position is set out in the table below:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Liabilities:负债：
Total insurance contracts isued已签发的保险合约总额(1,269,499)
Asets:资产：
Total reinsurance contracts held持有的再保险合约总额110,236
Net liabilities负债净额(1,159,263)
| 354,54 2 | 37,54 0 | 800,77 1 | 76,64 6 | 1,269,49 9 |
|---|---|---|---|---|
| (475,56 5) | – | – | – | (475,56 5) |
| – | – | 364,479 | 34,166 | 398,645 |
| 53,276 | – | – | – | 53,276 |
| – | – | (32,215) | (20,654) | (52,869) |
| – | (35,78 5) | – | – | (35,78 5) |
| 53,276 | (35,785) | 332,264 | 13,512 | 363,267 |
| (422,289) | (35,785) | 332,264 | 13,512 | (112,298) |
| – | – | 49,15 0 | – | 49,15 0 |
| (422,28 9) | (35,78 5) | 381,41 4 | 13,51 2 | (63,14 8) |
| 8,40 8 | – | 4 9 | – | 8,45 7 |
| 403,852 | – | – | – | 403,852 |
| – | – | (240,684) | – | (240,684) |
| (47,76 7) | – | – | – | (47,76 7) |
| 356,085 | – | (240,684) | – | 115,401 |
| 296,746 | 1,755 | 941,550 | 90,158 | 1,330,209 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(a) 保险合约负债
已签发保险合约的净资产或负债
结转（显示未到期责任负债及已
发生索偿的负债）
下表分析净保险合约负债变动，
其个别显示净负债较大的业务线
之未到期责任及已发生索偿的负
债：
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(a) Insurance contract liabilities
Rol-forward of net aset or liability for insurance contracts
isued showing the liability for remaining coverage and
the liability for incured claims
The table below analyses the movement in the net insurance
contract liabilities, showing separately the liabilities for
remaining coverage and incured claims by line of busines
with material net liabilities:
二零二五年
Liabilities for
remaining coverage
Liabilities for incured
claims
未到期责任负债已发生索偿负债
Exclude
los
component
Los
component
Estimates of
the present
value of
future
cash flows
Risk
adjustmentTotal
非亏损部份亏损部份
未来现金
流量现值
的估计风险调整总计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
Net insurance contract liabilities
at 1 April 2024
于二零二四年四月一日
的净保险合约负债
Insurance revenue (note (iv)保险服务收入（附注(iv)）
Incured claims and other
expenses
已发生索偿及其他支出
Insurance acquisition cash
flows (note (i)
保险获取现金流量
（附注(i)）
Change that related to
past service
与过往服务有关的变动
Loses on onerous contracts
and reversals of those loses
亏损合约的亏损及拨回
该等亏损
Insurance services expenses/
(income) (note 10)
保险服务支出╱（收入）（附注10）
Insurance service result
(note (iv)
保险服务业绩（附注(iv)）
Insurance finance expenses
(note 10) (note (i)
保险财务支出
（附注10）（附注(i)）
Total changes in the
consolidated income
statement (note (iv)
于综合收益表的变动
总额（附注(iv)）
Insurance acquisition cash
flows aset and other
pre-recognition cash flows
derecognised and
other changes
保险获取现金流量资产
以及被终止确认的
待确认现金流量及
其他变动
Cash flows现金流量
Premium received (note (i)已收取保费（附注(i)）
Claims and expenses paid已支付的索偿及支出
Acquisition costs paid已支付的获取成本
Total cash flows现金流量总额
Net insurance contract liabilities
at 31 March 2025
于二零二五年三月
三十一日的净保险
合约负债
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(a) 保险合约负债（续）
已签发保险合约的净资产或负债
结转（显示未到期责任负债及已
发生索偿的负债）（续）
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(a) Insurance contract liabilities (continued)
Rol-forward of net aset or liability for insurance contracts
isued showing the liability for remaining coverage and
the liability for incured claims (continued)
二零二四年
Liabilities for
remaining coverage
Liabilities for incured
claims
未到期责任负债已发生索偿负债
Exclude
los
component
Los
component
Estimates of
the present
value of
future
cash flows
Risk
adjustmentTotal
非亏损部份亏损部份
未来现金
流量现值
的估计风险调整总计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
Net insurance contract liabilities
at 1 April 2023 (restated)
于二零二三年四月一日
的净保险合约负债
（经重列）390,46243630,13966,4611,087,105
Insurance revenue (note (iv)保险服务收入（附注(iv)）(504,069)–(504,069)
Incured claims and other
expenses
已发生索偿及其他支出
–405,59137,289442,880
Insurance acquisition cash
flows (note (i)
保险获取现金流量
（附注(i)）55,719–55,719
Change that related to
past service
与过往服务有关的变动
–(94,297)(27,104)(121,401)
Loses on onerous contracts
and reversals of those loses
亏损合约的亏损及拨回
该等亏损–37,497–37,497
Insurance services expenses
(note 10)
保险服务支出（附注10）
55,71937,497311,29410,185414,695
Insurance service result
(note (iv)
保险服务业绩（附注(iv)）
(448,350)37,497311,29410,185(89,374)
Insurance finance expenses
(note 10) (note (i)
保险财务支出
（附注10）（附注(i)）–22,536–22,536
Total changes in the
consolidated income
statement (note (iv)
于综合收益表的变动
总额（附注(iv)）
(448,350)37,497333,83010,185(66,838)
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(a) 保险合约负债（续）
已签发保险合约的净资产或负债
结转（显示未到期责任负债及已
发生索偿的负债）（续）
二零二四年
Liabilities for
remaining coverage
Liabilities for incured
claims
未到期责任负债已发生索偿负债
Exclude
los
component
Los
component
Estimates of
the present
value of
future
cash flows
Risk
adjustmentTotal
非亏损部份亏损部份
未来现金
流量现值
的估计风险调整总计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
Insurance acquisition cash
flows aset and other
pre-recognition cash flows
derecognised and
other changes
保险获取现金流量资产
以及被终止确认的
待确认现金流量及
其他变动
(8,607)–434–(8,173)
Cash flows现金流量
Premium received (note (i)已收取保费（附注(i)）477,342–477,342
Claims and expenses paid已支付的索偿及支出–(163,632)–(163,632)
Acquisition costs paid已支付的获取成本(56,305)–(56,305)
Total cash flows现金流量总额421,037–(163,632)–257,405
Net insurance contract liabilities
at 31 March 2024
于二零二四年三月
三十一日的净保险
合约负债354,54237,540800,77176,6461,269,499
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(a) Insurance contract liabilities (continued)
Rol-forward of net aset or liability for insurance contracts
isued showing the liability for remaining coverage and
the liability for incured claims (continued)
| 950,242 |
|---|
| 379,967 |
| 1,330,209 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(a) 保险合约负债（续）
已签发保险合约的净资产或负债
结转（显示未到期责任负债及已
发生索偿的负债）（续）
附注：
(i) 保险获取现金流量于相关合约
组别的责任期间按直线基准分
配。
(i) 本集团已就产品线作出会计政
策选择，以不将保险财务支出╱
（收入）于损益之间进行分类。
(i) 本项目包括任何保费退款。
(iv) 这些项目包括公司间保险服务
收入港币11,321,000元（二零
二四年：港币22,578,000元）。
保险合约负债就报告用途分析
为：
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(a) Insurance contract liabilities (continued)
Rol-forward of net aset or liability for insurance contracts
isued showing the liability for remaining coverage and
the liability for incured claims (continued)
Note:
(i) Insurance acquisition cash flows were alocated on a straight-line
basis during the coverage period of the respective group of
contracts.
(i) The Group has made an acounting policy choice for the product
line to not disagregate insurance finance expenses/(income)
betwen profit or los.
(i) Any refunds of premiums have ben included in this line.
(iv) Inter-company insurance revenue of HK$11,321,000 (2024:
HK$22,578,000) has ben included in these lines.
Insurance contract liabilities are analysed for reporting
purposes as:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent portion非流动部份904,789
Curent portion流动部份364,710
1,269,499
| (8,024) | 27,256 | 82,884 | 8,120 | 110,236 |
|---|---|---|---|---|
| (63,983) | – | – | – | (63,983) |
| – | – | 43,776 | 4,310 | 48,086 |
| – | – | 9,466 | 303 | 9,769 |
| – | (27,256) | – | – | (27,256) |
| – | (27,256) | 53,242 | 4,613 | 30,599 |
| (63,983) | (27,256) | 53,242 | 4,613 | (33,384) |
| – | – | 5,495 | – | 5,495 |
| (63,983) | (27,256) | 58,737 | 4,613 | (27,889) |
| 3,312 | – | (168) | – | 3,144 |
| 46,475 | – | – | – | 46,475 |
| – | – | (8,676) | – | (8,676) |
| 46,475 | – | (8,676) | – | 37,799 |
| (22,220) | – | 132,777 | 12,733 | 123,290 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(b) 再保险合约资产
持有的再保险合约之净资产或负
债结转（显示未到期责任资产及
已发生索偿可摊回的金额）
下表分析净再保险合约资产变
动，其个别显示未到期责任资产
及已发生索偿的可摊回金额：
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(b) Reinsurance contract asets
Rol-forward of net aset or liability for reinsurance
contracts held showing the asets for remaining coverage
and the amounts recoverable on incured claims
The table below analyses the movement in the net reinsurance
contract asets, showing separately the asets for remaining
coverage and the amount recoverable for incured claims:
二零二五年
Asets for
remaining coverage
Amount recoverable on
incured claims
未到期责任资产已发生索偿的可摊回金额
Exclude
los-
recovery
component
Los-
recovery
component
Estimates of
the present
value of
future
cash flows
Risk
adjustmentTotal
非亏损摊回
部份亏损摊回部份
未来现金流量
现值的估计风险调整总计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
Net reinsurance contract asets at 1 April 2024于二零二四年四月一日的
净再保险合约资产
Reinsurance expenses再保险服务支出
Recovery of incured claims and other expenses摊回已发生索偿及其他支出
Changes that related to past service与过往服务有关的变动
Recovery of loses on onerous
underlying contracts and
reversals of those recoveries
(note (i)
摊回亏损相关合约的亏损及
拨回该等摊回款项
（附注(i)）
Reinsurance recoveries再保险摊回款项
Insurance service result (note 10)保险服务业绩（附注10）
Reinsurance finance income
(note 10) (note (i)
再保险财务收入
（附注10）（附注(i)）
Total changes in the consolidated
income statement
于综合收益表的变动总额
Other pre-recognition cash flows derecognised
and other changes
被终止确认的待确认
现金流量及其他变动
Cash flows现金流量
Premium paid已支付的保费
Amounts received已收取的金额
Total cash flows现金流量总额
Net reinsurance contract asets at
31 March 2025
于二零二五年三月三十一日
的净再保险合约资产
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(b) 再保险合约资产（续）
持有的再保险合约之净资产或负
债结转（显示未到期责任资产及
已发生索偿可摊回的金额）（续）
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(b) Reinsurance contract asets (continued)
Rol-forward of net aset or liability for reinsurance
contracts held showing the asets for remaining coverage
and the amounts recoverable on incured claims (continued)
二零二四年
Asets for
remaining coverage
Amount recoverable on
incured claims
未到期责任资产已发生索偿的可摊回金额
Exclude
los-
recovery
component
Los-
recovery
component
Estimates of
the present
value of
future
cash flows
Risk
adjustmentTotal
非亏损摊回
部份亏损摊回部份
未来现金流量
现值的估计风险调整总计
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
Net reinsurance contract asets at 1 April 2023
(restated)
于二零二三年四月一日的
净再保险合约资产
（经重列）(1,145)–41,0413,47743,373
Reinsurance expenses再保险服务支出(45,638)–(45,638)
Recovery of incured claims and other expenses摊回已发生索偿及其他支出–55,3075,45660,763
Changes that related to past service与过往服务有关的变动–(9,465)(813)(10,278)
Recovery of loses on onerous
underlying contracts and
reversals of those recoveries
(note (i)
摊回亏损相关合约的亏损及
拨回该等摊回款项
（附注(i)）
–27,256–27,256
Reinsurance recoveries再保险摊回款项–27,25645,8424,64377,741
Insurance service result (note 10)保险服务业绩（附注10）(45,638)27,25645,8424,64332,103
Reinsurance finance income
(note 10) (note (i)
再保险财务收入
（附注10）（附注(i)）–1,337–1,337
Total changes in the consolidated
income statement
于综合收益表的变动总额
(45,638)27,25647,1794,64333,440
Other pre-recognition cash flows derecognised
and other changes
被终止确认的待确认
现金流量及其他变动3,123–3,123
Cash flows现金流量
Premium paid已支付的保费35,636–35,636
Amounts received已收取的金额–(5,336)–(5,336)
Total cash flows现金流量总额35,636–(5,336)–30,300
Net reinsurance contract asets at
31 March 2024
于二零二四年三月三十一日
的净再保险合约资产(8,024)27,25682,8848,120110,236
| 101,560 |
|---|
| 21,730 |
| 123,290 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(b) 再保险合约资产（续）
持有的再保险合约之净资产或负
债结转（显示未到期责任资产及
已发生索偿可摊回的金额）（续）
附注：
(i) 于初始确认相关保险合约亏损
组别时会设立亏损摊回部份。
(i) 本集团就持有的再保险合约应
用一致的会计政策，并仅于损益
确认净保险财务收入╱（支出）。
再保险合约资产就报告用途分析
为：
(c) 索偿发展表
下表显示连续每个意外发生年度
于各报告日期的累计已发生索偿
之估计（包括已通知及已发生但
未申报的索偿）以及迄今的累计
付款。
据香港财务报告准则第17号所
规定，于设立索偿拨备时，本集
团考虑未来经验较假设更为不利
的可能性及影响程度，并于风险
调整中反映。一般而言，与结清
索偿的最终成本有关的不确定性
于索偿处于早期发展阶段时为最
高。随著索偿发展，索偿的最终
成本日渐明确。
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(b) Reinsurance contract asets (continued)
Rol-forward of net aset or liability for reinsurance
contracts held showing the asets for remaining coverage
and the amounts recoverable on incured claims (continued)
Note:
(i) A los-recovery component was set up upon the initial recognition
of an onerous group of underlying insurance contracts.
