Acording to authoritative market research reports,

Wai Yuen Tong is widely recognized as the leading brand ofering

the best quality Chinese medicine among various brands in the sector.

Corporate Information

公司资料

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 20252

BOARD OF DIRECTORS

Executive Directors

Mr. Tang Ching Ho, GBS, JP,

Chairman and Managing Director

Ms. Tang Wai Man

Ms. Law Man Ye, Anita

Independent Non-executive Directors

Mr. Siu Man Ho, Simon (Resigned on 1 November 2024)

Mr. Li Ka Fai, David, MH

Profesor Sit Wing Hang, GBS, JP

Profesor Chan Wing Kwong, MD

AUDIT COMITE

Mr. Li Ka Fai, David, MH, Chairman

Profesor Sit Wing Hang, GBS, JP

Profesor Chan Wing Kwong, MD

Mr. Siu Man Ho, Simon (Resigned on 1 November 2024)

REMUNERATION COMITE

Profesor Sit Wing Hang, GBS, JP, Chairman

Profesor Chan Wing Kwong, MD

Mr. Li Ka Fai, David, MH

(Apointed on 1 November 2024)

Mr. Tang Ching Ho, GBS, JP

Ms. Tang Wai Man

Mr. Siu Man Ho, Simon, Chairman

(Resigned on 1 November 2024)

NOMINATION COMITE

Profesor Chan Wing Kwong, MD, Chairman

Mr. Li Ka Fai, David, MH

(Apointed on 1 November 2024)

Profesor Sit Wing Hang, GBS, JP

Mr. Tang Ching Ho, GBS, JP

Ms. Tang Wai Man

Mr. Siu Man Ho, Simon (Resigned on 1 November 2024)

EXECUTIVE COMITE

Mr. Tang Ching Ho, GBS, JP, Chairman

Ms. Tang Wai Man

Ms. Law Man Ye, Anita

董事会

执行董事

邓清河先生，金紫荆星章，太平绅士，

主席兼董事总经理

邓蕙敏女士

罗敏仪女士

独立非执行董事

萧文豪先生（于二零二四年十一月一日辞任）

李家晖先生，荣誉勋章

薛永恒教授，金紫荆星章，太平绅士

陈永光教授，医学博士

审核委员会

李家晖先生，荣誉勋章，主席

薛永恒教授，金紫荆星章，太平绅士

陈永光教授，医学博士

萧文豪先生（于二零二四年十一月一日辞任）

薪酬委员会

薛永恒教授，金紫荆星章，太平绅士，主席

陈永光教授，医学博士

李家晖先生，荣誉勋章

（于二零二四年十一月一日获委任）

邓清河先生，金紫荆星章，太平绅士

邓蕙敏女士

萧文豪先生，主席

（于二零二四年十一月一日辞任）

提名委员会

陈永光教授，医学博士，主席

李家晖先生，荣誉勋章

（于二零二四年十一月一日获委任）

薛永恒教授，金紫荆星章，太平绅士

邓清河先生，金紫荆星章，太平绅士

邓蕙敏女士

萧文豪先生（于二零二四年十一月一日辞任）

常务委员会

邓清河先生，金紫荆星章，太平绅士，主席

邓蕙敏女士

罗敏仪女士

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报3

Corporate Information (Continued)

公司资料（续）

AUTHORISED REPRESENTATIVES

Under Listing Rules

Mr. Tang Ching Ho, GBS, JP

Ms. Ng Ye Man Fiona

COMPANY SECRETARY

Ms. Ng Ye Man Fiona

LEGAL ADVISERS

Red Smith Richards Butler LP

Galant

Sulivan & Cromwel (Hong Kong) LP

AUDITOR

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

PRINCIPAL BANKERS

United Overseas Limited, Hong Kong Branch

Taiwan Shin Kong Comercial Bank Co., Ltd

CTBC Bank Co., Ltd.

DBS Bank (Hong Kong) Limited

The Hongkong and Shanghai Banking Corporation Limited

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

HEAD OFICE AND PRINCIPAL PLACE OF BUSINES IN

HONG KONG

Suite 3101, 31/F., Skyline Tower

39 Wang Kwong Road

Kowlon Bay

Kowlon

Hong Kong

法定代表

根据上市规则

邓清河先生，金紫荆星章，太平绅士

吴绮雯女士

公司秘书

吴绮雯女士

法律顾问

礼德齐伯礼律师行有限法律责任合伙

何耀棣律师事务所

苏利文•克伦威尔律师事务所（香港）有限法律

责任合伙

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

主要往来银行

大华银行有限公司香港分行

台湾新光商业银行股份有限公司

中国信托商业银行股份有限公司

星展银行（香港）有限公司

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

香港总办事处及主要营业地点

香港

九龙

九龙湾

宏光道39号

宏天广场31楼3101室

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 20254

Corporate Information (Continued)

公司资料（续）

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFICE IN

BERMUDA

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

BOARD LOT

5,000 shares

INVESTOR RELATIONS

Email: pr@waiyuentong.com

HOMEPAGE

htp:/w.wyth.net

STOCK CODE

百慕达股份过户及转让登记总处

Apleby Global Corporate Services (Bermuda)

Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

香港股份过户及转让登记分处

卓佳证券登记有限公司

香港

夏

悫

道16号

远东金融中心17楼

每手股数

5,000股份

投资者关系

电邮：pr@waiyuentong.com

网址

htp:/w.wyth.net

股份代号

In constant pursuit of excellence over the past 128 years, “Wai Yuen Tong” has withstood a century with established reputation in providing Chinese and Western pharmaceutical products and Chinese medicine out-patient clinic services. I hereby express my heartfelt gratitude to all colleagues for their dedication during the past challenging year in the inheritance of tradition, and contribution to the health of people in the community.
经历百载、口碑载道。 128年来，「位元堂」不断追寻中、西药产品及中医门诊服务的精益求精。在此，我衷心感谢公司上下仝人，在过去充满挑战的一年里，继承传统、坚定不移，为守护市民健康出一分力。

In constant pursuit of excellence over the past 128 years, “Wai Yuen Tong” has withstood a century with established reputation in providing Chinese and Western pharmaceutical products and Chinese medicine out-patient clinic services. I hereby express my heartfelt gratitude to all colleagues for their dedication during the past challenging year in the inheritance of tradition, and contribution to the health of people in the community.

经历百载、口碑载道。 128年来，「位元堂」不断追寻中、西药产品及中医门诊服务的精益求精。在此，我衷心感谢公司上下仝人，在过去充满挑战的一年里，继承传统、坚定不移，为守护市民健康出一分力。

位元堂药业控股有限公司 2025 年报

Chairman’s Statement

主席报告

Chairman’s Statement (Continued)

主席报告（续）

致各位股东：

本人谨代表位元堂药业控股有限公司（「本公

司」，连同其附属公司合称「本集团」）董事会

（「董事会」或「董事」）向各位股东呈交截至二

零二五年三月三十一日止年度的年度报告

（「本年度」或「回顾年度」）。自一八九七年创

立以来，「以诚意用心造药，凭信誉继往开

来」一直是位元堂的核心信念。我们致力于弘

扬传统中医药的博大智慧，推动中医药产业

走向全球，并引领行业树立更高的标准，为

每位客户提供全面且细致的医疗产品与服务。

业务回顾

目前，本集团透过位元堂药厂有限公司（「位

元堂」或「位元堂药厂」，连同其附属公司合称

「位元堂药业集团」）拥有广受认可的中药及保

健食品牌「位元堂」，同时透过卢森堡大药

厂有限公司（「卢森堡大药厂」，连同其附属公

司合称「卢森堡药业集团」）持有国际知名的西

药品牌「珮夫人」及「珮氏」。本集团的中西医

药及保健业务协同发展，形成良性互动。

在充满挑战与机遇的二零二四年，后疫情时

代全球对健康和疾病预防的重视，推动了中

医药行业的增长。本公司在市场上的份额与

领先地位进一步加强，这归功于我们在产品

品质、品牌塑造及客户服务上的不懈努力。

我们积极推广中医药文化，举办义诊活动，

引入「智能中医」，成功接触年轻客群。

在回顾年度内，位元堂零售店的中医门诊服

务需求持续增长，本集团在港澳地区新增一

间门店，位于鸭脷洲。目前本集团在中国内

地、香港及澳门拥有超过90家门店，并且在

香港拥有超过80位中医师。我们的产品在全

球30多个国家的华人社区均有销售，并与当

地伙伴合作已长达30年。中药业务方面，通

过加盟店模式快速扩张业务。

To al Shareholders,

On behalf of the board of directors (the “Board” or the “Directors”)

of Wai Yuen Tong Medicine Holdings Limited (the “Company” and

together with its subsidiaries, the “Group”), I am pleased to present to

you the anual report for the year ended 31 March 2025 (the “Year” or

the “Year under Review”). Since its establishment in 1897, Wai Yuen

Tong has always adhered to its core philosophy of “Preparing Medicine

with Dedication, Growing Strong with Reputation”. We are comited

to pasing down the profound wisdom of traditional Chinese medicine

(“TCM”), making the TCM industry go global, and leading the industry in

seting higher standards, to provide comprehensive and exquisite medical

products and services to each customer.

BUSINES REVIEW

Curently, the Group owns the widely recognized Chinese pharmaceutical

and health fod brand “Wai Yuen Tong” through Wai Yuen Tong

Medicine Company Limited (“Wai Yuen Tong” or “WYT Medicine”,

together with its subsidiaries, the “Wai Yuen Tong Medicine Group”),

and holds the internationaly renowned Western pharmaceutical brands

“Madame Pearl’s” and “Pearl’s” through Luxembourg Medicine

Company Limited (“Luxembourg Medicine”, together with its

subsidiaries, the “Luxembourg Medicine Group”). The Group’s

Chinese and Western pharmaceutical and healthcare busineses are

developing synergisticaly, forming a positive interaction.

In 2024, a year filed with chalenges and oportunities, the global

emphasis on health and disease prevention in the post-pandemic era

drove the growth of the TCM industry. The Company’s market share and

leading position have ben further strengthened due to its unremiting

eforts in product quality, branding and customer service. We actively

promoted the TCM culture, organized fre medical consultations, and

introduced “Smart TCM” to sucesfuly engage with young clientele.

During the Year under Review, the demand for TCM outpatient services

at Wai Yuen Tong’s retail outlets continued to grow, and the Group

opened a new store in Hong Kong and Macau, located in Ap Lei Chau.

At present, the Group operates 90-plus stores in Mainland China, Hong

Kong and Macau, and employing more than 80 TCM practitioners in

Hong Kong. With products available in Chinese comunities in more

than 30 countries around the world, we have ben colaborating with

local partners for thre decades. As far as the TCM busines is concerned,

we have ben rapidly expanding our busines through the franchise

model.

位元堂药业控股有限公司 2025 年报7

Chairman’s Statement (Continued)

主席报告（续）

五大中药产品系列（中成药、保健品、药食同

源、饮片及生活化产品）在回顾年度内持续

推出新产品，丰富了各系列的选择。位元堂

的三大旗舰产品包括著名的「安宫牛黄丸」系

列，金装安宫牛黄丸及药典方安宫牛黄丸；

经典的「养阴丸」，荣获广东省岭南中药文化

遗产；以及连续十年销售冠军的「猴枣除痰

散」，成为消费者的健康首选。依赖于我们规

模庞大且经验丰富的中医师团队，位元堂在

香港深根多年，得到了广大客户的信赖。根

据一项市场调查报告，位元堂于香港传统中

药市场占有率为8%。

同时，佩夫人品牌的止咳露连续15年荣获全

港销量第一。本集团在稳固香港西药业务的

同时，亦将目光投向中国市场，通过与实力

伙伴的合作，扩展我们的咳药水产品至全国

各地。我们将继续创新，开发更多有益市民

健康的产品。此外，通过佩夫人及佩氏品牌

的效应，进一步推广代工产品系列。

根据最近专业评估顾问公司的估值报告，位

元堂、珮夫人及珮氏等品牌于二零二五年三

月三十一日的总估值为20.5亿港元。

引领中医科学数码化

位元堂于回顾期内，在5间核心门店率先试

行引入由中预医学研发的崭新智能中医体质

辨识仪，标志著位元堂将带领传统中医服务

正式迈入「智能中医」新时代。「智能中医」将

中医「望、闻、问、切」四诊智慧数码化，通

过云端的智慧中医体质辨识演算法，结合

二十四节气，评估顾客的中医体质。此举结

合了位元堂坚守百年药理的传承理念，及以

科技突破传统诊疗准确性的创新发展，让中

医保健从「经验医学」走向「数据驱动」的精准

健康管理，惠及香港都市生活节奏快的新世

代。

积极拓展电子销售平台与推出新产品上市

香港的零售市场在二零二四年及二零二五年

初面临持续挑战，为了保持行业中的优势，

位元堂因此积极扩展电子商务平台，特别是

利用抖音等社交媒体进行直播销售，成功吸

引健康意识强的内地消费者。我们在二零

二四年推出了两款新产品包括百草灵芝皇－

采用优质灵芝提取物以支持免疫调节；以及

祛湿清－旨在健脾和胃并促进利尿，帮助减

少水肿。这两款新产品不仅增强了我们的产

品线，也提升了品牌在市场上的竞争力。

New products were aded to the five major TCM product lines (proprietary

Chinese medicines, healthcare products, medicated fod products,

herbal decoction pieces and lifestyle products) during the Year under

Review, enriching each product line. Wai Yuen Tong’s thre flagship

products include the famous “Angong Niuhuang Wan (安宫牛黄丸)”

consisting of gold-packed Angong Niuhuang Wan and Angong Niuhuang

Wan with pharmacopoeia prescriptions; the clasic “Young Yum Pil (养

阴丸)”, which has ben honoured as the Lingnan TCM Cultural Heritage

of Guangdong Province; and “Hou Tsao Powder (猴枣除痰散)”, which

has ben the top seler for ten consecutive years and has become

consumers’ prefered option. Relying on its large and experienced team

of TCM practitioners, Wai Yuen Tong has taken rot in Hong Kong for

many years and has gained the trust of customers. Acording to a market

survey report, Wai Yuen Tong’s market share in the traditional Chinese

medicine market in Hong Kong is 8%.

In the meantime, Madame Pearl’s Cough Syrup has ben the No. 1 seler

in Hong Kong for 15 consecutive years. While stabilizing its Western

pharmaceutical busines in the city, the Group has also set its sights on

the Mainland China market, expanding its cough syrup products al over

the country through colaboration with strong partners. We wil continualy

inovate and develop more products that are beneficial to people’s

health. In adition, the OEM product range wil be further promoted

through Madame Pearl’s and Pearl’s brand.

As per the latest valuation report of the profesional asesment

consulting firm, the total valuation for these brands (Wai Yuen Tong,

Madame Pearl’s and Pearl’s) as at 31 March 2025 is HK$2.05 bilion.

Leading Digitalization of TCM

During the Year under Review, Wai Yuen Tong tok the lead in

introducing the new Smart Traditional Chinese Medicine Health Profiling

Device, developed by Prevent Medical International Corporation, in five

core stores on a trial basis. This marked Wai Yuen Tong’s entry into a

new era of “Smart TCM” in TCM services. The “Smart TCM” digitalizes the

four diagnostic methods of TCM: observation, auscultation and olfaction,

inquiry, and pulse feling and palpation. Utilizing cloud-based inteligent

algorithms for constitution recognition and integrating the twenty-four

solar terms, it aseses customers’ TCM health profiles. This initiative

combines Wai Yuen Tong’s century-old comitment to pharmacological

heritage with inovative technological advancements that enhance the

acuracy of traditional diagnosis and treatment, transitioning traditional

Chinese healthcare from “empirical medicine” to “data-driven” precision

health management, benefiting the new generation living in Hong Kong’s

fast-paced urban environment.

Proactively Expanding E-comerce Platforms and Launching

New Products

Hong Kong’s retail market faces continued chalenges in 2024 and early

2025. To maintain its edge in the industry, Wai Yuen Tong has therefore

agresively expanded its e-comerce platforms. In particular, it utilized

social media like TikTok for live sales, which has sucesfuly atracted

health-conscious Mainland consumers. In 2024, we launched two new

products: Premium Ganoderma Eight Plus, formulated with premium

Ganoderma lucidum extracts to suport imune regulation; and Body

Dampnes Relief, designed to invigorate the splen and stomach while

promoting diuresis to reduce pufines. These two new products not only

enhance our product lines, but also improve the competitivenes of our

brands in the market.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 20258位元堂药业控股有限公司 2025 年报

Chairman’s Statement (Continued)

主席报告（续）

未来展望

展望未来，中医药行业或将进入常态增长的

周期，业内企业显示出明显的分化趋势。技

术创新与产业升级将加速推进，从药材种植

到新药研发，全产业链将因科技赋能而实现

跨越式发展，促进中医药的现代化转型。随

著公众健康意识的提升和人口老龄化趋势的

加深，人们对中医药在健康维护、疾病预防

及康复治疗等方面的独特优势有了更加深刻

的理解与认可。这一行业未来的发展潜力广

阔，市场前景可期。

国家药品监督管理局于二零二五年初公

布，为促进粤港澳大湾区中医药发展，对香

港已上市传统口服中成药，在内地上市注册

实施简化审批程序。该程序适用于在香港由

香港生产企业持有并注册、且在香港使用15

年以上的传统口服中成药，而生产过程亦需

符合GMP要求等。而位元堂旗下则有26只口

服中成药产品符合上述要求，这项政策为集

团积极拓展国内销售市场带来了巨大商机。

二零二五年是本集团全面实施「十四五」规划

的关键一年，我们将继续围绕「十四五」规划

及大品种战略，稳步推进一系列关键措施。

集团将优化战略管理体系，深化营销体系改

革，构建线上线下融合的多元化营销模式，

提升产品的市场影响力及占有率。透过一系

列措施的实施，我们将不断提升新质生产

力，为即将到来的「十五」时期奠定坚实的

发展基础。

致谢

在此，我谨向本公司董事会及全体员工表达

衷心的感谢，感谢他们的卓越表现与不懈努

力；也向所有股东致以诚挚的敬意，感谢大

家对本公司的支持与信任。我们将一如既往

地秉持「以诚意用心造药，凭信誉继往开来」

的理念，致力于推动中医药的现代化与国际

化，竭诚回报所有股东。

FUTURE PROSPECTS

Loking ahead, the TCM industry is expected to enter a period of stable

growth, where companies wil show a clear trend of diferentiation.

Technological inovation and industrial upgrade wil be acelerated. From

the herb cultivation to the research and development of new medicines,

the whole industry chain wil be empowered by science and technology

to achieve leapfrog development, which wil push the modernization

of TCM forward. As public awarenes of health increases and the aging

population trend intensifies, people have a deper insight into the unique

advantages of TCM in health maintenance, disease prevention and

rehabilitation. The industry hold significant development potential and

promising market prospects in the future.

The National Medical Products Administration anounced in early

2025 that it would simplify the aproval procedures for the listing and

registration in Mainland China of traditional Chinese patent medicines

that are listed in Hong Kong, promoting the development of TCM in

the Guangdong-Hong Kong-Macau Greater Bay Area. The procedure

aplies to traditional oral Chinese patent medicines that are owned and

registered in Hong Kong by Hong Kong manufacturers and have ben

used in Hong Kong for over 15 years, and the manufacturing proces

shal also comply with GMP requirements, etc. As for Wai Yuen Tong,

there are 26 traditional oral Chinese patent medicine products that

met the above requirements. This policy has brought great busines

oportunities for the Group to actively expand its sales market in China.

The year 2025 wil be critical for the Group to fuly implement its

strategies outlined in the “14th Five-Year Plan”, when it wil steadily

advance a series of key initiatives in line with the “14th Five-Year Plan”

and its major product strategy. The Group wil optimize its strategic

management system, depen the reform of its marketing system, and

establish a diversified marketing model that integrates online and ofline

services to enhance the market influence and share of its products.

Through the implementation of a wide range of measures, we aim to

continualy enhance our new quality productive force, seting a solid

foundation for growth in the upcoming “15th Five-Year Plan” period.

APRECIATION

I would like to expres my sincere gratitude to the Board and al the

employes of the Company for their outstanding performance and

tireles eforts. I would also like to extend my depest respect to al

Shareholders for their suport and trust in the Company. We wil,

as always, adhere to the philosophy of “Preparing Medicine with

Dedication, Growing Strong with Reputation” as we strive to promote

the modernization and internationalization of TCM. We are comited to

giving back to al Shareholders with our best eforts.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报9

For over the past century, Wai Yuen Tong has ben an internationaly

renowned brand with rots in Hong Kong. Loking forward,

we wil continue to develop our core busines with flexible operational

mechanisms and give ful play to the synergy of TCM and western

pharmaceutical medicine and health fod.

超过一个世纪以来，位元堂扎根香港、蜚声国际。

未来，我们将继续以灵活的营运机制发展核心业务，

充分发挥传统中药及西药和保健食品的协同价值。

位元堂药业控股有限公司 2025 年报

Management Discusion and Analysis

管理层讨论及分析

位元堂药业控股有限公司 2025 年报11

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

CONSOLIDATED RESULTS

For the financial year ended 31 March 2025 (the “Year”), total revenue

of the Group decreased by aproximately 4.9% to aproximately

HK$745.3 milion, which was mainly atributable to the decrease in sale

of Chinese pharmaceutical and health fod products.

During the Year, the Group recorded a profit atributable to owners of

the parent of aproximately HK$7.1 milion (2024: los atributable to

owners of the parent of aproximately HK$15.4 milion). Such turnaround

from los to profit was mainly atributable to the combined efect of

(i) decrease in impairment los on property, plant and equipment; (i)

change from fair value loses to fair value gains on owned investment

properties; and (i) decrease in finance cost, as the above partialy ofset

by the increase in marketing expenses.

DIVIDEND

The Board does not recomend the payment of any dividend in respect

of the year ended 31 March 2025 (2024: a final cash dividend and a

special cash dividend of HK3.0 cents and HK14.7 cents respectively per

ordinary share). No interim dividend was declared for the six months

ended 30 September 2024 (30 September 2023: Nil).

A special dividend by way of distribution in specie was declared and paid

for the year ended 31 March 2024 (further details are disclosed in note

12 to the financial statements).

BUSINES REVIEW

Hong Kong’s retail sector faced persistent chalenges throughout 2024

and into early 2025. Provisional figures for 2024 revealed a 7.3%

decline in total retail sales value to HK$376.8 bilion, alongside a 9.0%

year-on-year contraction in sales volume. This downward trend extended

into the first quarter of 2025, with provisional estimates indicating a 6.5%

decrease in retail sales value compared to the same period in 2024,

underscoring continued adjustments in consumer behavior amid external

economic presures.

综合业绩

截至二零二五年三月三十一日止财政年度

（「本年度」），本集团总收益减少约4.9%至约

745,300,000港元，主要由于中药及保健食品

产品销售减少。

于本年度，本集团录得母公司拥有人应占溢

利约7,100,000港元（二零二四年：母公司拥

有人应占亏损约15,400,000港元）。转亏为

盈主要由于(i)物业、厂房及设备减值亏损减

少；(i)自有投资物业公平值亏损变为公平值

收益；及(i)融资成本减少，而以上则部分被

市场推广费用增加所抵销。

股息

董事会不建议就截至二零二五年三月三十一

日止年度派付任何股息（二零二四年：分别派

付末期现金股息及特别现金股息每股普通股

3.0港仙及14.7港仙）。并无就截至二零二四年

九月三十日止六个月宣派中期股息（二零二三

年九月三十日：无）。

截至二零二四年三月三十一日止年度以实物

分派方式已宣派及派付特别股息（进一步详情

披露于财务报表附注12）。

业务回顾

香港零售业于二零二四年至二零二五年初持

续面对挑战。二零二四年的初步数字显示，

零售业总销货价值下跌7.3%至3,768亿港元，

销售量按年收缩9.0%。这种下降趋势延续

到二零二五年第一季度，初步估计显示，与

二零二四年同期相比，零售销货价值下降了

6.5%，突显了在外部经济压力下消费者行为

的持续调整。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202512位元堂药业控股有限公司 2025 年报

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

Chinese Pharmaceutical and Health Fod Products

Wai Yuen Tong remains steadfast in its comitment to delivering high-

quality Traditional Chinese Medicine (TCM) products and services while

proactively adapting to shifting consumer preferences. Over the past

year, we have strategicaly expanded our retail fotprint, establishing new

locations in key tourist areas and optimizing operating hours to enhance

customer convenience. Aditionaly, we have strengthened colaborations

with leading health & beauty retailers and e-comerce platforms

in Hong Kong and Mainland China, broadening aces to our TCM

oferings. A pivotal component of our growth strategy is to leverage the

rapid expansion of cros-border e-comerce, particularly through new

emerging dynamic platforms such as Douyin. Our live-streaming initiatives

on Douyin have achieved exceptional results, engaging a vast audience of

health-conscious consumers from China and driving robust sales growth

through e-comerce chanels. These e-comerce platforms and service

providers have proven to be increasingly important for the marketing and

distribution of our product. By harnesing the power of social e-comerce

live streaming, we have sucesfuly introduced Wai Yuen Tong’s heritage

TCM products to milions of potential customers in China, reinforcing

brand awarenes and acesibility in the mainland market. In response

to the resurgence of Chinese outbound tourism, we have realocated

marketing resources to capitalize on this trend, ensuring our products

remain a top choice for travelers seking premium TCM solutions.

Amid this chalenging operating environment, Wai Yuen Tong sustained

stable performance through its strategic emphasis on esential healthcare

neds and product inovation. The Company observed a rising

preference for TCM products in the market, particularly among health-

conscious midle-clas families and Mainland visitors seking high quality

and reliable welnes solutions. With inovation being core to Wai Yuen

Tong’s strategy, we have sucesfuly introduced 3 key products in 2024

including Premium Ganoderma Eight Plus (百草灵芝皇), formulated

with premium Ganoderma lucidum to suport imunity regulation;

the Body Dampnes Relief (祛湿清) product, designed to invigorate

the splen and stomach while promoting diuresis to reduce pufines;

and the Ultimate Brightening (雪肌丸) formula, which efectively

diminishes pigmentation, blemishes, and UVA/UVB damage. These new

ranges complemented the strong performance of established products

such as Wild Cordyceps Plus (野生虫草皇) for respiratory health and

the Nano Bone Enhancer (骨盈素), which contributing to more than

double sales volume.

中药及保健食品产品

位元堂坚定不移地致力提供高质素的中药产

品及服务，同时积极适应不断转变的消费者

喜好。过去一年，我们战略上扩大零售足

迹，在主要旅游区开设新店，并优化营业时

间，为顾客提供更多便利。此外，我们加强

了与香港及中国内地领先的健康及美容零售

商及电商平台的合作，扩大了我们中药产品

的渠道。我们增长战略的一个关键组成部分

是利用跨境电子商务的快速扩张，特别是通

过抖音等新兴动态平台。我们在抖音上的直

播活动取得了非凡的成果，吸引了大量注重

健康的中国消费者，透过电商渠道推动了强

劲的销售增长。该等电商平台和服务提供商

在我们产品营销和分销中发挥越来越重要的

作用。借助社交电商直播的力量，我们成功

将位元堂的传统中药产品介绍给国内数百万

潜在客户，及提升了品牌在内地市场的知名

度和可及性。为应对中国出境旅游的复苏，

我们已重新分配营销资源以把握这一趋势，

确保旅客在追求优质中医解决方案时我们的

产品仍然是他们之首选。

在这个充满挑战的经营环境下，位元堂将其

战略专注于基本医疗需求及产品创新，维持

稳定的表现。本公司观察到市场上对中药产

品的偏好不断上升，尤其是注重健康的中产

阶级家庭及寻求优质可靠保健解决方案的内

地旅客。以创新为位元堂策略的核心，我们

于二零二四年成功推出3款主要产品，包括百

草灵芝皇，采用优质配方灵芝、支持免疫调

节；祛湿清产品，旨在健脾和胃，同时促进

利尿，以减少浮肿；及雪肌丸配方，有效减

少色素沉著、瑕疵和UVA/UVB损伤。这些新

系列为现有产品的强劲表现锦上添花，例如

专注呼吸道健康的野生虫草皇和骨盈素，销

量贡献增加一倍以上。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报13

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

Western Pharmaceutical and Personal Care Products

With the combined efect of improved conditions of COVID and

increasing number of outbound visits, the Hong Kong respiratory health

market experienced slightly sales decline in the last year. Nevertheles,

we have launched a new series of marketing campaigns to celebrate

the 70th aniversary of Madame Pearl’s, including new TV comercials,

outdor advertising and also award-wining Madame Pearl’s brand video

on social media. These consolidated together Madame Pearl’s cough

syrup No. 1 position in the market for 15th consecutive years with

positive sales growth in the Hong Kong market.

For China market, we have sucesfuly expanded the distribution of

Madame Pearl’s cough syrup to over 10,000 outlets, including top chain

drugstores as wel as leading hospitals in China. We wil continue to

expand the breadth and depth of distribution of Madame Pearl’s products

in China, with the aim of improving the respiratory health of consumers

in China.

In the Personal Care area, in order to enhance the brand awarenes of

Pearl’s in Hong Kong, we have conducted various marketing programs in

last year including MTR in-train video and colaboration with Pokémon on

seasonal promotion packs. To capitalize on the increasing importance of

cros border e-comerce chanel, we have enhanced our resource and

promotion for Pearl’s Flagship stores and these contributed in marketing

in 10-fold increase of Pearl’s sales in this strategic chanel.

Property Investment

As at 31 March 2025, the Group owned 5 properties in Hong Kong

which are al retail properties. A majority of these properties were used

as the retail shops under self-operating and franchise models. The

net fair value gains on investment properties for the Year amounted

to aproximately HK$11.1 milion (2024: net fair value loses of

aproximately HK$17.9 milion) as a result of the recovery of the property

market.

During the Year, the Group completed the disposal of properties

which are situated at (i) Shop B on G/F including the cockloft, Yan Oi

House, No. 237 Sha Tsui Road and Nos. 87 & 89 Chuen Lung Stret,

Tsuen Wan, New Teritories, Hong Kong at a consideration of HK$38.0

milion, completion of which tok place on 2 May 2024; (i) Shop C on

Ground Flor and Flat C on Mez Flor, Le Wah Building, Nos. 738-

740A Nathan Road, Kowlon, Hong Kong at a consideration of HK$41.0

milion, completion of which tok place on 17 May 2024; (i) Shop B

on G/F, Kwong Sen Mansion, Nos. 23-33 Shui Wo Stret, Kwun Tong

at a consideration of HK$33.0 milion, completion of which tok place

on 16 August 2024 and (iv) Shop A on the Ground Flor, Onshine

Comercial Building, No. 10 Tung Sing Road, Aberden, Hong Kong at a

consideration of HK$21.9 milion, completion of which tok place on 26

August 2024.

西药及个人护理产品

新冠疫情状况改善后，出境游人数增加，在

这些综合影响下，香港呼吸系统健康市场去

年的销售额略有下降。尽管如此，藉著庆祝

珮夫人品牌创立70周年，我们已推出一系列

新的市场推广活动，包括新的电视广告、户

外广告和社交媒体上屡获殊荣的珮夫人品牌

影片。这些举措一同巩固了珮夫人止咳露连

续15年市场第一的地位，香港市场销售额连

续数年录得正增长。

在中国市场，我们已成功将珮夫人止咳露的

分销扩展至超过10,000家门店，包括中国顶

级连锁药店及领先医院。我们将继续扩大珮

夫人产品在中国分销的广度和深度，以期改

善中国消费者的呼吸系统健康。

在个人护理方面，为提高珮氏在香港的品牌

知名度，我们去年进行了多项市场推广计

划，包括港铁列车内影片及与宝可梦合作推

出季节性促销包。为利用日益重要的跨境电

子商务渠道，我们加强了对珮氏旗舰店的资

源和促销，这些市场推广投入使珮氏在该战

略渠道的销售额增长了10倍。

物业投资

于二零二五年三月三十一日，本集团于香港

拥有5项物业，均为零售物业。大部分物业以

自营及特许经营模式用作零售店。本年度投

资物业公平值收益净额约为11,100,000港元

（二零二四年：公平值亏损净额约17,900,000

港元），乃由于物业市场回暖所致。

于本年度，本集团完成出售位于(i)香港新界

荃湾沙咀道237号及川龙街87及89号仁爱楼

地下B舖连阁楼，代价为38,000,000港元，

已于二零二四年五月二日完成；(i)香港九龙

弥敦道738-740A号利华大厦地下C舖及阁楼C

室，代价为41,000,000港元，已于二零二四

年五月十七日完成；(i)观塘瑞和街23-33号

光星大厦地下B舖，代价为33,000,000港元，

已于二零二四年八月十六日完成及(iv)香港香

港仔东胜道10号朗盈商业大厦地下A舖，代

价为21,900,000港元，已于二零二四年八月

二十六日完成。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202514位元堂药业控股有限公司 2025 年报

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

On 10 April 2025, the Group entered into a provisional sale and

purchase agrement with an independent third party to sel a property

situated at Shop on G/F with the cockloft, 60A Yen Chow Stret,

Kowlon, Hong Kong at a consideration of HK$19.5 milion, completion

of which tok place on 5 June 2025.

FINANCIAL REVIEW

Revenue

The total revenue of the Group decreased by aproximately 4.9% to

aproximately HK$745.3 milion, which was mainly atributable to the

decrease in sales performance of Chinese pharmaceutical and health

fod products.

Gros profit

The Group’s gros profit decreased by aproximately HK$18.3 milion

or aproximately 4.6% to aproximately HK$376.5 milion for the Year

as compared to aproximately HK$394.8 milion for the year ended 31

March 2024. The decrease was in line with the decrease in sales revenue

and the gros profit margin remained more or les stable at 50.5% (2024:

50.4%).

Other income and gains, net

Other income and gains of the Group decreased by aproximately

HK$19.5 milion or aproximately 21.3% from aproximately HK$91.6

milion for the year ended 31 March 2024 to aproximately HK$72.1

milion for the Year. The decrease was mostly because of the reduction in

gains arising from the disposal of self use properties.

Seling and distribution expenses

Seling and distribution expenses increased by aproximately HK$52.9

milion or aproximately 21.5% from aproximately HK$246.1 milion for

the year ended 31 March 2024 to aproximately HK$299.0 milion for

the Year. The increase was mainly owing to the increase in staf cost as

wel as advertising and promotion expenses for cros border e-comerce

busines during the Year.

Other expenses, net

Other expenses decreased by aproximately HK$87.7 milion from a net

expenses of aproximately HK$86.3 milion for the year ended 31 March

2024 to a net income of aproximately HK$1.4 milion for the Year.

The decrease was mostly atributable to the decrease in and reversal

of previously provided impairment los on items of property, plant and

equipment, net.

于二零二五年四月十日，本集团与一名独

立第三方订立临时买卖协议，以出售位于

香港九龙钦州街60A号地下连阁楼，代价为

19,500,000港元，于二零二五年六月五日交

易已完成。

财务回顾

收益

本集团的总收益减少约4.9%至约

745,300,000港元，主要由于中药及保健食品

产品的销售业绩下降所致。

毛利

相较于截至二零二四年三月三十一日止年

度约394,800,000港元，本集团本年度的

毛利减少约18,300,000港元或约4.6%至约

376,500,000港元。减少与销售收益减少一

致，而毛利率稳定维持约50.5%左右（二零

二四年：50.4%）。

其他收入及收益，净额

本集团的其他收入及收益从截至二零二四年

三月三十一日止年度约91,600,000港元减

少约19,500,000港元或约21.3%至本年度约

72,100,000港元。该减少主要由于出售自用

物业产生的收益减少所致。

销售及分销开支

销售及分销开支从截至二零二四年三月

三十一日止年度约246,100,000港元增加

约52,900,000 港元或约21.5%至本年度约

299,000,000港元。该增加主要由于本年度员

工成本以及跨境电商业务的广告及推广开支

增加所致。

其他开支，净额

其他开支从截至二零二四年三月三十一日

止年度净支出约86,300,000港元减少约

87,700,000港元至本年度净收入约1,400,000

港元。该减少最主要归因于先前计提的物

业、厂房及设备减值亏损减少及拨回（净额）。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报15

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

Finance costs

Finance costs decreased by aproximately HK$12.6 milion or

aproximately 30.9% from aproximately HK$40.8 milion for the year

ended 31 March 2024 to aproximately HK$28.2 milion for the Year.

The decrease was mainly due to the decrease in interest rate and the

reduction in outstanding loan amount which was resulted from the

repayment upon disposals of properties during the Year.

Profit/(los) for the Year atributable to owners of the parent

During the Year, the Group recorded a profit atributable to owners of

the parent of aproximately HK$7.1 milion (2024: a los atributable to

owners of the parent of aproximately HK$15.4 milion). Such turnaround

from los to profit was mainly atributable to the combined efect of

(i) decrease in impairment los on property, plant and equipment; (i)

change from fair value loses to fair value gains on owned investment

properties; and (i) decrease in finance costs, as the above partialy ofset

by the increase in marketing expenses.

Liquidity and Gearing and Financial Resources

As at 31 March 2025, the Group had total asets of aproximately

HK$1,735.2 milion (2024: aproximately HK$2,095.1 milion) which

were financed by curent liabilities of aproximately HK$358.9 milion

(2024: aproximately HK$380.9 milion), non-curent liabilities of

aproximately HK$196.7 milion (2024: aproximately HK$328.8

milion) and shareholders’ equity of aproximately HK$1,179.6 milion

(2024: aproximately HK$1,385.5 milion).

As at 31 March 2025, the Group’s cash and cash equivalents and

pledged deposit were aproximately HK$132.3 milion (2024:

aproximately HK$159.4 milion).

As at 31 March 2025, the Group’s total interest-bearing debts amounted

to aproximately HK$343.3 milion (2024: aproximately HK$460.9

milion), al of which bore interest at floating interest rates and were

denominated in Hong Kong dolars.

As at 31 March 2025, the Group’s borowings from financial institution

wil mature during the period from May 2025 to February 2027.

融资成本

融资成本从截至二零二四年三月三十一日止

年度约40,800,000港元减少约12,600,000港

元或约30.9%至本年度约28,200,000港元。

该减少主要由于利率下降及因本年度出售物

业之还款导致未偿还贷款金额减少所致。

母公司拥有人应占本年度溢利╱（亏损）

于本年度，本集团录得母公司拥有人应占溢

利约7,100,000港元（二零二四年：母公司拥

有人应占亏损约15,400,000港元）。该转亏为

盈主要由于以下各项的综合影响：(i)物业、

厂房及设备减值亏损减少；(i)自有投资物业

公平值亏损变为公平值收益；及(i)融资成本

减少，而以上部分被市场推广费用增加所抵

销。

流动资金、资产负债比率及财务资源

于二零二五年三月三十一日，本集团总

资产约为1,735,200,000港元（二零二四

年：约2,095,100,000港元），融资来源

为流动负债约358,900,000港元（二零

二四年：约380,900,000港元）、非流

动负债约196,700,000港元（二零二四

年：约328,800,000港元）及股东权益

约1,179,600,000港元（二零二四年：约

1,385,500,000港元）。

于二零二五年三月三十一日，本集团现金及

现金等同项目及已抵押存款约为132,300,000

港元（二零二四年：约159,400,000港元）。

于二零二五年三月三十一日，本集团计息债

务总额约为343,300,000港元（二零二四年：

约460,900,000港元），全部均按浮动利率计

息并以港元列值。

于二零二五年三月三十一日，本集团之金融

机构借贷将于二零二五年五月至二零二七年

二月期间到期。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202516位元堂药业控股有限公司 2025 年报

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

流动比率（即总流动资产对总流动负债之比

率）约为1.7（二零二四年：约2.2）。资产负债

比率（即计息债务总额扣除现金及现金等同项

目及已抵押存款对母公司拥有人应占权益之

比率）约为17.9%（二零二四年：约21.7%）。

本集团一向奉行谨慎的财务管理。

外汇

董事会认为本集团有重大人民币外汇风险。

所有银行借贷以港元列值。本集团收益（大部

分以港元及人民币列值）与本集团经营开支货

币需求相称。现时，本集团并无外币对冲政

策。

本集团的业务面临外汇风险，主要因其中国

内地业务所致。本集团的人民币风险主要由

中国内地附属公司的净资产所产生的货币换

算风险所致。采用截至报告日期的汇率将以

人民币列值的净资产重新换算为港元产生重

新换算亏损约1,100,000港元（二零二四年：

亏损约87,900,000港元）。重新换算亏损于其

他全面收益╱汇兑储备确认。

库务政策

本集团管理其财务风险，包括汇率风险、利

率风险及价格风险，以确保有充足财务资源

可供业务增长使用，同时维持审慎的资本架

构。本集团将其盈余资金投资于股本证券及

债务投资，以将资产效益最大化。

资本承担

于二零二五年三月三十一日，本集团就收购

物业、厂房及设备之已订约但未于综合财务

报表内拨备之资本承担约为8,500,000港元

（二零二四年：约2,600,000港元）。

The curent ratio, being a ratio of total curent asets to total curent

liabilities, was aproximately 1.7 (2024: aproximately 2.2). The gearing

ratio, being the ratio of total interest-bearing debts net of cash and cash

equivalents and pledged deposits to equity atributable to owners of

the parent, was aproximately 17.9% (2024: aproximately 21.7%).

The Group always adopts a conservative aproach in its financial

management.

Foreign Exchange

The Board is of the opinion that the Group has material foreign exchange

exposure in RMB. Al the bank borowings are denominated in Hong

Kong dolars. The revenue of the Group, mostly denominated in Hong

Kong dolars and RMB, matches the curency requirements of the

Group’s operating expenses. Curently, the Group does not have a foreign

curency hedging policy.

The activities of the Group are exposed to foreign curency risks mainly

arising from its operations in Mainland China. The RMB exposure of

the Group is mainly derived from curency translation risk arising from

the net asets of our Mainland China subsidiaries. The re-translation of

these net asets denominated in RMB into Hong Kong dolars using the

exchange rate as of the reporting date resulted in a re-translation los

of aproximately HK$1.1 milion (2024: los of aproximately HK$87.9

milion). The re-translation los was recognized in other comprehensive

income/exchange reserve.

Treasury Policy

With an aim to ensuring adequate financial resources are available for

busines growth whilst maintaining a prudent capital structure, the Group

manages its financial risks including curency risk, interest rate risk and

price risk. The Group invests its surplus funds in equity securities and

debt investments to maximize asets eficiency.

Capital Comitment

As at 31 March 2025, the Group had capital comitment of

aproximately HK$8.5 milion (2024: aproximately HK$2.6 milion)

in respect of the acquisition of property, plant and equipment, which

were contracted for but not provided for in the consolidated financial

statements.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报17

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

资产抵押

于二零二五年三月三十一日，本集团若干银

行贷款由本集团总账面值约为274,800,000港

元之物业、厂房及设备、自有投资物业及该

等物业所得若干租金收入及于本公司若干附

属公司的股权作抵押。

于二零二四年三月三十一日，本集团若干银

行贷款及应付票据由本集团总账面值约为

438,100,000港元之物业、厂房及设备、自有

投资物业及该等物业所得若干租金收入、分

类为持作出售资产、于本公司若干附属公司

的股权及已抵押存款作抵押。

财务担保

于二零二五年三月三十一日，本集团已就向

中国农产品授出融资的银行提供担保高达

370,000,000港元（二零二四年：370,000,000

港元）。

所持其他重大投资、重大收购及出售附属公

司、联营公司及合营公司以及重大投资或资

本资产的未来计划

除上文所披露者外，于本年度并无所持重大

投资，亦无任何重大收购或出售附属公司、

联营公司及合营公司。截至二零二五年三月

三十一日，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、联营公司及合

营公司的具体计划。

报告期后事项

于二零二五年四月十日，本集团与一名独

立第三方订立临时买卖协议，以出售位于

香港九龙钦州街60A号地下连阁楼，代价为

19,500,000港元，于二零二五年六月五日完

成。进一步详情载于本公司最终控股公司宏

安集团有限公司*（股份代号：1222）（「宏安」）

日期为二零二五年四月十日的公布。

Pledge of Asets

As at 31 March 2025, certain bank loans of the Group were secured by

the Group’s property, plant and equipment, owned investment properties

and certain rental income generated therefrom and the equity interests

in certain subsidiaries of the Company, with a total carying value of

aproximately HK$274.8 milion.

As at 31 March 2024, certain bank loans and bils payables of the Group

were secured by the Group’s property, plant and equipment, owned

investment properties and certain rental income generated therefrom,

asets clasified as held for sale, the equity interests in certain subsidiaries

of the Company, and pledged deposits, with a total carying value of

aproximately HK$438.1 milion.

Financial Guarante

As at 31 March 2025, the Group has provided guarantes to a bank in

conection with facilities granted to CAP up to HK$370.0 milion (2024:

HK$370.0 milion).

Other Significant Investments Held, Material Acquisitions and

Disposals of Subsidiaries, Asociates and Joint Ventures and

Future Plans for Material Investments or Capital Asets

Save as disclosed above, there was no significant investment held, nor

was there any material acquisition or disposal of subsidiaries, asociates

and joint ventures during the Year. As at 31 March 2025, the Group did

not have any concrete plan for material investments or capital asets nor

acquisition or disposal of subsidiaries, asociates and joint ventures.

EVENTS AFTER REPORTING PERIOD

On 10 April 2025, the Group entered into a provisional sale and

purchase agrement with an independent third party to sel a property

situated at Shop on G/F with the cockloft, 60A Yen Chow Stret,

Kowlon, Hong Kong at a consideration of HK$19.5 milion, completion

of which tok place on 5 June 2025. Further details were set out in the

anouncement of (Wang On Group Limited (stock code: 1222) (“WOG”),

the ultimate holding company of the Company) dated 10 April 2025.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202518位元堂药业控股有限公司 2025 年报

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

与雇员、供应商及客户之关系

本集团认为雇员为本集团成功之关键所在。

于二零二五年三月三十一日，本集团雇用759

名雇员（二零二四年：810名），其中约84.5%

（二零二四年：约81.0%）位于香港及澳门，

其余位于中国内地。本集团按行业惯例以及

个人表现及经验给予雇员报酬。除定期报酬

外，经参考本集团表现（如适用）及个人表现

后，选定之雇员会获得酌情花红及购股权。

本集团亦根据香港法例第485章《强制性公积

金计划条例》规定就香港合资格雇员向强制性

公积金作出定额供款及就澳门及中国雇员按

法定要求支付退休金。本集团亦向雇员提供

医疗及退休福利以及有系统之培训课程等其

他福利。此外，本集团竭力为雇员提供安全

之工作环境。董事会认为本集团与雇员关系

良好。

另一方面，本集团明白与业务伙伴、供应

商、客户、股东、投资者及银行等持份者维

持良好关系，对促进本集团业务长远增长及

发展至关重要。本集团致力为客户提供质量

可靠及种类多样化的各式产品，借此提升本

集团品牌竞争力，并与供应商建立长远可靠

之合作关系。

主要风险及不确定因素

本集团已透过风险管理及内部监控系统检讨

本集团面对的主要风险，并认为可能对本集

团造成影响之主要风险及不确定因素包括：

(i) 行业政策风险：随著医疗系统深化改革

及多项涉及医疗费用控制、医药控制及

传统中医药认证等方面之行业政策及法

律之出台，可能会对医药行业未来发展

产生深远影响；

(i) 环保政策：于药品生产过程及建设和经

营农产品交易市场产生的废物和废水对

环境的影响、主要基础设施的效率和安

全；

RELATIONSHIP WITH EMPLOYES, SUPLIERS AND

CUSTOMERS

The Group recognizes our employes as the key element that contributes

to the Group’s suces. As at 31 March 2025, the Group had 759

employes (2024: 810), of whom aproximately 84.5% (2024:

aproximately 81.0%) were located in Hong Kong and Macau and

the rest were located in Mainland China. The Group remunerated its

employes based on industry practices and individual performance and

experience. On top of the regular remuneration, discretionary bonus

and share options may also be granted to selected staf by reference to

the Group’s performance, where apropriate, as wel as the individual’s

performance. The Group also provides a defined contribution to the

Mandatory Provident Fund as required under the Mandatory Provident

Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for

our eligible employes in Hong Kong and pays retirement contributions in

acordance with the statutory requirements for our Macau and PRC staf.

Other benefits such as medical and retirement benefits and structured

training programs were also provided. Meanwhile, the Group endeavors

to provide a safe workplace to our employes. The Board believes that

the Group maintains admirable relations with the employes.

Besides, the Group understands that it is important to maintain god

relationships with the stakeholders, including busines partners, supliers,

customers, shareholders, investors and bankers to achieve its long-

term busines growth and development. With an aim to enhancing the

competitivenes of the brands of the Group, it endeavors to provide

consistently high quality and large range of products to its customers; and

to build up and maintain a trustworthy and long-term relationship with its

supliers.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group examined the principal risks facing the Group through our risk

management and internal control system and we considered that the

major risks and uncertainties that may afect the Group included:

(i) industrial policy risk: with the depening of medical system reform

and the isuance of a number of industry policies and laws in

respect of medical charge control and control of medicines and

certification for traditional Chinese medicine, there could be

significant impact on the future development of the pharmaceutical

industry;

(i) environmental protection policies: environmental impact caused

by waste and wastewater generated during the pharmaceutical

manufacturing proces and the construction and operations of

agricultural produce exchange markets, eficiency and security of key

infrastructure;

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报19

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

(i) 成本控制：本集团未必总是能够实施成

本控制措施以有效抵销产品成本上升

及╱或收入下降；

(iv) 陈旧存货拨备：因天气、未售出产品之

到期日及其他损毁等造成之陈旧存货拨

备；

(v) 供应链中断：因行业事件、供应商控制

及灵活性之风险引致的原材料短缺或价

格上涨，以具竞争力价格交易；

(vi) 无法抢占新兴市场：本集团未必能够以

传统行业及传统产品快速抢占新兴市场；

(vi) 对客户行为作出反应：本集团未必能够

有效应对经济低迷、消费者开支减缩及

冲动性购物行为变化；

(vi) 采购：全球采购减少及成本竞争优势减

少；

(ix) 零售租金波动：如果我们无法将零售租

金持续上涨之影响转嫁至客户，则有关

上涨可能会降低我们的盈利能力；及

(x) 汇率：汇率的不利波动可能会对本集团

之现金流量及盈利状况造成不利影响。

针对上述潜在风险，本集团一直密切关注香

港及中国内地的政策走向，加强政策分析研

判，预先调整业务策略，以应付不断变化之

营商环境。特别是，本集团将加强营销投入

以应对消费者行为及需求变化，严格控制库

存水平，制定自身之销售政策及产品开发、

安全管理及环保水平，并推进精简管理及风

险控制系统建设。对於潜在之风险，本公司

积极制定解决方案，降低有关风险对本公司

业务之影响。

(i) cost control: the Group may not always be able to implement cost

control measures to efectively counter rising product cost and/or

decrease in income;

(iv) alowance for obsolete inventories: alowance for obsolete

inventories due to weather, expiry date of unsold products and

other damages;

(v) suply chain disruption: raw material shortage or price inflation due

to industry isues, risks of suplier control and flexibilities, to deal

with competitive pricing;

(vi) inability to penetrate emerging markets: the Group may not be able

to efectively penetrate traditional industries and traditional products

into emerging markets;

(vi) respond to customer behavior: the Group may not be able to

respond efectively to economy recesion, reduction in consumer

spending and change of impulsive shoping behavior;

(vi) sourcing: les globalized sourcing and lower cost competitivenes;

(ix) volatility in retail rental: continuously increasing in retail rental may

reduce our profitability if we are unable to pas on the efect of

such increases to our customers; and

(x) foreign exchange: unfavorable fluctuations in the exchange rate may

adversely afect the Group’s cash flow and profits.

In response to the above mentioned posible risks, the Group has

ben closely monitoring the changes in the policies in Hong Kong and

Mainland China, and would strengthen our interpretation and analysis of

policies and adjust strategies in advance to cope with the ever-changing

operating environment. In particular, the Group wil strengthen its

marketing eforts to cope with changes in consumer behavior and neds,

closely control inventories, establish our own sales policies and product

development, safety management and environmental protection level,

and push forward the construction of lean management and risk control

system. For posible risks, the Company would actively propose solutions

to lower their impacts on the busines of the Company.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202520位元堂药业控股有限公司 2025 年报

Management Discusion and Analysis (Continued)

管理层讨论及分析（续）

前景

中西药及保健食品产品

在充满挑战的零售环境和不断变化的市场动

态下，位元堂将古老的治疗传统与现代技术

进步有效结合，巩固了其在中药领域的市场

领导地位。本公司继续推动中医创新，推出

其开创性的人工智能中医诊断系统，这是香

港中医提供商中的首个此类系统。该系统利

用先进的成像和数据处理技术评估面部和声

音特征，为个人消费者的健康状况提供高度

准确、数据驱动的健康评估，巩固了位元堂

在中医现代化领域的领先地位。

展望未来，位元堂的策略定位是把握中药及

更大健康行业的新兴机遇。本公司计划通过

扩展远程医疗咨询平台来增强其服务产品。

通过整合人工智能驱动的客户关系管理系

统，位元堂将促进与现有和潜在客户更复杂

和个性化的互动。这些举措旨在提高专业中

医服务的可及性，同时培养长期客户忠诚度。

数字化转型仍将是本公司增长战略的关键驱

动力。位元堂计划大幅增加投资以提升电子

商务能力，重点关注为粤港澳大湾区消费者

量身定制的直播商务平台。此外，本公司正

加强与领先跨境电商平台及服务提供商的战

略关系，以扩大其在中国内地消费者中的影

响力，旨在为中国消费者提供优质的健康解

决方案。

国家支持粤港澳大湾区发展的政策框架为位

元堂带来巨大增长机遇。本公司正在制定有

针对性的战略，以加强其在大湾区市场的影

响力。除该地区外，位元堂正积极寻求拓展

至东南亚，该等地区对中药的兴趣日益浓厚

及电子商务渗透率不断提高，为市场进入创

造了有利的环境。

透过该等策略努力，位元堂继续致力推广中

药，同时适应不断变化的消费者喜好及行业

趋势。通过专注产品创新、卓越服务和数字

化转型，本公司在中药领域处于有利地位，

可以维持长期增长并保持领导地位。

品牌估值

最近，专业估值师高力国际物业顾问（香港）

有限公司获委聘评估本集团旗下知名品牌位

元堂、珮夫人及珮氏的价值。根据估值报

告，该等品牌于二零二五年三月三十一日的

总估值为20.5亿港元。

PROSPECTS

Chinese and Western Pharmaceutical and Health Fod Products

Amid a chalenging retail environment and shifting market dynamics, Wai

Yuen Tong has reinforced its market leadership in TCM by efectively

integrating ancient healing traditions with modern technological

advancements. The Company continues to drive TCM inovation with

the introduction of its pionering AI-powered TCM diagnostic system

– the first of its kind among Hong Kong TCM providers. Utilizing

advanced imaging and data procesing technology to ases facial and

vocal features, this system delivers highly acurate, data-driven health

asesments on individual consumer health conditions, reinforcing Wai

Yuen Tong’s forefront position of TCM modernization.

Loking ahead, Wai Yuen Tong is strategicaly positioned to capitalize on

emerging oportunities within the TCM and the larger health segment.

The Company plans to enhance its service oferings through the

expansion of telehealth consultation platforms. By incorporating AI-driven

customer relationship management (CRM) systems, Wai Yuen Tong wil

facilitate more sophisticated and personalized engagement with both

existing and potential clients. These initiatives are designed to improve

acesibility to profesional TCM services while fostering long-term

customer loyalty.

Digital transformation wil remain a key driver of the Company’s growth

strategy. Wai Yuen Tong intends to significantly increase investments

to strengthen its e-comerce capabilities, with a strong focus on live

comerce platforms tailored to consumers in the Guangdong-Hong

Kong-Macau Greater Bay Area (GBA). Furthermore, the company is

reinforcing strategic relationship with leading cros-border e-comerce

platforms and service providers to expand its reach among Mainland

China consumers, with the aim to provide high quality health solutions to

China consumers.

The national policy framework suporting the development of the

Guangdong-Hong Kong-Macau GBA presents substantial growth

oportunities for Wai Yuen Tong. The Company is developing targeted

strategies to strengthen its presence in GBA markets. Beyond this region,

Wai Yuen Tong is actively pursuing expansion into Southeast Asia, where

growing interest in TCM and increasing e-comerce penetration create a

favorable environment for market entry.

Through these strategic eforts, Wai Yuen Tong remains comited to

advancing TCM while adapting to evolving consumer preferences and

industry trends. By prioritizing product inovation, service excelence, and

digital transformation, the Company is wel-positioned to sustain long-

term growth and maintain its leadership in the TCM sector.

Brands Valuation

Recently, a profesional valuer, Coliers International (Hong Kong) Limited

was engaged to ases the value of the wel-known brands owned by the

Group, namely Wai Yuen Tong, Madame Pearl’s and Pearl’s. As per the

valuation report, the total valuation for these brands as at 31 March 2025

is HK$2.05 bilion.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报21

Board of Directors and Senior Management

董事会及高级管理层

BOARD OF DIRECTORS

Executive Directors

Mr. TANG Ching Ho, GBS, JP, aged 63, was apointed as the Chairman

of the Company in August 2001 and also asumed the role of Managing

Director with efect from 1 April 2018. He is also an authorised

representative and a member of the remuneration comite and the

nomination comite and the chairman of the executive comite of

the Company. He is responsible for the strategic planing, policy making

and busines development of the Group. He has extensive experience

in corporate management. He is also the chairman, an executive director

and an authorised representative of Wang On Group Limited, and the

executive chairman and an authorised representative of China Agri-

Products Exchange Limited, both of which are companies listed on the

main board of the Stock Exchange. Mr. Tang is a comite member of

the 12th to 14th National Comite of the Chinese People’s Political

Consultative Conference (“CPC”), a standing comite member and

convener of the 10th to the 13th plenary sesions of the CPC Guangxi

Zhuang Autonomous Region Comite and a deputy director of special

comite on education, science, health and sports of the National

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

Asociation. He is the father of Ms. Tang Wai Man, an executive Director

and is also a controling shareholder of Wang On Group Limited which is

a controling shareholder of the Company.

董事会

执行董事

邓清河先生，金紫荆星章，太平绅士，六十三岁，

于二零一年八月获委任为本公司主席，并

于二零一八年四月一日起兼任董事总经理。

彼亦为本公司授权代表以及薪酬委员会及提

名委员会成员及常务委员会主席。彼专责本

集团策略规划、制订政策及业务发展。彼在

企业管理方面具有丰富经验，亦为宏安集团

有限公司之主席、执行董事兼授权代表及中

国农产品交易有限公司之执行主席兼授权代

表，上述公司均于联交所主板上市。邓先生

为中国人民政治协商会议（「政协」）第十二届

至第十四届全国委员会委员、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

召集人以及政协全国委员会教科卫体委员会

副主任。邓先生亦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。

彼为执行董事邓蕙敏女士之父亲，亦为本公

司控股东宏安集团有限公司之控股东。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202522位元堂药业控股有限公司 2025 年报

Board of Directors and Senior Management (Continued)

董事会及高级管理层（续）

Ms. TANG Wai Man, aged 34, joined the Group in January 2016

and was apointed as an executive Director on 1 April 2018. She is

an authorized representative of the Company under Part 16 of the

Companies Ordinance and also a member of the executive comite,

the nomination comite and the remuneration comite of the

Company. Ms. Tang is responsible for sales and marketing, chanel

sales and retail operation of the Group in Hong Kong and Macau. She

graduated from University of Edinburgh, UK with a Master of Arts with

Honors in Busines Studies. Prior to joining the Group, she had worked

for Wang On Group Limited since July 2014 as an asistant to chairman

and acumulated other experience in financial analysis, sales and

marketing and busines development in a number of corporate bodies in

Hong Kong and the United Kingdom. She is curently the Vice-Chairman

of Youth Comite of Federation of Hong Kong Shenzhen Asociation,

the Supervisor of Hong Kong Chinese Medicine Industry Asociation

and the Honorary member of Court of Hong Kong Baptist University.

She is also the members of Shenzhen Pingshan District Comite

of The Chinese People’s Political Consultative Conference, Quality

Tourism Services Asociation Governing Council (Retailer Category),

The Inovation and Technology Comision – New Industrialisation

Veting Comite, Hong Kong Baptist University Foundation Young

Entrepreneur Comite, Hong Kong Baptist University Schol of Chinese

Medicine Advisory Comite, Advisory Comite on Chinese Medicine

Development Fund and Chinese Medicine Development Comite.

She is the daughter of Mr. Tang Ching Ho, the Chairman and Managing

Director and a controling shareholder of the Company.

Ms. LAW Man Ye, Anita, aged 62, joined the Group in 2004 and was

the Asistant General Manager – Purchasing Procesing of the Group. She

was apointed as an executive Director and a member of the executive

comite of the Company on 8 February 2021. Ms. Law is responsible

for overal strategic planing, sales and marketing, raw material sourcing

and retail operation in Hong Kong, Macau and the Mainland China of the

Group. She has extensive experience in pharmaceutical industry covering

strategic planing, sales and marketing, new products development and

production management.

邓蕙敏女士，三十四岁，于二零一六年一月

加入本集团，并于二零一八年四月一日获委

任为执行董事。彼为公司条例第16部项下本

公司之授权代表，亦为本公司常务委员会、

提名委员会及薪酬委员会成员。邓女士负责

本集团于香港及澳门的销售与市场推广、渠

道销售及零售营运。彼毕业于英国爱丁堡大

学，持有商业研究（荣誉）文学硕士学位。加

入本集团前，彼自二零一四年七月起效力于

宏安集团有限公司担任主席助理，并于若干

香港及英国法团拥有财务分析、销售及市场

推广，以及业务发展的其他经验。彼现任香

港深圳社团总会青年委员会副主任、香港中

药业协会监事及香港浸会大学咨议会荣誉委

员。彼亦为中国人民政治协商会议深圳市坪

山区委员会、优质旅游服务协会执行委员会

（零售界别）、创新科技署－新型工业评审委

员会、香港浸会大学基金青年企业家委员

会、香港浸会大学中医药学院咨询委员会、

中医药发展基金咨询委员会及中医中药发展

委员会之委员。彼为本公司主席，董事总经

理兼控股东邓清河先生之女儿。

罗敏仪女士，六十二岁，于二零四年加入

本集团，为本集团采购加工部助理总经理。

彼于二零二一年二月八日获委任为本公司执

行董事及常务委员会成员。罗女士负责本集

团于香港、澳门及中国内地的整体策略规

划、销售及市场推广、原材料采购及零售业

务。彼于制药行业拥有丰富经验，涉猎策略

规划、销售及市场营销、新产品开发及生产

管理。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报23

Board of Directors and Senior Management (Continued)

董事会及高级管理层（续）

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. LI Ka Fai David, MH, aged 70, joined the Company as an

Independent Non-executive Director on 17 March 2015. He is the

chairman of the audit comite of the Company, and the member

of the nomination comite and the remuneration comite of

the Company. He is a felow member of The Asociation of Chartered

Certified Acountants, U.K. Mr. Li is an independent non-executive

director and the chairman of the audit comite of Shanghai Industrial

Urban Development Group Limited (stock code: 563). Mr. Li is also

an independent non-executive director, the chairman of the audit

comite, member of the nomination comite and member of the

remuneration comite of China-Hongkong Photo Products Holdings

Limited (stock code: 1123), Cosmopolitan International Holdings Limited

(stock code: 120) and Goldlion Holdings Limited (stock code: 533), an

independent non-executive director, the chairman of the audit comite

and member of the remuneration comite of China Merchants Port

Holdings Company Limited (stock code: 144), an independent non-

executive director, member of the audit comite and member of the

remuneration comite of Continental Aerospace Technologies Holding

Limited (stock code: 232), al of such companies are being listed in Hong

Kong. Mr. Li has retired as an independent non-executive director and

ceased to be the chairman of the audit comite and the remuneration

comite, and a member of the nomination comite of CR

Construction Group Holdings Limited (stock code: 1582), a company

listed in Hong Kong, on 25 June 2021.

独立非执行董事

李家晖先生，荣誉勋章，七十岁，于二零一五

年三月十七日加入本公司，出任独立非执行

董事。彼为本公司审核委员会主席，以及本

公司提名委员会及薪酬委员会成员。彼为英

国特许公认会计师公会资深会员。李先生为

上海实业城市开发集团有限公司（股份代号：

563）之独立非执行董事兼审核委员会主席。

李先生亦为中港照相器材集团有限公司（股份

代号：1123）、四海国际集团有限公司（股份

代号：120）及金利来集团有限公司（股份代

号：533）之独立非执行董事、审核委员会主

席、提名委员会成员兼薪酬委员会成员，招

商局港口控股有限公司（股份代号：144）之独

立非执行董事、审核委员会主席及薪酬委员

会成员，大陆航空科技控股有限公司（股份代

号：232）之独立非执行董事、审核委员会成

员兼薪酬委员会成员，上述公司均为香港上

市公司。李先生于二零二一年六月二十五日

退任香港上市公司华营建筑集团控股有限公

司（股份代号：1582）之独立非执行董事，并

不再担任审核委员会及薪酬委员会主席兼提

名委员会成员。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202524位元堂药业控股有限公司 2025 年报

Board of Directors and Senior Management (Continued)

董事会及高级管理层（续）

Profesor SIT Wing Hang, GBS, JP, aged 64, joined the Company as an

Independent Non-executive Director on 8 December 2023. He is the

chairman of the remuneration comite of the Company, and member

of each of the audit comite and the nomination comite of the

Company. Profesor Sit joined the Hong Kong Government in 1984 and

was promoted to the Director of Electrical and Mechanical Services and

Electrical & Mechanical Services Trading Fund General Manager in 2017.

