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1、Contents 目錄Corporate Information公司資料2Chairmans Statement主席報告4Management Discussion and Analysis管理層討論與分析6Report of the Directors董事會報告14Biographies of the Directors and Senior Management董事及高級管理層履歷29Corporate Governance Report企業管治報告32Environmental,Social and Governance Report環境、社會及管治報告46Independent Aud
2、itors Report獨立核數師報告66Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表75Consolidated Statement of Financial Position綜合財務狀況表76Consolidated Statement of Changes in Equity綜合權益變動表78Consolidated Statement of Cash Flows綜合現金流量表79Notes to the Financial Statements財務報表附註81Fiv
3、e-Year Financial Summary五年財務摘要174Particular of Properties物業詳情175Wah Wo Holdings Group Limited 華和控股集團有限公司2Corporate Information公司資料BOARD OF DIRECTORSExecutive DirectorsMr.Chen Yuet Wa(Chairman and Chief Executive Officer)Mr.Chan FaiIndependent Non-executive DirectorsMr.Yu Chi WingMs.Ding XinMr.Yeung
4、Yiu ManAUDIT COMMITTEEMs.Ding Xin(Chairperson)Mr.Yu Chi WingMr.Yeung Yiu ManREMUNERATION COMMITTEEMr.Yeung Yiu Man(Chairperson)Mr.Chen Yuet Wa Ms.Ding Xin NOMINATION COMMITTEEMr.Chen Yuet Wa(Chairperson)Mr.Yu Chi Wing Mr.Yeung Yiu ManCOMPANY SECRETARYMr.Lee Kai Ming(HKICPA)AUTHORISED REPRESENTATIVES
5、Mr.Chen Yuet WaMr.Lee Kai Ming(HKICPA)AUDITORSRSM Hong KongCertified Public AccountantsRegistered Public Interest Entity Auditor 29th Floor,Lee Garden Two28 Yun Ping Road Causeway Bay Hong Kong董事會執行董事陳越華先生（主席兼行政總裁）陳輝先生獨立非執行董事于志榮先生丁昕女士楊耀民先生審核委員會丁昕女士（主席）于志榮先生楊耀民先生薪酬委員會楊耀民先生（主席）陳越華先生丁昕女士提名委員會陳越華先生（主席）于
6、志榮先生楊耀民先生公司秘書李啟明先生(HKICPA)授權代表陳越華先生李啟明先生(HKICPA)核數師羅申美會計師事務所執業會計師註冊公眾利益實體核數師香港銅鑼灣恩平道28號利園二期29樓3Corporate Information公司資料ANNUAL REPORT 2024/25 二零二四/二五年年報開曼群島註冊辦事處Cricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman Islands總部及香港主要營業地點 香港新界葵涌大連排道3640號貴盛工業大廈一期4樓A及D室開曼群島主要股份過戶登記處 Conyers T
7、rust Company(Cayman)LimitedCricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman Islands香港股份過戶登記分處 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓主要往來銀行南洋商業銀行有限公司香港德輔道中151號網站股份代號9938REGISTERED OFFICE IN THE CAYMAN ISLANDSCricket Square Hutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman IslandsHEADQUART
8、ERS AND PRINCIPAL PLACE OF BUSINESS IN HONG KONGFlat A&D,4/F,Phase 1,Kwai Shing Industrial Building3640 Tai Lin Pai RoadKwai Chung,New TerritoriesHong KongPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDSConyers Trust Company(Cayman)LimitedCricket SquareHutchins DriveP.O.Box 2681Gr
9、and Cayman KY1-1111Cayman IslandsHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICETricor Investor Services Limited 17/F,Far East Finance Centre16 Harcourt Road,Hong KongPRINCIPAL BANKERNanyang Commercial Bank,Ltd.151 Des Voeux Road Central Hong KongCOMPANY WEBSITESTOCK CODE9938Wah Wo Holdings Gro
10、up Limited 華和控股集團有限公司4Chairmans Statement主席報告To all shareholders,On behalf of the board(the“Board”)of directors(the“Directors”)of Wah Wo Holdings Group Limited(the“Company”),I am pleased to present the annual results of the Company and its subsidiaries(collectively the“Group”)for the year ended 31 M
11、arch 2025(the“Year”).The Group is a Hong Kong-based contractor engaged in faade works,which mainly include windows,window wall system,curtain wall system and other faade members.We principally provide design and build services for new buildings and renovation services for built premises.The Group al
12、so engaged in rental of investment properties.During the Year,the Group recorded a total revenue from(i)construction and ancillary service and(ii)rental of investment properties of HK$482.1 million,representing an increase of approximately 102.2%as compared to approximately HK$238.4 million for the
13、year ended 31 March 2024,which was mainly due to the revenue contributed by some of our on-going projects in execution-peak stage during the Year.The Group recorded a net profit of approximately HK$16.8 million,represented an increase of approximately HK$71.9 million when compared to the year ended
14、31 March 2024.For the contributing factors of the increase in net profit,please refer to the“Management Discussion and Analysis”section of this report.Looking ahead,while signs of economic recovery in Hong Kong are encouraging,the Directors anticipate a challenging industry and business environment.
15、Several factors contribute to this situation:(1)The Group faces headwinds from slowing industry growth and weak real estate market demand,which limit opportunities for new residential projects a core focus of our Groups operations;(2)high interest rates and fiscal constraints,exacerbated by the late
16、st government budget deficit,have curtailed government spending on infrastructure and housing,impacting both public and private sectors while dampening developers confidence,leading to delays or downsizing of construction projects;(3)rising construction costs,fueled by higher prices for raw material
17、s and energy,combined with persistent labour shortages,are increasing project budgets and extending delivery timelines,squeezing profit margins and straining operational efficiency.These challenges are compounded by market supply-demand imbalances and affordability issues,which disrupt residential s
18、ales and exert downward pressure on property pricing,forcing developers to demand lower construction costs and reducing the Groups tender pricing power while heightening client credit risks;(4)geopolitical tensions,including risks of trade disruptions,tariffs,and conflicts,are suppressing global and
19、 local investor confidence,contributing to project delays,halt or cancellations;and(5)the recent insolvency of a few major construction groups in Hong Kong has also heightened credit risk within the industry,posing further challenges to our operations.致各位股東：本人謹代表華和控股集團有限公司（本公司）董事（董事）會（董事會）欣然提呈本公司及其附
20、屬公司（統稱 本集團）截至2025年3月31日止年度（本年度）的年度業績。本集團乃為位於香港從事外牆工程的承判商，工程類型主要為窗戶、窗口牆系統、幕牆系統及其他外牆組件。我們現專注於就新建樓宇提供設計及建造服務及就現有樓宇提供翻新服務。本集團亦從事投資物業租賃業務。本集團於本年度從(i)建築及配套服務及(ii)投資物業租賃錄得收益總額482.1百萬港元，較截至2024年3月31日止年度約238.4百萬港元增加約102.2%，主要由於本年度處於執行高峰階段的若干現有項目貢獻的收益所致。本集團錄得淨溢利約16.8百萬港元，較截至2024年3月31日止年度增加約71.9百萬港元。有關導致純利增加的因
21、素，請參閱本報告 管理層討論與分析 一節。展望未來，儘管香港經濟呈現喜人復甦跡象，董事預期行業及營商環境仍充滿挑戰。存在的因素包括：(1)本集團面臨行業增長放緩及房地產市場需求疲軟等利淡因素，導致本集團業務重心新住宅項目的商機減少；(2)近期政府預算赤字加劇利率高企及財政緊縮，致令政府基建及住房開支減少，對公私營企業均造成衝擊，同時削弱開發商信心，導致建設項目延期或縮減；(3)原材料及能源價格上漲推高建設成本，加上勞工持續短缺，導致項目預算增加及交付時間延長，擠壓利潤空間及拖低營運效率。市場供需失衡及負擔能力問題加劇上述挑戰，致令住宅銷售暴跌及物業價格下滑，導致開發商削減建設成本，壓低本集團競
22、標價格，同時推高客戶信貸風險；(4)地緣政治緊張局勢（包括貿易中斷、關稅及衝突風險）削弱全球及地方投資者信心，導致項目延期、暫停或取消；及(5)近期香港多家主要建築集團破產，亦推高業內信貸風險，令本集團業務營運更添困難。5Chairmans Statement主席報告ANNUAL REPORT 2024/25 二零二四/二五年年報The Group will remain vigilant and closely monitor the development of business operations.The Group will continue to adopt a more comp
23、etitive tender pricing policy and stringent control over the production costs in order to achieve reasonable projects gross margin.On behalf of the BoardMr.Chen Yuet WaChairman and Chief Executive OfficerHong Kong,30 June 2025本集團將保持警惕，密切監察業務營運的發展。本集團將繼續採取更具競爭力的投標定價政策及嚴格控制生產成本，以達致合理的項目毛利率。代表董事會陳越華先生主
24、席兼行政總裁香港，2025年6月30日Wah Wo Holdings Group Limited 華和控股集團有限公司6Management Discussion and Analysis管理層討論與分析BUSINESS REVIEW AND OUTLOOKThe Group is an established contractor engaged in faade works with a focus on window in Hong Kong.Faade works can be classified into window,window wall system,curtain wall
25、 system and other faade members.We principally provide design and build services for new buildings and renovation services for built premises and rental of investment properties.Our services generally include developing designs,conducting structural calculations and preparing shop drawings,as well a
26、s management and coordination of various aspects of a project which involve procurement of building materials from material suppliers and/or subcontracting of installation works to our subcontractors,on-site project management and post-project completion and maintenance services.Construction and anc
27、illary servicesOur design and build services are typically conducted on new buildings and involve the installation of windows and other faade components such as metal doors,louvres,balustrades,grilles and canopy(referred to as“design and build projects”).Our renovation services on the other hand are
28、 typically conducted on built premises and usually involve the repair,replacement,upgrade or maintenance of windows,metal doors and other faade components(referred to as“renovation projects”).We provide design and build services and renovation services for different types of buildings,including resi
29、dential apartments,commercial buildings,retail premises,universities and hotels in Hong Kong.As at 31 March 2025,the Group has a total of 19 ongoing projects,each with an awarded contract sum(exclusive of variation orders)of over HK$5 million.The aggregate contract sums and the aggregated revenue re
30、cognised(inclusive of variation orders and contract sum adjustments as at 31 March 2025)of these ongoing projects as at 31 March 2025 amounted to approximately HK$975.3 million and HK$649.1 million respectively.業務回顧與展望本集團為一家於香港發展成熟的外牆工程承判商，專注窗戶方面。外牆工程可分為窗戶、窗口牆系統、幕牆系統及其他外牆組件。我們專注於就新建樓宇提供設計及建造服務及就現有樓宇
31、提供翻新服務以及投資物業租賃業務。我們的服務通常包括準備設計、進行結構計算及繪製施工圖以及項目各方面的管理及統籌，當中包括自材料供應商採購建築材料及或分包安裝工程予我們的次承判商、現場項目管理及項目後竣工及維修服務。建築及配套服務我們的設計及建造服務通常在新建樓宇上進行，並涉及窗戶及其他外牆部件的安裝，例如金屬門、百葉窗、欄杆、格柵及天篷（統稱 設計及建造項目）。另一方面，我們的翻新服務通常在現有樓宇上進行，通常涉及窗戶、金屬門及其他外牆部件的維修、更換、升級或維護（統稱 翻新項目）。我們為不同類型的建築物提供設計、建造服務及翻新服務，包括香港的住宅公寓、商業建築、零售店、大學及酒店。於202
32、5年3月31日，本集團共有十九個在建項目，各自獲授合約金額（不包括變更訂單）均超過5百萬港元。該等在建項目於2025年3月31日的合約總金額及已確認綜合收益（包括於2025年3月31日的變更訂單及合約金額調整）分別為約975.3百萬港元及649.1百萬港元。7Management Discussion and Analysis管理層討論與分析ANNUAL REPORT 2024/25 二零二四/二五年年報投資物業租賃本集團已購入投資物業，並認為彼等成為不俗的投資機遇，為本集團提供穩定、吸引的回報率。自購入該等投資物業以後，在完成翻新後，本集團擬將其租出賺取租金，並根據經審批的計劃及圖則，將其分
33、拆為多個細小的工作坊或工作室。於2025年3月31日，本集團合共持有七個投資物業。其中三個投資物業在翻新後在市場投放，其他物業現時正在翻新。投資物業租賃分部於截至2025年3月31日止年度錄得溢利約1,479,000港元（不包括投資物業約19,193,000港元的公平值變動）。本集團預計當日後有更多投資物業可供租賃時，這情況將會逐漸改善。本集團於本年度錄得毛利約55,732,000港元，而於截至2024年3月31日止年度則錄得毛利約21,250,000港元。本集團於本年度的毛利率約為11.6%，而截至2024年3月31日止年度則約為8.9%。本集團於本年度錄得綜合純利約16,827,000港元
34、，而截至2024年3月31日止年度的經審核綜合淨虧損約為55,106,000港元。本年度實現轉虧為盈乃主要由於(i)我們部分現有項目處於執行高峰階段，因此建築及配套服務的收益及毛利分別大幅增加約242,028,000港元及33,015,000港元；及(ii)本年度錄得減值虧損撥備撥回約9,636,000港元，而去年因香港一家主要建築集團清盤，令本集團應收款項的信貸風險增加，而計提撥備約50,242,000港元。展望未來，本集團將持續積極探索及考慮行業內任何合適發展機會而能夠有助於擴闊我們的收入基礎且對本集團及其股東整體有利。Rental of investment propertiesThe
35、Group have acquired investment properties and considered they constituted a good investment opportunity that will offer a stable and attractive rate of return for the Group.Following the acquisition of these investment properties,the Group intends to lease them out for rental income after undergoing
36、 renovation and sub-divided them into smaller workshops or studio rooms according to approved plans and drawings.As of 31 March 2025,the Group possessed a total of seven investment properties.Three of these investment properties had already been put on the market after undergoing renovation,while ot
37、her properties were undergoing renovations.The segment for rental of investment properties recorded a profit of approximately HK$1,479,000(excluding fair value change on investment properties of approximately HK$19,193,000)during the year ended 31 March 2025.The Group anticipates that the situation
38、will gradually improve as more investment properties are made available for lease in the future.The Group recorded gross profit of approximately HK$55,732,000 for the Year,as compared with the gross profit of approximately HK$21,250,000 for the year ended 31 March 2024.The Groups gross profit margin
39、 for the Year was approximately 11.6%as compared with approximately 8.9%for the year ended 31 March 2024.The Group recorded a consolidated net profit of approximately HK$16,827,000 for the Year,as compared with an audited consolidated net loss of approximately HK$55,106,000 for the year ended 31 Mar
40、ch 2024.The turnaround from loss to profit during the Year is mainly attributable to(i)significant increase of revenue and gross profits from construction and ancillary service due to some of our on-going projects in execution-peak stage of approximately HK$242,028,000 and HK$33,015,000 respectively
41、;and(ii)reversal of impairment loss allowance provision of approximately HK$9,636,000 in current year,compared to approximately HK$50,242,000 provision made last year following increased credit risk to the Groups receivables after a major Hong Kong construction group wound up.Looking forward,the Gro
42、up will continue to actively explore and consider any suitable development opportunities in the industry that can broaden our revenue base and are beneficial to the Group and its shareholders as a whole.Wah Wo Holdings Group Limited 華和控股集團有限公司8Management Discussion and Analysis管理層討論與分析財務回顧收益本集團來自(i)
