01243 宏安地产 财务报表/环境、社会及管治资料：二零二五年年报
2Corporate Information
公司资料
5Financial Highlights
财务概要
7Chief Executive Oficer’s Statement
行政总裁报告
13Management Discusion and Analysis
管理层讨论及分析
31Biographies of Board of Directors and Senior Management
董事会及高级管理层履历
36Corporate Governance Report
企业管治报告
64Report of the Directors
董事会报告
79Independent Auditor’s Report
独立核数师报告
90Consolidated Statement of Profit or Los and Other
Comprehensive Income
综合损益及其他全面收益表
92Consolidated Statement of Financial Position
综合财务状况表
95Consolidated Statement of Changes in Equity
综合权益变动表
96Consolidated Statement of Cash Flows
综合现金流量表
99Notes to Financial Statements
财务报表附注
250Particulars of Key Properties
主要物业详情
252Five Year Financial Sumary
五年财务概要
CONTENTS
目錄
CORPORATE INFORMATION
公司资料
02Wang On Properties Limited • Anual Report 2025
BOARD OF DIRECTORS
Executive Directors
Mr. Tang Ho Hong, Chief Executive Oficer
Ms. Ching Tak Won Teresa
Mr. Yiu Chi Man
Independent Non-executive Directors
Mr. Li Wing Sum Steven
Mr. Sung Tze Wah
Dr. Chan Ho Wah Terence
AUDIT COMITE
Mr. Li Wing Sum Steven, Chairman
Mr. Sung Tze Wah
Dr. Chan Ho Wah Terence
REMUNERATION COMITE
Dr. Chan Ho Wah Terence, Chairman
Mr. Tang Ho Hong
Mr. Li Wing Sum Steven
Mr. Sung Tze Wah
NOMINATION COMITE
Mr. Sung Tze Wah, Chairman
Mr. Tang Ho Hong
Mr. Li Wing Sum Steven
Dr. Chan Ho Wah Terence
In case of any inconsistency betwen the English text and
Chinese translation of this anual report, the English text shal
prevail.
董事会
执行董事
邓灏康先生，行政总裁
程德韵女士
姚智文先生
独立非执行董事
李永森先生
宋梓华先生
陈浩华博士
审核委员会
李永森先生，主席
宋梓华先生
陈浩华博士
薪酬委员会
陈浩华博士，主席
邓灏康先生
李永森先生
宋梓华先生
提名委员会
宋梓华先生，主席
邓灏康先生
李永森先生
陈浩华博士
本报告之英文版本与中文版本如有任何歧义或
差异，概以英文版本为准。
宏安地产有限公司
•
二零二五年报
Corporate Information (Continued)
公司资料（续）
常务委员会
邓灏康先生，主席
程德韵女士
姚智文先生
公司秘书
姚智文先生
（自二零二五年一月二十五日起获委任）
张展华先生
（自二零二五年一月二十五日起辞任）
授权代表
邓灏康先生
姚智文先生
（自二零二五年一月二十五日起获委任）
张展华先生
（自二零二五年一月二十五日起辞任）
核数师
安永会计师事务所
执业会计师
注册公共利益实体核数师
法律顾问
何耀棣律师事务所
孖士打律师行
礼德齐伯礼律师行有限法律责任合伙
主要往来银行
交通银行（香港）有限公司
东莞银行
永丰银行
中信银行（国际）有限公司
中国建设银行（亚洲）
集友银行
创兴银行有限公司
中国信托商业银行股份有限公司
大新银行有限公司
恒生银行有限公司
中国工商银行（亚洲）有限公司
王道商业银行股份有限公司
上海浦东发展银行
东亚银行有限公司
香港上海汇丰银行有限公司
大华银行有限公司
EXECUTIVE COMITE
Mr. Tang Ho Hong, Chairman
Ms. Ching Tak Won Teresa
Mr. Yiu Chi Man
COMPANY SECRETARY
Mr. Yiu Chi Man
(apointed with efect from 25 January 2025)
Mr. Cheung Chin Wa Angus
(resigned with efect from 25 January 2025)
AUTHORISED REPRESENTATIVES
Mr. Tang Ho Hong
Mr. Yiu Chi Man
(apointed with efect from 25 January 2025)
Mr. Cheung Chin Wa Angus
(resigned with efect from 25 January 2025)
AUDITOR
Ernst & Young
Certified Public Acountants
Registered Public Interest Entity Auditor
LEGAL ADVISERS
Galant
Johnson Stokes & Master
Red Smith Richards Butler LP
PRINCIPAL BANKERS
Bank of Comunications (Hong Kong) Limited
Bank of Donguan
Bank SinoPac
China CITIC Bank International Limited
China Construction Bank (Asia)
Chiyu Banking Corporation Ltd.
Chong Hing Bank Limited
CTBC Bank Co Ltd.
Dah Sing Bank, Limited
Hang Seng Bank Limited
Industrial and Comercial Bank of China (Asia) Limited
O-Bank Co., Ltd.
Shanghai Pudong Development Bank
The Bank of East Asia, Limited
The Hongkong and Shanghai Banking Corporation Limited
United Overseas Bank Limited
04Wang On Properties Limited • Anual Report 2025
Corporate Information (Continued)
公司资料（续）
注册办事处
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
香港总办事处及主要营业地点
香港
九龙
九龙湾
宏光道
号
宏天广场
楼
室
百慕达股份过户及转让登记总处
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
香港股份过户及转让登记分处
卓佳证券登记有限公司
香港
夏悫道
号
远东金融中心
楼
每手股数
4,000
股份
投资者关系
电邮：
pr@woproperties.com
网页
w.woproperties.com
股份代号
REGISTERED OFICE
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
HEAD OFICE AND PRINCIPAL PLACE OF
BUSINES IN HONG KONG
Suite 3201, 32/F., Skyline Tower
39 Wang Kwong Road
Kowlon Bay
Kowlon
Hong Kong
PRINCIPAL SHARE REGISTRAR AND TRANSFER
OFICE IN BERMUDA
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Stret
Hamilton HM 11
Bermuda
BRANCH SHARE REGISTRAR AND TRANSFER
OFICE IN HONG KONG
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
BOARD LOT
4,000 shares
INVESTOR RELATIONS
Email: pr@woproperties.com
WEBSITE
w.woproperties.com
STOCK CODE
| Year ended 31 March | |||
|---|---|---|---|
| 截至三月三 2025 | 十一日止年度 2024 | ||
| 二零二五年 HK$’million | 二零二四年 HK$’million | ||
| As at 31 March | |||
|---|---|---|---|
| 于三月 2025 | 三十一日 2024 | ||
FINANCIAL HIGHLIGHTS
财务概要
宏安地产有限公司
•
二零二五年报
附注：
截至二零二五年三月三十一日止年度，应占合
营企业之溢利及亏损包括发展中物业及持作出
售物业之撇减
521,000,000
港元（二零二四年：
87,000,000
港元）。
百万港元百万港元
Contracted sales (included Joint Ventures)
合约销售额
（包括合营企业）
3,3491,708
Revenue
收入
1,255298
Gros profit
毛利
Write-down of properties under
development, net and properties
held for sale
撇销发展中物业净额及
持作出售物业
(229)(692)
Share of profit and loses of joint-ventures
(Note)
应占合营企业之溢利及
亏损（附注）
(343)263
Los atributable to owners of the parent
母公司拥有人应占亏损
(977)(733)
Los per share (HK cents)
每股亏损（港仙）
– Basic and diluted
－基本及摊薄
(6.43)(4.82)
Note: Included in the share of profits and loses of joint ventures was
a write-down of properties under development and held for sale
amounting to HK$521 milion for the year ended 31 March 2025 (2024:
HK$87 milion).
二零二五年二零二四年
Total asets
总资产
HK$7,271 milion
7,271
百万港元
HK$9,890 milion
9,890
百万港元
Net asets
资产净值
HK$3,423 milion
3,423
百万港元
HK$4,447 milion
4,447
百万港元
Net aset value per share
每股资产净值
HK$0.225
0.225
港元
HK$0.293
0.293
港元
Bank gearing ratio
银行负债比率
74.5%73.4%
CONTRACTED SALES
订约销售
REVENUE
收入
HK$ milion
百万港元
HK$ milion
百万港元
3,349
2,573
1,708
3,211
1,533
1,000
2,000
3,000
4,000
HK$ milion
百万港元
1,254.6
339.5297.9
38.9
1,991.8
1,000
2,000
1,500
2,500
HK$ milion
百万港元
06Wang On Properties Limited • Anual Report 2025
Financial Highlights (Continued)
财务概要（续）
ASETS EMPLOYED
所用资产
CAPITAL AND LIABILITIES
资本及负债
As at 31 March 2025
于二零二五年三月三十一日
As at 31 March 2025
于二零二五年三月三十一日
21.7%
7.5%
70.7%
0.1%
Aset Management
资产管理
Cash and
Corporate Asets
现金及公司资产
Property Investment
物业投资
Property
Development
and Trading
物业发展及买卖
47.8%
4.8%
47.4%
Bank and Other Borowings
银行及其他借贷
Capital and Reserve
资本及储备
Other Liabilities and
Non-controling Interests
其他负债及非控制权益
EQUITY ATRIBUTABLE TO OWNERS
OF THE PARENT
母公司拥有人应占权益
BANK GEARING RATIO
银行负债比率
HK$ milion
百万港元
%
百分比
3,478.7
5,023.0
4,450.6
5,172.8
5,271.8
1,000
4,000
3,000
2,000
6,000
5,000
HK$ milion
百万港元
74.5
77.1
73.4
68.2
59.4
%
百分比
宏安地产有限公司
•
二零二五年报
Chief Executive
Oficer’s Statement
行政总裁报告
Suny House
日新舍
CHIEF EXECUTIVE OFICER’S STATEMENT
行政总裁报告
08Wang On Properties Limited • Anual Report 2025
DEAR SHAREHOLDERS,
On behalf of the board of directors (the “Board” or the
“Director(s)”) of Wang On Properties Limited (the “Company”
or “Wang On Properties”, together with its subsidiaries, the
“Group”), I am pleased to present the anual results of the
Group for the year ended 31 March 2025 (the “Year” or “2025
Financial Year”).
BUSINES DEVELOPMENT
Chalenges
In 2025, the Hong Kong real estate market is facing a complex
and chalenging situation. The oversuply of private housing,
with a large number of unsold units and a significant increase
in potential suply in the next five years, is intensifying market
competition. The uncertain global economic environment,
including the ongoing tarif war betwen the USA and China,
further complicates maters. The fluctuations in interest
rates, and the prolonged high interest rate environment have
increased the financing costs for developers and the mortgage
costs for buyers, thereby afecting market transactions. The
comercial real estate market, especialy the comercial ofice
and retail market, is facing problems such as high vacancy rates
and a decline in rent and capital prices.
In March 2025, our company sucesfuly caried out a significant
refinancing exercise. This achievement was particularly
noteworthy, given the chalenging market environment where
banks were reluctant to ofer clean loans to property developers
in Hong Kong. Despite these headwinds, our team’s unwavering
eforts and strategic aproach enabled us to navigate through
the dificulties. Post-refinancing, we witnesed a remarkable and
rapid improvement in our loan maturity profile, strengthening
our financial position and enhancing our long-term stability. This
acomplishment highlights our resilience and ability to adapt in
a complex and demanding market, seting a solid foundation for
future growth and sustainable development.
致各位股东：
本人谨代表宏安地产有限公司（「本公司」或「宏安地
产」，连同其附属公司，统称「本集团」）董事（「董事」）
会（「董事会」），欣然提呈本集团截至二零二五年三
月三十一日止年度（「本年度」或「二零二五年财政年
度」）之全年业绩。
业务发展
挑战
二零二五年，香港房地产市场状况复杂且充满挑
战。私人住宅供应过剩，大量单位未售出，且未来
五年潜在供应量将大幅增加，导致市场竞争加剧。
全球经济环境的不确定性（包括正在进行的中美关
税战）使市况更加复杂。利率波动以及高利率环境
持续存在，增加开发商的融资成本及买家的按揭成
本，市场交易因而受到冲击。商业房地产市场（尤其
是商业办公室及零售市场）面临高空置率、租金和
资本价格下跌等问题。
于二零二五年三月，本公司成功进行一项重大再融
资活动。在银行不愿向香港房地产开发商提供无抵
押贷款的严峻市场环境下，此成就尤其值得关注。
尽管面对重挑战，但我们的团队凭借坚定不移的
努力及审慎策略，成功克服困难。再融资后，我们的
贷款到期结构显著快速改善，财务状况得以加强，
长远稳健性亦进一步提升。是次成就彰显我们在复
杂严峻市场中的韧性与应变能力，为未来增长及可
持续发展奠定稳固基础。
宏安地产有限公司
•
二零二五年报
Chief Executive Oficer’s Statement (Continued)
行政总裁报告（续）
于本财政年度内，尽管香港市场环境充满挑战，我
们的销售团队仍展现出卓越能力与坚毅精神，取得
卓越成果。面对高供应环境及加息，我们推出三个
新项目以供销售，分别为
FINIE
、
101 KINGS ROAD
及
Coasto
。尽管困难重，但凭借销售团队坚定不
移的奉献、创新市场推广策略及对客户需求的深入
了解，我们成功录得订约销售总额约
3,349,000,000
港
元。作为一家小型发展商，是次成就印证我们团队
的专业精神及项目的独特价值主张。其不仅展示我
们的市场竞争力，亦令我们有信心，即使在最艰难
的环境下，我们亦有能力蓬勃发展，为持份者创造
价值。
人才计划带来的机遇
香港政府已实施多项计划吸引人才来港工作，例如
高端人才通行证计划、优秀人才入境计划等，带动
住房需求大幅增加，包括购房需求（高水平人才寻
求优质住所落户），以及住宅租赁需求（许多新移民
最初选择租房）。我们致力了解该等高端人才在居
住方面的独特偏好及要求。我们住宅单位的布局及
结构均专为符合其预期而设计。我们的目标不仅是
为彼等提供一个住所，而是提供一个舒适、实用和
充满奢华感的家。
此外，我们正在探索透过将部分住宅单位转换为主
要用于租赁的投资物业，以实现产品多元化的机
会。由于当中若干高端人才最初倾向优先租房，之
后再作出长期住房决定，因此我们看到满足其租房
需求的巨大潜力。
During this financial year, our sales team demonstrated
exceptional capabilities and tenacity, achieving remarkable
results despite the chalenging market conditions in Hong
Kong. Facing a high-suply environment and elevated interest
rates, we launched thre new projects for sale: FINIE, 101
KINGS ROAD and Coasto. Against al ods, our sales team’s
unwavering dedication, inovative marketing strategies, and in-
depth understanding of customer neds enabled us to secure
a total contracted sales of aproximately HK$3,349 milion. As
a smal developer, this acomplishment is a testament to our
team’s profesionalism and the unique value proposition of
our projects. It not only showcases our competitivenes in the
market but also instils confidence in our ability to thrive and
create value for our stakeholders even in the most demanding
circumstances.
Oportunities from talents schemes
The Hong Kong Government has implemented several schemes
for atracting talents to work in Hong Kong, e.g. Top Talent
Pas Scheme, Quality Migrant Admision Scheme etc. It has
led to a significant increase in housing demand, both in terms
of home-buying as high-caliber talents sek quality residences
to setle down, and in the residential rental market where
many newcomers initialy opt to lease. We have dedicated
significant eforts to understanding the unique preferences and
requirements of these top talents when it comes to residential
living. Our residential units are designed with layouts and
specifications tailored to met their expectations. Our aim is
to ofer them not just a place to live but a home that provides
comfort, functionality, and a sense of luxury.
In adition, we are exploring the oportunity to diversify our
oferings by converting some of our residential units into
investment properties primarily for rental purposes. Given that
some of these top talents initialy prefer to rent before making a
long-term housing decision, we se great potential in catering
to their rental neds.
10Wang On Properties Limited • Anual Report 2025
Chief Executive Oficer’s Statement (Continued)
行政总裁报告（续）
住宅项目专注位置
此外，我们的住宅开发项目均为精心策划，侧重地
理位置。交通便捷至关重要。因此，我们绝大多数
的住宅项目均位于交通极为便利的地区，尤其是邻
近港铁站。例如，我们近期开发的项目如
FINIE
、
Coasto
及
101 KINGS ROAD
位于港铁站一小段步行
距离内，确保我们的买家可以享有便捷公共交通，
使通勤轻松高效。
学生住宿机遇
此外，来港寻求高等教育的非本地学生人数不断增
加，导致学生住宿需求大幅增加，为香港学生住宿
市场创造机遇。预计未来三年香港高等教育对非本
地学生的需求将每年增长
％，这意味著学生住宿
需求将大幅增长。
鉴于校内住宿明显短缺，私人市场有机会发展以满
足是项需求。
尽管新营运商的竞争加剧，但得益于专门设计改造
为学生宿舍，日新舍于二零二四年至二零二五学年
仍表现出色。是项成功增强我们进一步扩阔学生住
宿市场的信心。我们正积极物色黄金地段物业，并
计划与国际基金合作，于二零二五年扩展我们的业
务。截至本报告日期，二零二五至二零二六学年的
预租率已达致约
76.2%
，每月租金增加约
11.0%
。
Location focus of residential projects
Also, our residential development projects have ben carefuly
curated with a prime focus on location. Easy aces to
transportation is of utmost importance. Hence, a significant
majority of our residential developments are situated in areas
ofering exceptional transport conectivity, particularly in
close proximity to the Mas Transit Railway (MTR) stations. For
instance, our recent project developments like FINIE, Coasto,
and 101 KINGS ROAD are located within a short walking
distance of the MTR stations. This proximity ensures convenient
aces to public transportation for our buyers, enabling them to
comute with ease and eficiency throughout the city.
Student acomodation oportunity
Apart from this, the increasing number of non-local students
pursuing higher education in Hong Kong has significantly
increased the demand for student housing. This trend creates
an oportunity for the student housing market in Hong Kong.
The demand for Hong Kong tertiary education is projected to
grow by 14% anualy for non-local students over the next thre
years, indicating a significant bost in the ned for student
acomodation.
Given a notable shortfal in on-campus housing, there are
oportunities for development in the private sector to met this
demand.
Despite increased competition from new operators, Suny
House has exceled during the 2024-2025 academic year, thanks
to its purpose-designed transformation into student housing.
This suces bolsters our confidence in further expanding within
the student acomodation market. We are actively identifying
prime-location properties and aiming to colaborate with
international funds to expand our operations in 2025. As of the
date this report, the pre-leased rate for the 2025-2026 academic
year has reached aproximately 76.2%, with a aproximately
11.0% growth in monthly rental rates.
宏安地产有限公司
•
二零二五年报
Chief Executive Oficer’s Statement (Continued)
行政总裁报告（续）
总而言之，二零二五年香港房地产市场机遇与挑战
并存。本公司需密切监察市场动态，灵活决策，积极
探索市场机遇，以应对市场变动。最后，本公司的
成功与雇员的成功密切相关。在这个充满挑战的环
境中，雇员的努力对我们的成就及未来发展至关重
要，故我们将继续支持并重视彼等。
回馈社会
得益于二零二年成立环境、社会及管治
(ESG)
委
员会，我们始终秉持「见爱
•
建明天」理念作为我们
全年实施
ESG
策略的重要基准。我们坚信
ESG
对社
会的重要性及其为后代创造价值的作用。本集团对
ESG
的投入现已成为本集团的核心使命。
直至本报告日期，本集团共取得约
亿港元与可持
续发展表现挂钩的贷款，可见金融市场充分认可本
集团于可持续建设及环保的努力。本集团致力在项
目规划及设计融入绿色元素，延续往年方针为客户
提供绿色的生活方式，并为持份者及广大社群创造
共享价值。
除此之外，年内本集团亦于
GRESB
评级达到五星。
GRESB
为一间荷兰公司，每年对常设房地产投资、
开发中的房地产项目、基础设施基金及基础设施资
产进行可持续发展评估。同行包括其他知名地产开
发商。该信誉计划的认证显示宏安地产于过去一年
的努力。
In conclusion, the Hong Kong real estate market in 2025 is
both chalenged and oportunistic. Our company neds to
closely monitor market dynamics, make flexible decisions, and
actively explore market oportunities to cope with market
changes. Lastly, our company’s suces is closely linked to that
of our employes. In this chalenging environment, we’l kep
suporting and valuing them, as their eforts are vital for our
achievements and future growth.
Giving Back to Comunity
Thanks to the endeavors of the Environmental, Social and
Governance (ESG) Comite, which was established in 2022,
we have persisted in adhering to our philosophy “A Pasion
For Tomorow” as the crucial benchmark for executing our
ESG strategy throughout the year. We are fuly convinced of
the significance of ESG to our society and its role in generating
value for the generations to come. The dedication of our Group
to ESG has now evolved into a core mision of the Group.
As of the date of this report, the Group has obtained a total
of aproximately HK$5.6 bilion in sustainable development
performance-linked loans. This demonstrates that the financial
market has fuly recognized the Group’s eforts in sustainable
construction and environmental protection. The Group remains
dedicated to incorporating gren elements into its project
planing and design, ofering customers a gren lifestyle
while creating shared value for stakeholders and the broader
comunity, which is consistent with its aproach last year.
Apart from that, the Group also achieved a 5-star rating in
GRESB during the year. GRESB is a Netherlands-based company
that operates an anual sustainability asesment for standing
real estate investments, real estate projects in development,
infrastructure funds, and infrastructure asets. The per group
consisted of other wel-established property developers. This
acreditation from a credibility program shows the eforts of
Wang On Properties during the year.
12Wang On Properties Limited • Anual Report 2025
Chief Executive Oficer’s Statement (Continued)
行政总裁报告（续）
展望
本年度，本集团继续致力为客户提供高品质住宅物
业。我们将于住宅项目中结合绿色特色设计和先进
技术，当前亦强调绿色植物和节能系统等可持续特
色，以满足买家的环保需求。在创新方面，我们正深
入研究
AI
，以创造高度智能的生活空间，从而提高
舒适度。
就资产管理而言，我们将继续与经验丰富的投资者
合作，同时我们一亦实行多元化策略，进军新兴市
场及具增长潜力的利基市场，旨在扩大我们的投资
组合及建立弹性模式，帮助我们适应瞬息万变的经
济格局。
总体而言，上述举措将加强我们在行业中的地位，
确保我们继续为客户提供卓越的生活体验及实现本
集团的可持续增长。
鸣谢
尽管营商环境充满挑战，本集团正仔细审阅及评估
现金流量，以保障财务稳健，并审慎探索可持续增
长的潜在投资机遇。最后，本人由衷感谢宏安地产
所有业务伙伴、客户及持份者的鼎力支持。此外，本
人衷心感谢全体员工于本年度为本公司的不懈努力
和竭诚投入。
执行董事及行政总裁
邓灏康
香港，二零二五年六月三十日
Outlok
This year, our Group stays comited to ofering high quality
residential properties to our customers. We’l combine gren
features designs and advanced technology in our residential
projects, now also emphasizing sustainable features like gren
plants and energy-eficient systems to met buyers’ eco-
consciousnes. Inovation-wise, we’re delving deper into AI to
create highly inteligent living spaces for enhanced comfort.
Regarding aset management, we’l kep colaborating with
experienced investors. But we’re also diversifying strategies,
venturing into emerging markets and niche sectors with growth
potential. This diversification aims to expand our investment
portfolio and build resilient models, helping us adapt to the
changing economic landscape.
Overal, these eforts wil strengthen our position in the industry,
ensuring we continue to provide excelent living experiences to
customers and achieve sustainable growth for the Group.
Apreciation
Despite the chalenging busines environment, the Group is
conducting a careful review and asesment of cash flow to
safeguard financial health and prudently explore potential
investment oportunities for sustainable growth. Last but not
least, my sincere apreciation goes out to al busines partners,
customers, and stakeholders of Wang On Properties for their
strong suport. Furthermore, I deply thank al staf for their
dedicated and devoted eforts in serving the company during
the year.
Tang Ho Hong
Executive Director and Chief Executive Oficer
Hong Kong, 30 June 2025
Management
Discusion
and Analysis
管理层讨论
及分析
Wai Fung Stret Project
惠风街项目
| For the year ended 31 March | |||||
|---|---|---|---|---|---|
| 2025 | 截至三月三 | 十一日止年度 2024 | |||
| % | % | ||||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||||
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
14Wang On Properties Limited • Anual Report 2025
FINANCIAL RESULTS
Revenue
The Group’s revenue consisted of revenue derived from (i) sales
of the Group’s properties; (i) fes from aset management
services; and (i) rental income from property leasing. The
folowing table sets forth a breakdown of the Group’s revenue
and the percentages of total revenue for the financial year
ended 31 March 2025 (the “2025 Financial Year”) indicated:
千港元千港元
Sales of properties
出售物业
1,228,04798258,61387
Aset management fes
资产管理费用
24,998236,21612
Rental income
租金收入
1,546–3,0651
Total
总计
1,254,591100297,894100
For the 2025 Financial Year, the Group’s revenue amounted
to aproximately HK$1,254.6 milion (2024: aproximately
HK$297.9 milion) representing an increase of 321.2% compared
to the coresponding period last year. The increase was
mainly due to the increase in sales and delivery of completed
residential projects during the 2025 Financial Year.
－
Sales of properties
Revenue derived from sales of properties increased
substantialy by aproximately 374.9% from aproximately
HK$258.6 milion for the year ended 31 March 2024 (the
“2024 Financial Year”) to aproximately HK$1,228.0
milion for the 2025 Financial Year. The increase was
primarily due to the delivery of a residential project,
namely Larchwod, and the sale and delivery of a house
of MOUNT POKFULAM, which obtained the ocupation
permit during the 2025 Financial Year and 2024 Financial
Year respectively and there was no new project completed
during the 2024 Financial Year.
财务业绩
收入
本集团之收入包括来自以下各项之收入：
(i)
销售本
集团物业；
(i)
资产管理服务费用；及
(i)
物业租赁租金
收入。下表载列本集团收入细分及占以下所示截至
二零二五年三月三十一日止年度（「二零二五财政年
度」）总收入之百分比：
于二零二五财政年度，本集团之收入约为
1,254,600,000
港元（二零二四年：约
297,900,000
港
元），较去年同期增加
321.2%
。该增加主要由于二零
二五财政年度内销售及交付之已竣工住宅项目增
加。
－
出售物业
来自出售物业之收入由截至二零二四年三月
三十一日止年度（「二零二四财政年度」）的约
258,600,000
港元大幅增加约
374.9%
至于二零
二五财政年度的约
1,228,000,000
港元。该增加
的主要原因为交付住宅项目
Larchwod
以及销
售及交付
MOUNT POKFULAM
的一栋独立屋，
其已分别于二零二五财政年度及二零二四财
政年度取得入伙许可证，而二零二四财政年
度并无新项目竣工。
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
－
资产管理费用
来自资产管理服务的收入由二零二四财政年度的约
36,200,000
港元
减少约
31.0%
至二零二五财政年度的约
25,000,000
港元。该减少主要
归因于二零二四财政年度录得一次性收购费用（乃来自与一名合
营伙伴共同投资的新收购项目），惟于二零二五财政年度并无录得
该收购费用。该减少部分被合营项目的资产管理费增加所抵销，乃
由于二零二五年财政年度向合营项目提供的管理服务增加所致。
－
租金收入
本集团从其投资物业组合中赚取租金收入。租金收入于二零二五
财政年度减少约
1,500,000
港元，主要是由于二零二四财政年度内
出售两项投资物业，其已分别于二零二三年十月二十五日及二零
二三年十一月十五日完成。
－
Aset management fes
Revenue derived from aset management services decreased
by aproximately 31.0% from aproximately HK$36.2
milion for the 2024 Financial Year to aproximately HK$25.0
milion for the 2025 Financial Year. The decrease was mainly
atributed to a one-of acquisition fe from a newly acquired
project co-invested with a joint venture partner, which
was recorded during the 2024 Financial Year but no such
acquisition fe has ben recorded in the 2025 Financial Year.
This decrease was partialy ofset by an increase in aset
management fes from joint venture projects due to the
increase in management services provided to joint venture
projects during the 2025 Financial Year.
－
Rental income
The Group earned rental income from its investment
properties portfolio. The decrease in rental income for the 2025
Financial Year, amounting to aproximately HK$1.5 milion,
was mainly due to the disposals of two investment properties
during the 2024 Financial Year, which were completed on 25
October 2023 and 15 November 2023, respectively.
101 and 111, King’s Road
英皇道
及
号
16Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
毛利
毛利由二零二四财政年度的约
73,600,000
港元增加
至二零二五财政年度的约
139,200,000
港元，增加约
89.2%
。该增加的主要原因是物业销售增加。毛利
率下跌至
11.1%
（二零二四年：
24.7%
），乃由于二零
二五财政年度为交付予买家的住宅项目的销售成本
资本化一部分的融资成本有所增加所致。
其他收入及收益
二零二五财政年度，本集团其他收入及收益的收益
净额达约
43,200,000
港元（二零二四年：约
59,400,000
港元）。二零二五财政年度的收益净额主要来自
没收客户按金约
12,300,000
港元（二零二四年：约
1,600,000
港元）、银行存款利息收入约
6,600,000
港元
（二零二四年：约
9,600,000
港元）及物业管理费约
10,000,000
港元（二零二四年：约
10,100,000
港元）。
销售及分销开支
销售及分销开支主要包括佣金、广告及推广开支。
二零二五财政年度，销售及分销开支约为
245,200,000
港元（二零二四年：约
83,700,000
港
元），增加约
192.9%
。该增加主要由于二零二五财
政年度向客户交付
Larchwod
住宅单位及
MOUNT
POKFULAM
一栋独立屋所产生之佣金开支所致。
行政开支
行政开支主要包括员工薪酬及福利、捐赠、折旧
开支、办公室开支、差旅费、专业费用、水电费及
楼宇管理费。二零二五财政年度，行政开支约为
112,400,000
港元（二零二四年：约
104,700,000
港元），
较二零二四财政年度增加约
7.4%
。该轻微增加乃主
要由
Larchwod
及
MOUNT POKFULAM
未出售住宅
单位及独立屋分别产生的楼宇管理费开支所致。本
集团于二零二五财政年度继续严格遵守成本控制政
策。
Gros profit
Gros profit increased from aproximately HK$73.6 milion
for the 2024 Financial Year to aproximately HK$139.2 milion
for the 2025 Financial Year, which represented an increase of
aproximately 89.2%. The increase was primarily due to the
increase in sales of properties. The gros profit margin declined
to 11.1% (2024: 24.7%) due to an increase in finance costs
capitalized as part of the cost of sales for residential projects
handed over to buyers during the 2025 Financial Year.
Other income and gains
The Group had a net gain of aproximately HK$43.2 milion
for other income and gains for the 2025 Financial Year (2024:
aproximately HK$59.4 milion). The net gain during the 2025
Financial Year was primarily atributable to the forfeiture of
deposits from customers of aproximately HK$12.3 milion
(2024: aproximately HK$1.6 milion), interest income from
bank deposits of aproximately HK$6.6 milion (2024:
aproximately HK$9.6 milion) and property management fes
of aproximately HK$10.0 milion (2024: aproximately HK$10.1
milion).
Seling and distribution expenses
Seling and distribution expenses primarily consisted of
comisions, advertising and promotional expenses.
Seling and distribution expenses for the 2025 Financial
Year amounted to aproximately HK$245.2 milion (2024:
aproximately HK$83.7 milion), representing an increase
of aproximately 192.9%. The increase was primarily due to
comision expenses incured in conection with the delivery
of residential units at Larchwod and a house at MOUNT
POKFULAM to the customers during the 2025 Financial Year.
Administrative expenses
Administrative expenses primarily included staf salaries and
benefits, donation, depreciation expenses, ofice expenses,
travel expenses, profesional fes, utilities and building
management fes. Administrative expenses for the 2025
Financial Year amounted to aproximately HK$112.4 milion
(2024: aproximately HK$104.7 milion), representing an increase
of aproximately 7.4% as compared to the 2024 Financial Year.
The slight increase was mainly due to building management fe
expenses incured for the unsold residential units and houses at
Larchwod and MOUNT POKFULAM, respectively. The Group
continued to adhere to a strict cost control policy during the
2025 Financial Year.
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
融资成本
融资成本主要包括借贷及租赁负债利息开支（扣除
资本化融资成本）。二零二五财政年度，融资成本
约为
230,200,000
港元（二零二四年：约
181,000,000
港
元）。该增加主要是由于借贷成本上升及
Larchwod
及
MOUNT POKFULAM
竣工所致，导致相关项目贷
款之融资成本不再资本化，并于二零二五财政年度
之综合损益及其他全面收益表内入账为融资成本。
应占合营企业之溢利或亏损
二零二五财政年度，应占合营企业之溢利或亏损为
应占亏损约
343,000,000
港元（二零二四年：应占溢
利约
262,500,000
港元）。二零二五财政年度香港房地
产市场持续低迷，导致若干合营企业持有的商业及
住宅组合中产生发展中物业及持作出售物业撇减约
520,500,000
港元（二零二四年：
87,200,000
港元）。
发展中物业及持作出售物业之撇减
二零二五财政年度，发展中物业及持作出售物业
之撇减净额约为
229,300,000
港元（二零二四年：约
692,400,000
港元）。二零二五财政年度之物业组合撇
减乃主要由于
Larchwod
及
MOUNT POKFULAM
的已
订约但尚未完成销售的预期亏损所致。
母公司拥有人应占亏损
二零二五财政年度，本集团录得母公司拥有人应占
亏损约
976,900,000
港元（二零二四年：约
733,300,000
港元）。该增加主要是由于二零二五财政年度内融
资成本、销售及分销开支以及应占合营企业之亏损
增加所致，部分被毛利增加所抵销。
Finance costs
Finance costs primarily consisted of interest expenses on
borowings and lease liabilities, net of capitalised finance costs.
Finance costs amounted to aproximately HK$230.2 milion for
the 2025 Financial Year (2024: aproximately HK$181.0 milion).
The increment was mainly atributable to the increase in cost
of borowing and completion of Larchwod and MOUNT
POKFULAM, resulting in related project loan’s finance costs
no longer being capitalised and being recorded as finance
costs in the consolidated statement of profit or los and other
comprehensive income for the 2025 Financial Year.
Share of profits or loses of joint ventures
Share of profits or loses of joint ventures for the 2025 Financial Year
represented a share of loses of aproximately HK$343.0 milion
(2024: share of profit of aproximately HK$262.5 milion). For
the 2025 Financial Year, there was a write-down of properties
under development and properties held for sale of an amount of
aproximately HK$520.5 milion (2024: HK$87.2 milion) incured
by the comercial and residential portfolio held by certain joint
ventures due to the continuous downturn in the real estate
market of Hong Kong.
Write-down of properties under development and
properties held for sale
Net write-down of properties under development and
properties held for sale for the 2025 Financial Year amounted to
aproximately HK$229.3 milion (2024: aproximately HK$692.4
milion). The write-down of properties portfolio during the
2025 Financial Year was mainly due to the expected los from
contracted but not yet completed sales of Larchwod and
MOUNT POKFULAM.
Los atributable to owners of the parent
The Group recorded a los of aproximately HK$976.9 milion
(2024: aproximately HK$733.3 milion) atributable to owners of
the parent for the 2025 Financial Year. The increase was mainly
due to the increase in finance costs, seling and distribution
expenses and the share of los of joint ventures, partialy ofset
by an increase in gros profit during the 2025 Financial Year.
18Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
股息
董事会并不建议就二零二五财政年度派付末期股息
（二零二四年：无）。截至二零二四年九月三十日止
六个月，并无宣派中期股息（截至二零二三年九月
三十日止六个月：无）。
业务回顾
物业发展
订约销售
于二零二五财政年度，受惠于市场状况改善，本集
团录得理想的订约销售额。二零二五财政年度，本
集团的住宅项目（包括与合营企业合作发展之住宅
项目）实现订约销售总额约
3,349,000,000
港元（二零
二四年：约
1,708,000,000
港元），较二零二四财政年
度增加约
96.1%
，而订约销售面积约
147,187
平方呎
（二零二四年：约
75,750
平方呎），反映同比增长约
94.3%
。
于二零二五财政年度，本集团之住宅项目
Larchwod
已竣工并取得入伙许可证。截至本报告
日期，
Larchwod
之所有住宅及基座单位已全数售
罄及分别录得订约销售总额约
945,200,000
港元及
87,500,000
港元，当中
851,100,000
港元已于二零二五
财政年度确认为收入，待向买家交付竣工单位后，
预计
94,100,000
港元及
87,500,000
港元将于截至二零
二六年三月三十一日止下一个财政年度分别确认为
住宅及基座单位收入。
于二零二四年八月，本集团推出位于鲗鱼涌芬尼
街之
FINIE
项目住宅单位预售。截至本报告日期，
FINIE
已实现订约销售总额约
442,600,000
港元，
个住宅单位中已售出
个单位，占单位总数约
76.6%
。
DIVIDEND
The Board does not recomend the payment of a final dividend
(2024: Nil) for the 2025 Financial Year. No interim dividend was
declared for the six months ended 30 September 2024 (six
months ended 30 September 2023: Nil).
BUSINES REVIEW
Property Development
Contracted sales
During the 2025 Financial Year, the Group recorded satisfactory
contracted sales, driven by improved market conditions. For the
2025 Financial Year, the Group’s residential projects, including
those developed in colaboration with joint ventures, achieved
total contracted sales of aproximately HK$3,349.0 milion (2024:
aproximately HK$1,708.0 milion). This represented an increase
of aproximately 96.1% compared to the 2024 Financial Year,
with a contracted sales area of aproximately 147,187 square
fet (2024: aproximately 75,750 square fet) reflecting a year-
over-year increase of aproximately 94.3%.
During the 2025 Financial Year, the Group’s residential project,
Larchwod, completed construction and obtained ocupation
permits. As of the date of this report, al residential and podium
units of Larchwod have ben fuly sold and recorded total
contracted sales of aproximately HK$945.2 milion and HK$87.5
milion, respectively, of which HK$851.1 milion has ben
recognized as revenue in the 2025 Financial Year whilst HK$94.1
milion and HK$87.5 milion are anticipated to be recognized as
revenue for residential and podium units respectively in the next
financial year ending 31 March 2026, upon the handover of the
completed units to buyers.
In August 2024, the Group launched the pre-sale of the
residential units of the project “FINIE” located on Finie Stret
in Quary Bay. As of the date of this report, FINIE has achieved
total contracted sales of aproximately HK$442.6 milion, with
69 out of 90 residential units sold, representing aproximately
76.6% of the total units.
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
For our joint venture projects, al residential units, including
luxury houses, at ALTISIMO in Ma On Shan, were sold,
generating contracted sales of aproximately HK$280.0 milion
during the 2025 Financial Year. Aditionaly, as of the date
of this report, another joint venture project PHOENEXT,
located in Wong Tai Sin, has achieved total contracted sales of
aproximately HK$983.1 milion, with 205 out of 230 units sold,
representing aproximately 89.1% of the total units.
In November 2024, the Group launched the pre-sale of another
premium joint venture residential project, 101 KINGS ROAD,
located on King’s Road in Fortres Hil. As of the date of this
report, the project has achieved remarkable contracted sales of
aproximately HK$1,231.2 milion.
Lastly, in February 2025, the Group launched the pre-sale of
Coasto, another premium joint venture residential project
located on Wai Fung Stret in Ap Lei Chau. As of the date of this
report, the project has achieved remarkable contracted sales of
aproximately HK$488.6 milion.
New joint venture
During the 2025 Financial Year, the Group entered into a joint
venture partnership with a reputable property developer,
Chevalier International Holdings Limited (the “JV with
Chevalier”), to develop the site located at Nos. 18-20 Sze Shan
Stret, Yau Tong (the “Sze Shan Stret Project”). In July 2024,
the Group disposed of its entire equity interest in the Sze Shan
Stret Project to the JV with Chevalier, which is a 50%-owned
joint venture of the Group. Further details of the disposal were
set out in the joint anouncement of the Company and WOG
dated 28 March 2024 and the circular of the Company dated
21 June 2024. As of the date of this report, the Group holds a
50% interest in the Sze Shan Stret Project through the JV with
Chevalier.
就我们的合营企业项目而言，位于马鞍山
ALTISIMO
泓碧的所有住宅单位（包括豪华独立屋）
均已出售，于二零二五财政年度产生订约销售额约
280,000,000
港元。此外，截至本报告日期，另一个位
于黄大仙的合营企业项目
PHOENEXT
荟鸣已实现订
约销售总额约
983,100,000
港元，
个住宅单位中已
售出
个单位，占单位总数约
89.1%
。
于二零二四年十一月，本集团展开另一个位于炮
台山英皇道的高端合营企业住宅项目
101 KINGS
ROAD
的预售。截至本报告日期，该项目已实现约
1,231,200,000
港元的可观订约销售额。
最后，于二零二五年二月，本集团展开另一个位于
鸭脷洲惠风街的高端合营企业住宅项目
Coasto
的预
售。截至本报告日期，该项目已实现约
488,600,000
港
元的可观订约销售额。
新合营企业
于二零二五财政年度，本集团与著名物业发展商其
士国际集团有限公司订立合营企业伙伴关系（「其士
合营企业」），以发展位于油塘四山街
18-20
号的地盘
（「四山街项目」）。于二零二四年七月，本集团将其
于四山街项目之全部股权出售予其士合营企业（本
集团拥有
50%
权益之合营企业）。有关出售事项之进
一步详情载于本公司及宏安日期为二零二四年三月
二十八日之联合公布及本公司日期为二零二四年六
月二十一日之通函。于本报告日期，本集团透过其
士合营企业拥有四山街项目
50%
权益。
| Location | Approximate site area | Approximate gross floor area | Intended usage | Progress/ Anticipated year of completion | Interest attributable to the Group | Total approximate unsold saleable floor area |
|---|---|---|---|---|---|---|
| 概约地盘 | 概约总建筑 | 进度／预期 | 本集团 | 概约未售 实用建筑 | ||
| 地点 | 面积 (sq.ft.) | 面积 (sq.ft.) | 拟定用途 | 竣工年度 | 应占权益 | 面积总额 (sq.ft.) |
20Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
Land bank of the Group
As at the date of this report, the Group has 11 projects
under sales and development with a total gros flor area of
aproximately 966,200 square fet. For the joint venture with
APG Strategic Real Estate Pol, there are aproximately 464,000
square fet of properties under development and held for sale,
of which aproximately 134,900 square fet have ben sold
through pre-sales as of the date of this report.
The folowing table sets forth an overview of the Group’s
property projects as at the date of this report:
（平方呎）（平方呎）（平方呎）
1. Nos. 86A-86G Pokfulam Road
(“MOUNT POKFULAM”)
28,50028,500ResidentialCompleted70%21,400
薄扶林道
86A-86G
号
（「
MOUNT POKFULAM
」）
住宅已竣工
2. Nos. 50-62 Larch Stret and
Nos. 6-8 Lime Stret, Tai Kok
Tsui (“Larchwod”)
6,80061,500Residential and
Comercial
Completed100%–
大角咀洋松街
50-62
号及菩提街
6-8
号
（「
Larchwod
」）
住宅及商业已竣工
3. Nos. 34 and 36 Main Stret and
Nos. 5, 7 & 9 Wai Fung Stret,
Ap Lei Chau
#
(“Coasto”)
4,10038,600Residential and
Comercial
Completed50%3,900
鸭脷洲大街
及
号以及
惠风街
、
及
号
#
(
「
Coasto
」
)
住宅及商业已竣工
4. Nos. 26-48 Ming Fung Stret,
Wong Tai Sin
#
(“PHOENEXT”)
9,60081,200Residential and
Comercial
Completed50%13,600
黄大仙鸣凤街
26-48
号
#
（「
PHOENEXT
荟鸣」）
住宅及商业已竣工
5. Nos. 120-130 Main Stret,
Ap Lei Chau
#
7,20074,200Residential and
Comercial
202650%64,000
鸭脷洲大街
120-130
号
#
住宅及商业二零二六年
本集团之土地储备
于本报告日期，本集团有
项销售及发展中项目，
总建筑面积约
966,200
平方呎。就与
APG Strategic
Real Estate Pol
之合营企业而言，发展中及持作出
售物业为约
464,000
平方呎，其中约
134,900
平方呎于
本报告日期已透过预售出售。
下表载列于本报告日期本集团之物业项目概览：
| Location | Approximate site area | Approximate gross floor area | Intended usage | Progress/ Anticipated year of completion | Interest attributable to the Group | Total approximate unsold saleable floor area |
|---|---|---|---|---|---|---|
| 概约地盘 | 概约总建筑 | 进度／预期 | 本集团 | 概约未售 实用建筑 | ||
| 地点 | 面积 (sq.ft.) | 面积 (sq.ft.) | 拟定用途 | 竣工年度 | 应占权益 | 面积总额 (sq.ft.) |
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
（平方呎）（平方呎）（平方呎）
6. Nos. 31-41 & 45 Fei Fung Stret,
Wong Tai Sin
#
10,40093,700Residential and
Comercial
202650%80,000
黄大仙飞凤街
31-41
及
号
#
住宅及商业二零二六年
7. Nos. 12-16, 18-20, 22 and 24 Ting
Yip Stret, Ngau Tau Kok
#
5,20046,300Residential and
Comercial
202650%38,000
牛头角定业街
12-16
、
18-20
、
及
号
#
住宅及商业二零二六年
8. Nos. 101 and 111, King’s Road,
Fortres Hil
#
(“101 KINGS ROAD”)
12,400130,000Residential and
Comercial
202650%63,600
炮台山英皇道
及
号
#
（「
101 KINGS ROAD
」）
住宅及商业二零二六年
9. Nos. 3-9 Finie Stret, Quary Bay
(“FINIE”)
4,20040,100Residential and
Comercial
2026100%10,500
鲗鱼涌芬尼街
3-9
号（「
FINIE
」）住宅及商业二零二六年
10. Nos. 17-23 Ap Lei Chau Main
Stret, 7-9 Ping Lan Stret and
37-39 Shan Shi Stret, Ap Lei Chau
6,60068,100Residential and
Comercial
2027100%58,000
鸭脷洲鸭脷洲大街
17-23
号、
平澜街
7-9
号及新市街
37-39
号
住宅及商业二零二七年
11. Nos. 18-20 Sze Shan Stret, Yau Tong
#
41,700304,000Residential and
Comercial
202850%276,000
油塘四山街
18-20
号
#
住宅及商业二零二八年
Total136,700966,200629,000
总计
#
The Group has ben engaged as the aset manager for the projects.
The Group is always exploring diferent chanels to expand its
land bank as and when suitable oportunities arise. Apart from
its engagement in public tenders, the Group also pursues old
building acquisitions to secure stable land resources for future
development.
#
本集团已获委聘为该等项目之资产管理人。
本集团一直在适当机会出现时寻找不同渠道扩充土
地储备。除参与公开招标外，本集团亦寻求旧楼收
购，为未来发展确保稳定的土地资源。
| Property | Approximate saleable area/ leasing unit | Interest attributable to the Group | Approximate occupancy rate |
|---|---|---|---|
| 概约实用面积╱ | 本集团 | ||
22Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
Property Investment
As at 31 March 2025, the Group’s portfolio of wholy-owned
investment properties comprised comercial units located in Hong
Kong with a total carying value of aproximately HK$39.0 milion
(31 March 2024: aproximately HK$71.0 milion).
As at 31 March 2025, the Group’s investment properties
portfolio, including joint ventures, had a total aset value of not
les than HK$6.4 bilion.
The table below shows the details of investment properties
portfolio:
物业租赁单位应占权益概约出租率
1. The Parkside
#
35,300 sq.ft.50%82%
35,300
平方呎
2. Lake Silver
#
31,400 sq.ft.50%100%
银湖
•
天峰
#
31,400
平方呎
3. Shop in Cheung Sha Wan Road2,400 sq.ft.100%100%
长沙湾道店舖
2,400
平方呎
- %100%
电气道
间店舖
平方呎
5. Parkvile
#
7,000 sq.ft.70%100%
天生楼
#
7,000
平方呎
6. Jumbo Court
#
509 car parking spaces50%100%
珍宝阁
#
个停车位
7. Suny House
@#
1,424 beds35%97%
日新舍
@#
1,424
张床位
@
The name was rebranded from “Pentahotel Hong Kong, Kowlon” to
“Suny House” during the 2024 Financial Year. The renovation of the
property was completed during the 2025 Financial Year.
#
The Group has ben engaged as the aset manager for the projects.
物业投资
于二零二五年三月三十一日，本集团全资拥有之投
资物业组合包括位于香港之商用单位，账面总值
约为
39,000,000
港元（二零二四年三月三十一日：约
71,000,000
港元）。
于二零二五年三月三十一日，本集团投资物业组合
（包括合营企业）的资产总值不少于
6,400,000,000
港
元。
下表载列投资物业组合的详情：
@
该物业于二零二四财政年度由「香港九龙贝尔特
酒店」重新命名为「日新舍」。该物业已于二零二五
财政年度完成翻新。
#
本集团已获委聘为该等项目之资产管理人。
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
The Group’s portfolio of investment properties comprises
2 wholy-owned comercial properties and 5 projects in
partnership with global private equity funds, including Kohlberg
Kravis Roberts & Co. L.P. and Angelo, Gordon & Co., L.P. (“AG”),
as wel as individual investors with holding stakes ranging from
35% to 70%. As at the date of this report, the overal ocupancy
rate of the Group’s investment properties was aproximately
97%, including the recently launched Suny House, which
comenced operations in the third quarter of 2024.
During the 2025 Financial Year, the joint venture of the Group
entered into the sale and purchase agrements with several
independent investors to dispose of 8 shops on the ground flor
of Parkvile, for an agregate consideration of aproximately
HK$168.5 milion. Subsequent to the 2025 Financial Year, the
joint venture of the Group further entered into a sale and
purchase agrement with an independent investor to dispose
of 2 shops on the first flor for an agregate consideration of
aproximately HK$60.0 milion. A los of aproximately HK$99.8
milion has ben recognised from these disposals through
“Share of profits and loses of joint ventures”.
On 20 June 2025, the Group entered into a preliminary sale and
purchase agrement with an independent purchaser to dispose
of Shop in Cheung Sha Wan Road at a consideration of HK$23.3
milion. A los of aproximately HK$2.2 milion is expected to be
recognised from the disposal. For further details, please refer to
the section of “Events after the Reporting Period” in this report.
Aset Management
The Group has established joint ventures with various strategic
partners for both residential developments and comercial
investments. By leveraging the resources and networks in the
Hong Kong market, the Group also manages the asets on
behalf of its capital partners.
As the aset manager of the invested asets, the Group earns
fe incomes, including aset management fes, acquisition fes,
development fes and leasing fes, as wel as promote fes
upon achieving or exceding certain target internal rates of
return and after the Group’s joint venture partners have received
their targeted capital returns.
For further details of the residential and comercial properties
of which the Group serves as aset manager, please refer to
the above sections of “Property Development” and “Property
Investment”.
本集团之投资物业组合包括两项全资拥有商用
物业及五项与环球私募股权基金（包括
Kohlberg
Kravis Roberts & Co. L.P.
及
Angelo, Gordon & Co.,
L.P.
（「
AG
」）以及持股
35%
至
70%
之个人投资者合作
之项目。于本报告日期，本集团投资物业之整体出
租率约为
97%
，包括最近推出的日新舍，其于二零
二四年第三季度开始营运。
二零二五财政年度，本集团之合营企业与若干独
立投资者订立买卖协议，出售天生楼地下之
间商
舖，总代价为约
168,500,000
港元。于二零二五财政
年度后，本集团之合营企业与独立投资者进一步订
立买卖协议，以出售一楼的
间商舖，总代价为约
60,000,000
港元。该等出售之亏损约
99,800,000
港元已
于「应占合营企业之溢利及亏损」确认。
于二零二五年六月二十日，本集团与一名独立买方
订立初步买卖协议，以出售长沙湾道店舖，代价为
23,300,000
港元。预期将就该出售事项确认亏损约
2,200,000
港元。有关进一步详情，请参阅本报告「报
告期后事项」一节。
资产管理
本集团与多名战略伙伴在住宅发展及商业投资方面
成立合营企业。通过利用香港市场的资源及网络，
本集团亦代表其资本伙伴管理资产。
作为所投资产的资产管理人，本集团赚取费用收
入，包括资产管理费、收购费、发展费及租赁费，以
及在达到或超过若干目标内部回报率及本集团的合
营企业伙伴获得目标资本回报后的推广费。
有关本集团担任资产管理人之住宅及商业物业之进
一步详情，请参阅上述「物业发展」及「物业投资」各
节。
24Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
Student Acomodation
In December 2022, the Group formed a new joint venture with
AG for the acquisition and operation of a property located at
No. 19 Luk Hop Stret, Kowlon, Hong Kong, including the
hotel building erected thereon formerly known as “Pentahotel
Hong Kong, Kowlon”. The property has ben rebranded as
“Suny House” and redeveloped into student acomodation
folowing the completion of renovations in the third quarter of
2024. A total of 720 roms ofering 1,424 beds are now available
to the market. As at the date of this report, the property is fuly
operational with an ocupancy rate exceding 97%. The majority
of tenants of “Suny House” are students from Mainland China
and the Asia-Pacific region, studying at more than 20 coleges
acros Hong Kong.
In June 2025, the Group entered into an agrement to
dispose of its 20% equity interest in Fortune Harbour
Investments Limited and Mega Hope Global Limited, which
hold and operate Suny House, to AG at a consideration
of aproximately HK$87.2 milion. In light of the sucesful
colaboration on the Suny House betwen AG and the Group,
and to further colaborate in potential projects, AG and the
Group have entered into a framework agrement to establish
new joint ventures to colaborate on the target busines. The
total investment comitments of AG and the Group in the joint
ventures shal be in an agregate amount of US$100.0 milion
and US$18.0 milion, respectively. Further details were set out in
the joint anouncement dated 12 June 2025.
By leveraging the Group’s expertise in aset management and
further expansion of the expertise to student acomodation
sector, the Group aims to secure stable aset management
income and explore strategic expansion oportunities for
aditional recuring income.
Property Management
The Group started the property management busines in 2017.
As at the date of this report, the Group manages 8 projects. The
pricing model of the management fe charged by the Group is
based by reference to a proportion of the total anual expenses
incured by respective buildings, providing a fair and transparent
pricing structure. In the near future, the Group anticipates an
expansion in the property management busines due to an
increase in the delivery of residential projects. The Group wil
continue to invest in a profesional property management team
and advanced management technology to deliver high-quality
services and met customer demands.
学生宿舍
于二零二年十二月，本集团与
AG
成立新合营企
业，以收购及经营位于香港九龙六合街
号的物
业，包括建于其上且前称为「香港九龙贝尔特酒店」
的酒店大楼。该物业已重新命名为「日新舍」，于二
零二四年第三季度完成翻新后重新开发为学生宿
舍。该物业目前向市场提供合共
间房及
1,424
张
床位。于本报告日期，该物业已全面投入营运，出租
率超过
97%
。「日新舍」主要租户为来自中国内地及
亚太地区的学生，于香港超过
间院校就读。
于二零二五年六月，本集团订立协议以按代价约
为
87,200,000
港元向
AG
出售其于
Fortune Harbour
Investments Limited
及
Mega Hope Global Limited
（其
持有及营运日新舍）的
20%
股权。鉴于
AG
与本集团
就日新舍成功合作，以及为进一步合作开展潜在项
目，
AG
与本集团已订立框架协议，以成立新合营企
业，合作开展目标业务。
AG
及本集团于合营企业的
投资承担总额将分别为
100,000,000
美元及
18,000,000
美元。进一步详情载于日期为二零二五年六月十二
日的联合公布。
本集团利用资产管理方面的专业知识及将专业知
识进一步扩展至学生宿舍分部，旨在获得稳定资产
管理收入，并探索策略性扩大额外经常性收入的机
会。
物业管理
本集团于二零一七年开展物业管理业务。于本报告
日期，本集团管理
个项目。本集团所收取之管理费
之定价模式乃基于参考各楼宇产生之总年度开支
比例，提供公平透明的定价架构。未来，由于住宅项
目交付量增加，本集团预期物业管理业务将有所扩
张。本集团将继续投资于专业物业管理团队及先进
管理技术，提供优质服务，满足客户需求。
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
LIQUIDITY AND FINANCIAL RESOURCES
As at 31 March 2025, the Group’s total asets les curent
liabilities were aproximately HK$6,249.8 milion (31 March
2024: aproximately HK$6,014.3 milion) and the curent ratio
was aproximately 3.2 times (31 March 2024: aproximately
1.4 times). As at 31 March 2025, the Group had cash and bank
balances of aproximately HK$354.3 milion (31 March 2024:
aproximately HK$722.7 milion).
Agregate bank borowings as at 31 March 2025 amounted to
aproximately HK$2,945.6 milion (31 March 2024: aproximately
HK$3,988.7 milion). As at 31 March 2025, the gearing ratio was
aproximately 74.5% (31 March 2024: aproximately 73.4%),
calculated by reference to the Group’s total bank borowings
net of cash and bank balances and the equity atributable to
owners of the parent. As at 31 March 2025, the Group’s property,
plant and equipment, investment properties, properties under
development and properties held for sale, with carying value of
aproximately HK$71.6 milion, HK$39.0 milion, HK$1,298.7 milion
and HK$1,484.7 milion, respectively (31 March 2024:
aproximately HK$74.9 milion, HK$71.0 milion, HK$2,168.7 milion
and HK$1,659.7 milion respectively) were pledged to secure the
Group’s general banking facilities.
The Group’s capital comitment as at 31 March 2025
amounted to aproximately HK$1,308.4 milion (31 March 2024:
aproximately HK$1,573.5 milion). In adition, the Group’s
share of joint ventures’ own capital comitments amounted to
aproximately HK$409.0 milion (31 March 2024: aproximately
HK$548.3 milion). The Group has given guarante to banks
in conection with facilities granted to two joint ventures up
to aproximately HK$425.0 milion (31 March 2024: two joint
ventures up to aproximately HK$370.4 milion) and were
utilized to the extent of aproximately HK$381.6 milion as at 31
March 2025 (31 March 2024: aproximately HK$301.3 milion).
Save as disclosed in this report, the Group had no significant
contingent liabilities as at the end of the 2025 Financial Year.
流动资金及财务资源
于二零二五年三月三十一日，本集团之总资产减
流动负债约为
6,249,800,000
港元（二零二四年三月
三十一日：约
6,014,300,000
港元），而流动比率则约
为
3.2
倍（二零二四年三月三十一日：约
1.4
倍）。于二
零二五年三月三十一日，本集团之现金及银行结余
约为
354,300,000
港元（二零二四年三月三十一日：约
722,700,000
港元）。
于二零二五年三月三十一日之总银行借贷约为
2,945,600,000
港元（二零二四年三月三十一日：约
3,988,700,000
港元）。于二零二五年三月三十一日，
负债比率约为
74.5%
（二零二四年三月三十一日：约
73.4%
），此乃经参考扣除现金及银行结余后之本集
团银行借贷总额以及母公司拥有人应占权益计算。
于二零二五年三月三十一日，本集团账面值分别约
71,600,000
港元、
39,000,000
港元、
1,298,700,000
港元及
1,484,700,000
港元（二零二四年三月三十一日：分别
约
74,900,000
港元、
71,000,000
港元、
2,168,700,000
港元
及
1,659,700,000
港元）之物业、厂房及设备、投资物
业、发展中物业及持作出售物业已作抵押，作为本
集团一般银行融资之担保。
于二零二五年三月三十一日，本集团之资本承担约
1,308,400,000
港元（二零二四年三月三十一日：约
1,573,500,000
港元）。此外，本集团分占合营企业的
自有资本承担为约
409,000,000
港元（二零二四年三月
三十一日：约
548,300,000
港元）。于二零二五年三月
三十一日，本集团已就有关授予两家合营企业融资
向银行作出担保最多约
425,000,000
港元（二零二四年
三月三十一日：两家合营企业，最多约
370,400,000
港
元）及有关融资已动用约
381,600,000
港元（二零二四
年三月三十一日：约
301,300,000
港元）。除本报告所
披露者外，本集团于二零二五财政年度末并无重大
或然负债。
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| 三月三十一日 HK$’000 | 三月三十一日 HK$’000 |
26Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
The Group strengthens and improves its risk control on a
continual basis and adopts a prudent aproach in its financial
management. Financial resources are under close monitoring
to ensure the Group’s smoth operation, as wel as flexibility
to respond to market oportunities and uncertainties. The
management of the Group is of the opinion that the Group’s
existing financial structure and resources are healthy and
suficient for the Group’s neds in the foreseable future.
DEBT PROFILE AND FINANCIAL PLANING
As at 31 March 2025, interest-bearing debt profile of the Group
was analyzed as folows:
千港元千港元
Bank loans repayable:
须于以下时间偿还之银行贷款：
Within one year or on demand
一年内或按要求偿还
496,1703,100,477
In the second year
第二年
920,63046,380
In the third to fifth year, inclusive
第三年至第五年
（包括首尾两年）
1,528,772841,837
Subtotal
小计
2,945,5723,988,694
Other loans repayable:
须于以下时间偿还之其他贷款：
Within one year or on demand
一年内或按要求偿还
144,53549,280
In the second year
第二年
359,330456,830
In the third to fifth year, inclusive
第三年至第五年
（包括首尾两年）
–220,000
Subtotal
小计
503,865726,110
Total
总计
3,449,4374,714,804
本集团持续加强及改善风险控制，并采纳审慎之
财务管理办法，密切监察财务资源，确保本集团营
运顺畅，及充分灵活地应对市场机会及不确定性。
本集团管理层认为，本集团现有财务架构及资源稳
健，足以应付本集团于可见未来之需求。
债务状况及财务规划
于二零二五年三月三十一日，本集团之计息债务状
况分析如下：
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
Aproximately 67.6% (31 March 2024: aproximately 85.7%)
of bank and other loans was at floating interest rate and the
remaining 32.4% (31 March 2024: aproximately 14.3%) were at
fixed rates.
The efective interest rate for those bank and other loans with
floating interest rates was aproximately 6.0% (31 March 2024:
aproximately 6.6%) per anum, while the efective interest rate
for certain bank and other loans bear interest at fixed interest
rates was aproximately 10.4% (31 March 2024: aproximately
11.3%) per anum as at 31 March 2025. Overal efective interest
rate for al bank and other loans was aproximately 7.4% (31
March 2024: aproximately 7.0%) as at 31 March 2025.
