公司资料

Corporate Information

摘要及财务日志

Highlights and Financial

Calendar

主席报告

Chairman’s Statement

业绩回顾

Results Overview

财务回顾

Financial Review

董事个人资料

Profile of Directors

董事会报告

Report of the Directors

企业管治报告

Corporate Governance

Report

独立核数师报告

Independent Auditor’s

Report

综合损益表

Consolidated Statement of

Profit or Los

综合损益及其他全面

收益表

Consolidated Statement of

Profit or Los and Other

Comprehensive Income

综合财务状况表

Consolidated Statement of

Financial Position

综合权益变动表

Consolidated Statement of

Changes in Equity

综合现金流量表

Consolidated Cash Flow

Statement

综合财务报表附注

Notes to the Consolidated

Financial Statements

本集团五年财务概要

Five-Year Group Financial

Sumary

本集团所持的投资物业

Investment Properties Held

by the Group

公司资料

CORPORATE INFORMATION

BOARD OF DIRECTORS

Non-executive Director

Denis Lo Hoi Yeung (Chairman)

Executive Directors

Lo Fai Shing Francis (Vice Chairman)

Pegy Le (Chief Executive Oficer)

Independent Non-executive Directors

Joseph Chan Kai Nin

Peter Lau Kwok Kuen

Peter Wan Kam To

Yip Cheuk Tak

AUDIT COMITE

Peter Wan Kam To (Chairman)

Joseph Chan Kai Nin

Peter Lau Kwok Kuen

REMUNERATION COMITE

Joseph Chan Kai Nin (Chairman)

Peter Lau Kwok Kuen

Yip Cheuk Tak

NOMINATION COMITE

Denis Lo Hoi Yeung (Chairman)

Peter Wan Kam To

Yip Cheuk Tak

Joseph Chan Kai Nin

Pegy Le

COMPANY SECRETARY

Chan Kang Tung

AUDITOR

Deloite Touche Tohmatsu

Public Interest Entity Auditor

registered in acordance with the

Acounting and Financial Reporting Council Ordinance

SOLICITOR

Johnson Stokes & Master

董事会

非执行董事

罗开扬（主席）

执行董事

罗辉承（副主席）

李碧琦（行政总裁）

独立非执行董事

陈棨年

刘国权

尹锦滔

叶焯德

审核委员会

尹锦滔（主席）

陈棨年

刘国权

薪酬委员会

陈棨年（主席）

刘国权

叶焯德

提名委员会

罗开扬（主席）

尹锦滔

叶焯德

陈棨年

李碧琦

公司秘书

陈镜东

核数师

德勤•关黄陈方会计师行

于《会计及财务汇报局条例》下的

注册公众利益实体核数师

律师

孖士打律师行

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

公共关系顾问

纵横财经公关顾问有限公司

香港金钟夏悫道十八号

海富中心第一期二十四楼

主要银行

东亚银行有限公司

中国建设银行（亚洲）股份有限公司

创兴银行有限公司

大新银行有限公司

恒生银行有限公司

香港上海汇丰银行有限公司

三菱UFJ银行

华侨银行（香港）有限公司

渣打银行（香港）有限公司

大华银行有限公司

注册办事处

Victoria Place, 5th Flor, 31 Victoria Stret

Hamilton HM10, Bermuda

总办事处及主要营业地点

香港北角丹拿道十八号

爱群商业中心二楼

主要股份登记及过户处

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Flor, 31 Victoria Stret

Hamilton HM10, Bermuda

香港股份登记及过户分处

香港中央证券登记有限公司

香港皇后大道东一八三号

合和中心十七楼一七一二至一七一六室

网址

w.fairwodholdings.com.hk

股票编号

PUBLIC RELATIONS CONSULTANT

Strategic Financial Relations Limited

24/F, Admiralty Centre 1

18 Harcourt Road, Hong Kong

PRINCIPAL BANKERS

The Bank of East Asia, Limited

China Construction Bank (Asia) Corporation Limited

Chong Hing Bank Limited

Dah Sing Bank, Limited

Hang Seng Bank Limited

The Hongkong and Shanghai Banking Corporation Limited

MUFG Bank, Ltd.

OCBC Bank (Hong Kong) Limited

Standard Chartered Bank (Hong Kong) Limited

United Overseas Bank Limited

REGISTERED OFICE

Victoria Place, 5th Flor, 31 Victoria Stret

Hamilton HM10, Bermuda

HEAD OFICE AND PRINCIPAL PLACE OF BUSINES

2/F, TRP Comercial Centre

18 Taner Road, North Point, Hong Kong

PRINCIPAL REGISTRAR AND TRANSFER OFICE

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Flor, 31 Victoria Stret

Hamilton HM10, Bermuda

HONG KONG BRANCH REGISTRAR AND

TRANSFER OFICE

Computershare Hong Kong Investor Services Limited

Roms 1712–1716, 17/F, Hopewel Centre

183 Quen’s Road East, Hong Kong

WEBSITE

w.fairwodholdings.com.hk

STOCK CODE

收入为港币31.001亿元（二零二四年：港币 31.369亿元），减少1.2%。	Revenue was HK$3,100.1 million (2024: HK$3,136.9 million), decreased by 1.2%.

每股基本盈利为27.43港仙（二零二四年： 39.10港仙），减少29.8%。	Basic earnings per share were HK27.43 cents (2024: HK39.10 cents), decreased by 29.8%.

摘要及财务日志

HIGHLIGHTS AND FINANCIAL CALENDAR

摘要HIGHLIGHTS

权益股东应占溢利为港币3,550万元（二零

二四年：港币5,070万元）。扣除已收政府

补助后，权益股东应占溢利为港币3,510万

元，较去年减少28.8%（二零二四年：港币

4,930万元）。

Profit atributable to equity shareholders amounted to

HK$35.5 milion (2024: HK$50.7 milion). Excluding

government grants received, profit atributable to equity

shareholders was HK$35.1 milion, fal of 28.8% against last

year’s HK$49.3 milion.

本集团维持稳健的财务状况，于二零二五年

三月三十一日持有的银行存款及现金和现金

等价物为港币5.457亿元（二零二四年：港币

6.410亿元）。

The Group maintained a healthy financial position with bank

deposits, cash and cash equivalents of HK$545.7 milion (2024:

HK$641.0 milion) as at 31 March 2025.

建议分派末期股息每股17.0港仙，全年合

共分派股息每股22.0港仙及派息比率约为

80.2%。

Final dividend of HK17.0 cents per share was proposed,

representing a total dividend per share for the year of HK22.0

cents and a payout ratio of aproximately 80.2%.

中期股息派付日期二零二四年十二月三十一日	Paid date of the interim dividend 31 December 2024

暂停办理股份过户登记－股东周年大会二零二五年九月二日至二零二五年九月五日（包括首尾两天）－建议末期股息二零二五年九月十二日至二零二五年九月十六日（包括首尾两天）	Closure of Register of Members – Annual general meeting 2 September 2025 to 5 September 2025 (both days inclusive) – Proposed final dividend 12 September 2025 to 16 September 2025 (both days inclusive)

末期股息派付日期二零二五年十月二日或之前	Payable date of the final dividend On or before 2 October 2025

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

财务日志FINANCIAL CALENDAR

中期业绩公布

二零二四年十一月二十九日

Interim results anouncement

29 November 2024

全年业绩公布

二零二五年六月三十日

Anual results anouncement

30 June 2025

股东周年大会

二零二五年九月五日

Anual general meting

5 September 2025

摘要及财务日志

HIGHLIGHTS AND FINANCIAL CALENDAR

收入（港币百万元）

REVENUE (HK$’M)

3,100.1

2,646.5

2,881.9

3,024.2

3,136.9

1,200

1,500

1,800

2,100

2,400

2,700

3,000

3,300

每股基本盈利（港仙）

BASIC EARNINGS PER SHARE (HK cents)

27.43

118.59

32.91

34.64

39.10

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

35.5

153.6

42.6

44.9

50.7

权益股东应占溢利（港币百万元）

PROFIT ATRIBUTABLE TO EQUITY

SHAREHOLDERS (HK$’M)

资产净值（港币百万元）

NET ASETS (HK$’M)

652.0

777.8

714.2

680.6

660.4

主席报告

CHAIRMAN’S STATEMENT

TO OUR SHAREHOLDERS

On behalf of the Board of Directors (the “Board”), I hereby present

the anual results of Fairwod Holdings Limited (the “Company”)

and its subsidiaries (colectively refered to as the “Group”) for the

year ended 31 March 2025.

FINANCIAL RESULTS

Revenue of the Group for the year ended 31 March 2025

decreased by 1.2% year-on-year, to HK$3,100.1 milion (2024:

HK$3,136.9 milion). Profit atributable to equity shareholders

amounted to HK$35.5 milion (2024: HK$50.7 milion). Excluding

government grants received, profit atributable to equity

shareholders was HK$35.1 milion, fal of 28.8% against last

year’s HK$49.3 milion. Operating profit for the year was HK$72.3

milion, as against HK$98.5 milion in 2024, while the gros profit

margin decreased to 7.7% (2024: 8.6%). Basic earnings per share

were HK27.43 cents (2024: HK39.10 cents).

DIVIDENDS

The Board recomends to pay a final dividend of HK17.0 cents

(2024: HK30.0 cents) per share for the year ended 31 March

2025. Together with the interim dividend of HK5.0 cents (2024:

HK11.0 cents) per share paid during the year, the total dividend

for the year ended 31 March 2025 amounts to HK22.0 cents

(2024: HK41.0 cents) per share, representing a total distribution

of aproximately 80.2% of the Group’s profit for the year. The

proposed final dividend wil be paid on or before Thursday, 2

October 2025 to shareholders whose names apear on the

Tuesday, 16 September 2025.

致各股东

本人谨代表董事会（「董事会」）提呈大快活集

团有限公司（「本公司」）及其附属公司（统称

「本集团」）截至二零二五年三月三十一日止

年度之全年业绩报告。

财务业绩

本集团于截至二零二五年三月三十一日止年

度的收入按年减少1.2%至港币31.001亿元

（二零二四年：港币31.369亿元）。权益股

东应占溢利为港币3,550万元（二零二四年：

港币5,070万元）。扣除已收政府补助后，权

益股东应占溢利为港币3,510万元，较二零

二四年之港币4,930万元下降28.8%。本年

度经营溢利为港币7,230万元，而二零二四

年则为港币9,850万元，毛利率下降至7.7%

（二零二四年：8.6%）。每股基本盈利为

27.43港仙（二零二四年：39.10港仙）。

股息

董事会建议派发截至二零二五年三月三十一

日止年度之末期股息每股17.0港仙（二零

二四年：30.0港仙）。加上年度内已派付之

中期股息每股5.0港仙（二零二四年：11.0

港仙），本集团派发截至二零二五年三月

三十一日止年度的全年股息为每股22.0港仙

（二零二四年：41.0港仙），总分派占本集团

年度溢利约80.2%。建议派发的末期股息将

于二零二五年十月二日（星期四）或之前派付

予于二零二五年九月十六日（星期二）营业时

间结束时名列本公司股东名册的股东。

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

业务回顾

经营环境

过去一年，本集团受到多项宏观因素影响，

这些因素也明显改变了消费者支出及消费习

惯。其中，港人「境外消费」趋势盛行，不少

人选择离港购物和用餐，此现象已成为常

态。据统计显示，本财政年度港人出境旅游

人次较去年同期增加25%。

同时，香港与内地经济持续疲软，股市表

现审慎、就业前景不明朗加上楼市仍处于

低潮，令消费者信心疲弱。在整体消费氛围

偏向保守下，导致餐饮业的价格竞争加剧。

因此，不少餐厅推出更多高性价比产品及加

大折扣力度，以保持竞争优势，令利润率受

压。

BUSINES REVIEW

Operating environment

The Group has ben impacted by several macro factors over

the past year that have had a major efect on spending and

consumption habits. One is the “outbound spending” trend

among local residents, whereby many Hong Kong consumers

head out of Hong Kong on shoping and dining excursions. This

has become an al-year feature, with statistics showing a 25%

increase in outbound travel by Hong Kong residents during the

financial year compared with the previous year.

Alongside this trend, general consumer confidence remains low

due to continuing weaknes in both the Hong Kong and Mainland

economies, reflected in an underperforming stock market, job

uncertainties, and a strugling housing market. This in turn

has reined in spending acros the board, leading to intensified

price competition within the F&B industry. To adres these

developments, many restaurants have had to increase their range

of value products and product discounts to maintain a competitive

edge, exerting presure on profit margins.

主席报告

CHAIRMAN’S STATEMENT

过去一年，大快活积极应对宏观挑战，我们

透过一系列措施以吸引、提升顾客互动体验

及保留顾客，同时降低成本，而个中关键在

于我们提供具吸引力的餐饮选择。年内，大

快活推出多款创新产品及新菜式，并定期推

出特别优惠及期间限定特色产品。此外，多

项加配选项既丰富了顾客的餐饮选择，且提

升了人均消费。大快活也进一步扩大了外卖

产品选择，同时于店内出售全新零售产品，

以刺激消费。

本集团采取多项有效的措施，以维持大快活

在市场的地位、提升渗透率，并强化其具责

任感且关怀社会的企业形象。我们进一步优

化及升级大快活Ap手机应用程式，从而提

升顾客的黏性及忠诚度，此举在面对境外消

费趋势下尤其重要。本集团亦针对特定顾客

群展开了更大规模的推广活动。其中，针对

长者和吞咽困难人士的「软餐」计划，让大快

活开创了香港快餐市场的先河。这举诠释

了大快活的价值远超于只提供优质且物超所

值的餐饮服务。年内，我们还推出了具召号

力的推广活动，成功连系潜力庞大的年轻一

代。

本集团持续寻求降低营运成本的方法，一方

面把握香港商业租金低迷的机遇，另一方面

于年内实施降低食物成本、减轻员工成本压

力及改善流程效率的措施，以助抵销宏观因

素对利润率构成的影响。

Al these macro chalenges have ben adresed head-on by

Fairwod over the past year, through wide-ranging initiatives

designed to atract, engage and retain customers as wel as lower

costs. At the heart of these were compeling fod oferings, with

Fairwod roling out a stream of atractive product inovations

and new dishes during the year, acompanied by regular special

ofers and Limited Time Ofers. Various ad-on meal options were

introduced to give customers a wider range of meal choices and

increase average checks. There were further enhancements to

Fairwod’s takeaway range, while new retail products were made

available in store, in moves to encourage more spending.

Runing paralel to these have ben some powerful engagement

initiatives designed to kep Fairwod prominent in the public

mind, enhance its market penetration, and reinforce the Group’s

reputation as a socialy responsible and caring company. The

Fairwod Ap has ben further enhanced and upgraded, leading

to greater engagement with customers and increased loyalty,

a particularly important outcome in the face of the outgoing

spending trend. Larger scale outreach eforts were also directed

at specific groups. Perhaps the most significant was an inovative

series of “soft meals” for the elderly and those with swalowing

isues, which represented a major first in Hong Kong’s fast-

fod market. This initiative sent out a powerful mesage that

Fairwod’s proposition goes far beyond simply god, value-for-

money fod. Another breakthrough in the year were impactful

marketing outreach initiatives that conected with the younger

generation, a group that holds enormous potential.

Behind the scenes, the Group has continued to find ways to lower

operating costs. Fairwod has ben taking ful advantage of weak

Hong Kong comercial rents. In adition, initiatives to lower

fod costs, reduce staf presures and improve proces eficiency

have al ben introduced in the year, helping ofset profit margin

presures arising from macro factors.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

产品

产品创新是推动销售的重要途径，能提升顾

客忠诚度、保持消费者兴趣并吸引新顾客。

有鉴于此，大快活继续推出深受欢迎的期间

限定特色产品，包括日式、越式及马来西亚

美食，更于晚市时段推出多款全新晚餐产

品，包括经典煲仔饭及炖汤。为吸引精打细

算的顾客，大快活于各个用餐市段推出更多

新优惠，包括优惠早餐、午市双𩠌碗套餐，

超值下午茶及晚市「爆抵二人餐」。

外卖业务继续成为本集团的重点增长动力。

除广受欢迎的外卖原只贵妃鸡外，大快活还

新增烤春鸡及葡挞等外卖选择。同时，我们

增强了季节性外卖产品选择，例如中秋盆

菜、农历新年盆菜及外卖美食。

大快活积极强化加配策略，提供更多加配选

项，鼓励顾客提升消费。此外，本集团于不

同市段推出不同烘焙产品。年内，大快活已

开始在店内出售零售食品，从而缔造额外收

入来源，当中包括大受欢迎的白莲蓉月饼，

推出后迅速售罄。

除上述措施外，大快活十分重视创意营销，

以增强其餐种对特定顾客群的吸引力。例

如，为推广特色港式煲仔饭系列，本集团以

「阿活煲神」为主题进行推广。该推广活动将

地道香港文化与本地流行及幽默感元素相

融合，并运用全方位营销策略协助大快活重

塑品牌年青形象。其受欢迎程度不仅体现在

销售数据上，从社交媒体的互动率也可见一

斑，媒体报导价值约为港币150万元。

Products

Product inovations are an important way of driving sales

by reinforcing customer loyalty, maintaining interest and

engagement, and atracting new customers. Fairwod continued

to rol out popular Limited Time Ofers that included a Japanese

series, Vietnamese and Malaysian Delicacies. Alongside these,

it developed a number of exciting new diner products for this

high-potential daypart, such as Clasic Claypot Rice and Double-

Boiled Soup. Meanwhile, to atract diners for whom budget

considerations are important, Fairwod launched more new Value

Ofers acros its ful range of meal dayparts, including sharply

priced breakfast options, a Lunch Mix & Match Combo, a Tea

Super Value Set and a Diner Value Combo for Two.

The sucesful takeaway segment also continued to be a focus for

growth. Fairwod’s extremely popular takeaway whole chicken

was suplemented by other takeaway options, including Roasted

Buterflied Spring Chicken and Portuguese Eg Tarts. The Group

also enriched the range of product ofers for its seasonal takeaway

options, such as Mid-Autumn Pon Choi, Chinese New Year Pon

Choi, and CNY Takeaway Delicacies.

Fairwod has ben expanding its Ad-on strategy, providing even

more optional extras for core dishes to encourage diners to spend

a few dolars more for their meals. Aditionaly, it has introduced

more bakery products acros its dayparts. This year, Fairwod has

also begun to ofer dedicated retail sales of some fod items in

its stores, generating an aditional revenue stream. One of these,

White Lotus Sed Paste Moncakes, proved to be a particularly

sucesful product, seling out son after launch.

Alongside these and other initiatives, Fairwod has paid a lot

of atention to smart and creative marketing to reinforce the

atractivenes of its dishes to certain demographics. For example,

to promote its special range of Hong Kong style claypot rice, it

ran a bold media campaign under the theme “God of Claypots”.

Blending authentic Hong Kong heritage with local pop culture

and humour and utilising 360-degre marketing strategies, the

campaign helped rejuvenate the brand image. Its popularity can

be gauged not simply by sales, but also by strong social media

engagement, with coverage worth around HK$1.5 milion.

主席报告

CHAIRMAN’S STATEMENT

数码化

大快活Ap手机应用程式继续是我们招募及

接触顾客的重要推广及维持顾客忠诚度的工

具。在境外消费热潮下，建立顾客忠诚度变

得尤其重要，手机应用程式价值也因此更为

突出。

大快活Ap手机应用程式登记会员人数持续

上升，截至年底的会员人数已有约102万，

去年则为79万，增长超过25%。顾客亦逐渐

感受到使用该应用程式的好处，包括接收大

型优惠推广详情，例如六月份快活超值赏、

八月份奥运庆祝推广及二月份农历新年快活

大利是推广。该手机应用程式还会定期向会

员推送特别优惠和折扣券。年内最受欢迎的

推广包括健身人士迎新优惠、定期月底优惠

及周末快闪优惠。

Digitalisation

The Fairwod digital ap has remained a significant promotional

and customer loyalty tol for the Group for both recruitment and

engagement. Its value has become even more conspicuous in the

face of the outward spending trend, when building customer

loyalty is particularly important.

Membership via the ap has continued to grow in leaps and

bounds; at year-end, total membership stod at around 1.02

milion, up from 790,000 last year, a growth rate of over 25%.

Increasingly, customers have sen the significant benefits of

having the ap, which include receiving details of major one-of

promotions such as the June Super Value promotion, the August

Olympics Celebration promotion, and the February Chinese New

Year Red Packet promotion. At the same time, the ap delivers

regular special ofers and coupon discount to users. Some of the

most popular in the year included the special GYM personalised

welcome ofer, regular month-end promotions, and a series of

flash wekend ofers.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

回馈社区

本集团继续秉持服务社区的承诺，于年内推

出「快活回味软餐」计划，惠及有进食和吞咽

困难的长者。这些经研制且营养均衡的软餐

自二零二四年十月一日推出，以照顾香港高

达38%有进食和吞咽困难长者的特殊需要。

此计划让大快活成为全港首间于社区推出软

餐的连锁快餐店，巩固其以社区为重的企业

地位。

除推出多款美味的软餐外，本集团亦于不同

分店设立「吞咽评估站」，由专家安排软餐试

食，以及按顾客需要提供适切餐食建议。于

二零二五年三月，本集团参与在领展旗下蓝

田启田商场举行的「大快活X领展与爱同行启

动礼」，除推广软餐外，同时亦透过照顾者

易达平台，捐出共2,000份「快活回味软餐」

予16个受惠机构。

针对长者的其他措施亦于年内继续推进。为

长者提供特别推广及折扣的「快活关爱长者

咭」会员人数持续增加，截至年底已超过55

万名会员。而推行多年的「快活爱心送递」计

划亦举办了多次「窝心膳行」及「与耆同乐」活

动。由二零二五年一月起，大快活参与「爱

心食肆赏你惠食」计划，为全港214个受资助

长者中心，约5万名长者提供饮食优惠券。

Giving back to the comunity

The Group has continued its practical comitment to serving

local comunities. This year saw the launch of a major social

initiative benefiting the elderly, particularly those with eating

and swalowing isues: Fairwod’s Ah Wod Soft Meals. These

scientificaly developed, nutritionaly wel-balanced meals began to

be roled out from 1 October 2024, designed to met the special

neds of the up to 38% of elderly people in Hong Kong with

eating and swalowing dificulties. This initiative has positioned

Fairwod as the first fast fod restaurant chain in Hong Kong

to ofer soft meals to the comunity, cementing its status as a

comunity-focused organisation.

Apart from the rol-out of a diverse range of tasty soft meals,

the Group also set up special swalowing asesment stations

in diferent branch locations, where specialists host soft fod

tastings and advise customers on the best options for their neds.

Also in March 2025, Fairwod participated in the Fairwod X Link

Together with Love Kick-of Ceremony at Link’s Kai Tin Shoping

Centre in Lam Tin, where besides promoting its soft meals it also

anounced a joint initiative with Link to donate 2,000 Ah Wod

Soft Meals to 16 beneficiary organisations through the CAREREPS

Platform.

Other important initiatives for elderly customers continued

throughout the year. The member numbers for the Fairwod

Care for Seniors Card, which ofers al sorts of special ofers and

discounts for the elderly, continued to rise, reaching over 550,000

by year-end. The longstanding Fairwod Care for Comunity

Programe hosted various events under its Heartwarming Fod

Donation Programe, as wel as Joyous Meals with Seniors.

From January 2025, Fairwod also tok part in the Caring Fod

Coupon Programe, under which it provided special discount

meal coupons to around 50,000 elderly people at 214 subvented

elderly centres around Hong Kong.

主席报告

CHAIRMAN’S STATEMENT

应对挑战

食物成本控制仍然是本集团的首要任务，

年内整体食品成本按年下降。其中我们引

进新的原材料供应商，促进了彼此之间的竞

争，从而降低原材料价格，并提升了质素。

为此，大快活积极寻找新的供应来源和供应

商，并持续增加源头采购的比例，省去中介

费用。作为香港领先的连锁快餐店之一，大

快活的规模为其带来了额外的竞争优势。

如上所述，随著香港租金持续下降，租金成

本继续为本集团节省成本的机会。大快活一

直在香港积极寻找租金合理且具发展潜力的

地点，以配合其未来开店计划。

人力成本多年来呈上升趋势，并继续为零售

及餐饮业带来挑战，但大快活仍坚守对品质

与服务的承诺，保证绝不影响顾客体验。因

此，本集团持续探索其他有效管理员工成本

的措施，例如鼓励顾客使用「手机点餐及付

款」功能及店内的数码点餐设备，以减少对

前线员工的需求，同时亦推行内部流程自动

化，如产品补货，以节省管理时间。此外，

本集团亦采取措施改善店舖的维修及保养，

并提升整个价值链的物流安排，借以在多个

层面抵销营运成本上升带来的影响。

Tackling chalenges

Fod cost controls have remained a priority, and its eforts

in the year saw the Group’s overal fod costs fal year-on-

year. One initiative that contributed to this god result was the

introduction of new vendors for raw materials, a move that

bosted competition among the Group’s vendors and led to

lower raw materials prices and higher quality of products. To

do this, Fairwod located new suply sources and vendors, and

continued to increase its levels of direct imports, cuting out

midle-man charges. Fairwod’s scale as one of the bigest fast

fod restaurant chains in Hong Kong brings it extra competitive

advantages in this respect.

As mentioned above, rental costs have continued to provide the

Group with oportunities for cost savings, as leasing costs in Hong

Kong have continued to fal. Fairwod has ben actively seking

out promising sites at highly competitive rental rates acros Hong

Kong, to drive its store-opening programe for the future.

Staf costs have continued to provide chalenges for the retail and

F&B industries. Labour rates have ben on a rising trend for some

years, and Fairwod’s comitment to quality and service has

meant it wil not diminish the customer experience in any way.

Hence, the Group has continued to explore various other initiatives

to manage staf costs, such as by encouraging the use of ‘mobile

order and pay’ and digital kiosks in its stores, which together are

reducing demand on frontline counter staf, while also automating

various internal proceses, such as product restocking, to fre

up management time. Other initiatives have ben undertaken to

improve repair and maintenances protocols and procedures acros

its stores, and to enhance logistics arangements acros the value

chain. Incrementaly then, at a number of levels, the Group has

ben actively ofseting the impact of rising operating costs.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

环境可持续性

大快活于年内透过提高店内能源效率、减少

排放及推行减少浪费措施，致力提升其业务

的环保表现。新安装的店内厨房设备包括环

保高效能热回收蒸柜、具自动点火功能的静

音炒炉，以及超声波解冻机，此外，智能厨

房系统有助各厨房监察电、水及煤气的使用

情况，并作出改善。

大快活积极推进回收再用措施，在旗下130

间店舖推行咖啡渣及柠檬皮重用计划，并于

二零二四╱二五年度减少280吨厨余。于二

零二四年一月推出的糖包回收活动现已覆盖

所有大快活分店，旨在减少丢弃未使用的糖

包。

网络

截至二零二五年三月三十一日，本集团共有

176间店铺，其中157间位于香港，19间位

于中国内地。本集团于年内开设3间店铺及

关闭5间表现未达标的店铺后，位于香港的

大快活连锁快餐店于年末共有147间。年内

的同店销售增长按年下降3.0%。

大快活亦于香港共有10间特色餐厅，去年为

9间，分别为3间ASAP、3间一碗肉燥、3间

一叶小厨，以及于年内新开业的意大利餐厅

Ombra。特色餐厅的同店销售增长较去年上

升5.8%。

中国内地方面，本集团于年内开设2间新店

及关闭7间表现未达标的店铺后，于年末

合共经营19间快餐店。同店销售增长下降

11.1%，反映大湾区的消费开支极为疲弱及

竞争加剧。

Environmental sustainability

Fairwod continued its eforts to make its operations even more

environmentaly responsible in the year, primarily by enhancing

its in-store energy eficiency, reducing emisions, and promoting

anti-waste initiatives. New in-store kitchen equipment instaled

included environmentaly friendly high eficiency steam cabinets,

low noise wok ranges with an automatic pilot ignition function,

and ultrasonic defrost machines. On top of these, a Smart Kitchen

System helped individual kitchens monitor their electricity, water

and gas usage and make improvements.

Fairwod’s re-use initiatives continued to flourish. Its initiative

for repurposing cofe grounds and lemon rinds continued

sucesfuly at 130 stores, estimated to have eliminated 280

tones of fod waste in 2024/25. Meanwhile its Sugar Packets

Programe, launched in January 2024 to avoid unused sugar

packets being discarded, now covers al Fairwod stores.

Network

At 31 March 2025 the Group was operating with 176 stores, 157

in Hong Kong and 19 in Mainland China. In Hong Kong, it had a

year-end total of 147 Fairwod fast fod restaurant outlets, after

3 new stores were opened and 5 underperforming stores closed

during the year. Same Store Sales Growth (SG) for the year was

down by 3.0%.

Fairwod also operates a smal stable of 10 specialty restaurants

in Hong Kong, up from 9 last year. These are comprised of 3

ASAP, 3 Taiwan Bowl, 3 The Leaf Kitchen, and 1 Ombra, a new

Italian restaurant that opened in the year. SG for these specialty

restaurants was positive, up by 5.8% from the previous year.

In the Mainland, Fairwod was operating a total of 19 fast

fod stores at year-end, after 2 new stores were opened and 7

underperforming stores closed in the year. The SG was down by

11.1%, reflecting very muted consumer spending in the Greater

Bay Area (GBA) and a rise in local competition.

主席报告

CHAIRMAN’S STATEMENT

展望

研究显示，境外消费趋势属长期结构性变

化，并将成为香港的「新常态」。由于中港

两地交通便利，且大湾区的消费能力不断提

升，包括大快活在内的香港企业需适应香港

与大湾区日益融合的发展态势。

在此宏观形势下，大快活实施四大策略，以

保持及提高销售、适应结构性变化，以及维

持行业领先地位。首先，我们计划把握市场

租金下行的机会开设更多餐厅，借以扩展大

快活在香港的业务覆盖范围，同时关闭表现

未达标的店舖。大快活预计未来一年店舖数

目将呈现净增长。

在适应顾客新消费行为方面，本集团认为单

一的宏观策略并不可行；反之，我们将推行

一系列更具针对性的微观策略，著重提升个

别店舖的表现、优化特定市段的推广，以及

加强市场细分。大快活亦将继续推动产品创

新及重整餐单，扩大升级及加配选项，以推

动人均消费增长。此外，本集团将透过大快

活Ap手机应用程式继续回馈忠实顾客的支

持。

本集团的另一策略重点为提升品质，尤其是

加强品质检查及质控系统。我们正计划推行

更为严格的店舖审核与反馈机制、推出数码

品质检定系统，并进行更频繁的供应商审

核，以提高质素。透过这些方法，我们将进

一步提升大快活在快餐行业的产品质素。我

们的成本管理措施则将继续提高营运效率。

在内地，尽管经济不稳，本集团仍计划继续

进行店铺扩张计划，重点将为确保新店的租

金与销售比率维持在低水平。大快活已准备

就绪，在大湾区更多城市探索发展机遇。

PROSPECTS

Studies sugest that the outbound spending trend described

earlier represents a long-term structural change that wil become

the “new normal” for Hong Kong. Hong Kong busineses,

including Fairwod, wil ned to adapt to the increasing

integration of Hong Kong in the GBA, given the ease of aces

from the city and the greater spending power in the GBA.

In the light of this macro situation, Fairwod is implementing a

four-pronged strategy to maintain and grow its sales, adapt to

structural changes, and retain its industry-leading reputation. To

begin with, it plans to take advantage of low rental oportunities

coming onto the market to open more Fairwod restaurants,

expanding its Hong Kong coverage. It wil continue to close

underperforming stores, but expansion plans in the pipeline mean

that net growth in store numbers is expected over the coming

year.

In terms of adapting to new consumer behaviours, the Group

believes that a single macro strategy is not the answer: instead, it

wil implement a series of more targeted micro strategies focused

on improvements to individual stores, to specific dayparts, and

to increasing its market segmentation. Product inovation wil

continue, acompanied by menu renginering to expand the

trade-up and ad-on options that are driving increases in the

average check. There wil also be a continuing focus on rewarding

customer loyalty through the Fairwod Ap.

A further strategy focus wil be on quality, and specificaly on

tightening the Group’s quality checks and systems. Plans are afot

to introduce a more rigorous store audit and fedback system,

launch a digitalised quality asurance system, and conduct more

frequent suplier audits for enhanced quality. In al these ways,

Fairwod plans to further raise its reputation for product quality in

the fast fod sector. Alongside this, Fairwod’s cost management

initiatives wil continue to enhance its operational eficiency.

In the Mainland, the Group plans to continue with its store

expansion plans despite the muted economy. A focus wil be on

ensuring low rent-to-sales ratios for its new stores. At this point,

Fairwod is also ready to begin exploring oportunities in a wider

range of GBA cities.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

APRECIATION

On a personal note, this is the last time my name wil apear on

the Anual Report as Fairwod’s Executive Chairman. From 1

April 2025, I step into the role of Non-executive Director, while

remaining Chairman of the Board. From the same date, Fairwod’s

former CEO Mr Francis Lo was apointed Vice Chairman of the

Board, while the vacant CEO position has ben filed by our

former Chief Revenue Oficer, Ms Pegy Le, who has over 14

years of experience at Fairwod, working in close conjunction

with the operations team. Both of these management leaders are

Executive Directors of the Group. These changes, acompanied by

a general strengthening of the management team in the face of

the chalenging conditions of the present, have further enhanced

the profesionalism of our operations; I am fuly confident that the

Group is in excelent hands going forward, and its performance

wil continue to strengthen.

I would like to thank the Board of Directors for their suport over

the year, and the management team for their exceptional eforts

in a chalenging environment. Thanks are also due to our loyal

supliers and busines partners, and to our dedicated Fairwod

team, for helping us to maintain the highest standards of quality

and service. Thank you also to our loyal customers, who continue

to suport us by making Fairwod restaurants their prefered

fast fod choice. Finaly, my apreciation goes out to Fairwod

loyal shareholders, for their steady belief in and suport of this

company.

Through the eforts of al these vital stakeholders, Fairwod wil

continue to adapt to the long-term structural changes in the

economy of Hong Kong and in its conections with the GBA

in the year ahead, and maintain its dynamic part in the city’s

restaurant culture. Besides strengthening Fairwod’s reputation

as ofering an authentic, high quality, value-for-money fast fod

experience for al levels of Hong Kong society, the Group wil

continue working hard to achieve stable, satisfactory returns for

its loyal shareholders.

致谢

这是我最后一次以执行主席身份出现在大快

活年报中。自二零二五年四月一日起，我转

任为非执行董事，同时继续担任董事会主

席。同日起，大快活前任行政总裁罗辉承先

生获委任为董事会副主席，而行政总裁一职

由前首席营收主管李碧琦女士出任。李碧琦

女士拥有逾14年在大快活的丰富工作经验，

一直与营运团队紧密合作。两位管理层均同

时担任本集团的执行董事。在当前充满挑战

的环境下，调整及全面加强管理团队，方可

进一步提升本集团的业务专业水平，我对大

快活的未来发展充满信心，相信将会再创佳

绩。

我谨此感谢董事会过去一直的支持，以及

管理团队在这充满挑战的环境下所付出的

努力。此外，我亦向合作无间的供应商及业

务伙伴深表谢意，同时感激我们所有员工的

辛勤付出，让大快活得以维持高质素的服务

水准。我亦衷心感谢一直支持我们的忠实顾

客，选择大快活作为您们喜爱的快餐首选。

最后，我要向大快活的股东们致谢，感谢您

们对公司始终如一的信任与支持。

在所有持份者的共同努力下，本集团将积极

应对香港经济的结构性转变，深化与大湾区

的联系发展，并稳固大快活在香港餐饮业的

重要地位。未来，集团不仅致力于为香港顾

客提供地道、优质、物超所值的餐饮体验，

也将继续努力为股东创造稳定可观的回报。

罗开扬

Denis Lo Hoi Yeung

主席

Chairman

香港，二零二五年六月三十日

Hong Kong, 30 June 2025

	二零二五年	二零二四年
	2025	2024
	港币百万元	港币百万元
	HK$’m	HK$’m
3,093.7
6.4
3,100.1

业绩回顾

RESULTS OVERVIEW

毛利率

年内毛利率下降至7.7%（二零二四年：

8.6%），主要是由于(i)销售额下降；(i)大量

续租引致翻新导致其他物业、机器和设备和

使用权资产折旧增加；(i)水电费增加；及(iv)

人力成本增加。

行政费用

行政费用下降2.3%至港币1.419亿元（二零

二四年：港币1.453亿元）。行政费用减少

主要由于有效的成本控制令员工成本下降所

致。

REVENUE

For the year ended 31 March 2025, the Group recorded revenue

of HK$3,100.1 milion, a 1.2% decrease as compared to

HK$3,136.9 milion in last year due to outbound spending trends,

weakened economy and intensified price competition.

An analysis of revenue is as folows:

GROS PROFIT MARGIN

Gros profit margin decreased to 7.7% during the year (2024:

8.6%), primarily due to (i) decrease in sales; (i) increase in

depreciation of other property, plant and equipment and right-

of-use asets as a result of renovation caused by substantial lease

renewal; (i) increase in utilities; and (iv) increase in labor cost.

ADMINISTRATIVE EXPENSES

Administrative expenses decreased by 2.3% to HK$141.9 milion

(2024: HK$145.3 milion). The decrease was mainly contributed by

the decrease in staf cost due to efective cost control.

收入

受北上消费趋势、经济疲弱及价格竞争加剧

等因素影响，截至二零二五年三月三十一日

止年度，本集团录得收入港币31.001亿元，

较去年之港币31.369亿元减少1.2%。

收入分析如下：

二零二五年		二零二四年
2025		2024
港币百万元	占收入百分比	港币百万元	占收入百分比
HK$’m	% of revenue	HK$’m	% of revenue
750.1	24.2
1,096.2	35.4
456.2	14.7

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

主要成本

主要支出明细如下：

KEY COSTS

The breakdown of major expenses is set out below:

, finance cost of lease

liabilities, rental costs of short-term lease, as wel as variable lease payments

and gain on lease modifications.

OTHER REVENUE AND OTHER NET GAIN

Other revenue and other net gain increased by HK$15.8 milion,

mainly due to increase in gain on lease modifications.

INCOME TAX

Income tax expense decreased by 78.6% to HK$3.1 milion (2024:

HK$14.5 milion).

PROFIT ATRIBUTABLE TO EQUITY SHAREHOLDERS

Excluding government grants received, profit atributable to equity

shareholders amounted to HK$35.1 milion, fal of 28.8% against

last year’s HK$49.3 milion, primarily due to decrease in sales,

which was ofset by targeted cost control measures.

SEGMENT RESULTS

Hong Kong restaurants segment profits decreased 17.8% to

HK$81.2 milion (2024: HK$98.8 milion), Mainland China

restaurants segment los increased 121.2% to HK$14.6 milion

(2024: HK$6.6 milion) and other segments profits increased

47.7% to HK$9.6 milion (2024: HK$6.5 milion) during the year.

BASIC EARNINGS PER SHARE

The Group’s basic earnings per share decreased 29.8% to

HK27.43 cents for the year ended 31 March 2025 (2024: HK39.10

cents).

、租赁负债的融资

成本、短期租赁的租金成本，以及可变租赁付款的

租金和租赁修正收益。

其他收入和其他收益净额

其他收入和其他收益净额增加港币1,580万

元，主要由于租赁修正收益增加所致。

所得税

所得税支出减少78.6%至港币310万元（二零

二四年：港币1,450万元）。

权益股东应占溢利

扣除已收政府补助后，权益股东应占溢利为

港币3,510万元，较去年之港币4,930万元下

降28.8%，主要由于销售额下跌，但被针对

性的成本控制举措部分抵销。

分部业绩

年内，香港餐厅分部溢利减少17.8%至港币

8,120万元（二零二四年：港币9,880万元）。

中国内地餐厅分部亏损增加121.2%至港币

1,460万元（二零二四年：港币660万元）。其

他分部溢利增加47.7%至港币960万元（二零

二四年：港币650万元）。

每股基本盈利

本集团截至二零二五年三月三十一日止年度

的每股基本盈利减少29.8%至27.43港仙（二

零二四年：39.10港仙）。

财务回顾

FINANCIAL REVIEW

LIQUIDITY AND FINANCIAL RESOURCES

At 31 March 2025, total asets of the Group were HK$2,105.3

milion (2024: HK$2,247.8 milion). The Group’s net curent

liabilities were HK$109.5 milion (2024: HK$61.9 milion),

represented by total curent asets of HK$703.2 milion (2024:

HK$796.4 milion) against total curent liabilities of HK$812.7

milion (2024: HK$858.3 milion). Curent ratio, being the

proportion of total curent asets against total curent liabilities,

was 0.9 (2024: 0.9). Total equity was HK$652.0 milion (2024:

HK$660.4 milion).

The Group finances its busines with internaly generated cash

flows, short-term borowings and available banking facilities. At

31 March 2025, the Group had bank deposits and cash and cash

equivalents amounting to HK$545.7 milion (2024: HK$641.0

milion), representing a drop of 14.9% due to purchase of a

property and shop renovations. Most bank deposits and cash and

cash equivalents were denominated in Hong Kong dolars, United

States dolars and Renminbi.

The Group had bank borowings of HK$5.4 milion (2024: nil)

for PRC busines expansion. The gearing ratio was 0.8%, being

the proportion of bank borowings to total equity (2024: nil).

The unutilised banking facilities were HK$206.1 milion (2024:

HK$231.3 milion).

DEPRECIATION

The Group’s depreciation of other property, plant and equipment

increased by HK$9.7 milion from HK$93.7 milion to HK$103.4

milion due to more renovation shops and a newly acquired

property during the year.

The depreciation charge of right-of-use asets, which were

amortised on a straight-line basis over the lease term in

acordance with HKFRS 16, increased by HK$12.8 milion from

HK$406.7 milion to HK$419.5 milion. The increase was primarily

due to the adition of new shops and lease modification of the

existing shops during the 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

资产为港币21.053亿元（二零二四年：港

币22.478亿元）。本集团之流动负债净额

为港币1.095亿元（二零二四年：港币6,190

万元），此乃根据总流动资产港币7.032亿

元（二零二四年：港币7.964亿元）减以总流

动负债港币8.127亿元（二零二四年：港币

8.583亿元）而计算。流动比率为0.9（二零

二四年：0.9），此乃根据总流动资产除以总

流动负债而计算。权益总额为港币6.520亿

元（二零二四年：港币6.604亿元）。

本集团以内部产生之流动现金、短期借款及

银行信贷为其业务提供营运所须资金。于二

零二五年三月三十一日，本集团的银行存款

及现金和现金等价物为港币5.457亿元（二零

二四年：港币6.410亿元），因购买物业及店

舖装修而减少14.9%。大部分银行存款及现

金和现金等价物为港币、美元及人民币。

该集团为拓展中国内地业务借入银行贷款

港币540万元（二零二四年：零）。负债比率

为0.8%，即银行借款占总股本的比例（二零

二四年：零）。尚未使用之银行备用信贷额

为港币2.061亿元（二零二四年：港币2.313

亿元）。

折旧

本集团的其他物业、机器和设备的折旧费用

增加港币970万元，由港币9,370万元增加至

港币1.034亿元，其增幅是由于年内店铺装

修工程及新购入物业所致。

使用权资产的折旧费用，此乃根据《香港财

务报告准则》第16号要求承租人的使用权资

产于其租赁期按直线法计算摊销，上升港币

1,280万元，由港币4.067亿元增加至港币

4.195亿元，其增幅是由于年内新增店铺及

现有店铺租赁修正所致。

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

融资成本

年内，本集团录得融资成本为港币3,370万

元（二零二四年：港币3,340万元）。融资成

本主要为租赁负债及银行借款的利息费用。

盈利能力

平均股东权益回报率为5.4%（二零二四年：

7.6%），此乃根据本公司权益股东应占溢

利，除以年初及年末权益总额的平均值而计

算。

资本支出

年内，资本支出约为港币1.577亿元（二零

二四年：港币1.315亿元），与去年相比其增

幅是由于新购买的物业及现有店铺装修工程

增加所致。

财务风险管理

本集团之收入及支出主要为港币和人民币，

汇率之变动对本集团财务状况并无重大影

响。

本集团所面对的外币风险主要源自以本集团

经营业务的相关功能货币以外的货币为单位

的银行存款及其他金融资产。引致这个风险

的货币主要是美元及人民币。由于港元与美

元挂钩，本集团预期美元兑港元的汇率不会

出现任何重大变动。如果出现短期的失衡

情况，本集团会在必要时按现货汇率买卖外

币，以确保将净风险额度维持在可接受的水

准，且相关的外汇风险未被对冲。

本集团资产之抵押

于二零二五年三月三十一日，用作授予本集

团部份附属公司的银行备用信贷抵押物业的

账面净值为港币60万元（二零二四年：港币

70万元）及并无银行存款和现金被用作银行

贷款或银行备用信贷的抵押。

FINANCE COSTS

During the year, the Group recorded the finance costs of HK$33.7

milion (2024: HK$33.4 milion). The finance costs mainly

represented the interest expenses on lease liabilities and bank

borowings.

PROFITABILITY

Return on average equity was 5.4% (2024: 7.6%), being profit

atributable to equity shareholders of the Company against the

average total equity at the begining and the end of the year.

CAPITAL EXPENDITURE

During the year, capital expenditure was aproximately HK$157.7

milion (2024: HK$131.5 milion). The increase was mainly due

to a newly acquired property and more renovation works for the

existing shops compared to last year.

FINANCIAL RISK MANAGEMENT

The Group’s receipts and expenditures were mainly denominated

in Hong Kong dolars and Renminbi. The impact of the fluctuation

in exchange rate is imaterial to the Group’s financial position.

The Group is exposed to foreign curency risk primarily through

cash at banks and other financial asets that are denominated in

a curency other than the functional curency of the operations

to which they relate. The curencies giving rise to this risk are

primarily United States dolars and Renminbi. As Hong Kong dolar

is peged to United States dolar, the Group does not expect any

significant movements in the United States dolar/Hong Kong

dolar exchange rate. The Group ensures that the net exposure is

kept to an aceptable level by buying or seling foreign curencies

at spot rates where necesary to adres short term imbalances

and the related foreign exchange risk has not ben hedged.

CHARGES ON THE GROUP’S ASETS

At 31 March 2025, the net bok value of properties pledged as

security for banking facilities granted to certain subsidiaries of the

Group amounted to HK$0.6 milion (2024: HK$0.7 milion) and no

bank deposits and cash was used to pledge any loans or banking

facilities.

财务回顾

FINANCIAL REVIEW

承担

于二零二五年三月三十一日，本集团未偿付

的资本承担为港币5,340万元（二零二四年：

港币2,430万元）。

或有负债

于二零二五年三月三十一日，本公司须就若

干全资附属公司获得的银行备用信贷额而向

银行作出担保。

于报告期末，董事认为根据担保安排本公司

被索偿的可能性不大。于报告期末，本公司

根据该担保须负担的最大债务为所有附属公

司已提取的备用信贷额港币1.159亿元（二零

二四年：港币8,770万元），当中该担保涵盖

有关备用信贷额。

本公司并无就该担保确认任何递延收入，原

因是其公允价值无法可靠地计量，而且没有

交易价格。

雇员资料

于二零二五年三月三十一日，本集团雇员总

人数约为5,500人（二零二四年：5,700人）。

本年度员工成本大约为港币10.962亿元（二

零二四年：港币11.004亿元）。雇员薪酬乃

根据工作性质、资历及经验而厘定。薪金及

工资一般按表现及其他因素而每年检讨。

本集团会继续根据本集团及个别雇员之表

现，对合资格之雇员提供具竞争力之薪酬福

利、购股权及花红。并且，本集团承诺会维

持有助改善所有员工质素、能力及技能之培

训计划（例如在职培训、内部研讨会和培训

资助）。

COMITMENTS

The Group’s capital comitments outstanding at 31 March 2025

were HK$53.4 milion (2024: HK$24.3 milion).

CONTINGENT LIABILITIES

At 31 March 2025, guarantes are given to banks by the

Company in respect of banking facilities extended to certain

wholy-owned subsidiaries.

As at the end of the reporting period, the Directors do not

consider it probable that a claim wil be made against the

Company under these guarante arangements. The maximum

liability of the Company at the end of the reporting period under

these guarantes is the amount of the facilities drawn down by

al the subsidiaries that are covered by these guarantes, being

HK$115.9 milion (2024: HK$87.7 milion).

The Company has not recognised any defered income in respect

of these guarantes as their fair value canot be reliably measured

and there is no transaction price.

EMPLOYE INFORMATION

At 31 March 2025, the total number of employes of the Group

was aproximately 5,500 (2024: 5,700). Staf costs for the year

were aproximately HK$1,096.2 milion (2024: HK$1,100.4

milion). Employes’ remuneration is comensurate with their

job nature, qualifications and experience. Salaries and wages are

normaly reviewed anualy based on performance apraisals and

other relevant factors.

The Group continues to ofer competitive remuneration

packages, share options and bonus to eligible staf, based on the

performance of the Group and the individual employes. Also, the

Group has comited to provide related training programe (such

as on-the-job training, in-house seminar and training sponsorship)

to improve the quality, competence and skils of al staf.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

董事个人资料

PROFILE OF DIRECTORS

NON-EXECUTIVE DIRECTOR

Mr Denis Lo Hoi Yeung, aged 73, is the Non-executive

Director, the Chairman of the board of directors of the Company

(the “Board”) and the Chairman of Nomination Comite of the

Company. Mr Lo graduated from the Parsons Schol of Design

with a Bachelor Degre in Fine Arts and also atended a course

on fod and beverage management at New York University.

After completion of his studies in the U.S.A. in 1977, Mr Lo

returned to Hong Kong and obtained a Master Degre in Busines

Administration. In 1981, Mr Lo joined Fairwod Fast Fod Limited.

In 1991, he played a major role in the listing of the Company.

Mr Lo was the Managing Director of the Company from 1991 to

1999. He was apointed the Chairman and Chief Executive of the

Company in January 2000. On 1 January 2009, Mr Lo relinquished

his role as Chief Executive but remained as the Executive Chairman

of the Company til 31 March 2025. On 1 April 2025, Mr Lo was

re-designated as Non-executive Director of the Company. Mr Lo

is the father of Mr Lo Fai Shing Francis, the Executive Director of

the Company and Vice Chairman of the Board. Mr Lo is a director

of Neblet Investments Limited which has discloseable interests in

the shares of the Company under the provisions of Part XV of the

Securities and Futures Ordinance.

非执行董事

罗开扬先生，现年七十三岁，为本公司非执

行董事，董事会（「董事会」）主席及本公司提

名委员会主席。罗先生毕业于美国巴松美术

设计学院，获美术学士学位，并曾于纽约大

学修读餐饮业管理课程。罗先生于一九七

年从美国学成返港后，考取工商管理硕士

学位。于一九八一年加入大快活快餐有限公

司。于一九一年，彼为本公司上市之主

要负责人。罗先生于一九一年至一九

年间出任本公司董事总经理，于二零年

一月获委任为本公司主席兼行政总裁，于二

零九年一月一日，罗先生辞任行政总裁一

职，但留任为本公司执行主席至二零二五年

三月三十一日。于二零二五年四月一日，罗

先生调任为本公司非执行董事。罗先生为本

公司执行董事兼董事会副主席罗辉承先生之

父亲。罗先生为Neblet Investments Limited

之董事，该公司根据《证券及期货条例》第XV

部之规定拥有须予披露于本公司股份之权

益。

董事个人资料

PROFILE OF DIRECTORS

执行董事

罗辉承先生，现年四十二岁，为本公司执

行董事兼董事会副主席，彼亦为本公司多

间附属公司之董事。罗辉承先生曾就读于

Carnegie Melon University并修读电脑科学。

加入本公司前，罗辉承先生曾出任一间海外

餐厅高级管理层职位并拥有逾四年餐饮业工

作经验，其中包括营运管理、产品发展及制

定商务策划。罗辉承先生于二零一三年八月

加入本公司为行政实习生，彼于二零一五年

二月获晋升为行政经理并自二零一八年四月

起出任特色餐厅总经理。自二零一九年一月

一日起，彼为本公司执行董事。于二零二零

年四月一日至二零二五年三月三十一日彼担

任本公司行政总裁。于二零二五年四月一

日，罗辉承先生获委任为董事会副主席及辞

任本公司行政总裁。罗辉承先生为本公司非

执行董事罗开扬先生之儿子。

李碧琦小姐，现年五十四岁，为本公司执行

董事兼行政总裁及于二零二五年七月一日成

为本公司提名委员会成员，彼亦为本公司多

间附属公司之董事。李小姐持有美国工商管

理硕士学位及市场学士学位。彼于跨越不

同行业之品牌建立与管理、产品开发及零售

与销售管理方面拥有逾三十年经验。加入本

公司前，李小姐曾出任多间著名公司高级管

理层职位。李小姐于二零一年二月加入本

公司，并于二零一八年一月一日获委任为本

公司执行董事及于二零二五年四月一日获委

任为本公司行政总裁。

EXECUTIVE DIRECTORS

Mr Lo Fai Shing Francis, aged 42, is the Executive Director

of the Company and Vice Chairman of the Board. He is also a

director of various subsidiaries of the Company. Mr Francis Lo

atended the Schol of Computer Science at Carnegie Melon

University. Prior to joining the Company, Mr Francis Lo held a

senior management position at an overseas restaurant and had

over four years of experience in the fod and beverage industry

including management of operations, product development and

busines strategy formulation. Mr Francis Lo joined the Company

as Management Traine in August 2013. He was promoted to

Executive Manager in February 2015 and further to be Specialty

Restaurant General Manager in April 2018. Since 1 January 2019,

he has ben an Executive Director of the Company. He was the

Chief Executive Oficer of the Company from 1 April 2020 to

31 March 2025. On 1 April 2025, Mr Francis Lo was apointed

as Vice Chairman of the Board and resigned as Chief Executive

Oficer of the Company. Mr Francis Lo is the son of Mr Denis Lo

Hoi Yeung, the Non-executive Director of the Company.

Ms Pegy Le, aged 54, is the Executive Director and Chief

Executive Oficer of the Company and was apointed as a

Member of Nomination Comite with efect from 1 July 2025.

She is also a director of various subsidiaries of the Company. Ms

Le obtained her MBA and Bachelor Degre in Marketing in the

U.S.A. She has over 30 years of experience in brand building and

management, product development, retail and sales management

acros diferent industries. Prior to joining the Company, Ms Le

had held senior management positions with a number of wel-

known companies. Ms Le joined the Company in February 2011

and was apointed Executive Director of the Company on 1

January 2018 and was apointed Chief Executive Oficer of the

Company on 1 April 2025.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr Joseph Chan Kai Nin, aged 77, was apointed an

Independent Non-executive Director of the Company in 1991. He is

also the Chairman of the Remuneration Comite and a Member

of the Audit Comite of the Company. He was apointed

as a Member of Nomination Comite of the Company with

efect from 1 July 2025. Mr Chan graduated from The University

of Hong Kong, the University of Strathclyde and The Chinese

University of Hong Kong. He holds a Bachelor of Arts Degre,

a Diploma in Social Work, a Master of Busines Administration

Degre and a Master of Education Degre. He is a Felow Member

of The Hong Kong Institute of Human Resource Management and

a Felow of The Hong Kong Profesional Counseling Asociation.

Mr Chan has over 40 years’ experience in human resources

development in public, comercial and educational sectors and

is actively engaged in the profesional development of higher

education student afairs practitioners and high schol carers

teachers in Mainland China and Hong Kong.

Dr Peter Lau Kwok Kuen, aged 72, was apointed an

Independent Non-executive Director of the Company in September

2000. He is also a Member of each of the Remuneration

Comite and Audit Comite of the Company. Dr Lau holds

a Doctorate Degre in Busines Administration from The Hong

Kong Polytechnic University, a MBA Degre from the University

of Calgary in Canada and a Master of Budhist Studies from

The University of Hong Kong. He is a member of The Canadian

Institute of Chartered Acountants and the Society of Certified

Management Acountants of Canada. Dr Lau had over 12 years of

management and acounting experience in both the private and

public sectors in Canada prior to returning to Hong Kong in 1987.

He was previously an Adjunct Profesor of the Colege of Busines

at City University of Hong Kong, an external member of the Schol

of Busines Advisory Comite of Hong Kong Baptist University as

wel as the Chairman of the Advisory Comite on management

and marketing at The Hong Kong Polytechnic University. Dr Lau

was the Chairman and Chief Executive of Giordano International

Limited, which is listed on the main board of The Stock Exchange

of Hong Kong Limited (the “Stock Exchange”), until 3 April 2024.

独立非执行董事

陈棨年先生，现年七十七岁，于一九一年

获委任为本公司独立非执行董事。彼亦为本

公司薪酬委员会主席及审核委员会成员，并

于二零二五年七月一日成为本公司提名委员

会成员。陈先生毕业于香港大学、苏格兰斯

特来大学及香港中文大学，彼持有文学士、

社会工作文凭、工商管理硕士及教育硕士学

位。彼为香港人力资源管理学会资深会员及

香港专业辅导协会院士。陈先生于政府、工

商及教育界之人力资源发展累积逾四十年经

验，并积极参与中国内地及香港等地高等教

育之学生事务从业员及中学升学就业辅导老

师的专业培训。

刘国权博士，现年七十二岁，于二零年

九月获委任为本公司独立非执行董事。彼为

亦本公司薪酬委员会及审核委员会成员。刘

博士持有香港理工大学工商管理博士学位、

加拿大卡加里大学工商管理硕士学位及香港

大学佛学硕士学位。彼为加拿大特许会计

师公会及加拿大公认管理会计师公会员。

于一九八七年返港前，刘博士于加拿大之

私营及公营机构有超过十二年的管理及会计

经验。彼曾出任香港城市大学商学院兼任教

授，香港浸会大学商学院顾问委员会外部成

员，以及香港理工大学管理及市场学系顾问

委员会主席。刘博士曾为于香港联合交易所

有限公司（「联交所」）主板上市之佐丹奴国际

有限公司之主席兼行政总裁直至二零二四年

四月三日。

董事个人资料

PROFILE OF DIRECTORS

Dr Peter Wan Kam To, MH, aged 72, was apointed an

Independent Non-executive Director of the Company in

September 2009. He is also the Chairman of the Audit Comite

and a Member of the Nomination Comite of the Company.

Dr Wan is a Felow Member of Hong Kong Institute of Certified

Public Acountants, the Asociation of Chartered Certified

Acountants and the Hong Kong Institute of Directors. He was

a partner of PricewaterhouseCopers Hong Kong & China firm

with extensive experience in auditing, finance, advisory and

management. Dr Wan is curently an Independent Non-executive

Director of these companies, namely KFM Kingdom Holdings

Limited which is listed on the main board of the Stock Exchange

and Haitong International Securities Group Limited which was

delisted on the Stock Exchange on 11 January 2024. Dr Wan was

an Independent Non-executive Director of A-Living Smart City

Services Co., Ltd. until 20 July 2023 and China Resources Land

Limited until 1 July 2023, which are listed on the main board of

the Stock Exchange, and an Independent Director of China World

Trade Centre Co., Ltd., which is listed on the Shanghai Stock

Exchange, until November 2022.