43、建築及配套服務及(ii)投資物業租賃的收益由截至2024年3月31日止年度約238,425,000 港 元 增 加 約 243,698,000 港 元 或 約102.2%至本年度約482,123,000港元。收益增加乃由於本年度處於執行高峰階段的若干現有項目貢獻的收益所致。毛利及毛利率本集團於本年度的毛利約為55,732,000港元，較截至2024年3月31日止年度約21,250,000港元增加約162.3%。本集團於本年度的毛利率約為11.6%，而截至2024年3月31日止年度則約為8.9%。毛利增加主要由於工程大致完成，而毛利率上升主要由於本集團由去年的虧損實現轉虧為盈。該等虧損來自就若干
44、建設項目訂購或預付的材料，加上去年一家主要建築集團破產所致。其他收入、收益及虧損本集團於本年度的其他收入、收益及虧損約為17,353,000港元虧損，較截至2024年3月31日止年度約13,865,000港元虧損增加3,488,000港元。虧損增加主要是由於(i)銷售廢料收入減少；(ii)出售及撇銷物業、廠房及設備的虧損；(iii)沒收租賃按金，並因(i)銀行存款產生的利息收入及(ii)租賃修訂後重新計量之收益而有所抵銷。行政開支本集團於本年度的行政開支約為23,091,000港元，較截至2024年3月31日止年度約18,751,000港元增加約23.1%。該增加主要歸因於行政部門年薪調整及分
45、派酌情花紅導致的增加；追收長期結欠合約資產及貿易應收款項產生的法律及專業費用增加以及營銷開支增加所致。FINANCIAL REVIEWRevenueThe Groups revenue from(i)construction and ancillary service and(ii)rental of investment properties increased by approximately HK$243,698,000 or approximately 102.2%from approximately HK$238,425,000 for the year ended 31 March
46、 2024 to approximately HK$482,123,000 for the Year.The increase in revenue was due to the revenue contributed by some of our on-going projects in execution-peak stage during the Year.Gross Profit and Gross Profit MarginThe gross profit of the Group for the Year amounted to approximately HK$55,732,00
47、0,representing an increase of approximately 162.3%as compared with approximately HK$21,250,000 for the year ended 31 March 2024.The Groups gross profit margin for the Year was approximately 11.6%,as compared with approximately 8.9%for the year ended 31 March 2024.The increase in gross profit was pri
48、marily driven by the substantial completion of projects,while the improved gross profit margin was mainly due to the Group recovering from losses incurred last year.These losses stemmed from materials ordered or prepaid for certain construction projects,compounded by the insolvency of a major constr
49、uction group in last year.Other Income,Gain and LossesOther income,gain and losses of the Group for the Year amounted to losses of approximately HK$17,353,000,representing an increase of losses of HK$3,488,000 as compared with approximately HK$13,865,000 for the year ended 31 March 2024.The increase
50、 was mainly attributable to(i)decrease of income from sales of scrap,(ii)loss on disposal and write off of property,plant and equipment,(iii)forfeit rental deposits,net off by the increase of(i)interest income generated from bank deposits,and(ii)gain on remeasurement upon lease modification.Administ
51、rative ExpensesThe administrative expenses of the Group for the Year amounted to approximately HK$23,091,000,representing an increase of approximately 23.1%as compared with approximately HK$18,751,000 for year ended 31 March 2024.The increase was mainly attributable to increase from annual salary ad
52、justment and the distribution of discretionary bonus for administrative department;increase in legal and professional fee for recovering long-outstanding contract assets and trade receivables and increase in marketing expenses.9Management Discussion and Analysis管理層討論與分析ANNUAL REPORT 2024/25 二零二四/二五年
53、年報融資成本本集團於本年度的融資成本約為394,000港元，較截至2024年3月31日止年度約345,000港元增加約14.2%。該增加主要由於本年度作出租賃負債付款以及按揭貸款利息增加所致。年內溢利本年度本公司擁有人應佔溢利增加約16,827,000港元或約130.5%，由截至2024年3月31日止年度的擁有人應佔虧損約55,106,000港元轉為本年度的擁有人應佔溢利約16,827,000港元。本集團本年度實現轉虧為盈主要歸因於上文 毛利及毛利率 及 其他收入、收益及虧損 章節所述原因。流動資金、財務資源與資本架構 股份於上市日期成功在聯交所主板上市，此後本集團的股本架構並無變動。於202
54、5年及2024年3月31日，本公司的已發行股本為10,000,000港元，已發行普通股數目為1,000,000,000股，每股面值0.01港元。於2025年3月31日，本集團的現金及銀行結餘總額約為53,208,000港元（2024年：約30,704,000港元）。於2025年3月31日，本集團的計息銀行借款約為6,344,000港元（2024年：約6,701,000港元）。本集團的所有借款按浮動利率計息。本集團將密切監督及管理其利率波動風險，並於適當時候採取相關對沖安排。Finance CostsFinance costs of the Group for the Year were app
55、roximately HK$394,000,representing an increase of approximately 14.2%as compared with approximately HK$345,000 for the year ended 31 March 2024.The increase was mainly attributable to the payments to the lease liabilities and the increase in interest on mortgage loan during the Year.Profit for the Y
56、earProfit attributable to owners of the Company for the Year increased by approximately HK$16,827,000 or approximately 130.5%from the turnaround from loss attributable to owners of approximately HK$55,106,000 for the year ended 31 March 2024 to profit attributable to owners of approximately HK$16,82
57、7,000 for the Year.The turnaround in the Groups net loss to net profit for the Year was mainly due to the reasons as mentioned in the sections“Gross Profit and Gross Profit Margin”and“Other Income,Gain and Losses”above.LIQUIDITY,FINANCIAL RESOURCES AND CAPITAL STRUCTUREThe shares were successfully l
58、isted on the Main Board of the Stock Exchange on the Listing Date and there has been no change in capital structure of the Group since then.As at 31 March 2025 and 2024,the Companys issued capital was HK$10,000,000 and the number of its issued ordinary shares was 1,000,000,000 of HK$0.01 each.As at
59、31 March 2025,the Group had total cash and bank balances of approximately HK$53,208,000(2024:approximately HK$30,704,000).The Group had approximately HK$6,344,000(2024:approximately HK$6,701,000)interest-bearing bank borrowings as at 31 March 2025.All the Groups borrowings are arranged on a floating
60、 rate basis.The Group will closely monitor and manage its exposure to interest rate fluctuations and will consider engaging in relevant hedging arrangements when appropriate.Wah Wo Holdings Group Limited 華和控股集團有限公司10Management Discussion and Analysis管理層討論與分析庫務政策本集團已對其庫務政策採取審慎之財務管理方法。董事會密切監控本集團的流動資金狀
61、況，以確保本集團資產、負債及其他承擔的流動資金架構始終能夠滿足其資金需求。資產抵押於2025年3月31日，本集團有銀行及其他存款約40,176,000港元，已就銀行融資抵押予銀行及保險公司（2024年：約18,288,000港元抵押予銀行）。於2025年3月31日，賬面值約83,400,000港元（2024年：約97,800,000港元）的投資物業以及其各自的租賃轉讓已抵押作為若干銀行融資的擔保。於2025年3月31日，賬面值約83,400,000港元（2024年：約97,800,000港元）的投資物業以及其各自的租賃轉讓已抵押作為本集團銀行借款的擔保。外匯風險本集團主要於香港營運。大多數經營
62、交易及收益以港元及人民幣結算，而本集團的資產及負債主要以港元及人民幣計值。本集團並無其他重大外匯波動風險。本集團於本年度並無訂立任何衍生工具協議，亦未使用任何金融工具對沖其外匯風險（2024年：無）。資產負債比率於2025年3月31日，資產負債比率（按債務總額（包括租賃負債及銀行借款）除以權益總額計算）約為3.1%（2024年：約5.3%）。資本開支於本年度，本集團分別投資約366,000港元（2024年：約1,946,000港元）及約1,593,000港元（2024年：約23,945,000港元）用於收購物業、廠房及設備以及投資物業。資本開支主要由內部資源提供資金。TREASURY POLI
63、CYThe Group has adopted a prudent financial management approach towards its treasury policy.The Board closely monitors the Groups liquidity position to ensure that the liquidity structure of the Groups assets,liabilities,and other commitments can meet its funding requirements all the time.PLEDGE OF
64、ASSETSAs at 31 March 2025,the Group had bank and other deposits amounting to approximately HK$40,176,000 pledged to banks and insurance companies(2024:approximately HK$18,288,000 pledged to banks)pledged for banking facilities.As at 31 March 2025,investment properties with carrying amount of approxi
65、mately HK$83,400,000(2024:approximately HK$97,800,000)and their respective rental assignments were pledged to secure certain banking facilities.As at 31 March 2025,investment properties with carrying amount of approximately HK$83,400,000(2024:approximately HK$97,800,000)and their respective rental a
66、ssignments were pledged as security for the Groups bank borrowings.FOREIGN EXCHANGE RISKThe Group mainly operates in Hong Kong.Most of the operating transactions and revenue were settled in Hong Kong dollars and Renminbi and the Groups assets and liabilities are primarily denominated in Hong Kong do
67、llars and Renminbi.The Group has no significant exposure to other foreign exchange fluctuations.The Group did not engage in any derivatives agreement and did not commit to any financial instrument to hedge its foreign exchange exposure during the Year(2024:Nil).GEARING RATIOAs at 31 March 2025,the g
68、earing ratio(calculated as total debts(including lease liabilities and bank borrowings)divided by the total equity)was approximately 3.1%(2024:approximately 5.3%).CAPITAL EXPENDITUREDuring the Year,the Group invested approximately HK$366,000(2024:approximately HK$1,946,000)and approximately HK$1,593
69、,000(2024:approximately HK$23,945,000)on the acquisition of property,plant and equipment and investment properties respectively.Capital expenditure was principally funded by internal resources.11Management Discussion and Analysis管理層討論與分析ANNUAL REPORT 2024/25 二零二四/二五年年報租賃於本年度，本集團就使用倉庫及辦公物業與陳越華先生（控股股東
70、）的配偶黃春笑女士訂立新租賃安排。於截至2024年3月31日止年度，本集團就使用位於中華人民共和國（中國）的辦公物業訂立了一份為期5年的租賃協議。於租賃開始時，本集團確認使用權資產3,995,000港元以及租賃負債3,995,000港元。資本承擔及或然負債 於2025年及2024年3月31日，本集團並無就物業、廠房及設備訂約的資本承擔。於2025年3月31日，未於財務報表計提撥備的或然負債為向銀行作出的書面保證擔保約60,646,000港元（2024年：約25,147,000港元）。於2025年3月31日，書面保證分別以本集團金額為40,176,000港元（2024年：18,288,000港元
71、）的銀行及其他定期存款質押及本公司簽立之公司擔保50,000,000港元（2024年：50,000,000港元）作抵押。本集團的一間附屬公司被列為多起申訴、訴訟及潛在申訴的被告。該等申訴主要與員工賠償、人身傷害及工作場所安全問題有關。本公司董事已審慎考慮各項案件，認為解決該等法律申訴而導致財務流出的可能性甚低，蓋因該等申訴已由保險全面覆蓋或對於本集團的整體財務狀況而言屬不重要。因此，本公司認為無需就正在進行的訴訟產生的該等或然負債計提任何撥備。LEASESDuring the Year,the Group entered into a new lease arrangement with Ms
72、.Wong Chun Siu,the spouse of Mr.Chen Yuet Wa(“Controlling Shareholder”),for the use of a warehouse and office premises.During the year ended 31 March 2024,the Group entered into a lease agreement for the use of office premise in Peoples Republic of China(“PRC”)for 5 years.On the lease commencement,t
73、he Group recognised HK$3,995,000 right-of-use assets and HK$3,995,000 lease liabilities.CAPITAL COMMITMENTS AND CONTINGENT LIABILITIESAs at 31 March 2025 and 2024,the Group did not have capital commitments contracted for property,plant and equipment.As at 31 March 2025,contingent liabilities not pro
74、vided for in the financial statements are guarantees given to banks for surety bonds of approximately HK$60,646,000(2024:approximately HK$25,147,000).As at 31 March 2025,the surety bonds were secured by the pledge of bank and other time deposits of the Group amounting to HK$40,176,000(2024:HK$18,288
75、,000)and corporate guarantee executed by the Company amounting to HK$50,000,000(2024:HK$50,000,000)respectively.A subsidiary of the Group is named as defendant in several claims,lawsuits,and potential claims.These mainly relate to employee compensation,personal injury,and workplace safety issues.The
76、 Directors of the Company have carefully considered each case and determined that the likelihood of any financial outflows to settle these legal claims is remote.This is because these claims are either fully covered by insurance or are immaterial to the overall financial position of the Group.As a r
77、esult,the Company has not found it necessary to record any provisions for these contingent liabilities arising from the ongoing litigations.Wah Wo Holdings Group Limited 華和控股集團有限公司12Management Discussion and Analysis管理層討論與分析有關附屬公司及聯營公司之重大收購及出售事項本集團於本年度並無有關附屬公司或聯營公司之任何重大收購或出售事項。購買、出售或贖回本公司之上市證券本公司或其任
78、何附屬公司於本年度概無購買、出售或贖回本公司任何上市證券。所持重大投資於本年度，本集團並無持有任何重大投資。重大投資或資本資產的未來計劃 本集團於2025年3月31日概無任何其他重大投資或資本資產的計劃。僱員及薪酬政策於2025年3月31日，本集團僱有合共132名僱員（包括執行董事及獨立非執行董事），而於2024年3月31日則僱有合共96名僱員。於本年度，總員工成本（包括董事酬金）約為47,656,000港元（2024年：約36,602,000港元）。本集團的僱員薪資及福利水平具競爭力，且透過本集團的薪資及花紅制度獎勵個人表現。本集團每年根據各僱員的表現對加薪、酌情花紅及晉升進行審閱。董事的酬
79、金由董事會參考本公司薪酬委員會的推薦建議後決定，當中計及本集團財務表現及董事個人表現等因素。本公司已採納一項購股權計劃，作為對董事及合資格僱員的獎勵。於本年度，本集團並無與僱員出現勞工糾紛所引致的任何重大問題，招聘及留任經驗豐富的員工時亦無遭遇任何困難。MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND ASSOCIATED COMPANIESDuring the Year,the Group did not have any material acquisitions or disposals of subsidiaries or
80、associated companies.PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LISTED SECURITIESNeither the Company nor any of its subsidiaries purchased,sold or redeemed any of the Companys listed securities during the Year.SIGNIFICANT INVESTMENT HELDDuring the Year,the Group did not hold any significant investm
81、ents.FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETSAs at 31 March 2025,the Group did not have any other plans for material investments or capital assets.EMPLOYEES AND REMUNERATION POLICYAs at 31 March 2025,the Group employed a total of 132 employees(including executive Directors and indepen
82、dent non-executive Directors),as compared to a total of 96 employees as at 31 March 2024.Total staff costs which include Directors emoluments for the Year were approximately HK$47,656,000(2024:approximately HK$36,602,000).The salary and benefit level of the employees of the Group are competitive and
83、 individual performance is rewarded through the Groups salary and bonus system.The Group conducts annual review on the salary increase,discretionary bonuses and promotions based on the performance of each employee.The emoluments of the Directors are decided by the Board after recommendation from the
