00149 中国农产品交易 财务报表/环境、社会及管治资料：二零二五年年报
Corporate Information2
公司资料
Chairman’s Statement
主席报告
Management Discusion and Analysis
管理层讨论及分析
Board of Directors and Senior Management30
董事会及高级管理层
Corporate Governance Report36
企业管治报告
Report of the Directors62
董事会报告
FINANCIAL STATEMENTS
财务报表
Independent Auditor’s Report81
独立核数师报告
Consolidated Statement of Profit or Los and
Other Comprehensive Income
综合损益及其他全面收益表
Consolidated Statement of Financial Position89
综合财务状况表
Consolidated Statement of Changes in Equity91
综合权益变动表
Consolidated Statement of Cash Flows92
综合现金流量表
Notes to Financial Statements94
财务报表附注
Particulars of Properties206
物业详情
Five-Year Financial Sumary208
五年财务概要
CONTENTS
目录
CORPORATE INFORMATION
公司资料
China Agri-Products Exchange Limited
中国农产品交易有限公司
董事会
执行董事
邓清河先生，
GBS
，太平绅士
，主席
梁瑞华先生
行政总裁
黄家杰先生
罗旭莹女士
独立非执行董事
刘经隆先生
王炳源先生
尚海龙先生
（于二零二四年八月二十日获委任）
李引泉先生
（于二零二四年八月二十日辞任）
审核委员会
王炳源先生，主席
刘经隆先生
尚海龙先生
（于二零二四年八月二十日获委任）
李引泉先生
（于二零二四年八月二十日辞任）
薪酬委员会
尚海龙先生，主席
（于二零二四年八月二十日获委任）
刘经隆先生
王炳源先生
邓清河先生，
GBS
，太平绅士
李引泉先生
（于二零二四年八月二十日辞任）
BOARD OF DIRECTORS
Executive Directors
Mr. Tang Ching Ho, GBS, JP, Chairman
Mr. Leung Sui Wah, Raymond
Chief Executive Oficer
Mr. Wong Ka Kit
Ms. Luo Xu Ying
Independent Non-executive Directors
Mr. Lau King Lung
Mr. Wong Ping Yuen
Mr. Shang Hai Long
(apointed on 20 August 2024)
Mr. Li Yin Quan
(resigned on 20 August 2024)
AUDIT COMITE
Mr. Wong Ping Yuen, Chairman
Mr. Lau King Lung
Mr. Shang Hai Long
(apointed on 20 August 2024)
Mr. Li Yin Quan
(resigned on 20 August 2024)
REMUNERATION COMITE
Mr. Shang Hai Long, Chairman
(apointed on 20 August 2024)
Mr. Lau King Lung
Mr. Wong Ping Yuen
Mr. Tang Ching Ho, GBS, JP
Mr. Li Yin Quan
(resigned on 20 August 2024)
2025 Anual Report
二零二五年报
CORPORATE INFORMATION
公司资料
NOMINATION COMITE
Mr. Lau King Lung, Chairman
Mr. Wong Ping Yuen
Mr. Shang Hai Long
(apointed on 20 August 2024)
Mr. Tang Ching Ho, GBS, JP
Mr. Leung Sui Wah, Raymond
Mr. Li Yin Quan
(resigned on 20 August 2024)
EXECUTIVE COMITE
Mr. Tang Ching Ho, GBS, JP, Chairman
Mr. Leung Sui Wah, Raymond
Mr. Wong Ka Kit
Ms. Luo Xu Ying
AUTHORIZED REPRESENTATIVES
Mr. Tang Ching Ho, GBS, JP
Mr. Leung Sui Wah, Raymond
COMPANY SECRETARY
Ms. Ng Ye Man, Fiona
提名委员会
刘经隆先生，主席
王炳源先生
尚海龙先生
（于二零二四年八月二十日获委任）
邓清河先生，
GBS
，太平绅士
梁瑞华先生
李引泉先生
（于二零二四年八月二十日辞任）
常务委员会
邓清河先生，
GBS
，太平绅士
，主席
梁瑞华先生
黄家杰先生
罗旭莹女士
授权代表
邓清河先生，
GBS
，太平绅士
梁瑞华先生
公司秘书
吴绮雯女士
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE INFORMATION
公司资料
核数师
安永会计师事务所
执业会计师
注册公众利益实体核数师
法律顾问
香港法律：
礼德齐伯礼律师行有限法律责任合伙
中国法律：金杜律师事务所
主要往来银行
中国农业银行股份有限公司
中国银行股份有限公司
交通银行股份有限公司香港分行
中信银行股份有限公司
桂林银行股份有限公司
平安银行股份有限公司
钦州市区农村信用合作联社
香港上海汇丰银行有限公司
注册办事处
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
AUDITORS
Ernst & Young
Certified Public Acountants
Registered Public Interest Entity Auditor
LEGAL ADVISERS
Hong Kong Law: Red Smith Richards Butler LP
PRC Law: King & Wod Malesons
PRINCIPAL BANKERS
Agricultural Bank of China Limited
Bank of China Limited
Bank of Comunications Co., Ltd. Hong Kong Branch
China CITIC Bank Corporation Limited
Guilin Bank Co., Ltd.
Ping An Bank Co., Ltd.
Qinzhou Metro Area Rural Credit Coperatives
The Hongkong and Shanghai Banking Corporation Limited
REGISTERED OFICE
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
2025 Anual Report
二零二五年报
CORPORATE INFORMATION
公司资料
总办事处及香港主要营业地点
香港
九龙
九龙湾
宏光道
号
宏天广场
楼
室
股份过户登记总处
Apleby Global Corporate
Services (Bermuda) Limited
Canon’s Court
22 Victoria Stret
PO Box HM 1179
Hamilton HM EX
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
号
远东金融中心
楼
上市资料
股份上市
香港联合交易所有限公司
股份代号：
网址
htp:/w.cnagri-products.com
HEAD OFICE AND PRINCIPAL PLACE OF
BUSINES IN HONG KONG
Suite 3202, 32/F, Skyline Tower
39 Wang Kwong Road
Kowlon Bay
Kowlon
Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER AGENT
Apleby Global Corporate
Services (Bermuda) Limited
Canon’s Court
22 Victoria Stret
PO Box HM 1179
Hamilton HM EX
Bermuda
BRANCH SHARE REGISTRAR AND
TRANSFER OFICE IN HONG KONG
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
LISTING INFORMATION
Shares Listing
The Stock Exchange of Hong Kong Limited
Stock Code: 0149
HOMEPAGE
htp:/w.cnagri-products.com
Luoyang 洛阳
Kaifeng 开封
Xuzhou 徐州
Panjin 盘锦
Puyang 濮阳
Huangshi 黄石
Wuhan 武汉
Suizhou 随州
Yulin 玉林
Qinzhou 钦州
CHAIRMAN’S STATEMENT
主席报告
China Agri-Products Exchange Limited
中国农产品交易有限公司
致各位股东：
本人谨代表中国农产品交易有限公司（「本公
司」，连同其附属公司统称「本集团」）董事会（「董
事会」或「董事」）向各股东提呈截至二零二五
年三月三十一日止年度（「本年度」或「回顾年
度」）之年度报告。本年度，本集团录得收益约
531,000,000
港元，较截至二零二四年三月三十一
日止上一财政年度（「上一年度」）约
579,000,000
港
元减少约
8%
。
本集团于华南华北、华东大西南建立了纵贯各
区的全国性连锁批发市场体系和现代化的农副
产品物流中心网络。本年度，本集团在中国内地
管理合共十个农产品交易市场，分布在武汉、黄
石、随州、洛阳、濮阳、开封、玉林、钦州、徐州
及盘锦，业务遍及湖北省、河南省、广西壮族自
治区、江苏省及辽宁省多个省份。
Dear Shareholders,
On behalf of the board of directors (the “Board” or the “Director(s)”) of
China Agri-Products Exchange Limited (the “Company”, together with
its subsidiaries, colectively the “Group”), I am pleased to present to our
shareholders the anual report for the year ended 31 March 2025 (the
“Year” or the “year under review”). During the Year, the Group recorded
a revenue of aproximately HK$531 milion for the Year, representing a
decrease of aproximately 8% as compared to aproximately HK$579
milion of the last financial year ended 31 March 2024 (the “Previous
Year”).
The Group has built a nationwide chain of wholesale markets and a
network of modern agricultural produce logistics center, linking the
southern and northern regions and acros the eastern and south-
western parts of the PRC. During the Year, the Group managed a total
of ten agricultural produce exchange markets in mainland China,
covering Wuhan, Huangshi, Suizhou, Luoyang, Puyang, Kaifeng, Yulin,
Qinzhou, Xuzhou and Panjin, with busines spreading acros various
provinces, including Hubei Province, Henan Province, Guangxi Zhuang
Autonomous Region, Jiangsu Province and Liaoning Province.
| Kaifeng 开封 Luoyang 洛阳 Panjin 盘锦 Puyang 濮阳 Xuzhou 徐州 Suizhou 随州 Wuhan 武汉 Huangshi 黄石 Yulin 玉林 Qinzhou 钦州 | CCHHAAIIRRMMAANN’’SS SSTTAATTEEMMEENNTT 主主席席报报告告 | |
|---|---|---|
2025 Anual Report
二零二五年报
国家政策
年中央一号文件聚焦乡村全面振兴，提出
多方面举措。包括增强粮食等农产品供给保障
能力，如推进粮油作物单产提升、扶持畜牧业发
展、强化耕地保护等；巩固拓展脱贫攻坚成果，
守牢不发生规模性返贫致贫底线，建立相关机
制；壮大县域富民产业，发展乡村特色产业，完
善联农带农机制；推进乡村建设，统筹城乡规
划，推动基础设施向农村延伸；健全乡村治理体
系，加强基层党组织建设，整治形式主义；健全
要素保障和优化配置体制机制，稳定农村土地
承包关系，创新投融资机制等，为推进中国式现
代化提供基础支撑。
NATIONAL POLICIES
The 2025 Central Document No. 1 focuses on the comprehensive
revitalisation of rural areas and proposes a range of measures. These
include enhancing the suply security of grain and other agricultural
products, such as promoting increases in grain and oilsed crop
yields, suporting the development of the livestock industry and
strengthening the protection of farmland; consolidating and expanding
the achievements of poverty aleviation, ensuring no large-scale
relapses into poverty and establishing relevant mechanisms; developing
county-level industries that enrich the people, fostering featured
industries in rural areas, and improving the coperative agricultural
mechanisms; promoting rural construction, cordinating urban and
rural planing, and extending infrastructure to rural areas; improving
the rural governance system, strengthening the construction of
grasrots Party organisations, and rectifying formalism; improving the
system and mechanisms for ensuring and optimising the alocation of
factors of production, stabilising rural land contracting relationships,
and inovating investment and financing mechanisms, thereby
providing a solid foundation for advancing modernisation with Chinese
characteristics.
China Agri-Products Exchange Limited
中国农产品交易有限公司
CHAIRMAN’S STATEMENT
主席报告
BUSINES DEVELOPMENT
As a leading agricultural product logistics operator in the People’s
Republic of China (the ”PRC”) despite the dificult busines
environment, the Group has ben consolidating and improving its
busines foundation, and has sucesfuly stabilized its market share.
Internaly, the Group achieved standardized management proceses
through its self-developed ERP management platform (enterprise
resource management system), to significantly optimize management
eficiency and save operating costs. Externaly, the Group has made
every efort to promote the inteligent informatization of agricultural
produce exchange markets, various operational data can be colected
and analyzed through electronic management platforms, and methods
to enhance the eficiency of markets, operators and purchasers can be
sumarized, thus achieving mutual benefits.
The Group wil bost the development and construction of cold chains,
cold storage, logistics warehouses and other suporting facilities in
existing market cities, Greater Bay area cities and provincial capital
cities. Benefiting from the suport of national policies, the Group firmly
believes that the cold storage industry wil have a great potential
development with the improvement of the PRC’s economy and
consumption level of people.
Besides, the Group actively expands new busines sales chanels by
leveraging its ten agricultural produce exchange markets acros the
country, enjoying advantages of source resources, chanel resources,
circulation service resources and retail resources in various places
of origin. Meanwhile, the Group wil use the light aset model and
modernized management system to expand into diferent agricultural
produce exchange markets acros the country to strengthen its
competitive edge.
OUTLOK
Loking ahead, the Group wil continue to leverage its leading
position in the industry and comprehensive agricultural produce
exchange market information system to continualy improve its profit
model, agresively explore new markets and adopt a diversified
market management model to consolidate further and drive busines
development, achieving sustained profit growth. To seize new busines
oportunities, the Group has adopted a series of measures: coperate
with diferent types of partners using aset-light strategy, to expand
its operation in China; capitalize on oportunities arose from the PRC
Government‘s promotion of data economy through the online and
ofline platform development busines; utilize operating knowledge
and experience in the industry, integrate resources in both vertical and
horizontal directions, and conect upstream and downstream links in
the industrial chain, to expand our busines to diferent provinces in the
PRC and various segments and develop new busineses such as bulk
trade. Given the rapid development of modern technology, especialy in
the areas of blockchain and virtual asets, the Group has also invested
in research and demonstration to combine these technologies with
the Group’s busines, which not only promotes the core busines but
also opens up new busines oportunities. The Group believes that its
forward-loking busines strategy and operating policy wil bring long-
term benefits to the Company and its shareholders as a whole.
业务发展
作为中国内地领先的农产品物流营运商，尽管
面对艰难的营商环境，本集团于年内不断强化
及改善业务基础，成功稳住了自身的市场份额。
对内，本集团透过自主研发的
ERP
管理平台（企业
资源管理系统）实现了管理流程标准化，从而大
幅度优化管理效率及节省营运成本。对外，本集
团全力推进农产品交易智慧信息化，透过电子
管理平台，收集及分析各项营运数据，并归纳出
对市场，经营户，及采购商提升效益的方法，从
而达至双赢效果。
本集团将于现有市场城市、大湾区城市、省会
城市中，加大开发建设冷链、冷库、物流仓等配
套。受惠于国家政策扶持，本集团深信冷库产业
发展将随著我国经济及人民消费水平的提高而
逐渐蓬勃起来。
此外，本集团积极拓展新的业务销售渠道，凭借
全国十个农产品交易市场，尽享各个产地货源
资源、渠道资源、流通服务资源及零售端资源等
优势。同时亦会以轻资产模式，输出现代化管理
制度，以拓展全国各地不同的农产品交易市场，
以加强集团竞争优势。
展望
展望将来，本集团将继续凭借其于行业的领先
地位，完善的农产品交易市场信息系统、不断优
化的盈利模式、对新市场的积极开拓以及多元
化的市场管理模式，进一步巩固并推动我们的
业务发展，实现利润持续增长。为抓紧新商机，
本集团已采取一系列措施：实行「轻资产」策略与
不同类型的伙伴合作，以扩展其于中国之营运
版图；透过研发线上线下平台业务，以把握中国
政府推动数据经济带来之机遇；凭借在行业累
积之营运知识及经验，纵横两向整合资源，打通
产业链上下游，将业务扩展至国内不同省份及
各个贸易范畴，开拓大宗贸易等新业务。有鉴于
现代科技发展快速，尤其区块链及虚拟资产等
领域，本集团亦投入研究及论证将此等技术与
本集团业务结合，既能促进本业，又能拓展新商
机。本集团深信其前瞻的业务策略及营运方针，
将为本公司及股东整体带来长远裨益。
2025 Anual Report
二零二五年报
CHAIRMAN’S STATEMENT
主席报告
SOCIAL RESPONSIBILITY
The Group has always ben comited to fulfiling its corporate social
responsibility and actively participate in various public welfare and
charity activities. During the Year, the Group has donated a total of
aproximately HK$969,000 worth of suplies to various charitable
organizations in PRC and the local comunity. The Group has also
spared no efort in poverty aleviation work for the country, such
as donating esential suplies like coking oil and rice, to suport
impoverished households and uphold the traditional virtue of helping
those in ned. Furthermore, the Group ataches great importance to
fod safety management by providing relevant training to employes
on a regular basis, striving to provide high quality and safe agricultural
produce to the public.
APRECIATION
Lastly, on behalf of the Board, I would like to expres my sincere
gratitude to the customers, busines partners, shareholders,
bondholders and employes for their strong suport to the Group
over the past year. I would also like to expres my heartfelt thanks to
the Board, the management team and employes at al levels for their
dedication and loyalty, without which the Group would not be able to
achieve our results. The Group wil continue to uphold the moto of
“dedicated to developing agriculture with sincere in serving agriculture”
to enhance overal eficiency and efectivenes.
Tang Ching Ho
Chairman
Hong Kong, 30 June 2025
社会责任
本集团一直致力于履行企业社会责任，积极参
与不同公益及慈善活动。本年度，本集团共捐赠
价值约
969,000
港元的物资予中国多个不同的慈
善团体及本地社区。于国家脱贫工作方面，本集
团亦不遗余力，例如：爱心捐赠食用油、大米等
民生必需品，传承扶贫济困的传统美德，帮助贫
困户家庭渡过难关。另外，本集团十分重视食品
安全管理，我们的员工会定期接受有关方面培
训，致力为社会大众提供高品质且安全的农作
物产品。
鸣谢
最后，本人谨代表董事会感谢各位客户、业务伙
伴、股东、债券持有人及员工过去一年对本集团
的大力支持。本集团拥有今日的成就，有赖董事
会、管理层团队以至各级员工的尽心竭诚。本人
谨此表示衷心的谢意。本集团将继续秉承「以诚
强农
•
以信惠农」的使命精神，提升整体效率与效
益。
主席
邓清河
香港，二零二五年六月三十日
MANAGEMENT
DISCUSION
AND ANALYSIS
管理层讨论及分析
| For the year ended 31 March 2025 | For the year ended 31 March 2024 | ||||||
|---|---|---|---|---|---|---|---|
| 截至二零 Agricultural Produce Exchange Market Operation | 二五年三月三十一 Property Sales | 日止年度 Total | 截至二零 Agricultural Produce Exchange Market Operation | 二四年三月三十一 Property Sales | 日止年度 Total | ||
| HK$ million and approximate% | 经营农产品 | 经营农产品 | |||||
| 百万港元及概约百分比 | 交易市场 | 物业销售 | 总计 | 交易市场 | 物业销售 | 总计 | |
| Revenue | 407 | 124 | 531 | 405 | 174 | 579 | |
| Gross Profit | 收益 | 285 | 11 | 296 | 296 | 47 | 343 |
| Segment Result | 毛利 | 191 | -1 | 190 | 105 | 34 | 139 |
| Gross Profit to Revenue | 分部业绩 | 70% | 9% | 56% | 73% | 27% | 59% |
| Segment Result to Revenue | 毛利占收益之百分比 | 47% | -1% | 36% | 26% | 20% | 24% |
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
China Agri-Products Exchange Limited
中国农产品交易有限公司
财务业绩概要
收益、毛利及分部业绩
截至二零二五年三月三十一日止年度（「本年
度」），本集团录得收益约
531,000,000
港元，较截
至二零二四年三月三十一日止上个财政年度减
少约
48,000,000
港元。本集团之主要财务表现概
述如下：
本集团于本年度录得收益约
531,000,000
港元，较
上个财政年度约
579,000,000
港元减少约
8%
，主要
由于本年度物业销售收益减少。本集团于本年
度录得毛利约
296,000,000
港元（二零二四年：约
343,000,000
港元），较上个财政年度减少约
14%
。
本集团于本年度录得分部业绩约
190,000,000
港元
（二零二四年：约
139,000,000
港元）。分部业绩增
加主要由于本年度来自经营农产品交易市场之
自有投资物业之公平值亏损净额减少所致。
其他收入及收益
本集团于本年度录得其他收入及收益约
47,000,000
港元（二零二四年：约
119,000,000
港
元），减少主要由于本年度长账龄应付款项拨回
减少所致。
SUMARY OF FINANCIAL RESULTS
Revenue, gros profit and segment result
For the year ended 31 March 2025 (the “Year”), the Group recorded a
revenue of aproximately HK$531 milion, representing a decrease of
aproximately HK$48 milion as compared to that of the last financial
year ended 31 March 2024. The below table sumarises the key
financial performance of the Group:
Segment Result to Revenue
分部业绩占收益之百分比
47%-1%36%26%20%24%
The Group recorded a revenue of aproximately HK$531 milion for
the Year, representing a decrease of aproximately 8% as compared
to aproximately HK$579 milion of the last financial year, which was
mainly due to a decrease in revenue from property sales during the Year.
The Group recorded a gros profit of aproximately HK$296 milion for
the Year (2024: aproximately HK$343 milion), representing a decrease
of aproximately 14% as compared to that of the last financial year. The
Group recorded a segment result of aproximately HK$190 milion for
the Year (2024: aproximately HK$139 milion). The increase in segment
result was mainly due to the decrease in net fair value loses on owned
investment properties from agricultural produce exchange market
operation during the Year.
Other income and gains
The Group recorded other income and gains of aproximately
HK$47 milion for the Year (2024: aproximately HK$119 milion). The
decrease was mainly due to the decrease in reversal of aged payables
during the Year.
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
一般及行政开支、销售开支及融资成本
本年度一般及行政开支约
170,000,000
港元（二
零二四年：约
161,000,000
港元）。增加乃主要由
于本年度折旧开支及汇兑亏损增加所致。本年
度销售开支约
18,000,000
港元（二零二四年：约
36,000,000
港元）。销售开支减少主要由于本年度
用于推广活动的开支减少所致。本年度融资成
本约
92,000,000
港元（二零二四年：约
112,000,000
港元），该减少主要由于本年度无抵押票据以及
银行及其他借贷之融资成本减少所致。
金融资产减值亏损净额
本集团于本年度录得金融资产减值亏损净额约
16,000,000
港元（二零二四年：金融资产减值亏损
拨回净额约
1,000,000
港元）。
自有投资物业公平值亏损净额及持作出售
物业之撇减
于本年度，自有投资物业公平值亏损净额约
12,000,000
港元（二零二四年：约
83,000,000
港
元）。公平值亏损净额乃主要由于位于中华人民
共和国（「中国」）的投资物业市场租赁价值减少
所致。本年度并无撇减持作出售物业（二零二四
年：约
3,000,000
港元）。
按公平值经损益入账之金融资产的公平值
亏损净额
于本年度，金融资产公平值亏损净额约为
400,000
港元（二零二四年：公平值收益净额约
100,000
港元）。
所得税开支
本年度所得税开支约为
3,500,000
港元（二零二四
年：约
56,000,000
港元）。该减少乃主要由于本年
度享有股息预扣税的税务优惠及解除过往年度
超额拨备所致。
General and administrative expenses, seling expenses
and finance costs
General and administrative expenses were aproximately
HK$170 milion for the Year (2024: aproximately HK$161 milion). The
increase was mainly due to the increase in depreciation expenses and
exchange los during the Year. Seling expenses were aproximately
HK$18 milion for the Year (2024: aproximately HK$36 milion). The
decrease in seling expenses was mainly due to the decrease in
expenses used for promotion activities during the Year. Finance costs
were aproximately HK$92 milion for the Year (2024: aproximately
HK$112 milion), and such decrease was mainly due to the decrease
of the financial cost of the unsecured notes and bank and other
borowings during the Year.
Impairment loses on financial asets, net
The Group recorded net impairment loses on financial asets of
aproximately HK$16 milion for the Year (2024: net reversal of
impairment loses of financial asets of aproximately HK$1 milion).
Fair value loses on owned investment properties, net and
write-down of properties held for sale
During the Year, net fair value loses on owned investment properties
was aproximately HK$12 milion (2024: aproximately HK$83 milion).
The net fair value loses were mainly due to the decrease in market
rental value of investment properties located in the People’s Republic of
China (“PRC”). There was no write-down of properties held for sale for
the Year (2024: aproximately HK$3 milion).
Fair value loses on financial asets at fair value through
profit or los, net
During the Year, net fair value loses on financial asets was
aproximately HK$0.4 milion (2024: net fair value gains of
aproximately HK$0.1 milion).
Income tax expense
Income tax expense was aproximately HK$3.5 milion for the Year
(2024: aproximately HK$56 milion). The decrease was mainly due to
the entitlement of a tax concesion on dividend witholding tax and
release of overprovision in prior years during the Year.
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
母公司拥有人应占溢利
于本年度，母公司拥有人应占溢利约
7,800,000
港
元，而上个财政年度溢利则约为
7,400,000
港元。
于本年度，扣除公平值变动及减值前的经营溢
利约
156,000,000
港元及经营溢利约
127,000,000
港元（二零二四年：分别约
280,000,000
港元及约
195,000,000
港元）。母公司拥有人应占溢利增加
主要由于与上个财政年度相比，出售附属公司
收益以及自有投资物业公平值亏损净额减少，
而其被若干项目（包括但不限于长账龄应付款项
拨回减少）之综合影响抵销所致。
股息
董事不建议派付本年度之任何末期股息（二零
二四年：无）。本公司并无于截至二零二四年九
月三十日止六个月向本公司股东（「股东」）派付
中期股息（二零二三年九月三十日：无）。
业务回顾
于本年度，本集团主要在香港及中国从事农产
品交易市场之物业管理及销售。一方面，预期中
国经济将逐步恢复。另一方面，中国房地产市场
下行对本集团的物业销售构成影响。然而，鉴于
业务模式的性质，该等因素并未严重影响本集
团表现。为应对未来增长，本集团一直积极研究
及评估各种有助本集团收入来源多元化及为股
东带来长远利益的商机。
Profit atributable to owners of the parent
The profit atributable to owners of the parent for the Year
was aproximately HK$7.8 milion as compared to the profit
of aproximately HK$7.4 milion in the last financial year. Profit
from operations before fair value changes and impairment were
aproximately HK$156 milion and the profit from operations was
aproximately HK$127 milion for the Year (2024: aproximately HK$280
milion and aproximately HK$195 milion, respectively). The increase
in profit atributable to owners of the parent was mainly due to the
gain on disposal of subsidiaries and decrease in net fair value loses on
owned investment properties and ofset by the combined efect of a
number of items, including (but not limited) the decrease in reversal of
aged payables as compared to the last financial year.
DIVIDENDS
The Directors do not recomend any payment of final dividend for the
Year (2024: Nil). No interim dividend was paid to the shareholders of the
Company (the “Shareholders”) for the six months ended 30 September
2024 (30 September 2023: Nil).
REVIEW OF OPERATIONS
During the Year, the Group was principaly engaged in the management
and sales of properties in agricultural produce exchange markets in
Hong Kong and PRC. On the one hand, it is expected that the PRC
economy wil experience gradual recovery. On the other hand, the
PRC real estate market downfal has efect on the Group’s property
sales. However, these factors did not significantly afect the Group’s
performance due to the nature of its busines model. To cope with
future growth, the Group has ben actively evaluating various busines
oportunities which can help diversify income stream of the Group and
deliver long-term benefits to the Shareholders.
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
农产品交易市场
湖北省
武汉白沙洲市场
武汉白沙洲农副产品交易市场（「武汉白沙洲市
场」）乃全中国领先之农产品交易市场营运商之
一。武汉白沙洲市场位于中国武汉市洪山区，占
地面积约
310,000
平方米，并为湖北省最著名的
农产品交易市场之一。武汉白沙洲市场于二零
二三年荣获全国城市农贸中心联合会评为「全国
农产品综合批发市场十强」。该奖项彰显本集团
作为中国农产品交易市场营运商对市场所作出
的重大贡献并表彰其努力及专业知识。于本年
度，武汉白沙洲市场的收益维持与上一财政年
度大致相同。
黄石市场
黄石宏进农副产品交易市场（「黄石市场」）为本
集团于二零一五年一月在黄石市成立的合营项
目，经营面积约
23,000
平方米。黄石市是湖北省
的县级市，距离武汉白沙洲市场约
公里。作
为次级农产品交易市场，黄石市场能够与武汉
白沙洲市场产生协同作用，促进蔬菜及农副产
品交易。于本年度，黄石市场的收益较上一财政
年度增加约
4%
。
随州市场
随州白沙洲农副产品交易市场（「随州市场」）为
本集团于二零一八年三月成立的另一个合营项
目，占地约
240,000
平方米。本集团采用轻资产营
运业务模式，透过取得合约管理权以经营该市
场。于本年度，随州市场的收益较上一财政年度
增加约
4%
。
Agricultural Produce Exchange Markets
Hubei Province
Wuhan Baisazhou Market
Wuhan Baisazhou Agricultural and By-Product Exchange Market
(“Wuhan Baisazhou Market”) is one of the leading agricultural
produce exchange market operators in the PRC. Wuhan Baisazhou
Market is situated in the Hongshan District of Wuhan City, the PRC
with a site area of aproximately 310,000 square metres and one of
the most notable agricultural produce exchange markets in Hubei
Province. Wuhan Baisazhou Market was awarded “Top 10 of National
Agricultural Products Comprehensive Wholesale Markets” by China
Agricultural Wholesale Market Asociation in 2023. The award shows the
significant market contributions made by the Group and its eforts and
expertise as an agricultural produce exchange market operator in the
PRC. During the Year, the revenue of Wuhan Baisazhou Market remained
aproximately the same as that of the last financial year.
Huangshi Market
Huangshi Hongjin Agricultural and By-Product Exchange Market
(“Huangshi Market”) is a joint venture project of the Group founded in
Huangshi City in January 2015 with an operating area of aproximately
23,000 square metres. Huangshi City is a county level city in Hubei
Province and is around 100 kilometres away from Wuhan Baisazhou
Market. Huangshi Market, as a second-tier agricultural produce
exchange market, created synergy with Wuhan Baisazhou Market to
bost vegetables and by-products trading. During the Year, the revenue
of Huangshi Market increased by aproximately 4% as compared to that
of the last financial year.
Suizhou Market
Suizhou Baisazhou Agricultural and By-Product Exchange Market
(“Suizhou Market”) is another joint venture project of the Group
founded in March 2018. It ocupies aproximately 240,000 square
metres. The Group pursued aset-light operation busines model
by taking up the contract management rights to operate this
market. During the Year, the revenue of Suizhou Market increased by
aproximately 4% as compared to that of the last financial year.
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
河南省
洛阳市场
洛阳宏进农副产品交易市场（「洛阳市场」）为
本集团于中国河南省之旗舰项目，占地面积约
255,000
平方米。洛阳市场于二零二三年荣获全
国城市农贸中心联合会评为「全国农产品综合
批发市场五十强」。由于本年度物业销售的确认
减少，洛阳市场的收益较上一财政年度减少约
32%
。
濮阳市场
濮阳宏进农副产品交易市场（「濮阳市场」）是我
们与中国河南省地方伙伴合作发展的合营项目
之一。于本年度，濮阳市场维持稳定营运步伐。
濮阳市场的收益较上一财政年度增加约
18%
，主
要由于本年度物业销售确认增加所致。
开封市场
开封宏进农副产品交易市场（「开封市场」）之总
建筑面积约
140,000
平方米，为本集团第三个市
场营运据点，其有助本集团于中国河南省建立
农产品交易市场网络。开封市场于二零二三年
荣获全国城市农贸中心联合会评为「全国农产品
综合批发市场五十强」。于本年度，开封市场的
收益较上一财政年度增加约
4%
，此乃由于来自
经营农产品交易市场的租金收入增加所致。
Henan Province
Luoyang Market
Luoyang Hongjin Agricultural and By-Product Exchange Market
(“Luoyang Market”) is the flagship project of the Group in Henan
Province, the PRC, with a site area of aproximately 255,000 square
metres. Luoyang Market was awarded “Top 50 of National Agricultural
Products Comprehensive Wholesale Markets” by China Agricultural
Wholesale Market Asociation in 2023. During the Year, the revenue of
Luoyang Market decreased by aproximately 32% due to the decrease
of properties sale recognition as compared to that of the last financial
year.
Puyang Market
Puyang Hongjin Agricultural and By-Product Exchange Market (“Puyang
Market”) is one of our joint venture projects in coperation with a local
partner in Henan Province, the PRC. During the Year, Puyang Market
kept steady pace in operations. The revenue of Puyang Market increased
by aproximately 18% mainly due to the increase of properties sales
recognition during the Year as compared to that of the last financial
year.
Kaifeng Market
Kaifeng Hongjin Agricultural and By-Product Exchange Market
(“Kaifeng Market”), with a gros flor construction area of
aproximately 140,000 square metres, is the Group’s third market
operation point for the facilitation of the building of an agricultural
produce exchange market network in Henan Province, the PRC.
Kaifeng Market was awarded “Top 50 of National Agricultural Products
Comprehensive Wholesale Markets” by China Agricultural Wholesale
Market Asociation in 2023. During the Year, the revenue of Kaifeng
Market increased by aproximately 4% due to the increase of rental
income received from agricultural produce exchange market operation
as compared to that of the last financial year.
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
广西壮族自治区
玉林市场
玉林宏进农副产品交易市场（「玉林市场」）是广
西壮族自治区（「广西地区」）最大的农产品交
易市场之一，占地面积约
415,000
平方米。于本
年度，玉林市场的收益较上一财政年度减少约
20%
，乃由于物业销售确认及农产品交易市场营
运所得租金收入减少所致。于二零二五年五月
三十日，龙群有限公司（「龙群」，本集团的全资
附属公司）已订立减资协议，以出售本集团于玉
林市场（即玉林宏进农副产品批发市场有限公
司）一期之权益。于出售事项完成后，本集团仅
透过全资附属公司玉林宏进物流发展有限公司
维持营运玉林市场二期。
钦州市场
钦州宏进农副产品交易市场（「钦州市场」）之总
建筑面积约
180,000
平方米，为本集团第二个市
场营运据点，其有助本集团于广西地区建立农
产品市场网络。于本年度，钦州市场的收益较上
一财政年度增加约
28%
，主要由于来自经营农产
品交易市场的租金收入增加所致。
江苏省
徐州市场
徐州农副产品交易市场（「徐州市场」）占地约
200,000
平方米，位于中国江苏省北部。徐州市场
于二零二三年荣获全国城市农贸中心联合会评
为「全国农产品批发市场百强」。于本年度，徐州
市场的收益与上一财政年度相比大致相同。
淮安市场
淮安宏进农副产品交易市场（「淮安市场」）位于
中国江苏省淮安市，占地约
100,000
平方米。于二
零二四年九月五日完成出售后，本集团已不再
拥有淮安市场的任何权益。
Guangxi Zhuang Autonomous Region
Yulin Market
Yulin Hongjin Agricultural and By-Product Exchange Market (“Yulin
Market”) is one of the largest agricultural produce exchange markets
in Guangxi Zhuang Autonomous Region (“Guangxi Region”) with
a site area of aproximately 415,000 square metres. During the Year,
the revenue of Yulin Market decreased by aproximately 20% due to
the decrease of properties sale recognition and rental income derived
from agricultural produce exchange market operation as compared to
that of the last financial year. On 30 May 2025, Century Choice Limited
(“Century Choice”, a wholy-owned subsidiary of the Group), has
entered into a capital reduction agrement to dispose of the Group’s
interest of Phase I of Yulin Market, namely Yulin Hongjin Agricultural By-
products Wholesale Marketplace Ltd. After completion of the disposal,
the Group only maintains operations in Phase I of Yulin Market through
wholy-owned subsidiary of Yulin Hongjin Logistics Development
Company Limited.
Qinzhou Market
Qinzhou Hongjin Agricultural and By-Product Exchange Market
(“Qinzhou Market”), with a gros flor construction area of
aproximately 180,000 square metres, is the Group’s second market
operation point for the facilitation of the building of an agricultural
produce market network in the Guangxi Region. During the Year, the
revenue of Qinzhou Market increased by aproximately 28% mainly
due to the increase of rental income received from agricultural produce
exchange market operation during the Year as compared to that of the
last financial year.
Jiangsu Province
Xuzhou Market
Xuzhou Agricultural and By-Product Exchange Market (“Xuzhou
Market”) ocupies aproximately 200,000 square metres and is located
in the northern part of Jiangsu Province, the PRC. Xuzhou Market was
awarded “Top 100 of National Agricultural Products Wholesale Markets”
by China Agricultural Wholesale Market Asociation in 2023. During the
Year, the revenue of Xuzhou Market was aproximately the same as
compared to that of the last financial year.
Huai’an Market
Huai’an Hongjin Agricultural and By-Product Exchange Market (“Huai’an
Market”) ocupies aproximately 100,000 square metres, is located at
Huai’an City of Jiangsu Province, the PRC. The Group had ceased to have
any interest on Huai’an Market after the completion of its disposal on 5
September 2024.
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
辽宁省
盘锦市场
盘锦宏进农副产品交易市场（「盘锦市场」）之建
筑面积约
50,000
平方米，为本集团首个尝试在中
国辽宁省投资之项目。盘锦市场集中于河蟹买
卖并定期举行交易会。于本年度，盘锦市场的收
益增加约
19%
，主要由于来自经营农产品交易市
场的租金收入较上一财政年度增加所致。
电子商务发展
随著强大的移动通讯网络及智能手机在中国广
泛使用，本集团已将具成本效益的资源投入发
展电子商务。本集团已推出一个新的电子商贸
平台以提升农产品交易市场的效率。目前，本集
团于电子商贸平台开发方面持续采取成本控制
措施。
网络风险及安全
随著资讯科技及互联网在我们的营运中扮演重
要角色，本集团已指派专业人士监控及评估潜
在的网络风险。本集团均以恰当的政策对硬件
及软件进行维护。潜在的网络风险及网络安全
问题乃管理层关注的重点之一，故本集团已制
定政策及程序来规范互联网的使用、进行系统
供电的实质维护以及定期更新互联网保护系统
及防火墙，将本集团内联网与外界网络隔离，并
委派专业人士负责对网络上的任何异常活动进
行日常监控。
Liaoning Province
Panjin Market
Panjin Hongjin Agricultural and By-Product Exchange Market (“Panjin
Market”), with a construction area of around 50,000 square metres, is
the Group’s first atempt in investment in Liaoning Province, the PRC.
Panjin Market focused on the trading of river crabs and held regular
market fairs. During the Year, the revenue of Panjin Market increased by
aproximately 19% mainly due to the increase of rental income derived
from agricultural produce exchange market operation as compared to
that of the last financial year.
E-comerce Development
With the robust mobile network and widespread use of inteligent
mobile devices in the PRC, the Group alocated cost efective resources
to e-comerce development. The Group has launched a new electronic
trading platform for energising the eficiency of agricultural produce
exchange markets. At the moment, the Group has adopted continuous
cost control measures in electronic trading platform development.
Cyber Risk and Security
With information technology and the internet playing vital roles in
its operation, the Group has designated profesionals to monitor and
ases potential cyber risks. Both hardware and software are maintained
with apropriate Group policies. Potential cyber risks and network
security is one of the key concerns of management, thus the Group
has formulated policies and procedures to regulate the use of internet,
to physicaly safeguard system power suply and to regularly update
internet protection system and firewal to separate the intranet of the
Group from outside network. Designated profesionals are responsible
for the day-to-day monitoring on any abnormal network activities.
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
数据欺诈或盗窃风险
本集团不断审视并更新其数据及资料取用的内
部监控系统。本集团已采纳适当政策以保护数
据，只允许获授权人士登入访问。管理层认为，
已实施有效政策及程序，以避免数据欺诈或盗
窃风险。
环境及社会风险
基于业务性质，如中国发生严重且永久的气候
变化，本集团将面临中度的环境风险。该风险可
能对农业生产造成不利影响，继而影响本集团
经营农产品市场及物业销售的收益。
流动资金及财务资源
于二零二五年三月三十一日，本集团之现金及
银行结余总额约
182,000,000
港元（二零二四年
三月三十一日：约
243,000,000
港元），而总资产
及资产净值分别约
4,234,000,000
港元（二零二四
年三月三十一日：约
4,638,000,000
港元）及约
2,027,000,000
港元（二零二四年三月三十一日：
约
2,069,000,000
港元）。于二零二五年三月三十一
日，本集团之资产负债比率约
46.3%
（二零二四
年三月三十一日：约
49.9%
），即
(i)
计息银行及其
他借贷以及无抵押票据总额约
1,121,000,000
港元
（二零二四年三月三十一日：约
1,315,000,000
港元），扣除现金及银行结余及已抵押银行存款
约
182,000,000
港元（二零二四年三月三十一日：
约
283,000,000
港元）后，再除以
(i)
股东资金约
2,027,000,000
元（二零二四年三月三十一日：约
2,069,000,000
港元）。
于二零二五年三月三十一日，计息银行及其他
借贷总额约
1,121,000,000
港元（二零二四年三
月三十一日：约
1,315,000,000
港元）与总资产约
4,234,000,000
港元（二零二四年三月三十一日：约
4,638,000,000
港元）之比率约
26%
（二零二四年三
月三十一日：约
28%
）。
Data Fraud or Theft Risk
The Group continuously reviews and updates its internal control
system on data and information aces. Apropriate policies have ben
adopted to protect data, and aces permisions are only granted to the
authorised personel. Management believes that efective policies and
procedures have ben put in place to avoid data fraud or theft risk.
Environmental and Social Risk
Due to the nature of the busines, the Group wil face a moderate
environmental risk in case of severe and permanent climate change
acros the PRC. Such risk may have an adverse impact on agricultural
production thereby afecting the revenue of the Group in agricultural
produce exchange market operation and property sales.
LIQUIDITY AND FINANCIAL RESOURCES
As at 31 March 2025, the Group had total cash and bank balances
amounting to aproximately HK$182 milion (31 March 2024:
aproximately HK$243 milion) whilst total asets and net asets
were aproximately HK$4,234 milion (31 March 2024: aproximately
HK$4,638 milion) and aproximately HK$2,027 milion (31 March 2024:
aproximately HK$2,069 milion), respectively. The Group’s gearing
ratio as at 31 March 2025 was aproximately 46.3% (31 March 2024:
aproximately 49.9%), being a ratio of (i) total interest-bearing bank
and other borowings and unsecured notes of aproximately HK$1,121
milion (31 March 2024: aproximately HK$1,315 milion), net of cash
and bank balances and pledged bank deposits of aproximately
HK$182 milion (31 March 2024: aproximately HK$283 milion) to (i)
shareholders’ funds of aproximately HK$2,027 milion (31 March 2024:
aproximately HK$2,069 milion).
As at 31 March 2025, the ratio of total interest-bearing bank and
other borowings of aproximately HK$1,121 milion (31 March 2024:
aproximately HK$1,315 milion) to total asets of aproximately
HK$4,234 milion (31 March 2024: aproximately HK$4,638 milion) was
aproximately 26% (31 March 2024: aproximately 28%).
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
重大收购及出售事项
出售淮安市场权益
于二零二四年五月二十五日，本集团与一名独
立第三方（「买方」）订立买卖协议（「买卖协议」），
以出售一间持有（其中包括）淮安市场物业权益
的附属公司（「目标公司」）之全部股权（「出售事
项」），初步代价约为人民币
28,900,000
元（相当于
约
31,900,000
港元）（可予调整）。代价视乎经调整
总代价最高额约人民币
71,700,000
元进行调整。
经过调整后，总代价约为人民币
66,400,000
元，
本公司就出售事项录得收益约
35,800,000
港元。
买方亦已根据买卖协议承诺向目标公司提供资
金约人民币
140,500,000
元（相当于约
154,900,000
港元），以供目标公司偿还本公司附属公司拥有
的若干公司间贷款。于完成后，本集团已不再持
有任何淮安市场的权益。出售事项于二零二四
年九月五日完成。出售事项之进一步详情载于
本公司及宏安集团有限公司（股份代号：
）
（「宏安」，本公司的最终控股公司）日期为二零
二四年五月二十五日之联合公布及本公司日期
为二零二四年六月十七日之通函。
收购中国合营企业的
50%
股权
于二零二四年十二月十三日，本集团与宏
安的间接全资附属公司
Wang On Comercial
Management Limited
订立买卖协议，内容有关
收购伟骏投资有限公司（「伟骏」）的全部已发行
股本及伟骏结欠宏安及其附属公司的股东贷款
（「股东贷款」），总代价为
150,000,000
港元（「收
购事项」）。伟骏主要从事投资控股，伟骏的唯一
主要资产为深圳市集贸市场有限公司（「中国合
营企业」）的
50%
股权。收购事项已于二零二五年
二月二十五日完成。本集团已将上述收购入账
为资产收购，原因为本集团所收购的实体并不
构成业务。收购事项的进一步详情载于本公司
与宏安日期为二零二四年十二月十三日的联合
公布及本公司日期为二零二五年一月二十四日
的通函。
MATERIAL ACQUISITION AND DISPOSAL
Disposal of Huai’an Market Interests
On 25 May 2024, the Group has entered into a sale and purchase
agrement (the “SPA”) with an independent third party (the
“Purchaser”) for the disposal of the entire equity interests of a
subsidiary (the “Target Company”) holding, among others, the
property interests in the Huai’an Market (the “Disposal”) for an
initial consideration of aproximately RMB28.9 milion (equivalent
to aproximately HK$31.9 milion) subject to adjustments. The
consideration should be adjusted subject to a maximum adjusted total
consideration of aproximately RMB71.7 milion. After such adjustment,
the final consideration was aproximately RMB66.4 milion, the
Company recorded a gain on the Disposal of aproximately HK$35.8
milion. The Purchaser has also undertaken under the SPA to provide
funding to the Target Company in the amount of aproximately
RMB140.5 milion (equivalent to aproximately HK$154.9 milion) for the
Target Company’s repayment of certain intercompany loans owned to
the Company’s subsidiaries. The Group had ceased to hold any interest
in the Huai’an Market after the completion. The Disposal was completed
on 5 September 2024. Further details of the Disposal are set out in joint
anouncement of the Company and Wang On Group Limited (Stock
code: 1222) (“WOG”, the ultimate holding company of the Company)
dated 25 May 2024 and the circular of the Company dated 17 June
2024.
Acquisition of 50% Equity Interest of the PRC JV
On 13 December 2024, the Group has entered into a sale and purchase
agrement with Wang On Comercial Management Limited, an
indirectly wholy-owned subsidiary of WOG in respect of the acquisition
of the entire isued share capital of Regal Smart Investment Limited
(“Regal Smart”) and shareholder’s loans of Regal Smart owed to WOG
and its subsidiaries (the “Shareholder’s Loan”) at a total consideration
of HK$150 milion (the “Acquisition”). Regal Smart is principaly
engaged in investment holding and the only principal aset of Regal
Smart is the 50% equity interests in
深圳市集贸市场有限公司
(the
“PRC JV”). The acquisition was completed on 25 February 2025. The
above acquisition was acounted for by the Group as an acquisition
of asets as the entity acquired by the Group does not constitute
a busines. Further details of the Acquisition are set out in joint
anouncement of the Company and WOG dated 13 December 2024
and the circular of the Company dated 24 January 2025.
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
无抵押票据
于二零二四年八月二十三日，本公司宣布设立
1,000,000,000
港元中期票据计划（「计划」）。
于本年度，于二零二四年十一月二十九日及二
零二五年二月二十一日，本公司发行无抵押固
定票息票据（「无抵押票据」），本金总额分别为
41,000,000
港元及
50,000,000
港元，分别将于二
零三六年十一月二十九日及二零三七年二月
二十一日到期。于二零二五年三月三十一日，其
账面价值分别为约
27,100,000
港元及约
33,600,000
港元。
于报告期后，于二零二五年四月三日，本公司发
行无抵押票据，本金总额为
38,000,000
港元，将于
二零三七年四月三日到期。
于本报告日期，本公司于计划项下发行在外的
无抵押票据本金总额为
129,000,000
港元。
资本承担、抵押及或然负债
于二零二五年三月三十一日，尚未履行之资本
承担（已订约但未拨备）约
29,000,000
港元（二零
二四年三月三十一日：约
167,000,000
港元），乃关
于购买物业、厂房及设备以及建筑合约之承担。
于二零二五年三月三十一日，本集团为其客户
向若干银行作出担保约
16,900,000
港元（二零二四
年三月三十一日：约
22,800,000
港元），以换取银
行向所出售物业的客户提供贷款，有关担保涉
及的或然负债约为
29,000
港元（二零二四年三月
三十一日：约
129,000
港元）。根据该等担保条款，
倘该等买方于该等担保届满前拖欠按揭付款，
本集团须负责向银行偿还经扣减任何销售所得
款项后的未偿还按揭本金连同应计利息以及违
约买方结欠的罚金。
于二零二五年三月三十一日，本集团已抵押账
面值约
1,910,000,000
港元之若干物业、厂房及设
备、自有投资物业及其产生的若干租金收入、持
作出售物业（二零二四年三月三十一日：已抵押
资产总值约
2,208,000,000
港元），为若干计息银行
借贷作担保。
UNSECURED NOTES
On 23 August 2024, the Company anounced the establishment of the
HK$1,000,000,000 medium term note programe (the “Programe”).
During the Year, on 29 November 2024 and 21 February 2025, the
Company isued unsecured fixed coupon rate notes (the “Unsecured
Notes”) with an agregate principal amount of HK$41 milion and
HK$50 milion respectively which wil mature in 29 November 2036 and
21 February 2037, respectively. The carying value as at 31 March 2025
was aproximately HK$27.1 milion and aproximately HK$33.6 milion
respectively.
After the reporting period, on 3 April 2025, the Company isued the
Unsecured Notes with an agregate principal amount of HK$38 milion
which wil mature in 3 April 2037.
As at the date of this report, the Company has HK$129 milion in
agregate principal amount of the Unsecured Notes outstanding under
the Programe.
CAPITAL COMITMENTS, PLEDGES AND
CONTINGENT LIABILITIES
As at 31 March 2025, outstanding capital comitments, contracted but
not provided for, amounted to aproximately HK$29 milion (31 March
2024: aproximately HK$167 milion) in relation to the purchase of
property, plant and equipment and construction contracts. As at 31
March 2025, the Group provided guarantes of aproximately HK$16.9
milion to customers in favour of certain banks for the loans provided
by the banks to the customers of the properties sold (31 March 2024:
aproximately HK$22.8 milion), representing the contingent liabilities of
aproximately HK$29,000 (31 March 2024: aproximately HK$129,000) in
relation to such guarantes. Pursuant to the terms of the guarantes, in
the event of default on mortgage payments by these purchasers before
the expiry of the guarantes, the Group is responsible for repaying the
outstanding mortgage principals together with the acrued interest and
penalties owed by the defaulted purchasers to the banks, net of any
sales proceds.
As at 31 March 2025, certain property, plant and equipment, owned
investment properties and certain rental income generated therefrom,
properties held for sale with carying amount of aproximately
HK$1,910 milion (31 March 2024: aproximately HK$2,208 milion worth
of asets pledged) were pledged to secure certain interest-bearing bank
borowings.
| As at 31 March 2025 | As at 31 March 2024 | ||||
|---|---|---|---|---|---|
| 于二零二五年 Carrying amount | 三月三十一日 Approximate effective interest rate | 于二零二四年 Carrying amount | 三月三十一日 Approximate effective interest rate | ||
| 概约 | 概约 | ||||
| 账面值 HK$ million | 实际利率 (per annum) | 账面值 HK$ million | 实际利率 (per annum) | ||
| 百万港元 | （每年） | 百万港元 | （每年） | ||
| Unsecured Notes | 61 | 5% | – | –% | |
| Financial Institution Borrowings (note*) | 无抵押票据 * | 765 | 6% | 935 | 6% |
| Non-financial Institution | 金融机构借贷（附注） | ||||
| Borrowings (note*) | 非金融机构 * | 295 | 10% | 380 | 10% |
| 借贷（附注） | |||||
| Total | 1,121 | 1,315 | |||
| 总计 | |||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
于二零二五年三月三十一日，本集团并无任何
未完结之外汇合约、利率或货币掉期或其他金
融衍生工具。本集团之收益、经营成本及银行存
款主要以人民币（「人民币」）及港元计值。本集团
的业务活动面临外汇风险，主要产生自其于中
国的营运及以人民币计值的若干银行存款。目
前，本集团并无外汇对冲政策。于本年度，由于
人民币兑港元汇率波动，本集团不时考虑替代
风险对冲工具，以减低人民币兑换风险。
债务状况及财务规划
于二零二五年三月三十一日及二零二四年三月
三十一日，本集团的计息银行及其他借贷分析
如下：
附注：
*
上表所述者乃以港元及人民币计值，并按固定
及浮动利率计息。
于二零二五年三月三十一日，本公司发行的无
抵押票据将于二零三六年十一月至二零三七年
二月到期；本公司金融机构借贷将于二零二五
年四月至二零三四年十二月期间（二零二四年三
月三十一日：二零二四年四月至二零二九年五
月期间）到期；及本公司非金融机构借贷将于二
零二七年五月（二零二四年三月三十一日：二零
二七年五月）到期。
The Group did not have any outstanding foreign exchange contracts,
interest or curency swaps or other financial derivatives as at 31 March
2025. The revenue, operating costs and bank deposits of the Group
were mainly denominated in Renminbi (“RMB”) and Hong Kong
dolars. The activities of the Group are exposed to foreign curency
risks mainly arising from its operations in the PRC and certain bank
deposits denominated in RMB. Curently, the Group does not have a
foreign curency hedging policy. During the Year, due to the curency
fluctuation of RMB against Hong Kong dolars, the Group had ben
considering, from time to time, alternative risk hedging tols to mitigate
RMB curency exchange risk.
DEBT PROFILES AND FINANCIAL PLANING
As at 31 March 2025 and 31 March 2024, interest-bearing bank and
other borowings of the Group were analyzed as folows:
总计
Notes:
* as mentioned in the above table were made in Hong Kong dolars and RMB with
fixed and floating interest rates.
As at 31 March 2025, the Unsecured Notes isued by the Company wil
mature from November 2036 to February 2037; the financial institution
borowings of the Company wil mature during the period from April
2025 to December 2034 (31 March 2024: April 2024 to May 2029); and
the non-financial institution borowings of the Company wil mature in
May 2027 (31 March 2024: May 2027).
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
财务政策
本集团的财务政策包括使资金来源多元化。本
年度本集团营运的一般资金来源为内部产生现
金流量以及计息银行╱非金融机构贷款及无抵
押票据。本集团定期检讨其主要资金状况，以确
保其将有足够财政资源履行其财务责任。为满
足计息债务及业务资本支出，本集团不时考虑
各种股本及债务融资方案，包括但不限于配售
新股份、以供股方式发行新股份、金融机构借
贷、非金融机构借贷、发行债券、发行可换股票
据、发行其他债务金融工具、出售投资物业及销
售持作出售物业。
投资物业的重大估值方法及审核委
员会的审阅
于二零二五年三月三十一日，本集团的投资物
业以公平值列账。公平值乃基于一间独立合资
格专业估值师事务所进行的估值厘定。专业估
值师为香港测量师学会专业成员，并具备在估
值物业当地之估值经验。确认估值符合香港测
量师学会二零二四年估值准则（包含国际估值
准则）。专业估值师按将现有租约所产生之应收
租金及物业潜在复归市场租金资本化的基准对
物业的投资部分进行估值。就物业的空置地方
及存货部分而言，则根据替换原则采用直接比
较法，据此基于实际销售实现的价格及╱或可
资比较物业的要价进行比较。对具类似大小、
规模、性质、特点及位置的可资比较物业进行分
析，并仔细衡量各物业之优劣，以对市值作出公
平比较。
本公司审核委员会（「审核委员会」）及董事会已
审阅投资物业估值的重大估值方法。
TREASURY POLICY
The Group’s treasury policy includes diversification of funding sources.
Internaly generated cash flow and interest-bearing bank/ non-financial
institution loans and unsecured notes were the general sources of
fund to finance the operation of the Group during the Year. The Group
regularly reviews its major funding positions so as to ensure that it has
adequate financial resources in meting its financial obligations. In
order to met interest-bearing debts and busines capital expenditure,
the Group considers from time to time various types of equity and
debt financing alternative, including but not limited to placement of
new shares, rights isue of new shares, financial institution borowings,
non-financial institution borowings, bonds isuance, convertible
notes isuance, other debt financial instruments isuance, disposal of
investment properties and sales of properties held for sale.
MATERIAL VALUATION METHOD OF
INVESTMENT PROPERTIES AND REVIEW OF
THE AUDIT COMITE
The investment properties of the Group were stated at fair value as at
31 March 2025. The fair value was arived at based on the valuations
caried out by an independent firm of qualified profesional valuers.
The profesional valuers are profesional members of The Hong Kong
Institute of Surveyors with experience in the location of the properties
being valued. The valuations are confirmed to be in acordance with
The Hong Kong Institute of Surveyors Valuation Standards 2024, which
incorporates the International Valuation Standards (IVS). The profesional
valuers valued the investment portion of the properties on the basis of
capitalisation of the rent receivables from the existing tenancies and
the potential reversionary market rents of the properties. For vacant site
and inventory portions of the properties, direct comparison method
is adopted based on the principle of substitution, where comparison
is made based on prices realised on actual sales and/or asking prices
of comparable properties. Comparable properties of similar size, scale,
nature, character and location are analysed and carefuly weighed
against al the respective advantages and disadvantages of each
property in order to arive at a fair comparison of market value.
The material valuation methods of investment properties valuation have
ben reviewed by the audit comite of the Company (the “Audit
Comite”) and the Board.
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
所持重大投资、重大收购及出售附
属公司、联营公司及合营企业以及
重大投资或资本资产的未来计划
于本报告日期，除本报告「重大收购及出售事
项－出售淮安市场权益及收购中国合营企业的
50%
股权」及「报告期后事项－出售非全资附属
公司股权」章节分别提述于二零二四年五月出售
淮安市场、于二零二五年二月收购中国合营企
业的
50%
股权以及于二零二五年五月出售龙群
于玉林宏进农副产品批发市场有限公司的股权
外，本集团并无任何重大投资或资本资产或收
购或出售附属公司的具体计划。
有关我们行业及业务营运的风险因
素
于二零二五年三月三十一日，本集团于中国六
个省份经营
个农产品交易市场及
个街市。由
于中国营商环境瞬息万变，本集团面对以下主
要风险、挑战及不确定因素，包括：
(1)
人民币兑港元汇率波动，其影响本集团财务
报告中由人民币汇兑至港元的中国资产及
负债，为此本集团定期监察汇率波动，并在
外汇市场出现不利状况时准备有效的对冲
机制（如有需要）；
(2)
难以取得足够融资（包括股权及债务融资）
以支持本集团资本密集性质的农产品交易
市场。本集团定期审阅短期及长期流动资金
水平，适时为未来资本需求做好准备；
(3)
难以保持或提升本集团于农产品交易市场
行业的竞争地位，为此本集团已指派人员监
察竞争对手的市场活动，并制定有效的策略
维持我们的竞争地位；
(4)
难以保持或提高本集团的农产品交易市场
出租率，为此本集团不时推出各种营销活
动，以挽留现有租户并吸引新租户；
SIGNIFICANT INVESTMENTS HELD,
MATERIAL ACQUISITIONS AND DISPOSALS
OF SUBSIDIARIES, ASOCIATES AND
JOINT VENTURES AND FUTURE PLANS
FOR MATERIAL INVESTMENTS OR CAPITAL
ASETS
As at the date of this report, the Group did not have any concrete plan
for material investments or capital asets nor acquisition or disposal
of subsidiaries except for the disposal of Huai’an Market in May 2024,
the acquisition of 50% equity interest of the PRC JV in February 2025
and the disposal of Century Choice’s equity interest in Yulin Hongjin
Agricultural By-products Wholesale Marketplace Limited
（玉林宏进农
副产品批发市场有限公司）
in May 2025 as mentioned in the sections
of “MATERIAL ACQUISITION AND DISPOSAL – Disposal of Huai’an Market
Interests and Acquisition of 50% Equity Interest of the PRC JV” and
“EVENT AFTER REPORTING PERIOD – Disposal of Equity Interests in a
Non-wholy Owned Subsidiary”, respectively in this report.
RISK FACTORS RELATING TO OUR INDUSTRY
AND BUSINES OPERATIONS
As at 31 March 2025, the Group operated 10 agricultural produce
exchange markets and 16 wet markets acros six provinces in the PRC.
In view of the ever-changing busines environment in the PRC, the
folowing are the principal risks, chalenges and uncertainties faced by
the Group, including:
- ,
which afects the translation of the PRC asets and liabilities from
RMB to Hong Kong dolars in the Group’s financial reporting,
in which the Group periodicaly monitors the exchange rate
fluctuation, and prepares efective hedging mechanism to deal
with adverse conditions in forex market, if necesary;
- , in both equity and debt
financing, to suport the Group’s agricultural produce exchange
markets that are capital intensive in nature. The Group regularly
reviews the short-term and long-term liquidity level and prepare
for the future capital ned, as and when apropriate;
- ’s competitive
position in the agricultural produce exchange markets industry, in
which the Group has designated personel to monitor the market
activities of competitors and formulate efective strategies to
preserve our competitive position;
(4) dificulty in maintaining or enhancing the level of ocupancy in the
Group’s agricultural produce exchange markets, in which the Group
launches, from time to time, various marketing campaigns to retain
existing tenants and to atract new tenants;
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
(5)
取得开发、建设、营运及收购农产品交易市
场的所有必要牌照及许可方面的挑战。本集
团聘用足够且具专业资格的当地员工，以确
保所有过程符合当地规则及法规；及
(6)
作出在国家及地方层面对本集团营运及发
展有所影响之有关农产品交易市场之监管
变动及修订。本集团维持相对扁平化之组织
架构及高度自主性，以确保迅速对各方面之
任何变化作出调整。
对雇员、客户及供应商之依赖
本集团参考市场条款、公司业绩、个人资历及表
现，并透过组织良好的结构管理，采取市场薪酬
政策，故并无任何重要及特定雇员会对本集团
的成功产生重大影响。同时，概无主要客户及供
应商占本集团收入
5%
以上，且并无主要供应商
无法由其他合适供应商取代。在此方面，并无客
户及供应商对本集团业务表现的成功构成重大
影响。
环境政策及表现
在农产品交易市场的建设及营运过程中，其营
运及发展受各种与环境有关的法律及法规所规
限。在建设及营运市场时所产生的废物及污水
构成对环境的主要影响。本集团已在所有重大
方面遵守中国环保法，并委聘独立环境顾问对
我们所有建设项目进行环境影响评估。迄今已
开展的环境调查并无显示预期对我们的经营状
况造成重大不利影响的任何环境责任。各市场
建设完成后，环境部门巡查市场，以确保遵守所
有适用的环境标准。我们所有的建设项目均遵
从中国环境保护法订明的「三同时」原则。有关环
境法律及法规对我们的营运及环境政策所带来
的影响的更多详情，请参阅环境、社会及管治报
告，该报告将于稍后上载于联交所及本公司之
网站。
(5) chalenges in obtaining promptly al necesary licenses and permits
for development, construction, operations and acquisition of
agricultural produce exchange markets. The Group hires suficient
local staf members with profesional qualifications to ensure al
proceses comply with local rules and regulations; and
(6) the efect of regulatory changes and amendments relating to
agricultural produce exchange markets which afect operation and
development of the Group, in both the national and local levels.
The Group maintains a relatively flat organization structure and a
high autonomous level to enable quick response to any changes in
diferent aspects.
DEPENDENCE OF EMPLOYES, CUSTOMERS
AND SUPLIERS
As the Group is adopting market remuneration practices by reference to
market terms, company performance, and individual qualifications and
performance and wel-organized structure management, no key and
specific employe would materialy and significantly afect the Group’s
suces. Meanwhile, there were no major customers and supliers
which acounted for over 5% of the Group’s income and no major
supliers which canot be replaced by other apropriate supliers.
In this conection, no customers and supliers would have a material
impact on the suces of the Group’s busines performance.
ENVIRONMENTAL POLICIES AND
PERFORMANCE
The operations and development of agricultural produce exchange
markets are subject to a variety of environmental laws and regulations
during their construction and operations. Major environmental impacts
are caused by waste and wastewater generated during the construction
and operations of the markets. The Group has, in compliance with
the PRC environmental law, engaged independent environmental
consultants to conduct environmental impact asesments on al
our construction projects in al material aspects. The environmental
investigations conducted to date have not revealed any environmental
liability that would be expected to have a material adverse efect on our
busines condition. Upon completion of construction of each market,
the environmental authorities inspect the site to ensure compliance
with al aplicable environmental standards. Al our construction
projects comply with the “thre simultaneities” principles stipulated in
the Environmental Protection Law of the PRC. For further details of the
impact of environmental laws and regulations on our operations and
our environmental policies, please refer to our Environmental, Social
and Governance Report, which wil be uploaded on the websites of the
Stock Exchange and the Company in due course.
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
遵守法律及法规
于本年度，本集团于各重大方面遵守对本集团
业务及营运有重大影响的相关法律及法规。本
公司于本年度内亦已遵守联交所证券上市规则
（「上市规则」）、证券及期货条例以及百慕达法
律的规定。本集团持续审阅影响本集团营运的
新颁布法律及法规（如有），并向员工提供相关培
训及指引。
关连交易及持续关连交易
总特许协议
于二零二年十月一日，本公司与宏安及其附
属公司订立总特许协议（「总特许协议」），当中载
列规管最终特许协议之一般原则及主要条款，
据此，宏安之相关成员公司可于二零二年十
月一日至二零二五年九月三十日期间授出物业
之特许权，而本集团可取得物业之特许权。订立
总特许协议及其项下拟进行的交易构成本公司
的持续关连交易。详情披露于本公司、位元堂药
业控股有限公司（股份代号：
）及宏安日期为
二零二年十月一日之联合公布。
交易商协议
诚如本报告「无抵押票据」一节所述，本公司于二
零二四年七月十一日与宏安证券有限公司（「宏
安证券」，前称永安证券有限公司，其由宏安的
间接全资附属公司
Sky Wish Development Limited
间接拥有
34%
权益）订立交易商协议（「交易商协
议」），为期三年，内容有关制定计划，据此，宏
安证券已获委聘为计划及其项下将予发行的无
抵押票据之安排商及交易商。由于宏安证券由
宏安间接拥有
34%
权益，因此为宏安的联营公司
宏安证券为本公司的关连人士，根据上市规则，
订立交易商协议构成本公司的持续关连交易。
详情披露于本公司与宏安日期为二零二四年七
月十一日的联合公布及本公司日期为二零二四
年八月一日的通函。
COMPLIANCE WITH LAWS AND REGULATIONS
During the Year, the Group complied in material aspects with the
relevant laws and regulations that have a significant impact on the
busines and operation of the Group. The Company also complied with
the requirements under the Rules Governing the Listing of Securities
on the Stock Exchange (the “Listing Rules”), the Securities and Futures
Ordinance and the laws of Bermuda during the Year. The Group
continuously reviews newly enacted laws and regulations afecting
the operations of the Group, if any, and provides relevant trainings and
guidance to the staf.
