有限公 2024/25 Annual Report 年報 China Brilliant Global Limited 朗 華 國 際 集 團 司 Annual Report 2024/25 年報 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest on ...

2025 年報 GOLDEN RESOURCES 金源集團 金 源 發 展 國 際 實 業 有 限 公 司 (股份代號: 677) 於百慕達註冊成立之有限公司 CIRCLE CO 0 CIRCLE CO | 9 目錄 | 公司資料 | 2 | | --- | --- | | 使命、願景及戰略任務 | 3 | | 主席報告書 | 6 | | 董事會報告書 | 8 | | 企業管治報告 | 23 | | 環境、社會及管治報告 | 38 | | 獨立核數師報告 | 62 | | 綜合損益表 | 69 | | 綜合全面收益表 | 70 | | 綜合財務狀況表 | 71 | | 綜合權益變動表 | 73 | | 綜合現金流量表 | 75 | | 財務報表附註 | 77 | | 投資物業摘要 | 159 | | 集團財政概要 | 160 | 金源發展國際實業有限公司 年報2025 公司 資料 董事會 執行董事 林烱熾 （主席及集團執行主席） 林世豪 （副主席及集團行政總裁） 林世雯 源美棠 曾春曜 獨立非執行董事 林源道 余達志 林健鋒 公司秘書 卓育龍 核數師 畢馬威會計師事務所 執業會計師 根據會計及財務匯報局條例 ...

ANNUAL REPORT 2025 Microware Group Limited 美高域集團有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 1985 年報 2025 Microware Group Limited (incorporated in the Cayman Islands with limited liability) Stock Code: 1985 美高域集團有限公司 ANNUAL REPO RT 2025 二零二五年年報 Microwar e Grou p Limite d 美高域集團有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 年度要事 | 4 | | 主席報告書 | 13 | | 管理層討論及分析 | 15 | | 董事及高級管理層履歷 | 19 | | 企業管治報告 | 23 | | 董事會報告 | 37 | | 獨立核數師報告 | 50 | | 綜合損益及其他全面收益表 | 55 | | 綜合財務狀況表 | 56 | | 綜合權益變動表 | 57 | | 綜合現金流量表 | 58 | | 綜合財務報表附註 | 60 | | 財務摘要 | 13 ...

Contents 目錄 | | | 頁次 | | --- | --- | --- | | | | Page | | 公司資料 | Corporate Information | 2-4 | | 主席報告書 | Chairman's Statement | 5-11 | | 董事會報告書 | Directors' Report | 12-24 | | 企業管治報告書 | Corporate Governance Report | 25-53 | | 獨立核數師報告書 | Independent Auditor's Report | 54-61 | | 綜合損益及其他 | Consolidated Statement of Profit or Loss | 62 | | 全面收入表 | and Other Comprehensive Income | | | 綜合財務狀況表 | Consolidated Statement of Financial Position | 63 | | 綜合權益變動表 | Consolidated Statement of Changes in Equity | 64-65 | | ...

[Corporate Information](index=4&type=section&id=Corporate_Information) The report provides essential company registration details, headquarters address, board members, committee structures, and key auditors and banks - The report provides key information including the company's basic registration details, headquarters address, board members, committee composition, and primary auditors and banks[8](index=8&type=chunk)[9](index=9&type=chunk)[12](index=12&type=chunk) - The Board of Directors comprises executive and independent non-executive directors, with Mr. Ho Cheuk Fai serving as Chairman and Chief Executive Officer. Changes in board members and committees, including new appointments and resignations, occurred during and after the reporting period[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Key Information for Shareholders](index=6&type=section&id=Key_Information_for_Shareholders) This section provides key financial calendar dates, market capitalization overview, and listing details for shareholders Key Dates for Fiscal Year 2025 | Event | Date | | :--- | :--- | | 2024/25 Annual Results Announcement | June 25, 2025 | | Annual General Meeting | September 5, 2025 | | Final Dividend Last Registration Date | September 10, 2025 | | Estimated Final Dividend Payment Date | September 30, 2025 | Market Capitalization Overview | Date | Closing Price (HKD) | Market Capitalization (HKD) | | :--- | :--- | :--- | | March 31, 2025 | 0.82 | 1,657,312,824 | | June 30, 2025 | 0.88 | 1,778,579,616 | - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong with stock code 1050, and each board lot consists of **2,000 shares**[21](index=21&type=chunk)[22](index=22&type=chunk) [Corporate Calendar](index=8&type=section&id=Corporate_Calendar) The company expanded its production capacity in Thailand, secured new orders, and received multiple awards, demonstrating comprehensive strengths - In January 2025, the Group announced an investment of approximately **HKD 115 million** to acquire about **70,000 square meters** of land in Amata Industrial Park, Chonburi, Thailand, planning to build a new production base to expand overseas server chassis and related product capacity[27](index=27&type=chunk) - The Group's Thailand plant successfully delivered data center-related orders to new clients and continued to achieve business growth during the reporting period. Concurrently, the Group leased additional production facilities in Thailand to support capacity expansion[24](index=24&type=chunk)[27](index=27&type=chunk) - The Group received multiple accolades during the reporting period, including the 'Excellence Award' from Dell, and several awards for corporate social responsibility, talent development, and environmental protection, highlighting its comprehensive capabilities[24](index=24&type=chunk)[26](index=26&type=chunk) [Financial Highlights](index=11&type=section&id=Financial_Highlights) The company achieved significant revenue and profit growth in FY2025, driven by metal and plastic business and North American sales Key Financial Data for FY2025 | Metric | 2025 (million HKD) | 2024 (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 3,231 | 2,916 | 11% | | Gross Profit | 472 | 370 | 28% | | Operating Profit | 285 | 228 | 25% | | Profit for the Year | 204 | 170 | 20% | | Basic Earnings Per Share (HK cents) | 10.1 | 8.4 | 20% | | Total Cash Dividend Per Share (HK cents) | 5.5 | 5.5 | — | | Gross Profit Margin (%) | 14.6 | 12.7 | 15% | | Net Profit Margin (%) | 6.3 | 5.8 | 9% | | Net Gearing Ratio (%) | 43 | 39 | 10% | - By business segment, revenue from the Metal and Plastic business increased its contribution from **59% in FY2024 to 63% in FY2025**, while Electronic Manufacturing Services (EMS) decreased from **41% to 