84、 remuneration committee of the Company,having considered factors such as the Groups financial performance and the individual performance of the Directors,etc.The Company has adopted a share option scheme as an incentive to Directors and eligible employees.During the Year,the Group has not experience
85、d any significant problems with its employees due to labour disputes nor has it experienced any difficulty in the recruitment and retention of experienced staff.13Management Discussion and Analysis管理層討論與分析ANNUAL REPORT 2024/25 二零二四/二五年年報風險及不明朗因素本集團認為風險管理實踐乃屬重要並盡最大努力確保已盡量高速有效地充分降低經營及財務狀況面臨的風險。我們的項目屬非
86、經常性質，我們一般必須經過競爭激烈的投標或報價程序取得新項目。不能持續取得新項目或會嚴重影響我們的可持續發展及財務表現；項目管理不善或延誤或會對我們的聲譽及財務表現造成重大影響；我們依賴建築材料供應商及次承判商以實行我們的項目；次承判商表現欠佳或找不到次承判商或會對我們的經營、盈利能力及聲譽造成不利影響；由於付款慣例，於我們經營的某些期間可能會產生現金流出淨額，這可能會影響我們取得新項目及拓展業務的能力；建築材料供應及成本變動、分包費用及其他成本超支可能對我們的營運及盈利能力造成重大不利影響；及 我們的成功很大程度上取決於主要管理層以及我們吸引及挽留額外外牆工程設計團隊員工的能力。RISKS
87、AND UNCERTAINTIESThe Group believes that the risk management practices are important and uses its best effort to ensure it has sufficiently mitigated the risks present in our operations and financial position as efficiently and effectively as possible.Our projects are non-recurring in nature and we
88、generally have to go through competitive tendering or quotation process to secure new projects.Failure to continuously secure new projects could materially affect our sustainability and financial performance;Mismanagement or delay of project may materially affect our reputation and financial perform
89、ance;We rely on building material suppliers and subcontractors to implement our projects;Under-performance by subcontractors or unavailability of subcontractors may adversely affect our operations,profitability and reputation;There may be net cash outflow during certain periods of our operations due
90、 to payment practice and this may affect our ability to secure new projects and expand our business;Changes in the supply and costs of building materials,subcontracting fees and other costs overruns may materially and adversely affect our operations and profitability;and Our success significantly de
91、pends on the key management and our ability to attract and retain additional facade works design team staff.Wah Wo Holdings Group Limited 華和控股集團有限公司14Report of the Directors董事會報告董事會欣然向股東提呈本年度年報及本集團於本年度之經審核綜合財務報表。主要活動本公司為一間投資控股公司，並透過其附屬公司主要於香港提供鋁質工程及相關服務以及出租投資物業。本集團附屬公司之詳情載於財務報表附註1。本年度本集團之主營業務並無重大變動。
92、業務回顧本集團於本年度的業務回顧及本集團業務發展的討論分別載於本年報第6至13頁的 管理層討論與分析 一節及第4至5頁的 主席報告 一節。本集團於本年度的分部資料及收益載於財務報表附註10及8。本報告載列本集團與對其具有重大影響的持份者（包括僱員、客戶及供應商）的主要關係，本集團的成功有賴該等持份者。本集團面臨的重大風險及不確定性載列於本年報第6至13頁的 管理層討論與分析 一節。該等討論構成董事會報告的一部分。環境、社會及管治政策本集團致力於保護環境、履行社會責任及提升僱員福利及發展，以實現其業務的可持續增長。有關本集團於環境及社會方面的表現的進一步詳情，請參閱本年報 環境、社會及管治報告
93、一節。遵守相關法律及法規於本年度內，本集團並不知悉嚴重違反對本集團業務及營運產生重大影響的相關法律及法規。The Board is pleased to present to the shareholders their annual report together with the audited consolidated financial statements of the Group for the Year.PRINCIPAL ACTIVITIESThe Company is an investment holding company and through its subsidia
94、ries,is principally engaged in the provision of aluminium works and related services and rental of investment properties in Hong Kong.Details and particulars of the Groups subsidiaries are set out in note 1 to the financial statements.There was no significant change in the Groups principal activitie
95、s during the Year.BUSINESS REVIEWThe review of the business of the Group for the Year and the discussion on the Groups business development are set out in the sections headed“Management Discussion and Analysis”and“Chairmans Statement”on pages 6 to 13,and pages 4 to 5 of this annual report,respective
96、ly.The Groups segment information and revenue for the Year are set out in notes 10 and 8 to the financial statements.The Groups key relationship with its stakeholders(including employees,customers and suppliers)who have a significant impact on the Group and on which the Groups success depends,is set
97、 out in this report.Principal risks and uncertainties facing the Group are set out in the section headed“Management Discussion and Analysis”on pages 6 to 13 of this annual report.These discussions form part of the Report of the Directors.Environmental,Social and Governance PoliciesThe Group is commi
98、tted to protecting the environment,fulfilling social responsibility and promoting employee benefits and development to achieve sustainable growth of its business.For more details of the Groups performances in environmental and social aspects,please refer to the“Environmental,Social and Governance Re
99、port”section of this annual report.Compliance with Relevant Laws and RegulationsDuring the Year,the Group was not aware of material non-compliance with the relevant laws and regulations that had a significant impact on the business and operations of the Group.15Report of the Directors董事會報告ANNUAL REP
100、ORT 2024/25 二零二四/二五年年報股息政策本公司已採納股息政策，董事會據此宣派或建議派付股息，讓本公司股東分享本公司利潤的同時，確保保留足夠儲備供本集團未來增長所用。本公司宣派及派付任何股息將視乎董事會決定而定，及本公司任一財政年度的任何末期股息須取得股東批准後方可作實。董事會在決議是否建議派付任何股息及任何股息金額時將考慮（其中包括）：本集團之整體財務狀況；本集團之資本及債務水平；業務營運、業務策略及日後發展需求之未來現金需求和供應情況；本集團之債權人可能施加的任何派息限制；整體市況；及 董事會認為適用之任何其他因素。本公司派付股息亦視乎開曼群島公司法及任何其他適用法律、規則及法規
101、和本公司組織章程細則之任何限制。業績及股息本集團於本年度的業績以及本公司及本集團於2025年3月31日的事況載於本年報第75至173頁的綜合財務報表。董事會議決不建議就本年度向本公司股東宣派末期股息。DIVIDEND POLICYThe Company has adopted a dividend policy,pursuant to which the Board,in declaring or recommending a payment of dividends,to allow shareholders of the Company to participate in the Comp
102、anys profits whilst retains sufficient reserves for future growth of the Group.The declaration and payment of any dividends by the Company would be subject to the Boards decision and any final dividend for a financial year of the Company would be subject to the shareholders approval.In deciding whet
103、her to recommend the payment of any dividends and the amount of any dividends,the Board shall take into account,inter alia:the general financial condition of the Group;capital and debt level of the Group;future cash requirements and availability for business operations,business strategies and future
104、 development needs;any restrictions on payment of dividends that may be imposed by the Groups lenders;the general market conditions;and any other factors that the Board deems appropriate.The payment of dividend by the Company is also subject to any restrictions under the Companies Law of the Cayman
105、Islands and any other applicable laws,rules and regulations and the Articles of Association of the Company.RESULTS AND DIVIDENDThe results of the Group for the Year and the state of affairs of the Company and of the Group as at 31 March 2025 are set out in the consolidated financial statements on pa
106、ges 75 to 173 of this annual report.The Board has resolved not to recommend the declaration of final dividend to shareholders of the Company for the Year.Wah Wo Holdings Group Limited 華和控股集團有限公司16Report of the Directors董事會報告暫停辦理股份過戶登記手續預定於2025年8月22日舉行應屆股東週年大會（股東週年大會）。為釐定出席股東週年大會並於會上投票的資格，本公司將由2025年8
107、月19日至2025年8月22日（包括首尾兩日）期間暫停辦理股東登記手續，期間不會進行本公司的股份過戶登記。為出席股東週年大會及於會上投票，所有股份過戶文件連同相關股票必須最遲於2025年8月18日下午四時三十分前交回本公司香港股份過戶登記處卓佳證券登記有限公司（地址為香港夏愨道16號遠東金融中心17樓）。物業、廠房及設備於本年度，本集團的物業、廠房及設備變動詳情載於本年報財務報表附註18。投資物業本集團於本年度的投資物業詳情載於本年報財務報表附註20。主要客戶、次承判商及供應商本集團主要客戶及供應商（通常包括次承判商及材料供應商）於本年度及截至2025年3月31日止年度應佔的收益及銷售成本的概
108、約百分比如下：CLOSURE OF THE REGISTER OF MEMBERSThe forthcoming annual general meeting is scheduled to be held on 22 August 2025(the“AGM”).For determining eligibility to attend and vote at the AGM,the register of members of the Company will be closed from 19 August 2025 to 22 August 2025,both days inclusiv
109、e,during which period no transfer of shares of the Company will be registered.In order to attend and vote at the AGM,all share transfer documents accompanied by the relevant share certificates must be lodged with the share registrar of the Company in Hong Kong,Tricor Investor Services Limited,17/F,F
110、ar East Finance Centre,16 Harcourt Road,Hong Kong,for registration not later than 4:30 p.m.on 18 August 2025.PROPERTY,PLANT AND EQUIPMENTDetails of movements in the property,plant and equipment of the Group during the Year are set out in note 18 to the financial statements of this annual report.INVE
111、STMENT PROPERTIESDetails of investment properties of the Group during the Year are set out in note 20 to the financial statements of this annual report.MAJOR CUSTOMERS,SUBCONTRACTORS AND SUPPLIERSThe approximate percentages of the Groups revenue and cost of sales attributable to major customers and
112、suppliers(which generally includes subcontractors and material suppliers)during the Year and year ended 31 March 2025 are as follows:Year ended31 March 2025Year ended31 March 2024截至2025年3月31日止年度截至2024年3月31日止年度Approximate%of total revenue:以下各項佔總收益的概約百分比：from the largest customer最大客戶佔比43.441.5from the
113、 five largest customers in aggregate五大客戶合共佔比82.480.5Approximate%of total cost of sales:以下各項佔銷售成本總額的 概約百分比：from the largest supplier最大供應商佔比10.423.4from the five largest suppliers in aggregate五大供應商合共佔比43.262.217Report of the Directors董事會報告ANNUAL REPORT 2024/25 二零二四/二五年年報To the best of the knowledge of
114、 the Directors,none of the Directors,their close associates(as defined in the Rules Governing the Listing of Securities on the Stock Exchange(the“Listing Rules”)or any shareholder(which to the knowledge of the Directors owns more than 5%of the Companys issued share capital)had an any beneficial inte
115、rest in these major customers or suppliers.RELATIONSHIP WITH KEY STAKEHOLDERSThe Directors are of the view that employees,customers,sub-contractors and suppliers are the keys to the sustainable development of the Group.EmployeesEmployees are regarded as valuable assets of the Group.The objective of
116、the Groups human resource management is to reward and recognise well-performed staff by providing a competitive remuneration package and implementing a sound performance appraisal system with appropriate incentives.In particular,the Group promotes career development and advancement by providing appr
117、opriate training and opportunities in order to enhance the employees work performance.CustomersThe Groups major customers include main contractors for our design and build projects while we are mainly engaged by owners and tenants of properties,and their contractors for renovation projects.The Group
118、 has established long-term business relationship with these customers for many years and committed to offer quality service to meet their requirement.The Group endeavours to maintain contacts with these customers regularly in order to understand their needs and provide required service to support th
119、eir businesses.Subcontractors and Material SuppliersThe Group has developed a long-standing relationship with a number of subcontractors and material suppliers and the Group has always been communicating closely with them to ensure that there will be good quality and sustainable goods and services p
120、rovided to the Group.When selecting subcontractors and material suppliers,the Group often requires them to satisfy certain criteria such as experience and capability,financial strength,track record,and reputation.就董事所深知，概無董事、彼等緊密聯繫人（定義見聯交所證券上市規則（上市規則）或就董事所知任何持有本公司已發行股本5%以上的股東於該等主要客戶或供應商中擁有任何實益權益。與主要
121、持份者的關係董事認為僱員、客戶、次承判商及供應商對本集團的可持續發展至關重要。僱員僱員為本集團的寶貴資產。本集團人力資源管理目標為向員工提供具競爭力的薪酬方案及實施有效的績效考核系統，並適當採取激勵措施，以嘉獎及表彰優秀員工。尤其是，本集團將為僱員提供適當培訓及機遇以提高彼等的工作表現，從而推進其事業發展及進步。客戶本集團主要客戶包括我們設計及建築項目的主承判商，同時我們主要受聘於物業擁有人及租戶以及彼等裝修項目的承判商。本集團已與該等客戶建立為期數年之久的長期業務關係並致力於提供符合彼等要求的優質服務。本集團竭力與該等客戶保持定期聯繫，以了解彼等的需求並提供所需服務，支持彼等的業務發展。次承
122、判商及材料供應商本集團已與眾多次承判商及材料供應商建立長期業務關係，而本集團向來與彼等保持密切交流，以確保彼等將不斷為本集團提供優質及可持續發展的商品及服務。本集團於挑選次承判商及材料供應商時要求彼等滿足若干標準，如經驗及能力、財務實力、往績記錄及聲譽。Wah Wo Holdings Group Limited 華和控股集團有限公司18Report of the Directors董事會報告銀行借款於2025年3月31日，本集團的計息銀行借款約為6,344,000港元（2024年：6,701,000港元）。股本本公司於本年度的股本變動詳情載於本年報財務報表附註31。儲備本公司及本集團於本年度的
123、儲備變動詳情載於財務報表附註33及本年報第78頁的綜合權益變動表。可供分派儲備於2025年3月31日，並無可用於分配予本公司股東的儲備（2024年：零）。董事於本年度及直至本年報日期在任的董事如下：執行董事陳越華先生（主席及行政總裁）陳輝先生獨立非執行董事于志榮先生丁昕女士楊耀民先生根據本公司組織章程細則（組織章程細則）第84條，三分之一的董事將於應屆股東週年大會輪席退任並合資格及願意膺選連任，每位董事須至少每三年退任一次。因此，陳越華先生及丁昕女士將於本公司應屆股東週年大會退任並合資格並願意膺選連任。董事的履歷詳情載於本年報 董事及高級管理層履歷 一節。有關董事酬金的資料載於本年報財務報表附
124、註15(a)。BANK BORROWINGSThe Group had approximately HK$6,344,000(2024:HK$6,701,000)interest-bearing bank borrowings as at 31 March 2025.SHARE CAPITALDetails of movements during the Year in the share capital of the Company are set out in note 31 to the financial statements of this annual report.RESERVE
125、SDetails of movements in the reserves of the Company and Group during the Year are set out in note 33 to the financial statements and in the consolidated statement of changes in equity on page 78 of this annual report.DISTRIBUTABLE RESERVESAs at 31 March 2025,there is no reserve available for distri