CONECTED TRANSACTIONS AND
CONTINUING CONECTED TRANSACTIONS
Master Licensing Agrement
On 1 October 2022, the Company entered into a master licensing
agrement with WOG and its subsidiaries (the “Master Licensing
Agrement”) which sets out the general principles and key terms
governing the definitive licensing agrements under which relevant
members of WOG may grant license of, and the Group may take up
the license of the premises from 1 October 2022 to 30 September
2025. The entering into of the Master Licensing Agrement and
the transactions contemplated thereunder constituted continuing
conected transactions for the Company. Details were disclosed in the
joint anouncement of the Company, Wai Yuen Tong Medicine Holdings
Limited (Stock code: 897) and WOG dated 1 October 2022.
Dealer Agrement
As mentioned in the section of “UNSECURED NOTES” in this report,
the Company had on 11 July 2024 entered into the dealer agrement
(the “Dealer Agrement”) with Wang On Securities Limited (“Wang
On Securities”, formerly named as Wing On Securities Limited, which
was owned indirectly as to 34% by Sky Wish Development Limited, an
indirectly wholy-owned subsidiary of WOG) for a term of thre years
in relation to the establishment of the Programe pursuant to which
Wang On Securities had ben apointed as the aranger and dealer
with respect to the Programe and the Unsecured Notes to be isued
thereunder. As Wang On Securities was owned indirectly as to 34%
by WOG and was therefore WOG’s asociate, Wang On Securities was
a conected person of the Company, the entering into of the Dealer
Agrement constituted a continuing conected transaction of the
Company under the Listing Rules. Details were disclosed in the joint
anouncement of the Company and WOG dated 11 July 2024 and the
circular of the Company dated 1 August 2024.
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
买卖协议
诚如本报告「重大收购及出售事项－收购中国
合营企业的
50%
股权」一节所述，本公司已于二
零二四年十二月十三日与
Wang On Comercial
Management Limited
订立买卖协议（「买卖协
议」），内容有关收购事项。由于宏安为本公司控
股东，因此为本公司的关连人士，根据上市规
则，订立买卖协议及其项下拟进行之交易构成
本公司的关连交易。
兹提述本公司截至二零二四年三月三十一日止
财政年度的年报，其于二零二四年七月二十五
日刊发（「二零二四年报」）。本公司确认
(i)
二零
二四年报内财务报表附注
所披露的关联方
交易属关连交易或持续关连交易，且未完全获
得豁免，已于二零二四年报「持续关连交易」一
节中披露；及
(i)
二零二四年报中披露的所有关
连交易及╱或持续关连交易均符合上市规则第
十四
A
章的规定。
报告期后事项
无抵押票据
于二零二五年四月三日，本公司发行无抵押票
据，本金总额为
38,000,000
港元，将于二零三七年
四月三日到期。有关进一步详情，请参阅本公司
日期为二零二五年四月三日之公布。
售后回租安排
于二零二五年五月二十日，洛阳宏进农副产品
批发市场有限公司（本公司的全资附属公司）（作
为承租人）与濮阳宏进农副产品批发市场有限
公司（中国农产品拥有
75%
权益的间接附属公
司）（作为承租人）与海尔融资租赁股份有限公
司（作为出租人）
(i)
就涉及大棚及若干设备的濮
阳市及洛阳市若干资产的售后回租订立售后回
租协议，售价为人民币
51,000,000
元（相当于约
55,300,000
港元）；及
(i)
就涉及大棚及若干设备的
濮阳市及洛阳市若干建筑项目的售后回租订立
售后回租协议，售价为人民币
20,400,000
元（相当
于约
22,100,000
港元）。有关进一步详情，请参阅
本公司日期为二零二五年五月二十日之公布。
Sale and Purchase Agrement
As mentioned in the section of “MATERIAL ACQUISITION AND DISPOSAL
– Acquisition of 50% Equity Interest of the PRC JV” in this report, the
Company had on 13 December 2024 entered into a sale and purchase
agrement (the “Sale and Purchase Agrement”) with Wang On
Comercial Management Limited in respect of the Acquisition.
Since WOG was the controling shareholder of the Company and was
therefore a conected person of the Company, the entering into of
the Sale and Purchase Agrement and the transaction contemplated
thereunder constituted a conected transaction for the Company under
the Listing Rules.
Reference is made to the anual report of the Company for the financial
year ended 31 March 2024 which was published on 25 July 2024 (the
“2024 Anual Report”). The Company confirms that (i) the related
party transactions as disclosed in Note 38 to the financial statements in
the 2024 Anual Report which are conected transactions or continuing
conected transactions and which are not fuly exempt, have ben
disclosed in the section headed “Continuing Conected Transactions” in
the 2024 Anual Report; and (i) al the conected transactions and/or
continuing conected transactions disclosed in the 2024 Anual Report
have complied with the requirements under Chapter 14A of the Listing
Rules.
EVENT AFTER REPORTING PERIOD
Unsecured Notes
On 3 April 2025, the Company isued the Unsecured Notes with an
agregate principal amount of HK$38 milion which wil be mature in
3 April 2037. For further details, please refer to the anouncement of the
Company dated 3 April 2025.
Sale and Leaseback Arangement
On 20 May 2025, Luoyang Hongjin Agricultural and By-Product
Exchange Market Limited, a wholy-owned subsidiary of the Company
(as lese), and Puyang Hongjin Agricultural By-Products Wholesale
Marketplace Limited, an indirectly 75%-owned subsidiary of CAP (as
lese), entered into (i) the sale and leaseback agrement in respect of
the sale and leaseback of the certain asets in Puyang City and Luoyang
City involving sheds and certain equipment at a sale price of RMB51.0
milion (equivalent to aproximately HK$55.3 milion); and (i) the sale
and leaseback agrement in respect of the sale and leaseback of certain
construction projects in Puyang City and Luoyang City involving sheds
and certain equipment at a sale price of RMB20.4 milion (equivalent to
aproximately HK$22.1 milion) with Haier Financial Services China Co.,
Ltd (as lesor). For further details, please refer to the anouncement of
the Company dated 20 May 2025.
China Agri-Products Exchange Limited
中国农产品交易有限公司
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
出售非全资附属公司股权
于二零二五年五月三十日，龙群（本公司的全资
附属公司）与玉林投资集团有限公司订立减资
协议，内容有关出售龙群于玉林宏进农副产品
批发市场有限公司（本公司的非全资附属公司）
的股权，总代价为人民币
24,690,000
元（相当于约
26,580,000
港元）。有关进一步详情，请参阅本公
司日期为二零二五年五月三十日之公布。
雇员人数及薪酬政策
于二零二五年三月三十一日，本集团共聘用
名雇员（二零二四年三月三十一日：
1,048
名），
其中约
98%
位于中国。本集团的薪酬政策由本公
司薪酬委员会定期检讨，而董事会之薪酬乃依
据市场条款、公司表现，以及个别资历及表现厘
定。本集团旨在聘用、挽留及发展致力于本集团
长远成功及增长的人才。员工薪酬及其他福利
每年根据市场状况及趋势，及资历、经验、职责
及表现进行检讨。本公司已于二零二年八月
二十六日采纳购股权计划，主要目的是奖励合
资格参与者及鼓励彼等为本公司及股东之整体
利益致力提升本公司之价值。
前景
于本年度，消费者支出趋于谨慎，加上中国房地
产销售下跌，致使经济增长放缓。有关影响对本
集团主要集中于中国农产品市场之业务营运带
来冲击。展望将来，本集团将继续凭借其行业之
竞争优势、稳固的业务根基、智能化的商业管理
系统、强大的资讯科技网络以及优质客户服务
承诺，扩大全国农产品交易市场网络。
Disposal of Equity Interests in a Non-wholy Owned
Subsidiary
On 30 May 2025, Century Choice, a wholy-owned subsidiary of the
Company, has entered into the capital reduction agrement with Yulin
Investment Group Co., Ltd. in respect of the disposal of Century Choice’s
equity interest in Yulin Hongjin Agricultural By-products Wholesale
Marketplace Limited
（玉林宏进农副产品批发市场有限公司）
, a non-
wholy owned subsidiary of the Company, at a total consideration of
RMB24.69 milion (equivalent to aproximately HK$26.58 milion). For
further details, please refer to the anouncement of the Company dated
30 May 2025.
NUMBER OF EMPLOYES AND
REMUNERATION POLICY
As at 31 March 2025, the Group had 903 employes (31 March
2024: 1,048), aproximately 98% of whom were located in the PRC.
The Group’s remuneration policy was reviewed periodicaly by the
remuneration comite of the Company and the Board’s remuneration
is determined by reference to market terms, company performance,
and individual qualifications and performance. The Group aimed to
recruit, retain and develop competent individuals who were comited
to the Group’s long-term suces and growth. Remunerations and
other benefits of employes were reviewed anualy in response to
both market conditions and trends, and were based on qualifications,
experience, responsibilities and performance. The share option scheme
of the Company was adopted on 26 August 2022 for the primary
purpose of rewarding eligible participants and to encourage them to
work towards enhancing the value of the Company for the benefit of
the Company and the Shareholders as a whole.
PROSPECTS
Throughout the Year, consumer spending has become more cautious
and the decline in the sales of PRC properties have hindered economic
growth. Such efects have impacted the Group’s busines operation
which primarily focused on the agricultural products markets in the PRC.
Loking ahead, the Group aims to continue expanding a nationwide
agricultural produce exchange network by leveraging its competitive
advantages in the industry, a stable busines foundation, an inteligent
busines management systems, robust information technology network
and comitment to high-quality customer services.
2025 Anual Report
二零二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
The No. 1 document for 2025 in China focuses on rural development,
specificaly emphasizing agricultural modernization and rural
revitalization isued on 23 February 2025. It outlines strategies for
fod security, financial suport for the livestock industry, and the
development of new agricultural technologies. The document also
highlights the importance of digitalization and modernization in rural
areas. The key points of No.1 document sumarise as folows: (i) Rural
Revitalization: The document aims to advance comprehensive rural
revitalization, which includes improving infrastructure, suporting
entrepreneurship in rural areas, and atracting talent to the countryside;
(i) Fod Security: Maintaining a stable fod suply remains a key
priority, with an emphasis on sustainable and resilient agricultural
practices; and (i) Agricultural Modernization: The document
encourages the adoption of new technologies, such as geneticaly
enginered crops and AI aplications in agriculture, to bost
productivity and eficiency. Overal, the 2025 No. 1 document reflects
China’s ongoing comitment to modernizing its agricultural sector.
To capitalise on emerging busines oportunities, the Group has
implemented various measures by colaborating with diferent
partners, utilizing an “aset light” strategy. Besides, the Group has
striven to develop the techniques of electronic platforms to take the
oportunities of the technological improvement driven by the PRC
government’s promotion of the data economy. The Group has further
expanded its operations to retail market and electronic trading by
leveraging its leading position in the industry. The Group is confident
that its busines strategy and operation model wil deliver long-term
benefits to the Company and the Shareholders as a whole.
于二零二五年二月二十三日发布的中国之二零
二五年一号文件聚焦农村发展，特别强调农业
现代化及乡村振兴。其概述保障粮食安全、支持
畜牧业的财政措施及发展新农业技术的策略。
该文件亦指出农村地区数码化及现代化之重要
性。一号文件的重点概述如下：
(i)
乡村振兴：该
文件旨在推进全面乡村振兴，包括改善基础设
施、支持农村创业及吸引人才回流乡村；
(i)
粮食
安全：维持稳定粮食供应仍为首要任务，并强调
可持续及具韧性之农业实践；及
(i)
农业现代化：
该文件鼓励采用新技术，如基因改造作物及人
工智能于农业的应用，以提升生产力及效率。整
体而言，二零二五年一号文件体现中国持续推
动农业现代化的承诺。
为掌握新兴商业机遇，本集团已透过与不同伙
伴合作采取各种措施，并运用「轻资产」策略。此
外，本集团致力发展电商贸易平台，以把握中国
政府推动数据经济带来的技术进步机遇。本集
团凭借在行业之领先地位，进一步将业务扩展
至零售市场及电子商贸。本集团有信心其业务
策略及营运模式将为本公司及股东整体带来长
远裨益。
BOARD OF
DIRECTORS AND
SENIOR MANAGEMENT
董事会及高级管理层
BOARD OF
DIRECTORS AND
SENIOR MANAGEMENT
董事会及高级管理层
BOARD OF DIRECTORS AND SENIOR MANAGEMENT
董事会及高级管理层
China Agri-Products Exchange Limited
中国农产品交易有限公司
董事会
执行董事
邓清河先生，
GBS
，太平绅士
，现年
岁，于二零
二一年二月加入本集团担任本集团非执行董事
及董事会主席，并于二零二年十月一日调任
为本集团执行董事。彼亦为本公司授权代表、控
股东、常务委员会主席以及薪酬委员会与提
名委员会各自之成员。邓先生为于一九八七年
创立之宏安集团有限公司（「宏安」）创办人之一，
自一九三年十一月起为宏安主席。彼亦为宏
安之执行董事。彼于企业管理方面拥有丰富经
验。彼亦为位元堂药业控股有限公司（「位元堂」）
之主席、董事总经理及执行董事。本公司及位元
堂均为宏安之间接非全资附属公司。邓先生为
中国人民政治协商会议（「政协」）全国委员会教
科卫体委员会副主任，政协第十二届至第十四
届全国委员会委员及政协第十届至第十三届广
西壮族自治区常务委员会委员兼召集人。邓先
生同时获委任为香港广东社团总会第一执行主
席及香港深圳社团总会长。
梁瑞华先生，现年
岁，于二零一零年六月加入
本集团担任本集团执行董事。梁先生亦为本公
司行政总裁、授权代表、常务委员会与提名委员
会各自之成员，以及本公司全资附属公司宏进
农副产品集团有限公司之总裁。彼负责本集团
营运之整体管理及监督。梁先生于业务营运、业
务发展、企业管治及并购方面拥有逾
年经验。
彼为全国城市农贸中心联合会副会长、中国农
产品市场协会及中国水产流通与加工协会之常
务理事。彼获深圳市人力资源和社会保障局认
证为高级会计师职称及中国人力资源和社会保
障部认证为经济师（财政税收）职称。彼分别持有
香港中文大学、香港大学及香港城市大学之社
会科学士学位、工商管理硕士及文学硕士学
位。彼为香港会计师公会、英国特许公认会计师
公会、香港公司治理公会及英国特许企业管治
公会之资深会员。彼亦为英国特许采购及供应
公会之会员及国际信息系统审计协会之信息安
全经理。
BOARD OF DIRECTORS
Executive Directors
Mr. TANG Ching Ho, GBS, JP, aged 63, joined the Group as a non-
executive director of the Group and the chairman of the Board in
February 2021, and was re-designated as an executive director of the
Group on 1 October 2022. He is also an authorised representative, a
controling shareholder, the chairman of the executive comite and
a member of each of the remuneration comite and the nomination
comite of the Company. Mr. Tang is a co-founder of Wang On Group
Limited (“WOG”), which was established in 1987, and has ben the
chairman of WOG since November 1993. He is also an executive director
of WOG. He has extensive experience in corporate management. He is
also the chairman, managing director and an executive director of Wai
Yuen Tong Medicine Holdings Limited (“WYT”). Both the Company and
WYT are the indirect non-wholy owned subsidiaries of WOG. Mr. Tang
is a deputy director of the Comite on Education, Science, Health
and Sports of the National Comite of the Chinese People’s Political
Consultative Conference (“CPC”), a comite member of the 12th to
14th National Comite of CPC and a standing comite member
and convener of the 10th to 13th Guangxi Zhuang Autonomous Region
Comite of CPC. Mr. Tang is also apointed as the first executive
chairman of the Federation of Hong Kong Guangdong Comunity
Organisations and the chairman of Federation of Hong Kong Shenzhen
Asociations.
Mr. LEUNG Sui Wah, Raymond, aged 57, joined the Group as an
executive director of the Group in June 2010. Mr. Leung is also the
chief executive oficer, an authorised representative, and a member of
each of the executive comite and the nomination comite of
the Company, and the chief executive oficer of Hongjin Agri-Products
Group Limited, a wholy-owned subsidiary of the Company. He is
responsible for overal management and supervision of operations
of the Group. Mr. Leung had over 30 years of experience in busines
operation, busines development, corporate governance, mergers and
acquisitions. He is a vice president of China Agricultural Wholesale
Market Asociation, a council member of the Chinese Agri-products
Marketing Asociation and China Aquatic Products Procesing and
Marketing Aliance. He is acredited as Senior Acountant title by
Shenzhen Bureau of Human Resources and Social Security and
Economist (Finance and Taxation) title by Ministry of Human Resources
and Social Security of the PRC. He holds a Bachelor Degre of Social
Science, a Master Degre in Busines Administration and a Master
Degre of Arts from The Chinese University of Hong Kong, The
University of Hong Kong and City University of Hong Kong, respectively.
He is a felow member of The Hong Kong Institute of Certified Public
Acountants, The Asociation of Chartered Certified Acountants,
The Hong Kong Chartered Governance Institute and The Chartered
Governance Institute. He is also a chartered member of Chartered
Institute of Procurement and Suply and Certified Information Security
Manager of Information Systems Audit and Control Asociation.
2025 Anual Report
二零二五年报
BOARD OF DIRECTORS AND SENIOR MANAGEMENT
董事会及高级管理层
黄家杰先生，现年
岁，于二零九年八月加入
本集团，并于二零二四年四月获委任为本集团
执行董事。黄先生为本公司常务委员会成员。彼
为本集团首席运营官并担任本集团若干附属公
司的董事职务。
黄先生持有香港浸会大学之工商管理硕士学位
及香港理工大学之会计学士（荣誉）学位。彼为
香港会计师公会及英国特许公认会计师公会之
会员，以及现正担任中国人民政治协商会议广
西玉林市第六届委员会员。黄先生于常务管
理及财务方面拥有逾
年经验。
罗旭莹女士，现年
岁，于二零一七年七月加入
本集团，并于二零二四年四月获委任为本集团
执行董事。罗女士为本公司常务委员会成员。彼
拥有
年以上人力资源管理经验，二零七年于
浙江大学取得本科毕业证书。彼负责本集团人
力资源管理工作，进行人员配置与提升组织绩
效。罗女士现任职人力资源副总经理，对绩效管
理方面进行了改革，提升工作效率，并优化了资
源配置。
独立非执行董事
刘经隆先生，现年
岁，于二零一三年五月加入
本公司担任独立非执行董事。彼为本公司提名
委员会主席以及审核委员会与薪酬委员会各自
的成员。刘先生于规划、设计及承建市建工程及
楼宇工程方面拥有逾
年经验。刘先生为英国及
香港专业注册之特许工程师。彼于退休后仍为
香港工程师学会之会员。彼於伦敦大学帝国理
工学院土木工程系毕业后，曾参与伦敦
Freman
Fox and Partners
之香港地铁初步系统设计，为期
六年。
Mr. WONG Ka Kit, aged 53, joined the Group in August 2009 and was
apointed as an executive director of the Group in April 2024. Mr. Wong
is a member of the executive comite of the Company. He is the
chief operating oficer of the Group and holds certain directorship of
subsidiaries of the Group.
Mr. Wong holds a Master Degre in Busines Administration from Hong
Kong Baptist University and a Bachelor (Hons) Degre in Acountancy
from The Hong Kong Polytechnic University. He is a member of The
Hong Kong Institute of Certified Public Acountants and The Asociation
of Chartered Certified Acountants, and is a member of the 6th
Guangxi Yulin Comite of the Chinese People’s Political Consultative
Conference. Mr. Wong has over 30 years of experience in general
management and finance.
Ms. LUO Xu Ying, aged 50, joined the Group in July 2017 and was
apointed as an executive director of the Group in April 2024. Ms. Luo is
a member of the executive comite of the Company. She has over 21
years of experience in human resources management with a graduation
certificate from Zhejiang University in 2007. She is responsible for
human resources management, staf alocation and enhancement
of organisational performance of the Group. Ms. Luo is deputy
general manager – human resources, who has reformed performance
management during her tenure to enhance work eficiency and
optimise resource alocation.
Independent Non-executive Directors
Mr. LAU King Lung, aged 78, joined the Company as an independent
non-executive Director in May 2013. He is the chairman of the
nomination comite and a member of each of the audit comite
and the remuneration comite of the Company. Mr. Lau has over
44 years’ experience in planing, design and contracting of civil
enginering and building works. Mr. Lau was a chartered enginer with
his profesion registration both in the United Kingdom and Hong Kong.
He is stil a member of The Hong Kong Institution of Enginers after
his retirement. He participated in the design of the initial systems of
the Mas Transit Railway in Hong Kong after his graduation from civil
enginering department of Imperial Colege, University of London for 6
years with Freman Fox and Partners, London.
China Agri-Products Exchange Limited
中国农产品交易有限公司
BOARD OF DIRECTORS AND SENIOR MANAGEMENT
董事会及高级管理层
王炳源先生，现年
岁，于二零一八年十一月加
入本公司担任独立非执行董事。彼为本公司审
核委员会主席以及薪酬委员会与提名委员会各
自的成员。王先生自二零一年起为香港会计
师公会执业会计师，并于二零五年八月获阿
德莱德大学颁发工商管理硕士学位。王先生于
二零九年获委任为
ITA & Co.
之合伙人及自二零
一五年起成为
ITA & Co.
之独资经营者。彼自二零
一四年起为仕富图会计师行之合伙人。
尚海龙先生，现年
岁，于二零二四年八月加入
本公司担任独立非执行董事。彼为本公司薪酬
委员会主席以及审核委员会与提名委员会各自
的成员。尚先生亦为香港立法会议员及商汤科
技战略顾问、中国移动香港首席顾问及自二零
二四年九月起于荣利营造控股有限公司（港交
所：
）担任独立非执行董事。尚先生在人工
智能、通讯科技界资历深厚，拥有
年丰富经
验。当选香港立法会议员前任商汤科技香港公
司总经理，进入商汤前，他曾在中国联通国际公
司和中国移动香港公司从事管理工作，多次策
划全球性项目，在海外业务管理方面经验丰富，
并与各级政府部门保持著良好互动关系，带领
团队屡创佳绩。
尚先生除了在商业领域取得出色成就，亦身兼
多项社会公职，包括担任香港立法会议员、中国
科技青年百人会大湾区委员会轮值主席、香港
贸发局一带一路及大湾区委员会委员等。他在
上海交通大学、香港大学、香港科技大学等讲授
工商管理、公共管理有关课程。尚先生持有清华
大学高级公共管理硕士学位、也是清华大学电
子信息系博士生。
Mr. WONG Ping Yuen, aged 51, joined the Company as an
independent non-executive Director in November 2018. He is the
chairman of the audit comite and a member of each of the
remuneration comite and the nomination comite of the
Company. Mr. Wong has ben a certified public acountant of The Hong
Kong Institute of Certified Public Acountants since 2001, and obtained
a Master Degre of Busines Administration from the University of
Adelaide in August 2005. Mr. Wong was apointed as a partner of ITA
& Co. in 2009 and has changed to the sole-proprietor of ITA & Co. since
2015. He has ben a partner of SRF Partners & Co. since 2014.
Mr. SHANG Hai Long, aged 43, joined the Company as an independent
non-executive Director in August 2024. He is the chairman of the
remuneration comite and a member of each of the audit comite
and the nomination comite of the Company. Mr. Shang has ben
serving as a member of the Hong Kong Legislative Council, strategic
consultant of Sense Time Technology, the chief consultant of China
Mobile Hong Kong and the independent non-executive director of
Wing Le Development Construction Holdings Limited (HKEx: 9639)
since September 2024. He has profound qualifications in the artificial
inteligence and comunication technology industries, with 21 years
of rich experience. He was elected as a member of the Hong Kong
Legislative Council and was the former general manager of Sense
Time Technology Hong Kong. Before joining Sense Time, he worked in
management at China Unicom International and China Mobile Hong
Kong. He planed many global projects and has plentiful experience
in overseas busines management. Mr. Shang also maintains god
interactive relationships with government departments at al levels and
leads the team to achieve great results.
In adition to his outstanding achievements in the busines field, Mr.
Shang also holds a number of public ofices, including serving as a
member of the Hong Kong Legislative Council, the rotating chairman
of the Greater Bay Area Comite of the 100 of China Youth Science
and Technology, and a member of the Hong Kong Trade Development
Council’s One Belt, One Road and Greater Bay Area Comite.
He teaches courses related to busines administration and public
administration at Shanghai Jiao Tong University, the University of Hong
Kong, and the Hong Kong University of Science and Technology. Mr.
Shang holds a master’s degre in advanced public administration from
Tsinghua University and is also a doctoral candidate in the Department
of Electronic Enginering of Tsinghua University.
2025 Anual Report
二零二五年报
BOARD OF DIRECTORS AND SENIOR MANAGEMENT
董事会及高级管理层
SENIOR MANAGEMENT
Mr. YUNG Chi Hung, Quincy, aged 57, joined the Group in May 2018.
He is the financial controler of the Group responsible for finance
and acounting maters. Mr. Yung holds a Master Degre in Busines
Administration and a Bachelor Degre in Busines Administration from
the Chinese University of Hong Kong and the University of Wisconsin-
Madison, USA respectively. He is a member of the American Institute of
Certified Public Acountants. Mr. Yung has over 26 years of experience in
finance and acounting maters.
Ms. NG Ye Man, Fiona, aged 56, joined the Group in March 2022. She
is the Company Secretary of the Company. Ms. Ng is a felow member
of The Asociation of Chartered Certified Acountants, The Hong
Kong Chartered Governance Institute and The Chartered Governance
Institute and an asociate member of The Hong Kong Institute of
Certified Public Acountants. She has over 27 years of experience in
finance, acounting and corporate secretarial functions, including
over 17 years of experience in handling listed company secretarial and
compliance related maters of Hong Kong listed companies. She holds
a Bachelor Degre of Comerce (Acounting) from Curtin University
of Technology, Australia. Before joining the Group, Ms. Ng worked in
various listed companies as company secretary and financial controler.
高级管理层
翁智鸿先生，现年
岁，于二零一八年五月加入
本集团。彼为本集团财务总监，负责财务及会计
事宜。翁先生分别持有香港中文大学及美国威
斯康辛大学麦迪逊分校之工商管理硕士学位及
工商管理学士学位。彼为美国执业会计师公会
会员。翁先生于财务及会计事宜方面拥有逾
年
经验。
吴绮雯女士，现年
岁，于二零二年三月加入
本集团。彼为本公司公司秘书。吴女士为英国特
许公认会计师公会、香港公司治理公会及英国
特许公司治理公会员资深会员，以及香港会
计师公会员。彼在财务、会计及公司秘书职能
方面拥有逾
年经验，包括在处理香港上市公司
的上市公司秘书及合规相关事宜方面拥有逾
年经验。彼持有澳洲科廷理工大学之商业（会计
学）学士学位。在加入本集团前，吴女士曾于多
间上市公司担任公司秘书及财务总监。
CORPORATE
GOVERNANCE
REPORT
企业管治报告
CORPORATE GOVERNANCE REPORT
企业管治报告
China Agri-Products Exchange Limited
中国农产品交易有限公司
GROUP CULTURE
集团文化
Integrity, Inovation, Service, Win-Win
诚信、创新、服务、共赢
Integrity:
诚信：
We believe integrity is the foundation of al values and is esential for sustainable busines
development. It guides our interactions with governments, investors, and merchants, ensuring
transparency and acountability in al our operations. Integrity is our most valuable aset and a
testament to our comitment to ethical conduct.
我们相信，诚信是所有价值的基石，亦为企业可持续发展的必要条件。其引导我们与政府、投资
者及商户的互动，以确保我们所有营运的透明度及问责性。诚信是我们最宝贵的资产，亦为我
们恪守道德行为承诺的证明。
Inovation:
创新：
We aim to lead in the circulation of agricultural products by leveraging our inteligent platform. We
focus on inovative concepts, technologies, and management practices that promote sustainability.
Our goal is to actively pursue and implement solutions that reduce our environmental impact, improve
resource eficiency, and contribute to a more resilient fod system.
我们旨在利用我们的智能平台引领农产品流通。我们专注于推动可持续发展的创新概念、技术
及管理实务。我们的目标是积极寻求并实施解决方案，以减少对环境的影响、提高资源利用效
率，并为建立更具弹性的食品体系作出贡献。
Service:
服务：
We are comited to ofering sincere, eficient, quick, and thoughtful service to al our stakeholders.
By ensuring convenience for merchants, delivering value for management, and gaining suport
from governments, we aim to build colaborative partnerships that promote positive social and
environmental impact.
我们致力为所有持份者提供真诚、高效、快捷且周到的服务。透过确保商户的便利性、为管理层
提供价值，以及赢得政府的支持，我们矢志建立合作伙伴关系，进而对社会及环境产生正面影
响。
Win-Win:
共赢：
We strive for reasonable profits while adhering to the principle of “taking from the comunity and
giving back to the society”. Our goal is to create win-win situations for farmers, investors, governments,
and the comunities we serve. This includes suporting fair trade practices, investing in rural
development, and promoting responsible sourcing.
我们在追求合理溢利的同时，坚持「取之社会、回馈社会」的原则，旨在为农民、投资者、政府及
我们所服务的社区创造双赢的局面。这包括支持公平贸易常规、投资于农村发展以及推广负责
任的采购。
Values
价值观
Build China’s leading brand of agri-products circulation
打造中国农产品流通领导品牌
• A modern agri-products exchange platform
现代化农产品交易平台
• An international agri-products circulation network
国际级农产品流通网路
• An international profesional management system
国际专业化管理体系
• A national agri-products safety testing technology platform
国家级农产品产业安全检测技术平台
• A profesional agri-products circulation suporting service system
专业化农产品流通配套服务体系
Drive forward the transformation and upgrading of agri-products circulation in China
助推农产品流通业转型升级
Promoting agricultural development with integrity
以诚强农以信惠农
Philosophy
理念
Mision
使命
Vision
愿景
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
中国农产品交易有限公司（「本公司」，连同其附
属公司统称「本集团」）致力在合理框架内，维持
高水平之企业管治，重视透明度、问责性、诚信
及独立性，提升本公司之竞争力及营运效率，确
保其可持续发展，并为本公司股东（「股东」）带来
更丰厚回报。
企业管治常规
遵照上市规则及企业管治守则
董事会（「董事会」或「董事」）已检讨本公司之企
业管治常规，并信纳本公司已于截至二零二五
年三月三十一日止整个财政年度应用原则并遵
守上市规则附录
C1
所载《企业管治守则》（「《企业
管治守则》」）守则条文。
董事及相关员工进行证券交易之守则
本公司采纳上市规则附录
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》」），作为本身之董事进行证券交易的行为守
则。经向全体董事进行具体查询后，全体董事均
确认，彼等于整个回顾财政年度内已遵守《标准
守则》所载之规定标准。
为遵从《企业管治守则》守则条文第
C.1.3
条，本公
司亦采纳有关本公司或其任何附属公司之相关
员工（被视为可能掌握本公司或其证券之内幕消
息）进行证券交易之书面行为守则，其条款不较
《标准守则》宽松。
董事会
组成
于本年报日期，董事会由四名执行董事及三名
独立非执行董事（「独立非执行董事」）组成。于回
顾财政年度内及截至本报告日期之董事为：
执行董事：
邓清河先生
主席
梁瑞华先生
行政总裁
黄家杰先生
罗旭莹女士
独立非执行董事：
刘经隆先生
王炳源先生
尚海龙先生（于二零二四年八月二十日获委任）
李引泉先生（于二零二四年八月二十日辞任）
China Agri-Products Exchange Limited (the “Company“, together
with its subsidiaries, the “Group”) is comited to maintaining a
high standard of corporate governance within a sensible framework
with a strong emphasis on transparency, acountability, integrity and
independence and enhancing the Company’s competitivenes and
operating eficiency, to ensure its sustainable development and to
generate greater returns for the shareholders of the Company (the
“Shareholders”).
CORPORATE GOVERNANCE PRACTICES
Compliance with Listing Rules and CG Code
The board of directors (the “Board” or “Director(s)”) has reviewed the
corporate governance practices of the Company and is satisfied that
the Company had aplied the principles and complied with the code
provisions set out in the Corporate Governance Code (the “CG Code”) as
contained in Apendix C1 to the Listing Rules throughout the financial
year ended 31 March 2025.
Code for Securities Transactions by Directors and Relevant
Employes
The Company has adopted the Model Code for Securities Transactions
by Directors of Listed Isuers (the “Model Code”) set out in Apendix
C3 to the Listing Rules as its own code of conduct regarding securities
transactions by Directors. Having made specific enquiries of al Directors,
the Directors confirmed that they had complied with the required
standard set out in the Model Code throughout the financial year under
review.
To comply with code provision C.1.3 of the CG Code, the Company
has also adopted a writen code of conduct regarding securities
transactions on terms no les exacting than the Model Code by the
relevant employes of the Company or any of its subsidiaries who are
considered likely to be in posesion of inside information in relation to
the Company or its securities.
BOARD OF DIRECTORS
Composition
As at the date of this anual report, the Board comprises four executive
Directors and thre independent non-executive Directors (“INED(s)”).
The Directors during the financial year under review and up to the date
of this report were:
Executive Directors:
Mr. Tang Ching Ho
Chairman
Mr. Leung Sui Wah, Raymond
Chief Executive Oficer
Mr. Wong Ka Kit
Ms. Luo Xu Ying
Independent non-executive Directors:
Mr. Lau King Lung
Mr. Wong Ping Yuen
Mr. Shang Hai Long (apointed on 20 August 2024)
Mr. Li Yin Quan (resigned on 20 August 2024)
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
各董事之履历详情载于本年报第
至
页。
职责
董事会之主要职能为制订本集团之企业政策及
整体策略，以及有效监督本集团之业务及事务
之管理。董事会将本集团之日常营运委派给执
行董事及高级管理层。除法定责任外，董事会亦
负责批准（其中包括）本集团之策略计划、主要营
运事宜、投资及贷款、审阅本集团之财务表现及
评估高级管理层之表现及薪酬。此等职能由董
事会直接执行或透过董事会成立之委员会间接
执行。此外，董事会亦将一般权力授予管理层，
以处理本集团之日常管理、行政及营运事务。本
公司已就公司业务活动可能产生针对董事及高
级管理层的法律诉讼安排适当的董事及行政人
员责任保险保障。
董事会具备适合本公司业务所需之均衡技能及
经验。于本年报日期，概无任何董事与其他董事
之间存有任何财务、业务、家属或其他重大╱相
关的关系。独立非执行董事于董事会议上提
出之意见有助维持良好的企业管治常规。董事
会拥有三名独立非执行董事，占董事会成员超
过三分之一，且最少一名独立非执行董事拥有
上市规则第
3.10
及
3.10(A)
条规定之适当专业资格
及会计及相关财务管理专长。执行董事及独立
非执行董事之均衡分配比例亦确保董事会之稳
固独立性，令其能够独立及客观地为本公司之
最佳利益作出决策。诚如董事会采纳之多元化
政策所载，本公司将充分顾及多元化之裨益，定
期检讨董事会之组成，确保董事会拥有适当及
所需之专长、技能及经验，以满足本集团之业务
需求。
全体董事（包括执行董事及独立非执行董事）均
无指定任期，惟须根据本公司公司细则于本公
司股东周年大会上每三年轮值退任最少一次。
非执行董事之任期将于重选后自动重续，除非
根据各自之委任函订明之条款及条件、本公司
公司细则、百慕达一九八一年公司法及上市规
则而提早终止。
The biographical details of the Directors are set out on pages 30 to 35 of
this anual report.
Responsibilities
The Board’s primary functions are to set corporate policy and overal
strategy for the Group and to provide efective oversight of the
management of the Group’s busines and afairs. It delegates day-to-day
operations of the Group to executive Directors and senior management.
Apart from its statutory responsibilities, the Board also aproves, among
others, strategic plans, key operational isues, investments and loans,
reviews the financial performance of the Group and evaluates the
performance and compensation of senior management. These functions
are either caried out directly by the Board or indirectly through
comites established by the Board. Besides, the Board has delegated
general powers to management to deal with day-to-day management,
administration and operations of the Group. The Company has aranged
for apropriate insurance cover for Directors’ and oficers’ liabilities in
respect of legal actions against its Directors and senior management
arising from corporate activities.
The Board poseses a balance of skils and experience which are
apropriate for the requirements of the busineses of the Company.
As at the date of this anual report, none of the Directors have any
financial, busines, family or other material/relevant relationships
with each other. The opinions raised by the INEDs at the metings of
the Board facilitate the maintenance of god corporate governance
practices. The Board has thre INEDs, representing more than one-
third of the Board, and at least one of the INEDs has the apropriate
profesional qualification and acounting and related financial
management expertise as required by Rules 3.10 and 3.10(A) of
the Listing Rules. A balanced composition of executive Directors
and independent non-executive Directors also ensures a strong
independent element on the Board, which alows for an independent
and objective decision-making proces for the best interests of the
Company. The Company wil review the composition of the Board
regularly to ensure the Board poseses the apropriate and necesary
expertise, skils and experience to met the neds of the Group’s
busines with due regard for the benefits of diversity, as set out in the
diversity policy adopted by the Board.
Al Directors (including both executive directors and INEDs) are
apointed without specific term, but are subject to retirement by
rotation at least once every thre years at the Company’s anual general
metings in acordance with the bye-laws of the Company. The non-
executive Directors’ terms of ofice wil be renewed automaticaly after
the re-election, unles prematurely terminated in acordance with the
terms and conditions specified in the respective leters of apointment,
the bye-laws of the Company, the Bermuda Companies Act 1981 and
the Listing Rules.
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
全体独立非执行董事均无参与本公司之任何业
务，与本公司亦不存在其他关系。如独立非执行
董事有任何个人事项之改变，而有可能影响其
独立性，须尽快通知本公司。于回顾财政年度
内，本公司并无收到此等通知。本公司亦已接获
各现任独立非执行董事根据上市规则第
3.13
条就
其独立性所发出之年度确认书，本公司仍认为
三名独立非执行董事确属独立人士。
董事会每年最少举行四次会议，若有需要则会
额外安排会议，并已拟备一份保留予董事会审
阅及批准之事务清单。董事会保留之特定责任
包括下列有关事项（其中包括）：制订本集团之
策略及目标；监控本集团之整体管理及运作；审
阅资金、企业及监控架构；确保财务申报、风险
管理及内部监控措施；厘定主要资金项目及合约
（包括重大收购、出售及其他重大潜在投资）；
与股东沟通；厘定董事会之组成与公司秘书及
核数师之委任；评估内部监控之有效性；检讨资
源是否充裕与员工之资历及经验；向各委员会
授予权力及审阅本集团之整体企业管治安排。
董事会主席亦已于回顾财政年度在并无其他董
事出席的情况下与独立非执行董事举行会议。
除上述事项外，董事会已将一般权力授予管理
层，以处理本集团之日常管理、行政及营运事
务。同时，管理层将适时向董事会及其委员会提
供充足资料，以确保其能够作出知情决定。
每次举行定期会议前，全体董事均会于最少
日
前获发通知，而议程随附有关董事会文件于定
期董事会议举行日期前
天寄予全体董事，以
确保董事有充份时间审阅。董事会议及其委
员会议之所有会议记录均由本公司之公司秘
书保管，并可供任何董事在发出合理通知后于
任何合理时间查阅。
企业管治职能
董事会负责履行《企业管治守则》守则条文第
A.2.1
条所载之企业管治职责。
于回顾财政年度内，董事会已审阅
(i)
本公司之企
业管治政策及常规；
(i)
董事及高级管理层之培训
及持续专业发展；
(i)
遵守法律及监管规定之政
策及常规；
(iv)
适用于雇员及董事之行为守则；及
(v)
按本年报所披露遵守《企业管治守则》之情况。
Al INEDs are fre from any busines or other relationship with the
Company. Each INED is required to inform the Company as son as
practicable if there is any change in his own personal particulars that
may afect his independence. No such notification was received during
the financial year under review. The Company has also received from
each of the existing INED an anual confirmation of his independence
pursuant to Rule 3.13 of the Listing Rules and the Company continues to
consider the thre INEDs to be independent.
The Board mets at least four times a year with aditional metings
aranged, as and when necesary, has a schedule of maters reserved
for its review and aproval. The specific responsibility reserved for
the Board includes maters in relation to, among others, determining
strategies and objectives of the Group, monitoring the overal
management and operation of the Group, reviewing capital, corporate
and control structures, ensuring financial reporting, risk management
and internal control measures, determining major capital projects and
contracts, including material acquisitions, disposals and other significant
potential investments, comunication with the Shareholders,
determining the Board composition, the apointment of company
secretary and auditors, evaluating the efectivenes of internal controls,
reviewing adequacy of resources, qualification and experience of staf,
delegation of authority to comites and reviewing the Group’s overal
corporate governance arangements. The chairman of the Board also
met the INEDs without the presence of other Directors during the
financial year under review.
Save as those maters mentioned above, the Board has delegated
general powers to management to deal with day-to-day management,
administration and operations of the Group. At the same time,
management wil provide with the Board and its comites with
adequate information, in a timely maner, to enable it to make informed
decisions.
At least 14 days’ notice for each regular meting is given to al Directors.
Agendas acompanying Board papers are sent to al Directors 3 days
before the date of a regular meting of the Board to ensure that the
Directors are given suficient time to review the same. Al minutes of
the metings of the Board and its comite are kept by the company
secretary of the Company and are open for inspection at any reasonable
time on reasonable notice by any Director.
Corporate Governance Functions
The Board is responsible for performing the corporate governance
duties set out in code provision A.2.1 of the CG Code.
During the financial year under review, the Board reviewed (i) the
policies and practices on corporate governance of the Company; (i)
the training and continuous profesional development of Directors and
senior management; (i) the policies and practices on compliance with
legal and regulatory requirements; (iv) the code of conduct aplicable
to employes and Directors; and (v) the compliance with the CG Code
which was disclosed in this anual report.
| Number of attendance/number of meetings entitled to attend | ||||
|---|---|---|---|---|
| Directors | 出席次 Board meetings | 数╱有权出席会 2024 AGM | 议次数 SGMs | |
| 二零二四年 | ||||
| 董事 | 董事会会议 | 股东周年大会 | 股东特别大会 | |
| Executive Directors | ||||
| Mr. Tang Ching Ho | 执行董事 | 13/13 | 1/1 | 0/2 |
| Mr. Leung Sui Wah, Raymond | 邓清河先生 | 13/13 | 1/1 | 2/2 |
| Mr. Wong Ka Kit | 梁瑞华先生 | 12/12 | 1/1 | 0/2 |
| Ms. Luo Xu Ying | 黄家杰先生 | 12/12 | 1/1 | 0/2 |
| 罗旭莹女士 | ||||
| Independent non-executive Directors | ||||
| Mr. Ng Yat Cheung (resigned on 15 April 2024) | 独立非执行董事 吴日章先生（于二零二四年 | 2/2 | N/A | N/A |
| Mr. Lau King Lung | 四月十五日辞任） | 13/13 | 不适用 1/1 | 不适用 2/2 |
| Mr. Wong Ping Yuen | 刘经隆先生 | 13/13 | 1/1 | 2/2 |
| Mr. Li Yin Quan (resigned on 20 August 2024) | 王炳源先生 李引泉先生（于二零二四年 | 4/4 | 0/1 | 0/1 |
| Mr. Shang Hai Long (appointed on 20 August 2024) | 八月二十日辞任） 尚海龙先生（于二零二四年 | 8/8 | N/A | 1/1 |
| 八月二十日获委任） | 不适用 | |||
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
董事会议及股东大会
于回顾财政年度内，本公司已举行十三次董事
会议、一次股东周年大会（「二零二四年股东
周年大会」）及两次股东特别大会（「股东特别大
会」）。各董事出席情况载列如下：
Board Metings and General Metings
During the financial year under review, the Company held thirten
board metings of the Board, an anual general meting (the “2024
AGM”) and two special general metings (the “SGMs”). The atendance
of each Director is set out as folows:
八月二十日获委任）不适用
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
主席及行政总裁之职能角色
《企业管治守则》守则条文第
C.2.1
条规定，主席与
行政总裁的角色应有区分，并不应由一人同时
兼任。
于本报告日期，邓清河先生及梁瑞华先生分别
担任主席及行政总裁。主席及行政总裁的职务
有明确区分，借以平衡权力及授权。
董事培训、就任及持续发展
根据企业管治守则条文第
C.1.4
条，全体董事均须
参与持续专业发展，以提升及更新其知识及技
能。这确保彼等对董事会的贡献持续具备充分
知识及相关性。本公司公司秘书定期向全体董
事传阅培训材料及简报，内容涵盖（其中包括）上
市规则、香港法例第
章证券及期货条例（「证
券及期货条例」）及相关监管指引、香港法例第
章公司条例，以及相关财务及会计准则的最
新资讯。
本公司公司秘书持续向董事提供有关本集团业
务的最新发展及其他适用监管规定的资讯，以
确保合规并提升彼等对良好企业管治常规的认
识。
此外，董事均定期获提供有关本集团业务营
运、财务状况及本集团经营所在更广泛营商环
境的每月及定期更新。于截至二零二五年三月
三十一日止财政年度，全体董事已收到关于企
业管治事宜或法例及规定变动之定期更新资
料。本公司已要求所有董事提供其接受培训之
记录。
ROLES OF CHAIRMAN AND CHIEF EXECUTIVE
OFICER
Code provision C.2.1 of the CG Code stipulates that the roles of
chairman and chief executive should be separate and should not be
performed by the same individual.
As at the date of this report, the positions of the chairman and the chief
executive oficer are held by Mr. Tang Ching Ho and Mr. Leung Sui Wah,
Raymond respectively. There is clear division of responsibilities betwen
the chairman and chief executive oficer which provides a balance of
power and authority.
TRAINING, INDUCTION AND CONTINUING
DEVELOPMENT FOR DIRECTORS
Pursuant to Code Provision C.1.4 of the CG Code, al Directors are
required to participate in continuous profesional development to
enhance and update their knowledge and skils. This ensures that
their contributions to the Board remain wel-informed and relevant.
The company secretary of the Company regularly circulates training
materials and briefings to al Directors, covering updates on, among
other maters, the Listing Rules, the Securities and Futures Ordinance
(Chapter 571 of the Laws of Hong Kong) (the “SFO”) and related
regulatory guidelines, the Companies Ordinance (Chapter 622 of the
Laws of Hong Kong), as wel as relevant financial and acounting
standards.
The company secretary of the Company continuously updates Directors
constantly on the latest developments regarding the Group’s busines
and other aplicable regulatory requirements, to ensure compliance
and enhance their awarenes of god corporate governance practices.
In adition, the Directors are provided with monthly and regular
updates on the Group’s busines operations, financial position and
broader busines environment, in which the Group operates. During
the financial year ended 31 March 2025, al Directors received regular
update on corporate governance maters or news or changes to laws
and regulations. Al Directors are requested to provide the Company
with a record of the training they received.
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
每位新获委任的董事均获提供所需的入职培训
及相关资料，以确保其充分了解本公司的营运
及业务，以及其在相关法例、法律、规则及法规
项下所承担的职责。尚海龙先生于获委任前已
出席于二零二四年七月二十六日举行且内容简
介香港交易及结算所有限公司（「港交所」）上市
公司董事的职务与职责的董事培训。尚海龙先
生亦于二零二四年七月二十六日就适用于其作
为港交所上市公司董事的香港上市规则规定及
向港交所作出虚假声明或提供虚假资料可能产
生的后果自香港律师取得法律意见，并确认其
明白其作为港交所上市公司董事的义务。
董事委员会
董事会已设立多个委员会，包括执行委员会（「执
行委员会」）、薪酬委员会（「薪酬委员会」）、提名
委员会（「提名委员会」）及审核委员会（「审核委
员会」）。各委员会须在适当情况下就其决策及
建议向董事会汇报。委员会（尤其是薪酬委员会
及提名委员会）均获提供充足资源履行其职责，
并可在合理要求下寻求独立专业意见，开支由
本公司承担。
执行委员会
执行委员会于二零九年四月成立，由四名执
行董事邓清河先生（主席）、梁瑞华先生、黄家
杰先生及罗旭莹女士组成。执行委员会负责本
集团的整体管理及日常营运监督，确保符合整
体业务策略。其亦定期审阅策略举措及业务发
展计划，并监察其实施情况，以支援有效营运执
行。
Every newly apointed Director is provided with necesary induction
and information to ensure that he/she has a proper understanding
of the Company’s operations and busineses as wel as his/her
responsibilities under the relevant statutes, laws, rules and regulations.
Mr. Shang Hai Long has atended a director’s training which introduce
the duties and responsibility of a director of a company listed on
Hong Kong Exchange and Clearing Limited (“HKEx”) on 26 July 2024
before his apointment. Mr. Shang Hai Long also obtained the legal
advice from a HK solicitor on 26 July 2024 regarding the requirements
under the Listing Rules in Hong Kong that are aplicable to him as a
director of a company listed on HKEx and the posible consequences of
making a false declaration or giving false information to the HKEx, and
confirmed that he understod his obligations as a director of a company
listed on HKEx.
BOARD COMITES
The Board has established various comites, including the executive
comite (the “Executive Comite”), the remuneration comite
(the “Remuneration Comite”), the nomination comite (the
“Nomination Comite”) and the audit comite (the “Audit
Comite”). Each comite is required to report to the Board on its
decisions and recomendations, where apropriate. The comites,
especialy the Remuneration Comite and the Nomination
Comite, are provided with suficient resources to discharge their
duties and, upon reasonable request, are able to sek independent
profesional advice at the Company’s expense.
Executive Comite
The Executive Comite, established in April 2009, comprises
four executive Directors, Tang Ching Ho (Chairman), Mr. Leung Sui
Wah, Raymond, Mr. Wong Ka Kit and Ms. Luo Xu Ying. The Executive
Comite is responsible for the general management and day-to-
day supervision of the Group’s operations and performance, ensuring
alignment with the overal busines strategy. It also regularly reviews
strategy initiatives and busines development plans, monitoring their
implementation to suport efective operational execution.
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
薪酬委员会
薪酬委员会由三名独立非执行董事，即尚海龙
先生（主席）、刘经隆先生及王炳源先生，及一名
执行董事，即邓清河先生组成。
薪酬委员会之职权范围可于联交所及本公司网
站查阅。薪酬委员会之职责、角色及职能如下：
1.
就本公司董事及高级管理层之全体薪酬政
策及架构，及就设立正规而具透明度之程序
制定此等薪酬政策，向董事会提出建议；
2.
透过参照董事会订立之企业目标及目的，检
讨及批准管理层之薪酬建议；
3.
就厘定个别执行董事及高级管理层之薪酬
方案（包括但不限于实物利益、退休金权利
及就丧失或终止职务或委任而作出赔偿的
金额）向董事会提出建议；
4.
就非执行董事之薪酬向董事会提出建议；
5.
考虑同类公司支付之薪酬、须付出之时间及
职责以及本集团内其他职位之雇用条件；
6.
检讨及批准向执行董事及高级管理层支付
任何丧失或终止职务或委任有关之补偿，以
确保该等赔偿与合约条款一致、公平及不过
度；
7.
检讨及批准因董事行为失当而解雇或罢免
有关董事所涉及之补偿安排，以确保该等安
排与合约条款一致、合理及适当；
8.
确保任何董事或其任何联系人不得参与厘
定其本身之薪酬；及
9.
审阅及╱或批准上市规则第
章项下有关
股份计划的事宜。
Remuneration Comite
The Remuneration Comite consists of thre independent non-
executive Directors, namely Mr. Shang Hai Long (chairman), Mr. Lau King
Lung and Mr. Wong Ping Yuen and one executive Director, namely Mr.
Tang Ching Ho.
The terms of reference of the Remuneration Comite are available on
the websites of the Stock Exchange and the Company. The duties, roles
and functions of the Remuneration Comite are as folows:
- ’s
policy and structure for al directors and senior management
remuneration and on the establishment of a formal and transparent
procedure for developing such policy;
- ’s remuneration proposals
by reference to the Board’s corporate goals and objectives;
3. to make recomendations to the Board on the remuneration
packages of individual executive directors and senior management,
including, but not limited to, benefits in kind, pension rights and
compensation payments for los or termination of their ofice or
apointment;
4. to make recomendations to the Board on the remuneration on
non-executive directors;
- , time
comitment and responsibilities and employment conditions
elsewhere in the Group;
6. to review and aprove compensation payable to executive
directors and senior management for any los or termination
of ofice or apointment to ensure that it is consistent with
contractual terms and is otherwise fair and not excesive;
7. to review and aprove compensation arangements relating to
dismisal or removal of directors for misconduct to ensure that they
are consistent with contractual terms and are otherwise reasonable
and apropriate;
8. to ensure that no director or any of his asociates is involved in
deciding his own remuneration; and
- /or aprove maters relating to share schemes under
Chapter 17 of the Listing Rules.
| Members of the Remuneration Committee | Attendance | |
|---|---|---|
| 薪酬委员会成员 | 出席情况 | |
| Mr. Shang Hai Long (chairman) (appointed on 20 August 2024) | 尚海龙先生（主席）（于二零二四年 | 1/1 |
| Mr. Lau King Lung | 八月二十日获委任） | 3/3 |
| Mr. Wong Ping Yuen | 刘经隆先生 | 3/3 |
| Mr. Tang Ching Ho | 王炳源先生 | 3/3 |
| Mr. Li Yin Quan (appointed on 1 April 2024 and resigned on 20 August 2024) | 邓清河先生 李引泉先生（于二零二四年四月一日 | 1/1 |
| Mr. Ng Yat Cheung (resigned on 15 April 2024) | 获委任及于二零二四年八月二十日辞任） 吴日章先生（于二零二四年四月十五日 | 1/1 |
| 辞任） | ||
| Remuneration band (HK$) | Number of individuals | |
|---|---|---|
| 薪酬范围（港元） | 人数 | |
| Nil to $1,000,000 | 1,000,000 | 1 |
| $1,000,001 to $1,500,000 | 零至 1,000,001 1,500,000 | 1 |
| 至 | ||
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
于回顾财政年度内，薪酬委员会已举行三次会
议，薪酬委员会各成员之出席情况载列如下：
于回顾财政年度内，薪酬委员会审阅现有薪酬
政策、评估执行董事的表现、审阅执行董事及本
公司高级管理层的现有薪酬方案与架构及独立
非执行董事的现有薪酬方案。
薪酬委员会已经或将会继续履行其主要职责，
（其中包括）就个别执行董事及本公司高级管理
层之薪酬方案向董事会提出建议（如有）（即采纳
《企业管治守则》所述之标准）并批准执行董事
服务合约之条款。
应付董事之薪酬将按有关董事各自之雇佣合约
或服务合约内之合约条款厘定，而有关条款乃
经薪酬委员会检讨。董事薪酬之详情载于综合
财务报表附注
。
根据《企业管治守则》，高级管理层成员于回顾财
政年度内的年度薪酬按范围划分如下：
During the financial year under review, the Remuneration Comite
held thre metings and the atendance of each member of the
Remuneration Comite is set out below:
辞任）
During the financial year under review, the Remuneration Comite
reviewed the existing remuneration policy, asesed performance of
executive Directors, reviewed the existing remuneration packages
and structure of executive Directors and senior management of the
Company and the existing remuneration packages of independent non-
executive Directors.
The Remuneration Comite has discharged or wil continue
to discharge its major roles to, among other things, make
recomendations, if any, to the Board on the remuneration packages of
individual executive Directors and senior management of the Company
(i.e. the model described in the CG Code is adopted) and aprove the
terms of executive Director’s service contracts.
The remuneration payable to the Directors wil depend on their
respective contractual terms under their employment contracts or
service contracts and the same were reviewed by the Remuneration
Comite. Details of the Directors’ remuneration are set out in note 9
to the consolidated financial statements.
Pursuant to the CG Code, the anual remuneration of the members of
the senior management by band for the financial year under review is
set out below:
至
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
提名委员会
提名委员会由三名独立非执行董事，即刘经隆
先生（主席）、王炳源先生及尚海龙先生，及两名
执行董事，即邓清河先生及梁瑞华先生组成。
提名委员会之职权范围可于联交所及本公司网
站查阅。提名委员会之职责、角色及职能如下：
1.
至少每年检讨董事会之架构、人数、组成及
多元化（包括但不限于性别、年龄、文化及
教育背景、种族、经验、技能、知识、独立性
及服务任期），并就任何为配合本公司的公
司策略而拟作出的变动向董事会提出建议；
2.
物色并提名具备合适资格可担任董事会成
员的人士，并挑选已获提名人士出任董事或
就此向董事会提出建议。于物色合适人选
时，提名委员会将按客观标准以任人为贤之
基准考虑人选，并顾及董事会成员多元化的
裨益；
3.
评核独立非执行董事之独立性及检讨独立
非执行董事有关其独立性之年度确认书，并
于本公司之企业管治报告中披露其检讨结
果；
4.
定期检讨董事就履行其责任所需付出的时
间；
5.
检讨执行董事与非执行董事人数及其出任
董事会职务所需的技能、知识、经验及多元
化之间的平衡；
6.
持续检讨本集团的领导及继任需要，以确保
本集团达致长远成功；
7.
在适当情况下检讨董事会多元化政策；及检
讨董事会为执行董事会多元化政策而制定
的可计量目标和达标进度；以及每年在企业
管治报告内披露其检讨结果；
8.
确保所有董事每三年须由股东重选；
Nomination Comite
The Nomination Comite consists of thre independent non-
executive Directors, namely Mr. Lau King Lung (chairman), Mr. Wong
Ping Yuen and Mr. Shang Hai Long and two executive Directors, namely
Mr. Tang Ching Ho and Mr. Leung Sui Wah, Raymond.
The terms of reference of the Nomination Comite are available on
the websites of the Stock Exchange and the Company. The duties, roles
and functions of the Nomination Comite are as folows:
- , size, composition and diversity (including
without limitation, gender, age, cultural and educational
background, ethnicity, experience, skils, knowledge, independence
and length of service) of the Board at least anualy and make
recomendations to the Board on any proposed changes to
complement the Company’s corporate strategy;
2. to identify and nominate individuals suitably qualified to become
Board members and select or make recomendations to the Board
on the selection of individuals nominated for directorships. In
identifying suitable individuals, the Nomination Comite shal
consider individuals on merit against the objective criteria, with
due regard for the benefits of diversity on the Board;
3. to ases the independence of independent non-executive
Directors and review the independent non-executive Directors’
anual confirmations on their independence and make disclosure
of its review results in the corporate governance report of the
Company;
4. to regularly review the time required for a Director to perform
his/her responsibilities;
5. to review the balance betwen executive and non-executive
Directors and the blend of skils, knowledge, experience and
diversity on the Board;
6. to kep under review the leadership and sucesion neds of the
Group with a view to ensuring the long-term suces of the Group;
- , as apropriate, and review the
measurable objectives that the Board has set for implementing
the Board diversity policy, and the progres on achieving the
objectives; and make disclosure of its review results in the
corporate governance report anualy;
8. to ensure that al Directors ofer themselves for re-election every
thre years by Shareholders;
| Members of the Nomination Committee | Attendance | |
|---|---|---|
| 提名委员会成员 | 出席情况 | |
| Mr. Lau King Lung (chairman) | 3/3 | |
| Mr. Ng Yat Cheung (resigned on 15 April 2024) | 刘经隆先生（主席） | 2/2 |
| Mr. Wong Ping Yuen | 吴日章先生（于二零二四年四月十五日辞任） | 3/3 |
| Mr. Li Yin Quan (appointed on 1 April 2024 and resigned on 20 August 2024) | 王炳源先生 李引泉先（于二零二四年四月一日获委任及 | 2/2 |
| Mr. Shang Hai Long (appointed on 20 August 2024) | 于二零二四年八月二十日辞任） 尚海龙先生（于二零二四年八月二十日获委 | N/A |
| Mr. Tang Ching Ho | 任） | 不适用 3/3 |
| Mr. Leung Sui Wah, Raymond | 邓清河先生 | 3/3 |
| 梁瑞华先生 | ||
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
9.
因应本公司的企业策略及日后董事会需要
的技能、知识、经验及多元化组合，就董事
委任、重新委任或调任以及董事（尤其是主
席及行政总裁）继任计划向董事会提出建
议；
10.
确保每位加入董事会的董事于获委任时，均
按需要取得正式委任函件或与本公司签订
服务合约；
11.
若董事会拟于股东大会上提呈决议案选任
某人士为独立非执行董事，提名委员会应
在有关股东大会通告所随附的致股东通函
及╱或说明函件中，列明其认为应选任该名
人士的理由以及彼等认为该名人士属独立
人士的原因；及
12.
提名委员会主席或另一成员须出席本公司
之股东周年大会，并准备回应股东对提名委
员会之活动及责任所提出之问题。
于回顾财政年度内，提名委员会已举行三次会
议，提名委员会各成员之出席情况载列如下：
- ,
re-apointment or re-designation of Directors and sucesion
planing for Directors, in particular the chairman/chairwoman and
the chief executive, taking into acount the Company’s corporate
strategy and the mix of skils, knowledge, experience and diversity
neded in the future;
- , every Director should
receive a formal leter of apointment or enter into a service
contract with the Company, as apropriate;
11. where the Board proposes a resolution to elect an individual as
an independent non-executive Director at the general meting,
the Nomination Comite should set out in the circular to
Shareholders and/or explanatory statement acompanying
the notice of the relevant general meting why it believes the
individual should be elected and the reasons why it considers the
individual to be independent; and
12. the chairman or another member of the Nomination Comite
shal atend the Company’s anual general metings and be
prepared to respond to questions raised by Shareholders on the
Nomination Comite’s activities and responsibilities.
During the financial year under review, the Nomination Comite held
thre metings and the atendance of each member of the Nomination
Comite is set out below:
梁瑞华先生
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
于回顾财政年度内，提名委员会
(i)
已审阅（其中
包括）董事提名政策、挑选及建议候选人担任董
事的提名程序、过程及标准，以及董事会多元化
政策；
(i)
建议调任董事及变更董事会委员会组
成；及
(i)
建议重选退任之董事。提名委员会将建
议董事会于应届股东周年大会上重新委任邓清
河先生、黄家杰先生及王炳源先生为董事。
董事会多元化政策
本公司已采纳董事会多元化政策，订明董事会
多元化之方针，并每年由提名委员会审阅。提
名委员会已根据董事会多元化政策及提名政策
审阅及评估董事会之组成，并向董事会提出建议
（如有）。
在设计及审阅董事会之组成时，提名委员会将
会从多方面考虑，包括但不限于性别、年龄、文
化及教育背景、种族、专业经验、技能、知识、独
立性及服务任期。提名委员会亦将会按客观标
准以任人为贤之基准考虑人选，并充分顾及董
事会多元化之裨益。
于本报告日期，董事会由七名董事（包括四名执
行董事及三名独立非执行董事）组成，从而促进
管理过程的重要审核及监控。无论于专业经验、
技能或知识层面，董事会亦体现显著的多元化
特色。于本报告日期，董事会成员包括六名男性
董事及一名女性董事；而本公司员工队伍中（包
括高级管理层）有约
41.5%
为女性。
本公司重视性别多元化，并将继续采取措施促
进本公司所有层面的性别多元化，包括但不限
于董事会及高级管理层面，以提升我们企业
管治的整体有效性。考虑到我们现有的业务模
式及董事的背景及经验，提名委员会认为董事
会的组成符合董事会多元化政策。本公司已达
致包含不少于一名女董事的可计量目标，目标
为二零二六年前提名委员会包括不少于一名女
性董事，并维持女性员工比例不低于
35%
（包括
高级管理层）。
During the financial year under review, the Nomination Comite
(i) reviewed, inter alia, the policy for the nomination of Directors, the
nomination procedures and the proces and criteria to select and
recomend candidates for directorship and the Board diversity policy;
(i) proposed the re-designation of director and change of composition
of Board Comite; and (i) recomended the re-elections of the
retiring directors. The Nomination Comite would recomend to
the Board for re-apointment of Mr. Tang Ching Ho, Mr. Wong Ka Kit
and Mr. Wong Ping Yuen as directors at the forthcoming anual general
meting.
Board Diversity Policy
The Company has adopted a Board diversity policy which sets out
the aproach to diversify the Board and for which the Nomination
Comite has reviewed anualy. The Nomination Comite
reviewed and asesed the Board composition and made
recomendations (if any) to the Board pursuant to the Board diversity
policy and the nomination policy.
