ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告 Environmental, Social and Governance Report 環境、社會及管治報告 | CONTENTS | 目錄 | | | --- | --- | --- | | ENVIRONMENT, SOCIAL AND GOVERNANCE | 環境、社會及管治 | 2 | | OUR VISION | 我們的願景 | 2 | | OUR ESG MANAGEMENT PROCESSES AT A GLANCE | 我們的ESG管理流程概覽 | 2 | | MATERIALITY ASSESSMENT | 重要性評估 | 4 | | GOVERNANCE | 管治 | 6 | | Sustainability Governance | 可持續性管治 | 6 | | Upholding Ethical Standards | 堅持道德標準 | 7 | | Protecting Customer Data and Privacy | 保障客戶數據及私隱 | 7 | | Protect ...

Contents 目錄 | Corporate Information 公司資料 | 2-3 | | --- | --- | | Chairman's Statement 主席報告 | 4-15 | | Major Awards 主要獎項 | 16-18 | | Management Discussion and Analysis 管理層討論及分析 | 19-26 | | Report of the Directors 董事會報告 | 27-42 | | Corporate Governance Report 企業管治報告 | 43-65 | | Independent Auditor's Report 獨立核數師報告 | 66-73 | | Audited Financial Statements 經審核財務報告 | | | Consolidated Statement of Profit or Loss 綜合損益表 | 74 | | Consolidated Statement of Comprehensive Income 綜合全面收益表 | 75 | | Consolidated Statement ...

第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | | 於本公告日期，本公司之執行董事為戴德豐先生、胡美容女士、戴進傑先生、胡永標先生及謝少雲先生，及本公司之獨立非執行董 | EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 四洲集團有限公司 | | 股份代號 | 00374 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年三月三十一日止年度末期股息 | | 公告日期 | 2025年6月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | ...

[Financial Highlights](index=2&type=section&id=Financial%20Highlights) This section provides an overview of the Group's financial performance and position, including key figures from the income statement, comprehensive income statement, and balance sheet [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) In FY2025, the Group's revenue decreased by 7.0% to HK$3.625 billion, with profit attributable to owners of the Company significantly declining by 70.7% to HK$10.16 million, leading to a drop in basic earnings per share from 9.0 HK cents to 2.7 HK cents Consolidated Income Statement (HK$ Thousand) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 3,625,422 | 3,898,222 | -7.0% | | Gross Profit | 868,285 | 912,186 | -4.8% | | Profit Before Tax | 24,450 | 46,932 | -47.9% | | Profit for the Year | 8,789 | 33,296 | -73.6% | | Profit Attributable to Owners of the Company | 10,164 | 34,657 | -70.7% | - Basic and diluted earnings per share attributable to ordinary equity holders of the Company significantly decreased to **2.7 HK cents** from **9.0 HK cents** in the prior year[3](index=3&type=chunk) [Consolidated Comprehensive Income Statement](index=3&type=section&id=Consolidated%20Comprehensive%20Income%20Statement) Despite a decline in profit for the year, total comprehensive income turned profitable at HK$18.97 million, primarily due to a positive shift in foreign exchange differences from overseas operations Consolidated Comprehensive Income Statement (HK$ Thousand) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit for the Year | 8,789 | 33,296 | | Other Comprehensive Income/(Loss) for the Year, After Tax | 10,185 | (50,425) | | **Total Comprehensive Income/(Loss) for the Year** | **18,974** | **(17,129)** | | Attributable to Owners of the Company | 20,551 | (15,120) | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, the Group's total assets were HK$3.173 billion and net assets were HK$1.22 billion, with net current assets decreasing from HK$436.4 million to HK$241.36 million due to increased interest-bearing bank loans Consolidated Balance Sheet (HK$ Thousand) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Non-Current Assets | 1,372,507 | 1,208,176 | | Total Current Assets | 1,800,258 | 1,719,967 | | Total Current Liabilities | 1,558,899 | 1,283,553 | | **Net Current Assets** | **241,359** | **436,414** | | Total Non-Current Liabilities | 393,995 | 394,838 | | **Net Assets** | **1,219,871** | **1,249,752** | [Notes to Financial Statements](index=6&type=section&id=Notes%20to%20Financial%20Statements) This section details significant accounting policy changes, operating segment performance, revenue breakdown, dividend declarations, earnings per share