尹锦滔博士，荣誉勋章，现年七十二岁，于

二零九年九月获委任为本公司独立非执行

董事。彼亦为本公司审核委员会主席及提名

委员会成员。尹博士为香港会计师公会、特

许公认会计师公会及香港董事学会之资深会

员。彼为普华永道会计师事务所香港所及中

国所之前合伙人，于审计、金融、咨询及管

理等领域拥有丰富经验。尹博士现为于联

交所主板上市之KFM金德控股有限公司及已

于二零二四年一月十一日在联交所撤销上市

地位之海通国际证券集团有限公司之独立非

执行董事。尹博士亦曾为联交所主板上市之

雅生活智慧城市服务股份有限公司直至二零

二三年七月二十日及华润置地有限公司直至

二零二三年七月一日之独立非执行董事及为

上海证券交易所上市之中国际贸易中心股

份有限公司之独立董事直至二零二年十一

月。

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

叶焯德先生，现年七十三岁，于二零二一年

十二月获委任为本公司独立非执行董事。彼

亦为本公司薪酬委员会及提名委员会成员。

叶先生于一九七八年毕业于香港浸会学院

（现为香港浸会大学）传理系并持有社会科学

文凭。于一九七八年至一九八年期间，彼

曾任职胜家衣车公司市务及广告推广主任、

怡和商务拓展有限公司辖下7–Eleven部门商

品采购、特许经营发展经理及佐丹奴香港有

限公司营运副总裁。于一九二年，彼开展

其国内事业，并曾担任佐丹奴集团旗下虎威

企业有限公司总经理。于一九四年，彼出

任南中国必胜客总经理专责拓展广东、广西

及海南等华南地区业务，累积了丰富的国内

餐饮经验。叶先生于二零三年七月获邀回

港，出任香港及澳门必胜客行政总裁。于二

零一四年七月，彼获委任为怡和饮食集团香

港暨新市场行政总裁并出任至于二零一八年

退休。叶先生于零售业累积逾四十六年经

验。

叶先生现任多项公职，包括香港特别行政区

政府教育局辖下资历架构零售业行业培训咨

询委员会主席、雇员再培训局零售业课程技

术顾问及零售行业咨询网络委员会员、职

业训练局零售业训练委员会委员、香港化妆

品同业协会零售业委员会顾问、香港浸会大

学传理学院校友会委员会顾问。彼为伊利沙

伯中学旧生会汤国华中学法团校董会独立校

董至二零二五年三月三日。

Mr Yip Cheuk Tak, aged 73, was apointed an Independent

Non-executive Director of the Company in December 2021. He

is also a Member of each of the Remuneration Comite and

Nomination Comite of the Company. Mr Yip graduated

from Hong Kong Baptist Colege (now known as Hong Kong

Baptist University) majoring in Comunication in 1978 and holds

Diploma in Social Science. During 1978 to 1988, he was the

Marketing and Advertising Executive for Singer Sewing Machine

Co. Ltd., Buyer and Franchise Manager for Jardine Marketing

Services Limited, 7-Eleven Division, and Operations Vice President

for Giordano Hong Kong Limited. In 1992, he began his carer in

the PRC and served as General Manager of Tiger Enterprise Ltd.

(Group of Giordano) in South China. In 1994, he was the General

Manager of Piza Hut South China, overseing the teritories

of Guangdong, Guangxi and Hainan and acquired extensive

experience in the PRC fod and beverage market. Mr Yip returned

to Hong Kong in July 2003 to take up the post of Chief Executive

of Piza Hut Hong Kong and Macau. He was apointed Chief

Executive of Jardine Restaurant Group, Hong Kong and New

Markets in July 2014 and retired in 2018. Mr Yip has over 46

years’ experience in the retailing industry.

Mr Yip is now serving a number of public ofices, namely,

Chairman of Retail Training Advisory Comite of Qualification

Framework under Education Bureau of the Government of the

Hong Kong Special Administrative Region, the Technical Advisor

of Retail Trade and Member of Industry Consultative Networks

for Retail Industry of Employes Retraining Board, Member of

Retail Trade Training Board of Vocational Training Council, the

Consultant of Retail Industry Comision Advisory Comite

of The Cosmetic & Perfumery Asociation of Hong Kong Ltd,

the Consultant of HKBU Comunication Alumni Asociation

(HKBUCA) Executive Comite of Hong Kong Baptist University.

He was an Independent Manager of Incorporated Management

Comite of Quen Elizabeth Schol Old Student’s Asociation

Tong Kwok Wah Secondary Schol til 3 March 2025.

董事会报告

REPORT OF THE DIRECTORS

The Board of Directors (the “Board”) of Fairwod Holdings

Limited (the “Company”) has pleasure in presenting its anual

report together with the audited consolidated financial statements

of the Company and its subsidiaries (colectively refered to as the

“Group”) for the year ended 31 March 2025.

PRINCIPAL PLACE OF BUSINES

The Company is incorporated in Bermuda. Its registered ofice is

situated at Victoria Place, 5th Flor, 31 Victoria Stret, Hamilton

HM10, Bermuda and the principal place of busines is situated at

2/F, TRP Comercial Centre, 18 Taner Road, North Point, Hong

Kong.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding.

The Group is principaly engaged in the operation of fast fod

restaurants and property investments. The principal activities and

other particulars of the principal subsidiaries are set out on pages

174 to 176 of the anual report.

The analysis of the principal activities and geographical locations

of the operations of the Group during the financial year are set

out in note 4(b) to the consolidated financial statements.

BUSINES REVIEW

A fair review of the Group’s busines activities and discusion

and analysis of these activities as required by Schedule 5 to the

Companies Ordinance (Cap. 622) of Hong Kong, including a

discusion of the principal risks and uncertainties facing the

Group and an indication of likely future developments in the

Group’s busines, can be found in the “Busines Review” and

“Prospects” set out on pages 9 to 16 of this anual report while

the risk management policy is on pages 60 to 65 of the Corporate

Governance Report. The relevant discusions in these sections

form part of this report.

大快活集团有限公司（「本公司」）董事会（「董

事会」）仝人谨将本公司及其附属公司（统称

「本集团」）截至二零二五年三月三十一日止

年度的年报和经审核综合财务报表呈览。

主要营业地点

本公司在百慕达注册成立，注册办事处设于

Victoria Place, 5th Flor, 31 Victoria Stret,

Hamilton HM10, Bermuda，而主要营业地点

则设于香港北角丹拿道十八号爱群商业中心

二楼。

主要业务

本公司的主要业务是投资控股。本集团主要

经营快餐店业务及物业投资。各主要附属公

司的主要业务和其他详情载列于本年报第

174至第176页。

本集团于本财政年度的主要业务和经营地区

分析载列于综合财务报表附注4(b)。

业务回顾

据香港《公司条例》（第622章）附表5之要求，

对本公司业务的中肯审视及该业务的讨论及

分析，其中包括本集团所面临的主要风险和

不确定因素以及未来潜在发展，详见载列于

本年报第9至第16页的「业务回顾」及「展望」

及于企业管治报告第60至第65页之风险管理

政策。这些章节中的相关讨论构成本报告的

一部分。

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

环境、社会及管治报告

作为社区的一份子，本集团致力支持环境保

护工作、遵守相关法规及关注对持份者有重

大影响的事项。根据香港联合交易所有限公

司（「联交所」）证券上市规则（「上市规则」）附

录C2所载的环境、社会及管治报告指引，该

指引所要求与我们经营原则有关员工、食品

质量及安全、环境和顾客的全面资料将于环

境、社会及管治报告（「环境社会管治报告」）

内讨论，该报告将与2024/2025年度报告一

起发布。环境社会管治报告中的相关讨论构

成本报告的一部分。

遵守法律及法规

截至二零二五年三月三十一日止年度内至本

报告日期止，董事会概不知悉于香港、中国

内地与本公司及其附属公司于各处注册成立

地之司法权区有任何不遵守适用法律及法

规，并对本集团存有重大影响的情况。

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

集团五大供应商所占的采购总额36%（二零

二四年：32%），其中最大供应商占本集团

采购总额的19%（二零二四年：16%）。

截至二零二五年三月三十一日止年度，本集

团五大客户所占的收入总额合共少于本集团

收入总额的30%（二零二四年：少于30%）。

概无本公司之董事（「董事」）、彼等之紧密联

系人或任何本公司之股东（「股东」）（就董事

所知拥有本公司已发行股份（不包括库存股

份，如有）的5%以上）于本集团任何五大供

应商及客户中拥有任何实益权益。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

REPORTING

As part of the comunity, the Group strives to suport the

environmental protection works, to strictly comply with the

relevant rules and regulations and to consider the material aspects

of our stakeholders. In light of the Environmental, Social and

Governance Reporting Guide as set out in Apendix C2 of the

Rules Governing the Listing of Securities (the “Listing Rules”)

on The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”), comprehensive information as required thereunder

relating to our operating principles on our employes, fod quality

and safety, environment and customers wil be further discused in

a separate Environmental, Social and Governance Report (the “ESG

Report”), which wil be published together with the anual report

2024/2025. The relevant discusions in the ESG Report form part

of this report.

COMPLIANCE WITH LAWS AND REGULATIONS

During the year ended 31 March 2025 and up to the date of this

report, the Board was not aware of any non-compliance with the

aplicable laws and regulations in Hong Kong, Mainland China

and the respective jurisdiction of the place of incorporation of the

Company and subsidiaries that have a significant impact on the

Group.

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, 36% (2024: 32%) of the

agregate amount of purchases were atributable to the Group’s

five largest supliers with the largest suplier acounted for 19%

(2024: 16%) of the Group’s agregate amount of purchases.

For the year ended 31 March 2025, the agregate amount

of revenue atributable to the Group’s five largest customers

represent les than 30% (2024: les than 30%) of the Group’s

total revenue.

None of the Directors of the Company (the “Directors”), their

close asociates, or any shareholders of the Company (the

“Shareholders”), which to the knowledge of the Directors, owned

more than 5% of the number of isued shares (excluding treasury

shares, if any) of the Company, had a beneficial interest in any of

the Group’s five largest supliers and customers.

董事会报告

REPORT OF THE DIRECTORS

业绩及分配

本集团截至二零二五年三月三十一日止年度

的业绩载列于本年报第78至第178页的综合

财务报表。

建议股息

本公司已于二零二四年十二月三十一日派发

中期股息每股5.0港仙（二零二四年：11.0港

仙）。

董事会建议就截至二零二五年三月三十一

日止年度派发末期股息每股17.0港仙（二零

二四年：30.0港仙）。

有关本公司股息政策的更多资料，载列于企

业管治报告以供参阅。

慈善捐款

截至二零二五年三月三十一日止年度内，本

集团之慈善及其他捐款合共港币1,429,000

元（二零二四年：港币846,000元）。

股本

本公司截至二零二五年三月三十一日止年度

内的股本（「股份」）变动详情载列于综合财务

报表附注26(c)。

本公司并无持有任何库存股份（不论是以本

公司本身名义持有或存放于中央结算系统）。

可供分配储备

于二零二五年三月三十一日，可供分

派予本公司权益股东的储备总额为港

币253,786,000元（二零二四年：港币

298,843,000元）。董事于报告期结束后建议

派发末期股息每股17.0港仙（二零二四年：

30.0港仙），合共港币22,024,000元（二零

二四年：港币38,866,000元）。该股息于报

告期末尚未确认为负债。

RESULTS AND APROPRIATIONS

Results of the Group for the year ended 31 March 2025 are set

out in the consolidated financial statements on pages 78 to 178

of the anual report.

RECOMENDED DIVIDEND

An interim dividend of HK5.0 cents (2024: HK11.0 cents) per

share was paid on 31 December 2024.

The Board recomended the payment of a final dividend of

HK17.0 cents (2024: HK30.0 cents) per share for the year ended

31 March 2025.

More information about the Company’s dividend policy is set out

in the Corporate Governance Report.

DONATIONS

During the year ended 31 March 2025, the Group made charitable

and other donations totaling HK$1,429,000 (2024: HK$846,000).

SHARE CAPITAL

Details of movements in the share capital of the Company

(“Share(s)”) during the year ended 31 March 2025 are set out in

note 26(c) to the consolidated financial statements.

The Company does not hold any treasury shares (whether in its

own name or which is deposited with CAS).

DISTRIBUTABLE RESERVES

As at 31 March 2025, the agregate amount of reserves available

for distribution to equity Shareholders was HK$253,786,000

(2024: HK$298,843,000). After the end of the reporting period,

Directors proposed a final dividend of HK17.0 cents (2024:

HK30.0 cents) per Share amounting to HK$22,024,000 (2024:

HK$38,866,000). The dividend has not ben recognised as a

liability at the end of the reporting period.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

董事

截至二零二五年三月三十一日止年度内至本

报告日期止的董事如下：

非执行董事

罗开扬*（主席）

执行董事

罗辉承*（副主席）

李碧琦*（行政总裁）

独立非执行董事

陈棨年

刘国权

尹锦滔

叶焯德

(a) 罗开扬先生已由执行董事调任为非执行董事；

(b) 罗辉承先生已获委任为董事会副主席及辞任行

政总裁；及

根据本公司章程细则第84(2)条，罗辉承先生

及叶焯德先生于即将召开的股东周年大会上

轮值告退，并符合资格及愿意在即将召开的

股东周年大会上膺选连任。

非执行董事及全体独立非执行董事（「独立非

执行董事」）的固定委任年期为三年。根据本

公司章程细则，全体独立非执行董事须于本

公司的股东周年大会上轮值退任，惟可膺选

连任。

DIRECTORS

The Directors during the year ended 31 March 2025 and up to the

date of this report are:

Non-executive Director

Denis Lo Hoi Yeung* (Chairman)

Executive Directors

Lo Fai Shing Francis* (Vice Chairman)

Pegy Le* (Chief Executive Oficer)

Independent Non-executive Directors

Joseph Chan Kai Nin

Peter Lau Kwok Kuen

Peter Wan Kam To

Yip Cheuk Tak

(a) Mr Denis Lo Hoi Yeung has ben re-designated from Executive Director to

Non-executive Director;

(b) Mr Lo Fai Shing Francis has ben apointed as Vice Chairman of the Board

and resigned as Chief Executive Oficer; and

In acordance with Bye-laws 84(2) of the Company, Mr Lo Fai

Shing Francis and Mr Yip Cheuk Tak shal retire by rotation at the

forthcoming anual general meting and, being eligible, have

ofered themselves for re-election at the forthcoming anual

general meting.

Non-executive Director and al Independent Non-executive

Directors (“INED(s)”) are apointed for a fixed term of thre years.

Al INEDs are subject to retirement by rotation and re-election at

the anual general meting of the Company in acordance with

the Bye-laws of the Company.

	每股面值港币1元普通股				根据购股权可认购的相关股份数目	总数	约占已发行股份总数百比*
Ordinary Shares of HK$1 each
	个人权益	家族权益	公司权益	其他权益
	Personal interests	Family interests	Corporate interests	Other interests	Number of underlying Shares pursuant to share options	Total	Approximate percentage of total issued Shares*

董事会报告

REPORT OF THE DIRECTORS

董事及最高行政人员于股份、相关股份

及债权证中拥有的权益和淡仓

按本公司遵照《证券及期货条例》（「证券条

例」）第352条规定备存的登记册显示，或遵

照载列于上市规则附录C3《上市发行人董事

进行证券交易的标准守则》（「标准守则」）以

其他方式向本公司及联交所具报，本公司

的董事及最高行政人员于二零二五年三月

三十一日拥有本公司及其相联法团（须符合

证券条例第XV部所载的定义）的股份、相关

股份及债权证的权益或淡仓如下：

(a) 在本公司的权益

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS

AND SHORT POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES

As at 31 March 2025, the interests or short positions of the

Directors and chief executive of the Company in the Shares,

underlying Shares and debentures of the Company and its

asociated corporations (within the meaning of Part XV of the

Securities and Futures Ordinance (the “SFO”) as recorded in the

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 (the “Model Code”) as

set out in Apendix C3 to the Listing Rules were as folows:

(a) Interests in the Company

罗开扬Denis Lo Hoi Yeung109,000–57,435,384–57,544,38444.42%

（附注1及2）

(Notes 1 & 2)

罗辉承Lo Fai Shing Francis–55,435,3841,040,00056,475,38443.59%

（附注1）

(Note 1)

李碧琦Pegy Le402,000–300,000702,0000.54%

,552,780 Shares in isue as

at 31 March 2025

Note 1: These Shares were held by Neblet Investments Limited (“Neblet”)

and CFJ Holdings Limited (“CFJ”). These companies are beneficialy

owned by two separate trusts of which Mr Denis Lo Hoi Yeung and

Mr Lo Fai Shing Francis are the discretionary objects. Both Mr Denis

Lo Hoi Yeung and Mr Lo Fai Shing Francis, by virtue of their interests

in the trusts as the discretionary objects and as the Executive Chairman

and Executive Director & Chief Executive Oficer of the Company

respectively, were demed interested in the Shares held by Neblet and

CFJ.

Note 2: 2,000,000 Shares held in the capacity as one of the executors of the

estate of the late Madam Le Kwe Fuen.

* 百分比乃基于二零二五年三月三十一日本公司

已发行股份129,552,780股计算

附注1：此等股份由Neblet Investments Limited

（「Neblet」）及CFJ Holdings Limited（「CFJ」）

持有。该等公司分别由两个以罗开扬先生

及罗辉承先生为酌情权益对象的信托所实

益拥有。罗开扬先生及罗辉承先生按其作

为该等信托的酌情权益对象的权益，又分

别身为本公司的执行主席及执行董事兼行

政总裁，故被视作拥有Neblet及CFJ所持有

股份的权益。

附注2： 2,000,000股以已故李贵凤女士的遗产执行

人之一的身份持有。

无投票权递延股份数目
Number of non-voting deferred shares
	个人权益	家族权益	公司权益	其他权益	总数
	Personal interests	Family interests	Corporate interests	Other interests	Total

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

董事及最高行政人员于股份、相关股份

及债权证中拥有的权益和淡仓（续）

(b) 在大快活快餐有限公司（「大快活快餐」）

的权益

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS

AND SHORT POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES (continued)

(b) Interests in Fairwod Fast Fod Limited (“FL”)

罗开扬Denis Lo Hoi Yeung11,500–279,357–290,857

（附注3）

(Note 3)

Note 3: These shares were held by Pengto International Limited, a company

owned by Mr Denis Lo Hoi Yeung solely.

Al the interests stated above represent long positions.

Apart from the foregoing and those disclosed under the section

headed “Share Option Schemes” below, as at 31 March 2025,

none of the Directors or chief executive of the Company or any

of their spouses or children under eighten years of age had

any other interests or short positions in the Shares, underlying

Shares or debentures of the Company or any of its asociated

corporations (within the meaning of Part XV of the SFO) which

had ben entered in the register 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.

Details of Directors’ and chief executive’s interests under the share

option schemes of the Company (“Share Option Scheme(s)”)

are also set out in the section headed “Share Option Schemes”

below.

附注3：此等股份由Pengto International Limited持

有，该公司为罗开扬先生独资拥有。

上述所有权益均为好仓。

除上述及下文「购股权计划」一节所披露外，

按本公司遵照证券条例第352条规定备存的

登记册显示，或遵照标准守则以其他方式向

本公司及联交所具报，于二零二五年三月

三十一日，本公司董事或最高行政人员或他

们的任何配偶或未满十八岁的子女，均没拥

有本公司或其任何相联法团（须符合证券条

例第XV部所载的定义）的股份、相关股份或

债权证的任何其他权益或淡仓。

董事及最高行政人员根据本公司购股权计划

（「购股权计划」）所拥有的权益详情亦载于下

文「购股权计划」一节。

董事会报告

REPORT OF THE DIRECTORS

购股权计划

本公司于二零一年九月七日采纳之购股

权计划已于二零二一年九月六日届满（「二

零一年购股权计划」）。本公司新购股权计

划已获股东批准并于二零二一年九月九日获

通过采纳（「二零二一年购股权计划」）。二零

一年购股权计划届满后，将不会再授出购

股权。于二零二四年四月一日，二零一年

购股权计划下并无尚未行使的购股权。

二零二一年购股权计划之详情概列如下：

(a) 二零二一年购股权计划之目的旨在为本

公司之业务发展吸纳及挽留优秀人才；

为任何本集团成员的任何雇员，董事（包

括非执行董事及独立非执行董事）或高级

人员（「二零二一年合资格人士」）给予奖

励或回报；及藉连系购股权持有人及股

东之利益，以促进本公司长远财务成功。

(b) 于二零二一年购股权计划项下，董事获

授权酌情邀请任何二零二一年合资格人

士接受购股权，以认购本公司股份，其

价格不得低于下列三项中的最高者：(i)于

授出日期在联交所每日报价表所载的股

份收市价；(i)于紧接授出日期前五个营

业日在联交所每日报价表所载的股份平

均收市价及(i)股份面值。

计划可予发行的股份总数为12,735,278

股，占已发行股份（不包括库存股份，如

有）总数的9.83%。

(d) 根据二零二一年购股权计划，各参与者

于截至购股权授予当日止的任何十二个

月期间可认购的股份数目不得超逾已发

行股份（不包括库存股，如有）的1%。

SHARE OPTION SCHEMES

A share option scheme of the Company, which was adopted on 7

September 2011, expired on 6 September 2021 (the “2011 Share

Option Scheme”). Subsequently, a new share option scheme of

the Company was aproved by the Shareholders and adopted

on 9 September 2021 (the “2021 Share Option Scheme”). Upon

expiration of the 2011 Share Option Scheme, no further options

would be granted thereunder. As at 1 April 2024, there were no

outstanding share options under the 2011 Share Option Scheme.

A sumary of the 2021 Share Option Scheme is set out below:

(a) The purpose of the 2021 Share Option Scheme is to atract

and retain the best quality personel for the development of

the Company’s busineses; to provide incentives or rewards

to any employe, Director (including Non-executive Director

and INED) or oficer of any member of the Group (the “2021

Option Scheme Eligible Person”) and to promote the long term

financial suces of the Company by aligning the interests of

option holders to Shareholders.

(b) Under the 2021 Share Option Scheme, Directors were

authorised, at their discretion, to invite any of the 2021 Option

Scheme Eligible Person to take up options to subscribe for

Shares at a price which shal not be les than whichever is the

highest of (i) the closing price of the Shares as stated in the

daily quotation shet of the Stock Exchange on the date of

grant; (i) the average closing price of the Shares as stated in

the daily quotation shets of the Stock Exchange for the five

busines days imediately preceding the date of grant and (i)

the nominal value of a Share.

available for isue under the 2021 Share Option Scheme is

12,735,278 Shares, representing aproximately 9.83% of the

total number of Shares in isue (excluding treasury shares, if

any).

(d) The maximum entitlement of each participant under the 2021

Share Option Scheme shal not in any twelve months period up

to the date of grant exced 1% of the Shares in isue (excluding

treasury shares, if any).

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

购股权计划（续）

(e) 根据二零二一年购股权计划项下行使购

股权的期间应由董事会全权决定，及于

载有授出购股权邀约的函件中注明，并

可能由董事会按二零二一年购股权计划

的规定进行更改，但不得超过自授予相

关购股权之日起计十年。

(f) 根据二零二一年购股权计划授出的购股

权之代价港币1元应于接纳授出要约时支

付，接纳期限为授出有关购股权的要约

函日期起计二十八日。

(g) 根据上市规则，董事会可酌情决定行使

购股权前必须持有的最短期限。

(h) 二零二一年购股权计划之有效期为十

年，由二零二一年九月九日起至二零

三一年九月八日届满止。于本报告日

期，二零二一年购股权计划尚余的有效

期约为六年两个月。

截至二零二五年三月三十一日止年度年初及

年终，根据二零二一年购股权计划可授予的

购股权数目为9,205,278份。

于二零二五年三月三十一日，二零二一年购

股权计划项下之未行使已归属和未归属购

股权按照综合财务报表附注2(p)(i)所载会计

政策计算的公允价值总值为港币4,167,000

元（二零二四年：港币4,350,000元）。购

股权并未上市。在归属后，持有人有权凭

每项购股权认购1股本公司每股面值港币1

元普通股。假设所有购股权于二零二五年

三月三十一日均获行使，本公司所得款项

为港币40,669,000元（二零二四年：港币

42,502,000元）。

SHARE OPTION SCHEMES (continued)

(e) The period during which the option may be exercised under

the 2021 Share Option Scheme shal be determined by the

Board in its sole discretion and stated in the leter seting out

the ofer of the grant of the option and might be varied by

the Board in acordance with the 2021 Share Option Scheme,

but shal not exced 10 years from the date of grant of the

relevant option.

(f) The payment of HK$1 as consideration for grant of options

under the 2021 Share Option Scheme shal be made upon

aceptance of the ofer of the grant, which is open for a

period of 28 days from the date of the ofer leter for the

grant of the relevant options.

(g) Subject to the Listing Rules, the Board may, in its sole

discretion, shal determine the minimum period for which an

option must be held before it can be exercised.

(h) The life of the 2021 Share Option Scheme is 10 years

comencing on 9 September 2021 and expiring on 8

September 2031. As at the date of this report, the remaining

life of the 2021 Share Option Scheme is around six years and

two months.

The number of options available for grant under the scheme

mandate pursuant to 2021 Share Option Scheme at the begining

and the end of the year ended 31 March 2025 is 9,205,278.

As at 31 March 2025, the total fair value of unexercised vested

options and unvested options, measured in acordance with

the acounting policy set out in note 2(p)(i) to the consolidated

financial statements, amounted to HK$4,167,000 (2024:

HK$4,350,000) under the 2021 Share Option Scheme. The

options are unlisted. Once vested, each option gives the holder

the right to subscribe for one ordinary Share of HK$1 each of the

Company. Asuming that al the options outstanding as at 31

March 2025 are exercised, the Company wil receive proceds of

HK$40,669,000 (2024: HK$42,502,000).

授予日	行使期间	于二零二四年四月一日未行使的购股权数目	年内授予的购股权数目	年内失效的购股权数目	年内注销的购股权数目	年内行使的购股权数目	于二零二五年三月三十一日未行使的购股权数目	每股行使价	紧接购股权授予日前的每股收市价	紧接购股权行使日前的每股加权平均收市价
Date of grant	Exercisable period	Number of options outstanding as at 1 April 2024	Number of options granted during the year	Number of options lapsed during the year	Number of options cancelled during the year	Number of options exercised during the year	Number of options outstanding as at 31 March 2025	Exercise price per Share	Closing price per Share immediately before date of grant of options	Weighted average closing price per Share immediately before date of exercise of options
								港币	港币	港币
								HK$	HK$	HK$

董事会报告

REPORT OF THE DIRECTORS

购股权计划（续）

截至二零二五年三月三十一日止年度内，本

集团董事及雇员根据二零二一年购股权计

划，以代价港币1元获授予可认购本公司股

份（于二零二五年三月三十一日的每股市值

为港币5.60元（二零二四年：港币8.06元）的

购股权，因而拥有下列权益。

SHARE OPTION SCHEMES (continued)

During the year ended 31 March 2025, Directors and employes

of the Group had the folowing interests in options to subscribe

for Shares (market value per Share as at 31 March 2025 was

HK$5.60 (2024: HK$8.06) granted for HK$1 consideration under

the 2021 Share Option Scheme:

(1)董事

(1)Directors

罗辉承二零二三年

七月五日

二零二四年七月五日至

二零三年七月四日

（附注1及2）

1,040,000–1,040,00011.45611.420–

Lo Fai Shing

Francis

5 July

5 July 2024 to

4 July 2033

(Notes 1 and 2)

李碧琦二零二三年

七月五日

二零二四年七月五日至

二零三年七月四日

（附注1及2）

300,000–300,00011.45611.420–

Pegy Le5 July

5 July 2024 to

4 July 2033

(Notes 1 and 2)

1,340,000–1,340,000

(2)雇员二零二三年

七月五日

二零二四年七月五日至

二零三年七月四日

（附注1及2）

2,370,000–(160,000)–2,210,00011.45611.420–

(2)Employes5 July

5 July 2024 to

4 July 2033

(Notes 1 and 2)

合供：3,710,000–(160,000)–3,550,000

Total:

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

购股权计划（续）

附注1：购股权可分三期按以下时间行使：34%于二零

二四年七月五日至二零三年七月四日期间行

使、33%于二零二五年七月五日至二零三年

七月四日期间行使，余下33%于二零二六年七

月五日至二零三年七月四日期间行使。

附注2：于二零二三年七月五日授出的购股权自授予日

起有不少于十二个月的归属期及购股权概无附

带表现指标。

有关已授予购股权的会计政策和每份购股权

加权平均值的资料，分别载列于综合财务报

表附注2(p)(i)及附注21。

除上述者外，于本年度内任何时间，本公司

或其任何附属公司均无参与任何安排，致使

本公司董事、最高行政人员或其任何配偶或

未满十八岁的子女可以透过购入本公司或其

任何相联法团（须符合证券条例所载的定义）

的股份或债权证而获益。

SHARE OPTION SCHEMES (continued)

Note 1: These options shal be exercisable in thre tranches as folows: 34% from

5 July 2024 to 4 July 2033; 33% from 5 July 2025 to 4 July 2033; and the

remaining 33% from 5 July 2026 to 4 July 2033.

Note 2: The vesting period of the share options granted on 5 July 2023 is not les

than 12 months from the date of grant and there is no performance target

atached to the share options.

Information on the acounting policy for share options granted

and the weighted average value per option is provided in note

2(p)(i) and note 21 to the consolidated financial statements

respectively.

Apart from the foregoing, at no time during the year was the

Company or any of its subsidiaries a party to any arangement to

enable the Directors or chief executive of the Company or any of

their spouses or children under eighten years of age to acquire

benefits by means of acquisition of Shares in or debentures of the

Company or any of its asociated corporations within the meaning

of the SFO.

				直接及╱或间接持有的股份	约占已发行股份总数的百分比*
				Shares directly and/or indirectly held	Approximate percentage of total issued Shares*

董事会报告

REPORT OF THE DIRECTORS

主要股东及其他人士于股份及相关股份

的权益

按本公司遵照证券条例第336条规定备存的

登记册显示，除本公司董事及最高行政人员

外，其他人士于二零二五年三月三十一日拥

有本公司股份和相关股份的权益或淡仓如

下：

SUBSTANTIAL SHAREHOLDER’S AND OTHER

PERSON’S INTERESTS IN SHARES AND UNDERLYING

As at 31 March 2025, the interests or short positions of every

person, other than the Directors and chief executive of the

Company, in the Shares and underlying Shares of the Company

as recorded in the register required to be kept by the Company

pursuant to Section 336 of the SFO were as folows:

(i)Neblet（附注1）(i)Neblet (Note 1)48,775,38437.65%

(i)CFJ(i)CFJ6,660,0005.14%

(i)Wining Spirit International Corp.

（「WSIC」）（附注1）

(i)Wining Spirit International Corp.

(“WSIC”) (Note 1)48,775,38437.65%

(iv)HSBC International Truste Limited

（「HITL」）（附注2）

(iv)HSBC International Truste Limited

(“HITL”) (Note 2)55,440,38442.79%

,552,780 Shares in isue as at

31 March 2025

Note 1: These interests represented the same block of Shares directly held by

Neblet. WSIC owned 100% interest in Neblet and was therefore demed

interested in the Shares directly held by Neblet.

Note 2: Except for 5,000 Shares held by HITL as truste for other trusts, these

interests represented the same block of Shares directly held by Neblet and

CFJ. HITL, in its capacity as a truste of two separate trusts of which Mr

Denis Lo Hoi Yeung (as founder and discretionary object) and Mr Lo Fai

Shing Francis (as discretionary object), owned 100% interest in WSIC and

CFJ and was therefore demed interested in the Shares directly held by

these companies.

Al the interests stated above represent long positions.

Save as disclosed above, no other interest or short position in the

Shares or underlying Shares of the Company were recorded in the

at 31 March 2025.

* 百分比乃基于二零二五年三月三十一日本公司已发

行股份129,552,780股计算

附注1：此等权益均属同一批由Neblet直接持有之股

份。WSIC拥有Neblet的100%权益，故被视为

拥有Neblet所直接持有股份的权益。

附注2：除HITL因为是其他信托之受托人而拥有5,000股

份外，此等权益均属同一批由Neblet及CFJ直

接持有之股份。HITL乃为两个由罗开扬先生（创

办并为酌情权益对象）及罗辉承先生（为酌情权

益对象）的信托之受托人，拥有WSIC及CFJ的

100%权益，故被视为拥有这两间公司所直接持

有股份的权益。

上述所有权益均为好仓。

除上述所披露外，于二零二五年三月三十一

日，按本公司遵照证券条例第336条规定而

备存的登记册所载，并无显示本公司股份或

企业管治报告

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE PRACTICES

The Board of Directors (the “Board”) of Fairwod Holdings Limited

(the “Company”) is comited to achieving high standards

of corporate governance practices to safeguard the interests

of shareholders of the Company (the “Shareholders”) and to

enhance corporate value and acountability.

The Company has complied with code provisions as set out in

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

Apendix C1 of the Rules Governing the Listing of Securities (the

“Listing Rules”) on The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”) throughout the year ended 31 March

2025, save and except that the Chairman and/or Managing

Director (Chief Executive Oficer) of the Company are not subject

to retirement by rotation, details of which and the reasons for the

deviation are stated below.

BOARD

Board composition

The composition of the Board during the year ended 31 March

2025 and up to the date of this report is set out as folows:

Non-executive Director

Denis Lo Hoi Yeung* (Chairman)

Executive Directors

Lo Fai Shing Francis* (Vice Chairman)

Pegy Le* (Chief Executive Oficer)

Independent Non-executive Directors (“INED(s)”)

Joseph Chan Kai Nin

Peter Lau Kwok Kuen

Peter Wan Kam To

Yip Cheuk Tak

(a) Mr Denis Lo Hoi Yeung has ben re-designated from Executive Director to

Non-executive Director;

(b) Mr Lo Fai Shing Francis has ben apointed as Vice Chairman of the Board

and resigned as Chief Executive Oficer; and

企业管治常规

大快活集团有限公司（「本公司」）之董事会

（「董事会」）一直致力达至高水平企业管治，

以保障本公司股东（「股东」）利益，提升企业

价值及问责性。

除以下文阐述及解释有关本公司主席及╱或

董事总经理（行政总裁）毋须轮值退任有偏离

外，本公司于截至二零二五年三月三十一日

止年度内已遵守载于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的《企业管治守则》（「企业管治守则」）之

守则条文。

董事会

董事会组成

截至二零二五年三月三十一日止年度至本报

告日期止的董事会组成如下：

非执行董事

罗开扬*（主席）

执行董事

罗辉承*（副主席）

李碧琦*（行政总裁）

独立非执行董事（「独立非执行董事」）

陈棨年

刘国权

尹锦滔

叶焯德

(a) 罗开扬先生已由执行董事调任为非执行董事；

(b) 罗辉承先生已获委任为董事会副主席及辞任行

政总裁；及

		出席╱举行董事会会议次数	出席╱举行股东周年大会次数
		Number of Board meetings attended/held	AGM attended/held
执行董事	Executive Directors	4/4	1/1
罗开扬（* 主席）	Dennis Lo Hoi Yeung* (Chairman)	4/4	1/1
罗辉承（* 行政总裁）	Lo Fai Shing Francis* (Chief Executive Officer)	4/4	1/1
李碧琦*	Peggy Lee*
独立非执行董事	INEDs	4/4	1/1
陈棨年	Joseph Chan Kai Nin	4/4	1/1
刘国权	Peter Lau Kwok Kuen	4/4	1/1
尹锦滔	Peter Wan Kam To	4/4	1/1
叶焯德	Yip Cheuk Tak

企业管治报告

CORPORATE GOVERNANCE REPORT

董事会（续）

全体本公司董事（「董事」）的履历详情载列于

本年报第23至第27页内。董事名单列明其角

色与职能已刊载于本公司及联交所的网站。

罗开扬先生为罗辉承先生之父亲。除以上披

露之家属关系外，董事之间并不存在关系，

特别是董事会主席与行政总裁之间不存其他

关系。

出席本公司董事会议及股东大会

截至二零二五年三月三十一日止年度内，共

举行了四次全体董事会议。各董事出席董

事会议及本公司股东周年大会（「股东周年

大会」）的出席记录如下：

BOARD (continued)

Biographical details of al directors of the Company (the

“Directors”) are set out on pages 23 to 27 of this anual report.

A list containing the names of the Directors with their roles and

functions has ben published on the websites of the Company

and the Stock Exchange.

Mr Denis Lo Hoi Yeung is the father of Mr Lo Fai Shing Francis.

Other than the family relationship disclosed above, there is no

other relationship among Directors and in particular, betwen the

Chairman of the Board and the Chief Executive Oficer.

Atendance of Board metings and general metings of the

Company

During the year ended 31 March 2025, four ful Board metings

were held and the atendance record of each Director at the

Board metings and the anual general meting of the Company

(“AGM”) are set out below:

(a) Mr Denis Lo Hoi Yeung has ben re-designated from Executive Director to

Non-executive Director;

(b) Mr Lo Fai Shing Francis has ben apointed as Vice Chairman of the Board

and resigned as Chief Executive Oficer; and

(a) 罗开扬先生已由执行董事调任为非执行董事；

(b) 罗辉承先生已获委任为董事会副主席及辞任行

政总裁；及

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

董事会（续）

董事会及管理层

董事会负责本公司业务的整体管理，负责领

导及监控本公司的责任，并透过引领及指导

本公司事务，共同肩负促进本公司成功的责

任。全体董事一直客观地作出符合本公司及

股东利益的决定。董事会知悉企业管治乃全

体董事之共同责任，因此，其已采纳符合企

业管治守则之企业管治职权范围。本年度，

董事会已检讨董事会多元化政策（「多元政

策」）、股东沟通政策、反贪污政策及举报政

策，并认为该等政策已有效执行。

董事会执掌本公司重大事项的决策权，包括

批准及监督一切政策上的事宜、整体策略及

预算案、内部监控、财务资料、董事委任及

其他重大财务及营运等事宜。

董事会由三个董事会委员会支援，即提名委

员会、薪酬委员会及审核委员会。各董事委

员会的职权范围已列明其组成、权限及经董

事会批准的职责以及其就职权范围内事宜的

建议或决定。各委员会的工作摘要于本报告

的后续章节中披露。

BOARD (continued)

The Board and management

The overal management of the Company’s busines is vested

in the Board, which asumes the responsibility for leadership

and control of the Company and is colectively responsible

for promoting the suces of the Company by directing and

supervising its afairs. Al Directors have taken decisions objectively

in the interests of the Company and the Shareholders at al times.

The Board recognises that corporate governance should be the

colective responsibility of al Directors and thus, it has adopted

terms of reference for corporate governance functions that are in

line with the CG Code. During the year, the Board has reviewed

Policy for Board Diversity (“Diversity Policy”), Shareholders

Comunication Policy, Anti-Coruption Policy, Whistleblowing

Policy and concluded that these policies were efectively

implemented.

The Board undertakes responsibility for decision making in major

maters of the Company, including the aproval and monitoring

of al policy maters, overal strategies and budgets, internal

control, financial information, apointment of Directors and other

significant financial and operational maters.

The Board is suported by thre board comites, namely, the

Nomination Comite, the Remuneration Comite and the

Audit Comite. Each board comite has ben constituted

with terms of reference seting out their composition, authorities

and duties aproved by the Board and its recomendation or

decision on the maters within its terms of reference. Sumary of

each comite’s works is disclosed in the subsequent sections of

this report.

企业管治报告

CORPORATE GOVERNANCE REPORT

董事会（续）

董事会及管理层（续）

本公司已就所有主要及重大事宜咨询全体董

事的意见。在公司秘书所提供的意见及协助

下，董事会主席确保全体董事均已就将于董

事会议上讨论的议题获得简要汇报，并按

时取得充分可靠的资料。若董事会须要专业

知识或专家意见作出决定，董事可于适当的

情况下并在向董事会提出要求后，寻求独立

专业意见，有关费用由本公司支付。

当董事与本公司的交易或拟进行的交易中存

有利益冲突时，该事宜应通过实体董事会

议处理。每位董事均须在获知相关事实后，

尽快披露与本公司的交易或拟进行交易有关

的任何事实、潜在和预知的利益冲突。任何

面对利益冲突的董事将避席讨论，并放弃参

与任何董事会决定和就该事宜的决议投票。

截至二零二五年三月三十一日止年度内，本

公司的日常管理、行政及营运交由本公司三

名执行董事（自二零二五年四月一日起为两

名执行董事）及高级管理层组成的执行委员

会负责。董事可要求高级管理层就本公司经

营或业务的任何方面作出解释、简报或与高

级管理层讨论。本公司会定期检讨所委托的

职能及工作任务。上述人员于订立任何重大

交易前，须事先经由董事会批准。

BOARD (continued)

The Board and management (continued)

Al Directors have ben consulted on al major and material

maters of the Company. With the advice and services of the

Company Secretary, the Chairman of the Board seks to ensure

that al Directors are properly briefed on isues arising at Board

metings and receive adequate and reliable information in a

timely maner. Where decisions to be taken by the Board require

specialised knowledge or expert opinion, Directors may chose to

take independent profesional advice in apropriate circumstances

at the Company’s expenses, upon making request to the Board.

When Director has a conflict of interest in a transaction or

proposed transaction with the Company, the mater shal be

dealt with by a physical Board meting. Each Director is required

to promptly disclose any actual, potential and perceived conflict

of interest, in relation to a transaction or proposed transaction

with the Company as son as practicable after the relevant facts

have come to his/her knowledge. Any Director facing a conflict

of interest wil recuse himself/herself from the discusions and

abstain from participating in any Board decisions and voting on

resolutions regarding the mater.

The day-to-day management, administration and operation of

the Company are delegated to the Executive Comite which

comprised thre Executive Directors during the year ended 31

March 2025 (two Executive Directors with efect from 1 April

2025) and the senior management of the Company. Directors may

request for explanations, briefings by or discusions with senior

management on any aspect of the Company’s operations or

busines. The delegated functions and work tasks are periodicaly

reviewed. Aproval has to be obtained from the Board prior to

any significant transactions entered into by the above-mentioned

oficers.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

董事会（续）

委任及重选董事

提名委员会负责就所有董事会委任及重新委

任提出推荐建议。委任及重新委任董事的形

式及具透明程序详情载于下文「提名政策」一

节。

本公司章程细则（「章程细则」）赋予董事会权

力委任获提名委员会举荐的任何人士出任董

事，以填补临时空缺或作为董事会的新增成

员。

根据章程细则，(i)于年内获董事会委任的新

董事，其任期在接受委任后的首次股东周年

大会时届满，惟可膺选连任，及(i)于每届股

东周年大会上，当时三分一之董事（董事担

任主席或董事总经理除外），或倘若其数目

并不是三或三的倍数，则以最接近但不得

少于三分一之董事须轮值退任，惟每位董事

（董事担任主席或董事总经理除外），包括有

指定任期之董事，须至少每三年轮值退任一

次。

现时，非执行董事及全体独立非执行董事均

已获委任为期三年。全体独立非执行董事均

须遵守章程细则有关轮值退任及由股东重选

的规定。

股东提名董事候选人之程序已刊载于本公司

的网站。

BOARD (continued)

Apointment and re-election of Directors

The Nomination Comite is responsible for making

recomendations on al Board apointments and re-apointment.

Details of the formal and transparent proces in the apointment

and re-apointment of Directors are set out in the section headed

“Nomination Policy” below.

The Board is empowered under the Bye-laws of the Company

(the “Bye-laws”) to apoint any person recomended by the

Nomination Comite as a Director either to fil a casual vacancy

or as an adition to the Board.

Acording to the Bye-laws, (i) new Directors apointed by the

Board during the year shal hold ofice until the first AGM after

their apointment and shal then be eligible for re-election; and (i)

at each AGM, one-third of the Directors (other than any Director

holding ofice as Chairman or Managing Director) for the time

being or, if their number is not thre or a multiple of thre, then

the number nearest to but not les than one-third, shal retire

from ofice provided that each Director (other than any Director

holding ofice as Chairman or Managing Director) including those

apointed for a specific term shal be subject to retirement by

rotation at least once every thre years.

Curently, Non-executive Director and al INEDs are apointed for

a specific term of thre years. Al INEDs are subject to retirement

by rotation and re-election by the Shareholders in acordance with

the Bye-laws.

Procedures for Shareholders to propose a person for election as a

Director are available at the website of the Company.

企业管治报告

CORPORATE GOVERNANCE REPORT

董事会（续）

独立非执行董事

截至二零二五年三月三十一日止年度内，董

事会一直遵守上市规则有关委任最少三名独

立非执行董事，而其中一名独立非执行董事

须具备合适的专业资格或会计或相关财务管

理方面专业知识的规定。概无独立非执行董

事担任超过七家上市公司董事。

独立非执行董事人数已超逾董事会人数三分

之一。本公司已接获各独立非执行董事就其

独立性而发出的年度确认函。再者，董事会

并不知悉任何关系或情况会干预独立非执行

董事行使其独立判断，因此，本公司认为全

体独立非执行董事均具独立性。

独立非执行董事（包括于本公司在任已过九

年的独立非执行董事）的重选须以独立决议

案形式于股东周年大会上由股东审议通过。

随附该向股东提呈重选在任已过九年的独立

非执行董事决议案的文件，将说明董事会为

何认为该名独立非执行董事仍属独立人士且

应获重选的原因，包括董事会在作出该决定

时考虑的因素、流程和讨论情况。

为提高决策的客观性和有效性，以下为确保

董事会能够获得独立观点与意见的设定机

制：

(a) 七名董事中有四名为独立非执行董事，

超过上市规则有关独立非执行董事至少

占董事会组成三分之一的规定。除遵守

上市规则对若干董事委员会组成的规定

外，将尽可能委任独立非执行董事加入

董事委员会，以确保能发表独立观点。

(b) 在提名及委任独立非执行董事方面，提

名委员会严格遵守提名政策及上市规则

所载的独立性评估标准。

BOARD (continued)

INEDs

During the year ended 31 March 2025, the Board at al times met

the requirements of the Listing Rules relating to the apointment

of at least thre INEDs with at least one INED posesing

apropriate profesional qualifications or acounting or related

financial management expertise. There is no INED holding more

than seven listed company directorships.

The representation of INEDs is more than one third of the

Board. The Company has received from each INED an anual

confirmation in writing of his independence. Furthermore, the

Board is not aware of any relationship or circumstance which

would interfere with the exercise of the independent judgement

of the INEDs. Al the INEDs are considered to be independent.

Re-election of INEDs (including those who have served the

Company for more than nine years) shal be subject to a separate

resolution to be aproved by Shareholders at the AGM. The

documentation to Shareholders acompanying the proposal of re-

election of INED who has served more than nine years would state

why the Board believes that such INED is stil independent and

should be re-elected, including the factors considered, the proces

and the discusion of the Board in ariving at such determination.

The mechanism to ensure independent views and input are

available to the Board for enhancing objective and efective

decision making:

(a) Four out of seven directors are INEDs which exceds the

Listing Rules requirement for INEDs to make up at least one

third of the Board. Apart from comply with the requirements

prescribed by the Listing Rules as to the composition of

certain Board comites, INEDs are apointed to the Board

comites as far as practicable to ensure independent views

are available.

(b) The Nomination Comite strictly adheres to the Nomination

Policy and the independence asesment criteria as set

out in the Listing Rules with regard to the nomination and

apointment of INEDs.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

董事会（续）

独立非执行董事（续）

持续独立性。所有独立非执行董事将确

认彼等已遵守上市规则第3.13条所载独

立性规定。

(d) 概不会向独立非执行董事授予具绩效表

现相关元素的股本权益酬金（例如：购股

权或赠授股份）。

(e) 董事会主席与独立非执行董事单独举行

没有执行董事及高级管理层出席的会议。

(f) 独立非执行董事（与其他董事一样）有权

就于董事会议上将予讨论的事宜向管

理层索取进一步资料及文件。必要时彼

等亦可向外聘专业顾问寻求协助及独立

意见，费用由本公司承担。

(g) 董事不得就批准其自身或其任何紧密联

系人士于当中拥有重大利益的任何合约

或安排的任何董事会决议案表决、或不

得计入出席会议的法定人数。

董事会应每年审视上述机制的执行，以确保

其有效性。

BOARD (continued)

INEDs (continued)

independence of INEDs on an anual basis. Al the INEDs wil

confirm their compliance of independence requirements as se

out under Listing Rule 3.13.

(d) No equity-based remuneration (e.g. share options or grants)

with performance related elements is granted to INEDs.

(e) Separate discusions betwen Chairman of the Board and the

INEDs without the presence of Executive Directors and the

senior management.

(f) INEDs (as other Directors) are entitled to sek further

information and documentation from the management on the

maters to be discused at Board metings. They can also sek

asistance and independent advice from external profesional

advisers at the Company’s expense where necesary.

(g) Directors shal not vote or be counted in the quorum on any

Board resolution aproving any contract or arangement in

which such Director or any of his/her close asociates has a

material interest.

The Board shal review anualy the implementation of abovesaid

mechanisms to ensure their efectivenes.

阅读资料及╱或出席培训课程╱研讨会
Reading materials and/or attending training courses/seminars
执行董事	Executive Directors
罗开扬（* 主席）	Dennis Lo Hoi Yeung* (Chairman)	✓
罗辉承（* 行政总裁）	Lo Fai Shing Francis* (Chief Executive Officer)	✓
李碧琦*	Peggy Lee*	✓
独立非执行董事	INEDs
陈棨年	Joseph Chan Kai Nin	✓
刘国权	Peter Lau Kwok Kuen	✓
尹锦滔	Peter Wan Kam To	✓
叶焯德	Yip Cheuk Tak	✓

企业管治报告

CORPORATE GOVERNANCE REPORT

董事会（续）

董事培训及新董事就任须知

获委任为董事会成员后，该新委任董事将

获就任培训，如提供培训材料（包括相关指

引、管治政策及财务报告），以确保其对本

集团及其角色与责任有透彻了解。

截至二零二五年三月三十一日止年度内，全

体董事已透过阅览资料或出席培训课程╱研

讨会（总结如下）参与持续专业发展活动，以

提升及更新董事对上市公司董事之角色、职

责及职务之知识与技能。

BOARD (continued)

Directors’ training and induction to new Director

Upon apointment to the Board, a new Director is provided with

induction training, such as provision of training material (including

relevant guidelines, governance policies and financial reports), to

ensure he/she has a thorough understanding of the Group as wel

as his/her role and responsibilities.

During the year ended 31 March 2025, al Directors have

participated in continuous profesional development activities

either by reading materials or by atending training courses/

seminars (as sumarised as below) to develop and refresh their

knowledge and skils on the roles, functions and skils of a director

of a listed corporation.

(a) Mr Denis Lo Hoi Yeung has ben re-designated from Executive Director to

Non-executive Director;

(b) Mr Lo Fai Shing Francis has ben apointed as Vice Chairman of the Board

and resigned as Chief Executive Oficer; and

(a) 罗开扬先生已由执行董事调任为非执行董事；

(b) 罗辉承先生已获委任为董事会副主席及辞任行

政总裁；及

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

董事会（续）

董事培训及新董事就任须知（续）

公司秘书定期向董事提供上市规则、企业管

治常规以及其他监管制度的最新变动及发展

资讯，并就董事职责及责任的监管规定提供

最新发展的阅读资料。

主席及行政总裁

截至二零二五年三月三十一日止年度内，本

公司主席及行政总裁分别为罗开扬先生及罗

辉承先生。主席主要负责领导董事会，确保

(i)董事会有效地运作且履行应有职责，并及

时就所有重要的适当事项进行讨论；(i)董事

会议上所有董事均适当知悉当前的事项；

及(i)董事及时收到准确、清晰、完备与可靠

的资讯。行政总裁负责本集团业务的日常管

理。彼之角色是分开的及并非由同一名人士

出任。

企业管治守则条文第B.2.2条规定，每名董事

（包括有指定任期的董事）须轮值退任，至少

每三年一次。惟根据章程细则，本公司主席

及董事总经理无须轮值退任。董事会认为，

豁免本公司的主席及董事总经理（行政总裁）

遵守有关轮值退任的条文，将使本集团可在

强势及贯彻的领导下，善用资源，有效地规

划、制定及落实长远的策略及业务计划。董

事会相信持续豁免该等董事遵守有关轮值退

任的条文，符合本公司的最佳利益。

BOARD (continued)

Directors’ training and induction to new Director (continued)

The Company Secretary provides regular updates on the latest

changes and development of the Listing Rules, corporate

governance practices and other regulatory regime to the Directors

with reading materials relating to the latest development

of regulatory requirements relating to director’s duties and

responsibilities.

CHAIRMAN AND CHIEF EXECUTIVE OFICER

During the year ended 31 March 2025, the Chairman and Chief

Executive Oficer of the Company were Mesrs Denis Lo Hoi

Yeung and Lo Fai Shing Francis respectively. The Chairman is

primarily responsible for the leadership of the Board, ensuring

that (i) the Board works efectively and performs its responsibilities

and that al key and apropriate isues are discused in a timely

maner; (i) the Directors are properly briefed on isues arising

at Board metings; and (i) the Directors receive acurate, clear,

complete and reliable information in a timely maner. The Chief

Executive Oficer is responsible for the day-to-day management

of the Group’s busines. Their roles are clearly segregated and are

not exercised by the same individual.

Code provision B.2.2 of the CG Code stipulates that every director,

including those apointed for a specific term, should be subject

to retirement by rotation at least once every thre years; however,

the Chairman and the Managing Director of the Company are

not subject to retirement by rotation under the Bye-laws. The

Board considers that the exemption of both the Chairman and the

Managing Director (the Chief Executive Oficer) of the Company

from such retirement by rotation provisions would provide the

Group with strong and consistent leadership, eficient use of

resources, efective planing, formulation and implementation of

long-term strategies and busines plans. The Board believes that it

would be in the best interest of the Company for such Directors to

continue to be exempted from retirement by rotation provisions.

企业管治报告

CORPORATE GOVERNANCE REPORT

提名委员会

截至二零二五年三月三十一日止年度内，提

名委员会成员包括一名执行董事罗开扬先生

（为提名委员会主席），以及两名独立非执行

董事尹锦滔博士及叶焯德先生。提名委员会

之职权范围符合企业管治守则的规定，并已

刊载于本公司及联交所的网站。

提名委员会专责检讨董事会的架构、人数及

组成，评核独立非执行董事的独立性，就物

色及向董事会提名合适候选人以向股东举荐

于股东周年大会上进行选举。如有需要，亦

会向董事会提供关于填补空缺候选人的建

议。

多元政策

根据多元政策，任命董事会成员以能力为依

归，并会充分考虑多元化董事会之裨益，如

具备不同技能、文化和教育背景、专业经

验、性别、年龄及其他素质。

提名委员会已获授权物色及评估董事会的潜

在候选人，并在认为合适的情况下，就新的

委任及重新委任向董事会提出建议。候选人

的甄选将根据本公司的提名政策，并考虑到

多元政策作出。

董事会认为，多元政策有助促进有效的决策

与更优良的管治，并使董事会考虑企业事宜

时会有更广泛种类的选择和解决方案。董事

会应每年检讨多元政策，以确保其持续有效

性。

NOMINATION COMITE

During the year ended 31 March 2025, the Nomination

Comite comprised one Executive Director, Mr Denis Lo Hoi

Yeung (being the chairman of the Nomination Comite) and

two INEDs, Dr Peter Wan Kam To and Mr Yip Cheuk Tak. The

writen terms of reference of the Nomination Comite are in

line with the CG Code and are available on the websites of the

Company and the Stock Exchange.

The Nomination Comite is responsible for reviewing the

structure, size and composition of the Board, asesing the

independence of INEDs, identifying and recomending to the

Board suitable candidate(s) to stand for election by Shareholders

at AGM, or when necesary, to fil vacancies on the Board.

Diversity Policy

Under the Diversity Policy, apointment of Board members wil

be made on merit with due regard of benefits of diversity on

the Board, such as having diferences in the skils, cultural and

educational background, profesional experience, gender, age and

other qualities of directors.

The Nomination Comite has ben delegated authority

to identify and ases potential candidates for apointment

to the Board, and if thought fit, to nominate and make

recomendations to the Board in respect of new apointments

and re-apointments. Selection of candidates wil be based on the

Company’s Nomination Policy taking into acount the Diversity

Policy.

The Board believes that the Diversity Policy wil promote efective

decision-making and beter governance and alow the Board to

consider a wider range of options and solutions to corporate isues.

The Board shal review the Diversity Policy anualy to ensure its

continued efectivenes.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

提名委员会（续）

多元政策（续）

董事会拥有均衡的经验组合，例如业务发

展、品牌提升、财务、审计及会计经验，

且每位董事均拥有丰富的知识及专长，为

本集团的业绩及发展作出贡献。截至二零

二五年三月三十一日止年度内至本报告日期

止，七名董事中有一名女性董事，因此，女

性在董事会中的比例约为14.3%。截至二零

二五年三月三十一日，本集团雇员总人数

约为5,500名，包括男性雇员约占28.22%

（其中高级管理层占0.27%）及女性雇员约

占71.78%（其中高级管理层占0.16%）。

本集团香港业务的员工性别资料详情载于

2024/2025年环境、社会及管治报告。本公

司将继续采取措施促进本集团各个层面的性

别多元化。

提名政策

本公司已采纳提名政策（「提名政策」）以订立

在考虑委任或重选董事时的甄选准则及提名

程序，确保于技能，经验及多元化之间的平

衡能合乎本公司的业务需求。

甄选准则包括但不限于：

(a) 候选人的年龄、性别、技能、文化和教

育背景、专业经验及其他素质；

(b) 就该委任对董事会的组成与多元化之影

响；

性别多元化方面能为董事会带来的潜在

贡献；

(d) 董事会对特定的专业知识、技能或经验

的需求；

(e) 就作为董事会成员承诺投入充裕的时间

以履行其职责；

NOMINATION COMITE (continued)

Diversity Policy (continued)

The Board has a balanced mix of experiences, such as busines

development, brand improvement, finance, audit and acounting

experiences and each Director has sound knowledge and

expertise contributing to the performance and development of

the Group. During the year ended 31 March 2025 and as at the

date of this report, there is one female Director out of seven

Directors and thus, the female representation was aproximately

14.3% of the Board. Total number of employes of the Group

was aproximately 5,500 as at 31 March 2025, comprising

aproximately 28.22% male (of which 0.27% are senior

management) and aproximately 71.78% female (of which 0.16%

are senior management). Details of the gender information of the

workforce of the Group’s Hong Kong operations are set out in

the Environmental, Social and Governance Report 2024/2025. The

Company wil continue to take steps to promote gender diversity

at al levels of the Group.

Nomination Policy

The Company has adopted a Nomination Policy (the

“Nomination Policy”) which sets out the selection criteria and

nomination procedures when considering the apointment

and re-apointment of Directors to ensure a balance of skils,

experience and diversity of perspectives apropriate to the

requirement of the Company’s busines.

The selection criteria include but not limited to the folowing:

(a) Age, gender, skils, cultural and educational background,

profesional experience and other qualities of the candidate;

(b) Efect of such apointment on the Board’s composition and

diversity;

terms of qualifications, skils, experience, independence and

gender diversity;

(d) Neds of the Board for particular expertise, skils or experience;

(e) Comitment to devote adequate time to discharge his or her

duties as a member of the Board;

企业管治报告

CORPORATE GOVERNANCE REPORT

提名委员会（续）

提名政策（续）

(f) 候选人因获选而产生任何潜在或实在利

益冲突；

(g) 于委任独立非执行董事而言，候选人之

服务年期及上市规则所载列的决定独立

性之因素；及

(h) 提名委员会按照个别情况而认为有关系

的其他因素。

根据提名政策，提名程序概述如下：

(a) 于董事会委任新任董事而言，提名委员

会获董事会授权物色合适候选人（或于必

要时寻求外部顾问机构的协助）及根据上

文所载列之甄选准则按优先顺序对候选

人进行排名，并通过举行会议（除非不可

行举行会议）以评估有潜质候选人，以决

定候选人是否合资格出任董事；提名委

员会应向董事会提供有潜质候选人的全

部相关资料（可包括委任之条款）并作出

推荐建议供董事会考虑。倘若董事会认

为合适，可批准委任拟提名之候选人为

新任董事。

(b) 于本公司股东大会上重选董事而言，提

名委员会获董事会授权，向董事会作

出推荐建议重选董事前须根据上文所载

列之甄选准则审视退任董事所作出的贡

献。同时，提名委员会应通过举行会议

（除非不可行举行会议）进行该审视。根

据提名委员的审视，董事会应向股东就

重选退任董事于股东周年大上重选连任

作出推荐建议，并根据上市规则所规定

提供退任董事之履历，致使股东于股东

周年大会对重选该退任董事时能作出明

智决定。

NOMINATION COMITE (continued)

Nomination Policy (continued)

(f) Any potential or actual conflict of interests that may arise if the

candidate is selected;

(g) For apointment of the INED, the number of years the

candidate has served and the factors as set out in the Listing

Rules for determining the independence; and

(h) Other factors considered to be relevant by the Nomination

Comite on a case-by-case basis.