The Nomination Comite wil consider, when designing and
reviewing the Board’s composition, from a number of aspects, including
but not limited to gender, age, cultural and educational background,
ethnicity, profesional experience, skils, knowledge, independence
and length of service. The Nomination Comite wil also consider
candidates on merit against the objective criteria, with due regard for
the benefits of diversity on the Board.
As at the date of this report, the Board comprises seven Directors,
including four executive Directors and thre independent non-
executive Directors, thereby promoting critical review and control of
the management proces. The Board is also characterised by significant
diversity, whether in terms of profesional experience, skils and
knowledge. As at the date of this report, the Board members consists of
six male directors, and one female director; while there is aproximately
41.5% of our workforce (including senior management) comprising of
females.
The Company values gender diversity and wil continue to take steps
to promote gender diversity at al levels of our Company, including
but without limitation at the Board and senior management levels, to
enhance the efectivenes of our corporate governance as a whole.
Taking into acount of our existing busines model and the background
and experience of our Directors, the Nomination Comite considered
that the composition of the Board satisfies the Board Diversity Policy.
The Company has achieved the measurable objective which comprises
not les than one female Director and targets to include not les than
one female Director in the Nomination Comite and maintain a
workforce with not les than 35% female representation (including
senior management) by 2026.
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
经考虑董事会多元化政策及董事会之组成后，
提名委员会信纳董事会已达到董事会多元化政
策所载的规定。提名委员会认为，目前董事会之
组成为本公司提供均衡及多元化且适合本公司
业务所需之技能及经验。提名委员会将不时检
讨董事会多元化政策之实施情况，以确保其能
够有效厘定最合适之董事会组成。
提名政策
本公司已采纳提名政策，其中载列提名委员会
向董事会提名合适人选的指引，以供其考虑及
向本公司股东提呈建议于本公司股东大会上选
举或重选董事或就委任或重选董事向董事会提
出推荐建议。
1.
甄选标准
1.1
于评估拟议候选人是否适当时，提名委
员会将考虑的因素（作为参考）包括但
不限于声誉、诚信、成就及与本公司不
时之主要业务有关的经验、可利用时
间及相关利益之承诺、各方面的多样
性，包括但不限于性别、年龄（
岁或
以上）、文化和教育背景、种族、专业经
验、技能、知识和服务任期。该等因素
仅供参考，并非详尽无遗及具决定性。
提名委员会于认为适当时有权酌情提
名任何人士。
1.2
退任董事有资格获董事会提名于股东
大会上膺选连任。就已担任独立非执行
董事
年（或以上）的人士而言，提名委
员会将考虑该董事的独立性，以供董事
会提名于股东大会参选，并于致股东之
通函中就重选陈述理由。就担任
间（或
以上）上市公司独立非执行董事的人士
而言，提名委员会将考虑彼等仍有能力
投入足够时间予董事会之理由，以供董
事会提名委任或于股东大会上重选，并
于致股东之通函中就选举或重选陈述
理由。
1.3
候选人须根据适用法律、规则及规定提
交必要的个人资料，连同意获委任为
董事及为了或有关其选举为董事的个
人资料于任何文件或相关网站公开披
露的书面同意书。
1.4
倘属必要，提名委员会可要求候选人提
供额外资料及文件。
Having reviewed the Board diversity policy and the Board’s composition,
the Nomination Comite is satisfied that the requirements set out in
the Board diversity policy had ben met. The Nomination Comite
considers that the curent Board composition has provided the
Company with a god balance and diversity of skils and experience
apropriate for the busines of the Company. The Nomination
Comite wil review the implementation of the Board diversity
policy from time to time to ensure its efectivenes on determining the
optimum composition of the Board.
Nomination Policy
The Company has adopted a nomination policy which sets out the
guidelines for the Nomination Comite to nominate suitable
candidate(s) to the Board for it to consider and make recomendations
to the Shareholders for election or re-election as Director(s) at a
general meting of the Company or recomendations to the Board for
apointment or re-election as Director(s).
1. Selection Criteria
1.1 In asesing the suitability of a proposed candidate,
the Nomination Comite wil consider the factors (as
reference), including but not limited to reputation, integrity,
acomplishment and relevant experience in relation to the
principal busineses of the Company from time to time,
comitment in respect of available time and relevant interest,
diversity in al its aspects, including but not limited to gender,
age (18 years or above), cultural and educational background,
ethnicity, profesional experience, skils, knowledge and
length of service. These factors are for reference only, and are
not meant to be exhaustive and decisive. The Nomination
Comite has the discretion to nominate any person, as it
considers apropriate.
1.2 Retiring Directors are eligible for nomination by the Board to
stand for re-election at a general meting. For those serving
as independent non-executive Directors for a period of 9
years (or above), the Nomination Comite wil consider the
independence of such Director for nomination by the Board to
stand for election at a general meting and state the reason
in a circular to the Shareholders for the re-election. For those
serving as independent non-executive directors for 7 (or more)
listed companies, the Nomination Comite wil consider
why they would stil be able to devote suficient time to the
Board for nomination by the Board to stand for apointment
or re-election at a general meting and state the reason in a
circular to the Shareholders for election or re-election.
1.3 Candidate(s) is required to submit the necesary personal
information pursuant to the aplicable laws, rules and
regulations, together with their writen consent to be
apointed as Director(s) and to the public disclosure of their
personal data on any documents or the relevant websites for
the purpose of or in relation to their standing for election as
Director(s).
1.4 The Nomination Comite may request the candidate(s) to
provide aditional information and documents, if necesary.
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
2.
提名程序
2.1
提名委员会秘书应召开提名委员会
议，并邀请董事会成员（如有）提名候选
人，以供提名委员会考虑。提名委员会
可于并无董事会成员提名时提名候选
人。
2.2
就填补临时空缺而言，提名委员会应提
出建议供董事会考虑和批准。就提名候
选人于股东大会参选而言，提名委员会
须向董事会提名供其考虑和推荐。
2.3
董事会提名于股东大会参选的候选人
的资料（包括姓名、简历（包括资格和相
关经验）、独立性、拟议薪酬和根据适用
法律、规则和规定所要求的任何其他资
料）将于通函中陈述，以寄发予股东。
2.4
股东可根据适用法律、规则及规定，向
本公司之公司秘书送达通知提出决议，
选出一名人士担任董事，而无需董事会
建议或提名委员会提名。根据适用法
律、规则及规定，按此提呈的候选人详
情将于通函中陈述，以寄发予股东。
2.5
候选人可于股东大会之前的任何时候
通过书面通知本公司之公司秘书撤回
其候选人资格。
2.6
董事会须就有关推荐候选人于任何股
东大会上参选之所有事宜作出最终决
定。
审核委员会
本公司已根据上市规则第
3.21
条成立审核委员
会，审核委员会具有特定职权范围，可于联交所
及本公司网站查阅。审核委员会由全体独立非
执行董事组成，即王炳源先生（主席）、刘经隆先
生及尚海龙先生。
审核委员会主要负责（其中包括）审阅中期及年
度财务报表并向董事会提出建议、审阅委任本
公司外聘核数师之委聘条款及就此向董事会提
出建议、监察及评核外聘核数师之独立性与内
部监控及风险管理制度之成效，以及与本公司
外聘核数师及管理层监督本公司之财务申报、
监控、会计政策和惯例，以及风险管理和内部监
控事宜。
2. Nomination Procedures
2.1 The secretary of the Nomination Comite shal cal a
meting of the Nomination Comite and invite nominations
of candidate(s) from members of the Board, if any, for
consideration by the Nomination Comite. The Nomination
Comite may nominate candidate(s) without nomination by
a member of the Board.
2.2 For filing a casual vacancy, the Nomination Comite shal
make recomendations for the Board’s consideration and
aproval. For proposing candidate(s) to stand for election
at a general meting, the Nomination Comite shal
make nominations to the Board for its consideration and
recomendation.
2.3 Information (including names, brief biographies (including
qualifications and relevant experience), independence,
proposed remuneration and any other information, as required
pursuant to the aplicable laws, rules and regulations) of the
candidate(s) nominated by the Board to stand for election at
a general meting wil be stated in a circular to be sent to the
Shareholders.
2.4 The Shareholder can serve a notice to the Company’s
company secretary to propose a resolution to elect a
person as Director, without the Board’s recomendation or
the Nomination Comite’s nomination pursuant to the
aplicable laws, rules and regulations. The particulars of
the candidate(s) so proposed as required pursuant to the
aplicable laws, rules and regulations wil be stated in a
circular to be sent to the Shareholders.
2.5 A candidate is alowed to withdraw his candidature at any time
before the general meting by serving a notice in writing to
the Company’s company secretary.
2.6 The Board shal have the final decision on al maters relating
to its recomendation of candidate(s) to stand for election at
any general meting.
Audit Comite
The Company has established the Audit Comite pursuant to
Rule 3.21 of the Listing Rules with specific terms of reference, which
are available on the websites of the Stock Exchange and the Company.
The Audit Comite consists of al of the independent non-executive
Directors, namely Mr. Wong Ping Yuen (chairman), Mr. Lau King Lung
and Mr. Shang Hai Long.
The Audit Comite is mainly responsible for, inter alia, reviewing the
interim and anual financial statements and making recomendation
to the Board, reviewing the terms of engagement and making
recomendation to the Board regarding the apointment of external
auditors of the Company, monitoring and asesing the independence
of external auditors and efectivenes of the internal control and
risk management systems and oversight of the Company’s financial
reporting, controling, acounting policies and practices (with external
auditors and management of the Company) and risk management and
internal control isues.
| Members of the Audit Committee | Attendance | |
|---|---|---|
| 审核委员会成员 | 出席情况 | |
| Mr. Wong Ping Yuen (chairman) | 3/3 | |
| Mr. Ng Yat Cheung (resigned on 15 April 2024) | 王炳源先生（主席） | N/A |
| Mr. Lau King Lung | 吴日章先生（于二零二四年四月十五日辞任） | 不适用 3/3 |
| Mr. Li Yin Quan (appointed on 1 April 2024 and resigned on 20 August 2024) | 刘经隆先生 李引泉先生（于二零二四年四月一日获委任 | 1/1 |
| Mr. Shang Hai Long (appointed on 20 August 2024) | 及于二零二四年八月二十日辞任） 尚海龙先生 | 2/2 |
| （于二零二四年八月二十日获委任） | ||
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
于回顾财政年度内，审核委员会已举行三次会
议，审核委员会各成员之出席情况载列如下：
于回顾财政年度内，审核委员会已审阅并与高
级管理层及本公司外聘核数师商讨截至二零
二四年三月三十一日止年度之年度业绩、截至
二零二四年九月三十日止六个月之中期业绩及
本公司所采纳之会计原则及惯例。此外，审核委
员会亦与本公司高级管理层及╱或专业顾问检讨
（其中包括）内部监控及风险管理、本公司之内
部审核功能的有效性、本集团之持续关连交易
以及本集团会计及财务汇报职能之资源、员工
资历及经验及彼等之培训项目与预算之充足性。
问责及审核
董事确认彼等须负责编制及适时刊发财务报
表，并确保按法定规定及适用会计准则编制。于
编制截至二零二五年三月三十一日止财政年度
之财务报表时，董事已采用适用于本集团业务
及与财务报表有关之合适会计政策，并已呈列
对本集团状况及前景之合理评估。
本公司外聘核数师关于其就本集团财务报表的
申报责任之声明载列于独立核数师报告内。
During the financial year under review, the Audit Comite held thre
metings and the atendance of each member of the Audit Comite
is set out below:
（于二零二四年八月二十日获委任）
During the financial year under review, the Audit Comite reviewed
and discused with the senior management and the external auditors
of the Company the anual results for the year ended 31 March 2024,
the interim results for the six months ended 30 September 2024 and
the acounting principles and practices adopted by the Company.
In adition, the Audit Comite also reviewed with the senior
management and/or profesional advisers of the Company, among
other things, internal control and risk management, the efectivenes
of the Company’s internal audit function, the continuing conected
transactions of the Group and the adequacy of resources, qualifications
and experience of staf of the Group’s acounting and financial
reporting functions as wel as their training programes and budget.
ACOUNTABILITY AND AUDIT
The Directors acknowledge their responsibility for preparation and
timely publication of the financial statements and ensure that they are
prepared in acordance with the statutory requirements and aplicable
acounting standards. In preparing the financial statements for the
financial year ended 31 March 2025, the Directors have adopted suitable
acounting policies which are pertinent to the Group’s operations
and relevant to the financial statements and have presented an
understandable asesment of the Group’s position and prospects.
The statement of the external auditors of the Company about their
reporting responsibilities on the financial statements of the Group is set
out in the independent auditor’s report.
| Approximate fees paid/payable to Ernst & Young | ||
|---|---|---|
| 已付╱应付予 安永会计师事务所 | ||
| Services rendered for the Group | 之概约费用 HK$’000 | |
| 提供予本集团之服务 | 千港元 | |
| Audit services with respect to the annual financial statements | 年度财务报表之核数服务 | 2,100 |
| Other audit services | 3,360 | |
| Non-audit services | 其他核数服务 | 1,066 |
| 非核数服务 | ||
| Total | 6,526 | |
| 总计 | ||
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
外聘核数师酬金
于截至二零二五年三月三十一日止财政年度，
已付╱应付予本公司外聘核数师安永会计师事
务所之核数服务及其他服务之酬金（审核委员会
已根据其工作范围审阅及批准有关酬金）载列如
下：
风险管理及内部监控
在回顾财政年度内，本集团设立及维持适当而
有效之风险管理及内部监控制度。每年进行一
次定期检讨。虽然本集团管理层负责执行及维
持健全之风险管理及内部监控系统，在营运、财
务及合规方面保障本集团之资产及持份者之利
益，但本系统之设计旨在管理而非消除未能达
成业务目标之风险，仅可提供针对重大错误陈
述或损失之合理（而非绝对）保证。
EXTERNAL AUDITORS’ REMUNERATION
During the financial year ended 31 March 2025, the remuneration paid/
payable to the Company’s external auditors, Ernst & Young, in respect of
audit services and other services is set out as folows which had ben
reviewed and aproved by the Audit Comite based on the scopes of
their works:
总计
RISK MANAGEMENT AND INTERNAL CONTROL
The Group established and maintained apropriate and efective risk
management and internal control systems during the financial year
under review. Regular review is set to be conducted once per year.
While the management of the Group is responsible for implementing
and maintaining sound risk management and internal control systems
that safeguard the Group’s asets and stakeholders’ interest in aspects
including operation, financial and compliance, the systems are designed
to manage rather than eliminate the risk of failure to achieve busines
objectives and can only provide reasonable but not absolute asurance
against material mistatement or los.
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
风险管理程序
本集团已设立风险管理手册，制定风险管理程
序，而且管理层矢志培养风险意识及著重监控
之环境。本集团内各阶层之员工均须承担关于
风险管理程序之责任。风险管理架构及程序如
下：
风险识别：将予以考虑内部及外部因素，
包括经济、政治、社会、技术
及环境因素、法律及法规、业
务目标及持分者之期望。
风险评估：已识别之风险将根据可能性
及对本集团达成目标之影响
予以评估及评级。
监控活动：已设计及实施内部监控程序
以应对风险。
风险监察：已备有及定期更新风险登记
册以持续评估风险。
风险管理检讨：董事会及审核委员会将审视
本集团重大风险之任何变动。
Risk management proces
The Group has established risk management manual to formulate the
risk management proces and management is comited to fostering
a risk aware and control conscious environment. The staf in al levels
within the Group are also required to take the relevant responsibility on
the risk management proces. The structure and procedures for the risk
management are as folows:
Risk
management review
风险管理检讨
Risk
monitoring
风险监察
Control
activities
监控活动
Risk
asesment
风险评估
Risk
identification
风险识别
The Board &
Audit Comite
董事会及
审核委员会
• Asisting the Board and the
Audit Comite to review
and monitor key risks
•
协助董事会及审核委员会
审视及监察主要风险
• Identification and
management of risks in
operation level
•
识别及管理营运
层面之风险
• Overal management
of risks
•
整体风险管理
Acounting
Team
会计团队
Operating Team
营运团队
Busines
objectives
业务目标
Risk identification:Both internal and external factors
including economic, political, social,
technology and environmental
factors, laws and regulations,
busines objectives and stakeholders’
expectation would be considered.
Risk asesment:The risk identified would be asesed
and rated based on the likelihod
and impact to the achievement of the
Group’s objectives.
Control activities:The internal control procedures have
ben designed and implemented to
adres the risks.
Risk monitoring:Risk register has ben maintained and
updated regularly to monitor risks on
an ongoing basis.
Risk management review:The Board and the Audit Comite
would perform a review on any change
of significant risks of the Group.
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
内部审核功能
于截至二零二五年三月三十一日止财政年度，
本公司委任外部顾问对本集团内部监控制度进
行持续监察，以及将其发现及建议向审核委员
会报告，并跟进执行建议之状况，确保所有重大
监控活动已于本集团内妥善推行。
本集团内部已采纳以风险为基础之方法，规划
年度审核计划，涵盖本集团具有重大风险之业
务。具有类似风险之业务将应用轮替基准，以提
升内部审核之效能及效率。
回顾财政年度内就内部监控不足之所有发现及
建议，已通知管理层，彼等须设立补救计划，在
合理时间内纠正内部监控不足之处。本集团亦
进行审核事后检讨，以监督已同意之推荐建议
按计划及适时执行。
根据审核结果及审核事后检讨，顾问概无发现
于回顾财政年度内本集团内部监控制度有任何
重大缺失。
检讨风险管理及内部监控制度
董事会深明对风险管理及内部监控制度以及检
讨其成效所负之责任。
董事会已对本集团截至二零二五年三月三十一
日止财政年度之风险管理及内部监控制度之成
效作出年度检讨，并确认本集团关于财务、运
作、合规监控、风险管理功能及资源充足方面之
风险管理及内部监控制度均属有效及充分。
资料披露及内幕消息政策
本集团根据香港证券及期货事务监察委员会及
联交所的规则及法规披露资料，按照法例向公
众发布定期报告及中期公布，并及时向市场披
露重要资料，包括本集团的财务业绩、重大资料
变动及重要项目资讯，务求确保资讯披露及时、
公平、准确、真实及完整，从而保障投资者及持
份者的合法权益。
Internal audit function
For the financial year ended 31 March 2025, the Company apointed
external advisers to perform the ongoing monitoring of the systems
of internal control of the Group and report their findings and
recomendations to the Audit Comite and folow up the status
of implementation of the recomendations to ensure al significant
control activities are properly in place within the Group.
The Group has adopted a risk-based aproach in developing the anual
audit plan to cover busines activities with material risks acros the
Group. The rotation basis would be aplied to operations with similar
risk asociated so as to enhance the eficiency and efectivenes of the
internal audit.
Al findings and recomendations on internal control deficiencies
for the financial year under review have ben comunicated to
management, who are required to establish remedial plans to corect
those internal control deficiencies within a reasonable time period. Post-
audit review is performed to monitor those agred recomendations
having ben implemented as intended and on a timely basis.
Based on the audit result and post-audit review, the advisers reported
that no significant deficiency on the internal control system of the
Group for the financial year under review had ben noted.
Review on risk management and internal control systems
The Board acknowledges its responsibility for the risk management and
internal control systems and reviewing their efectivenes.
The Board conducted an anual review on the efectivenes of
the Group’s risk management and internal control systems for the
financial year ended 31 March 2025 and confirmed that the Group’s
risk management and internal control systems in respect of financial,
operational, compliance controls, risk management functions and
adequacy of resources, were efective and adequate.
Information disclosure and inside information policy
The Group discloses information in acordance with the rules and
regulations of the Securities and Futures Comision in Hong Kong
and the Stock Exchange, releases its periodic reports and interim
anouncements to the public in acordance with law, and discloses
important information such as the Group’s financial results, material
information changes and information on significant projects to the
market on a timely basis, bearing in mind the timelines, fairnes,
acuracy, authenticity and completenes of information disclosure,
therefore protecting the legal interests of investors and stakeholders.
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
本集团一直注重持份者与本集团之间的沟通透
明度，并已制定政策及程序，以及时向公众人士
披露内幕消息。本集团高级管理层将不时采取
一切合理措施，确保内幕消息的披露符合所有
适用法律及法规的要求。
反贪污合规政策
本公司致力于在所有业务活动中维持最高的法
律及道德标准。为履行此承诺，本公司已采纳
反贪污合规政策，适用于所有董事、高级人员、
雇员、代理及相关人员。该政策严格禁止贿赂、
回佣以及任何形式的贪污行为（不论直接或间
接）。本公司人员明确被禁止为获取或保留不正
当商业利益而提供、给予、索取或接受任何有价
值之物品。
该政策由稳健内部控制支援，以防止贪污、避免
出现任何不当行为，并令本公司能够迅速及有
效地应对相关疑虑。任何违反该政策的行为均
可能导致纪律处分，包括终止雇佣关系。员工如
对合规事宜有任何疑问，应寻求指定董事的意
见。
举报政策
本公司采用举报政策以协助本公司达到尽可能
最高水平的公开性、诚信及问责性。本公司已制
定程序，以协助个别雇员在内部及在高层次披
露彼认为反映本集团内出现不良或不当行为的
资料。该政策可于本公司网站阅览。
股息政策
董事会采纳了股息政策，以促进更高的股息政
策透明度。在决定是否建议向股东派付股息时，
董事会将考虑多项因素，包括但不限于本公司
的营运及财务表现、流动资金状况、资本要求、
未来资金需求、合约限制、储备可用性及当前经
济环境，惟须遵守百慕达之适用规则及本公司
细则。基于该等因素，股息分配及其金额与频率
之厘定将由董事会酌情决定。
The Group always emphasises the importance of transparency of
comunication betwen the stakeholders and the Group and has
established policies and procedures for timely disclosure of inside
information to the public when available. The senior management of
the Group wil take al reasonable measures from time to time to ensure
that the disclosure of inside information is in compliance with the
requirements of al aplicable laws and regulations.
Anti-Coruption Compliance Policy
The Company is comited to maintaining the highest standards of
legal and ethical conduct acros al its busines activities. To uphold
this comitment, the Company has adopted an Anti-Coruption
Compliance Policy that aplies to al Directors, oficers, employes,
agents, and asociated personel. The Policy strictly prohibits bribery,
kickbacks, and any form of coruption, whether direct or indirect.
Company personel are expresly forbiden from ofering, giving,
soliciting, or acepting anything of value to gain or retain an improper
busines advantage.
The Policy is suported by robust internal controls designed to prevent
coruption, avoid any apearance of wrongdoing, and enable the
Company to respond promptly and efectively to any related concerns.
Any breach of this Policy may result in disciplinary action, including
termination of employment. Employes are encouraged to sek advice
from the designated Director if they have any questions regarding
compliance.
Whistleblowing policy
The Company has adopted a whistleblowing policy to facilitate the
achieving of highest posible standards of openes, probity and
acountability. Procedures are formulated to asist individual employe
to disclose internaly and at a high level, information which the
individual believes that it shows malpractice or impropriety within the
Group. Such policy is made available on the website of the Company.
DIVIDEND POLICY
The Board adopted a dividend policy in order to promote greater
dividend policy transparency. In deciding whether to recomend
the payment of dividend to the Shareholders, the Board wil take
into acount of a number of factors, including but not limited to the
Company’s operation and financial performance, liquidity condition,
capital requirements, future funding neds, contractual restrictions,
availability of reserves and prevailing economic climate, subject to the
aplicable rules of Bermuda and the bye-laws of the Company. Based
on these factors, the determination of dividend distribution, the amount
and frequency, wil be made at the discretion of the Board.
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
公司秘书
公司秘书向董事会负责，以确保董事会程序获
得遵守及董事会活动能有效率和有效益地进
行。该等目标乃透过严谨遵守董事会程序及适
时编制及发送详尽的董事会议程及文件予
董事而得以达成。公司秘书编制及保存所有董
事会议及董事委员会议的会议记录，以充
分详尽纪录董事会或董事委员会所考虑的事项
及所达致的决定，包括任何董事提出的任何关
注事项或表达的不同观点。所有董事会议及
董事委员会的会议记录草拟本及定稿均会适时
寄发予董事或董事委员会成员，以供提出意见、
批准及记录。所有记录可应任何董事要求查阅。
公司秘书直接向董事会汇报并负责（其中包括）
不时提供最新资讯予全体董事。
截至二零二五年三月三十一日止财政年度，吴
女士已遵守上市规则第
3.29
条并参与不少于
小
时的相关专业培训。
环境及社会责任
本集团重视对环境及社会之责任。本集团不时
为社区之福利捐款及落实环保措施、扶持社区
及鼓励其雇员参与慈善活动及环保活动。本集
团的环境政策及表现于本公司独立刊发的环
境、社会及管治报告中披露，该报告将刊载于本
公司网站
w.cnagri-products.com
及联交所网站
w.hkexnews.hk
。
与股东及投资者沟通
本公司致力促进及维持与股东及投资者（包括个
人及机构投资者）之间的有效沟通，以确保本集
团资讯能及时传达予持份者及投资者，让彼等
能清晰评估企业表现。为征求及了解股东意见，
本公司已采纳股东通讯政策，当中载列多个沟
通渠道，包括：
(i)
于本公司网站及时刊发企业资
讯；
(i)
以印刷或电子形式发送公司通讯；及
(i)
举
行股东周年大会，为股东提供平台向董事会提
问及交流意见。
COMPANY SECRETARY
The company secretary is acountable to the Board for ensuring that
Board procedures are folowed and Board activities are eficiently
and efectively conducted. These objectives are achieved through
adherence to proper Board proceses and timely preparation of and
disemination to the Directors comprehensive Board meting agendas
and papers. Minutes of al metings of the Board and Board comites
are prepared and maintained by the company secretary to record in
suficient details the maters considered and decisions reached by the
Board or Board comites, including any concerns raised or disenting
views voiced by any Director. Al draft and finalised minutes of the
Board metings and metings of the Board comites are sent to the
Directors or Board comite members as apropriate for coments,
aproval and records. Al records are available for inspection by any
Director upon request.
The company secretary reports directly to the Board and is responsible
for, inter alia, providing updated information to al Directors from time
to time.
During the financial year ended 31 March 2025, Ms. Ng complied with
Rule 3.29 of the Listing Rules and tok not les than 15 hours of relevant
profesional training.
ENVIRONMENTAL AND SOCIAL
RESPONSIBILITY
The Group is conscious of its role as an environmentaly and socialy
responsible group of companies. It has made donations for comunity
welbeing from time to time and has environmentaly friendly policies
in place. We suport the comunities and encourage our employes
to participate in charitable events and environmental protection
activities. The environmental policies and performance of the Group
are disclosed in a separate Environmental, Social and Governance
Report of the Company to be published on the Company’s website at
w.cnagri-products.com and the Stock Exchange’s website at
w.hkexnews.hk.
COMUNICATIONS WITH SHAREHOLDERS
AND INVESTORS
The Company is comited to promoting and maintaining efective
comunication with its shareholders and investors (both individual and
institutional) to ensure that the Group’s information is diseminated to
the stakeholders and investors in a timely maner and enable them
to have a clear asesment of the enterprise performance. In efort to
solicit and understand the views of Shareholders, the Company has
adopted a shareholders’ comunication policy seting out various
comunication chanels, including: (i) timely publication of corporate
information on the Company’s website; (i) distribution of corporate
comunications in printed or electronic form; and (i) holding anual
general metings to provide platform for shareholders to raise questions
and exchange views with the Board.
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
经考虑本公司已设立多个沟通及互动渠道，董
事会信纳股东通讯政策于回顾财政年度内已获
妥善执行及属有效。
召开股东特别大会
任何一名或以上于递呈要求当日持有不少于具
本公司股东大会上投票之权力之本公司缴足股
本十分之一的股东，有权随时透过向董事会或
本公司秘书发出书面要求，要求董事会召开股
东特别大会（「股东特别大会」）处理相关要求中
列明的任何事宜，该等会议须于相关要求递呈
后两个月内举行。
根据本公司之公司细则第
条，股东特别大会
须按百慕达一九八一年公司法（「公司法」）规定
应要求召开，如无按请求召开，则可由请求人召
开。
根据本公司之公司细则第
条，股东特别大会可
以不少于十四日之书面通告召开。
根据公司法第
条之规定，收到有效要求后，本
公司将采取适当措施及作出必要安排，有关股
东将承担因此产生的开支。
于股东大会提呈建议
根据公司法第
条及本公司之公司细则第
条，
于提出呈请日期拥有不少于十分之一总投票权
的股东，可向本公司位于香港之主要营业地点
寄发致董事会或本公司公司秘书的书面呈请，
要求于股东大会提呈建议。有关建议应于书面
呈请内列明，而该等书面呈请应在切实可行情
况下尽早提交以便本公司作出所需安排（倘为要
求通知之决议案之呈请，须在大会举行前不少
于六个星期提交；而倘属任何其他呈请，则须在
大会举行前不少于一星期提交）。
Having considered the multiple comunication and engagement
chanels in place, the Board is satisfied that the shareholder’s
comunication policy was properly implemented and efective during
the financial year under review.
Convening of Special General Meting
Any one or more 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 secretary of the Company, to require a special general
meting (the “SGM”) to be caled by the Board for the transaction of any
busines specified in such requisition; and such meting shal be held
within two months after the deposit of such requisition.
Pursuant to bye-law 62 of the bye-laws of the Company, a SGM shal
be convened on requisition, as provided by the Companies Act 1981 of
Bermuda (the “Companies Act”), and, in default, may be convened by
the requisitionist(s).
Pursuant to bye-law 63 of the bye-laws of the Company, a SGM may be
caled by notice in writing of not les than fourten days.
The Company would take apropriate actions and make necesary
arangements, and the Shareholders concerned would be responsible
for the expenses incured in giving efect thereto in acordance with
the requirements under Section 74 of the Companies Act once a valid
requisition is received.
Puting Forward Proposals at General Metings
Shareholder(s) representing not les than one-tenth of the total voting
rights at the date of the requisition may put forward a proposal at a
Shareholders’ meting, pursuant to section 80 of the Companies Act
and bye-law 62 of the bye-laws of the Company, by sending a writen
requisition to the Board or the company secretary of the Company at
the Company’s principal place of busines in Hong Kong. The proposal
should be stated in the writen requisition and such writen requisition
should be submited as early as practicable to enable the Company to
make necesary arangement (in case of a requisition requiring notice of
a resolution, not les than six weks before the meting; and in case of
any other requisition, not les than one wek before the meting).
China Agri-Products Exchange Limited
中国农产品交易有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
为免生疑问，股东必须于经签署的书面呈请、通
知或声明（视情况而定）的原件上提供彼等的全
名、联络资料及身份证明，以使之生效。股东资
料或须根据法例规定予以披露。
提名候选人参选董事
有关于本公司股东大会上提名候选人
参选董事的程序概述于本公司网站
(w.cnagri-products.com)
「投资者关系」项下的
「企业管治」一节中的「参选董事之程序」分节。
股东查询
股东可从以下方式透过邮寄、传真或电邮之方
式连同其联系详情（如邮寄地址、电邮或传真
号码），向董事会及╱或本公司秘书发出书面查
询：
有关公司事宜：
地址：中国农产品交易有限公司
香港
九龙
九龙湾
宏光道
号
宏天广场
楼
室
电话：
(852) 2312 8288
传真：
(852) 2312 8148
电邮：
pr@cnagri-products.com
有关股权或配额事宜：
地址：卓佳证券登记有限公司
香港
夏悫道
号
远东金融中心
楼
本公司鼓励股东参与本公司股东周年大会及╱
或其他股东大会，由董事于会议上亲自解答股
东有关本公司业务运作之提问。
For the avoidance of doubt, Shareholder(s) must provide their ful
name, contact details and identification, in the originaly signed writen
requisition, notice or statement (as the case may be), in order to give
efect thereto. Information of Shareholder(s) may be disclosed as
required by law.
Propose a person for election as a director
The procedures for proposing candidate(s) for election as director(s)
at a general meting of the Company are outlined in the subtitle
“Procedures of Election of Director” of the “Corporate Governance”
section under “Investor Relations” on the website of the Company at
w.cnagri-products.com.
Enquiries from Shareholders
Shareholders may send writen enquiries to the Board and/or the
secretary of the Company, either by post, by facsimiles or by email,
together with his/her contact details, such as postal adres, email or
fax number, via the folowing chanels:
For corporate afairs:
Adres:China Agri-Products Exchange Limited
Suite 3202, 32/F, Skyline Tower
39 Wang Kwong Road
Kowlon Bay
Kowlon
Hong Kong
Telephone:(852) 2312 8288
Fax:(852) 2312 8148
Email:pr@cnagri-products.com
For shareholding or entitlement afairs:
Adres:Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
The Company encourages the Shareholders to participate in the
Company’s anual general metings and/or other general metings,
at which the Directors are on hand to answer questions raised by the
Shareholders on the Company’s busines operations.
2025 Anual Report
二零二五年报
CORPORATE GOVERNANCE REPORT
企业管治报告
公司网站
本公司网站
(htp:/w.cnagri-products.com)
特别
设有「投资者关系」栏目。本公司网站上登载之资
料将定期更新。
本公司发送予联交所之资料（如合适）亦会随即
登载于本公司网站。有关资料包括财务报表、公
布、通函、股东大会通告及相关说明文件等。
本公司每年之股东周年大会及业绩公布所连带
提供之简报会资料（如有）均会于发布后在实际
可行情况下尽快登载于本公司网站。
组织章程文件
本公司之组织章程大纲及公司细则于截至二零
二五年三月三十一日止财政年度内概无任何变
动。
本公司组织章程大纲及公司细则可于联交所及
本公司网站查阅。
结论
展望未来，董事会将继续定期检讨其企业管治
常规以维持高水平之透明度，以提升本公司之
竞争力及营运效率，并确保其可持续发展及为
本公司持份者创造更多回报。
Corporate Website
A dedicated “Investor Relations” section is available on the Company’s
website (htp:/w.cnagri-products.com). Information on the
Company’s website is updated on a regular basis.
Information released by the Company to the Stock Exchange, if
apropriate, is also posted on the Company’s website imediately
thereafter. Such information includes financial statements,
anouncements, circulars and notices of general metings and
asociated explanatory documents etc.
Al presentation materials (if any) provided in conjunction with the
Company’s anual general meting and results anouncements each
year wil be made available on the Company’s website as son as
practicable after their release.
Constitutional Documents
There was no change in the memorandum of asociation and bye-laws
of the Company during the financial year ended 31 March 2025.
The memorandum of asociation and bye-laws of the Company are
available on the websites of the Stock Exchange and the Company.
CONCLUSION
Going ahead, the Board wil continue to review regularly its corporate
governance practices to maintain high level of transparency, to enhance
the Company’s competitivenes and operating eficiency to ensure
its sustainable development and to generate greater returns for the
stakeholders of the Company.
REPORT OF
THE DIRECTORS
董事会报告
REPORT OF THE DIRECTORS
董事会报告
China Agri-Products Exchange Limited
中国农产品交易有限公司
中国农产品交易有限公司（「本公司」，连同其附
属公司统称「本集团」）董事会（「董事会」或「董
事」）谨此提呈截至二零二五年三月三十一日止
财政年度的报告及经审核综合财务报表。
主要业务及业务回顾
本公司的主要业务为投资控股。其附属公司主
要从事香港及中国农产品交易市场之物业管
理及销售业务。本公司的主要附属公司于二零
二五年三月三十一日之详情载于综合财务报表
附注
。
因应第
章公司条例附表
之要求就此等业务
的进一步讨论及分析，包括对业务的中肯审视，
以及本集团所面临的主要风险和不明朗因素的
讨论；于回顾财政年度结束后对本集团有影响
的重大事件详情、采用财务关键绩效指标对本
集团表现的分析、本集团业务可能的未来发展，
以及讨论本集团的环境政策及表现和遵守对本
集团有重大影响的相关法律及法规，载于本年
报「主席报告」及「管理层讨论及分析」章节。此
外，就与主要持份者之关系的讨论载于本年报
「管理层讨论及分析」及「企业管治报告」章节。
该等讨论构成本董事会报告之一部分。独立的
环境、社会及管治报告（「
ESG
报告」）将详细披露
本集团的环境政策及表现、相关法律法规的合
规性以及与主要持份者的关系。
据董事会所深知，截至二零二五年三月三十一
日止年度，本集团在所有重大方面已遵守对本
集团业务及营运有重大影响的相关法律及法规。
The board of directors (the “Board” or the “Director(s)”) of China
Agri-Products Exchange Limited (the “Company” together with
its subsidiaries the “Group”) present their report and the audited
consolidated financial statements for the financial year ended
31 March 2025.
PRINCIPAL ACTIVITIES AND BUSINES REVIEW
The principal activity of the Company is investment holding. Its
subsidiaries are principaly engaged in the busines of management
and sales of properties in agricultural produce exchange markets in
Hong Kong and the PRC. Details of the Company’s principal subsidiaries
as at 31 March 2025 are set out in note 1 to the consolidated financial
statements.
Further discusion and analysis of these activities as required by
Schedule 5 to the Companies Ordinance (Cap. 622), including a fair
review of the busines and a discusion of the principal risks and
uncertainties faced by the Group, particulars of important events
afecting the Group that have ocured since the end of the financial
year under review, an analysis of the Group’s performance using
financial key performance indicators, an indication of likely future
development in the Group’s busines and a discusion on the Group’s
environmental policies and performance and compliance with the
relevant laws and regulations that have a significant impact on the
Group, can be found in the sections headed “Chairman’s Statement” and
“Management Discusion and Analysis” of this anual report. In adition,
a discusion on relationships with its key stakeholders is included
in the sections headed “Management Discusion and Analysis” and
“Corporate Governance Report” of this anual report. These discusions
form part of this report of the directors. A separate Environmental,
Social and Governance Report (the “ESG Report”) wil provide detailed
disclosures on the Group’s environmental policies and performance,
compliance with relevant laws and regulations and relationships with
key stakeholders.
To the best knowledge of the Board, the Group has complied in al
material aspects with the relevant laws and regulations that have a
significant impact on the busineses and operations of the Group
during the year ended 31 March 2025.
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
业绩及分配
本集团截至二零二五年三月三十一日止财政年
度之业绩以及本公司和本集团于该日之业绩状
况载于本年报第
至
页之综合财务报表。
董事不建议派付截至二零二五年三月三十一日
止财政年度之任何末期股息（二零二四年：无）。
本公司于截至二零二四年九月三十日止六个月
并无向本公司股东（「股东」）派发中期股息（二零
二三年九月三十日：无）。
股息政策
有关本公司股息政策之详情载列于本年报企业
管治报告内「股息政策」一节。
股本及购股权
本公司股本及购股权于截至二零二五年三月
三十一日止财政年度之变动详情，连同其变动
之因素，分别载于综合财务报表附注
及
。
股票挂钩协议
于回顾财政年度内，除「购股权计划」一节所载的
购股权计划及综合财务报表附注
外，本公司并
无订立任何股票挂钩协议。
财务资料概要
本集团过去五个财政年度已刊发之业绩及资
产、负债及非控股权益概要载于本年报第
页。该概要并不构成经审核综合财务报表一部
分。
物业、厂房及设备
本集团物业、厂房及设备于截至二零二五年三
月三十一日止财政年度内之变动详情载于综合
财务报表附注
。
RESULTS AND APROPRIATIONS
The results of the Group for the financial year ended 31 March 2025 and
the state of afairs of the Company and the Group at that date are set
out in the consolidated financial statements on pages 87 to 205 of this
anual report.
The Directors did not recomend any payment of final dividend for the
financial year ended 31 March 2025 (2024: Nil). No interim dividend was
paid to the shareholders of the Company (the “Shareholders”) for the
six months ended 30 September 2024 (30 September 2023: Nil).
DIVIDEND POLICY
Details of the dividend policy of the Company are set out in the section
headed “Dividend Policy” in the Corporate Governance Report of this
anual report.
SHARE CAPITAL AND SHARE OPTIONS
Details of movements in the share capital and share options of the
Company during the financial year ended 31 March 2025, together with
the reasons therefor, are set out in notes 30 and 34 to the consolidated
financial statements, respectively.
EQUITY-LINKED AGREMENTS
During the financial year under review, other than the Share Option
Scheme as set out in the section headed “Share Option Scheme” and
note 34 to the consolidated financial statements, the Company has not
entered into any equity-linked agrement.
SUMARY FINANCIAL INFORMATION
A sumary of the published results and of the asets, liabilities and
non-controling interests of the Group for the last five financial years is
set out on page 208 of this anual report. This sumary does not form
part of the audited consolidated financial statements.
PROPERTY, PLANT AND EQUIPMENT
Details of movements in the property, plant and equipment of the
Group during the financial year ended 31 March 2025 are set out in
note 14 to the consolidated financial statements.
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
投资物业
本集团投资物业于截至二零二五年三月三十一
日止财政年度内之变动详情载于综合财务报表
附注
。
金融资产
本集团金融资产于截至二零二五年三月三十一
日止财政年度内之变动详情载于综合财务报表
附注
至
及
。
购买、出售或赎回上市证券
于二零二四年三月三十一日（「赎回日期」），本
公司已根据日期为二零一四年五月十九日要约
通函（「要约通函」）所载的上市票据条款及条件
（「条件」）内第
6(B)
条（发行人的提早赎回权）及
日期为二零一四年五月二十六日的要约通函定
价补充文件，赎回所有未偿还上市票据（即本
金额
40,000,000
港元），价格相当于本金额的
92.88%
，不包括直至赎回日期（包括该日）的应计
利息。
于赎回所有未偿还上市票据后，上市票据于二
零二四年四月八日撤销上市地位。
除上文所披露者外，截至二零二五年三月
三十一日止财政年度，本公司或其任何附属公
司概无购买、出售或赎回本公司任何上市证券
（包括库存股份）。
此外，于二零二五年三月三十一日，本公司及其
附属公司并无持有任何库存股份。
税务宽减
于回顾财政年度，董事并不知悉股东因持有本
公司证券而享有任何税务宽减的情况。
INVESTMENT PROPERTIES
Details of movements in the investment properties of the Group during
the financial year ended 31 March 2025 are set out in note 16 to the
consolidated financial statements.
FINANCIAL ASETS
Details of movements in the financial asets of the Group during the
financial year ended 31 March 2025 are set out in notes 19 to 23 and 35
to the consolidated financial statements.
PURCHASE, SALE OR REDEMPTION OF LISTED
SECURITIES
On 31 March 2024 (the “Redemption Date”), the Company has
redemed al outstanding Listed Notes (i.e. in the principal amount
of HK$40 milion) pursuant to condition 6(B) (Early redemption right
of the Isuer) of the terms and conditions of the Listed Notes (the
“Conditions”) set out in the ofering circular dated 19 May 2014 (the
“Ofering Circular”) and the pricing suplement to the Ofering
Circular dated 26 May 2014, at a price equal to 92.88% of the principal
amount excluding interest acrued to and including the Redemption
Date.
Subsequent to the redemption of al outstanding Listed Notes, the
Listed Notes were delisted on 8 April 2024.
Save as disclosed above, neither the Company nor any of its subsidiaries
purchased, sold or redemed any of the listed securities of the Company
(including treasury Shares) during the financial year ended 31 March 2025.
Besides, neither the Company nor any of its subsidiaries held any
treasury Shares as at 31 March 2025.
RELIEF FROM TAXATION
During the financial year under review, the Directors are not aware of
any relief from taxation available to the Shareholders by reason of their
holding the Company’s securities.
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
储备
本公司及本集团之储备于截至二零二五年三月
三十一日止财政年度内之变动详情，分别载于
综合财务报表附注
及综合权益变动表内。
可供分派储备
于二零二五年三月三十一日，本公司并无根据
公司法计算可供分派予本公司权益持有人的储
备。
董事
于回顾财政年度及直至本年报日期之董事如下：
执行董事：
邓清河先生（主席）
梁瑞华先生（行政总裁）
黄家杰先生
罗旭莹女士
独立非执行董事：
刘经隆先生
王炳源先生
尚海龙先生
（于二零二四年八月二十日获委任）
李引泉先生
（于二零二四年八月二十日辞任）
吴日章先生
（于二零二四年四月十五日辞任）
按照本公司之公司细则第
条，邓清河先生、黄
家杰先生及王炳源先生将于应届股东周年大会
上轮值退任，并且符合资格及愿意膺选连任。
全体独立非执行董事之任期将于重选后自动重
续，除非根据各自之委任函订明之条款及条件、
本公司公司细则、百慕达一九八一年公司法及
上市规则而提早终止。本公司已接获各独立非
执行董事根据上市规则第
3.13
条就其独立身份而
发出之年度确认声明。本公司认为所有现任独
立非执行董事于本年报日期确属独立人士。
RESERVES
Details of movements in the reserves of the Company and of the Group
during the financial year ended 31 March 2025 are set out in note 33
to the consolidated financial statements and in the consolidated
statement of changes in equity, respectively.
DISTRIBUTABLE RESERVES
As at 31 March 2025, the Company had no reserves available for
distribution to equity holders of the Company calculated in acordance
with the Companies Act.
DIRECTORS
The Directors during the financial year under review and up to the date
of this anual report were:
Executive Directors:
Mr. Tang Ching Ho (Chairman)
Mr. Leung Sui Wah, Raymond (Chief Executive Oficer)
Mr. Wong Ka Kit
Ms. Luo Xu Ying
Independent non-executive Directors:
Mr. Lau King Lung
Mr. Wong Ping Yuen
Mr. Shang Hai Long
(apointed on 20 August 2024)
Mr. Li Yin Quan
(resigned on 20 August 2024)
Mr. Ng Yat Cheung
(resigned on 15 April 2024)
In acordance with bye-law 99 of the bye-laws of the Company, Mr.
Tang Ching Ho, Mr. Wong Ka Kit and Mr. Wong Ping Yuen wil retire at
the forthcoming anual general meting by rotation and, being eligible,
ofer themselves for re-election.
Al independent non-executive Directors’ terms of ofice wil be renewed
automaticaly after the re-election, unles prematurely terminated in
acordance with the terms and conditions of their respective leters of
apointment, the bye-laws of the Company, the Bermuda Companies
Act 1981 and the Listing Rules. The Company has received from each of
the independent non-executive Directors an anual confirmation of his
independence pursuant to Rule 3.13 of the Listing Rules. The Company
considers that al the existing independent non-executive Directors to
be independent as at the date of this anual report.
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
董事及高级管理层履历
董事及本公司高级管理层履历详情载于本年报
第
至
页。
董事服务合约
拟于应届股东周年大会上膺选连任之董事，概
无与本集团任何成员公司订立不可于一年内由
该公司终止而毋须支付赔偿（法定赔偿除外）之
任何服务合约。
董事于交易、安排或合约之重大
权益
于回顾年度内或回顾年度结束时，概无本公司
或其任何附属公司参与订立，且董事或其关联
实体于当中直接或间接拥有重大权益并对本公
司业务属重大之交易、安排或合约。
获准许弥偿条文
每名董事及高级人员均有权从本公司资产及溢
利中获得弥偿及不受损害，以抵销其因执行职
务或与其职务相关的行为而可能招致或承担的
任何诉讼、损失或责任。本公司已为本公司及其
附属公司之董事及高级人员安排适当的保险保
障。
董事及主要行政人员于本公司及其
相联法团之股份、相关股份及债权
证之权益及淡仓
于二零二五年三月三十一日，董事及本公司主
要行政人员及╱或任何彼等各自之联系人于本
公司或其任何相联法团（定义见《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，拥有根据《证券及期货条例》第
XV
部第
及第
分部须通知本公司及联交所之权
益或淡仓（包括根据《证券及期货条例》有关条文
彼等被当作或被视为拥有之权益或淡仓），或须
记录于本公司根据《证券及期货条例》第
条存
置之登记册，或根据上市规则附录
C3
所载《上市
发行人董事进行证券交易之标准守则》（「《标准
守则》」）所载，须通知本公司及联交所之任何权
益或淡仓如下：
BIOGRAPHIES OF DIRECTORS AND SENIOR
MANAGEMENT
Biographical details of the Directors and the senior management of the
Company are set out on pages 30 to 35 of this anual report.
DIRECTORS’ SERVICE CONTRACTS
No Director proposed for re-election at the forthcoming anual general
meting has a service contract with any company in the Group which is
not determinable by such company within one year without payment of
compensation, other than statutory compensation.
DIRECTORS’ MATERIAL INTERESTS IN
TRANSACTIONS, ARANGEMENTS OR
CONTRACTS
No transactions, arangements or contracts of significance in relation
to the Group’s busines to which the Company or any of its subsidiaries
was a party and in which a Director or an entity conected with him
had a material interest, whether directly or indirectly, subsisted during
or at the end of the year under review.
PERMITED INDEMNITY PROVISION
Every Director and oficer are entitled to be indemnified and held
harmles out of the asets and profits of the Company against al
actions, loses or liabilities which they may incur or sustain by or by
reason of any act done about the execution of the duties of their
respective ofice or otherwise in relation thereto. The Company has
aranged for apropriate insurance coverage for the Directors and
oficers of the Company and its subsidiaries.
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN
SHARES, UNDERLYING SHARES AND
DEBENTURES OF THE COMPANY AND ITS
ASOCIATED CORPORATIONS
As at 31 March 2025, the interests and short positions of the Directors
and the chief executive of the Company and/or any of their respective
asociates in the shares, underlying shares or debentures of the
Company or any of its asociated corporations (within the meaning
of Part XV of the Securities and Futures Ordinance (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 they were taken or demed to have under
such provisions of the SFO), or which were required to be entered in
the register kept by the Company pursuant to section 352 of the SFO,
or which were required to be notified to the Company and the Stock
Exchange pursuant to the Model Code for Securities Transactions by
Directors of Listed Isuers as set out in Apendix C3 to the Listing Rules
(the “Model Code”), were as folows:
| Name of Director | Nature of interest | Total Number of Shares and underlying Shares involved | Approximate percentage of the Company’s total issued Shares |
|---|---|---|---|
| 所涉股份及 | 占本公司 已发行股份总数 | ||
| 董事名称 | 权益性质 | 相关股份总数 | 之概约百分比 (Note a) |
| a | |||
| （附注） % | |||
| Mr. Tang Ching Ho (“Mr. Tang”) 邓清河先生（「邓先生」） | Interest of controlled corporations 受控制法团权益 | 5,682,514,594 (Note b) b) | 57.09% |
| （附注 | |||
| Mr. Leung Sui Wah, Raymond (“Mr. Leung”) | Beneficial owner 实益拥有人 | 50,000,000 (Note c) c) | 0.50% |
| 梁瑞华先生（「梁先生」） | （附注 | ||
| Mr. Wong Ka Kit (“Mr. Wong”) 黄家杰先生（「黄先生」） | Beneficial owner 实益拥有人 | 25,000,000 (Note d) d) | 0.25% |
| （附注 | |||
| Ms. Luo Xu Ying (“Ms. Luo”) 罗旭莹女士（「罗女士」） | Beneficial owner 实益拥有人 | 6,000,000 (Note e) e) | 0.06% |
| （附注 | |||
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
(A)
于本公司普通股（「股份」）及相关股份
之好仓：
附注：
(a)
该百分比乃根据按《证券及期货条例》提交
的相关披露表格披露。
(b)
于
5,682,514,594
股份之中，
2,007,700,062
股份由
Onger Investments Limited
（「
Onger Investments
」）持有及
3,674,814,532
股份由
Rich Time Strategy
Limited
（「
Rich Time
」）持有。
Onger
Investments
及
Rich Time
由
Wang On
Enterprises (BVI) Limited
（「
WOE
」，为宏安集
团有限公司（「宏安」，由邓先生连同其联系
人拥有约
42.80%
）之直接全资附属公司）直
接全资拥有。
(c)
根据于联交所网站刊发之权益披露表格，
梁先生持有
50,000,000
股相关股份，为本公
司购股权计划项下授予董事认购股份之购
股权益，其进一步详情载于「购股权计划」
一节。
(A) Long positions in the ordinary shares (the “Shares”)
and underlying shares of the Company:
（附注
Notes:
(a) The percentage(s) were disclosed pursuant to the relevant disclosure
form(s) filed under the SFO.
(b) Among of the 5,682,514,594 Shares, 2,007,700,062 Shares were held by
Onger Investments Limited (“Onger Investments”) and 3,674,814,532
Shares were held by Rich Time Strategy Limited (“Rich Time”). Onger
Investments and Rich Time were directly wholy owned by Wang On
Enterprises (BVI) Limited (“WOE”, a direct wholy-owned subsidiary of
Wang On Group Limited (“WOG”) which was owned as to aproximately
42.80%) by Mr. Tang, together with his asociates).
(c) Pursuant to the disclosure of interests form published on the website
of the Stock Exchange, Mr. Leung held 50,000,000 underlying Shares,
representing interests in share options granted to the Director under the
share option scheme of the Company to subscribe for the Shares, further
details of which are set out in the section headed “Share Option Scheme”.
| Name of Director | Name of associated corporations | Nature of interest | Total number of shares involved | Approximate percentage of the associated corporation’s total issued shares |
|---|---|---|---|---|
| 权益性质 | 占相联法团 已发行股份总数 | |||
| 董事名称 | 相联法团名称 | 权益性质 | 所涉股份总数 (Note g) | 之概约百分比 (Note f) |
| g) | f) | |||
| （附注 | （附注 % | |||
| Mr. Tang | WYT | Interest of controlled corporation | 810,322,940 | 72.02 |
| 邓先生 | 位元堂 | 受控制法团权益 | ||
| Wang On Properties Limited (“WOP”) | Interest of controlled corporation 受控制法团权益 | 11,400,000,000 | 75.00 | |
| 宏安地产有限公司 | ||||
| （「宏安地产」） | ||||
| WOG | Interest of controlled corporation | 1,017,915,306 | ||
| 宏安 | 受控制法团权益 | |||
| Beneficial Owner | 28,026,339 | |||
| 实益拥有人 | ||||
| Interest of spouse | 28,026,300 | |||
| 配偶权益 | ||||
| Founder of a discretionary trust | 4,989,928,827 | |||
| 全权信托创立人 | ||||
| Total | 6,063,896,772 | 42.80 | ||
| 总计 | ||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
(d)
根据于联交所网站刊发之权益披露表格，
黄先生持有
25,000,000
股相关股份，为本公
司购股权计划项下授予董事认购股份之购
股权益，其进一步详情载于「购股权计划」
一节。
(e)
根据于联交所网站刊发之权益披露表格，
罗女士持有
6,000,000
股相关股份，为本公司
购股权计划项下授予董事认购股份之购股
权益，其进一步详情载于「购股权计划」一
节。
(B)
于相联法团之股份及相关股份之权益：
(d) Pursuant to the disclosure of interests form published on the website
of the Stock Exchange, Mr. Wong held 25,000,000 underlying Shares,
representing interests in share options granted to the Director under the
share option scheme of the Company to subscribe for the Shares, further
details of which are set out in the section headed “Share Option Scheme”.
(e) Pursuant to the disclosure of interests form published on the website
of the Stock Exchange, Ms. Luo held 6,000,000 underlying Shares,
representing interests in share options granted to the Director under the
share option scheme of the Company to subscribe for the Shares, further
details of which are set out in the section headed “Share Option Scheme”.
(B) Interest in the shares and underlying shares of
asociated corporations:
总计
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
附注：
(f)
该百分比乃根据按《证券及期货条例》提交
的相关披露表格披露。
(g)
兹提述上文附注
(b)
，位元堂之
810,322,940
股份由
Rich Time
持有；而宏安地产之
11,400,000,000
股份由
Earnest Spot Limited
（
WOE
之直接全资附属公司）持有。宏安之
1,017,915,306
股份由受控制法团持有，
当中
486,915,306
股份由
Caister Limited
（邓先生直接全资拥有之公司）持有以及
531,000,000
股份由兆贸投资有限公司（邓
先生之间接全资拥有之公司）持有。
除上述所披露者外，于二零二五年三月三十一
日，概无董事及本公司主要行政人员及╱或任
何彼等各自之联系人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，拥有记录于本公司根据《证
券及期货条例》第
条存置之登记册，或已根据
《标准守则》而通知本公司及联交所之任何其他
权益及淡仓。
购股权计划
于二零一二年五月三日，本公司采纳一个购股
权计划（「二零一二年计划」），主要目的是奖励
合资格参与者为本集团的成功作出之贡献。于
回顾财政年度，
10,000,000
份及
10,000,000
份购股
权分别已于二零二四年九月及二零二四年十一
月失效。除上文所披露者外，概无购股权根据二
零一二年计划获授出、行使、注销或失效。二零
一二年计划已于二零二年五月二日（即二零
一二年计划的最后生效日期）终止，自此再无据
此进一步授出购股权，惟有关终止前授出之购
股权将继续有效，并可根据二零一二年计划之
条款于指定行使期内行使。
经本公司股东于二零二年八月二十六日举行
之本公司股东周年大会上批准，本公司采纳一
项新购股权计划（「二零二年计划」），主要目的
为向合资格参与者（「参与者」）就彼等对本集团
作出或可能作出之贡献提供激励及表彰，条款
与下文详述之二零一二年计划相同。于回顾财
政年度，概无购股权根据二零二年计划获授
出、行使、失效或注销。参与者包括本集团之董事
（包括独立非执行董事）及为本集团旗下任何成
员公司工作之雇员及╱或向本集团任何成员公
司提供服务之任何人士或实体。二零二年计
划于二零二年八月二十六日生效，有效期为
十年，至二零三二年八月二十五日止。
Notes:
(f) The percentage(s) were disclosed pursuant to the relevant disclosure
form(s) filed under the SFO.
(g) With reference to note (b) above, 810,322,940 shares of WYT were
held by Rich Time; 11,400,000,000 shares of WOP were held by Earnest
Spot Limited (a direct wholy-owned subsidiary of WOE). Amongst the
1,017,915,306 shares of WOG held under interest of controled corporation,
486,915,306 shares were held by Caister Limited (a direct wholy-owned
company of Mr. Tang) and 531,000,000 shares were held by Bilion Trader
Investments Limited (an indirect wholy-owned company of Mr. Tang).
Save as disclosed above, as at 31 March 2025, none of the Directors
and the chief executive of the Company and/or any of their
respective asociates had any other interests and 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), as recorded in the register required to be kept by
the Company pursuant to Section 352 of the SFO or as otherwise
notified to the Company and the Stock Exchange pursuant to the
Model Code.
SHARE OPTION SCHEME
On 3 May 2012, the Company adopted a share option scheme (the
“2012 Scheme”) for the primary purpose of providing incentives to
eligible participants who contribute to the suces of the Group. During
the financial year under review, 10,000,000 and 10,000,000 share options
were lapsed in September 2024 and November 2024, respectively. Save
as disclosed above, no share options under 2012 Scheme were granted,
exercised, canceled or lapsed. The 2012 Scheme was terminated on 2
May 2022, the last efective date of the 2012 Scheme, no further share
options was granted under it since then but the share options granted
prior to such termination wil continue to be valid and exercisable
during the prescribed exercisable period in acordance with the terms
of the 2012 Scheme.
The Company adopted a new share option scheme (the “2022
Scheme”) with the aproval of the shareholders of the Company at the
anual general meting of the Company held on 26 August 2022 for the
primary purpose of providing incentives and recognition for the eligible
participants (the “Participants”) for their contribution or potential
contribution to the Group with the same terms as the 2012 Scheme as
detailed below. During the financial year under review, no share options
were granted, exercised, canceled or lapsed under the 2022 Scheme.
Participants include directors of the Group, including independent non-
executive directors and employes, who work for any member of the
Group and/or any person or entity that provides services to any member
of the Group. The 2022 Scheme became efective on 26 August 2022
and wil remain in force for a period of 10 years to 25 August 2032.
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
根据二零二年计划，董事会可向参与者授出
购股权以认购股份。授予购股权之建议必须于
授出日期后
日内并就每批所授出购股权支付
港元之代价后，由相关参与者接纳。行使价将由
董事会决定，及不得低于以下各项之最高者：
(i)
股份于授出日期（须为营业日）在联交所发出的
每日报价表所列之收市价；
(i)
股份于紧接授出日
期前五个营业日在联交所发出的每日报价表所
列之平均收市价；及
(i)
股份面值。
截至授出日期（包括该日）前任何十二个月期
间内，倘未获股东事先批准，则向任何参与者
授出之购股权涉及之股份数目，于任何时候不
得超过已发行股份之
1%
。倘授予主要股东或独
立非执行董事或任何彼等各自之联系人之购股
权超过已发行股份之
0.1%
，及其价值合计超过
5,000,000
港元，则须经股东事先批准。概无明文
规定购股权须持有任何最短期限方可行使，惟
董事会有权酌情于授出任何个别购股权时施加
任何最短期限。董事会可全权酌情厘定可行使
购股权之期间，惟购股权概不可于授出日期起
计
年以上期间行使。
待股东于股东大会上批准后，董事会可随时更
新上限至股东于股东大会批准当日已发行股份
总数之
10%
（不包括库存股份，如有）。尽管有上
文之规定，惟任何时候因行使所有已根据二零
二年计划及本公司之任何其他购股权计划授
出但尚未行使之购股权而可能发行之股份，均
不得超过不时已发行股份之
30%
。
Under the 2022 Scheme, the Board may grant share options to the
Participants to subscribe for the Shares. The ofer of a grant of share
options must be acepted by the relevant Participants within 14 days
after the date of grant upon payment of a consideration of HK$1 for
each lot of share options granted. The exercise price is to be determined
by the Board and shal not be les than the highest of (i) the closing
price of the Shares as stated in the daily quotations shet isued by the
Stock Exchange on the date of grant, which must be a busines day; (i)
the average closing price of the Shares as stated in the daily quotations
shets isued by the Stock Exchange for the five busines days
imediately preceding the date of grant; and (i) the nominal value of a
Share.
The number of Shares in respect of which options may be granted to
any Participants in any 12-month period up to and including the date
of grant shal not exced 1% of the Shares in isue at any point in time,
without prior aproval from the Shareholders. Options granted to
substantial Shareholders or independent non-executive Directors, or any
of their respective asociates, in exces of 0.1% of the Shares in isue and
with an agregate value in exces of HK$5,000,000 must be aproved
in advance by the Shareholders. There is no specific requirement that
an option must be held for any minimum period before it can be
exercised but the Board is empowered to impose at its discretion any
such minimum period at the time of grant of any particular option. The
period during which an option may be exercised wil be determined
by the Board at its absolute discretion, save that no option may be
exercised for a period of more than 10 years from the date of grant.
Subject to the aproval of the Shareholders at general meting, the
Board may refresh the limit at any time to 10% of the total number
of Shares in isue (excluding treasury Shares, if any) as at the date of
aproval by the Shareholders at general meting. Notwithstanding
the foregoing, the Shares which may be isued upon exercise of al
outstanding options granted and yet to be exercised under the 2022
Scheme and any other share option schemes of the Company at any
time shal not exced 30% of the Shares in isue from time to time.
| Number of share options | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 购股权 | 数目 | |||||||||
| Name or category of Participant | Outstanding as at 1 April 2024 | Granted during the year | Exercised during the year | Cancelled during the year | Lapsed during the year | Outstanding as at 31 March 2025 | Date of grant | Exercise price per share | Validity period | Closing price immediately before date of grant |
| 于二零二四年 四月一日 | 于二零二五年 三月三十一日 | 紧接授出 日期前之 | ||||||||
| 参与者姓名或类别 | 尚未行使 | 于年内授出 | 于年内行使 | 于年内注销 | 于年内失效 | 尚未行使 | 授出日期 | 每股行使价 HK$ | 有效期 (Note) | 收市价 |
| 港元 | （附注） | |||||||||
| Director | ||||||||||
| 董事 Leung Sui Wah, Raymond | 50,000,000 | – | – | – | – | 50,000,000 | 3.1.2022 | 0.118 | 3.1.2022- 2.1.2032 | 0.117 |
| 梁瑞华 | ||||||||||
| Wong Ka Kit | 25,000,000 | – | – | – | – | 25,000,000 | 3.1.2022 | 0.118 | 3.1.2022- 2.1.2032 | 0.117 |
| 黄家杰 | ||||||||||
| Luo Xu Ying | 6,000,000 | – | – | – | – | 6,000,000 | 3.1.2022 | 0.118 | 3.1.2022- 2.1.2032 | 0.117 |
| 罗旭莹 | ||||||||||
| Other employees | 80,000,000 | – | – | – | 20,000,000 | 60,000,000 | 3.1.2022 | 0.118 | 3.1.2022- 2.1.2032 | 0.117 |
| 其他雇员 | ||||||||||
| Total | 161,000,000 | – | – | – | 20,000,000 | 141,000,000 | ||||
| 总计 | ||||||||||
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
二零一二年计划之购股权于截至二零二五年三
月三十一日止财政年度之变动详情如下：
附注：
根据二零一二年计划授出之购股权按以下方式归属：
于授出日期之第三周年：
归属
20%
于授出日期之第四周年：
归属额外
20%
于授出日期之第五周年：
归属额外
20%
于授出日期之第六周年：
归属额外
20%
于授出日期之第七周年：
归属剩余
20%
于本年报日期，二零一二年计划项下可予发行
之股份总数为
141,000,000
股，占本公司现有已发
行股本（不包括库存股份，如有）约
1.42%
。
于二零二五年三月三十一日，根据二零二年
计划可供发行之股份总数为
995,306,782
股，占本
公司已发行股本总额（不包括库存股份，如有）之
10%
。
二零一二年计划及二零二年计划之其他详情
载于财务报表附注
。
Details of the movements of the share options under the 2012 Scheme
during the financial year ended 31 March 2025 were as folows:
总计
Note:
The share options granted under the 2012 Scheme were vested as folows:
On the 3rd aniversary of the date of grant: 20% vested
On the 4th aniversary of the date of grant: Further 20% vested
On the 5th aniversary of the date of grant: Further 20% vested
On the 6th aniversary of the date of grant: Further 20% vested
On the 7th aniversary of the date of grant: Remaining 20% vested
As at the date of this anual report, the total number of the Shares
available for isue under the 2012 Scheme is 141,000,000, representing
aproximately 1.42% of the existing isued share capital of the Company
(excluding treasury Shares, if any).