During his tenure, he was in charge of electrical and mechanical safety

and promotion of energy eficiency and conservation in Hong Kong, as

wel as the provision of enginering services for electrical and mechanical

asets of the Hong Kong SAR Government. He served as the Secretary

for Inovation and Technology of the Hong Kong SAR Government

from April 2020 to 30 June 2022. Profesor Sit was awarded the Gold

Bauhinia Star and was apointed as a Justice of the Peace by the Hong

Kong SAR Government. Profesor Sit is curently an independent non-

executive director of Regal Partners Holdings Limited (formerly known as

Moris Home Holdings Limited) (Stock Code: 1575), Envision Grenwise

Holdings Limited (formerly known as Golden Ponder Holdings Limited)

(Stock Code: 1783) and China State Construction Development Holdings

Limited (Stock Code: 830), which are companies listed on the Main

Board of the Stock Exchange. He is also the independent non-executive

director of Xiamen Jihong Co. Limited, which is company listed on the

Shenzhen Stock Exchange (Stock Code: 002803.SZ) and listed on the

Stock Exchange (Stock Code: 2603). He is also the Chief Executive and

Secretary of the Hong Kong Institution of Enginers. In adition, he serves

as a Senior Advisor to the President and Vice-Chancelor and Honorary

Profesor of the Hong Kong Baptist University, and a Profesor of Practice

of the Hong Kong Polytechnic University. Profesor Sit is an electrical

enginer by profesion and has over 42 years of experience in public

administration. He is a felow member of the Hong Kong Institution of

Enginers, and was the President of the Hong Kong Institution of Facility

Management and the Chairman of the Biomedical Division of the Hong

Kong Institution of Enginers.

Profesor CHAN Wing Kwong, MD, aged 61, joined the Company as

an Independent Non-executive Director on 8 December 2023. He is

the chairman of the nomination comite of the Company, a member

of each of the audit comite and the remuneration comite of the

Company. Profesor Chan is a Registered Chinese Medicine Practitioner.

Profesor Chan curently serves as a Visiting Profesor of the Schol

of Chinese Medicine at The Chinese University of Hong Kong and a

Visiting Profesor at the Guangzhou University of Chinese Medicine.

He also serves as the President of Hong Kong Registered Chinese

Medicine Practitioners Asociation and the Vice President of Supervision

Board of the World Federation of Chinese Medicine Societies. Profesor

Chan is a member of the Legislative Council of the Hong Kong Special

Administrative Region.

薛永恒教授，金紫荆星章，太平绅士，六十四岁，

于二零二三年十二月八日加入本公司，出任

独立非执行董事。彼为本公司薪酬委员会主

席，以及本公司审核委员会及提名委员会各

自之成员。薛教授于一九八四年加入香港政

府，并于二零一七年晋升为机电工程署长

兼机电工程营运基金总经理。彼于在位期间

负责香港的机电安全以及促进能源效益及节

约能源工作，并为香港特别行政区政府的机

电资产提供工程服务。彼于二零二零年四月

至二零二年六月三十日期间担任香港特别

行政区政府创新及科技局长。薛教授获香

港特别行政区政府颁授金紫荆星章并获委任

为太平绅士。薛教授目前为皇庭智家控股有

限公司（前称慕容家居控股有限公司）（股份代

号：1575）、晋景新能控股有限公司（前称金

仑控股有限公司）（股份代号：1783）及中国建

筑兴业集团有限公司（股份代号：830）之独立

非执行董事，该等公司为于联交所主板上市

之公司。彼亦为厦门吉宏科技股份有限公司

之独立非执行董事，该公司为深圳证券交易

所上市公司（股份代号：002803.SZ）及联交所

上市公司（股份代号：2603）。彼亦为香港工

程师学会秘书长。此外，彼担任香港浸会大

学校长资深顾问兼荣誉教授，以及香港理工

大学实务教授。薛教授为专业电机工程师，

拥有超过四十二年公共行政经验。彼为香港

工程师学会资深会员。彼曾担任香港设施管

理学会长及香港工程师学会生物医学部主

席。

陈永光教授，医学博士，六十一岁，于二零

二三年十二月八日加入本公司，出任独立非

执行董事。彼为本公司提名委员会主席，以

及本公司审核委员会及薪酬委员会各自的成

员。陈教授为注册中医师。陈教授现为香港

中文大学中医学院客座教授及广州中医药大

学客座教授。彼亦担任香港注册中医学会

长及世界中医药学会联合会监事会副主席。

陈教授为香港特别行政区立法会议员。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报25

Board of Directors and Senior Management (Continued)

董事会及高级管理层（续）

SENIOR MANAGEMENT

Dr. TSANG Yuen Wo joined the Group in September 2018 and he is

curently the Director (Technical) of both the Wai Yuen Tong Medicine

Group and the Luxembourg Medicine Group, principal subsidiaries of the

Group. He is responsible for technical operations of the Group including

quality asurance, quality control, production, research and development,

regulatory afairs, enginering and logistic isues. Dr. Tsang received his

BSc(Pharm)(Hons) degre at the Aston University and the PhD degre at

the University of Sydney. He is a registered pharmacist and a registered

Authorized Person of the Pharmacy and Poisons Board of Hong Kong.

He has more than 21 years of experience in the pharmaceutical industry.

Academicaly, Dr. Tsang was the Honorary Asociate Profesor of the

Department of Pharmacology and Pharmacy, Li Ka Shing Faculty of

Medicine, the University of Hong Kong from 2010 to 2023 and he is

curently the Adjunct Asociate Profesor, Colege of Life Sciences and

Technology, the Schol of Profesional and Continuing Education, the

University of Hong Kong. Regarding profesional services, he was the

Chairman of the Pharmacy Central Continuing Education Comite from

2003 to 2017 and he was responsible for continuing education of al

registered pharmacists in Hong Kong. He is curently the Managing Editor

of the Hong Kong Pharmaceutical Journal.

Mr. MAK King Pui, Ricky joined the Group in May 2023 as Financial

Controler and is responsible for the overal financial management,

acounting and tax maters of the Group. Mr. Mak obtained a Bachelor

Degre of Arts (Honors) in Acountancy in Hong Kong Polytechnic

University and is Felow Member of the Asociation of Chartered Certified

Acountants and a Certified Public Acountant of the Hong Kong Institute

of Certified Public Acountants. He has over 31 years of experience

in auditing, acounting, corporate finance, investment and financial

management in both Hong Kong and Mainland China covering various

industries including, property development, resources and mining,

department store operation, manufacturing and retailing.

Mr. CHAN Siu Fai Daniel joined the Group in September 2021 as

the Head of Factory Operations and he is responsible for monitoring

factory routine operations, implementing, reviewing and improving

factory workflow to achieve eficient management in Hong Kong. Mr.

Chan obtained a Master Degre of Busines Administration in University

of South Australia and a Bachelor Degre of Enginering (Honors) in

Manufacturing Enginering in Hong Kong Polytechnic University. Mr. Chan

has more than 33 years of experience in factory operation.

高级管理层

曾远和博士于二零一八年九月加入本集团，

现为本集团主要附属公司位元堂药业集团及

卢森堡药业集团的技术总监。彼负责本集团

的技术运作，包括质量保证、质量控制、生

产、研发、监管事宜、工程及物流事宜。曾

博士获阿斯顿大学颁发药剂学士（荣誉）学位

及悉尼大学博士学位。彼为香港药剂业及毒

药管理局的注册药剂师及注册认可人士。彼

于制药业拥有逾二十一年经验。学术方面，

曾博士于二零一零年至二零二三年为香港大

学李嘉诚医学院药理及药剂学系的名誉副教

授，彼目前为香港大学专业进修学院健康及

应用科学部客席副教授。专业服务方面，彼

于二零三年至二零一七年担任药剂持续教

育统筹委员会主席，负责香港所有注册药剂

师之持续教育。彼目前担任香港药学期刊

(Hong Kong Pharmaceutical Journal)执行编辑。

麦景培先生于二零二三年五月加入本集团，

担任财务总监，负责监察本集团的整体财务

管理、会计及税务事宜。麦先生获得香港理

工大学会计学（荣誉）文学士学位，并为英国

特许公认会计师公会资深会员及香港会计师

公会的注册会计师。彼于香港及中国内地的

审计、会计、企业融资、投资及财务管理方

面积逾三十一年经验，所涉行业包括物业开

发、资源开采、百货公司营运、制造及零售

等。

陈少辉先生于二零二一年九月加入本集团，

担任工厂营运主管，彼在香港负责监控工厂

的日常营运，实施、审查及改进工厂工作流

程，以实现高效管理。陈先生获得南澳大利

亚大学工商管理硕士学位，以及香港理工大

学制造工程学（荣誉）工学士学位。陈先生在

工厂营运方面有超过三十三年的经验。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202526位元堂药业控股有限公司 2025 年报

Board of Directors and Senior Management (Continued)

董事会及高级管理层（续）

查欣芳女士于二零二三年十一月加入本集

团，担任本集团总经理。彼负责管理中药业

务部门，监督及指导销售及营销团队，以实

现长远业务目标。于加入本集团前，彼在知

名企业拥有超过二十一年的工作经验，在销

售、市场管理、业务发展方面担任各种高级

职务，尤其是在医药及个人护理产品行业拥

有良好往绩。查女士获得香港中文大学工商

管理（荣誉）学士学位，主修市场营销。

游育城先生于二零二年四月加入本集团，

负责执行公司的经营策略、计划和年度预

算。彼亦建立有效的组织管理系统及制度体

系，及掌握市场动态及发展趋势，确保本公

司经营目标的实现。游先生于物业发展、工

程及建筑业务累积超过三十年管理经验。于

加入本集团前，游先生曾任职若干公司并于

房地产行业及项目管理方面具有广泛经验。

游先生为本公司执行董事兼控股东邓清河

先生之内弟。

陈杰文先生于二零二五年六月加入本公司，

担任行政总裁，领导位元堂的策略方向，并

监督香港、中国及海外业务的整体营运。陈

先生于消费品行业拥有逾三十年经验，包括

于亚太市场的领先跨国生命科学及保健公司

担任区域管理职务。

Ms. CHA Yan Fong joined the Group in November 2023 as the General

Manager of the Group. She is responsible for managing the Chinese

medicine busines unit, overseing and supervising sales and marketing

team to achieve long-term busines goal. Prior to joining the Group, she

has over 21 years of experience in wel-known companies, in which she

tok various senior positions in sales, marketing management, busines

development with proven track records, especialy in pharmaceutical and

personal care product industries. Ms. Cha obtained a Bachelor Degre

of Busines Administration (Honors) specializing in marketing in The

Chinese University of Hong Kong.

Mr. YAU Yuk Shing joined the Group in April 2022 and is responsible

for executing the busines strategy, plans and anual budget. He has

also established an efective management and institutional system, and

acomplished the Company’s busines goal by staying ahead on market

and industry trends. Mr. Yau has more than 30 years of management

experience in property development, enginering and construction

busineses. Prior to joining the Group, Mr. Yau worked for certain

companies with a wide spread of experience in real estate industry and

project management. Mr. Yau is the brother-in-law of Mr. Tang Ching Ho,

the executive Director and the controling shareholder of the Company.

Mr. CHAN Kit Man joined the company in June 2025 as Chief

Executive Oficer to provide leadership on the strategic direction of Wai

Yuen Tong and overses the overal operations of the busines in Hong

Kong, China and overseas. Mr. Chan has over 30 years of experience

in consumer gods industry, including regional management roles in

leading multinational life science and healthcare companies for Asia

Pacific markets.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报27

Board of Directors and Senior Management (Continued)

董事会及高级管理层（续）

伍小燕女士于二零二一年五月加入本集团，

现任高级质量保证经理，负责管理中药质量

保证部及产品研发部，确保产品质量符合

GMP标准，产品研发及注册工作有效开展。

伍女士在检测、质量控制、质量认证及产品

开发方面拥有逾三十年经验，曾任职于检测

机构、药厂、食品生产及物流中心，并在中

药生产监管及产品注册方面拥有近十五年的

实际管理经验。彼毕业于新加坡国立大学，

取得天然化学硕士学位，其后取得香港理工

大学营运管理硕士学位及香港大学中医药硕

士学位。

吴绮雯女士于二零二年二月加入本集团并

于二零二四年四月获委任为公司秘书。吴女

士为英国特许公认会计师公会、香港公司治

理公会及特许公司治理公会的资深会员，以

及香港会计师公会的会员。彼于财务、会计

及公司秘书职能方面积逾二十六年经验，其

中包括十六年以上处理与香港上市公司相关

的上市公司秘书及遵规事务。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，并于本公司之联营公

司中国农产品交易有限公司（一间于联交所主

板上市的公司，股份代号：149）出任公司秘

书。

Ms. NG Siu Yin Monica joined the Group in May 2021 and is curently

as Senior Quality Asurance Manager, responsible for managing the

Chinese medicine quality asurance department and product research

and development department, to ensure that product quality complies

with GMP standards, and work of product research and development

and registration are caried out efectively. Ms. Ng has over 30 years of

experience in testing, quality control, quality certification and product

development, working in testing institutions, pharmaceutical factories,

fod production and logistics center, and has nearly 15 years of actual

management in the supervision of Chinese medicine manufacturing and

product registration. She graduated with a Master’s degre in Natural

Chemistry from the National University of Singapore, and subsequently

obtained a Master’s degre in Operations Management from the Hong

Kong Polytechnic University and a Master’s degre in Chinese Medicine

from the University of Hong Kong.

Ms. NG Ye Man Fiona joined the Group in February 2022 and

was apointed as Company Secretary in April 2024. 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 26 years of experience in finance,

acounting and corporate secretarial functions, including over 16 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 and has held company

secretary positions in China Agri-Products Exchange Limited (an asociate

of the Company), which is a company listed on the main board of the

Stock Exchange (stock code: 149).

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202528位元堂药业控股有限公司 2025 年报

Corporate Governance Report

企业管治报告

CORPORATE GOVERNANCE PRACTICES

The Board recognises that god corporate governance practices serve as

an efective risk management for the growth of the Company that wil

promote and enhance the benefit of its shareholders of the Company

(the “Shareholders”). The Company is comited to maintaining

a high standard of corporate governance with a strong emphasis on

transparency, acountability, integrity and independence.

The Company continued to adopt the principles and comply with the

code provision of the Corporate Governance Code (the “CG Code”) set

out in Apendix C1 to the Listing Rules during the year under review. The

Board has periodicaly reviewed the compliance of the CG Code and is of

the view that throughout the year ended 31 March 2025, the Company

had complied with the aplicable code provisions of the CG Code, except

for the folowing deviation:

Code provision C.2.1 of the CG Code provides that the roles of chairman

and chief executive should be separate and should not be performed by

the same individual. During the year under review, Mr. Tang Ching Ho,

the chairman of the Board, also asumed the role of managing Director.

Curently, the Company does not propose to comply with code provision

C.2.1 of the CG Code for the time being but wil continue to review such

deviation to enhance the best interest of the Group as a whole. Details

of such deviation are set out below in the section headed “Chairman and

Managing Director”.

CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS AND

RELEVANT EMPLOYES

The Company has adopted the Model Code for Securities Transactions

by Directors of Listed Isuers, as amended from time to time, (the “Model

Code”) contained in C3 to the Listing Rules as its own code of conduct

regarding securities transactions by the Directors. Having made specific

enquiries by the Company, al of the Directors confirmed that they

had complied with the required standards set out in the Model Code

throughout the year under review.

The Company also adopted a code of conduct regarding securities

transactions on no les exacting terms than the Model Code by the

relevant employes of the Group who are considered likely to be in

posesion of inside information in relation to the Company or its

securities. To the best knowledge and belief of the Directors, al relevant

employes complied with the required standard of such code throughout

the year under review.

企业管治常规

董事会深明良好的企业管治常规能对本公司

之增长作有效之风险管理，可提高及增加本

公司股东（「股东」）之利益。本公司致力于维

持高水准企业管治，高度重视透明度、问责

性、诚信及独立性。

于回顾年度内，本公司继续采纳上市规则附

录C1所载之《企业管治守则》（「企业管治守

则」）之原则及遵守所载之守则条文。董事会

定期检讨企业管治守则之遵守情况，并认为

本公司截至二零二五年三月三十一日止整个

年度已遵守企业管治守则之适用守则条文，

惟下列偏离情况除外：

企业管治守则之守则条文C.2.1条规定主席与

行政总裁的角色应有区分及不应由一人同时

兼任。于回顾年度内，董事会主席邓清河先

生亦兼任董事总经理。目前，本公司暂时无

意遵守企业管治守则之守则条文C.2.1条，惟

将继续检讨该偏离情况，以提升本集团的整

体最佳利益。有关偏离情况的详情载于下文

「主席及董事总经理」一节。

董事及相关雇员进行证券交易之守则

本公司已采纳上市规则附录C3所载之《上市发

行人董事进行证券交易的标准守则》（经不时

修订）（「标准守则」），作为本身有关董事进行

证券交易之操守则。本公司作出具体查询

后，全体董事确认彼等于整个回顾年度一直

遵守标准守则所载规定标准。

本公司亦为其认为可能拥有关于本公司或其

证券之内幕消息之本集团有关雇员，采纳一

套有关证券交易之操守则，其条款不较标

准守则宽松。据董事所深知及确信，所有

关雇员已于整个回顾年度遵守该守则之规定

标准。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报29

Corporate Governance Report (Continued)

企业管治报告（续）

DIVIDEND POLICY

In November 2018, the Company adopted a dividend policy, which is

intended to be prudent and sustainable and wil be evaluated from time

to time. There is no asurance that dividends wil be paid in any particular

amount for any particular period. Subject to compliance with aplicable

rules and regulations, the Board may, at its discretion, determine the

declaration of payment of dividend(s) to its Shareholders in any amount,

frequency in any financial year depending on, among other things, the

Company’s operation and financial performance, liquidity condition,

capital requirements, future funding neds, contractual restrictions,

availability of reserves and prevailing economic climate.

BUSINES MODEL AND STRATEGY AND CULTURE

The Group is principaly engaged in (i) the manufacturing and sale of

traditional Chinese medicine; (i) the manufacturing and sale of Western

pharmaceutical, health fod and personal care products; and (i) property

investment. The Group continues its proactive expansion strategy for

generating and preserving shareholder value over the longer term.

With respect to the core Chinese and Western pharmaceutical and health

fod products busines, the Group wil further leverage its edge in vertical

integration. In order to achieve this objective, the Group is enhancing the

efort on new products research, development and registration, especialy

focus on those Chinese and Western medicinal products which poses

their own uniquenes and curative efect. The Group also extends its

retail and medical service network agresively to gain market share.

On the other hand, the Group continues to closely monitor the market

for merger and acquisition oportunities if it can bring synergy to the

existing busines, as wel as diversification of its investment portfolio

for strengthening and broadening its income base. The Group also

takes active and prompt measures from time to time, reviewing and

adjusting its busines strategy and adopting various controls over costs, if

necesary, so as to maintain the Group’s profitability. Besides, the Group

strives to maintain a healthy financing structure and devotes efort to

securing banking facilities which is regarded as an important element for

suporting continuous busines development of the Group.

股息政策

本公司于二零一八年十一月采纳一套以审慎

及可持续为本之股息政策，并将不时予以评

估。概不保证将于任何特定期间支付任何特

定金额股息。在遵守适用规则及规例的前提

下，董事会可视乎（其中包括）本公司的营运

及财务表现、流动资金状况、资本需求、未

来资金需要、合约限制、可用储备及当前经

济环境，酌情决定于任何财政年度向其股东

宣派及派付股息的金额及次数。

业务模式及策略及文化

本集团主要从事(i)生产及销售传统中药；(i)

生产及销售西药、保健食品及个人护理产

品；及(i)物业投资。本集团继续采取积极拓

展的策略，以长期创造及维持股东价值。

就中西药及保健食品产品的核心业务而言，

本集团将进一步利用其纵向整合的优势。为

达致此目标，本集团致力加强新产品的研发

及注册，尤其专注于具独特疗效的中西药产

品。本集团亦积极拓展零售和医疗服务网

络，从而增加市场占有率。

另一方面，本集团继续密切监察市场，留意

与现有业务产生协同效应，亦可令投资组合

更多元化的并购机会，从而巩固及扩大收益

基础。本集团亦不时采取积极及时之措施，

检讨及调整业务策略，并于有需要时采取各

项控制成本之措施，借此维持本集团之盈利

能力。此外，本集团致力维持稳健的融资架

构，积极取得银行融资，因银行融资被视为

支持本集团持续业务发展之重要元素。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202530位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

THE BOARD

Composition

The Board curently comprises thre executive Directors and thre

independent non-executive Directors (the “INEDs”). The Directors during

the year and up to the date of this anual report were:

Executive Directors

Mr. Tang Ching Ho, GBS, JP

(Chairman and Managing Director)

Ms. Tang Wai Man

Ms. Law Man Ye, Anita

Independent non-executive Directors

Mr. Li Ka Fai, David, MH

Profesor Sit Wing Hang, GBS, JP

Profesor Chan Wing Kwong, MD

Mr. Siu Man Ho, Simon

(Resigned on 1 November 2024)

Ms. Tang Wai Man is the daughter of Mr. Tang Ching Ho. The biographical

details of the Directors are set out on page 22 of this anual report.

The Board poseses a mix and balance of skils and experience which

are apropriate for the requirements of the busineses of the Company.

The opinions raised by the INEDs in Board metings facilitate the

maintenance of god corporate governance practices. As at the date of

this anual report, 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/or acounting and audit experience

expertise as required by Rules 3.10(1) and (2) and 3.10A of the Listing

Rules. A balanced composition of executive and non-executive Directors

(including INEDs) also generates a strong independent element on the

Board, which alows for an independent and objective decision making

proces for the best interests of the Company and its shareholders.

The Board’s composition includes diferent gender, age, cultural

and educational background, and profesional experience, skils and

knowledge. The Company has reviewed the composition of the Board

and discused from time to time to ensure that the Board poseses

the apropriate and necesary expertise, skils and experience to met

the neds of the Group’s busineses and to enhance the Shareholders’

value. Al Directors are aware of the required levels of fiduciary duties,

care, skil and diligence under Rule 3.08 of the Listing Rules.

董事会

组成

董事会现时包括三名执行董事及三名独立非

执行董事（「独立非执行董事」）。于年内及直

至本年报日期，董事为：

执行董事

邓清河先生，金紫荆星章，太平绅士

（主席兼董事总经理）

邓蕙敏女士

罗敏仪女士

独立非执行董事

李家晖先生，荣誉勋章

薛永恒教授，金紫荆星章，太平绅士

陈永光教授，医学博士

萧文豪先生

（于二零二四年十一月一日辞任）

邓蕙敏女士为邓清河先生之女儿。董事履历

详情载于本年报第22页。

董事会具备多元及均衡之技能与经验，符合

本公司之业务需要。独立非执行董事于董事

会议上所提出的意见有助促进维持良好企

业管治常规。于本年报日期，按上市规则第

3.10(1)、(2)及3.10A条之规定，董事会拥有

三名独立非执行董事，占董事会三分之一以

上，而最少一名独立非执行董事拥有适当专

业资格及╱或会计及核数经验及专业知识。

执行董事及非执行董事（包括独立非执行董

事）之组合均衡，亦为董事会提供强大独立

元素，可为本公司及其股东之最佳利益作出

独立而客观之决策。董事会的组成包括不同

的性别、年龄、文化及教育背景以及专业经

验、技能及知识。本公司已检讨董事会之组

成并不时进行讨论，以确保董事会具备适当

之所需专业知识、技能及经验，以符合本

集团之业务所需及提升股东价值。全体董事

均了解上市规则第3.08条项下规定之诚信责

任、谨慎、技能及勤勉水平。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报31

Corporate Governance Report (Continued)

企业管治报告（续）

In compliance with code provision B.1.2 of the CG Code, an updated

list of the Directors identifying their roles and functions are available

on the websites of the Company (w.wyth.net) and HKEXnews

(w.hkexnews.hk). The nomination comite of the Company (the

“Nomination Comite”) and the Board wil review the composition

of the Board from time to time to ensure that the Board poseses the

apropriate and necesary expertise, skils and experience to met the

neds of the Group’s busines and to enhance the Shareholders’ value.

Apointment and Re-election of the Directors

Al INEDs are apointed without specific term set out in respective leters

of apointment and al of them are subject to retirement by rotation and,

being eligible, ofer themselves for re-election at anual general metings

in acordance with the bye-laws of the Company (the “Bye-law(s)”).

Al INEDs’ terms of ofice wil be renewed automaticaly after the re-

election, unles prematurely terminated in acordance with the terms

and conditions specified in the leter of apointment, the Bye-Laws, the

Bermuda Companies Act 1981 (the “Companies Act”) and the Listing

Rules, each as amended from time to time. Pursuant to code provision

B.2.2 of the CG Code and bye-law 84 of the Bye-laws, one-third of the

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

the number nearest to but not les than one-third) are required to retire

from ofice by rotation, provided that every Director, including those

apointed for a specific term, is subject to retirement by rotation at least

once every thre years, and shal be eligible for re-election at each anual

general meting. In adition, any Director who is apointed by the Board

to fil a casual vacancy or as an adition to the existing Board are subject

to re-election at the first anual general meting of the Company after

his/her apointment.

Independence of INEDs

The INEDs are required to confirm their independence upon their

apointment and on an anual basis. Al INEDs are fre from any

busines or other relationship with the Company. The Company has

received from each INED an anual confirmation of his independence

pursuant to Rule 3.13 of the Listing Rules for the financial year ended

31 March 2025. The INEDs would not participate in the Group’s daily

operation and they would abstain from voting on any resolution(s) in

which he had any interest and, therefore, the Company continues to

consider the thre INEDs to be independent for the financial year ended

31 March 2025 and up to the date of this anual report.

为遵守企业管治守则之守则条文B.1.2条，

载有董事角色及职能之更新名单可于本

公司网站(w.wyth.net)及披露易网站

(w.hkexnews.hk)上查阅。本公司提名委员

会（「提名委员会」）及董事会将不时检讨董事

会之组成，以确保董事会拥有适当之所需专

业知识、技能及经验，以符合本集团之业务

所需及提升股东价值。

董事委任及重选

所有独立非执行董事的委任均无于各自的委

任函载列指定任期，并须根据本公司之公司

细则（「公司细则」）于股东周年大会上轮值退

任，且符合资格并愿意膺选连任。全体独立

非执行董事的任期将于重选后自动重续，除

非根据委任函、公司细则、一九八一年百慕

达公司法（「公司法」）及上市规则（各自经不时

修订）中规定的条款及条件提前终止则当别

论。根据企业管治守则之守则条文B.2.2条及

公司细则第84条，于每届股东周年大会上，

当时在任之三分之一董事（或倘若董事人数并

非三之倍数，则以最接近但不少于三分之一

之人数为准）须轮值退任，惟每名董事（包括

以固定任期获委任之董事）须至少每三年轮值

退任一次，且符合资格重选连任。此外，任

何董事作为由董事会任命以填补临时空缺，

或出任现行董事会新增职位的董事，均须于

其获委任后之首届本公司股东周年大会上重

选连任。

独立非执行董事之独立性

独立非执行董事须于彼等获委任后及每年确

认其独立性。所有独立非执行董事与本公司

概无任何业务或其他关系。本公司于截至二

零二五年三月三十一日止财政年度已接获各

独立非执行董事根据上市规则第3.13条就其

独立性作出之年度确认书。独立非执行董事

不会参与本集团日常营运，且彼等会就彼等

拥有任何利益之任何决议案放弃投票，因

此，截至二零二五年三月三十一日止财政年

度及直至本年报日期，本公司继续认为三名

独立非执行董事均属独立。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202532位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

Roles and Responsibilities of the Board and the Senior Management

The Board is acountable to stakeholders for the activities and

performance of the Group and its primary functions cover, among

other things, the formulation of overal strategy, the review of corporate

and financial policies and the oversight of management of the Group’s

busines and afairs. Apart from these, the Board reserved for its

consideration and decision on major acquisitions and disposals, review

of interim and anual financial results, apointments and removals

of directors and auditors, the evaluation on the performance and

compensation of senior management, any material capital transactions

and other significant operational and financial afairs. With a view to

maintaining an apropriate balance betwen authority and responsibility,

such functions are either caried out directly by the Board or indirectly

through various comites established by the Board, with respective

functions set out in their writen terms of reference.

The INEDs acount for diverse industry expertise but are not involved

in the day-to-day management of the Group. The general management

and day-to-day management are delegated to management of the

Company, including but not limited to the preparation of regular financial

information, execution of designated asignments, and implementation

of sustainability practices.

The Directors having material interest in the mater(s) shal abstain

from voting at such Board meting(s) and the INEDs with no conflict of

interest shal atend at such meting to deal with the mater(s).

Al Directors ensure that they can give suficient atention to discharge

their responsibilities to the afairs of the Company and the Directors have

disclosed to the Company the identity and nature of ofices held in any

public organisation and other significant comitments from time to time.

During the year under review, regular Board metings of the Company

were held four times to review, consider and aprove, among others,

anual and interim results and to review the busines operations,

corporate governance practices and the efectivenes of internal control

and risk management systems of the Group. Apart from these regular

metings, Board metings are also held, as and when necesary, to

consider, among others, material transactions of the Group. At least 14-

day notice for each regular meting is given to al Directors. Al such

minutes are kept by the company secretary of the Company and are

open for inspection at any reasonable time on reasonable notice by any

Director. Apart from the regular Board metings and pursuant to the CG

Code, the chairman of the Board also met with the INEDs without the

presence of any executive Director during the year under review.

董事会及高级管理层之角色及职责

董事会须就本集团之业务及表现向持份者负

责，其主要职能涵盖（其中包括）制订整体策

略、检讨企业及财政策，并监管本集团之

业务及事宜之管理。除此之外，董事会保留

权利考虑及决策主要收购及出售事项、审阅

中期及年度财务业绩、委任及罢免董事及核

数师、评估高级管理层之表现与酬金、任何

重大股本交易及其他主要营运及财务事宜。

为维持适当之权力与职责之平衡，该等职能

由董事会直接执行，或间接由董事会成立之

各个委员会按书面职权范围所载职责执行。

独立非执行董事负责加强行业专业知识多元

化，但不参与本集团之日常管理工作。本公

司管理层获委托负责常务管理及日常管理，

包括但不限于定期编制财务资料、执行指派

工作及实施可持续性常规。

倘董事于有关事宜拥有重大权益，须于有关

董事会议上放弃投票，并须由不涉及利益

冲突之独立非执行董事出席该会议处理有关

事项。

各董事确保其投放充足时间履行其对本公司

事务之职责，而董事不时向本公司披露其于

任何公共机构任职之身份及职务性质，以及

担任其他要职之有关资料。

于回顾年度内，本公司已举行四次定期董事

会议，以审阅、考虑及批准（其中包括）年

度及中期业绩，并检讨本集团之业务营运、

企业管治常规及内部监控及风险管理制度之

成效。除该等定期会议外，董事会议亦会

在有需要时举行以供考虑（其中包括）本集团

之重大交易。各定期会议须向全体董事发出

最少14日之通知。所有该等会议记录均由本

公司之公司秘书备存，并可供任何董事在提

出合理通知下于任何合理时间查阅。除定期

举行之董事会议外，根据企业管治守则，

董事会主席亦已于回顾年度在并无执行董事

出席的情况下与独立非执行董事举行会议。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报33

Corporate Governance Report (Continued)

企业管治报告（续）

Chairman and Managing Director

During the year under review, Mr. Tang Ching Ho, the chairman of the

Board, has also asumed the role of the managing Director. Mr. Tang

has extensive management experience in corporate management in

the industries of the Group and is responsible for overal corporate

planing, strategic policy making of the Group which is of great value in

enhancing the eficiency to cope with the recent fierce competitive and

ever-changing retailing market environment and the comunication

betwen the Board and management, so as to ensure the efective

execution of the Board’s strategies. Furthermore, the Board considers

that Mr. Tang is an executive of high caliber with a wide range of skils

and diversified busines expertise and there are various comites and

experienced individuals dealing with specific asignments and busines

unit(s) and managing the daily busines operations. Moreover, the Board

comprises thre executive Directors and thre INEDs with balance of

skils and experience apropriate for the Group’s further development.

The Company had no intention to make any change to comply with

code provision C.2.1 of the CG Code (i.e. the roles of chairman and chief

executive should be separate and should not be performed by the same

individual) at the moment but wil continue to review and propose, as

and when apropriate, by taking into consideration of such deviation and

any other relevant factors, to ensure the maximisation of the benefit of

the stakeholders of the Company.

Corporate Governance

The Board has undertaken the responsibility for performing the corporate

governance duties pursuant to the CG Code and is comited to

ensuring that an efective governance structure is in place to continuously

review, monitor and improve the corporate governance practices within

the Group with regard to the prevailing legal and regulatory requirements.

During the year under review, the Board reviewed the policies and

practices on the Group’s corporate governance, reviewed the code

of conduct aplicable to the Directors and employes, monitored

the policies and measures on the Company’s legal and regulatory

compliance, training and continuing profesional development of

Directors and reviewed the Company’s compliance with the CG Code

and the disclosure in this anual report.

This corporate governance report has ben reviewed by the Board in

discharge of its corporate governance function.

主席及董事总经理

于回顾年度内，董事会主席邓清河先生亦兼

任董事总经理。邓先生在本集团所在行业的

企业管理方面拥有丰富的管理经验，负责本

集团的整体企业策划及策略政策制定，对提

升本集团应对近来竞争激烈及不断变化的零

售市场环境的效率具有极大价值，并负责董

事会与管理层之间沟通，以确保董事会的策

略的有效实施。此外，董事会认为，邓先生

乃资深管理人员，具备多项技能及多元化业

务专长，且有多个委员会及有经验人士处理

特定工作及业务单位以及管理日常业务营

运。再者，董事会包括三名执行董事及三名

独立非执行董事，其均拥有本集团进一步发

展所需之均衡技能及经验。本公司现时无意

作出任何变动以遵守企业管治守则之守则条

文C.2.1条（即主席与行政总裁的角色应有区

分，不应由同一人兼任），但经考虑该偏离情

况及任何其他相关因素后继续于适当时检讨

及提出建议，以确保尽量为本公司持份者争

取最大利益。

企业管治

董事会负责根据企业管治守则履行企业管治

职责，并致力确保实行有效的管治架构，以

因应现行法律及监管规定，持续检讨、监察

及改善本集团内的企业管治常规。

于回顾年度内，董事会已检讨本集团的企业

管治政策及惯例、审阅董事及雇员适用的操

守则、监察本公司的法律和监管合规政策

及措施、董事的培训及持续专业发展情况，

并审阅本公司遵守企业管治守则的情况及本

年报内的披露情况。

为履行企业管治职能，董事会已审阅本企业

管治报告。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202534位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

Board Diversity

The Company notes increasing diversity at the Board level as an

esential element in suporting the atainment of its strategic objectives,

sustainable and balanced development. In June 2013, the Company

adopted a Board diversity policy (the “Board Diversity Policy”) which

sets out the aproach to diversify the Board and was reviewed anualy.

The Nomination Comite reviews and aseses the Board composition

on behalf of the Board and wil recomend the apointment of new

Director, when necesary, pursuant to the Board Diversity Policy and the

nomination policy.

In designing the Board’s composition, the Board diversity has ben

considered 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 factors based on the

Company’s busines model, specific neds and meritocracy from time to

time in determining the optimum composition of the Board.

The Board recognises the importance and benefits of gender diversity at

the Board level and shal continue to take initiatives to identify suitable

candidate(s) to enhance the gender diversity among the Board members.

As at the date of this anual report, the Board comprised six Directors,

of whom four were male and two were female. The Board considered

gender diversity on the Board has ben achieved. When selecting

and making recomendations on suitable candidates as Directors in

the future, the Group wil consider the diversity policy and ensure the

diversity of the Board.

The diversity philosophy including the gender diversity was generaly

folowed in the workforce throughout the Group for the year under

review. As at the date of this anual report, aproximately 38% of the

senior management and aproximately 66% of the total workforce were

female. The Group wil continue with the endeavor to achieve a balance

in gender ratio.

During the year under review, the Board comprises six Directors,

including thre executive Directors and thre INEDs, thereby promoting

critical review and control of the management proces. The Board is also

characterised by significant diversity, whether considered in terms of

profesional experience, skils and knowledge.

Having reviewed the Board Diversity Policy, the nomination policy and

the Board’s composition, the Nomination Comite is satisfied that the

requirements set out in the Board Diversity Policy had ben met.

董事会之多元性

本公司注意到提升董事会多元化水平对支援

其达致策略目标、可持续及均衡之发展至为

重要。于二零一三年六月，本公司采纳董事

会多元化政策（「董事会多元化政策」），其中

载列提升董事会多元化之方针，并每年进行

检讨。提名委员会代董事会检讨及评估董事

会之组成，并在有需要时根据董事会多元化

政策及提名政策就委任新董事提出推荐意见。

设计董事会之组成时，已从多方面考虑董事

会之多元化，包括但不限于性别、年龄、文

化及教育背景、种族、专业经验、技术、知

识、独立性及服务年期。提名委员会在厘定

董事会之最佳组成时，亦将不时考虑本公司

之业务模式、特定需求及用人唯才等各项因

素。

董事会意识到在董事会层面性别多元化的重

要性及裨益，并应继续采取措施物色合适候

选人以加强董事会成员的性别多元化。于本

年报日期，董事会包括六名董事、其中四名

为男性及两名为女性。董事会认为董事会之

性别多元化已经实现。未来在挑选及推荐合

适董事候选人时，本集团将考虑多元化政

策，并确保董事会之多元性。

于回顾年度内，多元化理念（包括性别多元

化）在本集团员工整体上获普遍实践。于本年

报日期，女性占高级管理层约38%，并占员

工总人数约66%。本集团将继续努力平衡员

工之性别比例。

于回顾年度内，董事会由六名董事组成，包

括三名执行董事及三名独立非执行董事，有

助促进严格检讨及监控管理程序。不论在专

业经验、技术及知识方面，董事会均极具多

元性。

经审阅董事会多元化政策、提名政策及董事

会的组成后，提名委员会信纳本公司经已符

合董事会多元化政策所载之规定。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报35

Corporate Governance Report (Continued)

企业管治报告（续）

Continuous Profesional Development

Al Directors are encouraged to participate in continuous profesional

development so as to develop and refresh their knowledge and skils

and to ensure that their contribution to the Board remains informed and

relevant. The company secretary of the Company regularly circulates

training materials or reading materials to al Directors in respect of the

updates on, among other things, the Listing Rules, the Securities and

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

or other useful guidelines, the Companies Ordinance (Chapter 622 of

the Laws of Hong Kong) (the “Companies Ordinance”) and financial

or acounting standards which may be of the interest to the Directors

and benefit for them to discharge their duties. Apart from reading

materials relevant to the Company’s busines, the updated rules and

regulations and other director’s duties and responsibilities by al Directors,

the Directors also enhanced their profesional development by way of

atending seminars and/or forums.

Each of the Directors has complied with code provision C.1.4 of the CG

Code and has participated in continuous profesional development to

develop and refresh their knowledge and skils for the year under review.

During the financial year ended 31 March 2025, al Directors received

regular update on corporate governance maters or new or changes to

laws and regulations. Al Directors are requested to provide the Company

with a record of the training they received, and such records have ben

maintained by the company secretary of the Company for acurate and

comprehensive record keping.

Liability Insurance for the Directors

The Company has aranged for apropriate directors and oficers liability

insurance to indemnify its Directors against liabilities arising out of legal

action on corporate activities. Such insurance coverage is reviewed and

renewed with consultant advice on an anual basis.

BOARD COMITES

The Board has established various comites including executive

comite (the “Executive Comite”), the audit comite (the

“Audit Comite”), the remuneration comite (the “Remuneration

Comite”) and the Nomination Comite, each of which has the

specific writen terms of reference that wil be reviewed and updated,

where necesary. Minutes of al metings and resolutions of the

comite metings are kept by the company secretary of the Company

and open for inspection at any reasonable time on reasonable notice by

any Director. Each comite is required to report to the Board on its

decisions and recomendations, where apropriate.

持续专业发展

本公司鼓励所有董事参与持续专业发展，以

发展并更新彼等之知识及技能，确保其继续

在具备全面资讯及切合所需之情况下对董事

会作出贡献。本公司之公司秘书定期向全体

董事传阅符合董事利益及有助于彼等履行职

责之培训材料或阅读材料，内容有关（其中包

括）上市规则、香港法例第571章证券及期货

条例（「证券及期货条例」）或其他有用指引、

香港法例第622章公司条例（「公司条例」）及财

务或会计准则之最新资料。除全体董事阅读

有关本公司业务、最新规则及规例以及其他

董事职责及责任的资料外，董事亦透过出席

研讨会及╱或论坛的方式提升彼等的专业发

展。

各董事于回顾年度已遵守企业管治守则之守

则条文C.1.4条，并参与持续专业发展以发展

及更新彼等之知识及技能。

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

例及规定新变动之定期更新资料。所有董事

均须向本公司提供彼等所接受培训的记录，

该等记录由本公司之公司秘书保存以确保记

录准确全面。

董事之责任保险

本公司安排适当的董事及高级职员责任保

险，以就董事因公司业务有关之法律诉讼产

生之责任作出弥偿。本公司听取顾问意见后

按年检讨及更新上述投保范围。

董事委员会

董事会已成立多个委员会，包括常务委员会

（「常务委员会」）、审核委员会（「审核委员

会」）、薪酬委员会（「薪酬委员会」）及提名委

员会，各委员会均订有明确书面职权范围，

该等职权范围将经审阅及按需要更新。委员

会议所有会议记录及决议案均由本公司之

公司秘书备存，并可供任何董事在提出合理

通知下于任何合理时间查阅。各委员会均须

在适当情况下就其决定及建议向董事会报告。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202536位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

Executive Comite

The Executive Comite has ben established since 2005 with specific

writen terms of reference seting out authorities delegated by the Board.

Its primary function is to undertake general management and supervise

the day-to-day management, performance and operations in acordance

with the busines strategy of the Group. It exercises leadership, develops

and keps under review strategy and busines development initiatives of

the Group and monitors their implementation. Curently, the Executive

Comite comprises thre members, namely, Mr. Tang Ching Ho, Ms.

Tang Wai Man and Ms. Law Man Ye, Anita. Mr. Tang Ching Ho takes the

chair of the Executive Comite.

Audit Comite

The Audit Comite has ben established with specific writen terms

of reference stipulating its authorities and duties in compliance with

Rule 3.21 of the Listing Rules, which are available on the websites of

the Company (w.wyth.net) and the HKEXnews (w.hkexnews.hk).

Curently, the Audit Comite comprises thre INEDs, namely, Mr. Li Ka

Fai, David, Profesor Sit Wing Hang and Profesor Chan Wing Kwong. Mr.

Li Ka Fai, David is elected as the chairman of the Audit Comite.

The functions of the Audit Comite is, among other things, to asist

the Board to review and monitor the financial reporting independently,

including interim and anual results, to supervise over the Group’s

internal control and risk management systems, to monitor the internal

and external audit functions, the apointment, reapointment and

removal of the auditor and to make relevant recomendations to the

Board to ensure efective and eficient operation and reliable reporting.

The functions of the Audit Comite wil be reviewed regularly by

the Board and amended from time to time, as and when apropriate,

in order to be in compliance with the code provisions of the CG Code

(as amended from time to time) so as to ensure that management

has discharged its duty to have an efective internal control and risk

management systems including the adequacy of resources, qualifications

and experience of staf to implement the Group’s acounting, internal

audit and financial reporting function.

The Audit Comite is provided with suficient resources to discharge

its duties and may aces to independent profesional advice acording

to the Company’s policy, if considered necesary. During the year under

review, the Audit Comite held two regular metings and two special

metings with the Group’s senior management and the external auditor.

常务委员会

常务委员会自二零五年起成立，订有明确

书面职权范围，载列由董事会授予之职权。

其主要职能为进行整体管理及根据本集团业

务策略监督日常管理、表现及营运。其负责

领导、制定并不断检讨本集团的策略及业务

发展计划，并监督其实施情况。目前，常务

委员会由三名成员组成，即邓清河先生、邓

蕙敏女士及罗敏仪女士。邓清河先生为常务

委员会主席。

审核委员会

审核委员会已根据上市规则第3.21条成立，

有关订明其权限和职责之明确书面职权范围

可于本公司网站(w.wyth.net)及披露易网站

(w.hkexnews.hk)查阅。审核委员会现时由

三名独立非执行董事组成，即李家晖先生、

薛永恒教授及陈永光教授。李家晖先生获选

为审核委员会主席。

审核委员会之职能乃（其中包括）独立地协助

董事会检讨及监察财务申报（包括中期及年度

业绩）、监察本集团之内部监控及风险管理制

度、监控内部及外部审核职能，核数师的委

任、重新委任及罢免，并向董事会作出有关

建议，以确保有效及具效率的运作及可靠的

申报。审核委员会之职能将由董事会定期检

讨并不时于适当时候作出修订，以遵守企业

管治守则之守则条文（经不时修订），以确保

管理层已履行职责建立有效的内部监控及风

险管理制度，包括本集团员工于会计、内部

审核及财务申报职能方面之资源充足性、资

格及经验。

审核委员会获提供充分资源以履行其职责，

并可根据本公司之政策在有需要情况下寻求

独立专业意见。于回顾年度内，审核委员会

与本集团高级管理层及外聘核数师举行两次

定期会议及两次特别会议。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报37

Corporate Governance Report (Continued)

企业管治报告（续）

During the year under review, the Audit Comite met to discus and

review, among other things, the folowing maters:

(a) the anual results for the year ended 31 March 2024 and the

interim results for the six-month ended 30 September 2024 to

ensure the ful, complete and acurate disclosure in the aforesaid

financial statements pursuant to the acounting standards and other

legal requirement for presenting the same to the Board for aproval;

(b) the terms and remuneration for the apointments of Ernst & Young

as external auditor to audit and report on the consolidated financial

statements of the Group for the financial year ended 31 March

2024 and to perform the agred upon procedures on the interim

results for the six months ended 30 September 2024;

auditor to perform non-audit services, other special corporate

projects and review the overal significant control system;

(d) the independence of the external auditor especialy for those non-

audit services;

(e) the continuing conected transactions of the Group, if any;

(f) the overal efectivenes of internal control and risk management

systems; and

(g) the adequacy of resources, qualifications and experience of staf

and the acounting, internal audit and financial reporting maters

and their training programes and budget.

The Audit Comite is satisfied with, inter alia, the audit fes,

efectivenes of the audit proces, independence and objectivity of

the external auditor and has recomended to the Board for the re-

apointment of Ernst & Young as the Company’s external auditor for the

ensuing year at the forthcoming anual general meting of the Company.

于回顾年度内，审核委员会举行会议以讨论

及审阅（其中包括）以下事宜：

(a) 截至二零二四年三月三十一日止年度之

全年业绩及截至二零二四年九月三十日

止六个月之中期业绩，以确保上述根据

会计准则及其他法律规定编制并提交予

董事会以供批准之财务报表作出全面、

完整及准确披露；

(b) 委任安永会计师事务所为外聘核数师以

审核及呈报本集团截至二零二四年三月

三十一日止财政年度之综合财务报表及

对截至二零二四年九月三十日止六个月

之中期业绩进行协定程序的条款及薪酬；

及审阅整体重大监控系统而委任之外聘

核数师之条款及薪酬；

(d) 外聘核数师（尤其就有关非审核服务而

言）的独立性；

(e) 本集团之持续关连交易（如有）；

(f) 内部监控及风险管理制度的整体成效；

及

(g) 员工的资源充足性、资格及经验及会

计、内部审核及财务申报事宜以及彼等

之培训计划及预算。

审核委员会信纳（其中包括）外聘核数师之审

核费用、审核程序之有效性、独立性及客观

性，并于本公司应届股东周年大会向董事会

建议续聘安永会计师事务所为本公司来年之

外聘核数师。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202538位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

Remuneration Comite

The Board has established the Remuneration Comite since

September 2005 with specific writen terms of reference, as revised from

time to time, stipulating its authorities and duties.

The Remuneration Comite consists of five members, including

Profesor Sit Wing Hang, Profesor Chan Wing Kwong, Mr. Li Ka Fai,

David, Mr. Tang Ching Ho and Ms. Tang Wai Man, a majority of whom

are INEDs during the year under review and up to the date of this

anual report. Profesor Sit Wing Hang is elected as the chairman of the

Remuneration Comite.

The Remuneration Comite has ben provided with suficient

resources to discharge its duties and may aces to independent

profesional advice in acordance with the Company’s policy and its

writen terms of reference, if considered necesary.

The roles and functions of the Remuneration Comite are as folows:

(a) to make recomendations to the Board on the Company’s

policy and structure for al Directors’ and senior management’s

remuneration and on the establishment of a formal and transparent

procedure for developing a remuneration policy;

(b) to review and aprove the senior management’s remuneration

proposals with reference to the Board’s corporate goals and

objectives;

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;

(d) to make recomendations to the Board on the remuneration of

non-executive Directors;

(e) to consider salaries paid by comparable companies, time

comitment and responsibilities and employment conditions

elsewhere in the Group;

薪酬委员会

董事会自二零五年九月起成立薪酬委员

会，明确书面职权范围（经不时修订）订明其

权限及职责。

于回顾年度及直至本年报日期，薪酬委员会

由五名成员组成，包括薛永恒教授、陈永光

教授、李家晖先生、邓清河先生及邓蕙敏女

士，其中大部分成员为独立非执行董事。薛

永恒教授获选为薪酬委员会主席。

薪酬委员会获提供充分资源以履行其职责，

并可根据本公司之政策及书面职权范围在有

需要情况下寻求独立专业意见。

薪酬委员会的角色和职能如下：

(a) 就本公司全体董事及高级管理层的薪酬

政策及架构，以及就设立正规而具透明

度的程序制订薪酬政策，向董事会提出

建议；

(b) 参照董事会所订企业目标及目的，而检

讨及批准高级管理层的薪酬方案；

层的薪酬待遇，包括但不限于实物利

益、退休金权利及丧失或终止职务或委

任的赔偿金额；

(d) 就非执行董事的薪酬向董事会提出建议；

(e) 考虑同类公司支付的薪酬、须付出的时

间及职责以及本集团其他职位的雇用条

件；

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报39

Corporate Governance Report (Continued)

企业管治报告（续）

(f) 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;

(g) 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;

(h) to ensure that no director or any of his asociate is involved in

deciding his own remuneration;

(i) to review and/or aprove maters relating to share schemes under

Chapter 17 of the Listing Rules;

(j) to advise shareholders on how to vote with respect to any service

contracts of directors that require shareholders’ aproval under Rule

13.68 of the Listing Rules;

(k) conform to any requirements, direction, and regulation that may

from time to time prescribed by the Board, the Bye-laws or any

other aplicable laws and regulations; and

(l) the chairman or another member of the Comite shal atend the

Company’s anual general metings and be prepared to respond to

questions raised by shareholders on the Comite’s activities and

responsibilities.

During the year under review, the Remuneration Comite held one

meting, in which it reviewed the existing remuneration policies by

reference with the market research and curent market circumstance,

comunicated with the chairman and managing Director, recomended

amendments to the existing remuneration policies and performance-

based bonus, if apropriate, and aproved the remuneration package

and performance-based bonus paid to the other Directors and senior

management of the Company (i.e. the model described in the CG code

is adopted). No Director tok part in any discusion about his/her own

remuneration.

(f) 检讨及批准因执行董事及高级管理层丧

失或终止职务或委任而须支付的赔偿，

以确保该等赔偿与合约条款一致；若未

能与合约条款一致，有关赔偿亦须公

平，而不致过多；

(g) 检讨及批准因董事行为失当而解雇或罢

免有关董事所涉及的赔偿安排，以确保

该等安排与合约条款一致；若未能与合

约条款一致，有关赔偿安排亦须合理适

当；

(h) 确保没有董事或其任何联系人参与决定

其本身的酬金；

(i) 审阅及╱或批准根据上市规则第17章所

述有关股份计划的事宜；

(j) 向股东建议如何就任何须根据上市规则

第13.68条取得股东批准的董事服务合约

进行表决；

(k) 遵守董事会、公司细则或任何其他适用

法律法规不时规定的任何要求、指示及

法规；及

(l) 委员会主席或其他成员须出席本公司的

股东周年大会，并准备回应股东就委员

会的活动及职责提出的问题。

于回顾年度内，薪酬委员会召开一次会议，

会上参照市场研究及当前市场状况下审阅现

有的薪酬政策，与主席及董事总经理交流，

就现有薪酬政策及按表现厘定之花红（如适

用）提出修改建议，以及批准向本公司其他

董事及高级管理层支付之薪酬待遇及按表现

厘定之花红（即采用企业管治守则所述的模

式）。各董事概不得参与有关其本身薪酬之任

何讨论。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202540位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

The Remuneration Comite has discharged or wil continue to

discharge its major roles to, among other things, aprove the terms of

service agrements of the Directors and the senior management, make

recomendations with respect to the remuneration and policies of the

Directors and senior management of the Company and to review the

remuneration package and recomend salaries, bonuses, including the

incentive awards for Directors and senior management.

Details of the Directors’ remuneration are set out in note 9 to the

financial statements. The anual remuneration of other members of the

senior management by bands for the financial year ended 31 March

2025 is set out below:

Remuneration to the senior management by bands高级管理层之酬金等级

Number of

individuals

人数

Nil to HK$1,000,000零至1,000,000港元1

HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元4

HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元2

Nomination Comite

The Nomination Comite has ben established since September 2005

with specific writen terms of reference, as revised from time to time,

stipulating its authorities and duties, which are available on the websites of

the Company (w.wyth.net) and the HKEXnews (w.hkexnews.hk).

It curently consists of five members, including Profesor Chan Wing

Kwong, Profesor Sit Wing Hang, Mr. Li Ka Fai, David, Mr. Tang Ching Ho

and Ms. Tang Wai Man, a majority of whom are INEDs during the year

under review and up to the date of this anual report pursuant to the

Listing Rules. Profesor Chan Wing Kwong is elected as the chairman of

the Nomination Comite.

薪酬委员会已履行或将继续履行其主要职

务，（其中包括）批准董事及高级管理层之服

务协议之条款、就董事及本公司高级管理层

之薪酬及政策提出推荐建议、就董事及高级

管理层之薪酬待遇进行检讨及就薪金、花红

（包括奖励）提出建议。

董事薪酬详情载列于财务报表附注9。截至二

零二五年三月三十一日止财政年度，高级管

理层其他成员之年度酬金等级载列如下：

提名委员会

提名委员会自二零五年九月起成立，有关

订明其权限及职责之明确书面职权范围（经

不时修订）可于本公司网站(w.wyth.net)及

披露易网站(w.hkexnews.hk)查阅。于回

顾年度及直至本年报日期，提名委员会现时

由五名成员组成，包括陈永光教授、薛永恒

教授、李家晖先生、邓清河先生及邓蕙敏女

士，其中根据上市规则，大部分成员为独立

非执行董事。陈永光教授获选为提名委员会

主席。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报41

Corporate Governance Report (Continued)

企业管治报告（续）

The Nomination Comite is responsible for the identification and

evaluation of candidates for apointment or re-apointment as a Director

and senior management. The Board has formalised and adopted

its existing practices into a nomination policy in October 2018. The

nomination policy stipulated the key selection criteria and procedures for

identifying and nominating suitably qualified candidates for apointment

to the Board. The selection criteria and procedures specified in the

nomination policy include:

1. Selection Criteria

– in asesing the suitability of a proposed candidate, the

Nomination Comite wil consider the factors (as

reference), including 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 not meant to be exhaustive

and decisive. The Nomination Comite has the discretion to

nominate any person, as it considers apropriate;

– retiring Directors are eligible for nomination by the Board to

stand for re-election at a general meting. For those who

have served as INEDs for a period of nine consecutive years

standing for re-election, 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 the circular to the Shareholders for the re-

election;

– candidate(s) wil be asked to submit the necesary personal

information in a prescribed form, 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); and

– the Nomination Comite may request candidate(s) to

provide aditional information and documents, if considered

necesary.

提名委员会负责识别及评估委任或重新委任

为董事及高级管理层的候选人。董事会已于

二零一八年十月将其现有常规采纳为正式提

名政策。提名政策规定识别及向董事会适当

提名合资格候选人以供委任的主要甄选标准

及程序。提名政策订明的甄选标准及程序包

括：

1. 甄选标准

－在评估建议候选人是否合适时，提

名委员会将考虑的因素（作为参考）

包括声誉、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（年满18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，并非详尽无遗及具有决定性。

提名委员会可酌情提名其认为适当

的任何人士；

－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

非执行董事连续九年且将膺选连任

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

股东大会选举，并于致股东之通函

中就重选陈述理由；

－候选人须按指定方式提交必要的个

人资料，连同意获委任为董事以

及就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；及

－倘认为必要，提名委员会可要求候

选人提供额外资料及文件。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202542位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

2. Nomination Procedures

– the secretary of the Nomination Comite shal cal a

meting of the Nomination Comite, and invite nominations

of candidate(s) from Board members, if any, for consideration

by the Nomination Comite prior to its meting. The

Nomination Comite may also put forward candidate(s)

who are not nominated by Board members;

– 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;

– until the isue of the circular to be sent to the Shareholders,

the nominated persons shal not asume that they have ben

proposed by the Board to stand for election at the general

meting;

– in order to provide information of the candidate(s) nominated

by the Board to stand for election at a general meting, and

to invite nominations from the Shareholders, a circular wil be

sent to the Shareholders. The circular wil set out the lodgment

period for the Shareholders to make the nominations. The

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 proposed candidate(s) wil be

included in the circular to the Shareholders;

– the Shareholder can serve a notice to the company secretary

within the lodgment period of its intention to propose a

resolution to elect a certain person as Director, without the

Board’s recomendation or the Nomination Comite’s

nomination, other than those candidate(s) set out in the

circular to be sent to the Shareholders. The particulars of the

candidate(s) so proposed wil be sent to al Shareholders for

information by a suplementary circular;

2. 提名程序

－提名委员会秘书应召开提名委员会

会议，并邀请董事会成员于会议前

提名候选人（如有），以供提名委员

会考虑。提名委员会亦可提名未获

董事会成员提名的候选人；

－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；

－直至刊发将寄发予股东的通函为

止，获提名人士不得假设已获董事

会建议于股东大会上参选；

－股东将获发一份通函，以提供获董

事会提名于股东大会上参选的候选

人的资料，同时邀请股东提名候选

人。该通函将载列股东提名候选人

的递交期限。向股东寄发的通函将

载列适用法律、规则及规例所规定

的获提名候选人姓名、简历（包括

资格及相关经验）、独立性、建议

薪酬及任何其他资料；

－如股东有意提交决议案以选举某人

士为董事，则毋须董事会建议或提

名委员会提名（惟于寄发予股东的

通函所载的候选人除外），即可在

递交决议案期间向公司秘书送达通

知。候选人的详情将以补充通函的

方式送交所有股东参阅；

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报43

Corporate Governance Report (Continued)

企业管治报告（续）

– a candidate is alowed to withdraw his/her candidature at any

time before the general meting by serving a notice in writing

to the company secretary;

– 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; and

– as there may be more candidate(s) than the vacancies

available, and the “gros-vote” method wil be used to

determine who shal be elected as Director, the resolutions

proposed for the candidate(s) by the Shareholders shal

therefore take the same form as the resolutions proposed for

the candidate(s) recomended by the Board.

In respect of the Board Diversity Policy, the Board is cognisant of

the benefits of diversity and the Nomination Comite monitors

implementation of this policy as part of the proces of selecting and

nominating candidates for apointment to the Board. Candidates

are considered against a broad and diverse range of aspects

specified in the nomination policy, which among other aspects also

include gender, ethnicity and cultural background.

The roles and functions of the Nomination Comite are as

folows:

(a) to review and evaluate the structure, size, composition and

diversity (including without limitation gender, age, cultural and

educational background, ethnicity, profesional 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;

(b) to identify 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 Comite shal consider

individuals on merit against the objective criteria, with due

regard for the benefits of diversity on the Board;

－候选人可于股东大会之前的任何时

候通过书面通知公司秘书撤回其候

选人资格；

－董事会须就有关推荐候选人于任何

股东大会上选举之所有事宜作出最

终决定；及

－由于候选人的数目可能较空缺数目

为多，故将采用「总票数」方式厘定

获选为董事的候选人，因此股东提

出建议候选人的决议案与董事会推

荐候选人的决议案须采用相同的格

式。

就董事会成员多元化政策而言，董事会

了解多元化带来之裨益，因此提名委员

会通过监督此政策实施，物色和提名候

选人予董事会批准委任。在考虑候选人

时，将考虑提名政策所提及之广泛及多

元化元素，包括但不限于性别、种族及

文化背景。

提名委员会的角色和职能如下：

(a) 至少每年检讨及评估董事会的架

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、专业经验、技能、知

识、独立性及服务年期）并就任何

建议变动向董事会提出建议以配合

本公司的公司策略；

(b) 物色具备合适资格人士加入董事

会，并挑选提名有关人士出任董事

或就此向董事会提供建议；于物色

合适人士时，委员会应根据客观标

准考虑个人的优点，并充分考虑董

事会多元化利益；

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202544位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

anual confirmations on their independence and make

disclosure of its review results in the corporate governance

report of the Company;

(d) to regularly review the time required for a director to perform

his/her responsibilities;

(e) to review the balance betwen executive and non-executive

directors and the blend of skils, knowledge, experience and

diversity on the Board;

(f) to kep under review the leadership and sucesion neds of

the organisation with a view to ensuring the long term suces

of the Group;

(g) to review the board diversity policy, 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;

(h) to ensure that al Directors ofer themselves for re-election

every thre years by shareholders;

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

re-apointment or re-designation of Directors and sucesion

planing for Directors, in particular the chairman 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;

(j) to ensure that on apointment to the Board, every director

should receive a formal leter of apointment or enter into a

service contract with the Company, as apropriate;

阅独立非执行董事对其独立性的年

度确认，并在本公司的企业管治报

告中披露其审阅结果；

(d) 定期检讨董事就履行职责所需的时

间；

(e) 检讨执行董事与非执行董事之间的

平衡以及董事会中技能、知识、经

验及多元化的融合；

(f) 不断检讨组织的领导及继任需求，

以确保本集团的长期成功；

(g) 酌情检讨董事会多元化政策，并检

讨董事会为实施董事会多元化政策

而订定的可衡量目标，以及在达致

该等目标方面的进展；并每年在企

业管治报告中披露其检讨结果；

(h) 确保所有董事每三年须由股东重选

连任；

(i) 就董事（特别是主席及行政总裁）的

委任、重新委任或调任及继任计划

向董事会提出建议，并考虑本公司

的企业策略及未来所需的技能、知

识、经验及多元化组合；

(j) 确保每名董事在被任命为董事会成

员时，应酌情收到正式的委任函或

与本公司签订服务合同；

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报45

Corporate Governance Report (Continued)

企业管治报告（续）

(k) where the Board proposes a resolution to elect an individual as

an INED at the general meting, it should set out in the circular

to Shareholders and/or explanatory statement acompanying

the notice of the relevant general meting:

– the proces used for identifying the individual why

the Board believes the individual should be elected

and the reasons why it considers the individual to be

independent;

– if the proposed independent non-executive Director

wil be holding their seventh (or more) listed company

directorship, why the Board believes the individual would

stil be able to devote suficient time to the Board;

– the perspectives, skils and experience that the individual

can bring to the Board; and

– how the individual contributes to diversity of the Board.

(l) 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 Comite’s activities and responsibilities.

The Nomination Comite has ben provided with suficient

resources to discharge its duties and may aces to independent

profesional advice acording to the Board Diversity Policy and its

writen terms of reference, if considered necesary.

During the year under review, the Nomination Comite held two

metings to review the Board Diversity Policy, evaluate the Board

performance and sucesion planing and discus the criteria and

procedures for retirement by rotation. The Nomination Comite

would recomend to the Board for re-apointment of Ms. Tang Wai

Man and Profesor Sit Wing Hang at the forthcoming anual general

meting.

(k) 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，

其应于随附股东大会通告致股东的

通函及╱或说明函件中列明：

－用以物色该名人士的流程、董

事会认为应选任该名人士的理

由以及彼等认为该名人士属独

立人士的理由；

－倘候任独立非执行董事将出任

第七间（或以上）上市公司的董

事，则须列明董事会认为该名

人士仍可投入足够时间履行董

事责任的理由；

－该名人士可为董事会带来的观

点与角度、技能及经验；及

－该名人士如何促进董事会成员

多元化。

(l) 提名委员会主席或另一成员须出席

本公司股东周年大会，并作好准备

回应股东就有关委员会之活动及职

责而提出的问题。

提名委员会获提供充分资源以履行其职

责，并可根据董事会多元化政策及其书

面职权范围在有需要情况下寻求独立专

业意见。

于回顾年度内，提名委员会举行两次会

议，审查董事会的多元化政策，评估董

事会的表现及继任计划，并讨论轮值告

退的标准及程序。提名委员会将于应届

股东周年大会上向董事会建议重选邓蕙

敏女士及薛永恒教授。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202546位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

ATENDANCE OF DIRECTORS AT VARIOUS METINGS

Details of the atendance of individual Directors at Board metings,

comite metings and shareholder metings held during the financial

year ended 31 March 2025 are as folows:

Atendance

出席情况

Board MetingsBoard Comite Metings2024 AGM

董事会议董事委员会议

二零二四年

股东周年

大会

RMSMACRCNC

定期会议特别会议审核委员会薪酬委员会提名委员会

Total number of metings会议总数494121

Members of the Board董事会成员

Executive Directors执行董事

Tang Ching Ho邓清河4/49/9N/A不适用1/12/21/1

Tang Wai Man邓蕙敏4/49/9N/A不适用1/12/21/1

Law Man Ye, Anita罗敏仪3/49/9N/A不适用N/A不适用N/A不适用1/1

Independent Non-executive Directors独立非执行董事

Li Ka Fai, David (Note 1)李家晖（附注1）4/49/94/4N/A不适用N/A不适用1/1

Sit Wing Hang (Note 2)薛永恒（附注2）4/49/94/41/12/21/1

Chan Wing Kwong陈永光2/49/92/40/11/21/1

Members departing during 2024于二零二四年离职的成员

Independent Non-executive Director独立非执行董事

Siu Man Ho, Simon (Note 3)萧文豪（附注3）2/25/51/21/12/21/1

Legend:

注解：

Board MetingsBoard Comites Metings2024 AGM — Anual General Meting of the Company

held on 20 August 2024董事会议董事委员会议

RM — Regular MetingsAC — Audit Comite Metings二零二四年股东周年大会 — 本公司于二零二四年八月

二十日举行的股东周年大会定期会议审核委员会议

SM — Special MetingsNC — Nomination Comite Metings

特别会议提名委员会议

RC — Remuneration Comite Meting

薪酬委员会议

Notes:

1. Mr. Li Ka Fai, David was apointed as a member of each of the Nomination Comite

and the Remuneration Comite on 1 November 2024.