37%**[36](index=36&type=chunk)[37](index=37&type=chunk) - By geographical region, North America was the largest revenue source, accounting for **37% of total revenue**, followed by Hong Kong (**21%**) and Mainland China (**19%**)[39](index=39&type=chunk)[40](index=40&type=chunk) [Chairman's Statement](index=14&type=section&id=Chairman's_Statement) The Chairman's Statement reviews the company's strong financial performance, dividend policy, future outlook, and financial resources [Business Review and Results](index=14&type=section&id=Business_Review_and_Results) FY2025 saw the Group's revenue grow **11%** to **HKD 3.23 billion** and profit increase **21%** to **HKD 204.48 million**, driven by AI server demand and Thailand plant expansion Overall Performance for FY2025 | Metric | FY2025 (HKD) | FY2024 (HKD) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 3,231,329,000 | 2,915,981,000 | Approx. 11% | | Profit Attributable to Equity Holders | 204,481,000 | 169,659,000 | Approx. 21% | - Revenue from the Metal and Plastic (M&P) business increased by approximately **17%** to **HKD 2.03 billion**, primarily driven by increased demand for server chassis and mold orders, as well as large charging pile enclosure products[48](index=48&type=chunk) - Revenue from the Electronic Manufacturing Services (EMS) business saw a slight increase of approximately **1%** to **HKD 1.20 billion**, showing stable performance[48](index=48&type=chunk) - The Group's production facility in Thailand continued to expand and operate smoothly, with an investment of approximately **HKD 115 million** in January 2025 to acquire new land, planning to build a one-stop production base to optimize global capacity allocation[49](index=49&type=chunk)[50](index=50&type=chunk) [Dividend Policy](index=20&type=section&id=Dividend_Policy) The Board recommends a final dividend of **3.0 HK cents per share**, maintaining the full-year dividend at **5.5 HK cents per share** to uphold its consistent payment record FY2025 Dividend Details | Dividend Type | FY2025 (HK cents/share) | FY2024 (HK cents/share) | | :--- | :--- | :--- | | Interim Dividend | 2.5 | 1.5 | | Final Dividend (Proposed) | 3.0 | 4.0 | | **Total Full-Year Dividend** | **5.5** | **5.5** | - The company has maintained a record of continuous dividend payments for **29 consecutive years** since its listing in 1996, with a dividend policy target of distributing **30% or more** of profit attributable to shareholders[107](index=107&type=chunk) [Prospects](index=21&type=section&id=Prospects) The Group expects AI servers and charging pile products to drive future growth, focusing on Thailand plant completion to enhance global supply chain resilience and expand product lines - AI servers and charging pile-related products are expected to be the Group's primary drivers for future business growth[64](index=64&type=chunk)[66](index=66&type=chunk) - Completing the construction of the Thailand plant is a strategic focus for the Group's future development, aiming to strengthen global supply chain resilience and responsiveness through synergy between China and Thailand production lines[65](index=65&type=chunk)[66](index=66&type=chunk) - The Group has completed the preparation of new-generation AI server prototypes (including air-cooled and liquid-cooled configurations) and continues to invest in R&D to expand server peripheral product lines such as racks, brackets, rails, and liquid cooling systems[68](index=68&type=chunk) [Financial Resources](index=23&type=section&id=Financial_Resources) As of March 31, 2025, the Group's net interest-bearing borrowings were approximately **HKD 466 million**, with a **43%** net gearing ratio, supported by strong cash and unutilized banking facilities Financial Position Overview (As of March 31, 2025) | Metric | Amount (million HKD) | | :--- | :--- | | Net Interest-Bearing Borrowings | 466.3 | | Net Gearing Ratio | 43% | | Cash and Bank Balances | 191.2 | | Unutilized Banking Facilities | 853.7 | - The preliminary capital expenditure (CAPEX) budget for FY2025/26 is approximately **HKD 217 million**, primarily allocated for plant construction, machinery and equipment purchases, and computer systems[79](index=79&type=chunk)[83](index=83&type=chunk) [Corporate Governance Report](index=32&type=section&id=Corporate_Governance_Report) The Corporate Governance Report details the company's adherence to governance codes, board composition, committee functions, and risk management frameworks [Compliance and Deviations](index=32&type=section&id=Compliance_and_Deviations) The Group largely complied with the Corporate Governance Code, noting deviations regarding the Chairman's retirement by rotation and the combined Chairman/CEO roles, which the Board deems provides strong leadership - The Group deviated from Code Provision B.2.2, where the Chairman is not subject to retirement by rotation, but the Chairman will consider voluntary retirement at least once every three years to align with the code's spirit[119](index=119&type=chunk)[120](index=120&type=chunk)[122](index=122&type=chunk) - The Group deviated from Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are not separated, both held by founder Mr. Ho Cheuk Fai. The Board believes this provides strong and consistent leadership, and the Board's composition ensures a balance of power[124](index=124&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk) [Board of Directors](index=33&type=section&id=Board_of_Directors) As of March 31, 2025, the Board comprises seven