As at 31 March 2025, the total number of shares available for isue
under the 2022 Scheme is 995,306,782 Shares, representing 10% of the
Company’s total isued share capital (excluding treasury Shares, if any).
Other particulars of the 2012 Scheme and the 2022 Scheme are set out
in note 34 to the financial statements.
| Name of Shareholders | Nature of interest | Total number of Shares involved | Approximate percentage of the Company’s total issued shares |
|---|---|---|---|
| 占本公司 已发行股份总数 | |||
| 股东姓名╱名称 | 权益性质 | 所涉股份总数 | 之概约百分比 (Note a) |
| a | |||
| （附注） % | |||
| WOE | Beneficial owner 实益拥有人 | 5,682,514,594 (Note b) b) | 57.09 |
| （附注 | |||
| WOG 宏安 | Interest of controlled corporation 受控制法团权益 | 5,682,514,594 (Note b) b) | 57.09 |
| （附注 | |||
| Ms. Yau Yuk Yin 游育燕女士 | Family interest 家族权益 | 5,682,514,594 (Note c) c) | 57.09 |
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
董事收购股份或债权证之权利
除上文「购股权计划」一节及综合财务报表附注
所披露者外，于截至二零二五年三月三十一
日止财政年度内任何时间，本公司概无向任何
董事或彼等各自的配偶或年幼子女授出任何权
利，而据此可透过收购股份或债权证的方式获
得利益，或彼等概无行使任何有关权利，或本公
司或其任何附属公司概无订立任何安排致使董
事能够收购任何其他法人团体的该等权利。
主要股东于股份及相关股份之权益
及淡仓
于二零二五年三月三十一日，据董事所深知，下
列法团或人士（董事或本公司主要行政人员除
外）拥有、或被当作或视为持有本公司根据《证券
及期货条例》第
条须存置之登记册所记录之
股份或相关股份之权益或淡仓。
于股份之好仓：
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES
Save as disclosed in the section headed “Share Option Scheme” as set
out above and in note 34 to the consolidated financial statements, at
no time during the financial year ended 31 March 2025 were rights to
acquire benefits by means of the acquisition of Shares in, or debentures
of, the Company granted to any Director or their respective spouses or
minor children, or were any such rights exercised by them; or was the
Company or any of its subsidiaries a party to any arangement to enable
the Directors to acquire such rights in any other body corporate.
SUBSTANTIAL SHAREHOLDERS’ INTERESTS
AND SHORT POSITIONS IN SHARES AND
UNDERLYING SHARES
To the best of the Directors’ knowledge, as at 31 March 2025, the
folowing corporations or persons (other than the Directors or the
chief executive of the Company) had, or was demed or taken to
have, interests or short positions in the Shares or underlying Shares as
recorded in the register required to be kept by the Company under
Section 336 of the SFO.
Long positions in the Shares:
（附注
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
附注：
(a)
该百分比乃根据按《证券及期货条例》提交的相
关披露表格披露。
(b)
根据于联交所网站刊发之权益披露表格，
于
5,682,514,594
股份之中，
2,007,700,062
股
股份由
Onger Investments Limited
（「
Onger
Investments
」）持有及
3,674,814,532
股份由
Rich Time Strategy Limited
（「
Rich Time
」）持
有。
Onger Investments
及
Rich Time
由
Wang On
Enterprises (BVI) Limited
（「
WOE
」，为宏安集团有
限公司（「宏安」，由邓先生连同其联系人拥有约
42.80%
）之直接全资附属公司）直接全资拥有。
(c)
于二零二五年三月三十一日，根据于联交所网
站刊发之权益披露表格，游育燕女士（「邓太」）
被视作于其配偶邓清河先生根据《证券及期货条
例》被视为拥有权益的该
5,682,514,594
股份中
拥有权益。
除上文披露者外，于二零二五年三月三十一日，
概无其他人士（董事或本公司主要行政人员除
外）于股份或相关股份中拥有记录于本公司根据
《证券及期货条例》第
条须存置之登记册之
任何权益或淡仓。
薪酬政策
本集团所有附属公司均为平等机会雇主，根据
所提供职位的适合性甄选及晋升个别人士。本
集团雇员之薪酬及福利水平维持在具竞争力的
水平，而雇员则在本集团薪酬政策的一般框架
内视乎表现获论功行赏。
本集团雇员及董事之薪酬政策乃由薪酬委员会
根据彼等之功过、资历及才干进行检讨。本公司
已采纳购股权计划，作为对董事及合资格参与
者之激励。购股权计划之详情载于本年报「购股
权计划」一节及综合财务报表附注
。
本集团根据强制性公积金计划条例为香港所有
合资格雇员设立定额供款强制性公积金退休福
利计划。于中国内地成立的附属公司的雇员为
中国内地政府营运的中央退休金计划的成员。
截至二零二五年三月三十一日止财政年度，概
无没收供款（由雇主代表于有关供款悉数归属前
退出退休福利计划的雇员作出）用于降低现有供
款水平。于二零二五年三月三十一日，本集团退
休福利计划项下概无没收供款可供扣减未来年
度的应付供款。该等退休计划的详情载于综合
财务报表附注
2.4
。
Notes:
(a) The percentage(s) were disclosed pursuant to the relevant disclosure form(s)
filed under the SFO.
(b) Pursuant to the disclosure of interests form published on the website of the
Stock Exchange, among of the 5,682,514,594 Shares, 2,007,700,062 Shares were
held by Onger Investments Limited (“Onger Investments”) and 3,674,814,532
Shares were held by Rich Time Strategy Limited (“Rich Time”). Onger
Investments and Rich Time were directly wholy owned by Wang On Enterprises
(BVI) Limited (“WOE”, a direct wholy-owned subsidiary of Wang On Group
Limited (“WOG”) which was owned as to aproximately 42.80%) by Mr. Tang,
together with his asociates).
(c) As at 31 March 2025, pursuant to the disclosure of interests form published on
the website of the Stock Exchange, Ms. Yau Yuk Yin (“Mrs. Tang”) was taken to
be interested in the 5,682,514,594 Shares in which her spouse, Mr. Tang Ching
Ho, was demed to be interested under the SFO.
Save as disclosed above, as at 31 March 2025, there were no other
persons (other than the Directors or the chief executive of the
Company) who had any interests or short positions in the Shares or
underlying Shares which were recorded in the register required to be
kept by the Company under Section 336 of the SFO.
EMOLUMENT POLICY
Al of the Group’s subsidiaries are equal oportunity employers, with
the selection and promotion of individuals based on suitability for the
position ofered. The salary and benefit levels of the Group’s employes
are kept at a competitive level and employes are rewarded on a
performance related basis within the general framework of the Group’s
emolument policies.
The emolument policy of the employes of the Group and the Directors
are reviewed by the Remuneration Comite on the basis of their merit,
qualifications and competence. The Company has adopted the share
option schemes as an incentive to the Directors and eligible participants.
Details of the share option schemes are set out in the section headed
“Share Option Scheme” of this anual report and note 34 to the
consolidated financial statements.
The Group operates a defined contribution Mandatory Provident
Fund retirement benefit scheme for al qualifying employes in Hong
Kong under the Mandatory Provident Fund Schemes Ordinance.
The employes of the subsidiaries established in Mainland China are
members of the Central Pension Scheme operated by the Mainland
China government. There were no forfeited contributions (by employers
on behalf of employes who leave the retirement benefits scheme prior
to vesting fuly in such contributions) be used to reduce the existing
level of contributions during the financial year ended 31 March 2025.
As at 31 March 2025, no forfeited contribution under the retirement
benefits schemes of the Group is available to reduce the contribution
payable in future years. Particulars of these retirement schemes are set
out in note 2.4 to the consolidated financial statements.
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
环保政策
就环境政策而言，本集团旨在尽量减少本集团
对环境的影响。本集团致力于提高对实现环
境可持续发展作出贡献的意识及决策。本集
团将全面遵守所有适用的环保法律及法规。
我们将高效及谨慎地使用燃料、水及其他天
然资源。我们意识到这是一个持续改进的过
程，积极寻求较环保的替代选择，并在适当和
可能的情况下实施环保措施。本集团的环境
政策及表现于本公司独立刊发的环境、社会
及管治报告中披露，该报告将刊载于本公司
网站
w.cnagri-products.com
及联交所网站
w.hkexnews.hk
。
主要客户及供应商
截至二零二五年三月三十一日止财政年度，本
集团五大客户及五大供应商之销售额及采购额
分别所占百分比均少于
5%
。
于回顾财政年度内任何时间，董事或任何彼等
之紧密联系人或就董事所知拥有已发行股份
5%
以上之任何股东，概无拥有本集团之五大客户
或供应商任何一方之权益。
捐赠
于回顾年度内，本集团作出慈善捐赠约
969,000
港元（截至二零二四年三月三十一日止年度：约
3,244,000
港元）。
优先购买权
本公司之公司细则或本公司注册成立之司法管
辖区百慕达之法例概无任何有关本公司须按持
股比例向现有股东提呈发售新股之优先购买权
条文。
重大合约
除综合财务报表附注
所披露之交易外，于回顾
财政年度内，概无控股东或其任何附属公司
与本公司或其附属公司订立任何重大合约。
ENVIRONMENTAL POLICY
With regard to the environmental policies, the Group aims to
minimise the Group’s environmental impact. The Group is comited
to promoting awarenes and decisions that contribute to achieving
environmentaly sustainable development. The Group wil comply fuly
with al aplicable environmental laws and regulations. We wil use
fuel, water and other natural resources eficiently and conservatively.
We recognise this to be a continuous proces of improvement and we
sek to actively lok for environmentaly-friendly options and cary
out environmentaly-friendly practices whenever apropriate and
posible. The environmental policies and performance of the Group
are disclosed in a separate Environmental, Social and Governance
Report of the Company to be published on the Company’s website at
w.cnagri-products.com and the Stock Exchange’s website at
w.hkexnews.hk.
MAJOR CUSTOMERS AND SUPLIERS
For the financial year ended 31 March 2025, the percentages of sales
and purchases atributable to the Group’s five largest customers and five
largest supliers, respectively, were both les than 5%.
At no time during the financial year under review have the Directors
or any of their close asociates or any Shareholders (which to the
knowledge of the Directors, own more than 5% of the isued Shares)
had any interests in any of the Group’s five largest customers or
supliers.
DONATIONS
During the year under review, the Group made charitable donations
of aproximately HK$969,000 (for the year ended 31 March 2024:
aproximately HK$3,244,000).
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the Company’s
bye-laws or the laws of Bermuda, being the jurisdiction in which the
Company was incorporated, which would oblige the Company to ofer
new shares on a pro-rata basis to its existing Shareholders.
CONTRACTS OF SIGNIFICANCE
Save as disclosed in the transactions as disclosed in note 41 to the
consolidated financial statements, no controling Shareholder or any of
its subsidiaries has any contract of significance with the Company or its
subsidiaries during the financial year under review.
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
管理合约
于回顾财政年度内概无订立或存在关于本公司
全部或任何重大部分业务的管理及行政之合约。
企业管治
本公司一直致力维持高水平的企业管治常规。
有关本公司于回顾财政年度内采纳之企业管治
原则及常规以及任何偏离《企业管治守则》守则
条文（如有）的资料，载于本年报第
至
页之企
业管治报告。
关联方交易
本年报综合财务报表附注
所披露的关联方交
易属关连交易或持续关连交易，且未完全获得
豁免，已于本年报「关连交易」及「持续关连交易」
章节中披露，所有关连交易及╱或持续关连交
易均符合上市规则第十四
A
章的规定。
关连交易
买卖协议
于二零二四年十二月十三日，本公司与宏
安的间接全资附属公司
Wang On Comercial
Management Limited
订立买卖协议（「买卖协
议」），内容有关收购伟骏投资有限公司（「伟骏」）
的全部已发行股本及伟骏结欠宏安及其附属公
司的股东贷款，总代价为
150,000,000
港元。由于
宏安为本公司控股东，因此根据上市规则为
本公司的关连人士，订立买卖协议及其项下拟
进行之交易根据上市规则构成本公司的关连交
易。
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the
whole or any substantial part of the busines of the Company were
entered into or existed during the financial year under review.
CORPORATE GOVERNANCE
The Company is comited to maintaining a high standard of corporate
governance practices. Information on corporate governance principles
and practices adopted by the Company and any deviation to the code
provisions of the CG Code, if any, during the financial year under review
is set out in the Corporate Governance Report on pages 36 to 61 of this
anual report.
RELATED PARTY TRANSACTIONS
The related party transactions as disclosed in note 41 to the
consolidated financial statements of this anual report which are
conected transactions or continuing conected transactions and
which are not fuly exempt, have ben disclosed in the section headed
“Conected Transactions” and “Continuing Conected Transactions”
in the this anual report and al the conected transactions and/
or continuing conected transactions, have complied with the
requirements under Chapter 14A of the Listing Rules.
CONECTED TRANSACTIONS
Sale and Purchase Agrement
On 13 December 2024, the Company had entered into a sale and
purchase agrement (the “Sale and Purchase Agrement”) with Wang
On Comercial Management Limited (an indirectly wholy-owned
subsidiary of WOG) in respect of the acquisition of the entire isued
share capital of Regal Smart Investment Limited (“Regal Smart”) and
shareholder’s loans of Regal Smart owed to WOG and its subsidiaries at
a total consideration of HK$150 milion. Since WOG was the controling
shareholder of the Company and was therefore a conected person of
the Company under the Listing Rules, the entering into of the Sale and
Purchase Agrement and the transaction contemplated thereunder
constituted a conected transaction for the Company under the Listing
Rules.
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
持续关连交易
总特许协议
于二零二年十月一日，本集团与宏安订立总
特许协议，当中载列规管最终特许协议之一般
原则及主要条款，据此，宏安相关成员公司可由
二零二年十月一日至二零二五年九月三十日
授出物业之特许权，而本集团可取得物业之特
许权。详情于（其中包括）本公司、位元堂及宏安
日期为二零二年十月一日之联合公布中披露。
因此，根据上市规则第
14A.55
及
14A.56
条，总特许
协议项下拟进行之交易构成本公司之持续关连
交易。本集团于回顾财政年度向宏安及其附属
公司支付之特许费总额约为
3,165,000
港元，而本
集团于回顾财政年度与宏安及其附属公司订立
个别特许协议后确认之使用权资产总额约为零
港元。
交易商协议
于二零二四年七月十一日，本公司与宏安证
券订立交易商协议，为期三年，内容有关制定
1,000,000,000
港元中期票据计划（「计划」），据此，
宏安证券已获委聘为计划及其项下将予发行的
无抵押票据之安排商及交易商。详情披露于本
公司与宏安日期为二零二四年七月十一日的联
合公布及本公司日期为二零二四年八月一日的
通函。
由于宏安证券由宏安间接拥有
34%
权益，因此为
宏安的联营公司，故宏安证券为本公司的关连
人士，根据上市规则，订立交易商协议构成本公
司的持续关连交易。
因此，根据上市规则第
14A.55
及
14A.56
条，交易商
协议项下拟进行之交易构成本公司的持续关连
交易。于回顾财政年度内，本集团根据计划就所
促成的认购人认购无抵押票据向宏安证券支付
的佣金总额约为
2,730,000
港元。
CONTINUING CONECTED TRANSACTIONS
Master Licensing Agrement
On 1 October 2022, the Group and WOG entered into a master licensing
agrement which sets out the general principles and key terms
governing the definitive licensing agrements under which relevant
members of WOG may grant license of, and the Group may take up the
license of the premises from 1 October 2022 to 30 September 2025.
Details were disclosed in the joint anouncement of, inter alia, the
Company, WYT and WOG dated 1 October 2022.
Acordingly, the transactions contemplated under the master licensing
agrement constitute continuing conected transactions of the
Company under Rules 14A.55 and 14A.56 of the Listing Rules. The
agregate amount of license fe paid by the Group to WOG and its
subsidiaries was aproximately HK$3,165,000 for the financial year under
review, and the agregate amount of the right-of use asets recognised
by the Group upon entering into individual licensing agrements with
WOG and its subsidiaries was Nil for the financial year under review.
Dealer Agrement
On 11 July 2024, the Company entered into the Dealer Agrement
with Wang On Securities for a term of thre years in relation to the
establishment of HK$1,000,000,000 medium term note programe
(the “Programe”) pursuant to which Wang On Securities had ben
apointed as the aranger and dealer with respect to the Programe
and the Unsecured Notes to be isued thereunder. Details were
disclosed in the joint anouncement of the Company and WOG dated
11 July 2024 and the circular of the Company dated 1 August 2024.
As Wang On Securities was owned indirectly as to 34% by WOG and was
therefore WOG’s asociate, Wang On Securities was a conected person
of the Company, the entering into of the Dealer Agrement constituted
a continuing conected transaction of the Company under the Listing
Rules.
Acordingly, the transactions contemplated under the Dealer
Agrement constitute continuing conected transactions of the
Company under Rules 14A.55 and 14A.56 of the Listing Rules. The
agregate amount of comision payable by the Group to Wang On
Securities in relation to the subscription of unsecured notes by procured
subscribers under the Programe was aproximately HK$2,730,000 for
the financial year under review.
2025 Anual Report
二零二五年报
REPORT OF THE DIRECTORS
董事会报告
董事（包括全体独立非执行董事）已审阅并确认，
上述持续关连交易乃
(i)
于本集团日常及一般业
务过程中订立；
(i)
根据规管该等交易之相关协议
条款订立，条款属公平合理且符合本公司股东
之整体利益；
(i)
按一般商业条款或对本集团而
言不逊于独立第三方可取得或提供之条款订立；
及
(iv)
并无超出相关上限。
安永会计师事务所获委聘根据香港会计师公会
颁布之香港核证委聘准则第
号（经修订）「审
核或审阅过往财务资料以外之核证委聘」及参照
实务说明第
号（经修订）「关于香港上市规则
所述持续关连交易之核数师函件」就本集团之持
续关连交易作出报告。
安永会计师事务所已就所披露之持续关连交易
发出载有其发现及结论之无保留意见函件，确
认
(i)
彼等并无注意到任何事项令核数师相信所
披露之持续关连交易未获董事会批准；
(i)
就涉及
本集团提供货品或服务之交易而言，彼等并无
注意到任何事项令核数师相信该等交易在所有
重大方面未有按照本集团之定价政策进行；
(i)
彼等并无注意到任何事项令核数师相信该等交
易在各重大方面未有根据规管该等交易之相关
协议订立；及
(iv)
就已披露持续关连交易之总金
额而言，彼等并无注意到任何事项令核数师相
信该等金额超出日期分别于二零二年十月一
日及二零二四年七月十一日之公布所披露之年
度上限。本公司已向联交所提供核数师函件副
本。
综合财务报表附注
中披露的所有关连交易及
╱或持续关连交易均符合上市规则第十四
A
章的
规定。
充足之公众持股量
按照本公司所得之公众资料及据董事所知，于
截至二零二五年三月三十一日止财政年度内及
直至本年报日期为止，本公司已根据上市规则
之规定，保持本公司已发行股份总数不少于
25%
的足够公众持股量。
The Directors (including al of the independent non-executive
Directors) have reviewed and confirmed that the mentioned continuing
conected transactions were entered into (i) in the ordinary and usual
course of the Group’s busines; (i) in acordance with the terms of
the respective agrements governing such transactions on terms that
were fair and reasonable and in the interests of the shareholders of
the Company as a whole; (i) either on normal comercial terms or on
terms no les favorable to the Group than those available to or from
independent third parties; and (iv) have not exceded the respective
caps.
Ernst & Young was engaged to report on the Group’s continuing
conected transactions in acordance with Hong Kong Standard on
Asurance Engagements 3000 (Revised) Asurance Engagements Other
Than Audits or Reviews of Historical Financial Information and with
reference to Practice Note 740 (Revised) Auditor’s Leter on Continuing
Conected Transactions under the Hong Kong Listing Rules isued by
the Hong Kong Institute of Certified Public Acountants.
Ernst & Young have isued their unqualified leter containing their
findings and conclusions in respect of the continuing conected
transactions disclosed, confirming that (i) nothing has come to
their atention that causes the auditor to believe that the disclosed
continuing conected transactions have not ben aproved by the
Board; (i) for transactions involving the provision of gods or services by
the Group, nothing has come to their atention that causes the auditor
to believe that the transactions were not, in al material respects, in
acordance with the pricing policies of the Group; (i) nothing has come
to their atention that causes the auditor to believe that the transactions
were not entered into, in al material respects, in acordance with the
relevant agrements governing such transactions; and (iv) with respect
to the agregate amounts of the disclosed continuing conected
transactions, nothing has come to their atention that causes the
auditor to believe that the amounts have exceded the anual caps
as disclosed in the anouncements dated 1 October 2022 and 11 July
2024 respectively. A copy of the auditor’s leter has ben provided by
the Company to the Stock Exchange.
Al the conected transactions and/or continuing conected
transactions, as disclosed in note 41 to the consolidated financial
statements, have complied with the requirements under Chapter 14A of
the Listing Rules.
SUFICIENCY OF PUBLIC FLOAT
Based on the information that is publicly available to the Company and
within the knowledge of the Directors, the Company has maintained a
suficient public float of not les than 25% of the total isued Shares as
required under the Listing Rules throughout the financial year ended 31
March 2025 and up to the date of this anual report.
China Agri-Products Exchange Limited
中国农产品交易有限公司
REPORT OF THE DIRECTORS
董事会报告
报告期后事项
无抵押票据
于二零二五年四月三日，本公司发行无抵押票
据，本金总额为
38,000,000
港元，将于二零三七年
四月三日到期。有关进一步详情，请参阅本公司
日期为二零二五年四月三日之公布。
售后回租安排
于二零二五年五月二十日，洛阳宏进农副产品
批发市场有限公司（本公司的全资附属公司）（作
为承租人）与濮阳宏进农副产品批发市场有限
公司（中国农产品拥有
75%
权益的附属公司）（作
为承租人）与海尔融资租赁股份有限公司（作为
出租人）
(i)
就涉及大棚及若干设备的濮阳市及洛
阳市若干资产的售后回租订立售后回租协议，
售价为人民币
51,000,000
元（相当于约
55,300,000
港元）；及
(i)
就涉及大棚及若干设备的濮阳市
及洛阳市若干建筑项目的售后回租订立售后回
租协议，售价为人民币
20,400,000
元（相当于约
22,100,000
港元）。有关进一步详情，请参阅本公
司日期为二零二五年五月二十日之公布。
出售非全资附属公司股权
于二零二五年五月三十日，龙群有限公司（「龙
群」，本公司的全资附属公司）与玉林投资集团
有限公司订立减资协议，内容有关出售龙群于
玉林宏进农副产品批发市场有限公司（本公司
的非全资附属公司）的股权，总代价为人民币
24,690,000
元（相当于约
26,580,000
港元）。有关进
一步详情，请参阅本公司日期为二零二五年五
月三十日之公布。
核数师
截至二零二五年三月三十一日止财政年度之综
合财务报表已经由安永会计师事务所审核，其
任期将于本公司应届股东周年大会上届满。本
公司将于本公司应届股东周年大会上提呈一项
决议案续聘安永会计师事务所为本公司来年之
外聘核数师。
代表董事会
主席
邓清河
香港，二零二五年六月三十日
EVENTS AFTER REPORTING PERIOD
Unsecured Notes
On 3 April 2025, the Company isued the Unsecured Notes with an
agregate principal amount of HK$38 milion wil be mature in 3 April
2037. For further details, please refer to the anouncement of the
Company dated 3 April 2025.
Sale and Leaseback Arangement
On 20 May 2025, Luoyang Hongjin Agricultural and By-Product
Exchange Market Limited, a wholy-owned subsidiary of the Company
(as lese), and Puyang Hongjin Agricultural By-Products Wholesale
Marketplace Limited, a 75%-owned subsidiary of CAP (as lese),
entered into (i) the sale and Leaseback agrement in respect of the
sale and leaseback of the certain construction projects in Puyang City
and Luoyang City involving sheds and certain equipment at a sale
price of RMB51.0 milion (equivalent to aproximately HK$55.3 milion);
and (i) the sale and leaseback agrement in respect of the sale and
leaseback of certain construction projects in Puyang City and Luoyang
City involving sheds and certain equipment at a sale price of RMB20.4
milion (equivalent to aproximately HK$22.1 milion) with Haier
Financial Services China Co., Ltd (as lesor). For further details, please
refer to the anouncement of the Company dated 20 May 2025.
Disposal of Equity Interests in a Non-wholy Owned
Subsidiary
On 30 May 2025, Century Choice Limited (“Century Choice”),a wholy-
owned subsidiary of the Company, has entered into the capital
reduction agrement with Yulin Investment Group Co., Ltd. in respect
of the disposal of Century Choice’s equity interest in Yulin Hongjin
Agricultural By-products Wholesale Marketplace Limited
（玉林宏进农
副产品批发市场有限公司）
, a non-wholy owned subsidiary of the
Company, at a total consideration of RMB24.69 milion (equivalent to
aproximately HK$26.58 milion). For further details, please refer to the
anouncement of the Company dated 30 May 2025.
AUDITORS
The consolidated financial statements for the financial year ended
31 March 2025 have ben audited by Ernst & Young, whose term of
ofice wil expire upon the forthcoming anual general meting of
the Company. A resolution to re-apoint Ernst & Young as the external
auditors of the Company for the subsequent year is to be proposed at
the forthcoming anual general meting of the Company.
On behalf of the Board
Tang Ching Ho
Chairman
Hong Kong, 30 June 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
2025 Anual Report
二零二五年报
致中国农产品交易有限公司股东
（于百慕达注册成立之有限公司）
意见
本核数师已审核载于第
至
页中国农产品交易
有限公司（「贵公司」）及其附属公司（「贵集团」）之综
合财务报表，此综合财务报表包括于二零二五年三
月三十一日之综合财务状况表，以及截至该日止年
度之综合损益及其他全面收益表、综合权益变动表
及综合现金流动表，以及包括重大会计政策资料的
综合财务报表附注。
我们认为，该等综合财务报表已根据香港会计师公
会（「香港会计师公会」）颁布之香港财务报告准则会
计准则真实及公平地反映 贵集团于二零二五年
三月三十一日之综合财务状况及截至该日止年度
之综合财务表现及综合现金流量，并已按照香港公
司条例之披露规定妥为拟备。
意见基准
我们根据香港会计师公会颁布的香港审计准则
（「香港审计准则」）进行审核。在该等准则下，我们
的责任在报告内「核数师就审核综合财务报表须承
担的责任」一节进一步阐述。根据香港会计师公会
的专业会计师道德守则（「守则」），我们独立于 贵
集团，并已遵循守则履行其他道德责任。我们相
信，我们所获得的审核凭证能充足及适当地为我们
的审核意见提供基础。
关键审核事项
根据我们的专业判断，关键审核事项为我们审核于
本期间的综合财务报表中最重要的事项。我们在审
核综合财务报表及就此达致意见时处理此等事项，
而不会就此等事项单独发表意见。我们对下述各事
项在审核中的处理方式描述亦以此为背景。
To the shareholders of China Agri-Products Exchange Limited
(Incorporated in Bermuda with limited liability)
OPINION
We have audited the consolidated financial statements of China Agri-Products
Exchange Limited (the “Company”) and its subsidiaries (the “Group”) set out
on pages 87 to 205, which comprise the consolidated statement of financial
position as at 31 March 2025, and the consolidated statement of profit or los
and other comprehensive income, the consolidated statement of changes
in equity and the consolidated statement of cash flows for the year then
ended, and notes to the consolidated financial statements, including material
acounting policy information.
In our opinion, the consolidated financial statements give a true and fair view
of the consolidated financial position of the Group as at 31 March 2025, and of
its consolidated financial performance and its consolidated cash flows for the
year then ended in acordance with HKFRS Acounting Standards as isued by
the Hong Kong Institute of Certified Public Acountants (“HKICPA”) and have
ben properly prepared in compliance with the disclosure requirements of the
Hong Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in acordance with Hong Kong Standards on
Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the
audit of the consolidated financial statements section of our report. We are
independent of the Group in acordance with the HKICPA’s Code of Ethics
for Profesional Acountants (the “Code”), and we have fulfiled our other
ethical responsibilities in acordance with the Code. We believe that the audit
evidence we have obtained is suficient and apropriate to provide a basis for
our opinion.
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. For
each mater below, our description of how our audit adresed the mater is
provided in that context.
China Agri-Products Exchange Limited
中国农产品交易有限公司
INDEPENDENT AUDITOR’S REPORT (continued)
独立核数师报告
（续）
关键审核事项
（续）
我们已经履行本报告「核数师就审核综合财务报表
须承担的责任」一节阐述的责任，包括与关键审核
事项相关的责任。因此，我们的审核工作包括执行
为应对评估综合财务报表的重大错报风险而设计
的审核程序。我们执行审核程序的结果，包括应对
下述关键审核事项所执行的程序，为综合财务报表
发表审核意见提供基础。
KEY AUDIT MATERS (continued)
We have fulfiled the responsibilities described in the Auditor’s responsibilities
for the audit of the consolidated financial statements section of our report,
including in relation to these maters. Acordingly, our audit included the
performance of procedures designed to respond to our asesment of the risks
of material mistatement of the consolidated financial statements. The results
of our audit procedures, including the procedures performed to adres the
maters below, provide the basis for our audit opinion on the acompanying
consolidated financial statements.
Key audit materHow our audit adresed the key audit mater
关键审核事项我们在审核中的处理方法
Valuation of investment properties
投资物业估值
The Group holds various investment properties in Mainland China
for rental earning purposes. These investment properties are
measured at fair value at the end of each reporting period and
the agregate carying amount of these investment properties
was HK$2,595,727,000 as at 31 March 2025, which represented
aproximately 61% of the total asets of the Group.
贵集团在中国内地持有多项投资物业作赚取租金用途。投资物
业于各报告期末以公平值计量，于二零二五年三月三十一日，
该等投资物业的总账面值为
2,595,727,000
港元，占
贵集团总资
产约
61%
。
The Group engaged an external valuer to perform the valuations of
these investment properties as at 31 March 2025. In the absence of
curent prices in an active market for similar properties, the external
valuer considered information from a variety of sources such as
estimated rental value of the properties with similar locations and
conditions and made asumptions about the capitalisation rates.
贵集团委聘外部估值师对该等投资物业于二零二五年三月
三十一日的价值进行估值。倘缺乏类似物业于活跃市场的现有
价格，则外部估值师会考虑从多个途径所收集之资料，例如类
似地点及状况物业的估计租金价值以及就资本化率作出的假
设。
The valuation of investment properties has ben identified as a key
audit mater because significant estimation is required to determine
the fair values of the investment properties, which reflect market
conditions at the end of the reporting period.
由于厘定反映于报告期末市场状况的投资物业公平值需要重
大估计，
因此投资物业估值被识别为关键审核事项。
The acounting policies and disclosures in relation to the valuation
of investment properties are included in notes 2.4, 3 and 16 to the
consolidated financial statements.
有关投资物业估值的会计政策及披露载于综合财务报表附注
2.4
、
及
。
Our audit procedures to ases the valuation of investment
properties included the folowing:
评估投资物业估值的审核程序包括以下各项：
- ’s asesment
and the valuation reports prepared by the external valuer
engaged by the Group on which the management’s
asesment of the fair value of the investment properties
was based;
•
取得并审阅管理层评估以及管理层评估投资物业公平
值所依据由 贵集团委聘之外部估值师所编制的估值
报告；
- ’s qualification, experience and
expertise and considering their competence, objectivity and
independence;
•
评估外部估值师的资格、经验及专业知识，并考虑其资
格、客观性及独立性；
- ,
asesing the valuation methodologies aplied and the key
parameters adopted in the valuations, including estimated
rental value and capitalisation rates, etc., on a sampling
basis; and
•
在我们内部估值专家的协助下，抽样评估值所采用
的估值方法及所采纳的关键参数，包括估计租金价值
及资本化率等；及
• comparing property-related data used as inputs for the
valuations with underlying documentation, such as lease
agrements, etc., on a sampling basis.
•
抽样比较估值的物业相关输入数据连同相关文件，例
如租赁协议等。
2025 Anual Report
二零二五年报
INDEPENDENT AUDITOR’S REPORT (continued)
独立核数师报告
（续）
关键审核事项
（续）
Key audit materHow our audit adresed the key audit mater
关键审核事项我们在审核中的处理方法
Net realisable value of properties under development and properties held for sale
在建物业及持作出售物业之可变现净值
The Group’s properties under development and properties held for
sale are measured at the lower of cost and net realisable value. As at
31 March 2025, the agregate carying amount of these properties
was HK$1,031,995,000, which represented aproximately 24% of the
total asets of the Group.
贵集团的在建物业及持作出售物业按成本及可变现净值之较
低者计量。于二零二五年三月三十一日，
该等物业的总账面值
为
1,031,995,000
港元，
占
贵集团总资产约
24%
。
Management’s asesment of the net realisable value of properties
under development and properties held for sale is based on the
estimated seling prices and costs necesary to complete the
development, if any, and to sel these properties. Management of
the Group has also made reference to the valuations caried out by
an external valuer engaged by the Group in the estimation. This has
ben identified as a key audit mater because significant estimation
is required to determine the net realisable value of the properties
under development and properties held for sale, which reflects
market conditions at the end of the reporting period.
管理层评估在建物业及持作出售物业之可变现净值乃基于估
计售价以及完成开发（如有）及销售该等物业所需之成本。
贵
集团管理层进行估计时亦参考
贵集团聘请之外部估值师进行
之估值。由于厘定反映于报告期末市场状况的在建物业及持作
出售物业可变现净值需要重大估计，因此被识别为关键审核事
项。
The acounting policies and disclosures in relation to the properties
under development and properties held for sale are included in
notes 2.4, 3 and 17 to the consolidated financial statements.
有关在建物业及持作出售物业的会计政策及披露载于综合财
务报表附注
2.4
、
及
。
Our audit procedures to ases the net realisable value of
properties under development and properties held for sale
included the folowing:
评估在建物业及持作出售物业可变现净值的审核程序包括
以下各项：
- ’s asesment and
the valuation reports prepared by the external valuer on
which the management’s asesment of the net realisable
value of properties under development and properties held
for sale was based;
•
取得并审阅管理层的评估，以及管理层评估在建物业
及持作出售物业可变现净值所依据由外部估值师所编
制的估值报告；
- ’s qualification, experience and
expertise and considering their competency, objectivity and
independence; and
•
评估外部估值师的资格、经验及专业知识，并考虑其资
格、客观性及独立性；及
- ,
asesing the valuation methodologies aplied and the key
parameters adopted in the valuations, including estimated
seling prices and estimated costs necesary to make the
sale, etc., on a sampling basis.
•
在我们内部估值专家的协助下，抽样评估值所采用
的估值方法及所采纳的关键参数，包括估计售价及销
售所需之估计成本等。
KEY AUDIT MATERS (continued)
China Agri-Products Exchange Limited
中国农产品交易有限公司
INDEPENDENT AUDITOR’S REPORT (continued)
独立核数师报告
（续）
载于年度报告的其他资料
贵公司董事须对其他资料承担责任。其他资料包括
载于年报的资料，惟不包括综合财务报表及我们的
核数师报告。
我们对综合财务报表作出的意见并无涵盖其他资
料，我们亦不对该等其他资料发表任何形式的鉴证
结论。
就审核综合财务报表而言，我们的责任为阅览其他
资料，在此过程中考虑其他资料是否与综合财务报
表或我们在审核过程中所了解的情况存在重大抵
触，或似乎存在重大错误陈述的情况。基于我们已
执行的工作，如果我们认为其他资料存在重大错误
陈述，我们须报告该事实。就此而言，我们并无任
何报告。
董事就综合财务报表须承担的责任
贵公司董事须负责根据香港会计师公会颁布的香
港财务报告准则会计准则及香港公司条例的披露
要规定，编制真实而公平地反映情况的综合财务报
表，及董事厘定对编制综合财务报表属必要的有关
内部监控，以使该等综合财务报表不会存在由于欺
诈或错误而导致的重大错误陈述。
在编制综合财务报表时， 贵公司董事须负责评
估 贵集团持续经营的能力，并披露与持续经营有
关的事项（如适用）。除非 贵公司董事拟将 贵集
团清盘或停止营运，或除此之外并无其他实际可行
的办法，否则须采用以持续经营为基础的会计法。
审核委员会协助 贵公司董事履行监督 贵集团财
务报告流程的责任。
OTHER INFORMATION INCLUDED IN THE
ANUAL REPORT
The directors of the Company are responsible for the other information. The
other information comprises the information included in the Anual Report,
other than the consolidated financial statements and our auditor’s report
thereon.
Our opinion on the consolidated financial statements does not cover the other
information and we do not expres any form of asurance conclusion thereon.
In conection with our audit of the consolidated financial statements, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materialy inconsistent with the consolidated
financial statements or our knowledge obtained in the audit or otherwise
apears to be materialy mistated. If, based on the work we have performed,
we conclude that there is a material mistatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF THE DIRECTORS FOR
THE CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation of the
consolidated financial statements that give a true and fair view in acordance
with HKFRS Acounting Standards as isued by the HKICPA and the disclosure
requirements of the Hong Kong Companies Ordinance, and for such internal
control as the directors determine is necesary to enable the preparation of
consolidated financial statements that are fre from material mistatement,
whether due to fraud or eror.
In preparing the consolidated financial statements, the directors of the
Company are responsible for asesing the Group’s ability to continue as a
going concern, disclosing, as aplicable, maters related to going concern
and using the going concern basis of acounting unles the directors of the
Company either intend to liquidate the Group or to cease operations or have
no realistic alternative but to do so.
The directors of the Company are asisted by the Audit Comite in
discharging their responsibilities for overseing the Group’s financial reporting
proces.
2025 Anual Report
二零二五年报
INDEPENDENT AUDITOR’S REPORT (continued)
独立核数师报告
（续）
核数师就审核综合财务报表须承担
的责任
我们的目标为合理确定此等综合财务报表整体而
言不会存在由于欺诈或错误而导致的重大错误陈
述，并发出载有我们意见的核数师报告。我们根据
一九八一年百慕达公司法第
条仅向全体股东报
告，不作其他用途。我们概不就本报告的内容对任
何其他人士负责或承担任何责任。
合理确定属高层次的核证，惟根据香港审计准则进
行的审核工作不能保证总能察觉所存在的重大错
误陈述。错误陈述可因欺诈或错误产生，倘个别或
整体在合理预期情况下可影响使用者根据综合财
务报表作出的经济决定时，则被视为重大错误陈
述。
在根据香港审计准则进行审核的过程中，我们运用
专业判断，保持专业怀疑态度。我们亦：
•
识别及评估由于欺诈或错误而导致综合财务
报表存在重大错误陈述的风险、设计及执行审
核程序以应对该等风险，以及获取充足和适当
的审核凭证，作为我们意见的基础。由于欺诈
可能涉及串谋、伪造、蓄意遗漏、虚假陈述或
凌驾内部监控的情况，因此未能发现因欺诈而
导致的重大错误陈述的风险高于未能发现因
错误而导致的重大错误陈述的风险。
•
了解与审核相关的内部监控，以设计适当的审
核程序，惟并非旨在对 贵集团内部监控的有
效性发表意见。
•
评估董事所采用会计政策的恰当性及作出会
计估计和相关披露的合理性。
•
对董事采用持续经营会计基础的恰当性作出
结论，并根据所获取的审核凭证，确定是否存
在与事项或情况有关的重大不确定性，从而可
能导致对 贵集团的持续经营能力产生重大
疑虑。倘我们认为存在重大不确定性，则有必
要在核数师报告中提请使用者注意综合财务
报表中的相关披露。倘有关披露不足，则修订
我们意见。我们结论乃基于截至核数师报告日
期止所取得的审核凭证。然而，未来事项或情
况可能导致 贵集团无法持续经营。
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. Our report is made solely to you, as a body, in
acordance with section 90 of the Bermuda Companies Act 1981, and for no
other purpose. We do not asume responsibility towards or acept liability to
any other person for the contents of this report.
Reasonable asurance is a high level of asurance, but is not a guarante that
an audit conducted in acordance with HKSAs wil always detect a material
mistatement when it exists. Mistatements can arise from fraud or eror
and are considered material if, individualy or in the agregate, they could
reasonably be expected to influence the economic decisions of users taken on
the basis of these consolidated financial statements.
As part of an audit in acordance with HKSAs, we exercise profesional
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.
China Agri-Products Exchange Limited
中国农产品交易有限公司
INDEPENDENT AUDITOR’S REPORT (continued)
独立核数师报告
（续）
核数师就审核综合财务报表须承担
的责任
（续）
•
评估综合财务报表的整体呈报方式、结构及内
容，包括披露资料，以及综合财务报表是否中
肯反映相关交易和事项。
•
计划及执行集团审计以就集团内实体或业务
单位的财务资料获取充足及适当审核凭证，作
为达致对综合财务报表意见的基础。我们负责
指导、监督及审查为集团审核而执行的审核工
作。我们为审核意见承担全部责任。
我们与审核委员会就（其中包括）审核的计划范围、
时间安排及重大审核发现沟通，该等发现包括我们
在审核过程中识别的内部监控的任何重大缺失。
我们亦向审核委员会作出声明，指出我们已符合有
关独立性的相关道德要求，并与彼等沟通可能被合
理认为会影响我们独立性的所有关系及其他事宜，
以及为消除威胁而采取的行动或应用的防范措施。
从与审核委员会沟通的事项中，我们厘定对本期间
综合财务报表的审核至关重要的事项，因而构成关
键审核事项。我们在核数师报告中描述该等事项，
除非法律或法规不允许公开披露该等事项，或在极
端罕见的情况下，倘合理预期在我们报告中沟通某
事项造成的负面后果超出产生的公众利益，则我们
决定不应在报告中传达该事项。
出具本独立核数师报告的审核项目合伙人为黄卓
强先生（执业证书编号：
P05400
）。
安永会计师事务所
执业会计师
香港鲗鱼涌
英皇道
号
太古坊一座
楼
二零二五年六月三十日
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 Mr. Wong Cheuk Keung (practising certificate number: P05400).
Ernst & Young
Certified Public Acountants
27/F, One Taiko Place
979 King’s Road
Quary Bay, Hong Kong
30 June 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK’000 | 二零二四年 HK’000 | ||
| 千港元 | ||||
| 530,761 | ||||
| (234,372) | ||||
| 296,389 | ||||
| 46,858 | ||||
| (169,608) | ||||
| (18,200) | ||||
| – | ||||
| 379 | ||||
| 155,818 | ||||
| (16,176) | ||||
| – | ||||
| (418) | ||||
| (12,041) | ||||
| 127,183 | ||||
| (91,575) | ||||
| 35,608 | ||||
| (3,481) | ||||
| 32,127 | ||||
2025 Anual Report
二零二五年报
CONSOLIDATED STATEMENT OF PROFIT OR LOS
AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
本年度溢利
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK’000 | 二零二四年 HK’000 | ||
| 千港元 | ||||
| 32,127 | ||||
| (74,033) | ||||
| 12,940 | ||||
| (61,093) | ||||
| (28,966) | ||||
| 7,833 | ||||
| 24,294 | ||||
| 32,127 | ||||
| (48,904) | ||||
| 19,938 | ||||
| (28,966) | ||||
| 0.08 | ||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME (continued)
综合损益及其他全面收益表
（续）
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
—基本及摊薄（港仙）
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 66,365 | ||||
| 11,107 | ||||
| 2,595,727 | ||||
| 152,740 | ||||
| 9,755 | ||||
| – | ||||
| 4,089 | ||||
| 2,839,783 | ||||
| 35,017 | ||||
| 996,978 | ||||
| 1,280 | ||||
| 178,101 | ||||
| 1,513 | ||||
| 57 | ||||
| – | ||||
| 181,673 | ||||
| 1,394,619 | ||||
| 300,079 | ||||
| 67,115 | ||||
| 136,900 | ||||
| 286,156 | ||||
| 12,958 | ||||
| 2,961 | ||||
| 73,940 | ||||
| 880,109 | ||||
| 514,510 | ||||
| 3,354,293 | ||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
31 March 2025
于二零二五年三月三十一日
2025 Anual Report
二零二五年报
总资产减流动负债
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 774,184 | ||||
| 47,720 | ||||
| 21,749 | ||||
| 483,605 | ||||
| 1,327,258 | ||||
| 2,027,035 | ||||
| 99,531 | ||||
| 1,530,051 | ||||
| 1,629,582 | ||||
| 397,453 | ||||
| 2,027,035 | ||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
综合财务状况表
（续）
31 March 2025
于二零二五年三月三十一日
权益总值
Leung Sui Wah, RaymondTang Ching Ho
梁瑞华邓清河
DirectorDirector
董事董事
| Attributable to owners of the parent | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital | 母公司拥有人应占 | Share | Non- | |||||||||||
| Issued | Share | redemption | Contributed | Shareholders’ | Other | Exchange | option | Statutory | Accumulated | controlling | Total | |||
| capital | premium | reserve | surplus | contribution | reserve | reserve | reserve | reserve | losses | Sub-total | interests | equity | ||
| 已发行股本 HK$’000 | 股份溢价 HK$’000 | 资本赎回储备 HK$’000 | 实缴盈余 HK$’000 | 股东出资 HK$’000 | 其他储备 HK$’000 | 汇兑储备 HK$’000 | 购股权储备 HK’000 | 法定储备 HK$’000 | 累计亏损 HK$’000 | 小计 HK$’000 | 非控股权益 HK$’000 | 权益总额 HK$’000 | ||
| 千港元 (note 30(a)) | 千港元 (note 30(b)(i)) | 千港元 (note 30(b)(ii)) | 千港元 (note 30(b)(iii)) | 千港元 (note 30(b)(iv)) | 千港元 (note 30(b)(v)) | 千港元 | 千港元 | 千港元 (note 30(b)(vi)) | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 30(a) （附注 ） | 30(b)(i) （附注 ） | 30(b)(ii) （附注 ） | 30(b)(iii) （附注 ） | 30(b)(iv) （附注 ） | 30(b)(v) （附注 ） | 30(b)(vi) （附注 ） | ||||||||
| 99,531 | 3,923,147* | 945* | 2,215,409* | 664* | 2,041* | (276,041)* | 7,553* | 24,418* | (4,322,156)* | 1,675,511 | 393,233 | 2,068,744 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| – | – | – | – | – | – | (69,677) | – | – | – | (69,677) | (4,356) | (74,033) |
| – | – | – | – | – | – | 12,940 | – | – | – | 12,940 | – | 12,940 |
| – | – | – | – | – | – | (56,737) | – | – | – | (56,737) | (4,356) | (61,093) |
| – | – | – | – | – | – | – | – | – | 7,833 | 7,833 | 24,294 | 32,127 |
| – | – | – | – | – | – | (56,737) | – | – | 7,833 | (48,904) | 19,938 | (28,966) |
| – | – | – | – | – | – | – | – | – | – | – | 32,803 | 32,803 |
| – | – | – | – | – | – | – | 2,975 | – | – | 2,975 | – | 2,975 |
| – | – | – | – | – | – | – | (1,153) | – | 1,153 | – | – | – |
| – | – | – | – | – | – | – | – | 12,117 | (12,117) | – | – | – |
| – | – | – | – | – | – | – | – | – | – | – | (48,521) | (48,521) |
| 99,531 | 3,923,147* | 945* | 2,215,409* | 664* | 2,041* | (332,778)* | 9,375* | 36,535* | (4,325,287)* | 1,629,582 | 397,453 | 2,027,035 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
2025 Anual Report
二零二五年报
*
该等储备构成综合财务状况表中的综合财储备
1,530,051,000
港元（二零二四年：
1,575,980,000
港
元）。
（附注）（附注）（附注）（附注）（附注）（附注）（附注）
At 1 April 2023
于二零二三年四月一日
99,5313,923,1479452,215,4096642,041(202,335)5,47520,863(4,327,714)1,738,026389,3862,127,412
Exchange diferences on translating
foreign operations
换算为呈报货币之汇兑差额
–(73,706)–(73,706)(10,247)(83,953)
Profit for the year
本年度溢利
–7,3537,35319,52326,876
Total comprehensive income/(los)
for the year
本年度全面收入╱（亏损）
总额
–(73,706)–7,353(66,353)9,276(57,077)
Recognition of equity-setled
shared-based payment (Note 34)
确认以权益结算以股份
为基础之付款（附注
）
–3,838–3,838–3,838
Lapse of share options (Note 34)
购股权失效（附注
）
–(1,760)–1,760–
Transfer to statutory reserve
转拨至法定储备
–3,555(3,555)–
Dividend paid to non-controling interests
已付予非控股权益之股息
–(5,429)(5,429)
As at 31 March 2024 and 1 April 2024
于二零二四年三月三十一日
及二零二四年四月一日
Exchange diferences on translating
foreign operations
换算境外业务引致之
汇兑差额
Released upon disposal of subsidiaries
during the year (note 32)
本年度出售附属公司时
解除（附注
）
Other comprehensive los for the year
本年度其他全面亏损
Profit for the year
本年度溢利
Total comprehensive income/(los)
for the year
本年度全面收入╱
（亏损）总额
Disposal of subsidiaries (note 32)
出售附属公司（附注
）
Recognition of equity-setled
shared-based payment (note 34)
确认以权益结算以股份为
基础之付款（附注
）
Lapse of share options (note 34)
购股权失效（附注
）
Transfer to statutory reserve
转拨至法定储备
Dividend paid to non-controling
interests
已付予非控股权益之股息
At 31 March 2025
于二零二五年三月三十一日
- $1,530,051,000
(2024: HK$1,575,980,000) in the consolidated statement of financial position.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 35,608 | ||||
| 17,324 | ||||
| 5,411 | ||||
| 16,176 | ||||
| (379) | ||||
| 418 | ||||
| 12,041 | ||||
| 2,075 | ||||
| – | ||||
| – | ||||
| 91,575 | ||||
| (1,242) | ||||
| 2,975 | ||||
| (239) | ||||
| 192 | ||||
| (35,794) | ||||
| – | ||||
| 146,141 | ||||
| 524 | ||||
| 25,290 | ||||
| 108,918 | ||||
| (102) | ||||
| (54,912) | ||||
| (78,226) | ||||
| (17,845) | ||||
| 129,788 | ||||
| 1,246 | ||||
| (47,686) | ||||
| 83,348 | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
China Agri-Products Exchange Limited
中国农产品交易有限公司
净额
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 83,348 | ||||
| 36 | ||||
| 202,389 | ||||
| (5,497) | ||||
| (18,584) | ||||
| (52,935) | ||||
| 1,908 | ||||
| (2,510) | ||||
| (23,837) | ||||
| 100,970 | ||||
| 143,850 | ||||
| (370,788) | ||||
| – | ||||
| 38,934 | ||||
| 59,999 | ||||
| – | ||||
| (48,521) | ||||
| (7,759) | ||||
| (79,719) | ||||
| (264,004) | ||||
| (79,686) | ||||
| 243,435 | ||||
| (5,913) | ||||
| 157,836 | ||||
| 151,335 | ||||
| 30,338 | ||||
| 181,673 | ||||
| (23,837) | ||||
| 157,836 | ||||
2025 Anual Report
二零二五年报
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
综合现金流量表
（续）
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
现金等额
| Name | Place of incorporation/ registration and business | Issued ordinary/ registered share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 注册成立╱ | 已发行普通╱ | ||||
| 名称 | 登记及经营地区 | 注册股本 | 本公司应占 Direct | 股权百分比 Indirect | 主要业务 |
NOTES TO FINANCIAL STATEMENTS
财务资料附注
31 March 2025
二零二五年三月三十一日
China Agri-Products Exchange Limited
中国农产品交易有限公司
1.
企业及集团资料
中国农产品交易有限公司（「本公司」，连同其
附属公司统称「本集团」）为于百慕达注册成立
之获豁免有限公司，其股份在香港联合交易所
有限公司（「联交所」）主板上市。本公司之注
册办事处位于
Clarendon House, 2 Church Stret,
Hamilton HM11, Bermuda
，而主要营业地点位
于香港九龙九龙湾宏光道
号宏天广场
楼
室。本公司董事认为，本公司之直接控股
公司为于英属处女群岛注册成立的
Rich Time
Strategy Limited
，而本公司之最终控股公司为
Wang On Group Limited
（宏安集团有限公司）
*
（「宏安」），该公司于百慕达注册成立，并于联
交所主板上市。
本集团主要在中华人民共和国（「中国」）从事农
产品交易市场之物业管理及销售及于香港从
事食品及农副产品销售。
有关附属公司的资料
本公司主要附属公司的详情如下：
1. CORPORATE AND GROUP INFORMATION
China Agri-Products Exchange Limited (the “Company”, together with
its subsidiaries the “Group”) is incorporated in Bermuda as an exempted
company with limited liability and its shares are listed on the Main Board
of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).
The registered ofice of the Company is Clarendon House, 2 Church
Stret, Hamilton HM11, Bermuda and its principal place of busines is
Suite 3202, 32/F, Skyline Tower, 39 Wang Kwong Road, Kowlon Bay,
Kowlon, Hong Kong. In the opinion of the directors of the Company,
the imediate holding company of the Company is Rich Time Strategy
Limited, which is incorporated in the British Virgin Islands, and the
ultimate holding company of the Company is Wang On Group Limited
(“Wang On”), which is incorporated in Bermuda and is listed on the Main
Board of the Stock Exchange.
The Group is principaly engaged in the management of and sales of
properties in agricultural produce exchange markets in Hong Kong and
the People’s Republic of China (the “PRC”).
Information about subsidiaries
Particulars of the Company’s principal subsidiaries are as folows:
直接间接
Novel Talent LimitedBritish Virgin Islands/
Hong Kong
United States
dolars (“USD”) 1
100%–Investment holding
Novel Talent Limited
英属处女群岛╱
香港
美元投资控股
Regal Smart Investment Limited
(“Regal Smart”) (Note iv)
Hong KongOrdinary HK$1–100%Investment holding
伟骏投资有限公司
（「伟骏」）（附注
iv
）
香港普通股
港元投资控股
徐州源洋商贸发展
有限公司
(the “Xuzhou Yuanyang”) (Note i)
PRC/Mainland
China
Renminbi (“RMB”)
61,220,000
–51%Agricultural produce exchange
market operation
徐州源洋商贸发展有限公司
（「徐州源洋」）（附注
i
）
中国人民币
61,220,000
元
经营农产品交易市场
武汉白沙洲农副产
品大市场有限公司
(Note i)
#
PRC/Mainland
China
RMB180,610,0007.23%92.77%Agricultural produce exchange
market operation
武汉白沙洲农副产品大市场
有限公司（附注
i
）
#中国人民币
180,610,000
元
经营农产品交易市场
玉林宏进农副产品批
发市场有限公司
(the “Yulin Hongjin”) (Note i)
PRC/Mainland
China
RMB34,285,700–51%Agricultural produce exchange
market operation and
property sales
玉林宏进农副产品批发市场
有限公司（「玉林宏进」）（附注
i
）
中国人民币
34,285,700
元
经营农产品交易市场
及物业销售
| Name | Place of incorporation/ registration and business | Issued ordinary/ registered share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 注册成立╱ | 已发行普通╱ | ||||
| 名称 | 登记及经营地区 | 注册股本 | 本公司应占 Direct | 股权百分比 Indirect | 主要业务 |
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
直接间接
玉林宏进物流发展有限公司
(Note i)
PRC/Mainland
China
RMB320,000,000–100%Agricultural produce exchange
market operation and
property sales
玉林宏进物流发展有限公司
（附注
i
）
中国人民币
320,000,000
元经营农产品交易市场
及物业销售
钦洲宏进农副产品批
发市场有限公司
(Note i)
PRC/Mainland
China
RMB450,000,000–100%Agricultural produce exchange
market operation and
property sales
钦州宏进农副产品批发市场
有限公司（附注
i
）
中国人民币
450,000,000
元经营农产品交易市场
及物业销售
开封宏进农副产品批
发市场有限公司
(Note i)
PRC/Mainland
China
USD23,230,000–100%Agricultural produce exchange
market operation and
property sales
开封宏进农副产品批发市场
有限公司（附注
i
）
中国
23,230,000
美元经营农产品交易市场
及物业销售
洛阳宏进农副产品批
发市场有限公司
(Note i)
PRC/Mainland
China
RMB443,000,000–100%Agricultural produce exchange
market operation and
property sales
洛阳宏进农副产品批发市场
有限公司（附注
i
）
中国人民币
443,000,000
元经营农产品交易市场
及物业销售
濮阳宏进农副产品批
发市场有限公司
(Note i)
PRC/Mainland
China
RMB140,000,000–75%Agricultural produce exchange
market operation and
property sales
濮阳宏进农副产品批发市场
有限公司（附注
i
）
中国人民币
140,000,000
元经营农产品交易市场
及物业销售
1. CORPORATE AND GROUP INFORMATION
(continued)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
1.
企业及集团资料
（续）
有关附属公司的资料（续）
本公司主要附属公司的详情如下：（续）
| Name | Place of incorporation/ registration and business | Issued ordinary/ registered share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 注册成立╱ | 已发行普通╱ | ||||
| 名称 | 登记及经营地区 | 注册股本 | 本公司应占 Direct | 股权百分比 Indirect | 主要业务 |
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
附注：
(i)
根据中国法律登记为中外合资合营企业。
(i)
根据中国法律登记为外商独资企业。
(i)
根据中国法律登记为内资企业。
(iv)
收购附属公司之详情载于财务报表附注
。
上表列出董事认为主要影响本集团业绩或资产
之本集团附属公司。董事认为如呈报其他附属
公司详情将使详情过于冗长。
#
于二零二五年三月三十一日，本集团已将
该等公司之股权抵押予若干银行，为本集
团获授银行借贷
308,695,000
港元（二零二四
年：
323,528,000
港元）作担保（附注
26(a)
）。
直接间接
盘锦宏进农副产品批
发市场有限公司
(Note i)
PRC/ Mainland
China
RMB73,000,000–100%Agricultural produce exchange
market operation and
property sales
盘锦宏进农副产品批发市场
有限公司（附注
i
）
中国人民币
73,000,000
元经营农产品交易市场
及物业销售
随州白沙洲农副产品物
流园有限公司
(Note i)
PRC/ Mainland
China
RMB3,000,000–51%Agricultural produce exchange
market operation
随州白沙洲农副产品物流园
有限公司（附注
i
）
中国人民币
3,000,000
元经营农产品交易
市场
黄石宏进农副产品
批发市场有限公司
(Note i)
PRC/ Mainland
China
RMB2,000,000–80%Agricultural produce exchange
market operation
黄石宏进农副产品批发市场
有限公司（附注
i
）
中国人民币
2,000,000
元经营农产品交易
市场
Notes:
(i) Registered as a sino-foreign equity joint venture under the laws of the PRC.
(i) Registered as a wholy-owned foreign enterprise under the laws of the
PRC.
(i) Registered as a domestic-funded enterprise under the laws of the PRC.
(iv) Details of the acquisition of the subsidiary are set out in note 31 to the
financial statements.
The above table lists the subsidiaries of the Company which, in the opinion
of the Company’s directors, principaly afected the results for the year or
formed a substantial portion of the net asets of the Group. To give details of
other subsidiaries would, in the opinion of the directors, result in particulars of
excesive length.
#
At 31 March 2025, the equity interests of these companies were pledged
to certain banks to secure bank borowings of HK$308,695,000 (2024:
HK$323,528,000) granted to the Group (note 26(a).
1. CORPORATE AND GROUP INFORMATION
(continued)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
1.
企业及集团资料
（续）
有关附属公司的资料（续）
本公司主要附属公司的详情如下：（续）
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.1
编制基准
财务报表乃根据香港会计师公会（「香港会计
师公会」）颁布之香港财务报告准则会计准则
（包括所有香港财务报告准则、香港会计准则
（「香港会计准则」）及诠释）及香港公司条例之
披露规定编制。除投资物业及按公平值经损益
入账（「按公平值经损益入账」）之金融资产按公
平值计量外，该等财务报表乃根据历史成本法
编制。
财务报表以港元（「港元」）列示，除另有说明者
外，所有金额均约整至最接近之千位数。
综合基准
综合财务报表包括本公司及其附属公司于截
至二零二五年三月三十一日止年度之财务报
表。附属公司为本公司直接或间接控制的实体
（包括结构性实体）。当本集团通过参与投资
对象的相关活动而承担可变回报的风险或享
有可变回报，并且有能力运用对投资对象的权
力（即使本集团目前有能力主导投资对象的相
关活动的现时权利）影响该等回报时，即取得
控制权。
一般而言，大多数投票权即推定为有控制权。
当本公司拥有少于投资对象大多数的投票或
类似权利，在评估其是否拥有对投资对象的权
力时，本集团会考虑所有相关事实及情况，包
括：
(a)
与投资对象其他投票权持有人的合约安
排；
(b)
其他合约安排产生的权利；及
(c)
本集团的投票权及潜在投票权。
2.1 BASIS OF PREPARATION
These financial statements have ben prepared in acordance with
HKFRS Acounting Standards (which include al Hong Kong Financial
Reporting Standards, Hong Kong Acounting Standards (“HKASs”)
and Interpretations) as isued by the Hong Kong Institute of Certified
Public Acountants (“HKICPA”) and the disclosure requirements of the
Hong Kong Companies Ordinance. They have ben prepared under the
historical cost convention, except for investment properties and financial
asets at fair value through profit or los (“FVTPL”) which have ben
measured at fair value.
These financial statements are presented in Hong Kong dolars (“HK$”)
and al values are rounded to the nearest thousand except when
otherwise indicated.
Basis of consolidation
The consolidated financial statements include the financial statements
of the Company and its subsidiaries for the year ended 31 March 2025. A
subsidiary is an entity (including a structured entity), directly or indirectly,
controled by the Company. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with the
investe and has the ability to afect those returns through its power over
the investe (i.e., existing rights that give the Group the curent ability to
direct the relevant activities of the investe).
Generaly, there is a presumption that a majority of voting rights results
in control. When the Company has les than a majority of the voting
or similar rights of an investe, the Group considers al relevant facts
and circumstances in asesing whether it has power over an investe,
including:
(a) the contractual arangement with the other vote holders of the
investe;
(b) rights arising from other contractual arangements; and
(c) the Group’s voting rights and potential voting rights.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.1
编制基准
（续）
综合基准（续）
附属公司之财务报表乃按与本公司相同之报
告期间采用一致之会计政策编制。附属公司之
业绩由本集团取得控制权之日起并直至有关
控制权失效日期止综合计算。
损益及其他全面收益之各部份归属于本集团
母公司拥有人及非控股权益，即使此举会导致
非控股权益有亏绌结余。所有关本集团各成
员公司间之交易之集团内部公司间资产及负
债、权益、收入、开支及现金流量于综合计算
时悉数抵销。
倘有事实及情况显示上文所述三项控制因素
中之一项或多项出现变化，本集团将重新评估
其是否对投资对象拥有控制权。附属公司拥有
权益之变动（并无失去控制权）于入账时列作
权益交易。
倘本集团失去附属公司之控制权，则会取消确
认相关资产（包括商誉）、负债、任何非控股权
益及汇兑波动储备；并确认任何保留投资之公
平值及任何由此产生而计入损益表之盈亏。先
前已于其他全面收益确认之本集团应占部份，
乃在适当的情况下按倘本集团已直接出售相
关资产或负债而要求之相同基准重新分类至
损益表或保留溢利。
2.1 BASIS OF PREPARATION (continued)
Basis of consolidation (continued)
The financial statements of the subsidiaries are prepared for the same
reporting period as the Company, using consistent acounting policies.
The results of subsidiaries are consolidated from the date on which the
Group obtains control, and continue to be consolidated until the date
that such control ceases.
Profit or los and each component of other comprehensive income are
atributed to the owners of the parent of the Group and to the non-
controling interests, even if this results in the non-controling interests
having a deficit balance. Al intra-group asets and liabilities, equity,
income, expenses and cash flows relating to transactions betwen
members of the Group are eliminated in ful on consolidation.
The Group reaseses whether or not it controls an investe if facts and
circumstances indicate that there are changes to one or more of the
thre elements of control described above. A change in the ownership
interest of a subsidiary, without a los of control, is acounted for as an
equity transaction.