126、bution to the shareholders of the Company(2024:Nil).DIRECTORSThe Directors who held office during the Year and up to the date of this annual report were:Executive DirectorsMr.Chen Yuet Wa(Chairman and Chief Executive Officer)Mr.Chan FaiIndependent Non-Executive DirectorsMr.Yu Chi WingMs.Ding XinMr.Y
127、eung Yiu ManIn accordance with article 84 of the Companys articles of association(the“Articles of Association”),one-third of the Directors will retire by rotation and,being eligible,will offer themselves for re-election at the forthcoming annual general meeting,provided that every Director shall ret
128、ire at least once every three years.Accordingly,Mr.Chen Yuet Wa and Ms.Ding Xin will retire and,being eligible,will offer themselves for re-election at the forthcoming annual general meeting of the Company.The Directors biographical details are set out in the section headed“Biographies of the Direct
129、ors and Senior Management”in this annual report.Information regarding Directors emoluments is set out in note 15(a)to the financial statements of this annual report.19Report of the Directors董事會報告ANNUAL REPORT 2024/25 二零二四/二五年年報各獨立非執行董事根據上市規則第3.13條作出的年度獨立確認書經已收到。根據上市規則，本集團認為全體獨立非執行董事均為獨立人士。董事的服務合約各執行
130、董事已與本公司訂立服務合約，任期自上市日期起計為期三年，除非任一方向對方發出不少於三個月的書面通知予以終止。各獨立非執行董事均已與本公司訂立委任函，任期自上市日期起為期兩年，惟由其中一方向另一方發出至少三個月書面通知終止合約則除外。擬於應屆股東週年大會膺選連任的董事概無與本公司訂立任何本公司不可在一年內終止且無須支付賠償（法定賠償除外）的服務合約。管理合約本年度概無訂立或存續與本公司整體或任何重大部分業務的管理及行政有關的合約（董事服務合約及委任函除外）。董事薪酬及五名最高薪人士 董事及本集團五名最高薪人士的酬金詳情載於財務報表附註15(a)及15(b)。於本年度，(i)概無提前終止董事的委任
131、，因此，並無向任何董事提供離職福利或其就此而應收的離職福利；(ii)概無就獲提供董事服務提供予或應付予第三方的代價；及(iii)除本年報所披露者外，概無以董事、其控制的法人團體及有關連實體以及本公司的控股公司受益人的貸款、準貸款及其他交易。於本年度末或本年度內任何時候，概無任何與本集團業務有關，而本公司為其中一方且董事於其中直接或間接擁有重大權益的重大交易、安排及合約。Annual confirmation of independence pursuant to Rule 3.13 of the Listing Rules has been received from each of the
132、independent non-executive Directors.The Group considers all independent non-executive Directors to be independent under the Listing Rules.DIRECTORS SERVICE CONTRACTEach of the executive Directors has entered into a service contract with the Company for a term of three years commencing from the Listi
133、ng Date,unless terminated by not less than three months notice in writing served by either party on the other.Each of the independent non-executive Directors have entered into a letter of appointment with the Company for a term of two years commencing from the Listing Date,unless terminated by not l
134、ess than three months notice in writing served by either party on the other.None of the Directors proposed for re-election at the forthcoming annual general meeting has a service contract with the Company which is not determinable by the Company within one year without payment of compensation,other
135、than statutory compensation.MANAGEMENT CONTRACTSDuring the Year,no contract,other than the Directors service contracts and appointment letters,concerning the management and administration of the whole or any substantial part of the Companys business was entered into or existed.DIRECTORS REMUNERATION
136、 AND FIVE HIGHEST PAID INDIVIDUALSDetails of the emoluments of the Directors and the five highest paid individuals of the Group are set out in notes 15(a)and 15(b)to the financial statements.During the Year,(i)there was no early termination of appointment of Directors,and accordingly,no termination
137、benefit was provided to or receivable by any Director;(ii)no consideration was provided to or receivable by third parties for making available Directors services;and(iii)save as disclosed in this annual report,there were no loans,quasi-loans or other dealings in favour of Directors,their controlled
138、bodies corporate and connected entities,and the Companys holding company.No significant transactions,arrangements and contracts in relation to the Groups business to which the Company was a party and in which a Director had a material interest,whether directly or indirectly,subsisted at the end of t
139、he Year or at any time during the Year.Wah Wo Holdings Group Limited 華和控股集團有限公司20Report of the Directors董事會報告董事及主要行政人員於本公司及其相聯法團的股份、相關股份及債權證的權益及淡倉 於2025年3月31日，本公司董事及主要行政人員於本公司及其任何相聯法團（定義見證券及期貨條例（證券及期貨條例）第XV部）的股份、相關股份及債權證中擁有根據證券及期貨條例第XV部第7及8分部已知會本公司及聯交所；或根據證券及期貨條例第352條已登記於本公司存置的登記冊；或根據上市規則附錄C3內之上市發行人
140、董事進行證券交易的標準守則（標準守則）已另行知會本公司及聯交所的權益及淡倉如下：(i)於股份的好倉DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN SHARES,UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONSAs at 31 March 2025,interests and short positions in the shares,underlying shares and debentures of t
141、he Company and any of its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(“SFO”)held by the Directors and chief executive of the Company which have been notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO or
142、 have been entered in the register maintained by the Company pursuant to section 352 of the SFO,or otherwise have been notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)in Appendix C3 to the Listing Ru
143、les are as follows:(i)Long position in our sharesName of DirectorCapacity/NatureNumber ofsharesPercentage ofshareholding董事姓名身份性質股份數目股權百分比Mr.Chen Yuet WaInterest in a controlled corporation(note)750,000,00075%陳越華先生受控制法團權益（附註）Note:750,000,000 shares are registered in the name of Ornate Bright Limited(
144、“Ornate Bright”),the entire issued capital of which is legally and beneficially owned by Mr.Chen Yuet Wa,our executive Director.By virtue of the SFO,Mr.Chen Yuet Wa is deemed to be interested in all the shares held by Ornate Bright.(ii)Long position in the shares of associated corporationName of Dir
145、ectorName ofassociatedcorporationCapacity/NatureNumber ofshare heldPercentage ofInterest董事姓名相聯法團名稱身份性質所持股份數目權益百分比Mr.Chen Yuet WaOrnate BrightBeneficial Owner1100%陳越華先生華曜實益擁有人Save as disclosed above,as at 31 March 2025,none of the Directors or the chief executive of the Company had any interests or s
146、hort positions in the shares,underlying shares or debentures of the Company or any of its associated corporations(within the meaning of Part XV of the SFO)as recorded in the register required to be kept under Section 352 of the SFO,or as otherwise required to be notified to the Company and the Stock
147、 Exchange.附註：750,000,000股股份以華曜有限公司（華曜）的名義登記，其全部已發行股本由執行董事陳越華先生合法實益擁有。根據證券及期貨條例，陳越華先生被視作於華曜持有的所有股份中擁有權益。(ii)於相聯法團股份的好倉除上文所披露者外，於2025年3月31日，概無本公司董事或主要行政人員於本公司或其任何相聯法團（定義見證券及期貨條例第XV部）的股份、相關股份或債權證中擁有任何須在根據證券及期貨條例第352條存置的登記冊記錄或須另行知會本公司及聯交所的權益或淡倉。21Report of the Directors董事會報告ANNUAL REPORT 2024/25 二零二四/二五
148、年年報主要股東於股份及相關股份的權益及淡倉 於2025年3月31日，據本公司任何董事或主要行政人員所知或以其他方式所獲悉，於本公司股份及相關股份中擁有或被視為或被當作擁有須根據證券及期貨條例第XV部第2及3分部條文向本公司披露及須在根據證券及期貨條例第336條存置的登記冊內記錄的權益或淡倉的法團或個人（本公司董事或主要行政人員除外）的詳情如下：於股份之好倉SUBSTANTIAL SHAREHOLDERS INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARESAs at 31 March 2025,so far as it is
149、 known by or otherwise notified by any Director or the chief executive of the Company,the particulars of the corporations or individuals(other than a Director or chief executive of the Company)who had or were deemed or taken to have an interest or short position in the shares and underlying shares o
150、f the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO,as recorded in the register required to be kept under section 336 of the SFO were as follows:Long position in the sharesNameCapacity/Nature of interestNumber ofshares heldPer
151、centageof interest姓名名稱身份權益性質所持股份數目權益百分比Ornate BrightBeneficial owner(note 1)750,000,00075%華曜實益擁有人（附註1）Ms.Wong Chun SiuInterest of spouse(note 2)750,000,00075%黃春笑女士配偶權益（附註2）Notes:1.Ornate Bright is wholly-owned by Mr.Chen Yuet Wa.2.Ms.Wong Chun Siu is the spouse of Mr.Chen Yuet Wa and is deemed or ta
152、ken to be interested in all the shares in which Mr.Chen Yuet Wa has,or is deemed to have,an interest for the purposes of the SFO.Save as disclosed above,as at 31 March 2025,the Company had not been notified by any persons who had interests or short positions in the shares or underlying shares of the
153、 Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO,or which were recorded in the register maintained by the Company pursuant to section 336 of the SFO.附註：1.華曜由陳越華先生全資擁有。2.黃春笑女士為陳越華先生的配偶，就證券及期貨條例而言，黃春笑女士被視為或被當作於陳越華先生擁有或被視為擁有權益的所有股份
154、中擁有權益。除上文所披露者外，於2025年3月31日，就本公司所知悉，概無任何人士在本公司股份或相關股份中擁有根據證券及期貨條例第XV部第2及第3分部條文須向本公司披露的權益或淡倉，或須於本公司根據證券及期貨條例第336條存置的登記冊內記錄的權益或淡倉。Wah Wo Holdings Group Limited 華和控股集團有限公司22Report of the Directors董事會報告競爭權益於本年度及截至本年報日期，董事概不知悉董事、本公司控股股東或任何彼等各自的緊密聯繫人（定義見上市規則）之任何業務或權益與或可能與本集團業務直接或間接構成競爭，及亦不知悉任何該等人士與本集團有或可能有
155、任何其他利益衝突而須根據上市規則第8.10條予以披露。不競爭承諾陳越華先生與由陳越華先生實益及全資擁有的華曜（合稱 控股股東）（作為契諾人）（各自為契諾人，統稱 契諾人）各自訂立日期為2019年12月12日以本集團為受益人的不競爭承諾（不競爭承諾）。各契諾人已向本公司作出年度聲明，表示其一直遵守不競爭承諾條款。獨立非執行董事亦已審閱契諾人的不競爭承諾遵守情況，並信納契諾人於本年度及截至本年報日期一直遵守不競爭承諾。獲准許彌償條文本公司已就其董事及高級管理層可能面對因企業活動產生之法律訴訟，針對董事及高級職員之責任作出適當的保險安排。根據組織章程細則，各董事於執行或關於執行各自職務而於履行職責或
156、假定職責時作出、同意或遺漏之任何行為所將會或可能招致或蒙受的所有訴訟、費用、收費、損失、損害賠償及開支從本公司資產當中獲得賠償保證及不受傷害，惟彼等因自身欺詐或不誠實而招致或蒙受者（如有）除外。COMPETING INTERESTSThe Directors are not aware of any business or interest of the Directors,the controlling shareholders of the Company or any of their respective close associates(as defined in the Listi
157、ng Rules)that compete or may compete,directly or indirectly,with the business of the Group and any other conflicts of interest which any such person has or may have with the Group and is required to be disclosed pursuant to Rule 8.10 of the Listing Rules during the Year and up to the date of this an
158、nual report.NON-COMPETITION UNDERTAKINGEach of Mr.Chen Yuet Wa and Ornate Bright(together as“Controlling Shareholders”),which is beneficially and wholly owned by Mr.Chen Yuet Wa,as a covenantor(each a“Covenantor”,collectively,“Covenantors”)entered into a non-competition undertaking dated 12 December
159、 2019 in favour of the Group(the“Non-Competition Undertaking”).Each of the Covenantors has made an annual declaration to the Company that,he/it has complied with the terms of Non-Competition Undertaking.The Independent Non-executive Directors have also reviewed the compliance of the Non-Competition
160、Undertaking from the Covenantors and were satisfied that the Covenanters have complied with the Non-Competition Undertaking during the Year and up to the date of this annual report.PERMITTED INDEMNITY PROVISIONThe Company has arranged for appropriate insurance coverage for Directors and officers lia
161、bilities in respect of legal actions against its Directors and senior management arising from corporate activities.Pursuant to the Articles of Association,every Director shall be entitled to be indemnified and secured harmless out of the assets of the Company from and against all actions,costs,charg
162、es,losses,damages and expenses which they or any of them,shall or may incur or sustain by reason of any act done,concurred in or omitted in or about the execution of their duty or supposed duty in their respective offices,except such(if any)as they shall incur or sustain through their own fraud or d
163、ishonesty.23Report of the Directors董事會報告ANNUAL REPORT 2024/25 二零二四/二五年年報購買、出售或贖回本公司上市證券 於本年度，本公司及其任何附屬公司概無購買、出售或贖回任何本公司上市證券。董事於重大交易、安排或合約的權益除另有披露者外，於本年度末或本年度內任何時間並無存續本公司或其任何附屬公司為訂約方及董事或與董事有關連之任何實體於其中直接或間接擁有重大權益的重大交易、安排或合約。控股股東於重大合約的權益 除另有披露者外，於本年度末或本年度內任何時間概無存續本公司、其控股公司或其任何附屬公司為訂約方而本公司或其任何附屬公司控股股東於當
164、中直接或間接擁有重大權益的任何重大合約。收購股份或債權證之安排 於本年度及截至本年報日期，本公司或其任何附屬公司概無訂立任何安排致使董事可透過購入本公司或任何法人團體的股份或債權證而獲利。優先購買權細則或開曼群島法律並無關於優先購買權的規定，促使本公司須按比例向現有股東發售新股份。PURCHASE,SALE OR REDEMPTION OF THE LISTED SECURITIES OF THE COMPANYDuring the Year,neither the Company nor any of its subsidiaries had purchased,sold or redeem
165、ed any of the Companys listed securities.DIRECTORS INTERESTS IN TRANSACTION,ARRANGEMENT OR CONTRACTS OF SIGNIFICANCESave as otherwise disclosed,no transaction,arrangement or contracts of significance to which the Company or any of its subsidiaries was a party and in which a Director or any entity co
166、nnected with a Director had a material interest,either directly or indirectly,subsisted at the end of the year or at any time during the Year.CONTROLLING SHAREHOLDERS INTEREST IN CONTRACTS OF SIGNIFICANCESave as otherwise disclosed,no contract of significance to which the Company,its holding compani
167、es,or any of its subsidiaries was a party,and in which the controlling shareholders of the Company or any of its subsidiaries had a material interest,either directly or indirectly,subsisted at the end of the year or at any time during the Year.ARRANGEMENTS TO ACQUIRE SHARES OR DEBENTURESAt no time d
