朝威控股：截至2024年12月31日止年度的全年業績公告.pdf

1、香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。GLORY FLAME HOLDINGS LIMITED朝 威 控 股 有 限 公 司（於開曼群島註冊成立的有限公司）（股份代號：8059）截至2024年12月31日止年度的全年業績公告朝威控股有限公司（本公司）董事（董事）會（董事會）欣然宣佈本公司及其附屬公司（統稱 本集團）截至2024年12月31日止財政年度的經審核綜合業績。本公告載有本公司2024年年報全文，符合香港聯合交易所有限公司GEM

2、證券上市規則有關全年業績初步公告所附帶資料的相關規定。承董事會命朝威控股有限公司執行董事鍾志偉香港，2025年5月16日於本公告日期，執行董事為鍾志偉先生；以及獨立非執行董事為蔡志偉先生及陳珠海女士。本公告乃根據GEM上市規則提供有關本公司的資料，董事願就本公告共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼等所深知及確信，本公告所載資料在所有重大方面均屬真確完整，並無誤導或欺詐成份，且並無遺漏任何其他事項，致使本公告中任何陳述或本公告有所誤導。本公告將自刊發日期起最少一連七日載於聯交所網站www.hkexnews.hk之 最新公司公告 網頁。本公告亦將於本公司網站www.gf-刊載

3、。香港聯合交易所有限公司（聯交所）GEM的特色 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的公司提供上市的市場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。由於GEM上市公司普遍為中小型公司，在 GEM買賣的證券可能會較於主板買賣之證券承受較大的市場波動風險，同時無法保證在 GEM買賣的證券會有高流通量的市場。香港交易及結算所有限公司及聯交所對本報告內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本報告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。本報告乃遵照聯交所GEM證券上市規則（GEM上市規則）而刊載

4、，旨在提供有關朝威控股有限公司（本公司）的資料，本公司董事（董事）對本報告共同及個別承擔全部責任。董事於作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確完整，且無誤導或欺騙成分，亦無遺漏任何其他事項，致使本報告或其所載任何聲明產生誤導。CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED(THE“STOCK EXCHANGE”)GEM has been positioned as a market designed to accommodate companies to whic

5、h a higher investment risk may be attached than other companies listed on the Stock Exchange.Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.Given that the companies listed on

6、GEM are generally small and mid-sized companies,there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.Hong Kong Exchanges an

7、d Clearing Limited and the Stock Exchange take no responsibility for the contents of this report,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of

8、this report.This report,for which the directors(the“Directors”)of Glory Flame Holdings Limited(the“Company”)collectively and individually accept full responsibility,includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange(the“GEM Listin

9、g Rules”)for the purpose of giving information with regard to the Company.The Directors,having made all reasonable enquiries,confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or decepti

10、ve,and there are no other matters the omission of which would make any statement herein or this report misleading.1ANNUAL REPORT 2024 年報CONTENTS目錄2Corporate Information公司資料4CEOs Statement首席執行官報告7Management Discussion and Analysis管理層討論及分析13Biographical Details of Directors and Senior Management董事及高級管

11、理層履歷詳情16Corporate Governance Report企業管治報告39Directors Report董事會報告50Independent Auditors Report獨立核數師報告59Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收入表60Consolidated Statement of Financial Position綜合財務狀況表62Consolidated Statement of Changes in Equity綜合權益變動表64Consolid

12、ated Statement of Cash Flows綜合現金流量表66Notes to the Consolidated Financial Statements綜合財務報表附註167Financial Summary財務概要2GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE公司資料INFORMATION 董事會執行董事鍾志偉先生（於二零二四年三月二十二日獲委任）劉英杰先生（於二零二四年三月二十二日辭任）獨立非執行董事蔡志偉先生（於二零二四年八月九日獲委任）陳珠海女士（於二零二五年三月二十八日獲委任）曹洪民先生（於二零二五年三月二十八日辭任）陳志

13、斌先生（於二零二四年五月十二日辭任）李嘉輝先生（於二零二五年三月二十八日辭任）審核委員會陳珠海女士（主席，於二零二五年三月二十八日獲委任）蔡志偉先生（於二零二四年八月九日獲委任）李嘉輝先生（主席，於二零二五年三月二十八日辭任）陳志斌先生（於二零二四年五月十二日辭任）曹洪民先生（於二零二五年三月二十八日辭任）薪酬委員會蔡志偉先生（於二零二四年八月九日獲委任）陳珠海女士（於二零二五年三月二十八日獲委任）曹洪民先生（主席，於二零二五年三月二十八日辭任）陳志斌先生（於二零二四年五月十二日辭任）李嘉輝先生（於二零二五年三月二十八日辭任）提名委員會蔡志偉先生（主席，於二零二四年八月九日獲委任）陳珠海女士（

14、於二零二五年三月二十八日獲委任）陳志斌先生（主席，於二零二四年五月十二日辭任）曹洪民先生（於二零二五年三月二十八日辭任）李嘉輝先生（於二零二五年三月二十八日辭任）首席執行官賴曉亮先生公司秘書陳柏麟先生（於二零二四年八月九日獲委任）張蔚琦先生（於二零二四年五月十二日辭任）BOARD OF DIRECTORSExecutive DirectorsMr.Zhong Zhiwei(appointed on 22 March 2024)Mr.Liu Yingjie(resigned on 22 March 2024)Independent Non-executive DirectorsMr.Choi C

15、hi Wai(appointed on 9 August 2024)Ms.Chan Chu Hoi(appointed on 28 March 2025)Mr.Cao Hongmin(resigned on 28 March 2025)Mr.Chan Chi Pan(resigned on 12 May 2024)Mr.Li Kar Fai,Peter(resigned on 28 March 2025)AUDIT COMMITTEEMs.Chan Chu Hoi(Chairperson,appointed on 28 March 2025)Mr.Choi Chi Wai(appointed

16、on 9 August 2024)Mr.Li Kar Fai,Peter(Chairman,resigned on 28 March 2025)Mr.Chan Chi Pan(resigned on 12 May 2024)Mr.Cao Hongmin(resigned on 28 March 2025)REMUNERATION COMMITTEEMr.Choi Chi Wai(appointed on 9 August 2024)Ms.Chan Chu Hoi(appointed on 28 March 2025)Mr.Cao Hongmin(Chairman,resigned on 28

17、March 2025)Mr.Chan Chi Pan(resigned on 12 May 2024)Mr.Li Kar Fai,Peter(resigned on 28 March 2025)NOMINATION COMMITTEEMr.Choi Chi Wai(Chairman,appointed on 9 August 2024)Ms.Chan Chu Hoi(appointed on 28 March 2025)Mr.Chan Chi Pan(Chairman,resigned on 12 May 2024)Mr.Cao Hongmin(resigned on 28 March 202

18、5)Mr.Li Kar Fai,Peter(resigned on 28 March 2025)CHIEF EXECUTIVE OFFICERMr.Lai XiaoliangCOMPANY SECRETARYMr.Chan Pak Lun(appointed on 9 August 2024)Mr.Cheung Wai Kee(resigned on 12 May 2024)3ANNUAL REPORT 2024 年報CORPORATEINFORMATION 公司資料法定代表鍾志偉先生（於二零二四年三月二十二日獲委任）陳柏麟先生（於二零二四年三月二十八日獲委任）李嘉輝先生（於二零二四年五月十二

19、日獲委任及於二零二五年三月二十八日辭任）張蔚琦先生（於二零二四年五月十二日辭任）註冊辦事處Windward 3,Regatta Office Park PO Box 1350Grand Cayman KY1-1108 Cayman Islands香港主要營業地點 香港銅鑼灣軒尼詩道489號銅鑼灣廣場一期22樓2202室核數師長青（香港）會計師事務所有限公司（於二零二五年二月十九日獲委任）匯益國際會計師事務所有限公司（於二零二五年二月十四日辭任）股份過戶登記總處 Ocorian Trust(Cayman)LimitedWindward 3,Regatta Office ParkPO Box 13

20、50Grand Cayman KY1-1108Cayman Islands主要往來銀行中國銀行（香港）有限公司星展銀行有限公司香港股份過戶及登記分處 寶德隆證券登記有限公司香港北角電氣道148號21樓2103B室股份代號08059公司網址www.gf-AUTHORISED REPRESENTATIVESMr.Zhong Zhiwei(appointed on 22 March 2024)Mr.Chan Pak Lun(appointed on 28 March 2025)Mr.Li Kar Fai,Peter(appointed on 12 May 2024 and resigned on 2

21、8 March 2025)Mr.Cheung Wai Kee(resigned on 12 May 2024)REGISTERED OFFICEWindward 3,Regatta Office Park PO Box 1350Grand Cayman KY1-1108 Cayman IslandsPRINCIPAL PLACE OF BUSINESS IN HONG KONGUnit 2202,22/F.Causeway Bay Plaza I489 Hennessy RoadCauseway Bay,Hong KongAUDITORMcMillan Woods(Hong Kong)CPA

22、Limited(appointed on 19 February 2025)AOGB CPA Limited(resigned on 14 February 2025)PRINCIPAL SHARE REGISTER AND TRANSFER OFFICEOcorian Trust(Cayman)LimitedWindward 3,Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman IslandsPRINCIPAL BANKERSBank of China(Hong Kong)LimitedDBS Bank LimitedHONG

23、 KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICEBoardroom Share Registrars(HK)LimitedRoom 2103B,21/F148 Electric RoadNorth Point,Hong KongSTOCK CODE08059COMPANYS WEBSITEwww.gf-4GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CEOS首席執行官報告STATEMENT本人謹代表朝威控股有限公司（本公司）呈報本公司及其附屬公司（合稱 本集團）截至二零二四年十二月三十一日止財政年度（財政年度二零二四年

24、 或 報告期）的綜合業績之年報，為此深感榮幸。業績本集團於財政年度二零二四年錄得收入約102,400,000港元，較截至二零二三年十二月三十一日止年度（財政年度二零二三年）之約107,600,000港元減少約4.8%。本集團之混凝土拆卸服務所佔之收入由財政年度二零二三年約68,000,000港元增加約14.9%至財政年度二零二四年約78,200,000港元。本集團之裝配式建築所佔之收入由財政年度二零二三年約39,600,000港元減少約38.7%至財政年度二零二四年約24,200,000港元。本集團於財政年度二零二四年錄得淨虧損約17,300,000港元，較財政年度二零二三年之淨虧損約9,10

25、0,000港元增加約90.1%。於財政年度二零二四年之每股基本虧損為1.23港仙，而財政年度二零二三年則為0.97港仙。業務回顧及前景香港外圍環境依然複雜。地緣政治緊張局勢將持續影響國際貿易及資本流動，或對香港及中國的建築市場造成干擾。過去兩年金融環境大幅收緊，將持續制約建築業的增長速度。中國房地產市場出現大幅調整，持續對樓價走勢及開發活動構成負面影響。於持續的房地產危機下，中國主要城市的住宅樓價持續下跌。根據中國國家統計局數據，截至二零二四年七月，全國70個大中城市新建商品住宅銷售價格指數同比下跌3.36%。On behalf of Glory Flame Holdings Limited(

26、the“Company”),I am honoured to present this annual report of the consolidated results of the Company and its subsidiaries(collectively,the“Group”)for the financial year ended 31 December 2024(“FY2024”or the“Reporting Period”).PERFORMANCEThe Group posted a revenue of approximately HK$102.4 million fo

27、r FY2024,representing a decrease by approximately 4.8%as compared to approximately HK$107.6 million for the year ended 31 December 2023(“FY2023”).The Groups revenue attributable to concrete demolition services increased by approximately 14.9%from approximately HK$68.0 million for FY2023 to approxima

28、tely HK$78.2 million for FY2024.The Groups revenue attributable to prefabricated construction decreased by approximately 38.7%from approximately HK$39.6 million for FY2023 to approximately HK$24.2 million for FY2024.The Group recorded a net loss of approximately HK$17.3 million for FY2024,representi

29、ng an increase by approximately 90.1%as compared to a net loss of approximately HK$9.1 million for FY2023.Basic loss per share for FY2024 was HK1.23 cents,as compared to HK0.97 cents for FY2023.BUSINESS REVIEW AND PROSPECTThe external environment of Hong Kong remains complicated.Geopolitical tension

30、s will continue to impact international trade and capital flows,from which may cause disruption to both Hong and China construction markets.Sharply tightened financial conditions over the past two years will continue to constrain the growth rate of construction industry.The extensive correction in t

31、he Chinese real estate market continues to negatively impact both the housing price trends and the development activities.Residential property prices in major Chinese cities continue to decline amidst the protracted property crisis.According to the National Bureau of Statistics of China(NBS),the Sal

32、es Price Index for Newly Constructed Commercial Residential Buildings in 70 large and medium-sized cities fell by 3.36%year-on-year as of July 2024.5ANNUAL REPORT 2024 年報CEOSSTATEMENT首席執行官報告在物業銷售急挫背景下，倚靠預售資金進行項目建設的開發商陷入項目竣工困局，購房者集體拒付未竣工物業之款項，從而導致建築業面臨開發商的嚴重拖欠付款。受高息環境疊加全球經濟放緩影響，需求枯竭，中港物業開發商對土地開發日趨審慎，

33、普遍收縮新建工程規模。財政年度二零二四年，本集團混凝土拆卸服務業務收入上升14.9%。本公司認為，艱難的外部環境將持續對中港兩地經濟造成壓力，復甦之路於未來數年仍充滿挑戰。中國政府已推出多項重要措施穩定市場，包括擴大保障性住房及城市更新計劃，注資人民幣5,000億元，並設立跨部門協調機制，提供人民幣9,350億元貸款予未完工項目。此外，政府亦放寬購房限制、下調按揭利率、並向經營困難的開發商提供寬限等。於香港，建築及建成環境領域正迎來轉型增長。香港致力推動數碼化及減碳，革新基建發展，為綠色及可持續未來奠定基礎。香港政策制定者對粵港澳大灣區的宏圖寄予厚望，冀借助市場優勢及與廣東省的協作，與其他灣區

34、相媲美。本集團致力推廣綠色建築。裝配式建築不但環保，而且更具效率及質量更高。作為主席單位，本公司發起並成立 惠州組裝式建築供港聯盟，積極探索在 一帶一路 倡議下拓展裝配式建築業務的商機，並將此作為海外擴張的重點領域。我們將繼續堅持 建設綠色世界核心理念及重視質量、創新及效率的 綠色建築、綠色生活 思想，拓展本集團業務，從而提升持份者的權益並最大限度提升其價值。As property sales plummeted,many developers who relied on pre-sales to finance construction struggled to finish project

35、s,homebuyers are refusing to make payments on unfinished apartments.In returns,construction industry facing severe outstanding for payments from developers.Both China and Hong Kong property developers have been becoming cautious in land development and scaling back the construction project launches

36、as demand dries up due to a mix of high interest rate and a global economic slowdown.For FY2024,the Groups revenue attributable to concrete demolition services business increased by 14.9%.The Company believes that the difficult external environment will continue to pose pressures on both Chinas and

