Royal Deluxe Holdings Limited 年報 2025 (Incorporated in the Cayman Islands with limited liability) Royal Deluxe Holdings Limited Stock code: 3789 Annual Report 2025 R O Y A L D E L U X E H O L D NI G S LIMIT E D 御 佳 控 股 有 限 公 司 Annual Report 2025 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 財務摘要 | 5 | | 管理層討論及分析 | 7 | | 董事及高級管理層履歷詳情 | 17 | | 企業管治報告 | 21 | | 董事會報告 | 37 | | 獨立核數師報告 | 49 | | 綜合損益及其他全面收益表 | 54 | | 綜合財務狀況表 | 55 | | 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 | | 財務概要 | 106 | 1 御佳控股有限公司 • 二零二五 ...

目 錄 CONTENTS 2 公司資料 Corporate Information 4 摘要及財務日誌 Highlights and Financial Calendar 8 主席報告 Chairman's Statement 18 業績回顧 Results Overview 20 財務回顧 Financial Review 23 董事個人資料 Profile of Directors 28 董事會報告 Report of the Directors 45 企業管治報告 Corporate Governance Report 72 獨立核數師報告 Independent Auditor's Report 78 綜合損益表 Consolidated Statement of Profit or Loss 79 綜合損益及其他全面 收益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 80 綜合財務狀況表 Consolidated Statement of Financial Position 82 綜合權益變動表 ...

[Corporate Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section lists the company's board of directors, professional committees, senior management, legal advisors, auditor, and principal bankers[9](index=9&type=chunk)[10](index=10&type=chunk)[13](index=13&type=chunk) [Significant Events in FY2025](index=6&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E8%B2%A1%E6%94%BF%E5%B9%B4%E5%BA%A6%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) The Group achieved key milestones in project delivery, new launches, capital market activities, and asset disposals this fiscal year[17](index=17&type=chunk)[19](index=19&type=chunk)[22](index=22&type=chunk) - **Project Delivery & Opening**: Commenced delivery of Aspen in London, Hyll on Holland in Singapore, and Queen's Wharf Residences (Tower 4) in Brisbane; Dorsett Kai Tak hotel in Hong Kong began its soft opening, and the initial phase of Queen's Wharf integrated resort in Brisbane opened[17](index=17&type=chunk)[21](index=21&type=chunk) - **New Project Launches**: Launched the "THE MORAYS" residential project in Hong Kong, the Kingfisher building at Red Bank Riverside in Manchester, and the 640 Bourke Street project in Melbourne[17](index=17&type=chunk)[22](index=22&type=chunk) - **Capital & Financing**: BC Invest successfully issued two RMBS bonds totaling over A$1 billion; the Group secured its third sustainability-linked loan facility of HK$540 million[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - **Asset Disposal & Restructuring**: Completed the sale of certain UK car parks and entered into agreements to sell its stake in BC Invest and a hotel asset in London to optimize the asset portfolio[19](index=19&type=chunk)[22](index=22&type=chunk) [Financial Highlights](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Income Statement Summary](index=8&type=section&id=%E6%90%8D%E7%9B%8A%E8%A1%A8%E6%91%98%E8%A6%81) In FY2025, revenue decreased by 6.2%, leading to a net loss attributable to shareholders of HK$1.275 billion due to non-cash impairments Income Statement Summary (HK$ million) | Indicator | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 9,572 | 10,204 | -6.2% | | Gross Profit | 2,361 | 2,785 | -15.2% | | Net Profit╱(Loss) Attributable to Shareholders | -1,275 | 226 | N/A | | Adjusted Cash Profit | 266 | 780 | -65.9% | | Total Dividend (HK cents) | 1.0 | 14.0 | -92.9% | [Balance Sheet Summary](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E6%91%98%E8%A6%81) As of March 31, 2025, total assets and net asset value declined, while the adjusted net gearing ratio remained relatively stable at 67.6% Balance Sheet Summary (HK$ million) | Indicator | 31 March 2025 | 31 March 2024 | Change | | :--- | :--- | :--- | :--- | | Cash Balance and Investment Securities | 3,878 | 4,920 | -21.2% | | Adjusted Total Assets | 61,224 | 65,943 | -7.2% | | Adjusted Net Asset Value Attributable to Shareholders | 28,505 | 30,362 | -6.1% | | Adjusted Net Gearing Ratio (%) | 67.6% | 68.1% | -0.5 p.p. | | Adjusted Net Asset Value Per Share (HK$) | 9.32 | 10.77 | -13.5% | [Chairman and CEO's