Under the Nomination Policy, nomination procedures are

sumarized as below:

(a) For apointment of new Director(s) by the Board, the

Nomination Comite is delegated by the Board to identify

suitable candidates (or may sek asistance from external

consultancy agencies, if necesary) and evaluate potential

candidates based on the selection criteria set out above

through a physical meting (unles it is impractical that the

physical meting be held) to rank the candidates by order

of preference based on the selection criteria and determine

whether the candidate is qualified for directorship. The

Nomination Comite shal provide al relevant information

of the potential candidate (may including the terms and

conditions of the apointment) and make recomendation

to the Board for consideration and the Board, if considered

apropriate, shal aprove the apointment of the proposed

candidate as new Director(s).

(b) For re-apointment of Director(s) in a general meting of

the Company, the Nomination Comite is delegated by

the Board to review the overal contribution made by the

retiring Director(s) and take into acount the selection criteria

set out above before making recomendation to the Board

for re-apointment. Also, the Nomination Comite shal

conduct such review through a physical meting (unles it

is impractical that a physical meting be held). Based on

the review made by the Nomination Comite, the Board

shal make recomendation to the Shareholders on retiring

Director(s) standing for re-election at the AGM and provide

the biographical information of the retiring Director(s) in

acordance with the Listing Rules to enable the Shareholders

to make an informed decision on the re-election of such

Director(s) at the AGM.

出席╱举行会议次数
Number of meetings attended/held
执行董事	Executive Director
罗开扬（* 主席）	Dennis Lo Hoi Yeung* (Chairman)	2/2
独立非执行董事	INEDs
尹锦滔	Peter Wan Kam To	2/2
叶焯德	Yip Cheuk Tak	2/2

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

提名委员会（续）

提名政策（续）

名任何候选人（退任董事除外）参选董事

而言，提名委员应在收到提名建议及候

选人之履历资料后，须根据上文所载列

之甄选准则评估彼是否合适人选。董事

会根据提名委员会的建议于相关公告

及╱或致股东通函内或会或不会向股东

就彼等对建议选举的投票作出推荐建议。

截至二零二五年三月三十一日止年度内，举

行了二次提名委员会议，以检讨董事会的

架构、人数及组成（包括技能、知识及经验

方面）；评核独立非执行董事的独立性；根

据提名政策就重选退任董事连任向董事会提

出建议；审阅非执行董事的调任；副主席的

委任；行政总裁的变更及就此类变更向董事

会提出建议。

截至二零二五年三月三十一日止年度内，每

位成员的出席记录如下：

NOMINATION COMITE (continued)

Nomination Policy (continued)

by the Board or Shareholders to stand for election as a Director

in a general meting of the Company, the Nomination

Comite shal, upon receipt of the proposal of nomination

and the biographical information of the candidate(s), evaluate

his/her/their suitability based on the same criteria set out

above. The Board, under advice of the Nomination Comite,

may or may not make recomendation to Shareholders

on their voting to the proposed election in the relevant

anouncement and/or circular to Shareholders.

During the year ended 31 March 2025, two Nomination

Comite metings were held to review the structure, size and

composition (including the skils, knowledge and experience)

of the Board; to ases the independence of INEDs, to make

recomendations to the Board on the re-apointment of

retiring Directors pursuant to the Nomination Policy, to review

the re-designation of Non-executive Chairman, apointment

of Vice Chairman, change of Chief Executive Oficer and make

recomendations to the Board on such changes.

During the year ended 31 March 2025, the atendance record of

each member is as folows:

* Mr Denis Lo Hoi Yeung has ben re-designated from Executive Director to

Non-executive Director with efect from 1 April 2025.

，自二

零二五年四月一日起生效。

出席╱举行会议次数
Number of meetings attended/held
独立非执行董事	INEDs
陈棨年（主席）	Joseph Chan Kai Nin (Chairman)	1/1
刘国权	Peter Lau Kwok Kuen	1/1
叶焯德	Yip Cheuk Tak	1/1

企业管治报告

CORPORATE GOVERNANCE REPORT

薪酬委员会

截至二零二五年三月三十一日止年度内，薪

酬委员会成员包括三名独立非执行董事，陈

棨年先生（为薪酬委员会主席）、刘国权博士

及叶焯德先生。薪酬委员会之职权范围符合

企业管治守则的规定，并已刊载于本公司及

联交所的网站。

薪酬委员会专责就全体董事及高级管理层之

薪酬政策、薪酬架构以及其他相关事宜；审

阅及╱或批准购股权计划有关的事项及向董

事会提供推荐建议，并提呈董事会批准。董

事薪酬乃参考彼等之职务及责任、经验、须

付出时间及当时市况而厘定。本集团的薪酬

政策及任何长期激励计划载于财务回顾之雇

员资料部分。

应付董事及最高酬金人士的酬金载于本年报

第125至127页。此外，独立非执行董事自获

委任以来，概无获授予购股权。

薪酬委员会截至二零二五年三月三十一日止

年度内之主要工作包括评估执行董事的表

现、检讨董事的年度薪酬、审阅调任的非执

行主席、新委任之副主席及行政总裁的薪酬

待遇及向董事会提供建议。

截至二零二五年三月三十一日止年度内，举

行了一次薪酬委员会议及每位成员的出席

记录如下：

REMUNERATION COMITE

During the year ended 31 March 2025, the Remuneration

Comite comprised thre INEDs, Mr Joseph Chan Kai Nin (being

the chairman of the Remuneration Comite), Dr Peter Lau

Kwok Kuen and Mr Yip Cheuk Tak. The writen terms of reference

the Remuneration Comite are in line with the CG Code and

are available on the websites of the Company and the Stock

Exchange.

The Remuneration Comite is responsible for making

recomendations to the Board on the Company’s remuneration

policy and structure for al Directors and members of senior

management and other related maters; reviewing and/or

aproving maters relating to share option scheme and making

recomendations on the same to the Board for aproval.

Remuneration of Directors is determined with reference to their

duties and responsibilities, experience, time comitment and

prevailing market practice. The emolument policy and any long-

term incentive schemes of the Group are set out in the paragraph

headed “Employe Information” under the section headed

“Financial Review”.

Remuneration payable to Directors and individuals with highest

emoluments are set out on pages 125 to 127 of the anual

report. Furthermore, no share option has ben granted to INEDs

since their apointment.

The Remuneration Comite’s major work during the year ended

31 March 2025 includes asesment of performance of Executive

Directors; review of the remuneration of Directors on anual basis

and review the remuneration package of the re-designated Non-

executive Chairman, newly apointed Vice Chairman and Chief

Executive Oficer and make recomendations to the Board.

During the year ended 31 March 2025, one Remuneration

Comite meting was held and the atendance record of each

member is as folows:

出席╱举行会议次数
Number of meetings attended/held
独立非执行董事	INEDs
尹锦滔（主席）	Peter Wan Kam To (Chairman)	2/2
陈棨年	Joseph Chan Kai Nin	2/2
刘国权	Peter Lau Kwok Kuen	2/2

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

审核委员会

截至二零二五年三月三十一日止年度内，审

核委员会成员包括三名独立非执行董事，尹

锦滔博士（为审核委员会主席）、陈棨年先生

及刘国权博士。审核委员会之职权范围已符

合企业管治守则的规定，并已刊载于本公司

及联交所的网站。

审核委员会的主要职责包括在提呈董事会批

准之前，审阅综合财务报表及报告，并考虑

由合资格会计师、内部核数师或外聘核数师

提出的任何重大或特殊事项。审核委员会亦

负责检讨外聘核数师的审核范围及性质，以

及本公司财务申报、风险管理及内部监控系

统与相关程序的充足性及成效。审核委员会

亦负责就本公司外聘核数师的委任、重新委

任及罢免向董事会提供建议。审核委员会每

年须与本公司外聘核数师至少举行两次会

议。

截至二零二五年三月三十一日止年度内，共

举行了二次审核委员会议，以审阅本公司

中期及全年的财务报表；检讨内部审核程

序、调查结果及管理层的回应；对本集团内

部监控及风险管理系统进行评估；检讨外聘

核数师的酬金及与外聘核数师商讨彼等的独

立身份及审核性质及范围。

截至二零二五年三月三十一日止年度内，每

位成员的出席记录如下：

AUDIT COMITE

During the year ended 31 March 2025, the Audit Comite

comprised thre INEDs, Dr Peter Wan Kam To (being the chairman

of the Audit Comite), Mr Joseph Chan Kai Nin and Dr Peter

Lau Kwok Kuen. The writen terms of reference the Audit

Comite are in line with the CG Code and are available on the

websites of the Company and the Stock Exchange.

The principal duties of the Audit Comite include reviewing the

consolidated financial statements and reports and considering any

significant or unusual items raised by the qualified acountant,

internal auditor or external auditor before submision to the Board

for aproval. It is also responsible for reviewing the scope and

nature of the external audit and the adequacy and efectivenes

of the Company’s financial reporting system, risk management

and internal control system and asociated procedures. The Audit

Comite is also responsible for making recomendations to

the Board on the apointment, reapointment and removal of the

Company’s external auditor. It mets at least twice a year with the

Company’s external auditor.

During the year ended 31 March 2025, two Audit Comite

metings were held to review the interim and anual financial

statements of the Company; to review the internal audit

programe, findings and management’s responses; to evaluate

the system of internal controls and risk management of the

Group; to review the remuneration of external auditors; and to

discus with the external auditors their independence and the

nature and scope of the audit.

During the year ended 31 March 2025, the atendance record of

each member is as folows:

企业管治报告

CORPORATE GOVERNANCE REPORT

公司秘书

陈镜东先生为本公司公司秘书。作为公司秘

书，陈先生支援董事会以确保董事会成员之

间资讯交流良好，以及遵循董事会程序及所

有适用之法律、规则及条例。截至二零二五

年三月三十一日止年度内，彼已接受不少于

十五小时之相关专业培训。

证券交易的标准守则

本公司已采纳载于上市规则附录C3的《上市

发行人董事进行证券交易的标准守则》（「标

准守则」），作为董事进行证券交易的守则。

经本公司具体咨询后，全体董事确认，彼等

于截至二零二五年三月三十一日止年度内已

遵守标准守则所规定的标准。

风险管理及内部控制概览

为管理及监察本集团可能面临的各种风险因

素，董事会负责设立及持续监察本集团的风

险管理及内部控制系统，并确保妥善进行风

险管理及内部控制系统有效性的检讨工作。

在董事会及审核委员会的监控下，本集团管

理层为第一及第二道防线并由营运部门负责

日常营运中的风险管理及内部控制流程；而

可持续发展和风险管理工作组则负责风险管

理框架的设计、推行及监察。稽核部为第三

道防线并进行风险管理框架及内部控制程序

有效性的独立验证。稽核部及外聘核数师定

期向审核委员会汇报重大控制缺陷发现。

COMPANY SECRETARY

Mr Chan Kang Tung is the Company Secretary of the Company. As

the Company Secretary, Mr Chan suports the Board by ensuring

god information flow within the Board and the Board procedures

and al aplicable law, rules and regulations are folowed. During

the year ended 31 March 2025, he undertok not les than 15

hours of relevant profesional training.

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model Code”)

as set out in Apendix C3 of the Listing Rules for securities

transactions by the Directors. Folowing specific enquiry by the

Company, al Directors confirmed their compliance with the

required standards set out in the Model Code throughout the year

ended 31 March 2025.

OVERVIEW OF RISK MANAGEMENT AND INTERNAL

CONTROL

To manage and monitor the various risk factors which the Group

may be exposed to, the Board is responsible for establishing and

overseing the Group’s risk management and internal control

systems on an ongoing basis, and ensuring the review of the

efectivenes of the risk management and internal control systems

has ben properly conducted.

Under the oversight of the Board and the Audit Comite, the

Group’s management asumes the first and second line roles

where the busines departments are responsible for the day-to-day

risk management and control proceses whereas, Sustainability

and Risk Management Working Group is responsible for the

design, implementation and monitoring of the risk management

framework. The Internal Audit Department asumes the role as

third line who is tasked with conducting independent asesment

of the efectivenes of our risk management framework and

internal control procedures. Material control weakneses identified

wil be reported to the Audit Comite by both Internal Audit

Department and External Auditor on a regular basis.

对持份者负责 Accountability to stakeholders 董事会 Board 保证 Assurance 审核委员会 Audit Committee 报告 Report Regulators 可持续发展和风险管理工作组报告 Sustainability and Risk Management 监管机构 Report Working Group | External 报告 Report | 外聘核数师部门主管稽核部 Auditor Department Heads Internal Audit Department 第一道防线: 第二道防线: 第三道防线: 营运管理风险管治及合规内部审核 1st Line of Defence: 2nd Line of Defence: 3rd Line of Defence: Operational Risk Governance and Internal Audit Management Compliance 协同内部控制合规培训及监察 Coordination 风险管理风险监察及汇报内部控制审查 Internal controls Compliance training 调查 Risk management and monitoring Internal control review Risk monitoring and Investigation reporting 达到企业目标的行动独立验证 Actions to attain organizational objectives Independent assurance

Regulators 监管机构 | External | 外聘核数师 Auditor

审核 Audit Co	委员会 mmittee

部门主管 Department Heads
第一道防线: 营运管理 1st Line of Defence: Operational Management	第二道防线: 风险管治及合规 2nd Line of Defence: Risk Governance and Compliance
内部控制风险管理 Internal controls Risk management	合规培训及监察风险监察及汇报 Compliance training and monitoring Risk monitoring and reporting

稽核部 Internal Audit Department
第三道防线: 内部审核 3rd Line of Defence: Internal Audit
内部控制审查调查 Internal control review Investigation

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

风险管理及内部控制概览（续）

风险管治架构

本集团的风险管理系统管治架构如下图所

示。各方均有明确角色及责任。

OVERVIEW OF RISK MANAGEMENT AND INTERNAL

CONTROL (continued)

Risk governance structure

The Group’s governance structure for its risk management system

is shown in the diagram below. Each party has wel defined roles

and responsibilities.

企业管治报告

CORPORATE GOVERNANCE REPORT

风险管理及内部控制概览（续）

风险管治架构（续）

各方的主要角色及责任如下：

董事会

• 对本集团的风险管理及内部控制负有最

终责任；

、指导本集团迈向其策略目标时，

可承受风险的性质及程度（亦即设定风险

偏好）；及

• 确保每年最少一次检讨风险管理及内部

控制系统的有效性。

审核委员会

，与可持续发

展和风险管理工作组检讨本集团风险管

理系统及内部控制；

• 于审核委员会议检讨年度风险评估结

果，包括重大风险的性质及程度，及本

集团应对此等风险、业务和外围环境转

变的能力；

• 考虑经董事会授权或自行发起的对本集

团风险管理框架及内部控制任何调查之

结果，以及管理层对该等调查发现之反

馈；及

，包括检讨其预

算及资源的充足性、管理人员及员工资

历及经验，以及其培训课程质素。

OVERVIEW OF RISK MANAGEMENT AND INTERNAL

CONTROL (continued)

Risk governance structure (continued)

The Major roles and responsibilities of each party are as folows:

Board

• Is ultimately responsible for the risk management and internal

controls of the Group;

• Evaluates and provide direction to the Group on the nature

and extent of the risks that shal be taken in achieving its

objectives (i.e. seting the risk apetite); and

• Ensures the review of the efectivenes of the risk management

and internal control systems is conducted at least anualy.

Audit Comite

’s risk management framework and internal

controls with the Sustainability and Risk Management Working

Group at least anualy, on behalf of the Board;

• Reviews the results of the anual risk asesment during the

Audit Comite meting, including the nature and extent of

significant risks and the Group’s ability to respond to changes

in these risks and in its busines and the external environment;

’s risk

management framework and internal controls, as delegated

by the Board or that it performs on its own initiative, and the

management’s responses to the findings of such investigations;

and

• Performs an anual review of the Internal Audit Department

including the adequacy of its budget and resources, the

qualifications and experience of its management and staf, and

the quality of its training program.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

OVERVIEW OF RISK MANAGEMENT AND INTERNAL

CONTROL (continued)

Risk governance structure (continued)

Sustainability and Risk Management Working Group

• Asists the Board and Audit Comite in overseing the risk

management framework;

• Provides recomendations to the Board and Audit Comite

relating to the design or modification of the risk management

framework; and

• Reviews the results of the anual risk asesment and submits

these to the Audit Comite for its review.

Department Heads (Operational Management)

• Act as risk owners to manage risks and internal control during

their day-to-day operations;

• Identify and ases risks asociated with busines activities

within their own departments; and

• Implement risk mitigation plans to remedy the identified risks.

Department Heads (Risk Governance and Compliance)

, risk and compliance

activities in colaboration with risk owners.

Internal Audit Department

• Validates the efectivenes of risk controls through internal

audit and identifies improvement oportunities as apropriate;

, and

reviews the efectivenes of remedial actions; and

• Acts as independent asesor of the risk management system

by performing asesments of the adequacy and efectivenes

of the Group’s risk management system; and reports to the

Audit Comite on the results of its independent asesments.

风险管理及内部控制概览（续）

风险管治架构（续）

可持续发展和风险管理工作组

• 协助董事会及审核委员会监察风险管理

框架；

，向董事

会及审核委员会提供建议；及

，并提交予审核

委员会供其自行审阅。

部门主管（营运管理）

• 作为风险负责人并于日常营运中管理风

险及内部控制；

及

部门主管（风险管治及合规）

，协调和监察管治、

风险和合规活动。

稽核部

并识别合适的改进机会；

，并检

讨补救行动的成效；及

• 对本集团的风险管理系统的充足性及成

效作独立评估；及向审核委员会汇报独

立评估的结果。

企业管治报告

CORPORATE GOVERNANCE REPORT

OVERVIEW OF RISK MANAGEMENT AND INTERNAL

CONTROL (continued)

Risk asesment methodology

The Group’s methodology for its risk asesment comprises of six

core phases, namely risk identification, risk apetite formulation,

risk asesment and measurement, formulation or update of key

risk register, risk mitigation, risk reporting and disclosures. These

proceses are performed at least once a year to adres changes

in the Group’s busines environment.

Review on the efectivenes of risk management and

internal control systems

The Board, through the Audit Comite, conducted an anual

review on the efectivenes of risk management and internal

control systems for the year ended 31 March 2025, covering

categories including strategy, operations, financial, external forces,

governance, compliance and ESG related risks.

The Board, through the Audit Comite, also conducted an

anual review of the Internal Audit Department, and acounting

and financial reporting functions, including the adequacy of

their budget and resources, the qualifications and experience of

management and staf, and the quality of its training program, in

order to ensure that they are able to provide suficient coverage

of the Group’s key risk isues. Asesment proces include review,

discus and folow up on risk asesment result, material internal

control defect, audit findings and recomendations reported by

Internal Audit Department during Audit Comite meting.

风险管理及内部控制概览（续）

风险评估方法

本集团的风险评估方法包括六个核心阶段

（即风险识别、风险偏好制定、风险评估及

计量、关键风险登记及更新、风险缓解、报

告及披露）。该等程序每年最少执行一次，

以应对本集团的业务环境变动。

检讨风险管理及内部控制系统的有效性

董事会已透过审核委员会就截至二零二五年

三月三十一日止年度的风险管理及内部控制

系统的有效性进行年度检讨，类别覆盖策

略、营运、财务、外在风险、管治、合规、

环境、社会和企业管治相关风险。

董事会亦透过审核委员会每年检视稽核部，

会计及财务汇报职能，包括其预算及资源的

充足性、其管理层及员工的资历及经验以及

其培训课程的质素，以确保其能够充分涵盖

本集团的关键风险议题。评估流程包括检

视、讨论及跟进稽核部于审计委员会议上

报告的风险评估结果、重大内部控制缺陷、

审计发现及建议。

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

OVERVIEW OF RISK MANAGEMENT AND INTERNAL

CONTROL (continued)

Our responsibility

The Board has the overal responsibility to ensure that efective

and sound risk management and internal control systems are

maintained, while the management is responsible to design and

implement an internal control procedure during the course of daily

operation.

The risk management and internal control systems can provide

reasonable but not absolute asurance against material

mistatement or los, and are designed to manage rather than

eliminate the risk of failure to achieve busines objectives. Based

on the results of the anual review on the efectivenes of risk

management and internal control systems for the year ended 31

March 2025, the Board consider that the risk management and

internal control systems curently put in place for the Group are

efective and adequate and with no significant isue that may

afect the Group being identified.

Comunications of risk events

Where risk events arise, our comunications, both within the

Group and to external parties, are an integral part of the risk

management system. To enable the Group to make apropriate

decisions and responses to mitigate or adres any risk events,

relevant information on the incident neds to be comunicated

by and to the right functions and individuals, completely and

acurately, and in a timely maner.

To ensure inside information of the Company is to be disclosed to

the public in a timely maner in acordance with the Listing Rules,

aplicable laws and regulatory requirement, writen policy has

ben established to set out the procedures and internal controls

for the handling and disemination of inside information. In

general, for information that senior management expects it would

afect the trading price or trading volume of the Company share,

acurate and completed reporting should be made to Company

Secretary and the Board timely. The Board determines whether

such information is inside information and anouncement should

be made as son as reasonably practicable via the Company

oficial chanel. No one is alowed to deal in or procure anyone

to deal in or act in concert with anyone in dealing of any the

Company’s shares while in posesion of inside information.

风险管理及内部控制概览（续）

我们的责任

董事会全面负责确保维持有效且健全的风险

管理及内部控制系统，管理层则于日常营运

中负责设计及实施内部控制程序以管理风

险。

风险管理及内部控制系统可对重大错误陈述

或损失提供合理但并非绝对的保证，而其旨

在管理并非消除在未能达到业务目标的风

险。根据截至二零二五年三月三十一日止年

度的年度风险管理及内部监控系统有效性检

讨结果，董事会确认本集团目前实施的风险

管理及内部控制系统有效、足够及没有影响

集团的重大事宜。

风险事件通报

当风险事件发生时，本集团内部及对外各方

的通报均为风险管理系统的重要一环。为使

本集团能够作出适当的决策及回应以减轻或

解决任何风险事件，有关事件的相关资料须

由适当的职能部门及个人及时、完整及准确

地传达予适当的职能部门及个人。

为确保本公司内幕消息根据上市规则、适用

法律及监管规定及时向公众披露，本公司已

设立书面政策订明内幕消息的处理及传达的

程序及内部控制。一般而言，预计会影响公

司股票交易价格或交易量的资讯，高级管理

层应及时、准确及完整地向公司秘书和董事

会报告。董事会决定该资讯是否属于内幕消

息及在合理可行的时间内尽快透过公司官方

渠道发布公告。任何人不得在掌握内幕消息

的情况下买卖或促使他人买卖或与他人一致

行动买卖任何公司股票。

		二零二五年	二零二四年
		2025	2024
		港币千元	港币千元
		HK$’000	HK$’000
审核服务	Audit services	1,679	1,630
税务及其他服务	Tax and other services	325	365
总额	Total	2,004	1,995

企业管治报告

CORPORATE GOVERNANCE REPORT

问责和审计

财务报告

全体董事充分了解其责任，须就年度报告及

中期报告、涉及股价敏感资料的通告及根据

上市规则及其他法例规定要求所需的其他披

露，作出平衡、清晰及易于理解的评估。各

董事确认为本集团编制综合财务报表以真实

与公允地反映本集团的财政状况为其责任。

管理层向董事会和委员会提供充分的信息，

使彼等能够对提呈董事会批准的财务信息进

行知情评估。此外，每位董事都可以单独、

独立地向本公司高级管理层询问并获取更多

信息。

经适当的咨询，各董事确认并无重大不明朗

事件或情况可能会影响本公司持续经营的能

力。

外聘核数师

本公司外聘核数师之报告就有关声明其对本

集团综合财务报表之责任已载列于第72至第

77页之独立核数师报告内。

截至二零二五年三月三十一日止年度内，就

本公司外聘核数师提供的审核及非审核服务

所支付╱应支付予核数师的费用如下：

ACOUNTABILITY AND AUDIT

Financial reporting

Al Directors wel understand their responsibilities to present

a balanced, clear and understandable asesment of anual

and interim reports, price-sensitive anouncements and other

disclosures required under the Listing Rules and other regulatory

requirements. The Directors acknowledge their responsibilities for

preparing consolidated financial statements which give a true and

fair view of the state of afairs of the Group.

Management provides the Board and the comites with

adequate information to enable them to make an informed

asesment of the financial information put before the Board for

aproval. Further, each Director has separate and independent

aces to the Company’s senior management for enquiries and

aditional information.

The Directors, having made apropriate enquiries, confirm that

there are no material uncertainties relating to events or conditions

that may cast doubt upon the Company’s ability to continue as a

going concern.

External auditor

A statement by the external auditor of the Company about its

reporting responsibility on the consolidated financial statements

of the Group is set out on pages 72 to 77 in the Independent

Auditor’s Report.

During the year ended 31 March 2025, the fes paid/payable to

the auditor in respect of audit and non-audit services provided by

the external auditor of the Company were as folows:

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

与投资者的关系及沟通

本公司继续积极推动及促进与投资者的关系

及沟通。指定的执行董事及高级管理层负责

定期与机构投资者及分析员保持沟通，让彼

等了解本公司的发展近况。对投资者之询

问，亦会作出适时及资料性的回复。

董事会亦欢迎股东就影响本集团的事宜提出

意见，并鼓励彼等出席股东大会，直接向董

事会或管理层表达彼等关注的事宜。此等会

议为董事会提供机会与股东接触以得悉他们

的反馈。此外，外聘核数师会出席股东大

会，回答有关审计工作、编制核数师报告及

其内容、会计政策，以及核数师的独立性等

问题。截至二零二五年三月三十一日止年度

内，全体董事均出席二零二四年九月十日举

行的股东周年大会。

根据适用之法律及规例，上市规则及章程细

则，股东可召开股东特别大会（「股东特别大

会」）并于会上提呈议案。

股东如何召开股东特别大会之程序

根据章程细则第58条，于提出开会要求当日

持有权在本公司股东大会投票的本公司实

缴股本不少于十分之一的股东，有权随时向

董事会或本公司秘书发出书面要求，要求董

事会召开股东特别大会以处理书面要求内指

定的任何事务或决议案，并于相关会议程

内加插决议案；而该等会议须于有关要求发

出后两个月内举行。如董事会未能于接获有

关要求后二十一日内召开会议，发出要求者

可按照百慕达1981年公司法（「公司法」）第

74(3)条的规定召开相关会议。

INVESTOR RELATIONS AND COMUNICATION

The Company continues to pursue a proactive policy of promoting

investor relations and comunication. Designated Executive

Directors and senior management maintain regular dialogue with

institutional investors and analysts to kep them abreast of the

Company’s developments. Enquiries from investors are dealt with

in an informative and timely maner.

The Board also welcomes the views of Shareholders on maters

afecting the Group and encourages them to atend Shareholders’

metings to comunicate any concerns they might have with

the Board or management directly. These metings provide

oportunities for the Board to engage with the Shareholders for

soliciting their fedback. Further, the external auditor shal atend

Shareholders’ metings to answer questions about the conduct of

the audit, the preparation and content of the auditors’ report, the

acounting policies and auditor independence. During the year

ended 31 March 2025, al Directors atended the AGM held on 10

September 2024.

Subject to the aplicable laws and regulations, the Listing Rules

and the Bye-laws, Shareholders may convene special general

meting (“SGM”) and put forward proposals at general metings.

Procedures on how Shareholders can convene a SGM

In acordance with Bye-laws 58, Shareholders holding at the

date of deposit of the requisition not les than one-tenth of the

paid up capital of the Company carying the right of voting at

general metings of the Company shal at al times have the right,

by writen requisition to the Board or the Company Secretary of

the Company, to require a SGM to be caled by the Board for

the transaction of any busines or resolution specified in such

requisition and ad resolutions to such meting agenda; and

such meting shal be held within two months after the deposit

of such requisition. If within twenty-one days of such deposit the

Board fails to proced to convene such meting the requisitionists

themselves may convene such meting in acordance with

the provisions of Section 74(3) of the Companies Act 1981 of

Bermuda (“Act”).

企业管治报告

CORPORATE GOVERNANCE REPORT

与投资者的关系及沟通（续）

股东如何召开股东特别大会之程序（续）

根据公司法第74条，于提出开会要求当日持

有权在本公司股东大会投票的本公司实缴

股本不少于十分之一（按提出要求日计）的股

东可提交书面要求至本公司注册办事处而要

求董事随即正式召开股东特别大会。书面要

求必须注明会议目的（包括会议上将予审议

之决议案），并须由要求者签署及递交至本

公司注册办事处，地址为Victoria Place, 5th

Flor, 31 Victoria Stret, Hamilton HM10,

Bermuda。书面要求可包含多份类似格式且

由一名或多名要求者分别签署之文件组成。

倘董事并未于递交要求日起计二十一日内正

式召开会议，则要求者或其中任何持有所有

要求者总投票权超过半数的要求者可自行召

开会议，惟召开的任何会议不得于递交要求

日起计三个月届满后召开。要求者因此召开

的会议须尽可能以董事召开会议之同等方式

召开。

股东于股东大会上提呈建议之程序

根据公司法第79条及80条，任何代表不少

于在要求当日有权在该要求涉及的会议上投

票之所有股东总投票权二十分之一的股东数

目；或不少于一百名股东可要求本公司于股

东周年大会上动议决议案或于本公司任何股

东大会上传阅陈述书。

INVESTOR RELATIONS AND COMUNICATION

(continued)

Procedures on how Shareholders can convene a SGM

(continued)

Pursuant to Section 74 of the Act, a Shareholder or Shareholders

holding at the date of the deposit of the requisition not les than

one-tenth of the paid-up capital of the Company as at the date

of the deposit caries the right of voting at general metings of

the Company may make requisition to the Directors to forthwith

proced duly to convene a SGM by depositing a writen requisition

at the registered ofice of the Company. The writen requisition

must state the purposes of the meting (including the resolutions

to be considered at the meting), signed by the requisitionists,

deposited at the registered ofice of the Company at Victoria

Place, 5th Flor, 31 Victoria Stret, Hamilton HM10, Bermuda

and may consist of several documents in like form each signed by

one or more requisitionists. If the Directors do not within twenty-

one days from the date of the deposit of the requisition proced

duly to convene a meting, the requisitionists, or any of them

representing more than one half of the total voting rights of al

of them, may themselves convene a meting, but any meting

so convened shal not be held after the expiration of thre

months from the date of deposit of the requisition. A meting

so convened by the requisitionists shal be convened in the same

maner, as nearly as posible, as that in which metings are to be

convened by the Directors.

Procedures for puting forward proposals at Shareholders

meting by a Shareholder

Pursuant to the Sections 79 and 80 of the Act, either any number

of Shareholders representing not les than one-twentieth of the

total voting rights of al the Shareholders having at the date of the

requisition a right to vote at the meting to which the requisition

relates; or not les than one hundred Shareholders can make the

requisitions to the Company to move a resolution at an AGM or

circulate a statement at any general meting of the Company.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

与投资者的关系及沟通（续）

股东于股东大会上提呈建议之程序（续）

根据公司法第79条，本公司有责任在以上数

目的股东提出书面要求时而所有费用由要求

者承担（本公司另行议决除外）：

(a) 向有权收取下届股东周年大会通告之股

东发出有关可于该会议上妥为动议及拟

动议之任何决议案的通告；

(b) 向有权获寄发任何股东大会通告之股东

就关于任何提呈决议案中所提述的事宜

或将于该会议上处理的事务传阅任何字

数不多于1,000字的陈述书。

任何此等拟订决议案的通知及任何此等陈述

书，应以准许用于送达会议通告之方式，将

该决议案或陈述书之副本向有权获寄发会议

通告之每位股东发出及传阅，而任何该决议

案之通知，则须以准许用于向任何其他股东

发出本公司会议通告之任何方式，向其发出

该等决议案一般效力之通知，惟该副本之送

达方式或该等决议案一般效力之通知之发出

方式（视属何情况而定），须与会议通告发出

之方式相同，而送达或发出之时间，亦须

在切实可行范围内与会议通告发出之时间相

同，及如当时不能在切实可行情况下送达或

发出，则须于随后在切实可行范围内尽快送

达或发出。

根据公司法第80条，除于以下情况外，本公

司毋须根据上文所述发出任何决议案通知或

传阅任何陈述书：

(a) 一份由要求者签署的要求书副本（或两份

或多份载有所有要求者签署的要求书副

本）于下述时间已递交至本公司注册办事

处(i)如属要求发出决议案通知的要求书，

在会议举行前不少于六个星期；及(i)如

属任何其他要求书，在会议举行前不少

于一个星期；及

INVESTOR RELATIONS AND COMUNICATION

(continued)

Procedures for puting forward proposals at Shareholders

meting by a Shareholder (continued)

Under Section 79 of the Act, at the expense of the requisitionists

unles the Company otherwise resolves, it shal be the duty of the

Company on the requisition in writing by the above number of

Shareholders:

(a) to give to the Shareholders entitled to receive notice of the

next AGM notice of any resolution which may properly be

moved and is intended to be moved at that meting;

(b) to circulate to the 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.

Notice of any such intended resolution shal be given, and any

such statement shal be circulated, to Shareholders entitled to

have notice of the meting sent to them by serving a copy of the

resolution or statement on each such Shareholder in any maner

permited for service of notice of the meting, and notice of any

such resolution shal be given to any other Shareholder by giving

notice of the general efect of the resolution in any maner

permited for giving him notice of meting of the Company,

provided that the copy shal be served, or notice of the efect of

the resolution shal be given, as the case may be, in the same

maner and, so far as practicable, at the same time as notice of

the meting and, where it is not practicable for it to be served or

given at that time, it shal be served or given as son as practicable

thereafter.

Pursuant to the Section 80 of the Act, the Company shal not

be bound to give notice of any resolution or to circulate any

statement as mentioned in (a) above unles:

(a) a copy of the requisition signed by the requisitionists, or two

or more copies which betwen them contain the signatures

of al the requisitionists, is deposited at the registered ofice of

the Company (i) in the case of a requisition requiring notice of

a resolution, not les than six weks before the meting; and

(i) in the case of any other requisition, not les than one wek

before the meting; and

企业管治报告

CORPORATE GOVERNANCE REPORT

与投资者的关系及沟通（续）

股东于股东大会上提呈建议之程序（续）

(b) 随要求书递交或交付一笔合理地足以支

付本公司为实行上文所载程序（即：就发

出决议案通知及╱或传阅陈述书）的开支

款项。

倘一份要求发出决议案通知之要求书副本在

递交至本公司注册办事处后，股东周年大会

在该要求书副本递交后六个星期或较短期间

内的某一日召开，则该要求书副本虽然并非

在上文所述时间内递交，但就此而言，亦将

被视为已妥为递交。

本公司网站亦已刊载上述有关股东如何召开

股东特别大会之程序或股东于股东大会上提

呈建议之程序。

作为进一步促进有效沟通的渠道，本公司设

有网站，以电子方式适时发布公司资讯及其

他相关财务及非财务方面的资料。股东亦可

随时以书面方式向本公司发送查询及关注事

宜，电邮地址为investor@fairwod.com.hk

或邮寄致香港北角丹拿道十八号爱群商业中

心二楼本公司秘书收启。

上述与股东沟通的各种渠道，均属于本公司

于二零二年四月通过的股东沟通政策的框

架之下。董事会应每年检讨该政策以确保其

有效性。根据截至二零二五年三月三十一日

止年度对该政策成效的年度检讨，董事会认

为该政策的实施是有效的。

INVESTOR RELATIONS AND COMUNICATION

(continued)

Procedures for puting forward proposals at Shareholders

meting by a Shareholder (continued)

(b) there is deposited or tendered with the requisition a sum

reasonably suficient to met the Company’s expense in giving

efect to the above procedures (i.e. the giving of notice of

resolution and/or circulation of statement).

Provided that if, after a copy of the requisition requiring notice

of a resolution has ben deposited at the registered ofice of the

Company, an AGM is caled for a date six weks or les after the

copy has ben deposited, the copy though not deposited within

the above-mentioned time shal be demed to have ben properly

deposited for the purposes thereof.

The abovesaid procedures on how Shareholders can convene a

SGM or put forward proposals at the Shareholders’ metings, are

also available at the Company’s website.

As a chanel to further promote efective comunication, the

Company’s website is maintained to diseminate corporate

information and other relevant financial and non-financial

information electronicaly. Shareholders may also at any time

send their enquiries and concerns in writing to the Company by

email at investor@fairwod.com.hk or by mail to the atention of

the Company Secretary of the Company at 2/F, TRP Comercial

Centre, 18 Taner Road, North Point, Hong Kong.

Various chanels of comunication with Shareholders mentioned

above are under the framework of the Company’s Shareholders

Comunication Policy adopted in April 2022 and the Board shal

review this policy anualy to ensure its efectivenes. Based on

the results of the anual review on the efectivenes of such policy

during the year ended 31 March 2025, the Board was of the view

that such policy was efectively implemented.

大快活集团有限公司 FAIRWOD HOLDINGS LIMITED

股息政策

本公司已采纳股息政策（「股息政策」）以订立

于考虑宣派及派付股息时可被采纳准则，旨

为股东提供稳定及可持续的回报。

董事会于考虑向股东宣派及派付股息时因素

（其中包括）(i)财务表现；(i)保留溢利及可供

分配储备；(i)现金流量；(iv)债务权益比率；

(v)营运资金要求；(vi)资本支出要求；(vi)投

资要求；(vi)未来展望和扩张计划；(ix)整体

业务状况与战略；(x)整体经济环境及(xi)董事

会认为有关的其他因素。

本公司宣派及派付股息仍由董事会全权酌情

决定及受百慕达所适用法例与章程细则所约

束。

董事会将不时检讨股息政策，并在必要时对

其进行更新、修改及修订。

组织章程文件

本公司最新的组织章程大纲及细则综合版本

已刊载于本公司及联交所的网站内查阅。截

至二零二五年三月三十一日止年度内，本公

司组织章程文件并无变动。

DIVIDEND POLICY

The Company has adopted a dividend policy (the “Dividend

Policy”) which sets out the criteria to be adopted when

considering declaration and payment of dividend with aims to

provide stable and sustainable returns to the Shareholders.

The Board may consider declaring and paying to the Shareholders

by taking into acount of the folowing factors, among others,

(i) financial performance; (i) retained earnings and distributable

reserve; (i) cash flow; (iv) debt to equity ratio; (v) working

capital requirements; (vi) capital expenditure requirements; (vi)

investment requirements; (vi) future prospects and expansion

plans; (ix) general busines conditions and strategies; (x) general

economic conditions and (xi) other factors that the Board dems

relevant.

Such declaration and payment of dividends by the Company shal

remain to be determined at the sole discretion of the Board and

subject to al aplicable laws of Bermuda and the Bye-laws.

The Board shal review the Dividend Policy from time to time and

shal update, amend or modify it whenever necesary.

CONSTITUTIONAL DOCUMENTS

The Company has published an up-to-date consolidated version

of its Memorandum of Asociation and Bye-laws on the websites

of the Company and the Stock Exchange. During the year ended

31 March 2025, there has ben no change to these Company’s

constitutional documents.

独立核数师报告 INDEPENDENT AUDITOR’S REPORT
独立核数师报告 Independent auditor’s report to the members of 致大快活集团有限公司成员 Fairwood Holdings Limited （于百慕达注册成立的有限公司） (Incorporated in Bermuda with limited liability) 意见 OPINION 本核数师（以下简称「我们」）已审计列载于第 We have audited the consolidated financial statements of 78至178页的大快活集团有限公司（以下简 Fairwood Holdings Limited (“the Company”) and its subsidiaries 称「贵公司」）及其附属公司（以下统称「贵集 (“the Group”) set out on pages 78 to 178, which comprise the 团」）的综合财务报表，此综合财务报表包括 consolidated statement of financial position as at 31 March 于二零二五年三月三十一日的综合财务状况 2025, and the consolidated statement of profit or loss and the 表与截至该日止年度的综合损益表、综合损 consolidated statement of profit or loss and other comprehensive 益及其他全面收益表、综合权益变动表和综 income, the consolidated statement of changes in equity and the 合现金流量表，以及综合财务报表附注，包 consolidated cash flow statement for the year then ended and 括重大会计政策信息和其他解释性信息。 notes to the consolidated financial statements, including material accounting policy information and other explanatory information. 我们认为，该等综合财务报表已根据香港会 In our opinion, the consolidated financial statements give a true 计师公会颁布的《香港财务报告会计准则》真 and fair view of the consolidated financial position of the Group as 实而中肯地反映了贵集团于二零二五年三 at 31 March 2025, and of its consolidated financial performance 月三十一日的综合财务状况及截至该日止年 and its consolidated cash flows for the year then ended in 度的综合财务表现及综合现金流量，并已遵 accordance with HKFRS Accounting Standards as issued by the 照香港《公司条例》的披露要求妥为拟备。 Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance. 意见的基础 BASIS FOR OPINION 我们已根据香港会计师公会颁布的《香港审 We conducted our audit in accordance with Hong Kong 计准则》进行审计。我们在该等准则下承担 Standards on Auditing (“HKSAs”) as issued by the HKICPA. Our 的责任已在本报告「核数师就审计综合财务 responsibilities under those standards are further described in 报表承担的责任」部分中作进一步阐述。根 the Auditor’s Responsibilities for the Audit of the Consolidated 据香港会计师公会颁布的《专业会计师道德 Financial Statements section of our report. We are independent 守则》（以下简称「守则」），我们独立于贵 of the Group in accordance with the HKICPA’s “Code of Ethics 集团，并已履行守则中的其他专业道德责 for Professional Accountants” (the “Code”), and we have fulfilled 任。我们相信，我们所获得的审计凭证能充 our other ethical responsibilities in accordance with the Code. We 足及适当地为我们的审计意见提供基础。 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 72

独立核数师报告 INDEPENDENT AUDITOR’S REPORT

独立核数师报告 Independent auditor’s report to the members of 致大快活集团有限公司成员 Fairwood Holdings Limited （于百慕达注册成立的有限公司） (Incorporated in Bermuda with limited liability) 意见 OPINION 本核数师（以下简称「我们」）已审计列载于第 We have audited the consolidated financial statements of 78至178页的大快活集团有限公司（以下简 Fairwood Holdings Limited (“the Company”) and its subsidiaries 称「贵公司」）及其附属公司（以下统称「贵集 (“the Group”) set out on pages 78 to 178, which comprise the 团」）的综合财务报表，此综合财务报表包括 consolidated statement of financial position as at 31 March 于二零二五年三月三十一日的综合财务状况 2025, and the consolidated statement of profit or loss and the 表与截至该日止年度的综合损益表、综合损 consolidated statement of profit or loss and other comprehensive 益及其他全面收益表、综合权益变动表和综 income, the consolidated statement of changes in equity and the 合现金流量表，以及综合财务报表附注，包 consolidated cash flow statement for the year then ended and 括重大会计政策信息和其他解释性信息。 notes to the consolidated financial statements, including material accounting policy information and other explanatory information. 我们认为，该等综合财务报表已根据香港会 In our opinion, the consolidated financial statements give a true 计师公会颁布的《香港财务报告会计准则》真 and fair view of the consolidated financial position of the Group as 实而中肯地反映了贵集团于二零二五年三 at 31 March 2025, and of its consolidated financial performance 月三十一日的综合财务状况及截至该日止年 and its consolidated cash flows for the year then ended in 度的综合财务表现及综合现金流量，并已遵 accordance with HKFRS Accounting Standards as issued by the 照香港《公司条例》的披露要求妥为拟备。 Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance. 意见的基础 BASIS FOR OPINION 我们已根据香港会计师公会颁布的《香港审 We conducted our audit in accordance with Hong Kong 计准则》进行审计。我们在该等准则下承担 Standards on Auditing (“HKSAs”) as issued by the HKICPA. Our 的责任已在本报告「核数师就审计综合财务 responsibilities under those standards are further described in 报表承担的责任」部分中作进一步阐述。根 the Auditor’s Responsibilities for the Audit of the Consolidated 据香港会计师公会颁布的《专业会计师道德 Financial Statements section of our report. We are independent 守则》（以下简称「守则」），我们独立于贵 of the Group in accordance with the HKICPA’s “Code of Ethics 集团，并已履行守则中的其他专业道德责 for Professional Accountants” (the “Code”), and we have fulfilled 任。我们相信，我们所获得的审计凭证能充 our other ethical responsibilities in accordance with the Code. We 足及适当地为我们的审计意见提供基础。 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 72

独立核数师报告 INDEPENDENT AUDITOR’S REPORT
关键审计事项 KEY AUDIT MATTER 关键审计事项是根据我们的专业判断，认为 Key audit matter is the matter that, in our professional judgement, 对本期综合财务报表的审计最为重要的事 was of most significance in our audit of the consolidated financial 项。这些事项是在我们审计整体综合财务报 statements of the current period. This matter was addressed in 表及出具意见时进行处理的。我们不会对这 the context of our audit of the consolidated financial statements 些事项提供单独的意见。 as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. 关键审计事项我们的审计如何处理该等事项 Key audit matter How the matter was addressed in our audit 使用权资产以及其他物业、机器和设备的减值评估 Impairment assessment of right-of-use assets and other property, plant and equipment 鉴于评估物业、机器和设备以及使用权资产的减值金管理层减值评估的审计程序包括：额需要管理层做出重大判断和估计，我们将使用权资产以及其他物业、机器和设备的减值评估识别为关键 • 评估管理层确认使用权资产以及其他物业、机器和审计事项。设备的减值指标的考虑和过程；截至二零二五年三月三十一日止年度，由于综合财务 • 基于现金产生单元的历史财务业绩和未来运营计报表附注3披露的减值迹象，管理层通过将资产所属现划，评估估值方法的适当性，并质疑关键假设和输金产生单元的可收回金额与根据各自的使用价值计算入值的合理性，包括收入增长率和毛利率；得出的账面金额进行比较，对使用权资产以及其他物业、机器和设备进行减值评估。使用价值计算使用了基于财务预算和折现率的现金流预测，还涉及对某些关键假设和输入值（即收入增长率、毛利率和折现率）的重要判断和估计。 We identified the impairment assessment of right-of- Our procedures in relation to management impairment use assets and other property, plant and equipment assessment included: as a key audit matter, as significant judgement by the management and estimates are required to assess • Evaluating management’s consideration and process the amounts of impairment of property, plant and for the identification of impairment indicators for equipment and right-of-use assets. right-of-use assets and other property, plant and equipment; During the year ended 31 March 2025, the management performed an impairment assessment • Evaluating the appropriateness of the valuation of right-of-use assets and other property, plant and methodology and challenging the reasonableness equipment due to the indication for impairment of the key assumptions and inputs, including as disclosed in note 3 to the consolidated financial revenue growth rates and gross margins based on statements, by comparing the recoverable amounts of the historical financial performance and the future the cash-generating units to which the assets belong operation plan of respective cash-generating units; with respective carrying amounts based on respective value in use calculations. The value in use calculations used cash flow projections based on financial budgets and discount rate and involved significant judgement and estimates with certain key assumptions and inputs, namely revenue growth rates, gross margins and discount rate. 73 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

独立核数师报告 INDEPENDENT AUDITOR’S REPORT

关键审计事项 KEY AUDIT MATTER 关键审计事项是根据我们的专业判断，认为 Key audit matter is the matter that, in our professional judgement, 对本期综合财务报表的审计最为重要的事 was of most significance in our audit of the consolidated financial 项。这些事项是在我们审计整体综合财务报 statements of the current period. This matter was addressed in 表及出具意见时进行处理的。我们不会对这 the context of our audit of the consolidated financial statements 些事项提供单独的意见。 as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. 关键审计事项我们的审计如何处理该等事项 Key audit matter How the matter was addressed in our audit 使用权资产以及其他物业、机器和设备的减值评估 Impairment assessment of right-of-use assets and other property, plant and equipment 鉴于评估物业、机器和设备以及使用权资产的减值金管理层减值评估的审计程序包括：额需要管理层做出重大判断和估计，我们将使用权资产以及其他物业、机器和设备的减值评估识别为关键 • 评估管理层确认使用权资产以及其他物业、机器和审计事项。设备的减值指标的考虑和过程；截至二零二五年三月三十一日止年度，由于综合财务 • 基于现金产生单元的历史财务业绩和未来运营计报表附注3披露的减值迹象，管理层通过将资产所属现划，评估估值方法的适当性，并质疑关键假设和输金产生单元的可收回金额与根据各自的使用价值计算入值的合理性，包括收入增长率和毛利率；得出的账面金额进行比较，对使用权资产以及其他物业、机器和设备进行减值评估。使用价值计算使用了基于财务预算和折现率的现金流预测，还涉及对某些关键假设和输入值（即收入增长率、毛利率和折现率）的重要判断和估计。 We identified the impairment assessment of right-of- Our procedures in relation to management impairment use assets and other property, plant and equipment assessment included: as a key audit matter, as significant judgement by the management and estimates are required to assess • Evaluating management’s consideration and process the amounts of impairment of property, plant and for the identification of impairment indicators for equipment and right-of-use assets. right-of-use assets and other property, plant and equipment; During the year ended 31 March 2025, the management performed an impairment assessment • Evaluating the appropriateness of the valuation of right-of-use assets and other property, plant and methodology and challenging the reasonableness equipment due to the indication for impairment of the key assumptions and inputs, including as disclosed in note 3 to the consolidated financial revenue growth rates and gross margins based on statements, by comparing the recoverable amounts of the historical financial performance and the future the cash-generating units to which the assets belong operation plan of respective cash-generating units; with respective carrying amounts based on respective value in use calculations. The value in use calculations used cash flow projections based on financial budgets and discount rate and involved significant judgement and estimates with certain key assumptions and inputs, namely revenue growth rates, gross margins and discount rate. 73 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

关键审计事项	我们的审计如何处理该等事项
Key audit matter	How the matter was addressed in our audit
使用权资产以及其他物业、机器和设备的减值评估
Impairment assessment of right-of-use assets and other property, plant and equipment
鉴于评估物业、机器和设备以及使用权资产的减值金额需要管理层做出重大判断和估计，我们将使用权资产以及其他物业、机器和设备的减值评估识别为关键审计事项。截至二零二五年三月三十一日止年度，由于综合财务报表附注3披露的减值迹象，管理层通过将资产所属现金产生单元的可收回金额与根据各自的使用价值计算得出的账面金额进行比较，对使用权资产以及其他物业、机器和设备进行减值评估。使用价值计算使用了基于财务预算和折现率的现金流预测，还涉及对某些关键假设和输入值（即收入增长率、毛利率和折现率）的重要判断和估计。	管理层减值评估的审计程序包括： • 评估管理层确认使用权资产以及其他物业、机器和设备的减值指标的考虑和过程； • 基于现金产生单元的历史财务业绩和未来运营计划，评估估值方法的适当性，并质疑关键假设和输入值的合理性，包括收入增长率和毛利率；
We identified the impairment assessment of right-of- use assets and other property, plant and equipment as a key audit matter, as significant judgement by the management and estimates are required to assess the amounts of impairment of property, plant and equipment and right-of-use assets. During the year ended 31 March 2025, the management performed an impairment assessment of right-of-use assets and other property, plant and equipment due to the indication for impairment as disclosed in note 3 to the consolidated financial statements, by comparing the recoverable amounts of the cash-generating units to which the assets belong with respective carrying amounts based on respective value in use calculations. The value in use calculations used cash flow projections based on financial budgets and discount rate and involved significant judgement and estimates with certain key assumptions and inputs, namely revenue growth rates, gross margins and discount rate.	Our procedures in relation to management impairment assessment included: • Evaluating management’s consideration and process for the identification of impairment indicators for right-of-use assets and other property, plant and equipment; • Evaluating the appropriateness of the valuation methodology and challenging the reasonableness of the key assumptions and inputs, including revenue growth rates and gross margins based on the historical financial performance and the future operation plan of respective cash-generating units;

独立核数师报告 INDEPENDENT AUDITOR’S REPORT
关键审计事项（续） KEY AUDIT MATTER (continued) 关键审计事项我们的审计如何处理该等事项 Key audit matter How the matter was addressed in our audit 使用权资产以及其他物业、机器和设备的减值评估 Impairment assessment of right-of-use assets and other property, plant and equipment 诚如综合财务报表附注11(d)所述，于二零二五年三月 • 聘请我们的内部估值专家评估使用价值计算中采用三十一日，使用权资产以及其他物业、机器和设备的的折现率的适当性；以及账面金额分别为港币8.810亿元和港币4.331亿元，于截至二零二五年三月三十一日止年度确认的减值亏损 • 评估管理层对采用的某些关键假设和输入值的敏感金额分别为港币2,540万元和港币1,100万元。度分析。 As at 31 March 2025, the carrying amounts of the • Engaging our internal valuation expert to evaluate right-of-use assets and other property, plant and the appropriateness of the discount rate used in the equipment amounted to HK$881.0 million and value in use calculations; and HK$433.1 million respectively, with impairment loss recognised during the year ended 31 March • Evaluating management’s sensitivity analyses on 2025 amounted to HK$25.4 million and HK$11.0 certain key assumptions and inputs applied. million respectively, as set out in note 11(d) to the consolidated financial statements. 其他信息 OTHER INFORMATION 本公司董事需对其他信息负责。其他信息包 The directors of the Company are responsible for the other 括刊载于年报内的信息，但不包括综合财务 information. The other information comprises the information 报表及我们的核数师报告。 included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon. 我们对综合财务报表的意见并不涵盖其他信 Our opinion on the consolidated financial statements does not 息，我们亦不对该等其他信息发表任何形式 cover the other information and we do not express any form of 的鉴证结论。 assurance conclusion thereon. 结合我们对综合财务报表的审计，我们的责 In connection with our audit of the consolidated financial 任是阅读其他信息，在此过程中，考虑其他 statements, our responsibility is to read the other information and, 信息是否与综合财务报表或我们在审计过程 in doing so, consider whether the other information is materially 中所了解的情况存在重大抵触或者似乎存在 inconsistent with the consolidated financial statements or our 重大错误陈述的情况。基于我们已执行的工 knowledge obtained in the audit or otherwise appears to be 作，如果我们认为其他信息存在重大错误陈 materially misstated. If, based on the work we have performed, 述，我们需要报告该事实。在这方面，我们 we conclude that there is a material misstatement of this other 没有任何报告。 information, we are required to report that fact. We have nothing to report in this regard. 74

独立核数师报告 INDEPENDENT AUDITOR’S REPORT

关键审计事项（续） KEY AUDIT MATTER (continued) 关键审计事项我们的审计如何处理该等事项 Key audit matter How the matter was addressed in our audit 使用权资产以及其他物业、机器和设备的减值评估 Impairment assessment of right-of-use assets and other property, plant and equipment 诚如综合财务报表附注11(d)所述，于二零二五年三月 • 聘请我们的内部估值专家评估使用价值计算中采用三十一日，使用权资产以及其他物业、机器和设备的的折现率的适当性；以及账面金额分别为港币8.810亿元和港币4.331亿元，于截至二零二五年三月三十一日止年度确认的减值亏损 • 评估管理层对采用的某些关键假设和输入值的敏感金额分别为港币2,540万元和港币1,100万元。度分析。 As at 31 March 2025, the carrying amounts of the • Engaging our internal valuation expert to evaluate right-of-use assets and other property, plant and the appropriateness of the discount rate used in the equipment amounted to HK$881.0 million and value in use calculations; and HK$433.1 million respectively, with impairment loss recognised during the year ended 31 March • Evaluating management’s sensitivity analyses on 2025 amounted to HK$25.4 million and HK$11.0 certain key assumptions and inputs applied. million respectively, as set out in note 11(d) to the consolidated financial statements. 其他信息 OTHER INFORMATION 本公司董事需对其他信息负责。其他信息包 The directors of the Company are responsible for the other 括刊载于年报内的信息，但不包括综合财务 information. The other information comprises the information 报表及我们的核数师报告。 included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon. 我们对综合财务报表的意见并不涵盖其他信 Our opinion on the consolidated financial statements does not 息，我们亦不对该等其他信息发表任何形式 cover the other information and we do not express any form of 的鉴证结论。 assurance conclusion thereon. 结合我们对综合财务报表的审计，我们的责 In connection with our audit of the consolidated financial 任是阅读其他信息，在此过程中，考虑其他 statements, our responsibility is to read the other information and, 信息是否与综合财务报表或我们在审计过程 in doing so, consider whether the other information is materially 中所了解的情况存在重大抵触或者似乎存在 inconsistent with the consolidated financial statements or our 重大错误陈述的情况。基于我们已执行的工 knowledge obtained in the audit or otherwise appears to be 作，如果我们认为其他信息存在重大错误陈 materially misstated. If, based on the work we have performed, 述，我们需要报告该事实。在这方面，我们 we conclude that there is a material misstatement of this other 没有任何报告。 information, we are required to report that fact. We have nothing to report in this regard. 74

关键审计事项	我们的审计如何处理该等事项
Key audit matter	How the matter was addressed in our audit
使用权资产以及其他物业、机器和设备的减值评估
Impairment assessment of right-of-use assets and other property, plant and equipment
诚如综合财务报表附注11(d)所述，于二零二五年三月三十一日，使用权资产以及其他物业、机器和设备的账面金额分别为港币8.810亿元和港币4.331亿元，于截至二零二五年三月三十一日止年度确认的减值亏损金额分别为港币2,540万元和港币1,100万元。	• 聘请我们的内部估值专家评估使用价值计算中采用的折现率的适当性；以及 • 评估管理层对采用的某些关键假设和输入值的敏感度分析。
As at 31 March 2025, the carrying amounts of the right-of-use assets and other property, plant and equipment amounted to HK$881.0 million and HK$433.1 million respectively, with impairment loss recognised during the year ended 31 March 2025 amounted to HK$25.4 million and HK$11.0 million respectively, as set out in note 11(d) to the consolidated financial statements.	• Engaging our internal valuation expert to evaluate the appropriateness of the discount rate used in the value in use calculations; and • Evaluating management’s sensitivity analyses on certain key assumptions and inputs applied.