(i) The Group aplies a consistent acounting policy to reinsurance
contracts held and recognises net insurance finance income/(expenses)
in profit or los only.
Reinsurance contract asets are analysed for reporting
purposes as:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent portion非流动部份41,804
Curent portion流动部份68,432
110,236
(c) Claims development tables
The folowing tables show the estimates of cumulative
incured claims, including both claims notified and incured-
but-not report for each sucesive acident year at each
reporting date, together with cumulative payments to date.
As required by HKFRS 17, in seting claims provisions, the
Group gives consideration to the probability and magnitude of
future experience being more adverse than asumed which is
reflected in the risk adjustment. In general, the uncertainty
asociated with the ultimate cost of setling claims is the
greatest when the claim is at an early stage of development.
As claims develop, the ultimate cost of claims becomes more
certain.
| 398,175 |
|---|
| – |
| – |
| – |
| – |
| 398,175 |
| (11,178) |
| 386,997 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(c) 索偿发展表（续）
本集团并无披露与于首次应用香
港财务报告准则第17号的年度
报告期间结束前五年前的索偿发
展有关的过往未公布资料。
意外年度索偿发展表－于二零
二五年的总额：
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(c) Claims development tables (continued)
The Group has not disclosed previously unpublished
information about claims development that ocured earlier
than five years before the end of the anual reporting period in
which it first aplies HKFRS 17.
Acident year claims development table – gros as at 2025:
20212022202320242025Total
二零二一年二零二年二零二三年二零二四年二零二五年总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
Estimate of cumulative claims估计累计索偿
– year 1－ 第一年185,592270,524380,533436,754
– year 2－ 第二年141,161235,446368,299424,607
– year 3－ 第三年129,933201,769361,825–
– year 4－ 第四年91,525197,143–
– year 5－ 第五年91,709–
Cumulative gros claims累计总索偿91,709197,143361,825424,6071,473,459
Cumulative payments to date迄今的累计付款(78,651)(141,604)(160,713)(86,033)(478,179)
13,05855,539201,112338,574386,997995,280
Cumulative gros claims累计总索偿
– prior acident years－ 过往意外年度3,532
Gros undiscounted liabilities
for incured claims
已发生索偿的总未贴现
负债998,812
Efect of discounting贴现的影响(57,883)
Risk adjustment风险调整90,157
Other incured insurance expenses其他已发生的保险支出622
Total gros liabilities for
incured claims
已发生索偿的总负债
1,031,708
| 348,929 |
|---|
| – |
| – |
| – |
| – |
| 348,929 |
| (11,148) |
| 337,781 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
33 保险及再保险合约的资产及负
债（续）
(c) 索偿发展表（续）
意外年度索偿发展表－于二零
二五年的净额：
33 INSURANCE AND REINSURANCE CONTRACT ASETS AND
LIABILITIES (CONTINUED)
(c) Claims development tables (continued)
Acident year claims development table – net as at 2025:
20212022202320242025Total
二零二一年二零二年二零二三年二零二四年二零二五年总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
Estimate of cumulative claims估计累计索偿
– year 1－ 第一年177,211254,108353,814378,762
– year 2－ 第二年137,236229,151353,643371,333
– year 3－ 第三年123,082194,093335,293–
– year 4－ 第四年88,023184,326–
– year 5－ 第五年85,092–
Cumulative net claims累计净索偿85,092184,326335,293371,3331,324,973
Cumulative payments to date迄今的累计付款(74,443)(138,589)(158,007)(84,745)(466,932)
10,64945,737177,286286,588337,781858,041
Cumulative net claims累计净索偿
– prior acident years－ 过往意外年度618
Net undiscounted liabilities for
incured claims
已发生索偿的净未贴现
负债858,659
Efect of discounting贴现的影响(48,417)
Risk adjustment风险调整77,424
Other incured insurance expenses其他已发生的保险支出(1,469)
Total net liabilities for incured claims已发生索偿的总净负债886,197
| 1,445,356 |
|---|
| 2,666,135 |
| 55,025 |
| 392,749 |
| 4,559,265 |
| (1,445,356) |
| 3,113,909 |
| 886,528 |
| 3,672,737 |
| 4,559,265 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
34 银行及其他借款
于二零二五年三月三十一日，本集
团已就若干美国安老院舍业务申请
有抵押银行贷款，账面值为港币4.63
亿元（二零二四年：港币4.78亿元），
该等贷款无向本集团（借款附属公司
除外）追索的权利。该等贷款须遵守
契诺条款。
34 BANK AND OTHER BOROWINGS
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Bank and other borowings are
repayable as folows:
银行及其他借款偿还期如下：
Within one year or repayable
on demand
一年内或须按要求偿还
1,044,471
More than 1 year but not exceding
2 years
一年以上但不超过两年
954,759
More than 2 years but not exceding
5 years
两年以上但不超过五年
2,061,654
Exceding 5 years超过五年410,021
4,470,905
Les: Amount due within one year
or repayable on demand
disclosed under curent liabilities
减：在流动负债内披露并于
一年内到期或须按要求
偿还之金额(1,044,471)
3,426,434
Represented by:呈列为：
Secured有抵押942,317
Unsecured无抵押3,528,588
4,470,905
As at 31 March 2025, the Group had secured bank loans for certain
USA senior housing busineses with a carying amount of HK$463
milion (2024: HK$478 milion), which was without recourse to the
Group other than the borowing subsidiaries. These loans are
subjected to covenant clauses.
| 275,671 |
|---|
| 15,955 |
| 3,739,318 |
| 64,238 |
| 464,083 |
| 4,559,265 |
| 6.1% |
|---|
| 4.2% |
| 5.1% |
| 4.2% |
| 3.8% |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
34 银行及其他借款（续）
由于大部份借款乃以浮动利率计息，
银行及其他借款之账面值与其公允
值相若。银行及其他借款乃以下列
货币为单位：
于三月三十一日，银行及其他借款
之实际年利率如下：
银行及其他借款港币886,528,000元
（二零二四年：港币942,317,000元）
乃以本集团资产作抵押，于综合财
务报表附注14、15、22、25、26、
28及31内载列。
34 BANK AND OTHER BOROWINGS (CONTINUED)
The carying value of the bank and other borowings aproximate
their fair values as majority of the borowings caried interest at
floating rate. The bank and other borowings are denominated in
the folowing curencies:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
British Pound英镑289,465
Canadian dolar加拿大元27,058
Hong Kong dolar港币3,601,207
Renminbi人民币75,296
US dolar美元477,879
4,470,905
The efective interest rates per anum of the bank and other
borowings as at 31 March were as folows:
二零二五年二零二四年
British Pound英镑6.9%
Canadian dolar加拿大元6.5%
Hong Kong dolar港币5.9%
Renminbi人民币4.1%
US dolar美元3.8%
Bank and other borowings of HK$886,528,000 (2024:
HK$942,317,000) were secured by charges on the asets of the
Group as set out in notes 14, 15, 22, 25, 26, 28 and 31 to the
consolidated financial statements.
| 540,000,000 | 675,000 |
|---|---|
| 301,928,440 | 377,411 |
| (660,000) | (825) |
| 301,268,440 | 376,586 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
35 股本
附注：
截至二零二五年三月三十一日止年度内，
本公司回购660,000股普通股，总代价为
港币3,169,080元。所有回购股份已注销。
35 SHARE CAPITAL
Number of
sharesShare capital
股份数目股本
HK$’000
港币千元
Ordinary shares of HK$1.25 each每股面值港币1.25元之普通股
Authorised:法定股本：
At 1 April 2023, 31 March 2024 and
31 March 2025
于二零二三年四月一日、
二零二四年三月三十一日及
二零二五年三月三十一日
Isued and fuly paid:已发行及缴足股本：
At 1 April 2023 and 31 March 2024于二零二三年四月一日及
二零二四年三月三十一日
Repurchase of shares (note)回购股份（附注）
At 31 March 2025于二零二五年三月三十一日
Note:
During the year ended 31 March 2025, 660,000 ordinary shares of the
Company were repurchased at a total consideration of HK$3,169,080. Al
of the repurchased shares have ben canceled.
| 704,087 | 373,194 | 8,785 | 35,002 | 271,514 | (59,909) | 8,074,505 | 9,407,178 |
|---|---|---|---|---|---|---|---|
| – | – | – | – | – | – | (473,089) | (473,089) |
| – | – | – | (8,131) | – | – | – | (8,131) |
| – | – | – | – | – | (58,267) | – | (58,267) |
| – | – | – | – | 415 | – | – | 415 |
| – | – | – | – | – | – | (3,306) | (3,306) |
| – | 1,696 | – | (3,654) | (2,006) | – | 3,964 | – |
| – | 1,696 | – | (11,785) | (1,591) | (58,267) | (472,431) | (542,378) |
| – | – | – | – | – | – | (66,366) | (66,366) |
| – | – | 825 | – | – | – | (3,169) | (2,344) |
| 704,087 | 374,890 | 9,610 | 23,217 | 269,923 | (118,176) | 7,532,539 | 8,796,090 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
36 储备36 RESERVES
Atributable to shareholders of the Company
本公司股东应占
Share
premium
Capital
reserve
Capital
redemption
reserve
Investment
revaluation
reserve
Other asets
revaluation
reserve
Exchange
fluctuation
reserve
Retained
profitsTotal
股份溢价资本储备
资本赎回
储备
投资重估
储备
其他资产
重估储备
外汇兑换
浮动储备保留溢利总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
(note)
（附注）
At 1 April 2024于二零二四年四月一日
Los for the year年度亏损
Change in fair value of investments at
fair value through other
comprehensive income
按公允值列入其他全面
收益处理之投资的
公允值变动
Exchange diference on translation of
operations of overseas subsidiaries,
asociates and joint ventures
换算海外附属公司、
联营公司及合营企业
之业务所产生之
外汇兑换差额
Share of a joint venture’s fair value
surplus of property, plant and
equipment upon transfer to
investment properties
所占一间合营企业之
物业、厂房及设备
转拨至投资物业时
之公允值盈余
Remeasurement of defined benefit
plan obligations
界定福利计划责任之
重新计量
Transfer转移
Total comprehensive income/
(expenses) for the year
年度全面收益╱（支出）
总额
Dividends paid已付股息
Repurchase of shares回购股份
At 31 March 2025于二零二五年三月三十一日
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
36 储备（续）
附注：
结余主要来自过去多项本集团重组事项，
包括本公司迁册、集团企业之分拆及私
有化。
36 RESERVES (CONTINUED)
Atributable to shareholders of the Company
本公司股东应占
Share
premium
Capital
reserve
Capital
redemption
reserve
Investment
revaluation
reserve
Other asets
revaluation
reserve
Exchange
fluctuation
reserve
Retained
profitsTotal
股份溢价资本储备
资本赎回
储备
投资重估
储备
其他资产
重估储备
外汇兑换
浮动储备保留溢利总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
(note)
（附注）
Restated at 1 April 2023于二零二三年四月一日
经重列704,087377,9408,78530,997257,574120,0058,550,07410,049,462
Los for the year年度亏损–(370,390)(370,390)
Change in fair value of investments at
fair value through other
comprehensive income
按公允值列入其他全面
收益处理之投资的
公允值变动–4,061–4,061
Exchange diference on translation of
operations of overseas subsidiaries,
asociates and joint ventures
换算海外附属公司、
联营公司及合营企业
之业务所产生之
外汇兑换差额–(179,914)–(179,914)
Fair value surplus of property, plant
and equipment upon transfer to
investment properties
物业、厂房及设备转拨
至投资物业时之
公允值盈余–13,940–13,940
Transfer转移–2,579–(56)–(2,523)–
Total comprehensive income/
(expenses) for the year
年度全面收益╱（支出）
总额–2,579–4,00513,940(179,914)(372,913)(532,303)
Dividends paid已付股息–(102,656)(102,656)
Acquisition of aditional interest
in a subsidiary from a non-
controling interest
向一非控股权益收购一间附属
公司额外权益
–(7,325)–(7,325)
At 31 March 2024于二零二四年三月三十一日704,087373,1948,78535,002271,514(59,909)8,074,5059,407,178
Note:
The balance arose mainly from various Group reorganisations in the past
including redomicile of the Company, spin-ofs and privatisation of group
entities.