TREASURY POLICY
The primary objective of the Group’s treasury policy is to
ensure suficient cash flow to met operational neds, including
construction costs, land purchases and operational expenses.
Internaly generated cash flow and interest-bearing bank
borowings are the general source of funds to finance the
operation of the Group. The Group regularly reviews its major
funding positions to ensure that it has adequate financial
resources in meting its financial obligations.
FOREIGN EXCHANGE
The management of the Group is of the opinion that the Group
has no material foreign exchange exposure. Majority of bank
and other borowings are denominated in Hong Kong dolars.
Aditionaly, the Group’s revenue, primarily in Hong Kong
dolars, aligns with the Group’s operational expense curency
requirements. Consequently, the Group has not engaged in any
hedging activities related to foreign exchange exposure during
the 2025 Financial Year.
约
67.6%
（二零二四年三月三十一日：约
85.7%
）的
银行及其他贷款以浮动利率计息，余下
32.4%
（二零
二四年三月三十一日：约
14.3%
）则以固定利率计
息。
于二零二五年三月三十一日，以浮动利率计息之该
等银行及其他贷款之实际利率每年约为
6.0
厘（二零
二四年三月三十一日：约
6.6
厘），而若干银行及其
他贷款之实际利率则每年按固定利率约
10.4
厘（二零
二四年三月三十一日：约
11.3
厘）计息。于二零二五
年三月三十一日，所有银行及其他贷款之整体实际
利率约为
7.4
厘（二零二四年三月三十一日：约
7.0
厘）。
财务政策
本集团之财务政策主要旨在确保具备充足现金流满
足营运需求，包括建筑成本、土地购买及营运开支。
内部产生之现金流量及计息银行借贷均为本集团业
务营运提供资金之一般资金来源。本集团定期审阅
其主要资金状况，以确保拥有充足财务资源以履行
其财务责任。
外汇
本集团管理层认为，本集团并无重大外汇风险。大
部分银行及其他借贷均以港元计值。此外，本集团
之收入主要以港元计值，符合本集团营运开支之货
币需求。因此，本集团于二零二五财政年度内并无
进行任何有关外汇风险之对冲活动。
28Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
SIGNIFICANT INVESTMENTS HELD,
MATERIAL ACQUISITIONS AND DISPOSALS
OF SUBSIDIARIES, ASOCIATES AND JOINT
VENTURES AND FUTURE PLANS FOR MATERIAL
INVESTMENTS OR CAPITAL ASETS
Save as disclosed above, during the 2025 Financial Year, the
Group did not have any other significant investments held,
material acquisitions and disposals of subsidiaries, asociates
and joint ventures and future plans for material investments or
capital asets.
EMPLOYES AND REMUNERATION POLICIES
As at 31 March 2025, the Group had 141 (31 March 2024:
145) employes in Hong Kong. The Group remunerates
its employes mainly based on the performance, skils,
qualifications and experience of the employe and the
prevailing industry practices. In adition to salaries, we provide
discretionary bonuses based on individual and busines
performance, along with medical insurance coverage and a
comprehensive range of leave entitlements. The Group also
provides a defined contribution to the Mandatory Provident
Fund as required under the Mandatory Provident Fund Schemes
Ordinance (Chapter 485 of the Laws of Hong Kong) for our
eligible employes in Hong Kong.
The Company operates a share option scheme (the “Share
Option Scheme”) for the purpose of providing incentives and
rewards to eligible participants who contribute to the suces
of the Group. Share options may be granted to any director
or proposed director (whether executive or non-executive,
including independent non-executive director), employe or
proposed employe (whether ful-time or part-time), seconde,
any holder of securities isued by any member of the Group,
any person or entity that provides research, development or
other technology suport or advisory, consultancy, profesional
or other services to any member of the Group or any substantial
shareholder or company controled by a substantial shareholder,
or any company controled by one or more persons belonging
to any of the above clases of participants. The Share Option
Scheme became efective on 9 August 2016 and, unles
otherwise terminated earlier by shareholders in a general
meting, wil remain in force for a period of 10 years from that
date. No share option has ben granted since the adoption of
the Share Option Scheme.
所持重大投资、重大收购及出售附属公
司、联营公司及合营企业，以及重大投
资或资本资产的未来计划
除上文所披露者外，于二零二五财政年度，本集团
并无任何其他所持重大投资、重大收购及出售附属
公司、联营公司及合营企业，以及重大投资或资本
资产的未来计划。
雇员及薪酬政策
于二零二五年三月三十一日，本集团于香港共有
名（二零二四年三月三十一日：
名）雇员。本
集团主要根据雇员表现、技能、资格及经验以及现
行业惯例厘定雇员薪酬。除薪金外，本集团提供
根据个人及业务表现而发放之酌情花红以及医疗保
险保障及全面休假权利。本集团亦根据香港法例第
章《强制性公积金计划条例》规定就本集团的香
港合资格雇员对强制性公积金作出定额供款。
本公司设有购股权计划（「购股权计划」），旨在给予
为本集团成功作出贡献之合资格参与者奖励及回
报。购股权可授予任何董事或候任董事（不论执行
或非执行，包括独立非执行董事）、雇员或拟聘请雇
员（不论全职或兼职）、调任员工、本集团任何成员
公司所发行证券之任何持有人、向本集团任何成员
公司或任何主要股东或受主要股东控制之公司，或
任何由一名或以上属于上述任何类别参与人士控制
之公司提供研究、开发或其他技术支援或顾问、咨
询、专业或其他服务之任何人士或实体。购股权计
划于二零一六年八月九日生效，除非股东于股东大
会上提早终止，否则将自该日期起计的十年期间内
维持有效。自采纳购股权计划起并无授出购股权。
宏安地产有限公司
•
二零二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
PROSPECTS
In 2025, the high level of unsold residential properties in
Hong Kong presented a significant chalenge that we, as
property developers, must confront. In adition, the ongoing
trade conflict betwen China and the United States has had a
profound impact on the global economy, and as a key financial
and trade center, Hong Kong’s real estate market has not
ben imune to these efects. This has resulted in increased
uncertainty for buyers of both residential and comercial
properties.
The real estate market is highly sensitive to external factors, and
the ongoing uncertainty surounding global economic recovery
means that fluctuations in international financial markets can
directly influence Hong Kong’s property landscape. Buyers
tend to sek stability before making substantial investment
decisions, which has contributed to the curent surplus of unsold
properties.
To adres these chalenges, we are intensifying our eforts to
acelerate the sale of both residential and comercial projects
in the coming financial year, while adhering to a careful risk
management plan. We wil closely monitor market changes and
adjust our pricing and marketing strategies as necesary. From
a financial perspective, deleveraging is one of our key focuses
in 2025. We aim to reduce our debt burden by refinancing
high-cost loans with lower-cost alternatives, thereby aleviating
the company’s interest burden. Aditionaly, we wil enhance
our cash flow management to ensure suficient liquidity for
upcoming projects. This includes implementing more rigorous
cash flow forecasting and budgeting proceses, alowing us
to beter anticipate our financial neds and alocate resources
efectively. We wil also explore oportunities to optimize
our working capital by streamlining operations and reducing
unecesary expenditures. By maintaining a robust cash
reserve, we can respond swiftly to market oportunities and
chalenges, ensuring that we are wel-positioned to invest in
future developments and sustain our growth despite the curent
market uncertainties.
Loking ahead to the next financial year, we remain comited
to our long-term goals. We wil continue to pursue sustainable
growth, whether by expanding our property holdings, exploring
new busines models, or improving service quality. Although the
market can be complicated, we are confident in our ability to
handle these chalenges and create value for our shareholders
and stakeholders.
前景
于二零二五年，香港大量未售出住宅物业为本集
团作为地产发展商构成重大挑战。此外，中国与美
国的持续贸易冲突已对全球经济造成深远影响，
香港作为主要金融及贸易中心，房地产市场亦未能
幸免。其导致住宅及商业物业买家面对更大不确定
性。
房地产市场对外部因素极为敏感，加上环球经济复
苏前景持续不明朗，意味著国际金融市场波动可直
接影响香港之物业市场。买家倾向于在作出投资决
定前寻求稳定性，导致目前未售出物业过剩。
为应对该等挑战，我们将于下一个财政年度加大力
度加速销售住宅及商业项目，同时维持审慎的风险
管理计划。我们将密切监察市场变化，并按需要调
整定价及市场推广策略。于财务方面，去杠杆化为
本集团于二零二五年之重点工作之一。我们旨在透
过以成本较低之替代方案再融资高成本贷款减低我
们的债务负担，从而减轻本公司之利息负担。此外，
我们将进一步加强现金流管理，以确保即将开展的
项目具备充足流动资金。其包括实施更严格的现金
流量预测及预算编制流程，让我们能够更准确预测
财务需要及有效分配资源。我们亦将透过精简营运
及削减不必要开支，探索优化营运资金之机会。透
过维持稳健之现金储备，我们可迅速应对市场机遇
及挑战，确保于当前市场不明朗情况下，仍具备良
好条件投资未来发展项目及维持增长。
展望下一个财政年度，我们仍致力实现长远目标。
我们将继续寻求可持续增长，包括扩展物业持有
量、探索新业务模式及提升服务质素。尽管市场环
境复杂，但我们有信心能够应对各项挑战，为股东
及持份者创造价值。
30Wang On Properties Limited • Anual Report 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
SUSTAINABILITY
During the 2025 Financial Year, the Group atained 5-star
rating, the highest rating, under the Development Benchmark
in the 2024 Global Real Estate Sustainability Benchmark
(“GRESB”) asesment. This acomplishment reflects the
Group’s comitment to sustainability and excelence in real
estate development. This recognition is a testament to the
Group’s ongoing eforts to integrate sustainable practices into
its development projects, aligning with global trends towards a
more resilient and low-carbon future.
The Group had in place bank facilities in the respective amounts
of aproximately HK$4.4 bilion and HK$1.2 bilion as at 31
March 2025 which were sustainability-linked loan (“SL”) and
gren loan (“Gren Loan”). This SL was directly tethered to the
Group’s 5-Year ESG roadmap, which included its comitment
to achieve outstanding results in GRESB asesment. This Gren
Loan was in alignment with the Gren Loan principles (“GLP”)
isued by the Asia Pacific Loan Market Asociation Limited
in May 2020, as updated in February 2023. The GLP seks to
suport borowers in financing environmentaly sound and
sustainable projects that foster a net-zero emisions economy,
protect and restore the environment, facilitate adaptation to
climate change, and/or provide other environmental benefits.
The Group is also comited to engaging its tenants in
developing gren leases.
可持续发展
于二零二五财政年度，本集团在二零二四年全球房
地产可持续发展标准（「
GRESB
」）评估中获得最高的
星评级。此成就反映了本集团对于房地产可持续
发展及卓越表现的承诺。此认可印证了本集团一直
致力将可持续发展实践融入其发展项目，配合全球
迈向更有韧性及低碳未来的趋势。
于二零二五年三月三十一日，本集团已将金额分别
约
4,400,000,000
港元及
1,200,000,000
港元的银行融资
设立为可持续发展表现挂钩贷款（「可持续发展表
现挂钩贷款」）及绿色贷款（「绿色贷款」）。此可持续
发展表现挂钩贷款与本集团的五年环境、社会及
管治路线图挂钩，其中包括其在
GRESB
评估中取得
卓越成果的承诺。绿色贷款为符合
Asia Pacific Loan
Market Asociation Limited
于二零二零年五月发布并
于二零二三年二月更新之绿色贷款原则（「绿色贷款
原则」）。绿色贷款原则旨在支援借款人资助无害环
境及可持续发展项目，以促进净零排放经济、保护
和恢复环境、促进适应气候变迁及╱或提供其他环
境效益。本集团亦致力与租户合作发展绿色租赁。
BIOGRAPHIES OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT
董事会及高级管理层履历
宏安地产有限公司
•
二零二五年报
BOARD OF DIRECTORS
Executive Directors
Mr. Tang Ho Hong, aged 38, has ben apointed as an
executive Director since 3 December 2015 and was apointed
as the chief executive oficer and authorised representative
of the Company on 8 February 2021. He was also apointed
as the chairman of the executive comite and the ESG
comite and a member of the remuneration comite and
the nomination comite of the Company. Mr. Tang is primarily
responsible for the overal management and supervision of
operations of the Group, including overseing property sales
and leasing, aset management and investment, and strategic
planing on long and short term development. Mr. Tang has
over 14 years of experience in property and land maters.
Prior to joining the Company, Mr. Tang worked with Wang On
Group Limited (“WOG“) in January 2011 as asistant general
manager where he focused on property acquisition in Hong
Kong and acquired his experience in the property development,
management and investment busineses. Mr. Tang graduated
from The University of Washington with a degre of Bachelor
of Arts in Busines Administration. Mr. Tang is a standing
comite member of the Henan Provincial Comite of The
Chinese People’s Political Consultative Conference. He is also
an honorary chairman of the honorary board and a permanent
honorary chairman of the foundation of the Hong Kong CPC
Youth Asociation Foundation respectively. He is also a director
of certain subsidiaries of the Group and a son of Mr. Tang Ching
Ho, the controling shareholder of the Company.
Ms. Ching Tak Won Teresa, aged 43, has ben apointed as an
executive Director since 25 June 2019. She was also apointed
as a member of the executive comite of the Company. Ms.
Ching is curently the general manager of the Group’s property
development division and is responsible for the sales and
marketing of the Group. She obtained a degre of Bachelor
of Busines Administration in Marketing and Management of
Organisations from The Hong Kong University of Science and
Technology and a degre of Master of Science in Real Estate
from The University of Hong Kong. She has more than 20 years
of experience in the property industry in Hong Kong. Prior to
joining the Group in 2016, Ms. Ching joined WOG in 2008 and
acted as the asistant general manager (sales and marketing) of
WOG. Ms. Ching is also a director of certain subsidiaries of the
Group.
董事会
执行董事
邓灏康先生，
岁，自二零一五年十二月三日起获
委任为执行董事，并于二零二一年二月八日获委任
为本公司行政总裁兼授权代表。彼亦获委任为本公
司常务委员会及环境、社会及管治委员会主席，及
薪酬委员会及提名委员会成员。邓先生主要负责本
集团业务之整体管理及监管业务营运，包括监督物
业销售及租赁、资产管理及投资，以及短期至长期
发展之策略规划。邓先生于物业及土地事务拥有逾
十四年经验。加入本公司前，邓先生于二零一年
一月担任宏安集团有限公司（「宏安」）助理总经理，
集中收购香港物业，累积物业发展、管理及投资业
务方面之经验。邓先生毕业于华盛顿大学，持有工
商管理文学士学位。邓先生为中国人民政治协商会
议河南省委员会常务委员。彼亦分别为香港政协青
年联会荣誉领导架构之荣誉主席及基金架构之永远
名誉会长。彼亦为本集团若干附属公司之董事，及
为邓清河先生（本公司之控股东）之儿子。
程德韵女士，
岁，自二零一九年六月二十五日起
获委任为执行董事。彼亦获委任为本公司常务委员
会成员。程女士目前为本集团物业发展部总经理及
负责本集团之销售及市场推广。彼于香港科技大学
取得工商管理（企业营销及管理）学士学位并于香
港大学取得理科硕士（房地产）学位。彼于香港房地
产业拥有逾二十年经验。于二零一六年加入本集团
前，程女士已早于二零八年加入宏安并担任宏安
之助理总经理（销售及市场推广）。程女士亦为本集
团若干附属公司之董事。
32Wang On Properties Limited • Anual Report 2025
Biographies of Board of Directors and Senior Management (Continued)
董事会及高级管理层履历（续）
Mr. Yiu Chi Man, aged 55, has ben apointed as an executive
Director since 1 October 2024. He was also apointed as a
member of the executive comite of the Company. Mr. Yiu
has ben apointed as the company secretary and authorised
representative of the Company since 25 January 2025. Mr. Yiu
is curently the chief financial oficer of the Company who is
responsible for financial management, regulatory compliance
and investors relationship. Mr. Yiu obtained a Bachelor of
Arts degre in Acountancy from the Hong Kong Polytechnic
University. He is a felow member of Chartered Asociation
of Certified Public Acountants, and an asociate member
of the Hong Kong Institute of Certified Public Acountants.
Before joining the Group, Mr. Yiu was the chief financial oficer
of a listed property developer for 10 years and was an audit
partner of KPMG China with over 21 years’ experience of
providing audit and advisory services to listed companies and
multinational companies. Mr. Yiu is also a director of certain
subsidiaries of the Group.
Independent Non-executive Directors
Mr. Li Wing Sum Steven, aged 68, has ben apointed as an
independent non-executive Director since 17 March 2016. He
was also apointed as the chairman of the audit comite and
a member of the remuneration comite and the nomination
comite of the Company. Mr. Li was admited as an asociate
of The Asociation of Chartered Certified Acountants in
April 1986 and subsequently a felow member in April 1991.
He was an asociate and a felow member of the Hong Kong
Institute of Certified Public Acountants. Mr. Li has over 37
years of experience in auditing, acounting, taxation, financial
management and corporate secretarial. Mr. Li worked for an
international acounting firm and held senior posts as group
financial controler in various companies. He is an independent
non-executive director of Alied Sustainability and Environmental
Consultants Group Limited (stock code: 8320) and Amase
Capital Holdings Limited (stock code: 8168) since June 2018 and
July 2021, respectively, the shares of both of which are listed
on the GEM of The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”).
姚智文先生，
岁，自二零二四年十月一日起获委
任为执行董事。彼亦获委任为本公司常务委员会成
员。姚先生自二零二五年一月二十五日起获委任
为本公司之公司秘书及授权代表。姚先生目前为本
公司之首席财务官，负责财务管理、合规监管及投
资者关系。姚先生获得香港理工大学会计文学士学
位。彼为英国特许公认会计师公会资深会员及香港
会计师公会员。在加入本集团前，姚先生曾于一
间上市物业发展商担任首席财务官长达十年，并曾
担任毕马威中国之审计合伙人，拥有逾二十一年为
上市公司及跨国公司提供审计及咨询服务的经验。
姚先生亦为本集团若干附属公司之董事。
独立非执行董事
李永森先生，
岁，自二零一六年三月十七日起获
委任为独立非执行董事。彼亦获委任为本公司审核
委员会主席以及薪酬委员会及提名委员会成员。李
先生于一九八六年四月获认许为英国特许公认会
计师公会之会员，其后于一九一年四月成为资深
会员。彼曾为香港会计师公会之会员及资深会员。
李先生在审计、会计、税务、财务管理及公司秘书方
面积逾三十七年经验。李先生曾任职于国际会计师
事务所，及于多间公司担任集团财务总监之高级职
位。彼自二零一八年六月和二零二一年七月起分别
担任沛然环保顾问有限公司（股份代号：
）及宝
积资本控股有限公司（股份代号：
）（其股份均
于香港联合交易所有限公司（「联交所」）
GEM
上市）
之独立非执行董事。
宏安地产有限公司
•
二零二五年报
Biographies of Board of Directors and Senior Management (Continued)
董事会及高级管理层履历（续）
宋梓华先生，
岁，自二零一六年三月十七日起获
委任为独立非执行董事。彼为本公司审核委员会及
薪酬委员会成员。宋先生于二零二一年二月八日获
委任为本公司提名委员会主席。彼于测量业拥有逾
三十八年之丰富经验。宋先生于一九七二年十一
月获选为英国皇家特许测量师学会之专业会员、于
一九七年三月成为香港测量师学会资深会员、于
一九八九年四月成为新加坡测量师及估价师学会
会员、并于一九八四年四月获认可为英国特许仲裁
师学会员。宋先生于一九八四年十月至一九零
年七月期间获委任为新加坡政府房屋发展局之行政
产业主任。彼其后于一九零年八月至一九二年
三月期间擢升至高级产业主任。宋先生其后分别于
一九二年及一九六年在香港成立罗迅国际集团
有限公司及罗迅测计师行有限公司，目前担任罗迅
测计师行有限公司之董事。
陈浩华博士，
岁，自二零二年十二月一日起获
委任为独立非执行董事。彼为本公司审核委员会、
提名委员会、薪酬委员会和环境、社会及管治委员
会成员。陈博士于二零二四年七月一日获委任为本
公司的薪酬委员会主席。彼于房地产及基础建设投
资、区域资本市场上市公司并购领域拥有三十年经
验。陈博士现为湾区资本有限公司主席，该公司为
香港证券及期货事务监察委员会持牌资产管理企
业，专注于房地产及基础建设资产、物业及建筑科
技、清洁能源、金融科技、改善可持续发展技术及智
慧城市应用领域之私募股权基金。彼亦为香港大学
房地产及建设系客座教授，主要研究领域为跨境房
地产投资、资产证券化、科技应用及可持续发展。陈
博士亦自二零二三年六月和二零二四年七月起分别
担任时富金融服务集团有限公司（股份代号：
）
及上海实业城市开发集团有限公司（股份代号：
）
（其股份均于联交所主板上市）之独立非执行董事。
Mr. Sung Tze Wah, aged 79, has ben apointed as an
independent non-executive Director since 17 March 2016. He
is a member of the audit comite and the remuneration
comite of the Company. Mr. Sung was apointed as the
chairman of the nomination comite of the Company on
8 February 2021. He has extensive experience in the surveying
sector for over 38 years. Mr. Sung was elected as a profesional
asociate of the Royal Institution of Chartered Surveyors
in November 1972, a felow of The Hong Kong Institute of
Surveyors in March 1997, a member of The Singapore Institute
of Surveyors and Valuers in April 1989, and was admited as an
asociate of The Chartered Institute of Arbitrators in April 1984.
Mr. Sung was apointed as the executive estates oficer by the
Housing & Development Board of the Singapore government
from October 1984 to July 1990. He was then promoted to
senior estates oficer during the period from August 1990 to
March 1992. Mr. Sung established LDS International Group
Limited and Lawson David & Sung Surveyors Limited in Hong
Kong in 1992 and 1996 respectively and is curently a director of
Lawson David & Sung Surveyors Limited.
Dr. Chan Ho Wah Terence, aged 54, has ben apointed as an
independent non-executive Directors since 1 December 2022.
He is a member of the audit comite, nomination comite,
remuneration comite and ESG Comite of the Company.
Dr. Chan was apointed as the chairman of the remuneration
comite of the Company on 1 July 2024. He has 30 years
of experience in the area of real estate and infrastructure
investment, listed company merger and acquisition in the
regional capital market. Dr. Chan is curently the chairman of
Bay Area Capital Partners Limited, an aset management firm
licensed with the Securities and Futures Comision of Hong
Kong that focuses on private equity investment in the area of
real estate and infrastructure aset, property and construction
technology, clean energy, fintech, ESG enhancement and
smart cities aplications. He is an Adjunct Profesor of the
Department of Real Estate and Construction of The University
of Hong Kong with main areas of research in cros-border real
estate investment, aset securitisation, technology aplication
and sustainable development. Dr. Chan also serves as an
independent non-executive director of CASH Financial Services
Group Limited (stock code: 510) and Shanghai Industrial Urban
Development Group Limited (stock code: 563) since June 2023
and July 2024, respectively, the shares of both of which are listed
on the Main Board of the Stock Exchange.
34Wang On Properties Limited • Anual Report 2025
Biographies of Board of Directors and Senior Management (Continued)
董事会及高级管理层履历（续）
陈博士持有经济学哲学博士学位及房地产学硕士学
位，彼亦拥有澳洲会计师公会及英国皇家特许测量
师学会之专业资深会员资格以及美国特许金融分析
师之专业认证。陈博士担任香港独立非执行董事协
会可持续投资委员会主席、香港贸易发展局基建发
展服务咨询委员会委员、香港金融发展局内地机遇
委员会委员、香港学术及职业资历评审局成员、保
安及护衞业管理局委员会副主席及香港教育大学校
董会基金副主席，对业界及专业团体作出贡献。陈
博士自二零一七年起担任沪港社团总会（前称为沪
港经济发展协会）副会长、上海香港联会主席及上
海市政协经济界别委员中国人民政治协商会议上海
市委员会委员，参与港沪两地经济、环境、绿色金融
及科技伙伴关系及研究合作。彼亦为国务院全国港
澳研究会员及香港特别行政区政府二零二一年选
举委员会委员。彼曾担任澳洲会计师公会大湾区委
员会委员。
高级管理层
侯振研先生为本公司首席运营官。彼负责制定并执
行本公司之整体营运策略，以实现业务目标。侯先
生管理日常营运，如资产管理、项目设计、规划、施
工、安全及成本控制。彼亦负责领导制定跨部门的
标准操作程序，以确保流程贯彻一致且高效。此外，
侯先生亦协调各部门工作，以提高效率及团队合
作，并领导本公司于转型创新方面的工作。侯先生
于二零二四年八月加入本集团。
Dr. Chan holds a Doctor of Philosophy degre in Economics
and a Master’s degre in Real Estate, and he also poseses
profesional felow membership of CPA Australia and Royal
Institute of Chartered Surveyors as wel as the profesional
designation of Chartered Financial Analyst. Dr. Chan devotes to
industry and profesional bodies through asuming the roles of
the chairman of ESG & Sustainable Investment Comite of
Hong Kong Independent Non-Executive Director Asociation, a
member of the Infrastructure Development Advisory Comite
of the Hong Kong Trade Development Council, a member of
the Mainland Oportunities Comite of Financial Services
Development Council, a member of the Hong Kong Council
for Acreditation of Academic and Vocational Qualifications,
the vice-chairman of Security and Guarding Services Industry
Authority and the deputy chairman of the Education University
of Hong Kong Foundation. Dr. Chan involves in the Hong
Kong-Shanghai economic, environmental, gren finance &
technology partnership and research colaboration through
his deputy president role in the Federation of Hong Kong-
Shanghai Asociations (formerly Hong Kong-Shanghai Economic
Development Asociation), the chairman of Shanghai Hong
Kong Asociation and a member of the Economic Discipline in
the Chinese People’s Political Consultative Conference Shanghai
Municipal Comite since 2017. He is also a member of the
Chinese Asociation of Hong Kong & Macao Studies of the
State Council and a member of the 2021 Election Comite of
the HKSAR Government. He was a member of the Greater Bay
Area Comite of CPA Australia.
SENIOR MANAGEMENT
Mr. Hou Zhenyan is the Chief Operating Oficer of the
Company. He is responsible for creating and carying out the
Company’s overal operational strategy to met busines goals.
Mr. Hou manages daily operations such as aset management,
project design, planing, construction, safety, and cost
control. He also leads the development of standard operating
procedures (SOPs) acros departments to ensure consistent
and eficient proceses. Aditionaly, Mr. Hou cordinates work
betwen departments to improve eficiency and teamwork,
while leading the Company’s eforts in transformation and
inovation. Mr. Hou joined the Group in August 2024.
宏安地产有限公司
•
二零二五年报
Biographies of Board of Directors and Senior Management (Continued)
董事会及高级管理层履历（续）
侯先生于建筑业拥有逾十六年相关经验，拥有于开
发商及总承建商任职的深厚背景。彼持有芝加哥大
学工商管理硕士学位及清华大学土木工程学士学
位。彼深谙香港物业市场及其法规，并以领导才能、
商业洞察力及沟通技巧而广为人知。
叶树培先生，为本集团法律顾问。叶先生于香港城
市大学取得法律学荣誉学士学位。彼自一九六年
十二月起成为香港执业律师。于二零一六年加入本
集团前，叶先生自二零五年起于宏安任职。
Mr. Hou has over 16 years of relevant experience in the
construction industry, with a solid background working for
developers and main contractors. He holds a Master of Busines
Administration from the University of Chicago and a Bachelor’s
Degre in Civil Enginering from Tsinghua University. He has
strong knowledge of the Hong Kong property market and its
regulations, and is known for his leadership, busines insight,
and comunication skils
Mr. Ip Shu Pui, is the legal counsel of the Group. Mr. Ip
obtained a Bachelor of Laws with Honours Degre from City
University of Hong Kong. He has ben qualified as a solicitor in
Hong Kong since December 1996. Mr. Ip worked in WOG since
2005 prior to joining the Group in 2016.
CORPORATE GOVERNANCE REPORT
企业管治报告
36Wang On Properties Limited • Anual Report 2025
CORPORATE GOVERNANCE PRACTICES
Overview and Principles
Wang On Properties Limited (the “Company”, together with
its subsidiaries, the “Group”) recognises the importance of
corporate governance and is comited to maintaining a high
standard of corporate governance within a sensible framework
with a strong emphasis on transparency, acountability, integrity
and independence. The board of directors (the “Board”
or “Director(s)”) believes that god corporate governance
practices are fundamental and esential to the suces of
the Company and the enhancement of its efectivenes and
corporate reputation.
Compliance with the Corporate Governance Code
The Company has aplied the principles and complied with
al aplicable code provisions of the Corporate Governance
Code (the “CG Code”) set out in Apendix C1 to the Rules
Governing the Listing of Securities (the “Listing Rules”) on The
Stock Exchange of Hong Kong Limited (the “Stock Exchange”)
throughout the year ended 31 March 2025, save as below:
Folowing the resignation of the former non-executive chairman
on 8 February 2021, the Company has ben actively seking
a suitable candidate to fil the vacancy. However, the search
has not yet ben sucesful. As of the date of this report, no
chairman has ben apointed and the Company wil continue
its search and wil make anouncement in acordance with the
Listing Rules as apropriate. During the year ended 31 March
2025, the substantive corporate governance functions of the
chairman of the Board under the aplicable provisions of the CG
Code were performed by the Company’s chief executive oficer
and executive Director, Mr. Tang Ho Hong, this arangement
constitutes a deviation from code provision C.2.1 of the CG
Code.
企业管治常规
概览及原则
宏安地产有限公司（「本公司」，连同其附属公司，统
称「本集团」）了解企业管治之重要性，并致力于合理
框架内维持高水平之企业管治，十分重视透明度、
问责性、诚信及独立性。董事会（「董事会」或「董事」）
相信，良好之企业管治常规乃本公司之基础，对本
公司之成功及提升效率和企业声誉至为重要。
遵守企业管治守则
本公司于截至二零二五年三月三十一日止全年度
已采用香港联合交易所有限公司（「联交所」）证券上
市规则（「上市规则」）附录
C1
所载之《企业管治守则》
（「企业管治守则」）之原则并已遵守所有适用企业
管治守则条文，惟下文除外：
于二零二一年二月八日前非执行主席辞任后，本公
司一直积极物色合适人选填补空缺。然而，搜寻仍
未成功。截至本报告日期，本公司尚未委任主席，
而本公司将继续搜寻，并将在适当时根据上市规则
作出公布。截至二零二五年三月三十一日止年度，
根据企业管治守则的适用条文，董事会主席的实质
企业管治职能由本公司的行政总裁兼执行董事邓灏
康先生履行，此安排构成偏离企业管治守则第
C.2.1
条。
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
业务模式、企业策略及文化
本集团主要从事住宅及商用物业的开发与销售、投
资商用及工业物业以获取投资回报及资本增值、以
及资产管理。本集团采用审慎方式发展业务，专注
于可持续增长及创造长期价值。
为长期创造及维持股东之价值，本集团采取之策略
是审慎投资于实现回报最大化的项目及机会。就物
业发展及买卖而言，本集团适时审慎探索机会以扩
张土地组合，构建盈利基础。为应对千变万化及不
明朗之物业市况，本集团优先考虑发展周期较短之
项目，以实现较快之周转、较大之灵活性及降低业
务风险。同时，本集团继续维持均衡之物业投资组
合，定期检讨租户组合，以实现最大租金回报并确
保支持经常性业务之稳定收入来源。此外，本集团
旨在发展其资产管理业务，以增加费用收入及提升
整体回报。
短期而言，本集团继续检讨及更新策略，进一步厘
清方针及业务模式。本集团通过调整业务策略及控
制成本，采取积极及适时的措施以应对市场变化。
此外，本集团致力维持稳健财务架构及积极争取银
行融资，对本集团之持续业务发展及增长而言至关
重要。
BUSINES MODEL, CORPORATE STRATEGY AND
CULTURE
The Group is principaly engaged in developing residential
and comercial properties for sale, investing in comercial
and industrial properties for investment returns and capital
apreciation, and aset management. It adopts a prudent
aproach to busines development, focusing on sustainable
growth and long-term value creation.
The Group’s strategy to generate and preserve shareholder
value over the long term is to invest prudently in projects and
oportunities that maximise returns. In property development
and trading, the Group carefuly explores oportunities to
expand its land portfolio, when apropriate, as this forms the
foundation for generating gains. To navigate the dynamic
and uncertain property market conditions, the Group
prioritizes projects with shorter development cycles, enabling
faster turnover, greater flexibility and reduced busines risk.
Simultaneously, the Group continues to maintain a balanced
portfolio of property investments and regularly reviews tenant
mix to maximise rental yield and ensure a stable income stream
that suports its recuring operations. In adition, the Group
aims to grow its aset management segment to increase fe
income and enhance overal returns.
In the short term, the Group continuously reviews and updates
its strategies to improve clarity on direction and busines
models. It takes proactive and timely measures to respond to
market changes by adjusting busines strategies and controling
costs. Furthermore, the Group is comited to maintaining a
healthy financing structure and actively secures banking facilities
which are vital to suporting its ongoing busines development
and growth.
38Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
董事会
董事会及高级管理层之角色及责任
董事会负责制定企业策略及建立内部监控、检阅及
领导本公司业务及事务、监察财务及经营表现，且
个别及共同就本集团之成功及可持续发展对本公司
之股东负责。独立非执行董事（「独立非执行董事」）
贡献其多元化行业专业知识，并对本集团业务进行
独立监督。同时，整体管理及日常管理则由执行董
事及高级管理层负责。彼等定期会面以检讨本集团
表现及统筹整体资源支持业务发展。
除上述责任外，董事会审议并对任何重大收购及出
售事项作出决定、审阅中期及全年财务业绩，监督
董事及核数师之委任及罢免、评估高级管理层之表
现及薪酬及批准重大资本交易以及其他重大营运
及财务事宜。为维持权力与责任间达致适当平衡，
此等职能由董事会直接执行或透过董事会成立之
各个委员会间接执行，而各委员会均受特定职权范
围管辖。目前，董事会共有四个董事委员会，分别为
常务委员会（「常务委员会」）、审核委员会（「审核委
员会」）、薪酬委员会（「薪酬委员会」）及提名委员会
（「提名委员会」）。
董事会深明独立性对确保有效企业管治之重要性。
为维持此原则，本公司已建立稳健机制，以确保决
策过程中纳入独立观点，包括：
1.
提名委员会负责监察董事提名，并应用符合
本公司提名政策的准则。
THE BOARD
Roles and Responsibilities of the Board and the Senior
Management
The Board is responsible for formulating of corporate strategies
and establishing internal control, reviewing and guiding the
busines and afairs of the Company, monitoring financial and
operational performance and is individualy and colectively
acountable to the shareholders of the Company for the suces
and sustainable development of the Group. The independent
non-executive Directors (the “INED(s)”) contribute their diverse
industry expertise and provide independent oversight of the
Group’s busines. Meanwhile, the general and day-to-day
management responsibilities are delegated to the executive
Directors and senior management. They met regularly to
review the performance of the Group and cordinate overal
resources to suport its development.
Apart from these responsibilities, the Board considers and
makes decisions on major acquisitions and disposals, reviews
interim and anual financial results, overses the apointment
and removal of Directors and auditor, evaluates the performance
and compensation of senior management, and aproves
material capital transactions and other significant operational
and financial maters. To maintain an apropriate balance
of authority and responsibility, these functions are caried
out either directly by the Board or indirectly through various
comites established by the Board, each governed by specific
terms of reference. Curently, there are four board comites,
the executive comite (the “Executive Comite”), audit
comite (the “Audit Comite”), remuneration comite
(the “Remuneration Comite”) and nomination comite
(the “Nomination Comite”).
The Board recognises the importance of independence in
ensuring efective corporate governance. To uphold this,
the Company has established robust mechanisms to secure
independent views in decision-making, including:
1. The Nomination Comite overses director
nominations, aplying criteria in line with the Company’s
Nomination Policy.
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
2.
独立非执行董事之固定任期最长为三年，须
轮席退任，续任超过九年须经股东批准。
3.
董事会包括三名彼此独立及独立于执行董事
之独立非执行董事。大部分现有委员会成员
为独立非执行董事。独立性于委任前及每年
由提名委员会评估。
4.
提名委员会每年检讨董事之时间投入及贡
献。
5.
董事可联络本公司公司秘书，并可寻求独立
专业意见，开支由本公司承担。
6.
董事会定期评估该等机制，以确保其持续有
效。
7.
该等措施共同巩固董事会对透明度、问责性
及均衡管治之承诺。
全体董事确保彼等分配充足时间及精力以有效履行
职责。彼等亦每年向公司披露于公共机构所担任重
要职位之身份及性质以及其他重大承担。
于本年度，董事会举行四次定期会议，以审核、考
虑及批准（其中包括）本集团全年及中期业绩、业务
营运及内部监控系统之成效。除该等定期董事会
议外，董事会于必要时召开额外会议以考虑重大事
宜。各定期董事会议须向全体董事发出最少
日
之通知并允许董事将商讨事项纳入董事会议程
内。所有会议记录均由本公司之公司秘书备存，并
可供任何董事在提出合理通知下于任何合理时间查
阅。此外，行政总裁已于年内在其他执行董事避席
之情况下与独立非执行董事举行会议。董事会已审
阅该机制的实施情况及有效性，旨在确保董事会可
获得独立意见。
2. INEDs serve fixed terms of up to thre years, subject to
retirement by rotation, with re-apointment beyond nine
years requiring shareholder aproval.
3. The Board includes thre INEDs who are independent
from each other and executive directors. The majority
of the members serving on the existing comites are
INEDs. Independence is asesed before apointment and
anualy by the Nomination Comite.
4. The Nomination Comite anualy reviews directors’
time comitment and contributions.
5. Directors have aces to the company secretary of the
Company and may sek independent profesional advice
at the Company’s expense.
6. The Board regularly evaluates these mechanisms to ensure
their ongoing efectivenes.
7. These measures colectively reinforce the Board’s
comitment to transparency, acountability, and balanced
governance.
Al Directors ensure they alocate suficient time and atention to
efectively discharge their duties. They also disclose anualy to
the Company the identity and nature of material ofices held in
public organisation and other significant comitments.
During the year, the Board held four regular metings to review,
consider and aprove, among others, the Group’s anual
and interim results, busines operations and the efectivenes
of internal control systems. Apart from these regular Board
metings, the Board convened aditional metings as necesary
to consider major isues. Notice of at least 14 days for each
regular Board meting is given to al Directors and alow
the Directors to include items in the agenda. Minutes of al
metings are kept by the company secretary of the Company
and are available for inspection by any Director upon reasonable
notice at any reasonable time. Furthermore, the Chief Executive
Oficer met with the INEDs without the presence of other
executive Directors during the year. The Board has reviewed
the implementation and efectivenes of such mechanism to
ensuring the availability of independent view to the Board.
40Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
董事会组成
于二零二五年三月三十一日，董事会组成载列如
下：
执行董事
邓灏康先生，行政总裁
程德韵女士
姚智文先生（自二零二四年十月一日起获委任）
独立非执行董事
李永森先生
宋梓华先生
陈浩华博士
董事相互之间概无财务、业务、家庭或其他重大关
系。全体董事之履历详情载于本年报「董事会及高
级管理层履历」一节。
董事会成员具备有效支持本公司业务需求之均衡技
能及经验。独立非执行董事于董事会议上贡献之
宝贵意见有助于维持良好之企业管治常规。董事会
包括三名独立非执行董事（占董事会成员三分之一
以上），其中至少一名独立非执行董事具备上市规
则第
3.10(1)
条、第
3.10(2)
条以及第
3.10A
条所要求之专
业资格或会计或相关财务管理专业知识。执行董事
及独立非执行董事之人数比例均衡分配有助于董事
会极具独立性，可就本公司及其股东之最佳利益作
出客观而独立之决策。全体董事均知悉上市规则第
3.08
条规定之诚信责任及谨慎、技能及勤勉标准。
为遵守企业管治守则之守则条文第
B.1.2
条，包
含董事角色及职能之最新董事名单可在本公
司网页
(w.woproperties.com)
及联交所网页
(w.hkexnews.hk)
查阅。本公司将不时检讨董事会
之成员组成，确保董事会拥有适当之专长、所需之
技能及经验，以满足本集团之业务需要，并提升股
东价值。
Board Composition
As at 31 March 2025, the composition of the Board is set out as
folows:
Executive Directors
Mr. Tang Ho Hong, Chief Executive Oficer
Ms. Ching Tak Won Teresa
Mr. Yiu Chi Man (apointed with efect from 1 October 2024)
INEDs
Mr. Li Wing Sum Steven
Mr. Sung Tze Wah
Dr. Chan Ho Wah Terence
There are no financial, busines, family or other material
relationships among the Directors. The biographical details of
al Directors are set out in the section headed “Biographies
of Board of Directors and Senior Management” of this anual
report.
The Board comprises a wel-balanced mix of skils and
experience that efectively suport the Company’s busines
requirements. The INEDs contribute valuable perspective
during Board metings, which help uphold sound corporate
governance practices. The Board includes thre INEDs,
representing more than one-third of the Board members.
Among them, at least one poseses the profesional
qualification or expertise in acounting or related financial
management as required under Rules 3.10(1), 3.10(2) and 3.10A
of the Listing Rules. The balanced composition of executive
and independent non-executive Directors fosters a strong
independent element on the Board, enabling objective and
independent decision-making in the best interests of the
Company and its shareholders. Al Directors are fuly aware
of their fiduciary duties and the standards of care, skil and
diligence expected under Rule 3.08 of the Listing Rules.
In compliance with Code Provision B.1.2 of the CG Code,
an updated list of the Directors, including their roles
and functions, is available on both the websites of the
Company (w.woproperties.com) and the Stock Exchange
(w.hkexnews.hk). The Company wil review the composition of
the Board from time to time to ensure that the Board poseses
the apropriate expertise, skils and experience necesary
to met the neds of the Group’s busines and to enhance
shareholder value.
| Regular Board Meeting | Special Board Meeting | Audit Committee | Remuneration Committee | Nomination Committee | Annual General Meeting | Special General Meeting | ||
|---|---|---|---|---|---|---|---|---|
| 定期 | 董事会 | |||||||
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
董事于各会议之出席情况
截至二零二五年三月三十一日止年度，个别董事于
董事会议、委员会议及股东大会之出席详情载
于下表：
主席与行政总裁
于本报告日期，自前主席于二零二一年二月八日辞
任以来，董事会仍在物色合适人选填补董事会主席
的空缺。本公司行政总裁为邓灏康先生。
本公司主席及行政总裁之角色应有所区分，以加强
彼此之独立性及问责性。彼等各自之职责已清楚区
分。董事会主席主要负责制定整体策略规划及领导
董事会，而行政总裁则负责日常业务营运及执行董
事会采纳之业务策略。
Atendance of Directors at Various Metings
Details of the atendance of individual Directors at Board
metings, comite metings and shareholders’ metings held
during the year ended 31 March 2025 were as folows:
董事会议临时会议审核委员会薪酬委员会提名委员会股东周年大会股东特别大会
Name of Directors
董事姓名
Executive Directors
执行董事
Tang Ho Hong
邓灏康
4/48/8N/A
不适用
2/22/21/10/1
Ching Tak Won Teresa
程德韵
4/48/8N/A
不适用
N/A
不适用
N/A
不适用
1/11/1
Yiu Chi Man (apointed with efect
from 1 October 2024)
姚智文（自二零二四年
十月一日起获委任）
2/22/2N/A
不适用
N/A
不适用
N/A
不适用
N/A
不适用
N/A
不适用
INEDs
独立非执行董事
Li Wing Sum Steven
李永森
4/48/82/22/22/21/10/1
Sung Tze Wah
宋梓华
4/48/82/22/22/21/10/1
Chan Ho Wah Terence
陈浩华
4/48/82/22/22/21/10/1
Chairman and Chief Executive Oficer
As at the date of this report, the Board is stil identifying a
suitable candidate to fil the vacancy as chairman of the Board
since the resignation of the former chairman on 8 February 2021.
The chief executive oficer of the Company is Mr. Tang Ho Hong.
The roles of the chairman and the chief executive oficer of
the Company should be separate to reinforce their respective
independence and acountability. The respective responsibilities
of these two roles are clearly segregated. The chairman of the
Board, is primarily responsible for formulation of overal strategic
planing and leadership of the Board and the chief executive
oficer, is responsible for the day-to-day busines operations
and implementation of the busines strategies adopted by the
Board.
42Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
委任及重选董事
所有独立非执行董事之委任并无指定任期，并须根
据本公司之公司细则（「公司细则」）及上市规则于本
公司股东大会上轮值退任及膺选连任（如相关委任
函所载）。
执行董事的委任亦无载列于各服务协议的特定年
期。根据公司细则，三分之一董事须于各股东周年
大会上轮值退任，惟彼等符合资格并愿意膺选连
任。此外，由董事会任命以填补临时空缺或出任现
行董事会新增职位之任何董事，均须于其获委任后
之本公司下届股东周年大会上重选连任。
根据公司细则第
83(2)
条，姚智文先生于二零二四年
八月二十日举行之上届股东周年大会后，于二零
二四年十月一日获董事会委任，将任职至其获委任
后的首个本公司股东周年大会，届时将符合资格膺
选连任。彼将于本公司应届股东周年大会（「股东周
年大会」）上膺选连任。
根据公司细则第
84(1)
条，程德韵女士及李永森先生
将于股东周年大会上轮值退任。程德韵女士符合资
格并将于股东周年大会上膺选连任。
李永森先生已通知董事会，彼不会于股东周年大会
上膺选连任，因此将退任独立非执行董事，自股东
周年大会结束时起生效。于彼退任后，彼亦将不再
担任审核委员会主席以及提名委员会及薪酬委员会
各自之成员。
Apointment and Re-election of the Directors
Al INEDs are apointed with no specific duration and is
subject to retirement by rotation and re-election at the general
metings of the Company in acordance with the bye-laws of
the Company (the “Bye-laws”) and the Listing Rules as set out
under respective leters of apointment.
The executive Directors are also apointed with no specific term
as set out under respective service agrements. One-third of
the Directors are subject to retirement by rotation and, being
eligible, ofer themselves for re-election at each anual general
meting in acordance with the Bye-laws. In adition, any
Director who are apointed by the Board to fil a casual vacancy
or as an adition to the existing Board is subject to re-election
at the next folowing anual general meting of the Company
after his/her apointment.
Pursuant to Bye-laws 83(2), Mr. Yiu Chi Man who was apointed
by the Board on 1 October 2024 after the Company’s last anual
general meting held on 20 August 2024, shal hold ofice
until the first anual general meting of the Company after his
apointment, and shal then be eligible for re-election. He wil
ofer himself for re-election at the forthcoming anual general
meting of the Company (the “AGM”).
Pursuant to Bye-laws 84(1), Ms. Ching Tak Won Teresa and Mr. Li
Wing Sum Steven shal retire from ofice by rotation at the AGM.
Ms. Ching Tak Won Teresa, being eligible, wil ofer herself for
re-election at the AGM.
Mr. Li Wing Sum Steven has informed the Board that he would
not ofer himself for re-election at the AGM and acordingly
wil retire from his position as an independent non-executive
Director with efect from the conclusion of the AGM. Upon
his retirement, he wil also cease to be the chairman of the
Audit Comite and a member of each of the Nomination
Comite and the Remuneration Comite.
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
上述退任董事之详情及董事会就重选上述退任董事
的决议案向本公司股东推荐投票赞成之意见已载列
于本公司之通函内，该通函于本年报刊发的同时已
分别登载于本公司及联交所之网页。
独立非执行董事之独立性
独立非执行董事须在彼等获委任时及每年确认其独
立性。截至二零二五年三月三十一日止年度，本公
司已接获各独立非执行董事根据上市规则第
3.13
条
就其独立身份而发出之书面确认书。经计及独立非
执行董事于过去数年间履行之工作范畴，尽管其中
两名已为本公司服务超过九年，董事会认为彼等均
为上市规则所指的独立人士。独立非执行董事不会
参与本集团日常营运且彼等就其于其中拥有重大利
益的任何决议案放弃投票，因此，本公司认为全体
独立非执行董事于回顾年度及直至本年报日期止均
属独立人士。
企业管治职责
董事会承诺根据企业管治守则之守则条文第
A.2.1
条
履行企业管治职责，并致力维持实行有效之管治框
架，以因应现行法律及监管要求，持续检讨、监察及
改善本集团内部企业管治常规。
董事会履行的企业管治职能包括检讨本集团企业管
治政策及常规、监督适用于董事及本公司雇员之操
守则、监察法律和监管责任合规情况、确保董事
接受适当培训和持续专业发展，以及审阅本公司遵
守企业管治守则之情况及本年报所载之披露情况。
本企业管治报告已获董事会审阅，以履行其企业管
治职责。
Particulars of the said retiring Directors and the
recomendation of the Board to the shareholders of the
Company to vote in favor of the resolutions that the said retiring
Directors be re-elected, are set out in a circular of the Company
published on the websites of the Company and Stock Exchange
at the same time as this anual report is published.
Independence of INEDs
The INEDs are required to confirm their independence upon
their apointment and on an anual basis. The Company
has received from each INED a writen confirmation of his
independence pursuant to Rule 3.13 of the Listing Rules for the
year ended 31 March 2025. Taking into acount the scope of
work performed by the INEDs over the past years, the Board
considers al of them to be independent under the Listing Rules,
notwithstanding that 2 of whom have served the Company for
more than 9 years. The INEDs do not participate in the Group’s
daily operations and abstain from voting on any resolutions in
which they have a material interest and, therefore, the Company
considers al the INEDs to be independent for the year under
review and up to the date of this anual report.
Corporate Governance Function
The Board has undertaken the responsibility for performing the
corporate governance duties pursuant to Code Provision A.2.1
of the CG Code and is comited to maintaining an efective
governance framework that continuously reviews, monitors and
improves the corporate governance practices within the Group
with regard to the prevailing legal and regulatory requirements.
The corporate governance duties performed by the Board
include reviewing the corporate governance policies and
practices of the Group, overseing a code of conduct aplicable
to the Directors and employes of the Company, monitoring
compliance with legal and regulatory obligations, ensuring
that Directors receive apropriate training and continuing
profesional development and reviewing the Company’s
adherence to the CG Code as wel as the disclosures set out in
this anual report.
This corporate governance report has ben reviewed by the
Board in discharge of its corporate governance function.
44Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
持续专业发展
每名新委任的董事均获得就任须知及资料以确保其
对本公司之营运及业务均有适当理解，以及完全知
悉其于相关法规、法律、规则及规章项下之职责。
姚智文先生于二零二四年十月一日获委任为执行
董事，于二零二四年九月二十四日取得上市规则第
3.09D
条规定之法律意见，并确认其了解担任执行董
事之责任。
根据企业管治守则之守则条文第
C.1.4
条，全体董事
须参与持续专业发展，以提升及更新彼等之知识及
技能。此举确保彼等对董事会作出知情及相关之贡
献。本公司之公司秘书定期向全体董事传阅培训材
料及简报，包含（其中包括）上市规则、香港法例第
章《证券及期货条例》（「证券及期货条例」）及相
关监管指引、香港法例第
章公司条例及相关财务
或会计准则之最新资料。
此外，每月定期向董事提供有关本集团业务营运、
财务状况及本集团营运所在日益广泛之营商环境之
最新资料。根据董事提供之记录，截至二零二五年
三月三十一日止年度，全体董事均参与持续专业发
展。
本公司之公司秘书持续向董事提供有关本集团业务
及其他适用监管要求之最新发展资料，以确保遵守
企业管治常规并提高董事对良好企业管治常规之意
识。
Continuous Profesional Development
Every newly apointed Director is provided with necesary
induction and information to ensure that he/she has a proper
understanding of the Company’s operations and busineses as
wel as his/her responsibilities under the relevant statutes, laws,
rules and regulations. Mr. Yiu Chi Man who was apointed as an
executive Director on 1 October 2024, obtained the legal advice
required under Rule 3.09D of the Listing Rules on 24 September
2024 and confirmed that he understod his obligations as an
executive Director.
Pursuant to Code Provision C.1.4 of the CG Code, al
Directors are required to participate in continuous profesional
development to enhance and update their knowledge and
skils. This ensures that their contributions to the Board remain
wel-informed and relevant. The company secretary of the
Company regularly circulates training materials and briefings to
al Directors, covering updates on, among other maters, the
Listing Rules, the Securities and Futures Ordinance (Chapter 571
of the Laws of Hong Kong) (the “SFO”) and related regulatory
guidelines, the Companies Ordinance (Chapter 622 of the Laws
of Hong Kong), as wel as relevant financial and acounting
standards.
In adition, the Directors are provided with monthly and
regular updates on the Group’s busines operations, financial
position and broader busines environment, in which the Group
operates. Acording to the records provided by the Directors,
al have participated in continuous profesional development
during the year ended 31 March 2025.
The company secretary of the Company continuously updates
Directors constantly on the latest developments regarding the
Group’s busines and other aplicable regulatory requirements,
to ensure compliance and enhance their awarenes of god
corporate governance practices.
| Received legal and regulatory updates and corporate governance practices in briefings conducted by the Company Secretary | Read training materials of relevance to, for example, granting loans, advances or other similar arrangements and corporate governance | ||
|---|---|---|---|
| Name of Director | 听取由公司秘书就最新法律 及法规资讯及企业管治 | 阅读如有关授出贷款、 预付款或其他类似安排及 | |
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
于回顾年度内，全体董事均遵守持续专业发展之守
则条文，本公司已保存为各董事提供之下列主题之
培训记录，概要如下：
董事之责任保险
于年内，本公司已就其董事及高级管理层就企业活
动产生之法律行动，为董事及高级职员安排合适之
责任保险。
董事委员会
董事会已成立四个委员会，即常务委员会、审核委
员会、薪酬委员会及提名委员会。各委员会均根据
具体书面职权范围运行，该等职权范围可于本公司
网页及联交所网页查阅，以供股东参考。各委员会
须在适当情况下向董事会汇报其决策及建议。该等
委员会，尤其是薪酬委员会及提名委员会，会均获
提供足够资源履行其职责，并在合理要求下，可寻
求独立专业意见，费用由本公司承担。
During the year under review, al Directors complied with the
code provisions on continuous profesional development, the
Company has maintained records of the trainings provided for
each Director on the folowing subjects, sumarized as folows:
董事姓名常规作出之简报企业管治之培训材料
Executive Directors
执行董事
Tang Ho Hong
邓灏康
✓
Ching Tak Won Teresa
程德韵
✓
Yiu Chi Man
姚智文
✓
INEDs
独立非执行董事
Li Wing Sum Steven
李永森
✓
Sung Tze Wah
宋梓华
✓
Chan Ho Wah Terence
陈浩华
✓
Liability Insurance for the Directors
The Company has aranged for apropriate insurance cover
for Directors’ and oficers’ liabilities in respect of legal actions
against its Directors and senior management arising from
corporate activities for the year.
BOARD COMITES
The Board has established four comites, namely the
Executive Comite, Audit Comite, Remuneration
Comite and Nomination Comite. Each comite
operates under specific writen terms of reference, which
are available on the websites of the Company and the Stock
Exchange for shareholders’ reference. Each comite
is required to report to the Board on its decisions and
recomendations, where apropriate. The comites,
especialy the Remuneration Comite and the Nomination
Comite, are provided with suficient resources to discharge
their duties and, upon reasonable request, are able to sek
independent profesional advice at the Company’s expense.
46Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
常务委员会
常务委员会于二零一六年三月成立，包括三名执行
董事，分别为邓灏康先生（主席）、程德韵女士及姚
智文先生。该委员会负责整体管理、本集团营运及
业绩之日常监管，确保与整体业务策略保持一致。
其亦定期检讨策略举措及业务发展规划、监控其实
施情况，以支持有效营运执行。
审核委员会
审核委员会于二零一六年三月成立，包括三名独立
非执行董事，即李永森先生（主席）、宋梓华先生及
陈浩华博士。该委员会主要负责审阅财务资料、监
管本集团之财务报告流程、内部监控及风险管理系
统之有效性，并就本公司外聘核数师之委任、薪酬
及罢免提出建议。
于回顾年度内，审核委员会与本集团高级管理层及
本公司外聘核数师举行两次会议，以审阅（其中包
括）以下事宜：
(a)
截至二零二四年三月三十一日止年度之全年
业绩及截至二零二四年九月三十日止六个月
之中期业绩；
(b)
委任安永会计师事务所为外聘核数师之条
款及薪酬，以就本集团截至二零二四年三月
三十一日止年度之综合财务报表进行审核及
呈报，及对截至二零二四年九月三十日止六
个月之中期业绩执行经协商程序；
Executive Comite
The Executive Comite, established in March 2016, comprises
thre executive Directors, Mr. Tang Ho Hong (Chairman), Ms.
Ching Tak Won Teresa, and Mr. Yiu Chi Man. The Comite
is responsible for the general management and day-to-
day supervision of the Group’s operations and performance,
ensuring alignment with the overal busines strategy. It also
regularly reviews strategy initiatives and busines development
plans, monitoring their implementation to suport efective
operational execution.
Audit Comite
The Audit Comite, established in March 2016, comprises
thre INEDs, Mr. Li Wing Sum Steven (Chairman), Mr. Sung Tze
Wah, and Dr. Chan Ho Wah Terence. The Comite is mainly
responsible for reviewing the financial information, overseing
the efectivenes of the Group’s financial reporting proces,
internal control and risk management systems and making
recomendations to the Board regarding the apointment,
remuneration and removal of the external auditor of the
Company.
During the year under review, the Audit Comite held
two metings with the Group’s senior management and the
Company’s external auditor to review, among other maters, the
folowing:
(a) the anual results for the year ended 31 March 2024, as
wel as the interim results for the six months ended 30
September 2024;
(b) the terms and remuneration for the apointment of
Ernst & Young as the external auditor to audit and report
on the consolidated financial statements of the Group for
the year ended 31 March 2024 and perform agred-upon
procedures on the interim results for the six months ended
30 September 2024;
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
(c)
外聘核数师（尤其是其非核数服务）之独立性；
(d)
本集团内部监控及风险管理系统之整体成
效；及
(e)
员工资源、资格及经验是否足够、会计及财务
汇报事宜以及彼等之培训计划及预算。
薪酬委员会
薪酬委员会于二零一六年三月成立，包括四名成
员，即三名独立非执行董事陈浩华博士（主席）、李
永森先生及宋梓华先生及一名执行董事邓灏康先
生。大多数为独立非执行董事。
参考本公司之公司目标及宗旨，薪酬委员会之主要
角色及职能如下：
(a)
根据基本薪金及津贴、酌情花红及购股权，就
本公司全体董事与高级管理层之薪酬政策及
架构以及就制定薪酬政策设立正式及具透明
度之程序，向董事会提供推荐建议；
(b)
审阅及批准高级管理层之薪酬建议，与董事
会之公司目标及宗旨保持一致；
(c)
就个别本公司执行董事及高级管理层之薪酬
待遇向董事会提供推荐建议，包括但不限于
实物利益、退休金权利及离职或终止委任赔
偿付款；
(c) the independence of the external auditor especialy for
those non-audit services;
(d) the overal efectivenes of the Group’s internal control and
risk management systems; and
(e) the adequacy of resources, qualifications and experience
of staf, acounting and financial reporting maters and
their training programes and budget.
Remuneration Comite
The Remuneration Comite, established in March 2016,
comprises four members: thre INEDs, Dr. Chan Ho Wah
Terence (Chairman), Mr. Li Wing Sum Steven and Mr. Sung
Tze Wah and one executive Director, Mr. Tang Ho Hong. The
majority of them are INEDs.
With reference to the corporate goals and objectives of the
Company, the primary roles and functions of the Remuneration
Comite are as folows:
(a) to recomend to the Board the Company’s policy and
structure for the remuneration of al Directors and senior
management and to establish a formal and transparent
procedure for developing a remuneration policy based
on basic salary and alowances, discretionary bonuses and
share options;
(b) to review and aprove the senior management’s
remuneration proposals in alignment with the Board’s
corporate goals and objectives;
(c) to recomend to the Board on the remuneration packages
of individual executive Directors and senior management
of the Company, including, but not limited to, benefits in
kind, pension rights and compensation payments for los
or termination of apointment;
48Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
(d)
经计及业内可资比较公司独立非执行董事之
薪酬水平，就独立非执行董事之袍金向董事
会提出推荐建议，并批准报销在履行职责时
所产生之合理自付费用；
(e)
考虑可比较公司支付之薪金、须付出之时间
及董事职责，以及本集团内其他职位聘用条
件；
(f)
检讨及批准向执行董事及高级管理层就其离
职或终止委任而须支付之赔偿，确保该等赔
偿与合约条款一致，且属公平及不致过多；
(g)
审阅及批准因行为失当而解雇或罢免董事所
涉及之补偿安排，确保补偿与合约条款一致，
且属合理及适宜；
(h)
确保概无董事或彼等之任何联系人参与厘定
本身薪酬；及
(i)
审阅及╱或批准上市规则第十七章所述有关
股份计划的事宜。
于回顾年度内，薪酬委员会举行两次会议，以审阅
董事及高级管理层之现有薪酬架构及待遇及新委任
董事之薪酬待遇。根据良好之企业管治常规，概无
董事参与有关其本身薪酬之任何讨论或厘定。
(d) to recomend to the Board the fes for INEDs, taking
into acount the remuneration levels of independent non-
executive directors in comparable companies within the
industry and to aprove reimbursement of reasonable
out-of-pocket expenses incured in conection with the
performance of their duties;
(e) to consider salaries paid by comparable companies, the
time comitment and responsibilities of Directors, and
employment conditions elsewhere within the Group;
(f) to review and aprove compensation payable to executive
Directors and senior management for los of ofice or
termination of apointment, ensuring such compensation
is consistent with contractual terms and is fair and not
excesive;
(g) to review and aprove compensation arangements
related to the dismisal or removal of Directors for
misconduct, ensuring these are consistent with contractual
terms and are reasonable and apropriate;
(h) to ensure that no Director or any of their asociates is
involved in deciding their own remuneration; and
(i) to review and/or aprove maters relating to share scheme
under Chapter 17 of the Listing Rules.
During the year under review, the Remuneration Comite
held two metings to review the existing remuneration
structures and packages of Directors and senior management
and the remuneration package of a newly apointed Director.
