四洲集团2025年报

Contents目 錄 Corporate Information2-3Chairman’s Statement4-15Major Awards16-18Management Discussion and Analysis19-26Report of the Directors27-42Corporate Governance Report43-65Independent Auditor’s Report66-73Audited Financial StatementsConsolidated Statement of Profit or Loss74Consolidated Statement of Comprehensive Income75Consolidated Statement of Financial Position76-77Consolidated Statement of Changes in Equity78-79Consolidated Statement of Cash Flows80-82Notes to Financial Statements83-207Particulars of Properties208 Corporate Information BOARD OF DIRECTORS Executive Directors TAI Tak Fung, Stephen(Chairman)WU Mei Yung, Quinly(Vice Chairman)TAI Chun Kit(Managing Director)WU Wing BiuTSE Siu Wan (Appointed on 9 November 2024)WONG Fu Hang, Derek (Resigned on 9 November 2024) Independent Non-executive Directors CHAN Yuk Sang, PeterTsunao KIJIMACHEUNG Wing Choi COMPANY SECRETARY YAM Wai Wah, Jenny AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong PLACE OF INCORPORATION Cayman Islands PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Sterling Trust (Cayman) LimitedWhitehall House238 North Church StreetP.O. Box 1043George TownGrand Cayman KY1-1102Cayman Islands Sterling Trust (Cayman) LimitedWhitehall House238 North Church StreetP.O. Box 1043George TownGrand Cayman KY1-1102Cayman Islands HONG KONG BRANCH SHAREREGISTRAR AND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong FOUR SEAS MERCANTILE HOLDINGS LIMITEDANNUAL REPORT 2025 REGISTERED OFFICE JTC (Cayman) Limited94 Solaris Avenue2nd Floor, Camana BayP.O. Box 30745Grand Cayman KY1-1203Cayman Islands JTC (Cayman) Limited94 Solaris Avenue2nd Floor, Camana BayP.O. Box 30745Grand Cayman KY1-1203Cayman Islands PRINCIPAL PLACE OF BUSINESS INHONG KONG 31/F., Four Seas Group CentreNo. 41 King Yip StreetKwun Tong, KowloonHong Kong 4131 PRINCIPAL BANKERS UFJKiraboshi Bank, Ltd Sumitomo Mitsui Banking CorporationMUFG Bank, Ltd.Mizuho Bank, Ltd.The Hongkong and Shanghai Banking Corporation LimitedBank of Communications (Hong Kong) LimitedOCBC Bank (Hong Kong) LimitedBank of China (Hong Kong) LimitedChina Construction Bank (Asia) Corporation LimitedUnited Overseas Bank LimitedStandard Chartered Bank (Hong Kong) LimitedThe Bank of East Asia, LimitedChong Hing Bank LimitedFubon Bank (Hong Kong) LimitedKiraboshi Bank, LtdHang Seng Bank Limited WEBSITE http://www.fourseasgroup.com.hk http://www.fourseasgroup.com.hk Chairman’s Statement During the year under review, the global economy faced ongoingvolatility, driven by escalating geopolitical tensions. The consumermarket remained under pressure while the operating environment waschallenging. The Group continued to be proactive, demonstratingresilience and determination, while maintaining steady progress. Bycapitalising on its strong brand, diverse strategies, and strong marketinsights, the Group effectively navigated these challenges, ensuredstable growth, and positioned itself to seize future opportunities. The Group is committed to expanding its business in Hong Kong,Mainland China and Japan, using the connectivity of these marketsto drive growth, synergy, efficiency and competitiveness. In HongKong, flagship store “Seas of Flavour” leverages the Group’s strongbrand by blending physical shop, online platform, marketing venue,and innovative products to fuel expansion. The Group’s relocation tothe Four Seas Group Centre sets a solid foundation for future success.In Mainland China, beginning with the Greater Bay Area, the Grouptaps into the vast domestic market through its online and offlinesales channels to introduce international snacks, set food trends, andexpand nationwide, while promoting Chinese food globally under theFour Seas brand in parallel. In Japan, Miyata Co., Ltd. (“Miyata”)contributes to the Group’s efforts in four areas, including products,platforms, pricing, and market. The Group brings unique Japaneseproducts to Hong Kong and Greater Bay Area cities while exportingHong Kong and Mainland-made foods to Japan through Miyata’snetwork, offering Japanese consumers fresh and exciting flavours. Chairman’s Statement RESULTS 3,625,422,0003,898,222,00010,164,00034,657,000 Inthe annual results for the year ended 31 March 2025,theGroup’sconsolidated revenue was HK$3,625,422,000(2024:HK$3,898,222,000). The profit for the year attributable to equityholders of the Company was HK$10,164,000 (2024: HK$34,657,000). During the year under review, consumer markets in Hong Kong,Mainland China, and Japan experienced a slowdown, leading to lowerturnover compared to the previous year. Consumer spending becamemore cautious amid slower economic growth under the backdrop ofrelatively high interest rates and ongoing geopolitical tension acrossthe Group’s operating regions. Facing a weak consumer goods market, the Group proactively soldprodu