| 42,534 | 80,982 | 375,592 | (63,072) | (19,193) | 416,843 |
|---|---|---|---|---|---|
| (298) | (410) | (4,448) | 292 | 109 | (4,755) |
| (243) | (3,037) | 26,198 | 16,839 | 8,704 | 48,461 |
| 41,993 | 77,535 | 397,342 | (45,941) | (10,380) | 460,549 |
| (55,307) |
|---|
| 515,856 |
| 460,549 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
37 递延税项
下文所载乃本报告年度及过往报告
年度确认之主要递延税项负债╱（资
产）及其变动：
为配合综合财务状况表之编列方式，若
干递延税项资产及负债经已作抵销。作
财务报告用途之递延税项结余分析如下：
37 DEFERED TAXATION
The folowings are the major defered tax liabilities/(asets)
recognised and movements thereon during the curent and prior
reporting years:
Acelerated
tax
depreciation
Amortisation
of intangible
asets
Revaluation
of
properties
Tax
losesOthersTotal
加速税项
折旧
无形资产
摊销重估物业税项亏损其他总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
At 1 April 2024于二零二四年四月一日
Exchange realignment汇兑调整
(Credited)/charged to consolidated income
statement (note 11)
于综合收益表内（计入）╱扣除
（附注11）
At 31 March 2025于二零二五年三月三十一日
At 1 April 2023 (restated)于二零二三年四月一日（经重列）39,57492,711341,967(80,697)(18,993)374,562
Exchange realignment汇兑调整(15)(340)(14,369)27979(14,366)
Charged/(credited) to consolidated income
statement (note 11)
于综合收益表内扣除╱（计入）
（附注11）2,975(11,389)43,34817,346(279)52,001
Charged to other comprehensive income于其他全面收益内扣除–4,646–4,646
At 31 March 2024于二零二四年三月三十一日42,53480,982375,592(63,072)(19,193)416,843
For the purposes of consolidated statement of financial position
presentation, certain defered tax asets and liabilities have ben
ofset. The folowing is the analysis of the defered tax balances
for financial reporting purposes:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Defered tax asets递延税项资产(62,503)
Defered tax liabilities递延税项负债479,346
416,843
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
37 递延税项（续）
于二零二五年三月三十一日，本集
团未动用之税项亏损为港币
4,520,310,000元（二零二四年：港币
3,913,434,000元），可用作抵销将来
之应课税溢利。其中港币
176,657,000元（二零二四年：港币
260,388,000元）之税项亏损已确认
为递延税项资产。因未来溢利难以
预测，故并无就余下之税项亏损港
币4,343,653,000元（二零二四年：港
币3,653,046,000元）确认递延税项
资产。并未确认税项亏损包括中国
内地、美国及加拿大附属公司之亏
损港币81,503,000元、港币
187,886,000元及港币30,715,000元
（二零二四年：港币135,272,000元、
港币170,430,000元及港币
23,570,000元），其使用期分别至二
零二九年十二月、二零三八年三月
及二零四五年三月（二零二四年：二
零二八年十二月、二零三八年三月
及二零四年三月），而余下之税项
亏损将可无限期结转。
于二零二五年三月三十一日，未有
就若干附属公司未分派盈利而可能
支付之预扣税确认递延税项负债港
币164,005,000元（二零二四年：港
币164,844,000元）。预期此等款项
会用作再投资。
于二零二五年三月三十一日，本集
团之未确认可扣减暂时性差异为港
币891,876,000元（二零二四年：港
币435,136,000元）。预计在未来并
无足够之应课税溢利以用作抵销有
关之可扣减暂时性差异，故并未确
认相关之可扣减暂时性差异为递延
税项资产。
37 DEFERED TAXATION (CONTINUED)
As at 31 March 2025, the Group had unused tax loses of
HK$4,520,310,000 (2024: HK$3,913,434,000) available for ofset
against future taxable profits. Defered tax asets had ben
recognised in respect of HK$176,657,000 (2024: HK$260,388,000)
of such loses. No defered tax asets had ben recognised in
respect of the remaining HK$4,343,653,000 (2024:
HK$3,653,046,000) due to the unpredictability of future profit
streams. Included in unrecognised tax loses were loses of
HK$81,503,000, HK$187,886,000 and HK$30,715,000 (2024:
HK$135,272,000, HK$170,430,000 and HK$23,570,000) of
subsidiaries in Mainland China, the USA and Canada that wil
gradualy expire up to December 2029, March 2038 and March
2045 (2024: December 2028, March 2038 and March 2044)
respectively; the remaining tax loses may be caried forward
indefinitely.
As at 31 March 2025, defered tax liabilities of HK$164,005,000 (2024:
HK$164,844,000) had not ben recognised for the witholding tax
that would be payable on the unapropriated earnings of certain
subsidiaries. Such amounts were expected to be reinvested.
As at 31 March 2025, the Group had unrecognised deductible
temporary diferences of HK$891,876,000 (2024: HK$435,136,000).
No defered tax aset had ben recognised in relation to such
deductible temporary diferences as it is not probable that future
taxable profits wil be available against which the deductible
temporary diferences can be utilised.
| (363,877) |
|---|
| (133,018) |
| 51,531 |
| (114,177) |
| 255,421 |
| 3,317 |
| 195,504 |
| 2,660 |
| (42,598) |
| – |
| 658 |
| (193) |
| (1,331) |
| 19 |
| 3,840 |
| (24,469) |
| 317,649 |
| (490) |
| (1,498) |
| (9,590) |
| 14,002 |
| – |
| 31,160 |
| 180,855 |
| 109,380 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
38 综合现金流量表附注
(a) （用于）╱来自营运之现金
38 NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS
(a) Cash (used in)/generated from operations
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Los before taxation除税前亏损(161,252)
Adjustments for:调整：
Share of results of asociates所占联营公司业绩(169,739)
Share of results of joint ventures所占合营企业绩49,127
Interest income利息收入(89,706)
Interest expenses on bank overdrafts,
non-controling interests and
bank and other borowings
银行透支、非控股权益以及
银行及其他借款的
利息支出213,334
Interest expenses on lease liabilities租赁负债的利息支出3,748
Depreciation of property,
plant and equipment
物业、厂房及设备之折旧
194,516
Amortisation of other intangible asets其他无形资产摊销2,544
Increase in fair value of
investment properties, net
投资物业之公允值增加，
净额(3,023)
Gain on transfer of properties for
sale to investment properties
待售物业转拨至投资物业
之收益(11,575)
Los on transfer of properties
under development to
investment properties
发展中物业转拨至投资物业
之亏损
–
Gain on disposal of property,
plant and equipment, net
出售物业、厂房及设备
之收益，净额(1,389)
Gain on bargain purchase (note 38(b)议价收购之收益（附注38(b)）–
Los on other intangible
asets expired
其他无形资产到期之亏损
–
Los on disposal of investment
properties
出售投资物业之亏损
–
Gain on disposal of the Certificates
of Ned for senior housing
出售与安老院舍有关的
需求证明书之收益–
Los on investments at fair value
through profit or los, net
按公允值列入损益处理之
投资之亏损，净额148,304
(Gain)/los on derivative financial
instruments
衍生金融工具之（收益）╱亏损
1,221
Provision writen back for inventories
to net realisable value, net
已拨回存货拨备至可变现净值，
净额(3,657)
Provision (writen back)/recognised
for trade and other debtors, net
已（拨回）╱确认贸易及其他
应收账款之拨备，净额39,458
Provision recognised for amount due
from an asociate
已确认应收一间联营公司
账款之拨备–
Provision for los of interest in
a joint venture
于一间合营企业的权益之
亏损拨备21,800
Impairment los on godwil商誉之减值亏损89,661
Provision recognised for properties
under development
已确认发展中物业之拨备
190,500
Provision recognised for properties
for sale to net realisable value
已确认待售物业拨备至
可变现净值27,991
| 6,227 |
|---|
| 2,165 |
| 2,918 |
| 5,825 |
| 1,695 |
| 493,585 |
| 830 |
| (2,325) |
| (513,523) |
| 31,438 |
| 280,948 |
| (148,841) |
| (411,764) |
| (13,054) |
| (633) |
| 168,443 |
| 60,710 |
| 21 |
| (547,750) |
| (54,165) |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
38 综合现金流量表附注（续）
(a) （用于）╱来自营运之现金（续）
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Impairment los on property,
plant and equipment
物业、厂房及设备之减值
亏损28,148
Writen of of property,
plant and equipment
撇销物业、厂房及设备
–
Impairment los on investments
at amortised cost
按摊销成本列账之投资之
减值亏损–
Impairment los on other
non-curent asets
其他非流动资产之减值亏损
–
Others其他–
Operating cash flows before
movements in working capital
营运资金变动前之经营
现金流量570,011
Changes in working capital营运资金变动
Decrease/(increase) in amounts due
from non-controling interests
应收非控股权益账款
减少╱（增加）(3,651)
(Increase)/decrease in investments
at amortised cost
按摊销成本列账之投资
（增加）╱减少25,199
Increase in investments at fair value
through profit or los
按公允值列入损益处理之
投资增加(305,866)
Decrease in inventories存货减少68,170
Decrease in properties for sale待售物业减少133,233
Increase in properties under
development
发展中物业增加
(225,723)
Increase in debtors, contract asets,
deposits paid and prepayments
应收账款、合约资产、已付存
出按金及预付款项增加(445,195)
Increase in reinsurance contract asets再保险合约资产增加(66,863)
(Decrease)/increase in amounts
due to non-controling interests
应付非控股权益账款
（减少）╱增加16,118
Increase in creditors, bils payable,
deposits received, contract
liabilities, acruals and provisions
应付账款、应付票据、
已收存入按金、合约负债、
预提费用及拨备增加81,360
Increase in insurance contract
liabilities
保险合约负债增加
182,394
Other non-cash items其他非现金项目973
Total changes in working capital营运资金变动总额(539,851)
Cash (used in)/generated from
operations
（用于）╱来自营运之现金
30,160
38 NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS (CONTINUED)
(a) Cash (used in)/generated from operations (continued)
| 6,912 |
|---|
| 3,665 |
| 19,637 |
| 8,586 |
| 12,278 |
| (17,342) |
| (16,520) |
| (2,061) |
| 8,243 |
| (6,912) |
| 8,243 |
| 1,331 |
| (6,912) |
| 12,278 |
| 5,366 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
38 综合现金流量表附注（续）
(b) 收购一间附属公司
于二零二四年十月三十日，本集
团订立一份协议以人民币
6,400,000元（相当于约港币
6,912,000元）的代价收购一间在
中国成都从事汽车贸易及提供保
养服务的公司的80%股权。该交
易已于二零二四年十月三十日完
成。
38 NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS (CONTINUED)
(b) Acquisition of a subsidiary
On 30 October 2024, the Group entered into an agrement to
acquire 80% of a company, which engaged in trading of motor
vehicles and provision of maintenance services in Chengdu,
the PRC at a total consideration of RMB6,400,000 (equivalent
to aproximately HK$6,912,000). The transaction was
completed on 30 October 2024.