Statement](index=12&type=section&id=%E4%B8%BB%E5%B8%AD%E5%8F%8A%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E5%A0%B1%E5%91%8A%E6%9B%B8) The statement highlights business resilience, prioritizes deleveraging through asset monetization, and explains the dividend policy amidst economic challenges - Despite economic challenges and non-cash impairments affecting profitability, the Group's **adjusted revenue exceeded HK$10 billion for the second consecutive year**, and it recorded a positive adjusted cash profit, reflecting the resilience of its core businesses[33](index=33&type=chunk) - The Group's top priority is to **reduce its gearing ratio**, which has already seen a decline thanks to recent residential project completions and a solid pre-sale business[35](index=35&type=chunk) - To lower debt levels, the Group is actively executing a non-core asset monetization strategy, having **realized approximately HK$1.2 billion in FY2025**, including its stake in BC Invest and certain UK assets, which is expected to positively impact future financial performance[37](index=37&type=chunk) - To preserve cash and reduce the gearing ratio, the Board has decided not to recommend a final dividend but considers **resuming dividend payments a top priority** as soon as practicable[33](index=33&type=chunk) [Co-Managing Directors' Report](index=16&type=section&id=%E8%81%AF%E5%B8%AD%E8%91%A3%E4%BA%8B%E7%B8%BD%E7%B6%93%E7%90%86%E5%A0%B1%E5%91%8A%E6%9B%B8) [Key Achievements and Business Updates](index=16&type=section&id=%E4%B8%BB%E8%A6%81%E6%88%90%E5%B0%B1%E5%8F%8A%E6%9C%80%E6%96%B0%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81) The report reviews FY2025 performance, noting steady hotel revenue growth, strong property development momentum, and strategic initiatives to reduce debt Overview of Business Segment Performance | Business Segment | FY2025 Revenue | Y-o-Y Change | Key Developments | | :--- | :--- | :--- | :--- | | Hotel Operations | Approx. HK$2.1 billion | +2.3% | Opening of Dorsett Kai Tak, Hong Kong; acquisition of 10% stake in a Singapore hotel | | Property Development | Approx. HK$7.2 billion (Adjusted) | +5.3% | Delivery of multiple projects; cumulative pre-sale value reached HK$8.9 billion | | Car Park Operations | HK$713 million | -2.6% | Adjusted gross margin increased to 28.3%; disposal of UK car parks | | Gaming Operations | HK$409 million | +1.6% | Phase one opening of the QWB project's casino | - The Group is actively managing its balance sheet to enhance liquidity and reduce debt by **disposing of non-core assets and businesses** (such as UK car parks, a London hotel asset, and its stake in BC Invest) and accelerating project collections[53](index=53&type=chunk)[59](index=59&type=chunk) [Performance Summary](index=19&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) In FY2025, the Group reported a 6.2% decline in revenue to HK$9.6 billion but a 3.8% increase in adjusted revenue to HK$10.6 billion FY2025 Performance Summary | Indicator | Amount | Y-o-Y Change | | :--- | :--- | :--- | | Revenue | Approx. HK$9.6 billion | -6.2% | | Adjusted Revenue | Approx. HK$10.6 billion | +3.8% | | Net Loss Attributable to Shareholders | Approx. HK$1.275 billion | From profit to loss | | Adjusted Cash Profit | Approx. HK$2.66 billion | -65.9% | | Adjusted Net Asset Value Per Share | HK$9.32 | -13.5% | | Full-Year Dividend | 1.0 HK cent per share | -92.9% | [Capital Structure](index=20&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group improved its capital structure by reducing total borrowings by HK$2.391 billion, with the adjusted net gearing ratio decreasing to 67.6% - **Total bank loans, notes, and bonds decreased by approximately HK$2.391 billion** year-on-year, mainly due to the repayment of construction loans upon project completion[60](index=60&type=chunk) - The **adjusted net gearing ratio decreased to 67.6%**; excluding the impact of impairments, the pro-forma ratio would have fallen to 65.8%, reflecting the actual effectiveness of debt reduction efforts[60](index=60&type=chunk) - The Group possesses approximately **HK$4.6 billion in unencumbered hotel assets and unsold inventory**, which can be