168、uring the Year and up to the date of this annual report was the Company,or any of its subsidiaries,a party to any arrangement to enable the Directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any body corporate.PRE-EMPTIVE RIGHTSThere are no provisi
169、ons for pre-emptive rights under the Articles or the laws of the Cayman Islands,which would oblige the Company to offer new shares on a pro-rata basis to existing shareholders.Wah Wo Holdings Group Limited 華和控股集團有限公司24Report of the Directors董事會報告關連關聯方交易關連交易於2020年8月1日，本集團與控股股東的配偶黃春笑女士訂立新租賃安排，以使用倉庫及辦公
170、物業，固定租期為一年及可選擇租期五年。於初始確認時，根據香港會計師公會頒佈的香港財務報告準則第16號租賃（香港財務報告準則第16號），本集團確認使用權資產及租賃負債約為7,206,000港元。根據2020年12月簽訂的補充協議，租賃期改為三年固定租賃期，且租賃期屆滿後經雙方協定有關條款可額外續期三年。使用權資產及租賃負債分別減少約3,603,000港元及3,447,000港元。由於根據香港財務報告準則第16號，基於本集團確認的使用權資產價值計算的租賃協議（現有租賃協議）的最高適用百分比率超過0.1%但低於5%，現有租賃協議項下擬進行的交易須遵守申報及公告規定，惟獲豁免遵守上市規則第14A章項下
171、的獨立股東批准規定。現有租賃安排詳情披露於本公司日期為2020年12月10日的關連交易公告及日期為2021年1月11日的補充公告。於截至2024年3月31日止數年及本年度，本集團與本集團控股股東的配偶黃春笑女士就位於香港的倉庫及辦公物業分別重新訂立兩項為期一年的短期租賃安排。持續關連交易本年報財務報表附註37(b)所披露的關聯方交易構成上市規則所界定的持續關連交易。該等交易的詳情已根據上市規則第14A章披露，並概述如下：CONNECTED/RELATED PARTY TRANSACTIONSConnected transactionOn 1 August 2020,the Group ente
172、red into a lease arrangement with Ms.Wong Chun Siu,the spouse of the Controlling Shareholder,for the use of a warehouse and office premises with fixed lease period of one year and optional lease period of five years.Upon initial recognition,in accordance with Hong Kong Financial Reporting Standard 1
173、6 Leases(“HKFRS 16”)issued by the Hong Kong Institute of Certified Public Accountants,the Group recognised a right-of-use asset and a lease liability of approximately HK$7,206,000.Pursuant to the supplemental agreement signed in December 2020,the lease period was changed to fixed lease period of thr
174、ee years and upon its expiration,it shall be renewable for an additional three years subject to agreement of terms by both parties.The right-of-use asset and the lease liability were reduced by approximately HK$3,603,000 and HK$3,447,000 respectively.As the highest applicable percentage ratio in res
175、pect of the lease agreement(“existing lease agreement”)calculated based on the value of the right-of-use asset recognised by the Group pursuant to HKFRS 16 exceeds 0.1%but is less than 5%,the transaction contemplated under the existing lease agreement are subject to the reporting and announcement re
176、quirements but are exempted from independent shareholders approval requirement under Chapter 14A of the Listing Rules.Details of the existing lease arrangement were disclosed in the announcements of connected transaction of the Company dated 10 December 2020 and supplemental announcement dated 11 Ja
177、nuary 2021.During the years ended 31 March 2024 and the Year,the Group re-entered into two separate one-year short-term lease arrangements with Ms.Wong Chun Siu,the spouse of controlling shareholder of the Group,for a warehouse and office premise in Hong Kong.Continuing connected transactionsThe rel
178、ated party transaction as disclosed in note 37(b)to the financial statements of this annual report constituted continuing connected transactions within the meaning of the Listing Rules.Details of such transactions have been disclosed in accordance with Chapter 14A of the Listing Rules and summarised
179、 below:202520242025年2024年HK$000HK$000千港元千港元Lease payments paid to Ms.Wong Chun Siu,the spouse of the Controlling Shareholder(note)向控股股東之配偶黃春笑女士 支付的租賃款項（附註）1,1901,43225Report of the Directors董事會報告ANNUAL REPORT 2024/25 二零二四/二五年年報附註：於截至2024年3月31日止數年及本年度，於先前租賃安排屆滿後，本集團與黃春笑女士就使用倉庫及辦公物業分別重新訂立兩項為期一年的短期租賃安排
180、。黃春笑女士為控股股東之配偶，故根據上市規則，黃春笑女士為本公司之關連人士。因此，根據上市規則第14A章，現有及新租賃協議項下擬進行之交易構成本公司之持續關連交易。由於現有租賃協議及新租賃協議項下擬進行的持續關連交易的各項適用百分比率（盈利比率除外）（按年度基準計算）符合上市規則第14A.76條最低豁免規定水平的交易，因此，獲豁免遵守申報、年度審閱及獨立股東批准規定。有關現有租賃安排的詳情已於本公司日期為2020年12月10日的關連交易公告及日期為2021年1月11日的補充公告中披露。除上文所披露者外，本公司並無進行上市規則第14A章項下之關連交易或持續關連交易，而須遵守上市規則項下的任何申報
181、、公告或獨立股東批准規定。關聯方交易於正常業務過程中進行的重大關聯方交易詳情載於本年報財務報表附註37。除上文所披露者外，概無所披露的關聯方交易構成上市規則第14A章下須予披露非獲豁免關連交易或持續關連交易，且本公司於本年度已遵守上市規則第14A章下有關規定。購股權計劃本公司於2019年12月12日有條件採納購股權計劃（購股權計劃）及有效期直至2029年12月12日止。根據購股權計劃，若干合資格參與者，包括（其中包括）本集團董事及僱員，可能獲授認購股份的購股權。購股權計劃旨就參與者對本集團作出的貢獻提供激勵或獎勵及或令本集團能夠招募及挽留高級僱員以及吸引對本集團有價值的人力資源。購股權計劃的主
182、要條款概要載於招股章程附錄四 D.購股權計劃 一段。Note:During the years ended 31 March 2024 and the Year,the Group re-entered into two separate one-year short-term lease arrangements with Ms.Wong Chun Siu for the use of a warehouse and office premises upon the expiration of prior lease arrangement.Ms.Wong Chun Siu is the s
183、pouse of the Controlling Shareholder,therefore,Ms.Wong Chun Siu is a connected person of the Company under the Listing Rules.Accordingly,under Chapter 14A of the Listing Rules,both transactions contemplated under the existing and new lease agreements constitute continuing connected transactions of t
184、he Company.As each of the applicable percentage ratios(other than the profits ratio)in respect of the continuing connected transactions contemplated under the existing lease agreement and new lease agreement(on an annualised basis)fulfilled the exemption of de minimis transactions under Listing Rule
185、s 14A.76 and were therefore exempted from reporting,annual review and independent shareholders approval.Details of the existing lease arrangement were disclosed in the announcements of connected transaction of the Company dated 10 December 2020 and supplemental announcement dated 11 January 2021.Sav
186、e as disclosed above,there were no connected transactions or continuing connected transactions of the Company as defined under Chapter 14A of the Listing Rules which are required to comply with any of the reporting,announcement or independent shareholders approval requirements under the Listing Rule
187、s.Related Party TransactionsDetails of the significant related party transactions undertaken in the normal course of business are set out in the note 37 to the financial statements of this annual report.Save as disclosed above,none of the related party transactions as disclosed constituted disclosab
188、le non-exempted connected transaction or continuing connected transaction under Chapter 14A of the Listing Rules and the Company had complied with the relevant requirements of Chapter 14A of the Listing Rules during the Year.SHARE OPTION SCHEMEThe share option scheme was conditionally adopted by the
189、 Company on 12 December 2019(the“Share Option Scheme”)and shall be valid until 12 December 2029.Pursuant to the Share Option Scheme,certain eligible participants including,among others,the Directors and employees of the Group may be granted option to subscribe for shares.The purpose of the Share Opt
190、ion Scheme is to provide incentives or rewards to participants for their contribution to the Group and/or to enable the Group to recruit and retain high-calibre employees and attract human resources that are valuable to the Group.A Summary of principal terms of the Share Option Scheme is set out in
191、the paragraph headed“D.Share Option Scheme”in Appendix IV to the Prospectus.Wah Wo Holdings Group Limited 華和控股集團有限公司26Report of the Directors董事會報告根據購股權計劃的條款及遵守上市規則第17章的條文，於行使根據購股權計劃及本公司所有購股權計劃授出的所有購股權後可予發行的最高股份數目不得超過100,000,000股，即本年報日期已發行股份的10%。截至授出日期的任何十二個月期間內，於行使購股權計劃項下授予合資格參與人士的購股權後已發行及可予發行的股份總數不
192、得超過授出日期已發行股份的1%。額外授出超過該1%上限的購股權須經股東於股東大會批准。授出購股權的要約可由合資格參與人士自授出購股權要約日期起7日內予以接納。各承授人每次接納及獲授購股權時所付代價為1.00港元，並須於7日內繳付。除非在股東大會上獲得股東批准，否則於購股權計劃十二個月期間內直至上述任何特定人士授出日期（包括該日）可授予主要股東或獨立非執行董事或其各自聯繫人的股份數量合共最多為已發行股份的0.1%，且根據各授出日期的股份收市價計算，其總價值最高為5.0百萬港元。根據購股權計劃所授出的任何特定購股權所涉及的股份認購價應為董事會釐定的價格及不得少於以下之最高者：(i)於授出購股權日期
193、（須為交易日）股份於聯交所每日報價表所報收市價；(ii)股份於緊接授出購股權日期前五個交易日在聯交所每日報價表所報平均收市價；或(iii)股份面值。自採納購股權計劃以來，本公司概無授出任何購股權。因此，本年度內概無購股權獲行使、註銷或失效，且概無購股權於2025年3月31日尚未行使。Pursuant to the terms of the Share Option Scheme and in compliance with the provisions in Chapter 17 of the Listing Rules,the maximum number of shares which m
194、ay be issued upon exercise of all share options to be granted under the Share Option Scheme and all share option schemes of the Company shall not exceed 100,000,000 shares,being 10%of the shares in issue as at the date of this annual report.The total number of shares issued and which may fall to be
195、issued upon exercise of the options granted under the Share Option Scheme to eligible participants in any 12 months period up to the date of grant shall not exceed 1%of the shares in issue as at the date of grant.Any further grant of options in excess of this 1%limit shall be subject to the approval
196、 of shareholders in a general meeting.An offer of the grant of a share option shall be accepted by the eligible participants within a period of seven days from the date of offer of grant of the option.The consideration paid by each grantee for the acceptance and grant of each share option is HK$1.00
197、,which has to be paid within seven days.Unless approved by shareholders in a general meeting,the amount of shares which can be awarded to a substantial Shareholder or an independent non-executive Director or their respective associates in the Share Option Scheme in the 12-month period up to and incl
198、uding the date of such grant for any particular aforementioned person in aggregate,is at maximum 0.1%of the shares in issue and having an aggregate value,based on the closing price of the shares at the date of each grant,of a maximum of HK$5.0 million.The subscription price of a Share in respect of
199、any particular option granted under the Share Option Scheme shall be such price as determined by the Board and shall not be less than the highest of:(i)the closing price of the shares as stated in the Stock Exchanges daily quotation sheets on the date of grant of the option,which must be a trading d
200、ate;(ii)the average of the closing prices of the shares as stated in the Stock Exchanges daily quotation sheets for the five trading dates immediately preceding the date of grant of the option;or(iii)the nominal value of a Share.Since the adoption of the Share Option Scheme,no option has been grante
201、d.Therefore,no option was exercised,cancelled or lapsed during the Year and there was no option outstanding as at 31 March 2025.27Report of the Directors董事會報告ANNUAL REPORT 2024/25 二零二四/二五年年報股權掛鈎協議除所披露之購股權計劃外，本公司於本年度或年末並無訂立或存續任何股權掛鈎協議。充足公眾持股量根據本公司公開可得資料及據董事所知，董事確認，本公司於本年度已按上市規則規定就其股份維持足夠公眾持股量。報告期後事項除
202、本年報的財務報表附註39所披露者外，本集團於報告期後至本報告日並無發生其他重大事件。稅項減免本公司並不知悉任何因股東持有證券而享有的稅項減免。若股東對購買、持有、出售、買賣或行使與本公司證券有關的任何權利的稅務負擔並不清楚，務請諮詢其專業顧問。審核委員會審核委員會已審閱本集團截至2025年3月31日止年度的經審核綜合財務報表。核數師羅申美會計師事務所已審核本年度綜合財務報表，其將於本公司應屆股東週年大會結束時退任，並合資格且願意連任。羅申美會計師事務所已於本公司2022年、2023年及2024年股東週年大會上獲續聘。EQUITY-LINKED AGREEMENTSSave and except
203、 for the Share Option Scheme disclosed,no equity-linked agreements were entered into by the Company during the Year or subsisted at the end of the year.SUFFICIENCY OF PUBLIC FLOATBased on the information that is publicly available to the Company and within the knowledge of the Directors,the Director
204、s confirmed that the Company has maintained a sufficient amount of public float for the shares as required under the Listing Rules during the Year.EVENTS AFTER THE REPORTING PERIODSave as disclosed in note 39 to the financial statement of this annual report,the Group had no other significant events
205、after the reporting period up to the date of this report.TAX RELIEFThe Company is not aware of any relief on taxation available to the shareholders by reason of their holdings of the securities.If the shareholders are unsure about the taxation implications of purchasing,holding,disposing of,dealing
206、in or exercising of any rights in relation to the Companys securities,they are advised to consult their professional advisers.AUDIT COMMITTEEThe Audit Committee has reviewed the audited consolidated financial statements of the Group for the year ended 31 March 2025.AUDITORSThe consolidated financial
207、 statements for the Year have been audited by RSM Hong Kong,who will retire at the conclusion of the forthcoming AGM of the Company and be eligible to offer themselves for re-appointment.RSM was reappointed at 2022,2023 and 2024 AGM of the Company.Wah Wo Holdings Group Limited 華和控股集團有限公司28Report of
208、the Directors董事會報告企業管治除企業管治報告中所闡釋的偏離企業管治守則的守則條文第C.2.1條外，本集團於本年度及直至本年報日期已遵守企業管治守則的所有適用守則條文。有關本集團企業管治常規的詳情載於本年報第32至45頁的 企業管治報告 一節。代表董事會陳越華主席兼行政總裁香港，2025年6月30日CORPORATE GOVERNANCEThe Group has complied with all the applicable code provisions under the CG Code during the Year and up to the date of this
209、annual report except for the deviation from code provision C.2.1 of the CG Code as explained in the Corporate Governance Report.The details of the Groups corporate governance practices are set out in the section headed“Corporate Governance Report”from pages 32 to 45 of this annual report.On behalf o