directors, including four executive and three independent non-executive directors, meeting listing rules and overseeing strategy, finance, and governance - The Board of Directors consists of **7 directors**, including **3 independent non-executive directors**, complying with listing rule requirements. The Board is responsible for leading and overseeing the Group's affairs[131](index=131&type=chunk)[168](index=168&type=chunk) - The company has adopted a Board Diversity Policy and believes the current Board composition is balanced in terms of skills, experience, and diverse perspectives. As of the reporting date, the Board includes at least one female director[141](index=141&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) - All directors participated in continuous professional development activities and completed relevant training during the reporting year[160](index=160&type=chunk)[161](index=161&type=chunk) [Board Committees](index=45&type=section&id=Board_Committees) The Board's Remuneration, Audit, and Nomination Committees, all chaired by independent non-executive directors, oversee compensation, financial reporting, risk management, and board structure - The Remuneration Committee, chaired by Dr. Lau Kin Wah, is responsible for formulating remuneration policies and has reviewed the remuneration packages for directors and senior management for the current year[178](index=178&type=chunk)[179](index=179&type=chunk) - The Audit Committee, chaired by Mr. Fong Hoi Shing, comprises three independent non-executive directors and is responsible for reviewing financial reports, internal controls, and risk management systems[182](index=182&type=chunk)[183](index=183&type=chunk) - The Nomination Committee, chaired by Dr. Lau Kin Wah, is responsible for reviewing the Board's structure, size, and composition, and recommending director candidates to the Board based on the adopted nomination policy[188](index=188&type=chunk)[189](index=189&type=chunk) [Accountability and Audit](index=55&type=section&id=Accountability_and_Audit) The Board affirms its responsibility for preparing true and fair financial statements, maintaining effective risk management and internal control systems, and disclosing auditor remuneration - The Board is responsible for the Group's risk management and internal control systems and considers them effective and adequate during the reporting year[203](index=203&type=chunk)[204](index=204&type=chunk) - The Group's risk management framework categorizes risks into four main types: strategic, operational, compliance, and financial and reporting[215](index=215&type=chunk) Auditor's Remuneration | Service Type | Amount (HKD) | | :--- | :--- | | Audit Services | 3,417,000 | | Non-Audit Services (primarily tax) | 1,336,000 | [Senior Management Profile](index=69&type=section&id=Senior_Management_Profile) This section provides detailed profiles of the executive directors, independent non-executive directors, and key management personnel, outlining their backgrounds, experience, and responsibilities - This section details the backgrounds, experience, and responsibilities of executive directors, independent non-executive directors, and core management personnel. Founder Mr. Ho Cheuk Fai serves as Chairman and Chief Executive Officer, responsible for the Group's overall strategy. Other senior executives possess extensive experience in human resources, manufacturing, and marketing[254](index=254&type=chunk)[258](index=258&type=chunk)[264](index=264&type=chunk)[276](index=276&type=chunk) [Report of the Directors](index=76&type=section&id=Report_of_the_Directors) The Report of the Directors covers the company's principal activities, business analysis, share schemes, and disclosures regarding directors' and shareholders' interests [Principal Activities and Business Analysis](index=76&type=section&id=Principal_Activities_and_Business_Analysis) The Group operates in Metal and Plastic and EMS, facing risks like high customer concentration and supply volatility, mitigated by diversification and supply chain flexibility - The Group primarily engages in two main businesses: Metal and Plastic (M&P) and Electronic Manufacturing Services (EMS)[281](index=281&type=chunk)[285](index=285&type=chunk) - The Group faces key risks including high customer concentration, volatility in raw material supply, and uncertainties in the global macroeconomic environment[316](index=316&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) Key Customer and Supplier Concentration (FY2025) | Category | Percentage | | :--- | :--- | | **Sales** | | | Largest Customer | 37% | | Top Five Customers Combined | 90% | | **Procurement** | | | Largest Supplier | 49% | | Top Five Suppliers Combined | 63% | [Share Schemes](index=83&type=section&id=Share_Schemes) The company adopted new share option and share award schemes in August 2023, with **5.72 million** awarded shares and **1.15 million** outstanding options under the old scheme - The company adopted new share option and share award schemes on August 30, 2023, both with a **10-year validity period**[369](index=369&type=chunk)[378](index=378&type=chunk) - During the reporting year, **5,720,000** awarded shares were granted to directors and employees under the new share award scheme[378](index=378&type=chunk)[386](index=386&type=chunk)[387](index=387&type=chunk) - As of March 31, 2025, **1,150,000** share options remained unexercised under the old share option scheme, with a weighted average remaining contractual life of **1.57 