calculations, and analyses of receivables and payables [2. Changes in Accounting Policies and Disclosures](index=7&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The Group adopted several revised HKFRSs this year, notably HKAS 1 (Revised) on liability classification, reclassifying certain bank loans from current to non-current liabilities and restating comparative figures, which increased net current assets - Following the adoption of HKAS 1 (Revised), the Group reclassified bank loans with a right to defer settlement for more than one year from current liabilities to non-current liabilities[13](index=13&type=chunk)[14](index=14&type=chunk) Quantitative Impact of Changes in Accounting Policies on the Balance Sheet (HK$ Thousand) | Impact Item | As at March 31, 2025 (HK$ Thousand) | As at March 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest-bearing Bank Loans (Current) | (242,581) | (195,250) | | Net Current Assets | 242,581 | 195,250 | | Interest-bearing Bank Loans (Non-Current) | 242,581 | 195,250 | [3. Operating Segment Information](index=9&type=section&id=3.%20Operating%20Segment%20Information) The Group operates in three segments: Hong Kong, Mainland China, and Japan, with Hong Kong remaining the largest revenue source despite a decline, Mainland China turning to a loss, and Japan showing significant segment profit growth despite lower revenue - The Group has three reportable operating segments: Hong Kong (manufacturing, sales, retail, and catering), Mainland China (manufacturing, sales, and catering), and Japan (wholesale and distribution)[19](index=19&type=chunk) Segment Revenue and Results (HK$ Thousand) | Segment | 2025 Revenue | 2024 Revenue | 2025 Results | 2024 Results | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 1,774,086 | 1,851,052 | 89,682 | 107,278 | | Mainland China | 586,546 | 682,460 | (10,570) | 15,055 | | Japan | 1,264,790 | 1,364,710 | 13,866 | 4,670 | [4. Revenue, Other Income and Gains/(Losses), Net](index=14&type=section&id=4.%20Revenue,%20Other%20Income%20and%20Gains/(Losses),%20Net) Total revenue, derived from goods sales, declined across all regions, while other income and net gains turned positive at HK$15.72 million, primarily due to a significant reduction in fair value losses on financial assets at fair value through profit or loss Revenue by Major Geographical Market (HK$ Thousand) | Major Geographical Market | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 1,774,086 | 1,851,052 | | Mainland China | 586,546 | 682,460 | | Japan | 1,264,790 | 1,364,710 | | **Total Revenue** | **3,625,422** | **3,898,222** | - Other income and net gains/(losses) turned into a gain of **HK$15.72 million** from a loss of HK$1.42 million last year, mainly due to a significant reduction in fair value losses on financial assets at fair value through profit or loss from HK$20.87 million to HK$0.54 million[28](index=28&type=chunk) [8. Dividends](index=17&type=section&id=8.%20Dividends) The Board proposed a final dividend of 6.5 HK cents per ordinary share, bringing the total dividend for the year ended March 31, 2025, to 9.5 HK cents per share, consistent with the prior year Annual Dividends (Per Share) | Dividend Type | 2025 (Per Share) | 2024 (Per Share) | | :--- | :--- | :--- | | Interim Dividend | 3.0 HK cents | 3.0 HK cents | | Proposed Final Dividend | 6.5 HK cents | 6.5 HK cents | | **Total Annual Dividend** | **9.5 HK cents** | **9.5 HK cents** | [9. Earnings Per Share](index=18&type=section&id=9.%20Earnings%20Per%20Share) Basic and diluted earnings per share for FY2025 significantly decreased from 9.0 HK cents to 2.7 HK cents, driven by a substantial decline in profit attributable to owners of the Company from HK$34.66 million to HK$10.16 million Basic Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders (HK$ Thousand) | 10,164 | 34,657 | | Weighted Average Number of Ordinary Shares in Issue (Thousand Shares) | 381,898 | 384,222 | | **Basic Earnings Per Share (HK cents)** | **2.7** | **9.0** | [10. & 11. Receivables and Payables](index=19&type=section&id=10.%20%26%2011.