In acordance with god corporate governance practice, no
Director participated in any discusion or decision regarding his
or her own remuneration.
| Number of individual | ||
|---|---|---|
| Remuneration to the senior management by bands |
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
根据企业管治守则之守则条文第
E.1.5
条，于截至二
零二五年三月三十一日止年度，高级管理层（不包
括董事，且其详情于本年报「董事会及高级管理层
履历」一节）按等级划分之年度薪酬载列如下：
有关截至二零二五年三月三十一日止年度董事及五
名最高薪人士之酬金详情分别载于综合财务报表附
注
及
。
提名委员会
提名委员会于二零一六年三月成立，包括四名成
员，即三名独立非执行董事宋梓华先生（主席）、李
永森先生及陈浩华博士以及一名执行董事邓灏康先
生。
参考本公司之公司目标及宗旨，提名委员会之主要
角色及职能如下：
(a)
至少每年检讨董事会之架构、规模及成员组成
（包括多元化、技能、知识及经验），并就董事
会为配合本公司企业策略之任何建议变更向
董事会提供推荐建议；
(b)
物色并就适合担任董事会成员之人士提出推
荐意见；
(c)
评定独立非执行董事之独立性；
Pursuant to the Code Provision E.1.5 of the CG Code, the
remuneration of senior management members (excluding
Directors) whose particulars are disclosed in the section headed
“Biographies of Board of Directors and Senior Management”
in this anual report by band for the year ended 31 March 2025
was set out below:
人数按等级划分之高级管理层薪酬
Below HK$1,000,0001,000,000
港元以下
HK$1,000,001 to HK$1,500,0001,000,001
港元至
1,500,000
港元
HK$1,500,001 to HK$2,000,0001,500,001
港元至
2,000,000
港元
Over HK$2,000,0002,000,000
港元以上
Further particulars regarding the emoluments of the Directors
and the five highest paid individuals for the year ended 31
March 2025 are set out in notes 8 and 9 to the consolidated
financial statements respectively.
Nomination Comite
The Nomination Comite, established in March 2016,
comprises four members: thre INEDs, Mr. Sung Tze Wah
(Chairman), Mr. Li Wing Sum Steven and Dr. Chan Ho Wah
Terence and one executive Director, Mr. Tang Ho Hong.
With reference to the corporate goals and objectives of the
Company, the primary roles and functions of the Nomination
Comite are as folows:
(a) to review the structure, size and composition (including
diversity, skils, knowledge and experience) of the Board
at least anualy and to recomend to the Board any
proposed changes to the Board to complement the
Company’s corporate strategy;
(b) to identify and to recomend individuals suitably qualified
for Board membership;
(c) to ases the independence of INEDs;
50Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
(d)
审阅董事会成员多元化政策，如适用，及为实
施多元化政策而制定之可衡量目标；及
(e)
倘董事会于股东大会上提呈决议案以选举个
别人士为独立非执行董事，提名委员会应于
寄发予股东之通函及╱或相关股东大会通告
随附之说明函件中，阐述：
–
列明用以物色该名人士的流程；董事会
认为应选任该名人士的理由以及他们
认为该名人士属独立人士的原因；
–
如果候任独立非执行董事将出任第七家
（或以上）上市公司的董事，董事会认
为该名人士仍可投入足够时间履行董
事责任的原因；
–
该名人士可为董事会带来的观点、技能
及经验；
–
该名人士如何促进董事会成员多元化；
及
(f)
就董事委任或重新委任及董事继任计划向董
事会提出推荐意见，尤其是本公司主席及行
政总裁。
于回顾年度内，提名委员会举行两次会议，以评估
董事会现有建构、规模及组成以及多元化，以及检
讨董事会提名及多元化政策。该委员会亦审议于本
公司股东周年大会上重选董事之提名，并根据姚智
文先生之教育、技能、知识及经验提名其为新委任
董事。
(d) to review the board diversity policy, as apropriate, and
the measurable objectives set to implement it; and
(e) where the Board proposes a resolution to elect an
individual as an INED at the general meting, the
Nomination Comite should set out in the circular to
shareholders and/or explanatory statement acompanying
the notice of the relevant general meting:
– the proces used for identifying the individual why
the Board believes the individual should be elected
and the reasons why it considers the individual to be
independent;
– if the proposed INED wil be holding their seventh
(or more) listed company directorship, why the Board
believes the individual would stil be able to devote
suficient time to the Board;
– the perspectives, skils and experience that the
individual can bring to the Board;
– how the individual contributes to diversity of the
Board; and
(f) to recomend to the Board on the apointment or
re-apointment of Directors and sucesion planing
for Directors, in particular the chairman and the chief
executive oficer of the Company.
During the year under review, the Nomination Comite
held two metings to evaluate the existing structure, size and
composition and diversity of the Board, as wel as to review the
Board’s nomination and diversity policies. The Comite also
considered the nomination of Directors for re-election at the
anual general meting of the Company, and nominated Mr.
Yiu Chi Man as a new Director based on his education, skils,
knowledge and experience.
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
提名政策
本公司已采纳提名政策（「提名政策」），当中载有
关董事提名及委任之甄选标准及程序以及董事会继
任计划之考虑因素，旨在确保董事会拥有适合本公
司均衡的技能、经验及多元角度，并确保董事会可
持续运作且董事会具备适当的领导力。提名政策载
列于股东大会上遴选及委任新董事及重选董事的程
序。载列于提名政策的甄选标准及提名程序如下：
1.
甄选标准
–
于评估拟议候选人是否适当时，提名委
员会将考虑的因素（作为参考）包括声
誉、诚信、成就及与本公司不时之主要
业务有关的经验、可投入时间及相关利
益、各方面的多样性，包括但不限于性
别、年龄（
岁或以上）、文化和教育背
景、种族、专业经验、技能、知识和服务
任期。该等因素仅供参考，并非详尽无
遗及具有决定性。提名委员会于认为适
当时有权酌情提名任何人士；
–
退任董事有资格获董事会提名于股东
大会上重选连任。就已连续九年担任独
立非执行董事的重选连任董事而言，提
名委员会将考虑该董事的独立性，以供
董事会提名于股东大会选举，并于致本
公司股东之通函中就重选陈述理由；
Nomination Policy
The Company has adopted a nomination policy (the
“Nomination Policy”) which sets out the selection criteria and
proces and the Board sucesion planing considerations in
relation to nomination and apointment of Directors and aims
to ensure that the Board has a balance of skils, experience and
diversity of perspectives apropriate to the Company and the
continuity of the Board and apropriate leadership at Board
level. The Nomination Policy also sets out the procedures for
the selection and apointment of new Directors and re-election
of Directors at general metings. The selection criteria and
nomination procedures set out in the Nomination Policy as
folows:
1. Selection Criteria
– in asesing the suitability of a proposed candidate,
the Nomination Comite wil consider the factors
(as reference), including reputation, integrity,
acomplishment and relevant experience in relation
to the principal busineses of the Company from
time to time, comitment in respect of available
time and relevant interest, diversity in al its aspects,
including but not limited to gender, age (18 years
old or above), cultural and educational background,
ethnicity, profesional experience, skils, knowledge
and length of service. These factors are for reference
only, and not meant to be exhaustive and decisive.
The Nomination Comite has the discretion to
nominate any person, as it considers apropriate;
– retiring Directors are eligible for nomination by the
Board to stand for re-election at a general meting.
For those who have served as INEDs for a period
of nine consecutive years standing for re-election,
the Nomination Comite wil consider the
independence of such Director for nomination by the
Board to stand for election at a general meting and
state the reason in the circular to the shareholders of
the Company for the re-election;
52Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
–
候选人须以特定格式提交必要的个人
资料，连同意获委任为董事以及就或
有关其选举为董事的个人资料于任何
文件或相关网页公开披露的书面同意
书；及
–
倘属必要，提名委员会可要求候选人提
供额外资料及文件。
2.
提名程序
–
提名委员会秘书须召开提名委员会
议，并邀请董事会成员提名候选人（如
有）以供提名委员会于其会议前审议。
提名委员会亦可提呈非由董事会成员
提名的候选人；
–
为填补临时空缺，提名委员会须作出推
荐建议供董事会考虑及批准。就建议候
选人于股东大会上参选而言，提名委员
会须向董事会提名供其考虑及作出推
荐建议；
–
于提供予本公司股东的通函发出前，获
提名之人士不得假设彼等已获董事会
建议于股东大会上参选；
– candidate(s) wil be asked to submit the necesary
personal information in a prescribed form, together
with their writen consent to be apointed as
Director(s) and to the public disclosure of their
personal data on any documents or the relevant
websites for the purpose of or in relation to their
standing for election as Director(s); and
– the Nomination Comite may request candidate(s)
to provide aditional information and documents, if
considered necesary.
2. Nomination Procedures
– the secretary of the Nomination Comite shal cal
a meting of the Nomination Comite, and invite
nominations of candidate(s) from Board members if
any, for consideration by the Nomination Comite
prior to its meting. The Nomination Comite may
also put forward candidate(s) who are not nominated
by Board members;
– for filing a casual vacancy, the Nomination
Comite shal make recomendations for the
Board’s consideration and aproval. For proposing
candidate(s) to stand for election at a general
meting, the Nomination Comite shal make
nominations to the Board for its consideration and
recomendation;
– until the isue of the circular to be sent to the
shareholders of the Company, the nominated
persons shal not asume that they have ben
proposed by the Board to stand for election at the
general meting;
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
–
为提供获董事会提名于股东大会上参
选之候选人资料，以及邀请本公司股东
提名，本公司将向本公司股东寄发通
函。该通函将载列本公司股东提名的递
交期限。根据适用法律、规则及法规
定提供之建议候选人的姓名、简历（包
括资格及相关经验）、独立性、建议薪酬
及任何其他资料将载入提供予本公司
股东的通函；
–
本公司股东可于递交期限内向本公司
公司秘书寄送通知，表达其有意在非由
董事会建议或提名委员会提名的情况
下提呈决议案，以推选除提供予本公司
股东的通函已载列之该等候选人外的
一名特定人士为董事。以此方式获提名
之候选人的详情将透过向本公司全体
股东寄发补充通函之方式供其参考；
–
候选人可于股东大会前任何时间透过
向本公司公司秘书寄送书面通知的方
式放弃其候选资格；
–
董事会应就其推荐建议之候选人于任
何股东大会上参选的所有事宜拥有最
终决定权；及
–
由于候选人数目可能超过空缺位置，则
将会使用「总额投票」方法以决定获选为
董事的候选人，因此，本公司股东提呈
有关候选人的决议案应采用与董事会
就推荐人选所提呈决议案的相同形式。
– in order to provide information of the candidate(s)
nominated by the Board to stand for election at a
general meting, and to invite nominations from the
shareholders of the Company, a circular wil be sent
to the shareholders of the Company. The circular wil
set out the lodgment period for the shareholders
of the Company to make the nominations. The
names, brief biographies (including qualifications
and relevant experience), independence, proposed
remuneration and any other information, as
required pursuant to the aplicable laws, rules and
regulations, of the proposed candidate(s) wil be
included in the circular to the shareholders of the
Company;
– the shareholder of the Company can serve a notice
to the company secretary of the Company within
the lodgment period of its intention to propose
a resolution to elect a certain person as Director,
without the Board’s recomendation or the
Nomination Comite’s nomination, other than
those candidate(s) set out in the circular to be sent
to the shareholders of the Company. The particulars
of the candidate(s) so proposed wil be sent to al
shareholders of the Company for information by a
suplementary circular;
– a candidate is alowed to withdraw his candidature
at any time before the general meting by serving
a notice in writing to the company secretary of the
Company;
– the Board shal have the final decision on al maters
relating to its recomendation of candidate(s) to
stand for election at any general meting; and
– as there may be more candidate(s) than the vacancies
available, and the “gros-vote” method wil be used
to determine who shal be elected as Director, the
resolutions proposed for the candidate(s) by the
shareholders of the Company shal therefore take
the same form as the resolutions proposed for the
candidate(s) recomended by the Board.
54Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
董事会成员多元化政策
本公司视董事会层面日益多元化为支持其达致策略
目标及可持续均衡发展之关键元素。于二零一六年
三月，本公司采纳董事会成员多元化政策（「董事会
成员多元化政策」）以组建董事会，其中载列达致董
事会成员多元化之措施（尤其是甄选董事会成员人
选）。在厘定董事会之成员组成时，董事会从多个方
面考虑以达成董事会成员多元化，包括但不限于性
别、年龄、文化及教育背景、种族、专业经验、技能、
知识及服务任期。在厘定董事会之最佳成员组成
时，提名委员会亦会根据本公司之业务模式、具体
需求及任人唯贤为原则不时考虑各项因素。
于二零二五年三月三十一日，董事会由六名董事组
成，其中一名董事为女性。本公司认为目前不同性
别、多元化教育背景及工作经验的董事会组成符合
本集团的发展利益。董事会将检讨其组成，并于适
当情况下调整董事会组成。本集团亦致力维持员
工（包括高级管理层）多元化。于二零二五年三月
三十一日，女性占员工总人数约
44%
。本集团将于招
聘过程中考虑多元化以达致员工性别比例平衡。
提名委员会及董事会已审阅董事会成员多元化政策
并认为该政策仍属适当及有效。
公司秘书
姚智文先生已于二零二五年一月二十五日获委任为
本公司之公司秘书，以取代于同日辞任之张展华先
生。姚智文先生为执行董事且熟知本公司之日常业
务。彼已遵守上市规则第
3.29
条项下之相关专业培
训规定。
Board Diversity Policy
The Company recognises increasing diversity at the Board level
as an esential element in suporting the atainment of its
strategic objectives, sustainable and balanced development.
In March 2016, the Company adopted a board diversity policy
(the “Board Diversity Policy”) stipulating the composition of
the Board which sets out the aproach and in particular, the
selection of candidates for Board membership to diversify the
Board. In determining the Board’s composition, the Board
considers a number of aspects to achieve Board diversity,
including but not limited to gender, age, cultural and education
background, ethnicity, profesional experience, skils, knowledge
and length of service. The Nomination Comite wil also
consider factors based on the Company’s busines model,
specific neds and meritocracy from time to time in determining
the optimum composition of the Board.
As at 31 March 2025, the Board comprised of six Directors,
amongst which one Director was female. The Company is of
the view that the curent Board composition with diferent
genders, diversified education background and work experience
are in the interest of the development of the Group. The
Board wil review the composition and adjust the composition
if apropriate. The Group is also comited to maintaining
diversity acros its workforce (including senior management).
As at 31 March 2025, aproximately 44% of our total workforce
were female. The Group wil consider diversity during
recruitment in order to achieve a balance gender ratio in our
workforce.
The Nomination Comite and the Board have reviewed the
Board Diversity Policy and considered that the policy remains
apropriate and efective.
COMPANY SECRETARY
Mr. Yiu Chi Man was apointed as the company secretary of
the Company on 25 January 2025 in place of Mr. Cheung Chin
Wa Angus who resigned on the same day. Mr. Yiu Chi Man is
the executive Director and has day-to-day knowledge of the
Company’s afairs. He complied with the relevant profesional
training requirement under Rule 3.29 of the Listing Rules.
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
董事及有关雇员进行证券交易
本公司已采纳上市规则附录
C3
所载之《上市发行人
董事进行证券交易的标准守则》（经不时修订）（「标
准守则」）作为其本身有关董事进行证券交易之操守
守则。作出具体查询后，全体董事确认于整个回顾
年度一直遵守标准守则所载之规定标准。
根据企业管治守则之守则条文第
C.1.3
条，本公司亦
已采纳一套证券交易操守则，其条款之严谨程度
不逊于标准守则，以供被视为可能拥有本公司或其
证券未经发布价格敏感资料之本集团有关雇员遵
循。据董事所深知及确信，所有董事及有关雇员均
已遵守该守则之规定标准。
风险管理及内部监控
董事会全权负责评估及厘定其为达致本集团之战略
目标而愿意承担之风险性质及程度，并确保本集团
在回顾年度内建立及维持适当而有效之风险管理
及内部监控系统（根据企业管治守则之守则条文第
D.2.1
条，该等风险包括（其中包括）重大环境、社会
及管治风险），同时由审核委员会监督及监察该等
系统之成效。本集团管理层负责执行及维持健全而
有效之风险管理及内部监控系统，在营运、财务及
合规方面保障本集团之资产及保护持份者之利益。
本集团已设立风险管理程序，以应对及处理与本集
团业务相关之所有重大风险。董事会对业务环境之
任何重大变化进行年度审阅，并设立程序以应对因
业务环境重大变化引致之风险。
SECURITIES TRANSACTIONS BY DIRECTORS
AND RELEVANT EMPLOYES
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Isuers (the “Model Code”),
as amended from time to time and set out in Apendix C3 to
the Listing Rules, as its own code of conduct regarding securities
transactions by the Directors. Having made specific enquiries,
al Directors have confirmed that they have complied with the
required standards set out in the Model Code throughout the
year under review.
The Company has also adopted a code of conduct regarding
securities transactions on no les exacting terms than the
Model Code by the relevant employes of the Group who are
considered likely to be in posesion of unpublished price-
sensitive information relating to the Company or its securities
pursuant to code provision C.1.3 of the CG Code. To the best
knowledge and belief of the Directors, al Directors and relevant
employes have complied with the required standards of this
code.
RISK MANAGEMENT AND INTERNAL CONTROL
The Board has undertaken the overal responsibility for
evaluating and determining the nature and extent of the risks
it is wiling to take in achieving the Group’s strategic objectives
and ensuring that the Group established and maintained
apropriate and efective risk management and internal control
systems during the year under review where, pursuant to Code
Provision D.2.1 of the CG Code, such risks would include,
amongst others, material environmental, social and governance
risks, whilst the Audit Comite oversaw and monitored the
efectivenes of these systems. Management of the Group
is responsible for implementing and maintaining sound and
efective risk management and internal control systems to
safeguard the Group’s asets and protect stakeholders’ interests
acros operational, financial and compliance areas.
The Group has established risk management procedures
to adres and handle al significant risks asociate with the
busines of the Group. The Board would perform anual review
on any significant change of the busines environment and
establish procedures to response the risks result from significant
change of busines environment.
56Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
本公司管理层透过考虑内部及外部因素及事件（包
括政治、经济、科技、环境、社会及员工方面）识别与
本集团业务相关之风险。本公司已根据各类风险之
相关影响及发生机率进行评估及进行排序。
内部监控系统之设计及实施乃为降低本集团所接受
与业务有关之风险，并尽量减少该等风险导致之不
利影响。风险管理及内部监控系统乃旨在降低而非
完全消除未能达成业务目标之风险，并仅可对消除
重大错误陈述或损失提供合理而非绝对保证。
本公司已委聘独立专业顾问（「内部监控顾问」）对截
至二零二五年三月三十一日止年度之风险管理及内
部监控系统之有效性进行年度检讨。内部监控顾问
向审核委员会报告其发现及提供建议，并监察执行
情况，确保所有重大监控活动已于本集团内妥善推
行。
本集团已采纳以风险为基础之方法，制定年度内部
审核计划，并专注于本集团内具有重大风险之业务
活动。为提高审核效能及效率，具有重大风险之业
务会优先审核。年内有关内部监控不足之所有发现
及推荐建议已通知管理层，彼等负责制定补救计
划，在合理时间内解决该等不足。本集团亦进行审
核事后检讨，以确保已同意之推荐建议按计划及适
时执行。本公司高级管理层已确认，内部监控顾问
于截至二零二五年三月三十一日止年度内并无发现
任何重大不足或缺陷。经与审核委员会检讨后，董
事会信纳本集团在财务、营运、合规、风险管理及资
源充足性方面的风险管理及内部监控系统属有效且
充足。
Management of the Company would identify the risks asociate
with the busines of the Group by considering both internal and
external factors and events which include political, economic,
technology, environmental, social and staf. Each of the risks has
ben asesed and prioritised based on their relevant impact
and ocurence oportunity.
The internal control systems are designed and implemented to
reduce the risks asociated with the busines acepted by the
Group and minimise the adverse impact results from the risks.
The risk management and internal control system are designed
to mitigate rather than eliminate the risk of failure to achieve
busines objectives, and can only provide reasonable and not
absolute asurance against material mistatement or los.
The Company has engaged an independent profesional
adviser (the “Internal Control Advisor”) to conduct the anual
review of the efectivenes of the risk management and internal
control systems for the year ended 31 March 2025. The Internal
Control Advisor reported their findings and recomendations
to the Audit Comite and monitored the implementation
status to ensure that al significant control activities were
properly established within the Group.
The Group has adopted a risk-based aproach in developing
its anual internal audit plan, focusing on busines activities
with material risks acros the Group. To enhance audit
eficiency and efectivenes, operations with material risks are
prioritised. Al findings and recomendations related to internal
control deficiencies for the year have ben comunicated to
management, who are responsible for developing remedial
plans to adres these deficiencies within a reasonable
timeframe. Post-audit reviews are conducted to ensure that
agred recomendations are implemented timely and as
intended. Senior management of the Company has confirmed
that no significant deficiencies or weaknes in the internal
control system were identified by the Internal Control Advisor
for the year ended 31 March 2025. The Board, after review
with the Audit Comite, is satisfied that the Group’s risk
management and internal control systems in respect of financial,
operational, compliance, risk management and adequacy of
resources are efective and adequate.
| Services rendered for the Group | Fees paid/ payable to Ernst & Young 已付╱应付 安永会计师 | |
|---|---|---|
| 向本集团提供之服务 | 事务所之费用 HK$’000 | |
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
董事会认为，经考虑本集团目前的营运规模及组织
结构，内部审核职能并非必要。审核委员会及董事
会将继续每年检讨内部审核职能的需要。
外聘核数师之酬金
截至二零二五年三月三十一日止年度，本公司
已付╱应付外聘核数师安永会计师事务所之酬金载
列如下：
问责及审核
董事明白彼等负责编制真实及公平地反映本集团于
二零二五年三月三十一日之财务状况之综合财务报
表，且须确保财务报表乃根据法定要求及适用会计
准则编制。
有关外部核数师之申报责任之声明载于本年报「独
立核数师报告」一节。
The Board is of the view that no internal audit function is
considered necesary in consideration of the curent operation
size and organization structure of the Group. The Audit
Comite and the Board wil continue to review the ned for
an internal audit function on an anual basis.
EXTERNAL AUDITOR’S REMUNERATION
The remuneration paid/payable to the Company’s external
auditor, Ernst & Young, for the year ended 31 March 2025 were
set out as folows:
千港元
Audit services:
核数服务：
– anual financial statements–
年度财务报表
2,780
Non-audit services:
非核数服务：
– agred-upon procedures–
协商程序
– taxation and profesional services–
税务及专业服务
– other profesional services–
其他专业服务
1,650
Total:
总计：
5,689
ACOUNTABILITY AND AUDIT
The Directors acknowledge their responsibility for preparation
of consolidated financial statements, which gives a true and fair
view of the financial position as at 31 March 2025 of the Group
and ensure that they are prepared in acordance with statutory
requirements and aplicable acounting standards.
A statement regarding the external auditor’s reporting
responsibilities is provided in the section headed “Independent
Auditor’s Report” of this anual report.
58Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
信息披露及内幕消息管理
本集团根据香港证券及期货事务监察委员会及联交
所之规则及规例披露信息，依法向公众发布其定期
报告及临时公布，及时向市场披露本集团之财务业
绩、重大信息变更、重大项目情况等重要信息，做到
信息披露的及时性、公平性、准确性、真实性和完整
性，以保护投资者及持份者的合法权益。
反贪污合规政策
本公司致力于其所有业务活动中保持最高法律和道
德行为标准。为履行此承诺，本公司已采纳适用于
全体董事、高级职员、雇员、代理及相关人员的反贪
污合规政策。政策严禁贿赂、回扣及任何形式的贪污
（不论直接或间接）。本公司明令禁止员工提供、赠
予、索取或接受任何有价之物以获取或保留不正当
的商业利益。
政策以严格的内部监控措施为支撑，旨在防止贪
污，避免出现任何不当行为，并使本公司能够迅速
且有效应对任何相关问题。任何违反政策的行为均
可能导致纪律处分，包括终止雇佣。如有任何合规
方面的问题，我们鼓励雇员向指定董事寻求建议。
INFORMATION DISCLOSURE AND
MANAGEMENT OF INSIDE INFORMATION
The Group discloses information in acordance with the rules
and regulations of the Securities and Futures Comision
in Hong Kong and the Stock Exchange, releases its periodic
reports and interim anouncements to the public in acordance
with law, and discloses important information such as the
Group’s financial results, material information changes and
information on significant projects to the market on a timely
basis, bearing in mind the timelines, fairnes, acuracy,
authenticity and completenes of information disclosure,
therefore protecting the legal interests of investors and
stakeholders.
ANTI-CORUPTION COMPLIANCE POLICY
The Company is comited to maintaining the highest
standards of legal and ethical conduct acros al its busines
activities. To uphold this comitment, the Company has
adopted an Anti-Coruption Compliance Policy that aplies
to al Directors, oficers, employes, agents, and asociated
personel. The Policy strictly prohibits bribery, kickbacks, and
any form of coruption, whether direct or indirect. Company
personel are expresly forbiden from ofering, giving,
soliciting, or acepting anything of value to gain or retain an
improper busines advantage.
The Policy is suported by robust internal controls designed
to prevent coruption, avoid any apearance of wrongdoing,
and enable the Company to respond promptly and efectively
to any related concerns. Any breach of this Policy may result
in disciplinary action, including termination of employment.
Employes are encouraged to sek advice from the designated
Director if they have any questions regarding compliance.
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
举报政策
本公司已采纳一项举报政策，协助在可行情况下达
成高水平之开放、诚信及问责性。本公司已制定程
序，令个别雇员可在内部及在最高层级披露其认为
反映本集团内出现不良或不当行为之资料。于回顾
年度内，概无雇员报告对本集团财务报表及整体业
务营运造成重大影响之任何欺诈或失当行为。
股息政策
本公司于二零一八年十一月采纳审慎及可持续股息
政策，并将不时予以评估，且概不保证将于任何特
定期间支付任何特定金额股息。在遵守适用规则及
规例的前提下，董事会可视乎（其中包括）本公司的
营运及财务表现、流动资金状况、资本需求、未来融
资需要、合约限制、可用储备及当前经济环境，酌情
决定于任何财政年度向其股东宣派及派付股息的金
额及次数。
与股东及投资者沟通
本公司致力促进及维系与其股东及个人和机构投
资者之有效沟通，确保本集团可及时向持份者及投
资者发布资讯，令彼等明确评估公司表现。为征求
及了解股东意见，本公司已采纳一套股东通讯政策
（「股东通讯政策」），载列各种通讯渠道，包括：
(i)
及
时于本公司网页刊发公司资料；
(i)
分发公司通讯之
印刷本或电子版本；及
(i)
举行股东周年大会，以提
供平台供股东提问及与董事会交换意见。
WHISTLEBLOWING POLICY
The Company has adopted a whistleblowing policy to facilitate
the achieving of high posible standards of openes, probity
and acountability. Procedures are formulated to enable
individual employes to disclose internaly and at a high
level, information which the individual believes that it shows
malpractice or impropriety within the Group. During the year
under review, no incident of fraud or misconduct was reported
from employes that have material efect on the Group’s
financial statements and overal operations.
DIVIDEND POLICY
The Company adopted a prudent and sustainable dividend
policy in November 2018, which wil be evaluated from time
to time and there is no asurance that dividends wil be paid
in any particular amount for any particular period. Subject
to compliance with aplicable rules and regulations, the
Board may, at its discretion, determine the declaration of
payment of dividend(s) to its shareholders in any amount,
frequency in any financial year depending on, among other
things, the Company’s operation and financial performance,
liquidity condition, capital requirements, future funding neds,
contractual restrictions, availability of reserves and prevailing
economic climate.
COMUNICATIONS WITH SHAREHOLDERS AND
INVESTORS
The Company is comited to promoting and maintaining
efective comunication with its shareholders and investors
(both individual and institutional) to ensure that the Group’s
information is diseminated to the stakeholders and
investors in a timely maner and enable them to have a clear
asesment of the enterprise performance. In an efort to
solicit and understand the views of shareholders, the Company
has adopted a shareholders’ comunication policy (the
“Shareholders’ Comunication Policy”) seting out various
comunication chanels, including: (i) timely publication of
corporate information on the Company’s website; (i) distribution
of corporate comunications in printed or electronic form; and
(i) holding anual general metings to provide platform for
shareholders to raise questions and exchange views with the
Board.
60Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
经考虑现有的多种沟通及参与渠道，董事会确信于
截至二零二五年三月三十一日止年度，股东通讯政
策已妥为实施且行之有效。
于二零二四年八月二十日举行之股东周年大会，全
体董事均亲身或以电子方式出席大会解答本公司股
东提问，并就每项独立事宜提出独立决议案以供股
东进行投票表决。本公司委任本公司股份过户登记
分处担任监票员，确保所有票数均适当点算及记录
在案，并根据公司细则及上市规则于联交所网页公
布投票表决结果。
股东权利
以下程序受公司细则、一九八一年百慕达公司法以
及有关股东权利之适用法律法规限。
股东要求召开股东特别大会之程序
于呈递要求当日持有不少于本公司缴足股本（附有
可于本公司股东大会上投票之权利）十分之一之本
公司股东，于任何时候均有权透过向董事会或本公
司之公司秘书发出书面要求，要求董事会召开股东
特别大会（「股东特别大会」），以处理有关要求中列
明之任何事项或决议案；且董事会须于该要求送达
后两个月内举行股东特别大会。倘董事会于送达要
求后
日内未能召开股东特别大会，要求者可根据
百慕达一九八一年公司法之条文仅在一个属于主要
会议地点的地方召开会议，惟所召开之任何会议不
得于呈递要求日期起计三个月届满后举行。
Having considered the multiple comunication and
engagement chanels in place, the Board is satisfied that the
Shareholder’s Comunication Policy was properly implemented
and efective during the year ended 31 March 2025.
At the anual general meting held on 20 August 2024, al
Directors were present either in person or by electronic means
to answer questions from the shareholders of the Company
and separate resolution in respect of each separate isue was
proposed for shareholders to vote thereon. The Company
apointed branch share registrar of the Company to act as
scrutiners and to ensure votes cast are properly counted and
recorded, and anounced the results of the pol on the websites
of the Stock Exchange in acordance with the Bye-laws and the
Listing Rules.
SHAREHOLDERS’ RIGHTS
The folowing procedures are subject to the Bye-laws, the
Bermuda Companies Act 1981, and aplicable laws and
regulations concerning shareholders’ rights.
Procedures for special general metings requisitioned
by the shareholders
Shareholders of the Company holding at the date of deposit
of the requisition not les than one-tenth of the paid up
capital of the Company carying the right of voting at general
metings of the Company shal at al times have the right, by
writen requisition to the Board or the company secretary of the
Company, to require a special general meting (the “SGM”) to
be caled by the Board for the transaction of any busines or
resolution specified in such requisition; and the SGM shal be
held within two months after the deposit of such requisition.
If within 21 days of such deposit the Board fails to proced
to convene the SGM, the requisitionist(s) himself (themselves)
may convene a meting at only one location which wil be the
principal meting place in acordance with the provisions of the
Bermuda Companies Act 1981, but any meting so convened
shal not be held after the expiration of thre months from the
date of deposit of the requisition.
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
有关要求
(i)
必须说明股东特别大会之目的；及
(i)
必须
由要求者签署，并送往本公司之主要营业地点，地
址为香港九龙九龙湾宏光道
号宏天广场
楼
室（「主要营业地点」），注明本公司之公司秘书收。
要求可包含多份格式相似之文件，而每份文件由一
名或多名要求者签署。收到要求后，本公司将予核
实。一旦确认属恰当及适当，本公司之公司秘书会
将该要求转交董事会，告知彼等召开股东特别大会
并向本公司全体股东发出具备足够通知期之通知。
要求人须尽可能以与董事召开大会相同之方式召开
大会。本公司须偿付要求人因董事会未有召开大会
而产生之所有合理费用。
股东于股东大会上提案之程序
根据百慕达公司法，拥有不少于本公司缴足股本
（附有可于本公司股东大会上投票之权利）二十分
之一之股东（「申请人」）或不少于一百名股东可书面
要求本公司：
(a)
向有权收取下届股东大会通告之股
东发出在该大会上可能正式动议及拟动议之任何决
议案之通告；及
(b)
向有权收取任何股东大会通告之
股东传阅一份不多于一千字之陈述书，内容有关任
何拟提呈决议案所提述之事项或将在该大会上处理
之事务。
The requisition (i) must state the purpose of the SGM; and (i)
must be signed by the requisitionists and deposited at the
principal place of busines of the Company at Suite 3201, 32/F.,
Skyline Tower, 39 Wang Kwong Road, Kowlon Bay, Kowlon,
Hong Kong (the “Principal Place of Busines”) for the atention
of the company secretary of the Company. The requisition
may consist of several documents in like form each signed by
one or more requisitionists. Upon receipt, the requisition wil
be verified. Once confirmed to be proper and in order, the
company secretary of the Company wil forward the requisition
to the Board and notify them to convene an SGM by serving
suficient notice to al shareholders of the Company. A meting
convened by the requisitionists shal be conducted as nearly
as posible in the same maner as metings convened by the
Directors. The Company shal reimburse al reasonable expenses
incured by the requisitionists as a result of the failure of the
Board to convene the meting.
Procedures for shareholders to put forward proposals
at general metings
Pursuant to the Bermuda Companies Act, shareholders
representing not les than one-twentieth of the Company’s paid
up capital carying the right of voting at general metings of
the Company (the “Aplicants”), or not les than one hundred
of shareholders, can request the Company in writing to: (a)
give to shareholders of the Company entitled to receive notice
of the next general meting notice of any resolution which
may properly be moved and is intended to be moved at that
meting; and (b) circulate to shareholders entitled to have
notice of any general meting sent to them any statement of
not more than one thousand words with respect to the mater
refered to in any proposed resolution or the busines to be
dealt with at that meting.
62Wang On Properties Limited • Anual Report 2025
Corporate Governance Report (Continued)
企业管治报告（续）
由全体申请人签署之要求可包含多份格式相似之文
件，而每份文件由一名或多名申请人签署。要求须
于不少于（倘为须发出决议案通告之要求）大会举行
前六周或（倘为任何其他要求）大会举行前一周，呈
递至主要营业地点，注明本公司之公司秘书收，并
须支付足以支付本公司相关开支之款项。惟倘于呈
递要求后六周或较短期间内之某一日召开股东周年
大会，则该要求虽未有在规定时间内呈递，就此而
言亦将被视为已妥为呈递。收到要求后，本公司将
予核实。一旦确认属恰当及适当，本公司之公司秘
书将提请董事会将决议案纳入本公司股东大会之议
程。
股东提名人士参选董事之程序
于本公司股东大会上提名人士参选董事之程序，载
于本公司网页
w.woproperties.com
中「关于本集
团」内之「企业管治」一节内。
The requisition signed by al the Aplicants, may consist of
several documents in similar form, each signed by one or
more Aplicants. It must be deposited at the Principal Place
of Busines for the atention of the company secretary of
the Company with a sum reasonably suficient to met the
Company’s relevant expenses, not les than six weks before the
meting in case of a requisition requiring notice of a resolution
or not les than one wek before the meting in the case of
any other requisition. Provided that an anual general meting
is caled for a date six weks or les after the requisition has
ben deposited, the requisition though not deposited within
the time required shal be demed to have ben properly
deposited for the purposes thereof. Upon receipt, the request
wil be verified. Once confirmed to be proper and in order, the
company secretary of the Company wil ask the Board to include
the resolution in the agenda for the general meting of the
Company.
Procedures for shareholders to propose a person for
election as a director
The procedures for proposing candidate(s) for election as
director(s) at a general meting of the Company are outlined
in the “Corporate Governance” section under “About
Wang On Properties” on the website of the Company at
w.woproperties.com.
宏安地产有限公司
•
二零二五年报
Corporate Governance Report (Continued)
企业管治报告（续）
向董事会提出查询
股东及持份者可将彼等之书面查询连同详细联系
资料邮寄至本公司之公司秘书，地址为香港九龙
九龙湾宏光道
号宏天广场
楼
室或电邮至
pr@woproperties.com
。
股东如对彼等之持股或权益事宜有任何查询亦可联
系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
号远东金融中心
楼）。
章程文件
于截至二零二五年三月三十一日止年度，本公司之
组织章程大纲及公司细则概无变动。
企业社会责任及环境、社会及管治监督
本集团深明其于社会、环境及管治（「环境、社会及
管治」）策略及报告方面之企业社会责任，并负责本
集团社会、环境及管治风险管理及内部监控系统，
确保符合环境、社会及管治策略及报告规定。本集
团环境、社会及管治表现详情载于「二零二四年社
会、环境及管治报告」。
Enquiries to the Board
Shareholders and stakeholders may send their writen enquiries
with their detailed contact information to the company secretary
of the Company by post at Suite 3201, 32/F., Skyline Tower, 39
Wang Kwong Road, Kowlon Bay, Kowlon, Hong Kong or by
email to pr@woproperties.com.
Shareholders with enquiries regarding their shareholdings or
entitlement maters may also contact the Company’s Hong
Kong branch share registrar, Tricor Investor Services Limited, at
17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong.
CONSTITUTIONAL DOCUMENT
There was no change in the Memorandum of Asociation and
Bye-laws of the Company during the year ended 31 March 2025.
CORPORATE SOCIAL RESPONSIBILITY & ESG
OVERSIGHT
The Group acknowledges its corporate social responsibility in
relation to its environmental, social and governance (“ESG”)
strategy and reporting, and is responsible for the Group’s ESG
risk management and internal control systems to ensure that the
ESG strategies and reporting requirements are met. The details
of ESG performance of the Group are set out in the “2024
Environmental, Social and Governance Report”.
REPORT OF THE DIRECTORS
董事会报告
64Wang On Properties Limited • Anual Report 2025
宏安地产有限公司（「本公司」，连同其附属公司统称
为「本集团」）董事（「董事」）会（「董事会」）谨此提呈董
事会报告及截至二零二五年三月三十一日止年度之
经审核财务报表。
主要活动、业务回顾及主要财务表现指
标分析
本公司之主要业务为投资控股。本公司主要附属
公司之主要业务包括于香港之物业发展及买卖、
资产管理及物业投资，详情载于本年报之财务报表
附注
。
根据公司条例（第
章）附表
，本集团业务之公平
回顾、本集团面临之主要风险及不明朗因素概览、
自回顾年度结束以来影响本集团之重大事件、采用
主要财务表现指标对本集团表现进行之分析及对本
集团业务未来潜在发展之展望，载于本年报「行政
总裁报告」及「管理层讨论及分析」各节。此外，有关
与其主要持份者关系的讨论载于本年报「管理层讨
论及分析」及「企业管治报告」各节。该等内容构成本
董事会报告之组成部分。独立刊载之环境、社会及
管治报告（「环境、社会及管治报告」）将详细披露本
集团的环境政策及表现、遵守相关法律法规的情况
以及与主要持份者的关系。
本集团之业务回顾及主要财务表现指标（包括但不
限于以下各项）于本年报第
至
页之「管理层讨论
及分析」一节披露。
(a)
本集团业务之公平回顾；
(b)
主要风险因素；
(c)
采用主要财务表现指标进行之分析；
The board of directors (the “Board” or the “Directors”) of
Wang On Properties Limited (the “Company”, together with its
subsidiaries, the “Group”) present their report and the audited
financial statements for the year ended 31 March 2025.
PRINCIPAL ACTIVITIES, BUSINES REVIEW AND
ANALYSIS OF KEY FINANCIAL PERFORMANCE
INDICATORS
The principal activity of the Company is investment holding. The
principal activities of its principal subsidiaries comprise property
development and trading, aset management and property
investment in Hong Kong, details of which are set out in note 1
to the financial statements in this anual report.
In acordance with Schedule 5 to the Companies Ordinance
(Cap. 622), a fair review of the Group’s busines, an overview
of the principal risks and uncertainties faced by the Group,
significant events afecting the Group since the end of the year
under review, an analysis of the Group’s performance using key
financial performance indicators, and an outlok of the likely
future development of the Group’s busines, can be found in
the sections headed “Chief Executive Oficer’s Statement” and
“Management Discusion and Analysis” of this anual report. In
adition, a discusion on relationships with its key stakeholders
is included in the sections headed “Management Discusion
and Analysis” and “Corporate Governance Report” of this
anual report. These form an integral part of this report of the
Directors. A separate Environmental, Social and Governance
Report (the “ESG Report”) wil provide detailed disclosures
on the Group’s environmental policies and performance,
compliance with relevant laws and regulations and relationships
with key stakeholders.
The busines review and the key financial performance
indicators of the Group, including but not limited to the
folowing, are disclosed in the section headed “Management
Discusion and Analysis” on pages 14 to 31 of this anual
report.
(a) a fair review of the Group’s busines;
(b) principal risk factors;
(c) an analysis using key financial performance indicators;
宏安地产有限公司
•
二零二五年报
Report of the Directors (Continued)
董事会报告（续）
(d)
与其雇员、供应商、承建商及客户之主要关
系；及
(e)
本集团业务之未来发展。
本集团的企业社会责任、环境政策及表现已于本年
报之「管理层讨论及分析」一节及企业管治报告以
及本集团于本公司网站及香港联合交易所有限公司
（「联交所」）网站独立刊载之环境、社会及管治报告
内披露。
据董事会所深知，于截至二零二五年三月三十一日
止年度，本集团已于所有重大方面遵守对本集团之
业务及营运造成重大影响之相关法律及法规。
业绩及股息
本集团于截至二零二五年三月三十一日止年度之业
绩载于本年报第
至
页之综合损益及其他全面收
益表。
董事会不建议派付截至二零二五年三月三十一日止
年度之末期股息（二零二四年：无）。
五年财务概要
本集团过去五个财政年度之已刊发业绩、资产、负
债及非控股权益之概要（摘录自经审核财务报表）载
于本年报第
页。此概要仅供参考，并不构成经审
核财务报表之一部分。
主要物业之详情
本集团于二零二五年三月三十一日持有之主要物业
概要载于本年报第
至
页。
股本
年内本公司股本之变动详情载于本年报财务报表附
注
。
(d) key relationships with its employes, supliers, contractors
and customers; and
(e) future development in the Group’s busines.
The corporate social responsibility, environmental policies and
performance of the Group are disclosed in the section headed
“Management Discusion and Analysis” and the Corporate
Governance Report of this anual report, and the Group’s
standalone ESG Report published on the websites of the
Company and The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”).
To the best knowledge of the Board, the Group has complied in
al material aspects with the relevant laws and regulations that
have a significant impact on the busineses and operations of
the Group during the year ended 31 March 2025.
RESULTS AND DIVIDEND
The results of the Group for the year ended 31 March 2025 are
set out in the consolidated statement of profit or los and other
comprehensive income on pages 90 to 91 of this anual report.
The Board does not recomend the payment of a final dividend
for the year ended 31 March 2025 (2024: Nil).
FIVE-YEAR FINANCIAL SUMARY
A sumary of the Group’s published results, asets, liabilities
and non-controling interests for the last five financial years,
extracted from the audited financial statements, is set out on
page 252 of this anual report. This sumary is for reference
only and does not form part of the audited financial statements.
PARTICULARS OF KEY PROPERTIES
A sumary of the key properties held by the Group as at 31
March 2025, is set out on pages 250 to 251 of this anual report.
SHARE CAPITAL
Details of movements in the share capital of the Company
during the year are set out in note 32 to financial statements of
this anual report.
66Wang On Properties Limited • Anual Report 2025
Report of the Directors (Continued)
董事会报告（续）
储备
截至二零二五年三月三十一日止年度，本公司及本
集团储备变动之详情分别载于本年报财务报表附注
及综合权益变动表。
年内本公司股本之变动详情载于本年报财务报表附
注
。
可供分派之储备
于二零二五年三月三十一日，根据百慕达一九八一
年公司法，本公司可供分派之储备约达
2,396,500,000
港元（二零二四年：约
2,440,800,000
港元）。于二零
二五年三月三十一日，根据百慕达一九八一年公司
法（经修订）之规定计算，本公司可向母公司权益持
有人分派之储备约达
2,396,500,000
港元（二零二四
年：约
2,440,800,000
港元），其中概无建议宣派截至
二零二五年三月三十一日止年度之末期股息。
优先购买权
本公司之公司细则（「公司细则」）并无有关优先购
买权之条文，且百慕达法例并无对有关权利作出限
制。
购买、出售或赎回本公司之上市证券
于截至二零二五年三月三十一日止年度，本公司或
其任何附属公司概无购买、出售或赎回本公司任何
上市证券（包括出售库存股份）。
于二零二五年三月三十一日，本公司及其附属公司
并无持有任何库存股份。
税项宽减
于回顾年度内，董事并不知悉股东因持有本公司证
券而享有任何税务宽减的情况。
RESERVES
Details of movements in the reserves of the Company and of the
Group during the year ended 31 December 2025 are set out in
note 34 to the financial statements of this anual report and in
the consolidated statement of changes in equity, respectively.
Details of movements in the share capital of the Company
during the year are set out in note 32 to the financial statements
of this anual report.
DISTRIBUTABLE RESERVES
The distributable reserves of the Company as at 31 March
2025 pursuant to the Bermuda Companies Act 1981 amounted
to aproximately HK$2,396.5 milion (2024: aproximately
HK$2,440.8 milion). At 31 March 2025, the Company’s reserves
available for distribution to equity holders of the parent,
calculated in acordance with the Companies Act 1981 of
Bermuda (as amended), amounted to aproximately HK$2,396.5
milion (2024: aproximately HK$2,440.8 milion), of which no
final dividend was proposed for the year ended 31 March 2025.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the
Company’s Bye-laws (the “Bye-laws”) and there are no
restriction against such rights under the laws of Bermuda.
PURCHASE, SALE OR REDEMPTION OF LISTED
SECURITIES OF THE COMPANY
Neither the Company nor any of its subsidiaries purchased, sold
or redemed any of the Company’s listed securities (including
sale of treasury share) during the year ended 31 March 2025.
The Company and its subsidiaries did not hold any treasury
shares as at 31 March 2025.
RELIEF FROM TAXATION
During the year under review, the Directors are not aware of any
relief from taxation available to the shareholders by reason of
their holding the Company’s securities.
宏安地产有限公司
•
二零二五年报
Report of the Directors (Continued)
董事会报告（续）
主要客户及供应商
截至二零二五年三月三十一日止年度，本集团五大
客户之销售额占总收入约
34.6%
（二零二四年：约
65.5%
），其中单一最大客户之销售额约占
26.6%
（二
零二四年：约
30.8%
）。本集团五大供应商应占土地
╱物业收购成本及经认可人士认证之服务成本，分
别占土地╱物业收购成本及经认可人士认证之服务
成本总额约
67.7%
（二零二四年：约
74.7%
），其中单
一最大供应商占年内采购总额约
24.6%
（二零二四
年：约
42.1%
）。
各董事、彼等之任何联系人或就董事所深知拥有已
发行股份总数
5%
以上之本公司任何股东，概无于本
集团五大客户或五大供应商中拥有任何实益权益。
物业、厂房及设备
截至二零二五年三月三十一日止财政年度，本集团
的物业、厂房及设备变动详情载于本年报财务报表
附注
。
董事
于二零二五年三月三十一日，董事会组成载列如
下：
执行董事
邓灏康先生，行政总裁
程德韵女士
姚智文先生（自二零二四年十月一日起获委任）
独立非执行董事
李永森先生
宋梓华先生
陈浩华博士
MAJOR CUSTOMERS AND SUPLIERS
For the year ended 31 March 2025, sales to the Group’s five
largest customers acounted for aproximately 34.6% (2024:
aproximately 65.5%) of the total revenue and the sales to the
single largest customer acounted to aproximately 26.6%
(2024: aproximately 30.8%). Acquisition cost of land/properties
and cost of services certified by authorised person from the
Group’s five largest supliers acounted for aproximately
67.7% (2024: aproximately 74.7%) of the total acquisition cost
of land/properties and cost of services certified by authorised
person of and the single largest suplier included therein
amounted to aproximately 24.6% (2024: aproximately 42.1%)
of the total purchases for the year.
None of the Directors or any of their asociates or any
shareholders (which, to the best knowledge of the Directors,
own more than 5% of the Company’s total number of isued
shares) had any beneficial interest in the Group’s five largest
customers or five largest supliers.
PROPERTY, PLANT AND EQUIPMENT
Details of movements in the property, plant and equipment of
the Group during the financial year ended 31 March 2025 are set
out in note 13 to the financial statements of this anual report.
DIRECTORS
As at 31 March 2025, the composition of the Board is set out as
folows:
Executive Directors
Mr. Tang Ho Hong, Chief Executive Oficer
Ms. Ching Tak Won Teresa
Mr. Yiu Chi Man (apointed with efect from 1 October 2024)
Independent Non-executive Directors
Mr. Li Wing Sum Steven
Mr. Sung Tze Wah
Dr. Chan Ho Wah Terence
68Wang On Properties Limited • Anual Report 2025
Report of the Directors (Continued)
董事会报告（续）
根据公司细则第
83(2)
条，姚智文先生于二零二四年
八月二十日举行之上届股东周年大会后，于二零
二四年十月一日获董事会委任，将任职至其获委任
后的首个本公司股东周年大会，届时将符合资格膺
选连任。彼将于本公司应届股东周年大会（「股东周
年大会」）上膺选连任。
根据公司细则第
84(1)
条，程德韵女士及李永森先生
将于股东周年大会上轮值退任。程德韵女士符合资
格并将于股东周年大会上膺选连任。
李永森先生已通知董事会，彼不会于股东周年大会
上膺选连任，因此将退任独立非执行董事，自股东
周年大会结束时起生效。于彼退任后，彼亦将不再
担任审核委员会主席以及提名委员会及薪酬委员会
各自之成员。
董事及高级管理层履历简介
董事及本公司高级管理层之履历详情载于本年报
「董事会及高级管理层履历」一节。
获准弥偿条文
根据公司细则，各董事及高级人员有权就或因彼等
在各自职位上执行职务或与此有关之其他事宜所作
任何行为而可能招致或引致之所有行动、损失或法
律责任，从本公司资产及溢利中获得弥偿及免受任
何损害。于年内，本公司已为本公司及其附属公司
董事及高级人员安排适当保险保障。
Pursuant to Bye-laws 83(2), Mr. Yiu Chi Man who was apointed
by the Board on 1 October 2024 after the Company’s last anual
general meting held on 20 August 2024, shal hold ofice
until the first anual general meting of the Company after his
apointment, and shal then be eligible for re-election. He wil
ofer himself for re-election at the forthcoming anual general
meting of the Company (the “AGM”).
Pursuant to Bye-laws 84(1), Ms. Ching Tak Won Teresa and Mr. Li
Wing Sum Steven shal retire from ofice by rotation at the AGM.
Ms. Ching Tak Won Teresa, being eligible, wil ofer herself for
re-election at the AGM.
Mr. Li Wing Sum Steven has informed the Board that he would
not ofer himself for re-election at the AGM and acordingly
wil retire from his position as an independent non-executive
Director with efect from the conclusion of the AGM. Upon
his retirement, he wil also cease to be the chairman of the
Audit Comite and a member of each of the Nomination
Comite and the Remuneration Comite.
DIRECTORS’ AND SENIOR MANAGEMENT’S
BIOGRAPHIES
The biographical details of the Directors and the senior
management of the Company are set out in the section headed
“Biographies of Board of Directors and Senior Management” of
this anual report.
PERMITED INDEMNITY PROVISION
Pursuant to the Bye-laws, every Director and oficer is entitled
to be indemnified and held harmles out of the asets and
profits of the Company against al actions, loses or liabilities
which they may incur or sustain by or by reason of any act done
about the execution of the duties of their respective ofice or
otherwise in relation thereto. The Company has aranged for
apropriate insurance coverage for the Directors and oficers of
the Company and its subsidiaries for the year.
宏安地产有限公司
•
二零二五年报
Report of the Directors (Continued)
董事会报告（续）
董事资料变动
除董事履历详情变动外，自二零二四年中期报告刊
发起，董事资料概无其他变动须根据上市规则第
13.51B(1)
条予以披露。
董事薪酬变动于本年报财务报表附注
披露。
董事之服务合约
拟于股东周年大会上重选之董事概无与本公司或
其任何附属公司订立本公司不可于一年内免付赔偿
（法例规定之赔偿除外）而终止之服务合约。
管理合约
年内并无订立或存在任何关于本公司全部或任何重
大部份业务之管理及行政合约。
董事于交易、安排或合约中之权益
除本董事会报告「关联人士交易」一节及本年报财务
报表附注
所披露者外，年内，概无董事或董事之
关连实体（不论直接或间接）于对本集团业务属重大
且本公司、其控股公司或其任何附属公司或同系附
属公司为订约方之任何交易、安排或合约中拥有任
何重大权益。
CHANGE IN INFORMATION OF DIRECTORS
Save for changes in the biographical details of the Directors,
there was no other change, in the information of the Directors
since the publication of the 2024 interim report which is required
to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules.
Change in Directors’ remuneration was disclosed in note 8 to
the financial statements of this anual report.
DIRECTORS’ SERVICE CONTRACTS
None of the Directors proposed for re-election at the AGM has
a service contract with the Company or any of its subsidiaries
which is not determinable by the Company within one year
without payment of compensation (other than statutory
compensation).
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.
DIRECTORS’ INTERESTS IN TRANSACTIONS,
ARANGEMENTS OR CONTRACTS
Save as disclosed in the section headed “Related Party
Transactions” in this report of the Directors and note 39 to
the financial statements of this anual report, no Director or
any conected entity of a Director had any material interest,
whether directly or indirectly, in any transaction, arangement or
contract of significance to the busines of the Group to which
the Company, its holding company, or any of its subsidiaries or
felow subsidiaries was a party during the year.
70Wang On Properties Limited • Anual Report 2025
Report of the Directors (Continued)
董事会报告（续）
董事于竞争业务之权益
根据上市规则第
8.10
条，于年内，除本集团业务外，
概无董事或彼等各自之联系人于已经或可能直接或
间接与本集团业务竞争之业务中拥有权益。
董事购买股份或债券之权利
于年内任何时间，概无向任何董事或彼等各自之配
偶或未成年子女授出权利，可藉购买本公司股份、
相关股份或债券而获益，彼等亦无行使任何该等权
利，本公司或其任何附属公司亦概无参与任何安排
可使董事于任何其他法人团体中取得该等权利。
董事及主要行政人员于股份、相关股份
或债券之权益及淡仓
于二零二五年三月三十一日，董事及本公司主要行
政人员及╱或彼等各自之任何联系人概无于本公
司或其任何相联法团（定义见第
章证券及期货条
例（「证券及期货条例」）第
XV
部）之股份、相关股份
或债券中拥有记录于本公司根据证券及期货条例第
条须存置之登记册之任何权益及淡仓，或根据
上市规则项下上市发行人董事进行证券交易之标准
守则须知会本公司及联交所之任何权益及淡仓。
DIRECTORS’ INTERESTS IN COMPETING
BUSINES
None of the Directors or their respective asociates had an
interest in a busines, apart from the busineses of the Group,
which competes or is likely to compete, either directly or
indirectly, with the busineses of the Group pursuant to Rule
8.10 of the Listing Rules during the year.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES
At no time during the year were rights to acquire benefits by
means of the acquisition of shares or underlying shares in, or
debentures of the Company granted to any Director or their
respective spouses or minor children, or were any such rights
exercised by them, or was the Company or any of its subsidiaries
a party to any arangement to enable the Directors to acquire
such rights in any other body corporate.
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN SHARES,
UNDERLYING SHARES OR DEBENTURES
As at 31 March 2025, none of the Directors and chief executive
of the Company and/or any of their respective asociates had
any interests and short positions in the shares, underlying
shares or debentures of the Company or any of its asociated
corporations (within the meaning of Part XV of the Securities
and Futures Ordinance (Cap. 571) (the “SFO”), as recorded in
the register required to be kept by the Company pursuant to
Section 352 of the SFO, or as otherwise notified to the Company
and the Stock Exchange pursuant to the Model Code for
Securities Transactions by Directors of Listed Isuers under the
Listing Rules.
| Name of shareholders | Notes | Capacity/Nature of Interest | Number of shares | Approximate percentage of the Company’s total issued shares |
|---|---|---|---|---|
| 占本公司全部 已发行股份之 | ||||
| 股东名称╱姓名 | 附注 | 身份╱权益性质 | 股份数目 | 概约百分比 (Note 3) |
| 3 | ||||
宏安地产有限公司
•
二零二五年报
Report of the Directors (Continued)
董事会报告（续）
主要股东于股份及相关股份之权益及淡
仓
于二零二五年三月三十一日，就董事所知，以下人士
（董事及本公司主要行政人员除外）于本公司股份
或相关股份中拥有或视为或当作拥有须根据证券及
期货条例第
XV
部第
及第
分部规定向本公司披露，
或记录于本公司根据证券及期货条例第
条须存
置之登记册之权益或淡仓：
于本公司普通股之好仓：
附注：
(1)
宏安持有
Wang On Enterprises (BVI) Limited
（「
WOE
」）全部已发行股本，
而
WOE
则持有
Earnest Spot Limited
（「
Earnest Spot
」）全部已发
行股本。
Earnest Spot
直接持有
11,400,000,000
股
本公司股份。根据证券及期货条例，
WOE
及宏安
各自被视为于
Earnest Spot
持有之上述所有股份
中拥有权益（就证券及期货条例第
XV
部而言）。
SUBSTANTIAL SHAREHOLDERS’ INTERESTS
AND SHORT POSITIONS IN THE SHARES AND
UNDERLYING SHARES
As at 31 March 2025, so far as is known to the Directors, the
folowing persons (other than the Directors and the chief
executive of the Company) had or were demed or taken to
have interests or short positions in the shares or the underlying
shares of the Company which would fal to be disclosed to the
Company under the provisions of Divisions 2 and 3 of Part XV
of the SFO, or which were recorded in the register kept by the
Company pursuant to section 336 of the SFO:
Long positions in the ordinary shares of the Company:
（附注）
Wang On Group
Limited (“WOG”)
(1)Interest of controled
corporation
11,400,000,00075.0
宏安集团有限公司
（「宏安」）
受控制公司权益
Mr. Tang Ching Ho(2)Other interest11,400,000,00075.0
邓清河先生其他权益
Ms. Yau Yuk Yin(2)Other interest11,400,000,00075.0
游育燕女士其他权益
Notes:
(1) WOG held the entire isued share capital of Wang On Enterprises
(BVI) Limited (“WOE”) which in turn held the entire isued share
capital of Earnest Spot Limited (“Earnest Spot”). Earnest Spot
directly held 11,400,000,000 shares of the Company. Under the SFO,
each of WOE and WOG was demed to be interested in al the
aforesaid shares held by Earnest Spot by virtue of Part XV of the SFO.
72Wang On Properties Limited • Anual Report 2025
Report of the Directors (Continued)
董事会报告（续）
(2)
邓清河先生被视为透过
(i)
其个人权益；
(i)
其配偶
于宏安之权益；
(i)
其透过
Caister Limited
（由邓
清河先生全资拥有）、易壹金融集团有限公司
（为
Caister Limited
之间接全资附属公司）、
Loyal
Fame International Limited
（易壹金融集团有
限公司之间接全资附属公司）及
Bilion Trader
Investments Limited
（
Loyal Fame International
Limited
之直接全资附属公司）拥有之公司权益；
及
(iv)
作为一项全权信托（即邓氏家族信托）之创立
人所持之权益而于宏安全部已发行股本约
42.80%
中拥有权益。游育燕女士（邓清河先生之配偶）亦
被视为透过
(i)
其个人权益；
(i)
其配偶于宏安之权
益；及
(i)
作为邓氏家族信托之受益人而于宏安全
部已发行股本约
42.80%
中拥有权益。因此，邓清
河先生及游育燕女士各自被视为于宏安所持全部
11,400,000,000
股本公司股份中拥有权益（就证券
及期货条例第
XV
部而言）。
(3)
百分比乃根据于二零二五年三月三十一日按照证
券及期货条例于提交的相关披露表格予以披露。
除上文所披露者外，于二零二五年三月三十一日，
除董事或本公司主要行政人员外，概无其他人士于
本公司股份或相关股份中拥有根据证券及期货条例
第
XV
部第
及
分部之条文须向本公司披露之权益或
淡仓，或记录于本公司根据证券及期货条例第
条
规定须存置之登记册之权益或淡仓。
购股权计划
本公司采纳本公司股东在二零一六年八月九日举
行之股东周年大会上批准之购股权计划（「购股权计
划」），主要旨在奖励或回报合资格人士对本集团发
展及增长作出之贡献或潜在贡献。购股权计划于二
零一六年八月九日生效，除非股东于股东大会上提
早终止，否则将自该日期起计十年期间内维持十足
效力。于本报告日期，购股权计划的尚余有效期为
约一年。
(2) Mr. Tang Ching Ho was demed to be interested in aproximately
42.80% of the total isued share capital of WOG through (i) his
personal interest; (i) his spouse’s interest in WOG; (i) his corporate
interest via Caister Limited (wholy owned by Mr. Tang Ching Ho), Easy
One Financial Group Limited (an indirect wholy owned subsidiary of
Caister Limited), Loyal Fame International Limited (an indirect wholy
owned subsidiary of Easy One Financial Group Limited), and Bilion
Trader Investments Limited (a direct wholy owned subsidiary of Loyal
Fame International Limited), being corporations controled by him;
and (iv) his interest being a founder of a discretionary trust, namely
Tang’s Family Trust. Ms. Yau Yuk Yin, the spouse of Mr. Tang Ching
Ho, was also demed to be interested in aproximately 42.80% of the
total isued share capital of WOG through (i) her personal interest;
(i) her spouse’s interest in WOG; and (i) being a beneficiary of the
Tang’s Family Trust. Therefore, each of Mr. Tang Ching Ho and Ms. Yau
Yuk Yin was demed to be interested in al 11,400,000,000 shares of
the Company held by WOG by virtue of Part XV of the SFO.
(3) The percentages were disclosed pursuant to the relevant disclosure
forms filed under the SFO as at 31 March 2025.
Save as disclosed above, as at 31 March 2025, there were no
other persons (other than Directors or chief executive of the
Company) who had an interest or short positions in the shares
or underlying shares of the Company which would fal to be
disclosed to the Company under the provisions of Divisions
2 and 3 of Part XV of the SFO, or which were recorded in the
register required to be kept by the Company under Section 336
of the SFO.