二零二五年
HK$’000
港币千元
Cash consideration现金代价
Net asets acquired:所收购资产净值：
Property, plant and equipment (note 15)物业、厂房及设备（附注15）
Inventories存货
Debtors, deposits paid and prepayments应收账款、已付存出按金及预付款项
Bank balances and cash银行结存及现金
Creditors, bils payable, deposits received,
contract liabilities and acruals
应付账款、应付票据、已收存入按金、
合约负债、预提费用
Bank and other borowings银行及其他借款
Non-controling interest非控股权益
Net asets acquired所收购资产净值
Gain on bargain purchase arising on acquisition:因议价收购而产生之收益：
Consideration transfered转让代价
Net asets acquired所收购资产净值
Gain on bargain purchase (note 8)议价收购之收益（附注8）
Net cash inflow arising from the acquisition:收购之现金流入净额：
Cash consideration paid已付现金代价
Bank balances and cash银行结存及现金
| 4,470,905 | (23,936) | 82,262 |
|---|---|---|
| 66,798 | 406 | (21,025) |
| 325 | (412) | (1,124) |
| – | – | 7,199 |
| 16,520 | – | – |
| 4,717 | – | (466) |
| 4,559,265 | (23,942) | 66,846 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
38 综合现金流量表附注（续）
(c) 融资活动所产生负债╱（资产）
之对账
38 NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS (CONTINUED)
(c) Reconciliation of liabilities/(asets) arising from
financing activities
Bank and other
borowings
Pledged bank
deposits
Lease
liabilities
银行及
其他借款
已抵押
银行存款租赁负债
HK$’000HK$’000HK$’000
港币千元港币千元港币千元
At 1 April 2024于二零二四年四月一日
Cash flows现金流量
Exchange realignment汇兑调整
New lease arangements新租赁安排
Acquisition of a subsidiary收购一间附属公司
Others其他
At 31 March 2025于二零二五年三月三十一日
At 1 April 2023于二零二三年四月一日3,881,128(5,702)96,221
Cash flows现金流量587,414(18,116)(16,151)
Exchange realignment汇兑调整(4,536)(118)(3,310)
New lease arangements新租赁安排–5,286
Others其他6,899–216
At 31 March 2024于二零二四年三月三十一日4,470,905(23,936)82,262
| 66,027 |
|---|
| 500,214 |
| 8,643 |
| 574,884 |
| 1,461 |
| 125,529 |
| 126,990 |
| 447,894 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
39 商誉之减值测试
为进行减值测试，于业务合并购入
之商誉乃于收购时分配至预期受惠
之现金产生单位或现金产生单位组
别。于二零二五年及二零二四年三
月三十一日，各自之账面值已获分
配如下：
本集团每年均会测试商誉是否出现
减值，或当有减值迹象时，会更频密
进行测试。
厘定商誉有否减值需估计使用中价
值或公允值扣除销售成本之较高者。
倘使用贴现金流量预测估计可收
回金额，则该企业需估计现金产生
单位或现金产生单位组别预期产生
之未来现金流量及适当贴现率，以
计算其现值。
39 IMPAIRMENT TESTING OF GODWIL
For the purpose of impairment testing, godwil acquired in
busines combinations are alocated at acquisition to the CGUs or
groups of CGUs that are expected to benefit. The respective
carying amounts as at 31 March 2025 and 2024 had ben
alocated as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Cost成本
Property development and operations物业发展及营运
– cold storage and public bonded
warehouse (note a)
－ 冷藏仓库及公众保税仓
（附注a）66,027
Healthcare investment (note b)保健护理投资（附注b）540,254
Others其他8,738
615,019
Les: Acumulated impairment los减：累计减值亏损
Property development and
operations
物业发展及营运
– cold storage and public
bonded warehouse (note a)
－ 冷藏仓库及公众保税仓
（附注a）1,461
Healthcare investment (note b)保健护理投资（附注b）99,727
101,188
Net bok value (note 16)账面净值（附注16）513,831
The Group tests godwil anualy for impairment, or more
frequently if there are indications that they might be impaired.
Determining whether godwil is impaired require estimations of
the higher of the value-in-use or fair value les costs of disposal.
Where discounted cash flow forecast is used to estimate
recoverable amount, it requires the entity to estimate the future
cash flows expected to arise from CGUs or groups of CGUs and
suitable discount rates in order to calculate present value.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
39 商誉之减值测试（续）
附注：
(a) 冷藏仓库及公众保税仓业务
售价及直接成本之变化根据过往惯
例及对市场未来转变之预期而定，
管理层根据过往表现及市场预期厘
定预算增长率及毛利率。贴现率反
映与相关现金产生单位所涉及之特
定风险。
减值后商誉约港币6,500万元（二零
二四年：港币6,500万元）被分配至
本集团之冷藏仓库及公众保税仓业
务。估计可收回金额乃按使用中价
值法厘定。有关计算使用根据管理
层批核之一年期财务预算之除税后
现金流量预测。超过期限之现金流
量根据每年2%（二零二四年：2%）
终端增长率及10%（二零二四年：
10%）贴现年率推算。
(b) 保健护理投资
扣除本年度减值前之商誉约港币4.06
亿元（二零二四年：港币5.30亿元）
被分配至本集团之安老院舍业务。
于该等结余中，与商誉有关的现金
产生单位组别之估计可收回金额为
约港币4.06亿元（二零二四年：港币
5.01亿元）乃按使用中价值法厘定，
而并无商誉的估计可收回金额按公
允值扣除销售成本厘定（二零二四年：
约港币2,900万元）。
有关使用中价值计算使用根据管理
层批核之三至五年期财务预算之除
税前现金流量预测。超过期限之现
金流量根据每年3%（二零二四年：
3%）终端增长率、6.6%至8.7%（二
零二四年：5.1%至13.2%）的平均年
度收入增长率及12%（二零二四年：
12.1%至13.9%）除税前贴现年率推
算（此为计算使用中价值所采用之主
要假设）。因此，约港币3,100万元
（二零二四年：港币8,500万元）的商
誉减值亏损已于截至二零二五年三
月三十一日止年度确认。
39 IMPAIRMENT TESTING OF GODWIL (CONTINUED)
Notes:
(a) Cold storage and public bonded warehouse busines
Changes in seling prices and direct costs are based on past practices
and expectations of future changes in the market. Management
determined budgeted growth rates and gros margins based on past
performance and market expectation. The discount rates reflect
specific risks relating to the relevant CGUs.
Godwil, after impairment, of aproximately HK$65 milion (2024:
HK$65 milion) is alocated to the Group’s cold storage and public
bonded warehouse busines. The estimated recoverable amount is
determined based on value-in-use aproach. The calculation uses post-
tax cash flow projections based on financial budgets aproved by
management covering a one-year period. Cash flows beyond the
period are extrapolated using a 2% (2024: 2%) terminal growth rate
per anum and a 10% (2024: 10%) discount rate per anum.
(b) Healthcare investment
Godwil, before curent year impairment, of aproximately HK$406
milion (2024: HK$530 milion) is alocated to the Group’s senior
housing busines. Out of these balances, the estimated recoverable
amounts of the group of CGUs in relation to the godwil of
aproximately HK$406 milion (2024: HK$501 milion) are determined
based on value-in-use aproach, while no godwil (2024:
aproximately HK$29 milion) are determined based on its fair value
les costs of disposal.
The value-in-use calculation uses pre-tax cash flow projections based
on financial budgets aproved by management covering thre to five-
year period. Cash flows beyond the period are extrapolated using a 3%
(2024: 3%) terminal growth rate per anum, average anual revenue
growth rate of 6.6% to 8.7% (2024: 5.1% to 13.2%) and a pre-tax
discount rate per anum 12% (2024: 12.1% to 13.9%) which are the
key asumptions adopted in the value-in-use calculation. As a result,
an impairment los on godwil amounted to aproximately HK$31
milion (2024: HK$85 milion) was recognised for the year ended 31
March 2025.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
39 商誉之减值测试（续）
附注：（续）
(b) 保健护理投资（续）
供说明用途，有关以使用中价值法
评估的商誉，在所有其他变量及假
设维持不变的情况下，假设预测年
度收入减少5%（二零二四年：5%）
及贴现率增加1%（二零二四年：
1%），将导致商誉账面值分别进一
步减少约39%（二零二四年：30%）
及17%（二零二四年：35%）。敏感
度及编制贴现金流量预测所用的
估计（包括使用中价值计算所用的估
计）不一定单独变动。未来实际结果
可能与敏感度分析有重大差异。
就根据公允值扣除销售成本估计的
现金产生单位可收回金额而言，公
允值乃衍生自第三级估值方法并参
照相关资产的估计公允值。约港币
500万元的商誉减值亏损已于截至二
零二四年三月三十一日止年度确认。
安老院舍业务处于严格受规管的营
商环境中，当中须遵守多项联邦、州
立及地方政府的法律及法规。相关
法律及法规涉及（其中包括）政府保
健护理计划参与规定、弥偿病患者
服务及相关账单、欺诈及滥用的规
例。违反若干法律及规例可能被逐
出政府保健护理计划。管理层于二
零二五年三月三十一日并不知悉针
对本集团的任何行动或潜在行动。
因此，于二零二五年三月三十一日
之与若干美国安老院舍业务相关的
商誉账面值为港币3.75亿元（二零
二四年：港币4.41亿元）。
39 IMPAIRMENT TESTING OF GODWIL (CONTINUED)
Notes: (continued)
(b) Healthcare investment (continued)
For ilustration purposes, in relation to the godwil asesed under
value-in-use aproach, with al other variables and asumptions held
constant, a hypothetical 5% (2024: 5%) decrease in the projected
anual revenue and 1% (2024: 1%) increase in discount rate would
cause the carying amount of godwil to reduce further by
aproximately 39% (2024: 30%) and 17% (2024: 35%) respectively.
The sensitivity and estimates used in preparing discounted cash flow
projection including those used in the value-in-use calculations do not
necesarily change in isolation. Actual results in the future may difer
materialy from the sensitivity analysis.
While for the recoverable amount of the CGU estimated based on fair
value les costs of disposal, the fair value was derived by level 3
valuation techniques with reference to the estimated fair value of the
underlying asets. An impairment los on godwil amounted to
aproximately HK$5 milion was recognised for the year ended 31
March 2024.
The senior housing busines operate in a heavily regulated
environment which are subject to numerous laws and regulations of
federal, state, and local government. These laws and regulations relate
to, among other things, such as government healthcare programe
participation requirements, regulations regarding reimbursement for
patient services and related biling, fraud and abuse. Violation of
certain laws and regulations could result in the expulsion from
government healthcare programe. Management was not aware of
any actions or potential actions against the Group as at 31 March
2025.