2. Profesor Sit Wing Hang was apointed as the chairman of the Remuneration

Comite on 1 November 2024.

3. Mr. Siu Man Ho, Simon ceased to be the INED, the chairman of the Remuneration

Comite and a member of each of the Audit Comite and the Nomination

Comite on 1 November 2024.

董事于各会议之出席率

截至二零二五年三月三十一日止财政年度，

个别董事于董事会议、委员会议及股东

大会之出席详情如下：

附注：

1. 李家晖先生于二零二四年十一月一日获委任为提名

委员会及薪酬委员会各自的成员。

2. 薛永恒教授于二零二四年十一月一日获委任为薪酬

委员会主席。

3. 萧文豪先生于二零二四年十一月一日不再担任独立

非执行董事、薪酬委员会主席以及审核委员会及提

名委员会各自之成员。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报47

Corporate Governance Report (Continued)

企业管治报告（续）

RISK MANAGEMENT AND INTERNAL CONTROL

The Board is overal responsible for evaluating and determining the

nature and extent of the risks it is wiling to take in achieving the

Group’s strategic objectives, and ensuring that the Group established

and maintained apropriate and efective risk management and internal

control systems covering financial, operational, compliance and risk

management aspects.

The Audit Comite reviews the risk management and internal

controls that are significant to the Group on an on-going basis. The Audit

Comite would consider the adequacy of resources, qualifications

and experience and training of staf and external advisor of the Group’s

acounting, internal audit and financial reporting function.

Management of the Group is responsible for designing, maintaining,

implementing and monitoring of the risk management and internal

control systems to ensure adequate control in place to safeguard the

Group’s asets and stakeholder’s interest. Management may report from

time to time any finding, recomendation and remedies to the Audit

Comite.

The Group has established risk management procedures to adres

and handle al the significant risks asociated with the busineses of the

Group. The Board would perform an anual or periodical review on any

significant change of the busines environment and establish procedures

to respond to the risks resulted from the significant change of busines

environment.

Management would identify the risks asociated with the busineses of

the Group by considering both internal and external factors and events

which include political, economic, technology, environmental, social,

governance and staf. Each of risks has ben asesed and prioritised

based on their relevant impact and ocurence oportunity. The relevant

risk management strategy would be aplied to each type of risks

acording to the asesment results. Each type of risk management

strategy has ben listed as folows:

– Risk retention and reduction: acept the impact of risk or undertake

actions by the Group to reduce the impact of the risk;

– Risk avoidance: change busines proces or objective so as to avoid

the risk;

– Risk sharing and diversification: diversify the efect of the risk or

alocate to diferent location or product or market; and

– Risk transfer: transfer ownership and liability to a third party.

风险管理及内部监控

董事会全面负责评估及厘定达致本集团策略

目标时愿意承担的风险性质及程度，确保本

集团建立及维持合适而有效的风险管理及内

部监控系统，涵盖财务、营运、合规及风险

管理等方面。

审核委员会持续审阅对本集团而言属重大的

风险管理及内部监控措施。审核委员会将考

虑本集团会计、内部审计及财务汇报职能的

员工及外部顾问的资源充足性、资格、经验

及培训。

本集团管理层负责设计、维持、落实及监察

风险管理及内部监控系统，确保有充足监控

措施以保障本集团资产及持份者的利益。管

理层可向审核委员会不时呈报任何结论、推

荐意见及补救措施。

本集团已制定风险管理程序以应对及处理所

有与本集团业务相关的重大风险。董事会将

就经营环境的任何重大变动进行年度或定期

审阅并制定程序以应对经营环境重大变动产

生的风险。

管理层透过考虑政治、经济、科技、环境、

社会、管治及员工等内在及外在因素和事件

来识别与本集团业务相关的风险。各项风险

已按相关影响及发生可能性作出评估及订立

优先次序。相关风险管理策略会根据评估结

果应用至各类风险。各类风险管理策略载列

如下：

－风险保留及降低：接受风险影响或由本

集团采取行动降低风险之影响；

－风险避免：改变业务程序或目标，以避

免风险；

－风险分担及分散：分散风险之影响或将

其分配至不同地区或产品或市场；及

－风险转移：将拥有权及债项转移至第三

方。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202548位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

The internal control systems are designed and implemented to reduce

the risks asociated with the busineses acepted by the Group and

minimise the adverse impact results from the risks. The risk management

and internal control systems are designed to manage rather than

eliminate the risk of failure to achieve busines objectives, and can

only provide reasonable and not absolute asurance against material

mistatement or los.

Review of Risk Management and Internal Control

During the year under review, the Group has engaged an external

advisory firm to undertake the internal audit function to ensure the

efectivenes and eficiency of the risk management and internal control

systems of the Group. Al findings and recomendations on internal

control deficiencies were comunicated with the Audit Comite and

the Board.

Management confirmed that no significant deficiency and weaknes on

the internal control system was identified by the external advisory firm

for the financial year ended 31 March 2025. The Board conducted an

anual review on the risk management and internal control systems and

procedures of the Group, covering al material controls including financial,

operational and compliance and it was considered that the internal

controls and risk management functions were reasonably efective and

adequate for the financial year ended 31 March 2025.

Information Disclosure

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.

Inside Information Policy

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.

内部监控系统之设置及实施乃为降低为本集

团所接受与业务有关之风险，及尽量减少该

等风险导致之不利影响。风险管理及内部监

控系统之设置乃为管理而非完全消除未能达

成业务目标之风险，及仅可对消除重大错误

陈述或损失提供合理而非绝对保证。

审阅风险管理及内部监控

于回顾年度内，本集团已委聘外部顾问公司

承担内部审计职能，以确保本集团风险管理

及内部监控系统之效能及效率。有关内部监

控缺陷的所有结论及推荐意见已与审核委员

会及董事会沟通。

管理层确认，于截至二零二五年三月三十一

日止财政年度，外部顾问公司概无识别内部

监控系统存在任何重大缺陷及缺失。截至二

零二五年三月三十一日止财政年度，董事会

已就本集团之风险管理及内部监控系统及程

序（涵盖财务、营运及合规等所有重大监控措

施）进行年度审阅并认为，内部监控及风险管

理职能合理有效且充足。

信息披露

本集团按照香港证券及期货事务监察委员会

及联交所的规则及规例披露信息，依法向公

众发布定期报告及中期公布，并及时向市场

披露本集团的财务业绩、重大信息变动、重

大项目信息等重要信息，牢记信息披露的及

时性、公平性、准确性、真实性和完整性，

从而保护投资者及持份者的合法权益。

内幕消息政策

本集团一直注重持份者与本集团之间的沟通

透明性，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。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报49

Corporate Governance Report (Continued)

企业管治报告（续）

EXTERNAL AUDITORS’ REMUNERATION

The remuneration paid/payable to the Company’s external auditor, Ernst

& Young, for the financial year ended 31 March 2025 which has ben

reviewed and aproved by the Audit Comite, are set out as folows:

Fes paid/payable

to Ernst & Young

已付╱应付

安永会计师事务所之费用

Services rendered for the Group向本集团所提供服务

HK$’000

千港元

Audit services:审核服务：

– anual financial statements－年度财务报表3,800

Non-audit services:非审核服务：

– agred-upon procedures－议定程序638

– taxation and profesional services－税务及专业服务809

Total总计5,247

ACOUNTABILITY AND AUDIT

The Directors acknowledge their responsibility for preparation and

publication of the timely financial statements and ensure that they are

prepared in acordance with the statutory requirements and aplicable

acounting standards. In preparing the acounts 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 Directors confirm that, to the best of their knowledge, information

and belief, having made al reasonable enquiries, the acounts are

prepared on a going concern basis and they are not aware of any material

uncertainties relating to the events or conditions that may cast significant

doubt on the Company’s ability to continue as a going concern. The

Directors continue to explore any oportunities with potential investors to

enhance its financial position and busines development of the Group by

way of refinancing, extension of borowings and/or fund raising.

A statement by the auditor about their reporting responsibilities on the

financial statements is set out on pages 72 to 77 of this anual report.

外聘核数师之薪酬

截至二零二五年三月三十一日止财政年度已

付╱应付本公司外聘核数师安永会计师事务

所之薪酬已获审核委员会审阅及批准，载列

如下：

问责及审核

董事知悉其须适时编制及刊发财务报表之责

任，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

财政年度之账目时，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，

并已呈列易于理解之本集团状况及前景评估。

董事确认经作出一切合理查询后，据彼等所

深知、尽悉及确信，有关账目乃按持续经营

基准编制，且彼等并不知悉有关事件或状况

之任何重大不确定性或会对本公司持续经营

能力产生重大疑问。董事将与潜在投资者继

续探讨其他机会，透过再融资、延长借贷

及╱或集资方式以增强本集团之财务状况和

推动本集团业务发展。

核数师就其申报责任而作出之声明载于本年

报第72至77页。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202550位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

COMPLIANCE WITH LAWS AND REGULATIONS

The Group continues to comit to comply with the relevant laws and

regulations, such as the Companies Act, the Companies Ordinance, the

SFO, the Listing Rules and other rules and regulations implemented

in relevant jurisdictions. As far as the Board is concerned and save as

disclosed herein, the Group has complied in material aspects with

the relevant laws and regulations that have a significant impact on the

busines and operation of the Group during the financial year ended

31 March 2025.

ENVIRONMENTAL POLICIES AND PERFORMANCE

The Group is comited to enhancing and strengthening eforts on

environmental friendlines, so as to facilitate industrial upgrading. The

Group proactively implements environmental protection policies, gradualy

adjust its portfolio, conduct energy-saving, using recycled paper, emision

reduction and polution prevention strategies. The Group continues to

upgrade its industrial facilities to become more environmental friendly,

including the use of solar energy and implementation of energy saving

policy.

INVESTOR RELATIONS AND COMUNICATIONS WITH

SHAREHOLDERS

The Company aims at promoting and maintaining efective

comunications with shareholders and investors (both individuals and

institutions) to ensure that the Group’s information is diseminated

to stakeholders in a timely maner and enable them to have a

clear asesment of the enterprise performance. A shareholders

comunication policy has ben adopted by the Company and the same

is available on the website of the Company (w.wyth.net). Other major

means of comunications includes:

Disclosures in Corporate Website

Extensive information on the Group’s activities and financial position

wil be disclosed in the anual reports, interim reports, anouncements,

circulars and other corporate comunications which wil be sent to

shareholders and/or published on the websites of the HKEXnews

(w.hkexnews.hk) and the Company (w.wyth.net). Other inside

information wil be released by way of formal public anouncements as

required by the Listing Rules and the Inside Information Provisions under

Part XIVA of the SFO.

遵守法律及规例

本集团继续致力遵守相关法律及规例，如公

司法、公司条例、证券及期货条例、上市规

则及相关司法权区实施之其他规则及规例。

就董事会而言，除本报告所披露者外，于截

至二零二五年三月三十一日止财政年度，本

集团已于重大方面遵守对本集团之业务及营

运造成重大影响之相关法律及规例。

环保政策及表现

本集团加大环保力度，促进行业转型升级。

本集团积极落实环保政策，同时逐步调整产

品组合，实施节能、使用再造纸、减排及实

施污染防治策略。本集团继续升级其工业设

施以达致更环保，包括使用太阳能及实施节

能政策。

投资者关系及与股东之沟通

本公司旨在促进并维持与股东及投资者（包

括个人及机构）的有效沟通，以确保本集团

之资料及时传达至持份者，以便其对公司

表现作出清晰评估。本公司已采纳一项股

东沟通政策，该项政策亦载于本公司网站

(w.wyth.net)。其他主要沟通渠道包括：

于公司网站披露

有关本集团业务及财务状况之详尽资料将于

年报、中期报告、公布、通函及其他公司通

讯资料内披露，而上述资料将寄发予股东

及╱或于披露易网站(w.hkexnews.hk)及本

公司网站(w.wyth.net)刊载。其他内幕消息

将根据上市规则及证券及期货条例第XIVA部之

内幕消息条文规定通过正式公布发布。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报51

Corporate Governance Report (Continued)

企业管治报告（续）

General Meting with Shareholders

The Company also acknowledges that anual general metings

and various general metings are valuable forums for the Board to

comunicate directly with the Shareholders. Members of the Board

and the members of various comites are encouraged to atend and

answer questions at such general metings.

In order to let the Shareholders to make an informed decision at the

general metings, suficient notices with not les than 14 clear days

for every general meting and 21 clear days for every anual general

meting were given to the Shareholders pursuant to bye-law 59 of the

Bye-laws and any other aplicable laws. The chairman wil explain the

detailed procedures for conducting a pol during the procedings of

metings and answered al questions raised by the Shareholders on

voting by pol. Al resolutions put to vote at general metings are taken by

pol and the pol results are published on the websites of the Company

(w.wyth.net) and the HKEXnews (w.hkexnews.hk) imediately

folowing the holding of the general metings.

Investor Relations

The Group also has a proactive investor relations programe that keps

investors and the Shareholders abreast of the Group’s latest development

and discloses relevant information to the public in a timely maner.

During the year under review, the Group held various metings with

investors and participated in investor and pres conferences.

The Company reviewed the implementation and efectivenes of the

shareholders’ comunication policy and considered it to be efective

during the year under review.

与股东举行股东大会

本公司亦理解股东周年大会及不同股东大会

为董事会直接与股东沟通之重要平台，并鼓

励董事会成员及各委员会成员出席该等股东

大会，并于会上回应提问。

为令股东于股东大会上作出知情决定，根

据公司细则第59条及任何其他适用法例，

本公司每次举行股东大会及股东周年大会

均会向股东发出分别不少于14个完整日及

21个完整日之充分通告。主席在会议进行

时将解释进行投票之程序详情，并解答股

东在投票表决时提出的所有疑问。于股东

大会上提呈之决议案均以投票方式表决，

而投票结果会于紧随股东大会举行后于

本公司网站(w.wyth.net)及披露易网站

(w.hkexnews.hk)公布。

投资者关系

本集团亦已制定主动的投资者关系计划，让

投资者与股东得悉本集团之最新发展，并及

时向公众披露有关资料。于回顾年度内，本

集团与投资者举行多次会议，以及参与投资

者会议及记者会。

本公司已审阅股东沟通政策之执行情况及有

效性，并认为其于回顾年度内有效。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202552位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

SHAREHOLDER’S RIGHTS

Convening a Special General Meting

Pursuant to Section 74 of the Companies Act and bye-law 58 of the

Bye-laws, the Board whenever it thinks fit cal special general metings

and shareholder(s) holding at the date of the 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 have the

right, by writen requisition to the Board or the company secretary of the

Company to require a special general meting (the “SGM”) to be caled

by the Board. The writen requisition (i) must state the purposes of the

SGM; and (i) must be signed by the requisitionists and deposited at the

principal place of busines of the Company in Hong Kong at Suite 3101,

31/F., Skyline Tower, 39 Wang Kwong Road, Kowlon Bay, Kowlon,

Hong Kong for atention of the Board or the company secretary of the

Company, and may consist of several documents in like form, each

signed by one or more requisitionists. Such meting shal be held within

two (2) months after the deposit of such requisition.

Such requisitions wil be verified by the Company’s share registrars and

upon their confirmation that the requisition is proper and in order, the

company secretary of the Company wil inform the Board to convene a

SGM by serving suficient notice to al Shareholders. On the contrary, if

the requisition has ben verified as not in order, the requisitionists wil be

advised of this outcome and acordingly, the SGM wil not be convened as

requested.

If the Board does not within 21 days from the date of the deposit of the

requisition proced duly to convene a SGM, the requisitionists or any of

them representing more than one half of the total voting rights of al of

them may convene a SGM in acordance with the provisions of Section

74(3) of the Companies Act, but any SGM so convened shal not be

held after expiration of thre months from the said date of deposit of the

requisition. A SGM convened by the requisitionists shal be convened

in the same maner, as nearly as posible, as that in any SGM to be

convened by the Board.

股东权利

召开股东特别大会

根据公司法第74条及公司细则第58条，董事

会可于其认为适当的任何时候召开股东特别

大会。任何于呈递要求日期持有不少于本公

司缴足股本（附有于本公司股东大会表决权

利）十分之一的股东，有权透过向董事会或本

公司之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」）。书面

要求(i)须列明股东特别大会之目的；及(i)须

由递呈人签署并寄发至本公司香港主要营业

地点香港九龙九龙湾宏光道39号宏天广场31

楼3101室，收件人为董事会或本公司之公司

秘书，可包括各由一名或多名递呈人签署的

一式多份文件组成。相关大会应于呈递该要

求后两(2)个月内举行。

相关要求将由本公司之股份过户登记处核

实，待确认该要求适当且合乎程序后，本公

司之公司秘书将透过向所有股东发出充分通

告之方式，通知董事会召开股东特别大会。

相反，倘该要求被确认为不合乎程序，递呈

人将被告知该结果，同时，股东特别大会将

不会应要求召开。

倘董事会并未于递交请求日期起计21日内正

式召开股东特别大会，则递呈人或持有所有

递呈人之过半数总投票权之任何递呈人，可

根据公司法第74(3)条之规定自行召开股东特

别大会，惟任何如此召开之股东特别大会不

得于该呈递日期起计三个月届满后举行。递

呈人须尽可能以董事会召开股东特别大会之

相同方式召开股东特别大会。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报53

Corporate Governance Report (Continued)

企业管治报告（续）

Puting Forward Proposals at General Metings

Pursuant to Section 80 of the Companies Act and bye-law 58 of the Bye-

laws, to put forward proposals at general metings of the Company, the

shareholders at the date of deposit of the requisition representing not

les than one-tenth of the paid-up capital of the Company carying the

right of voting at general metings of the Company shal at al times have

the right, by writen requisition to the Board or the company secretary of

the Company, to require general metings of the Company to be caled

by the Board for the transaction of any busines or resolution specified

in such requisition. The requisition signed by al the requisitionists must

be deposited at the Company’s principal place of busines in Hong Kong

at Suite 3101, 31/F., Skyline Tower, 39 Wang Kwong Road, Kowlon

Bay, Kowlon, Hong Kong or the Company’s branch share registrar and

transfer ofice in Hong Kong, Tricor Investor Services Limited, at 17/

F., Far East Finance Centre, 16 Harcourt Road, Hong Kong with a sum

reasonably suficient to met the Company’s relevant expenses and not

les than six weks before the meting in case of a requisition requiring

notice of a resolution or not les than one wek before the meting in

case of any other requisition.

Proposing a Person for Election as a Director

The procedures for proposing candidate(s) for election as director(s) at a

general meting are set out in the “Corporate Governance” under section

headed under “Corporate Profile” on the website of the Company at

w.wyth.net.

Enquiries to the Board

Shareholders may send their enquiries and concerns to the Board in

writing by email to pr@waiyuentong.com or by adresing their enquiries

to the Board or the company secretary of the Company in the folowing

maners:

In respect of corporate afairs:

Company Secretary

Wai Yuen Tong Medicine Holdings Limited

Suite 3101, 31/F., Skyline Tower

39 Wang Kwong Road

Kowlon Bay

Kowlon

Hong Kong

In respect of other shareholding/entitlement afairs:

Tricor Investor Services Limited

17/F., Far East Finance Centre

16 Harcourt Road

Hong Kong

于股东大会上提出议案

根据公司法第80条及公司细则第58条，于本

公司股东大会上提呈建议的股东，于递呈要

求日期持有不少于本公司缴足股本（附有于本

公司股东大会上表决权利）十分之一的股东于

任何时候有权透过向董事会或本公司公司秘

书发出书面要求，要求董事会召开本公司股

东大会，以处理有关要求中指明的任何事项

或决议案。由所有递呈人签署的请求书须送

交本公司香港主要营业地点香港九龙九龙湾

宏光道39号宏天广场31楼3101室或本公司香

港股份过户及转让登记分处卓佳证券登记有

限公司，地址为香港夏悫道16号远东金融中

心17楼，如属须发出决议案通知，则该请求

书须在会议举行前不少于六星期递交，如属

任何其他情况，则须在会议举行前不少于一

星期递交，并须支付足以合理弥补本公司相

关开支之款项。

提名选举个别人士为董事

于股东大会上提名候选人参选为董事之程序

于本公司网站(w.wyth.net)内「公司简介」一

节之「企业管治」刊载。

向董事会查询

股东可将其查询及关注事项以电邮

(pr@waiyuentong.com)或透过以下方式向董事

会或本公司之公司秘书提出书面查询：

有关公司事宜：

公司秘书

位元堂药业控股有限公司

香港

九龙

九龙湾

宏光道39号

宏天广场31楼3101室

有关其他股权╱权利相关事宜：

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202554位元堂药业控股有限公司 2025 年报

Corporate Governance Report (Continued)

企业管治报告（续）

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 high posible standards of openes, probity and

acountability. Procedures are formulated to enable individual employes

to disclose internaly and at a high level, information which the individual

believes that it shows malpractice or impropriety within the Group. During

the year under review, no incident of fraud or misconduct was reported

from employes that have material efect on the Group’s financial

statements and overal operations.

COMPANY SECRETARY

Ms. Ng Ye Man, Fiona (“Ms. Ng”), who was apointed as company

secretary of the Group, reports directly to the Board and is responsible

for, inter alia, providing updated and timely 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 no les than 15 hours of relevant

profesional training.

反贪污合规政策

本公司致力于其所有业务活动中维持最高标

准的法律及道德操守。为履行此承诺，本公

司已采纳适用于所有董事、高级职员、雇

员、代理人及相关人员的反贪污合规政策。

该政策严格禁止贿赂、回扣及任何形式的直

接或间接贪污。明确禁止本公司人员提供、

给予、索取或接受任何有价值的东西以获得

或保留不正当的商业优势。

该政策由强大的内部控制支持，旨在防止贪

污、避免任何不当行为的出现，并使本公司

能够及时有效地应对任何相关问题。任何违

反本政策的行为均可能导致纪律处分，包括

终止雇佣。倘雇员对合规有任何疑问，我们

鼓励彼等向指定董事寻求建议。

举报政策

本公司已采纳举报政策以促进实现公开、诚

信及问责之最高操守标准。本公司已制定程

序以使个别雇员作出内部及高水准披露，披

露个人认为反映本集团不良行径或不妥行为

之资料。于回顾年度内，概无雇员报告任何

诈骗或不诚实行为而对本集团之财务报表及

整体营运造成重大影响。

公司秘书

吴绮雯女士（「吴女士」）获委任为本集团之公

司秘书，直接向董事会报告及负责（其中包

括）不时向所有董事提供最新及适时之资料。

截至二零二五年三月三十一日止财政年度，

吴女士遵守上市规则第3.29条，参加不少于

15小时之相关专业培训。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报55

Corporate Governance Report (Continued)

企业管治报告（续）

企业社会责任及环境、社会及管治监督

本集团致力推动业务发展，为持份者争取更

佳回报的同时，并没有忘记取之社会用之社

会的企业公民责任。本集团一方面完善质量

管理制度，同时加强审计质量，以确保中西

药质量安全之项目监控。本集团亦明白作为

一间有社会责任之企业所肩负之责任，我们

不时向社区捐款及扶持社区。本集团成立了

义工团队，参与义务工作，并鼓励雇员参与

任何慈善活动及关爱服务。本集团环境、社

会及管治（「环境、社会及管治」）表现的详情

载于「二零二五年环境、社会及管治报告」。

CORPORATE SOCIAL RESPONSIBILITY & ESG OVERSIGHT

While the Group endeavours to promote busines development and

strives for greater rewards for the stakeholders, the Group acknowledge

its corporate social responsibility to share some burden in building

the society where the busines has ben established and thrived. The

Group has not only improved the quality management system but

also strengthened the audit quality to ensure the quality and safety

of Chinese and Western pharmaceutical project control. The Group is

also conscious of its role as a socialy responsible group of companies.

It makes donations for comunity welbeing from time to time, and

suports the comunities. The Group built up a team of staf volunters

to get involved in volunter work and encourages its employes to

participate in any charitable events and caring services. The details of the

environmental, social and governance (“ESG”) performance of the Group

are set out in the “2025 Environmental, Social and Governance Report”.

CONSTITUTIONAL DOCUMENT

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

constitutional document.

The Memorandum of Asociation and the bye-laws are available on the

website of the Stock Exchange and the Company at (w.hkexnews.hk)

and (w.wyth.net), respectively.

CONCLUSION

Going ahead, the Group wil continue to review regularly its corporate

governance practices to maintain high level of transparency, to enhance

the Company’s competitivenes and operating eficiency and to ensure

its sustainable development and to generate greater returns for the

stakeholders.

章程文件

截至二零二五年三月三十一日止年度，章程

文件概无任何变动。

组织章程大纲及公司细则分别于联交所网站

(w.hkexnews.hk)及本公司网站(w.wyth.net)

登载。

结论

展望未来，本集团将继续定期检讨其企业管

治常规以维持高水准之透明度，提升本公司

之竞争力及运营效率，并确保其可持续发

展，为持份者创造更多回报。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202556位元堂药业控股有限公司 2025 年报

Report of the Directors

董事会报告

The Directors present their report and the audited consolidated financial

statements of the Company and the Group for the financial year ended

31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding. The principal

activities of the principal subsidiaries comprise the production and sale

of traditional Chinese and western pharmaceutical products, health

fod, personal care products, and property investment. Details of the

Company’s principal subsidiaries are set out in note 1 to the financial

statements. During the year under review, there were no significant

changes in the nature of the Group’s principal activities.

RESULTS AND DIVIDENDS

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

the Group’s financial position at that date are set out in the consolidated

financial statements on pages 78 to 82 of this anual report.

For the financial year ended 31 March 2025, the Group recorded a

revenue of continuing operations and profit atributable to owners

of the parent amounted to aproximately HK$745.3 milion (2024:

aproximately HK$783.9 milion) and aproximately HK$7.1 milion

(2024: los of aproximately HK$15.4 milion).

The Board does not recomend the payment of any final dividend

for the financial year ended 31 March 2025 (2024: a final cash

dividend and a special cash dividend of HK3.0 cents and HK14.7 cents

respectively per ordinary share). No interim dividend was declared for the

six months ended 30 September 2024 (for the six months ended 30

September 2023: Nil).

董事会谨此提呈本公司及本集团于截至二零

二五年三月三十一日止财政年度之报告书及

经审核综合财务报表。

主要业务

本公司之主要业务为投资控股。主要附属公

司之主要业务包括生产及销售传统中西药产

品、保健食品、个人护理产品及物业投资。

本公司主要附属公司的详情载于财务报表附

注1。于回顾年度内，本集团主要业务之性质

并无重大变动。

业绩及股息

本集团截至二零二五年三月三十一日止财政

年度之业绩及本集团于该日之财务状况载于

本年报第78至82页的综合财务报表。

截至二零二五年三月三十一日止财政年度，

本集团录得持续经营业务收益及母公司拥有

人应占溢利约745,300,000港元（二零二四

年：约783,900,000港元）及约7,100,000港元

（二零二四年：亏损约15,400,000港元）。

董事会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：末期现金股息及特别现金股息分别

为每股普通股3.0港仙及14.7港仙）。并无就截

至二零二四年九月三十日止六个月宣派中期

股息（截至二零二三年九月三十日止六个月：

无）。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报57

Report of the Directors (Continued)

董事会报告（续）

BUSINES REVIEW AND ANALYSIS OF KEY FINANCIAL

PERFORMANCE INDICATORS

The busines review and the key financial performance indicators to the

busineses of the Group, including, among other things, the information

set out below, are disclosed in the “Management Discusion and

Analysis” on pages 11 to 20 of this anual report:

(a) a fair review of the Group’s busines;

(b) principal risk factors;

(d) future development in the Group’s busines.

The corporate social responsibility, environmental policies and

performance of the Group are disclosed in the section headed

“Management Discusion and Analysis” and “Corporate Governance

Report” in this anual report. More details wil be disclosed in the

Environmental, Social and Governance Report to be published on the

websites of the Stock Exchange and the Company in due course. These

discusions form part of this report of the Directors.

As far as the Board is concerned, the Group has complied in material

aspects with the relevant laws and regulations that have a significant

impact on the busines and operation of the Group during the financial

year ended 31 March 2025.

SHARE CAPITAL AND SHARE OPTION SCHEME

Details of movements in share capital and share option scheme of

the Company during the year under review, together with the reasons

therefor, are set out in notes 31 to 32 to the financial statements,

respectively.

EQUITY-LINKED AGREMENTS

During the year under review, other than the Share Option Scheme as

set out in the section headed “Share Option Schemes” under the “Report

of the Directors” and note 32 to the financial statements, the Company

has not entered into any equity-linked agrements.

FIVE-YEAR FINANCIAL SUMARY

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

non-controling interests of the Group for the last five financial years, as

extracted from the audited financial statements, is set out on page 248

of this anual report. This sumary does not form part of the audited

financial statements.

业务回顾及主要财务表现指标分析

本集团业务之业务回顾及主要财务表现指标

包括（其中包括）以下资料，披露于本年报第

11至20页「管理层讨论及分析」：

(a) 本集团业务之公平审视；

(b) 主要风险因素；

(d) 本集团业务之未来发展。

本集团的企业社会责任、环境政策及表现于

本年报「管理层讨论及分析」及「企业管治报

告」各节披露。更多详情将于环境、社会及管

治报告披露，该报告将于适当时候在联交所

及本公司网站刊登。该等讨论构成本董事会

报告的一部分。

就董事会而言，于截至二零二五年三月

三十一日止财政年度，本集团已于重大方面

遵守对本集团业务及营运造成重大影响之相

关法律及规例。

股本及购股权计划

本公司于回顾年度内的股本及购股权计划的

变动详情连同相关理由分别载于财务报表附

注31至32。

股权挂钩协议

于回顾年度内，除载于「董事会报告」「购股权

计划」一节及财务报表附注32的购股权计划

外，本公司并无订立任何股权挂钩协议。

五年财务概要

摘录自经审核财务报表之本集团过去五个财

政年度已刊发之业绩及资产、负债与非控股

权益概要载于本年报第248页。有关概要不构

成经审核财务报表的一部分。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202558位元堂药业控股有限公司 2025 年报

Report of the Directors (Continued)

董事会报告（续）

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

OF THE COMPANY

During the year under review, the Company repurchased a total of 46.00

milion shares of HK$0.01 each of the Company on the Stock Exchange.

Al the repurchased shares were subsequently canceled by the Company

on 3 May 2024.

Details of the share repurchases during the year ended 31 March 2025

are as folows:

Month of repurchase

Number of share

repurchasedPurchase price per share

Agregate

amount

购回月份购回股份数目每股购买价总额

HighestLowest

最高最低

(in milion)HK$HK$HK$ (in milion)

（以百万计）港元港元港元（以百万计）

April 2024

二零二四年四月

46.000.2600.25011.80

46.0011.80

The repurchases of the Company’s shares during the year ended

31 March 2025 were made pursuant to the mandate granted by the

Shareholders at the 2023 anual general meting of the Company

held on 22 August 2023, with a view to benefiting the Shareholders as

a whole by enhancing the net aset value per share and earnings per

share of the Company. As at 31 March 2025 and up to the date of this

anual report, the total number of shares of the Company in isue was

1,125,102,888 shares.

Save as disclosed above, neither the Company, nor any of its subsidiaries

purchased, sold or redemed any of the Company’s listed securities or

held any treasury Shares during the financial year ended 31 March 2025.

RELIEF FROM TAXATION

During the 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.

购买、出售或赎回本公司的上市证券

于回顾年度，本公司于联交所购回合共

46,000,000股每股面值0.01港元之本公司股

份。所有已购回股份其后已于二零二四年五

月三日由本公司注销。

截至二零二五年三月三十一日止年度股份购

回的详情如下：

于截至二零二五年三月三十一日止年度内购

回本公司股份乃根据股东于二零二三年八月

二十二日举行之本公司二零二三年股东周年

大会上授出之授权作出，借以提升本公司

每股资产净值及每股盈利，从而令股东整

体受惠。于二零二五年三月三十一日及截

至本年报日期，本公司已发行股份总数为

1,125,102,888股。

除上文所披露者外，本公司及其任何附属公

司概无于截至二零二五年三月三十一日止财

政年度内购买、出售或赎回任何本公司之上

市证券或持有任何库存股份。

税务宽免

于回顾年度内，董事并不知悉股东因持有本

公司证券而可获任何税务宽免。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报59

Report of the Directors (Continued)

董事会报告（续）

PERMITED INDEMNITY PROVISION

The Bye-laws provides that for the time being acting in relation to any

of the afairs of the Company, every Director and other oficers shal be

entitled to be indemnified and secured harmles out of the asets and

profits of the Company from and against al actions, loses, damages

and expenses which they may incur or sustain by or by reason of any

act done about the execution of the duties of their respective ofices

or otherwise in relation thereto. The Company aranged apropriate

directors’ and oficers’ liability insurance coverage for the Directors and

other oficers of the Group for the year under review.

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 parent calculated in acordance with

the Companies Act (2024: HK$89.9 milion).

DIRECTORS

The Directors during the year under review and up to the date of this

anual report were:

Executive Directors:

Mr. Tang Ching Ho, GBS, JP,

Chairman and Managing Director

Ms. Tang Wai Man

Ms. Law Man Ye, Anita

Independent non-executive Directors:

Mr. Li Ka Fai, David, MH

Profesor Sit Wing Hang, GBS, JP

Profesor Chan Wing Kwong, MD

Mr. Siu Man Ho, Simon (Resigned on 1 November 2024)

In acordance with Bye-Laws 84(1), Ms. Tang Wai Man (“Ms. Tang”)

and Profesor Sit Wing Hang (“Profesor Sit”) shal retire from ofice

by rotation at the AGM and, being eligible, wil ofer themselves for re-

election at the AGM.

获准许弥偿保证条文

公司细则规定，当时就本公司任何事务行事

之每名董事或其他高级职员均有权从本公司

之资产及溢利中获得弥偿及担保使其不会因

执行各自职务或关于职务所进行任何行为而

可能招致或蒙受之所有诉讼、亏损、损害及

支出而蒙受损害。于回顾年度内，本公司已

为本集团董事及其他高级职员安排合适之董

事及高级职员责任保险。

储备

本公司及本集团截至二零二五年三月三十一

日止财政年度的储备变动详情分别载于综合

财务报表附注33及综合权益变动表。

可供分派储备

于二零二五年三月三十一日，按公司法计

算，本公司并无可供分派予母公司权益持有

人之储备（二零二四年：约89,900,000港元）。

董事

于回顾年度及直至本年报日期之董事如下：

执行董事：

邓清河先生，金紫荆星章，太平绅士，

主席兼董事总经理

邓蕙敏女士

罗敏仪女士

独立非执行董事：

李家晖先生，荣誉勋章

薛永恒教授，金紫荆星章，太平绅士

陈永光教授，医学博士

萧文豪先生（于二零二四年十一月一日辞任）

根据公司细则第84(1)条，邓蕙敏女士（「邓女

士」）及薛永恒教授（「薛教授」）将于股东周年

大会上轮值退任，并符合资格且愿意于股东

周年大会上膺选连任。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202560位元堂药业控股有限公司 2025 年报

Report of the Directors (Continued)

董事会报告（续）

The Company has received anual confirmations of independence from

al INEDs, namely Mr. Li Ka Fai, David, Profesor Sit and Profesor Chan

Wing Kwong; and as at the date of this anual report, the Company stil

considers them to be independent.

DIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIES

Biographical details of the Directors and the senior management of the

Group are set out on pages 21 to 27 of this anual report.

UPDATE ON DIRECTOR’S INFORMATION

During the year under review, there is no other change in information of

the Directors since the publication of the 2024 interim report which is

required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules.

DIRECTORS’ SERVICE CONTRACTS

No Directors being proposed for re-election at the forthcoming anual

general meting has a service contract with the Company or any of its

subsidiaries which is not determinable by such company within one year

without payment of compensation (other than statutory compensation).

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARANGEMENTS

OR CONTRACTS

Save as disclosed in notes 9 and 40 to the financial statements and the

section “Directors and Chief Executive’s Interests and Short Positions

in Shares, Underlying Shares or Debentures of the Company and its

Asociated Corporations”, no Directors or a conected entity of a Director

had a material interest, either directly or indirectly, in any transaction,

arangement or contract of significance to the busines of the Group to

which the Company, the holding company of the Company or any of

its subsidiaries or felow subsidiaries was a party during the year under

review.

DIRECTOR’S INTEREST IN COMPETING BUSINES

None of the Directors nor their respective asociates had an interest in a

busines, apart from the busineses of the Group, which competes or is

likely to compete, either directly or indirectly, with the busineses of the

Group pursuant to Rule 8.10 of the Listing Rules during the year under

review.

本公司已接获全体独立非执行董事（即李家晖

先生、薛教授及陈永光教授）有关彼等独立性

的年度确认书，于截至本年报日期本公司仍

视彼等为独立人士。

董事及高级管理层履历

本集团董事及高级管理层履历详情载于本年

报第21至27页。

有关董事资料的更新

于回顾年度内，自二零二四年中期报告刊发

以来，概无其他董事资料变动须根据上市规

则第13.51B(1)条披露。

董事之服务合约

拟于应届股东周年大会膺选连任的董事概无

与本公司及其任何附属公司订立该等公司不

可于一年内终止而毋须赔偿（法定赔偿除外）

的服务合约。

董事于交易、安排或合约之权益

除财务报表附注9及40以及「董事及主要行政

人员于本公司及其相联法团股份、相关股份

或债权证中之权益及淡仓」一节披露者外，于

回顾年度内概无董事或董事之关连实体直接

或间接于对本集团业务属重大且本公司、本

公司控股公司或其任何附属公司或同系附属

公司为订约方之任何交易、安排或合约中拥

有重大权益。

董事于竞争业务之权益

于回顾年度内，根据上市规则第8.10条，董

事及彼等各自之联系人概无于与本集团业务

构成或可能构成直接或间接竞争之业务（本集

团业务除外）拥有权益。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报61

Report of the Directors (Continued)

董事会报告（续）

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND

SHORT POSITIONS IN SHARES, UNDERLYING SHARES OR

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 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 Part XV of the SFO or

the Model Code under the Listing Rules, were as folows:

Long positions in the ordinary shares of the Company and its asociated

corporations, Wang On, CAP and Wang On Properties Limited (“WOP”):

(a) Long positions in the ordinary shares of the Company:

Name of DirectorNumber of shares

Aproximate

percentage of

the Company’s

total isued

share capital

(Note 1)

董事姓名股份数目

占本公司已发行

股本总额概约百分比

（附注1）

Mr. Tang Ching Ho

邓清河先生

810,322,940

(Note 2)

（附注2）

72.02

董事及主要行政人员于本公司及其相联法

团股份、相关股份或债权证中之权益及淡

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╱或彼等各自之任何联系人

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，拥有载入本公司根据证券及期货条例第

352条须存置之登记册，或根据证券及期货条

例第XV部或上市规则之标准守则已另行知会

本公司及联交所之权益及淡仓如下：

于本公司及其相联法团宏安、中国农产品及

宏安地产有限公司（「宏安地产」）普通股之好

仓：

(a) 于本公司普通股之好仓：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202562位元堂药业控股有限公司 2025 年报

Report of the Directors (Continued)

董事会报告（续）

(b) Long positions in the ordinary shares of Wang On (the “Wang

On Shares”), an asociated corporation of the Company:

Name of DirectorName of corporationNumber of shares

Aproximate

percentage of

Wang On’s

total isued

share capital

(Note 1)

董事姓名公司名称股份数目

占宏安已发行

股本总额概约百分比

（附注1）

Mr. Tang Ching Ho

邓清河先生

Wang On

宏安

6,063,896,772

(Note 3)

（附注3）

42.80

Shares”), an asociated corporation of the Company:

Name of DirectorName of corporationNumber of shares

Aproximate

percentage of

CAP’s

total isued

share capital

(Note 1)

董事姓名公司名称股份数目

占中国农产品已发行

股本总额概约百分比

（附注1）

Mr. Tang Ching Ho

邓清河先生

CAP

中国农产品

5,682,514,594

(Note 4)

（附注4）

57.09

(b) 于本公司相联法团宏安的普通股（「宏安

股份」）之好仓：

（「中国农产品股份」）之好仓：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报63

Report of the Directors (Continued)

董事会报告（续）

(d) Long positions in the ordinary shares of WOP, an asociated

corporation of the Company:

Name of DirectorName of corporationNumber of shares

Aproximate

percentage of

WOP’s

total isued

share capital

(Note 1)

董事姓名公司名称股份数目

占宏安地产已发行

股本总额概约百分比

（附注1）

Mr. Tang Ching Ho

邓清河先生

WOP

宏安地产

11,400,000,000

(Note 5)

（附注5）

75.00

(Note 2)

（附注2）

Notes:

1. The percentages were disclosed pursuant to the disclosure of interests form filed

under the SFO.

2. Under the SFO, Mr. Tang Ching Ho (“Mr. Tang”) was interested in 810,322,940

shares of the Company held by Rich Time Strategy Limited (“Rich Time”), a

wholy-owned subsidiary of Wang On Enterprises (BVI) Limited (“WOE”) which

is a wholy-owned subsidiary of Wang On in which Mr. Tang together with his

asociates were taken to have aproximately 42.80% interest as at the date of

this Report.

3. Pursuant to the disclosure of interests form published on the website of the

Stock Exchange, amongst the 6,063,896,772 Wang On Shares, 28,026,339

Wang On shares were beneficialy held by Mr. Tang; 4,989,928,827 Wang On

shares were taken to be interested by Mr. Tang by virtue of being the founder of

a discretionary trust, namely Tang’s Family Trust; 28,026,300 Wang On shares

were taken to be interested by Mr. Tang in which his spouse, Ms. Yau Yuk Yin,

was interested; and 486,915,306 Wang On shares were held by Caister Limited

(a company wholy owned by Mr. Tang), and 531,000,000 Wang On shares

were held by Bilion Trader Investments Limited (an indirect wholy-owned

subsidiary of Caister Limited, which is in turn wholy-owned by Mr. Tang).

4. Pursuant to the disclosure of interests form published on the website of the

Stock Exchange, amongst the 5,682,514,594 CAP Shares, 2,007,700,062

CAP Shares of which were held by Onger Investments Limited (“Onger

Investments”), and 3,674,814,532 CAP Shares of which were held by Rich

Time (both Onger Investments and Rich Time were direct wholy-owned

Subsidiaries of WOE).

5. Pursuant to the disclosure of interest form published on the website of the Stock

Exchange, 11,400,000,000 WOP Shares were held by Earnest Spot Limited (a

direct wholy-owned subsidiary of WOE).

(d) 于本公司相联法团宏安地产的普通股之

好仓：

附注：

1. 该等百分比根据已按证券及期货条例递交的

权益披露表格披露。

，邓清河先生（「邓先

生」）于Rich Time Strategy Limited（「Rich

Time」）（为宏安之全资附属公司Wang On

Enterprises (BVI) Limited（「WOE」）之全资附属

公司）持有的810,322,940股本公司股份中拥

有权益，当中邓先生连同其联系人于本报告

日期被视为拥有约42.80%之权益。

，于

6,063,896,772股宏安股份中，28,026,339股

宏安股份由邓先生实益持有；4,989,928,827

股宏安股份因邓先生作为一项全权信托（即邓

氏家族信托）之创立人而被当作于该等股份中

拥有权益；28,026,300股宏安股份被视为由

邓先生于其配偶游育燕女士于当中拥有权益

的股份中拥有权益；而486,915,306股宏安

股份则由Caister Limited（一间由邓先生全资拥

有之公司）持有，531,000,000股宏安股份由

Bilion Trader Investments Limited（为由邓先生

全资拥有之Caister Limited之间接全资附属公

司）持有。

于5,682,514,594股中国农产品股份中，

2,007,700,062股中国农产品股份由Onger

Investments Limited（「Onger Investments」）

持有，而3,674,814,532股中国农产品股份由

Rich Time（Onger Investments与Rich Time均为

WOE的直接全资附属公司）持有。

11,400,000,000股宏安地产股份乃由Earnest

Spot Limited（为WOE之直接全资附属公司）持

有。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202564位元堂药业控股有限公司 2025 年报

Report of the Directors (Continued)

董事会报告（续）

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 interest or short position 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 Part XV of the SFO or the Model Code.

SHARE OPTION SCHEMES

The Share Option Scheme(s) of the Company

At the anual general meting of the Company held on 22 August 2023,

the shareholders of the Company aproved the termination of the share

option scheme previously adopted by the shareholders of the Company

at the anual general meting held on 22 August 2013 (the “2013

Scheme”) and the adoption of a new share option scheme (the “2023

Scheme”) for the primary purpose of providing incentives and rewards

to eligible participants who contribute to the suces of the Group’s

operations. Upon termination of the 2013 Scheme, no share options was

granted.

Pursuant to the 2023 Scheme, share options may be granted to any

Director or proposed Director, employe or proposed employe, of the

Company or its subsidiaries (colectively the “Group”) (the “Employe

Participants”) or any Director or proposed Director, employe or

proposed employe of the holding companies, felow subsidiaries or

asociated companies of the Group (the “Related Entity Participants”)

(colectively the “Participants”).

Under the 2023 Scheme, the Board may grant share options to the

Participants to subscribe for shares of the Company for a consideration of

HK$1.00 for each lot of share options granted which must be acepted

within 30 days from the ofer date. Share options do not confer rights

on the holders to dividends or to vote at shareholders’ metings. 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.

除上文所披露者外，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╱或彼等各自之任何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载入本

公司根据证券及期货条例第352条须存置之登

记册，或根据证券及期货条例第XV部或标准

守则已另行知会本公司及联交所之任何其他

权益或淡仓。

购股权计划

本公司购股权计划

于二零二三年八月二十二日举行之本公司股

东周年大会上，本公司股东批准终止本公司

股东先前于二零一三年八月二十二日举行的

股东周年大会采纳的购股权计划（「二零一三

年计划」）并采纳新购股权计划（「二零二三年

计划」），主要作为对本集团之成功经营作出

贡献之合资格参与人士之激励及奖赏。二零

一三年计划终止后，概无授出购股权。

根据二零二三年计划，购股权可授予本公司

或其附属公司（统称「本集团」）任何董事或

候任董事、雇员或拟聘请雇员（「雇员参与

者」），或本集团控股公司、同系附属公司或

联营公司任何董事或候任董事、雇员或拟聘

请雇员（「关联实体参与者」）（统称「参与者」）。

根据二零二三年计划，董事会可向参与者授

出购股权认购本公司之股份，以就每次获授

予之购股权于要约日期起30日内按代价1.00

港元接纳该购股权。购股权并无赋予持有人

权利获派股息或于股东大会上投票。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。购股权之可予行使

期间将由董事会全权厘定，惟概无购股权可

于授出日期起计10年期间后获行使。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报65

Report of the Directors (Continued)

董事会报告（续）

Pursuant to the 2023 Scheme, the maximum number of share options

that may be granted under the 2023 Scheme and any other share

option schemes of the Company is the number, upon their exercise, not

in agregate exceding 10% of the isued share capital of the Company

from time to time, excluding any shares isued on the exercise of share

options. The total number of shares which may be isued upon exercise

of al options to be granted under the 2023 Scheme and any other

schemes shal not in agregate exced 10% of the number of shares

in isue, as at the date of aproval of the 2023 Scheme limit or as

refreshed from time to time.

The 10% scheme mandate limit may be refreshed at any time by

obtaining aproval of the shareholders in general meting after thre

, after then the

refreshment by shareholders once every thre years. Refreshments within

a thre-year period must be aproved by independent shareholders.

The maximum number of shares isuable under share options to each

Participant under the 2023 Scheme within any 12-month period is

limited to 1% of the number of shares of the Company in isue at any

time. Any further grant of share options in exces of such limit must

be separately aproved by shareholders of the Company with such

Participant and his/her asociates abstaining from voting. Share options

granted to any Director, chief executive or substantial shareholder of the

Company (or any of their respective asociates) must be aproved by the

INEDs (excluding any INED who is the grante of the option). Where any

grant of share options to a substantial shareholder or an INED (or any of

their respective asociates) wil result in the total number of shares isued

and to be isued upon exercise of share options already granted and to

be granted to such person under the 2013 Scheme and any other share

option schemes of the Company (including options exercised, canceled

and outstanding) in any 12-month period up to and including the date

of grant representing in agregate over 0.1% of the shares in isue such

further grant of share options is required to be aproved by shareholders

of the Company in a general meting in acordance with the Listing

Rules. The exercise price must be at least the higher of (i) the closing

price of the shares of the Company as stated in the daily quotation shet

of the Stock Exchange on the ofer date which must be a busines day;

(i) the average closing price of the shares of the Company as stated in

the Stock Exchange’s daily quotation shets for the five busines days

imediately preceding the ofer date; and (i) the nominal value of a

share of the Company.

The Company proposed for the amendments to the 2023 Scheme for

shareholders’ aproval in the forthcoming anual general metings of the

Company. Details of the amendments were disclosed in the circular of

the Company dated 25 July 2025.

根据二零二三年计划，二零二三年计划及本

公司任何其他购股权计划项下可能授出之最

高购股权数目，于获行使时所涉及股份数目

合共不得超过本公司不时已发行股本10%，

惟不包括购股权获行使时发行之任何股份。

因行使根据二零二三年计划及任何其他计划

授予的所有购股权而可能发行的股份总数，

不得超过二零二三年计划限额批准日期或不

时更新的已发行股份数目的10%。

10%计划授权限额可由股东自二零二三年计

划之采纳日期起计三(3)年后的股东大会上批

准予以更新，此后有关限额将由股东每三年

批准更新一次。于三年期间内进行更新必先

经独立股东批准。

二零二三年计划之每名参与者于任何十二个

月期间内行使购股权时可予发行之最高股份

数目，仅限于本公司于任何时间之已发行股

份数目之1%。倘进一步授出超过该限额之购

股权，则须取得本公司股东另行批准，而该

名参与者及其联系人须放弃投票。向任何董

事、本公司高级行政人员或主要股东或彼等

各自之任何联系人授出购股权，须取得独立

非执行董事（本身为购股权承授人之任何独立

非执行董事除外）之批准。倘若向主要股东或

独立非执行董事或彼等各自之联系人授出任

何购股权，导致截至及包括授出日期之任何

十二个月期间，因行使根据二零一三年计划

及本公司任何其他购股权计划已授予或将授

予该人士之购股权（包括已行使、已注销及尚

未行使者）而已发行及将予发行之股份总数，

超逾本公司已发行股份之0.1%，则该等进一

步授出购股权必须根据上市规则获得本公司

股东于股东大会上批准。行使价须至少为以

下各项之最高者：(i)本公司股份于要约当日

（须为营业日）在联交所每日报价表所列之收

市价；(i)本公司股份于紧接要约日期前五个

营业日在联交所每日报价表所列之平均收市

价；及(i)本公司股份面值。

本公司建议修订二零二三年计划，以供股东

于本公司的应届股东周年大会上批准。修订

详情于本公司日期为二零二五年七月二十五

日之通函中披露。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202566位元堂药业控股有限公司 2025 年报

Report of the Directors (Continued)

董事会报告（续）

During the year under review, no share option was granted, exercised,

lapsed or canceled under the 2023 Scheme.

As at the date of this anual report, the total number of shares available

for isue under the 2023 Scheme is 117,110,288 shares, representing

aproximately 10.4% of the Company’s total isued share capital.

Other particulars of the 2023 Scheme are set out in note 32 to the

financial statements.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed under the headings “Directors’ and chief executive’s

interests and short positions in shares, underlying shares or debentures

of the Company and its asociated corporations” and “Share option

schemes” above and in the share option scheme disclosures in note 32

to the financial statements, at no time during the year under review

were rights to acquire benefits by means of the acquisition of shares

or underlying shares in, or debentures of, the Company granted to any

Director or their respective spouse 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.

于回顾年度内，概无购股权根据二零二三年

计划获授出、行使、失效或注销。

于本年报日期，根据二零二三年计划可供发

行之股份总数为117,110,288股，相当于本公

司已发行股本总额约10.4%。

二零二三年计划之其他详情载于财务报表附

注32。

董事购买股份或债权证之权利

除上文「董事及主要行政人员于本公司及其相

联法团股份、相关股份或债权证中之权益及

淡仓」及「购股权计划」各节披露者及财务报表

附注32所披露之购股权计划外，于回顾年度

内任何时间，各董事或彼等各自之配偶或未

成年子女并无获授或行使可藉收购本公司股

份或相关股份或债权证而获利之权利，且本

公司或其任何附属公司亦无订立任何安排而

使董事可收购任何其他法人团体之有关权利。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报67

Report of the Directors (Continued)

董事会报告（续）

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT

POSITIONS IN SHARES AND UNDERLYING SHARES

As at 31 March 2025, to the best knowledge of the Directors, the

folowing persons had, or were demed or taken to have, interests or

short positions in the shares or underlying shares of the Company which

would fal to be disclosed to the Company under the provisions of

Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the

SFO:

Long positions in the ordinary shares of the Company:

Name of shareholdersNumber of shares

Aproximate

percentage of

the Company’s

total isued

share capital

(Note 3)

股东姓名╱名称股份数目

占本公司已发行

股本总额概约百分比

（附注3）

Rich Time (Note 1)（附注1）810,322,94072.02

WOE (Note 1)（附注1）810,322,94072.02

Wang On (Note 1)

宏安（附注1）

810,322,94072.02

Ms. Yau Yuk Yin (Note 2)

游育燕女士（附注2）

810,322,94072.02

Notes:

1. Under the SFO, Mr. Tang was interested in 810,322,940 shares of the Company held

by Rich Time, a wholy-owned subsidiary of WOE which is a wholy-owned subsidiary

of Wang On in which Mr. Tang together with his asociates held aproximately 42.80%

interest.

2. Ms. Yau Yuk Yin is taken to be interested in the shares in which her spouse, Mr. Tang is

interested.

3. The percentages were disclosed pursuant to the relevant disclosure forms filed under

the SFO.

主要股东于股份及相关股份中之权益及淡

仓

于二零二五年三月三十一日，据董事所深

知，以下人士于本公司股份或相关股份中拥

有，或视作或当作拥有根据证券及期货条例

第XV部第2及3分部之条文须向本公司披露，

或登记于根据证券及期货条例第336条本公司

须存置之登记册之权益或淡仓：

于本公司普通股的好仓：

附注：

，邓先生于Rich Time（为宏

安之全资附属公司WOE之全资附属公司）持有的

810,322,940股本公司股份中拥有权益，当中邓先生

连同其联系人持有约42.80%之权益。

2. 游育燕女士被视作于彼之配偶邓先生拥有权益之股

份中拥有权益。

3. 该等百分比根据按证券及期货条例之已递交相关披

露表格披露。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202568位元堂药业控股有限公司 2025 年报

Report of the Directors (Continued)

董事会报告（续）

Save as disclosed above, as at 31 March 2025, there were no other

persons who had an interest or short position in the shares or underlying

shares of the Company which would fal to be disclosed to the Company

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

were recorded in the register required to be kept by the Company under

Section 336 of the SFO.

RELATED PARTY TRANSACTIONS

The related party transactions are set out in note 40 to the financial

statements of this anual report. The Company has complied with the

requirements in acordance with Chapter 14A of the Listing Rules.

CONTINUING CONECTED TRANSACTIONS

The continuing conected transactions, as set out in note 40 to

the financial statements, were fuly exempted from al disclosure

requirements under Chapter 14A of the Listing Rules.

Save as disclosed above, there were no transaction which ned to be

disclosed as continuing conected transactions in acordance with the

requirements of Chapter 14A of the Listing Rules during the year under

review.

CONECTED TRANSACTIONS

The conected transactions, as set out in note 40 to the financial

statements, were fuly exempted from al disclosure requirements under

Chapter 14A of the Listing Rules.

Save as disclosed above, there were no transactions which ned to be

disclosed as conected transaction in acordance with the requirements

of Chapter 14A of the Listing Rules during the year under review.

EMOLUMENT POLICY

The Group’s emolument policy for its employes is in place and

aproved by the Remuneration Comite and the Board on the basis of

their merit, qualifications and competence.

The emoluments of the Directors are determined by the Remuneration

Comite and the Board, as authorised by the shareholders at the

anual general meting, having regarded to the Group’s operating results,

individual performance and comparable market statistics.

Folowing the expiry of the 2013 Share Option Scheme on 21 August

2023, the Company has adopted the 2023 Share Option Scheme at

the anual general meting held on 22 August 2023, as incentives to

Directors and eligible employes. Details of the 2023 Share Option

Scheme are set out in note 32 to the financial statements.

除上文所披露者外，于二零二五年三月

三十一日，概无任何其他人士于本公司股份

或相关股份中拥有根据证券及期货条例第XV

部第2及3分部条文须向本公司披露或登记于

本公司根据证券及期货条例第336条须存置之

登记册之权益或淡仓。

关联方交易

关联方交易载于本年报财务报表附注40。本

公司已根据上市规则第14A章遵守规定。

持续关连交易

财务报表附注40所载的持续关连交易完全获

豁免遵守上市规则第14A章项下的所有披露规

定。

除上文所披露者外，于回顾年度内，概无任

何交易须根据上市规则第14A章的规定披露为

持续关连交易。

关连交易

财务报表附注40所载的关连交易完全获豁免

遵守上市规则第14A章项下的所有披露规定。

除上文所披露者外，于回顾年度内，概无任

何交易须根据上市规则第14A章的规定披露为

关连交易。

薪酬政策

本集团就其雇员之薪酬政策由薪酬委员会及

董事会根据雇员之功绩、资历及能力而设立

及批准。

董事之薪酬由薪酬委员会及董事会在股东周

年大会上获得股东授权后，视乎本集团之经

营业绩、个人表现及市场上可资比较的统计

数据厘定。

于二零一三年购股权计划在二零二三年八月

二十一日届满后，本公司已于二零二三年八

月二十二日举行之股东周年大会上采纳二零

二三年购股权计划，奖励董事及合资格雇

员。二零二三年购股权计划详情载于财务报

表附注32。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报69

Report of the Directors (Continued)

董事会报告（续）

MAJOR CUSTOMERS AND SUPLIERS

During the year ended 31 March 2025, the sales to the Group’s five

largest customers acounted for aproximately 15.2% (2024: les than

aproximately 10.1%) of the Group’s total sales and the sales to the

Group’s largest customer included therein acounted for aproximately

5.1% (2024: aproximately 2.8%).

During the year ended 31 March 2025, the largest suplier acounted

for aproximately 9.5% (2024: aproximately 14.9%) of the Group’s

purchases and the five largest supliers of the Group acounted for

aproximately 36.7% (2024: aproximately 44.2%) of the Group’s

purchases.

At no time during the year under review did a Director or any of their

close asociates or a shareholder of the Company, which to the best

knowledge of the Directors, owned more than 5% of the Company’s

isued shares, had any beneficial interest in any of the Group’s five

largest customers or supliers.

DONATIONS

During the year under review, the Group made charitable and other

donations totaling aproximately HK$425,600 (2024: aproximately

HK$283,000).

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the 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 40 to the

financial statements, no controling shareholder or any of its subsidiaries

has any contract of significance of the Company or its subsidiaries during

the year under review.

MANAGEMENT CONTRACTS

No contract 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 year under review.

主要客户及供应商

截至二零二五年三月三十一日止年度内，本

集团五大客户之销售额占本集团之总销售约

15.2%（二零二四年：少于约10.1%），当中包

括向本集团最大客户之销售占约5.1%（二零

二四年：约2.8%）。

截至二零二五年三月三十一日止年度，最大

供应商占本集团采购额约9.5%（二零二四年：

约14.9%），而本集团五大供应商则占本集团

采购额约36.7%（二零二四年：约44.2%）。

于回顾年度任何时间，董事或彼等之任何联

系人或本公司股东（据董事所深知拥有本公司

已发行股份总数5%以上者）概无于本集团五

大客户或供应商拥有任何实益权益。

捐款

于回顾年度内，本集团之慈善及其他捐款

合共约为425,600港元（二零二四年：约

283,000港元）。

优先购买权

公司细则或本公司注册成立之司法权区百慕

达法律概无载列关于优先购买权之条文，规

定本公司须按比例基准向现有股东发售新股

份。

重大合约

除财务报表附注40所披露的交易外，控股

东或其任何附属公司于回顾年度内并无与本

公司或其附属公司订立任何重大合约。

管理合约

于回顾年度内，并无订立或存在有关管理及

经营本公司全部或任何重大部分业务的合约。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202570位元堂药业控股有限公司 2025 年报

Report of the Directors (Continued)

董事会报告（续）

CORPORATE GOVERNANCE

The Company is comited to maintaining a high standard of corporate

governance practices in the interests of the Company and its shareholders

as a whole.

In the opinion of the Directors, the Company complied with the code

provisions under the CG Code contained in Apendix C1 to the Listing

Rules throughout the year under review, except for the deviation of the

code provision C.2.1 of the CG Code. Details of the corporate governance

practices adopted by the Company are set out in the Corporate

Governance Report on pages 28 to 55 of this anual report.

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 amount of public float as required under the Listing Rules

throughout the year under review and up to the date of this anual

report.

AUDIT COMITE

The Company has established its audit comite (the “Audit

Comite”) with specific terms of reference (as amended from time

to time) in acordance with the requirements of the Listing Rules. The

Audit Comite comprises Mr. Li Ka Fai, David, Profesor Sit Wing Hang

and Profesor Chan Wing Kwong, al of whom are the independent non-

executive Directors, and Mr. Li Ka Fai, David is the chairman of the Audit

Comite.

During the Year, the Audit Comite held two regular metings and two

special metings with management and the external auditor. The Audit

Comite reviewed and considered, among other things, the acounting

principles and practices adopted by the Group, the financial reporting

maters (including the review of interim and final results), the audit

plan, the statutory compliance, internal controls and risk management,

continuing conected transactions and the adequacy of resources,

qualifications and experience of staf of the Company’s acounting and

financial reporting function as wel as their training programes and

budget.

The Audit Comite has reviewed with the Company’s management

and aproved the acounting policies and principles adopted and the

Group’s consolidated financial statements for the financial year ended

31 March 2025.

企业管治

本公司致力维持高水平之企业管治常规，以

符合本公司及其股东之整体利益。

董事认为，本公司于整个回顾年度内已遵守

上市规则附录C1所载之企业管治守则之守

则条文，惟已偏离企业管治守则之守则条文

C.2.1。本公司所采纳企业管治常规之详情载

于本年报第28至55页之企业管治报告。

足够之公众持股量

根据本公司公开可得资料及据董事所知，本

公司于整个回顾年度及直至本年报日期已维

持上市规则规定的足够公众持股量。

审核委员会

本公司已按上市规则规定成立其审核委员会

（「审核委员会」）并制定具体职权范围（经不时

修订）。审核委员会由全体独立非执行董事李

家晖先生、薛永恒教授及陈永光教授组成，

而李家晖先生为审核委员会主席。

于本年度内，审核委员会与管理层及外聘核

数师举行两次定期会议及两次特别会议。审

核委员会审阅及考虑（其中包括）本集团采纳

之会计原则及常规、财务报告事宜（包括审阅

中期及全年业绩）、审核计划、法定合规、内

部监控及风险管理、持续关连交易及本公司

会计及财务申报职能方面之资源充足性、员

工资格及经验是否足够，以及该等员工之培

训课程及预算。

审核委员会已与本公司管理层审阅及批准所

采纳之会计政策及原则，以及本集团截至二

零二五年三月三十一日止财政年度之综合财

务报表。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报71

Report of the Directors (Continued)

董事会报告（续）

EVENTS AFTER THE REPORTING PERIOD

Details of significant events after the reporting period of the Group are

set out in note 45 to the financial statements.

AUDITOR

The financial statements for the year ended 31 March 2025 have

ben audited by Ernst & Young, who wil retire and, being eligible, ofer

themselves for re-apointment. A resolution for their re-apointment as

the auditor of the Company wil be proposed at the forthcoming anual

general meting of the Company. There has ben no change of the

auditor of the Company in the preceding thre years.

On behalf of the Board

Tang Ching Ho

Chairman and Managing Director

Hong Kong, 30 June 2025

报告期后事项

本集团报告期后重大事项之详情载于财务报

表附注45。

核数师

截至二零二五年三月三十一日止年度之财务

报表已由安永会计师事务所审核。安永会计

师事务所将退任，并符合资格且愿意获续

聘。本公司将于应届股东周年大会上提呈决

议案，重新委聘安永会计师事务所为本公司

核数师。本公司于过往三年并无更换核数师。

代表董事会

主席兼董事总经理

邓清河

香港，二零二五年六月三十日

Independent Auditor’s Report

独立核数师报告

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202572位元堂药业控股有限公司 2025 年报

To the shareholders of Wai Yuen Tong Medicine Holdings Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Wai Yuen

Tong Medicine Holdings Limited (the “Company”) and its subsidiaries

(the “Group”) set out on pages 78 to 246, 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 judgement,

were of most significance in our audit of the consolidated financial

statements of the curent period. These maters were adresed in the

context of our audit of the consolidated financial statements as a whole,

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

opinion on these maters. For each mater below, our description of how

our audit adresed the mater is provided in that context.