独立核数师报告 INDEPENDENT AUDITOR’S REPORT
董事和管治层就综合财务报表须承担 RESPONSIBILITIES OF DIRECTORS AND THOSE 的责任 CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS 本公司董事须负责根据香港会计师公会颁布 The directors of the Company are responsible for the preparation 的《香港财务报告会计准则》及香港《公司条 of the consolidated financial statements that give a true and fair 例》的披露要求拟备真实而中肯的综合财务 view in accordance with HKFRS Accounting Standards as issued 报表，并对其认为为使综合财务报表的拟备 by the HKICPA and the disclosure requirements of the Hong 不存在由于欺诈或错误而导致的重大错误陈 Kong Companies Ordinance, and for such internal control as 述所需的内部控制负责。 the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 在拟备综合财务报表时，董事负责评估贵 In preparing the consolidated financial statements, the directors 集团持续经营的能力，并在适用情况下披露 are responsible for assessing the Group’s ability to continue as a 与持续经营有关的事项，以及使用持续经营 going concern, disclosing, as applicable, matters related to going 为会计基础，除非董事有意将贵集团清盘 concern and using the going concern basis of accounting unless 或停止经营，或别无其他实际的替代方案。 the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. 管治层须负责监督贵集团的财务报告过 Those charged with governance are responsible for overseeing the 程。 Group’s financial reporting process. 核数师就审计综合财务报表承担的责 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF 任 THE CONSOLIDATED FINANCIAL STATEMENTS 我们的目标，是对综合财务报表整体是否不 Our objectives are to obtain reasonable assurance about whether 存在由于欺诈或错误而导致的重大错误陈述 the consolidated financial statements as a whole are free from 取得合理保证，并出具包括我们意见的核数 material misstatement, whether due to fraud or error, and to issue 师报告。我们是按照百慕达《公司法》第90条 an auditor’s report that includes our opinion solely to you, as a 的规定，仅向整体成员报告。除此以外，我 body, in accordance with Section 90 of the Bermuda Companies 们的报告不可用作其他用途。我们概不就本 Act, and for no other purpose. We do not assume responsibility 报告的内容，对任何其他人士负责或承担法 towards or accept liability to any other person for the contents of 律责任。合理保证是高水平的保证，但不能 this report. Reasonable assurance is a high level of assurance, but 保证按照《香港审计准则》进行的审计，在某 is not a guarantee that an audit conducted in accordance with 一重大错误陈述存在时总能发现。错误陈述 HKSAs will always detect a material misstatement when it exists. 可以由欺诈或错误引起，如果合理预期它们 Misstatements can arise from fraud or error and are considered 单独或汇总起来可能影响综合财务报表使用 material if, individually or in the aggregate, they could reasonably 者依赖财务报表所作出的经济决定，则有关 be expected to influence the economic decisions of users taken on 的错误陈述可被视作重大。 the basis of these consolidated financial statements. 75 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

独立核数师报告 INDEPENDENT AUDITOR’S REPORT

董事和管治层就综合财务报表须承担 RESPONSIBILITIES OF DIRECTORS AND THOSE 的责任 CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS 本公司董事须负责根据香港会计师公会颁布 The directors of the Company are responsible for the preparation 的《香港财务报告会计准则》及香港《公司条 of the consolidated financial statements that give a true and fair 例》的披露要求拟备真实而中肯的综合财务 view in accordance with HKFRS Accounting Standards as issued 报表，并对其认为为使综合财务报表的拟备 by the HKICPA and the disclosure requirements of the Hong 不存在由于欺诈或错误而导致的重大错误陈 Kong Companies Ordinance, and for such internal control as 述所需的内部控制负责。 the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 在拟备综合财务报表时，董事负责评估贵 In preparing the consolidated financial statements, the directors 集团持续经营的能力，并在适用情况下披露 are responsible for assessing the Group’s ability to continue as a 与持续经营有关的事项，以及使用持续经营 going concern, disclosing, as applicable, matters related to going 为会计基础，除非董事有意将贵集团清盘 concern and using the going concern basis of accounting unless 或停止经营，或别无其他实际的替代方案。 the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. 管治层须负责监督贵集团的财务报告过 Those charged with governance are responsible for overseeing the 程。 Group’s financial reporting process. 核数师就审计综合财务报表承担的责 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF 任 THE CONSOLIDATED FINANCIAL STATEMENTS 我们的目标，是对综合财务报表整体是否不 Our objectives are to obtain reasonable assurance about whether 存在由于欺诈或错误而导致的重大错误陈述 the consolidated financial statements as a whole are free from 取得合理保证，并出具包括我们意见的核数 material misstatement, whether due to fraud or error, and to issue 师报告。我们是按照百慕达《公司法》第90条 an auditor’s report that includes our opinion solely to you, as a 的规定，仅向整体成员报告。除此以外，我 body, in accordance with Section 90 of the Bermuda Companies 们的报告不可用作其他用途。我们概不就本 Act, and for no other purpose. We do not assume responsibility 报告的内容，对任何其他人士负责或承担法 towards or accept liability to any other person for the contents of 律责任。合理保证是高水平的保证，但不能 this report. Reasonable assurance is a high level of assurance, but 保证按照《香港审计准则》进行的审计，在某 is not a guarantee that an audit conducted in accordance with 一重大错误陈述存在时总能发现。错误陈述 HKSAs will always detect a material misstatement when it exists. 可以由欺诈或错误引起，如果合理预期它们 Misstatements can arise from fraud or error and are considered 单独或汇总起来可能影响综合财务报表使用 material if, individually or in the aggregate, they could reasonably 者依赖财务报表所作出的经济决定，则有关 be expected to influence the economic decisions of users taken on 的错误陈述可被视作重大。 the basis of these consolidated financial statements. 75 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

独立核数师报告 INDEPENDENT AUDITOR’S REPORT
核数师就审计综合财务报表承担的责 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF 任（续） THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 在根据《香港审计准则》进行审计的过程中， As part of an audit in accordance with HKSAs, we exercise 我们运用了专业判断，保持了专业怀疑态 professional judgment and maintain professional skepticism 度。我们亦： throughout the audit. We also: • 识别和评估由于欺诈或错误而导致综合 • Identify and assess the risks of material misstatement of the 财务报表存在重大错误陈述的风险， consolidated financial statements, whether due to fraud or 设计及执行审计程序以应对这些风险， error, design and perform audit procedures responsive to 以及获取充足和适当的审计凭证，作为 those risks, and obtain audit evidence that is sufficient and 我们意见的基础。由于欺诈可能涉及串 appropriate to provide a basis for our opinion. The risk of 谋、伪造、蓄意遗漏、虚假陈述，或凌 not detecting a material misstatement resulting from fraud is 驾于内部控制之上，因此未能发现因欺 higher than for one resulting from error, as fraud may involve 诈而导致的重大错误陈述的风险高于未 collusion, forgery, intentional omissions, misrepresentations, or 能发现因错误而导致的重大错误陈述的 the override of internal control. 风险。 • 了解与审计相关的内部控制，以设计适 • Obtain an understanding of internal control relevant to the 当的审计程序，但目的并非对贵集团 audit in order to design audit procedures that are appropriate 内部控制的有效性发表意见。 in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • 评价董事所采用会计政策的恰当性及作 • Evaluate the appropriateness of accounting policies used 出会计估计和相关披露的合理性。 and the reasonableness of accounting estimates and related disclosures made by the directors. • 对董事采用持续经营会计基础的恰当性 • Conclude on the appropriateness of the directors’ use of the 作出结论。根据所获取的审计凭证，确 going concern basis of accounting and, based on the audit 定是否存在与事项或情况有关的重大不 evidence obtained, whether a material uncertainty exists 确定性，从而可能导致对贵集团的持 related to events or conditions that may cast significant doubt 续经营能力产生重大疑虑。如果我们认 on the Group’s ability to continue as a going concern. If we 为存在重大不确定性，则有必要在核数 conclude that a material uncertainty exists, we are required to 师报告中提请使用者注意综合财务报表 draw attention in our auditor’s report to the related disclosures 中的相关披露。假若有关的披露不足， in the consolidated financial statements or, if such disclosures 则我们应当发表非无保留意见。我们的 are inadequate, to modify our opinion. Our conclusions are 结论是基于核数师报告日止所取得的审 based on the audit evidence obtained up to the date of our 计凭证。然而，未来事项或情况可能导 auditor’s report. However, future events or conditions may 致贵集团不能持续经营。 cause the Group to cease to continue as a going concern. • 评价综合财务报表的整体列报方式、结 • Evaluate the overall presentation, structure and content of the 构和内容，包括披露，以及综合财务报 consolidated financial statements, including the disclosures, 表是否中肯反映相关交易和事项。 and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 76

独立核数师报告 INDEPENDENT AUDITOR’S REPORT

核数师就审计综合财务报表承担的责 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF 任（续） THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 在根据《香港审计准则》进行审计的过程中， As part of an audit in accordance with HKSAs, we exercise 我们运用了专业判断，保持了专业怀疑态 professional judgment and maintain professional skepticism 度。我们亦： throughout the audit. We also: • 识别和评估由于欺诈或错误而导致综合 • Identify and assess the risks of material misstatement of the 财务报表存在重大错误陈述的风险， consolidated financial statements, whether due to fraud or 设计及执行审计程序以应对这些风险， error, design and perform audit procedures responsive to 以及获取充足和适当的审计凭证，作为 those risks, and obtain audit evidence that is sufficient and 我们意见的基础。由于欺诈可能涉及串 appropriate to provide a basis for our opinion. The risk of 谋、伪造、蓄意遗漏、虚假陈述，或凌 not detecting a material misstatement resulting from fraud is 驾于内部控制之上，因此未能发现因欺 higher than for one resulting from error, as fraud may involve 诈而导致的重大错误陈述的风险高于未 collusion, forgery, intentional omissions, misrepresentations, or 能发现因错误而导致的重大错误陈述的 the override of internal control. 风险。 • 了解与审计相关的内部控制，以设计适 • Obtain an understanding of internal control relevant to the 当的审计程序，但目的并非对贵集团 audit in order to design audit procedures that are appropriate 内部控制的有效性发表意见。 in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • 评价董事所采用会计政策的恰当性及作 • Evaluate the appropriateness of accounting policies used 出会计估计和相关披露的合理性。 and the reasonableness of accounting estimates and related disclosures made by the directors. • 对董事采用持续经营会计基础的恰当性 • Conclude on the appropriateness of the directors’ use of the 作出结论。根据所获取的审计凭证，确 going concern basis of accounting and, based on the audit 定是否存在与事项或情况有关的重大不 evidence obtained, whether a material uncertainty exists 确定性，从而可能导致对贵集团的持 related to events or conditions that may cast significant doubt 续经营能力产生重大疑虑。如果我们认 on the Group’s ability to continue as a going concern. If we 为存在重大不确定性，则有必要在核数 conclude that a material uncertainty exists, we are required to 师报告中提请使用者注意综合财务报表 draw attention in our auditor’s report to the related disclosures 中的相关披露。假若有关的披露不足， in the consolidated financial statements or, if such disclosures 则我们应当发表非无保留意见。我们的 are inadequate, to modify our opinion. Our conclusions are 结论是基于核数师报告日止所取得的审 based on the audit evidence obtained up to the date of our 计凭证。然而，未来事项或情况可能导 auditor’s report. However, future events or conditions may 致贵集团不能持续经营。 cause the Group to cease to continue as a going concern. • 评价综合财务报表的整体列报方式、结 • Evaluate the overall presentation, structure and content of the 构和内容，包括披露，以及综合财务报 consolidated financial statements, including the disclosures, 表是否中肯反映相关交易和事项。 and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 76

独立核数师报告 INDEPENDENT AUDITOR’S REPORT
核数师就审计综合财务报表承担的责 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF 任（续） THE CONSOLIDATED FINANCIAL STATEMENTS (continued) • 规划并执行集团审计，以就贵集团内 • Plan and perform the group audit to obtain sufficient 实体或业务单位的财务信息获取充足、 appropriate audit evidence regarding the financial information 适当的审计凭证，作为对集团财务报表 of the entities or business units within the group as a basis for 发表意见的基础。我们负责指导、监督 forming an opinion on the group financial statements. We are 和检讨为集团审计目的而执行的审计工 responsible for the direction, supervision and review of the 作。我们为审计意见承担全部责任。 audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. 除其他事项外，我们与管治层沟通了计划的 We communicate with those charged with governance regarding, 审计范围、时间安排、重大审计发现等，包 among other matters, the planned scope and timing of the audit 括我们在审计中识别出内部控制的任何重大 and significant audit findings, including any significant deficiencies 缺陷。 in internal control that we identify during our audit. 我们还向管治层提交声明，说明我们已符合 We also provide those charged with governance with a statement 有关独立性的相关专业道德要求，并与他们 that we have complied with relevant ethical requirements 沟通有可能合理地被认为会影响我们独立性 regarding independence, and to communicate with them all 的所有关系和其他事项，以及在适用的情况 relationships and other matters that may reasonably be thought to 下，用以消除对独立性产生威胁的行动或采 bear on our independence, and where applicable, actions taken to 取的防范措施。 eliminate threats or safeguards applied. 从与管治层沟通的事项中，我们确定哪些事 From the matters communicated with those charged with 项对本期综合财务报表的审计最为重要，因 governance, we determine those matters that were of most 而构成关键审计事项。我们在核数师报告中 significance in the audit of the consolidated financial statements 描述这些事项，除非法律法规不允许公开披 of the current period and are therefore the key audit matter. 露这些事项，或在极端罕见的情况下，如果 We describe these matters in our auditor’s report unless law or 合理预期在我们报告中沟通某事项造成的负 regulation precludes public disclosure about the matter or when, 面后果超过产生的公众利益，我们决定不应 in extremely rare circumstances, we determine that a matter 在报告中沟通该事项。 should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 出具本独立核数师报告的审计项目合伙人是 The engagement partner on the audit resulting in this independent 李民基（执业证书编号：P04412）。 auditor’s report is Li Man Kei (practising certificate number: P04412). 德勤•关黄陈方会计师行 Deloitte Touche Tohmatsu 执业会计师 Certified Public Accountants 香港 Hong Kong 二零二五年六月三十日 30 June 2025 77 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

独立核数师报告 INDEPENDENT AUDITOR’S REPORT

核数师就审计综合财务报表承担的责 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF 任（续） THE CONSOLIDATED FINANCIAL STATEMENTS (continued) • 规划并执行集团审计，以就贵集团内 • Plan and perform the group audit to obtain sufficient 实体或业务单位的财务信息获取充足、 appropriate audit evidence regarding the financial information 适当的审计凭证，作为对集团财务报表 of the entities or business units within the group as a basis for 发表意见的基础。我们负责指导、监督 forming an opinion on the group financial statements. We are 和检讨为集团审计目的而执行的审计工 responsible for the direction, supervision and review of the 作。我们为审计意见承担全部责任。 audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. 除其他事项外，我们与管治层沟通了计划的 We communicate with those charged with governance regarding, 审计范围、时间安排、重大审计发现等，包 among other matters, the planned scope and timing of the audit 括我们在审计中识别出内部控制的任何重大 and significant audit findings, including any significant deficiencies 缺陷。 in internal control that we identify during our audit. 我们还向管治层提交声明，说明我们已符合 We also provide those charged with governance with a statement 有关独立性的相关专业道德要求，并与他们 that we have complied with relevant ethical requirements 沟通有可能合理地被认为会影响我们独立性 regarding independence, and to communicate with them all 的所有关系和其他事项，以及在适用的情况 relationships and other matters that may reasonably be thought to 下，用以消除对独立性产生威胁的行动或采 bear on our independence, and where applicable, actions taken to 取的防范措施。 eliminate threats or safeguards applied. 从与管治层沟通的事项中，我们确定哪些事 From the matters communicated with those charged with 项对本期综合财务报表的审计最为重要，因 governance, we determine those matters that were of most 而构成关键审计事项。我们在核数师报告中 significance in the audit of the consolidated financial statements 描述这些事项，除非法律法规不允许公开披 of the current period and are therefore the key audit matter. 露这些事项，或在极端罕见的情况下，如果 We describe these matters in our auditor’s report unless law or 合理预期在我们报告中沟通某事项造成的负 regulation precludes public disclosure about the matter or when, 面后果超过产生的公众利益，我们决定不应 in extremely rare circumstances, we determine that a matter 在报告中沟通该事项。 should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 出具本独立核数师报告的审计项目合伙人是 The engagement partner on the audit resulting in this independent 李民基（执业证书编号：P04412）。 auditor’s report is Li Man Kei (practising certificate number: P04412). 德勤•关黄陈方会计师行 Deloitte Touche Tohmatsu 执业会计师 Certified Public Accountants 香港 Hong Kong 二零二五年六月三十日 30 June 2025 77 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合损益表 CONSOLIDATED STATEMENT OF PROFIT OR LOSS 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)
二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 收入 Revenue 4(a) 3,100,070 3,136,947 销售成本 Cost of sales 6(b) (2,862,864) (2,866,353) 毛利 Gross profit 237,206 270,594 其他收入和其他收益净额 Other revenue and other net gain 5 58,200 42,405 销售费用 Selling expenses (43,680) (35,530) 行政费用 Administrative expenses 6(b) (141,868) (145,324) 其他物业、机器和设备 Impairment losses on other property, 的减值亏损 plant and equipment 11(d) (10,993) (11,125) 使用权资产的减值亏损 Impairment losses on right-of-use assets 11(d), 12 (25,389) (21,509) 投资物业估值亏损 Valuation losses on investment properties 11(a), 11(b) (1,150) (1,020) 经营溢利 Profit from operations 72,326 98,491 融资成本 Finance costs 6(a) (33,677) (33,366) 除税前溢利 Profit before taxation 6 38,649 65,125 所得税 Income tax 7(a) (3,109) (14,468) 本公司权益股东应占 Profit for the year attributable to 本年度溢利 equity shareholders of the Company 35,540 50,657 每股盈利 Earnings per share 10 基本 Basic 27.43仙 cents 39.10仙 cents 摊薄 Diluted 27.43仙 cents 39.10仙 cents 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。应付本公司权益股东的股息的详情 financial statements. Details of dividends payable to equity 载列于附注26(b)。 shareholders of the Company are set out in note 26(b). 78

综合损益表 CONSOLIDATED STATEMENT OF PROFIT OR LOSS 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)

二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 收入 Revenue 4(a) 3,100,070 3,136,947 销售成本 Cost of sales 6(b) (2,862,864) (2,866,353) 毛利 Gross profit 237,206 270,594 其他收入和其他收益净额 Other revenue and other net gain 5 58,200 42,405 销售费用 Selling expenses (43,680) (35,530) 行政费用 Administrative expenses 6(b) (141,868) (145,324) 其他物业、机器和设备 Impairment losses on other property, 的减值亏损 plant and equipment 11(d) (10,993) (11,125) 使用权资产的减值亏损 Impairment losses on right-of-use assets 11(d), 12 (25,389) (21,509) 投资物业估值亏损 Valuation losses on investment properties 11(a), 11(b) (1,150) (1,020) 经营溢利 Profit from operations 72,326 98,491 融资成本 Finance costs 6(a) (33,677) (33,366) 除税前溢利 Profit before taxation 6 38,649 65,125 所得税 Income tax 7(a) (3,109) (14,468) 本公司权益股东应占 Profit for the year attributable to 本年度溢利 equity shareholders of the Company 35,540 50,657 每股盈利 Earnings per share 10 基本 Basic 27.43仙 cents 39.10仙 cents 摊薄 Diluted 27.43仙 cents 39.10仙 cents 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。应付本公司权益股东的股息的详情 financial statements. Details of dividends payable to equity 载列于附注26(b)。 shareholders of the Company are set out in note 26(b). 78

			二零二五年	二零二四年
			2025	2024
		附注	千元	千元
		Notes	$’000	$’000
收入	Revenue	4(a)	3,100,070	3,136,947
销售成本	Cost of sales	6(b)	(2,862,864)	(2,866,353)
毛利	Gross profit		237,206	270,594
其他收入和其他收益净额	Other revenue and other net gain	5	58,200	42,405
销售费用	Selling expenses		(43,680)	(35,530)
行政费用	Administrative expenses	6(b)	(141,868)	(145,324)
其他物业、机器和设备的减值亏损	Impairment losses on other property, plant and equipment	11(d)	(10,993)	(11,125)
使用权资产的减值亏损	Impairment losses on right-of-use assets	11(d), 12	(25,389)	(21,509)
投资物业估值亏损	Valuation losses on investment properties	11(a), 11(b)	(1,150)	(1,020)
经营溢利	Profit from operations		72,326	98,491
融资成本	Finance costs	6(a)	(33,677)	(33,366)
除税前溢利	Profit before taxation	6	38,649	65,125
所得税	Income tax	7(a)	(3,109)	(14,468)
本公司权益股东应占本年度溢利	Profit for the year attributable to equity shareholders of the Company		35,540	50,657
每股盈利	Earnings per share	10
基本	Basic		27.43仙 cents	39.10仙 cents
摊薄	Diluted		27.43仙 cents	39.10仙 cents

综合损益及其他全面收益表 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)
二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 本公司权益股东应占本年度 Profit for the year attributable to equity 溢利 shareholders of the Company 35,540 50,657 本年度其他全面亏损： Other comprehensive expense for the year: 其后可能重新分类为损益的 Item that may be reclassified subsequently to 项目： profit or loss: 换算中国内地附属公司的财务 Exchange differences on translation of financial 报表的汇兑差额 statements of subsidiaries in Mainland China (228) (578) 本公司权益股东应占本年度 Total comprehensive income for the year 全面收益总额 attributable to equity shareholders of the Company 35,312 50,079 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 79 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合损益及其他全面收益表 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)

二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 本公司权益股东应占本年度 Profit for the year attributable to equity 溢利 shareholders of the Company 35,540 50,657 本年度其他全面亏损： Other comprehensive expense for the year: 其后可能重新分类为损益的 Item that may be reclassified subsequently to 项目： profit or loss: 换算中国内地附属公司的财务 Exchange differences on translation of financial 报表的汇兑差额 statements of subsidiaries in Mainland China (228) (578) 本公司权益股东应占本年度 Total comprehensive income for the year 全面收益总额 attributable to equity shareholders of the Company 35,312 50,079 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 79 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
本公司权益股东应占本年度溢利	Profit for the year attributable to equity shareholders of the Company	35,540	50,657
本年度其他全面亏损：	Other comprehensive expense for the year:
其后可能重新分类为损益的项目：	Item that may be reclassified subsequently to profit or loss:
换算中国内地附属公司的财务报表的汇兑差额	Exchange differences on translation of financial statements of subsidiaries in Mainland China	(228)	(578)
本公司权益股东应占本年度全面收益总额	Total comprehensive income for the year attributable to equity shareholders of the Company	35,312	50,079

综合财务状况表 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 于二零二五年三月三十一日（以港币列示） At 31 March 2025 (Expressed in Hong Kong dollars)
二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 非流动资产 Non-current assets 投资物业 Investment properties 11(a) 21,090 22,240 其他物业、机器和设备 Other property, plant and equipment 11(a) 433,077 396,593 使用权资产 Right-of-use assets 12 881,001 970,574 1,335,168 1,389,407 商誉 Goodwill 13 1,001 1,001 非流动按金 Non-current deposits 14 61,377 60,302 递延税项资产 Deferred tax assets 22(b) 4,602 703 1,402,148 1,451,413 流动资产 Current assets 存货 Inventories 15(a) 54,282 52,651 应收账款和其他应收款 Trade and other receivables 16 103,194 102,725 可收回本期税项 Current tax recoverable 22(a) 52 39 银行存款及现金和 Bank deposits and cash and cash 现金等价物 equivalents 17 545,653 640,983 703,181 796,398 流动负债 Current liabilities 应付账款和其他应付款 Trade and other payables 18 402,510 435,009 租赁负债 Lease liabilities 19 372,430 389,911 应付本期税项 Current tax payable 22(a) 258 6,214 准备 Provisions 23 31,122 26,601 长期服务金责任 Long service payment obligation 24 920 608 银行借款 Bank borrowings 25 5,419 – 812,659 858,343 流动负债净值 Net current liabilities (109,478) (61,945) 资产总值减流动负债 Total assets less current liabilities 1,292,670 1,389,468 80

综合财务状况表 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 于二零二五年三月三十一日（以港币列示） At 31 March 2025 (Expressed in Hong Kong dollars)

二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 非流动资产 Non-current assets 投资物业 Investment properties 11(a) 21,090 22,240 其他物业、机器和设备 Other property, plant and equipment 11(a) 433,077 396,593 使用权资产 Right-of-use assets 12 881,001 970,574 1,335,168 1,389,407 商誉 Goodwill 13 1,001 1,001 非流动按金 Non-current deposits 14 61,377 60,302 递延税项资产 Deferred tax assets 22(b) 4,602 703 1,402,148 1,451,413 流动资产 Current assets 存货 Inventories 15(a) 54,282 52,651 应收账款和其他应收款 Trade and other receivables 16 103,194 102,725 可收回本期税项 Current tax recoverable 22(a) 52 39 银行存款及现金和 Bank deposits and cash and cash 现金等价物 equivalents 17 545,653 640,983 703,181 796,398 流动负债 Current liabilities 应付账款和其他应付款 Trade and other payables 18 402,510 435,009 租赁负债 Lease liabilities 19 372,430 389,911 应付本期税项 Current tax payable 22(a) 258 6,214 准备 Provisions 23 31,122 26,601 长期服务金责任 Long service payment obligation 24 920 608 银行借款 Bank borrowings 25 5,419 – 812,659 858,343 流动负债净值 Net current liabilities (109,478) (61,945) 资产总值减流动负债 Total assets less current liabilities 1,292,670 1,389,468 80

			二零二五年	二零二四年
			2025	2024
		附注	千元	千元
		Notes	$’000	$’000
非流动资产	Non-current assets
投资物业	Investment properties	11(a)	21,090	22,240
其他物业、机器和设备	Other property, plant and equipment	11(a)	433,077	396,593
使用权资产	Right-of-use assets	12	881,001	970,574
使用权资产	Right-of-use assets	12	1,335,168	1,389,407
商誉	Goodwill	13	1,001	1,001
非流动按金	Non-current deposits	14	61,377	60,302
递延税项资产	Deferred tax assets	22(b)	4,602	703
递延税项资产	Deferred tax assets	22(b)	1,402,148	1,451,413
流动资产	Current assets
存货	Inventories	15(a)	54,282	52,651
应收账款和其他应收款	Trade and other receivables	16	103,194	102,725
可收回本期税项	Current tax recoverable	22(a)	52	39
银行存款及现金和现金等价物	Bank deposits and cash and cash equivalents	17	545,653	640,983
银行存款及现金和现金等价物	Bank deposits and cash and cash equivalents	17	703,181	796,398
流动负债	Current liabilities
应付账款和其他应付款	Trade and other payables	18	402,510	435,009
租赁负债	Lease liabilities	19	372,430	389,911
应付本期税项	Current tax payable	22(a)	258	6,214
准备	Provisions	23	31,122	26,601
长期服务金责任	Long service payment obligation	24	920	608
银行借款	Bank borrowings	25	5,419	–
银行借款	Bank borrowings	25	812,659	858,343
流动负债净值	Net current liabilities		(109,478)	(61,945)
资产总值减流动负债	Total assets less current liabilities		1,292,670	1,389,468

综合财务状况表 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 于二零二五年三月三十一日（以港币列示） At 31 March 2025 (Expressed in Hong Kong dollars)
二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 非流动负债 Non-current liabilities 租赁负债 Lease liabilities 19 565,700 652,270 递延税项负债 Deferred tax liabilities 22(b) 114 117 已收租金按金 Rental deposits received 1,690 1,798 准备 Provisions 23 40,224 46,636 长期服务金责任 Long service payment obligation 24 32,907 28,242 640,635 729,063 资产净值 NET ASSETS 652,035 660,405 资本和储备 Capital and reserves 股本 Share capital 26(c) 129,553 129,553 储备 Reserves 26(d) 522,482 530,852 权益总额 TOTAL EQUITY 652,035 660,405 董事会于二零二五年六月三十日核准并许可 Approved and authorised for issue by the Board of Directors on 30 发出。 June 2025. 罗辉承李碧琦 Lo Fai Shing Francis Peggy Lee 副主席行政总裁 Vice Chairman Chief Executive Officer 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 81 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务状况表 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 于二零二五年三月三十一日（以港币列示） At 31 March 2025 (Expressed in Hong Kong dollars)

二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 非流动负债 Non-current liabilities 租赁负债 Lease liabilities 19 565,700 652,270 递延税项负债 Deferred tax liabilities 22(b) 114 117 已收租金按金 Rental deposits received 1,690 1,798 准备 Provisions 23 40,224 46,636 长期服务金责任 Long service payment obligation 24 32,907 28,242 640,635 729,063 资产净值 NET ASSETS 652,035 660,405 资本和储备 Capital and reserves 股本 Share capital 26(c) 129,553 129,553 储备 Reserves 26(d) 522,482 530,852 权益总额 TOTAL EQUITY 652,035 660,405 董事会于二零二五年六月三十日核准并许可 Approved and authorised for issue by the Board of Directors on 30 发出。 June 2025. 罗辉承李碧琦 Lo Fai Shing Francis Peggy Lee 副主席行政总裁 Vice Chairman Chief Executive Officer 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 81 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

			二零二五年	二零二四年
			2025	2024
		附注	千元	千元
		Notes	$’000	$’000
非流动负债	Non-current liabilities
租赁负债	Lease liabilities	19	565,700	652,270
递延税项负债	Deferred tax liabilities	22(b)	114	117
已收租金按金	Rental deposits received		1,690	1,798
准备	Provisions	23	40,224	46,636
长期服务金责任	Long service payment obligation	24	32,907	28,242
长期服务金责任	Long service payment obligation	24	640,635	729,063
资产净值	NET ASSETS		652,035	660,405
资本和储备	Capital and reserves
股本	Share capital	26(c)	129,553	129,553
储备	Reserves	26(d)	522,482	530,852
权益总额	TOTAL EQUITY		652,035	660,405

综合权益变动表 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)
本公司权益股东应占部分 Attributable to equity shareholders of the Company 土地和股份资本汇兑建筑物保留股本溢价储备储备重估储备溢利总额 Land and buildings Share Share Capital Exchange revaluation Retained capital premium reserve reserve reserve profits Total 附注千元千元千元千元千元千元千元 Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000 于二零二三年四月一日 At 1 April 2023 129,553 55,183 6,158 1,637 527 487,571 680,629 截至二零二四年三月三十一日 Changes in equity for year 止年度的权益变动： ended 31 March 2024: 本年度溢利 Profit for the year – – – – – 50,657 50,657 其他全面亏损 Other comprehensive expense – – – (578) – – (578) 本年度全面（亏损）收益总额 Total comprehensive (expense) income for the year – – – (578) – 50,657 50,079 上年度已批准的股息 Dividends approved in respect of the previous year 26(b)(ii) – – – – – (58,298) (58,298) 本年度已宣派的股息 Dividends declared in respect of the current year 26(b)(i) – – – – – (14,251) (14,251) 失效购股权 Lapse of share options – – (150) – – 150 – 以权益结算的以股份为基础 Equity-settled share-based 的交易 transactions 6(b), 21(c) – – 2,246 – – – 2,246 于二零二四年三月三十一日 At 31 March 2024 129,553 55,183 8,254 1,059 527 465,829 660,405 于二零二四年四月一日 At 1 April 2024 129,553 55,183 8,254 1,059 527 465,829 660,405 截至二零二五年三月三十一日 Changes in equity for year 止年度的权益变动： ended 31 March 2025: 本年度溢利 Profit for the year – – – – – 35,540 35,540 其他全面亏损 Other comprehensive expense – – – (228) – – (228) 本年度全面（亏损）收益总额 Total comprehensive (expense) income for the year – – – (228) – 35,540 35,312 上年度已批准的股息 Dividends approved in respect of the previous year 26(b)(ii) – – – – – (38,866) (38,866) 本年度已宣派的股息 Dividends declared in respect of the current year 26(b)(i) – – – – – (6,478) (6,478) 失效购股权 Lapse of share options – – (161) – – 161 – 以权益结算的以股份为基础 Equity-settled share-based 的交易 transactions 6(b), 21(c) – – 1,662 – – – 1,662 于二零二五年三月三十一日 At 31 March 2025 129,553 55,183 9,755 831 527 456,186 652,035 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 82

综合权益变动表 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)

本公司权益股东应占部分 Attributable to equity shareholders of the Company 土地和股份资本汇兑建筑物保留股本溢价储备储备重估储备溢利总额 Land and buildings Share Share Capital Exchange revaluation Retained capital premium reserve reserve reserve profits Total 附注千元千元千元千元千元千元千元 Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000 于二零二三年四月一日 At 1 April 2023 129,553 55,183 6,158 1,637 527 487,571 680,629 截至二零二四年三月三十一日 Changes in equity for year 止年度的权益变动： ended 31 March 2024: 本年度溢利 Profit for the year – – – – – 50,657 50,657 其他全面亏损 Other comprehensive expense – – – (578) – – (578) 本年度全面（亏损）收益总额 Total comprehensive (expense) income for the year – – – (578) – 50,657 50,079 上年度已批准的股息 Dividends approved in respect of the previous year 26(b)(ii) – – – – – (58,298) (58,298) 本年度已宣派的股息 Dividends declared in respect of the current year 26(b)(i) – – – – – (14,251) (14,251) 失效购股权 Lapse of share options – – (150) – – 150 – 以权益结算的以股份为基础 Equity-settled share-based 的交易 transactions 6(b), 21(c) – – 2,246 – – – 2,246 于二零二四年三月三十一日 At 31 March 2024 129,553 55,183 8,254 1,059 527 465,829 660,405 于二零二四年四月一日 At 1 April 2024 129,553 55,183 8,254 1,059 527 465,829 660,405 截至二零二五年三月三十一日 Changes in equity for year 止年度的权益变动： ended 31 March 2025: 本年度溢利 Profit for the year – – – – – 35,540 35,540 其他全面亏损 Other comprehensive expense – – – (228) – – (228) 本年度全面（亏损）收益总额 Total comprehensive (expense) income for the year – – – (228) – 35,540 35,312 上年度已批准的股息 Dividends approved in respect of the previous year 26(b)(ii) – – – – – (38,866) (38,866) 本年度已宣派的股息 Dividends declared in respect of the current year 26(b)(i) – – – – – (6,478) (6,478) 失效购股权 Lapse of share options – – (161) – – 161 – 以权益结算的以股份为基础 Equity-settled share-based 的交易 transactions 6(b), 21(c) – – 1,662 – – – 1,662 于二零二五年三月三十一日 At 31 March 2025 129,553 55,183 9,755 831 527 456,186 652,035 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 82

本公司权益股东应占部分
Attributable to equity shareholders of the Company
			股本	股份溢价	资本储备	汇兑储备	土地和建筑物重估储备	保留溢利	总额
			Share capital	Share premium	Capital reserve	Exchange reserve	Land and buildings revaluation reserve	Retained profits	Total
		附注	千元	千元	千元	千元	千元	千元	千元
		Notes	$’000	$’000	$’000	$’000	$’000	$’000	$’000
于二零二三年四月一日	At 1 April 2023		129,553	55,183	6,158	1,637	527	487,571	680,629
截至二零二四年三月三十一日止年度的权益变动：	Changes in equity for year ended 31 March 2024:
本年度溢利	Profit for the year		–	–	–	–	–	50,657	50,657
其他全面亏损	Other comprehensive expense		–	–	–	(578)	–	–	(578)
本年度全面（亏损）收益总额	Total comprehensive (expense) income for the year		–	–	–	(578)	–	50,657	50,079
上年度已批准的股息	Dividends approved in respect of the previous year	26(b)(ii)	–	–	–	–	–	(58,298)	(58,298)
本年度已宣派的股息	Dividends declared in respect of the current year	26(b)(i)	–	–	–	–	–	(14,251)	(14,251)
失效购股权	Lapse of share options		–	–	(150)	–	–	150	–
以权益结算的以股份为基础的交易	Equity-settled share-based transactions	6(b), 21(c)	–	–	2,246	–	–	–	2,246
于二零二四年三月三十一日	At 31 March 2024		129,553	55,183	8,254	1,059	527	465,829	660,405
于二零二四年四月一日	At 1 April 2024		129,553	55,183	8,254	1,059	527	465,829	660,405
截至二零二五年三月三十一日止年度的权益变动：	Changes in equity for year ended 31 March 2025:
本年度溢利	Profit for the year		–	–	–	–	–	35,540	35,540
其他全面亏损	Other comprehensive expense		–	–	–	(228)	–	–	(228)
本年度全面（亏损）收益总额	Total comprehensive (expense) income for the year		–	–	–	(228)	–	35,540	35,312
上年度已批准的股息	Dividends approved in respect of the previous year	26(b)(ii)	–	–	–	–	–	(38,866)	(38,866)
本年度已宣派的股息	Dividends declared in respect of the current year	26(b)(i)	–	–	–	–	–	(6,478)	(6,478)
失效购股权	Lapse of share options		–	–	(161)	–	–	161	–
以权益结算的以股份为基础的交易	Equity-settled share-based transactions	6(b), 21(c)	–	–	1,662	–	–	–	1,662
于二零二五年三月三十一日	At 31 March 2025		129,553	55,183	9,755	831	527	456,186	652,035

综合现金流量表 CONSOLIDATED CASH FLOW STATEMENT 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)
二零二五年二零二四年 2025 2024 附注千元千元千元千元 Notes $’000 $’000 $’000 $’000 经营活动 Operating activities 除税前溢利 Profit before taxation 38,649 65,125 调整项目： Adjustments for: 其他物业、机器和设备 Depreciation for other property, plant and 折旧 equipment 6(b), 11(a) 103,429 93,733 使用权资产折旧 Depreciation for right-of-use assets 6(b), 12 419,537 406,720 其他物业、机器和设备 Impairment losses on other property, plant and 的减值亏损 equipment 11(a), 11(d) 10,993 11,125 使用权资产的减值亏损 Impairment losses on right-of-use assets 11(d), 12 25,389 21,509 融资成本 Finance costs 6(a) 33,677 33,366 利息收入 Interest income 5 (24,257) (28,113) 处置其他物业、机器和 Net loss on disposal of other property, plant and 设备的亏损净额 equipment 5 6,231 7,704 投资物业估值亏损 Valuation losses on investment properties 11(b) 1,150 1,020 以权益结算的以股份为 Equity-settled share-based payment 基础的支付 expenses 6(b) 1,662 2,246 租赁修正收益 Gain on lease modifications 5 (24,546) (10,290) 营运资本变动前经营利润 Operating profit before changes in working capital 591,914 604,145 营运资本变动： Changes in working capital: 存货（增加）╱减少 (Increase)/decrease in inventories (1,631) 2,973 已付租金按金（增加）╱ (Increase)/decrease in rental deposits 减少 paid (581) 4,633 应收账款和其他应收款 Decrease/(increase) in trade and other 减少╱（增加） receivables 7,899 (9,698) 应付账款和其他应付账款 (Decrease)/increase in trade and other （减少）╱增加 payables (22,976) 24,625 已收租金按金（减少）╱ (Decrease)/increase in rental deposits 增加 received (121) 28 长期服务金责任增加 Increase in long service payment obligation 24 4,977 2,673 已动用重修成本准备 Provision for reinstatement costs utilised 23 (3,444) (2,070) 经营所得现金 Cash generated from operations 576,037 627,309 已收利息 Interest received 23,395 28,058 已付香港利得税净额 Net Hong Kong Profits Tax paid (12,980) (5,259) 经营活动所得现金净额 Net cash generated from operating activities 586,452 650,108 83 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合现金流量表 CONSOLIDATED CASH FLOW STATEMENT 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)

二零二五年二零二四年 2025 2024 附注千元千元千元千元 Notes $’000 $’000 $’000 $’000 经营活动 Operating activities 除税前溢利 Profit before taxation 38,649 65,125 调整项目： Adjustments for: 其他物业、机器和设备 Depreciation for other property, plant and 折旧 equipment 6(b), 11(a) 103,429 93,733 使用权资产折旧 Depreciation for right-of-use assets 6(b), 12 419,537 406,720 其他物业、机器和设备 Impairment losses on other property, plant and 的减值亏损 equipment 11(a), 11(d) 10,993 11,125 使用权资产的减值亏损 Impairment losses on right-of-use assets 11(d), 12 25,389 21,509 融资成本 Finance costs 6(a) 33,677 33,366 利息收入 Interest income 5 (24,257) (28,113) 处置其他物业、机器和 Net loss on disposal of other property, plant and 设备的亏损净额 equipment 5 6,231 7,704 投资物业估值亏损 Valuation losses on investment properties 11(b) 1,150 1,020 以权益结算的以股份为 Equity-settled share-based payment 基础的支付 expenses 6(b) 1,662 2,246 租赁修正收益 Gain on lease modifications 5 (24,546) (10,290) 营运资本变动前经营利润 Operating profit before changes in working capital 591,914 604,145 营运资本变动： Changes in working capital: 存货（增加）╱减少 (Increase)/decrease in inventories (1,631) 2,973 已付租金按金（增加）╱ (Increase)/decrease in rental deposits 减少 paid (581) 4,633 应收账款和其他应收款 Decrease/(increase) in trade and other 减少╱（增加） receivables 7,899 (9,698) 应付账款和其他应付账款 (Decrease)/increase in trade and other （减少）╱增加 payables (22,976) 24,625 已收租金按金（减少）╱ (Decrease)/increase in rental deposits 增加 received (121) 28 长期服务金责任增加 Increase in long service payment obligation 24 4,977 2,673 已动用重修成本准备 Provision for reinstatement costs utilised 23 (3,444) (2,070) 经营所得现金 Cash generated from operations 576,037 627,309 已收利息 Interest received 23,395 28,058 已付香港利得税净额 Net Hong Kong Profits Tax paid (12,980) (5,259) 经营活动所得现金净额 Net cash generated from operating activities 586,452 650,108 83 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

			二零二五年		二零二四年
			2025		2024
		附注	千元	千元	千元	千元
		Notes	$’000	$’000	$’000	$’000
经营活动	Operating activities
除税前溢利	Profit before taxation		38,649		65,125
调整项目：	Adjustments for:
其他物业、机器和设备折旧	Depreciation for other property, plant and equipment	6(b), 11(a)	103,429		93,733
使用权资产折旧	Depreciation for right-of-use assets	6(b), 12	419,537		406,720
其他物业、机器和设备的减值亏损	Impairment losses on other property, plant and equipment	11(a), 11(d)	10,993		11,125
使用权资产的减值亏损	Impairment losses on right-of-use assets	11(d), 12	25,389		21,509
融资成本	Finance costs	6(a)	33,677		33,366
利息收入	Interest income	5	(24,257)		(28,113)
处置其他物业、机器和设备的亏损净额	Net loss on disposal of other property, plant and equipment	5	6,231		7,704
投资物业估值亏损	Valuation losses on investment properties	11(b)	1,150		1,020
以权益结算的以股份为基础的支付	Equity-settled share-based payment expenses	6(b)	1,662		2,246
租赁修正收益	Gain on lease modifications	5	(24,546)		(10,290)
营运资本变动前经营利润	Operating profit before changes in working capital		591,914		604,145
营运资本变动：	Changes in working capital:
存货（增加）╱减少	(Increase)/decrease in inventories		(1,631)		2,973
已付租金按金（增加）╱ 减少	(Increase)/decrease in rental deposits paid		(581)		4,633
应收账款和其他应收款减少╱（增加）	Decrease/(increase) in trade and other receivables		7,899		(9,698)
应付账款和其他应付账款（减少）╱增加	(Decrease)/increase in trade and other payables		(22,976)		24,625
已收租金按金（减少）╱ 增加	(Decrease)/increase in rental deposits received		(121)		28
长期服务金责任增加	Increase in long service payment obligation	24	4,977		2,673
已动用重修成本准备	Provision for reinstatement costs utilised	23	(3,444)		(2,070)
经营所得现金	Cash generated from operations		576,037		627,309
已收利息	Interest received		23,395		28,058
已付香港利得税净额	Net Hong Kong Profits Tax paid		(12,980)		(5,259)
经营活动所得现金净额	Net cash generated from operating activities			586,452		650,108

综合现金流量表 CONSOLIDATED CASH FLOW STATEMENT 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)
二零二五年二零二四年 2025 2024 附注千元千元千元千元 Notes $’000 $’000 $’000 $’000 投资活动 Investing activities 购入其他物业、机器和 Payment for purchase of other property, plant and 设备付款 equipment (163,015) (119,567) 购买其他物业、机器和 Deposits paid for purchase of other property, plant and 设备支付的按金 equipment (8,168) – 处置其他物业、机器和 Net proceeds from disposal of other property, plant and 设备所得款项净额 equipment 93 762 存放逾三个月后到期的 Placement of bank deposits with more than three months 银行存款 to maturity (207,475) (102,661) 提取逾三个月后到期的 Withdrawal of bank deposits with more than three 银行存款 months to maturity 102,661 60,000 已收租赁租金的资本部分 Capital element of lease rentals receipt – 626 已收租赁租金的利息部分 Interest element of lease rentals receipt – 2 投资活动所用现金净额 Net cash used in investing activities (275,904) (160,838) 融资活动 Financing activities 已付股息 Dividends paid 26(b) (45,344) (72,549) 新增银行借款 New bank borrowings raised 23,954 4,965 偿还银行借款 Repayment of bank borrowings (18,535) (4,965) 已付租赁租金的资本部分 Capital element of lease rentals paid 17(b) (436,633) (431,355) 已付融资成本 Finance costs paid 6(a) (33,677) (33,366) 融资活动所用现金净额 Net cash used in financing activities (510,235) (537,270) 现金和现金等价物减少 Net decrease in cash and cash 净额 equivalents (199,687) (48,000) 于四月一日的现金 Cash and cash equivalents 和现金等价物 at 1 April 538,322 586,758 外币汇率变动的影响 Effect of foreign exchange rate changes (457) (436) 于三月三十一日的现金 Cash and cash equivalents 和现金等价物 at 31 March 17(a) 338,178 538,322 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 84

综合现金流量表 CONSOLIDATED CASH FLOW STATEMENT 截至二零二五年三月三十一日止年度（以港币列示） For the year ended 31 March 2025 (Expressed in Hong Kong dollars)

二零二五年二零二四年 2025 2024 附注千元千元千元千元 Notes $’000 $’000 $’000 $’000 投资活动 Investing activities 购入其他物业、机器和 Payment for purchase of other property, plant and 设备付款 equipment (163,015) (119,567) 购买其他物业、机器和 Deposits paid for purchase of other property, plant and 设备支付的按金 equipment (8,168) – 处置其他物业、机器和 Net proceeds from disposal of other property, plant and 设备所得款项净额 equipment 93 762 存放逾三个月后到期的 Placement of bank deposits with more than three months 银行存款 to maturity (207,475) (102,661) 提取逾三个月后到期的 Withdrawal of bank deposits with more than three 银行存款 months to maturity 102,661 60,000 已收租赁租金的资本部分 Capital element of lease rentals receipt – 626 已收租赁租金的利息部分 Interest element of lease rentals receipt – 2 投资活动所用现金净额 Net cash used in investing activities (275,904) (160,838) 融资活动 Financing activities 已付股息 Dividends paid 26(b) (45,344) (72,549) 新增银行借款 New bank borrowings raised 23,954 4,965 偿还银行借款 Repayment of bank borrowings (18,535) (4,965) 已付租赁租金的资本部分 Capital element of lease rentals paid 17(b) (436,633) (431,355) 已付融资成本 Finance costs paid 6(a) (33,677) (33,366) 融资活动所用现金净额 Net cash used in financing activities (510,235) (537,270) 现金和现金等价物减少 Net decrease in cash and cash 净额 equivalents (199,687) (48,000) 于四月一日的现金 Cash and cash equivalents 和现金等价物 at 1 April 538,322 586,758 外币汇率变动的影响 Effect of foreign exchange rate changes (457) (436) 于三月三十一日的现金 Cash and cash equivalents 和现金等价物 at 31 March 17(a) 338,178 538,322 第85至第178页的附注属本综合财务报表的 The notes on pages 85 to 178 form part of these consolidated 一部分。 financial statements. 84

			二零二五年		二零二四年
			2025		2024
		附注	千元	千元	千元	千元
		Notes	$’000	$’000	$’000	$’000
投资活动	Investing activities
购入其他物业、机器和设备付款	Payment for purchase of other property, plant and equipment		(163,015)		(119,567)
购买其他物业、机器和设备支付的按金	Deposits paid for purchase of other property, plant and equipment		(8,168)		–
处置其他物业、机器和设备所得款项净额	Net proceeds from disposal of other property, plant and equipment		93		762
存放逾三个月后到期的银行存款	Placement of bank deposits with more than three months to maturity		(207,475)		(102,661)
提取逾三个月后到期的银行存款	Withdrawal of bank deposits with more than three months to maturity		102,661		60,000
已收租赁租金的资本部分	Capital element of lease rentals receipt		–		626
已收租赁租金的利息部分	Interest element of lease rentals receipt		–		2
投资活动所用现金净额	Net cash used in investing activities			(275,904)		(160,838)
融资活动	Financing activities
已付股息	Dividends paid	26(b)	(45,344)		(72,549)
新增银行借款	New bank borrowings raised		23,954		4,965
偿还银行借款	Repayment of bank borrowings		(18,535)		(4,965)
已付租赁租金的资本部分	Capital element of lease rentals paid	17(b)	(436,633)		(431,355)
已付融资成本	Finance costs paid	6(a)	(33,677)		(33,366)
融资活动所用现金净额	Net cash used in financing activities			(510,235)		(537,270)
现金和现金等价物减少净额	Net decrease in cash and cash equivalents			(199,687)		(48,000)
于四月一日的现金和现金等价物	Cash and cash equivalents at 1 April			538,322		586,758
外币汇率变动的影响	Effect of foreign exchange rate changes			(457)		(436)
于三月三十一日的现金和现金等价物	Cash and cash equivalents at 31 March	17(a)		338,178		538,322

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)
1 一般信息 1 GENERAL INFORMATION 大快活集团有限公司（「本公司」）为一 Fairwood Holdings Limited (the “Company”) is an exempted 家在百慕达注册成立的获豁免有限公 company incorporated in Bermuda with limited liability and its 司，其股份在香港联合交易所有限公司 shares are listed on The Stock Exchange of Hong Kong Limited （「联交所」）上市。本公司主要股东包括 (the “Stock Exchange”). The substantial shareholders of the Neblett Investments Limited（「Neblett」）， Company include Neblett Investments Limited (“Neblett”), 为一家在英属维尔京群岛注册成立的 a company incorporated in the British Virgin Islands (“BVI”) 公司及CFJ Holdings Limited（「CFJ」）， and CFJ Holdings Limited (“CFJ”), a company incorporated 为一家在库克群岛注册成立的公司。 in the Cook Islands. Neblett is 100% owned by Winning Neblett乃由一家在英属维尔京群岛注册 Spirit International Corp. (“WSIC”) which is incorporated in 成立的Winning Spirit International Corp. BVI. WSIC and CFJ are beneficially owned by two separate （「WSIC」）拥有100%权益。WSIC及CFJ乃 trusts of which Mr Dennis Lo Hoi Yeung and Mr Lo Fai Shing 为两间不同信托实益拥有而以罗开扬先 Francis, Non-executive Chairman and Executive Vice Chairman 生（本公司非执行主席）及罗辉承先生（本 of the Company respectively, are the discretionary objects 公司执行副主席）为酌情权益对象的公 of these trusts. The addresses of the registered office and 司。本公司注册办事处及主要营业地点 principal place of business of the Company are disclosed in the 的地址已于年报公司资料部分内披露。 corporate information section in the annual report. 2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息 FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (a) 合规声明 (a) Statement of compliance 本综合财务报表是按照香港会计师公 These consolidated financial statements have been 会（「香港会计师公会」）颁布的《香港 prepared in accordance with HKFRS Accounting Standards 财务报告会计准则》编制。此外，本 as issued by the Hong Kong Institute of Certified Public 综合财务报表包括香港联合交易所有 Accountants (the “HKICPA”). In addition, the consolidated 限公司证券上市规则（「上市规则」） financial statements include applicable disclosure required 和香港《公司条例》规定的适用披露要 by the Rules Governing the Listing of Securities on The 求。以下是本公司及各附属公司（统 Stock Exchange of Hong Kong Limited (the “Listing Rules”) 称为「本集团」）采用的重大会计政策 and by the Hong Kong Companies Ordinance. Material 信息。 accounting policy information adopted by the Company and its subsidiaries (together referred to as the “Group”) are disclosed below. 香港会计师公会颁布了若干新订和经 The HKICPA has issued certain new and revised HKFRS 修订的《香港财务报告会计准则》。这 Accounting Standards that are first effective or available 些准则在本集团当前的会计期间开始 for early adoption for the current accounting period of 生效或可供提早采用。在与本集团有 the Group. Note 2(c) provides information on any changes 关的范围内初始应用这些新订和经修 in accounting policies resulting from initial application of 订的准则所引致当前和以往会计期间 these developments to the extent that they are relevant 的任何会计政策变动，已于本综合财 to the Group for the current and prior accounting periods 务报表内反映，有关资料载列于附注 reflected in these consolidated financial statements. 2(c)。 85 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

1 一般信息 1 GENERAL INFORMATION 大快活集团有限公司（「本公司」）为一 Fairwood Holdings Limited (the “Company”) is an exempted 家在百慕达注册成立的获豁免有限公 company incorporated in Bermuda with limited liability and its 司，其股份在香港联合交易所有限公司 shares are listed on The Stock Exchange of Hong Kong Limited （「联交所」）上市。本公司主要股东包括 (the “Stock Exchange”). The substantial shareholders of the Neblett Investments Limited（「Neblett」）， Company include Neblett Investments Limited (“Neblett”), 为一家在英属维尔京群岛注册成立的 a company incorporated in the British Virgin Islands (“BVI”) 公司及CFJ Holdings Limited（「CFJ」）， and CFJ Holdings Limited (“CFJ”), a company incorporated 为一家在库克群岛注册成立的公司。 in the Cook Islands. Neblett is 100% owned by Winning Neblett乃由一家在英属维尔京群岛注册 Spirit International Corp. (“WSIC”) which is incorporated in 成立的Winning Spirit International Corp. BVI. WSIC and CFJ are beneficially owned by two separate （「WSIC」）拥有100%权益。WSIC及CFJ乃 trusts of which Mr Dennis Lo Hoi Yeung and Mr Lo Fai Shing 为两间不同信托实益拥有而以罗开扬先 Francis, Non-executive Chairman and Executive Vice Chairman 生（本公司非执行主席）及罗辉承先生（本 of the Company respectively, are the discretionary objects 公司执行副主席）为酌情权益对象的公 of these trusts. The addresses of the registered office and 司。本公司注册办事处及主要营业地点 principal place of business of the Company are disclosed in the 的地址已于年报公司资料部分内披露。 corporate information section in the annual report. 2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息 FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (a) 合规声明 (a) Statement of compliance 本综合财务报表是按照香港会计师公 These consolidated financial statements have been 会（「香港会计师公会」）颁布的《香港 prepared in accordance with HKFRS Accounting Standards 财务报告会计准则》编制。此外，本 as issued by the Hong Kong Institute of Certified Public 综合财务报表包括香港联合交易所有 Accountants (the “HKICPA”). In addition, the consolidated 限公司证券上市规则（「上市规则」） financial statements include applicable disclosure required 和香港《公司条例》规定的适用披露要 by the Rules Governing the Listing of Securities on The 求。以下是本公司及各附属公司（统 Stock Exchange of Hong Kong Limited (the “Listing Rules”) 称为「本集团」）采用的重大会计政策 and by the Hong Kong Companies Ordinance. Material 信息。 accounting policy information adopted by the Company and its subsidiaries (together referred to as the “Group”) are disclosed below. 香港会计师公会颁布了若干新订和经 The HKICPA has issued certain new and revised HKFRS 修订的《香港财务报告会计准则》。这 Accounting Standards that are first effective or available 些准则在本集团当前的会计期间开始 for early adoption for the current accounting period of 生效或可供提早采用。在与本集团有 the Group. Note 2(c) provides information on any changes 关的范围内初始应用这些新订和经修 in accounting policies resulting from initial application of 订的准则所引致当前和以往会计期间 these developments to the extent that they are relevant 的任何会计政策变动，已于本综合财 to the Group for the current and prior accounting periods 务报表内反映，有关资料载列于附注 reflected in these consolidated financial statements. 2(c)。 85 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)
2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (b) 综合财务报表的编制基础 (b) Basis of preparation of the consolidated financial statements 截至二零二五年三月三十一日止年度 The consolidated financial statements for the year ended 的综合财务报表涵盖本集团。 31 March 2025 comprise the Group. 于二零二五年三月三十一日，本集团 As at 31 March 2025, the Group’s total current assets were 的流动资产总值为703,181,000元（二 $703,181,000 (2024: $796,398,000) and total current 零二四年：796,398,000元），而流动 liabilities were $812,659,000 (2024: $858,343,000). 负债总值为812,659,000元（二零二四 As a result, the Group recorded net current liabilities 年：858,343,000元）。因此，本集 of $109,478,000 (2024: $61,945,000) mainly due to 团录得流动负债净值为109,478,000 lease liabilities of $372,430,000 (2024: $389,911,000) 元（二零二四年：61,945,000元）， recognised under current liabilities. 主要由于本集团确认流动负债下为数 372,430,000元的租赁负债（二零二四年：389,911,000元）。尽管于二零二五年三月三十一日存 Despite the net current liabilities as at 31 March 2025, 在流动负债净值，但本集团于该日 the Group’s bank deposits and cash and cash equivalents 的银行存款及现金和现金等价物 amounted to $545,653,000 (2024: $640,983,000) and 为545,653,000元（二零二四年： unutilised banking facilities amounted to $206,140,000 640,983,000元）及尚未动用之银行 (2024: $231,263,000) on the same day, the Group also 备用信贷额为206,140,000元（二零 reported a profit before taxation of $38,649,000 (2024: 二四年：231,263,000元）。本集团 $65,125,000) and recorded net cash generated from 在截至二零二五年三月三十一日止年 operating activities of $586,452,000 (2024: $650,108,000) 度内列报的除税前溢利为38,649,000 during the year ended 31 March 2025. Furthermore, based 元（二零二四年：65,125,000元）， on the cash flow projection prepared by management 且录得的经营活动产生的现金净额 which covers a period of not less than twelve months 为586,452,000元（二零二四年： from 31 March 2025, the directors of the Company are 650,108,000元）。此外，根据管理层 of the opinion that anticipated cash flows generated from 编制的涵盖自二零二五年三月三十一 the Group’s operations and unutilised banking facilities 日起不少于十二个月期间的现金流量 can strengthen the Group’s financial position and enable 预测，本公司董事认为，本集团经营 the Group to have sufficient financial resources to meet 产生的预期现金流量及尚未动用之银 its financial obligations as and when they fall due in the 行备用信贷额，将进一步巩固本集团 coming twelve months from 31 March 2025. Accordingly, 的财务状况，以使本集团有足够的 the Group’s consolidated financial statements have been 财务资源来履行自二零二五年三月 prepared on a going concern basis. 三十一日起未来十二个月内的财务责任。因此，本集团综合财务报表按持续经营基准编制。 86

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (b) 综合财务报表的编制基础 (b) Basis of preparation of the consolidated financial statements 截至二零二五年三月三十一日止年度 The consolidated financial statements for the year ended 的综合财务报表涵盖本集团。 31 March 2025 comprise the Group. 于二零二五年三月三十一日，本集团 As at 31 March 2025, the Group’s total current assets were 的流动资产总值为703,181,000元（二 $703,181,000 (2024: $796,398,000) and total current 零二四年：796,398,000元），而流动 liabilities were $812,659,000 (2024: $858,343,000). 负债总值为812,659,000元（二零二四 As a result, the Group recorded net current liabilities 年：858,343,000元）。因此，本集 of $109,478,000 (2024: $61,945,000) mainly due to 团录得流动负债净值为109,478,000 lease liabilities of $372,430,000 (2024: $389,911,000) 元（二零二四年：61,945,000元）， recognised under current liabilities. 主要由于本集团确认流动负债下为数 372,430,000元的租赁负债（二零二四年：389,911,000元）。尽管于二零二五年三月三十一日存 Despite the net current liabilities as at 31 March 2025, 在流动负债净值，但本集团于该日 the Group’s bank deposits and cash and cash equivalents 的银行存款及现金和现金等价物 amounted to $545,653,000 (2024: $640,983,000) and 为545,653,000元（二零二四年： unutilised banking facilities amounted to $206,140,000 640,983,000元）及尚未动用之银行 (2024: $231,263,000) on the same day, the Group also 备用信贷额为206,140,000元（二零 reported a profit before taxation of $38,649,000 (2024: 二四年：231,263,000元）。本集团 $65,125,000) and recorded net cash generated from 在截至二零二五年三月三十一日止年 operating activities of $586,452,000 (2024: $650,108,000) 度内列报的除税前溢利为38,649,000 during the year ended 31 March 2025. Furthermore, based 元（二零二四年：65,125,000元）， on the cash flow projection prepared by management 且录得的经营活动产生的现金净额 which covers a period of not less than twelve months 为586,452,000元（二零二四年： from 31 March 2025, the directors of the Company are 650,108,000元）。此外，根据管理层 of the opinion that anticipated cash flows generated from 编制的涵盖自二零二五年三月三十一 the Group’s operations and unutilised banking facilities 日起不少于十二个月期间的现金流量 can strengthen the Group’s financial position and enable 预测，本公司董事认为，本集团经营 the Group to have sufficient financial resources to meet 产生的预期现金流量及尚未动用之银 its financial obligations as and when they fall due in the 行备用信贷额，将进一步巩固本集团 coming twelve months from 31 March 2025. Accordingly, 的财务状况，以使本集团有足够的 the Group’s consolidated financial statements have been 财务资源来履行自二零二五年三月 prepared on a going concern basis. 三十一日起未来十二个月内的财务责任。因此，本集团综合财务报表按持续经营基准编制。 86

