宏安地产二零二五年年报

2Corporate Information公司資料5Financial Highlights財務概要7Chief Executive Officer’s Statement行政總裁報告13Management Discussion and Analysis管理層討論及分析31Biographies of Board of Directors and Senior Management董事會及高級管理層履歷36Corporate Governance Report企業管治報告64Report of the Directors董事會報告79Independent Auditor’s Report獨立核數師報告90Consolidated Statement of Profit or Loss and OtherComprehensive Income綜合損益及其他全面收益表92Consolidated Statement of Financial Position綜合財務狀況表95Consolidated Statement of Changes in Equity綜合權益變動表96Consolidated Statement of Cash Flows綜合現金流量表99Notes to Financial Statements財務報表附註250Particulars of Key Properties主要物業詳情252Five Year Financial Summary五年財務概要CONTENTS目錄 CORPORATE INFORMATION公司資料Wang On Properties Limited•Annual Report 2025BOARD OF DIRECTORSExecutive DirectorsMr. Tang Ho Hong,Chief Executive OfficerMs. Ching Tak Won TeresaMr. Yiu Chi ManIndependent Non-executive DirectorsMr. Li Wing Sum StevenMr. Sung Tze WahDr. Chan Ho Wah TerenceAUDIT COMMITTEEMr. Li Wing Sum Steven,ChairmanMr. Sung Tze WahDr. Chan Ho Wah TerenceREMUNERATION COMMITTEEDr. Chan Ho Wah Terence,ChairmanMr. Tang Ho HongMr. Li Wing Sum StevenMr. Sung Tze WahNOMINATION COMMITTEEMr. Sung Tze Wah,ChairmanMr. Tang Ho HongMr. Li Wing Sum StevenDr. Chan Ho Wah TerenceIn case of any inconsistency between the English text andChinese translation of this annual report, the English text shallprevail. 董事會執行董事鄧灝康先生，行政總裁程德韻女士姚智文先生獨立非執行董事李永森先生宋梓華先生陳浩華博士審核委員會李永森先生，主席宋梓華先生陳浩華博士薪酬委員會陳浩華博士，主席鄧灝康先生李永森先生宋梓華先生提名委員會宋梓華先生，主席鄧灝康先生李永森先生陳浩華博士本報告之英文版本與中文版本如有任何歧義或差異，概以英文版本為準。 宏安地產有限公司•二零二五年年報Corporate Information(Continued)公司資料（續）常務委員會鄧灝康先生，主席程德韻女士姚智文先生公司秘書姚智文先生（自二零二五年一月二十五日起獲委任）張展華先生（自二零二五年一月二十五日起辭任）授權代表鄧灝康先生姚智文先生（自二零二五年一月二十五日起獲委任）張展華先生（自二零二五年一月二十五日起辭任）核數師安永會計師事務所執業會計師註冊公共利益實體核數師法律顧問何耀棣律師事務所孖士打律師行禮德齊伯禮律師行有限法律責任合夥主要往來銀行交通銀行（香港）有限公司東莞銀行永豐銀行中信銀行（國際）有限公司中國建設銀行（亞洲）集友銀行創興銀行有限公司中國信託商業銀行股份有限公司大新銀行有限公司恒生銀行有限公司中國工商銀行（亞洲）有限公司王道商業銀行股份有限公司上海浦東發展銀行東亞銀行有限公司香港上海滙豐銀行有限公司大華銀行有限公司Industrial and Commercial Bank of China (Asia) LimitedThe Hongkong and Shanghai Banking Corporation Limited EXECUTIVE COMMITTEEMr. Tang Ho Hong,ChairmanMs. Ching Tak Won TeresaMr. Yiu Chi ManCOMPANY SECRETARYMr. Yiu Chi Man(appointed with effect from 25 January 2025)Mr. Cheung Chin Wa Angus(resigned with effect from 25 January 2025)AUTHORISED REPRESENTATIVESMr. Tang Ho HongMr. Yiu Chi Man(appointed with effect from 25 January 2025)Mr. Cheung Chin Wa Angus(resigned with effect from 25 January 2025)AUDITORErnst & YoungCertified Public AccountantsRegistered Public Interest Entity AuditorLEGAL ADVISERSGallantJohnson Stokes & MasterReed Smith Richards Butler LLPPRINCIPAL BANKERSBank of Communications (Hong Kong) LimitedBank of DongguanBank SinoPacChina CITIC Bank InternationalLimitedChina Construction Bank (Asia)Chiyu Banking Corporation Ltd.Chong Hing Bank LimitedCTBC Bank Co Ltd.Dah Sing Bank, LimitedHang Seng Bank LimitedO-Bank Co., Ltd.Shanghai Pudong Development BankThe Bank of East Asia, LimitedUnited Overseas Bank Limited Wang On Properties Limited•Annual Report 2025Corporate Information(Continued)公司資料（續）REGISTERED OFFICEClarendon House2 Church StreetHamilton HM 11BermudaHEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONGSuite 3201, 32/F., Skyline Tower39 Wang Kwong RoadKowloon BayKowloonHong KongPRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN BERMUDAConyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11BermudaBRANCH SHARE REGISTRAR AND TRANSFEROFFICE IN HONG KONGTricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong KongBOARD LOT4,000 sharesINVESTOR RELATIONSEmail: pr@woproperties.comWEBSITEwww.woproperties.comSTOCK CODE1243 註冊辦事處Clarendon House2 Church StreetHamilton HM 11Bermuda香港總辦事處及主要營業地點香港九龍九龍灣宏光道39號宏天廣場32樓3201室百慕達股份過戶及轉讓登記總處Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda香港股份過戶及轉讓登記分處卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓每手股數4,000股股份投資者關係電郵：pr@woproperties.com網頁www.woproperties.com股份代號1243 Wang On Properties Limited•Annual Report 2025Financial Highlights(Continued)財務概要（續）ASSETS EMPLOYED所用資產As at 31 March 2025於二零二五年三月三十一日21.7%7.5%70.7%0.1%Asset Management資產管理Cash andCorporate Assets現金及公司資產Property Investment物業投資PropertyDevelopmentand Trading物業發展及買賣EQUITY ATTRIBUTABLE TO OWNERSOF THE PARENT母公司擁有人應佔權益HK$ million百萬港元3,478.75,023.04,450.65,172.8 5,271.8202520242023202220211,0004,0003,0002,0006,0005,0000HK$ million百萬港元%百分比 CAPITAL AND LIABILITIES資本及負債As at 31 March 2025於二零二五年三月三十一日4.8%47.4%Bank and Other Borrowings銀行及其他借貸Other Liabilities andNon-controlling Interests其他負債及非控制權益BANK GEARING RATIO銀行負債比率%百分比77.173.468.259.4402080600 Chief ExecutiveOfficer’s Statement行政總裁報告 CHIEF EXECUTIVE OFFICER’S STATEMENT行政總裁報告Wang On Properties Limited•Annual Report 2025DEAR SHAREHOLDERS,On behalf of the board of directors (the “Board” or the“Director(s)”) of Wang On Properties Limited (the “Company”or “Wang On Properties”, together with its subsidiaries, the“Group”), I am pleased to present the annual results of theGr