致位元堂药业控股有限公司股东

（于百慕达注册成立之有限公司）

意见

我们已审计列载于第78页至第246页的位元

堂药业控股有限公司（「贵公司」）及其附属公

司（「贵集团」）的综合财务报表，当中包括于

二零二五年三月三十一日的综合财务状况表

与截至该日止年度的综合损益及其他全面收

益表、综合权益变动表和综合现金流量表，

以及综合财务报表附注，包括重大会计政策

资料。

我们认为，该等综合财务报表已根据香港会

计师公会（「香港会计师公会」）颁布的《香港

财务报告准则会计准则》真实而中肯地反映

了贵集团于二零二五年三月三十一日的综

合财务状况及截至该日止年度的综合财务表

现及综合现金流量，并已遵照香港《公司条

例》的披露规定妥为编制。

意见的基础

我们已根据香港会计师公会颁布的《香港审计

准则》（「香港审计准则」）进行审计。我们在该

等准则下承担的责任已在本报告「核数师就审

计综合财务报表承担的责任」一节作进一步阐

述。根据香港会计师公会颁布的《专业会计师

道德守则》（「守则」），我们独立于贵集团，

并已履行守则中的其他专业道德责任。我们

相信，我们所获得的审计凭证能充足及适当

地为我们的审计意见提供基础。

关键审计事项

关键审计事项是根据我们的专业判断，认为

对本期综合财务报表的审计最为重要的事

项。这些事项是在对综合财务报表整体进行

审计并形成意见的背景下进行处理的，我们

不对这些事项提供单独的意见。我们对下述

每一事项在审计中是如何应对的描述也以此

为背景。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报73

Independent Auditor’s Report (Continued)

独立核数师报告（续）

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 the mater. 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 mater below, provide the basis for

our audit opinion on the acompanying consolidated financial statements.

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of property, plant and equipment

物业、厂房及设备之减值评估

As at 31 March 2025, given that there are internal and

external sources of information that indicate impairment

or reversal of impairment may exist, management of

the Company performed an impairment asesment of

the property, plant and equipment of the Group’s cash

generating units relating to its pharmaceutical busineses

with an agregate carying amount of HK$638,547,000 to

determine their recoverable amounts based on either their

value in use or fair value les costs of disposal.

于二零二五年三月三十一日，由于有内部及外部资料来源

显示可能存在减值或减值拨回，贵公司管理层对贵集

团药业务有关的现金产生单位的物业、厂房及设备账面

总值638,547,000港元进行减值评估，根据使用价值或公

平值减出售成本厘定可收回金额。

During the year, net reversal of impairment loses of

HK$3,130,000 was recognised against the property, plant

and equipment.

于年内，已就物业、厂房及设备确认减值亏损拨回净额

3,130,000港元。

For impairment asesments using the value in use

calculations, our audit procedures included the folowing:

就以计算使用价值进行减值评估而言，我们的审计程序包

括以下各项：

• enquiring of management in relation to the key

asumptions aplied in the cash flow projections, such

as the revenue growth rates and gros profit margins,

etc., and comparing them to historical information and

our understanding of the latest market information and

conditions; and

（如收入

增长率及毛利率）并将所采用的关键假设与历史数据

及我们对最近期市场资讯及状况的理解进行比较；

及

asesing the methodologies and the discount rates

used to determine the recoverable amounts on, a

sampling basis.

，抽样评估用于厘定可收

回金额的方法及贴现率。

关键审计事项（续）

我们已履行本报告「核数师就审计综合财务报

表承担的责任」一节阐述的责任，包括与这些

关键审计事项相关的责任。相应地，我们的

审计工作包括执行为应对评估的综合财务报

表重大错误陈述风险而设计的审计程序。我

们执行审计程序的结果，包括应对下述关键

审计事项所执行的程序，为综合财务报表整

体发表审计意见提供了基础。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202574位元堂药业控股有限公司 2025 年报

Independent Auditor’s Report (Continued)

独立核数师报告（续）

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of property, plant and equipment

(continued)

物业、厂房及设备之减值评估（续）

The impairment asesment has ben identified as a key

audit mater due to the materiality of the carying values

of the property, plant and equipment, and the significant

judgements and estimations involved in the asesment of

their recoverable amounts.

物业、厂房及设备账面值之重要性以及评估其可收回金额

时涉及重大判断及估计，因此减值评估被列为一项关键审

计事项。

The acounting policies and disclosures in relation to the

impairment of property, plant and equipment are included

in notes 2.4, 3 and 15 to the consolidated financial

statements.

有关物业、厂房及设备减值之会计政策及披露载于综合财

务报表附注2.4、3及15。

For impairment asesments using the fair value les costs

of disposal of the relevant property, plant and equipment,

our audit procedures included the folowing:

就以公平值减出售相关物业、厂房及设备的成本进行减值

评估而言，我们的审计程序包括以下各项：

’s asesment

and the valuation reports prepared by the external

valuer engaged by the Group;

• 获得及审阅管理层的评估及由贵集团委聘之外部

估值师所编制之估值报告；

’s qualification, experience

and expertise and considering its competence,

objectivity and independence; and

、经验及专业知识并考虑其

能力、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, estimated rental value,

capitalisation rates and construction cost, etc.

，评估所应用的估值方法

及估值中采纳的关键参数，包括估计售价、估计租

金价值、资本化率及建筑成本等。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报75

Independent Auditor’s Report (Continued)

独立核数师报告（续）

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.

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.

刊载于年报之其他资料

贵公司董事需对其他资料负责。其他资料包

括刊载于年报内的所有资料，但不包括综合

财务报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他资

料，我们亦不对该等其他资料发表任何形式

的鉴证结论。

就我们对综合财务报表的审计而言，我们的

责任是阅读其他资料，在此过程中，考虑其

他资料是否与综合财务报表或我们在审计过

程中所了解的情况存在重大抵触或者似乎存

在重大错误陈述的情况。基于我们已执行的

工作，如果我们认为其他资料存在重大错误

陈述，我们需要报告该事实。在这方面，我

们没有任何报告。

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》的披露规定编制真实而中肯的综合财务

报表，并对其认为使综合财务报表的编制

不存在由于欺诈或错误而导致的重大错误陈

述所需的内部控制负责。

在编制综合财务报表时，贵公司董事负责评

估贵集团持续经营的能力，并在适用情况

下披露与持续经营有关的事项，以及使用持

续经营为会计基础，除非贵公司董事有意

将贵集团清盘或停止经营，或别无其他实

际的替代方案。

审核委员会协助贵公司董事履行职责，监

督贵集团的财务报告过程。

核数师就审计综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不

存在由于欺诈或错误而导致的重大错误陈述

取得合理保证，并出具包括我们意见的核数

师报告。我们遵照百慕达一九八一年《公司

法》第90条仅对全体股东作出报告，除此以

外，本报告并无其他用途。我们不会就核数

师报告的内容向任何其他人士负上或承担任

何责任。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202576位元堂药业控股有限公司 2025 年报

Independent Auditor’s Report (Continued)

独立核数师报告（续）

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Reasonable asurance is a high level of asurance, but is not a guarante

that an audit conducted in acordance with HKSAs wil always detect a

material mistatement when it exists. Mistatements can arise from fraud

or eror and are considered material if, individualy or in the agregate,

they could reasonably be expected to influence the economic decisions

of users taken on the basis of these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgement and maintain profesional scepticism throughout the audit.

We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

provide a basis for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

• 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.

核数师就审计综合财务报表承担的责任

（续）

合理保证是高水平的保证，但不能保证按照

《香港审计准则》进行的审计，在某一重大错

误陈述存在时总能发现。错误陈述可以由欺

诈或错误引起，如果合理预期它们单独或汇

总起来可能影响综合财务报表使用者依赖综

合财务报表所作出的经济决定，则有关的错

误陈述可被视作重大。

在根据香港审计准则进行审计的过程中，我

们运用了专业判断，保持了专业怀疑态度。

我们亦：

• 识别和评估由于欺诈或错误而导致综合

财务报表存在重大错误陈述的风险，设

计及执行审计程序以应对这些风险，以

及获取充足和适当的审计凭证，作为

我们意见的基础。由于欺诈可能涉及串

谋、伪造、蓄意遗漏、虚假陈述，或凌

驾于内部控制之上，因此未能发现因欺

诈而导致的重大错误陈述的风险高于未

能发现因错误而导致的重大错误陈述的

风险。

，以设计适

当的审计程序，但目的并非对贵集团

内部控制的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作

出会计估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰当性

作出结论。根据所获取的审计凭证，确

定是否存在与事项或情况有关的重大不

确定性，从而可能导致对贵集团的持

续经营能力产生重大疑虑。如果我们认

为存在重大不确定性，则有必要在核数

师报告中提醒使用者注意综合财务报表

中的相关披露。假若有关的披露不足，

则我们应当发表非无保留意见。我们的

结论是基于核数师报告日止所取得的审

计凭证。然而，未来事项或情况可能导

致贵集团不能持续经营。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报77

Independent Auditor’s Report (Continued)

独立核数师报告（续）

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

核数师就审计综合财务报表承担的责任

（续）

、结

构和内容，包括披露，以及综合财务报

表是否中肯反映交易和事项。

，以就贵集团内

实体或业务单位的财务资料获取充足及

适当的审计凭证，以作为就综合财务报

表发表意见之基础。我们负责指导、监

督及审阅为进行集团审计而执行的审计

工作。我们为审计意见承担全部责任。

除其他事项外，我们与审核委员会沟通了计

划的审计范围、时间安排、重大审计发现

等，包括我们在审计中识别出内部控制的任

何重大缺陷。

我们还向审核委员会提交声明，说明我们已

符合有关独立性的相关专业道德要求，并与

他们沟通有可能合理地被认为会影响我们独

立性的所有关系和其他事项，以及在适用的

情况下，用以消除对独立性产生威胁的行动

或采取的防范措施。

从与审核委员会沟通的事项中，我们确定哪

些事项对本期综合财务报表的审计最为重

要，因而构成关键审计事项。我们在核数师

报告中描述这些事项，除非法律或规例不允

许公开披露这些事项，或在极端罕见的情况

下，如果合理预期在我们报告中沟通某事项

造成的负面后果超过产生的公众利益，我们

决定不应在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人是

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979号

太古坊一座27楼

二零二五年六月三十日

2025
二零二五年
HK$’000
千港元
745,298
(368,845)
376,453
72,052
(299,030)
(109,273)
(15,021)
1,434
(28,158)
(6,500)
11,073
1,045
4,075
3,017
7,092
–
7,092

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202578位元堂药业控股有限公司 2025 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

二零二四年

NotesHK$’000

附注千港元

CONTINUING OPERATIONS持续经营业务

REVENUE收益5783,881

Cost of sales销售成本(389,068)

Gros profit毛利394,813

Other income and gains, net其他收入及收益，净额591,588

Seling and distribution expenses销售及分销开支(246,123)

Administrative expenses行政开支(108,855)

Reversal of impairment loses/

(impairment loses) on financial asets,

net

金融资产减值亏损拨回╱

（减值亏损），净额

Other expenses, net其他开支，净额6(86,310)

Finance costs融资成本8(40,792)

Fair value loses on financial asets at

fair value through profit or los, net

按公平值经损益入账之金融

资产之公平值亏损，净额(3,219)

Fair value gains/(loses) on owned

investment properties, net

自有投资物业之公平值

收益╱（亏损），净额16(17,852)

Share of profits and loses of asociates分占联营公司溢利及亏损182,533

PROFIT/(LOS) BEFORE TAX FROM

CONTINUING OPERATIONS

来自持续经营业务的

除税前溢利╱（亏损）7(13,633)

Income tax credit所得税抵免116,359

PROFIT/(LOS) FOR THE YEAR FROM

CONTINUING OPERATIONS

来自持续经营业务的本年度

溢利╱（亏损）(7,274)

DISCONTINUED OPERATIONS已终止经营业务

Profit for the year from

discontinued operations

来自已终止经营业务之

本年度溢利1311,319

PROFIT FOR THE YEAR本年度溢利4,045

2025
二零二五年
HK$’000
千港元
11
(1,239)
(426)
(1,654)
(1,080)
–
(1,080)
(2,734)
699
(2,035)
5,057

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报79

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Profit or Los and Other Comprehensive Income (Continued)

综合损益及其他全面收益表（续）

二零二四年

NotesHK$’000

附注千港元

OTHER COMPREHENSIVE INCOME/

(LOS)

其他全面收益╱（亏损）

Other comprehensive income/(los)

that may be reclasified to profit or

los in subsequent periods:

可能于往后期间重新分类至

损益之其他全面收益╱

（亏损）：

Debt investments at fair value through

other comprehensive income:

按公平值经其他全面收益

入账之债务投资：

Changes in fair value公平值变动(8,495)

Reclasification adjustments for

loses/(gains) included in

profit or los:

计入损益之亏损╱

（收益）之重新分类

调整：

– Im pairment loses/(reversal of

impairment loses), net

－减值亏损╱（减值

亏损拨回），净额7461

– Lo ses/(gains) on disposal/

redemption, net

－出售╱赎回亏损╱

（收益），净额5, 69,152

Subtotal小计1,118

Translation reserve:汇兑储备：

Translation of foreign operations换算海外业务(87,911)

Release upon the completion of

the Distribution in Specie

完成实物分派后解除

138,248

Subtotal小计(79,663)

Net other comprehensive los that

may be reclasified to profit or

los in subsequent periods

可能于往后期间重新

分类至损益之其他

全面亏损净额(78,545)

Other comprehensive income/(los)

that wil not be reclasified to profit or

los in subsequent periods:

将不会于往后期间重新

分类至损益之其他

全面收益╱（亏损）：

Equity investments at fair value through

other comprehensive income:

按公平值经其他全面收益

入账之股权投资：

Changes in fair value公平值变动(34,674)

OTHER COMPREHENSIVE LOS FOR

THE YEAR

本年度其他全面亏损

(113,219)

TOTAL COMPREHENSIVE INCOME/

(LOS) FOR THE YEAR

本年度全面收益╱（亏损）

总额(109,174)

2025
二零二五年
HK$’000
千港元
7,100
(8)
7,092
5,065
(8)
5,057
HK0.63 cents 0.63港仙
HK0.63 cents 0.63港仙

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202580位元堂药业控股有限公司 2025 年报

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Profit or Los and Other Comprehensive Income (Continued)

综合损益及其他全面收益表（续）

二零二四年

NotesHK$’000

附注千港元

Profit/(los) atributable to:以下人士应占溢利╱（亏损）：

Owners of the parent母公司拥有人(15,356)

Non-controling interests非控股权益19,401

Total总计4,045

Total comprehensive income/(los)

atributable to:

以下人士应占全面收益╱

（亏损）总额：

Owners of the parent母公司拥有人(78,228)

Non-controling interests非控股权益(30,946)

Total总计(109,174)

EARNINGS/(LOS) PER SHARE

ATRIBUTABLE TO ORDINARY

EQUITY HOLDERS OF THE PARENT

母公司普通权益持有人应占

每股盈利╱（亏损）

Basic and diluted基本及摊薄

– For profit/(los) for the year－本年度溢利╱（亏损）HK(1.30) cents

(1.30)港仙

– Fo r profit/(los) from continuing

operations

－持续经营业务溢利╱

（亏损）

HK(0.63) cents

(0.63)港仙

2025
二零二五年
HK$’000
千港元
638,547
129,900
4,232
2,978
3,699
295,000
18,823
21,047
1,114,226
238,098
67,346
112,453
56,543
3,856
455
9,927
29
–
132,316
621,023
–
621,023
18,271
139,089
9,364
187,345
4,864
358,933

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报81

二零二四年

NotesHK$’000

附注千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、厂房及设备15665,458

Investment properties投资物业16152,000

Net investments in subleases分租投资净额175,897

Investments in asociates于联营公司之投资184,433

Financial asets at fair value through

other comprehensive income

按公平值经其他全面收益

入账之金融资产1924,986

Loans and interest receivables应收贷款及利息22380,000

Prepayments and deposits预付款项及按金2314,423

Defered tax asets递延税项资产3017,685

Total non-curent asets总非流动资产1,264,882

CURENT ASETS流动资产

Inventories存货20308,098

Trade receivables贸易应收款项2181,356

Loans and interest receivables应收贷款及利息22114,759

Prepayments, deposits and

other receivables

预付款项、按金及

其他应收款项2357,781

Net investments in subleases分租投资净额174,931

Financial asets at fair value through

other comprehensive income

按公平值经其他全面收益

入账之金融资产198,128

Financial asets at fair value through

profit or los

按公平值经损益入账之

金融资产2428,753

Tax recoverable可收回税项181

Pledged deposits已抵押存款254,444

Cash and cash equivalents现金及现金等同项目25154,969

763,400

Asets clasified as held for sale分类为持作出售资产2666,828

Total curent asets总流动资产830,228

CURENT LIABILITIES流动负债

Trade and bils payables贸易应付款项及应付票据2730,907

Other payables and acruals其他应付款项及应计费用28148,683

Contract liabilities合约负债2812,020

Interest-bearing bank borowings计息银行借贷29184,749

Tax payable应付税项4,513

Total curent liabilities总流动负债380,872

2025
二零二五年
HK$’000
千港元
262,090
1,376,316
40,476
155,950
320
196,746
1,179,570
11,251
1,169,817
1,181,068
(1,498)
1,179,570

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202582位元堂药业控股有限公司 2025 年报

31 March 2025 二零二五年三月三十一日

Consolidated Statement of Financial Position (Continued)

综合财务状况表（续）

二零二四年

NotesHK$’000

附注千港元

NET CURENT ASETS流动资产净值449,356

TOTAL ASETS LES CURENT

LIABILITIES

总资产减流动负债

1,714,238

NON-CURENT LIABILITIES非流动负债

Other payables其他应付款项2851,220

Interest-bearing bank borowings计息银行借贷29276,200

Defered tax liabilities递延税项负债301,362

Total non-curent liabilities总非流动负债328,782

Net asets资产净值1,385,456

EQUITY权益

Equity atributable to owners of

the parent

母公司拥有人应占权益

Isued capital已发行股本3111,711

Reserves储备331,375,235

Subtotal小计1,386,946

Non-controling interests非控股权益(1,490)

Total equity总权益1,385,456

Tang Ching HoTang Wai Man

邓清河邓蕙敏

DirectorDirector

董事董事

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报83

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

Atributable to owners of the parent

母公司拥有人应占

Isued

capital

premium

Special

reserve

Contributed

surplus

Translation

reserve

Reserve

funds

Merger

reserve

Capital

reserve

Fair value

reserve

(recycling)

Fair value

reserve

(non-

recycling)

Aset

revaluation

reserve

Acumulated

losesTotal

Non-

controling

interests

Total

equity

已发行股本股份溢价特别储备实缴盈余汇兑储备储备基金合并储备资本储备

公平值储备

（可划转）

公平值储备

（不可划转）

资产重估

储备累计亏损总计非控股权益总权益

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

(note 31)(note 33(i)(note 33(i)(note 33(i)(note 33(iv)(note 33(v)(note 33(vi)

（附注31）（附注33(i)）（附注33(i)）（附注33(i)）（附注33(iv)）（附注33(v)）（附注33(vi)）

At 1 April 2023于二零二三年四月一日12,0462,097,109(27,150)275,69322,9414,615209(11,019)(2,266)(13,709)104,117(113,395)2,349,1911,339,1933,688,384

Profit/(los) for the year本年度溢利╱（亏损）–(15,356)(15,356)19,4014,045

Other comprehensive income/(los)

for the year:

本年度其他全面收益╱

（亏损）：

Debt investments at fair value through

other comprehensive income:

按公平值经其他全面收益

入账之债务投资：

Changes in fair value公平值变动–(8,495)–(8,495)–(8,495)

Reclasification adjustment for

loses/(gains) included in

profit or los

计入损益之亏损╱（收益）

之重新分类调整

– Impairment loses, net－减值亏损，净额–461–461–461

– Lo s on disposal/

redemption, net

－出售╱赎回

亏损，净额–9,152–9,152–9,152

Equity investments at fair value through

other comprehensive income:

按公平值经其他全面收益

入账之股权投资：

Changes in fair value公平值变动–(34,674)–(34,674)–(34,674)

Translation reserve:汇兑储备：

Exchange diferences on translation

of foreign operation

换算海外业务所产生之

汇兑差额–(37,564)–(37,564)(50,347)(87,911)

Release upon completion of the

Distribution in Specie (note 13)

完成实物分派后解除

（附注13）–8,248–8,248–8,248

Total comprehensive income/(los)

for the year

本年度全面收益╱（亏损）

总额–(29,316)–1,118(34,674)–(15,356)(78,228)(30,946)(109,174)

Dividend paid to non-controling interests向非控股权益派付的股息–(5,429)(5,429)

Reclasification adjustment for a los on

disposal of equity investments at fair

value through other comprehensive

income

出售按公平值经其他全面

收益入账之股权投资的

亏损之重新分类调整

–24,053–(24,053)–

Shares repurchased and canceled

(note 31)

已购回及注销的股份

（附注31）(335)(14,393)–(14,728)–(14,728)

Disposal of a subsidiary出售一间附属公司–(76,103)76,103–

Recognition of an equity-setled share-

based payment of a subsidiary

确认一间附属公司以权益

结算以股份为基础之付款–3,8383,838

Share premium reduction (note 31(i)削减股份溢价（附注31(i)）–(950,000)–950,000–

Special dividend by way of Distribution in

Specie (note 12)

以实物分派方式派付的

特别股息（附注12）–(869,289)–(869,289)(1,308,146)(2,177,435)

Reclasification of reserves upon

completion of the Distribution

in Specie

于实物分派完成后重新

分类储备

–(4,256)(209)11,019–(6,554)–

At 31 March 2024于二零二四年三月三十一日11,7111,132,716(27,150)356,404(6,375)359–(1,148)(24,330)28,014(83,255)*1,386,946(1,490)1,385,456

Attributable to owners of the parent
母公司拥有人应占
Issued capital	Share premium	Special reserve	Contributed surplus	Translation reserve	Reserve funds	Fair value reserve (recycling)	Fair value reserve (non- recycling)	Asset revaluation reserve	Accumulated losses	Total	Non- controlling interests	Total equity
已发行股本	股份溢价	特别储备	实缴盈余	汇兑储备	储备基金	公平值储备（可划转）	公平值储备（不可划转）	资产重估储备	累计亏损	总计	非控股权益	总权益
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
(note 31)	(note 33(i))	(note 33(ii))	(note 33(iii))		(note 33(iv))
（附注3 1）	（附注33 (i)）	（附注33( ii)）	（附注33(i ii)）		（附注33(i v)）
11,711	1,132,716	(27,150)	356,404	(6,375)	359	(1,148)	(24,330)	28,014	(83,255)	1,386,946	(1,490)	1,385,456
–	–	–	–	–	–	–	–	–	7,100	7,100	(8)	7,092
–	–	–	–	–	–	11	–	–	–	11	–	11
–	–	–	–	–	–	(1,239)	–	–	–	(1,239)	–	(1,239)
–	–	–	–	–	–	(426)	–	–	–	(426)	–	(426)
–	–	–	–	–	–	–	699	–	–	699	–	699
–	–	–	–	(1,08 0)	–	–	–	–	–	(1,08 0)	–	(1,080 )
–	–	–	–	(1,080)	–	(1,654)	699	–	7,100	5,065	(8)	5,057
–	–	–	–	–	–	–	(2,425)	–	2,425	–	–	–
–	–	–	(199,143)	–	–	–	–	–	–	(199,143)	–	(199,143)
(46 0)	(11,34 0)	–	–	–	–	–	–	–	–	(11,80 0)	–	(11,800 )
11,2 51	1,121,3 76*	(27,1 50)*	157,2 61*	(7,4 55)*	3 59*	(2,8 02)*	(26,0 56)*	28,0 14*	(73,7 30)*	1,181,06 8	(1,4 98)	1,179,570

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202584位元堂药业控股有限公司 2025 年报

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Changes in Equity (Continued)

综合权益变动表（续）

At 1 April 2024于二零二四年四月一日

Profit/(los) for the year本年度溢利╱（亏损）

Other comprehensive income/(los)

for the year:

本年度其他全面收益╱

（亏损）：

Debt investments at fair value through

other comprehensive income:

按公平值经其他全面收益

入账之债务投资

Changes in fair value公平值变动

Reclasification adjustment for

loses/(gains) included in

profit or los

计入损益之亏损╱

（收益）之重新

分类调整

– R eversal of impairment

loses, net

－减值亏损拨回，

净额

– G ain on disposal/

redemption, net

－出售╱赎回收益，

净额

Equity investments at fair value

through other comprehensive

income:

按公平值经其他全面

收益入账之股权

投资：

Changes in fair value公平值变动

Translation reserve:汇兑储备：

Exchange diferences on translation

of foreign operation

换算海外业务所产生之

汇兑差额

Total comprehensive income/

(los) for the year

本年度全面收益╱

（亏损）总额

Reclasification adjustment for a

gain on disposal of equity

investments at fair value through

other comprehensive income

出售按公平值经其他全面

收益入账之股权投资的

收益之重新分类调整

Final 2024 dividend and special

dividend (note 12)

二零二四年末期股息及

特别股息（附注12）

Shares repurchased and canceled

(note 31)

已购回及注销的股份

（附注31）

At 31 March 2025于二零二五年三月三十一日

$1,169,817,000 (2024:

HK$1,375,235,000) in the consolidated statement of financial position.

* 该等储备账目包括综合财务状况表中的综合储备

1,169,817,000港元（二零二四年：1,375,235,000港

元）。

2025
二零二五年
HK$’000
千港元
4,075
–
28,158
(43,439)
(544)
(1,439)
(431)
(361)
(1,864)
1,201
–
6,500
(16,368)
(426)
–
–
(3,130)
–
–
15,021
33,349
57,134
141
(11,073)
–
4,015
–
(1,045)
69,474

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报85

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

二零二四年

NotesHK$’000

附注千港元

CASH FLOWS FROM OPERATING ACTIVITIES经营业务之现金流量

Profit/(los) before tax除税前溢利╱（亏损）

From continuing operations来自持续经营业务(13,633)

From discontinued operations来自已终止经营业务63,320

Adjustments for:已调整以下各项：

Finance costs融资成本152,546

Interest income on loans receivables应收贷款之利息收入(39,621)

Interest income on financial asets at fair value

through profit or los and financial asets

at fair value through other comprehensive

income

按公平值经损益入账之

金融资产及按公平值经

其他全面收益入账之

金融资产之利息收入5(3,767)

Interest income on bank deposits银行存款之利息收入(4,853)

Finance income on net investments in subleases分租投资净额之财务收入5(354)

Dividends from financial asets at fair value

through profit or los and financial asets

at fair value through other comprehensive

income

按公平值经损益入账之金融资

产及按公平值经其他全面收

益入账之金融资产之股息

5(2,451)

Gain on modification of lease contracts, net修改租赁合约之收益，净额5–

Los on disposal of investment properties出售投资物业之亏损6–

Gain on early redemption of unsecured notes提早赎回无抵押票据之收益(12,110)

Fair value loses on financial asets and liabilities

at fair value through profit or los, net

按公平值经损益入账之金融资

产及负债之公平值亏损，

净额6,036

Gain on disposal of items of property, plant and

equipment, net

出售物业、厂房及设备项目之

收益，净额(35,261)

Los/(gain) on disposal/redemption of debt

investments at fair value through other

comprehensive income, net

出售╱赎回按公平值经其他全

面收益入账之债务投资之亏

损╱（收益），净额5, 69,152

Los on derecognition on subsidiaries附属公司终止确认亏损138,248

Los on disposal of a subsidiary出售一间附属公司之亏损65,898

Reversal of impairment loses/(impairment

loses) on property, plant and equipment, net

物业、厂房及设备减值亏损

拨回╱（减值亏损），净额6, 1568,630

Reversal of aged payables拨回长期应付款项(101,840)

Equity-setled share option expense以权益结算之购股权开支3,838

Impairment loses/(reversal of impairment

loses) on financial asets, net

金融资产减值亏损╱

（减值亏损拨回），净额(1,212)

Depreciation of owned asets所拥有资产折旧1551,704

Depreciation of right-of-use asets使用权资产折旧1559,446

Acrued rent-fre rental income应计免租金收入16147

Fair value (gains)/loses on owned investment

properties, net

所拥有投资物业之公平值

（收益）╱亏损，净额16100,530

Fair value gains on sub-leased investment

properties, net

分租投资物业之公平值收益，

净额16(15,183)

Alowance for obsolete inventories陈旧存货拨备72,911

Write-down of properties held for sale撇减持作出售物业2,919

Share of profits and loses of asociates分占联营公司溢利及亏损(2,533)

Cash generated from operations before

changes in working capital

营运资金变动前经营所得现金

302,507

2025
二零二五年
HK$’000
千港元
69,474
65,697
–
–
(13,494)
(13,015)
(4,944)
(2,521)
(4,311)
96,886
4,874
1,439
(880)
102,319
(25,698)
–
–
(1,461)
–
–
–
–
62,072
69,831
12,326
7,749
21,986
–
2,500
46,223
215,000
(130,000)
361
280,889

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202586位元堂药业控股有限公司 2025 年报

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Cash Flows (Continued)

综合现金流量表（续）

二零二四年

NotesHK$’000

附注千港元

Cash generated from operations before

changes in working capital

营运资金变动前经营所得现金

302,507

Decrease/(increase) in inventories存货减少╱（增加）(102,154)

Increase in properties under development发展中物业增加(150,656)

Decrease in properties held for sale持作出售物业减少206,847

Increase in trade receivables贸易应收款项增加(13,135)

Decrease/(increase) in prepayments,

deposits and other receivables

预付款项、按金及其他应收款项

减少╱（增加）17,860

Decrease in trade and bils payables贸易应付款项及应付票据减少(2,294)

Decrease in contract liabilities合约负债减少(785)

Decrease in other payables and acruals其他应付款项及应计费用减少(42,657)

Cash generated from operations经营所得现金215,533

Proceds from subleases分租所得款项17(i)5,942

Interest received on bank deposits已收银行存款利息4,853

Tax paid已付税项(34,640)

Net cash flows from operating activities经营业务所得之现金流量净额191,688

CASH FLOWS FROM INVESTING ACTIVITIES投资活动之现金流量

Purchases of items of property, plant and

equipment

购买物业、厂房及设备项目

(29,418)

Acquisition of subsidiaries that are not busineses收购并非业务之附属公司35(78,124)

Aditions to investment properties添置投资物业16(7,897)

Deposits paid for acquisition of items of property,

plant and equipment

收购物业、厂房及设备项目之

已付按金(5,231)

Purchase of financial asets at fair value through

other comprehensive income

购买按公平值经其他全面收益

入账之金融资产(269)

Purchase of financial asets at fair value through

profit or los

购买按公平值经损益入账之

金融资产(40,403)

Proceds from disposal of a subsidiary出售一间附属公司所得款项36165,020

Net cash outflow arising from derecognition of

subsidiaries upon completion of the

Distribution in Specie

完成实物分派后终止确认附属

公司产生的现金流出净额

13(237,736)

Proceds from disposal of items of property, plant

and equipment

出售物业、厂房及设备项目

所得款项86,818

Proceds from disposal of investment properties出售投资物业所得款项–

Proceds from disposal of financial asets at fair

value through profit or los

出售按公平值经损益入账之

金融资产所得款项50,096

Proceds from disposal/redemption of debt

investments at fair value through other

comprehensive income

出售╱赎回按公平值经其他

全面收益入账之债务投资

所得款项34,236

Proceds from disposal of equity investments at

fair value through other comprehensive income

出售按公平值经其他全面收益

入账之股权投资所得款项25,601

Decrease in restricted bank balances受限制银行结余减少6,106

Dividends received from asociates已收联营公司股息2,600

Interest received from loans receivables and

debt investments

来自应收贷款及债务投资之

已收利息43,241

Setlement of loans receivables偿还应收贷款6,781

Increase in loans receivables应收贷款增加(108,493)

Dividends received from financial asets at fair

value through other comprehensive income

and financial asets at fair value through

profit or los

来自按公平值经其他全面收益

入账之金融资产及按公平值

经损益入账之金融资产之

已收股息2,451

Net cash flows from/(used in) investing activities投资活动所得╱（所用）之

现金流量净额(84,621)

2025
二零二五年
HK$’000
千港元
60,078
(177,732)
(11,800)
(199,143)
–
–
(55,966)
(25,509)
–
4,384
–
(405,688)
(22,480)
154,969
(173)
132,316
130,501
1,815
132,316

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报87

Year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Cash Flows (Continued)

综合现金流量表（续）

二零二四年

NotesHK$’000

附注千港元

CASH FLOWS FROM FINANCING ACTIVITIES融资活动所得现金流量

New bank borowings新增银行借贷818,971

Repayment of bank borowings偿还银行借贷(934,007)

Shares repurchase股份购回31(i)(14,728)

Dividends paid已付股息–

Dividends paid to non-controling interests向非控股权益支付股息(5,429)

Redemption of unsecured notes赎回无抵押票据(118,326)

Principal portion of lease payments租赁付款之本金部分(64,327)

Interest paid已付利息(139,819)

Placement of pledged deposits存置已抵押存款(16,089)

Withdrawal of pledged deposits提取已抵押存款4,935

Transaction cost incured for the Distribution in

Specie

实物分派产生的交易成本

13(1,150)

Net cash flows used in financing activities融资活动所用之现金流量净额(469,969)

NET DECREASE IN CASH AND CASH

EQUIVALENTS

现金及现金等同项目减少净额

(362,902)

Cash and cash equivalents at begining of year年初之现金及现金等同项目526,703

Efect of foreign exchange rate changes, net汇率变动之影响，净额(8,832)

CASH AND CASH EQUIVALENTS AT END OF

YEAR

年末之现金及现金等同项目

154,969

ANALYSIS OF BALANCES OF CASH AND

CASH EQUIVALENTS

现金及现金等同项目之结余分析

Cash and bank balances现金及银行结余110,288

Non-pledged time deposits with original maturity

of les than thre months when acquired

购入时原到期日少于三个月之

非抵押定期存款44,681

Cash and cash equivalents as stated in the

consolidated statement of financial position

综合财务状况表所列示之现金及

现金等同项目154,969

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202588位元堂药业控股有限公司 2025 年报

Notes to Financial Statements

财务报表附注

31 March 2025 二零二五年三月三十一日

1. 公司及集团资料

位元堂药业控股有限公司（「本公司」）为

一间于百慕达注册成立之获豁免有限公

司，其总办事处及主要营业地点均位于

为香港九龙九龙湾宏光道39号宏天广场

31楼3101室。

于年内，本公司及其附属公司（统称「本

集团」）主要涉及下列业务：

• 生产及销售中药及保健食品产品及

1. CORPORATE AND GROUP INFORMATION

Wai Yuen Tong Medicine Holdings Limited (the “Company”) is

incorporated in Bermuda as an exempted company with limited

liability and its head ofice and principal place of busines are both

located at Suite 3101, 31/F., Skyline Tower, 39 Wang Kwong Road,

Kowlon Bay, Kowlon, Hong Kong.

During the year, the Company and its subsidiaries (colectively

refered to as the “Group”) were involved in the folowing principal

activities:

• production and sale of Chinese pharmaceutical and health

fod products and relevant services

• production and sale of Western pharmaceutical and health

fod products

• property investment

• management and sale of properties in agricultural produce

exchange markets (discontinued during the year ended 31

March 2024 (note 13)

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 of Hong Kong Limited (the

“Stock Exchange”).

2025
二零二五年
–
–
–
–
–
–
–

2025
二零二五年
100%
100%
100%
100%
100%
100%
99.79%

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报89

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

附属公司之资料

本公司主要附属公司之详情如下：

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as folows:

Percentage of equity

atributable to the Company

本公司应占股权百分比

Name

Place of

incorporation

and busines

Isued

ordinary/

registered

share capital

DirectIndirect

Principal activities

直接间接

名称

注册成立及

营业地点

已发行普通╱

注册股本二零二四年二零二四年主要业务

Asia Brighter Investment

Limited

Hong KongOrdinary HK$1–100%Property investment

益晖投资有限公司

香港普通股1港元物业投资

Cloud Hero LimitedHong KongOrdinary HK$1–100%Provision of financial

service

香港普通股1港元提供金融服务

Ful Gainer Investment Limited

Hong KongOrdinary HK$1–100%Property holding

卓怡投资有限公司

香港普通股1港元物业持有

Grand Quality Development Limited

Hong KongOrdinary HK$2–100%Property holding

广均发展有限公司

香港普通股2港元物业持有

God Excelent Limited

Hong KongOrdinary HK$1–100%Property holding

港威龙有限公司

香港普通股1港元物业持有

Info World Investment Limited

Hong KongOrdinary HK$1–100%Property investment

裕讯投资有限公司

香港普通股1港元物业投资

Luxembourg Medicine

Company Limited

Hong KongOrdinary HK$933,313–99.79%Production and

sale of Western

pharmaceutical and

health fod products

卢森堡大药厂有限公司香港普通股933,313港元生产及销售西药及

保健食品产品

2025
二零二五年
–
–
–
–
–
100%
–

2025
二零二五年
100%
100%
100%
100%
100%
–
100%

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202590位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

Percentage of equity

atributable to the Company

本公司应占股权百分比

Name

Place of

incorporation

and busines

Isued

ordinary/

registered

share capital

DirectIndirect

Principal activities

直接间接

名称

注册成立及

营业地点

已发行普通╱

注册股本二零二四年二零二四年主要业务

Nice Treasure Limited

(“Nice Treasure”)

Hong KongOrdinary HK$1–100%

(note i)

Property holding

利晴有限公司（「利晴」）香港普通股1港元（附注i）物业持有

Star Sense Limited

Hong KongOrdinary HK$1–100%Property holding

升迅有限公司

香港普通股1港元物业持有

Suces Vision Limited

(“Suces Vision”)

Hong KongOrdinary HK$1–100%

(note i)

Property holding

诚卫有限公司（「诚卫」）

香港普通股1港元（附注i）物业持有

Sunbo Investment Limited

Hong KongOrdinary HK$1–100%Property investment

森宝投资有限公司

香港普通股1港元物业投资

Topmate Investment Limited

Hong KongOrdinary HK$1–100%Property holding

德美投资有限公司

香港普通股1港元物业持有

Total Smart Investments LimitedBritish

Virgin Islands

Ordinary US$1100%–Investment holding

英属处女群岛普通股1美元投资控股

Wai Yuen Tong Company LimitedHong KongOrdinary HK$1–100%Property holding

位元堂有限公司香港普通股1港元物业持有

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

Information about subsidiaries (continued)

（续）

附属公司之资料（续）

2025
二零二五年
–
–
–

2025
二零二五年
99.79%
99.79%
99.79%

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报91

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

Percentage of equity

atributable to the Company

本公司应占股权百分比

Name

Place of

incorporation

and busines

Isued

ordinary/

registered

share capital

DirectIndirect

Principal activities

直接间接

名称

注册成立及

营业地点

已发行普通╱

注册股本二零二四年二零二四年主要业务

Wai Yuen Tong (Macao) LimitedMacauOrdinary

Macau Pataca

25,000

–99.79%Retail sale of Chinese

pharmaceutical and

health fod products

and relevant services

位元堂（澳门）有限公司澳门普通股25,000澳门元零售中药及保健食品

产品及相关服务

Wai Yuen Tong (Retail) LimitedHong KongOrdinary

HK$300,000

–99.79%Retail sale of Chinese

pharmaceutical and

health fod products

and relevant services

位元堂（零售）有限公司香港普通股300,000港元零售中药及保健食品

产品及相关服务

Wai Yuen Tong Medicine

Company Limited (“WYT Medicine

Company”)

Hong KongOrdinary

HK$13,417,374

Non-voting

defered shares*

HK$17,373,750

–99.79%Production and

sale of Chinese

pharmaceutical and

health fod products

位元堂药厂有限公司（「位元堂药厂」）香港普通股13,417,374

港元

无投票权递延股份*

17,373,750港元

生产及销售中药及保

健食品产品

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

Information about subsidiaries (continued)

（续）

附属公司之资料（续）

2025
二零二五年
–
–

2025
二零二五年
99.79%
99.79%

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202592位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

Percentage of equity

atributable to the Company

本公司应占股权百分比

Name

Place of

incorporation

and busines

Isued

ordinary/

registered

share capital

DirectIndirect

Principal activities

直接间接

名称

注册成立及

营业地点

已发行普通╱

注册股本二零二四年二零二四年主要业务

深圳市延养堂医药有限公司

People’s Republic

of China (the

“PRC”)/Mainland

China

Registered capital

Renminbi (“RMB”)

102,000,000

–99.79%Retail sale and

wholesale of Chinese

pharmaceutical and

health fod products

深圳市延养堂医药有限公司

中华人民共和国

（「中国」）╱

中国内地

注册资本人民币

（「人民币」）

102,000,000元

零售及批发中药及保

健食品产品

冠尊（深圳）商贸发展有限公司

The PRC/

Mainland China

Registered capital

HK$100,000,000

–100%Property holding

冠尊（深圳）商贸发展有限公司

中国╱中国内地注册资本100,000,000

港元

物业持有

* The non-voting defered shares cary no voting rights nor rights to dividends. On

the winding up of WYT Medicine Company, holders of the non-voting defered

shares have a right to repayment in proportion to the amounts paid up on al

ordinary and defered shares after the first HK$1,000,000,000,000 thereof has

ben distributed among the holders of the ordinary shares.

Wholy-foreign-owned enterprises under PRC law.

At 31 March 2025 and 2024, the equity interests of these companies were

pledged to certain banks to secure bank borowings of HK$313,295,000 (2024:

HK$430,949,000) granted to the Group (note 29(b).

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

Information about subsidiaries (continued)

。于

位元堂药厂清盘时，向普通股持有人分派有

关之首笔1,000,000,000,000港元后，无投票

权递延股份持有人有权按所有普通股及递延

股份之实缴股款比例获得退还款项。

中国法律下的外商独资企业。

于二零二五年及二零二四年三月三十一日，

该等公司的股权已抵押予若干银行，作为

本集团获授银行借贷313,295,000港元（二

零二四年：430,949,000港元）的担保（附注

29(b)）。

（续）

附属公司之资料（续）

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报93

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

附属公司之资料（续）

上表载列本公司董事认为主要影响本集

团之年度业绩或占资产净值重大部分之

本公司附属公司。本公司董事认为列出

其他附属公司之详情会令篇幅过于冗长。

附注：

(i) 截至二零二四年三月三十一日止年度，已出

售及因失去控制权而取消综合入账的附属公

司的进一步详情分别载于财务报表附注36及

13。

(i) 于截至二零二四年三月三十一日止年度已收

购的附属公司的进一步详情载于财务报表附

注35。

2. 会计政策

2.1 编制基准

该等财务报表乃根据香港会计师公会

（「香港会计师公会」）颁布之香港财务报

告准则会计准则（包括所有香港财务报告

准则、香港会计准则（「香港会计准则」）

及诠释）及香港公司条例之披露规定编

制。有关财务资料乃按历史成本基准编

制，惟投资物业、按公平值经损益入账

（「按公平值经损益入账」）之金融资产以

及按公平值经其他全面收益入账（「按公

平值经其他全面收益入账」）之金融资产

按公平值计量。分类为持作出售的资产

按其账面值与公平值减出售成本两者中

较低者列账，诚如财务报表附注2.4进一

步阐释。

该等财务报表以港元（「港元」）呈列，除

另有注明者外，所有数值均约整计至最

接近千位。

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

Information about subsidiaries (continued)

The above table lists the subsidiaries of the Company which, in

the opinion of the directors of the Company, 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 of the Company, result in particulars of

excesive length.

Notes:

(i) Further details of subsidiaries disposed of and deconsolidated due to los of

control during the year ended 31 March 2024 are included in notes 36 and 13

to the financial statements, respectively.

(i) Further details of subsidiaries acquired during the year ended 31 March 2024

are included in note 35 to the financial statements.

2. ACOUNTING POLICIES

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, financial asets at fair value through profit

or los (“FVTPL”) and financial asets at fair value through other

comprehensive income (“FVTOCI”) which have ben measured at

fair value. Asets clasified as held for sale are stated at the lower

of their carying amount and fair value les costs to sel as further

explained in note 2.4 to the financial statements.

These financial statements are presented in Hong Kong dolars

(“HK$”) and al values are rounded to the nearest thousand except

when otherwise indicated.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202594位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.1 编制基准（续）

综合基准

综合财务报表包括本公司及其附属公司

截至二零二五年三月三十一日止年度之

财务报表。附属公司指受本公司直接或

间接控制的实体（包括结构性实体）。倘

本集团透过参与被投资方业务而承担或

享有可变回报的风险或权利，并有能力

透过其于有关被投资方的权力（即目前赋

予本集团指示被投资方相关活动的现有

权利）影响有关回报，即表示本集团拥有

控制权。

一般而言，假定大多数投票权将导致控

制权。倘本公司拥有被投资方的投票权

或类似权利不足半数，本集团于评估其

对被投资方是否拥有权力时会考虑所有

2. ACOUNTING POLICIES (CONTINUED)

2.1 BASIS OF PREPARATION (CONTINUED)

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

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报95

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.1 编制基准（续）

综合基准（续）

倘有事实及情况显示上述三项控制元素

中有一项或多项因素出现变动，本集团

会重新评估是否仍然对被投资方拥有控

制权。附属公司中不导致丧失控制权的

拥有权益变动作为股本交易入账。

倘本集团失去对附属公司之控制权，则

终止确认相关资产（包括商誉）、负债、

任何非控股权益及汇兑波动储备；并确

认所保留任何投资之公平值；及损益中

任何因此产生之盈余或亏损。本集团先

前确认分占其他全面收益的组成部分适

当地重新分类计入损益或保留溢利，基

准犹如本集团直接出售有关资产或负债

所规定者相同。

2.2 会计政策之变动及披露资料

本集团已就本年度财务报表首次采纳以

下经修订香港财务报告准则会计准则。

香港财务报告准则

第16号之修订本

售后回租之租赁

负债

香港会计准则第7号

及香港财务报告

准则第7号之

修订本

供应商融资安排

2. ACOUNTING POLICIES (CONTINUED)

2.1 BASIS OF PREPARATION (CONTINUED)

Basis of consolidation (continued)

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.

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 16

Lease Liability in a Sale and

Leaseback

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance Arangements

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202596位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.2 会计政策之变动及披露资料（续）

经修订香港财务报告准则会计准则的性

质及影响如下：

(a) 香港财务报告准则第16号之修订

本订明卖方－承租人于计量售后租

回交易产生之租赁负债时使用之规

定，以确保卖方－承租人不会确认

与其所保留使用权有关之任何收益

或亏损金额。由于本集团自首次应

用香港财务报告准则第16号起并无

任何可变租赁付款不取决于指数或

利率的售后回租交易，该修订本对

本集团的财务状况或表现并无任何

影响。

(b) 香港会计准则第7号及香港财务报

告准则第7号之修订本阐明供应商

融资安排的特点，并规定须就该等

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的负

债、现金流量及流动资金风险的影

响。由于本集团并无供应商融资安

排，该等修订本对本集团财务报表

并无任何影响。

2. ACOUNTING POLICIES (CONTINUED)

2.2 CHANGES IN ACOUNTING POLICIES AND DISCLOSURES

(CONTINUED)

The nature and the impact of the revised HKFRS Acounting

Standards 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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报97

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效的香港财务报告准

则会计准则

本集团并无于该等财务报表应用下列已

颁布但尚未生效之新订及经修订香港财

务报告准则会计准则。本集团拟于该等

新订及经修订香港财务报告准则会计准

则生效时予以应用（如适用）。

香港财务报告准则

第18号

于财务报表之呈列

及披露

香港财务报告准则

第19号

非公共受托责任附

属公司的披露

香港财务报告准则

第9号及香港财务

报告准则第7号之

修订本

金融工具分类及计

量之修订本

香港财务报告准则

第9号及香港财务

报告准则第7号

之修订本

涉及依赖自然能源

生产电力的合约

香港财务报告准则

第10号及香港会

计准则第28号之

修订本

投资者与其联营公

司或合资企业之

间的资产出售或

投入

香港会计准则第21

号之修订本

缺乏可兑换性

香港财务报告准则

会计准则的年度

改进－第11册

香港财务报告准则

第1号、香港财

务报告准则第7

号、香港财务报

告准则第9号、

香港财务报告准

则第10号及香港

会计准则第7号

之修订本

于二零二五年一月一日或之后开始之年度期

间生效

于二零二六年一月一日或之后开始之年度期

间生效

于二零二七年一月一日或之后开始之年度╱

报告期间生效

尚未厘定强制生效日期但可供采纳

2. ACOUNTING POLICIES (CONTINUED)

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 2027

No mandatory efective date yet determined but available for adoption

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 202598位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效的香港财务报告准

则会计准则（续）

有关预期适用于本集团的该等香港财务

报告准则会计准则的进一步资料载列如

下。

香港财务报告准则第18号取代香港会计

准则第1号财务报表之呈列。尽管香港会

计准则第1号的多个章节已被纳入而变

动有限，香港财务报告准则第18号就损

益表内呈列方式引入新规定，包括指定

的总计及小计。实体须将损益表内所有

收益及开支分类为以下五个类别之一：

经营、投资、融资、所得税及已终止经

营业务，并呈列两项新界定小计。其亦

规定於单一附注中披露管理层界定的绩

效指标，并对主要财务报表及附注中资

料的组合（合并及分类）和位置提出更严

格的要求。若干早前已纳入香港会计准

则第1号的规定移至香港会计准则第8号

会计政策、会计估计变更及差错，并更

名为香港会计准则第8号财务报表的呈

列基准。由于颁布香港财务报告准则第

18号，对香港会计准则第7号现金流量

表、香港会计准则第33号每股盈利及香

港会计准则第34号中期财务报告作出有

限但广泛适用的修订。此外，其他香港

财务报告准则会计准则亦有轻微的相应

修订。香港财务报告准则第18号及其他

香港财务报告准则会计准则的相应修订

于二零二七年一月一日或之后开始的年

度期间生效，须追溯应用，并可提早应

用。本集团现正分析新订规定并评估香

港财务报告准则第18号对本集团财务报

表的呈列及披露的影响。

2. ACOUNTING POLICIES (CONTINUED)

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报99

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效的香港财务报告准

则会计准则（续）

香港财务报告准则第19号允许合资格实

体选择应用经削减的披露规定，同时仍

应用其他香港财务报告准则会计准则的

确认、计量及呈列规定。为符合资格，

于报告期末，实体须为香港财务报告准

则第10号综合财务报表所界定的附属公

司，且毋须作出公共问责，并须拥有一

间编制符合香港财务报告准则会计准则

的综合财务报表供公众使用的母公司（最

终或中间公司）。允许提早应用。由于本

公司为上市公司，并不符合资格选择应

用香港财务报告准则第19号。本公司若

干附属公司正考虑于其特定财务报表中

应用香港财务报告准则第19号。

香港财务报告准则第9号及香港财务报告

准则第7号的修订本金融工具分类及计

量之修订本阐明终止确认金融资产或金

融负债的日期，并引入一项会计政策选

择，在符合特定条件的情况下，终止确

认于结算日前透过电子付款系统结算的

金融负债。该等修订厘清如何评估具有

环境、社会及管治以及其他类似或然特

征的金融资产的合同现金流量特征。此

外，该等修订厘清具有无追索权特征的

金融资产及合同挂钩工具的分类规定。

该等修订亦包括指定按公平值经其他全

面收益入账的权益工具投资及具有或然

特征的金融工具的额外披露。该等修订

须追溯应用，并于首次应用日期对期初

留存溢利（或权益的其他组成部分）进行

调整。过往期间毋须重列，且仅可在不

作出预知的情况下重列。允许同时提早

应用所有修订，或仅允许提早应用与金

融资产分类相关的修订。该等修订预期

不会对本集团的财务报表产生任何重大

影响。

2. ACOUNTING POLICIES (CONTINUED)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS (CONTINUED)

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.

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 FVTOCI 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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025100位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效的香港财务报告准

则会计准则（续）

香港财务报告准则第9号及香港财务报告

准则第7号之修订本依赖自然能源生产

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

冲关系中被对冲项目的指定规定。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的情况下重

列。与对冲会计相关的修订本应于未来

期间应用于首次应用之日或之后指定的

新对冲关系。允许提早应用。香港财务

报告准则第9号及香港财务报告准则第7

号之修订本应同时应用。该等修订预期

不会对本集团的财务报表产生任何重大

影响。

香港财务报告准则第10号及香港会计准

则第28号的修订针对香港财务报告准则

第10号与香港会计准则第28号之间有关

投资者与其联营公司或合营公司之间的

资产出售或投入两者规定的不一致性。

该等修订规定，当资产出售或投入构成

一项业务时，须悉数确认下游交易产生

的收益或亏损。当交易涉及不构成一项

业务的资产时，由该交易产生的收益或

亏损于该投资者的损益内确认，惟仅以

不相关投资者于该联营公司或合营公司

的权益为限。该等修订将于未来期间应

用。香港会计师公会已取消以往对香港

财务报告准则第10号及香港会计准则第

28号修订的强制生效日期。然而，该等

修订目前可供采纳。

2. ACOUNTING POLICIES (CONTINUED)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS (CONTINUED)

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 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.

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报101

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效的香港财务报告准

则会计准则（续）

香港会计准则第21号的修订本订明一

间实体如何评估货币是否可兑换为另一

种货币及于缺乏可兑换性的情况下，其

于计量日期如何估计即期汇率。该等修

订要求披露资料，使财务报表使用者了

解货币不可兑换性的影响。允许提早应

用。当应用该等修订时，一间实体不能

重列比较资料。初始应用该等修订的任

何累积影响应确认为留存溢利期初结余

或权益单独组成部分于初始应用日期（如

适用）应计累计汇兑差额的调整。该等修

订预期不会对本集团的财务报表产生任

何重大影响。

香港财务报告准则会计准则的年度改

进－第11册载列香港财务报告准则第1

号、香港财务报告准则第7号（及实施香

港财务报告准则第7号的随附指引）、香

港财务报告准则第9号、香港财务报告

准则第10号及香港会计准则第7号的修

订。预期适用于本集团的该等修订详情

如下：

• 香港财务报告准则第7号金融工

具：披露：该等修订已更新香港财

务报告准则第7号第B38段及实施

香港财务报告准则第7号的指引第

IG1、IG14及IG20B段的若干措辞，

以简化或与标准的其他段落及╱或

其他标准所用的概念及术语达致一

致性。此外，该等修订厘清实施香

港财务报告准则第7号的指引未必

说明香港财务报告准则第7号参考

段落的所有规定，亦未必增设额外

规定。允许提早应用。该等修订预

期不会对本集团的财务报表产生任

何重大影响。

2. ACOUNTING POLICIES (CONTINUED)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS (CONTINUED)

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025102位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.3 已颁布但尚未生效的香港财务报告准

则会计准则（续）

• 香港财务报告准则第9号金融工

具：该等修订厘清当承租人厘定租

赁负债已根据香港财务报告准则第

9号终止时，承租人须应用香港财

务报告准则第9号第3.3.3段，并于

损益中确认所产生的任何收益或亏

损。此外，该等修订已更新香港财

务报告准则第9号第5.1.3段及香港

财务报告准则第9号附录A的若干措

辞，以消除潜在混淆。允许提早应

用。该等修订预期不会对本集团的

财务报表产生任何重大影响。

• 香港财务报告准则第10号综合财务

报表：该等修订厘清香港财务报告

准则第10号第B74段所述的关系仅

为投资者与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

的其中一个例子，移除与香港财务

报告准则第10号第B73段规定不一

致之处。允许提早应用。该等修订

预期不会对本集团的财务报表产生

任何重大影响。

于先前删除「成本法」的定义后，该

等修订于香港会计准则第7号第37

段以「按成本」一词取代「成本法」。

允许提早应用。预期该等修订不

会对本集团的财务报表产生任何影

响。

2. ACOUNTING POLICIES (CONTINUED)

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报103

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策

于联营公司之投资

联营公司指本集团拥有一般不少于20%

股本投票权的长期权益，并对其有重大

影响力的实体。重大影响力指参与被投

资方财政及经营政策决策的权力，但非

控制或共同控制该等政策。

本集团于联营公司之投资乃以权益会计

法按本集团分占资产净值减任何减值亏

损在综合财务状况表列账。

若存有任何不相近之会计政策，本集团

将作相应调整。

本集团应占联营公司收购后业绩及其他

全面收益分别于本集团综合损益及其他

全面收益内列账。此外，倘直接于联营

公司的权益确认一项变动，则本集团会

在适用情况下于综合权益变动表确认其

应占之任何变动。本集团与其联营公司

进行交易所产生的未变现收益及亏损均

予以对销，并以本集团于联营公司之投

资为限，惟倘有证据显示未变现亏损乃

由于所转让资产出现减值所致除外。收

购联营公司产生之商誉计入本集团于联

营公司之投资的一部分。

倘于一间联营公司之投资成为于一间合

营公司之投资，或于一间合营公司之投

资成为于一间联营公司之投资，则不会

重新计量留存权益，而是继续按权益法

将投资列账。在所有其他情况下，若本

集团失去对联营公司的重大影响力，则

本集团按公平值计量及确认任何留存投

资。失去重大影响力时，有关联营公司

的账面值与留存投资公平值及出售所得

款项之间的任何差额于损益确认。

倘于一间联营公司之投资被归类为持作

出售，则根据香港财务报告准则第5号持

作出售之非流动资产及已终止经营业务

入账。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES

Investments in asociates

An asociate is an entity in which the Group has a long-term interest

of generaly not les than 20% of the equity voting rights and over

which it has significant influence. Significant influence is the power

to participate in the financial and operating policy decisions of the

investe, but is not control or joint control over those policies.

The Group’s investments in asociates are stated in the consolidated

statement of financial position at the Group’s share of net asets

under the equity method of acounting, les any impairment loses.

Adjustments are made to bring into line any disimilar acounting

policies that may exist.

The Group’s share of the post-acquisition results and other

comprehensive income of asociates is included in the consolidated

profit or los and other comprehensive income of the Group,

respectively. In adition, when there has ben a change recognised

directly in the equity of the asociate, the Group recognises its share

of any changes, when aplicable, in the consolidated statement

of changes in equity. Unrealised gains and loses resulting from

transactions betwen the Group and its asociates are eliminated

to the extent of the Group’s investments in the asociates, except

where unrealised loses provide evidence of an impairment of the

asets transfered. Godwil arising from the acquisition of asociates

is included as part of the Group’s investments in asociates.

If an investment in an asociate becomes an investment in a joint

venture or vice versa, the retained interest is not remeasured.

Instead, the investment continues to be acounted for under the

equity method. In al other cases, upon los of significant influence

over the asociate, the Group measures and recognises any retained

investment at its fair value. Any diference betwen the carying

amount of the asociate upon los of significant influence and the

fair value of the retained investment and proceds from disposal is

recognised in profit or los.

When an investment in an asociate is clasified as held for sale, it is

acounted for in acordance with HKFRS 5 Non-curent Asets Held

for Sale and Discontinued Operations.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025104位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

业务合并及商誉

共同控制下之业务合并

共同控制下之实体业务合并采用权益结

合法之原则进行会计处理。被收购方之

资产及负债于收购日期于控股东综合

账目中按历史账面值列示。就共同控制

下之业务合并转让之代价与(i)于收购日

期归属予本集团之被收购方历史资产净

值；及(i)本集团合并之被收购方之收购

前储备合计之差额于综合权益变动表中

入账为控股公司之出资或分配（视情况而

定）。因此，不存在因共同控制下之业务

合并而产生之商誉或议价购买收益。共

同控制下之业务合并项下被收购方之业

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

该控制权终止为止。

其他业务合并

业务合并（共同控制下之业务合并除外）

采用收购法入账。所转让代价按收购日

期的公平值计量，即本集团向被收购方

原拥有人所转让资产、自其所承担负

债以及本集团为换取被收购方控制权所

发行股权于收购日期之公平值总和。就

各项业务合并而言，本集团选择按公平

值或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乃按公平

值计量。收购相关成本于产生时支销。

倘本集团所收购的一组业务及资产包括

一项投入及一项实质过程，而两者对产

出具有重大贡献，则确定其已收购一项

业务。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Busines combinations 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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报105

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

业务合并及商誉（续）

其他业务合并（续）

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作出适当

分类及指定，以评估所收购及承担的金

融资产及负债，其中包括拆分被收购方

主合约中的嵌入式衍生工具。

若业务合并分阶段进行，则先前所持权

益按收购日期公平值重新计量，而产生

的任何收益或亏损于损益或其他全面收

益（如适用）确认。

收购方所转让的任何或然代价于收购日

期按公平值确认。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，其后结算在权益中入账。

商誉初始按成本计量，即所转让代价、

已确认非控股权益数额以及本集团先前

所持被收购方权益的任何公平值总额超

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的总和低于所

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，商誉乃按成本减任何累

计减值亏损计量。商誉每年作减值测

试，或如出现事件或情况转变显示账面

值可能出现减值，则会更频繁地进行测

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

合并所得的商誉自收购当日起分配至本

集团预期受益于合并协同效应的各个现

金产生单位（「现金产生单位」）或各组现

金产生单位，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。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Busines combinations and godwil (continued)

Other busines combinations (continued)

When the Group acquires a busines, it aseses the financial asets

and liabilities asumed for apropriate clasification and designation

in acordance with the contractual terms, economic circumstances

and pertinent conditions as at the acquisition date. This includes

the separation of embeded derivatives in host contracts of the

acquire.

If the busines combination is achieved in stages, the previously

held equity interest is remeasured at its acquisition date fair value

and any resulting gain or los is recognised in profit or los 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 (“CGU(s)”), or groups of CGUs, 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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025106位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

业务合并及商誉（续）

其他业务合并（续）

减值乃按评估商誉有关之现金产生单位

（一组现金产生单位）可收回金额而厘

定。倘现金产生单位（一组现金产生单

位）之可收回金额低于账面值，则确认减

值亏损。已确认之商誉减值亏损并不会

于后续期间拨回。

倘商誉被分配至现金产生单位（或一组现

金产生单位）及该单位内之部分业务被出

售，则于厘定出售之收益或亏损时，将

出售业务有关之商誉计入业务账面值。

在此情况下出售之商誉，乃按出售业务

与所保留现金产生单位部分之相对价值

计量。

公平值计量

本集团于各报告期末按公平值计量投资

物业、按公平值经损益入账之金融资产

及按公平值经其他全面收益入账之金融

资产。公平值指于计量日期市场参与者

之间的有序交易中，就出售资产将收取

之价格或转让负债将支付之价格。计量

公平值时假设出售资产或转让负债之交

易于资产或负债的主要市场或（在未有主

要市场的情况下）最有利市场进行。主

要或最有利市场须为本集团能参与的市

场。假设市场参与者基于最佳经济利益

行事，资产或负债的公平值使用市场参

与者为资产或负债定价时所用假设计量。

非金融资产之公平值计量计及市场参与

者将资产用于最高增值及最佳用途或售

予会将资产用于最高增值及最佳用途之

另一名市场参与者而创造经济利益的能

力。

本集团针对不同情况使用不同估值方

法，确保有足够数据计量公平值，并尽

可能利用相关可观察输入数据，而减少

使用不可观察输入数据。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Busines combinations and godwil (continued)

Other busines combinations (continued)

Impairment is determined by asesing the recoverable amount of

the CGU (group of CGUs) to which the godwil relates. Where the

recoverable amount of the CGU (group of CGUs) 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 CGU (or group of CGUs)

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 CGU retained.

Fair value measurement

The Group measures its investment properties, financial asets

at FVTPL and financial asets at FVTOCI at fair value at the end

of each reporting period. Fair value is the price that would be

received to sel an aset or paid to transfer a liability in an orderly

transaction betwen market participants at the measurement date.

The fair value measurement is based on the presumption that the

transaction to sel the aset or transfer the liability takes place either

in the principal market for the aset or liability, or in the absence of

a principal market, in the most advantageous market for the aset

or liability. The principal or the most advantageous market must be

acesible by the Group. The fair value of an aset or a liability is

measured using the asumptions that market participants would use

when pricing the aset or liability, asuming that market participants

act in their economic best interest.

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报107

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Fair value measurement (continued)

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.

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for non-financial aset is required (other than

inventories, properties under development, properties held for sale,

investment properties, defered tax asets and non-curent asets/

disposal companies/groups clasified as held for sale), the aset’s

recoverable amount is estimated. An aset’s recoverable amount

is the higher of the aset’s or 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.

（续）

2.4 重大会计政策（续）

公平值计量（续）

公平值于财务报表计量或披露之所有资

产及负债，均基于对计量公平值整体而

言属重大之最低层输入数据按下述公平

值层级分类：

第一级－按相同资产或负债于活

跃市场之报价（未经调

整）

第二级－按公平值计量而言属重

大的可观察（直接或间

接）最低层输入数据的估

值方法

第三级－按公平值计量而言属重

大的不可观察最低层输

入数据的估值方法

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（根据对计量公平值整体而言属重大

的最低层输入数据），厘定公平值层级之

间是否出现转移。

非金融资产减值

倘出现减值迹象或有需要就非金融资产

（存货、发展中物业、持作出售物业、投

资物业、递延税项资产及分类为持作出

售非流动资产╱出售公司╱组别除外）进

行年度减值测试，则会估计资产之可收

回金额。资产之可收回金额为资产或现

金产生单位的使用价值与公平值减出售

成本两者中之较高者，并按个别资产厘

定，除非该项资产所产生现金流入很大

程度上未能独立于其他资产或资产组合

的现金流入，于此情况下，可收回金额

则按资产所属现金产生单位厘定。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025108位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Impairment of non-financial asets (continued)

In testing a CGU for impairment, a portion of the carying amount of

a corporate aset (e.g., a headquarters buildings) is alocated to an

individual CGU if it can be alocated on a reasonable and consistent

basis or, otherwise, to the smalest group of CGUs.