SHARE OPTION SCHEME
The Company adopted a share option scheme (the “Share
Option Scheme”) with the aproval of the shareholders of
the Company at the anual general meting held on 9 August
2016 for the primary purpose of providing incentives or rewards
for the eligible persons for their contribution or potential
contribution to the development and the growth of the Group.
The Share Option Scheme became efective on 9 August 2016
and, unles otherwise terminated earlier by the shareholders in a
general meting, wil remain in ful force for a period of 10 years
from that date. As at the date of this report, the remaining life of
the Share Option Scheme is aproximately one year.
宏安地产有限公司
•
二零二五年报
Report of the Directors (Continued)
董事会报告（续）
根据购股权计划，购股权可授予任何董事或拟委任
董事（不论执行或非执行，包括任何独立非执行董
事）、本集团任何成员公司或本公司任何主要股东
或由本公司主要股东控制之任何公司之任何雇员或
拟聘请雇员（不论全职或兼职）或任何借调员工、本
集团任何成员公司所发行证券之任何持有人或向本
集团任何成员公司提供研究、开发或其他技术支援
或任何顾问、咨询顾问、专业或其他服务之任何人
士或实体，或任何由一名或以上属于上述任何类别
参与人士控制之公司。
董事会可向合资格参与者授出购股权，以就每次获
授予之购股权按代价
1.00
港元认购本公司之股份，
须于要约日期起
日内接纳该购股权。购股权并无
赋予持有人权利获派股息或于本公司股东大会上投
票。
因行使根据购股权计划及任何其他计划将予授出的
所有购股权而可能发行的股份总数合共不得超过购
股权计划获批准之日已发行股份数目之
10%
。倘根
据购股权计划授出购股权将导致于根据购股权计划
及任何其他计划授出但尚未行使的所有已发行在外
购股权获行使时可予发行的股份总数超过不时已发
行股份的
30%
，则不得授出购股权。
Under the Share Option Scheme, share options may be granted
to any Director or proposed Director (whether executive or non-
executive, including any INEDs), any employe or proposed
employe (whether ful-time or part-time) or any seconde
of any member of the Group or any substantial shareholder
of the Company or any company controled by a substantial
shareholder of the Company, any holder of securities isued
by any member of the Group or, any person or entity that
provides research, development or other technological suport
or any advisory, consultancy, profesional or other services to
any member of the Group, or any company controled by one
or more persons belonging to any of the above clases of
participants.
The Board may grant share options to eligible participants to
subscribe for shares of the Company for a consideration of
HK$1.00 for each lot of share options granted which must be
acepted within 30 days from the ofer date. Share options
do not confer rights on the holders to dividends or to vote at
shareholders’ metings of the Company.
The total number of shares which may be isued upon exercise
of al options to be granted under the Share Option Scheme
and any other schemes shal not in agregate exced 10% of
the number of shares in isue as at the date of aproval of the
Share Option Scheme. No option shal be granted under the
Share Option Scheme which would result in the agregate
number of shares which may be isued upon exercise of al
outstanding share options granted and yet to be exercised
under the Share Option Scheme and any other schemes
exceding 30% of the shares in isue from time to time.
74Wang On Properties Limited • Anual Report 2025
Report of the Directors (Continued)
董事会报告（续）
购股权计划之每名合资格参与者（主要股东或独立
非执行董事或彼等各自之任何联系人除外）于任何
十二个月期间内行使购股权时可予发行之最高股份
数目，仅限于本公司于任何时间已发行股份数目之
1%
。倘进一步授出超过该限额之购股权，则须取得
股东另行批准，而该名合资格参与者及其联系人须
放弃投票。向董事、本公司主要行政人员或主要股
东（或彼等各自之任何联系人）授出之购股权，须取
得独立非执行董事（本身为购股权承授人之任何独
立非执行董事除外）批准。倘若向主要股东或独立
非执行董事（或彼等各自之任何联系人）授出购股
权，导致截至授出日期（包括该日）之任何十二个月
期间，因行使根据购股权计划及本公司任何其他购
股权计划已授予或将授予该人士之购股权（包括已
行使、已注销及尚未行使之购股权）而已发行及将
予发行之股份总数合共超逾本公司已发行股份之
0.1%
及总值超逾
5,000,000
港元（基于各授出日期本
公司股份收市价计算），则该等进一步授出购股权
必须根据上市规则于本公司股东大会上获得股东批
准。授予主要股东或独立非执行董事（或彼等各自
之任何联系人）之购股权之条款如有任何变动，亦
须经本公司股东批准。
行使价须至少为以下之较高者：
(i)
本公司股份于要
约当日（须为营业日）在联交所日报表所列之正式
收市价；
(i)
股份于紧接授出当日前五个营业日在联
交所日报表所列之平均收市价；及
(i)
本公司股份面
值。
除非董事另行决定并于提呈购股权要约时于致予承
授人之要约函件内另有订明，否则购股权计划项下
并无行使前须持有购股权的最低期限。购股权可于
董事会授出购股权时决定的授出日期当日或之后
行使，直至董事会授出购股权时决定的日期之营业
时间结束为止，但无论如何不得超过授出日期起
年。
The maximum number of shares isuable under share options
to each eligible participant (except for a substantial shareholder
or an INED or any of their respective asociates) under the
Share Option Scheme within any 12-month period is limited
to 1% of the number of shares of the Company in isue at any
time. Any further grant of share options in exces of such limit
must be separately aproved by shareholders with such eligible
participant and his/her asociates abstaining from voting. Share
options granted to a Director, chief executive or substantial
shareholder of the Company (or any of their respective
asociates) must be aproved by the INEDs (excluding any INED
who is the grante of the options). Where any grant of share
options to a substantial shareholder or an INED (or any of their
respective asociates) wil result in the total number of shares
isued and to be isued upon exercise of the Share Options
already granted and to be granted to such person under the
Share Option Scheme and any other share option schemes
of the Company (including options exercised, canceled and
outstanding) in any 12-month period up to and including the
date of grant representing in agregate over 0.1% of the shares
in isue, and having an agregate value, based on the closing
price of the Company’s shares at each date of grant, in exces
of HK$5 milion, such further grant of share options is required
to be aproved by shareholders in a general meting of the
Company in acordance with the Listing Rules. Any change in
the terms of a share option granted to a substantial shareholder
or an INED (or any of their respective asociates) is also required
to be aproved by the shareholders of the Company.
The exercise price must be at least the higher of (i) the oficial
closing price of the shares of the Company as stated in the daily
quotation shets of the Stock Exchange on the ofer date which
must be a busines day; (i) the average closing prices of the
shares as stated in the Stock Exchange’s daily quotation shets
for the five busines days imediately preceding the date of
grant; and (i) the nominal value of a share of the Company.
Unles otherwise determined by the Directors and specified
in the ofer leter to be given to a grante at the time of the
ofer of the share option, there is no minimum period required
under the Share Option Scheme for the holding of the option
before it can be exercised. Options can be exercised from such
date on or after the date of grant as the Board may determine
in granting the option until the close of busines on such date
as the Board may determine in granting the option but in any
event not exceding 10 years from the date of grant.
宏安地产有限公司
•
二零二五年报
Report of the Directors (Continued)
董事会报告（续）
自采纳购股权计划起，购股权计划项下概无购股
权获授出、行使、失效、注销或发行在外。于本年
报日期，根据购股权计划可供发行之股份总数为
1,520,000,000
股份，占本公司于本年报日期已发行
股本之
10.0%
。
于二零二四年四月一日及二零二五年三月三十一
日，根据购股权计划可供授出的股份数目为
1,520,000,000
股。概无根据购股权计划设定服务供应
商分项限额。
购股权计划之进一步详情载于本年报之财务报表附
注
。
关联人士交易
诚如本年报财务报表附注
所披露，根据上市规则
第
14A
章分类为持续关连交易及╱或关连交易的关
联人士交易获豁免遵守其披露规定。本公司于回顾
年度内已全面遵守上市规则第
14A
章项下之所有适
用义务。
持续关连交易及关连交易
除上文「关联人士交易」一节所披露者外，于回顾年
度内并无其他持续关连交易及关连交易须根据上市
规则第
14A
章条文予以披露。
捐款
年内，
本集团作出慈善及其他捐款合共约
1,200,000
港元（二零二四年：约
2,000,000
港元）。
No share options were granted, exercised, lapsed, canceled
or outstanding under the Share Option Scheme since its
adoption. As at the date of this anual report, the total number
of shares available for isue under the Share Option Scheme is
1,520,000,000 shares, representing 10.0% of the share capital of
the Company in isue at the date of this anual report.
The number of shares available for grant under the Share
Option Scheme at 1 April 2024 and 31 March 2025 were
1,520,000,000 shares. No service provider sublimit was set under
the Share Option Scheme.
Further details of the Share Option Scheme are set out in note
33 to financial statements of this anual report.
RELATED PARTY TRANSACTIONS
As disclosed in note 39 to the financial statements of this anual
report, the related party transactions clasified as continuing
conected transactions and/or conected transactions
pursuant to Chapter 14A of the Listing Rules are exempted
from disclosure requirements therein. The Company has fuly
complied with al aplicable obligations under Chapter 14A of
the Listing Rules during the year under review.
CONTINUING CONECTED TRANSACTIONS
AND CONECTED TRANSACTION
Saved as disclosed in the above “Related party transactions”
section, there were no other continuing conected transactions
and conected transactions required to be disclosed in
acordance with the provisions under Chapter 14A of the Listing
Rules during the year under review.
DONATIONS
During the year, the Group made charitable and other donations
totaling aproximately HK$1.2 milion (2024: aproximately
HK$2.0 milion).
76Wang On Properties Limited • Anual Report 2025
Report of the Directors (Continued)
董事会报告（续）
股本挂钩协议
除「购股权计划」一节及本年报财务报表附注
所披
露者外，本公司概无于年内订立股本挂钩协议亦无
股本挂钩协议于年末仍存续。
薪酬政策
本集团之雇员薪酬政策由薪酬委员会及董事会基于
其功绩、资格及能力制定及批准。
董事薪酬由薪酬委员会及董事会经计及本集团经营
业绩、个人表现及可资比较市场基准后厘定，并由
股东于本公司股东周年大会上授权。
本公司已采纳购股权计划作为对董事及合资格雇员
之奖励，购股权计划详情载于本年报之董事会报告
之「购股权计划」一节及财务报表附注
。
企业管治
本公司致力维持高水平之企业管治。有关本公司所
采纳企业管治常规之详情载于本年报「企业管治报
告」一节。
充足之公众持股量
按照本公司公开可得之资料及就董事所知，于截至
二零二五年三月三十一日止全年度及直至本年报
日期，本公司已维持上市规则规定之充足公众持股
量，即不少于本公司已发行股份总数之
25%
。
EQUITY-LINKED AGREMENTS
Saved as disclosed in the section headed “Share Option
Scheme” and note 33 to the financial statements of this anual
report, no equity-linked agrements were entered into by the
Company during the year or subsisted at the end of the year.
EMOLUMENT POLICY
The Group’s emolument policy for employes is established and
aproved by the Remuneration Comite and the Board on
the basis of their merit, qualifications and competence.
The emoluments of the Directors are determined by the
Remuneration Comite and the Board, as authorised by the
shareholders at the anual general meting of the Company,
with due consideration given to the Group’s operating results,
individual performance and comparable market benchmarks.
The Company has adopted the Share Option Scheme as an
incentive to Directors and eligible employes, details of the
Share Option Scheme are set out in the section headed “Share
Option Scheme” in this report of the Directors and in note 33 to
the financial statements of this anual report.
CORPORATE GOVERNANCE
The Company is comited to upholding high standards of
corporate governance. Details of the corporate governance
practices adopted by the Company are set out in the
“Corporate Governance Report” section of this anual report.
SUFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company
and within the knowledge of the Directors, the Company has
maintained a suficient public float of not les than 25% of the
total isued shares of the Company as required under the Listing
Rules throughout the year ended 31 March 2025 and up to the
date of this anual report.
宏安地产有限公司
•
二零二五年报
Report of the Directors (Continued)
董事会报告（续）
EVENTS AFTER THE REPORTING PERIOD
On 12 June 2025, Wickert Investments Limited and Ever Sonic
Enterprises Limited, both of which are wholy-owned subsidiaries
of the Company, entered into agrements to dispose of each
of 20% equity interest of Fortune Harbour Investments Limited
and Mega Hope Global Limited, which holds and operates
Suny House, to ADPF Holding (BVI) L.P. and ADPF Investment
(BVI) L.P., both of which are indirectly managed by Angelo,
Gordon & Co., L.P. (“AG”), respectively at a total consideration
of aproximately HK$87.2 milion. In light of the sucesful
busines colaboration on the Suny House project betwen the
AG group and the Group, and to further colaborate in potential
projects, ADPF Member (BVI) L.P., indirectly managed by AG,
and Prime Resonance Limited, a wholy-owned subsidiary of
the Company, entered into a framework agrement and agred
to establish new joint ventures to colaborate on the target
busines. The total investment comitment of the AG group
and the Group in the joint ventures shal be in an agregate
amount of US$100.0 milion and US$18.0 milion, respectively.
Further details were set out in the joint anouncement of the
Company and WOG dated 12 June 2025.
On 20 June 2025, City Concord Limited, an indirect wholy-
owned subsidiary of the Company, entered into a preliminary
sale and purchase agrement with an independent third party
for the disposal of an investment property in Hong Kong at a
consideration of aproximately HK$23.3 milion. The transaction
is expected to be completed in October 2025. Further details
were set out in the anouncement of WOG dated 20 June 2025.
报告期后事项
于二零二五年六月十二日，
Wickert Investments
Limited
及
Ever Sonic Enterprises Limited
（均为本公司
全资附属公司）订立协议，以分别向
ADPF Holding
(BVI) L.P.
及
ADPF Investment (BVI) L.P.
（均由
Angelo,
Gordon & Co., L.P.
（「
AG
」）间接管理）出售
Fortune
Harbour Investments Limited
及
Mega Hope Global
Limited
（其持有及营运日新舍）各自的
20%
股权，总
代价为约
87,200,000
港元。鉴于
AG
集团与本集团就
日新舍项目成功合作，为进一步合作进行潜在项
目，
ADPF Member (BVI) L.P.
（由
AG
间接管理）及
Prime
Resonance Limited
（本公司全资附属公司）订立框架
协议，同意成立新合营企业，以就目标业务开展合
作。
AG
集团及本集团于合营企业的总投资承担分别
为合共
100,000,000
美元及
18,000,000
美元。进一步详
情载于本公司及宏安日期为二零二五年六月十二日
的联合公布。
于二零二五年六月二十日，本公司间接全资附属公
司世港有限公司与一名独立第三方订立初步买卖协
议，以出售一项香港投资物业，代价为约
23,300,000
港元。该交易预期将于二零二五年十月完成。进一
步详情载于宏安日期为二零二五年六月二十日的公
布。
78Wang On Properties Limited • Anual Report 2025
Report of the Directors (Continued)
董事会报告（续）
审核委员会
于本年报日期，本公司审核委员会（「审核委员会」）
由三名独立非执行董事组成，分别为李永森先生
（审核委员会主席）、宋梓华先生及陈浩华博士。审
核委员会与管理层及外部核数师已审阅本集团所采
用之会计原则及惯例，并已审阅截至二零二五年三
月三十一日止年度之综合财务报表。
核数师
截至二零二五年三月三十一日止年度之综合财务报
表经执业会计师安永会计师事务所审核，安永会计
师事务所将于应届股东周年大会上任满退任，并符
合资格及愿意接受续聘。有关续聘安永会计师事务
所担任本公司外部核数师之决议案将于大会上提
呈。
本公司于过往三年内并无更换核数师。
代表董事会
执行董事兼行政总裁
邓灏康
香港，二零二五年六月三十日
AUDIT COMITE
As at the date of this anual report, the audit comite of
the Company (the “Audit Comite”) comprises thre
independent non-executive Directors, namely Mr. Li Wing
Sum Steven (chairman of the Audit Comite), Mr. Sung Tze
Wah, and Dr. Chan Ho Wah Terence. The Audit Comite
has reviewed with management and the external auditor the
acounting principles and practices adopted by the Group and
has reviewed the consolidated financial statements for the year
ended 31 March 2025.
AUDITOR
The consolidated financial statements for the year ended
31 March 2025 have ben audited by Ernst & Young, Certified
Public Acountants, who wil retire and, being eligible, ofer
themselves for re-apointment at the forthcoming AGM. A
resolution for the re-apointment of Ernst & Young as the
external auditor of the Company wil be proposed at that
meting.
There has ben no change of the auditor of the Company in the
preceding thre years.
On behalf of the Board
Tang Ho Hong
Executive Director and Chief Executive Oficer
Hong Kong, 30 June 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
宏安地产有限公司
•
二零二五年报
To the shareholders of Wang On Properties Limited
(Incorporated in Bermuda with limited liability)
OPINION
We have audited the consolidated financial statements of Wang
On Properties Limited (the “Company”) and its subsidiaries
(the “Group”) set out on pages 90 to 249, 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.
致宏安地产有限公司股东
（于百慕达注册成立之有限公司）
意见
我们已审计列载于第
至
页之宏安地产有限公司
（「贵公司」）及其附属公司（以下统称「贵集团」）之综
合财务报表，此综合财务报表包括于二零二五年三
月三十一日之综合财务状况表与截至该日止年度之
综合损益及其他全面收益表、综合权益变动表和综
合现金流量表，以及综合财务报表附注，包括重大
会计政策资讯。
我们认为，该等综合财务报表已根据香港会计师公
会（「香港会计师公会」）颁布的香港财务报告准则会
计准则真实而中肯地反映了 贵集团于二零二五年
三月三十一日的综合财务状况及截至该日止年度的
综合财务表现及综合现金流量，并已遵照香港公司
条例的披露规定妥为拟备。
80Wang On Properties Limited • Anual Report 2025
Independent Auditor’s Report (Continued)
独立核数师报告（续）
意见之基础
我们已根据香港会计师公会颁布的《香港审计准则》
（「《香港审计准则》」）进行审计。我们在该等准则下
承担的责任已在本报告「核数师就审计综合财务报
表承担之责任」部分中作进一步阐述。根据香港会
计师公会颁布之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。该等事项是
在对综合财务报表整体进行审计并就形成意见的背
景下处理，我们不对该等事项提供单独的意见。我
们对下述各事项在审计中是如何应对之描述也以此
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，包括与该等事项
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.
| Key audit matter | How our audit addressed the key audit matter |
|---|
宏安地产有限公司
•
二零二五年报
Independent Auditor’s Report (Continued)
独立核数师报告（续）
关键审计事项（续）
KEY AUDIT MATERS (Continued)
关键审计事项我们之审计如何处理关键审计事项
Net realisable value of properties under development and properties held for sale
发展中物业及持作出售物业之可变现净值
The Group’s properties under development and
properties held for sale are stated at the lower of
cost and net realisable value. As at 31 March 2025,
the carying amounts of these properties under
development and properties held for sale were
HK$1,306,606,000 and HK$1,500,939,000, respectively,
which in agregate represented aproximately 38.6%
of the total asets of the Group.
贵集团发展中物业及持作出售物业按成本与可变现净值两
者中较低者列账。于二零二五年三月三十一日，此等物业
之账面值分别为
1,306,606,000
港元及
1,500,939,000
港元，合共
占 贵集团总资产约
38.6%
。
During the year, net write-down of HK$229,273,000 was
recognised in profit or los against properties under
development and properties held for sale.
年内，就发展中物业及持作出售物业在损益确认撇减净额
229,273,000
港元。
Our audit procedures to ases the net realisable value
of properties under development and properties held for
sale included the folowing:
我们评估发展中物业及持作出售物业之可变现净值的审计程
序包括以下程序：
- ’s
asesments, and where aplicable, the valuation
reports prepared by the external valuers engaged
by the Group on which the management’s
asesment of the net realisable value of properties
under development and properties held for sale
was based, on a sampling basis;
•
取得及抽样审阅管理层的评估及（如适用）管理层对发
展中物业及持作出售物业之可变现净值评估所依据的
由 贵集团委任之外部评估师所编制的估值报告；
- ’ qualification,
experience and expertise and considering its
competence, objectivity and independence;
•
评估外部估值师之资历、经验及专业知识，并考虑外部
估值师的能力、客观性与独立性；
• with the asistance of our internal valuation
specialists, asesing the valuation methodologies
aplied and the key parameters adopted in the
valuations, including estimated seling prices and
costs necesary to complete the development, etc.,
on a sampling basis; and
•
在我们的内部估值专员协助下，抽样评估值中所应用
之估值方法及采用之关键参数，包括就预估售价及完成
开发所需之成本；及
| Key audit matter | How our audit addressed the key audit matter |
|---|
82Wang On Properties Limited • Anual Report 2025
Independent Auditor’s Report (Continued)
独立核数师报告（续）
关键审计事项（续）
关键审计事项我们之审计如何处理关键审计事项
Net realisable value of properties under development and properties held for sale (Continued)
发展中物业及持作出售物业之可变现净值（续）
Management’s asesment of the net realisable value
of properties under development and properties held
for sale is based on the estimated seling prices and
costs necesary to complete the development, if any,
and to sel these properties. The asesment of certain
of these properties has also made reference to the
valuations caried out by the external valuers engaged
by the Group. This is identified as a key audit mater
due to the materiality of the carying values of the
properties under development and properties held
for sales and the significant estimation required to
determine the net realisable value of the properties
under development and properties held for sale, which
reflects market conditions at the end of the reporting
period.
管理层对发展中物业及持作出售物业可变现净值进行之评
估乃基于预估售价及完成发展项目（如有）及销售该等物业
所需之成本。若干该等物业之评估亦已参考 贵集团委聘
的外部估值师进行之估值。此获识别为关键审计事项，乃由
于发展中物业及持作出售物业账面值之重要性及厘定发展
中物业及持作出售物业之可变现净值时须进行重大估计，
以反映于报告期末之市场状况。
The acounting policies and disclosures in relation to
the properties under development and properties held
for sale are included in notes 2.5, 3, 16 and 17 to the
consolidated financial statements.
有关发展中物业及持作出售物业的会计政策及披露载于综
合财务报表附注
2.5
、
、
及
。
Our audit procedures to ases the net realisable value
of properties under development and properties held for
sale included the folowing: (Continued)
我们评估发展中物业及持作出售物业之可变现净值的审计程
序包括以下程序：（续）
- , evaluating
the management’s development budgets with
reference to market data about estimated
construction costs, signed construction contracts
and/or construction costs of recently completed
projects, where aplicable, on a sampling basis.
•
就发展中物业而言，以抽样方式评估管理层的发展预
算，当中参考有关估计建筑成本、已签署的建筑合约
及╱或近期竣工项目的建筑成本（如适用）的市场数据。
KEY AUDIT MATERS (Continued)
| Key audit matter | How our audit addressed the key audit matter |
|---|
宏安地产有限公司
•
二零二五年报
Independent Auditor’s Report (Continued)
独立核数师报告（续）
关键审计事项（续）
关键审计事项我们之审计如何处理关键审计事项
Impairment asesment of interests in joint ventures
于合营企业的权益的减值评估
The Group has various interests in joint ventures
which are principaly engaged in property investment
and property development in Hong Kong. The
Group’s interests in joint ventures are stated in the
consolidated statement of financial position at the
Group’s share of net asets under the equity method of
acounting, les any impairment loses. As at 31 March
2025, the agregate carying amount of the Group’s
interests in joint ventures was HK$3,643,686,000, which
represented aproximately 50.1% of the total asets of
the Group.
贵集团在主要于香港从事物业投资及物业发展的合营企业
拥有各种权益。 贵集团于合营企业的权益乃按 贵集团根
据权益会计法应占资产净值减任何减值亏损于综合财务状
况表列账。于二零二五年三月三十一日， 贵集团于合营企
业的权益的账面总值为
3,643,686,000
港元，占 贵集团资产
总值约
50.1%
。
For those joint ventures engaged in property
investment, the Group determines the recoverable
amount with reference to the fair value les costs
of disposal of the investment properties held by
respective joint ventures.
就该等从事物业投资之合营企业而言， 贵集团参考各合营
企业持有之投资物业之公平值减出售成本后厘定其可收回
金额。
Our audit procedures to ases the impairment
asesment of interests in joint ventures included the
folowing:
我们评估于合营企业的权益的减值评估的审计程序包括以下
程序：
- ’s
asesments, and where aplicable, the valuation
reports prepared by the external valuers engaged
by the Group on which the management’s
asesment of the impairment of interests in joint
ventures was based, on a sampling basis;
•
抽样取得及审阅管理层的评估及（如适用）管理层于合营
企业的权益的减值评估所依据的由 贵集团委聘的外部
估值师所编制的估值报告；
- ’ qualification,
experience and expertise and considering the
external valuers’ competence, objectivity and
independence;
•
评估外部估值师的资历、经验及专业知识，并考虑外部
估值师的能力、客观性与独立性；
• with the asistance of our internal valuation
specialists, asesing the valuation methodologies
aplied and the key parameters adopted in the
valuations, including estimated seling prices,
costs necesary to complete the development,
capitalisation rates and estimated rental values,
etc., on a sampling basis; and
•
在我们的内部估值专员协助下，抽样评估值所应用的
估值方法以及所采用的主要参数，包括就预估售价、完
成开发所需之成本、资本化率及估计租赁价值；及
KEY AUDIT MATERS (Continued)
| Key audit matter | How our audit addressed the key audit matter |
|---|
84Wang On Properties Limited • Anual Report 2025
Independent Auditor’s Report (Continued)
独立核数师报告（续）
关键审计事项（续）
关键审计事项我们之审计如何处理关键审计事项
Impairment asesment of interests in joint ventures (Continued)
于合营企业的权益的减值评估（续）
For those joint ventures engaged in property
development, the Group determines the recoverable
amount with reference to the estimated seling prices
and costs necesary to complete the development, if
any, and to sel the properties held by the respective
joint ventures.
就该等从事物业发展之合营企业而言， 贵集团参考各合营
企业持有之发展中物业之估计售价及完成开发（如有）及出
售各合营企业持有之物业所需成本。
For the purpose of the impairment asesment, the
Group has also engaged external valuers to perform
the valuations of certain of the properties under
development, properties held for sale and investment
properties held by the joint ventures as at 31 March
2025.
就减值评估而言， 贵集团亦已委聘外部估值师对联营公司
于二零二五年三月三十一日持有的若干发展中物业、持作
出售物业及投资物业的进行估值。
Based on the results of impairment tests, no
impairment los on interests in joint ventures was
considered necesary for the year ended 31 March
2025.
根据减值测试结果，截至二零二五年三月三十一日止年度，
被视为并无必要就于联营公司的权益计提减值亏损。
Our audit procedures to ases the impairment
asesment of interests in joint ventures included the
folowing: (Continued)
我们评估于合营企业的权益的减值评估的审计程序包括以下
程序：（续）
- , evaluating
the management’s development budgets with
reference to market data about estimated
construction costs, signed construction contracts
and/or construction costs of recently completed
projects, where aplicable, on a sampling basis.
•
就发展中物业而言，以抽样方式评估管理层的发展预
算，当中参考有关估计建筑成本、已签署的建筑合约
及╱或近期竣工项目的建筑成本（如适用）的市场数据。
KEY AUDIT MATERS (Continued)
| Key audit matter | How our audit addressed the key audit matter |
|---|
宏安地产有限公司
•
二零二五年报
Independent Auditor’s Report (Continued)
独立核数师报告（续）
关键审计事项（续）
关键审计事项我们之审计如何处理关键审计事项
Impairment asesment of interests in joint ventures (Continued)
于合营企业的权益的减值评估（续）
The impairment asesment of interests in joint
ventures has ben identified as a key audit mater due
to the materiality of the carying values of the interests
in joint ventures and the significant estimations
involved in the impairment asesment.
于合营企业的权益的减值评估被识别为关键审计事项是因
为于合营企业的权益的账面值重大以及减值评估涉及重大
估计。
The acounting policies and disclosures in relation to
the interests in joint ventures are included in notes 2.5,
3 and 18 to the consolidated financial statements.
有关于合营企业之权益之会计政策及披露载于综合财务报
表附注
2.5
、
及
。
KEY AUDIT MATERS (Continued)
86Wang On Properties Limited • Anual Report 2025
Independent Auditor’s Report (Continued)
独立核数师报告（续）
刊载于年报内其他信息
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之审计，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之香港
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
之重大错误陈述所需的内部监控负责。
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.
宏安地产有限公司
•
二零二五年报
Independent Auditor’s Report (Continued)
独立核数师报告（续）
核数师就审计综合财务报表承担之责任
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，并出具载有我们意见的核数师报告。我们遵照
百慕达一九八一年公司法第
条仅对全体股东作出
报告，除此以外，本报告并无其他用途。我们不会就
本报告的内容向任何其他人士负上或承担责任。
合理保证是高水平之保证，但不能保证按照《香港
审计准则》进行之审计，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该等综合
财务报表使用者依赖综合财务报表所作出的经济决
定，则有关错误陈述可被视作重大。
作为根据《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
适当之审计凭证，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，或凌驾于内部监控之上，因此未能发现因
欺诈而导致重大错误陈述的风险高于未能发
现因错误而导致重大错误陈述的风险。
•
了解与审计相关的内部监控，以设计适当的
审计程序，但目的并非对 贵集团内部监控
的有效性发表意见。
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable asurance about
whether the consolidated financial statements as a whole are
fre from material mistatement, whether due to fraud or eror,
and to isue an auditor’s report that includes our opinion. Our
report is made solely to you, as a body, in acordance with
section 90 of the Bermuda Companies Act 1981, and for no
other purpose. We do not asume responsibility towards or
acept liability to any other person for the contents of this
report.
Reasonable asurance is a high level of asurance, but is not a
guarante that an audit conducted in acordance with HKSAs
wil always detect a material mistatement when it exists.
Mistatements can arise from fraud or eror and are considered
material if, individualy or in the agregate, they could
reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial
statements.
As part of an audit in acordance with HKSAs, we exercise
profesional judgement and maintain profesional scepticism
throughout the audit. We also:
• Identify and ases the risks of material mistatement
of the consolidated financial statements, whether due
to fraud or eror, design and perform audit procedures
responsive to those risks, and obtain audit evidence that
is suficient and apropriate to provide a basis for our
opinion. The risk of not detecting a material mistatement
resulting from fraud is higher than for one resulting from
eror, as fraud may involve colusion, forgery, intentional
omisions, misrepresentations, or the overide of internal
control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
apropriate in the circumstances, but not for the purpose
of expresing an opinion on the efectivenes of the
Group’s internal control.
88Wang On Properties Limited • Anual Report 2025
Independent Auditor’s Report (Continued)
独立核数师报告（续）
核数师就审计综合财务报表承担之责任
（续）
作为根据《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：
（续）
•
评价董事所采用会计政策的恰当性及作出会
计估计和相关披露的合理性。
•
对董事采用持续经营会计基础的恰当性作出
结论，根据所获取之审计凭证，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 贵集团之持续经营能力产生重大
疑虑。如果我们认为存在重大不确定性，则有
必要在核数师报告中提请使用者注意综合财
务报表中的相关披露，假若有关的披露不足，
则我们应当发表非无保留意见。我们的结论
是基于截至核数师报告日期止所取得的审计
凭证。然而，未来事项或情况可能导致 贵集
团不能持续经营。
•
评价综合财务报表的整体列报方式、结构和
内容，包括披露，以及综合财务报表是否中肯
反映相关交易和事项。
•
规划及履行集团审计，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达成意见的基
础。我们负责就集团审计所进行的审计工作
的方向、监督及审阅。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
计中识别出内部监控之任何重大缺陷。
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (Continued)
As part of an audit in acordance with HKSAs, we exercise
profesional judgement and maintain profesional scepticism
throughout the audit. We also: (Continued)
• Evaluate the apropriatenes of acounting policies used
and the reasonablenes of acounting estimates and
related disclosures made by the directors.
- ’ use of
the going concern basis of acounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw atention in our auditor’s
report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the
Group to cease to continue as a going concern.
- , structure and content
of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a maner that achieves fair presentation.
• Plan and perform the group audit to obtain suficient
apropriate audit evidence regarding the financial
information of the entities or busines units within
the Group as a basis for forming an opinion on the
consolidated financial statements. We are responsible for
the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain
solely responsible for our audit opinion.
We comunicate with the Audit Comite regarding, among
other maters, the planed scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
宏安地产有限公司
•
二零二五年报
Independent Auditor’s Report (Continued)
独立核数师报告（续）
核数师就审计综合财务报表承担之责任
（续）
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，并与他们沟通可能
合理地被认为会影响我们独立性之所有关系和其他
事项，以及为消除对独立性有所威胁的行动或防范
措施（如适用）。
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之审计项目合伙人是黄卓强
先生（执业证书编号：
P05400
）。
安永会计师事务所
执业会计师
香港鲗鱼涌
英皇道
号
太古坊一座
楼
二零二五年六月三十日
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (Continued)
We also provide the Audit Comite with a statement that
we have complied with relevant ethical requirements regarding
independence and to comunicate with them al relationships
and other maters that may reasonably be thought to bear
on our independence, and where aplicable, actions taken to
eliminate threats or safeguards aplied.
From the maters comunicated with the Audit Comite, we
determine those maters that were of most significance in the
audit of the consolidated financial statements of the curent
period and are therefore the key audit maters. We describe
these maters in our auditor’s report unles law or regulation
precludes public disclosure about the mater or when, in
extremely rare circumstances, we determine that a mater
should not be comunicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such comunication.
The engagement partner on the audit resulting in this
independent auditor’s report is Mr. Wong Cheuk Keung
(practicing certificate number: P05400).
Ernst & Young
Certified Public Acountants
27/F, One Taiko Place
979 King’s Road
Quary Bay, Hong Kong
30 June 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
90Wang On Properties Limited • Anual Report 2025
附注千港元千港元
REVENUE
收入
51,254,591297,894
Cost of sales
销售成本
(1,115,360)(224,310)
Gros profit
毛利
139,23173,584
Other income and gains
其他收入及收益净额
543,18659,367
Seling and distribution expenses
销售及分销开支
(245,169)(83,700)
Administrative expenses
行政开支
(112,416)(104,686)
Other expenses
其他开支
6(7,063)(60,387)
Impairment loses on financial asets, net
金融资产减值亏损净额
6(3,803)(281)
Finance costs
融资成本
7(230,181)(181,010)
Fair value (loses)/gains on investment
properties, net
投资物业公平值（亏损）╱
收益净额
14(32,000)2,714
Fair value loses on financial asets
and liabilities at fair value through
profit or los, net
按公平值计入损益之
金融资产及负债之
公平值亏损净额
(6,762)(11,584)
Write-down of properties under
development, net
发展中物业之撇减净额
16–(692,355)
Write-down of properties held for sale
持作出售物业之撇减
17(229,273)–
Share of profits and loses of joint
ventures
应占合营企业之溢利及
亏损
(343,005)262,533
LOS BEFORE TAX
除税前亏损
6(1,027,255)(735,805)
Income tax expense
所得税开支
10(1,816)(6,268)
LOS FOR THE YEAR
本年度亏损
(1,029,071)(742,073)
OTHER COMPREHENSIVE
INCOME/(LOS)
其他全面收益╱（亏损）
Other comprehensive income/(los) that
may be reclasified to profit or los in
subsequent periods:
于其后期间可能重新分类
至损益之其他全面
收益╱（亏损）：
Debt investments at fair value through
other comprehensive income:
按公平值计入其他全面
收益之债务投资：
Changes in fair value
公平值变动
1,106(44,252)
Reclasification adjustments for loses
included in profit or los
计入损益之亏损之
重新分类调整
– los on disposal/redemption, net
－出售╱赎回之
亏损净额
–60,044
– impairment loses, net
－减值亏损净额
193,8031,220
Net other comprehensive income that
may be reclasified to profit or los in
subsequent periods
于其后期间可能重新分类
至损益之其他全面收益
净额
4,90917,012
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Consolidated Statement of Profit or Los and Other Comprehensive Income (Continued)
综合损益及其他全面收益表（续）
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
OTHER COMPREHENSIVE INCOME
FOR THE YEAR
本年度其他全面收益
4,90917,012
TOTAL COMPREHENSIVE LOS
FOR THE YEAR
本年度全面亏损总额
(1,024,162)(725,061)
Los atributable to:
应占亏损：
Owners of the parent
母公司拥有人
(976,892)(733,276)
Non-controling interests
非控股权益
(52,179)(8,797)
(1,029,071)(742,073)
Total comprehensive los atributable to:
应占全面亏损总额：
Owners of the parent
母公司拥有人
(971,983)(716,264)
Non-controling interests
非控股权益
(52,179)(8,797)
(1,024,162)(725,061)
LOS PER SHARE ATRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF
THE PARENT
母公司普通权益持有人
应占每股亏损
Basic and diluted
基本及摊薄
12(HK6.43 cents)
(6.43
港仙
)
(HK4.82 cents)
(4.82
港仙
)
附注千港元千港元
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
31 March 2025
二零二五年三月三十一日
92Wang On Properties Limited • Anual Report 2025
附注千港元千港元
NON-CURENT ASETS
非流动资产
Property, plant and equipment
物业、厂房及设备
1396,20586,687
Investment properties
投资物业
1439,00071,000
Club membership
俱乐部会籍
17,78017,780
Properties under development
发展中物业
16177,600243,600
Interests in joint ventures
于合营企业的权益
183,643,6863,855,629
Loan receivables
应收贷款
22–17,808
Deposits and other receivables
按金及其他应收款项
2316,90628,449
Financial asets at fair value through
profit or los
按公平值计入损益之
金融资产
20–775
Defered tax asets
递延税项资产
31–3,965
Total non-curent asets
总非流动资产
3,991,1774,325,693
CURENT ASETS
流动资产
Properties under development
发展中物业
161,129,0061,925,060
Properties held for sale
持作出售物业
171,500,9391,710,302
Trade receivables
应收账款
215,9422,336
Loan receivables
应收贷款
2217,808–
Prepayments, other receivables and
other asets
预付款项、其他应收款项
及其他资产
23223,586281,401
Cost of obtaining contracts
获得合约之成本
245,16218,443
Tax recoverable
可收回税项
2,9753,100
Debt investments at fair value through
other comprehensive income
按公平值计入其他全面
收益之债务投资
193,5922,486
Financial asets at fair value through
profit or los
按公平值计入损益之
金融资产
2036,04341,086
Cash and bank balances
现金及银行结余
25354,311722,742
3,279,3644,706,956
Asets of a disposal group clasified
as held for sale
分类为持作出售的一个
出售集团的资产
26–857,292
Total curent asets
总流动资产
3,279,3645,564,248
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Consolidated Statement of Financial Position (Continued)
综合财务状况表（续）
31 March 2025
二零二五年三月三十一日
附注千港元千港元
CURENT LIABILITIES
流动负债
Trade payables
应付账款
2750,099112,355
Other payables and acruals
其他应付款项及应计费用
28165,743214,464
Contract liabilities
合约负债
29160,99071,821
Interest-bearing bank and other
borowings
计息银行及其他借贷
30640,7053,149,757
Financial liabilities at fair value through
profit or los
按公平值计入损益之
金融负债
201,156–
Tax payable
应付税项
2,0614,284
1,020,7543,552,681
Liabilities of a disposal group clasified
as held for sale
分类为持作出售的一个
出售集团的负债
26–322,936
Total curent liabilities
总流动负债
1,020,7543,875,617
NET CURENT ASETS
流动资产净值
2,258,6101,688,631
TOTAL ASETS LES CURENT
LIABILITIES
总资产减流动负债
6,249,7876,014,324
NON-CURENT LIABILITIES
非流动负债
Financial liabilities at fair value through
profit or los
按公平值计入损益的
金融负债
204,419606
Other payables
其他应付款项
2813,089962
Interest-bearing bank and other
borowings
计息银行及其他借贷
302,808,7321,565,047
Defered tax liabilities
递延税项负债
Total non-curent liabilities
总非流动负债
2,826,8021,567,177
Net asets
资产净值
3,422,9854,447,147
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
94Wang On Properties Limited • Anual Report 2025
Consolidated Statement of Financial Position (Continued)
综合财务状况表（续）
31 March 2025
二零二五年三月三十一日
附注千港元千港元
EQUITY
权益
Equity atributable to owners
of the parent
母公司拥有人应占权益
Isued capital
已发行股本
3215,20015,200
Reserves
储备
343,463,4614,435,444
3,478,6614,450,644
Non-controling interests
非控股权益
(55,676)(3,497)
Total equity
权益总额
3,422,9854,447,147
Tang Ho HongYiu Chi Man
邓灏康姚智文
DirectorDirector
董事董事
| Attributable to owners of the parent | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 母公司拥有人应占 | |||||||||||
| Issued capital | Share premium | Contributed surplus | Capital reserve | Merger reserve | Fair value reserve (recycling) | Retained profits | Total | Non- controlling interests | Total equity | ||
| 公平值储备 | |||||||||||
| 已发行股本 HK$’000 | 股份溢价 HK$’000 | 实缴盈余 HK$’000 | 资本储备 HK$’000 | 合并储备 HK$’000 | （可划转） HK$’000 | 保留溢利 HK$’000 | 合计 HK$’000 | 非控股权益 HK$’000 | 权益总额 HK$’000 | ||
| 千港元 | 千港元 (note 34(i)) | 千港元 (note 34(ii)) | 千港元 (note 34(iii)) | 千港元 (note 34(iv)) | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 34(i) | 34(ii) | 34(iii) | 34(iv) | ||||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
宏安地产有限公司
•
二零二五年报
（附注）（附注）（附注）（附注）
At 1 April 2023
于二零二三年四月一日
15,200316,8891,553,914(310)(71)(23,829)3,409,9955,271,78810,9005,282,688
Los for the year
本年度亏损
–(733,276)(733,276)(8,797)(742,073)
Other comprehensive income/(los)
for the year:
本年度其他全面收益╱
（亏损）：
Debt investments at fair value
through other comprehensive
income:
按公平值计入其他全面
收益之债务投资：
Changes in fair value
公平值变动
–(44,252)–(44,252)–(44,252)
Reclasification adjustments for
loses included in profit or los
计入损益之亏损之重新
分类调整
– los on disposal/redemption,
net
－出售╱赎回亏损
净额
–60,044–60,044–60,044
– impairment loses, net
－减值亏损净额
–1,220–1,220–1,220
Total comprehensive income/(los)
for the year
本年度全面收益╱（亏损）
总额
–17,012(733,276)(716,264)(8,797)(725,061)
Dividend paid to a non-controling
shareholder
派付予非控股东之股息
–(5,600)(5,600)
2023 final dividend declared
and paid
已宣派及派付二零二三年
末期股息
–(104,880)(104,880)–(104,880)
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日
及二零二四年四月一日
15,200316,8891,553,914(310)(71)(6,817)2,571,8394,450,644(3,497)4,447,147
Los for the year
本年度亏损
–(976,892)(976,892)(52,179)(1,029,071)
Other comprehensive income
for the year:
本年度其他全面收益：
Debt investments at fair value
through other comprehensive
income:
按公平值计入其他全面
收益之债务投资：
Changes in fair value
公平值变动
–1,106–1,106–1,106
Reclasification adjustments for
loses included in profit or los
计入损益之亏损之重新
分类调整
– impairment loses, net
－减值亏损净额
–3,803–3,803–3,803
Total comprehensive income/(los)
for the year
本年度全面收益╱（亏损）
总额
–4,909(976,892)(971,983)(52,179)(1,024,162)
At 31 March 2025
于二零二五年三月三十一日
15,200316,8891,553,914(310)(71)(1,908)1,594,9473,478,661(55,676)3,422,985
* These reserve acounts comprise the consolidated reserves of
HK$3,463,461,000 (2024: HK$4,435,444,000) in the consolidated
statement of financial position.
*
该等储备账组成综合财务状况表内之综合储备
3,463,461,000
港元（二零二四年：
4,435,444,000
港
元）。
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
96Wang On Properties Limited • Anual Report 2025
附注千港元千港元
CASH FLOWS FROM OPERATING
ACTIVITIES
来自经营业务之现金流量
Los before tax
除税前亏损
(1,027,255)(735,805)
Adjustments for:
已调整以下各项：
Finance costs
融资成本
7230,181181,010
Interest income from bank deposits
银行存款之利息收入
5(6,643)(9,593)
Interest income from debt investments
at fair value through other
comprehensive income
按公平值计入其他全面
收益之债务投资之
利息收入
5–(10,934)
Interest income from financial asets
at fair value through profit or los
按公平值计入损益之
金融资产之利息收入
5–(5,184)
Dividend income from financial asets
at fair value through profit or los
按公平值计入损益之
金融资产之股息收入
5(362)(5,700)
Los on disposal of subsidiaries
出售附属公司之亏损
67,063343
Los on disposal/redemption of debts
investments at fair value through
other comprehensive income
出售╱赎回按公平值
计入其他全面收益的
债务投资之亏损
6–60,044
Share of profits and loses of
joint ventures
应占合营企业之溢利及
亏损
343,005(262,533)
Fair value loses/(gains) on investment
properties, net
投资物业之公平值
亏损╱（收益）净额
1432,000(2,714)
Fair value loses on financial asets
and liabilities at fair value through
profit or los, net
按公平值计入损益之
金融资产及负债
公平值亏损净额
6,76211,584
Impairment loses on financial asets,
net
金融资产之减值亏损
净额
63,803281
Depreciation of owned asets
自有资产折旧
Depreciation of right-of-use asets
使用权资产折旧
614,50913,810
Write-down of properties under
development, net
发展中物业之撇减净额
16–692,355
Write-down of properties held for sale
持作出售物业之撇减
17229,273–
(166,744)(72,131)
Decrease in properties held for sale
持作出售物业减少
1,023,596195,173
Increase in properties
under development
发展中物业增加
(90,824)(987,623)
(Increase)/decrease in trade receivables
应收账款（增加）╱减少
(3,606)5,867
Increase in loan receivables
应收贷款增加
–(9,679)
Decrease in prepayments, other
receivables and other asets
预付款项、其他应收款
项及其他资产减少
122,16361,717
Decrease/(increase) in cost of
obtaining contracts
取得合约之成本减少╱
（增加）
13,281(5,083)
(Decrease)/increase in trade payables
应付账款（减少）╱增加
(62,256)38,615
(Decrease)/increase in other payables
and acruals
其他应付款项及应计
费用（减少）╱增加
(5,543)24,435
Increase in contract liabilities
合约负债增加
89,16928,466
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Consolidated Statement of Cash Flows (Continued)
综合现金流量表（续）
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
附注千港元千港元
Cash generated from/(used in) operations
经营业务所得╱（所用）
现金
919,236(720,243)
Profits tax refund/(paid)
退还╱（已付）利得税
51(3,564)
Interest paid related to lease liabilities
与租赁负债相关之
已付利息
(1,045)(332)
Net cash flows from/(used in) operating
activities
经营业务所得╱（所用）
现金流量净额
918,242(724,139)
CASH FLOWS FROM INVESTING
ACTIVITIES
来自投资活动之现金流量
Interest received
已收利息
6,70232,804
Dividend income from financial asets
at fair value through profit or los
按公平值计入损益之
金融资产之股息收入
53625,700
Aditions to investment properties
添置投资物业
14–(86)
Subscription of club membership
俱乐部会籍费用
–(980)
Purchases of items of property,
plant and equipment
购入物业、厂房及设备
项目
13(97)(352)
Proceds from disposals of debt
investments at fair value through other
comprehensive income
出售按公平值计入其他
全面收益之债务投资之
所得款项
–61,703
Purchases of financial asets at fair value
through profit or los
购入按公平值计入损益之
金融资产
(18,556)(54,146)
Proceds from disposals/redemption of
financial asets at fair value through
profit or los
出售╱赎回按公平值计入
损益之金融资产所得
款项
19,49364,599
Proceds from disposal of subsidiaries
出售附属公司之所得款项
35210,20677,781
Investments in joint ventures
投资合营企业
(163,807)(114,397)
Return of capital from joint ventures
合营企业退还资本
103,981632
Repayments of loans by joint ventures
合营企业偿还贷款
114,49155,434
Cash advanced to joint ventures
预付予合营企业之现金
(59,562)(7,036)
Dividends received from joint ventures
已收合营企业之股息
115,24010,500
Decrease in non-pledged time deposits
with original maturity of over thre
months
原到期日超过三个月之
无抵押定期存款减少
–258,060
Deposits received for proposed disposal
of subsidiaries
建议出售附属公司收取之
订金
–19,927
Net cash flows from investing activities
投资活动所得现金流量
净额
328,453410,143
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
98Wang On Properties Limited • Anual Report 2025
Consolidated Statement of Cash Flows (Continued)
综合现金流量表（续）
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
附注千港元千港元
CASH FLOWS FROM FINANCING
ACTIVITIES
来自融资活动之现金流量
Interest paid
已付利息
(315,502)(256,525)
Principal portion of lease payments
租赁付款之本金部分
(10,416)(10,904)
New bank borowings
新增银行贷款
1,062,5321,873,693
Repayment of bank borowings
偿还银行贷款
(2,130,020)(1,587,381)
New other borowings
新增其他贷款
344,925820,755
Repayment of other borowings
偿还其他贷款
(569,500)(300,655)
Dividend paid
已付股息
–(104,880)
Dividend paid to a non-controling
shareholder
已付非控股东之股息
–(5,600)
Net cash flows (used in)/from financing
activities
融资活动（所用）╱所得
现金流量净额
(1,617,981)428,503
NET (DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS
现金及现金等同项目之
（减少）╱增加净额
(371,286)114,507
Cash and cash equivalents at begining
of year
年初现金及现金等同项目
725,597611,090
CASH AND CASH EQUIVALENTS AT
END OF YEAR
年终现金及现金等同项目
354,311725,597
ANALYSIS OF BALANCES OF CASH
AND CASH EQUIVALENTS
现金及现金等同项目之
结余分析
Cash and bank balances as stated in the
consolidated statement of financial
position
列入综合财务状况表之
现金及银行结余
25354,311722,742
Ad: Cash and bank balances of
a disposal group
加：一个出售集团之现金
及银行结余
26–2,855
Cash and cash equivalents as stated in the
consolidated statement of cash flows
列入综合现金流量表之
现金及现金等同项目
354,311725,597
NOTES TO FINANCIAL STATEMENTS
财务报表附注
31 March 2025
二零二五年三月三十一日
宏安地产有限公司
•
二零二五年报
1.
公司及集团资料
宏安地产有限公司（「本公司」）为在百慕达注
册成立之有限公司。本公司之注册办事处位
于
Clarendon House, 2 Church Stret, Hamilton
HM11, Bermuda
。本公司之主要营业地点位
于香港九龙九龙湾宏光道
号宏天广场
楼
室。
年内，本公司及其附属公司（统称「本集团」）主
要从事物业发展及买卖、物业投资及资产管
理业务。
本公司董事认为，
Earnest Spot Limited
（「
Earnest Spot
」）一间于英属维尔京群岛
（「英属维尔京群岛」）注册成立之公司）为
本公司之直接控股公司，而
Wang On Group
Limited
（宏安集团有限公司）（「宏安」）（一间于
百慕达注册成立并于香港联合交易所（「联交
所」）主板上市之公司）为本公司之最终控股公
司。
1. CORPORATE AND GROUP INFORMATION
Wang On Properties Limited (the “Company”) is a limited
liability company incorporated in Bermuda. The registered
ofice of the Company is located at Clarendon House, 2
Church Stret, Hamilton HM11, Bermuda. The principal
place of busines of the Company is located at Suite 3201,
32/F., Skyline Tower, 39 Wang Kwong Road, Kowlon Bay,
Kowlon, Hong Kong.
During the year, the Company and its subsidiaries
(colectively refered to as the “Group”) were principaly
engaged in the property development and trading,
property investment and aset management busineses.
In the opinion of the Company’s directors, Earnest Spot
Limited (“Earnest Spot”), a company incorporated in the
British Virgin Islands (“BVI”), is the imediate holding
company of the Company, and Wang On Group Limited
(“WOG”), a company incorporated in Bermuda and listed
on the Main Board of The Stock Exchange of Hong Kong
Limited (the “Stock Exchange”), is the ultimate holding
company of the Company.
| Name | Place of incorporation and business | Issued ordinary share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 名称 | 注册成立及营业地点 | 已发行普通股本 | 本公司应占 Direct | 权益百分比 Indirect | 主要业务 |
100Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
1.
公司及集团资料（续）
有关附属公司之资料
本公司主要附属公司之详情如下：
1. CORPORATE AND GROUP INFORMATION
(Continued)
Information about subsidiaries
Particulars of the Company’s principal subsidiaries are as
folows:
直接间接
Best Equity Limited*Hong KongOrdinary HK$1–100Property development
香港普通股
港元物业投资
City Concord LimitedHong KongOrdinary HK$1–100Property investment
世港有限公司香港普通股
港元物业投资
East Run Investments LimitedBVIOrdinary US$1–100Investment holding
英属维尔京群岛普通股
美元投资控股
Hony LimitedHong KongOrdinary HK$1–100Provision of aset
management
services
凯昕有限公司香港普通股
港元提供资产管理服务
Milion Famous Limited*Hong KongOrdinary HK$1–100Property development
美锋有限公司
*
香港普通股
港元物业发展
Miracle Cher LimitedBVIOrdinary US$1100–Investment holding
英属维尔京群岛普通股
美元投资控股
More Action Investments Limited*BVIOrdinary US$1–100Investment holding
英属维尔京群岛普通股
美元投资控股
| Name | Place of incorporation and business | Issued ordinary share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 名称 | 注册成立及营业地点 | 已发行普通股本 | 本公司应占 Direct | 权益百分比 Indirect | 主要业务 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
1.
公司及集团资料（续）
有关附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
直接间接
New Merit Limited*Hong KongOrdinary HK$1–100Property development
隆满有限公司
*
香港普通股
港元物业发展
Rich United Limited*Hong KongOrdinary HK$1–70Property development
荣特有限公司
*
香港普通股
港元物业发展
Sky Earth LimitedHong KongOrdinary HK$1–100Provision of financial
services
超雅有限公司香港普通股
港元提供金融服务
Sparkle Hope LimitedBVIOrdinary US$1–100Investment holding
英属维尔京群岛普通股
美元投资控股
Star Bonus LimitedHong KongOrdinary HK$1–100Property development
星仑有限公司香港普通股
港元物业发展
Star Union LtdHong KongOrdinary HK$1–100Property investment
新德联有限公司香港普通股
港元物业投资
Swift Prosper LimitedBVIOrdinary US$1–100Investment holding
迅盛有限公司英属维尔京群岛普通股
美元投资控股
Top Harmony LimitedHong KongOrdinary HK$1–100Property development
泰铿有限公司香港普通股
港元物业发展
Top Strong Investment LimitedHong KongOrdinary HK$1–100Securities investment
世强投资有限公司香港普通股
港元证券投资
1. CORPORATE AND GROUP INFORMATION
(Continued)
Information about subsidiaries (Continued)
Particulars of the Company’s principal subsidiaries are as
folows: (Continued)
| Name | Place of incorporation and business | Issued ordinary share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 名称 | 注册成立及营业地点 | 已发行普通股本 | 本公司应占 Direct | 权益百分比 Indirect | 主要业务 |
102Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
1.
公司及集团资料（续）
有关附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
*
本集团若干银行及其他贷款由该等附属公
司股权之股份押记作抵押（附注
）。
直接间接
Top Supreme LimitedHong KongOrdinary HK$1–100Property development
泰新有限公司香港普通股
港元物业发展
Twist Pioner LimitedBVIOrdinary US$1–100Securities investment
英属维尔京群岛普通股
美元证券投资
Vincent Investments LimitedHong KongOrdinary HK$2–100Property development
永宜投资有限公司香港普通股
港元物业发展
Wang On Aset Management
Limited
Hong KongOrdinary HK$1–100Provision of aset
management
services
宏安资产管理有限公司香港普通股
港元提供资产管理服务
Wang On Properties Services
Limited
Hong KongOrdinary HK$1–100Provision of
management
services
宏安地产服务有限公司香港普通股
港元提供管理服务
Wang On Services LimitedHong KongOrdinary HK$1–100Provision of
management
services
宏安服务有限公司香港普通股
港元提供管理服务
Wise Ocean International LimitedHong KongOrdinary HK$2–100Property holding
智洋国际有限公司香港普通股
港元持有物业
* Certain bank and other loans of the Group are secured by share
charges in respect of the equity interests in these subsidiaries
(note 30).
1. CORPORATE AND GROUP INFORMATION
(Continued)
Information about subsidiaries (Continued)
Particulars of the Company’s principal subsidiaries are as
folows: (Continued)
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
1.
公司及集团资料（续）
有关附属公司之资料（续）
年内已出售之附属公司详情于财务报表附注
概述。
本公司董事认为上表所列之本公司附属公司
为本年度业绩带来重大影响或为本集团资产
净值之主要部分。本公司董事认为详列其他
附属公司之资料将令篇幅过于冗长。
2.
会计政策
2.1
呈列基准
于二零二五年三月三十一日，本集团
计息银行及其他借贷之即期部分为
640,705,000
港元，而其现金及银行结余
为
354,311,000
港元。此外，截至二零二五
年三月三十一日止年度本集团录得年
度亏损
1,029,071,000
港元。
鉴于该等情况，本公司董事已审慎考虑
本集团未来流动资金及表现以及其可
用融资来源，以评估本集团是否有足
够财务资源履行其财务责任并自二零
二五年三月三十一日起继续持续经营
至少
个月。本集团已制定以下计划及
措施缓解流动资金压力及改善现金流
量：
1. CORPORATE AND GROUP INFORMATION
(Continued)
Information about subsidiaries (Continued)
Details of the subsidiaries disposed of during the year are
sumarised in note 35 to the financial statements.
The above table lists the subsidiaries of the Company
which, in the opinion of the directors of the Company,
principaly afected the results for the year or formed a
substantial portion of the net asets of the Group. To give
details of other subsidiaries would, in the opinion of the
directors of the Company, result in particulars of excesive
length.
2. ACOUNTING POLICIES
2.1 Basis of presentation
As at 31 March 2025, the Group’s curent portion
of interest-bearing bank and other borowings
amounted to HK$640,705,000, while its cash and bank
balances amounted to HK$354,311,000. In adition,
the Group recorded a los of HK$1,029,071,000 for
the year ended 31 March 2025.
In view of such circumstances, the directors of the
Company have given careful consideration to the
future liquidity and performance of the Group and
its available sources of finance in asesing whether
the Group wil have suficient financial resources to
fulfil its financial obligations and continue as a going
concern for at least 12 months from 31 March 2025.
The Group has formulated the folowing plans and
measures to mitigate the liquidity presure and to
improve its cash flows:
104Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.1
呈列基准（续）
(a)
本集团正积极与其现有贷款人磋
商，以合理成本为具有指定还款
日期之一年内到期现有银行借贷
进行再融资。本公司管理层相信，
根据本集团与银行的关系及其成
功进行再融资贷款的过往记录，
本集团将能够于银行借贷到期时
为其进行再融资，并于需要时获
得新的银行融资。此外，根据与银
行的持续讨论，董事认为相关贷
款人不会根据相关贷款协议行使
其权利要求本集团于还款日期之
前立即偿还任何重大借贷。于报
告期后及截至该等综合财务报表
批准日期，本集团已收到多间贷
款机构有关总额约
416,400,000
港
元之新银行贷款之条款书，以就
本集团的现有银行贷款进行重新
融资。
(b)
于二零二五年三月三十一日，本
集团已成功获现有贷款机构同意
豁免遵守截至二零二五年三月
三十一日止年度本集团有关利息
保障比率的财务契诺要求。本集
团将继续监察其所有借款及融资
项下的其他契诺规定的合规情
况。
2. ACOUNTING POLICIES (Continued)
2.1 Basis of presentation (Continued)
(a) The Group is actively negotiating with its
existing lenders on the refinancing of existing
bank borowings with scheduled repayment
dates due within one year at a reasonable cost.
The management of the Company believes
that the Group wil be able to refinance its
bank borowings when they become due and
obtain new bank facilities as neded based on
the Group’s relationship with the banks and
its historical record of sucesfuly refinancing
loans. In adition, based on the ongoing
discusions with banks, the directors believe
that the relevant lenders wil not exercise their
rights to request the Group for imediate
repayment of any significant borowings prior
to their repayment dates in acordance with
the relevant loan agrements. Subsequent
to the reporting period and up to the date
of aproval of these consolidated financial
statement, the Group received term shets
from various lenders on new bank borowings
with an agregate amount of HK$416,400,000
for refinancing the Group’s existing bank
borowings.
(b) As at 31 March 2025, the Group has sucesfuly
obtained consents from its existing lenders
to waive the Group’s financial covenants
compliance requirement on the interest
coverage ratio for the year ended 31 March
2025. The Group wil also continue to monitor
its compliance with the other covenant
requirements of al its borowings and facilities.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.1
呈列基准（续）
(c)
于二零二五年三月三十一日，
本集团尚未动用银行融资
138,131,000
港元以用于支付其物
业发展项目之建筑成本，且本公
司管理层相信，本集团将能够履
行其对本集团承包商╱供应商所
有付款义务，并满足启动预售及
完成相关物业项目之余下施工
作以完成交付的全部必要条件。
(d)
本集团一直与潜在买家就变现
若干资产（物业项目）积极进行
磋商，以改善本集团之流动资
金。于报告期结束后，本集团已
与若干独立第三方订立协议，以
出售若干资产，现金代价总额为
110,520,000
港元，该等出售事项
的进一步详情载于财务报表附注
。本集团将继续寻求机会以合
理价格出售其项目及资产，以产
生现金流入并缓解流动资金压
力。
(e)
本集团将继续采取措施，加快预
售及销售发展中物业及竣工物
业，及催促收回未收销售所得款
项。
2. ACOUNTING POLICIES (Continued)
2.1 Basis of presentation (Continued)
(c) As at 31 March 2025, the Group has unutilised
banking facilities of HK$138,131,000 for the
payment of construction costs of its properties
development projects and the management of
the Company believes that the Group wil be
able to fulfil al its payment obligations to the
Group’s contractors/vendors and met al of the
necesary conditions to launch the pre-sale and
complete the remaining construction work for
property delivery of the relevant projects.