37、Hong Kongs economies and the road to recovery will remain challenges in forthcoming years.The government of China has since taken significant steps to stabilize the market.It expanded affordable housing and urban redevelopment programs,injecting RMB500 billion.A cross-agency mechanism was created to

38、 finance unfinished projects,with RMB935 billion in loans.Additional measures included easing home purchase restrictions,lowering mortgage rates,and providing forbearance to struggling developers and so on.In Hong Kong,the construction and built environment sectors are poised for transformative grow

39、th.With a strategic focus on digitalisation and decarbonisation,Hong Kong aims to revolutionise infrastructure development,paving the way for a greener,more sustainable future.Hong Kong policy makers have high hopes for the success of the ambitious Greater Bay Area plan,which aims to rival other bay

40、 area performance using a blend of market advantages,with the co-operation of the Guangdong province.Our Group devotes to promote the green building.Prefabricated construction is not only green but also be more efficient and even higher quality.As the chairman unit,the Company initiated and establis

41、hed the Huizhou Prefabricated Building Supply Hong Kong Alliance*（惠州組裝式建築供港聯盟）,actively explore business opportunities to expand the prefabricated construction business in the Belt and Road Initiative as a key area for overseas expansion.We will continue to adhere to our core philosophy of“Building

42、a Green World”and the ideology of“green building and green life”with quality,innovation and effectiveness and achieve our expansion of the Groups business with a view to optimizing stakeholders interests and maximizing their value.6GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CEOSSTATEMENT首席執行官報告致謝本人謹代表本集團，

43、藉此機會感謝我們的董事們、經驗豐富的管理團隊、敬業的僱員及專業律師會計等專業團隊的堅定支持及承諾。我們亦衷心感謝我們的股東、客戶、供應商及政府當局對我們持續的支持及信任。首席執行官賴曉亮香港，二零二五年五月十六日*僅供識別APPRECIATIONOn behalf of the Group,I would like to take this opportunity to thank our Directors,our experienced management team,our dedicated employees,and our professional legal and accoun

44、ting teams for their wavering support and commitment.We would also like to express appreciation for the continuing support and trust of our shareholders,clients,suppliers and government authorities.Lai XiaoliangChief Executive OfficerHong Kong,16 May 2025*for identification purpose only7ANNUAL REPOR

45、T 2024 年報MANAGEMENT管理層討論及分析DISCUSSION ANDANALYSIS業務回顧本公司的主要活動為投資控股。截至二零二四年十二月三十一日止年度（報告期），本集團主要從事提供混凝土拆卸服務以及裝配式建築組件製造及貿易?；炷敛鹦斗栈炷敛鹦缎袠I為香港建築行業特定領域之一。本集團的混凝土拆卸服務主要涉及透過採用各種方法，例如鑽取土芯、鋸切、逼裂及鉗碎等，移除混凝土結構的混凝土塊或組件?；炷敛鹦斗胀ǔ榉职天?i)一般建築工程，特別是改建及重建工程；及(ii)土木工程所進行運作?；炷敛鹦豆こ炭捎渺兜叵鹿苍O施建設、電梯開口、門窗安裝、樓宇、道路、隧道及地下設施重建

46、、建築施工過程中混凝土拆除及路面製備。本集團的混凝土拆卸服務的客戶主要為香港各類建築及土木工程項目的總承建商及分包商。相關客戶一般可分類為公營及私營界別項目客戶。公營界別項目指由香港政府部門或法定機構聘請總承建商的項目，而私營界別項目指非公營界別項目。BUSINESS REVIEWThe principal activity of the Company is investment holding.For the year ended 31 December 2024(the“Reporting Period”),the Group mainly engages in provision of

47、 concrete demolition services and manufacturing and trading of prefabricated construction components.Concrete demolition servicesConcrete demolition is one aspect of the construction industry in Hong Kong.The Groups concrete demolition services were mainly concerned with the removal of pieces or sec

48、tion of concrete from concrete structures by applying a variety of methods,such as core drilling,sawing,bursting and crushing.Concrete demolition services are usually performed by subcontractors in(i)general building works,especially for alteration and redevelopment projects;and(ii)civil engineering

49、 works.Concrete demolition work can be applied in various situations,such as the construction of underground utilities,creation of openings for elevator,door,and window installation,redevelopment of buildings,roads,tunnels and underground facilities,removal of concrete during building construction a

50、nd the preparation of road surfaces.The customers of the Groups concrete demolition services mainly include main contractors and subcontractors of different types of construction and civil engineering projects in Hong Kong.Such customers can generally be categorized into public sector projects custo

51、mers and private sector projects customers.Public sector projects refer to projects of which the main contractors are employed by Government departments or statutory bodies in Hong Kong,while private sector projects refer to projects that are not public sector projects.20242023二零二四年二零二三年HK$000HK$000

52、千港元千港元Revenue from收入來自 private sector projects私營界別項目41,31132,294 public sector projects公營界別項目36,86535,74278,17668,0368GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENTDISCUSSION AND ANALYSIS管理層討論及分析裝配式建築裝配式建築是將傳統建築產品分拆成於工廠生產的預製鋼筋混凝土部件並運輸至施工現場組裝成完整建築的一種新型建築形式。預製混凝土非常耐用及節能，有助於綠色建築實踐。由於預製混凝土組件乃於工廠生產並採用精確

53、的配料技術，裝配式建築亦減少施工現場的建築垃圾及瓦礫。由於項目時間壓縮、價格更實惠、建築技術更環保以及可以為偏遠地區提供服務的能力，裝配式建築在許多發展中國家越來越流行。城市化和工業化的發展推動建造時間更短的可負擔城市住房的需求。本集團於中國惠州建立自己的生產設施及建築項目團隊，以負責製造及研發預製混凝土組件及玻璃纖維增強混凝土組件、產品安裝指導及銷售，主要服務於中國大灣區及香港的建築項目。財務回顧收入收入由財政年度二零二三年約107,600,000港元減少約5,200,000港元或4.8%至報告期的約102,400,000港元。收入分析如下：Prefabricated constructio

54、nPrefabricated construction is a new kind of architecture with the construction process that is splitting the traditional building products into precast reinforced concrete member produced in the factory and transported to the construction site for assembling into a whole building.Precast concrete c

55、ontributes to green building practices as it can be very durable and energy efficient.Prefabricated construction also reduces construction waste and debris on construction site as the precast concrete components are factory-made and employed by exact-batching technologies.Prefabricated constructions

56、 are becoming more popular in many developing countries,due to compressed project timelines,more affordable pricing,greener construction technology and the ability to service remote locations.Growth in urbanization and industrialization drive the demand in affordable urban housing that was built in

57、a shorter construction time.The Group established its own production facilities and construction project team in Huizhou,the PRC for production,research and development of precast concrete components and glass fiber reinforced cement components,product installation guidance and sales which mainly se

58、rviced the construction projects in Greater Bay area of China and Hong Kong.FINANCIAL REVIEWRevenueRevenue decreased by approximately HK$5.2 million or 4.8%from approximately HK$107.6 million for FY2023 to approximately HK$102.4 million for the Reporting Period.The analysis of revenue was shown as f

59、ollows:20242023二零二四年二零二三年HK$000HK$000千港元千港元Revenue from收入來自 Provision of concrete demolition and construction engineering services提供混凝土拆卸及建築 工程服務78,17668,036 Manufacturing and trading of prefabricated precast construction製造及買賣裝配式預製 建築組件24,23939,570102,415107,6069ANNUAL REPORT 2024 年報MANAGEMENTDISCUS

60、SION AND ANALYSIS管理層討論及分析提供混凝土拆卸及建築工程服務 於報告期內，混凝土拆卸服務所佔之收入為約78,200,000港元，較財政年度二零二三年約68,000,000港元增加約10,100,000港元或14.9%。該增加主要由於私營界別項目收入增加約9,000,000港元及公營界別項目收入增加約1,100,000港元。製造及買賣裝配式預製建築組件 於報告期內，裝配式建築所佔之收入為約24,200,000港元，較財政年度二零二三年約39,600,000港元減少約15,300,000港元或38.7%，主要由於極端天氣及中國物業行業持續低迷。毛利及毛利率毛利由財政年度二零二三年

61、的約33,700,000港元增加約3,600,000港元或10.7%至報告期約37,300,000港元。毛利率由財政年度二零二三年31.4%增至報告期的36.5%。增加主要由於混凝土拆卸服務所佔之毛利率由財政年度二零二三年的33.8%增加7.1個百分點至報告期的40.9%所致。其他收入及其他收益淨額其他收入及其他收益淨額由財政年度二零二三年約5,000,000港元減少約1,700,000港元至報告期的約3,400,000港元。該減少主要由於並無撇銷其他應付款項約2,300,000港元，政府補助金減少約800,000港元，並被修改一名前董事貸款之收益約1,400,000港元所抵銷。Provisi

62、on of concrete demolition and construction engineering servicesFor the Reporting Period,revenue attributable to concrete demolition services was approximately HK$78.2 million,representing an increase of approximately HK$10.1 million or 14.9%as compared with approximately HK$68.0 million for FY2023.T

63、he increase was primarily due to an increase of approximately HK$9.0 million in revenue from private sector projects and an increase of approximately HK$1.1 million in revenue from public sector projects.Manufacturing and trading of prefabricated precast constructionFor the Reporting Period,revenue

64、attributable to prefabricated construction was approximately HK$24.2 million,representing a decrease of approximately HK$15.3 million or 38.7%as compared with approximately HK$39.6 million for FY2023,primarily due to an extreme weather and continuing sluggish in property sector in China.Gross Profit

65、 and Gross Profit MarginGross profit increased by approximately HK$3.6 million or 10.7%from approximately HK$33.7 million for FY2023 to approximately HK$37.3 million for the Reporting Period.Gross profit margin increased from 31.4%for FY2023 to 36.5%for the Reporting Period.The increase was primaril

66、y due to an increase by 7.1 percentage points in gross profit margin attributable to concrete demolition services from 33.8%for FY2023 to 40.9%for the Reporting Period.Other Income and Other Gains,NetNet other income and other gains,decreased by approximately HK$1.7 million from approximately HK$5.0

67、 million for FY2023 to approximately HK$3.4 million for the Reporting Period.The decrease was primarily due to absence of written off of other payables of approximately HK$2.3 million,decrease in government subsidies of approximately HK$0.8 million and offset by gain on modification of loan from a f

68、ormer director of approximately HK$1.4 million.10GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENTDISCUSSION AND ANALYSIS管理層討論及分析貿易應收款項之減值虧損淨額貿易應收款項之減值虧損淨額由財政年度二零二三年約4,000,000港元增加5,900,000港元至報告期的約9,900,000港元。貿易應收款項之減值虧損淨額乃基於獨立合資格估值師進行的預期信貸虧損估值模型而評估。行政及其他營運開支行政及其他營運開支由財政年度二零二三年約36,700,000港元減少約2,800,000

69、港元至報告期約33,900,000港元。該減少主要因為報告期的(i)使用權資產攤銷，(ii)員工成本及(iii)運輸費用減少所致。本公司擁有人應佔虧損由於上述原因，於報告期內，本公司擁有人應佔本集團虧損約為12,400,000港元，較財政年度二零二三年的本公司擁有人應佔虧損9,800,000港元增加約2,600,000港元。流動資金、財務資源及資本結構 於二零二四年十二月三十一日，本集團有現金及銀行存款約43,800,000港元（二零二三年：約36,200,000港元）。於二零二四年及二零二三年十二月三十一日，本集團的資產負債比率（該比率乃按債務淨額除以資本總額計算，債務淨額乃按借款總額、租賃

70、負債及借款之應計利息減銀行及現金結餘計算，資本總額乃按綜合財務狀況表所示的 權益 加債務淨額計算）並不適用，因本集團的總權益為負數。庫務政策本集團已對其庫務政策採取審慎的財務管理方針，故在整個報告期內達致維持穩健的流動資金狀況。本集團致力透過進行持續的信貸評估及評估其客戶的財務狀況以降低信貸風險。為管理流動資金風險，董事會密切監視本集團的流動資金狀況，以確保本集團資產、負債及其他承擔的流動資金架構可不時而符合其資金要求。Impairment Losses on Trade Receivables,NetNet impairment losses on trade receivables inc

71、reased by HK$5.9 million from approximately HK$4.0 million for FY2023 to approximately HK$9.9 million for the Reporting Period.The net impairment losses on trade receivables was assessed based on the expected credit loss valuation model performed by an independent qualified valuer.Administrative and

72、 Other Operating ExpensesAdministrative and other operating expenses decreased by approximately HK$2.8 million from approximately HK$36.7 million for FY2023 to approximately HK$33.9 million for the Reporting Period.Such decrease was primarily due to a decrease of(i)amortization on rights-of-use asse

73、ts,(ii)staff costs and(iii)transportation fees for the Reporting Period.Loss Attributable to Owners of the CompanyAfter a result of the foregoing,the Groups loss attributable to owners of the Company was approximately HK$12.4 million for the Reporting Period,representing an increase of approximately

74、 HK$2.6 million as compared to a loss of HK$9.8 million attributable to owners of the Company for FY2023.Liquidity,Financial Resources and Capital StructureAs at 31 December 2024,the Group had cash and bank deposits of approximately HK$43.8 million(2023:approximately HK$36.2 million).The gearing rat

75、io of the Group as at 31 December 2024 and 2023(the ratio is calculated as net debt dividend by total capital,net debt is calculated as total borrowings,lease liabilities and accrual interest on borrowings less bank and cash balances,total capital is calculated as“equity”as show in the consolidated

76、statement of financial position,plus net debt)is not applicable due to negative total equity of the Group.Treasury PolicyThe Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the Reporting Period.The Gr

77、oup strives to reduce exposure to credit risk by performing ongoing credit assessments and evaluations of the financial status of its customers.To manage liquidity risk,the Board closely monitors the Groups liquidity position to ensure that the liquidity structure of the Groups assets,liabilities an

78、d other commitments can meet its funding requirements from time to time.11ANNUAL REPORT 2024 年報MANAGEMENTDISCUSSION AND ANALYSIS管理層討論及分析外匯風險本集團主要在香港及中國經營業務。本集團承受美元及人民幣等外幣之外匯匯率波動。由於港元及美元仍在既定範圍內保持聯繫匯率，本集團並無承受任何重大美元外匯風險。本集團有若干附屬公司於中國內地營運，大部分交易（包括收入、開支及其他融資活動）以人民幣計值。本集團並未就該等外幣承受重大外匯交易風險，亦無就該等外幣訂立任何外匯合約作

79、為對沖措施。所持重大投資於二零二四年及二零二三年十二月三十一日，本集團概無持有任何重大投資。債務及資產抵押於二零二四年十二月三十一日，本集團的借款（包括無抵押定息債券及其他貸款）總額約為73,700,000港元（二零二三年：約76,100,000港元）。於報告期內，借款的年利率介乎每年4.6%至12.0%（二零二三年：每年4.6%至12.0%）之間。所有借款為無抵押及以港元計值。40,300,000港元的借款擬於一年內償還，並入賬列作本集團的流動負債；而33,400,000港元的借款須於超過一年後償還，並入賬列作非流動負債。資本承擔於二零二四年十二月三十一日，本集團並無重大資本承擔（二零二三年

