星光集团截至二零二六年三月三十一日止年度年报

Corporate Information4Chairman’s Statement7Chairman’s Letter27Financial Summary28Report of the Directors30Corporate Governance Report46Management Profile74List of Properties81Independent Auditor’s Report83Consolidated Income Statement92Consolidated Statement of Comprehensive Income93Consolidated Statement of Financial Position94Consolidated Statement of Changes in Equity96Consolidated Statement of Cash Flows98Notes to the Consolidated Financial Statements100 董 事 DIRECTORS 執 行 董 事 Executive Directors Mr. Lam Kwong Yu(Executive Chairman)Ms. Zhao Chunyan(Chief Executive Officer)(Appointed with effect from 1st January, 2026)Mr. Poon Kwok Ching(Senior Vice President)Mr. Wong Wai Kwok(Senior Vice President)Mr. Zhong Zhitang(Senior Vice President)(Appointed with effect from 1st April, 2025)Mr. Tin Shing(Senior Vice President)(Resigned with effect from 1st April, 2025) 非 執 行 董 事 Non-Executive Director Ms. Yeung Chui 獨 立 非 執 行 董 事 Independent Non-Executive Directors Mr. Chan Yue Kwong, MichaelMr. Kwok Lam Kwong, Larry,SBS, JPMr. Tam King Ching, KennyMs. Elizabeth Law 審 計 委 員 會 AUDIT COMMITTEE Mr. Tam King Ching, Kenny(Chairman)Mr. Chan Yue Kwong, MichaelMr. Kwok Lam Kwong, Larry,SBS, JPMs. Elizabeth Law 薪 酬 委 員 會 REMUNERATION COMMITTEE Mr. Chan Yue Kwong, Michael(Chairman)Mr. Kwok Lam Kwong, Larry,SBS, JPMr. Tam King Ching, KennyMs. Elizabeth Law 提 名 委 員 會 NOMINATION COMMITTEE Mr. Kwok Lam Kwong, Larry,SBS, JP(Chairman)Mr. Chan Yue Kwong, MichaelMr. Lam Kwong YuMr. Tam King Ching, KennyMs. Yeung ChuiMs. Elizabeth Law CORPORATE INFORMATION 授 權 代 表 AUTHORISED REPRESENTATIVES Mr. Lam Kwong YuMr. Poon Kwok Ching 公 司 秘 書 COMPANY SECRETARY Mr. Poon Kwok Ching 核 數 師 AUDITOR 22 PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22nd FloorPrince’s BuildingCentral, Hong Kong 法 律 顧 問 LEGAL ADVISER 1827 Howse Williams27/F., Alexandra House18 Chater RoadCentral, Hong Kong 註 冊 辦 事 處 REGISTERED OFFICE Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda 總 辦 事 處 及 主 要 營 業 地 點 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS 3/F., Perfect Industrial Building31 Tai Yau StreetSanpokongKowloonHong Kong 股 票 過 戶 登 記 處 SHARE REGISTRARS AND TRANSFER OFFICES 主 要 股 票 過 戶 登 記 處 Principal Share Registrar and Transfer Office Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda 香 港 股 票 過 戶 登 記 分 處 Hong Kong Branch Share Registrar and Transfer Office 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, AdmiraltyHong Kong 主 要 銀 行 PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation LimitedHang Seng Bank LimitedBank of China LimitedChina Construction Bank Corporation 網 址 WEBSITE http://www.hkstarlite.com http://www.hkstarlite.com 股 票 代 號403 STOCK CODE 業 績 RESULTS Forthe year ended 31st March,2026,the Group’s revenuedecreased by 12.6% to approximately HK$782 million. A lossof approximately HK$105 million was recorded, compared to aloss of approximately HK$27million last year. Lookingback on the financial year,the global macroenvironmentwas turbulent,with operational challengespersisting throughout the year. In the first half of the year, themonetarypolicy paths of major economies remained unclear,while the trade dispute between China and the US intensifiedagain. The punitive tariff barriers imposed by the US on manycountries directly cooled customers’ willingness to place orders,andsome major customers deliberately deferred their orders.Entering the second half of the year, geopolitical risks, far fromeasing,escalated sharply due to the military standoff betweentheUS and Iran in the Strait of Hormuz in early 2026.Thethreatto this key shipping route not only pushed up globallogistics costs, but also severely disrupted the stability of supplychainsand delivery timeliness,further affecting the Group’soperational flexibility. Facingheavy pressure on revenue throughout the year,theGroupfound it difficult in the short term to make substantialadjustmentsto its existing operating scale and staffingarrangementsto match the temporarily contracted businessvolume.As a result,human resources costs and fixedmanufacturingexpenses could not be reduced in step withrevenue, and their proportion to revenue rose correspondingly.Atthe same time,the industry became increasingly crowded,and market competition reached fever pitch in the second halfofthe year.To defend market share in a contracting market,industry peers launched aggressive price wars, and this irrationalpricecompetition imposed a double squeeze on the Group’sgrossprofit margin.The combined effect of the above factorsledto a significant decrease in gross profit margin ofapproximately four percentage poin