If the Group loses control over a subsidiary, it derecognises the related
asets (including godwil), liabilities, any non-controling interest and
the exchange fluctuation reserve; and recognises the fair value of any
investment retained and any resulting surplus or deficit in profit or
los. The Group’s share of components previously recognised in other
comprehensive income is reclasified to profit or los or retained profits,
as apropriate, on the same basis as would be required if the Group had
directly disposed of the related asets or liabilities.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.2
会计政策及披露之变动
本集团已就本年度之财务报表首次采纳以下
经修订之香港财务报告准则会计准则。
香港财务报告准则
第
号之修订本
售后租回之租赁负债
香港会计准则第
号
及香港财务报告
准则第
号之修订本
供应商融资安排
该等经修订之香港财务报告准则会计准则（适
用于本集团）之性质及影响载述如下：
(a)
香港财务报告准则第
号之修订本明确规
定卖方－承租人计量售后租回交易产生的
租赁负债所用的方法，以确保卖方－承租
人不会确认与所保留使用权有关的任何
损益金额。由于本集团自首次应用香港财
务报告准则第
号日期起，并无不依赖指
数或利率之可变租赁付款的出售及租回
交易，故有关修订对本集团之财务状况或
表现并无任何影响。
(b)
香港会计准则第
号及香港财务报告准则
第
号之修订本澄清供应商融资安排的特
征，并要求对该等安排作出额外披露。该
等修订本的披露规定旨在协助财务报表
使用者了解供应商融资安排对实体负债、
现金流量及流动资金风险敞口的影响。由
于本集团并无供应商融资安排，故有关修
订对本集团之财务报表并无任何影响。
2.2 CHANGES IN ACOUNTING POLICIES AND
DISCLOSURES
The Group has adopted the folowing revised HKFRS Acounting
Standards for the first time for the curent year’s financial statements.
Amendments to HKFRS 16Lease Liability in a Sale and Leaseback
Amendments to HKAS 7
and HKFRS 7
Suplier Finance Arangements
The nature and the impact of the revised HKFRS Acounting Standards
that are aplicable to the Group are described below:
(a) Amendments to HKFRS 16 specify the requirements that a seler-
lese uses in measuring the lease liability arising in a sale and
leaseback transaction to ensure the seler-lese does not recognise
any amount of the gain or los that relates to the right of use it
retains. Since the Group has no sale and leaseback transactions
with variable lease payments that do not depend on an index or a
rate ocuring from the date of initial aplication of HKFRS 16, the
amendments did not have any impact on the financial position or
performance of the Group.
(b) Amendments to HKAS 7 and HKFRS 7 clarify the characteristics of
suplier finance arangements and require aditional disclosure
of such arangements. The disclosure requirements in the
amendments are intended to asist users of financial statements
in understanding the efects of suplier finance arangements
on an entity’s liabilities, cash flows and exposure to liquidity risk.
As the Group does not have suplier finance arangements, the
amendments did not have any impact on the Group’s financial
statements.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.3
已颁布但尚未生效之香港财务
报告准则会计准则
本集团并无于此等财务报表应用下列已颁布
但尚未生效之新订及经修订香港财务报告准
则会计准则。本集团拟于此等新订及经修订香
港财务报告准则会计准则（如适用）生效时应用
该等准则。
香港财务报告准则
第
号
财务报表之呈列及
披露
香港财务报告准则
第
号
非公共受托责任附属
公司：披露
香港财务报告准则
第
号及香港财务
报告准则第
号之
修订本
金融工具分类及计量的
修订本
香港财务报告准则
第
号及香港财务
报告准则第
号
修订本
涉及依赖自然能源生产
电力之合约
香港财务报告准则
第
号及香港会计
准则第
号之
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
香港会计准则
第
号之修订本
缺乏交换性
香港财务报告准则
会计准则之年度
改进－第
册
香港财务报告准则
第
号、香港财务报告
准则第
号、香港财务
报告准则第
号、香港
财务报告准则第
号
及香港会计准则
第
号之修订本
于二零二五年一月一日或之后开始之年度
期间生效2
于二零二六年一月一日或之后开始之年度
期间生效3
于二零二七年一月一日或之后开始之年度
／报告期间生效4
尚未厘定强制生效日期，惟可供应用
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS
The Group has not aplied the folowing new and revised HKFRS
Acounting Standards, that have ben isued but are not yet efective,
in these financial statements. The Group intends to aply these new and
revised HKFRS Acounting Standards, if aplicable, when they become
efective.
HKFRS 18Presentation and Disclosure in Financial
Statements
HKFRS 19Subsidiaries without Public
Acountability: Disclosures
Amendments to HKFRS 9
and HKFRS 7
Amendments to the Clasification
and Measurement of Financial
Instruments
Amendments to HKFRS 9
and HKFRS 7
Contracts Referencing Nature-
dependent Electricity
Amendments to HKFRS 10
and HKAS 28
Sale or Contribution of Asets betwen
an Investor and its Asociate or Joint
Venture
Amendments to HKAS 21Lack of Exchangeability
Anual Improvements to
HKFRS Acounting Standards
– Volume 11
Amendments to HKFRS 1, HKFRS 7,
HKFRS 9, HKFRS 10 and HKAS 7
Efective for anual periods begining on or after 1 January 2025
Efective for anual periods begining on or after 1 January 2026
Efective for anual/reporting periods begining on or after 1 January
No mandatory efective date yet determined but available for adoption
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.3
已颁布但尚未生效之香港财务
报告准则会计准则
（续）
预期本集团将适用的香港财务报告准则会计
准则之进一步资料载述如下。
香港财务报告准则第
号取代香港会计准则第
号财务报表之呈列。尽管香港会计准则第
号
之多个章节已被纳入而变动有限，香港财务报
告准则第
号就损益表内呈列方式引入新规
定，包括指定之总计及小计。实体须将损益表
内所有收益及开支分类为以下五个类别之一：
经营、投资、融资、所得税及已终止经营业务，
并呈列两项新界定小计。其亦规定於单一附注
中披露管理层界定之绩效指标，并对主要财务
报表及附注中资料之组合（合并及分类）和位置
提出更严格之要求。若干早前已纳入香港会计
准则第
号之规定移至香港会计准则第
号会计
政策、会计估计变更及差错，并更名为香港会
计准则第
号财务报表之呈列基准。由于颁布
香港财务报告准则第
号，对香港会计准则第
号现金流量表、香港会计准则第
号每股盈
利及香港会计准则第
号中期财务报告作出有
限但广泛适用之修订。此外，其他香港财务报
告准则会计准则亦有轻微之相应修订。香港财
务报告准则第
号及其他香港财务报告准则会
计准则之相应修订于二零二七年一月一日或
之后开始之年度期间生效，并可提早应用。须
追溯应用。本集团现正分析新订规定并评估香
港财务报告准则第
号对本集团财务报表之呈
列及披露之影响。
香港财务报告准则第
号允许合资格实体选择
应用经削减之披露规定，同时仍应用其他香港
财务报告准则会计准则之确认、计量及呈列规
定。为符合资格，于报告期末，实体须为香港
财务报告准则第
号综合财务报表所界定之
附属公司，且毋须作出公共问责，并须拥有一
间编制符合香港财务报告准则会计准则及供
公众使用之综合财务报表之母公司（最终或中
间公司）。允许提早应用。由于本公司为上市公
司，并不符合资格选择应用香港财务报告准则
第
号。本公司若干附属公司正考虑于其特定
财务报表中应用香港财务报告准则第
号。
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
Further information about those HKFRS Acounting Standards that are
expected to be aplicable to the Group is described below.
HKFRS 18 replaces HKAS 1 Presentation of Financial Statements. While
a number of sections have ben brought forward from HKAS 1 with
limited changes, HKFRS 18 introduces new requirements for presentation
within the statement of profit or los, including specified totals and
subtotals. Entities are required to clasify al income and expenses within
the statement of profit or los into one of the five categories: operating,
investing, financing, income taxes and discontinued operations and to
present two new defined subtotals. It also requires disclosures about
management-defined performance measures in a single note and
introduces enhanced requirements on the grouping (agregation and
disagregation) and the location of information in both the primary
financial statements and the notes. Some requirements previously
included in HKAS 1 are moved to HKAS 8 Acounting Policies, Changes
in Acounting Estimates and Erors, which is renamed as HKAS 8 Basis of
Preparation of Financial Statements. As a consequence of the isuance
of HKFRS 18, limited, but widely aplicable, amendments are made to
HKAS 7 Statement of Cash Flows, HKAS 33 Earnings per Share and HKAS
34 Interim Financial Reporting. In adition, there are minor consequential
amendments to other HKFRS Acounting Standards. HKFRS 18 and the
consequential amendments to other HKFRS Acounting Standards are
efective for anual periods begining on or after 1 January 2027 with
earlier aplication permited. Retrospective aplication is required. The
Group is curently analysing the new requirements and asesing the
impact of HKFRS 18 on the presentation and disclosure of the Group’s
financial statements.
HKFRS 19 alows eligible entities to elect to aply reduced disclosure
requirements while stil aplying the recognition, measurement and
presentation requirements in other HKFRS Acounting Standards. To be
eligible, at the end of the reporting period, an entity must be a subsidiary
as defined in HKFRS 10 Consolidated Financial Statements, canot have
public acountability and must have a parent (ultimate or intermediate)
that prepares consolidated financial statements available for public use
which comply with HKFRS Acounting Standards. Earlier aplication is
permited. As the Company is a listed company, it is not eligible to elect
to aply HKFRS 19. Some of the Company’s subsidiaries are considering
the aplication of HKFRS 19 in their specified financial statements.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.3
已颁布但尚未生效之香港财务
报告准则会计准则
（续）
香港财务报告准则第
号及香港财务报告准则
第
号之修订本金融工具的分类及计量之修订
阐明终止确认金融资产或金融负债之日期，并
引入一项会计政策选择，在符合特定条件之情
况下，终止确认于结算日前透过电子付款系统
结算之金融负债。该等修订厘清如何评估具有
环境、社会及管治以及其他类似或然特征之金
融资产之合同现金流量特征。此外，该等修订
厘清具有无追索权特征之金融资产及合同挂
钩工具之分类规定。该等修订亦包括指定按公
允值计入其他全面收益之权益工具投资及具
有或然特征之金融工具之额外披露。该等修订
须追溯应用，并于首次应用日期对期初留存溢
利（或权益之其他组成部分）进行调整。过往期
间毋须重列，且仅可在不作出预知之情况下重
列。允许同时提早应用所有修订，或仅提早应
用与金融资产分类相关之修订。该等修订本预
期不会对本集团之财务报表造成任何重大影
响。
香港财务报告准则第
号及香港财务报告准则
第
号修订本涉及依赖自然能源生产电力的合
约澄清范围内合约「自用」规定的应用，并修订
范围内合约现金流量对冲关系中指定的被对
冲项目的规定。该等修订本亦包括额外披露，
使财务报表使用者能够了解该等合约对实体
财务表现及未来现金流量的影响。与自用例外
情况相关的修订本应追溯应用。过往期间毋须
重列，且仅可在不作出预知之情况下重列。与
对冲会计相关的修订本应追溯应用于首次应
用日期或之后指定的新对冲关系，并允许提早
应用。香港财务报告准则第
号及香港财务报
告准则第
号修订本应同时应用。该等修订本
预期不会对本集团之财务报表造成任何重大
影响。
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
Amendments to HKFRS 9 and HKFRS 7 Amendments to the Clasification
and Measurement of Financial Instruments clarify the date on which
a financial aset or financial liability is derecognised and introduce
an acounting policy option to derecognise a financial liability that is
setled through an electronic payment system before the setlement
date if specified criteria are met. The amendments clarify how to
ases the contractual cash flow characteristics of financial asets with
environmental, social and governance and other similar contingent
features. Moreover, the amendments clarify the requirements for
clasifying financial asets with non-recourse features and contractualy
linked instruments. The amendments also include aditional disclosures
for investments in equity instruments designated at fair value through
other comprehensive income and financial instruments with contingent
features. The amendments shal be aplied retrospectively with an
adjustment to opening retained profits (or other component of equity)
at the initial aplication date. Prior periods are not required to be
restated and can only be restated without the use of hindsight. Earlier
aplication of either al the amendments at the same time or only the
amendments related to the clasification of financial asets is permited.
The amendments are not expected to have any significant impact on the
Group’s financial statements.
Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing
Nature-dependent Electricity clarify the aplication of the “own-
use” requirements for in-scope contracts and amend the designation
requirements for a hedged item in a cash flow hedging relationship for
in-scope contracts. The amendments also include aditional disclosures
that enable users of financial statements to understand the efects of
these contracts have on an entity’s financial performance and future
cash flows. The amendments relating to the own-use exception shal
be aplied retrospectively. Prior periods are not required to be restated
and can only be restated without the use of hindsight. The amendments
relating to the hedge acounting shal be aplied prospectively to
new hedging relationships designated on or after the date of initial
aplication. Earlier aplication is permited. The amendments to HKFRS
9 and HKFRS 7 shal be aplied at the same time. The amendments are
not expected to have any significant impact on the Group’s financial
statements.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.3
已颁布但尚未生效之香港财务
报告准则会计准则
（续）
香港财务报告准则第
号及香港会计准则第
号修订本解决香港财务报告准则第
号与香港
会计准则第
号之间有关处理投资者与其联营
公司或合营企业之间的资产出售或注资两者
规定的不一致情况。该等修订本规定，倘资产
出售或注资构成一项业务，则须悉数确认下游
交易产生之收益或亏损。倘交易涉及不构成一
项业务的资产，则该交易产生的收益或亏损于
投资者的损益内确认，惟以不相关投资者于该
联营公司或合营企业的权益为限。该等修订本
即将追溯应用。香港会计师公会剔除香港财务
报告准则第
号及香港会计准则第
号修订本
的以往强生效日期。然而，该等修订本目前可
供采纳。
香港会计准则第
号修订本订明，当缺乏可兑
换性持，实体应如何评估一种货币是否可兑换
为另一种货币，以及如何评估其于计量日期的
即期汇率。该等修订本要求披露资料，以使财
务报表使用者了解不可兑换货币的影响，且允
许提早应用。应用该等修订本时，实体不得重
述比较资料。首次应用该等修订本的任何累计
影响应于首次应用日期确认为对保留溢利的
期初结余或于权益的独立部分累计的汇兑差
额的累计金额（如适用）的调整。该等修订本预
期不会对本集团之财务报表造成任何重大影
响。
香港财务报告准则会计准则的年度改进－第
卷载列香港财务报告准则第
号、香港财务报
告准则第
号（及随附的香港财务报告准则第
号实施指引）、香港财务报告准则第
号、香港
财务报告准则第
号及香港会计准则第
号的
修订本。预期将适用于本集团的修订本详情如
下：
•
香港财务报告准则第
号金融工具：披露：
该等修订本已更新香港财务报告准则第
号第
B38
段及香港财务报告准则第
号实施
指引第
IG1
、
IG14
及
IG20B
段的若干措辞，以
简化或与达致与该准则其他段落及╱或
其他准则所用概念及词汇一致。此外，该
等修订本澄清香港财务报告准则第
号实
施指引未必阐述香港财务报告准则第
号
所述段落的所有规定，亦不会产生额外规
定，并允许提早应用。该等修订本预期不
会对本集团之财务报表造成任何重大影
响。
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
Amendments to HKFRS 10 and HKAS 28 adres an inconsistency
betwen the requirements in HKFRS 10 and in HKAS 28 in dealing with
the sale or contribution of asets betwen an investor and its asociate
or joint venture. The amendments require a ful recognition of a gain
or los resulting from a downstream transaction when the sale or
contribution of asets constitutes a busines. For a transaction involving
asets that do not constitute a busines, a gain or los resulting from the
transaction is recognised in the investor’s profit or los only to the extent
of the unrelated investor’s interest in that asociate or joint venture. The
amendments are to be aplied prospectively. The previous mandatory
efective date of amendments to HKFRS 10 and HKAS 28 was removed by
the HKICPA. However, the amendments are available for adoption now.
Amendments to HKAS 21 specify how an entity shal ases whether a
curency is exchangeable into another curency and how it shal estimate
a spot exchange rate at a measurement date when exchangeability is
lacking. The amendments require disclosures of information that enable
users of financial statements to understand the impact of a curency
not being exchangeable. Earlier aplication is permited. When aplying
the amendments, an entity canot restate comparative information.
Any cumulative efect of initialy aplying the amendments shal be
recognised as an adjustment to the opening balance of retained profits
or to the cumulative amount of translation diferences acumulated in a
separate component of equity, where apropriate, at the date of initial
aplication. The amendments are not expected to have any significant
impact on the Group’s financial statements.
Anual Improvements to HKFRS Acounting Standards – Volume 11 set
out amendments to HKFRS 1, HKFRS 7 (and the acompanying Guidance
on implementing HKFRS 7), HKFRS 9, HKFRS 10 and HKAS 7. Details of
the amendments that are expected to be aplicable to the Group are as
folows:
- : Disclosures: The amendments
have updated certain wording in paragraph B38 of HKFRS 7 and
paragraphs IG1, IG14 and IG20B of the Guidance on implementing
HKFRS 7 for the purpose of simplification or achieving consistency
with other paragraphs in the standard and/or with the concepts
and terminology used in other standards. In adition, the
amendments clarify that the Guidance on implementing HKFRS 7
does not necesarily ilustrate al the requirements in the referenced
paragraphs of HKFRS 7 nor does it create aditional requirements.
Earlier aplication is permited. The amendments are not expected
to have any significant impact on the Group’s financial statements.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.3
已颁布但尚未生效之香港财务
报告准则会计准则
（续）
•
香港财务报告准则第
号金融工具：该等
修订本澄清当承租人确定租赁负债已根
据香港财务报告准则第
号终止时，承租
人须应用香港财务报告准则第
号第
3.3.3
段，并于损益中确认任何因此产生的收益
或亏损。此外，该等修订本已更新香港财
务报告准则第
号第
5.1.3
段及香港财务报
告准则第
号附录
A
中的若干措辞，以消除
可能出现的混淆，并允许提早应用。该等
修订本预期不会对本集团之财务报表造
成任何重大影响。
•
香港财务报告准则第
号综合财务报表：
该等修订本澄清香港财务报告准则第
号
第
B74
段所述的关系仅为投资者与作为投
资者实际代理的其他各方之间可能存在
的各种关系的一个例子，从而消除与香港
财务报告准则第
号第
B73
段规定的不一
致之处，并允许提早应用。该等修订本预
期不会对本集团之财务报表造成任何重
大影响。
•
香港会计准则第
号现金流量表：该等修
订本先前删除香港会计准则第
号第
段
「成本法」的定义后，以「按成本」一词取代
「成本法」，并允许提早应用。该等修订本
预期不会对本集团之财务报表造成任何
影响。
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
- : The amendments clarify that when a
lese has determined that a lease liability has ben extinguished in
acordance with HKFRS 9, the lese is required to aply paragraph
3.3.3 of HKFRS 9 and recognise any resulting gain or los in profit or
los. In adition, the amendments have updated certain wording
in paragraph 5.1.3 of HKFRS 9 and Apendix A of HKFRS 9 to
remove potential confusion. Earlier aplication is permited. The
amendments are not expected to have any significant impact on
the Group’s financial statements.
- : The amendments
clarify that the relationship described in paragraph B74 of HKFRS
10 is just one example of various relationships that might exist
betwen the investor and other parties acting as de facto agents of
the investor, which removes the inconsistency with the requirement
in paragraph B73 of HKFRS 10. Earlier aplication is permited. The
amendments are not expected to have any significant impact on
the Group’s financial statements.
- : The amendments replace the term
“cost method” with “at cost” in paragraph 37 of HKAS 7 folowing the
prior deletion of the definition of “cost method”. Earlier aplication
is permited. The amendments are not expected to have any impact
on the Group’s financial statements.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
业务合并及商誉
受共同控制的业务合并
共同控制实体的业务合并采用权益结合法的
原则入账。被收购方的资产及负债按控股东
于收购日期的综合账目内的过往账面值列账。
就共同控制下的业务合并转让的代价与
(i)
本集
团应占被收购方于收购日期的过往资产净值；
及
(i)
本集团合并的被收购方的收购前储备总
和之间的差额，于综合权益变动表内入账列作
控股公司的注资或分派（如适用）。因此，并无
因共同控制下的业务合并而产生商誉或议价
购买收益。根据共同控制下的业务合并被收购
方的业绩自收购日期（即本集团取得控制权当
日）起综合入账，并继续综合入账直至有关控
制权终止当日为止。
其他业务合并
除受共同控制的业务外，其他业务合并乃采用
收购法入账。所转让代价乃按收购日期的公
平值计量，收购日期公平值是本集团所转让资
产之收购日期公平值、本集团为被收购方前拥
有人所承担之负债及本集团为交换被收购方
控制权而发行之股权的总值。就各业务并购而
言，本集团选择是按公平值还是被收购方可识
别资产净值的应占比例，计量于被收购方的非
控股权益。非控股权益的所有其他组成部分均
按公平值计量。收购相关成本于产生时支销。
当被收购业务及资产包括共同重大贡献输出
数据能力的输入数据及实质过程时，则本集团
厘定已收购业务。
本集团收购业务时根据按合约条款、收购日期
的经济状况及相关条件所作适当分类及指定
用途评估接收的金融资产及负债，其中包括分
离被收购方主合约中的嵌入式衍生工具。
2.4 MATERIAL ACOUNTING POLICIES
Busines combination and godwil
Busines combinations under comon control
Busines combinations of entities under comon control are acounted
for using the principle of the poling-of-interests method. The asets and
liabilities of the acquire are stated at their historical bok values caried
in the consolidated acounts of the controling shareholder at the date
of acquisition. The diference betwen the consideration transfered for
a busines combination under comon control and the total of (i) the
acquisition date historical net aset values of the acquire atributable to
the Group; and (i) the pre-acquisition reserves of the acquire combined
by the Group is acounted for as a contribution from or a distributed
to, as apropriate, holding companies in the consolidated statement of
changes in equity. Acordingly, there is no godwil or a gain on bargain
purchase as a result of a busines combination under comon control.
The results of the acquire under a busines combination under comon
control are consolidated from the date of acquisition, being the date on
which the Group obtains control, and continue to be consolidated until
the date such control ceases.
Other busines combinations
Busines combinations other than those under comon control
are acounted for using the acquisition method. The consideration
transfered is measured at the acquisition date fair value which is the
sum of the acquisition date fair values of asets transfered by the Group,
liabilities asumed by the Group to the former owners of the acquire
and the equity interests isued by the Group in exchange for control of
the acquire. For each busines combination, the Group elects whether
to measure the non-controling interests in the acquire at fair value or
at the proportionate share of the acquire’s identifiable net asets. Al
other components of non-controling interests are measured at fair value.
Acquisition-related costs are expensed as incured.
The Group determines that it has acquired a busines when the acquired
set of activities and asets includes an input and a substantive proces
that together significantly contribute to the ability to create outputs.
When the Group acquires a busines, it aseses the financial asets
and liabilities asumed for apropriate clasification and designation
in acordance with the contractual terms, economic circumstances
and pertinent conditions as at the acquisition date. This includes the
separation of embeded derivatives in host contracts of the acquire.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
业务合并及商誉（续）
其他业务合并（续）
倘业务合并分阶段进行，则先前所持股权按收
购日期公平值重新计量，而就此产生的任何收
益或亏损于损益或其他全面收益（如适当）确
认。
收购方将转让的任何或然代价按收购日期之
公平值确认。归类为资产或负债的或然代价按
公平值计量，而公平值的变动于损益确认。归
类为权益之或然代价毋须重新计量，随后结算
于权益列账。
商誉初始按成本计量，即所转让代价、已确认
非控股权益金额以及本集团先前所持被收购
方权益的任何公平值超出所收购可识别资产
及所承担负债之差额。倘该代价及其他项目总
额低于所收购资产净值的公平值，则差额经重
新评估后于损益确认为议价购买收益。
于初始确认后，商誉按成本减任何累计减值亏
损计量。每年对商誉进行减值测试，倘出现任
何事件或情况转变而显示账面值可能减值，则
会更频密测试。本集团于每年三月三十一日对
商誉进行减值测试。就减值测试而言，业务合
并所得商誉自收购当日起分配至本集团的各
个现金产生单位或各组现金产生单位（预期会
产生合并协同效益），而不论本集团其他资产
或负债有否指定拨往该等单位或单位组别。
减值金额透过评估商誉所属的现金产生单位
（现金产生单位组别）的可收回金额而厘定。倘
现金产生单位（现金产生单位组别）的可收回金
额低于账面值，则确认减值亏损。就商誉所确
认的减值亏损不会于其后期间拨回。
倘商誉分配至现金产生单位（或现金产生单位
组别），且该单位内部分业务已出售，则于厘定
出售的盈亏时，有关所出售业务的商誉计入业
务的账面值。在该等情况下出售的商誉根据所
出售业务的相关价值及所保留的部分现金产
生单位而计量。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Busines combination and godwil (continued)
Other busines combinations (continued)
If the busines combination is achieved in stages, the previously
held equity interest is remeasured at its acquisition date fair value
and any resulting gain or los is recognised in profit or los or other
comprehensive income, as apropriate.
Any contingent consideration to be transfered by the acquirer is
recognised at fair value at the acquisition date. Contingent consideration
clasified as an aset or liability is measured at fair value with changes
in fair value recognised in profit or los. Contingent consideration that
is clasified as equity is not remeasured and subsequent setlement is
acounted for within equity.
Godwil is initialy measured at cost, being the exces of the agregate
of the consideration transfered, the amount recognised for non-
controling interests and any fair value of the Group’s previously held
equity interests in the acquire over the identifiable asets acquired and
liabilities asumed. If the sum of this consideration and other items is
lower than the fair value of the net asets acquired, the diference is, after
reasesment, recognised in profit or los as a gain on bargain purchase.
After initial recognition, godwil is measured at cost les any
acumulated impairment loses. Godwil is tested for impairment
anualy or more frequently if events or changes in circumstances
indicate that the carying value may be impaired. The Group performs its
anual impairment test of godwil as at 31 March. For the purpose of
impairment testing, godwil acquired in a busines combination is, from
the acquisition date, alocated to each of the Group’s cash-generating
units, or groups of cash-generating units, that are expected to benefit
from the synergies of the combination, irespective of whether other
asets or liabilities of the Group are asigned to those units or groups of
units.
Impairment is determined by asesing the recoverable amount of the
cash-generating unit (group of cash-generating units) to which the
godwil relates. Where the recoverable amount of the cash-generating
unit (group of cash-generating units) is les than the carying amount,
an impairment los is recognised. An impairment los recognised for
godwil is not reversed in a subsequent period.
Where godwil has ben alocated to a cash-generating unit (or group
of cash-generating units) and part of the operation within that unit is
disposed of, the godwil asociated with the operation disposed of is
included in the carying amount of the operation when determining the
gain or los on the disposal. Godwil disposed of in these circumstances
is measured based on the relative value of the operation disposed of and
the portion of the cash-generating unit retained.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
于合营企业的投资
合营企业为一种合营安排，据此，对安排享有
共同控制权的订约方对合营企业的净资产享
有权利。共同控制指按照合约协定对一项安排
所共有的控制，其仅在有关活动要求享有控制
权的订约方作出一致同意的决定时存在。
本集团于合营企业的投资根据权益会计法按
本集团应占净资产减任何减值亏损于综合财
务状况表列账。倘会计政策存在任何不一致，
则会作出相应调整。
本集团于综合损益及其他全面收益分别计入
其分占合营企业收购后业绩及其他全面收益。
此外，当直接于合营企业的权益中确认变动
时，则本集团于综合权益变动表确认其应占任
何变动（如适用）。本集团与合营企业进行交易
而产生的未实现盈亏互相抵销，金额以本集团
于合营企业的投资为限，但倘未实现亏损证明
所转让资产发生减值则除外。收购合营企业产
生的商誉包括计作本集团于合营企业投资的
一部分。
于丧失对合营企业的共同控制权时，本集团按
公平值计量及确认任何保留投资。于丧失共同
控制权时合营企业的账面值与保留投资的公
平值及出售所得款项之间的任何差额于损益
内确认。
当对合营企业的投资被归类为持有待售资产，
该投资将根据香港财务报告准则第
号持作出
售非流动资产及终止经营业务入账。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investments in joint ventures
A joint venture is a type of joint arangement whereby the parties that
have joint control of the arangement have rights to the net asets of the
joint venture. Joint control is the contractualy agred sharing of control
of an arangement, which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing control.
The Group’s investments in joint ventures are stated in the consolidated
statement of financial position at the Group’s share of net asets
under the equity method of acounting, les any impairment loses.
Adjustments are made to bring into line any disimilar acounting
policies that may exist.
The Group’s share of the post-acquisition results and other
comprehensive income of joint ventures is included in consolidated
profit or los and other comprehensive income, respectively. In adition,
when there has ben a change recognised directly in the equity of
the joint venture, the Group recognises its share of any changes,
when aplicable, in the consolidated statement of changes in equity.
Unrealised gains and loses resulting from transactions betwen the
Group and joint ventures are eliminated to the extent of the Group’s
investments in the joint ventures, except where unrealised loses provide
evidence of an impairment of the asets transfered. Godwil arising
from the acquisition of joint ventures is included as part of the Group’s
investments in joint ventures.
Upon los of joint control over the joint venture, the Group measures
and recognises any retained investment at its fair value. Any diference
betwen the carying amount of joint venture upon los of joint control
and the fair value of the retained investment and proceds from disposal
is recognised in profit or los.
When an investment in a joint venture is clasified as held for sale, it is
acounted for in acordance with HKFRS 5 Non-curent Asets Held for
Sale and Discontinued Operations.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
公平值计量
本集团于各报告期末计量投资物业、按公平值
经损益入账之金融资产。公平值为市场参与者
于计量日在有序交易中出售资产所收取之价
格或转让负债所支付之价格。公平值计量乃根
据假设出售资产或转让负债之交易在资产或
负债之主要市场或（在无主要市场之情况下）在
资产或负债之最具优势市场进行而作出。主要
或最具优势市场必须为本集团可进入之市场。
资产或负债之公平值乃按假设市场参与者于
资产或负债定价时会以最佳经济利益行事计
量。
非金融资产之公平值计量考虑到市场参与者
透过使用其资产之最高及最佳用途或透过将
资产出售予将使用其最高及最佳用途之另一
市场参与者而产生经济利益之能力。
本集团使用在属适当情况下且具备充足数据
可供计量公平值之估值方法，以尽量增加使用
相关可观察输入数据及尽量减少使用不可观
察输入数据。
所有其公平值会被计量或于财务报表披露之
资产及负债乃按整体对公平值计量属重要之
最低级别输入数据在下述公平值等级内分类：
第一级—基于相同资产或负债于活
跃市场之报价（未经调整）
第二级—基于对公平值计量属重要
之最低级别输入数据均可
直接或间接被观察之估值
方法
第三级—基于对公平值计量属重要
之最低级别输入数据为不
可观察之估值方法
就经常于财务报表确认之资产及负债而言，本
集团透过于各报告期末重新评估分类（基于整
体对公平值计量属重要之最低级别输入数据）
厘定等级内各级之间有否出现转换。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Fair value measurement
The Group measures its investment properties, financial asets at FVTPL
at the end of each reporting period. Fair value is the price that would
be received to sel an aset or paid to transfer a liability in an orderly
transaction betwen market participants at the measurement date. The
fair value measurement is based on the presumption that the transaction
to sel the aset or transfer the liability takes place either in the principal
market for the aset or liability, or in the absence of a principal market,
in the most advantageous market for the aset or liability. The principal
or the most advantageous market must be acesible by the Group. The
fair value of an aset or a liability is measured using the asumptions
that market participants would use when pricing the aset or liability,
asuming that market participants act in their economic best interest.
A fair value measurement of a non-financial aset takes into acount
a market participant’s ability to generate economic benefits by using
the aset in its highest and best use or by seling it to another market
participant that would use the aset in its highest and best use.
The Group uses valuation techniques that are apropriate in the
circumstances and for which suficient data are available to measure fair
value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
Al asets and liabilities for which fair value is measured or disclosed in
the financial statements are categorised within the fair value hierarchy,
described as folows, based on the lowest level input that is significant to
the fair value measurement as a whole:
Level 1–based on quoted prices (unadjusted) in active markets for
identical asets or liabilities
Level 2–based on valuation techniques for which the lowest level
input that is significant to the fair value measurement is
observable, either directly or indirectly
Level 3–based on valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable
For asets and liabilities that are recognised in the financial statements on
a recuring basis, the Group determines whether transfers have ocured
betwen levels in the hierarchy by reasesing categorisation (based on
the lowest level input that is significant to the fair value measurement as
a whole) at the end of each reporting period.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
投资物业
投资物业指持作赚取租金及╱或待资产增值
之土地及楼宇（包括使用权资产）（包括为此目
的之在建物业）。
投资物业初步按成本计值，包括任何直接应占
支出。初次确认以后，投资物业按反映报告期
末市场状况的公平值计量。
投资物业公平值变动所产生之收益或亏损计
入其产生期间内之损益中。
投资物业于出售或当投资物业被永久弃置及
预期出售该投资物业不会带来未来经济利益
时被取消确认。取消确认物业所产生之任何盈
亏（按出售所得款项净额与物业账面值之差额
计算）于取消确认期间内计入损益。
物业、厂房及设备以及折旧
除在建工程外，物业、厂房及设备为持作用于
生产或供应货品或服务或作行政用途之有形
资产。物业、厂房及设备以成本减累计折旧及
任何减值亏损列账。
成本包括使资产达到能够按照管理层拟定的
方式开展经营所必要的位置及条件而直接产
生的任何成本，包括测试相关资产是否正常运
行的成本及（就合资格资产而言）根据本集团会
计政策资本化的借贷成本。该等资产于可作拟
定用途时按与其他物业资产相同的基准开始
折旧。
报废或出售物业、厂房及设备项目所产生之损
益是以资产之出售所得款项净额与账面值之
间之差额厘定，并在报废或出售当日在损益内
确认。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investment properties
Investment properties are interests in land and buildings (including
right-of-use asets) held to earn rentals and/or for capital apreciation
(including properties under construction for such purposes).
Investment properties are initialy measured at cost, including any
directly atributable expenditure. Subsequent to initial recognition,
investment properties are measured at fair value, which reflects market
conditions at the end of the reporting period.
Gains or loses arising from changes in the fair value of investment
properties are included in profit or los for the period in which they arise.
An investment property is derecognised upon disposal or when the
investment property is permanently withdrawn from use and no future
economic benefits are expected from its disposals. Any gain or los
arising on derecognition of the property (calculated as the diference
betwen the net disposal proceds and the carying amount of the
property) is included in profit or los in the period which the property is
derecognised.
Property, plant and equipment and depreciation
Property, plant and equipment, other than construction in progres, are
tangible asets that are held for use in the production or suply of gods
or services, or for administrative purposes. Property, plant and equipment
are stated at cost les acumulated depreciation and any impairment
loses.
Costs include any costs directly atributable to bringing the aset to the
location and condition necesary for it to be capable of operating in the
maner intended by management, including costs of testing whether
the related asets is functioning properly and, for qualifying asets,
borowing costs capitalised in acordance with the Group’s acounting
policy. Depreciation of property, plant and equipment comences when
the asets are ready for their intended use.
Gains or loses arising from the retirement or disposal of an item of
property, plant and equipment are determined as the diference betwen
the net disposal proced and the carying amount of the item and are
recognised in profit or los on the date of retirement or disposal.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
物业、厂房及设备以及折旧（续）
物业、厂房及设备之折旧乃按下列预计可使用
年限，在扣除其残值（如有）后，以直线法撇销
其成本计算。计算折旧的主要年率如下：
楼宇
/3%
或相关租赁的年期，以较
短者为准
租赁物业
装修
10%
或相关租赁的年期，以较短
者为准
家具、设备及
汽车
5–10%
倘物业、厂房及设备项目各部分之可使用年期
不同，该项目之成本按合理基准于各部分之间
分配，每部分开折旧。资产之可使用年期及
其残值（如有）每年审阅。
租赁
本集团于合约开始时评估合约是否为或包含
租赁。倘合约获给予控制权于某一段时间内使
用可识别资产以换取代价，则该合约属租赁或
包含租赁。
本集团作为承租人
本集团对所有租赁（惟短期租赁及低价值资产
租赁除外）采取单一确认及计量方法。本集团
确认租赁负债以作出租赁付款，而使用权资产
指使用相关资产的权利。
(a)
短期租赁及低价值资产租赁
本集团对雇员宿舍及办公室租赁（自开始
日期起租赁期为
个月或以下且不含购买
选择权之租赁）应用短期租赁确认豁免。
本集团亦就任何低价值资产租赁应用豁
免。短期租赁及低价值资产租赁之租赁付
款以直线法按租赁期确认为开支。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Property, plant and equipment and depreciation (continued)
Depreciation is calculated to write of the cost of items of property,
plant and equipment, les their estimated residual value, if any, using
the straight-line method over their estimated useful lives. The principal
anual rates used for depreciation are as folows:
Buildings3
/3% or over the terms of the relevant leases,
whichever is shorter
Leasehold
improvements
10% or over the terms of the relevant leases,
whichever is shorter
Furniture, equipment
and motor vehicles
5-10%
Where parts of an item of property, plant and equipment have diferent
useful lives, the cost of the items is alocated on a reasonable basis
betwen the parts and each part is depreciated separately. Both the
useful life of an aset and its residual value, if any, are reviewed anualy.
Leasing
The Group aseses at contract inception whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified aset for a period of time in
exchange for consideration.
The Group as a lese
The Group aplies a single recognition and measurement aproach for
al leases, except for short-term leases and leases of low-value asets. The
Group recognises lease liabilities to make lease payments and right-of-
use asets representing the right to use the underlying asets.
(a) Short-term leases and leases of low-value asets
The Group aplies the short-term lease recognition exemption to
leases of staf quarter and ofice premises that have a lease term
of 12 months or les from the comencement date and do not
contain a purchase option. It also aplies the recognition exemption
for any lease of low-value asets. Lease payments on short-term
leases and any leases of low-value asets are recognised as expense
on a straight-line basis over the lease term.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
租赁（续）
本集团作为承租人（续）
(b)
使用权资产
使用权资产于租赁开始日期确认（即相关
资产可供使用之日期）。使用权资产之成
本包括：
•
租赁负债之初始计量金额；
•
于开始日期或之前作出之任何租赁
付款，减任何已收租赁优惠；
•
本集团产生之任何初始直接成本；及
•
本集团于拆除及拆迁相关资产、复原
相关资产所在场地或复原相关资产
至租赁之条款及条件所规定之状况
时估计产生之成本。
当使用权资产与作为存货持有之租赁土
地权益相关时，则其后根据本集团之「在
建物业」或「持作出售物业」政策按成本及
可变现净值两者中之较低者计量。倘使用
权资产符合投资物业之定义，则该资产计
入投资物业。相应之使用权资产于开始时
按成本计量，而其后须根据本集团对「投
资物业」之政策按公平值计量。
倘本集团合理确定于租期届满时取得相
关租赁资产的所有权，则使用权资产自开
始日期起至可使用年期届满期间折旧。否
则，使用权资产按其估计可使用年期及租
期的较短者以直线法折旧如下：
租赁土地
2%
或介乎
至
年的相关
租赁的年期，以较短者为准
楼宇介乎
至
年的租赁年期
本集团于综合财务状况表内将不符合投
资物业及存货定义之使用权资产呈列为
独立项目。符合投资物业定义之使用权资
产分别呈列为「投资物业」及「在建物业」或
「持作出售物业」。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Leasing (continued)
The Group as a lese (continued)
(b) Right-of-use asets
Right-of-use asets are recognised at the comencement date of
the lease (that is the date the underlying aset is available for use).
The cost of right-of-use aset includes:
- ;
• any lease payments made at or before the comencement
date, les any lease incentives received;
- ; and
• an estimate of costs to be incured by the Group in
dismantling and removing the underlying asets, restoring the
site on which it is located or restoring the underlying aset
to the condition required by the terms and conditions of the
lease, unles those costs are incured to produce inventories.
When the right-of-use asets relate to interests in leasehold land
held as inventories, they are subsequently measured at the lower
of cost and net realisable value in acordance with the Group’s
policy for “properties under development” or “properties held for
sale”. When a right-of-use aset mets the definition of investment
property, it is included in investment properties. The coresponding
right-of-use aset is initialy measured at cost, and subsequently
measured at fair value, in acordance with the Group’s policy for
“investment properties”.
Right-of-use asets in which the Group is reasonably certain to
obtain ownership of the underlying leased asets at the end of the
lease term are depreciated from comencement date to the end
of the useful live. Otherwise, right-of-use asets are depreciated on
a straight-line basis over the shorter of its estimated useful live and
the lease term as folows:
Leasehold land2% or over the terms of the relevant leases ranging
from 16 to 30 years, whichever is shorter
BuildingsOver the lease terms of 2 to 6 years
The Group presents right-of-use asets that do not met the
definition of investment property or inventory as a separate line
item on the consolidated statement of financial position. Right-
of-use asets that met the definition of investment property
or inventories are presented within “investment properties” and
“properties under development” or “properties held for sale”,
respectively.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
租赁（续）
本集团作为承租人（续）
(c)
租赁负债
于租赁开始日期，本集团以于该日期尚未
支付之租赁付款之现值确认并计量租赁
负债。倘租赁隐含之利率不易厘定，则本
集团会使用于租赁开始日期之增量借贷
利率计算租赁付款现值。
租赁付款包括：
•
固定付款（包括实质固定付款）减任何
应收租赁优惠；
•
取决于指数或比率之可变租赁付款，
初步按开始日期之指数或利率计量；
•
剩余价值担保下之预期获承租人支
付款项；
•
购买权之行使价（倘承租人能合理行
使该权利）；及
•
为终止租赁而支付之罚款（倘租期反
映终止租赁之选择权获行使）。
于开始日期后，租赁负债透过增加利息及
租赁付款作出调整。
不取决于某一指数或比率的可变租赁付
款于触发付款的事件或条件发生的期间
确认为开支。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Leasing (continued)
The Group as a lese (continued)
(c) Lease liabilities
At the comencement date of a lease, the Group recognises and
measures the lease liability at the present value of lease payments
that are unpaid at that date. In calculating the present value of lease
payments, the Group uses the incremental borowing rate at the
lease comencement date if the interest rate implicit in the lease is
not readily determinable.
Lease payments included:
- ,
les any lease incentives receivable;
• variable lease payments that depend on an index or
rate, initialy measured using the index or rate at the
comencement date;
• the amount expected to be payable by the lese under
residual value guarantes;
- , if the lese is
reasonably certain to exercise the options; and
- , if the lease
term reflects the exercise of an option to terminate the lease.
After the comencement date, lease liabilities are adjusted by
interest acretion and lease payments.
The variable lease payments that do not depend on an index or a
rate are recognised as an expense in the period in which the event
or condition that trigers the payment ocurs.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
租赁（续）
本集团作为承租人（续）
(c)
租赁负债（续）
本集团于以下情况重新计量租赁负债（并
就有关使用权资产作相应调整）：
•
租期有变或有关行使购买权之评估
有变，于此情况下，相关租赁负债透
过（按于重新评估日期之经修订贴现
率）贴现经修订租赁付款而重新计
量。
•
租赁付款因进行市场租金调查后市
场租金有变╱有担保剩余价值下预
期付款变动而出现变动，于此情况
下，相关租赁负债透过（按初始贴现
率）贴现经修订租赁付款而重新计
量。
租赁负债于综合财务状况表内呈列为独
立项目。
就并非作为单独租赁入账的租赁修改而
言，本集团透过使用修改生效日期的经修
订贴现率贴现经修订租赁款项，且根据经
修改租赁的租期而重新计量租赁负债减
任何应收租赁优惠。
本集团通过对相关使用权资产及就提早
╱部分终止租赁于损益确认的任何差异
进行相应调整来对租赁负债进行重新计
量。当修改后的合约包含一个或多个其他
租赁组成部分时，本集团会根据租赁部分
的相对独立价格将修改后的合约中的代
价分配给每个租赁组成部分及非租赁部
分的独立价格。相关非租赁组成部分计入
各租赁组成部分。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Leasing (continued)
The Group as a lese (continued)
(c) Lease liabilities (continued)
The Group remeasures lease liabilities (and makes a coresponding
adjustment to the related right-of-use asets) whenever:
• the lease term has changed or there is a change in the
asesment of exercise of a purchase option, in which case the
related lease liability is remeasured by discounting the revised
lease payments using a revised discount rate at the date of
reasesment.
• the lease payments change due to changes in market rental
rates folowing a market rent review/expected payment
under a guaranted residual value, in which cases the related
lease liability is remeasured by discounting the revised lease
payments using the initial discount rate.
The lease liability is presented as a separate line in the consolidated
statement of financial position.
For a lease modification that is not acounted for as a separate lease,
the Group remeasures the lease liability, les any lease incentives
receivable, based on the lease term of the modified lease by
discounting the revised lease payments using a revised discount
rate at the efective date of the modification.
The Group acounts for the remeasurement of lease liabilities by
making coresponding adjustments to the relevant right-of-use
asets with any diferences recognised in profit or los for early/
partial termination of a lease. When the modified contract contains
one or more aditional 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.
The asociated non-lease components are included in the
respective lease components.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
租赁（续）
本集团作为出租人
(a)
租赁之分类及计量
本集团为出租人的租赁分类为融资租赁
或经营租赁。只要租赁条款将相等于相关
资产所有权的绝大部分风险及报酬转移
给承租人，合约会被分类为融资租赁。所
有其他租赁均分类为经营租赁。
根据融资租赁应收承租人的款项于开始
日期确认为应收融资租赁，其金额等于本
集团租赁净投资，并使用各个租赁中隐含
的利率计量。初始直接成本（除制造商或
经销商出租人所产生的有关费用外）载于
租赁净投资的初始计量内。利息收入被分
配至会计期间，以反映本集团有关租赁的
未偿还净投资的固定期收益率。
经营租赁之租金收入按直线法在有关租
赁之租期内确认。在磋商和安排经营租赁
期间录得的初始直接成本加入租赁资产
的账面值，而有关成本于租期内以直线法
确认为开支，惟按公平值模型计量之投资
物业除外。
产生自本集团日常业务过程的利息及租
金收入乃作为收入呈列。
如本集团为中介出租人，则参考原租赁产
生的使用权资产将转租赁分类为融资租
赁或经营租赁。如原租赁为本集团采用资
产负债表内确认豁免的短期租赁，则本集
团将转租赁分类为经营租赁。
(b)
分配代价至合约部分
当合约包括租赁及非租赁部分，本集团基
于彼等相对独立的售价，将合约代价分配
至租赁及非租赁组成部分。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Leasing (continued)
The Group as a lesor
(a) Clasification and measurement of leases
Leases for which the Group is a lesor are clasified as finance
or operating leases. Whenever the terms of the lease transfer
substantialy al the risks and rewards incidental to ownership of the
underlying aset to the lese, the contract is clasified as a finance
lease. Al other leases are clasified as operating leases.
Amounts due from leses under finance leases are recognised as
receivables at the comencement date at amounts equal to the
Group’s net investment in the leases, measured using the interest
rate implicit in the respective leases. Initial direct costs (other than
those incured by manufacturer or dealer lesors) are included in the
initial measurement of the net investments in the leases. Interest
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 term of the relevant lease. Initial
direct costs incured in negotiating and aranging an operating
lease are aded to the carying amount of the leased aset, and
such costs are recognised as an expense on a straight-line basis over
the lease term except for investment properties measured under fair
value model.
Interest and rental income which are derived from the Group’s
ordinary course of busines are presented as revenue.
When the Group is an intermediate lesor, a sublease is clasified as
a finance lease or operating lease with reference to the right-of-use
aset arising from the head lease. If the head lease is a short term
lease to which the Group aplies the on-balance shet recognition
exemption, the Group clasifies the sublease as an operating lease.
(b) Alocation of consideration to components of a contract
When a contract includes both lease and non-lease components,
the Group alocate the consideration in a contract to lease and non-
lease component on the basis of their relative stand-alone seling
prices.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
非金融资产减值
于各报告期末均会审核内部及外部资料，以识
别下列资产是否可能出现减值迹象或（商誉除
外）之前已确认之减值亏损是否不再存在或已
减少：
•
物业、厂房及设备；
•
使用权资产；及
•
预付款项。
倘出现任何减值迹象，则将估算资产之可收回
金额。
•
计算可收回金额
资产之可收回金额乃公平值减出售成本
与使用价值之较高者。评估使用价值时，
估计日后现金流量以除税前折现率折现
至现值，该折现率反映现时市场对金钱时
间值及该项资产之特定风险之评估。倘资
产未能以大致独立于其他资产之方式产
生现金流入，则以资产所属的现金产生单
位厘定可收回金额。
•
减值亏损确认
当资产或其所属之现金产生单位账面值
高于其可收回金额时，则于损益确认减值
亏损。现金产生单位之已确认减值亏损会
首先分配，以扣减该现金产生单位或一组
单位所获分配任何商誉之账面值，然后再
按比例扣减该单位或一组单位内其他资
产之账面值，惟资产之账面值不得减至
低于其个别公平值减出售成本或使用价值
（如可厘定）。
•
减值亏损拨回
于各报告期末会评估有否迹象显示先前
确认之减值亏损已不再存在或有所减少。
倘出现该等迹象，则估计资产之可收回金
额。当用以厘定资产可收回金额之估计有
变，方会拨回该资产先前确认之减值亏损
（不包括商誉），惟所拨回金额不可超过
过往年度在并无就该资产确认减值亏损
的情况下厘定之账面值（扣除任何折旧╱
摊销）。拨回的减值亏损于产生期间计入
损益。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Impairment of non-financial asets
Internal and external sources of information are reviewed at the end of
each reporting period to identify indications that the folowing asets
may be impaired or, except in the case of godwil, an impairment los
previously recognised no longer exists or may have decreased:
- , plant and equipment;
- ; and
• prepayments
In any such indication exists, the aset’s recoverable amount is estimated.
• Calculation of recoverable amount
The recoverable amount of an aset is the higher of its fair value
les costs of disposal and value-in-use. In asesing value-in-use,
the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects curent market
asesments of the time value of money and the risks specific to
the aset. Where an aset does not generate cash inflows largely
independent of those from other asets, the recoverable amount
is determined for the cash-generating unit to which the asets
belongs.
• Recognition of impairment loses
An impairment los is recognised in profit or los whenever the
carying amount of an aset, or the cash-generating unit to which
it belongs, exceds its recoverable amount. Impairment loses
recognised in respect of cash-generating units are alocated first to
reduce the carying amount of any godwil alocated to the cash-
generated unit (or group of units) and then, to reduce the carying
amount of the other asets in the unit (or group of units) on a pro
rata basis, except that the carying amount of an aset wil not be
reduced below its individual fair value les costs of disposal, or
value-in-use, if determinable.
• Reversals of impairment loses
An asesment is made at the end of each reporting period as
to whether there is an indication that previously recognised
impairment loses may no longer exist or may have decreased.
If such an indication exists, the recoverable amount is estimated.
A previously recognised impairment los of an aset other than
godwil is reversed only if there has ben a change in the estimates
used to determine the recoverable amount of that aset, but not
to an amount higher than the carying amount that would have
ben determined (net of any depreciation/amortisation) had no
impairment los ben recognised for the aset in prior years. A
reversal of such an impairment los is credited to profit or los in the
period in which it arises.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
非金融资产减值（续）
•
分配企业资产
于测试现金产生单位之减值时，倘可设立
合理及一致的分配标基准，则企业资产会
分配至相关现金产生单位，或分配至现金
产生单位内可设立合理及一致的分配标
基准的最小组别。可收回金额按企业资产
所属现金产生单位或现金产生单位组别
厘定，并与相关现金产生单位或现金产生
单位组别之账面值相比较。
在建物业
在建物业按成本与可变现净值的较低者列账，
包括建筑成本、借贷成本、专业费用、土地使
用权付款及于发展期内产生由该等物业直接
应占的其他成本。可变现净值由本公司董事根
据当前市价、估计建筑成本以及销售物业所需
成本，按个别物业基准估计。
在建物业归类为流动资产，除非有关物业开发
项目的建筑工程预期需要超过正常营运周期
方可完成，则作别论。竣工后，物业则转拨至
持作出售物业。
在项目竣工前，就预售在建物业已收及应收买
家的销售按金╱分期付款，均计入合约负债。
倘使用权资产与持有在建物业的租赁土地权
益相关，则随后根据本集团在建物业的政策，
以成本及可变现净值中的较低者计量。
持作出售物业
持作出售物业以成本及可变现净值中的较低
者呈列。成本乃按摊分未出售物业应占土地及
楼宇总成本后厘定。可变现净值乃本集团董事
基于当时市价及估计销售所需成本，按个别物
业基准厘定。
倘使用权资产与持作出售物业之租赁土地权
益相关，则随后根据本集团持作出售物业的政
策，以成本及可变现净值中的较低者计量。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Impairment of non-financial asets (continued)
• Alocation of corporate asets
In testing a cash-generating unit for impairment, corporate
asets are alocated to the relevant cash-generating unit when a
reasonable and consistent basis of alocation can be established,
or otherwise they are alocated to the smalest group of cash
generating units for which a reasonable and consistent alocation
basis can be established. The recoverable amount is determined for
the cash-generating unit or group of cash-generating units to which
the corporate aset belongs, and is compared with the carying
amount of the relevant cash-generating unit or group of cash-
generating units.
Properties under development
Properties under development are stated at the lower of cost and net
realisable value and comprise construction costs, borowing costs,
profesional fes, payments for land use rights and other costs directly
atributable to such properties incured during the development period.
Net realisable value is estimated by the Company’s directors based on
the prevailing market prices and estimated construction cost and costs
necesary to make the sale on an individual property basis.
Properties under development are clasified as curent asets unles the
construction of the relevant property development project is expected
to complete beyond the normal operating cycle. On completion, the
properties are transfered to completed properties held for sale.
Sales deposits/instalments received and receivable from purchasers
in respect of the pre-sale of properties under development prior to
completion of the development are included in contract liabilities.
When the right-of-use asets relate to interests in leasehold land held as
properties under development, they are subsequently measured at the
lower of cost and net realisable value in acordance with the Group’s
policy for properties under development.
Properties held for sale
Properties held for sale are stated at the lower of cost and net realisable
value. Cost is determined by an aportionment of the total land and
building costs atributable to unsold properties. Net realisable value is
estimated by the Group’s directors based on the prevailing market prices
and estimated costs necesary to make the sale on an individual property
basis.
When the right-of-use asets relate to interests in leasehold land held as
properties held for sale, they are subsequently measured at the lower of
cost and net realisable value in acordance with the Group’s policy for
properties held for sale.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
投资及其他金融资产
初步确认及计量
金融资产于初步确认时乃分类为其后按摊销
成本计量、按公平值计入其他全面收益，以及
按公平值计入损益。
金融资产于初步确认时之分类取决于金融资
产之合约现金流量特征，及本集团管理金融资
产之业务模式。除并无包含重大融资组成部份
之贸易应收款项或本集团已应用切实可行之
权宜方法不就重大融资组成部份之影响作调
整之应收账款外，本集团初步按公平值计量金
融资产，而倘金融资产并非按公平值计入损
益，则会加上交易成本。并无包含重大融资组
成部份之贸易应收款项或本集团已应用切实
可行之权宜方法之应收账款按依照下文「收益
确认」所载政策根据香港财务报告准则第
号
厘定之交易价计量。
金融资产必须产生仅为支付本金及未偿还本
金之利息（「
SPI
」）之现金流量，方会分类为按
摊销成本或按公平值计入其他全面收益计量。
不论任何业务模式，拥有并非
SPI
之现金流量
之金融资产按公平值计入损益分类及计量。
本集团管理金融资产之业务模式指本集团如
何管理其金融资产以产生现金流量。业务模式
厘定现金流量是否因收取合约现金流量、出售
金融资产或因前述两者而引起。按摊销成本分
类及计量之金融资产乃于以持有金融资产以
收取合约现金流量为目的之业务模式内持有，
而按公平值计入其他全面收益分类及计量之
金融资产乃于以持作收取合约现金流量及出
售为目的之业务模式内持有。并非于上述业务
模式内持有之金融资产乃按公平值计入损益
分类及计量。
须于规例或市场惯例所订期间内交付资产之
金融资产买卖于买卖日期确认，即本集团承诺
购买或出售资产日期。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investments and other financial asets
Initial recognition and measurement
Financial asets are clasified, at initial recognition, as subsequently
measured at amortised cost, fair value through other comprehensive
income, and FVTPL.
The clasification of financial asets at initial recognition depends
on the financial aset’s contractual cash flow characteristics and the
Group’s busines model for managing them. With the exception of trade
receivables that do not contain a significant financing component or for
which the Group has aplied the practical expedient of not adjusting the
efect of a significant financing component, the Group initialy measures
a financial aset at its fair value plus in the case of a financial aset not
at FVTPL, transaction costs. Trade receivables that do not contain a
significant financing component or for which the Group has aplied the
practical expedient are measured at the transaction price determined
under HKFRS 15 in acordance with the policies set out for “Revenue
recognition” below.
In order for a financial aset to be clasified and measured at amortised
cost or fair value through other comprehensive income, it neds to
give rise to cash flows that are solely payments of principal and interest
(“SPI”) on the principal amount outstanding. Financial asets with cash
flows that are not SPI are clasified and measured at FVTPL, irespective
of the busines model.
The Group’s busines model for managing financial asets refers to
how it manages its financial asets in order to generate cash flows.
The busines model determines whether cash flows wil result from
colecting contractual cash flows, seling the financial asets, or both.
Financial asets clasified and measured at amortised cost are held within
a busines model with the objective to hold financial asets in order
to colect contractual cash flows, while financial asets clasified and
measured at fair value through other comprehensive income are held
within a busines model with the objective of both holding to colect
contractual cash flows and seling. Financial asets which are not held
within the aforementioned busines models are clasified and measured
at FVTPL.
Purchases or sales of financial asets that require delivery of asets within
the period generaly established by regulation or convention in the
marketplace are recognised on the trade date, that is, the date that the
Group comits to purchase or sel the aset.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
投资及其他金融资产（续）
其后计量
金融资产之其后计量根据其分类进行，方式如
下：
按摊销成本计值之金融资产（债务工具）
按摊销成本计值之金融资产其后以实际利率
法计量，并可予减值。倘资产被终止确认、修
订或出现减值，则收益及亏损会于收益表确
认。
按公平值经损益入账之金融资产
按公平值经损益入账之金融资产于财务状况
表内按公平值列账，而公平值变动净额则于损
益内确认。
此类别包括本集团并无不可撤回地选择按公
平值计入其他全面收益分类之衍生工具及股
本投资。股本投资股息亦于付款权利确立时在
损益内确认为其他收入。
倘嵌入混合约（包括金融负债或非财务主体）
之衍生工具备与主体不紧密相关之经济特
征及风险；具备与嵌入式衍生工具相同条款之
单独工具符合衍生工具之定义；及混合约
并非按公平值计入损益计量，该衍生工具与主
体分开并作为单独衍生工具列账。嵌入式衍生
工具按公平值计量，而公平值变动于损益中确
认。仅当合约条款出现变动而大幅改变其他情
况下所需现金流量时，或将金融资产从按公平
值计入损益重新分类时，方会进行重新评估。
嵌入混合约（包含金融资产主体）之衍生工具
并不单独入账。金融资产主体连同嵌入式衍生
工具须整体分类为按公平值计入损益之金融
资产。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investments and other financial asets (continued)
Subsequent measurement
The subsequent measurement of financial asets depends on their
clasification as folows:
Financial asets at amortised cost (debt instruments)
Financial asets at amortised cost are subsequently measured using the
efective interest method and are subject to impairment. Gains and loses
are recognised in profit or los when the aset is derecognised, modified
or impaired.
Financial asets at FVTPL
Financial asets at FVTPL are caried in the statement of financial position
at fair value with net changes in fair value recognised in profit or los.
This category includes derivative instruments and equity investments
which the Group had not irevocably elected to clasify at fair value
through other comprehensive income. Dividends on the equity
investments are also recognised as other income in profit or los when
the right of payment has ben established.
A derivative embeded in a hybrid contract, with a financial liability
or non-financial host, is separated from the host and acounted for as
a separate derivative if the economic characteristics and risks are not
closely related to the host; a separate instrument with the same terms as
the embeded derivative would met the definition of a derivative; and
the hybrid contract is not measured at FVTPL. Embeded derivatives are
measured at fair value with changes in fair value recognised in profit or
los. Reasesment only ocurs if there is either a change in the terms
of the contract that significantly modifies the cash flows that would
otherwise be required or a reclasification of a financial aset out of the
FVTPL category.
A derivative embeded within a hybrid contract containing a financial
aset host is not acounted for separately. The financial aset host
together with the embeded derivative is required to be clasified in its
entirety as a financial aset at FVTPL.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
取消确认金融资产
金融资产（或如适用，金融资产之其中部份或
一组类似之金融资产之其中部份）主要在下列
情况下取消确认（即从本集团综合财务状况表
中移除）：
•
自资产收取现金流量之权利已届满；或
•
本集团已转让其自资产收取现金流量之
权利，或根据「转递」安排承担责任须于并
无重大延误之情况下向第三方全数支付
已收取之现金流量；并且
(a)
本集团已转让
资产之大部份风险及回报，或
(b)
本集团并
无转让或保留资产之大部份风险及回报，
惟已转让资产之控制权。
当本集团已转让其自资产收取现金流量之权
利或已订立转递安排时，本集团会对其拥有该
资产之风险及回报之存在性及有关程度予以
评估。倘其并无转让或保留资产之大部份风险
及回报，亦无转让资产之控制权之情况下，则
本集团继续按本集团持续参与之程度确认该
转让资产。在此情况下，本集团亦会确认相关
负债。已转让资产及相关负债乃按反映本集团
保留之权利及责任之基准计量。
本集团以担保形式持续参与已转让资产，该已
转让资产乃以该项资产之原账面值及本集团
可能需要支付之最高代价两者之较低者计量。
投资及其他金融资产
金融资产减值
本集团就所有并非按公平值计入损益持有之
债务工具确认预期信贷亏损（「预期信贷亏损」）
拨备
。
预期信贷亏损乃以根据合约应付之合
约现金流量与本集团预期收取之所有现金流
量之间之差额为基准
，
并按与原有实际利率
相近之利率贴现
。
预期现金流量将包括来自
销售所持抵押品或构成合约条款组成部份之
其他增信安排之现金流量
。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Derecognition of financial asets
A financial aset (or, where aplicable, a part of a financial aset or part of
a group of similar financial asets) is primarily derecognised (i.e., removed
from the Group’s consolidated statement of financial position) when:
- ; or
• the Group has transfered its rights to receive cash flows from the
aset or has asumed an obligation to pay the received cash flows
in ful without material delay to a third party under a “pas-through”
arangement; and either (a) the Group has transfered substantialy
al the risks and rewards of the aset, or (b) the Group has neither
transfered nor retained substantialy al the risks and rewards of the
aset, but has transfered control of the aset.
When the Group has transfered its rights to receive cash flows from an
aset or has entered into a pas-through arangement, it evaluates if, and
to what extent, it has retained the risk and rewards of ownership of the
aset. When it has neither transfered nor retained substantialy al the
risks and rewards of the aset nor transfered control of the aset, the
Group continues to recognise the transfered aset to the extent of the
Group’s continuing involvement. In that case, the Group also recognises
an asociated liability. The transfered aset and the asociated liability
are measured on a basis that reflects the rights and obligations that the
Group has retained.
Continuing involvement that takes the form of a guarante over the
transfered aset is measured at the lower of the original carying amount
of the aset and the maximum amount of consideration that the Group
could be required to repay.
Investments and other financial asets
Impairment of financial asets
The Group recognises an alowance for expected credit loses (“ECLs”) for
al debt instruments not held at FVTPL. ECLs are based on the diference
betwen the contractual cash flows due in acordance with the contract
and al the cash flows that the Group expects to receive, discounted at
an aproximation of the original efective interest rate. The expected
cash flows wil include cash flows from the sale of colateral held or other
credit enhancements that are integral to the contractual terms.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
投资及其他金融资产（续）
一般方式
预期信贷亏损分两个阶段确认。对于自初步确
认后信贷风险并无显著增加之信贷敞口，本集
团就可能于未来
个月内出现之违约事件所导
致之信贷亏损计提预期信贷亏损拨备（
个月
预期信贷亏损）。对于自初步确认后信贷风险
显著增加之信贷敞口，本集团须在信贷敞口剩
余年期之预期信贷亏损计提亏损拨备，不论违
约事件于何时发生（使用期预期信贷亏损）。
于各报告日期，本集团评估自初步确认后金融
工具之信贷风险有否显著增加。本集团作出评
估时会对于报告日期金融工具发生违约之风
险及于初步确认日期金融工具发生违约之风
险进行比较，并考虑毋须付出不必要成本或努
力即可获得之合理及可靠资料，包括历史及前
瞻性资料。本集团认为，当合约付款逾期超过
天，则信贷风险显著增加。
本集团将合约付款逾期
日之金融资产视作违
约。然而，于若干情况下，在计及本集团持有
之任何增信安排前，当内部或外部资料显示本
集团不大可能悉数收回未偿还之合约金额时，
本集团亦可将金融资产视作违约。
金融资产于无法合理预期收回合约现金流量
时撇销。
按公平值经其他全面收入账之债务投资及
按摊销成本列账之金融资产在一般方式下可
能会出现减值，并且在以下阶段分类，以用计
量预期信贷亏损，惟采用下文详述之简化方式
之贸易应收款项（包括任何应收租赁）除外。
第一阶段—金融工具之信贷风险自初
步确认以来并无显著增加，
且亏损拨备按相等于
个月
预期信贷亏损之金额计量
第二阶段—金融工具之信贷风险自初
步确认以来显著增加，但并
不属信贷减值金融资产，且
亏损拨备按相等于使用期
预期信贷亏损之金额计量
第三阶段—于报告日期属信贷减值之
金融资产（但并非购买或原
始信贷减值），且亏损拨备
按相等于使用期预期信贷
亏损之金额计量
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investments and other financial asets (continued)
General aproach
ECLs are recognised in two stages. For credit exposures for which there
has not ben a significant increase in credit risk since initial recognition,
ECLs are provided for credit loses that result from default events that
are posible within the next 12 months (a 12-month ECL). For those
credit exposures for which there has ben a significant increase in credit
risk since initial recognition, a los alowance is required for credit loses
expected over the remaining life of the exposure, irespective of the
timing of the default (a lifetime ECL).