80、：無）。有關重大投資或資本資產的未來計劃 除本年報所披露者外，於二零二四年十二月三十一日，本集團並無任何關於重大投資或資本資產的其他特別計劃。Foreign Exchange RiskThe Group principally operates its businesses in Hong Kong and the PRC.The Group is exposed to foreign exchange fluctuations from various currencies,such as United States dollars and Chinese Renminbi.Since Ho

81、ng Kong dollars remains pegged to the United States dollars within a defined range,the Group is not exposed to any significant foreign exchange risk against the United States dollars.The Group has certain subsidiaries operating in mainland China,in which most of their transactions,including revenue,

82、expenses and other financing activities,are denominated in Chinese Renminbi.The Group is not exposed to any significant foreign exchange transaction risk in relation to these currencies and had not entered into any foreign exchange contract as hedging measures against these currencies.Significant In

83、vestment HeldAs at 31 December 2024 and 2023,there were no material investment held by the Group.Debts and Charge on AssetsAs at 31 December 2024,the total borrowings of the Group,including unsecured fixed bonds and other loan,amounted to approximately HK$73.7 million(2023:approximately HK$76.1 mill

84、ion).The annual interest rates of the borrowings during the Reporting Period ranged from 4.6%to 12.0%per annum(2023:4.6%to 12.0%per annum).All of the borrowings are unsecured and denominated in Hong Kong dollars.The borrowings of HK$40.3 million were intend repayable within one year which was accoun

85、ted for as current liabilities of the Group and the borrowings of HK$33.4 million were repayable over one year which was accounted for as non-current liabilities.Capital CommitmentsThe Group does not have material capital commitments as at 31 December 2024(2023:Nil).Future plans for material investm

86、ent or capital assetsSave as disclosed in the annual report,the Group does not have any other specific plan for material investments or capital assets as at 31 December 2024.12GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENTDISCUSSION AND ANALYSIS管理層討論及分析或然負債於二零二四年十二月三十一日，本集團並無重大或然負債（二零二三年：無）。僱員及薪酬政策

87、於二零二四年十二月三十一日，本集團共有97名員工（二零二三年：96名員工）。報告期內僱員成本總額包括董事酬金，約為36,000,000港元（二零二三年：約42,100,000港元）。本集團僱員的薪金及福利水平均具競爭力，而由於建築行業整體上一直面臨勞工短缺，故此具競爭力的薪金及福利水平十分重要。僱員根據個人表現透過本集團薪金及花紅制度獲得回報。此外，本集團為僱員提供足夠在職培訓，以便讓僱員備有實用知識及技能，處理不同工作場所遭遇的情況及挑戰。末期股息董事會並不建議就報告期向股東派發末期股息（二零二三年：無）。Contingent LiabilitiesThe Group had no mate

88、rial contingent liabilities as at 31 December 2024(2023:Nil).Employee and Remuneration PoliciesAs at 31 December 2024,the Group employed 97 staff(2023:96 staff).Total employee costs for the Reporting Period including directors emoluments,amounted to approximately HK$36.0 million(2023:approximately H

89、K$42.1 million).The salary and benefit levels of the employees of the Group are competitive.This is very important as the construction industry has been experiencing labour shortage in general.Individual performance of our employees is rewarded through the Groups salary and bonus system.In addition,

90、the Group provides adequate job training to employees in order to equip them with practical knowledge and skills to tackle situations and challenges encountered in diverse work sites.Final DividendThe Board does not recommend payment of final dividend to Shareholders for the Reporting Period(2023:Ni

91、l).13ANNUAL REPORT 2024 年報BIOGRAPHICAL DETAILS OF董事及高級管理層履歷詳情DIRECTORS AND SENIORMANAGEMENT執行董事鍾志偉先生（鍾先生），38歲，自二零二四年三月二十二日起獲委任為本公司執行董事兼授權代表。鍾先生於商業諮詢服務及投資顧問領域擁有逾10年工作經驗。鍾先生於二零一三年九月至二零一八年十月擔任匯富金融集團（中國）有限公司投資者關係部總經理。於二零一八年十一月至二零二二年十二月，鍾先生擔任英達利管理諮詢（深圳）有限公司及英達利文化傳播（深圳）有限公司的執行董事。鍾先生持有國家開放大學工商企業管理文憑。EXECUT

92、IVE DIRECTORMr.Zhong Zhiwei(“Mr.Zhong”),aged 38,has been appointed as an executive Director and an authorised representative of the Company with effect from 22 March 2024.Mr.Zhong has over 10 years of experience working in business consulting services and investment advisory.Mr.Zhong was a general m

93、anager of Investor Relations Department of HF Financial Group(China)Limited（匯富金融集團（中國）有限公司）from September 2013 to October 2018.Mr.Zhong was an executive director of Yingdali Management Consulting(Shenzhen)Co.,Ltd*（英達利管理諮詢（深圳）有限公司）and Yingdali Culture Communication(Shenzhen)Co.,Ltd*（英達利文化傳播（深圳）有限公司）f

94、rom November 2018 to December 2022.Mr.Zhong holds a diploma of Business and Enterprise Management（工商企業管理）from The Open University of China（國家開放大學）.14GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司BIOGRAPHICAL DETAILS OFDIRECTORS AND SENIORMANAGEMENT董事及高級管理層履歷詳情獨立非執行董事蔡志偉先生（蔡先生），53歲，自二零二四年八月九日起獲委任為獨立非執行董事。蔡先生擁

95、有超過25年的資訊科技業務發展和管理經驗。蔡先生於一九九九年與合夥人共同創立了數位庫科技有限公司，該公司是一家提供全面資訊科技解決方案的供應商。陳珠海女士（陳女士），63歲，自二零二五年三月二十八日起獲委任為獨立非執行董事。陳女士為香港會計師公會會員，具逾二十年財務管理、會計、內部控制及審計經驗。自一九九九年至二零一零年十二月期間，陳女士於納斯達克上市公司Exide Technologies（股份代號：XIDE）屬下子公司擔任會計及行政經理。於二零一一年二月至二零一四年二月，陳女士於香港一所會計師事務所擔任經理。除負責審計工作外，彼亦同時負責制訂及推行公司內部質量控制政策以符合香港會計師公會的

96、指引。於二零一四年三月至二零一五年五月，陳女士於香港一家地產投資公司擔任高級會計經理。於二零一五年六月至二零一七年四月，陳女士於聯交所上市公司中國文旅農業集團有限公司（前稱新嶺域（集團）限公司）（股份代號：0542）屬下子公司分別擔任投資部高級經理及金融部投資分析師。於二零一九年八月至二零二一年三月，陳女士在一間私人公司擔任高級財務顧問一職。於二零二零年五月至二零二零年七月，陳女士於聯交所上市公司中國中石控股有限公司（股份代號：1191）（於二零二三年五月五日除牌）擔任獨立非執行董事。於二零一九年十一月至二零二二年十一月，陳女士於聯交所上市公司中國資源交通集團有限公司（股份代號：0269）擔任

97、獨立非執行董事。於二零二三年三月至二零二五年二月，陳女士於聯交所上市公司中國文旅農業集團有限公司（股份代號：0542）擔任獨立非執行董事。INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Choi Chi Wai(“Mr.Choi”),aged 53,has been appointed as an independent non-executive Director with effect from 9 August 2024.Mr.Choi has more than 25 years of experience in information technology

98、 business development and management.Mr.Choi founded Digitalbank Technology Limited,a comprehensive information technology solution provider,in 1999 with partner.Ms.Chan Chu Hoi(“Ms.Chan”),aged 63,has been appointed as an independent non-executive Director with effect from 28 March 2025.Ms.Chan is a

99、 member of the Hong Kong Institute of Certified Public Account(HKICPA)and she has over 20 years of experience in financial management,accounting,internal control and auditing.From 1999 to December 2010,Ms.Chan worked as the accounting and administrative manager of a subsidiary of Exide Technologies,

100、a company listed on NASDAQ(stock code:XIDE).From February 2011 to February 2014,Ms.Chan was appointed as a manager by an accountant firm in Hong Kong.In addition to audit assurance experience,she also worked on the development and implementation of the companys internal quality control policy to com

101、ply with the guidelines of the HKICPA.From March 2014 to May 2015,Ms.Chan worked as a senior accounting manager at a property investment company in Hong Kong.From June 2015 to April 2017,she was the senior manager of the investment division and investment analyst of the Securities Division of a subs

102、idiary of China Cultural Tourism and Agriculture Group Limited(formerly known as Ceneric(Holdings)Limited),a company listed on the Stock Exchange(Stock Code:0542).From August 2019 to March 2021,Ms.Chan worked for a private company as a senior financial advisor.From May 2020 to July 2020,Ms.Chan was

103、appointed as an independent non-executive director of China Gem Holdings Limited,a company listed on the Stock Exchange(Stock Code:1191)and delisted from 5 May 2023.From November 2019 to November 2022,Ms.Chan was appointed as an independent non-executive director of China Resources and Transportatio

104、n Group Limited,a company listed on the Stock Exchange(Stock Code:0269).From March 2023 to February 2025,Ms.Chan was appointed as an independent non-executive director of China Cultural Tourism and Agriculture Group Limited,a company listed on the Stock Exchange(Stock Code:0542).15ANNUAL REPORT 2024

105、 年報BIOGRAPHICAL DETAILS OFDIRECTORS AND SENIORMANAGEMENT董事及高級管理層履歷詳情高級管理層賴曉亮先生（賴先生），50歲，為本集團首席執行官。賴先生於一九九八年取得廣東外語外貿大學英語專業學士學位及國際金融的專業證書。賴先生曾擔任中國廣東國際合作集團海外農業科技合作項目的負責人。賴先生亦曾擔任一間外資獵頭公司華南地區的總經理以及一間房地產策略諮詢機構的高級顧問。賴先生現為新天地控股（深圳）有限公司之董事。SENIOR MANAGEMENTMr.Lai Xiaoliang(“Mr.Lai”),aged 50,is chief executiv

106、e officer of the Group.Mr.Lai obtained a Bachelors Degree in English and a professional certificate in international finance from Guangdong University of Foreign Studies in 1998.Mr.Lai was the head of overseas agricultural technology cooperation project of China Guangdong International Cooperation G

107、roup*（中國廣東國際合作集團）.Mr.Lai was also the general manager of a foreign headhunting company in the South China region and a senior consultant of a real estate strategy consulting agency.Mr.Lai is currently a director of New World Holdings(Shenzhen)Co.,Ltd*（新天地控股（深圳）有限公司）.*for identification purpose only1

108、6GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE企業管治報告GOVERNANCE REPORT董事會謹此欣然提呈本公司於報告期的企業管治報告。本集團董事及管理層肯定健全企業管治對本集團長遠持續取得成功極為重要。因此，為了本公司股東的最佳利益，董事會一直致力維持優良企業標準及程序。遵守企業管治守則 GEM上市規則附錄C1內的企業管治守則（企業管治守則）載列良好企業管治的原則、守則條文及建議最佳常規。發行人須遵守守則條文或在企業管治上按彼等認為合適的條款設立其自身的守則，惟須作出合理解析。於報告期內，除下文披露者外，本公司一直遵守企業管治守則的適用守則

109、條文，有關偏離之例外情況闡釋如下：GEM上市規則第5.05條及5.28條繼陳志斌先生於二零二四年五月十二日辭任後，本公司未能符合以下規定：(i)GEM上市規則第5.05(1)條規定董事會必須包括至少三名獨立非執行董事；(ii)GEM上市規則第5.28條規定，審核委員會必須由最少三名非執行董事組成；繼蔡志偉先生於二零二四年八月九日獲委任為獨立非執行董事及審核委員會成員後，本公司已遵守GEM上市規則第5.05(1)及5.28條的規定。蔡先生於二零二四年八月九日根據GEM上市規則第5.02D條的要求取得法律意見，並確認彼了解作為上市發行人董事的責任。GEM上市規則第5.14條繼張蔚琦先生於二零二四年

110、五月十二日辭任後，本公司的公司秘書職位懸空，未能符合GEM上市規則第5.14條的規定。The Board is pleased to present hereby the corporate governance report of the Company for the Reporting Period.The Directors and the management of the Group recognize the importance of sound corporate governance to the long-term and continuing success of th

111、e Group.Therefore,the Board is committed to upholding good corporate standards and procedures for the best interest of the Companys shareholders.COMPLIANCE WITH THE CORPORATE GOVERNANCE CODEThe Corporate Governance Code(the“CG Code”)in Appendix C1 to the GEM Listing Rules sets out the principles of

112、good corporate governance,code provisions and recommended best practices.Issuers are expected to comply with the code provisions or devise their own code on corporate governance on the terms they consider appropriate provided that considered reasons are given.Throughout the Reporting Period,save as

113、disclosed below,the Company had complied with the applicable code provisions of the CG Code with the exception of the deviations as explained:Rules 5.05 and 5.28 of GEM Listing RulesFollowing the resignation of Mr.Chan Chi Pan on 12 May 2024,the Company failed to meet the requirements of(i)having at

114、 lease three independent non-executive Directors on the Board under Rule 5.05(1)of the GEM Listing Rules;(ii)having a minimum of three non-executive Directors in the Audit Committee under Rule 5.28 of the GEM Listing Rules.Following the appointment of Mr.Choi Chi Wai as an independent non-executive

115、Director and a member of the Audit Committee on 9 August 2024,the Company has complied with the requirements under Rules 5.05(1)and 5.28 of the GEM Listing Rules.Mr.Choi obtained legal advice on 9 August 2024 according to the requirements of Rule 5.02D of the GEM Listing Rules,and Mr.Choi confirmed

116、he understood his obligations as a director of a listed issuer.Rule 5.14 of GEM Listing RulesFollowing the resignation of Mr.Cheung Wai Kee on 12 May 2024,the Company have no company secretary and failed to meet the requirement under Rule 5.14 of the GEM Listing Rules.17ANNUAL REPORT 2024 年報CORPORAT

117、EGOVERNANCE REPORT企業管治報告繼於二零二四年八月九日委任陳柏麟先生為公司秘書後，本公司已遵守GEM上市規則第5.14條的規定。GEM上市規則第17.104條繼Zhou Jin女士於二零二三年七月十八日辭任後，本公司董事會成為單一性別董事會，未能遵守GEM上市規則第17.104條。繼委任陳珠海女士為獨立非執行董事後，本公司已遵守GEM上市規則第17.104條。C.1.8應就董事可能會面對之法律行動作適當的投保安排守則條文第C.1.8條規定，本公司應就其董事可能會面對之法律行動作適當投保安排。董事會相信，各董事因其董事身份而被控告或牽涉於訴訟之風險偏低，因此本公司並無就此作投保安

