慕诗国际二零二四年度年报

目 錄CONTENTS 2公司資料Corporate Information4主席報告Chairman’s Statement12管理層討論及分析Management Discussion and Analysis22董事及高級管理人員簡介Directors and Senior Management Profiles27企業管治報告Corporate Governance Report40董事會報告書Directors’ Report53獨立核數師報告書Independent Auditor’s Report 64綜合損益及其他全面收益表Consolidated Statement of Profit or Loss and Other Comprehensive Income66綜合財務狀況表Consolidated Statement of Financial Position68綜合權益變動表Consolidated Statement of Changes in Equity69綜合現金流量表Consolidated Statement of Cash Flows71綜合財務報表附註Notes to the Consolidated Financial Statements185持作投資物業Properties held for Investment187集團財務概要Group Financial Summary 公司資料Corporate Information 陳欽杰先生（主席）徐巧嬌女士陳思俊先生 BOARD OF DIRECTORSExecutive Mr. CHAN Yum Kit(Chairman)Ms. TSUI How Kiu, ShirleyMr. CHAN Sze Chun 余玉瑩女士朱俊傑先生黃淑英女士吳麗文博士 Independent Non-ExecutiveMs. YU Yuk Ying, VivianMr. CHU Chun Kit, SidneyMs. WONG Shuk Ying, HelenDr. NG Lai Man, Carmen 余玉瑩女士朱俊傑先生黃淑英女士 AUDIT COMMITTEEMs. YU Yuk Ying, VivianMr. CHU Chun Kit, SidneyMs. WONG Shuk Ying, Helen REMUNERATION COMMITTEEMs. YU Yuk Ying, VivianMr. CHU Chun Kit, SidneyMr. CHAN Sze Chun 余玉瑩女士朱俊傑先生陳思俊先生 NOMINATION COMMITTEEMs. YU Yuk Ying, VivianMs. WONG Shuk Ying, HelenMs. TSUI How Kiu, Shirley 余玉瑩女士黃淑英女士徐巧嬌女士 彭蓮女士 COMPANY SECRETARYMs. PANG Lin 天職香港會計師事務所有限公司註冊公眾利益實體核數師 INDEPENDENT AUDITORBaker Tilly Hong Kong LimitedRegistered Public Interest Entity Auditors PRINCIPAL BANKERSThe Hongkong and Shanghai Banking Corporation LimitedNanyang Commercial Bank, LimitedBank of China (Hong Kong) Limited 香港上海滙豐銀行有限公司南洋商業銀行有限公司中國銀行（香港）有限公司 中原測量師行有限公司 PROPERTY VALUERCentaline Surveyors Limited 香港法律梁鄧蔡律師事務所 LEGAL ADVISERSas to Hong Kong lawPansy Leung Tang & Chua, Solicitors 開曼群島法律康德明律師事務所 as to the Cayman Islands lawConyers Dill & Pearman 中國法律四川致高律師事務所 as to PRC lawSichuan Chihkao Law Firm 公司資料Corporate Information REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 香港北角健康東街39號柯達大廈第二期11樓1-5室 HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS Units 1-5, 11th FloorKodak House 239 Healthy Street EastNorth PointHong Kong WEBSITEShttps://moiselle-hk.comhttps://ir.moiselle.com.hk https://moiselle-hk.comhttps://ir.moiselle.com.hk PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 香港證券登記有限公司香港灣仔皇后大道東一八三號合和中心十七樓1712-1716號舖 Hong Kong Registrars LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong KEY DATES 暫停辦理股份過戶及登記：就股東週年大會而言，為二零二四年九月十八日至二零二四年九月二十五日 Closure of Register of Members:18 September 2024 to 25 September 2024for Annual General Meeting 股東週年大會：二零二四年九月二十五日 Annual General Meeting:25 September 2024 主席報告Chairman’s Statement 致各股東： Dear Fellow Shareholders, On behalf of the board of Directors (the “Board”) of MoiselleInternational Holdings Limited (“Moiselle” or the “Company”), Ipresent the results of the Company and its subsidiaries (whichare collectively referred to as the “Group”) for the year ended 31March 2024 (the “Year”). 本人謹此代表慕詩國際集團有限公司（「慕詩」或「本公司」）董 事 會（「董 事 會」）提 呈 本 公 司 及 其 附 屬 公 司（統 稱「本 集團」）截至二零二四年三月三十一日止年度（「本年度」）之業績。 MARKET OVERVIEW 市場概覽 The business environment remained volatile and complicatedduring the Year. The post-COVID-19 pandemic recovery fell shortofexpectations.Interest rates stayed at high levels as majorcentral banks of some developed countries tried hard to rein intheirrepressibly high inflation.Geopolitical tensions wereescalating. In China, the government was still endeavouring torevive the economy and, specifically, to cope with the ongoingcrisis in the property sector. 於本年度，經營環境仍然複雜多變。新冠肺炎疫情後的復甦遜於預期。一些發達國家的主要中央銀行為求竭力抑制居高不下的通脹而將利率繼續維持於高水平。地緣政治緊張局勢亦不斷升溫。在中國，政府仍在努力振興經濟，尤其是正在應對房地產行業危機。 雖然中國的國內生產總值達到二零二三年的增長目標，但經濟仍有待增強，才能恢復消費者信心。中國政府需調低利率以刺激經濟及在中美關係緊張局勢下促進貿易，因而令人民幣兌美元匯率走低，中國的貨幣疲弱影響了其出境旅客的購買力。 Although China met the gross domestic product growth target in2023, its economy had yet to be strengthened enough to restoreconsumer confidence. Its currency renminbi weakened against theUnited States dollar as the Chinese government needed to cutinterest rates to stimulate the economy and boost trade amid thestrainedSino-United States relations.The weakened Chinesecurrency affected the buying power of the outbound Chinesetourists. 中國內地旅客佔到訪香港旅客的絕大多數，然而，香港旅遊業及零售市場仍未回復至疫情前水平。這裏有幾個原因：首先，二零二三年的訪港旅客人數僅恢復至二零一九年疫情爆發前水平的約60%。其次，人民幣走弱、以及國內生意及就業前景黯淡，令訪港的內地旅客無論在人數、購買力及平均客單價均較疫情前有所下降；此外，他們現時更偏好於觀光而非購物。其三，香港居民北上中國內地休閒消費已蔚然成風，對本地零售及餐飲市場亦造成影響。 In Hong Kong, where Mainland Chinese tourists accounted for asignificant majority of the city’s visitor arrivals, both the tourismand retail market had yet to recover to the pre-pandemic levels.For one thing, the visito