Acordingly, the carying amount of godwil relating to certain senior
housing busines in the USA is HK$375 milion as at 31 March 2025 (2024:
HK$441 milion).
| – | 16,310 | 897 | 17,207 |
|---|---|---|---|
| – | 950 | 4 | 954 |
| – | 11,615 | 618 | 12,233 |
| – | 4,140 | 285 | 4,425 |
| – | 5,800 | 435 | 6,235 |
| – | 2,580 | 194 | 2,774 |
| 450 | – | – | 450 |
| 400 | – | – | 400 |
| 400 | – | – | 400 |
| 339 | – | – | 339 |
| 450 | – | – | 450 |
| 2,039 | 41,395 | 2,433 | 45,867 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
40 董事及雇员之福利及权益
(a) 董事酬金
已付及应付董事酬金如下：
附注：
(a) 于二零二五年一月一日继续出
任主席。
(b) 于二零二五年一月一日由非执
行董事调任为执行董事及获委
任为副主席。
(c) 于二零二五年一月一日获委任
为董事总经理。
#
独立非执行董事
40 BENEFITS AND INTERESTS OF DIRECTORS AND EMPLOYES
(a) Directors’ emoluments
Emoluments paid and payable to the Directors are as folows:
Directors’
Fe
Salaries
and other
benefits
Retirement
scheme
contributionTotal
董事酬金薪金及其他福利退休计划之供款总额
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
2025二零二五年
Executive Directors执行董事
Kuok Hoi Sang
(Chairman) (note a)
郭海生
（主席）（附注a）
Chow Ve Tsung, Oscar
(Vice Chairman) (note b)
周维正
（副主席）（附注b）
Tam Kwok Wing
(Managing Director) (note c)
谭国荣
（董事总经理）（附注c）
Ho Chung Leung何宗梁
Ma Chi Wing马志荣
Lily Chow周莉
Non-Executive Directors非执行董事
Pon Chung Kwong
#
潘宗光
#
Irons Sze
#
施荣怀
#
Sun Leland Li Hsun
#
孙立勋
#
Chow Ve Tsung, Oscar (note b)周维正（附注b）
Kwan Angelina Agnes
#
关蕙
#
Notes:
(a) Continued to serve as Chairman with efect from 1 January 2025.
(b) Re-designated from Non-Executive Director to Executive Director
and apointed as Vice Chairman with efect from 1 January 2025.
(c) Apointed as Managing Director with efect from 1 January 2025.
#
Independent non-Executive Director
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
40 董事及雇员之福利及权益（续）
(a) 董事酬金（续）
附注：
(a) 于二零二三年八月二十八日退
任。
(b) 于二零二三年八月二十八日获
委任。
#
独立非执行董事
40 BENEFITS AND INTERESTS OF DIRECTORS AND EMPLOYES
(CONTINUED)
(a) Directors’ emoluments (continued)
Directors’
Fe
Salaries
and other
benefits
Retirement
scheme
contributionTotal
董事酬金薪金及其他福利退休计划之供款总额
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Executive Directors
二零二四年
执行董事
Kuok Hoi Sang
(Chairman and Managing Director)
郭海生
（主席兼董事总经理）–20,66089721,557
Tam Kwok Wing
(Deputy Managing Director)
谭国荣
（副董事总经理）–14,99061815,608
Ho Chung Leung何宗梁–4,4802854,765
Ma Chi Wing马志荣–7,1504357,585
Lily Chow周莉–2,5801942,774
Non-Executive Directors非执行董事
Yang Chuen Liang, Charles
#
(note a)杨传亮
#
（附注a）184–184
Pon Chung Kwong
#
潘宗光
#
450–450
Irons Sze
#
施荣怀
#
400–400
Sun Leland Li Hsun
#
孙立勋
#
400–400
Chow Ve Tsung, Oscar周维正450–450
Kwan Angelina Agnes
#
(note b)关蕙
#
（附注b）267–267
2,15149,8602,42954,440
Notes:
(a) Retired on 28 August 2023.
(b) Apointed on 28 August 2023.
#
Independent Non-Executive Director
| 8,124 |
|---|
| 4,367 |
| 18 |
| 12,509 |
| – |
|---|
| 1 |
| 1 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
40 董事及雇员之福利及权益（续）
(b) 雇员酬金
五名最高薪酬人士包括三名（二
零二四年：三名）董事，彼等之
酬金详情已载列如上。支付予其
余两名（二零二四年：两名）最高
薪酬人士之总薪酬如下：
其余两名（二零二四年：两名）最
高薪酬人士之酬金分为下列组别。
上述向董事及雇员已付及应付之
酬金亦即于截至二零二五年及二
零二四年三月三十一日止年度内
向本集团主要管理层支付之唯一
福利。
董事于交易、安排或合约中之重
大权益
本公司无订立任何于年结日或年
内任何时间仍然存在，而董事或
任何与本公司董事有关连的企业
于当中直接或间接拥有重大权益
且有关本集团业务的重大交易、
安排或合约。
40 BENEFITS AND INTERESTS OF DIRECTORS AND EMPLOYES
(CONTINUED)
(b) Employes’ emoluments
The five highest paid individuals include thre (2024: thre)
Directors, details of whose emoluments are set out above.
The total emoluments paid to the remaining two (2024: two)
highest paid individuals is as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Salaries, alowances and benefits
in kind
薪金、津贴及其他福利
9,983
Performance-based bonus按表现发放之花红–
Contributions to retirement scheme退休计划之供款36
10,019
The emoluments of the remaining two (2024: two) highest
paid individuals fal within the folowing band.
二零二五年二零二四年
HK$4,500,001 – HK$5,000,000港币4,500,001元至
港币5,000,000元1
HK$5,000,001 – HK$5,500,000港币5,000,001元至
港币5,500,000元1
HK$7,000,001 – HK$7,500,000港币7,000,001元至
港币7,500,000元–
The above emoluments paid and payable to Directors and
employe also represent only benefits paid to the Group’s key
management during the years ended 31 March 2025 and 2024.
Directors’ material interests in transactions, arangements
or contracts
No transaction, arangement or contract of significance in
relation to the Group’s busines to which the Company was a
party and in which a Director or any entities conected with a
Director of the Company had a material interest, whether
directly or indirectly, subsisted at the end of the year or at any
time during the year.
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
41 离职后福利
(a) 公积金计划及强积金计划
本集团为香港及海外雇员之福利
设立多项退休福利计划。
于香港，本集团参与两种界定供
款计划，按《职业退休计划条例》
（「公积金」）注册之公积金计划及
于二零年十二月按《强制性
公积金计划条例》设立之强积金
（「强积金」）计划。该等计划之资
产乃由信托人控制之基金持有，
与本集团资产分开处理。就公积
金计划，雇员及本集团每月按雇
员底薪之5%至7.5%为供款额，
视乎雇员于本集团之年资而定。
本集团为强积金计划之成员，按
相关雇员薪酬之5%（截至二零
二五年三月三十一日止年度内每
月最多为港币1,500元）就强积
金计划作出强制性供款。
倘雇员于供款全数归属前退出公
积金计划，已没收供款可作为本
集团扣减应付供款之用。于二零
二五年及二零二四年三月三十一
日，并无因雇员退出公积金计划
而可于未来年度扣减应付供款之
已没收供款。截至二零二五年三
月三十一日止年度内并无以此形
式动用之已没收供款（二零二四
年：无）。于二零二五年三月
三十一日，就报告期间应付之各
计划供款港币3,966,000元（二零
二四年：港币3,843,000元）已于
二零二五年四月支付。
本集团亦参与本集团经营业务之
国家或地区之雇员退休金计划。
本集团须按以每月薪酬之若干百
分比或数目计算之比率作界定供
款。
41 POST-EMPLOYMENT BENEFITS
(a) Ocupational Retirement Schemes Ordinance and
Mandatory Provident Fund schemes
The Group has established various retirement benefit schemes
for the benefit of its staf in Hong Kong and overseas.
In Hong Kong, the Group participates in both defined
contribution schemes which are Ocupational Retirement
Schemes Ordinance (“ORSO”) schemes registered under the
ORSO and Mandatory Provident Fund (“MPF”) schemes
established under the Mandatory Provident Fund Schemes
Ordinance in December 2000. The asets of the schemes are
held separately from those of the Group and in funds under
the control of trustes. The ORSO schemes are funded by
monthly contributions from both employes and the Group at
rates ranging from 5% to 7.5% of the employe’s basic salary,
depending on the length of service with the Group. For
members of the MPF schemes, the Group contributes 5% of
the relevant payrol costs per employe, at a maximum of
HK$1,500 per month during the year ended 31 March 2025, to
the mandatory contribution of the MPF schemes.
Where there are employes who leave the ORSO schemes
prior to vesting fuly in the contributions, the contributions
payable by the Group are reduced by the amount of forfeited
contributions. As at 31 March 2025 and 2024, there were no
forfeited contributions, which arose upon employes leaving
the ORSO schemes and which would be available to reduce
the contributions payable in future years. No forfeited
contributions utilised in this maner during the year ended 31
March 2025 (2024: Nil). As at 31 March 2025, contributions of
HK$3,966,000 (2024: HK$3,843,000) due in respect of the
reporting period were paid over to various schemes in April
2025.
The Group also participates in the employe pension schemes
in countries or locations where the Group operates. The Group
is required to make defined contributions at rates calculated as
a certain percentage or sum of the monthly payrol.
| 12,130 |
|---|
| 1,580 |
| 5 |
| 343 |
| 2,600 |
| 190 |
| 262 |
| (3,062) |
| 14,048 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
41 离职后福利（续）
(b) 长期服务金责任
根据香港雇佣条例（第57章），
已持续受聘至少五年的香港雇员
于若干情况下有权获得长期服务
金（「长期服务金」）。该等情况包
括雇员因严重失职或人手过剩以
外的理由而被解雇、雇员于65
岁或以上离职或雇佣合约属固定
年期及期满不再续约。应付长期
服务金额经参考雇员最后一个
月全月薪金的三分之二（上限为
港币22,500元）及服务年期减去
本集团向强积金计划及公积金计
划供款所衍生的任何累计福利金
额而厘定，整体上限为每名雇员
港币390,000元。目前，本集团
尚未制定任何单独筹资安排以满
足其长期服务金责任。
长期服务金责任之现值及其变动
如下：
长期服务金责任的年期介乎1.5
至6.3年（二零二四年：1至6.8
年）。
41 POST-EMPLOYMENT BENEFITS (CONTINUED)
(b) Long service payment liabilities
Hong Kong employes that have ben employed continuously
for at least five years are entitled to long service payment (“LSP”)
in acordance with the Hong Kong Employment Ordinance (Cap.
57) under certain circumstances. These circumstances include
where an employe is dismised for reasons other than
serious misconduct or redundancy, that employe resigns at
the age of 65 or above, or the employment contract is of fixed
term and expires without renewal. The amount of LSP payable
is determined with reference to two-third of the employe’s
last ful month’s salary (caped at HK$22,500) and the years of
service, reduced by the amount of any acrued benefits
derived from the Group’s contributions to MPF scheme and
ORSO scheme, with an overal cap of HK$390,000 per
employe. Curently, the Group does not have any separate
funding arangement in place to met its LSP liabilities.
The present value of LSP liabilities and its movements are as
folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
At begining of the year年初12,219
Charged/(credited) to consolidated
income statement:
于综合收益表内扣除╱（计入）：
Curent service cost当期服务成本3,462
Past service cost过往服务成本(1,891)
Interest cost利息成本253
Charged to other comprehensive
income:
于其他全面收益
内扣除：
Experience经验–
Demographic asumptions人口假设–
Financial asumptions财务假设–
Benefits paid已支付的福利(1,913)
At end of the year年末12,130
The duration of the LSP liabilities is betwen 1.5 to 6.3 years (2024:
1 to 6.8 years).
| 1,548 |
|---|
| 94 |
| 286 |
| 1,928 |
| 2.9% to 3.1% |
|---|
| 2.8% to 4.3% |
| 4% to 4.5% |
| 5.5% |
| 0.25% | Decrease by 1.3% 下降1.3% | Increase by 1.3% 上升1.3% |
|---|---|---|
| 0.25% | Increase by 0.1% 上升0.1% | Decrease by 0.1 下降0.1% |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
41 离职后福利（续）
(b) 长期服务金责任（续）
上述支出于综合收益表的以下项
目中确认：
重大精算假设及敏感度分析如
下：
以下分析显示，倘重大精算假设
出现0.25%的变动，长期服务金
责任将如何增加╱减少：
41 POST-EMPLOYMENT BENEFITS (CONTINUED)
(b) Long service payment liabilities (continued)
The above expenses are recognised in the folowing line items
in the consolidated income statement:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Cost of sales销售成本1,352
Seling and distribution costs销售及经销成本(318)
Administrative expenses行政支出790
1,824
Significant actuarial asumptions and sensitivity analysis are as
folows:
二零二五年二零二四年
Discount rate贴现率3.4% to 4%
Future salary increases未来薪金增幅2.8% to 4.3%
Expected investment return on
MPF acrued benefits
强积金累计福利的
预期投资回报4% to 4.5%
Expected investment return on
ORSO acrued benefits
职业退休计划条例累计福利的
预期投资回报5.5%
The below analysis shows how the LSP liabilities would have
increased/decreased as a result of 0.25% change in the
significant actuarial asumptions:
Change in
asumption
Increase in
asumption
Decrease in
asumption
假设变动假设增加假设减少
二零二五年二零二五年
Discount rate贴现率
Future salary increases未来薪金增幅
| 805 |
|---|
| 161,294 |
| 77,907 |
| 240,006 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
41 离职后福利（续）
(b) 长期服务金责任（续）
上述敏感度分析乃以假设精算假
设之间的变动并无直接关系为基
准，因此并无考虑精算假设之间
的直接关系。
42 或然负债
本集团因已动用借款而作出之担保
之或然负债与以下各项有关：
就一项已完成的工程合约而言，本
集团因一名分包商就一笔未确定金
额约港币2,700万元（二零二四年：
港币2,700万元）提出索偿而产生或
然负债。有关结清该可能责任的最
终支出（如有）视乎法律诉讼的最终
结果而定，而其尚未能确定。
41 POST-EMPLOYMENT BENEFITS (CONTINUED)
(b) Long service payment liabilities (continued)
Change in
asumption
Increase in
asumption
Decrease in
asumption
假设变动假设增加假设减少
二零二四年二零二四年
Discount rate贴现率0.25%Decrease by 1.2%
下降1.2%
Increase by 1.2%
上升1.2%
Future salary increases未来薪金增幅0.25%Increase by 0.2%
上升0.2%
Decrease by 0.2%
下降0.2%
The above sensitivity analysis is based on the asumption that
changes in actuarial asumptions are not corelated and
therefore it does not take into acount the corelations
betwen the actuarial asumptions.