118、排。董事會將不時檢討此類保險需求。董事會董事會的主要職責包括制訂本集團的整體策略、訂立管理目標，以及監察管理層的表現。管理層獲董事會分派有關本集團管理及行政的授權和責任。此外，董事會已將各職責分派予本公司董事委員會（董事委員會）。有關董事委員會的進一步詳情載於本年度報告。根據職權範圍，董事會須履行的企業管治職責如下：1.制定及檢討本集團的企業管治政策及常規，並提出建議；2.檢討及監察董事及高級管理人員的培訓及持續專業發展；3.檢討及監察本集團在遵守法律及監管規定方面的政策及常規；4.制定、檢討及監察適用於董事及僱員的操守準則及合規手冊（如有）；及5.檢討本公司遵守守則的情況及在本公司企業管治報

119、告內的披露。Following the appointment of Mr.Chan Pak Lun as the company secretary on 9 August 2024,the Company has complied with the requirement under Rule 5.14 of the GEM Listing Rules.Rule 17.104 of GEM Listing RuleFollowing the resignation of Ms.Zhou Jin on 18 July 2023,the Board of the Company became

120、a single gender board,failing to comply with GEM Rule 17.104 of the GEM Listing Rules.Following the appointment of Ms.Chan Chu Hoi as an independent non-executive Director,the Company has complied with Rule 17.104 of the GEM Listing Rules.C.1.8 Appropriate insurance cover in respect of legal action

121、against the DirectorsThe Code provision C.1.8 stipulates that the Company should arrange appropriate insurance cover in respect of legal action against the Directors.The Company does not have insurance cover in this respect because the Board believes that the Directors risk of being sued or getting

122、involved in litigation in their capacity as Directors is relatively low.The Board will review the need for taking out this sort of insurance from time to time.BOARD OF DIRECTORSThe key responsibilities of the Board include formulation of the Groups overall strategies,the setting of management target

123、s and supervision of management performance.The management is delegated with the authority and responsibility by the Board for the management and administration of the Group.In addition,the Board has also delegated various responsibilities to the board committees of the Company(the“Board Committee”)

124、.Further details of the Board Committees are set out in this annual report.Under the terms of reference,the duties of the Board in respect of corporate governance are as follows:1.to develop and review the policies and practices on corporate governance of the Group and make recommendations;2.to revi

125、ew and monitor the training and continuous professional development of Directors and senior management;3.to review and monitor the Groups policies and practices on compliance with legal and regulatory requirements;4.to develop,review and monitor the code of conduct and compliance manual(if any)appli

126、cable to Directors and employees;and5.to review the Companys compliance with the Code and disclosure in the corporate governance report of the Company.18GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管治報告董事會組成於報告期內及直至本報告日期，董事會組成載列如下：執行董事鍾志偉先生（於二零二四年三月二十二日獲委任）劉英杰先生（於二零二四年三月二十二日辭任）獨立

127、非執行董事蔡志偉先生（於二零二四年八月九日獲委任）陳珠海女士（於二零二五年三月二十八日獲委任）曹洪民先生（於二零二五年三月二十八日辭任）陳志斌先生（於二零二四年五月十二日辭任）李嘉輝先生（於二零二五年三月二十八日辭任）本公司已根據GEM上市規則第5.09條向各獨立非執行董事作出特定查詢，以確認彼等的獨立性。就此而言，本公司已獲得全體獨立非執行董事的正面確認。根據所獲確認，本公司認為，根據GEM上市規則，全體獨立非執行董事均屬獨立人士。為確保董事會可獲得獨立觀點及意見，董事會已根據企業管治守則條文第B.1.4條成立機制，董事會應每年進行審閱以確保有關機制之實施及有效性。機制之概述載列如下：1)董

128、事會應確保委任至少三名獨立非執行董事，以及至少三分之一成員為獨立非執行董事。2)獨立非執行董事候選人必須符合GEM上市規則項下之獨立性要求。各獨立非執行董事倘個人資料出現任何變動而可能對其獨立性造成重大影響，則亦須在實際可行情況下盡快通知本公司，並根據GEM上市規則須就其獨立性提供年度確認書。Composition of the BoardDuring the Reporting Period and up to the date of this report,the composition of the Board is set out as follows:Executive Direct

129、orsMr.Zhong Zhiwei(appointed on 22 March 2024)Mr.Liu Yingjie(resigned on 22 March 2024)Independent Non-executive DirectorsMr.Choi Chi Wai(appointed on 9 August 2024)Ms.Chan Chu Hoi(appointed on 28 March 2025)Mr.Cao Hongmin(resigned on 28 March 2025)Mr.Chan Chi Pan(resigned on 12 May 2024)Mr.Li Kar F

130、ai,Peter(resigned on 28 March 2025)Specific enquiry has been made by the Company to each of the independent non-executive Directors to confirm their independence pursuant to Rules 5.09 of the GEM Listing Rules.In this connection,the Company has received positive confirmations from all of the indepen

131、dent non-executive Directors.Based on the confirmations received,the Company is of the view that all independent non-executive Directors are independent under the GEM Listing Rules.The Board has established mechanisms pursuant to CG Code provision B.1.4 to ensure independent views and input are avai

132、lable to the Board,which the Board shall review on an annual basis to ensure the implementation and effectiveness of such mechanisms.A summary of the mechanism is set out below:1)the Board shall ensure the appointment of at least three INEDs and at least one-third of its members being INED.2)the INE

133、D candidate must satisfy the independence requirements under the GEM Listing Rules.Each INED is also required to inform the Company as soon as practicable if there is any change in his or her own personal particulars that may materially affect his or her independence and provide an annual confirmati

134、on of his or her independence pursuant to the GEM Listing Rules.19ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告3)本公司致力確保獨立非執行董事將獲機會及渠道讓董事向董事會及其委員會傳達及表達其獨立意見及觀點。除本年報 董事及高級管理層履歷詳情 一節所披露者外，董事會成員及高級管理層之間概無財務、業務、親屬或其他重大或關連關係。董事會及股東大會董事會定期舉行會議以討論本集團之整體策略、業務及財務表現。董事可親身或透過電子通訊的形式出席會議。於報告期內，董事會舉行了12次

135、會議及1次股東大會。各董事出席董事會會議及股東大會的記錄載列如下：3)The Company is committed to ensuring that the INEDs will be given the opportunity and channel for Directors to communicate and express their independent views and inputs to the Board and its committees.Save as disclosed in the section of“Biographical Details of the

136、 Directors and Senior Management”in this annual report,there is no financial business,family or other material or relevant relationship among members of the Board and senior management.Board and General MeetingsThe Board meets regularly to discuss the overall strategy as well as the operation and fi

137、nancial performance of the Group.Directors may participate either in person or through electronic means of communication.During the Reporting Period,the Board had 12 meetings and 1 general meetings.The attendance of the respective Directors at the Board meetings and general meetings are set out belo

138、w:Attendance/Number of meetings出席會議次數Board meetingGeneralmeeting董事會會議股東大會Executive Directors執行董事Mr.Zhong Zhiwei (appointed on 22 March 2024)鍾志偉先生（於二零二四年三月二十二日獲委任）11/121/1Mr.Liu Yingjie (resigned on 22 March 2024)劉英杰先生（於二零二四年三月二十二日辭任）Independent Non-executive Directors獨立非執行董事Mr.Choi Chi Wai (appointe

139、d on 9 August 2024)蔡志偉先生（於二零二四年八月九日獲委任）5/6Mr.Cao Hongmin (resigned on 28 March 2025)曹洪民先生（於二零二五年三月二十八日辭任）6/12Mr.Chan Chi Pan (resigned on 12 May 2024)陳志斌先生（於二零二四年五月十二日辭任）2/3Mr.Li Kar Fai,Peter (resigned on 28 March 2025)李嘉輝先生（於二零二五年三月二十八日辭任）8/121/120GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVE

140、RNANCE REPORT企業管治報告董事進行證券交易的操守守則 本公司已採納GEM上市規則第5.48至5.67條所載的規定準則作為董事就本公司股份進行證券交易的操守守則（操守守則）。經本公司向全體董事作出特定查詢，全體董事已確認，彼等於整個報告期內一直全面遵守操守守則所載的規定買賣準則，以及本公司並不知悉董事於整個報告期內有任何不遵守該等有關證券交易的規定買賣標準的情況。董事的持續專業發展計劃 本集團肯定董事獲得足夠及充份持續專業發展對健全而行之有效的內部監控系統及企業管治的重要性。為此，本集團一直鼓勵董事出席有關培訓課程，以獲取有關企業管治的最新消息及知識。根據守則條文第C.1.4條，全體

141、董事應參與持續專業發展，以發展及更新其知識及技能。董事已持續獲得與其職責有關的相關法律、規則及規章的修訂或更新的閱讀材料。本公司鼓勵全體董事出席廣泛的培訓課程，內容有關GEM上市規則中涉及良好企業管治常規的最新資料。本公司將於必要時為董事提供適時及定期培訓，以確保彼等緊跟GEM上市規則的最新規定。本集團亦已採納一項政策，實報實銷董事就任何企業管治及內部監控所產生相關培訓費用及開支。CODE OF CONDUCT FOR SECURITIES TRANSACTIONS BY DIRECTORSThe Company has adopted the required standard of dea

142、lings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct regarding securities transactions by Directors in respect of the shares of the Company(the“Code of Conduct”).After specific enquiries of all the Directors by the Company,all Directors have confirmed that they have fu

143、lly complied with the required standard of dealing set out in the Code of Conduct throughout the Reporting Period,and the Company was not aware of any non-compliance with such required standard of dealings regarding securities transactions by Directors throughout the Reporting Period.DIRECTORS CONTI

144、NUING PROFESSIONAL DEVELOPMENT PROGRAMMEThe Group acknowledges the importance of adequate and ample continuing professional development for the Directors for a sound and effective internal system and corporate governance.In this regard,the Group has always encouraged our Directors to attend relevant

145、 training courses to receive the latest news ad knowledge regarding corporate governance.According to the CG Code provision C.1.4,all Directors should participate in continuous professional development to develop and refresh their knowledge and skills.The Directors,on an ongoing basis,have been prov

146、ided with reading materials in relation to amendments to or updates on relevant laws,rules and regulations relevant to their duties.The Company has encouraged all Directors to attend a wide range of training courses on the updates of the GEM Listing Rules concerning good corporate governance practic

147、es.The Company will,if necessary,provide timely and regular trainings to the Directors to ensure that they are kept abreast of the latest requirements under the GEM Listing Rules.The Group has also adopted a policy to reimburse the Directors for any relevant training costs and expenses incurred conc

148、erning corporate governance and internal control.21ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告於報告期間，各董事參加的培訓課程類型載列如下：培訓類型：A：參加研討會會議論壇B：閱讀有關一般業務、風險管理、監管更新以及董事職責及責任之書籍、期刊及更新資料。董事委員會董事會已根據相關GEM上市規則成立若干職能委員會，以協助董事會履行職務，現時已成立三個委員會，即審核委員會（審核委員會）、提名委員會（提名委員會）及薪酬委員會（薪酬委員會）。該等委員會的職能及職責載於相關職權範圍，該等職權

149、範圍的嚴格程度不遜於守則所列者。三個委員會各自的相關職權範圍可於本集團網站(www.gf-)及聯交所網站查閱。本集團已向所有委員會提供充足資源及支援，以履行委員會職責。During the Reporting Period,the type of trainings attended by the respective Directors are set out below:Name of DirectorsType of trainings董事姓名培訓類型Mr.Zhong Zhiwei鍾志偉先生BMr.Liu Yingjie劉英杰先生BMr.Choi Chi Wai蔡志偉先生BMr.Cao

150、Hongmin曹洪民先生BMr.Chan Chi Pan陳志斌先生BMr.Li Kar Fai,Peter李嘉輝先生A+BType of trainings:A:attending seminars/conferences/forumsB:reading books,journals and updates relating to the general business,risk management,regulatory updates and directors duties and responsibilities.BOARD COMMITTEESThe Board has estab

151、lished a number of functional committees in compliance with the relevant GEM Listing Rules and to assist the Board to discharge its duties.Currently,three committees has been established,i.e.the audit committee(the“Audit Committee”),the nomination committee(the“Nomination Committee”)and the remunera

152、tion committee(the“Remuneration Committee”).The function and responsibilities of these committees have been set out in the relevant terms of reference which are of no less stringent than that stated in the Code.The relevant terms of reference of each of the three can be found on the Groups website(w

153、ww.gf-)and the website of the Stock Exchange.All committees have been provided with sufficient resources and support from the Group to discharge their duties.22GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管治報告審核委員會本公司於二零一四年八月二日設立審核委員會，並遵照GEM上市規則第5.28至5.33條及守則條文第D.3.3及D.3.7條的規定訂明其

154、職權範圍。審核委員會大部份成員須為獨立非執行董事並須由獨立非執行董事擔任主席。倘若審核委員會任何成員不再為董事，其將自動不再為審核委員會的成員。審核委員會須包括最少三名成員，其中至少一名獨立非執行董事具有GEM上市規則第5.05(2)條所規定的適當專業資格或會計或相關財務管理專長。此外，審核委員會大部分應為獨立非執行董事。於本報告日期，審核委員會由兩名成員組成，即陳珠海女士（主席）、蔡志偉先生，這導致審計委員會的現有成員人數低於GEM上市規則第5.28條所規定的最低人數。除於本報告所披露者外，本公司於整個報告期間已嚴格遵守GEM上市規則第5.28條的規定。根據職權範圍，審核委員會之主要職責為（

155、其中包括）（有關完整的職權範圍，請參閱本公司的網站www.gf-)：1.就本公司外聘核數師的委任及重新委任向董事會提供建議、批準本公司外聘核數師的薪酬及聘用條款；2.按適用的標準檢討及監察本公司外聘核數師是否獨立客觀及核數程序是否有效；3.就本公司外聘核數師提供非核數服務（如有）制定政策，並予以執行；AUDIT COMMITTEEThe Company has established the Audit Committee on 2 August 2014 with its terms of reference in compliance with Rules 5.28 to 5.33 of

156、the GEM Listing Rules,and provisions D.3.3 and D.3.7 of the CG Code.The majority of the Audit Committee members must be independent non-executive Directors and must be chaired by an independent non-executive Directors.If any member of the Audit Committee ceases to be a Director,he/she will cease to

157、be a member of the Audit Committee automatically.The Audit Committee must comprise a minimum of three members,at least one of whom is an independent non-executive Director with appropriate professional qualification or accounting or related financial management expertise as required under Rule 5.05(

158、2)of the GEM Listing Rules.In addition,the majority of the Audit Committee shall be independent non-executive Directors.As at the date of this report,the Audit Committee comprises two members,namely Ms.Chan Chu Hoi(Chairperson),Mr.Choi Chi Wai,which results in the current number of Audit Committee m

159、embers falling below the minimum number required under Rule 5.28 of the GEM Listing Rules.Save as disclosed in this report,the Company complied with the requirement under Rule 5.28 of the GEM Listing Rules throughout the Reporting Period.With reference to the terms of reference,the primary responsib

