01827 卓珈控股 财务报表/环境、社会及管治资料：年报2024/25

2Corporate Information公司资料

5Chairlady’s Statement主席报告书

9Management Discusion and Analysis管理层讨论及分析

21Biographical Details of Directors and Senior Management董事及高级管理层之履历详情

29Corporate Governance Report企业管治报告

47Environmental, Social and Governance Report环境、社会及管治报告

82Report of the Directors董事会报告

96Independent Auditor’s Report独立核数师报告

104Consolidated Statement of Profit or Los and Other

Comprehensive Income

综合损益及其他全面收益表

105Consolidated Statement of Financial Position综合财务状况表

107Consolidated Statement of Changes in Equity综合权益变动表

108Consolidated Statement of Cash Flows综合现金流量表

110Notes to the Financial Statements财务报表附注

188Five-Year Financial Sumary五年财务摘要

CONTENTS目录

2MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE INFORMATION

公司资料

Board of directors

Executive Directors

Ms. LAI Ka Ye Gigi (Chairlady and Chief Executive Oficer)

Mr. HO Tsz Leung Lincoln

Dr. LAM Ping Yan

Independent Non-Executive Directors

Mr. CHENG Fu Kwok David

Mr. CHENG Yuk Wo

Mr. LI Wai Kwan

Audit comite

Mr. CHENG Yuk Wo (Chairman)

Mr. CHENG Fu Kwok David

Mr. LI Wai Kwan

Remuneration comite

Mr. CHENG Yuk Wo (Chairman)

Ms. LAI Ka Ye Gigi

Mr. LI Wai Kwan

Nomination comite

Ms. LAI Ka Ye Gigi (Chairlady)

Mr. CHENG Fu Kwok David

Mr. CHENG Yuk Wo

Authorised representatives

Mr. HO Tsz Leung Lincoln

Mr. LO Tai On

Company secretary

Mr. LO Tai On

Auditor

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

27/F, One Taiko Place

979 King’s Road

Quary Bay

Hong Kong

董事会

执行董事

黎珈而女士（主席兼行政总裁）

何子亮先生

林秉恩医生

独立非执行董事

郑辅国先生

郑毓和先生

李伟君先生

审核委员会

郑毓和先生（主席）

郑辅国先生

李伟君先生

薪酬委员会

郑毓和先生（主席）

黎珈而女士

李伟君先生

提名委员会

黎珈而女士（主席）

郑辅国先生

郑毓和先生

授权代表

何子亮先生

罗泰安先生

公司秘书

罗泰安先生

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

香港

鲗鱼涌

英皇道979号

太古坊一座27楼

32025年报 / 卓珈控股集团有限公司

CORPORATE INFORMATION

公司资料

开曼群岛注册办事处

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

香港总部及主要营业地点

香港

中环

干诺道中88号

南丰大厦18楼

开曼群岛主要股份过户登记处

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

香港股份过户登记处

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

主要往来银行

恒生银行有限公司

香港

中环

德辅道中83号

东亚银行有限公司

香港

湾仔

轩尼诗道253–261号

依时商业大厦

地下A–C号

Registered ofice in Cayman Islands

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

Headquarters and principal place of busines

in Hong Kong

18/F, Nan Fung Tower

88 Conaught Road Central

Central

Hong Kong

Cayman Islands principal share registrar

and transfer ofice

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

Hong Kong share registrar

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

Principal banker

Hang Seng Bank Limited

83 Des Voeux Road Central

Central

Hong Kong

The Bank of East Asia, Limited

Shop A–C, G/F

Easey Comercial Building

253–261 Henesy Road

Wanchai

Hong Kong

4MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE INFORMATION

公司资料

公关顾问

纵横财经公关顾问有限公司

香港夏悫道18号

海富中心第一期2401–2室

股份代号

公司网址

w.miricor.com

Public relations consultant

Strategic Financial Relations Limited

2401–2, Admiralty Centre 1

18 Harcourt Road, Hong Kong

Stock code

Company website

w.miricor.com

CHAIRLADY’S STATEMENT

主席报告书

52025年报 / 卓珈控股集团有限公司

Dear Shareholders:

This year has ben a year ful of chalenges and oportunities for the

medical aesthetic industry in Hong Kong. Against the backdrop of

a complex and volatile global economic environment, Hong Kong’s

medical aesthetic market has demonstrated strong resilience and

vitality with its profesional and regulated system. On behalf of

the Board of Directors (the “Board”), I would like to present the

performance of the Company and its subsidiaries (colectively refered

to as the “Group”) for the year ended 31 March 2025 (“FY2025”) and

our future development strategies.

FY2025 Performance Review

In FY2025, the Group achieved a revenue of HK$403.2 milion (For the

year ended 31 March 2024 (“FY2024”): HK$494.3 milion), representing

a decrease of 18.4% year-on-year. However, the Group managed to

improve its operational eficiency and efectively controled its operating

costs thanks to the tireles eforts of the team. Earnings before

interest on bank loans, taxes and depreciation of property, plant and

equipment for FY2025 was HK$58.6 milion (FY2024: HK$31.7 milion),

representing a year-on-year increase of 84.9%. At the same time, the

Group achieved a turnaround with a net profit of HK$10.6 milion for

the FY2025 (FY2024: net los of HK$12.6 milion). During the year,

this achievement was made posible by the hard work of our staf, the

suport of our partners and the trust and recognition of our customers.

  • :

• Medical aesthetics and welnes beauty busineses were

stable with new treatments introduced to met customer

neds and emerging consumer trends. We have revamped

our loyalty programe to improve customer retention.

It has shown that these initiatives have ben efective in

strengthening busines performance.

• The skincare retail busines sufered a decline in sales

due to the slugish consumer market, but the Group has

proactively adjusted its strategy and optimized its product

portfolio to enhance its competitivenes.

I. Financial Position:

  • , the Group adopted

a prudent operating strategy and suceded in enhancing

its profitability through flexible sales strategies and detailed

cost control.

尊敬的各位股东：

本年对香港医学美容行业而言，是充满挑战

与机遇的一年。在全球经济环境复杂多变的

背景下，香港医学美容市场凭借其专业化和

规范化的体系，展现出强大的韧性与活力。

在此，我谨代表董事会（「董事会」）向各位股

东汇报本公司及其附属公司（统称「本集团」）

在截至2025年3月31日止年度（「2025财政年

度」）的业绩表现及未来发展策略。

2025财政年度业绩回顾

2025财政年度，本集团实现收益四亿零

三百二十万港元（截至2024年3月31日止年

度（「2024财政年度」）：四亿九千四百三十

万港元），虽同比减少18.4%，但在团队不

懈的努力下，本集团成功提高营运效率并

有效控制运营成本。2025财政年度银行贷

款利息、税及物业、厂房及设备折旧前利

润五千八百六十万港元（2024财政年度：

三千一百七十万港元），同比增长84.9%。同

时，本集团实现扭亏为盈，2025财政年度净

利润一千零六十万港元（2024财政年度：亏

损一千二百六十万港元）。今年度成功缔造这

一成积，有赖全体员工的辛勤付出、合作伙

伴的鼎力支持，以及广大客户的信任与认可。

  • ：
  • ，

我们推出了新疗程以满足客户需

求和新兴消费趋势。重新设计了

忠诚计划，以提升客户留存率。

过去一年显示，这些举措有效巩

固了业务表现。

• 护肤品零售业务受整体消费市场

疲软影响，销售额有所下滑，但

本集团已积极调整策略，优化产

品组合以提升竞争力。

I. 财务状况：

  • ，本集

团采取审慎稳健的营运策略，通

过灵活化销售策略及详细的成本

管控，成功提升盈利能力。

CHAIRLADY’S STATEMENT

主席报告书

6MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

• Cash flow remained healthy and gearing ratios were kept

at low level which resulted in a stable financial structure.

I. Improvement in Operating Eficiency:

• Through suply chain optimisation and other measures

to improve operating eficiency, the Group’s operating

expenses were reduced by 24.5% year-on-year while most

of the expenses to revenue ratios were decreased.

• Customer satisfaction continued to improve and the

customer bases continued to grow, reflecting our relentles

eforts in service quality and customer experience.

Industry outlok

Loking ahead, the medical aesthetic and welnes beauty market in

Hong Kong is expected to continue to grow at a steady pace, with

rising demand for personalised and high-quality medical aesthetic and

welnes beauty services providing the industry with new rom for

growth. However, the shortening of the economic cycle and intensified

competition in the industry wil require enterprises to be more resilient

and inovative.

Future Strategies

In FY2025, the Group has achieved significant results in enhancing

its four core strategies, namely “Branding, Customer-Focused,

Profesionalism and Management Optimisation”. In the future, we

wil continue to adhere to this direction, coupled with high-quality

services and prudent financial strategies, in order to overcome

market chalenges while seizing market oportunities for the Group’s

sustainable development.

  • : Strengthen the market influence, recognition and

competitive advantages of the Group’s brands to enhance

customer loyalty and market share.

• Focus on maintaining the existing customer base while

developing other consumer segments to expand the

customer base and provide momentum for sustainable

growth in the future.

• Enhance brand awarenes and loyalty through digital

marketing and precise customer insights.

  • ，负债比率维持

低水平，财务结构稳健。

I. 营运效率提升：

  • ，

本集团营运费用同比减少24.5%，

各项费用占收入比率显著下降。

  • ，客户群数

目持续增长，体现了我们在服务

品质和客户体验上的不懈努力。

行业展望

展望未来，香港医学美容及生活美容市场预

计将继续保持平稳增长，对个性化和高品质

医学美容及生活美容服务的需求持续上升，

为行业带来新的增长空间。然而，经济周期

缩短、行业竞争加剧，将需要企业更具应变

能力及创新能力。

未来策略

2025财政年度，本集团围绕提升「品牌力、

客户力、专业力、管理力」四大核心，取得了

显著成效。未来，我们将继续坚持这一方向，

配合高质量服务和审慎的财务策略，克服市

场挑战的同时把握市场机遇，以实现本集团

的持续发展。

  • ：强化本集团各品牌的市场影响

力、认可度与竞争优势，从而提升客户

忠诚度与市场占有率。

  • ，

致力开发其他消费者板块，扩大

客户基础为未来持续增长提供动力。

  • ，

提升品牌认知度与忠诚度。

CHAIRLADY’S STATEMENT

主席报告书

72025年报 / 卓珈控股集团有限公司

I. Customer-Focused: Existing customers are our key asets, the

cornerstone of the Group’s operation and the engine of future

growth.

• Enhance customer retention through diference strategies

after analyzing customers’ spending patern.

• Enhance customer experience by designing atractive

campaigns to ensure that customers enjoy excelent

service and to further depen their sense of identity with

the brand.

I. Profesionalism: Strengthen the Group’s competitive edge

by enhancing the core competencies of our staf, such as

profesional skils and knowledge, and service quality.

• Provide continuous training to our staf to further enhance

their profesional skils and knowledge.

• Introduce more inovative services to met consumer

demand for high-end, personalised medical aesthetic

services.

IV. Management Optimization: Enhance eficiency and busines

performance by optimising the Group’s management system.

• Further optimise the sales network to enhance the

eficiency of resource alocation and strengthen the

profitability of the Group.

• Further streamline proceses and strengthen digital

management system to enhance overal operational

eficiency.

I. 客户力：现有客户是本集团的关键资产、

营运基石和未来发展的引擎。

  • ，

以不同的策略，加强客户的黏贴度。

  • ，设计有吸引力的

活动，确保客户享受到卓越的服

务，进一步加深彼等对品牌的认

同感。

I. 专业力：透过提高员工专业技术和知识、

服务品质等核心能力，强化本集团竞争

优势。

  • ，进一步提

升专业技术和知识。

  • ，满足消费者

对高端、个性化医学美容服务的

需求。

IV. 管理力：透过优化本集团管理系统，有

效提升团队效率和业务表现。

  • ，提高资源

配置效率和增强本集团盈利能力。

  • ，强化数字化管

理，提升整体营运效能。

CHAIRLADY’S STATEMENT

主席报告书

8MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

企业社会责任

作为一家负责任的企业，我们始终将环境、

社会和治理(ESG)理念融入公司运营的各个环

节。本年度重点成果包括：

  • ：本集团采纳「环保办公室常

规」，通过优化运营流程，更具效率地

使用能源，在各多源消耗均比去年有所

减少。

I. 社会责任：连续第四年支持癌症基金会

「粉红革命」，积极回馈社会。

I. 公司治理：在董事会成员、管理层及员

工层面，均保持多元化结构组合，亦建

立了多渠道沟通基制，让各主要持份者

表达意见。

致谢

最后，我谨代表董事会衷心感谢全体员工的

辛勤付出、合作伙伴的鼎力支持，以及各位

股东的长期信任。未来，我们将继续以创新

为驱动、客户为中心，为股东创造更大价值，

为社会贡献更多力量。

让我们携手共进，推动集团迈向新的高度!

黎珈而

主席兼行政总裁

香港，2025年6月25日

Corporate Social Responsibilities

As a responsible company, we have always incorporated

environmental, social and governance (ESG) concepts into al aspects

of our operations. Key achievements for the year include:

  • : The Group has adopted the “Gren Ofice

Practices”, and consumption of multiple sources has ben

reduced as compared to last year as a result of optimization of

our operational proces and eficient use of energy.

I. Social: For the fourth consecutive year, the Group suported the

Cancer Fund’s “Pink Revolution” and actively gave back to the

comunity.

I. Corporate Governance: We have maintained a diversified

composition at the board, management and staf levels, and

have established a multi-chanel comunication platform to

alow key stakeholders to expres their views.

Acknowledgements

Finaly, on behalf of the Board, I would like to expres my sincere

gratitude to our staf for their hard work, our partners for their unfailing

suport, and our shareholders for their long-term trust. In the future, we

wil continue to be inovation-driven and customer-focused, creating

greater value for our shareholders and contributing more to society.

Let us work together to drive the Group to a new level!

LAI Ka Ye Gigi

Chairlady & Chief Executive Oficer

Hong Kong, 25 June 2025

92025年报 / 卓珈控股集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Busines Review and Outlok

Industry Overview

This year, driven by growing demand and technological upgrades,

Hong Kong’s medical aesthetics market has developed steadily.

Non-surgical treatments has ben dominating the market, and the

gradual rejuvenation of the consumer base are recreating vitality

into the industry. In the future, the market wil further emphasize on

profesionalism and branding as consumers demand higher safety

and treatment results.

  • : Hong Kong’s medical aesthetic and

welnes beauty market continued to grow in the year, benefiting

from increased consumer demand for medical aesthetic and

welnes beauty services, technological advancement and

product diversification further drive market expansion.

I. Non-surgical services dominate the market: Non-surgical

aesthetic services are more popular due to their les invasive

nature and faster recovery, especialy Botox and hyaluronic

acid injections. In adition, skin management services (e.g.

photorejuvenation, picosecond laser, etc.) are also popular.

I. Consumers are geting younger: Medical aesthetics and

welnes beauty consumers are geting younger, with the 20–

40 age group becoming the majority. The proportion of male

consumers has also increased. The influence of social media

and social influencers has prompted more young people to try

medical aesthetics.

IV. Technological inovation and personalised services: Operators

are aplying new technologies to medical aesthetics and

welnes beauty consultation and treatment plan formulation to

provide more precise and personalised services.

  • : The increase in the

number of medical aesthetic institutions, especialy smal and

medium-sized medical aesthetic institutions, has led to fierce

competition in the market. Chain brands have ben able to

capture market share through quality services and marketing

strategies, and it is expected that industry consolidation wil

acelerate in the future.

业务回顾及展望

行业概述

本年香港医美市场在需求增长和技术升级的

推动下稳健发展，非手术类项目占据主流，

消费群体逐渐年轻化也为行业注入活力。未

来，随著消费者提高对安全性和效果的要求，

市场将进一步向专业化、品牌化方向发展。

  • ：香港医学美容及生

活美容市场在年内继续保持增长态势，

受益于消费者对医学美容及生活美容项

目的需求增加，技术进步和产品多样化

进一步推动了市场扩张。

I. 非手术类项目主导市场：非手术类医学

美容项目因其创伤小、恢复快而更受欢

迎，尤其是肉毒杆菌和玻尿酸注射等。

此外，皮肤管理项目（如光子嫩肤、皮

秒镭射等）也受到追捧。

I. 消费者年轻化：医学美容及生活美容消

费群体逐渐年轻化，20–40岁人群成为

主力，其中男性消费者比例也有所上

升。社交媒体和网红经济的影响促使更

多年轻人尝试医学美容。

IV. 技术创新与个性化服务：各营运者纷

将新科技应用于医学美容及生活美容咨

询和方案设计，提供更精准的个性化服

务。

  • ：医学美容机构数量

增加，特别是中、小型医学美容机构如

雨后春笋，市场竞争激烈，连锁品牌通

过优质服务和行销策略占据市场份额，

预期未来行业整合加速。

10MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Busines Review and Outlok (Continued)

Industry Overview (Continued)

VI. Impact of the economic environment: Despite the uncertainties

in the global economy, the Hong Kong medical aesthetic

market has shown resilience, with stable demand for mid-to-

high-end services.

Busines Review

In FY2025, the Group achieved a revenue of HK$403.2 milion

(FY2024: HK$494.3 milion), representing a decrease of 18.4% year-

on-year. However, the Group managed to improve its operational

eficiency and efectively controled its operating costs thanks to the

tireles eforts of the team. Earnings before interest on bank loans,

taxes and depreciation of property, plant and equipment for FY2025

was HK$58.6 milion (FY2024: HK$31.7 milion), representing a year-

on-year increase of 84.9%. At the same time, the Group achieved

a turnaround with a net profit of HK$10.6 milion for the FY2025

(FY2024: net los of HK$12.6 milion).

I. Busines Segments

  • : The Group’s operates thre

CosMax+ Medical Aesthetics Centres located in the core

busines districts of Hong Kong. It leverages on its prime

location to expand its diversified customer base. We

adhere to medical safety standards and al equipment and

treatments have ben clinicaly evaluated by profesional

doctors. At the same time, we are actively introducing

inovative aesthetic treatments and continue to improve

our service portfolio to met the market neds.

  • : VITAE, as the Group’s

welnes beauty brand with the core concept of “creating

a balanced aesthetic experience for the body, mind and

soul”, curently operates two treatment centres in Hong

Kong’s core busines districts. It has built up a stable

and quality clientele. Its unique concept of aestheticaly

balanced body and mind has created a competitive

diferentiation in the market segment.

业务回顾及展望（续）

行业概述（续）

VI. 经济环境影响：尽管全球经济存在不确

定性，但香港医学美容市场表现出较强

韧性，中高端项目需求稳定。

业务回顾

2025财政年度，本集团实现营业收入

四亿零三百二十万港元（2024财政年度：

四亿九千四百三十万港元），虽同比减少

18.4%，但在团队不懈的努力下，本集团成功

提高营运效率并有效控制运营成本。2025财

政年度银行贷款利息、税及物业、厂房及设

备折旧前利润为五千八百六十万港元（2024

财政年度：三千一百七十万港元），同比增长

84.9%。同时，本集团实现扭亏为盈，2025

财政年度净利润一千零六十万港元（2024财

政年度：亏损一千二百六十万港元）。

I. 业务板块

  • ：本集团旗下三间

CosMax+医学美容中心均坐落香

港核心商业区，依托黄金区位优

势持续拓展多元化客群。我们坚

持医疗安全标准，所有设备及疗

程均通过专业医生临床评估。同

时积极引进创新医学美容项目，

持续完善服务组合以满足市场需求。

  • ：VITAE作为本集团

旗下生活美容品牌，以「缔造身心

平衡的焕美体验」为核心理念，目

前在香港核心商圈运营两间疗程

中心，已积累稳定的优质客群。

其独特的身心平衡美学理念在细

分市场形成差异化竞争优势。

112025年报 / 卓珈控股集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾及展望（续）

行业概述（续）

  • （续）
  • ：XOVĒ作为源自

瑞士科研的护肤品牌，在香港三

大高端购物中心设有实体门店，

并同步发展电商管道及中国内地

销售平台。尽管近期零售市场承

压，但凭借卓越产品质量，快速

积累忠实客户群体，验证其核心

竞争力。

I. 业务表现：

  • ：报告

期内，医学美容及生活美容业务

保持稳健发展态势，我们持续创

新服务矩阵，推出多项新疗程，

精准对接新兴消费需求，服务升

级成效显著。

  • ：尽管面临消费

市场整体承压的挑战，护肤品零

售销售额出现阶段性调整。本集

团已实施应对策略，优化产品组

合，升级终端体验提升转化率，

并深化线上线下管道融合，为后

续复苏奠定基础。

Busines Review and Outlok (Continued)

Busines Review (Continued)

I. Busines Segments (Continued)

  • : XOVĒ, a skincare brand

originated from Swis scientific research, has physical

shops in thre high-end shoping mals in Hong Kong

and at the same time developing its e-comerce

chanels and sales platform in the Mainland China.

Despite the recent presure in the retail market, its core

competitivenes has ben validated by its excelent

product quality, which has quickly acumulated a loyal

customer base.

I. Busines performance:

  • : During

the reporting period, the medical aesthetics and welnes

beauty busineses remained stable. We continued to

inovate our service matrix and launched a number of

new treatments, which acurately responded to the

emerging consumer neds and the results of our service

upgrade were remarkable.

  • : Despite the chalenges posed

by the overal presure in the consumer market, the

Group’s retail sales of skincare products experienced

a periodic adjustment. The Group has implemented a

multi-dimensional strategy by optimising product mix,

upgrading the end-to-end experience to increase the

conversion rate, and depening the integration of online

and ofline chanels to lay the foundation for further

recovery.

12MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾及展望（续）

行业概述（续）

I. 财务状况：

  • ，本集

团采取审慎稳健的营运策略，通

过灵活化销售策略及详细的成本

管控，成功提升盈利能力。

  • ，负债比率维持

低水平，财务结构稳健。

IV. 营运效率提升：

  • ，

本集团营运费用同比减少24.5%，

各项费用占收入比率显著下降。

  • ，客户群数

目持续增长，体现了我们在服务

品质和客户体验上的不懈努力。

运营策略

2025财政年度，本集团围绕提升「品牌力、

客户力、专业力、管理力」四大核心，取得了

显著成效。未来，我们将继续坚持这一方向，

配合高质量服务和审慎的财务策略，克服市

场挑战的同时把握市场机遇，以实现本集团

的持续发展。

  • ：强化本集团各品牌的市场影响

力、认可度与竞争优势，从而提升客户

忠诚度与市场占有率。

  • ，

致力开发其他消费者板块，扩大

客户基础为未来持续增长提供动力。

  • ，

提升品牌认知度与忠诚度。

Busines Review and Outlok (Continued)

Busines Review (Continued)

I. Financial position:

  • , the Group adopted

a prudent operating strategy and suceded in enhancing

its profitability through flexible sales strategies and

detailed cost control.

• Cash flow remained healthy and gearing ratios were kept

at low level which resulted in a stable financial structure.

IV. Operational Eficiency Improvement:

• Through suply chain optimisation and other measures

to improve operating eficiency, the Group’s operating

expenses were reduced by 24.5% year-on-year while

most of the expenses to revenue ratios were decreased

significantly.

• Customer satisfaction continued to improve and

the customer bases continued to grow, reflecting

our relentles eforts in service quality and customer

experience.

Operational Strategy

In FY2025, the Group has achieved significant results in enhancing

its four core strategies, namely “Branding, Customer-Focused,

Profesional Power and Management Optimisation”. In the future,

we wil continue to adhere to this direction, coupled with high-quality

services and prudent financial strategies, in order to overcome

market chalenges while seizing market oportunities for the Group’s

sustainable development.

  • : Strengthen the market influence, recognition and

competitive advantages of the Group’s brands to enhance

customer loyalty and market share.

• Focus on maintaining the existing customer base while

developing other consumer segments to expand the

customer base and provide momentum for sustainable

growth in the future.

• Enhance brand awarenes and loyalty through digital

marketing and precise customer insights.

132025年报 / 卓珈控股集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾及展望（续）

运营策略（续）

I. 客户力：现有客户是本集团的关键资产、

营运基石和未来发展的引擎。

  • ，

以不同策略，加强客户的黏贴度。

  • ，设计有吸引力的

活动，确保客户享受到卓越的服

务，进一步加深彼等对品牌的认

同感。

I. 专业力：透过提高员工专业技术和知识、

服务品质等核心能力，强化本集团竞争

优势。

  • ，进一步提

升专业技术和知识。

  • ，满足消费者

对高端、个性化医学美容服务的

需求。

IV. 管理力：透过优化本集团管理系统，有

效提升团队效率和业务表现。

  • ，提高资源

配置效率和增强本集团盈利能力。

  • ，强化数字化管

理，提升整体营运效能。

总结

2025财政年度，本集团在应对市场挑战的同

时抓住了机遇，实现了业绩的稳步增长。未

来，我们将继续以高质量和创新驱动发展，

提升品牌价值，并采取审慎的财务策略，以

实现持续发展，为股东、客户和员工创造更

大价值。我们对医学美容及生活美容行业的

长期前景充满信心，并将持续努力，推动本

集团迈向新的高度。

Busines Review and Outlok (Continued)

Operational Strategy (Continued)

I. Customer-Focused: Existing customers are our key asets, the

cornerstone of the Group’s operation and the engine of future

growth.

• Enhance customer retention through diferent strategies

after analyzing customers’ spending patern.

• Enhance customer experience by designing atractive

campaigns to ensure that customers enjoy excelent

service and to further depen their sense of identity with

the brand.

I. Profesionalism: Strengthen the Group’s competitive edge

by enhancing the core competencies of our staf, such as

profesional skils and knowledge, and service quality.

• Provide continuous training to our staf to further enhance

their profesional skils and knowledge.

• Introduce more inovative services to met consumer

demand for high-end, personalised medical aesthetic

services.

IV. Management Optimization: Enhance eficiency and busines

performance by optimising the Group’s management system.

• Further optimise the sales network to enhance the

eficiency of resource alocation and strengthen the

profitability of the Group.

• Further streamline proceses and strengthen digital

management system to enhance overal operational

eficiency.

Conclusion

For FY2025, the Group has seized the oportunities while coping

with market chalenges and achieved steady growth in performance.

Going forward, we wil continue to drive growth through quality

and inovation, enhance brand value and adopt prudent financial

strategies to achieve sustainable growth so as to create greater value

for our shareholders, customers and employes. We are confident

in the long-term prospects of the medical aesthetics and welnes

beauty industry and wil continue our eforts to drive the Group to new

level.

350,31886.9
52,80413.1
30.0
270.0
403,152100.0

14MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾

收益

我们的收益主要来自提供医学美容和生活

美容服务，包括疗程服务、医疗产品处方及

配药。此外，我们向客户出售护肤产品。

于2025财政年度，本集团的收益约为

四亿零三百二十万港元，较2024财政

年度的四亿九千四百三十万港元减少约

九千一百一十万港元或18.4%。于2025财政

年度，本集团经营五间疗程中心，有赖多年

来建立起的商誉、知名度以及一贯高质素的

疗程服务，医学美容相关的收益相对表现平

稳。本集团同时在本港一线购物中心设有三

间零售店，并透过网上平台等不同渠道在内

地和本港销售护肤产品。疲弱的零售市场和

消费情绪影响，护肤品零售的收益出现阶段

性调整。尽管本集团总收益有所下滑，其总

体维持较强靭性。

Financial Review

Revenue

Our revenue is mainly derived from the provision of medical aesthetic

and welnes beauty services, which include treatment services,

prescription and dispensing of medical products. In adition, we also

sel skincare products to our clients.

The Group’s revenue amounted to aproximately HK$403.2 milion in

FY2025, representing a decrease of aproximately HK$91.1 milion or

18.4% as compared to HK$494.3 milion in FY2024. During FY2025,

the Group operated 5 treatment centres. With the godwil and

popularity built up over the years and the consistently high quality of

treatment services, medical aesthetic has shown stable performance.

The Group also operated 3 retail stores in Hong Kong’s first-tier

shoping mals and sold skincare products in the Mainland China

and Hong Kong through various chanels, including online platforms.

Skincare retail revenue experienced a temporary adjustment due to

the subdued retail market and consumer sentiment. Although the

Group’s total revenue declined, it remained generaly resilient.

For the year ended 31 March

截至3月31日止年度

HK$’000%HK$’000%

千港元百分比千港元百分比

Treatment services疗程服务374,53875.8

Skincare products护肤产品119,64124.2

Medical consultation services医疗咨询服务90.0

Prescription and dispensing

of medical products

医疗产品处方及配药

720.0

Total revenue总收益494,260100.0

152025年报 / 卓珈控股集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

收益（续）

(i) 来自疗程服务的收益

于2025财政年度及2024财政年度，来

自疗程服务的收益分别约为三亿五千零

三十万港元及约三亿七千四百五十万港

元，分别占总收益的86.9%及75.8%。

减少约为二千四百二十万港元或6.5%，

主要由于相对疲弱的经济环境及消费情

绪所引致。

(i) 来自销售护肤产品的收益

护肤产品指由瑞士专业科研团队主理的

面部清洁用品、爽肤水、精华液、保湿

液、眼部护理产品、紫外线(UV)防护产

品及面膜等产品系列。

于2025财政年度及2024财政年度，

来自销售护肤产品的收益分别约为

五千二百八十万及约一亿一千九百六十

万港元，分别占我们总收益的13.1%及

24.2%。减少约六千六百八十万港元或

55.9%，主要由于2025财政年度零售市

场紧缩及消费情绪低迷所致。

(i) 来自医疗产品处方及配药的收益

根据客户的皮肤状况、特定需要及要

求，我们的医生可能会开出药物处方

及╱或推荐在我们医学美容中心销售的

护肤产品。

于2025财政年度及2024财政年度，来

自医疗产品处方及配药的收益约为二万

七千港元及七万二千港元。

Financial Review (Continued)

Revenue (Continued)

(i) Revenue from treatment services

Revenue from treatment services amounted to aproximately

HK$350.3 milion in FY2025 and aproximately HK$374.5

milion in FY2024, representing 86.9% and 75.8% of our total

revenue, respectively. The decrease of aproximately HK$24.2

milion or 6.5% was primarily due to the relatively subdued

economic conditions and consumer sentiment.

(i) Revenue from sale of skincare products

Skincare products represents series of products include

cleanser, toner, serum, moisturiser, eye care products,

ultraviolet (UV) protection products and masks, etc., which

backed up by a team of Swis skincare experts.

Revenue from sale of skincare products amounted to

aproximately HK$52.8 milion in FY2025 and aproximately

HK$119.6 milion in FY2024, representing 13.1% and 24.2% of

our total revenue, respectively. The decrease of aproximately

HK$66.8 milion or 55.9%, was primarily due to the tightening of

the retail market and consumer sentiment downturn in FY2025.

(i) Revenue from prescription and dispensing of medical

products

Based on clients’ skin conditions, their specific neds and

requirements, our doctors may prescribe medication and/or

recomend skincare products which are sold at our medical

aesthetic centres.

Revenue from prescription and dispensing of medical products

amounted to aproximately HK$27,000 in FY2025 and

aproximately HK$72,000 in FY2024.

16MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

其他收入及收益净额

于2025财政年度及2024财政年度，其他收

入及收益净额分别约为六百四十万港元及

五百八十万港元。增幅约为六十万港元或

10.3%，主要由于2025财政年度利息收入增

加所致。

存货及消耗品成本

于2025财政年度及2024财政年度，存货及

消耗品成本分别约为五千零四十万港元及

五千二百八十万港元。减少约二百四十万港

元或4.5%，主要由于2025财政年度的收益减

少。

员工成本

员工成本由2024财政年度约一亿八千三百八十

万港元减少约四千二百二十万港元或23.0%至

2025财政年度约一亿四千一百六十万港元。员

工成本减少，主要由于优化营运架构和系统

以提高营运效率所致。

物业租金及相关开支

物业租金及相关开支以及使用权资产折旧由

2024财政年度约六千七百九十万港元减少约

一千三百七十万港元或20.2%至2025财政年度

的五千四百二十万港元。有关减少主要由于

本集团优化销售网络，并与业主争取更优租

务条款所致。

物业、厂房及设备折旧

物业、厂房及设备折旧由2024财政年度约

四千二百四十万港元减少约七百四十万港元

或17.5%，至2025财政年度约三千五百万港

元。

Financial Review (Continued)

Other income and gain, net

Other income and gain, net amounted to aproximately HK$6.4

milion in FY2025 and HK$5.8 milion in FY2024. The increase of

aproximately HK$0.6 milion or 10.3% was primarily due to the

increase in interest income in FY2025.

Cost of inventories and consumables

Cost of inventories and consumables amounted to aproximately

HK$50.4 milion in FY2025 and HK$52.8 milion in FY2024. The

decrease of aproximately HK$2.4 milion or 4.5% was primarily due

to decrease in revenue during FY2025.

Staf costs

Staf costs decreased by aproximately HK$42.2 milion or 23.0%,

from aproximately HK$183.8 milion in FY2024 to aproximately

HK$141.6 milion in FY2025. The decrease in staf costs was mainly

atributable to the optimization of operational structure and systems

to enhance operational eficiency.

Property rentals and related expenses

Property rentals and related expenses and depreciation of right-of-

use asets decreased by aproximately HK$13.7 milion or 20.2%,

from aproximately HK$67.9 milion in FY2024 to aproximately

HK$54.2 milion in FY2025. The decrease was mainly atributable to

the optimization of the Group’s sales network and negotiation of more

favorable lease terms with landlords.

Depreciation of property, plant and equipment

Depreciation in relation to property, plant and equipment decreased

by aproximately HK$7.4 milion or 17.5%, from aproximately

HK$42.4 milion in FY2024 to aproximately HK$35.0 milion in

FY2025.

13,789
25,915
3,398
5,149
379
18,917
32,515
100,062

172025年报 / 卓珈控股集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

其他开支净额

2025财政年度及2024财政年度的其他开支净

额明细载列如下：

其他开支净额由2024财政年度约

一亿五千九百六十万港元减少约

五千九百五十万港元至2025财政年度约

一亿零十万港元。2024财政年度集团为支持

在中国内地作品牌建设和提高品牌知名度，

投入较高的广告及推广开支，而2025财政年

度于中国内地的推广活动相对谨慎和精准，

因而相关费用有所下降。年内本集团亦透过

不同措施优化成本结构及提高营运效率，令

其他开支净额有所下降。

财务成本

财务成本由2024财政年度约五百二十万港

元增加约二十万港元至2025财政年度约

五百四十万港元。

所得税

2025财政年度和2024财政年度所得税分别为

一千二百四十万港元和八十万港元。其增加

主要由于本集团税前盈利较去年增加及年内

回拨部份递延税项资产。

Financial Review (Continued)

Other expenses, net

Set forth below is a breakdown of our other expenses, net during the

FY2025 and FY2024:

HK$’000HK$’000% change

千港元千港元百分比变动

Credit card comision信用卡佣金14,431(4.4%)

Advertising and promotion expenses广告及推广开支65,346(60.3%)

Repair and maintenance fes维修及保养费4,795(29.1%)

Profesional fes专业费用9,069(43.2%)

Charitable donations慈善捐款433(12.5%)

Consultancy fes顾问费16,53314.4%

Others其他49,019(33.7%)

159,626(37.3%)

Other expenses, net decreased by HK$59.5 milion from aproximately

HK$159.6 milion in FY2024 to HK$100.1 milion in FY2025. In FY2024,

the Group incured higher advertising and promotional expenses to

suport brand building and increase brand awarenes in the Mainland

China, whereas in FY2025, the Group’s promotional activities in

Mainland China were more prudent and precise, resulting in a decrease

in related expenses. During the year, the Group also optimized its

cost structure and improved operational eficiency through various

measures, resulting in a decrease in other expenses, net.

Finance costs

Finance costs increased by aproximately HK$0.2 milion from

aproximately HK$5.2 milion in FY2024 to aproximately HK$5.4

milion in FY2025.

Income tax

Income tax expense amounted to HK$12.4 milion and HK$0.8

milion in FY2025 and FY2024, respectively. The increase was

mainly atributable to the increase in the Group’s profit before tax as

compared to last year and the reversal of certain defered tax asets

during the year.

18MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

年度溢利╱（亏损）

于2025财政年度，本公司拥有人应占溢利约

为一千零六十万港元（2024财政年度：本公

司拥有人应占亏损约一千二百六十万港元）。

股息

董事会并不建议或宣派2025财政年度的任何

股息（2024财政年度：无）。

流动资金及财务资源及债务

财务资源

我们持续维持稳健的财务状况，于2025年

3月31日的现金及现金等价物约为一亿

八千二百三十万港元（2024年：一亿

一千九百八十万港元）。根据我们自营运获

得的稳定现金流入，加上现金及银行结余，

我们具备足够的流动资金及财务资源，以

应付下一财政年度营运需求。

于2025年3月31日，大部分现金及银行结余

以港元、美元及人民币计值。

计息银行借款

于2025年3月31日，本集团未偿还计息

银行借款约为五百九十万港元（2024年：

一千二百五十万港元）。

或然负债及担保

于2025年3月31日，本集团并无重大或然负

债及担保（2024年：无）。

资产抵押

于2025年3月31日，除就授予本集团的信用

卡及银行信贷额度所抵押的约六千五百八十

万港元（2024年：约六千二百六十万港元）定

期存款外，本集团之资产概无抵押。

资产负债比率

于2025年3月31日，本集团按总借款除以总

股本及储备计算的资产负债比率为约4.0%

（2024年：9.1%）。

Financial Review (Continued)

Profit/(los) for the year

Profit atributable to the owners of the Company was aproximately

HK$10.6 milion in FY2025 (FY2024: los atributable to the owners:

aproximately HK$12.6 milion).

Dividend

The Board does not recomend or declare the payment of any

dividend in FY2025 (FY2024: Nil).

Liquidity and Financial Resources and Indebtednes

Financial Resources

We continue to maintain a stable financial position with cash and

cash equivalents amounted to HK$182.3 milion as at 31 March

2025 (2024: HK$119.8 milion). With our steady cash inflow from

operations, coupled with cash and bank balances, we have adequate

liquidity and financial resources to met the working requirements in

the next financial year.

As at 31 March 2025, most of the cash and bank balances were

denominated in Hong Kong Dolar, United State Dolar and Renminbi.

Interest-bearing Bank Borowings

As at 31 March 2025, the Group had aproximately HK$5.9 milion

outstanding interest-bearing bank borowings (2024: HK$12.5

milion).

Contingent Liabilities and Guarantes

As at 31 March 2025, the Group had no significant contingent

liabilities and guarantes (2024: Nil).

Charge of Asets

As at 31 March 2025, there was no charge on the asets of the

Group except for the time deposits of aproximately HK$65.8 milion

(2024: aproximately HK$62.6 milion) pledged for credit card and

bank facilities granted to the Group.

Gearing Ratio

The gearing ratio of the Group, calculated as total borowings divided

by total share capital and reserves, was aproximately 4.0% as at 31

March 2025 (2024: 9.1%).

192025年报 / 卓珈控股集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

流动资金及财务资源及债务（续）

外汇风险

本集团主要在香港经营业务，大部分交易均

以港元计值。于2025财政年度及2024财政年

度，本集团并无因汇率波动而在经营活动的

流动资金方面受到任何重大影响或出现困难，

且本集团并无作出对冲交易或远期合约安排，

惟将会密切监控未来的相关风险。

利率风险

本集团并无重大利率风险。本集团目前并无

任何管理利率风险的具体政策，亦未订立任

何利率掉期交易以减低利率风险，惟将会密

切监控未来的相关风险。

重大投资、重大收购及出售附属公司、

联营公司及合营企业以及重大投资或资

本资产的未来计划

除本报告所披露者外，本集团2025财政年度

概无持有重大投资，亦无于报告期间作出重

大收购或出售任何附属公司、联营公司及合

营企业。除本报告所披露者外，于本报告日

期，董事会并无就其他重大投资或增加资本

资产授权任何计划。

雇员及薪酬政策

于2025年3月31日，本集团合共雇用239

名雇员（2024年：324名）。本集团于2025

财政年度的员工成本（包括董事薪酬）约为

一亿四千一百六十万港元（2024财政年度：

约一亿八千三百八十万港元）。薪酬乃参考多

项因素而厘定，如可资比较市场薪金以及各

员工的工作表现、时间投入以及职责。雇员

不时获提供相关内部及╱或外部培训。除基

本薪金外，表现出色的雇员可获年终花红，

以吸引及挽留合资格雇员为本集团作出贡献。

Liquidity and Financial Resources and Indebtednes

(Continued)

Foreign Curency Risk

The Group caries out its busines mainly in Hong Kong and most

of its transactions are denominated in Hong Kong Dolar. Our Group

did not experience any material impact or dificulties in liquidity on

its operations resulting from the fluctuation in exchange rate, and no

hedging transaction or forward contract arangement was made by

the Group during FY2025 and FY2024. The Group wil closely monitor

related risk in the future.

Interest Rate Risk

The Group has no significant interest rate risk. The Group curently

does not have any specific policies to manage interest rate risk and

has not entered into any interest rate swap transactions to mitigate

interest rate risk, but wil closely monitor related risk.

Significant Investments, Material Acquisitions and

Disposals of Subsidiaries, Asociates and Joint

Ventures, and Future Plans for Material Investments or

Capital Asets

Save as disclosed in this report, there were no significant investments

held by the Group during FY2025, nor were there any material

acquisitions or disposals of subsidiaries, asociates and joint ventures

during the reporting period. Save as disclosed in this report, there

is no plan authorised by the Board for other material investments or

aditions of capital asets as at the date of this report.

Employes and Remuneration Policies

As at 31 March 2025, the Group has a total of 239 employes

(2024: 324). Staf costs, including Directors’ remuneration, of our

Group were aproximately HK$141.6 milion for FY2025 (FY2024:

aproximately HK$183.8 milion). Remuneration is determined with

reference to various factors such as comparable market salaries and

work performance, time comitment and responsibilities of each

individual. Employes are provided with relevant in-house and/or

external training from time to time. In adition to a basic salary, year-

end bonuses are ofered to employes who performed outstandingly

to atract and retain eligible employes to contribute to the Group.

20MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Future Prospects

We recognise that the consumer market is undergoing a structural

transformation and change in spending paterns. Against this

backdrop, the Group wil continue to maintain a prudent operating

strategy, fuly utilise its core competence and proactively respond to

market changes.

In recent years, we have ben actively expanding our revenue stream,

by optimising our sales network and inovating our promotional

strategies, while at the same time exercising stringent cost control.

Through continuous strengthening of working capital management,

the Group has maintained an industry-leading low gearing level,

which, together with abundant liquidity reserves, has enabled us

to maintain strong financial resilience in an economic environment

characterised by high interest rates and slow recovery.

Loking ahead, the local consumer environment is expected to

continue to improve in line with the global monetary policy shift. We

wil capitalise on this oportunity by acelerating the introduction

of inovative treatments and product portfolios to enhance brand

influence and market penetration. On the other hand, we wil adhere

to our core philosophy of “Fulfiling the pursuit of beauty based on

customer neds”. This philosophy which place customer value as top

priority, is the Group’s core strength in weathering economic cycles

and achieving sustainable growth.

未来展望

我们深刻意识到消费市场正经历结构性转型

与消费模式升级。在此背景下，本集团将持

续秉持审慎稳健的运营策略，充分发挥自身

优势，动态应对市场变化。

近年来，我们通过优化销售网路、创新促销

策略等多项举措积极拓宽收入渠道，同时严

格管控成本支出。通过持续强化营运资金管

理，本集团始终保持行业领先的低负债水平，

加上充裕的流动资金储备，使我们在高利率

与缓慢复苏的经济环境中仍维持强劲的财务

韧性。

展望未来，随著全球货币政策转向，本地消

费环境有望持续改善。我们将把握机遇，一

方面加速引进创新疗程与产品组合，提升品

牌影响力与市场渗透率。另一方面坚守「以客

户需求为根基，成就美丽追求」的核心理念。

这种植根于客户价值的经营哲学，正是本集

团穿越经济周期、实现可持续发展的核心优势。

212025年报 / 卓珈控股集团有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

执行董事

黎珈而女士（前名黎姿），53岁，为执行董事、

董事会主席兼行政总裁。彼亦为提名委员会

主席及薪酬委员会成员。彼负责本集团的整

体管理、品牌及策略计划、市场推广及发展。

黎珈而女士于2009年7月加入本集团，于

2016年7月6日获委任为董事，并于2016年

12月19日调任为执行董事并获委任为董事会

主席兼行政总裁。彼亦是本集团若干附属公

司的董事。

创立本集团之前，黎珈而女士于1985年至

2008年活跃于电影及电视演艺界。彼于2008

年末退出电影及电视演艺工作，自此全力在

医学美容服务行业发展业务。

何子亮先生，49岁，于2019年7月加入本集

团担任首席品牌官，负责制定及指导本集团

的品牌策略，并监督本集团的巿场推广及销

售营运。何先生于2020年4月22日获委任为

执行董事，并于2020年5月晋升为首席营运

官。于加入本集团前，何先生于多间广告公

司任职美术╱创意总监，包括DB Worldwide

及Leo Burnet等，该等公司的客户包括世界

知名的国际快餐公司、个人护肤公司、汽车

公司及香港一间主要运输公司。彼亦投身于

电影行业，于2005年荣获第24届香港电影金

像奖提名。

Executive Director

Ms. LAI Ka Ye Gigi (黎珈而) (with former name Lai Chi, Gigi (黎

姿), aged 53, is an executive director, chairlady of the Board and

chief executive oficer. She is also the chairlady of the nomination

comite and a member of the remuneration comite. She is

responsible for the overal management, branding and strategic

planing, marketing and development of the Group. Ms. LAI Ka Ye

Gigi joined the Group in July 2009 and was apointed as a Director

on 6 July 2016, re-designated as an executive director and apointed

as chairlady of the Board and the chief executive oficer on 19

December 2016. She is also a Director of certain subsidiaries of the

Group.

Before founding the Group, Ms. LAI Ka Ye Gigi was active in the film

and television entertainment industry betwen 1985 and 2008. She

withdrew from the film and television entertainment industry in late

2008 and has since devoted her ful efort to the development of the

busines in the medical aesthetic service industry.

Mr. HO, Tsz Leung Lincoln (何子亮), aged 49, joined the Group in

July 2019 as the chief brand oficer in which he has ben responsible

for formulating and leading the Group’s brand strategies, as wel as

overseing the Group’s marketing and sales operations. Mr. Ho was

apointed as an executive director on 22 April 2020 and promoted

to chief operation oficer efective at May 2020. Prior to joining the

Group, Mr. Ho worked in the role of art/creative director in a number

of advertising firms, namely DB Worldwide, Leo Burnet etc., whose

clients included a world renowned international fast-fod corporation,

personal skincare corporations, an automobile corporation and a

major transport corporation in Hong Kong. He has also contributed in

the film industry that earned him a nomination in The 24th Hong Kong

Film Awards in 2005.

22MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

Mr. Ho spent a decade at Neo Derm Group Ltd, a medical aesthetics

company, from 2006 to 2016 with his last position as marketing

comunication director, and then worked in Airport Authority

Hong Kong in 2016 as asistant general manager in the retail and

advertising department. He rejoined Neo Derm Group Ltd from

2017 to 2019 with his last position as digital marketing director. He

had also worked for BTL Hong Kong Limited as regional marketing

director before joining the Group.

Mr. Ho holds a Bachelor of Arts in Design from The Hong Kong

Polytechnic University in 2002, as wel as a Diploma in Design Studies

in 1999 from the same university.