years**[341](index=341&type=chunk)[940](index=940&type=chunk) [Directors and Shareholders' Interests](index=112&type=section&id=Directors_and_Shareholders%27_Interests) This section details directors', chief executives', and substantial shareholders' interests in company shares, with Chairman Mr. Ho Cheuk Fai and his family holding approximately **72.57%** - Chairman Mr. Ho Cheuk Fai and his family collectively hold approximately **72.57%** of the company's share interests[435](index=435&type=chunk) - Major shareholders include New Sense (**24.12%**), Castfast Properties (**16.33%**), and The Wedding City (**12.86%**), all related to Mr. Ho Cheuk Fai's family trust or his personal interests[447](index=447&type=chunk) [Independent Auditor's Report](index=123&type=section&id=Independent_Auditor%27s_Report) KPMG issued an unqualified opinion on the consolidated financial statements for the year ended March 31, 2025, highlighting key audit matters related to revenue recognition timing and inventory valuation - KPMG, the auditor, issued an unqualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements present a true and fair view of the Group's financial position, performance, and cash flows[476](index=476&type=chunk) - The report identified two key audit matters: 1. **Timing of revenue recognition**: Due to diverse sales contract terms, there is an increased risk of errors in revenue recognition timing 2. **Inventory valuation**: Due to the Group holding significant inventory and the assessment of inventory provisions involving substantial management judgment[480](index=480&type=chunk)[483](index=483&type=chunk)[490](index=490&type=chunk) [Consolidated Financial Statements](index=132&type=section&id=Consolidated_Financial_Statements) This section presents the Group's consolidated financial statements, including the statement of financial position, profit or loss, and cash flows, providing a comprehensive overview of its financial health and performance [Consolidated Statement of Financial Position](index=132&type=section&id=Consolidated_Statement_of_Financial_Position) As of March 31, 2025, the Group's total assets increased **5%** to **HKD 2.53 billion**, total equity rose **9%** to **HKD 1.08 billion**, and the current ratio improved to **1.2** Consolidated Statement of Financial Position Summary (As of March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Non-Current Assets** | 1,141.8 | 1,059.9 | | **Current Assets** | 1,390.9 | 1,342.8 | | **Total Assets** | **2,532.7** | **2,402.7** | | **Total Equity** | **1,078.8** | **993.0** | | **Current Liabilities** | 1,181.7 | 1,212.7 | | **Non-Current Liabilities** | 272.2 | 197.0 | | **Total Liabilities** | **1,453.9** | **1,409.7** | [Consolidated Statement of Profit or Loss](index=135&type=section&id=Consolidated_Statement_of_Profit_or_Loss) For FY2025, the Group's revenue grew **11%** to **HKD 3.23 billion**, gross profit surged **28%** to **HKD 472.1 million**, and net profit increased **20%** to **HKD 204.5 million** Consolidated Statement of Profit or Loss Summary (For the year ended March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 3,231.3 | 2,916.0 | | Gross Profit | 472.1 | 370.1 | | Operating Profit | 285.0 | 228.4 | | Profit Before Tax | 247.6 | 187.0 | | **Profit for the Year** | **204.5** | **169.7** | [Consolidated Cash Flow Statement](index=139&type=section&id=Consolidated_Cash_Flow_Statement) In FY2025, net cash from operations was **HKD 261.8 million**, with net outflows from investing (**HKD 142.8 million**) and financing (**HKD 77.9 million**), increasing year-end cash to **HKD 191.2 million** Consolidated Cash Flow Statement Summary (For the year ended March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 261.8 | 318.2 | | Net Cash Used in Investing Activities | (142.8) | (94.4) | | Net Cash Used in Financing Activities | (77.9) | (232.4) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **41.1** | **(8.7)** | | Cash and Cash Equivalents at Year-End | 191.2 | 149.4 | [Five-Year Financial Summary](index=289&type=section&id=Five-Year_Financial_Summary) This section provides a five-year summary of the Group's financial performance, assets, and liabilities, offering a historical perspective on its financial trends Five-Year Financial Performance Summary (Continuing Operations) | For the year ended March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 (Restated) | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 3,231,329 | 2,915,981 | 3,081,697 | 3,075,013 | 3,472,798 | | Operating Profit | 285,026 | 228,372 | 210,785 | 303,296 | 743,992 | | Profit for the Year | 204,481 | 169,659 | 182,318 | 254,273 | 445,328 | Five-Year Assets and Liabilities Summary | As of March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 2,532,706 | 2,402,721 | 2,550,779 | 5,066,066 | 4,430,888 | | Total Equity | 1,078,784 | 993,004 | 936,762 | 1,696,552 | 1,696,706 | | Total Liabilities | 1,453,922 | 1,409,717 | 1,614,017 | 3,369,514 | 2,734,182 |

ALLIANCE INTERNATIONAL EDUCATION LEASING HOLDINGS LIMITED 友聯國際教育租賃控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：1563 2024/25年度報告 ANNUAL REPORT 2024/25 ALLIANCE INTERNATIONAL EDUCATION LEASING HOLDINGS LIMITED 友聯國際教育租賃控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock code : 1563 友聯國際教育租賃控股有限公司 ALLIANCE INTERNATIONAL EDUCATION LEASING HOLDINGS LIMITED 4/25 2 0 2 TR O P E R L AU N NA 告 報 度 年 目錄 02 公司資料 03 主席致辭 04 管理層討論及分析 19 董事履歷 25 企業管治報告 42 董事會報告 60 獨立核數師報告 65 綜合損益及其他全面收益表 66 綜合財務狀況表 67 綜合權益變動表 68 綜合現金 ...