210、f the BoardChen Yuet WaChairman and Chief Executive OfficerHong Kong,30 June 202529Biographies of the Directors and Senior Management董事及高級管理層履歷ANNUAL REPORT 2024/25 二零二四/二五年年報EXECUTIVE DIRECTORSMr.Chen Yuet Wa,aged 47,is the founder of our Group,our Chairman,our executive Director,our chief executiv
211、e officer and one of our Controlling Shareholders.He is also the chairperson of our nomination committee and a member of our remuneration committee.He is primarily responsible for overall business strategy,annual budget proposals and major business decision of our Group.He is also a director of each
212、 of our Groups subsidiaries.Mr.Chen Yuet Wa found our Group in May 2007 and has more than 18 years of experience in the faade works industry.In April 2002,he established Wa Kee Company,a sole proprietorship in Hong Kong which principally engaged in the provision of aluminum window works in Hong Kong
213、.Wa Kee Company subsequently ceased business in March 2011 after the establishment of Wah Kee in May 2007.Mr.Chan Fai,aged 48,is one of our executive Directors.He is primarily responsible for project management and supervision of our subcontractors work.Mr.Chan has more than 22 years of experience i
214、n the construction industry in Hong Kong.Since April 2010,he has been working for our Group and is currently the general manager of Wah Kee.Mr.Chan obtained a certificate of completion of apprenticeship issued by Office of the director of apprenticeship in December 2002 and a higher diploma in build
215、ing studies from the Vocational Training Council in July 2006.INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Yu Chi Wing,aged 41,was appointed as an independent non-executive Director(“INED”)on 12 December 2019.He is also a member of our audit committee and nomination committee.He is primarily responsible fo
216、r supervising and providing independent judgement to our Board,our audit committee and nomination committee.Mr.Yu has more than 19 years of advisory,accounting,taxation and auditing experience.In September 2016 and May 2021,Mr.Yu founded JR&Co.,Certified Public Accountants and co-founded Emerald Cap
217、ital CPA&Co.respectively.He has been an INED of Fameglow Holdings Limited(Stock Code:8603)since September 2018,GC Construction Holdings Limited(Stock code:1489)since October 2022 and was an INED of WellCell Holdings Co.,Limited(Stock code:2477)from December 2023 to September 2024.執行董事陳越華先生，47歲，本集團的創
218、辦人、主席、執行董事、行政總裁兼控股股東之一，亦為提名委員會主席及薪酬委員會成員。彼主要負責本集團的整體業務策略、年度預算方案及主要業務決策。彼亦為本集團各附屬公司的董事。陳越華先生於2007年5月成立本集團，並於外牆工程行業擁有逾18年經驗。於2002年4月，彼於香港成立獨資企業華記公司，主要在香港從事提供鋁窗工程業務。於2007年5月成立華記後，華記公司隨後於2011年3月停止業務。陳輝先生，48歲，為我們的執行董事之一。彼主要負責項目管理及監督次承判商工作。陳先生於香港建築行業擁有逾22年經驗。自2010年4月起，彼一直任職於本集團，目前為華記總經理。陳先生於2002年12月獲得由學徒事
219、務署頒發的學徒畢業證書，且於2006年7月獲得職業訓練局建築學高級文憑。獨立非執行董事于志榮先生，41歲，於2019年12月12日獲委任為獨立非執行董事（獨立非執行董事）。彼亦為審核委員會及提名委員會成員。彼主要負責監督董事會、審核委員會及提名委員會並向其提供獨立判斷。于先生擁有逾19年的諮詢、會計、稅務及審計經驗。于先生分別於2016年9月及2021年5月創辦卓翹會計師事務所及共同創辦鈺恆資本會計師事務所。彼自2018年9月起為亮晴控股有限公司（股份代號：8603）獨立非執行董事、自2022年10月起為GC Construction Holdings Limited（股份代號：1489）獨立
220、非執行董事以及於2023年12月至2024年9月期間擔任經緯天地控股有限公司（股份代號：2477）獨立非執行董事。Wah Wo Holdings Group Limited 華和控股集團有限公司30Biographies of the Directors and Senior Management董事及高級管理層履歷于先生於2005年6月獲得香港理工大學會計學學士學位，副修企業金融。彼於2012年1月獲認可為香港會計師公會會員且目前為執業會員。丁昕女士，37歲，於2024年8月30日獲委任為獨立非執行董事。彼亦為審核委員會主席及薪酬委員會成員。彼主要負責監督董事會、審核委員會及薪酬委員會並向其
221、提供獨立判斷。丁女士在會計、審計及鑒證方面擁有逾12年經驗。丁女士自2022年4月起擔任中國網成集團有限公司（前稱 恆新豐控股有限公司）（股份代號：1920）及自2024年12月起擔任龍昇集團控股有限公司（股份代號：6829）的獨立非執行董事。丁女士持有香港大學工商管理學（會計及財務）學士學位。彼自2014年3月起為香港會計師公會會員。彼現為執業會計師。楊耀民先生，63歲，於2025年3月11日獲委任為獨立非執行董事。彼亦為薪酬委員會主席以及審核委員會及提名委員會成員。彼主要負責監督董事會、審核委員會、薪酬委員會及提名委員會並向其提供獨立判斷。楊先生於房地產業擁有豐富經驗，並活躍於物業發展行業
222、超過35年。自2011年3月至2021年11月，楊先生供職於香港聯合交易所有限公司主板上市公司宏安集團有限公司（股份代號：1222）。自2022年10月起，楊先生擔任震昇工程有限公司的商務總監。楊先生於1997年11月在香港理工大學取得管理理學碩士學位。彼於1992年5月獲認許為英國特許建造學會會員，並於2008年11月獲選為英國皇家特許測量師學會成員。Mr.Yu obtained a bachelor of arts degree with a major in accountancy and a minor in corporate finance from the Hong Kong P
223、olytechnic University in June 2005.He was admitted as a member in January 2012 and is currently a practising member of the Hong Kong Institute of Certified Public Accountants.Ms.Ding Xin,aged 37,was appointed as an INED on 30 August 2024.She is also the chairperson of our audit committee and a membe
224、r of our remuneration committee.She is primarily responsible for supervising and providing independent judgment to our Board,our audit committee and remuneration committee.Ms.Ding has more than 12 years of experience in accounts,audit,and assurance.Ms.Ding has been an INED of China Wacan Group Compa
225、ny Limited(formerly known as”Hands Form Holdings Limited”)(stock code:1920)since April 2022 and Dragon Rise Group Holdings Limited(stock code:6829)since December 2024.Ms.Ding holds a bachelor degree of Business Administration in Accounting and Finance from The University of Hong Kong.She has been a
226、member of the Hong Kong Institute of Certified Public Accountants since March 2014.She is currently practicing as a certified public accountant.Mr.Yeung Yiu Man,aged 63,was appointed as an INED on 11 March 2025.He is also the chairperson of our remuneration committee and a member of our audit commit
227、tee and nomination committee.He is primarily responsible for supervising and providing independent judgement to our Board,our audit committee,remuneration committee and nomination committee.Mr.Yeung possesses a wide spectrum of experience in the property industry,and has been active in property deve
228、lopments for more than 35 years.From March 2011 to November 2021,Mr.Yeung served the group of Wang On Group Limited,a company listed on the Main Board of The Stock Exchange of Hong Kong Limited(stock code:1222).Since October 2022,Mr.Yeung has been serving as the commercial director of Chun Sing Engi
229、neering Company Limited.Mr.Yeung obtained a master degree of science in management from The Hong Kong Polytechnic University in November 1997.He was admitted as a member of the Chartered Institute of Building in May 1992 and was elected as a member of the Royal Institution of Chartered Surveyors in
230、November 2008.31Biographies of the Directors and Senior Management董事及高級管理層履歷ANNUAL REPORT 2024/25 二零二四/二五年年報高級管理層林茂源先生，52歲，本集團的高級設計經理，彼負責監督一般技術和工程、招標籌備及合規事宜。自2017年3月起，林先生一直任職於本集團。加入本集團前，林先生曾於多間建築及工程相關公司工作且彼於建築行業擁有逾24年經驗。林先生於2002年7月獲得職業訓練局頒發的建築學高級文憑。李啟明先生，36歲，為我們的財務總監兼公司秘書。彼負責監督財務報告、財務規劃、金庫、財務控制和公司秘書
231、事務。李先生於會計行業擁有逾6年的經驗，且自2018年2月起，李先生一直任職於本集團。李先生於2012年10月獲得香港理工大學會計學工商管理學士學位。於2016年9月，彼獲認可為香港會計師公會的註冊會計師。李嘉強先生，41歲，本集團高級質量控制經理。彼主要負責監督項目執行及監管建築工地工人。自2011年6月起，彼一直任職於本集團。於加入本集團前，李先生於多間建築公司工作且彼於香港建築行業擁有逾13年經驗。李先生於2005年7月及2011年2月分別獲得職業訓練局屋宇裝備工程學文憑及高級文憑。於2007年11月，李先生完成由建造業訓練局舉辦的建造業安全督導員課程。SENIOR MANAGEMENT
232、Mr.Lam Mau Yuen,aged 52,is the senior design manager of our Group.He is responsible for overseeing general technical and engineering works,tender preparation and compliance matters.Mr.Lam has been working for our Group since March 2017.Prior to joining our Group,Mr.Lam worked for various constructio
233、n and engineering related companies and he has more than 24 years of experience in the construction industry.Mr.Lam obtained a higher certificate in building studies from the Vocational Training Council in July 2002.Mr.Lee Kai Ming,aged 36,is our financial controller and company secretary.He is resp
234、onsible for overseeing our financial reporting,financial planning,treasury,financial control and company secretarial matters.Mr.Lee has over six years of experience in the accounting industry and he has been working for our Group since February 2018.Mr.Lee obtained a bachelor of business administrat
235、ion in accountancy from The Hong Kong Polytechnic University in October 2012.He was admitted as a certified public accountant of Hong Kong Institute of Certified Public Accountants in September 2016.Mr.Lee Ka Keung,aged 41,is a senior quality control manager of our Group.He is primarily responsible
236、for overseeing the execution of projects and supervising workers at construction sites.He has been working for our Group since June 2011.Prior to joining our Group,Mr.Lee worked for several construction companies and he has more than 13 years of experience in the construction industry in Hong Kong.M
237、r.Lee obtained a diploma and a higher diploma in building services engineering from the Vocational Training Council in July 2005 and February 2011,respectively.Mr.Lee completed a construction safety supervisor course organised by the Construction Industry Training Authority in November 2007.Wah Wo H
238、oldings Group Limited 華和控股集團有限公司32Corporate Governance Report企業管治報告The Company strives to attain and maintain a high standard of corporate governance as it believes that effective corporate governance practices are fundamental to enhancing shareholders value and safeguarding interests of shareholder
239、s and other stakeholders.Accordingly,the Board attributes a high priority to identifying and implementing appropriate corporate governance practices to ensure transparency,accountability and effective internal controls.The Company has adopted all the code provision in the Corporate Governance Code(t
240、he“CG Code”)in Appendix 14 to the Listing Rules (currently Appendix C1 to the Listing Rules)as its own code on corporate governance practices.During the Year,the Company has complied with the code provisions under the CG Code,except for the deviation from code provision C.2.1 of the CG Code as expla
241、ined below.The Company will continue to enhance its corporate governance practices appropriate to the operation and growth of the business of the Group.BOARD OF DIRECTORSThe Board is responsible for formulating business strategies and monitoring the performance of the business of the Group.Other tha
242、n the daily operational decisions which are delegated to the management of the Group,most of the decisions are made by the Board.All Directors,including independent non-executive Directors,have brought a wide spectrum of valuable business experience,knowledge and professionalism to the Board for its
243、 efficient and effective functioning.Saved as disclosed in an announcement of the Company dated 21 February 2025,following the passing away of Mr.Wu Wing Kuen,the number of INED falls short of the minimum number required under Rule 3.10(1)of the Listing Rules for the period from 17 February 2025 and
244、 before the appointment of Mr.Yeung Yiu Man on 11 March 2025,the Company has complied with Rules 3.10(1)and 3.10A of the Listing Rules during the Year.The Board is constituted of five members,including two executive Directors and three independent non-executive Directors.The composition of the Board
245、 is as follows:Executive DirectorsMr.Chen Yuet Wa(Chairman and Chief Executive Officer)Mr.Chan FaiIndependent Non-Executive DirectorsMr.Yu Chi WingMs.Ding XinMr.Yeung Yiu Man本公司相信有效的企業管治常規為提升股東價值與保障股東及其他持份者權益的基礎，因此，其致力達致及維持高標準的企業管治。因此，董事會極為注重訂定及執行適當的企業管治常規，確保具有透明度、問責精神及有效內部監控。本公司已採納上市規則附錄14（現為上市規則附錄
246、C1）所載之企業管治守則（企業管治守則）的所有守則條文作為其自身的企業管治常規守則。於本年度，本公司一直遵守企業管治守則的守則條文，惟下文所述有關偏離企業管治守則的守則條文第C.2.1條除外。本公司將繼續加強其企業管治常規，以配合本集團的業務營運及增長。董事會董事會負責制定業務策略及監控本集團之業務表現。除本集團管理層獲授權作出日常經營決策外，大部分決策乃由董事會決定。全體董事（包括獨立非執行董事）給董事會帶來廣泛寶貴之業務經驗、知識及專業技能，使其有效且高效運作。誠如本公司日期為2025年2月21日的公告所披露，於胡永權先生辭世後，於2025年2月17日起及楊耀民先生於2025年3月11日獲
247、委任前期間獨立非執行董事的人數低於上市規則第3.10(1)條所規定的最低人數，於本年度本公司已遵守上市規則第3.10(1)及第3.10A條的規定。董事會由五名成員組成，包括兩名執行董事及三名獨立非執行董事。董事會成員如下：執行董事陳越華先生（主席兼行政總裁）陳輝先生獨立非執行董事于志榮先生丁昕女士楊耀民先生33Corporate Governance Report企業管治報告ANNUAL REPORT 2024/25 二零二四/二五年年報於2024年8月29日，周志輝先生及陳漢淇先生辭任獨立非執行董事，及於2024年8月30日，胡永權先生及丁昕女士獲委任為獨立非執行董事。於丁昕女士成為董事會成
248、員後，本公司實現董事會成員性別多元化，並符合上市規則第13.92條項下之規定。胡永權先生及丁昕女士均於2024年8月30日根據上市規則第3.09D條之規定取得法律意見，且各自確認其了解上市規則項下上市發行人董事之責任。誠如本公司日期為2025年2月21日的公告所披露，於胡永權先生辭世後，獨立非執行董事的人數低於上市規則第3.10(1)條所規定及上市規則第3.21、3.25及3.27A條項下相關委員會成員的最低人數。本公司將於可行情況下盡快並根據上市規則第3.10(1)、3.11、3.23、3.27條之規定於三個月內物色委任新獨立非執行董事。於2025年3月11日，楊耀民先生獲委任為獨立非執行董
249、事。於楊耀民先生成為董事會成員後，本公司符合(i)第3.10(1)條項下獨立非執行董事人數；(ii)第3.21條項下審核委員會成員人數；(iii)第3.25條項下薪酬委員會主席及組成；及(iv)第3.27A條項下提名委員會組成的相關規定。因此，本公司已全面遵守上市規則第3.10(1)、3.21、3.25及3.27A條所載的規定。楊耀民先生已於2025年3月11日根據上市規則第3.09D條之規定取得法律意見，並確認其了解上市規則項下上市發行人董事之責任。各董事之履歷詳情載於本年報第29至31頁。本公司已於2019年12月12日與各獨立非執行董事簽訂委任函。該等委任函之主要詳情為：(a)其各自同意
250、出任董事，初步任期自上市日期起計為期兩年，且享有董事袍金，該委任函可由一方向另一方發出不少於三個月之書面通知予以終止，及(b)須受委任函所載之終止條文及細則所載董事輪值退任條文所規限。On 29 August 2024,Mr.Chow Chi Fai and Mr.Chan Hon Ki resigned as INED and on 30 August 2024,Mr.Wu Wing Kuen and Ms.Ding Xin were appointed as INED.Following Ms.Ding Xin becoming the Board member,the Company h