(d) The Group has ben in active negotiations with
potential buyers for the realisation of certain
asets (properties projects) to improve the
Group’s liquidity. Subsequent to the end of
the reporting period, the Group has entered
into agrements with certain independent
third parties for the disposal of certain
asets at an agregate cash consideration of
HK$110,520,000 and further details of these
disposals are set out in note 43 to the financial
statements. The Group wil continue to sek
oportunities to dispose of its projects and
asets at reasonable prices to generate cash
inflows and mitigate its liquidity presure.
(e) The Group wil continue to implement measures
to acelerate the pre-sales and sales of its
properties under development and completed
properties, and to sped up the colection of
outstanding sales proceds.
106Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.1
呈列基准（续）
(f)
本公司之最终控股公司宏安已书
面同意向本集团提供持续财务支
援，在本集团有能力偿还且不损
害其流动资金及财务状况之前不
会要求偿还到期款项。宏安已向
本集团提供本金额为
500,000,000
港元之备用贷款融资，其中
100,000,000
港元已于二零二五年
三月三十一日动用。
(g)
本集团将继续采取积极措施控制
行政成本及资本支出。
本公司董事已审阅管理层编制之本集
团现金流量预测。现金流量预测涵盖自
报告期末起至少
个月之期间。本公司
董事认为，考虑到上述计划及措施，本
集团将有足够营运资金为其营运提供
资金，并履行自报告期末起未来
个月
内到期之财务义务。因此，本公司董事
信纳，按持续经营基准编制本集团截至
二零二五年三月三十一日止年度之综
合财务报表乃属适当。
2. ACOUNTING POLICIES (Continued)
2.1 Basis of presentation (Continued)
(f) WOG, the ultimate holding company of the
Company, has agred in writing to provide
continual financial suport to the Group and not
to demand repayment of the amounts due to it
until such time when the Group is in a position
to repay without impairing its liquidity and
financial position. WOG has provided to the
Group a standby facility with a principal amount
of HK$500,000,000, of which HK$100,000,000
has ben utilised as at 31 March 2025.
(g) The Group wil continue to take active measures
to control administrative costs and capital
expenditure.
The directors of the Company have reviewed the
Group’s cash flow forecast prepared by management.
The cashflow forecast covers a period of at least
12 months from the end of the reporting period.
The directors of the Company are of the opinion
that, taking into acount the abovementioned
plans and measures, the Group wil have suficient
working capital to finance its operations and met its
financial obligations as and when they fal due within
the next 12 months from the end of the reporting
period. Acordingly, the directors of the Company
are satisfied that it is apropriate to prepare the
consolidated financial statements of the Group for
the year ended 31 March 2025 on a going concern
basis.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.1
呈列基准（续）
倘本集团无法实现上述计划及措施并
持续经营，则必须进行调整，以将本集
团资产之账面值撇减至其可收回金额，
就可能产生之任何进一步负债作出拨
备以及将非流动资产及非流动负债分
别重新分类为流动资产及流动负债。该
等调整之影响并无反映于该等综合财
务报表中。
2.2
编制基准
该等财务报表乃根据香港会计师公会
（「香港会计师公会」）颁布之香港财务
报告准则会计准则（其包括所有香港财
务报告准则、香港会计准则（「香港会计
准则」）及诠释）及香港公司条例之披露
规定编制。除按公平值计量之投资物
业、按公平值计入其他全面收益之债务
投资及按公平值计入损益之金融资产
╱负债外，该等财务报表乃根据历史成
本法编制。持作出售之出售集团按其账
面值与公平值减出售成本两者之较低
者列账，进一步详情载于附注
2.5
。除另
有注明者外，该等财务报表以港元（「港
元」）呈列，而所有数值均凑整至最接近
千位数。
2. ACOUNTING POLICIES (Continued)
2.1 Basis of presentation (Continued)
Should the Group be unable to achieve the above-
mentioned plans and measures and operate as a
going concern, adjustments would have to be made
to write down the carying values of the Group’s
asets to their recoverable amounts, to provide
for any further liabilities which might arise, and
to reclasify non-curent asets and non-curent
liabilities as curent asets and curent liabilities,
respectively. The efects of these adjustments have
not ben reflected in these consolidated financial
statements.
2.2 Basis of preparation
These financial statements have ben prepared in
acordance with HKFRS Acounting Standards (which
include al Hong Kong Financial Reporting Standards,
Hong Kong Acounting Standards (“HKASs”) and
Interpretations) as isued by the Hong Kong Institute
of Certified Public Acountants (“HKICPA”) and
the disclosure requirements of the Hong Kong
Companies Ordinance. They have ben prepared
under the historical cost convention, except for
investment properties, debt investments at fair value
through other comprehensive income and financial
asets/liabilities at fair value through profit or los,
which have ben measured at fair value. Disposal
group held for sale are stated at the lower of their
carying amounts and fair values les costs to sel
as further explained in note 2.5. These financial
statements are presented in Hong Kong dolars
(“HK$”) and al values are rounded to the nearest
thousand except when otherwise indicated.
108Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.2
编制基准（续）
综合基准
综合财务报表包括本公司及其附属公
司截至二零二五年三月三十一日止年
度之财务报表。附属公司为本公司直接
或间接控制之实体（包括结构性实体）。
当本集团享有或有权收取参与投资对
象业务所得之可变回报，且能透过对投
资对象之权力（即赋予本集团现有能力
主导投资对象相关活动之既存权利）影
响该等回报时，即取得控制权。
一般而言，大部分投票权会导致控制权
的推定。倘本公司拥有投资对象之投票
或类似权利少于大多数，则本集团于评
估其是否对投资对象拥有权力时，会考
虑一切相关事实及情况，包括：
(a)
与投资对象其他投票持有人之合
约安排；
(b)
其他合约安排所产生之权利；及
(c)
本集团之投票权及潜在投票权。
附属公司按与本公司相同之报告期间
使用贯彻一致之会计政策编制财务报
表。附属公司之业绩自本集团取得控制
权之日开始综合入账，并继续综合入账
直至有关控制权终止之日为止。
2. ACOUNTING POLICIES (Continued)
2.2 Basis of preparation (Continued)
Basis of consolidation
The consolidated financial statements include
the financial statements of the Company and its
subsidiaries for the year ended 31 March 2025. A
subsidiary is an entity (including a structured entity),
directly or indirectly, controled by the Company.
Control is achieved when the Group is exposed, or
has rights, to variable returns from its involvement
with the investe and has the ability to afect those
returns through its power over the investe (i.e.,
existing rights that give the Group the curent ability
to direct the relevant activities of the investe).
Generaly, there is a presumption that a majority of
voting rights results in control. When the Company
has les than a majority of the voting or similar rights
of an investe, the Group considers al relevant facts
and circumstances in asesing whether it has power
over an investe, including:
(a) the contractual arangement with the other vote
holders of the investe;
(b) rights arising from other contractual
arangements; and
(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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.2
编制基准（续）
综合基准（续）
损益及其他全面收益各组成部分乃归
属于本集团母公司拥有人及非控股权
益，即使此举引致非控股权益出现亏绌
结余。有关本集团成员公司间交易之所
有集团内公司间资产及负债、权益、收
入、开支及现金流量均于综合账目时全
数抵销。
倘有事实及情况显示上文所述三个控
制权元素中有一个或多个元素出现变
动，则本集团将重新评估是否仍控制
投资对象。附属公司之拥有权益变动
（并无丧失控制权）被视为股本交易入
账。
倘本集团失去对附属公司之控制权，则
终止确认相关资产（包括商誉）、负债、
任何非控股权益及汇兑波动储备；并
确认所保留任何投资之公平值及损益
表中任何因此产生之盈余或亏绌。先前
于其他全面收益内确认之本集团应占
部分重新分类至损益或保留溢利（如适
当），所依据之基准与本集团直接出售
相关资产或负债所需依据者相同。
2. ACOUNTING POLICIES (Continued)
2.2 Basis of preparation (Continued)
Basis of consolidation (Continued)
Profit or los and each component of other
comprehensive income are atributed to the owners
of the parent of the Group and to the non-controling
interests, even if this results in the non-controling
interests having a deficit balance. Al intra-group
asets and liabilities, equity, income, expenses and
cash flows relating to transactions betwen members
of the Group are eliminated in ful on consolidation.
The Group reaseses whether or not it controls an
investe if facts and circumstances indicate that there
are changes to one or more of the thre elements of
control described above. A change in the ownership
interest of a subsidiary, without a los of control, is
acounted for as an equity transaction.
If the Group loses control over a subsidiary, it
derecognises the related asets (including godwil),
liabilities, any non-controling interest and the
exchange fluctuation reserve; and recognises the fair
value of any investment retained and any resulting
surplus or deficit in profit or los. The Group’s share
of components previously recognised in other
comprehensive income is reclasified to profit or
los or retained profits, as apropriate, on the same
basis as would be required if the Group had directly
disposed of the related asets or liabilities.
110Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.3
会计政策及披露之变动
本集团已于本年度之财务报表首次采
纳下列新订及经修订香港财务报告准
则。
香港财务报告准则
第
号（修订本）
售后回租之租赁
负债
香港会计准则第
号
及香港财务报告
准则第
号
（修订本）
供应商融资安排
适用于本集团的经修订香港财务报告
准则会计准则的性质及影响如下：
(a)
香港财务报告准则第
号（修订
本）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。由于自首
次应用香港财务报告准则第
号
之日起，本集团并无发生并非取
决于指数或利率的可变租赁付款
额的售后租回交易，因此该修订
本对本集团的财务状况或表现并
无任何影响。
(b)
香港会计准则第
号及香港财务报
告准则第
号（修订本）澄清供应商
融资安排之特征，并要求对该等
安排作出额外披露。修订本之披
露要求旨在协助财务报表使用者
了解供应商融资安排对于实体的
负债、现金流量及流动资金风险
敞口之影响。由于本集团并无供
应商融资安排，故该修订本对本
集团财务报表并无任何影响。
2. ACOUNTING POLICIES (Continued)
2.3 Changes in acounting policies and
disclosures
The Group has adopted the folowing revised HKFRS
Acounting Standards for the first time for the curent
year’s financial statements.
Amendments to
HKFRS 16
Lease Liability in a Sale and
Leaseback
Amendments to
HKAS 7 and
HKFRS 7
Suplier Finance Arangements
The nature and the impact of the revised HKFRS
Acounting Standards are described below:
(a) Amendments to HKFRS 16 specify the
requirements that a seler-lese uses in
measuring the lease liability arising in a sale and
leaseback transaction to ensure the seler-lese
does not recognise any amount of the gain or
los that relates to the right of use it retains.
Since the Group has no sale and leaseback
transactions with variable lease payments that
do not depend on an index or a rate ocuring
from the date of initial aplication of HKFRS
16, the amendments did not have any impact
on the financial position or performance of the
Group.
(b) Amendments to HKAS 7 and HKFRS 7
clarify the characteristics of suplier finance
arangements and require aditional disclosure
of such arangements. The disclosure
requirements in the amendments are intended
to asist users of financial statements in
understanding the efects of suplier finance
arangements on an entity’s liabilities, cash flows
and exposure to liquidity risk. As the Group
does not have suplier finance arangements,
the amendments did not have any impact on
the Group’s financial statements.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.4
已颁布但尚未生效之香港财务报
告准则会计准则
本集团并未于该等财务报表内应用下
列已颁布但尚未生效之新订及经修订
香港财务报告准则会计准则。本集团拟
于该等新订及经修订香港财务报告准
则会计准则生效时予以应用（如适用）。
香港财务报告准则
第
号
财务报表的呈列及披露
香港财务报告准则
第
号
不具公共问责性之附属
公司：披露
香港财务报告准则
第
号及香港财
务报告准则第
号
（修订本）
金融工具之分类及计量
（修订本）
香港财务报告准则
第
号及香港财
务报告准则第
号
（修订本）
涉及依赖自然能源生产电力
的合约
香港财务报告准
则第
号及
香港会计准则
第
号（修订本）
投资者与其联营公司或合营
企业之间之资产出售或
注资
香港会计准则
第
号（修订本）
缺乏可兑换性
香港财务报告准则
会计准则的年度
改进－第
册
香港财务报告准则
第
号、香港财务报告
准则第
号、香港财务
报告准则第
号、香港
财务报告准则第
号及
香港会计准则第
号
（修订本）
二零二五年一月一日或之后开始的
年度期间生效2
二零二六年一月一日或之后开始的
年度期间生效3
二零二七年一月一日或之后开始的
年度╱报告期间生效4.
尚未厘定强制生效日期，惟可供采
纳
预期适用于本集团之该等香港财务报
告准则会计准则之进一步资料载述如
下。
2. ACOUNTING POLICIES (Continued)
2.4 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 21
Lack 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
Further information about those HKFRS Acounting
Standards that are expected to be aplicable to the
Group is described below.
112Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.4
已颁布但尚未生效之香港财务报
告准则会计准则（续）
香港财务报告准则第
号取代香港会计
准则第
号财务报表的呈列。香港财务
报告准则第
号保留香港会计准则第
号的多个条文，仅作出少量改动，惟对
损益表的呈列引入新规定，包括指定的
总计及小计项目。实体须将损益表内的
所有收入及开支分类为以下五个类别
之一：经营类、投资类、融资类、所得税
类及已终止经营业务类，并呈列两个新
界定的小计项目。另外，亦要求在一个
独立的附注中披露管理层界定的业绩
指标，并对主要财务报表及附注中的资
料归类（汇总及分拆）及列报位置引入更
严格的规定。先前包含在香港会计准则
第
号中的若干规定已移至香港会计准
则第
号会计政策、会计估计变更及错
误中，并更名为香港会计准则第
号财
务报表的编制基准。由于香港财务报告
准则第
号的颁布，香港会计准则第
号
现金流量表、香港会计准则第
号每股
盈利及香港会计准则第
号中期财务报
告作出有限但广泛适用的修订。此外，
其他香港财务报告准则会计准则亦作
出轻微的相应修订。香港财务报告准则
第
号及其他香港财务报告准则会计准
则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，并可提早
采用。该等修订应追溯应用。本集团现
正分析新规定及评估香港财务报告准
则第
号对本集团财务报表的呈列及披
露的影响。
2. ACOUNTING POLICIES (Continued)
2.4 Isued but not yet efective HKFRS
acounting standards (Continued)
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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.4
已颁布但尚未生效之香港财务报
告准则会计准则（续）
香港财务报告准则第
号允许合资格
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
号综合财务报表所界定的附
属公司，且毋须作出公共问责，并须拥
有一间编制符合香港财务报告准则会
计准则的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
号。本公司若干附属公司正考虑于其特
定财务报表中应用香港财务报告准则
第
号。
香港财务报告准则第
号及香港财务报
告准则第
号（修订本）金融工具的分类
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同现金流
量特征。此外，该等修订厘清具有无追
索权特征的金融资产及合同挂钩工具
的分类规定。该等修订亦包括指定以公
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
团财务报表产生任何重大影响。
2. ACOUNTING POLICIES (Continued)
2.4 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.
114Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.4
已颁布但尚未生效之香港财务报
告准则会计准则（续）
香港财务报告准则第
号及香港财务报
告准则第
号（修订本）涉及依赖自然能
源生产电力的合约澄清「自用」的适用要
求，并修订将范围内合约作为现金流量
对冲关系中的对冲工具处理的指定要
求。该等修订亦包括额外的披露，以使
财务报表使用者能够了解该等合约对
实体财务业绩及未来现金流量的影响。
该等修订中与自用豁免有关的规定应
追溯适用。以前的期间不需要重述，只
能在不使用后见之明的情况下重述。自
首次适用之日起或之后，与对冲会计相
关的修订应前瞻性地适用于指定的新
对冲关系。允许提前适用。香港财务报
告准则第
号及香港财务报告准则第
号
之修订应同时适用。预期该等修订不会
对本集团财务报表造成任何重大影响。
香港财务报告准则第
号及香港会计准
则第
号之修订本解决香港财务报告准
则第
号及香港会计准则第
号之间对
于处理投资者及其联营公司或合营企
业之间的资产出售或注资的规定的不
一致性。该等修订本规定于投资者及其
联营公司或合营企业之间的资产出售
或注资构成一项业务时，悉数确认下游
交易产生之收益或亏损。就不构成业务
的资产交易而言，交易所产生的收益或
亏损仅以无关连的投资者于该联营公
司或合营企业的权益为限，于投资者的
损益中确认。该等修订本将获前瞻性应
用。香港会计师公会剔除香港财务报告
准则第
号及香港会计准则第
号之修
订本的先前强制生效日期。然而，该等
修订本现时可供采纳。
2. ACOUNTING POLICIES (Continued)
2.4 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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.4
已颁布但尚未生效之香港财务报
告准则会计准则（续）
香港会计准则第
号的修订明实体
应如何评估一种货币是否可兑换为另
一种货币，以及在缺乏可兑换性的情况
下，实体应如何估计量日期的即期
汇率。该等修订要求披露资料，使财务
报表使用者能够了解货币不可兑换的
影响。允许提早应用。在应用该等修订
时，实体不得重列比较资料。首次应用
该等修订的任何累计影响应确认为对
留存利润期初结余的调整，或对首次应
用当日在权益的单独组成部分累计的
换算差额的累计金额的调整（如适用）。
预期该等修订不会对本集团的财务报
表造成任何重大影响。
香港财务报告准则之会计准则之年度
改进－第
册载列香港财务报告准则第
号、香港财务报告准则第
号（及随附
之香港财务报告准则第
号实施指引）、
香港财务报告准则第
号、香港财务报
告准则第
号及香港会计准则第
号之
修订。预期适用于本集团的修订详情如
下：
2. ACOUNTING POLICIES (Continued)
2.4 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:
116Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.4
已颁布但尚未生效之香港财务报
告准则会计准则（续）
•
香港财务报告准则第
号金融工
具：披露：该等修订已更新香港
财务报告准则第
号第
B38
及香港
财务报告准则第
号实施指引第
IG1
、
IG14
及
IG20B
段之若干措辞，
以简化或达致与准则其他段落及
╱或其他准则所用概念及词汇一
致。此外，该等修订阐明香港财务
报告准则第
号之实施指引无需阐
明香港财务报告准则第
号之参考
段落之所有规定，亦无产生额外
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造成
任何重大影响。
•
香港财务报告准则第
号金融工
具：该等修订阐明，当承租人根据
香港财务报告准则第
号厘定租赁
负债已终止时，承租人须应用香
港财务报告准则第
号第
3.3.3
段，
并在损益中确认所产生之任何收
益或亏损。此外，该等修订已更新
香港财务报告准则第
号第
5.1.3
段
及香港财务报告准则第
号附录
A
的若干措辞，以消除可能出现的
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造成
任何重大影响。
2. ACOUNTING POLICIES (Continued)
2.4 Isued but not yet efective HKFRS
acounting standards (Continued)
- : 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.
- : 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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.4
已颁布但尚未生效之香港财务报
告准则会计准则（续）
•
香港财务报告准则第
号综合财
务报表：修订阐明香港财务报告
准则第
号第
B74
段所述的关系只
是投资者与作为投资者实际代理
的其他各方之间可能存在的各种
关系的一个例子，从而消除了与
香港财务报告准则第
号
B73
段规
定的不一致之处。允许提早应用。
预期该等修订不会对本集团的财
务报表构成任何重大影响。
•
香港会计准则第
号现金流量表：
香港会计准则第
号第
段删除
「成本法」的定义后，有关修订以
「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造成任何影
响。
2.5
重大会计政策
于合营企业之投资
合营企业指一种合营安排，对安排拥有
共同控制权之订约方据此对合营企业
之资产净值拥有权利。共同控制指按照
合约协定对一项安排所共有之控制，共
同控制仅在有关活动要求享有共同控
制权之订约方作出一致同意之决定时
存在。
本集团于合营企业之投资乃按本集团
根据权益会计法应占资产净值减任何
减值亏损于综合财务状况表列账。倘出
现任何不相符之会计政策，即会作出调
整加以修正。
2. ACOUNTING POLICIES (Continued)
2.4 Isued but not yet efective HKFRS
acounting standards (Continued)
- :
The amendments clarify that the relationship
described in paragraph B74 of HKFRS 10 is just
one example of various relationships that might
exist betwen the investor and other parties
acting as de facto agents of the investor, which
removes the inconsistency with the requirement
in paragraph B73 of HKFRS 10. Earlier
aplication is permited. The amendments are
not expected to have any significant impact on
the Group’s financial statements.
- : The
amendments replace the term “cost method”
with “at cost” in paragraph 37 of HKAS 7
folowing the prior deletion of the definition of
“cost method”. Earlier aplication is permited.
The amendments are not expected to have any
impact on the Group’s financial statements.
2.5 Material acounting policies
Investments in joint ventures
A joint venture is a type of joint arangement whereby
the parties that have joint control of the arangement
have rights to the net asets of the joint venture. Joint
control is the contractualy agred sharing of control
of an arangement, which exists only when decisions
about the relevant activities require the unanimous
consent of the parties sharing control.
The Group’s investments in joint ventures are
stated in the consolidated statement of financial
position at the Group’s share of net asets under the
equity method of acounting, les any impairment
loses. Adjustments are made to bring into line any
disimilar acounting policies that may exist.
118Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
于合营企业之投资（续）
本集团应占合营企业收购后业绩及其
他全面收益分别计入损益及其他全面
收益。此外，倘于合营企业之权益直接
确认出现变动，则本集团会于综合权益
变动表确认其应占任何变动（倘适用）。
本集团与其合营企业间交易之未变现
收益及亏损将以本集团于合营企业之
投资为限对销，惟倘未变现亏损为所转
让资产减值之凭证则除外。收购合营企
业所产生之商誉计入作本集团于合营
企业投资之一部分。
失去对合营企业之共同控制权后，本集
团按公平值计量及确认任何保留投资。
失去共同控制权后合营企业之账面值
与保留投资及出售所得款项之公平值
之间任何差额于损益确认。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Investments in joint ventures (Continued)
The Group’s share of the post-acquisition results and
other comprehensive income of joint ventures are
included in profit or los and other comprehensive
income, respectively. In adition, when there has
ben a change recognised directly in the equity of
the joint venture, the Group recognises its share of
any changes, when aplicable, in the consolidated
statement of changes in equity. Unrealised gains and
loses resulting from transactions betwen the Group
and joint ventures are eliminated to the extent of
the Group’s investments in the joint ventures, except
where unrealised loses provide evidence of an
impairment of the asets transfered. Godwil arising
from the acquisition of joint ventures is included as
part of the Group’s investments in joint ventures.
Upon los of joint control over the joint venture,
the Group measures and recognises any retained
investment at its fair value. Any diference betwen
the carying amount of joint venture upon los of joint
control and the fair value of the retained investment
and proceds from disposal is recognised in profit or
los.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
公平值计量
本集团于各报告期末计量其投资物业、
按公平值计入其他全面收益之债务投
资及按公平值计入损益的金融资产╱
负债。公平值为市场参与者于计量日期
在有序交易中出售资产所收取或转让
负债所支付之价格。公平值计量乃假设
出售资产或转让负债之交易于资产或
负债主要市场或（在无主要市场情况下）
资产或负债最具优势市场进行。主要或
最具优势市场须为本集团可进入之市
场。资产或负债之公平值乃基于市场参
与者为资产或负债定价时所用之假设
计量（假设市场参与者依照彼等之最佳
经济利益行事）。
非金融资产之公平值计量计及市场参
与者通过使用该资产之最高及最佳用
途或将该资产出售予将使用其最高及
最佳用途之另一市场参与者而产生经
济效益之能力。
本集团采纳适用于不同情况且具备充
分数据以供计量公平值之估值方法，以
尽量使用相关可观察输入数据及尽量
减少使用不可观察输入数据。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Fair value measurement
The Group measures its investment properties,
debt investments at fair value through other
comprehensive income and financial asets/liabilities
at fair value through profit or los at fair value at
the end of each reporting period. Fair value is the
price that would be received to sel an aset or
paid to transfer a liability in an orderly transaction
betwen market participants at the measurement
date. The fair value measurement is based on the
presumption that the transaction to sel the aset or
transfer the liability takes place either in the principal
market for the aset or liability, or in the absence
of a principal market, in the most advantageous
market for the aset or liability. The principal or the
most advantageous market must be acesible by
the Group. The fair value of an aset or a liability
is measured using the asumptions that market
participants would use when pricing the aset or
liability, asuming that market participants act in their
economic best interest.
A fair value measurement of a non-financial aset
takes into acount a market participant’s ability to
generate economic benefits by using the aset in
its highest and best use or by seling it to another
market participant that would use the aset in its
highest and best use.
The Group uses valuation techniques that are
apropriate in the circumstances and for which
suficient data are available to measure fair value,
maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
120Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
公平值计量（续）
公平值于财务报表计量或披露之所有
资产及负债乃基于对公平值计量整体
而言属重大之最低层输入数据按下述
公平值等级分类：
第一层
－
基于相同资产或负债于活
跃市场之报价（未经调整）
第二层
－
基于对公平值计量而言属
重大之可观察（直接或间接）
最低层输入数据之估值方
法
第三层
－
基于对公平值计量而言属
重大之不可观察最低层输
入数据之估值方法
就按经常性基准于财务报表确认之资
产及负债而言，本集团透过于各报告期
末重新评估分类（基于对公平值计量整
体而言属重大之最低层输入数据），厘
定不同等级之间是否发生转移。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Fair value measurement (Continued)
Al asets and liabilities for which fair value is
measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described
as folows, based on the lowest level input that is
significant to the fair value measurement as a whole:
Level 1 – based on quoted prices (unadjusted)
in active markets for identical asets or
liabilities
Level 2 – based on valuation techniques for which
the lowest level input that is significant to
the fair value measurement is observable,
either directly or indirectly
Level 3 – based on valuation techniques for which
the lowest level input that is significant
to the fair value measurement is
unobservable
For asets and liabilities that are recognised in the
financial statements on a recuring basis, the Group
determines whether transfers have ocured betwen
levels in the hierarchy by reasesing categorisation
(based on the lowest level input that is significant to
the fair value measurement as a whole) at the end of
each reporting period.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
非金融资产之减值
倘有迹象显示出现减值，或当需要对非
金融资产（递延税项资产、发展中物业、
持作出售物业、投资物业及分类为持作
出售的一个出售集团除外）作年度减值
测试，则估计资产之可收回金额。资产
之可收回金额为资产或现金产生单位
之使用价值与其公平值减销售成本之
较高者，并就个别资产厘定，除非资产
并无产生大致独立于其他资产或资产
组别所得现金流入之现金流入，则在此
情况下，将厘定资产所属现金产生单位
之可收回金额。
对现金产生单位进行减值测试时，倘可
按合理及一致的基准分配，则部分企业
资产的账面值会分配至个人现金产生
单位，否则分配至最小的现金产生单位
组别。
减值亏损仅于资产之账面值超过其可
收回金额时确认。在评估使用价值时，
估计未来现金流量以税前贴现率贴现
至其现值，有关利率反映目前资金时间
值之市场评估及资产之特定风险。减值
亏损乃在其产生期间自损益中与减值
资产功能相符之该等开支类别扣除。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Impairment of non-financial asets
Where an indication of impairment exists, or when
anual impairment testing for a non-financial
aset is required (other than defered tax asets,
properties under development, properties held for
sale, investment properties and a disposal group
clasified as held for sale), the aset’s recoverable
amount is estimated. An aset’s recoverable amount
is the higher of the aset’s or cash-generating unit’s
value in use and its fair value les costs of disposal,
and is determined for an individual aset, unles the
aset does not generate cash inflows that are largely
independent of those from other asets or groups
of asets, in which case the recoverable amount is
determined for the cash-generating unit to which the
aset belongs.
In testing a cash-generating unit for impairment, a
portion of the carying amount of a corporate aset
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 in
those expense categories consistent with the function
of the impaired aset.
122Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
非金融资产之减值（续）
于各报告期末，将评估是否有任何迹象
显示先前确认之减值亏损可能已不再
存在或已减少。倘出现有关迹象，则估
计可收回金额。先前确认之资产（除商
誉外）减值亏损，仅会于用以厘定资产
可收回金额之估计有变动时拨回，惟拨
回之金额不可超过假使该项资产在过
往年度未获确认减值亏损时原应厘定
之账面值（扣除任何折旧╱摊销）。拨回
减值亏损于拨回期间计入损益。
关联人士
倘一方为以下人士，则会被视为与本集
团有关联：
(a)
该方为个人或该人士之直属家庭
成员，而该人士
(i)
控制本集团或共同控制本
集团；
(i)
对本集团发挥重大影响力；
或
(i)
为本集团或其母公司之主
要管理人员其中一名成员；
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Impairment of non-financial asets (Continued)
An asesment is made at the end of each reporting
period as to whether there is an indication that
previously recognised impairment loses may
no longer exist or may have decreased. If such
an indication exists, the recoverable amount is
estimated. A previously recognised impairment los
of an aset other than godwil is reversed only if
there has ben a change in the estimates used to
determine the recoverable amount of that aset,
but not to an amount higher than the carying
amount that would have ben determined (net of
any depreciation/amortisation) had no impairment
los ben recognised for the aset in prior years. A
reversal of such an impairment los is credited to
profit or los in the period in which it arises.
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;
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
关联人士（续）
倘一方为以下人士，则会被视为与本集
团有关联：（续）
或
(b)
该方为任何以下条件适用之实体：
(i)
该实体与本集团属同一集
团之成员公司；
(i)
一实体为另一实体（或另一
实体之母公司、附属公司或
同系附属公司）之联营公司
或合营企业；
(i)
该实体与本集团为同一第
三方之合营企业；
(iv)
一实体为一第三方之合营
企业，而另一实体为该名第
三方之联营公司；
(v)
该实体为本集团或与本集
团有关连的实体就雇员福
利设立之离职后福利计划；
(vi)
该实体由
(a)
所识别人士控制
或共同控制；
(vi)
于
(a)(i)
所识别人士对该实体
有重大影响或属该实体（或
该实体母公司）主要管理人
员其中一名成员；及
(vi)
该实体或其所属集团内任
何成员公司为本集团或其
母公司提供主要管理人员
服务。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Related parties (Continued)
A party is considered to be related to the Group if:
(Continued)
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
(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.
124Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
物业、厂房及设备以及折旧
物业、厂房及设备包括符合物业、厂房
及设备定义的自有资产及使用权资产，
乃按成本减累计折旧及任何减值亏损
列账。自有物业、厂房及设备项目之成
本包括其购买价格及任何令资产达至
其运作状况及工作地点作其拟定用途
之直接应占成本。
物业、厂房及设备项目投入使用后所产
生之开支（例如维修及保养费用）一般于
产生期间自损益扣除。如属达成确认条
件之情况，主要检查之开支于资产账面
值中拨充资本为一项重置。如物业、厂
房及设备之重要部分须每隔一段时间
重置，则本集团会按特定可使用年期确
认该等部分为个别资产，并相应进行折
旧。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Property, plant and equipment and depreciation
Property, plant and equipment included owned
asets and right-of-use asets which met the
definition of property, plant and equipment and
are stated at cost les acumulated depreciation
and any impairment loses. The cost of an item of
owned 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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
物业、厂房及设备以及折旧（续）
使用权资产于租赁开始日期（即相关资
产可供使用日期）确认。使用权资产（符
合投资物业之定义者除外）按成本减累
计折旧及任何减值亏损计量，并可就任
何租赁负债重新计量予以调整。使用权
资产的成本包括已确认租赁负债金额、
已产生初始直接成本以及于开始日期
或之前所作出租赁付款减任何已收取
租赁优惠。倘适用，使用权资产的成本
亦包括清拆及移除相关资产或复原相
关资产或其所处位置的估计成本。倘租
赁资产的拥有权于租期完结前转让予
本集团，或成本反映购买权获行使，则
使用资产的估计可使用年期计算折旧。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Property, plant and equipment and depreciation
(Continued)
Right-of-use asets are recognised at the
comencement date of the lease (that is the date
the underlying aset is available for use). Right-of-
use asets (other than those met the definition
of an investment property) 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. If ownership of the leased aset is transfered
to the Group by the end of the lease term or the
cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful
life of the aset.
126Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
物业、厂房及设备以及折旧（续）
折旧乃按各自有物业、厂房及设备项目
于其估计可使用年期以直线法计算，以
撇销其成本值至余值。使用权资产（其
拥有权将不会转让予本集团）于资产的
租期及估计可使用年期（以较短者为准）
内按直线法折旧。就折旧所采用之主要
年率如下：
自有资产：
楼宇于
年的租期内
租赁物业装修
1/3
%
或于租期内
（以较短者为准）
家私、装置及
办公设备
15%
至
50%
汽车
20%
电脑设备
15%
至
33%
使用权资产：
租赁土地于
年的租期内
楼宇于
至
个月的
租期内
告示牌于
至
个月的
租期内
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Property, plant and equipment and depreciation
(Continued)
Depreciation is calculated on the straight-line basis
to write of the cost of each item of owned property,
plant and equipment to its residual value over its
estimated useful life. Right-of-use asets (ownership
of which wil not be transfered to the Group) are
depreciated on a straight-line basis over the shorter
of the lease terms and the estimated useful lives
of the asets. The principal anual rates used for
depreciation are as folows:
Owned asets:
BuildingsOver the lease terms of
30 years
Leasehold improvement33
1/3
% or over the lease
terms, whichever is
shorter
Furniture, fixtures and
ofice equipment
15% to 50%
Motor vehicles20%
Computer equipment15% to 33%
Right-of-use asets:
Leasehold landOver the lease terms of
30 years
BuildingsOver the lease terms of
24 to 48 months
SignagesOver the lease terms of
14 to 24 months
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
物业、厂房及设备以及折旧（续）
倘自有物业、厂房及设备项目之各部分
有不同可使用年期，该项目成本将按合
理基础于各部分间分配，而每部分将作
个别折旧。余值、可使用年期及折旧法
至少于各财政年结日予以检讨并作调整
（如适当）。
包括初始确认重大部分之物业、厂房及
设备项目于出售或当预期不会从其使
用或出售获取未来经济利益时终止确
认。于终止确认资产年度之损益确认之
出售或报废所得任何盈亏为销售所得
款项净额与相关资产账面值之差额。
投资物业
投资物业为持作赚取租金收入及╱或
资本升值的所持土地及楼宇（包括使用
权资产）的权益。该等物业最初按成本
（包括交易成本）计量。于首次确认后，
投资物业乃按公平值列账，并反映于报
告期末的市况。
投资物业之公平值变动所产生之收益
或亏损计入产生年度之损益。
报废或出售投资物业之任何收益或亏
损在报废或出售年度在损益确认。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Property, plant and equipment and depreciation
(Continued)
Where parts of an item of owned 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
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.
Investment properties
Investment properties are interests in land and
buildings (including right-of-use asets) held to earn
rental income and/or for capital apreciation. Such
properties are measured initialy at cost, including
transaction costs. Subsequent to initial recognition,
investment properties are stated at fair value, which
reflects market conditions at the end of the reporting
period.
Gains or loses arising from changes in the fair values
of investment properties are included in profit or los
in the year in which they arise.
Any gains or loses on the retirement or disposal of
an investment property are recognised in profit or
los in the year of the retirement or disposal.
128Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
持作出售非流动资产及出售组别
倘非流动资产及出售组别的账面值将
主要通过出售交易而非通过持续使用
来收回，则分类为持作出售。于此种情
况下，资产或出售组别须能够在现况下
可供立即出售（仅须遵守出售此类资产
或出售组别的一般和习惯条款）且其出
售的可能性极大。分类为出售组别的附
属公司的所有资产及负债均重新分类
为持作出售，无论本集团是否于出售后
保留其前附属公司的非控制性权益。
分类为持作出售的非流动资产及出售
组别（投资物业及金融资产除外），按其
账面值与公平值减出售成本中的较低
者计量。分类为持作出售的物业、厂房
及设备（包括使用权资产）及无形资产及
无需进行折旧或摊销。
发展中物业
发展中物业以成本值及可变现净值两
者中之较低者列账，包括建筑工程成
本、借贷成本、专业费用、土地使用权付
款及在发展期内产生由该等物业直接
应占之其他成本。可变现净值根据个别
物业的现行市场价格及估计建筑工程
成本及进行销售所需成本估计。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Non-curent asets and disposal groups held for
sale
Non-curent asets and disposal groups are clasified
as held for sale if their carying amounts wil be
recovered principaly through a sales transaction
rather than through continuing use. For this to be the
case, the aset or disposal group must be available
for imediate sale in its present condition subject
only to terms that are usual and customary for the
sale of such asets or disposal groups and its sale
must be highly probable. Al asets and liabilities
of a subsidiary clasified as a disposal group are
reclasified as held for sale regardles of whether the
Group retains a non-controling interest in its former
subsidiary after the sale.
Non-curent asets and disposal groups (other than
investment properties and financial asets) clasified
as held for sale are measured at the lower of their
carying amounts and fair values les costs to sel.
Property, plant and equipment (including right-of-use
asets) and intangible asets clasified as held for sale
are not depreciated or amortised.
Properties under development
Properties under development are stated at the
lower of cost and net realisable value and comprise
construction costs, borowing costs, profesional
fes, payments for land use rights and other costs
directly atributable to such properties incured
during the development period. Net realisable value
is estimated based on the prevailing market prices
and estimated construction cost and costs necesary
to make the sale on an individual property basis.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
发展中物业（续）
发展中物业分类为流动资产，除非有关
物业发展项目之建筑工程预期需要超
过正常营运周期方可完成，则作别论。
竣工后，物业转拨至持作出售之竣工物
业。
发展中项目竣工前，就预售发展中物业
已收及应收买家之销售按金╱分期付
款均计入合约负债。
倘使用权资产与持作发展中物业之租
赁土地权益相关，随后根据本集团发展
中物业政策按成本与可变现净值中的
较低者计算。
持作出售物业
持作出售物业乃按成本值及可变现净
值两者中之较低者列账。成本值按未出
售物业应占总土地及楼宇成本比例厘
定。可变现净值由本公司董事根据当时
市场价格及进行销售所需成本按个别
物业进行估计。
当使用权资产与持作出售之竣工物业
之租赁土地权益相关时，本集团根据持
作出售之竣工物业政策其后按成本与
可变现净值中较低者计量。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Properties under development (Continued)
Properties under development are clasified
as curent asets unles the construction of the
relevant property development project is expected
to complete beyond the normal operating cycle.
On completion, the properties are transfered to
completed properties held for sale.
Sales deposits/instalments received and receivable
from purchasers in respect of the pre-sale of
properties under development prior to completion of
the development are included in contract liabilities.
When the right-of-use asets relate to interests
in leasehold land held as properties under
development, they are subsequently measured at the
lower of cost and net realisable value in acordance
with the Group’s policy for properties under
development.
Properties held for sale
Properties held for sale are stated at the lower of
cost and net realisable value. Cost is determined
by an aportionment of the total land and building
costs atributable to unsold properties. Net realisable
value is estimated by the Company’s directors based
on the prevailing market prices and estimated costs
necesary to make the sale on an individual property
basis.
When the right-of-use asets relate to interests in
leasehold land and held as completed properties
held for sale, they are subsequently measured at the
lower of cost and net realisable value in acordance
with the Group’s policy for completed properties held
for sale.
130Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
俱乐部会籍
已获得俱乐部会籍于初始确认时按成
本计量，其使用年期被评估为无限。
俱乐部会籍每年进行减值测试，毋须进
行摊销。由于本集团可无限期使用会
籍，因此其被认为具有无限可使用年
期，因此于每年重新评估厘定其可使用
年期为有限后，方可进行摊销。因此，每
年均会对其可使用年期进行审阅，以厘
定无限可使用年期评估是否仍持续适
合。倘不适合，可使用年期评估则会由
无限更改为有限，并按预期基准入账。
租赁
本集团于合约开始时评估合约是否属
于或包含租赁。倘合约授予权利在一段
时期内控制已识别资产的使用以换取
代价，则该合约属租赁或包含租赁。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Club membership
Club membership acquired is measured on initial
recognition at cost and its useful life is asesed to be
indefinite.
Club membership is tested for impairment anualy
and not amortised. It is considered as having an
indefinite useful life as there is no time limit for which
the Group can use the membership, and therefore it
wil not be amortised until its useful life is determined
to be finite upon reasesment anualy. Acordingly,
its useful life is reviewed anualy to determine
whether the indefinite life asesment continues to
be suportable. If not, the change in the useful life
asesment from indefinite to finite is acounted for
on a prospective basis.
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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
租赁（续）
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。本集团确认
作出租赁付款的租赁负债及使用权资
产，即使用相关资产的权利。当使用权
资产与发展中物业及持作出售物业的
租赁土地权益相关时，其后根据本集团
的「发展中物业」及「持作出售物业」政策
按成本与可变现净值的较低者计量。符
合投资物业定义的使用权资产初始按
成本计量，其后根据本集团的「投资物
业」政策按公平值计量。其他使用权资
产计入物业、厂房及设备，其会计政策
载于上文「物业、厂房及设备以及折旧」
政策。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Leases (Continued)
Group as a lese
The Group aplies a single recognition and
measurement aproach for al leases, except for
short-term leases. The Group recognises lease
liabilities to make lease payments and right-of-use
asets representing the right to use the underlying
asets. When the right-of-use asets relate to
interests in leasehold land held as properties under
development and properties held for sale, they are
subsequently measured at the lower of cost and net
realisable value in acordance with the Group’s policy
for “properties under development” and “properties
held for sale”. The right-of-use asets which met
the definition of investment property are initialy
measured at cost and subsequently measured at
fair value in acordance with the Group’s policy for
“Investment properties”. Other right-of-use asets
are included in property, plant and equipment,
the acounting policy of which are included in the
policy for “Property, plant and equipment and
depreciation” above.
132Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
租赁（续）
本集团作为承租人（续）
(a)
租赁负债
租赁负债在租赁开始日期以租赁
年期内将予作出的租赁付款的现
值确认。租赁付款包括固定付款
（包括实质固定付款）减任何应收
租赁优惠、基于指数或利率的可
变租赁付款及根据剩余价值担保
预期支付款项。租赁付款亦包括
合理确定将由本集团行使的购买
选择权的行使价及为终止租赁而
支付的罚款（倘租赁期反映本集团
正行使终止权）。并非基于指数或
利率的可变租赁付款将在导致付
款的事件或条件所发生期间确认
为开支。
在计算租赁付款的现值时，本集
团使用租赁开始日期的增量借贷
利率，乃由于租赁中隐含的利率
不易厘定。在开始日期后，租赁
负债的金额予以增加以反映利息
的累增，并就已作出的租赁付款
予以减少。此外，如有修改、租赁
年期发生变化、租赁付款出现变化
（例如：租赁付款日后因指数或
利率变动出现变动）或相关资产的
购买选择权评估出现变化，则重
新计量租赁负债的账面值。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Leases (Continued)
Group as a lese (Continued)
(a) Lease liabilities
Lease liabilities are recognised at the
comencement date of the lease at the present
value of lease payments to be made over
the lease term. The lease payments include
fixed payments (including in-substance fixed
payments) les any lease incentives receivable,
variable lease payments that depend on an
index or a rate, and amounts expected to be
paid under residual value guarantes. The
lease payments also include the exercise price
of a purchase option reasonably certain to
be exercised by the Group and payments of
penalties for termination of a lease, if the lease
term reflects the Group exercising the option
to terminate the lease. The variable lease
payments that do not depend on an index or a
rate are recognised as an expense in the period
in which the event or condition that trigers the
payment ocurs.
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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
租赁（续）
本集团作为承租人（续）
(a)
租赁负债（续）
本集团之租赁负债计入综合财务
状况表之其他应付款项及应计费
用。
(b)
短期租赁及低价值资产租赁
本集团将短期租赁确认豁免应用
于短期租赁（即租赁年期为自开始
日期起计
个月或以下，并且不
包含购买选择权的该等租赁）。当
本集团订立低价值资产租赁时，
本集团会决定是否按租赁基准资
本化该租赁。短期租赁及低价值
资产租赁的租赁款项在租赁年期
内按直线法确认为开支。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Leases (Continued)
Group as a lese (Continued)
(a) Lease liabilities (Continued)
The Group’s lease liabilities are included in
other payables and acruals in the consolidated
statement of financial position.
(b) Short-term leases and leases of low-value asets
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). When
the Group enters into a lease in respect of a
low-value aset, the Group decides whether to
capitalise the lease on a lease-by-lease basis.
Lease payments on short-term leases and
leases of low-value asets are recognised as an
expense on a straight-line basis over the lease
term.
134Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
租赁（续）
本集团作为出租人
当本集团作为出租人时，在租赁开始时
（或当有租赁修订时）将其各租赁分类为
经营租赁或融资租赁。
本集团并未转让资产所有权所附带的
绝大部分风险及回报的租赁分类为经
营租赁。当合约包含租赁及非租赁组成
部分时，本集团以相对独立售价为基准
将合约中的代价分配予各组成部分。租
金收入于租赁年期内按直线法列账并
因其经营性质计入损益。于磋商及安排
经营租赁时产生的初始直接成本乃计
入租赁资产的账面值，并于租赁年期内
按相同基准确认为租金收入。或然租金
乃于所赚取的期间内确认为收入。
凡将相关资产拥有权附带之绝大部分
回报及风险转移至承租人之租赁均列
为融资租赁。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Leases (Continued)
Group as a lesor
When the Group acts as a lesor, it clasifies at lease
inception (or when there is a lease modification) each
of its leases as either an operating lease or a finance
lease.
Leases in which the Group does not transfer
substantialy al the risks and rewards incidental to
ownership of an aset are clasified as operating
leases. When a contract contains lease and non-lease
components, the Group alocates the consideration
in the contract to each component on a relative
stand-alone seling price basis. Rental income is
acounted for on a straight-line basis over the
lease term and is included in profit or los due to
its operating nature. Initial direct costs incured in
negotiating and aranging an operating lease are
aded to the carying amount of the leased aset and
recognised over the lease term on the same basis as
rental income. Contingent rents are recognised as
revenue in the period in which they are earned.
Leases that transfer substantialy al the risks and
rewards incidental to ownership of an underlying
asets to the lese are acounted for as finance
leases.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
投资及其他金融资产
初始确认及计量
金融资产在初始确认时乃分类为其后
按摊销成本、按公平值计入其他全面收
益及按公平值计入损益计量。
于初始确认时，金融资产分类取决于金
融资产的合约现金流量特点及本集团
管理该等金融资产的业务模式。除并无
重大融资成分或本集团已应用不调整
重大融资成分影响的可行权宜方法的
应收账款外，本集团初始按公平值加上
（倘金融资产并非按公平值计入损益）
交易成本计量金融资产。并无重大融资
成分或本集团已应用可行权宜方法的
应收账款按下文所载有关「收入确认」之
政策根据香港财务报告准则第
号厘定
的交易价格计量。
为使金融资产按摊销成本或按公平值
计入其他全面收益分类及计量，其需
产生纯粹为支付本金及未偿还本金利息
（「
SPI
」）的现金流量。现金流量并非
SPI
之金融资产，无论业务模式如何皆
分类为按公平值计入损益并按此计量。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Investments and other financial asets
Initial recognition and measurement
Financial asets are clasified, at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income, and fair value
through profit or los.
The clasification of financial asets at initial
recognition depends on the financial aset’s
contractual cash flow characteristics and the Group’s
busines model for managing them. With the
exception of trade receivables that do not contain
a significant financing component or for which
the Group has aplied the practical expedient of
not adjusting the efect of a significant financing
component, the Group initialy measures a financial
aset at its fair value, plus in the case of a financial
aset not at fair value through profit or los,
transaction costs. Trade receivables that do not
contain a significant financing component or for
which the Group has aplied the practical expedient
are measured at the transaction price determined
under HKFRS 15 in acordance with the policies set
out for “Revenue recognition” below.
In order for a financial aset to be clasified and
measured at amortised cost or fair value through
other comprehensive income, it neds to give rise
to cash flows that are solely payments of principal
and interest (“SPI”) on the principal amount
outstanding. Financial asets with cash flows that are
not SPI are clasified and measured at fair value
through profit or los, irespective of the busines
model.
136Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
投资及其他金融资产（续）
初始确认及计量（续）
本集团管理金融资产的业务模式指其
如何管理其金融资产以产生现金流量。
业务模式确定现金流量是否来自收集
合约现金流量、出售金融资产，或两者
兼有。按摊销成本分类及计量之金融资
产乃于旨在持有金融资产以收取合约
现金流量之业务模式中持有，而分类及
计量为按公平值计入其他全面收益之
金融资产乃于旨在持有金融资产以收
取合约现金流量以及变卖之业务模式
中持有。并非于上述业务模式中持有之
金融资产乃分类及计量为按公平值计
入损益。
须按照市场规定或惯例通常规定的期
间内交付资产的金融资产购买或出售
乃于交易日（即本集团承诺购买或出售
该资产的日期）予以确认。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Investments and other financial asets (Continued)
Initial recognition and measurement (Continued)
The Group’s busines model for managing financial
asets refers to how it manages its financial asets
in order to generate cash flows. The busines
model determines whether cash flows wil result
from colecting contractual cash flows, seling the
financial asets, or both. Financial asets clasified
and measured at amortised cost are held within a
busines model with the objective to hold financial
asets in order to colect contractual cash flows, while
financial asets clasified and measured at fair value
through other comprehensive income are held within
a busines model with the objective of both holding
to colect contractual cash flows and seling. Financial
asets which are not held within the aforementioned
busines models are clasified and measured at fair
value through profit or los.
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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
投资及其他金融资产（续）
其后计量
金融资产按其分类的其后计量如下：
按摊销成本列账之金融资产（债务工
具）
按摊销成本列账之金融资产其后使用
实际利息法计量，视乎减值而定。收益
及亏损在资产被终止确认、修改或减值
时在损益确认。
按公平值计入其他全面收益之金融资
产（债务投资）
就按公平值计入其他全面收益之债务
投资而言，利息收入、外汇重估及减值
亏损或拨回于损益中确认，并与按摊销
成本计量的金融资产相同的方式计算。
其余公平值变动于其他全面收益中确
认。终止确认后，于其他全面收益确认
的累计公平值变动将重新划转至损益。
按公平值计入损益之金融资产
按公平值计入损益之金融资产按公平
值于综合财务状况表列账，而公平值变
动净额于损益中确认。该类别包括衍生
工具。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Investments and other financial asets (Continued)
Subsequent measurement
The subsequent measurement of financial asets
depends on their clasification as folows:
Financial asets at amortised cost (debt instruments)
Financial asets at amortised cost are subsequently
measured using the efective interest method
and are subject to impairment. Gains and loses
are recognised in profit or los when the aset is
derecognised, modified or impaired.
Financial asets at fair value through other
comprehensive income (debt investments)
For debt investments at fair value through other
comprehensive income, interest income, foreign
exchange revaluation and impairment loses
or reversals are recognised in profit or los and
computed in the same maner as for financial asets
measured at amortised cost. The remaining fair value
changes are recognised in other comprehensive
income. Upon derecognition, the cumulative fair
value change recognised in other comprehensive
income is recycled to profit or los.
Financial asets at fair value through profit or los
Financial asets at fair value through profit or los
are caried in the consolidated statement of financial
position at fair value with net changes in fair value
recognised in profit or los. This category includes
derivative instruments.
138Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
终止确认金融资产
金融资产（或倘适用，作为金融资产或
类似金融资产组别一部分）主要在下列
情况会终止确认（即从本集团综合财务
状况表中删除）：
•
从资产收取现金流量之权利已届
满；或
•
本集团转让从资产收取现金流量
之权利，或已承担根据「过手」安排
而在并无重大延误下悉数将已获
取现金流量支付有关第三者之责
任；及
(a)
本集团已将资产之绝大
部分风险及回报转让，或
(b)
本集
团并无转让或保留资产之绝大部
分风险及回报，但已转让资产之
控制权。
倘本集团已转让从资产收取现金流量
之权利或已订立过手安排，本集团会评
估是否及在多大程度上保留拥有资产
的风险及回报。倘本集团并无转让或保
留资产之绝大部分风险及回报，亦无转
让资产之控制权，本集团于该资产之持
续参与继续确认已转让资产。在该情况
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保留权利
及责任之基准下计量。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Derecognition of financial asets
A financial aset (or, where aplicable, a part of a
financial aset or part of a group of similar financial
asets) is primarily derecognised (i.e., removed from
the Group’s consolidated statement of financial
position) when:
• 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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
终止确认金融资产（续）
持续参与指就已转让资产作出的一项
担保，按该项资产的原账面值与本集团
或须偿还的最高代价的较低者计量。
金融资产减值
本集团确认对并非持作按公平值计入
损益的所有债务工具预期信贷亏损（「预
期信贷亏损」）的拨备。预期信贷亏损乃
基于根据合约到期的合约现金流量与
本集团预期收取的所有现金流量之间
的差额而厘定，并以原实际利率的近似
值贴现。预期现金流量将包括出售所持
抵押的现金流量或组成合约条款的其
他信贷提升措施。
一般方法
预期信贷亏损分两个阶段确认。就初始
确认以来信贷风险并无大幅增加的信
贷敞口而言，会为未来
个月（
个月
预期信贷亏损）可能发生的违约事件所
产生的信贷亏损计提预期信贷亏损拨
备。就初始确认以来信贷风险大幅增加
的信贷敞口而言，须就预期于敞口的余
下年期产生的信贷亏损计提减值拨备，
不论违约的时间（全期预期信贷亏损）。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Derecognition of financial asets (Continued)
Continuing involvement that takes the form of a
guarante over the transfered aset is measured at
the lower of the original carying amount of the aset
and the maximum amount of consideration that the
Group could be required to repay.
Impairment of financial asets
The Group recognises an alowance for expected
credit loses (“ECLs”) for al debt instruments not
held at 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).
140Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
金融资产减值（续）
一般方法（续）
于各报告日期，本集团评估自初始确认
起金融工具的信贷风险是否显著增加。
于进行评估时，本集团将金融工具于报
告日期发生的违约风险与金融工具于
初始确认日期发生的违约风险进行比
较，并考虑无需过多成本或努力即可得
之合理且可证明的资料，包括历史及前
瞻性资料。本集团认为，当合约付款逾
期超过
日时，信贷风险已大幅增加。
倘合约付款逾期
日，则本集团认为金
融资产违约。然而，在若干情况下，倘内
部或外部资料反映，在计及本集团持有
的任何信贷提升措施前，本集团不大可
能悉数收取未偿还合约款项，则本集团
亦可认为金融资产违约。
就按公平值计入其他全面收益的债务
投资而言，本集团采用低信贷风险简化
法。于各报告日期，本集团使用所有合
理及有理据而毋须付出不必要成本或
努力获得之资料评估债务投资是否被
认为具有较低的信贷风险。于作出该项
评估时，本集团重新评估债务投资的外
部信贷评级。
倘无法合理预期收回合约现金流量，则
撇销金融资产。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Impairment of financial asets (Continued)
General aproach (Continued)
At each reporting date, the Group aseses whether
the credit risk on a financial instrument has increased
significantly since initial recognition. When making
the asesment, the Group compares the risk of
a default ocuring on the financial instrument
as at the reporting date with the risk of a default
ocuring on the financial instrument as at the date
of initial recognition and considers reasonable and
suportable information that is available without
undue cost or efort, including historical and forward-
loking information. The Group considers that there
has ben a significant increase in credit risk when
contractual payments are more than 30 days past
due.
The Group considers a financial aset in default when
contractual payments are 90 days past due. However,
in certain cases, the Group may also consider a
financial aset to be in default when internal or
external information indicates that the Group is
unlikely to receive the outstanding contractual
amounts in ful before taking into acount any credit
enhancements held by the Group.
For debt investments at fair value through other
comprehensive income, the Group aplies the low
credit risk simplification. At each reporting date,
the Group evaluates whether the debt investments
are considered to have low credit risk using al
reasonable and suportable information that is
available without undue cost or efort. In making that
evaluation, the Group reaseses the external credit
ratings of the debt investments.
A financial aset is writen of when there is no
reasonable expectation of recovering the contractual
cash flows.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
金融资产减值（续）
一般方法（续）
按公平值计入其他全面收益之债务投
资及以摊销成本计量的金融资产根据
一般方式须予减值，并按以下为计量预
期信贷亏损的阶段分类，惟应用简化法
的应收账款及合约资产除外。
第
阶段
－
金融工具的信贷风险自初
始确认后并未显著增加，且
亏损拨备按相等于
个月预
期信贷亏损金额计量
第
阶段
－
金融工具的信贷风险自初
始确认后显著增加，惟其并
非已发生信贷减值的金融
资产，且亏损拨备按相等于
全期预期信贷亏损金额计
量
第
阶段
－
金融资产于报告日期为信
贷减值（惟其并非购买或原
已发生信贷减值的），且亏
损拨备按相等于全期预期
信贷亏损金额计量
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Impairment of financial asets (Continued)
General aproach (Continued)
Debt investments at fair value through other
comprehensive income and financial asets at
amortised cost are subject to impairment under the
general aproach and they are clasified within the
folowing stages for measurement of ECLs except for
trade receivables and contract asets which aply the
simplified aproach as detailed below.
Stage 1 – Financial instruments for which credit
risk has not increased significantly since
initial recognition and for which the los
alowance is measured at an amount equal
to 12-month ECLs
Stage 2 – Financial instruments for which credit
risk has increased significantly since
initial recognition but that are not credit-
impaired financial asets and for which the
los alowance is measured at an amount
equal to lifetime ECLs
Stage 3 – Financial asets that are credit-impaired
at the reporting date (but that are not
purchased or originated credit-impaired)
and for which the los alowance is
measured at an amount equal to lifetime
ECLs
142Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
金融资产减值（续）
简化方式
就不包含重大融资成分或本集团已应
用实际权宜法不调整重大融资成分之
影响的应收账款而言，本集团于计算预
期信贷亏损时应用简化方式。根据该简
化方法，本集团并无追踪信贷风险的变
化，反而于各报告日期根据全期预期信
贷亏损确认亏损拨备。本集团构建了一
个基于过往信贷亏损经验（已就债务人
和经济环境的特定前瞻性因素作出调
整）的拨备矩阵模型。
就包含重大融资成分及应收租赁的应
收账款而言，本集团选择采用简化方式
计算预期信贷亏损作为其会计政策，政
策详情于上文阐述。
金融负债
初始确认及计量
金融负债初始确认时划分为按公平值
计入损益的金融负债及按摊销成本计
量之金融负债（倘适合）。
所有金融负债初始按公平值确认，而倘
属贷款及借贷以及应付款项，则扣除直
接应占之交易成本。
2. ACOUNTING POLICIES (Continued)
2.5 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.
For trade receivables that contain a significant
financing component and lease receivables, the
Group choses as its acounting policy to adopt the
simplified aproach in calculating ECLs with policies
as described above.
Financial liabilities
Initial recognition and measurement
Financial liabilities are clasified, at initial recognition,
as financial liabilities at fair value through profit or
los, and financial liabilities at amortised cost, as
apropriate.
Al financial liabilities are recognised initialy at fair
value and, in case of loans and borowings and
payables, net of directly atributable transaction
costs.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
金融负债（续）
初始确认及计量（续）
本集团之金融负债包括应付账款、计入
其他应付款项及应计费用之金融负债、
租赁负债及计息银行及其他借款。
其后计量
金融负债之其后计量视乎其分类如下：
按公平值计入损益之金融负债
按公平值计入损益之金融负债包括持
作交易之金融负债及于初始确认时指
定为按公平值计入损益之金融负债。
金融负债如为于短期内购回而产生，则
会分类为持作交易。该分类亦包括本集
团所订立并非指定为对冲关系（定义见
香港财务报告准则第
号）中之对冲工具
之衍生金融工具。独立内嵌式衍生工具
亦分类为持作交易，惟倘指定为有效对
冲工具则作别论。持作交易负债之收益
或亏损于损益确认。于损益确认之公平
值收益或亏损净额不包括就此等金融
负债收取之任何利息。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Financial liabilities (Continued)
Initial recognition and measurement (Continued)
The Group’s financial liabilities include trade
payables, financial liabilities included in other
payables and acruals, lease liabilities and interest-
bearing bank and other borowings.
Subsequent measurement
The subsequent measurement of financial liabilities
depends on their clasification as folows:
Financial liabilities at fair value through profit or los
Financial liabilities at fair value through profit or
los include financial liabilities held for trading and
financial liabilities designated upon initial recognition
as at fair value through profit or los.
Financial liabilities are clasified as held for trading if
they are incured for the purpose of repurchasing in
the near term. This category also includes derivative
financial instruments entered into by the Group that
are not designated as hedging instruments in hedge
relationships as defined by HKFRS 9. Separated
embeded derivatives are also clasified as held
for trading unles they are designated as efective
hedging instruments. Gains or loses on liabilities
held for trading are recognised in profit or los. The
net fair value gain or los recognised in profit or
los does not include any interest charged on these
financial liabilities.
144Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
金融负债（续）
其后计量（续）
按公平值计入损益之金融负债（续）
于初始确认时指定为按公平值计入损
益的金融负债，乃于初始确认当日及于
符合香港财务报告准则第
号之标准时
方会指定。指定为按公平值计入损益的
负债的收益或亏损于损益确认，惟本集
团自身的信贷风险产生的收益或亏损
除外，该收益或亏损在其他全面收益中
列报，且其后不会重新分类至损益。于
损益确认之公平值收益或亏损净额不
包括就此等金融负债收取之任何利息。
按摊销成本计量之金融负债（应付账
款及其他应付款项及借款）
于初始确认后，应付账款、其他应付款
项及计息借款随后以实际利率法按摊
销成本计量，除非贴现影响为微不足
道，在该情况下则按成本列账。当负债
终止确认或按实际利率法进行摊销程
序时，其盈亏在损益内确认。
摊销成本之计算应考虑收购时之任何
折让或溢价，并计入属实际利率组成部
分之费用或成本。实际利率摊销于损益
内作为融资成本列账。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Financial liabilities (Continued)
Subsequent measurement (Continued)
Financial liabilities at fair value through profit or los
(Continued)
Financial liabilities designated upon initial
recognition as at fair value through profit or los are
designated at the initial date of recognition, and only
if the criteria in HKFRS 9 are satisfied. Gains or loses
on liabilities designated at fair value through profit
or los are recognised in profit or los, except for the
gains or loses arising from the Group’s own credit
risk which are presented in other comprehensive
income with no subsequent reclasification to profit
or los. The net fair value gain or los recognised in
profit or los does not include any interest charged
on these financial liabilities.
