高雅光学2024/2025年报

Contents Corporate Information2–3Management Discussion and Analysis4–8Environmental, Social and Governance Report9–25Profiles of Directors26–27Corporate Governance Report28–51Report of the Directors52–62Independent Auditor’s Report63–73Consolidated Statement of Profit or Loss74–74Consolidated Statement of Comprehensive Income75–75Consolidated Statement of Financial Position76–77Consolidated Statement of Changes in Equity78–78Consolidated Statement of Cash Flows79–81Notes to Consolidated Financial Statements82–195Particulars of Properties196–196 Corporate Information BOARD OF DIRECTORSExecutive Director Mr. Chung Yuk Lun(resigned on 19 September 2024)Ms. Zhu Guohua(appointed on 19 September 2024) Mr. Gu Jianguo(appointed on 19 September 2024) Non-Executive DirectorMr. Li Qiang(appointed on 9 May 2025)Mr. Lam Wing Yiu(appointed on 19 September 2025) Independent Non-Executive Directors Mr. Chan Chi WaiMr. Law, Michael Ka MingMs. Lai Pik Chi Peggy AUDIT COMMITTEE Ms. Lai Pik Chi Peggy(Chairman) (resigned on 6 May 2025) Mr. Chan Chi WaiMr. Law, Michael Ka MingMr. Li Qiang(appointed on 9 May 2025) NOMINATION COMMITTEE Mr. Law, Michael Ka Ming(Chairman)Mr. Chan Chi WaiMs. Lai Pik Chi Peggy(resigned on 6 May 2025) Mr. Law, Michael Ka Ming(Chairman)Mr. Chan Chi WaiMs. Lai Pik Chi Peggy(resigned on 6 May 2025) PRINCIPAL BANKERSDBS Bank (Hong Kong) LimitedChong Hing Bank Limited AUDITORSPrism Hong Kong Limited COMPANY SECRETARY Mr. Chung Yuk Lun(resigned on 19 September 2024)Mr. Pang Wai Ho(appointed on 19 September 2024) Corporate Information HONG KONG SHARE REGISTRAR 3382333301-04 Union Registrars LimitedSuites 3301-04, 33/FTwo Chinachem Exchange Square338 King’s RoadNorth Point, Hong Kong PRINCIPAL SHARE REGISTRAR Conyers Corporate Services (Bermuda) LimitedClarendon House,2 Church Street,Hamilton HM 11,Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House,2 Church Street,Hamilton HM 11,Bermuda REGISTERED OFFICE Clarendon House,2 Church Street,Hamilton HM 11,Bermuda Clarendon House,2 Church Street,Hamilton HM 11,Bermuda HEAD OFFICE ANDPRINCIPAL PLACE OF BUSINESS 1452222 Room 22, 22/FOn Hong Commercial Building145 Hennessy RoadWanchaiHong Kong http://www.irasia.com/listco/hk/eleganceoptical WEBSITE 907 STOCK CODE The Stock Exchange of Hong Kong Limited: 907 Management Discussion and Analysis PROSPECT The Group’s strategic shift toward a procurement and sourcingservice provider model was designed to enhance flexibility and costefficiency. However, the expected benefits have been constrainedby worsening macroeconomic conditions. The initial assumption ofstable economic conditions–key to restoring the Eyewear Businessto pre-transition levels–has not been realized. Instead, the globaleconomic environment has introduced significant challenges,disrupting the recovery momentum observed earlier in the fiscalyear. As of 31 March 2025, the eyewear industry in Hong Kong,including the Group, continues to face unprecedented pressuresin an increasingly volatile market. Persistent inflationary trends,particularly in core markets such as Europe and the UnitedStates, have eroded consumer purchasing power more severelythan projected. Consequently, demand for eyewear productshas weakened as consumers prioritize essential spending overdiscretionary purchases like fashion eyewear. Simultaneously, the Group’s reliance on production facilities inMainland China has come under strain due to rising costs anddeclining price competitiveness. The emergence of lower-costmanufacturing hubs in Southeast Asia has intensified competition,compressing profit margins and diminishing the Group’s historicalpricing advantages. These market dynamics have made it increasingly difficult to sustainprofitability without compromising on quality. In response, management has initiated a long-term strategyto diversify the supply chain, including exploring partnershipswith cost-competitive suppliers in Southeast Asia. However, thistransition requires careful execution–identifying, vetting, andonboarding reliable suppliers while maintaining quality standardswill be a gradual process. As a result, short-term performance maybe impacted during this realignment period. For Film Investment Business, the Hong Kong film industrycontinues to navigate a gradual recovery, though progress remainsuneven. While the Company maintains a cautiously optimisticoutlook, the broader market has yet to regain its pre-pandemicvitality. The film exhibition sector in China, including Hong Kongand Macau, has seen fluctuating demand, with audience enthusiasmvarying across releases–highlighting the ongoing challenges insustaining consistent growth. Management Discussion and Analysis PROSPECT(Continued) Despite these headwinds, the Group’s strategic cooperation withEmperor Motion Pictures (“EMP”) has been a key milestone indiversifying its investment approach. By participating in a slate offilm projects, the Group aims to balance risk