Dr. LAM Ping Yan (林秉恩), 73, joined the Group in July 2020 as

an executive director. He had ben serving as a public oficer for

34 years from 1978 to 2012. He comenced his carer as a public

oficer when he joined at the then Medical and Health Department

(now known as Department of Health) of Hong Kong in 1978 as a

Medical and Health Oficer before being promoted to Senior Medical

and Health Oficer in 1984, junior directorate oficer (Principal Medical

Oficer) of the Department of Health in 1989. He was apointed as

Chief Port Health Oficer and Comunity Physician in 1993, Asistant

Director of Health in 1994, Deputy Director of Health in 1996 and

Director of Health in 2003. During Dr. Lam’s tenure as a public oficer,

he had ben involved in the prevention and control of severe acute

respiratory syndrome (SARS) and swine flu in Hong Kong as Deputy

Director of Health and Director of Health, respectively, before he

retired from his 34 years tenure as a public oficer in 2012.

Dr. Lam played and continues to play an active role in the public

health comunity. He has ben a life member of the Society of

Comunity Medicine and life asociate member of the Hong Kong

AIDS Foundation, since 1990 and 1991, respectively. Betwen

1995 and 2013, he had served as a Justice of the Peace. He was a

member of the Council of Smoking and Health from 1996 to 2003.

Betwen 2001 and 2012, he was a member of the Medical Council

of Hong Kong. Betwen 2003 and June 2012, he served as (i)

Comisioner of Auxiliary Medical Service; (i) Chairman of Chinese

Medicines Board; (i) Chairman of International Advisory Board of

Hong Kong Chinese Materia Medica Standards; (iv) Chairman of

Pharmacy and Poisons Board; (v) Chairman of Radiation Board; (vi)

Member of the Chinese Medicine Council of Hong Kong; (vi) Member

何先生于2006年至2016年十年期间任职医

学美容公司纽顿医学美容集团有限公司，最

后职位为市场传讯总监，其后于2016年在香

港机场管理局零售及广告部担任助理总经理。

彼于2017年至2019年再次加入纽顿医学美

容集团有限公司，最后职位为数码营销总监。

于加入本集团前，彼亦曾于BTL Hong Kong

Limited担任区域营销总监。

何先生于2002年取得香港理工大学设计学文

学士学位，并于1999年在同一所大学取得设

计学文凭。

林秉恩医生，73岁，于2020年7月加入本集

团担任执行董事。彼于1978年至2012年的

34年间一直担任公务员。彼于1978年加入

当时的香港医务衞生署（现称衞生署）并担任

医生，展开作为公务员的职业生涯，其后于

1984年晋升为高级医生及于1989年晋升为

衞生署的初级首长级官员（首席医生）。彼于

1993年获委任为总港口衞生主任及社会医学

专科医生、于1994年晋升为衞生署助理署长、

于1996年晋升为衞生署副署长及于2003年

晋升为衞生署长。林医生担任公务员期间，

彼曾分别作为衞生署副署长及衞生署长参

与香港的严重急性呼吸系统综合症（沙士）及

猪流感防控工作，其后于2012年自34年的公

务员任期退任。

林医生曾经并将继续在公共卫生界发挥积极

作用。彼自1990年及1991年起分别为社会医

学会终身会员及香港爱滋病基金会终身会

员。彼于1995年至2013年曾为太平绅士。彼

于1996年至2003年为吸烟与健康委员会成

员。于2001年至2012年，彼为香港医务委员

会成员。于2003年至2012年6月，彼为(i)医

疗辅助队总监；(i)中药组主席；(i)香港中药

材标准国际专家委员会主席；(iv)药剂业及毒

药管理局主席；(v)辐射管理局主席；(vi)香港

中医药管理委员会成员；(vi)中医组成员；及

232025年报 / 卓珈控股集团有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

(vi)医院管理局大会成员。于2004年至2005

年，林医生为香港社会医学院理事会成员。

彼于2006年至2012年6月为癌症事务统筹委

员会副主席。于2008年至2012年6月，彼为

饮食及体能活动工作小组及防控非传染病督

导委员会副主席。于2009年至2012年6月，

彼为饮酒与健康工作小组及损伤工作小组副

主席。在不同场合，彼曾担任世界卫生组织

（「世卫」）关于发展传统医学及控制非传染性

疾病的政策及战略的临时顾问。彼曾为2009

╱ 2010届世衞西太平洋区域委员会议主

席。于2010年至2013年，林医生曾为中华人

民共和国（「中国」）卫生部深化医药卫生体制

改革海外专家咨询委员会顾问。于2012年，

彼获中国香港特别行政区政府颁授银紫荆星

章。于2012年，彼进一步在中国获中国控制

吸烟协会颁授两岸四地华人烟害防制贡献奖。

于2012年至2017年，彼为中国家中医药管

理局的国际合作首席顾问。

林医生于1977年自香港大学医学院毕业并获

授医学士学位及外科学士学位。彼于1992

年进一步获新加坡国立大学颁授公共卫生医

学硕士学位。彼亦是香港医学专科学院士

及社会医学注册专科医生。

of the Chinese Medicine Practitioners Board; and (vi) Member of the

Hospital Authority Board. Betwen 2004 and 2005, Dr. Lam was a

Council member of the Hong Kong Colege of Comunity Medicine.

He was Deputy Chairman of Cancer Cordinating Comite from

2006 to June 2012. Betwen 2008 and June 2012, he was the Vice

Chairman of the Working Group on Diet and Physical Activity and

Stering Comite on Prevention and Control of Non-Comunicable

Diseases. He was the Vice Chairman of Working Group on Alcohol

and Health and Working Group on Injuries from 2009 to June 2012.

On various ocasions, he had served as a temporary advisor to

the World Health Organization (“WHO”) on policy and strategy of

development of traditional medicine and control of non-comunicable

diseases. He served as Chairman to the 2009/2010 Sesion of

the Regional Comite Meting of the Western Pacific Region of

WHO. Betwen 2010 and 2013, Dr. Lam served as an Adviser of the

Overseas Expert Consulting Comite of the Ministry of Health of

the People’s Republic of China (“PRC”) for Health Care Reform. In

2012, he was awarded the Silver Bauhinia Star by the Government

of the Hong Kong Special Administrative Region of the PRC. He

was further awarded with the Cros-Strait Contribution Award for

Chinese in Tobaco Control by the Chinese Asociation on Tobaco

Control in the PRC in 2012. He was the Principal Adviser (International

Colaboration) of the National Administration of Traditional Chinese

Medicine of PRC betwen 2012 and 2017.

Dr. Lam graduated from the University of Hong Kong, faculty of

Medicine with his Bachelor of Medicine and Bachelor of Surgery in

1977. He further obtained his Master of Medicine degre in Public

Health from the National University of Singapore in 1992. He is also

a felow of the Hong Kong Academy of Medicine and a registered

specialist in comunity medicine.

24MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

独立非执行董事

郑辅国先生，76岁，于2016年12月19日获

委任为独立非执行董事。彼亦为审核委员会

及提名委员会成员。郑先生于1975年11月毕

业于香港大学，获得社会科学士学位。彼

于银行、企业财务及船舶融资方面拥有丰富

的经验。郑先生已由2014年5月1日起退任

东方汇理银行船务融资部主管，并于2014年

6月至2016年6月担任该银行环球航运组的

高级顾问。自2016年起，彼已连续三年担任

东方汇理亚洲船务融资有限公司名誉主席。

东方汇理银行及东方汇理亚洲船务融资有限

公司为本公司独立第三方且并非本公司关连

人士。直至2018年3月，郑先生为香港经济

发展委员会航运业工作小组成员、香港海运

港口局成员以及香港海运港口局推广及外务

委员会主席。于2015年5月，郑先生获法国

政府颁授「国家功绩骑士勋章」。郑先生由

2012年11月1日至2024年6月26日担任胜狮

货柜企业有限公司（股份代号：716）之独立

非执行董事及自2019年6月28日起担任新兴

航运股份有限公司（于台湾证券交易所上市）

的独立非执行董事。自2016年至2022年，彼

为香港海事博物馆荣誉司库。

Independent Non-Executive Directors

Mr. CHENG Fu Kwok David (郑辅国), aged 76, was apointed as

an independent non-executive director on 19 December 2016. He is

also a member of audit comite and nomination comite. Mr.

Cheng graduated from the University of Hong Kong in November

1975 with a Bachelor Degre in Social Sciences. He has extensive

experience in banking, corporate finance and shipfinance. Mr.

Cheng has retired from the Head of Shipfinance in the Shipfinance

Department of Credit Agricole CIB with efect from 1 May 2014 and

was the Senior Advisor to the Global Shiping Group of that bank

from June 2014 to June 2016. He was the Honorary Chairman of

Credit Agricole Asia Shipfinance Limited for 3 years from 2016. Credit

Agricole CIB and Credit Agricole Asia Shipfinance Limited are third

parties independent of the Company and not conected persons

of the Company. Mr. Cheng was a member of the Working Group

on Transportation under the Hong Kong Economic Development

Comision, a member of Hong Kong Maritime and Port Board, and

the chairman of the Promotion and External Relations Comite

of the Maritime and Port Board til March 2018. In May 2015, Mr.

Cheng was confered the Distinction of “Chevalier de l’Ordre National

du Mérite” by the French Government. Mr. Cheng has ben an

independent non-executive director of Singamas Container Holdings

Limited (Stock Code: 716) from 1 November 2012 to 26 June 2024

and the independent non-executive director of Sincere Navigation

Corp (新兴航运股份有限公司) which is listed on the Taiwan

Stock Exchange with efect from 28 June 2019. He is the Honorary

Treasurer of the Hong Kong Maritime Museum from 2016 to 2022.

252025年报 / 卓珈控股集团有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

Mr. CHENG Yuk Wo (郑毓和), aged 64, was apointed as an

independent non-executive director on 19 December 2016. He is the

chairman of the audit and remuneration comites and a member of

the nomination comite. Mr. Cheng obtained a Master of Science

(Economics) degre in Acounting and Finance from London Schol

of Economics, England and a Bachelor of Arts (Honours) degre

in Acounting from University of Kent, England. He is a Felow of

the Institute of Chartered Acountants in England and Wales, the

Hong Kong Institute of Certified Public Acountants, the Chartered

Profesional Acountants of Canada and the Institute of Chartered

Acountants of Ontario, Canada. Mr. Cheng has over 30 years’ of

expertise in acounting, finance and corporate advisory services. Mr.

Cheng curently also acts as an independent non-executive director

of a number of companies listed on the Stock Exchange, namely, CSI

Properties Limited (Stock Code: 497), Liu Chong Hing Investment

Limited (Stock Code: 194), Chia Tai Enterprises International Limited

(Stock Code: 3839), Somerley Capital Holdings Limited (Stock Code:

8439) and Kidsland International Holdings Limited (Stock Code:

2122). Mr. Cheng was also an independent non-executive director

of Chong Hing Bank Limited and C.P. Pokphand Co. Limited,

companies formerly listed on the Stock Exchange which were

privatised on 30 September 2021 and 18 January 2022 respectively.

Mr. Cheng resigned as an independent non-executive director of Top

Spring International Holdings Limited (Stock Code: 3688) with efect

from 30 September 2024 and resigned as an independent non-

executive director of CPMC Holdings Limited which was delisted on

the Main Board of the Stock Exchange (Stock Code: 906) with efect

from 22 April 2025.

郑毓和先生，64岁，于2016年12月19日获委

任为独立非执行董事。彼为审核委员会及薪

酬委员会主席及提名委员会成员。郑先生持

有英国伦敦大学经济学院科学（经济）硕士（主

修会计及金融）及英国肯特大学会计系之荣誉

文学士学位。彼乃英格兰及威尔斯特许会计

师公会、香港会计师公会、加拿大特许专业会

计师协会及加拿大安大略省特许会计师公会

之资深会员。郑先生拥有逾三十年于会计、金

融及企业顾问服务之专业知识。此外，郑先生

现为众多联交所上市公司的独立非执行董事，

该等上市公司为资本策略地产有限公司（股份

代号497）、廖创兴企业有限公司（股份代号：

194）、正大企业国际有限公司（股份代号：

3839）、新百利融资控股有限公司（股份代号：

8439）及凯知乐国际控股有限公司（股份代号：

2122）。郑先生亦曾担任创兴银行有限公司

及卜蜂国际有限公司之独立非执行董事。以

上均为联交所的前上市公司并分别于2021年

9月30日及2022年1月18日私有化。郑先生

自2024年9月30日起辞任莱蒙国际集团有限

公司（股份代号：3688）的独立非执行董事，

以及自2025年4月22日起辞任中粮包装控股

有限公司（已于联交所主板退市，股份代号：

906）的独立非执行董事。

26MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

Mr. LI Wai Kwan (李伟君), aged 53, was apointed as an independent

non-executive director on 19 December 2016. He is a member of the

audit comite and remuneration comite. Mr. Li has many years

of experience in acounting, finance and investment management.

Mr. Li is the chief financial oficer of Crystal International Group Limited

(Stock code: 2232), which is principaly engaged in manufacturing of

fashion products since November 2018, while he is responsible for

finance maters for that group. From March 2005 to September 2006,

he worked for Esprit Holdings Limited, which is listed on the Main

Board (Stock code: 330) and principaly engaged in manufacturing,

retail and wholesale distribution of fashion products, and he served as

a vice president of operational finance and a vice president of finance

in Asia Pacific region, while he was responsible for finance and

operational maters. From October 2006 to September 2010, he was

a vice president of COFCO China Agri-Industries Holdings Limited,

which is listed on the Main Board (Stock code: 606) and principaly

engaged in trading on agricultural raw materials, manufacturing and

distributing fod products, while he was responsible for finance,

investment and company secretarial maters. Mr. Li was a managing

director and director of the board of COFCO Agricultural Industrial

Investment Fund Management Company Limited, which is principaly

engaged in aset management, from September 2010 to October

2011, and he was responsible for managing overal busines and

investment maters. Mr. Li was a managing director of Origo Partners

PLC, whose shares are listed on the London Stock Exchange and

principal busines is private equity investment, from November 2011

to January 2013, and he was responsible for investment maters.

Mr. Li was the chief financial oficer of Zhuhai Dahengqin Company

Limited and its afiliate Zhuhai Dahengqin Property Company Limited,

which is principaly engaged in primary land development, real estate

development, theme park construction and operation, city operational

management, and aset management in Hengqin Fre Trade Zone,

from August 2013 to October 2018, while he was responsible for

finance, investment and fund management maters.

李伟君先生，53岁，于2016年12月19日获

委任为独立非执行董事。彼为审核委员会及

薪酬委员会成员。李先生于会计、财务及投

资管理有多年经验。自2018年11月起，李

先生于晶苑国际集团有限公司（股份代号：

2232，主要从事时装产品制造）担任首席财

务官，负责该集团的财务工作。自2005年3

月至2006年9月，彼在于主板上市的思捷环

球控股有限公司（股份代号：330，主要从事

时装产品制造、零售及批发分销）任职，担任

营运财务副总裁及亚太区财务副总裁，负责

财务及营运工作。自2006年10月至2010年

9月，彼在于主板上市的中国粮油控股有限

公司（股份代号：606，主要从事农业原材料

贸易、食品制造及分销）担任副总裁，负责财

务、投资及公司秘书工作。自2010年9月至

2011年10月，李先生于中粮农业产业基金管

理有限责任公司（主要从事资产管理）担任董

事总经理及董事会董事，负责整体业务管理

及投资工作。自2011年11月至2013年1月，

李先生在其股份於伦敦证券交易所上市的

Origo Partners PLC（主要业务为私募股权投资）

担任董事总经理，负责投资工作。自2013年

8月至2018年10月，李先生于珠海大横琴股

份有限公司及其联属公司珠海大横琴置业有

限公司（主要从事横琴自贸区的土地一级开

发、房地产开发、主题公园建设及营运、城

市营运管理及资产管理）担任首席财务官，负

责财务、投资及基金管理工作。

272025年报 / 卓珈控股集团有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

李先生由2022年起担任香港纺织及成衣研发

中心总监，由2015年起担任香港 — 东盟经

济合作基金会理事、执行委员会委员兼义务

司库，由2018年起担任澳洲管理会计师协会

香港及澳门分会之名誉会长，由2019年起担

任澳洲公共会计师公会香港分会之主席，由

2019年起担任英国特许公认会计师公会香港

分会之中小企业小组委员会委员，及由2020

年起担任香港上市公司商会之常务委员会委员。

李先生于2008年至2010年担任香港上市公

司商会之投资者关系委员会主席，于2009年

担任中华（海外）企业信誉协会名誉副会长，

于2009年至2010年担任香港投资者关系协会

合作及推广委员会主席，于2010年担任香港

董事学会主办的2010年度杰出董事奖组委会

成员，于2011年担任香港创业及私募投资协

会中国委员会委员，于2016年担任香港财经

分析师学会公众意识委员会委员，并于2017

年至2020年担任加拿大特许专业会计师公会

香港分会之董事会成员。李先生于2010年至

2012年担任香港房屋委员会之财务委员会委

员。李先生于2016年担任澳门科技大学客座

讲师。

李先生于1995年11月毕业于加拿大多伦多大

学，获取一级荣誉商学士学位。彼进一步于

1996年11月毕业于加拿大约克大学舒力克商

学院，获取工商管理硕士学位。

Mr. Li is a director of Hong Kong Research Institute of Textiles

and Aparel since 2022, a director, executive comite member

and honorary treasurer of the Hong Kong — ASEAN Economic

Coperation Foundation since 2015, an Honorary President of

the Institute of Certified Management Acountants — Hong Kong

& Macau Branch since 2018, a Chairman of Institute of Public

Acountants — Hong Kong Branch since 2019, a Comite

member, SME comite of ACA — Hong Kong Branch since

2019, and a General Comite member of the Chamber of Hong

Kong Listed Companies since 2020.

Mr. Li was the chairman of Investor Relations Comite of the

Chamber of Hong Kong Listed Companies from 2008 to 2010, the

honorary vice chairman of China Enterprise Reputation and Credibility

Asociation (Overseas) in 2009, the chairman of Partnership

and Promotion Comite of the Hong Kong Investor Relations

Asociation from 2009 to 2010, a member of the Organising

Comite of Directors of the Year Awards 2010 organised by The

Hong Kong Institute of Directors in 2010, a comite member of the

PRC comite of the Hong Kong Venture Capital and Private Equity

Asociation in 2011, a comite member of Public Awarenes

Comite of Hong Kong Society of Financial Analysts in 2016, and

a board member of Chartered Profesional Acountants of Canada

— Hong Kong Chapter from 2017 to 2020. Mr. Li was a member of

Finance Comite of the Hong Kong Housing Authority from 2010

to 2012. Mr. Li was the guest lecturer of the Macau University of

Science and Technology in 2016.

Mr. Li graduated from University of Toronto in Canada with a bachelor

of comerce degre with distinction in November 1995. He further

obtained a master of busines administration degre from Schulich

Schol of Busines, York University in Canada in November 1996.

28MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层之履历详情

李先生于2000年8月获澳洲管理会计师公会

认可为注册管理会计师，于2001年9月获特

许财务分析师公会认可为特许财务分析师，

于2002年10月获加拿大注册会计师公会认可

为加拿大注册会计师，于2004年10月获香港

会计师公会认可为香港注册会计师，于2005

年5月获英国特许公认会计师公会认可为特

许公认会计师，于2008年6月获英格兰及威

尔斯特许会计师公会认可为特许会计师，于

2010年4月获英国特许公认会计师公会认可

为资深特许公认会计师，于2015年6月获加

拿大特许专业会计师公会认可为特许专业会

计师，于2015年12月获香港商界会计师会认

可为会员，于2016年4月获澳洲管理会计师

公会认可为资深注册管理会计师，于2016年

8月获香港证券及投资学会认可为会员，于

2018年6月获英格兰及威尔斯特许会计师公

会认可为资深特许会计师，于2019年7月获

公共会计师公会认可为资深会计师，于2019

年7月获英国财务会计师公会认可为资深会

计师，于2019年12月获英格兰及威尔斯特许

会计师公会认可为商业与财务专业人员，及

于2019年12月获香港独立非执行董事协会认

可为会员。

李先生自2016年11月18日起为K W Nelson

Interior Design and Constructing Group Limited

（股份代号：8411）的独立非执行董事。李先

生于2018年2月1日至2018年11月30日为

中亚烯谷集团有限公司（前名为中国烯谷集

团有限公司）（股份代号：63）的独立非执行

董事；自2018年7月20日至2020年6月5日

为中国绿宝集团有限公司（股份代号：6183）

的独立非执行董事；自2017年4月27日至

2020年10月12日为企展控股有限公司（股份

代号：1808）的独立非执行董事；及自2018年

5月18日至2021年9月30日为TL Natural Gas

Holdings Limited（股份代号：8536）的独立非执

行董事。

附注： 本集团之业务由上列执行董事（即本公司的高级管

理人员）直接负责。

Mr. Li was admited as a member of the Institute of Certified

Management Acountants in August 2000, a chartered financial

analyst of the Chartered Financial Analysts Institute in September

2001, a certified general acountant of the Certified General

Acountants Asociation of Canada in October 2002, a certified

public acountant of the Hong Kong Institute of Certified Public

Acountants in October 2004, a member of the Asociation of

Chartered Certified Acountants in May 2005, an asociate of the

Institute of Chartered Acountant in England & Wales in June 2008,

a felow of the Asociation of Chartered Certified Acountants in

April 2010, a chartered profesional acountant of the Chartered

Profesional Acountants of British Columbia, Canada in June

2015, a member of Hong Kong Busines Acountants Asociation

in December 2015, a felow of the Institute of Certified Management

Acountants in April 2016, a member of the Hong Kong Securities

and Investment Institute in August 2016, a felow of the Institute of

Chartered Acountant in England & Wales in June 2018, a felow

of the Institute of Public Acountants in July 2019, a felow of the

Institute of Financial Acountants in July 2019, a busines and finance

profesional of the Institute of Chartered Acountant in England

& Wales in December 2019, and a member of the Hong Kong

Independent Non-Executive Director Asociation in December 2019.

Mr. Li is the independent non-executive director of K W Nelson

Interior Design and Constructing Group Limited (Stock code: 8411)

since 18 November 2016. Mr. Li was the independent non-executive

director of China Asia Valey Group Limited (formerly known as China

Graphene Group Limited) (Stock code: 63) from 1 February 2018 to

30 November 2018, the independent non-executive director of China

Grenfresh Group Company Limited (Stock code: 6183) from 20

July 2018 to 5 June 2020, the independent non-executive director of

Enterprise Development Holdings Limited (Stock code: 1808) from 27

April 2017 to 12 October 2020 and the independent non-executive

director of TL Natural Gas Holdings Limited (Stock code: 8536) from

18 May 2018 to 30 September 2021.

Note: The Group’s busines are under the direct responsibility of the above executive

directors who are the senior management of the Company.

292025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治守则

本集团深明达致配合其业务的需要及要求且

符合其所有持份者最佳利益之最高标准企业

管治之重要性，而董事会一直致力进行有关

工作。董事会相信，高标准企业管治能为本

集团奠定良好架构，扎稳根基，不单有助管

理业务风险及提高透明度，亦能维持高标准

问责性及保障持份者之利益。

本公司已采纳上市规则附录C1所载企业管治

守则（「企业管治守则」）载列的原则及守则条

文。截至2025年3月31日止年度，本公司已

遵守当时生效的企业管治守则的所有适用守

则条文，惟下述偏离情况除外。

根据企业管治守则的守则条文第C.2.1条，主

席及行政总裁的职权应予以区分，不应由同

一人担任。根据目前本公司的管理架构，黎

珈而女士为本公司的董事会主席（「主席」）及

行政总裁（「行政总裁」）。由于黎珈而女士一

直担任本集团行政总裁领导本集团，并在相

关主要附属公司成立以来一直担任各主要附

属公司之董事，董事会相信，黎珈而女士继

续担任主席及行政总裁符合本集团最佳利益，

以更有效管理及规划本集团。因此，董事会

认为，偏离企业管治守则条文第C.2.1条的情

况属可接受及适当，目前并不建议区分主席

与行政总裁的职责。

目标、价值观、战略及文化

本公司的核心目标是为股东创造价值。其致

力于成为提供非手术性医学美容及生活美容

服务及销售护肤产品的知名企业，并旨在成

为女性的至爱品牌，透过我们全面的定制医

学美容及生活美容疗程服务、护肤及化妆品

以及健康补充品，让女性活出最美人生。其

使命是引领行业发展，树立行业标准。就此

而言，本集团致力对其雇员、消费者、股东、

社会及环境负责。此等目标及价值观塑造本

公司的策略，旨在建立值得信赖及备受欢迎

的企业，从而为股东创造价值。

Corporate Governance Code

The Group recognises the importance of achieving the highest

standard of corporate governance consistent with the neds and

requirements of its busineses and the best interest of al of its

stakeholders, and the Board is fuly comited to doing so. The

Board believes that high standards of corporate governance provide

a framework and solid foundation for the Group to manage busines

risks, enhance transparency, achieve high standard of acountability

and protect stakeholders’ interests.

The Company has adopted the principles and the code provisions set

out in the Corporate Governance Code (the “CG Code”) contained in

Apendix C1 of Listing Rules. During the year ended 31 March 2025,

the Company had complied with al the aplicable code provisions

of the CG Code for the time being in force, except the deviation

stipulated below.

Acording to the code provision C.2.1 of the CG Code, the roles of

the chairman and chief executive should be separate and should not

be performed by the same individual. Under the curent management

structure of the Company, Ms. LAI Ka Ye Gigi is the chairlady of the

Board (the “Chairlady”) and chief executive oficer of the Company (the

“Chief Executive Oficer”). As Ms. LAI Ka Ye Gigi has ben leading

the Group as the Group’s Chief Executive Oficer and a director of

each of major subsidiaries since the establishment of the relevant

major subsidiaries, the Board believes that it is in the best interest

of the Group to continue to have Ms. LAI Ka Ye Gigi acting as the

Chairlady and Chief Executive Oficer for more efective management

and planing of the Group. Therefore, the Board considers that the

deviation from provision C.2.1 of the CG Code is aceptable and

apropriate in the circumstances and curently does not propose to

separate the functions of chairman and the chief executive oficer.

Purpose, Values, Strategy and Culture

The core purpose of the Company is to create value for its

shareholders. It strives to become a wel renowned enterprise

in the provision of non-surgical medical aesthetic and welnes

beauty services and sale of skincare products and aims to be

the powerhouse of Women’s Love Brands that uplift women to

be the best vision of themselves with our comprehensive range

of customized medical aesthetics and welnes beauty treatment

services, skincare and cosmetic products, and health suplements.

Its mision is to lead the development of the industry and set the

industry benchmarks. In this conection, it endeavours to maintain

acountability to its employes, consumers, shareholders, the

society, and the environment. These purposes and values shape the

Company’s strategy, which are geared towards building a trusted

and beloved enterprise whereby values for shareholders are created.

30MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

Compliance of Code of Conduct for Directors’

Securities Transactions

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers contained in Apendix

C3 of the Listing Rules of the Stock Exchange. Having made specific

enquiries to al the Directors, al the Directors confirmed that they

had complied with the required standard of dealings and the code of

conduct regarding securities transactions by Directors adopted by

the Company during FY2025.

Board of Directors

Board Composition

During the year and up to the date of this report, the composition of

the Board is as folows:

Executive Directors

Ms. LAI Ka Ye Gigi (Chairlady and Chief Executive Oficer)

Mr. HO Tsz Leung Lincoln

Dr. LAM Ping Yan

Independent Non-Executive Directors

Mr. CHENG Yuk Wo

Mr. CHENG Fu Kwok David

Mr. LI Wai Kwan

During the year ended 31 March 2025, the Company has complied

with Rule 3.10 of the Listing Rules relating to the apointment of at

least 3 independent non-executive directors (“INEDs”) representing

more than one-third of the Board and at least one of the INEDs must

have apropriate profesional qualifications or acounting or related

financial management expertise. Al INEDs also met the guidelines

for asesment of their independence pursuant to Rule 3.13 of the

Listing Rules. Each of the INEDs makes an anual confirmation of

independence pursuant to the requirements of the Listing Rules. The

Company is of that view that al the INEDs met the independence

guidelines set out in the relevant requirements of the Listing Rules

and are independent in acordance with the terms of the guidelines.

After anual asesment by the Nomination Comite, the Board

considers the curent structure, size and composition of the Board

is performing a balanced and independent monitoring function on

management practices to complement the Company’s corporate

strategy. The Directors and their biographical details as at the date of

this anual report are set out on pages 21 to 28 of this anual report.

遵守董事进行证券交易之行为守则

本公司已采纳联交所上市规则附录C3所载的

上市发行人董事进行证券交易的标准守则。

经向全体董事作出特定查询后，全体董事确

认于2025财政年度内已遵守交易的所需标准

及本公司所采纳关于董事进行证券交易的行

为守则。

董事会

董事会组成

于本年度内及直至本报告日期，董事会之组

成如下：

执行董事

黎珈而女士（主席兼行政总裁）

何子亮先生

林秉恩医生

独立非执行董事

郑毓和先生

郑辅国先生

李伟君先生

截至2025年3月31日止年度，本公司已遵照

上市规则第3.10条有关委任至少三名独立非

执行董事（「独立非执行董事」）而其至少占董

事会三分之一的规定，而至少一名独立非执

行董事必须具备适当专业资格或会计或相关

财务管理专长。所有独立非执行董事符合上

市规则第3.13条评估其独立性的指引。各独

立非执行董事根据上市规则的规定发出年度

独立性确认书。本公司认为，所有独立非执

行董事均符合上市规则所载有关独立性指引

之相关规定，并根据指引的条款而言均属独

立人士。

提名委员会进行年度评核后，董事会认为董

事会现时的架构、规模及组成对管理层惯例

正发挥公正及独立的监察职能，以配合本公

司的企业策略。董事及彼等于本年报日期的

履历详情载于本年报第21至28页。

312025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会获得独立观点的机制

本公司明白董事会的独立性对良好的企业管

治至关重要。董事会已建立一项机制，使董

事能够在行使董事职责时寻求独立的专业意

见以作决策，以确保董事会拥有强大的独立

元素，这是有效董事会的关键。

根据该项机制，在本公司执行董事先批准

（不得无理拒绝或延迟批准）的情况下，董事

可在适当情况下，在必要时向独立于本公司

的顾问寻求独立的法律、财务或其他专业意

见，以使他们能够有效地履行其对本公司事

务或受托或其他职责的责任，费用由本公司

承担。如董事会正在寻求独立专业意见，必

须事先获得本公司执行董事的批准（不得无理

拒绝或延迟批准）。

董事会每年对该机制进行检讨，以确保该机

制的实施成效。

于本年度，董事会已检讨实施有关机制的有

效性，认为有关机制有效。

主席及行政总裁

黎珈而女士为主席兼行政总裁。由于黎珈而

女士一直担任本集团行政总裁领导本集团，

且于相关主要附属公司成立以来一直担任各

主要附属公司之董事，董事会相信，黎珈而

女士继续担任主席及行政总裁符合本集团最

佳利益，以更有效管理及规划本集团。因此，

董事会认为，偏离企业管治守则守则条文第

C.2.1条的情况属可接受及适当，目前并不建

议区分主席与行政总裁的职责。

黎珈而女士为主席兼行政总裁，负责本集团

的整体管理、品牌推广及策略企划、市场推

广及发展。彼亦为薪酬委员会成员，并担任

提名委员会主席。

Mechanism on Independent Views to the Board

The Company recognises that board independence is critical to god

corporate governance. The Board has established a mechanism is

to enable Directors to sek independent profesional advice when

exercising Directors’ duties to ensure a strong independent element

to the decision made by the Board which is key to an efective Board.

Acording to the mechanism, subject to the prior aproval by

the executive director of the Company (which aproval shal not

be unreasonably witheld or delayed), the Directors may sek

independent legal, financial or other profesional advice from

advisors independent of those advising the Company as and when

necesary in apropriate circumstances to enable them to discharge

their responsibilities efectively, either on the Company’s afairs or in

respect of their fiduciary or other duties, at the Company’s expense.

In case of the Board is seking independent profesional advice, prior

aproval must be given by the executive director of the Company

(which aproval shal not be unreasonably witheld or delayed).

The Board has reviewed this mechanism on an anual basis to

ensure the implementation and efectivenes of this mechanism.

During the year, the Board reviewed the validity of implementation of

such mechanism and considered that such mechanism are efective.

Chairlady and Chief Executive Oficer

Ms. LAI Ka Ye Gigi is the Chairlady and Chief Executive Oficer. As

Ms. LAI Ka Ye Gigi has ben leading the Group as the Group’s Chief

Executive Oficer and a director of each of major subsidiaries since the

establishment of the relevant major subsidiaries, the Board believes

that it is in the best interest of the Group to continue to have Ms. LAI

Ka Ye Gigi acting as the Chairlady and Chief Executive Oficer for

more efective management and planing of the Group. Therefore,

the Board considers that the deviation from code provision C.2.1 of

the CG Code is aceptable and apropriate in the circumstances and

curently does not propose to separate the functions of chairman and

the chief executive oficer.

Ms. LAI Ka Ye Gigi is the Chairlady and Chief Executive Oficer

who is responsible for overal management, branding and strategic

planing, marketing and development of our Group. She is also

a member of remuneration comite and the chairlady of the

Nomination Comite.

32MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会的角色及职责

董事会负责本集团的整体管理，包括控制本

公司资源分配及带领本公司争取成功。其监

督本集团的业务、战略决策、内部监控、风

险管理及表现。管理团队就本集团日常管理

获董事会委派权力及职责。董事会定期检讨

其所委派之职能及工作。董事会特别委派管

理层处理之主要企业事宜包括(1)编制中期及

年度报告以及公告以供董事会于刊发前审批；

(2)执行充足之内部监控系统及风险管理程序；

及(3)遵守相关法定及监管规定、规则及规例。

董事会亦负责厘定适用于本公司情况的合适

企业管治常规，并确保现有流程及程序到位

并可达致本公司企业管治目标。

董事会╱董事委员会议

董事会定期举行会议，以讨论整体策略及本

公司之营运及财务表现，并审阅及批准本公

司的中期及年度业绩。于截至2025年3月31

日止年度已定期举行四次董事会议，而各

董事出席董事会议之情况载于本报告第33

页。于2025年6月25日举行之董事会议

上，董事会已批准（其中包括）本公司及其附

属公司于截至2025年3月31日止年度之经审

核综合财务报表。

每年定期举行之董事会议均提早作出安排，

以尽可能安排更多董事出席。所有董事获提

供机会将讨论事项纳入议程内。公司秘书协

助主席准备会议程，以符合所有适用规则

及规例。董事会一般于董事会议的拟定日

期前至少三日向董事寄发议程及相关董事会

文件。各董事会议的会议记录初稿会于主

席签署前送交董事传阅，以供彼等提出意见。

会议记录由公司存档，亦可由任何董事提出

合理通知于任何合理时间内公开查阅。

Roles and Responsibility of the Board

The Board is responsible for the overal management of the Group,

which includes controling resources alocation of the Company and

leading the Company to strive for suces. It overses the Group’s

busineses, strategic decisions, internal control, risk management

and performances. The management team is delegated with the

authority and responsibility by the Board for the daily management of

the Group. The delegated functions and work tasks are periodicaly

reviewed. Major corporate maters that are specificaly delegated by

the Board to the management include (1) the preparation of interim

and anual reports and anouncements for the Board’s aproval

before publishing; (2) implementation of adequate systems of internal

controls and risk management procedures; and (3) compliance

with relevant statutory and regulatory requirements and rules and

regulations. It is the responsibility of the Board to determine the

apropriate corporate governance practices aplicable to the

Company’s circumstances and to ensure proceses and procedures

are in place to achieve the Company’s corporate governance

objectives.

Board/Board Comite Metings

The Board mets regularly to discus the overal strategy as wel as

the operation and financial performance of the Company, and to

review and aprove the Company’s interim and anual results. Four

regular board metings were held during the year ended 31 March

2025 and the atendance of each Director at the Board metings

is set out on page 33 of this report. At the Board meting held on

25 June 2025, the Board has aproved, among other maters, the

audited consolidated financial statements of the Company and its

subsidiaries for the year ended 31 March 2025.

Regular Board metings for each year are scheduled in advance to

facilitate maximum atendance of Directors. Al Directors are given

an oportunity to include maters for discusion in the agenda. The

Company Secretary asists the Chairlady in preparing the agenda

for metings to comply with al aplicable rules and regulations. The

agenda and the acompanying Board papers are normaly sent to

Directors at least thre days before the intended date of a Board

meting. Draft minutes of each Board meting are circulated to

Directors for their coment before signature of the Chairlady. The

minutes are kept by the Company and are open for inspection at any

reasonable time on reasonable notice by any Director.

332025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

Atendance/Number of Metings Held

出席╱举行会议次数

Board

Meting

Audit

Comite

Meting

Remuneration

Comite

Meting

Nomination

Comite

Meting

Anual

General

Meting

董事会议

审核委员会

会议

薪酬委员会

会议

提名委员会

会议

股东

周年大会

Executive Directors执行董事

Ms. LAI Ka Ye Gigi黎珈而女士4/4–2/21/11/1

Mr. HO Tsz Leung Lincoln何子亮先生4/4–1/1

Dr. LAM Ping Yan林秉恩医生4/4–1/1

Independent Non-Executive Directors独立非执行董事

Mr. CHENG Fu Kwok David郑辅国先生4/43/3–1/11/1

Mr. CHENG Yuk Wo郑毓和先生4/43/32/21/11/1

Mr. LI Wai Kwan李伟君先生4/43/32/2–1/1

Apointment, Re-election, Rotation and Removal of

Directors

In acordance with the Articles of Asociation, the Directors shal have

the power from time to time and at any time to apoint any person

as a Director either to fil a casual vacancy on the Board or as an

adition to the existing Board. Any Director apointed by the Board

to fil a casual vacancy shal hold ofice until the first general meting

of Members after his apointment and be subject to re-election at

such meting and any Director apointed by the Board as an adition

to the existing Board shal hold ofice only until the next folowing

anual general meting of the Company and shal then be eligible for

re-election.

At each anual general meting of the Company, not les than one-

third of the Directors shal retire from ofice by rotation provided that

each Director shal be subject to retirement by rotation at the anual

general meting at least once every thre years.

董事的委任、重选、轮选及罢免

根据组织章程细则，董事有权不时及随时委

任何人士为董事以填补董事会临时空缺或

增加现行董事会席位。获董事会委任以填补

临时空缺之任何董事将任职直至其获委任后

的首届股东大会为止，并于该大会上重选连

任，而获董事会委任以增加现行董事会席位

之任何董事仅将任职直至本公司下届股东周

年大会为止，并符合资格重选连任。

于本公司的每届股东周年大会上，不少于三

分之一之董事须轮值退任，惟各董事须于股

东周年大会上最少每三年轮值退任一次。

34MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事持续专业发展

本公司鼓励所有董事参与持续专业发展以进

一步增加及更新彼等之知识及技能，确保彼

等继续在具备全面资讯及切合所需的情况下

对董事会作出贡献。董事均已向本公司提供

以下彼等于截至2025年3月31日止年度所参

与的培训记录。

培训类型：

  1. 。
  1. ╱会议╱论坛╱工作坊╱研讨会。

企业管治职能

本公司之企业管治职能由董事会根据其采纳

的一套书面职权范围而履行，其中包括(a)制

定及检讨本公司之企业管治政策及常规，并

向董事会提出推荐建议；(b)检讨及监察本公

司及其附属公司之董事及高级管理层之培训

及持续专业发展；(c)检讨及监察本公司的政

策（包括董事会成员多元化政策、股东沟通政

策以及确保董事会独立意见的机制）以及在遵

守法律及监管规定方面之政策及常规；(d)制

定、检讨及监察适用于本公司及其附属公司

雇员及董事之操守则及合规手册（如有）；(e)

检讨本公司遵守企业管治守则之情况及本公

司须根据上市规则编制之企业管治报告内之

披露；及(f)考虑、检讨及决定董事会授权的

任何其他主题。于本年度，董事会已审阅及

讨论本集团的企业管治政策，并信纳其企业

管治政策的成效。

Directors’ Continuous Profesional Development

The Company encourages al Directors to participate in continuous

profesional development to further enhance and refresh their knowledge

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

relevant. The Company received from the Directors the folowing records

of the training atended during the year ended 31 March 2025.

Nature of Trainings

培训性质

Type 1Type 2

第1类第2类

Executive Directors执行董事

Ms. LAI Ka Ye Gigi黎珈而女士✓

Mr. HO Tsz Leung Lincoln何子亮先生✓

Dr. LAM Ping Yan林秉恩医生✓

Independent Non-Executive Directors独立非执行董事

Mr. CHENG Yuk Wo郑毓和先生✓

Mr. CHENG Fu Kwok David郑辅国先生✓

Mr. LI Wai Kwan李伟君先生✓

Type of trainings:

1. Reading materials.

2. Atending training sesions/conference/forum/workshops/seminars.

Corporate Governance Function

The Company’s corporate governance function is caried out by the

Board pursuant to a set of writen terms of reference adopted by the

Board, which include (a) develop and review the Company’s policies and

practices on corporate governance and make recomendations to the

Board; (b) review and monitor the training and continuous profesional

development of Directors and senior management of the Company

and its subsidiaries; (c) review and monitor the Company’s policies,

including board diversity policy, shareholders comunication policy and

mechanisms to ensure independent views of the Board, and practices

on compliance with legal and regulatory requirements; (d) develop,

review and monitor the code of conduct and compliance manual (if

any) aplicable to employes and Directors of the Company and its

subsidiaries; (e) review the Company’s compliance with the CG Code

and disclosures in the corporate governance report of the Company

required to be prepared pursuant to the Listing Rules; and (f) consider,

review and decide any other topics, as authorised by the Board. During

the year, the Board reviewed and discused the corporate governance

policy of the Group and was satisfied with the efectivenes of its

corporate governance policy.

352025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

审核委员会

董事会已根据上市规则第3.21条至第3.23条

及企业管治守则成立审核委员会，设有特定

书面职权范围。本公司审核委员会（「审核委

员会」）获授权动用本公司资金，以取得来自

外聘法律顾问、会计师、调查服务之意见或

其他专业意见。审核委员会之职权及职责详

情于本公司及联交所网站可供查阅。

审核委员会由三名独立非执行董事组成，即

郑辅国先生、郑毓和先生及李伟君先生，而

郑毓和先生为审核委员会主席。

于截至2025年3月31日止年度，审核委员会

已举行三次会议，而本公司外聘核数师已列

席该会议，以便审核委员会成员与核数师就

本集团财务申报过程交流意见及关注的问题。

于截至2025年3月31日止年度，审核委员会

已与管理层及外聘核数师审阅本集团采纳的

会计原则及常规，并商讨审核、内部监控及

财务申报事宜，包括以下内容：

• 审阅截至2024年3月31日止年度的经

审核财务报表；

• 审阅截至2024年9月30日止六个月的

中期业绩；

• 向董事会建议重新委任本公司外聘核数

师，并批准外聘核数师的薪酬及聘用条

款；及

• 审阅本公司及其附属公司的风险管理及

内部监控系统。

审核委员会各成员出席会议之情况载于本报

告第33页。

Audit Comite

An audit comite has ben established by the Board with specific

writen terms of reference folowing the Rules 3.21 to 3.23 of the

Listing Rules and the CG Code. The audit comite of the Company

(the “Audit Comite”) is authorised to comit Company funds

in order to obtain advice from outside legal counsel, acountants,

investigatory services or other expert advice. Details of the authority

and responsibilities of the Audit Comite are available on the

websites of the Company and the Stock Exchange.

The Audit Comite comprises thre INEDs, namely Mr. CHENG

Fu Kwok David, Mr. CHENG Yuk Wo and Mr. LI Wai Kwan and Mr.

CHENG Yuk Wo is the chairman of the Audit Comite.

The Audit Comite held thre metings during the year ended

31 March 2025 and the meting were atended by the Company’s

external auditor so that the members of the Audit Comite could

exchange their views and concerns on the financial reporting proces

of the Group with the auditor.

During the year ended 31 March 2025, the Audit Comite

had reviewed with the management and the external auditor the

acounting principles and practices adopted by the Group and

discused auditing, internal controls, and financial reporting maters

including the folowing:

• the review of the audited financial statements for the year ended

31 March 2024;

• the review of the interim results for the six months ended 30

September 2024;

• the recomendation to the Board for the proposal for re-

apointment of the external auditor of the Company and

aproval of the remuneration and terms of engagement of the

external auditor; and

• the review of the risk management and internal control systems

of the Company and its subsidiaries.

The atendance of each member of the Audit Comite is set out on

page 33 of this report.

36MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

薪酬委员会

董事会已根据上市规则第3.25条至第3.26条

及企业管治守则成立薪酬委员会（「薪酬委员

会」），设有特定书面职权范围，且薪酬委员

会大部分成员为独立非执行董事并负责向董

事会就有关个别执行董事及高级管理层之薪

酬待遇（包括批准执行董事服务合约条款）作

出推荐建议。薪酬委员会之职权及职责详情

于本公司及联交所网站可供查阅。

薪酬委员会包括一名执行董事，即黎珈而女

士，以及两名独立非执行董事，即郑毓和先

生及李伟君先生。郑毓和先生为薪酬委员会

主席。

于截至2025年3月31日止年度，薪酬委员会

已举行两次会议，所有委员会成员均有出席。

于本年度内，薪酬委员会审阅本公司董事及

高级管理层之薪酬待遇及表现花红并向董事

会提供建议（包括若干董事的薪酬增幅，并于

财务报表附注8所披露），以及评估执行董事

的表现。

本集团之业务由执行董事（即本公司的高级管

理人员）直接负责。截至2025年3月31日止

年度之董事薪酬金额详情载于财务报表附注8。

董事薪酬政策

本公司已制定董事薪酬政策。各董事所收取

的费用会作出年度调整，比率由薪酬委员会

审阅及董事会酌情决定。董事薪酬乃参考（其

中包括）有关董事的经验、职责、工作量及为

本集团付出的时间而厘定。

Remuneration Comite

A remuneration comite has ben established by the Board (the

“Remuneration Comite”) with specific writen terms of reference

folowing the Rules 3.25 to Rules 3.26 of the Listing Rules and the

CG Code and the majority of the members of the Remuneration

Comite are INEDs and responsible to make recomendations

to the Board on the remuneration packages of individual executive

directors and senior management (including aproving the terms of

executive directors’ service contracts). Details of the authority and

responsibilities of the Remuneration Comite are available on the

websites of the Company and the Stock Exchange.

The Remuneration Comite comprises one executive director,

namely Ms. LAI Ka Ye Gigi and two INEDs, namely Mr. CHENG Yuk

Wo and Mr. LI Wai Kwan. Mr. CHENG Yuk Wo is the chairman of the

Remuneration Comite.

The Remuneration Comite held two metings during the year

ended 31 March 2025 with the presence of al comite members.

During the year, the Remuneration Comite reviewed and made

recomendations to the Board regarding the remuneration packages

and performance bonuses for the Directors and senior management of

the Company (including increase of remuneration of certain directors

as disclosed in the note 8 to the financial statements) and asesed

performance of executive directors.

The Group’s busineses are under the direct responsibility of the

executive directors who are the senior management of the Company.

Details of the amount of Directors’ emoluments for the year ended 31

March 2025 are set out in note 8 to the financial statements.

Remuneration Policy for Directors

The Company has a remuneration policy for Directors. Each of the

Directors wil receive a fe which is subject to an anual adjustment

at a rate to be reviewed by the Remuneration Comite and be

determined at the discretion of the Board. The remuneration of

the Directors is determined, inter alia, by reference to the relevant

Director’s experience, responsibilities, workload and time devoted to

the Group.