An impairment los is recognised only if the carying amount of an

aset exceds its recoverable amount. In asesing value in use, the

estimated future cash flows are discounted to their present value

using a pre-tax discount rate that reflects curent market asesments

of the time value of money and the risks specific to the aset. An

impairment los is charged to profit or los in the period in which

it arises in those expense categories consistent with the function of

the impaired aset.

An asesment is made at the end of each reporting period

as to whether there is an indication that previously recognised

impairment loses may no longer exist or may have decreased.

If such an indication exists, the recoverable amount is estimated.

A previously recognised impairment los of an aset other than

godwil is reversed only if there has ben a change in the estimates

used to determine the recoverable amount of that aset, but not

to an amount higher than the carying amount that would have

ben determined (net of any depreciation/amortisation) had no

impairment los ben recognised for the aset in prior years. A

reversal of such an impairment los is credited to profit or los in

the period in which it arises.

（续）

2.4 重大会计政策（续）

非金融资产减值（续）

在测试现金产生单位减值时，若公司资

产（如总部楼宇）的账面金额的一部分可

以在合理且一致的基础上进行分配，则

分配给单个现金产生单位，否则将分配

到最小的一组现金产生单位。

减值亏损仅于资产账面值超出其可收回

金额时确认。于评估使用价值时，会使

用可反映目前市场对货币时间价值及资

产特定风险的评估之税前折现率，将估

计未来现金流量折现至现值。减值亏损

于产生期间在与该减值资产一致的开支

类别自损益扣除。

本集团于各报告期末评估有否迹象显示

以往确认减值亏损可能不再存在或可能

已减少。倘出现有关迹象，则会估计可

收回金额。当用以厘定资产可收回金额

的估计出现变动，方会拨回先前确认的

资产（商誉除外）减值亏损，惟拨回后的

金额不得超过假设过往年度并无就该项

资产确认减值亏损而将已厘定的账面值

（扣除任何折旧╱摊销后）。拨回的减值

亏损乃于产生期间计入损益。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报109

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Related parties

A party is considered to be related to the Group if:

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

and that person

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

(i) has significant influence over the Group; or

(i) is a member of the key management personel of the

Group or of a parent of the Group;

(b) the party is an entity where any of the folowing conditions

aplies:

(i) the entity and the Group are members of the same

group;

(i) one entity is an asociate or joint venture of the other

entity (or of a parent, subsidiary or felow subsidiary of

the other entity);

(i) the entity and the Group are joint ventures of the same

third party;

(iv) one entity is a joint venture of a third entity and the other

entity is an asociate of the third entity;

(v) the entity is a post-employment benefit plan for the

benefit of employes of either the Group or an entity

related to the Group;

(vi) the entity is controled or jointly controled by a person

identified in (a);

(vi) a person identified in (a)(i) has significant influence

over the entity or is a member of the key management

personel of the entity (or of a parent of the entity); and

(vi) the entity, or any member of a group of which it is a part,

provides key management personel services to the

Group or to the parent of the Group.

（续）

2.4 重大会计政策（续）

关联方

在下列情况下，有关人士将被视为与本

集团有关连：

(a) 有关人士为一名人士或该人士之家

庭近亲，而该人士

(i) 控制或共同控制本集团；

(i) 对本集团具有重大影响力；或

(i) 为本集团或本集团母公司的主

要管理人员成员；

或

(b) 有关人士为适用任何以下条件的实

体：

(i) 该实体与本集团属同一集团成

员公司；

(i) 该实体为另一实体（或另一实

体的母公司、附属公司或同系

附属公司）的联营公司或合营

企业；

(i) 该实体与本集团为同一第三方

的合营企业；

(iv) 一实体为一第三方实体的合营

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

关连的实体的雇员离职后福利

计划；

(vi) 该实体受(a)项所识别人士控

制或共同控制；

(vi) 于(a)(i)项所识别人士对该实

体有重大影响或属该实体（或

该实体母公司）主要管理人员

成员；及

(vi) 该实体或其所属集团的任何成

员公司向本集团或本集团的母

公司提供主要管理人员服务。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025110位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Property, plant and equipment and depreciation

Property, plant and equipment, including owned asets and right-

of-use asets clasified as property, plant and equipment, are stated

at cost les acumulated depreciation and any impairment loses.

When an item of property, plant and equipment is clasified as held

for sale or when it is part of a disposal group clasified as held for

sale, it is not depreciated and is acounted for in acordance with

HKFRS 5, as further explained in the acounting policy for “Non-

curent asets and disposal group held for sale”. The cost of an item

of property, plant and equipment comprises its purchase price and

any directly atributable costs of bringing the aset to its working

condition and location for its intended use.

Expenditure incured after items of property, plant and equipment

have ben put into operation, such as repairs and maintenance,

is normaly charged to profit or los in the period in which it is

incured. In situations where the recognition criteria are satisfied,

the expenditure for a major inspection is capitalised in the carying

amount of the aset as a replacement. Where significant parts

of property, plant and equipment are required to be replaced at

intervals, the Group recognises such parts as individual asets with

specific useful lives and depreciates them acordingly.

Right-of-use asets are recognised at the comencement date of

the lease (that is the date the underlying aset is available for use).

Right-of-use asets (other than those met the definition of an

investment property, properties under development or properties

held for sale) are measured at cost, les any acumulated

depreciation and any impairment loses, and adjusted for any

remeasurement of lease liabilities. The cost of right-of-use

asets includes the amount of lease liabilities recognised, initial

direct costs incured, and lease payments made at or before the

comencement date les any lease incentives received. Where

aplicable, the cost of a right-of-use aset also includes an estimate

of costs to dismantle and remove the underlying aset or to restore

the underlying aset or the site on which it is located. If ownership

of the leased asets is transfered to the Group by the end of the

lease term or the cost reflects the exercise of a purchase option,

depreciation is calculated using the estimated useful life of the aset.

（续）

2.4 重大会计政策（续）

物业、厂房及设备以及折旧

物业、厂房及设备（包括分类为物业、厂

房及设备之所拥有资产及使用权资产）乃

按成本减去累计折旧及任何减值亏损后

列账。倘物业、厂房及设备项目被分类

为持作出售或属分类为持作出售的出售

组别其中一部分，则不予折旧，并按香

港财务报告准则第5号入账，诚如「分类

为持作出售之非流动资产及出售组别」之

会计政策所阐释。物业、厂房及设备项

目成本包括其购买价格及任何使资产达

至营运状况及地点作拟定用途的直接应

占成本。

物业、厂房及设备项目开始运作后产生

之支出（如维修及保养费用）一般于产生

期间计入损益。倘符合确认标准，主要

检查之支出于资产账面值中资本化为重

置成本。倘物业、厂房及设备的重大部

分须分段置换，则本集团确认该等部分

为具有特定可使用年期的个别资产，并

将相应计提折旧。

使用权资产于租赁开始日期（即相关资产

可供使用当日）确认。使用权资产（符合

投资物业、发展中物业或持作出售物业

定义者除外）按成本减任何累计折旧及任

何减值亏损计量，并就任何重新计量租

赁负债作出调整。使用权资产成本包括

已确认租赁负债款额、已产生初步直接

成本及于开始日期或之前作出的租赁付

款减任何已收取租赁奖励。在适用情况

下，使用权资产成本亦包括为拆卸并移

除相关资产或复原相关资产或其所在场

地而产生的估计成本。倘租赁资产的拥

有权于租期结束前转让予本集团或成本

反映行使购买选择权，则折旧按资产估

计可使用年期计算。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报111

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Property, plant and equipment and depreciation (continued)

Depreciation is calculated on the straight-line basis to write of the

cost of each item of owned property, plant and equipment to its

residual value over its estimated useful life. Right-of-use asets

(ownership of which wil not be transfered to the Group) are

depreciated on a straight-line basis over the shorter of the lease

terms and the estimated useful lives of the asets. The principal

anual rates used for depreciation are as folows:

Owned asets

Buildings3

/3–5% or over the terms of the

relevant leases, whichever is shorter

Leasehold improvements20–33

/3% or over the terms of the

relevant leases, whichever is shorter

Plant and machinery10–20%

Furniture and equipment20–33

/3%

Motor vehicles10–20%

Computer system20–33

/3%

Right-of-use asets

Leasehold land2% or over the terms of the relevant

leases ranging from 24 to 44 years,

whichever is shorter

BuildingsOver the lease terms of 2 to 4 years

Where parts of an item of property, plant and equipment have

diferent useful lives, the cost of that item is alocated on a

reasonable basis among the parts and each part is depreciated

separately. Residual values, useful lives and the depreciation

method are reviewed, and adjusted if apropriate, at least at each

financial year end.

An item of property, plant and equipment including any significant

part initialy recognised is derecognised upon disposal or when no

future economic benefits are expected from its use or disposal. Any

gain or los on disposal or retirement recognised in profit or los in

the year the aset is derecognised is the diference betwen the net

sales proceds and the carying amount of the relevant aset.

Construction in progres is stated at cost les any impairment loses,

and is not depreciated. It is reclasified to the apropriate category

of property, plant and equipment when completed and ready for use.

（续）

2.4 重大会计政策（续）

物业、厂房及设备以及折旧（续）

折旧乃按各所拥有物业、厂房及设备项

目之估计可使用年期，采用直线法撇销

成本至其剩余价值计算。使用权资产（其

所有权不会转拨至本集团）在租赁期与资

产估计可使用年期两者中较短期间内按

直线法计提折旧。就折旧所使用之主要

年率如下：

所拥有资产

楼宇3

/3－5%或按有关租赁年

期（以较短者为准）

租赁装修20–33

/3%或按有关租赁

年期（以较短者为准）

厂房及机器10–20%

家私及设备20–33

/3%

汽车10–20%

电脑系统20–33

/3%

使用权资产

租赁土地2%或按介乎24至44年不

等之有关租赁年期（以较

短者为准）

楼宇按租赁年期2至4年

倘一项物业、厂房及设备项目各部分有

不同可使用年期，该项目的成本将按合

理基础在各部分之间分配，每部分将分

别计提折旧。剩余价值、可使用年期及

折旧方法至少于每个财政年末进行检讨

及调整（倘适用）。

物业、厂房及设备项目（包括初始确认时

之任何重大部分）于出售或预期使用或出

售有关项目不会产生未来经济利益时终

止确认。于终止确认资产之年度内，于

损益确认的出售或报废之任何收益或亏

损为有关资产销售所得款项净额与账面

值两者间之差额。

在建工程按成本减任何减值亏损列账，

且不予折旧。在建工程于竣工及可供使

用时重新分类至物业、厂房及设备的适

当类别。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025112位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Investment properties

Investment properties are interests in land and buildings (including

right-of-use aset) held to earn rental income and/or for capital

apreciation. Such properties are measured initialy at cost, including

transaction costs. Subsequent to initial recognition, investment

properties are stated at fair value, which reflects market conditions

at the end of the reporting period.

Gains or loses arising from changes in the fair values of investment

properties are included in profit or los in the year in which they

arise.

Any gains or loses on the retirement or disposal of an investment

property are recognised in profit or los in the year of the retirement

or disposal.

For a transfer from investment properties to owner-ocupied

properties or inventories, the demed cost of a property for

subsequent acounting is its fair value at the date of change in

use. If a property ocupied by the Group as an owner-ocupied

property becomes an investment property, the Group acounts for

such property in acordance with the policy stated under “Property,

plant and equipment and depreciation” for owned property and/or

acounts for such property in acordance with the policy stated

under “Right-of-use asets” for property held as a right-of-use aset

up to the date of change in use, and any diference at that date

betwen the carying amount and the fair value of the property

is acounted for as a revaluation in acordance with HKAS 16

Property, Plant and Equipment. Changes in the values are dealt with

as movements in the aset revaluation reserve. On disposal of a

revalued aset, the relevant portion of the aset revaluation reserve

realised in respect of previous valuations is transfered to retained

profits as a movement in reserves.

（续）

2.4 重大会计政策（续）

投资物业

投资物业乃指土地及楼宇之权益（包括使

用权资产），有关土地及楼宇乃持有用作

赚取租金收入及╱或资本升值。该等物

业初始按成本（包括交易成本）计量。初

始确认后，投资物业以反映于报告期末

之市场状况之公平值列账。

投资物业公平值变动产生之收益或亏损

于其产生年度之损益中入账。

投资物业报废或出售产生之任何收益或

亏损于报废或出售年度之损益中确认。

倘投资物业转拨为自用物业或存货，进

行后续会计处理之物业推定成本为其改

变用途当日之公平值。倘一项本集团占

有作为自用物业的物业成为投资物业，

则本集团就所拥有物业根据「物业、厂房

及设备以及折旧」项下所述政策将有关物

业入账及╱或就直至改变用途当日就持

作使用权资产的物业根据「使用权资产」

项下所述政策将有关物业入账，而物业

的账面值与公平值之间的任何差额根据

香港会计准则第16号物业、厂房及设备

入账列作重新估值。价值变动作为资产

重新估值储备的变动处理。出售重新估

值资产时，就先前估值变现的资产重新

估值储备之相关部分转拨至保留溢利列

作储备变动。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报113

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Non-curent asets and disposal groups held for sale

Non-curent asets and disposal groups are clasified as held for

sale if their carying amounts wil be recovered principaly through

a sales transaction rather than through continuing use. For this

to be the case, the aset or disposal group must be available for

imediate sale in its present condition subject only to terms that

are usual and customary for the sale of such asets or disposal

groups and its sale must be highly probable. Al asets and liabilities

of a subsidiary clasified as a disposal group are reclasified as held

for sale regardles of whether the Group retains a non-controling

interest in its former subsidiary after the sale.

Non-curent asets and disposal groups (other than investment

properties and financial asets) clasified as held for sale are

measured at the lower of their carying amounts and fair values les

costs to sel. Property, plant and equipment and intangible asets

clasified as held for sale are not depreciated or amortised.

Intangible asets (other than godwil)

Research and development costs

Al research costs are charged to profit or los as incured.

Expenditure incured on projects to develop new products is

capitalised and defered only when the Group can demonstrate the

technical feasibility of completing the intangible aset so that it wil

be available for use or sale, its intention to complete and its ability

to use or sel the aset, how the aset wil generate future economic

benefits, the availability of resources to complete the project and the

ability to measure reliably the expenditure during the development.

Product development expenditure which does not met these

criteria is expensed when incured.

（续）

2.4 重大会计政策（续）

分类为持作出售之非流动资产及出售组别

倘非流动资产及出售组别之账面值主要

通过销售交易而非通过持续使用收回，

则有关非流动资产及出售组别分类为持

作出售。为此，资产或出售组别必须

能够在其目前状况下立即出售，且仅受

出售此类资产或出售组别之通常及一贯

条款所约束，且其出售之可能性必须很

高。分类为出售组别之附属公司所有资

产及负债均重新分类为持作出售，不论

出售后本集团是否保留其前附属公司之

非控股权益。

分类为持作出售之非流动资产及出售组

别（投资物业及金融资产除外）按账面值

与公平值减出售成本后之净额两者中较

低者计量。分类为持作出售之物业、厂

房及设备以及无形资产不作折旧或摊销。

无形资产（商誉除外）

研究及开发成本

所有研究成本于产生时自损益表中扣除。

当进行开发新产品的项目时，只有当本

集团能展现完成无形资产的技术属可行

使其可供使用或出售、具有完成产品的

意图和有使用或出售资产的能力、资产

将会带来未来经济利益的方法、完成项

目的可动用资源，以及于开发期间内能

可靠地计量有关开支的能力，所产生的

开支方会拨充资本及递延入账。不符合

以上条件之产品开发开支于产生时支销。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025114位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Leases

The Group aseses at contract inception whether a contract is, or

contains, a lease. A contract is, or contains, a lease if the contract

conveys the right to control the use of an identified aset for a

period of time in exchange for consideration.

Group as a 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. Right-of-use asets are included in property, plant

and equipment, the acounting policy of which are included in the

policy for “Property, plant and equipment and depreciation” above.

(a) Lease liabilities

Lease liabilities are recognised at the comencement date

of the lease at the present value of lease payments to be

made over the lease term. The lease payments include fixed

payments (including in-substance fixed payments) les any

lease incentives receivable, variable lease payments that

depend on an index or a rate, and amounts expected to be

paid under residual value guarantes. The lease payments

also include the exercise price of a purchase option reasonably

certain to be exercised by the Group and payments of

penalties for termination of a lease, if the lease term reflects

the Group exercising the option to terminate the lease. The

variable lease payments that do not depend on an index or a

rate are recognised as an expense in the period in which the

event or condition that trigers the payment ocurs.

（续）

2.4 重大会计政策（续）

租赁

本集团于合约开始时评估合约是否为或

包含租赁。倘合约为换取代价而给予在

一段时间内控制可识别资产使用的权

利，则该合约属于或包含租赁。

本集团作为承租人

本集团对所有租赁（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。

使用权资产计入物业、厂房及设备，其

会计政策载于上文有关「物业、厂房及设

备以及折旧」之政策。

(a) 租赁负债

租赁负债于租赁开始日期以租期内

作出的租赁付款现值确认。租赁付

款包括定额付款（含实质定额款项）

减任何应收租赁优惠款项、取决于

指数或利率的可变租赁付款以及预

期根据剩余价值担保支付的金额。

租赁付款亦包括本集团合理确定行

使的购买选择权的行使价及倘租期

反映本集团正行使终止选择权时，

有关终止租赁支付的罚款。不取决

于指数或利率的可变租赁付款于出

现触发付款的事件或条件的期间内

确认为支出。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报115

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Leases (continued)

Group as a lese (continued)

(a) Lease liabilities (continued)

In calculating the present value of lease payments, the

Group uses its incremental borowing rate at the lease

comencement date because the interest rate implicit in the

lease is not readily determinable. After the comencement

date, the amount of lease liabilities is increased to reflect

the acretion of interest and reduced for the lease payments

made. In adition, the carying amount of lease liabilities is

remeasured if there is a modification, a change in the lease

term, a change in lease payments (e.g., a change to future

lease payments resulting from a change in an index or rate)

or a change in asesment of an option to purchase the

underlying aset.

The Group’s lease liabilities are included in other payables and

acruals.

(b) Short-term leases and leases of low-value asets

The Group aplies the short-term lease recognition exemption

to its short-term leases of buildings and equipment (that is

those leases that have a lease term of 12 months or les

from the comencement date and do not contain a purchase

option). When the Group enters into a lease in respect of a

low-value aset, the Group decides whether to capitalise the

lease on a lease-by-lease basis.

Lease payments on short-term leases and leases of low-value

asets that are not capitalised are recognised as an expense

on a straight-line basis over the lease term.

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为承租人（续）

(a) 租赁负债（续）

计算租赁付款现值时，因租赁隐含

的利率难以厘定，故本集团使用租

赁开始日期的增量借贷利率计算。

于开始日期后，租赁负债金额的增

加反映利息的增加，并因租赁付款

而减少。此外，倘有任何修改、租

期变更、租赁付款变更（例如指数

或利率变动导致对未来租赁付款出

现变动）或购买相关资产的选择权

评估的变更，则重新计量租赁负债

的账面值。

本集团的租赁负债计入其他应付款

项及应计费用内。

(b) 短期租赁及低价值资产租赁

本集团对其楼宇及设备短期租赁

（即自开始日期起计租期为12个月

或以下且并不包含购买权之租赁）

应用确认短期租赁豁免。倘本集团

就低价值资产订立租赁，则本集团

决定是否按个别租赁基准将租赁资

本化。

短期租赁及低价值资产租赁并未拨

作资本的租赁付款在租赁期内按直

线法确认为开支。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025116位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Leases (continued)

Group as a lesor

When the Group acts as a lesor, it clasifies at lease inception (or

when there is a lease modification) each of its leases as either an

operating lease or a finance lease.

Leases in which the Group does not transfer substantialy al the

risks and rewards incidental to ownership of an aset are clasified

as operating leases. When a contract contains lease and non-

lease components, the Group alocates the consideration in the

contract to each component on a relative stand-alone seling price

basis. Rental income is acounted for on a straight-line basis over

the lease term and is included in profit or los. Initial direct costs

incured in negotiating and aranging an operating lease are aded

to the carying amount of the leased aset and recognised over the

lease term on the same basis as rental income. Contingent rents are

recognised in profit or los in the period in which they are earned.

Leases that transfer substantialy al the risks and rewards incidental

to ownership of an underlying aset to the lese are acounted

for as finance leases. At the comencement date, the cost of

the leased aset is capitalised at the present value of the lease

payments and related payments (including the initial direct costs),

and presented as a receivable at an amount equal to the net

investment in the lease. The finance income on the net investment

in the lease is recognised in profit or los so as to provide a constant

periodic rate of return over the lease terms.

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.

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为出租人

当本集团作为出租人时，其于租赁开始

时（或出现租赁修订时）将其各项租赁分

类为经营租赁或融资租赁。

本集团并未转让资产所有权所附带的绝

大部分风险及回报的租赁归类为经营租

赁。倘合约包括租赁及非租赁部分，本

集团根据相对独立的售价基准将合约代

价分配予各部分。租金收入于租赁期内

按直线法入账，并计入损益。于磋商及

安排经营租赁时产生的初始直接成本乃

计入租赁资产的账面值，并于租期内按

相同方法确认为租金收入。或然租金乃

于所赚取的期间于损益确认。

转移承租人相关资产所有权附带的绝大

部分风险及回报的租赁入账为融资租

赁。于开始日期，租赁资产的成本按租

赁付款及相关付款（包括初始直接成本）

的现值资本化，并按相等于租赁投资净

额的应收款项呈列。有关租赁的财务收

入于损益确认，以得出租期内的不变周

期收费率。

本集团为中间出租人时，转租乃参考主

租赁产生的使用权资产分类为融资租赁

或经营租赁。倘主租赁为本集团将资产

负债表确认豁免应用于其中的短期租

赁，则本集团将转租分类为经营租赁。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报117

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

存货

存货按成本与可变现净值两者中较低者

列账。成本按加权平均基准厘定，而就

在制品及制成品而言，则包括直接材

料、直接劳工及按适当比例计算的制造

费用。可变现净值乃根据估计售价减去

预期达致完成及出售时产生的任何估计

成本计算。

投资及其他金融资产

初始确认及计量

金融资产于初始确认时分类为其后按摊

销成本、按公平值经其他全面收益入账

及按公平值经损益入账计量。

初始确认金融资产分类取决于金融资产

的合约现金流特征，以及本集团管理金

融资产的业务模式。除不包含重大融资

组成部分的贸易应收款项或本集团已应

用实际权宜方法不调整重大融资组成部

分影响的贸易应收款项外，本集团初步

按其公平值计量金融资产，且倘金融资

产并非按公平值经损益入账，则计入交

易成本。不包含重大融资组成部分的贸

易应收款项或本集团已应用实际权宜方

法的贸易应收款项按依照下文「收益确

认」所载政策根据香港财务报告准则第

15号厘定的交易价格计量。

金融资产需要令现金流量仅为偿还本金

及利息（「仅为偿还本金及利息」），方可

分类为按摊销成本计量或按公平值经其

他全面收益入账之金融资产。现金流量

并非仅为偿还本金及利息的金融资产分

类为按公平值经损益计量，而不论业务

模式。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Inventories

Inventories are stated at the lower of cost and net realisable value.

Cost is determined on the weighted average basis and, in the

case of work in progres and finished gods, comprises direct

materials, direct labour and an apropriate proportion of overheads.

Net realisable value is based on estimated seling prices les any

estimated costs to be incured to completion and disposal.

Investments and other financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as subsequently

measured at amortised cost, FVTOCI, 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 FVTOCI, 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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025118位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

投资及其他金融资产（续）

初始确认及计量（续）

本集团管理金融资产的业务模式指本集

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。分类为按摊销成本计量的

金融资产乃于以持有金融资产为目标的

业务模式内持有，旨在收取合约现金流

量，而分类为按公平值经其他全面收益

计量之金融资产则于以持有作收取合约

现金流量及出售为目标的业务模式内持

有。并非于上述业务模式内持有之金融

资产分类为按公平值经损益计量。

需要于一般按规例或市场惯例设定的期

限内交付资产的金融资产购买或出售于

交易日（即本集团承诺购买或出售该资产

当日）确认。

后续计量

金融资产的后续计量取决于其分类如下：

按摊销成本计量的金融资产（债务工具）

按摊销成本计量的金融资产其后使用实

际利率法计量，并可予减值。倘资产终

止确认、修订或减值，则收益及亏损会

于损益确认。

按公平值经其他全面收益入账之金融资

产（债务工具）

就按公平值经其他全面收益入账之债务

工具而言，利息收入、外汇重估及减值

亏损或拨回于损益确认，计算方式与计

算按摊销成本计量的金融资产相同。余

下公平值变动于其他全面收益确认。于

终止确认后，于其他全面收益确认的累

计公平值变动划转至损益。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Investments and other financial asets (continued)

Initial recognition and measurement (continued)

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 FVTOCI 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.

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 FVTOCI (debt instruments)

For debt investments at FVTOCI, interest income, foreign exchange

revaluation and impairment loses or reversals are recognised in

profit or los and computed in the same maner as for financial

asets measured at amortised cost. The remaining fair value

changes are recognised in other comprehensive income. Upon

derecognition, the cumulative fair value change recognised in other

comprehensive income is recycled to profit or los.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报119

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

投资及其他金融资产（续）

后续计量（续）

按公平值经其他全面收益入账之金融资

产（股权投资）

于初始确认后，倘股权投资符合香港会

计准则第32号金融工具：呈列项下的股

权定义，且并非持作买卖，本集团可选

择不可撤回地将该股权投资分类为指定

按公平值经其他全面收益入账之股权投

资。分类按个别工具基准而定。

该等金融资产的收益及亏损从不划转至

损益。倘股息付款权已确立，则股息会

于损益确认为其他收入，惟倘本集团受

惠于该等所得款项作为收回部分金融资

产成本则作别论，在此情况下，有关收

益会入账为其他全面收益。指定按公平

值经其他全面收益入账之股权投资毋须

进行减值评估。

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乃于综

合财务状况表按公平值列账，而公平值

变动净额则于损益确认。

该类别包括本集团并无不可撤回地选择

分类为按公平值经其他全面收益入账之

衍生工具及若干投资。股权投资股息亦

于付款权确立时在损益内确认为其他收

入。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Investments and other financial asets (continued)

Subsequent measurement (continued)

Financial asets designated at FVTOCI (equity investments)

Upon initial recognition, the Group can elect to clasify irevocably

its equity investments as equity investments designated at FVTOCI

when they met the definition of equity under HKAS 32 Financial

Instruments: Presentation and are not held for trading. The

clasification is determined on an instrument-by-instrument basis.

Gains and loses on these financial asets are never recycled to

profit or los. Dividends are recognised as other income in profit or

los when the right of payment has ben established, except when

the Group benefits from such proceds as a recovery of part of the

cost of the financial aset, in which case, such gains are recorded

in other comprehensive income. Equity investments designated at

FVTOCI are not subject to impairment asesment.

Financial asets at FVTPL

Financial asets at FVTPL are caried in the consolidated statement

of financial position at fair value with net changes in fair value

recognised in profit or los.

This category includes derivative instruments and certain

investments which the Group had not irevocably elected to clasify

at FVTOCI. Dividends on the equity investments are also recognised

as other income in profit or los when the right of payment has

ben established.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025120位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

投资及其他金融资产（续）

后续计量（续）

按公平值经损益入账之金融资产（续）

于混合约（连带金融负债或非财务主合

约）嵌入之衍生工具独立于主合约，且作

为独立衍生工具入账，条件为经济特征

及风险与主合约并无紧密关系；拥有与

嵌入式衍生工具相同条款之独立工具符

合衍生工具之定义；且混合约并非按

公平值经损益计量。嵌入式衍生工具按

公平值计量，而其公平值变动于损益确

认。倘合约条款出现变动而导致现金流

量出现重大变动，则会进行重新评估。

于混合约（包含金融资产主合约）嵌入

之衍生工具不会独立入账。金融资产主

合约连同嵌入式衍生工具须全部分类为

按公平值经损益入账之金融资产。

终止确认金融资产

金融资产（或一项金融资产的一部分或一

组同类金融资产的一部分，如适用）主要

在下列情况终止确认（即自本集团之综合

财务状况表移除）：

• 从该项资产取得现金流量的权利经

已逾期；或

• 本集团转让从该项资产取得现金流

量的权利，或已根据一项「转付」安

排，承担在未有严重延缓的情况

下，向第三方全额支付所收取的现

金流量的责任；并(a)本集团已转让

该项资产的绝大部分风险及回报；

或(b)本集团并无转让或保留该项资

产的绝大部分风险及回报，但已转

让该项资产的控制权。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Investments and other financial asets (continued)

Subsequent measurement (continued)

Financial asets at FVTPL (continued)

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 ocurs if there is

a change in the terms of the contract that significantly modifies the

cash flows.

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.

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报121

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

终止确认金融资产（续）

倘本集团转让其从该项资产取得现金流

量的权利或订立转付安排，则评估是否

及多大限度保留该项资产所有权的风险

及回报。倘其并无转让或保留该项资产

的绝大部分风险及回报，亦无转让该项

资产的控制权，本集团继续确认转让资

产，以本集团之持续参与为限。在此情

况下，本集团亦确认相关负债。转让资

产及相关负债以反映本集团所保留之权

利与义务为基础进行计量。

本集团以担保形式就已转让资产作出持

续参与，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

代价金额两者之较低者计量。

金融资产减值

本集团对并非所持按公平值经损益入账

之所有债务工具确认预期信贷亏损（「预

期信贷亏损」）拨备。预期信贷亏损乃基

于根据合约到期的合约现金流量与本

集团预期收取的所有现金流量之间的差

额而厘定，并以原实际利率的近似值折

现。预期现金流量将包括出售所持抵押

品的现金流量或组成合约条款的其他信

贷增级。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Derecognition of financial asets (continued)

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.

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025122位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

金融资产减值（续）

一般方法

预期信贷亏损分两个阶段进行确认。就

自初始确认后的信贷风险并无重大变动

之信贷风险而言，对于未来12个月之可

能违约事件产生之信贷亏损作出预期信

贷亏损拨备（12个月预期信贷亏损）。

就自初始确认后的信贷风险已出现重大

增加之该等信贷风险而言，须对预期于

风险之余下年期之信贷亏损作出亏损拨

备，而不论违约时间（全期预期信贷亏

损）。

于各报告日期，本集团评估金融工具之

信贷风险是否已自初始确认后大幅增

加。于作出评估时，本集团将金融工具

于报告日期发生违约风险与金融工具于

初始确认日期发生违约风险进行比较，

并考虑毋须过度耗费成本或努力而取得

之合理可靠之资料，包括过往及前瞻性

资料。

就按公平值经其他全面收益入账之债务

投资而言，本集团应用低信贷风险简化

方法。于各报告日期，本集团利用毋须

付出成本或努力即可获得的所有合理可

靠资料评估债务投资是否被认为有低信

贷风险。于作出该评估时，本集团重新

评估债务投资的外部信贷评级。此外，

当合约付款逾期30日时，本集团认为信

贷风险大幅增加。

倘合约付款逾期90日，则本集团将金融

资产视作违约。然而，在若干情况下，

当内部或外部资料反映，在没有计及任

何现有增信措施前，本集团不大可能悉

数收取未偿还合约款项，则本集团亦可

认为金融资产违约。

倘无法合理预期收回合约现金流量，则

撇销金融资产。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Impairment of 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.

For debt investments at FVTOCI, the Group aplies the low credit

risk simplification. At each reporting date, the Group evaluates

whether the debt investments are considered to have low credit risk

using al reasonable and suportable information that is available

without undue cost or efort. In making that evaluation, the Group

reaseses the external credit ratings of the debt investments. In

adition, 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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报123

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

金融资产减值（续）

一般方法（续）

按公平值经其他全面收益入账之债务投

资及按摊销成本列账之金融资产须根据

一般方法作出减值并就计量预期信贷亏

损于以下阶段内分类，惟应用下文详述

之简化方法的贸易应收款项（包括任何租

赁应收款项）及分租投资净额除外。

第一阶段－自初始确认起信贷风险并

无大幅增加且按等同于12

个月预期信贷亏损之金额

计量亏损拨备之金融工具

第二阶段－自初始确认起信贷风险已

大幅增加而并非为信贷减

值金融资产及按等同于全

期预期信贷亏损之金额计

量亏损拨备之金融工具

第三阶段－于报告日期为信贷减值

（惟并非购买或最初信贷

减值）及按等同于全期预

期信贷亏损之金额计量亏

损拨备之金融资产

简化方法

就不包含重大融资组成部分或当本集团

应用实际权宜方法而不调整重大融资组

成部分之影响之贸易应收款项及分租投

资净额而言，本集团于计算预期信贷亏

损时应用简化方法。根据简化方法，本

集团并无追踪信贷风险的变动，反而于

各报告日期根据全期预期信贷亏损确认

亏损拨备。本集团已设立根据本集团过

往信贷亏损经验计算的拨备矩阵，并按

债务人特定的前瞻性因素及经济环境作

出调整。

就包含重大融资成分的贸易应收款项及

分租投资净额而言，本集团会计政策选

择采用简化方法根据上述政策计量预期

信贷亏损。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Impairment of financial asets (continued)

General aproach (continued)

Debt investments at FVTOCI 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) and

net investments in sub-leases which aply the simplified aproach as

detailed below.

Stage 1–Financial instruments for which credit risk has not

increased significantly since initial recognition and

for which the los alowance is measured at an

amount equal to 12-month ECLs

Stage 2–Financial instruments for which credit risk has

increased significantly since initial recognition but

that are not credit-impaired financial asets and

for which the los alowance is measured at an

amount equal to lifetime ECLs

Stage 3–Financial asets that are credit-impaired at the

reporting date (but that are not purchased or

originated credit-impaired) and for which the los

alowance is measured at an amount equal to

lifetime ECLs

Simplified aproach

For trade receivables and net investments in sub-leases 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.

For trade receivables and net investments in sub-leases that

contain a significant financing component, the Group choses as

its acounting policy to adopt the simplified aproach in calculating

ECLs with policies as described above.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025124位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

金融负债

初始确认及计量

金融负债于初始确认时分类为按公平值

经损益入账之金融负债，以及按摊销成

本计量之贷款和借贷及应付款项（如适

用）。

所有金融负债按公平值初始确认，而贷

款和借贷及应付款项则会扣除直接归属

之交易成本。

本集团之金融负债包括贸易应付款项及

应付票据、计入其他应付款项及应计费

用之金融负债、租赁负债、计息银行借

贷。

后续计量

金融负债按其分类之其后计量如下：

按公平值经损益入账之金融负债

按公平值经损益入账之金融负债包括持

作交易用途的金融负债及于初始确认时

指定为按公平值经损益入账之金融负债。

倘金融负债产生之目的为于近期购回，

则该金融负债应分类为持作交易用途。

此分类亦包括本集团所订立根据香港财

务报告准则第9号所界定之对冲关系当中

不被指定为对冲工具之衍生金融工具。

独立嵌入式衍生工具亦分类为持作交易

用途，除非其被指定为有效的对冲工具

则另作别论。持作交易用途的负债亏损

或收益于损益确认。于损益确认之公平

值收益或亏损净额并不包括任何向该等

金融负债所扣除之任何利息。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Financial liabilities

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition, as financial

liabilities at FVTPL, and loans and borowings and payables at

amortised cost, as apropriate.

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 bils payables,

financial liabilities included in other payables and acruals, lease

liabilities, interest-bearing bank borowings.

Subsequent measurement

The subsequent measurement of financial liabilities depends on

their clasification as folows:

Financial liabilities at FVTPL

Financial liabilities at FVTPL include financial liabilities held for

trading and financial liabilities designated upon initial recognition as

at FVTPL.

Financial liabilities are clasified as held for trading if they are

incured for the purpose of repurchasing in the near term. This

category also includes derivative financial instruments entered into

by the Group that are not designated as hedging instruments in

hedge relationships as defined by HKFRS 9. Separated embeded

derivatives are also clasified as held for trading unles they are

designated as efective hedging instruments. Gains or loses on

liabilities held for trading are recognised in profit or los. The net fair

value gain or los recognised in profit or los does not include any

interest charged on these financial liabilities.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报125

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

金融负债（续）

后续计量（续）

按公平值经损益入账之金融负债（续）

于初始确认时指定为按公平值经损益入

账之金融负债在初始确认日期且仅在符

合香港财务报告准则第9号之标准时指

定。指定按公平值经损益入账之负债收

益或亏损于损益确认，惟本集团自身信

贷风险产生之收益或亏损于其他全面收

益呈列且其后不会重新分类至损益。于

损益确认之公平值收益或亏损净额并不

包括任何向该等金融负债所扣除之任何

利息。

按摊销成本计量的金融负债（贸易应付款

项及应付票据、其他应付款项及借贷）

于初始确认后，贸易应付款项及应付票

据、其他应付款项及计息借贷随后以实

际利率法按摊销成本计量，除非折现影

响为不重大，在该情况下则按成本列

账。当负债终止确认或按实际利率法进

行摊销程序时，其收益及亏损在损益确

认。

摊销成本乃经计及收购之任何折让或溢

价，以及属于实际利率组成部分之费用

或成本后计算。实际利率摊销包含在损

益的融资成本中。

财务担保合约

本集团发出的财务担保合约为要求付款

以弥偿持有人因指定债务人未能按照债

务工具条款于到期时付款而招致的损失

的合约。财务担保合约初始按公平值确

认为负债，并就直接归属于发出该担保

的交易成本作出调整。初始确认后，本

集团按以下两者中的较高者计量财务担

保合约：(i)根据「金融资产减值」所载政

策厘定的预期信贷亏损拨备；及(i)初始

确认的金额减（若适用）已确认的累计收

入金额。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Financial liabilities (continued)

Subsequent measurement (continued)

Financial liabilities at FVTPL (continued)

Financial liabilities designated upon initial recognition as at FVTPL are

designated at the initial date of recognition, and only if the criteria

in HKFRS 9 are satisfied. Gains or loses on liabilities designated at

FVTPL are recognised in profit or los, except for the gains or loses

arising from the Group’s own credit risk which are presented in

other comprehensive income with no subsequent reclasification

to profit or los. The net fair value gain or los recognised in profit

or los does not include any interest charged on these financial

liabilities.

Financial liabilities at amortised cost (trade and bils payables,

other payables, and borowings)

After initial recognition, trade and bils payables, other payables,

and interest-bearing borowings are subsequently measured at

amortised cost, using the efective interest method unles the efect

of discounting would be imaterial, in which case they are stated

at cost. Gains and loses are recognised in profit or los when the

liabilities are derecognised as wel as through the efective interest

rate amortisation proces.

Amortised cost is calculated by taking into acount any discount or

premium on acquisition and fes or costs that are an integral part of

the efective interest rate. The efective interest rate amortisation is

included in finance costs in profit or los.

Financial guarante contracts

Financial guarante contracts isued by the Group are those

contracts that require a payment to be made to reimburse the

holder for a los it incurs because the specified debtor fails to

make a payment when due in acordance with the terms of a debt

instrument. A financial guarante contract is recognised initialy as a

liability at its fair value, adjusted for transaction costs that are directly

atributable to the isuance of the guarante. Subsequent to initial

recognition, the Group measures the financial guarante contracts at

the higher of: (i) the ECL alowance determined in acordance with

the policy as set out in “Impairment of financial asets”; and (i) the

amount initialy recognised les, when apropriate, the cumulative

amount of income recognised.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025126位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

金融负债的终止确认

金融负债于相关责任解除或取消或届满

时终止确认。

倘现有金融负债被同一贷款人以几乎完

全不同的条款提供的另一项负债替换，

或现有负债的条款作出重大修订，则有

关交换或修订被视为终止确认原有负债

及确认新负债处理，而各自账面值的差

额于损益内确认。

金融工具抵销

倘有抵销已确认金额之现有可执行法定

权利，且拟以净额结算或同时变现该金

融资产和清偿该金融负债时，金融资产

与金融负债可相互抵销，并以相互抵销

后的净额在财务状况表内列示。

现金及现金等同项目

于财务状况表内之现金及现金等同项目

包括手头现金以及银行存款，以及为履

行短期现金承诺而持有、通常于三个月

内到期、可随时兑换为已知金额现金且

所涉价值变动风险不高的流动性强短期

存款。

就综合现金流量表而言，现金及现金等

同项目包括手头现金及银行存款以及上

文界定的短期存款，减须按要求偿还的

银行透支，为本集团现金管理的组成部

分。

股份购回

本公司购回自身权益工具，直接于权益

中确认并扣除。本公司购买、出售、发

行或注销自身权益工具时，概不于损益

确认收益或亏损。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

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.

Ofseting of financial instruments

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.

Share repurchase

Repurchase of the Company’s own equity instruments is recognised

and deducted directly in equity. No gain or los is recognised in

profit or los on the purchase, sale, isue or cancelation of the

Company’s own equity instruments.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报127

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

所得税

所得税包括即期及递延税项。与损益外

已确认项目有关的所得税于损益外确

认，并于其他全面收益或直接于权益中

确认。

即期税项资产及负债，按预期自税务当

局退回或付予税务当局的金额计算，以

截至报告期末已颁布或大致颁布的税率

（及税法）为基础及经考虑本集团经营所

处国家的诠释及现行惯例。

递延税项采用负债法对所有于报告期末

就资产及负债的税基与用于财务报告的

账面值引致的暂时差额作出拨备。

递延税项负债乃就所有应课税暂时性差

额确认，惟以下情况除外：

（交易当时

并不影响会计溢利或应课税溢利或

亏损者，且不会产生相等的应课税

及可扣税暂时性差异）下首次确认

的商誉或资产或负债所产生的递延

税项负债；及

• 就与附属公司及联营公司投资相关

的应课税暂时性差额而言，当暂时

性差额拨回之时间可控及暂时性差

额于可见将来很可能不会拨回。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Income tax

Income tax comprises curent and defered tax. Income tax relating

to items recognised outside profit or los is recognised outside profit

or los, either in other comprehensive income or directly in equity.

Curent tax asets and liabilities are measured at the amount

expected to be recovered from or paid to the taxation authorities,

based on tax rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period, taking into

consideration interpretations and practices prevailing in the countries

in which the Group operates.

Defered tax is provided, using the liability method, on al temporary

diferences at the end of the reporting period betwen the tax

bases of asets and liabilities and their carying amounts for financial

reporting purposes.

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 and asociates, when the timing of

the reversal of the temporary diferences can be controled and

it is probable that the temporary diferences wil not reverse in

the foreseable future.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025128位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

所得税（续）

所有可扣减暂时性差额及未动用税项抵

免与任何未动用税务亏损结转，均被确

认为递延税项资产。倘可能具有应课税

溢利抵销可扣减暂时性差额，以及可动

用结转之未动用税项抵免及税务亏损，

则会确认递延税项资产，惟以下情况除

外：

• 因有关可扣减暂时性差额之递延税

项资产源自初始确认一项交易中之

资产或负债，而有关交易（非为业

务合并）进行时不会影响会计溢利

或应课税溢利或亏损，且不会产

生相等的应课税及可扣税暂时性差

异；及

• 就与附属公司及联营公司投资相关

的可扣减暂时性差额而言，递延税

项资产仅在暂时性差额可能于可见

将来拨回，及应课税溢利可予动用

于抵销暂时性差额时方予确认。

于各报告期末审阅递延税项资产之账面

值，并在不再可能有足够应课税溢利以

动用全部或部分递延税项资产时，相应

扣减该账面值。未确认递延税项资产会

于各报告期末重新评估，并在成为可能

有足够应课税溢利以收回全部或部分递

延税项资产时予以确认。

递延税项资产及负债乃根据预计该递延

税项资产变现时或递延税项负债清偿时

所适用的税率计量，该税率乃基于截至

报告期末已颁布或大致颁布的税率（及税

法）厘定。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Income tax (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 and asociates, defered tax asets

are only recognised to the extent that it is probable that the

temporary diferences wil reverse in the foreseable future

and taxable profit wil be available against which the temporary

diferences can be utilised.

The carying amount of defered tax asets is reviewed at the end of

each reporting period and reduced to the extent that it is no longer

probable that suficient taxable profit wil be available to alow al or

part of the defered tax aset to be utilised. Unrecognised defered

tax asets are reasesed at the end of each reporting period and

are recognised to the extent that it has become probable that

suficient taxable profit wil be available to alow al or part of the

defered tax aset to be recovered.

Defered tax asets and liabilities are measured at the tax rates that

are expected to aply to the period when the aset is realised or the

liability is setled, based on tax rates (and tax laws) that have ben

enacted or substantively enacted by the end of the reporting period.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报129

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

所得税（续）

仅当本集团有可合法执行权利可将即期

税项资产与即期税项负债抵销，且递延

税项资产与递延税项负债与同一税务机

关对同一课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项负

债及资产或同时变现资产及结算负债之

不同课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。

政府补贴

政府补贴于有合理保证确定可收取补贴

且满足一切附带条件时按公平值确认。

若补贴与费用项目相关，则于将该项补

贴用于拟补贴成本支销期间有系统地确

认为收入。

倘补贴与一项资产相关，则公平值计入

递延收入账目，并在相关资产预计使用

寿命内按年等额分期转入损益，或从资

产之账面值中扣除，并通过减少折旧费

用转入损益。

收益确认

来自客户合约之收益

来自客户合约之收益于货物或服务的控

制权转移至客户时确认，金额反映本集

团预期就交换该等货物或服务而有权获

得的代价。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Income tax (continued)

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.

Government grants

Government grants are recognised at their fair value where there

is reasonable asurance that the grant wil be received and al

ataching conditions wil be complied with. When the grant relates

to an expense item, it is recognised as income on a systematic

basis over the periods that the costs, for which it is intended to

compensate, are expensed.

Where the grant relates to an aset, the fair value is credited to

a defered income acount and is released to profit or los over

the expected useful life of the relevant aset by equal anual

instalments or deducted from the carying amount of the aset and

released to profit or los by way of a reduced depreciation charge.

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025130位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

收益确认（续）

来自客户合约之收益（续）

倘合约代价包含可变金额，则代价根据

本集团于就交换向客户转让货物或服务

时将享有的代价金额进行估计。可变代

价于合约开始时估计并受到限制，直至

与可变代价相关的不确定性于其后解除

时，有关累计已确认收入金额的重大收

入拨回极可能不会产生时方可解除。

倘合约中包含为客户提供超过一年转移

货品或服务的重大融资利益之融资成

分，则收益按应收金额之现值计量，并

使用订立合约时本集团与客户的单独融

资交易中反映之折现率折现。倘合约中

包含为本集团提供超过一年重大融资利

益之融资成分，则根据该合约确认的收

入包括按实际利率法计算的合约负债所

产生的利息开支。就客户付款与承诺的

货品或服务转移之间的期限为一年或以

下的合约而言，交易价不会因重大融资

成分之影响而调整，而是采用香港财务

报告准则第15号实际权宜方法。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报131

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

收益确认（续）

来自客户合约之收益（续）

(a) 销售货物

销售货物之收益于资产控制权转让

予客户之时间点确认，通常为交付

货物之时。

部分中西药及保健食品产品销售合

约为客户提供退货权，引发可变代

价：

退货权

就向客户提供于指定期限内享有退

回货物权利的合约而言，采用预期

估值法估计将不予以退回的货物，

原因为该方法最佳预测本集团将有

权享有的可变代价金额。采用香港

财务报告准则第15号有关限制估计

可变代价的规定，以厘定可计入交

易价内的可变代价金额。就预期将

予退回的货物而言，退款负债而非

收入得以确认。退货权资产（及相

应调整销售成本）亦就自客户收回

产品的权利确认。

(b) 中医（「中医」）服务

中医服务包括中医诊治疗。相应服

务的控制权在某个时间点转移，即

于相应服务完成后转移。

管理及宣传服务包括特许经营相关

收入。收益在提供服务时随时间确

认。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

(a) Sale of gods

Revenue from the sale of gods is recognised at the point in

time when control of the aset is transfered to the customer,

generaly on delivery of gods.

Some contracts for the sale of Chinese and Western

pharmaceutical and health fod products provide customers

with rights of return, giving rise to variable consideration:

Rights of return

For contracts which provide a customer with a right to

return the gods within a specified period, the expected

value method is used to estimate the gods that wil not be

returned because this method best predicts the amount of

variable consideration to which the Group wil be entitled.

The requirements in HKFRS 15 on constraining estimates of

variable consideration are aplied in order to determine the

amount of variable consideration that can be included in the

transaction price. For gods that are expected to be returned,

instead of revenue, a refund liability is recognised. A right-of-

return aset (and the coresponding adjustment to cost of

sales) is also recognised for the right to recover products from

a customer.

(b) Traditional Chinese Medicine (“TCM”) services

TCM services comprise Chinese medical consultations and

treatments. Control of the respective service is transfered at a

point in time, i.e. upon completion of the respective service.

Management and promotion services comprises franchise

operation related income. Revenue is recognised over time as

services are rendered.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025132位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

收益确认（续）

来自其他来源之收益

租金收入按时间比例基准于租期内确

认。不取决于指数或利率的可变租赁付

款在发生的会计期间确认为收入。

其他收入

利息收入根据实际利率法按应计基准应

用可将金融工具预期限的估计未来现

金回报准确折现为金融资产账面净值的

比率计算。

股息收入在确定股东有权收取该款项，

与股息相关的经济利益很可能流入本集

团且股息的金额能够可靠计量时确认。

合约负债

合约负债于本集团转移相关货品或服务

前已收客户款项或付款到期（以较早者为

准）时确认。合约负债在本集团于履行合

约（即将相关货品或服务的控制权转让予

客户）时确认为收益。

取得合约之成本

取得合约之增量成本为本集团就取得客

户合约而产生且倘未能取得合约则不会

产生的成本（例如给予销售代理的销售佣

金）。倘有关收益的成本将在未来报告期

间确认，而成本预期可收回，取得合约

之增量成本会于产生时拨充资本。取得

合约之其他成本在产生时支销。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Revenue recognition (continued)

Revenue from other sources

Rental income is recognised on a time proportion basis over the

lease terms. Variable lease payments that do not depend on an

index or a rate are recognised as income in the acounting period in

which they are incured.

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).

Costs of obtaining contracts

Incremental costs of obtaining a contract were those costs that

the Group incurs to obtain a contract with a customer it would

not have ben incured if the contract had not ben obtained e.g.,

sales comision to sales agents. Incremental costs of obtaining a

contract are capitalised when incured if the costs relate to revenue

which wil be recognised in a future reporting period and the costs

are expected to be recovered. Other costs of obtaining a contract

are expensed when incured.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报133

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

退货权资产

退货权资产确认为收回预期将由客户退

回的货品的权利。该资产按退回货品的

前账面值，减收回货品的任何预期成本

以及退回货品价值的任何潜在跌幅计

量。本集团就预期退货水平的任何修订

以及退回货品价值的任何额外跌幅更新

资产的计量。

退款负债

退款负债确认为退回已收（或应收）客户

的若干或全部代价的责任，并按本集团

最终预期需退回予客户的金额计量。本

集团于各报告期末更新其退款负债估计

（及交易价格的相应变动）。

以股份为基础之付款

本公司设有购股权计划。本集团之雇员

（包括董事）通过以股份为基础之付款方

式取得薪酬，而雇员通过提供服务换取

权益工具（「以权益结算之交易」）。雇员

进行之以权益结算之交易成本，参照其

于授予日之公平值计量。公平值由外部

估值师采用三项式定价模式厘定，进一

步详情载于财务报表附注32。

在满足表现及╱或服务条件之期间，于

雇员福利开支确认以权益结算之交易成

本并同时相应增加权益。在各报告期末

至归属日期就以权益结算之交易确认之

累计开支反映归属期届满之程度及本集

团对最终归属之权益工具数量的最佳估

计。于期内自损益扣除或计入损益之金

额指于期初及期终确认之累计开支变动。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Right-of-return asets

A right-of-return aset is recognised for the right to recover the

gods expected to be returned by customers. The aset is measured

at the former carying amount of the gods to be returned, les any

expected costs to recover the gods and any potential decreases

in the value of the returned gods. The Group updates the

measurement of the aset for any revisions to the expected level of

returns and any aditional decreases in the value of the returned

gods.

Refund liabilities

A refund liability is recognised for the obligation to refund some or

al of the consideration received (or receivable) from a customer

and is measured at the amount the Group ultimately expects it wil

have to return to the customer. The Group updates its estimates of

refund liabilities (and the coresponding change in the transaction

price) at the end of each reporting period.

Share-based payments

The Company operates a share option scheme. 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 cost of equity-setled transactions with employes is measured

by reference to the fair value at the date at which they are granted.

The fair value is determined by an external valuer using a trinomial

model, further details of which are given in note 32 to the financial

statements.

The cost of equity-setled transactions is recognised in employe

benefit expense, together with a coresponding increase in equity,

over the period in which the performance and/or service conditions

are fulfiled. The cumulative expense recognised for equity-setled

transactions at the end of each reporting period until the vesting

date reflects the extent to which the vesting period has expired and

the Group’s best estimate of the number of equity instruments that

wil ultimately vest. The charge or credit to profit or los for a period

represents the movement in the cumulative expense recognised as

at the begining and end of that period.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025134位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

以股份为基础之付款（续）

厘定奖励的授出日期公平值时，不会计

及服务及非市场表现条件，但会评估达

成该等条件的可能性，作为本集团对最

终将归属的权益工具数量的最佳估计。

市场表现条件反映于授出日期公平值

内。奖励所附带但并无相关服务要求的

任何其他条件被视为非归属条件。除非

亦有服务及╱或表现条件，否则非归属

条件反映于奖励的公平值内，并将即时

支销奖励。

基于未能达成非市场表现及╱或服务条

件而最终并无归属的奖励不会确认开

支。倘奖励包括市场或非归属条件，

交易将被视为归属处理，而不论市场或

非归属条件是否达成，惟所有其他表现

及╱或服务条件须已达成。

倘以权益结算之奖励之条款经修订，则

在达成奖励原定条款情况下，至少须犹

如条款并无经修订者确认开支。此外，

任何增加以股份为基础付款的公平总

值，或以其他方式为雇员带来利益的任

何修订于修订当日确认为开支。倘若以

权益结算之奖励被注销，其应被视为已

于注销日期归属，而尚未就有关奖励确

认之任何开支，均应立刻确认。

计算每股盈利╱亏损时，未行使购股权

之摊薄影响反映为额外股份摊薄。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Share-based payments (continued)

Service and non-market performance conditions are not taken into

acount when determining the grant date fair value of awards, but

the likelihod of the conditions being met is asesed as part of the

Group’s best estimate of the number of equity instruments that wil

ultimately vest. Market performance conditions are reflected within

the grant date fair value. Any other conditions atached to an award,

but without an asociated service requirement, are considered to be

non-vesting conditions. Non-vesting conditions are reflected in the

fair value of an award and lead to an imediate expensing of an

award unles there are also service and/or performance conditions.

For awards that do not ultimately vest because non-market

performance and/or service conditions have not ben met, no

expense is recognised. Where awards include a market or non-

vesting condition, the transactions are treated as vesting irespective

of whether the market or non-vesting condition is satisfied, provided

that al other performance and/or service conditions are satisfied.

Where the terms of an equity-setled award are modified, as a

minimum an expense is recognised as if the terms had not ben

modified, if the original terms of the award are met. In adition, an

expense is recognised for any modification that increases the total

fair value of the share-based payments, or is otherwise beneficial to

the employe as measured at the date of modification. Where an

equity-setled award is canceled, it is treated as if it had vested on

the date of cancelation, and any expense not yet recognised for the

award is recognised imediately.

The dilutive efect of outstanding options is reflected as aditional

share dilution in the computation of earnings/los per share.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报135

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

其他雇员福利

退休金计划

本集团根据《强制性公积金计划条例》为

合资格参与定额供款强制性公积金（「强

积金」）退休福利计划（「强积金计划」）的

雇员经营一项强积金计划。根据强积金

计划规则，须按雇员基本薪金的某个百

分比作出供款，并于供款成为应付时在

损益内扣除。强积金计划的资产与本集

团资产分开并由独立管理基金持有。本

集团所作雇主供款于向强积金计划作出

时全数归属予雇员。

本集团于中国内地营业的附属公司的雇

员须参加由地方市政府经营的中央退休

金计划。该等附属公司须按其工资成本

的若干百分比向中央退休金计划供款。

根据中央退休金计划规则，有关供款于

成为应付时在损益内扣除。

定额福利计划

本集团在香港支付长期服务金的法定责

任为定额福利计划。与长期服务金有关

的福利成本采用预计单位信贷精算估值

法厘定。在综合财务状况表中确认与长

期服务金有关的负债为净义务，即未来

长期服务金福利的现值减本集团所作强

积金供款产生的应计福利的权利。

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Other employe benefits

Pension schemes

The Group operates a defined contribution Mandatory Provident

Fund (“MPF”) retirement benefit scheme (the “MPF Scheme”)

under the Mandatory Provident Fund Schemes Ordinance for those

employes who are eligible to participate in the MPF Scheme.

Contributions are made based on a percentage of the employes’

basic salaries and are charged to profit or los as they become

payable in acordance with the rules of the MPF Scheme. The asets

of the MPF Scheme are held separately from those of the Group

in an independently administered fund. The Group’s employer

contributions vest fuly with the employes when contributed into

the MPF Scheme.

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. These

subsidiaries are required to contribute to a certain percentage of

their 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.

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025136位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

2.4 重大会计政策（续）

定额福利计划（续）

定额福利退休金计划所产生之重新计

量，包括

－精算收益及亏损；及

－强积金雇员贡献有关的投资回报及

其他经验调整（不包括计入定额福

利责任净额之净利息的金额）

即时于综合财务状况表确认，有关计入

或扣除自保留溢利之款项于发生期间于

其他全面收益确认。

重新计量于随后期间不会重新分类至损

益。

过往服务成本在以下日期（以下列较早者

为准）于损益中确认：

；及

• 本集团确认重组相关成本日期

透过将折现率应用于定额福利负债或资

产净值计算净利息。本集团将下列定额

福利责任净值的变动按功能于综合损益

表中的「销售成本」、「销售及分销开支」

及「行政开支」确认：

、过往

服务成本、削减的收益及亏损以及

非日常结算

• 净利息开支或收入

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Defined benefit plan (continued)

Remeasurements arising from the defined benefit pension plans,

comprising

– actuarial gains and loses; and

– investment returns asociated with the MPF employer

contributions and other experience adjustments (excluding

amounts included in net interest on the net defined benefit

liability)

are recognised imediately in the consolidated statement of

financial position with a coresponding debit or credit to retained

profits through other comprehensive income in the period in which

they ocur.

Remeasurements are not reclasified to profit or los in subsequent

periods.

Past service costs are recognised in profit or los at the earlier of:

; and

• the date that the Group recognises restructuring-related costs

Net interest is calculated by aplying the discount rate to the net

defined benefit liability or aset. The Group recognises the folowing

changes in the net defined benefit obligation under “cost of sales”,

“seling and distribution expenses” and “administrative expenses” in

the consolidated statement of profit or los by function:

, past-service

costs, gains and loses on curtailments and non-routine

setlements

• net interest expense or income

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报137

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Defined benefit obligations

Long service payment in Hong Kong

The Group is obligated to make long service payment to qualifying

employes in Hong Kong with a minimum of 5 years’ employment

period upon retirement or termination of employment under

certain circumstances, in acordance with the Hong Kong

Employment Ordinance (the “Employment Ordinance”). Long

service payment is calculated based on the last monthly salary

of the employe and the number of years of service. There are

provisions under the Employment Ordinance permiting employers

to ofset employes’ long service payment against the acrued

benefits atributable to employers’ contributions to the MPF

Scheme. In 2022, the Employment and Retirement Schemes

Legislation (Ofseting Arangement) (Amendment) Bil 2022 (the

“Amendment Bil”) was enacted, such that the Group can no

longer use acrued benefits arising from MPF mandatory employer

contributions to ofset employes’ long service payment acrued

as from the transition date (i.e., 1 May 2025). The enactment of

the Amendment Bil is treated as a plan amendment. Except for

the statutory right to ofset as described above, the long service

payment benefits are unfunded.

The net long service payment obligations are exposed to interest

rate risk, expected rate of future salary increase and market risk

asociated with investment returns of employes’ MPF Scheme.

The most recent actuarial valuation of the present value of the net

defined benefit obligations was caried out by Wilis Towers Watson

Hong Kong Limited, a member of the Actuarial Society of Hong

Kong, using the projected unit credit actuarial valuation method.

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 were not significant

to the Group’s consolidated financial statements. The actuarial

asumptions used and their sensitivity analysis, the analysis of the

net defined benefit costs, the movements in the net defined benefit

obligations, etc, 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.

（续）

2.4 重大会计政策（续）

定额福利责任

香港长期服务金

根据香港雇佣条例（「雇佣条例」），当雇

用期最少达5年之香港合资格雇员退休

或因某些情况终止雇用时，本集团有责

任向该等雇员支付长期服务金。长期服

务金乃根据雇员最后获取之月薪及服务

年期计算。雇佣条例订明，雇主可将雇

员长期服务金用作抵销强积金计划之雇

主供款所产生之累算权益。香港于二零

二年通过《二零二年雇佣及退休计划

法例（抵销安排）（修订）条例草案》（「修

订条例草案」），据此，本集团再无法以

强积金之雇主强制供款所产生之累算权

益，抵销由过渡日期（即二零二五年五月

一日）起之雇员长期服务金。修订条例草

案之颁布被视作一项计划修订。除上文

所述之法定抵销权外，并无就长期服务

金权益拨付资金。

长期服务金净额面对利率风险、预期未

来薪金增长率及有关雇员强积金计划投

资回报的市场风险。

定额福利责任净额现值之最近期精算估

值由香港精算学会员韬睿惠悦香港有

限公司采用预测单位信贷精算估值法进

行。

董事认为，于综合财务状况表就定额福

利责任净额确认的负债以及于综合损益

以及于其他全面收益表就长期服务金确

认的开支╱抵免对本集团综合财务报表

而言并不重大。并无披露采用的精算假

设及彼等的敏感度分析、定额福利成本

净额分析、定额福利责任变动等，因为

有关披露会造成资料过分冗长，且不会

对综合财务报表的使用者提供额外有用

的资料。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025138位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Borowing costs

Borowing costs directly atributable to the acquisition, construction

or production of qualifying asets, i.e., asets that necesarily take a

substantial period of time to get ready for their intended use or sale,

are capitalised as part of the cost of those asets. The capitalisation

of such borowing costs ceases when the asets are substantialy

ready for their intended use or sale. Al other borowing costs are

expensed in the period in which they are incured. Borowing costs

consist of interest and other costs that an entity incurs in conection

with the borowing of funds.

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.

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.

（续）

2.4 重大会计政策（续）

借贷成本

直接因收购、建造或生产合资格资产（即

须长时间准备方可作拟定用途或销售之

资产）而产生的借贷成本，作为此等资产

成本之一部分拨充资本。当资产已大致

备妥作拟定用途或出售时，借贷成本将

会停止拨充资本。所有其他借贷成本在

产生期间列为支出。借贷成本包括实体

因借入资金所产生之利息及其他成本。

报告期后事项

如果本集团在报告期之后但在授权发布

日之前收到关于报告期末存在的情况的

信息，则本集团将评估该信息是否影响

其在财务报表中确认的金额。本集团将

调整财务报表中确认的金额，以反映报

告期后的任何调整事项，并根据新信息

更新与这些情况相关的披露。对于报告

期后的非调整事项，本集团将不改变财

务报表中确认的金额，但将披露非调整

事项的性质及其财务影响的估计，或无

法作出此类估计的声明（如适用）。

外币

该等财务报表以本公司的功能货币港元

呈列。本集团内各实体厘定其各自的功

能货币，而各实体的财务报表项目乃以

该功能货币计量。本集团内各实体所记

录之外币交易初步按其各自于交易日期

适用的功能货币汇率入账。以外币计值

的货币资产及负债，按有关功能货币于

报告期末的适用汇率换算。因货币项目

结算或兑换产生的差额均会于损益确认。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报139

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Foreign curencies (continued)

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).

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 subsidiaries and asociates 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 and other

comprehensive income 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 translation

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.

（续）

2.4 重大会计政策（续）

外币（续）

以外币按历史成本计量的非货币项目，

采用初始交易日期的汇率换算。以外币

按公平值计量的非货币项目，采用公平

值计量当日的汇率换算。换算按公平值

计量之非货币项目产生之收益或亏损之

处理方式与确认该项目公平值变动之收

益或亏损一致（即于其他全面收益或损益

中确认其公平值收益或亏损之项目的汇

兑差额亦分别于其他全面收益或损益中

确认）。

于厘定初始确认与预付代价相关之非货

币资产或非货币负债终止确认时的有关

资产、开支或收入之汇率时，初始交易

日期为本集团初始确认因预付代价产生

之非货币资产或非货币负债之日期。倘

存在多笔预付款项或预收款项，则本集

团会厘定每笔预付款项或预收款项之交

易日期。

附属公司及联营公司的功能货币均为港

元以外的货币。于报告期末，该等实

体的资产与负债按报告期末的现行汇

率换算为港元，其损益及其他全面收益

则按与交易日期现行汇率相若者换算为

港元。因此而产生的汇兑差额于其他全

面收益中确认并累计入汇兑储备，非

控股权益应占差额除外。出售海外业务

时，与该特定海外业务有关的储备累计

金额于损益确认。

任何因收购海外业务产生之商誉及任何

由于收购所产生之资产及负债账面值之

公平值调整均视为海外业务之资产及负

债及以收市汇率换算。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025140位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

2. ACOUNTING POLICIES (CONTINUED)

2.4 MATERIAL ACOUNTING POLICIES (CONTINUED)

Foreign curencies (continued)

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 for the year.