160、ilities of the Audit Committee are,among others(for the complete terms of reference,please refer to the Companys website at www.gf-):1.to make recommendations to the Board on the appointment and re-appointment of the Companys external auditors,and approve the remuneration and terms of engagement of

161、the Companys external auditors;2.to review and monitor the Companys external auditors independence and objectivity and the effectiveness of the audit process in accordance with applicable standards;3.to develop and implement policy on engaging the Companys external auditors to supply non-audit servi

162、ces,if any;23ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告4.監察本公司的財務報表以及年度報告及賬目及半年度報告的完整性，並審閱報表及報告所載有關財務申報的重大判斷；5.與本公司外聘核數師討論在全年賬目審核中出現的問題及存疑之處；6.審閱本公司外聘核數師致本公司管理層的函件及管理層之回應；7.於提交董事會批準前，審閱本公司年度報告所列有關本公司內部控制系統的報表；8.檢討本公司的財務申報、財務監控、內部監控及風險管理制度；9.與本公司管理層討論內部監控系統，確保管理層已履行職責建立有效的內部監控系統；10.主動或應董事會

163、的委派，就有關內部監控事宜的重要調查結果及管理層對調查結果的回應進行研究；11.檢討本集團的財務及會計政策及實務；12.檢討本公司僱員可暗中就財務申報、內部監控或其他方面可能發生的不正當行為提出關注的安排；及13.根據審核委員會的職權範圍向董事會匯報相關事宜並考慮董事會所界定的其他主題。4.to monitor integrity of the Companys financial statements and annual report and accounts,half-year report and review significant financial reporting judgm

164、ents contained in them;5.to discuss with the Companys external auditors questions and doubts arising in audit of annual accounts;6.to review the letter of the Companys management from the Companys external auditors and the managements response;7.to review the statement about the Companys internal co

165、ntrol system as included in the Companys annual report prior to submission for the Boards approval;8.to review the Companys financial reporting,financial controls,internal control and risk management system;9.to discuss the internal control system with the Companys management to ensure that manageme

166、nt has performed its duty to have an effective internal control system;10.to consider major investigation findings on internal control matters as delegated by the Board or on its own initiative and managements response to these findings;11.to review the financial and accounting policies and practice

167、s of the Group;12.to review arrangements employees of the Company can use,in confidence,to raise concerns about possible improprieties in financial reporting,internal control or other matters;and13.to report to the Board on that matters pursuant to the terms of reference of the Audit Committee and c

168、onsider other topics as defined by the Board.24GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管治報告於報告期內，審核委員會舉行了2次會議。於報告期內，審核委員會成員之出席記錄概述如下：於報告期內，審核委員會已審閱本集團截至二零二三年十二月三十一日止年度的經審核業績及本集團截至二零二四年六月三十日止六個月的未經審核中期業績，以及討論內部監控及財務申報事宜。審核委員會亦已審閱本集團於報告期的經審核全年業績及本年報，並確認本年報符合適用準則、GEM上市規則及其他適用法律

169、規定，且已作出足夠披露。董事與審核委員會於挑選及委任外聘核數師方面並無意見分歧。董事會認為，於報告期內及截至本報告日期止，審核委員會已妥善履行其職務及職責。During the Reporting Period,the Audit Committee had held 2 meetings.The attendance records of the members of the Audit Committee during the Reporting Period are summarized below:Attendance/Number of meetings出席次數會議次數Member

170、of Audit Committee審核委員會成員Mr.Li Kar Fai,Peter李嘉輝先生2/2Mr.Cao Hongmin曹洪民先生2/2Mr.Chan Chi Pan陳志斌先生1/1Mr.Choi Chi Wai蔡志偉先生1/1During the Reporting Period,the Audit Committee had reviewed the Groups audited results for the year ended 31 December 2023,the unaudited interim results of the Group for the six m

171、onths ended 30 June 2024,and discussed internal controls and financial reporting matters.The Audit Committee had also reviewed the Groups audited annual results for the Reporting Period,this annual report,and confirmed that this annual report complies with the applicable standard,the GEM Listing Rul

172、es,and other applicable legal requirements and those adequate disclosures have been made.There is no disagreement between the Directors and the Audit Committee regarding the selection and appointment of the external auditors.The Board is of the view that the Audit Committee has properly discharged i

173、ts duties and responsibilities during the Reporting Period and up to the date of this report.25ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告薪酬委員會本公司於二零一四年八月二日設立薪酬委員會，並遵照GEM上市規則第5.34至5.36條及守則條文第E.1.2條訂明其職權範圍。於本報告日期，薪酬委員會由兩名成員組成，即蔡志偉先生及陳珠海女士，彼等均為獨立非執行董事。目前薪酬委員會成員人數低於薪酬委員會職權範圍規定的最低人數。根據薪酬委員會的職權

174、範圍，薪酬委員會的主要職責包括（有關完整職權範圍，請參閱本公司的網站www.gf-)：1.就其他執行董事的薪酬建議諮詢董事會主席及或行政總裁；2.就本公司全體董事及高級管理人員的薪酬政策及架構，及就設立正規而具透明度的程序制訂薪酬政策，向董事會提出建議；3.因應董事會所訂企業方針及目標而檢討及批準管理層的薪酬建議；4.向董事會建議個別執行董事及高級管理人員的薪酬待遇；5.就非執行董事的薪酬向董事會提出建議；6.考慮同類公司支付的薪酬、須付出的時間及職責，以及本公司及其附屬公司的其他職位的僱用條件；REMUNERATION COMMITTEEThe Remuneration Committee

175、was established on 2 August 2014 with terms of reference in compliance with Rules 5.34 to 5.36 at the GEM Listing Rules,and provision E.1.2 of the CG Code.As at the date of this report,the Remuneration Committee comprises two members,namely Mr.Choi Chi Wai and Ms.Chan Chu Hoi,all of whom are indepen

176、dent non-executive Directors,The current number of Remuneration Committee members falling below the minimum number required under the terms of reference of the Remuneration Committee.With reference to the terms of reference of the Remuneration Committee,the primary responsibilities of the Remunerati

177、on Committee include(for the complete terms of reference,please refer to the Companys website at www.gf-):1.to consult the chairman of the Board and/or chief executive about their remuneration proposals for other executive Directors;2.to make recommendations to the Board on the Companys policy and s

178、tructure for all Directors and senior managements remuneration and on the establishment of a formal and transparent procedure for developing remuneration policy;3.to review and approve the managements remuneration proposals with reference to the Boards corporate goals and objectives;4.to make recomm

179、endation to the Board on the remuneration packages of individual executive Directors and senior management;5.to make recommendations to the Board on the remuneration of non-executive Directors;6.to consider salaries paid by comparable companies,time commitment and responsibilities and employment con

180、ditions elsewhere in the Company and its subsidiaries;26GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管治報告7.檢討及批準向執行董事及高級管理人員就其喪失或終止職務或委任而須支付的賠償，以確保該等賠償與合約條款一致；若未能與合約條款一致，賠償亦須公平，不致過多；及8.檢討及批準因董事行為失當而解僱或罷免有關董事所涉及的賠償安排，以確保該等安排與合約條款一致；若未能與合約條款一致，有關賠償亦須合理適當。於報告期內，薪酬委員會舉行了3次會議。薪酬委員會成員的

181、出席記錄概述如下：於報告期內，薪酬委員會已審閱截至二零二三年十二月三十一日止年度董事的薪酬方案及表現。董事會認為，於報告期及截至本報告日期止，薪酬委員會已妥善履行其職責及職務。提名委員會本公司於二零一四年八月二日設立提名委員會，並遵照守則條文第B.3.1及B.3.2條訂明其職權範圍。於本報告日期，提名委員會由兩名成員組成，即蔡志偉先生（主席）及陳珠海女士，彼等均為獨立非執行董事。7.to review and approve compensation payable to executive Directors and senior management for any loss or ter

182、mination of office or appointment to ensure that it is consistent with contractual terms and is otherwise fair and not excessive;and8.to review and approve compensation arrangements relating to dismissal or removal of Directors for misconduct to ensure that they are consistent with contractual terms

183、 and are otherwise reasonable and appropriate.During the Reporting Period,the Remuneration Committee held 3 meetings.The attendance records of the members of the Remuneration Committee are summarized below:Attendance/Number of meetings出席次數會議次數Member of Remuneration Committee薪酬委員會成員Mr.Li Kar Fai,Pete

184、r李嘉輝先生3/3Mr.Cao Hongmin曹洪民先生3/3Mr.Chan Chi Pan陳志斌先生1/1Mr.Choi Chi Wai蔡志偉先生1/1During the Reporting Period,the Remuneration Committee had reviewed the remuneration packages and performance of the Directors during the year ended 31 December 2023.The Board is of the view that the Remuneration Committee

185、has properly discharged its duties and responsibilities during the Reporting Period and up to the date of this report.NOMINATION COMMITTEEThe Nomination Committee was established on 2 August 2014 with terms of reference in compliance with provisions B.3.1 and B.3.2 of the CG Code.As at the date of t

186、his report,the Nomination Committee comprises two members,namely Mr.Choi Chi Wai(Chairman)and Ms.Chan Chu Hoi,all of whom are independent non-executive Directors.27ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告根據提名委員會的職權範圍，提名委員會的主要職責包括（有關完整的職權範圍，請參閱本公司的網站www.gf-)：1.檢討董事會的架構、人數及組成（包括技能、知識及經驗方面

187、），並就為配合本公司的公司策略而擬對董事會作出的變動（如有）提出建議；2.檢討本公司的董事會成員多元化政策及就該政策制定的目標的執行進度；3.物色具備合適資格可擔任董事的人士，並挑選提名有關人士出任董事或就此向董事會提供意見；4.評核獨立非執行董事的獨立性；及5.就董事委任或重新委任以及董事（尤其是主席及行政總裁）繼任計劃向董事會提出建議。於報告期內，提名委員會舉行了3次會議。提名委員會成員的出席記錄概述如下：With reference to the terms of reference of the Nomination Committee,the primary responsibili

188、ties of the Nomination Committee include(for the complete terms of reference,please refer to the Companys website at www.gf-):1.to review the structure,size and composition(including the skills,knowledge and experience)of the Board and make recommendation on proposed changes,if any,to the Board to c

189、omplement the Companys corporate strategy;2.to review the Companys board diversity policy and the progress on achieving the objectives set for implementing the said policy;3.identifying individuals suitably qualified to become Board members and select or make recommendations to the Board on the sele

190、ction of individuals nominated for directorships;4.to assess the independence of independent non-executive Directors;and5.to make recommendations to the Board on the appointment or re-appointment of Directors and succession planning for Directors,in particular the chairman and the chief executive.Du

191、ring the Reporting Period,the Nomination Committee had held 3 meeting.The attendance records of the members of the Nomination Committee are summarized below:Attendance/Number of meetings出席次數會議次數Member of Nomination Committee提名委員會成員Mr.Li Kar Fai,Peter李嘉輝先生3/3Mr.Cao Hongmin曹洪民先生3/3Mr.Chan Chi Pan陳志斌先生

192、1/1Mr.Choi Chi Wai蔡志偉先生1/128GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管治報告於報告期間，提名委員會已審閱董事會架構、規模及成員組成，評估獨立非執行董事的獨立性、審閱董事資歷及董事會成員多元化政策的實施進程。董事會認為，於報告期及截至本報告日期止，提名委員會已妥善履行其職務及職責。提名政策本公司已於二零一九年一月一日採納一項提名政策（提名政策），旨在加強董事會及或提名委員會於董事（包括獨立非執行董事）選舉方面的透明度及問責性。董事會將不時檢討提名政策。董事甄選標準提名委員會於評估

193、向董事會提名擬定候選人之合適性以供其考慮及於股東大會上就選舉本公司董事向股東作出推薦建議及委任彼填補空缺時，可參考以下因素。於本公司業務所在或將涉足之相關行業的資格及經驗；可投入時間及相關事務關注的承諾；誠信聲譽；及 董事會各方面的多元化，包括但不限於性別、文化及教育背景、種族、專業經驗、技能、知識及服務年期。該等因素僅供參考，並非盡列所有因素，亦不具決定性作用。提名委員會可酌情決定提名其認為適當之任何人士。During the Reporting Period,the Nomination Committee had reviewed the structure,size and compo

194、sition of the Board,assessed the independence of the independent non-executive Directors,and reviewed the qualifications of the Directors and the progress on the implementation of the board diversity policy.The Board is of the view that the Nomination Committee has properly discharged its duties and

195、 responsibilities during the Reporting Period and up to the date of this report.NOMINATION POLICYThe Company adopted a nomination policy(“Nomination Policy”)on 1 January 2019.It aims at strengthen the transparency and accountability of the Board and/or Nomination Committee on election of directors i

196、ncluding independent non-executive directors.The Board will review the Nomination Policy from time to time.Selection Criteria of DirectorsThe factors listed below would be used as reference by the Nomination Committee in assessing the suitability of a proposed candidate to be nominated to the Board

197、for it to consider and make recommendation to shareholders for election as directors of the Company at the general meetings and appoint him/her to fill casual vacancies.Qualifications and experience in the relevant industries in which the Companys business is involved or is going to be involved;Comm

198、itment in respect of available time and relevant interest Reputation for integrity;and Diversity in all its aspects,including but not limited to gender,cultural and educational background,ethnicity,professional experience,skills,knowledge and length of service.These factors are for reference only,an

199、d not meant to be exhaustive and decisive.The Nomination Committee has the discretion to nominate any person,as it considers appropriate.29ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告提名程序提名委員會將召開會議，並於會前邀請董事會成員提名的候選人（如有）供提名委員會考慮。提名委員會亦可提名非董事會成員提名之候選人；擬定候選人將按要求遞交必要的個人資料，連同彼同意被委任為本公司董事之書面同意書。提

200、名委員會可能於認為必要時要求候選人提供其他資料及文件；提名委員會將參考上述因素評估擬定候選人是否適任並向董事會作出推薦建議供其考慮及批準；倘於股東大會上重選董事，提名委員會須檢討董事對本公司的整體貢獻及彼等於董事會之服務、參與度及表現，以及該董事是否仍符合本公司企業策略之需求。董事會多元化本集團已採納有關董事會成員多元化的政策（董事會多元化政策），該政策概要如下：1.董事會成員選舉將基於一系列多元化標準，包括但不限於性別、年齡、文化及教育背景、專業經驗、技能、知識以及服務年期；及2.提名委員會將不時監察多元化政策的實施情況，以確保多元化政策發揮效用。Nomination ProceduresT

201、he Nomination Committee shall call a meeting,and invite nominations of candidates from Board members(if any)for consideration by the Nomination Committee prior to its meeting.The Nomination Committee may also put forward candidates who are not nominated by Board members;Proposed candidates will be a

202、sked to submit the necessary personal information,together with their written consent to be appointed as a director of the Company.The Nomination Committee may request candidates to provide additional information and documents,if considered necessary;The Nomination Committee shall evaluate the propo

203、sed candidates suitability with reference to the factors stated above and make recommendation(s)to the Boards consideration and approval;In the case of the re-election of a director at the general meeting,the Nomination Committee shall review the overall contribution of the directors to the Company