372025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

提名委员会

董事会已根据企业管治守则成立提名委员会，

设有特定书面职权范围。提名委员会负责（其

中包括）物色合适人选出任董事会成员、考虑

续聘董事以及董事继任计划，并就上述事项

向董事会提出推荐建议。提名委员会之职权

及职责详情于本公司及联交所网站可供查阅。

提名委员会包括一名执行董事，即黎珈而女

士，以及两名独立非执行董事，即郑辅国先

生及郑毓和先生。黎珈而女士为提名委员会

主席。

于截至2025年3月31日止年度，提名委员会

已举行一次会议，所有委员会成员均有出席。

于截至2025年3月31日止年度，提名委员会

已审阅董事会之架构、规模及组成及董事会

成员多元化政策，讨论有关董事退任及重选

的事宜及董事的承替计划及评估独立非执行

董事之独立性。提名委员会认为董事会成员

具备专业知识及独立性以履行董事会职能及

职责。

董事会亦已采纳提名政策（「提名政策」），其

载列委任及重新委任董事的甄选标准及程序。

用于评估候选人是否为合适的甄选标准包括

（其中包括）有关候选人的学术背景及专业资

格、相关的行业经验、品格及诚信等。

Nomination Comite

A Nomination Comite has ben established by the Board with

specific terms of reference folowing the CG Code. The Nomination

Comite is responsible for, amongst other things, identifying

individuals suitably qualified to become Board members, considering

the reapointment of the Directors and sucesion planing for

Directors and making recomendations to the Board in respect of

the aforesaid maters. Details of the authority and responsibilities

of the Nomination Comite are available on the websites of the

Company and the Stock Exchange.

The Nomination Comite comprises one executive director, namely

Ms. LAI Ka Ye Gigi and two INEDs, namely Mr. CHENG Fu Kwok

David and Mr. CHENG Yuk Wo. Ms. LAI Ka Ye Gigi is the chairlady

of the Nomination Comite.

The Nomination Comite held one meting during the year ended

31 March 2025 with the presence of al comite members. During

the year ended 31 March 2025, the Nomination Comite reviewed

the structure, size and composition of the Board and board diversity

policy, discused maters regarding the retirement and re-election of

Directors and sucesion planing for Directors and asesment of

the independence of INEDs. The Nomination Comite concluded

that members of the Board have posesed the expertise and

independence to cary out the Board’s functions and responsibilities.

The Board has also adopted a nomination policy (the “Nomination

Policy”) which sets out the selection criteria and procedure of

apointing and re-apointing a Director. The selection criteria used

in asesing the suitability of a candidate include, inter alia, such

candidate’s academic background and profesional qualifications,

relevant experience in the industry, character and integrity etc.

38MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

Pursuant to the Nomination Policy, the Nomination Comite

reviews the structure, size and composition of the Board periodicaly

and make recomendation on any proposed changes to the

Board to complement the Company’s corporate strategy. When

it is necesary to fil a casual vacancy or apoint an aditional

director, the Nomination Comite identifies or selects candidates

as recomended to the comite pursuant to the criteria set out

in the Nomination Policy. Based upon the recomendation of the

Nomination Comite, the Board deliberates and decides on the

apointment. In adition, every Director shal be subject to retirement

by rotation or re-election at least once every thre years and shal

be eligible for re-election at anual general meting. The Nomination

Comite shal review the overal contribution and service to the

Company, expertise and profesional qualifications of the retiring

Directors, who ofered himself/herself for re-election at the anual

general meting, to determine whether such Director continues to

met the criteria as set out in the Nomination Policy.

Board Diversity Policy

The Board has adopted a board diversity policy (the “Policy”) which

sets out the basis to achieve diversity on the Board.

The Company recognises and embraces the benefits of having a

diverse Board to enhance the quality of its performance. Al Board

apointments wil be based on meritocracy, and candidates wil be

considered against selection criteria.

The selection of candidates wil be based on a range of diversity

perspectives, which would include but not be limited to gender, age,

cultural and educational background, profesional experience, skils,

knowledge and length of service. The ultimate decision wil be based

on merit and contribution that the selected candidates wil bring to

the Board taking into acount factors based on its own busines

model and specific neds from time to time and with due regard for

the benefits of diversity on the Board. The Board’s composition wil

be disclosed in the anual report of the Company. The Board wil give

adequate consideration to this Policy when it identifies suitable and

qualified candidates to become members of the Board.

根据提名政策，提名委员会定期检讨董事会

的架构、规模及组成，并就董事会的任何建

议变动作出推荐建议，以配合本公司的企业

策略。如有需要填补临时空缺或委任额外董

事，提名委员会根据提名政策所载的标准

识别或甄选向委员会推荐的候选人。根据提

名委员会的推荐建议，董事会就委任进行

商讨及作出决策。此外，各董事须至少每三

年轮值退任或膺选连任一次，并将符合资格

在股东周年大会上膺选连任。提名委员会须

检讨愿意于股东周年大会上膺选连任的退任

董事对本公司所作出的整体贡献及服务、专

业知识及专业资格，以厘定有关董事是否继

续符合提名政策所载的标准。

董事会成员多元化政策

董事会已采纳董事会成员多元化政策（「政

策」），当中载有达致董事会成员多元化的基准。

本公司认同及赞同设立成员多元化的董事会

以提高其表现质素的裨益。所有董事会成员

的委任均以用人唯才为原则，并在考虑侯选

人时采用甄选标准。

甄选侯选人将按一系列多元化范畴为基准，

包括（但不限于）性别、年龄、文化及教育背

景、专业经验、技能、知识及服务任期。最

终将按经甄选侯选人的长处及可为董事会提

供的贡献而作决定，当中根据本身的业务模

式及不时的特定需要考虑各种因素，并适当

考虑董事会成员多元化的裨益。董事会的组

成将在本公司之年报内披露。董事会将充份

考虑本政策以物色具备适当资格的侯选人担

任董事会成员。

392025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

As at the date of this report, the Board comprises six Directors,

amongst them, thre are INEDs, thereby promoting critical review and

control of the management proces. The Board is also characterized

by significant diversity, regardles in terms of age, profesional

experience, skils and knowledge.

Having reviewed the Policy and the Board’s composition, the

Nomination Comite considered that the requirements of the Policy

had ben met.

During the year, the Nomination Comite has reviewed the validity

of implementation of the Policy and considered that the Policy are

efective.

The Board comprises 5 male Directors and 1 female Director. As at

31 March 2025, the Company has 239 employes in total comprising

of aproximately 218 females and 21 males (a female-to-male ratio of

10.38:1).

The Group when hiring employes considers a number of factors,

including but not limited to gender, age, cultural and education

background, qualification, ethnicity, profesional experience, skils,

knowledge and length of service. The Nomination Comite of the

Company has reviewed anualy gender diversity in the Group.

Dividend Policy

Under the Companies Law of Cayman Islands and the Memorandum

and Articles of Asociation of the Company, dividends may be paid

out of the profits of the Company, or subject to solvency of the

Company, out of sums standing to the credit of the share premium

acount of the Company. However, no dividend shal exced the

amount recomended by Directors of the Company.

于本报告日期，董事会由六名董事组成，其

中三名为独立非执行董事，因此有助于严格

检讨及监控管理程序。董事会无论从年龄、

专业经验、技能及知识而言亦具有浓厚的多

元化特色。

经审阅政策及董事会的组成后，提名委员会

认为已满足政策要求。

于本年度，提名委员会已检讨实施政策的有

效性，认为政策有效。

董事会由5名男性董事及1名女性董事组成。

于2025年3月31日，本公司总共雇用239名

雇员，由约218名女性及21名男性（女性对男

性比率为10.38:1）组成。

本集团于聘用雇员时考虑多项因素，包括但

不限于性别、年龄、文化及教育背景、资历、

种族、专业经验、技能、知识及服务年期。

本公司提名委员会每年检讨本集团的性别多

元化。

股息政策

根据开曼群岛公司法及本公司组织章程大纲

及细则，股息可自本公司溢利中派付或（受本

公司的偿付能力所限）以本公司的股份溢价账

的进账款项派付。然而，股息均不得超过本

公司董事所建议的金额。

40MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

Declaration and recomendation of payment of dividends of the

Company is subject to the aproval of the Directors of the Company,

depending on results of operations, working capital, financial position,

future prospects, and capital requirements, as wel as any other

factors which the Directors of the Company may consider relevant

from time to time. Any future declaration, recomendation and

payment of dividends of the Company may or may not reflect the

historical declarations and payments of dividends and wil be at the

absolute discretion of the Directors of the Company. The Company

does not have any predetermined dividend payout ratio.

Acountability and Audit

The Board is responsible for overseing the preparation of financial

statements on an on-going concern basis, with suporting

asumptions or qualifications as necesary, for each financial period

with a view to ensure that such financial statement gives a true

and fair view of the state of afairs of the Group, and of the results

and cash flows for the financial year. In preparing the financial

statements for the year ended 31 March 2025, the Board has

selected apropriate acounting policies, aplied them consistently in

acordance with the Hong Kong Financial Reporting Standards which

are pertinent to its operations and relevant to the financial statements,

made judgements and estimates that are prudent and reasonable,

and ensured the preparation of the financial statements on the going

concern basis.

The Group endeavours to present a balanced, clear and

comprehensive asesment of the Group’s performance, position

and prospects. The interim and anual results of the Company are

anounced in a timely maner within the limit of two months and

thre months, respectively, after the end of the relevant periods in

acordance with the Listing Rules.

The Directors have acknowledged their responsibility for preparing al

information and representation contained in the financial statements

of the Company for the year ended 31 March 2025.

The responsibility of the Company’s auditor, Ernst & Young, is set out

in the section headed “Independent Auditor’s Report”.

本公司宣派及建议派付股息须待本公司董事

批准后，视乎经营业绩、营运资金、财务状

况、未来前景及资本要求以及本公司董事可

能不时认为有关的任何其他因素而定。本公

司股息的任何未来宣派、建议及派付不一定

会反映股息的过往宣派及派付，并将由本公

司董事全权酌情决定。本公司并无任何预定

的派息率。

问责及核数

董事会按持续经营基准（并已作出所需相关假

设或条件）负责监督编制各财政期间之财务报

表，以确保该等财务报表能真实公平地反映

本集团之事务状况以及该财政年度之业绩及

现金流量。于编制截至2025年3月31日止年

度之财务报表时，董事会已采用合适会计政

策，贯彻应用与其业务及财务报表有关之香

港财务报告准则，作出审慎及合理之判断及

估计，并确保按持续经营基准编制财务报表。

本集团力求平衡、清晰及全面评估本集团表

现、状况及前景。本公司的中期及年度业绩

已根据上市规则分别在有关期间结束后两个

月及三个月之限期内适时公布。

董事了解彼等有责任编制载列于截至2025年

3月31日止年度本公司财务报表内的所有资

料及陈述。

本公司核数师安永会计师事务所的责任载于

「独立核数师报告」一节。

412025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

核数师酬金

于本年度内，已付╱应付予安永会计师事务

所之酬金载列如下：

  • 。

风险管理及内部监控

董事会负责本公司之风险管理及内部监控系

统以及检讨其成效。董事会监督本集团整体

风险管理，并致力于识别风险、监控已识别

风险之影响及推动实行配合减轻风险之措施。

本公司之风险管理及内部监控系统旨在管理

（但非完全杜绝）未能达致业务目标之风险，

亦只会就重大错误陈述或损失提供合理（但并

非绝对）保证。

本公司已制定下列风险管理及内部监系统度

之特征及程序：

(a) 本集团用于识别、评估及管理重大风险

之程序概述如下：

风险识别：识别可能对本集团业务及营

运构成潜在影响之风险。

风险评估：透过使用管理层建立之评估

标准，评估已识别之风险；及考虑风险

对业务之影响及后果以及出现风险之可

能性。

风险应对：透过比较风险评估之结果，

排列风险优先次序；及厘定风险管理策

略及内部监控程序，以防止、避免或降

低风险。

Auditor’s Remuneration

During the year, the remuneration paid/payable to Ernst & Young is

set out as folows:

Services renderedFe paid/payable

所提供服务已付╱应付费用

HK$’000

千港元

Audit services核数服务1,600

Non-audit services非核数服务200

* Non-audit services included tax advisory and other related services.

Risk Management and Internal Control

The Board is responsible for the risk management and internal

control systems of the Company and reviewing their efectivenes.

The Board overses the overal risk management of the Group and

endeavours to identify, control impact of the identified risks and

facilitate implementation of cordinated mitigating measures. The

risk management and internal control systems of the Company

are designed to manage rather than eliminate the risk of failures to

achieve busines objectives, and can only provide reasonable and

not absolute asurance against material mistatement or los.

The Company’s risk management and internal control systems have

ben developed with the folowing features and proceses:

(a) The proceses used to identify, evaluate and manage significant

risks by the Group are sumarised as folows:

Risk Identification: Identifies risks that may potentialy afect the

Group’s busines and operations.

Risk Asesment: Aseses the risks identified by using the

asesment criteria developed by the management; and

considers the impact and consequence on the busines and

the likelihod of their ocurence.

Risk Response: Prioritises the risks by comparing the results

of the risk asesment; and determines the risk management

strategies and internal control proceses to prevent, avoid or

mitigate the risks.

42MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

Risk Monitoring and Reporting: Performs ongoing and periodic

monitoring of the risk and ensures that apropriate internal

control proceses are in place; revises the risk management

strategies and internal control proceses in case of any

significant change of situation; and reports the results of risk

monitoring to the management and the Board regularly.

(b) The main features of the risk management and internal control

systems are sumarised as folows:

Control procedures have ben designed to safeguard asets

against misapropriation and disposition; ensure compliance

with relevant laws, rules and regulations; ensure proper

maintenance of acounting records for provision of reliable

financial information used within the busines or for publication;

ensure that unauthorized aces and use of inside information

are strictly prohibited; and to provide reasonable asurance

against material mistatement, los or fraud.

The Company does not have an internal audit function and is curently

of the view that there is no imediate ned to set up an internal audit

function within the Group in light of the size, nature and complexity

of the Group’s busines. Nevertheles the Company engaged an

external profesional firm to cary out internal audit functions. It was

decided that the Board would be directly responsible for internal

control of the Group and for reviewing its efectivenes.

The Board has engaged an external profesional firm as its risk

management and internal control review adviser (“the Adviser”) to

conduct the anual review of the risk management and internal

control systems for the year ended 31 March 2025. Such review is

conducted anualy and cycles reviewed are under rotation basis.

The scope of review was previously determined and aproved by

the Board. The Adviser has reported to the Audit Comite and

management for findings and areas for improvement, if any. The

Board and Audit Comite are of the view that there are no material

internal control defeats noted. Al recomendations from the Adviser

are properly folowed up by the Group to ensure that they are

implemented within a reasonable period of time. The Board therefore

considered that the risk management and internal control systems

are efective and adequate.

风险监察及汇报：持续并定期监察有关

风险，以及确保设有适当的内部监控程

序；于出现任何重大变动时，修订风险

管理策略及内部监控程序；及向管理层

及董事会定期汇报风险监察的结果。

(b) 风险管理及内部监控系统之主要特征概

述如下：

本集团已制定监控程序，旨在保障资产

不会被挪用及处置；确保遵守有关法例、

规则及规例；确保妥善保管会计记录以

提供可靠财务资料用于业务用途或公众

使用；确保严格禁止未授权获取及利用

内部资料；及针对重大错误陈述、损失

或欺诈行为提供合理保证。

本公司并无内部审核职能，而鉴于本集团业

务之规模、性质及复杂性，其认为现时并无

必要立即于本集团内设立内部审核职能。然

而，本公司已委聘一间外部专业机构进行内

部审核职能。本公司决定董事会将直接负责

本集团之内部监控，并检讨其成效。

董事会已委聘一间外部专业机构担任其风险

管理及内部监控检讨顾问（「顾问」）以对截至

2025年3月31日止年度的风险管理及内部监

控系统进行年度检讨。该项检讨每年进行并

依环节轮流审核。检讨范围早前已由董事会

制订及审批。顾问已向审核委员会及管理层

汇报结果及需改进（如有）之范畴。董事会及

审核委员会认为，并无发现重大内部监控缺

失。本集团将适当跟进顾问的全部建议，并

确保于合理时间内落实执行。因此，董事会

认为，风险管理及内部监控系统有效且充足。

432025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

Whistleblowing Policy

The Board has adopted a whistleblowing policy (the “Whistleblowing

Policy”). The purpose of the Whistleblowing Policy is to (i) foster

a culture of compliance, ethical behavior and god corporate

governance acros the Group; and (i) promote the importance

of ethical behavior and encourages the reporting of misconduct,

unlawful and unethical behavior.

The nature, status and the results of the complaints received under

the Whistleblowing Policy are reported to the chairman of the Audit

Comite. No incident of fraud or misconduct that have material

efect on the Group’s financial statements or overal operations for the

year ended 31 March 2025 has ben discovered. The Whistleblowing

Policy is reviewed anualy by the Audit Comite to ensure its

efectivenes.

Anti-coruption Policy

The Board has adopted an anti-coruption policy (the “Anti-coruption

Policy”). The Group is comited to achieve the highest standards

of integrity and ethical behaviour in conducting busines. The Anti-

coruption Policy forms an integral part of the Group’s corporate

governance framework. The Anti-coruption Policy sets out the

specific behavioural guidelines that the Group’s personel and

busines partners must folow to combat coruption. It demonstrates

the Group’s comitment to the practice of ethical busines conduct

and the compliance of the anti-coruption laws and regulations that

aply to its local and foreign operations. In line with this comitment

and to ensure transparency in the Group’s practices, the Anti-

coruption Policy has ben prepared as a guide to al employes of

the Group and third parties dealing with the Group.

The Anti-coruption Policy is reviewed and updated periodicaly to

align with the aplicable laws and regulations as wel as the industry

best practice.

举报政策

董事会采纳举报政策（「举报政策」）。举报政

策旨在(i)于整个本集团培养合规、合乎道德

行为及良好企业管治；及(i)宣传道德行为的

重要性及鼓励举报行为不当、非法及不道德

行为。

根据举报政策所接获的投诉的性质、状况及

处理结果须向审核委员会主席汇报。截至

2025年3月31日止年度，概无发现对本集团

的财务报表或整体营运产生重大影响的欺诈

或不当行为事件。审核委员会每年检讨举报

政策，以确保其成效。

反贪污政策

董事会采纳反贪污政策（「反贪污政策」）。本

集团致力在经营业务方面达致最高诚信及道

德行为标准。反贪污政策构成本集团企业管

治框架的一部分。反贪污政策载列本集团员

工及业务伙伴必须遵守以打击贪污的具体行

为指引。这表明本集团对践行合乎道德的商

业行为以及遵守适用于其本地及海外业务的

反贪污法律及法规的承诺。为贯彻此承诺及

确保本集团常规的透明度。本集团制定反贪

污政策，作为本集团所有雇员及与本集团有

业务往来的第三方的行为指引。

反贪污政策会定期检讨及更新，以符合适用

法律法规及行业最佳常规。

44MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

Disemination of Inside Information

The Company is comited to a consistent practice of timely,

acurate and suficiently detailed disclosure of material information

about the Group. The Company has adopted a Policy on Disclosure

of Inside Information which sets out the obligations, guidelines and

procedures for handling and disemination of inside information.

With those guidelines and procedures, the Group has management

controls in place to ensure that potential inside information can be

promptly identified, asesed and escalated for the atention of the

Board to decide about the ned for disclosure.

Company Secretary

The Company engages an external service provider to provide

company secretarial service and has apointed Mr. LO Tai On as its

Company Secretary. Mr. Lo is a member of HKICPA and has over

27 years of experience in the field of company secretarial services.

Mr. Lo has confirmed that for the year under review, he has taken

no les than 15 hours of relevant profesional training. Mr. Lo is not

an employe of our Group and he is responsible for advising to the

Group on corporate governance maters. The finance director of the

Company, curently Mr. Richard Wong, is the person who Mr. Lo can

contact for the purpose of code provision C.6.1 of the Code.

Shareholders’ Right

Procedures for shareholders to convene an extraordinary general

meting and to put forward proposal at general metings.

Pursuant to the articles of asociation of the Company, the Board

may whenever it thinks fit cal extraordinary general metings.

Any one or more members holding at the date of deposit of the

requisition not les than one-tenth of the paid up capital of the

Company carying the right of voting at general metings of the

Company shal at al times have the right, by writen requisition to the

Board or the Secretary of the Company, to require an extraordinary

general meting to be caled by the Board for the transaction of any

busines specified in such requisition; and such meting shal be held

within two (2) months after the deposit of such requisition. If within

twenty one (21) days of such deposit the Board fails to proced to

convene such meting the requisitionist(s) himself (themselves) may

do so in the same maner, and al reasonable expenses incured

by the requisitionist(s) as a result of the failure of the Board shal be

reimbursed to the requisitionist(s) by the Company.

发布内幕消息

本公司致力贯彻执行及时、准确及充足地详

细披露本集团之重大消息。本公司已采纳内

幕消息披露政策，当中载有处理及发布内幕

消息之责任、指引及程序。在该等指引及程

序下，本集团已设有管理监控，确保可即时

识别、评估及提交潜在内幕消息以供董事会

决定是否需要作出披露。

公司秘书

本公司委聘一间外聘服务供应商提供公司秘

书服务，并已委任罗泰安先生担任其公司秘

书。罗先生为香港会计师公会员，于公司

秘书服务领域拥有逾27年经验。罗先生已确

认，于回顾年度，彼已接受不少于15小时的

相关专业培训。罗先生并非本集团之雇员，

彼负责就企业管治事宜向本集团提供建议。

本公司现任财务总监黄天竞先生是罗先生根

据守则C.6.1条守则条文可联系的人士。

股东权益

股东召开股东特别大会及于股东大会上提呈

议案之程序。

根据本公司组织章程细则，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

一位或以上于递呈要求当日持有不少于本公

司缴足股本（具本公司股东大会之投票权）十

分之一的股东于任何时候有权透过向本公司

董事会或秘书发出书面要求，要求董事会召

开股东特别大会，以处理有关要求中指明的

任何事项；且该大会应于递呈该要求后两(2)

个月内举行。若于递呈当日起二十一(21)日

内，董事会未有开展召开有关大会之程序，

则递呈要求人士可自行以同样方式召开会议，

而递呈要求人士因董事会未能召开会议而产

生的所有合理开支应由本公司向递呈要求人

作出偿付。

452025年报 / 卓珈控股集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

The articles of asociation of the Company provides that no person

other than a Director retiring at the meting shal, unles recomended

by the Directors for election, be eligible for election as a Director at

any general meting unles a notice signed by a member (other than

the person to be proposed) duly qualified to atend and vote at the

meting for which such notice is given of his intention to propose

such person for election and also a notice signed by the person to be

proposed of his wilingnes to be elected shal have ben lodged at

the head ofice or at the registration ofice provided that the minimum

length of the period, during which such notice(s) are given, shal be

at least seven (7) days and that (if the notices are submited after the

despatch of the notice of the general meting apointed for such

election) the period for lodgment of such notice(s) shal comence

on the day after the despatch of the notice of the general meting

apointed for such election and end no later than seven (7) days prior

to the date of such general meting. The writen notice must state

that person’s biographical details as required by Rule 13.51 of Listing

Rules. The procedures for shareholder of the Company to propose a

person for election as Director is posted on the Company’s website.

Shareholder(s) may at any time send their enquiries and concerns to

the Board in writing by post at 18/F, Nan Fung Tower, 88 Conaught

Road Central, Central, Hong Kong. The Company shal forward the

Shareholder(s)’ enquiries and concerns to the Board and/or relevant

Board comites of the Company, where apropriate, to respond to

the Shareholder(s)’ enquiries.

本公司组织章程细则规定，除非获董事推荐

参选，否则除会上退任董事外，概无任何人

士合资格于任何股东大会上参选董事，除非

由正式合资格出席大会并于会上表决的股东

（并非拟参选人士）签署通告，当中表明建议

提名该人士参选的意向，并附上所提名人士

签署表示愿意参选的通知，提交总办事处或

过户登记处，而发出该等通知之期间最少须

为七(7)天，而（若该通知于寄发指定就该选

举所召开股东大会通告后递交）该通知之提交

期间须于寄发指定就该选举行之股东大会

之有关通告翌日开始，也不得迟于该股东大

会举行日期前七(7)日结束。书面通知必须按

照上市规则第13.51条规定列明该人士之履历

详情。本公司股东建议提名一名人士参选董

事之程序于本公司网站刊登。

股东可随时将其查询及关切事宜以书面形

式送达董事会，邮寄地址为香港中环干诺道

中88号南丰大厦18楼。本公司应向董事会

及╱或本公司相关董事委员会报告股东的查

询及关切事宜，并须在适当时对股东查询作

出回应。

46MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

股东沟通政策

本公司藉著不同的方法与股东及投资者沟通。

适时将有关本公司发展的中期及年度业绩公

告及新闻稿于本公司网站及香港交易及结算

所有限公司网站( w.hkexnews.hk )内发布，

可让股东评估本公司财务状况。谨敦请各股

东垂注该等可供公众查阅之资料。举行股东

周年大会能为股东提供有效渠道，向董事会

表达意见。于2024年举行的股东周年大会上，

主席已就各个别议题（包括重选董事）提呈个

别决议案，并以投票方式进行表决。本公司

已根据上市规则规定的方式公布投票结果。

董事会、审核委员会、薪酬委员会及提名委

员会的主席均已出席于2024年举行的股东周

年大会，确保与股东保持有效沟通。全体董

事已出席于2024年举行的股东周年大会。

年内，董事会已检讨股东沟通政策的实施情

况及成效，对上述政策感到满意，并认为采

用上述多种沟通途径与股东的整体沟通有效。

投资者关系

欢迎公众通过本公司网站及投资者关系部之

电邮（电邮地址： miricor@sprg.com.hk ）提供

意见及查询。管理层一直对任何此等查询给

予迅速回应。

宪章文件

截至2025年3月31日止年度，本公司组织章

程文件并无变更。

Shareholders’ Comunication Policy

The Company comunicates with its Shareholders and investors

through various means. Timely publication of interim and anual

results anouncements on the latest development of the Company

and pres release on the Company’s website and Hong Kong

Exchanges and Clearing Limited’s website at w.hkexnews.hk

could make the Shareholders apraise the Company’s financial

position. Shareholders are highly required to pay atention to these

public information. Holding of an anual general meting could

provide an efective forum for the Shareholders to share their views

with the Board. At the anual general meting held in 2024, separate

resolutions were proposed by the chairman in respect of each

separate isue, including re-election of Directors and voted by way of

pol. The Company anounced the results of the pol in the maner

prescribed under the Listing Rules. The respective chairman of the

Board, Audit Comite, Remuneration Comite and Nomination

Comite had atended the anual general meting held in 2024 to

ensure efective comunication with shareholders. Al the Directors

had atended the anual general meting held in 2024.

During the year, the Board has reviewed the implementation

and efectivenes of the shareholders’ comunication policy

and was satisfied with the said policy and considered the overal

comunication with shareholders was efective with the variety of

comunication chanels provided above.

Investor Relations

The public are welcomed to give their coments and make enquiries

through the Company’s website and by means of emails to the investor

relations department (email adres: miricor@sprg.com.hk ). The

management always provides prompt responses to any such enquiries.

Constitutional Documents

There was no change in the Company’s constitutional documents

during the year ended 31 March 2025.

472025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告

序言

卓珈控股集团有限公司欣然发布截至2025年

3月31日止年度的年度环境、社会及管治（「环

境、社会及管治」）报告（「环境、社会及管治

报告」），体现我们对持续遵守企业社会责任

的承诺。本集团深明可持续发展的重要性。

为达致卓越业务及提升长远竞争力，可持续

发展对本集团增长至为重要。本集团已制定

及实施多项政策，以管理及监察我们与环境、

社会及管治相关的重大风险。有关不同范畴

上对可持续发展的管理方针详情于本环境、

社会及管治报告说明。

报告期间

除另有说明外，本环境、社会及管治报告涵

盖自2024年4月1日起至2025年3月31日止

的期间（「报告期间」）。本报告包括披露本集

团对环境及社会带来的重大影响。

报告范围

我们的环境、社会及管治报告主要涵盖本集

团在香港的附属公司，该等附属公司主要从

事提供非手术性医学美容及生活美容服务

及出售护肤产品，截至2025年3月31日止

年度约占本集团总收益约99%（2024年：约

91%）。本集团将继续优化及完善本环境、社

会及管治的披露范围。

About this Report

Introduction

Miricor Enterprises Holdings Limited is delighted to publish its anual

Environmental, Social and Governance (“ESG”) report for the year

ended 31 March 2025 (“ESG Report”), demonstrating our continuous

comitment to corporate social responsibility. The Group recognises

the importance of sustainable development. Sustainability is crucial

for the Group’s growth in order to achieve busines excelence and

enhance long-term competitivenes. The Group has established and

implemented various policies to manage and monitor our significant

ESG-related risks. Details of the management aproaches to

sustainable development of diferent areas are ilustrated in this ESG

Report.

Reporting Period

Unles otherwise stated, this ESG Report covers the period from

1 April 2024 to 31 March 2025 (“reporting period”). It includes

disclosure of significant environmental and social impacts of our

Group.

Reporting Scope

Our ESG Report mainly covers subsidiaries of the Group in Hong

Kong which are principaly engaged in the provision of non-surgical

medical aesthetic and welnes beauty services and the sale of

skincare products acounting for aproximately 99% of the Group

total revenue for the year ended 31 March 2025 (2024: aproximately

91%). The Group wil continue to optimise and improve the coverage

of disclosure in this ESG Report.

48MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告（续）

报告基准

本环境、社会及管治报告乃根据上市规则附

录C2所载的环境、社会及管治指引编制。本

集团已遵守环境、社会及管治指引所载「不遵

守就解释」条文的披露规定。在编制本环境、

社会及管治报告的过程中，我们按照「重要

性、量化、平衡及一致性」的原则，概述了本

集团在企业及社会责任方面的表现。请参阅

下表以了解我们对该等报告原则的理解及回应。

About this Report (Continued)

Reporting Basis

This ESG Report was prepared in acordance to the ESG Guide set

out in Apendix C2 to the Listing Rules. The Group has complied

with the disclosure requirements of the “comply or explain” provisions

set out in the ESG Guide. During the proces of preparation of this

ESG Report, we sumarized the Group’s performance in corporate

and social responsibilities based on the principles of “Materiality,

Quantitative, Balance and Consistency”. Please refer to the table

below for our understanding and response to such reporting

principles.

Reporting PrinciplesDefinitionsOur Response

报告原则释义我们的回应

MaterialityThe isues covered in this ESG Report should

reflect the significant impacts of the Group on

the environment and society, or the scope of

asesments and decisions of stakeholders

being afected.

Through continuous comunication with

stakeholders, combined with the Group’s

strategic development and busines

operations, we can identify curent material

sustainable development isues.

重要性本环境、社会及管治报告所涵盖的议题应

反映本集团对环境及社会的重大影响，或

持份者受影响的评估及决策范围。

透过持续与持份者沟通，结合本集团的

策略发展及业务营运，我们可识别当前

的重大可持续发展议题。

QuantitativeThe ESG Report should disclose key

performance indicators (“KPIs”) in a

measurable maner.

The Group quantitatively discloses its

environmental and social KPIs, and

provides textual explanations on quantitative

resources.

量化本环境、社会及管治报告应以可计量方式

披露关键绩效指标（「关键绩效指标」）。

本集团量化地披露其环境及社会关键绩

效指标，并就量化资源提供文字解释。

Balance The ESG Report should reflect fairly the

overal sustainability performance of the

Group.

The Group has explained in detail the

sustainable development isues that have a

significant impact in the busines, including

the results achieved and the chalenges it

faces.

平衡本环境、社会及管治报告应公平反映本集

团的整体可持续发展表现。

本集团已详细解释对业务有重大影响的

可持续发展议题，包括所取得的成果及

所面临的挑战。

ConsistencyThe Group should use consistent disclosure

principles for the preparation of the ESG

Report.

The Group wil ensure that the disclosure

scope and reporting methods of the ESG

Report are generaly consistent every year.

一致性本集团应使用一致的披露原则编制环境、

社会及管治报告。

本集团将确保环境、社会及管治报告的

披露范围及报告方式于每年大致保持一

致。

492025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告（续）

资料来源

本环境、社会及管治报告所披露的资料来自

本集团的正式文件、统计数据或公开资料。

董事会对其内容的真实性、准确性及完整性

负责。

获取本报告

环境、社会及管治报告设有中英文版本。倘

环境、社会及管治报告的中英文版本有任何

歧义，概以英文版本为准。 阁下可浏览本

集团官方网站 w.miricor.com 或联交所网站

htp:/w.hkex.com.hk ，以获取环境、社会

及管治报告的电子版本。

可持续发展管治

本集团已建立环境、社会及管治框架，以推

动及实施本集团的可持续发展策略。为确保

有效的环境、社会及管治管理，我们建立了

由董事会、环境、社会及管治工作小组、相

关职能部门及下属公司组成的环境、社会及

管治的管治架构，以推动环境、社会及管治

管理及披露。董事会乃本集团的最终决策机

构，负责本集团环境、社会及管治的管治。

董事会领导本集团的可持续发展，并承担其

环境、社会及管治工作的整体责任。未来，

董事会将继续加强环境、社会及管治风险管

理，并完善环境、社会及管治工作机制及监

管流程，提升环境、社会及管治的管治水平。

环境、社会及管治工作小组作为监督及协调

层，负责实施环境、社会及管治的管治策略，

协调环境、社会及管治事宜，编制环境、社

会及管治报告，并定期向董事会汇报相关工

作进展。各职能部门及下属公司作为执行层，

负责开展由环境、社会及管治工作小组制定

的工作，并报告相关工作进展及数据。

About this Report (Continued)

Source of Information

The information disclosed in this ESG Report is derived from the

Group’s formal documents, statistics or public information. The Board

is responsible for the truthfulnes, acuracy and completenes of its

contents.

Aces to the Report

The ESG Report is available in Chinese and English versions. In case

of any discrepancy betwen the Chinese and English versions of the

ESG Report, the English version shal prevail. You may aces the

Group’s oficial website at w.miricor.com or the website of the

Stock Exchange at htp:/w.hkex.com.hk for an electronic copy of

the ESG Report.

Sustainability Governance

The Group has established an ESG framework to promote and

implement the Group’s sustainability strategy. To ensure efective

ESG management, our ESG governance structure, composed of

the Board, ESG working group, respective functional departments

and subordinate companies, was established to promote ESG

management and disclosure. The Board, the ultimate decision-making

body of the Group, is responsible for the Group’s ESG governance.

The Board sters the Group’s sustainable development forward and

bears the overal responsibility of its ESG eforts. In the future, the

Board wil continue to strengthen ESG risk management and improve

ESG working mechanism and regulatory proceses to enhance its

ESG governance standard. The ESG working group, serving on the

supervision and cordination level, is responsible for implementing

ESG governance strategy, cordinating ESG maters, compiling

ESG reports, and reporting relevant work progres to the Board on a

regular basis. Each functional department and subordinate company,

serving on the execution level, is responsible for roling out initiatives

set up by the ESG working group and reporting relevant work

progres and data.

50MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告（续）

可持续发展管治（续）

持份者参与

制定可持续发展政策的关键在于持份者参与，

借此让本集团了解风险及机会。本集团已识

别多方主要持份者，彼等对于我们的业务及

建立多渠道沟通十分重要。

About this Report (Continued)

Sustainability Governance (Continued)

Decision-making level

决策层

监督及协调层

执行层

董事会

职能部门及下属公司

The Board

Supervision and

cordination level

环境、社会及管治工作小组

ESG working group

Execution level

Functional departments

and subordinate companies

Stakeholders Engagement

Stakeholders engagement is esential to the formulation of strategies

for sustainable development. It alows the Group to understand risks

and oportunities. The Group has identified key stakeholders that

are important to our busines and established various chanels for

comunication.

StakeholdersExpectationEngagement chanelMeasures

持份者期望参与渠道措施

GovernmentComply with laws and pay

proper tax payments

Exchange of

corespondences, relevant

metings and information

disclosure

Operated, managed and paid taxes

acording to laws and regulations,

strengthened safety management;

acepted government’s supervision,

inspection and evaluation.

政府遵守法例及妥善缴付税

项付款

通讯往来、相关会议及资

料披露

根据法例及规例经营、管理及缴付税

项、加强安全管理；接受政府监督、检

验及评估。

512025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告（续）

持份者参与（续）

StakeholdersExpectationEngagement chanelMeasures

持份者期望参与渠道措施

Shareholders and

Investors

Provide high transparency

for information disclosure

and protect shareholder’s

rights and interest

Anual reports,

interim reports and

anouncements

Anual general meting

and other shareholder

metings

Disclosed company’s information by

publishing anual reports, interim reports

and anouncements.

Isued notices of general meting and

proposed resolutions acording to

regulations.

股东及投资者就资料披露提供高透明

度以及保障股东权利及

利益

年报、中期报告及公告

股东周年大会及其他股东

会议

透过刊登年报、中期报告及公告披露公

司资料。

发出股东大会通告及根据规例提呈决议

案。

EmployesMaintain a safe and

respectful workplace,

including equal

oportunities as wel as

health and safety

Training and briefing

sesions, employe

fedback mechanism,

and fair mechanism

for employment and

promotion

Provided training to employes; provided

employment and promotion practices

that do not discriminate on grounds

of gender, disability, pregnancy, family

status, race, colour, religion, age or other

conditions recognized in law.

雇员维持安全及尊重的工作

场所，包括平等机会以

及健康及安全

培训及简报会、雇员反馈

机制以及就业及晋升的公

平机制

为雇员提供培训；提供不歧视性别、残

疾、怀孕、家庭状况、种族、肤色、宗

教、年龄或其他法律订明的情况之雇佣

及晋升常规。

CustomersProvide safe, high-quality

products and services to

customers

Customer satisfaction

surveys, customer

fedback activities,

day to day operations/

comunications, service

and product complaints

and response mechanisms

Strengthened quality management to

ensure safety, high quality production and

comunicate with customers to improve

quality of services.

客户向客户提供安全、优质

的产品及服务

客户满意调查、客户反馈

活动、日常营运╱通讯、

服务及产品投诉及回应机

制

加强优质管理以确保安全、优质生产，

并与客户沟通以改善服务质素。

About this Report (Continued)

Stakeholders Engagement (Continued)

52MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告（续）

重要性评估

本集团重视环境、社会及管治议题的重要性

评估，及时、全面地了解各项环境、社会及

管治议题对本集团业务发展的重要性以及持

份者的期望，以促进本集团环境、社会及管

治信息的有效披露及相关议题管理水平的持

续提升。本集团于报告期间的环境、社会及

管治议题重要性评估涵盖以下步骤：

步骤一本集团按照环境、社会及管治报告

指引的披露要求，根据本集团的业

务特点及日常营运，识别出以下21

项议题。该等议题被视为在我们的

营运过程中对环境及社会产生影响。

步骤二基于对持份者在日常营运中的诉求

及期望的理解，本集团透过参照同

行的环境、社会及管治工作的要点

及趋势厘定环境、社会及管治议题

的重要性。

步骤三根据重要性评估的结果，本集团讨

论并厘定了报告期间环境、社会及

管治报告的重点披露内容，以及本

集团未来环境、社会及管治工作的

提升要点。

About this Report (Continued)

Materiality Asesment

The Group ataches importance to the materiality asesment of ESG

isues for the purpose of timely and comprehensive understanding

of the materiality of each ESG isue to the busines development

of the Group and the expectation of stakeholders, in order to

facilitate the Group’s efective disclosure of ESG information and

continuous improvement in the management level of relevant isues.

The materiality asesment on ESG isues of the Group during the

reporting period covers the folowing steps:

Step 1The Group identified the folowing 21 isues in

acordance with the disclosure requirements set out in

the ESG Reporting Guide and based on the busines

characteristics and daily operation of the Group.

These isues are considered to have impacts on the

environment and the society during our operation.

Step 2Based on the understanding of the demands and

expectations of stakeholder during the daily operation,

the Group determined the materiality of ESG isues

by benchmarking the key points and the trend of ESG

works of industry pers.

Step 3Based on the result of the materiality asesment, the

Group discused and determined the key disclosure

of the ESG Report for the reporting period and the key

points for improvement in the future ESG work of the

Group.

Social Aspects 社会层面
1. Equal opportunity 平等机会5. Prevention of child labor and forced labor 防止童工及强制 劳工9. Complaint handling 处理投诉13. Community investment 社区投资
2. Employment and employee benefits 雇佣及雇员福利6. Selection and evaluation of suppliers 选择及评估供应 商10. Protection of intellectual property rights 保障知识产权
3. Occupational health and safety 职业健康与安全7. Control and management on environmental and social risks along the supply chain 监控及管理供应 链中的环境及社 会风险11. Customer data privacy and data security 客户数据私隐及 安全
4. Employee development and training 雇员发展及培训8. Product and service quality 产品及服务质量12. Anti-corruption and money laundering 反贪污及洗黑钱
Environmental Aspects 环境层面
14. Exhaust emissions 废气排放18. Water consumption 耗水量
15. Greenhouse gas emissions 温室气体排放19. Paper and packaging materials consumption 纸张及包装材料 消耗
16. Waste management 废弃物管理20. Management of risks associated with Environmental and Natural Resources 管理环境及天然 资源相关风险
17. Energy consumption 能源消耗21. Climate change 气候变化

532025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告（续）

重要性评估（续）

根据重要性评估的结果，8个重要议题（附注）

被视为持份者及本集团最关注的议题。在考

虑环境及社会责任的同时，本集团将更加关

注上述领域，致力实现持续改进及可持续的

业务发展。

附注： 以粗体呈列。

About this Report (Continued)

Materiality Asesment (Continued)

Acording to the results of materiality asesment, 8 material topics

(note) are regarded as the most concerned isues of stakeholders

and the Group. While taking into acount environmental and social

responsibilities, the Group wil pay more atention to the above areas,

and strive to achieve continuous improvement and sustainable

busines development.

Note: Presented in bold.

54MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境层面

排放物

为展示本集团对可持续发展的承诺及与环保

相关法例及规例合规事宜，本集团尽力将业

务活动的环境影响降至最低以及维持绿色营

运及绿色办公室常规。

本集团已建立系统以确保环境合规事宜。本

集团寻求透过采纳低能源消耗及环境污染技

术，以及通过定期培训提升雇员的环保意识，

以优化其生产。管理团队对本集团内环保事

宜有整体责任。管理团队定期检讨本集团的

环境合规事宜。本集团严格遵守相关环境法

例及规例，包括但不限于《废物处置条例》。

于报告期间，本集团并无任何环境索偿、法

律诉讼、处罚或行政制裁。

本集团于日常营运中的主要排放物为医疗废

物及购买能源资源产生的温室气体（「温室气

体」）。营运产生的医疗废物可分为两个类别。

A类包括已用或已受污染的注射器、针筒、药

筒及其他利器。B类包括滴著血液、凝有血块

或含有自由流动血液的外科敷料及棉棒。医

疗废物收集箱放置于每名医生的房间。A类

废物收集于利器收集箱。一旦放满，其必须

上盖及等待回收。B类废物收集于红色生化

废物塑胶袋。所有废物独立储存及以账簿处

理以供记录。合资格医疗废物回收公司获聘

请从事废物处置及处理，从而将对大自然的

影响降至最低。于报告期间，经合资格医疗

废物回收公司回收的医疗废物总重量为402

千克（2024年：305千克）。

Environmental Aspects

Emisions

To demonstrate the Group’s comitment to sustainable development

and compliance with laws and regulations relating to environmental

protection, the Group endeavors to minimise the environmental

impact of the busines activities and maintain gren operations and

gren ofice practices.

The Group has established system to ensure environmental

compliance. It seks to optimise its production by adopting low

energy consumption and environmental polution techniques and

enhancing the environmental awarenes of the employes through

regular trainings. The management team has the overal responsibility

for environmental protection maters within the Group. The

management team reviews the Group’s environmental compliance

on a regular basis. The Group was in strict compliance with related

environmental laws and regulation, including but not limited to Waste

Disposal Ordinance. The Group was not subject to any environmental

claims, lawsuits, penalties or administrative sanctions during the

reporting period.

In the daily operation of the Group, the major emisions are clinical

wastes and the grenhouse gas (“GHG”) incured by the purchased

energy resources. Clinical wastes generated by the operations

can be divided into two categories. Category A includes syringes,

nedles, cartridges and other sharp instruments which have ben

used or which have become contaminated. Category B includes

surgical dresings, swabs dribling with blod, caked with blod or

containing fre-flowing blod. Clinical wastes colection box is placed

in each doctor’s rom. Category A waste is colected in Sharps

Colector. Once it is filed up, it must be covered and wait for recycle.

Category B waste is colected in red biochemical wastes plastic bags.

Al wastes are separately stored and handled with ledger for record.

Qualified clinical waste recycling companies are engaged to perform

waste disposal and treatment so as to minimize the impact on the

nature. During the reporting period, the total amount of clinical wastes

recycled by qualified clinical waste recycling companies is 402 kg

(2024: 305 kg).

552025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境层面（续）

排放物（续）

本集团透过将能源消耗及水消耗降至最低，

以管理碳足迹，乃由于该等活动排放大量温

室气体。就节省资源采纳的政策及程序载于

本环境、社会及管治报告「资源使用」一节。

于报告期间，本集团并不知悉任何违反或重

大不遵守对本集团有重大影响的有关空气污

染物排放、向水及土地的排污，以及产生有

害及无害废弃物的适用法律法规的情况。

于报告期间及2024年相关期间内，车辆排放

的主要空气污染物如下：

于报告期间及2024年相关期间内，营运产生

的温室气体排放物载列如下：

附注：

温室气体乃根据温室气体议定书的「企业会计及报告准则」

及联交所颁布的「如何编制环境、社会及管治报告 — 附录

二：环境关键绩效指标汇报指引」计算。

Environmental Aspects (Continued)

Emisions (Continued)

The Group manages the carbon fotprint by minimizing the energy

consumption and water consumptions as these activities cause

significant emision of GHG. Policies and procedures adopted on

resources saving are mentioned in the section “Use of Resources” of

this ESG Report.

During the reporting period, the Group was not aware of any breach

or material non-compliance with the aplicable laws and regulations

that have significant impact on the Group relating to air emisions,

discharges into water and land, and generation of hazardous and

non-hazardous waste.

Major air polutants emisions from vehicles during the reporting

period and the coresponding period in 2024 are as folows:

Air Polutant Emisions

空气污染物排放

Air Polutant

Emision (kg)

Air Polutant

Emision (kg)

Type of Air Polutants空气污染物类型

空气污染物

排放量（千克）

空气污染物

排放量（千克）

Sulphur Dioxide 二氧化硫0.020.03

Nitrogen Oxides 氮氧化物0.700.77

Particulate Mater 悬浮粒子0.050.06

During the reporting period and the coresponding period in 2024,

the GHG emisions from the operation is set out below:

GHG Emisions

温室气体排放物

Equivalent CO2

emision (kg)

Equivalent CO2

emision (kg)

Type of GHG emisions温室气体排放物类型

二氧化碳当量

排放量（千克）

二氧化碳当量

排放量（千克）

Scope 1 Direct emisions范围1直接排放4,346.124,765.84

Scope 2 Indirect emisions范围2间接排放281,954.98284,538.55

Total总计286,301.10289,304.39

Intensity (kg/Revenue HK$’000)强度（千克╱收益千港元）0.710.59

Note:

The calculation of the grenhouse gas is based on the “Corporate Acounting and

Reporting Standard” from grenhouse gas protocol and the “How to prepare an ESG

Report — Apendix 2: Reporting Guidance on Environmental KPIs” isued by the HKEx.

56MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境层面（续）

资源使用

如本集团的「环境、健康及安全政策」所规定，

本集团致力改善能源等天然资源的有效使用，

例如将废物流及排放降至最低以及实施有效

回收计划。本集团亦采纳「环保办公室常规」，

以更具效率地使用资源。若干主要措施如下：

于报告期间及2024年相关期间内，本集团所

消耗之能源载列如下：

节约用纸

我们鼓励雇员于办公室尽可能双面用纸及使

用合适字体大小╱收缩模式，以将页数降至

最低。此外，建议使用电子媒体以供传阅╱通

讯，以将用纸降至最低（例如不会采用不必要

的封面页及传真）。于报告期间，弃置于堆填

区的环保纸总重量为756千克（2024年：525

千克）。

节约用水

雇员应向相关部门报告水龙头或管道漏水，

并在不使用时关掉水龙头。普遍地，水费已

计入租金。因此，报告期间及于2024年相关

期间内的耗水量记录未能提供。本集团并不

知悉在取得适用水源方面遇到任何问题。

Environmental Aspects (Continued)

Use of Resources

As stipulated in the Group’s “Environment, Health and Safety Policy”,

the Group strives to improve the eficient use of natural resources,

including energy such as minimize waste streams and emisions

and implement efective recycling program. The Group also adopted

“Environmental Ofice Practices” in order to use resources more

eficiently. Some of the key measures are as folows:

Energy consumption by the Group during the reporting period and

the coresponding period in 2024 are set out below:

Energy Consumption

能源消耗

Energy consumed

(kWh)

Energy consumed

(kWh)

Type of energy能源类型

能源消耗量

（千瓦时）

能源消耗量

（千瓦时）

Unleaded petrol无铅汽油15,550.9617,056.80

Purchased electricity外购电力476,208.00475,253.00

Total总计491,758.96492,309.80

Energy intensity

(kWh/Revenue HK$’000)

能源强度（千瓦时╱收益千港元）1.221.00

Paper Saving

In ofice, we encourage employe to use both sides of paper

and use suitable font size/shrinkage mode to minimise pages, if

posible. Besides, electronic media is recomended for circulation/

comunication to minimize using paper (e.g. without unecesary

cover page and fax). During the reporting period, the total amount of

recycled paper disposed at landfils is 756 kg (2024: 525 kg).

Water Conservation

Employe should report leaking faucet or pipe to the relevant

authority and turn of the tap when not in use. Normaly, bil of

water consumption was included in rental. Thus, record of water

consumption during the reporting period and the coresponding

period in 2024 are not available. The Group is not aware of any isue

in sourcing water that is fit for purpose.

572025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境层面（续）

节约用电

电器应尽可能设于能源节约模式。就电脑而

言，自动闲置模式为20分钟或以内。室温应

设于20°C至25.5°C范围。理想最佳温度为

25.5°C。此外，不必要的灯光及电源则应在

不使用时关掉。

绿色茶水间

鼓励雇员使用可重用餐具、杯及玻璃器皿以

及环保清洁产品（例如可生物降解或不含磷酸

盐的洗涤剂、可补充枧液等）。

包装材料

我们的业务所用的主要包装材料主要为纸张

及胶瓶。于报告期间及2024年相关期间内，

该等材料的消耗概列如下：

鉴于我们的持续努力，我们的目标是在未来

五年内就废气、温室气体、无害医疗废弃物、

能源消耗及水消耗的排放维持零重大不合规

情况。此外，我们的目标是在下一个报告期

间将废气、温室气体、无害医疗废弃物、能

源消耗及水消耗的排放减少或维持在当前水

平附近。

Environmental Aspects (Continued)

Electricity Conservation

The electrical apliance should be set as energy saving mode where

posible. For computers, the idle automaticaly mode is 20 minutes

or les. The set rom temperature should be set in a range from

20°C to 25.5°C. The ideal optimal temperature is 25.5°C. Also,

unecesary lighting and power suply should be switched of when

they are not in use.

Gren Pantry

Employe are encouraged to use reusable cutleries, cups and glases

and environmental friendly cleaning products (e.g. biodegradable or

phosphate fre detergent, refilable soap, etc.).

Packaging Material

The major packaging material used in our busines are mainly

paper and plastic botle. The consumption of those material during

the reporting period and the coresponding period in 2024 are

sumarized below:

Packaging Material Consumption

包装材料消耗

Amount (kg)Amount (kg)

Packaging material包装材料消耗量（千克）消耗量（千克）

Paper纸张18,177.0020,263.64

Plastic botle胶瓶6,817.006,807.34

In view of our continuous efort, we target to maintain zero substantial

non-compliance case in relation to the emision of exhaust gases,

GHG, non-hazardous clinical waste, energy consumption and water

consumption in coming five years. Furthermore, we target to reduce

or maintain the emision of exhaust gases, GHG, non-hazardous

clinical waste, energy consumption and water consumption around

the curent level for the next reporting period.

58MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境层面（续）

环境及天然资源

根据本集团的「环境、健康及安全政策」，本

集团透过教育及培训以及争取员工支持改善

我们的表现，以提升员工的环保意识、推动

客户、业务伙伴及股东之间的环保意识，以

及支持有关环保及可持续发展的社区活动，

并定期评估及监察过往及现时业务活动对健

康、安全及环境事宜的影响。随著整合「排放

物」及「资源使用」各节所述政策，本集团可将

对环境及天然资源的影响降至最低。

气候变化

本集团致力于缓解气候变化并增强其抵御能

力，以适应日益增加的气候相关后果威胁。

本集团用于识别、评估及管理重大风险（包括

重大气候相关事宜）的流程概述如下：

风险识别：识别可能对本集团业务及营运构

成潜在影响之风险。

风险评估：透过使用管理层建立之评估标准，

评估已识别之风险；及考虑风险对业务之影

响及后果以及出现风险之可能性。

风险应对：透过比较风险评估之结果；及厘

定风险管理策略及内部监控程序，以防止、

避免或降低风险。

Environmental Aspects (Continued)

The Environment and Natural Resources

Acording to the Group’s “Environmental, Health and Safety

Policy”, the Group raises staf’s awarenes of environmental isues

through education and training and enlist their suport in improving

our performance, promote environmental awarenes amongst

our customers, busines partners and shareholders and suport

comunity activities in relation to environmental protection and

sustainability and evaluate regularly and monitor past and present

busines activities impacting upon health, safety and environmental

maters. With the integration of policies mentioned in sesions

“Emisions” and “Use of Resources”, the Group is alowed to

minimize the impacts to the environment and natural resources.

Climate Change

The Group is comited to mitigating the climate change and

enhancing its resilience to adapt to the increasing threat of climate-

related consequences.

The proceses used to identify, evaluate and manage significant

risks (including significant climate-related isues) by the Group are

sumarised as folows:

Risk Identification: Identifies risks that may potentialy afect the

Group’s busines and operations.

Risk Asesment: Aseses the risks identified by using the

asesment criteria developed by the management; and considers

the impact and consequence on the busines and the likelihod of

their ocurence.

Risk Response: Prioritises the risks by comparing the results of the

risk asesment; and determines the risk management strategies and

internal control proceses to prevent, avoid or mitigate the risks.

592025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境层面（续）

气候变化（续）

风险监察及报告：持续及定期进行风险监察，

并确保设有适当的内部监控程序；于情况出

现任何重大变动时修订风险管理策略及内部

监控程序；及定期向管理层及董事会报告风

险监测的结果。

由于上述风险管理流程，气候变化产生的实

体风险及过渡风险可能不会对本集团的业务

产生重大影响。作为气候相关财务信息披露

工作组(TCFD)建议的支持者，本集团已评估

潜在气候相关风险，并将平均气温上升及暴

雨、水灾、火灾及热浪等极端天气事件的严

重性及可能性增加识别为影响我们日常营运

的主要实体风险。

本集团的环境、社会及管治工作小组负责识

别及评估本集团营运所面临的任何气候相关

风险，并向董事会提供有关气候法规及行业

基准的最新消息及发展。为应对气候相关风

险，本集团实施各种应急机制，并购买足够

的自然灾害保险，以应对极端天气。

未来，我们将继续识别影响环境的潜在业务

活动，并制定相应的改善措施，以进一步防

止我们的营运对气候变化可能产生的负面影响。

Environmental Aspects (Continued)

Climate Change (Continued)

Risk Monitoring and Reporting: Performs ongoing and periodic

monitoring of the risk and ensures that apropriate internal control

proceses are in place; revises the risk management strategies

and internal control proceses in case of any significant change

of situation; and reports the results of risk monitoring to the

management and the Board regularly.

As a result of above risk management proces, physical risk

and transitions risks arising from climate change may not bring

significant impacts to the Group’s busines. As a suporter of the

recomendations of the Taskforce on Climate-Related Financial

Disclosure (TCFD), the Group has asesed the potential climate

related risks and identified the rising mean temperature and increasing

severity and likelihod of extreme weather events such as rainstorms,

flods, fire and heatwaves as major physical risks impacting our daily

operation.

The Group’s ESG working group is responsible for identifying and

asesing any climate-related risks to which the Group’s operations

are exposed, and updating the Board with the latest news and

developments on climate regulations and industry benchmark. In

order to cope with climate-related risk, the Group implemented

various emergency response mechanism and purchase adequate

insurance against natural disasters so as to cope with extreme

weather.

In the future, we wil continue to identify potential busines activities

impacting the environment and develop coresponding improvement

measures, so as to further prevent the posible negative impacts of

our operation on climate change.

60MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面

雇佣及劳工常规

雇佣

本集团视人力资源为其最重要的资产，为鼓

励雇员投资于职业发展，本集团为员工提供

在职培训及进修资助，以提高彼等的专业知

识及技能，从而提升员工的整体质素。另外，

本集团亦会定期评估雇员表现，嘉许及奖励

表现出众的雇员。本集团已制定及实施「员工

手册」，手册列出有关人力资源的政策，覆盖

的范围有补偿及解雇、聘任及晋升、工时、

休息时间、平等机会、多元化、反歧视及其

他福利及福祉。

我们雇员的薪酬待遇包括基本薪酬、佣金及

酌情表现花红。我们为若干前线员工制定了

激励计划，把他们的佣金与我们服务和产品

的销售额挂钩，以用作激励我们的员工为提

升业务表现而作出贡献。我们提供适用于所

有我们提供的服务和产品的佣金计划，包括

销售一次性疗程、预付疗程及护肤产品。

我们的目标是确保全体雇员在所有人事安排

上均获得平等对待。我们嘉许杰出的服务表

现，且不论性别、年龄、婚姻状况、种族、宗

教、残疾或雇用情况提供平等聘用机会。平

等机会的原则适用于所有就业政策，特别是

招聘、培训、职业发展及雇员晋升。若雇员

在工作场所受到不平等待遇，可向上司报告。

Social Aspects

Employment and Labour Practice

Employment

The Group considers human resources as its most important aset,

employes are encouraged to invest in carer growth where the

Group provides on-the-job training, and further education suports

that enhance their profesional knowledge and skils, thus improving

the overal calibre of its workforce. In adition, the Group also

evaluates employe performance on a regular basis and recognises

and rewards outstanding employes. The Group has established and

implemented “Staf Handbok”, which contains the policies relating

to human resources, covering areas such as compensation and

dismisal, recruitment and promotion, working hours, rest periods,

equal oportunities, diversity, anti-discrimination and other benefits

and welfare.

The remuneration package of our employes includes basic salary,

comision and discretionary performance bonus. In order to

incentivise our staf for their contribution to improve our busines

performance, we have formulated an incentive scheme for certain

front-line employes with their comision linked to the amount of

sales of our services and products. We ofer a comision scheme

which aplies to al services and products we ofer, including the

sales of one-of treatment, prepaid packages and skincare products.

It is our objective to provide equality of oportunity for al staf in

relation to al human resources maters. We shal recognize and

reward meritorious performance and provide equal oportunity of

employment irespective of sex, age, marital status, race, religion,

disability or employment status. The principle of equal oportunities

is aplied in al employment policies, in particular to recruitment,

training, carer development and promotion of employes. If

employe is treated unequaly in the workplace, he/she can report to

the supervisors.

612025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

雇佣及劳工常规（续）

雇佣（续）

再者，我们为我们所有雇员提供福祉及福利

以培养彼等对本集团的忠诚度，例如雇员可

享受本公司疗程和产品折扣优惠。基本上，

手册中的每条规则均按照所有相关法例及规

例而制定，包括但不限于《雇佣条例》。在我

们的努力监控下，于报告期间内并无任何违

反劳工规则的个案发生。本集团将继续努力

遵守相关法例及规例。

于2025年3月31日及2024年3月31日按性

别、年龄组别、雇佣类型及地区划分的雇员

明细如下：

Social Aspects (Continued)

Employment and Labour Practice (Continued)

Employment (Continued)

Further, we ofer welfare and benefits for al our employes to

foster their loyalty to our Group. For examples, employe can enjoy

discount for treatment and products in our company. Basicaly, every

rule in the handbok is set in acordance with al relevant laws and

regulations including but not limited to Employment Ordinance. With

our eforts made on regulation, no case of violation against the labour

rules ocured during the reporting period. The Group wil continue to

strive to comply with the relevant laws and regulations.

Below is a detailed breakdown of our employes by gender, age

group, employment type and geographical region as at 31 March

2025 and 31 March 2024:

Number Number

of staf% of totalof staf% of total

员工人数

占总人数

百分比员工人数

占总人数

百分比

By gender按性别划分

Male男性2193511

Female女性2189128989

Total总计239100324100

By age group按年龄组别划分

30 or below30岁或以下58249028

31–4031–40岁994214645

41–5041–50岁57245718

51 or above51岁或以上2510319

Total总计239100324100

By employment type按雇佣类型划分

Contract or short term合约或短期146124

Ful-time全职2259431296

Total总计239100324100

By geographical region按地区划分

Mainland China and

Hong Kong

中国内地及香港239100324100

62MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

雇佣及劳工常规（续）

雇佣（续）

于报告期间及2024年相关期间内按性别、年

龄组别及地区划分的雇员流失率详细明细如

下：

于报告期间本集团共有198名雇员（2024年：

180名雇员）离职。

健康与安全

如本集团「环境、健康及安全政策」所规定，

没有任何工作及服务比以安全及有环保意识

的方式进行工作更为重要及逼切。本集团致

力为员工提供一个安全及健康的工作环境，

并致力培养雇员及其他工作人员的安全意识，

把意外（人身伤害及财产损失）及职业病降至

最少。为了提高雇员在保持健康及安全问题

上的意识，本集团提供不同的安全培训计划

及危害测量计划。此外，本集团亦向雇员提

供安全设备。另外，本集团有责任确定和控

制与其业务相关的安全、公共卫生和环境的

危害，并与政府机构及其他机构建设性地合

作，制定及实施法例、规例和标准以保护公

众健康、安全及环境。

Social Aspects (Continued)

Employment and Labour Practice (Continued)

Employment (Continued)

Below is a detailed breakdown of our employe turnover rate by

gender, age group and geographical region during the reporting

period and the coresponding period in 2024:

Turnover rate by gender按性别划分的流失率

Male男性68%54%

Female女性71%56%

Turnover rate by age group按年龄组别划分的流失率

30 or below30岁或以下82%80%

31–4031–40岁75%51%

41–5041–50岁58%46%

51 or above51岁或以上43%23%

Turnover rate by geographical region按地区划分的流失率

Mainland China and

Hong Kong

中国内地及香港70%56%

There were total 198 employes (2024: 180 employes) left the

Group during the reporting period.

Health and Safety

As stipulated in the Group’s “Environmental Health and Safety Policy”,

no job is so important and no service so urgent, that we canot

take time to perform our work safely, and in an environmentaly

conscientious maner. The Group strives to provide staf with a

safe and healthy work environment and develop a safety awarenes

among employes and others engaged in work, so that acidents

(personal injuries and property damage) and ocupational ilneses wil

be reduced to a minimum. In order to raise employes’ awarenes in

maintaining health and safety isues, the Group ofers safety training

programs and hazards measurement programs. Besides, safety

equipment is provided to the employes. Also, it is the responsibility

for the Group to identify and control safety, public health, and

environmental hazards asociated with their operations and work

constructively with government agencies and others to develop and

implement laws, regulations, and standards to protect public health,

safety, and the environment.

632025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

雇佣及劳工常规（续）

健康与安全（续）

于报告期间，本集团严格遵守《职业安全及健

康条例》，于包括报告期在内的过去三年各

年，并无工作相关的死亡事故及无重大因工

受伤损失的工作日数。

发展及培训

本集团认为，为员工提供培训也是吸引及挽

留雇员的重要因素。本集团旨在促进个人及

专业发展，使个人及团体能够在本集团的「员

工培训与发展政策」下，充分发挥其工作潜力。

本集团致力为我们已受训的治疗师提供专业

培训，从而为我们的客户提供优质的服务。

我们的培训包括理论及实践培训，而且我们

的培训课程皆由我们的医生和培训经理专门

制定。我们亦向员工提供在职培训。我们认

为，紧贴医学美容及生活美容服务最新趋势

及提供优质服务的能力将对我们的客流量、

收益增长及财务表现产生影响。

我们的医生不时出席香港及海外的行业会议、

研讨会及工作坊，也会出席由我们供应商举

办有关注射疗程及能量仪器疗程等主题的研

讨会。

我们要求我们新聘请的治疗师在为客户进行

获医生同意的治疗前，必须接受我们提供为

期六个月的培训课程。

Social Aspects (Continued)

Employment and Labour Practice (Continued)

Health and Safety (Continued)

During the reporting period, the Group was in strict compliance

with Ocupational Safety and Health Ordinance and during each of

the past thre years including the reporting period, no work-related

fatalities and no material lost days due to work injury was recorded.

Development and Training

The Group believes that providing training to our staf is also an

important factor in atracting and retaining employes. The Group

aims to facilitate personal and profesional development enabling

individuals and groups to achieve their ful potential at work acording

to the Group’s “Staf Training and Development Policy”.

The Group is comited to provide profesional trainings to our

trained therapists in order to provide quality services to our clients.

Our trainings included both theoretical and practical trainings and our

training program has ben specificaly formulated by our doctors and

training manager. We also provide on the job training to our staf. We

are of the view that the ability to kep abreast of the latest trend in

medical aesthetic and welnes beauty services and to ofer quality

service wil impact our client trafic, revenue growth and financial

performance.

From time to time, our doctors atend industry conferences, seminars

and workshops in Hong Kong and overseas as wel as seminars

organised by our supliers on topics such as injection procedures

and energy-based procedures.

We require our newly recruited therapists to undergo a six-month

training programe provided by us prior to performing treatments as

agred by the doctors for our clients.

64MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

雇佣及劳工常规（续）

发展及培训（续）

为表彰我们在人才培训及发展方面的成就，

以及促进有利于终身学习的机构文化，于报

告期间，我们在ERB人才企业嘉许计划中获

嘉许并获颁商界展关怀标志。

于报告期间及2024年相关期间内按性别及雇

佣类型划分的受训雇员百分比详细明细如下：

Social Aspects (Continued)

Employment and Labour Practice (Continued)

Development and Training (Continued)

In recognition of our achievement in manpower training and

development and in fostering an organisational culture conducive

to life-long learning, we were awarded under the ERB Manpower

Developer Award Scheme and Caring Company Logo during the

reporting period.

Below is a detailed breakdown of the percentage of employes

trained by gender and employment category during the reporting

period and the coresponding period in 2024:

Trained employe by gender按性别划分的受训雇员

Male男性73%34%

Female女性100%100%

Trained employe by

employment category

按雇佣类型划分的

受训雇员

Normal一般100%100%

Midle中级61%21%

Senior高级95%23%

652025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

雇佣及劳工常规（续）

发展及培训（续）

于报告期间及2024年相关期间内按性别及雇

佣类型划分的雇员平均受训时数如下：

劳工准则

根据「杜绝童工政策」，本集团不得在工作

场所雇用任何十八岁以下的人士，而且禁止

在其所有单位使用童工和强迫或强制劳工。

任何雇员无须违反自己的意愿工作或作为债

务╱强制劳工作，或受到与工作有关的任

何类型体罚或压迫。保留了雇员的雇佣合同

及其他记录，当中记载了所有相关资料（包括

年龄），并开放给任何授权人员或相关法定机

构查证。该单位就任何童工或强制劳工事件

向专责主管人员提交年报。有关评估会定期

进行。人力资源部每年会随机抽查记录。

于报告期间，本集团遵守香港法例第57章《雇

佣条例》，且并无违反任何相关劳工法例及规

例，包括童工及强制劳工法例及规例。

Social Aspects (Continued)

Employment and Labour Practice (Continued)

Development and Training (Continued)

The average training hours for employes by gender and employment

category during the reporting period and the coresponding period in

2024 are as folows:

Hours per

employe

Hours per

employe

The average training hours for

employes by gender

按性别划分的雇员平均受训时数每名雇员

时数

每名雇员

时数

Male男性37.486.37

Female女性210.11273.65

The average training hours for

employes by employment category

按雇佣类型划分的

雇员平均受训时数

Normal一般221.19307.86

Midle中级11.833.14

Senior高级23.163.31

Labour Standards

Acording to “No Child Labour Policy”, the Group does not employ

any person below the age of eighten years at the workplace and

prohibits the use of child labour and forced or compulsory labour at al

its units. No employe is made to work against his/her wil or work as

bonded/forced labour, or subject to corporal punishment or coercion

of any type related to work. Employment contracts and other records,

documenting al relevant details of the employes, including age, are

maintained and are open to verification by any authorised personel

or relevant statutory body. The unit provides an anual report to the

functional head on any incidents of child or forced labour. Periodic

asesment is conducted. The human resources department

undertakes random checks of records anualy.

During the reporting period, the Group complied with the Employment

Ordinance, Chapter 57 of the Laws of Hong Kong and did not

violated any relevant labour laws and regulations including child and

forced labour laws and regulations.

66MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

经营常规

供应链管理

本集团制定了「采购政策和程序指引」，旨在

遵守所有适用的法例及规例及监管我们业务

的适用社会常规，为供应商提供与本集团交

易的平等机会；以及在相互了解及信任的基

础上推动采购活动。为了管理供应链中的环

境或社会风险，我们已加强以下疗程设备╱消

耗品及护肤产品的采购控制。

疗程设备╱疗程消耗品

我们非常重视确保所引入用于我们医学美容

及生活美容中心的疗程设备可靠，并能够为

客户提供理想的效用。为此，我们制定了政

策及程序以评价和评估疗程设备。我们的市

场推广及业务发展部主要负责紧贴最新科技，

并就最新及现行疗程技术及护肤产品进行市

场调查。我们的管理层、医生与市场推广及

业务发展部定期举行会议，以讨论最新技术

及护肤产品，期间我们的市场推广及业务发

展部可能推荐将予采购的疗程设备类型。疗

程设备供应商不时到访及向我们展示其疗程

设备，亦可能向我们提供试用期，期间我们

可评价及评估疗程设备的用途和有效性。

当决定是否采购新疗程设备时，我们考虑多

种因素，如(i)是否获国家政府机构（如美国食

品药品监督管理局）认可及╱或有关设备是否

贴上CE标识；(i)市场上是否有同类设备；(i)

是否配合我们提供的现有疗程；(iv)是否具有

与环保相关的认证及资格；及(v)我们的内部

测试结果。我们在采购新疗程设备之前必须

获得行政总裁及医生的批准。

Social Aspects (Continued)

Operating Practice

Suply Chain Management

The Group has established “Procurement Policy and Guide

to Procedures” which aims to comply with al aplicable laws

and regulations and apropriate social practices governing

our busineses, provide supliers with equal oportunities for

transactions with the Group; and promote procurement activities

based on mutual understanding and trust. In order to manage the

environmental or social risks in the suply chain, we have strengthen

the control in procurement of treatment devices/consumables and

skincare products as below.

Treatment devices/treatment consumables

We place great emphasis on ensuring that treatment devices to be

introduced for use in our medical aesthetic and welnes beauty

centres are reliable and capable of delivering desired results for our

clients. To this end, we have established policies and procedures to

evaluate and ases treatment devices. Our marketing and busines

development department is primarily responsible for keping

abreast of the latest technologies and conducting market research

on the latest and prevailing treatment technologies and skincare

products. Periodic metings are held among our management,

doctors and marketing and busines development department

to discus the latest technologies and skincare products, during

which our marketing and busines development department may

recomend the types of treatment devices to procure. From time to

time, supliers of treatment devices visit us and demonstrate their

treatment devices to us, which may also provide us with a trial period

during which we can evaluate and ases the use and efectivenes

of the treatment devices.

When deciding whether to procure a new treatment device, we take

into acount factors such as (i) whether it is aproved by national

government agencies such as the Fod and Drug Administration

(FDA) and/or whether such devices bear CE mark(s); (i) whether there

are similar devices on the market; (i) whether it is complementary

to our existing treatment oferings; (iv) whether it is acredited with

certification and qualification related to environmental protection; and

(v) our internal test results. The aproval of our chief executive oficer

and doctors must be obtained before we procure a new treatment

device.

672025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

经营常规（续）

供应链管理（续）

护肤产品

我们提供的护肤产品均由制造商供应，全部

均为独立第三方。我们根据供应商背景、资

历及声誉、产品质及成本等因素审慎地选

择及采购护肤产品。我们在取得任何新产品

作销售之前必须获得行政总裁及实验室技术

员的批准。于2025年3月31日，我们拥有来

自世界各地的179名经批准供应商（2024年3

月31日：99名供应商）。 我们的供应商主要

位于中国内地、 香港、瑞士、法国、日本和韩

国。

产品责任

本集团致力提供优秀的客户体验及确保我们

的产品及服务属安全和高品质。我们遵守监

管健康与安全标准，以及监管测试、广告和

标签的适用法例。于报告期间，本集团严格

遵守相关法例及规例，包括但不限于《商品说

明条例》、《消费品安全条例》及《消费品安全

规例》。我们的目标是让客户对我们的产品和

服务充满信心，并获得作出明智选择的必要

资料。因此，本集团制定了一系列政策和程

序，以监督和管理与我们的产品及服务责任

有关的事宜。

Social Aspects (Continued)

Operating Practice (Continued)

Suply Chain Management (Continued)

Skincare products

The skincare products ofered by us are suplied by manufacturers,

al of which are independent third parties. We select and source

skincare products carefuly based on factors such as the supliers’

background, credentials and reputation, product quality and cost.

The aproval of our chief executive oficer and laboratory technician

must be obtained before we take in any new product for sale. As at

31 March 2025, we have 179 aproved supliers from around the

world (as at 31 March 2024: 99 supliers). Our supliers are mainly

located in Mainland China, Hong Kong, Switzerland, France, Japan

and Korea.

Product Responsibility

The Group is comited to ofering an excelent customer experience

and ensuring that our products and services are safe and high quality.

We adhere to aplicable laws regulating health and safety standards,

as wel as those governing testing, advertising and labeling. The

Group was in strict compliance with related laws and regulations,

including but not limited to Trade Description Ordinance, Consumer

Gods Safety Ordinance and Consumer Gods Safety Regulation

during the reporting period. Our goal is to instil confidence in our

customers regarding our products and services, along with the

necesary information to make informed choices. Therefore, the

Group has a set of policies and procedures to overse and manage

isues related to responsibilities of our products and services.

68MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

经营常规（续）

产品责任（续）

质量检定

提供优质非手术性医学美容及生活美容服务

是我们的管理重点之一。我们在整个业务流

程中采用了全面严谨的质量检定及控制措施，

涵盖（其中包括）以下各方面：

聘请专业员工

在选择新的医生及治疗师加入我们时，我们

会评估（其中包括）彼等的学术及专业资格、

相关经验年资以及其品格和诚信。

咨询及疗程成效

根据香港法例第151章《医生注册条例》，进

行涉及执业、医疗诊断、药剂产品和药物处

方（各定义见香港法例第138章《药剂业及毒

药条例》）的咨询服务及若干类别疗程（如注

射肉毒杆菌毒素A型及皮肤填充剂）均构成执

业，因此必须由注册医生进行。我们的医生

提供根据相关法例和规例指定的咨询服务及

进行具体的疗程序。此外，医生可根据其

专业判断进行视为高风险的选定疗程序。

另一方面，我们的已受训治疗师按照我们医

生的指引及指示进行其他选定疗程序。选

定能量仪器疗程专门由我们的医生经考量其

专业经验及对严重并发症风险作出的判断进

行。当可能就器官或皮肤组织出现不能纠正

损害的潜在风险（包括神经损坏、肌肉烧伤、

脂肪坏死或皮肤坏死），该等疗程由医生进行。

Social Aspects (Continued)

Operating Practice (Continued)

Product Responsibility (Continued)

Quality Asurance

Providing quality non-surgical medical aesthetic and welnes beauty

services is one of our management priorities. We have adopted

comprehensive and stringent quality asurance and control measures

throughout our busines proceses that covers, among others, the

folowing aspects:

Recruitment of profesional staf

In selecting new doctors and therapists to join us, we ases, among

others, their academic and profesional qualifications, years of

relevant experience as wel as their character and integrity.

Performance of consultation and treatments

The carying out of consultation services that involve the practice of

medicine, medical diagnosis, prescription of pharmaceutical products

and medicines (each as defined under the Pharmacy and Poisons

Ordinance (Chapter 138 of the Laws of Hong Kong) and certain

types of treatments (such as injection of botulinum toxin type A

and dermal filers) constitute the practice of medicine and therefore

must be caried out by registered medical practitioners pursuant

to the Medical Registration Ordinance (Chapter 151 of the Laws of

Hong Kong). Our doctors provide consultation services and perform

specific treatment procedures that are specified in the relevant laws

and regulations. Aditionaly, they may cary out selective treatment

procedures that are considered high risk, based on their profesional

judgement. On the other hand, our trained therapists perform other

selective treatment procedures under the guidance and direction

of our doctors. Selective energy-based procedures are conducted

exclusively by our doctors, taking into acount their profesional

experience and judgement regarding the risk of severe complications.

These procedures are performed by our doctors when there is a

potential risk of ireversible organ or tisue damage, such as nerve

injury, muscle burn, fat necrosis or skin necrosis.

692025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

经营常规（续）

产品责任（续）

质量检定（续）

标准营运程序及明确分工

我们在医学美容及生活美容中心实施标准营

运程序及明确分工，以提高营运及行政效率

并提升我们的服务质素。我们的医生（由医务

助理协助）及已受训治疗师主要负责进行疗

程，而我们的美容服务专员主要负责销售及

推广。为监测客户对所接受疗程的满意度，

我们在疗程后几天内以电话或短信方式联络

客户以收集彼之反馈意见。我们存置一本反

馈意见日志供管理层审阅。设立该等内部架

构及明确分工责任旨在细分营运、销售及客

户服务的权力以实现有效检查及制衡。

知识产权

我们以「CosMax+」、「VITAE」及「XOVĒ」的品

牌名称经营业务，而我们相信这体现了我们

对优质服务及产品的美誉。我们认为，知识

产权对我们持续的成功至关重要。我们主要

依靠有关商标及商业机密的法律及法规以及

雇员及第三方的保密合约承诺来保护我们的

知识产权。

本集团的研发部门为知识产权相关工作的责

任部门，负责各单位的商标、域名、著作权、

专利等知识产权的取得、变更、重续、许可

使用、质押、转让、注销、监测等事务，负责

指导、监督和管理各单位的知识产权维护及

维权打假工作。本集团定期对各单位相关工

作人员进行知识产权业务培训，增强雇员的

知识产权保护意识。研发部门不定期对各单

位的知识产权管理工作进行抽查。

Social Aspects (Continued)

Operating Practice (Continued)

Product Responsibility (Continued)

Quality Asurance (Continued)

Standard operation procedures and clear division of labour

We implemented standard operation procedures at our medical

aesthetic and welnes beauty centres and a clear division of

labour to improve operational and administrative eficiency and

enhance the quality of our services. Our doctors (asisted by

medical asistants) and trained therapists are mainly responsible

for performing treatments while our aesthetic service specialists are

mainly responsible for sales and promotion. To monitor our client’s

satisfaction towards the treatment received, we contact the client

within several days after the treatment by phone or text mesage

to gather his/her fedback. We maintain a log bok on fedback

for management review. Such internal structure and wel defined

responsibilities are established for the purpose of segregating the

powers of operations, sales and client service to achieve efective

check and balance.

Intelectual Property Rights

We operate our busines under the brand name “CosMax+”, “VITAE”

and “XOVĒ”, which we believe embodies our established reputation

for quality services and products. We believe that our intelectual

property rights are critical to our continued suces. We primarily

rely on laws and regulations on trademarks and trade secrets and

our employes’ and third parties’ contractual comitments to

confidentiality to protect our intelectual property rights.

The Group’s research and development department is the

department responsible for the work related to intelectual property

rights, responsible for the acquisition, modification, renewal, licensing,

pledge, transfer, logout, and monitoring of intelectual property of al

units including trademarks, functional variable names, copyrights,

patents, responsible for guiding, supervising, and managing the

intelectual property rights maintenance and rights protection and anti-

counterfeiting of al units. The Group regularly conducts intelectual

property rights busines training for relevant staf of various units

to enhance employes’ awarenes of intelectual property rights

protection. The research and development department conducts

random inspections on the management of intelectual property rights

of various units from time to time.

70MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

经营常规（续）

产品责任（续）

知识产权（续）

此外，本集团要求员工竭尽全力保护及加强

本集团的知识产权，同时完全尊重第三方合

法的知识产权。此外，本集团亦与员工及供

应商签订保密协议和禁止竞争协议，以预防

知识产权受到侵犯。涉嫌违反相关法规的雇

员将接受调查，且本集团将就此采取适当行动。

客户数据资料保障

本集团相信，资讯保安和私隐是营运的关键

原则。我们遵守《个人资料（私隐）条例》。根

据本集团的员工手册，雇员需要保障所有客

户的资料。该资料只能在授权商业活动上使

用。如果雇员向其他方披露该等资料，则会

被视为窃取数据。相关雇员会被解雇，并会

向警方报案起诉。

年内，概无因安全与健康理由而须回收的产

品╱服务，亦无收到有关我们产品及服务的

重大投诉。

Social Aspects (Continued)

Operating Practice (Continued)

Product Responsibility (Continued)

Intelectual Property Rights (Continued)

Besides, the Group also requires our staf to make every efort to

safeguard and enhance the intelectual property rights of the Group

while fuly respecting legal intelectual property rights of third parties.

In adition, the Group would also sign confidentiality agrement

and competition prohibition agrement with its staf and supliers to

prevent the infringement of intelectual property rights. Employes

who are suspected of violating relevant rules shal be under

investigation and the Group would take apropriate actions to this.

Customer Data Information Protection

The Group upholds a belief that information security and privacy is

the key principle for operation. We comply with Personal Data (Privacy)

Ordinance. Acording to the Group’s Staf Handbok, employe is

required to protect al the customers’ information. Information only

can be used in authorized busines activities. If employe disclose

those information to other parties, it is considered as data theft. The

related employe’s employment wil be terminated and report to

police for prosecution.

During the year, there was no products sold/service provided subject

to recals for safety and health reasons and no material complaints

about our products and services received.

712025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

经营常规（续）

反贪污

本集团的「员工手册」中，其中一条最重要的

规则是本集团要求所有工作人员必须保持诚

实、拒绝贪污、拒绝接受回佣，而且不得挪

用本集团的资金和财产，不得为自己的利益

而滥用权力，以及必须将所有收到的礼物交

给本集团。

本集团致力保护及维护本集团及我们自身的

声誉、专业精神及诚信。为此，我们应避免

藉职位身份收受或接受顾客或商业机构提供

的利益、礼物或款待，因而感到有需要对馈

赠人作出回报，以任何方式在职权上作出妥

协，或让第三方视我们或本集团可能会为此

作出妥协。当我们以个人或官方身份参与任

何社交或学术活动时，我们应避免作出任何

不得体的行为，以免有损我们或本集团的声誉。

雇员可以通过电子邮件向上司举报涉嫌贿赂、

敲诈勒索、欺诈及洗黑钱的案件。告密者的

资料会保密。一经发现及确认，相关人员将

会被公布或被解雇。本集团将视乎情况向廉

政公署或其他机构报告。此外，本集团于报

告期内通过内部培训方式对高级管理人员进

行反贪污培训。

本集团严格遵守《防止贿赂条例》，于报告期

间，本集团或其雇员并没有因贪污行为而牵

涉任何法律案件。

Social Aspects (Continued)

Operating Practice (Continued)

Anti-Coruption

In the Group’s “Staf Handbok”, one of the most important rules that

the Group requires al members of staf to observe is that they must

maintain honesty, refuse coruption, refuse to acept kickbacks, and

they must not misapropriate the Group’s funds and properties, must

not abuse power for own interests, and that al gifts received must be

handed to the Group.

The Group shal strive to protect and uphold Group’s and our own

reputation, profesionalism and integrity. To this end, we shal avoid

obligations to customers or busines asociates resulting from

advantages, gifts or entertainment received in or due to our oficial

capacity which could compromise our position in any way or be

perceived by a third party to potentialy compromise ourselves or the

Group. When we participate in any social or academic activities, either

in a personal or oficial capacity, we shal avoid any unbecoming acts

which wil bring us or the Group into disrepute.

Employes could whistle-blow to the supervisor for the suspected

bribery, extortion, fraud and money laundering isues by email.

Information of the whistleblower is confidential. Once discovered and

confirmed, related personel wil be published or his/her employment

wil be terminated. The Group wil be report to Independent

Comision Against Coruption (ICAC) or other institution depends

on the cases. Besides, anti-coruption training were provided to

senior management through internal training during the reporting

period.

The Group was in strict compliance with Prevention of Bribery

Ordinance and there was no any legal case regarding corupt

practices brought against the Group or its employes during reporting

period.

72MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会层面（续）

社区

社区投资

作为一个履行社会责任的公司，本集团致力

了解我们业务所在社区的需求。本集团采取

了「社区投资政策」，旨在建立一个综合系统

以监察有关社区投资的活动。本集团力求与

持份者建立长期关系，并致力为社区发展带

来正面影响的项目作出贡献。

于过去几年，本集团向本地不同的慈善组织

捐款。此外，于报告期间，本集团亦透过以

下活动关心及关怀弱势社群，为社区的可持

续发展作出贡献：

  • 「粉红服饰日」并向香港癌症基金会

捐款

• 参加慈善步行并向香港伤残青年协会捐

款

以下为报告期间及2024年相关期间内为上述

活动所投放的资源：

Social Aspects (Continued)

Comunity

Comunity Investment

As a socialy responsible company, the Group is comited to

understanding the neds of the comunities in which we operate.

The Group has adopted “Comunity Investment Policy”, it aims to

establish a comprehensive system to overse the activities related

to comunity investment. The Group strives to develop long-term

relationship with our stakeholders and sek to make contributions to

programes that have a positive impact on comunity development.

The Group made donations to various local charitable organisations

during the reporting period. Besides, the Group had also contributed

to the sustainable development of the comunity by serving with

care and concern for the underprivileged through the activities during

past years as folows:

• Joining Dres Pink Day and made donation to the Hong Kong

Cancer Fund

• Joining the charity walk and made donation to the Hong Kong

Federation of Handicaped Youth

The folowing is resources contributed for the above mentioned

activities during the reporting period and the coresponding period in

2024 are as folows:

Total amount of donation捐款总额HKD港元378,880433,000

Total number of hours for

providing voluntary services

提供志愿服务的总时数hour小时1,1321,601

Total number of staf involved for

providing voluntary services

参与提供志愿服务的

员工总数

person人次378511

732025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

A. Environmental

环境

Aspect A1:Emisions

层面A1：排放物

General DisclosureEmisions

一般披露排放物

KPI A1.1The types of emisions and respective emisions data.Emisions

关键绩效指标

A1.1

排放物种类及相关排放数据。排放物

KPI A1.2Direct (Scope 1) and energy indirect (Scope 2) grenhouse gas

emisions in total and, where apropriate, intensity.

Emisions

关键绩效指标

A1.2

直接（范围1）及能源间接（范围2）温室气体总排放量及（如适用）密度。排放物

KPI A1.3Total hazardous waste produced and, where apropriate, intensity.The Group generated no

significant hazardous waste

during the reporting period.

关键绩效指标

A1.3

所产生有害废弃物总量及（如适用）密度。本集团于报告期间并无产

生重大有害废弃物。

KPI A1.4Total non-hazardous waste produced and, where apropriate, intensity.Recycled paper disposed at

landfils — Use of Resources

关键绩效指标

A1.4

所产生无害废弃物总量及（如适用）密度。弃置于堆填区的环保纸 —

资源使用

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

关键绩效指标

A1.5

描述所订立的排放量目标及为达到这些目标所采取的步骤。资源使用

74MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

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

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

them.

Emisions and

Use of Resources

关键绩效指标

A1.6

描述处理有害及无害废弃物的方法，及描述所订立的减废目标及为

达到这些目标所采取的步骤。

排放物及资源使用

Aspect A2: Use of Resources

层面A2：资源使用

General DisclosureUse of Resources

一般披露资源使用

KPI A2.1Direct and/or indirect energy consumption by type in total and intensity.Use of Resources

关键绩效指标

A2.1

按类型划分的直接及╱或间接能源总耗量及密度。资源使用

KPI A2.2Water consumption in total and intensity.Use of Resources

关键绩效指标

A2.2

总耗水量及密度。资源使用

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

achieve them.

Use of Resources

关键绩效指标

A2.3

描述能源使用效益所订立的目标及为达到这些目标所采取的步骤。资源使用

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

purpose, water eficiency and target(s) set and steps taken to achieve

them.

Use of Resources

关键绩效指标

A2.4

描述求取适用水源上可有任何问题、用水效益所订立的目标及为达

到这些目标所采取的步骤。

资源使用

KPI A2.5Total packaging material used for finished products and, if aplicable,

with reference to per unit produced.

Use of Resources

关键绩效指标

A2.5

制成品所用包装材料的总量及（如适用）每生产单位占量。资源使用

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

752025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

Aspect A3:The Environmental and Natural Resources

层面A3：环境及天然资源

General DisclosureThe Environmental and

Natural Resources

一般披露环境及天然资源

KPI A3.1Description of the significant impacts of activities on the environment

and natural resources and the actions taken to manage them.

Emisions & Use of

Resources

关键绩效指标

A3.1

描述业务活动对环境及天然资源的重大影响及已采取管理有关影响

的行动。

排放物及资源使用

Aspect A4:Climate Change

层面A4：气候变化

General DisclosureClimate Change

一般披露气候变化

KPI A4.1Description of the significant climate-related isues which have

impacted, and those which may impact, the isuer, and the actions

taken to manage them.

Climate Change

关键绩效指标

A4.1

描述已经及可能会对发行人产生影响的重大气候相关事宜，及已采

取管理有关影响的行动。

气候变化

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

76MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

B. Social

社会

Employment and Labour Practices

雇佣及劳工常规

Aspect B1:Employment

层面B1：雇佣

General DisclosureEmployment

一般披露雇佣

KPI B1.1Total workforce by gender, employment type, age group and

geographical region.

Employment

关键绩效指标

B1.1

按性别、雇佣类型、年龄组别及地区划分的雇员总数。雇佣

KPI B1.2Employe turnover rate by gender, age group and geographical region.Employment

关键绩效指标

B1.2

按性别、年龄组别及地区划分的雇员流失比率。雇佣

Aspect B2:Health and safety

层面B2：健康与安全

General DisclosureHealth and safety

一般披露健康与安全

KPI B2.1Number and rate of work-related fatalities ocured in each of the past

thre years including the reporting year.

Health and safety

关键绩效指标

B2.1

于过往三个年度（包括报告年度）各年发生因工作关系而死亡的人数

及比率。

健康与安全

KPI B2.2Lost days due to work injury.Health and safety

关键绩效指标

B2.2

因工伤损失的工作日数。健康与安全

KPI B2.3Description of ocupational health and safety measures adopted, and

how they are implemented and monitored.

Health and safety

关键绩效指标

B2.3

描述所采纳的职业健康与安全措施，以及相关执行及监察方法。健康与安全

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

772025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

Aspect B3:Development and Training

层面B3：发展及培训

General DisclosureDevelopment and Training

一般披露发展及培训

KPI B3.1The percentage of employe trained by gender and employe category.Development and Training

关键绩效指标

B3.1

按性别及雇员类别划分的受训雇员百分比。发展及培训

KPI B3.2The average training hours completed per employe by gender and

employe category.

Development and Training

关键绩效指标

B3.2

按性别及雇员类别划分，每名雇员完成受训的平均时数。发展及培训

Aspect B4:Labour Standards

层面B4：劳工准则

General DisclosureLabour Standards

一般披露劳工准则

KPI B 4.1Description of measures to review employment practices to avoid child

and forced labour.

Labour Standards

关键绩效指标

B 4.1

描述检讨招聘惯例的措施以避免童工及强制劳工。劳工准则

KPI B 4.2Description of steps taken to eliminate such practices when discovered.Labour Standards

关键绩效指标

B 4.2

描述在发现违规情况时消除有关情况所采取的步骤。劳工准则

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

78MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

Operating Practices

营运惯例

Aspect B5:Suply Chain Management

层面B5：供应链管理

General DisclosureSuply Chain Management

一般披露供应链管理

KPI B5.1Number of supliers by region.Suply Chain Management

关键绩效指标

B5.1

按地区划分的供应商数目。供应链管理

KPI B5.2Description of practices relating to engaging suplies, number of

suplies where the practices are being implemented, how they are

implemented and monitored.

Suply Chain Management

关键绩效指标

B5.2

描述有关聘用供应商的惯例，向其执行有关惯例的供应商数目、以

及相关执行及监察方法。

供应链管理

KPI B5.3Description of practices used to identify environmental and social risks

along the suply chain, and how they are implemented and monitored.

Suply Chain Management

关键绩效指标

B5.3

描述有关识别供应链每个环节的环境及社会风险的惯例，以及相关

执行及监察方法。

供应链管理

KPI B5.4Description of practices used to promote environmentaly preferable

products and services when selecting supliers, how they are

implemented and monitored.

Suply Chain Management

关键绩效指标

B5.4

描述在甄选供应商时促使多用环保产品及服务的惯例，以及相关执

行及监察方法。

供应链管理

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

792025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

Aspect B6:Product Responsibility

层面B6：产品责任

General DisclosureProduct Responsibility

一般披露产品责任

KPI B6.1Percentage of total products sold or shiped subject to recals for safety

and health reasons.

Product Responsibility

关键绩效指标

B6.1

已售或已运送产品总数中因安全与健康理由而须回收的百分比。产品责任

KPI B6.2Number of products and service related complaints received and how

they are dealt with.

Product Responsibility

关键绩效指标

B6.2

接获关于产品及服务的投诉数目以及应对方法。产品责任

KPI B6.3Description and practices relating to observing and protecting

intelectual property rights.

Product Responsibility —

Intelectual Property Rights

关键绩效指标

B6.3

描述与维护及保障知识产权有关的惯例。产品责任 — 知识产权

KPI B6.4Description of quality asurance proces and recal procedures .Product Responsibility —

Quality Asurance

关键绩效指标

B6.4

描述质量检定过程及产品回收程序。产品责任 — 质量检定

KPI B6.5Description of customer data protection and privacy policies, how they

are implemented and monitored.

Product Responsibility —

Customer Data Information

Protection

关键绩效指标

B6.5

描述消费者资料保障及私隐政策，以及相关执行及监察方法。产品责任 — 客户数据资料

保障

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

80MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

Aspect B7:Anti-coruption

层面B7：反贪污

General DisclosureAnti-coruption

一般披露反贪污

KPI B7.1Number of concluded legal cases regarding corupt practices brought

against the isuer or its employes during the reporting period and the

outcomes of the cases.

Anti-coruption

关键绩效指标

B7.1

于报告期内对发行人或其雇员提出并已审结的贪污诉讼案件数目及

诉讼结果。

反贪污

KPI B7.2Description of preventive measures and whistle-blowing procedures,

how they are implemented and monitored.