3. SIGNIFICANT ACOUNTING ESTIMATES

The preparation of the Group’s financial statements requires

management to make judgements, estimates and asumptions

that afect the reported amounts of revenues, expenses, asets and

liabilities, and their acompanying disclosures, and the disclosure

of contingent liabilities. Uncertainty about these asumptions and

estimates could result in outcomes that could require a material

adjustment to the carying amounts of the asets or liabilities

afected in the future.

Estimation uncertainty

The key asumptions concerning the future and other key sources

of estimation uncertainty at the end of the reporting period, that

have a significant risk of causing a material adjustment to the

carying amounts of asets and liabilities within the next financial

year, are described below.

Impairment and reversal of impairment of non-financial

non-curent asets (other than godwil)

The Group aseses whether there are any indicators of impairment

or reversal of impairment of al non-financial non-curent asets

(including the right-of-use asets) at the end of each reporting

period.

（续）

2.4 重大会计政策（续）

外币（续）

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适用汇率

换算为港元。海外附属公司于整个年度

产生的经常性现金流量则按年内的加权

平均汇率换算为港元。

3. 主要会计估计

于编制本集团财务报表时，管理层须作

出会影响收益、开支、资产及负债之呈

报金额及其有关披露及或然负债之披露

之判断、估计及假设。该等假设及估计

之不明朗因素可能导致需要对未来有关

资产或负债之账面值作出重大调整。

估计不明朗因素

下文为于报告期末有关日后的主要假设

及其他主要估计的不明朗因素，其涉及

导致下个财政年度对资产及负债账面值

作出重大调整的重大风险。

非金融非流动资产（除商誉外）之减值及

减值拨回

本集团在各报告期末评估全部非金融非

流动资产（包括使用权资产）是否有任何

减值或减值拨回迹象。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报141

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

3. SIGNIFICANT ACOUNTING ESTIMATES (CONTINUED)

Estimation uncertainty (continued)

Impairment and reversal of impairment of non-financial

non-curent asets (other than godwil) (continued)

Where an indication of impairment or reversal of impairment exists,

or when anual impairment testing for an aset is required (other

than inventories, 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 is calculated to ases for impairment, management

aplies asumptions to prepare cash flow forecast, i.e., discount

rate, growth rate for the aset or CGU to calculate the present value

of those cash flows.

Given that external sources of information and evidence from

internal reporting indicates that the economic performance of

some asets or CGUs are beter than expected while some CGUs

continue to underperform, the directors of the Company performed

impairment tests of the relevant property, plant and equipment or

CGUs to determine their recoverable amounts. The recoverable

amount of an item of property, plant and equipment or a CGU is

calculated as the higher of its fair value les costs of disposal and

value in use, the calculations of which involve the use of estimates.

Valuation of investment properties

Investment properties including comercial properties in Hong

Kong are revalued at the end of the reporting period on a market

value, existing use basis by independent profesionaly qualified

valuers. Such valuations were 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 is considered and asumptions that

are mainly based on market conditions existing at the end of the

reporting period or the date of derecognition, as apropriate, are

used. Further details of the valuation are included in note 16 to the

financial statements.

（续）

估计不明朗因素（续）

非金融非流动资产（除商誉外）之减值及

减值拨回（续）

当显示有减值或减值拨回存在或当资产

需要每年作减值测试（不包括存货、金融

资产、发展中物业、持作出售物业、投

资物业及递延税项资产），则估计资产之

可收回金额。资产之可收回金额为资产

或现金产生单位的使用价值与公平值减

出售成本两者中之较高者，并按个别资

产厘定，除非该项资产所产生现金流入

很大程度上未能独立于其他资产或资产

组合的现金流入，于此情况下，可收回

金额则按资产所属现金产生单位厘定。

公平值减出售成本根据按公平原则进行

具有约束力的类似资产出售交易所得的

数据或可观察市场价格减去出售资产的

成本而计算。当计算使用价值以评估减

值时，管理层应用假设编制现金流量预

测，即贴现率、资产或现金产生单位增

长率，以计算该等现金流量的现值。

鉴于外部资料来源及内部报告有证据显

示若干资产或现金产生单位的经济表现

较预期好，同时若干现金产生单位的表

现持续欠佳，本公司董事对相关物业、

厂房及设备或现金产生单位进行减值测

试，以厘定其可收回金额。物业、厂房

及设备项目或现金产生单位之可收回金

额按其公平值减出售成本及使用价值之

较高者计算，计算时涉及使用估计。

投资物业估值

投资物业（包括位于香港之商业物业）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。有关估值

乃基于若干假设，受限于不明朗因素及

可能与实际结果有重大差异。于作出估

计时，有关判断已考虑到活跃市场内类

似物业的现行价格的资料及相关物业的

估计租金价值，及使用主要以各报告期

末或终止确认日期（如适用）的市场状况

为基础的假设。有关估值之进一步详情

载于财务报表附注16。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025142位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

3. SIGNIFICANT ACOUNTING ESTIMATES (CONTINUED)

Estimation uncertainty (continued)

Provision for expected credit loses on trade receivables

and loans 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 geography, product type, customer type and

rating, and coverage by leters of credit and other forms of credit

insurance).

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.

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 in the pharmaceutical

sector, the historical default rates are adjusted. At each reporting

date, the historical observed default rates are updated and changes

in the forward-loking estimates are analysed.

The asesment of the corelation among historical observed default

rates, 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 and forecast of economic conditions may also not be

representative of a customer’s actual default in the future.

The measurement of impairment loses under HKFRS 9 requires

judgement, in particular, the estimation of the amount and timing

of future cash flows and colateral values when determining

impairment loses and the asesment of a significant increase in

credit risk. These estimates are driven by a number of factors, such as

risks of default, loses given default and colateral recovery, changes

in which can result in diferent levels of alowances.

（续）

估计不明朗因素（续）

贸易应收款项以及应收贷款及利息预期

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。拨备率是基于就损失

模式（即按地域、产品类型、客户类型及

评级、信用证及其他信贷保险类型的承

保范围划分）类似的多个客户分部分组的

逾期日数计算。

拨备矩阵最初基于本集团的过往观察违

约率。本集团将根据前瞻性资料调整矩

阵，从而调整过往信贷亏损经验。例

如，倘预测经济状况（如国内生产总值）

预期于未来一年内恶化，并可能导致药

品分部的违约次数上升，则过往违约率

将予以调整。于各报告日，过往观察违

约率将予以更新并分析前瞻性估计的变

动。

对过往观察违约率、预测经济状况及预

期信贷亏损间的相关性评估是一项重要

估计。预期信贷亏损的金额对环境变化

及预测经济状况敏感。本集团的过往信

贷亏损经验及对经济状况的预测亦或不

能代表客户未来的实际违约。

根据香港财务报告准则第9号计量减值

亏损需要作出判断，尤其是于确定减值

亏损及评估信贷风险大幅增加时对未来

现金流量及抵押品价值金额及时间的估

计。该等估计受多项因素驱动，例如违

约风险、违约亏损及抵押品收回，该等

因素的变动可导致不同的拨备水平。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报143

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

3. SIGNIFICANT ACOUNTING ESTIMATES (CONTINUED)

Estimation uncertainty (continued)

Provision for expected credit loses on trade receivables

and loans and interest receivables (continued)

The Group’s expected credit los calculations on loans and interest

receivables are based on asumptions about risks of default and

loses given default. The Group uses judgement in making these

parameters and selecting the inputs to the impairment calculations,

based on credit risks of the debtors, existing market conditions as

wel as forward-loking estimates (such as gros domestic product)

at the end of each reporting period. It has ben the Group’s policy

to regularly review its models in the context of actual los experience

and adjust when necesary.

At 31 March 2025, the carying amount of the Group’s trade

receivables and loans and interest receivables, before impairment

alowance, was HK$74,584,000 (2024: HK$94,402,000) and

HK$407,453,000 (2024: HK$494,759,000), respectively.

Impairment alowance provided for the trade receivables as at 31

March 2025 amounted to HK$7,238,000 (2024: HK$13,046,000

and no impairment alowance was provided for loans and interest

receivables (2024: Nil).

The information about the ECLs on the Group’s trade receivables

and loans and interest receivables is disclosed in note 21 and note

22 to the financial statements, respectively.

Defered tax asets

Defered tax asets are recognised for unused tax loses to the

extent that it is probable that taxable profit wil be available against

which the loses can be utilised. Significant management judgement

is required to determine the amount of defered tax asets that

can be recognised, based upon the likely timing and level of future

taxable profits together with future tax planing strategies. The

carying value of defered tax asets relating to recognised tax loses

at 31 March 2025 was HK$40,846,000 (2024: HK$39,610,000).

The amount of unrecognised tax loses at 31 March 2025 was

HK$646,533,000 (2024: HK$618,952,000). Further details are

contained in note 30 to the financial statements.

（续）

估计不明朗因素（续）

贸易应收款项以及应收贷款及利息预期

信贷亏损拨备（续）

本集团对应收贷款及利息的预期信贷亏

损计算基于关于违约风险及违约亏损的

假设。本集团于作出该等参数及选择减

值计算的输入数据时使用判断，并基于

债务人的信贷风险、现有市场状况以及

于各报告期末的前瞻性估计（如本地生产

总值）。本集团的政策是在实际亏损经验

的情况下定期检视其模式，并于必要时

作出调整。

于二零二五年三月三十一日，本集团

贸易应收款项以及应收贷款及利息（减

值拨备前）的账面值分别为74,584,000

港元（二零二四年：94,402,000港元）

及407,453,000港元（二零二四年：

494,759,000港元）。于二零二五年三

月三十一日，就贸易应收款项计提减

值拨备为7,238,000港元（二零二四年：

13,046,000港元），而并无就应收贷款及

利息计提减值拨备（二零二四年：无）。

有关本集团贸易应收款项以及应收贷款

及利息的预期信贷亏损的资料分别于财

务报表附注21及附注22中披露。

递延税项资产

倘可能有应课税溢利可用作抵销亏损，

则会就未动用税项亏损确认递延税项资

产。管理层须根据未来应课税溢利可能

出现的时间及水平以及未来税务规划

策略，作出重大判断以厘定可予确认的

递延税项资产金额。于二零二五年三月

三十一日，与已确认税项亏损有关的递

延税项资产账面值为40,846,000港元（二

零二四年：39,610,000港元）。于二零

二五年三月三十一日，未确认税项亏损

金额为646,533,000港元（二零二四年：

618,952,000港元）。进一步详情载于财

务报表附注30。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025144位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION

For management purposes, the Group is organised into busines

units based on their products and services and has four reportable

operating segments as folows:

Continuing operations:

– production and sale of Chinese pharmaceutical and health

fod products and relevant services – (i) manufacture,

procesing and sale of traditional Chinese medicine which

includes Chinese medicinal products sold under the

brand name of “Wai Yuen Tong” and a range of products

manufactured using selected medicinal materials with

traditional prescriptions, mainly in Mainland China and Hong

Kong, (i) provision of Traditional Chinese Medicine (“TCM”)

services, and (i) provision of management and promotion

services (“Chinese Pharmaceutical Segment”);

– production and sale of Western pharmaceutical and health

fod products – manufacture, procesing and sale of Western

pharmaceutical products and personal care products under the

brand names of “Madame Pearl’s” and “Pearl’s”, respectively

(“Western Pharmaceutical Segment”); and

– property investment – investment in comercial premises for

rental income.

Discontinued operations:

– management and sale of properties in agricultural produce

exchange markets.

Upon completion of the Distribution in Specie (as defined in note

12 to the financial statements) on 25 March 2024, China Agri-

Products Exchange Limited (“CAP”) and its subsidiaries (together

the “CAP Group”) ceased to be subsidiaries of the Group. The

busineses of management and sale of properties in agricultural

produce exchange markets caried out by CAP Group were clasified

as discontinued operations for the year ended 31 March 2024 and

further details are disclosed in note 13 to the financial statements.

Acordingly, the financial performance of the management and sale

of properties in agricultural produce exchange markets segment is

clasified as “profit for the year from discontinued operations” in the

consolidated statement of profit or los and other comprehensive

income.

4. 营运分部资料

就管理而言，本集团按产品及服务分为

各业务单位，并有四个可申报之营运分

部如下：

持续经营业务：

－生产及销售中药及保健食品产品及

相关服务－(i)主要于中国内地及香

港制造、加工及销售传统中药，包

括以「位元堂」品牌出售之中药产

品，以及一系列以精选药材配以传

统配方制成之产品，(i)提供中医

（「中医」）服务及(i)提供管理及宣传

服务（「中药分部」）；

－生产及销售西药及保健食品产品－

制造、加工及销售「珮夫人」及「珮

氏」品牌之西药产品及个人护理产

品（「西药分部」）；及

－物业投资－投资于商务物业以获得

租金收入。

已终止经营业务：

－管理及销售农产品交易市场之物业。

于二零二四年三月二十五日实物分派（定

义见财务资料附注12）完成后，中国农

产品交易有限公司（「中国农产品」），连

同其附属公司统称（「中国农产品集团」）

不再为本集团的附属公司。截至二零

二四年三月三十一日止年度，中国农产

品集团的农产品交易市场物业管理及销

售业务分类为已终止经营业务，进一步

详情在财务报表附注13中披露。因此，

农产品交易市场物业管理及销售分部财

务业绩于综合损益及其他全面收益表中

分类为「来自已终止经营业务之本年度溢

利」。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报145

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION (CONTINUED)

Discontinued operations: (continued)

Management monitors the results of the Group’s operating

segments separately for the purpose of making decisions about

resource alocation and performance asesment. Segment

performance is evaluated based on reportable segment profit/los,

which is a measure of adjusted profit/los before tax. The adjusted

profit/los before tax is measured consistently with the Group’s

profit/los before tax except that bank interest income, finance

costs, fair value loses from the Group’s financial instruments at

FVTPL, loses arising from disposal of subsidiaries, and head ofice

and corporate income and expenses are excluded from such

measurement.

Intersegment sales and transfers are transacted with reference to

the seling prices used for sales made to third parties at the then

prevailing market prices.

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.

（续）

已终止经营业务：（续）

管理层分开监控本集团营运分部之业

绩，旨在作出有关资源分配及表现评估

之决定。分部表现按可报告分部之溢

利╱亏损作出评估，即计量经调整除税

前溢利╱亏损。经调整除税前溢利╱亏

损之计量与本集团除税前溢利╱亏损一

致，惟银行利息收入、融资成本、本集

团按公平值经损益入账之金融工具之公

平值亏损、出售附属公司亏损，及总公

司及企业收入及开支均不计入有关计量。

各分部间之销售及转拨乃经参考向第三

方销售所采用之售价并按当时现行市价

进行。

分部划分乃根据本集团运营资料进行，

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。

2025
二零二五年
HK$’000
千港元
651,693
12
651,705
5,476
657,181
(31,752 )

2025
二零二五年
HK$’000
千港元
90,281
1,292
91,573
520
92,093
(2,504)

2025
二零二五年
HK$’000
千港元
3,324
5,848
9,172
16,448
25,620
36,113

2025
二零二五年
HK$’000
千港元
745,298
7,152
752,450
22,444
774,894
1,857
1,439
(28,158)
(6,500)
–
35,437
4,075
3,017
7,092

2025
二零二五年
HK$’000
千港元
–
–
–
–
–
–
–
–
–
–
–
–
–
–

2025
二零二五年
HK$’000
千港元
–
(7,152)
(7,152)
–
(7,152)
–

2025
二零二五年
HK$’000
千港元
745,298
–
745,298
22,444
767,742
1,857
1,439
(28,158)
(6,500)
–
35,437
4,075
3,017
7,092

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025146位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION (CONTINUED)

Segment revenue and results

Year ended 31 March

Continuing operationsDiscontinued operations

持续经营业务已终止经营业务

Chinese

Pharmaceutical

Segment

Western

Pharmaceutical

Segment

Property

investment

Total continuing

operations

Management

and sale of

properties in

agricultural

produce exchange

marketsEliminationsTotal

中药分部西药分部物业投资持续经营业务总计

管理及销售农产品

交易市场之物业对销总计

二零二四年二零二四年二零二四年二零二四年二零二四年二零二四年二零二四年

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

千港元千港元千港元千港元千港元千港元千港元

Segment revenue and income:分部收益及收入：

Sales to external customers销售予外部客户689,20090,1984,483783,881553,973–1,337,854

Intersegment sales分部间销售1,4031114,30415,718–(15,718)–

Total segment revenue总分部收益690,60390,20918,787799,599553,973(15,718)1,337,854

Other income and gains其他收入及收益2,5381,17738,89242,607141,749–184,356

Total总计693,14191,38657,679842,206695,722(15,718)1,522,210

Segment results分部业绩37,54914,554(39,798)12,305170,947–183,252

Reconciliation:对账：

Bank interest income银行利息收入2,1822,6714,853

Finance costs融资成本(40,792)(111,754)(152,546)

Fair value loses on financial asets

at FVTPL, net

按公平值经损益

入账之金融资产

之公平值亏损，

净额(3,219)(2,817)(6,036)

Loses on disposal of subsidiaries出售附属公司

之亏损(5,898)–(5,898)

Corporate and unalocated income

and expense, net

企业及未分配收入

及开支，净额23,1722,89026,062

Profit/(los) before tax除税前溢利╱（亏损）(12,250)61,93749,687

Income tax credit/(expense)所得税抵免╱（开支）6,359(52,001)(45,642)

Profit/(los) for the year本年度溢利╱（亏损）(5,891)9,9364,045

（续）

分部收益及业绩

截至三月三十一日止年度

2025
二零二五年
HK$’000
千港元
–
28,942
70,240
–
–
–
–
80
–
(5,591)
8,988
–
2,978
(1,045)
–
2,066

2025
二零二五年
HK$’000
千港元
–
575
9,217
–
–
–
–
–
–
20,650
–
–
–
–
–
1,949

2025
二零二五年
HK$’000
千港元
–
–
7,924
–
(11,073)
–
–
(16,448)
1,201
–
(12,118)
–
–
–
–
–

2025
二零二五年
HK$’000
千港元
–
29,517
87,381
–
(11,073)
–
–
(16,368)
1,201
15,059
(3,130)
–
2,978
(1,045)
–
4,015

2025
二零二五年
HK$’000
千港元
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–

2025
二零二五年
HK$’000
千港元
(45,422)
–
3,102
6,500
–
–
(426)
–
–
(38)
–
–
–
–
–
–

2025
二零二五年
HK$’000
千港元
(45,422)
29,517
90,483
6,500
(11,073)
–
(426)
(16,368)
1,201
15,021
(3,130)
–
2,978
(1,045)
–
4,015

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报147

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION (CONTINUED)

Other segment information

Year ended 31 March

Continuing operationsDiscontinued operations

持续经营业务已终止经营业务

Chinese

Pharmaceutical

Segment

Western

Pharmaceutical

Segment

Property

investment

Total continuing

operations

Management and sale of

properties in agricultural

produce exchange marketsUnalocatedTotal

中药分部西药分部物业投资持续经营业务总计

管理及销售农产品

交易市场之物业未分配总计

二零二四年二零二四年二零二四年二零二四年二零二四年二零二四年二零二四年

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

千港元千港元千港元千港元千港元千港元千港元

Other segment information:其他分部资料：

Interest income利息收入–(48,241)(48,241)

Capital expenditure (note)资本开支（附注）6,54594278,80086,28739,8209126,116

Depreciation折旧63,4689,32512,58885,38121,9783,791111,150

Fair value loses on financial asets and

liabilities at FVTPL, net

按公平值经损益入账

之金融资产及负债

公平值亏损，净额–6,0366,036

Net loses/(gains) from fair value

adjustments for owned investment

properties

所拥有投资物业公平值

调整之亏损╱

（收益）净额–17,85217,85282,678–100,530

Net gains from fair value adjustments for

sub-leased investment properties

分租投资物业之

公平值调整收益

净额–(15,183)–(15,183)

Los/(gain) on disposal/redemption of

debt investments at FVTOCI, net

出售╱赎回按公平值

经其他全面收益入

账之债务投资亏

损╱（收益），净额–9,1529,152

Loses/(gains) on disposal of items of

property, plant and equipment, net

出售物业、厂房及设备

项目之亏损╱

（收益）净额–(35,395)(35,395)134–(35,261)

Los on disposal of investment properties出售投资物业之亏损–

Impairment loses/(reversal of impairment

loses) on financial asets, net

金融资产减值亏损╱

（减值亏损拨回），

净额(1,053)8–(1,045)(628)461(1,212)

Impairment loses/(reversal of impairment

loses) on property, plant and

equipment, net

物业、厂房及设备

减值亏损╱（减值亏

损拨回），净额5,46331762,85068,630–68,630

Write-down of properties held for sale撇减持作出售物业–2,919–2,919

Investments in asociates于联营公司之投资4,433–4,433–4,433

Share of profits and loses of asociates分占联营公司溢利

及亏损(2,533)–(2,533)–(2,533)

Loses on disposal of subsidiaries出售附属公司之亏损–5,8985,898

Alowance for obsolete inventories陈旧存货拨备2,517394–2,911–2,911

Note: Capital expenditure includes aditions to investment properties and property,

plant and equipment (excluding the aditions of leased buildings included in

right-of-use asets).

（续）

其他分部资料

截至三月三十一日止年度

附注：资本开支包括新增之投资物业及物业、厂房

及设备（不包括新增计入使用权资产的租赁

楼宇）。

2025
二零二五年
HK$’000
千港元
557,045
124,556
59,782
3,915
745,298

2025
二零二五年
HK$’000
千港元
708,974
56,554
5,897
771,425

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025148位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

4. OPERATING SEGMENT INFORMATION (CONTINUED)

Geographical information

(a) Revenue from external customers

二零二四年

HK$’000

千港元

Hong Kong香港580,805

Mainland China中国内地114,945

Macau澳门83,724

Others其他4,407

Total revenue from external customers来自外部客户之总收益783,881

The revenue information of continuing operations above is

based on the locations of the customers.

(b) Non-curent asets

二零二四年

HK$’000

千港元

Hong Kong香港750,293

Mainland China中国内地62,340

Macau澳门9,258

Total总计821,891

The non-curent aset information of continuing operations

above is based on the locations of the asets and excludes

financial instruments and defered tax asets.

Information about major customers

During the years ended 31 March 2025 and 2024, no revenue

from transactions with a single external customer amounted to 10%

or more of the total revenue from continuing operations of the

Group.

（续）

地区资料

(a) 来自外部客户之收益

上述持续经营业务收益资料乃按客

户所在地区划分。

(b) 非流动资产

上述持续经营业务非流动资产资料

乃按资产所在地区划分，且不包括

金融工具及递延税项资产。

有关主要客户之资料

截至二零二五年及二零二四年三月

三十一日止年度，并无来自与单一外部

客户交易之收益占本集团持续经营业务

收益总额的10%或以上。

2025
二零二五年
Continuing operations	Discontinued operations	Total
持续经营业务	已终止经营业务	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
741,974	–	741,974
3,324	–	3,324
745,298	–	745,298

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报149

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

，净额

本集团收益之分析如下：

5. REVENUE AND OTHER INCOME AND GAINS, NET

An analysis of the Group’s revenue is as folows:

二零二四年

Continuing

operations

Discontinued

operationsTotal

持续

经营业务

已终止

经营业务总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Revenue from contracts with

customers

来自客户合约之收益

779,398375,6751,155,073

Revenue from other sources来自其他来源之收益

Gros rental income from

investment property

operating leases

投资物业经营租赁之

租金收入总额

4,483178,298182,781

Total revenue总收益783,881553,9731,337,854

Continuing operations			Discontinued operations
持续经营业务			已终止经营业务
Production and sale of Chinese pharmaceutical and health food products	Production and sale of Western pharmaceutical and health food products	Total continuing operations	Management and sale of properties in agricultural produce exchange markets	Total
生产及销售中药及保健食品产品	生产及销售西药及保健食品产品	持续经营业务总计	管理及销售农产品交易市场之物业	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
624,883	90,281	715,164	–	715,164
14,449	–	14,449	–	14,449
12,361	–	12,361	–	12,361
651,693	90,281	741,974	–	741,974
513,256	40,465	553,721	–	553,721
84,241	40,315	124,556	–	124,556
51,297	8,485	59,782	–	59,782
2,899	1,016	3,915	–	3,915
651,693	90,281	741,974	–	741,974
637,244	90,281	727,525	–	727,525
14,449	–	14,449	–	14,449
651,693	90,281	741,974	–	741,974

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025150位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

Revenue from contracts with customers

(i) Disagregated revenue information

For the year ended 31 March 2025

Segments

Types of gods or services货物或服务类别

– Sale of gods－销售货物

– Management and promotion services－管理及宣传服务

– TCM services－中医服务

Total总计

Geographical markets地区市场

Hong Kong香港

Mainland China中国内地

Macau澳门

Others其他

Total总计

Timing of revenue recognition收益确认时间

Gods or services transfered

at a point in time

于某一时间点转移货物或服务

Services transfered over time随时间转移服务

Total总计

，净额（续）

来自客户合约之收益

(i) 分拆收益资料

截至二零二五年三月三十一日止年

度

分部

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报151

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

Revenue from contracts with customers (continued)

(i) Disagregated revenue information (continued)

For the year ended 31 March 2024

Segments

Continuing operations

Discontinued

operations

持续经营业务已终止经营业务

Production

and sale

of Chinese

pharmaceutical

and health fod

products

Production

and sale

of Western

pharmaceutical

and health fod

products

Total

continuing

operations

Management

and sale of

properties in

agricultural

produce

exchange

marketsTotal

生产及销售

中药及保健

食品产品

生产及销售

西药及保健

食品产品

持续经营

业务总计

管理及销售

农产品交易

市场之物业总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Types of gods or services货物或服务类别

– Sale of gods－销售货物661,90190,198752,09930,594782,693

– Management and promotion services－管理及宣传服务12,526–12,526–12,526

– TCM services－中医服务14,773–14,773–14,773

– Sale of properties－销售物业–174,331174,331

– Comision income from agricultural

produce exchange markets

－农产品交易市场之佣金收入

–83,68883,688

– Agricultural produce exchange market

ancilary services

－农产品交易市场之配套服务

–87,06287,062

Total总计689,20090,198779,398375,6751,155,073

Geographical markets地区市场

Hong Kong香港534,36541,957576,32230,594606,916

Mainland China中国内地77,89237,053114,945345,081460,026

Macau澳门74,1079,61783,724–83,724

Others其他2,8361,5714,407–4,407

Total总计689,20090,198779,398375,6751,155,073

Timing of revenue recognition收益确认时间

Gods or services transfered

at a point in time

于某一时间点转移货物或服务

676,67490,198766,872204,925971,797

Services transfered over time随时间转移服务12,526–12,526170,750183,276

Total总计689,20090,198779,398375,6751,155,073

，净额（续）

来自客户合约之收益（续）

(i) 分拆收益资料（续）

截至二零二四年三月三十一日止年

度

分部

Continuing operations			Discontinued operations
持续经营业务			已终止经营业务
Production and sale of Chinese pharmaceutical and health food products	Production and sale of Western pharmaceutical and health food products	Total continuing operations	Management and sale of properties in agricultural produce exchange markets	Total
生产及销售中药及保健食品产品	生产及销售西药及保健食品产品	持续经营业务总计	管理及销售农产品交易市场之物业	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
651,693	90,281	741,974	–	741,974
12	1,292	1,304	–	1,304
651,705	91,573	743,278	–	743,278
(12)	(1,292)	(1,304)	–	(1,304)
651,693	90,281	741,974	–	741,974

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025152位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

，净额（续）

来自客户合约之收益（续）

(i) 分拆收益资料（续）

以下为来自客户合约之收益之对

账：

截至二零二五年三月三十一日止年

度

分部

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

Revenue from contracts with customers (continued)

(i) Disagregated revenue information (continued)

Set out below is the reconciliation of the revenue from

contracts with customers:

For the year ended 31 March 2025

Segments

Revenue from contracts with customers来自客户合约之收益

External customers外部客户

Intersegment sales分部间销售

Segment revenue分部收益

Intersegment adjustments and eliminations分部间调整及对销

Total总计

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报153

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

Revenue from contracts with customers (continued)

(i) Disagregated revenue information (continued)

For the year ended 31 March 2024

Segments

Continuing operations

Discontinued

operations

持续经营业务已终止经营业务

Production

and sale

of Chinese

pharmaceutical

and health fod

products

Production

and sale

of Western

pharmaceutical

and health fod

products

Total

continuing

operations

Management

and sale of

properties in

agricultural

produce

exchange

marketsTotal

生产及销售

中药及保健

食品产品

生产及销售

西药及保健

食品产品

持续经营

业务总计

管理及销售

农产品交易

市场之物业总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue from contracts with customers来自客户合约之收益

External customers外部客户689,20090,198779,398375,6751,155,073

Intersegment sales分部间销售1,403111,414–1,414

Segment revenue分部收益690,60390,209780,812375,6751,156,487

Intersegment adjustments and eliminations分部间调整及对销(1,403)(11)(1,414)–(1,414)

Total总计689,20090,198779,398375,6751,155,073

，净额（续）

来自客户合约之收益（续）

(i) 分拆收益资料（续）

截至二零二四年三月三十一日止年

度

分部

2025
二零二五年
HK$’000
千港元
12,020
–

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025154位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

Revenue from contracts with customers (continued)

(i) 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:

二零二四年

HK$’000

千港元

Revenue from continuing operations

recognised that was included in contract

liabilities at the begining of the reporting

period:

于报告期初计入

合约负债之持续经营

业务收益确认：

Sale of gods销售货物9,774

Revenue from discontinued operations

recognised that was included in contract

liabilities at the begining of the reporting

period:

于报告期初计入

合约负债之已终止经营

业务收益确认：

Sale of properties销售物业29,170

，净额（续）

来自客户合约之收益（续）

(i) 分拆收益资料（续）

下表显示于本报告期间收益确认之

金额，其于报告期初计入合约负

债：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报155

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

Revenue from contracts with customers (continued)

(i) Performance obligations

The folowing information about the Group’s performance

obligations is sumarised below:

Continuing operations

Sale of gods

The performance obligation is satisfied upon delivery of the

gods and payment is generaly due within 7 to 120 days from

delivery, except for new customers, where payment in advance

is normaly required. Some contracts provide customers with a

right of return which gives rise to variable consideration subject

to constraint.

TCM services

The performance obligation is satisfied at a point in time when

the Chinese medical consultations and treatments is provided

to the customer in retail outlets.

Management and promotion services

The performance obligation is satisfied over time as services

are rendered.

Discontinued operations

Property ancilary services and comision income from

agricultural produce exchange markets

The performance obligation is satisfied over time as services

are rendered.

Sales of properties

The performance obligation is satisfied when the legal title and

the physical posesion of the completed property is obtained

by the purchaser.

，净额（续）

来自客户合约之收益（续）

(i) 履约责任

有关本集团履约责任的资料概述如

下：

持续经营业务

销售货物

履约责任于货物交付时达成，且通

常于交付后7至120日到期付款，惟

新客户通常须提前付款。部分合约

向客户提供退货权，因而产生受限

制的可变代价。

中医服务

履约责任于零售店向客户提供中医

诊疗的时点获履行。

管理及宣传服务

履约责任于提供服务时随时间履

行。

已终止经营业务

农产品交易市场之物业配套服务及

佣金收入

履约责任于提供服务时随时间履

行。

销售物业

履约责任于买方取得竣工物业的法

定业权及实际拥有权时达成。

2025
二零二五年
HK$’000
千港元
38,758
4,681
544
1,439
431
361
4,897
150
2,133
53,394
426
16,368
1,864
18,658
72,052

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025156位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

An analysis of the Group’s other income and gains, net, from

continuing operations is as folows:

二零二四年

HK$’000

千港元

Other income其他收入

Interest income on loans receivable from CAP

(note (i)

中国农产品应收贷款之利息

收入（附注(i)）39,100

Interest income on loans receivable from Wang

宏安应收贷款之利息收入

Interest income on financial asets at FVTPL or

FVTOCI

按公平值经损益入账或按公

平值经其他全面收益入账

之金融资产之利息收入3,767

Interest income on bank deposits银行存款之利息收入2,182

Finance income on net investments

in subleases

分租投资净额之财务收入

Dividends from financial asets at FVTPL or

FVTOCI

按公平值经损益入账或按公

平值经其他全面收益入账

之金融资产之股息2,451

Rental income from other properties来自其他物业之租金收入4,999

Government subsidies (note (i)政府补贴（附注(i)）41

Others其他2,915

Total other income其他收入总额56,193

Gains, net收益，净额

Gain on disposal/redemption of debt

investments at FVTOCI

出售╱赎回按公平值经其他

全面收益入账之债务投资

收益–

Gain on disposal of items of property,

plant and equipment, net

出售物业、厂房及设备项目

之收益，净额35,395

Gain on modification of lease contracts, net修改租赁合约之收益，净额–

Total gains, net总收益，净额35,395

Total other income and gains, net其他收入及收益总额，净额91,588

，净额（续）

本集团来自持续经营业务的其他收入及

收益，净额之分析如下：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报157

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

(CONTINUED)

Notes:

(i) The interest income on loans receivable from CAP, the operations of which were

clasified as discontinued operations during the year ended 31 March 2024, was

not eliminated for the year ended 31 March 2024 and was presented to reflect

how the loans arangement with CAP wil be reflected in continuing operations

going forward.

(i) Government subsidies from continuing operations during the year ended 31

March 2025 represented the one-of subsidies of HK$150,000 granted by SME

Export Marketing Fund (2024: HK$41,000 represented the one-of subsidies

granted by The Government of the Hong Kong Special Administrative Region’s

Research and Development Cash Rebate Scheme and SME Export Marketing

Fund).

Government subsidies from discontinued operations during the year ended 31

March 2024 represented the PRC government subsidies HK$4,618,000 granted

to the Group by the local governmental authority in Mainland China for the

busines suport on its operations in agricultural produce exchange market in

Mainland China.

The Group has complied with al atached conditions before 31 March 2025

and 2024.

，净额（续）

附注：

(i) 截至二零二四年三月三十一日止年度，中国

农产品（其业务于截至二零二四年三月三十一

日止年度分类为已终止经营业务）应收贷款之

利息收入并无对销，且获呈列以反映与中国

农产品的贷款安排日后将如何于持续经营业

务反映。

(i) 持续经营业务于截至二零二五年三月三十一

日止年度的政府补贴指「中小企业市场推广基

金」授出的一次性补贴150,000港元（二零二四

年：41,000港元指香港特别行政区政府「投资

研发现金回赠计划」及「中小企业市场推广基

金」授予的一次性补贴）。

已终止经营业务于截至二零二四年三月

三十一日止年度的政府补贴指本集团获中

国内地当地政府机关授予之中国政府补贴

4,618,000港元，以作为其于中国内地经营农

产品交易市场之业务支持。

本集团已于二零二五年及二零二四年三月

三十一日前遵守所有附带条件。

2025
二零二五年
HK$’000
千港元
–
1,201
–
(3,130)
495
(1,434)

2025
二零二五年
HK$’000
千港元
340,265
28,580
1,124
7,553
3,800
33,349
57,134
90,483

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025158位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

6. OTHER EXPENSES, NET

An analysis of other expenses, net, from continuing operations is as

folows:

二零二四年

NotesHK$’000

附注千港元

Loses on disposal of subsidiaries出售附属公司之亏损365,898

Loses on disposal of investment

properties

出售投资物业之亏损

–

Los on disposal/redemption of debt

investments at FVTOCI, net

出售╱赎回按公平值经

其他全面收益入账之

债务投资亏损，净额9,152

Impairment loses/(reversal of

impairment loses) on items of

property, plant and equipment, net

物业、厂房及设备项目

之减值亏损╱（减值亏

损拨回），净额

68,630

Exchange loses, net汇兑亏损净额2,630

Total other expenses, net其他开支总额，净额86,310

7. PROFIT/(LOS) BEFORE TAX

The Group’s profit/(los) before tax from continuing operations is

arived at after charging/(crediting):

二零二四年

NotesHK$’000

附注千港元

Cost of inventories recognised as an

expense (including alowance for

obsolete inventories of HK$4,015,000

(2024: HK$2,911,000)

确认为开支之存货成本

（包括陈旧存货拨备

4,015,000港元

（二零二四年：

2,911,000港元）358,473

Cost of services provided已提供服务的成本30,595

Research and development costs研究及开发成本1,786

Lease payments not included in the

measurement of lease liabilities

未计入租赁负债计量之

租赁付款13,573

Auditor’s remuneration核数师酬金4,580

Depreciation of owned asets所拥有资产折旧1536,105

Depreciation of right-of-use asets使用权资产折旧1553,067

Total总计89,172

，净额

来自持续经营业务的其他开支净额分析

如下：

╱（亏损）

本集团持续经营业务之除税前溢利╱（亏

损）于扣除╱（计入）下列各项后达致：

2025
二零二五年
HK$’000
千港元
232,443
10,124
242,567
495
(1,239)
15,059
1,201
15,021
(8,221)
135
(8,086)

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报159

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

7. PROFIT/(LOS) BEFORE TAX (CONTINUED)

The Group’s los before tax from continuing operations is arived at

after charging/(crediting): (continued)

二零二四年

NotesHK$’000

附注千港元

Employe benefit expense

(excluding directors’

remuneration (note 9):

雇员福利开支（不包括

董事酬金（附注9）：

Wages and salaries and other benefits工资、薪金及

其他福利221,355

Pension scheme contributions退休金计划供款10,038

Total总计231,393

Foreign exchange diferences, net汇兑差额，净额2,630

Impairment loses/(reversal of

impairment loses) on financial

asets, net:

金融资产减值亏损╱

（减值亏损拨回），

净额：

Debt investments at FVTOCI按公平值经其他全面

收益入账之债务

投资

Trade receivables贸易应收款项21(1,045)

Other receivables其他应收款项23–

Total总计(584)

Gros rental income租金收入总额(9,482)

Les: Direct outgoing expense减：直接支出386

Net rental income租金收入净额(9,096)

* There are no forfeited contributions that may be used by the Group as the

employer to reduce the existing level of contributions.

╱（亏损）（续）

本集团持续经营业务之除税前亏损于扣

除╱（计入）下列各项后达致：（续）

* 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。

2025
二零二五年
HK$’000
千港元
22,624
5,534
28,158

2025
二零二五年
HK$’000
千港元
656
11,648
–
54
11,702
12,358

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025160位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

8. FINANCE COSTS

An analysis of finance costs from continuing operations is as folows:

二零二四年

HK$’000

千港元

Interest on bank borowings银行借贷之利息36,721

Interest on lease liabilities租赁负债之利息4,071

Total总计40,792

9. DIRECTORS’ 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:

二零二四年

HK$’000

千港元

Fes袍金13,756

Salaries, alowances and benefits in kind薪金、津贴及实物利益13,587

Performance-related bonuses与表现挂钩之花红–

Pension scheme contributions退休金计划供款72

Subtotal小计13,659

Total fes and other emoluments袍金及其他酬金总额27,415

8. 融资成本

持续经营业务融资成本之分析如下：

9. 董事酬金

根据联交所颁布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)条及公司（披露董事利

益资料）规例第二部披露年内的董事酬金

如下：

Fees	Salaries, allowances and benefits in kind	Performance- related bonuses	Pension scheme contributions	Total remuneration
袍金	薪金、津贴及实物利益	与表现挂钩之花红	退休金计划供款	薪酬总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
–	8,705	–	18	8,723
–	2,163	–	18	2,181
–	780	–	18	798
–	11,648	–	54	11,702
204	–	–	–	204
104	–	–	–	104
184	–	–	–	184
164	–	–	–	164
656	–	–	–	656
656	11,648	–	54	12,358

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报161

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

9. DIRECTORS’ REMUNERATION (CONTINUED)

The remuneration paid to executive directors and independent non-

executive directors during the year was as folows:

2025二零二五年

Executive directors:执行董事：

Mr. Tang Ching Ho, the Chairman and Managing

Director of the Company (“Mr. Tang”)

邓清河先生（本公司主席兼董事

总经理，「邓先生」）

Ms. Tang Wai Man邓蕙敏女士

Ms. Law Man Ye, Anita罗敏仪女士

Subtotal小计

Independent non-executive directors:独立非执行董事：

Mr. Li Ka Fai, David李家晖先生

Mr. Siu Man Ho, Simon

萧文豪先生

Profesor Sit Wing Hang, GBS, JP

薛永恒教授，GBS，太平绅士*

Profesor Chan Wing Kwong, MD

陈永光教授，MD*

Subtotal小计

Total总计

（续）

年内，已付执行董事及独立非执行董事

之酬金如下：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025162位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

9. DIRECTORS’ REMUNERATION (CONTINUED)

Fes

Salaries,

alowances

and benefits

in kind

Performance-

bonuses

Pension

scheme

contributions

Total

remuneration

袍金

薪金、津贴

及实物利益

与表现

挂钩之花红

退休金

计划供款薪酬总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

2024二零二四年

Executive directors:执行董事：

Mr. Tang邓先生13,00010,515–3623,551

Ms. Tang Wai Man邓蕙敏女士–2,181–182,199

Ms. Law Man Ye, Anita罗敏仪女士–891–18909

Subtotal小计13,00013,587–7226,659

Independent non-executive directors:独立非执行董事：

Mr. Li Ka Fai, David李家晖先生204–204

Mr. Siu Man Ho, Simon

萧文豪先生184–184

Profesor Sit Wing Hang, GBS, JP

薛永恒教授，GBS，太平绅士*45–45

Profesor Chan Wing Kwong, MD

陈永光教授，MD*45–45

Mr. Cho Wing Mou

曹永牟先生

139–139

Mr. Leung Wai Ho

梁伟浩先生

139–139

Subtotal小计756–756

Total总计13,75613,587–7227,415

Apointed as independent non-executive directors on 8 December 2023.

Resigned as independent non-executive directors on 8 December 2023.

Resigned as independent non-executive director on 1 November 2024.

There were no other emoluments payable to the independent non-

executive directors during the year (2024: Nil).

There was no arangement under which a director waived or agred

to waive any remuneration for the years ended 31 March 2025 and

2024.

（续）

* 于二零二三年十二月八日获委任为独立非执

行董事。

于二零二三年十二月八日辞任独立非执行董

事。

于二零二四年十一月一日辞任独立非执行董

事。

年内，并无其他应付独立非执行董事之

酬金（二零二四年：无）。

截至二零二五年及二零二四年三月

三十一日止年度，概无董事放弃或同意

放弃任何酬金的安排。

2025
二零二五年
HK$’000
千港元
4,709
310
51
5,070

2025
二零二五年
–
3

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报163

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

10. FIVE HIGHEST PAID EMPLOYES

The five highest paid employes during the year included two (2024:

two) directors, details of whose remuneration are disclosed in note

9 above. Details of the remuneration for the year of the thre (2024:

thre) non-director, highest paid employes are as folows:

二零二四年

HK$’000

千港元

Salaries, alowances and benefits in kind薪金、津贴及实物利益4,088

Discretionary bonuses酌情发放之花红–

Pension scheme contributions退休金计划供款53

Total总计4,141

The number of non-director, highest paid employes whose

remuneration fel within the folowing bands is as folows:

Number of employes

雇员人数

二零二四年

HK$1,000,001 to HK$1,500,0001,000,001港元至

1,500,000港元3

HK$1,500,001 to HK$2,000,0001,500,001港元至

2,000,000港元–

10. 五名最高薪雇员

年内，五名最高薪雇员包括两名（二零

二四年：两名）董事，其酬金详情于上文

附注9披露。余下三名（二零二四年：三

名）非董事最高薪雇员的年内酬金详情如

下：

非董事最高薪雇员之人数及酬金介乎以

下范围：

2025
二零二五年
HK$’000
千港元
1,637
(250)
(4,404)
(3,017)
–
(3,017)

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025164位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

11. INCOME TAX

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”), as incured by the Group’s discontinued operations, 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, as aplicable, of the apreciation

value, with certain alowable deductions.

二零二四年

HK$’000

千港元

Curent – Hong Kong本期－香港

Charge for the year本年度支出600

Overprovision in prior years过往年度超额拨备(92)

Defered taxation递延税项(6,867)

Total tax credit for the year from continuing

operations

来自持续经营业务的

本年度税项总抵免(6,359)

Total tax charge for the year from discontinued

operations (note 13)

来自已终止经营业务的

本年度税项支出总额

（附注13）52,001

Total tax charge/(credit)总税项支出╱（抵免）45,642

11. 所得税

香港利得税于年内按香港产生之估计应

课税溢利按税率16.5%（二零二四年：

16.5%）作出拨备。其他地区之应课税溢

利之税项已按本集团营运业务所在司法

权区的现行税率计算。本集团已终止经

营业务产生的中国土地增值税（「土地增

值税」）拨备乃按相关中国税务法律及法

规所载规定作出估计。土地增值税已按

增值的固定税率或累进税率（如适用）作

出拨备，并扣除若干可扣减项目。

2025
二零二五年
HK$’000
千港元
4,075
–
4,075
1,019
(250)
(172)
(9,105)
1,531
(276)
12,098
(8,544)
688
(6)
–
–
(3,017)
(3,017)
–

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报165

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

11. INCOME TAX (CONTINUED)

A reconciliation of the tax charge aplicable to profit before tax

at the statutory/aplicable rates for the jurisdictions in which the

Company and the majority of its subsidiaries are domiciled to the

tax charge/(credit) at the efective tax rates is as folows:

二零二四年

HK$’000

千港元

Profit/(los) before tax from continuing

operations

持续经营业务除税前溢利╱

（亏损）(13,633)

Profit before tax from discontinued operations来自已终止经营业务的除税

前溢利63,320

Total总计49,687

Tax at the statutory/aplicable tax rates of

diferent countries/jurisdictions

按不同国家╱司法权区之法

定╱适用税率计算之税项21,214

Adjustments in respect of curent tax of

previous periods

就过往期间之即期税项作出

之调整(92)

Profits and loses atributable to asociates联营公司应占之溢利及亏损(418)

Income not subject to tax毋须课税收入(11,544)

Expenses not deductible for tax不可扣税开支12,907

Tax loses utilised from previous periods运用过往期间之税项亏损(15,080)

Tax loses not recognised未确认税项亏损23,754

Recognition of tax los previously not

recognised

确认过往未确认之税项亏损

(4,865)

Temporary diferences not recognised未确认的暂时性差额9,689

Efect of tax concesion税务优惠之影响(15)

LAT provided土地增值税拨备13,456

Tax efect on LAT土地增值税的税务影响(3,364)

Tax charge/(credit) at the Group’s efective rate以本集团实际税率计算之税

项支出╱（抵免）45,642

Tax charge/(credit) from continuing operations

at the efective rate

以实际税率计算来自持续

经营业务之税项支出╱

（抵免）(6,359)

Tax charge from discontinued

operations at the efective rate

以实际税率计算来自已终止

经营业务之税项支出52,001

For the year ended 31 March 2025, the weighted average

aplicable tax rate was 25.0% (2024: 42.7%). The change in the

weighted average aplicable rate was resulted from changes in the

profitability of the Group in the respective jurisdictions.

（续）

根据本公司及其大部分附属公司所在司

法权区的法定╱适用税率计算除税前溢

利适用的税项支出与根据实际税率计算

的税项支出╱（抵免）对账如下：

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25.0%（二零二四

年：42.7%）。加权平均适用税率的变动

乃由于本集团在相关司法权区的盈利能

力出现变动。

2025
二零二五年
HK$’000
千港元
–
–
–
–

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025166位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

12. DIVIDENDS

二零二四年

NotesHK$’000

附注千港元

Proposed final dividend建议末期股息

– Cash dividend of Nil

(2024: HK3.0 cents)

per ordinary share

－并无每股普通股

现金股息

（二零二四年：

3.0港仙）

(i)

33,753

– Special dividend of Nil

(2024: HK14.7 cents)

per ordinary share

－并无每股普通股

特别股息

（二零二四年：

14.7港仙）

(i)

165,390

Special dividend paid by way of the

Distribution in Specie

以实物分派方式派付的

特别股息

(i)

869,289

1,068,432

Notes:

(i) During the year, the final dividend for the year ended 31 March 2024 was paid

out of the contributed surplus acount of the Company. Except for the special

dividend paid by way of the Distribution in Specie as detailed in note (i) below,

no interim dividend was declared for the years ended 31 March 2025 and

2024.

(i) On 7 March 2024, the shareholders of the Company aproved the payment of

a special dividend by way of a distribution in specie of 1,715,665,730 shares

of Wang On (“Wang On Shares”) held by the Group which was recognised

as financial asets at FVTOCI before the distribution, and 5,310,951,597 shares

of CAP (“CAP Shares”) held by the Group which represented aproximately

53.36% of the isued capital of CAP, with agregate carying values in the

Group’s consolidated statement of financial position as at the completion date

of the distribution in specie of aproximately HK$58,333,000 (note 19(vi)

and HK$810,956,000 (note 13), respectively, to the qualifying shareholders in

proportion to their respective shareholdings in the Company (the “Distribution

in Specie”). The Distribution in Specie was completed on 25 March 2024 and

was recognised as the payment of a special dividend with an agregate amount

of HK$869,289,000 out of contributed surplus.

12. 股息

附注：

(i) 年内，截至二零二四年三月三十一日止年度

之末期股息已自本公司的实缴盈余账目派

付。除下文附注(i)所详述以实物分派方式

派付的特别股息外，截至二零二五年及二零

二四年三月三十一日止年度概无宣派中期股

息。

(i) 于二零二四年三月七日，本公司股东批准以

实物分派本集团持有之1,715,665,730股宏安

股份（「宏安股份」，于分派前确认为按公平值

经其他全面收益入账之金融资产）及本集团

持有之5,310,951,597股中国农产品股份（「中

国农产品股份」，占中国农产品已发行股本

约53.36%）之方式向合资格股东按彼等各自

于本公司的持股比例派付特别股息（「实物分

派」）；于完成实物分派日期，该等股份在本

集团综合财务状况表中的账面总值分别约为

58,333,000港元（附注19(vi)）及810,956,000

港元（附注13）。实物分派已于二零二四年三

月二十五日完成，并从缴入盈余中确认为派

付特别股息合共869,289,000港元。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报167

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

13. DISCONTINUED OPERATIONS

Upon completion of the Distribution in Specie during the year

ended 31 March 2024, the CAP Group ceased to be subsidiaries

of the Company. The financial statements and results of the CAP

Group are deconsolidated from the Group’s consolidated financial

statements comencing from the date of completion of the

Distribution in Specie, being the date on which the Group lost

control on the CAP Group. The CAP Group is principaly engaged

in the management and sale of properties in agricultural produce

exchange markets. The Group has decided to cease its busineses

in the management and sale of properties in agricultural produce

exchange markets because it plans to focus and strengthen its

resources on its busineses on manufacturing and retailing of

pharmaceutical and health fod products as wel as personal care

products, and to streamline the corporate structure of the Company

and its group companies.

Since the operations and cash flows relating to the CAP Group can

be clearly distinguished from the rest of the Group and represented

a separate major line of busines of the Group, they were clasified

as discontinued operations. The results of the discontinued

operations were presented separately in the consolidated statement

of profit or los and other comprehensive income for the year

ended 31 March 2024.

13. 已终止经营业务

于截至二零二四年三月三十一日止年度

完成实物分派后，中国农产品集团不再

为本公司之附属公司。自完成实物分派

日期（即本集团失去对中国农产品集团控

制权当日）开始，中国农产品集团之财务

报表及业绩不再于本集团的综合财务报

表中综合入账。中国农产品集团主要从

事农产品交易市场之物业管理及销售。

本集团已决定终止农产品交易市场物业

管理及销售的业务，乃由于本集团计划

集中及加强其资源于生产及零售医药及

保健食品以及个人护理产品的业务，并

精简本公司及本集团公司的公司架构。

由于中国农产品集团相关业务及现金流

可与本集团其余部分明确区分，并呈列

为本集团的独立主要业务，该等业务及

现金流分类为已终止经营业务。已终止

经营业务之业绩于截至二零二四年三月

三十一日止年度之综合损益及其他全面

收益表内单独呈列。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025168位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

13. DISCONTINUED OPERATIONS (CONTINUED)

(a) The results of the discontinued operations for the year are

presented below:

二零二四年

HK$’000

千港元

Revenue收益553,973

Other income and gains, net其他收入及收益，净额156,529

Expenses and loses, net开支及亏损，净额(526,030)

Finance costs融资成本(111,754)

Profit before tax from the discontinued operations来自已终止经营业务的除税前溢利72,718

Income tax charge所得税开支(52,001)

Profit after tax from the discontinued operations来自已终止经营业务的除税后溢利20,717

Translation reserve released upon completion of the

Distribution in Specie

完成实物分派后解除汇兑储备

(8,248)

Transaction costs incured for Distribution in Specie实物分派产生的交易成本(1,150)

Profit for the year from the discontinued operations来自已终止经营业务的本年度溢利11,319

$39,100,000

charged by subsidiaries within the Group’s continuing operations which

was presented gros (note 5).

(b) The net cash flows incured by the discontinued operations are

as folows:

二零二四年

HK$’000

千港元

Operating activities经营活动161,473

Investing activities投资活动(30,896)

Financing activities融资活动(194,013)

Net cash outflow现金流出净额(63,436)

（续）

(a) 本年度已终止经营业务之业绩呈列

如下：

* 融资成本包括本集团持续经营业务中

附属公司收取的利息开支39,100,000

港元，该等利息开支以总额呈列（附注

5）。

(b) 已终止经营业务产生的现金流量净

额如下：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报169

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

13. DISCONTINUED OPERATIONS (CONTINUED)

a result of the Distribution in Specie during the year are as

folows:

二零二四年

NotesHK$’000

附注千港元

Property, plant and equipment物业、厂房及设备1586,991

Investment properties投资物业162,809,556

Defered tax asets递延税项资产5,320

Properties under development发展中物业107,695

Properties held for sale持作出售物业1,224,086

Loans and interest receivables应收贷款及利息27,642

Trade receivables贸易应收款项1,545

Prepayments, deposits and other receivables预付款项、按金及其他

应收款项186,564

Financial asets at FVTPL按公平值经损益入账之

金融资产475

Tax recoverable可收回税项4,540

Pledged deposits已抵押存款39,611

Restricted bank balances受限制银行结余5,699

Cash and cash equivalents现金及现金等同项目237,736

Trade payables贸易应付款项(45,348)

Other payables and acruals其他应付款项及应计费用(435,184)

Contract liabilities合约负债(158,693)

Interest-bearing bank and other borowings计息银行及其他借贷(1,314,513)

Tax payable应付税项(116,507)

Defered tax liabilities递延税项负债(547,982)

Net asets derecognised as a result of the

Distribution in Specie

因实物分派而终止确认之资产

净值2,119,233

Non-controling interests非控股权益(1,308,146)

Fair value of remaining undistributed CAP Shares

held by the Group clasified as financial asets

分类为金融资产之本集团所持

余下未分派中国农产品股份

之公平值(131)

Payment of a special dividend out of contributed

surplus

自实缴盈余派付特别股息

810,956

（续）

国农产品集团资产净值的详情如

下：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025170位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

13. DISCONTINUED OPERATIONS (CONTINUED)

(d) Analysis of the net cash outflow in respect of the derecognition

of the CAP Group:

二零二四年

HK$’000

千港元

Transaction costs交易成本1,150

Cash and cash equivalents disposed of出售现金及现金等同项目237,736

Net cash outflow现金流出净额238,886

(e) Los per share from the discontinued operations:

二零二四年

Los per share:每股亏损：

Basic and diluted, from the discontinued operations基本及摊薄，来自已终止经营业务HK0.67 cents

港仙

The calculation of basic and diluted los per share amounts

from the discontinued operations is based on:

二零二四年

HK$’000

千港元

Los atributable to ordinary equity holders of the

parent from the discontinued operations

来自已终止经营业务之母公司普通权

益持有人应占亏损7,930

Number of

股份数目

二零二四年

Weighted average number of ordinary

shares outstanding during the year used

in the basic and diluted los per share

calculation (note 14)

用以计算每股基本及摊薄亏损之

年内加权平均已发行普通股数目

（附注14）

1,181,345,893

（续）

(d) 就终止确认中国农产品集团之现金

流出净额之分析：

(e) 来自已终止经营业务之每股亏损：

来自已终止经营业务的每股基本及摊薄

亏损金额乃按以下各项计算：

2025
二零二五年
HK$’000
千港元
7,100
–
7,100

2025
二零二五年
1,125,837,135

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报171

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

14. EARNINGS/(LOS) PER SHARE ATRIBUTABLE TO

ORDINARY EQUITY HOLDERS OF THE PARENT

The calculation of the basic earnings/(los) per share amounts is

based on the profit/(los) for the year atributable to owners of

the parent, and the weighted average number of ordinary shares

outstanding during the year.

No adjustment has ben made to the basic earnings/(los) per

share amounts presented for the years ended 31 March 2025

and 2024 as the Group had no potentialy dilutive ordinary shares

outstanding during the years.

The calculations of basic and diluted earnings/(los) per share are

based on:

二零二四年

HK$’000

千港元

Earnings/(los) per share每股盈利╱（亏损）

Profit/(los) atributable to ordinary equity

holders of the parent, used in the basic and

diluted earnings/(los) per share calculation:

用以计算每股基本及摊薄

盈利╱（亏损）之母公司普

通权益持有人应占溢利╱

（亏损）：

From continuing operations来自持续经营业务(7,426)

From the discontinued operations来自已终止经营业务(7,930)

Total总计(15,356)

Number of shares

股份数目

二零二四年

Shares股份

Weighted average number of ordinary shares

used in the basic and diluted earnings/(los)

per share calculation

用以计算每股基本及摊薄盈

利╱（亏损）之普通股加权

平均数1,181,345,893*

, no adjustment has ben made to

the basic los per share amount of the Group and the discontinued operations

presented in respect of a dilution as the impact of outstanding share options

isued by CAP had no dilutive efect on the basic los per share amounts

presented.

14. 母公司普通权益持有人应占每股盈

利╱（亏损）

每股基本盈利╱（亏损）金额乃根据母公

司拥有人应占本年度溢利╱（亏损）及本

年度已发行普通股加权平均数计算。

截至二零二五年及二零二四年三月

三十一日止年度并无对呈列的每股基本

盈利╱（亏损）金额作出调整，是由于本

集团于该等年度概无具潜在摊薄效果的

已发行普通股。

每股基本及摊薄盈利╱（亏损）之计算乃

根据：

，由于

中国农产品发行的尚未行使购股权对所呈列

每股基本亏损金额的影响概无摊薄效果，故

并无对呈列的本集团及已终止经营业务每股

基本亏损金额作出摊薄调整。

Owned assets								Right-of-use assets
所拥有资产								使用权资产
Buildings	Leasehold improvements	Plant and machinery	Furniture, fixtures and office equipment	Motor vehicles	Computer equipment	Construction in progress	Total	Leasehold land	Buildings	Total	Total
楼宇	租赁装修	厂房及机器	家私、装置及办公室设备	汽车	电脑设备	在建工程	总计	租赁土地	楼宇	总计	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
497,062	83,179	102,323	29,129	3,741	20,067	–	735,501	236,520	190,047	426,567	1,162,068
(125,572)	(77,678)	(66,262)	(26,481)	(2,810)	(17,169)	–	(315,972)	(61,912)	(118,726)	(180,638)	(496,610)
371,490	5,501	36,061	2,648	931	2,898	–	419,529	174,608	71,321	245,929	665,458
371,490	5,501	36,061	2,648	931	2,898	–	419,529	174,608	71,321	245,929	665,458
–	2,491	2,991	500	504	2,393	20,638	29,517	–	40,305	40,305	69,822
(17,938)	(3,306)	(9,445)	(630)	(406)	(1,624)	–	(33,349)	(8,554)	(48,580)	(57,134)	(90,483)
90	(550)	–	–	–	–	–	(460)	12,028	(8,438)	3,590	3,130
(386)	(16)	–	(54)	–	(10)	–	(466)	(13,652)	–	(13,652)	(14,118)
–	–	–	–	–	–	–	–	–	6,225	6,225	6,225
(1,108)	(31)	–	(13)	(2)	(2)	–	(1,156)	(329)	(2)	(331)	(1,487)
352,148	4,089	29,607	2,451	1,027	3,655	20,638	413,615	164,101	60,831	224,932	638,547
494,719	83,556	105,314	29,074	4,228	22,343	20,638	759,872	217,239	159,416	376,655	1,136,527
(142,571)	(79,467)	(75,707)	(26,623)	(3,201)	(18,688)	–	(346,257)	(53,138)	(98,585)	(151,723)	(497,980)
352,148	4,089	29,607	2,451	1,027	3,655	20,638	413,615	164,101	60,831	224,932	638,547

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025172位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

15. PROPERTY, PLANT AND EQUIPMENT

31 March 2025二零二五年三月三十一日

At 1 April 2024:于二零二四年四月一日：

Cost成本

Acumulated depreciation and

impairment

累计折旧及减值

Net carying amount账面净值

At 1 April 2024, net of

acumulated depreciation

and impairment

于二零二四年四月一日，

扣除累计折旧及减值

Aditions添置

Depreciation provided

during the year

年内计提折旧

Reversal of impairment/

(impairment), net

减值拨回╱（减值），净额

Disposal/writen-of出售╱撇销

Lease modification租赁修订

Exchange realignment汇兑调整

At 31 March 2025, net of

acumulated depreciation

and impairment

于二零二五年

三月三十一日，扣除累计

折旧及减值

At 31 March 2025:于二零二五年

三月三十一日：

Cost成本

Acumulated depreciation and

impairment

累计折旧及减值

Net carying amount账面净值

、厂房及设备

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报173

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Owned asetsRight-of-use asets

所拥有资产使用权资产

Buildings

Leasehold

improvements

Plant and

machinery

Furniture,

fixtures

and ofice

equipment

Motor

vehicles

Computer

equipmentTotal

Leasehold

landBuildingsTotalTotal

楼宇租赁装修厂房及机器

家私、装置及

办公室设备汽车电脑设备总计租赁土地楼宇总计总计

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

31 March 2024二零二四年三月三十一日

At 1 April 2023:于二零二三年四月一日：

Cost成本696,12389,174102,67278,1445,69929,4831,001,295278,316181,073459,3891,460,684

Acumulated depreciation and

impairment

累计折旧及减值

(144,991)(77,757)(57,343)(39,037)(1,329)(21,992)(342,449)(54,436)(102,640)(157,076)(499,525)

Net carying amount账面净值551,13211,41745,32939,1074,3707,491658,846223,88078,433302,313961,159

At 1 April 2023, net of acumulated

depreciation and impairment

于二零二三年四月一日，

扣除累计折旧及减值551,13211,41745,32939,1074,3707,491658,846223,88078,433302,313961,159

Aditions添置–4,67386622,14080693329,418–61,49461,49490,912

Acquisition of a subsidiary that is not

a busines (note 35)

收购一间并非业务之

附属公司（附注35）970–97036,130–36,13037,100

Depreciation provided

during the year

年内计提折旧

(21,068)(4,693)(10,134)(12,306)(1,023)(2,480)(51,704)(11,468)(47,978)(59,446)(111,150)

Impairment, net减值，净额(50,475)(723)–(51,198)(13,326)(4,106)(17,432)(68,630)

Disposal/writen-of出售╱撇销(286)–(93)(86)(60)(525)(22,160)–(22,160)(22,685)

Disposal of a subsidiary (note 36)出售一间附属公司

（附注36）(100,923)–(100,923)–(100,923)

Derecognition of subsidiaries upon

completion of the Distribution in

Specie (note 13)

完成实物分派后终止确认

附属公司（附注13）

(5,976)(4,962)–(45,278)(2,834)(2,456)(61,506)(9,435)(16,050)(25,485)(86,991)

Transfer to asets clasified

as held for sale (note 26)

转拨至分类为持作出售资产

（附注26）(444)–(444)(28,384)–(28,384)(28,828)

Exchange realignment汇兑调整(1,440)(211)–(922)(302)(530)(3,405)(629)(472)(1,101)(4,506)

At 31 March 2024, net of

acumulated depreciation and

impairment

于二零二四年三月三十一

日，扣除累计折旧及减值

371,4905,50136,0612,6489312,898419,529174,60871,321245,929665,458

At 31 March 2024:于二零二四年三月三十一日：

Cost成本497,06283,179102,32329,1293,74120,067735,501236,520190,047426,5671,162,068

Acumulated depreciation and

impairment

累计折旧及减值

(125,572)(77,678)(66,262)(26,481)(2,810)(17,169)(315,972)(61,912)(118,726)(180,638)(496,610)

Net carying amount账面净值371,4905,50136,0612,6489312,898419,529174,60871,321245,929665,458

、厂房及设备（续）

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025174位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Pledge of asets

At 31 March 2025, certain of the Group’s owned buildings with an

agregate carying amount of HK$3,509,000, leasehold land, which

is included in right-of-use asets, with an agregate carying amount

of HK$141,363,000 were pledged to secure general banking

facilities granted to the Group (note 29).

At 31 March 2024, certain of the Group’s owned buildings with

an agregate carying amount of HK$50,612,000, leasehold land,

which is included in right-of-use asets, with an agregate carying

amount of HK$164,209,000 were pledged to secure general

banking facilities granted to the Group (note 29) and bils payable

(note 27).

Impairment and reversal of impairment

As at 31 March 2025, as mentioned in note 3 to the financial

statements, there were external sources of information and evidence

available from internal reporting indicating that the economic

performance of some asets or CGUs are beter than expected

while some CGUs continue to underperform in respect of the

Group’s pharmaceutical busineses. Acordingly, impairment tests

of the relevant property, plant and equipment or CGUs have ben

performed. For the purpose of impairment asesment of property,

plant and equipment, each individual retail store or manufacturing

plant is identified as a separate CGU.