used to raise additional funds and enhance financial flexibility[60](index=60&type=chunk) [Outlook](index=21&type=section&id=%E5%89%8D%E6%99%AF) The Group is optimistic for FY2026, anticipating significant contributions from major project completions and continued growth in the hotel business - In property development, projects expected to be completed in FY2026, such as Victoria Riverside and THE MORAYS, will **generate significant revenue and cash flow**, contributing to debt reduction, with a cumulative pre-sale value of HK$8.9 billion securing future performance[66](index=66&type=chunk) - The hotel business will continue to expand, with approximately **305 rooms expected to be added in the next 12 months**; the strategic location of Dorsett Kai Tak in Hong Kong is set to gradually contribute to recurring income[67](index=67&type=chunk) - The Group anticipates a **decrease in financing costs** and is optimistic about achieving fruitful returns in FY2026, committed to creating sustainable long-term value for stakeholders[69](index=69&type=chunk) [Directors and Senior Management Profile](index=23&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E7%B0%A1%E4%BB%8B) This section details the backgrounds and responsibilities of the company's executive directors, INEDs, and senior management team[71](index=71&type=chunk)[73](index=73&type=chunk)[78](index=78&type=chunk)[84](index=84&type=chunk) [Five-Year Financial Summary](index=30&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section presents a five-year summary of the Group's key performance, assets, and liabilities, highlighting financial trends from FY2021 to FY2025 Five-Year Financial Summary (HK$'000) | Indicator | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 9,572,234 | 10,203,679 | 6,478,958 | 5,895,636 | 5,943,694 | | Profit╱(Loss) Before Tax | (897,601) | 585,437 | 729,748 | 1,853,727 | 1,265,827 | | Profit╱(Loss) for the Year | (999,695) | 450,701 | 380,212 | 1,510,536 | 805,740 | | Basic Earnings╱(Loss) Per Share (HK cents) | (41.7) | 8.2 | 6.4 | 49.2 | 20.8 | | **Assets and Liabilities** | | | | | | | Total Assets | 42,543,356 | 47,261,297 | 53,422,780 | 54,804,316 | 49,900,788 | | Total Liabilities | (29,444,808) | (32,389,953) | (37,774,568) | (36,894,384) | (32,846,525) | | Owners' Funds | 12,793,500 | 14,583,163 | 15,258,728 | 17,533,321 | 16,680,933 | [Management Discussion and Analysis](index=31&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Financial Review](index=31&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section analyzes financial performance, liquidity, and capital structure, noting a revenue decline and net loss but successful debt reduction efforts [1. Profit and Loss Analysis](index=31&type=section&id=1.%20%E6%BA%A2%E5%88%A9%E5%8F%8A%E8%99%A7%E6%90%8D%E5%88%86%E6%9E%90) FY2025 consolidated revenue was HK$9.57 billion, with a net loss attributable to shareholders of HK$1.275 billion due to financing costs and one-off expenses Revenue and Adjusted Gross Margin by Business Segment (FY2025) | Business Segment | Revenue (HK$ million) | Adjusted Gross Margin (%) | | :--- | :--- | :--- | | Property Development | 6,179 | 26.0% | | Hotel Operations and Management | 2,077 | 44.4% | | Car Park Operations and Facilities Management | 713 | 28.3% | | Gaming Operations | 409 | 43.0% | - Despite solid revenue performance, the Group's overall profitability was significantly impacted by **financing costs and various one-off, non-operating expenses**, leading to a net loss attributable to shareholders[105](index=105&type=chunk) [2. Liquidity, Financial Resources and Net Gearing](index=33&type=section&id=2.