ANNUAL REPORT年度報告for the year ended 31 March 2023截至二零二三年三月三十一日 CONTENTS目 錄CORPORATE INFORMATION 公司資料2CHAIRMAN’S STATEMENT 主席報告4MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析9BIOGRAPHICAL DETAILS OF THE DIRECTORS 董事履歷詳情26REPORT OF THE DIRECTORS 董事會報告30CORPORATE GOVERNANCE REPORT 企業管治報告51OTHER CORPORATE INFORMATION 其他公司資料79INDEPENDENT AUDITOR’S REPORT 獨立核數師報告81AUDITED FINANCIAL STATEMENTS 經審核財務報表Consolidated income statement 綜合收益表93Consolidated statement of comprehensive income 綜合全面收益表94Consolidated statement of financial position 綜合財務狀況表95Consolidated statement of changes in equity 綜合權益變動表97Consolidated statement of cash flows 綜合現金流量表98Notes to financial statements 財務報表附註100FINANCIAL SUMMARY 財務概要240 2CORPORATE INFORMATION公司資料ANNUAL REPORT 2023 年度報告KIN YAT HOLDINGS LIMITED 建溢集團有限公司BOARD OF DIRECTORSExecutive DirectorsMr. Cheng Chor Kit (Chairman and Chief Executive Officer)Mr. Liu Tat LuenMr. Cheng Tsz ToMr. Cheng Tsz HangMr. Lee Kim Wa, Winston*Non-executive DirectorDr. Fung Wah Cheong, VincentIndependent non-executive DirectorsMr. Wong Chi WaiDr. Sun Kwai Yu, VivianMr. Cheng Kwok Kin, Paul**Mr. Cheung Wang Ip* Mr. Lee Kim Wa, Winston resigned as an executive Director on 2 December 2022.** Mr. Cheng Kwok Kin, Paul deceased on 12 September 2022.COMPANY SECRETARYMr. Hung Kam Wing, TimmyHEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS7/F., Galaxy Factory Building25-27 Luk Hop StreetSan Po Kong, KowloonHong KongREGISTERED OFFICEClarendon House2 Church StreetHamilton HM 11Bermuda董事會執行董事鄭楚傑先生 （主席兼行政總裁）廖達鸞先生鄭子濤先生鄭子衡先生李劍華先生*非執行董事馮華昌博士獨立非執行董事黃揸維先生孫季如博士鄭國乾先生**張宏業先生* 李劍華先生於二零二二年十二月二日辭任執行董事。** 鄭國乾先生於二零二二年九月十二日辭世。公司秘書洪錦榮先生總辦事處及主要營業地點 香港九龍新蒲崗六合街25-27號嘉時工廠大廈7樓註冊辦事處Clarendon House2 Church StreetHamilton HM 11Bermuda 3CORPORATE INFORMATION公司資料ANNUAL REPORT 2023 年度報告KIN YAT HOLDINGS LIMITED 建溢集團有限公司BERMUDA PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEMUFG Fund Services (Bermuda) LimitedRosebank Centre11 Bermudiana RoadPembroke HM 08BermudaHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICETricor Tengis Limited17/F., Far East Finance Centre,16 Harcourt Road,Hong KongAUDITORPricewaterhouseCoopersCertified Public Accountants and Registered PIE AuditorPRINCIPAL BANKERSThe Hongkong and Shanghai Banking Corporation LimitedHang Seng Bank LimitedCORPORATE WEBSITEwww.kinyat.com.hk百慕達主要股份過戶登記處 MUFG Fund Services (Bermuda) LimitedRosebank Centre11 Bermudiana RoadPembroke HM 08Bermuda香港股份過戶登記分處 卓佳登捷時有限公司香港夏愨道16號遠東金融中心17樓核數師羅兵咸永道會計師事務所執業會計師及註冊公眾利益實體核數師主要往來銀行香港上海滙豐銀行有限公司恒生銀行有限公司公司網站www.kinyat.com.hk 4CHAIRMAN’S STATEMENT主席報告ANNUAL REPORT 2023 年度報告KIN YAT HOLDINGS LIMITED 建溢集團有限公司Dear valued shareholders,On behalf of the board (the “Board”) of directors (the “Directors”) of Kin Yat Holdings Limited (the “Company” or “Kin Yat”, and, together with its subsidiaries, the “Group”), I am pleased to present to you the results for the year ended 31 March 2023 (the “Year” or ’FY2023’).MARKET OVERVIEWFY2023 represents a tough year for most of the companies from every industry, with consumer goods and manufacturing businesses particularly hard-hit by the drastic macro changes during the Year. In early 2022, the Russia-Ukraine conflict has created notable supply chain disruptions across the globe, drastically increasing commodity prices and logistic cost. The potential of a sustained war, growing inflation, rising interest rates, along with the lingering COVID-19 impact, have also casted further uncertainties on future economic outlook. Consumers, especially those in Europe and the U.S., reacted by becoming increasingly conservative and price-sensitive over purchases of non-daily goods. As a result, sales of most consumer electronic products subsequently dropped, prohibiting retailers and distributors from ordering replenishment. The Group’s branded customers were also being forced to delay or reduce their orders amid the lack of visibility.On the production-end, China, being the world’s largest manufacturer as well as the Group’s major production location, also saw unprecedented challenges during the Year. In the hope to avoid mass infections and incur a growing burden on its medical system, the country has pursued a zero-COVID policy that was typified by strict and frequent lockdowns. Raw materials and parts supply became difficult within the country, with labour availability also becoming a growing bottleneck. As a result, the Group’s production in Shenzhen and Shaoguan were also unavoidably affected, suffering from significant cost pressure and diseconomies of scale.致各位股東：本人謹代表建溢集團有限公司（「本公司」或「建溢」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董事會」）欣然向股東提呈截至二零二三年三月三十一日止年度（「本年度」或「二零二三財年」）的業績。市場概覽二零二三財年對各行各業的大部份公司而言為艱難的一年，其中消費品和製造業在這一年中受到宏觀變化的打擊尤其嚴重。二零二二年初，俄烏衝突在全球範圍內造成顯著的供應鏈中斷，令大宗商品的價格和物流成本大幅增加。戰爭可能持續，通脹不斷升溫，利率持續上升，加上2019新型冠狀病毒病的