、厂房及设备（续）

资产抵押

于二零二五年三月三十一日，本集团之

若干自用楼宇账面总值3,509,000港元

及计入使用权资产之租赁土地账面总值

141,363,000港元，已为取得授予本集

团之一般银行信贷（附注29）作出抵押。

于二零二四年三月三十一日，本集团之

若干自用楼宇账面总值50,612,000港元

及计入使用权资产之租赁土地账面总值

164,209,000港元，已为取得授予本集

团之一般银行信贷（附注29）及应付票据

（附注27）作出抵押。

减值及减值拨回

于二零二五年三月三十一日，如财务报

表附注3所述，鉴于外部资料来源及内部

报告有证据显示若干资产或现金产生单

位的经济表现较预期好，同时本集团制

药业务的若干现金产生单位表现持续欠

佳，故对相关物业、厂房及设备或现金

产生单位进行减值测试。就物业、厂房

及设备之减值评估而言，各个零售店或

生产厂房均被确定为独立的现金产生单

位。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报175

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Impairment and reversal of impairment (continued)

Included in Chinese Pharmaceutical Segment

For the year ended 31 March 2025, as a result of the impairment

asesment, impairment loses HK$550,000 (2024: HK$723,000)

and HK$8,438,000 (2024: HK$7,925,000) was recognised based

on value in use in respect of the leasehold improvements and

buildings (included in right-of-use asets), respectively, of certain

leased retail stores which continued to underperform during the

year ended 31 March 2025 and were therefore partialy impaired.

As at 31 March 2025, the agregate recoverable amount of the

asets of these retail stores for which impairment loses have

ben recognised during the year was HK$8,311,000 (2024:

HK$9,438,000).

In adition, during the year ended 31 March 2024, a reversal of

impairment of HK$3,819,000 was recognised based on value in

use in respect of the buildings (included in right-of-use asets) of

certain leased retail stores which performed beter than expected. As

at 31 March 2024, the agregate recoverable amount of these retail

stores was HK$3,819,000.

The discount rate aplied to the cash flow projections for the above

impairment asesments was 9% (2024: 12%).

Included in the property investment segment

For the year ended 31 March 2025, as a result of the impairment

asesment, net reversal of impairment loses of HK$90,000 and

HK$12,028,000 (2024: impairment loses of HK$50,475,000

and HK$12,375,000) were recognised based on fair value les

costs of disposal in respect of the owned buildings and leasehold

land of certain retail stores, respectively, due to the increase in the

respective recoverable amount of those retail stores during the

year. As at 31 March 2025, the agregate recoverable amount of

these asets was HK$92,594,000 (2024: HK$100,300,000). The

recoverable amount of the owned building as at 31 March 2025

was determined based on the fair value les costs of disposal under

the direct comparison method and/or direct capitalisation method

determined by an independent profesional qualified valuer, which

tok into acount curent prices of properties of similar locations and

conditions and other unobservable inputs, and the rent receivables

from the potential reversionary market rent of the properties, and

acordingly the fair value measurement was categorised within

Level 3 of the fair value hierarchy.

、厂房及设备（续）

减值及减值拨回（续）

计入中药分部

截至二零二五年三月三十一日止年度，

由于进行减值评估，故已根据截至二零

二五年三月三十一日止年度表现持续欠

佳的若干租赁零售店舖之租赁装修及楼

宇（计入使用权资产）的使用价值分别确

认减值亏损550,000港元（二零二四年：

723,000港元）及8,438,000港元（二零

二四年：7,925,000港元），并已部分减

值。于二零二五年三月三十一日，年内

已确认减值亏损的该等零售店舖资产的

可收回金额合计为8,311,000港元（二零

二四年：9,438,000港元）。

此外，已根据截至二零二四年三月

三十一日止年度表现优于预期的若干租

赁零售店舖之楼宇（计入使用权资产）使

用价值确认减值拨回3,819,000港元。于

二零二四年三月三十一日，该等零售店

舖的可收回总额为3,819,000港元。

就以上减值评估之现金流量预测适用之

折现率为9%（二零二四年：12%）。

计入物业投资分部

截至二零二五年三月三十一日止年度，

由于减值评估，已根据公平值减若干零

售店舖之自用楼宇及租赁土地的出售

成本确认减值亏损拨回净额90,000港

元及12,028,000港元（二零二四年：减

值亏损50,475,000港元及12,375,000

港元），此乃由于年内该等零售店各

自的可收回金额增加。于二零二五年

三月三十一日，该等资产的可收回总

额为92,594,000港元（二零二四年：

100,300,000港元）。于二零二五年三月

三十一日，自有楼宇的可收回金额乃根

据一名独立专业合资格估值师厘定之直

接比较法及╱或直接资本化法按照公平

值减出售成本，并经考虑类似位置及状

况之物业之当前价格及其他不可观察输

入数据以及物业潜在复归市场租金的应

收租金厘定，因此公平值计量归入公平

值层级的第三级。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025176位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Manufacturing plants

For the year ended 31 March 2025, no impairment loses or

reversal of impairment loses were recognised in respect of

the Group’s manufacturing plants as a result of the impairment

asesment.

For the year ended 31 March 2024, impairment loses of

HK$951,000 were recognised in respect of the leasehold land

of the Group’s manufacturing plants due to the decrease in the

recoverable amounts, of which HK$634,000 belongs to the Chinese

Pharmaceutical Segment, and HK$317,000 belongs to the Western

Pharmaceutical Segment. As at 31 March 2024, the agregate

recoverable amount of the Group’s manufacturing plants for which

impairment loses have ben recognised during the year was

HK$346,200,000.

The recoverable amount was determined based on the fair value

les costs of disposal under depreciated replacement cost aproach

determined by an independent profesional qualified valuer which

tok into acount curent prices of properties of similar locations

and conditions and other unobservable inputs, and acordingly the

fair value measurement was categorised within Level 3 of the fair

value hierarchy.

、厂房及设备（续）

生产厂房

截至二零二五年三月三十一日止年度，

概无因减值评估而就本集团生产厂房确

认减值亏损或减值亏损拨回。

截至二零二四年三月三十一日止年度，

已就本集团生产厂房的租赁土地确认减

值亏损951,000港元，乃由于可收回金

额减少，其中634,000港元属于中药分

部，317,000港元属于西药分部。于二

零二四年三月三十一日，本集团年内生

产厂房（已就其确认减值亏损）之可收回

总额为346,200,000港元。

可收回金额乃按照公平值减出售成本基

于一名独立专业合资格估值师厘定之折

旧重置成本法，并经考虑类似位置及状

况之物业之当前价格及其他不可观察输

入数据厘定，因此公平值计量归入公平

值层级的第三级。

2025
二零二五年
HK$22,000 to HK$81,000
22,000港元至 81,000港元
HK$51 to HK$193
51港元至193港元
3.4% to 4.9%
3.4%至4.9%
HK$27,328
27,328港元

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报177

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Manufacturing plants (continued)

Below is a sumary of the valuation techniques used and the key

input to the valuation of property, plant and equipment for the

purpose of impairment asesment:

Valuation technique

Significant

unobservable inputRange

估值方法重大不可观察输入数据范围

二零二四年

Comercial propertiesDirect comparison

method and direct

capitalisation method

Price per square fotHK$22,000 to

HK$63,000

商用物业直接比较法及直接资本化法每平方呎价格22,000港元至

63,000港元

Estimated rental value per

square fot and per

month

HK$56 to HK$111

每月每平方呎估计租金价值56港元至111港元

Capitalisation rate3.0% to 5.5%

资本化率3.0%至5.5%

Manufacturing plantsDepreciated replacement

cost method

Construction cost per

square metre

HK$27,328

生产厂房折旧重置成本法每平方米建筑成本27,328港元

A significant increase/(decrease) in the price per square fot in

isolation would result in a significantly higher/(lower) recoverable

amount of the property, plant and equipment. A significant increase/

(decrease) in the estimated rental value per square fot in isolation

would result in a significantly higher/(lower) recoverable amount of

the property, plant and equipment. A significant increase/(decrease)

in the capitalisation rate in isolation would result in a significantly

lower/(higher) recoverable amount of the property, plant and

equipment. A significant increase/(decrease) in the construction

cost per square metre in isolation would result in a significantly

higher/(lower) recoverable amount of the property, plant and

equipment.

、厂房及设备（续）

生产厂房（续）

下表概述就物业、厂房及设备估值进行

减值评估所采用之估值方法及主要输入

数据：

每平方呎价格单独大幅上升╱（下降）将

导致物业、厂房及设备可收回金额大幅

增加╱（减少）。每平方呎估计租金价值

单独大幅上升╱（下降）将导致物业、

厂房及设备可收回金额大幅增加╱（减

少）。资本化率单独大幅增加╱（减少）将

导致物业、厂房及设备的可收回金额大

幅减少╱（增加）。每平方米建筑成本单

独大幅上升╱（下降）将导致物业、厂房

及设备可收回金额大幅增加╱（减少）。

2025
二零二五年
HK$’000
千港元
190,000
–
–
–
(71,032)
–
–
(141)
11,073
–
–
129,900
–
129,900

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025178位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

16. 投资物业16. INVESTMENT PROPERTIES

二零二四年

HK$’000

千港元

Carying amount at begining of year年初账面值3,170,676

Aditions during the year年内添置7,897

Lease modification for sub-leased properties修订分租物业租赁10,001

Acquisition of a subsidiary that is not a

busines (note 35)

收购一间并非业务之

附属公司（附注35）41,700

Disposals during the year年内出售–

Disposal of a subsidiary (note 36)出售一间附属公司（附注36）(71,000)

Derecognition of subsidiaries upon completion

of the Distribution in Specie (note 13)

完成实物分派后终止确认

附属公司（附注13）(2,809,556)

Acrued rent-fre rental income应计免租金收入(147)

Net gains/(loses) from fair value adjustments

for owned properties

所拥有物业公平值调整之

收益╱（亏损）净额(100,530)

Net gains from fair value adjustments for

sub-leased properties

分租物业公平值调整之

收益净额15,183

Exchange realignment汇兑调整(74,224)

Carying amount at end of year年末账面值190,000

Les: Included in asets clasified as held

for sale (note 26)

减：计入分类为持作出售之

资产（附注26）(38,000)

Investment properties as stated in the

consolidated statement of financial

position as at 31 March

于三月三十一日在综合财务

状况表内列示为投资物业

152,000

At 31 March 2025, the Group’s investment properties are

comercial properties in Hong Kong. The investment properties

were revalued by LCH (Asia-Pacific) Surveyors Limited, independent

profesionaly qualified valuers.

At 31 March 2024, the Group’s investment properties were

comercial properties in Hong Kong and comercial properties in

the agricultural produce exchange markets in Mainland China. The

investment properties were revalued by LCH (Asia-Pacific) Surveyors

Limited and RHL Apraisal Limited, independent profesionaly

qualified valuers, at 31 March 2024 and the completion date of the

Distribution in Specie, respectively.

于二零二五年三月三十一日，本集团投

资物业为位于香港之商用物业。投资物

业由独立专业合资格估值师利骏行测量

师有限公司重新估值。

于二零二四年三月三十一日，本集团投

资物业为位于香港之商用物业及位于中

国内地农产品交易市场之商用物业。于

二零二四年三月三十一日及完成实物分

派日期，投资物业由独立专业合资格估

值师利骏行测量师有限公司及永利行评

值顾问有限公司分别重新估值。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报179

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团财务部门设有团队审阅独立估值

师就财务申报目的所进行的估值，并直

接向本公司高级管理层报告。管理层与

估值师于就中期及年度财务申报进行估

值的年度，每年举行两次有关估值程序

及结果的讨论。于各报告期末，财务部

门与独立估值师进行商讨，以核实独立

估值报告的主要输入数据。财务部门亦

与过往年度估值报告比较，评估物业估

值变动。

投资物业乃以经营租赁形式出租予第三

方，进一步详情载于财务报表附注17。

于二零二五年三月三十一日，本集团抵

押账面总值为129,900,000港元（二零

二四年：152,000,000港元）之投资物业

及该等投资物业所得若干租金收入，以

取得授予本集团之一般银行信贷（附注

29）。

公平值层级

本集团所有商用物业的经常性公平值

计量使用重大不可观察输入数据（第三

级），其变动详情披露如下。

年内，第一级与第二级之间之公平值计

量概无转移，亦无转入或转出第三级（二

零二四年：无）。

16. INVESTMENT PROPERTIES (CONTINUED)

The finance department of the Group has a team that reviews

the valuation performed by the independent valuers 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 17 to

the financial statements.

At 31 March 2025, the Group’s investment properties with

an agregate carying value of HK$129,900,000 (2024:

HK$152,000,000) and certain rental income generated therefrom

were pledged to secure the general banking facilities granted to the

Group (note 29).

Fair value hierarchy

The recuring fair value measurement for al the comercial

properties of the Group uses significant unobservable inputs (Level

3) and details of their movements are disclosed below.

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).

190,000	–	–	190,000
(141)	–	–	(141)
(71,032)	–	–	(71,032)
11,073	–	–	11,073
129,900	–	–	129,900

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025180位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

公平值层级（续）

分类为公平值层级第三级的公平值计量

之对账：

16. INVESTMENT PROPERTIES (CONTINUED)

Fair value hierarchy (continued)

Reconciliation of fair value measurements categorised within Level

3 of the fair value hierarchy:

Comercial

properties

Industrial

property

Agricultural

produce

exchange

marketsTotal

商用物业工业物业

农产品

交易市场总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Carying amount at 1 April 2023于二零二三年四月一日之账面值166,29971,0002,933,3773,170,676

Acrued rent-fre rental income应计免租金收入(147)–(147)

Aditions during the year年内添置–7,8977,897

Lease modification for sub-leased

properties

修订分租物业租赁

–10,00110,001

Acquisition of a subsidiary that is not a

busines (note 35)

收购一间并非业务之附属公司

（附注35）41,700–41,700

Disposal of a subsidiary (note 36)出售一间附属公司（附注36）–(71,000)–(71,000)

Derecognition of subsidiaries upon

completion of the Distribution in

Specie (note 13)

完成实物分派后终止确认

附属公司（附注13）

–(2,809,556)(2,809,556)

Net loses from fair value adjustments

for owned properties

所拥有物业公平值调整之

亏损净额(17,852)–(82,678)(100,530)

Net gains from fair value adjustments

for sub-leased properties

分租物业公平值调整之收益净额

–15,18315,183

Exchange realignment汇兑调整–(74,224)(74,224)

Carying amount 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账面值

Acrued rent-fre rental income应计免租金收入

Disposals during the year年内出售

Net gains from fair value adjustments

for owned properties

所拥有物业公平值调整之

收益净额

Carying amount at 31 March 2025于二零二五年三月三十一日之

账面值

2025
二零二五年
HK$41,000 to HK$81,000
41,000港元至 81,000港元
HK$193 to HK$203
193港元至 203港元
3.3% to 4.9%
3.3%至4.9%

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报181

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

公平值层级（续）

下表概述投资物业估值所采用之估值方

法及主要输入数据：

持续经营业务（附注(i)）

16. INVESTMENT PROPERTIES (CONTINUED)

Fair value hierarchy (continued)

Set out below is a sumary of the valuation techniques used and

the key inputs to the valuation of investment properties:

Continuing operations (note (i)

Range

范围

Valuation technique

Significant

unobservable input2024

估值方法重大不可观察输入数据二零二四年

Comercial

properties

Direct comparison method,

direct capitalisation method

and investment method

Price per square fotHK$63,000 to

HK$64,000

商用物业直接比较法、直接资本法及

投资法

每平方呎价格63,000港元至

64,000港元

Estimated rental value

per square fot and

per month

HK$111 to

HK$199

每月每平方呎估计租金

价值

111港元至

199港元

Capitalisation rate3.0% to 5.5%

资本化率3.0%至5.5%

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025182位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

公平值层级（续）

已终止经营业务（附注(i)）

16. INVESTMENT PROPERTIES (CONTINUED)

Fair value hierarchy (continued)

Discontinued operations (note (i)

Valuation technique

Significant

unobservable input

Range

Date of completion of

the Distribution in Specie

估值方法重大不可观察输入数据

范围

完成实物分派日期

Agricultural produce

exchange markets

(note i)

Direct comparison method and

investment method

Price per square meterHK$3,600 to

HK$4,497

农产品交易市场（附注i）直接比较法及投资法每平方米价格3,600港元至4,497港元

Estimated rental value per

square meter and per

month

HK$13 to

HK$94

每月每平方米估计

租金价值13港元至94港元

Capitalisation rate7% to 9%

资本化率7%至9%

Notes:

(i) As at 31 March 2025, the valuations of investment properties were based on

either the investment method which capitalises the rent receivables from the

existing tenancies and the potential reversionary market rent of the properties

or direct capitalisation method which capitalises the rent receivables from the

potential reversionary market rent of the properties or the direct comparison

method by reference to comparable market transactions.

(i) As at the date of completion of the Distribution in Specie, the valuations of

agricultural produce exchange markets included in discontinued operations, were

based on either the investment method which capitalises the rent receivables

from the existing tenancies and the potential reversionary market rent of the

properties or the direct comparison method by reference to comparable market

transactions.

Further details of discontinued operations are included in note 13 to the financial

statements.

附注：

(i) 于二零二五年三月三十一日，投资物业乃根

据投资法（即将物业的现行租赁应收之租金及

潜在复归市场租金资本化）或直接资本法（即

将物业的潜在复归市场租金之应收租金资本

化）或直接比较法（即参考可资比较市场交易）

进行估值。

(i) 于完成实物分派日期，农产品交易市场的估

值计入已终止经营业务，乃根据投资法（即将

物业的现行租赁应收之租金及潜在复归市场

租金资本化）或直接比较法（即参考可资比较

市场交易）进行估值。

已终止经营业务之详情载于财务报表附注13。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报183

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

公平值层级（续）

每平方呎╱米价格单独大幅上升╱（下

降）将导致投资物业公平值大幅增加╱

（减少）。估计每平方呎╱米租金价值单

独大幅上升╱（下降）将导致投资物业公

平值大幅增加╱（减少）。资本化率单独

大幅上升╱（下降）将导致投资物业公平

值大幅减少╱（增加）。

17. 租赁

本集团作为承租人

本集团订有供营运使用之多项租赁土

地、楼宇及设备之租赁合约。本集团已

提前作一次性付款以向业主收购租期为

24至44年的租赁土地，而根据该等土

地租赁之条款，将不会继续支付任何款

项。办公室物业的租期一般为4年，而零

售店舖的租期一般为1至4年。其他设备

之租期通常为12个月或以下及╱或个别

价值较低。目前订有若干包含续租及终

止选择权和可变租赁付款之租赁合约，

有关详情进一步论述如下。

(a) 使用权资产

本集团使用权资产之账面值及年内

变动于财务报表附注15披露。

16. INVESTMENT PROPERTIES (CONTINUED)

Fair value hierarchy (continued)

A significant increase/(decrease) in the price per square fot/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 fot/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. LEASES

The Group as a lese

The Group has lease contracts for various items of leasehold

land, buildings and equipment used in its operations. Lump sum

payments were made upfront to acquire the leased land from

the owners with lease periods of 24 to 44 years, and no ongoing

payments wil be made under the terms of these land leases. Lease

of ofice property generaly has lease term of 4 years, while retail

shops generaly have lease terms betwen 1 and 4 years. Other

equipment generaly has lease terms of 12 months or les and/or

is individualy of low value. There are several lease contracts that

include extension and termination options and variable lease

payments, which are further discused below.

(a) Right-of-use asets

The carying amount of the Group’s right-of-use asets and the

movements during the year are disclosed in note 15 to the

financial statements.

99,120
45,956
3,003
5,534
(61,500)
(2)
92,111

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025184位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团作为承租人（续）

(b) 租赁负债

租赁负债（计入其他应付款项及应

计费用项下）之账面值及年内变动

如下：

17. LEASES (CONTINUED)

The Group as a lese (continued)

(b) Lease liabilities

The carying amounts of lease liabilities (included under other

payables and acruals) and the movements during the year

are as folows:

HK$’000

千港元

Carying amount at 1 April 2023于二零二三年四月一日之账面值117,767

Aditions arising from new leases因新订租赁而添置69,111

Aditions arising from lease modification for

subleased properties

因分租物业租赁修订而添置

10,001

Acretion of interest recognised during the year年内确认之累增利息6,174

Payments付款(70,501)

Derecognition of subsidiaries upon completion of

the Distribution in Specie

完成实物分派后终止确认

附属公司(32,869)

Exchange realignment汇兑调整(563)

Carying amount 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账面值

Aditions arising from new leases因新订租赁而添置

Lease modification租赁修订

Acretion of interest recognised during the year年内确认之累增利息

Payments付款

Exchange realignment汇兑调整

Carying amount at 31 March 2025于二零二五年三月三十一日之

账面值

2025
二零二五年
HK$’000
千港元
52,382
39,729
92,111
52,382
33,377
6,352
92,111

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报185

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团作为承租人（续）

(b) 租赁负债（续）

17. LEASES (CONTINUED)

The Group as a lese (continued)

(b) Lease liabilities (continued)

二零二四年

HK$’000

千港元

Analysed into:分析为：

Curent portion流动部分48,272

Non-curent portion非流动部分50,848

Carying amount at 31 March于三月三十一日之账面值99,120

Analysed into:分析为：

Lease liabilities repayable:应付租赁负债：

Within one year一年内48,272

In the second year第二年31,153

In the third to fifth years, inclusive第三至五年

（包括首尾两年）19,695

Carying amount at 31 March于三月三十一日之账面值99,120

The maturity analysis of undiscounted lease liabilities is

disclosed in note 44 to the financial statements.

未折现租赁负债之到期日分析于财

务报表附注44披露。

2025
二零二五年
HK$’000
千港元
5,534
57,134
2,237
795
4,521
(1,864)
(3,590)
64,767

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025186位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团作为承租人（续）

关金额如下：

17. LEASES (CONTINUED)

The Group as a lese (continued)

operations in relation to leases are as folows:

二零二四年

HK$’000

千港元

Interest on lease liabilities租赁负债之利息4,071

Depreciation charge of right-of-use asets使用权资产之折旧开支53,067

Expense relating to short-term leases

(included in seling and distribution

expenses)

与短期租赁相关之开支

（计入销售及分销开支）

4,135

Expense relating to leases of low-value

asets (included in administrative

expenses)

与低价值资产租赁相关之

开支（计入行政开支）

1,263

Variable lease payments not included

in the measurement of lease liabilities

(included in seling and distribution

expenses)

未计入租赁负债计量之

可变租赁付款（计入销售及

分销开支）

8,175

Gain on modification of lease contracts修改租赁合约之收益–

Impairment/(reversal of impairment) of

right-of-use asets

使用权资产减值╱

（减值拨回）17,432

Total amount recognised in profit or los于损益确认之总额88,143

(d) Extension and termination options

The Group has leases with remaining lease terms ranging from

les than 1 year to 2 years (2024: les than 1 year to 3 years).

The leases containing extension and termination options are

managed localy and vary in terms. The Group has included

extension or termination options in the measurement of the

lease obligations when it is reasonably certain to exercise the

options at the comencement date.

(d) 续租及终止选择权

本集团订有剩余租期介乎少于1年

至2年（二零二四年：少于1年至3

年）之租赁。包含续租及终止选择

权之该等租赁按各自不同地点管理

及条款有所不同。当本集团于开始

日期合理确定行使续租及终止选择

权时，租赁责任之计量计入有关选

择权。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报187

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团作为承租人（续）

(e) 可变租赁付款

本集团租赁多间零售店舖，其中包

含根据本集团零售店营业额计算之

可变租赁付款条款。该等租赁亦订

有最低年度基本租金安排。本年度

就该等租赁于损益确认之固定及可

变租赁付款分别为27,820,000港

元及4,521,000港元（二零二四年：

32,373,000港元及8,175,000港

元）。

(f) 租赁之现金流出总额于财务报表附

注37(c)披露。

本集团作为出租人

(i) 经营租赁

本集团根据经营租赁安排出租其物

业，当中包括3项位于香港之商业

物业（二零二四年：5项商业物业），

以及1项位于中国内地之工业物业

（二零二四年：1项工业物业）。截

至二零二四年三月三十一日止年

度，本集团亦根据经营租赁安排于

中国内地租赁及分租11个农产品交

易市场（全部于实物分派完成后终

止确认）。该等租赁之条款通常要

求租户支付保证金。截至二零二五

年三月三十一日止年度，本集团于

持续经营业务确认的租金收入为

8,221,000港元。截至二零二四年

三月三十一日止年度，本集团确认

的租金收入为212,939,000港元，

其中9,482,000港元计入持续经营

业务。本集团租金收入的详情载于

财务报表附注5。

17. LEASES (CONTINUED)

The Group as a lese (continued)

(e) Variable lease payments

The Group leased a number of retail stores which contain

variable lease payment terms that are based on the Group’s

turnover generated from the retail shops. There are also

minimum anual base rental arangements for these leases.

The amounts of the fixed and variable lease payments

recognised in profit or los for the curent year for these

leases are HK$27,820,000 and HK$4,521,000 (2024:

HK$32,373,000 and HK$8,175,000), respectively.

(f) The total cash outflow for leases is disclosed in note 37(c) to

the financial statements.

The Group as a lesor

(i) Operating leases

The Group leases its properties consisting of 3 comercial

properties (2024: 5 comercial properties) in Hong Kong and

1 industrial property (2024: 1 industrial property) in Mainland

China under operating lease arangements. During the year

ended 31 March 2024, the Group also leased and sub-leased

11 agricultural produce exchange markets (al of which were

derecognised upon completion of the Distribution in Specie)

in Mainland China under operating lease arangements. The

terms of the leases generaly require the tenants to pay security

deposits. During the year ended 31 March 2025, rental

income recognised by the Group in the continuing operations

was HK$8,221,000. During the year ended 31 March 2024,

rental income recognised by the Group was HK$212,939,000

and of which, HK$9,482,000 was included in the continuing

operations. Details of the Group’s rental income are included

in note 5 to the financial statements.

2025
二零二五年
HK$’000
千港元
4,561
3,036
–
7,597

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025188位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团作为出租人（续）

(i) 经营租赁（续）

本集团根据与租户订立之不可撤销

经营租赁于未来期间之应收未折现

租赁付款如下：

17. LEASES (CONTINUED)

The Group as a lesor (continued)

(i) Operating leases (continued)

The undiscounted lease payments receivables by the Group in

future periods under non-cancelable operating leases with its

tenants are as folows:

二零二四年

HK$’000

千港元

Within one year一年内4,197

After one year but within two years一年后但两年内2,098

After two years but within thre years两年后但三年内1,743

Total总计8,038

(i) Finance leases

The Group sub-leased 4 retail shops to its franchises

(2024: 7 retail shops to its franchises) under finance lease

arangements, with leases negotiated for terms ranging from

2 to 3 years (2024: les than 1 year to 3 years). The terms of

the leases require the tenants to pay security deposits.

(i) 融资租赁

本集团根据融资租赁安排向加盟商

分租4间零售店舖（二零二四年：向

加盟商分租7间零售店舖），协定租

期介乎2至3年（二零二四年：少于1

至3年）。租赁条款要求租户支付保

证金。

10,828
3,061
431
(4,874)
(1,358)
8,088

2025
二零二五年
HK$’000
千港元
3,856
4,232
8,088

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报189

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团作为出租人（续）

(i) 融资租赁（续）

分租投资净额之账面值及年内变动

如下：

17. LEASES (CONTINUED)

The Group as a lesor (continued)

(i) Finance leases (continued)

The carying amounts of net investments in subleases and the

movements during the year are as folows:

HK$’000

千港元

Carying amount at 1 April 2023于二零二三年四月一日之账面值12,511

Aditions arising from new leases因新订租赁而添置3,905

Acretion of finance income recognised during the year年内确认之累增财务收入354

Proceds from subleases分租所得款项(5,942)

Carying amount 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账面值

Aditions arising from new leases因新订租赁而添置

Acretion of finance income recognised during the year年内确认之累增财务收入

Proceds from subleases分租所得款项

Lease modification租赁修订

Carying amount at 31 March 2025于二零二五年三月三十一日之

账面值

二零二四年

HK$’000

千港元

Analysed into:分析为：

Curent portion流动部分4,931

Non-curent portion非流动部分5,897

Carying amount at 31 March于三月三十一日之账面值10,828

2025
二零二五年
HK$’000
千港元
4,578
4,272
492
9,342

2025
二零二五年
HK$’000
千港元
4,331
(831)
3,500
(522)
2,978

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025190位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

本集团作为出租人（续）

(i) 融资租赁（续）

于二零二五年三月三十一日，本集

团根据与租户订立之不可撤销融资

租赁于未来期间之应收未折现租赁

付款如下：

17. LEASES (CONTINUED)

The Group as a lesor (continued)

(i) Finance leases (continued)

At 31 March 2025, the undiscounted lease payments

receivable by the Group in future periods under non-

cancelable finance leases with its tenants are as folows:

二零二四年

HK$’000

千港元

Within one year一年内4,097

After one year but within two years一年后但两年内1,201

After two years but within thre years两年后但三年内924

Total总计6,222

In adition to the above, the anual contingent rental is

calculated on a percentage of the turnover of the store.

18. INVESTMENTS IN ASOCIATES

二零二四年

HK$’000

千港元

Cost of investments in asociates:于联营公司之投资成本：

Unlisted shares, at cost非上市股份，按成本4,331

Les: Impairment loses recognised减：已确认减值亏损(831)

3,500

Share of post-acquisition profits/(loses),

net of dividends received

应占收购后溢利╱（亏损），

扣除已收取股息933

Total总计4,433

The Group’s trade receivable balances with the asociates are

disclosed in note 21 to the financial statements.

除上述者外，年度或然租金按店舖

营业额之百分比计算。

18. 于联营公司之投资

本集团与联营公司之贸易应收款项结余

于财务报表附注21披露。

2025
二零二五年
HK$’000
千港元
1,045
1,045
2,500
2,978

2025
二零二五年
HK$’000
千港元
3,699
455
4,154
(455)
3,699

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报191

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

下表说明本集团联营公司个别不重大的

汇总财务资料概要：

18. INVESTMENTS IN ASOCIATES (CONTINUED)

The folowing table ilustrates the agregate sumarised financial

information of the Group’s asociates that are not individualy

material:

二零二四年

HK$’000

千港元

Share of the asociates’ profits and loses

for the year

应占联营公司本年度溢利

及亏损2,533

Share of the asociates’ total comprehensive

income

应占联营公司全面收益总额

2,533

Dividend received已收股息2,600

Agregate carying amount of the Group’s

investments in asociates

本集团于联营公司之投资

之总账面值4,433

19. FINANCIAL ASETS AT FVTOCI

二零二四年

NotesHK$’000

附注千港元

Listed equity investments, at fair value上市股权投资，按公平值(i), (i)24,986

Listed debt investments, at fair value上市债务投资，按公平值(i)8,128

Subtotal小计33,114

Portion clasified as curent asets分类为流动资产部分(8,128)

Non-curent portion非流动部分24,986

Notes:

(i) The above equity investments are investments in companies listed on the Stock

Exchange in Hong Kong and were irevocably designated at FVTOCI as the Group

considers these investments to be strategic in nature. The fair value of each of

these companies represent les than 1% of the net asets of the Group as at 31

March 2025 and 2024.

During the year ended 31 March 2025, the Group received dividends in the

amount of HK$76,000 (2024: HK$1,682,000) from the equity investments

designated at FVTOCI and recognised them in profit or los.

19. 按公平值经其他全面收益入账之金融

资产

附注：

(i) 上述股权投资为对香港联交所上市公司的投

资。由于本集团认为该等投资属于战略性

质，因此已不可撤销地指定按公平值经其他

全面收益入账。该等公司各自的公平值于二

零二五年及二零二四年三月三十一日占本集

团资产净值少于1%。

截至二零二五年三月三十一日止年度，本集

团自指定为按公平值经其他全面收益入账的

股权投资收取股息76,000港元（二零二四年：

1,682,000港元），并将其于损益中确认。

2025
二零二五年
HK$’000
千港元
9,848
–
(1,239)
(1,239)
8,609

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025192位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

19. 按公平值经其他全面收益入账之金融

资产（续）

附注：（续）

(i) 按公平值经其他全面收益入账之债务投资之

减值评估

于二零二五年三月三十一日，所有上市债务

投资均已违约，并就评估预期信贷亏损而言

分类为第三阶段。

于二零二四年三月三十一日，除7,720,000港

元之上市债务投资并无逾期及分类为第一阶

段外，所有余下上市债务投资均已违约，并

就评估预期信贷亏损而言分类为第三阶段。

于各报告日期透过考虑预期信贷亏损进行减

值分析，而预期信贷亏损乃透过应用违约概

率法并参考发行人或可资比较公司的违约风

险和违约亏损率进行估算。于二零二五年三

月三十一日，所应用的违约概率为100%（二

零二四年：0.1%至100%）及违约亏损率为

74.1%（二零二四年：61.6%至84.7%）。

按公平值经其他全面收益入账之债务投资之

减值亏损拨备变动如下：

19. FINANCIAL ASETS AT FVTOCI (CONTINUED)

Notes: (continued)

(i) Impairment asesment of debt investments at FVTOCI

As at 31 March 2025, al listed debt investments were defaulted and was

categorised within Stage 3 for the asesment of ECLs.

As at 31 March 2024, except for a listed debt investment of HK$7,720,000

which was not overdue and categorised within Stage 1, al the remaining

listed debt investments were defaulted and categorised within Stage 3 for the

asesment of ECLs.

An impairment analysis is performed at each reporting date by considering the

ECLs, which are estimated by aplying the probability of default aproach with

reference to risk of default and los given default of the isuers or comparable

companies. As at 31 March 2025, the probability of default aplied was 100%

(2024: 0.1% to 100%) and the los given default was 74.1% (2024: 61.6% to

84.7%).

The movements in the los alowance for the impairment of debt investments at

FVTOCI are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初9,598

Asets derecognised终止确认之资产(211)

Impairment loses/(reversal of

impairment loses), net (note 7)

减值亏损╱（减值亏损拨回），

净额（附注7）

Changes in risk parameters风险参数变动461

Subtotal小计461

At end of year于年末9,848

(i) In March 2024, the Group distributed 1,715,665,730 Wang On Shares through

the Distribution in Specie to the Company’s shareholders. The fair value of

these Wang On Shares on the date of completion of the Distribution in Specie

was HK$58,333,000, and the acumulated los for these Wang On Shares

recognised in other comprehensive income of HK$23,120,000 was transfered

to acumulated loses.

(i) 于二零二四年三月，本集团透过实物分派向

本公司股东分派1,715,665,730股宏安股份。

该等宏安股份于实物分派完成日期的公平值

为58,333,000港元，而于其他全面收益确认

的该等宏安股份的累计亏损23,120,000港元

已转拨至累计亏损。

2025
二零二五年
HK$’000
千港元
105,374
5,269
127,455
238,098

2025
二零二五年
HK$’000
千港元
74,584
(7,238)
67,346

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报193

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

20. 存货20. INVENTORIES

二零二四年

HK$’000

千港元

Raw materials and consumables原料及消耗品145,767

Work in progres半制成品6,908

Finished gods制成品155,423

Total总计308,098

21. TRADE RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables贸易应收款项94,402

Les: Acumulated impairment减：累计减值(13,046)

Net carying amount账面净值81,356

The Group’s trading terms with its customers are mainly on credit.

The credit period ranges from 7 to 120 days. Each customer has

a maximum credit limit and the credit limit is reviewed regularly.

The Group seks to maintain strict control over its outstanding

receivables and to minimise credit risk. Overdue balances

are reviewed regularly by senior management. In view of the

aforementioned and the fact that the Group’s trade receivables

relate to a large number of diversified customers, there is no

significant concentration of credit risk. The Group does not hold any

colateral or other credit enhancements over its trade receivable

balances. Trade receivables are non-interest-bearing.

Included in the Group’s trade receivables are amounts due from the

Group’s asociates of HK$9,575,000 (2024: HK$5,341,000) which

are repayable on credit terms similar to those ofered to the major

customers of the Group.

本集团与其客户的贸易条款主要为信

贷。信贷期介乎7日至120日。各客户

均设有最高信用限额，而有关信用限额

会定期审阅。本集团对尚未结清的应收

款项维持严密监控以将信贷风险减至最

低。逾期结余会由高级管理层定期审

阅。基于以上所述及本集团的贸易应收

款项涉及众多不同客户，故并无重大信

贷风险集中。本集团并无就贸易应收款

项结余持有任何抵押品或其他信贷增

级。贸易应收款项为免息。

本集团贸易应收款项中包括应收本集

团联营公司之款项9,575,000港元（二零

二四年：5,341,000港元），其须根据与

给予本集团主要客户相若的信贷条款偿

还。

21. 贸易应收款项

2025
二零二五年
HK$’000
千港元
51,515
14,500
716
615
67,346

2025
二零二五年
HK$’000
千港元
13,046
15,059
(20,631)
(236)
–
7,238

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025194位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

贸易应收款项于报告期末根据发票日期

及扣除亏损拨备后之账龄分析如下：

21. TRADE RECEIVABLES (CONTINUED)

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:

二零二四年

HK$’000

千港元

Within 1 month1个月以内37,767

1 to 3 months1至3个月13,313

Over 3 months but within 6 months超过3个月但不超过6个月15,391

Over 6 months6个月以上14,885

Total总计81,356

The movements in the los alowance for impairment of trade

receivables are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初23,034

Impairment loses/(reversal of impairment

loses), net

减值亏损╱（减值亏损

拨回），净额(1,900)

Amount writen of as uncolectible因无法收回而撇销的金额–

Exchange realignment汇兑调整(583)

Derecognition of subsidiaries upon completion

of the Distribution in Specie

完成实物分派后终止确认

附属公司(7,505)

At end of year于年末13,046

An impairment analysis is performed at each reporting date using

a provision matrix to measure ECLs. The provision rates are based

on days past due for groupings of various customer segments with

similar los paterns (i.e., by geographical region, product type,

customer type and rating). The calculation reflects the probability-

weighted outcome, the time value of money and reasonable and

suportable information that is available at the reporting date about

past events, curent conditions and forecasts of future economic

conditions. Generaly, trade receivables are writen of if past due for

more than one year and are not subject to enforcement activity.

贸易应收款项之减值亏损拨备变动如下：

于各报告日期均采用拨备矩阵进行减值

分析，以计量预期信贷亏损。拨备率乃

基于因就具有类似亏损模式的多个客户

分部进行分组而逾期的日数计算（即按地

理区域、产品类型、客户类型及评级）。

该计算反映或然率加权结果、货币时值

及于报告日期可得的有关过往事件、目

前状况及未来经济状况预测的合理及可

靠资料。一般而言，倘逾期超过一年及

并无可强制执行活动，将撇销贸易应收

款项。

Past due
逾期
Current	Within 1 month	1 to 3 months	Over 3 months but within 6 months	Over 6 months	Total
即期	1个月以内	1至3个月	超过3个月但不超过 6个月	6个月以上	总计
0.1%	0.3%	0.5%	0.5%	94.7%	9.7%
66,236	377	183	195	7,593	74,584
42	1	1	1	7,193	7,238

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报195

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

下表载列本集团利用拨备矩阵得出的贸

易应收款项的信贷风险资料：

于二零二五年三月三十一日

21. TRADE RECEIVABLES (CONTINUED)

Set out below is the information about the credit risk exposure on

the Group’s trade receivables using a provision matrix:

As at 31 March 2025

Expected credit los rate预期信贷亏损率

Gros carying amount (HK$’000)总账面值（千港元）

ECLs (HK$’000)预期信贷亏损（千港元）

As at 31 March 2024

Past due

逾期

Curent

Within

1 month

1 to 3

months

Over

3 months

but within

6 months

Over 6

monthsTotal

即期1个月以内1至3个月

超过3个月

但不超过

6个月6个月以上总计

Expected credit los rate预期信贷亏损率0.8%1.1%2.5%3.3%58.1%13.8%

Gros carying amount (HK$’000)总账面值（千港元）54,0738,8506,0254,38221,07294,402

ECLs (HK$’000)预期信贷亏损（千港元）4259314814412,23613,046

于二零二四年三月三十一日

2025
二零二五年
HK$’000
千港元
100,000
295,000
12,453
407,453
–
407,453
(295,000)
112,453

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025196位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

22. 应收贷款及利息22. LOANS AND INTEREST RECEIVABLES

二零二四年

NotesHK$’000

附注千港元

Loans receivable from Wang On应收宏安贷款(i)100,000

Loans receivable from CAP应收中国农产品贷款(i)380,000

Interest receivables应收利息14,759

Subtotal小计494,759

Les: Impairment alowance减：减值拨备(i)–

Subtotal小计494,759

Les: Portion clasified as non-curent

asets

减：分类为非流动资产部

分(380,000)

Portion clasified as curent asets分类为流动资产部分114,759

Notes:

(i) As at 31 March 2025 and 2024, the loans receivable from Wang On 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 December 2028

and were repayable on demand. Further details are set out in the Company’s

anouncement dated 18 December 2023.

(i) As at 31 March 2025 and 2024, the loans receivable from CAP 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. The carying amounts

of the loans receivable aproximated to its fair values. Further details are set out

in the Company’s anouncement dated 3 May 2022.

附注：

(i) 于二零二五年及二零二四年三月三十一日，

应收宏安贷款按摊销成本列账。该等贷款为

无抵押、按固定年利率10%计息，最终到期

日为二零二八年十二月，并须按要求偿还。

进一步详情载于本公司日期为二零二三年

十二月十八日的公布。

(i) 于二零二五年及二零二四年三月三十一日，

应收中国农产品贷款按摊销成本列账。该等

贷款为无抵押、按固定年利率10%计息，最

终到期日为二零二七年五月。该等应收贷款

之账面值与其公平值相若。进一步详情载于

本公司日期为二零二年五月三日的公布。

2025
二零二五年
HK$’000
千港元
–
–
–
–
–

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报197

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

22. LOANS AND INTEREST RECEIVABLES (CONTINUED)

Notes: (continued)

(i) The movements in the los alowance for impairment of loans and interest

receivables are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初43,586

Impairment loses, net减值亏损，净额414

Exchange realignment汇兑调整(1,090)

Derecognition of subsidiaries upon completion of

the Distribution in Specie

完成实物分派后终止确认

附属公司(42,910)

At end of year于年末–

As at 31 March 2025 and 2024, the loans and interest receivables were not

yet past due and were categorised within Stage 1 for the measurement of ECLs.

As such, the Group’s exposure to credit risk is insignificant and the directors

of the Company are of the opinion that the ECLs for these loans and interest

receivables are minimal.

An impairment analysis is performed at each reporting date by considering

the ECLs, which are estimated by aplying the probability of default aproach

with reference to the risk of default and los given default of the borowers or

comparable companies. As at 31 March 2025 and 2024, the los alowance was

asesed to be minimal. As at date of completion of the Distribution in Specie,

the probability of default aplied for CAP’s loans receivables from third parties

ranged from 0.7% to 100% and the los given default ranged from 60.1% to

78.5%.

（续）

附注：（续）

(i) 应收贷款及利息的减值亏损拨备变动如下：

于二零二五年及二零二四年三月三十一日，

应收贷款及利息尚未到期并就预期信贷亏损

的计量而言分类为第一阶段。因此，本集团

承担的信贷风险属不重大，本公司董事认为

该等应收贷款及利息之预期信贷亏损极低。

于各报告日期透过考虑预期信贷亏损进行减

值分析，而预期信贷亏损乃透过应用违约概

率法并参考借款人或可资比较公司的违约风

险和违约亏损率进行估算。于二零二五年及

二零二四年三月三十一日，亏损拨备被评估

为极低。于完成实物分派日期，应收第三方

的中国农产品贷款之违约概率介乎0.7%至

100%及违约亏损率介乎60.1%至78.5%。

2025
二零二五年
HK$’000
千港元
14,406
2,873
41,285
16,541
261
75,366
–
75,366
(18,823)
56,543

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025198位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

23. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

二零二四年

HK$’000

千港元

Prepayments预付款项12,080

Deposits paid for the acquisition of property,

plant and equipment

收购物业、厂房及设备之

已付按金5,231

Rental and other deposits租金及其他按金33,413

Other receivables其他应收款项20,627

Right-of-return asets退货权资产853

Total prepayments, deposits and

other receivables

预付款项、按金及

其他应收款项总额72,204

Les: Impairment alowance减：减值拨备–

Subtotal小计72,204

Les: Portion clasified as non-curent asets减：分类为非流动资产部分(14,423)

Portion clasified as curent asets分类为流动资产部分57,781

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 ECLs. Where aplicable, an impairment analysis

is performed at each reporting date by considering the ECLs, which

are estimated by aplying the probability of default aproach with

reference to the risks of default of the counterparties. As at 31

March 2025 and 2024, the los alowance was asesed to be

minimal.

During the year ended 31 March 2024, cost of obtaining contracts

under discontinued operations represented the prepaid sales

comision paid in conection with the sales of properties. The

Group had capitalised the amounts paid and charged them to profit

or los as seling and distribution expenses when the revenue from

the related property sale is recognised. During the year ended 31

March 2024, sales comision of HK$7,337,000 was charged to

profit or los and included in profit for the year from discontinued

operations.

、按金及其他应收款项

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没有违约记录之

交易对手之应收款项。计入上述结余之

金融资产并无逾期，并就预期信贷亏损

的计量而言分类为第一阶段。在适用情

况下，于各报告日期透过考虑预期信贷

亏损进行减值分析，而预期信贷亏损乃

透过应用违约概率法并参考交易对手的

违约风险进行估算。于二零二五年及二

零二四年三月三十一日，亏损拨备被评

估为极低。

截至二零二四年三月三十一日止年度，

根据已终止经营业务获得合约的成本

指就销售物业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列作销售及分销

开支自损益扣除。截至二零二四年三月

三十一日止年度，销售佣金7,337,000港

元自损益扣除，并计入来自已终止经营

业务的本年度溢利。

2025
二零二五年
HK$’000
千港元
–
1,201
(1,201)
–
–
–

2025
二零二五年
HK$’000
千港元
9,927
–
9,927

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报199

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

23. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

(CONTINUED)

The movements in the los alowance for the impairment of

financial asets included in prepayments, deposits and other

receivables are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初751

Impairment loses/(reversal of impairment

loses), net

减值亏损╱（减值亏损

拨回），净额(187)

Amount writen of as uncolectible因无法收回而撇销的金额–

Exchange realignment汇兑调整(16)

Derecognition of subsidiaries upon

completion of the Distribution in Specie

完成实物分派后终止确认

附属公司(548)

At end of year于年末–

24. FINANCIAL ASETS AT FVTPL

二零二四年

NotesHK$’000

附注千港元

Unlisted funds, at fair value非上市基金，按公平值(a)15,413

Listed equity investments, at fair value上市股权投资，按公平值(b), (c)13,340

Total总计28,753

Notes:

(a) The above unlisted fund investments were mandatorily clasified as financial

asets at FVTPL as their contractual cash flows are not solely payments of

principal and interest.

The fair value of unlisted funds of HK$9,927,000 (2024: HK$15,413,000) as at

31 March 2025 are determined based on the quoted market prices provided by

fund administrators with reference to prices derived from the over-the-counter

market.

(b) At 31 March 2024, the 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.

、按金及其他应收款项（续）

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变动如下：

24. 按公平值经损益入账之金融资产

附注：

(a) 上述非上市基金投资被强制分类为按公平值

经损益入账之金融资产，原因为有关投资的

合约现金流量并非仅为偿还本金及利息。

非上市基金投资之公平值9,927,000港元（二

零二四年：15,413,000港元）乃于二零二五年

三月三十一日参考场外交易市场价格按照基

金管理人提供的市场报价厘定。

(b) 于二零二四年三月三十一日，由于本集团并

无选择透过其他全面收益确认公平值收益或

亏损，故权益投资分类为按公平值经损益入

账之金融资产。

2025
二零二五年
HK$’000
千港元
130,501
1,815
132,316
–
132,316

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025200位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

25. CASH AND CASH EQUIVALENTS AND PLEDGED

DEPOSITS

二零二四年

NotesHK$’000

附注千港元

Cash and bank balances现金及银行结余114,732

Time deposits定期存款44,681

Subtotal小计159,413

Les: Pledged deposits减：已抵押存款(a)(4,444)

Cash and cash equivalents现金及现金等同项目154,969

Note:

(a) As at 31 March 2024, the bank balances amounting to HK$4,444,000 were

pledged to a bank for bils payable of the Group amounting to HK$4,444,000.

At the end of the reporting period, the cash and bank balances of

the Group denominated in RMB amounted to HK$22,909,000

(2024: HK$20,757,000). 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 thre months 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.

25. 现金及现金等同项目以及已抵押存款

附注：

(a) 于二零二四年三月三十一日，银行结余

4,444,000港元已就本集团之应付票据

4,444,000港元抵押予一间银行。

于报告期末，本集团以人民币计值的现

金及银行结余为22,909,000港元（二零

二四年：20,757,000港元）。人民币不可

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》，本集团可透过获授权经营

外汇业务之银行将人民币兑换为其他货

币。

银行存款按根据每日银行存款利率计算

之浮动利率赚取利息。短期定期存款之

存款期为介乎一天至三个月，视本集团

之即时现金需求而定，并按相关短期定

期存款利率赚取利息。银行结余及定期

存款均存放于近期无违约历史且信誉良

好之银行。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报201

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

26. ASETS CLASIFIED AS HELD FOR SALE

二零二四年

NotesHK$’000

附注千港元

Asets clasified as held for sale分类为持作出售资产

Non-curent asets clasified as held for sale分类为持作出售非流动资产

– Property, plant and equipment－物业、厂房及设备(a)28,828

– Investment properties－投资物业(b)38,000

Total总计66,828

Notes:

(a) On 15 March 2024, the Group entered into a sale and purchase agrement

with an independent third party to dispose of a property clasified as leasehold

land and buildings included in property, plant and equipment at a consideration

of HK$41,000,000. The transaction was completed on 17 May 2024.

(b) On 31 January 2024, the Group entered into a sale and purchase agrement

with an independent third party to dispose of a property clasified as investment

properties at a consideration of HK$38,000,000. The transaction was completed

on 2 May 2024.

At 31 March 2024, the Group’s asets held for sale with an

agregate carying amount of HK$66,828,000 were pledged to

secure general banking facilities granted to the Group. The charges

on the Group’s investment properties and property, plant and

equipment clasified as held for sale had ben released on 2 May

2024 and 17 May 2024, respectively, upon partial repayment of

the related secured bank loans.

26. 分类为持作出售之资产

附注：

(a) 于二零二四年三月十五日，本集团与一名独

立第三方订立买卖协议，以出售分类为租赁

土地之物业以及计入物业、厂房及设备之楼

宇，代价为41,000,000港元。该交易已于二

零二四年五月十七日完成。

(b) 于二零二四年一月三十一日，本集团与一名

独立第三方订立买卖协议，以出售分类为投

资物业之物业，代价为38,000,000港元。该

交易已于二零二四年五月二日完成。

于二零二四年三月三十一日，本集团账

面总值为66,828,000港元之持作出售资

产已为取得授予本集团之一般银行信贷

作出抵押。本集团分类为持作出售之投

资物业以及物业、厂房及设备之抵押已

分别于二零二四年五月二日及二零二四

年五月十七日偿还部分相关有抵押银行

贷款后解除。

2025
二零二五年
HK$’000
千港元
18,271
–
18,271

2025
二零二五年
HK$’000
千港元
10,982
2,102
334
4,853
18,271

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025202位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

27. TRADE AND BILS PAYABLES

二零二四年

HK$’000

千港元

Trade payables贸易应付款项26,463

Bils payable应付票据4,444

Total总计30,907

An ageing analysis of trade and bils payables as at the end of the

reporting period, based on the invoice date, is as folows:

二零二四年

HK$’000

千港元

Within 1 month1个月以内13,817

1 to 3 months1至3个月4,234

Over 3 months but within 6 months超过3个月但不超过6个月1,364

Over 6 months6个月以上11,492

Total总计30,907

The trade payables are non-interest-bearing. As at 31 March 2024,

the bils payable of the Group is secured by the Group’s bank

balances (note 25) and property, plant and equipment (note 15)

and interest-bearing at 2.45% per anum. The trade and bils

payables 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.

27. 贸易应付款项及应付票据

贸易应付款项及应付票据于报告期末根

据发票日期之账龄分析如下：

贸易应付款项不计息。于二零二四年三

月三十一日，本集团的应付票据以本集

团的银行结余（附注25）以及物业、厂

房及设备（附注15）作抵押，按年利率

2.45%计息。贸易应付款项及应付票据

的平均期限为30至360日。本集团已订

有财务风险管理政策，确保所有应付款

项于指定信贷期限内支付。

2025
二零二五年
HK$’000
千港元
1,128
3,502
9,364
715
22,114
59,995
92,111
188,929
(40,476)
148,453
9,364
139,089
148,453

31 March 2025
二零二五年三月三十一日
HK$’000
千港元
9,364
–
9,364

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报203

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

28. OTHER PAYABLES AND ACRUALS/CONTRACT

LIABILITIES

二零二四年

NotesHK$’000

附注千港元

Receipts in advance预收款项1,118

Rental and other deposits received已收租金及其他按金12,268

Contract liabilities合约负债(a)12,020

Refund liabilities退款负债1,194

Other payables其他应付款项(b)29,773

Acruals应计费用56,430

Lease liabilities租赁负债17(b)99,120

Subtotal小计211,923

Les: Po rtion clasified as non-curent

liabilities

减：分类为非流动负债部

分(51,220)

Portion clasified as curent liabilities分类为流动负债部分160,703

Represented by:指：

Contract liabilities合约负债12,020

Curent portion of other payables and

acruals

其他应付款项及应计费用

之流动部分148,683

Portion clasified as curent liabilities分类为流动负债部分160,703

Notes:

(a) Details of contract liabilities are as folows:

31 March

1 April

二零二四年

三月三十一日

二零二三年

四月一日

HK$’000HK$’000

千港元千港元

Advances received from customers向客户收取的垫款

Sale of gods销售货物12,0209,774

Sale of properties销售物业–166,096

Total总计12,020175,870

Contract liabilities include advances received from customers in relation to sales

of Chinese and Western pharmaceutical and health fod products and advances

from buyers in conection with the CAP Group’s pre-sales of properties received

by the Group’s discontinued operations. Decrease in contract liabilities for the

year ended 31 March 2025 was mainly due to the decrease in short-term

advances received from customers in relation to the sale of gods at the end of

the year.

(b) Other payables are non-interest-bearing and are normaly setled within one year.

╱合约负债

附注：

(a) 合约负债详情如下：

合约负债包括就销售中西药及保健食品产品

向客户收取的垫款及本集团就已终止经营业

务收取买家有关中国农产品集团预售物业

的垫款。截至二零二五年三月三十一日止年

度，合约负债减少主要由于年末就销售货品

收取客户的短期垫款减少所致。

(b) 其他应付款项不计息，通常在一年内结清。

2025
二零二五年
Contractual interest rate (%)	Maturity	HK$’000
合约利率(% )	到期日	千港元
HIBOR+(1.6 to 2)	On demand/ 2025–2026	177,678
香港银行同业拆息+ （1.6厘至2厘）	于接获要求时╱ 二零二五年至二零二六年
HIBOR+1.6	On demand	9,667
香港银行同业拆息+1.6厘	于接获要求时
香港银行同业拆息+1.6厘	187,345
HIBOR+1.8	2026	155,950
香港银行同业拆息+1.8厘	二零二六年
香港银行同业拆息+1.8厘	343,295

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025204位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

29. 计息银行借贷29. INTEREST-BEARING BANK BOROWINGS

二零二四年

Contractual interest

rate (%)MaturityHK$’000

合约利率(%)到期日千港元

Curent:

即期：

Bank loans – securedHIBOR+(1.6 to 2)On demand/

2024–2025

165,416

银行贷款－有抵押香港银行同业拆息+

（1.6厘至2厘）

于接获要求时╱

二零二四年至

二零二五年

Long-term bank loans repayable

on demand – secured

HIBOR+1.6On demand19,333

长期银行贷款，于接获要求时

偿还－有抵押

香港银行同业拆息+1.6厘于接获要求时

Subtotal184,749

小计

Non-curent:

非即期：

Bank loans – securedHIBOR+1.82025–2026276,200

银行贷款－有抵押香港银行同业拆息+1.8厘二零二五年至

二零二六年

Total460,949

总计

2025
二零二五年
HK$’000
千港元
187,345
155,950
–
343,295

2025
二零二五年
HK$’000
千港元
177,678
165,617
–
343,295

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报205

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）29. INTEREST-BEARING BANK BOROWINGS (CONTINUED)

二零二四年

HK$’000

千港元

Analysed into:分析为：

Bank loans repayable:按下列年期偿还之

银行贷款：

Within one year or on demand

(Note (a)

一年内或于接获要求时

（附注(a)）184,749

In the second year第二年13,600

In the third to fifth years, inclusive第三至五年

（包括首尾两年）262,600

Total总计460,949

Notes:

(a) As further explained in note 44 to the financial statements, the Group’s term

loans with an agregate amount of HK$19,333,000 (2024: HK$29,000,000)

containing an on-demand clause have ben clasified as curent liabilities and

of which HK$9,666,000 (2024: HK$9,667,000) are repayable within one year

based on the respective loan agrements. For the purpose of the above analysis,

the loans are included within curent interest-bearing bank borowings and

analysed into bank borowings repayable within one year or on demand.

At the end of the reporting period, the maturity profile of interest-bearing

bank borowings based on the scheduled repayment dates set out in the loan

agrements is as folows:

二零二四年

HK$’000

千港元

Bank loans repayable:按下列年期偿还之银行贷款：

Within one year一年内165,416

In the second year第二年23,267

In the third to fifth years, inclusive第三至五年（包括首尾两年）272,266

Total总计460,949

附注：

(a) 诚如财务报表附注44所进一步阐释，本集

团总额为19,333,000港元（二零二四年：

29,000,000港元）之定期贷款载有于接获要

求时还款条款，已分类为流动负债，其中

9,666,000港元（二零二四年：9,667,000港元）

根据各自的贷款协议须于一年内偿还。就上

述分析而言，该等贷款计入流动计息银行借

贷内，并按一年内或于接获要求时偿还之银

行借贷进行分析。

于报告期末，计息银行借贷根据贷款协议所

载之计划还款日期划分之到期日组合如下：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025206位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

附注：（续）

(b) 本集团若干银行贷款乃以本集团的物业、厂

房及设备（附注15）、所拥有投资物业及其产

生之若干租金收入（附注16）、已抵押存款（附

注25）及于本公司若干附属公司的股权（附注

1）作抵押。

行贷款均以浮动利率计息（二零二四年：本集

团所有银行贷款均以浮动利率计息）。

(d) 于二零二五年及二零二四年三月三十一日，

本集团所有银行借贷均以港元计值。

(e) 管理本集团银行贷款之协议包含该等融资的

惯常条件和违约事件。于报告期末，为数

155,950,000港元（二零二四年：276,200,000

港元）并分类为非流动负债之若干银行贷款亦

包含财务契诺，包括杠杆比率、贷款与价值

比率及最低利息准备金要求，并列明每年之

相关适用测试日期（直至到期）。本集团于二

零二五年及二零二四年三月三十一日已遵守

29. INTEREST-BEARING BANK BOROWINGS (CONTINUED)

Notes: (continued)

(b) Certain bank loans of the Group are secured by the Group’s property, plant and

equipment (note 15), owned investment properties and certain rental income

generated therefrom (note 16), pledged deposits (note 25) and the equity

interests in certain subsidiaries of the Company (note 1).

interest rates (2024: al bank loans of the Group bear interest at floating interest

rates).

(d) As at 31 March 2025 and 2024, al of the Group’s bank borowings are

denominated in HK$.

(e) The agrements governing the bank loans of the Group contain conditions and

events of default customary for such financings. Certain bank loans amounting

to HK$155,950,000 (2024: HK$276,200,000) which were clasified as non-

curent liabilities as at the end of the reporting period also contain financial

covenants including leverage ratios, loan-to-value ratio and minimum interest

reserve requirements with respective aplicable test dates of each year until

maturity. The Group has complied with the covenants under the relevant facility

agrements as at 31 March 2025 and 2024.

50	23,386	–	–	23,436
418	(2,260)	–	–	(1,842)
(1)	–	–	–	(1)
467	21,126	–	–	21,593

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报207

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

30. 递延税项

年内递延税项负债及资产之变动如下：

递延税项负债

30. DEFERED TAX

The movements in defered tax liabilities and asets during the year

are as folows:

Defered tax liabilities

Right-of-use

asets

Depreciation

alowance

in exces

of related

depreciation

Revaluation of

properties

Fair value

adjustment

arising from

acquisition of

subsidiariesTotal

使用权资产

超过相关折旧之

折旧免税额物业重估

因收购附属公司而

作出公平值调整总计

HK$’000HK$’000HK$’000HK$’000HK$’000

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4,75627,698471,84695,356599,656

Disposal of a subsidiary (note 36)出售一间附属公司（附注36）–(2,065)–(2,065)

Defered tax charged/(credited) to

profit or los during the year

年内于损益扣除╱（计入损益）的

递延税项(3,160)(2,247)(21,773)20,258(6,922)

Derecognition of subsidiaries upon completion

of the Distribution in Specie

完成实物分派后终止确认附属公司

(1,393)–(437,991)(112,772)(552,156)

Exchange realignment汇兑调整(153)–(12,082)(2,842)(15,077)

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

Defered tax charged/(credited) to profit or los

during the year

年内于损益扣除╱（计入损益）的

递延税项

Exchange realignment汇兑调整

Gros defered tax liabilities at 31 March 2025于二零二五年三月三十一日之

递延税项负债总额

50	39,610	48	51	39,759
1,320	1,236	–	6	2,562
(1)	–	–	–	(1)
1,369	40,846	48	57	42,320

2025
二零二五年
HK$’000
千港元
21,047
(320)
20,727

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025208位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

年内递延税项负债及资产之变动如下：

（续）

递延税项资产

30. DEFERED TAX (CONTINUED)

The movements in defered tax liabilities and asets during the year

are as folows: (continued)

Defered tax asets

Lease

liabilities

Los available

for ofseting

against future

taxable profits

Depreciation

in exces of

depreciation

alowance

Impairment

of financial

asetsTotal

租赁负债

可用作抵销未来

应课税溢利之亏损

超过相关折旧

免税额之折旧金融资产减值总计

HK$’000HK$’000HK$’000HK$’000HK$’000

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4,75636,045484740,896

Disposal of a subsidiary (note 36)出售一间附属公司（附注36）–(1,051)–(1,051)

Derecognition of subsidiaries upon completion

of the Distribution in Specie

完成实物分派后终止确认附属公司

(4,726)(4,768)–(9,494)

Defered tax credited to profit or los

during the year

年内计入损益的递延税项

1409,335–49,479

Exchange realignment汇兑调整(120)49–(71)

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

Defered tax credited to profit or los

during the year

年内计入损益的递延税项

Exchange realignment汇兑调整

Gros defered tax asets at 31 March 2025于二零二五年三月三十一日的

递延税项资产总值

For presentation purposes, certain defered tax asets and liabilities

have ben ofset in the consolidated statement of financial position.

The folowing is an analysis of the defered tax balances of the

Group for financial reporting purposes:

二零二四年

HK$’000

千港元

Net defered tax asets recognised in the

consolidated statement of financial position

于综合财务状况表内确认的

递延税项资产净值17,685

Net defered tax liabilities recognised in the

consolidated statement of financial position

于综合财务状况表内确认的

递延税项负债净额(1,362)

Net defered tax asets递延税项资产净值16,323

就呈报目的而言，若干递延税项资产及

负债已在综合财务状况表内抵销。以下

为本集团的递延税项结余就财务报告目

的而言作出的分析：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报209

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

于报告期末，本集团有于香港产生之未

动用税项亏损为852,443,000港元（二零

二四年：810,095,000港元），可无限期

用作抵销出现亏损之公司之未来应课税

溢利。除税项亏损247,552,000港元（二

零二四年：240,061,000港元）已确认为

递延税项资产外，由于未来溢利来源不

可预计，故此未有就余额604,891,000

港元（二零二四年：570,034,000港元）

确认递延税项资产。本集团亦有于中

国内地及澳门产生之未动用税项亏损

合共41,642,000港元（二零二四年：

48,918,000港元），可用作抵销未来应课

税溢利，并将于一至五年内届满。由于

未来溢利来源不可预计，故此未有就税

项亏损41,642,000港元（二零二四年：

48,918,000港元）确认递延税项资产。

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10%（二零二四年：

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。

于二零二五年及二零二四年三月三十一

日，概无与于中国附属公司的投资有关

的重大暂时性差额，因此并无就此确认

递延税项负债。

本公司向其股东派付股息并无附带任何

所得税影响。

30. DEFERED TAX (CONTINUED)

At the end of the reporting period, the Group has unused

tax loses arising in Hong Kong of HK$852,443,000 (2024:

HK$810,095,000) that are available indefinitely for ofseting against

future taxable profits of the companies in which the loses arose.

Except for tax loses of HK$247,552,000 (2024: HK$240,061,000)

which have ben recognised as defered tax asets, defered

tax asets have not ben recognised in respect of the remaining

amount of HK$604,891,000 (2024: HK$570,034,000) due to the

unpredictability of future profit streams. The Group also has unused

tax loses arising in Mainland China and Macau with an agregate

amount of HK$41,642,000 (2024: HK$48,918,000) that wil

expire in one to five years for ofseting against future taxable profits.

Defered tax asets have not ben recognised in respect of the tax

loses amount of HK$41,642,000 (2024: HK$48,918,000) 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 10% (2024: 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 and 2024, there were no significant temporary

diferences asociated with investments in subsidiaries in the PRC

for which defered tax liabilities have not ben recognised.

There are no income tax consequences ataching to the payment of

dividends by the Company to its shareholders.