Anti-coruption

关键绩效指标

B7.2

描述防范措施及举报程序，以及相关执行及监察方法。反贪污

KPI B7.3Description of anti-coruption training provided to Directors and staf.Anti-coruption

关键绩效指标

B7.3

描述向董事及员工提供的反贪污培训。反贪污

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

812025年报 / 卓珈控股集团有限公司

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司的环境、

社会及管治报告指引（续）

Subject areas, aspects, general disclosures and KPIsSection

主要范畴、层面、一般披露及关键绩效指标章节

Aspect B8:Comunity Investment

层面B8：社区投资

General DisclosureComunity Investment

一般披露社区投资

KPI B8.1Focus areas of contribution (e.g. education, environmental concerns,

labour neds, health, culture, sport).

Comunity Investment

关键绩效指标

B8.1

专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、体育）。社区投资

KPI B8.2Resources contributed (e.g. money or time) to the focus area.Comunity Investment

关键绩效指标

B8.2

在专注范畴所动用资源（如金钱或时间）。社区投资

The Stock Exchange of Hong Kong Limited’s

Environmental, Social and Governance Reporting

Guide (Continued)

82MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

REPORT OF THE DIRECTORS

董事会报告

董事提呈其截至2025年3月31日止年度的报

告连同经审核财务报表。

公司资料

本公司于2016年7月6日根据开曼群岛公司

法在开曼群岛注册成立为获豁免有限公司。

本公司股份在香港联合交易所有限公司（「联

交所」）主板上市。

主要业务及业务回顾

本公司的主要业务为投资控股。本公司附属

公司的主要业务为提供非手术性医学美容及

生活美容服务及护肤产品销售。

按照香港公司条例附表5规定本集团截至

2025年3月31日止年度之业务回顾（包括本

集团业务之公平回顾以及本集团业务未来可

能发展之揭示）可于本年报第9至20页所载管

理层讨论及分析内查阅，其构成本董事会报

告之一部分。

主要风险及不明朗因素

本集团的财务状况、经营业绩及业务前景可

能受到与本集团业务直接或间接相关的众多

风险及不明朗因素的影响。以下为本集团知

悉的主要风险及不明朗因素。

政府政策风险

近年来美容服务行业发生若干不利事故后，

香港政府一直在检讨现有法律框架，并考虑

透过颁布若干法例及规例，加紧对美容服务

行业的监督，以监管（其中包括）应由注册医

生施行的医学美容程序类别。

The Directors present their report together with the audited financial

statements for the year ended 31 March 2025.

Corporate Information

The Company was incorporated in the Cayman Islands as an

exempted company with limited liability on 6 July 2016 under the

Companies Law of the Cayman Islands. The Company’s shares

were listed on the Main Board of The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”).

Principal Activities and Busines Review

The principal activity of the Company is investment holding. The

principal activities of the Company’s subsidiaries are the provision of

non-surgical medical aesthetic and welnes beauty services and sale

of skincare products.

Busines review of the Group for the year ended 31 March 2025 as

required by Schedule 5 to the Hong Kong Companies Ordinance,

including a fair review of the Group’s busines and an indication of

likely future development in the Group’s busines, can be found in

the Management Discusion and Analysis set out on pages 9 to 20 of

this anual report which forms part of this report of the Directors.

Principal Risks and Uncertainties

The Group’s financial condition, results of operations, and busines

prospects may be afected by a number of risks and uncertainties

directly or indirectly pertaining to the Group’s busines. The folowing

are the key risks and uncertainties identified by the Group.

Government Policies Risk

Folowing certain adverse incidents in relation to the beauty service

industry in recent years, the Hong Kong Government has ben

reviewing the existing legal framework and considering tightening its

supervision over the beauty service industry by promulgating certain

laws and regulations to regulate, among other things, the types of

medical aesthetic procedures that should be performed by registered

medical practitioners.

832025年报 / 卓珈控股集团有限公司

REPORT OF THE DIRECTORS

董事会报告

There is no asurance that the Hong Kong Government wil not

impose more stringent laws, rules, regulations or industry standards

in conection with the provision of medical aesthetic services. Any

change in the regulatory framework may render it more restrictive

for us to conduct our busines. There is also no asurance that we

wil be able to adapt to such changes in a timely maner. In adition,

compliance with such new laws, rules, regulations or industry

standards may significantly increase our operating costs, which

may in turn lower our profit margins. Any of the above-mentioned

circumstances may materialy and adversely afect our busines,

results of operations, financial condition and prospects.

Risk of Adverse Economic, Social or Political Conditions

Our busines operations are mainly based in and we derive most

of our revenue from Hong Kong. Our busines operations and the

demand for our medical aesthetic and welnes beauty services and

the sale of skincare products are therefore subject to the economic,

social and political conditions in Hong Kong.

In adition, in the past years, a portion of our revenue was derived

from visitors and tourists from the PRC who do not reside in Hong

Kong. Any reduction in the spending wilingnes of such PRC visitors

and tourists and any decrease in the number of PRC visitors and

tourists to Hong Kong may significantly reduce our revenue derived

from such clients, which could materialy and adversely afect our

results of operations and financial condition.

Environmental Policies and Performance

The Group considers the importance of environmental afairs and

believes busines development and environment afairs are highly

related. The Group has implemented certain environmental protection

measures to save energy and reduce the consumption of resources.

These policies were suported by our staf and were implemented

efectively.

In adition, details regarding the Group’s environmental policies

and performance can be found in the Environmental, Social and

Governance Report set out on pages 47 to 81 of this anual report.

概不保证香港政府将不会对提供医学美容服

务施加更严格的法例、规则、规例或行业标

准。监管框架的任何变动可能对我们进行业

务产生更多限制。亦无保证我们将能够及时

适应有关变化。此外，遵守新法例、规则、

规例或行业标准可能大幅增加我们的经营成

本，进而可能降低我们的溢利率。任何上述

情况均可能对我们的业务、经营业绩、财务

状况及前景构成重大不利影响。

不利经济、社会或政治条件的风险

我们的业务经营主要以香港为基地，而我们

大部分收益均产生自香港。我们的业务经营

及对我们医学美容及生活美容服务及销售护

肤产品的需求因此受到香港的经济、社会及

政治状况影响。

此外，于过往年度，我们收益一部分产生自

非居住在香港的中国访客及旅客。中国访客

及旅客的消费意欲下降以及中国到访香港的

访客及旅客人数减少，可能大幅减少产生自

有关客户的收益，从而对我们的经营业绩及

财务状况构成重大不利影响。

环境政策及表现

本集团认可环境事务的重要性，并认为业务

发展及环境事务高度相关。本集团已实施若

干环保措施以节约能源及减少资源消耗。该

等政策已获得我们员工的支持并获有效执行。

此外，有关本集团环境政策及表现之详情可

于本年报第47至81页所载环境、社会及管治

报告内查阅。

84MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

REPORT OF THE DIRECTORS

董事会报告

遵守法例及规例

本集团深明遵守监管规定之重要性以及不遵

守适用法例及规例之风险。截至2025年3月

31日止年度及直至本报告日期，本集团一直

于重大方面遵守对本集团业务及经营有重大

影响之相关法例及规例。截至2025年3月31

日止年度及直至本报告日期，概无发生本集

团严重违反或不遵守适用法例及规例之情况。

与主要持份者的关系

本集团深明员工、顾客及供应商为我们持续

稳定发展的关键。我们致力与员工建立密切

关系、与供应商加强合作及为顾客提供优质

服务，以确保本集团可持续发展。

业绩及分配

本集团于年内的业绩载于本年报第104页的

综合损益及其他全面收益表。

董事会并不建议或宣布派付截至2025年3月

31日止年度的任何股息（2024年：零）。

股东周年大会

本公司股东周年大会（「股东周年大会」）将于

2025年9月23日（星期二）举行。本公司将于

适当时间刊发并向股东寄发召开大会的通告。

暂停办理股份过户登记手续

为确定股份持有人有权出席股东周年大会并

于会上投票的记录日期为2025年9月18日（星

期四）。本公司将于2025年9月18日（星期四）

至2025年9月23日（星期二）（包括首尾两日）

暂停办理股份过户登记手续，期间不可进行

任何股份过户登记。为符合资格出席股东周

年大会并于会上投票，所有股份过户文件连

同有关股票须于2025年9月17日（星期三）下

午四时三十分前送达本公司香港股份过户登

记分处卓佳证券登记有限公司（地址为香港夏

悫道16号远东金融中心17楼）以办理登记手

续。

Compliance with the Laws and Regulations

The Group recognises the importance of compliance with regulatory

requirements and the risks of non-compliance with the aplicable

laws and regulations. During the year ended 31 March 2025 and up

to the date of this report, the Group has complied in material respects

with the relevant laws and regulations that have a significant impact

on the busines and operation of the Group. There was no material

breach or non-compliance with the aplicable laws and regulations

by the Group during the year ended 31 March 2025 and up to the

date of this report.

Relationship with Key Stakeholders

The Group fuly understands that staf, customers and supliers

are the key to our sustainable and stable development. We are

comited to establishing a close relationship with our staf,

enhancing coperation with our supliers and providing high-quality

services to our customers so as to ensure the Group’s sustainable

development.

Results and Apropriations

The results of the Group for the year are set out in the consolidated

statement of profit or los and other comprehensive income on page

104 of this anual report.

The Board does not recomend or declare the payment of any

dividend for the year ended 31 March 2025 (2024: Nil).

Anual General Meting

The anual general meting (“AGM”) of the Company wil be held on

Tuesday, 23 September 2025. A notice convening the meting wil be

isued and sent to the Shareholders in due course.

Closure of Register of Members

The record date for determining the entitlement of the holders

of Shares to atend and vote at the AGM wil be Thursday, 18

September 2025. The register of members of the Company

wil be closed from Thursday, 18 September 2025 to Tuesday,

23 September 2025 both dates inclusive, during which period no

transfer of shares can be registered. In order to be eligible to atend

and vote at the AGM, al transfers acompanied by the relevant

share certificates must be lodged with the Company’s branch share

registrar and transfer ofice in Hong Kong, Tricor Investor Services

Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong

Kong for registration not later than 4:30 p.m. on Wednesday, 17

September 2025.

852025年报 / 卓珈控股集团有限公司

REPORT OF THE DIRECTORS

董事会报告

财务概要

本集团于过往五个财政年度的已公布业绩、

资产及负债之概要载于第188页。概要并不

构成经审核综合财务报表的一部分。

股本

本公司股本于年内并无变动。

可供分派储备

于2025年3月31日，董事认为，本公司根

据开曼群岛公司法可供分派予股东的储备为

61,858,000港元（2024年：60,893,000港元）。

捐款

本集团于年内作出的慈善捐款为378,880港元

（2024年：433,000港元）。

优先购买权

本公司的组织章程细则概无载列任何有关本

公司须按比例向现有股东提呈发售新股份之

优先购买权规定，而开曼群岛法律并无针对

有关权利的限制。

购买、出售或赎回证券

截至2025年3月31日止年度，本公司或其任

何附属公司并无购买、出售或赎回本公司任

何股份。

购股权计划

本公司有一项购股权计划（「购股权计划」），

本公司的唯一股东于2016年12月19日以书

面决议案的方式批准及采纳该计划，自采纳

购股权计划日期起计十年。购股权计划的主

要条款载于综合财务报表附注27。

自采纳起，并无购股权计划项下的购股权获

授出、行使、注销或失效，且于2025年3月

31日并无尚未行使之购股权。

Financial Sumary

A sumary of the published results, asets and liabilities of the Group

for the last five financial years is set out on page 188. The sumary

does not form part of the audited consolidated financial statements.

Share Capital

There were no movements in the Company’s share capital during the

year.

Distributable Reserves

As at 31 March 2025, in the opinion of the Directors, the reserves

of the Company available for distribution to shareholders under the

Companies Law of the Cayman Islands amounted to HK$61,858,000

(2024: HK$60,893,000).

Donations

Charitable donations made by the Group during the year amounted

to HK$378,880 (2024: HK$433,000).

Pre-Emptive Rights

There is no provision for pre-emptive rights under the Company’s

articles of asociation and there was no restriction against such

rights under the laws of the Cayman Islands, which would oblige

the Company to ofer new shares on a pro-rata basis to existing

shareholders.

Purchase, Sale or Redemption of Securities

During the year ended 31 March 2025, neither the Company nor

any of its subsidiaries purchased, sold or redemed any of the

Company’s shares.

Share Option Scheme

The Company has a share option scheme (the “Share Option

Scheme”) which was aproved and adopted by the sole shareholder

of the Company by way of writen resolutions pased on 19 December

2016 for a term of 10 years from the date of adoption of the Share

Option Scheme. The principal terms of the Share Option Scheme are

set out in note 27 to the consolidated financial statements.

No share option has ben granted, exercised, canceled or lapsed

under the Share Option Scheme since its adoption and there was no

outstanding share option as at 31 March 2025.

86MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

REPORT OF THE DIRECTORS

董事会报告

The maximum number of share options available for grant pursuant to

the Share Option Scheme was 40,000,000, representing 10% of the

shares of the Company in isue as at 1 April 2024, 31 March 2025

and the date of the report.

The remaining life of the Share Option Scheme is aproximately 1

years and 6 months (expiring on 19 December 2026).

Directors’ Rights to Acquire Shares or Debentures

Save for the Share Options Scheme, at no time during the year

were rights to acquire benefits by means of the acquisition of shares

in or debentures of the Company granted to any Directors or their

respective spouses or children under 18 years of age, or were any

such rights exercised by them, or was the Company, its holding

company, or any of its subsidiaries and felow subsidiaries a party to

any arangement to enable the Directors to acquire such rights in any

other body corporate.

Directors

The Directors of the Company during the year and up to the date of

this report were:

Executive Directors

Ms. LAI Ka Ye Gigi (Chairlady and Chief Executive Oficer)

Mr. HO Tsz Leung Lincoln

Dr. LAM Ping Yan

Independent Non-Executive Directors

Mr. CHENG Fu Kwok David

Mr. CHENG Yuk Wo

Mr. LI Wai Kwan

By virtue of article 84 of the articles of asociation of the Company,

Mr. HO Tsz Leung Lincoln and Mr. LI Wai Kwan wil retire by rotation

at the forthcoming anual general meting and wil being eligible, ofer

themselves for re-election.

The Company has received anual confirmation of independence

from each of the INEDs pursuant to the Listing Rules. As at the date

of this report, the Board considers them to be independent.

于2024年4月1日、2025年3月31日及本报

告日期，根据购股权计划最多可授出购股权

数量为40,000,000股，占本公司已发行股份

的10%。

购股权计划的剩余年期约为一年零六个月（到

期日为2026年12月19日）。

董事购买股份或债权证之权利

除购股权计划外，本公司于年内任何时间概

无授予任何董事或彼等各自之配偶或18岁以

下的子女可藉购入本公司股份或债权证而获

益之权利，或彼等亦无行使该等权利；本公

司、其控股公司或其任何附属公司及同系附

属公司亦无订立任何安排致使董事可获得任

何其他法人团体之该等权利。

董事

本公司于年内及直至本报告日期的董事为：

执行董事

黎珈而女士（主席兼行政总裁）

何子亮先生

林秉恩医生

独立非执行董事

郑辅国先生

郑毓和先生

李伟君先生

根据本公司组织章程细则第84条，何子亮先

生和李伟君先生将于应届股东周年大会上轮

值退任，并将符合资格及愿意膺选连任。

本公司已接获各独立非执行董事根据上市规

则就其独立性发出的年度确认函。于本报告

日期，董事会认为彼等均属独立人士。

872025年报 / 卓珈控股集团有限公司

REPORT OF THE DIRECTORS

董事会报告

董事服务合约

各执行董事已与本公司订立服务协议为期三

年及其后继续生效，直至任何一方透过向另

一方发出不少于三个月的书面通知予以终止

为止。

各独立非执行董事已与本公司订立服务协议

为期三年，惟本公司或独立非执行董事可透

过向另一方发出最少三个月的书面通知终止

有关委任。

概无建议于应届股东周年大会上膺选连任的

董事与本公司订有不可于一年内免付赔偿（法

定赔偿除外）予以终止的服务合约。

酬金政策

我们已根据上市规则的规定成立薪酬委员会。

薪酬委员会的主要职责是经咨询主席及╱或

行政总裁后，检讨薪酬政策及其他薪酬相关

的事宜（包括应付董事及高级管理层的实物福

利及其他报酬），并就此向董事会作出推荐建

议。

根据本公司的薪酬政策，薪酬委员会将考虑

公司及个人表现、可资比较同业公司所支付

薪金、投入的时间、职责及于本集团内的其

他雇佣情况等因素。

董事薪酬及五位最高薪酬人士的详情分别载

于综合财务报表附注8及9。

董事于交易、安排或合约的权益

于年末或年内任何时间，概无存续本公司、

其控股公司或其任何附属公司为订约方、本

公司董事或其关连实体于当中直接或间接拥

有重大权益且对本集团业务而言属重大的交

易、安排或合约。

Directors’ Service Contracts

Each of the executive directors has entered into a service agrement

with the Company for a term of 3 years and continuing thereafter until

terminated by either party by giving not les than thre months’ notice

in writing to the other.

Each of the INEDs has entered into a service agrement with the

Company for a term of 3 years, provided that either the Company or

the INEDs may terminate such apointment at any time by giving at

least thre months’ notice in writing to the other.

None of the Directors proposed for re-election at the forthcoming

anual general meting has a service contract with the Company

which is not determinable within one year without payment of

compensation, other than statutory compensation.

Emolument Policy

We have established the Remuneration Comite in compliance with

the Listing Rules. The primary duties of the Remuneration Comite

are to review and make recomendations to the Board on the

remuneration policy and other remuneration related maters, including

benefits in kind and other compensation payable to the Directors and

senior management, after consultation with the chairman and/or Chief

Executive Oficer.

Under the remuneration policy of the Company, the Remuneration

Comite wil consider factors such as corporate and individual

performance, salaries paid by comparable companies, time

comitment, responsibilities and employment conditions elsewhere

in the Group.

Details of the Directors’ remuneration and the five highest paid

individuals are set out in notes 8 and 9 to the consolidated financial

statements, respectively.

Directors’ Interests in Transactions, Arangements

or Contracts

There were no transactions, arangements or contracts of significance

to the busines of the Group to which the Company, its holding

Company, or any of its subsidiaries was a party and in which a

Director of the Company or his conected entities had a material

interest, whether directly or indirectly, subsisted at the end of the year

or at any time during the year.

88MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

REPORT OF THE DIRECTORS

董事会报告

退休福利计划

本集团根据《强制性公积金计划条例》为所有

雇员设立一项定额供款强制性公积金退休福

利计划（「强积金计划」）。供款乃按雇员基本

薪金的百分比作出，并于按照强积金计划规

则应付时自损益扣除。强积金计划的资产于

独立管理基金与本集团的资产分开持有。本

集团的雇主供款于向强积金计划供款时全数

归属于雇员。

本集团于中国内地营运的附属公司的雇员须

参与由地方市政府营运的中央退休金计划。

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。供款于根据中央退

休金计划规则应付时自损益扣除。

本集团于截至2025年3月31日止年度作出的

退休福利计划供款为4,260,000港元（2024年：

6,351,000港元）。

获准弥偿条文

本公司已安排合适的责任保险以弥偿董事因

本集团业务而引致之任何责任及成本。

根据本公司之组织章程细则，本公司各董事

就其执行职务或与此有关可能蒙受或招致之

一切损失或责任，均有权从本公司资产获得

弥偿。本公司已为董事及高级人员购买责任

保险，覆盖范围包括对董事采取的任何法律

行动。本公司会每年审视覆盖范围。

董事的履历详情

董事的简历详情载于本年报第21至28页。

Retirement Benefit Schemes

The Group operates a defined contribution Mandatory Provident Fund

retirement benefit scheme (the “MPF Scheme”) under the Mandatory

Provident Fund Schemes Ordinance for al of its employes.

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 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.

The retirement benefit scheme contributions made by the Group

amounted to HK$4,260,000 (2024: HK$6,351,000) for the year

ended 31 March 2025.

Permited Indemnity Provision

The Company has aranged apropriate liabilities insurance to

indemnify the Directors from any liabilities and costs arising from the

busines of the Group.

Pursuant to the Company’s articles of asociation, every Director of

the Company shal be entitled to be indemnified out of the asets of

the Company against al loses or liabilities which he may sustain or

incur in or about the execution of the duties of his ofice or otherwise

in relation thereto. The Company maintains Directors and oficers

liability insurance, which gives apropriate cover for any legal action

brought against its Directors. The level of the coverage is reviewed

anualy.

Biographical Details of Directors

Brief biographical details of Directors are set out on pages 21 to 28 of

the anual report.

892025年报 / 卓珈控股集团有限公司

REPORT OF THE DIRECTORS

董事会报告

竞争利益

于2025年3月31日，就董事所悉，概无董

事、控股东及主要股东自身或彼等各自的

联系人（定义见上市规则第8.10条）在与本集

团业务构成或可能构成直接或间接竞争的任

何业务或公司中担任何职位或拥有权益，

或引起任何与利益冲突有关的顾虑。

权益披露

董事及主要行政人员于本公司或任何相

联法团之股份、相关股份及债权证之权

益及╱或淡仓

于2025年3月31日，本公司董事及主要行政

人员于本公司或其任何相联法团（定义见证券

及期货条例（「证券及期货条例」）第XV部）的

股份、相关股份及债权证中，拥有须(i)根据

证券及期货条例第XV部第7及8分部知会本

公司及联交所的权益或淡仓（包括根据证券及

期货条例有关条文彼等当作或视作拥有的权

益及淡仓）；或(i)根据证券及期货条例第352

条登记于该条所指登记册的权益或淡仓；或(i)

根据上市规则附录C3所载的上市发行人董事

进行证券交易的标准守则知会本公司及联交

所的权益或淡仓如下：

  • ：

附注：

  1. ,000,000股份以光彩控股有限公司

（「光彩」，一间由黎珈而女士及马廷强先生

（「马廷强先生」）分别实益拥有50%及50%

权益的公司）名义登记。马廷强先生为黎珈

而女士的配偶。因此，根据证券及期货条

例，黎珈而女士被视为于光彩持有的全部股

份中拥有权益。

Competing Interests

As at 31 March 2025, so far as the Directors are aware, none of the

Directors, the controling shareholders and substantial shareholders,

neither themselves nor their respective asociates (as defined under

Rule 8.10 of the Listing Rules) had held any position or had interest

in any busineses or companies that were or might be directly or

indirectly competing with the busines of the Group, or gave rise to

any concern regarding conflict of interest.

Disclosure of Interests

Directors’ and Chief Executive’s Interests and/or

Short Positions in the Shares, Underlying Shares

and Debentures of the Company or any Asociated

Corporation

As at 31 March 2025, interests or short positions of the Directors and

chief executive of the Company in the shares, underlying shares and

debentures of the Company or any of its asociated corporations

(within the meaning of Part XV of the Securities and Futures

Ordinance (the “SFO”) which were required (i) pursuant to Divisions 7

and 8 of Part XV of the SFO (including interests and short positions

which they were taken or demed to have under such provisions of

the SFO), to be notified to the Company and the Stock Exchange; or

(i) pursuant to section 352 of the SFO, to be entered in the register

refered to therein; or (i) pursuant to Model Code for Securities

Transactions by Directors of Listed Isuers contained in Apendix

C3 of the Listing Rules to be notified to the Company and the Stock

Exchange, were as folow:

  • :

Name of DirectorCapacity/nature of interest

Number of

shares held

Percentage of

the Company’s

isued

share capital

董事姓名身份╱权益性质所持股份数目

本公司已发行

股本的百分比

Ms. LAI Ka Ye GigiInterest of a controled

corporation (Note 1)

275,000,00068.75%

黎珈而女士受控制法团权益（附注1）

Note:

1. Such 275,000,000 Shares are registered in the name of Suny Bright

Group Holdings Limited (“Suny Bright”), a company beneficialy owned as

to 50% by Ms. LAI Ka Ye Gigi and 50% by Mr. MA Ting Keung, Patrick

(“Mr. Patrick MA”). Mr. Patrick MA is the spouse of Ms. LAI Ka Ye Gigi.

Therefore, Ms. LAI Ka Ye Gigi is demed to be interested in al the Shares

held by Suny Bright under the SFO.

90MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

REPORT OF THE DIRECTORS

董事会报告

  • ：

黎珈而女士为光彩1股已发行普通股的合法

及实益拥有人，占光彩的50%已发行股本。

马廷强先生为光彩另1股已发行普通股的合

法及实益拥有人，占光彩余下的50%已发行

股本。由于马廷强先生为黎珈而女士的配偶，

黎珈而女士被视为于光彩以马廷强先生名义

登记的所有权益中拥有权益。因此，连同光

彩以黎珈而女士名义登记的50%股权，黎珈

而女士被视为于光彩的100%已发行股本中

拥有权益。

除上文所披露者外，于2025年3月31日，概

无本公司董事或主要行政人员于本公司或其

任何相联法团（定义见证券及期货条例第XV

部）的股份、相关股份或债权证中，已登记须

(i)根据证券及期货条例第XV部第7及8分部知

会本公司及联交所的权益或淡仓（包括根据证

券及期货条例有关条文当作或视作拥有的权

益及淡仓）；或(i)根据证券及期货条例第352

条登记于该条所指登记册的权益或淡仓；或(i)

根据上市规则附录C3所载的上市发行人董事

进行证券交易的标准守则知会本公司及联交

所的权益或淡仓。

  • :

Name of Director

Name of asociated

corporation

Capacity/nature of

interest

Number of

shares held

Percentage of

the Company’s

isued

share capital

董事姓名相联法团名称身份╱权益性质所持股份数目

本公司已发行

股本的百分比

Ms. LAI Ka Ye GigiSuny BrightBeneficial owner and

interest of spouse

2100%

黎珈而女士光彩实益拥有人及配偶权益

Ms. LAI Ka Ye Gigi is the legal and beneficial owner of 1 isued

ordinary share of Suny Bright, representing 50% of the isued

share capital of Suny Bright. Mr. Patrick MA is the legal and

beneficial owner of the other 1 isued ordinary share of Suny Bright,

representing the remaining 50% of the isued share capital of Suny

Bright. As Mr. Patrick MA is the spouse of Ms. LAI Ka Ye Gigi,

Ms. LAI Ka Ye Gigi is demed to be interested in al the interest

registered in Mr. Patrick MA’s name in Suny Bright. Acordingly,

together with the 50% shareholding interest in Suny Bright registered

in Ms. LAI Ka Ye Gigi’s name, Ms. LAI Ka Ye Gigi is taken to be

interested in 100% of the isued share capital of Suny Bright.

Save as disclosed above, as at 31 March 2025, none of the Directors

nor chief executive of the Company had registered an 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) which were required (i) pursuant to Divisions 7

and 8 of Part XV of the SFO (including interests and short positions

which were taken or demed to have under such provisions of the

SFO), to be notified to the Company and the Stock Exchange; or

(i) pursuant to section 352 of the SFO, to be entered in the register

refered to therein; or (i) pursuant to Model Code for Securities

Transactions by Directors of Listed Isuers contained in Apendix

C3 of the Listing Rules to be notified to the Company and the Stock

Exchange.

912025年报 / 卓珈控股集团有限公司

REPORT OF THE DIRECTORS

董事会报告

主要股东于本公司股份及相关股

份之权益及╱或淡仓

于2025年3月31日，下列人士（本公司董事

及主要行政人员除外）或公司拥有须根据证券

及期货条例第336条记录在须存置之登记册

的权益及淡仓如下：

就董事所悉，于2025年3月31日，除本公司

董事及主要行政人员外，下列人士╱实体于

本公司的股份或相关股份中拥有须根据证券

及期货条例第XV部第2及3分部向本公司披

露或须根据证券及期货条例第336条记录在

须存置之本公司登记册的权益或淡仓：

于本公司股份的好仓：

附注：

  1. ,000,000股份以光彩（一间由黎珈而女士及

马廷强先生分别实益拥有50%及50%权益的公司）

名义登记。黎珈而女士为马廷强先生的配偶。因此，

根据证券及期货条例，马廷强先生被视为于光彩持

有的全部股份中拥有权益。

Substantial Shareholders’ Interests and/or Short

Positions in the Shares and Underlying Shares of

the Company

As at 31 March 2025, the interests and short positions of the person

(other than the Directors and chief executive of the Company) or

company which were required to be recorded in the register required

to be kept under section 336 of the SFO were as folow:

So far as the Directors are aware, as at 31 March 2025, other than

the Directors and chief executive of the Company, the folowing

persons/entities have an interest or a short position in the shares

or the underlying shares of the Company which were required to

be disclosed to the Company under Divisions 2 and 3 of Part XV of

the SFO or required to be recorded in the register of the Company

required to be kept under section 336 of the SFO:

Long positions in shares of the Company:

NameCapacity/Nature of interest

Number of

shares held/

interested

Percentage of

the Company’s

isued

share capital

姓名╱名称身份╱权益性质

所持╱拥有

权益的股份数目

本公司已发行

股本的百分比

Suny BrightBeneficial Owner275,000,00068.75%

光彩实益拥有人

Mr. Patrick MAInterest in a controled corporation

and interest of spouse (Note 1)

275,000,00068.75%

马廷强先生受控制法团权益及配偶权益

（附注1）

Meitu, Inc.Beneficial Owner20,000,0005%

美图公司实益拥有人

Note:

1. Such 275,000,000 Shares are registered in the name of Suny Bright, a company

beneficialy owned as to 50% by Ms. LAI Ka Ye Gigi and 50% by Mr. Patrick MA.

Ms. LAI Ka Ye Gigi is the spouse of Mr. Patrick MA. Acordingly, Mr. Patrick MA

is demed to be interested in al the Shares held by Suny Bright under the SFO.

92MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

REPORT OF THE DIRECTORS

董事会报告

除上文所披露者外，于2025年3月31日及就

董事所知，并无人士（其权益载列于上文「董

事及主要行政人员于本公司或任何相联法团

之股份、相关股份及债权证之权益及╱或淡

仓」一节的本公司董事及主要行政人员除外）

告知本公司彼等于本公司股份或相关股份中

拥有须根据证券及期货条例第336条记录在

本公司须存置之登记册的权益或淡仓。

管理合约

年内概无订立或存在有关本公司整体或任何

重大部分业务的管理及行政合约。

主要供应商及客户

截至2025年3月31日止年度，来自我们五大

客户的收益百分比合共占本集团总收益1.0%

（2024年：8.4%）。

截至2025年3月31日止年度，来自我们最大

供应商的采购额占本集团总采购额约16.0%

（2024年：13.1%）。截至2025年3月31日止

年度，我们的五大供应商合共占本集团总采

购额约42.6%（2024年：46.7%）。

除上文所披露者外，概无董事、其联系人或

任何股东（据董事所知拥有本公司股本5%以

上）于该等主要供应商或客户中拥有权益。

关连交易

截至2025年3月31日止年度的综合财务报表

附注32所披露的「关连方交易」并不构成上市

规则第14A章所界定的关连交易或持续关连

交易。董事已确认本公司已遵守根据上市规

则第14A章的披露规定。

于报告期间，并无其他不获豁免关连及持续

关连交易。

Save as disclosed above, as at 31 March 2025 and so far as known

to the Directors, no person, other than the Directors and chief

executive of the Company whose interests are set out in the section

“Directors’ and Chief Executive’s Interests and/or Short Positions in

the Shares, Underlying Shares and Debentures of the Company or

any Asociated Corporation” above, had notified the Company of

an interest or short position in the shares or underlying shares of the

Company that was required to be recorded in the register required to

be kept by the Company pursuant to Section 336 of the SFO.

Management Contracts

No contracts concerning the management and administration of the

whole or any substantial part of the busines of the Company were

entered into or existed during the year.

Major Supliers and Customers

For the year ended 31 March 2025, the percentage of revenue

derived from our five largest clients in agregate was 1.0% (2024:

8.4%) of the Group’s total revenue.

For the year ended 31 March 2025, purchases from our largest

suplier acounted for aproximately 16.0% (2024: 13.1%) of the

Group’s total purchases. For the year ended 31 March 2025, our five

largest supliers in agregate acounted for aproximately 42.6%

(2024: 46.7%) of the Group’s total purchases.

Save as disclosed above, none of the Directors, their asociates or

any shareholder (which to the knowledge of the Directors owns more

than 5% of the Company’s share capital) had an interest in these

major supliers or customers.

Conected Transactions

The “related party transactions” as disclosed in note 32 to the

consolidated financial statements for the year ended 31 March

2025 do not constitute a conected transaction or a continuing

conected transaction as defined in Chapter 14A of the Listing

Rules. The Directors confirmed that the Company has complied with

the disclosure requirements in acordance with Chapter 14A of the

Listing Rules.

There were no other non-exempt conected and continuing

conected transactions during the reporting period.

932025年报 / 卓珈控股集团有限公司

REPORT OF THE DIRECTORS

董事会报告

贸易融资及循环贷款融资及根据

上市规则第13.21条作出的披露

于2025年2月28日，G Max Group Limited

（「借款人」，本公司的一家间接全资附属公

司）与一家银行（「银行」）就总金额最多为

10,000,000港元的贸易融资及循环贷款融资

（「融资」）订立一份融资协议（「融资协议」）。

根据融资协议的条款，本公司向银行承诺（其

中包括）本公司主席兼董事黎珈而女士、马廷

强先生（黎女士的配偶）及其家庭成员应始终

直接或间接持有不少于51%的本公司已发行

股本（「承诺」）。

未能遵守承诺将构成融资协议项下的违约事

件，银行可向借款人发出通知，(i)取消融资项

下的垫款；及(i)宣布融资项下的所有未偿还

款项及所有利息、费用及佣金将即时到期应付。

于2025年3月31日及截至本报告日期，尚未

动用上述融资。

除上文所披露者外，本公司于2025财政年度

概无其他导致上市规则第13.21条下有关披露

责任产生的情况。

足够公众持股量

根据本公司及董事可得的资料，本公司于报

告期内已维持上市规则规定的指定公众持股量。

Trade finance and revolving loan facility and disclosure

pursuant to Rule 13.21 of the Listing Rules

On 28 February 2025, G Max Group Limited (the “Borower”, an

indirect wholy owned subsidiary of the Company) entered into a

facility agrement (the “Facility Agrement”) with a bank (the “Bank”)

for trade finance and revolving loan facility up to an agregated

amount of HK$10,000,000 (the “Facility”).

Pursuant to the terms of the Facility Agrement, the Company

undertakes with the Bank, amongst other things, that Ms. LAI Ka Ye

Gigi, the Chairlady and Director of the Company, Mr. Patrick MA,

the spouse of Ms. LAI Ka Ye Gigi, and their family members shal at

al times, directly and indirectly, hold no les than 51% of the isued

share capital of the Company (the “Undertaking”).

Failure to comply with the Undertaking constitutes an event of default

under the Facility Agrement, and the Bank may, by notice to the

Borower, (i) cancel the advances under the Facility; and (i) declare

al amounts outstanding under the Facility and al interest, fes and

comisions to be imediately due and payable.

As of 31 March 2025 and up to the date of this report, the above

facility has not ben utilised yet.

Save as disclosed above, there were no other circumstances which

would give rise to a disclosure obligation of the Company under Rule

13.21 of the Listing Rules for FY2025.

Suficiency of Public Float

Based on the information available to the Company and the Directors,

the Company has maintained the prescribed public float required by

the Listing Rules in the reporting period.

94MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

REPORT OF THE DIRECTORS

董事会报告

不竞争承诺的遵守情况

诚如本公司日期为2016年12月30日的招股

章程所披露，根据日期为2016年12月19日

的不竞争契据所载的不竞争承诺，我们的控

股东（即光彩控股有限公司、黎珈而女士及

马廷强先生，统称「控股东」）已各自向本公

司（为其本身及代表其附属公司）承诺（其中

包括）彼等各自不会或将不会，并将促使彼等

各自的紧密联系人不会于本公司上市后为其

本身或联同或代表或为任何其他人士直接或

间接进行、参与、从事与本集团业务构成竞

争或相似或可能构成竞争的任何业务或直接

或间接持有任何权益。不竞争契据的详情载

于本公司日期为2016年12月30日的招股章

程「与控股东的关系」一节「不竞争契据」一

段。

独立非执行董事已审阅不竞争契据的落实情

况，并认为控股东已于截至2025年3月31

日止年度遵守其于不竞争契据下给予的承诺。

股权挂钩协议

除购股权计划外，概无股权挂钩协议于年内

订立或于年末存续。

企业管治

本公司采纳的企业管治常规详情载于本年报

第29至46页的企业管治报告。

报告期后事项

于报告期后概无发生重大事项。

Compliance of Non-Competition Undertaking

As disclosed in the prospectus of the Company dated 30 December

2016, pursuant to the non-competition undertakings set out in the

ded of non-competition dated 19 December 2016, each of our

controling shareholders, namely, Suny Bright Group Holdings

Limited, Ms. LAI Ka Ye Gigi and Mr. Patrick MA (colectively the

“Controling Shareholders”), have undertaken to the Company (for

itself and on behalf of its subsidiaries) that, amongst other things,

each of them does not or wil not, and wil procure each of their

respective close asociates not to, directly or indirectly, cary on,

participate in, be engaged, interested directly or indirectly, either for

their own acount or in conjunction with or on behalf of or for any

other person in any busines in competition with or similar to or is

likely to be in competition with the busines of the Group upon the

Listing of the Company. Details of the ded of non-competition are

set out in the paragraph headed “Non-Competition Ded” in the

section headed “Relationship with Controling Shareholders” in the

prospectus of the Company dated 30 December 2016.

The INEDs have reviewed the implementation of the ded of

non-competition and are of the view that the Controling Shareholders

have complied with their undertakings given under the ded of

non-competition for the year ended 31 March 2025.

Equity-Linked Agrements

Save for the Share Option Scheme, no equity-linked agrements

were entered into during the year or subsisted at the end of the year.

Corporate Governance

Details of the corporate governance practices adopted by the

Company are set out in the Corporate Governance Report on pages

29 to 46 of the anual report.

Events after the Reporting Period

There was no significant event ocured after the reporting period.

952025年报 / 卓珈控股集团有限公司

REPORT OF THE DIRECTORS

董事会报告

核数师

综合财务报表已由安永会计师事务所审核，

安永会计师事务所任满告退，并合资格及愿

意获续聘。本公司应届股东周年大会上将提

呈一项决议案以续聘安永会计师事务所为本

公司核数师。

代表董事会

卓珈控股集团有限公司

主席

黎珈而

香港，2025年6月25日

Auditor

The consolidated financial statements have ben audited by

Ernst & Young who retire and, being eligible, ofer themselves for

re-apointment. A resolution wil be proposed at the forthcoming

anual general meting of the Company to re-apoint Ernst & Young

as auditor of the Company.

On behalf of the Board

Miricor Enterprises Holdings Limited

LAI Ka Ye Gigi

Chairlady

Hong Kong, 25 June 2025

96MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

To the shareholders of Miricor Enterprises Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

Opinion

We have audited the consolidated financial statements of Miricor

Enterprises Holdings Limited (the “Company”) and its subsidiaries

(the “Group”) set out on pages 104 to 187, 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.

致卓珈控股集团有限公司全体股东

（于开曼群岛注册成立的有限公司）

意见

我们已审计列载于第104至187页的卓珈控股

集团有限公司（「贵公司」）及其附属公司（「贵

集团」）的综合财务报表，此综合财务报表包

括于二零二五年三月三十一日的综合财务状

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，包括主要会计

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》的披露规定妥为拟备。

972025年报 / 卓珈控股集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

意见的基础

我们已根据香港会计师公会颁布的《香港审计

准则》进行审计。我们在该等准则下承担的责

任已在本报告「核数师就审计综合财务报表承

担的责任」部分中作进一步阐述。根据香港会

计师公会颁布的《专业会计师道德守则》（以下

简称「守则」），我们独立于 贵集团，并已履

行守则中的其他专业道德责任。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。

我们已经履行了本报告「核数师就审计综合财

务报表承担的责任」部分阐述的责任，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。

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.

We have fulfiled the responsibilities described in the Auditor’s

responsibilities for the audit of the consolidated financial statements

section of our report, including in relation to these maters.

Acordingly, our audit included the performance of procedures

designed to respond to our asesment of the risks of material

mistatement of the consolidated financial statements. The results of

our audit procedures, including the procedures performed to adres

the maters below, provide the basis for our audit opinion on the

acompanying consolidated financial statements.

98MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审计事项（续）Key Audit Maters (Continued)

Key audit materHow our audit adresed the key audit mater

关键审计事项该事项在审计中是如何应对的

Revenue recognition from prepaid packages来自预付疗程的收益确认

Revenue from treatment services is recognised when such

services have ben rendered to customers.

Prepaid treatment services not yet rendered, which are

non-refundable, are defered and reported as contract

liabilities in the consolidated statement of financial position.

Customers may not exercise al of their contractual rights

of the prepaid packages before expiry of the service

period, and such unexercised rights are refered to as

breakage.

The Group recognised an expected breakage amount as

revenue in proportion to the expected patern of rights

exercised by the customers. Upon expiry of the service

period, the unutilised portion of the prepaid packages is

fuly recognised in profit or los. As at 31 March 2025,

the carying amount of contract liabilities amounted to

HK$129,342,000. During the year ended 31 March 2025,

revenue recognised from treatment services amounted to

HK$350,318,000.

The recognition of revenue from the prepaid packages

involves significant management’s judgement to determine

the apropriate amount and timing based on the

Group’s acounting policy for revenue recognition. The

determination of the expected breakage amount involves

significant estimates based on the Group’s historical

experience on the utilisation of prepaid packages and the

expected utilisation patern, as apropriate.

The related disclosures are included in notes 2.4, 3, 5 and

22 to the consolidated financial statements.

来自疗程服务的收益于有关服务已提供予客户时确认。

尚未提供及不可退款的预付疗程服务获递延，并于综合

财务状况表呈列为合约负债。客户可能不会于服务期届

满前行使所有预付疗程的合约权利，而该等未行使权利

被称为未使用权利。

贵集团按客户行使权利的预期模式的比例确认预期未使

用权利金额为收益。于服务期届满后，预付疗程的未使

用部分于损益中悉数确认。于2025年3月31日，合约负

债的账面值为129,342,000港元。截至2025年3月31日

止年度，已确认来自疗程服务的收益为350,318,000港元。

确认来自预付疗程的收益涉及管理层的重大判断，根

据 贵集团的收益确认会计政策厘定的合适金额及时间。

厘定预期未使用权利金额涉及重大估计，基于 贵集团

对预付疗程的过往使用经验及预期使用模式（如适用）

作出估计。

相关披露已载于综合财务报表附注2.4、3、5及22。

992025年报 / 卓珈控股集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow our audit adresed the key audit mater

关键审计事项该事项在审计中是如何应对的

Revenue recognition from prepaid packages (Continued)来自预付疗程的收益确认（续）

Our audit procedures included:

  • ’s revenue

recognition policy in relation to prepaid packages;

• asesing the estimates used in the determination

of the expected breakage amount such as historical

experience on the utilisation of prepaid packages by

examining the related usage records on a sampling

basis; and

• testing the internal controls and checking the

calculation of the amount of revenue recognised

during the reporting period and the amount of

contract liabilities as at the end of the reporting

period by examining the underlying sales contracts

and related records on a sampling basis.

我们的审计程序包括：

  • ；
  • ，评估于厘定

预期未使用权利金额时的估计，如对使用预付疗

程的过往经验；及

  • ，

测试内部控制及检查于报告期间收益确认的金额

及于报告期末合约负债的金额的计算。

关键审计事项（续）Key Audit Maters (Continued)

100MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

刊载于年度报告内其他信息

贵公司董事需对其他信息负责。其他信息包

括刊载于年度报告内的信息，但不包括综合

财务报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他信

息，我们亦不对该等其他信息发表任何形式

的鉴证结论。

结合我们对综合财务报表的审计，我们的责

任是阅读其他信息，在此过程中，考虑其他

信息是否与综合财务报表或我们在审计过程

中所了解的情况存在重大抵触或者似乎存在

重大错误陈述的情况。基于我们已执行的工

作，如果我们认为其他信息存在重大错误陈

述，我们需要报告该事实。在这方面，我们

没有任何报告。

董事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》的披露规定拟备真实而中肯的综合财务报

表，并对其认为使综合财务报表的拟备不

存在由于欺诈或错误而导致的重大错误陈述

所需的内部控制负责。

在拟备综合财务报表时， 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。

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.

1012025年报 / 卓珈控股集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担

的责任

我们的目标，是对综合财务报表整体是否不

存在由于欺诈或错误而导致的重大错误陈述

取得合理保证，并出具包括我们意见的核数

师报告。我们仅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。

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。

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, and for no other purpose. We do not asume responsibility

towards or acept liability to any other person for the contents of this

report.

Reasonable asurance is a high level of asurance, but is not a

guarante that an audit conducted in acordance with HKSAs wil

always detect a material mistatement when it exists. Mistatements

can arise from fraud or eror and are considered material if,

individualy or in the agregate, they could reasonably be expected to

influence the economic decisions of users taken on the basis of these

consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise

profesional judgement and maintain profesional scepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate

to provide a basis for our opinion. The risk of not detecting a

material mistatement resulting from fraud is higher than for

one resulting from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used

and the reasonablenes of acounting estimates and related

disclosures made by the directors.

102MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担

的责任（续）

• 对董事采用持续经营会计基础的恰当

性作出结论。根据所获取的审计凭证，

确定是否存在与事项或情况有关的重大

不确定性，从而可能导致对 贵集团的

持续经营能力产生重大疑虑。如果我们

认为存在重大不确定性，则有必要在核

数师报告中提请使用者注意综合财务报

中的相关披露。假若有关的披露不足，

则我们应当发表非无保留意见。我们的

结论是基于核数师报告日止所取得的审

计凭证。然而，未来事项或情况可能导

致 贵集团不能持续经营。

  • 、结

构和内容，包括披露，以及综合财务报

表是否中肯反映交易和事项。

• 计划及执行集团审计以就 贵集团内实

体或业务单位的财务信息获取充足、适

当的审计凭证，作为对综合财务报表形

成意见的基础。我们负责指导、监督和

覆核就集团审计目的而执行的审计工

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，以及为消除对

独立性的威胁所采取的行动或防范措施（若适

用）。

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements (Continued)

  • ’ use of the

going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists related

to events or conditions that may cast significant doubt on the

Group’s ability to continue as a going concern. If we conclude

that a material uncertainty exists, we are required to draw

atention in our auditor’s report to the related disclosures in the

consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause the

Group to cease to continue as a going concern.

  • , structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves

fair presentation.

• Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial information

of the entities or busines units within the Group as a basis for

forming an opinion on the consolidated financial statements.

We are responsible for the direction, supervision and review of

the audit work performed for purposes of the group audit. We

remain solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among other

maters, the planed scope and timing of the audit and significant

audit findings, including any significant deficiencies in internal control

that we identify during our audit.

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.

1032025年报 / 卓珈控股集团有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担

的责任（续）

从与审核委员会沟通的事项中，我们确定哪

些事项对本期综合财务报表的审计最为重要，

因而构成关键审计事项。我们在核数师报告

中描述这些事项，除非法律法规不允许公开

披露这些事项，或在极端罕见的情况下，如

果合理预期在我们报告中沟通某事项造成的

负面后果超过产生的公众利益，我们决定不

应在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人是

王梓达（执业牌照号码：P07060）。

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

二零二五年六月二十五日

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements (Continued)

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 Wong Tsz Tat (practising certificate number:

P07060).