%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%B7%A8%E9%A1%8D) The Group reduced total borrowings by HK$2.391 billion to HK$25.371 billion, with an adjusted net gearing ratio of 67.6% as of March 31, 2025 Key Balance Sheet Metrics (HK$ million) | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Total Bank Loans, Notes and Bonds | 25,371 | 27,762 | | Liquidity Position | 3,878 | 4,920 | | Net Debt | 21,493 | 22,842 | | Adjusted Net Gearing Ratio | 67.6% | 68.1% | - The Group implemented several strategies to reduce debt, including: - **Accelerating project completion**: Expediting delivery of projects like Perth Hub and Queen's Wharf Residences to repay construction loans - **Actively monetizing inventory**: Promoting cash inflow through the sale of existing stock - **Disposing of non-core assets**: Realizing approximately HK$1.2 billion from non-core assets and businesses, such as UK car parks and the BC Invest stake - **Enhancing the hotel portfolio**: New hotel openings contributing cash flow and strengthening recurring income[112](index=112&type=chunk)[114](index=114&type=chunk) [3. Foreign Exchange Management](index=37&type=section&id=3.%20%E5%A4%96%E5%8C%AF%E7%AE%A1%E7%90%86) The Group's financial performance is exposed to foreign currency fluctuations, with details provided on the impact of exchange rate changes on profit and net assets - The Group hedges its investment risk in non-Hong Kong operations by borrowing in local currencies; in FY2025, exchange rate fluctuations of major currencies like AUD, RMB, and GBP against HKD impacted both the income statement and balance sheet[123](index=123&type=chunk) [4. Net Asset Value Per Share](index=38&type=section&id=4.%20%E6%AF%8F%E8%82%A1%E8%B3%87%E7%94%A2%E6%B7%A8%E5%80%BC) As of March 31, 2025, the adjusted net asset value per share was HK$9.32, based on an adjusted NAV of HK$28.505 billion Net Asset Value Per Share | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Adjusted Net Asset Value Attributable to Shareholders (HK$ million) | 28,505 | 30,362 | | Number of Issued Shares (million) | 3,059 | 2,818 | | Adjusted Net Asset Value Per Share (HK$) | 9.32 | 10.77 | [5. Capital Expenditure](index=39&type=section&id=5.%20%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure for FY2025 was approximately HK$798 million, primarily for hotel projects, with commitments expected to decrease significantly next year - **FY2025 capital expenditure was approximately HK$798 million**, mainly for the construction of Dorsett Canary Wharf, Dao by Dorsett North London, and Dorsett Perth[129](index=129&type=chunk) - **Capital commitments stood at approximately HK$1.387 billion**, primarily for hotel development projects, and are expected to decrease substantially in the next fiscal year[130](index=130&type=chunk) [Business Review](index=40&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the operational performance of core business segments, including property development, hotels, car parks, and gaming [1. Property Segment](index=40&type=section&id=1.%20%E7%89%A9%E6%A5%AD%E5%88%86%E9%83%A8) The property segment maintains a strong pipeline with a cumulative pre-sale value of HK$8.9 billion and an estimated GDV of HK$61 billion - As of March 31, 2025, the **cumulative attributable pre-sale value and unbooked contracted sales of properties under development was approximately HK$8.9 billion**, providing a solid foundation for future performance[134](index=134&type=chunk) - The Group's active residential property development projects have an **expected attributable gross development value (GDV) of approximately HK$61 billion**, with projects spanning multiple markets including Australia, the UK, Hong Kong, and Malaysia[137](index=137&type=chunk)[142](index=142&type=chunk) [2. Hotel Operations and Management](index=53&type=section&id=2.%20%E9%85%92%E5%BA%97%E6%A5%AD%E5%8B%99%E5%8F%8A%E7%AE%A1%E7%90%86) The hotel segment, with 35 hotels, saw a slight revenue increase to HK$1.918 billion, though performance varied across different regions Dorsett Group FY2025 Operational Performance | Indicator | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue (HK$ million) | 1,918 | 1,869 | +2.6% | | Occupancy Rate | 72.9% | 73.5% | -0.6 ppt | | Average Room Rate (HK$) | 785 | 783 | +0.3% | | RevPAR (HK$) | 572 | 576 | -0.7% | - The **Hong Kong market recovered slower than expected** due to a shift in travel patterns of Mainland tourists towards "same-day trips" and an increase in local residents traveling north, leading to a decline in both occupancy and average room rates[191](index=191&type=chunk)[194](index=194&type=chunk) - The **Malaysian and Australian markets showed strong performance**, with both revenue and occupancy rates recording growth, demonstrating the resilience of the geographical diversification strategy[191](index=191&type=chunk)[196](index=196&type=chunk)[208](index=208&type=chunk) [3. Car Park Operations and Facilities Management](index=58&type=section&id=3.