阿尔法企业二零二五年年报

Corporate Information公司資料2Management Discussion and Analysis管理層討論與分析4Corporate Governance Report企業管治報告18Directors’ Report董事會報告34Biographical Information of Directors and Senior Management董事及高級管理層個人資料55Independent Auditor’s Report獨立核數師報告57Consolidated Statement of Profit or Loss andOther Comprehensive Income綜合損益及其他全面收益表64Consolidated Statement of Financial Position綜合財務狀況表66Consolidated Statement of Changes in Equity綜合權益變動表67Consolidated Statement of Cash Flows綜合現金流量表68Notes to the Consolidated Financial Statements綜合財務報表附註70Financial Summary財務概要219Particulars of Property Held for Investment持作投資物業資料220 Corporate Information公司資料 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors 趙磊先生（行政總裁）高鵬先生（於二零二四年五月三十一日獲委任及於二零二四年九月十一日辭任）伍非子女士（於二零二五年七月二日辭任） Mr. Zhao Lei(Chief Executive Officer)Mr. Gao Peng (appointed on 31 May 2024 andresigned on 11 September 2024)Ms. Wu Feizi (resigned on 2 July 2025) 獨立非執行董事 Independent Non-executive Directors 李澤雄先生涂春安先生（於二零二四年四月二十五日獲委任）陳建國先生（於二零二四年七月十五日獲委任）程浩亮先生（於二零二四年五月三十一日辭任） Mr. Li Chak HungMr. Tu Chunan (appointed on 25 April 2024)Mr. Chen Jianguo (appointed on 15 July 2024)Mr. Cheng Haoliang (resigned on 31 May 2024) 委員會 COMMITTEES 審核委員會 Audit Committee 李澤雄先生（主席）涂春安先生（於二零二四年四月二十五日獲委任）陳建國先生（於二零二四年七月十五日獲委任）程浩亮先生（於二零二四年五月三十一日停任） Mr. Li Chak Hung(Chairman)Mr. Tu Chunan (appointed on 25 April 2024)Mr. Chen Jianguo (appointed on 15 July 2024)Mr. Cheng Haoliang (ceased on 31 May 2024) 薪酬委員會 Remuneration Committee 陳建國先生（主席）（於二零二四年七月十五日獲委任）趙磊先生李澤雄先生涂春安先生（於二零二四年四月二十五日獲委任）程浩亮先生（於二零二四年五月三十一日停任主席及成員）伍非子女士（於二零二五年七月二日停任） Mr. Chen Jianguo(Chairman)(appointed on 15 July 2024)Mr. Zhao LeiMr. Li Chak HungMr. Tu Chunan (appointed on 25 April 2024)Mr. Cheng Haoliang (ceased to be the chairman anda member on 31 May 2024)Ms. Wu Feizi (ceased on 2 July 2025) 提名委員會 Nomination Committee 李澤雄先生（主席）趙磊先生涂春安先生（於二零二四年四月二十五日獲委任）陳建國先生（於二零二四年七月十五日獲委任）程浩亮先生（於二零二四年五月三十一日停任） Mr. Li Chak Hung(Chairman)Mr. Zhao LeiMr. Tu Chunan (appointed on 25 April 2024)Mr. Chen Jianguo (appointed on 15 July 2024)Mr. Cheng Haoliang (ceased on 31 May 2024) 信貸委員會 Credit Committee Mr. Zhao LeiMr. Gao Peng (appointed on 31 May 2024 andceased on 11 September 2024)Ms. Wu Feizi (ceased on 2 July 2025)Mr. Li Chak Hung (ceased to be the chairman anda member on 2 July 2025) 高鵬先生（於二零二四年五月三十一日獲委任及於二零二四年九月十一日停任）伍非子女士（於二零二五年七月二日停任）李澤雄先生（於二零二五年七月二日停任主席及成員） Corporate Information公司資料 公司秘書陳振康先生 COMPANY SECRETARY Mr. Chan Chun Hong 授權代表趙磊先生陳振康先生 AUTHORISED REPRESENTATIVES Mr. Zhao LeiMr. Chan Chun Hong 核數師 AUDITOR 國富浩華（香港）會計師事務所有限公司香港銅鑼灣禮頓道77號禮頓中心9樓 Crowe (HK) CPA Limited9th Floor, Leighton Centre, 77 Leighton RoadCauseway Bay, Hong Kong 註冊辦事處The Penthouse, 5 Reid StreetHamilton, HM 11, Bermuda REGISTERED OFFICE The Penthouse, 5 Reid StreetHamilton, HM 11, Bermuda 股份過戶登記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 SHARE REGISTRAR Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt Road, Hong Kong 法律顧問 LEGAL ADVISER 胡百全律師事務所香港中環遮打道10號太子大廈12樓1225室 P. C. Woo & Co.Room 1225, 12th Floor, Prince’s Building10 Chater Road, Central, Hong Kong 主要往來銀行中國銀行（香港）有限公司花旗銀行（香港）有限公司大新銀行有限公司 PRINCIPAL BANKER Bank of China (Hong Kong) LimitedCitibank (Hong Kong) LimitedDah Sing Bank, Limited 主要辦事處香港灣仔告士打道138號聯合鹿島大廈19樓1902室 PRINCIPAL OFFICE Room 1902, 19th Floor, Allied Kajima Building138 Gloucester Road, Wanchai, Hong Kong 股份代號948 STOCK CODE948 網址www.hk-alpha.com WEBSITEwww.hk-alpha.com Management Discussion and Analysis管理層討論與分析 財務業績 FINANCIAL RESULTS 截至二零二五年三月三十一日止年度，AlphaProfessional Holdings Limited阿爾法企業控股有限公司*（「本公司」）及其附屬公司（統稱「本 集 團」）的 收 入 約 為40.5百 萬 港 元（二 零二四年：96.3百萬港元），較去年減少57.9%。收入大幅下降主要是由於奶粉銷量下降及物業投資（「物業投資」）收入減少所致。本年度虧損約為198.5百萬港元（二零二四年：38.3百萬港元）。每股基本虧損為56.5港仙（二零二 四 年：11.0港 仙）。截 至 二 零 二 五 年 三 月三十一日止年度的大幅虧損主要由於以下因素的綜合影響： The revenue of Alpha Professional Holdings Limited（the “Company”) andits subsidiaries (collectively the “Group”) for the year ended 31 March 2025was approximately HK$40.5 million (2024: HK$96.3 million), representinga decrease of 57.9% compared to the previous year. The substantial dropin revenue was mainly due to a drop in sales volume of milk powder andrevenue from the property investment (the “Property Investment”). Theloss for the year was approximately HK$198.5 million (2024: HK$38.3million). The basic loss per share amounted to HK56.5 cents (2024: HK11.0cents). The significant loss for the year ended 31 March 2025 was primarilyattributable to the combined effect of: (i)aloss of approximately Australian dollars(“AUD”)24.6 million(equivalent to approximately HK$125.2 million) was recognised asa “provisions for compensation” pursuant to the arbitral awards(the “Arbitration Award(s)”) handed down on 28 April 2025 by theAustralian Centre for International Commercial Arbitration (“ACICA”)on the arbitrations (the “Arbitration(s)”) between The Infant FoodCompany Pty Limited (“IFC”), a wholly-owned subsidiary of BubsAustralia Limited (“Bubs Australia”) and each of Willis Trading Limite