At each reporting date, the Group aseses whether the credit risk on a
financial instrument has increased significantly since initial recognition.
When making the asesment, the Group compares the risk of a default
ocuring on the financial instrument as at the reporting date with the
risk of a default ocuring on the financial instrument as at the date of
initial recognition and considers reasonable and suportable information
that is available without undue cost or efort, including historical and
forward-loking information. The Group considers that there has ben
a significant increase in credit risk when contractual payments are more
than 30 days past due.
The Group considers a financial aset in default when contractual
payments are 90 days past due. However, in certain cases, the Group
may also consider a financial aset to be in default when internal or
external information indicates that the Group is unlikely to receive the
outstanding contractual amounts in ful before taking into acount any
credit enhancements held by the Group.
A financial aset is writen of when there is no reasonable expectation of
recovering the contractual cash flows.
Debt investments at fair value through other comprehensive income and
financial asets at amortised cost are subject to impairment under the
general aproach and they are clasified within the folowing stages for
measurement of ECLs except for trade receivables (including any lease
receivables) which aply the simplified aproach as detailed below.
Stage 1–Financial instruments for which credit risk has not
increased significantly since initial recognition and for
which the los alowance is measured at an amount equal
to 12-month ECLs
Stage 2–Financial instruments for which credit risk has increased
significantly since initial recognition but that are not
credit-impaired financial asets and for which the los
alowance is measured at an amount equal to lifetime
ECLs
Stage 3–Financial asets that are credit-impaired at the reporting
date (but that are not purchased or originated credit-
impaired) and for which the los alowance is measured at
an amount equal to lifetime ECLs
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
投资及其他金融资产（续）
简化方式
就并无包含重大融资组成部份之贸易应收款项
（包括任何应收租赁）或本集团已应用切实可
行之权宜方法不就重大融资组成部份之影响
作调整之应收账款而言，本集团应用简化方式
计量预期信贷亏损。根据简化方式，本集团不
会追踪信贷风险之变化，而是于各报告日期根
据使用期预期信贷亏损确认亏损拨备。本集团
已根据其历史信贷亏损经验建立拨备矩阵，并
根据债务人及经济环境之前瞻性因素作出调
整。
金融负债
初步确认及计量
金融负债于初步确认时分类为贷款及借贷及
按摊销成本计量的应付款项（如适用）。倘贸易
及其他应付款项、合约负债机预收款项于一年
或以内（如长于一年，则于正常业务经营周期
内）到期支付，则分类为流动负债，否则，列作
非流动负债。
所有金融负债首次均按公平值确认，而贷款及
借贷以及应付款项则按公平值扣除直接所占
交易成本计算。
本集团的金融负债包括贸易及其他应付款项、
银行及其他借贷、租赁负债及无抵押票据。
其后计量
视乎分类而定，金融负债之其后计量方法如
下：
按摊销成本列账之金融负债（其他应付款
项以及借贷）
于初步确认后，贸易及其他应付款项、无抵押
票据及计息借贷其后以实际利率法按摊销成
本计量，除非折现之影响为甚微，在该情况下
则按成本值列账。负债取消确认及按实际利率
进行摊销程序时所产生之收益及亏损在损益
内确认。
计算摊销成本时，应计及收购之任何折让或溢
价以及组成实际利率之费用或成本。实际利率
摊销计入损益之融资成本内。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investments and other financial asets (continued)
Simplified aproach
For trade receivables (including lease receivables) that do not contain
a significant financing component or when the Group aplies the
practical expedient of not adjusting the efect of a significant financing
component, the Group aplies the simplified aproach in calculating
ECLs. Under the simplified aproach, the Group does not track changes
in credit risk, but instead recognises a los alowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix
that is based on its historical credit los experience, adjusted for forward-
loking factors specific to the debtors and the economic environment.
Financial liabilities
Initial recognition and measurement
Financial liabilities are clasified, at initial recognition, as loans and
borowings and payables at amortised cost, as apropriate. Trade and
other payables, contract liabilities and receipts in advance are clasified
as curent liabilities if payment is due within one year or les (or in
the normal operating cycle of the busines if longer). If not, they are
presented as non-curent liabilities.
Al financial liabilities are recognised initialy at fair value and, in the
case of loans and borowings and payables, net of directly atributable
transaction costs.
The Group’s financial liabilities include trade and other payables, bank
and other borowings, lease liabilities and unsecured notes.
Subsequent measurement
The subsequent measurement of financial liabilities depends on their
clasification as folows:
Financial liabilities at amortised cost (trade and other
payables, and borowings)
After initial recognition, trade and other payables, unsecured notes and
interest-bearing borowings are subsequently measured at amortised
cost, using the efective interest rate method unles the efect of
discounting would be imaterial, in which case they are stated at cost.
Gains and loses are recognised in profit or los when the liabilities are
derecognised as wel as through the efective interest rate amortisation
proces.
Amortised cost is calculated by taking into acount any discount or
premium on acquisition and fes or costs that are an integral part of the
efective interest rate. The efective interest rate amortisation is included
in finance costs in profit or los.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
金融负债（续）
财务担保合约
本集团提供之财务担保合约为规定其须作出
付款以偿付持有人因特定债务人未能根据债
务工具之条款偿还到期款项而招致亏损之合
约。财务担保合约最初按其公平值确认为负
债，并就出具该担保直接应占之交易成本作出
调整。于首次确认后，本集团以下列两者中之
较高者计量财务担保合约：
(i)
根据「金融资产减
值」所载政策厘定之预期信贷亏损拨备；及
(i)
首次确认金额减（如适用）所确认之累计收入款
额。
取消确认金融负债
金融负债于负债之责任已解除或注销或届满
时取消确认。
在现有金融负债被同一贷款人以大致不同条
款之负债取代时，或现有负债之条款有重大修
改时，有关交换或修改被视为取消确认原有负
债及确认一项新负债，而有关账面值之差额乃
于损益确认。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Financial liabilities (continued)
Financial guarante contracts
Financial guarante contracts isued by the Group are those contracts
that require a payment to be made to reimburse the holder for a los it
incurs because the specified debtor fails to make a payment when due
in acordance with the terms of a debt instrument. A financial guarante
contract is recognised initialy as a liability at its fair value, adjusted for
transaction costs that are directly atributable to the isuance of the
guarante. Subsequent to initial recognition, the Group measures the
financial guarante contracts at the higher of: (i) the ECL alowance
determined in acordance with the policy as set out in “Impairment
of financial asets”; and (i) the amount initialy recognised les, when
apropriate, the cumulative amount of income recognised.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability
is discharged or canceled, or expires.
When an existing financial liability is replaced by another from the same
lender on substantialy diferent terms, or the terms of an existing liability
are substantialy modified, such an exchange or modification is treated
as a derecognition of the original liability and a recognition of a new
liability, and the diference betwen the respective carying amounts is
recognised in profit or los.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
抵销金融工具
金融资产与金融负债对销，而有关净额当有现
时可强制执行之法定权利抵销已确认之款额
且有意按净额基准结清或同时变现资产及结
清负债时，方会在财务状况表呈报。
现金及现金等额
财务状况表内之现金及现金等额包括手头及
银行现金，以及可随时兑换为已知金额现金之
短期高流动性存款（一般于三个月内到期），其
价值变动风险并不重大，并为履行短期现金承
担而持有。
就综合现金流量表而言，现金及现金等额包括
手头现金及银行现金，以及上文所界定的短期
存款，减去须按要求偿还的银行透支，并构成
本集团现金管理的组成部分。
雇员福利
(a)
退休金计划
本集团根据强制性公积金计划条例设
立定额供款强制性公积金退休福利计划
（「强积金计划」），供全体香港合资格雇
员参与。供款额为雇员基本薪金之某个百
分比，并根据强积金计划之规则于应付时
在损益扣除。强积金计划之资产与本集团
之资产分开，由独立管理之基金持有。本
集团之雇主供款在注入强积金计划后，全
数归于雇员。
本集团在中国内地之附属公司之雇员，须
参加中国地方省政府各自运作之中央退
休金计划。附属公司须向中央退休金计划
支付工资支出之若干百分比。有关供款乃
根据中央退休金计划规则，于应付时在损
益扣除。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Ofseting of financial liabilities
Financial asets and financial liabilities are ofset and the net amount
is reported in the statement of financial position if there is a curently
enforceable legal right to ofset the recognised amounts and there is an
intention to setle on a net basis, or to realise the asets and setle the
liabilities simultaneously.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position
comprise cash on hand and at banks, and short-term highly liquid
deposits with a maturity of generaly within thre months that are readily
convertible into known amounts of cash, subject to an insignificant risk
of changes in value and held for the purpose of meting short-term cash
comitments.
For the purpose of the consolidated statement of cash flows, cash and
cash equivalents comprise cash on hand and at banks, and short-term
deposits as defined above, les bank overdrafts which are repayable on
demand and form an integral part of the Group’s cash management.
Employe benefits
(a) Pension scheme
The Group operates a defined contribution Mandatory Provident
Fund retirement benefit scheme (the “MPF Scheme”) under
the Mandatory Provident Fund Schemes Ordinance for al of
its eligible employes in Hong Kong. Contributions are made
based on a percentage of the employes’ basic salaries and are
charged to profit or los as they become payable in acordance
with the rules of the MPF Scheme. The asets of the MPF Scheme
are held separately from those of the Group in an independently
administered fund. The Group’s employer contributions vest fuly
with the employes when contributed into the MPF Scheme.
The employes of the Group’s subsidiaries which operate in
Mainland China are required to participate in a central pension
scheme operated by the local municipal government. This
subsidiary is required to contribute to a certain percentage of its
payrol costs to the central pension scheme. The contributions are
charged to profit or los as they become payable in acordance with
the rules of the central pension scheme.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
雇员福利（续）
(a)
退休金计划（续）
定额福利计划
本集团于香港支付长期服务金的法定责
任为定额福利计划。提供长期服务金相关
福利的成本采用预计单位贷记精算估值
法厘定。就长期服务金于综合财务状况表
确认之负债为责任净值，即未来长期服务
金福利的现值减本集团作出强积金供款
所产生的应计权益。
董事认为，就长期服务金于综合财务状况
表确认之定额福利责任净值以及于综合
损益及其他全面收益表确认之开支╱贷
记就本集团的综合财务报表而言属不重
大。
(b)
以股份为基础之付款
本公司实施购股权计划，以为本集团业务
作出贡献之合资格参与者提供激励及奖
励。本集团雇员（包括董事）透过以股份
为基础的付款之形式收取薪酬，而雇员
提供服务换取权益工具（「以权益结算的
交易」）。授予雇员之购股权之公平值于表
现及╱或服务条件达成期间确认为雇员
成本，而权益中之购股权储备亦会相应增
加。公平值于购股权授出日期采用二项式
模式计量，并计及购股权之授出条款及条
件。如果雇员须符合归属条件才能无条件
享有购股权之权利，经考虑购股权归属之
可能性后，购股权之估计公平值总额则会
在整个归属期内分摊。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Employe benefits (continued)
(a) Pension scheme (continued)
Defined benefit plan
The Group’s statutory obligation to pay long service payment in
Hong Kong is a defined benefit plan. The cost of providing benefits
relating to long service payment is determined using the projected
unit credit actuarial valuation method. The liability recognised in
the consolidated statement of financial position in respect of long
service payment is the net obligation, representing the present
value of the future long service payment benefits reduced by
entitlements from acrued benefits arising from MPF contributions
made by the Group.
In the opinion of the directors, the liabilities recognised for the
net defined benefit obligations in the consolidated statement
of financial position and expenses/credits recognised in the
consolidated statement of profit or los and other comprehensive
income in respect of the long service payment are not significant to
the Group’s consolidated financial statements.
(b) Share-based payments
The Company operates a share option scheme for the purpose
of providing incentives and rewards to eligible participants who
contribute to the suces of the Group’s operations. Employes
(including directors) of the Group receive remuneration in the form
of share-based payments, whereby employes render services in
exchange for equity instruments (“equity-setled transactions”).
The fair value of share option granted to employes is recognised
as an employe cost with a coresponding increase in share option
reserve within equity, over the period in which the performance
and/or service conditions are fulfiled. The fair value is measured
at grant date using the binomial model, taking into acount the
terms and conditions upon which the options were granted. Where
the employes have to met vesting conditions before becoming
unconditionaly entitled to the options, the total estimated fair value
of the options is spread over the vesting period, taking into acount
the probability that the options wil vest.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
雇员福利（续）
(b)
以股份为基础之付款（续）
于归属期间，本集团会审阅预期归属之购
股权数目。倘以权益结算奖励之条款有所
变更，任何变更导致以股份为基础之付款
之总公平值有所增加，或对雇员带来其他
利益，则应就该等变更确认开支。于归属
日期，确认为开支之数额会作出调整，以
反映归属购股权之实际数目（而购股权储
备亦会作相应调整），惟倘没收仅因未能
达成与本公司股份市价有关之归属条件
则作别论。权益金额乃于购股权储备中确
认，直至购股权获行使（届时有关金额将
转拨至股份溢价账）或购股权届满（届时有
关金额直接拨入累计亏损）为止。倘若权
益结算奖励被注销，应被视为已于注销日
期归属，任何尚未确认之授予奖励开支，
均应即时确认。
税项
所得税开支指即期应付税款及递延税款的总
和。
即期应付税款乃根据本年度应课税溢利计算。
应课税溢利与除税前溢利不同，此乃由于其他
年度应课税项或可扣减的收入或开支以及毋
须课税或扣减的项目所致。本集团的即期税项
资产及负债乃根据于报告期末已实施或已大
致实施之税率（及税务法例）按预期可自本集团
经营业务所在国家之税务当局收回或向其支
付之数额计算。
递延税项乃就综合财务报表内资产及负债之
账面值与计算应课税溢利所采用的相应税基
之间之暂时差异而确认。
递延税项负债就所有应课税暂时差额予以确
认，惟下列除外：
•
当递延税项负债源于初步确认一项并非
业务合并之交易之商誉或资产或负债，而
于该项交易进行时概不影响会计溢利或
应课税溢利或亏损，亦不会导致同等应课
税及可扣税暂时差额；及
•
关于附属公司投资之应课税暂时差额，当
暂时差额之拨回时间可予控制及暂时差
额于可见未来不可能拨回。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Employe benefits (continued)
(b) Share-based payments (continued)
During the vesting period, the number of share options that is
expected to vest is reviewed. Where the terms of an equity-setled
award are modified, an expense is recognised for any modification
that increases the total fair value of the share-based payments,
or is otherwise beneficial to the employe as measured at the
date of modification. On vesting date, the amount recognised as
an expense is adjusted to reflect the actual number of options
that vest (with a coresponding adjustment to the share options
reserve) except where forfeiture is only due to not achieving
vesting conditions that relate to the market price of the Company’s
shares. The equity amount is recognised in the share option reserve
until either the option is exercised (when it is transfered to the
share premium acount) or the option expires (when it is released
directly to acumulated loses). Where an equity-setled award is
canceled, it is treated as if it had vested on the date of cancelation,
and any expense not yet recognised for the award is recognised
imediately.
Taxation
Income tax expense represents the sum of the curent tax and defered
tax.
The curent tax is based on taxable profit for the year. Taxable profit
difers from profit before taxation because of income or expense that
are taxable or deductible in other years and items that are never taxable
or deductible. The Group’s curent tax aset and liabilities are measured
at the amounts expected to be recovered from or paid to the taxation
authorities, based on tax rates (and tax laws) that have ben enacted or
substantively enacted in the countries in which the Group operates by
the end of the reporting period.
Defered tax is recognised on temporary diferences betwen the
carying amounts of asets and liabilities in the consolidated financial
statements and the coresponding tax bases used in the computation of
taxable profit.
Defered tax liabilities are recognised for al taxable temporary
diferences, except:
• when the defered tax liability arises from the initial recognition of
godwil or an aset or liability in a transaction that is not a busines
combination and, at the time of the transaction, afects neither the
acounting profit nor taxable profit or los and does not give rise to
equal taxable and deductible temporary diferences; and
• in respect of taxable temporary diferences asociated with
investments in subsidiaries, when the timing of the reversal of the
temporary diferences can be controled and it is probable that the
temporary diferences wil not reverse in the foreseable future.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
税项（续）
递延税项资产就所有可扣减暂时差额、承前未
使用税项抵免及任何未使用税项亏损予以确
认。递延税项资产仅以可有应课税溢利以对销
可扣减暂时差额、承前未使用税项抵免及未使
用税项亏损之数额为限进行确认，除却：
•
关乎一项初步确认之资产或负债（于并非
业务合并之交易时并不影响会计溢利或
应课税溢利或亏损）所产生之可予扣减暂
时差额之递延税项资产，亦不会导致同等
应课税及可扣税暂时差额；及
•
就与于附属公司投资有关之可予扣减暂
时差额，仅于暂时差额可能会在可见将来
拨回及将有应课税溢利作为抵销，以动用
暂时差额之情况下，才确认递延税项资
产。
递延税项资产之账面值乃于各报告期末进行
审阅，并予以相应扣减，直至不可能有足够应
课税溢利以收回全部或部份资产为止。未确认
之递延税项资产乃于各报告期末重新评估，在
可能获得足够应课税溢利以收回全部或部份
递延税项资产之情况下予以确认。
递延税项资产及负债乃根据于报告期末已实
施或已大致实施之税率（及税务法例），按变现
资产或清偿负债之期间预期适用之税率予以
估量。
仅当本集团有合法可强制执行权利将即期税
项资产与即期税项负债抵销，而递延税项资产
与递延税项负债与同一税务机关对同一应税
实体或于各未来期间预期有大额递延税项负
债或资产需要结算或清偿时，拟按净额基准结
算即期税务负债及资产或同时变现资产及结
算负债之不同应税实体征收之所得税相关，则
递延税项资产与递延税项负债可予抵销。
所得税包括即期及递延税项。与于损益表以外
确认之项目有关之所得税，于其他全面收益或
直接于权益中确认。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Taxation (continued)
Defered tax asets are recognised for al deductible temporary
diferences, and the caryforward of unused tax credits and any unused
tax loses. Defered tax asets are recognised to the extent that it
is probable that taxable profit wil be available against which the
deductible temporary diferences, and the caryforward of unused tax
credits and unused tax loses can be utilised, except:
• when the defered tax aset relating to the deductible temporary
diferences arises from the initial recognition of an aset or liability
in a transaction that is not a busines combination and, at the time
of the transaction, afects neither the acounting profit nor taxable
profit or los and does not give rise to equal taxable and deductible
temporary diferences; and
• in respect of deductible temporary diferences asociated with
investments in subsidiaries, defered tax asets are only recognised
to the extent that it is probable that the temporary diferences wil
reverse in the foreseable future and taxable profit wil be available
against which the temporary diferences can be utilised.
The carying amount of defered tax asets is reviewed at the end of each
reporting period and reduced to the extent that it is no longer probable
that suficient taxable profits wil be available to alow al or part of the
aset to be recovered. Unrecognised defered tax asets are reasesed at
the end of each reporting period and are recognised to the extent that
it has become probable that suficient taxable profit wil be available to
alow al or part of the defered tax aset to be recovered.
Defered tax asets and liabilities are measured at the tax rates that are
expected to aply in the period in which the liability is setled or the
aset realised, based on tax rates (and tax laws) that have ben enacted
or substantively enacted by the end of the reporting period.
Defered tax asets and defered tax liabilities are ofset if and only if
the Group has a legaly enforceable right to set of curent tax asets
and curent tax liabilities and the defered tax asets and defered tax
liabilities relate to income taxes levied by the same taxation authority on
either the same taxable entity or diferent taxable entities which intend
either to setle curent tax liabilities and asets on a net basis, or to realise
the asets and setle the liabilities simultaneously, in each future period in
which significant amounts of defered tax liabilities or asets are expected
to be setled or recovered.
Curent and defered tax are recognised in profit or los. Income tax
relating to items recognised outside profit or los is recognised outside
profit or los, either in other comprehensive income or directly in equity.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
收益确认
客户合约收益
客户合约收益于货品或服务之控制权转移予
客户时确认入账，其金额反映本集团预期就该
等货品或服务而有权换取之代价。
当合约代价包括可变金额时，则以本集团因转
让货品或服务予客户而有权换取之金额估计
代价金额。可变代价于合约开始时进行估计并
受约束，直至可变代价之相关不确定因素其后
得以解决，而已确认之累计收益金额极有可能
不会出现重大收入拨回时为止。
当合约含有融资部份，就转移货品或服务予客
户而向客户提供超过一年之重大融资利益时，
收益按应收款项之现值（采用会反映于本集团
与该客户之间之独立融资交易中于合约开始
时之贴现率贴现）计量。当合约含有融资部份，
向本集团提供超过一年之重大融资利益时，根
据合约确认之收益包括根据实际利率法就合
约负债累计的利息开支。就客户付款至转移已
承诺货品或服务期间为一年或以下的合约而
言，交易价格并不就重大融资部份的影响采用
香港财务报告准则第
号之可行权宜方法予以
调整。
(a)
物业销售收益
物业销售收益于买方取得已落成物业实
际拥有权及法定业权的时间点确认，而本
集团拥有现时收款之权利且很可能收取
代价。
(b)
提供物业配套服务之收益
提供物业配套服务之收益于预定期间按
直线法确认，乃由于客户同时取得并耗用
本集团所提供的利益。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Revenue recognition
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control
of gods or services is transfered to the customers at an amount that
reflects the consideration to which the Group expects to be entitled in
exchange for those gods or services.
When the consideration in a contract includes a variable amount, the
amount of consideration is estimated to which the Group wil be entitled
in exchange for transfering the gods or services to the customer. The
variable consideration is estimated at contract inception and constrained
until it is highly probable that a significant revenue reversal in the
amount of cumulative revenue recognised wil not ocur when the
asociated uncertainty with the variable consideration is subsequently
resolved.
When the contract contains a financing component which provides the
customer with a significant benefit of financing the transfer of gods or
services to the customer for more than one year, revenue is measured
at the present value of the amount receivable, discounted using the
discount rate that would be reflected in a separate financing transaction
betwen the Group and the customer at contract inception. When the
contract contains a financing component which provides the Group
with a significant financial benefit for more than one year, revenue
recognised under the contract includes the interest expense acreted on
the contract liability under the efective interest method. For a contract
where the period betwen the payment by the customer and the transfer
of the promised gods or services is one year or les, the transaction
price is not adjusted for the efects of a significant financing component,
using the practical expedient in HKFRS 15.
(a) Revenue from properties sales
Revenue from the sale of properties is recognised at the point
in time when the purchasers obtain the physical posesion and
the legal title of the completed property and the Group has the
present right to payment and the colection of the consideration is
probable.
(b) Revenue from the provision of property ancilary services
Revenue from the property ancilary services is recognised over the
scheduled period on a straight-line basis because the customer
simultaneously receives and consumes the benefits provided by the
Group.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
收益确认（续）
客户合约收益（续）
(c)
农产品交易市场之佣金收入
农产品交易市场之佣金收入于提供服务
时确认。
(d)
食品及农副产品销售
收益于商品控制权被视为于转移至客户
时确认。
其他来源之收益
租金收入于租赁期按时间比例确认。
其他收入
利息收入乃按应计基准采用实际利率法透过
应用有关利率（即于金融工具预计年期内将估
计未来现金收入准确贴现至金融资产账面净
值之利率）计算确认。
股息收入在确立收取款项之权利，且与股息相
关的经济利益很可能流入本集团及股息金额
可被可靠计量时确认。
合约负债
当本集团转让相关商品或服务已前自客户收
取付款或付款到期（以较早者为准），则确认合
约负债。合约负债乃于本集团履行合约（即向
客户转让相关商品或服务的控制）时确认为收
入。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Revenue recognition (continued)
Revenue from contracts with customers (continued)
(c) Comision income from agricultural produce exchange
market
Comision income from the agricultural exchange markets is
recognised over time when the services are rendered.
(d) Fod and agricultural by-products merchandising
Revenue is recognised when the control of the gods is transfered
to the customers.
Revenue from other sources
Rental income is recognised on a time proportion basis over the lease
terms.
Other income
Interest income is recognised on an acrual basis using the efective
interest method by aplying the rate that exactly discounts the
estimated future cash receipts over the expected life of the financial
instrument to the net carying amount of the financial aset.
Dividend income is recognised when the shareholders’ right to receive
payment has ben established, it is probable that the economic benefits
asociated with the dividend wil flow to the Group and the amount of
the dividend can be measured reliably.
Contract liabilities
A contract liability is recognised when a payment is received or a
payment is due (whichever is earlier) from a customer before the Group
transfers the related gods or services. Contract liabilities are recognised
as revenue when the Group performs under the contract (i.e., transfers
control of the related gods or services to the customer).
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
合约成本
除资本化为存货及物业、厂房及设备的成本
外，倘若同时满足以下条件，则就履行客户合
约而产生的成本予以资本化：
(a)
成本与合约或实体可具体识别的预期合
约直接相关。
(b)
成本产生或提升实体未来将用于达成（或
持续达成）履约责任的资源。
(c)
成本预期将收回。
资本化的合约成本按与资产相关的货品或服
务转让予客户一致的系统化基准予以摊销并
计入损益。其他合约成本于产生时支销。
外币换算
该等财务报表乃以本公司的功能货币港元呈
列。本集团旗下各实体自行决定其功能货币，
而各实体财务报表内的项目均以该功能货币
计量。本集团旗下各实体入账的外币交易初步
按交易当日彼等各自的功能货币汇率入账。外
币计值的货币资产及负债按报告期末的功能
货币汇率换算。因货币项目结算或换算产生的
所有差额均于损益确认。
按历史成本计量的外币计值非货币项目按首
次交易日期的汇率换算。按公平值计量的外币
计值非货币项目按计量公平值当日的汇率换
算。换算按公平值计量的非货币项目所产生的
收益或亏损，乃按与确认该项目公平值变动的
收益或亏损一致的方式处理（即公平值收益或
亏损于其他全面收入或损益确认的项目的换
算差异，亦分别于其他全面收入或损益确认）。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Contract costs
Other than the costs which are capitalised as inventories and property,
plant and equipment, costs incured to fulfil a contract with a customer
are capitalised as an aset if al of the folowing criteria are met:
(a) The costs relate directly to a contract or to an anticipated contract
that the entity can specificaly identify.
(b) The costs generate or enhance resources of the entity that wil
be used in satisfying (or in continuing to satisfy) performance
obligations in the future.
(c) The costs are expected to be recovered.
The capitalised contract costs are amortised and charged to profit or los
on a systematic basis that is consistent with the transfer to the customer
of the gods or services to which the aset relates. Other contract costs
are expensed as incured.
Translation of foreign curencies
These financial statements are presented in Hong Kong dolars, which is
the Company’s functional curency. Each entity in the Group determines
its own functional curency and items included in the financial
statements of each entity are measured using that functional curency.
Foreign curency transactions recorded by the entities in the Group
are initialy recorded using their respective functional curency rates
prevailing at the dates of the transactions. Monetary asets and liabilities
denominated in foreign curencies are translated at the functional
curency rates of exchange ruling at the end of the reporting period.
Diferences arising on setlement or translation of monetary items are
recognised in profit or los.
Non-monetary items that are measured in terms of historical cost in a
foreign curency are translated using the exchange rates at the dates of
the initial transactions. Non-monetary items measured at fair value in
a foreign curency are translated using the exchange rates at the date
when the fair value was measured. The gain or los arising on translation
of a non-monetary item measured at fair value is treated in line with
the recognition of the gain or los on change in fair value of the item
(i.e., translation diference on the item whose fair value gain or los
is recognised in other comprehensive income or profit or los is also
recognised in other comprehensive income or profit or los, respectively).
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
外币换算（续）
于厘定首次确认相关资产、终止确认与预付代
价相关之非货币资产或非货币负债之开支或
收入的汇率时，初次交易日期为本集团首次确
认预付代价产生之非货币资产或非货币负债
之当日。倘有多次付款及预收款，本集团就各
预付代价之还款或收款厘定交易日期。
若干附属公司之功能货币并非港元。于报告期
末，该等实体之资产及负债乃按报告期末适用
之汇率折算为港元，该等实体之损益则按近似
交易日期之现行汇率折算为港元。所产生的汇
兑差额于其他全面收益确认，并于汇兑储备累
计，惟非控股权益应占差异除外。出售海外业
务时，有关该特定海外业务的储备累计金额于
损益确认。
收购海外业务产生之任何商誉及收购时产生
之资产与负债账面值之任何公平值调整，均当
作海外业务之资产及负债处理，并按收市汇率
换算。
就综合现金流量表而言，海外附属公司的现金
流量按现金流量日期的汇率换算为港元。海外
附属公司全年产生的经常性现金流量按年内
加权平均汇率换算为港元。
借贷成本
直接归属于收购、兴建或生产合资格资产（指
必须经一段长时间处理以作其预定用途或销
售的资产）的借贷成本，加入该等资产的成本
内，直至资产大致上备妥供其预定用途或销售
为止。
于相关资产可作拟定用途或出售后仍未偿还
的任何特定借贷计入一般借贷组合，以计算一
般借贷的资本化率。
所有其他借贷成本在产生期内的损益中确认。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Translation of foreign curencies (continued)
In determining the exchange rate on initial recognition of the related
aset, expense or income on the derecognition of a non-monetary aset
or non-monetary liability relating to an advance consideration, the date
of initial transaction is the date on which the Group initialy recognises
the non-monetary aset or non-monetary liability arising from the
advance consideration. If there are multiple payments or receipts in
advance, the Group determines the transaction date for each payment or
receipt of the advance consideration.
The functional curencies of certain subsidiaries are curencies other than
the Hong Kong dolar. As at the end of the reporting period, the asets
and liabilities of these entities are translated into Hong Kong dolars at
the exchange rates prevailing at the end of the reporting period and their
profit or los are translated into Hong Kong dolars at the exchange rates
that aproximate to those prevailing at the dates of the transactions. The
resulting exchange diferences are recognised in other comprehensive
income and acumulated in the exchange reserve, except to the extent
that the diferences are atributable to non-controling interests. On
disposal of a foreign operation, the cumulative amount in the reserve
relating to that particular foreign operation is recognised in profit or los.
Any godwil arising on the acquisition of a foreign operation and any fair
value adjustments to the carying amounts of asets and liabilities arising
on acquisition are treated as asets and liabilities of the foreign operation
and translated at the closing rate.
For the purpose of the consolidated statement of cash flows, the cash
flows of overseas subsidiaries are translated into Hong Kong dolars at the
exchange rates ruling at the dates of the cash flows. Frequently recuring
cash flows of overseas subsidiaries which arise throughout the year are
translated into Hong Kong dolars at the weighted average exchange
rates of the year.
Borowing costs
Borowing costs directly atributable to the acquisition, construction or
production of qualifying asets, which are asets that necesarily take
a substantial period of time to get ready for their intended use or sale,
are aded to the cost of those asets, until such time as the asets are
substantialy ready for their intended use or sale.
Any specific borowing that remains outstanding after the related aset
is ready for its intended use or sale is included in the general borowing
pol for calculation of capitalisation rate on general borowings.
Al other borowing costs are recognised in profit or los in the period in
which they are incured.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
关连人士
倘出现下列情况，则一方被视为与本集团有关
连：
(a)
倘属以下人士，即该人士或该人士之近亲
与本集团有关连：
(i)
控制或共同控制本集团；
(i)
对本集团有重大影响力；或
(i)
为本集团或本集团母公司的主要管
理层成员。
或
(b)
倘符合下列任何条件，即实体与本集团有
关连：
(i)
该实体与本集团属同一集团之成员
公司；
(i)
一间实体为另一实体的联营公司或
合营企业（或另一实体之母公司、附
属公司或同系附属公司）；
(i)
实体及本集团均为同一第三方的合
营企业；
(iv)
一间实体为第三方实体的合营企业，
而另一实体为该第三方实体的联营
公司；
(v)
该实体为本集团或与本集团有关连
之实体就雇员利益设立的离职福利
计划。（倘本集团本身为该计划），则
提供资助的雇主亦与本集团有关连；
(vi)
该实体受
(a)(i)
所识别人士控制或受共
同控制；
(vi)
于
(a)(i)
所识别人士对实体有重大影响
力或属该实体（或该实体之母公司）主
要管理层成员；及
(vi)
该实体，或其所属集团之任何成员公
司，向本集团或本集团之母公司提供
主要管理层服务。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Related parties
A party is considered to be related to the Group if:
(a) A person or a close member of that person’s family is related to the
Group if that person:
(i) has control or joint control over the Group;
(i) has significant influence over the Group; or
(i) is a member of the key management personel of the Group
or of a parent of the Group.
or
(b) An entity is related to the Group if any of the folowing conditions
aplies:
(i) the entity and the Group are members of the same group;
(i) one entity is an asociate or joint venture of the other entity (or
of a parent, subsidiary or felow subsidiary of the other entity);
(i) the entity and the Group are joint ventures of the same third
party;
(iv) one entity is joint venture of a third entity and the other entity
is an asociate of the third entity;
(v) the entity is a post-employment benefit plan for the benefit
of employes of either the Group or an entity related to the
Group. (If the Group is itself such a plan) the sponsoring
employers of the post-employment benefit plan;
(vi) the entity is controled or jointly controled by a person
identified in (a)(i);
(vi) a person identified in (a)(i) has significant influence over the
entity or is a member of the key management personel of the
entity (or of a parent of the entity); and
(vi) the entity, or any member of a group of which it is a part,
provides key management personel services to the Group or
to the Group’s parent.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
2.4
重大会计政策
（续）
政府补贴
政府补贴于有合理保证本集团将遵守其附带
条件以及将会获得补助时按公平值确认。
应收为补偿已招致之开支或亏损或为没有未
来相关成本之本集团提供即时财政支援之收
入相关政府补贴于其成为应收期间内于损益
中确认。有关补贴于「其他收入及收益」呈列。
报告期后事项
倘本集团于报告期后但于授权刊发日期前接
获有关报告期间结束时已存在情况的资料，其
将评估该资料是否会影响其于财务报表中确
认的金额。本集团将调整于财务报表中确认的
金额，以反映报告期后发生的任何调整事件，
并根据新资料更新与该等情况有关的披露。对
于报告期后发生的非调整事件，本集团将不会
更改于财务报表中确认的金额，但会披露非调
整事件的性质及其财务影响的估计，或无法作
出估计的声明（如适用）。
3.
重大会计估计
管理层编制本集团之财务报表时，须作出判
断、估计及假设，而该等判断、估计及假设会
影响所呈报之收益、开支、资产及负债金额及
有关随附披露以及或然负债披露。由于有关假
设及估计存在不确定因素，因此可能导致须于
日后对受影响资产或负债之账面值作出重大
调整。
估计不确定性
以下为有关未来主要假设及报告期末之其他
估计不确定性主要来源，可能对须大幅调整下
一财政年度内资产及负债账面值具有重大风
险。
2.4 MATERIAL ACOUNTING POLICIES (continued)
Government grants
Government grants are recognised at their fair value where there is
reasonable asurance that the Group wil comply with the conditions
ataching to them and that the grants wil be received.
Government grants related to income that are receivable as
compensation for expenses or loses already incured or for the purpose
of giving imediate financial suport to the Group with no future related
costs are recognised in profit or los in the period in which they become
receivable. Such grants are presented under “other income and gains”.
Events after the reporting period
If the Group receives information after the reporting period, but prior
to the date of authorisation for isue, about conditions that existed at
the end of the reporting period, it wil ases whether the information
afect the amounts that is recognises in its financial statements. The
Group wil adjust the amounts recognised in its financial statements to
reflect any adjusting events after the reporting period and update the
disclosures that relate to those conditions in light of the new information.
For non-adjusting events after the reporting period, the Group wil not
change the amounts recognised in its financial statements, but wil
disclose the nature of the non-adjusting events and an estimate of their
financial efects, or a statement that such an estimate canot be made, if
aplicable.
3. SIGNIFICANT ACOUNTING ESTIMATES
The preparation of the Group’s financial statements requires
management to make estimates and asumptions that afect the
reported amounts of revenue, expenses, asets and liabilities, and their
acompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these asumptions and estimates could result in
outcomes that could require a material adjustment to the carying
amounts of the asets or liabilities afected in the future.
Estimation uncertainty
The folowing are the key asumptions concerning the future, and other
key sources of estimation uncertainty at the end of the reporting period
that may have a significant risk of causing a material adjustment to the
carying amounts of asets and liabilities within the next financial year.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
3.
重大会计估计
（续）
估计不确定性（续）
投资物业之估值
投资物业包括中国内地的农产品交易市场，由
独立专业合资格估值师于报告期末按市值及
现有用途基准重新估值。有关评估乃基于若干
假设，会受不确定因素的影响，并可能与实际
结果有重大差异。于作出估计时，将予考虑活
跃市场中类似物业的当前价格资料，并使用主
要基于各报告期末现行的市况而作出的假设。
估值的更多详情载于财务报表附注
。
在建物业及持作出售物业之可变现净值
在建物业及持作出售物业以成本及可变现净
值的较低者计量。各单位的成本采用加权平均
法厘定。厘定在建物业及持作出售物业的可变
现净值时，管理层考虑
(i)
专业估值师进行的独
立估值；
(i)
目前市况；
(i)
类似性质、状况及位
置的物业之估计售价；及
(iv)
预计完工成本及完
成销售所需的预计成本（如有）。倘在建物业及
持作出售物业的估计或实际可变现净值低于
其账面值，则会撇减在建物业及╱或持作出售
物业至可变现净值。
贸易应收款项、其他应收款项及应收贷款
及利息之预期信贷亏损拨备
本集团使用拨备矩阵计算贸易应收款项的预
期信贷亏损。拨备率乃按多个具有类似亏损模
式（即服务类别、客户类别及评级）的客户分部
分组的逾期日数得出。
拨备矩阵初步按本集团的历史可观察违约率
得出。本集团将会就前瞻性资料校正矩阵以调
整历史信贷亏损经验。
本集团使用一般方式计算其他应收款项及应
收贷款及利息之预期信贷亏损。违约机率及产
生亏损的违约乃基于已发布市场数据。本集团
将以前瞻性资料调整违约机率。
3. SIGNIFICANT ACOUNTING ESTIMATES
(continued)
Estimation uncertainty (continued)
Valuation of investment properties
Investment properties, which comprise agricultural produce exchange
markets in Mainland China, are revalued at the end of the reporting
period on a market value, existing use basis by independent
profesionaly qualified valuers. Such valuations are based on certain
asumptions, which are subject to uncertainty and might materialy
difer from the actual results. In making the estimation, information from
curent prices in an active market for similar properties and estimated
rental value of the relevant properties are considered and asumptions
that are mainly based on market conditions existing at the end of the
reporting period are used. Further details of the valuation are included in
note 16 to the financial statements.
Net realisable value of properties under development and
properties held for sale
Properties under development and properties held for sale are measured
at the lower of cost and net realisable value. The cost of each unit is
determined using the weighted average method. In determining the net
realisable value of properties under development and properties held for
sale, management takes into consideration of (i) independent valuations
performed by profesional valuers; (i) curent market conditions; (i)
estimated seling prices of properties of a similar nature, conditions
and location; and (iv) estimated costs to completion and the estimated
costs necesary to make the sale, if any. Write-down on properties under
development and/or properties held for sale to net realisable value is
made if the estimated or actual net realisable value of properties under
development and properties held for sale is les than their carying
amounts.
Provision of ECL for trade receivables, other receivables, and
loan and interest receivables
The Group uses a provision matrix to calculate ECLs for trade receivables.
The provision rates are based on days past due for groupings of various
customer segments that have similar los paterns (i.e., by service type,
customer type and rating).
The provision matrix is initialy based on the Group’s historical observed
default rates. The Group wil calibrate the matrix to adjust the historical
credit los experience with forward-loking information.
The Group uses the general aproach to calculate ECLs for other
receivables and loan and interest receivables. The probability of default
and los given default are based on published market data. The Group
wil adjust the probability of default with forward-loking information.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
3.
重大会计估计
（续）
估计不确定性（续）
贸易应收款项、其他应收款项及应收贷款
及利息之预期信贷亏损拨备（续）
就前瞻性资料而言，倘预测经济状况（即国内
生产总值）预期将下一年度转差，而可导致违
约数目增加，则会调整历史违约率╱违约机
率。于各报告日期，历史可观察违约率╱违约
机率获更新，且分析前瞻性估计的变动。
评估历史可观察违约率╱违约机率、预测经济
状况及预期信贷亏损之间的关系属重大估计。
预期信贷亏损的金额易受情况及预测经济状
况的变动影响。本集团的历史信贷亏损经验╱
违约机率及经济状况预测亦未必代表客户于
日后的实际违约情况。有关本集团贸易应收款
项、其他应收款项及应收贷款及利息的预期信
贷亏损资料分别于财务报表附注
、
、
及
披露。
非金融非流动资产减值
本集团于各报告期末评估是否有任何迹象显
示所有非金融非流动资产（包括使用权资产）减
值。如出现减值迹象，或须就资产进行年度减
值测试（不包括金融资产、在建物业、持作出售
物业、投资物业及递延税项资产），则会估算该
资产的可回收金额。资产的可回收金额为资产
或现金产生单位的使用价值及其公平值减出
售成本两者中的较高者，并就个别资产厘定，
惟倘该资产并无产生大致独立于其他资产或
资产组合的现金流入，则可回收金额会就该资
产所属的现金产生单位厘定。公平值减出售成
本乃以同类资产公平交易的约束性销售交易
公开数据或可观察市场价格减出售该资产的
成本为基准计算。当进行使用价值计算时，管
理层必须估计资产或现金产生单位的预期未
来现金流量及选择合适的贴现率以计算该等
现金流量的现值。
3. SIGNIFICANT ACOUNTING ESTIMATES
(continued)
Estimation uncertainty (continued)
Provision of ECL for trade receivables, other receivables, and
loan and interest receivables (continued)
For the forward-loking information, for instance, if forecast economic
conditions (i.e., gros domestic product) are expected to deteriorate over
the next year which can lead to an increased number of defaults, the
historical default rates/the probability of default are adjusted. At each
reporting date, the historical observed default rates/the probability of
default are updated and changes in the forward-loking estimates are
analysed.
The asesment of the corelation among historical observed default
rates/the probability of default, forecast economic conditions and ECLs
is a significant estimate. The amount of ECLs is sensitive to changes in
circumstances and forecast economic conditions. The Group’s historical
credit los experience/probability of default adopted and forecast of
economic conditions may also not be representative of a customer’s
actual default in the future. The information about the ECLs on the
Group’s trade receivables, other receivables, and loan and interest
receivables is disclosed in notes 19, 20, 21 and 37 to the financial
statements, respectively.
Impairment of non-financial non-curent asets
The Group aseses whether there are any indicators of impairment for al
non-financial non-curent asets (including the right-of-use asets) at the
end of each reporting period. Where an indication of impairment exists,
or when anual impairment testing for an aset is required (other than
financial asets, properties under development, properties held for sale,
investment properties and defered tax asets), the aset’s recoverable
amount is estimated. An aset’s recoverable amount is the higher of the
aset’s or CGU’s value in use and its fair value les costs of disposal, and
is determined for an individual aset, unles the aset does not generate
cash inflows that are largely independent of those from other asets or
groups of asets, in which case the recoverable amount is determined
for the CGU to which the aset belongs. The calculation of the fair value
les costs of disposal is based on available data from binding sales
transactions in an arm’s length transaction of similar asets or observable
market prices les costs for disposing of the aset. When value in use
calculations are undertaken, management must estimate the expected
future cash flows from the aset or cash-generating unit and chose a
suitable discount rate in order to calculate the present value of those
cash flows.
| Agricultural produce exchange market operation | Property sales | Unallocated | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 经营农产品 2025 | 交易市场 2024 | 物业 2025 | 销售 2024 | 未分 2025 | 配 2024 | 综 2025 | 合 2024 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | 千港元 404,801 | 千港元 | 千港元 174,331 | 千港元 | 千港元 – | 千港元 | |||
| 406,316 | 124,445 | – | 530,761 | ||||||
| 104,810 | 33,899 | – | |||||||
| 191,292 | (802) | – | 190,490 | ||||||
| 44,622 | – | 2,236 | 46,858 | ||||||
| 271 | – | (16,447) | (16,176) | ||||||
| – | – | (418) | (418) | ||||||
| (93,571) | (93,571) | ||||||||
| 127,183 | |||||||||
| (41,358) | – | (50,217) | (91,575) | ||||||
| 35,608 | |||||||||
| (3,481) | |||||||||
| 32,127 | |||||||||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
4.
分部营运资料
根据香港财务报告准则第
号，本集团有两个
呈报分部：
(i)
经营农产品交易市场分部，从事
管理及投资中国内地的农产品交易市场及香
港生鲜食品商店及
(i)
物业销售分部，从事物业
发展。分部划分乃根据本集团营运资料进行，
管理层利用该等资料做出决策及由主要运营
决策人定期审阅，以便为分部分配资源并评估
其业绩。
分部收益及业绩
本集团于两个年度按呈报分部划分之收益及
业绩分析如下：
4. OPERATING SEGMENT INFORMATION
The Group has two reportable segments under HKFRS 8: (i) the
agricultural produce exchange market operation segment which
engages in the management and investment of agricultural produce
exchange markets in Mainland China and fresh fod stores in Hong Kong
and (i) property sales segment which engages in the development of
properties. The segmentations are based on the information about the
operation of the Group that management uses to make decisions and
regularly review by the chief operating decision maker for the purpose of
alocating resources to segments and asesing their performance.
Segment revenue and results
The folowing is an analysis of the Group’s revenue and results by
reportable segments for both years:
本年度溢利
| Agricultural produce exchange market operation | Property sales | Consolidated | |||||
|---|---|---|---|---|---|---|---|
| 经营农产品 2025 | 交易市场 2024 | 物业 2025 | 销售 2024 | 综 2025 | 合 2024 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | 千港元 | 千港元 | |||||
| 3,108,101 | 1,031,995 | 4,140,096 | |||||
| 94,306 | |||||||
| 4,234,402 | |||||||
| 1,595,640 | 95,880 | 1,691,520 | |||||
| 515,847 | |||||||
| 2,207,367 | |||||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
4.
分部营运资料
（续）
分部收益及业绩（续）
分部业绩指来自各分部未分配之溢利╱（亏
损），包括若干其他收入及收益、金融资产减
值亏损净额或其拨回净额、按公平值经损益入
账之金融资产的公平值收益╱（亏损）净额、总
公司及企业收入及开支、融资成本及所得税开
支。此乃就资源分配及分部表现评估而向主要
运营决策人汇报之衡量基准。
分部资产及负债
本集团按呈报分部划分之资产及负债呈列如
下：
就监察分部之分部表现及分配资源而言：
—
除按公平值经损益入账之金融资产、递延
税项资产及企业资产之外，所有资产均分
配予呈报分部。
—
除无抵押票据、若干递延税项负债及企业
负债之外，所有负债均分配予呈报分部。
4. OPERATING SEGMENT INFORMATION
(continued)
Segment revenue and results (continued)
Segment results represent the profit/(loses) from each segment without
alocation of certain other income and gains, net impairment loses or
its reversal on financial asets, net fair value gains/(loses) on financial
asets at FVTPL, head ofice and corporate income and expenses, finance
costs and income tax expense. This is the measure reported to the chief
operating decision maker for the purpose of resource alocation and
asesment of segment performance.
Segment asets and liabilities
The folowing is an analysis of the Group’s asets and liabilities by
reportable segment:
综合负债总值
For the purposes of monitoring segment performance and alocating
resources betwen segments:
– al asets are alocated to reportable segments other than financial
asets at FVTPL, defered tax asets and corporate asets.
– al liabilities are alocated to reportable segments other than
unsecured notes, certain defered tax liabilities and corporate
liabilities.
| Agricultural produce exchange market operation | Property sales | Unallocated | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 经营农产品 2025 | 交易市场 2024 | 物业 2025 | 销售 2024 | 未分 2025 | 配 2024 | 综 2025 | 合 2024 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | 千港元 1,344 (39,207) – (82,678) 15,183 – (14,014) (5,827) (133) – – | 千港元 | 千港元 – – – – – (2,919) – – – – – | 千港元 | 千港元 1,464 (613) 14,106 – – – (1,584) – (1) – – | 千港元 | |||
| 1,075 | – | 167 | 1,242 | ||||||
| (30,679) | – | (19) | (30,698) | ||||||
| – | – | – | – | ||||||
| (12,041) | – | – | (12,041) | ||||||
| (2,075) | – | – | (2,075) | ||||||
| – | – | – | – | ||||||
| (16,001) | – | (1,323) | (17,324) | ||||||
| (5,411) | – | – | (5,411) | ||||||
| (192) | – | – | (192) | ||||||
| 379 | – | – | 379 | ||||||
| 152,740 | – | – | 152,740 | ||||||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
4.
分部营运资料
（续）
其他分部资料
本集团其他分部资料分析如下：
附注：
资本开支包括物业、厂房及设备之添置、
投资物业及分租投资物业之租赁修改。
截至二零二五年及二零二四年三月三十一日
止年度，并无单一客户贡献本集团
10%
或以上
之收益。
地区资料
截至二零二五年及二零二四年三月三十一日
止年度，本集团逾
90%
收益乃产生自位于中国
内地之外部客户，及本集团逾
90%
非流动资产
位于中国内地。因此，并无呈列地区分部分
析。
4. OPERATING SEGMENT INFORMATION
(continued)
Other segment information
The folowing is an analysis of the Group’s other segment information:
权益
Note: Capital expenditure consists of aditions to property, plant and
equipment and investment properties and lease modification for sub-
leased investment properties.
For the years ended 31 March 2025 and 2024, no single customers
contributed 10% or more to the Group’s revenue.
Geographical information
During the years ended 31 March 2025 and 2024, over 90% of the
revenue of the Group were generated from external customers located
in Mainland China and over 90% of non-curent asets of the Group
were located in Mainland China. Acordingly, no geographical segment
analysis is presented.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 323,789 | |||
| 206,972 | |||
| 530,761 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 124,445 | |||
| 80,005 | |||
| 88,731 | |||
| 30,608 | |||
| 323,789 | |||
| 297,638 | |||
| 26,151 | |||
| 323,789 | |||
| 155,053 | |||
| 168,736 | |||
| 323,789 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
5.
收益
收益分析如下：
附注：
(a)
收益资料分拆
5. REVENUE
Revenue is analysed as folows:
Notes:
(a) Disagregated revenue information
T
P
R
A
C
R
R
T
G
M
H
T
T
G
S
T
客户合约收益总额
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 85,950 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
5.
收益
（续）
附注：（续）
(a)
收益资料分拆（续）
下表列示于本报告期确认之收益金额，该
金额已于报告期初计入合约负债：
销售物业未履行履约责任金额主要包括合
约负债结额，预期将于截至二零二五年及
二零二四年三月三十一日止一至两年内确
认。
本集团应用香港财务报告准则第
号第
121(a)
段实际权宜方法于物业配套服务之合
约，致使倘将于日后确认的收益于本集团
履行物业配套服务合约项下剩余履约责任
时有权收取，而合约预期限为一年或以
下，则不会披露有关收益的资料。
(b)
履约责任
本集团履约责任的资料概述如下：
物业销售之收益
履约责任于买方取得物业实际拥有权及
法定业权时履行。
农产品交易市场之佣金收入
履约责任随提供服务时间履行。
食品及农副产品销售之收益
履约责任于交付货品时履行。
物业配套服务之收益
履约责任随提供服务时间履行。
5. REVENUE (continued)
Notes: (continued)
(a) Disagregated revenue information (continued)
The folowing table shows the amounts of revenue recognised in the
curent reporting period that were included in the contract liabilities at the
begining of the reporting period:
物业销售
The amount of unsatisfied performance obligation regarding sales of
properties principaly comprises the balance of contract liabilities, which
are expected to be recognised in one to two years as of 31 March 2025
and 2024.
The Group has aplied the practical expedient in paragraph 121(a) of
HKFRS 15 to its contracts for property ancilary services such that the
above information does not include information about revenue that the
Group wil be entitled to when it satisfies the remaining performance
obligations under the contracts for property ancilary services that had an
original expected duration of one year or les.
(b) Performance obligation
The folowing information about the Group’s performance obligation is
sumarised below:
Revenue from property sales
The performance obligation is satisfied when the physical posesion and
the legal title of the property is obtained by the purchaser.
Comision income from agricultural produce exchange market
The performance obligation is satisfied over time as services are rendered.
Revenue from fod and agricultural by-products merchandising
The performance obligation is satisfied upon the delivery of gods.
Revenue from property ancilary services
The performance obligation is satisfied over time as services are rendered.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 1,242 | |||
| 4,564 | |||
| 239 | |||
| – | |||
| 35,794 | |||
| 5,019 | |||
| 46,858 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
6.
其他收入及收益
附注：
(i)
中国政府补贴指中国当地政府当局就本集
团产生的补偿及开支授予本集团的各种补
贴。该等补贴一般为支持业务作出并酌情
授予企业。本集团获授的政府补贴作为其
于中国内地农产品交易市场投资之业务支
持。该等补贴概无未达成的条件或然事
件。
(i)
本公司董事认为，经考虑本集团法律顾问
的法律意见，所有相关长期应付款项的索
偿时限已于本年度到期，因此，本集团需要
清偿相关长期应付款项的可能性极微。因
此，相关长期应付款项已于截至二零二四
年三月三十一日止年度全额拨回。
6. OTHER INCOME AND GAINS
其他收入及收益总额
Notes:
(i) PRC government grants represent various form of subsidies granted to the
Group by the local governmental authorities in the PRC for compensation
and expenses incured by the Group. These grants are generaly made
for busines suport and awarded to enterprises on a discretionary basis.
The Group received these government grants for the busines suport
on its investments in the agricultural products exchange markets in the
Mainland China. There are no unfulfiled conditions or contingencies
relating to these grants.
(i) In the opinion of the Company’s directors, after taking into acount the
legal opinion from the Group’s legal advisor, the limitation period of
claims for al the related aged payables have expired during the year and
therefore it is remote that the Group is required to setle the related aged
payables. Acordingly, the ful amount of the related aged payables was
reversed during the year ended 31 March 2024.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 113,778 | ||||
| 96,406 | ||||
| 24,188 | ||||
| 2,100 | ||||
| 17,324 | ||||
| 5,411 | ||||
| 192 | ||||
| 416 | ||||
| 120,609 | ||||
| 2,975 | ||||
| 12,214 | ||||
| 135,798 | ||||
| 4,259 | ||||
| 170 | ||||
| (408) | ||||
| 16,414 | ||||
| 16,176 | ||||
| (206,972) | ||||
| 27,089 | ||||
| (179,883) | ||||
| 2,075 | ||||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
7.
除税前溢利
本集团之除税前溢利乃经扣除╱（计入）以下各
项后达致：
*
并无遭没收供款可供本集团以雇主身份用
于扣减现有供款水平。
若干雇员福利开支约
44,772,000
港元（二零
二四年：
49,551,000
港元）、分租投资物业之
公平值亏损／（收益）及直接支出计入综合
损益及其他全面收益表内的「销售成本」。
7. PROFIT BEFORE TAXATION
The Group’s profit before taxation is arived at after charging/(crediting):
亏损╱（收益）
- , as the
employer, to reduce the existing level of contributions.
Certain of employe benefit expense amounting to HK$44,772,000
(2024: HK$49,551,000), fair value loses/(gains) on sub-leased investment
properties and direct outgoing expenses are included in “Cost of sales”
on the face of the consolidated statement of profit or los and other
comprehensive income.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 88,473 | |||
| 679 | |||
| 1,944 | |||
| 479 | |||
| 91,575 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 565 | |||
| 16,988 | |||
| 6,061 | |||
| 162 | |||
| 1,577 | |||
| 24,788 | |||
| 25,353 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
8.
融资成本
融资成本之分析如下：
9.
董事及最高行政人员薪酬
年内根据联交所刊发的联交所证券上市规则
（「上市规则」）、香港公司条例第
383(1)(a)
、
(b)
、
(c)
及
(f)
条以及公司（披露董事利益资料）规
例第
部披露的董事薪酬如下：
*
本公司若干执行董事有权获发花红付款，
其乃参照本集团之经营业绩、董事之个人
表现及各年度之可资比较市场惯例厘定。
8. FINANCE COSTS
An analysis of finance costs is as folows:
总计
9. DIRECTORS’ AND CHIEF EXECUTIVE’S
REMUNERATION
Directors’ remuneration for the year, disclosed pursuant to The Rules
Governing the Listing of Securities on the Stock Exchange (the “Listing
Rules”) isued by the Stock Exchange, section 383(1)(a), (b), (c) and (f)
of the Hong Kong Companies Ordinance and Part 2 of the Companies
(Disclosure of Information about Benefits of Directors) Regulation, is as
folows:
总计
* Certain executive directors of the Company are entitled to bonus
payments which are determined with reference to the Group’s operating
results, individual performance of the directors and comparable market
practices during each of the years.
| Directors’ fees | Salaries, allowances and benefits in kind | Performance- related bonuses | Pension scheme contributions | Equity- settled share option expense | Total | ||
|---|---|---|---|---|---|---|---|
| 薪金、津贴及 | 与表现挂钩 | 退休金 | 权益结算购 | ||||
| 董事袍金 HK$’000 | 实物利益 HK$’000 | 之花红 HK$’000 | 计划供款 HK$’000 | 股权开支 HK$’000 | 总计 HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| – | 13,000 | 4,920 | 18 | – | 17,938 | ||
| – | 2,194 | 825 | 28 | 973 | 4,020 | ||
| – | 1,165 | 232 | 18 | 487 | 1,902 | ||
| – | 629 | 84 | 98 | 117 | 928 | ||
| 186 | – | – | – | – | 186 | ||
| 186 | – | – | – | – | 186 | ||
| 111 | – | – | – | – | 111 | ||
| 66 | – | – | – | – | 66 | ||
| 16 | – | – | – | – | 16 | ||
| 565 | 16,988 | 6,061 | 162 | 1,577 | 25,353 | ||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
9.
董事及最高行政人员薪酬
（续）
截至二零二五年三月三十一日止年度
截至二零二四年三月三十一日止年度
9. DIRECTORS’ AND CHIEF EXECUTIVE’S
REMUNERATION (continued)
For the year ended 31 March 2025
总计
For the year ended 31 March 2024
Executive directors:
执行董事：
Tang Ching Ho (Chairman)
邓清河（主席）
–13,0001,81018–14,828
Leung Sui Wah, Raymond
(Chief Executive Oficer)
梁瑞华
（行政总裁）
–2,125710241,0483,907
Yau Yuk Shing (note (f)
游育城（附注
(f)
）
–300–15–315
Independent non-executive
directors:
独立非执行董事：
Ng Yat Cheung (note (e)
吴日章（附注
(e)
）
154–154
Lau King Lung
刘经隆
154–154
Wong Ping Yuen
王炳源
154–154
Total
总计
46215,4252,520571,04819,512
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
9. DIRECTORS’ AND CHIEF EXECUTIVE’S
REMUNERATION (continued)
During the years ended 31 March 2025 and 2024, no emoluments were
paid by the Group to the directors of the Company as an inducement to
join or upon joining the Group or as compensation for los of ofice. No
directors of the Company waived or agred to waive any emoluments
during the years ended 31 March 2025 and 2024.
Notes:
(a) Mr. Wong Ka Kit was apointed as an executive director of the Company
on 1 April 2024.
(b) Ms. Luo Xu Ying was apointed as an executive director of the Company
on 1 April 2024.
(c) Mr. Shang Hai Long was apointed as an independent non-executive
director of the Company on 20 August 2024.
(d) Mr. Li Yin Quan was apointed as an independent non-executive director
of the Company on 1 April 2024 and resigned as an independent non-
executive director of the Company on 20 August 2024.
(e) Mr. Ng Yat Cheung resigned as an independent non-executive director of
the Company on 15 April 2024.
(f) Mr. Yau Yuk Shing resigned as an executive director of the Company on 1
April 2024.
9.
董事及最高行政人员薪酬
（续）
于截至二零二五年及二零二四年三月三十一
日止年度，本集团概无向本公司董事支付任何
酬金，作为招揽加盟或加盟本集团时之奖励或
作为离职补偿。于截至二零二五年及二零二四
年三月三十一日止年度，概无任何本公司董事
放弃或同意放弃任何酬金。
附注：
(a)
黄家杰先生于二零二四年四月一日获委任
为本公司执行董事。
(b)
罗旭莹女士于二零二四年四月一日获委任
为本公司执行董事。
(c)
尚海龙先生于二零二四年八月二十日获委
任为本公司独立非执行董事。
(d)
李引泉先生于二零二四年四月一日获委任
为本公司独立非执行董事，并于二零二四
年八月二十日辞任本公司独立非执行董事。
(e)
吴日章先生于二零二四年四月十五日辞任
本公司独立非执行董事。
(f)
游育城先生于二零二四年四月一日辞任本
公司执行董事。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 8,723 | |||
| 47 | |||
| 195 | |||
| 8,965 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | |||
| 1 | |||
| – | |||
| 1 | |||
| 1 | |||
| 3 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
10.
五名最高薪酬人士
(a)
五名最高薪酬人士其中两名（二零二四
年：两名）为董事，彼等之酬金详情在财务
报表附注
披露。其余三名（二零二四年：
三名）人士（其并非本公司董事或最高行政
人员）之酬金总额如下：
(b)
三名（二零二四年：三名）最高薪酬人士之
酬金介乎以下范围：
上文所示薪酬指截至二零二五年及二零
二四年三月三十一日止年度该等高级管
理层成员以本集团雇员身份及╱或以本
公司高级管理层成员身份已收及应收本
集团的薪酬。
截至二零二五年及二零二四年三月
三十一日止年度，本集团并无向任何高级
管理层支付酬金，以吸引其加入本集团或
作为加入本集团后的奖励或离职补偿。
10. FIVE HIGHEST PAID EMPLOYES
(a) Of the five individuals with the highest emoluments, two (2024:
two) are directors whose emolument are disclosed in note 9 to the
financial statements. The agregate of the emoluments in respect
of the remaining thre (2024: thre) individuals who are neither a
director nor chief executive of the Company are as folows:
总计
(b) The emoluments of thre (2024: thre) individuals with the highest
emoluments are within the folowing bands:
总计
The remuneration shown above represents remuneration received
and receivable from the Group by these members of senior
management in their capacity as employes to the Group and/
or in their capacity as the members of senior management of the
Company during the years ended 31 March 2025 and 2024.
During the years ended 31 March 2025 and 2024, no emoluments
were paid by the Group to any of the senior management as an
inducement to join or upon joining the Group or as compensation
for los of ofice.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 83 | |||
| 15,231 | |||
| 9,508 | |||
| (10,398) | |||
| (10,943) | |||
| 3,481 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 35,608 | |||
| 18,533 | |||
| (10,398) | |||
| (13,005) | |||
| (95) | |||
| 2,302 | |||
| 9,508 | |||
| (2,377) | |||
| (8,988) | |||
| 13,111 | |||
| (5,110) | |||
| 3,481 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
11.
所得税开支
香港利得税乃根据本年度在香港产生的估计
应课税利润按
16.5%
（二零二四年：
16.5%
）的税
率计提。其他地方的应课税利润之税项按本集
团经营所在司法管辖区之现行税率计算。中国
土地增值税（「土地增值税」）拨备乃根据相关中
国税收法律法规之规定估算。土地增值税按固
定利率或增值额累进税率范围计提，并有若干
允许扣除款项。
按适用税率计算之税项开支及会计溢利之对
账：
11. INCOME TAX EXPENSE
Hong Kong profits tax has ben provided at the rate of 16.5% (2024:
16.5%) on the estimated asesable profits arising in Hong Kong during
the year. Taxes on profits asesable elsewhere have ben calculated
at the rates of tax prevailing in the jurisdictions in which the Group
operates. The provision for PRC land apreciation tax (“LAT”) is estimated
acording to the requirements set forth in the relevant PRC tax laws and
regulations. LAT has ben provided at a fixed rate or ranges of progresive
rates of the apreciation value, with certain alowable deductions.
年内税项开支总额
Reconciliation betwen tax expense and acounting profit at aplicable
tax rates:
本年度所得税开支
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
11.
所得税开支
（续）
截至二零二五年三月三十一日止年度，加权平
均适用税率为
52.0%
（二零二四年：
33.6%
）。加
权平均适用税率变动乃由于本集团在各司法
权区的盈利能力变动所致。
分占合营企业应占税项开支
129,000
港元（二零
二四年：无）计入损益内「分占合营企业损益」。
12.
股息
董事不建议派付截至二零二五年及二零二四
年三月三十一日止年度之任何股息。
13.
母公司普通权益持有人应占每
股盈利
每股基本盈利乃根据母公司拥有人应占本年
度溢利及本年度已发行普通股加权平均数
9,953,067,822
（二零二四年：
9,953,067,822
）计
算。
截至二零二五年及二零二四年三月三十一日
止年度，由于尚未行使购股权之影响对呈列每
股基本盈利金额并无摊薄效应，因此未就摊薄
对呈列每股基本盈利金额进行调整。
11. INCOME TAX EXPENSE (continued)
For the year ended 31 March 2025, the weighted average aplicable
tax rate was 52.0% (2024: 33.6%). The change in the weighted average
aplicable rate was resulted from changes in the profitability of the
Group in the respective jurisdictions.