香港太古城太古灣道12號 3樓301-3室 Suites 301-3, 3rd Floor 12 Taikoo Wan Road Taikoo Shing, Hong Kong 目 錄 | 2 | 主席報告 | | --- | --- | | 4 | 管理層討論及分析 | | 18 | 環境、社會及管治報告 | | 44 | 董事會報告 | | 52 | 企業管治報告 | | 61 | 公司資料 | | 63 | 董事會 | | 65 | 獨立核數師報告 | | 71 | 綜合損益及其他全面收益表 | | 72 | 綜合財務狀況表 | | 74 | 綜合權益變動表 | | 75 | 綜合現金流量表 | | 77 | 綜合財務報表之附註 | | 165 | 財務資料概要 | | 166 | 投資物業之詳情 | 主席 報告 致各股東： 本人謹代表董事會（「董事會」）提呈大凌集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 截至二零二五年三月三十一日止財政年度（「二零二五年財政年度」）的業績年報。 鑑於地緣政治局勢緊張、利率調整及投資意願薄弱，二零二五年財政年度的整體經濟狀況乃充滿 挑戰及變數。香港消費意 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) | Metric | Year Ended March 31, 2025 | Year Ended March 31, 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | Approx. HK$292.6 million | Approx. HK$316.3 million | -7.5% | | **Gross Profit** | Approx. HK$114.2 million | Approx. HK$119.2 million | -4.2% | | **Gross Profit Margin** | Approx. 39.0% | Approx. 37.7% | +1.3 percentage points | | **Loss for the Year Attributable to Owners of the Company** | Approx. HK$6.1 million | Approx. HK$8.3 million | Loss narrowed by 26.5% | | **Cash and Cash Equivalents at Period End** | Approx. HK$103.1 million | Approx. HK$100.1 million | +3.0% | | **Final Dividend** | Nil | Nil | - | [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) [Operating Results](index=6&type=section&id=Operating%20Results) Affected by the persistent sluggish Hong Kong market, the Group's revenue for FY2025 decreased by 7.5% year-on-year to HK$292.6 million; despite the revenue decline, loss attributable to owners of the Company narrowed from HK$8.3 million to HK$6.1 million, a reduction of HK$2.2 million, indicating effective cost control | Financial Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | HK$292.6 million | HK$316.3 million | -HK$23.7 million | | **Loss Attributable to Owners of the Company** | HK$6.1 million | HK$8.3 million | Loss reduced by HK$2.2 million | [Prospects](index=6&type=section&id=Prospects) The Group will continue to invest in advanced paper and digital printing equipment to solidify its market position; facing economic uncertainties, the company will actively optimize cost and risk management, strengthen core printing businesses, and seek new opportunities for revenue diversification to create long-term shareholder value - Continuous investment in advanced machinery strengthens paper and digital printing capabilities to meet customer expectations and market demands[18](index=18&type=chunk)[22](index=22&type=chunk) - Future strategic priorities include strengthening core printing businesses, optimizing resource allocation, enhancing efficiency and profitability, and actively seeking new opportunities for revenue diversification[19](index=19&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=8&type=section&id=Business%20Review) The Group primarily operates three businesses: paper printing, inkjet printing, and yacht financing; in FY2025, revenue from both paper printing and inkjet printing businesses declined, while yacht financing contributed HK$4.7 million in revenue | Business Segment | FY2025 Revenue (HKD) | FY2024 Revenue (HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Paper Printing (e-print)** | Approx. HK$197.6 million | Approx. HK$223.6 million | -11.6% | | **Inkjet Printing (e-banner)** | Approx. HK$90.3 million | Approx. HK$92.7 million | -2.6% | | **Yacht Financing** | Approx. HK$4.7 million | N/A | New | [Materials events occurred during the reporting period](index=9&type=section&id=Materials%20events%20occurred%20during%20the%20reporting%20period) During the reporting period, the Group completed several significant transactions, including the acquisition of two properties in Kwun Tong Industrial Centre, capital injection into Top Success BVI making it a non-wholly owned subsidiary, and the extension of a shareholder loan to Top Success Hong Kong - Acquisition of two properties in Kwun Tong Industrial Centre, Hong Kong, for a total consideration of **HK$19,560,000**, with the transaction completed[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - Capital injection of **HK$14,500,000** into Top Success BVI, increasing shareholding to **77.5%**, making it a non-wholly owned subsidiary of the Company[44](index=44&type=chunk) - Extension of the maturity date for the **HK$15,000,000** shareholder loan to Top Success Hong Kong by five years[50](index=50&type=chunk) [Outlook](index=11&type=section&id=Outlook) Looking ahead, despite a complex macroeconomic environment, the Group will continue to invest in advanced printing production facilities and innovative technologies, leveraging recently acquired freehold properties to expand operational capacity; concurrently, the company will prioritize enhancing operational efficiency and optimizing resource allocation to address rising costs and competitive pressures, ensuring business resilience and sustained margin improvement - Leveraging recently acquired freehold properties to expand operational capacity and maintain industry competitive advantage[52](index=52&type=chunk) - Future priorities include enhancing operational efficiency and optimizing resources through stringent cost management and streamlined operational processes to ensure operational resilience and continuous margin improvement[53](index=53&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) In FY2025, the Group's total revenue decreased by 7.5% to HK$292.6 million, but gross profit margin improved from 37.7% to 39.0% due to cost control measures; net other income significantly increased, primarily from a turnaround in gain on disposal of property, plant and equipment; administrative expenses decreased, but finance income substantially reduced as interest income from Top Success Investment was no longer consolidated post-acquisition; ultimately, loss attributable to owners of the Company narrowed to HK$6.1 million, with capital expenditure significantly increasing due to property additions and the gearing ratio rising | Financial Item | FY2025 (HK$ million) | FY2024 (HK$ million) | Key Reasons for Change | | :--- | :--- | :--- | :--- | | **Revenue** | 292.6 | 316.3 | Decrease in paper and inkjet printing business revenue | | **Gross Profit** | 114.2 | 119.2 | Revenue decline led to lower gross profit | | **Gross Profit Margin** | 39.0% | 37.7% | Implementation of cost control measures | | **Net Other Income/(Loss)** | 0.4 | (6.2) | Turnaround from loss to gain on disposal of property, plant and equipment, and fair value gain on financial assets | | **Administrative Expenses** | 90.8 | 92.0 | Decrease in staff welfare expenses | | **Finance Income** | 1.6 | 5.0 | No longer consolidating interest income from financial assets of Top Success Investment after acquisition | | **Share of Profit of Joint Ventures** | 1.6 | 1.2 | Improved business performance | | **Loss Attributable to Owners of the Company** | (6.1) | (8.3) | Loss narrowed | | **Capital Expenditure** | 49.8 | 27.5 | Significant increase due to property additions | | Financial Ratio | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Current Ratio** | 1.1 | 1.2 | | **Gearing Ratio** | 40.8% | 36.1% | - Subsequent to the reporting period, the Company's indirect non-wholly owned subsidiary, Boat Easy International Limited, granted two secured loans totaling **HK$11,800,000**[110](index=110&type=chunk)[111](index=111&type=chunk) - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[113](index=113&type=chunk) [Corporate Governance Report](index=19&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practice](index=20&type=section&id=Corporate%20Governance%20Practice) The Company is committed to maintaining high standards of corporate governance; during the reporting period, the Company complied with most provisions of the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are not separated, both held by Mr. She Siu Kei; the Board believes this arrangement ensures leadership consistency and decision-making efficiency, and the current Board structure adequately balances power - The Company deviates from the Corporate Governance Code's provision on the separation of Chairman and Chief Executive Officer roles, with both positions currently held by the same individual, Mr. She Siu Kei[119](index=119&type=chunk) - The Board believes that having the Chairman and Chief Executive Officer as the same person helps ensure consistency in the Group's leadership and enables more efficient overall strategic planning[119](index=119&type=chunk) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) The Board of Directors comprises eight members, including three executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced structure; the Board is responsible for leading and overseeing the Company, formulating overall strategy, and reviewing operational and financial performance; five Board meetings were held during the reporting period with good attendance; the Company has adopted mechanisms for directors to obtain independent advice and ensures their participation in continuous professional development - The Board of Directors consists of **8** directors: **3** executive directors, **1** non-executive director, and **4** independent non-executive directors, ensuring the Board's independence[127](index=127&type=chunk)[129](index=129&type=chunk) - A total of **five** Board meetings were held during the reporting period, with high director attendance[132](index=132&type=chunk)[135](index=135&type=chunk) - All directors participated in continuous professional development to update their knowledge and skills[148](index=148&type=chunk)[149](index=149&type=chunk) [Board Committees](index=26&type=section&id=Board%20Committees) The Company has established Nomination, Remuneration, and Audit Committees, each chaired by an independent non-executive director, holding regular meetings to fulfill their duties; the Nomination Committee reviews Board structure and diversity and recommends director candidates; the Remuneration Committee formulates remuneration policies for directors and senior management; the Audit Committee oversees financial reporting, risk management, and internal control systems, and has reviewed the annual financial statements - The Nomination Committee comprises **three** independent non-executive directors and **one** executive director, responsible for reviewing Board structure, diversity, and director appointments[162](index=162&type=chunk) - The Remuneration Committee consists of **two** independent non-executive directors and **one** executive director, responsible for recommending remuneration policies and structures for directors and senior management to the Board[182](index=182&type=chunk)[183](index=183&type=chunk) - The Audit Committee comprises **four** independent non-executive directors, primarily responsible for overseeing financial reporting, risk management, and internal control systems, and has reviewed the current fiscal year's results[192](index=192&type=chunk)[193](index=193&type=chunk)[199](index=199&type=chunk) [Risk Management and Internal Control](index=40&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for monitoring the Group's risk management and internal control systems, conducting annual effectiveness reviews; the Group has established an enterprise risk management framework and adopted a 'three lines of defense' governance structure; during the reporting period, an external independent professional firm was appointed to review the internal control system, identifying strategic risks (Sino-US trade tensions) and operational risks (asset misappropriation) as key risks; the Board considers the existing systems effective and adequate - The Board, through the Audit Committee, conducts an annual review of the Group's risk management and internal control systems, covering financial, operational, and compliance controls[247](index=247&type=chunk) - The Group appointed an external independent professional firm (Ming Shun Corporate Consultancy Limited) to conduct an internal control review and adopted improvement measures based on its recommendations[251](index=251&type=chunk) | Risk Area | Principal Risk | | :--- | :--- | | **Strategic Risk** | Impact of Sino-US trade tensions on demand for printing products | | **Operational Risk** | Risk of asset misappropriation by internal and external parties | | **Financial Risk** | No significant risks identified | | **Compliance Risk** | No significant risks identified | [Environmental, Social and Governance Report](index=43&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [ESG Governance and Strategy](index=44&type=section&id=ESG%20Governance%20and%20Strategy) The Group has established a 'top-down' ESG governance structure led by the Board of Directors, with an ESG working team responsible for implementation; through communication with key stakeholders including government, shareholders, employees, and customers, the Group conducted a materiality assessment, identifying 'resource usage,' 'health and safety in the workplace,' 'supply chain management,' and 'product responsibility' as crucial ESG issues - The Group adopts a 'top-down' ESG governance structure, with the Board bearing ultimate responsibility and an ESG working team supporting strategy formulation and implementation[276](index=276&type=chunk)[277](index=277&type=chunk) - Through materiality assessment, four crucial ESG issues were identified: resource usage, health and safety in the workplace, supply chain management, and product responsibility[288](index=288&type=chunk)[290](index=290&type=chunk) [Our