2025
二零二五年
HK$’000
千港元
600,000
11,251

1,171,102,888	11,711	1,132,716	1,144,427
(46,000,000)	(460)	(11,340)	(11,800)
1,125,102,888	11,251	1,121,376	1,132,627

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025210位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

31. 股本

股份

31. SHARE CAPITAL

二零二四年

HK$’000

千港元

Authorised:法定：

60,000,000,000 ordinary shares of

HK$0.01 each

60,000,000,000股每股

0.01港元之普通股600,000

Isued and fuly paid:已发行及缴足：

1,125,102,888 (31 March 2024:

1,171,102,888) ordinary shares of

HK$0.01 each

1,125,102,888股

（二零二四年三月三十一

日：1,171,102,888股）每

股0.01港元之普通股11,711

During the year, the movements in the share capital and share

premium acount of the Company were sumarised as folows:

Number of

outstanding

Isued

capital

premiumTotal

已发行股份数目已发行股本股份溢价总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日1,204,642,88812,0462,097,1092,109,155

Cancelation of shares repurchased (Note (i)注销购回股份（附注(i)）(33,540,000)(335)(14,393)(14,728)

Share premium reduction (Note (i)削减股份溢价（附注(i)）–(950,000)(950,000)

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

Cancelation of shares repurchased (Note (i)注销购回股份（附注(i)）

At 31 March 2025于二零二五年三月三十一日

年内，本公司股本及股份溢价的变动情

况概述如下：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报211

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

31. SHARE CAPITAL (CONTINUED)

Shares (continued)

Notes:

(i) The Company repurchased 46,000,000 (2024: 33,540,000) of its shares

on the Stock Exchange at a total consideration of HK$11,800,000 (2024:

HK$14,728,000) during the year. The repurchased shares were canceled during

these years.

(i) Pursuant to a special resolution pased by the shareholders of the Company

at the special general meting held on 7 March 2024, an amount of

HK$950,000,000 standing to the credit of the Share Premium Acount was

reduced in acordance with section 46 of the Bermuda Companies Act 1981 (the

“Companies Act”) and bye-law 6 of the bye-laws of the Company and that the

credit arising therefrom be transfered to the contributed surplus acount.

Share options

Details of the Company’s share option scheme are set out in note

32 to the financial statements.

32. SHARE OPTION SCHEME

On 22 August 2023, the Company adopted a share option scheme

(the “2023 Scheme”). The exercise period of the share options

granted is determinable by the directors, and comences after a

vesting period of one to thre years and ends on a date which is

not later than five years from the date of ofer of the share options

or the expiry date of the 2023 Scheme, if earlier.

The 2023 Scheme is for the primary purpose of providing incentives

or rewards to selected eligible persons for their contribution or

potential contribution to the Company and its subsidiaries.

Pursuant to the 2023 Scheme, share options may be granted

to any Director or proposed Director, employe or proposed

employe, of the Company or its subsidiaries or and Director

or proposed Director, employe or proposed employe of the

holding companies, felow subsidiaries or asociated companies

of the Group to let them subscribe for shares in the Company at a

consideration equal to the higher of the closing price of the shares

of the Company on the Stock Exchange at the date of ofer of grant,

the average closing price of the shares of the Company on the

Stock Exchange for the five trading days imediately preceding the

date of grant of the options and the nominal value of the shares of

the Company.

（续）

股份（续）

附注：

(i) 年内，本公司于联交所购回其46,000,000股

（二零二四年：33,540,000股）股份，总代价

为11,800,000港元（二零二四年：14,728,000

港元）。购回股份已于该等年度注销。

(i) 根据本公司股东于二零二四年三月七日举行

的股东特别大会上通过的特别决议案，根据

百慕达《一九八一年公司法》（「公司法」）第46

条及本公司之公司细则第6条，削减股份溢价

账之进账金额950,000,000港元，并将所产生

的进账额拨入实缴盈余账。

购股权

本公司之购股权计划之详情载于财务报

表附注32。

32. 购股权计划

于二零二三年八月二十二日，本公司

采纳一项购股权计划（「二零二三年计

划」）。所授出购股权之行使期由董事厘

定，并于一至三年的归属期后开始及于

不迟于购股权要约日期起计五年当日或

二零二三年计划到期日（以较早者为准）

结束。

二零二三年计划主要旨在鼓励或奖励对

本公司及其附属公司作出贡献或将可作

出贡献之选定合资格人士。

根据二零二三年计划，购股权可授予本

公司或其附属公司任何董事或候任董

事、雇员或拟聘请雇员，或本集团控股

公司、同系附属公司或联营公司任何董

事或候任董事、雇员或拟聘请雇员供彼

等认购本公司股份，代价相当于提呈授

出购股权当日本公司股份于联交所之收

市价或紧接授出购股权当日前五个交易

日本公司股份于联交所之平均收市价及

本公司股份面值之较高者。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025212位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

授出之购股权须于授出日期起计30日内

接纳，于接纳时须缴付1港元。购股权可

自董事酌情厘定的授出日期起至授出日

期满十周年止期间随时行使。

本公司可授出购股权涉及之股份数目上

限，连同根据本公司任何其他购股权计

划授出之购股权所涉及之股份数目，不

得超过本公司不时已发行股本之10%（不

包括因行使根据二零二三年计划授出之

购股权而发行之任何股份）。不论上述

各项，因行使根据二零二三年计划授出

惟尚未行使之所有购股权而可发行之股

份，不得超过采纳二零二三年计划限额

批准日期或不时更新的已发行股份数目

之10%。

根据二零二三年计划可授予合资格人士

之购股权所涉及之股份总数于任何十二

个月期间内，不得超过本公司于任何时

间之已发行股份数目之1%。

概无现金清偿选择。本集团过往并无现

金清偿购股权之惯例。本集团将二零

二三年计划以权益结算计划入账。

购股权并无赋予持有人权利获派股息或

于股东大会上投票。

自采纳二零二三年计划起直至二零二五

年三月三十一日并无授出任何购股权。

截至二零二五年及二零二四年三月

三十一日止年度，概无授出、行使、失

效或注销任何购股权。

截至二零二五年及二零二四年三月

三十一日止年度，概无确认以股份为基

础的付款。

32. SHARE OPTION SCHEME (CONTINUED)

Options granted must be taken up within 30 days from the date

of grant, upon payment of HK$1. Options may be exercised at any

time from the date of grant of the share options up to the tenth

aniversary of the date of grant as determined by the directors at

their discretion.

The maximum number of shares of the Company in respect of

which options may be granted, when agregated with any other

share option scheme of the Company, shal not exced 10% of the

isued share capital of the Company from time to time excluding

any shares isued upon the exercise of options granted pursuant to

the 2023 Scheme. Notwithstanding the foregoing, the shares which

may be isued upon exercise of al outstanding options granted

and yet to be exercised under the 2023 Scheme shal not exced

10% of the shares in isue as at the date of aproval of the 2023

Scheme limit or as refreshed from time to time.

The total number of shares in respect of which options may be

granted to an eligible person under the 2023 Scheme within any

12-month period is not permited to exced 1% of the number of

shares of the Company is isue at any time.

There are no cash setlement alternatives. The Group does not

have a past practice of cash setlement for these share options. The

Group acounts for the 2023 Scheme as an equity-setled plan.

Share options do not confer rights on the holders to dividends or to

vote at shareholder’s metings.

No share option has ben granted til 31 March 2025 since the

adoption of the 2023 Scheme.

There were no share options granted, exercised, lapsed or canceled

during the years ended 31 March 2025 and 2024.

There was no share-based payment recognised during the years

ended 31 March 2025 and 2024.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报213

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

33. 储备

本集团于本年度及过往年度之储备及其

变动之金额呈列于综合财务报表第83及

84页之综合权益变动表。

(i) 股份溢价

股份溢价指已发行股份面值与收到

代价间之差额，受公司法规管。

(i) 特别储备

本集团之特别储备指本公司已发行

普通股之面值与根据一九五年因

集团重组所收购之附属公司已发行

普通股本之总面值两者之差额。

(i) 实缴盈余

实缴盈余指本公司实行股本削减产

生之盈余减去本公司因红股发行所

动用之款额，以及由股份溢价转入

之款额减去实物分派所动用之款

额。

(iv) 储备基金

根据中国内地相关法律及法规，本

公司于中国内地之附属公司之部分

溢利已转拨至储备基金，而储备基

金的使用受到限制。

(v) 合并储备

合并储备指本集团在共同控制下业

务合并中支付之代价与所收购之实

体资产净值间之差额。

(vi) 资本储备

资本储备指所收购或出售的非控股

权益代价净值及账面值之间的差

额。

33. RESERVES

The amounts of the Group’s reserves and the movements therein

for the curent and prior years are presented in the consolidated

statement of changes in equity on pages 83 and 84 of the

consolidated financial statements.

(i) Share premium

The share premium represents the diference betwen the

par value of the shares isued and the consideration received,

which is governed by the Companies Act.

(i) Special reserve

The special reserve of the Group represents the diference

betwen the nominal value of ordinary shares isued by the

Company and the agregate nominal value of the isued

ordinary share capital of the subsidiaries acquired pursuant to

a group reorganisation in 1995.

(i) Contributed surplus

The contributed surplus represents the credits arising from the

capital reduction efected by the Company les the amount

utilised for the purpose of the bonus isue of shares by the

Company, and the amount transfered from share premium

les the amount utilised for the Distribution in Specie.

(iv) Reserve funds

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 reserve funds

which are restricted to use.

(v) Merger reserve

Merger reserve represents the diference betwen the

amounts of consideration paid and the net asets of the

entities acquired by the Group under busines combinations

under comon control.

(vi) Capital reserve

Capital reserve represents the diference betwen the amounts

of net consideration and the carying values of non-controling

interests acquired or disposed of.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025214位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

34. 拥有重大非控股权益之部分拥有附属

公司

拥有重大非控股权益之本集团附属公司

详情载述如下：

于截至二零二四年三月三十一日止年度

完成实物分派后，中国农产品集团之非

控股权益已终止确认。于二零二四年三

月三十一日，中国农产品并无累计非控

股权益结余。

34. PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-

CONTROLING INTERESTS

Details of the Group’s subsidiaries that have material non-controling

interests are set out below:

Upon completion of the Distribution in Specie during the year

ended 31 March 2024, the non-controling interests of the CAP

Group is derecognised. There were no acumulated balances of

non-controling interests of CAP as at 31 March 2024.

二零二四年

HK$’000

千港元

Profit for the year shared by non-controling interests非控股权益分占之本年度溢利19,249

The folowing tables ilustrate the sumarised financial information

of the CAP Group which was clasified as discontinued operations

in the consolidated financial statements of the Group. The amounts

disclosed are before any inter-company eliminations:

二零二四年

HK$’000

千港元

Revenue for the year本年度收益553,973

Profit for the year年度溢利19,334

Other comprehensive los for the year本年度其他全面亏损(50,346)

Total comprehensive los for the year本年度全面亏损总额(31,012)

Net cash flows from operating activities经营业务所得之现金流量净额161,473

Net cash flows used in investing activities投资活动所用之现金流量净额(30,896)

Net cash flows used in financing activities融资活动所用之现金流量净额(194,013)

Net decrease in cash and cash equivalents现金及现金等同项目减少净额(63,436)

下表阐述中国农产品集团之财务资料（于

本集团综合财务报表分类为已终止经营

业务）概要。披露之金额为扣除任何公司

间对销前之金额：

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报215

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

35. 非业务之附属公司收购

截至二零二四年三月三十一日止年度

于二零二三年九月八日，本集团与宏

安地产有限公司（「宏安地产」，由宏安

拥有75%之附属公司）的两间接全资

附属公司Viva Action Ltd及Shining Sun

Developments Limited订立两份买卖协

议，内容有关收购诚卫及利晴之全部已

发行股本连同诚卫及利晴结欠宏安地产

的股东贷款，总代价为78,444,000港

元，经诚卫及利晴于完成日期分别二零

二三年十月二十五日及二零二三年十一

月十五日之资产净值调整。诚卫及利晴

主要在香港从事物业投资。该等交易构

成本集团的关连交易。

由于本集团收购之实体并不构成业务，

故本集团将上述收购事项以资产收购入

账。

截至二零二四年三月三十一日止年度，

本集团收购之资产净值如下：

35. ACQUISITION OF SUBSIDIARIES THAT ARE NOT

BUSINESES

For the year ended 31 March 2024

On 8 September 2023, the Group entered into two sale and

purchase agrements with Viva Action Ltd and Shining Sun

Developments Limited, indirectly wholy-owned subsidiaries of

Wang On Properties Limited (“WOP”, a 75% owned subsidiary of

Wang On) in respect of the acquisition of the entire isued share

capital of Suces Vision and Nice Treasure and shareholder’s

loans of Suces Vision and Nice Treasure owed to WOP at a total

consideration of HK$78,444,000 as adjusted based on the net

aset value of the Suces Vision and Nice Treasure as at the date

of completion on 25 October 2023 and 15 November 2023,

respectively. Suces Vision and Nice Treasure are principaly

engaged in property investment in Hong Kong. The transactions

constituted conected transactions of the Group.

The above acquisitions have ben acounted for by the Group as

acquisitions of asets as the entities acquired by the Group do not

constitute a busines.

The net asets acquired by the Group during the year ended 31

March 2024 are as folows:

Suces

Vision

Nice

TreasureTotal

诚卫利晴总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Net asets acquired:所收购之资产净值：

Property, plant and equipment物业、厂房及设备37,100–37,100

Investment properties投资物业6,70035,00041,700

Other receivables其他应收款项65570

Bank balances银行结余8312320

Other payables and acruals其他应付款项及

应计费用(496)(250)(746)

Total总计43,37735,06778,444

Satisfied by:结算方式：

Cash现金43,37735,06778,444

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025216位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

截至二零二四年三月三十一日止年度

（续）

有关收购诚卫及利晴之现金流量分析如

下：

35. ACQUISITION OF SUBSIDIARIES THAT ARE NOT

BUSINESES (CONTINUED)

For the year ended 31 March 2024 (continued)

An analysis of the cash flows in respect of the acquisitions of

Suces Vision and Nice Treasure is as folows:

Suces

Vision

Nice

TreasureTotal

诚卫利晴总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Cash consideration现金代价(43,377)(35,067)(78,444)

Bank balances acquired所收购银行结余8312320

Net outflows of cash and cash

equivalents included in cash

flows from investing activities for

the year

计入年内投资活动之现金

流量之现金及现金等同

项目流出净额

(43,369)(34,755)(78,124)

Transaction costs of the acquisition

included in cash flows from

operating activities

计入经营业务之现金流量

之收购交易成本

(478)(455)(933)

Total总计(43,847)(35,210)(79,057)

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报217

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

36. 出售附属公司

截至二零二四年三月三十一日止年度

于本年度出售之附属公司（财务报表附注

13所载完成实物分派后终止确认附属公

司除外）的资产净值详情及财务影响概述

如下：

36. DISPOSAL OF SUBSIDIARIES

For the year ended 31 March 2024

Details of the net asets of the subsidiaries disposed of during the

curent year, other than the derecognition of subsidiaries upon

completion of the Distribution in Specie as set out in note 13 to

the financial statements, and the financial impacts are sumarised

below:

Bilion GodOriental SinoTotal

维富东华总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Notes(note (a)(note (b)

附注（附注(a)）（附注(b)）

Net asets disposed of:所出售之资产净值：

Property, plant and equipment物业、厂房及设备15–100,923100,923

Investment properties投资物业1671,000–71,000

Trade receivables贸易应收款项9–9

Defered tax liabilities递延税项负债(1,014)–(1,014)

Subtotal小计69,995100,923170,918

Profesional fes and expenses专业费用及开支1,4312,4393,870

Loses on disposal of subsidiaries出售附属公司之亏损6(2,665)(3,233)(5,898)

Total consideration总代价68,761100,129168,890

Satisfied by:结算方式：

Cash现金68,761100,129168,890

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025218位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

截至二零二四年三月三十一日止年度

（续）

有关出售维富及东华之现金流量分析如

下：

36. DISPOSAL OF SUBSIDIARIES (CONTINUED)

For the year ended 31 March 2024 (continued)

An analysis of the cash flows in respect of the disposals of Bilion

God and Oriental Sino is as folows:

Bilion GodOriental SinoTotal

维富东华总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Cash consideration现金代价68,761100,129168,890

Profesional fes and expenses paid已支付专业费用及开支(1,431)(2,439)(3,870)

Net inflows of cash and cash

equivalents in respect of the

disposal of subsidiaries

就出售附属公司之现金及

现金等同项目流入净额

67,33097,690165,020

Notes:

(a) On 19 June 2023, the Group disposed of its entire equity interests in Bilion

God, a then indirectly wholy-owned subsidiary of the Company, which was

holding an investment property in Hong Kong, together with the shareholder’s

loan owed by Bilion God to the Group to an independent third party at an

agregate consideration of HK$68,761,000.

(b) On 14 March 2024, the Group disposed of its entire equity interests in Oriental

Sino, a then indirectly wholy-owned subsidiary of the Company, which was

holding a property, plant and equipment in Hong Kong, together with the

shareholder’s loan owed by Oriental Sino to the Group to an independent third

party at an agregate consideration of HK$100,129,000.

附注：

(a) 于二零二三年六月十九日，本集团向一名独

立第三方出售本公司当时的间接全资附属公

司维富（持有一个香港投资物业）之全部股

权，连同维富结欠本集团的股东贷款，总代

价为68,761,000港元。

(b) 于二零二四年三月十四日，本集团向一名独

立第三方出售本公司当时的间接全资附属公

司东华（持有香港的物业、厂房及设备）之全

部股权，连同东华结欠本集团的股东贷款，

总代价为100,129,000港元。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报219

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

37. 综合现金流量表附注

(a) 主要非现金交易

本集团年内之主要非现金交易如

下：

(i) 截至二零二五年三月三十一日

止年度，本集团就租赁土地及

楼宇之租赁安排于租赁负债、

计入物业、厂房及设备之使用

权资产以及于分租的投资净额

之非现金添置及修订分别为

48,959,000港元、46,530,000

港元及1,703,000港元（二零

二四年：租赁负债、计入物

业、厂房及设备之使用权资

产、于分租的投资净额以及

投资物业分别为79,112,000

港元、61,494,000港元、

3,905,000港元及10,001,000

港元）。

(i) 截至二零二五年三月三十一日

止年度，与若干业务伙伴的贸

易应收款项12,224,000港元

（二零二四年：零）及其他应收

款项6,159,000港元（二零二四

年：零）乃透过根据多方抵销

安排抵销贸易应付款项及其他

应付款项而结清。

(i) 截至二零二四年三月三十一日

止年度，本集团于完成实物分

派日期向本公司股东分派综合

资产净值810,956,000港元的

中国农产品股份及账面总值为

58,333,000港元的宏安股份，

详情载于财务报表附注13。

37. NOTES TO THE CONSOLIDATED STATEMENT OF CASH

FLOWS

(a) Major non-cash transactions

The Group has the folowing major non-cash transactions

during the year:

(i) During the year ended 31 March 2025, the Group

had non-cash aditions and modifications to lease

liabilities, right-of-use asets included in property, plant

and equipment and net investments in subleases of

HK$48,959,000, HK$46,530,000 and HK$1,703,000

(2024: lease liabilities, right-of-use asets included

in property, plant and equipment, net investments in

subleases and investment properties of HK$79,112,000,

HK$61,494,000, HK$3,905,000 and HK$10,001,000),

respectively, in respect of lease arangements for

leasehold land and buildings.

(i) During the year ended 31 March 2025, trade receivables

of HK$12,224,000 (2024: Nil) and other receivables of

HK$6,159,000 (2024: Nil) with certain busines partners

were setled through ofseting against trade payables and

other payables under multi-party net-of arangements.

(i) During the year ended 31 March 2024, the Group

distributed the CAP Shares with a consolidated net aset

value of HK$810,956,000 and Wang On Shares with

an agregate carying amount of HK$58,333,000 as at

the completion date of the Distribution in Specie to the

shareholders of the Company and further details are set

out in note 13 to the financial statements.

460,949	99,120	–
(117,654)	(61,500)	–
–	45,956	–
–	3,003	–
–	5,534	–
–	(2)	–
343,295	92,111	–

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025220位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

(b) 融资活动产生之负债变动

37. NOTES TO THE CONSOLIDATED STATEMENT OF CASH

FLOWS (CONTINUED)

(b) Changes in liabilities arising from financing activities

Bank

borowings

Lease

liabilities

Unsecured

notes

银行借贷租赁负债无抵押票据

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日1,521,662117,767125,189

Changes from financing cash flows融资现金流量变动(111,228)(70,501)(119,250)

Aditions arising from new leases因新订租赁而添置–69,111–

Aditions arising from lease

modification for sub-leased

properties

修订分租物业租赁产生之

添置

–10,001–

Interest expense利息开支–6,1748,848

Gain on early redemption of

unsecured notes

提早赎回无抵押票据之

收益–(14,787)

Elimination of intercompany loan

to CAP

对销提供予中国农产品之

公司间贷款380,000–

Derecognition of subsidiaries upon

completion of the Distribution in

Specie (note 13)

完成实物分派后终止确认

附属公司（附注13）

(1,314,513)(32,869)–

Foreign exchange movement外汇波动(14,972)(563)–

At 31 March 2024 and 1 April

于二零二四年三月三十一日

及二零二四年四月一日

Changes from financing cash flows融资现金流量变动

Aditions arising from new leases因新订租赁而添置

Lease modification租赁修订

Interest expense利息开支

Foreign exchange movement外汇波动

At 31 March 2025于二零二五年三月三十一日

2025
二零二五年
HK$’000
千港元
(2,679)
(61,500)
(64,179)

2025
二零二五年
HK$’000
千港元
8,502

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报221

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

计入综合现金流量表之租赁现金流

流出总额如下：

37. NOTES TO THE CONSOLIDATED STATEMENT OF CASH

FLOWS (CONTINUED)

The total cash outflow for leases included in the consolidated

statement of cash flows is as folows:

二零二四年

HK$’000

千港元

Within operating activities经营业务(7,631)

Within financing activities融资活动(70,501)

Total总计(78,132)

38. PLEDGE OF ASETS

Details of the Group’s asets pledged for the Group’s bils payable

and bank loans are included in notes 27 and 29 to the financial

statements.

39. COMITMENTS

The Group had the folowing contractual comitments at the end

of the reporting period:

二零二四年

HK$’000

千港元

Property, plant and equipment物业、厂房及设备2,555

38. 资产抵押

为本集团应付票据及银行贷款作抵押的

本集团资产详情载于财务报表附注27及

29。

39. 承担

于报告期末，本集团之合约承担如下：

2025
二零二五年
HK$’000
千港元
673
43,439
845
–
2,564
654
1,090
31,720
310

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025222位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

40. 关联方交易

(a) 与关联方之交易

除该等财务报表其他部分详述之交

易外，本集团于年内与关联方进行

以下重大交易：

40. RELATED PARTY TRANSACTIONS

(a) Transactions with related parties

In adition to the transactions detailed elsewhere in these

financial statements, the Group had the folowing material

transactions with related parties during the year:

二零二四年

NotesHK$’000

附注千港元

Wang On and its subsidiaries

(other than the Group)

宏安及其附属公司

（本集团除外）

– Management fes incured

by the Group*

－本集团产生之

管理费*(i)359

– Interest income earned

by the Group*

－本集团赚取之利息

收入*(i)39,484

– Sales of pharmaceutical

products by the Group*

－本集团销售药品*

(i)3,158

– Acquisition of subsidiaries－收购附属公司(iv)78,444

– Recognition of right-of-use

asets for retail premise*

－确认零售物业使用权

资产*(v)–

Asociates联营公司

– Rental income earned

by the Group

－本集团赚取之租金

收入(i)2,152

– Management and promotion

fes earned by the Group

－本集团赚取之管理及

宣传服务费(i)1,116

– Sales of Chinese

pharmaceutical products

by the Group

－本集团销售中药产品

(i)34,199

– Finance income on net

investments in subleases

－分租投资净额之财务

收入(vi)136

* These related party transactions also constitute conected transactions

or continuing conected transactions as defined in Chapter 14A of the

Listing Rules.

* 该等关联方交易亦构成上市规则第14A

章所界定的关连交易或持续关连交易。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报223

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

40. RELATED PARTY TRANSACTIONS (CONTINUED)

(a) Transactions with related parties (continued)

Notes:

(i) The transactions were based on terms mutualy agred betwen the

Group and the related parties.

(i) The interest income was earned on the revolving loan facility advanced to

CAP and Wang On. Details of the terms of the relevant loans are set out

in note 22 to the financial statements.

(i) The sales to the related parties were made acording to the published

prices and conditions that the Group ofered to its customers. During the

year ended 31 March 2024 the sales of pharmaceutical products by the

Group of HK$1,383,000 were made to the CAP Group.

(iv) On 8 September 2023, the Group entered into shares transfer

agrements with certain felow subsidiaries of the Group to acquire 100%

equity interests in each of Suces Vision and Nice Treasure together with

the shareholder’s loans at a total consideration of HK$78,444,000. Details

of these transactions are disclosed in note 35 to the financial statements.

(v) On 4 March 2025, the Group entered into a thre-year lease agrement

with a felow subsidiary in respect of the lease of a retail premise for the

Group’s retail operation. The amount of rent payable was determined

with reference to the prevailing market conditions in the vicinity. At the

comencement date of the lease, the Group recognised a right-of-

use aset and a lease liability of HK$2,564,000 and HK$2,480,000,

respectively (2024: Nil).

(vi) The finance income on net investments in subleases represented the

imputed interest for the lease payments receivable from the relevant

asociates. The Group entered into certain sub-licensing agrements with

certain asociates in respect of the sub-licensing of certain retail premises

under finance lease arangements. At the comencement date of each

of the sub-licensing agrement, the Group derecognised the underlying

right-of-use aset and recognised an net investment in sublease. The

amount of lease payment was determined with reference to the terms

mutualy agred betwen the Group and the asociates. As at 31 March

2025, included in the Group’s net investments in subleases are lease

payments receivable from the Group’s asociates of HK$4,776,000 (2024:

HK$8,003,000).

（续）

(a) 与关联方之交易（续）

附注：

(i) 该等交易乃根据本集团与关联方相互协

定之条款进行。

(i) 利息收入赚取自向中国农产品及宏安垫

付的循环贷款融资。相关贷款之条款详

情载于财务报表附注22。

(i) 对关联方作出之销售乃根据本集团向其

客户提供之已公布价格及条件进行。

截至二零二四年三月三十一日止年

度，本集团向中国农产品集团销售药品

1,383,000港元。

(iv) 于二零二三年九月八日，本集团与

若干本集团同系附属公司订立股份

转让协议，以收购诚卫及利晴各自之

100%股权连同股东贷款，总代价为

78,444,000港元。该等交易详情于财

务报表附注35披露。

(v) 于二零二五年三月四日，本集团与一间

同系附属公司就租赁用于经营本集团零

售业务的零售物业订立三年期租赁协

议。应付租金额经参考临近地区的

现行市况厘定。于租赁开始日期，本

集团确认使用权资产及租赁负债分别为

2,564,000港元及2,480,000港元（二零

二四年：零）。

(vi) 分租投资净额的融资收入指应收相关

联营公司租赁付款的估算利息。本集

团根据融资租赁安排与若干联营公司

就分租若干零售物业订立若干分租协

议。于各转租许可协议开始日期，本集

团终止确认相关使用权资产及确认转租

投资净额。租赁付款的金额参考本集团

与联营公司共同协定的条款厘定。于

二零二五年三月三十一日，本集团分

租投资净额包括应收本集团联营公司

租赁付款4,776,000港元（二零二四年：

8,003,000港元）。

2025
二零二五年
HK$’000
千港元
656
21,445
177
22,278

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025224位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

40. RELATED PARTY TRANSACTIONS (CONTINUED)

(b) Compensation of key management personel of the

Group

二零二四年

HK$’000

千港元

Fes袍金757

Short-term employment benefits短期雇员福利19,364

Post-employment benefits离职后福利165

Total总计20,286

The above compensation of key management personel

includes the directors’ remuneration, details of which are set

out in note 9 to the financial statements.

Details of the Group’s trade balances due from asociates and

loans and interest receivables due from Wang On and the CAP

Group as at the end of the reporting period are disclosed in

note 21 and 22 to the financial statements, respectively.

(d) Financial guarante provided to a related party

As at 31 March 2025 and 2024, the Group has given

guarantes to a bank in conection with banking facilities

granted to a felow subsidiary. Details of the financial

guarantes given by the Group to a felow subsidiary are set

out in note 41 to the financial statements.

（续）

(b) 本集团主要管理人员之酬金

上述主要管理人员之酬金包括董事

酬金，详情载于财务报表附注9。

本集团于报告期末应收联营公司之

贸易余额，以及应收宏安及中国农

产品集团之贷款及利息的详情分别

于财务报表附注21及22披露。

(d) 提供予关联方之财务担保

于二零二五年及二零二四年三月

三十一日，本集团已就向一间同系

附属公司授出的银行融资向银行提

供担保。本集团向同系附属公司提

供财务担保的详情载于财务报表附

注41。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报225

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

41. FINANCIAL GUARANTES

The Group has provided guarantes to a bank in conection with

facilities granted to CAP up to HK$370,000,000 as at 31 March

2025 (2024: HK$370,000,000) and such facilities were utilised

to the extent of HK$120,056,000 as at 31 March 2025 (2024:

HK$253,374,000). These guarantes wil be released upon the

repayment of the relevant loans in July 2025.

The Group does not hold any colateral or other credit enhancements

over the guarantes. The financial guarante contracts are measured

at the higher of the ECL alowance and the amount initialy

recognised les the cumulative amount of income recognised. The

ECL alowance is measured by estimating the cash shortfals, which

are based on the expected payments to reimburse the holders for a

credit los that it incurs les any amounts that the Group expects to

receive from the debtor. The amount initialy recognised represents

the fair value at initial recognition of the financial guarantes.

At the end of both reporting periods, the Group did not recognise

any liabilities in respect of such corporate financial guarantes as

the directors of the Company consider that the posibility of default

of the parties involved is remote; acordingly, no value has ben

recognised at the inception of these guarante contracts and at the

end of the reporting period.

41. 财务担保

本集团于二零二五年三月三十一日就

向中国农产品授出的融资向银行提供

担保高达370,000,000港元（二零二四

年：370,000,000港元），有关融资的

120,056,000港元于二零二五年三月

三十一日（二零二四年：253,374,000港

元）已动用。该担保将于二零二五年七月

偿还相关贷款后解除。

本集团并无就担保持有任何抵押品或其

他信贷增级。财务担保合约乃按预期信

贷亏损拨备与初始确认金额减已确认之

累计收入金额之较高者进行计量。预期

信贷亏损拨备乃通过估计按偿还持有人

所产生信贷亏损的预计款项减本集团预

计自债务人收取的任何金额之现金差额

计量。初始确认金额指于最初确认财务

担保时的公平值。

于两个报告期末，本集团概无就该等公

司财务担保确认任何负债，原因为本公

司董事认为订约方违约的机会甚微，因

此，于该等担保合约开始及报告期末概

无确认任何价值。

Financial assets at FVTOCI	Financial assets at FVTPL mandatorily designated as such	Financial assets at amortised cost	Total
按公平值经其他全面收益入账之金融资产	强制如此指定之按公平值经损益入账之金融资产	按摊销成本之金融资产	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
3,699	–	–	3,699
455	–	–	455
–	9,927	–	9,927
–	–	67,346	67,346
–	–	8,088	8,088
–	–	407,453	407,453
–	–	60,699	60,699
–	–	132,316	132,316
4,154	9,927	675,902	689,983

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025226位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

42. 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

Listed equity investments上市股权投资

Listed debt investments上市债务投资

Unlisted funds非上市基金

Trade receivables贸易应收款项

Net investments in subleases分租投资净额

Loans and interest receivables应收贷款及利息

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

Cash and cash equivalents现金及现金等同项目

Total总计

42. 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

Financial liabilities at amortised cost
按摊销成本之金融负债
HK$’000
千港元
18,271
25,616
92,111
343,295
479,293

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报227

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

金融负债

42. FINANCIAL INSTRUMENTS BY CATEGORY (CONTINUED)

Financial liabilities

Trade payables贸易应付款项

Financial liabilities included in other payables and

acruals (excluding lease liabilities)

计入其他应付款项及应计费用之

金融负债（租赁负债除外）

Lease liabilities租赁负债

Interest-bearing bank borowings计息银行借贷

Total总计

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025228位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

二零二四年三月三十一日

金融资产

42. FINANCIAL INSTRUMENTS BY CATEGORY (CONTINUED)

31 March 2024

Financial asets

Financial asets at FVTPL

按公平值经损益入账之金融资产

Financial asets

at FVTOCI

Designated

as such

upon initial

recognition

Mandatorily

designated

as such

Financial

asets at

amortised

costTotal

按公平值经

其他全面收益

入账之金融资产

于首次确认后

如此指定强制如此指定

按摊销成本之

金融资产总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Listed equity investments上市股权投资24,98613,340–38,326

Listed debt investments上市债务投资8,128–8,128

Unlisted funds非上市基金–15,413–15,413

Trade receivables贸易应收款项–81,35681,356

Net investments in subleases分租投资净额–10,82810,828

Loans and interest receivables应收贷款及利息–494,759494,759

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–59,27159,271

Pledged deposits已抵押存款–4,4444,444

Cash and cash equivalents现金及现金等同项目–154,969154,969

Total总计33,11413,34015,413805,627867,494

31 March 2025
二零二五年三月三十一日
HK$’000
千港元
343,295

31 March 2025
二零二五年三月三十一日
HK$’000
千港元
352,718

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报229

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

金融负债

42. FINANCIAL INSTRUMENTS BY CATEGORY (CONTINUED)

Financial liabilities

Financial

liabilities at

amortised cost

按摊销成本之

金融负债

HK$’000

千港元

Trade and bils payables贸易应付款项及应付票据30,907

Financial liabilities included in other payables and

acruals (excluding lease liabilities)

计入其他应付款项及应计费用之

金融负债（租赁负债除外）42,041

Lease liabilities租赁负债99,120

Interest-bearing bank borowings计息银行借贷460,949

Total总计633,017

43. 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:

Carying amountsFair values

账面值公平值

31 March

二零二四年

三月三十一日

二零二四年

三月三十一日

HK$’000HK$’000

千港元千港元

Financial liabilities金融负债

Interest-bearing bank borowings计息银行借贷460,949479,646

Management has asesed that the fair values of cash and cash

equivalents, pledged deposits, trade receivables, net investments

in subleases, financial asets included in prepayments, deposits

and other receivables, loans and interest receivables, trade and

bils payables and financial liabilities included in other payables and

acruals aproximate to their carying amounts largely due to the

short-term maturities of these instruments.

43. 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现金等同项目、已

抵押存款、贸易应收款项、分租投资净

额、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、贸易

应付款项及应付票据及计入其他应付款

项及应计费用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。

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025230位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

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。

公平值估计所采用的方法及假设载列如

下：

计息银行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，本集团计息银行借贷的不履约风险

导致之公平值变动被评估为并不重大。

上市股权投资及上市债务投资之公平值

乃按照市场报价厘定。非上市基金投资

之公平值乃参考场外交易市场价格按照

基金管理人提供的市场报价厘定。按公

平值经其他全面收益入账之非上市债务

投资使用折现金流量估值模型估算公

平值，采用的假设并非由可观察市价或

利率支持。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（计入损益及

其他全面收益）乃属合理，且为于报告期

末的最适当价值。

43. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS (CONTINUED)

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.

The folowing methods and asumptions were used to estimate the

fair values:

The fair values of the non-curent portion of interest-bearing bank

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 borowings as at 31 March 2025 were asesed to be

insignificant.

The fair values of listed equity investments and listed debt

investments are based on quoted market prices. The fair values of

unlisted fund investments are determined based on the quoted

market prices provided by fund administrators with reference to

prices derived from the over-the-counter market. The fair values of

unlisted debt investments at FVTOCI have ben estimated using

a discounted cash flow valuation model based on asumptions

that are not suported by observable market prices or rates. 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 and other

comprehensive income, are reasonable, and that they were the

most apropriate values at the end of the reporting period.

3,699	–	–	3,699
455	–	–	455
–	9,927	–	9,927
4,154	9,927	–	14,081

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报231

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

公平值层级

下表说明本集团金融工具之公平值计量

等级：

按公平值计量之资产：

43. 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:

Fair value measurement using

使用下列各项之公平值计量

Quoted prices

in active

markets

(Level 1)

Significant

Observable

Inputs

(Level 2)

Significant

Unobservable

Inputs

(Level 3)Total

于活跃市场

之报价

（第一级）

重大可观察

输入数据

（第二级）

重大不可观察

输入数据

（第三级）总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

As at 31 March 2025于二零二五年三月三十一日

Financial asets at FVTOCI:按公平值经其他全面收益入账

之金融资产：

Listed equity investments上市股权投资

Listed debt investments上市债务投资

Financial asets at FVTPL:按公平值经损益入账之

金融资产：

Unlisted funds非上市基金

Total总计

As at 31 March 2024于二零二四年三月三十一日

Financial asets at FVTOCI:按公平值经其他全面收益入账

之金融资产：

Listed equity investments上市股权投资24,986–24,986

Listed debt investments上市债务投资8,128–8,128

Financial asets at FVTPL:按公平值经损益入账之

金融资产：

Unlisted funds非上市基金–15,413–15,413

Listed equity investment上市股权投资13,340–13,340

Total总计46,45415,413–61,867

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025232位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

公平值层级（续）

按公平值计量之资产：（续）

于年内，金融资产及金融负债均概无第

一级及第二级公平值计量间之转移，亦

概无转入或转出第三级（二零二四年：

无）。

本集团于二零二五年三月三十一日并无

任何按公平值计量的金融负债（二零二四

年：无）。

44. 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29披露之银行借贷），扣除

现金及现金等同项目、已抵押存款以及

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。

43. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS (CONTINUED)

Fair value hierarchy (continued)

Asets measured at fair value: (continued)

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).

The Group did not have any financial liabilities measured at fair

value as at 31 March 2025 (2024: Nil).

44. 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 bank borowings disclosed in note 29 to the financial

statements, net of cash and cash equivalents and pledged deposits

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.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报233

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

a. 财务风险管理目标及政策

本集团之主要金融工具包括贸易应

收款项、应收贷款及利息、计入预

付款项、按金及其他应收款项之

金融资产、按公平值经损益入账

之金融资产、分租投资净额、按公

平值经其他全面收益入账之金融资

产、现金及现金等同项目、已抵押

存款、贸易应付款项及应付票据、

银行借贷以及计入其他应付款项及

应计费用之金融负债。该等金融工

具之详情于相关附注披露。与该等

金融工具相关之风险包括市场风

险（货币风险、利率风险及价格风

险）、流动资金风险及信贷风险。

有关如何减低该等风险之政策载于

下文。管理层管理及监察相关风险

以确保及时有效实施适当措施。

本集团须承受之市场风险或其管理

及计量有关风险之方式并无重大变

动。

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

The Group’s major financial instruments include trade

receivables, loans and interest receivables, financial asets

included in prepayments, deposits and other receivables,

financial asets at FVTPL, net investments in subleases,

financial asets at FVTOCI, cash and cash equivalents, pledged

deposits, trade and bils payables, bank borowings, and

financial liabilities included in other payables and acruals.

Details of these financial instruments are disclosed in the

respective notes. The risks asociated with these financial

instruments include market risks (curency risk, interest rate

risk and price risk), liquidity risk and credit risk. The policies on

how to mitigate these risks are set out below. Management

manages and monitors these exposures to ensure apropriate

measures are implemented in a timely and efective maner.

There has ben no significant change to the Group’s exposure

to market risks or the maner in which it manages and

measures the risk.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025234位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

市场风险

(i) 货币风险

本公司及其多间附属公司以外

币进行的买卖以及外币银行存

款令本集团面临外汇风险。本

集团绝大部分银行存款及计息

银行借贷以有关集团实体之功

能货币计值。本集团绝大部分

买卖均以有关集团实体之功能

货币计值。

本集团现时并无进行对冲活动

对冲外汇风险。

敏感性分析

本集团主要面临上述外币兑各

集团实体功能货币之外汇波动

风险。

倘人民币汇率上升╱下跌5%

而所有其他变数维持不变，

本集团截至二零二五年三月

三十一日止年度之溢利将增

加╱减少1,297,000港元（二零

二四年：695,000港元）。

董事认为本集团其他货币之货

币风险并不重大，因此并无编

制敏感度分析。

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Market risks

(i) Curency risk

The Company and several subsidiaries of the Company

have foreign curency sales and purchases and foreign

curency bank deposits, which expose the Group to

foreign curency risk. Substantialy most of the Group’s

bank deposits and interest-bearing bank borowings are

denominated in the relevant group entities’ functional

curencies. Substantialy most of the Group’s sales and

purchases are denominated in the relevant group entities’

functional curencies.

The Group curently does not implement hedging

activities to hedge against foreign curency exposure.

Sensitivity analysis

The Group is mainly exposed to the foreign exchange

rate fluctuation of the foreign curencies stated above

against the functional curencies of the respective group

entities.

If the RMB exchange rate had increased/decreased

by 5% and other variables were held constant, the

Group’s profit for the year ended 31 March 2025 would

have increased/decreased by HK$1,297,000 (2024:

HK$695,000).

The Group’s exposures to curency risk of other

curencies are considered insignificant by the directors

and therefore no sensitivity analysis has ben prepared.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报235

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

市场风险（续）

(i) 利率风险

本集团现金流量利率风险主要

与浮息银行借贷（见财务报表

附注29）及按当前市场利率计

息之银行存款（见财务报表附

注25）有关。本集团现正持续

监察利率变动，并将于有需要

时考虑对冲重大利率风险。

有关本集团金融负债利率风险

之详情载于本附注流动资金风

险管理一节。本集团现金流量

利率风险主要集中于一至三个

月香港银行同业拆息之波幅。

本集团目前并无使用任何衍生

工具合约对冲利率风险。然

而，如有需要，管理层将考虑

对冲重大利率风险。

敏感性分析

以下敏感度分析乃根据浮息银

行借贷及银行存款于报告期末

面对之利率风险厘定。分析乃

假设报告期末的未偿还负债于

整个年度尚未偿还而编制。向

主要管理人员内部汇报利率风

险时采用50个基点增减，反映

管理层对利率合理可能出现之

变动之评估。

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Market risks (continued)

(i) Interest rate risk

The Group’s cash flow interest rate risk relates primarily

to variable-rate bank borowings (se note 29 to the

financial statements) and bank deposits (se note 25

to the financial statements) at prevailing market interest

rates. The Group monitors the movement in interest rates

on an ongoing basis and wil consider hedging significant

interest rate risk should the ned arise.

The Group’s exposures to interest rates on financial

liabilities are detailed in the liquidity risk management

section of this note. The Group’s cash flow interest rate

risk is mainly concentrated on the fluctuation of one to

thre months Hong Kong Interbank Ofered Rate. The

Group curently does not use any derivative contracts

to hedge its exposure to interest rate risk. However,

management wil consider hedging significant interest

rate exposure should the ned arise.

Sensitivity analysis

The sensitivity analysis below has ben determined

based on the exposure to interest rates for variable-

rate bank borowings and bank deposits at the end of

the reporting period. The analysis is prepared asuming

that the amount of liabilities outstanding at the end of

the reporting period was outstanding for the whole year.

A 50 basis points increase or decrease is used when

reporting interest rate risk internaly to key management

personel and represents management’s asesment of

the reasonably posible change in interest rates.

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025236位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

市场风险（续）

(i) 利率风险（续）

敏感性分析（续）

倘利率增加╱减少50个基点而

所有其他变数维持不变，本集

团截至二零二五年三月三十一

日止年度之溢利将增加╱减少

1,433,000港元（二零二四年：

1,924,000港元）。此乃主要由

于本集团就浮息银行借贷面对

之利率风险。对本集团权益的

其他部分并无重大影响。

董事认为本集团面临之银行结

余利率风险并不重大，故并无

编制敏感度分析。

(i) 价格风险

价格风险是指因股权指数水平

及个别证券之价值变动以致股

本证券公平值下降之风险。于

二零二五年三月三十一日，本

集团因计入按公平值经其他全

面收益入账之金融资产（附注

19）及按公平值经损益入账之

金融资产（附注24）的个别股

权投资而面临股权价格风险。

本集团之上市投资在联交所上

市，并以报告期末之市场报价

进行估值。

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Market risks (continued)

(i) Interest rate risk (continued)

Sensitivity analysis (continued)

If interest rates had increased/decreased by 50 basis

points and al other variables were held constant, the

Group’s profit for the year ended as at 31 March 2025

would have increased/decreased by HK$1,433,000,

respectively (2024: HK$1,924,000). This is mainly

atributable to the Group’s exposure to interest rates on

its variable-rate bank borowings. There is no material

impact on other components of the Group’s equity.

The Group’s exposures to interest rate risk on bank

balances are considered insignificant by the directors and

therefore no sensitivity analysis has ben prepared.

(i) Price risk

Price risk is the risk that the fair values of equity securities

decrease as a result of changes in the levels of equity

indices and the value of individual securities. The Group is

exposed to equity price risk arising from individual equity

investments included in financial asets at FVTOCI (note

19) and financial asets at FVTPL (note 24) as at 31

March 2025. The Group’s listed investments are listed

on the Stock Exchange and are valued at quoted market

prices at the end of the reporting period.

31 March 2025	High/low 2025
二零二五年三月三十一日	二零二五年高╱低点
23,120	24,874/ 16,044

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报237

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

本集团透过密切监控或会对该

等财务投资造成影响之价格变

动及市场行情变动来管理其承

受之风险。

（续）

（续）

市场风险（续）

(i) 价格风险（续）

最接近报告期末的交易日营业

时间结束时，联交所之市场股

权指数及其年内最高点及最低

点如下：

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Market risks (continued)

(i) Price risk (continued)

The market equity index for the Stock Exchange at the

close of busines of the nearest trading day in the year to

the end of the reporting period, and its respective highest

and lowest points during the year are as folows:

31 March

High/low

二零二四年

三月三十一日

二零二四年

高╱低点

Hong Kong香港

– Hang Seng Index－恒生指数16,54120,865/

14,794

The Group manages its exposure by closely monitoring

the price movements and the changes in market

conditions that may afect the value of these financial

investments.

3,699	–	370/(370)

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025238位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

市场风险（续）

(i) 价格风险（续）

敏感性分析

下表展示于其他变数保持不变

并且未计算税项影响前，上市

股权投资于报告期末之账面

值，对其公平值10%增加╱减

少之敏感度。就本分析而言，

对计入按公平值经其他全面收

益入账之金融资产的上市股权

投资之影响被视作对公平值储

备（不可划转）之影响。

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Market risks (continued)

(i) Price risk (continued)

Sensitivity analysis

The folowing table demonstrates the sensitivity to every

10% increase/decrease in the fair values of the listed

equity investments with al other variables held constant

and before any impact on tax, based on their carying

amounts at the end of the reporting period. For the

purpose of this analysis, for the listed equity investments

included in financial asets at FVTOCI, the impact is

demed to be on the fair value reserve (non-recycling).

Carying

amount

of equity

investments

Decrease/

(increase)

in profit/los

before tax

Increase/

(decrease)

in other

components

of equity

股权投资之

账面值

除税前

溢利╱亏损

减少╱（增加）

股权之

其他部分

增加╱（减少）

HK$’000HK$’000HK$’000

千港元千港元千港元

2025二零二五年

Equity investments listed in Hong Kong:于香港上市之股权投资：

– F inancial asets at FVTOCI－按公平值经其他全面收益入

账之金融资产

2024二零二四年

Equity investments listed in Hong Kong:于香港上市之股权投资：

– F inancial asets at FVTPL－按公平值经损益入账之

金融资产13,3401,334/(1,334)–

– F inancial asets at FVTOCI－按公平值经其他全面收益入

账之金融资产24,986–2,499/(2,499)

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报239

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

流动资金风险

管理流动资金风险方面，本集团监

控及维持管理层认为充裕之现金及

现金等同项目水平，以为本集团营

运提供资金及减低现金流量波动影

响。管理人员监察银行借贷运用，

并确保遵从贷款契约。

流动资金及利率风险表

下表详列本集团金融负债剩余合约

年期。此表根据本集团最早须偿还

日期之金融负债未折现金流量编

制。所有金融负债之到期日乃基于

协定还款日期。

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Liquidity risk

In the management of the liquidity risk, the Group monitors

and maintains a level of cash and cash equivalents demed

adequate by management to finance the Group’s operations

and mitigate the efects of fluctuations in cash flows.

Management monitors the utilisation of bank borowings and

ensures compliance with loan covenants.

Liquidity and interest risk tables

The folowing table details the Group’s remaining contractual

maturity for its financial liabilities. The table has ben drawn

up based on the undiscounted cash flows of financial liabilities

based on the earliest date on which the Group can be

required to pay. The maturity dates of al financial liabilities are

based on the agred repayment dates.

18,271	–	–	18,271	18,271
25,526	90	–	25,616	25,616
56,188	40,944	–	97,132	92,111
196,373	157,387	–	353,760	343,295
296,358	198,421	–	494,779	479,293

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025240位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

流动资金风险（续）

流动资金及利率风险表（续）

下表包括利息及本金现金流量。如

利息现金流量为浮息，未折现金额

则来自报告期末之利率。

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Liquidity risk (continued)

Liquidity and interest risk tables (continued)

The table includes both interest and principal cash flows. To

the extent that interest cash flows are at floating rates, the

undiscounted amount is derived from the interest rate at the

end of the reporting period.

On demand

or les than

1 year

1 to 5

years

Over

5 years

Total

undiscounted

cash flows

Carying

amount

按要求或

少于一年一至五年五年以上

未折现金

流量总额账面值

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

As at 31 March 2025于二零二五年三月三十一日

Trade payables贸易应付款项

Financial liabilities included in

other payables and acruals

(excluding lease liabilities)

计入其他应付款项及应计费用

之金融负债

（租赁负债除外）

Lease liabilities租赁负债

Bank borowings – variable rates (note)银行借贷－浮息（附注）

Total总计

As at 31 March 2024于二零二四年三月三十一日

Trade and bils payables贸易应付款项及应付票据30,907–30,90730,907

Financial liabilities included in

other payables and acruals

(excluding lease liabilities)

计入其他应付款项及应计费用

之金融负债

（租赁负债除外）41,95190–42,04142,041

Lease liabilities租赁负债53,40052,720–106,12099,120

Bank borowings – variable rates (note)银行借贷－浮息（附注）203,468296,911–500,379460,949

Total总计329,726349,721–679,447633,017

The amounts included above for variable interest rate

instruments for non-derivative financial liabilities are subject

to change if changes in variable interest rates difer to those

estimates of interest rates determined at the end of the

reporting period.

倘浮息之变化与报告期末所厘定该

等利率之估计不同，则以上就非衍

生金融负债之浮息工具计入之金额

可予作出变动。

10,461	9,946	20,407

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报241

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

流动资金风险（续）

流动资金及利率风险表（续）

附注：

本集团计息银行贷款包括本金总额

19,333,000港元（二零二四年：29,000,000港

元）的定期贷款，其中各自贷款协议载有按要

求偿还条文，赋予银行有无条件权利随时催

缴贷款，因此，就上述到期情况而言，全数

金额已分类为「按要求偿还」。

尽管有上述条款规定，但董事并不认为，该

等贷款将于12个月内全部收回，而彼等认为

该等贷款将根据各自贷款协议所载的各自的

到期日偿还。是次评估乃考虑到下列方面方

才进行：本集团于财务报表批准日期的财务

状况；本集团遵守贷款契约；未发生违约事

件；以及本集团已按时偿还所有先前的计划

还款。根据该等协议条款，合约未折现付款

如下：

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Liquidity risk (continued)

Liquidity and interest risk tables (continued)

Note:

Included in interest-bearing bank loans of the Group are term loans with an

agregate principal amounted to HK$19,333,000 (2024: HK$29,000,000),

of which the respective loan agrements contain a repayment on-demand

clause giving the bank the unconditional right to cal in the loans at any time

and therefore, for the purpose of the above maturity profile, the total amount is

clasified as “on demand”.

Notwithstanding the above clause, the directors do not believe that these

loans wil be caled in their entirety within 12 months, and they consider that

the loans wil be repaid in acordance with the maturity dates as set out in the

respective loan agrements. This evaluation was made considering: the financial

position of the Group at the date of aproval of the financial statements; the

Group’s compliance with the loan covenants; the lack of events of default, and

the fact that the Group has made al previously scheduled repayments on time.

In acordance with the terms of these loans, the contractual undiscounted

payments are as folows:

Within

1 year

1 to 5

yearsTotal

一年内一至五年总计

HK$’000HK$’000HK$’000

千港元千港元千港元

31 March 2025二零二五年三月三十一日

31 March 2024二零二四年三月三十一日11,13620,72631,862

Credit risk

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 and prepayments, deposits and other

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.

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

有意以信用方式进行交易的客户均

须遵守信用认证程序。为减低贸易

应收款项及预付款项、按金及其他

应收款项之信贷风险，本集团管理

人员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，以确保

已就不可收回金额作出足够减值亏

损拨备。就此，本公司董事认为信

贷风险已显著减低。

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	第二阶段	第三阶段	简化方法	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
–	–	455	–	455
–	–	–	74,584	74,584
–	–	–	8,088	8,088
407,453	–	–	–	407,453
60,699	–	–	–	60,699
132,316	–	–	–	132,316
600,468	–	455	82,672	683,595

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025242位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（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），及于三月三十一日的年结

阶段分类。本集团亦利用外部信贷

评级监察上市债务投资。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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Credit risk (continued)

Maximum exposure and year-end staging

The tables below shows the credit quality and the maximum

exposure to credit risk based on the Group’s credit policy,

which is mainly based on past due information unles other

information is available without undue cost or efort, and

year-end staging clasification as at 31 March. For listed debt

investments, the Group also monitors them by using external

credit ratings. The amounts presented are gros carying

amounts for financial asets.

As at 31 March 2025

Listed debt investments at FVTOCI按公平值经其他全面收益入账之

上市债务投资

– B to C–B至C

Trade receivables贸易应收款项

Net investments in subleases分租投资净额

Loans and interest receivables应收贷款及利息

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

– Normal－正常

Cash and cash equivalents现金及现金等同项目

Total总计

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报243

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

（续）

信贷风险（续）

最高风险及年结阶段（续）

于二零二四年三月三十一日

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

a. Financial risk management objectives and policies

(continued)

Credit risk (continued)

Maximum exposure and year-end staging (continued)

As at 31 March 2024

12-month

ECLsLifetime ECLs

12个月预期

信贷亏损全期预期信贷亏损

Stage 1Stage 2Stage 3

Simplified

aproachTotal

第一阶段第二阶段第三阶段简化方法总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Listed debt investments at FVTOCI按公平值经其他全面收益入账之

上市债务投资

– B to C–B至C7,720–408–8,128

Trade receivables贸易应收款项–94,40294,402

Net investments in subleases分租投资净额–10,82810,828

Loans and interest receivables应收贷款及利息494,759–494,759

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

– Normal－正常59,271–59,271

Pledged deposits已抵押存款4,444–4,444

Cash and cash equivalents现金及现金等同项目154,969–154,969

Total总计721,163–408105,230826,801

* For trade receivables to which the Group aplies the simplified aproach

for impairment, information based on the provision matrix is disclosed in

note 21 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”.

* 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21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，信贷质素被视为「正常」。否则，

金融资产之信贷质素将被视为「存疑」。

2025
二零二五年
HK$’000
千港元
343,295
(132,316)
210,979
1,181,068
18%

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025244位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

b. 资本管理

本集团资本管理的主要目标是保障

本集团持续经营的能力，及维持健

康资本比例，为业务提供支持及将

股东价值最大化。

本集团因应经济环境的转变对资本

架构进行管理及调整。本集团可调

整向股东派付股息、资本返还予股

东或发行新股份以保持或调整资本

架构。截至二零二五年及二零二四

年三月三十一日止年度，管理资本

的目标、政策或程序并无变动。

本集团利用净负债比率（债务净额

除以母公司拥有人应占权益）监控

资本。债务净额乃按计息银行借贷

之总额减现金及现金等同项目及已

抵押存款计算。报告期末的负债比

率如下：

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (CONTINUED)

b. Capital management

The primary objective of the Group’s capital management is to

safeguard the Group’s ability to continue as a going concern

and to maintain healthy capital ratios in order to suport its

busines and maximise shareholders’ value.

The Group manages its capital structure and makes

adjustments to it in light of changes in economic conditions.

To maintain or adjust the capital structure, the Group may

adjust the dividend payment to shareholders, return capital

to shareholders or isue new shares. No changes were made

in the objectives, policies or proceses for managing capital

during the years ended 31 March 2025 and 2024.

The Group monitors capital using a net gearing ratio, which is

net debt divided by equity atributable to owners of the parent

of the Company. Net debt is calculated as the total of interest-

bearing bank borowings, les cash and cash equivalents and

pledged deposits. The gearing ratios as at the end of the

reporting periods were as folows:

二零二四年

NotesHK$’000

附注千港元

Interest-bearing bank borowings计息银行借贷29460,949

Les: Ca sh and cash equivalents and

pledged deposits

减：现金及现金等同项

目及已抵押存款25(159,413)

Net debt债务净额301,536

Equity atributable to owners of

the parent

母公司拥有人应占权益

1,386,946

Gearing ratio资产负债比率22%

45. EVENTS AFTER THE REPORTING PERIOD

On 10 April 2025, the Group entered into a provisional sale and

purchase agrement with an independent third party to dispose

of a property clasified as property, plant and equipment at a

consideration of HK$19,500,000. The transaction is completed

on 5 June 2025. Further details of the disposal are set out in the

Company’s anouncement dated 10 April 2025.

45. 报告期后事项

于二零二五年四月十日，本集团与一名

独立第三方订立临时买卖协议，以出售

一项分类为物业、厂房及设备的物业，

代价为19,500,000港元。该项交易于二

零二五年六月五日完成。出售事项之进

一步详情载于本公司日期为二零二五年

四月十日之公布。

2025
二零二五年
HK$’000
千港元
–
1,816,162
368
25,276
1,841,806
813,277
3,949
817,226
1,024,580
1,024,580
11,251
1,013,329
1,024,580

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报245

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

46. 本公司财务状况表

有关报告期末本公司财务状况表之资料

如下：

46. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

Information about the statement of financial position of the

Company at the end of the reporting period is as folows:

二零二四年

HK$’000

千港元

NON-CURENT ASETS非流动资产

Investments in subsidiaries于附属公司之投资–

CURENT ASETS流动资产

Due from subsidiaries应收附属公司款项1,944,292

Other receivables其他应收款项1,825

Cash and cash equivalents现金及现金等同项目38,497

Total curent asets总流动资产1,984,614

CURENT LIABILITIES流动负债

Due to subsidiaries应付附属公司款项745,993

Other payables and acruals其他应付款项及应计费用4,334

Total curent liabilities总流动负债750,327

NET CURENT ASETS流动资产净值1,234,287

Net asets资产净值1,234,287

EQUITY权益

Isued capital已发行股本11,711

Reserves (note)储备（附注）1,222,576

Total equity总权益1,234,287

Tang Ching HoTang Wai Man

邓清河邓蕙敏

DirectorDirector

董事董事

1,132,716	(27,150)	684,064	(567,054)	1,222,576
–	–	–	1,236	1,236
–	–	–	1,236	1,236
–	–	(199,143)	–	(199,143)
(11,340)	–	–	–	(11,340)
1,121,376	(27,150)	484,921	(565,818)	1,013,329

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025246位元堂药业控股有限公司 2025 年报

Notes to Financial Statements (Continued)

财务报表附注（续）

31 March 2025 二零二五年三月三十一日

（续）

附注：

本公司储备概要载列如下：

46. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

(CONTINUED)

Note:

A sumary of the Company’s reserves is as folows:

premium

Special

reserve

Contributed

surplus

Acumulated

losesTotal

股份溢价特别储备实缴盈余累计亏损总计

HK$’000HK$’000HK$’000HK$’000HK$’000

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2,097,109(27,150)275,693(200,493)2,145,159

Los for the year本年度亏损–(366,561)(366,561)

Total comprehensive los for the year本年度全面亏损总额–(366,561)(366,561)

Share premium reduction

(note 33(i)

削减股份溢价（附注33(i)）

(950,000)–950,000–

Special dividend by way of the

Distribution in Specie

实物分派特别股息

–(541,629)–(541,629)

Shares repurchased and canceled已购回及注销的股份(14,393)–(14,393)

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

Profit for the year本年度溢利

Total comprehensive income

for the year

本年度全面收益总额

Final 2024 dividend and special

dividend

二零二四年末期股息及

特别股息

Shares repurchased and canceled已购回及注销的股份

At 31 March 2025于二零二五年三月三十一日

47. APROVAL OF THE FINANCIAL STATEMENTS

The financial statements were aproved and authorised for isue by

the board of directors on 30 June 2025.

47. 批准刊发财务报表

财务报表已由董事会于二零二五年六月

三十日批准并授权刊发。

2025
二零二五年
HK$’000
千港元
745,298
4,075
3,017
7,092
–
7,092
7,100
(8)
7,092

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025位元堂药业控股有限公司 2025 年报247

Five Year Financial Sumary

五年财务概要

Year ended 31 March 2025 二零二五年三月三十一日止年度

A sumary of the results and of the asets, liabilities and non-controling

interests of the Group for the last five financial years, as extracted from

the published audited financial statements is set out below.

As set out in the note 13 to the financial statements, the management

and sale of properties in agricultural produce exchange markets segment

owned and operated by the CAP Group was not previously clasified

as discontinued operations. The comparative consolidated statement of

profit or los and other comprehensive income for the year ended 31

March 2023 has ben re-presented to show the discontinued operations

of the management and sale of properties in agricultural produce

exchange markets segment separately from continuing operations. For

the interests of the shareholders of the Company, the results for the

years ended 31 March 2022 and 2021 are not restated in this respect.

RESULTS

Year ended 31 March

截至三月三十一日止年度

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(restated)

（经重列）

CONTINUING OPERATIONS持续经营业务

Revenue收益783,881723,5981,391,4111,108,565

Profit/(los) before tax除税前溢利╱（亏损）(13,633)(5,905)(47,304)(303,131)

Income tax credit/(expense)所得税抵免╱（开支）6,35913,317(40,519)(148,132)

PROFIT/(LOS) FOR THE YEAR

FROM CONTINUING

OPERATIONS

持续经营业务的本年度

溢利╱（亏损）

(7,274)7,412(87,823)(451,263)

DISCONTINUED OPERATIONS已终止经营业务

Profit/(los) for the year from

discontinued operations

已终止经营业务的本年度

溢利╱（亏损）11,319(4,065)–

PROFIT/(LOS) FOR THE YEAR本年度溢利╱（亏损）4,0453,347(87,823)(451,263)

Atributable to:以下人士应占：

Owners of the parent母公司拥有人(15,356)(20,515)(108,912)(375,995)

Non-controling interests非控股权益19,40123,86221,089(75,268)

Total总计4,0453,347(87,823)(451,263)

下文为本集团过往五个财政年度之业绩与资

产、负债及非控股权益摘要，下文乃摘录自

已公布之经审核财务报表。

诚如财务报表附注13所载，由中国农产品

集团拥有及经营的农产品交易市场之物业管

理及销售分部先前并非分类为已终止经营业

务。截至二零二三年三月三十一日止年度的

可资比较综合损益及其他全面收益表已重

列，以独立呈列已终止的农产品交易市场物

业管理及销售分部及持续经营业务。为符合

本公司股东的利益，并无就此重列截至二零

二年及二零二一年三月三十一日止年度的

业绩。

业绩

2025
二零二五年
HK$’000
千港元
1,735,249
(555,679)
1,498
1,181,068

WAI YUEN TONG MEDICINE HOLDINGS LIMITED Anual Report 2025248位元堂药业控股有限公司 2025 年报

Five Year Financial Sumary (Continued)

五年财务概要（续）

资产、负债及非控股权益ASETS, LIABILITIES AND NON-CONTROLING INTERESTS

At 31 March

于三月三十一日

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Total asets总资产2,095,1107,013,8157,597,7137,964,526

Total liabilities总负债(709,654)(3,325,431)(3,637,102)(4,014,177)

Non-controling interests非控股权益1,490(1,339,193)(1,444,813)(1,385,024)

Equity atributable to owners

of the parent

母公司拥有人

应占权益1,386,9462,349,1912,515,7982,565,325

Acording to authoritative market research reports,

Wai Yuen Tong is widely recognized as the leading brand ofering

the best quality Chinese medicine among various brands in the sector.

Contents

目录

Corporate Information

公司资料

Corporate Information (Continued)

Corporate Information (Continued)

Email: pr@waiyuentong.com

Chairman’s Statement

主席报告

Chairman’s Statement (Continued)

Chairman’s Statement (Continued)

2025. To maintain its edge in the industry, Wai Yuen Tong has therefore

Chairman’s Statement (Continued)

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Management Discusion and Analysis (Continued)

Board of Directors and Senior Management

董事会及高级管理层

Board of Directors and Senior Management (Continued)

Board of Directors and Senior Management (Continued)

Board of Directors and Senior Management (Continued)

Board of Directors and Senior Management (Continued)

Board of Directors and Senior Management (Continued)

Board of Directors and Senior Management (Continued)

Corporate Governance Report

企业管治报告

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

1. Selection Criteria

Corporate Governance Report (Continued)

2. Nomination Procedures

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Legend:

Notes:

1. Mr. Li Ka Fai, David was apointed as a member of each of the Nomination Comite

2. Profesor Sit Wing Hang was apointed as the chairman of the Remuneration

3. Mr. Siu Man Ho, Simon ceased to be the INED, the chairman of the Remuneration

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Audit services:审核服务：

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

In respect of corporate afairs:

Corporate Governance Report (Continued)

Corporate Governance Report (Continued)

Report of the Directors

董事会报告

Report of the Directors (Continued)

Report of the Directors (Continued)

Report of the Directors (Continued)

Report of the Directors (Continued)