204、and their services,their participation and performance within the Board,and whether such director still meets the needs to complement the Companys corporate strategy.DIVERSITY OF THE BOARDThe Group adopted policy in relation to the diversity of the members of the Board(“Board Diversity Policy”)and s

205、ummary of the policy is as follows:1.selection of Board members will be based on a range of diversity perspectives,which would include but not limited to gender,age,cultural and educational background,professional experience,skills,knowledge and length of service;and2.the Nomination Committee will m

206、onitor the implementation of the diversity policy from time to time to ensure the effectiveness of the diversity policy.30GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管治報告為達致可持續及均衡發展，本公司視董事會層面的多元化為維持競爭優勢的關鍵元素。一個真正多元化的董事會可融入及善用董事的不同知識、地區及行業經驗、背景、性別及其他質素。此等差異將用作考慮董事會的最佳組成。所有董事的任命均以

207、用人唯才為原則，根據客觀標準予以考慮，並充分顧及董事會多元化的裨益。於本報告日期，董事會包括三名董事，兩名為獨立非執行董事，可促進管理程序的批判性檢討與監控。於陳珠海女士於二零二五年三月二十八日獲委任後，董事會有三名男性及一名女性，符合GEM上市規則第17.104條。股息政策本公司已於二零一九年一月一日採納一項股息政策。該政策旨在提升本公司的透明度，以便本公司股東及潛在投資者就本公司作出知情的投資決定。董事會將不時檢討股息政策。倘本公司有意於未來宣派及派付股息，則任何股息之派付及金額將視乎多項因素而定，包括但不限於：1.本集團之實際及預期財務表現；2.本集團之預期營運資金需求、資金開支需求及未

208、來擴展計劃；3.本公司及本集團各成員公司之保留盈利及可分派儲備；4.本集團之流動資金狀況；With a view to achieving a sustainable and balanced development,the Company sees diversity at the Board level as an essential element in maintaining a competitive advantage.A truly diverse Board will include and make good use of differences in the skills,

209、regional and industry experience,background,gender and other qualities of the Directors.These differences will be considered in determining the optimum composition of the Board.All appointment of the Directors are made on meritocracy,and will be considered against objective criteria,having due regar

210、d for the benefits of diversity on the Board.As at the date of this report,the Board comprises three Directors,two are INEDs,thereby promoting critical review and control of the management process.Following the appointment of Ms.Chan Chu Hoi on 28 March 2025,the Board comprised three males and one f

211、emale,complied with Rule 17.104 of the GEM Listing Rules.DIVIDEND POLICYThe Company adopted a dividend policy on payment of dividends on 1 January 2019.It aims at enhancing transparency of the Company and facilitating its shareholders and the potential investors of the Company to make informed inves

212、tment decision relating to the Company.The Board will review the dividend policy from time to time.While the Company intends to declare and pay dividends in the future,the payment and the amount of any dividends will depend on a number of factors,including but not limited to:1.the Groups actual and

213、expected financial performance;2.the Groups expected working capital requirements,capital expenditure requirements and future expansion plans;3.retained earnings and distributable reserves of the Company and each of the members of the Group;4.the Groups liquidity position;31ANNUAL REPORT 2024 年報CORP

214、ORATEGOVERNANCE REPORT企業管治報告5.整體經濟狀況及可能影響本集團業務或財務表現及狀況之其他內部或外部因素；及6.本公司董事會視為相關之任何其他因素。股東將有權根據已繳足或入賬列作繳足股份金額按比例收取相關股息。股息之宣派、派付及金額由董事會酌情釐定。股息僅可以根據相關法律準許之可分派溢利派付。概不保證本公司將能夠按任何計劃內所載金額宣派或分派任何股息或完全不宣派或派付。本公司過往之股息分派記錄不足以作為釐定本公司日後可能宣派或派付股息水平之參考或基準。核數師薪酬於報告期間內，本集團聘用長青（香港）會計師事務所有限公司（長青）為本集團外部核數師，以進行本集團截至二零二四年

215、十二月三十一日止年度財務業績的審核。報告期間已付或應付核數師薪酬載列如下：公司秘書陳柏麟先生（陳先生）為本公司公司秘書。陳先生於本公司擁有足夠知識履行本公司公司秘書職能。陳先生確認，於報告期內，彼已接受不少於15小時的相關專業培訓。5.the general economic conditions and other internal or external factors that may have an impact on the business or financial performance and position of the Group;and6.any other facto

216、rs that the board of directors of the Company deems relevant.Shareholders will be entitled to receive such dividends pro rata according to the amounts paid up or credited as paid up on the shares.The declaration,payment,and amount of dividends will be subject to the Boards discretion.Dividends may b

217、e paid only out of distributable profits as permitted under the relevant laws.There can be no assurance that the Company will be able to declare or distribute any dividend in the amount set out in any of the plans or at all.The Companys dividend distribution record in the past may not be used as a r

218、eference or basis to determine the level of dividends that may be declared or paid by the Company in the future.AUDITORS REMUNERATIONDuring the Reporting Period,the Group engaged McMillan Woods(Hong Kong)CPA Limited(“McM”)as the Groups external auditors to conduct audit of the financial results of t

219、he Group for the year ended 31 December 2024.The auditors remuneration paid or payable for the Reporting Period is set out below:Services renderedFee paid or payable提供服務已付或應付費用HK$港元Audit of financial statements審核財務報表500,000COMPANY SECRETARYMr.Chan Pak Lun(“Mr.Chan”)is the company secretary of the Co

220、mpany.Mr.Chan has adequate knowledge on the Company to discharge his duty as the company secretary of the Company.Mr.Chan confirmed that he had taken no less than 15 hours of relevant professional training during the Reporting Period.32GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企

221、業管治報告風險管理及內部控制 董事會負責建立、維護及審查本集團內部控制和風險管理體系。董事會必須確保本公司建立和維護有效的內部控制和風險管理體系，以實現目標，維護本公司股東及資產的利益。董事會按持續基準不斷監察本集團風險管理及內部控制系統，致力識別、控制已確定風險的影響，並促進實施協調減緩措施。與Treadway委員會(COSO)二零一三年綜合框架 原則的贊助組織專員兼容的風險管理和內部控制系統旨在管理而不是消除未能實現業務目標的風險，並提供合理但不絕對的保證，防止重大錯報或損失。本集團制定了風險管理政策，以確定影響業務的主要風險的識別、評估和管理過程。1.每個部門負責確定、評估和管理其各部門

222、的風險，每季度確定和評估主要風險，並採取緩解計劃來管理這些風險；2.管理層負責監督本集團的風險管理和內部控制活動，並與各部門進行季度會議，以確保負責人的風險得到妥善管理且新風險或變化中的風險得到確認和記錄；3.董事會負責審議和批準本集團風險管理和內部控制的有效性和充分性。風險管理框架加上內部控制，確保與不同業務部門相關的風險得到有效控制，符合本集團偏好。RISK MANAGEMENT AND INTERNAL CONTROLThe Board is responsible for the establishment,maintenance and review of the Groups sy

223、stem of internal controls and risk management.The Board must ensure that the Company establishes and maintains effective internal control and risk management systems to meet the objectives and safeguard the interests of the Shareholders and the assets of the Company.The Board oversees the overall ri

224、sk management and internal control system of the Group on an ongoing basis and endeavors to identify,control impact of the identified risks and facilitate implementation of coordinated mitigating measures.The risk management and internal control systems compatible with the Commissioner of Sponsoring

225、 Organization of the Treadway Commission(COSO)Integrated Framework 2013 principles are designed to manage rather than eliminate the risk of failures to achieve business objectives,and provide only reasonable but not absolute assurance against material misstatement or loss.The Group has established a

226、 risk management policy set out the process of identification,evaluation and management of the principal risks affecting the business.1.Each division is responsible for identifying,assessing and managing risks within its division.It identifies and assesses the principal risks on a quarterly basis wi

227、th mitigation plans to manage those risks;2.The management is responsible for overseeing the risk management and internal control activities of the Group,quarterly meetings with each division to ensure principal risks are properly managed,and new or changing risks are identified and documented;3.The

228、 Board is responsible for reviewing and approving the effectiveness and adequacy of the Groups risk management and internal controls.The risk management framework,coupled with our internal controls,ensures that the risk associated with our different business units are effectively controlled in line

229、with the Groups appetite.33ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告本公司並無內部審計部門，並已委聘外部內部控制顧問，於報告期內對本集團的內部控制制度進行檢討。審查涉及本集團風險管理政策的一些程序及其實施，並就改進和加強內部控制制度提出建議。沒有發現可能影響本集團財務、經營、合規、控制及風險管理的重大關切領域。本集團的風險管理和內部控制制度旨在管理而不是消除未能實現業務目標的風險，只能提供合理而不絕對的保證，防止重大錯報或損失。董事會全面負責維護資源充足，員工素質和經驗培訓計劃及會計和財務報告功能預算，

230、董事會已經得出結論：本集團的風險管理和內部控制制度已經到位有效。在內幕信息的監控和披露方面，本集團採取了披露內幕信息的政策，目的是確保內部人員遵守保密要求，履行內幕信息的披露義務。主要風險及不明朗因素本集團之運營、財務狀況、業務方向及展望可能受多種風險及不確定因素影響。下文為本集團所識別的主要風險和不確定因素。除下文所述外，或會存在本集團尚未知或現時並不重大但可能會在未來變得重大之其他風險和不明朗因素。策略風險本集團的業務與所處的經濟環境、市場競爭、政治及法律發展的變動密切相關，該等變動可能對本集團當前或未來的業務、經營業績或財務狀況產生重大影響。The Company does not ha

231、ve an internal audit department and engaged an external internal control consultant to conduct review on the internal control system of the Group during the Reporting Period.The review covering certain procedures and implementation of risk management policies of the Group and make recommendations fo

232、r improvement and strengthening of internal control system.No significant areas of concern that may affect the financial,operational,compliance,controls and risk management of the Group have been identified.The Groups risk management and internal control system are designed to manage rather than eli

233、minate the risk of failure to achieve business objectives,and can only provide reasonable and not absolute assurance against material misstatement or loss.The Board has the overall responsibility to maintain the adequacy of resources,staff qualifications and experience training programs and budget o

234、f accounting and financial reporting function and the Board has reached the conclusion that the Groups risk management and internal control system was in place and effective.With respect to the monitoring and disclosure of inside information,the Group has adopted a policy on disclosure of inside inf

235、ormation with an aim to ensure that the insiders abide by the confidentiality requirement and fulfill the disclosure obligation of the inside information.MAJOR RISKS AND UNCERTAINTIESThe Groups operations,financial condition,business directions and prospects may be affected by various risk factors a

236、nd uncertainties.The major risks and uncertainties for the Group are identified below.Except as stated below,there may be other risks and uncertainties unknown to the Group or not material at present but could become material in the future.Strategy RiskThe Groups businesses are closely related to th

237、e changes in economic environment,market competition,political and legal development in which the Group operates,which may have significant impact to the Groups current or future business,results of operation or financial condition.34GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管

238、治報告財務風險本集團的財務風險主要包括外匯風險、信貸風險、流動性風險、利率風險及市場風險。有關該等風險的詳情及相關管理政策，請參閱綜合財務報表附註6。營運風險營運風險指因內部業務程序、人員配備或制度不足及缺失，或因外部事件導致損失的風險。管理營運風險之責任基本上由各個功能的部門負責。本集團認為營運風險不能完全消除，並會影響經營業績和盈利。本集團對內部標準運營程序、權限及匯報框架做出指引。本公司已委聘獨立內部控制顧問每年評估及檢討主要營運，並向董事會報告任何風險。人才儲備風險合適的人才是企業發展的根本之一。本集團所處的行業和地區競爭較為激烈，具備適當技能、經驗的人才的不足或流失，也將成為影響本集

239、團達成目標的潛在風險。本集團提供具有競爭力的薪酬福利及各種激勵機制吸引合適人才，然而，無法保證本集團能夠挽留有能力的員工。Financial RiskThe Groups financial risks mainly include foreign exchange risk,credit risk,liquidity risk,interest rate risk and market risk.For further details of such risk and relevant management policies,please refer to note 6 to the con

240、solidated financial statements.Operation RiskOperation risk refers to the risk that losses will be incurred because of the shortage or failure of an internal business process,staffing or system,or attributable to an external event.Managing the operating risk is,in general,the duty of each functional

241、 department.The Group is of the opinion that operating risk cannot be eliminated entirely and will have an impact on our operating results and earnings.The Group has issued guidance about internal standard operating procedures,authorities and reporting hierarchy.The Company has engaged independent i

242、nternal control consultant to assess and review the major operations and report any risks to the Board every year.Talent Pool RiskRecruiting the right people is an essential factor for the development of an enterprise.Competition is intense in the industry and regions in which the Group operates its

243、 business.The shortage or loss of personnel with appropriate skills or experience could pose a potential risk impacting the Groups ability to achieve its goals.The Group provides competitive salaries and benefits as well as various incentives to attract the right talent,however,there is no assurance

244、 that the Group would be able to retain capable staffs.35ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告進入新市場的風險本集團正在考慮將裝配式建築業務拓展至新的地區市場。擴張計劃可能會受到各種風險及不確定因素的阻礙，如法律及監管障礙、文化及語言差異、政治及經濟不穩定、客戶忠誠度及信任度以及競爭壓力。無法保證本集團能夠在調配管理及財務資源後成功維持或增加本集團的市場份額，或成功發展業務。任何實施計劃失敗均可能對本集團的業務造成重大不利影響。當交易對手可能不履行其交易部分並可能不履行

245、合約義務時，新業務的任何初始付款或投資均可能無法收回。本公司已就與現有業務正常過程無關的預付款項採納政策，以評估、減輕及監控與開展新業務相關的交易對手風險。董事及核數師就財務報表須承擔的責任 董事確認及了解彼等須負責編製財務報表，確保本集團編製的財務報表真實而公平地反映本集團的狀況、業績及現金流量，且符合相關會計準則及原則、適用法例以及GEM上市規則規定的披露條文。董事認為，本集團各財政年度的財務報表均已按有關基準編製。據董事所知，並無不明朗因素涉及可能對本公司持續經營能力構成重大疑問的事件或情況。有關本公司外聘核數師就綜合財務報表須承擔的責任的聲明載於本年報中的獨立核數師報告。Risk of

246、 entering new marketThe Group is contemplating to expand the prefabricated construction business into new geographic market.The expansion plan may be hindered by various risks and uncertainties,such as legal and regulatory barriers,cultural and language differences,political and economic instability

247、,customer loyalty and trust,and competitive pressure.There is no assurance that the Group would be able to successfully maintain or increase the Groups market share or grow the business successfully after deploying the management and financial resources.Any failure in implementing the plan could mat

248、erially and adversely affect the Groups business.Any initial payment or investment for the new business may not be recovered when the counterparty may not fulfill its part of the deal and may default on the contractual obligations.The Company has adopted a policy with regard to prepayment not relati

