长江制衣2024/2025年度年报

For the Year Ended 31st March, 20252024/25ANNUAL REPORT CONTENTS目 錄Corporate Information2Chairman’s Statement4Management Discussion and Analysis5Report of the Directors11Corporate Governance Report19Directors and Management31Independent Auditor’s Report35Consolidated Statement of Profit or Loss44Consolidated Statement of Profit or Loss and Other Comprehensive Income45Consolidated Statement of Financial Position46Consolidated Statement of Changes in Equity48Consolidated Cash Flow Statement49Notes to the Financial Statements50Group Properties123Five-Year Summary124 CORPORATE INFORMATION公 司 資 料 BOARD OF DIRECTORS Executive DirectorsChan Wing Fui, Peter,MA (Chairman)Chan Suk Man,MSc (Managing Director)Chan Wing To,PhD (Deputy Managing Director)Chan Wing Kee,GBM, GBS, OBE, JPChan Wing Sun, SamuelChan Suk Ling, Shirley,BBS, JP Independent Non-executive DirectorsChoi Ting KiSo Stephen Hon CheungLi Guangming AUDIT COMMITTEE So Stephen Hon Cheung(Chairman)Choi Ting KiLi Guangming REMUNERATION COMMITTEE Li Guangming(Chairman)Chan Wing Fui, PeterChan Wing KeeChoi Ting KiSo Stephen Hon Cheung NOMINATION COMMITTEE Choi Ting Ki(Chairman)Chan Wing Fui, PeterChan Wing KeeSo Stephen Hon CheungLi Guangming RISK MANAGEMENT COMMITTEE Chan Wing Fui, Peter(Chairman)Chan Wing KeeChan Suk Man PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation LimitedBank of China (Hong Kong) Limited CORPORATE INFORMATION公 司 資 料 AUDITORS KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance with the Accountingand Financial Reporting Council Ordinance Hui Sau Ling, FCCA, CPA REGISTERED OFFICE 22 Tai Yau StreetSan Po KongKowloon SHARE REGISTRAR AND TRANSFER OFFICE 1712 – 1716 Computershare Hong Kong Investor Services LimitedShops 1712 – 171617th Floor, Hopewell CentreHong Kong WEBSITE www.ygm.com.hkwww.ygm.com.hk CHAIRMAN’S STATEMENT主 席 報 告 GROUP RESULTS 1 8 6 , 4 3 1 , 0 0 0234,302,00059,878,00048,172,000 Revenueof the Group for the year 2024/25 under review wasHK$186,431,000 (2023/24: HK$234,302,000) and the overall result wasa loss of HK$59,878,000 (2023/24: a loss of HK$48,172,000). BUSINESS REVIEW AND PROSPECTS Similar to last year, large part of the current year’s losses was causedby the recognition of losses of our joint ventures in Wuxi No. 1 CottonInvestment Co., Ltd. in China as well as fair value losses derived from thedevaluation of the Group’s investment properties on Tai Yau Street due tothe depressed property market in Hong Kong. These losses neverthelessdo not impact our company’s cash position. However, during the currentyear, our garment operation had incurred a small loss as well. OUTLOOK Garment manufacturing business has been challenging for the pastmany years. At the present it is even more uncertain due to the U.S.tariffs issue and the global economic and political outlook. In the comingyear, we expect further non-cash losses from our Wuxi joint venture andfrom probable continuous devaluation of our Tai Yau Street property. Onthe positive side, our company still maintain a healthy cash position toweather any unforeseen circumstances. APPRECIATION I would like, on behalf of the Board and shareholders, to express ourappreciation to the Company’s employees for their hard work and loyalservice to the Company during the past year. By Order of the BoardChan Wing Fui, PeterChairman Hong Kong, 25 June 2025 管 理 層 討 論 與 分 析 MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 與 分 析 RESULTS OF OPERATIONS 186,431,000234,302,00020%19,687,000653,00059,878,00048,172,000 Revenue of our core garment business for the year ended 31 March2025 was HK$186,431,000, a decrease of 20% as compared withHK$234,302,000 of the year before. The operation loss for the year wasHK$19,687,000 (2023/24: a profit of HK$653,000). The losses of ourWuxi investment and the fair value losses arising from the revaluationof the Group’s investment properties further negatively affected ouroverall performance to a total loss of HK$59,878,000 (2023/24: a loss ofHK$48,172,000). The unstable political and economic environment, the high inflation andinterest rates, the soaring energy costs as well as manufacturing costs inthe year under review continued to affect our group’s results. GARMENT BUSINESS poloT YangtzekiangGarment Limited and Hong Kong Knitters Limitedare the two names that we use to operate our garment business.We manufacture a wide variety of products that include men’s andladies’ shirts, trousers, shorts, polo shirts, T-shirts, jackets and knittedouterwear, etc. Hong Kong is our Group’s headquarters that handlesour core garment businesses including manufacturing, trading andsourcing. In addition to our fully owned factory in China (Panyu), we arealso working in partnership with many factories in Myanmar, Bangladesh,Vietnam, Indonesia and Cambodia serving the needs of our customersworldwide. Besides Panyu where we have factory, we also have officein Hangzhou China. This office no