%20Receivables%20and%20Payables) As of the reporting period end, total trade receivables decreased to HK$592.4 million and trade payables slightly reduced to HK$258.83 million, with most receivables aged within three months - The Group generally grants credit periods of **one to three months** to customers, with major customers extending up to four to five months[38](index=38&type=chunk) Trade Receivables Ageing Analysis (HK$ Thousand) | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 Month | 326,173 | 381,903 | | 1 to 3 Months | 179,371 | 156,261 | | Over 3 Months | 86,860 | 86,883 | | **Total** | **592,404** | **625,047** | Trade Payables Ageing Analysis (HK$ Thousand) | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 Month | 193,224 | 189,509 | | 1 to 3 Months | 63,479 | 65,918 | | Over 3 Months | 2,129 | 10,769 | | **Total** | **258,832** | **266,196** | [Business Review and Outlook](index=21&type=section&id=Business%20Review%20and%20Outlook) This section reviews the Group's overall and segment-specific business performance in a challenging market, outlining strategic initiatives and future prospects across its geographical and business type operations [Overall Performance](index=21&type=section&id=Overall%20Performance) In FY2025, the Group's consolidated turnover decreased to HK$3.625 billion and profit attributable to owners of the Company fell to HK$10.16 million due to slowing consumer markets in Hong Kong, Mainland China, and Japan, despite positive impacts from RMB and JPY depreciation Overall Performance | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Consolidated Turnover | HK$3,625,422,000 | HK$3,898,222,000 | | Profit Attributable to Owners of the Company | HK$10,164,000 | HK$34,657,000 | - Facing a weak consumer market, the Group proactively adopted a more **consumer-friendly pricing strategy** to consolidate its market position and controlled expenses by streamlining processes and optimizing labor costs[46](index=46&type=chunk) - The depreciation of the Renminbi and Japanese Yen against the Hong Kong Dollar during the period had a **positive impact** on the Group's performance[46](index=46&type=chunk) [Segment Business Review](index=22&type=section&id=Segment%20Business%20Review) Segment business review covers performance by geography and business type, showing declining turnover in Hong Kong, Mainland China, and Japan due to weak consumption and exchange rates, while food agency, manufacturing, retail, and catering businesses maintained stable operations amidst challenges [By Geography](index=22&type=section&id=By%20Geography) Turnover declined across Hong Kong (49% of total), Mainland China (16%), and Japan (35%), impacted by high interest rates, cross-border consumption, cautious consumer spending, and currency depreciation - Hong Kong's turnover was **HK$1.774 billion**, accounting for **49%** of the total, with business affected by high interest rates, slowing economic growth, and increased cross-border shopping[47](index=47&type=chunk) - Mainland China's turnover was **HK$587 million**, accounting for **16%** of the total, with the slowdown influenced by consumers' strong saving intentions and a weaker Renminbi exchange rate[48](index=48&type=chunk) - Japan's turnover was **HK$1.265 billion**, accounting for **35%** of the total, impacted by continuous price increases and a weaker Japanese Yen exchange rate[49](index=49&type=chunk) [By Business Type](index=23&type=section&id=By%20Business%20Type) The Group's core businesses—food agency, manufacturing, retail, and catering—maintained stable operations, with food agency leveraging its distribution network, manufacturing focusing on quality across 17 factories, and retail/catering expanding with new outlets like the 'Four Seas Food Experience Centre' - **Food Agency**: As a core business, it maintains a vast distribution network and focuses on developing daily necessities like Japanese eggs and dairy products, generating stable income[50](index=50&type=chunk) - **Food Manufacturing**: Operates **17 food processing factories** in Mainland China and Hong