慕诗国际二零二五年度年报

MOISELLE INTERNATIONAL HOLDINGS LIMITED 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 Analysis20董事及高級管理人員簡介Directors and Senior Management Profiles25企業管治報告Corporate Governance Report38董事會報告書Directors’ Report51獨立核數師報告書Independent Auditor’s Report 62綜合損益及其他全面收益表Consolidated Statement of Profit or Loss and Other Comprehensive Income64綜合財務狀況表Consolidated Statement of Financial Position66綜合權益變動表Consolidated Statement of Changes in Equity67綜合現金流量表Consolidated Statement of Cash Flows69綜合財務報表附註Notes to the Consolidated Financial Statements177持作投資物業Properties held for Investment179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 AUDIT COMMITTEEMs. YU Yuk Ying, VivianMr. CHU Chun Kit, SidneyMs. WONG Shuk Ying, Helen 余玉瑩女士朱俊傑先生黃淑英女士 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 余玉瑩女士黃淑英女士徐巧嬌女士 NOMINATION COMMITTEEMs. YU Yuk Ying, VivianMs. WONG Shuk Ying, HelenMs. TSUI How Kiu, Shirley 彭蓮女士 COMPANY SECRETARYMs. PANG Lin INDEPENDENT AUDITORBaker Tilly Hong Kong LimitedRegistered Public Interest Entity Auditors 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 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 PRINCIPAL BANKERSThe Hongkong and Shanghai Banking Corporation LimitedNanyang Commercial Bank, LimitedBank of China (Hong Kong) Limited PROPERTY VALUERCentaline Surveyors Limited 中原測量師行有限公司 LEGAL ADVISERSas to Hong Kong lawPansy Leung Tang & Chua, Solicitors 香港法律梁鄧蔡律師事務所 開曼群島法律康德明律師事務所 as to the Cayman Islands lawConyers Dill & Pearman 中國法律北京市京師律師事務所 as to PRC lawBeijing Jingsh 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 香港中央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 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong 暫停辦理股份過戶及登記：就股東週年大會而言，為二零二五年九月二十二日至二零二五年九月二十九日 KEY DATESClosure of Register of Members:22 September 2025 to 29 September 2025for Annual General Meeting 二零二五年九月二十九日 Annual General Meeting:29 September 2025 主席報告Chairman’s Statement 致各股東： Dear Fellow Shareholders, 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」）截至二零二五年三月三十一日止年度（「本年度」）之業績。 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 2025 (the “Year”). MARKET OVERVIEW 經濟本已低迷，令消費信心疲弱，而地緣政治緊張，觸發貿易戰，更是雪上加霜，繼續影響服裝零售市場。 Theapparel retail markets continued to be affected by weakconsumersentiment that had resulted from the sluggisheconomy, which was exacerbated by trade war amid escalatinggeopolitical tensions. 本集團約59%的收益來自香港，當地經濟疲軟、就業前景黯淡、本地居民及遊客消費行為發生根本變化，致使二零二四年服裝零售額下降約10.6%至約379.1億港元，與二零二三年約43.5%的增長形成鮮明反差（資料來源：香港特別行政區（「香港特區」）政府統計處）。一方面，香港居民時興 到 中 國 內 地 及 外 國（尤 其 是 日 本）度 假 及 購 物；另 一 方面，佔訪港旅客大多數的內地遊客，則除了購買力不如以往外，更偏好於觀光而非購物。二零二四年訪港旅客總數僅反彈至二零一九年疫情前水平的約79.59%（資料來源：香港旅遊發展局引述香港特區入境事務處之數據），顯示支 撐 市 道 的 客 源 尚 未 恢 復。此 外，雖 然 零 售 額 持 續 下 降——自二零二四年三月至二零二五年三月，零售總額連續十三個月同比下降（資料來源：香港特區政府統計處），店舖不堪經濟困景打擊而頻頻結業，但商舖租金卻仍居高不下，是零售業面對的另一問題。 InHong Kong,where the Group derived about 59%of itsrevenue, the value of retail sales of wearing apparel dropped byabout10.6%to approximately HK$37.91 billion in 2024,insharp contrast to the about 43.5% growth in 2023 (source: TheCensusand Statistics Department of the Hong Kong SpecialAdministrative Region (“HKSAR”)). The decline was attributabletothe city’s weak economy,gloomy job prospects and thefundamentalchanges in the consumer behaviour of both thelocals and tourists. While there has been an increasing trend fortheHong Kong residents to spend holidays relaxing andshoppingin Mainland China and foreign countries,notablyJapan,Mainland Chinese tourists,who accounted for themajority of the visitor arrivals in the city, had less buying powerthan they used to have and were becoming more interested insightseeing than in sh