宝发控股2025 年报

(Incorporated in the Cayman Islands with limited liability)Stock Code: 8532 ANNUAL REPORT CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED(THE “STOCK EXCHANGE”) GEM has been positioned as a market designed to accommodate small and mid-sized companies to whicha higher investment risk may be attached than other companies listed on the Stock Exchange. Prospectiveinvestors should be aware of the potential risks of investing in such companies and should make thedecision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk thatsecurities traded on GEM may be more susceptible to high market volatility than securities traded on theMain Board and no assurance is given that there will be a liquid market in the securities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contentsof this report, make no representation as to its accuracy or completeness and expressly disclaim anyliability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of thecontents of this report. Thisreport,for which the directors(the“Directors”)of Polyfair Holdings Limited(the“Company”)collectively and individually accept full responsibility, includes particulars given in compliance with theRules Governing the Listing of Securities on GEM of the Stock Exchange (the “GEM Listing Rules”) for thepurpose of giving information with regard to the Company. The Directors, having made all reasonableenquiries, confirm that to the best of their knowledge and belief the information contained in this reportis accurate and complete in all material respects and not misleading or deceptive, and there are no othermatters the omission of which would make any statement herein or this report misleading. GEM GEM GEMGEMGEM GEMGEM Contents 86Independent Auditor’s Report90Consolidated Statement of Profit or Loss andOther Comprehensive Income91Consolidated Statement of Financial Position93Consolidated Statement of Changes in Equity94Consolidated Statement of Cash Flows96Notes to the Consolidated FinancialStatements228Financial Summary 2Corporate Information5Chairman’s Statement7Management Discussion and Analysis20Biographical Details of Directors andSenior Management23Corporate Governance Report51Environmental, Social and GovernanceReport73Directors’ Report Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Chow Mo Lam(Chairman)Mr. Yu Lap On Stephen(Chief Executive Officer)Mr. Wong Wai Man Independent non-executive Directors Dr. Lung Cheuk WahMr. Man Yun YeeMs. Sun Shui BOARD COMMITTEES Audit Committee Dr. Lung Cheuk Wah(Chairman)Mr. Man Yun YeeMs. Sun Shui Remuneration Committee Mr. Man Yun Yee(Chairman)Mr. Chow Mo LamMr. Yu Lap On StephenDr. Lung Cheuk WahMs. Sun Shui Nomination Committee Ms. Sun Shui(Chairman)Dr. Lung Cheuk WahMr. Man Yun YeeMr. Chow Mo LamMr. Yu Lap On Stephen AUTHORISED REPRESENTATIVES Mr. Yu Lap On StephenMr. Tsang King Sun COMPLIANCE OFFICERMr. Chow Mo Lam Corporate Information COMPANY SECRETARIES Mr. Tsang King Sun INDEPENDENT AUDITOR 88 Asian Alliance (HK) CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor8/F., Catic Plaza8 Causeway RoadCauseway BayHong Kong LEGAL ADVISER Hong Kong Law Eric Yung & Co. PRINCIPAL BANKERS DBS Bank (Hong Kong) LimitedNanyang Commercial Bank, Ltd.Hang Seng Bank LimitedChina Construction Bank (Asia) Corporation Limited REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 9/F, Wing Hing Industrial Building499 Castle Peak RoadCheung Sha WanKowloonHong Kong 4999 Corporate Information SHARE REGISTRAR AND TRANSFER OFFICE Cayman Islands Principal Share Registrar andTransfer Office Conyers Trust Company (Cayman) LimitedCricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Hong Kong Branch Share Registrar andTransfer Office 1617 Tricor Investor Services Limited17/FFar East Finance Centre16 Harcourt RoadHong Kong COMPANY WEBSITE www.polyfaircurtainwall.com.hk www.polyfaircurtainwall.com.hk(information of this website does not form part of this report) STOCK CODE 8532 8532 Chairman’s Statement Dear Shareholders, 2025331 On behalf of the board (the “Board”) of directors (the “Directors”)ofPolyfair Holdings Limited(the“Company”,together with itssubsidiaries,the“Group”),I am pleased to present to you theannual report for the year ended 31 March 2025 (the “ReportingPeriod”). REVIEW Theongoing challenges in the Hong Kong property market areplacing considerable pressure on the Group due to cyclic