慕诗国际二零二六年度年报

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 Report39董事會報告書Directors’ Report54獨立核數師報告書Independent Auditor’s Report65綜合損益及其他全面收益表Consolidated Statement of Profit or Loss and Other Comprehensive Income67綜合財務狀況表Consolidated Statement of Financial Position69綜合權益變動表Consolidated Statement of Changes in Equity70綜合現金流量表Consolidated Statement of Cash Flows72綜合財務報表附註Notes to the Consolidated Financial Statements185持作投資物業Properties held for Investment187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 DIRECTORS 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 余玉瑩女士朱俊傑先生黃淑英女士 AUDIT COMMITTEEMs. YU Yuk Ying, VivianMr. CHU Chun Kit, SidneyMs. WONG Shuk Ying, Helen 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朱俊傑先生 NOMINATION COMMITTEEMs. YU Yuk Ying, VivianMs. WONG Shuk Ying, HelenMs. TSUI How Kiu, ShirleyMr. CHU Chun Kit, Sidney 彭蓮女士 COMPANY SECRETARYMs. PANG Lin 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 INDEPENDENT AUDITORBaker Tilly Hong Kong LimitedRegistered Public Interest Entity Auditors 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 中原測量師行有限公司 PROPERTY VALUERCentaline Surveyors Limited 香港法律吳國生律師事務所 LEGAL ADVISERSas to Hong Kong lawKS Ng Law Office 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 OFFICEConyers 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 KEY DATES Closure of Register of Members:16 September 2026 to 23 September 2026for Annual General Meeting 暫停辦理股份過戶及登記：就股東週年大會而言，為二零二六年九月十六日至二零二六年九月二十三日 二零二六年九月二十三日 Annual General Meeting:23 September 2026 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」）截至二零二六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 2026 (the “Year”). MARKET OVERVIEW 服裝市場及消費行為於過去數年發生了深刻變化，皆持續影響服裝零售。 Profoundchanges to both the apparel market and consumerbehaviourthat had happened in the past years continued toinfluence apparel retail sales. 於本年度，慕詩約65%的收入來自香港，當地服裝零售店之銷售額於二零二五年下跌3.4%至約365.8億港元（資料來源：香港特別行政區（「香港特區」）政府統計處）。然而，該跌幅已較二零二四年10.6%的跌幅有所放緩。這或因為於二零二五年訪港旅客總人次飆升12.1%至約49,890,000人次（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）所致。香港特區政府加大力度吸引遊客及投資者，可能因而促使該增長。就零售業而言，此舉或有助減輕香港居民時興到中國內地及國外度假消閒購物所帶來的影響。與此同時，業主較願意減租或不加租，令零售商及食肆所面對的高昂租金壓力也暫時得到緩解。 In Hong Kong, where Moiselle derived about 65% of its revenueforthe Year,the value of sales of wearing apparel at retailoutlets decreased by 3.4% to approximately HK$36.58 billion in2025 (source: The Census and Statistics Department of the HongKong Special Administrative Region (“HKSAR”)). Nevertheless,thedecline decelerated from the 10.6%drop in 2024.Thiscouldbe attributable to the 12.1%surge in the total visitorarrivalsin the city to approximately 49.89 million in 2025(source: Hong Kong Tourism Board quoting the data from theImmigration Department of the HKSAR). The growth may resultfrom the HKSAR government’s increased efforts to attract touristsandinvestors.For the retail sector,this may have helpedmitigatethe impact of the growing trend for Hong Kongresidents to spend holidays relaxing and shopping in ChineseMainlandand foreign countries.Retailers and eateries alsoseemedto be able to have respite from exorbitant rents aslandlords were more willing to cut rents or stop raising them. 主席報告Chairman’s Statement 在競爭激烈但亦品類繁多的中國內地時裝市場，直播電商及社交媒體日益普及，令電子商務持續蓬勃發展，而關鍵意