%20%E5%81%9C%E8%BB%8A%E5%A0%B4%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%A8%AD%E6%96%BD%E7%AE%A1%E7%90%86) Car park revenue decreased by 2.6% to HK$713 million due to portfolio optimization, but adjusted gross margin significantly improved to 28.3% - Although revenue decreased by 2.6% due to the disposal of underperforming car parks, the **adjusted gross margin improved from 20.8% to 28.3%**, indicating enhanced operational efficiency[212](index=212&type=chunk) - As part of its asset monetization strategy, the Group **sold its car park in Manchester, UK, for approximately £17.24 million**[213](index=213&type=chunk) [4. Gaming Operations and Facilities Management](index=58&type=section&id=4.%20%E5%8D%9A%E5%BD%A9%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%A8%AD%E6%96%BD%E7%AE%A1%E7%90%86) Gaming revenue grew by 1.6% to HK$409 million, supported by the successful phase one opening of the QWB project in Brisbane - **Palasino Group's gaming revenue increased slightly by 1.6% to HK$409 million**, mainly driven by an increase in the number of slot machines and gaming attendance[214](index=214&type=chunk) - The **first phase of the casino at the QWB project**, in which the Group holds a 25% stake, successfully opened in August 2024 with a positive market response, laying the foundation for future cash flow growth[220](index=220&type=chunk)[221](index=221&type=chunk) [5. Provision of Mortgage Services](index=60&type=section&id=5.%20%E6%8F%90%E4%BE%9B%E6%8C%89%E6%8F%AD%E6%9C%8D%E5%8B%99) The Group has agreed to divest its entire stake in BC Invest as part of its strategy to dispose of non-core assets - The Group has entered into an agreement to **sell its 53.21% stake in BC Invest** for an initial consideration of approximately A$106 million, expecting to record a disposal gain of approximately HK$235 million in the first half of FY2026[224](index=224&type=chunk) - Post year-end, in May 2025, the Group **disposed of its mortgage portfolio in Hong Kong for approximately HK$485 million**, further increasing its liquidity[225](index=225&type=chunk) [Environmental, Social and Governance (ESG)](index=61&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB) The Group is advancing its ESG agenda by developing a net-zero roadmap and securing a HK$540 million sustainability-linked loan - Following the TCFD framework, the Group has **engaged an independent professional firm to conduct a climate risk analysis** to identify significant climate-related risks and opportunities and integrate them into its risk management and strategic framework[227](index=227&type=chunk) - The Group successfully arranged its **third sustainability-linked loan of HK$540 million**, linking interest rates to ESG key performance indicators, with interest savings to be reinvested in the Group's ESG initiatives[228](index=228&type=chunk) [Outlook](index=61&type=section&id=%E5%B1%95%E6%9C%9B) The Group is confident about FY2026, expecting significant cash flow from project completions to drive deleveraging and create long-term shareholder value - Projects expected to be completed in FY2026 (such as THE MORAYS and Victoria Riverside) have an **attributable GDV of approximately HK$12 billion**, which will provide solid revenue and cash flow for deleveraging[229](index=229&type=chunk) - The **cumulative attributable pre-sale and unbooked sales value remains at approximately HK$8.9 billion**, providing visibility for near- to medium-term revenue[230](index=230&type=chunk) - The hotel business will further expand with the opening of two new hotels in London, while the QWB project and Palasino gaming operations are expected to deliver long-term value and growth opportunities[231](index=231&type=chunk)[232](index=232&type=chunk) [Non-GAAP Financial