Financial liabilities at amortised cost (trade and other
payables, and borowings)
After initial recognition, trade payables, 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 included in finance costs in profit or los.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
金融负债（续）
其后计量（续）
财务担保合约
本集团发行的财务担保合约乃为由于
特定债务人未能根据债务工具条款于
债务到期时偿付，而须本集团作出付款
以就产生的损失赔偿持有人的合约。财
务担保合同初始按其公平值确认为负
债，并就发行担保直接产生的交易成本
作出调整。初始确认后，本集团以下列
两者较高者计量财务担保合约：
(i)
根据
「金融资产减值」所载政策厘定的预期
信贷亏损拨备；及
(i)
初始确认金额减（如
适用）已确认收入的累计金额。
终止确认金融负债
倘负债下之责任获履行或注销或届满，
金融负债会终止确认。
当现有金融负债被同一贷款人以明显
不同之条款提供之另一金融负债取代，
或现有负债之条款大幅修订，此类交换
或修订，则被视为终止确认原负债而确
认新负债，而相关账面值之间之差额则
在损益表中确认。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Financial liabilities (Continued)
Subsequent measurement (Continued)
Financial guarante contracts
Financial guarante contracts isued by the Group
are those contracts that require a payment to be
made to reimburse the holder for a los it incurs
because the specified debtor fails to make a
payment when due in acordance with the terms of
a debt instrument. A financial guarante contract
is recognised initialy as a liability at its fair value,
adjusted for transaction costs that are directly
atributable to the isuance of the guarante.
Subsequent to initial recognition, the Group
measures the financial guarante contracts at the
higher of: (i) the ECLs alowance determined in
acordance with the policy as set out in “Impairment
of financial asets”; and (i) the amount initialy
recognised les, when apropriate, the cumulative
amount of income recognised.
Derecognition of financial liabilities
A financial liability is derecognised when the
obligation under the liability is discharged or
canceled, or expires.
When an existing financial liability is replaced by
another from the same lender on substantialy
diferent terms, or the terms of an existing liability
are substantialy modified, such an exchange or
modification is treated as a derecognition of the
original liability and a recognition of a new liability,
and the diference betwen the respective carying
amounts is recognised in profit or los.
146Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
金融工具之抵销
金融资产及金融负债互相抵销，净额在
综合财务状况表内列示，前提是目前有
可执行法定权利抵销已确认金额并有
意按净额基准结算，或同时变卖资产及
偿还负债。
衍生金融工具
初始确认及其后计量
本集团的衍生金融工具包括利率掉期。
该等衍生金融工具初次按衍生工具合
约订立当日之公平值确认，其后则按公
平值重新计量。衍生工具于公平值为正
数时列账为资产，于公平值为负数时则
列账为负债。
因衍生工具公平值变动所产生之任何
收益或亏损直接计入损益。
现金及现金等同项目
财务状况表之现金及现金等同项目指
手头及银行现金，以及短期流动性强，
一般于三个月内到期，可随时兑换成已
知数额现金，价值变动风险不大且持作
履行短期现金承担之存款。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Ofseting of financial instruments
Financial asets and financial liabilities are ofset
and the net amount is reported in the consolidated
statement of financial position if there is a curently
enforceable legal right to ofset the recognised
amounts and there is an intention to setle on a net
basis, or to realise the asets and setle the liabilities
simultaneously.
Derivative financial instruments
Initial recognition and subsequent measurement
The Group’s derivative financial instruments include
interest rate swaps. Such derivative financial
instruments are initialy recognised at fair value on
the date on which a derivative contract is entered
into and are subsequently remeasured at fair value.
Derivatives are caried as asets when the fair value
is positive and as liabilities when the fair value is
negative.
Any gains or loses arising from changes in fair value
of derivatives are taken directly to profit or los.
Cash and cash equivalents
Cash and cash equivalents in the statement of
financial position comprise cash on hand and at
banks, and short-term highly liquid deposits with a
maturity of generaly within thre months that are
readily convertible into known amounts of cash,
subject to an insignificant risk of changes in value
and held for the purpose of meting short-term cash
comitments.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
现金及现金等同项目（续）
就综合现金流量表而言，现金及现金等
同项目指手头及银行现金，以及上文界
定之短期存款，减去须在要求时偿还之
银行透支，为本集团现金管理不可分割
之部分。
所得税
所得税包括即期及递延税项。于损益外
确认之所得税相关项目于损益外（不论
在其他全面收益或直接于权益）确认。
即期税务资产及负债按预期从税务机
关收回或向税务机关支付之款项计算，
所依据税率（及税法）于报告期末已制定
或实质上已颁布，且已考虑本集团经营
所在国家之现行诠释及惯例。
递延税项乃采用负债法，对于报告期末
资产及负债之税基与其用作财务申报
之账面值两者之一切暂时性差异作出
拨备。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Cash and cash equivalents (Continued)
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.
Income tax
Income tax comprises curent and defered tax.
Income tax relating to items recognised outside profit
or los is recognised outside profit or los, either in
other comprehensive income or directly in equity.
Curent tax asets and liabilities are measured at
the amount expected to be recovered from or paid
to the taxation authorities, based on tax rates (and
tax laws) that have ben enacted or substantively
enacted by the end of the reporting period, taking
into consideration interpretations and practices
prevailing in the countries in which the Group
operates.
Defered tax is provided, using the liability method,
on al temporary diferences at the end of the
reporting period betwen the tax bases of asets
and liabilities and their carying amounts for financial
reporting purposes.
148Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
所得税（续）
递延税项负债就一切应课税暂时性差
异予以确认，惟：
•
递延税项负债因初始确认商誉或
一项非业务合并交易中的资产或
负债而产生，并在交易时不影响
会计溢利或应课税溢利或亏损且
不会产生相等之应课税及可扣减
暂时性差异；及
•
就与于附属公司及合营企业之投
资有关之应课税暂时性差异而
言，拨回暂时性差异之时间可以
控制及暂时性差异可能不会在可
预见将来拨回。
所有可予扣减暂时性差异、未动用税项
抵免及任何未动用税项亏损结转，在可
能获得应课税溢利用作抵销该等可予
扣减暂时性差异、未动用税项抵免及未
动用税项亏损结转之情况下，均确认为
递延税项资产，惟：
•
有关可予扣减暂时性差异之递延
税项资产因在一项非业务合并交
易中初始确认资产或负债而产
生，并在交易时不影响会计溢利
或应课税溢利或亏损且不会产生
相等之应课税及可扣减暂时性差
异；及
2. ACOUNTING POLICIES (Continued)
2.5 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 and
joint ventures, when the timing of the reversal of
the temporary diferences can be controled and
it is probable that the temporary diferences wil
not reverse in the foreseable future.
Defered tax asets are recognised for al deductible
temporary diferences, and the caryforward of
unused tax credits and any unused tax loses.
Defered tax asets are recognised to the extent
that it is probable that taxable profit wil be available
against which the deductible temporary diferences
and the caryforward of unused tax credits and
unused tax loses can be utilised, except:
• when the defered tax aset relating to the
deductible temporary diferences arises from
the initial recognition of an aset or liability in a
transaction that is not a busines combination
and, at the time of the transaction, afects
neither the acounting profit nor taxable profit
or los and does not give rise to equal taxable
and deductible temporary diferences; and
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
所得税（续）
•
就与于附属公司及合营企业之投
资有关之可予扣减暂时性差异而
言，仅在暂时性差异可能会在可
预见将来拨回及将有应课税溢利
用作抵销暂时性差异之情况下，
才确认递延税项资产。
递延税项资产之账面值会于各报告期
末进行审阅，并当不可能有足够应课税
溢利以动用全部或部分递延税项资产
时予以相应扣减。未确认之递延税项资
产于各报告期末重新评估，乃于可能获
得足够应课税溢利以动用全部或部分
递延税项资产之情况下予以确认。
递延税项资产及负债乃根据在报告期
末制定或实质上已颁布之预期适用于
变现资产或清偿负债之期间之税率（及
税务法例）计算。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Income tax (Continued)
• in respect of deductible temporary diferences
asociated with investments in subsidiaries
and joint ventures, defered tax asets are only
recognised to the extent that it is probable
that the temporary diferences wil reverse
in the foreseable future and taxable profit
wil be available against which the temporary
diferences can be utilised.
The carying amount of defered tax asets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that suficient taxable profit wil be available to alow
al or part of the defered tax aset to be utilised.
Unrecognised defered tax asets are reasesed at
the end of each reporting period and are recognised
to the extent that it has become probable that
suficient taxable profit wil be available to alow al or
part of the defered tax aset to be recovered.
Defered tax asets and liabilities are measured at
the tax rates that are expected to aply to the period
when the aset is realised or the liability is setled,
based on tax rates (and tax laws) that have ben
enacted or substantively enacted by the end of the
reporting period.
150Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
所得税（续）
当且仅当本集团有合法强制执行权利
抵销即期税项资产与即期税项负债，且
递延税项资产及递延税项负债与同一
税务机关对同一应课税实体或不同应
课税实体（拟于预期有大额递延税项负
债或资产将偿付或收回之各日后期间
按净额基准偿付即期税项负债及资产
或同时变现资产及偿付负债）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。
收入确认
来自客户合约之收入
当货品或服务控制权按反映本集团预
期有权获得以交换该等货品或服务的
代价金额转移至客户时确认来自客户
合约之收入。
倘合约代价包括可变金额时，则代价金
额估计为本集团就交换向客户转让货
品或服务而有权收取的代价金额。可变
代价于合约开始时估计并加以限制，直
至已确认累计收入金额的重大收入拨
回不太可能发生（倘可变代价的相关不
确定因素其后得以解决）为止。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Income tax (Continued)
Defered tax asets and defered tax liabilities
are ofset if and only if the Group has a legaly
enforceable right to set of curent tax asets and
curent tax liabilities and the defered tax asets and
defered tax liabilities relate to income tax levied
by the same taxation authority on either the same
taxable entity or diferent taxable entities which
intend either to setle curent tax liabilities and asets
on a net basis, or to realise the asets and setle the
liabilities simultaneously, in each future period in
which significant amounts of defered tax liabilities or
asets are expected to be setled or recovered.
Revenue recognition
Revenue from contracts with customers
Revenue from contracts with customers is recognised
when control of gods or services is transfered
to the customers at an amount that reflects the
consideration to which the Group expects to be
entitled in exchange for those gods or services.
When the consideration in a contract includes a
variable amount, the amount of consideration is
estimated to which the Group wil be entitled in
exchange for transfering the gods or services to the
customer. The variable consideration is estimated at
contract inception and constrained until it is highly
probable that a significant revenue reversal in the
amount of cumulative revenue recognised wil not
ocur when the asociated uncertainty with the
variable consideration is subsequently resolved.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
收入确认（续）
来自客户合约之收入（续）
倘合约包括向客户提供一年以上有关
向客户转让货品或服务之重大融资利
益的融资成分，则收入按应收金额的现
行价值计量，并于合约开始时运用将于
本集团与客户之间的独立融资交易中
反映的贴现率折让。倘合约包括提供本
集团一年以上重大财务利益的融资成
分，则根据该合约确认的收入包括根据
实际利率法合约责任附有的利息开支。
对于客户付款与承诺货品或服务转移
期间为一年或以下的合约，乃不就重大
融资成分的影响运用香港财务报告准
则第
号的实际权宜方法对交易价格进
行调整。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Revenue recognition (Continued)
Revenue from contracts with customers (Continued)
When the contract contains a financing component
which provides the customer with a significant
benefit of financing the transfer of gods or services
to the customer for more than one year, revenue
is measured at the present value of the amount
receivable, discounted using the discount rate
that would be reflected in a separate financing
transaction betwen the Group and the customer
at contract inception. When the contract contains a
financing component which provides the Group with
a significant financial benefit for more than one year,
revenue recognised under the contract includes the
interest expense acreted on the contract liability
under the efective interest method. For a contract
where the period betwen the payment by the
customer and the transfer of the promised gods or
services is one year or les, the transaction price is
not adjusted for the efects of a significant financing
component, using the practical expedient in HKFRS
15.
152Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
收入确认（续）
来自客户合约之收入（续）
(a)
销售物业
销售物业的收入于购买者获得物
业的法定所有权且本集团已获得
现时的付款请求权并可能收回代
价时确认。
(b)
提供资产管理服务
管理费收入包括基本管理费、资
产管理费、项目管理费及发展管
理费，随著时间确认；以及租赁
费、收购费及宣传费，于某一时间
点确认。
来自物业租赁管理业务之基本管
理费及资产管理费分别根据对该
等投资工具投入的净权益及相关
投资工具的经营收入厘定。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Revenue recognition (Continued)
Revenue from contracts with customers (Continued)
(a) Sales of properties
Revenue from the sale of properties is
recognised at the point in time when the
purchaser obtained the legal title of the
property and the Group has a present right to
payment and the colection of the consideration
is probable.
(b) Provision of aset management services
Management fe income comprises base
management fes, aset management fes,
project management fes and development
management fes which are recognised over
time; and lease fes, acquisition fes and
promote fes which are recognised at point in
time.
Base management fes and aset management
fes derived from management of property
leasing busines are determined based on net
equity invested in these investment vehicles
and the operating income of related investment
vehicles, respectively.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
收入确认（续）
来自客户合约之收入（续）
(b)
提供资产管理服务（续）
项目管理费在预定期间内以直线
法确认，乃由于客户同时收到及
消耗本集团提供的利益。
发展管理费根据整个建筑期内的
相关项目建设成本以直线法赚
取。
租赁费指为客户的物业租赁业务
提供租赁服务而获得的费用。
收购费指就客户收购物业而获得
的费用。收购费根据物业的收购
成本厘定，并在提供服务时确认。
宣传费指客户的物业发展项目及
物业租赁业务的回报超出若干指
定门槛时所获得的费用。宣传费
在本集团收取款项的权利确立当
日确认。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Revenue recognition (Continued)
Revenue from contracts with customers (Continued)
(b) Provision of aset management services
(Continued)
Project management fes are recognised over
the scheduled period on a straight-line basis
because the customer simultaneously receives
and consumes the benefits provided by the
Group.
Development management fes are earned
on a straight-line basis in acordance with the
relevant project construction cost acros the
entire construction period.
Lease fes relates to fes earned in consideration
of the leasing services for the property leasing
busines of customers.
Acquisition fes relates to fes earned in
relation to the acquisition of properties by
customers. The acquisition fes are determined
based on the acquisition cost of the properties
and are recognised when the services have
ben rendered.
Promote fes relates to fes earned where the
returns of the property development projects
and property leasing busines of customers
exced certain specified hurdles. Promote fe is
recognised on the date that the Group’s right to
receive payment is established.
154Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
收入确认（续）
来自其他来源之收入
租金收入乃于租期内按时间比例确认。
不按指数或比率而定的可变租赁付款
在产生的会计期间确认为收入。
其他收入
利息收入乃透过采用精确贴现于金融
工具预期年期的估计收取的未来现金
至金融资产账面净值的利率，以实际利
率法按累计基准确认。
股息收入在股东收取款项的权利确立，
与股息有关的经济利益可能流入本集
团且股息金额能可靠地计量时确认。
合约负债
合约负债乃于本集团转移货品或服务
之前收取相关款项或应收客户之相关
款项到期（以较早发生者为准）时确认。
合约负债于本集团履约（即相关货品或
服务之控制权转移至客户）时确认为收
入。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Revenue recognition (Continued)
Revenue from other sources
Rental income is recognised on a time proportion
basis over the lease terms. Variable lease payments
that do not depend on an index or a rate are
recognised as income in the acounting period in
which they are incured.
Other income
Interest income is recognised on an acrual basis
using the efective interest method by aplying
the rate that exactly discounts the estimated future
cash receipts over the expected life of the financial
instrument to the net carying amount of the financial
aset.
Dividend income is recognised when the
shareholders’ right to receive payment has ben
established, it is probable that the economic benefits
asociated with the dividend wil flow to the Group
and the amount of the dividend can be measured
reliably.
Contract liabilities
A contract liability is recognised when a payment is
received or a payment is due (whichever is earlier)
from a customer before the Group transfers the
related gods or services. Contract liabilities are
recognised as revenue when the Group performs
under the contract (i.e., transfers control of the
related gods or services to the customer).
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
合约成本
履行合约之成本
除作为发展中物业、物业、厂房及设备
资本化的成本外，履行与客户的合约所
产生的成本，倘符合以下所有条件，则
资本化为资产：
(a)
该成本直接与合约或实体可以明
确识别的预期合约相关。
(b)
该成本产生或增强将用于满足（或
继续满足）未来履约义务的实体资
源。
(c)
预计将可收回该成本。
资本化合约成本按与向客户转让货品
或服务相关资产模式一致的系统基础
摊销及计入损益。其他合同成本于产生
时列为开支。
取得合约的增量成本
取得合约的增量成本为本集团就取得
客户合约而产生，倘未能取得合约则不
会产生成本（例如销售代理销售佣金）。
倘有关收益的成本将在未来报告期内
确认，而成本预期可收回，取得合约的
增量成本于产生时会拨充资本。取得合
约的其他成本在产生时列为开支。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Contract costs
Cost to fulfil a contract
Other than the costs which are capitalised as
properties under development and property, plant
and equipment, costs incured to fulfil a contract with
a customer are capitalised as an aset if al of the
folowing criteria are met:
(a) The costs relate directly to a contract or to
an anticipated contract that the entity can
specificaly identify.
(b) The costs generate or enhance resources of
the entity that wil be used in satisfying (or in
continuing to satisfy) performance obligations in
the future.
(c) The costs are expected to be recovered.
The capitalised contract costs are amortised and
charged to profit or los on a systematic basis that
is consistent with the transfer to the customer of the
gods or services to which the aset relates. Other
contract costs are expensed as incured.
Incremental costs of obtaining a contract
Incremental costs of obtaining a contract were those
costs that the Group incurs to obtain a contract with
a customer it would not have incured if the contract
had not ben obtained, e.g., sales comision
to sales agents. Incremental costs of obtaining a
contract are capitalised when incured if the costs
relate to revenue which wil be recognised in a future
reporting period and the costs are expected to be
recovered. Other costs of obtaining a contract are
expensed when incured.
156Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
其他雇员福利
退休金计划
本集团根据强制性公积金计划条例为
符合资格参与强制性公积金退休福利
计划（「强积金计划」）之雇员设立既定供
款强积金计划。供款乃根据雇员之基本
薪金按某个百分比计算，并按强积金计
划规则于应付供款时自损益扣除。强积
金计划之资产与本集团之资产分开持
有，由独立行政基金管理。本集团之雇
主供款在向强积金计划供款后全数归
雇员所有。
借贷成本
因收购、建设或生产合资格资产（即须
在一段长时间方能达致其预定用途或
出售之资产）而直接产生之借贷成本拨
充该等资产之部分成本。倘绝大部分资
产已可作预定用途或出售，则该等借贷
成本将会停止拨充资本。所有其他借贷
成本于产生期间列作开支。借贷成本包
括实体就借入资金产生之利息及其他
成本。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Other employe benefits
Pension scheme
The Group operates a defined contribution
Mandatory Provident Fund retirement benefit
scheme (the “MPF Scheme”) under the Mandatory
Provident Fund Schemes Ordinance for 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.
Borowing costs
Borowing costs directly atributable to the
acquisition, construction or production of qualifying
asets, i.e., asets that necesarily take a substantial
period of time to get ready for their intended use
or sale, are capitalised as part of the cost of those
asets. The capitalisation of such borowing costs
ceases when the asets are substantialy ready for
their intended use or sale. Al other borowing costs
are expensed in the period in which they are incured.
Borowing costs consist of interest and other costs
that an entity incurs in conection with the borowing
of funds.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
2.
会计政策（续）
2.5
重大会计政策（续）
报告期后事项
倘本集团于报告期后但在财务报表获
授权发布日期前获悉有关于报告期末
已存在情况的资料，其将评估该等资料
是否影响其于财务报表中确认的金额。
本集团将调整其于财务报表中确认的
金额，以反映任何报告期后的调整事
项，并根据新资料更新与该等情况相
关的披露。就报告期后的非调整事项而
言，本集团将不会更改其于财务报表中
确认的金额，但会披露该等非调整事项
的性质及其财务影响估计，或声明无法
作出该等估计（如适用）。
3.
重大会计判断及估计
在编制本集团之财务报表时，管理层须作出
会影响所呈报收入、开支、资产及负债金额及
其随附披露资料以及或然负债披露资料之判
断、估计及假设。有关假设及估计之不确定因
素可导致须就未来受影响之资产或负债账面
值作出重大调整。
估计不明朗因素
有关于报告期末估计不明朗因素之未来及其
他主要来源之主要假设（对下一财政年度之资
产及负债账面值造成重大调整之重大风险）阐
述如下。
2. ACOUNTING POLICIES (Continued)
2.5 Material acounting policies (Continued)
Events after the reporting period
If the Group receives information after the reporting
period, but prior to the date of authorisation for
isue, about conditions that existed at the end
of the reporting period, it wil ases whether the
information afects the amounts that it recognises
in its financial statements. The Group wil adjust
the amounts recognised in its financial statements
to reflect any adjusting events after the reporting
period and update the disclosures that relate to
those conditions in light of the new information. For
non-adjusting events after the reporting period, the
Group wil not change the amounts recognised in
its financial statements, but wil disclose the nature
of the non-adjusting events and an estimate of their
financial efects, or a statement that such an estimate
canot be made, if aplicable.
3. SIGNIFICANT ACOUNTING 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.
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.
158Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
3.
重大会计判断及估计（续）
估计不明朗因素（续）
估计发展中物业及持作出售物业的可变现
净值
发展中物业及持作出售物业以成本及可变现
净值两者中之较低者列账。各单位的成本使
用加权平均法厘定。厘定发展中物业及已落
成待售物业之可变现净值时，管理层会考虑
(i)
专业估值师之独立估值；
(i)
现行市况；
(i)
类近
性质、状况及地点之物业之估计售价；及
(iv)
完
工之估计成本及进行销售所需之估计成本（如
有）。倘发展中物业及已落成待售物业之估计
或实际可变现净值因市况变动导致少于实际
或预算成本，则会将发展中物业及╱或已落
成待售物业撇减至可变现净值。
非金融资产减值
于各报告期末，本集团评估所有非金融资产
（包括使用权资产）是否有任何减值迹象。该
等非金融资产于有迹象表明未必能收回账面
值时亦进行减值测试。当资产或现金产生单
位的账面值超过其可收回金额（即其公平值减
出售成本及使用价值两者中的较高者）时，则
存在减值。公平值减出售成本根据按公平原
则进行具有约束力的类似资产出售交易所得
的数据或可观察市场价格减去出售资产的成
本而计算。当计算使用价值时，管理层须估计
预期未来自资产或现金产生单位的现金流
量，同时选择适当的贴现率计算该等现金流
量的现值。
3. SIGNIFICANT ACOUNTING JUDGEMENTS
AND ESTIMATES (Continued)
Estimation uncertainty (Continued)
Estimation of net realisable value of properties under
development and properties held for sale
Properties under development and properties held for sale
are stated at the lower of cost and net realisable value.
The cost of each unit is determined using the weighted
average method. In determining the net realisable
value of properties under development and completed
properties for sale, management takes into consideration
of (i) independent valuations by profesional valuers; (i)
curent market conditions; (i) estimated seling prices of
properties of a similar nature, conditions and locations;
and (iv) estimated costs of completion and the estimated
costs necesary to make the sale, if any. Write-down
on properties under development and/or completed
properties for sale to net realisable value is made if the
estimated or actual net realisable value of properties
under development and completed properties for sale is
les than actual or budgeted costs as a result of change in
market conditions.
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. These
non-financial asets are also 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 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.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
3.
重大会计判断及估计（续）
估计不明朗因素（续）
非金融资产减值（续）
于二零二五年三月三十一日，本集团于合营
企业的权益的账面值为
3,643,686,000
港元（二
零二四年：
3,855,629,000
港元），于综合财务状
况表内按本集团根据会计权益法应占资产净
值，减任何减值亏损列账。本集团已于各报告
期末评估是否有任何迹象显示于合营企业的
权益的账面值出现减值。鉴于有外部资料来
源及内部报告证据显示可能存在减值，本公
司董事已使用公平值减合营企业所持相关物
业的出售成本对于合营企业的权益进行减值
评估，其取决于：
(i)
有关物业发展项目的估计
售价及完成发展（如有）及出售物业所需的成
本；或
(i)
有关投资物业的资本化率及估计租赁
价值，并参阅独立专业合资格估值师就相关
物业进行之估值。该等估值乃基于若干假设，
存在不确定性，可能与实际结果有重大差异。
作出估计时，会考虑类似物业在活跃市场的
当前价格资料，并使用主要以报告期末之市
况为基准的假设。
3. SIGNIFICANT ACOUNTING JUDGEMENTS
AND ESTIMATES (Continued)
Estimation uncertainty (Continued)
Impairment of non-financial asets (Continued)
As at 31 March 2025, the carying value of the Group’s
interests in joint ventures was HK$3,643,686,000 (2024:
HK$3,855,629,000), which are stated in the consolidated
statement of financial position at the Group’s share of net
asets under the equity method of acounting, les any
impairment loses. The Group has asesed at the end
of each reporting period whether there is any indication
that the carying amounts of interests in joint ventures
are impaired. Given that there are external sources of
information and evidence from internal reporting that
indicate impairment may exist, the directors of the
Company has performed an impairment asesment of
its interests in joint ventures using fair value les cost of
disposal of the underlying properties held by the joint
ventures which is dependent on (i) the estimated seling
prices and costs necesary to complete the development,
if any, and to sel the properties of the relevant properties
development projects, or (i) capitalisation rate and
estimated rental values of the relevant investment
properties, and with reference to valuation of the related
properties performed by independent profesionaly
qualified valuers. Such valuations were based on certain
asumptions, which are subject to uncertainty and
might materialy difer from the actual results. In making
the estimation, information from curent prices in an
active market for similar properties is considered and
asumptions that are mainly based on market conditions
existing at the end of the reporting period are used.
160Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
4.
经营分类资料
就管理而言，本集团按产品及服务划分多个
业务单位，三个可报告经营分类如下：
(a)
物业发展分类指物业之发展及买卖；
(b)
物业投资分类指投资商业物业以供出
租或出售；及
(c)
资产管理分类指通过投资工具代表本
集团的资本伙伴管理资产，赚取费用收
入。
管理层分别监察本集团之经营分类业绩，以
决定资源分配及评估表现。分类表现根据可
报告分类溢利╱亏损评价，而可报告分类溢
利╱亏损之计算方式为经调整之除税前溢利
╱亏损。经调整除税前溢利╱亏损之计算方
法与本集团之除税前溢利╱亏损一致，惟利
息收入、股息收入、出售╱赎回金融资产的
亏损、按公平值计入损益的金融资产及负债
的公平值亏损、金融资产之减值亏损、融资成
本、总办事处及企业开支则不拨入该项计算
中。
截至二零二五年及二零二四年三月三十一日
止年度，本集团来自外部客户之收入全部源
于其于香港之营运，而于二零二五年及二零
二四年三月三十一日，本集团之非流动资产
位于香港。
4. OPERATING SEGMENT INFORMATION
For management purposes, the Group is organised into
busines units based on their products and services and
has thre reportable operating segments as folows:
(a) the property development segment engages in the
development and trading of properties;
(b) the property investment segment engages in
investment in comercial premises for rental or for
sale; and
(c) aset management segment earns fe income for
managing asets on behalf of the Group’s capital
partners via investment vehicles.
Management monitors the results of the Group’s operating
segments separately for the purpose of making decisions
about resource alocation and performance asesment.
Segment performance is evaluated based on reportable
segment profit/los, which is a measure of adjusted profit/
los before tax. The adjusted profit/los before tax is
measured consistently with the Group’s profit/los before
tax except that interest income, dividend income, los on
disposal/redemption of financial asets, fair value loses on
financial asets and liabilities at fair value through profit or
los, impairment loses on financial asets, finance costs,
head ofice and corporate expenses are excluded from
such measurement.
The Group’s revenue from external customers was derived
solely from its operations in Hong Kong during the years
ended 31 March 2025 and 2024, and the non-curent asets
of the Group were located in Hong Kong as at 31 March
2025 and 2024.
| Property development | Property investment | Asset management | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 物业 2025 | 发展 2024 | 物业 2025 | 投资 2024 | 资产 2025 | 管理 2024 | 总 2025 | 计 2024 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
4.
经营分类资料（续）
截至三月三十一日止年度
4. OPERATING SEGMENT INFORMATION
(Continued)
Year ended 31 March
千港元千港元千港元千港元千港元千港元千港元千港元
Segment revenue:
分类收入：
Sales to external customers
销售予外部客户
1,228,047258,6131,5463,06524,99836,2161,254,591297,894
Other income
其他收入
36,09427,9078749–36,18127,956
Total segment revenue
分类收入总额
1,264,141286,5201,6333,11424,99836,2161,290,772325,850
Segment results
分类业绩
(824,771)(839,048)72,014350,542(14,845)(1,737)(767,602)(490,243)
Reconciliation
对账
Interest income from bank deposits
银行存款之利息收入
6,6439,593
Interest income from debt investments
at fair value through other
comprehensive income
按公平值计入其他全面收益之
债务投资之利息收入
–10,934
Interest income from financial asets at
fair value through profit or los
按公平值计入损益之金融资产的
利息收入
–5,184
Dividend income from financial asets at
fair value through profit or los
按公平值计入损益之金融资产的
股息收入
3625,700
Los on disposal/redemption of debt
investments at fair value through
other comprehensive income
出售╱赎回按公平值计入其他
全面收益的债务投资之亏损
–(60,044)
Fair value loses on financial asets and
liabilities at fair value through profit or
los, net
按公平值计入损益之金融资产及
负债公平值亏损净额
(6,762)(11,584)
Impairment loses on financial asets,
net
金融资产的减值亏损净额
(3,803)(281)
Finance costs
融资成本
(230,181)(181,010)
Corporate and unalocated expenses
企业及未分配开支
(25,912)(24,054)
Los before tax
除税前亏损
(1,027,255)(735,805)
Income tax expense
所得税开支
(1,816)(6,268)
Los for the year
本年度亏损
(1,029,071)(742,073)
| Property development | Property investment | Asset management | Unallocated | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 物业 2025 | 发展 2024 | 物业 2025 | 投资 2024 | 资产 2025 | 管理 2024 | 未 2025 | 分配 2024 | 总 2025 | 计 2024 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
162Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
4.
经营分类资料（续）
截至三月三十一日止年度（续）
*
资本开支由添置物业、厂房及设备（不包括
添置计入使用权资产的租赁楼宇）及投资
物业组成。
分部资产及负债
概无资产及负债计入管理层用于表现评估及
资源分配的本集团分部报告计量。因此，概无
呈列分部资产及负债。
4. OPERATING SEGMENT INFORMATION
(Continued)
Year ended 31 March (Continued)
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
Other segment information:
其他分类资料：
Depreciation of owned asets
自有资产折旧
–164904901920905
Depreciation of right-of-use asets
使用权资产折旧
5,2755,764–9,2348,04614,50913,810
Write-down of properties under
development, net
发展中物业之撇减净额
–692,355–692,355
Write-down of properties held for sale
持作出售物业之撇减
229,273–229,273–
Capital expenditure*
资本开支
*–8631376631597438
Fair value loses/(gains) on investment
properties, net
投资物业公平值亏损╱（收益）
净额
–32,000(2,714)–32,000(2,714)
Los on disposal of subsidiaries, net
出售附属公司之亏损净额
7,063–343–7,063343
Share of profits and loses of joint
ventures
应占合营企业之溢利及亏损
466,81187,450(123,806)(349,983)–343,005(262,533)
Interests in joint ventures
于合营企业的权益
2,110,3782,395,5951,533,3081,460,034–3,643,6863,855,629
Asets of a disposal group
一个出售集团之资产
–857,292–857,292
Liabilities of a disposal group
一个出售集团之负债
–322,936–322,936
- , plant and
equipment (excluding the adition of leased buildings included
in right-of-use asets) and investment properties.
Segment asets and liabilities
No asets and liabilities are included in the measures
of the Group’s segment reporting that are used by the
management for performance asesment and resource
alocation. Acordingly, no segment asets and liabilities
are presented.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
4.
经营分类资料（续）
有关主要客户之资料
截至二零二五年及二零二四年三月三十一日
止年度，占本集团年内收入
10%
或以上的客户
收入载列如下。
*
来自该等客户的收入并无占本集团于相关
年度总收入超过
10%
。
5.
收入以及其他收入及收益
本集团之收入分析如下：
4. OPERATING SEGMENT INFORMATION
(Continued)
Information about major customers
During the year ended 31 March 2025 and 2024, revenue
from customers which acounted for 10% or more of the
Group’s revenue for the year is set out below.
千港元千港元
Property development segment:
物业发展分部：
Customer A
客户
A–*91,670
Customer B
客户
B–*42,000
Customer C
客户
C–*29,680
Customer D
客户
D333,550–*
* Revenue from these customers did not acount for more than
10% of the Group’s total revenue for the respective year.
5. REVENUE AND OTHER INCOME AND GAINS
An analysis of the Group’s revenue is as folows:
千港元千港元
Revenue from contracts with customers
来自客户合约之收入
Sales of properties
出售物业
1,228,047258,613
Aset management fes
资产管理费用
24,99836,216
Subtotal
小计
1,253,045294,829
Revenue from other source
来自其他来源之收入
Rental income
租金收入
1,5463,065
Total revenue
总收入
1,254,591297,894
| Segments | Property development | Asset management | Total | |
|---|---|---|---|---|
| 分类 | 物业发展 HK$’000 | 资产管理 HK$’000 | 总计 HK$’000 | |
164Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
5.
收入以及其他收入及收益（续）
来自客户合约之收入
(i)
分拆收入资料
截至二零二五年三月三十一日止年度
5. REVENUE AND OTHER INCOME AND GAINS
(Continued)
Revenue from contracts with customers
(i) Disagregated revenue information
For the year ended 31 March 2025
千港元千港元千港元
Types of gods or services
产品或服务类别
– Sales of properties
－出售物业
1,228,047–1,228,047
– Aset management services
－资产管理服务
–24,99824,998
Total revenue from contracts
with customers
来自客户合约之总收入
1,228,04724,9981,253,045
Timing of revenue recognition
收入确认之时间
Gods or services transfered
at a point in time
于某个时间点转移
的产品或服务
1,228,047–1,228,047
Services transfered over time
经时间转移之服务
–24,99824,998
Total revenue from contracts
with customers
来自客户合约之总收入
1,228,04724,9981,253,045
| Segments | Property development | Asset management | Total | |
|---|---|---|---|---|
| 分类 | 物业发展 HK$’000 | 资产管理 HK$’000 | 总计 HK$’000 | |
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
5.
收入以及其他收入及收益（续）
来自客户合约之收入（续）
(i)
分拆收入资料（续）
截至二零二四年三月三十一日止年度
下表显示本报告期间计入报告期初之
合约负债的已确认收入金额：
5. REVENUE AND OTHER INCOME AND GAINS
(Continued)
Revenue from contracts with customers (Continued)
(i) Disagregated revenue information (Continued)
For the year ended 31 March 2024
千港元千港元千港元
Types of gods or services
产品或服务类别
– Sales of properties
－出售物业
258,613–258,613
– Aset management services
－资产管理服务
–36,21636,216
Total revenue from contracts
with customers
来自客户合约之总收入
258,61336,216294,829
Timing of revenue recognition
收入确认之时间
Gods or services transfered
at a point in time
于某个时间点转移
的产品或服务
258,61320,000278,613
Services transfered over time
经时间转移之服务
–16,21616,216
Total revenue from contracts
with customers
来自客户合约之总收入
258,61336,216294,829
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:
千港元千港元
Revenue recognised that was included in
contract liabilities at the begining of
the reporting period:
报告期初计入合约负债之
已确认收入：
Sales of properties
出售物业
65,74610,088
166Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
5.
收入以及其他收入及收益（续）
来自客户合约之收入（续）
(i)
履约责任
本集团履约责任的有关资料概述如下：
出售物业
履约责任乃于买方取得物业的合法业
权时达致。
资产管理服务
就基本管理费、资产管理费、项目管理
费和发展管理费而言，履约责任于提供
服务时随时间达成。就收购费、租赁费
和推广费而言，履约责任于成功收购物
业、进行租赁服务及达成绩效目标的时
间点达成，原因为客户仅于成功收购、
提供租赁服务及达成或超过若干内部
回报目标后收取及消耗本集团提供的
利益。
5. REVENUE AND OTHER INCOME AND GAINS
(Continued)
Revenue from contracts with customers (Continued)
(i) Performance obligations
Information about the Group’s performance
obligations is sumarised below:
Sales of properties
The performance obligation is satisfied when
the legal title of the property is obtained by the
purchaser.
Aset management services
For base management fes, aset management
fes, project management fes and development
management fes, the performance obligation is
satisfied over time as services are rendered. For
acquisition fes, lease fes and promote fes, the
performance obligation is satisfied at a point in time
upon the sucesful acquisition of properties, carying
out leasing services and reaching the performance
target, as the customers only receive and consume
the benefits provided by the Group upon sucesful
acquisition, provision of leasing services and reaching
or exceding certain internal rate of return target,
respectively.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
5.
收入以及其他收入及收益（续）
来自客户合约之收入（续）
(i)
履约责任（续）
于年末分配至余下履约责任之订约销
售金额如下：
分配至履约责任的所有合约销售额均
与物业销售有关，并预期于一年内（二
零二四年：一年内）确认为收益。上述披
露的金额不包括受到限制的可变代价。
5. REVENUE AND OTHER INCOME AND GAINS
(Continued)
Revenue from contracts with customers (Continued)
(i) Performance obligations (Continued)
The contracted sales amounts alocated to the
remaining performance obligations as at the end of
the year are as folows:
千港元千港元
Amounts expected to be recognised as
revenue:
预期将确认为收入之
金额：
Within one year
一年内
560,962611,442
Al the contracted sales amounts alocated to
the performance obligations are related to sales
of properties and expected to be recognised as
revenue within one year (2024: within one year). The
amounts disclosed above do not include variable
consideration which is constrained.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
168Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
5.
收入以及其他收入及收益（续）
本集团之其他收入及收益净额分析如下：
5. REVENUE AND OTHER INCOME AND GAINS
(Continued)
An analysis of the Group’s other income and gains, is as
folows:
千港元千港元
Other income and gains
其他收入及收益
Interest income from bank deposits
银行存款之利息收入
6,6439,593
Interest income from debt investments at fair
value through other comprehensive income
按公平值计入其他全面收
益的债务投资之利息
收入
–10,934
Interest income from financial asets at fair
value through profit or los
按公平值计入损益的金融
资产之利息收入
–5,184
Dividend income from financial asets at fair
value through profit or los
按公平值计入损益的金融
资产之股息收入
3625,700
Forfeiture of deposits from customers
没收客户之按金
12,2611,602
Property management fe
物业管理费
10,02210,093
Others
其他
13,89816,261
Total other income and gains
总其他收入及收益
43,18659,367
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
6.
除税前亏损
本集团之除税前亏损已扣除╱（计入）以下各
项所达致：
6. LOS BEFORE TAX
The Group’s los before tax is arived at after charging/
(crediting):
附注千港元千港元
Cost of properties sold
出售物业成本
1,086,019195,173
Cost of services provided
提供服务成本
29,34129,008
Direct operating expenses (including
repairs and maintenance) arising
from rental-earning investment
properties
赚取租金之投资物业所产
生之直接经营开支
（包括维修及保养）
–129
Depreciation of owned asets
自有资产折旧
Depreciation of right-of-use asets
使用权资产折旧
1314,50913,810
Impairment loses/(reversal of
impairment loses) on financial
asets, net:
金融资产之减值亏损╱
（减值亏损拨回）净额：
Debt investments at fair value
through other comprehensive
income
按公平值计入其他全面
收益之债务投资
193,8031,220
Loan receivables
应收贷款
22–(939)
Total
总计
3,803281
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
170Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
6.
除税前亏损（续）
本集团之除税前亏损已扣除╱（计入）以下各
项所达致：（续）
*
该等开支计入综合损益及其他全面收益表的「其
他开支」。
并无本集团作为雇主可以使用的被没收供款以减
少现有的供款水平。
6. LOS BEFORE TAX (Continued)
The Group’s los before tax is arived at after charging/
(crediting): (Continued)
附注千港元千港元
Los on disposal/redemption of
debt investments at fair value
through other comprehensive
income*
出售╱赎回按公平值计入
其他全面收益的债务
投资之亏损
*
–60,044
Los on disposal of subsidiaries*
出售附属公司的亏损
*357,063343
Lease payments not included in the
measurement of lease liabilities
不包括于计量租赁负债之
租赁付款
15(c)8813,754
Auditor’s remuneration
核数师酬金
2,7803,080
Employe benefit expense
(including directors’
remuneration (note 8):
雇员福利开支（包括董事
酬金（附注
）：
Wages and salaries
工资及薪金
86,43387,521
Pension scheme contributions
退休金计划供款
1,6391,866
Les: amount capitalised
减：资本化金额
(2,191)(8,665)
Total
总计
85,88180,722
- “Other expenses” in
the consolidated statement of profit or los and other
comprehensive income.
There are no forfeited contributions that may be used by
the Group as the employer to reduce the existing level of
contributions.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
7. FINANCE COSTS
An analysis of finance costs is as folows:
千港元千港元
Interest on bank and other borowings
银行及其他借贷利息
321,247327,936
Interest on lease liabilities
租赁负债利息
1,045332
Subtotal
小计
322,292328,268
Les: Interest capitalised
减：资本化利息
(92,111)(147,258)
Total
总计
230,181181,010
8. DIRECTORS’ REMUNERATION
Directors’ remuneration for the year, disclosed pursuant
to the Rules Governing the Listing of Securities on the
Stock Exchange (the “Listing Rules”), section 383(1)(a), (b),
(c) and (f) of the Hong Kong Companies Ordinance and
Part 2 of the Companies (Disclosure of Information about
Benefits of Directors) Regulation, is as folows:
千港元千港元
Fes
袍金
Other emoluments:
其他酬金：
Salaries, alowances and benefits
in kind
薪金、津贴及实物利益
7,9188,590
Performance-related bonuses*
表现花红
*1,169–
Pension scheme contributions
退休金计划供款
Subtotal
小计
9,1328,644
Total fes and other emoluments
袍金及其他酬金总额
9,6029,164
* Certain executive directors of the Company were entitled to
bonus payments which were determined with reference to
the Group’s operating results, individual performance of the
directors and comparable market practices during the year.
7.
融资成本
融资成本分析如下：
8.
董事酬金
本年度董事酬金根据联交所证券上市规则
（「上市规则」）、香港公司条例第
383(1)(a)
、
(b)
、
(c)
及
(f)
条及公司（披露董事利益资料）规例
第
部披露如下：
*
本公司若干执行董事有权享有花红，而花
红乃参考年内本集团经营业绩、董事之个
人表现及可供比较之市场惯例后厘定。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
172Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
8.
董事酬金（续）
(a)
独立非执行董事
年内支付予独立非执行董事之袍金如
下：
*
于二零二四年七月一日辞任独立非
执行董事
年内概无向独立非执行董事支付其他
酬金（二零二四年：无）。
8. DIRECTORS’ REMUNERATION (Continued)
(a) Independent non-executive directors
The fes paid to independent non-executive
directors during the year were as folows:
千港元千港元
Mr. Li Wing Sum, Steven
李永森先生
Mr. Sung Tze Wah
宋梓华先生
Sr Dr. Leung Tony Ka Tung*
梁家栋博士测量师
*50130
Dr. Chan Ho Wah Terence
陈浩华博士
Total
总计
* Resigned as an independent non-executive director on 1
July 2024
There were no other emoluments payable to the
independent non-executive directors during the year
(2024: Nil).
| Fees | Salaries, allowances and benefits in kind | Performance- related bonuses | Pension scheme contributions | Total remuneration | ||
|---|---|---|---|---|---|---|
| 薪金、津贴 | 退休金计划 | |||||
| 袍金 HK$’000 | 及实物利益 HK$’000 | 表现相关花红 HK$’000 | 供款 HK$’000 | 酬金总额 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
8.
董事酬金（续）
(b)
执行董事及主要行政人员
已辞任执行董事，自二零二四年四
月一日起生效
*
已获委任为执行董事，自二零二四
年十月一日起生效
年内并无董事放弃或同意放弃任何酬金之安
排（二零二四年：无）。
8. DIRECTORS’ REMUNERATION (Continued)
(b) The executive directors and the chief
executive
千港元千港元千港元千港元千港元
二零二五年
Executive directors:
执行董事：
Mr. Tang Ho Hong
(Chief Executive Oficer)
邓灏康先生
（行政总裁）
–4,393523184,934
Ms. Ching Tak Won, Teresa
程德韵女士
–2,314646182,978
Ms. Yiu Chi Man*
姚智文先生
*–1,211–91,220
Total
总计
–7,9181,169459,132
二零二四年
Executive directors:
执行董事：
Mr. Tang Ho Hong
(Chief Executive Oficer)
邓灏康先生
（行政总裁）
–4,594–184,612
Ms. Ching Tak Won, Teresa
程德韵女士
–2,101–182,119
Ms. Wong Chin Han
黄静娴女士
–1,895–181,913
Total
总计
–8,590–548,644
Resigned as an executive director with efect from 1 April
* Apointed as an executive director with efect from 1
October 2024
There was no arangement under which a director waived
or agred to waive any remuneration during the year (2024:
Nil).
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| Number of employees | |||
|---|---|---|---|
| 雇员 2025 | 人数 2024 | ||
174Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
9.
五名最高薪雇员
年内，五名最高薪雇员中三名（二零二四年：
三名）为董事，其酬金详情已于上文附注
披
露。余下两名（二零二四年：两名）非董事最高
薪雇员之年内酬金详情如下：
酬金属于下列范围之非董事最高薪雇员人数
如下：
9. FIVE HIGHEST PAID EMPLOYES
The five highest paid employes during the year included
thre (2024: thre) directors, details of whose remuneration
are disclosed in note 8 above. Details of the remuneration
for the year of the remaining two (2024: two) non-director,
highest paid employes are as folows:
千港元千港元
Salaries, alowances and benefits in kind
薪金、津贴及实物利益
2,9783,085
Discretionary bonuses
酌情花红
Pension scheme contributions
退休金计划供款
3,2593,996
The numbers of non-director, highest paid employes
whose remuneration fel within the folowing bands are as
folows:
二零二五年二零二四年
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$2,500,0002,000,001
港元至
2,500,000
港元
–1
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
10.
所得税
香港利得税乃根据截至二零二五年三月
三十一日止年度在香港产生之估计应课税溢
利按税率
16.5%
（二零二四年：
16.5%
）作出拨
备。
10. INCOME TAX
Hong Kong profits tax has ben provided at the rate of
16.5% (2024: 16.5%) on the estimated asesable profits
arising in Hong Kong during the year ended 31 March
2025.
千港元千港元
Curent – Hong Kong
即期－香港
Charge for the year
本年度开支
2882,645
Overprovision in prior years
过往年度超额拨备
(2,437)(221)
(2,149)2,424
Defered (note 31)
递延（附注
）
3,9653,844
Total tax charge for the year
本年度之税项开支总额
1,8166,268
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
176Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
10.
所得税（续）
按香港法定税率计算之除税前亏损之适用税
项抵免与按实际税率计算之税项开支之对账
如下：
损益中的「应占合营企业溢利及亏损」中包括
应占合营企业税项
23,982,000
港元（二零二四
年：
22,181,000
港元）。
10. INCOME TAX (Continued)
A reconciliation of the tax credit aplicable to los before
tax at the Hong Kong statutory rate to the tax expense at
the efective tax rate is as folows:
千港元千港元
Los before tax
除税前亏损
(1,027,255)(735,805)
Tax at the Hong Kong statutory tax rate
按香港法定税率计算税项
(169,497)(121,408)
Adjustments in respect of curent tax
of previous periods
就以往期间即期税项作出调整
(2,437)(221)
Adjustments in respect of defered tax
of previous periods
就以往期间递延税项作出调整
3,9653,875
Profits and loses atributable to joint
ventures
合营企业应占溢利及亏损
56,596(43,318)
Income not subject to tax
毋须缴税收入
(1,373)(4,455)
Expenses not deductible for tax
不可扣税开支
3,62720,282
Tax loses utilised from previous
periods
动用以往期间之税项亏损
(3,380)–
Tax loses not recognised
未确认税项亏损
114,315151,519
Others
其他
–(6)
Tax expense at the Group’s efective
rate
按本集团之实际税率计算之税项
开支
1,8166,268
The share of tax atributable to joint ventures amounting to
HK$23,982,000 (2024: HK$22,181,000), is included in “Share
of profits and loses of joint ventures” in profit or los.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
11.
股息
董事会并不建议就截至二零二五年三月
三十一日止年度派付任何股息（二零二四年：
无）。
12.
母公司普通权益持有人应占每股亏
损
截至二零二五年三月三十一日止年度之每股
基本亏损乃根据母公司拥有人应占本年度亏
损
976,892,000
港元（二零二四年：
733,276,000
港元）及年内已发行普通股加权平均数
15,200,000,000
（二零二四年：
15,200,000,000
）股
计算。
本集团于截至二零二五年及二零二四年三月
三十一日止年度并无已发行潜在摊薄普通
股，故并无就该两个年度呈列之每股基本亏
损作出调整。
11. DIVIDENDS
The board of directors does not recomend the payment
of any dividends in respect of the year ended 31 March
2025 (2024: Nil)
12. LOS PER SHARE ATRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE
PARENT
The calculation of basic los per share for the year ended
31 March 2025 is based on the los for the year atributable
to owners of the parent of HK$976,892,000 (2024:
HK$733,276,000) and the weighted average number of
ordinary shares in isue during the year of 15,200,000,000
(2024: 15,200,000,000).
No adjustment has ben made to the basic los per share
amounts presented for the years ended 31 March 2025
and 2024 as the Group had no potentialy dilutive ordinary
shares in isue during these two years.
| Owned assets | Right-of-use assets | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 自有资产 | 使用权资产 | |||||||||||
| Buildings | Leasehold improvements | Furniture, fixtures and office equipment | Motor vehicles | Computer equipment | Sub-total | Leasehold land | Buildings | Signages | Sub-total | Total | ||
| 家私、装置 | ||||||||||||
| 楼宇 HK$’000 | 租赁物业装修 HK$’000 | 及办公设备 HK$’000 | 汽车 HK$’000 | 电脑设备 HK$’000 | 小计 HK$’000 | 租赁土地 HK$’000 | 楼宇 HK$’000 | 告示牌 HK$’000 | 小计 HK$’000 | 总计 HK$’000 | ||
178Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
13.
物业、厂房及设备
13. PROPERTY, PLANT AND EQUIPMENT
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
31 March 2025
二零二五年三月三十一日
At 1 April 2024:
于二零二四年四月一日：
Cost
成本
3,88717,8613,6689179,79736,13087,38928,2001,843117,432153,562
Acumulated depreciation
累计折旧
(812)(17,861)(3,668)(917)(6,105)(29,363)(15,600)(21,211)(701)(37,512)(66,875)
Net carying amount
账面净值
3,075–3,6926,76771,7896,9891,14279,92086,687
At 1 April 2024, net of
acumulated depreciation
于二零二四年四月一日，
扣除累计折旧
3,075–3,6926,76771,7896,9891,14279,92086,687
Aditions
添置
–9797–17,235–17,23517,332
Depreciation provided
during the year
年内计提折旧
(132)–(788)(920)(3,120)(10,287)(1,102)(14,509)(15,429)
Lease modification
租赁修订
–7,615–7,6157,615
At 31 March 2025, net of
acumulated depreciation
于二零二五年三月三十一日，
扣除累计折旧
2,943–3,0015,94468,66921,5524090,26196,205
At 31 March 2025:
于二零二五年三月三十一日：
Cost
成本
3,88717,8613,6689179,89436,22787,38935,758483123,630159,857
Acumulated depreciation
累计折旧
(944)(17,861)(3,668)(917)(6,893)(30,283)(18,720)(14,206)(443)(33,369)(63,652)
Net carying amount
账面净值
2,943–3,0015,94468,66921,5524090,26196,205
| Owned assets | Right-of-use assets | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 自有资产 | 使用权资产 | |||||||||||
| Buildings | Leasehold improvements | Furniture, fixtures and office equipment | Motor vehicles | Computer equipment | Sub-total | Leasehold land | Buildings | Signages | Sub-total | Total | ||
| 家私、装置 | ||||||||||||
| 楼宇 HK$’000 | 租赁物业装修 HK$’000 | 及办公设备 HK$’000 | 汽车 HK$’000 | 电脑设备 HK$’000 | 小计 HK$’000 | 租赁土地 HK$’000 | 楼宇 HK$’000 | 告示牌 HK$’000 | 小计 HK$’000 | 总计 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
13.
物业、厂房及设备（续）
于二零二五年三月三十一日，本集团账面净
值为
2,943,000
港元（二零二四年：
3,075,000
港
元）之自有楼宇及账面净值为
68,669,000
港元
（二零二四年：
71,789,000
港元）之租赁土地
（计入使用权资产）已抵押作为本集团获取一
般银行融资之担保（附注
）。
13. PROPERTY, PLANT AND EQUIPMENT
(Continued)
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
31 March 2024
二零二四年三月三十一日
At 1 April 2023:
于二零二三年四月一日：
Cost
成本
3,88717,8613,6689179,44535,77887,38927,485–114,874150,652
Acumulated depreciation
累计折旧
(680)(17,861)(3,668)(917)(5,332)(28,458)(12,480)(11,222)–(23,702)(52,160)
Net carying amount
账面净值
3,207–4,1137,32074,90916,263–91,17298,492
At 1 April 2023, net of
acumulated depreciation
于二零二三年四月一日，
扣除累计折旧
3,207–4,1137,32074,90916,263–91,17298,492
Aditions
添置
–352352–7151,8432,5582,910
Depreciation provided during
the year
年内计提折旧
(132)–(773)(905)(3,120)(9,989)(701)(13,810)(14,715)
At 31 March 2024, net of
acumulated depreciation
于二零二四年三月三十一日，
扣除累计折旧
3,075–3,6926,76771,7896,9891,14279,92086,687
At 31 March 2024:
于二零二四年三月三十一日：
Cost
成本
3,88717,8613,6689179,79736,13087,38928,2001,843117,432153,562
Acumulated depreciation
累计折旧
(812)(17,861)(3,668)(917)(6,105)(29,363)(15,600)(21,211)(701)(37,512)(66,875)
Net carying amount
账面净值
3,075–3,6926,76771,7896,9891,14279,92086,687
At 31 March 2025, the Group’s owned buildings with a net
carying amount of HK$2,943,000 (2024: HK$3,075,000)
and leasehold land, which is included in right-of-use
asets, with a net carying amount of HK$68,669,000 (2024:
HK$71,789,000) were pledged to secure general banking
facilities granted to the Group (note 30).
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
180Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
14.
投资物业
于二零二五年及二零二四年三月三十一日，
本集团之投资物业包括位于香港之商业单
位。
本集团所有以赚取租金之租赁物业利息（如使
用权资产）均以公平值模型计量，并分类及入
账作投资物业。
本集团于年内确认来自投资物业之租金收入
1,546,000
港元（二零二四年：
3,065,000
港元），
其详情载于财务报表附注
。
投资物业由独立专业合资格估值师中诚达资
产评值顾问有限公司于二零二五年及二零
二四年三月三十一日进行重估。财务部设有
一个小组，专责就财务报告而言对独立估值
师的估值进行审阅，并直接向本公司高级管
理层汇报。就中期及年度财务报告进行评估
时，管理层与估值师会就评估程序及结果每
年展开两次讨论。于各报告期末，财务部会与
独立估值师展开讨论，以核实独立估值报告
的重大输入数据。财务部亦会就物业估值较
上一年度估值报告的变动进行评估。
14. INVESTMENT PROPERTIES
千港元千港元
Carying amount at begining of year
年初账面值
71,000147,000
Aditions
添置
–86
Disposal of subsidiaries (note 35)
出售附属公司（附注
）
–(78,800)
Net (los)/gain from fair value
adjustments
公平值调整（亏损）╱收益净额
(32,000)2,714
Carying amount at end of year
年末账面值
39,00071,000
The Group’s investment properties as at 31 March 2025
and 2024 consisted of comercial units in Hong Kong.
Al the Group’s leasehold property interests (i.e. right-
of-use asets) to earn rentals are measured using the
fair value model and are clasified and acounted for as
investment properties.
Rental income from investment properties recognised
by the Group during the year was HK$1,546,000 (2024:
HK$3,065,000), details of which are included in note 5 to
the financial statements.
The investment properties were revalued by Aset
Apraisal Limited, an independent profesionaly qualified
valuer, at 31 March 2025 and 2024. The finance department
has a team that reviews the valuation performed by the
independent valuer for financial reporting purposes
and reports directly to the senior management of the
Company. Discusions of valuation proceses and results
are held betwen management and the valuer twice a
year when the valuation is performed for interim and
anual financial reporting. At the end of each reporting
period, the finance department holds discusion with
the independent valuer to verify major inputs to the
independent valuation reports. The finance department
also aseses property valuation movements when
compared to the prior year valuation reports.
| Fair value measurement using significant unobservable inputs (Level 3) | |||
|---|---|---|---|
| 采用重大不可观察输入数据之 | |||
| 公平值计 2025 | 量（第三层） 2024 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
14.
投资物业（续）
于二零二五年及二零二四年三月三十一日，
投资物业按经营租约租予第三方，进一步概
要详情载于财务报表附注
。
于二零二五年三月三十一日，本集团账面总
值为
39,000,000
港元（二零二四年：
71,000,000
港
元）之投资物业，及其所产生之租金收入已抵
押作为本集团获授一般银行融资之担保（附注
）。
公平值层级
下表阐述本集团投资物业之公平值计量层级：
年内，公平值计量概无于第一层及第二层之
间转让，亦无自第三层转入或转出（二零二四
年：无）。
14. INVESTMENT PROPERTIES (Continued)
At 31 March 2025 and 2024, the investment properties
were leased to third parties under operating leases, further
sumary details of which are included in note 15 to the
financial statements.
At 31 March 2025, the Group’s investment properties
with an agregate carying value of HK$39,000,000 (2024:
HK$71,000,000) and rental income generated therefrom
were pledged to secure the Group’s general banking
facilities granted to the Group (note 30).
Fair value hierarchy
The folowing table ilustrates the fair value measurement
hierarchy of the Group’s investment properties:
千港元千港元
Recuring fair value measurement for:
经常性公平值计量：
Comercial properties
商用物业
39,00071,000
During the year, there were no transfers of fair value
measurements betwen Level 1 and Level 2 and no
transfers into or out of Level 3 (2024: Nil).
| Commercial properties | ||
|---|---|---|
| 商用物业 HK$’000 |
| Significant | ||||
|---|---|---|---|---|
| Valuation technique | unobservable input | Range or weighted average | ||
| 估值方法 | 重大不可观察输入数据 | 范围或加 2025 | 权平均数 2024 | |
182Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
14.
投资物业（续）
公平值层级（续）
分类为公平值层级第三层之公平值计量之对
账如下：
下文概述投资物业估值所采用之估值方法及
主要输入数据：
于二零二五年三月三十一日，投资物业乃根
据直接比较法（即参考可资比较市场交易）进
行估值。
每平方呎价格单独大幅增加╱（减少）会令投
资物业之公平值大幅上升╱（下降）。
14. INVESTMENT PROPERTIES (Continued)
Fair value hierarchy (Continued)
Reconciliation of fair value measurements categorised
within Level 3 of the fair value hierarchy:
千港元
Carying amount at 1 April 2023
于二零二三年四月一日之账面值
147,000
Aditions
添置
Disposal of subsidiaries (note 35)
出售附属公司（附注
）
(78,800)
Net gain from fair value adjustments
公平值调整收益净额
2,714
Carying amount at 31 March 2024 and
1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日之账面值
71,000
Net los from fair value adjustments
公平值调整亏损净额
(32,000)
Carying amount at 31 March 2025
于二零二五年三月三十一日之账面值
39,000
Below is a sumary of the valuation technique used and
the key input to the valuation of investment properties:
二零二五年二零二四年
Comercial properties
商用物业
Direct comparison method
直接比较法
Price per square fot
每平方呎价格
HK$10,400 to
HK$24,300
HK$21,500 to
HK$33,300
10,400
港元至
24,300
港元
21,500
港元至
33,300
港元
As at 31 March 2025, the valuations of investment
properties were based on direct comparison method by
reference to comparable market transactions.
A significant increase/(decrease) in the price per square
fot in isolation would result in a significantly higher/(lower)
fair value of the investment properties.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
15.
租赁
本集团作为承租人
本集团拥有租赁土地及经营中使用的办公
物业及告示牌的租赁合同。一次性付款已提
前作出以收购余下租期为
年的香港租赁土
地，而根据该等土地租赁的条款，将不会继续
支付任何款项。办公室物业及告示牌租赁的
租期分别为介乎
至
个月以及介乎
至
个月。一般而言，本集团不得在本集团以外转
让及分租赁资产。
(a)
使用权资产
本集团年内使用权资产之账面值及变
动于财务报表附注
披露。
15. LEASES
The Group as a lese
The Group has lease contracts for leasehold land, ofice
properties and signages used in its operation. Lump sum
payments were made upfront to acquire the leasehold land
in Hong Kong with remaining lease period of 30 years,
and no ongoing payments wil be made under the terms
of these land leases. Lease of the ofice properties and
signages have lease terms of 24 to 48 months and 14 to
24 months, respectively. Generaly, the Group is restricted
from asigning and subleasing the leased aset outside the
Group.
(a) Right-of-use asets
The carying amount of the Group’s right-of-use
asets and the movements during the year are
disclosed in note 13 to the financial statements.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
184Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
15.
租赁（续）
本集团作为承租人（续）
(b)
租赁负债
本集团年内租赁负债之账面值（计入其
他应付款项及应计费用）及变动如下：
未贴现租赁负债之到期日分析载于财
务报表附注
。
15. LEASES (Continued)
The Group as a lese (Continued)
(b) Lease liabilities
The carying amount of the Group’s lease liabilities
(included in other payables and acruals) and the
movements during the year are as folows:
千港元千港元
Carying amount at begining of year
年初之账面值
8,36716,713
New lease
新租赁
17,2352,558
Acretion of interest recognised
during the year
年内已确认利息增幅
1,045332
Lease modification
租赁修订
7,615–
Payments
付款
(11,461)(11,236)
Carying amount at end of year
年末之账面值
22,8018,367
Analysed into:
分析为：
Within one year
一年内
10,4138,105
In the second year, as non-curent
portion
第二年，作为非流动
部分
8,866262
In the third to fifth years,
as non-curent portion
第三至第五年，作为
非流动部分
3,522–
22,8018,367
The maturity analysis of undiscounted lease liabilities
is set out in note 42 to the financial statements.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
15.