42 CONTINGENT LIABILITIES
The Group had contingent liabilities in respect of guarantes
isued for utilised borowings in relation to:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Banking facilities granted to an asociate授予一间联营公司之银行信贷565
Mortgage term loan granted to
a joint venture
授予一间合营企业之
按揭定期贷款–
Guarantes given to banks and housing
provident fund management centres
for mortgage facilities granted to
certain buyers of properties
给予银行及住房公积金管理中心
就授予若干物业买家之
按揭信贷的担保
19,267
19,832
In respect of a completed enginering contract, the Group has
contingent liabilities arising from the claims lodged by a
subcontractor for an unprovided amount of aproximately HK$27
milion (2024: HK$27 milion). The ultimate outflow, if any, to setle
this posible obligation is subject to the final outcome of the legal
procedings and is uncertain.
| 36,372 |
|---|
| 9,179 |
| 11,606 |
| 2,963 |
| 60,120 |
| 55,683 |
|---|
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
43 承担
本集团之承担如下：
本集团所占其一间合营企业之承担
如下：
附注：
与一间合营企业承担有关之承诺
于二零二五年三月三十一日，存在于有
需要时为一间合营企业位于香港的物业
发展项目之承担提供资金之承诺，金额
最高为港币502,800,000元（二零二四年：
港币930,073,000元），当中包括应占合
营企业的承担港币55,683,000元（二零
二四年：港币378,613,000元）。
43 COMITMENTS
The Group had comitments as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Contracted but not provided for in the
consolidated financial statements in
respect of
就下列项目已签订合约但未在
综合财务报表内计提之承担
– property development projects－ 物业发展项目23,848
– property, plant and equipment－ 物业、厂房及设备12,196
– investment properties－ 投资物业18,929
– investment at amortised cost－ 按摊销成本列账之投资123,389
178,362
The Group’s share of comitments of a joint venture was as
folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Contracted but not provided for (note)已签订合约但未计提（附注）378,613
Note:
Comitments in relation to a joint venture’s comitments
As at 31 March 2025, there are comitments to provide funding for a joint
venture’s comitments on a property development project in Hong Kong,
if caled, for up to HK$502,800,000 (2024: HK$930,073,000), of which
include share of comitments of the joint venture of HK$55,683,000 (2024:
HK$378,613,000).
| 201,995 |
|---|
| 166,284 |
| 139,882 |
| 124,348 |
| 115,951 |
| 304,109 |
| 1,052,569 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
44 租赁承担
本集团作为承租人
于一年内到期的短期及低价值资产
租赁的租赁承担为港币1,921,000元
（二零二四年：港币1,223,000元）。
本集团作为出租人
于二零二五年三月三十一日，以营
运租赁出租之投资物业及待售物业
之账面值分别为港币4,971,359,000
元及港币36,394,000元（二零二四年：
港币4,302,619,000元及港币
21,863,000元）。此等物业获租客承
诺于最长十六年内租用。
本集团于报告日期根据不可撤销之
营运租赁而于未来期间应收之未贴
现租赁款项如下：
44 LEASE COMITMENTS
The Group as lese
Lease comitments for short-term and low value aset leases
which were due within one year amounted to HK$1,921,000 (2024:
HK$1,223,000).
The Group as lesor
As at 31 March 2025, investment properties and properties for
sale with carying values of HK$4,971,359,000 and HK$36,394,000
(2024: HK$4,302,619,000 and HK$21,863,000) respectively were
rented out under operating leases. These properties have
comited tenants up to sixten years.
Undiscounted lease payments under non-cancelable operating
leases in place at the reporting date wil be receivable by the
Group in future periods as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Within 1 year一年内179,715
After 1 year but within 2 years超过一年但两年内51,472
After 2 years but within 3 years超过两年但三年内25,375
After 3 years but within 4 years超过三年但四年内22,106
After 4 years but within 5 years超过四年但五年内21,565
After 5 years超过五年104,529
404,762
| 3,978 |
|---|
| (9,237) |
| 19,800 |
| 4,827 |
| (6,527) |
| (349) |
| 907 |
| 22,983 |
| (102) |
| 41,139 |
| 1,933 |
| 1,880 |
| 2,904 |
| 6,549 |
| 6,187 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
45 关联方交易
于年内与关联方重要交易详情如下：
上述交易乃按所有关各方共同议
定之条款订立。
于年内董事（彼等亦被视为本集团主
要管理层成员）之薪酬载于综合财务
报表附注40。
45 RELATED PARTY TRANSACTIONS
Details of the material transactions entered into during the year
with related parties are as folows:
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Contract income from a joint venture来自一间合营企业之合约收入1,631
Contract fe to an asociate给予一间联营公司之合约费用(15,910)
Management fe income from
an asociate (note 7)
来自一间联营公司之管理费收入
（附注7）19,800
Management fe income from
joint ventures (note 7)
来自合营企业之管理费收入
（附注7）4,428
Maintenance fe to an asociate给予一间联营公司之保养费用(7,740)
Management fe to an asociate给予一间联营公司之管理费用(349)
Building management fe income
from an asociate
来自一间联营公司之
楼宇管理费收入845
Rental income from an asociate来自一间联营公司之租金收入22,795
Rental expenses to an asociate给予一间联营公司之租金支出(137)
Sales and marketing services income
from an asociate (note 7)
来自一间联营公司之销售及
市场推广服务收入（附注7）39,486
Secondment fe income from
an asociate (note 7)
来自一间联营公司之
借调费收入（附注7）1,806
Service fe income from
asociates (note 7)
来自联营公司之服务费收入
（附注7）503
Interest income from an asociate来自一间联营公司之利息收入2,309
Interest income from a joint venture来自一间合营企业之利息收入6,559
Insurance premium from an asociate来自一间联营公司之保险保费6,171
The above transactions were entered at terms mutualy agred
betwen al parties involved.
The emoluments of the Directors, who are also considered to be
key management of the Group, during the year is set out in note
40 to the consolidated financial statements.
| 114,981 |
|---|
| 2,190 |
| 9,268 |
| 126,439 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
46 持作出售资产
于二零二四年十二月十日，OR4
Laurelhurst, LC，本集团其中一间
全资拥有附属公司，与一名独立第
三方订立一份协议，以出售位于美
国俄勒冈州的一个安老院舍物业及
其相关经营业务，总代价为3,500万
美元（相当于约港币2.73亿元），受
到结算调整影响。因此，于二零二五
年三月三十一日将其分类为持作出
售资产。持作出售资产已按账面值
与公允值减出售成本之较低者列账。
此交易预计会于二零二五年八月前
完成。
47 报告期末后事项
于二零二五年五月，Macleh (Chevalier)
Ltd，本集团其中一间全资拥有附属
公司，与一名独立第三方订立一份
买卖协议，以总代价1,365万加拿大
元（相等于约港币7,510万元）出售位
于加拿大的土地及楼宇。此交易预
计会于二零二五年十月完成。
46 ASETS HELD-FOR-SALE
On 10 December 2024, OR4 Laurelhurst, LC, a wholy owned
subsidiary of the Group, entered into an agrement with an
independent third party to dispose of a senior housing property
located in Oregon, the USA and its related busines operation for a
total consideration of US$35 milion (equivalent to aproximately
HK$273 milion), subject to closing adjustments. As a result, they
were clasified as asets held-for-sale as at 31 March 2025. The
asets held-for-sale have ben stated at the lower of carying
amount and fair value les costs to sel. The transaction is
expected to be completed by August 2025.
二零二五年
HK$’000
港币千元
Asets资产
Property, plant and equipment物业、厂房及设备
Other non-curent asets其他非流动资产
Godwil商誉
Asets of a subsidiary reclasified as
held-for-sale
重新分类为持作出售之
一间附属公司之资产
47 EVENTS AFTER THE END OF THE REPORTING PERIOD
In May 2025, Macleh (Chevalier) Ltd, a wholy owned subsidiary of
the Group, entered into a sale and purchase agrement with an
independent third party to dispose the lands and premises located
in Canada for a total consideration of CAD13.65 milion
(equivalent to aproximately HK$75.1 milion). The transaction is
expected to be completed in October 2025.