Environment](index=50&type=section&id=Our%20Environment) The Group is committed to sustainable operations, formulating environmental policies to manage emissions, waste, and resource usage; regarding emissions, carbon emissions are reduced by switching to alcohol-free dampening solutions and implementing energy-saving measures; for waste management, hazardous and non-hazardous waste are sorted for treatment and recycling; concerning resource usage, measures include water conservation, use of eco-friendly paper, and environmentally friendly inks; furthermore, the Group has conducted climate risk assessments and developed mitigation strategies for physical and transition risks - By switching to alcohol-free dampening solutions instead of isopropyl alcohol (IPA), hazardous waste and safety hazards were significantly reduced[296](index=296&type=chunk)[390](index=390&type=chunk) | Environmental Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Total Greenhouse Gas Emissions (tonnes of CO2e)** | 1,191.1 | 1,132.1 | | **Total Electricity Consumption (kWh)** | 3,031,839.4 | 2,804,271.8 | | **Total Water Consumption (cubic meters)** | 4,231.0 | 4,194.0 | | **Total Hazardous Waste (tonnes)** | 2,980.1 | 2,906.0 | | **Total Non-Hazardous Waste (tonnes)** | 722.6 | 720.7 | - The Group has identified physical risks such as extreme weather and rising average temperatures, and transition risks like changes in environmental regulations and shifting consumer preferences, and has developed corresponding mitigation strategies[315](index=315&type=chunk)[319](index=319&type=chunk) [Our People and Customers (Social)](index=56&type=section&id=Our%20People%20and%20Customers%20%28Social%29) Regarding social responsibility, the Group focuses on employee well-being, customer rights, and business ethics; as of March 31, 2025, the Group had 311 employees and strictly complies with employment laws, adopting a zero-tolerance policy towards child and forced labor; the Group prioritizes occupational health and safety and provides development and training opportunities for employees; concerning customers, the Group emphasizes product responsibility, protects intellectual property and customer privacy, and has established comprehensive customer service and complaint handling mechanisms; concurrently, the Group manages supply chain risks through green procurement and supplier evaluations, and maintains a zero-tolerance stance on corruption, with established whistleblowing procedures - As of March 31, 2025, the Group had **311** full-time employees, a decrease from **340** in the same period last year[104](index=104&type=chunk)[321](index=321&type=chunk) - The Group adopts a zero-tolerance policy towards child and forced labor, preventing it through measures such as age verification and identity checks during the recruitment process[327](index=327&type=chunk)[331](index=331&type=chunk) - During the reporting period, lost workdays due to work-related injuries totaled **13.5** days, a significant improvement from **16** days and **205** days in the preceding two years[407](index=407&type=chunk) - The Group maintains a zero-tolerance stance on corruption, having established anti-corruption policies and whistleblowing procedures, and provides anti-corruption training for new employees[360](index=360&type=chunk)[361](index=361&type=chunk)[366](index=366&type=chunk) [Our Community](index=63&type=section&id=Our%20Community) The Group actively fulfills its community responsibilities, primarily focusing on education; during the reporting period, the Group sponsored scholarship programs for the Hong Kong Vocational Training Council (VTC) Youth College and provided free printing support to various non-governmental organizations, including the Hong Kong Federation of Business Students and Fu Hong Society, contributing to society with its core business capabilities - Sponsorship of scholarship programs for the Hong Kong Vocational Training Council (VTC) Youth College, supporting youth talent development[371](index=371&type=chunk) - Provision of free printing support to multiple non-governmental organizations (NGOs), leveraging core business capabilities to contribute to society[372](index=372&type=chunk) [Biographical Details of Directors and Senior Management](index=88&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) - The Board of Directors and senior management possess extensive industry experience in printing, marketing, corporate management, and financial accounting; founder Mr. She Siu Kei serves as Chairman and Chief Executive Officer, with over **25** years of experience in the printing industry[437](index=437&type=chunk)[439](index=439&type=chunk)[445](index=445&type=chunk)[447](index=447&type=chunk) [Report of the Directors](index=92&type=section&id=Report%20of%20the%20Directors) [Principal Risks and Uncertainties](index=94&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces principal risks including decreased market demand and fluctuations in raw material procurement costs; reduced market demand stems from the rise of online media and paperless trends, which the Group addresses by optimizing product portfolios, enhancing value-added services, and expanding new product lines; raw material cost fluctuations are primarily influenced by paper prices, managed through market research, fixed-price contracts with suppliers, and other cost control methods - Principal Risk 1: Decreased market demand; traditional printing demand declines due to the rise of online media and paperless trends; mitigation measures include strengthening customer relationship management, optimizing product portfolios (e.g., digital printing, promotional gifts), and enhancing value-added services (e.g., mobile applications, online platforms)[469](index=469&type=chunk)[475](index=475&type=chunk)[478](index=478&type=chunk) - Principal Risk 2: Fluctuations in raw material procurement costs; paper is a major cost component, with its price influenced by various factors; mitigation measures include regular market research, supplier price comparisons, signing fixed-price contracts, or changing suppliers to stabilize costs[480](index=480&type=chunk)[482](index=482&type=chunk) [Share Schemes](index=103&type=section&id=Share%20Schemes) The Company terminated its original share option scheme ('Old Scheme') in August 2023 and adopted a new share option scheme ('New Scheme'); in FY2025, **44,000,000** share options granted under the Old Scheme lapsed; no share options have been granted under the New Scheme since its adoption; the New Scheme's authorized limit is **55,000,000** shares, representing **10%** of issued shares - The original share option scheme was terminated on **August 22, 2023**, with no new share options to be granted[534](index=534&type=chunk) - During the