Kong, strictly controlling quality and holding multiple international authoritative certifications[51](index=51&type=chunk) - **Retail and Catering**: Brands include "Okashi Land" and "Kung Tak Lam", with new openings such as "Chiu Sheung Tsui" Teochew cuisine restaurant, "The CHOYA Ginza BAR", and the large retail outlet "**Four Seas Food Experience Centre**"[52](index=52&type=chunk)[53](index=53&type=chunk) [Future Outlook](index=26&type=section&id=Future%20Outlook) The Group will pursue a 'Hong Kong-rooted, Mainland-focused, global-minded' strategy, developing the 'Four Seas Food Experience Centre' and e-commerce in Hong Kong, expanding online and offline in the Greater Bay Area, and leveraging Miyata's network to enhance food market connectivity across China, Hong Kong, and Japan - **Hong Kong Strategy**: Promote the development of the **over 20,000 sq ft "Four Seas Food Experience Centre"** in Causeway Bay, integrating exhibition, marketing, and retail, and expanding e-commerce business in collaboration with JD.com[58](index=58&type=chunk) - **Mainland China Strategy**: Focus on the **Greater Bay Area**, continuously expanding online (Taobao, Tmall, JD.com) and offline ("Four Seas Okashi Land" flagship stores) sales footprint[59](index=59&type=chunk) - **Japan Strategy**: Utilize the wholly-owned Miyata Corporation to introduce Japanese food to the China and Hong Kong markets, and bring China and Hong Kong food to Japan, achieving synergistic benefits[60](index=60&type=chunk) [Other Key Matters](index=27&type=section&id=Other%20Key%20Matters) This section addresses the Group's liquidity and financial resources, details of share repurchases, and adherence to corporate governance principles during the reporting period [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group held HK$631.98 million in cash, with 46% of its HK$2.709 billion bank credit facilities utilized, resulting in a net debt-to-equity ratio of 52% Liquidity and Financial Resources Overview (As at March 31, 2025) | Metric | Amount | | :--- | :--- | | Cash and Cash Equivalents | HK$631,977,000 | | Bank Credit Facilities | HK$2,709,158,000 | | Utilized Credit Facilities Ratio | 46% | | Net Debt-to-Equity Ratio | 52% | [Share Repurchase](index=28&type=section&id=Share%20Repurchase) During the review year, the Company repurchased 4,122,000 shares for approximately HK$10.6 million on the Stock Exchange, aiming to enhance shareholder value by increasing net asset value and earnings per share Annual Share Repurchase Details | Repurchase Month | Number of Shares Repurchased | Total Consideration (HK$ Thousand) | | :--- | :--- | :--- | | September 2024 | 34,000 | 85 | | December 2024 | 2,522,000 | 6,478 | | January 2025 | 1,542,000 | 3,977 | | March 2025 | 24,000 | 60 | | **Total** | **4,122,000** | **10,600** | [Corporate Governance](index=28&type=section&id=Corporate%20Governance) The Company confirmed compliance with the Corporate Governance Code throughout the reporting period, with the Audit Committee, comprising three independent non-executive directors, reviewing the consolidated financial report, and auditors confirming consistency with preliminary statements - The Board believes that the Company has complied with the code provisions set out in the Corporate Governance Code for the year ended March 31, 2025[65](index=65&type=chunk) - The Audit Committee, composed of **three independent non-executive directors**, has reviewed the Group's accounting policies, risk management, and financial reporting[67](index=67&type=chunk)

FOUR SEAS MERCANTILE HOLDINGS LIMITED 四洲集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：374） 提名委員會 - 職權範圍 1. 成員 2. 秘書 2.1 提名委員會可不時委任具備適當資格及經驗之人士擔任提名委員會之秘書。 3. 會議 四洲集團有限公司 提名委員會 - 職權範圍（於 2025 年 6 月 27 日修訂） 1 3.7 完整會議紀錄須由提名委員會之秘書備存。會議結束後，須於合理時段內先後將會 議紀錄之初稿及最終定稿發送予全體成員，初稿供成員表達意見，最終定稿則作其 紀錄之用。會議紀錄須公開予董事查閱。 4. 出席會議 5. 股東週年大會 5.1 提名委員會主席或（如其未克出席）提名委員會另一成員（或如該名成員未克出席， 則其適當委任的代表）須出席本公司股東週年大會（「股東週年大會」），並準備於 股東週年大會回答提問。 6. 職責、權力及酌情權 提名委員會應有之職責、權力及酌情權如下：- 四洲集團有限公司 提名委員會 - 職權範圍（於 2025 年 6 月 27 日修訂） 1.1 提名委員會須由本公司董事會（「董事會」）委任。 1.2 提名委員會大 ...