租赁（续）
本集团作为承租人（续）
(c)
于损益确认之租赁相关金额如下：
(d)
租赁之现金流出总值于财务报表附注
36(c)
披露。
本集团作为出租人
本集团根据经营租赁安排出租其投资物业以
及出租若干位于香港之发展中物业及持作出
售物业（按暂时基准）。租赁条款一般要求租户
支付担保按金及规定期根据现行市况作出
租金调整。
15. LEASES (Continued)
The Group as a lese (Continued)
(c) The amounts recognised in profit or los in relation to
lease are as folows:
千港元千港元
Interest on lease liabilities
租赁负债之利息
1,045332
Depreciation charge of right-of-use
asets (included in administrative
expenses)
使用权资产之折旧开支
（计入行政开支）
14,50913,810
Expense relating to short-term leases
(included in seling and distribution
expenses)
与短期租赁有关之开支
（计入销售及分销开支）
8813,754
Total amount recognised in profit or
los
于损益确认之总金额
16,43517,896
(d) The total cash outflow for the leases is disclosed in
note 36(c) to the financial statements.
The Group as a lesor
The Group leases its investment properties and certain of
its properties under development and properties held for
sale (on a temporarily basis) in Hong Kong under operating
lease arangements. The terms of the leases generaly
require the tenants to pay security deposits and provide
for periodic rental adjustments acording to the then
prevailing market conditions.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
186Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
15.
租赁（续）
本集团作为出租人（续）
于二零二五年三月三十一日，本集团根据与
其租户之不可撤销经营租赁于未来期间的应
收未贴现租赁款项如下：
16.
发展中物业
预计于下列期间落成之发展中物业：
15. LEASES (Continued)
The Group as a lesor (Continued)
At 31 March 2025, the undiscounted lease payments
receivables by the Group in future periods under non-
cancelable operating leases with its tenants are as folows:
千港元千港元
Within one year
一年内
3,3015,321
After one year but within two years
一年后但两年内
2,0891,292
After two years but within thre years
两年后但三年内
1,176–
Total
总计
6,5666,613
16. PROPERTIES UNDER DEVELOPMENT
Properties under development expected to be completed:
千港元千港元
Within the normal operating cycle
included under curent asets
于正常营运周期内，计入流动
资产
1,129,0061,925,060
Beyond the normal operating cycle
included under non-curent asets
超过正常营运周期，计入非流动
资产
177,6001,093,725
1,306,6063,018,785
Included in asets of a disposal group
clasified as held for sale (note 26)
计入分类为持作出售之一个出售
集团之资产（附注
）
–(850,125)
1,306,6062,168,660
Les: Portion clasified as non-curent
asets
减：分类为非流动资产部分
(177,600)(243,600)
Curent portion
流动部分
1,129,0061,925,060
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
16.
发展中物业（续）
预期收回预计于正常营运周期内落成及分类
为流动资产之发展中物业：
附注：
(i)
截至二零二四年三月三十一日止年度，发
展中物业之撇减
692,355,000
港元已于损益
中扣除。计入截至二零二四年三月三十一
日年度撇减之款项
187,827,000
港元与计入
分类为持作出售之一个出售集团资产之
发展中物业有关，其截至二零二四年三月
三十日的账面值为
850,125,000
港元。
(i)
于二零二五年三月三十一日，本集团账面
总值净额为
1,306,606,000
港元（二零二四
年：
2,568,718,000
港元，其中
850,125,000
港
元计入分类为持作出售之一个出售集团资
产）之发展中物业按公平值减出售成本列
账。
16. PROPERTIES UNDER DEVELOPMENT
(Continued)
Properties under development expected to be completed
within the normal operating cycle and clasified as curent
asets are expected to be recovered:
千港元千港元
Within one year
一年内
500,400974,992
After one year
一年后
628,606950,068
Total
总计
1,129,0061,925,060
Notes:
(i) During the year ended 31 March 2024, write-down of properties
under development of HK$692,355,000 was charged to profit or
los. Included in the write-down for the year ended 31 March
2024 was an amount of HK$187,827,000 which was related to
properties under development included in asets of a disposal
group clasified as held for sale with a carying amount of
HK$850,125,000 as of 31 March 2024.
(i) As at 31 March 2025, the Group’s properties under
development with an agregate net carying amount
of HK$1,306,606,000 (2024: HK$2,568,718,000, of which
HK$850,125,000 was included in asets of a disposal group
clasified as held for sale) was caried at fair value les costs of
disposal.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
188Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
16.
发展中物业（续）
附注：（续）
(i)
于二零二五年三月三十一日，本集团账面
总值为
1,298,705,000
港元之发展中物业已
抵押作为本集团获取一般银行融资之担保
（附注
）。
于二零二四年三月三十一日，本集团账面
总值为
3,018,785,000
港元之发展中物业已
抵押作为本集团获取一般银行融资之担保
（附注
），而其中
850,125,000
港元已计入
分类为持作出售之一个出售集团资产（附
注
）。
(iv)
于二零二五年三月三十一日，在计入香港
发展中物业之租赁土地为
1,204,921,000
港元
（二零二四年：
2,620,898,000
港元，而其中
850,125,000
港元已计入分类为持作出售之
一个出售集团资产），其剩余租期为五十年
之内。
17.
持作出售物业
附注：
(i)
截至二零二五年三月三十一日止年度，持
作出售物业之撇减
229,273,000
港元已于损
益中扣除（二零二四年：无）。
(i)
于二零二五年三月三十一日，本集团总账
面值为
1,484,733,000
港元（二零二四年：
1,659,667,000
港元）之持作出售物业已抵押
作为本集团获取一般银行融资担保（附注
）。
(i)
于二零二五年三月三十一日，本集团总账
面值为
1,484,733,000
港元（二零二四年：无）
之持作出售物业按公平值减出售成本列
账。
16. PROPERTIES UNDER DEVELOPMENT
(Continued)
Notes: (Continued)
(i) At 31 March 2025, the Group’s properties under development
with an agregate carying value of HK$1,298,705,000 were
pledged to secure the Group’s general banking facilities (note
30).
At 31 March 2024, the Group’s properties under development
with an agregate carying value of HK$3,018,785,000 were
pledged to secure the Group’s general banking facilities (note
30), and of which HK$850,125,000 was included in asets of a
disposal group clasified as held for sale (note 26).
(iv) As at 31 March 2025, the leasehold land included in
properties under development in Hong Kong amounting
to HK$1,204,921,000 (2024: HK$2,620,898,000, of which
HK$850,125,000 was included in asets of a disposal group
clasified as held for sale) had remaining lease terms within 50
years.
17. PROPERTIES HELD FOR SALE
千港元千港元
Carying amount at 31 March
于三月三十一日之账面值
1,500,9391,710,302
Notes:
(i) During the year ended 31 March 2025, a write-down of
properties held for sale of HK$229,273,000 was charged to
profit or los (2024: Nil).
(i) At 31 March 2025, the Group’s properties held for sale with
an agregate carying amount of HK$1,484,733,000 (2024:
HK$1,659,667,000) were pledged to secure the Group’s general
banking facilities (note 30).
(i) As at 31 March 2025, the Group’s properties held for sale with
an agregate net carying amount of HK$1,484,733,000 (2024:
Nil) were caried at fair value les costs of disposal.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
18.
于合营企业的权益
(i)
结余包括合共
2,833,558,000
港元（二零
二四年：
2,506,832,000
港元）的合营企业
股东贷款，该等贷款被视为类似资本性
质。该等股东贷款为免息，并无固定还
款期，还款须经本集团与有关合营企业
双方同意。
(i)
除向合营企业提供之贷款
57,872,000
港元
（二零二四年：
104,461,000
港元）按香港
银行同业拆息加
2.25%
或年利率
6%
（二
零二四年：
9.5%
）计息外，向合营企业
提供之余下贷款均为免息。向合营企业
提供之所有贷款均为无抵押、须按要求
偿还且不大可能于可预见未来偿还，因
此，本公司董事认为，该等贷款构成本
集团于合营企业的权益的一部分。向合
营企业提供之贷款并无近期违约记录
及逾期金额。于二零二五年及二零二四
年三月三十一日，亏损拨备经评估后属
微不足道。
18. INTERESTS IN JOINT VENTURES
附注千港元千港元
Investment costs
投资成本
(i)3,147,4052,846,175
Loans to joint ventures
贷款予合营企业
(i)59,562114,491
Acumulated share of profits and
loses
累计应占溢利及亏损
436,719894,963
Total
总计
3,643,6863,855,629
(i) Included in balance are shareholders’ loans to the joint
ventures with an agregate amount of HK$2,833,558,000
(2024: HK$2,506,832,000) which are considered as quasi-capital
in nature. These shareholders’ loans are interest fre, have
no fixed term of repayment and the repayment of which are
subject to the mutual agrement betwen the Group and the
respective joint ventures.
(i) Except for loans to joint ventures of HK$57,872,000 (2024:
HK$104,461,000) which bear interest at HIBOR+2.25% or 6%,
(2024: 9.5%) per anum, the remaining loans to joint ventures
are interest fre. Al the loans to joint venture are unsecured,
repayable on demand and are unlikely to be repaid in the
foreseable future, and therefore in the opinion of the
Company’s directors, these loans form an integral part of the
Group’s interest in the joint ventures. There was no recent
history of default and past due amounts for loans to the joint
ventures. As at 31 March 2025 and 2024, the los alowance was
asesed to be minimal.
| Name | Particulars of issued shares held | Place of incorporation/ registration and business | Percentage of beneficial interests attributable to the Group | Principal activities |
|---|---|---|---|---|
| 所持已发行 | 注册成立╱ | 本集团应占实 | ||
190Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
18.
于合营企业的权益（续）
本集团重大合营企业详情如下：
所有该等合营企业为非上市及由本公司间接
持有，及被视为本集团之重大合营企业。此等
合营企业，连同其附属公司主要于香港从事
物业发展及物业投资，并按权益法入账。
董事认为，该等合营企业为本集团截至二零
二五年三月三十一日止年度的重大合营企
业，故该等合营企业截至二零二五年三月
三十一日止年度的财务资料概要呈列于财务
报表。
18. INTERESTS IN JOINT VENTURES (Continued)
Particulars of the Group’s material joint ventures are as
folows:
名称股份详情登记及营业地点益权益百分比主要业务
Fortune Harbour
Investments Limited
(“Fortune Harbour”)
Ordinary shares of
US$1 each
普通股每股
美元
BVI
英属维尔京群岛
35Investment holding
投资控股
Giant Harmony Limited
(“Giant Harmony”)
Ordinary shares
HK$1 each
Hong Kong
香港
50Investment holding
投资控股
志航有限公司（「志航」）普通股每股
港元
Oriental Sunlight Limited
(“Oriental Sunlight”)
Ordinary shares
US$1 each
普通股每股
美元
BVI
英属维尔京群岛
50Investment holding
投资控股
Al these joint ventures are unlisted and indirectly held by
the Company and they are considered as material joint
ventures of the Group. These joint ventures, together with
their subsidiaries, are principaly engaged in the property
development and property investment in Hong Kong and
are acounted for using the equity method.
In the opinion of the directors, these joint ventures are
considered as material joint ventures of the Group for the
year ended 31 March 2025 and therefore, sumarised
financial information for these joint ventures for the
year ended 31 March 2025 is presented in the financial
statements.
| 2025 | ||||
|---|---|---|---|---|
| 二零二五年 | ||||
| FH Group | OS Group | GH Group | ||
| FH | OS | |||
| 集团 HK$’000 | 集团 HK$’000 | 志航集团 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
18.
于合营企业的权益（续）
(a)
下表载列
FH
集团、
Oriental Sunlight
及其
附属公司（统称「
OS
集团」）以及志航及其
附属公司（统称「志航集团」）之财务资料
概要与综合财务报表之账面值对账：
18. INTERESTS IN JOINT VENTURES (Continued)
(a) The folowing tables ilustrate the sumarised
financial information in respect of FH Group, Oriental
Sunlight and its subsidiaries (colectively the “OS
Group”) and Giant Harmony and its subsidiaries
(colectively the “GH Group”) and reconciled to
the carying amount in the consolidated financial
statements:
千港元千港元千港元
Cash and cash equivalents
现金及现金等同项目
96,60621,788244,253
Other curent asets
其他流动资产
2333,1576,605,299
Curent asets
流动资产
96,83924,9456,849,552
Non-curent asets
非流动资产
3,276,4741,230,0005,379
Financial liabilities, excluding trade and other payables
金融负债，不包括应付账款
及其他应付款项
–(1,307,281)
Other curent liabilities
其他流动负债
(60,933)(17,865)(818,203)
Curent liabilities
流动负债
(60,933)(17,865)(2,125,484)
Non-curent financial liabilities, excluding trade
and other payables
非流动金融负债，不包括应付
账款及其他应付款项
(1,800,732)(473,180)(1,394,321)
Other non-curent liabilities
其他非流动负债
–(10,204)(930)
Non-curent liabilities
非流动负债
(1,800,732)(483,384)(1,395,251)
Net asets
资产净值
1,511,648753,6963,334,196
Reconciliation to the Group’s interests in the joint ventures:
与本集团于合营企业之权益
对账：
Proportion of the Group’s ownership
本集团拥有权所占比例
35%50%50%
Group’s share of net asets of the joint ventures
本集团应占合营企业之资产净值
529,077376,8481,667,098
Capital contributed by a joint venture partner not
proportionate to its shareholding
合营企业伙伴不按持股比例的
出资
–(8,600)
Loans to joint ventures
贷款予合营企业
–1,690
Carying amount of the interests
权益之账面值
529,077376,8481,660,188
Revenue
收益
1,22449,433–
Interest income
利息收入
2,239712,885
Interest expenses
利息开支
(79,061)(30,707)(5,885)
Write down of properties under development
发展中物业之撇减
–(584,917)
Write down of properties held for sales
持作出售物业之撇减
–(325,077)
Tax charge
税项支出
(11,647)(1,329)–
Profit/(los) and total comprehensive income/(los)
for the year
本年度溢利╱（亏损）及全面
收益╱（亏损）总额
394,41998,438(944,092)
Dividend received from a joint venture
已收一间合营企业股息
–25,194–
| 2024 | |||||
|---|---|---|---|---|---|
| 二零二四年 | |||||
| FH Group | EM Group | OS Group | GH Group | ||
| FH | EM | OS | |||
| 集团 HK$’000 | 集团 HK$’000 | 集团 HK$’000 | 志航集团 HK$’000 | ||
192Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
18.
于合营企业的权益（续）
(b)
下表载列
FH
集团、
Ease Mind Investments
Limited
及其附属公司（统称为「
EM
集
团」）、
OS
集团及志航集团之财务资料概
要与综合财务报表之账面值对账：
18. INTERESTS IN JOINT VENTURES (Continued)
(b) The folowing tables ilustrate the sumarised
financial information in respect of FH Group, Ease
Mind Investments Limited and its subsidiaries
(colectively “EM Group”), OS Group and GH
Group and reconciled to the carying amount in the
consolidated financial statements:
千港元千港元千港元千港元
Cash and cash equivalents
现金及现金等同项目
61,0521,73027,323117,150
Other curent asets
其他流动资产
32,0421,005,4114,5506,418,417
Curent asets
流动资产
93,0941,007,14131,8736,535,567
Non-curent asets
非流动资产
2,800,998761,138,000–
Financial liabilities, excluding trade and other
payables
金融负债，不包括应付账款及其他应付
款项
–(431,164)(59,876)
Other curent liabilities
其他流动负债
(23,817)(778,445)(24,518)(181,008)
Curent liabilities
流动负债
(23,817)(778,445)(455,682)(240,884)
Non-curent financial liabilities, excluding trade
and other payables
非流动负债，不包括应付账款及
其他应付款项
(1,754,032)–(8,545)(2,279,986)
Net asets
资产净值
1,116,243228,772705,6464,014,697
Reconciliation to the Group’s interests in the joint
ventures:
与本集团于合营企业之权益对账：
Proportion of the Group’s ownership
本集团拥有权所占比例
35%40%50%50%
Group’s share of net asets of the joint ventures
本集团应占合营企业之资产净值
390,68591,509352,8232,007,349
Capital contributed by a joint venture partner
not proportionate to its shareholding
合营企业伙伴不按持股比例的出资
–(8,600)
Loans to joint ventures
贷款予合营企业
–104,461–10,018
Carying amount of the interests
权益之账面值
390,685195,969352,8232,008,767
Revenue
收益
31,000395,45447,525–
Interest income
利息收入
1627,0314192,302
Interest expenses
利息开支
(47,937)(10,385)(28,621)–
Write down of properties under development
持作出售物业之撇减
–(174,367)
Tax charge
税项支出
(1,662)(52,474)(1,863)–
Profit/(los) and total comprehensive income/(los)
for the year
本年度溢利╱（亏损）及全面收益╱（亏损）
总额
684,21440,01418,414(192,100)
Dividend received from a joint venture
已收一间合营企业股息
–10,500–
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
18.
于合营企业的权益（续）
董事认为，截至二零二五年三月三十一日止
年度，
EM
集团不再被视为本集团重大合营企
业，因此财务报表中并无呈列
EM
集团截至二
零二五年三月三十一日止年度的财务资料概
要。
(c)
下表载述本集团并非个别重大的合营
企业合计的财务资料：
19.
按公平值计入其他全面收益的债务
投资
18. INTERESTS IN JOINT VENTURES (Continued)
In the opinion of the directors, EM Group is no longer
considered as material joint venture of the Group for the
year ended 31 March 2025, and therefore sumarised
financial information of EM Group for the year ended 31
March 2025 is not presented in the financial statements.
(c) The folowing table ilustrates the agregate financial
information of the Group’s joint ventures that are not
individualy material:
千港元千港元
Share of joint ventures’ (loses)/profit
and total comprehensive (loses)/
income for the year, net
应占合营企业的年内
（亏损）╱溢利及全面
（亏损）╱收益总额净额
(58,225)93,895
Loans to joint ventures
贷款予合营企业
57,87212
Agregate carying amount of the
Group’s interests in the joint ventures
本集团于合营企业的权益
账面总额
1,077,573907,385
Dividend received
已收股息
90,046–
19. DEBT INVESTMENTS AT FAIR VALUE
THROUGH OTHER COMPREHENSIVE
INCOME
千港元千港元
Debt investments, at fair value
债务投资，按公平值
3,5922,486
194Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
19.
按公平值计入其他全面收益的债务
投资（续）
附注：
(i)
于报告期末，按公平值计入其他全面收益
之债务投资以美元（「美元」）计值。
(i)
截至二零二四年三月三十一日止年度，本
集团出售账面值为
61,703,000
港元之若干
按公平值计入其他全面收益的上市债务投
资。
(i)
按公平值计入其他全面收益的债务投资之
减值评估
于二零二五年及二零二四年三月三十一
日，所有债务投资已逾期并分类为预期信
贷亏损评估之第三阶段。
于二零二五年及二零二四年三月三十一
日，透过考虑预期信贷亏损进行减值分
析，而预期信贷亏损乃透过应用违约风险
概率并参考违约风险及发行人或可比公司
违约时的亏损进行估算。于二零二五年三
月三十一日，违约概率为
100%
（二零二四
年：
100%
），估计违约亏损约为
74.1%
（二零
二四年：
61.8%
）。
(iv)
于二零二五年三月三十一日，概无本集团
按公平值计入其他全面收益之债务投资已
抵押作为本集团一般银行融资之担保（二
零二四年：账面总值
2,486,000
港元已抵押
作为本集团一般银行融资之担保）。
19. DEBT INVESTMENTS AT FAIR VALUE
THROUGH OTHER COMPREHENSIVE
INCOME (Continued)
Notes:
(i) At the end of the reporting periods, the debt investments at fair
value through other comprehensive income were denominated
in United States dolar (“US$”).
(i) During the year ended 31 March 2024, the Group disposed
of certain debt investments at fair value through other
comprehensive income with carying amount of HK$61,703,000.
(i) Impairment asesment of debt investments at fair value
through other comprehensive income
As at 31 March 2025 and 2024, al debt investments were
defaulted and categorised within Stage 3 for the ECLs
asesment.
An impairment analysis was performed at 31 March 2025
and 2024 by considering the ECLs, which were estimated by
aplying the probability of default aproach with reference
to risk of default and loses given default of the isuers or
comparable companies. As at 31 March 2025, the probability
of default aplied was 100% (2024: 100%) and the los given
default was estimated to be aproximately 74.1% (2024: 61.8%).
(iv) At 31 March 2025, none of the Group’s debt investments at
fair value through other comprehensive income were charged
to secure the Group’s general banking facilities. (2024: an
agregate carying value of HK$2,486,000 were charged to
secure the Group’s general banking facilities).
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
19.
按公平值计入其他全面收益的债务
投资（续）
附注：（续）
(v)
按公平值计入其他全面收益的债务投资之
减值亏损拨备变动如下：
20.
按公平值计入损益的金融资产及负
债
金融资产
19. DEBT INVESTMENTS AT FAIR VALUE
THROUGH OTHER COMPREHENSIVE
INCOME (Continued)
Notes: (continued)
(v) The movements in the los alowance for the impairment of
debt investments at fair value through other comprehensive
income are as folows:
千港元千港元
At begining of year
于年初
19,15717,937
Impairment loses, net (note 6)
减值亏损净额（附注
）
3,8031,220
At end of year
于年末
22,96019,157
20. FINANCIAL ASETS AND LIABILITIES AT FAIR
VALUE THROUGH PROFIT OR LOS
Financial asets
附注千港元千港元
Listed fund investments,
at fair value
上市基金投资，按公平值
–20,884
Unlisted fund investments,
at fair value
非上市基金投资，按公平值
Investments in life insurance
policies
人寿保险保单投资
(a)36,01019,825
Interest rate swaps
利率掉期
(b)–1,119
36,04341,861
Les: Portion clasified as
non-curent asets
减：分类为非流动资产部分
–(775)
Curent portion
流动部分
36,04341,086
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
196Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
20.
按公平值计入损益的金融资产及负
债（续）
金融负债
上述基金投资及人寿保险保单投资因其合约
现金流量不仅为本金及利息的支付而被强制
分类为按公平值计入损益的金融资产。按公
平值计入损益的金融资产的公平值层级详情
载于财务报表附注
。
于报告期末，以美元及日圆（「日圆」）（二零
二四年：美元、日圆、英镑（「英镑」）、澳元（「澳
元」）及新加坡元（「新加坡元」）计值的按公
平值计入损益的金融资产（各个集团实体的
功能货币除外）分别为
36,010,000
港元及
33,000
港元（二零二四年：
19,825,000
港元、
33,000
港
元、
9,415,000
港元、
2,291,000
港元及
7,411,000
港
元）。
于二零二五年三月三十一日，本集团账面总
值为
36,010,000
港元（二零二四年：
19,825,000
港
元）之人寿保险保单投资已抵押作为本集团一
般银行融资之担保（附注
）。
于二零二四年三月三十一日，本集团账面总
值为
20,884,000
港元之上市基金投资已抵押作
为本集团一般银行融资之担保（附注
）。
20. FINANCIAL ASETS AND LIABILITIES AT FAIR
VALUE THROUGH PROFIT OR LOS (Continued)
Financial liabilities
附注千港元千港元
Interest rate swaps
利率掉期
(b)5,575606
Les: Portion clasified as
non-curent liabilities
减：分类为非流动负债部分
(4,419)(606)
Curent portion
流动部分
1,156–
The above fund investments and investments in life
insurance policies were mandatorily clasified as financial
asets at fair value through profit or los as the contractual
cash flows are not solely payments of principal and
interest. Details of the fair value hierarchy of the
financial asets at fair value through profit or los are set
out in note 41 to the financial statements.
At the end of the reporting period, the financial asets at
fair value through profit or los that were denominated
in US$ and Japanese Yen (“JPY”) (2024: US$, JPY, British
Pound Sterling (“GBP”), Australian Dolar (“AUD”) and
Singapore Dolar (“SGD”), other than the functional
curencies of the respective group entities, amounted
to HK$36,010,000 and HK$33,000 (2024: HK$19,825,000,
HK$33,000, HK$9,415,000, HK$2,291,000 and
HK$7,411,000), respectively.
At 31 March 2025, the Group’s investments in life insurance
policies with an agregate carying value of HK$36,010,000
(2024: HK$19,825,000) were charged to secure the Group’s
general banking facilities (note 30).
At 31 March 2024, the Group’s listed fund investments with
an agregate value of HK$20,884,000 were charged to
secure the Group’s general banking facilities (note 30).
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
20.
按公平值计入损益的金融资产及负
债（续）
附注：
(a)
本集团与若干保险公司签订人寿保单，
为本公司若干主要管理人员提供保险。根
据该等保单，本集团为受益人及保单持有
人，并须于保单生效时缴付一笔一次性保
费。本集团可随时终止保单，并于退保日收
取现金回馈，其按保单预定保证现金价值
加终期红利（如有）的现金价值计算。
(b)
本集团已订立多份利率掉期合约以管理
利率风险。该等利率掉期并非指定作对冲
用途，并按公平值计入损益计算。利率掉
期之公平值变动亏损净额
3,000,000
港元于
年内自损益扣除（二零二四年：收益净额
1,077,000
港元计入损益）。本集团的利率掉
期合约乃与信誉良好的银行进行。
21.
应收账款
本集团与其客户的贸易条款主要为赊账。信
贷期介乎
至
日。本集团并无就应收账款结
余持有任何抵押品或其他信用增级。应收账
款为不计息。
20. FINANCIAL ASETS AND LIABILITIES AT FAIR
VALUE THROUGH PROFIT OR LOS (Continued)
Notes:
(a) The Group entered into life insurance policies with certain
insurance companies to insure certain key executives of the
Company. Under the policies, the Group is the beneficiary
and policy holder, and is required to pay a single premium at
inception of the policies. The Group can terminate the policies
at any time and receive cash back at the surender date, which
is based on the pre-determined guaranted cash value of the
policies, plus the cash value of the terminal bonus (if any).
(b) The Group has entered into various interest rate swap contracts
to manage its interest rate exposures. These interest rate swaps
are not designated for hedge purposes and are measured at
fair value through profit or los. A net los on fair value changes
in interest rate swaps amounting to HK$3,000,000 was charged
to profit or los during the year (2024: net gain of HK$1,077,000
credited to profit or los). Interest rate swap contracts of the
Group were conducted with creditworthy banks.
21. TRADE RECEIVABLES
千港元千港元
Trade receivables from joint ventures
应收合营企业的账款
5,9422,336
Impairment
减值
–
Net carying amount
账面净值
5,9422,336
The Group’s trading terms with its customers are mainly
on credit. The credit periods range from 10 to 90 days.
The Group does not hold any colateral or other credit
enhancements over its trade receivable balances. Trade
receivables are non-interest-bearing.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
198Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
21.
应收账款（续）
于报告期末，按发票日期及扣除拨备后之应
收账款账龄分析如下：
本集团的客户一般依时结付其发票及本集团
于报告期末的应收账款账龄少于三个月。故
此，本集团承受的信贷风险并不重大及本公
司董事认为该等应收账款的预期信贷亏损属
微小。
22.
应收贷款
21. TRADE RECEIVABLES (Continued)
An ageing analysis of the trade receivables as at the end of
the reporting period, based on the invoice date and net of
provisions, is as folows:
千港元千港元
Within 1 month1
个月内
5,9422,336
The Group’s customers normaly setle their bils in a timely
maner and the Group’s trade receivables as at the end
of the reporting period aged les than thre months. As
such, the Group’s exposure to credit risk is insignificant and
the directors of the Company were of the opinion that the
ECLs of these trade receivables are minimal.
22. LOAN RECEIVABLES
附注千港元千港元
Mortgage loan receivables
应收按揭贷款
(a)17,80817,808
Impairment alowance
减值拨备
–
17,80817,808
Les: Mortgage loan receivables
clasified as non-curent
asets
减：
分类为非流动资产之
应收按揭贷款
–(17,808)
Portion clasified as curent asets
分类为流动资产之部分
17,808–
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
22.
应收贷款（续）
附注：
(a)
应收按揭贷款为本集团向位于香港的发展
项目之买家提供之垫款，并以相关物业之
第一按揭作抵押。应收按揭贷款须于报告
期末起计
年（二零二四年：
年）内分期偿
还，并为免息。
于各报告日期，透过考虑预期信贷亏损进行
减值分析，而预期信贷亏损乃透过应用违约
风险概率并参考借款人违约风险进行估算。
于二零二五年及二零二四年三月三十一日，
应收贷款有相关按揭物业做抵押，并已考虑
到预期信贷亏损分析中的缓解影响。
应收贷款减值的亏损拨备变动：
于二零二五年及二零二四年三月三十一日，
并无应收贷款逾期，而所有应收贷款及利息
均分类至第一阶段以评估预期信贷亏损。
22. LOAN RECEIVABLES (Continued)
Note:
(a) Mortgage loan receivables are advances to purchasers of
development projects of the Group in Hong Kong and are
secured by first mortgages on the related properties. The
mortgage loan receivables are repayable with tenors of not
more than 1 year (2024: 2 years) at the end of the reporting
period and interest-fre.
An impairment analysis is performed at each reporting
date by considering the ECLs, which are estimated by
aplying the probability of default aproach with reference
to the risks of default of the borower. As at 31 March 2025
and 2024, loan receivables were secured by the related
mortgaged properties, which had ben taken into acount
as the mitigating efect in the ECL analysis.
The movements in the los alowance for the impairment of
loan receivables:
千港元千港元
At begining of year
于年初
–939
Reversal of impairment loses (note 6)
减值亏损拨回（附注
）
–(939)
At end of year
于年末
–
As at 31 March 2025 and 2024, none of the loan
receivables were overdue, and al of them were
categorised within Stage 1 for the ECLs asesment.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
200Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
23.
预付款项、其他应收款项及其他资
产
附注：
按金及其他应收款项主要指卖方之按金
及来自并无违约记录之交易对手之应收
款项。计入上述结余之金融资产并未逾
期，并分类为计量预期信贷亏损之第一
阶段。于每个报告日期藉考虑违约概率
及未来现金流量之时间及金额进行减值
分析（倘适用）。鉴于本集团过去未有经历
重大信贷亏损并为重大应收款项结余持
有充足抵押品，本公司董事认为就该等
按金及应收款项作出之预期信贷亏损拨
备并不重大。
24.
获得合约之成本
获得合约之成本指就销售物业所支付的预付
销售佣金。本集团已资本化所支付金额并于
相关物业销售所得收入确认时将有关金额
计入损益表中的销售及分销开支。截至二零
二五年三月三十一日止年度，
219,024,000
港元
（二零二四年：
57,482,000
港元）已于损益扣
除。
23. PREPAYMENTS, OTHER RECEIVABLES AND
OTHER ASETS
千港元千港元
Prepayments
预付款项
6,0964,134
Deposits (Note)
按金（附注）
12,43317,554
Other receivables (Note)
其他应收款项（附注）
221,963288,162
240,492309,850
Les: Deposits and other receivables
clasified as non-curent asets
减：
分类为非流动资产之按金及
其他应收款项
(16,906)(28,449)
Portion clasified as curent asets
分类为流动资产之部分
223,586281,401
Note: Deposits and other receivables mainly represent deposits with
vendors and receivables from counterparties which have no
history of default. The financial asets included in the above
balances were not overdue and categorised in Stage 1 for
the measurement of ECLs. Where aplicable, an impairment
analysis is performed at each reporting date by considering the
probability of default and the timing and amount of future cash
flows. Given the Group has not experienced any significant
credit loses in the past for material receivable balances, the
directors of the Company considered that the alowance for
ECLs for these deposits and receivables is not significant.
24. COST OF OBTAINING CONTRACTS
Cost of obtaining contracts represented the prepaid
sales comision paid in conection with the sales of
properties. The Group has capitalised the amounts paid
and wil charge them to profit or los as the seling and
distribution expenses when the revenue from the related
property sale is recognised. During the year ended 31
March 2025, HK$219,024,000 (2024: HK$57,482,000) was
charged to profit or los.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
25.
现金及银行结余
存于银行之现金按每日银行存款利率之浮动
利率计算赚取利息。短期定期存款按本集团
之即时现金所需，定存一日至三个月不等，并
按各自之短期存款利率赚取利息。银行结余
及定期存款存放于最近并无违约纪录之良好
信誉银行。
于二零二五年三月三十一日，本集团总账面
值为
56,174,000
港元（二零二四年：
266,352,000
港元）的若干银行账户已被计入以担保本集团
的一般银行信贷（附注
）。
25. CASH AND BANK BALANCES
千港元千港元
Cash and bank balances
现金及银行结余
301,841428,210
Time deposits
定期存款
52,470297,387
Subtotal
小计
354,311725,597
Les: Included in asets of a disposal
group (note 26)
减：计入一个出售集团的资产
（附注
）
–(2,855)
Cash and cash equivalents
现金及现金等同项目
354,311722,742
Cash at banks earns interest at floating rates based on
daily bank deposit rates. Short term time deposits are
made for varying periods of betwen one day and thre
months depending on the imediate cash requirements of
the Group, and earn interest at the respective short term
time deposit rates. The bank balances and time deposits
are deposited with creditworthy banks with no recent
history of default.
At 31 March 2025, certain of the Group’s bank acounts
with an agregate carying value of HK$56,174,000 (2024:
HK$266,352,000) were charged to secure the Group’s
general banking facilities (note 30).
| 2024 | ||
|---|---|---|
| 二零二四年 HK$’000 |
202Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
26.
分类为持作出售之一个出售集团之
资产及负债
截至二零二四年三月三十一日止年度
于二零二四年三月二十八日，本集团与本集
团间接拥有
50%
权益的合营企业
Divine Glory
International Limited
（「
Divine Glory
」）订立
买卖协议，据此，本集团将出售其于
Beam
Up Holdings Limited
（「
Beam Up
」）之全部股
权及
Beam Up
结欠之股东贷款，初步总代价
为
797,081,000
港元（价格可予进一步调整）。
Beam Up
为投资控股公司，而其附属公司主要
在香港从事物业发展。出售事项之进一步详
情载于宏安与本公司日期为二零二四年三月
二十八日之联合公告以及本公司日期为二零
二四年六月二十一日之通函。该交易已于二
零二四年七月二十六日完成。
于二零二四年三月三十一日，
Beam Up
及其附
属公司之资产及负债状况（不包括因合并时而
抵销之公司间贷款以及应收╱付集团公司款
项）如下：
26. ASETS AND LIABILITIES OF A DISPOSAL
GROUP CLASIFIED AS HELD FOR SALE
For the year ended 31 March 2024
On 28 March 2024, the Group entered into a sale and
purchase agrement with Divine Glory International
Limited (“Divine Glory”), an indirectly 50%-owned joint
venture of the Group, pursuant to which the Group
would dispose of its entire equity interest in, and the
shareholder’s loan owed by, Beam Up Holdings Limited
(“Beam Up”), for an initial agregate consideration of
HK$797,081,000 (subject to further price adjustment).
Beam Up is an investment holding company and its
subsidiary is principaly engaged in property development
in Hong Kong. Further details of the disposal were set
out in the joint anouncement of WOG and the Company
dated 28 March 2024 and the circular of the Company
dated 21 June 2024. The transaction was completed on 26
July 2024.
The asets and liabilities of Beam Up and its subsidiary
(excluding inter-company loans and amounts due from/to
group companies which were eliminated on consolidation)
as at 31 March 2024 were as folows:
千港元
Asets
资产
Properties under development
发展中物业
850,125
Prepayments and other receivables
预付款项及其他应收款项
4,312
Cash and bank balances
现金及银行结余
2,855
Asets of a disposal group clasified as
held for sale
分类为持作出售之一个出售集团的
资产
857,292
Liabilities
负债
Other payables and acruals
其他应付款项及应计费用
Interest-bearing bank borowings
计息银行借款
322,472
Liabilities of a disposal group clasified as
held for sale
分类为持作出售之一个出售集团的
负债
322,936
Net asets of a disposal group
一个出售集团的资产净值
534,356
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
26.
分类为持作出售之一个出售集团之
资产及负债（续）
该银行贷款按香港银行同业拆息（「香港银
行同业拆息」）
+1.6%
计息并以港元计值。该
银行贷款载有按要求还款条款，根据预定还
款日期须于一年内偿还。于二零二四年三月
三十一日，该银行贷款以
Beam Up
及其附属公
司股权以及账面总值为
850,125,000
港元之发
展中物业（已计入分类为持作出售之一个出售
集团之资产）作抵押。该银行贷款的账面值约
为其公平值。
27.
应付账款
按发票日期计算，于报告期末之应付账款账
龄分析如下：
应付账款乃不计息，而平均信贷期为
日。
26. ASETS AND LIABILITIES OF A DISPOSAL
GROUP CLASIFIED AS HELD FOR SALE
(Continued)
The bank loans bore interest at Hong Kong Interbank
Ofered Rate (“HIBOR”)+1.6% and were denominated in
HK$. The bank loans contained a repayment on-demand
clause and were repayable within one year based on the
scheduled repayment date. The bank loans were secured
by share charges in respect of the equity interests in Beam
Up and its subsidiary, and properties under development
which have ben included in asets of a disposal group
clasified as held for sale with an agregate carying
amount of HK$850,125,000 as at 31 March 2024. The
carying amounts of the bank loans aproximated to their
fair values.
27. TRADE PAYABLES
An ageing analysis of the trade payables as at the end
of the reporting period, based on the invoice date, is as
folows:
千港元千港元
Within 30 days30
日内
50,099112,355
The trade payables are non-interest-bearing and have an
average term of 30 days.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 31 March 2025 | 31 March 2024 | 1 April 2023 | ||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | 二零二三年 | ||
| 三月三十一日 HK$’000 | 三月三十一日 HK$’000 | 四月一日 HK$’000 |
204Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
28.
其他应付款项及应计费用
除租赁负债外，其他应付款项乃不计息，而一
般于一年内结付。
29.
合约负债
合约负债指就物业销售合约所载本集团预售
物业向买方预先收取的款项。截至二零二五
年及二零二四年三月三十一日止年度合约负
债净增加乃主要由于就预售物业自客户收取
之预付款项增加，部分被年内交付物业予客
户之结余减少所抵销。
28. OTHER PAYABLES AND ACRUALS
千港元千港元
Other payables
其他应付款项
115,698166,130
Acruals
应计费用
37,93118,348
Lease liabilities (note 15(b)
租赁负债（附注
15(b)
）
22,8018,367
Deposits received and receipts in
advance
已收按金及预收款项
2,40222,581
178,832215,426
Les: Other payables clasified as
non-curent liabilities
减：列作非流动负债之
其他应付款项
(13,089)(962)
Curent portion
流动部分
165,743214,464
Except for the lease liabilities, other payables are non-
interest-bearing and are normaly setled within one year.
29. CONTRACT LIABILITIES
千港元千港元千港元
Sales of properties
销售物业
160,99071,82143,355
Contract liabilities represent advances received from
buyers in conection with the Group’s pre-sales of
properties as established in the property sales contracts.
The net increase in contract liabilities for the year ended
31 March 2025 and 2024 was mainly due to the increase
in advances received from customers in relation to the
pre-sales of properties, partly ofset by the decrease in
balance upon delivery of properties to customers during
the year.
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Contractual interest rate (%) | 二零二五年 Maturity | HK$’000 | Contractual interest rate (%) | 二零二四年 Maturity | HK$’000 | ||
| (%) | (%) | ||||||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
30.
计息银行及其他贷款
30. INTEREST-BEARING BANK AND OTHER
BOROWINGS
合约利率到期限千港元合约利率到期限千港元
Curent:
即期：
Bank loans – secured
银行贷款－有抵押
HIBOR+(1.5-2.35)
香港银行同业拆息
+(1.5-2.35)
2025 or
on demand
二零二五年或
按要求
302,041HIBOR+(0.8-1.99)
香港银行同业拆息
+(0.8-1.99)
2024 or
on demand
二零二四年或
按要求
1,854,110
Bank loans – unsecured
银行贷款－无抵押
HIBOR+(2.03-2.7)
香港银行同业拆息
+(2.03-2.7)
2025-2026 or
on demand
二零二五年
至二零二六年
或按要求
146,568HIBOR+(1.7-2.05)
香港银行同业拆息
+(1.7-2.05)
2025 or
on demand
二零二五年或
按要求
1,186,988
Other loan – secured
其他贷款－有抵押
– Loan from an independent
third party
－来自一名独立第三方之
贷款
17.52026
二零二六年
79,700–
Other loan – unsecured
其他贷款－无抵押
– Loan from an independent
third party
－来自一名独立第三方之
贷款
HIBOR+4
香港银行同业拆息
+4
On demand
按要求
24,640–
Long term bank loans
repayable on demand
– secured
按要求偿还之长期银行贷款
－有抵押
HIBOR+(0.9-1.5),
SOFR+0.5
香港银行同业拆息
+(0.9-1.5)
、
担保隔夜融资利率
+0.5
On demand
按要求
47,561HIBOR+(1.5-1.7),
SOFR+0.5
香港银行同业拆息
+(1.5-1.7)
、
担保隔夜融资利率
+0.5
On demand
按要求
59,379
Long term other loan
repayable on demand
– secured
按要求偿还之长期其他贷款
－有抵押
– Loan from an independent
third party
－来自一名独立第三方之
贷款
HIBOR+2.25
香港银行同业拆息
+2.25
On demand
按要求
40,195–
Long term other loan
repayable on demand –
unsecured
按要求偿还之长期其他贷款
－无抵押
– Loan from an independent
third party
－来自一名独立第三方之
贷款
–HIBOR+4
香港银行同业拆息
+4
On demand
按要求
49,280
Total – curent
总计－即期
640,7053,149,757
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Contractual interest rate (%) | 二零二五年 Maturity | HK$’000 | Contractual interest rate (%) | 二零二四年 Maturity | HK$’000 | ||
| (%) | (%) | ||||||
206Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
30.
计息银行及其他贷款（续）
合约利率到期限千港元合约利率到期限千港元
Non-curent:
非即期：
Bank loans – secured
银行贷款－有抵押
HIBOR+(1.5-1.6),
fixed rate of 11
香港银行同业拆息
+(1.5-1.6)
、
固定利率
2026-2028
二零二六年至
二零二八年
927,180HIBOR+(1.5-1.6)
香港银行同业拆息
+(1.5-1.6)
2026-2028
二零二六年至
二零二八年
219,041
Bank loans – unsecured
银行贷款－无抵押
HIBOR+(2.03-2.7)
香港银行同业拆息
+(2.03-2.7)
2027-2028
二零二七年至
二零二八年
1,522,222HIBOR+2.03
香港银行同业拆息
+2.03
二零二七年
669,176
Other loans – secured
其他贷款－有抵押
– Loan from an independent
third party
－来自一名独立第三方之
贷款
–17.52025
二零二五年
198,500
Other loans – unsecured
其他贷款－无抵押
– Loan from a non-controling
shareholder
－来自非控股东之贷款
二零二六年
259,33062026
二零二六年
258,330
– Loan from WOG
－来自宏安之贷款
二零二六年
100,000122026
二零二六年
220,000
Total – non-curent
总计－非即期
2,808,7321,565,047
Total
总计
3,449,4374,714,804
30. INTEREST-BEARING BANK AND OTHER
BOROWINGS (Continued)
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
30.
计息银行及其他贷款（续）
附注：
诚如财务报表附注
进一步阐释，本集
团合共
127,489,000
港元（二零二四年：
182,985,000
港元）之定期贷款载有按要
求偿还条款，已分类为流动负债，其中
60,015,000
港元（二零二四年：
103,264,000
港元）根据相关贷款协议须于一年内偿
还。就上述分析而言，于二零二五年三月
三十一日，
62,654,000
港元（二零二四年：
133,705,000
港元）之贷款计入即期计息银
行贷款及分析为一年内或按要求偿还之
银行贷款，而余下之
64,835,000
港元（二零
二四年：
49,280,000
港元）贷款则计入即期
计息其他贷款及分析为一年内或按要求
偿还之其他贷款。
30. INTEREST-BEARING BANK AND OTHER
BOROWINGS (Continued)
千港元千港元
Analysed into:
分析为：
Bank loans repayable:
须于以下时间偿还之
银行贷款：
Within one year or on demand
(Note)
一年内或按要求（附注）
496,1703,100,477
In the second year
第二年
920,63046,380
In the third to fifth years, inclusive
第三至第五年
（包括首尾两年）
1,528,772841,837
Subtotal
小计
2,945,5723,988,694
Other loans repayable:
须于以下时间偿还之
其他贷款：
Within one year or on demand
一年内或按要求
144,53549,280
In the second year
第二年
359,330456,830
In the third to fifth years, inclusive
第三至第五年
（包括首尾两年）
–220,000
Subtotal
小计
503,865726,110
Total
总计
3,449,4374,714,804
Note: As further explained in note 42 to the financial statements,
the Group’s term loans with an agregate amount of
HK$127,489,000 (2024: HK$182,985,000) containing a repayment
on-demand clause have ben clasified as curent liabilities
and, of which HK$60,015,000 (2024: HK$103,264,000) are
repayable within one year based on the respective loan
agrements. For the purpose of the above analysis, as at 31
March 2025, the loans of HK$62,654,000 (2024: HK$133,705,000)
are included within curent interest-bearing bank loans and
analysed into bank loans repayable within one year or on
demand, while the remaining loans of HK$64,835,000 (2024:
HK$49,280,000) are included within curent interest-bearing
other loans and analysed into other loans repayable within one
year or on demand.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
208Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
30.
计息银行及其他贷款（续）
于报告期末，按贷款协议预定还款日期，计息
贷款之到期情况如下：
附注：
(a)
本集团若干银行贷款以本集团之租赁土地
及自有楼宇（附注
）、投资物业及由该等
投资物业产生之租金收入（附注
）、若干
发展中物业（附注
）、若干持作出售物业
（附注
）及就若干银行账户之质押（附
注
）、上市基金投资及人寿保险保单投资
（附注
）、及本公司若干附属公司之股权
（附注
）作抵押。
(b)
本集团若干其他贷款以本公司若干附属公
司之股权及本集团一间合营企业所持有之
总账面值为
60,000,000
港元之投资物业作
抵押（二零二四年：本公司若干附属公司之
股权）。
30. INTEREST-BEARING BANK AND OTHER
BOROWINGS (Continued)
At the end of the reporting period, the maturity profile of
interest-bearing loans based on the scheduled repayment
dates set out in the loan agrements is as folows:
千港元千港元
Bank loans repayable:
须于以下时间偿还之银行贷款：
Within one year
一年内
452,9963,045,396
In the second year
第二年
937,26671,327
In the third to fifth years, inclusive
第三至第五年（包括首尾两年）
1,543,486859,245
Beyond five years
超过五年
11,82412,726
Subtotal
小计
2,945,5723,988,694
Other loans repayable:
须于以下时间偿还之其他贷款：
Within one year
一年内
120,23524,640
In the second year
第二年
375,530481,470
In the third to fifth years, inclusive
第三至第五年（包括首尾两年）
8,100220,000
Subtotal
小计
503,865726,110
Total
总计
3,449,4374,714,804
Notes:
(a) Certain bank loans of the Group are secured by the Group’s
leasehold land and owned buildings (note 13), investment
properties and rental income generated therefrom (note
14), certain properties under development (note 16), certain
properties held for sale (note 17), charges in respect of certain
bank acounts (note 25), the listed fund investments and
investments in life insurance policies (note 20) and the equity
interests in certain subsidiaries of the Company (note 1).
(b) Certain other loans of the Group are secured by the equity
interests in certain subsidiaries of the Company and investment
properties held by a joint venture of the Group with an
agregate carying amount of HK$60,000,000 (2024: the equity
interests in certain subsidiaries of the Company).
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
30.
计息银行及其他贷款（续）
附注：（续）
(c)
除本集团有抵押银行贷款以
11%
的固定利
率计息外，所有银行贷款均以浮动利率计
息。
(d)
于二零二五年三月三十一日，银行及其
他贷款
3,433,099,000
港元（二零二四年：
4,697,563,000
港元）及
16,338,000
港元（二零
二四年：
17,241,000
港元）分别以港元及美
元计值。
(e)
根据本集团与宏安订立之循环贷款融通
协议（经修订及补充），宏安向本集团授出
循环贷款融通
500,000,000
港元（二零二四
年：
250,000,000
港元），其中
100,000,000
港
元（二零二四年：
220,000,000
港元）已于二
零二五年三月三十一日动用。该循环贷款
为无抵押、按固定年利率
12%
计息，并须
于二零二六年五月三十一日偿还。于报告
期后，根据日期为二零二五年五月二十一
日的第三份补充循环贷款协议，宏安同意
将循环贷款融通期限进一步延长至二零
二七年十二月三十一日，其他所有条款均
维持不变。此外，本集团已偿还
17,000,000
港元，并可根据各项贷款融资协议重新借
入，最高金额为可用金额，直至二零二七年
十二月三十一日为止。
(f)
本集团监管银行贷款之协议包含相关
融资之惯常条件及违约事项。于报告
期末分类为非流动负债的若干银行
贷款
2,449,402,000
港元（二零二四年：
888,217,000
港元）亦载有财务契诺，包括杠
杆比率、资产负债比率、利息保障倍数、贷
款价值比、现金偿债覆盖率以及最低净资
产要求，而各别适用测试日期为每年九月
三十日及三月三十一日直至届满。本集团
于二零二五年及二零二四年三月三十一日
已遵守相关融资协议之契诺。
(g)
于二零二四年三月三十一日之计入持作出
售之一个出售集团负债之银行贷款详情已
载入财务报表附注
。
30. INTEREST-BEARING BANK AND OTHER
BOROWINGS (Continued)
Notes: (Continued)
(c) Except for a secured bank loan of the Group bears interest at
fixed rate of 11%, al bank loans bear interest at floating interest
rates.
(d) As at 31 March 2025, bank and other borowings of
HK$3,433,099,000 (2024: HK$4,697,563,000) and HK$16,338,000
(2024: HK$17,241,000) were denominated in HK$ and US$,
respectively.
(e) Pursuant to the revolving loan facility agrements (as amended
and suplemented) entered into betwen the Group and
WOG, WOG granted a revolving loan facility of HK$500,000,000
(2024: HK$250,000,000) to the Group, of which HK$100,000,000
(2024: HK$220,000,000) was utilised as at 31 March 2025. This
revolving loan is unsecured, bears interest at fixed rate of 12%
per anum, and is repayable on 31 May 2026. Subsequent
to the reporting period, WOG has agred to further extend
the revolving loan facility to 31 December 2027 with al other
terms remaining the same, pursuant to the third suplemental
revolving loan facility agrement dated 21 May 2025. In
adition, HK$17,000,000 has ben repaid by the Group, and
may be re-borowed up to the available amount under the
respective loan facility agrements until 31 December 2027.
(f) The agrements governing the bank loans of the Group contain
conditions and events of default customary for such financings.
Certain bank loans amounting to HK$2,449,402,000 (2024:
HK$888,217,000) which were clasified as non-curent liabilities
as at the end of the reporting period also contain financial
covenants including leverage ratios, gearing ratios, interest
cover ratio, loan-to-value ratio, cash debt-service coverage
ratio and minimum net asets requirements with respective
aplicable test dates on 30 September and 31 March of each
year until maturity. The Group has complied with the covenants
under the relevant facility agrements as at 31 March 2025 and
2024.
(g) Details of the bank loans included in the liabilities of a disposal
group clasified as held for sale as at 31 March 2024 are
included in note 26 to the financial statements.
| Depreciation allowance in excess of related depreciation | |||
|---|---|---|---|
| 超出有关折旧 | |||
| Note | 之折旧免税额 HK$’000 | ||
| Losses available for offsetting against future taxable profits | |||
|---|---|---|---|
| 可抵销未来 应课税溢利 | |||
| Note | 之亏损 HK$’000 | ||
210Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
31.
递延税项
年内递延税项负债及资产之组成如下：
递延税项负债
递延税项资产
31. DEFERED TAX
The components of defered tax liabilities and asets
during the year are as folows:
Defered tax liabilities
附注千港元
At 1 April 2023
于二零二三年四月一日
Defered tax credited to profit or los
during the year
年内自损益扣除之递延税项
10(31)
At 31 March 2024, 1 April 2024 and
31 March 2025
于二零二四年三月三十一日、
二零二四年四月一日及
二零二五年三月三十一日
Defered tax asets
附注千港元
At 1 April 2023
于二零二三年四月一日
7,840
Defered tax charged to profit or los
during the year
年内自损益扣除之递延税项
10(3,875)
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日
3,965
Defered tax charged to profit or los
during the year
年内自损益扣除之递延税项
10(3,965)
At 31 March 2025
于二零二五年三月三十一日
–
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
31.
递延税项（续）
递延税项资产（续）
就呈列而言，若干递延税项资产及负债已于
综合财务状况表内抵销。以下为本集团就财
务报告而言的递延税项结余分析：
本集团在香港产生税项亏损
1,904,276,000
港元
（二零二四年：
1,263,336,000
港元）（视乎税
务局是否同意），可无限期作抵销录得亏损之
公司之未来应课税溢利。本集团并无就余额
1,904,276,000
港元（二零二四年：
1,239,306,000
港元）确认递延税项资产，乃由于该等亏损乃
从一段时间录得亏损之附属公司产生，且╱
或被认为不可能有应课税溢利可用作抵销税
项亏损。
于二零二四年三月三十一日，税项亏损
24,030,000
港元已确认为递延税项资产。
31. DEFERED TAX (Continued)
Defered tax asets (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:
千港元千港元
Net defered tax asets recognised
in the consolidated statement of
financial position
于综合财务状况表内确认之
递延税项资产净额
–3,965
Net defered tax liabilities recognised
in the consolidated statement of
financial position
于综合财务状况表内确认之
递延税项负债净额
(562)(562)
(562)3,403
The Group has tax loses arising in Hong Kong of
HK$1,904,276,000 (2024: HK$1,263,336,000), subject to
the agrement of the Inland Revenue Department, that
are available indefinitely for ofseting against future
taxable profits of the companies in which the loses arose.
Defered tax asets have not ben recognised in respect
of the remaining amount of HK$1,904,276,000 (2024:
HK$1,239,306,000) as they have arisen in subsidiaries that
have ben los-making for some time and/or it is not
considered probable that taxable profits wil be available
against which the tax loses can be utilised.
As at 31 March 2024, tax loses of HK$24,030,000 were
recognised as defered tax asets.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
212Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
32.
股本
年内本公司之已发行股本概无变动（二零二四
年：无）。
33.
购股权计划
本公司设有购股权计划（「购股权计划」），目的
为向对本集团之成功作出贡献之合资格参与
者给予奖励及报酬。购股权可授予任何董事
或候任董事（不论执行或非执行，包括独立非
执行董事）、雇员或拟聘请雇员（不论全职或兼
职）、调任员工、本集团任何成员公司所发行
证券之任何持有人、向本集团任何成员公司
提供研究、开发或其他技术支援或顾问、咨询
顾问、专业或其他服务之任何人士或实体或
任何主要股东或由主要股东控制之公司，或
任何由一名或以上属于上述任何类别参与人
士控制之公司。购股权计划于二零一六年八
月九日生效，除非股东于股东大会上提早终
止，否则将自该日期起计十年期间内维持有
效。
32. SHARE CAPITAL
千港元千港元
Authorised:
法定：
50,000,000,000 ordinary shares of
HK$0.001 each
50,000,000,000
股每股面值
0.001
港元之普通股
50,00050,000
Isued and fuly paid:
已发行及缴足：
15,200,000,000 ordinary shares of
HK$0.001 each
15,200,000,000
股每股面值
0.001
港元之普通股
15,20015,200
There were no movements in the isued share capital of
the Company during the year (2024: Nil).
33. SHARE OPTION SCHEME
The Company operates a share option scheme (the “Share
Option Scheme”) for the purpose of providing incentives
and rewards to eligible participants who contribute to
the suces of the Group. Share options may be granted
to any director or proposed director (whether executive
or non-executive, including independent non-executive
director), employe or proposed employe (whether ful-
time or part-time), seconde, any holder of securities
isued by any member of the Group, any person or entity
that provides research, development or other technology
suport or advisory, consultancy, profesional or other
services to any member of the Group or any substantial
shareholder or company controled by a substantial
shareholder, or any company controled by one or
more persons belonging to any of the above clases of
participants. The Share Option Scheme became efective
on 9 August 2016 and, unles otherwise terminated earlier
by shareholders in a general meting, wil remain in force
for a period of 10 years from that date.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
33.
购股权计划（续）
目的
购股权计划目的为向对本集团业务之成功作
出贡献之合资格参与者给予奖励及报酬。
可供认购之股份数目上限
根据购股权计划，藉购股权计划及本公司任
何其他购股权计划可授出之购股权数目上
限，须为该等购股权获行使后合共不超过本
公司不时已发行股本之
30%
，其中不计及于购
股权获行使时所发行之任何股份。根据购股
权计划及任何其他计划授出之所有购股权获
行使后，可能发行之股份总数合共不得超过
于批准购股权计划限额（或不时经更新限额）
日期已发行股份数目之
10%
。
各参与者之最大配额
根据购股权计划，在任何十二个月期间，可藉
购股权发行予各合资格参与者（除主要股东或
独立非执行董事或彼等各自之任何联系人外）
之股份数目上限以本公司于任何时间已发行
股份之
1%
为限。倘超过该限额，则进一步授出
任何购股权时，必须经股东独立批准，而有关
合资格参与者及彼等之联系人须放弃投票。
33. SHARE OPTION SCHEME (Continued)
Purpose
The purpose of the Share Option Scheme is to provide
incentives and rewards to eligible participants who
contribute to the suces of the Group’s operations.
Maximum number of shares available for
subscription
Pursuant to the Share Option Scheme, the maximum
number of share options that may be granted under the
Share Option Scheme and any other share option schemes
of the Company is an amount, upon their exercise, not
in agregate exceding 30% of the isued share capital
of the Company from time to time, excluding any shares
isued on the exercise of share options. The total number
of shares which may be isued upon exercise of al options
to be granted under the Share Option Scheme and any
other schemes shal not in agregate exced 10% of the
number of shares in isue, as at the date of aproval of the
Share Option Scheme limit or as refreshed from time to
time.
Maximum entitlement of each participant
The maximum number of shares isuable under share
options to each eligible participant (except for a
substantial shareholder or an independent non-executive
director or any of their respective asociates) under the
Share Option 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 such
limit must be separately aproved by shareholders with
such eligible participant and his asociates abstaining from
voting.
214Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
33.
购股权计划（续）
各参与者之最大配额（续）
授予本公司董事、主要行政人员或主要股东
（或彼等各自之任何联系人）之购股权必须
经本公司独立非执行董事批准（不包括任何身
为购股权承授人之独立非执行董事）。倘授出
任何购股权予主要股东或独立非执行董事（或
彼等各自之任何联系人）将导致于截至及包括
授出日期之任何十二个月期间，根据购股权
计划及本公司任何其他购股权计划向该名人
士已授出及将授出之购股权（包括已行使、已
注销及未行使购股权）获行使时已发行及将发
行之股份总数合共超过已发行股份之
0.1%
，
以及根据本公司于各授出日期之股份收市价
计算，总值超过
5,000,000
港元，则根据上市规
则，进一步授出购股权须经股东于股东大会
批准。授予主要股东或独立非执行董事（或彼
等各自之任何联系人）之购股权之条款倘有任
何变动，亦须获得股东批准。
33. SHARE OPTION SCHEME (Continued)
Maximum entitlement of each participant
(Continued)
Share options granted to a director, chief executive
or substantial shareholder of the Company (or any of
their respective asociates) must be aproved by the
independent non-executive directors of the Company
(excluding any independent non-executive director who
is the grante of the option). Where any grant of share
options to a substantial shareholder or an independent
non-executive director (or any of their respective
asociates) wil result in the total number of shares isued
and to be isued upon exercise of share options already
granted and to be granted to such person under the Share
Option Scheme and any other share option schemes of
the Company (including options exercised, canceled and
outstanding) in any 12-month period up to and including
the date of grant representing in agregate over 0.1% of
the shares in isue, and having an agregate value, based
on the closing price of the Company’s shares at each date
of grant, in exces of HK$5 milion, such further grant of
share options is required to be aproved by shareholders
in a general meting in acordance with the Listing Rules.
Any change in the terms of a share option granted to a
substantial shareholder or an independent non-executive
director (or any of their respective asociate) is also
required to be aproved by shareholders.
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
33.
购股权计划（续）
厘定行使价之基准
行使购股权时须予支付之每股份之购股权
价格由董事决定，惟须至少为下列中之较高
者：
(i)
要约授出日期（若合资格人士接纳授出
购股权之要约，则被视作授出日期，且
必须为营业日）载于香港联交所刊发之
日报表之股份收市价；及
(i)
紧接要约授出日期前五个营业日载于
香港联交所刊发之日报表之股份平均
收市价，惟每股份之购股权价格在任
何情况下不得低于一股份之面值。
授出购股权之要约必须于作出要约日期起
日内获接纳。购股权承授人于接纳授出要约
时，须向本公司缴付
1.00
港元。
购股权并不赋予持有人收取股息或在股东大
会上投票之权利。
自采纳购股权计划以来概无授出任何购股
权。
33. SHARE OPTION SCHEME (Continued)
Basis of determining the exercise price
The option price per share payable on the exercise of an
option is determined by the directors, provided that it shal
be at least the higher of:
(i) the closing price of the shares as stated in the daily
quotation shet isued by the Hong Kong Stock
Exchange at the date of ofer of grant (which is
demed to be the date of grant if the ofer for the
grant of a share option is acepted by the eligible
person), which must be a busines day; and
(i) the average closing price of the shares as stated
in the daily quotation shets isued by the Hong
Kong Stock Exchange for the five busines days
imediately preceding the date of ofer of grant,
provided that the option price per share shal in no
event be les than the nominal amount of one share.
An ofer for the grant of share options must be acepted
within 30 days from the date on which such ofer was
made. The amount payable by the grante of a share
option to the Company on aceptance of the ofer of the
grant is HK$1.00.
Share options do not confer rights on the holders to
dividends or to vote at shareholders’ metings.