reporting period, all **44,000,000** share options granted under the Old Scheme lapsed[536](index=536&type=chunk)[543](index=543&type=chunk) - The Company adopted a new share option scheme with an authorized limit of **55,000,000** shares, representing **10%** of issued shares, but no share options have been granted as of the reporting date[537](index=537&type=chunk)[539](index=539&type=chunk)[542](index=542&type=chunk) [Substantial Shareholders](index=107&type=section&id=Substantial%20Shareholders) As of March 31, 2025, the Company's substantial controlling shareholder is eprint Limited, holding **313,125,000** shares, representing **56.93%** of the issued shares; eprint Limited is jointly controlled by several directors and parties acting in concert, including Mr. She Siu Kei, Mr. Chong Cheuk Ki, Mr. Leung Wai Ming, and Mr. Leung Yat Pang | Substantial Shareholder | Capacity/Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | **eprint Limited** | Beneficial Owner | 313,125,000 | 56.93% | | **Mr. She Siu Kei** | Interest in Controlled Corporation | 313,125,000 | 56.93% | | **Mr. Chong Cheuk Ki** | Interest in Controlled Corporation | 313,125,000 | 56.93% | | **Mr. Leung Wai Ming** | Interest in Controlled Corporation | 313,125,000 | 56.93% | | **Mr. Leung Yat Pang** | Interest in Controlled Corporation | 313,125,000 | 56.93% | [Independent Auditor's Report](index=118&type=section&id=Independent%20Auditor%27s%20Report) - Auditor PricewaterhouseCoopers issued an unmodified opinion, stating that the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of March 31, 2025, and its consolidated financial performance and cash flows for the year then ended[620](index=620&type=chunk)[621](index=621&type=chunk) - A key audit matter identified in the report is 'Revenue recognition for paper printing and inkjet printing segments'; the auditor focused on this area, including testing internal controls, sampling revenue transactions, and performing cut-off tests, concluding that revenue recognition for this segment was sufficiently supported by evidence[626](index=626&type=chunk)[631](index=631&type=chunk)[634](index=634&type=chunk) [Consolidated Financial Statements](index=126&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Comprehensive Income](index=126&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) In FY2025, the Group recorded total revenue of **HK$292.6 million**, a 7.5% year-on-year decrease; despite the revenue decline, gross profit only slightly decreased by 4.2% to **HK$114.2 million** due to effective cost control; loss for the year was **HK$5.71 million**, narrowing from **HK$6.90 million** last year; loss attributable to owners of the Company was **HK$6.13 million**, with basic loss per share of **1.11 HK cents** | Item (HK$ thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | 292,593 | 316,277 | | **Gross Profit** | 114,218 | 119,217 | | **Operating Loss** | (4,535) | (8,537) | | **Loss Before Income Tax** | (4,872) | (6,084) | | **Loss for the Year** | (5,714) | (6,900) | | **Loss Attributable to Owners of the Company** | (6,130) | (8,306) | | **Basic and Diluted Loss Per Share (HK cents)** | (1.11) | (1.51) | [Consolidated Statement of Financial Position](index=128&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HK$378.8 million**, largely consistent with the previous year; total equity was **HK$243.2 million**, a slight decrease; among non-current assets, property, plant and equipment increased due to acquisitions, while right-of-use assets decreased; current assets increased, primarily driven by growth in cash and cash equivalents; total liabilities were **HK$135.6 million**, with current liabilities rising due to increased borrowings | Item (HK$ thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 236,788 | 253,280 | | **Current Assets** | 142,055 | 125,374 | | **Total Assets** | 378,843 | 378,654 | | **Total Equity** | 243,244 | 244,068 | | **Non-current Liabilities** | 11,410 | 28,477 | | **Current Liabilities** | 124,189 | 106,109 | | **Total Liabilities** | 135,599 | 134,586 | | **Total Equity and Liabilities** | 378,843 | 378,654 | [Consolidated Statement of Cash Flows](index=132&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2025, net cash generated from operating activities was **HK$12.63 million**, a decrease from the previous year; net cash outflow from investing activities was **HK$7.63 million**, primarily for purchasing property, plant and equipment, partially offset by proceeds from redemption of financial assets; net cash outflow from financing activities was **HK$2.08 million**; overall, cash and cash equivalents at year-end increased by **HK$2.91 million**, reaching **HK$103.1 million** | Item (HK$ thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Net Cash Generated from Operating Activities** | 12,627 | 27,492 | | **Net Cash Used in Investing Activities** | (7,630) | (45,408) | | **Net Cash Used in Financing Activities** | (2,084) | (6,995) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | 2,913 | (24,911) | | **Cash and Cash Equivalents at Beginning of Year** | 100,035 | 125,024 | | **Cash and Cash Equivalents at End of Year** | 103,056 | 100,035 | [Five-year Financial Summary](index=260&type=section&id=Five-year%20Financial%20Summary) | Item (HK$ thousand) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **(Loss)/Profit Attributable to Owners of the Company** | (6,130) | (8,306) | (14,243) | 2,097 | 19,009 | | **Total Assets** | 378,843 | 378,654 | 372,608 | 335,568 | 331,152 | | **Total Liabilities** | (135,599) | (134,586) | (120,818) | (85,300) | (80,497) | | **Net Assets** | 243,244 | 244,068 | 251,790 | 250,268 | 250,655 |

（ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8331） 2024 / 25 年 報 年 報 2023/24 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起於聯交所上市的其他公司帶有較高投 資風險。有意投資者應了解投資該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所主板買賣之證券承受較大的市 場波動風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本年報之內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示概不就因本年報全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本年報的資料乃遵照聯交所的GEM 證券上市規則（「GEM 上市規則」）而刊載，旨在提供有關倍搏集團有限公 司（「本公司」，連同其附屬公司統稱「本集團」）的資料。本公司的董事（「董事」及各為一名「董事」）願就本 年報的資料共同及個別承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及所 ...

Reliance Global Holdings Limited 信保環球控股有限公司* 年報 2024/25 * 僅 供 識 別 目錄 | 公司資料 | 3 | | --- | --- | | 主席報告 | 5 | | 管理層討論及分析 | 7 | | 董事及高級管理層履歷 | 21 | | 董事會報告 | 23 | | 企業管治報告 | 31 | | 環境、社會及管治報告 | 45 | | 獨立核數師報告 | 75 | | 綜合損益及其他全面收益表 | 81 | | 綜合財務狀況表 | 82 | | 綜合權益變動表 | 84 | | 綜合現金流量表 | 85 | | 綜合財務報表附註 | 87 | | 五年財務摘要 | 168 | 1 信保環球控股有限公司 | 年 報 2024/25 簡稱 於本年報內，除文義另有所指外，下列簡稱具有以下涵義： 「%」 指 百分比 公司資料 董事會 執行董事 楊崢先生 （主席） （於二零二五年四月二十九日獲委任） 黎明偉先生 （行政總裁） 姚慧儀女士 （於二零二四年四月十八日獲委任） 陳玉儀女士 （於二零二四年十一月十八日辭任） 王敬渝女士 （於二零二五年四月二十五日辭任） ...