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)
2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (b) 综合财务报表的编制基础（续） (b) Basis of preparation of the consolidated financial statements (continued) 除下文所载的会计政策另有订明外， The measurement basis used in the preparation of the 编制本综合财务报表时是以历史成本 consolidated financial statements is the historical cost basis 作为计量基准。 except as otherwise stated in the accounting policies set out below. 管理层需在编制符合《香港财务报告 The preparation of financial statements in conformity 会计准则》的财务报表时作出会对会 with HKFRS Accounting Standards requires management 计政策的应用，以及资产、负债、收 to make judgements, estimates and assumptions that 入和支出的报告数额构成影响的判 affect the application of policies and reported amounts 断、估计和假设。这些估计和相关假 of assets, liabilities, income and expenses. The estimates 设是根据以往经验和管理层因应当时 and associated assumptions are based on historical 情况认为合理的多项其他因素作出 experience and various other factors that are believed to be 的，其结果构成了管理层在无法依循 reasonable under the circumstances, the results of which 其他途径即时得知资产与负债的账面 form the basis of making the judgements about carrying 值时所作出判断的基础。实际结果可 values of assets and liabilities that are not readily apparent 能有别于估计数额。 from other sources. Actual results may differ from these estimates. 管理层会不断审阅各项估计和相关假 The estimates and underlying assumptions are reviewed 设。如果会计估计的修订只是影响某 on an ongoing basis. Revisions to accounting estimates are 一期间，其影响便会在该期间内确 recognised in the period in which the estimate is revised 认；如果修订对当前和未来期间均有 if the revision affects only that period, or in the period of 影响，则在作出修订的期间和未来期 the revision and future periods if the revision affects both 间确认。 current and future periods. 有关管理层在应用《香港财务报告会 Judgements made by management in the application of 计准则》时所作出对本综合财务报表 HKFRS Accounting Standards that have significant effect 有重大影响的判断，以及主要的估计 on the consolidated financial statements and major sources 数额不确定因素的讨论内容，载列于 of estimation uncertainty are discussed in note 3. 附注3。 87 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (b) 综合财务报表的编制基础（续） (b) Basis of preparation of the consolidated financial statements (continued) 除下文所载的会计政策另有订明外， The measurement basis used in the preparation of the 编制本综合财务报表时是以历史成本 consolidated financial statements is the historical cost basis 作为计量基准。 except as otherwise stated in the accounting policies set out below. 管理层需在编制符合《香港财务报告 The preparation of financial statements in conformity 会计准则》的财务报表时作出会对会 with HKFRS Accounting Standards requires management 计政策的应用，以及资产、负债、收 to make judgements, estimates and assumptions that 入和支出的报告数额构成影响的判 affect the application of policies and reported amounts 断、估计和假设。这些估计和相关假 of assets, liabilities, income and expenses. The estimates 设是根据以往经验和管理层因应当时 and associated assumptions are based on historical 情况认为合理的多项其他因素作出 experience and various other factors that are believed to be 的，其结果构成了管理层在无法依循 reasonable under the circumstances, the results of which 其他途径即时得知资产与负债的账面 form the basis of making the judgements about carrying 值时所作出判断的基础。实际结果可 values of assets and liabilities that are not readily apparent 能有别于估计数额。 from other sources. Actual results may differ from these estimates. 管理层会不断审阅各项估计和相关假 The estimates and underlying assumptions are reviewed 设。如果会计估计的修订只是影响某 on an ongoing basis. Revisions to accounting estimates are 一期间，其影响便会在该期间内确 recognised in the period in which the estimate is revised 认；如果修订对当前和未来期间均有 if the revision affects only that period, or in the period of 影响，则在作出修订的期间和未来期 the revision and future periods if the revision affects both 间确认。 current and future periods. 有关管理层在应用《香港财务报告会 Judgements made by management in the application of 计准则》时所作出对本综合财务报表 HKFRS Accounting Standards that have significant effect 有重大影响的判断，以及主要的估计 on the consolidated financial statements and major sources 数额不确定因素的讨论内容，载列于 of estimation uncertainty are discussed in note 3. 附注3。 87 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)
2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (c) 会计政策的修订 (c) Changes in accounting policies (i) 本年度强制生效的《香港财务报告 (i) Amendments to HKFRS Accounting Standards that 会计准则》之修订 are mandatorily effective for the current year 于本年度，本集团已首次应用由 In the current year, the Group has applied the following 香港会计师公会颁布并于二零 amendments to HKFRS Accounting Standards issued 二四年四月一日开始的年度期间 by the HKICPA for the first time, which are mandatorily 强制生效的以下经修订《香港财务 effective for the annual period beginning on 1 April 报告会计准则》，以编制综合财务 2024 for the preparation of the consolidated financial 报表： statements: 《香港财务报告准则》售后租回交易 Amendments to Lease Liability in a Sale and Leaseback 第16号之修订中的租赁 HKFRS 16 负债《香港会计准则》将负债分类为 Amendments to Classification of Liabilities as Current or 第1号之修订流动负债或 HKAS 1 Non-current and related amendments 非流动负债 to Hong Kong Interpretation 5 (2020) 及香港诠释第5号（二零二零年）之相关修订《香港会计准则》附有契约的非 Amendments to Non-current Liabilities with Covenants 第1号之修订流动负债 HKAS 1 《香港会计准则》供应商融资 Amendments to Supplier Finance Arrangements 第7号及《香港财务安排 HKAS 7 and 报告准则》第7号之 HKFRS 7 修订于本年度应用经修订《香港财务报 The application of the amendments to HKFRS 告会计准则》不会对本集团于本年 Accounting Standards in the current year has had no 度及过往年度的财务状况及表现 material impact on the Group’s financial positions and 及╱或该等综合财务报表所载的 performance for the current and prior years and/or on 披露产生重大影响。本集团并无 the disclosures set out in these consolidated financial 应用任何于本会计期间尚未生效 statements. The Group has not applied any new 的新准则或诠释。 standard or interpretation that is not yet effective for the current accounting period. 88

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (c) 会计政策的修订 (c) Changes in accounting policies (i) 本年度强制生效的《香港财务报告 (i) Amendments to HKFRS Accounting Standards that 会计准则》之修订 are mandatorily effective for the current year 于本年度，本集团已首次应用由 In the current year, the Group has applied the following 香港会计师公会颁布并于二零 amendments to HKFRS Accounting Standards issued 二四年四月一日开始的年度期间 by the HKICPA for the first time, which are mandatorily 强制生效的以下经修订《香港财务 effective for the annual period beginning on 1 April 报告会计准则》，以编制综合财务 2024 for the preparation of the consolidated financial 报表： statements: 《香港财务报告准则》售后租回交易 Amendments to Lease Liability in a Sale and Leaseback 第16号之修订中的租赁 HKFRS 16 负债《香港会计准则》将负债分类为 Amendments to Classification of Liabilities as Current or 第1号之修订流动负债或 HKAS 1 Non-current and related amendments 非流动负债 to Hong Kong Interpretation 5 (2020) 及香港诠释第5号（二零二零年）之相关修订《香港会计准则》附有契约的非 Amendments to Non-current Liabilities with Covenants 第1号之修订流动负债 HKAS 1 《香港会计准则》供应商融资 Amendments to Supplier Finance Arrangements 第7号及《香港财务安排 HKAS 7 and 报告准则》第7号之 HKFRS 7 修订于本年度应用经修订《香港财务报 The application of the amendments to HKFRS 告会计准则》不会对本集团于本年 Accounting Standards in the current year has had no 度及过往年度的财务状况及表现 material impact on the Group’s financial positions and 及╱或该等综合财务报表所载的 performance for the current and prior years and/or on 披露产生重大影响。本集团并无 the disclosures set out in these consolidated financial 应用任何于本会计期间尚未生效 statements. The Group has not applied any new 的新准则或诠释。 standard or interpretation that is not yet effective for the current accounting period. 88

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)
2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (c) 会计政策的修订（续） (c) Changes in accounting policies (continued) (ii) 已颁布但尚未生效的新订及经修 (ii) New and amendments to HKFRS Accounting 订的《香港财务报告会计准则》 Standards in issue but not yet effective 本集团并无提早应用以下已颁布 The Group has not early applied the following new and 但尚未生效的新订及经修订的《香 amendments to HKFRS Accounting Standards that have 港财务报告会计准则》： been issued but are not yet effective: 《香港财务报告准则》对金融工具的 Amendments to Amendments to the Classification and 第9号及《香港财务分类及计量 HKFRS 9 and Measurement of Financial Instruments3 报告准则》第7号之之修订3 HKFRS 7 修订《香港财务报告准则》依赖自然能源 Amendments to Contracts Referencing Nature-dependent 第9号及《香港财务之电力的 HKFRS 9 and Electricity3 报告准则》第7号之合约3 HKFRS 7 修订《香港财务报告准则》投资者与其联 Amendments to Sale or Contribution of Assets between 第10号及《香港会营或合营企 HKFRS 10 and an Investor and its Associate or Joint 计准则》第28号之业之间的资 HKAS 28 Venture1 修订产出售或注资1 《香港财务报告会计香港财务报告 Amendments Annual Improvements to HKFRS 准则》之修订会计准则的 to HKFRS Accounting Standards – Volume 113 年度改进－ Accounting 第11卷3 Standards 《香港会计准则》第21 缺乏可兑换性2 Amendments to Lack of Exchangeability2 号之修订 HKAS 21 《香港财务报告准则》财务报表呈列 HKFRS 18 Presentation and Disclosure in Financial 第18号及披露4 Statements4 1 于待定日期或之后开始的年度期间生 1 Effective for annual periods beginning on or after a date to be 效。 determined. 2 于二零二五年一月一日或之后开始的年 2 Effective for annual periods beginning on or after 1 January 2025. 度期间生效。 3 于二零二六年一月一日或之后开始的年 3 Effective for annual periods beginning on or after 1 January 2026. 度期间生效。 4 于二零二七年一月一日或之后开始的年 4 Effective for annual periods beginning on or after 1 January 2027. 度期间生效。 89 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (c) 会计政策的修订（续） (c) Changes in accounting policies (continued) (ii) 已颁布但尚未生效的新订及经修 (ii) New and amendments to HKFRS Accounting 订的《香港财务报告会计准则》 Standards in issue but not yet effective 本集团并无提早应用以下已颁布 The Group has not early applied the following new and 但尚未生效的新订及经修订的《香 amendments to HKFRS Accounting Standards that have 港财务报告会计准则》： been issued but are not yet effective: 《香港财务报告准则》对金融工具的 Amendments to Amendments to the Classification and 第9号及《香港财务分类及计量 HKFRS 9 and Measurement of Financial Instruments3 报告准则》第7号之之修订3 HKFRS 7 修订《香港财务报告准则》依赖自然能源 Amendments to Contracts Referencing Nature-dependent 第9号及《香港财务之电力的 HKFRS 9 and Electricity3 报告准则》第7号之合约3 HKFRS 7 修订《香港财务报告准则》投资者与其联 Amendments to Sale or Contribution of Assets between 第10号及《香港会营或合营企 HKFRS 10 and an Investor and its Associate or Joint 计准则》第28号之业之间的资 HKAS 28 Venture1 修订产出售或注资1 《香港财务报告会计香港财务报告 Amendments Annual Improvements to HKFRS 准则》之修订会计准则的 to HKFRS Accounting Standards – Volume 113 年度改进－ Accounting 第11卷3 Standards 《香港会计准则》第21 缺乏可兑换性2 Amendments to Lack of Exchangeability2 号之修订 HKAS 21 《香港财务报告准则》财务报表呈列 HKFRS 18 Presentation and Disclosure in Financial 第18号及披露4 Statements4 1 于待定日期或之后开始的年度期间生 1 Effective for annual periods beginning on or after a date to be 效。 determined. 2 于二零二五年一月一日或之后开始的年 2 Effective for annual periods beginning on or after 1 January 2025. 度期间生效。 3 于二零二六年一月一日或之后开始的年 3 Effective for annual periods beginning on or after 1 January 2026. 度期间生效。 4 于二零二七年一月一日或之后开始的年 4 Effective for annual periods beginning on or after 1 January 2027. 度期间生效。 89 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)
2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (c) 会计政策的修订（续） (c) Changes in accounting policies (continued) (ii) 已颁布但尚未生效的新订及经修 (ii) New and amendments to HKFRS Accounting 订的《香港财务报告会计准则（》续） Standards in issue but not yet effective (continued) 除《香港财务报告准则》第18号「财 Except as HKFRS 18, “Presentation and Disclosure in 务报表呈列及披露」（「香港财务 Financial Statements” (“HKFRS 18”) which introduces 报告准则第18号」）引入的新规定 new requirements to present specified categories and （即于综合损益表中呈列指定类别 defined subtotals in the consolidated statement of 及经界定的小计、于综合财务报 profit or loss, provide disclosures on management- 表附注中就管理层厘定的绩效指 defined performance measures (MPMs) in the notes 标提供披露以及改进汇总及分类） to the consolidated financial statements, and improve 外，《香港财务报告准则》第18号 aggregation and disaggregation, the application of 的应用及其他准则的修订预期将 HKFRS 18, and amendments to other standards, is 影响综合损益及其他全面收益表 expected to affect the presentation of the consolidated 的呈列及未来财务报表的披露。 statement of profit or loss and other comprehensive 本集团正在评估《香港财务报告准 income and disclosures in the future financial 则》第18号对本集团综合财务报表 statements. The Group is in the process of assessing 的具体影响。 the detailed impact of HKFRS 18 on the Group’s consolidated financial statements. 除上文所述，本公司董事预期应 Other than the above, the directors of the Company 用其他经修订《香港财务报告会计 anticipate that the application of the other amendments 准则》于可见将来不会对综合财务 to HKFRS Accounting Standards will have no material 报表造成重大影响。 impact on the consolidated financial statements in the foreseeable future. 90

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (c) 会计政策的修订（续） (c) Changes in accounting policies (continued) (ii) 已颁布但尚未生效的新订及经修 (ii) New and amendments to HKFRS Accounting 订的《香港财务报告会计准则（》续） Standards in issue but not yet effective (continued) 除《香港财务报告准则》第18号「财 Except as HKFRS 18, “Presentation and Disclosure in 务报表呈列及披露」（「香港财务 Financial Statements” (“HKFRS 18”) which introduces 报告准则第18号」）引入的新规定 new requirements to present specified categories and （即于综合损益表中呈列指定类别 defined subtotals in the consolidated statement of 及经界定的小计、于综合财务报 profit or loss, provide disclosures on management- 表附注中就管理层厘定的绩效指 defined performance measures (MPMs) in the notes 标提供披露以及改进汇总及分类） to the consolidated financial statements, and improve 外，《香港财务报告准则》第18号 aggregation and disaggregation, the application of 的应用及其他准则的修订预期将 HKFRS 18, and amendments to other standards, is 影响综合损益及其他全面收益表 expected to affect the presentation of the consolidated 的呈列及未来财务报表的披露。 statement of profit or loss and other comprehensive 本集团正在评估《香港财务报告准 income and disclosures in the future financial 则》第18号对本集团综合财务报表 statements. The Group is in the process of assessing 的具体影响。 the detailed impact of HKFRS 18 on the Group’s consolidated financial statements. 除上文所述，本公司董事预期应 Other than the above, the directors of the Company 用其他经修订《香港财务报告会计 anticipate that the application of the other amendments 准则》于可见将来不会对综合财务 to HKFRS Accounting Standards will have no material 报表造成重大影响。 impact on the consolidated financial statements in the foreseeable future. 90

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)
2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (d) 附属公司 (d) Subsidiaries 附属公司是指受本集团控制的实体。 Subsidiaries are entities controlled by the Group. The 当本集团因参与实体业务而承担可变 Group controls an entity when it is exposed, or has rights, 动回报的风险或因此享有可变动回 to variable returns from its involvement with the entity and 报，且有能力透过向实体施加权力而 has the ability to affect those returns through its power 影响该等回报时，则本集团控制该实 over the entity. When assessing whether the Group has 体。在评估本集团是否拥有上述权力 power, only substantive rights (held by the Group and 时，仅考虑（本集团和其他方所持有 other parties) are considered. 的）实质权利。于附属公司的投资由控制开始当日至 An investment in a subsidiary is consolidated into the 控制终止当日在综合财务报表中合并 consolidated financial statements from the date that 计算。集团内部往来的结余、交易和 control commences until the date that control ceases. 现金流量，以及集团内部交易所产生 Intra-group balances, transactions and cash flows and any 的任何未变现溢利，会在编制综合财 unrealised profits arising from intra-group transactions are 务报表时全数抵销。集团内部交易所 eliminated in full in preparing the consolidated financial 引致未变现亏损的抵销方法与未变现 statements. Unrealised losses resulting from intra-group 收益相同，但抵销额只限于没有证据 transactions are eliminated in the same way as unrealised 显示已出现减值的部分。 gains but only to the extent that there is no evidence of impairment. 在本公司财务状况表内，于附属公司 In the Company’s statement of financial position, an 的投资是按成本减去减值亏损（参阅 investment in a subsidiary is stated at cost less impairment 附注2(i)(i)）后列账。 losses (see note 2(i)(i)). 91 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (d) 附属公司 (d) Subsidiaries 附属公司是指受本集团控制的实体。 Subsidiaries are entities controlled by the Group. The 当本集团因参与实体业务而承担可变 Group controls an entity when it is exposed, or has rights, 动回报的风险或因此享有可变动回 to variable returns from its involvement with the entity and 报，且有能力透过向实体施加权力而 has the ability to affect those returns through its power 影响该等回报时，则本集团控制该实 over the entity. When assessing whether the Group has 体。在评估本集团是否拥有上述权力 power, only substantive rights (held by the Group and 时，仅考虑（本集团和其他方所持有 other parties) are considered. 的）实质权利。于附属公司的投资由控制开始当日至 An investment in a subsidiary is consolidated into the 控制终止当日在综合财务报表中合并 consolidated financial statements from the date that 计算。集团内部往来的结余、交易和 control commences until the date that control ceases. 现金流量，以及集团内部交易所产生 Intra-group balances, transactions and cash flows and any 的任何未变现溢利，会在编制综合财 unrealised profits arising from intra-group transactions are 务报表时全数抵销。集团内部交易所 eliminated in full in preparing the consolidated financial 引致未变现亏损的抵销方法与未变现 statements. Unrealised losses resulting from intra-group 收益相同，但抵销额只限于没有证据 transactions are eliminated in the same way as unrealised 显示已出现减值的部分。 gains but only to the extent that there is no evidence of impairment. 在本公司财务状况表内，于附属公司 In the Company’s statement of financial position, an 的投资是按成本减去减值亏损（参阅 investment in a subsidiary is stated at cost less impairment 附注2(i)(i)）后列账。 losses (see note 2(i)(i)). 91 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (e) 商誉 (e) Goodwill 商誉指以下二者之间的差额： Goodwill represents the excess of: (i) 收购对价的公允价值及本集团以 (i) the aggregate of the fair value of the consideration 前持有被收购方权益的公允价值 transferred and the fair value of the Group’s previously 之总额；超过 held equity interest in the acquiree; over (ii) 于收购日计量被收购者的可辨认 (ii) the net fair value of the acquiree’s identifiable assets 资产和负债净公允价值的数额。 and liabilities measured as at the acquisition date. 当(ii)大于(i)时，则差额实时于损益确 When (ii) is greater than (i), then this excess is recognised 认为议价购买收益。 immediately in profit or loss as a gain on a bargain purchase. 商誉按成本减累计减值亏损列账。来 Goodwill is stated at cost less accumulated impairment 自业务合并之商誉将分配至预期可受 losses. Goodwill arising on a business combination is 惠于合并协同效益之各现金产生单位 allocated to each cash-generating unit, or groups of cash- 或现金产生单位组合，并每年进行减 generating units, that is expected to benefit from the 值测试（见附注2(i)(i)）。 synergies of the combination and is tested annually for impairment (see note 2(i)(i)). (f) 投资物业 (f) Investment properties 投资物业是指为赚取租金收入及╱或 Investment properties are land and/or buildings which are 为资本增值而拥有或根据租赁权益 owned or held under a leasehold interest (see note 2(h)) to （参阅附注2(h)）持有的土地及╱或建 earn rental income and/or for capital appreciation. 筑物。投资物业按公允价值记账。投资物业 Investment properties are stated at fair value. Any gain 公允价值的变动，或报废或处置投资 or loss arising from a change in fair value or from the 物业所产生的任何收益或亏损均在损 retirement or disposal of an investment property is 益中确认。投资物业的租金收入是按 recognised in the profit or loss. Rental income from 照附注2(s)(ii)所述方式入账。 investment properties is accounted for as described in note 2(s)(ii). 92

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (f) 投资物业（续） (f) Investment properties (continued) 比较期间内，如果本集团以经营租赁 In the comparative period, when the Group held a property 持有物业权益且利用该物业赚取租金 interest under an operating lease and used the property 收入及╱或为资本增值，有关的权益 to earn rental income and/or for capital appreciation, 会以每项物业为基础逐项划归为投资 the Group could elect on a property-by-property basis to 物业，并据此入账。划归为投资物业 classify and account for such interest as an investment 的任何物业权益的入账方式与以融 property. Any such property interest which had been 资租赁（参阅附注2(h)）持有的权益一 classified as an investment property was accounted for as if 样，而其适用的会计政策也跟以融资 it were held under a finance lease (see note 2(h)), and the 租赁出租的其他投资物业相同。租赁 same accounting policies were applied to that interest as 付款的入账方式载列于附注2(h)。 were applied to other investment properties leased under finance leases. Lease payments were accounted for as described in note 2(h). (g) 其他物业、机器和设备 (g) Other property, plant and equipment 以下物业、机器和设备项目以成本减 The following items of property, plant and equipment 去累计折旧和减值亏损（参阅附注2(i) are stated at cost less accumulated depreciation and (i)）后入账： impairment losses (see note 2(i)(i)): －本集团并非作为物业权益的注册 – right-of-use assets arising from leases over freehold 拥有人对永久业权物业或租赁物 or leasehold properties where the Group is not the 业相关的租赁所产生的使用权资 registered owner of the property interest; 产；－机器和设备项目，包括相关机器 – items of plant and equipment, including right-of- 和设备租赁产生的使用权资产（参 use assets arising from leases of underlying plant and 阅附注2(h)）；及 equipment (see note 2(h)); and －其他机器和设备项目（不包括刀叉 – other items of plant and equipment, except cutlery and 餐具及器皿（参阅下文））。 utensils (see below). 报废或处置其他物业、机器和设备项 Gains or losses arising from the retirement or disposal 目所产生的损益以处置所得款项净额 of an item of other property, plant and equipment are 与项目账面金额之间的差额厘定，并 determined as the difference between the net disposal 于报废或处置日在损益中确认。 proceeds and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal. 93 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (g) 其他物业、机器和设备（续） (g) Other property, plant and equipment (continued) 其他物业、机器和设备项目的折旧是 Depreciation is calculated to write off the cost of items of 以直线法在以下预计可用期限内冲销 other property, plant and equipment, less their estimated 其成本或估值（已扣除估计残值（如 residual value, if any, using the straight-line method over 有））计算： their estimated useful lives as follows: －租赁土地和建于尚余租赁期 – Leasehold land and Over the remaining lease 其上的建筑物 buildings situated thereon terms －持作自用的其他尚余租赁期 – Other properties held for Over the remaining lease 物业 own use terms －持作自用的租赁尚余租赁期 – Ownership interests in Over the remaining lease 土地拥有权权益 leasehold land held for terms own use －租赁物业改良工尚余租赁期 – Leasehold improvements Over the remaining lease 程 terms －冷气机尚余租赁期 – Air-conditioning plant Over the remaining lease terms －家私及设备每年10%–33% – Furniture and equipment 10%–33% per annum －汽车每年15% – Motor vehicles 15% per annum －电脑系统每年25% – Computer systems 25% per annum －其他每年10% – Others 10% per annum 本集团会每年审阅资产的可用期限和 Both the useful life of an asset and its residual value, if any, 残值（如有）。 are reviewed annually. 94

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (h) 租赁资产 (h) Leased assets 本集团于合约开始时对合约进行评 At inception of a contract, the Group assesses whether the 估，确定该合约是否为一项租赁或 contract is, or contains, a lease. A contract is, or contains, 者包含一项租赁。倘合约于一段时间 a lease if the contract conveys the right to control the use 内，为换取对价而转授一项可识别资 of an identified asset for a period of time in exchange for 产使用的控制权，则该合约是一项租 consideration. Control is conveyed where the customer has 赁或包含一项租赁。若客户不但拥有 both the right to direct the use of the identified asset and 主导权使用可识别资产，还有权获得 to obtain substantially all of the economic benefits from 使用可识别资产所产生的几乎全部经 that use. 济利益，则表示资产的使用权已转授。 (i) 作为承租人 (i) As a lessee 于租赁开始日，本集团确认使用 At the lease commencement date, the Group recognises 权资产和租赁负债（就本集团而 a right-of-use asset and a lease liability, except for 言，主要为餐厅），租赁期少于或 short-term leases that have a lease term of 12 months 等于十二个月的短期租赁除外。 or less, for the Group which are primarily restaurants. 与未进行资本化的租赁相关的租 The lease payments associated with those leases which 赁付款额于整个租赁期内有系统 are not capitalised are recognised as an expense on a 地确认为费用。 systematic basis over the lease term. 若租赁被资本化，租赁负债按照 Where the lease is capitalised, the lease liability is 租赁期内的应付租赁付款额按租 initially recognised at the present value of the lease 赁内含利率（若租赁内含利率无法 payments payable over the lease term, discounted 直接确定，则使用相关的增量借 using the interest rate implicit in the lease or, if that 款利率）折现后的现值进行初始确 rate cannot be readily determined, using a relevant 认。初始确认后，租赁负债按摊 incremental borrowing rate. After initial recognition, 销成本计量，并采用实际利率法 the lease liability is measured at amortised cost and 计算利息费用。不取决于指数或 interest expense is calculated using the effective interest 比率的可变租赁付款额不纳入租 method. Variable lease payments that do not depend on 赁负债的计量，因此在其发生的 an index or rate are not included in the measurement of 会计期间内在损益中列支。 the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred. 95 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (h) 租赁资产（续） (h) Leased assets (continued) (i) 作为承租人（续） (i) As a lessee (continued) 在资本化租赁时确认的使用权资 The right-of-use asset recognised when a lease is 产按成本初始计量。使用权资产 capitalised is initially measured at cost, which comprises 的成本包括租赁负债的初始金 the initial amount of the lease liability plus any lease 额，加上在租赁期开始日或之前 payments made at or before the commencement 支付的租赁付款额以及已发生的 date, and any initial direct costs incurred. Where 初始直接费用。在适用情况下， applicable, the cost of the right-of-use assets also 使用权资产的成本还包括估算的 includes an estimate of costs to dismantle and remove 拆卸及移除相关资产、或恢复相 the underlying asset or to restore the underlying asset 关资产或其所在场地的成本，并 or the site on which it is located, discounted to their 折现至现值，并减去收到的租赁 present value, less any lease incentives received. The 激励。除符合投资物业定义并按 right-of-use asset is subsequently stated at cost less 附注2(f)以公允价值列账的使用权 accumulated depreciation and impairment losses (see 资产以外，使用权资产后续按成 notes 2(g) and 2(i)(i)), except for right-of-use assets that 本减去累计折旧和减值亏损后的 meet the definition of investment property are carried 金额列账（参阅附注2(g)和2(i)(i)）。 at fair value in accordance with note 2(f). 如果指数或比率变化导致未来租 The lease liability is remeasured when there is a change 赁付款额发生变动，或者本集团 in future lease payments arising from a change in 根据余值担保估计的应付金额发 an index or rate, or there is a change in the Group’s 生变动，或者对于本集团是否合 estimate of the amount expected to be payable under 理确定将行使购买、续租或终止 a residual value guarantee, or there is a change arising 租赁选择权的重估结果发生变 from the reassessment of whether the Group will be 化，则应重新计量租赁负债。如 reasonably certain to exercise a purchase, extension 果在这种情况下重新计量租赁负 or termination option. When the lease liability is 债，应对使用权资产的账面金额 remeasured in this way, a corresponding adjustment is 作出相应调整；倘使用权资产的 made to the carrying amount of the right-of-use asset, 账面金额已减至零，则将相关调 or is recorded in profit or loss if the carrying amount of 整计入损益。 the right-of-use asset has been reduced to zero. 在综合财务状况表中，本集团根 In the consolidated statement of financial position, 据应于报告期后十二个月内偿还 the current portion of long-term lease liabilities 的合约付款额的现值来确定长期 is determined as the present value of contractual 租赁负债的流动部分。 payments that are due to be settled within twelve months after the reporting period. 96

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (h) 租赁资产（续） (h) Leased assets (continued) (ii) 作为出租人 (ii) As a lessor 本集团作为出租人时，本集团会 When the Group acts as a lessor, it determines at lease 于租赁开始日确定各项租赁是融 inception whether each lease is a finance lease or an 资租赁还是经营租赁。如果租赁 operating lease. A lease is classified as a finance lease 令相关资产所有权相关的绝大部 if it transfers substantially all the risks and rewards 分风险及回报实质上转移至承租 incidental to the ownership of an underlying assets to 人，则此项租赁分类为融资租 the lessee. If this is not the case, the lease is classified as 赁。否则，该租赁被划归为经营 an operating lease. 租赁。如果合约包含租赁部分和非租赁 When a contract contains lease and non-lease 部分，本集团根据相对独立销售 components, the Group allocates the consideration in 价格基准，将合约的对价分摊至 the contract to each component on a relative stand- 各租赁组成部分。经营租赁的租 alone selling price basis. The rental income from 金收入根据附注2(s)(ii)确认。 operating leases is recognised in accordance with note 2(s)(ii). 当本集团乃中间出租人时，会根 When the Group is an intermediate lessor, the sub- 据主租赁产生的使用权资产，将 leases are classified as a finance lease or as an operating 转租赁分类为融资租赁或经营租 lease with reference to the right-of-use asset arising 赁。如果主租赁属本集团应用附 from the head lease. If the head lease is a short- 注2(h)(i)所述确认豁免的短期租 term lease to which the Group applies the exemption 赁，则本集团将该转租赁分类为 described in note 2(h)(i), then the Group classifies the 经营租赁。 sub-lease as an operating lease. (i) 资产和信贷亏损减值 (i) Impairment of assets and credit losses (i) 其他非流动资产减值 (i) Impairment of other non-current assets 本集团于报告期末审阅内部和外 Internal and external sources of information are 来的信息，以确定以下资产是否 reviewed at the end of each reporting period to identify 出现减值迹象，或是以往确认的 indications that the following assets may be impaired 减值亏损（与商誉有关则除外）已 or, except in the case of goodwill, an impairment loss 经不再存在或可能已经减少： previously recognised no longer exists or may have decreased: －其他物业、机器和设备； – other property, plant and equipment; －使用权资产； – right-of-use assets; －商誉；及 – goodwill; and －本公司财务状况表中于附属公 – investments in subsidiaries in the Company’s 司的投资。 statement of financial position. 97 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (i) 资产和信贷亏损减值（续） (i) Impairment of assets and credit losses (continued) (i) 其他非流动资产减值（续） (i) Impairment of other non-current assets (continued) 如果出现任何这类迹象，便会估 If any such indication exists, the asset’s recoverable 计资产的可收回数额。此外，就 amount is estimated. In addition, for goodwill, 商誉和尚未可供使用的无形资产 intangible assets that are not yet available for use and 与可用期限未定的无形资产而 intangible assets that have indefinite useful lives, the 言，不论是否有任何减值迹象存 recoverable amount is estimated annually whether or 在，本集团也会每年估计其可收 not there is any indication of impairment. 回数额。－计算可收回金额 – Calculation of recoverable amount 资产的可收回金额是其公允价 The recoverable amount of an asset is the greater 值减处置成本与使用价值两者 of its fair value less costs of disposal and value in 中的较高者。在评估使用价值 use. In assessing value in use, the estimated future 时，预计未来现金流量会采用 cash flows are discounted to their present value 税前折现率折现为现值，该税 using a pre-tax discount rate that reflects current 前折现率反映对货币时间价值 market assessments of the time value of money and 的当前市场评价及该资产特有 the risks specific to the asset. Where an asset does 的风险。如果资产所产生的现 not generate cash inflows largely independent of 金流入基本上并非独立于其他 those from other assets, the Group estimates the 资产所产生的现金流入，本集 recoverable amount of the cash-generating unit to 团会估计该资产所属的现金产 which the assets belongs, including allocation of 生单元的可收回金额，将其包 corporate assets when a reasonable and consistent 括在可以建立合理且一致的分 basis of allocation can be established, otherwise 配基础的企业资产，否则按已 recoverable amount is determined at the smallest 分配相关企业资产的最小现金 group of cash-generating unit, for which the 产生单元确定可收回金额。 relevant corporate assets have been allocated. 98

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (i) 资产和信贷亏损减值（续） (i) Impairment of assets and credit losses (continued) (i) 其他非流动资产减值（续） (i) Impairment of other non-current assets (continued) －确认减值亏损 – Recognition of impairment losses 当资产或所属现金产生单元的 An impairment loss is recognised in profit or loss 账面金额高于其可收回数额 if the carrying amount of an asset, or the cash- 时，减值亏损便会在损益中确 generating unit to which it belongs, exceeds its 认。就现金产生单元确认的减 recoverable amount. Impairment losses recognised 值亏损会作出分配，首先减少 in respect of cash-generating units are allocated 已分配至该现金产出单元（或 first to reduce the carrying amount of any goodwill 该组单元）的任何商誉的账面 allocated to the cash-generating unit (or group of 金额，然后按比例减少该单元 units) and then, to reduce the carrying amount of （或该组单元）内其他资产的账 the other assets in the unit (or group of units) on a 面金额；但资产的账面值不得 pro rata basis, except that the carrying value of an 减少至低于其个别公允价值减 asset will not be reduced below its individual fair 去出售成本（如能计量）后所 value less costs of disposal (if measurable) or value 得数额或其使用价值（如能厘 in use (if determinable). 定）。－转回减值亏损 – Reversals of impairment losses 就商誉以外的资产而言，如果 In respect of assets other than goodwill, an 用以厘定可收回数额的估计数 impairment loss is reversed if there has been 额出现正面的变化，有关的减 a favourable change in the estimates used to 值亏损便会转回；但商誉的减 determine the recoverable amount. An impairment 值亏损不会转回。 loss in respect of goodwill is not reversed. 所转回的减值亏损以在以往年 A reversal of an impairment loss is limited to the 度没有确认任何减值亏损而应 asset’s carrying amount that would have been 已厘定的资产账面金额为限。 determined had no impairment loss been recognised 所转回的减值亏损在确认转回 in prior years. Reversals of impairment losses are 的年度内计入损益中。 credited to profit or loss in the year in which the reversals are recognised. 99 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (i) 资产和信贷亏损减值（续） (i) Impairment of assets and credit losses (continued) (ii) 应收账款和其他应收款，以摊销 (ii) Credit losses from trade and other receivables, 成本入账的金融资产，以及应收 other financial assets carried at amortised cost and 租赁款产生的信贷亏损 lease receivables 本集团确认以下项目的预期信贷 The Group recognises a loss allowance for expected 亏损准备： credit losses (“ECLs”) on the following item: －以摊销成本计量的金融资产； – financial assets measured at amortised cost; and 及－应收租赁款。 – lease receivables. 预期信贷亏损的计量 Measurement of ECLs 预期信贷亏损是信贷亏损的概率 ECLs are a probability-weighted estimate of credit 加权估计值。信贷亏损以所有预 losses. Credit losses are measured as the present 期的现金短缺（即本集团根据合约 value of all expected cash shortfalls (i.e. the difference 应收的合约现金流量与本公司预 between the cash flows due to the Group in accordance 期收取的现金流量之间的差额）的 with the contract and the cash flows that the Group 现值进行计量。 expects to receive). 如折现影响重大，预期现金短缺 The expected cash shortfalls are discounted using the 将使用以下折现率折现： following discount rate where the effect of discounting is material: －固定利率的金融资产以及应收 – fixed-rate financial assets and trade and other 账款和其他应收款：在初始确 receivables: effective interest rate determined at 认时厘定实际利率或其近似 initial recognition or an approximation thereof; 值；－应收租赁款：用于计量应收租 – lease receivables: discount rate used in the 赁款的折现率。 measurement of the lease receivable. 在估计预期信贷亏损时，考虑的 The maximum period considered when estimating ECLs 最长期间为本集团面临信贷风险 is the maximum contractual period over which the 的最长合约期间。 Group is exposed to credit risk. 在计量预期信贷亏损时，本集团 In measuring ECLs, the Group takes into account 会考虑毋须支付过多成本或努力 reasonable and supportable information that is available 而已可得的合理及具支持理据的 without undue cost or effort. This includes information 资料。该等资料包括以往事件、 about past events, current conditions and forecasts of 现有条件及未来经济环境的预测。 future economic conditions. 100

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (i) 资产和信贷亏损减值（续） (i) Impairment of assets and credit losses (continued) (ii) 应收账款和其他应收款，以摊销 (ii) Credit losses from trade and other receivables, 成本入账的金融资产，以及应收 other financial assets carried at amortised cost and 租赁款产生的信贷亏损（续） lease receivables (continued) 预期信贷亏损的计量（续） Measurement of ECLs (continued) 预期信贷亏损按以下方式计量： ECLs are measured on either of the following bases: －十二个月预期信贷亏损：指将 – 12-month ECLs: these are losses that are expected 于报告日后十二个月内可能发 to result from possible default events within the 12 生的违约事件导致的预期信贷 months after the reporting date; and 亏损部分；及－整个存续期内预期信贷亏损： – lifetime ECLs: these are losses that are expected 指金融工具的预期存续期内所 to result from all possible default events over the 有可能的违约事件产生的预期 expected lives of the items to which the ECL model 信贷亏损。 applies. 本集团以相等于整个存续期内预 Loss allowances for trade receivables and lease 期信贷亏损的金额计量应收账款 receivables are always measured at an amount equal 和应收租赁款的亏损准备。该等 to lifetime ECLs. ECLs on these financial assets are 金融资产的预期信贷亏损使用基 estimated based on the Group’s historical credit loss 于本集团历史信贷亏损经验进行 experience, adjusted for factors that are specific to the 估计，并根据债务人特有的因素 debtors and an assessment of both the current and 进行调整，同时对报告日当前和 forecast general economic conditions at the reporting 预测的整体经济状况进行评估。 date. 对于所有其他金融工具，本集团 For all other financial instruments, the Group 按照相当于十二个月预期信贷亏 recognized a loss allowance equal to 12-month ECLs 损的金额确认亏损准备，除非金 unless there has been a significant increase in credit 融工具的信贷风险自初始确认后 risk of the financial instrument since initial recognition, 已显著增加，在此情况下，亏损 in which case the loss allowance is measured at an 准备会按照相当于整个存续期预 amount equal to lifetime ECLs. 期信贷亏损的金额计量。 101 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (i) 资产和信贷亏损减值（续） (i) Impairment of assets and credit losses (continued) (ii) 应收账款和其他应收款，以摊销 (ii) Credit losses from trade and other receivables, 成本入账的金融资产，以及应收 other financial assets carried at amortised cost and 租赁款产生的信贷亏损（续） lease receivables (continued) 信贷风险的显著增加 Significant increases in credit risk 在评估自初始确认后金融工具的 In assessing whether the credit risk of a financial 信贷风险是否显著增加时，本集 instrument has increased significantly since initial 团将报告日评估的金融工具违约 recognition, the Group compares the risk of default 风险与初始确认日的违约风险进 occurring on the financial instrument assessed at the 行比较。在进行评估时，本集团 reporting date with that assessed at the date of initial 认为如出现以下情况，则发生了 recognition. In making this reassessment, the Group 违约事件：(i)借款人不大可能全额 considers that a default event occurs when (i) the 支付其对本集团的信用义务，该 borrower is unlikely to pay its credit obligations to 评估不考虑本集团采取例如变现 the Group in full, without recourse by the Group to 抵押品（如果持有）等追索行动； actions such as recognize security (if any is held); or 或者(ii) 金融资产逾期超过九十 (ii) the financial asset is 90 days past due. The Group 天。本集团会考虑毋须支付过多 considers both quantitative and qualitative information 成本或努力而已可得的合理及具 that is reasonable and supportable, including historical 支持理据的定量和定性资料。该 experience and forward-looking information that is 等资料包括以往经验和前瞻性信 available without undue cost or effort. 息。根据金融工具的性质，对信贷风 Depending on the nature of the financial instruments, 险是否显著增加的评估是按个别 the assessment of a significant increase in credit risk is 基准或组合基准执行。以组合基 performed on either an individual basis or a collective 准执行评估时，金融工具根据共 basis. When the assessment is performed on a collective 有信贷风险特征进行分组，例如 basis, the financial instruments are grouped based on 逾期状态和信贷风险评级。 shared credit risk characteristics, such as past due status and credit risk ratings. 预期信贷亏损在各报告日重新计 ECLs are remeasured at each reporting date to reflect 量，以反映自初始确认后金融工 changes in the financial instrument’s credit risk since 具信贷风险的变化。预期信贷亏 initial recognition. Any change in the ECL amount is 损金额的任何变动均在损益中确 recognized as an impairment gain or loss in profit or 认为减值收益或亏损。本集团通 loss. The Group recognized an impairment gain or 过亏损准备金对所有金融资产的 loss for all financial instruments with a corresponding 账面金额进行相应调整，完成金 adjustment to their carrying amount through a loss 融资产的减值损益进行确认。 allowance account. 102

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (i) 资产和信贷亏损减值（续） (i) Impairment of assets and credit losses (continued) (ii) 应收账款和其他应收款，以摊销 (ii) Credit losses from trade and other receivables, 成本入账的金融资产，以及应收 other financial assets carried at amortised cost and 租赁款产生的信贷亏损（续） lease receivables (continued) 核销政策 Write-off policy 金融资产或应收租赁款的账面总 The gross carrying amount of a financial asset or lease 值在没有实际可收回的情况下予 receivable is written off (either partially or in full) to the 以撇销（部分或全部）。这种情况 extent that there is no realistic prospect of recovery. 通常发生在本集团认为债务人没 This is generally the case when the Group determines 有资产或收入来源可产生足够的 that the debtor does not have assets or sources of 现金流量以偿还被核销的金额。 income that could generate sufficient cash flows to repay the amounts subject to the write-off. 其后收回早前已核销的资产，会 Subsequent recoveries of an asset that was previously 于收回发生的期间在损益中确认 written off are recognized as a reversal of impairment in 为减值拨回。 profit or loss in the period in which the recovery occurs. (j) 存货 (j) Inventories 存货是以成本和可变现净值两者中的 Inventories are carried at the lower of cost and net 较低额入账。成本是以加权平均成本 realisable value. Cost is calculated using the weighted 法计算，其中包括所有采购成本、加 average cost formula and comprises all costs of purchase, 工成本和使存货处于当前地点和状况 costs of conversion and other costs incurred in bringing the 的其他成本。 inventories to their present location and condition. 可变现净值是以日常业务过程中的估 Net realisable value is the estimated selling price in the 计售价减去完成生产和销售所需的估 ordinary course of business less the estimated costs of 计成本后所得数额。 completion and the estimated costs necessary to make the sale. 存货数额撇减至可变现净值和存货的 The amount of any write-down of inventories to net 所有亏损都是在出现减值或亏损的期 realisable value and all losses of inventories are recognised 间内确认为支出。存货的任何减值转 as an expense in the period the write-down or loss 回会在转回的期间内冲减列作支出的 occurs. The amount of any reversal of any write-down of 存货额。 inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. 103 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (k) 应收账款和其他应收款 (k) Trade and other receivables 当本集团无条件有权收取对价时，便 A receivable is recognised when the Group has an 会确认应收款项。如果只需要经过一 unconditional right to receive consideration. A right to 段时间便能支付对价，则收取对价的 receive consideration is unconditional if only the passage 权利是无条件的。如果在本集团获得 of time is required before payment of that consideration is 无条件收取对价的权利前已确认收 due. If revenue has been recognised before the Group has 入，则该金额将作为合约资产列示。 an unconditional right to receive consideration, the amount is presented as a contract asset. 应收款项采用实际利息法减去信贷亏 Receivables are stated at amortised cost using the effective 损准备，按摊销成本列示（参阅附注 interest method less allowance for credit losses (see note 2(i)(ii)）。 2(i)(ii)). (l) 带息借款 (l) Interest-bearing borrowings 带息借款按公允价值减去交易成本后 Interest-bearing borrowings are measured initially at 初始确认。初始确认后，应收款项以 fair value less transaction costs. Subsequent to initial 实际利率法按摊销成本计量。利息支 recognition, interest-bearing borrowings are stated at 出按照本集团有关借贷成本的会计政 amortised cost using the effective interest method. Interest 策确认（参阅附注2(u)）。 expense is recognised in accordance with the Group’s accounting policy for borrowing costs (see note 2(u)). (m) 应付账款和其他应付款 (m) Trade and other payables 应付账款和其他应付款按公允价值初 Trade and other payables are initially recognised at fair 始确认。应付账款和其他应付款其后 value. Trade and other payables are subsequently stated at 按摊销成本入账；但如折现影响并不 amortised cost unless the effect of discounting would be 重大，则按成本入账。 immaterial, in which case they are stated at cost. (n) 合约负债 (n) Contract liabilities 当客户在本集团确认相关收入前支付 A contract liability is recognised when the customer pays 对价时，合约负债即确认（参阅附注 consideration before the Group recognises the related 2(s)）。倘本集团于确认相关收入前拥 revenue (see note 2(s)). A contract liability would also be 有无条件接收对价之权利，则合约负 recognised if the Group has an unconditional right to 债亦算确认。在这种情况下，应确认 receive consideration before the Group recognises the 相应的应收款（参阅附注2(k)）。 related revenue. In such cases, a corresponding receivable would also be recognised (see note 2(k)). 对于与客户的单一合约，仅列报净合 For a single contract with the customer, a net contract 约负债。对于多份合约，无关合约的 liability is presented. For multiple contracts, contract 合约负债不以净额列报。 liabilities of unrelated contracts are not presented on a net basis. 当合约包含重大融资成分时，合约余 When the contract includes a significant financing 额包括按实际利息法计提的利息（参 component, the contract balance includes interest accrued 阅附注2(u)）。 under the effective interest method (see note 2(u)). 104

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (o) 现金和现金等价物 (o) Cash and cash equivalents 现金和现金等价物包括银行存款和现 Cash and cash equivalents comprise cash at bank and on 金、存放于银行和其他金融机构的活 hand, demand deposits with banks and other financial 期存款，以及短期和高流动性的投 institutions, and short-term, highly liquid investments 资。这些投资可以随时换算为已知的 that are readily convertible into known amounts of cash 现金额、价值变动方面的风险不大， and which are subject to an insignificant risk of changes 并在购入后三个月内到期。本集团根 in value, having been within three months of maturity at 据附注2(i)(ii)所载会计政策对现金和现 acquisition. Cash and cash equivalents are assessed for ECL 金等价物进行预期信贷亏损评估。 in accordance with the policy in note 2(i)(ii). (p) 雇员福利 (p) Employee benefits (i) 短期雇员福利和界定供款退休计 (i) Short-term employee benefits and contributions to 划的供款 defined contribution retirement plans 薪金、年度奖金、有薪年假、界 Salaries, annual bonuses, paid annual leave, 定供款退休计划的供款和非货币 contributions to defined contribution retirement plans 福利成本在雇员提供相关服务的 and the cost of non-monetary benefits are accrued in 年度内累计。如果延迟付款或结 the year in which the associated services are rendered 算会造成重大的影响，则这些数 by employees. Where payment or settlement is deferred 额会以现值列账。 and the effect would be material, these amounts are stated at their present values. 界定供款退休计划供款于雇员提 The contributions to defined contribution retirement 供服务相关年度内确认为费用。 plans are charged as an expense in the year as the related services are provided by employees. 根据香港《雇佣条例》，本集团就 The Group’s net obligation under the Hong Kong 某些情况下辞退雇员所承担的长 Employment Ordinance in respect of long service 期服务金责任净额，是按雇员于 payments on cessation of employment under certain 当前或往期提供服务所赚取的未 circumstances is the estimated discounted amount of 来福利折现为现值计算。本集团 future benefit that employees have earned in return 每年采用预期累积福利单位法计 for their services in the current and prior periods. The 算长期服务金责任，并考虑能用 obligation is calculated annually using the projected unit 于抵销过渡前长期服务金的本集 credit method, taking into account accrued benefits 团强制性公积金计划（「强积金计 related to the Group’s Mandatory Provident Fund 划」）供款之相关累算权益。 Scheme (the “MPF Scheme”) contributions that can be used to offset pre-transition long service payments. 105 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (p) 雇员福利（续） (p) Employee benefits (continued) (ii) 以股份为基础的支付 (ii) Share-based payments 授予雇员的股份期权按公允价值 The fair value of share options granted to employees is 确认为雇员成本，而权益中的资 recognised as an employee cost with a corresponding 本储备亦会相应增加。公允价值 increase in a capital reserve within equity. The fair value 是在授予日计量，并会考虑到期 is measured at the grant date taking into account the 权授予条款和条件。如果雇员须 terms and conditions upon which the options were 符合归属条件才能无条件地享有 granted. Where the employees have to meet vesting 期权的权利，在考虑到期权归属 conditions before becoming unconditionally entitled to 的可能性后，估计授予期权的公 the options, the total estimated fair value of the options 允价值便会在整个归属期内分摊。 is spread over the vesting period, taking into account the probability that the options will vest. 本公司会在归属期内审阅预期归 During the vesting period, the number of share options 属的股份期权数目。已于以往年 that is expected to vest is reviewed. Any adjustment 度确认的累计公允价值因此所作 to the cumulative fair value recognised in prior years 的任何调整会在审阅当年在损益 is charged/credited to profit or loss for the year of the 中列支╱计入；但如果原来的雇 review, unless the original employee expenses qualify 员支出符合确认为资产的资格， for recognition as an asset, with a corresponding 便会对资本储备作出相应的调 adjustment to the capital reserve. On the vesting date, 整。已确认为支出的数额会在归 the amount recognised as an expense is adjusted to 属日作出调整，以反映所归属期 reflect the actual number of share options that vest 权的实际数目（同时对资本储备作 (with a corresponding adjustment to the capital reserve) 出相应的调整）；但只会在无法符 except where forfeiture is only due to not achieving 合与本公司股份市价相关的归属 vesting conditions that relate to the market price of the 条件时才会放弃股份期权。权益 Company’s shares. The equity amount is recognised in 数额在资本储备中确认，直至期 the capital reserve until either the option is exercised 权获行使（转入股份溢价账）或期 (when it is transferred to the share premium account) 权到期（直接转入保留溢利）时为 or the option expires (when it is released directly to 止。 retained profits). 106

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (q) 所得税 (q) Income tax 本年度所得税包括当期税项和递延税 Income tax for the year comprises current tax and 项资产与负债的变动。当期税项和递 movements in deferred tax assets and liabilities. Current 延税项资产与负债的变动均在损益中 tax and movements in deferred tax assets and liabilities are 确认，但如果是在其他全面收益或直 recognised in profit or loss except to the extent that they 接在权益中确认的相关项目，则相关 relate to items recognised in other comprehensive income 税款分别在其他全面收益或直接在权 or directly in equity, in which case the relevant amounts 益中确认。 of tax are recognised in other comprehensive income or directly in equity, respectively. 当期税项是按本年度应税所得，根据 Current tax is the expected tax payable on the taxable 已执行或在报告期末实质上已执行的 income for the year, using tax rates enacted or 税率计算的预期应付税项，加上以往 substantively enacted at the end of the reporting period, 年度应付税项的任何调整。 and any adjustment to tax payable in respect of previous years. 递延税项资产与负债分别由可抵扣和 Deferred tax assets and liabilities arise from deductible 应税暂时差异产生。暂时差异是指资 and taxable temporary differences respectively, being the 产与负债在财务报表上的账面金额跟 differences between the carrying amounts of assets and 这些资产与负债的计税基础的差异。 liabilities for financial reporting purposes and their tax 递延税项资产也可以由未利用可抵扣 bases. Deferred tax assets also arise from unused tax losses 亏损和未利用税款抵减产生。 and unused tax credits. 除了某些有限的例外情况外，所有递 Apart from certain limited exceptions, all deferred tax 延税项负债和递延税项资产（只限于 liabilities, and all deferred tax assets to the extent that 很可能获得能利用该递延税项资产来 it is probable that future taxable profits will be available 抵扣的未来应税溢利）都会确认。支 against which the asset can be utilised, are recognised. 持确认由可抵扣暂时差异所产生递 Future taxable profits that may support the recognition 延税项资产的未来应税溢利包括因转 of deferred tax assets arising from deductible temporary 回目前存在的应税暂时差异而产生的 differences include those that will arise from the reversal 数额；但这些转回的差异必须与同一 of existing taxable temporary differences, provided those 税务机关和同一应税实体有关，并预 differences relate to the same taxation authority and the 期在可抵扣暂时差异预计转回的同一 same taxable entity, and are expected to reverse either in 期间或递延税项资产所产生可抵扣亏 the same period as the expected reversal of the deductible 损可向后期或向前期结转的期间内转 temporary difference or in periods into which a tax loss 回。在决定目前存在的应税暂时差异 arising from the deferred tax asset can be carried back or 是否足以支持确认由未利用可抵扣亏 forward. The same criteria are adopted when determining 损和税款抵减所产生的递延税项资产 whether existing taxable temporary differences support the 时，亦会采用同一准则，即差异是否 recognition of deferred tax assets arising from unused tax 与同一税务机关和同一应税实体有 losses and credits, that is, those differences are taken into 关，以及是否预期在能够使用未利用 account if they relate to the same taxation authority and 可抵扣亏损和税款抵减拨回的同一期 the same taxable entity, and are expected to reverse in a 间内转回。 period, or periods, in which the tax loss or credit can be utilised. 107 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (q) 所得税（续） (q) Income tax (continued) 不确认为递延税项资产与负债的暂 The limited exceptions to recognition of deferred tax 时差异源自以下有限的例外情况： assets and liabilities are those temporary differences 不可在税务方面获得扣减的商誉；不 arising from goodwill not deductible for tax purposes, the 影响会计或应税溢利的资产或负债的 initial recognition of assets or liabilities that affect neither 初始确认（如属企业合并的一部分则 accounting nor taxable profit (provided they are not part 除外）；以及投资于附属公司（如属应 of a business combination), and temporary differences 税差异，只限于本集团可以控制转回 relating to investments in subsidiaries to the extent that, 的时间，而且在可预见的将来不大可 in the case of taxable differences, the Group controls the 能转回的暂时差异；或如属可抵扣差 timing of the reversal and it is probable that the differences 异，则只限于很可能在将来转回的差 will not reverse in the foreseeable future, or in the case of 异）。 deductible differences, unless it is probable that they will reverse in the future. 当投资物业根据附注2(f)所载会计政 Where investment properties are carried at their fair value 策以公允价值入账时，除非该等物业 in accordance with the accounting policy set out in note 可予以折旧并按商业模式持有，目的 2(f), the amount of deferred tax recognised is measured 是把该等物业绝大部分的经济利益随 using the tax rates that would apply on sale of those 着时间消耗，而非通过出售消耗，否 assets at their carrying value at the reporting date unless 则，已确认递延税额会在报告日按照 the property is depreciable and is held within a business 以账面金额出售该等资产时适用的税 model whose objective is to consume substantially all of 率计量。在所有其他情况下，已确认 the economic benefits embodied in the property over time, 递延税额是按照资产与负债账面金额 rather than through sale. In all other cases, the amount of 的预期实现或结算方式，根据已执行 deferred tax recognised is measured based on the expected 或于报告期末实质上已执行的税率计 manner of realisation or settlement of the carrying amount 量。递延税项资产与负债均不折现计 of the assets and liabilities, using tax rates enacted or 算。 substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted. 本集团会于报告期末审阅递延税项资 The carrying amount of a deferred tax asset is reviewed 产的账面金额。如果本集团预期不再 at the end of each reporting period and is reduced to the 可能获得足够的应税溢利以抵扣相关 extent that it is no longer probable that sufficient taxable 的税务利益，该递延税项资产的账面 profits will be available to allow the related tax benefit to 金额便会调低；但是如果日后有可能 be utilised. Any such reduction is reversed to the extent 获得足够的应税溢利，有关减额便会 that it becomes probable that sufficient taxable profits will 转回。 be available. 108