Measures](index=64&type=section&id=%E9%9D%9E%E5%85%AC%E8%AA%8D%E6%9C%83%E8%A8%88%E5%8E%9F%E5%89%87%E8%B2%A1%E5%8B%99%E8%A8%88%E9%87%8F) [Non-GAAP Financial Measures](index=64&type=section&id=%E9%9D%9E%E5%85%AC%E8%AA%8D%E6%9C%83%E8%A8%88%E5%8E%9F%E5%89%87%E8%B2%A1%E5%8B%99%E8%A8%88%E9%87%8F) This section provides definitions and reconciliations for non-GAAP measures like adjusted cash profit to offer a clearer view of core operating performance Reconciliation of (Loss)/Profit Attributable to Shareholders to Adjusted Cash Profit (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **(Loss)╱Profit Attributable to Shareholders of the Company** | **(1,275,122)** | **226,100** | | Less: Change in fair value of investment properties (after tax) | 210,368 | (3,324) | | Add: Impairment loss on properties held for sale | 311,065 | – | | Add: Impairment loss recognised by associates and joint ventures | 465,875 | – | | Add: Depreciation and impairment of property, plant and equipment | 487,224 | 499,044 | | Other adjustments | (433,403) | 58,469 | | **Adjusted Cash Profit (Non-GAAP)** | **266,007** | **780,289** | Reconciliation of Adjusted Net Gearing Ratio (HK$ million) | Item | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Total Equity | 13,099 | 14,871 | | Add: Hotel revaluation surplus | 18,681 | 18,682 | | **Adjusted Total Equity (Non-GAAP)** | **31,780** | **33,553** | | Net Debt | 21,493 | 22,842 | | **Adjusted Net Gearing Ratio (Non-GAAP)** | **67.6%** | **68.1%** | [Awards and Honours](index=68&type=section&id=%E7%8D%8E%E9%A0%85%E5%8F%8A%E6%A6%AE%E8%AD%BD) This section lists the numerous awards received by the Group during the year, recognizing its excellence in corporate governance, IR, ESG, and brand value[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) [Diversified and Balanced Business Portfolio](index=78&type=section&id=%E5%A4%9A%E5%85%83%E5%8C%96%E5%8F%8A%E5%9D%87%E8%A1%A1%E4%B9%8B%E6%A5%AD%E5%8B%99%E7%B5%84%E5%90%88) The Group operates a diversified business portfolio across property, hotels, car parks, and gaming, with a geographical footprint in Asia-Pacific and Europe[304](index=304&type=chunk)[308](index=308&type=chunk)[310](index=310&type=chunk) [Major Projects](index=80&type=section&id=%E4%B8%BB%E8%A6%81%E9%A0%85%E7%9B%AE) This section showcases the Group's flagship residential, mixed-use, and hotel projects across its key global markets[313](index=313&type=chunk)[318](index=318&type=chunk)[321](index=321&type=chunk)[334](index=334&type=chunk) [Directors' Report](index=92&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This report provides statutory disclosures on the Group's principal activities, financial results, dividend policy, share capital, and corporate governance - The Board of Directors' report outlines the Group's principal activities, financial performance, dividend policy, share capital changes, and other statutory disclosures[376](index=376&type=chunk)[377](index=377&type=chunk) - Due to the loss recorded in FY2025 and to preserve cash, the Board **resolved not to recommend a final dividend**, bringing the full-year dividend to 1.0 HK cent per share[382](index=382&type=chunk) - The report confirms that as of March 31, 2025, the Chairman and CEO, Mr. David CHIU, held an aggregate interest of **approximately 56.12% of the Company's shares** through controlled corporations and other means[413](index=413&type=chunk)[417](index=417&type=chunk) [Corporate Governance Report](index=104&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A%E6%9B%B8) This report details the company's corporate governance framework, confirming compliance with the CG Code and explaining the roles of the board and its committees - The report confirms that for the year ended March 31, 2025, the Company **complied with the code provisions of the Corporate Governance Code**, with the only deviation being the roles of Chairman and CEO being held by the same individual (Mr. David CHIU), which the Board believes provides strong and consistent leadership[439](index=439&type=chunk)[443](index=443&type=chunk) - The Board has established an **Executive Committee, ESG Steering Committee, Audit