| 2,582,272 |
|---|
| 89,594 |
| 599 |
| 65,145 |
| 76,177 |
| 2,813,787 |
| 5,622,252 |
| 16,957 |
| 31,461 |
| 28,200 |
| 4,414 |
| 5,725 |
| 362,318 |
| 6,071,327 |
| 2,611,431 |
| 37,410 |
| 1,289,600 |
| 3,938,441 |
| 2,132,886 |
| 4,946,673 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
48 本公司财务状况及储备变动表
公司财务状况表
于二零二五年三月三十一日
48 STATEMENT OF FINANCIAL POSITION AND RESERVES
MOVEMENT OF THE COMPANY
Company statement of financial position
As at 31 March 2025
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Non-curent asets非流动资产
Interests in subsidiaries附属公司之权益2,607,870
Interests in asociates联营公司之权益89,594
Other intangible asets其他无形资产599
Investments at fair value through
profit or los
按公允值列入损益处理之投资
75,789
Investments at amortised cost按摊销成本列账之投资83,692
2,857,544
Curent asets流动资产
Amounts due from subsidiaries应收附属公司账款5,710,635
Amounts due from asociates应收联营公司账款20,107
Investments at fair value through
profit or los
按公允值列入损益处理之投资
55,187
Investments at amortised cost按摊销成本列账之投资21,703
Debtors, deposits paid and
prepayments
应收账款、已付存出按金及
预付款项3,064
Prepaid tax预付税项5,725
Bank balances and cash银行结存及现金548,164
6,364,585
Curent liabilities流动负债
Amounts due to subsidiaries应付附属公司账款2,654,736
Creditors, deposits received and
acruals
应付账款、已收存入按金及
预提费用33,185
Bank borowings银行借款887,081
3,575,002
Net curent asets流动资产净值2,789,583
Total asets les curent liabilities总资产减流动负债5,647,127
| 376,586 |
|---|
| 2,186,950 |
| 2,563,536 |
| 2,383,137 |
| 4,946,673 |
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
48 本公司财务状况及储备变动表
（续）
公司财务状况表（续）
于二零二五年三月三十一日
经董事会于二零二五年六月二十六
日批准，并由下列董事代表签署：
48 STATEMENT OF FINANCIAL POSITION AND RESERVES
MOVEMENT OF THE COMPANY (CONTINUED)
Company statement of financial position (continued)
As at 31 March 2025
二零二五年二零二四年
HK$’000HK$’000
港币千元港币千元
Capital and reserves股本及储备
Share capital股本377,411
Reserves (note a)储备（附注a）2,628,210
Total equity总权益3,005,621
Non-curent liability非流动负债
Bank borowings银行借款2,641,506
Total equity and non-curent liability总权益及非流动负债5,647,127
Aproved by the Board of Directors on 26 June 2025 and signed
on its behalf by:
KUOK Hoi SangHO Chung Leung
郭海生何宗梁
DirectorDirector
董事董事
| 704,087 | 96,050 | 8,799 | 1,819,274 | 2,628,210 |
|---|---|---|---|---|
| – | – | – | (372,550) | (372,550) |
| – | – | – | (66,366) | (66,366) |
| – | – | 825 | (3,169) | (2,344) |
| 704,087 | 96,050 | 9,624 | 1,377,189 | 2,186,950 |
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
48 本公司财务状况及储备变动表
（续）
公司财务状况表（续）
附注：
(a) 本公司储备变动
(b) 缴入盈余乃代表所收购附属公司之
资产净值与收购时所发行本公司股
份之面值间之差额。根据百慕达
一九八一年公司法（经不时修订），
本公司之缴入盈余乃可供分派予股
东。然而，如以实缴盈余支付股息或
作出分派，将导致本公司无法支付
到期负债，或使其可变现资产价值
将因此低于其负债，则不得以实缴
盈余支付股息或作出分派。
48 STATEMENT OF FINANCIAL POSITION AND RESERVES
MOVEMENT OF THE COMPANY (CONTINUED)
Company statement of financial position (continued)
Notes:
(a) Reserves movement of the Company
Share
premium
Contributed
surplus
Capital
redemption
reserve
Retained
profitsTotal
股份溢价缴入盈余
资本赎回
储备保留溢利总额
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
(note b)
（附注b）
At 1 April 2024于二零二四年四月一日
Los and total comprehensive expenses
for the year
年度亏损及全面支出
总额
Dividends paid已付股息
Repurchase of shares回购股份
At 31 March 2025于二零二五年
三月三十一日
At 1 April 2023于二零二三年四月一日704,08796,0508,7993,352,1584,161,094
Los and total comprehensive expenses
for the year
年度亏损及全面支出
总额–(1,430,228)(1,430,228)
Dividends paid已付股息–(102,656)(102,656)
At 31 March 2024于二零二四年
三月三十一日704,08796,0508,7991,819,2742,628,210
(b) Contributed surplus represents the diference betwen the value of
net asets of subsidiaries acquired and the nominal amount of the
Company’s shares isued for their acquisition. Under the Companies
Act 1981 (as amended from time to time) of Bermuda, the contributed
surplus of the Company is available for distribution to shareholders.
However, no dividend shal be paid or distribution made out of
contributed surplus if to do so would render the Company unable to
pay its liabilities as they become due or the realisable value of its
asets would thereby become les than its liabilities.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
49 主要附属公司
截至二零二五年三月三十一日，本
集团主要附属公司详情如下。
49 PRINCIPAL SUBSIDIARIES
Details of the principal subsidiaries of the Group as at 31 March
2025 are as folows.
Name of company
公司名称
Place or country of
incorporation or
registration/operationClas of
shares held
所持股份类别
Isued and
paid up share
capital/registered
capitalNumber
of shares
股份数目
Efective percentage of
isued share capital/
registered capital held
by the Company
Principal activities
主要业务
成立或注册╱
营业地点或国家
已发行及缴足
股本╱注册股本
本公司持有已发行股本╱
注册股本之实际百分比
DirectlyIndirectly
直接间接
%
Ample Skil Limited
峰玮有限公司
Hong Kong
香港
Ordinary
普通
HK$10,000
港币10,000元
10,000–100Property development
物业发展
Ample Trade Limited
贸巨有限公司
Hong Kong
香港
Ordinary
普通
HK$1
港币1元
1–100Property development
物业发展
Chance Up LimitedHong Kong
香港
Ordinary
普通
HK$1
港币1元
1–100Provision of services and
finance for a development
project of a church and a
senior citizen care facility
就一间教会及一间安老院舍设
施之发展项目提供服务及
融资
Changchun New Star Universe Sheng
Chi Real Estate Development
Co., Ltd.
长春新星宇圣驰房地产开发
有限责任公司
Mainland China
中国内地
N/A
不适用
RMB675,000,000
人民币675,000,000元
N/A
不适用
–100Property development
物业发展
Chevalier (Aluminium Enginering)
Hong Kong Limited
其士（铝工程）香港有限公司
Hong Kong
香港
Ordinary
普通
HK$2
港币2元
2–100Suply and instalation of
aluminium windows and
curtain wals
供应及安装铝窗及幕墙
Chevalier (Aluminium Enginering)
Limited
其士（铝工程）有限公司
Hong Kong
香港
Ordinary
普通
HK$100
港币100元
100–100Design and suply of
aluminium building
materials and curtain wals
设计及供应铝建材及幕墙
Chevalier Automobiles Inc.Canada
加拿大
Comon
普通
CAD101
101加拿大元
200–100Sale and servicing
of automobiles
汽车销售及维修服务
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
49 主要附属公司（续）
Name of company
公司名称
Place or country of
incorporation or
registration/operationClas of
shares held
所持股份类别
Isued and
paid up share
capital/registered
capitalNumber
of shares
股份数目
Efective percentage of
isued share capital/
registered capital held
by the Company
Principal activities
主要业务
成立或注册╱
营业地点或国家
已发行及缴足
股本╱注册股本
本公司持有已发行股本╱
注册股本之实际百分比
DirectlyIndirectly
直接间接
%
Chevalier AOC Freight Expres
Holdings Limited (note g)
其士美亚捷运控股有限公司（附注g）
Hong Kong
香港
Ordinary
普通
HK$1,500,000
港币1,500,000元
1,500,000–45Investment holding and
logistics services
投资控股及物流服务
Chevalier (Building Suplies &
Enginering) Limited
其士（建材工程）有限公司
Hong Kong
香港
Ordinary
普通
HK$20,000,100
港币20,000,100元
20,000,100–100Suply and instalation of
building materials
and equipment
供应及安装建筑材料及设备
Chevalier (Chengdu) Investment
Management Limited (note c)
其士（成都）投资管理有限公司（附注c）
Mainland China
中国内地
N/A
不适用
RMB250,000,000
人民币250,000,000元
N/A
不适用
–100Investment holding and
provision of
management service
投资控股及提供管理服务
Chevalier Chrysler Inc.Canada
加拿大
Comon
普通
CAD101
101加拿大元
200–100Sale and servicing
of automobiles
汽车销售及维修服务
Chevalier Cold Storage and Logistics
Limited
其士冷藏物流有限公司
Hong Kong
香港
Ordinary
普通
HK$2
港币2元
2–75Operation of a cold storage
warehouse and
logistics busines
经营冷冻仓库及物流业务
Chevalier (Construction) Company
Limited
其士（建筑）有限公司
Hong Kong
香港
Ordinary
普通
HK$60,500,000
港币60,500,000元
60,500,000–100Building construction
and maintenance
楼宇建筑及保养
Chevalier Construction (Hong Kong)
Limited
其士建筑（香港）有限公司
Hong Kong
香港
Ordinary
普通
HK$409,990,000
港币409,990,000元
40,999,000–100Building construction
楼宇建筑
Chevalier (Corporate Management)
Limited
其士（企业管理）有限公司
Hong Kong
香港
Ordinary
普通
HK$2
港币2元
2–100Provision of corporate
management services
提供企业管理服务
Chevalier Development (S) Pte LtdSingapore
新加坡
Ordinary
普通
SGD2,500,000
2,500,000新加坡元
2,500,000–100Property investment
物业投资
49 PRINCIPAL SUBSIDIARIES (CONTINUED)
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
49 主要附属公司（续）
Name of company
公司名称
Place or country of
incorporation or
registration/operationClas of
shares held
所持股份类别
Isued and
paid up share
capital/registered
capitalNumber
of shares
股份数目
Efective percentage of
isued share capital/
registered capital held
by the Company
Principal activities
主要业务
成立或注册╱
营业地点或国家
已发行及缴足
股本╱注册股本
本公司持有已发行股本╱
注册股本之实际百分比
DirectlyIndirectly
直接间接
%
Chevalier (E & M Contracting) Limited
其士（机电工程）有限公司
Hong Kong
香港
Ordinary
普通
HK$236,190,000
港币236,190,000元
236,190,000–100Instalation of electrical and
mechanical equipment and
provision of project
management service
安装机电设备及提供项目管理
服务
Chevalier (Envirotech) Limited
其士（环境技术）有限公司
Hong Kong
香港
Ordinary
普通
HK$256,780,000
港币256,780,000元
256,780,000–100Environmental enginering
环保工程
Chevalier (Hamersmith Broadway)
Limited
United Kingdom
英国
Ordinary
普通
GBP100
英镑100元
100–100Property investment
物业投资
Chevalier (Insurance Brokers) Limited
其士（保险顾问）有限公司
Hong Kong
香港
Ordinary
普通
HK$1,000,000
港币1,000,000元
1,000,000100–Insurance brokerage
保险顾问
Chevalier Insurance Company Limited
其士保险有限公司
Hong Kong
香港
Ordinary
普通
HK$300,000,000
港币300,000,000元
300,000,000100–Insurance underwriting
保险业务
Chevalier International (USA) Inc.USA
美国
Comon
普通
US$5,586,734
5,586,734美元
100,000–100Grocery trading
杂货贸易
Chevalier iTech Services Limited
其士科技工程有限公司
Hong Kong
香港
Ordinary
普通
HK$2
港币2元
2–100Trading and servicing of
computers and
busines machines
电脑及商业机器贸易及维修
Chevalier iTech Thai Limited (note d)Thailand
泰国
Ordinary
普通
Preference
优先
BAHT18,980,000
18,980,000泰铢
BAHT1,020,000
1,020,000泰铢
189,800
10,200
–
–
Trading of computers and
busines machines
电脑及商业机器贸易
Chevalier (KS) LimitedUnited Kingdom
英国
Ordinary
普通
GBP100
英镑100元
100–100Property investment
物业投资
49 PRINCIPAL SUBSIDIARIES (CONTINUED)
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
49 主要附属公司（续）
Name of company
公司名称
Place or country of
incorporation or
registration/operationClas of
shares held
所持股份类别
Isued and
paid up share
capital/registered
capitalNumber
of shares
股份数目
Efective percentage of
isued share capital/
registered capital held
by the Company
Principal activities
主要业务
成立或注册╱
营业地点或国家
已发行及缴足
股本╱注册股本
本公司持有已发行股本╱
注册股本之实际百分比
DirectlyIndirectly
直接间接
%
Chevalier (Macau) Limited
其士（澳门）有限公司
Macau
澳门
Ordinary
普通
MOP100,000