251、as achieved the gender diversity at the Board level and complied with the requirement under Rule 13.92 of the Listing Rules.Both Mr.Wu Wing Kuen and Ms.Ding Xin have obtained the legal advice as required under Rule 3.09D of the Listing Rules on 30 August 2024,and each of them has confirmed that he/s
252、he understood his/her obligations as a director of the listed issuer under the Listing Rules.As disclosed in an announcement of the Company dated 21 February 2025,following the passing away of Mr.Wu Wing Kuen,the number of independent non-executive Directors falls short of the minimum number require
253、d under Rule 3.10(1)and the relevant committee member under Rule 3.21,3.25 and 3.27A of the Listing Rules.The Company would seek to appoint a new INED as soon as practicable and within three months as stipulated under Rules 3.10(1),3.11,3.23,3.27 of the Listing Rules.On 11 March 2025,Mr.Yeung Yiu Ma
254、n was appointed as INED.Following Mr.Yeung Yiu Man becoming the Board member,the Company in compliance with the requirements in relation to(i)the number of independent non-executive directors under Rules 3.10(1);(ii)the number of members of the Audit Committee under Rule 3.21;(iii)the chairmanship a
255、nd composition of Remuneration Committee under Rule 3.25;and(iv)the composition of Nomination Committee under Rule 3.27A.As such,the Company has fully complied with the requirements as set out in Rules 3.10(1),3.21,3.25 and 3.27A of the Listing Rules.Mr.Yeung Yiu Man has obtained the legal advice as
256、 required under Rule 3.09D of the Listing Rules on 11 March 2025 and he has confirmed that he understood his obligations as a director of the listed issuer under the Listing Rules.Biographical details of each Director are set out on pages 29 to 31 of this annual report.The Company has signed a lette
257、r of appointment with each of the independent non-executive Directors on 12 December 2019.The principal particulars of these appointment letters are(a)each of them agreed to act for an initial term of two year commencing from the Listing Date with a directors fee,which may be terminated by not less
258、than three month written notice served by either party on the other,and(b)is subject to termination provisions therein and provisions on retirement by rotation of Directors as set out in the Articles.Wah Wo Holdings Group Limited 華和控股集團有限公司34Corporate Governance Report企業管治報告根據組織章程細則第84條，三分之一的董事須於各股東
259、週年大會上輪值退任，且各董事須至少每3年輪值退任一次，而退任董事合資格重選連任。本公司已接獲各獨立非執行董事根據上市規則第3.13條作出的年度獨立性確認。本公司認為，全體獨立非執行董事於本年度及直至本年報日期均符合載於上市規則第3.13條之獨立性指引，並根據該指引之條款屬獨立人士。本公司亦已遵從上市規則第3.10(2)條的規定。一名獨立非執行董事具備合適專業會計資格及財務管理專業知識。於本年度，本公司舉行四次董事會會議及一次股東週年大會，各董事出席的記錄載於下表：Pursuant to the article 84 of Articles of Association,one-third of
260、 the Directors shall retire from office by rotation at each annual general meeting and every Director shall be subject to retirement by rotation at least once every 3 years.However,a retiring Director shall be eligible for re-election.The Company has received an annual confirmation of independence p
261、ursuant to Rule 3.13 of the Listing Rules from each of the independent non-executive Directors.The Company is of the view that all independent non-executive Directors meet the independence guidelines set out in Rule 3.13 of the Listing Rules and are independent in accordance with the terms of the gu
262、idelines during the Year and up to the date of this annual report.The Company has also complied with Rule 3.10(2)of the Listing Rules.One of the independent non-executive Directors possesses the appropriate professional accounting qualifications and financial management expertise.During the Year,fou
263、r Board meetings and one annual general meeting were held and the attendance record of each Director is set out in the table below:Attendance/Number of Meeting出席次數會議次數Board MeetingAnnualGeneralMeetingDirectors董事董事會會議股東週年大會Executive Directors執行董事Mr.Chen Yuet Wa (Chairman and Chief Executive Officer)陳
264、越華先生（主席兼行政總裁）4/41/1Mr.Chan Fai陳輝先生4/41/1Independent non-executive Directors獨立非執行董事Mr.Chow Chi Fai(resigned on 29 August 2024)周志輝先生（於2024年8月29日辭任）1/41/1Mr.Chan Hon Ki(resigned on 29 August 2024)陳漢淇先生（於2024年8月29日辭任）1/41/1Mr.Yu Chi Wing于志榮先生4/41/1Ms.Ding Xin(appointed on 30 August 2024)丁昕女士（於2024年8月30日
265、獲委任）3/40/1Mr.Wu Wing Kuen(appointed on 30 August 2024 and deceased on 17 February 2025)胡永權先生（於2024年8月30日獲委任，其後於2025年2月17日 辭世）1/40/1Mr.Yeung Yiu Man(appointed on 11 March 2025)楊耀民先生（於2025年3月11日 獲委任）1/40/135Corporate Governance Report企業管治報告ANNUAL REPORT 2024/25 二零二四/二五年年報各董事有權索取董事會文件及有關材料，亦可請公司秘書提供意見及
266、服務，並可於合理需要時自行尋求獨立專業意見，費用由本公司承擔。董事將獲持續提供上市規則及其他適用監管規定之重大發展之更新資料，以確保彼等遵守及秉持良好的企業管治常規。根據企業管治守則的守則條文第C.5.1條，本公司預期將於每個財政年度舉行至少四次定期董事會會議，約為每季度一次。根據企業管治守則的守則條文第C.2.1條，本公司主席與行政總裁的職責應有區分，且不應由同一人士兼任。於本年度，本公司主席及行政總裁由陳越華先生兼任。鑒於陳越華先生負責本集團的日常管理及營運，並為本集團其中一名控股股東，且於本年報日期為本集團其他成員公司的董事之一（倘並非唯一董事），董事會相信由陳越華先生兼任本公司主席及行
267、政總裁職務使本集團更有效及高效地進行整體業務規劃及執行業務決策及策略，其符合本集團的最佳利益。因此，董事會認為，於該情況下偏離企業管治守則的守則條文第C.2.1條屬適當，且透過董事會的運作，已給予足夠的制衡。董事會成員由經驗豐富及富有才幹之人士組成，且董事會組成中具備充分之獨立元素。董事會將持續檢討，並於考慮本集團的整體狀況後，在合宜及適當時候區分本公司主席及行政總裁的職責。董事得悉，本公司預期會遵守企業管治守則。企業管治守則的任何偏離情況均應予仔細考慮，並於中期及年度報告披露。除上文所披露者外，本公司將繼續遵守企業管治守則，以保障股東的最佳利益。董事進行的證券交易本公司已就董事及相關僱員（可
268、能獲取本公司內幕消息之人士）買賣本公司證券採納一項行為守則（證券交易守則），其條款不遜於上市規則附錄C3載列之上市發行人董事進行證券交易的標準守則（標準守則）所載規定準則。經本公司作出特別查詢，全體董事均已確認彼等於本年度已全面遵守標準守則及證券交易守則。Every Director is entitled to have access to Board papers and related materials,and the advice and services of the Company Secretary,and has the liberty to seek independent
269、 professional advice at the Companys expense if so reasonably required.Directors will be continuously updated on the major development of the Listing Rules and other applicable regulatory requirements to ensure compliance and upkeep of good corporate governance practices.The Company expects to conve
270、ne at least four regular Board meetings in each financial year at approximately quarterly intervals in accordance with code provision C.5.1 of the CG Code.According to code provision C.2.1 of the CG Code,the role of the chairman and the chief executive officer of the Company should be separate and s
271、hould not be performed by the same individual.During the Year,the role of the chairman and the chief executive officer of the Company are both performed by Mr.Chen Yuet Wa.In view of Mr.Chen Yuet Was role in the day-to-day management and operations of the Group,being one of the Controlling Sharehold
272、ers of the Group and as one of the Directors if not the sole director of other members of the Group,as at the date of this annual report,the Board believes that it is more effective and efficient overall business planning and implementation of business decisions and strategies of the Group that it s
273、hall be in the best interests of the Group for Mr.Chen Yuet Wa to take up the dual roles of chairman and chief executive officer of the Company.Therefore,the Board considers that the deviation from code provision C.2.1 of the CG Code is appropriate in such circumstance and that there are sufficient
274、checks and balances in place by the operations of the Board,which comprises experienced and high calibre individuals and adequate independent element in the composition of the Board.The Board will continue to review and consider splitting the roles of chairman and chief executive officer of the Comp
275、any at a time when it is appropriate and suitable by taking into account the circumstances of the Group as a whole.The Directors are aware that the Company is expected to comply with the CG Code.Any deviation from the CG Code should be carefully considered and disclosed in the interim and annual rep
276、ort.Save as disclosed above,the Company will continue to comply with the CG Code to protect the best interests of the shareholders.DIRECTORS SECURITIES TRANSACTIONSThe Company has adopted a code of conduct regarding the transactions of securities of the Company by the Directors and the relevant empl
277、oyees(who likely possess inside information of the Company)(the“Securities Dealing Code”)on terms no less exacting than the required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as set out in Appendix C3 to the Listing Rules.All Direct
278、ors have confirmed,following specific enquiries by the Company,that they fully complied with the Model Code and the Securities Dealing Code during the Year.Wah Wo Holdings Group Limited 華和控股集團有限公司36Corporate Governance Report企業管治報告持續專業發展本公司鼓勵董事出席任何可進一步提高其知識的相關課程，使其能夠更有效地履行其職責及責任。於上市日期前，所有董事均獲發相關指導材料
279、，以及參加有關身為董事的職責和職權、企業管治守則、上市規則及適用法律法規及權益披露職責的相關培訓。緊接新任董事獲委任為董事後，其亦會獲發該等就職資料及簡報。本公司將不時為董事提供持續簡報及專業發展。董事確認，彼等遵守有關董事培訓的企業管治守則的守則條文第C.1.4條。於回顧期間，全體董事均通過參加研討會內部簡報閱讀材料參與職業的不斷發展，以發展及更新彼等的知識及技能。全體董事已提供彼等參加培訓的記錄，本公司亦將繼續根據企業管治守則安排培訓及為培訓撥資。董事委員會董事會已設立三個委員會，即審核委員會（審核委員會）、提名委員會（提名委員會）及薪酬委員會（薪酬委員會）。下表提供在該等委員會擔任職位的
280、若干董事會成員之成員資料：CONTINUOUS PROFESSIONAL DEVELOPMENTThe Company encourages the Directors to attend any relevant programme to further enhance their knowledge so as to enable them to discharge their duties and responsibilities more effectively.Prior to the Listing Date,all Directors have been given releva
281、nt guideline materials and attended a training regarding the duties and responsibilities of being a Director,the CG Code,the Listing Rules and applicable laws and regulations and duty of disclosure of interest.Such induction materials and briefing will also be provided to newly appointed Directors s
282、hortly upon their appointment as Directors.Continuing briefings and professional development to Directors will be arranged from time to time.The Directors confirmed that they have complied with the code provision C.1.4 of the CG Code on Directors training.During the period under review,all Directors
283、 have participated in continuous professional development by attending seminars/in-house briefing/reading materials to develop and refresh their knowledge and skills.All Directors have provided record of their training attendance and the Company will continue to arrange and fund the training in acco
284、rdance with the CG Code.BOARD COMMITTEESThe Board has established three committees,namely the audit committee the“Audit Committee”),the nomination committee(the“Nomination Committee”)and the remuneration committee(the“Remuneration Committee”).The table below provides the membership information of th
285、ese committees on which certain Board members served:Board Committee董事委員會AuditCommitteeRemunerationCommitteeNominationCommitteeDirector董事審核委員會薪酬委員會提名委員會Mr.Chen Yuet Wa陳越華先生MCMr.Chan Fai陳輝先生Mr.Yu Chi Wing于志榮先生MMMs.Ding Xin丁昕女士CMMr.Yeung Yiu Man楊耀民先生MCMNotes:C:Chairman of the relevant committeesM:Memb
286、er of the relevant committees附註：C：相關委員會主席M：相關委員會成員37Corporate Governance Report企業管治報告ANNUAL REPORT 2024/25 二零二四/二五年年報審核委員會本公司已於2019年12月12日遵照上市規則第3.22條及企業管治守則的守則條文第D.3.3條成立審核委員會並制定書面職權範圍。審核委員會之主要職責是（其中包括）(a)就委任、續聘及罷免外部核數師向董事會作出推薦建議，並批准委聘外部核數師之薪酬及條款；(b)審閱本公司之財務報表、年報及賬目、半年度報告及其中所載的重大財務報告判斷；及(c)審閱本公司之財務
287、監控、內部監控及風險管理系統。於本年度，審核委員會舉行了三次會議，以審閱本集團採納的會計原則及慣例以及截至2024年9月30日止六個月及本年度的財務業績，了解財務匯報、內部監控及風險管理系統和外聘核數師的續任及薪酬方面是否存在任何重大問題。各成員出席審核委員會會議的個別出席記錄載列如下：Audit CommitteeThe Company established the Audit Committee on 12 December 2019 with written terms of reference in compliance with Rule 3.22 of the Listing R
288、ules and code provision D.3.3 of the CG Code.The primary duties of the Audit Committee include,among others,(a)making recommendations to the Board on the appointment,re-appointment and removal of the external auditors and approving the remuneration and terms of engagement of the external auditors;(b
289、)reviewing the Companys financial statements,the annual report and accounts and the half-year report and significant financial reporting judgments contained therein;and(c)reviewing the Companys financial controls,internal control and risk management systems.During the Year,the Audit Committee has he
290、ld three meetings to review the accounting principles and practices adopted by the Group and the financial results for the six months ended 30 September 2024 and the Year,whether there was any significant issues on financial reporting,internal control and risk management systems and the re-appointme
291、nt and remuneration of the external auditor.The individual attendance record of each member at the meeting of Audit Committee is set out below:Attendance/Number of AuditCommittee MeetingName of member of the Audit Committee審核委員會成員姓名出席次數審核委員會會議次數Ms.Ding Xin(Chairlady)(appointed on 30 August 2024)丁昕女士
292、（主席）（於2024年8月30日獲委任）3/3Mr.Chow Chi Fai(resigned on 29 August 2024)周志輝先生（於2024年8月29日辭任）0/3Mr.Chan Hon Ki(resigned on 29 August 2024)陳漢淇先生（於2024年8月29日辭任）0/3Mr.Yu Chi Wing于志榮先生3/3Mr.Wu Wing Kuen(appointed on 30 August 2024 and deceased on 17 February 2025)胡永權先生（於2024年8月30日獲委任，其後於2025年2月17日 辭世）1/3Mr.Yeu