Ernst & Young

Certified Public Acountants

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

25 June 2025

403,152
6,448
(50,436)
(141,581)
(54,193)
(34,957)
(100,062)
(5,354)
23,017
(12,427)
10,590
209
10,799
HK2.65 cents 2.65港仙

104MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND

OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000HK$’000

附注千港元千港元

REVENUE收益5494,260

Other income and gain, net其他收入及收益净额55,762

Cost of inventories and consumables存货及消耗品成本(52,839)

Staf costs员工成本(183,820)

Property rentals and related expenses物业租金及相关开支(67,925)

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

(42,437)

Other expenses, net其他开支净额(159,626)

Finance costs财务成本6(5,155)

PROFIT/(LOS) BEFORE TAX除税前溢利╱（亏损）7(11,780)

Income tax expense所得税开支10(836)

PROFIT/(LOS) FOR THE YEAR年度溢利╱（亏损）(12,616)

OTHER COMPREHENSIVE

INCOME/(LOS)

其他全面收入╱

（亏损）

Other comprehensive income/(los) that

may be reclasified to profit or los in

subsequent periods:

于其后期间可能重新分类至

损益的其他全面收入╱

（亏损）：

Exchange diferences on translation of

foreign operations

换算海外业务的汇兑差额

(1,334)

TOTAL COMPREHENSIVE INCOME/

(LOS) FOR THE YEAR

年度全面收入╱（亏损）

总额(13,950)

EARNINGS/(LOS) PER SHARE

ATRIBUTABLE TO ORDINARY

EQUITY HOLDERS OF THE

COMPANY

本公司普通股权益持有人

应占每股盈利╱（亏损）

Basic and diluted基本及摊薄HK(3.15) cents

(3.15)港仙

50,121
78,541
12,814
14,814
156,290
35,490
3,888
27,174
273
65,847
182,320
314,992
6,336
23,675
183,730
5,850
36,856
6,507
900
263,854
51,138
207,428

1052025年报 / 卓珈控股集团有限公司

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025

于2025年3月31日

NotesHK$’000HK$’000

附注千港元千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、厂房及设备1385,789

Right-of-use asets使用权资产14(a)83,107

Deposits按金189,559

Defered tax asets递延税项资产2518,426

Total non-curent asets非流动资产总值196,881

CURENT ASETS流动资产

Inventories存货1642,151

Trade receivables贸易应收账款1713,402

Prepayments, deposits,

other receivables and other asets

预付款项、按金、

其他应收账款及其他资产1841,271

Tax recoverable可收回税项3,305

Pledged time deposits已抵押定期存款1962,604

Cash and cash equivalents现金及现金等价物19119,829

Total curent asets流动资产总值282,562

CURENT LIABILITIES流动负债

Trade payables贸易应付账款2010,561

Other payables and acruals其他应付账款及应计费用2129,944

Contract liabilities and defered revenue合约负债及递延收益22182,965

Interest-bearing bank borowings计息银行借款2312,510

Lease liabilities租赁负债14(b)35,731

Tax payable应付税项1,221

Provision for reinstatement costs修复成本拨备245,045

Total curent liabilities流动负债总额277,977

NET CURENT ASETS流动资产净值4,585

TOTAL ASETS LES CURENT

LIABILITIES

总资产减流动负债

201,466

46,056
11,056
2,754
59,866
147,562
4,000
143,562
147,562

106MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025

于2025年3月31日

NotesHK$’000HK$’000

附注千港元千港元

NON-CURENT LIABILITIES非流动负债

Lease liabilities租赁负债14(b)51,508

Provision for reinstatement costs修复成本拨备248,800

Defered tax liabilities递延税项负债254,395

Total non-curent liabilities非流动负债总额64,703

Net asets资产净值136,763

EQUITY权益

Isued capital已发行股本264,000

Reserves储备28132,763

Total equity权益总值136,763

Ms. Lai Ka Ye GigiMr. Ho Tsz Leung Lincoln

黎珈而女士何子亮先生

DirectorDirector

董事董事

4,00067,788(1,080)66,055136,763
–––10,59010,590
––209–209
––20910,59010,799
4,00067,788*(871)*76,645*147,562

1072025年报 / 卓珈控股集团有限公司

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至2025年3月31日止年度

Isued

Share

premium

Exchange

fluctuationRetainedTotal

capitalacountreserveprofitsequity

已发行

股本

股份

溢价账

汇兑

波动储备

保留

溢利

权益

总值

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2023年4月1日4,00067,78825478,671150,713

Los for the year年度亏损–(12,616)(12,616)

Other comprehensive los

for the year:

年度其他全面亏损︰

Exchange diferences on

translation of foreign operations

换算海外业务的汇兑差额

–(1,334)–(1,334)

Total comprehensive los

for the year

年度全面亏损总额

–(1,334)(12,616)(13,950)

At 31 March 2024 and

at 1 April 2024

于2024年3月31日及

于2024年4月1日

Profit for the year年度溢利

Other comprehensive income

for the year:

年度其他全面收入︰

Exchange diferences on

translation of foreign operations

换算海外业务的汇兑差额

Total comprehensive income

for the year

年度全面收入总额

At 31 March 2025于2025年3月31日

  • $143,562,000

(2024: HK$132,763,000) in the consolidated statement of financial position.

* 该等储备账户包括综合财务状况表之综合储备

143,562,000港元（2024年：132,763,000港元）。

23,017
(6,108)
5,354
34,957
43,027
–
–
(55)
316
2,375
3,726
(944)
105,665
2,894
9,596
9,837
(3,243)
(4,225)
(6,264)
765
(945)
114,080
6,853
(4,775)
(2,138)
114,020
(1,877)
(76)
205
(31,706)
2,501
(30,953)

108MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000HK$’000

附注千港元千港元

CASH FLOWS FROM OPERATING

ACTIVITIES

经营活动所得现金流量

Profit/(los) before tax除税前溢利╱（亏损）(11,780)

Adjustments for:就下列各项调整：

Interest income利息收入5(5,323)

Finance costs财务成本65,155

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

742,437

Depreciation of right-of-use asets使用权资产折旧750,807

Impairment of property, plant and

equipment

物业、厂房及设备减值

71,430

Impairment of right-of-use asets使用权资产减值71,170

Reversal of impairment of

trade receivables, net

贸易应收账款减值拨回

净额7(477)

Impairment of deposits按金减值7–

Los/(gain) on disposal/write-of of

items of property, plant and

equipment, net

出售╱撇销物业、厂房及

设备项目亏损╱（收益）

净额7(60)

Write-of of inventories撇销存货71,979

Reversal of provision for

reinstatement costs

修复成本拨备拨回

24–

85,338

Decrease/(increase) in inventories存货减少╱（增加）(6,451)

Decrease in trade receivables贸易应收账款减少4,668

Decrease/(increase) in prepayments,

deposits, other receivables and

other asets

预付款项、按金、其他

应收账款及其他资产

减少╱（增加）(3,594)

Increase in pledged time deposits已抵押定期存款增加(190)

Increase/(decrease) in trade payables贸易应付账款增加╱（减少）17

Increase/(decrease) in other payables

and acruals

其他应付账款及应计费用

增加╱（减少）8,261

Increase in contract liabilities

and defered revenue

合约负债及递延收益增加

Decrease in provision for

reinstatement costs

修复成本拨备减少

(1,265)

Cash generated from operations经营业务所产生的现金87,701

Interest received已收取利息5,044

Interest element of lease payments租赁付款的利息部分(4,144)

Hong Kong profits tax paid, net已付香港利得税净额(4,150)

Net cash flows from operating activities经营活动所得现金流量净额84,451

CASH FLOWS FROM

INVESTING ACTIVITIES

投资活动所得现金流量

Purchases of items of property,

plant and equipment

购买物业、厂房及设备项目

(26,114)

Deposits paid for purchases of items

of property, plant and equipment

购买物业、厂房及设备项目的

已付按金(101)

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60

Placement of non-pledged time

deposits with original maturity of more

than thre months when acquired

于购入时原到期日超过三个月

的无抵押定期存款配置

(44,146)

Withdrawal of non-pledged time

deposits with original maturity of more

than thre months when acquired

提取于购入时原到期日超过

三个月的无抵押定期存款

11,301

Net cash flows used in investing activities投资活动所用现金流量净额(59,000)

(6,660)
(42,788)
(579)
(50,027)
33,040
75,683
246
108,969
56,842
52,127
73,351
182,320
(73,351)
108,969

1092025年报 / 卓珈控股集团有限公司

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000HK$’000

附注千港元千港元

CASH FLOWS FROM FINANCING

ACTIVITIES

融资活动所得现金流量

Repayment of bank borowings偿还银行借款29(b)(6,660)

Principal portion of lease payments 租赁付款的本金部分29(b)(47,921)

Interest paid 已付利息(1,005)

Cash flows used in financing activities融资活动所用现金流量(55,586)

NET INCREASE/(DECREASE) IN CASH

AND CASH EQUIVALENTS

现金及现金等价物增加╱

（减少）净额(30,135)

Cash and cash equivalents at begining

of year

年初的现金及现金等价物

105,610

Efect of foreign exchange rate changes,

net

外汇率变动的影响净额

CASH AND CASH EQUIVALENTS AT

END OF YEAR

年末的现金及现金等价物

75,683

ANALYSIS OF BALANCES OF CASH

AND CASH EQUIVALENTS

现金及现金等价物结余

的分析

Cash and bank balances现金及银行结余63,819

Non-pledged time deposits with original

maturity of les than thre months

when acquired

于购入时原到期日

少于三个月的

无抵押定期存款11,864

Non-pledged time deposits with original

maturity of more than thre months

when acquired

于购入时原到期日

超过三个月的

无抵押定期存款44,146

Cash and cash equivalents as stated

in the consolidated statement of

financial position

综合财务状况表所列

现金及现金等价物

19119,829

Non-pledged time deposits with original

maturity of more than thre months

when acquired

于购入时原到期日

超过三个月的

无抵押定期存款(44,146)

Cash and cash equivalents as stated

in the consolidated statement of

cash flows

综合现金流量表所列现金及

现金等价物

75,683

110MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

1. Corporate and Group Information

Miricor Enterprises Holdings Limited is a limited liability

company incorporated in the Cayman Islands. The principal

place of busines of the Company is located at 18/F, Nan Fung

Tower, 88 Conaught Road Central, Central, Hong Kong.

During the year, the Company and its subsidiaries (colectively

refered to as the “Group”) were principaly engaged in the

provision of medical aesthetic and welnes beauty services and

the sale of skincare products.

In the opinion of the directors, the imediate holding company

and the ultimate holding company of the Company is Suny

Bright Group Holdings Limited, a company incorporated in the

British Virgin Islands.

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/

registration

and busines

Isued

ordinary/

registered

share capitalDirectIndirectPrincipal activities

名称

注册成立╱登记及

营业地点

已发行

普通股╱

注册股本直接间接主要业务

Coresmax Group Holdings LimitedBritish Virgin Islands (“BVI”)HK$2100–Investment holding

英属处女群岛

（「英属处女群岛」）

2港元投资控股

Miricor Beauty (BVI) LimitedBVIUS$1100–Investment holding

英属处女群岛1美元投资控股

G Max Group LimitedHong KongHK$1–100Provision of management

services

香港1港元提供管理服务

Miricor Beauty (HK) LimitedHong KongHK$1–100Sale of skincare products

卓珈美容（香港）有限公司香港1港元出售护肤产品

Miricor Cosmeceuticals (Guangzhou)

Company Limited*

People’s Republic

of China (“PRC”)/

Mainland China

HK$50,000,000–100Wholesale of skincare

products

中华人民共和国

（「中国」）╱中国内地

50,000,000港元护肤产品批发

Cos Max Medical Centre LimitedHong KongHK$1–100Provision of medical

aesthetic services

香港1港元提供医学美容服务

1. 公司及本集团资料

卓珈控股集团有限公司为一间于开曼群

岛注册成立的有限公司。本公司的主要

营业地点位于香港中环干诺道中88号

南丰大厦18楼。

于本年度，本公司及其附属公司（统称

「本集团」）主要从事提供医学美容及生

活美容服务及护肤产品销售。

董事认为，本公司的直接控股公司及最

终控股公司为光彩控股有限公司（一间

于英属处女群岛注册成立的公司）。

附属公司之资料

本公司主要附属公司之详情如下：

1112025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

* 该附属公司根据中国法律登记为外商独资

企业。

上表所列乃董事认为对本集团本年度业

绩有重大影响或占本集团资产净值主要

部份之本公司附属公司。董事认为列出

其他附属公司之详情会使篇幅过于冗长。

Percentage of equity

atributable to the

Company

本公司应占股权百分比

Name

Place of

incorporation/

registration

and busines

Isued

ordinary/

registered

share capitalDirectIndirectPrincipal activities

名称

注册成立╱登记及

营业地点

已发行

普通股╱

注册股本直接间接主要业务

Cos Max Medical Centre

(Central) Limited

Hong KongHK$1–100Provision of medical

aesthetic services

香港1港元提供医学美容服务

CM Technology Development LimitedHong KongHK$1–100Provision of management

services

香港1港元提供管理服务

CMIP LimitedBVIUS$1–100Owner of trademarks

名权有限公司英属处女群岛1美元商标拥有人

Cos Max E-comerce LimitedHong KongHK$1–100Sale of skincare products

香港1港元出售护肤产品

Cos Max Medical Centre

(TST) Limited

Hong KongHK$300,000–100Provision of medical

aesthetic services

香港300,000港元提供医学美容服务

Surplus Power LimitedHong KongHK$1–100Provision of management

services

权旺有限公司香港1港元提供管理服务

Vitae Welnes Beauty LimitedHong KongHK$1–100Provision of welnes beauty

services

香港1港元提供生活美容服务

Vitae Welnes Beauty

(Central) Limited

Hong KongHK$20,000–100Provision of welnes beauty

services

香港20,000港元提供生活美容服务

Vitae Welnes Beauty

(TST) Limited

Hong KongHK$20,000–100Provision of welnes beauty

services

香港20,000港元提供生活美容服务

XOVE HK LimitedHong KongHK$1,000,000–100Sale of skincare products

香港1,000,000港元销售护肤产品

* This subsidiary is registered as a wholy-foreign-owned enterprise under

PRC law.

The above table lists the subsidiaries of the Company which,

in the opinion of the directors, principaly afected the results

for the year or formed a substantial portion of the net asets of

the Group. To give details of other subsidiaries would, in the

opinion of the directors, result in particulars of excesive length.

1. Corporate and Group Information (Continued)

Information about subsidiaries (Continued)

  1. （续）

附属公司之资料（续）

112MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

2. 会计政策

2.1 编制基准

此等财务报表乃根据香港会计师

公会（「香港会计师公会」）所颁布

之香港财务报告准则会计准则（当

中包括所有香港财务报告准则、

香港会计准则（「香港会计准则」）

及诠释）及香港公司条例之披露规

定而编制。此等财务报表乃根据

历史成本法编制。除另有注明外，

此等财务报表乃以港元（「港元」）

呈列，而所有金额均调整至最接

近之千位。

综合基准

本综合财务报表包括本集团截至

2025年3月31日止年度之财务报

表。附属公司指由本公司直接或

间接控制的实体（包括结构实体）。

当本集团就自参与被投资方而产

生的可变回报承担风险或有权获

取有关回报且有能力透过其对被

投资方的权力影响该等回报（即赋

予本集团指导被投资方进行相关

活动的现有能力之现时权利）时，

则获得控制权。

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. These financial statements are presented

in Hong Kong dolars (“HK$”) and al values are rounded

to the nearest thousand except when otherwise indicated.

Basis of consolidation

The consolidated financial statements include the financial

statements of the Group 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).

1132025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.1 编制基准（续）

综合基准（续）

一般情况下，有一个推定，即多

数投票权形成控制权。当本公司

拥有被投资方不足多数的投票权

或类似权利，本集团会省览所有

相关事实及情况以评估其是否对

被投资方拥有权力，包括：

(a) 与被投资方其他投票权持有

人的合约安排；

(b) 其他合约安排产生的权利；

及

(c) 本集团的投票权及潜在投票

权。

附属公司之财务报表乃于与本公

司相同之报告期内采纳一致之会

计政策编制。附属公司业绩是自

本集团取得控制权当日起进行综

合列账，且持续综合列账直至该

控制权终止当日为止。

损益及其他全面收益之各个组成

部份归属于本集团母公司拥有人

及非控股权益，即使此举会导致

非控股权益有亏绌结余。所有

关本集团各成员公司间之交易之

集团内部公司间资产及负债、权

益、收入、开支以及现金流量会

于综合列账时全数抵销。

倘事实及情况显示上文所述三项

控制因素之一项或多项出现变化，

本集团会重新评估其是否控制被

投资方。

2. Acounting Policies (Continued)

2.1 Basis of Preparation (Continued)

Basis of consolidation (Continued)

Generaly, there is a presumption that a majority of voting

rights results in control. When the Company has les than

a majority of the voting or similar rights of an investe,

the Group considers al relevant facts and circumstances

in asesing whether it has power over an investe,

including:

(a) the contractual arangement with the other vote

holders of the investe;

(b) rights arising from other contractual arangements;

and

(c) the Group’s voting rights and potential voting rights.

The financial statements of the subsidiaries are prepared

for the same reporting period as the Company, using

consistent acounting policies. The results of subsidiaries

are consolidated from the date on which the Group

obtains control, and continue to be consolidated until the

date that such control ceases.

Profit or los and each component of other comprehensive

income are atributed to the owners of the parent of the

Group and to the non-controling interests, even if this

results in the non-controling interests having a deficit

balance. Al intra-group asets and liabilities, equity,

income, expenses and cash flows relating to transactions

betwen members of the Group are eliminated in ful on

consolidation.

The Group reaseses whether or not it controls an

investe if facts and circumstances indicate that there are

changes to one or more of the thre elements of control

described above.

114MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.2 会计政策及披露之变动

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号修订

售后租回租赁

负债

香港会计准则

第1号修订

负债分类为流

动或非流动

（「2020年修

订」）

香港会计准则

第1号修订

附带契诺的非

流动负债

（「2022年修

订」）

香港会计准则第7号

及香港财务报告

准则第7号修订

供应商融资安排

经修订香港财务报告准则会计准

则的性质及影响载述如下：

(a) 香港财务报告准则第16号修

订明卖方 — 承租人于计

量售后租回交易产生的租赁

负债时使用的规定，以确保

卖方 — 承租人不会确认与

其所保留使用权有关的任何

收益或亏损金额。香港财务

报告准则第16号修订明卖

方 — 承租人于计量售后租

回交易产生的租赁负债时使

用的规定，以确保卖方 — 承

租人不会确认与其所保留使

用权有关的任何收益或亏损

金额。由于本集团自香港财

务报告准则第16号之首次应

用日期起并无发生不取决于

某一指数或利率之浮动租赁

付款的售后租回交易，故该

等修订并无对本集团的财务

状况或表现造成任何影响。

2. Acounting Policies (Continued)

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 1

Clasification of Liabilities as

Curent or Non-curent

(the “2020 Amendments”)

Amendments to

HKAS 1

Non-curent Liabilities with

Covenants (the “2022

Amendments”)

Amendments to HKAS 7

and HKFRS 7

Suplier Finance

Arangements

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.

1152025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.2 会计政策及披露之变动（续）

(b) 2020年修订澄清将负债分类为流

动或非流动的规定，包括递延结

算的权利及递延权利必须在报告

期末存在。负债的分类不受实体

行使其延期结算权利的可能性的

影响。该等修订亦澄清，负债可

以其本身的权益工具结算，且仅

当可转换负债的转换选择权本身

作为权益工具入账时，负债的条

款才不会影响其分类。2022年修

订进一步澄清，在贷款安排所产

生的负债契诺中，只有实体必须

于报告日期或之前遵守的契诺会

影响该负债的流动或非流动分类。

实体须于报告期后12个月内遵守

未来契诺的情况下，就非流动负

债作出额外披露。

本集团已重新评估其于2023年及

2024年4月1日之负债的条款及条

件，并认为其负债的流动或非流

动分类于首次应用该等修订后保

持不变。因此，该等修订并无对

本集团的财务状况或表现造成任

何影响。

(c) 香港会计准则第7号修订及香港财

务报告准则第7号修订澄清供应商

融资安排的特征，并要求对该等

安排作出额外披露。该等修订的

披露规定旨在协助财务报表使用

者了解供应商融资安排对实体负

债、现金流量及流动资金风险敞

口的影响。由于本集团并无供应

商融资安排，故该等修订并无对

本集团的财务报表造成任何影响。

2. Acounting Policies (Continued)

2.2 Changes in Acounting Policies and

Disclosures (Continued)

(b) The 2020 Amendments clarify the requirements

for clasifying liabilities as curent or non-curent,

including what is meant by a right to defer

setlement and that a right to defer must exist at

the end of the reporting period. Clasification of

a liability is unafected by the likelihod that the

entity wil exercise its right to defer setlement.

The amendments also clarify that a liability can be

setled in its own equity instruments, and that only

if a conversion option in a convertible liability is

itself acounted for as an equity instrument would

the terms of a liability not impact its clasification.

The 2022 Amendments further clarify that,

among covenants of a liability arising from a loan

arangement, only those with which an entity must

comply on or before the reporting date afect the

clasification of that liability as curent or non-

curent. Aditional disclosures are required for

non-curent liabilities that are subject to the entity

complying with future covenants within 12 months

after the reporting period.

The Group has reasesed the terms and conditions

of its liabilities as at 1 April 2023 and 2024 and

concluded that the clasification of its liabilities as

curent or non-curent remained unchanged upon

initial aplication of the amendments. Acordingly,

the amendments did not have any impact on the

financial position or performance of the Group.

(c) 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.

116MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.3 已颁布但尚未生效的香港财务

报告准则会计准则

本集团于该等财务报表并无应用

以下已颁布但尚未生效的新订及

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

效时予以采纳（倘适用）。

香港财务报告准则

第18号修订

财务报表的呈列及

披露

香港财务报告准则

第19号修订

非公共受托责任子公司

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号修订

金融工具分类及计量的

修订

香港财务报告准则

第9号及香港财务

报告准则第7号修订

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号修订

投资者与其联营公司或

合营企业之间的资产

出售或注资

香港会计准则

第21号修订

缺乏可兑换性

香港财务报告准则

会计准则的年度

改进 — 第11册

香港财务报告准则

第1号、香港财务

报告准则第7号、

香港财务报告准则

第9号、香港财务

报告准则第10号及

香港会计准则第7号

的修订

于2025年1月1日或之后开始的年度

期间生效

于2026年1月1日或之后开始的年度

期间生效

于2027年1月1日或之后开始的年

度╱报告期间生效

强制生效日期尚未厘定，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

1172025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （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）

预期适用于本集团之有关该等香

港财务报告准则会计准则之进一

步资料说明如下。

香港财务报告准则第18号取代香

港会计准则第1号财务报表的呈

报。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.

118MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （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号合并财务报表所界定

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合并财

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号的修订金融工具

分类及计量的修订阐明终止确认

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

合约现金流量特征。此外，该等

修订厘清具有无追索权特征的金

融资产及合约挂钩工具的分类规

定。该等修订亦包括指定以公允

价值计量并计入其他综合收益的

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 fair

value through other comprehensive income and financial

instruments with contingent features. The amendments

shal be aplied retrospectively with an adjustment to

opening retained profits (or other component of equity) at

the initial aplication date. Prior periods are not required

to be restated and can only be restated without the use of

hindsight. Earlier aplication of either al the amendments

at the same time or only the amendments related to

the clasification of financial asets is permited. The

amendments are not expected to have any significant

impact on the Group’s financial statements.

1192025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （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号修订涉及依赖自

然能源生产电力的合约澄清范围

内合约「自用」规定的应用，并修

订范围内合约现金流量对冲关系

中被对冲项目的指定规定。修订

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应追

溯应用。过往期间毋须重列，并在

无需事后确认的情况下方予重列。

与对冲会计相关的修订应追溯应

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号修订应同时应用。

该等修订预期对本集团的财务报

表并无任何重大影响。

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

出售或注资两者规定的不一致性。

该等修订规定，当资产出售或注

资构成一项业务时，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.

120MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （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。该等修

订允许提前应用。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（及随附实施香港财务报告

准则第7号的指引）、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。预期该等修

订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.

1212025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （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。预期该

等修订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

合并财务报表：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。预期该

等修订不会对本集团的财务

报表产生任何重大影响。

• 香港会计准则第7号现金流

量表：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.

122MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策

业务合并及商誉

业务合并乃采用收购法入账。所

转让代价乃按收购日期的公平值

计量，收购日期公平值是本集团

所转让资产之收购日期公平值、

本集团为被收购方前拥有人所承

担之负债及本集团为交换被收购

方控制权而发行之股权的总值。

就各业务合并而言，本集团选择

是按公平值还是被收购方可识别

资产净值的应占比例，计量于被

收购方的非控制权益。非控制权

益的所有其他组成部分均按公平

值计量。收购相关成本于产生时

支销。

当所收购的一组活动及资产包含

共同对创造产出的能力有重大贡

献的一项投入及一项实质性程序，

本集团认为其已收购一项业务。

本集团收购业务时根据按合约条

款、收购日期的经济状况及相关

条件所作适当分类及指定用途评

估接收的金融资产及负债，其中

包括分离被收购方主合约中的嵌

入式衍生工具。

倘业务合并分阶段进行，则先前

所持股权按收购日期公平值重新

计量，而就此产生的任何收益或

亏损于损益或其他全面收益（如适

用）中确认。

收购方将转让的任何或然代价按

收购日期之公平值确认。归类为

资产或负债的或然代价按公平值

计量，而公平值的变动于损益确

认。归类为权益之或然代价毋须

重新计量，随后结算于权益列账。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies

Busines combinations and godwil

Busines combinations are acounted for using the

acquisition method. The consideration transfered is

measured at the acquisition date fair value which is

the sum of the acquisition date fair values of asets

transfered by the Group, liabilities asumed by the Group

to the former owners of the acquire and the equity

interests isued by the Group in exchange for control of

the acquire. For each busines combination, the Group

elects whether to measure the non-controling interests

in the acquire at fair value or at the proportionate

share of the acquire’s identifiable net asets. Al other

components of non-controling interests are measured

at fair value. Acquisition-related costs are expensed as

incured.

The Group determines that it has acquired a busines

when the acquired set of activities and asets includes an

input and a substantive proces that together significantly

contribute to the ability to create outputs.

When the Group acquires a busines, it aseses the

financial asets and liabilities asumed for apropriate

clasification and designation in acordance with the

contractual terms, economic circumstances and pertinent

conditions as at the acquisition date. This includes the

separation of embeded derivatives in host contracts of

the acquire.

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.

1232025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

业务合并及商誉（续）

商誉初始按成本计量，即所转让

代价、已确认非控制权益金额以

及本集团先前所持被收购方权益

的任何公平值超出所收购可识别

资产及所承担负债之差额。倘该

代价及其他项目总额低于所收购

资产净值的公平值，则差额经重

新评估后于损益确认为议价购买

收益。

于初始确认后，商誉按成本减任

何累计减值亏损计量。每年对商

誉进行减值测试，倘出现任何事

件或情况转变而显示账面值可能

减值，则会更频密测试。本集团

于每年3月31日对商誉进行减值

测试。就减值测试而言，业务合

并所得商誉自收购当日起分配至

本集团的各个现金产生单位或各

组现金产生单位（预期会产生合并

协同效益），而不论本集团其他资

产或负债有否指定拨往该等单位

或单位组别。

减值金额透过评估商誉所属的现

金产生单位（现金产生单位组别）

的可收回金额而厘定。倘现金产

生单位（现金产生单位组别）的可

收回金额低于账面值，则确认减

值亏损。就商誉所确认的减值亏

损不会于其后期间拨回。

倘商誉分配至现金产生单位（或现

金产生单位组别），且该单位内部

分业务已出售，则于厘定出售的

盈亏时，有关所出售业务的商誉

计入业务的账面值。在该等情况

下出售的商誉根据所出售业务的

相关价值及所保留的部分现金产

生单位而计量。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Busines combinations and godwil (Continued)

Godwil is initialy measured at cost, being the exces

of the agregate of the consideration transfered, the

amount recognised for non-controling interests and any

fair value of the Group’s previously held equity interests

in the acquire over the identifiable asets acquired

and liabilities asumed. If the sum of this consideration

and other items is lower than the fair value of the net

asets acquired, the diference is, after reasesment,

recognised in profit or los as a gain on bargain purchase.

After initial recognition, godwil is measured at cost

les any acumulated impairment loses. Godwil is

tested for impairment anualy or more frequently if

events or changes in circumstances indicate that the

carying value may be impaired. The Group performs its

anual impairment test of godwil as at 31 March. For

the purpose of impairment testing, godwil acquired

in a busines combination is, from the acquisition date,

alocated to each of the Group’s cash-generating units,

or groups of cash-generating units, that are expected to

benefit from the synergies of the combination, irespective

of whether other asets or liabilities of the Group are

asigned to those units or groups of units.

Impairment is determined by asesing the recoverable

amount of the cash-generating unit (group of cash-

generating units) to which the godwil relates. Where the

recoverable amount of the cash-generating unit (group of

cash-generating units) is les than the carying amount,

an impairment los is recognised. An impairment los

recognised for godwil is not reversed in a subsequent

period.

Where godwil has ben alocated to a cash-generating

unit (or group of cash-generating units) and part of the

operation within that unit is disposed of, the godwil

asociated with the operation disposed of is included in

the carying amount of the operation when determining

the gain or los on the disposal. Godwil disposed of in

these circumstances is measured based on the relative

value of the operation disposed of and the portion of the

cash-generating unit retained.

124MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

非金融资产减值

倘出现减值迹象，或须对资产进

行年度减值测试（存货、递延税项

资产及金融资产除外），则估计资

产的可收回金额。资产之可收回

金额是资产或现金产生单位之使

用价值与其公平值扣除销售成本

两者中之较高者，并就个别资产

厘定，除非该资产并无产生大致

上独立于其他资产或资产组别的

现金流入，在此情况下，则就资

产所属之现金产生单位厘定可收

回金额。于对现金产生单位进行

减值测试时，倘能够在合理且一

致的基础上分配予个别现金产生

单位，则将公司资产的账面值的

一部分配予个别现金产生单位，

否则，将其分配予最小的现金产

生单位组别。

减值亏损仅于资产账面值超过其

可收回金额时确认。在评估使用

价值时，估计日后现金流量乃按

除税前折现率计算其现值，该折

现率反映目前市场对货币时间值

及该资产特定风险之评估。减值

亏损于产生期间自损益中扣除。

于各报告期末会评估有否迹象显

示先前确认之减值亏损已不再存

在或有所减少。倘出现有关迹象，

则估计可收回金额。当用以厘定

该资产可收回金额之估计有变，

方会拨回该资产先前确认之减值

亏损（不包括商誉），惟所拨回金

额不可超过往年度在并无就该

资产确认减值亏损的情况下厘定

之账面值（扣除任何折旧）。拨回

减值亏损于产生期间计入损益。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for an aset is required (other than

inventories, defered tax asets and financial asets),

the aset’s recoverable amount is estimated. An aset’s

recoverable amount is the higher of the aset’s or cash-

generating unit’s value in use and its fair value les costs

of disposal, and is determined for an individual aset,

unles the aset does not generate cash inflows that are

largely independent of those from other asets or groups

of asets, in which case the recoverable amount is

determined for the cash-generating unit to which the aset

belongs. In testing a cash-generating unit for impairment,

a portion of the carying amount of a corporate aset is

alocated to an individual cash-generating unit if it can

be alocated on a reasonable and consistent basis or,

otherwise, to the smalest group of cash-generating units.

An impairment los is recognised only if the carying

amount of an aset exceds its recoverable amount. In

asesing value in use, the estimated future cash flows

are discounted to their present value using a pre-tax

discount rate that reflects curent market asesments

of the time value of money and the risks specific to the

aset. An impairment los is charged to profit or los in

the period in which it arises.

An asesment is made at the end of each reporting

period as to whether there is an indication that previously

recognised impairment loses may no longer exist or

may have decreased. If such an indication exists, the

recoverable amount is estimated. A previously recognised

impairment los of 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) 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.

1252025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

关连方

倘任何人士符合以下条件即属本

集团之关连方：

(a) 有关人士为下述人士或身为

下述人士之直系亲属

(i) 对本集团拥有控制权

或共同控制权；

(i) 对本集团拥有重大影

响力；或

(i) 为本集团或本集团母

公司的主要管理人员；

或

(b) 有关人士为符合以下任何条

件之实体：

(i) 该实体与本集团为同

一集团的成员公司；

(i) 该实体为另一间实体

（或另一间实体的母公

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) 该实体为第三方实体

的合营企业，而另一实

体为该名第三方实体

的联营公司；

(v) 该实体为本集团或本

集团关连实体的雇员

福利之退休福利计划

中的一方；

(vi) 该实体受(a)段所述人

士控制或共同控制；

(vi) (a)(i)段所述之人士对该

实体拥有重大影响力

或为该实体（或该实体

母公司）的主要管理人

员；及

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;

or

(b) the party is an entity where any of the folowing

conditions aplies:

(i) the entity and the Group are members of the

same group;

(i) one entity is an asociate or joint venture of

the other entity (or of a parent, subsidiary or

felow subsidiary of the other entity);

(i) the entity and the Group are joint ventures of

the same third party;

(iv) one entity is a joint venture of a third entity

and the other entity is an asociate of the third

entity;

(v) the entity is a post-employment benefit plan

for the benefit of employes of either the

Group or an entity related to the Group;

(vi) the entity is controled or jointly controled by a

person identified in (a);

(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

126MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

关连方（续）

(b) （续）

(vi) 该实体或其所属集团之

任何成员公司，向本集

团或本集团之母公司

提供主要管理人员服务。

物业、厂房及设备与折旧

物业、厂房及设备按成本减累计

折旧及任何减值亏损列账。物业、

厂房及设备项目成本包括购买价

及使资产达至营运状况及地点以

作拟定用途产生之任何直接应占

成本。

物业、厂房及设备项目投入运作

后产生之开支，如维修及保养费，

一般于产生期间在损益中扣除。

倘符合确认标准，主要检查开支

于资产账面值中资本化为重置成

本。如须不时更换物业、厂房及

设备的重要部分，则本集团将该

等部分确认为具有特定使用年期

的个别资产，并按各自使用年期

折旧。

折旧以直线法按各项物业、厂房

及设备项目之估计使用年期撇销

成本至剩余价值计算。就此用途

采用之主要年率如下：

租赁物业装修按租期或20%

（以较短者为准）

家具及装置20%

疗程设备20%

工具及设备25%

办公室设备20%

汽车20%

电脑设备20%

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Related parties (Continued)

(b) (Continued)

(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.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost les

acumulated depreciation and any impairment loses.

The cost of an item of property, plant and equipment

comprises its purchase price and any directly atributable

costs of bringing the aset to its working condition and

location for its intended use.

Expenditure incured after items of property, plant and

equipment have ben put into operation, such as repairs

and maintenance, is normaly charged to profit or los

in the period in which it is incured. In situations where

the recognition criteria are satisfied, the expenditure for

a major inspection is capitalised in the carying amount

of the aset as a replacement. Where significant parts of

property, plant and equipment are required to be replaced

at intervals, the Group recognises such parts as individual

asets with specific useful lives and depreciates them

acordingly.

Depreciation is calculated on the straight-line basis to

write of the cost of each item of property, plant and

equipment to its residual value over its estimated useful

life. The principal anual rates used for this purpose are

as folows:

Leasehold improvementsOver the shorter of the

lease terms and 20%

Furniture and fixtures20%

Treatment devices20%

Tols and equipment25%

Ofice equipment20%

Motor vehicles20%

Computer equipment20%

1272025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

物业、厂房及设备与折旧（续）

倘物业、厂房及设备项目各部分

使用年期不同，则该项目的成本

按合理基准于各部分之间分配，

而各部分别折旧。本集团至少

于各财政年度结算日检讨剩余价

值、使用年期及折旧方法，并予

以调整（如适用）。

物业、厂房及设备项目（包括初步

确认之任何重大部分）于出售时或

当预期使用或出售不再产生日后

经济利益，则终止确认。在资产

终止确认年度于损益确认之出售

或报废的任何收益或亏损为出售

所得款项净额与有关资产账面值

之间的差额。

租赁

本集团于合约开始时评估合约是

否为租赁或包含租赁。倘合约为

换取代价而附带权利可在一段时

间内控制使用可识别资产，则该

合约为租赁或包含租赁。

本集团作为承租人

本集团就所有租赁应用单一确认

及计量方法，惟短期租赁除外。本

集团就租赁付款及使用权资产（即

使用相关资产的权利）确认租赁负

债。于包含租赁部分及非租赁部

分的合约开始或获重新评估时，

本集团采用可行权宜方法，不会

区分非租赁部分及就租赁部分及

相关非租赁部分入账列作单一租

赁部分。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Property, plant and equipment and depreciation

(Continued)

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.

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. The

Group recognises lease liabilities to make lease payments

and right-of-use asets representing the right to use the

underlying asets. At inception or on reasesment of a

contract that contains a lease component and non-lease

components, the Group adopts the practical expedient

not to separate non-lease components and to acount

for the lease component and the asociated non-lease

components as a single lease component.

128MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Leases (Continued)

Group as a lese (Continued)

(a) Right-of-use asets

Right-of-use asets are recognised at the

comencement date of the lease (that is the date

the underlying aset is available for use). Right-of-

use asets are measured at cost, les 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. Right-of-use asets are depreciated on a

straight-line basis over the lease terms.

(b) Lease liabilities

Lease liabilities are recognised at the comencement

date of the lease at the present value of lease

payments to be made over the lease term. The

lease payments include fixed payments (including in-

substance fixed payments) les any lease incentives

receivable, variable lease payments that depend

on an index or a rate, and amounts expected

to be paid under residual value guarantes. The

lease payments also include the exercise price of a

purchase option reasonably certain to be exercised

by the Group and payments of penalties for

termination of a lease, if the lease term reflects the

Group exercising the option to terminate the lease.

The variable lease payments that do not depend

on an index or a rate are recognised as an expense

in the period in which the event or condition that

trigers the payment ocurs.

  1. （续）

2.4 主要会计政策（续）

租赁（续）

本集团作为承租人（续）

(a) 使用权资产

本集团于租赁开始日期（即

相关资产可供使用当日）确

认使用权资产。使用权资产

按成本减累计折旧及减值亏

损计量，并就重新计量租赁

负债作出调整。使用权资产

成本包括于开始日期或之前

已确认租赁负债的金额、已

产生的初始直接成本及已作

出的租赁付款，扣减任何已

收租赁优惠。如适用，使用

权资产成本亦包括拆卸、移

除相关资产及复原其所在地

点的估计成本。使用权资产

按租期按直线法折旧。

(b) 租赁负债

于租赁开始日期，本集团按

租期内作出的租赁付款现值

确认租赁负债。租赁付款包

括固定付款（包括实物固定

付款）减任何应收租赁优惠、

取决于指数或利率的可变租

赁付款以及预期在剩余价值

担保下支付的金额。租赁付

款亦包括本集团合理地肯定

行使的购买选择权之行使价

及假设租期反映本集团行使

租赁终止选择权时终止租赁

需支付的罚款。并非取决于

指数或利率的可变租赁付款

于触发付款的事件或情况出

现期间确认为支出。

1292025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Leases (Continued)

Group as a lese (Continued)

(b) 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.

(c) Short-term leases

The Group aplies the short-term lease recognition

exemption to its short-term leases (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). Lease payments on short-term

leases are recognised as an expense on a straight-

line basis over the lease term.

  1. （续）

2.4 主要会计政策（续）

租赁（续）

本集团作为承租人（续）

(b) 租赁负债（续）

在计算租赁付款的现值时，

由于租赁中所隐含的利率不

易确定，故本集团使用在租

赁开始日期的增量借贷利

率。在开始日期后，租赁负

债金额将为反映累计利息而

增加并为所作出的租赁付款

而减少。此外，如有修改、

租期变动、租赁付款变动（例

如指数或比率变动导致未来

租赁付款变动）或购买相关

资产的选择权评估方法变

动，租赁负债的账面值将重

新计量。

(c) 短期租赁

本集团对短期租赁（租期自

开始日期起12个月或以下且

不包含购买选择权的租赁）

应用短期租赁确认豁免。短

期租赁的租赁付款以直线法

于租期确认为开支。

130MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as

subsequently measured at amortised cost.

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 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, it neds to give rise to cash flows

that are solely payments of principal and interest on the

principal amount outstanding.

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.

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.

  1. （续）

2.4 主要会计政策（续）

金融资产

初步确认及计量

金融资产于初步确认时分类为其

后按摊销成本计量。

金融资产于初步确认时的分类视

乎金融资产合约现金流量的特征

及本集团管理该等资产的业务模

式。除并无重大融资成分或本集

团并未就此应用不调整重大融资

成分影响实际权宜方法的贸易应

收账款外，本集团初步按其公平

值加交易成本计量金融资产。根

据下文「收益确认」所载政策，并

无重大融资成分或本集团并未就

此应用实际权宜方法的贸易应收

账款按香港财务报告准则第15号

厘定的交易价格计量。

为使金融资产按摊销成本分类及

计量，需产生仅为支付本金及未

偿还本金利息的现金流量。

本集团管理金融资产的业务模式

指为产生现金流量而管理金融资

产的方式。业务模式厘定现金流

量会否来自收取合约现金流量、

出售金融资产或以上两者。按摊

销成本分类及计量的金融资产以

持有金融资产以收取合约现金流

量为目的之业务模式中持有。

购买或出售需在市场规例或惯例

规定的期限内交付资产的金融资

产于交易日（即本集团承诺购买或

出售资产的日期）确认。

1312025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

金融资产（续）

按摊销成本计量的金融资产（债务

工具）的后续计量

按摊销成本计量的金融资产随后

使用实际利率法计量，并可予减

值。收益及亏损于资产终止确认、

修改或减值时于损益中确认。

终止确认金融资产

金融资产（或（如适用）金融资产的

一部分或一组类似金融资产的一

部分）在下列情况下将基本终止确

认（即不再于本集团的综合财务状

况表列账）：

• 收取该资产所得现金流量的

权利已届满；或

• 本集团已转让其收取该资产

所得现金流量的权利，或已

根据一项「转付」安排承担须

在无重大延误下向第三方全

数支付所得现金流量的责任；

且(a)本集团已转让该资产绝

大部分风险及回报；或(b)本

集团并无转让或保留该资产

绝大部分风险及回报，但已

转让该资产的控制权。

倘本集团已转让其收取资产所得

现金流量的权利或已订立转付安

排，则会评估是否保留该资产所

有权的风险及回报以及保留程度。

倘本集团并无转让或保留该资产

绝大部分风险及回报，亦无转让

该资产的控制权，则本集团会在

持续参与的情况下继续确认已转

让资产。在此情况下，本集团亦

确认相关负债。已转让资产及相

关负债按反映本集团所保留权利

及责任的基准计量。

本集团以担保形式持续涉及转让

资产。该已转让资产乃以该项资

产之原账面值及本集团可能需要

支付之最高代价两者之较低者计量。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Financial asets (Continued)

Subsequent measurement of 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.

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:

• the rights to receive cash flows from the aset have

expired; or

• the Group has transfered its rights to receive cash

flows from the aset or has asumed an obligation

to pay the received cash flows in ful without

material delay to a third party under a “pas-

through” arangement; and either (a) the Group has

transfered substantialy al the risks and rewards of

the aset, or (b) the Group has neither transfered

nor retained substantialy al the risks and rewards of

the aset, but has transfered control of the aset.

When the Group has transfered its rights to receive cash

flows from an aset or has entered into a pas-through

arangement, it evaluates if, and to what extent, it has

retained the risk and rewards of ownership of the aset.

When it has neither transfered nor retained substantialy

al the risks and rewards of the aset nor transfered

control of the aset, the Group continues to recognise the

transfered aset to the extent of the Group’s continuing

involvement. In that case, the Group also recognises

an asociated liability. The transfered aset and the

asociated liability are measured on a basis that reflects

the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarante

over the transfered aset is measured at the lower of the

original carying amount of the aset and the maximum

amount of consideration that the Group could be required

to repay.

132MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

金融资产减值

本集团就所有并非按公平值计入

损益持有的债务工具确认预期信

贷亏损（「预期信贷亏损」）拨备。

预期信贷亏损乃以根据合约应付

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为

基准，按原有实际利率相近的差

额折现。预期现金流量将包括来

自销售所持有抵押品或其他信用

增级的现金流量，此乃合约条款

不可或缺的部分。

一般方法

预期信贷亏损于两个阶段进行确

认。对于自初步确认后并无显著

增加的信贷风险，预期信贷亏损

就可能于未来12个月内（12个月

预期信贷亏损）出现的违约事件计

提拨备。对于自初步确认以来有

显著增加的信贷风险，须在信贷

亏损风险预期的剩余年期计提亏

损拨备，不论违约事件于何时发

生（全期预期信贷亏损）。

于各报告日期，本集团评估自初

步确认以来金融工具的信贷风险

是否显著增加。于作出评估时，本

集团将于报告日期金融工具发生

的违约风险与于初步确认日期金

融工具发生的违约风险进行比较，

并考虑合理且具支持性的资料，

包括无需付出不必要的成本或努

力而可得的历史及前瞻性资料。

本集团认为，当合约付款逾期超

过30日时，信贷风险已大幅增加。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Impairment of financial asets

The Group recognises an alowance for expected credit

loses (“ECLs”) for al debt instruments not held at fair

value through profit or los. ECLs are based on the

diference betwen the contractual cash flows due in

acordance with the contract and al the cash flows

that the Group expects to receive, discounted at an

aproximation of the original efective interest rate. The

expected cash flows wil include cash flows from the sale

of colateral held or other credit enhancements that are

integral to the contractual terms.

General aproach

ECLs are recognised in two stages. For credit exposures

for which there has not ben a significant increase in

credit risk since initial recognition, ECLs are provided

for credit loses that result from default events that are

posible within the next 12 months (a 12-month ECL).

For those credit exposures for which there has ben a

significant increase in credit risk since initial recognition,

a los alowance is required for credit loses expected

over the remaining life of the exposure, irespective of the

timing of the default (a lifetime ECL).

At each reporting date, the Group aseses whether

the credit risk on a financial instrument has increased

significantly since initial recognition. When making the

asesment, the Group compares the risk of a default

ocuring on the financial instrument as at the reporting

date with the risk of a default ocuring on the financial

instrument as at the date of initial recognition and

considers reasonable and suportable information that is

available without undue cost or efort, including historical

and forward-loking information. The Group considers

that there has ben a significant increase in credit risk

when contractual payments are more than 30 days past

due.

1332025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

金融资产减值（续）

一般方法（续）

倘合约付款逾期90天，则本集团

认为金融资产违约。然而，在若

干情况下，当内部或外部资料显

示本集团不可能在本集团采取任

何信贷提升安排前悉数收回未偿

还合约金额时，本集团亦可将该

金融资产视为违约。

倘无法合理预期可收回合约现金

流量，则撇销金融资产。

按摊销成本计量的金融资产在一

般方法下可能会减值，且除应用

简化法的贸易应收账款（如下文详

述）外，有关资产于以下阶段分类

以计量预期信贷亏损。

第一阶段 —金融工具自初步确认

以来信贷风险并未显

著增加，且其亏损拨

备按相等于12个月预

期信贷亏损的金额计

量

第二阶段 —金融工具自初步确认

以来信贷风险已显著

增加，但并非信贷减

值金融资产且其亏损

拨备按相等于全期预

期信贷亏损的金额计

量

第三阶段 —于报告日期为信贷减

值的金融资产（惟并

非购入或原为信贷减

值），且其亏损拨备

按相等于全期预期信

贷亏损的金额计量

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Impairment of financial asets (Continued)

General aproach (Continued)

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.