249、ng to the ordinary course of existing businesses in order to assess,mitigate and monitor the counterparty risk associated with entering into new business.DIRECTORS AND AUDITORS RESPONSIBILITY FOR FINANCIAL STATEMENTSThe Directors acknowledge and understand their responsibility for preparing the fina

250、ncial statements and to ensure that the financial statements of the Group are prepared in a manner which reflects the true and fair view of the state of affairs,results and cash flows of the Group and are in compliance with the relevant accounting standards and principles,applicable laws and disclos

251、ure provisions required under the GEM Listing Rules.The Directors are of the view that the financial statements of the Group for each financial year have been prepared on this basis.To the best knowledge of the Directors,there are no uncertainties relating to events or conditions that may cast signi

252、ficant doubt upon the Companys ability to continue as a going concern.Statement of the Companys external auditors responsibilities in respect of the consolidated financial statements is set out in the Independent Auditors Report of this annual report.36GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEG

253、OVERNANCE REPORT企業管治報告章程文件根據GEM上市規則第17.102條，本公司已於二零二三年六月八日於聯交所及本公司相關網站刊發第二份經修訂及重訂之組織章程大綱及細則。股東大會股東週年大會（股東週年大會）為董事會與股東可就本集團事務、整體表現及未來發展等直接溝通及交換意見的平臺。董事（包括獨立非執行董事）會出席股東週年大會回答股東提問。本公司外聘核數師亦獲邀出席股東週年大會，以回答股東有關審核程序及核數師報告的提問。股東權利在股東要求下召開股東特別大會 根據細則第64條，董事會可酌情召開股東特別大會（股東特別大會）。股東特別大會亦須應一名或多名於遞交要求日期持有不少於本公司有權

254、於股東大會上投票的實繳股本十分之一的股東要求而予以召開。該項要求須以書面向董事會或本公司公司秘書提呈，以要求董事會召開股東特別大會以處理任何該書面要求中所列明的任何事項。有關會議應於提出有關要求後兩個月內舉行。倘董事會於提出該項要求後21日內未能召開該大會，本公司須向提出要求人士償付由提出要求人士因董事會未能召開大會而產生的所有合理開支。CONSTITUTIONAL DOCUMENTSPursuant to Rule 17.102 of the GEM Listing Rules,the Company has published on the respective websites of t

255、he Stock Exchange and the Company its second amended and restated memorandum and articles of association adopted on 8 June 2023.GENERAL MEETINGS WITH SHAREHOLDERSThe annual general meeting(the“AGM”)is a forum in which the Board and the Shareholders communicate directly and exchange views concerning

256、the affairs and overall performance of the Group,and its future developments,etc.At the AGM,the Directors(including independent non-executive Directors)will answer questions raised by the Shareholders.The external auditor of the Company is also invited to be present at the AGM to address to queries

257、of the Shareholders concerning the audit procedures and the auditors report.SHAREHOLDERS RIGHTSConvening Extraordinary General Meeting on Requisition by ShareholdersPursuant to article 64 of the Articles,the Board may,whenever it thinks fit,convene an extraordinary general meeting(“EGM”).EGMs shall

258、also be convened on the requisition of one or more Shareholders holding,at the date of deposit of the requisition,not less than one tenth of the paid up capital of the Company having the right of voting at general meetings.Such requisition shall be made in writing to the Board or the company secreta

259、ry of the Company for the purpose of requiring an EGM to be called by the Board for the transaction of any business specified in such requisition.Such meeting shall be held within 2 months after the deposit of such requisition.If,within 21 days of such deposit,the Board fails to proceed to convene s

260、uch meeting,all reasonable expenses incurred by the acquisition(s)as a result of the failure of the Board shall be reimbursed to the requisitionist(s)by the Company.37ANNUAL REPORT 2024 年報CORPORATEGOVERNANCE REPORT企業管治報告股東提名候選董事的程序 根據細則第113條，除退任董事外，任何未經董事會推薦的人士均不具資格於任何股東大會獲選為董事，除非有關提名該人士參選為董事的書面通知及被

261、提名人士表明有意參選的書面通知送達本公司總辦事處或註冊辦事處。細則規定提交該等通知書的期限，由不早於寄發為有關選舉所召開股東大會通告翌日起至不遲於舉行有關股東大會日期前七日為止，而向本公司提交該等通知書的最短時限為最少七日。股東向董事會提出查詢的程序 股東如對名下持股有任何問題，可向本公司的股份過戶登記處提出。股東亦可隨時要求索取本公司的公開資料。所有書面查詢或要求可送交本公司的總辦事處或電郵至infogf-。本公司的總辦事處及其股份過戶登記處地址請參閱本年報 公司資料 一節。Procedures for Shareholders Nomination of DirectorsPursuant

262、 to article 113 of the Articles,no person,other than a retiring Director,shall,unless recommended by the Board for election,be eligible for election to the office of Director at any general meeting,unless notice in writing of the intention to propose that person for election as a Director and notice

263、 in writing by that person of his willingness to be elected shall have been lodged at the head office or at the registration office of the Company.The period for lodgement of the notices required under the Articles will commence no earlier than the day after the dispatch of the notice of the general

264、 meeting appointed for such election and end no later than 7 days prior to the date of such general meeting and the minimum length of the period during which such notices to the Company may be given will be at least 7 days.Procedures for directing Shareholders enquiries to the BoardShareholders may

265、direct their enquiries concerning their shareholdings to the Companys share registrars.Shareholders may also make a request for the Companys information to the extent that such information has been made publicly available by the Company.All written enquiries or requests may be forwarded to the Compa

266、nys head office or by email to infogf-.The addresses of the Company head office and the Companys share registrars can be found in the section headed“Corporate Information”of this annual report.38GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATEGOVERNANCE REPORT企業管治報告投資者關係為確保透明及全面向投資者披露資訊，本集團循多個渠道向公眾人士傳

267、達資料，包括股東大會、公告及財務報告。投資者亦可於本公司網站(www.gf-)查閱本集團最新消息及資料。本公司已設立股東溝通政策，旨在推動本公司股東及投資者的有效溝通，令彼等能在知情的情況下行使權利。本公司的一般政策乃與股東及投資者維持持續溝通。本公司歡迎股東及或投資者的查詢、建議或意見，股東可透過以下途徑向本公司以書面形式向董事會提出查詢：地址：香港銅鑼灣軒尼詩道489號銅鑼灣廣場一期22樓2202室電郵：infogf-於報告期間，本公司已審閱其溝通政策的實施情況及有效性，並得出結論為有效。INVESTOR RELATIONSTo ensure transparent and compreh

268、ensive disclosures to investors,the Group delivers information of the Group to the public through various channels,including general meeting,public announcement and financial reports.The investors are also able to access the latest news and information of the Group via our website(www.gf-).The Compa

269、ny has established a shareholders communication policy which aims at promoting effective communication with the Companys shareholders and the investors,enabling them to exercise their rights in an informed manner.It is the Companys general policy to maintain an on-going dialogue with shareholders an

270、d the investors.Enquiries,suggestions or views from the shareholders and/or investors are welcomed,and enquiries from the shareholders may be put in writing to the Board through the following channels to the Company:Address:Unit 2202,22/F.Causeway Bay Plaza I489 Hennessy RoadCauseway Bay,Hong KongEm

271、ail:infogf-The Company has reviewed the implementation and effectiveness of its communication policy during the Reporting Period and concluded that it is effective.39ANNUAL REPORT 2024 年報DIRECTORS董事會報告REPORT董事會欣然提呈報告期的年報及經審核綜合財務報表。主要業務本公司為投資控股公司。其附屬公司主要從事提供混凝土拆卸服務以及裝配式預製建築組件製造及貿易。業務回顧該等業務的進一步討論及分析（包

272、括本集團的業務回顧及可能未來發展的指示）可於本年報總裁報告及管理層討論與分析中查閱。該等討論構成本董事會報告的一部分。環境政策、履行及遵守法律及規例 有關環境政策、履行及遵守法律及規例的詳情載列於本年報 環境、社會及管治報告。與僱員、客戶及供應商的主要關係 董事深知僱員、客戶及業務夥伴為本集團持續發展的關鍵。本集團致力於與其僱員及業務夥伴之間建立緊密及關懷關係以及改善提供予客戶的服務質素。僱員被視為本集團最為重要及最有價值資產。本集團確保所有員工獲得合理薪酬及就員工的具體工作崗位所需的不同類型技能及知識以及工作安全向員工提供定期培訓課程。本集團致力於透過提升及改善僱員技術之清晰的職業道路及機會

273、來激勵彼等。The Board is pleased to present the annual report together with the audited consolidated financial statements for the Reporting Period.PRINCIPAL ACTIVITIESThe Company is an investment holding company.Its subsidiaries are principally engaged in provision of concrete demolition services and manu

274、facturing and trading of prefabricated construction components.BUSINESS REVIEWFurther discussion and analysis of these activities,including a business review and an indication of likely future developments in the businesses of the Group,can be found in the CEOs statement and Management Discussion an

275、d Analysis as set out in this annual report.These discussions form part of this directors report.ENVIRONMENT POLICIES,PERFORMANCE AND COMPLIANCE WITH LAWS AND REGULATIONSDetails of Environmental Policies,performance and compliance with laws and regulations are set out in the“Environmental,Social and

276、 Governance Report”in this annual report.KEY RELATIONSHIPS WITH EMPLOYEES,CUSTOMERS AND SUPPLIERSThe Directors recognizes that employees,customers and business partners are the keys to the sustainable development of the Group is committed to building a close and caring relationship with its employee

277、s and business partners and improving the quality of services to the customers.Employees are regarded as the most important and valuable assets of the Group.The Group ensures all staff is reasonably remunerated and regular training courses are provided for its workers on different types of skills an

278、d knowledge for their specific jobs in the workplace as well as work safety.The Group strives to motivate its employees with a clear career path and opportunities for advancement and improvement of their skills.40GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司DIRECTORSREPORT董事會報告本集團亦與其客戶及供應商保持聯繫以及透過各種渠道與客戶及供應

279、商交流，例如電話、電郵及舉行會議獲得彼等的反饋及建議。業績及分配本集團於報告期的業績載於本年報的綜合損益及其他全面收入表。董事會並不建議就本報告期向本公司股東派發末期股息。財務概要本集團於過去五個財政年度的業績、資產及負債概要載於本年報。物業、廠房及設備本集團物業、廠房及設備於報告期內的變動詳情載於本年報的綜合財務報表附註16。附屬公司本公司主要附屬公司於二零二四年十二月三十一日的資料載於本年報的綜合財務報表附註32。股本及股份溢價於二零二四年十二月三十一日，本公司已發行股本總數為1,010,605,000股每股面值0.01港元的普通股。本公司股本及股份溢價於報告期內的變動詳情載於本年報的綜合

280、財務報表附註26及27。The Group also stays connected with its customers and suppliers and has ongoing communication with the customers and suppliers through various channels such as telephone,electronic mail and physical meetings to obtain their feedback and suggestions.RESULTS AND APPROPRIATIONSThe results o

281、f the Group for the Reporting Period are set out in the consolidated statement of profit or loss and other comprehensive income in this annual report.The Board does not recommend payment of final dividend to shareholders of the Company for the Reporting Period.FINANCIAL SUMMARYA summary of the resul

282、ts,assets and liabilities of the Group for the five financial years are set out in this annual report.PROPERTY,PLANT AND EQUIPMENTDetails of movements of the property,plant and equipment of the Group during the Reporting Period are set out in note 16 to the consolidated financial statements in this

283、annual report.SUBSIDIARIESParticulars of the Companys principal subsidiaries as at 31 December 2024 are set out in note 32 to the consolidated financial statements in this annual report.SHARE CAPITAL AND SHARE PREMIUMThe Companys total issued share capital as at 31 December 2024 was 1,010,605,000 or

284、dinary shares of HK$0.01 each.Details of movements of the share capital and the share premium of the Company during the Reporting Period are set out in note 26 and 27 to the consolidated financial statements in this annual report.41ANNUAL REPORT 2024 年報DIRECTORSREPORT董事會報告薪酬政策薪酬委員會乃為檢討本集團之薪酬政策及本集團所有

285、董事及高級管理人員之薪酬架構而設立。董事薪酬乃經參考經濟形勢、市況、各董事之職務及職責及彼等個人表現後釐定。儲備本集團的儲備詳情載於本年報的綜合權益變動表。於二零二四年及二零二三年十二月三十一日，按照公司條例第79B條的條文計算，根據開曼群島法例第22章公司法本公司並無可供分派的儲備（包括股份溢價、以股份為基礎之付款儲備、特別儲備及保留盈利累積虧損）。購股權計劃於二零一四年八月二日（採納日期）採納的本公司購股權計劃（該計劃）詳情載於本年報的綜合財務報表附註28。該計劃將於採納日期當日起計十年內有效，除非在股東大會上遭本公司股東提早終止，否則於緊接該計劃滿十週年前營業日的營業時間結束時屆滿。該計

286、劃已於二零二四年八月一日屆滿。該計劃旨在吸引及挽留最優秀的人員、向本集團僱員（全職及兼職）、董事、諮詢人、顧問、分銷商、承包商、供應商、代理、客戶、商業夥伴及服務供應商提供額外獎勵以及推動本集團業務創出佳績。EMOLUMENT POLICYThe Remuneration Committee is set up for reviewing the Groups emolument policy and structure for all remuneration of the Directors and senior management of the Group.The remunerati

287、ons of the Directors are determined with reference to the economic situation,the market condition,the responsibilities and duties assumed by each Director as well as their individual performance.RESERVESDetails of the reserve of the Group are set out in consolidated statement of changes in equity in

288、 this annual report.As at 31 December 2024 and 2023,the Company has no reserves available for distribution,as calculated under the provision of section 79B of the Companies Ordinance,and in accordance with the Companies Law Cap.22 of Cayman Islands,inclusive of share premium,share-based payment rese

289、rve,special reserve and retained earnings/accumulated losses.SHARE OPTION SCHEMEParticulars of the share option scheme of the Company(the“Scheme”)which was adopted on 2 August 2014(the“Date of Adoption”)are set out in note 28 to the consolidated financial statements in this annual report.The Scheme

290、will remain in force for a period of ten years commencing on the Date of Adoption and shall expire at the close of business on the business day immediately preceding the tenth anniversary thereof unless terminated earlier by the shareholders of the Company in general meeting.The Scheme was expired o

291、n 1 August 2024.The purpose of the Scheme is to attract and retain the best available personnel,to provide additional incentive to employees(full-time and part-time),Directors,consultants,advisers,distributors,contractors,suppliers,agents customers,business partners and services providers of the Gro

292、up and to promote the success of the business of the Group.42GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司DIRECTORSREPORT董事會報告董事會可全權酌情按其認為適合的條款，向本集團任何僱員（全職或兼職）、董事、諮詢人或顧問、或本集團任何主要股東、或本集團任何分銷商、承包商、供應商、代理、客戶、商業夥伴或服務供應商授出購股權，使彼等可根據該計劃的條款認購董事會可能指定數目的本公司股份。董事會（或獨立非執行董事，視情況而定）可不時根據個別參與者對本集團發展及增長所作出或可能作出的貢獻決定獲授購股權參