293、ng Yiu Man(appointed on 11 March 2025)楊耀民先生（於2025年3月11日獲委任）2/3Nomination CommitteeThe Company established the Nomination Committee on 12 December 2019 with written terms of reference in compliance with code provision B.3.1 of the CG Code.The primary duties of the Nomination Committee include,among o
294、thers,(a)reviewing the structure,size and composition(including the skills,knowledge and experience)of the Board at least annually and making recommendations on any proposed changes to the Board to complement the corporate strategy;(b)identifying individuals suitably qualified to become members of t
295、he Board and selecting or making recommendations to the Board on the selection of individuals nominated for directorships;(c)assessing the independence of the independent non-executive Directors;(d)making recommendations to the Board on the appointment or re-appointment of and succession planning fo
296、r the Directors;(e)reviewing the board diversity policy of the Company(“Board Diversity Policy”);and(f)developing and reviewing,as appropriate,the policy for the nomination of Directors.提名委員會本公司已於2019年12月12日遵照企業管治守則的守則條文第B.3.1條成立提名委員會並制定書面職權範圍。提名委員會之主要職責是（其中包括）(a)至少每年一次審閱董事會架構、規模及組成（包括技能、知識及經驗）並就配合企
297、業策略而對董事會作出的任何建議變更作出推薦建議；(b)物色合資格成為董事會成員的合適人選，並挑選或就篩選獲提名出任董事職位之人選向董事會作出推薦建議；(c)評估獨立非執行董事的獨立性；(d)就董事委任或續聘及繼任計劃向董事會作出推薦建議；(e)審閱本公司董事會多元化政策（董事會多元化政策）；及(f)制定及審閱（如適用）董事提名政策。Wah Wo Holdings Group Limited 華和控股集團有限公司38Corporate Governance Report企業管治報告於本年度，提名委員會舉行了三次會議檢討董事會的架構、人數及組成、獨立非執行董事的獨立性、董事會多元化政策和提名政策以
298、及考慮委任新董事和重新委任於本公司股東週年大會上重選連任的董事並就此向董事會提出建議，而各董事的出席記錄載列於下表：During the Year,the Nomination Committee has held three meetings to review the structure,size and composition of the Board,the independence of the independent non-executive Directors,the Board Diversity Policy and the Nomination Policy as wel
299、l as to consider and make recommendations to the Board on the appointment of new Directors and reappointment of the Directors standing for re-election at the annual general meeting of the Company and the attendance record of each Director is set out in the table below:Attendance/Number of Nomination
300、Committee MeetingName of member of the Nomination Committee提名委員會成員姓名出席次數提名委員會會議次數Mr.Chen Yuet Wa(Chairman)陳越華先生（主席）3/3Mr.Chan Hon Ki(resigned on 29 August 2024)陳漢淇先生（於2024年8月29日辭任）1/3Mr.Yu Chi Wing于志榮先生3/3Mr.Yeung Yiu Man(appointed on 11 March 2025)楊耀民先生（於2025年3月11日 獲委任）1/3Ms.Ding Xin(appointed on 3
301、0 August 2024)丁昕女士（於2024年8月30日獲委任）1/3Remuneration CommitteeThe Company established the Remuneration Committee on 12 December 2019 with written terms of reference in compliance with Rule 3.26 of the Listing Rules and code provision E.1.2 the CG Code.The primary duties of the Remuneration Committee,un
302、der the principle that no Director or any of his associates should be involved in deciding his own remuneration include,among others,making recommendations to the Board on(a)the remuneration policy and structure for all of the Directors and senior management;(b)the establishment of a formal and tran
303、sparent procedure for developing remuneration policies;(c)the remuneration packages of the executive Directors and senior management,including benefits in kind,pension rights and compensation payments,including any compensation payable for loss or termination of their offices or appointments;and(d)t
304、he remuneration of the non-executive Directors.薪酬委員會本公司已於2019年12月12日遵照上市規則第3.26條及企業管治守則的守則條文第E.1.2條成立薪酬委員會並制定書面職權範圍。根據董事或其任何聯繫人士不應參與決定其薪酬的原則，薪酬委員會之主要職責是（其中包括）就下列事項向董事會作出推薦建議：(a)全體董事及高級管理層的薪酬政策及架構；(b)就發展薪酬政策建立正式及透明程序；(c)執行董事及高級管理層的薪酬待遇，包括實物利益、退休金權利及賠償付款（包括任何因喪失或終止其職務或委任應付的任何賠償）；及(d)非執行董事之薪酬。39Corpora
305、te Governance Report企業管治報告ANNUAL REPORT 2024/25 二零二四/二五年年報於本年度，舉行了四次會議檢討本集團執行董事及高級管理層的薪酬政策和待遇，並檢討非執行董事的薪酬，而各董事的出席記錄載列於下表：During the Year,four meetings were held to review the remuneration policy and package of the executive Directors and senior management of the Group,and reviewing the remuneration
306、of the non-executive Directors and the attendance record of each Director is set out in the table below:Attendance/Number of RemunerationCommittee MeetingName of member of the Remuneration Committee薪酬委員會成員姓名出席次數薪酬委員會會議次數Mr.Yeung Yiu Man(Chairman)(appointed on 11 March 2025)楊耀民先生（主席）（於2025年3月11日獲委任）1
307、/4Mr.Wu Wing Kuen(appointed on 30 August 2024 and deceased on 17 February 2025)胡永權先生（於2024年8月30日獲委任，其後於2025年2月17日 辭世）0/4Mr.Chan Hon Ki(resigned on 29 August 2024)陳漢淇先生（於2024年8月29日辭任）1/4Mr.Chen Yuet Wa陳越華先生4/4Mr.Chow Chi Fai(resigned on 29 August 2024)周志輝先生（於2024年8月29日辭任）1/4Ms.Ding Xin(appointed on 3
308、0 August 2024)丁昕女士（於2024年8月30日獲委任）3/4Full details of remuneration of the Directors and the five highest paid employees are set out in notes 15(a)and 15(b)to the financial statements of this annual report.No material matters relating to share schemes under Chapter 17 of the Listing Rules were require
309、d to be reviewed or approved by the Remuneration Committee during the Year.有關董事及五名最高薪酬人士之薪酬全部詳情載列於本年報財務報表附註15(a)及15(b)。於本年度，概無須經薪酬委員會審閱或批准的有關上市規則第17章所指股份計劃的重大事宜。Wah Wo Holdings Group Limited 華和控股集團有限公司40Corporate Governance Report企業管治報告董事會多元化政策董事會已採納董事會多元化政策，當中載列達致本公司可持續及平衡發展以及提升本公司表現質素之方法。確定董事會成員組成
310、時，董事會已從多個角度考慮，包括但不限於性別、年齡、文化及教育背景、經驗（專業或其他方面）、技能及知識。最終決定乃基於經選定人選將為董事會帶來的裨益及作出的貢獻。提名委員會將不時審閱董事會多元化政策，透過至少每年檢討一次董事會組成以確保其一貫的效力並監控其執行情況。提名政策本公司已採納提名政策（提名政策），目的為識別及評核候選人，供提名委任為董事會成員或供股東選舉為董事。提名委員會於評核及遴選董事職位之候選人時將考慮（其中包括）以下標準：信譽；於相關行業及其他相關界別的成就、經驗及信譽；承諾對本公司業務投放充足時間、利益及關注；各方面多元性，包括但不限於性別、年齡、文化及教育背景、經驗（專業或
311、其他）、技能及知識；能夠協助及支持管理層及對本公司成功作出重大貢獻；符合上市規則第3.13條所指就委任獨立非執行董事的獨立性條件；及 委員會或董事會可能不時釐定的任何其他相關因素。BOARD DIVERSITY POLICYThe Board has adopted the board diversity policy which sets out the approach to achieve a sustainable and balanced development of the Company and also to enhance the quality of performance
312、 of the Company.In designing the Boards composition,the Board has been considering from a number of perspectives,including but not limited to gender,age,cultural and educational background,experience(professional or otherwise),skills,and knowledge.The ultimate decision is based on merit and contribu
313、tion that the selected candidates will bring to the Board.The Nomination Committee will review the board diversity policy from time to time to ensure its continued effectiveness and monitor its implementation by conducting review of the Boards composition at least once annually.NOMINATION POLICYThe
314、Company has adopted a nomination policy(the“Nomination Policy”)for the purpose to identify and evaluate a candidate for nomination to the Board for appointment or to the shareholders for election as a Director.The Nomination Committee shall consider,among others,the following criteria in evaluating
315、and selecting candidates for directorships:Reputation for integrity;Accomplishment,experience and reputation in the relevant industry and other relevant sectors;Commitment in respect of sufficient time,interest and attention to the Companys business;Diversity in all aspects,including but not limited
316、 to gender,age,cultural and educational background,experience(professional or otherwise),skills and knowledge;The ability to assist and support management and make significant contributions to the Companys success;Compliance with the criteria of independence as prescribed under Rule 3.13 of the List
317、ing Rules for the appointment of an independent non-executive Director;and Any other relevant factors as may be determined by the Committee or the Board from time to time.41Corporate Governance Report企業管治報告ANNUAL REPORT 2024/25 二零二四/二五年年報每項建議新委任、推選或重選董事將由提名委員會根據提名政策中載列之標準及資格進行評估及或考量。提名委員會將向董事會及或股東提供
318、推薦建議，供其考慮及作出決定。公司秘書李啟明先生於2019年12月12日獲委任為公司秘書。公司秘書直接向行政總裁報告，並對董事會負責，以確保遵循董事會的程序、適用法律、規則及規例以及高效及有效地開展董事會活動。彼亦負責確保董事會全面評估與本集團有關的相關企業管治發展，並促進董事的入職及專業發展。於本年度，李啟明先生已遵照上市規則第3.29條之規定接受不少於15個小時的相關專業培訓。董事及核數師對綜合財務報表所承擔的責任董事確認彼等有責任監督本集團於本年度之綜合財務報表的編製情況，有關報表乃按持續經營基準編製，真實公平地反映本集團的財務情況且遵守有關會計準則及原則、適用法律及上市規則的披露條文。
319、董事旨在就本集團的財務狀況及前景提供清晰及易於理解的評估。董事會並不知悉有任何重大不明朗因素，其涉及可能對本集團持續經營能力產生重大疑問的事件或狀況。有關外部核數師財務申報的責任載列於本年報的 獨立核數師報告。風險管理及內部監控董事會的主要職責之一乃維持一個充分的風險管理及內部監控系統，以保障股東的投資及本集團資產，並透過審核委員會每年檢討有關系統的有效性。審核委員會向董事會報告任何重大事宜並向董事會提供推薦意見。Each proposed new appointment,election or re-election of a Director shall be assessed and/o
320、r considered against the criteria and qualifications set out in the Nomination Policy by the Nomination Committee which shall recommend its views to the Board and/or the shareholders for consideration and determination.COMPANY SECRETARYMr.Lee Kai Ming,was appointed as the company secretary on 12 Dec
321、ember 2019.The company secretary reports to the chief executive officer directly and is responsible to the Board for ensuring that the Board procedures,applicable laws,rules and regulations are followed as well as the Board activities are efficiently and effectively conducted.He is also responsible
322、for ensuring that the Board is fully appraised of the relevant corporate governance developments relating to the Group and facilitating the induction and professional development of the Directors.During the Year,Mr.Lee Kai Ming has undertaken no less than 15 hours of relevant professional training i
323、n accordance with Rule 3.29 of the Listing Rules.DIRECTORS AND AUDITORS RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTSThe Directors acknowledge their responsibility for overseeing the preparation of the consolidated financial statements of the Group for the Year,which give a true and fair
324、view of the financial position of the Group on a going concern basis and are in compliance with the relevant accounting standard and principles,applicable laws and disclosure provisions of the Listing Rules.The Directors aim to present a clear and understandable assessment of the Groups financial po
325、sition and prospects.The Board is not aware of any material uncertainties relating to events or conditions that may cast significant doubt upon the Groups ability to continue as a going concern.The responsibilities of the external auditors with respect to the financial reporting are set out in the“I
326、ndependent Auditors Report”of this annual report.RISK MANAGEMENT AND INTERNAL CONTROLSOne of the major functions of the Board is to maintain an adequate risk management and internal control systems to safeguard shareholders investments and the Groups assets,and reviewing their effectiveness annually
327、 through the Audit Committee.The Audit Committee reports to the Board on any material issues and makes recommendations to the Board.Wah Wo Holdings Group Limited 華和控股集團有限公司42Corporate Governance Report企業管治報告制訂政策及程序以防止資產未經授權使用或出售、確保會計記錄妥為保存以提供可靠財務資料供內部使用或刊發，以及確保遵守適用法律、法規及規定。該等政策及程序可合理保證防止出現重大錯誤陳述或損失、
328、偵測本集團的管理系統的潛在中斷及合理管理本集團於達標過程中所存在之風險。於本年度，本公司委聘一家外部獨立顧問公司檢討本集團若干風險管理及內部監控系統的有效性。本集團已分階段執行該顧問提供的相關建議，以進一步加強其內部監控政策、程序及慣例。董事會認為本集團的風險管理及內部監控系統於本年度仍屬有效且充足。本集團對是否需要設立內部審核部門，已作年度檢討。鑒於本集團的公司及運作架構相對精簡，為避免分散資源建立獨立的內部審核部門，在審核委員會的協助下，董事會直接負責本集團的風險管理及內部監控系統以檢討其有效性。核數師薪酬於本年度，羅申美會計師事務所獲委任為本集團的獨立核數師。本公司核數師關於其對本集團於
329、本年度綜合財務報表的報告責任的聲明載於本年報的 獨立核數師報告。於本年度，就本公司核數師羅申美會計師事務所及其聯屬公司的審核及非審核服務而已付或應付彼等之薪酬如下：Policies and procedures have been designed to safeguard assets against unauthorised use or disposition,ensure the maintenance of proper accounting records for the provision of reliable financial information for interna
330、l use or for publication,and ensure compliance with applicable law,rules and regulations.The policies and procedures provide a reasonable assurance that material misstatements or losses are prevented,potential interruption of the Groups management system is detected,and risks existing in the course
331、of arriving at the Groups objectives are properly managed.During the Year,the Company engaged an external independent consulting firm to review the effectiveness of certain of the Groups risk management and internal controls systems.Relevant recommendations made by the consultant have already been i
332、mplemented in stages by the Group to further enhance its internal control policies,procedures and practices.The Board considered that the Groups risk management and internal control systems were effective and adequate during the Year.The Group has conducted an annual review on whether there is a nee
333、d for an internal audit department.Given the Groups relatively simple corporate and operation structure,as opposed to diverting resources to establish a separate internal audit department,the Board,supported by the Audit Committee,is directly responsible for risk management and internal control systems of the Group and for reviewing its effectiveness.AUDITORS REMUNERATIONFor the Year,RSM Hong Kong
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