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 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

134MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

金融资产减值（续）

简化法

就不包含重大融资成分的贸易应

收账款，或当本集团应用实际权

宜方法而不会就重大融资成分的

影响调整而言，本集团采用简化

法进行预期信贷亏损计量。根据

简化法，本集团不会追踪信贷风

险的变化，而是于各报告日期按

全期预期信贷亏损确认亏损拨备。

本集团已根据其历史信贷亏损经

验建立拨备矩阵，并根据债务人

及经济环境的前瞻性因素作出调整。

金融负债

初步确认及计量

金融负债于初步确认时分类为贷

款及借款及应付账款。

所有金融负债初步按公平值确认

并扣除直接应占交易成本。

按摊销成本计量的金融负债的后

续计量（贸易及其他应付款项以及

借款）

于初步确认后，贸易及其他应付

款项以及计息借款于其后采用实

际利率法按摊销成本计量，惟倘

折现影响并不重大，则会按成本

列账。收益及亏损在负债终止确

认时及按实际利率进行摊销时于

损益确认。

计算摊销成本时，考虑收购产生

的任何折让或溢价以及属实际利

率组成部分的费用或成本。实际

利率摊销于损益确认。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Impairment of financial asets (Continued)

Simplified aproach

For trade receivables that do not contain a significant

financing component or when the Group aplies the

practical expedient of not adjusting the efect of a

significant financing component, the Group aplies

the simplified aproach in calculating ECLs. Under the

simplified aproach, the Group does not track changes

in credit risk, but instead recognises a los alowance

based on lifetime ECLs at each reporting date. The Group

has established a provision matrix that is based on its

historical credit los experience, adjusted for forward-

loking factors specific to the debtors and the economic

environment.

Financial liabilities

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition, as

loans and borowings and payables.

Al financial liabilities are recognised initialy at fair value

and net of directly atributable transaction costs.

Subsequent measurement of financial liabilities

at amortised cost (trade and other payables, and

borowings)

After initial recognition, trade and other payables, and

interest-bearing borowings are subsequently measured

at amortised cost, using the efective interest rate method

unles the efect of discounting would be imaterial, in

which case they are stated at cost. Gains and loses

are recognised in profit or los when the liabilities are

derecognised as wel as through the efective interest rate

amortisation proces.

Amortised cost is calculated by taking into acount any

discount or premium on acquisition and fes or costs

that are an integral part of the efective interest rate. The

efective interest rate amortisation is recognised in profit

or los.

1352025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

终止确认金融负债

当负债所涉责任已解除或取消或

届满，即终止确认金融负债。

当现有金融负债以同一贷款人按

极为不同的条款提供的另一项金

融负债所取代，或对现有负债的

条款作出重大修订，此类交换或

修订视为终止确认原有负债及确

认一项新负债，有关账面值的差

额于损益确认。

抵销金融工具

倘于现时存在可依法执行的合法

权利以抵销已确认金额及有意按

净额基准结算，或同时变现资产

及清偿负债，金融资产及金融负

债会予以抵销，并于财务状况表

呈报净金额。

存货

存货按成本与可变现净值两者间

的较低者列账。成本按加权平均

数基准厘定。可变现净值按估计

售价减估计出售将产生的成本计算。

现金及现金等价物

综合财务状况表内的现金及现金

等价物包括手头现金及银行存款，

及为履行短期现金承诺而持有、

通常于三个月内到期、可随时转

换为已知金额现金且价值变动风

险不大的短期高变现能力存款。

就综合现金流量表而言，现金及

现金等价物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并为

本集团现金管理的组成部分。

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.

Inventories

Inventories are stated at the lower of cost and net

realisable value. Cost is determined on the weighted

average basis. Net realisable value is based on estimated

seling prices les any estimated costs to be incured to

disposal.

Cash and cash equivalents

Cash and cash equivalents in the consolidated 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.

136MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

拨备

倘因过往事件导致现时责任（法定

或推定），而承担该责任可能导致

日后资源的外流，且责任金额能

可靠估计，则确认拨备。

当有重大折现影响时，会就预期

须用作偿付责任的未来开支于报

告期末确认其现值以作拨备。因

时间流逝而引致的折现值的增

加于损益确认。

所得税

所得税包括即期及递延税项。所

得税如涉及在损益以外确认的项

目，不在损益确认，而在其他全

面收益或直接于权益确认。

即期税项资产及负债，乃根据于

报告期末已颁布或实质上已颁布

的税率（及税法），并考虑本集团

经营业务所在国家╱司法权区的

现有法例诠释及惯例，按预期将

获税务机构退回或支付予税务机

构的金额计算。

递延税项乃就于报告期末资产及

负债的税基与其就财务报告的账

面值之间的所有暂时差额，采用

负债法拨备。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Provisions

A provision is recognised when a present obligation (legal

or constructive) has arisen as a result of a past event and

it is probable that a future outflow of resources wil be

required to setle the obligation, provided that a reliable

estimate can be made of the amount of the obligation.

When the efect of discounting is material, the amount

recognised for a provision is the present value at the

end of the reporting period of the future expenditures

expected to be required to setle the obligation. The

increase in the discounted present value amount arising

from the pasage of time is recognised in profit or los.

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/

jurisdictions 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.

1372025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

所得税（续）

递延税项负债乃就所有应课税暂

时差额确认，惟以下情况除外：

• 当递延税项负债是由初步确

认商誉或并非业务合并的交

易中的资产或负债产生，及

于交易时对会计溢利或应课

税溢利或亏损均无影响且不

会产生等额应课税及可抵扣

暂时差额；及

• 对于投资附属公司相关的应

课税暂时差额，当可以控制

拨回暂时差额的时间，且暂

时差额有可能在可见将来不

会拨回。

递延税项资产乃就所有可抵扣暂

时差额、结转未动用税务抵免及

任何未动用税务亏损确认。递延

税项资产会于有可能出现可利用

该等可抵扣暂时差额、结转未动

用税务抵免及未动用税务亏损予

以抵扣的未来应课税溢利的情况

下确认，惟以下情况除外：

• 当可抵扣暂时差额相关的递

延税项资产是由初步确认并

非属业务合并的交易中的资

产或负债而产生，及于交易

时对会计溢利或应课税溢利

或亏损均无影响且不会产生

等额应课税及可抵扣暂时差

额；及

• 对于投资附属公司相关的可

抵扣暂时差额，递延税项资

产仅于暂时差额有可能在可

见将来拨回，且将有可利用

该等暂时差额予以抵扣的未

来应课税溢利时，方会确认。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Income tax (Continued)

Defered tax liabilities are recognised for al taxable

temporary diferences, except:

• when the defered tax liability arises from the initial

recognition of godwil or an aset or liability in

a transaction that is not a busines combination

and, at the time of the transaction, afects neither

the acounting profit nor taxable profit or los and

does not give rise to equal taxable and deductible

temporary diferences; and

• in respect of taxable temporary diferences

asociated with investments in subsidiaries,

when the timing of the reversal of the temporary

diferences can be controled and it is probable that

the temporary diferences wil not reverse in the

foreseable future.

Defered tax asets are recognised for al deductible

temporary diferences, and the caryforward of unused

tax credits and any unused tax loses. Defered tax

asets are recognised to the extent that it is probable that

future taxable profit wil be available against which the

deductible temporary diferences, and the caryforward of

unused tax credits and unused tax loses can be utilised,

except:

• when the defered tax aset relating to the

deductible temporary diferences arises from

the initial recognition of an aset or liability in a

transaction that is not a busines combination

and, at the time of the transaction, afects neither

the acounting profit nor taxable profit or los and

does not give rise to equal taxable and deductible

temporary diferences; and

• in respect of deductible temporary diferences

asociated with investments in subsidiaries, defered

tax asets are only recognised to the extent that it is

probable that the temporary diferences wil reverse

in the foreseable future and future taxable profit wil

be available against which the temporary diferences

can be utilised.

138MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

所得税（续）

递延税项资产的账面值于各报告

期末检讨，并于不再可能有足够

应课税溢利可供动用全部或部分

相关递延税项资产时调减。未确

认递延税项资产于各报告期末重

新评估，于可能有足够应课税溢

利以收回全部或部分递延税项资

产时确认。

递延税项资产及负债基于截至报

告期末已颁布或实质上已颁布的

税率（及税法）按变现资产或偿还

负债期间的预期适用税率计量。

当及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

一应税实体或于各未来期间预期

有大额递延税项负债或资产需要

清偿或收回时，拟按净额基准清

偿即期税务负债及资产或同时变

现资产及清偿负债之不同税务实

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。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Income tax (Continued)

The carying amount of defered tax asets is reviewed

at the end of each reporting period and reduced to the

extent that it is no longer probable that suficient taxable

profit wil be available to alow al or part of the defered

tax aset to be utilised. Unrecognised defered tax asets

are reasesed at the end of each reporting period and

are recognised to the extent that it has become probable

that suficient taxable profit wil be available to alow al or

part of the defered tax aset to be recovered.

Defered tax asets and liabilities are measured at the

tax rates that are expected to aply to the period when

the aset is realised or the liability is setled, based

on tax rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period.

Defered tax asets and defered tax liabilities are ofset

if and only if the Group has a legaly enforceable right to

set of curent tax asets and curent tax liabilities and

the defered tax asets and defered tax liabilities relate

to income taxes levied by the same taxation authority on

either the same taxable entity or diferent taxable entities

which intend either to setle curent tax liabilities and

asets on a net basis, or to realise the asets and setle

the liabilities simultaneously, in each future period in which

significant amounts of defered tax liabilities or asets are

expected to be setled or recovered.

1392025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

收益确认

客户合约收益

客户合约收益乃于商品或服务的

控制权转让予客户时确认，该金

额能反映本集团预期就交换该等

商品或服务有权获得的代价。

当合约中的代价包括可变金额时，

估计代价金额为本集团就向客户

转让货品或服务而有权换取的金

额。可变代价于合约开始时估计

并受到约束，直至与可变代价相

关的不确定因素随后得到解决时，

确认的累计收益金额极有可能不

会发生重大收益拨回。

当合约中包含融资部分，该融资

部分为客户提供超过一年的货品

或服务转让融资的重大利益时，

收益按应收账款的现值计量，使

用折现率折现，该折现率将反映

在本集团与客户在合约开始时的

单独融资交易中。倘合约包含为

本集团提供超过一年的重大融资

利益的融资部分，则根据该合约

确认的收益包括按实际利率法计

算的合约负债所产生的利息开支。

就客户付款与转让承诺货品或服

务之间的期限为一年或以下的合

约而言，交易价格不会采用香港

财务报告准则第15号的可行权宜

方法就重大融资部分的影响作出

调整。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised

when control of gods or services is transfered to the

customers at an amount that reflects the consideration to

which the Group expects to be entitled in exchange for

those gods or services.

When the consideration in a contract includes a variable

amount, the amount of consideration is estimated to

be that 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.

140MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

收益确认（续）

客户合约收益（续）

(a) 提供医学美容及生活美容服

务

疗程服务、医疗咨询服务、

处方及配药服务的收益于服

务已向客户提供时确认。

尚未提供的预付疗程服务不

可退款，其被递延及于综合

财务状况表内呈报为合约负

债。客户可能不会于服务期

届满前行使其所有预付疗程

的合约权利，而该等未行使

权利会被称为未使用权利。

本集团按客户行使权利的预

期模式的比例确认预期未使

用权利金额为收益。于服务

期届满后，预付疗程的未使

用部分悉数于损益确认。

(b) 销售护肤产品

来自销售护肤产品的收益于

资产的控制权转让予客户的

某一时间点（一般为交付护

肤产品时）确认。

其他收入

利息收入乃使用实际利率法按累

计基准确认，采用的利率为在金

融工具的预期年期或更短期间（如

适用）将估计未来现金收入准确折

现至金融资产账面净值。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Revenue recognition (Continued)

Revenue from contracts with customers (Continued)

(a) Provision of medical aesthetic and welnes beauty

services

Revenue from treatment services, medical

consultation services, prescription and dispensing of

medical products are recognised when the services

have ben rendered to customers.

Prepaid treatment services not yet rendered, which

are non-refundable, are defered and reported as

contract liabilities in the consolidated statement of

financial position. Customers may not exercise al

of their contractual rights of the prepaid packages

before expiry of the service period, and such

unexercised rights are refered to as breakage. The

Group recognised an expected breakage amount

as revenue in proportion to the expected patern

of rights exercised by the customers. Upon expiry

of the service period, the unutilised portion of the

prepaid packages are fuly recognised in profit or

los.

(b) Sale of skincare products

Revenue from the sale of skincare products is

recognised at the point in time when control of the

aset is transfered to the customer, generaly on

delivery of the skincare products.

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 or a shorter

period, when apropriate, to the net carying amount of

the financial aset.

1412025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

合约负债

倘客户于本集团转让货品或服务

予客户前支付代价，则于支付款

项或到期应付款项时（以较早者为

准）确认合约负债。当本集团履约

（即将相关货品或服务控制权转让

至客户）时，合约负债确认为收益。

合约成本

倘有关成本预期可收回，获取客

户合约所产生的成本会拨充资本

为资产。

资本化合约成本按系统基准进行

摊销并自损益中扣除，与向客户

作出与资产相关的货品或服务的

转让一致。其他合约成本于产生

时列为开支。

退货权资产

退货权资产乃就本集团收回预期

将由客户退回的货品的权利予以

确认。该资产按将退回货品的先

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

潜在跌幅进行计算。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

退款负债乃就退回来自客户的已

收（或应收）代价的部分或全部金

额之责任确认，及按本集团最终

预期其须退回客户的金额计量。

本集团于各报告期末更新其对退

款负债（及交易价格的相应变动）

的估计。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Contract liabilities

A contract liability is recognised when a payment is

received or a payment is due (whichever is earlier) from

a customer before the Group transfers the related gods

or services. Contract liabilities are recognised as revenue

when the Group performs under the contract (i.e.,

transfers control of the related gods or services to the

customer).

Contract costs

Costs incured to obtain a contract with a customer are

capitalised as an aset if the costs are expected to be

recovered.

The capitalised contract costs are amortised and charged

to profit or los on a systematic basis that is consistent

with the transfer to the customer of the gods or services

to which the aset relates. Other contract costs are

expensed as incured.

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.

142MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

雇员福利

退休福利计划

本集团根据香港强制性公积金计

划条例为合资格参与强积金计划

的雇员运作一项定额供款强制性

公积金退休福利计划（「强积金计

划」）。供款乃按雇员基本薪金的

若干百分比作出，并于按照强积

金计划规则应付时自损益扣除。

强积金计划的资产于独立管理基

金与本集团的资产分开持有。本

集团的雇主供款于向强积金计划

供款时全数归属于雇员。

本集团于中国内地营运的附属公

司的雇员须参与由地方市政府营

运的中央退休金计划。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。供款

于根据中央退休金计划规则应付

时自损益扣除。

外币

此等财务报表以港元呈列，而港

元亦为本公司的功能货币。本集

团旗下各实体自行决定其功能货

币，而各实体财务报表内的项目

均以该功能货币计量。本集团实

体的外币交易初步按交易当日的

各功能货币汇率入账。以外币计

值的货币资产及负债按报告期末

的功能货币汇率换算。结算或换

算货币项目时产生的差额于损益

确认。根据外币过往成本计算的

非货币项目按首次交易日期的汇

率换算。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Employe benefits

Retirement benefit schemes

The Group operates a defined contribution Mandatory

Provident Fund retirement benefit scheme (the “MPF

Scheme”) under the Hong Kong Mandatory Provident

Fund Schemes Ordinance for those employes who are

eligible to participate in the MPF Scheme. Contributions

are made based on a percentage of the employes’ basic

salaries and are charged to profit or los as they become

payable in acordance with the rules of the MPF Scheme.

The asets of the MPF Scheme are held separately from

those of the Group in an independently administered

fund. The Group’s employer contributions vest fuly with

the employes when contributed into the MPF Scheme.

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

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.

Foreign curencies

These financial statements are presented in Hong Kong

dolars, which is the Company’s functional curency.

Each entity in the Group determines its own functional

curency and items included in the financial statements of

each entity are measured using that functional curency.

Foreign curency transactions recorded by the entities

in the Group are initialy recorded using their respective

functional curency rates prevailing at the dates of the

transactions. Monetary asets and liabilities denominated

in foreign curencies are translated at the functional

curency rates of exchange ruling at the end of the

reporting period. Diferences arising on setlement or

translation of monetary items are recognised in profit or

los. Non-monetary items that are measured in terms of

historical cost in a foreign curency are translated using

the exchange rates at the dates of the initial transactions.

1432025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

2.4 主要会计政策（续）

外币（续）

若干海外附属公司的功能货币为

港元以外的货币。于报告期末，

该等实体的资产及负债均按报告

期末适用汇率换算为港元，而该

等实体的损益按与交易日期的现

行汇率相若的汇率换算为港元。

因而产生的汇兑差额在其他全面

收益内确认，并于汇兑波动储备

累计。于出售海外业务时，该特

定海外业务相关的储备累计金额

于损益确认。

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

期规定的汇率换算为港元。海外

附属公司年内经常产生的现金流

量按年内加权平均汇率换算为港元。

2. Acounting Policies (Continued)

2.4 Material Acounting Policies (Continued)

Foreign curencies (Continued)

The functional curencies of certain overseas subsidiaries

are curencies other than the Hong Kong dolar. As at

the end of the reporting period, the asets and liabilities

of these entities are translated into Hong Kong dolars at

the exchange rates prevailing at the end of the reporting

period and their profit or los are translated into Hong

Kong dolars at the exchange rates that aproximate

to those prevailing at the dates of the transactions. The

resulting exchange diferences are recognised in other

comprehensive income and acumulated in the exchange

fluctuation reserve. On disposal of a foreign operation, the

cumulative amount in the reserve relating to that particular

foreign operation is recognised in profit or los.

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.

144MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

3. 重大会计判断及估计

编制本集团的财务报表时，管理层须作

出会影响所呈报收益、开支、资产及负

债金额以及其随附披露资料及或然负债

披露的判断、估计及假设。有关假设及

估计的不确定因素可能导致须于日后重

大调整受影响的资产或负债的账面值。

判断

应用本集团的会计政策时，除了参与该

等估计，管理层已作出以下判断，有关

判断对财务报表的已确认的金额有最大

的影响：

来自预付疗程之收益确认

确认来自预付疗程的收益涉及管理层的

重大判断，以基于本集团财务报表附注

2.4的收益确认会计政策厘定适当金额

及时间。

递延税项资产

未动用税项亏损均确认为递延税项资

产，但其前提为未来可能有应课税溢利

以抵销该亏损。在厘定可确认的递延税

项资产金额时，管理层须根据可能出现

的时间、未来应课税溢利的水平及未来

税项计划策略作出重大判断。

于2025年3月31日，本集团结转未确认

递延税项资产之税项亏损57,185,000港

元（2024年：25,372,000港元）。该等亏

损与有过往亏损记录的附属公司有关，

并未到期，且不可用作抵销本集团其他

地方的应课税收入。该等附属公司既没

有任何应课税暂时差额，也没有任何税

务策划机会可部分支持将该等亏损确认

为递延税项资产。在此基础上，本集团

决定不能就该等结转税项亏损确认递延

税项资产。

有关递延税项的进一步详情于财务报表

附注25披露。

3. Significant Acounting Judgements and

Estimates

The preparation of the Group’s financial statements requires

management to make judgements, estimates and asumptions

that afect the reported amounts of revenues, expenses, asets

and liabilities, and their acompanying disclosures, and the

disclosure of contingent liabilities. Uncertainty about these

asumptions and estimates could result in outcomes that could

require a material adjustment to the carying amounts of the

asets or liabilities afected in the future.

Judgements

In the proces of aplying the Group’s acounting policies,

management has made the folowing judgements, apart from

those involving estimations, which have the most significant

efect on the amounts recognised in the financial statements:

Revenue recognition from prepaid packages

The recognition of revenue from the prepaid packages

involves significant management’s judgement to determine

the apropriate amount and timing based on the Group’s

acounting policy for revenue recognition in note 2.4 to the

financial statements.

Defered tax asets

Defered tax asets are recognised for unused tax loses to

the extent that it is probable that future taxable profits 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 the level of future taxable profits, together with

future tax planing strategies.

As at 31 March 2025, the Group had tax loses of

HK$57,185,000 (2024: HK$25,372,000) caried forward for

which defered tax asets have not ben recognised. These

loses related to subsidiaries that have a history of loses, have

not expired, and may not be used to ofset taxable income

elsewhere in the Group. The subsidiaries have neither any

taxable temporary diference nor any tax planing oportunities

available that could partly suport the recognition of these

loses as defered tax asets. On this basis, the Group has

determined that it canot recognise defered tax asets on

these tax loses caried forward.

Further details on defered taxes are disclosed in note 25 to the

financial statements.

1452025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

估计不确定因素

有关未来及于报告期末有重大风险导致

须于下一财政年度对资产及负债的账面

值作出重大调整的主要假设及估计不确

定因素其他主要来源于下文论述。

医学美容及生活美容服务的使用模式

客户可能不会于服务期届满时行使其所

有预付疗程的合约权利，而该等未使用

权利会被称为未使用权利。本集团经参

考本集团对使用预付疗程及预期使用模

式（如适用）的过往经验厘定预期未使用

权利金额。对预期未使用权利金额的估

计对环境变化敏感，而本集团的过往经

验可能无法代表未来的实际结果。

非金融资产的减值

本集团于各报告期末评估所有非金融资

产（包括使用权资产）有否出现任何减值

迹象。当有迹象显示非金融资产的账面

值无法收回时将对其进行减值测试。资

产或现金产生单位账面值超逾其可收回

金额（即其公平值减出售成本与其使用

价值的较高者）时，则存在减值。计算

公平值减出售成本时，按类似资产的公

平交易中的约束销售交易可得数据，或

可观察市价减出售资产所产生的增量成

本而得出。当进行使用价值计算时，管

理层必须估计来自资产或现金产生单位

的预期未来现金流量，并选择合适的折

现率以计算该等现金流量的现值。

于2025年3月31日，物业、厂房及设

备以及使用权资产的账面值分别约为

50,121,000港元（2024年：85,789,000

港元）及78,541,000港元（2024年：

83,107,000港元）。进一步详情分别于

财务报表附注13及14(a)披露。

3. Significant Acounting Judgements and

Estimates (Continued)

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.

Utilisation patern of medical aesthetic and welnes

beauty services

Customers may not exercise al of their contractual rights of

the prepaid packages before expiry of the service period, and

such unexercised rights are refered to as breakage. The Group

determines the expected breakage amount with reference to

the Group’s historical experience on the utilisation of prepaid

packages and the expected utilisation patern, as apropriate.

Estimates of the expected breakage amount are sensitive to

changes in circumstances and the Group’s past experience

may not be representative of the actual outcome in the future.

Impairment of non-financial asets

The Group aseses whether there are any indicators of

impairment for al non-financial asets (including the right-of-use

asets) at the end of each reporting period. Non-financial asets

are tested for impairment when there are indicators that the

carying amounts may not be recoverable. An impairment exists

when the carying value of an aset or a cash-generating unit

exceds its recoverable amount, which is the higher of its fair

value les costs of disposal and its value in use. 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 incremental

costs for disposing of the aset. When value in use calculations

are undertaken, management must estimate the expected

future cash flows from the aset or cash-generating unit and

chose a suitable discount rate in order to calculate the present

value of those cash flows.

As at 31 March 2025, the carying amounts of property, plant

and equipment and right-of-use asets were aproximately

HK$50,121,000 (2024: HK$85,789,000) and HK$78,541,000

(2024: HK$83,107,000), respectively. Further details are

disclosed in notes 13 and 14(a) to the financial statements,

respectively.

146MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

估计不确定因素（续）

贸易应收账款预期信贷亏损拨备

本集团使用拨备矩阵计算贸易应收账款

的预期信贷亏损。拨备率是基于将具有

相似亏损模式的各个客户分部进行分组

之逾期天数计算。

拨备矩阵初步基于本集团过往观察所得

违约率厘定。本集团将校正矩阵，因应

前瞻性资料调整过往信贷亏损经验。举

例而言，倘预测经济环境（即本地生产

总值）预期将于未来一年恶化，而可能

导致医学美容及生活美容服务业界违约

数目增加，则会调整过往违约率。于各

报告日期，过往观察所得违约率将予更

新，并会分析前瞻性估计变动。

对过往观察所得违约率、预测经济环境

及预期信贷亏损之间的关连性进行的评

估属重大估计。预期信贷亏损金额对情

况及预测经济环境的变化敏感。本集团

过往信贷亏损经验及预测经济环境亦可

能无法代表客户日后的实际违约情况。

有关本集团贸易应收账款的预期信贷亏

损资料已于财务报表附注17内披露。

租赁 — 估计增量借贷利率

本集团无法轻易厘定租赁内所隐含的利

率，因此，使用增量借贷利率（「增量借

贷利率」）计量租赁负债。增量借贷利率

为本集团于类似经济环境中为取得与使

用权资产价值相若之资产而按相若条款

以类似抵押品借入所需资金应付之利

率。因此，增量借贷利率反映本集团「应

支付」的款项，要求于并无可观察的利

率时或须对利率进行调整以反映租赁之

条款及条件时作出估计。当可观察输入

数据可用时，本集团会使用可观察输入

数据（如市场利率）估计增量借贷利率及

须作出若干实体特定估计。

3. Significant Acounting Judgements and

Estimates (Continued)

Estimation uncertainty (Continued)

Provision for expected credit loses on trade 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.

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 medical aesthetic and welnes beauty services 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 information about

the ECLs on the Group’s trade receivables is disclosed in note

17 to the financial statements.

Leases — Estimating the incremental borowing rate

The Group canot readily determine the interest rate implicit in

a lease, and therefore, it uses an incremental borowing rate

(“IBR”) to measure lease liabilities. The IBR is the rate of interest

that the Group would have to pay to borow over a similar

term, and with a similar security, the funds necesary to obtain

an aset of a similar value to the right-of-use aset in a similar

economic environment. The IBR therefore reflects what the

Group “would have to pay”, which requires estimation when no

observable rates are available or when it neds to be adjusted

to reflect the terms and conditions of the lease. The Group

estimates the IBR using observable inputs (such as market

interest rates) when available and is required to make certain

entity-specific estimates.

400,318
2,834
403,152

1472025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

4. Operating Segment Information

The Group has one reportable operating segment, namely the

non-surgical medical aesthetic and welnes beauty services

segment, which is principaly engaged in the provision of

medical aesthetic and welnes beauty services, and the sale

of skincare products in Hong Kong and Mainland China.

Information reported to the Group’s chief operating decision

maker for the purpose of making decisions about resource

alocation and performance asesment is focused on the

operating results of the Group as a whole as the Group’s

resources are integrated and no discrete operating segment

financial information is available. Acordingly, no operating

segment information is presented.

Geographical information

(a) Revenue from external customers

HK$’000HK$’000

千港元千港元

Hong Kong香港450,819

Mainland China中国内地43,441

Total revenue总收益494,260

The revenue information above is based on the locations

of the services provided or products delivered.

4. 营运分部资料

本集团有一个可呈报营运分部（即非手

术性医学美容及生活美容服务分部）并

主要于香港及中国内地从事提供医学美

容及生活美容服务以及销售护肤产品。

由于本集团资源统一处理，因此并无具

体营运分部的财务资料，故就资源分配

的决策及业绩评估向本集团主要营运决

策人呈报的资料以本集团整体经营业绩

为主。因此，并无呈列营运分部资料。

地区资料

(a) 来自外部客户的收益

上述收益资料根据提供服务或交

付产品的位置作出。

128,790
49
128,839
350,318
52,804
3
27
403,152

148MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

地区资料（续）

(b) 非流动资产

上述非流动资产的资料根据资产

的位置作出，且不包括金融工具

及递延税项资产。

主要客户资料

截至2025年及2024年3月31日止年

度，由于本集团向单一客户所作销售产

生的收益并无占超过本集团总收益的

10%，故并无呈列主要客户资料。

  1. 、其他收入及收益净额

收益分析如下：

4. Operating Segment Information (Continued)

Geographical information (Continued)

(b) Non-curent asets

HK$’000HK$’000

千港元千港元

Hong Kong香港164,445

Mainland China中国内地4,552

Total non-curent asets非流动资产总值168,997

The non-curent aset information above is based on the

locations of the asets and excludes financial instruments

and defered tax asets.

Information about major customers

Since no revenue derived from sales to a single customer

of the Group acounted for over 10% of the Group’s total

revenue during the years ended 31 March 2025 and 2024, no

information about major customers is presented.

5. Revenue, Other Income and Gain, Net

An analysis of revenue is as folows:

HK$’000HK$’000

千港元千港元

Revenue from contracts with customers客户合约收益

Treatment services疗程服务374,538

Skincare products护肤产品119,641

Medical consultation services医疗咨询服务9

Prescription and dispensing of

medical products

处方及配药服务

Total总计494,260

350,348
52,804
403,152
400,318
2,834
403,152
52,834
350,318
403,152

1492025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. 、其他收入及收益净额

（续）

客户合约收益

(i) 分拆收益资料

5. Revenue, Other Income and Gain, Net (Continued)

Revenue from contracts with customers

(i) Disagregated revenue information

HK$’000HK$’000

千港元千港元

Types of gods or services货品或服务种类

Provision of medical aesthetic and

welnes beauty services

提供医学美容及生活美容服务

374,619

Sale of skincare products销售护肤产品119,641

Total总计494,260

Geographical markets地域市场

Hong Kong香港450,819

Mainland China中国内地43,441

Total总计494,260

Timing of revenue recognition收益确认时间

Gods or services transfered at

a point in time

在某时点转让货品或服务

119,722

Services transfered over time按时间转让服务374,538

Total总计494,260

114,704
11
114,715

150MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. 、其他收入及收益净额

（续）

客户合约收益（续）

(i) 分拆收益资料（续）

下表显示本报告期确认的收益金

额，有关金额计入报告期初的合

约负债：

(i) 履约责任

有关本集团履约责任的资料概述

如下：

提供医学美容及生活美容服务

与疗程服务有关的履约责任于服

务已提供时随时间达成。与医疗

咨询服务以及处方及配药服务有

关的履约责任于提供服务的某一

时间点达成。

销售护肤产品

履约责任于交付护肤产品后达成，

而付款主要以现金及╱或信用卡

结算，惟付款于交付起计60天内

到期的企业客户除外。

5. Revenue, Other Income and Gain, 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:

HK$’000HK$’000

千港元千港元

Revenue recognised that was

included in contract liabilities at

the begining of the reporting

period:

计入报告期初合约负债的

已确认收益：

Treatment services疗程服务138,526

Skincare products护肤产品3

Total总计138,529

(i) Performance obligations

Information about the Group’s performance obligations is

sumarised below:

Provision of medical aesthetic and welnes beauty

services

The performance obligation asociated with treatment

services is satisfied over time when the services are

rendered. The performance obligations asociated with

medical consultation services and prescription and

dispensing of medical products are satisfied at the point

in time when the services are rendered.

Sale of skincare products

The performance obligation is satisfied upon delivery

of the skincare products and payment is mainly setled

in cash and/or by credit card, except for corporate

customers, where payment is due within 60 days from

delivery.

6,108
–
340
6,448
579
4,775
5,354

1512025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

5. Revenue, Other Income and Gain, Net (Continued)

An analysis of other income and gain, net is as folows:

HK$’000HK$’000

千港元千港元

Bank interest income银行利息收入5,323

Gain on disposal of items of property, plant

and equipment, net

出售物业、厂房及设备项目

收益净额60

Others其他379

Total总计5,762

6. Finance Costs

An analysis of finance costs is as folows:

HK$’000HK$’000

千港元千港元

Interest on bank loans银行贷款利息1,011

Interest on lease liabilities租赁负债利息4,144

Total总计5,155

  1. 、其他收入及收益净额

（续）

其他收入及收益净额分析如下：

6. 财务成本

财务成本分析如下：

1,600
34,957
43,027
1,003
123,963
4,224
128,187
860
–
–
(55)
316
2,375#
3,726

152MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

7. Profit/(los) Before Tax

The Group’s profit/(los) before tax is arived at after charging/

(crediting):

NotesHK$’000HK$’000

附注千港元千港元

Auditor’s remuneration核数师酬金2,032

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

1342,437

Depreciation of right-of-use asets使用权资产折旧14(a)50,807

Lease payments not included in

the measurement of lease liabilities

不计入租赁负债计量之

租赁付款14(c)6,321

Employe benefit expense (excluding

directors’ and chief executive’s

remuneration (note 8):

雇员福利开支（不包括

董事及主要行政人员酬金

（附注8）：

Salaries, bonuses and alowances薪金、花红及津贴167,301

Retirement benefit scheme contributions

(defined contribution schemes)*

退休福利计划供款

（定额供款计划）*6,315

Total总计173,616

Foreign exchange diferences, net 汇兑差额净额 700

Impairment of property, plant and

equipment

#

物业、厂房及设备减值

#

131,430

Impairment of right-of-use asets

#

使用权资产减值

#

14(a)1,170

Reversal of impairment of

trade receivables, net

#

贸易应收账款减值拨回

净额

#

17(477)

Impairment of deposits

#

按金减值

#

18–

Los/(gain) on disposal/write-of of items of

property, plant and equipment, net

出售╱撇销物业、厂房及

设备项目亏损╱（收益）

净额(60)

Write-of of inventories

#

撇销存货

#

1,979

#

Included in “Other expenses, net” in the consolidated statement of profit

or los and other comprehensive income.

* There are no forfeited contributions that may be used by the Group as the

employer to reduce the existing level of contributions.

  1. ╱（亏损）

本集团除税前溢利╱（亏损）乃经扣

除╱（计入）下列各项后得出：

#

计入综合损益及其他全面收益表的「其他开

支净额」。

* 概无本集团作为雇主可用以扣减现有供款

水平的已没收供款。

1,212
9,733
2,413
36
12,182
13,394
204
204
204
612

1532025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

8. 董事及主要行政人员酬金

根据香港联合交易所有限公司（「联交

所」）证券上市规则、香港公司条例第

383(1)(a)、(b)、(c)及(f)条以及公司（披露

董事利益资利）规例第2分部披露之本

年度董事及主要行政人员酬金如下：

(a) 独立非执行董事

于年内向独立非执行董事支付的

袍金如下：

年内，并无任何其他应付予独立

非执行董事之酬金（2024年：零）。

8. Directors’ and Chief Executive’s Remuneration

Directors’ and chief executive’s remuneration for the year,

disclosed pursuant to the Rules Governing the Listing of

Securities on The Stock Exchange of Hong Kong Limited (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:

HK$’000HK$’000

千港元千港元

Fes袍金1,212

Other emoluments:其他酬金：

Salaries and alowances薪金及津贴8,556

Bonuses花红400

Retirement benefit scheme contributions

(defined contribution scheme)

退休福利计划供款

（定额供款计划）36

Subtotal小计8,992

Total总计10,204

(a) Independent non-executive directors

The fes paid to independent non-executive directors

during the year were as folows:

HK$’000HK$’000

千港元千港元

Mr. Cheng Fu Kwok David郑辅国先生204

Mr. Cheng Yuk Wo郑毓和先生204

Mr. Li Wai Kwan李伟君先生204

Total总计612

There were no other emoluments payable to the

independent non-executive directors during the year

(2024: Nil).

–7,1002,200189,318
–2,633213182,864
600–––600
6009,7332,4133612,782

154MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

(b) 执行董事

年内，本集团并无向董事支付或应付酬

金作为加入本集团或于加入本集团时的

奖金或作为离职补偿（2024年：无）。

年内，概无董事或主要行政人员放弃或

同意放弃任何薪酬的安排（2024年：无）。

8. Directors’ and Chief Executive’s Remuneration

(Continued)

(b) Executive directors

Fes

Salaries and

alowancesBonuses

Retirement

benefit

scheme

contributions

Total

remuneration

袍金

薪金及

津贴花红

退休福利

计划供款总薪酬

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

20252025年

Ms. Lai Ka Ye Gigi黎珈而女士

Mr. Ho Tsz Leung Lincoln何子亮先生

Dr. Lam Ping Yan林秉恩医生

Total总计

20242024年

Ms. Lai Ka Ye Gigi黎珈而女士–6,000–186,018

Mr. Ho Tsz Leung Lincoln何子亮先生–2,556400182,974

Dr. Lam Ping Yan林秉恩医生600–600

Total总计6008,556400369,592

During the year, no remuneration was paid or payable by the

Group to the directors as an inducement to join or upon joining

the Group or as compensation for los of ofice (2024: Nil).

There was no arangement under which a director or the chief

executive waived or agred to waive any remuneration during

the year (2024: Nil).

8,872
255
54
9,181
1
1
1
3

1552025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

9. 五名最高薪酬雇员

年内五名最高薪酬雇员包括两名（2024

年：两名）董事，薪酬详情载于上文附

注8。年内其余三名（2024年：三名）非

本公司董事或主要行政人员的最高薪酬

雇员的薪酬详情如下：

薪酬介乎以下范围的非董事及非主要行

政人员最高薪酬雇员的人数如下：

于本年度内，本集团并无向最高薪酬雇

员支付或应付酬金作为加入本集团或于

加入本集团时的奖金或作为离职补偿

（2024年：无）。

9. Five Highest Paid Employes

The five highest paid employes during the year included two

(2024: two) directors, details of whose remuneration are set out

in note 8 above. Details of the remuneration for the year of the

remaining thre (2024: thre) highest paid employes who are

neither a director nor chief executive of the Company are as

folows:

HK$’000HK$’000

千港元千港元

Salaries and alowances薪金及津贴12,914

Bonuses花红250

Retirement benefit scheme contributions

(defined contribution scheme)

退休福利计划供款

（界定供款计划）36

Total总计13,200

The number of non-director and non-chief executive highest

paid employes whose remuneration fel within the folowing

bands is as folows:

Number of employes

雇员人数

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

HK$2,000,001 to HK$2,500,0002,000,001港元至2,500,000港元1

HK$5,000,001 to HK$5,500,0005,000,001港元至5,500,000港元2

Total总计3

During the year, no remuneration was paid or payable by the

Group to the highest paid employes as an inducement to join

or upon joining the Group or as compensation for los of ofice

(2024: Nil).

10,344
112
1,971
12,427
23,017
3,798
(165)
(1,796)
112
(1,113)
2,098
(2,967)
6,702
5,758
12,427

156MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

10. 所得税

香港利得税乃根据年内于香港产生的

估计应课税溢利按16.5%（2024年：

16.5%）的税率计提拨备，惟本集团一

间附属公司除外，该公司为利得税两级

制项下的合资格实体。该附属公司首

2,000,000港元（2024年：2,000,000港元）

应课税溢利按8.25%（2024年：8.25%）

的税率纳税，余下的应课税溢利则按

16.5%（2024年：16.5%）的税率纳税。

按香港法定税率就其除税前溢利╱（亏损）

计算的税项开支╱（抵免）与按本集团实

际税率计算的税项开支的对账如下：

10. 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, except for one subsidiary of the

Group which is a qualifying entity under the two-tiered profits

tax rates regime. The first HK$2,000,000 (2024: HK$2,000,000)

of asesable profits of this subsidiary are taxed at 8.25%

(2024: 8.25%) and the remaining asesable profits are taxed

at 16.5% (2024: 16.5%).

HK$’000HK$’000

千港元千港元

Curent — Hong Kong即期 — 香港

Charge for the year年内支出2,966

Underprovision/(overprovision) in

prior years

过往年度拨备不足╱

（超额拨备）(2,597)

Defered (note 25)递延（附注25）467

Total tax charge for the year年内税项支出总额836

A reconciliation of the tax expense/(credit) aplicable to

profit/(los) before tax at the Hong Kong statutory tax rate to

the tax charge at the Group’s efective tax rate is as folows:

HK$’000HK$’000

千港元千港元

Profit/(los) before tax除税前溢利╱（亏损）(11,780)

Tax at the Hong Kong statutory tax rate of

16.5% (2024: 16.5%)

按香港法定税率16.5%计税

（2024年：16.5%）(1,944)

Lower tax rate under two-tiered profits tax

rates regime

两级利得税率制度下的较低

税率(165)

Diference in tax rates for specific provinces

or enacted by local authority

特定省份或当地机关颁布的

税率的差额(3,323)

Adjustments in respect of curent tax of

previous periods

就过往期间即期税项

作出调整(2,597)

Income not subject to tax毋须课税收入(917)

Expenses not deductible for tax不可扣税开支1,031

Tax loses utilised from previous periods过往期间已动用税项亏损(207)

Tax loses not recognised未确认税项亏损4,541

Others其他4,417

Tax charge at the Group’s efective tax rate按本集团实际税率计算税项支出836

111,31210,82399,33512,8888672,43122,471260,127
(80,348)(5,914)(66,819)(6,565)(683)(2,398)(11,611)(174,338)
30,9644,90932,5166,3231843310,86085,789
30,9644,90932,5166,3231843310,86085,789
323347294––9851,877
–(3)(157)(2,348)––(72)(2,580)
(15,225)(1,665)(11,681)(2,613)(83)(16)(3,674)(34,957)
–––(8)–––(8)
16,0623,24421,1501,448101178,09950,121
103,69610,82198,6508,1278672,43123,224247,816
(87,634)(7,577)(77,500)(6,679)(766)(2,414)(15,125)(197,695)
16,0623,24421,1501,448101178,09950,121

1572025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

11. 股息

本公司董事会不建议派付截至2025年3

月31日止年度任何股息（2024年：无）。

12. 本公司普通股权益持有人应

占每股盈利╱（亏损）

每股基本盈利╱（亏损）的金额乃根据

本公司普通股权益持有人应占年度

溢利10,590,000港元（2024年：亏损

12,616,000港元）及年内已发行在外普通

股的加权平均数400,000,000股（2024年：

400,000,000股）计算得出。

截至2025年及2024年3月31日止年度，

本集团并无已发行潜在摊薄普通股。

  1. 、厂房及设备

11. Dividend

The board of directors of the Company does not recomend

the payment of any dividend in respect of the year ended 31

March 2025 (2024: Nil).

12. Earnings/(los) Per Share Atributable to

Ordinary Equity Holders of the Company

The calculation of the basic earnings/(los) per share amount is

based on the profit for the year atributable to ordinary equity

holders of the Company of HK$10,590,000 (2024: los of

HK$12,616,000), and the weighted average number of ordinary

shares of 400,000,000 (2024: 400,000,000) outstanding during

the year.

The Group had no potentialy dilutive ordinary shares in isue

during the years ended 31 March 2025 and 2024.

13. Property, Plant and Equipment

LeaseholdFurnitureTreatmentTols andOficeMotorComputer

improvementsand fixturesdevicesequipmentequipmentvehiclesequipmentTotal

租赁物业装修家具及装置疗程设备工具及设备办公室设备汽车电脑设备总计

HK$’000HK$’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

31 March 20252025年3月31日

At 31 March 2024 and

at 1 April 2024:

于2024年3月31日及

于2024年4月1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2024年4月1日，

已扣除累计折旧

及减值

Aditions添置

Disposals/write-of出售╱撇销

Depreciation provided during

the year

年内折旧拨备

Exchange realignment汇兑调整

At 31 March 2025, net of

acumulated depreciation

and impairment

于2025年3月31日，

已扣除累计折旧

及减值

At 31 March 2025:于2025年3月31日：

Cost成本

Acumulated depreciation

and impairment

累计折旧及减值

Net carying amount账面净值

158MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. 、厂房及设备（续）

物业、厂房及设备以及使用权资产

的减值

于2024年3月31日，本集团管理层发

现若干医疗美容中心的业绩持续表现不

佳。本集团对相关医疗美容中心，即所

属的相关物业、厂房及设备（「物业、厂

房及设备」）以及使用权资产（「使用权资

产」）的现金产生单位进行减值评估并估

计其相应可收回金额。根据该等估算，

根据现金产生单位于2024年3月31日

的可收回金额2,892,000港元，分别确

认减值亏损1,430,000港元及1,170,000

港元 （附注14(a)），以撇减该等物业、

厂房及设备以及使用权资产的账面值。

可收回金额的估计乃根据使用价值计算

作出。适用于现金流量预测的贴现率为

14.0%。

13. Property, Plant and Equipment (Continued)

LeaseholdFurnitureTreatmentTols andOficeMotorComputer

improvementsand fixturesdevicesequipmentequipmentvehiclesequipmentTotal

租赁物业装修家具及装置疗程设备工具及设备办公室设备汽车电脑设备总计

HK$’000HK$’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

31 March 20242024年3月31日

At 1 April 2023:于2023年4月1日：

Cost成本101,2808,83294,4637,2668542,43116,720231,846

Acumulated depreciation累计折旧(56,503)(3,797)(54,916)(4,434)(580) (2,382)(8,159)(130,771)

Net carying amount账面净值44,7775,03539,5472,832274498,561101,075

At 1 April 2023, net of

acumulated depreciation

于2023年4月1日，

已扣除累计折旧44,7775,03539,5472,832274498,561101,075

Aditions添置10,0351,9915,1325,77213–5,77828,721

Impairment (note 7)减值（附注7）(728)(338)(208)(78)–(78)(1,430)

Depreciation provided during

the year

年内折旧拨备

(23,120)(1,779)(11,955)(2,080)(103)(16)(3,384)(42,437)

Exchange realignment汇兑调整–(123)–(17)(140)

At 31 March 2024, net of

acumulated depreciation

and impairment

于2024年3月31日，

已扣除累计折旧

及减值30,9644,90932,5166,3231843310,86085,789

At 31 March 2024:于2024年3月31日：

Cost成本111,31210,82399,33512,8888672,43122,471260,127

Acumulated depreciation

and impairment

累计折旧及减值

(80,348)(5,914)(66,819)(6,565)(683)(2,398)(11,611)(174,338)

Net carying amount账面净值30,9644,90932,5166,3231843310,86085,789

Impairment of property, plant and equipment and

right-of-use asets

As at 31 March 2024, the Group’s management identified

certain medical aesthetic centres which continued to

underperform. The Group performed impairment asesment

of the relevant medical aesthetic centres, being the cash-

generating units to which the respective property, plant and

equipment (“P&E”) and right-of-use asets (“ROU Asets”)

belonged, and estimated their coresponding recoverable

amounts. Based on these estimates, impairment loses of

HK$1,430,000 and HK$1,170,000 (note 14(a) were recognised

to write down the carying amounts of these P&E and ROU

Asets, respectively, based on the recoverable amount of a

cash-generating unit of HK$2,892,000 as at 31 March 2024.

The estimates of the recoverable amounts were based on value

in use calculations. The discount rate aplied to the cash flow

projections was 14.0%.

3,031
35,430
(43,027)
78,541

1592025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

14. 租赁

本集团作为承租人

本集团就营运所用的医学美容中心、零

售店、办公室物业、停车场及仓库订有

租赁合约。租期经商讨后介乎1至6年。

下文将进一步讨论包含可变租赁付款的

若干租赁合约。

(a) 使用权资产

本集团的使用权资产账面值及年

内变动如下：

14. Leases

The Group as a lese

The Group has lease contracts for its medical aesthetic centres,

retail stores, ofice premises, car park spaces and warehouses

used in its operations. The leases are negotiated for terms

ranging from 1 to 6 years. There are several lease contracts that

include variable lease payments, which are further discused

below.