The share of tax expenses atributable to a joint venture amounting to
HK$129,000 (2024: Nil) is included in “Share of profits and loses of a joint
venture” in profit or los.
12. DIVIDENDS
The directors do not recomend the payment of any dividends in
respect of the years ended 31 March 2025 and 2024.
13. EARNINGS PER SHARE ATRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT
The calculation of the basic earnings per share amounts is based on the
profit for the year atributable to owners of the parent, and the weighted
average number of ordinary shares outstanding of 9,953,067,822 (2024:
9,953,067,822) during the year.
No adjustment has ben made to the basic earnings per share amounts
presented for the years ended 31 March 2025 and 2024 in respect of a
dilution as the impact of the share options outstanding had no dilutive
efect on the basic earnings per share amounts presented.
| Buildings | Furniture, equipment and motor vehicles | Leasehold improvements | Total | ||
|---|---|---|---|---|---|
| 家具、 | |||||
| 楼宇 HK$’000 | 设备及汽车 HK$’000 | 租赁物业装修 HK$’000 | 总计 HK$’000 | ||
| 5,171 | 155,573 | 14,171 | 174,915 |
|---|---|---|---|
| – | 25,189 | 12 | 25,201 |
| – | (4,026) | – | (4,026) |
| – | (2,602) | (1,728) | (4,330) |
| (129) | (4,002) | (338) | (4,469) |
| 5,042 | 170,132 | 12,117 | 187,291 |
| 2,969 | 101,412 | 8,546 | 112,927 |
|---|---|---|---|
| 259 | 16,390 | 675 | 17,324 |
| – | (3,798) | – | (3,798) |
| – | (1,460) | (1,184) | (2,644) |
| (76) | (2,600) | (207) | (2,883) |
| 3,152 | 109,944 | 7,830 | 120,926 |
| 1,890 | 60,188 | 4,287 | 66,365 |
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
14.
物业、厂房及设备
于二零二五年三月三十一日，总账面值
1,154,000
港元（二零二四年：
1,793,000
港元）的
若干本集团家具及设备已就本集团获授之一
般银行融资及其他借款而予以抵押（附注
）。
14. PROPERTY, PLANT AND EQUIPMENT
千港元千港元千港元千港元
Cost:
成本：
At 1 April 2023
于二零二三年四月一日
5,304140,04114,529159,874
Aditions
添置
–21,916621,922
Disposals
出售
–(3,065)–(3,065)
Exchange realignment
汇兑调整
(133)(3,319)(364)(3,816)
At 31 March 2024
and 1 April 2024
于二零二四年
三月三十一日
及二零二四年
四月一日
Aditions
添置
Disposals
出售
Disposal of subsidiaries (Note 32)
出售附属公司（附注
）
Exchange realignment
汇兑调整
At 31 March 2025
于二零二五年
三月三十一日
Acumulated depreciation:
累计折旧：
At 1 April 2023
于二零二三年四月一日
2,65391,4747,894102,021
Charge for the year
本年度开支
37914,37784215,598
Disposals
出售
–(2,823)–(2,823)
Exchange realignment
汇兑调整
(63)(1,616)(190)(1,869)
At 31 March 2024
and 1 April 2024
于二零二四年
三月三十一日
及二零二四年
四月一日
Charge for the year
本年度开支
Disposals
出售
Disposal of subsidiaries (Note 32)
出售附属公司（附注
）
Exchange realignment
汇兑调整
At 31 March 2025
于二零二五年
三月三十一日
Carying amount:
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
2,20254,1615,62561,988
At 31 March 2025, certain of the Group’s furniture and equipment with
an agregate carying amount of HK$1,154,000 (2024: HK$1,793,000)
were pledged to secure general banking facilities and other borowings
granted to the Group (note 26).
| Leased land | Buildings | Total | ||
|---|---|---|---|---|
| 租赁土地 HK$’000 | 楼宇 HK$’000 | 总计 HK$’000 |
| 2,320 | 15,950 | 18,270 |
|---|---|---|
| – | (1,424) | (1,424) |
| (162) | (5,249) | (5,411) |
| (62) | (266) | (328) |
| 2,096 | 9,011 | 11,107 |
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
15.
租赁
本集团作为承租人
本集团就用于业务营运多项租赁土地及楼宇
签订多份租赁合约。已提前作出一次性付款以
向业主收购租赁土地，租期为
至
年，而根
据该等土地租赁的条款，将不会继续支付任何
款项。楼宇的租期通常为
年。
此外，于二零二年十月一日，本集团与宏安
订立总特许协议，当中载列规管最终特许协议
之一般原则及主要条款，据此，宏安之相关成
员公司可于二零二年十月一日至二零二五
年九月二十五日期间授出物业之特许权，而本
集团可取得物业之特许权。
(a)
使用权资产
截至二零二四年三月三十一日止年度，延
长租期导致的使用权资产添置
10,001,000
港元已计入投资物业（附注
）。
15. LEASES
The Group as a lese
The Group has lease contracts for various leasehold land and buildings
used in its operations. Lump sum payments were made upfront to
acquire the leased land from the owners with lease periods of 16 to 30
years, and no ongoing payments wil be made under the terms of these
land leases. Leases of buildings generaly have lease terms of 6 years.
In adition, on 1 October 2022, the Group and Wang On entered into a
master licensing agrement which sets out the general principles and
key terms governing the definitive licensing agrements under which
relevant members of Wang On may grant license of, and the Group
may take up the license of the premises from 1 October 2022 to 25
September 2025.
(a) Right-of-use asets
千港元千港元千港元
At 1 April 2023
于二零二三年四月一日
2,54122,01424,555
Depreciation charge
折旧开支
(163)(5,664)(5,827)
Exchange realignment
汇兑调整
(58)(400)(458)
At 31 March 2024 and 1 April 2024
于二零二四年
三月三十一日
及二零二四年
四月一日
Termination of lease contracts
终止租赁合约
Depreciation charge
折旧开支
Exchange realignment
汇兑调整
At 31 March 2025
于二零二五年
三月三十一日
During the year ended 31 March 2024, aditions of right-of-use
asets of HK$10,001,000 as a result of extension of lease periods
were included in investment properties (note 16).
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 32,869 | |||
| – | |||
| (1,663) | |||
| 1,944 | |||
| (7,759) | |||
| (681) | |||
| 24,710 | |||
| 2,961 | |||
| 21,749 | |||
| 24,710 | |||
| 2,961 | |||
| 3,337 | |||
| 7,953 | |||
| 10,459 | |||
| 24,710 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
15.
租赁
（续）
本集团作为承租人（续）
(b)
租赁负债
本年度的租赁负债账面值及变动如下：
未贴现租赁负债的到期分析于财务报表
附注
披露。
15. LEASES (continued)
The Group as a lese (continued)
(b) Lease liabilities
The carying amount of lease liabilities and the movements during
the year are as folows:
C
L
T
A
P
E
C
A
C
A
L
C
于三月三十一日的账面值
The maturity analysis of undiscounted lease liabilities is disclosed in
note 37 to the financial statements.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 1,944 | |||
| 5,411 | |||
| 416 | |||
| (239) | |||
| 7,532 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 21,260 | |||
| 6,766 | |||
| 1,705 | |||
| 71 | |||
| 71 | |||
| 67 | |||
| 29,940 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
15.
租赁
（续）
本集团作为承租人（续）
(c)
就租赁负债于损益确认的金额如下：
(d)
年内，租赁的现金流出总额约为
8,175,000
港元（二零二四年：
8,874,000
港元），其中
7,759,000
港元（二零二四年：
8,387,000
港元）
为融资现金流出及
416,000
港元（二零二四
年：
487,000
港元）为经营现金流出，计入综
合现金流量表。
本集团作为出租人
本集团租赁及分租的物业包括
项（二零二四
年：
项）根据经营租赁安排在中国内地农产
品交易市场之物业。租赁条款一般要求租户预
先支付担保按金及租金。本集团于年内确认
的租金收入为
206,972,000
港元（二零二四年：
203,457,000
港元），详情载于财务报表附注
。
于二零二五年三月三十一日，本集团于未来期
间根据与租户之不可撤销经营租赁的应收未
贴现租赁款项如下：
15. LEASES (continued)
The Group as a lese (continued)
(c) The amounts recognised in profit or los in relation to
leases are as folows:
于损益确认的总额
(d) Total cash outflow for leases amounted to aproximately
HK$8,175,000 (2024: HK$8,874,000) for the year of which
HK$7,759,000 (2024: HK$8,387,000) is financing cash outflow and
HK$416,000 (2024: HK$487,000) is operating cash outflow included
in the consolidated statement of cash flows.
The Group as a lesor
The Group leased and sub-leased its properties consisting of 10 (2024:
11) agricultural produce exchange markets in Mainland China under
operating lease arangements. The terms of the leases generaly require
the tenants to pay security deposits and rent in advance. Rental income
recognised by the Group during the year was HK$206,972,000 (2024:
HK$203,457,000), details of which are included in note 5 to the financial
statements.
At 31 March 2025, the undiscounted lease payments receivables by the
Group in future periods under non-cancelable operating leases with its
tenants are as folows:
总计
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 2,809,556 | |||
| 5,497 | |||
| – | |||
| (136,944) | |||
| (12,041) | |||
| (2,075) | |||
| (68,266) | |||
| 2,595,727 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
16.
投资物业
本集团的投资物业包括
个（二零二四年：
个）中国内地农产品交易市场。于二零二五年
三月三十一日，投资物业由独立合资格专业估
值师永利行评值顾问有限公司重新估值。本集
团的财务部门设有团队，负责审核独立估值师
的估值以进行财务报告，并直接向本公司高级
管理层汇报。当对中期及年度财务报告进行估
值时，管理层与估值师就估值过程及结果每年
进行两次讨论。于各报告期末，财务部门与独
立评估师进行讨论，核实独立评估报告的主要
输入数据。财务部门亦与前一年的估值报告进
行比较，以评估物业估值变动。
投资物业根据经营租赁出租予第三方，更多详
情载于财务报表附注
。
于二零二五年三月三十一日，本集团已抵
押账面总值
1,559,465,000
港元（二零二四年：
1,703,001,000
港元）之自有投资物业及其所产生
的若干租金收入，为本集团获授的一般银行融
资及其他借款作担保（附注
）。
于二零二五年三月三十一日，本集团之投资物
业包括账面总值
33,263,000
港元（二零二四年：
36,223,000
港元）的使用权资产。
本集团投资物业之进一步详情载于第
页。
16. INVESTMENT PROPERTIES
年末账面值
The Group’s investment properties consist of 10 (2024: 11) agricultural
produce exchange markets in Mainland China. The investment properties
were revalued by RHL Apraisal Limited, an independent profesionaly
qualified valuer, at 31 March 2025. The finance department of the Group
has a team that reviews the valuation performed by the independent
valuer for financial reporting purposes and reports directly to the senior
management of the Company. Discusions of valuation proceses and
results are held betwen management and the valuers twice a year when
the valuation is performed for interim and anual financial reporting.
At the end of each reporting period, the finance department holds
discusion with the independent valuers to verify major inputs to the
independent valuation reports. The finance department also aseses
property valuation movements when comparing to the prior year
valuation reports.
The investment properties are leased to third parties under operating
leases, further details of which are included in note 15 to the financial
statements.
At 31 March 2025, the Group’s owned investment properties with an
agregate carying value of HK$1,559,465,000 (2024: HK$1,703,001,000)
and certain rental income generated therefrom were pledged to secure
the general banking facilities and other borowings granted to the Group
(note 26).
At 31 March 2025, the Group’s investment properties included right-
of-use asets with an agregate carying value of HK$33,263,000 (2024:
HK$36,223,000).
Further particulars of the Group’s investment properties are included on
page 206.
| Fair value measurement using significant unobservable input (Level 3) | |||
|---|---|---|---|
| 使用重大不可观察输入数据 | |||
| 的公平值计 2025 | 量（第三级） 2024 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 2,595,727 | |||
| Valuation techniques | Significant unobservable inputs 重大不可观察 | Range | ||
|---|---|---|---|---|
| 范 2025 | 围 2024 | |||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | |||
| 千港元 | ||||
| HK$10 to HK$76 10 港元至 76 港元 | ||||
| 8% to 9% 8% 9% | ||||
| 至 | ||||
| N/A 不适用 | ||||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
16.
投资物业
（续）
公平值层级
截至二零二五年及二零二四年三月三十一日
止年度，本集团所有投资物业的公平值计量均
分类为公平值层级第三级，变动详情于上文披
露。
下表列示本集团投资物业的公平值计量层级：
于本年度，第一级及第二级之间并无公平值计
量转拨，亦无转入或转出第三级（二零二四年：
无）。
下文载列投资物业估值所用估值技术及关键
输入数据之概要：
16. INVESTMENT PROPERTIES (continued)
Fair value hierarchy
For the years ended 31 March 2025 and 2024, the fair value
measurements of al investment properties of the Group were categories
within Level 3 of the fair value hierarchy and details of their movements
are disclosed above.
The folowing table ilustrates the fair value measurement hierarchy of the
Group’s investment properties:
农产品交易市场
During the year, there were no transfers of fair value measurements
betwen Level 1 and Level 2 and no transfers into or out of Level 3 (2024:
Nil).
Set out below is a sumary of the valuation techniques used and the key
inputs to the valuation of investment properties:
4,497
港元
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 35,017 | |||
| 996,978 | |||
| 1,031,995 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 35,017 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
16.
投资物业
（续）
公平值层级（续）
于二零二五年三月三十一日，投资物业乃根据
直接投资法（即将物业之应收现有租赁租金及
潜在复归市场租金资本化）（二零二四年：直
接投资法或直接比较法（参考可资比较市场交
易）进行估值。
估计每平方米价格单独大幅增加╱（减少）会令
投资物业之公平值大幅上升╱（下降）。每平方
米价估计租金单独大幅增加╱（减少）会令投资
物业之公平值大幅上升╱（下降）。资本化率单
独大幅增加╱（减少）会令投资物业之公平值大
幅下降╱（上升）。
17.
在建物业及持作出售物业
预期在建物业将于正常营运周期内完成及收
回：
附注：
(i)
于二零二五年三月三十一日，本集团已抵
押账面总值
348,919,000
港元（二零二四年：
463,514,000
港元）之持作出售物业，为本集
团的一般银行融资作担保（附注
）。
16. INVESTMENT PROPERTIES (continued)
Fair value hierarchy (continued)
As at 31 March 2025, the valuations of investment properties were based
on the direct investment method which capitalises the rent receivables
from the existing tenancies and the potential reversionary market rents
of the properties (2024: either the direct investment method or the direct
comparison method by reference to comparable market transactions).
A significant increase/(decrease) in the price per square metre in isolation
would result in a significantly higher/(lower) fair value of the investment
properties. A significant increase/(decrease) in the estimated rental value
per square metre in isolation would result in a significantly higher/(lower)
fair value of the investment properties. A significant increase/(decrease)
in the capitalisation rate in isolation would result in a significantly lower/
(higher) fair value of the investment properties.
17. PROPERTIES UNDER DEVELOPMENT AND
PROPERTIES HELD FOR SALE
总计
Properties under development expected to be completed within the
normal operating cycle and recovered:
一年后
Notes:
(i) At 31 March 2025, the Group’s properties held for sale with an agregate
carying value of HK$348,919,000 (2024: HK$463,514,000) were pledged to
secure the Group’s general banking facilities (note 26).
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 152,940 | |||
| 379 | |||
| (579) | |||
| 152,740 | |||
| Registered share | Place of registration and business | Percentage of beneficial interests attributable to the Group | ||
|---|---|---|---|---|
| Name | capital | 注册及 | 本集团应占 | Principal activities |
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
17.
在建物业及持作出售物业
（续）
附注：（续）
(i)
截至二零二四年三月三十一日，撇减持作
出售物业
2,919,000
港元已于损益扣除，乃
与二零二四年三月三十一日淮安宏进集团
（定义见财务报表附注
）所持有账面总值
34,444,000
港元的一间中国内地农产品交易
市场店舖有关。
(i)
本集团在建物业及持作出售物业的进一步
详情载于第
页。
18.
于合营企业的权益
本集团重大合营企业详情如下：
*
于年内，本集团透过收购一间附属公司收
购深圳集贸
50%
之股权，详情载于财务报表
附注
。
深圳集贸为非上市公司并为本公司间接持有。
深圳集贸主要从事投资、其位于中国广东省深
圳市的自有或租赁物业内的湿货市场的管理及
分租予租户，并采用权益法入账。
董事认为，深圳集贸于截至二零二五年三月
三十一日止年度被视为本集团的重大合营企
业，因此，深圳集贸自二零二五年二月二十五日
（收购日期）至二零二五年三月三十一日止期
间之财务资料概要于财务报表内呈列。
17. PROPERTIES UNDER DEVELOPMENT AND
PROPERTIES HELD FOR SALE (continued)
Notes: (continued)
(i) During the year ended 31 March 2024, a write-down of properties held
for sale of HK$2,919,000 was charged to profit or los, which was related
to shops in one of the agricultural produce exchange markets in Mainland
China held by Huai’an Hongjin Group (as defined in note 32 to the
financial statements) with an agregate carying value of HK$34,444,000 as
at 31 March 2024.
(i) Further particulars of the Group’s properties under development and
properties held for sale are included on page 207.
18. INTERESTS IN A JOINT VENTURE
总计
Particulars of the Group’s material joint venture are as folows:
名称注册股本业务地点实益权益百分比主要活动
Shenzhen Trading Market Company
Limited (“Shenzhen Trading”)*
深圳市集贸市场有限公司
（「深圳集贸」）
RMB
31,225,000
人民币
31,225,000
元
PRC/
Mainland China
中国╱
中国内地
50Property investment, operation
and sub-licensing of wet
markets in Mainland China
物业投资、中国内地湿货
市场营运及分租
- , the Group acquired 50% equity interest in Shenzhen
Trading through the acquisition of a subsidiary and details of which are
included in note 31 to the financial statements.
Shenzhen Trading is unlisted and indirectly held by the Company.
Shenzhen Trading is principaly engaged in investment, operation and
sub-licensing of wet markets in its owned or leased properties located
in Shenzhen City of Guangdong Province, the PRC, to tenants and are
acounted for using the equity method.
In the opinion of the directors, Shenzhen Trading is considered as a
material joint venture of the Group for the year ended 31 March 2025 and
therefore, sumarised financial information for Shenzhen Trading for the
period from 25 February 2025 (date of acquisition) to 31 March 2025 is
presented in the financial statements.
| 2025 | ||
|---|---|---|
| 二零二五年 HK$’000 | ||
| 千港元 | ||
| 59,622 | ||
| 9,207 | ||
| 68,829 | ||
| 315,267 | ||
| (51,235) | ||
| (27,381) | ||
| 305,480 | ||
| 50% | ||
| 152,740 | ||
| 152,740 | ||
| 3,459 | ||
| 58 | ||
| (22) | ||
| (888) | ||
| (257) | ||
| 759 |
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
18.
于合营企业的权益
（续）
下表列示深圳集贸的财务资料概要（二零二五
年二月二十五日（收购日期）至二零二五年三月
三十一日期间）并与综合财务报表内之账面值
进行对账：
18. INTERESTS IN A JOINT VENTURE (continued)
The folowing tables ilustrate the sumarised financial information in
respect of Shenzhen Trading (for the period from 25 February 2025 (date
of acquisition) to 31 March 2025) and reconciled to the carying amount
in the consolidated financial statements:
期内溢利及全面收入总额
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 8,767 | |||
| (7,487) | |||
| 1,280 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 694 | |||
| 355 | |||
| 136 | |||
| 95 | |||
| 1,280 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
19.
贸易应收款项
本集团一般给予其贸易客户
日之平均信贷
期。本集团可因应个别情况及经过评估与其客
户之业务关系及信誉后，应客户的要求延长信
贷期。
本集团的信贷风险集中于若干个人客户。于报
告期，五大应收款项结余占贸易应收款项约
76.6%
（二零二四年：约
79.2%
），最大贸易应收
款项结余占本集团贸易应收款项总额约
70.2%
（二零二四年：约
66.0%
）。本集团与具良好信
贷记录的对手方交易，以尽量降低信贷风险。
大部分贸易应收款项均未逾期或减值，亦无逾
期付款记录。
账龄分析
于报告期末，根据发票日期计算及扣除亏损拨
备后之贸易应收款项账龄分析如下：
19. TRADE RECEIVABLES
账面净值
The Group generaly alows an average credit period of 30 days to its
trade customers. The Group may on a case-by-case basis, and after
evaluation of the busines relationships and creditworthines of its
customers, extend the credit period upon customers’ request.
The Group has a concentration of credit risk in certain individual
customers. At the end of reporting period, the five largest receivable
balances acounted for aproximately 76.6% (2024: aproximately
79.2%) of the trade receivables and the largest trade receivable was
aproximately 70.2% (2024: aproximately 66.0%) of the Group’s total
trade receivables. The Group seks to minimise its risk by dealing with
counterparties which have god credit history. Majority of the trade
receivables that are neither past due nor impaired have no default
payment history.
Ageing analysis
An ageing analysis of the trade receivables as at the end of the reporting
period, based on the invoice date and net of los alowance, is as folows:
总计
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 7,505 | |||
| 170 | |||
| (188) | |||
| 7,487 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
19.
贸易应收款项
（续）
账龄分析（续）
贸易应收款项之减值亏损拨备变动如下：
本集团将监察长期未偿还结余的贸易应收款
项，并将采取强制行动以收回到期应收款项。
本集团密切监控超过
日的贸易应收款项结
余。该等逾期超过
日、具有财务困难、信贷
评级下降及过往还款情况欠佳的贸易应收款
项将被视为违约。于作出所有可能的债务收回
措施后，本集团将撇销该等未收回之应收款
项。
本集团使用信贷政策监察信贷风险水平。一般
而言，根据客户或债务人的财务状况、彼等从
第三方获得担保的能力、彼等的信贷记录以及
当前市场状况等其他因素，定期评估每个客户
或债务人的信贷记录及信贷期。管理层整体考
虑贸易应收款项的共同信贷风险特征及到期
日以计量预期信贷亏损。本集团经考虑众多因
素包括（其中包括前瞻性资料）经分析历史模
式。
19. TRADE RECEIVABLES (continued)
Ageing analysis (continued)
The movements in the los alowance for impairment of trade receivables
are as folows:
于年末
The Group wil monitor trade receivables with long outstanding balances
and wil engage in enforcement activities to recover the receivables due.
The Group closely monitors trade receivables balance due more than
30 days. Those trade receivables, due more than 90 days, with financial
dificulties, declining credit standing and por historical payment patern
wil be considered as default. The Group wil write of these unrecovered
receivables after al posible means of debt recovery activities.
The Group has credit policy to monitor the level of credit risk. In
general, the credit record and credit period for each customer or debtor
are regularly asesed, based on the customer’s or debtor’s financial
condition, their capacity to obtain guarante from third parties, their
credit records and other factors such as curent market condition.
Management overal considers the shared credit risk characteristic and
the days past due of the trade receivables to measure the expected credit
loses. The Group considered among other factors including forward
loking information, and analysed historical patern.
| Less than 90 days | More than 90 days but less than 180 days | More than 180 days | Total | ||
|---|---|---|---|---|---|
| 90 | 90 超过 日 180 | 180 | |||
| 少于 日 | 但少于 日 | 超过 日 | 总计 | ||
| 5.9% | 15.4% | 98.7% | 85.4% | ||
| 1,114 | 162 | 7,491 | 8,767 | ||
| 66 | 25 | 7,396 | 7,487 | ||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 63,063 | |||
| 6,546 | |||
| 42,395 | |||
| 58,683 | |||
| 4,324 | |||
| 3,213 | |||
| 178,224 | |||
| (123) | |||
| 178,101 | |||
| – | |||
| 178,101 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
19.
贸易应收款项
（续）
下文载列使用拨备矩阵计量有关本集团贸易
应收款项承受的风险资料：
20.
预付款项、按金及其他应收款项
19. TRADE RECEIVABLES (continued)
Set out below is the information about the credit risk exposure on the
Group’s trade receivables using a provision matrix:
A
E
G
E
预期信贷亏损（千港元）
As at 31 March 2024
于二零二四年
三月三十一日
Expected credit los rate
预期信贷亏损率
9.1%13.5%99.3%78.5%
Gros carying amount (HK$’000)
账面总值（千港元）
2,118897,3539,560
Expected credit loses (HK$’000)
预期信贷亏损（千港元）
193127,3007,505
20. PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES
D
O
P
O
T
C
L
L
P
分类为流动资产之部分
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 548 | |||
| (408) | |||
| (12) | |||
| (5) | |||
| 123 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
20.
预付款项、按金及其他应收款项
（续）
获取合约之成本指就销售物业所支付的预付
销售佣金。本集团已资本化所支付金额并于相
关物业销售所得收益确认时于损益以销售开
支扣除。截至二零二五年三月三十一日止年
度，
655,000
港元（二零二四年：
7,337,000
港元）
之销售佣金已于损益扣除。
按金及其他应收款项主要指租金按金、给予
卖方之按金及来自并无违约纪录之交易对手
之应收款项。计入上述结余之财务资产并无逾
期，并就预期信贷亏损的计量而言分类为第
一阶段，惟余额
18,625,000
港元（二零二四年：
15,934,000
港元）就预期信贷亏损的计量而言分
类为第二阶段。
管理层基于过往结算纪录及过往经验对按金
及其他应收款项之可回收性定期作出整体评
估及个别评估。
于厘定该等应收款项的
个月或全期的预期
信贷亏损时，本集团考虑合理及可靠的定量及
定性资料，包括过往还款经验及相应的过往信
贷亏损率，并根据前瞻性宏观经济数据进行调
整。于评估该等应收款项的信贷风险自初始确
认以来是否大幅增加，本集团将该等应收款项
于报告日期发生的违约风险与该等应收款项
于初始确认日期发生的违约风险进行比较。管
理层将定期重新评估该等因素，以确定任何恶
化或改善迹象，从而厘定该等应收款项的信贷
风险是否增加或减少。
计入预付款项、按金及其他应收款项之金融资
产减值亏损拨备的变动如下：
20. PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES (continued)
Cost of obtaining contracts represented the prepaid sales comision
paid in conection with the sales of properties. The Group has capitalised
the amounts paid and wil charge them to profit or los as seling
expenses when the revenue from the related property sale is recognised.
During the year ended 31 March 2025, sales comision of HK$655,000
was charged to profit or los (2024: HK$7,337,000).
Deposits and other receivables mainly represent rental deposits, deposits
with vendors and receivables from counterparties which have no
history of default. The financial asets included in the above balances
were not overdue and categorised in Stage 1 for the measurement
of expected credit loses, except for the balance of HK$18,625,000
(2024: HK$15,934,000) which was categorised within Stage 2 for the
measurement of expected credit loses.
Management makes periodic colective asesments as wel as individual
asesment on the recoverability of deposits and other receivables based
on historical setlement records and past experiences.
In determining the 12-month or lifetime expected credit los for these
receivables, the Group considers both quantitative and qualitative
information that is reasonable and suportable, including historical
payment experience and the coresponding historical credit los rates,
and adjusted for forward-loking macroeconomic data. In asesing
whether the credit risk on these receivables have increased significantly
since initial recognition, the Group compares the risk of a default
ocuring on these receivables as at the reporting date with the risk of
default ocuring on these receivables as at the date of initial recognition.
Management would re-ases these factors periodicaly for any
deterioration or improvement indications to determine if credit risk from
these receivables has increased or decreased.
The movements in the los alowance for the impairment of financial
asets included in prepayments, deposits and other receivables are as
folows:
于年末
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 58,116 | ||||
| 11,279 | ||||
| 69,395 | ||||
| (58,127) | ||||
| 11,268 | ||||
| (9,755) | ||||
| 1,513 | ||||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 42,910 | |||
| 16,414 | |||
| (1,197) | |||
| 58,127 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
21.
应收贷款及利息
附注：
(i)
该等应收贷款按摊销成本列账，实际年利
率介乎
1%
至
12%
（二零二四年：
1%
至
12%
）。
该等应收贷款之信贷期介乎
至
年（二零
二四年：
至
年）。
(i)
于二零二五年三月三十一日，除
9,755,000
港
元（二零二四年：
8,021,000
港元）之应收贷款
及利息于一年后到期外，余下应收贷款及
利息为已逾期或于一年内到期，因此已分
类为流动资产。
(i)
于二零二五年及二零二四年三月三十一日，
结余计入应收本集团附属公司非控股东
之实益拥有人的应收贷款及利息，由彼等实
益拥有的相关附属公司之股权作抵押。
(iv)
应收贷款及利息之减值亏损拨备变动如下：
于二零二五年三月三十一日，除账面总值
1,517,000
港元及
58,116,000
港元（二零二四
年：
1,556,000
港元及
54,578,000
港元）之应收
贷款及利息的信贷风险自初始确认起大幅
增加并就预期信贷亏损的计量而言分别分
类为第二及第三阶段外，其他应收贷款及
利息概无逾期，且就预期信贷亏损的计量
而言，所有该等应收贷款及利息均分类为
第一阶段。
本集团应收贷款及利息信贷风险之财务管
理政策及惯例与按金及其他应收款项一
致，载于财务报表附注
。
21. LOAN AND INTEREST RECEIVABLES
分类为流动资产之部分
Notes:
(i) These loans receivable are stated at amortised cost at efective interest
rates ranging from 1% to 12% (2024: 1% to 12%) per anum. The credit
terms of these loans receivable range from 1 year to 6 years (2024: 1 year
to 5 years).
(i) As at 31 March 2025, except for loan and interest receivables of
HK$9,755,000 (2024: HK$8,021,000) with maturity over one year, the
remaining loan and interest receivables are either overdue or with
maturity within one year, and they have ben clasified as curent asets
acordingly.
(i) As at 31 March 2025 and 2024, the balance included loan and interest
receivables due from the beneficial owners of the non-controling
shareholder of a subsidiary of the Group, and which were secured by the
equity interest of the relevant subsidiary beneficialy owned by them.
(iv) The movements in the los alowance for impairment of loan and interest
receivables are as folows:
于年末
As at 31 March 2025, except for loan and interest receivables with gros
amounts of HK$1,517,000 and HK$58,116,000 (2024: HK$1,556,000 and
HK$54,578,000) which had a significant increase in credit risk since initial
recognition and were categorised within Stage 2 and Stage 3 for the
asesment of expected credit loses, respectively, none of the loan and
interest receivables were overdue and al of them were categorised within
Stage 1 for the measurement of expected credit loses.
The Group’s financial management policies and practices for credit risk
of loan and interest receivables are consistent with deposits and other
receivables and are set out in note 20 to the financial statements.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 57 | ||||
| – | ||||
| 57 | ||||
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | |||
| 千港元 | ||||
| 151,335 | ||||
| 30,338 | ||||
| 181,673 | ||||
| – | ||||
| (23,837) | ||||
| 157,836 | ||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
22.
按公平值经损益入账之金融
资产
附注：
(a)
由于本集团选择不按其他全面收入确认公
平值收益或亏损，上述股权投资分类为按
公平值经损益入账之金融资产。
(b)
于二零二五年及二零二四年三月三十一
日，本集团拥有认沽期权，可要求侨达投
资有限公司（「侨达」）及捷成发展有限公司
（「捷成」）之非控股东在若干行使条件的
规限下，购买本集团所持于侨达及捷成各
自的所有股权及本集团分别授予侨达及捷
成的股东贷款，代理为本集团已付或预付
予侨达及捷成的所有金额。
23.
现金及银行结余以及已抵押银
行存款
22. FINANCIAL ASETS AT FVTPL
总计
Notes:
(a) The above equity investments were clasified as financial asets at FVTPL
as the Group has not elected to recognise the fair value gain or los
through other comprehensive income.
(b) At 31 March 2025 and 2024, the Group had put options to require the
non-controling shareholder of Kingtex Investment Limited (“Kingtex”)
and Jet Suces Development Limited (“Jet Suces”), subjected to
certain exercise conditions, to purchase al equity interests held by
the Group in each of Kingtex and Jet Suces and the shareholder’s
loan granted to each of Kingtex and Jet Suces by the Group at the
consideration of al monies that the Group has paid or advanced to
Kingtex and Jet Suces.
23. CASH AND BANK BALANCES AND PLEDGED
BANK DEPOSITS
现金及现金等额
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
23.
现金及银行结余以及已抵押银
行存款
（续）
附注：
(a)
结余包括受限制银行结余
3,780,000
港元（二
零二四年：
5,699,000
港元），即
(i)
根据本集
团若干附属公司与银行就预付物业买方按
揭贷款的潜在违约签署的相关按揭融资协
议，存放于指定银行账户之存款，有关担保
按金将于相关物业的物业拥有权证交予银
行作按揭贷款之抵押品后解除；及
(i)
须存
放于指定银行账户之银行借贷信托按金，
按金仅可用作特定农产品交易市场营运的
付款。
(b)
于二零二四年三月三十一日，本集团已抵
押金额为
39,611,000
港元之银行结余，为本
集团获授银行借贷作担保（附注
）。
于报告期末，本集团以人民币计值之现金及
银行结余为
168,075,000
港元（二零二四年：
234,995,000
港元）。人民币不能自由兑换为其他
货币，然而，根据中国内地外汇管理条例及结
汇、售汇及付汇管理规定，本集团可透过获准
进行外汇业务的银行将人民币兑换为其他货
币。
银行现金按根据每日银行存款利率厘定的浮
动利息赚取利息。短期定期存款的存款期介乎
一日至一年，视乎本集团即时现金需求而定，
并按相应的短期定期存款利率赚取利息。银行
结余及定期存款均存放于信誉良好且近期无
违约纪录的银行。
23. CASH AND BANK BALANCES AND PLEDGED
BANK DEPOSITS (continued)
Notes:
(a) The balance included restricted bank balances amounted to HK$3,780,000
(2024: HK$5,699,000) representing (i) deposits placed at designated bank
acounts acording to the relevant mortgage facility agrements signed
by certain subsidiaries of the Group with the banks for potential default
of mortgage loans advanced to property purchasers and such guarante
deposits wil be released after the property ownership certificates of the
relevant properties are pased to the banks as colaterals for the mortgage
loans; and (i) entrusted deposits for bank borowings which are required
to be placed in designated bank acounts and the deposits can only be
used for the payments related to the operations of the specific agricultural
produce exchange market.
(b) As at 31 March 2024, bank balances of HK$39,611,000 were pledged to a
bank to secure bank borowings granted to the Group (note 26).
At the end of the reporting period, the cash and bank balances of
the Group denominated in RMB amounted to HK$168,075,000 (2024:
HK$234,995,000). The RMB is not frely convertible into other curencies,
however, under Mainland China’s Foreign Exchange Control Regulations
and Administration of Setlement, Sale and Payment of Foreign
Exchange Regulations, the Group is permited to exchange RMB for
other curencies through banks authorised to conduct foreign exchange
busines.
Cash at banks earns interest at floating rates based on daily bank deposit
rates. Short-term time deposits are made for varying periods of betwen
one day and one year depending on the imediate cash requirements
of the Group, and earn interest at the respective short-term time
deposits rates. The bank balances and time deposits are deposited with
creditworthy banks with no recent history of default.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 23,824 | ||||
| 13,968 | ||||
| 73,104 | ||||
| 741 | ||||
| 13,165 | ||||
| 62,737 | ||||
| 112,540 | ||||
| 276,255 | ||||
| 300,079 | ||||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 330 | |||
| 3 | |||
| 78 | |||
| 1,939 | |||
| 21,474 | |||
| 23,824 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
24.
贸易及其他应付款项
附注：
(a)
于本报告期末，根据发票日期计算之贸易
应付款项账龄分析如下：
贸易应付款项为不计息且平均期限为
至
日。本集团已制定财务风险管理政策，
以确保所有应付款项均于信贷期内。
(b)
其他应付款项属不计息，一般于一年内结
清。
(c)
有关金额包括来自同系附属公司的其他贷
款之应付利息（附注
26(b)
）
12,061,000
港元
（二零二四年：
14,297,000
港元）及就收购一
间附属公司而支付之购买代价
100,000,000
港元（二零二四年：无）（附注
）及应付一
间同系附属公司的相关利息
479,000
港元（二
零二四年：无）。应付购买代价按年利率
5%
计息，并须予二零二六年二月二十五日或
本集团及同系附属公司以书面形式协定的
有关较后日期或之前悉数偿还。
24. TRADE AND OTHER PAYABLES
总计
Notes:
(a) The ageing analysis of trade payables as at the end of the reporting period,
based on the invoice date is as folows:
W
O
O
O
T
总计
The trade payables are non-interest-bearing and have an average term of
30 to 360 days. The Group has financial risk management policies in place
to ensure that al payables are within the credit time frame.
(b) Other payables are non-interest-bearing and are normaly setled within
one year.
(c) The amounts comprise the interest payable of the other loans from
felow subsidiaries (note 26(b) amounted to HK$12,061,000 (2024:
HK$14,297,000) and the purchase consideration of HK$100,000,000
(2024: Nil) (note 31) and related interest of HK$479,000 (2024: Nil)
payable to a felow subsidiary for the acquisition of a subsidiary. The
purchase consideration payable bears interest at 5% per anum and is
repayable in ful on or before 25 February 2026 or such later date as the
Group and the felow subsidiary may mutualy agre in writing.
| 31 March | 31 March | 1 April | ||
|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||
| 二零二五年 | 二零二四年 | 二零二三年 | ||
| 三月三十一日 HK’000 | 三月三十一日 HK’000 | 四月一日 HK’000 | ||
| 千港元 | ||||
| 67,115 | ||||
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Contractual | 二零二五年 | Contractual | 二零二四年 | |||
| interest | interest | |||||
| rate (%) | Maturity | HK$’000 | rate (%) | Maturity | HK$’000 | |
| (%) | (%) | |||||
| 合约利率 | 到期 | 千港元 | ||||
| Hong Kong Interbank Offered Rate (“HIBOR”) +1.08/ Fixed rate of 3.45 to 5.50 | 2025-2026 | 215,512 | ||||
| 香港银行同业拆息 （「香港银行同业 +1.08 拆息」） ╱ 3.45 5.50 | 二零二五年至 二零二六年 | |||||
| 定息 至 | ||||||
| RMB base lending rate +1.05/ Fixed rate of 4.10 to 6.00 | 2025-2026 | 53,705 | ||||
| 人民币基准贷款 +1.05 利率 ╱ 4.10 6.00 定息 至 | 二零二五年至 二零二六年 | |||||
| Fixed rate of 9.56 | 2025-2026 | 16,939 | ||||
| 9.56 定息 | 二零二五年至 | |||||
| 二零二六年 | ||||||
| 286,156 | ||||||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
25.
合约负债
本集团已确认与下列者相关的负债：
合约负债包括就本集团物业预售而自买方收
取的预付款项。年内合约负债减少净额乃主要
由于完成向客户销售物业，被物业预售的已收
取客户预付款项增加部分抵销。
26.
计息银行及其他借贷
25. CONTRACT LIABILITIES
The Group has recognised the folowing liabilities related to:
物业销售
Contract liabilities include advances received from buyers in conection
with the Group’s pre-sales of properties. The net decrease in contract
liabilities during the year was mainly due to the completion of sales
of properties to customers, partly ofset by the increase in advances
received from customers in relation to the pre-sales of properties.
26. INTEREST-BEARING BANK AND OTHER
BOROWINGS
小计
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Contractual | 二零二五年 | Contractual | 二零二四年 | |||
| interest | interest | |||||
| rate (%) | Maturity | HK$’000 | rate (%) | Maturity | HK$’000 | |
| (%) | (%) | |||||
| 合约利率 | 到期 | 千港元 | ||||
| RMB base lending rate +1.05/ Fixed rate of 4.10 to 6.00 | 2026-2034 | 446,020 | ||||
| 人民币基准贷款 +1.05 利率 ╱ 4.10 6.00 定息 至 | 二零二六年至 二零三四年 | |||||
| Fixed rate of 9.56 | 2026-2028 | 33,164 | ||||
| 9.56 定息 | 二零二六年至 | |||||
| 二零二八年 | ||||||
| Fixed rate of 10 | 2027 | 295,000 | ||||
| 10 定息 | 二零二七年 | |||||
| 774,184 | ||||||
| 1,060,340 | ||||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
26.
计息银行及其他借贷
（续）
N
非
B
银
O
其
O
来
S
T
总计
26. INTEREST-BEARING BANK AND OTHER
BOROWINGS (continued)
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 269,217 | |||
| 158,255 | |||
| 221,878 | |||
| 65,887 | |||
| 715,237 | |||
| 16,939 | |||
| 16,939 | |||
| 311,225 | |||
| 345,103 | |||
| 1,060,340 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 415,056 | |||
| 645,284 | |||
| 1,060,340 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
26.
计息银行及其他借贷
（续）
附注：
(a)
本集团若干银行及其他贷款以本集团的物
业、厂房及设备（附注
）、自有投资物业
及其所产生的若干租金收入（附注
）、持
作出售物业（附注
）及已抵押存款（附注
）作抵押。本集团银行借贷
308,695,000
港
元（二零二四年：
323,528,000
港元）以本集团
若干附属公司的股权作抵押（附注
）。
(b)
于二零二五年三月三十一日，除
286,486,000
港元（二零二四年：
311,502,000
港元）之银
行贷款及
345,103,000
港元（二零二四年：
380,000,000
港元）之其他贷款以定息计息
外，所有银行贷款均以浮息计息。
(c)
来自同系附属公司的其他贷款
295,000,000
港元（二零二四年：
380,000,000
港元）按摊销
成本列值。该等贷款为无抵押、按定息年利
率
10%
计息，于二零二七年五月到期。
(d)
以下列货币计值的本集团银行及其他借贷
账面值如下：
26. INTEREST-BEARING BANK AND OTHER
BOROWINGS (continued)
总计
Notes:
(a) Certain bank and other loans of the Group are secured by the Group’s
property, plant and equipment (note 14), owned investment properties
and certain rental income generated therefrom (note 16), properties
held for sale (note 17) and pledged deposits (note 23). The Group’s bank
borowings of HK$308,695,000 (2024: HK$323,528,000) are secured by
pledges over the equity interests of certain subsidiaries of the Group (note
1).
(b) As at 31 March 2025, except for the bank loans of HK$286,486,000
(2024: HK$311,502,000) and other loans of HK$345,103,000 (2024:
HK$380,000,000) which bear interest at fixed rates, al bank loans bear
interest at floating interest rates.
(c) Other loans from felow subsidiaries of HK$295,000,000 (2024:
HK$380,000,000) were stated at amortised cost. These loans were
unsecured, caried interest at a fixed interest rate of 10% per anum with a
final maturity in May 2027.
(d) The carying amounts of the Group’s bank and other borowings which are
denominated in the folowing curencies are as folows:
总计
| Effective interest rate (%) per annum | Maturity | 2025 | ||
|---|---|---|---|---|
| (%) | ||||
| 合约年利率 | 到期日 | 二零二五年 HK$’000 | ||
| 2025 | ||
|---|---|---|
| 二零二五年 HK$’000 | ||
| 千港元 | ||
| 12,958 | ||
| 1,735 | ||
| 3,335 | ||
| 42,650 | ||
| 60,678 |
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
26.
计息银行及其他借贷
（续）
附注：（续）
(e)
截至二零二五年三月三十一日止年度，本
集团与独立第三方金融机构（「出租人」）订
立售后回租安排，据此，出租人向本集团购
买本集团位于中国内地的一处农产品交易
市场的若干投资物业以及物业、厂房及设备
（「租赁资产」），该等租赁资产将回租予本
集团，为期三年。于租期届满及悉数结付所
有租赁付款后，该等租赁资产之拥有权将
转回予本集团。该交易被视作一项融资安
排，已收所得款项净额被确认为以租赁资
产作抵押之贷款。
27.
无抵押票据
26. INTEREST-BEARING BANK AND OTHER
BOROWINGS (continued)
Notes: (continued)
(e) During the year ended 31 March 2025, the Group entered into a sale
and leaseback arangement with an independent third party financial
institution (the “Lesor”), pursuant to which the Lesor purchased certain
investment properties and property, plant and equipment in one of the
Group’s agricultural produce exchange markets in Mainland China (“the
Leased Asets”) from the Group and such Leased Asets are then leased
back to the Group for a term of thre years. Upon expiry of the lease term
and ful setlement of al the lease payments, ownership of the Leased
Asets would be transfered back to the Group. The transaction was
acounted for as a financing arangement with the recognition of the net
proceds received as a loan which is secured by the Leased Asets.
27. UNSECURED NOTES
千港元
New Unsecured Notes
新无抵押票据
5.2-5.62036-203760,678
Les: Portion clasified as non-curent
portion
减：分类为非流动部分之
部分
(47,720)
Portion clasified as curent liabilities
分类为流动负债之部分
12,958
总计
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
27.
无抵押票据
（续）
新无抵押票据
于二零二四年八月二十三日，本集团设立
1,000,000,000
港元之中期票据计划（「二零二五
年票据计划」）。根据二零二五年票据计划将予
发行之票据为非上市并以港元计值。
本公司已于二零二四年十一月二十九日及二
零二五年二月二十一日根据二零二五年票据
计划发行两批本金总额为
91,000,000
港元之非
上市票据（「新无抵押票据」）。新无抵押票据之
票面利息需每年提前支付。
新无抵押票据之详情如下：
本金额：
91,000,000
港元
新无抵押票据按下列固定利率计息：
期间自期间至年利率
发行日期一周年
28.00%
一周年二周年
15.00%
二周年三周年
2.00%
三周年七周年
1.50%
七周年到期日
1.00%
发行日期：两批，分别于二零二四年十一
月二十九日及二零二五年二月
二十一日
到期日：两批，分别于二零三六年十一
月二十九日及二零三七年二月
二十一日
本集团之赎回期间：自十周年（包含该日）至到
期日（不包括该日）的任何日期。
票据持有人之赎回期间：于八周年、九周年、
十周年及十一周年之四个指定赎回日期。
于到期日之赎回金额：本金额之
100%
新无抵押票据之利息开支采用实际利率法计
算，实际利率介乎约
5.2%
至
5.6%
。
27. UNSECURED NOTES (continued)
New Unsecured Notes
On 23 August 2024, the Group established a HK$1,000,000,000 medium
term note program (the “2025 Note Program”. The notes to be isued
under the 2025 Note Program are non-listed and denominated in HK$.
The Company has isued two batches of non-listed notes with a total
principal amount of HK$91,000,000 under the 2025 Note Program on 29
November 2024 and 21 February 2025 (the “New Unsecured Notes”).
The coupon interest on the New Unsecured Notes is payable anualy in
advance.
Details of the New Unsecured Notes are as folows:
Principal amount:HK$91,000,000
The New Unsecured Notes cary fixed interest at interest rates as below:
Period from Period to Interest rate per anum
Isue date 1st aniversary28.00%
1st aniversary2nd aniversary15.00%
2nd aniversary3rd aniversary2.00%
3rd aniversary7th aniversary1.50%
7th aniversaryMaturity1.00%
Isue date:2 batches on 29 November 2024 and 21 February 2025,
respectively
Maturity date:2 batches on 29 November 2036 and 21 February 2037,
respectively
Redemption period by the Group: Any date from, and including, 10th
aniversary, to, but excluding, the Maturity Date.
Redemption period by the noteholders: Four specified redemption
dates on the 8
th
aniversary, 9
th
aniversary, 10
th
aniversary and 11
th
aniversary.
Redemption amount on the maturity date: 100% of the principal amount
The interest expenses on the New Unsecured Notes are calculated using
the efective interest method and the efective interest rates range from
aproximately 5.2% to 5.6% per anum.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| – | |||
| 59,999 | |||
| 679 | |||
| – | |||
| – | |||
| 60,678 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
27.
无抵押票据
（续）
二零二四年无抵押票据
于二零一四年五月十九日，本集团设立
1,000,000,000
港元之中期票据计划。根据计划
发行之票据以仅向专业投资者发行债券的方
式于联交所上市。
本集团已于二零一四年发行
批本金总额为
400,000,000
港元年利率为
1%
之票据（「二零二四
年无抵押票据」）。
于过往年度，本集团已购回及注销本金总额
250,000,000
港元之二零二四年无抵押票据。
于上一年度，本集团已购回及赎回所有未偿还
二零二四年无抵押票据及二零二四年无抵押
票据已于二零二四年四月八日撤销上市地位。
无抵押票据于初步确认时之公平值及其变动
如下：
27. UNSECURED NOTES (continued)
Unsecured Notes 2024
On 19 May 2014, the Group established a HK$1,000,000,000 medium
term note program. The notes isued under the program were listed on
the Stock Exchange by way of debt isue to profesional investors only.
The Group isued 40 batches of notes with a total principal amount
of HK$400,000,000 which bore interest at 1% per anum in 2014 (the
“Unsecured Notes 2024”).
The Group had repurchased and canceled the Unsecured Notes 2024 in
an agregate principal amount of HK$250,000,000 in prior years.
During the prior year, al the outstanding Unsecured Notes 2024 were
repurchased and redemed by the Group and the Unsecured Notes 2024
were delisted on 8 April 2024.
The fair value of the unsecured notes at initial recognition and their
movements are as folows:
于三月三十一日
| Right-of-use assets | Fair value adjustments of investment properties and properties held for sale | Total | ||
|---|---|---|---|---|
| 投资物业及 持作出售物业 | ||||
| 使用权资产 HK$’000 | 的公平值调整 HK$’000 | 总计 HK$’000 | ||
| Loss available for offsetting against future taxable profits | Lease liabilities | Total | ||
|---|---|---|---|---|
| 可用作抵销 未来应课税 | ||||
| 溢利之亏损 HK$’000 | 租赁负债 HK$’000 | 总计 HK$’000 | ||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
28.
递延税项
年内递延税项负债及资产之变动如下：
(a)
递延税项负债
(b)
递延税项资产
28. DEFERED TAX
The movements in defered tax liabilities and asets during the year are
as folows:
(a) Defered tax liabilities
千港元千港元千港元
At 1 April 2023
于二零二三年四月一日
4,282522,418526,700
Charged/(credited) to profit or los
于损益账扣除╱（计入）
(271)1,3961,125
Exchange realignment
汇兑调整
(110)(13,112)(13,222)
At 31 March 2024 and 1 April 2024
于二零二四年
三月三十一日
及二零二四年
四月一日
3,901510,702514,603
Credited to profit or los
计入损益账
(1,036)(11,600)(12,636)
Exchange realignment
汇兑调整
(89)(12,603)(12,692)
At 31 March 2025
于二零二五年
三月三十一日
2,776486,499489,275
(b) Defered tax asets
千港元千港元千港元
At 1 April 2023
于二零二三年四月一日
–5,5015,501
Credited to profit or los
计入损益账
4,7191,7016,420
Exchange realignment
汇兑调整
49(121)(72)
At 31 March 2024 and 1 April 2024
于二零二四年
三月三十一日
及二零二四年
四月一日
4,7687,08111,849
Charged to profit or los
计入损益账
(1,076)(617)(1,693)
Disposal of subsidiaries (note 32)
出售附属公司（附注
）
–(117)(117)
Exchange realignment
汇兑调整
(110)(170)(280)
At 31 March 2025
于二零二五年
三月三十一日
3,5826,1779,759
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 4,089 | |||
| (483,605) | |||
| (479,516) | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
28.
递延税项
（续）
于报告期末，本集团有于中国内地产生之未
动用税项亏损为
183,699,000
港元（二零二四
年：
248,562,000
港元），将于一至五年内届满，
可用作抵销出现亏损之公司的未来应课税溢
利。除税项亏损
14,326,000
港元（二零二四年：
19,070,000
港元）已确认为递延税项资产外，由
于无法预计未来溢利来源，故此未有就余额
169,373,000
港元（二零二四年：
229,492,000
港元）
确认递延税项资产。本集团亦有于香港产生之
未动用税项亏损合共
60,183,000
港元（二零二四
年：
42,302,000
港元），可无限期用作抵销出现
亏损之公司的未来应课税溢利，由于无法预计
未来溢利来源，故此未有确认递延资产。
根据中国企业所得税法，于中国内地成立之外
商投资企业向海外投资者宣派之股息须缴付
10%
的预扣税。倘中国内地与海外投资者所处
司法权区订有税务条约，则可能适用较低预扣
税率。就本集团而言，适用税率为
5%
或
10%
。因
此，本集团须就由其于中国内地成立之附属公
司就自二零八年一月一日起产生之盈利分
派之股息缴付预扣税。
于二零二五年三月三十一日，与尚未确认递延
税项负债之中国内地附属公司及合营企业之
投资有关之暂时差额合共分别为
288,738,000
港
元（二零二四年：
329,467,000
港元）及
379,000
港元
（二零二四年：无）。本公司董事认为，本公司
能控制拨回暂时差额之时机，因此，本集团已
考虑（其中包括）于可预见未来拨回暂时差额之
可能性，及于可预见未来，当本公司于中国内
地成立之附属公司就其产生之盈利分发未汇
出盈利时，确认暂时差额为应付预扣所得税。
本公司向其股东派付股息并无附带任何所得
税影响。
28. DEFERED TAX (continued)
递延税项负债净额
At the end of the reporting period, the Group has unused tax loses
arising in Mainland China of HK$183,699,000 (2024: HK$248,562,000)
that wil expire in one to five years for ofseting against future taxable
profits of the companies in which the loses arose. Except for tax
loses of HK$14,326,000 (2024: HK$19,070,000) which have ben
recognised as defered tax asets, defered tax asets have not ben
recognised in respect of the remaining amount of HK$169,373,000 (2024:
HK$229,492,000) due to the unpredictability of future profit streams.
The Group also has unused tax loses arising in Hong Kong with an
agregate amount of HK$60,183,000 (2024: HK$42,302,000) that are
available indefinitely for ofseting against future taxable profits of the
companies in which the loses arose, and defered tax asets have not
ben recognised due to the unpredictability of future profit streams.
Pursuant to the PRC Corporate Income Tax Law, a 10% witholding
tax is levied on dividends declared to foreign investors from the
foreign investment enterprises established in Mainland China. A lower
witholding tax rate may be aplied if there is a tax treaty betwen
Mainland China and the jurisdiction of the foreign investors. For the
Group, the aplicable rate is 5% or 10%. The Group is therefore liable
for witholding taxes on dividends distributed by those subsidiaries
established in Mainland China in respect of earnings generated from 1
January 2008.
At 31 March 2025, the agregate amount of temporary diferences
asociated with investments in subsidiaries and a joint venture in
Mainland China for which defered tax liabilities have not ben
recognised totaled amounted to HK$288,738,000 (2024: HK$329,467,000)
and HK$379,000 (2024: Nil), respectively. In the opinion of the Company’s
directors, the Company is able to control the timing of the reversal of
the temporary diference and, acordingly, the Group has taken into
consideration, among others, the probability the temporary diference
being reversed in the foreseable future, and recognised for witholding
taxes that would be payable in the foreseable future on distribution
of unremited earnings by the Company’s subsidiaries established in
Mainland China in respect of earnings generated.
There are no income tax consequences ataching to the payment of
dividends by the Company to its shareholders.
| Name of Company | Place of incorporation/ registration and operation | Proportion of ownership interests and voting rights held by non-controlling interests | Profits allocated to non-controlling interests | Accumulated non-controlling interests | ||
|---|---|---|---|---|---|---|
| 非控股权益持有的 所有权权益及 | ||||||
| 公司名称 | 注册成立╱登记及营运地点 | 投票权比例 | 分配至非控股 2025 | 权益之溢利 2024 | 累计非控 2025 | 股权益 2024 |
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | |||
| 千港元 | 千港元 6,554 7,834 | 千港元 | ||||
| 14,997 | 189,734 | |||||
| 2,898 | 146,513 | |||||
| 61,206 | ||||||
| 397,453 | ||||||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 139,682 | |||
| 416,565 | |||
| (29,436) | |||
| (139,598) | |||
| (197,479) | |||
| (189,734) | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
29.
拥有重大非控股权益之非全资
附属公司
拥有重大非控股权益之非全资附属公司详情
有关本集团各拥有重大非控股权益的附属公
司的财务资料概要载列如下。以下财务资料概
要指集团间对销前的金额。
(i)
徐州源洋
29. PARTLY-OWNED SUBSIDIARIES WITH
MATERIAL NON-CONTROLING INTERESTS
Details of non-wholy owned subsidiaries that have material non-
controling interests
Sumarised financial information in respect of each of the Group’s
subsidiaries that has material non-controling interests is set out below.
The sumarised financial information below represents amounts before
intragroup eliminations.
(i) Xuzhou Yuanyang
非控股权益
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 48,526 | |||
| 3,184 | |||
| 7,223 | |||
| (28,327) | |||
| 30,606 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 15,609 | |||
| 14,997 | |||
| 30,606 | |||
| 20,129 | |||
| 19,340 | |||
| 39,469 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 20,124 | |||
| (304) | |||
| (39,166) | |||
| (19,346) | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
29.
拥有重大非控股权益之非全资
附属公司
（续）
拥有重大非控股权益之非全资附属公司详情
（续）
(i)
徐州源洋（续）
29. PARTLY-OWNED SUBSIDIARIES WITH
MATERIAL NON-CONTROLING INTERESTS
(continued)
Details of non-wholy owned subsidiaries that have material non-
controling interests (continued)
(i) Xuzhou Yuanyang (continued)
T
O
F
E
P
年内溢利
P
P
P
T
T
T
年内全面收入总额
N
N
N
N
（减少）净额
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 344,483 | |||
| 1,352 | |||
| (120,628) | |||
| (35,413) | |||
| (43,281) | |||
| (146,513) | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 37,142 | |||
| 128 | |||
| (19,177) | |||
| 18,093 | |||
| 15,195 | |||
| 2,898 | |||
| 18,093 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
29.
拥有重大非控股权益之非全资
附属公司
（续）
拥有重大非控股权益之非全资附属公司详情
（续）
(i)
玉林宏进
29. PARTLY-OWNED SUBSIDIARIES WITH
MATERIAL NON-CONTROLING INTERESTS
(continued)
Details of non-wholy owned subsidiaries that have material non-
controling interests (continued)
(i) Yulin Hongjin
非控股权益
年内溢利
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 5,356 | |||
| 4,300 | |||
| 9,656 | |||
| 43,256 | |||
| 17,920 | |||
| (461) | |||
| (32,427) | |||
| (14,968) | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
29.
拥有重大非控股权益之非全资
附属公司
（续）
拥有重大非控股权益之非全资附属公司详情
（续）
(i)
玉林宏进（续）
29. PARTLY-OWNED SUBSIDIARIES WITH
MATERIAL NON-CONTROLING INTERESTS
(continued)
Details of non-wholy owned subsidiaries that have material non-
controling interests (continued)
(i) Yulin Hongjin (continued)
T
T
T
D
N
N
N
N
现金及现金等额减少净额
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| 二零二 Number of shares | 五年 Nominal value | 二零 Number of shares | 二四年 Nominal value | ||
| 股份数目 HK$’000 | 面值 HK$’000 | 股份数目 HK$’000 | 面值 HK$’000 | ||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
30.
已发行股本及储备
(a)
法定及已发行股本
普通股持有人有权收取不时宣派之股息
及有权于本公司之会议上就每股投一票。
所有普通股对本公司剩余资产均享有同
等权益。
于截至二零二五年及二零二四年三月
三十一日止年度，本公司已发行股本概无
任何变动。
(b)
储备之性质及目的
(i)
股份溢价
股份溢价账之应用方式须符合百慕
达之一九八一年百慕达公司法第
条
规定。
(i)
资本赎回储备
资本赎回储备指本公司已购回股份
之面值，乃从本公司之可分派储备中
拨支。
30. ISUED CAPITAL AND RESERVES
(a) Authorised and isued share capital
千港元千港元千港元千港元
Authorised:
法定：
Ordinary shares of HK$0.01 (2024: HK$0.01)
each
每股面值
0.01
港元
（二零二四年：
0.01
港元）之普通股
30,000,000,000300,00030,000,000,000300,000
Ordinary shares, isued and fuly paid:
普通股，已发行及缴足：
At the begining and the end of the year
于年初及年末
9,953,067,82299,5319,953,067,82299,531
The holders of ordinary shares are entitled to receive dividends as
declared from time to time and are entitled to one vote per share
at shareholders’ metings of the Company. Al ordinary shares rank
equaly in regard to the Company’s residual asets.
There were no movements in the isued capital of the Company
during the years ended 31 March 2025 and 2024.
(b) Nature and purpose of reserves
(i) Share premium
The aplication of the share premium acount is governed by
section 40 of the Bermuda Companies Act 1981 of Bermuda.
(i) Capital redemption reserve
The capital redemption reserve represents the nominal value
of the Company’s shares repurchased which has ben paid out
of the distributable reserves of the Company.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
30.
已发行股本及储备
（续）
(b)
储备之性质及目的（续）
(i)
实缴盈余
实缴盈余指
(i)
所收购附属公司之相关
资产净值高于一九五年根据集团
重组所发行本公司股份的面值之间
差额，及
(i)
二零三年及二零九年
股本重组所产生之出资。
根据百慕达一九八一年公司法（经不
时修订），实缴盈余可分派予股东。然
而，本公司于下列情况下不得宣派或
派付股息，或从实缴盈余作出分派：
－
目前或于作出分派后未能偿还
到期之债务；或
－
将导致资产可变现价值低于其
负债。
(iv)
股东出资
股东出资指最终控股公司于二零
五年提供非即期免息贷款之推算利
息开支。
(v)
其他储备
本集团之其他储备为就本集团于其
附属公司之拥有权益变动（不会导
致失去控制权）而收购或出售非控股
权益之代价净额与账面值之间的差
额。
(vi)
法定储备
根据中国内地的相关法律及法规，本
公司于中国内地的附属公司之部分
溢利已转拨至用途受到限制的法定
储备。
30. ISUED CAPITAL AND RESERVES (continued)
(b) Nature and purpose of reserves (continued)
(i) Contributed surplus
The contributed surplus represents (i) the diference betwen
the underlying net aset value of the subsidiaries acquired
over the nominal value of the shares of the Company isued
pursuant to group reorganisation in 1995, and (i) contribution
arising from capital reorganisation in 2003 and 2009.
Under the Companies Act 1981 of Bermuda (as amended
from time to time), the contributed surplus is available for
distribution to shareholders. However, the Company canot
declare or pay a dividend, or make distributions out of
contributed surplus if:
– it is, or would after the payment be, unable to pay its
liabilities as they become due; or
– the realisable value of its asets would thereby be les
than its liabilities.
(iv) Shareholders’ contribution
The shareholders’ contribution represents imputed interest
expense on the non-curent interest-fre loan from ultimate
holding company in 2005.
(v) Other reserve
The other reserve of the Group was the diference betwen the
amounts of net consideration and the carying values of non-
controling interests acquired or disposed of for changes in the
Group’s ownership interests in its subsidiaries that do not result
in the los of control.
(vi) Statutory reserve
Pursuant to the relevant laws and regulations in Mainland
China, a portion of the profits of the Company’s subsidiaries in
Mainland China has ben transfered to the statutory reserve
which are restricted to use.
| HK$’000 |
|---|
| HK$’000 |
|---|
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
31.
收购一间附属公司
截至二零二五年三月三十一日止年度
于二零二四年十二月十三日，本集团与宏
安的间接全资附属公司
Wang On Comercial
Management Limited
订立买卖协议，内容有
关收购伟骏的全部已发行股本及伟骏结欠
宏安的股东贷款（「股东贷款」），总代价为
152,993,000
港元。伟骏主要从事投资控股。本
集团已将上述收购入账为资产收购，原因为
本集团所收购的实体并不构成业务。收购构
成本集团的关连交易并已于二零二五年二月
二十五日完成。
本集团于截至二零二五年三月三十一日止年
度收购的资产净值如下：
有关收购伟骏之现金流量分析如下：
31. ACQUISITION OF A SUBSIDIARY
For the year ended 31 March 2025
On 13 December 2024, the Group entered into a sale and purchase
agrement with Wang On Comercial Management Limited, an
indirectly wholy-owned subsidiary of Wang On, in respect of the
acquisition of the entire isued share capital of Regal Smart and the
shareholder’s loan of Regal Smart owed to Wang On (the “Shareholder’s
Loan”) at a total consideration of HK$152,993,000. Regal Smart is
principaly engaged in investment holding. The above acquisition has
ben acounted for by the Group as an acquisition of asets as the entity
acquired by the Group did not constitute a busines. The acquisition
constituted a conected transaction of the Group and was completed on
25 February 2025.
The net asets acquired by the Group during the year ended 31 March
2025 are as folows:
千港元
Net asets acquired:
已收购资产净值：
Investment in a joint venture
于合营企业的投资
152,940
Deposits
按金
Bank balances
银行结余
Other payables
其他应付款项
(12)
Total
总计
152,993
Satisfied by cash
以现金结算
152,993
An analysis of the cash flows in respect of the acquisition of Regal Smart
is as folows:
千港元
Cash consideration (note 41)
现金代价（附注
）
(150,000)
Directly atributable transaction costs
直接应占交易成本
(2,993)
Les: Consideration payable to a felow subsidiary
included in trade and other payables (note 24)
减：计入贸易及其他应付款项之应付
同系附属公司代价（附注
）
100,000
Bank balances acquired
已收购银行结余
Total net cash outflow
净现金流出总额
(52,935)
| Notes | HK$’000 |
|---|
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
32.