Committee, Remuneration Committee, and Nomination Committee**, each with clear written terms of reference reporting to the Board[453](index=453&type=chunk) - The Board confirms it has established and annually reviewed an **effective risk management and internal control system**, covering procedures for risk identification, assessment, response, and monitoring, and has an anti-corruption and whistleblowing policy in place[471](index=471&type=chunk)[481](index=481&type=chunk) [Financial Statements and Notes](index=116&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%8F%8A%E9%99%84%E8%A8%BB) [Independent Auditor's Report](index=116&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%9B%B8) The auditor, Deloitte, issued an unqualified opinion on the financial statements, identifying the valuation of investment properties as a key audit matter - The auditor, Deloitte, issued an **unqualified opinion** on the consolidated financial statements for the year[492](index=492&type=chunk) - The **"Valuation of investment properties" was identified as a key audit matter** due to its carrying amount of HK$5.825 billion (approx. 13.7% of total assets) and the significant judgment and estimation involved in determining its fair value[494](index=494&type=chunk)[495](index=495&type=chunk) [Consolidated Financial Statements](index=121&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the detailed consolidated income statement, balance sheet, and statements of equity changes and cash flows for the fiscal year Key Data from Consolidated Income Statement (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 9,572,234 | 10,203,679 | | Gross Profit | 2,360,653 | 2,784,757 | | (Loss) Profit Before Tax | (897,601) | 585,437 | | (Loss) Profit for the Year | (999,695) | 450,701 | | (Loss) Attributable to Shareholders of the Company | (1,275,122) | 226,100 | Key Data from Consolidated Balance Sheet (HK$'000) | Item | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Total Assets | 42,543,356 | 47,261,297 | | Total Liabilities | 29,444,808 | 32,389,953 | | Total Equity | 13,098,548 | 14,871,344 | [Notes to the Consolidated Financial Statements](index=129&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes provide detailed explanations of accounting policies, segment information, and breakdowns of assets and liabilities, crucial for understanding the financial statements - **Note 6** provides a detailed breakdown of revenue, results, and assets for each business segment (Property Development, Hotels, Car Parks, Gaming) and geographical region (Australia, Hong Kong, UK)[587](index=587&type=chunk)[589](index=589&type=chunk) - **Note 16** discloses that the fair value of investment properties is HK$5.825 billion, with a fair value loss of HK$236 million recorded for the year[632](index=632&type=chunk) - **Notes 31 and 34** detail the breakdown, maturity profile, and interest rates of bank borrowings and notes, totaling approximately HK$25.37 billion[687](index=687&type=chunk)[694](index=694&type=chunk) [Schedule of Major Properties](index=234&type=section&id=%E4%B8%BB%E8%A6%81%E7%89%A9%E6%A5%AD%E4%B8%80%E8%A6%BD%E8%A1%A8) This section provides a detailed list of the Group's major properties worldwide, categorized by type and including details on location, interest, and status[776](index=776&type=chunk)[801](index=801&type=chunk)[823](index=823&type=chunk) [Glossary](index=262&type=section&id=%E5%AD%97%E5%BD%99) This section defines specific terms, abbreviations, and definitions used throughout the report to aid reader comprehension[832](index=832&type=chunk)[834](index=834&type=chunk)[835](index=835&type=chunk)

執行董事 盧源昌 （主席） 盧奕昌 非執行董事 陳惠英 獨立非執行董事 梁威達 勞敏慈 周懷蓉 蘇其威 （於二零二四年七月十五日獲委任） | 目錄 | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 董事及高級管理層 | 9 | | 董事會報告 | 12 | | 企業管治報告 | 20 | | 環境、社會及管治報告 | 31 | | 獨立核數師報告 | 48 | | 綜合損益及其他全面收益表 | 52 | | 綜合財務狀況表 | 53 | | 綜合權益變動表 | 54 | | 綜合現金流量表 | 55 | | 綜合財務報表附註 | 56 | 財務概要 102 公司資料 董事會 審核委員會 梁威達 （主席） 陳惠英 周懷蓉 勞敏慈 蘇其威 （於二零二四年七月十五日獲委任） 薪酬委員會 周懷蓉 （主席） 盧源昌 梁威達 勞敏慈 蘇其威 （於二零二四年七月十五日獲委任） 提名委員會 盧源昌 （主席） 盧奕昌 周懷蓉 梁威達 勞敏慈 蘇其威 （於二零二四年七月十五日獲委任） 授權代表 盧源昌 羅蔚婷 公司秘書 羅蔚婷 律師事務所 陳馮吳律 ...

