星光集团截至二零二五年三月三十一日止年度年报

CONTENTS目 錄Corporate Information4Chairman’s Statement7Chairman’s Letter21Financial Summary22Report of the Directors24Corporate Governance Report37Management Profile64List of Properties70Independent Auditor’s Report72Consolidated Income Statement80Consolidated Statement of Comprehensive Income81Consolidated Statement of Financial Position82Consolidated Statement of Changes in Equity84Consolidated Statement of Cash Flows86Notes to the Consolidated Financial Statements88 董 事執 行 董 事非 執 行 董 事獨 立 非 執 行 董 事審 核 委 員 會薪 酬 委 員 會提 名 委 員 會 CORPORATE INFORMATIONDIRECTORSExecutive DirectorsMr. Lam Kwong Yu(Chairman and Chief Executive Officer)Mr. Poon Kwok Ching(Senior Vice President)Mr. Wong Wai Kwok(Senior Vice President)Mr. Zhong Zhitang(Senior Vice President)(Appointed with effect from 1st April, 2025)Mr. Tin Shing(Senior Vice President)(Resigned with effect from 1st April, 2025)Non-Executive DirectorMs. Yeung ChuiIndependent Non-Executive DirectorsMr. Chan Yue Kwong, MichaelMr. Kwok Lam Kwong, Larry,SBS, JPMr. Tam King Ching, KennyMs. Elizabeth LawAUDIT COMMITTEEMr. Tam King Ching, Kenny(Chairman)Mr. Chan Yue Kwong, MichaelMr. Kwok Lam Kwong, Larry,SBS, JPMs. Elizabeth LawREMUNERATION COMMITTEEMr. Chan Yue Kwong, Michael(Chairman)Mr. Kwok Lam Kwong, Larry,SBS, JPMr. Tam King Ching, KennyMs. Elizabeth LawNOMINATION COMMITTEEMr. Kwok Lam Kwong, Larry,SBS, JP(Chairman)Mr. Chan Yue Kwong, MichaelMr. Lam Kwong YuMr. Tam King Ching, KennyMs. Yeung ChuiMs. Elizabeth Law 授 權 代 表公 司 秘 書核 數 師22法 律 顧 問27註 冊 辦 事 處Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda總 辦 事 處 及 主 要 營 業 地 點 CORPORATE INFORMATIONAUTHORISED REPRESENTATIVESMr. Lam Kwong YuMr. Poon Kwok ChingCOMPANY SECRETARYMr. Poon Kwok ChingAUDITORPricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22nd FloorPrince’s BuildingCentral, Hong KongLEGAL ADVISERHowse Williams27/F., Alexandra House18 Chater RoadCentral, Hong KongREGISTERED OFFICEVictoria Place, 5th Floor31 Victoria StreetHamilton HM 10BermudaHEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS3/F., Perfect Industrial Building31 Tai Yau StreetSanpokongKowloonHong Kong 18 股 票 過 戶 登 記 處主 要 股 票 過 戶 登 記 處Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda香 港 股 票 過 戶 登 記 分 處1617主 要 銀 行網 址http://www.hkstarlite.com股 票 代 號403 SHARE REGISTRARS AND TRANSFER OFFICESPrincipal Share Registrar and Transfer OfficeAppleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermudaHong Kong Branch Share Registrar and Transfer OfficeTricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, AdmiraltyHong KongPRINCIPAL BANKERSThe Hongkong and Shanghai Banking Corporation LimitedHang Seng Bank LimitedBank of China (Hong Kong) LimitedChina Construction BankWEBSITEhttp://www.hkstarlite.comSTOCK CODE403 業 績 RESULTSForthe year ended 31st March,2025,the Group’s revenueincreased by 7.3% to approximately HK$895 million. A loss ofapproximatelyHK$27 million was recorded,compared to aprofit of approximately HK$17 million last year.Benefitting from the rebound in market demand driven by theeasing of global inflationary pressures and interest rate cuts, theGrouprecorded a moderate growth in revenue for the year;however, as the increase in tariffs after the US election in thesecondhalf of the year led to higher export costs,and theintensifiedcompetition in the printing industry triggered pricedrops that severely squeezed profit margins, the Group wrappedup the year with a loss.Duringthe reporting period,there were multiple structuralchallenges in the global business environment, with escalatinggeopoliticalconflicts,deepening US-China rivalry,and furtherexacerbated trade barriers. Major economies pursued the “near-shoring”and“friend-shoring”policies which have acceleratedtheprocess of global supply chain restructuring,causingbusinessesto face additional cost pressures brought about bytheindustrial chain restructuring.The Global ManufacturingPurchasingManagers’Index hovered around the threshold,reflectingthe continuing pressure on purchasing power in theend markets. Moreover, in view of the excess capacity in theindustry,competitors have launched price wars to maintaintheirmarket share,resulting in a year-on-year decline in theGroup’s overall gross profit margin despite a growth in businessvolume.Coupled with the new round of tariff policyimplementedafter the US election,the cost of the Group’sexportbusiness to the US has directly increased,which hasbecome a key factor dragging down the profit margins. In theface of severe market conditions, the three plants in China andthe ASEAN market were impacted to varying degrees during theperiod. The Guangzhou plant turned from profit to loss due tocostincreases,while the Shaoguan plant remained profitable.The Suzhou plant recorded a loss due to the intensified pricewarin Eastern China.Likewise,the ASEAN market