No share option has ben granted since the adoption of
the Share Option Scheme.
216Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
34.
储备
有关本集团于本年度及过往年度之储备金额
及其变动已呈列于本年报第
页之综合权益
变动表内。
(i)
股份溢价
股份溢价主要指已发行股份面值与已
收代价之间的差额，受百慕达一九八一
年公司法规管。
(i)
实缴盈余
本集团之实缴盈余包括源自下列各
项之视同注资：
(i)
代价金额
496,443,000
港元与
Earnest Spot
根据与本公司股份
于联交所上市有关之本公司重组（「重
组」）转让予本公司之股东贷款总额
2,047,989,000
港元之间之差额；及
(i)
代价
与根据重组向宏安及其附属公司（不包
括本集团）出售附属公司之资产净值之
间之差额。
(i)
资本储备
本集团之资本储备指代价与已收购或
出售之非控股权益账面值之间之差额。
(iv)
合并储备
本集团之合并储备指根据共同控制透
过业务合并收购附属公司转让之总代
价与所收购资产、应计负债及本集团合
并之收购前储备之账面值之间之差额。
34. 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 95 of
the financial statements.
(i) Share premium
The share premium mainly represents the diference
betwen the par value of the shares isued and the
consideration received, which is governed by the
Companies Act 1981 of Bermuda.
(i) Contributed surplus
The Group’s contributed surplus comprises the
demed capital contribution arising from (i) the
diference betwen the consideration amounting to
HK$496,443,000 and the agregate shareholder’s
loans amounting to HK$2,047,989,000 asigned
by Earnest Spot to the Company pursuant to the
reorganisation of the Company in conection with
the listing of the shares of the Company on the
Stock Exchange (the “Reorganisation”); and (i)
the diferences betwen the considerations and the
net aset value of the subsidiaries disposed of to
WOG and its subsidiaries (but excluding the Group)
pursuant to the Reorganisation.
(i) Capital reserve
The Group’s capital reserve represents the diference
betwen the consideration and the carying amount
of non-controling interests acquired or disposed of.
(iv) Merger reserve
The merger reserve of the Group represents
the diference betwen the total consideration
transfered for the acquisitions of subsidiaries
through busines combinations under comon
control and the carying amount of the asets
acquired, liabilities acrued and pre-acquisition
reserves combined by the Group.
| Beam Up and its subsidiary | ||
|---|---|---|
| Beam Up | ||
| 及其附属公司 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
35.
出售附属公司
截至二零二五年三月三十一日止年度
于二零二四年七月二十六日，本集团出售其
于
Beam Up
的全部股权连同相关股东贷款出
售予
Divine Glory
（本集团间接拥有
50%
权益的
合营企业），代价为
531,400,000
港元（经调整）。
出售事项的进一步详情载于财务报表附注
。
截至二零二五年三月三十一日止年度出售的
Beam Up
及其附属公司的资产净值及其财务
影响详情概述如下：
35. DISPOSAL OF SUBSIDIARIES
For the year ended 31 March 2025
On 26 July 2024, the Group disposed of its entire
equity interest in Beam Up, together with the related
shareholder’s loan, to Divine Glory, an indirectly
50%-owned joint venture of the Group, for a consideration
of HK$531,400,000 (after adjustment). Further details
of the disposal were set out in note 26 to the financial
statements.
Details of the net asets of Beam Up and its subsidiary
disposed of during the year ended 31 March 2025 and
their financial impacts are sumarised below:
千港元
Net asets disposed of:
已出售资产净值：
Properties under development
发展中物业
851,608
Prepayments, other receivables and other asets
预付款项、其他应收款项及其他资产
Cash and bank balances
现金及银行结余
4,209
Other payables and acruals
其他应付款项及应计费用
(1,867)
Interest-bearing bank borowings
计息银行借款
(322,588)
531,400
Profesional fes and expenses
专业费用及开支
7,063
Los on disposal of subsidiaries
出售附属公司之亏损
(7,063)
Total
总计
531,400
Satisfied by:
支付方法：
Cash consideration
现金代价
289,995
Shareholder’s loan due to the Group included
in investment costs
计入投资成本的
应付本集团的股东贷款
241,405
Total
总计
531,400
| Beam Up and its subsidiary | ||
|---|---|---|
| Beam Up | ||
| 及其附属公司 HK$’000 |
218Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
35.
出售附属公司（续）
截至二零二五年三月三十一日止年度
（续）
年内有关出售附属公司的现金及现金等同项
目流入净额分析如下：
35. DISPOSAL OF SUBSIDIARIES (Continued)
For the year ended 31 March 2025 (Continued)
An analysis of the net inflow of cash and cash equivalents
for the year in respect of the disposal of subsidiaries are as
folows:
千港元
Cash consideration
现金代价
289,995
Consideration receivable included in
prepayments, other receivables and other
asets as at 31 March 2025
计入于二零二五年三月三十一日之
预付款项、其他应收款项及其他资产
(48,590)
Deposit received as at 31 March 2024
于二零二四年三月三十一日之已收按金
(19,927)
Cash and cash equivalents disposed of
已出售现金及现金等同项目
(4,209)
Profesional fes and expenses
专业费用及开支
(7,063)
Net inflow of cash and cash equivalents in
respect of the disposal of subsidiaries
有关出售附属公司之现金及现金
等同项目流入净额
210,206
| Success Vision Limited (“Success Vision”) | Nice Treasure Limited (“Nice Treasure”) | Total | ||
|---|---|---|---|---|
| 诚卫 有限公司 | 利晴 有限公司 | |||
| （「诚卫」） HK$’000 | （「利晴」） HK$’000 | 总计 HK$’000 | ||
| 千港元 (note (i)) | 千港元 (note (ii)) | 千港元 | ||
| (i) | (ii) | |||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
35.
出售附属公司（续）
截至二零二四年三月三十一日止年度
截至二零二四年三月三十一日止年度出售的
附属公司资产净值及其财务影响详情概述如
下：
35. DISPOSAL OF SUBSIDIARIES (Continued)
For the year ended 31 March 2024
Details of the net asets of the subsidiaries disposed of
during the year ended 31 March 2024 and their financial
impacts are sumarised below:
（附注）（附注）
Net asets disposed of:
已出售资产净值：
Investment properties
投资物业
43,80035,00078,800
Prepayments, deposits and
other asets
预付款项、按金及
其他资产
Cash and cash equivalents
现金及现金等同项目
Other payables and acruals
其他应付款项及应计费用
(496)(250)(746)
43,37735,06778,444
Profesional fes and expenses
专业费用及开支
Los on disposal of subsidiaries
出售附属公司之亏损
(247)(96)(343)
43,37735,06778,444
Satisfied by:
支付方法：
Cash
现金
43,37735,06778,444
| Success Vision | Nice Treasure | Total | ||
|---|---|---|---|---|
| 诚卫 HK$’000 | 利晴 HK$’000 | 总计 HK$’000 | ||
| 千港元 (note (i)) | 千港元 (note (ii)) | 千港元 | ||
| (i) | (ii) | |||
220Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
35.
出售附属公司（续）
截至二零二四年三月三十一日止年度
（续）
年内有关出售附属公司的现金及现金等同项
目流入净额分析如下：
附注：
(i)
于二零二三年十月二十五日，本集团向位
元堂药业控股有限公司（「位元堂」，本公
司之同系附属公司）之一间接全资附属
公司出售其于诚卫的全部
100%
股权连同
诚卫结欠本集团的股东贷款，总代价为
43,377,000
港元。诚卫主要于香港从事物业
投资。
(i)
于二零二三年十一月十五日，本集团向位
元堂出售其于利晴的全部
100%
股权连同
利晴结欠本集团的股东贷款，总代价为
35,067,000
港元。利晴主要于香港从事物业
投资。
35. DISPOSAL OF SUBSIDIARIES (Continued)
For the year ended 31 March 2024 (Continued)
An analysis of the net inflow of cash and cash equivalents
for the year in respect of the disposal of subsidiaries are as
folows:
（附注）（附注）
Cash consideration
现金代价
43,37735,06778,444
Cash and cash equivalents
disposed of
已出售现金及现金等同项目
(8)(312)(320)
Profesional fes and expenses
专业费用及开支
(247)(96)(343)
Net inflow of cash and cash
equivalents in respect of the
disposal of subsidiaries
有关出售附属公司之
现金及现金等同项目
流入净额
43,12234,65977,781
Notes:
(i) On 25 October 2023, the Group disposed of its entire
100% equity interest in Suces Vision, together with the
shareholder’s loan owed by Suces Vision to the Group, for
a total consideration of HK$43,377,000 to an indirectly wholy-
owned subsidiary of Wai Yuen Tong Medicine Holdings Limited
(“WYT”), a felow subsidiary of the Company. Suces Vision is
principaly engaged in property investment in Hong Kong.
(i) On 15 November 2023, the Group disposed of its entire
100% equity interest in Nice Treasure, together with the
shareholder’s loan owed by Nice Treasure to the Group, for a
total consideration of HK$35,067,000 to WYT. Nice Treasure is
principaly engaged in property investment in Hong Kong.
| Interest- bearing bank and other loans | Lease liabilities | ||
|---|---|---|---|
| 计息银行及 | |||
| 其他贷款 HK$’000 | 租赁负债 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
36.
综合现金流量表附注
(a)
主要非现金交易
截至二零二五年三月三十一日止年度，
本集团就若干物业（二零二四年：若
干物业及告示牌）租赁安排拥有计入
物业、厂房及设备的使用权资产及租
赁负债的非现金增加分别为
17,235,000
港元（二零二四年：
2,558,000
港元）及
17,235,000
港元（二零二四年：
2,558,000
港
元）。
(b)
融资活动产生之负债变动
36. NOTE TO THE CONSOLIDATED STATEMENT
OF CASH FLOWS
(a) Major non-cash transactions
During the year ended 31 March 2025, the Group
had non-cash aditions to right-of-use asets
included in property, plant and equipment and lease
liabilities of HK$17,235,000 (2024: HK$2,558,000) and
HK$17,235,000 (2024: HK$2,558,000), respectively, in
respect of a lease arangement for certain properties
(2024: certain properties and signages).
(b) Changes in liabilities arising from financing
activities
千港元千港元
At 1 April 2023
于二零二三年四月一日
4,205,36216,713
New leases
新租赁
–2,558
Changes from financing cash flows
融资现金流量变动
806,412(10,904)
Interest expense
利息开支
–332
Interest paid clasified as operating
cash flows
分类为经营现金流量之
已付利息
–(332)
Amortisation of loan procurement fe
贷款促成费摊销
25,502–
5,037,2768,367
Included in liabilities of a disposal
group clasified as held for sale
(note 26)
计入分类为持作出售的一个
出售集团的负债（附注
）
(322,472)–
Balances as stated in the consolidated
statement of financial position at
31 March 2024
于二零二四年三月三十一日之
综合财务状况表所列之结余
4,714,8048,367
| Interest- bearing bank and other loans | Lease liabilities | ||
|---|---|---|---|
| 计息银行及 | |||
| 其他贷款 HK$’000 | 租赁负债 HK$’000 | ||
222Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
36.
综合现金流量表附注（续）
(b)
融资活动产生之负债变动（续）
千港元千港元
At 1 April 2024 (including liabilities of
a disposal group clasified as held
for sale)
于二零二四年四月一日
（包括分类为持作出售之
出售集团之负债）
5,037,2768,367
New leases
新租赁
–17,235
Changes from financing cash flows
融资现金流量变动
(1,292,063)(10,416)
Disposal of subsidiaries
出售附属公司
(322,588)–
Interest expense
利息开支
–1,045
Interest paid clasified as operating
cash flows
分类为经营现金流量之
已付利息
–(1,045)
Amortisation of loan procurement fe
贷款促成费摊销
26,812–
Lease modification
租赁修订
–7,615
Balances as stated in the consolidated
statement of financial position at
31 March 2025
于二零二五年三月三十一日之
综合财务状况表所列之结余
3,449,43722,801
36. NOTE TO THE CONSOLIDATED STATEMENT
OF CASH FLOWS (Continued)
(b) Changes in liabilities arising from financing
activities (Continued)
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
36.
综合现金流量表附注（续）
(c)
租赁现金流出总额
37.
承担
于报告期末，本集团之合约承担如下：
此外，本集团于合营企业自身合约承担中之
份额（不包括于上述内容中）如下：
36. NOTE TO THE CONSOLIDATED STATEMENT
OF CASH FLOWS (Continued)
(c) Total cash outflow for leases
千港元千港元
Within operating activities
经营活动内
1,9264,086
Within financing activities
融资活动内
10,41610,904
Total
总计
12,34214,990
37. COMITMENTS
The Group had the folowing contractual comitments at
the end of the reporting period:
千港元千港元
Properties under development
发展中物业
181,62354,685
Investments in joint ventures
投资合营企业
1,126,7291,518,765
Total
总计
1,308,3521,573,450
In adition, the Group’s share of the joint ventures’ own
contractual comitments, which are not included in the
above, is as folows:
千港元千港元
Contracted, but not provided for
已订约但未提供
409,003548,323
224Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
38.
财务担保
于二零二五年三月三十一日，本集团已就
Divine Glory
及其附属公司（「
Divine Glory
集团」）及
Wonder Sign Limited
及其附属公司
（「
Wonder Sign
集团」）（均为本集团之合营
企业）分别最高
175,000,000
港元及
250,000,000
港元之融资向若干银行作出担保，而于二零
二五年三月三十一日，本集团担保的授予
Divine Glory
集团及
Wonder Sign
集团之银行融
资已分别动用
161,294,000
港元及
220,275,000
港
元。
于二零二四年三月三十一日，本集团已就
Mery Cotage Limited
及其附属公司（「
Mery
Cotage
集团」）及
Wonder Sign
集团（均为本
集团之合营企业）分别最高
120,400,000
港元
及
250,000,000
港元之融资向若干银行作出担
保。于二零二四年三月三十一日，本集团担
保的授予
Mery Cotage
集团及
Wonder Sign
集
团之银行融资已分别动用
53,291,000
港元及
247,975,000
港元。
本集团并无就担保持有任何抵押品或其他信
贷保证。财务担保合同按预期信贷亏损拨备
及初始确认金额减已确认收入累计金额的较
高者计量。预期信贷亏损拨备乃透过估计现
金短缺计量，现金短缺是基于偿还持有人所
产生信贷亏损的预期款项减本集团预期自债
务人收取的任何金额。初始确认金额指财务
担保初始确认的公平值。
于两个报告期末，本集团并无就该等公司财
务担保确认任何负债，因为本公司董事认为
所参与人士违约的可能性微细，因此于等担
保合约开始及于报告期末并无确认价值。
38. FINANCIAL GUARANTES
As at 31 March 2025, the Group has given guarantes
to certain banks in conection with facilities granted to
Divine Glory and its subsidiary (“Divine Glory Group”)
and Wonder Sign Limited and its subsidiaries (“Wonder
Sign Group”), both are joint ventures of the Group, up
to HK$175,000,000 and HK$250,000,000, respectively. The
banking facilities guaranted by the Group to Divine Glory
Group and Wonder Sign Group were utilised to the extent
of HK$161,294,000 and HK$220,275,000, respectively, as at
31 March 2025.
As at 31 March 2024, the Group has given guarantes to
certain banks in conection with facilities granted to Mery
Cotage Limited and its subsidiaries (“Mery Cotage
Group”) and Wonder Sign Group, both are joint ventures
of the Group, up to HK$120,400,000 and HK$250,000,000,
respectively. The banking facilities guaranted by the
Group to Mery Cotage Group and Wonder Sign
Group were utilised to the extent of HK$53,291,000 and
HK$247,975,000, respectively, as at 31 March 2024.
The Group does not hold any colateral or other credit
enhancements over the guarantes. The financial
guarante contracts are measured at the higher of the
ECLs alowance and the amount initialy recognised les
the cumulative amount of income recognised. The ECLs
alowance is measured by estimating the cash shortfals,
which are based on the expected payments to reimburse
the holders for a credit los that it incurs les any amounts
that the Group expects to receive from the debtor. The
amount initialy recognised represents the fair value at
initial recognition of the financial guarantes.
At the end of both reporting periods, the Group did
not recognise any liabilities in respect of such corporate
financial guarantes as the directors of the Company
consider that the posibility of default of the parties
involved is remote; acordingly, no value has ben
recognised at the inception of these guarante contracts
and at the end of the reporting period.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | 二零二五年 HK$’000 | 二零二四年 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
39.
关联人士交易
除该等财务报表其他章节详述之交易外，本
集团于年内曾与关联人士进行下列交易：
(a)
与关联人士之交易
*
该等关联人士交易亦构成上市规则
第
14A
章所界定之关连交易或持续关
连交易。
39. RELATED PARTY TRANSACTIONS
In adition to the transactions detailed elsewhere in
these financial statements, the Group had the folowing
transactions with related parties during the year:
(a) Transactions with related parties
附注千港元千港元
WOG and its subsidiaries
(other than the Group)
宏安及其附属公司
（不包括本集团）
Rental and management
charge income from a
subsidiary of WYT*
来自位元堂一间附属
公司的租金及
管理费用收入
*(i)57872
Interest expenses charged
by WOG*
宏安收取之利息开支
*
(i)8,6481,014
Marketing expenses to
subsidiaries of WOG*
支付予宏安附属公司之
营销开支
*(i)249525
Management fe charged
by WOG*
宏安收取之管理费用
*
(i)2,880–
Purchases of products from
a subsidiary of WYT*
向位元堂一间附属公司
购买产品
*(i)269968
Joint ventures
合营企业
Aset management fe
income from joint ventures
来自合营企业之
资产管理费用
(i)24,99836,216
Advisory fe income from
a joint venture
来自一间合营企业之
顾问费收入
(i)5,0005,000
Rental income from a director*
来自一名董事之
租金收入
*(iv)996996
* These related party transactions also constitute
conected transactions or continuing conected
transactions as defined in Chapter 14A of the Listing
Rules.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
226Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
39.
关联人士交易（续）
(a)
与关联人士之交易（续）
附注：
(i)
该等交易乃按照本集团与关联人士
互相协定之条款进行。
(i)
该等交易乃按照本集团根据相关资
产管理协议与合营企业互相协定之
条款进行。
(i)
向位元堂一间附属公司购买产品乃
根据已发布之价格及位元堂之一间
附属公司向其客户提供之条件作出。
(iv)
本集团向一名董事出租一项物业，
月租
83,000
港元（二零二四年：
83,000
港元）。租金参照现行市场费率厘
定。有关款项已由本集团补偿，并计
入为董事薪酬的一部分。
(b)
本集团主要管理人员之补偿
上述主要管理人员之补偿包括董事酬
金，详情载于财务报表附注
。
(c)
本集团已就授予
Divine Glory
集团及
Wonder Sign
集团（二零二四年：
Mery
Cotage
集团及
Wonder Sign
集团）的融资
向若干银行提供担保。本集团并无就提
供该等担保收取代价。有关本集团担保
的进一步详情于财务报表附注
披露。
39. RELATED PARTY TRANSACTIONS (Continued)
(a) Transactions with related parties (Continued)
Notes:
(i) The transactions were based on terms mutualy agred
betwen the Group and the related parties.
(i) The transactions were based on terms mutualy agred
betwen the Group and the joint ventures in acordance
with relevant aset management agrements.
(i) The purchases from a subsidiary of WYT were made
acording to the published prices and conditions ofered
by a subsidiary of WYT to its customers.
(iv) A property of the Group was leased to a director at
monthly rental of HK$83,000 (2024: HK$83,000). The
rental was determined with reference to the prevailing
market rates. The amount was reimbursed by the Group
and included as part of the directors’ remuneration.
(b) Compensation of key management personel
of the Group
千港元千港元
Short term employment benefits
短期雇员福利
13,35016,565
Post-employment benefits
退休福利
Total compensation paid to key
management personel
支付予主要管理人员之
补偿总额
13,43416,691
The above compensation of key management
personel includes the directors’ remuneration,
details of which are set out in note 8 to the financial
statements.
(c) The Group has given guarantes to certain banks
in conection with facilities granted to Divine Glory
Group and Wonder Sign Group (2024: Mery Cotage
Group and Wonder Sign Group). The Group received
no consideration for providing these guarantes.
Further details of the guarantes by the Group are
disclosed in note 38 to the financial statements.
| Financial assets at fair value through profit or loss mandatorily designated as such | Debt investments at fair value through other comprehensive income | Financial assets at amortised cost | Total | ||
|---|---|---|---|---|---|
| 强制指定为 按公平值计入 | 按公平值计入 其他全面收益 | 按摊销 成本计量之 | |||
| 损益之金融资产 HK$’000 | 之债务投资 HK$’000 | 金融资产 HK$’000 | 总计 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
40.
按类别划分之金融工具
于报告期末各金融工具类别之账面值如下：
二零二五年三月三十一日
金融资产
40. FINANCIAL INSTRUMENTS BY CATEGORY
The carying amounts of each of the categories of financial
instruments as at the end of the reporting period are as
folows:
31 March 2025
Financial asets
千港元千港元千港元千港元
Trade receivables
应收账款
–5,9425,942
Loan receivables
应收贷款
–17,80817,808
Financial asets included
in prepayments, other
receivables and other asets
计入预付款项、其他
应收款项及其他资产
的金融资产
–234,396234,396
Debt investments at fair
value through other
comprehensive income
按公平值计入其他全面
收益之债务投资
–3,592–3,592
Financial asets at fair value
through profit or los
按公平值计入损益之
金融资产
36,043–36,043
Cash and bank balances
现金及银行结余
–354,311354,311
Total
总计
36,0433,592612,457652,092
| Financial liabilities at fair value through profit or loss mandatorily designated as such | Financial liabilities at amortised cost | Total | ||
|---|---|---|---|---|
| 强制指定为 按公平值 计入损益之 | 按摊销 成本计量之 | |||
| 金融负债 HK$’000 | 金融负债 HK$’000 | 总计 HK$’000 | ||
228Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
40.
按类别划分之金融工具（续）
二零二五年三月三十一日（续）
金融负债
40. FINANCIAL INSTRUMENTS BY CATEGORY
(Continued)
31 March 2025 (Continued)
Financial liabilities
千港元千港元千港元
Trade payables
应付账款
–50,09950,099
Financial liabilities included in
other payables and acruals
计入其他应付款项及
应计费用的金融负债
–118,080118,080
– excluding lease liabilities
(note 28)
－不包括租赁负债
（附注
）
Lease liabilities
租赁负债
–22,80122,801
Financial liabilities at fair value
through profit or los
按公平值计入损益之
金融负债
5,575–5,575
Interest-bearing bank and
other borowings
计息银行及其他借款
–3,449,4373,449,437
Total
总计
5,5753,640,4173,645,992
| Financial assets at fair value through profit or loss mandatorily designated as such | Debt investments at fair value through other comprehensive income | Financial assets at amortised cost | Total | ||
|---|---|---|---|---|---|
| 强制指定为 按公平值计入 | 按公平值计入 其他全面收益 | 按摊销 成本计量之 | |||
| 损益之金融资产 HK$’000 | 之债务投资 HK$’000 | 金融资产 HK$’000 | 总计 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
40.
按类别划分之金融工具（续）
二零二四年三月三十一日
金融资产
40. FINANCIAL INSTRUMENTS BY CATEGORY
(Continued)
31 March 2024
Financial asets
千港元千港元千港元千港元
Trade receivables
应收账款
–2,3362,336
Loan receivables
应收贷款及利息
–17,80817,808
Financial asets included
in prepayments, other
receivables and other asets
计入预付款项、其他
应收款项及其他资产
的金融资产
–305,716305,716
Debt investments at fair
value through other
comprehensive income
按公平值计入其他全面
收益之债务投资
–2,486–2,486
Financial asets at fair value
through profit or los
按公平值计入损益之
金融资产
41,816–41,816
Cash and bank balances
现金及银行结余
–722,742722,742
Total
总计
41,8162,4861,048,6021,092,904
| Financial liabilities at fair value through profit or loss mandatorily designated as such | Financial liabilities at amortised cost | Total | ||
|---|---|---|---|---|
| 强制指定为 按公平值 计入损益之 | 按摊销 成本计量之 | |||
| 金融负债 HK$’000 | 金融负债 HK$’000 | 总计 HK$’000 | ||
230Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
40.
按类别划分之金融工具（续）
二零二四年三月三十一日（续）
金融负债
40. FINANCIAL INSTRUMENTS BY CATEGORY
(Continued)
31 March 2024 (Continued)
Financial liabilities
千港元千港元千港元
Trade payables
应付账款
–112,355112,355
Financial liabilities included in
other payables and acruals
计入其他应付款项及
应计费用之金融负债
– excluding lease liabilities
(note 28)
－不包括租赁负债
（附注
）
–188,366188,366
Lease liabilities
租赁负债
–8,3678,367
Financial liabilities at fair value
through profit or los
按公平值计入损益之
金融负债
606–606
Interest-bearing bank and
other borowings
计息银行及其他借款
–4,714,8044,714,804
Total
总计
6065,023,8925,024,498
| Carrying amounts | Fair values | ||||
|---|---|---|---|---|---|
| 账 31 March 2025 | 面值 31 March 2024 | 公 31 March 2025 | 平值 31 March 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| 三月三十一日 HK$’000 | 三月三十一日 HK$’000 | 三月三十一日 HK$’000 | 三月三十一日 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
41.
金融工具公平值及公平值等级
本集团金融工具（该等账面值与公平值合理相
若者除外）的账面值及公平值如下：
管理层已评估现金及银行结余、应收账款、计
入预付款项、其他应收款项及其他资产的金
融资产、应收贷款、应付账款、计入其他应付
款项及应计费用的金融负债以及计息银行及
其他贷款之即期部分之公平值与其各自之账
面值相若，主要由于该等工具于短期内到期。
本集团以本公司董事为首之财务部负责厘定
金融工具公平值计量之政策及程序。财务部
直接向本公司董事及审核委员会报告。于各
报告日期，财务部分析金融工具之价值变动
并厘定估值中适用之主要输入数据。估值由
本公司董事审核及批准。估值过程及结果由
审核委员会每年讨论两次，以便呈列中期及
年度财务报告。
41. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS
The carying amounts and fair values of the Group’s
financial instruments, other than those carying amounts
that reasonably aproximate to fair values, are as folows:
千港元千港元千港元千港元
Financial liabilities
金融负债
Interest-bearing bank and
other borowings
计息银行及其他借款
3,449,4374,714,8043,477,8554,726,267
Management has asesed that the fair values of cash and
bank balances, trade receivables, financial asets included
in prepayments, other receivables and other asets, loan
receivables, trade payables, financial liabilities included
in other payables and acruals and the curent portion of
interest-bearing bank and other borowings aproximate
to their carying amounts largely due to the short term
maturities of these instruments.
The Group’s finance department headed by the Company’s
directors is responsible for determining the policies and
procedures for the fair value measurement of financial
instruments. The finance department reports directly to
the Company’s directors and the audit comite. At
each reporting date, the finance department analyses
the movements in the values of financial instruments and
determines the major inputs aplied in the valuation. The
valuation is reviewed and aproved by the Company’s
directors. The valuation proces and results are discused
with the audit comite twice a year for interim and
anual financial reporting.
232Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
41.
金融工具公平值及公平值等级（续）
金融资产及负债之公平值按金融工具可由自
愿各方在现有交易中可交换之金额入账，惟
强制或清算销售除外。估计公平值时所用之
方法及假设载述如下：
(a)
债务工具及上市基金投资的公平值乃
基于市场报价。
(b)
本集团与多个交易对手（主要是信誉良
好的银行的金融机构）订立衍生金融工
具。衍生金融工具（即利率掉期）使用类
似于掉期模型的估值技术，使用现值计
算进行计量。该模型结合各种市场可观
察的输入数据，包括交易对手的信用质
量以及利率曲线。利率掉期的账面金额
与其公平值相同。
于二零二五年三月三十一日，按市值标
价的衍生负债状况已扣除涉及衍生工
具对手方违约风险应占的信贷评估调
整。对手方信贷风险的变动对按公平值
确认的金融工具并无重大影响。
(c)
人寿保险保单投资之公平值乃参考保
险公司提供之保单于提款日期之现金
价值而厘定。
(d)
本集团投资于非上市基金投资。本集团
已根据条款及风险相若的工具的市场
利率，采用贴现金流量估值模型估计
该等非上市基金投资的公平值。
41. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (Continued)
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:
(a) The fair values of debt instruments and listed fund
investment are based on quoted market prices.
(b) The Group enters into derivative financial instruments
with various counterparties, principaly financial
institutions of creditworthy banks. Derivative
financial instruments, being interest rate swaps,
are measured using valuation techniques similar to
swap models, using present value calculations. The
models incorporate various market observable inputs
including the credit quality of counterparties and
interest rate curves. The carying amounts of interest
rate swaps are the same as their fair values.
As at 31 March 2025, the mark-to-market value
of the derivative liability position was net of
a credit valuation adjustment atributable to
derivative counterparty default risk. The changes in
counterparty credit risk had no material efect on the
financial instruments recognised at fair value.
(c) The fair value of investments in life insurance policies
is determined with reference to the cash values of the
policies at the date of withdrawal, as provided by the
insurance company.
(d) The Group invests in unlisted fund investments. The
Group has estimated the fair value of these unlisted
fund investments by using a discounted cash flow
valuation model based on the market interest rates of
instruments with similar terms and risks.
| Fair value measurement using | |||||
|---|---|---|---|---|---|
| 公平值计量使用 | |||||
| Quoted prices in active markets (Level 1) | Significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | ||
| 活跃市场中的 报价 | 重大可观察的 输入数据 | 重大不可观察的 输入数据 | |||
| （第一层） HK$’000 | （第二层） HK$’000 | （第三层） HK$’000 | 总计 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
41.
金融工具公平值及公平值等级（续）
(e)
计息银行及其他借款的非流动部分的
公平值乃通过使用具有类似条款、信用
风险及剩余期限的工具（分类为公平值
等级的第二级）的当前可用利率贴现预
期的未来现金流量来计算。于二零二五
年及二零二四年三月三十一日，本集团
自身对计息银行及其他借款的非履约
风险导致的公平值变动被评估为并不
重大。
公平值等级
下表列示本集团金融工具的公平值计量等级：
按公平值计量的资产
于二零二五年三月三十一日
41. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (Continued)
(e) The fair values of the non-curent portion of interest-
bearing bank and other borowings have ben
calculated by discounting the expected future cash
flows using rates curently available for instruments
with similar terms, credit risk and remaining maturities
which is categorised within Level 2 of the fair value
hierarchy. The changes in fair value as a result of
the Group’s own non-performance risk for interest-
bearing bank and other borowings as at 31 March
2025 and 2024 were asesed to be insignificant.
Fair value hierarchy
The folowing tables ilustrate the fair value measurement
hierarchy of the Group’s financial instruments:
Asets measured at fair value
As at 31 March 2025
千港元千港元千港元千港元
Debt investments at fair value
through other comprehensive
income:
按公平值计入其他全面
收益之债务投资：
debt investments
债务投资
3,592–3,592
Financial asets at fair value
through profit or los:
按公平值计入损益之
金融资产：
Unlisted fund investments
非上市基金投资
–3333
Investments in life
insurance policies
人寿保险保单投资
–36,01036,010
Total
总计
3,592–36,04339,635
| Fair value measurement using | |||||
|---|---|---|---|---|---|
| Quoted prices in active markets (Level 1) | 公平值计量使用 Significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | ||
| 活跃市场中的 报价 | 重大可观察的 输入数据 | 重大不可观察的 输入数据 | |||
| （第一层） HK$’000 | （第二层） HK$’000 | （第三层） HK$’000 | 总计 HK$’000 | ||
234Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
41.
金融工具公平值及公平值等级（续）
公平值等级（续）
按公平值计量的资产（续）
于二零二四年三月三十一日
41. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (Continued)
Fair value hierarchy (Continued)
Asets measured at fair value (Continued)
As at 31 March 2024
千港元千港元千港元千港元
Debt investments at fair
value through other
comprehensive income:
按公平值计入其他全面
收益之债务投资：
debt investments
债务投资
2,486–2,486
Financial asets at Listed fair
value through profit or los:
按公平值计入损益之
金融资产：
Listed fund investments
上市基金投资
20,884–20,884
Unlisted fund investments
非上市基金投资
–3333
Investments in life
insurance policies
人寿保险保单投资
–19,82519,825
Interest rate swaps
利率掉期
–1,119–1,119
Total
总计
23,3701,11919,85844,347
| HK$’000 |
|---|
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
41.
金融工具公平值及公平值等级（续）
公平值等级（续）
按公平值计量的资产（续）
于多个年度，第三层公平值计量之变动如下：
41. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (Continued)
Fair value hierarchy (Continued)
Asets measured at fair value (Continued)
The movements in fair value measurements in Level 3
during the years are as folows:
千港元
At 1 April 2023
于二零二三年四月一日
51,747
Purchase
购买
21,925
Net los recognised in profit or los
于损益确认之净亏损
(10,204)
Disposal
出售
(43,610)
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日
19,858
Purchase
购买
18,556
Net los recognised in profit or los
于损益确认之净亏损
(2,371)
At 31 March 2025
于二零二五年三月三十一日
36,043
| Fair value measurement using | |||||
|---|---|---|---|---|---|
| Quoted prices in active markets (Level 1) | 公平值计量使用 Significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | ||
| 活跃市场中 的报价 | 重大可观察的 输入数据 | 重大不可观察的 输入数据 | |||
| （第一层） HK$’000 | （第二层） HK$’000 | （第三层） HK$’000 | 总计 HK$’000 | ||
| Fair value measurement using | |||||
|---|---|---|---|---|---|
| Quoted prices in active markets (Level 1) | 公平值计量使用 Significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | ||
| 活跃市场中 的报价 | 重大可观察的 输入数据 | 重大不可观察的 输入数据 | |||
| （第一层） HK$’000 | （第二层） HK$’000 | （第三层） HK$’000 | 总计 HK$’000 | ||
236Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
41.
金融工具公平值及公平值等级（续）
公平值等级（续）
按公平值计量之负债
于二零二五年三月三十一日
于二零二四年三月三十一日
年内，金融资产及金融负债之公平值计量并
无于第一层及第二层之间转移（二零二四年：
无），亦无任何转入或转出第三层（二零二四
年：无）。
41. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (Continued)
Fair value hierarchy (Continued)
Liabilities measured at fair value
As at 31 March 2025
千港元千港元千港元千港元
Financial liabilities at fair value
through profit or los:
按公平值计入损益之
金融负债：
Interest rate swaps
利率掉期
–5,575–5,575
As at 31 March 2024
千港元千港元千港元千港元
Financial liabilities at fair value
through profit or los:
按公平值计入损益之
金融负债：
Interest rate swaps
利率掉期
–606–606
During the year, there were no transfers of fair value
measurements betwen Level 1 and Level 2 (2024: Nil) and
no transfer into or out of Level 3 for both financial asets
and financial liabilities (2024: Nil).
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策
除衍生工具外，本集团之主要金融工具包括
应收账款及其他应收款项、应收贷款、按金、
按公平值计入损益之金融资产、按公平值计
入其他全面收益之债务投资、其他应付款项
及应计费用、现金及银行结余以及银行及其
他借贷。该等金融工具的目的乃为本集团的
运营筹集资金。本集团有各种其他金融负债，
例如直接来自其业务的应付账款。
本集团亦进行衍生工具交易，即利率掉期。目
的是管理由本集团的资金来源引起的利率风
险。
本集团金融工具所产生之主要风险为利率风
险、信贷风险及流动资金风险。董事会审核并
协定管理每项该等风险之政策。该等政策于
下文概述。
利率风险
本集团面临的市场利率变动风险主要来自本
集团按浮动利率计息之银行及其他借贷。本
集团的政策是使用固定利率及浮动利率债务
来管理其利息成本。为了以具有成本效益的
方式管理此混合资产，本集团进行了利率掉
期，在该利率掉期中，本集团同意在指定的
时间隔内交换参考商定的名义本金计算出
的固定利率和浮动利率之间的差额。于二零
二五年三月三十一日，经计量利率掉期的影
响，本集团约
59.1%
（二零二四年：
20.7%
）的借
款为固定利率。
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES
The Group’s principal financial instruments, other than
derivatives, comprise trade and other receivables, loan
receivables, deposits, financial asets at fair value through
profit or los, debt investments at fair value through other
comprehensive income, other payables and acruals, cash
and bank balances and bank and other borowings. The
purpose of these financial instruments is to raise finance
for the Group’s operations. The Group has various other
financial liabilities such as trade payables, which arise
directly from its operations.
The Group also enters into derivative transactions, being
interest rate swaps. The purpose is to manage the interest
rate risks arising from the Group’s sources of finance.
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 bank
loans with floating interest rates. The Group’s policy
is to manage its interest cost using a mix of fixed and
variable rate debts. To manage this mix in a cost-efective
maner, the Group enters into interest rate swaps,
in which the Group agres to exchange, at specified
intervals, the diference betwen fixed and variable rate
interest amounts calculated by reference to an agred-
upon notional principal amount. At 31 March 2025,
after taking into acount the efect of the interest rate
swaps, aproximately 59.1% (2024: 20.7%) of the Group’s
borowings were at fixed interest rates.
| Increase/ (decrease) in basis points | (Increase)/ decrease in loss before tax | ||
|---|---|---|---|
| 基点增加╱ | 除税前亏损 | ||
| （减少） | （增加）╱减少 HK$’000 |
| Increase/ (decrease) in basis points | (Increase)/ decrease in loss before tax | ||
|---|---|---|---|
| 基点增加╱ | 除税前亏损 | ||
| （减少） | （增加）╱减少 HK$’000 |
238Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
利率风险（续）
下表列示在所有其他可变因素保持不变之情
况下，本集团除税前溢利对利率出现合理可
能变动时之敏感度。有关变动不会对本集团
权益之其他组成部分造成重大影响。
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Interest rate risk (Continued)
The folowing table demonstrates the sensitivity to a
reasonably posible change in interest rate, with al other
variables held constant, of the Group’s profit before tax.
There is no material impact on other components of the
Group’s equity.
千港元
二零二五年
HK$
港元
100(13,473)
HK$
港元
(100)13,473
千港元
二零二四年
HK$
港元
100(36,887)
HK$
港元
(100)36,887
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
信贷风险
本集团的信贷风险主要来自现金及银行结
余、按公平值计入其他全面收益之债务投资、
应收贷款以及应收账款及其他应收款项，其
因交易对手违约而产生，最高风险等于该等
工具之账面值。管理层已制订信贷政策，并持
续监控该等信贷风险的风险。就应收贷款而
言，本集团会对所有要求赊欠一定数额之客
户作出信贷评估。
最大风险及年结阶段
下表载列基于本集团信贷政策的信贷质素及
最高信贷风险，主要基于逾期资料（除非其他
资料可在无需付出不必要成本或努力的情况
下获得）及于三月三十一日的年结阶段分类。
就债务投资而言，本集团亦使用外部信贷评
级对其进行监控。所呈列金额为金融资产的
账面总值及财务担保合约的信贷风险。
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Credit risk
The Group’s credit risk is primarily atributable to cash
and bank balances, debt investments at fair value through
other comprehensive income, loan receivables and
trade and other receivables, arises from default of the
counterparty, with a maximum exposure equal to the
carying amounts of these instruments. Management has
a credit policy in place and the exposures to these credit
risks are monitored on an ongoing basis. In respect of
loan receivables, credit evaluations are performed on al
customers requiring credit over a certain amount.
Maximum exposure and year-end staging
The table below shows the credit quality and the maximum
exposure to credit risk based on the Group’s credit policy,
which is mainly based on past due information unles
other information is available without undue cost or efort,
and year-end staging clasification as at 31 March. For
debt investments, the Group also monitors them by using
external credit ratings. The amounts presented are gros
carying amounts for financial asets and the exposure to
credit risk for the financial guarante contracts.
| 12-month ECLs | Lifetime ECLs | |||||
|---|---|---|---|---|---|---|
| 12 个月预期 | ||||||
| 信贷亏损 Stage 1 | 全 Stage 2 | 期预期信贷亏 Stage 3 | 损 Simplified approach | Total | ||
| 第一阶段 HK$’000 | 第二阶段 HK$’000 | 第三阶段 HK$’000 | 简化方式 HK$’000 | 总计 HK$’000 | ||
240Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
信贷风险（续）
最大风险及年结阶段（续）
于二零二五年三月三十一日
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Credit risk (Continued)
Maximum exposure and year-end staging (Continued)
As at 31 March 2025
千港元千港元千港元千港元千港元
Debt investments at fair value
through other comprehensive
income
按公平值计入其他全面
收益之债务投资
– Ca-C
－
Ca-C–3,592–3,592
Trade receivables
应收账款
–5,9425,942
Loan receivables
应收贷款
17,808–17,808
Financial asets included in
prepayments, other receivables
and other asets – Normal*
计入预付款项、其他应收
款项及其他资产的
金融资产－正常
*234,396–234,396
Cash and bank balances
现金及银行结余
354,311–354,311
Guarantes given to banks in
conection with facilities
granted to joint ventures
就授予合营企业的融资
向银行作出的担保
– Facilities drawn by joint
ventures – Not yet
past due
－合营企业提取之
融资－尚未逾期
381,569–381,569
Total
总计
988,084–3,5925,942997,618
| 12-month ECLs | Lifetime ECLs | |||||
|---|---|---|---|---|---|---|
| 12 个月预期 | ||||||
| 信贷亏损 Stage 1 | 全 Stage 2 | 期预期信贷亏 Stage 3 | 损 Simplified approach | Total | ||
| 第一阶段 HK$’000 | 第二阶段 HK$’000 | 第三阶段 HK$’000 | 简化方式 HK$’000 | 总计 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
信贷风险（续）
最大风险及年结阶段（续）
于二零二四年三月三十一日
*
倘若未逾期及并无资料显示金融资产自初
始确认以来信贷风险大幅增加，则计入预
付款项、其他应收款项及其他资产的金融
资产的信贷质素被视为「正常」。否则，金融
资产的信贷质素被视为「存疑」。
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Credit risk (Continued)
Maximum exposure and year-end staging (Continued)
As at 31 March 2024
千港元千港元千港元千港元千港元
Debt investments at fair value
through other comprehensive
income
按公平值计入其他全面
收益之债务投资
– Ca-C
－
Ca-C–2,486–2,486
Trade receivables
应收账款
–2,3362,336
Loan receivables
应收贷款
17,808–17,808
Financial asets included in
prepayments, other receivables
and other asets – Normal*
计入预付款项、其他应收
款项及其他资产的
金融资产－正常
*305,716–305,716
Cash and bank balances
现金及银行结余
722,742–722,742
Guarantes given to banks in
conection with facilities
granted to joint ventures
就授予合营企业的融资
向银行作出的担保
– Facilities drawn by joint
ventures – Not yet past due
－合营企业提取之
融资－尚未逾期
301,266–301,266
Total
总计
1,347,532–2,4862,3361,352,354
* The credit quality of the financial asets included in
prepayments, 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”.
242Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
信贷风险（续）
最大风险及年结阶段（续）
就有抵押应收贷款而言，本集团以位于香港
的商业物业按揭的形式持有抵押品。
最高信贷风险指在不考虑所持有的任何抵押
品或其他信贷增强措施的情况下，本集团所
面临的最坏情况。对于资产负债表内的资产，
最高信贷风险相等于其账面值。
流动资金风险
本集团采用经常性流动资金计划工具以监控
资金短缺之风险。此项工具计算金融工具及
金融资产之到期情况及经营活动之预计现金
流量。
本集团之目标为致力透过利用银行借贷，确
保资金持续性与灵活性兼备。
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Credit risk (Continued)
Maximum exposure and year-end staging (Continued)
For secured loan receivables, the Group holds colateral
in the form of mortgages over the comercial property
located in Hong Kong.
The maximum credit exposure is the worst-case scenario
of exposure to the Group without taking into acount any
colateral held or other credit enhancements. For
on-balance shet asets, the maximum exposure to credit
risk equals their carying amount.
Liquidity risk
The Group monitors its risk to a shortage of funds using
a recuring liquidity planing tol. This tol considers the
maturity of both its financial instruments and financial
asets and projected cash flows from operations.
The Group’s objective is to maintain a balance betwen
continuity of funding and flexibility through the use of bank
loans.
| 2025 | |||||
|---|---|---|---|---|---|
| On demand or within 1 year | 二零二五 1 to 2 years | 3 to 5 years | Total | ||
| 按要求或 | |||||
| 一年内 HK$’000 | 一至两年 HK$’000 | 三至五年 HK$’000 | 总计 HK$’000 | ||
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
流动资金风险（续）
于报告期末，根据合约未贴现付款，本集团金
融负债之到期情况如下：
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Liquidity risk (Continued)
The maturity profile of the Group’s financial liabilities as at
the end of the reporting period, based on the contractual
undiscounted payments, was as folows:
千港元千港元千港元千港元
Bank borowings (Note)
银行借贷（附注）
696,0681,101,3381,674,0503,471,456
Lease liabilities
租赁负债
11,5519,3563,59824,505
Other borowings
其他借款
183,761386,890–570,651
Trade payables
应付账款
50,099–50,099
Other payables and acruals
excluding lease liabilities
其他应付款项及
应计费用，不包括
租赁负债
118,080–118,080
Financial liabilities at fair value
through profit or los
按公平值计入损益之
金融负债
1,1562,0502,3695,575
Total
总计
1,060,7151,499,6341,680,0174,240,366
Financial guarantes given to
banks in conection with
facilities granted to joint
ventures (note 38)
与授予合营企业的融资
有关的银行财务担保
（附注
）
381,569–381,569
| 2024 | |||||
|---|---|---|---|---|---|
| On demand or within 1 year | 二零二四 1 to 2 years | 3 to 5 years | Total | ||
| 按要求或 | |||||
| 一年内 HK$’000 | 一至两年 HK$’000 | 三至五年 HK$’000 | 总计 HK$’000 | ||
244Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
流动资金风险（续）
附注：
本集团之计息银行借贷包括于二零二五年三月
三十一日及二零二四年三月三十一日本金总额分
别为
62,654,000
港元及
133,705,000
港元之定期贷
款，其中相关贷款协议包含按要求偿还条款，赋
予银行无条件权利可随时要求偿还贷款，因此就
上述到期情况而言，总额分类作「按要求」。
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Liquidity risk (Continued)
千港元千港元千港元千港元
Bank borowings (Note)
银行借贷（附注）
3,281,620107,184898,5564,287,360
Lease liabilities
租赁负债
8,223267–8,490
Other borowings
其他借款
126,180501,647224,400852,227
Trade payables
应付账款
112,355–112,355
Other payables and acruals
excluding lease liabilities
其他应付款项及
应计费用，不包括
租赁负债
188,366–188,366
Financial liabilities at fair value
through profit or los
按公平值计入损益之
金融负债
–117489606
Total
总计
3,716,744609,2151,123,4455,449,404
Financial guarantes given to
banks in conection with
facilities granted to joint
ventures (note 38)
与授予合营企业的融
资有关的银行财务
担保（附注
）
301,266–301,266
Note:
Included in interest-bearing bank borowings of the Group are
term loans with agregate principal amounts of HK$62,654,000 and
HK$133,705,000 as at 31 March 2025 and 31 March 2024, respectively,
of which the respective loan agrements contain a repayment on-
demand clause giving the bank the unconditional right to cal in the
loans at any time and therefore, for the purpose of the above maturity
profile, the total amount are clasified as “on demand”.
| Within 1 year | 1 to 2 years | 3 to 5 years | Over 5 years | Total | ||
|---|---|---|---|---|---|---|
| 一年内 HK$’000 | 一至两年 HK$’000 | 三至五年 HK$’000 | 超过五年 HK$’000 | 总计 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
流动资金风险（续）
附注：（续）
尽管附带上述条款，董事认为本公司不会被要求
于十二个月内全部偿还该等贷款，且彼等认为有
关贷款将根据相关贷款协议所载之到期日偿还。
作出本评估时已考虑：本集团于财务报表获批准
日期之财务状况；本集团遵守贷款契据之情况；
未曾发生违约事件；以及本集团以往皆按时还
款。根据该等贷款条款，合约未贴现付款如下：
资本管理
本集团资本管理之主要目标为保障本集团继
续按持续经营基准营运之能力，并维持稳健
之资本比率，以支持其业务及尽量增加至最
大股东价值。
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Liquidity risk (Continued)
Note: (Continued)
Notwithstanding the above clause, the directors do not believe that
these loans wil be caled in their entirety within 12 months, and they
consider that the loans wil be repaid in acordance with the maturity
dates as set out in the respective loan agrements. This evaluation
was made considering: the financial position of the Group at the
date of aproval of the financial statements; the Group’s compliance
with the loan covenants; the lack of events of default, and the fact
that the Group has made al previously scheduled repayments on
time. In acordance with the terms of these loans, the contractual
undiscounted payments are as folows:
千港元千港元千港元千港元千港元
31 March 2025
二零二五年三月三十一日
68,19536,40627,07012,395144,066
31 March 2024
二零二四年三月三十一日
85,25427,68620,25713,713146,910
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.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
246Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
42.
财务风险管理目标及政策（续）
资本管理（续）
本集团视母公司拥有人应占权益（包括已发
行股本、保留溢利及其他储备）为资本。本集
团根据经济状况变动及相关资产的风险特征
管理其资本架构并作出调整。为维持或调整
资本架构，本集团或会调整向股东派付的股
息、向股东退还资本或发行新股份。截至二零
二五年及二零二四年三月三十一日止年度，
管理资本的目标、政策或程序并无变动。
本集团使用资产负债比率监察资本，该比率
是按净负债除以母公司拥有人应占权益计
算。净负债包括计息银行及其他借贷（不包括
来自非控股东及宏安之贷款）减现金及银行
结余。本集团之政策为维持稳定资产负债比
率。于报告期末之资产负债比率如下：
42. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
Capital management (Continued)
The Group regards equity atributable to owners of the
parent, comprising isued share capital, retained profits
and other reserves as capital. 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 2024.
The Group monitors capital using gearing ratio, which
is net debt divided by equity atributable to owners of
the parent. Net debt includes interest-bearing bank and
other borowings (excluding loans from a non-controling
shareholder and WOG), les cash and bank balances. The
Group’s policy is to maintain a stable gearing ratio. The
gearing ratios as at the end of the reporting periods were
as folows:
千港元千港元
Interest-bearing bank and other
borowings (excluding loans from
a non-controling shareholder and
WOG)
计息银行及其他借贷
（不包括来自非控股东及
宏安之贷款）
3,090,1074,236,474
Les: Cash and bank balances
减：现金及银行结余
(354,311)(722,742)
Net debt
净负债
2,735,7963,513,732
Equity atributable to owners
of the parent
母公司拥有人应占权益
3,478,6614,450,644
Gearing ratio
资产负债比率
78.65%78.95%
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
43.
报告期后事项
(i)
于二零二五年六月十二日，本集团与两
名独立第三方订立买卖协议，据此，本
集团同意分别出售其于
FH
集团及
Mega
Hope Global Limited
及其附属公司（其
共同持有及营运一项酒店物业）各自
20%
股权连同相关股东贷款，代价分别
为
86,440,000
港元及
800,000
港元（可予
调整）。预期估计除税前出售亏损为约
202,900,000
港元。预期该交易将于二零
二五年八月完成。出售事项的进一步详
情载于本公司日期为二零二五年六月
十二日的公布。
(i)
于二零二五年六月二十日，本集团与
一名独立第三方订立初步买卖协议，
以出售位于香港的投资物业，代价为
23,280,000
港元。预期估计除税前出售亏
损将为约
2,220,000
港元。预期该交易将
于二零二五年十月完成。
43. EVENTS AFTER THE REPORTING PERIOD
(i) On 12 June 2025, the Group entered into a sale and
purchase agrement with two independent third
parties, pursuant to which the Group agred to
dispose of its 20% equity interest, together with the
related shareholder’s loans, in each of the FH Group
and Mega Hope Global Limited and its subsidiaries,
which together holds and operates a hotel property,
at a consideration of HK$86,440,000 and HK$800,000,
respectively (subject to adjustment). The estimated
los on disposal before tax is expected to be
aproximately HK$202,900,000. The transaction is
expected to be completed in August 2025. Further
details of the disposal are set out in the Company’s
anouncement dated on 12 June 2025.
(i) On 20 June 2025, the Group entered into a
preliminary sale and purchase agrement with
an independent third party for the disposal of an
investment property in Hong Kong at a consideration
of HK$23,280,000. The estimated los on disposal
before tax is expected to be aproximately
HK$2,220,000. The transaction is expected to be
completed in October 2025.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 HK$’000 | 二零二四年 HK$’000 |
248Wang On Properties Limited • Anual Report 2025
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
44.
本公司之财务状况表
有关于报告期末本公司财务状况表之资料如
下：
44. STATEMENT OF FINANCIAL POSITION OF
THE COMPANY
Information about the statement of financial position of the
Company at the end of the reporting period is as folows:
千港元千港元
NON-CURENT ASETS
非流动资产
Interest in a subsidiary
于一间附属公司之权益
–
Interests in joint ventures
于合营企业之权益
–128,435
Club membership
俱乐部会籍
17,78017,780
Financial asets at fair value through
profit or los
按公平值计入损益之金融资产
–775
Total non-curent asets
非流动资产总额
17,780146,990
CURENT ASETS
流动资产
Prepayments, other receivables and
other asets
预付款项、其他应收款项及
其他资产
52,1325,875
Due from subsidiaries
应收附属公司款项
5,066,1044,639,674
Tax recoverable
可收回税项
2,3792,379
Financial asets at fair value through
profit or los
按公平值计入损益之金融资产
19,82520,169
Cash and bank balances
现金及银行结余
155,077288,592
Total curent asets
总流动资产
5,295,5174,956,689
CURENT LIABILITIES
流动负债
Other payables and acruals
其他应付款项及应计费用
5,41450,984
Interest-bearing bank borowings
计息银行借贷
83,834158,606
Financial liabilities at fair value through
profit or los
按公平值计入损益之金融负债
1,156–
Due to subsidiaries
应付附属公司款项
2,489,9102,120,557
Total curent liabilities
总流动负债
2,580,3142,330,147
NET CURENT ASETS
流动资产净值
2,715,2032,626,542
TOTAL ASETS LES CURENT
LIABILITIES
总资产减流动负债
2,732,9832,773,532
NON-CURENT LIABILITIES
非流动负债
Financial liabilities at fair value through
profit or los
按公平值计入损益之金融负债
4,419606
Net asets
资产净值
2,728,5642,772,926
EQUITY
权益
Isued capital
已发行股本
15,20015,200
Reserves (Note)
储备（附注）
2,713,3642,757,726
Total equity
权益总额
2,728,5642,772,926
| Share premium | Contributed surplus | Retained profits | Total | ||
|---|---|---|---|---|---|
| 股份溢价 HK$’000 | 实缴盈余 HK$’000 | 保留溢利 HK$’000 | 总额 HK$’000 |
宏安地产有限公司
•
二零二五年报
Notes to Financial Statements (Continued)
财务报表附注（续）
31 March 2025
二零二五年三月三十一日
44.
本公司之财务状况表（续）
附注：
本公司之储备概要如下：
45.
比较金额
若干比较金额已重新分类，以符合本年度的
呈列及披露方式。
46.
财务报表之批准
财务报表已于二零二五年六月三十日经由董
事会批准及授权刊发。
44. STATEMENT OF FINANCIAL POSITION OF
THE COMPANY (Continued)
Note:
A sumary of the Company’s reserves is as folows:
千港元千港元千港元千港元
At 1 April 2023
于二零二三年四月一日
316,8892,047,989569,6402,934,518
Los and total comprehensive los
for the year
年内亏损及全面亏损总额
–(71,912)(71,912)
2023 final dividend declared
and paid
已宣派及派付之二零二三年
末期股息
–(104,880)(104,880)
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日
及二零二四年四月一日
316,8892,047,989392,8482,757,726
Los and total comprehensive los
for the year
年内亏损及全面亏损总额
–(44,362)(44,362)
At 31 March 2025
于二零二五年三月三十一日
316,8892,047,989348,4862,713,364
45. COMPARATIVE AMOUNTS
Certain comparative amounts have ben reclasified
to conform with the curent year’s presentation and
disclosures.
46. APROVAL OF THE FINANCIAL STATEMENTS
The financial statements were aproved and authorised for
isue by the board of directors on 30 June 2025.
| Location | Approximate saleable floor area | Use | Interest attributable of the Group | |
|---|---|---|---|---|
| 地点 | 概约实用面积 (square feet) | 用途 | 本集团应占权益 |
| Location | Approximate site area | Approximate gross floor area | Use | Anticipated year of completion | Stage of completion | Interest attributable to the Group | |
|---|---|---|---|---|---|---|---|
| 概约 | 概约 | 本集团 | |||||
| 地点 | 地盘面积 (square feet) | 总建筑面积 (square feet) | 用途 | 预期竣工年度 | 完成阶段 | 应占权益 | |
PARTICULARS OF KEY PROPERTIES
主要物业详情
250Wang On Properties Limited • Anual Report 2025
Particulars of major properties held by the Group as at 31 March
2025 are as folows:
PROPERTIES HELD FOR SALE
（平方呎）
1Nos. 86A-86G Pokfulam Road28,500Residential70%
薄扶林道
86A
至
86G
号住宅
250-62 Larch Stret and 6-8 Lime Stret,
Tai Kok Tsui
1,800Residential and Comercial
住宅及商业
100%
大角咀洋松街
50-62
号及菩提街
6-8
号
3Nos. 34 and 36 Main Stret, Nos. 5, 7 and 9
Wai Fung Stret, Ap Lei Chau
8,700Residential and Comercial
住宅及商业
50%
鸭脷洲大街
及
号以及惠风街
、
及
号
4Nos. 26-48 Ming Fung Stret, Wong Tai Sin21,400Residential and Comercial50%
黄大仙鸣凤街
26-48
号住宅及商业
PROPERTIES UNDER DEVELOPMENT
（平方呎）（平方呎）
1Nos. 120-130 Main Stret, Ap Lei Chau7,20074,200Residential and Comercial2026Construction in progres50%
鸭脷洲大街
120-130
号住宅及商业二零二六年在建
2Nos. 31-41 & 45 Fei Fung Stret,
Wong Tai Sin
10,40093,700Residential and Comercial
住宅及商业
二零二六年
Construction in progres
在建
50%
黄大仙飞凤街
31-41
及
号
3Nos. 12-16, 18–20, 22 and 24 Ting Yip
Stret, Ngau Tau Kok
5,20046,300Residential and Comercial
住宅及商业
二零二六年
Construction in progres
在建
50%
牛头角定业街
12-16
、
18-20
、
及
号
4101 and 111, King’s Road12,400130,000Residential and Comercial2026Construction in progres50%
英皇道
及
号住宅及商业二零二六年在建
5Nos. 3-9 Finie Stret, Quary Bay4,20040,100Residential and Comercial2026Construction in progres100%
鲗鱼涌芬尼街
3-9
号住宅及商业二零二六年在建
本集团于二零二五年三月三十一日持有的主要物业
详情如下：
持有待售物业
发展中物业
| Location | Approximate site area | Approximate gross floor area | Use | Anticipated year of completion | Stage of completion | Interest attributable to the Group | |
|---|---|---|---|---|---|---|---|
| 概约 | 概约 | 本集团 | |||||
| 地点 | 地盘面积 (square feet) | 总建筑面积 (square feet) | 用途 | 预期竣工年度 | 完成阶段 | 应占权益 | |
宏安地产有限公司
•
二零二五年报
Particulars of Key Properties (Continued)
主要物业详情（续）
（平方呎）（平方呎）
6Nos. 17-23 Ap Lei Chau Main Stret,
7-9 Ping Lan Stret and 37-39 Shan Shi
Stret, Ap Lei Chau
6,60068,100Residential and Comercial
住宅及商业
二零二七年
Construction in progres
在建
100%
鸭脷洲鸭脷洲大街
17-23
号、
平澜街
7-9
号及新市街
37-39
号
7Nos. 18-20 Sze Shan Stret, Yau Tong41,700304,000Residential and Comercial2028Construction in progres50%
油塘四山街
18-20
号住宅及商业二零二八年在建
PROPERTIES UNDER DEVELOPMENT (Continued)
发展中物业
（续）
| Year ended 31 March | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 于三月三十一日 2023 | 2022 | 2021 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二三年 HK$’000 | 二零二二年 HK$’000 | 二零二一年 HK$’000 | ||
| At 31 March | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 于三月三十一日 2023 | 2022 | 2021 | ||
| 二零二五年 HK$’000 | 二零二四年 HK$’000 | 二零二三年 HK$’000 | 二零二二年 HK$’000 | 二零二一年 HK$’000 | ||
FIVE YEAR FINANCIAL SUMARY
五年财务概要
252Wang On Properties Limited • Anual Report 2025
A sumary of the results and of the asets, liabilities and non-
controling interests of the Group for the last five financial years,
as extracted from the published audited financial statements, is
set out below.
RESULTS
千港元千港元千港元千港元千港元
REVENUE
收入
1,254,591297,8941,991,84038,857339,514
(LOS)/PROFIT
BEFORE TAX
除税前（亏损）╱溢利
(1,027,255)(735,805)217,886277,751476,961
Income tax (expense)/credit
所得税（开支）╱抵免
(1,816)(6,268)(7,032)7,161(8,784)
(LOS)/PROFIT
FOR THE YEAR
本年度（亏损）╱溢利
(1,029,071)(742,073)210,854284,912468,177
Atributable to:
应占：
Owners of the parent
母公司拥有人
(976,892)(733,276)211,066285,079466,745
Non-controling interests
非控股权益
(52,179)(8,797)(212)(167)1,432
(1,029,071)(742,073)210,854284,912468,177
ASETS, LIABILITIES AND NON-CONTROLING
INTERESTS
千港元千港元千港元千港元千港元
TOTAL ASETS
总资产
7,270,5419,889,9419,746,02410,605,64610,203,073
TOTAL LIABILITIES
总负债
(3,847,556)(5,442,794)(4,463,336)(5,421,770)(5,168,777)
NON-CONTROLING
INTERESTS
非控股权益
55,6763,497(10,900)(11,112)(11,279)
3,478,6614,450,6445,271,7885,172,7645,023,017
下表载列本集团于过往五个财政年度之业绩及资
产、负债及非控股权益概要，内容摘录自已刊发之
经审核财务报表及招股章程，并已在适当情况下重
列。
业绩
资产、负债及非控股权益