目錄 | 3 | 公司資料 | | --- | --- | | 4 | 主席報告書 | | 6 | 摘要 | | 7 | 管理層討論及分析 | | 12 | 董事及高級管理人員履歷詳情 | | 16 | 董事會報告 | | 34 | 企業管治報告 | | 45 | 獨立核數師報告 | | 50 | 綜合損益及其他全面收益表 | | 51 | 綜合財務狀況表 | | 53 | 綜合權益變動表 | | 54 | 綜合現金流量表 | | 56 | 綜合財務報表附註 | | 120 | 五年財務概要 | ޞଙଶ䁭 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司可能帶有較高投資風 險。有意投資的人士應了解投資於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。 由於在GEM上市的公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣的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報告之內容概不負責，對其準確性或完整性亦不發表任何聲明， ...

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 ...

ANNUAL REPORT 2024-2025 目錄 2 公司資料 3 釋義 14 主席報告 17 管理層討論及分析 24 董事及高級管理層 28 企業管治報告 44 董事會報告 58 環境、社會及管治報告 獨立核數師報告 90 綜合損益及其他全面收益表 97 綜合財務狀況表 98 綜合權益變動表 100 綜合現金流量表 101 綜合財務報表附註 103 投資物業詳情 183 五年財務概要 184 公司資料 董事會 執行董事 蔡志輝先生 （主席兼聯席行政總裁） 何家敏女士 （副主席兼聯席行政總裁） 何俊傑先生（於2024年9月20日辭任） 區俊傑先生（於2024年9月20日辭任） 獨立非執行董事 陸定光教授 彭倩薇女士 尹祖伊博士 審核委員會 彭倩薇女士 （主席） 尹祖伊博士 陸定光教授 提名委員會 陸定光教授 （主席） 尹祖伊博士 蔡志輝先生 薪酬委員會 尹祖伊博士 （主席） 彭倩薇女士 蔡志輝先生 公司秘書 鄧穎珊女士 授權代表 蔡志輝先生 鄧穎珊女士 獨立核數師 久安（香港）會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 香港 銅鑼灣 高士威道8號 航空大廈8樓 律師 CLKW LAWYERS ...

Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論與分析 | 4 | | Corporate Governance Report | 企業管治報告 | 18 | | Directors' Report | 董事會報告 | 34 | | Biographical Information of Directors and Senior Management | 董事及高級管理層個人資料 | 55 | | Independent Auditor's Report | 獨立核數師報告 | 57 | | Consolidated Statement of Profit or Loss and | 綜合損益及其他全面收益表 | 64 | | Other Comprehensive Income | | | | Consolidated Statement of Financial Position | 綜合財務狀況表 | 66 | | Consol ...

年 報 2024/25 ANNUAL REPORT 2024/25 ANNUAL REPORT 2024/25 年 報 | 公司資料 | 02 | | --- | --- | | 主席報告 | 03 | | 管理層討論及分析 | 04 | | 董事及高級管理層履歷 | 11 | | 董事會報告 | 14 | | 企業管治報告 | 28 | | 環境、社會及管治報告 | 43 | | 獨立核數師報告 | 72 | | 綜合損益及其他全面收益表 | 77 | | 綜合財務狀況表 | 78 | | 綜合權益變動表 | 79 | | 綜合現金流量表 | 80 | | 綜合財務報表附註 | 82 | | 財務摘要 | 146 | 公司資料 董事會 非執行董事 李青松先生 （主席） 執行董事 許文超先生 （行政總裁） 吳錫釗先生 獨立非執行董事 楊孫西博士 黎文星先生 曾傲嫣女士 審核委員會 目錄 黎文星先生 （主席） 楊孫西博士 曾傲嫣女士 薪酬委員會 楊孫西博士 （主席） 李青松先生 黎文星先生 提名委員會 李青松先生 （主席） 楊孫西博士 黎文星先生 曾傲嫣女士（於2025 年 6 月27日獲委任） 註冊辦事處 C ...

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 ...