執行董事 FOUR SEAS MERCANTILE HOLDINGS LIMITED 四 洲 集 團 有 限 公 司 (於開曼群島註冊成立之有限公司) (股份代號: 374) 董事名單與其角色和職能 四洲集團有限公司董事會（「董事會」）成員載列如下。 附註： C 有關董事委員會的主席 M 有關董事委員會的成員 香港，自二零二五年六月二十七日生效 戴德豐 GBM GBS SBS 太平紳士 （主席） 胡美容 （副主席） 戴進傑 （董事總經理） 胡永標 謝少雲 獨立非執行董事 陳玉生 木島綱雄 張榮才 董事會設立四個董事委員會。下表提供各董事會成員在該等委員會中所擔任的職位。 | 董事 | 董事委員會 | | | | | --- | --- | --- | --- | --- | | | 審核委員會 執行委員會 提名委員會 | | | 薪酬委員會 | | 戴德豐 | | C | | | | 胡美容 | | M | M | M | | 戴進傑 | | M | | | | 胡永標 | | M | | | | 謝少雲 | | | | | | 陳玉生 | M | | C | C | | 木島綱雄 | M | | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 FOUR SEAS MERCANTILE HOLDINGS LIMITED 四洲集團有限公 司 四洲集團有限公司 主席 戴德豐 GBM GBS SBS太平紳士 （於開曼群島註冊成立之有限公司） （股份代號：374） 提名委員會組成變動 四洲集團有限公司（「本公司，連同其附屬公司統稱為「本集團」）之董事會（「董事 會」）謹 此 宣 佈，本 公 司 提 名 委 員 會（「提名委員會」）的 組 成 有 以 下 變 動， 自二零二五年六月二十七日起生效： 於 作 出 上 述 變 動 後，提 名 委 員 會 由 兩 名 獨 立 非 執 行 董 事（即 提 名 委 員 會 主 席 陳玉生先生及張榮才先生）及一名執行董事（即胡美容女士）所組成，並設有一名 不同性別的董事，自二零二五年六月二十七日起生效。 1 1. 本公司主席兼執行董事戴德豐先生已不再擔任提名委員會主席兼成員； 2. 本公司副主席兼執行董事胡美容女士已 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 FOUR SEAS MERCANTILE HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：374） 盈利警告 本公告乃由四洲集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港法例第571章證券及期貨條例第XIVA部及香港聯合交易所有限公司證券上市規 則第13.09條而刊發。 本公司董事會（「董事會」）謹此通知本公司股東及有意投資者，根據管理層目前可 得之資料，本集團預期於截至二零二五年三月三十一日止年度將錄得本公司股東 應佔綜合溢利介乎8,000,000港元至13,000,000港元，而上一年度則錄得本公司股東 應佔綜合溢利約為35,000,000港元。 溢利下降主要是由於本集團收入減少，因消費者支出在經濟增長放緩的背景下變 得更加謹慎，而本集團所處市場的利率相對較高且地緣政治緊張局勢持續。此外， 香港零售及餐飲業的本地消費進一步受到消費者行為轉變的影響， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 FOUR SEAS MERCANTILE HOLDINGS LIMITED 任慧華 香港，二零二五年六月十七日 於本公告日期，本公司之執行董事為戴德豐先生、胡美容女士、戴進傑先生、 胡永標先生及謝少雲先生，及本公司之獨立非執行董事為陳玉生先生、 木島綱雄先生及張榮才先生。 四洲集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：374） 董事會召開日期 四 洲 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」）之 董 事 會 （「董事會」）茲通告謹定於二零二五年六月二十七日（星期五）舉行董事會會議， 以考慮及通過本集團截至二零二五年三月三十一日止年度（「該年度」）的全年業績、 考慮建議派發該年度的股息（如有），以及處理其他事項。 承董事會命 四洲集團有限公司 公司秘書 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香港食品投資控股有限公司 HONG KONG FOOD INVESTMENT HOLDINGS LIMITED FOUR SEAS MERCANTILE HOLDINGS LIMITED (Incorporated in Hong Kong with limited liability) 香港食品投資控股有限公司 四洲集團有限公司 (Stock Code: 60) （於香港註冊成立之有限公司） FOUR SEAS MERCANTILE HOLDINGS LIMITED 四洲集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code : 374) （於開曼群島註冊成立之有限公司） （股份代號：60） （股份代號：374） 持 ...