(a) Right-of-use asets

The carying amounts of the Group’s right-of-use asets

and the movements during the year are as folows:

Leased

properties

租赁物业

HK$’000

千港元

At 1 April 2023于2023年4月1日109,304

Aditions添置25,850

Depreciation charge during the year年内折旧费用(50,807)

Impairment (note 7)减值（附注7）(1,170)

Exchange realignment汇兑调整(70)

At 31 March 2024 and at 1 April 2024于2024年3月31日及于2024年4月1日83,107

Aditions添置

Remeasurement on lease modifications租赁修订的重新计量

Depreciation charge during the year年内折旧费用

At 31 March 2025于2025年3月31日

87,239
3,031
35,430
4,775
(47,563)
–
82,912
36,856
30,381
） 15,675
82,912

160MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

14. Leases (Continued)

The Group as a lese (Continued)

(b) Lease liabilities

The carying amounts of lease liabilities and the

movements during the year are as folows:

HK$’000HK$’000

千港元千港元

At begining of year于年初111,106

New leases新租赁24,108

Remeasurement on lease modifications租赁修订的重新计量–

Acretion of interest recognised

during the year

年内确认利息增加

4,144

Payments during the year年内付款(52,065)

Exchange realignment汇兑调整(54)

At end of year 于年末 87,239

Analysed into:分析为：

Due within one year一年内到期 35,731

Due in the second year第二年到期25,387

Due in the third to fifth years, inclusive第三至五年到期（包括首尾两年）26,121

Total总计87,239

The maturity analysis of lease liabilities is disclosed in note

35 to the financial statements.

  1. （续）

本集团作为承租人（续）

(b) 租赁负债

租赁负债账面值及年内变动如下：

租赁负债到期分析于财务报表附

注35内披露。

4,775
43,027
963
40
–
48,805

1612025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

14. Leases (Continued)

The Group as a lese (Continued)

(c) The amounts recognised in profit or los in relation to

leases are as folows:

HK$’000HK$’000

千港元千港元

Interest on lease liabilities租赁负债利息4,144

Depreciation of right-of-use asets使用权资产折旧50,807

Expense relating to short-term leases

(included in property rentals and

related expenses)

短期租赁的相关开支

（计入物业租金及

相关开支）4,330

Variable lease payments not included in

the measurement of lease liabilities

(included in property rentals and

related expenses)

不计入租赁负债计量之可变租赁付款

（计入物业租金及相关开支）

1,991

Impairment of right-of-use asets使用权资产减值1,170

Total amount recognised in profit or los于损益中确认总额62,442

(d) The Group leased a medical aesthetic centre and certain

retail stores which contain variable lease payment terms

that are based on a certain percentage of the revenue of

the operations being undertaken therein pursuant to the

terms and conditions as stipulated in the lease contracts.

There are also minimum anual base rental arangements

for these leases.

(e) The total cash outflow for leases is disclosed in note 29(c)

to the financial statements.

  1. （续）

本集团作为承租人（续）

(c) 于损益中确认与租赁有关的金额

如下：

(d) 本集团租赁一个医学美容中心及

若干零售店，其中包含可变租赁

付款条款，有关付款乃根据租赁

合约订明的条款及条件，按所经

营业务的收益若干百分比计算。

该等租赁亦有最低年度基本租金

安排。

(e) 租赁现金流出总额于财务报表附

注29(c)内披露。

27,070
8,420
35,490
3,953
(65)
3,888

162MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

15. 商誉

商誉减值测试

业务合并所得商誉4,305,000港元已分

配至非手术性医学美容服务现金产生单

位以进行减值测试，并于过往年度悉数

减值。

16. 存货

17. 贸易应收账款

15. Godwil

HK$’000

千港元

At 1 April 2023, at 31 March 2024, at 1 April 2024

and at 31 March 2025:

于2023年4月1日、于2024年3月31日、

于2024年4月1日及

于2025年3月31日：

Cost成本4,305

Acumulated impairment累计减值(4,305)

Net carying amount账面净值–

Impairment testing of godwil

Godwil of HK$4,305,000 acquired through a busines

combination had ben alocated to a non-surgical medical

aesthetic service cash-generating unit for impairment testing

and was fuly impaired in prior years.

16. Inventories

HK$’000HK$’000

千港元千港元

Skincare products护肤产品31,862

Consumables and other suplies消耗品及其他供应品10,289

Total总计42,151

17. Trade Receivables

HK$’000HK$’000

千港元千港元

Trade receivables贸易应收账款13,522

Impairment减值(120)

Net carying amount账面净值13,402

3,141
287
460
3,888
120
(55)
65

1632025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

本集团与其个别客户的交易条款主要为

现金及╱或信用卡结算，而与其企业客

户的交易条款为信贷结算。与各金融机

构以信用卡结算的信贷期一般为2至30

日，而与企业客户的信贷期最多为60

日。本集团致力严格监控未收取的应收

账款，以尽量降低信贷风险。高级管理

层定期审阅逾期结余。本集团并无就其

贸易应收账款结余持有任何抵押品或其

他信用增级。贸易应收账款不计息。

于报告期末，贸易应收账款按发票日期

及经扣除亏损拨备计算的账龄分析如下：

贸易应收账款减值亏损拨备的变动如下：

17. Trade Receivables (Continued)

The Group’s trading terms with its individual customers are

mainly on cash and/or credit card setlement while the trading

terms with its corporate customers are on credit. The credit

period is generaly 2 to 30 days for credit card setlement

from the respective financial institutions and up to 60 days

for corporate customers. The Group seks to maintain strict

control over its outstanding receivables to minimise credit

risk. Overdue balances are reviewed regularly by senior

management. The Group does not hold any colateral or other

credit enhancements over its trade receivable balances. Trade

receivables are non-interest-bearing.

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:

HK$’000HK$’000

千港元千港元

Within 1 month1个月内5,800

1 to 3 months1至3个月5,856

Over 3 months超过3个月1,746

Total总计13,402

The movements in the los alowance for impairment of trade

receivables are as folows:

HK$’000HK$’000

千港元千港元

At begining of year于年初597

Reversal of impairment loses, net (note 7)减值亏损拨回净额（附注7）(477)

At end of year于年末120

0.58%2.43%6.82%1.64%
3,1052476013,953
1864165

164MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

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

基于就拥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。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、当前条件

及未来经济条件预测的合理及具支持性

资料。一般而言，倘贸易应收账款逾期

超过一年，则予以撇销，且不受强制执

行活动规限。

下表载列就本集团贸易应收账款使用拨

备矩阵的信贷风险的资料：

于2025年3月31日

于2024年3月31日

17. Trade Receivables (Continued)

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. 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.

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

Past due

逾期

1 to 3Over

Curentmonths3 monthsTotal

即期1至3个月超过3个月总计

ECL 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

1 to 3Over

Curentmonths3 monthsTotal

即期1至3个月超过3个月总计

ECL rate预期信贷亏损率0.45%0.66%3.27%0.89%

Gros carying amount (HK$’000)总账面值（千港元）7,9303,7891,80313,522

ECLs (HK$’000)预期信贷亏损

（千港元）362559120

6,760
6,358
22,983
177
3,372
654
40,304
(316)
39,988
12,814
27,174
39,988

1652025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. 、按金、其他应收账

款及其他资产

附注：

(a) 合约成本

主要与取得客户合约增量成本（即销售佣金

及已付或应付医生及员工的花红）有关的合

约成本于综合财务状况表确认为合约成本。

该等成本于相关的合约负债确认为收益的

期间于损益中确认。

管理层预期，因获得预付疗程而支付医生

及员工的增量成本可收回。因此，本集团

于2025年3月31日将有关成本以合约成本

6,358,000港元（2024年：5,048,000港元）方

式拨充资本。

确认相关收益时，合约成本将会摊销。

截至2025年3月31日止年度，摊销金额为

14,757,000港元（2024年：16,291,000港元），

并无就合约成本录得减值亏损。

18. Prepayments, Deposits, Other Receivables and

Other Asets

NoteHK$’000HK$’000

附注千港元千港元

Prepayments预付款项7,832

Contract costs合约成本(a)5,048

Deposits按金35,162

Deposits paid for purchases

of items of property, plant

and equipment

购买物业、厂房及设备项目

的已付按金

Other receivables其他应收账款2,687

Right-of-return asets退货权资产–

50,830

Impairment减值–

Total总计50,830

Analysed into:分析为：

Non-curent portion非流动部分9,559

Curent portion流动部分41,271

Total总计50,830

Note:

(a) Contract costs

The contract costs primarily related to the incremental costs of obtaining a

contract with a customer, which represent sales comision and bonuses

paid or payable to doctors and staf, that are recognised as contract

costs in the consolidated statement of financial position. Such costs are

recognised in profit or los in the period in which the contract liabilities to

which they relate are recognised as revenue.

Management expects that incremental costs paid to doctors and staf

as a result of obtaining prepaid packages are recoverable. The Group

has therefore capitalised these costs as contract costs in the amount of

HK$6,358,000 (2024: HK$5,048,000) at 31 March 2025.

Contract costs are amortised when the related revenue is recognised.

During the year ended 31 March 2025, the amount of amortisation was

HK$14,757,000 (2024: HK$16,291,000) and no impairment los on

contract costs was made.

–
316
316
56,842
191,325
248,167
(65,847)
182,320

166MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. 、按金、其他应收账

款及其他资产（续）

按金减值亏损拨备的变动如下：

减值分析于各报告日期进行，考虑交易

对手违约的可能性。本集团亦会考虑前

瞻性资料，以反映债务人在目前情况下

的违约可能性及对未来经济状况的预测

（如适用）。于2025年3月31日，所应用

的违约概率介乎0%至100%（二零二四

年：0%），而违约损失估计为79%（2024

年：0%）。

19. 现金及现金等价物以及已抵

押定期存款

于报告期末，本集团的现金及银行

结余以及定期存款以人民币（「人民币」）

计值，为1,537,000港元（2024年：

17,713,000港元）。人民币不可自由兑

换为其他货币。然而，根据中国内地的

外汇管理条例及结汇、售汇及付汇管理

规定，本集团获准透过获授权开展外汇

业务的银行将人民币兑换为其他货币。

18. Prepayments, Deposits, Other Receivables and

Other Asets (Continued)

The movements in the los alowance for impairment of

deposits are as folows:

HK$’000HK$’000

千港元千港元

At begining of year于年初–

Impairment los (note 7)减值亏损（附注7）–

At end of year于年末–

An impairment analysis is performed at each reporting date

by considering the probability of default of counterparties. The

Group also takes into acount the forward-loking information

to reflect the debtors’ probability of default under the curent

conditions and forecasts of future economic conditions, as

apropriate. As at 31 March 2025, the probability of default

aplied was ranged from 0% to 100% (2024: 0%) and the los

given default was estimated to be 79% (2024: 0%)

19. Cash and Cash Equivalents and Pledged Time

Deposits

HK$’000HK$’000

千港元千港元

Cash and bank balances现金及银行结余63,819

Time deposits定期存款118,614

Subtotal小计182,433

Les: Pledged time deposits

for credit card and bank facilities

减：就信用卡及银行信贷额度

而抵押的定期存款(62,604)

Cash and cash equivalents现金及现金等价物119,829

At the end of the reporting period, the cash and bank balances

and time deposits of the Group denominated in Renminbi

(“RMB”) amounted to HK$1,537,000 (2024: HK$17,713,000).

The RMB is not frely convertible into other curencies,

however, under Mainland China’s Foreign Exchange Control

Regulations and Administration of Setlement, and 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.

6,255
40
41
6,336
18,286
1,365
4,024
23,675

1672025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

19. 现金及现金等价物以及已抵

押定期存款（续）

银行现金按每日银行存款利率计算的浮

动利率赚取利息。定期存款乃按本集团

即时现金需求就为期1个月至12个月的

不同期间作出，并按各自定期存款利率

赚取利息。银行结余及定期存款乃存入

近期无违约记录及信誉良好的银行。

20. 贸易应付账款

于报告期末，贸易应付账款按发票日期

计算的账龄分析如下：

贸易应付账款不计息，平均结算期一般

为30日。

21. 其他应付账款及应计费用

其他应付账款不计息，年期为1至3个月。

19. Cash and Cash Equivalents and Pledged Time

Deposits (Continued)

Cash at banks earns interest at floating rates based on daily

bank deposit rates. Time deposits are made for varying

periods of betwen 1 month and 12 months depending on the

imediate cash requirements of the Group, and earn interest at

the respective time deposit rates. The bank balances and time

deposits are deposited with creditworthy banks with no recent

history of default.

20. Trade Payables

An ageing analysis of the trade payables as at the end of the

reporting period, based on the invoice date, is as folows:

HK$’000HK$’000

千港元千港元

Within 1 month1个月内10,278

1 to 3 months1至3个月234

Over 3 months超过3个月49

Total总计10,561

The trade payables are non-interest-bearing and generaly have

an average setlement term of 30 days.

21. Other Payables and Acruals

HK$’000HK$’000

千港元千港元

Other payables and acruals其他应付账款及应计费用29,455

Receipts in advance预收款项489

Refund liabilities退款负债–

Total总计29,944

Other payables are non-interest-bearing and have terms

ranging from 1 to 3 months.

129,342
54,388
183,730
129,134
208
129,342

168MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

22. Contract Liabilities and Defered Revenue

NoteHK$’000HK$’000

附注千港元千港元

Contract liabilities合约负债(a)131,320

Defered revenue递延收益51,645

Total总计182,965

Note:

(a) Details of contract liabilities are as folows:

31 March31 March1 April

2025年

3月31日

2024年

3月31日

2023年

4月1日

HK$’000HK$’000HK$’000

千港元千港元千港元

Advances received from customers已收客户垫款

Treatment services疗程服务131,249144,188

Sale of skincare products销售护肤产品714

Total总计131,320144,192

Contract liabilities include advances received from customers to render

treatment services and deliver skincare products. The decrease in

contract liabilities in 2025 and 2024 was mainly due to the decrease in

advances received from customers in relation to the treatment services.

The carying amount of contract liabilities represented the amount of the

transaction prices alocated to the remaining performance obligations that

are unsatisfied or partialy unsatisfied as at the end of the reporting period.

The contract liabilities in respect of the treatment services are expected

to be recognised as revenue within the service periods normaly ranging

from 3 months to 18 months from the date of purchase. In the opinion

of the directors, the actual outcome may be diferent from the amounts

estimated and wil be subject to the customers’ actual utilisation patern

and prevailing laws and regulations, taking into acount specific market

conditions.

22. 合约负债及递延收益

附注：

(a) 合约负债详情如下：

合约负债包括为提供疗程服务及交付护肤

产品而收取的客户垫款。于2025及2024年

的合约负债减少主要由于已收客户疗程服

务垫款减少所致。合约负债的账面值为分配

至剩余履约责任（于报告期末尚未履行或部

分未履行）的交易价格金额。有关疗程服务

的合约负债预期将于服务期（一般介乎自购

买日期起计3个月至18个月）内确认为收益。

董事认为，经计及特定的市况后，实际结果

可能与估计金额不同，且视乎客户的实际使

用模式，以及现行法律及规例而定。

131,320
307,775
(308,989)
(764)
129,342
Hong Kong Interbank Offered Rate (“HIBOR”) +2.520255,850
香港银行同业拆息 （「香港银行 同业拆息」）+2.52025年
–––
––
5,850

1692025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

附注：（续）

(a) （续）

合约负债的变动如下：

23. 计息银行借款

22. Contract Liabilities and Defered Revenue

(Continued)

Note: (Continued)

(a) (Continued)

The movements in contract liabilities are as folows:

HK$’000HK$’000

千港元千港元

At begining of year于年初144,192

Receipts from sales of one-of treatments

and treatment packages, net

出售一次性疗程及疗程

所得款项净额327,515

Revenue recognised upon the provision of

treatment services

提供疗程服务后已确认收益

(340,110)

Revenue recognised upon the sale of

skincare products

出售护肤产品后已确认收益

(277)

At end of year于年末131,320

23. Interest-bearing bank borowings

Contractual

interest rate

(%)MaturityHK$’000

Contractual

interest rate

(%)MaturityHK$’000

合约利率(%)到期千港元合约利率(%)到期千港元

Portions of bank loans due

for repayment within

one year or on demand

— unsecured

HIBOR

+2.5

2024–20256,660

一年内到期或按要求

偿还的部分银行贷款

— 无抵押

香港银行同业拆息

+2.5

2024年–2025年

Portions of bank loans due

for repayment after

one year which contain

repayment on demand

clause (note)

— unsecured

HIBOR

+2.5

20255,850

一年后到期偿还（包含

按要求还款条款）的

部分银行贷款（附注）

— 无抵押

香港银行同业拆息

+2.5

2025年

Total12,510

总计

5,850
–
5,850
13,845
–
(945)
(944)
11,956

170MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

23. Interest-bearing bank borowings (Continued)

Note:

The term loans of the Group containing repayable on demand clauses as at 31

March 2025 with a carying amount of HK$5,850,000 (2024: HK$12,510,000)

have ben clasified in total as curent liabilities. Acordingly, portions of the

bank loans due for repayment after one year as at 31 March 2024 with a carying

amount of HK$5,850,000 had ben clasified as curent liabilities. For the purpose

of the above analysis, the loans are included within curent interest-bearing

bank borowings and analysed into bank loans repayable within one year or on

demand.

Ignoring the efect of any repayment on demand clause and based on the maturity

terms of these term loans, the Group’s bank borowings are repayable:

HK$’000HK$’000

千港元千港元

Within one year一年内6,660

In the second year第二年5,850

Total总计12,510

The Group’s bank borowings are denominated in Hong Kong

dolars.

24. Provision for Reinstatement Costs

The provision for reinstatement costs represents management’s

best estimate of the Group’s liabilities of the costs of dismantling

and removing the leasehold improvements and restoring the

leased premises at which they are curently located back to

their original state of condition if and when the Group vacates

these leased premises.

HK$’000HK$’000

千港元千港元

At begining of year于年初13,368

Aditional provision额外拨备1,742

Amounts utilised during the year年内已动用款项(1,265)

Reversal of unutilised amounts未动用款项拨回–

At end of year于年末13,845

  1. （续）

附注：

于2025年3月31日，本集团账面值为5,850,000港

元（2024年：12,510,000港元）的定期贷款（包含按

要求偿还条款）合计已分类为流动负债。因此，于

2024年3月31日，账面值为5,850,000港元于一年

后到期偿还的银行贷款部分已分类为流动负债。就

上述分析而言，贷款计入即期计息银行借款，并分

析为于一年内或按要求偿还的银行贷款。

撇除任何按要求偿还条款的影响及根据该等定期贷

款的到期条款，本集团的计息银行借款须于以下期

间偿还：

本集团的银行借款均以港元列值。

24. 修复成本拨备

修复成本拨备指管理层对拆卸及移除租

赁物业装修以及倘本集团迁出该等租赁

物业时重置其目前所在的租赁物业至原

始状况的成本的本集团负债最佳估计。

11,056
900
11,956
6,31711,88013477419,105
1,440(7,303)(134)1,884(4,113)
7,7574,577–2,65814,992

1712025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

25. 递延税项

递延税项资产及负债于年内的变动如下：

递延税项资产

24. Provision for Reinstatement Costs (Continued)

HK$’000HK$’000

千港元千港元

Analysed into:分析为：

Non-curent portion非流动部分8,800

Curent portion流动部分5,045

Total总计13,845

25. Defered Tax

The movements in defered tax asets and liabilities during the

year are as folows:

Defered tax asets

Depreciation

in exces

of related

depreciation

alowance

Loses

available

for ofseting

against future

taxable profits

Lease

liabilitiesOthersTotal

超出相关折旧

拨备的折旧

可用作抵销

未来应课税

溢利的亏损租赁负债其他总计

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2023年4月1日3,80215,04443890120,185

Defered tax credited/(charged) to

profit or los during the year

(note 10)

年内计入╱（扣除自）损益的

递延税项（附注10）

2,515 (3,164)(287)(127)(1,063)

Exchange realignment汇兑调整–(17)–(17)

At 31 March 2024 and

at 1 April 2024

于2024年3月31日及

于2024年4月1日

Defered tax credited/(charged) to

profit or los during the year

(note 10)

年内计入╱（扣除自）损益的

递延税项（附注10）

At 31 March 2025于2025年3月31日

4,9451295,074
(2,013)(129)(2,142)
2,932–2,932

172MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

递延税项负债

25. Defered Tax (Continued)

Defered tax liabilities

Depreciation

alowance

in exces

of related

depreciation

Right-of-use

asetsTotal

超出相关折旧

的折旧拨备使用权资产总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日5,2234645,687

Defered tax credited to profit or los

during the year (note 10)

年内计入损益的递延税项

（附注10）(278)(318)(596)

Exchange realignment汇兑调整–(17)(17)

At 31 March 2024 and at 1 April 2024于2024年3月31日及

于2024年4月1日

Defered tax credited to profit or los

during the year (note 10)

年内计入损益的递延税项

（附注10）

At 31 March 2025于2025年3月31日

14,814
(2,754)
12,060

1732025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

为便于呈报，若干递延税项资产及负债

已于综合财务状况表抵销。以下为本集

团就财务报告目的而进行的递延税项结

余分析：

于2025年3月31日，本集团于香港产

生税项亏损30,999,000港元（2024年：

27,842,000港元），惟须待香港税务局同

意，可无限期用以抵销产生有关亏损的

公司的未来应课税溢利。

本集团亦于中国内地产生估计税项亏损

约53,925,000港元（2024年：54,478,000

港元），可用于抵销未来应课税溢利，

惟须待相关税务机关同意后方可作实，

并将于一至五年内到期。

由于未来应课税利润流的不可预测性，

故未就税项亏损57,185,000港元（2024

年：25,372,000港元）确认递延税项资产。

25. Defered Tax (Continued)

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:

HK$’000HK$’000

千港元千港元

Net defered tax asets recognised in

the consolidated statement of

financial position

于综合财务状况表确认的

递延税项资产净额

18,426

Net defered tax liabilities recognised in

the consolidated statement of

financial position

于综合财务状况表确认的

递延税项负债净额

(4,395)

Net defered tax asets递延税项资产净额14,031

At 31 March 2025, the Group had tax loses arising in Hong

Kong of HK$30,999,000 (2024: HK$27,842,000), subject to

the agrement by the Hong Kong Inland Revenue Department,

that are available indefinitely for ofseting against future taxable

profits of the companies in which the loses arose.

The Group also had estimated tax loses arising in Mainland

China of aproximately HK$53,925,000 (2024: HK$54,478,000),

subject to the agrement by relevant tax authorities, that wil

expire in one to five years for ofseting against future taxable

profits.

Defered tax asets have not ben recognised in respect of

tax loses of HK$57,185,000 (2024: HK$25,372,000) due to

unpredictability of future taxable profit streams.

20,000
4,000

174MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

26. 股本

股份

购股权

有关本公司购股权计划的详情载于财务

报表附注27内。

27. 购股权计划

本公司制订一项购股权计划（「该计

划」），旨在吸引及挽留最称职人员，并

向本集团合资格参与者提供额外奖励以

及推动本集团业务创出佳绩。

该计划之合资格参与者包括本公司董

事（包括独立非执行董事、本集团其他

雇员、本公司主要股东、本集团任何咨

询人士、顾问、分销商、承包商、供应

商、代理、客户、商业伙伴及服务供应

商）。该计划已于2016年12月19日获

批准及采纳，而除另行撤销或修订外，

该计划将由该日起计10年内仍具效力。

现时根据该计划获准授出之未行使购股

权之最高数目于行使时相等于本公司于

2017年1月10日已发行股份之10%。

26. Share Capital

Shares

HK$’000HK$’000

千港元千港元

Authorised:法定：

2,000,000,000 ordinary shares of

HK$0.01 each

2,000,000,000股每股面值

0.01港元的普通股20,000

Isued and fuly paid:已发行及缴足：

400,000,000 ordinary shares of

HK$0.01 each

400,000,000股每股面值

0.01港元的普通股4,000

Share options

Details of the Company’s share option scheme are included in

note 27 to the financial statements.

27. Share Option Scheme

The Company operates a share option scheme (the “Scheme”)

for the purpose of atracting and retaining the best available

personel, providing aditional incentive to eligible participants,

and promoting the suces of the busines of the Group.

Eligible participants of the Scheme include the Company’s

directors, including independent non-executive directors,

other employes of the Group, the Company’s substantial

shareholders, and any consultants, advisers, distributors,

contractors, supliers, agents, customers, busines partners

and service providers of the Group. The Scheme was aproved

and adopted on 19 December 2016 and, unles otherwise

canceled or amended, wil remain in force for 10 years from

that date.

The maximum number of unexercised share options curently

permited to be granted under the Scheme is an amount

equivalent, upon their exercise, to 10% of the shares of the

Company in isue as at 10 January 2017.

1752025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

于任何12个月期间内，根据购股权可向

该计划各合资格参与者发行之最高股份

数目，以本公司于任何时间已发行股份

之1%为限。任何进一步授出超过此限

额之购股权须经股东于股东大会上批准。

向本公司董事、主要行政人员或主要股

东或彼等任何联系人授出购股权，须事

先获独立非执行董事批准。此外，于任

何12个月期间内，授予本公司主要股东

或独立非执行董事或彼等任何联系人之

任何购股权，倘超过本公司于任何时间

已发行股份之0.1%及总值（按本公司股

份于授出日期之收市价计算）超过5百万

港元，须事先于股东大会上取得股东批

准。

授出购股权之要约可于要约日期起计7

日内接纳，承授人须支付合共1港元之

象征式代价。所授出购股权之行使期由

董事厘定，惟不得超过购股权要约日期

起计十年。

购股权之行使价乃由董事厘定，惟不得

少于以下较高者：(i)本公司股份于要约

日期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交

易日在联交所每日报价表所列之平均收

市价；及(i)本公司于要约日期每股份

之面值。

概无现金结算替代方案。本集团过往并

无以现金结算该等购股权的惯例。本集

团将该计划入账列作股权结算计划。

购股权持有人无权收取股息或在股东大

会上投票。

年内，本公司并无根据该计划向任何合

资格参与者授出任何购股权（2024年：

无）。

28. 储备

本集团于本年度及过往年度的储备数额

及变动于财务报表第107页的综合权益

变动表呈列。

27. Share Option Scheme (Continued)

The maximum number of shares isuable under share options

to each eligible participant in the Scheme within any 12-month

period is limited to 1% of the shares of the Company in isue

at any time. Any further grant of share options in exces of this

limit is subject to shareholders’ aproval in a general meting.

Share options granted to a director, chief executive or

substantial shareholder of the Company, or to any of their

asociates, are subject to aproval in advance by the

independent non-executive directors. In adition, any share

options granted to a substantial shareholder or an independent

non-executive director of the Company, or to any of their

asociates, in exces of 0.1% of the shares of the Company in

isue at any time and with an agregate value (based on the

closing price of the Company’s shares at the date of grant) in

exces of HK$5 milion, within any 12-month period, are subject

to shareholders’ aproval in advance in a general meting.

The ofer of a grant of share options may be acepted within

7 days from the date of ofer, upon payment of a nominal

consideration of HK$1 in total by the grante. The exercise

period of the share options granted is determinable by the

directors, and shal not exced ten years from the date of ofer

of the share options.

The exercise price of share options is determinable by the

directors, but may not be les than the higher of (i) the

closing price of the Company’s shares as stated in the Stock

Exchange’s daily quotation shet on the date of ofer; (i) the

average closing prices of the Company’s shares as stated in

the Stock Exchange’s daily quotation shets for the 5 trading

days imediately preceding the date of ofer; and (i) the

nominal value of a share of the Company on the date of ofer.

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 Scheme as an equity-setled plan.

Share options do not confer rights on the holders to dividends

or to vote at shareholders’ metings.

During the year, the Company did not grant any share options

to any eligible participant under the Scheme (2024: Nil).

28. 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 page 107 of

the financial statements.

12,51087,239
(6,660)(42,788)
–(4,775)
–3,031
–35,430
–4,775
5,85082,912

176MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

29. Notes to the Consolidated Statement of Cash

Flows

(a) Major non-cash transactions

The Group entered into rental agrements in respect of its

medical aesthetic centres, retail stores, ofice premises, car

park spaces and warehouses. During the year, the Group

had the folowing major non-cash transactions:

(i) The Group had non-cash aditions to right-of-

use asets and lease liabilities of HK$3,031,000

(2024: HK$25,850,000) and HK$3,031,000 (2024:

HK$24,108,000), respectively, in respect of new

lease arangements for leased properties.

(i) The Group had non-cash aditions to right-of-use

asets and lease liabilities of HK$35,430,000 (2024:

Nil) and HK$35,430,000 (2024: Nil), respectively, in

respect of lease modifications for leased properties.

(i) Pursuant to the terms and conditions of the rental

agrements, the Group is required to restore the

leased properties to the conditions as stipulated

in the rental agrements. Acordingly, the Group

had also acrued and capitalised the estimated

restoration cost of HK$1,742,000 in the prior year

when such obligations had arisen.

(b) Changes in liabilities arising from financing

activities

Interest-

bearing bank

borowings

Lease

liabilities

计息银行借款租赁负债

HK$’000HK$’000

千港元千港元

At 1 April 2024于2024年4月1日

Changes from financing cash flows融资现金流量变动

Interest paid clasified as

operating cash flows

分类为经营现金流量的

已付利息

Non-cash changes:非现金变动：

New leases新租赁

Remeasurement on lease

modifications

租赁修订的

重新计量

Interest expense利息开支

At 31 March 2025于2025年3月31日

29. 综合现金流量表附注

(a) 主要非现金交易

本集团就其医学美容中心、零售

店、办公室物业、停车场及仓库

订立租赁协议。本集团于年内的

主要非现金交易如下：

(i) 本集团就租赁物业的新租赁

安排分别有使用权资产及租

赁负债非现金添置3,031,000

港元（2024年：25,850,000

港元）及3,031,000港元

（2024年：24,108,000港元）。

(i) 本集团就租赁物业的租赁修

订分别有使用权资产及租赁

负债非现金添置35,430,000

港元（2024年：无）及

35,430,000港元（2024年：

无）。

(i) 根据租赁协议的条款及条

件，本集团须将该等租赁物

业修复至租赁协议规定的状

况。因此，于过往年度，本

集团亦已累计及资本化须承

担有关责任时预计的修复成

本1,742,000港元。

(b) 融资活动产生的负债变动

2025年

5,778
42,788
48,566

1772025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

(b) 融资活动产生的负债变动（续）

2024年

(c) 租赁现金流出总额

计入现金流量表的租赁现金流出

总额如下：

29. Notes to the Consolidated Statement of Cash

Flows (Continued)

(b) Changes in liabilities arising from financing

activities (Continued)

Interest-

bearing bank

borowings

Lease

liabilities

计息银行借款租赁负债

HK$’000HK$’000

千港元千港元

At 1 April 2023于2023年4月1日19,170111,106

Changes from financing cash flows融资现金流量变动(6,660)(47,921)

Interest paid clasified as operating

cash flows

分类为经营现金流量的

已付利息–(4,144)

Non-cash changes:非现金变动：

New leases新租赁–24,108

Interest expense利息开支–4,144

Foreign exchange movement汇兑变动–(54)

At 31 March 2024于2024年3月31日12,51087,239

(c) Total cash outflow for leases

The total cash outflow for leases included in the statement

of cash flows is as folows:

HK$’000HK$’000

千港元千港元

Within operating activities经营活动内10,465

Within financing activities融资活动内47,921

Total总计58,386

31
–

178MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

30. 资产抵押

由金融机构授予本集团的信用卡及银行

信贷额度乃由本集团资产作抵押，有关

详情载于财务报表附注19。

31. 承担

本集团于报告期末有以下的合约承担：

32. 关连方交易

(a) 除该等财务报表其他部分所详述

的结余、安排及交易外，本集团

于年内与一名关连方有以下重大

交易：

(i) 该费用乃为本公司一名控股东所

控制的一间关连公司所提供的代言

有关服务而支，并根据相互协定的条

款及条件收取。

30. Pledge of Asets

Details of the Group’s asets pledged for the Group’s credit

card and bank facilities granted by financial institutions are

included in note 19 to the financial statements.

31. Comitment

The Group had the folowing contractual comitment at the

end of the reporting period:

HK$’000HK$’000

千港元千港元

Computer equipment电脑设备230

32. Related Party Transactions

(a) In adition to the balances, arangements and

transactions detailed elsewhere in these financial

statements, the Group had the folowing material

transaction with a related party during the year:

NoteHK$’000HK$’000

附注千港元千港元

A related company:一间关连公司：(i)

Endorsement fe代言费2,800

(i) The fe was paid for endorsement-related services provided by

a related company controled by a controling shareholder of the

Company and was charged based on mutualy agred terms and

conditions.

3,888
26,039
65,847
182,320
278,094

1792025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

(b) 本集团主要管理人员的薪金

本集团主要管理人员的薪金详情

（包括董事及主要行政人员薪酬）

于财务报表附注8披露。

33. 按种类划分的金融工具

于报告期末各类金融工具的账面值如下：

金融资产

32. Related Party Transactions (Continued)

(b) Compensation of key management personel

of the Group

Details of the compensation of key management

personel of the Group, including directors’ and chief

executive’s remuneration, are disclosed in note 8 to the

financial statements.

33. 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:

Financial asets

HK$’000HK$’000

千港元千港元

Financial asets at amortised cost:按摊销成本计量的金融资产：

Trade receivables贸易应收账款13,402

Financial asets included in

prepayments, deposits, other

receivables and other asets

计入预付款项、按金、

其他应收账款及其他资产

的金融资产37,849

Pledged time deposits已抵押定期存款62,604

Cash and cash equivalents现金及现金等价物119,829

Total总计233,684

6,336
9,075
5,850
82,912
104,173

180MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

金融负债

34. 金融工具的公平值

管理层评估现金及现金等价物、已抵押

定期存款、贸易应收账款、计入预付款

项、按金、其他应收账款及其他资产、

贸易应付账款的金融资产流动部分以及

计入其他应付账款及应计费用以及计息

银行借款的金融负债的公平值与其账面

值相若，主要由于该等工具于短期内到

期。

金融资产及负债之公平值以自愿交易方

（强迫或清盘出售除外）当前交易下成交

该工具的金额入账。下列方法及假设用

于估计公平值：

计入预付款项、按金、其他应收账款及

其他资产的金融资产非流动部分的公平

值已按适用于具有类似条款、信贷风险

及剩余年期的工具的现行利率折现预期

未来现金流量计算得出。董事认为公平

值与其账面值相若。

33. Financial Instruments by Category (Continued)

Financial liabilities

HK$’000HK$’000

千港元千港元

Financial liabilities at amortised cost:按摊销成本计量的金融负债：

Trade payables贸易应付账款10,561

Financial liabilities included in other

payables and acruals

计入其他应付账款及应计费用

的金融负债15,897

Interest-bearing bank borowings计息银行借款12,510

Lease liabilities租赁负债87,239

Total总计126,207

34. Fair Value of Financial Instruments

Management has asesed that the fair values of cash and

cash equivalents, pledged time deposits, trade receivables,

the curent portion of financial asets included in prepayments,

deposits, other receivables and other asets, trade payables,

financial liabilities included in other payables and acruals, and

interest-bearing bank borowings aproximate to their carying

amounts largely due to the short-term maturities of these

instruments.

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 value of the non-curent portion of financial asets

included in prepayments, deposits, other receivables and other

asets has ben calculated by discounting the expected future

cash flows using rates curently available for instruments with

similar terms, credit risk and remaining maturities. In the opinion

of the directors, the fair values aproximate to their carying

amounts.

1812025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

35. 金融风险管理目标及政策

本集团主要金融工具包括现金及现金

等价物、已抵押定期存款及计息银行借

款。该等金融工具的主要目的是为本集

团的营运提供资金。本集团有多项其他

金融资产及负债，例如贸易应收账款、

计入预付款项、按金、其他应收账款及

其他资产的金融资产、贸易应付账款、

计入其他应付账款及应计费用的金融负

债以及租赁负债，该等金融资产及负债

主要直接由其营运产生。

本集团金融工具的主要风险为利率风

险、信贷风险及流动资金风险。董事会

检讨并同意管理各有关风险的政策。若

干风险概述如下。

利率风险

本集团面临的市场利率变动风险主要与

本集团按浮动利率计息的计息银行借款

有关。本集团并无使用衍生金融工具对

冲其利率风险。本集团透过密切监察利

率变动及定期检讨其可动用信贷融资及

其动用情况降低该风险。

于报告期末，倘银行借款利率上升╱下

降25个基点（管理层认为合理可能），

而所有其他变数维持不变，则年内除税

前溢利将减少╱增加15,000港元（2024

年：年内除税前亏损将增加╱减少

31,000港元），乃由于银行借款利息开

支增加╱减少所致。

信贷风险

本集团主要与获认可且信誉良好的第三

方进行交易。本集团持续监察应收账款

结余，而本集团面临的坏账并不重大。

最大风险及年结阶段

下表载列基于本集团的信贷政策的信贷

质素及最大信贷风险，主要基于逾期资

料（除非其他资料可在无须付出不必要

成本或努力的情况下获得），及于3月

31日的年结阶段分类分析。所呈列的有

关金额指金融资产的总账面值。

35. Financial Risk Management Objectives and

Policies

The Group’s principal financial instruments comprise cash

and cash equivalents, pledged time deposits and interest-

bearing bank borowings. The main purpose of these financial

instruments is to finance the Group’s operations. The Group

has various other financial asets and liabilities such as trade

receivables, financial asets included in prepayments, deposits,

other receivables and other asets, trade payables, financial

liabilities included in other payables and acruals, and lease

liabilities, which mainly arise directly from its operations.

The main risks arising from the Group’s financial instruments

are interest rate risk, credit risk and liquidity risk. The board

of directors reviews and agres policies for managing each of

these risks and they are sumarised below.

Interest rate risk

The Group’s exposure to the risk of changes in market interest

rates relates primarily to the Group’s interest-bearing bank

borowings with floating interest rates. The Group does not

use derivative financial instruments to hedge its interest rate

risk. The Group mitigates this risk by closely monitoring the

movements in interest rates and reviewing its available credit

facilities and their utilisation regularly.

At the end of the reporting period, if the interest rates on bank

borowings had ben 25 basis points higher/lower, which was

considered reasonably posible by management, with al other

variables held constant, the profit before tax for the year would

have ben decreased/increased by HK$15,000 (2024: los

before tax for the year would have ben increased/decreased

by HK$31,000) as a result of higher/lower interest expenses on

bank borowings.

Credit risk

The Group mainly transacts with recognised and creditworthy

third parties. Receivable balances are monitored on an ongoing

basis and the Group’s exposure to bad debts is not significant.

Maximum exposure and year-end staging

The tables below show 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. The amounts

presented are gros carying amounts for financial asets.

–––3,9533,953
25,955–––25,955
––400–400
65,847–––65,847
182,320–––182,320
274,122–4003,953278,475

182MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

信贷风险（续）

最大风险及年结阶段（续）

于2025年3月31日

35. Financial Risk Management Objectives and

Policies (Continued)

Credit risk (Continued)

Maximum exposure and year-end staging (Continued)

As at 31 March 2025

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法总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade receivables贸易应收账款

Financial asets included in

prepayments, deposits,

other receivables and

other asets

计入预付款项、

按金、其他应收

账款及其他资产

的金融资产

— Normal— 正常

— Doubtful— 存疑

Pledged time deposits已抵押定期存款

— Not yet past due— 尚未逾期

Cash and cash equivalents现金及现金等价物

— Not yet past due— 尚未逾期

Total总计

1832025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

35. 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法总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade receivables贸易应收账款–13,52213,522

Financial asets included in

prepayments, deposits,

other receivables and

other asets

计入预付款项、

按金、其他应收

账款及其他资产

的金融资产

— Normal— 正常37,849–37,849

Pledged time deposits已抵押定期存款

— Not yet past due— 尚未逾期62,604–62,604

Cash and cash equivalents现金及现金等价物

— Not yet past due— 尚未逾期119,829–119,829

Total总计220,282–13,522233,804

* For trade receivables to which the Group aplies the simplified aproach

for impairment, information based on the provision matrix is disclosed in

note 17 to the financial statements.

The credit quality of the financial asets included in prepayments, deposits,

other receivables and other asets 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”.

Further quantitative data in respect of the Group’s exposure to

credit risk arising from trade receivables are disclosed in note

17 to the financial statements.

  1. （续）

信贷风险（续）

最大风险及年结阶段（续）

于2024年3月31日

* 就本集团对减值应用简化法的贸易应收账

款而言，以拨备矩阵为基础的资料于财务报

表附注17内披露。

计入预付款项、按金、其他应收账款及其他

资产的金融资产于未逾期时及并无资料显示

其自初步确认以来的信贷风险有大幅增加，

则该等金融资产的信贷质素被视为「正常」。

否则，该等金融资产的信贷质素被视为「存

疑」。

有关本集团因贸易应账款项产生的信贷

风险的进一步量化数据于财务报表附注

17披露。

6,336–6,336
9,075–9,075
5,850–5,850
40,58948,32488,913
61,85048,324110,174

184MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

信贷风险（续）

由于本集团仅与获认可及信誉良好的第

三方进行交易，故毋须抵押品。信贷集

中风险按客户╱对手方进行管理。于报

告期末，由于本集团贸易应收账款总额

的39%（2024年：38%）及72%（2024：

71%）分别为应收本集团最大债务人及

五大债务人的款项，故本集团有若干信

贷集中风险。

流动资金风险

为管理流动资金风险，本集团监控及保

持管理层认为充足的现金及现金等价物

水平，以为本集团的营运提供资金并降

低现金流量波动的影响。本集团定期审

查其主要资金状况以确保有充足的财务

资源履行其财务责任。

于报告期末，本集团基于已订约未折现

付款的金融负债的到期情况如下：

2025年

35. Financial Risk Management Objectives and

Policies (Continued)

Credit risk (Continued)

Since the Group trades only with recognised and creditworthy

third parties, there is no requirement for colateral.

Concentrations of credit risk are managed by customer/

counterparty. At the end of the reporting period, the Group had

certain concentrations of credit risk as 39% (2024: 38%) and

72% (2024: 71%) of the Group’s gros trade receivables were

due from the Group’s largest debtor and five largest debtors,

respectively.

Liquidity risk

In order to manage 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. The Group

regularly reviews its major funding positions to ensure that it has

adequate financial resources in meting its financial obligations.

The maturity profile of the Group’s financial liabilities as at

the end of the reporting period, based on the contractual

undiscounted payments, is as folows:

On demand/

les than

1 year

1 to 5

yearsTotal

按要求╱

少于一年一至五年总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Trade payables贸易应付账款

Financial liabilities included in

other payables and acruals

计入其他应付账款及

应计费用的金融负债

Interest-bearing bank borowings (note)计息银行借款（附注）

Lease liabilities租赁负债

Total总计

1852025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

流动资金风险（续）

2024年

附注：

上述于2025年3月31日的本集团计息银行借款包

括账面值为5,850,000港元（2024年：12,510,000港

元）的定期贷款。贷款协议载有按要求偿还条款，

赋予银行无条件权利随时要求偿还贷款，因此，就

上述到期情况而言，总额分类为「按要求」。

尽管有上述条款，董事认为贷款将不会于报告期末

起计12个月内被要求全数偿还，且彼等认为贷款

将根据贷款协议所载到期日偿还。该评估乃经考虑

以下各项后作出：本集团于财务报表批准日期的财

务状况；并无违约事件；及本集团已按时作出所有

先前预定的还款。

根据包含按要求偿还条款的贷款条款，该等贷款于

报告期末的到期情况（根据合约未折现付款及不计

及任何按要求偿还条款的影响）如下：

35. Financial Risk Management Objectives and

Policies (Continued)

Liquidity risk (Continued)

On demand/

les than

1 year

1 to 5

yearsTotal

按要求╱

少于一年一至五年总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Trade payables贸易应付账款10,561–10,561

Financial liabilities included in

other payables and acruals

计入其他应付账款及

应计费用的金融负债15,897–15,897

Interest-bearing bank borowings (note)计息银行借款（附注）12,510–12,510

Lease liabilities租赁负债38,58253,73792,319

Total总计77,55053,737131,287

Note:

Included in the above interest-bearing bank borowings of the Group as at 31

March 2025 are term loans with a carying amount of HK$5,850,000 (2024:

HK$12,510,000). The 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 the loans wil

be caled in their entirety within 12 months from the end of the reporting period,

and they consider that the loans wil be repaid in acordance with the maturity

dates as set out in the loan agrements. This evaluation was made considering:

the financial position of the Group at the date of aproval of the financial

statements; 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 the loans which contain repayment on demand

clauses, the maturity profile of those loans as at the end of the reporting period,

based on the contractual undiscounted payments and ignoring the efect of any

repayment on demand clause, is as folows:

Within 1 year1 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

As at 31 March 2025于2025年3月31日5,992–5,992

As at 31 March 2024于2024年3月31日7,2566,01813,274

–
115
55,045
45,799
100,959
35,101
65,858
65,858
4,000
61,858
65,858

186MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

资本管理

本集团资本管理的主要目标为保障本集

团持续经营的能力并维持稳健的资本比

率，以支持其业务及创造最大的股东价

值。

本集团根据经济状况变化及相关资产的

风险特征管理及调整其资本架构。为维

持或调整资本架构，本集团会调整向股

东支付的股息、向股东支付的资本回报

或发行新股份。于截至2025年3月31日

及2024年3月31日止年度，资本管理的

目标、政策或流程并无变动。

本集团资本包括股东权益所有组成部分。

36. 本公司之财务状况表

本公司于报告期末的财务状况表资料如

下：

35. Financial Risk Management Objectives and

Policies (Continued)

Capital management

The primary objectives of the Group’s capital management are

to safeguard the Group’s ability to continue as a going concern

and to maintain healthy capital ratios in order to suport its

busines and maximise shareholders’ value.

The Group manages its capital structure and makes

adjustments to it in light of changes in economic conditions and

the risk characteristics of the underlying asets. To maintain or

adjust the capital structure, the Group may adjust the dividend

payment to shareholders, 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 31 March 2024.

Capital of the Group comprises al components of shareholders’

equity.

36. 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:

HK$’000HK$’000

千港元千港元

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

Other receivables其他应收账款241

Due from subsidiaries应收附属公司款项65,045

Cash and cash equivalents现金及现金等价物35,582

Total curent asets流动资产总值100,868

CURENT LIABILITIES流动负债

Due to subsidiaries应付附属公司款项35,975

NET CURENT ASETS流动资产净值64,893

Net asets资产净值64,893

EQUITY权益

Isued capital已发行股本4,000

Reserves (note)储备（附注）60,893

Total equity权益总值64,893

67,788(6,895)60,893
–965965
67,788(5,930)61,858

1872025年报 / 卓珈控股集团有限公司

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

  1. （续）

附注：

本公司储备的概要如下：

37. 批准财务报表

财务报表已于2025年6月25日经董事

会批准及授权刊发。

36. Statement of Financial Position of the Company

(Continued)

Note:

A sumary of the Company’s reserves is as folows:

Share

premium

acount

Acumulated

losesTotal

股份溢价账累计亏损总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日67,788(7,861)59,927

Profit and total comprehensive income for the year年度溢利及全面收益总额–966966

At 31 March 2024 and at 1 April 2024于2024年3月31日及

2024年4月1日

Profit and total comprehensive income for the year年度溢利及全面收益总额

At 31 March 2025于2025年3月31日

37. Aproval of the Financial Statements

The financial statements were aproved and authorised for

isue by the board of directors on 25 June 2025.

403,152
23,017
(12,427)
10,590
471,282
(323,720)
147,562

188MIRICOR ENTERPRISES HOLDINGS LIMITED / Anual Report 2025

FIVE-YEAR FINANCIAL SUMARY

五年财务摘要

For the year ended 31 March

截至3月31日止年度

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

RESULTS业绩

Revenue收益494,260463,117363,915128,871

Profit/(los) before tax除税前溢利╱（亏损）(11,780)(23,867)31,201(16,217)

Income tax credit/(expense)所得税抵免╱（开支）(836)3,366(5,819)3,564

Profit/(los) for the year年度溢利╱（亏损）(12,616)(20,501)25,382(12,653)

As at 31 March

于3月31日

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

ASETS AND LIABILITIES资产及负债

Total asets总资产479,443516,811476,814372,135

Total liabilities总负债(342,680)(366,098)(305,544)(226,561)

Equity atributable to owners

of the Company

本公司拥有人应占

权益136,763150,713171,270145,574

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