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (q) 所得税（续） (q) Income tax (continued) 当期和递延税项结余及其变动额会分 Current tax balances and deferred tax balances, and 开列示，并且不予抵销。当期税项资 movements therein, are presented separately from each 产抵销当期税项负债。递延税项资产 other and are not offset. Current tax assets are offset 抵销递延税项负债。但本公司或本集 against current tax liabilities, and deferred tax assets 团必须有法定行使权以当期税项资产 against deferred tax liabilities, if the Company or the Group 抵销当期税项负债，并且符合以下附 has the legally enforceable right to set off current tax assets 带条件的情况下： against current tax liabilities and the following additional conditions are met: －当期税项资产与负债：本公司或 – in the case of current tax assets and liabilities, the 本集团计划按净额基准结算，或 Company or the Group intends either to settle on a 同时变现该资产和结算该负债； net basis, or to realise the asset and settle the liability 或 simultaneously; or －递延税项资产与负债：这些资产 – in the case of deferred tax assets and liabilities, if they 与负债必须与同一税务机关就以 relate to income taxes levied by the same taxation 下其中一项征收的所得税有关： authority on either: －同一纳税实体；或 – the same taxable entity; or －不同的应税实体。这些实体计 – different taxable entities, which, in each future 划在日后每个预计有大额递延 period in which significant amounts of deferred 税项负债需要结算或大额递延 tax liabilities or assets are expected to be settled or 税项资产可以收回的期间内， recovered, intend to realise the current tax assets 按净额基准变现当期税项资产 and settle the current tax liabilities on a net basis or 和结算当期税项负债，或同时 realise and settle simultaneously. 变现该资产和结算该负债。 (r) 准备及或有负债 (r) Provisions and contingent liabilities 如果本集团须就已发生的事件承担法 Provisions are recognised when the Group has a legal 定或推定义务，因而预期会导致经济 or constructive obligation arising as a result of a past 收益外流，在能够作出可靠的估计 event, it is probable that an outflow of economic benefits 时，本集团便会计提准备。如果货币 will be required to settle the obligation and a reliable 时间值重大，则按预计所需支出的现 estimate can be made. Where the time value of money is 值计提准备。 material, provisions are stated at the present value of the expenditure expected to settle the obligation. 109 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (r) 准备及或有负债（续） (r) Provisions and contingent liabilities (continued) 如果经济收益外流的可能性较低，或 Where it is not probable that an outflow of economic 是无法对有关数额作出可靠的估计， benefits will be required, or the amount cannot be 便会将该义务披露为或有负债，但资 estimated reliably, the obligation is disclosed as a 源外流的可能性极低则除外。如果本 contingent liability, unless the probability of outflow of 集团的义务须视乎某宗或多宗未来事 economic benefits is remote. Possible obligations, whose 件是否发生才能确定是否存在，亦会 existence will only be confirmed by the occurrence or non- 披露为或有负债，但资源外流的可能 occurrence of one or more future events are also disclosed 性极低则除外。 as contingent liabilities unless the probability of outflow of economic benefits is remote. 如果清偿一项准备所需的部分或所有 Where some or all of the expenditure required to settle 开支预计将由另一方给予补偿，则本 a provision is expected to be reimbursed by another 集团将几乎确定能获得的任何预计补 party, a separate asset is recognised for any expected 偿金额确认为一项单独的资产，所确 reimbursement that would be virtually certain. The amount 认的补偿金额以该项准备的账面金额 recognised for the reimbursement is limited to the carrying 为限。 amount of the provision. (s) 收入及其他收益 (s) Revenue and other income 本集团将其在正常业务活动过程中因 Income is classified by the Group as revenue when it arises 出售货物、提供服务或根据租赁将资 from the sale of goods, the provision of services or the use 产出租给他人使用而产生的收益归类 by others of the Group’s assets under leases in the ordinary 为收入。 course of the Group’s business. 当商品或服务的控制权转移给客户或 Revenue is recognised when control over a product or 当承租人有权使用资产时，按本集团 service is transferred to the customer, or the lessee has 预期有权收取的代价金额确认收入， the right to use the asset, at the amount of promised 不包括代第三方收取款项。收入不包 consideration to which the Group is expected to be 括增值税或其他销售税，并已扣除任 entitled, excluding those amounts collected on behalf of 何营业折扣。 third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts. 有关本集团收入及其他收益的确认政 Further details of the Group’s revenue and other income 策详情载列如下： recognition policies are as follows: (i) 销售食品及饮品的收入在售予顾 (i) Revenue arising from the sale of food and beverages 客时于损益中确认。收入已扣除 is recognised in profit or loss at the point of sale to 任何营业折扣。 customers. Revenue is after deduction of any sale discounts. 110

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (s) 收入及其他收益（续） (s) Revenue and other income (continued) (ii) 经营租赁的应收租金收入在租赁 (ii) Rental income receivable under operating leases is 期所涵盖的期间内以等额在损益 recognised in profit or loss in equal instalments over 中确认；但如有其他基准能更清 the periods covered by the lease term, except where an 楚地反映使用租赁资产所得的利 alternative basis is more representative of the pattern 益模式则除外。经营租赁协议所 of benefits to be derived from the use of leased asset. 涉及的激励措施均在损益中确认 Lease incentives granted are recognised in profit or loss 为应收租赁净付款总额的组成部 as an integral part of the aggregate net lease payments 分。无需取决于指数或利率的浮 receivable. Variable lease payments that do not depend 动租赁付款在其赚取的会计期间 on an index or a rate are recognised as income in the 内确认为收入。 accounting period in which they are earned. (iii) 利息收入于应计时采用实际利率 (iii) Interest income is recognised as it accrues using the 法确认。 effective interest method. (iv) 其他收入以权责发生制在损益中 (iv) Other income is recognised in profit or loss on an 确认。 accrual basis. (v) 当可以合理地确定本集团将会收 (v) Government grants are recognised in the consolidated 到政府补助并履行该补助的附带 statement of financial position initially when there is 条件时，本集团便会在综合财务 reasonable assurance that they will be received and that 状况表内将政府补助初始确认。 the Group will comply with the conditions attaching to 用于弥补本集团已产生开支的补 them. Grants that compensate the Group for expenses 助，会在开支产生的期间有系统 incurred are recognised as income in profit or loss on 地在损益中确认为收入。 a systematic basis in the same periods in which the expenses are incurred. (t) 外币换算 (t) Translation of foreign currencies 本公司及在香港经营业务的附属公司 The functional currency of the Company and subsidiaries 的功能货币均为港币，而在中国内地 which operate in Hong Kong is Hong Kong dollars while 经营业务的附属公司的功能货币则为 that for subsidiaries which operate in Mainland China is 人民币。本集团的呈列货币为港币。 Renminbi. The presentation currency of the Group is Hong Kong dollars. 年内的外币交易按交易日的外币汇率 Foreign currency transactions during the year are translated 换算。以外币为单位的货币资产与负 at the foreign exchange rates ruling at the transaction 债则按于报告期末的外币汇率换算。 dates. Monetary assets and liabilities denominated in 汇兑差额乃于损益中确认。 foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognised in profit or loss. 111 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (t) 外币换算（续） (t) Translation of foreign currencies (continued) 以历史成本计量的外币非货币资产与 Non-monetary assets and liabilities that are measured in 负债是按交易日的外币汇率换算。交 terms of historical cost in a foreign currency are translated 易日期即为本公司初次确认该等非货 using the foreign exchange rates ruling at the transaction 币资产或负债的日期。以外币为单位 dates. The transaction date is the date on which the 并以公允价值列账的非货币资产与负 Company initially recognises such non-monetary assets or 债按计量公允价值当日的外币汇率换 liabilities. Non-monetary assets and liabilities denominated 算。 in foreign currencies that are stated at fair value are translated using the foreign exchange rates ruling at the dates the fair value was measured. 香港境外经营的业绩按与交易日的外 The results of operations outside Hong Kong are 币汇率相若的汇率换算为港币。财务 translated into Hong Kong dollars at the exchange rates 状况表项目则按报告期末的收市外币 approximating the foreign exchange rates ruling at the 汇率换算为港币。所产生的汇兑差额 dates of the transactions. Statement of financial position 在其他全面收益中直接确认，并在权 items are translated into Hong Kong dollars at the closing 益中的汇兑储备分开累计。 foreign exchange rates ruling at the end of the reporting period. The resulting exchange differences are recognised directly in other comprehensive income and accumulated separately in equity in the exchange reserve. 当确认处置香港境外经营所产生的损 On disposal of operations outside Hong Kong, the 益时，与该经营有关的累计汇兑差额 cumulative amount of the exchange differences relating to 会由权益重新分类为损益。 that operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognised. (u) 借贷成本 (u) Borrowing costs 符合条件资产的未资本化借贷成本于 Borrowing costs that are not capitalised to qualifying assets 产生期间列支。 are expensed in the period in which they are incurred. (v) 关联方 (v) Related parties (1) 如属以下人士，即该人士或该人 (1) A person, or a close member of that person’s family, is 士的近亲是本集团的关联方： related to the Group if that person: (i) 对本集团实施控制或共同控 (i) has control or joint control over the Group; 制； (ii) 对本集团实施重大影响；或 (ii) has significant influence over the Group; or (iii) 是本集团或本集团母公司的关 (iii) is a member of the key management personnel of 键管理人员。 the Group or the Group’s parent. 112

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (v) 关联方（续） (v) Related parties (continued) (2) 符合下列条件的实体即与本集团 (2) An entity is related to the Group if any of the following 有关联： conditions applies: (i) 该实体与本集团隶属同一集团 (i) The entity and the Group are members of the same （即各母公司、附属公司和同 group (which means that each parent, subsidiary 系附属公司彼此间有关联）。 and fellow subsidiary is related to the others). (ii) 一家实体是另一实体的联营公 (ii) One entity is an associate or joint venture of the 司或合营企业（或另一实体所 other entity (or an associate or joint venture of a 属集团旗下成员公司的联营公 member of a group of which the other entity is a 司或合营企业）。 member). (iii) 两家实体是同一第三方的合营 (iii) Both entities are joint ventures of the same third 企业。 party. (iv) 一家实体是第三方实体的合营 (iv) One entity is a joint venture of a third entity and the 企业，而另一实体是第三方实 other entity is an associate of the third entity. 体的联营公司。 (v) 该实体是为本集团或作为本集 (v) The entity is a post-employment benefit plan for 团关联方的任何实体的雇员福 the benefit of employees of either the Group or an 利而设的离职后福利计划。 entity related to the Group. (vi) 该实体受到上述第(1)项内所认 (vi) The entity is controlled or jointly controlled by a 定人士控制或共同控制。 person identified in (1). (vii) 上述第(1)(i)项内所认定人士对 (vii) A person identified in (1)(i) has significant 该实体有重大影响力或是该实 influence over the entity or is a member of the key 体（或该实体母公司）的关键管 management personnel of the entity (or of a parent 理人员。 of the entity). (viii) 该实体或其所属集团的任何成 (viii) The entity, or any member of a group of which it is 员公司向本集团或本集团母公 a part, provides key management personnel services 司提供关键管理人员服务。 to the Group or to the Group’s parent. 一名个人的近亲是指与有关实体交易 Close members of the family of a person are those family 并可能影响该个人或受该个人影响的 members who may be expected to influence, or be 家庭成员。 influenced by, that person in their dealings with the entity. 113 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

2 综合财务报表的编制基础及重大会 2 BASIS OF PREPARATION OF CONSOLIDATED 计政策信息（续） FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (continued) (w) 分部报告 (w) Segment reporting 本集团最高层行政管理人员定期取得 Operating segments, and the amounts of each segment 用以对本集团各项业务及经营地域进 item reported in the consolidated financial statements, are 行资源分配及表现评估的财务资料， identified from the financial information provided regularly 而经营分部和综合财务报表所呈示各 to the Group’s most senior executive management for 分部项目的数额会从中确定。 the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations. 个别重要的经营分部不会合计以供财 Individually material operating segments are not aggregated 务报告之用，但如该等经营分部的产 for financial reporting purposes unless the segments have 品和服务性质、生产工序性质、客户 similar economic characteristics and are similar in respect 类别或阶层、分销产品或提供服务的 of the nature of products and services, the nature of 方法以至监管环境的本质等经济特性 production processes, the type or class of customers, the 均属类似，则作别论。个别不重要的 methods used to distribute the products or provide the 经营分部如果符合以上大部分准则， services, and the nature of the regulatory environment. 则可以合计。 Operating segments which are not individually material may be aggregated if they share a majority of these criteria. 3 关键会计判断和估计不确定性的关 3 CRITICAL ACCOUNTING JUDGEMENT AND KEY 键来源 SOURCES OF ESTIMATION UNCERTAINTY 于应用附注2所载之本集团会计政策时， In the application of the Group’s accounting policies, which 董事须就未能自其他资料清楚显示之资 are described in note 2, the Directors are required to make 产及负债之账面值作出判断、估计及假 judgements, estimates and assumptions about the carrying 设。估计及相关假设根据过往经验及被 amounts of assets and liabilities that are not readily apparent 认为相关之其他因素作出。实际结果或 from other sources. The estimates and underlying assumptions 与该等估计不符。 are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 估计及相关假设按持续经营基准审阅， The estimates and underlying assumptions are reviewed on 就会计估计作出之修订于对估计作出修 an on-going basis. Revisions to accounting estimates are 订之期间内确认（倘有关修订只影响该期 recognised in the period in which the estimate is revised if the 间），或于修订之期间及日后报告期间确 revision affects only that period, or in the period of the revision 认（倘有关修订影响当期及日后期间）。 and future periods if the revision affects both current and future periods. 114

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

3 关键会计判断和估计不确定性的关 3 CRITICAL ACCOUNTING JUDGEMENT AND 键来源（续） KEY SOURCES OF ESTIMATION UNCERTAINTY (continued) 应用会计政策的关键判断 Critical judgements in applying accounting policies 投资物业的递延税项 Deferred taxation on investment properties 为衡量采用公允价值模式计量的投资物 For the purposes of measuring deferred tax arising from 业所产生的递延税项，董事覆核了本集 investment properties that are measured using the fair value 团的投资物业组合，并得出结论认为， model, the Directors have reviewed the Group’s investment 本集团持有投资物业的商业模式并非旨 property portfolios and concluded that the Group’s investment 在随时间消耗投资物业所附的全部经济 properties are not held under a business model whose 利益。因此，在确定投资物业的递延税 objective is to consume substantially all of the economic 项时，董事认为，使用公允价值模式计 benefits embodied in the investment properties over time. 量的投资物业账面金额可通过出售全部 Therefore, in determining the deferred taxation on investment 收回的假设没有被推翻。由于投资物业 properties, the Directors have determined that the presumption 的公允价值变动数额不大，因此本集团 that the carrying amounts of investment properties measured 没有确认任何递延税项。 using the fair value model are recovered entirely through sale is not rebutted. The Group has not recognised any deferred tax on changes in fair value of investment properties as the amount is immaterial. 估计数额不确定因素 Sources of estimation uncertainty 使用权资产以及其他物业、机器和设备 Impairment of right-of-use assets and other property, 的减值 plant and equipment 使用权资产及其他物业、机器和设备按 Right-of-use assets and other property, plant and equipment 成本减去累计折旧和减值（如有）列报。 are stated at costs less accumulated depreciation and 在确定资产是否减值时，本集团需要做 impairment, if any. In determining whether an asset is 出判断和估计，特别是在评估：(1)是否 impaired, the Group has to exercise judgement and make 发生了可能影响资产价值的事件或迹象； estimation, particularly in assessing: (1) whether an event has (2)资产的可收回金额是否支持该资产的 occurred or any indicators that may affect the asset value; (2) 账面价值，在使用价值的情况下，可收 whether the carrying value of an asset can be supported by 回金额是指根据资产的持续使用而估计 the recoverable amount, in the case of value in use, the net 的未来现金流的净现值；(3)在估计可收 present value of future cash flows which are estimated based 回金额时所应用的适当关键假设和输入 upon the continued use of the asset; and (3) the appropriate 值，包括现金流预测和适当的折现率。 key assumptions and inputs to be applied in estimating the 当无法估计个别资产（包括使用权资产） recoverable amounts including cash flow projections and an 的可收回金额时，本集团估计该资产所 appropriate discount rate. When it is not possible to estimate 属的现金产生单元的可收回金额，包括 the recoverable amount of an individual asset (including right- 在可以建立合理和一致的分配基础时对 of-use assets), the Group estimates the recoverable amount 公司资产的分配，否则按已分配相关公 of the cash-generating unit to which the assets belongs, 司资产的最小现金产生单元组确定可收 including allocation of corporate assets when a reasonable and 回金额。改变假设和估计，包括现金流 consistent basis of allocation can be established, otherwise 预测中的折现率或收入增长率，可能会 recoverable amount is determined at the smallest group of 对可收回金额产生重大影响。 cash-generating units, for which the relevant corporate assets have been allocated. Changing the assumptions and estimates, including the discount rate or the revenue growth rates in the cash flow projections, could materially affect the recoverable amounts. 115 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

4 收入及分部报告 4 REVENUE AND SEGMENT REPORTING (a) 收入 (a) Revenue 本集团的主要业务是经营快餐店和物 The principal activities of the Group are operation of 业投资。收入包括售予顾客食品及饮 fast food restaurants and property investments. Revenue 品的销售价值和租金收入，不包括增 represents the sales value of food and beverages sold to 值税或其他销售税，并已扣减任何营 customers and rental income and excludes value added 业折扣。收入的分析如下： tax or other sales taxes and is after deduction of any trade discounts. An analysis of revenue is as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 某一时点的食品及饮品销售 Sale of food and beverages at a point in time 3,093,665 3,135,401 物业租金 Property rental 6,405 1,546 3,100,070 3,136,947 有关本集团主要业务的进一步详情披 Further details regarding the Group’s principal activities are 露如下： disclosed below: (b) 分部报告 (b) Segment reporting 本集团透过两个分部（即香港餐厅及 The Group manages its businesses by two divisions, namely 中国内地餐厅）来管理业务，并按照 Hong Kong restaurants and Mainland China restaurants, 地区因素划分这两个分部。本集团已 which are organised by geographical location. In a 确定了以下两个报告分部，有关呈报 manner consistent with the way in which information is 方式与本集团最高层行政管理人员从 reported internally to the Group’s most senior executive 内部报告中取得资料（以供其进行资 management for the purposes of resource allocation and 源分配及表现评估）的方式一致。本 performance assessment, the Group has identified the 集团没有任何为组成以下报告分部而 following two reportable segments. No operating segments 进行合并计算的经营分部。 have been aggregated to form the following reportable segments. －香港餐厅：这个分部在香港经营 – Hong Kong restaurants: this segment operates 餐厅。 restaurants in Hong Kong. －中国内地餐厅：这个分部在中国 – Mainland China restaurants: this segment operates 内地经营餐厅。 restaurants in Mainland China. 其他业务分部所产生的溢利主要来自 Other segments generate profits mainly from leasing of 投资物业租赁，并已包含公司费用。 investment properties and include corporate expenses. 116

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
某一时点的食品及饮品销售	Sale of food and beverages at a point in time	3,093,665	3,135,401
物业租金	Property rental	6,405	1,546
物业租金	Property rental	3,100,070	3,136,947

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

4 收入及分部报告（续） 4 REVENUE AND SEGMENT REPORTING (continued) (b) 分部报告（续） (b) Segment reporting (continued) (i) 分部业绩 (i) Segment results 本集团最高层行政管理人员按下 For the purposes of assessing segment performance and 列基准监察各个报告分部应占的 allocating resources between segments, the Group’s 业绩，以便评估分部表现及进行 most senior executive management monitors the results 分部间资源分配： of each reportable segment on the following bases: 分配至报告分部的收入及支出是 Revenue and expenses are allocated to the reportable 以这些分部所产生的收入和支出 segments with reference to revenue generated by those 或属于这些分部的资产所产生的 segments and expenses incurred by those segments or 折旧费用而定。 which otherwise arise from the depreciation of assets attributable to those segments. 业绩按除税前分部溢利计算。未 Performance is measured based on segment profit 能归属个别分部的项目并未分配 before taxation. Items not specifically attributable to 至报告分部。 individual segments are not allocated to the reportable segments. 管理层除了收到关于分部溢利的 In addition to receiving segment information concerning 分部资料外，还会获提供有关收 segment profit, management is provided with segment 入（包括来自其他分部的收入）和 information concerning revenue (including inter- 销售成本（包括食物成本、劳工成 segment revenue) and cost of sales (including food cost, 本、租金及差饷和在其他物业、 labour cost, rent and rates and depreciation charged on 机器和设备和使用权资产计提的 other property, plant and equipment and right-of-use 折旧）的分部资料。分部之间的交 assets). The inter-segment transactions were conducted 易是在正常业务过程中，参考现 on normal commercial terms and were priced with 行市价来厘定价格，并按正常的 reference to prevailing market prices and in the ordinary 商业条款进行。 course of business. 本集团最高层行政管理人员并无 Segment assets information is not reported to or used 报告或使用有关分部资产的资料。 by the Group’s most senior executive management. 117 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

4 收入及分部报告（续） 4 REVENUE AND SEGMENT REPORTING (continued) (b) 分部报告（续） (b) Segment reporting (continued) (i) 分部业绩（续） (i) Segment results (continued) 截至二零二五年及二零二四年三 Information regarding the Group’s reportable segments 月三十一日止年度，本集团最高 as provided to the Group’s most senior executive 层行政管理人员取得有关本集团 management for the purposes of resource allocation 报告分部的资料（以供其进行资源 and assessment of segment performance for the years 分配及分部表现评估），详情如 ended 31 March 2025 and 2024 is set out below. 下。香港餐厅中国内地餐厅其他分部总额 Hong Kong Mainland China Other restaurants restaurants segments Total 二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年 2025 2024 2025 2024 2025 2024 2025 2024 千元千元千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 来自外部客户的收入 Revenue from external customers 2,932,682 2,951,897 160,983 183,504 6,405 1,546 3,100,070 3,136,947 来自其他分部的收入 Inter-segment revenue – – – – 348 348 348 348 报告分部收入 Reportable segment revenue 2,932,682 2,951,897 160,983 183,504 6,753 1,894 3,100,418 3,137,295 报告分部溢利╱（亏损） Reportable segment profit/(loss) 81,188 98,784 (14,621) (6,554) 9,614 6,549 76,181 98,779 利息收入 Interest income 24,242 28,086 13 25 2 2 24,257 28,113 利息费用 Interest expenses (30,887) (30,748) (2,790) (2,618) – – (33,677) (33,366) 折旧 Depreciation (496,385) (475,879) (25,662) (23,655) (919) (919) (522,966) (500,453) 其他物业、机器和设备 Impairment losses on other property, 的减值亏损 plant and equipment (9,401) (7,680) (1,592) (3,445) – – (10,993) (11,125) 使用权资产的减值亏损 Impairment losses on right-of-use assets (19,555) (13,913) (5,834) (7,596) – – (25,389) (21,509) 118

		香港餐厅		中国内地餐厅		其他分部		总额
		Hong Kong restaurants		Mainland China restaurants		Other segments		Total
		二零二五年	二零二四年	二零二五年	二零二四年	二零二五年	二零二四年	二零二五年	二零二四年
		2025	2024	2025	2024	2025	2024	2025	2024
		千元	千元	千元	千元	千元	千元	千元	千元
		$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
来自外部客户的收入	Revenue from external customers	2,932,682	2,951,897	160,983	183,504	6,405	1,546	3,100,070	3,136,947
来自其他分部的收入	Inter-segment revenue	–	–	–	–	348	348	348	348
报告分部收入	Reportable segment revenue	2,932,682	2,951,897	160,983	183,504	6,753	1,894	3,100,418	3,137,295
报告分部溢利╱（亏损）	Reportable segment profit/(loss)	81,188	98,784	(14,621)	(6,554)	9,614	6,549	76,181	98,779
利息收入	Interest income	24,242	28,086	13	25	2	2	24,257	28,113
利息费用	Interest expenses	(30,887)	(30,748)	(2,790)	(2,618)	–	–	(33,677)	(33,366)
折旧	Depreciation	(496,385)	(475,879)	(25,662)	(23,655)	(919)	(919)	(522,966)	(500,453)
其他物业、机器和设备的减值亏损	Impairment losses on other property, plant and equipment	(9,401)	(7,680)	(1,592)	(3,445)	–	–	(10,993)	(11,125)
使用权资产的减值亏损	Impairment losses on right-of-use assets	(19,555)	(13,913)	(5,834)	(7,596)	–	–	(25,389)	(21,509)

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

4 收入及分部报告（续） 4 REVENUE AND SEGMENT REPORTING (continued) (b) 分部报告（续） (b) Segment reporting (continued) (ii) 报告分部溢利的对账 (ii) Reconciliations of reportable segment profit 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 溢利 Profit 除税前报告分部溢利 Reportable segment profit before taxation 76,181 98,779 投资物业估值亏损 Valuation losses on investment properties (1,150) (1,020) 其他物业、机器和设备的 Impairment losses on other property, plant 减值亏损 and equipment (10,993) (11,125) 使用权资产的减值亏损 Impairment losses on right-of-use assets (25,389) (21,509) 综合除税前溢利 Consolidated profit before taxation 38,649 65,125 119 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
溢利	Profit
除税前报告分部溢利	Reportable segment profit before taxation	76,181	98,779
投资物业估值亏损	Valuation losses on investment properties	(1,150)	(1,020)
其他物业、机器和设备的减值亏损	Impairment losses on other property, plant and equipment	(10,993)	(11,125)
使用权资产的减值亏损	Impairment losses on right-of-use assets	(25,389)	(21,509)
综合除税前溢利	Consolidated profit before taxation	38,649	65,125

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

4 收入及分部报告（续） 4 REVENUE AND SEGMENT REPORTING (continued) (b) 分部报告（续） (b) Segment reporting (continued) (iii) 地理资料 (iii) Geographic information 下表列出有关(i)本集团来自外部 The following table sets out information about the 客户的收入及(ii)本集团的投资物 geographical location of (i) the Group’s revenue from 业、其他物业、机器和设备、经 external customers and (ii) the Group’s investment 营租赁租入自用土地之权益、使 properties, other property, plant and equipment, 用权资产及商誉（「指定非流动 interests in leasehold land held for own use under 资产」）的所在地资料。客户的所 operating lease, right-of-use assets and goodwill 在地是按照其提供服务或货品的 (“specified non-current assets”). The geographical 地点划分。如属于投资物业、其 location of customers is based on the location at which 他物业、机器和设备、经营租赁 the services were provided or the goods delivered. The 租入自用土地之权益及使用权资 geographical location of the specified non-current assets 产，指定非流动资产的所在地是 is based on the physical location of the assets in the 按照该资产的实际所在地划分； case of investment properties, other property, plant and 如属于商誉，则按照其所分配至 equipment, interests in leasehold land held for own use 的营运地点划分。 under operating lease, and right-of-use assets, and the location of the operation to which they are allocated in the case of goodwill. 来自外部客户的收入指定非流动资产 Revenue from Specified external customers non-current assets 二零二五年二零二四年二零二五年二零二四年 2025 2024 2025 2024 千元千元千元千元 $’000 $’000 $’000 $’000 香港（注册地）Hong Kong (place of domicile) 2,935,405 2,953,910 1,238,761 1,270,333 中国内地 Mainland China 164,665 183,037 97,408 120,075 3,100,070 3,136,947 1,336,169 1,390,408 (iv) 重要客户 (iv) Major customer 于两个年度，本集团概无收入贡 There is no customer which contributed over 10% of 献超过收入总额10%的客户。 the total revenue of the Group for both years. 120

		来自外部客户的收入		指定非流动资产
		Revenue from external customers		Specified non-current assets
		二零二五年	二零二四年	二零二五年	二零二四年
		2025	2024	2025	2024
		千元	千元	千元	千元
		$’000	$’000	$’000	$’000
香港（注册地）	Hong Kong (place of domicile)	2,935,405	2,953,910	1,238,761	1,270,333
中国内地	Mainland China	164,665	183,037	97,408	120,075
中国内地	Mainland China	3,100,070	3,136,947	1,336,169	1,390,408

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

5 其他收入和其他收益净额 5 OTHER REVENUE AND OTHER NET GAIN 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 其他收入 Other revenue 利息收入 Interest income 24,257 28,113 政府补助 Government grants 430 1,416 24,687 29,529 其他收益净额 Other net gain 处置其他物业、机器和设备的 Net loss on disposal of other property, 亏损净额 plant and equipment (6,231) (7,704) 汇兑亏损净额 Net foreign exchange loss (352) (1,021) 电炉及气体炉优惠 Electric and gas range incentives 5,409 5,093 出售换购礼品溢利 Profit on sale of redemption gifts 4,242 1,035 租赁修正收益 Gain on lease modifications 24,546 10,290 其他 Others 5,899 5,183 33,513 12,876 58,200 42,405 6 除税前溢利 6 PROFIT BEFORE TAXATION 除税前溢利已扣除： Profit before taxation is arrived at after charging: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 (a) 融资成本 (a) Finance costs 租赁负债利息费用 Interest expense on lease liabilities （附注17(b)） (note 17(b)) 33,421 33,312 银行借款利息费用 Interest expense on bank borrowings （附注17(b)） (note 17(b)) 256 54 33,677 33,366 121 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
其他收入	Other revenue
利息收入	Interest income	24,257	28,113
政府补助	Government grants	430	1,416
政府补助	Government grants	24,687	29,529
其他收益净额	Other net gain
处置其他物业、机器和设备的亏损净额	Net loss on disposal of other property, plant and equipment	(6,231)	(7,704)
汇兑亏损净额	Net foreign exchange loss	(352)	(1,021)
电炉及气体炉优惠	Electric and gas range incentives	5,409	5,093
出售换购礼品溢利	Profit on sale of redemption gifts	4,242	1,035
租赁修正收益	Gain on lease modifications	24,546	10,290
其他	Others	5,899	5,183
		33,513	12,876
		58,200	42,405

				二零二五年	二零二四年
				2025	2024
				千元	千元
				$’000	$’000
(a)	融资成本	(a)	Finance costs
	租赁负债利息费用（附注17(b)）		Interest expense on lease liabilities (note 17(b))	33,421	33,312
	银行借款利息费用（附注17(b)）		Interest expense on bank borrowings (note 17(b))	256	54
			Interest expense on bank borrowings (note 17(b))	33,677	33,366

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

6 除税前溢利（续） 6 PROFIT BEFORE TAXATION (continued) 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 (b) 其他项目 (b) Other items 存货成本（附注） Cost of inventories (note) 750,144 772,510 折旧费用 Depreciation charge －其他物业、机器和 – Other property, plant and 设备 equipment 103,429 93,733 －使用权资产 – Right-of-use assets 419,537 406,720 核数师酬金 Auditor’s remuneration －核数服务 – Audit services 1,679 1,630 －税务及其他服务 – Tax and other services 325 365 与短期租赁有关的费用 Expense relating to short-term leases 22,919 18,971 不纳入租赁负债计量的可变 Variable lease payments not included 租赁付款额 in the measurement of lease liabilities 4,906 5,733 建筑物管理费和空调费 Building management fee and air conditioning 88,919 86,562 电费、水费及煤气费 Electricity, water and gas 187,540 180,770 物流费用 Logistic expense 63,370 72,011 维修及保养费 Repair and maintenance 46,508 46,272 清洁费 Sanitation 47,629 49,569 其后更换刀叉餐具及器皿的 Cost of subsequent replacement of 费用 cutlery and utensils 9,171 10,804 董事袍金 Directors’ fee 1,250 1,249 薪金、工资和其他福利 Salaries, wages and other benefits 1,043,995 1,047,731 界定供款退休计划供款 Contributions to defined contribution retirement plan 50,509 50,471 以权益结算的以股份为基础 Equity-settled share-based payment 的支付 expenses 1,662 2,246 其他费用 Other expenses 161,240 164,330 3,004,732 3,011,677 代表： Representing: 销售成本 Cost of sales 2,862,864 2,866,353 行政费用 Administrative expenses 141,868 145,324 3,004,732 3,011,677 附注：存货成本是指食品和包装成本。 Note: The cost of inventories represents food and packaging costs. 122

				二零二五年	二零二四年
				2025	2024
				千元	千元
				$’000	$’000
(b)	其他项目	(b)	Other items
	存货成本（附注）		Cost of inventories (note)	750,144	772,510
	折旧费用		Depreciation charge
	－其他物业、机器和设备		– Other property, plant and equipment	103,429	93,733
	－使用权资产		– Right-of-use assets	419,537	406,720
	核数师酬金		Auditor’s remuneration
	－核数服务		– Audit services	1,679	1,630
	－税务及其他服务		– Tax and other services	325	365
	与短期租赁有关的费用		Expense relating to short-term leases	22,919	18,971
	不纳入租赁负债计量的可变租赁付款额		Variable lease payments not included in the measurement of lease liabilities	4,906	5,733
	建筑物管理费和空调费		Building management fee and air conditioning	88,919	86,562
	电费、水费及煤气费		Electricity, water and gas	187,540	180,770
	物流费用		Logistic expense	63,370	72,011
	维修及保养费		Repair and maintenance	46,508	46,272
	清洁费		Sanitation	47,629	49,569
	其后更换刀叉餐具及器皿的费用		Cost of subsequent replacement of cutlery and utensils	9,171	10,804
	董事袍金		Directors’ fee	1,250	1,249
	薪金、工资和其他福利		Salaries, wages and other benefits	1,043,995	1,047,731
	界定供款退休计划供款		Contributions to defined contribution retirement plan	50,509	50,471
	以权益结算的以股份为基础的支付		Equity-settled share-based payment expenses	1,662	2,246
	其他费用		Other expenses	161,240	164,330
			Other expenses	3,004,732	3,011,677
	代表：		Representing:
	销售成本		Cost of sales	2,862,864	2,866,353
	行政费用		Administrative expenses	141,868	145,324
			Administrative expenses	3,004,732	3,011,677

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

7 综合损益表所示的所得税 7 INCOME TAX IN THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS (a) 综合损益表所示的税项为： (a) Taxation in the consolidated statement of profit or loss represents: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 本期税项－香港利得税 Current tax – Hong Kong Profits Tax 本年度准备 Provision for the year 7,914 11,104 以往年度准备过剩 Over-provision in respect of prior years (903) (44) 递延税项（附注22(b)） Deferred tax (note 22(b)) 暂时差异的产生和转回 Origination and reversal of temporary differences (3,902) 3,408 3,109 14,468 二零二四╱二零二五年度的香港利得 The provision for Hong Kong Profits Tax for 2024/2025 is 税准备是按本年度的估计应评税溢利 calculated at 16.5% (2023/2024: 16.5%) of the estimated 以16.5%（二零二三╱二零二四年： assessable profits for the year, except for one subsidiary of 16.5%）的税率计算，惟本集团的一 the Group which is a qualifying corporation under the two- 间附属公司符合两级制利得税税制的 tiered profits tax rate regime. 条件除外。就该附属公司而言，应评税溢利的首 For this subsidiary, the first $2.0 million of assessable profits 200万元的税率为8.25%，而剩下的 are taxed at 8.25% and the remaining assessable profits 应评税溢利的税率为16.5%。根据利 are taxed at 16.5%. The provision for Hong Kong Profits 得税两级制，本附属公司二零二三╱ Tax for this subsidiary was calculated at the same basis in 二零二四年香港利得税准备按照同样 2023/2024. 基准计算。本集团中国内地业务于二零二五年及 The Group’s Mainland China operations do not have 二零二四年并无应评税溢利。因此， assessable profit for 2025 and 2024. Therefore, no 本集团并无就该两个年度的中华人民 provision has been made for People’s Republic of China (the 共和国（「中国」）内地企业所得税计提 “PRC”) Enterprise Income Tax for both years. 准备。 123 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
本期税项－香港利得税	Current tax – Hong Kong Profits Tax
本年度准备	Provision for the year	7,914	11,104
以往年度准备过剩	Over-provision in respect of prior years	(903)	(44)
递延税项（附注22(b)）	Deferred tax (note 22(b))
暂时差异的产生和转回	Origination and reversal of temporary differences	(3,902)	3,408
暂时差异的产生和转回	Origination and reversal of temporary differences	3,109	14,468

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

7 综合损益表所示的所得税（续） 7 INCOME TAX IN THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS (continued) (b) 税项支出与会计溢利按适用税率计算 (b) Reconciliation between tax expense and accounting 的对账： profit at applicable tax rates: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 除税前溢利 Profit before taxation 38,649 65,125 税率16.5%（二零二四年： Tax effect at 16.5% (2024: 16.5%) 16.5%）的税项影响 6,377 10,746 两级制税率的税项影响 Tax effect of two-tied tax rate (165) (165) 在另一税收管辖区经营的附属 Effect of different tax rate of subsidiaries 公司采用不同税率的影响 operating in another tax jurisdiction (668) (2,155) 不可扣减支出的税项影响 Tax effect of non-deductible expenses 2,468 5,028 毋须计税收入的税项影响 Tax effect of non-taxable income (5,264) (5,571) 未使用而且未确认的税项亏损 Tax effect of unused tax losses not 的税项影响 recognised 1,230 6,595 未确认的其他暂时差异的税项 Tax effect of other temporary differences 影响 not recognised 34 34 以往年度准备过剩 Over-provision in respect of prior years (903) (44) 税项支出 Tax expense 3,109 14,468 124

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
除税前溢利	Profit before taxation	38,649	65,125
税率16.5%（二零二四年： 16.5%）的税项影响	Tax effect at 16.5% (2024: 16.5%)	6,377	10,746
两级制税率的税项影响	Tax effect of two-tied tax rate	(165)	(165)
在另一税收管辖区经营的附属公司采用不同税率的影响	Effect of different tax rate of subsidiaries operating in another tax jurisdiction	(668)	(2,155)
不可扣减支出的税项影响	Tax effect of non-deductible expenses	2,468	5,028
毋须计税收入的税项影响	Tax effect of non-taxable income	(5,264)	(5,571)
未使用而且未确认的税项亏损的税项影响	Tax effect of unused tax losses not recognised	1,230	6,595
未确认的其他暂时差异的税项影响	Tax effect of other temporary differences not recognised	34	34
以往年度准备过剩	Over-provision in respect of prior years	(903)	(44)
税项支出	Tax expense	3,109	14,468

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

8 董事酬金 8 DIRECTORS’ EMOLUMENTS 根据香港《公司条例》第383(1)条及第2部 Directors’ emoluments disclosed pursuant to section 383(1) 《公司（披露董事利益资料）规例》列报的 of the Hong Kong Companies Ordinance and Part 2 of the 董事酬金如下： Companies (Disclosure of Information about Benefits of Directors) Regulation are as follows: 薪金、津贴及以股份为退休计划二零二五年董事袍金实物利益酌情花红基础的支付供款总额 Salaries allowances Retirement Directors’ and benefits Discretionary Share-based scheme 2025 fee in kind bonus payments contributions Total （附注(i)） (Note (i)) 千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 执行董事 Executive Directors 罗开扬先生 Mr Dennis Lo Hoi Yeung （附注(ii)） (Note (ii)) 170 6,607 – – – 6,777 罗辉承先生 Mr Lo Fai Shing Francis （附注(iii)） (Note (iii)) 150 2,974 – 443 18 3,585 李碧琦女士 Ms Peggy Lee （附注(iv)） (Note (iv)) 150 2,760 – 128 18 3,056 独立非执行 Independent Non- 董事 executive Directors 陈棨年先生 Mr Joseph Chan Kai Nin 190 – – – – 190 刘国权博士 Dr Peter Lau Kwok Kuen 180 – – – – 180 尹锦滔博士 Dr Peter Wan Kam To 240 – – – – 240 叶焯德先生 Mr Yip Cheuk Tak 170 – – – – 170 1,250 12,341 – 571 36 14,198 125 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		董事袍金	薪金、津贴及实物利益	酌情花红	以股份为基础的支付	退休计划供款	二零二五年总额
		Directors’ fee	Salaries allowances and benefits in kind	Discretionary bonus	Share-based payments	Retirement scheme contributions	2025 Total
（附注(i)）
(Note (i))
					千元	千元	千元	千元	千元	千元
					$’000	$’000	$’000	$’000	$’000	$’000
执行董事	Executive Directors
罗开扬先生（附注(ii)）	Mr Dennis Lo Hoi Yeung (Note (ii))	170	6,607	–	–	–	6,777
罗辉承先生（附注(iii)）	Mr Lo Fai Shing Francis (Note (iii))	150	2,974	–	443	18	3,585
李碧琦女士（附注(iv)）	Ms Peggy Lee (Note (iv))	150	2,760	–	128	18	3,056
独立非执行董事	Independent Non- executive Directors
陈棨年先生	Mr Joseph Chan Kai Nin	190	–	–	–	–	190
刘国权博士	Dr Peter Lau Kwok Kuen	180	–	–	–	–	180
尹锦滔博士	Dr Peter Wan Kam To	240	–	–	–	–	240
叶焯德先生	Mr Yip Cheuk Tak	170	–	–	–	–	170
叶焯德先生	Mr Yip Cheuk Tak	1,250	12,341	–	571	36	14,198

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

8 董事酬金（续） 8 DIRECTORS’ EMOLUMENTS (continued) 薪金、津贴及以股份为退休计划二零二四年董事袍金实物利益酌情花红基础的支付供款总额 Salaries allowances Retirement Directors’ and benefits Discretionary Share-based scheme 2024 fee in kind bonus payments contributions Total （附注(i)） (Note (i)) 千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 执行董事 Executive Directors 罗开扬先生 Mr Dennis Lo Hoi Yeung 170 6,526 507 – – 7,203 罗辉承先生 Mr Lo Fai Shing Francis 150 2,880 507 684 18 4,239 李碧琦女士 Ms Peggy Lee 150 2,651 253 198 18 3,270 独立非执行 Independent Non- 董事 executive Directors 陈棨年先生 Mr Joseph Chan Kai Nin 190 – – – – 190 刘国权博士 Dr Peter Lau Kwok Kuen 180 – – – – 180 尹锦滔博士 Dr Peter Wan Kam To 240 – – – – 240 叶焯德先生 Mr Yip Cheuk Tak 169 – – – – 169 1,249 12,057 1,267 882 36 15,491 附注： Notes: (i) 以股份为基础的支付数字是指根据本公司 (i) Share-based payments represent the estimated value of share options 的股份期权计划授予某些董事的购股权的 granted to the Directors under the Company’s share option schemes. 估计价值。这些股份期权的价值是根据附 The value of these share options is measured according to the Group’s 注2(p)(ii)所列有关以股份为基础的交易的本 accounting policies for share-based payment transactions as set out in 集团会计政策计量，而根据该政策，还包 note 2(p)(ii) and, in accordance with that policy, includes adjustments 括转回归属前放弃权益工具的授予而在以 to reverse amounts accrued in previous years where grants of equity 往年度的应计款项调整。 instruments are forfeited prior to vesting. 这些实物利益的详情（包括获授予期权的主 Details of these benefits in kind, including the principal terms and 要条款和数目）载于董事会报告中「购股权 number of options granted, are disclosed under the paragraph “Share 计划」一节和附注21。 Option Schemes” in the Report of the Directors and note 21. (ii) 罗开扬先生已于二零二五年四月一日由执 (ii) Mr Dennis Lo Hoi Yeung has been re-designated from Executive 行董事调任为非执行董事。 Director to Non-executive Director on 1 April 2025. (iii) 罗辉承先生已于二零二五年四月一日获委 (iii) Mr Lo Fai Shing Francis has been appointed as Vice Chairman of the 任为董事会副主席及辞任行政总裁。 Board and resigned as Chief Executive Officer on 1 April 2025. (iv) 李碧琦小姐已于二零二五年四月一日获委 (iv) Ms Peggy Lee has been appointed as Chief Executive Officer on 1 April 任为行政总裁。 2025. 126

		董事袍金	薪金、津贴及实物利益	酌情花红	以股份为基础的支付	退休计划供款	二零二四年总额
		Directors’ fee	Salaries allowances and benefits in kind	Discretionary bonus	Share-based payments	Retirement scheme contributions	2024 Total
（附注(i)）
(Note (i))
					千元	千元	千元	千元	千元	千元
					$’000	$’000	$’000	$’000	$’000	$’000
执行董事	Executive Directors
罗开扬先生	Mr Dennis Lo Hoi Yeung	170	6,526	507	–	–	7,203
罗辉承先生	Mr Lo Fai Shing Francis	150	2,880	507	684	18	4,239
李碧琦女士	Ms Peggy Lee	150	2,651	253	198	18	3,270
独立非执行董事	Independent Non- executive Directors
陈棨年先生	Mr Joseph Chan Kai Nin	190	–	–	–	–	190
刘国权博士	Dr Peter Lau Kwok Kuen	180	–	–	–	–	180
尹锦滔博士	Dr Peter Wan Kam To	240	–	–	–	–	240
叶焯德先生	Mr Yip Cheuk Tak	169	–	–	–	–	169
叶焯德先生	Mr Yip Cheuk Tak	1,249	12,057	1,267	882	36	15,491

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

9 最高酬金人士 9 INDIVIDUALS WITH HIGHEST EMOLUMENTS 在五位酬金最高的人士中，三位（二零 Out of the five individuals with the highest emoluments, 二四年：三位）为董事，有关的酬金详情 three individuals (2024: three individuals) are directors whose 载于附注8。其余两位（二零二四年：两 emoluments are disclosed in note 8. The aggregate of the 位）人士的酬金总额如下： emoluments in respect of the other two individuals (2024: two individuals) are as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 薪金和其他酬金 Salaries and other emoluments 4,053 4,165 以股份为基础的支付 Share-based payments 170 281 退休计划供款 Retirement scheme contributions 36 36 4,259 4,482 两位（二零二四年：两位）酬金最高人士 The emolument of two individuals (2024: two individuals) with 的酬金在以下范围内： the highest emoluments are within the following band: 二零二五年二零二四年 2025 2024 人数人数 Number of Number of individuals individuals $1,500,001–$2,000,000 1 1 $2,500,001–$3,000,000 1 1 2 2 10 每股盈利 10 EARNINGS PER SHARE (a) 每股基本盈利 (a) Basic earnings per share 每股基本盈利是按照本公司普通权 The calculation of basic earnings per share is based on 益股东应占溢利35,540,000元（二零 the profit attributable to ordinary equity shareholders 二四年：50,657,000元），以及普通 of the Company of $35,540,000 (2024: $50,657,000) 股的加权平均数129,553,000股（二零 and the weighted average number of ordinary shares of 二四年：129,553,000股）计算。 129,553,000 shares (2024: 129,553,000 shares) in issue during the year. (b) 每股摊薄盈利 (b) Diluted earnings per share 计算每股摊薄盈利时并未假设本公司 The computation of diluted earnings per share did not 尚未行使购股权均获行使，乃由于该 assume the exercise of the Company’s outstanding share 等购股权行使价高于截至二零二五 options as the exercise prices of the share options were 年三月三十一日和二零二四年三月 higher than the average market price of the Company’s 三十一日止年度购股权尚未行使期间 shares during the period when the share options were 本公司股票的平均市价。 outstanding for both years ended 31 March 2025 and 2024. 127 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
薪金和其他酬金	Salaries and other emoluments	4,053	4,165
以股份为基础的支付	Share-based payments	170	281
退休计划供款	Retirement scheme contributions	36	36
退休计划供款	Retirement scheme contributions	4,259	4,482

	二零二五年	二零二四年
	2025	2024
	人数	人数
	Number of individuals	Number of individuals
$1,500,001–$2,000,000	1	1
$2,500,001–$3,000,000	1	1
	2	2

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

11 投资物业、其他物业、机器和设备 11 INVESTMENT PROPERTIES, OTHER PROPERTY, 及租赁土地 PLANT AND EQUIPMENT AND LEASEHOLD LAND (a) (a) 租赁土地和租赁物业建筑物改良工程其他资产小计投资物业总额 Leasehold land and Leasehold Other Investment buildings improvements assets Sub-total properties Total 千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 成本或估值： Cost or valuation: 于二零二三年四月一日 At 1 April 2023 98,548 384,929 806,740 1,290,217 23,260 1,313,477 汇兑调整 Exchange adjustments (224) (1,391) (1,405) (3,020) – (3,020) 增置 Additions – 47,395 84,067 131,462 – 131,462 出售 Disposals – (27,871) (45,600) (73,471) – (73,471) 重估亏损（附注11(b)） Loss on revaluation (note 11(b)) – – – – (1,020) (1,020) 于二零二四年三月三十一日 At 31 March 2024 98,324 403,062 843,802 1,345,188 22,240 1,367,428 代表： Representing: 成本 Cost 98,324 403,062 843,802 1,345,188 – 1,345,188 估值－二零二四年 Valuation – 2024 – – – – 22,240 22,240 98,324 403,062 843,802 1,345,188 22,240 1,367,428 累计折旧和减值： Accumulated depreciation and impairment: 于二零二三年四月一日 At 1 April 2023 66,002 295,047 549,769 910,818 – 910,818 汇兑调整 Exchange adjustments (217) (1,025) (834) (2,076) – (2,076) 本年计提 Charge for the year 2,149 36,499 55,085 93,733 – 93,733 减值亏损（附注11(d)） Impairment losses (note 11(d)) 249 3,600 7,276 11,125 – 11,125 出售时拨回 Written back on disposals – (25,656) (39,349) (65,005) – (65,005) 于二零二四年三月三十一日 At 31 March 2024 68,183 308,465 571,947 948,595 – 948,595 账面净值或公允价值： Net book value or fair value: 于二零二四年三月三十一日 Net book value at 的账面净值 31 March 2024 30,141 94,597 271,855 396,593 – 396,593 于二零二四年三月三十一日 Fair value at 的公允价值 31 March 2024 – – – – 22,240 22,240 30,141 94,597 271,855 396,593 22,240 418,833 128

		租赁土地和建筑物	租赁物业改良工程	其他资产	小计	投资物业	总额
		Leasehold land and buildings	Leasehold improvements	Other assets	Sub-total	Investment properties	Total
		千元	千元	千元	千元	千元	千元
		$’000	$’000	$’000	$’000	$’000	$’000
成本或估值：	Cost or valuation:
于二零二三年四月一日	At 1 April 2023	98,548	384,929	806,740	1,290,217	23,260	1,313,477
汇兑调整	Exchange adjustments	(224)	(1,391)	(1,405)	(3,020)	–	(3,020)
增置	Additions	–	47,395	84,067	131,462	–	131,462
出售	Disposals	–	(27,871)	(45,600)	(73,471)	–	(73,471)
重估亏损（附注11(b)）	Loss on revaluation (note 11(b))	–	–	–	–	(1,020)	(1,020)
于二零二四年三月三十一日	At 31 March 2024	98,324	403,062	843,802	1,345,188	22,240	1,367,428
代表：	Representing:
成本	Cost	98,324	403,062	843,802	1,345,188	–	1,345,188
估值－二零二四年	Valuation – 2024	–	–	–	–	22,240	22,240
估值－二零二四年	Valuation – 2024	98,324	403,062	843,802	1,345,188	22,240	1,367,428
累计折旧和减值：	Accumulated depreciation and impairment:
于二零二三年四月一日	At 1 April 2023	66,002	295,047	549,769	910,818	–	910,818
汇兑调整	Exchange adjustments	(217)	(1,025)	(834)	(2,076)	–	(2,076)
本年计提	Charge for the year	2,149	36,499	55,085	93,733	–	93,733
减值亏损（附注11(d)）	Impairment losses (note 11(d))	249	3,600	7,276	11,125	–	11,125
出售时拨回	Written back on disposals	–	(25,656)	(39,349)	(65,005)	–	(65,005)
于二零二四年三月三十一日	At 31 March 2024	68,183	308,465	571,947	948,595	–	948,595
账面净值或公允价值：	Net book value or fair value:
于二零二四年三月三十一日的账面净值	Net book value at 31 March 2024	30,141	94,597	271,855	396,593	–	396,593
于二零二四年三月三十一日的公允价值	Fair value at 31 March 2024	–	–	–	–	22,240	22,240
于二零二四年三月三十一日的公允价值	Fair value at 31 March 2024	30,141	94,597	271,855	396,593	22,240	418,833

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

11 投资物业、其他物业、机器和设备 11 INVESTMENT PROPERTIES, OTHER PROPERTY, 及租赁土地（续） PLANT AND EQUIPMENT AND LEASEHOLD LAND (continued) (a)（续） (a) (continued) 租赁土地和租赁物业建筑物改良工程其他资产小计投资物业总额 Leasehold land and Leasehold Other Investment buildings improvements assets Sub-total properties Total 千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 成本或估值： Cost or valuation: 于二零二四年四月一日 At 1 April 2024 98,324 403,062 843,802 1,345,188 22,240 1,367,428 汇兑调整 Exchange adjustments (111) (719) (722) (1,552) – (1,552) 增置 Additions 65,764 33,648 58,242 157,654 – 157,654 出售 Disposals – (27,832) (45,058) (72,890) – (72,890) 重估亏损（附注11(b)） Loss on revaluation (note 11(b)) – – – – (1,150) (1,150) 于二零二五年三月三十一日 At 31 March 2025 163,977 408,159 856,264 1,428,400 21,090 1,449,490 代表： Representing: 成本 Cost 163,977 408,159 856,264 1,428,400 – 1,428,400 估值－二零二五年 Valuation – 2025 – – – – 21,090 21,090 163,977 408,159 856,264 1,428,400 21,090 1,449,490 累计折旧和减值： Accumulated depreciation and impairment: 于二零二四年四月一日 At 1 April 2024 68,183 308,465 571,947 948,595 – 948,595 汇兑调整 Exchange adjustments (108) (547) (473) (1,128) – (1,128) 本年计提 Charge for the year 3,823 38,585 61,021 103,429 – 103,429 减值亏损（附注11(d)） Impairment losses (note 11(d)) 251 3,700 7,042 10,993 – 10,993 出售时拨回 Written back on disposals – (26,347) (40,219) (66,566) – (66,566) 于二零二五年三月三十一日 At 31 March 2025 72,149 323,856 599,318 995,323 – 995,323 账面净值或公允价值： Net book value or fair value: 于二零二五年三月三十一日 Net book value at 的账面净值 31 March 2025 91,828 84,303 256,946 433,077 – 433,077 于二零二五年三月三十一日 Fair value at 的公允价值 31 March 2025 – – – – 21,090 21,090 91,828 84,303 256,946 433,077 21,090 454,167 129 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		租赁土地和建筑物	租赁物业改良工程	其他资产	小计	投资物业	总额
		Leasehold land and buildings	Leasehold improvements	Other assets	Sub-total	Investment properties	Total
		千元	千元	千元	千元	千元	千元
		$’000	$’000	$’000	$’000	$’000	$’000
成本或估值：	Cost or valuation:
于二零二四年四月一日	At 1 April 2024	98,324	403,062	843,802	1,345,188	22,240	1,367,428
汇兑调整	Exchange adjustments	(111)	(719)	(722)	(1,552)	–	(1,552)
增置	Additions	65,764	33,648	58,242	157,654	–	157,654
出售	Disposals	–	(27,832)	(45,058)	(72,890)	–	(72,890)
重估亏损（附注11(b)）	Loss on revaluation (note 11(b))	–	–	–	–	(1,150)	(1,150)
于二零二五年三月三十一日	At 31 March 2025	163,977	408,159	856,264	1,428,400	21,090	1,449,490
代表：	Representing:
成本	Cost	163,977	408,159	856,264	1,428,400	–	1,428,400
估值－二零二五年	Valuation – 2025	–	–	–	–	21,090	21,090
估值－二零二五年	Valuation – 2025	163,977	408,159	856,264	1,428,400	21,090	1,449,490
累计折旧和减值：	Accumulated depreciation and impairment:
于二零二四年四月一日	At 1 April 2024	68,183	308,465	571,947	948,595	–	948,595
汇兑调整	Exchange adjustments	(108)	(547)	(473)	(1,128)	–	(1,128)
本年计提	Charge for the year	3,823	38,585	61,021	103,429	–	103,429
减值亏损（附注11(d)）	Impairment losses (note 11(d))	251	3,700	7,042	10,993	–	10,993
出售时拨回	Written back on disposals	–	(26,347)	(40,219)	(66,566)	–	(66,566)
于二零二五年三月三十一日	At 31 March 2025	72,149	323,856	599,318	995,323	–	995,323
账面净值或公允价值：	Net book value or fair value:
于二零二五年三月三十一日的账面净值	Net book value at 31 March 2025	91,828	84,303	256,946	433,077	–	433,077
于二零二五年三月三十一日的公允价值	Fair value at 31 March 2025	–	–	–	–	21,090	21,090
于二零二五年三月三十一日的公允价值	Fair value at 31 March 2025	91,828	84,303	256,946	433,077	21,090	454,167

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

11 投资物业、其他物业、机器和设备 11 INVESTMENT PROPERTIES, OTHER PROPERTY, 及租赁土地（续） PLANT AND EQUIPMENT AND LEASEHOLD LAND (continued) (a)（续） (a) (continued) 本集团物业成本或估值的分析如下： The analysis of cost or valuation of the properties of the Group is as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 租赁土地和建筑物（按成本） Leasehold land and buildings, at cost 在香港境内的中期租赁 Medium-term leasehold in Hong Kong 136,854 71,090 在香港境外的中期租赁 Medium-term leasehold outside Hong Kong 27,123 27,234 163,977 98,324 投资物业（按估值） Investment properties, at valuation 在香港境外的中期租赁 Medium-term leasehold outside Hong Kong 21,090 22,240 130

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
租赁土地和建筑物（按成本）	Leasehold land and buildings, at cost
在香港境内的中期租赁	Medium-term leasehold in Hong Kong	136,854	71,090
在香港境外的中期租赁	Medium-term leasehold outside Hong Kong	27,123	27,234
在香港境外的中期租赁	Medium-term leasehold outside Hong Kong	163,977	98,324
投资物业（按估值）	Investment properties, at valuation
在香港境外的中期租赁	Medium-term leasehold outside Hong Kong	21,090	22,240

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

11 投资物业、其他物业、机器和设备 11 INVESTMENT PROPERTIES, OTHER PROPERTY, 及租赁土地（续） PLANT AND EQUIPMENT AND LEASEHOLD LAND (continued) (b) 物业的公允价值计量 (b) Fair value measurement of properties (i) 公允价值层级 (i) Fair value hierarchy 本集团于报告期末按经常基准所 The fair value of the Group’s investment properties 计量的物业公允价值。该等物业 measured at the end of the reporting period on a 已归入《香港财务报告准则》第13 recurring basis are categorised into the three-level 号「公允价值计量」所界定的三个 fair value hierarchy as defined in HKFRS 13, “Fair 公允价值层级。本集团参照以下 value measurement”. The level into which a fair value 估值方法所采用的输入值的可观 measurement is classified is determined with reference 察程度和重要性，从而厘定公允 to the observability and significance of the inputs used 价值计量数值所应归属的层级： in the valuation technique as follows: －第一层级估值：只使用第一层 – Level 1 valuations: Fair value measured using only 级输入值（即相同资产或负债 Level 1 inputs i.e. unadjusted quoted prices in 于计量日期在活跃市场的未经 active markets for identical assets or liabilities at the 调整报价）来计量公允价值。 measurement date. －第二层级估值：使用第二层级 – Level 2 valuations: Fair value measured using Level 输入值（即未达第一层级的可 2 inputs i.e. observable inputs which fail to meet 观察输入值），并舍弃重大不 Level 1, and not using significant unobservable 可观察输入值来计量公允价 inputs. Unobservable inputs are inputs for which 值。不可观察输入值是指欠缺 market data are not available. 市场数据的输入值。－第三层级估值：采用重大不可 – Level 3 valuations: Fair value measured using 观察输入值来计量公允价值。 significant unobservable inputs. 所有投资物业已于二零二五年和 All investment properties were revalued at 31 March 二零二四年三月三十一日进行重 2025 and 2024 by an independent firm of surveyors 估。重估工作由独立测量师事务 Sinoappraisal Advisory Limited, who has staff with 所－中诚达资产评值有限公司进 recognised professional qualifications and relevant 行，该测量师行的员工拥有认可 experience in the location and category of investment 专业资格，对所重估投资物业的 properties being revalued. The Group’s management 所在地点和类别具有相关的经 has discussion with the surveyors on the valuation 验。本集团管理层已与测量师讨 assumptions and valuation results when the valuation is 论在报告期末进行估值的假设和 performed at the end of the reporting period. 结果。于二零二五年和二零二四年三月 At 31 March 2025 and 2024, all of the Group’s 三十一日，本集团所有投资物业 investment properties fall into Level 3 of the fair value 均以上述的第三公允价值层级计 hierarchy as described above. 量。 131 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

11 投资物业、其他物业、机器和设备 11 INVESTMENT PROPERTIES, OTHER PROPERTY, 及租赁土地（续） PLANT AND EQUIPMENT AND LEASEHOLD LAND (continued) (b) 物业的公允价值计量（续） (b) Fair value measurement of properties (continued) (ii) 第三层级公允价值计量的资料 (ii) Information about Level 3 fair value measurements 物业地点估值方法 Location of properties Valuation techniques 中国内地－商业物业直接比较法 Mainland China – Commercial properties Direct comparison approach 位于中国内地的投资物业的公允 The fair values of investment properties located 价值，是使用直接比较法厘定， in Mainland China are determined by using direct 当中已参考可比物业的市价，且 comparison approach with reference to the market 并无重大不可观察输入值。 price of comparable properties and there is no significant unobservable input. 这些位于中国内地的投资物业于 The movement of these investment properties in 年内的变动如下： Mainland China during the year is as follows: 千元 $’000 于二零二三年四月一日 At 1 April 2023 23,260 估值亏损 Valuation losses (1,020) 于二零二四年三月三十一日 At 31 March 2024 22,240 于二零二四年四月一日 At 1 April 2024 22,240 估值亏损 Valuation losses (1,150) 于二零二五年三月三十一日 At 31 March 2025 21,090 (c) 其他资产包括家私、设备、冷气机、 (c) Other assets include furniture, equipment, air-conditioning 汽车、电脑系统及初次购买的刀叉餐 plant, motor vehicles, computer systems and initial 具及器皿。 purchases of cutlery and utensils. 132