出售附属公司
截至二零二五年三月三十一日止年度
于二零二四年五月二十五日，本集团以总代价
人民币
206,817,000
元（相当于
226,579,000
港元）
向一名独立第三方出售其于淮安宏进农副产
品物流有限公司及其非全资附属公司淮安市
宏进清江农副产品批发市场有限公司（统称「淮
安宏进集团」）的全部股权连同淮安宏进集团
结欠本集团的股东贷款，该等公司主要从事管
理及出售位于中国之农产品交易市场的物业。
出售事项已于二零二四年九月五日完成。
于年内所出售淮安宏进集团的净资产详情及
财务影响概述如下：
32. DISPOSAL OF SUBSIDIARIES
For the year ended 31 March 2025
On 25 May 2024, the Group disposed of its entire equity interests in
Huai’an Hongjin Agricultural By-Products Logistics Company Limited,
together with its non-wholy-owned subsidiary, Huai’an Hongjin
Qingjiang Agricultural and By-Products Wholesale Market Company
Limited (colectively refered to as the “Huai’an Hongjin Group”),
which are principaly engaged in the management of and sales of
properties in agricultural produce exchange markets in the PRC, together
with the shareholder’s loan owed by Huai’an Hongjin Group, to the
Group to an independent third party at an agregate consideration
of RMB206,817,000 (equivalent to HK$226,579,000). The disposal was
completed on 5 September 2024.
Details of the net asets of the Huai’an Hongjin Group disposed of during
the year and the financial impacts are sumarised below:
附注千港元
Net asets disposed of:
已出售资产净值：
Property, plant and equipment
物业、厂房及设备
141,686
Investment properties
投资物业
16136,944
Defered tax asets
递延税项资产
Properties held for sale
持作出售物业
33,460
Trade receivables
贸易应收款项
Prepayments, deposits and other receivables
预付款项、按金及其他应收款项
3,301
Cash and bank balances
现金及银行结余
14,568
Trade and other payables
贸易及其他应付款项
(30,813)
Contract liabilities
合约负债
(3,537)
Receipts in advance
预收款项
(1,426)
Bank borowings
银行借贷
(10,956)
Subtotal
小计
143,389
Non-controling interests
非控股权益
32,803
Exchange reserve released upon disposal
出售后解除的汇兑储备
12,940
Profesional fes and expenses
专业费用及开支
1,653
Gain on disposal of subsidiaries
出售附属公司收益
635,794
Total consideration
总代价
226,579
Satisfied by:
由以下事项支付：
Cash consideration
现金代价
226,579
| HK$’000 |
|---|
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
32.
出售附属公司
（续）
截至二零二五年三月三十一日止年度（续）
年内有关出售淮安宏进集团的现金及现金等
额流入净额之分析如下：
32. DISPOSAL OF SUBSIDIARIES (continued)
For the year ended 31 March 2025 (continued)
An analysis of the net inflows of cash and cash equivalents for the year in
respect of the disposal of Huai’an Hongjin Group is as folows:
千港元
Cash consideration
现金代价
226,579
Consideration receivable included in prepayments, deposits and
other receivables
计入预付款项、按金及其他应收款项的
应收代价
(7,969)
Cash and cash equivalents disposed of
已出售现金及现金等额
(14,568)
Profesional fes and expenses paid
已付专业费用及开支
(1,653)
Net inflows of cash and cash equivalents included in cash flows
from investing activities in respect of the disposal of subsidiaries
计入有关出售附属公司的投资业务
所得现金流量的现金及现金等额
之流入净额
202,389
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 164,855 | |||
| 1,684,037 | |||
| 2,265 | |||
| 789 | |||
| 1,687,091 | |||
| 716,826 | |||
| 17,381 | |||
| 120,056 | |||
| 12,958 | |||
| 3,995 | |||
| 871,216 | |||
| 815,875 | |||
| 980,730 | |||
| 47,720 | |||
| 295,000 | |||
| 342,720 | |||
| 638,010 | |||
| 99,531 | |||
| 538,479 | |||
| 638,010 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
33.
本公司财务状况表及储备变动
(a)
本公司之财务状况表
33. STATEMENT OF FINANCIAL POSITION AND
RESERVES MOVEMENT OF THE COMPANY
(a) Statement of financial position of the Company
N
I
C
A
O
C
T
C
A
O
I
U
I
T
N
T
N
U
I
T
N
E
I
R
T
权益总额
Leung Sui Wah, RaymondTang Ching Ho
梁瑞华邓清河
DirectorDirector
董事董事
| Share premium | Capital redemption reserve | Contributed surplus | Shareholders’ contribution | Accumulated losses | Share option reserve | Total | ||
|---|---|---|---|---|---|---|---|---|
| 资本赎回 | 实缴 | 股东 | 累计 | 购股权 | ||||
| 股份溢价 HK$’000 | 储备 HK$’000 | 盈余 HK$’000 | 出资 HK$’000 | 亏损 HK$’000 | 储备 HK$’000 | 总计 HK$’000 | ||
| 3,923,147 | 945 | 588,812 | 664 | (3,913,529) | 7,553 | 607,592 |
|---|---|---|---|---|---|---|
| – | – | – | – | (72,088) | – | (72,088) |
| – | – | – | – | – | 2,975 | 2,975 |
| – | – | – | – | 1,153 | (1,153) | – |
| 3,923,147 | 945 | 588,812 | 664 | (3,984,464) | 9,375 | 538,479 |
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
33.
本公司财务状况表及储备变动
（续）
(b)
本公司之储备概要如下：
34.
以权益结算以股份为基础之交
易
经本公司股东于二零二年八月二十六日举
行之本公司股东周年大会上批准，本公司采纳
一项新购股权计划（「二零二年计划」），主要
目的为向合资格参与者（「参与者」）就彼等对本
集团作出或可能作出之贡献提供奖励及表彰，
条款与本公司于二零一二年五月三日采纳之
购股权计划（「二零一二年计划」）相同。参与者
包括于本集团之董事（包括独立非执行董事）及
为本集团旗下任何成员公司工作之雇员及╱
或向本集团任何成员公司提供服务的任何人
士或实体。二零二年计划于二零二年八月
二十六日生效，有效期为十年，至二零三二年
八月二十五日止。
33. STATEMENT OF FINANCIAL POSITION AND
RESERVES MOVEMENT OF THE COMPANY
(continued)
(b) A sumary to the Company’s reserves is as folows:
千港元千港元千港元千港元千港元千港元千港元
At 1 April 2023
于二零二三年四月一日
3,923,147945588,812664(3,850,311)5,475668,732
Los for the year
本年度亏损
–(64,978)–(64,978)
Recognition of equity -setled
share-based payment
确认以权益结算以股份
为基础之付款
–3,8383,838
Lapse of share options
购股权失效
–1,760(1,760)–
At 31 March 2024 and 1 April 2024
于二零二四年
三月三十一日
及二零二四年
四月一日
Los for the year
本年度亏损
Recognition of equity -setled
share-based payment
确认以权益结算以股份
为基础之付款
Lapse of share options
购股权失效
At 31 March 2025
于二零二五年三月
三十一日
34. EQUITY SETLED SHARE-BASED
TRANSACTIONS
The Company adopted a new share option scheme (the “2022 Scheme”)
with the aproval of the shareholders of the Company at the anual
general meting of the Company held on 26 August 2022 for the
primary purpose of providing incentives and recognition for the eligible
participants (the “Participants”) to take up options for their contribution
or potential contribution to the Group with the same terms as the share
option scheme (the “2012 Scheme”) adopted by the Company on 3 May
2012. Participants include directors of the Group, including independent
non-executive directors and employes, who work for any member of the
Group and/or any person or entity that provides services to any member
of the Group. The 2022 Scheme became efective on 26 August 2022 and
wil remain in force for a period of 10 years to 25 August 2032.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
34.
以权益结算以股份为基础之交
易
（续）
根据二零二年计划，本公司董事会（「董事
会」）可向参与者授予购股权以认购本公司股
份。授予购股权之建议必须于授出日期后
日
内就每批授出的购股权支付
港元之代价后，
由相关参与者接纳。行使价将由董事会厘定，
并不得低于以下各项之最高者：
(i)
本公司股份于授出当日（须为营业日）在联
交所发出的每日报价表所列之收市价；
(i)
股份于紧接授出日期前五个营业日在联
交所发出的每日报价表所列之平均收市
价；及
(i)
本公司股份面值。
未经股东事先批准，于截至授出日期（包括该
日）止任何
个月期间可授予合资格人士的购
股权所涉及的股份数目，不得超过于任何时间
已发行股份的
1%
。倘授予主要股东或独立非执
行董事或任何彼等各自之联系人之购股权超
过本公司已发行股份之
0.1%
，及其价值合计超
过
5,000,000
港元，则须经股东事先批准。概无
明文规定购股权须持有任何最短期限方可行
使，惟董事会有权酌情于授出任何个别购股权
时施加任何最短期限。董事会可全权酌情厘定
可行使购股权之期间，惟购股权概不可于授出
日期起计十年以上期间行使。
根据二零二年计划，连同本公司任何其他购
股权计划可授出之购股权所涉及之本公司股
份最高数目不得超过
995,306,782
股，即本公司
于本报告日期已发行股本约
10.0%
。待股东于
股东大会上批准，董事会可随时将限额重新厘
定为于股东在股东大会上批准当日已发行股
份总数之
10%
。尽管有上述规定，因行使二零
二年计划及本公司任何其他购股权计划项
下已授出但未行使之所有尚未行使购股权而
可予发行之股份，于任何时候均不得超过不时
已发行股份之
30%
。
自采纳二零二年计划以来及截至二零二五
年三月三十一日，概无购股权获授出。
于本年度及过往年度内，二零二年计划项下
概无购股权获授出、行使、已失效或注销。
34. EQUITY SETLED SHARE-BASED
TRANSACTIONS (continued)
Under the 2022 Scheme, the board of directors of the Company (the
“Board”) may grant share options to the Participants to subscribe for
the shares of the Company. The ofer of a grant of share options must
be acepted by the relevant Participants within 14 days after the date
of grant upon payment of a consideration of HK$1 for each lot of share
options granted. The exercise price is to be determined by the Board and
shal not be les than the highest of:
(i) the closing price of the shares of the Company as stated in the daily
quotations shet isued by the Stock Exchange on the date of grant,
which must be a busines day;
(i) the average closing price of the shares as stated in the daily
quotations shets isued by the Stock Exchange for the five busines
days imediately preceding the date of grant; and
(i) the nominal value of a share of the Company.
The number of shares in respect of which options may be granted to
eligible person in any 12-month period up to and including the date
of grant shal not exced 1% of the shares in isue at any point in time,
without prior aproval from the shareholders. Options granted to
substantial shareholders or independent non-executive directors, or
any of their respective asociates, in exces of 0.1% of the shares of the
Company in isue and with an agregate value in exces of HK$5,000,000
must be aproved in advance by the shareholders. There is no specific
requirement that an option must be held for any minimum period
before it can be exercised but the Board is empowered to impose at its
discretion any such minimum period at the time of grant of any particular
option. The period during which an option may be exercised wil be
determined by the Board at its absolute discretion, save that no option
may be exercised for a period of more than 10 years from the date of
grant.
Pursuant to the 2022 Scheme, the maximum number of shares in the
Company in respect of which options may be granted when agregated
with any other share option scheme of the Company is not permited
to exced 995,306,782 shares, representing aproximately 10.0% of the
isued share capital of the Company as at the date of this report. Subject
to the aproval of the Shareholders at general meting, the board may
refresh the limit at any time to 10% of the total number of Shares in
isue as at the date of aproval by the Shareholders at general meting.
Notwithstanding the foregoing, the Shares which may be isued upon
exercise of al outstanding options granted and yet to be exercised under
the 2022 Scheme and any other share option schemes of the Company
at any time shal not exced 30% of the Shares in isue from time to time.
No share option has ben granted as at 31 March 2025 since the
adoption of the 2022 Scheme.
During the curent and prior years, no share options were granted,
exercised, lapsed or canceled under the 2022 Scheme.
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| 二零二 Weighted average exercise price | 五年 Number of options | 二零 Weighted average exercise price | 二四年 Number of options | ||
| 加权平均行使价 HK$ per share | 购股权数目 ‘000 | 加权平均行使价 HK$ per share | 购股权数目 ‘000 | ||
| 每股港元 | 千份 | ||||
| 0.118 | 161,000 | ||||
| 0.118 | (20,000) | ||||
| 0.118 | 141,000 | ||||
| Number of options | Exercise price* | Exercise period | |
|---|---|---|---|
| * | 行使期 | ||
| 购股权数目 ‘000 | 行使价 HK$ per share | ||
| 千份 | 每股港元 | ||
| 28,200 | 0.118 | 3.1.2025 to 2.1.2032 | |
| 28,200 | 0.118 | 3.1.2026 to 2.1.2032 | 二零二五年一月三日至二零三二年一月二日 |
| 28,200 | 0.118 | 3.1.2027 to 2.1.2032 | 二零二六年一月三日至二零三二年一月二日 |
| 28,200 | 0.118 | 3.1.2028 to 2.1.2032 | 二零二七年一月三日至二零三二年一月二日 |
| 28,200 | 0.118 | 3 .1.2029 to 2.1.2032 | 二零二八年一月三日至二零三二年一月二日 |
| 二零二九年一月三日至二零三二年一月二日 | |||
| 141,000 | |||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
34.
以权益结算以股份为基础之交
易
（续）
根据二零一二年计划，以下购股权于年内尚未
行使：
于报告期末尚未行使之购股权之行使价及行
使期如下：
二零二五年
34. EQUITY SETLED SHARE-BASED
TRANSACTIONS (continued)
The folowing share options were outstanding under the 2012 Scheme
during the year.
于年末
The exercise prices and exercise periods of the share options outstanding
as at the end of the reporting period are as folows:
| Number of options | Exercise price* | Exercise period | |
|---|---|---|---|
| * | 行使期 | ||
| 购股权数目 ‘000 | 行使价 HK$ per share | ||
| 2022 |
|---|
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
34.
以权益结算以股份为基础之交
易
（续）
二零二四年
*
购股权之行使价可于供股或红股发行或本
公司股本中发生其他类似变动时予以调整。
于截至二零二年三月三十一日止年度授
出二零一二年计划项下购股权之公平值为
21,915,000
港元（每股
0.097
港元），其中截至二零
二五年三月三十一日止年度，本集团确认购股
权开支
2,975,000
港元（二零二四年：
3,838,000
港
元）。
于截至二零二年三月三十一日止年度授出
以权益结算之购股权之公平值于授出日期使
用三项式模型估计，当中已计及授出购股权之
条款及条件。下表载列所用模型之输入数据：
预期波幅乃按本公司过去十年股价历史波幅
而厘定。该模式所采用之预计年期已根据董事
就非转让性、行使限制及行为等考虑因素之影
响所作最佳估计而调整。
计量公平值时概无列入授出购股权的其他特
质。
于批准该等财务报表当日，本公司根据二零
一二年计划有
141,000,000
份尚未行使购股权。
34. EQUITY SETLED SHARE-BASED
TRANSACTIONS (continued)
千份每股港元
32,2000.1183.1.2025 to 2.1.2032
二零二五年一月三日至二零三二年一月二日
32,2000.1183.1.2026 to 2.1.2032
二零二六年一月三日至二零三二年一月二日
32,2000.1183.1.2027 to 2.1.2032
二零二七年一月三日至二零三二年一月二日
32,2000.1183.1.2028 to 2.1.2032
二零二八年一月三日至二零三二年一月二日
32,2000.1183.1.2029 to 2.1.2032
二零二九年一月三日至二零三二年一月二日
161,000
* The exercise price of the share options is subject to adjustment in the case
of rights or bonus isues, or other similar changes in the Company’s share
capital.
The fair value of the share options under the 2012 Scheme granted
during the year ended 31 March 2022 was HK$21,915,000 (HK$0.097
each), of which the Group recognised a share option expense of
HK$2,975,000 (2024: HK$3,838,000) during the year ended 31 March
2025.
The fair value of equity-setled share options granted during the year
ended 31 March 2022 was estimated as at the date of grant using a
trinomial model, taking into acount the terms and conditions upon
which the options were granted. The folowing table lists the inputs to
the model used:
二零二年
Dividend yield (%)
股息率
(%)–
Expected volatility (%)
预期波幅
(%)97.03
Historical volatility (%)
历史波幅
(%)97.03
Risk-fre interest rate (%)
无风险利率
(%)1.44
Expected life of options (year)
预期有效年期（年）
Weighted average share price (HK$ per share)
加权平均股价（每股港元）
0.118
Expected volatility was determined by using the historical volatility of
the Company’s share price over the aproximately previous 10 years.
The expected life used in the model has ben adjusted, based on the
directors’ best estimate, for the efects of non-transferability, exercise
restrictions and behavioural considerations.
No other feature of the options granted was incorporated into the
measurement of fair value.
At the date of aproval of these financial statements, the Company had
141,000,000 share options outstanding under the 2012 Scheme.
| Financial assets at FVTPL | |||||
|---|---|---|---|---|---|
| 按公平值经损益入账之 | |||||
| 金融 Designated as such upon initial recognition | 资产 Mandatorily designated as such | Financial assets at amortised cost | Total | ||
| 于首次确认后如 | 按摊销成本列账 | ||||
| 此指定 HK$’000 | 强制如此指定 HK$’000 | 之金融资产 HK$’000 | 总计 HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | ||
| 57 | – | – | 57 | ||
| – | – | 1,280 | 1,280 | ||
| – | – | 11,268 | 11,268 | ||
| – | – | 128,169 | 128,169 | ||
| – | – | 181,673 | 181,673 | ||
| 57 | – | 322,390 | 322,447 | ||
| Financial liabilities at amortised cost | ||
|---|---|---|
| 按摊销成本列账之 | ||
| 金融负债 HK$’000 | ||
| 千港元 | ||
| 23,824 | ||
| 249,122 | ||
| 24,710 | ||
| 1,060,340 | ||
| 60,678 | ||
| 1,418,674 |
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
35.
按类别划分的金融工具
于报告期末各类别之金融工具之账面值如下：
二零二五年三月三十一日
金融资产
金融负债
35. FINANCIAL INSTRUMENTS BY CATEGORY
The carying amounts of each of the categories of financial instruments
as at the end of the reporting period are as folows:
31 March 2025
Financial asets
总计
Financial liabilities
总计
| Financial assets at FVTPL | |||||
|---|---|---|---|---|---|
| 按公平值经损益入账之 | |||||
| 金融 Designated as such upon initial recognition | 资产 Mandatorily designated as such | Financial assets at amortised cost | Total | ||
| 于首次确认后 | 按摊销成本列账 | ||||
| 如此指定 HK$’000 | 强制如此指定 HK$’000 | 之金融资产 HK$’000 | 总计 HK$’000 | ||
| Financial liabilities at amortised cost | ||
|---|---|---|
| 按摊销成本列账之 | ||
| 金融负债 HK$’000 |
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
35.
按类别划分的金融工具
（续）
于报告期末各类别之金融工具之账面值如下：
（续）
二零二四年三月三十一日
金融资产
金融负债
35. FINANCIAL INSTRUMENTS BY CATEGORY
(continued)
The carying amounts of each of the categories of financial instruments
as at the end of the reporting period are as folows: (continued)
31 March 2024
Financial asets
千港元千港元千港元千港元
Financial asets at fair value
through profit or los
按公平值经损益入账
之金融资产
– Listed equity investments
－上市股权投资
105–105
– Put options
－认沽期权
–370–370
Trade receivables
贸易应收款项
–2,0552,055
Loans and interest receivables
应收贷款及利息
–27,64227,642
Financial asets included in
prepayments, deposits, and
other receivables
计入预付款项、按金
及其他应收
款项之金融资产
–132,406132,406
Pledged deposits
已抵押存款
–39,61139,611
Cash and bank balances
现金及银行结余
–243,435243,435
Total
总计
105370445,149445,624
Financial liabilities
千港元
Trade payables
贸易应付款项
45,348
Financial liabilities included in deposits and other payables
(excluding lease liabilities)
计入按金及其他应付款项之金融
负债（不包括租赁负债）
172,976
Lease liabilities
租赁负债
32,869
Interest-bearing bank and other borowings
计息银行及其他借贷
1,314,513
Total
总计
1,565,706
| Carrying amounts | Fair values | ||||
|---|---|---|---|---|---|
| 账面 31 March 2025 | 值 31 March 2024 | 公平 31 March 2025 | 值 31 March 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| 三月三十一日 HK$’000 | 三月三十一日 HK$’000 | 三月三十一日 HK$’000 | 三月三十一日 HK$’000 | ||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
36.
金融工具之公平值及公平值等
级
本集团金融工具（账面值与公平值合理相若的
金融工具除外）之账面值及公平值如下：
管理层已评估现金及银行结余、已抵押银行存
款、贸易应收款项、计入预付款项、按金及其
他应收款项之金融资产、应收贷款及利息以及
计入贸易及其他应付款项之金融负债之公平
值与其账面值相若，主要原因是该等工具的到
期时限较短。
本集团之财务部门由本公司董事带领，负责就
金融工具之公平值计量制定政策及程序。财务
部门直接向本公司董事及审核委员会汇报。于
各报告日期，财务部门分析金融工具价值之动
向，并决定估值中采用之主要输入数据。本公
司董事审阅及批准估值，并与审核委员会就中
期及年度财务申报每年进行两次有关估值程
序及结果的讨论。
金融资产及负债之公平值以自愿交易方在当
前交易中（强迫或清盘出售除外）该工具可据此
作交换之金额入账。
36. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS
The carying amounts and fair values of the Group’s financial instruments,
other than those carying amounts that reasonably aproximate to fair
values, are as folows:
千港元千港元千港元千港元
Financial liabilities
金融负债
Interest-bearing bank and other
borowings
计息银行及其他
借贷
1,060,3401,314,5131,075,7051,548,113
Unsecured notes
无抵押票据
60,678–69,889–
Total
总计
1,121,0181,314,5131,145,5941,548,113
Management has asesed that the fair values of cash and bank balances,
pledged bank deposits, trade receivables, financial asets included
in prepayments, deposits and other receivables, loans and interest
receivables and financial liabilities included in trade and other payables
aproximate to their carying amounts largely due to the short-term
maturities of these instruments.
The Group’s finance department headed by the directors of the Company
are responsible for determining the policies and procedures for the fair
value measurement of financial instruments. The finance department
reports directly to the Company’s directors and the audit comite. At
each reporting date, the finance department analyses the movements
in the values of financial instruments and determines the major inputs
aplied in the valuation. The valuation is reviewed and aproved by the
Company’s directors. The valuation proces and results are discused
with the audit comite twice a year for interim and anual financial
reporting.
The fair values of the financial asets and liabilities are included at the
amount at which the instrument could be exchanged in a curent
transaction betwen wiling parties, other than in a forced or liquidation
sale.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
36.
金融工具之公平值及公平值等
级
（续）
公平值估计所采用的方法及假设如下：
计息银行及其他借贷的非流动部分之公平值
乃以目前市面类似年期、信贷风险及剩余期限
的工具的利率经折现预期未来现金流量计算。
于二零二五年三月三十一日，本集团计息银行
及其他借贷本身的不履约风险导致之公平值
变动被评估为并不重大。无抵押票据之公平值
乃以类似证券的相等市场利率经折现预期未
来现金流量估算，且已考虑本集团的不履约风
险。该等公平值计量属经常性，并分类为公平
值层级的第三级。
上市股权投资之公平值乃按照市场报价厘定。
本公司董事相信，透过估值方法得出的估计公
平值（计入综合财务状况表）及公平值的有关变
动（计入损益）乃属合理，且为于报告期末的最
适当价值。
认沽期权之公平值乃根据估值技术及基于对
报告期末现存市况之假设厘定。估值模型需要
输入主观假设，包括隐含波幅及市盈率。
董事认为，认沽期权之公平值对本集团综合财
务报表而言并不重大。由于披露所用输入数据
及其敏感度分析会导致资料过于冗长，亦不会
为综合财务报表使用者提供额外有用资讯，故
并无披露该等资料。
36. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (continued)
The folowing methods and asumptions were used to estimate the fair
values:
The fair values of the non-curent portion of interest-bearing bank and
other borowings have ben calculated by discounting the expected
future cash flows using rates curently available for instruments with
similar terms, credit risk and remaining maturities. The changes in fair
value as a result of the Group’s own non-performance risk for interest-
bearing bank and other borowings as at 31 March 2025 were asesed
to be insignificant. The fair value of the unsecured notes are estimated by
discounting the expected future cash flows using an equivalent market
interest rate for similar securities with consideration of the Group’s own
non-performance risk. These fair value measurements are recuring and
are categorised in level 3 of the fair value hierarchy.
The fair value of listed equity investments is based on quoted market
prices. The directors of the Company believe that the estimated fair
values resulting from the valuation technique, which are recorded in the
consolidated statement of financial position, and the related changes in
fair values, which are recorded in profit or los, are reasonable, and that
they were the most apropriate values at the end of the reporting period.
The fair value of the put options is determined by valuation techniques
and based on asumptions on market conditions existing at the end
of the reporting period. The valuation model requires the input of
subjective asumptions, including the expected volatility and price-to-
earnings ratio.
In the opinion of the directors, the fair value of the put options was not
significant to the Group’s consolidated financial statements. The inputs
used and their sensitivity analysis were not disclosed as such disclosures
would result in particulars of excesive length and provide no aditional
useful information to the users of the consolidated financial statements.
| Fair value measurement using | |||||
|---|---|---|---|---|---|
| Quoted prices in active markets (Level 1) | 使用下列各项 Significant observable inputs (Level 2) | 之公平值计量 Significant unobservable inputs (Level 3) | Total | ||
| 于活跃市场之 | 重大可观察输入 | 重大不可观察输入 | |||
| 报价（第一级） HK$’000 | 数据（第二级） HK$’000 | 数据（第三级） HK$’000 | 总计 HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | ||
| 57 | – | – | 57 | ||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
36.
金融工具之公平值及公平值等
级
（续）
公平值层级
下表阐明本集团金融工具之公平值计量层级：
按公平值计量之资产：
36. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy
The folowing tables ilustrate the fair value measurement hierarchy of the
Group’s financial instruments:
Asets measured at fair value:
A
上市股权投资
As at 31 March 2024
于二零二四年
三月三十一日
Financial asets at FVTPL:
按公平值经损益入账之
金融资产：
Listed equity investment
上市股权投资
105–105
Put options
认沽期权
–370370
Total
总计
105–370475
| HK$’000 |
|---|
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
36.
金融工具之公平值及公平值等
级
（续）
公平值层级（续）
于以下年度，第三级公平值计量之变动如下：
于年内，金融资产及金融负债均无第一级及第
二级公平值计量间之转移，亦无转入或转出第
三级（二零二四年：无）。
37.
财务风险管理目标及政策
本集团管理其资本以确保本集团各实体可持
续经营，同时透过优化债务及权益的平衡尽量
增加股东回报。本集团整体策略较去年维持不
变。
本集团资本结构包括债务净额（包括于财务报
表附注
及
披露之计息银行及其他借贷以及
无抵押票据），扣除现金及银行结余以及母公
司拥有人应占权益（包括已发行股本及储备）。
本公司董事每半年审阅资本结构。就有关审阅
而言，董事计及有关资本之成本及与各类别资
本相关之风险。根据董事建议，本集团将透过
发行新股份、购回股份及发行新债务或赎回现
有债务，平衡其整体资本架构。
本集团之主要金融工具包括按公平值经损益
入账之金融资产、计入预付款项、按金及其他
应收款项之金融资产、贸易应收款项、应收贷
款及利息、计入贸易及其他应付款项之金融负
债、计息银行及其他借贷以及无抵押票据。该
等金融工具之详情于相关附注披露。
36. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy (continued)
The movements in fair value measurements in Level 3 during the years
are as folows:
千港元
At 1 April 2023
于二零二三年四月一日
Fair value gains recognised in profit or los, net
于损益账确认之公平值收益净额
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日
Fair value loses recognised in profit or los, net
于损益账确认之公平值收益净额
(370)
At 31 March 2025
于二零二五年三月三十一日
–
During the year, there were no transfers of fair value measurements
betwen Level 1 and Level 2 and no transfers into or out of Level 3 for
both financial asets and financial liabilities (2024: Nil).
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES
The Group manages its capital to ensure that entities in the Group wil
be able to continue as a going concern while maximising the return to
shareholders through the optimisation of the debt and equity balance.
The Group’s overal strategy remains unchanged from the prior year.
The capital structure of the Group consists of net debt, which includes
interest-bearing bank and other borowings and unsecured notes
disclosed in notes 26 and 27 to the financial statements, net of cash and
bank balances and equity atributable to owners of the parent, which
comprises isued share capital and reserves.
The directors of the Company review the capital structure on a semi-
anual basis. As part of this review, the directors consider the cost of
capital and the risks asociated with each clas of capital. Based on
recomendations of the directors, the Group wil balance its overal
capital structure through new share isues and share buy-backs as wel as
the isue of new debt or the redemption of existing debt.
The Group’s principal financial instruments include financial asets at
FVTPL, financial asets included in prepayments, deposits and other
receivables, trade receivables, loans and interest receivables, financial
liabilities included in trade and other payables, interest-bearing bank
and other borowings and unsecured notes. Details of these financial
instruments are disclosed in the respective notes.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
37.
财务风险管理目标及政策
（续）
本集团金融工具产生之主要风险为利率风险、
外币风险、信贷风险及流动资金风险。本公司
董事会审阅并同意管理该等风险之政策，且有
关政策概述如下。
信贷风险
就本集团存放于银行之存款而言，本集团透
过将存款存放于具高信贷评级及近期并无违
约纪录之金融机构，借以减低所承担之信贷风
险。本公司董事认为，本集团银行存款之信贷
风险偏低。管理层继续监察有关状况，并会于
彼等之评级有变时采取适当行动。于二零二五
年及二零二四年三月三十一日，本集团并无有
关银行存款之高度集中信贷风险。
本集团仅与经认可且信誉良好的第三方进行
交易。本集团政策为所有意以信用方式进
行交易的客户均须遵守信用认证程序。为尽量
减低贸易应收款项、按金及其他应收款项以及
应收贷款及利息之信贷风险，本集团管理层已
授权专责小组负责厘定信贷额、审批信贷及其
他监察程序，以确保采取跟进措施收回逾期债
项。此外，本集团于报告期末检讨各个别应收
款项之可收回金额，确保已就不可收回金额计
提足够减值亏损拨备。就此，本公司董事认为
信贷风险已显著减低。
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
The main risks arising from the Group’s financial instruments are interest
rate risk, foreign curency risk, credit risk and liquidity risk. The board of
directors of the Company reviews and agres policies for managing each
of these risks and they are sumarised below.
Credit risk
In relation to the Group’s deposits with bank, the Group limits its
exposure to credit risk by placing deposits with financial institutions
with high credit rating and no recent history of default. The directors of
the Company consider that the Group’s credit risk on the bank deposits
is low. Management continues to monitor the position and wil take
apropriate action if their ratings should change. As at 31 March 2025
and 2024, the Group has no significant concentration of credit risk in
relation to deposits with bank.
The Group trades only with recognised and creditworthy third parties. It
is the Group’s policy that al customers who wish to trade on credit terms
are subject to credit verification procedures. In order to minimise the
credit risk on trade receivables, deposits and other receivables, and loans
and interest receivables, the management of the Group has delegated a
team responsible for the determination of credit limits, credit aprovals
and other monitoring procedures to ensure that folow-up action is taken
to recover overdue debts. In adition, the Group reviews the recoverable
amount of each individual receivable at the end of the reporting period
to ensure that adequate impairment loses are made for irecoverable
amounts. In this regard, the directors of the Company consider that the
credit risk is significantly reduced.
| 12 month ECLs | Lifetime ECLs | |||||
|---|---|---|---|---|---|---|
| 12 个月预期 | ||||||
| 信贷亏损 | 全期预期信贷亏损 | |||||
| Stage 1 | Stage 2 | Stage 3 | Simplified approach | Total | ||
| 第一阶段 HK$’000 | 第二阶段 HK$’000 | 第三阶段 HK$’000 | 简化方法 HK$’000 | 总计 HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| – | – | – | 8,767 | 8,767 | ||
| 9,762 | 1,517 | 58,116 | – | 69,395 | ||
| 109,620 | 18,672 | – | – | 128,292 | ||
| 181,673 | – | – | – | 181,673 | ||
| 301,055 | 20,189 | 58,116 | 8,767 | 388,127 | ||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
37.
财务风险管理目标及政策
（续）
信贷风险（续）
最高风险及年结阶段
下表显示基于本集团的信贷政策的信贷质素
及最高信贷风险，主要基于逾期资料（除非其
他资料可在毋须付出不必要成本或努力的情
况下获得），及于二零二五年三月三十一日的
年结阶段分类。所呈列金额为金融资产总账面
值。
于二零二五年三月三十一日
*
就本集团应用简化方法计算减值之贸易应
收款项而言，根据拨备矩阵计算之资料于
财务报表附注
披露。
倘计入预付款项、按金及其他应收款项之
金融资产尚未逾期及并无资料显示金融资
产自初始确认以来之信贷风险显著增加，
有关金融资产之信贷质素被视为「正常」。
否则，金融资产之信贷质素将被视为「可
疑」。
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Credit risk (continued)
Maximum exposure and year-end staging
The table below shows the credit quality and the maximum exposure to
credit risk based on the Group’s credit policy, which is mainly based on
past due information unles other information is available without undue
cost or efort, and year-end staging clasification as at 31 March 2025. The
amounts presented are gros carying amounts for financial asets.
As at 31 March 2025
总计
As at 31 March 2024
于二零二四年
三月三十一日
Trade receivables*
贸易应收款项
*–9,5609,560
Loans and interest receivables
应收贷款及利息
14,4181,55654,578–70,552
Financial asets included in prepayments,
deposits and other receivables
计入预付款项、按金
及其他应收款项之
金融资产
116,95216,002–132,954
Pledged bank deposits
已抵押银行存款
39,611–39,611
Cash and bank balances
现金及现金等额
243,435–243,435
Total
总计
414,41617,55854,5789,560496,112
* For trade receivables to which the Group aplies the simplified aproach
for impairment, information based on the provision matrix is disclosed in
note 19 to the financial statements.
The credit quality of the financial asets included in prepayments, deposits
and other receivables is considered to be “normal” when they are not past
due and there is no information indicating that the financial asets had a
significant increase in credit risk since initial recognition. Otherwise, the
credit quality of the financial asets is considered to be “doubtful”.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
37.
财务风险管理目标及政策
（续）
信贷风险（续）
最高风险及年结阶段（续）
本集团因贸易应收款项和计入预付款项、按金
及其他应收款项的金融资产（附注
及
）以及
应收贷款及利息（附注
）所承受之信贷风险
涉及的其他定量数据于财务报表相关附注内
披露。
就若干有抵押贷款及其相关应收利息而言，本
集团通过以非控股权益持有中国内地一间附
属公司资本的形式持有抵押品。
流动资金风险
流动资金风险为本集团于财务债务到期时未
能履行债务之风险。本集团旗下之独立营运实
体须自行负责现金管理工作，包括现金盈余之
短期投资及筹措贷款以应付预期现金需求，惟
如贷款超出预定授权金额则须获得本公司董
事会批准后，方可进行。本集团之政策是定期
监察目前及预期流动资金需要以及其是否已
遵守借贷契诺之规定，确保其维持充裕的现金
储备及从主要金融机构取得足够的承诺融资，
以应付其短期及长期流动资金需求。于二零
二五年及二零二四年三月三十一日，并无未动
用之融资额度，惟来自同系附属公司之未动用
融资额度合共
210,000,000
港元（二零二四年：
126,000,000
港元）除外。
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Credit risk (continued)
Maximum exposure and year-end staging (continued)
Further quantitative data in respect of the Group’s exposure to credit
risk arising from trade receivables and financial asets included in
prepayments, deposits and other receivables (notes 19 and 20) and loans
and interest receivables (note 21) are disclosed in the coresponding
notes to the financial statements.
For certain secured loans and its related interest receivables, the Group
holds colateral in the form of capital over a subsidiary in Mainland China
held by the non-controling interest.
Liquidity risk
Liquidity risk is the risk that the Group wil not be able to met its
financial obligations as they fal due. Individual operating entities within
the Group are responsible for their own cash management, including the
short-term investment of cash surpluses and the raising of loans to cover
expected cash demands, subject to aproval by the Company’s board
when the borowings exced certain predetermined levels of authority.
The Group’s policy is to regularly monitor its curent and expected
liquidity requirements and its compliance with lending covenants
to ensure that it maintains suficient reserves of cash and adequate
comited lines of funding from major financial institutions to met its
liquidity requirements in the short and long term. As at 31 March 2025
and 2024, there were no unutilised facilities, except for the agregated
unutilised facilities from felow subsidiaries of HK$210,000,000 (2024:
HK$126,000,000).
| 2025 | |||||||
|---|---|---|---|---|---|---|---|
| On demand or within 1 year | 1 to 2 years | 二零二 3 to 5 years | 五年 Over 5 years | Total undiscounted cash flows | Carrying amount | ||
| 按需要或 | 未贴现现金 | ||||||
| 于一年内 HK$’000 | 一至两年 HK$’000 | 三至五年 HK$’000 | 五年以上 HK$’000 | 流量总额 HK$’000 | 账面值 HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 273,246 | – | – | – | 273,246 | 273,246 | ||
| 376,196 | 225,722 | 542,250 | 77,241 | 1,221,409 | 1,060,340 | ||
| 4,456 | 4,456 | 10,341 | 13,617 | 32,870 | 24,710 | ||
| 13,650 | 1,820 | 4,095 | 96,915 | 116,480 | 60,678 | ||
| 667,548 | 231,998 | 556,686 | 187,773 | 1,644,005 | 1,418,974 | ||
| 2024 | |||||||
|---|---|---|---|---|---|---|---|
| On demand or within 1 year | 1 to 2 years | 二零 3 to 5 years | 二四年 Over 5 years | Total undiscounted cash flows | Carrying amount | ||
| 按需要或 | 未贴现现金 | ||||||
| 于一年内 HK$’000 | 一至两年 HK$’000 | 三至五年 HK$’000 | 五年以上 HK$’000 | 流量总额 HK$’000 | 账面值 HK$’000 | ||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
37.
财务风险管理目标及政策
（续）
流动资金风险（续）
下表详列本集团于报告期末以订约未贴现
金流量为基础之非衍生金融负债（包括按合约
利率或（如属浮息则根据报告期末通行之利率）
计算之利息付款）之剩余订约还款期，以及本
集团须偿还有关款项之最早日期：
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Liquidity risk (continued)
The folowing table details the remaining contractual maturities at the
end of reporting period of the Group’s non-derivative financial liabilities,
which are based on contractual undiscounted cash flows (including
interest payments computed using contractual rates or, if floating, based
on rates curent at the end of reporting period) and the earliest date the
Group can be required to pay:
总计
千港元千港元千港元千港元千港元千港元
Trade and other payables
贸易及其他应付
款项
218,324–218,324218,324
Interest-bearing bank and other
borowings
计息银行及其他
借贷
470,039220,426909,29151,2991,651,0551,314,513
Lease liabilities
租赁负贷
8,0486,08313,86115,43243,42432,869
Total
总计
696,411226,509923,15266,7311,912,8031,565,706
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
37.
财务风险管理目标及政策
（续）
利率风险
本集团面对之市场利率变动风险主要来自本
集团的浮息银行借贷及无抵押票据。
本集团银行及其他借贷以及无抵押票据之利
率分别于附注
及
披露。本集团面临固定利
率银行及其他借贷以及无抵押票据之公平值
利率风险。
利率变动令本集团就其浮息银行借贷（见附注
）以及银行结余（见附注
）承受现金流量
利率风险。本集团目前之政策为维持浮息借贷
以尽量减低公平值利率风险。本集团目前并无
任何利率对冲政策。然而，管理层监察利率风
险，并考虑在出现有关需要时对冲巨额定息银
行及其他借贷。
敏感度分析
于二零二五年三月三十一日，估计若利率整体
上调╱下调一百个基点，而所有其他可变因素
维持不变，本集团之除税后溢利将会减少╱增
加而累计亏损将会增加╱减少约
3,215,000
港元
（二零二四年：
4,589,000
港元）。上述敏感度分
析乃假设利率变动已于报告期末发生及已应
用于该日存在之非衍生金融工具之利率风险
而作出。增加或减少一百个基点代表管理层对
利率于直至下一个年度报告期止期间合理潜
在变动之估计。截至二零二四年三月三十一日
之分析乃根据相同基准进行。
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Interest rate risk
The Group’s exposure to changes in market interest rates relates
primarily to the Group’s bank borowings with floating interest rates and
unsecured notes.
The interest rates of the Group’s bank and other borowings and
unsecured notes are disclosed in notes 26 and 27 respectively. The Group
is exposed to fair value interest rate risk in relation to fixed-rate bank and
other borowings and unsecured notes.
The Group is exposed to cash flow interest rate risk in respect of its bank
borowings with floating interest rates (se note 26) and bank balances
(se note 23) due to changes of interest rates. It is the Group’s present
policy to kep its borowings at floating interest rates so as to minimise
the fair value interest rate risk. The Group curently does not have any
interest rate hedging policy. However, the management monitors interest
rate exposure and wil consider hedging significant fixed-rate bank and
other borowings should the ned arise.
Sensitivity analysis
At 31 March 2025, it is estimated that a general increase/decrease of 100
basis points in interest rates, with al other variables held constant, would
decrease/increase the Group’s profit after tax and increase/decrease
acumulated loses by aproximately HK$3,215,000 (2024: HK$4,589,000).
The sensitivity analysis above has ben determined asuming that the
change in interest rates had ocured at the end of reporting period
and had ben aplied to the exposure to interest rate risk for non-
derivative financial instruments in existence at that date. The 100 basis
point increase or decrease represents management’s asesment of
a reasonably posible change in the respective interest rates over the
period until the next anual reporting period. The analysis is performed
on the same basis as of 31 March 2024.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
37.
财务风险管理目标及政策
（续）
货币风险
本集团因经营单位以该经营单位功能货币以
外货币进行买卖而产生之交易货币风险极低，
因此其并无设立任何外币对冲风险政策。
本集团部分经营开支以人民币计值，而现时人
民币并非自由兑换之货币。中国政府就人民
币与外币之兑换实施管制，并在若干情况下，
管制货币汇出中国内地。若无法取得足够之外
币，可能会限制本集团之中国附属公司汇出外
币以向本集团支付股息或其他金额之能力。
根据现行中国外汇规例，若符合若干程序规
定，往来账项目（包括股息、贸易及服务相关外
汇交易）可以外币作出付款，而毋须获中国
家外汇管理局事先批准。然而，若要将人民币
兑换为外币并汇出中国内地以支付资本账项
目，例如偿还外币计值之银行贷款，则须获适
当之中国政府当局批准。
目前，本集团之中国附属公司可购入外币以结
算往来账交易（包括向本公司支付股息），而毋
须获中国家外汇管理局事先批准。本集团之
中国附属公司亦可在其往来账保留外币，以应
付外币负债或支付股息。由于资本账外币交易
仍受限制，且须获中国家外汇管理局批准，
这或会影响本集团附属公司通过债务或股本
融资（包括向本集团获取贷款或注资）而取得
所需外币之能力。本集团在中国内地可用以减
低人民币兑其他货币之汇率波动风险之对冲
工具有限。至今，本集团并无订立任何对冲交
易，以减低外汇变动风险。尽管本集团日后可
能决定订立对冲交易，但该等对冲之可动用程
度及成效可能有限，且本集团可能无法成功对
冲风险，或根本无法对冲风险。
敏感度分析
董事认为，本集团承受的外汇货币风险并不重
大，因而并未编制任何敏感度分析。
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Curency risk
The Group has minimal transactional curency exposure arising from
sales or purchases by operating units in curencies other than the units’
functional curencies, and hence it does not have any foreign curency
hedging policies.
Part of the Group’s operating expenses are denominated in RMB, which
is curently not a frely convertible curency. The PRC Government
imposes controls on the convertibility of RMB into foreign curencies
and, in certain cases, the remitance of curency out of Mainland China.
Shortages in the availability of foreign curencies may restrict the ability
of the Group’s PRC subsidiaries to remit suficient foreign curencies to
pay dividends or other amounts to the Group.
Under the PRC existing foreign exchange regulations, payments of
curent acount items, including dividends, trade and service-related
foreign exchange transactions, can be made in foreign curencies without
prior aproval from the State Administration for Foreign Exchange Bureau
by complying with certain procedural requirements. However, aproval
from apropriate PRC governmental authorities is required where RMB
is to be converted into a foreign curency and remited out of Mainland
China to pay capital acount items, such as the repayment of bank loans
denominated in foreign curencies.
Curently, the Group’s PRC subsidiaries may purchase foreign exchange
for setlement of curent acount transactions, including payment
of dividends to the Company, without prior aproval of the State
Administration for Foreign Exchange Bureau. The Group’s PRC subsidiaries
may also retain foreign curencies in their curent acounts to satisfy
foreign curency liabilities or to pay dividends. Since foreign curency
transactions on the capital acount are stil subject to limitations and
require aproval from the State Administration for Foreign Exchange
Bureau, this could afect the Group’s subsidiaries’ ability to obtain
required foreign exchange through debt or equity financing, including
by means of loans or capital contributions from the Group. There are
limited hedging instruments available in Mainland China to reduce
the Group’s exposure to exchange rate fluctuations betwen RMB and
other curencies. To date, the Group has not entered into any hedging
transactions in an efort to reduce the Group’s exposure to foreign
curency exchange risks. While the Group may decide to enter into
hedging transactions in the future, the availability and efectivenes of
these hedges may be limited and the Group may not be able to hedge
the Group’s exposure sucesfuly, or at al.
Sensitivity analysis
The Group’s exposures to curency risk of foreign curencies are
considered insignificant by the directors and therefore no sensitivity
analysis has ben prepared.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 1,060,340 | ||||
| 60,678 | ||||
| 1,121,018 | ||||
| (181,673) | ||||
| – | ||||
| 939,345 | ||||
| 2,027,035 | ||||
| 46.3% | ||||
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
37.
财务风险管理目标及政策
（续）
资本管理
本集团利用负债比率（债务净额除以权益总额）
监控资本。债务净额乃按计息银行及其他借贷
以及无抵押票据之总额减现金及银行结余以
及已抵押银行存款计算。报告期末的负债比率
如下：
37. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Capital management
The Group monitors capital using gearing ratio, which is net debt divided
by total equity. Net debt is calculated as a total of interest-bearing bank
and other borowings and unsecured notes les cash and bank balances
and pledged bank deposits. The gearing ratios as at the end of the
reporting periods were as folows:
负债比率
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 622 | |||
| 6,979 | |||
| 21,177 | |||
| 28,778 | |||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
38.
承担
于报告期末，本集团之资本承担如下：
39.
综合现金流量表附注
(a)
主要非现金交易
截至二零二四年三月三十一日止年度内，
本集团就租赁土地及楼宇之租赁安排于
使用权资产（包括分类为投资物业的若干
结余）及租赁负债之非现金添置分别为
10,001,000
港元及
10,001,000
港元。
38. COMITMENTS
The Group had the folowing capital comitments at the end of the
reporting period:
总计
39. NOTES TO THE CONSOLIDATED STATEMENT
OF CASH FLOWS
(a) Major non-cash transactions
During the year ended 31 March 2024, the Group had non-cash
aditions to right-of-use asets (including certain balances clasified
as investment properties) and lease liabilities of HK$10,001,000 and
HK$10,001,000, respectively, in respect of lease arangements for
leased land and buildings.
| Lease liabilities | Interest- bearing bank and other borrowings | Unsecured notes | Total | ||
|---|---|---|---|---|---|
| 计息银行及 | |||||
| 租赁负债 HK$’000 | 其他借贷 HK$’000 | 无抵押票据 HK$’000 | 总计 HK$’000 | ||
| 千港元 (note 15(b)) | 千港元 (note 26) | 千港元 (note 27) | 千港元 | ||
| 15(b) | 26 | 27 | |||
| 32,869 | 1,314,513 | – | 1,347,382 |
|---|---|---|---|
| (7,759) | (226,938) | 59,999 | (174,698) |
| – | (10,956) | – | (10,956) |
| (681) | (25,512) | – | (26,193) |
| (1,663) | – | – | (1,663) |
| 1,944 | 9,233 | 679 | 11,856 |
| 24,710 | 1,060,340 | 60,678 | 1,145,728 |
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
39.
综合现金流量表附注
（续）
(b)
融资活动所产生负债之对账：
40.
资产抵押
本集团就银行及其他借款抵押的资产详情载
于财务报表附注
。
39. NOTES TO THE CONSOLIDATED STATEMENT
OF CASH FLOWS (continued)
(b) Reconciliation of liabilities arising from financing
activities:
（附注）（附注）（附注）
Balance as at 1 April 2023
于二零二三年
四月一日之结余
29,6341,277,728124,1461,431,508
Change in cash flow, net
现金流量变动净额
(8,387)49,174(118,326)(77,539)
Exchange realignment
汇兑调整
(482)(14,972)–(15,454)
Modification
修订
10,001–10,001
Other non-cash movement
其他非现金变动
2,1032,583(5,820)(1,134)
Balance as at 31 March 2024 and
1 April 2024
于二零二四年
三月三十一日及
二零二四年
四月一日之结余
Change in cash flow, net
现金流量变动净额
Disposal of subsidiaries (Note 32)
出售附属公司
（附注
）
Exchange realignment
汇兑调整
Termination of lease contracts
终止租赁合约
Other non-cash movement
其他非现金变动
Balance as at 31 March 2025
于二零二五年
三月三十一日之
结余
40. PLEDGE OF ASETS
Details of the Group’s asets pledged for the Group’s bank and other
borowings are included in note 26 to the financial statements.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | |||
| 24,951 | |||
| 195 | |||
| 1,771 | |||
| 26,917 | |||
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
| 千港元 | ||||
| 38,655 | ||||
| 434 | ||||
| 648 | ||||
| 3,165 | ||||
| 2,880 | ||||
| 150,000 | ||||
| 479 | ||||
| 2,730 | ||||
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
41.
关联方交易
除该等财务报表其他部份详述之交易外，本集
团于年内与关联方进行以下重大交易：
(a)
本集团主要管理人员之薪酬
上述主要管理人员之薪酬包括董事薪酬，
有关详情载于财务报表附注
。
(b)
与关联方的交易
*
该等关联方交易亦构成上市规则第
14A
章所界定之关连交易或持续关连交
易。
41. RELATED PARTY TRANSACTIONS
In adition to the transactions detailed elsewhere in these financial
statements, the Group had the folowing material transactions with
related parties during the year:
(a) Compensation of key management personel of the
Group
S
P
E
T
总计
The above compensation of key management personel includes
the directors’ remuneration, details of which are set out in note 9 to
the financial statements.
(b) Transactions with related parties
W
W
W
金费
* These related party transactions also constitute conected
transactions or continuing conected transactions as defined in
Chapter 14A of the Listing Rules.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
41.
关联方交易
（续）
(b)
与关联方的交易（续）
附注：
(i)
关联方就垫付予本集团之贷款收取利
息。相关贷款之条款之详情载于财务
报表附注
26(c)
。
(i)
向位元堂集团采购乃根据位元堂集团
向其主要客户发布的价格及条款进
行。
(i)
该等交易乃根据本集团与关联方相互
协定之条款进行。
(iv)
有关应付同系附属公司的购买代价的
利息开支及收购一间附属公司的详情
分别载于财务报表附注
及
。
(c)
关联方未偿还余额
(i)
于二零二五年三月三十一日，本集
团有来自位元堂集团之非全资附属
公司卢森堡大药厂有限公司总账面
值为
295,000,000
港元（二零二四年：
来自位元堂集团之非全资附属公司
位元堂药厂有限公司及卢森堡大药
厂有限公司分别为
74,000,000
港元及
306,000,000
港元）之无抵押借贷。该等
无抵押借贷以港元计值，固定年利率
为
10%
，于二零二七年五月到期。
(i)
本集团于报告期末应付同系附属公
司款项的详情载于财务报表附注
。
41. RELATED PARTY TRANSACTIONS (continued)
(b) Transactions with related parties (continued)
Notes:
(i) The interest was charged by related parties on loans advanced to the
Group. Details of the terms of the relevant loans are set out in note
26(c) to the financial statements.
(i) The purchases from the WYT Group were made acording to the
published price and conditions that the WYT Group to their major
customers.
(i) The transactions were based on terms mutualy agred betwen the
Group and the related parties.
(iv) Details of the interest expense on the purchase consideration
payable to a felow subsidiary and the acquisition of a subsidiary are
disclosed in notes 24 and 31 to the financial statements, respectively.
(c) Outstanding balance with related parties
(i) As at 31 March 2025, the Group had unsecured borowings
with an agregate carying amount of HK$295,000,000 from
Luxembourg Medicine Company Limited, a non-wholy
owned subsidiary of WYT Group (2024: HK$74,000,000 and
HK$306,000,000 from Wai Yuen Tong Medicine Company
Limited and Luxembourg Medicine Company Limited, non-
wholy owned subsidiaries of WYT Group, respectively). These
unsecured borowings are denominated in HKD and cary fixed
interest rate at 10% per anum with maturity in May 2027.
(i) Details of the Group’s amounts due to felow subsidiaries as at
the end of the reporting period are disclosed in note 24 to the
financial statements.
China Agri-Products Exchange Limited
中国农产品交易有限公司
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
42.
财务担保
于二零二五年三月三十一日，本集团就银行向
出售物业的客户提供的贷款，以若干银行为受
益人，向客户提供约
16,936,000
港元（二零二四
年：
22,846,000
港元）的担保。根据担保条款，倘
该等买方在担保到期前拖欠抵押还款，本集团
须负责偿还违约买方结欠银行的未偿还抵押
贷款本金以及应计利息和罚款，扣除下文所述
的任何销售所得款项。
根据上述安排，有关物业已质押予银行，作为
抵押贷款的抵押品。倘该等买方拖欠抵押还
款，银行有权接管法定业权，并会透过公开拍
卖或其他适当方式变现质押物业。当拍卖物业
所得款项不足以支付未偿还的抵押贷款本金
以及应计利息和罚款时，本集团须负责向银行
偿还。
本集团的担保期自授予相关抵押贷款之日起
至向买方发放房地产权证之日止。
担保的公平值并不重大，本公司董事认为，倘
发生违约付款，相关物业的可变现净值足以偿
还未偿还的抵押贷款本金以及应计利息和罚
款。
43.
报告期后事项
(i)
于二零二五年四月三日，本公司根据二零
二五年票据计划发行一批新无抵押票据，
本金总额为
38,000,000
港元，于二零三七年
四月三日到期。发行详情披露于本公司日
期为二零二五年四月三日之公布。
(i)
于二零二五年五月二十日，本集团与出租
人订立若干售后回租安排，据此，出租人
向本集团购买本集团位于中国内地的若
干农产品交易市场的若干投资物业以及
物业、厂房及设备（「租赁物业」），该等租
赁物业将回租予本集团，为期三年。于租
期届满及悉数结付所有租赁付款后，该等
租赁物业之拥有权将转回予本集团。该等
售后回租安排须待本公司股东批准后，方
可作实，进一步详情载于本公司日期分别
为二零二五年五月二十日及二零二五年
六月十八日之公布及通函。
42. FINANCIAL GUARANTE
As at 31 March 2025, the Group provided guarantes of aproximately
HK$16,936,000 (2024: HK$22,846,000) to customers in favour of certain
banks for the loans provided by the banks to the customers of the
properties sold. Pursuant to the terms of the guarantes, in the event of
default on mortgage payments by these purchasers before the expiry of
the guarantes, the Group is responsible for repaying the outstanding
mortgage principals together with the acrued interest and penalties
owed by the defaulted purchasers to the banks, net of any sales proceds
as described below.
Pursuant to the above arangement, the related properties were pledged
to the banks as colateral for the mortgage loans, in the event of default
on mortgage repayments by these purchasers, the banks are entitled to
take over the legal titles and wil realise the pledged properties through
open auction or other apropriate means. The Group is responsible
for repaying the banks when the proceds from the auction of the
properties canot cover the outstanding mortgage principals together
with the acrued interest and penalties.
The Group’s guarante period starts from the dates of grant of the
relevant mortgage loans and ends upon the isuance of real estate
ownership certificates to the purchasers.
The fair value of the guarantes is not significant and the directors of
the Company consider that in the event of default on payments, the net
realisable value of the related properties can cover the repayment of the
outstanding mortgage principals together with the acrued interest and
penalties.
43. EVENT AFTER THE REPORTING PERIOD
(i) On 3 April 2025, the Company isued a new batch of unsecured
notes with a total principal amount of HK$38,000,000, maturing on
3 April 2037, under the 2025 Note Program. Details of isuance are
disclosed in the Company’s anouncement dated 3 April 2025.
(i) On 20 May 2025, the Group entered into certain sale and leaseback
arangements with the Lesor, pursuant to which the Lesor
purchased certain investment properties and property, plant
and equipment in certain of the Group’s the agricultural produce
exchange markets in Mainland China (“the Leased Properties”)
from the Group and such Leased Properties wil be leased back to
the Group for a term of thre years. Upon expiry of the lease term
and ful setlement of al lease payments, the ownership of the
Leased Properties would be transfered back to the Group. These
sale and leaseback arangements are subject to the aproval by
the Company’s shareholders and further details are set out in the
Company’s anouncement and circular dated 20 May 2025 and 18
June 2025, respectively.
2025 Anual Report
二零二五年报
NOTES TO FINANCIAL STATEMENTS (continued)
财务资料附注
（续）
31 March 2025
二零二五年三月三十一日
43.
报告期后事项
（续）
(i)
于二零二五年五月三十日，本集团与玉林
投资集团有限公司（玉林宏进之非控股
东）订立减资协议（「减资协议」），据此，本
集团于玉林宏进之股权将由
51%
减至零，
总代价约为人民币
24,688,000
元（相当于
约
26,581,000
港元）。代价将由玉林宏进支
付，有关股权减少构成本集团出售于玉林
宏进之股权。该交易预期将于二零二五年
七月完成，进一步详情载于本公司日期为
二零二五年五月三十日之公布。
44.
比较资料
为符合本年度的列报方式，已重新呈列若干比
较数字，主要包括重新分类主要报表的若干项
目并呈列财务报表若干附注。
45.
授权刊发综合财务报表
董事会已于二零二五年六月三十日批准及授
权刊发综合财务报表。
43. EVENT AFTER THE REPORTING PERIOD
(continued)
(i) On 30 May 2025, the Group entered into a capital reduction
agrement (the “Capital Reduction Agrement”) with Yulin
Investment Group Co., Ltd., the non-controling shareholder of Yulin
Hongjin, and pursuant to which the Group’s equity interests in Yulin
Hongjin shal be reduced from 51% to nil at a total consideration
of aproximately RMB24,688,000 (equivalent to aproximately
HK$26,581,000). The consideration shal be setled by Yulin Hongjin
and such reduction in equity interests constitutes a disposal by the
Group of the equity interests in Yulin Hongjin. This transaction is
expected to be completed in July 2025 and further details are set
out in the Company’s anouncement dated 30 May 2025.
44. COMPARATIVE INFORMATION
Certain comparative figures have ben re-presented to conform with
curent year’s presentation, which mainly included the reclasification
of certain items in primary statements, and the presentation of certain
notes to the financial statements.
45. AUTHORISATION FOR ISUE OF
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements were aproved and authorised for
isue by the Board on 30 June 2025.
| Attributable | |||
|---|---|---|---|
| interest of | |||
| Location | Use | Tenure | the Group |
PARTICULARS OF PROPERTIES
物业详情
31 March 2025
于二零二五年三月三十一日
China Agri-Products Exchange Limited
中国农产品交易有限公司
投资物业
INVESTMENT PROPERTIES
地址用途年期本集团应占权益
Wuhan Baishazhou Agri-Products Market, Special
Nos.1 Qingling Stret, Qingling Country, Hongshan
District, Wuhan City, Hubei Province, the PRC
Agricultural produce
exchange market
Medium term lease100%
中国湖北省武汉市洪山区青菱乡青菱街特一号
武汉白沙洲农副产品大市场
农产品交易市场中期租约
Henan Luoyang Hong-Jin Agri-Products International
Logistics Centre, west of Luoji Expresway, Old town
District, Luoyang City, Henan Province, the PRC
Agricultural produce
exchange market
Medium term lease100%
中国河南省洛阳市老城区洛吉快速通道西侧
洛阳宏进农副产品国际物流中心
农产品交易市场中期租约
Henan Kaifeng Hong-Jin Agri-Products International
Logistics Centre, south of Kaiqi Highway and East of
Xilin Public Cemetery, Kaifeng City, Henan Province,
the PRC
Agricultural produce
exchange market
Medium term lease100%
中国河南省开封市开杞公路北侧及西林公墓东侧
河南宏进农副产品国际物流中心
农产品交易市场中期租约
Xuzhou Agri-Products Centre Wholesale Market,
East of Yingbin Avenue, Quanshan District,
Xuzhou City, Jiangsu Province, the PRC
Agricultural produce
exchange market
Medium term lease51%
中国江苏省徐州市泉山区迎宾大道东侧
徐州农副产品中心批发市场
农产品交易市场中期租约
| Location | Approximate saleable floor area (square feet) | Use | Attributable interest of the Group |
|---|---|---|---|
| 概约可售建筑面积 | |||
| Location | Use | Approximate site area (square feet) | Estimated approximate gross floor area (square feet) | Estimate completion date | Stage of completion | Attributable interest of the Group |
|---|---|---|---|---|---|---|
| 概约地盘面积 | 估计概约 总建筑面积 | 本集团 | ||||
2025 Anual Report
二零二五年报
PARTICULARS OF PROPERTIES (continued)
物业详情
（续）
31 March 2025
于二零二五年三月三十一日
持作出售物业
在建物业
PROPERTIES HELD FOR SALE
地址（平方呎）用途本集团应占权益
Henan Luoyang Hong-Jin Agri-Products International
Logistics Centre, West of Luoji Expresway, Laocheng
District, Luoyang City, Henan Province, the PRC
485,000Agricultural produce
exchange market
100%
中国河南省洛阳市老城区洛吉快速通道西侧
洛阳宏进农副产品国际物流中心
农产品交易市场
Henan Kaifeng Hong-Jin Agri-Products International
Logistics Centre, South of Kaiqi Highway and East of
Xilin Public Cemetery, Kaifeng City, Henan Province,
the PRC
124,000Agricultural produce
exchange market
100%
中国河南省开封市开杞公路北侧及西林公墓东侧
河南宏进农副产品国际物流中心
农产品交易市场
Phase I of Guangxi Yulin Hong-Jin Agri-Products
Market, South of the Second Ring North Road, Yuzhou
District, Yulin City, Guangxi Zhuang Autonomous
Region, the PRC
403,000Agricultural produce
exchange market
51%
中国广西壮族自治区玉州区二环北路南侧
玉林宏进农副产品批发市场一期
农产品交易市场
China – ASEAN (Qinzhou) Agri-Products Market,
North of Jinhaiwan West Avenue (Entrance of
Nanbei Highway), Qinzhou City, Guangxi Zhuang
Autonomous Region, the PRC
1,657,000Agricultural produce
exchange market
100%
中国广西壮族自治区钦州市金海湾西大街北侧
（南北高速出入口）中国
—
东盟（钦州）农产品大市场
农产品交易市场
PROPERTIES UNDER DEVELOPMENT
地址用途（平方呎）（平方呎）估计完成日期完成阶段应占权益
Phase I of Guangxi Yulin Hong-Jin
Agri- Products Market, south of
the 2nd Ring North Road, Yuzhou
District, Yulin City, Guangxi Zhuang
Autonomous Region, the PRC
Agricultural produce exchange
market
159,000399,0002026Building100%
中华人民共和国广西壮族
自治区玉州区二环北路南侧
玉林宏进农副产品批发市场
二期
农产品交易市场建设中
| Year ended 31 March 2025 | Year ended 31 March 2024 | Year ended 31 March 2023 | Year ended 31 March 2022 | Year ended 31 March 2021 | ||
|---|---|---|---|---|---|---|
| 截至 二零二五年 三月三十一日 | 截至 二零二四年 三月三十一日 | 截至 二零二三年 三月三十一日 | 截至 二零二二年 三月三十一日 | 截至 二零二一年 三月三十一日 | ||
| 止年度 HK$’000 | 止年度 HK$’000 | 止年度 HK$’000 | 止年度 HK$’000 | 止年度 HK$’000 | ||
| 千港元 | ||||||
| 530,761 | ||||||
| 35,608 | ||||||
| (3,481) | ||||||
| 32,127 | ||||||
| 7,833 | ||||||
| 24,294 | ||||||
| 32,127 | ||||||
| As at 31 March 2025 | As at 31 March 2024 | As at 31 March 2023 | As at 31 March 2022 | As at 31 March 2021 | ||
|---|---|---|---|---|---|---|
| 于 二零二五年 三月 | 于 二零二四年 三月 | 于 二零二三年 三月 | 于 二零二二年 三月 | 于 二零二一年 三月 | ||
| 三十一日 HK$’000 | 三十一日 HK$’000 | 三十一日 HK$’000 | 三十一日 HK$’000 | 三十一日 HK$’000 | ||
| 千港元 | ||||||
| 4,234,402 | ||||||
| (2,207,367) | ||||||
| 2,027,035 | ||||||
| 1,629,582 | ||||||
| 397,453 | ||||||
| 2,027,035 | ||||||
FIVE-YEARS FINANCIAL SUMARY
五年财务概要
31 March 2025
二零二五年三月三十一日
China Agri-Products Exchange Limited
中国农产品交易有限公司
总计
总计