澳门币100,000元
4–100Building construction and
instalation of air-conditioning
systems, aluminium
windows and curtain wals
楼宇建筑与安装冷气系统、铝
窗及幕墙
Chevalier (Network Solutions) Limited
其士（网络科技）有限公司
Hong Kong
香港
Ordinary
普通
HK$2
港币2元
2–100Network systems and
solution services
网络系统及科技服务
Chevalier Network Solutions Thai
Limited
Thailand
泰国
Ordinary
普通
BAHT15,000,000
15,000,000泰铢
150,000–100Trading of telecomunication
equipment
电讯设备贸易
Chevalier Pacific Limited
其士泛亚有限公司
Hong Kong
香港
Ordinary
普通
HK$200,000,000
港币200,000,000元
200,000,000–100Property development
物业发展
Chevalier Property Development
Limited
其士物业发展有限公司
Hong Kong
香港
Ordinary
普通
HK$360,000,000
港币360,000,000元
360,000,000–100Property development
and investment
物业发展及投资
Chevalier Property Management
Limited
其士富居物业管理有限公司
Hong Kong
香港
Ordinary
普通
HK$100
港币100元
100–100Property management and
security services
物业管理及保安服务
CPC Construction Hong Kong Limited
(note b)
其士基建香港有限公司（附注b）
Hong Kong
香港
Ordinary
普通
Defered
递延
HK$415,284,200
港币415,284,200元
HK$25,936,200
港币25,936,200元
4,152,842
259,362
–
–
100Investment holding and
general construction
busines
投资控股及一般建筑业务
Chevalier Tower Property Inc.Canada
加拿大
Comon
普通
CAD100
100加拿大元
100–100Property development and
operation
物业发展及营运
49 PRINCIPAL SUBSIDIARIES (CONTINUED)
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
49 主要附属公司（续）
Name of company
公司名称
Place or country of
incorporation or
registration/operationClas of
shares held
所持股份类别
Isued and
paid up share
capital/registered
capitalNumber
of shares
股份数目
Efective percentage of
isued share capital/
registered capital held
by the Company
Principal activities
主要业务
成立或注册╱
营业地点或国家
已发行及缴足
股本╱注册股本
本公司持有已发行股本╱
注册股本之实际百分比
DirectlyIndirectly
直接间接
%
Ful Ascent Development Limited
腾升发展有限公司
Hong Kong
香港
Ordinary
普通
HK$2
港币2元
2–75Property investment
物业投资
Goldyork Investment Limited
金瑞投资有限公司
Hong Kong
香港
Ordinary
普通
HK$100
港币100元
1004951Property investment
物业投资
Keysford 1 LimitedHong Kong
香港
Ordinary
普通
HK$100,000
港币100,000元
100,000–100Property investment
物业投资
Kwai Hei Investments No.1 LimitedHong Kong
香港
Ordinary
普通
HK$1
港币1元
1–75Property investment
物业投资
Lac Kar Investment Company Limited
力加置业有限公司
Hong Kong
香港
Ordinary
普通
HK$3,600,000
港币3,600,000元
3,600,000–100Property investment
物业投资
Macleh (Chevalier) LimitedCanada
加拿大
Comon
普通
CAD10,100
10,100加拿大元
10,100–100Investment holding of
property investment and
hotel operation
物业投资及酒店营运之投资
控股
NV4 Cheyene, LCUSA
美国
N/A
不适用
US$4,256,000
4,256,000美元
N/A
不适用
–100Operation of senior housing
经营安老院舍
NC4 Albemarle, LCUSA
美国
N/A
不适用
US$10,041,476
10,041,476美元
N/A
不适用
–98.6Operation of senior housing
经营安老院舍
NC4 Kingsbridge, LCUSA
美国
N/A
不适用
US$6,056,405
6,056,405美元
N/A
不适用
–98.6Operation of senior housing
经营安老院舍
NC4 Magcrek, LCUSA
美国
N/A
不适用
US$3,464,273
3,464,273美元
N/A
不适用
–98.6Operation of senior housing
经营安老院舍
NC4 Magnolia, LCUSA
美国
N/A
不适用
US$4,464,085
4,464,085美元
N/A
不适用
–98.6Operation of senior housing
经营安老院舍
NC4 Welington, LCUSA
美国
N/A
不适用
US$3,674,901
3,674,901美元
N/A
不适用
–98.6Operation of senior housing
经营安老院舍
49 PRINCIPAL SUBSIDIARIES (CONTINUED)
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
49 主要附属公司（续）
Name of company
公司名称
Place or country of
incorporation or
registration/operationClas of
shares held
所持股份类别
Isued and
paid up share
capital/registered
capitalNumber
of shares
股份数目
Efective percentage of
isued share capital/
registered capital held
by the Company
Principal activities
主要业务
成立或注册╱
营业地点或国家
已发行及缴足
股本╱注册股本
本公司持有已发行股本╱
注册股本之实际百分比
DirectlyIndirectly
直接间接
%
Profit Galaxy Limited
盈协有限公司
Hong Kong
香港
Ordinary
普通
HK$1
港币1元
1–60Provision of services and
finance for a development
project of a church and a
senior citizen care facility
就一间教会及一间安老院舍设
施之发展项目提供服务及
融资
上海其士物业管理有限公司（附注c）Mainland China
中国内地
N/A
不适用
US$350,000
350,000美元
N/A
不适用
–100Property management and
provision of property
management consultation
物业管理及提供物业管理咨询
Shanghai Chonmain Real Estate
Development Co., Ltd. (note a)
上海创名房地产发展有限公司（附注a）
Mainland China
中国内地
N/A
不适用
US$3,000,000
3,000,000美元
N/A
不适用
–80Property investment
物业投资
Shine Wealthy Limited
亮康有限公司
Hong Kong
香港
Ordinary
普通
HK$1
港币1元
1–100Property investment
物业投资
Tai Tung Industrial Equipment Limited
大同工业设备有限公司
Hong Kong
香港
Ordinary
普通
HK$30,000,000
港币30,000,000元
30,000,000–87.5Logistics services
物流服务
Winfield Development Limited
威方发展有限公司
Hong Kong
香港
Ordinary
普通
HK$2
港币2元
2–100Property investment
物业投资
启阳（成都）投资管理有限公司（附注e）Mainland China
中国内地
N/A
不适用
RMB320,000,000
人民币320,000,000元
N/A
不适用
–40Investment holding
投资控股
四川启阳汽车贸易有限公司（附注f）Mainland China
中国内地
N/A
不适用
RMB15,000,000
人民币15,000,000元
N/A
不适用
–40Trading of motor vehicles and
provision of
maintenance services
汽车贸易及提供保养服务
成都启阳领航汽车销售服务有限公司（附
注f）
Mainland China
中国内地
N/A
不适用
RMB30,000,000
人民币30,000,000元
N/A
不适用
–40Trading of motor vehicles and
provision of
maintenance services
汽车贸易及提供保养服务
49 PRINCIPAL SUBSIDIARIES (CONTINUED)
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
49 主要附属公司（续）
附注：
(a) 于中国内地成立之中外合营企业。
(b) 所有递延股份皆无投票权，而实际
上亦无权在公司清盘时获得任何分派。
(c) 于中国内地成立之外商独资企业。
(d) 优先股为非累计10%，而该公司之
每四股优先股带有一票投票权。
(e) 董事认为，本集团于该公司董事会
拥有大多数投票权，借此可主导相
关活动，因此对该公司拥有控制权。
(f) 该等公司为启阳（成都）投资管理有
限公司之附属公司。
(g) 本集团通过非全资附属公司间接持
有该附属公司的股权。
Name of company
公司名称
Place or country of
incorporation or
registration/operationClas of
shares held
所持股份类别
Isued and
paid up share
capital/registered
capitalNumber
of shares
股份数目
Efective percentage of
isued share capital/
registered capital held
by the Company
Principal activities
主要业务
成立或注册╱
营业地点或国家
已发行及缴足
股本╱注册股本
本公司持有已发行股本╱
注册股本之实际百分比
DirectlyIndirectly
直接间接
%
成都启阳嘉航汽车销售服务有限公司（附
注f）
Mainland China
中国内地
N/A
不适用
RMB10,000,000
人民币10,000,000元
N/A
不适用
–40Trading of motor vehicles and
provision of
maintenance services
汽车贸易及提供保养服务
成都启阳锦悦汽车销售服务有限公司（附
注f）
Mainland China
中国内地
N/A
不适用
RMB10,000,000
人民币10,000,000元
N/A
不适用
–40Trading of motor vehicles and
provision of
maintenance services
汽车贸易及提供保养服务
成都启阳润航汽车销售服务有限公司（附
注f）
Mainland China
中国内地
N/A
不适用
RMB15,000,000
人民币15,000,000元
N/A
不适用
–40Trading of motor vehicles and
provision of
maintenance services
汽车贸易及提供保养服务
成都北星埃安汽车销售服务有限公司（附
注f）
Mainland China
中国内地
N/A
不适用
RMB8,000,000
人民币8,000,000元
N/A
不适用
–32Trading of motor vehicles and
provision of
maintenance services
汽车贸易及提供保养服务
Notes:
(a) Established in Mainland China as sino-foreign owned equity joint
venture.
(b) Al defered shares are non-voting and practicaly have no rights to
participate in any distribution upon winding up.
(c) Established in Mainland China as wholy-foreign owned enterprises.
(d) Preference shares are 10% non-cumulative and every four preference
shares of this company cary one vote.
(e) The Directors considered that the Group has majority voting power in
this company’s board of directors by which can direct relevant
activities and therefore has control over this company.
(f) They are subsidiaries of 启阳（成都）投资管理有限公司.
(g) The Group indirectly holds equity interest in this subsidiary through
non-wholy owned subsidiaries.
49 PRINCIPAL SUBSIDIARIES (CONTINUED)
2025 年报 | 其士国际集团有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
50 主要联营公司
截至二零二五年三月三十一日，本
集团主要联营公司详情如下。
附注：
本集团按其拥有权益之比例计算其所占
该等联营公司之溢利或亏损。
50 PRINCIPAL ASOCIATES
Details of the principal asociates of the Group as at 31 March
2025 are as folows.
Name of asociate
联营公司名称
Place or country
of incorporation
or registration/
operation
成立或注册╱
营业地点或国家
Clas of
shares held
所持股份类别
Efective
percentage
of isued share
capital/
registered capital
held by
the Company
Principal activities
主要业务
Measurement
method
计量方法
本公司持有
已发行股本╱
注册股本之
实际百分比
%
Cafe Deco Holdings LimitedBritish Virgin Islands/
Hong Kong
英属维尔京群岛╱
香港
Ordinary
普通
25.28Investment holding
投资控股
Equity
权益
Chevalier (HK) Limited
其士（香港）有限公司
Hong Kong
香港
Ordinary
普通
49Marketing, instalation and
maintenance of lifts, escalators
and security devices
营销、安装及保养升降机、电扶梯
及保安装置
Equity
权益
Toshiba Elevator (China) Co.,Ltd
东芝电梯（中国）有限公司
Mainland China
中国内地
N/A
不适用
20Manufacturing, sales, instalation,
repair and maintenance of lifts
and escalators
制造、销售、安装、维修及保养升降
机及电扶梯
Equity
权益
Toshiba Elevator (Shenyang) Co.,
Ltd.
东芝电梯（沈阳）有限公司
Mainland China
中国内地
N/A
不适用
20Manufacturing, sales, instalation,
repair and maintenance of lifts
and escalators
制造、销售、安装、维修及保养升降
机及电扶梯
Equity
权益
Note:
The Group’s entitlement to share of profit or los in these asociates is in
proportion to its ownership interest.
CHEVALIER INTERNATIONAL HOLDINGS LIMITED | ANUAL REPORT 2025
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
51 主要合营企业
截至二零二五年三月三十一日，本
集团主要合营企业详情如下。
附注：
(a) 本集团按其拥有权益之比例计算其
所占该等合营企业之溢利或亏损。
(b) 董事认为，本集团对该合营企业之
财务及营运活动并无单方面控制权。
溢利分摊安排乃基于相关协议而定。
51 PRINCIPAL JOINT VENTURES
Details of the principal joint ventures of the Group as at 31 March
2025 are as folows.
Name of joint venture
合营企业名称
Place or country
of incorporation
or registration/
operation
成立或注册╱
营业地点或国家
Clas of
shares held
所持股份类别
Efective
percentage
of isued share
capital/
registered capital
held by
the Company
Principal activities
主要业务
Measurement
method
计量方法
本公司持有
已发行股本╱
注册股本之
实际百分比
%
Lam Wo & Company Limited (note a)
联益建造有限公司（附注a）
Hong Kong
香港
Ordinary
普通
50Civil enginering
土木工程
Equity
权益
Rosy Value Limited (note a)
达赏有限公司（附注a）
Hong Kong
香港
Ordinary
普通
50Property development and
investment
物业发展及投资
Equity
权益
New Grand Limited (note a)
乐傲有限公司（附注a）
Hong Kong
香港
Ordinary
普通
50Property development
物业发展
Equity
权益
Seavest Core Fund I, LC
(note b)
USA
美国
N/A
不适用
95Medical ofice building investment
医疗办公室大楼投资
Equity
权益
成都启阳华通丰田汽车销售服务
有限公司（附注a）
Mainland China
中国内地
N/A
不适用
21.33Trading of motor vehicles and
provision of maintenance
services
汽车贸易及提供保养服务
Equity
权益
Notes:
(a) The Group’s entitlement to share of profit or los in these joint
ventures is in proportion to its ownership interest.
(b) The Directors considered that the Group does not have unilateral
control governing the financial and operating activities over this joint
venture. Profit sharing arangement is in acordance with relevant
agrement.