物业地点	估值方法
Location of properties	Valuation techniques
中国内地－商业物业	直接比较法
Mainland China – Commercial properties	Direct comparison approach

千元
$’000
于二零二三年四月一日	At 1 April 2023	23,260
估值亏损	Valuation losses	(1,020)
于二零二四年三月三十一日	At 31 March 2024	22,240
于二零二四年四月一日	At 1 April 2024	22,240
估值亏损	Valuation losses	(1,150)
于二零二五年三月三十一日	At 31 March 2025	21,090

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

11 投资物业、其他物业、机器和设备 11 INVESTMENT PROPERTIES, OTHER PROPERTY, 及租赁土地（续） PLANT AND EQUIPMENT AND LEASEHOLD LAND (continued) (d) 于本年度内，本集团管理层以现金产 (d) During the year, the Group’s’ management identified 出单元作为减值评估目的，确定若 certain individual restaurants, each as a cash-generating 干个别餐厅业绩持续欠佳，并估算 unit for impairment assessment purpose, which under- 了这些餐厅使用权资产以及其他物 performed and estimated the recoverable amounts of the 业、机器和设备的可收回数额。根据 right-of-use assets and other property, plant and equipment 估算，截至二零二五年三月三十一日 of these restaurants. Based on these estimates, the carrying 止年度内这些使用权资产以及其他 amount of right-of-use assets and other property, plant 物业、机器和设备的账面金额分别 and equipment was written down by $25,389,000 (2024: 已减值25,389,000元（二零二四年： $21,509,000) and $10,993,000 (2024: $11,125,000) 21,509,000元）及10,993,000元（二零 respectively during the year ended 31 March 2025. The 二四年：11,125,000元）。按使用价值 aggregate recoverable amounts of 15 of these restaurants 计算，十五间餐厅的合计可收回金额 amounted to $66,272,000 based on their value in use 为66,272,000元（二零二四年：十二 (2024: 12 of these restaurants amounted to $44,814,000). 间餐厅的金额为44,814,000元）。除 Apart from the above, the recoverable amounts of the 此以外，剩余旧有使用权资产以及其 remaining impaired right-of-use assets and other property, 他物业、机器和设备的可收回金额较 plant and equipment were minimal (2024: the recoverable 低（二零二四年：剩余旧有使用权资 amounts of the remaining impaired right-of-use assets and 产以及其他物业、机器和设备的可收 other property, plant and equipment were minimal). The 回金额较低）。可收回数额的估计是 estimates of recoverable amount were based on the value 基于使用权资产以及其他物业、机器 in use of these right-of-use assets and other property, plant 和设备的使用价值，使用税前折现率 and equipment, determined using a pre-tax discount rate 16%（二零二四年：16%）和其他关 of 16% (2024: 16%) and other key assumptions including 键假设（包括收入增长率和毛利率）厘 revenue growth rates and gross margins. 定。因此，于年内确认使用权资产以及 As a result, impairment losses of right-of-use assets and 其他物业、机器和设备的减值亏损 other property, plant and equipment of $25,389,000 (2024: 分别为25,389,000元（二零二四年： $21,509,000) and $10,993,000 (2024: $11,125,000) were 21,509,000元）和10,993,000元（二零 recognised during the year. 二四年：11,125,000元）。 (e) 于二零二五年三月三十一日，作为本 (e) At 31 March 2025, the net book value of buildings pledged 集团部分附属公司所获银行担保的建 as security for banking guarantees granted to certain 筑物账面净值为621,000元（二零二四 subsidiaries of the Group amounted to $621,000 (2024: 年：721,000元）。 $721,000). 133 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

11 投资物业、其他物业、机器和设备 11 INVESTMENT PROPERTIES, OTHER PROPERTY, 及租赁土地（续） PLANT AND EQUIPMENT AND LEASEHOLD LAND (continued) (f) 本集团以经营租赁租出投资物业。这 (f) The Group leases out investment properties under 些租赁初步为期三年（二零二四年： operating leases. The leases initially run for three years 三年）。各项租赁均不包含或有租 (2024: three years). None of the leases includes contingent 金。本集团根据不可解除的经营租赁 rentals. The Group’s total future minimum lease payments 在日后应收的最低租赁付款额总数如 under non-cancellable operating leases are receivable as 下： follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 一年内 Within one year 3,855 3,855 一年后但两年内 After one year but within two years 3,534 3,855 两年后但五年内 After two years but within five years – 3,534 7,389 11,244 134

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
一年内	Within one year	3,855	3,855
一年后但两年内	After one year but within two years	3,534	3,855
两年后但五年内	After two years but within five years	–	3,534
两年后但五年内	After two years but within five years	7,389	11,244

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

12 使用权资产 12 RIGHT-OF-USE ASSETS 以折旧成本入账的以折旧成本以折旧成本持作自用的入账的入账的租赁土地租作自用的机器、机械拥有权权益其他物业和设备总额 Ownership interests in Other Plant, leasehold properties machinery land held for leased for and own use, own use, equipment, carried at carried at carried at depreciated depreciated depreciated cost cost cost Total 千元千元千元千元 $’000 $’000 $’000 $’000 于二零二五年 As at 31 March 2025 三月三十一日账面金额 Carrying amount 3,478 858,654 18,869 881,001 于二零二四年 As at 31 March 2024 三月三十一日账面金额 Carrying amount 3,743 961,497 5,334 970,574 截至二零二五年 For the year ended 三月三十一日 31 March 2025 止年度本年计提 Charge for the year 160 414,012 5,365 419,537 减值亏损（附注11(d)）Impairment losses (note 11(d)) 105 25,001 283 25,389 截至二零二四年 For the year ended 三月三十一日 31 March 2024 止年度本年计提 Charge for the year 165 403,465 3,090 406,720 减值亏损（附注11(d)）Impairment losses (note 11(d)) 104 21,392 13 21,509 135 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		以折旧成本入账的持作自用的租赁土地拥有权权益	以折旧成本入账的租作自用的其他物业	以折旧成本入账的机器、机械和设备	总额
		Ownership interests in leasehold land held for own use, carried at depreciated cost	Other properties leased for own use, carried at depreciated cost	Plant, machinery and equipment, carried at depreciated cost	Total
		千元	千元	千元	千元
		$’000	$’000	$’000	$’000
于二零二五年三月三十一日	As at 31 March 2025
账面金额	Carrying amount	3,478	858,654	18,869	881,001
于二零二四年三月三十一日	As at 31 March 2024
账面金额	Carrying amount	3,743	961,497	5,334	970,574
截至二零二五年三月三十一日止年度	For the year ended 31 March 2025
本年计提	Charge for the year	160	414,012	5,365	419,537
减值亏损（附注11(d)）	Impairment losses (note 11(d))	105	25,001	283	25,389
截至二零二四年三月三十一日止年度	For the year ended 31 March 2024
本年计提	Charge for the year	165	403,465	3,090	406,720
减值亏损（附注11(d)）	Impairment losses (note 11(d))	104	21,392	13	21,509

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

12 使用权资产（续） 12 RIGHT-OF-USE ASSETS (continued) 按标的资产分类对使用权资产的账面净 The analysis of the net book value of right-of-use assets by 值分析载列如下： class of underlying asset is as follows: 二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 以折旧成本入账的持作 Ownership interests in leasehold 自用的租赁土地 land held for own use, carried at 拥有权权益 depreciated cost 3,478 3,743 以折旧成本入账的租作 Other properties leased for own use, 自用的其他物业 carried at depreciated cost (i) 858,654 961,497 以折旧成本入账的机器、 Plant, machinery and equipment, 机械和设备 carried at depreciated cost (ii) 18,869 5,334 881,001 970,574 以折旧成本入账的持作 Ownership interests in leasehold land 自用的租赁土地和 and buildings held for own use, 建筑物的拥有权权益， carried at depreciated cost, with 其剩余租赁期在十年 remaining lease term between 至五十年之间 10 and 50 years 91,828 30,141 以公允价值入账的租赁 Ownership interests in leasehold 投资物业的拥有权 investment property, carried at fair 权益，其剩余租赁期 value, with remaining lease term 在十年至五十年之间 between 10 and 50 years 21,090 22,240 112,918 52,381 993,919 1,022,955 136

			二零二五年	二零二四年
			2025	2024
		附注	千元	千元
		Notes	$’000	$’000
以折旧成本入账的持作自用的租赁土地拥有权权益	Ownership interests in leasehold land held for own use, carried at depreciated cost		3,478	3,743
以折旧成本入账的租作自用的其他物业	Other properties leased for own use, carried at depreciated cost	(i)	858,654	961,497
以折旧成本入账的机器、机械和设备	Plant, machinery and equipment, carried at depreciated cost	(ii)	18,869	5,334
以折旧成本入账的机器、机械和设备	Plant, machinery and equipment, carried at depreciated cost	(ii)	881,001	970,574
以折旧成本入账的持作自用的租赁土地和建筑物的拥有权权益，其剩余租赁期在十年至五十年之间	Ownership interests in leasehold land and buildings held for own use, carried at depreciated cost, with remaining lease term between 10 and 50 years		91,828	30,141
以公允价值入账的租赁投资物业的拥有权权益，其剩余租赁期在十年至五十年之间	Ownership interests in leasehold investment property, carried at fair value, with remaining lease term between 10 and 50 years		21,090	22,240
			112,918	52,381
			993,919	1,022,955

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

12 使用权资产（续） 12 RIGHT-OF-USE ASSETS (continued) 与于损益中已确认的租赁相关的费用项 The analysis of expense items in relation to leases recognised 目分析如下： in profit or loss is as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 按标的资产分类的使用权资产 Depreciation charge of right-of-use assets 折旧费用： by class of underlying asset: 持作自用的租赁土地拥有权 Ownership interests in leasehold land 权益 held for own use 160 165 租赁自用的其他物业 Other properties leased for own use 414,012 403,465 机器、机械和设备 Plant, machinery and equipment 5,365 3,090 419,537 406,720 以折旧成本入账的持作自用的 Ownership interests in leasehold land and 租赁土地和建筑物的拥有权 buildings held for own use, carried at 权益，其剩余租赁期在十年至 depreciated cost, with remaining lease 五十年之间 term between 10 and 50 years 3,823 2,149 423,360 408,869 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 租赁负债利息费用（附注6(a)） Interest expense on lease liabilities (note 6(a)) 33,421 33,312 与短期租赁有关的费用 Expense relating to short-term leases 22,919 18,971 不纳入租赁负债计量的可变租赁 Variable lease payments not included in 付款额 the measurement of lease liabilities 4,906 5,733 使用权资产增加 Additions to right-of-use assets 55,054 137,066 修正╱重新计量租赁期 Modification/remeasurement of lease term 301,477 230,259 本年度使用权资产增加55,054,000元（二 During the year, additions to right-of-use assets were 零二四年：137,066,000元）。该金额主要 $55,054,000 (2024: $137,066,000). This amount primarily 与根据新租赁协议应付的资本化租赁付 related to the capitalised lease payments payable under 款有关。租赁开始时，本集团确认的使 new lease agreements. On the lease commencement, the 用权资产及租赁负债分别为55,054,000 Group recognised right-of-use assets and lease liabilities of 元（二零二四年：137,066,000元）及 $55,054,000 (2024: $137,066,000) and $56,920,000 (2024: 56,920,000元（二零二四年：130,105,000 $130,105,000) respectively. 元）。 137 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
按标的资产分类的使用权资产折旧费用：	Depreciation charge of right-of-use assets by class of underlying asset:
持作自用的租赁土地拥有权权益	Ownership interests in leasehold land held for own use	160	165
租赁自用的其他物业	Other properties leased for own use	414,012	403,465
机器、机械和设备	Plant, machinery and equipment	5,365	3,090
机器、机械和设备	Plant, machinery and equipment	419,537	406,720
以折旧成本入账的持作自用的租赁土地和建筑物的拥有权权益，其剩余租赁期在十年至五十年之间	Ownership interests in leasehold land and buildings held for own use, carried at depreciated cost, with remaining lease term between 10 and 50 years	3,823	2,149
以折旧成本入账的持作自用的租赁土地和建筑物的拥有权权益，其剩余租赁期在十年至五十年之间		423,360	408,869

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
租赁负债利息费用（附注6(a)）	Interest expense on lease liabilities (note 6(a))	33,421	33,312
与短期租赁有关的费用	Expense relating to short-term leases	22,919	18,971
不纳入租赁负债计量的可变租赁付款额	Variable lease payments not included in the measurement of lease liabilities	4,906	5,733
使用权资产增加	Additions to right-of-use assets	55,054	137,066
修正╱重新计量租赁期	Modification/remeasurement of lease term	301,477	230,259

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

12 使用权资产（续） 12 RIGHT-OF-USE ASSETS (continued) 租赁现金流出总额和租赁负债的期限分 Details of total cash outflows for leases and the maturity 析的详细信息分别载于附注17(c)和19。 analysis of lease liabilities are set out in notes 17(c) and 19 respectively. (i) 租赁自用的其他物业 (i) Other properties leased for own use 本集团已通过租赁协议获得使用其他 The Group has obtained the right to use other properties 物业作为餐厅及写字楼的权利。该等 as its restaurants and office through lease agreements. The 租赁通常初始期限为三到五年并有续 leases typically run for an initial period of 3 to 5 years with 租选择权。 renewal options. 于截至二零二五年三月三十一日止年 During the year ended 31 March 2025, the Group leased 度，本集团租赁了多家餐厅，其中包 a number of restaurants which contain variable lease 括基于餐厅产生的收益和固定的最低 payment terms that are based on revenue generated 年度租赁付款条款的可变租赁付款条 from the restaurants and minimum annual lease payment 款。或有租金付款是按收益的10%至 terms that are fixed. The contingent rent payments are 20%（二零二四年：10%至20%）高于 determined based on 10% to 20% (2024: 10% to 20%) 基本租金的数额来厘定。这些付款条 of the revenue over the base rents. These payment terms 款常见于本集团经营的香港餐厅。 are common in restaurants in Hong Kong where the Group operates. 这些付款本集团已分租部分租赁物 Part of the leased properties has been sublet by the Group. 业。于二零二五年三月三十一日， At 31 March 2025, the total future minimum sublease 根据不可解除的分租租契预期在一年 payments expected to be received under non-cancellable 内及超过一年但不超过两年的期间内 subleases within one year and within a period of more 及超过两年但不超过五年的期间内 than one year but not exceeding two years and within a 可收取的最低分租款项总额分别为 period of more than two years but not exceeding five years 2,568,000元（二零二四年：2,568,000 were $2,568,000 (2024: $2,568,000) and $711,000 (2024: 元）及711,000元（二零二四年： $2,568,000) and $nil (2024: $711,000) respectively. 2,568,000元）及零元（二零二四年： 711,000元）。 (ii) 其他租赁 (ii) Other leases 本集团出租机器、机械及设备租赁为 The Group leases plant, machinery and equipment under 期一年至六年。若干租赁包含在所有 leases expiring from 1 to 6 years. Some leases include an 条款重新协商后续订租赁的选择权。 option to renew the lease when all terms are renegotiated. 138

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

13 商誉 13 GOODWILL 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 成本（于四月一日及三月三十一日） Cost, at 1 April and 31 March 1,001 1,001 包含商誉的现金产出单元的减值测试 Impairment tests for cash-generating units containing goodwill 商誉会分配至本集团按照经营地区和业 Goodwill is allocated to the Group’s cash-generating units 务分部确定的现金产出单元，详情如下： (“CGU”) identified according to the location of operation and business segment as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 餐厅－中国内地 Restaurants – Mainland China 1,001 1,001 现金产出单元的可收回数额是以使用价 The recoverable amount of the CGU is determined based 值计算法厘定。这些计算方法使用了管 on value in use calculations. These calculations use cash 理层以财政预算为基准审批的五年现金 flow projections based on financial budgets approved by 流量预测。 management covering a five-year period. 计算使用价值的关键假设包括预算毛利 Key assumptions used for value in use calculations include 率、增长率和折现率。管理层根据过往 budgeted gross margin, growth rate and discount rate. 表现和对市场发展的预期厘定预算毛利 Management determined the budgeted gross margin and 率和增长率。所采用的折现率16%（二零 growth rate based on past performance and their expectation 二四年：16%）是税前折现率，并反映与 for market development. The discount rates of 16% (2024: 现金产出单元有关的具体风险。 16%) used are pre-tax and reflect specific risks relating to the relevant CGU. 139 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
成本（于四月一日及三月三十一日）	Cost, at 1 April and 31 March	1,001	1,001

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
餐厅－中国内地	Restaurants – Mainland China	1,001	1,001

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

14 非流动按金 14 NON-CURRENT DEPOSITS 非流动按金包括以下各项： Non-current deposits include the following: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 已付租金按金 Rental deposits paid 53,209 60,302 购买其他物业、机器和设备支付 Deposits paid for purchase of other 的按金 property, plant and equipment 8,168 – 61,377 60,302 15 存货 15 INVENTORIES (a) 综合财务状况表所示的存货包括： (a) Inventories in the consolidated statement of financial position comprise: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 食品及饮品 Food and beverages 49,624 46,504 消耗品、包装材料及其他杂项 Consumables, packaging materials and other sundry items 4,658 6,147 54,282 52,651 (b) 确认为支出的存货金额分析如下： (b) The analysis of the amount of inventories recognised as an expense is as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 已售存货的账面金额 Carrying amount of inventories sold 747,645 772,185 存货撇减 Write-down of inventories 2,499 325 750,144 772,510 140

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
已付租金按金	Rental deposits paid	53,209	60,302
购买其他物业、机器和设备支付的按金	Deposits paid for purchase of other property, plant and equipment	8,168	–
购买其他物业、机器和设备支付的按金		61,377	60,302

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
食品及饮品	Food and beverages	49,624	46,504
消耗品、包装材料及其他杂项	Consumables, packaging materials and other sundry items	4,658	6,147
消耗品、包装材料及其他杂项	Consumables, packaging materials and other sundry items	54,282	52,651

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
已售存货的账面金额	Carrying amount of inventories sold	747,645	772,185
存货撇减	Write-down of inventories	2,499	325
存货撇减	Write-down of inventories	750,144	772,510

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

16 应收账款和其他应收款 16 TRADE AND OTHER RECEIVABLES 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 应收账款（已扣除亏损准备） Trade debtors, net of loss allowance 9,025 20,460 其他应收款 Other receivables 16,122 14,766 已付租金和公用事业按金 Rental and utility deposits paid 55,707 47,806 预付款 Prepayments 22,340 19,693 103,194 102,725 除了合计5,023,000 元（二零二四年： All debtors, deposits and prepayments of the Group, apart 5,906,000元）的公用事业按金外，本集 from certain utility deposits totalling $5,023,000 (2024: 团所有应收账款、按金和预付款预计可 $5,906,000), are expected to be recovered or recognised as an 于一年内收回或确认为支出。于二零 expense within one year. As at 1 April 2023, trade debtors, net 二三年四月一日，应收账款（已扣除亏损 of loss allowance was amounted to $9,663,000. 准备）金额为9,663,000元。账龄分析 Ageing analysis 于报告期末，列在应收账款和其他应收 As of the end of the reporting period, the ageing analysis 款下的应收账款（已扣除亏损准备）的账 of trade debtors (which are included in trade and other 龄分析（以发票日期计算）如下： receivables), based on the invoice date and net of loss allowance, is as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 一至三十日 1 to 30 days 8,588 20,130 三十一至九十日 31 to 90 days 220 302 九十一至一百八十日 91 to 180 days 190 25 一百八十一至三百六十五日 181 to 365 days 27 3 9,025 20,460 本集团与顾客进行的销售交易主要以现 The Group’s sales to customers are mainly on a cash and 金和电子支付方式结算。本集团亦给予 e-payment basis. The Group also grants credit terms of 30 膳食业务的部分顾客介乎三十至七十五 to 75 days to certain customers to which the Group provides 日的信贷期。 catering services. 141 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
应收账款（已扣除亏损准备）	Trade debtors, net of loss allowance	9,025	20,460
其他应收款	Other receivables	16,122	14,766
已付租金和公用事业按金	Rental and utility deposits paid	55,707	47,806
预付款	Prepayments	22,340	19,693
预付款	Prepayments	103,194	102,725

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
一至三十日	1 to 30 days	8,588	20,130
三十一至九十日	31 to 90 days	220	302
九十一至一百八十日	91 to 180 days	190	25
一百八十一至三百六十五日	181 to 365 days	27	3
一百八十一至三百六十五日	181 to 365 days	9,025	20,460

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

17 银行存款及现金和现金等价物 17 BANK DEPOSITS AND CASH AND CASH EQUIVALENTS (a) 银行存款及现金和现金等价物包含： (a) Bank deposits and cash and cash equivalents comprise: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 银行存款 Deposits with banks 167,338 487,512 受限制的现金 Restricted cash 435 275 银行存款和现金 Cash at bank and on hand 170,405 50,535 综合现金流量表所示的现金和 Cash and cash equivalents in the 现金等价物 consolidated cash flow statement 338,178 538,322 超过三个月的银行存款 Bank deposits over three months 207,475 102,661 545,653 640,983 本集团受限制的现金是指将资金存入 Restricted cash of the Group represents fund deposited into 中国内地营运附属公司的指定银行账 the designated bank account of the operating subsidiaries 户。此资金可在该等附属公司因日常 in the Mainland China. Such fund is available to the 业务活动需要而管理其短期现金承诺 subsidiaries when needed to manage its short-term cash 时使用。除此用途外，从该银行账户 commitments arising from its ordinary business activities. 中提取现金是受到限制的。 Other than the specified uses, the cash withdrawal from such bank account is restricted. 142

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
银行存款	Deposits with banks	167,338	487,512
受限制的现金	Restricted cash	435	275
银行存款和现金	Cash at bank and on hand	170,405	50,535
综合现金流量表所示的现金和现金等价物	Cash and cash equivalents in the consolidated cash flow statement	338,178	538,322
超过三个月的银行存款	Bank deposits over three months	207,475	102,661
超过三个月的银行存款	Bank deposits over three months	545,653	640,983

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

17 银行存款及现金和现金等价物（续） 17 BANK DEPOSITS AND CASH AND CASH EQUIVALENTS (continued) (b) 来自融资活动的负债对账 (b) Reconciliation of liabilities arising from financing activities 下表为来自本集团融资活动的负债变 The table below details changes in the Group’s liabilities 动详情，包括现金及非现金变动。来 from financing activities, including both cash and non- 自融资活动的负债指现金流量或未来 cash changes. Liabilities arising from financing activities are 现金流量于本集团综合现金流量表分 liabilities for which cash flows were, or future cash flows 类为来自融资活动现金流量的负债。 will be, classified in the Group’s consolidated cash flow statement as cash flows from financing activities. 应付股息银行借款租赁负债 Dividend Bank Lease payable borrowings liabilities （附注19） (Note 19) 千元千元千元 $’000 $’000 $’000 于二零二三年四月一日 At 1 April 2023 – – 1,126,453 融资现金流之变动： Changes from financing cash flows: 已付股息 Dividends paid (72,549) – – 新增银行借款 New bank borrowings raised – 4,965 – 偿还银行借款 Repayment of bank borrowings – (4,965) – 银行借款利息费用 Interest expense on bank borrowings – (54) – 已付租赁租金的资本部分 Capital element of lease rentals paid – – (431,355) 已付租赁租金的利息部分 Interest element of lease rentals paid – – (33,312) 融资现金流的变动总额 Total changes from financing cash flows (72,549) (54) (464,667) 汇兑调整 Exchange adjustments – – (2,991) 其他变动： Other changes: 已宣派的股息 Dividends declared 72,549 – – 租赁负债利息费用 Interest expense on lease liabilities （附注6(a)） (note 6(a)) – – 33,312 银行借款利息费用 Interest expense on bank borrowings （附注6(a)） (note 6(a)) – 54 – 年内订立新租赁产生的租赁 Increase in lease liabilities from 负债增加 entering into new leases during the year – – 130,105 修正╱重新计量租赁期 Modification/remeasurement of lease term – – 219,969 其他变动总额 Total other changes 72,549 54 383,386 于二零二四年三月三十一日 At 31 March 2024 – – 1,042,181 143 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		应付股息	银行借款	租赁负债
		Dividend payable	Bank borrowings	Lease liabilities
（附注19）
(Note 19)
				千元	千元	千元
				$’000	$’000	$’000
于二零二三年四月一日	At 1 April 2023	–	–	1,126,453
融资现金流之变动：	Changes from financing cash flows:
已付股息	Dividends paid	(72,549)	–	–
新增银行借款	New bank borrowings raised	–	4,965	–
偿还银行借款	Repayment of bank borrowings	–	(4,965)	–
银行借款利息费用	Interest expense on bank borrowings	–	(54)	–
已付租赁租金的资本部分	Capital element of lease rentals paid	–	–	(431,355)
已付租赁租金的利息部分	Interest element of lease rentals paid	–	–	(33,312)
融资现金流的变动总额	Total changes from financing cash flows	(72,549)	(54)	(464,667)
汇兑调整	Exchange adjustments	–	–	(2,991)
其他变动：	Other changes:
已宣派的股息	Dividends declared	72,549	–	–
租赁负债利息费用（附注6(a)）	Interest expense on lease liabilities (note 6(a))	–	–	33,312
银行借款利息费用（附注6(a)）	Interest expense on bank borrowings (note 6(a))	–	54	–
年内订立新租赁产生的租赁负债增加	Increase in lease liabilities from entering into new leases during the year	–	–	130,105
修正╱重新计量租赁期	Modification/remeasurement of lease term	–	–	219,969
其他变动总额	Total other changes	72,549	54	383,386
于二零二四年三月三十一日	At 31 March 2024	–	–	1,042,181

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

17 银行存款及现金和现金等价物（续） 17 BANK DEPOSITS AND CASH AND CASH EQUIVALENTS (continued) (b) 来自融资活动的负债对账（续） (b) Reconciliation of liabilities arising from financing activities (continued) 应付股息银行借款租赁负债 Dividend Bank Lease payable borrowings liabilities （附注19） (Note 19) 千元千元千元 $’000 $’000 $’000 于二零二四年四月一日 At 1 April 2024 – – 1,042,181 融资现金流之变动： Changes from financing cash flows: 已付股息 Dividends paid (45,344) – – 新增银行借款 New bank borrowings raised – 23,954 – 偿还银行借款 Repayment of bank borrowings – (18,535) – 银行借款利息费用 Interest expense on bank borrowings – (256) – 已付租赁租金的资本部分 Capital element of lease rentals paid – – (436,633) 已付租赁租金的利息部分 Interest element of lease rentals paid – – (33,421) 融资现金流的变动总额 Total changes from financing cash flows (45,344) 5,163 (470,054) 汇兑调整 Exchange adjustments – – (1,269) 其他变动： Other changes: 已宣派的股息 Dividends declared 45,344 – – 租赁负债利息费用 Interest expense on lease liabilities （附注6(a)） (note 6(a)) – – 33,421 银行借款利息费用 Interest expense on bank borrowings （附注6(a)） (note 6(a)) – 256 – 年内订立新租赁产生的 Increase in lease liabilities from 租赁负债增加 entering into new leases during the year – – 56,920 修正╱重新计量租赁期 Modification/remeasurement of lease term – – 276,931 其他变动总额 Total other changes 45,344 256 367,272 于二零二五年三月三十一日 At 31 March 2025 – 5,419 938,130 144

		应付股息	银行借款	租赁负债
		Dividend payable	Bank borrowings	Lease liabilities
（附注19）
(Note 19)
				千元	千元	千元
				$’000	$’000	$’000
于二零二四年四月一日	At 1 April 2024	–	–	1,042,181
融资现金流之变动：	Changes from financing cash flows:
已付股息	Dividends paid	(45,344)	–	–
新增银行借款	New bank borrowings raised	–	23,954	–
偿还银行借款	Repayment of bank borrowings	–	(18,535)	–
银行借款利息费用	Interest expense on bank borrowings	–	(256)	–
已付租赁租金的资本部分	Capital element of lease rentals paid	–	–	(436,633)
已付租赁租金的利息部分	Interest element of lease rentals paid	–	–	(33,421)
融资现金流的变动总额	Total changes from financing cash flows	(45,344)	5,163	(470,054)
汇兑调整	Exchange adjustments	–	–	(1,269)
其他变动：	Other changes:
已宣派的股息	Dividends declared	45,344	–	–
租赁负债利息费用（附注6(a)）	Interest expense on lease liabilities (note 6(a))	–	–	33,421
银行借款利息费用（附注6(a)）	Interest expense on bank borrowings (note 6(a))	–	256	–
年内订立新租赁产生的租赁负债增加	Increase in lease liabilities from entering into new leases during the year	–	–	56,920
修正╱重新计量租赁期	Modification/remeasurement of lease term	–	–	276,931
其他变动总额	Total other changes	45,344	256	367,272
于二零二五年三月三十一日	At 31 March 2025	–	5,419	938,130

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

17 银行存款及现金和现金等价物（续） 17 BANK DEPOSITS AND CASH AND CASH EQUIVALENTS (continued) (c) 租赁现金流出总额 (c) Total cash outflows for leases 包含于综合现金流量表的租赁金额包 Amounts included in the consolidated cash flow statement 括： for leases comprise the following: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 经营现金流内 Within operating cash flows 27,825 24,704 融资现金流内 Within financing cash flows 470,054 464,667 497,879 489,371 18 应付账款和其他应付款 18 TRADE AND OTHER PAYABLES 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 应付账款和应计费用 Creditors and accrued expenses 378,031 413,289 合约负债 Contract liabilities 7,008 5,514 其他应付款和递延收入 Other payables and deferred income 17,282 16,004 已收租金按金 Rental deposits received 189 202 402,510 435,009 除了若干其他应付款和递延收入合计 All of the trade and other payables, apart from certain other 6,939,000元（二零二四年：5,517,000元） payables and deferred income totalling $6,939,000 (2024: 外，所有应付账款和其他应付款预期将 $5,517,000), are expected to be settled or recognised as 于一年内结清或确认为收入，或须于一 income or are repayable within one year. 年内偿还。 145 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
经营现金流内	Within operating cash flows	27,825	24,704
融资现金流内	Within financing cash flows	470,054	464,667
融资现金流内	Within financing cash flows	497,879	489,371

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
应付账款和应计费用	Creditors and accrued expenses	378,031	413,289
合约负债	Contract liabilities	7,008	5,514
其他应付款和递延收入	Other payables and deferred income	17,282	16,004
已收租金按金	Rental deposits received	189	202
已收租金按金	Rental deposits received	402,510	435,009

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

18 应付账款和其他应付款（续） 18 TRADE AND OTHER PAYABLES (continued) 应付账款和其他应付款包括按发票日期 Included in trade and other payables are trade creditors, based 计算的应付账款，而其于报告期末的账 on the invoice date, with the following ageing analysis as of 龄分析如下： the end of the reporting period: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 一至三十日 1 to 30 days 114,774 128,020 三十一至九十日 31 to 90 days 4,048 421 九十一至一百八十日 91 to 180 days 2,480 154 一百八十一至三百六十五日 181 to 365 days 68 32 一年以上 Over one year 289 190 121,659 128,817 对已确认的合约负债金额产生影响的标 Typical payment terms which impact on the amount of 准付款条款载列如下： contract liabilities recognised are as follows: 本集团不定期地在客户从餐厅购买优惠 The Group occasionally receives consideration when the 券时收取对价。相关收入预期在客户因 customers purchase coupons from the restaurants at the 未来销售而在餐厅兑换了优惠券或在优 time of purchase. The respective revenue is expected to be 惠券到期时确认。 recognised when the coupons are redeemed for future sales by customers from restaurants or when the coupons expire. 合约负债的变动 Movements in contract liabilities 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 于四月一日的结余 Balance at 1 April 5,514 5,675 年内因确认计入年初合约负债的 Decrease in contract liabilities as a result of 收入而造成的合约负债减少 recognising revenue during the year that was included in the contract liabilities at the beginning of the year (4,340) (4,094) 过期优惠券导致的合约负债减少 Decrease in contract liabilities as a result of expiring of coupons (1,174) (1,581) 因年内确认预收款的收入而造成 Decrease in contract liabilities as a result of 的合约负债减少 recognising revenue for advance received during the year (12,058) (7,255) 因年内发行优惠券而造成的合约 Increase in contract liabilities as a result of 负债增加 issuance of coupons during the year 19,066 12,769 于三月三十一日的结余 Balance at 31 March 7,008 5,514 所有合约负债预期可于一年内结清或确 All of the contract liabilities are expected to be settled or 认为收入。 recognised as income within one year. 146

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
一至三十日	1 to 30 days	114,774	128,020
三十一至九十日	31 to 90 days	4,048	421
九十一至一百八十日	91 to 180 days	2,480	154
一百八十一至三百六十五日	181 to 365 days	68	32
一年以上	Over one year	289	190
一年以上	Over one year	121,659	128,817

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
于四月一日的结余	Balance at 1 April	5,514	5,675
年内因确认计入年初合约负债的收入而造成的合约负债减少	Decrease in contract liabilities as a result of recognising revenue during the year that was included in the contract liabilities at the beginning of the year	(4,340)	(4,094)
过期优惠券导致的合约负债减少	Decrease in contract liabilities as a result of expiring of coupons	(1,174)	(1,581)
因年内确认预收款的收入而造成的合约负债减少	Decrease in contract liabilities as a result of recognising revenue for advance received during the year	(12,058)	(7,255)
因年内发行优惠券而造成的合约负债增加	Increase in contract liabilities as a result of issuance of coupons during the year	19,066	12,769
于三月三十一日的结余	Balance at 31 March	7,008	5,514

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

19 租赁负债 19 LEASE LIABILITIES 下表呈列了本集团的租赁负债之剩余合 The following table shows the remaining contractual maturities 约期限： of the Group’s lease liabilities: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 一年内 Within one year 372,430 389,911 一年后但两年内 After one year but within two years 252,829 275,685 两年后但五年内 After two years but within five years 301,501 345,540 五年后 After five years 11,370 31,045 565,700 652,270 938,130 1,042,181 20 雇员退休福利 20 EMPLOYEE RETIREMENT BENEFITS 本集团遵照香港《强制性公积金计划条 The Group operates the MPF Scheme under the Hong 例》的规定，为根据香港《雇佣条例》于 Kong Mandatory Provident Fund Schemes Ordinance for 香港聘用的雇员，设立强制性公积金计 employees in Hong Kong under the jurisdiction of the Hong 划（「强积金计划」）。强积金计划是一个 Kong Employment Ordinance. The MPF Scheme is a defined 界定供款退休计划，由独立的受托人管 contribution retirement scheme administered by independent 理。根据强积金计划，雇主和雇员各须 trustees. Under the MPF Scheme, the employer and its 按照雇员相关入息的5%向强积金计划 employees are each required to make contributions to the MPF 作出供款；但每月的相关入息上限为 Scheme at 5% of the employees’ relevant income, subject to a 30,000元（二零二四年：30,000元）。 cap of monthly relevant income of $30,000 (2024: $30,000). 本集团在香港以外地区聘用的雇员是根 Employees engaged by the Group outside Hong Kong are 据当地劳动法律及法规，受到当地适当 covered by appropriate local defined contribution retirement 的界定供款退休计划的保障。 schemes pursuant to the local labour rules and regulations. 本集团向界定供款退休计划的供款立即 Contributions to the Group’s defined contribution schemes 归属。本集团没有动用已被没收的供款 vest immediately. There were no forfeited contributions used 以减低现有的供款水平。 by the Group to reduce existing level of contributions. 147 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
一年内	Within one year	372,430	389,911
一年后但两年内	After one year but within two years	252,829	275,685
两年后但五年内	After two years but within five years	301,501	345,540
五年后	After five years	11,370	31,045
		565,700	652,270
		938,130	1,042,181

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21 以权益结算的以股份为基础的交易 21 EQUITY-SETTLED SHARE-BASED TRANSACTIONS 本公司于二零一一年九月七日采纳一项 On 7 September 2011, the Company adopted a share option 已于二零二一年九月六日期满的购股 scheme which was expired on 6 September 2021. A new 权计划。于二零二一年九月九日本公司 share option scheme of the Company was approved by the 股东批准并采纳了一项新的购股权计划 shareholders of the Company and adopted on 9 September （「二零二一年购股权计划」）。 2021 (the “2021 Share Option Scheme”). 于二零二一年购股权计划项下，董事获 Under the 2021 Share Option Scheme, Directors were 授权酌情邀请任何雇员、董事（包括非 authorised, at their discretion, to invite any employee, Director 执行董事和独立非执行董事）、本集团任 (including Non-executive Director and Independent Non- 何成员公司的高级职员或公司接受购股 executive Director) or officer of any member of the Group 权，以认购本公司股份，其价格不得低 or company to take up options to subscribe for shares in the 于下列三项中的最高者：(i)于授出日期在 Company at a price which shall not be less than whichever is 联交所每日报价表所载的股份收市价；(ii) the highest of (i) the closing price of the shares as stated in 于紧接授出日期前五个营业日在联交所 the daily quotation sheet of the Stock Exchange on the date 每日报价表所载的股份平均收市价及(iii) of offer; (ii) the average closing price of the shares as stated 股份面值。除本公司董事会厘定并于有 in the daily quotation sheets of the Stock Exchange for the 关的购股权要约中订明外，二零二一年 5 business days immediately preceding the date of offer and 购股权计划并无指明购股权行使前所须 (iii) the nominal value of a share. Save as determined by the 持有的最低期限。每份购股权赋予持有 Company’s Board of Directors and provided in the offer of 人认购1股本公司普通股的权利。 the relevant options, there is no minimum period for which an option must be held before an option can be exercised under the 2021 Share Option Scheme. Each option gives the holder the right to subscribe for one ordinary share in the Company. 148

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21 以权益结算的以股份为基础的交易 21 EQUITY-SETTLED SHARE-BASED TRANSACTIONS （续） (continued) (a) 于年内既有之授出条款及条件如下， (a) The terms and conditions of the grants that existed 据此，所有购股权须以股份之实物交 during the years are as follows, whereby all options 收进行结算： are settled by physical delivery of shares: 购股权平均授予日购股权数目归属条件合约期 Average contractual Number of life of Date granted options Vesting conditions options 授予董事的期权： Options granted to Directors: －二零二零年七月六日 40,000 可于二零二一年四月一日至 6.7年二零二七年三月三十一日期间内分五批行使（附注） – 6 July 2020 Exercisable in five tranches during the 6.7 years period from 1 April 2021 to 31 March 2027 (Note) －二零二零年八月十日 1,300,000 可于二零二一年四月一日至 6.6年二零二七年三月三十一日期间内分五批行使（附注） – 10 August 2020 Exercisable in five tranches during the 6.6 years period from 1 April 2021 to 31 March 2027 (Note) －二零二三年七月五日 1,340,000 可于二零二四年七月五日至 9.3年二零三三年七月四日期间内分三批行使 – 5 July 2023 Exercisable in three tranches during 9.3 years the period from 5 July 2024 to 4 July 2033 149 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

授予日	购股权数目	归属条件	购股权平均合约期
Date granted	Number of options	Vesting conditions	Average contractual life of options
授予董事的期权：
Options granted to Directors:
－二零二零年七月六日	40,000	可于二零二一年四月一日至二零二七年三月三十一日期间内分五批行使（附注）	6.7年
– 6 July 2020		Exercisable in five tranches during the period from 1 April 2021 to 31 March 2027 (Note)	6.7 years
－二零二零年八月十日	1,300,000	可于二零二一年四月一日至二零二七年三月三十一日期间内分五批行使（附注）	6.6年
– 10 August 2020		Exercisable in five tranches during the period from 1 April 2021 to 31 March 2027 (Note)	6.6 years
－二零二三年七月五日	1,340,000	可于二零二四年七月五日至二零三三年七月四日期间内分三批行使	9.3年
– 5 July 2023		Exercisable in three tranches during the period from 5 July 2024 to 4 July 2033	9.3 years

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

21 以权益结算的以股份为基础的交易 21 EQUITY-SETTLED SHARE-BASED TRANSACTIONS （续） (continued) (a) 于年内既有之授出条款及条件如下， (a) The terms and conditions of the grants that existed 据此，所有购股权须以股份之实物交 during the years are as follows, whereby all options 收进行结算：（续） are settled by physical delivery of shares: (continued) 购股权平均授予日购股权数目归属条件合约期 Average contractual Number of life of Date granted options Vesting conditions options 授予雇员的期权： Options granted to employees: －二零一八年十二月十八日 30,000 可于二零一九年十月一日至 6.8年二零二五年九月三十日期间内分五批行使（附注） – 18 December 2018 Exercisable in five tranches during the 6.8 years period from 1 October 2019 to 30 September 2025 (Note) －二零二零年七月六日 560,000 可于二零二一年四月一日至 6.7年二零二七年三月三十一日期间内分五批行使（附注） – 6 July 2020 Exercisable in five tranches during the 6.7 years period from 1 April 2021 to 31 March 2027 (Note) －二零二零年八月十日 700,000 可于二零二一年四月一日至 6.6年二零二七年三月三十一日期间内分五批行使（附注） – 10 August 2020 Exercisable in five tranches during the 6.6 years period from 1 April 2021 to 31 March 2027 (Note) 150

授予日	购股权数目	归属条件	购股权平均合约期
Date granted	Number of options	Vesting conditions	Average contractual life of options
授予雇员的期权：
Options granted to employees:
－二零一八年十二月十八日	30,000	可于二零一九年十月一日至二零二五年九月三十日期间内分五批行使（附注）	6.8年
– 18 December 2018		Exercisable in five tranches during the period from 1 October 2019 to 30 September 2025 (Note)	6.8 years
－二零二零年七月六日	560,000	可于二零二一年四月一日至二零二七年三月三十一日期间内分五批行使（附注）	6.7年
– 6 July 2020		Exercisable in five tranches during the period from 1 April 2021 to 31 March 2027 (Note)	6.7 years
－二零二零年八月十日	700,000	可于二零二一年四月一日至二零二七年三月三十一日期间内分五批行使（附注）	6.6年
– 10 August 2020		Exercisable in five tranches during the period from 1 April 2021 to 31 March 2027 (Note)	6.6 years

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

21 以权益结算的以股份为基础的交易 21 EQUITY-SETTLED SHARE-BASED TRANSACTIONS （续） (continued) (a) 于年内既有之授出条款及条件如下， (a) The terms and conditions of the grants that existed 据此，所有购股权须以股份之实物交 during the years are as follows, whereby all options 收进行结算：（续） are settled by physical delivery of shares: (continued) 购股权平均授予日购股权数目归属条件合约期 Average contractual Number of life of Date granted options Vesting conditions options －二零二零年十二月三十日 300,000 可于二零二一年十二月一日至 6.9年二零二七年十一月三十日期间内分五批行使 – 30 December 2020 Exercisable in five tranches during the 6.9 years period from 1 December 2021 to 30 November 2027 －二零二三年七月五日 2,410,000 可于二零二四年七月五日至 9.3年二零三三年七月四日期间内分三批行使 – 5 July 2023 Exercisable in three tranches during 9.3 years the period from 5 July 2024 to 4 July 2033 附注：于二零二三年七月五日，该等尚未行使 Note: These outstanding share options of 2,630,000 were cancelled and 购股权共计2,630,000股份已被注销， replaced by 2,630,000 new grant share options on 5 July 2023. 取而代之的是2,630,000股份新授予的购股权。 151 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

授予日	购股权数目	归属条件	购股权平均合约期
Date granted	Number of options	Vesting conditions	Average contractual life of options
－二零二零年十二月三十日	300,000	可于二零二一年十二月一日至二零二七年十一月三十日期间内分五批行使	6.9年
– 30 December 2020		Exercisable in five tranches during the period from 1 December 2021 to 30 November 2027	6.9 years
－二零二三年七月五日	2,410,000	可于二零二四年七月五日至二零三三年七月四日期间内分三批行使	9.3年
– 5 July 2023		Exercisable in three tranches during the period from 5 July 2024 to 4 July 2033	9.3 years

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

21 以权益结算的以股份为基础的交易 21 EQUITY-SETTLED SHARE-BASED TRANSACTIONS （续） (continued) (b) 购股权数目及加权平均行使价如下： (b) The number and weighted average exercise prices of share options are as follows: 二零二五年二零二四年 2025 2024 加权平均加权平均行使价购股权数目行使价购股权数目 Weighted Weighted average average exercise Number of exercise Number of price options price options 于年初 At the beginning of the year $11.46 3,710,000 $17.41 2,930,000 于年内授予 Granted during the year – – $11.46 3,750,000 于年内失效 Lapsed during the year $11.46 (160,000) $17.02 (340,000) 于年内注销 Cancelled during the year – – $17.37 (2,630,000) 于年末 At the end of the year $11.46 3,550,000 $11.46 3,710,000 于年末可行使 Exercisable at the end of the year $11.46 1,207,000 – – 于二零二五年三月三十一日未行使购 The options outstanding at 31 March 2025 had a weighted 股权的加权平均行使价为11.46元（二 average exercise price of $11.46 (2024: $11.46) and a 零二四年：11.46元），而加权平均剩 weighted average remaining contractual life of 8.27 years 余合约期限为8.27年（二零二四年： (2024: 9.27 years). The number of the shares that may be 9.27年）。于年内可发行的股份数目 issued during the year represents 0.1% of the weighted 占已发行股份之加权平均数的0.1%。 average number of issued shares. (c) 购股权的公允价值和所作假设 (c) Fair value of share options and assumptions 就授予购股权而获得服务的公允价 The fair value of services received in return for share 值，是参照有关授予购股权的公允价 options granted is measured by reference to the fair value 值计量，而后者是以二项树模型作出 of share options granted. The estimate of the fair value of 估计。购股权的合约期已用作这个模 the share options granted is measured based on a binomial 型的输入值。二项树模型也包含提早 tree model. The contractual life of the share option is used 行使期权的预测。 as an input into this model. Expectations of early exercise are incorporated into the binomial tree model. 152

		二零二五年		二零二四年
		2025		2024
		加权平均行使价	购股权数目	加权平均行使价	购股权数目
		Weighted average exercise price	Number of options	Weighted average exercise price	Number of options
于年初	At the beginning of the year	$11.46	3,710,000	$17.41	2,930,000
于年内授予	Granted during the year	–	–	$11.46	3,750,000
于年内失效	Lapsed during the year	$11.46	(160,000)	$17.02	(340,000)
于年内注销	Cancelled during the year	–	–	$17.37	(2,630,000)
于年末	At the end of the year	$11.46	3,550,000	$11.46	3,710,000
于年末可行使	Exercisable at the end of the year	$11.46	1,207,000	–	–

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

21 以权益结算的以股份为基础的交易 21 EQUITY-SETTLED SHARE-BASED TRANSACTIONS （续） (continued) (c) 购股权的公允价值和所作假设（续） (c) Fair value of share options and assumptions (continued) 于于于二零二零年于于二零一八年二零二三年十二月二零二零年二零二零年十二月七月五日三十日八月十日七月六日十八日授予的授予的授予的授予的授予的购股权购股权购股权购股权购股权 Options Options Options Options Options granted at granted at granted at granted at granted at 5 July 30 December 10 August 6 July 18 December 2023 2020 2020 2020 2018 购股权的公允价值 Fair value of share options 和所作假设 and assumptions 于计量日的公允价值 Fair value at measurement date $1.17 $1.71 $1.65 $1.79 $2.18 于授予日的股价 Share price on grant date $11.30 $17.76 $17.08 $17.90 $26.40 行使价 Exercise price $11.46 $17.76 $17.08 $17.90 $26.42 预期波幅 Expected volatility 20.70% 20.82% 20.58% 20.29% 17.89% 期权期限 Option life 9.3年years 6.9年years 6.6年years 6.7年years 6.8年years 预期股息收益率 Expected dividend yield 4.90% 4.50% 4.27% 4.08% 5.38% 无风险利率 Risk-free interest rate 3.61% 0.49% 0.24% 0.39% 2.03% 截至二零二五年三月三十一日止年 The Group recognised the total expense of $1,662,000 度，本集团确认了与本公司授予的购 for the year ended 31 March 2025 (2024: $2,246,000) in 股权有关的总支出1,662,000元（二零 relation to share options granted by the Company. 二四年：2,246,000元）。在截至二零二四年三月三十一日止年 During the year ended 31 March 2024, the Company 度内，本公司对部分未行使期权重新 repriced and extended the vesting period for certain of its 定价并延长了归属期。行使价分别从 outstanding options. The exercise price was reduced from 26.42元、17.90元、17.08元和17.76 $26.42, $17.90, $17.08, $17.76 to the then current market 元降至现行市价11.30元。增量公允 price of $11.30. The incremental fair value of $2,643,000 价值2,643,000元将在授予日后一至 will be expensed over the remaining vesting periods of one 三年的剩余归属期内计为费用。本公 to three years after grant date. The Company used the 司使用上述输入值来衡量新旧期权的 inputs noted above to measure the fair value of the old 公允价值。 and new options. 股份期权是根据服务条件授予。本集 Share options were granted under a service condition. The 团在计量所获得服务于授予日的公允 condition has not been taken into account in the grant 价值时，并没有考虑这项条件。授予 date fair value measurement of the services received. 股份期权时并不附带任何与市场有关 There were no market conditions associated with the share 的条件。 option grants. 153 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		于二零二三年七月五日授予的购股权	于二零二零年十二月三十日授予的购股权	于二零二零年八月十日授予的购股权	于二零二零年七月六日授予的购股权	于二零一八年十二月十八日授予的购股权
		Options granted at 5 July 2023	Options granted at 30 December 2020	Options granted at 10 August 2020	Options granted at 6 July 2020	Options granted at 18 December 2018
购股权的公允价值和所作假设	Fair value of share options and assumptions
于计量日的公允价值	Fair value at measurement date	$1.17	$1.71	$1.65	$1.79	$2.18
于授予日的股价	Share price on grant date	$11.30	$17.76	$17.08	$17.90	$26.40
行使价	Exercise price	$11.46	$17.76	$17.08	$17.90	$26.42
预期波幅	Expected volatility	20.70%	20.82%	20.58%	20.29%	17.89%
期权期限	Option life	9.3年years	6.9年years	6.6年years	6.7年years	6.8年years
预期股息收益率	Expected dividend yield	4.90%	4.50%	4.27%	4.08%	5.38%
无风险利率	Risk-free interest rate	3.61%	0.49%	0.24%	0.39%	2.03%

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

22 综合财务状况表所示的所得税 22 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION (a) 综合财务状况表所示的本期税项为： (a) Current taxation in the consolidated statement of financial position represents: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 期初余额 Beginning balance 6,175 374 本年度香港利得税准备 Provision for Hong Kong Profits Tax for the year 7,914 11,104 已付利得税 Profits Tax paid (12,980) (5,259) 以往年度准备过剩 Over-provision in respect of prior years (903) (44) 期末余额 Closing balance 206 6,175 代表： Representing: 可收回本期税项 Current tax recoverable (52) (39) 应付本期税项 Current tax payable 258 6,214 206 6,175 154

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
期初余额	Beginning balance	6,175	374
本年度香港利得税准备	Provision for Hong Kong Profits Tax for the year	7,914	11,104
已付利得税	Profits Tax paid	(12,980)	(5,259)
以往年度准备过剩	Over-provision in respect of prior years	(903)	(44)
期末余额	Closing balance	206	6,175
代表：	Representing:
可收回本期税项	Current tax recoverable	(52)	(39)
应付本期税项	Current tax payable	258	6,214
应付本期税项	Current tax payable	206	6,175

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

22 综合财务状况表所示的所得税（续） 22 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) (b) 已确认递延税项资产及负债 (b) Deferred tax assets and liabilities recognised 已在综合财务状况表确认的递延税项 The components of deferred tax (assets)/liabilities （资产）╱负债的组成部分以及截至二 recognised in the consolidated statement of financial 零二五年和二零二四年三月三十一日 position and the movements during the years ended 31 止年度变动如下： March 2025 and 2024 are as follows: 超过相关折旧的折旧加速使用权租赁税务亏损免税额税务折旧资产负债总额 Depreciation allowances in excess Accelerated Tax of related tax Right-of-use Lease losses depreciation depreciation assets liabilities Total 千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 来自下列各项的递延税项： Deferred tax arising from: 于二零二三年四月一日 At 1 April 2023 – (4,070) 76 17,600 (17,600) (3,994) 在综合损益表中（计入）╱ (Credited)/charged to the consolidated 列支（附注7(a)） statement of profit or loss (note 7(a)) (188) 3,367 229 (806) 806 3,408 于二零二四年三月三十一日 At 31 March 2024 (188) (703) 305 16,794 (16,794) (586) 于二零二四年四月一日 At 1 April 2024 (188) (703) 305 16,794 (16,794) (586) 在综合损益表中列支╱ Charged/(credited) to the consolidated （计入）（附注7(a)） statement of profit or loss (note 7(a)) 46 (3,899) (49) (4,275) 4,275 (3,902) 于二零二五年三月三十一日 At 31 March 2025 (142) (4,602) 256 12,519 (12,519) (4,488) 155 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		税务亏损	超过相关折旧的折旧免税额	加速税务折旧	使用权资产	租赁负债	总额
		Tax losses	Depreciation allowances in excess of related depreciation	Accelerated tax depreciation	Right-of-use assets	Lease liabilities	Total
		千元	千元	千元	千元	千元	千元
		$’000	$’000	$’000	$’000	$’000	$’000
来自下列各项的递延税项：	Deferred tax arising from:
于二零二三年四月一日	At 1 April 2023	–	(4,070)	76	17,600	(17,600)	(3,994)
在综合损益表中（计入）╱ 列支（附注7(a)）	(Credited)/charged to the consolidated statement of profit or loss (note 7(a))	(188)	3,367	229	(806)	806	3,408
于二零二四年三月三十一日	At 31 March 2024	(188)	(703)	305	16,794	(16,794)	(586)
于二零二四年四月一日	At 1 April 2024	(188)	(703)	305	16,794	(16,794)	(586)
在综合损益表中列支╱ （计入）（附注7(a)）	Charged/(credited) to the consolidated statement of profit or loss (note 7(a))	46	(3,899)	(49)	(4,275)	4,275	(3,902)
于二零二五年三月三十一日	At 31 March 2025	(142)	(4,602)	256	12,519	(12,519)	(4,488)

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

22 综合财务状况表所示的所得税（续） 22 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) (b) 已确认递延税项资产及负债（续） (b) Deferred tax assets and liabilities recognised (continued) 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 在综合财务状况表确认的 Net deferred tax assets recognised 递延税项资产净值 in the consolidated statement of financial position (4,602) (703) 在综合财务状况表确认的 Net deferred tax liabilities recognised 递延税项负债净值 in the consolidated statement of financial position 114 117 (4,488) (586) (c) 未确认的递延税项资产 (c) Deferred tax assets not recognised 本集团尚未就累计税项亏损 The Group has not recognised deferred tax assets in 179,151,000 元（二零二四年： respect of the cumulative tax losses of $179,151,000 (2024: 176,487,000元）及若干附属公司的 $176,487,000) and deductible temporary differences of 可抵扣暂时差异19,331,000元（二零 $19,331,000 (2024: $22,794,000) of certain subsidiaries 二四年：22,794,000元）确认有关的 as management of the Group considers that it is not 递延税项资产，因为本集团管理层认 probable as at 31 March 2025 that future taxable profits 为，截至二零二五年三月三十一日， against which the losses can be utilised will be available 应税实体不大可能在有关税收管辖区 in the relevant tax jurisdictions. Other than tax losses of 获得可供利用有关亏损的未来应税溢 subsidiaries in Mainland China of $142,001,000 (2024: 利。除了中国内地附属公司的税项 $139,337,000) which have an expiry period of five years 亏损142,001,000元（二零二四年： from the date of incurrence under existing PRC tax 139,337,000元）将根据现行中国税法 legislation, these tax losses do not expire under current tax 自发生日期起计五年后到期外，根据 legislation. 现行税法，这些税项亏损不设应用限期。 156

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
在综合财务状况表确认的递延税项资产净值	Net deferred tax assets recognised in the consolidated statement of financial position	(4,602)	(703)
在综合财务状况表确认的递延税项负债净值	Net deferred tax liabilities recognised in the consolidated statement of financial position	114	117
在综合财务状况表确认的递延税项负债净值		(4,488)	(586)

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

23 准备 23 PROVISIONS 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 租赁场所的重修成本准备 Provision for reinstatement costs for rented premises 71,346 73,237 减：归入「流动负债」的数额 Less: Amount included under “current liabilities” (31,122) (26,601) 归入「非流动负债」的数额 Amount included under “non-current liabilities” 40,224 46,636 租赁场所的重修成本准备 Provision for reinstatement costs for rented premises 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 于四月一日 At 1 April 73,237 68,254 计提额外准备 Additional provision made 1,553 7,053 已动用准备 Provision utilised (3,444) (2,070) 于三月三十一日 At 31 March 71,346 73,237 根据与业主订立的租赁协议的条款，本 Under the terms of the lease agreements signed with 集团须于相关租赁协议届满时拆除并修 landlords, the Group shall remove and re-instate the rental 复租赁场所，有关成本由本集团承担。 premises at the Group’s cost upon expiry of the relevant lease 因此，本集团已就预期将产生的修复成 agreements. Provision is therefore made for the best estimate 本按最佳估计计提准备。 of the expected reinstatement costs to be incurred. 157 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
租赁场所的重修成本准备	Provision for reinstatement costs for rented premises	71,346	73,237
减：归入「流动负债」的数额	Less: Amount included under “current liabilities”	(31,122)	(26,601)
归入「非流动负债」的数额	Amount included under “non-current liabilities”	40,224	46,636

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
于四月一日	At 1 April	73,237	68,254
计提额外准备	Additional provision made	1,553	7,053
已动用准备	Provision utilised	(3,444)	(2,070)
于三月三十一日	At 31 March	71,346	73,237

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

24 长期服务金责任 24 LONG SERVICE PAYMENT OBLIGATION 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 长期服务金责任 Long service payment obligation 33,827 28,850 减：归入「流动负债」的数额 Less: Amount included under “current liabilities” (920) (608) 归入「非流动负债」的数额 Amount included under “non-current liabilities” 32,907 28,242 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 于四月一日 At 1 April 28,850 26,177 计提额外准备 Additional provision made 7,377 4,922 已动用准备 Provision utilised (2,400) (2,249) 于三月三十一日 At 31 March 33,827 28,850 附注：香港特区政府于二零二二年六月在宪报刊登 Note: The HKSAR Government gazetted the Employment and Retirement 了《2022年雇佣及退休计划法例（抵销安排） Schemes Legislation (Offsetting Arrangement) (Amendment) Ordinance （修订）条例草案》（「修订法案」），取消雇主 2022 (the “Amendment Ordinance”) in June 2022, which abolishes 可使用为雇员作出的强积金强制性供款累算 the use of the accrued benefits derived from employers’ mandatory 权益以抵销遣散费和长期服务金（「长期服务 contributions under the MPF Scheme to offset severance payment and 金」）的安排（「抵销安排」）。 long service payment (“LSP”) (the “Offsetting Arrangement”). 根据香港特区政府的通知，修订法案预计于 The Amendment Ordinance has prospective effect from 1 May 2025 二零二五年五月一日起生效。但是，(i)雇主 (the “Transition Date”) as announced by the HKSAR Government. 可继续使用强积金供款的累算权益（无论是 In particular, (i) employers may continue to use the accrued benefits 否于过渡日之前，当日或之后发生的强制性 derived from their MPF contributions (irrespective of the contributions 或自愿性供款）来抵销雇员于过渡日之前的 made before, on or after the Transition Date, and irrespective of 长期服务金；(ii)雇员于过渡日之前的长期服 mandatory or voluntary contributions) to offset employees’ pre- 务金将基于过渡日前一个月的工资及截至过 transition portion of LSP; (ii) pre-transition portion of LSP of employees 渡日止的服务年限进行计算。目前，本集团 will be calculated on the basis of the last month’s salary immediately 尚未制定任何单独的筹资安排来满足其长期 preceding the Transition Date and the years of service as at the 服务金责任。但香港特区政府预计将引入一 Transition Date. Currently, the Group does not have any separate 项补助计划，以缓解雇主于废止抵销安排之 funding arrangement in place to meet its LSP obligation. However, the 后的长期服务金压力。 HKSAR Government is expected to introduce a subsidy scheme to assist employers after the abolition. 158