293、與者的資格。於二零二四年及二零二三年十二月三十一日，該計劃項下尚未行使購股權數目為6,200,000份，佔全部已發行股份的0.61%。於報告期內概無購股權已授出、行使、註銷及失效。於任何十二個月期間內，根據該計劃各承授人的授權股份（包括已行使、註銷及尚未行使的購股權）最高數目不得超過已發行股份總數的1%，任何超出此1%規限的購股權授出須根據GEM上市規則獲得股東批準。承授人可於董事會可能釐訂的期間，隨時根據該計劃的條款行使購股權，惟有關期間不得超過授出日期起計十年，並受有關提前終止條文所規限。承授人於行使任何購股權前一概毋須達成任何表現目標，除非董事會另有決定，並於有關購股權的授出要約上有所指

294、明。授出購股權的要約限於作出有關要約日期（包括當日）起七日內接納。購股權承授人須於接納要約時就獲授的購股權向本公司支付1港元。The Board may,at its absolute discretion and on such terms as it may think fit,grant any employee(full-time or part-time),Director,consultant or adviser of the Group,or any substantial shareholder of the Group,or any distributor,contract

295、or,supplier,agent,customer,business partner or services provider of the Group,options to subscribe for such number of shares of the Company as it may determine in accordance with the terms of the Scheme.The basis of eligibility of any participant to the grant of any option shall be determined by the

296、 Board(or as the case may be,the independent non-executive Directors)from time to time on the basis of his contribution or potential contribution to the development and growth of the Group.As at 31 December 2024 and 2023,the number of outstanding share options under the Scheme is 6,200,000 options,r

297、epresenting 0.61%of the total issued Shares.During the Reporting Period,none of share options was granted,exercised,cancelled and lapsed.The maximum number of entitlement to Shares of each grantee under the Scheme(including exercised,cancelled and outstanding options)in any 12-month period shall not

298、 exceed 1%of the total number of the issued Shares.Any further grant of options in excess of this 1%limit shall be subject to the approval of the Shareholders in accordance with the GEM Listing Rules.An option may be exercised in accordance with the terms of the Scheme at any time during a period as

299、 the Board may determine which shall not exceed ten years from the date of grant subject to the provisions of early termination thereof.Save as determined by the Board and provided in the offer of the grant of the relevant options,there is no performance target which must be achieved before any of t

300、he options can be exercised.An offer for the grant of options must be accepted within seven days inclusive of the day on which such offer was made.The amount payable by the grantee of an option to our Company on acceptance of the offer for the grant of an option is HK$1.43ANNUAL REPORT 2024 年報DIRECT

301、ORSREPORT董事會報告根據該計劃授出的任何特定購股權的股份認購價由董事會全權釐定並通知參與者，但不得低於下列最高者：(i)股份於購股權授出日期（必須為營業日）於聯交所每日報價表所報收市價；(ii)股份於緊接購股權授出日期前五個營業日在聯交所每日報價表所報的平均收市價；及(iii)股份於購股權授出日期的面值。董事於報告期內及直至本報告日期，董事如下：執行董事鍾志偉先生（於二零二四年三月二十二日獲委任）劉英杰先生（於二零二四年三月二十二日辭任）獨立非執行董事蔡志偉先生（於二零二四年八月九日獲委任）陳珠海女士（於二零二五年三月二十八日獲委任）曹洪民先生（於二零二五年三月二十八日辭任）陳志斌先生

302、（於二零二四年五月十二日辭任）李嘉輝先生（於二零二五年三月二十八日辭任）現任董事履歷詳情載於本報告 董事及高級管理層履歷詳情 一節。董事酬金資料載於綜合財務報表附註13。本公司已接獲各獨立非執行董事根據GEM上市規則第5.09條規定發出的年度獨立性確認書。The subscription price of a share in respect of any particular option granted under the Scheme shall be a price solely determined by the Board and notified to a participant

303、 and shall be at least the higher of:(i)the closing price of the shares as stated in the Stock Exchanges daily quotations sheet on the date of grant of the option,which must be a business day;(ii)the average of the closing prices of the shares as stated in the Stock Exchanges daily quotations sheets

304、 for the five business days immediately preceding the date of grant of the option;and(iii)the nominal value of a share on the date of grant of the option.DIRECTORSThe Directors during the Reporting Period up to the date of this report were:Executive DirectorsMr.Zhong Zhiwei(appointed on 22 March 202

305、4)Mr.Liu Yingjie(resigned on 22 March 2024)Independent Non-executive DirectorsMr.Choi Chi Wai(appointed on 9 August 2024)Ms.Chan Chu Hoi(appointed on 28 March 2025)Mr.Cao Hongmin(resigned on 28 March 2025)Mr.Chan Chi Pan(resigned on 12 May 2024)Mr.Li Kar Fai,Peter(resigned on 28 March 2025)The incum

306、bent Directors biographical details are set out in the section headed“Biographical Details of Directors and Senior Management”in this report.Information regarding directors emoluments is set out in note 13 to the consolidated financial statements.An annual confirmation of independence pursuant to th

307、e requirements under Rule 5.09 of the GEM Listing Rules has been received from each of the independent non-executive Directors.44GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司DIRECTORSREPORT董事會報告董事服務合約概無董事訂立本集團不可於一年內終止而毋須支付賠償（法定賠償除外）的服務合約。本公司所有獲委任董事的任期為一至三年不等，惟須根據細則退任及於本公司的股東週年大會上接受重選。各執行董事亦有權獲得酌情花紅，金額由董事會根據

308、（其中包括）董事個人表現及本集團整體財務狀況釐定，並由本公司薪酬委員會建議。權益披露A.董事及主要行政人員於本公司及其相聯法團股份、相關股份及債權證的權益及淡倉 於二零二四年十二月三十一日，本公司董事或主要行政人員於本公司或其相聯法團（定義見香港法例第571章證券及期貨條例（證券及期貨條例）第XV部）的股份（股份）、相關股份及債權證中擁有(i)根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的權益及淡倉（包括根據證券及期貨條例有關條文彼等被當作或視作擁有的權益及淡倉），或(ii)根據證券及期貨條例第352條登記於該條例所述登記冊的權益及淡倉，或(iii)根據GEM上市規則第5.46至

309、5.67條須知會本公司及聯交所的權益及淡倉如下：(i)於股份及相關股份的好倉 於二零二四年十二月三十一日，概無董事或主要行政人員或彼等的聯繫人於任何股份及相關股份中擁有任何好倉。DIRECTORS SERVICE CONTRACTNo Director has a service contract which is not determinable by the Group within one year without payment of compensation,other than statutory compensation.All Directors of the Company

310、were appointed for a period from one to three years and subject to retirement from office and re-election at the AGM of the Company in accordance with the Articles.Each of the executive Directors shall also be entitled to discretionary bonus to be determined by the Board based on,among other things,

311、the performance of the individual directors and the overall financial position of the Group,and is subject to the recommendation of the remuneration committee of the Company.DISCLOSURE OF INTERESTSA.Directors and Chief Executives Interests and Short Positions in Shares,Underlying Shares and Debentur

312、es of the Company and its Associated CorporationAs at 31 December 2024,interests or short positions of the Directors,chief executives of the Company in the shares(the“Shares”),underlying Shares and debentures of the Company or any of its associated corporation(within the meaning of Part XV of the Se

313、curities and Futures Ordinance(Chapter 571 of the Laws of Hong Kong)(the“SFO”)which were required(i)to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests and short positions which they were taken or deemed to have under such prov

314、isions of the SFO),or(ii)pursuant to Section 352 of the SFO,to be entered in the register referred to therein,or(iii)pursuant to Rules 5.46 to 5.67 of the GEM Listing Rules,to be notified to the Company and the Stock Exchange,were as follows:(i)Long Position in the Shares and underlying SharesAs at

315、31 December 2024,none of the Directors or chief executive nor their associates had any long position in any Shares and underlying Shares.45ANNUAL REPORT 2024 年報DIRECTORSREPORT董事會報告(ii)於本公司債權證的權益附註：該固定利率債券可予自由轉讓，不可轉換為本公司股份(iii)淡倉於二零二四年十二月三十一日，概無董事或主要行政人員或彼等的聯繫人於本公司或其任何相聯法團的股份、相關股份或債權證中擁有任何淡倉。B.主要股東及其

316、他人士於股份及相關股份的權益及淡倉 除下文所披露者外，於二零二四年十二月三十一日及據董事所知悉，概無人士（本公司若干董事或主要行政人員除外）於本公司股份及相關股份中擁有須根據證券及期貨條例第336條於本公司存置的主要股東名冊記錄的任何權益或淡倉，或擁有須根據證券及期貨條例第XV部第2及3分部向本公司披露的任何權益或淡倉，或直接或間接持有附有權利可於任何情況下於本集團任何其他成員公司股東大會上投票的任何類別股本面值10%或以上的權益。(ii)Interests in debentures of the CompanyName ofChief ExecutiveCapacity/Nature of

317、 interestType/Class of debenturesAmount of Bondsheld/interest in主要行政人員姓名身份權益性質類型債權證類別所持有擁有權益的債券金額Lai XiaoliangBeneficial owner Fixed rate bond(Note)HK$5,800,000賴曉亮實益擁有人固定利率債券（附註）5,800,000港元Note:the fixed rate bonds are freely transferrable and not convertible to the Shares of the Company(iii)Short P

318、ositionAs at 31 December 2024,none of the Directors or the chief executive nor their associates had any short positions in any shares,underlying shares or debentures of the Company or any of its associated corporations.B.Substantial Shareholders and Other Persons Interests and Short Positions in Sha

319、res and Underlying SharesSave as disclosed below,as at 31 December 2024 and so far as is known to the Directors,no person other than certain Directors or chief executive of the Company had any interests or short positions in the Shares and underlying shares of the Company which were required to be r

320、ecorded in the register of substantial Shareholders maintained by the Company pursuant to Section 336 of the SFO,or which would fall to be disclosed to the Company under Divisions 2 and 3 of Part XV of the SFO or who were directly or indirectly interested in 10%or more of the nominal value of any cl

321、ass of share capital carrying rights to vote in all circumstances at general meetings of any member of the Group.46GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司DIRECTORSREPORT董事會報告主要客戶於報告期內，本集團五大客戶佔本集團總收入約26.7%（二零二三年：約24.0%），而本集團最大客戶則佔總收入約11.0%（二零二三年：約7.6%）。概無董事或彼等任何緊密聯繫人（定義見GEM上市規則）或任何股東（據董事所知擁有本公司已發行股本5%或

322、以上）於本集團五大客戶中擁有任何實益權益。主要供應商於報告期內，本集團五大供應商佔本集團總採購額約29.8%（二零二三年：約47.1%），而本集團最大供應商則佔總採購額約8.0%（二零二三年：約17.9%）。概無董事或彼等任何緊密聯繫人（定義見GEM上市規則）或任何股東（據董事所知擁有本公司已發行股本5%或以上）於本集團五大供應商中擁有任何實益權益。Name of ShareholderCapacity/NatureNumber of Sharesand underlying Sharesheld/interested inApproximatepercentage ofshareholdin

323、g股東名稱身份性質所持有擁有權益的股份及相關股份數目概約持股百分比Zhou JinBeneficial owner284,500,00028.15%Zhou Jin實益擁有人Huang ChengBeneficial owner188,620,00018.66%黃成實益擁有人Zhu ZhouBeneficial owner129,000,00012.76%朱洲實益擁有人MAJOR CUSTOMERSDuring the Reporting Period,the Groups five largest customers accounted for approximately 26.7%(202

324、3:approximately 24.0%)of the total revenue of the Group and the largest customer of the Group accounted for approximately 11.0%(2023:approximately 7.6%)of the total revenue.None of the Directors or any of their close associates(as defined under the GEM Listing Rules),or any Shareholder(which to the

325、knowledge of the Directors own 5%or more of the Companys issued share capital)had any beneficial interest in the Groups five largest customers.MAJOR SUPPLIERSDuring the Reporting Period,the Groups five largest suppliers accounted for approximately 29.8%(2023:approximately 47.1%)of the total purchase

326、s of the Group and the largest supplier of the Group accounted for approximately 8.0%(2023:approximately 17.9%)of the total purchases.None of the Directors or any of their close associates(as defined under the GEM Listing Rules),or any Shareholder(which to the knowledge of the Directors own 5%or mor

327、e of the Companys issued share capital)had any beneficial interest in the Groups five largest suppliers.47ANNUAL REPORT 2024 年報DIRECTORSREPORT董事會報告主要分包商於報告期內，本集團五大分包商佔本集團總分包費約90.6%（二零二三年：約86.0%），而本集團最大分包商則佔總採購額約38.7%（二零二三年：約28.5%）。概無董事或彼等任何緊密聯繫人（定義見GEM上市規則）或任何股東（據董事所知擁有本公司已發行股本5%或以上）於本集團五大分包商中擁有任何實益

328、權益。董事合約權益除綜合財務報表附註31所披露的關連方交易外，於報告期末或報告期內任何時間概無存續本公司或其任何附屬公司、控股公司或同系附屬公司為訂約方及董事於當中直接或間接擁有重大權益的重大合約。管理合約於報告期內並無訂立或存在涉及本公司全部或任何大部分業務的管理合約。董事收購股份或債權證的權利 於報告期內任何時間，概無董事或彼等各自的聯繫人獲授任何權利，可藉收購本公司股份或債權證而獲得利益，亦無行使有關權利；而本公司、其控股公司或其任何附屬公司或同系附屬公司概無訂立任何安排，以使董事獲得任何其他法人團體的有關權利。關連方交易本集團的重大關連方交易詳情載於綜合財務報表附註31。MAJOR S

329、UBCONTRACTORSDuring the Reporting Period,the Groups five largest subcontractors accounted for approximately 90.6%(2023:approximately 86.0%)of the total subcontracting of the Group and the largest subcontractor of the Group accounted for approximately 38.7%(2023:approximately 28.5%)of the total purch

330、ases.None of the Directors or any of their close associates(as defined under the GEM Listing Rules),or any Shareholder(which to the knowledge of the Directors own 5%or more of the Companys issued share capital)had any beneficial interest in the Groups five largest subcontractors.DIRECTORS INTEREST I

331、N CONTRACTSSave for the related party transactions disclosed in note 31 to the consolidated financial statements,no contract of significance to which the Company or any of its subsidiaries,holding company or fellow subsidiaries was a party and in which a Director had a material interests directly or

332、 indirectly subsisted at the end of the Reporting Period or at any time during the Reporting Period.MANAGEMENT CONTRACTSNo management contracts concerning the whole or any substantial part of the business of the Company were entered into or existed during the Reporting Period.DIRECTORS RIGHTS TO ACQ

333、UIRE SHARES OR DEBENTURESAt no time during the Reporting Period were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any Director or their respective associates,or were any such rights exercised by them;or was the Company,its holding company,or any of its subsidiaries or fellow subsidiaries a party to any arrangement to enable the Directo