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
长期服务金责任	Long service payment obligation	33,827	28,850
减：归入「流动负债」的数额	Less: Amount included under “current liabilities”	(920)	(608)
归入「非流动负债」的数额	Amount included under “non-current liabilities”	32,907	28,242

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
于四月一日	At 1 April	28,850	26,177
计提额外准备	Additional provision made	7,377	4,922
已动用准备	Provision utilised	(2,400)	(2,249)
于三月三十一日	At 31 March	33,827	28,850

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24 长期服务金责任（续） 24 LONG SERVICE PAYMENT OBLIGATION (continued) 附注：（续） Note: (continued) 本集团将已归属于雇员并可用于抵销雇员长 The Group considered the accrued benefits arising from employer MPF 期服务金福利的雇主强积金供款所产生的应 contributions that have been vested with the employee and which 计福利视为雇员对长期服务金的视同供款。 could be used to offset the employee’s LSP benefits as a deemed 一直以来，本集团采用《香港会计准则》第19 contribution by the employee towards the LSP. Historically, the 号第93(b)段「雇员福利」中的实用权宜之计， Group has been applying the practical expedient in paragraph 93(b) 将视同雇员供款记入提供相关服务期间的服 of HKAS 19, “Employee Benefits” (“HKAS 19”) to account for the 务成本扣减额。 deemed employee contributions as a reduction of the service cost in the period in which the related service is rendered. 由于废除强积金计划，这些供款不再被视为 As a result of the Abolition, these contributions are no longer 「仅与雇员在该期间的服务挂钩」，因为过渡 considered “linked solely to the employee’s service in that period” since 日后的强制性雇主强积金供款仍可用作抵销 the mandatory employer MPF contributions after the Transition Date 过渡前的长期服务金责任。因此，将这些供 can still be used to offset the pre-transition LSP obligation. Therefore, 款视为「与服务年数无关」是不恰当的，《香 it would not be appropriate to view the contributions as “independent 港会计准则》第19号第93(b)段中的实用权宜 of the number of years of service” and the practical expedient in 之计也不再适用。相反，这些视同供款应与 paragraph 93(b) of HKAS 19 is no longer applicable. Instead, these 适用《香港会计准则》第19号第93(a)段的长期 deemed contributions should be attributed to periods of service in the 服务金福利总额同样的方式归入服务期。 same manner as the gross LSP benefit applying paragraph 93(a) of HKAS 19. 因此，本集团已就截至二零二三年三月 Accordingly, the Group has recognised a cumulative catch-up 三十一日止年度的服务成本、利息费用及精 adjustment in profit or loss for the service cost, interest expense and 算假设变动所产生的重新计量影响，于损益 remeasurement effect from changes in actuarial assumptions for the 内确认累计追溯调整，并对长期服务金责任 year ended 31 March 2023 with corresponding adjustment to the 作出相应调整。累计追溯调整是根据在废除 LSP obligation. The cumulative catch-up adjustment is calculated as 前按照《香港会计准则》第19号第93(b)段计 the difference at the enactment date (16 June 2022) between the 算的长期服务金责任的账面金额与废除后按 carrying amount of the LSP liability calculated under paragraph 93(b) 照《香港会计准则》第19号第93(a)段计算的 of HKAS 19 before the Abolition and the carrying amount of the 长期服务金责任账面金额在颁布日期（二零 LSP liability calculated under paragraph 93(a) of HKAS 19 after the 二二年六月十六日）的差额计算得出。 Abolition. 由于可用于抵销过渡日前长期服务金的强积 As the amount of accrued benefits under the MPF Scheme that can 金供款累算权益预计在抵销安排废止令生效 be used to offset pre-transition LSP is expected to decrease once the 后将会减少，未来负福利的预计减少额已分 abolition of the Offsetting Arrangement takes effect, the expected 摊至雇员的以往及当前服务期。服务成本 reduction in the related negative benefits in the future has been 7,377,000元（二零二四年：4,922,000元）已 attributed to each employee’s past and current service periods. Service 于截至二零二五年三月三十一日止年度内确 cost of $7,377,000 (2024: $4,922,000) has been recognised in profit or 认为损益。 loss during the year ended 31 March 2025. 159 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

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25 银行借款 25 BANK BORROWINGS 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 短期银行借款 Short-term bank borrowings 5,419 – 于二零二五年三月三十一日，本集团的 At 31 March 2025, the Group’s bank borrowings were 银行借款须在一年内偿还。 repayable within one year. 本集团的银行借款以公司担保为抵押。 The Group’s bank borrowings are secured by the corporate 此外，本集团必须遵守银行规定的若干 guarantees. In addition, the Group is required to comply with 限制性财务契约。 certain restrictive financial covenants imposed by the bank. 银行借款的账面金额与其公允价值相若。 The carrying amounts of bank borrowings approximate their fair values. 按类型和货币划分的本集团银行借款的 An analysis of the carrying amounts of the Group’s bank 账面金额分析如下： borrowings by type and currency is as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 以人民币计值，按浮动利率 RMB at floating rates 5,419 – 截至二零二五年三月三十一日，银行借 As at 31 March 2025, the effective interest rate of the bank 款的实际年利率为3.62%（二零二四年： borrowings was 3.62% per annum (2024: nil). 零）。 160

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
短期银行借款	Short-term bank borrowings	5,419	–

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
以人民币计值，按浮动利率	RMB at floating rates	5,419	–

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

26 资本和储备 26 CAPITAL AND RESERVES (a) 本集团综合权益的每个组成部分的期 (a) The reconciliation between the opening and closing 初与期末结余的对账，载列于第82页 balances of each component of the Group’s consolidated 的综合权益变动表。 equity is set out in the consolidated statement of changes in equity on page 82. (b) 股息 (b) Dividends (i) 属于本年度应付本公司权益股东 (i) Dividends payable to equity shareholders of the 的股息 Company attributable to the year 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 已宣派和支付的中期股息 Interim dividend declared and paid 每股5.0仙（二零二四年： of 5.0 cents (2024: 11.0 cents) 11.0仙） per share 6,478 14,251 于报告期结束后建议分派末期 Final dividend proposed after the 股息每股17.0仙（二零二四年： end of the reporting period of 30.0仙） 17.0 cents (2024: 30.0 cents) per share 22,024 38,866 28,502 53,117 于报告期末后建议分派的末期股 The final dividend proposed after the end of the 息尚未在报告期末确认为负债。 reporting period has not been recognised as a liability at the end of the reporting period. (ii) 属于上一财政年度，并于本年度 (ii) Dividends payable to equity shareholders of the 核准和派发的应付本公司权益股 Company attributable to the previous financial 东的股息 year, approved and paid during the year 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 属于上一财政年度，并于本年度 Final dividend in respect of the 核准及支付末期股息每股 previous financial year, approved 30.0仙（二零二四年：40.0仙） and paid during the year, of 30.0 cents (2024: 40.0 cents) per share 38,866 51,821 属于上一财政年度，并于本年度 Special final dividend in respect 核准及支付特别末期股息每股 of the previous financial year, 零仙（二零二四年：5.0仙） approved and paid during the year, of nil cents (2024: 5.0 cents) per share – 6,477 38,866 58,298 161 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
已宣派和支付的中期股息每股5.0仙（二零二四年： 11.0仙）	Interim dividend declared and paid of 5.0 cents (2024: 11.0 cents) per share	6,478	14,251
于报告期结束后建议分派末期股息每股17.0仙（二零二四年： 30.0仙）	Final dividend proposed after the end of the reporting period of 17.0 cents (2024: 30.0 cents) per share	22,024	38,866
于报告期结束后建议分派末期股息每股17.0仙（二零二四年： 30.0仙）		28,502	53,117

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
属于上一财政年度，并于本年度核准及支付末期股息每股 30.0仙（二零二四年：40.0仙）	Final dividend in respect of the previous financial year, approved and paid during the year, of 30.0 cents (2024: 40.0 cents) per share	38,866	51,821
属于上一财政年度，并于本年度核准及支付特别末期股息每股零仙（二零二四年：5.0仙）	Special final dividend in respect of the previous financial year, approved and paid during the year, of nil cents (2024: 5.0 cents) per share	–	6,477
属于上一财政年度，并于本年度核准及支付特别末期股息每股零仙（二零二四年：5.0仙）		38,866	58,298

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26 资本和储备（续） 26 CAPITAL AND RESERVES (continued) (c) 股本 (c) Share capital 二零二五年二零二四年 2025 2024 股份数目金额股份数目金额 Number of Number of shares Amount shares Amount 千股千元千股千元 ’000 $’000 ’000 $’000 法定股本： Authorised: 每股面值1元普通股 Ordinary shares of $1 each 240,000 240,000 240,000 240,000 已发行及缴足： Issued and fully paid: 于四月一日及三月三十一日 At 1 April and 31 March 129,553 129,553 129,553 129,553 (d) 储备的性质和用途 (d) Nature and purpose of reserves (i) 股份溢价 (i) Share premium 股份溢价账的应用受到本公司章 The application of the share premium account is 程细则第150条及第157条和百慕 governed by sections 150 and 157 of the Company’s 达《1981年公司法》所规管。 Bye-laws and the Bermuda Companies Act 1981. (ii) 缴入盈余 (ii) Contributed surplus 根据一九九九年的一项重组，本 Pursuant to a reorganisation in 1999, the former 集团前控股公司已成为本公司的 holding company of the Group became a subsidiary of 附属公司。本公司所购入附属公 the Company. The excess of the consolidated net assets 司的综合资产净值超逾本公司已 of the subsidiaries acquired by the Company over the 发行股份面值的数额已列入本公 nominal value of the shares issued by the Company has 司的缴入盈余。 been credited to the Company’s contributed surplus. 本公司的缴入盈余受百慕达《1981 The application of the Company’s contributed surplus is 年公司法》所规管。根据百慕达 governed by the Bermuda Companies Act 1981. Under 《1981年公司法》，本公司的缴入 the Bermuda Companies Act 1981, contributed surplus 盈余可用以分派。 of the Company is available for distribution. 162

		二零二五年		二零二四年
		2025		2024
		股份数目	金额	股份数目	金额
		Number of shares	Amount	Number of shares	Amount
		千股	千元	千股	千元
		’000	$’000	’000	$’000
法定股本：	Authorised:
每股面值1元普通股	Ordinary shares of $1 each	240,000	240,000	240,000	240,000
已发行及缴足：	Issued and fully paid:
于四月一日及三月三十一日	At 1 April and 31 March	129,553	129,553	129,553	129,553

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26 资本和储备（续） 26 CAPITAL AND RESERVES (continued) (d) 储备的性质和用途（续） (d) Nature and purpose of reserves (continued) (ii) 缴入盈余（续） (ii) Contributed surplus (continued) 然而，在下列情况下，本公司不 However, the Company cannot declare or pay a 能以缴入盈余宣派或派发股息或 dividend or make a distribution out of contributed 作出分派： surplus if: (a) 于付款后无法或将无法支付到 (a) it is, or would after the payment be, unable to pay 期的负债；或 its liabilities as they become due; or (b) 其资产的可变现价值因而少于 (b) the realisable value of its assets would thereby be 其负债与其已发行股本及股份 less than the aggregate of its liabilities and its issued 溢价账的总和。 share capital and share premium accounts. (iii) 资本储备 (iii) Capital reserve 按照附注2(p)(ii)所载就以股份为基 The capital reserve comprises the grant date fair value 础的支付所采纳的会计政策确认 of unexercised share options granted to employees of 的，已授予本公司雇员但未行使 the Company that has been recognised in accordance 的购股权于授予日期的公允价值 with the accounting policy adopted for share-based 的部分。 payments in note 2(p)(ii). (iv) 汇兑储备 (iv) Exchange reserve 汇兑储备包括换算中国内地业务 The exchange reserve comprises all foreign exchange 的财务报表所产生的所有外汇差 differences arising from the translation of the financial 额。汇兑储备按照附注2(t)所载列 statements of Mainland China operations. The reserve 的会计政策处理。 is dealt with in accordance with the accounting policies set out in note 2(t). (v) 土地和建筑物重估储备 (v) Land and buildings revaluation reserve 土地和建筑物重估储备包括于持 The land and buildings revaluation reserve comprises 作自用的物业转入投资物业时进 the fair value change arising on the revaluation of 行重估所产生的公允价值变动。 property held for own use upon transfer to investment property. 163 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

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26 资本和储备（续） 26 CAPITAL AND RESERVES (continued) (e) 资本管理 (e) Capital management 本集团管理资本的主要目的是保障本 The Group’s primary objectives when managing capital 集团可持续经营，从而藉著订定与风 are to safeguard the Group’s ability to continue as a going 险水平相称的产品价格并以合理成本 concern, so that it can continue to provide returns for 获得融资的方式，继续为股东提供回 shareholders and benefits for other stakeholder, by pricing 报，并为其他利益相关者带来利益。 products commensurately with the level of risk and by securing access to finance at a reasonable cost. 本集团积极定期检讨和管理其资本架 The Group actively and regularly reviews and manages 构，以在维持较高借贷水平可能带来 its capital structure to maintain a balance between the 较高股东回报与稳健资本状况所提供 higher shareholder returns that might be possible with 的优势和保障两者之间取得平衡，并 higher levels of borrowings and the advantages and 因应经济状况转变而调整资本架构。 security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions. 于二零二五年三月三十一日，本集 The Group had bank deposits and cash and cash 团的银行存款及现金和现金等价物 equivalents as at 31 March 2025 amounting to 合共545,653,000元（二零二四年： $545,653,000 (2024: $640,983,000). 640,983,000元）。 27 金融风险管理和公允价值 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (a) 金融风险管理和公允价值 (a) Financial risk management and fair value 本集团须在正常业务过程中承受信 Exposure to credit, liquidity and currency risks arises in 贷、流动资金和货币风险。本集团对 the normal course of the Group’s business. The Group’s 这些风险的承担额以及为管理这些风 exposure to these risks and the financial risk management 险所采用的金融风险管理政策和惯常 policies and practices used by the Group to manage these 做法载列于下文。 risks are described below. 该等风险通过下述本集团的金融管理 These risks are managed by the Group’s financial 政策和惯例管理。 management policies and practices described below. 164

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

27 金融风险管理和公允价值（续） 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (continued) (a) 金融风险管理和公允价值（续） (a) Financial risk management and fair value (continued) (i) 信贷风险 (i) Credit risk 对本集团而言，信贷风险指的是 Credit risk refers to the risk that a counterparty will 因交易对手违背合约义务而招致 default on its contractual obligations resulting in a 本集团财务亏损的风险。本集团 financial loss to the Group. The Group’s credit risk is 的信贷风险主要来自应收账款和 primarily attributable to trade and other receivables 其他应收款及其他金融资产。由 and other financial assets. The Group’s exposure to 于本集团的交易对手为本集团认 credit risk arising from bank deposits and cash and cash 为信贷风险较低的银行，因此本 equivalents is limited because the counterparties are 集团面临来自银行存款及现金和 banks for which the Group considers to have low credit 现金等价物之信贷风险有限。根 risk. Based on the historical experience of the collection 据向业主收取租金按金的以往经 of the rental deposits from the landlords and the 验以及业主的财务状况，董事评 financial position of the landlords, the directors assessed 估，截至二零二五年及二零二四 that expected credit loss of these deposits as at 31 年三月三十一日，该等按金的预 March 2025 and 31 March 2024 was insignificant. 期信贷亏损并不重大。于报告期末，信贷风险并无出现 At the end of the reporting period, the Group does 任何重大集中情况。信贷风险上 not have any significant concentration of credit risk. 限为综合财务状况表中每项金融 The maximum exposure to credit risk is represented 资产的账面金额。除附注29所载 by the carrying amount of each financial asset in the 列本公司就部分附属公司的银行 consolidated statement of financial position. Except 备用信贷提供财务担保外，本集 for the financial guarantee given by the Company 团没有提供任何其他可能令本集 in respect of banking facilities granted to certain 团承受信贷风险的担保。 subsidiaries as disclosed in note 29, the Group does not provide any other guarantees which would expose the Group to credit risk. 165 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

27 金融风险管理和公允价值（续） 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (continued) (a) 金融风险管理和公允价值（续） (a) Financial risk management and fair value (continued) (i) 信贷风险（续） (i) Credit risk (continued) (1) 应收账款及其他应收款 (1) Trade and other receivables 就应收账款和其他应收款而 In respect of trade and other receivables, individual 言，所有要求就超过某一数额 credit evaluations are performed on customers 的账款获得赊账安排的餐饮服 of catering service requiring credit over a certain 务的客户均须接受个别信贷评 amount. These evaluations focus on the customer’s 估。本集团会集中评估客户过 past history of making payments when due and 往支付到期欠款的纪录及现时 current ability to pay, and take into account 的还款能力，并考虑专属客户 information specific to the customer as well as 及客户营运所在经济环境的相 pertaining to the economic environment in which 关资料。来自本集团膳食业务 the customer operates. Trade and other receivables 的部分顾客的应收账款和其他 are due within 30 to 75 days to certain customers 应收款在三十日至七十五日内 to which the Group provides catering services. 到期。在正常情况下，本集团 Normally, the Group does not obtain collateral from 不会要求客户提供抵押品。 customers. 由于客户的良好背景和声誉， ECL rates of the trade and other receivables are 以及其并没有过往违约记录， assessed to be minimal, because of the customers’ 因此应收账款和其他应收款的 good background and reputation and no past 预期信贷亏损率被评估为微 default history. Thus, the loss allowance provision 不足道。因此，该等结余的 for such balances was insignificant and no loss 亏损准备并不重大，在截至 allowance provision was recognised in respect of the 二零二五年及二零二四年三月 trade and other receivables for the years ended 31 三十一日止年度内，本集团并 March 2025 and 2024. 未就应收账款和其他应收款确认任何亏损准备。以现金、八达通或主流信用卡 No credit evaluations are performed to customers 付款的客户不须接受个别信贷 that are made in cash, Octopus or via major credit 评估。本集团通过八达通、支 cards. The Group’s trade receivables in connection 付宝或微信支付等支付平台结 with sales settled through payment platforms such as 算的应收账款信贷评级较高， Octopus, Alipay or WeChat Pay are with high credit 且无逾期历史。这些资产属于 rating and no past due history. These assets are 短期性质，在截至二零二五年 short-term in nature and the probability of default is 及二零二四年三月三十一日止 negligible on the basis of high-credit rating issuers 年度的高信贷评级发行人的基 during the years ended 31 March 2025 and 2024, 础上，违约概率可忽略不计， and accordingly, no loss allowance was recognised 因此，并未就应收账款和其他 in respect of the trade and other receivables. 应收款确认任何亏损准备。 166

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

27 金融风险管理和公允价值（续） 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (continued) (a) 金融风险管理和公允价值（续） (a) Financial risk management and fair value (continued) (ii) 流动资金风险 (ii) Liquidity risk 本集团内的个别经营实体须负责 Individual operating entities within the Group are 本身的现金管理工作，包括现金 responsible for their own cash management, including 盈余的短期投资和筹借贷款以应 the short term investment of cash surpluses and the 付预计现金需求（如果借款额超过 raising of loans to cover expected cash demands, 某些预设授权上限，便需寻求本 subject to approval by the Company’s board of directors 公司董事会的批核）。本集团的 when the borrowings exceed certain pre-determined 政策是定期监察流动资金需求， levels of authority. The Group’s policy is to regularly 以及是否符合借款契诺的规定 monitor its liquidity requirement and its compliance with （如有），以确保维持充裕的现金 lending covenants, if any, to ensure that it maintains 储备，同时获得大型金融机构承 sufficient reserves of cash and adequate committed 诺提供足够的备用资金，以满足 lines of funding from major financial institutions to 短期和较长期的流动资金需求。 meet its liquidity requirements in the short and longer 于二零二五年三月三十一日，本 term. As at 31 March 2025, the Group has available 集团尚有未动用之银行备用信贷 unutilised banking facilities of $206,140,000 (2024: 额206,140,000元（二零二四年： $231,263,000). 231,263,000元）。下表载列了本集团的金融负债于 The following table shows the remaining contractual 报告期末的剩余合约期限。该等 maturities at the end of the reporting period of 金融负债是以订约未折现现金流 the Group’s financial liabilities, which are based on 量（包括以订约利率或（如属浮息） contractual undiscounted cash flows (including interest 按于报告期末的利率计算的利息 payments computed using contractual rates or, if 付款）以及本集团须支付的最早日 floating, based on rates current at the end of the 期为准。 reporting period) and the earliest date the Group can be required to pay. 167 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

27 金融风险管理和公允价值（续） 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (continued) (a) 金融风险管理和公允价值（续） (a) Financial risk management and fair value (continued) (ii) 流动资金风险（续） (ii) Liquidity risk (continued) 二零二五年 2025 订约未折现加权平均现金流量一年以上两年以上实际利率账面金额总额一年内但两年内但五年内五年以上 Weighted Total More than More than average contractual one year but two years but effective Carrying undiscounted Within less than less than More than interest rate amount cash flow one year two years five years five years 千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 已收租金按金 Rental deposits received 1,879 1,879 189 1,690 – – 应付账款和应计 Creditors and accrued 费用 expenses 378,031 378,031 378,031 – – – 租赁负债 Lease liabilities 3.45% 938,130 994,045 399,839 267,987 314,502 11,717 银行借款 Bank borrowings 3.62% 5,419 5,615 5,615 – – – 1,323,459 1,379,570 783,674 269,677 314,502 11,717 二零二四年 2024 订约未折现加权平均现金流量一年以上两年以上实际利率账面金额总额一年内但两年内但五年内五年以上 Weighted Total More than More than average contractual one year but two years but effective Carrying undiscounted Within less than less than More than interest rate amount cash flow one year two years five years five years 千元千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 $’000 已收租金按金 Rental deposits received 2,000 2,000 202 1,798 – – 应付账款和应计 Creditors and accrued 费用 expenses 413,289 413,289 413,289 – – – 租赁负债 Lease liabilities 3.23% 1,042,181 1,102,113 416,782 291,894 361,788 31,649 1,457,470 1,517,402 830,273 293,692 361,788 31,649 168

二零二五年
2025
		加权平均实际利率	账面金额	订约未折现现金流量总额	一年内	一年以上但两年内	两年以上但五年内	五年以上
		Weighted average effective interest rate	Carrying amount	Total contractual undiscounted cash flow	Within one year	More than one year but less than two years	More than two years but less than five years	More than five years
			千元	千元	千元	千元	千元	千元
			$’000	$’000	$’000	$’000	$’000	$’000
已收租金按金	Rental deposits received		1,879	1,879	189	1,690	–	–
应付账款和应计费用	Creditors and accrued expenses		378,031	378,031	378,031	–	–	–
租赁负债	Lease liabilities	3.45%	938,130	994,045	399,839	267,987	314,502	11,717
银行借款	Bank borrowings	3.62%	5,419	5,615	5,615	–	–	–
银行借款	Bank borrowings	3.62%	1,323,459	1,379,570	783,674	269,677	314,502	11,717

二零二四年
2024
		加权平均实际利率	账面金额	订约未折现现金流量总额	一年内	一年以上但两年内	两年以上但五年内	五年以上
		Weighted average effective interest rate	Carrying amount	Total contractual undiscounted cash flow	Within one year	More than one year but less than two years	More than two years but less than five years	More than five years
			千元	千元	千元	千元	千元	千元
			$’000	$’000	$’000	$’000	$’000	$’000
已收租金按金	Rental deposits received		2,000	2,000	202	1,798	–	–
应付账款和应计费用	Creditors and accrued expenses		413,289	413,289	413,289	–	–	–
租赁负债	Lease liabilities	3.23%	1,042,181	1,102,113	416,782	291,894	361,788	31,649
租赁负债	Lease liabilities	3.23%	1,457,470	1,517,402	830,273	293,692	361,788	31,649

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

27 金融风险管理和公允价值（续） 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (continued) (a) 金融风险管理和公允价值（续） (a) Financial risk management and fair value (continued) (iii) 货币风险 (iii) Currency risk 本集团所面对的货币风险主要源 The Group is exposed to currency risk primarily through 自以本集团经营业务的相关功能 bank deposits and cash and cash equivalents that are 货币以外的货币为单位的银行存 denominated in a currency other than the functional 款及现金和现金等价物。引致这 currency of the operations to which they relate. The 种风险的货币主要包括美元及人 currencies giving rise to this risk are primarily United 民币。如果出现短期的失衡情 States dollars and Renminbi. The Group ensures that 况，本集团会在必要时按即期汇 the net exposure is kept to an acceptable level by 率买卖外币，以确保将净风险额 buying or selling foreign currencies at spot rates where 度维持在可接受的水平。 necessary to address short-term imbalances. 下表详述本集团于报告期末以相 The following table details the Group’s exposure at 关企业的功能货币以外的货币计 the end of the reporting period to currency risk arising 值的已确认资产或负债所产生的 from recognised assets or liabilities denominated in 货币风险额度。风险额度按报告 a currency other than the functional currency of the 期末的即期汇率换算为港币呈 operations to which they relate. For presentation 报。有关额度不包括以本集团的 purposes, the amounts of the exposure are shown in 列报货币换算境外经营业务的财 Hong Kong dollars, translated using the spot rate at the 务报表所产生的差异。 end of the reporting period. Differences resulting from the translation of the financial statements of foreign operations into the Group’s presentation currency are excluded. 外币风险额度（以港币列示） Exposure to foreign currencies (expressed in Hong Kong dollars) 二零二五年二零二四年 2025 2024 美元人民币美元人民币 United States United States Dollars Renminbi Dollars Renminbi 千元千元千元千元 $’000 $’000 $’000 $’000 银行存款及现金 Bank deposits and 和现金等价物 cash and cash equivalents 174,625 138 33,800 20,036 169 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

外币风险额度（以港币列示）
Exposure to foreign currencies (expressed in Hong Kong dollars)
		二零二五年		二零二四年
		2025		2024
		美元	人民币	美元	人民币
		United States Dollars	Renminbi	United States Dollars	Renminbi
		千元	千元	千元	千元
		$’000	$’000	$’000	$’000
银行存款及现金和现金等价物	Bank deposits and cash and cash equivalents	174,625	138	33,800	20,036

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

27 金融风险管理和公允价值（续） 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (continued) (a) 金融风险管理和公允价值（续） (a) Financial risk management and fair value (continued) (iii) 货币风险（续） (iii) Currency risk (continued) 下表列示本集团的除税后溢利及 The following table indicates the change in the Group’s 保留溢利因应本集团所承受重大 profit after taxation and retained profits that would 风险的汇率于报告期末已转变（假 arise if foreign exchange rates to which the Group 设所有其他风险变数维持不变）而 has significant exposure at the end of the reporting 出现的变化。在这方面，由于港 period had changed at that date, assuming all other 币与美元挂钩，本集团预期美元 risk variables remained constant. In this respect, as 兑港币的汇率不会出现任何重大 Hong Kong dollar is pegged to United States dollar, 变动。 the Group does not expect any significant movements in the United States dollar/Hong Kong dollar exchange rate. 二零二五年二零二四年 2025 2024 除税后溢利除税后溢利外币汇率及保留溢利外币汇率及保留溢利上升╱ 增加╱ 上升╱ 增加╱ （下跌）（减少）（下跌）（减少） Increase/ Increase/ Increase/ (decrease) Increase/ (decrease) (decrease) in profit after (decrease) in profit after in foreign taxation and in foreign taxation and exchange retained exchange retained rates profits rates profits 千元千元 $’000 $’000 人民币 Renminbi 5.0% 6 5.0% 837 (5.0%) (6) (5.0%) (837) 170

		二零二五年		二零二四年
		2025		2024
		外币汇率上升╱ （下跌）	除税后溢利及保留溢利增加╱ （减少）	外币汇率上升╱ （下跌）	除税后溢利及保留溢利增加╱ （减少）
		Increase/ (decrease) in foreign exchange rates	Increase/ (decrease) in profit after taxation and retained profits	Increase/ (decrease) in foreign exchange rates	Increase/ (decrease) in profit after taxation and retained profits
			千元		千元
			$’000		$’000
人民币	Renminbi	5.0%	6	5.0%	837
人民币	Renminbi	(5.0%)	(6)	(5.0%)	(837)

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

27 金融风险管理和公允价值（续） 27 FINANCIAL RISK MANAGEMENT AND FAIR VALUE (continued) (a) 金融风险管理和公允价值（续） (a) Financial risk management and fair value (continued) (iv) 公允价值 (iv) Fair values 公允价值层级 Fair value hierarchy 截至二零二五年及二零二四年三 During the years ended 31 March 2025 and 2024, 月三十一日止年度，并无金融工 there were no transfers between financial instruments 具在各公允价值层级之间出现任 in different levels. The Group’s policy is to recognise 何转移。本集团的政策是在公允 transfers between levels of fair value hierarchy as at the 价值层级之间出现转移的报告期 end of the reporting period in which they occur. 末时确认有关变动。非按公允价值列账的金融工具的 Fair values of financial instruments carried at other than 公允价值 fair value 本集团按成本或摊销成本入账的 The carrying amounts of the Group’s financial 金融工具的账面金额，与其于 instruments carried at cost or amortised cost are not 二零二五年及二零二四年三月 materially different from their fair values as at 31 March 三十一日的公允价值分别不大。 2025 and 2024. (b) 金融工具类别 (b) Categories of financial instruments 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 金融资产 Financial assets 按摊销成本计量的金融资产 Financial assets measured at amortised cost －应收账款及按金 – Debtors and deposits 142,231 143,334 －银行存款及现金和现金 – Bank deposits and cash and cash 等价物 equivalents 545,653 640,983 687,884 784,317 金融负债 Financial liabilities 按摊销成本或成本 At amortised cost or cost －已收租金按金 – Rental deposits received 1,879 2,000 －应付账款和应计费用 – Creditors and accrued expenses 378,031 413,289 －银行借款 – Bank borrowings 5,419 – 385,329 415,289 171 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
金融资产	Financial assets
按摊销成本计量的金融资产	Financial assets measured at amortised cost
－应收账款及按金	– Debtors and deposits	142,231	143,334
－银行存款及现金和现金等价物	– Bank deposits and cash and cash equivalents	545,653	640,983
－银行存款及现金和现金等价物	– Bank deposits and cash and cash equivalents	687,884	784,317
金融负债	Financial liabilities
按摊销成本或成本	At amortised cost or cost
－已收租金按金	– Rental deposits received	1,879	2,000
－应付账款和应计费用	– Creditors and accrued expenses	378,031	413,289
－银行借款	– Bank borrowings	5,419	–
－银行借款	– Bank borrowings	385,329	415,289

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

28 承担 28 COMMITMENTS 于二零二五年三月三十一日未偿付而又 Capital commitments for acquisition of other property, plant 未在综合财务报表内提拨准备的为购买 and equipment outstanding at 31 March 2025 not provided 其他物业、机器和设备的资本承担如下： for in the consolidated financial statements were as follows: 二零二五年二零二四年 2025 2024 千元千元 $’000 $’000 已订约 Contracted for 28,323 9,945 已授权但未订约 Authorised but not contracted for 25,043 14,352 53,366 24,297 29 或有负债 29 CONTINGENT LIABILITIES 于二零二五年三月三十一日，本公司须 At 31 March 2025, guarantees are given to banks by the 就若干全资附属公司获得银行备用信贷 Company in respect of banking facilities extended to certain 而向银行作出担保。 wholly-owned subsidiaries. 于报告期末，董事不认为本公司会因这 As at the end of the reporting period, the Directors do 些担保安排而被提出申索。于报告期 not consider it probable that a claim will be made against 末，本公司根据该担保须负担的最大债 the Company under these guarantee arrangements. The 务为所有附属公司已提取的备用信贷额 maximum liability of the Company at the end of the reporting 115,938,000元（二零二四年：87,702,000 period under the guarantees is the amount of the facilities 元），当中该担保涵盖有关备用信贷。 drawn down by all the subsidiaries that are covered by the guarantees, being $115,938,000 (2024: $87,702,000). 本公司并无就该担保确认任何递延收 The Company has not recognised any deferred income in 入，原因是其公允价值无法可靠地计 respect of these guarantees as the amount is insignificant. 量，而且没有交易价格。 172

		二零二五年	二零二四年
		2025	2024
		千元	千元
		$’000	$’000
已订约	Contracted for	28,323	9,945
已授权但未订约	Authorised but not contracted for	25,043	14,352
已授权但未订约	Authorised but not contracted for	53,366	24,297

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30 重大关联方交易 30 MATERIAL RELATED PARTY TRANSACTIONS 除本综合财务报表其他部分所披露的交 In addition to the transactions and balances disclosed 易及结余外，本集团进行了下列重大关 elsewhere in these consolidated financial statements, the 联方交易： Group entered into the following material related party transactions: (a) 正如附注8所披露，关键管理人员的 (a) Remuneration for key management is the amounts paid 酬金为已付董事的款项。酬金总额已 to the Directors as disclosed in note 8. Total remuneration 计入「董事袍金」及「薪金、工资和其 is included in “Directors’ fees“ and “salaries, wages and 他福利」中（参阅附注6(b)）。 other benefits” (see note 6(b)). (b) 在本年度内，本公司一家附属公司 (b) During the year, a subsidiary of the Company leased a 向庆立有限公司（「庆立」）租入一项 property from Hibony Limited (“Hibony”). Hibony is a 物业。庆立由Pengto International company beneficially owned by Pengto International Limited（该公司为罗开扬先生实益拥 Limited (a company beneficially owned by Mr Dennis Lo 有）实益拥有。此外，罗开扬先生为 Hoi Yeung). In addition, Mr Dennis Lo Hoi Yeung is a 庆立的董事。在截至二零二四年三月 director of Hibony. The subsidiary has renewed the tenancy 三十一日止年度内，附属公司与庆立 of the property for a term of three years with Hibony 续签了为期三年的物业租约。年内产 during the year ended 31 March 2024. Depreciation of the 生的使用权资产折旧以及租赁负债利 right-of-use assets and interest expense on lease liabilities 息费用分别为1,615,000元（二零二四 incurred during the year amounted to $1,615,000 (2024: 年：1,853,000元）和181,000元（二零 $1,853,000) and $181,000 (2024: $215,000) respectively. 二四年：215,000元）。于二零二五年三月三十一日，本集团 At 31 March 2025, the Group recognised right-of- 分别确认使用权资产以及租赁负债为 use assets and lease liabilities of $ 2,649,000 (2024: 2,649,000元（二零二四年：5,387,000 $5,387,000) and $ 4,003,000 (2024: $5,982,000) 元）和4,003,000元（二零二四年： respectively. 5,982,000元）。 (c) 在本年度内，本公司一家附属公司向 (c) During the year, a subsidiary of the Company leased a 新捷国际有限公司（「新捷」）租入一项 property from New Champion International Limited (“New 物业。新捷由罗开扬先生、罗辉承先 Champion”). New Champion is a company beneficially 生及彼家族成员实益拥有。此外，罗 owned by Mr Dennis Lo Hoi Yeung, Mr Lo Fai Shing 开扬先生为新捷的董事。在截至二零 Francis and his family member. In addition, Mr Dennis Lo 二五年三月三十一日止年度内，附属 Hoi Yeung is a director of New Champion. The subsidiary 公司与新捷续签了为期三年的物业租 has renewed the tenancy of the property for a term of 约。年内产生的使用权资产折旧以及 three years with New Champion during the year ended 租赁负债利息费用分别为2,060,000 31 March 2025. Depreciation of the right-of-use assets 元（二零二四年：2,124,000元）和 and interest expense on lease liabilities incurred during the 410,000元（二零二四年：222,000 year amounted to $2,060,000 (2024: $2,124,000) and 元）。 $410,000 (2024: $222,000) respectively. 于二零二五年三月三十一日，本集 At 31 March 2025, the Group recognised right-of- 团分别确认使用权资产以及租赁负 use assets and lease liabilities of $10,346,000 (2024: 债为10,346,000 元（二零二四年： $6,426,000) and $10,625,000 (2024: $6,987,000) 6,426,000元）和10,625,000元（二零 respectively. 二四年：6,987,000元）。 173 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

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30 重大关联方交易（续） 30 MATERIAL RELATED PARTY TRANSACTIONS (continued) (d) 与关连交易有关的《上市规则》的适用 (d) Applicability of the Listing Rules relating to connected 性 transactions 根据《上市规则》第14A章的定义，与 The related party transaction in respect of (b) and (c) above 上述(b)和(c)项关联方交易构成关连交 constitute connected transaction as defined in Chapter 14A 易。按照《上市规则》第14A章规定， of the Listing Rules. The disclosures required by Chapter 已于董事会报告内「关连交易」一节中 14A of the Listing Rules are provided in the section 作出披露。 “connected transactions” of the Report of the Directors. 31 主要附属公司 31 PRINCIPAL SUBSIDIARIES 注册成立╱ 已发行╱ 本公司所持股份公司名称设立及经营地点注册资本详情百分比主要业务 Place of incorporation/ establishment and Particulars of issued/ Percentage of shares held by Name of company operation registered capital the Company Principal activities 直接间接 Direct Indirect 百宜发展有限公司香港 2股股份 – 100% 物业投资 Benley Development Limited Hong Kong 2 shares Property investment 大快活（深圳）发展有限公司香港 10,000股股份 – 100% 投资控股 Fairwood (Shenzhen) Hong Kong 10,000 shares Investment holding Development Limited Fairwood (BVI) Management 英属维尔京群岛╱香港 1股面值1美元股份 100% – 投资控股 Limited Fairwood (BVI) Management BVI/Hong Kong 1 share of US$1 Investment holding Limited Fairwood B.V.I. Limited 英属维尔京群岛╱香港 579,437股每股 100% – 投资控股面值0.01美元股份 Fairwood B.V.I. Limited BVI/Hong Kong 579,437 shares of Investment holding US$0.01 each Fairwood Consolidated 英属维尔京群岛╱香港 1股面值1美元股份 100% – 投资控股 Investments Limited Fairwood Consolidated BVI/Hong Kong 1 share of US$1 Investment holding Investments Limited 大快活快餐（管理）有限公司香港 2股股份 – 100% 持有食肆牌照 Fairwood Fast Food Hong Kong 2 shares Restaurant licences (Management) Limited holding 174

公司名称	注册成立╱ 设立及经营地点	已发行╱ 注册资本详情	本公司所持股份百分比		主要业务
Name of company	Place of incorporation/ establishment and operation	Particulars of issued/ registered capital	Percentage of shares held by the Company		Principal activities
			直接	间接
			Direct	Indirect
百宜发展有限公司	香港	2股股份	–	100%	物业投资
Benley Development Limited	Hong Kong	2 shares			Property investment
大快活（深圳）发展有限公司	香港	10,000股股份	–	100%	投资控股
Fairwood (Shenzhen) Development Limited	Hong Kong	10,000 shares			Investment holding
Fairwood (BVI) Management Limited	英属维尔京群岛╱香港	1股面值1美元股份	100%	–	投资控股
Fairwood (BVI) Management Limited	BVI/Hong Kong	1 share of US$1			Investment holding
Fairwood B.V.I. Limited	英属维尔京群岛╱香港	579,437股每股面值0.01美元股份	100%	–	投资控股
Fairwood B.V.I. Limited	BVI/Hong Kong	579,437 shares of US$0.01 each			Investment holding
Fairwood Consolidated Investments Limited	英属维尔京群岛╱香港	1股面值1美元股份	100%	–	投资控股
Fairwood Consolidated Investments Limited	BVI/Hong Kong	1 share of US$1			Investment holding
大快活快餐（管理）有限公司	香港	2股股份	–	100%	持有食肆牌照
Fairwood Fast Food (Management) Limited	Hong Kong	2 shares			Restaurant licences holding

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31 主要附属公司（续） 31 PRINCIPAL SUBSIDIARIES (continued) 注册成立╱ 已发行╱ 本公司所持股份公司名称设立及经营地点注册资本详情百分比主要业务 Place of incorporation/ establishment and Particulars of issued/ Percentage of shares held by Name of company operation registered capital the Company Principal activities 直接间接 Direct Indirect 大快活快餐有限公司香港 100股普通股及 – 100% 经营连锁快餐店 579,437股无投票权递延股份 Fairwood Fast Food Limited Hong Kong 100 ordinary shares Operation of a chain of and 579,437 fast food restaurants non-voting deferred shares Fairwood Trademark B.V.I. Limited 英属维尔京群岛╱香港 1股面值1美元股份 – 100% 商标持有 Fairwood Trademark B.V.I. Limited BVI/Hong Kong 1 share of US$1 Trademark holding Figata Holding Limited 香港 1股股份 – 100% 投资控股 Figata Holding Limited Hong Kong 1 share Investment holding Figata Limited 香港 1股股份 – 100% 经营餐厅 Figata Limited Hong Kong 1 share Operation of a restaurant 彩智发展有限公司香港 2股股份 – 100% 物业投资 Great Choice Development Limited Hong Kong 2 shares Property investment 广州大快活餐饮管理有限公司中国内地* 人民币16,000,000 – 100% 经营连锁快餐店 Guangzhou Fairwood Catering Mainland China* RMB16,000,000 Operation of a chain of Management Limited fast food restaurants 彩宝发展有限公司香港 2股股份 – 100% 物业投资 Joybo Development Limited Hong Kong 2 shares Property investment 迅安发展有限公司香港 2股股份 – 100% 物业投资 Leon Development Limited Hong Kong 2 shares Property investment 茂业发展有限公司香港 2股股份 – 100% 物业投资 Maxlane Development Limited Hong Kong 2 shares Property investment 175 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

公司名称	注册成立╱ 设立及经营地点	已发行╱ 注册资本详情	本公司所持股份百分比		主要业务
Name of company	Place of incorporation/ establishment and operation	Particulars of issued/ registered capital	Percentage of shares held by the Company		Principal activities
			直接	间接
			Direct	Indirect
大快活快餐有限公司	香港	100股普通股及 579,437股无投票权递延股份	–	100%	经营连锁快餐店
Fairwood Fast Food Limited	Hong Kong	100 ordinary shares and 579,437 non-voting deferred shares			Operation of a chain of fast food restaurants
Fairwood Trademark B.V.I. Limited	英属维尔京群岛╱香港	1股面值1美元股份	–	100%	商标持有
Fairwood Trademark B.V.I. Limited	BVI/Hong Kong	1 share of US$1			Trademark holding
Figata Holding Limited	香港	1股股份	–	100%	投资控股
Figata Holding Limited	Hong Kong	1 share			Investment holding
Figata Limited	香港	1股股份	–	100%	经营餐厅
Figata Limited	Hong Kong	1 share			Operation of a restaurant
彩智发展有限公司	香港	2股股份	–	100%	物业投资
Great Choice Development Limited	Hong Kong	2 shares			Property investment
广州大快活餐饮管理有限公司	中国内地*	人民币16,000,000	–	100%	经营连锁快餐店
Guangzhou Fairwood Catering Management Limited	Mainland China*	RMB16,000,000			Operation of a chain of fast food restaurants
彩宝发展有限公司	香港	2股股份	–	100%	物业投资
Joybo Development Limited	Hong Kong	2 shares			Property investment
迅安发展有限公司	香港	2股股份	–	100%	物业投资
Leon Development Limited	Hong Kong	2 shares			Property investment
茂业发展有限公司	香港	2股股份	–	100%	物业投资
Maxlane Development Limited	Hong Kong	2 shares			Property investment

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

31 主要附属公司（续） 31 PRINCIPAL SUBSIDIARIES (continued) 注册成立╱ 已发行╱ 本公司所持股份公司名称设立及经营地点注册资本详情百分比主要业务 Place of incorporation/ establishment and Particulars of issued/ Percentage of shares held by Name of company operation registered capital the Company Principal activities 直接间接 Direct Indirect 达雄发展有限公司香港 2股股份 – 100% 物业投资 Profit Hero Development Limited Hong Kong 2 shares Property investment 信迪发展有限公司香港 2股股份 – 100% 物业投资 Santic Development Limited Hong Kong 2 shares Property investment 深圳大快活快餐有限公司中国内地* 24,550,000美元 – 100% 经营连锁快餐店 Shenzhen Fairwood Fast Food Mainland China* US$24,550,000 Operation of a chain of Limited fast food restaurants 俊添发展有限公司香港 2股股份 – 100% 物业投资 Smarteam Development Limited Hong Kong 2 shares Property investment 迅诚发展有限公司香港 2股股份 – 100% 物业投资 Suncity Development Limited Hong Kong 2 shares Property investment 东鸿发展有限公司香港 2股股份 – 100% 物业投资 Tacco Development Limited Hong Kong 2 shares Property investment 泰佳发展有限公司香港 2股股份 – 100% 物业投资 Time Best Development Limited Hong Kong 2 shares Property investment 联雄发展有限公司香港 2股股份 – 100% 物业投资 Union Hero Development Limited Hong Kong 2 shares Property investment 华纶发展有限公司香港 2股股份 – 100% 物业投资 Wallam Development Limited Hong Kong 2 shares Property investment * 广州大快活餐饮管理有限公司及深圳大快活快 * Guangzhou Fairwood Catering Management Limited and Shenzhen 餐有限公司为在中国内地成立的外商独资企业。 Fairwood Fast Food Limited are wholly foreign owned enterprises established in the PRC. 于年底，各附属公司概无发行任何债券。 None of the subsidiaries had issued any debt securities at the end of the year. 176

公司名称	注册成立╱ 设立及经营地点	已发行╱ 注册资本详情	本公司所持股份百分比		主要业务
Name of company	Place of incorporation/ establishment and operation	Particulars of issued/ registered capital	Percentage of shares held by the Company		Principal activities
			直接	间接
			Direct	Indirect
达雄发展有限公司	香港	2股股份	–	100%	物业投资
Profit Hero Development Limited	Hong Kong	2 shares			Property investment
信迪发展有限公司	香港	2股股份	–	100%	物业投资
Santic Development Limited	Hong Kong	2 shares			Property investment
深圳大快活快餐有限公司	中国内地*	24,550,000美元	–	100%	经营连锁快餐店
Shenzhen Fairwood Fast Food Limited	Mainland China*	US$24,550,000			Operation of a chain of fast food restaurants
俊添发展有限公司	香港	2股股份	–	100%	物业投资
Smarteam Development Limited	Hong Kong	2 shares			Property investment
迅诚发展有限公司	香港	2股股份	–	100%	物业投资
Suncity Development Limited	Hong Kong	2 shares			Property investment
东鸿发展有限公司	香港	2股股份	–	100%	物业投资
Tacco Development Limited	Hong Kong	2 shares			Property investment
泰佳发展有限公司	香港	2股股份	–	100%	物业投资
Time Best Development Limited	Hong Kong	2 shares			Property investment
联雄发展有限公司	香港	2股股份	–	100%	物业投资
Union Hero Development Limited	Hong Kong	2 shares			Property investment
华纶发展有限公司	香港	2股股份	–	100%	物业投资
Wallam Development Limited	Hong Kong	2 shares			Property investment

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32 公司层面财务资料 32 COMPANY-LEVEL FINANCIAL INFORMATION (a) 公司层面财务状况表 (a) Company-level statement of financial position 二零二五年二零二四年 2025 2024 附注千元千元 Notes $’000 $’000 非流动资产 Non-current asset 于附属公司之权益 Interests in subsidiaries (a) 439,720 456,394 流动资产 Current assets 其他应收款 Other receivables (b) 38,640 65,412 银行存款及现金和现金 Bank deposits and cash and cash 等价物 equivalents 1,211 1,157 39,851 66,569 流动负债 Current liability 其他应付款 Other payables (b) 31,294 31,130 流动资产净额 Net current assets 8,557 35,439 资产净值 NET ASSETS 448,277 491,833 资本和储备 Capital and reserves 32(b) 股本 Share capital 129,553 129,553 储备 Reserves 318,724 362,280 权益总额 TOTAL EQUITY 448,277 491,833 董事会于二零二五年六月三十日核准 Approved and authorised for issue by the Board of 并许可发出。 Directors on 30 June 2025. 罗辉承李碧琦 Lo Fai Shing Francis Peggy Lee 副主席行政总裁 Vice Chairman Chief Executive Officer 附注(a)：于附属公司的权益指按成本列账的非上 Note (a): The interests in subsidiaries represent the unlisted shares stated at 市股份。主要附属公司的详情载于第 cost and amounts due from subsidiaries. Details of the principal 174至176页。本集团并无任何附属公 subsidiaries are set out on pages 174 and 176. The Group does 司拥有重大非控股权益。 not have any subsidiary which has a material non-controlling interest. 附注(b)：包括在其他应收款和其他应付款 Note (b): Included in other receivables and other payables are amount 的应收╱（付）附属公司款项分别 due from/(to) subsidiaries of $38,337,000 (2024: $65,107,000) 为38,337,000元（二零二四年： and $27,867,000 (2024: $27,867,000) respectively, which are 65,107,000元）和27,867,000元（二零 unsecured, interest-free and repayable on demand. 二四年：27,867,000元），均无抵押、免息及按要求偿还。 177 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

			二零二五年	二零二四年
			2025	2024
		附注	千元	千元
		Notes	$’000	$’000
非流动资产	Non-current asset
于附属公司之权益	Interests in subsidiaries	(a)	439,720	456,394
流动资产	Current assets
其他应收款	Other receivables	(b)	38,640	65,412
银行存款及现金和现金等价物	Bank deposits and cash and cash equivalents		1,211	1,157
银行存款及现金和现金等价物			39,851	66,569
流动负债	Current liability
其他应付款	Other payables	(b)	31,294	31,130
流动资产净额	Net current assets		8,557	35,439
资产净值	NET ASSETS		448,277	491,833
资本和储备	Capital and reserves	32(b)
股本	Share capital		129,553	129,553
储备	Reserves		318,724	362,280
权益总额	TOTAL EQUITY		448,277	491,833

综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (除非另有注明，否则均以港币列示） (Expressed in Hong Kong dollars unless otherwise indicated)

32 公司层面财务资料（续） 32 COMPANY-LEVEL FINANCIAL INFORMATION (continued) (b) 公司层面权益变动表 (b) Company-level statement of changes in equity 下表载列本公司个别权益组成部分在 Details of the changes in the Company’s individual 报告期初与期末的变动详情： components of equity between the beginning and the end of the reporting period are set out below: 股本股份溢价缴入盈余资本储备保留溢利总额 Share Share Contributed Capital Retained capital premium surplus reserve profits Total 附注千元千元千元千元千元千元 Notes $’000 $’000 $’000 $’000 $’000 $’000 于二零二三年四月一日At 1 April 2023 129,553 55,183 28,182 6,158 342,891 561,967 上年度已批准的股息 Dividends approved in respect of the previous year 26(b)(ii) – – – – (58,298) (58,298) 本年度已宣派的股息 Dividends declared in respect of the current year 26(b)(i) – – – – (14,251) (14,251) 本年度溢利 Profit for the year – – – – 319 319 失效购股权 Lapse of share options – – – (150) – (150) 以权益结算的以股份为Equity-settled share-based 基础的交易 transactions 21(c) – – – 2,246 – 2,246 于二零二四年 At 31 March 2024 三月三十一日 129,553 55,183 28,182 8,254 270,661 491,833 于二零二四年四月一日At 1 April 2024 129,553 55,183 28,182 8,254 270,661 491,833 上年度已批准的股息 Dividends approved in respect of the previous year 26(b)(ii) – – – – (38,866) (38,866) 本年度已宣派的股息 Dividends declared in respect of the current year 26(b)(i) – – – – (6,478) (6,478) 本年度溢利 Profit for the year – – – – 287 287 失效购股权 Lapse of share options – – – (161) – (161) 以权益结算的以股份为Equity-settled share-based 基础的交易 transactions 21(c) – – – 1,662 – 1,662 于二零二五年 At 31 March 2025 三月三十一日 129,553 55,183 28,182 9,755 225,604 448,277 33 期后事项 33 SUBSEQUENT EVENTS 除在综合财务报表其他地方注明的事项 Other than those disclosed elsewhere in the consolidated 外，以下是报告期后发生的重大事项。 financial statements, the following significant events took place subsequent to the end of the reporting period. 董事于报告期末后建议分派末期股息。 After the end of the reporting period, the Directors proposed a 有关详情载于附注26(b)。 final dividend. Further details are disclosed in note 26(b). 178

			股本	股份溢价	缴入盈余	资本储备	保留溢利	总额
			Share capital	Share premium	Contributed surplus	Capital reserve	Retained profits	Total
		附注	千元	千元	千元	千元	千元	千元
		Notes	$’000	$’000	$’000	$’000	$’000	$’000
于二零二三年四月一日	At 1 April 2023		129,553	55,183	28,182	6,158	342,891	561,967
上年度已批准的股息	Dividends approved in respect of the previous year	26(b)(ii)	–	–	–	–	(58,298)	(58,298)
本年度已宣派的股息	Dividends declared in respect of the current year	26(b)(i)	–	–	–	–	(14,251)	(14,251)
本年度溢利	Profit for the year		–	–	–	–	319	319
失效购股权	Lapse of share options		–	–	–	(150)	–	(150)
以权益结算的以股份为基础的交易	Equity-settled share-based transactions	21(c)	–	–	–	2,246	–	2,246
于二零二四年三月三十一日	At 31 March 2024		129,553	55,183	28,182	8,254	270,661	491,833
于二零二四年四月一日	At 1 April 2024		129,553	55,183	28,182	8,254	270,661	491,833
上年度已批准的股息	Dividends approved in respect of the previous year	26(b)(ii)	–	–	–	–	(38,866)	(38,866)
本年度已宣派的股息	Dividends declared in respect of the current year	26(b)(i)	–	–	–	–	(6,478)	(6,478)
本年度溢利	Profit for the year		–	–	–	–	287	287
失效购股权	Lapse of share options		–	–	–	(161)	–	(161)
以权益结算的以股份为基础的交易	Equity-settled share-based transactions	21(c)	–	–	–	1,662	–	1,662
于二零二五年三月三十一日	At 31 March 2025		129,553	55,183	28,182	9,755	225,604	448,277

本集团五年财务概要 FIVE-YEAR GROUP FINANCIAL SUMMARY (以港币列示） (Expressed in Hong Kong dollars)

二零二五年二零二四年二零二三年二零二二年二零二一年 2025 2024 2023 2022 2021 千元千元千元千元千元 $’000 $’000 $’000 $’000 $’000 业绩： Results: 收入 Revenue 3,100,070 3,136,947 3,024,152 2,881,942 2,646,469 经营溢利 Profit from operations 72,326 98,491 83,362 80,208 175,223 融资成本 Finance costs (33,677) (33,366) (31,698) (32,404) (36,824) 除税前溢利 Profit before taxation 38,649 65,125 51,664 47,804 138,399 所得税 Income tax (3,109) (14,468) (6,784) (5,164) 15,218 本公司权益股东 Profit attributable to equity shareholders 应占溢利 of the Company 35,540 50,657 44,880 42,640 153,617 资产和负债： Assets and liabilities: 投资物业、其他 Investment properties, other property, 物业、机器和 plant and equipment and leasehold 设备及租赁土地 land 454,167 418,833 402,659 413,297 454,696 使用权资产 Right-of-use assets 881,001 970,574 1,033,885 1,078,744 1,110,609 应收租赁款 Lease receivables – – – 609 2,768 商誉 Goodwill 1,001 1,001 1,001 1,001 1,001 非流动按金 Non-current deposits 61,377 60,302 68,483 68,797 72,737 递延税项资产 Deferred tax assets 4,602 703 4,070 5,336 3,935 流动资产 Current assets 703,181 796,398 792,447 769,484 802,293 资产总值 Total assets 2,105,329 2,247,811 2,302,545 2,337,268 2,448,039 流动负债 Current liabilities (812,659) (858,343) (817,224) (782,322) (811,902) 非流动负债 Non-current liabilities (640,635) (729,063) (804,692) (840,710) (858,301) 资产净值 Net assets 652,035 660,405 680,629 714,236 777,836 179 大快活集团有限公司 FAIRWOOD HOLDINGS LIMITED

		二零二五年	二零二四年	二零二三年	二零二二年	二零二一年
		2025	2024	2023	2022	2021
		千元	千元	千元	千元	千元
		$’000	$’000	$’000	$’000	$’000
业绩：	Results:
收入	Revenue	3,100,070	3,136,947	3,024,152	2,881,942	2,646,469
经营溢利	Profit from operations	72,326	98,491	83,362	80,208	175,223
融资成本	Finance costs	(33,677)	(33,366)	(31,698)	(32,404)	(36,824)
除税前溢利	Profit before taxation	38,649	65,125	51,664	47,804	138,399
所得税	Income tax	(3,109)	(14,468)	(6,784)	(5,164)	15,218
本公司权益股东应占溢利	Profit attributable to equity shareholders of the Company	35,540	50,657	44,880	42,640	153,617
资产和负债：	Assets and liabilities:
投资物业、其他物业、机器和设备及租赁土地	Investment properties, other property, plant and equipment and leasehold land	454,167	418,833	402,659	413,297	454,696
使用权资产	Right-of-use assets	881,001	970,574	1,033,885	1,078,744	1,110,609
应收租赁款	Lease receivables	–	–	–	609	2,768
商誉	Goodwill	1,001	1,001	1,001	1,001	1,001
非流动按金	Non-current deposits	61,377	60,302	68,483	68,797	72,737
递延税项资产	Deferred tax assets	4,602	703	4,070	5,336	3,935
流动资产	Current assets	703,181	796,398	792,447	769,484	802,293
资产总值	Total assets	2,105,329	2,247,811	2,302,545	2,337,268	2,448,039
流动负债	Current liabilities	(812,659)	(858,343)	(817,224)	(782,322)	(811,902)
非流动负债	Non-current liabilities	(640,635)	(729,063)	(804,692)	(840,710)	(858,301)
资产净值	Net assets	652,035	660,405	680,629	714,236	777,836

本集团所持的投资物业 INVESTMENT PROPERTIES HELD BY THE GROUP 于二零二五年三月三十一日 As at 31 March 2025
地点现时用途租赁期 Location Existing use Term of lease 中国商铺中期深圳市罗湖区广场南路罗湖商业城二楼第1035至1040号 Shop Unit Nos. 1035–1040 on Level 2 Shops Medium-term Lowu Commercial Plaza Guangchang South Road Luohu District Shenzhen PRC 180

地点	现时用途	租赁期
Location	Existing use	Term of lease
中国深圳市罗湖区广场南路罗湖商业城二楼第1035至1040号	商铺	中期
Shop Unit Nos. 1035–1040 on Level 2 Lowu Commercial Plaza Guangchang South Road Luohu District Shenzhen PRC	Shops	Medium-term

00052 大快活集团财务报表/环境、社会及管治资料：年报 2024/2025

目录

CONTENTS

公司资料

CORPORATE INFORMATION

摘要及财务日志

HIGHLIGHTS AND FINANCIAL CALENDAR

主席报告

CHAIRMAN’S STATEMENT

2025. Together with the interim dividend of HK5.0 cents (2024:

业绩回顾

RESULTS OVERVIEW

An analysis of revenue is as folows:

The breakdown of major expenses is set out below:

财务回顾

FINANCIAL REVIEW

董事个人资料

PROFILE OF DIRECTORS

1999. He was apointed the Chairman and Chief Executive of the

2000. He is also a Member of each of the Remuneration

董事会报告

REPORT OF THE DIRECTORS

Total:

企业管治报告

CORPORATE GOVERNANCE REPORT

The selection criteria include but not limited to the folowing:

Shareholders:

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