二零二四╱二零二五年年報 | 有利集團有限公司 B M I 建 築 全 生 命 周 期 組 裝 合 成 建 築 法 智 慧 工 地 年報 2024 / 2025 本年報採用環保紙印製 目錄 2 公司資料 3 主席報告 11 管理層討論及分析 12 合約撮要 16 董事及高層管理人員履歷 22 董事局報告 28 企業管治報告 40 環境、社會及管治報告 77 獨立核數師報告 83 綜合損益表 84 綜合全面收入表 85 綜合資產負債表 87 綜合權益變動表 88 綜合現金流量表 89 綜合財務報表附註 163 投資物業一覽表 164 五年財務摘要 公司資料 董事局 執行董事 黃業强 （主席） 黃天祥 （副主席） 黃慧敏 （副主席） 申振威 獨立非執行董事 陳智思 胡經昌 楊德斌 楊俊文 審核委員會 薪酬委員會 陳智思 （主席） 黃天祥 胡經昌 楊俊文 提名委員會 胡經昌 （主席） 陳智思 楊俊文 企業管治委員會 陳智思 （主席） 黃天祥 黃慧敏 胡經昌 楊俊文 楊俊文 （主席） 陳智思 胡經昌 註冊辦事處 Clarendon House 2 Church Street Hamilton HM11 Bermuda ...

Group 1 - The stock price of Yau Lee Holdings Limited (00406.HK) closed at HKD 0.760 on July 17, down 3.8% from the previous trading day, with an intraday low of HKD 0.730, marking a new low for the past year [1] - On the same day, the net capital outflow for Yau Lee Holdings was HKD 2.19 million, with no significant inflow or outflow recorded [1] Group 2 - Yau Lee Holdings Limited was listed on the Hong Kong Stock Exchange in 1991 and has a strong foundation in traditional construction business, with its subsidiary Yau Lee Construction established in 1958 [2] - The company has diversified its operations over the years, establishing several subsidiaries including Ming Hop Limited in 1982, Yau Lee Wah Building Materials Precast Limited in 1997, and Wei Heng Technology Limited in 1998 [2] - Yau Lee Holdings has expanded its strategic business operations internationally, with a presence in China, Macau, Singapore, and the United Arab Emirates [2] - The company's current business scope includes building construction, maintenance, renovation, plumbing and drainage engineering, electromechanical engineering, production and sales of building materials and components, property development, hotel and property investment, and IT solutions and services [2] - Yau Lee Holdings employs over 3,000 staff worldwide and emphasizes a collaborative approach among its subsidiaries to enhance operational efficiency and reduce costs [2] - The company is committed to innovation and continuous improvement to maintain competitiveness and provide high-quality products and professional services to clients [2] - Yau Lee Holdings actively seeks feasible investment projects to further diversify its business [2]

Financial Performance - The company recorded revenue of HKD 9,623,007,000 for the year ending March 31, 2025, representing a 23.1% increase from HKD 7,811,653,000 in the previous year[3]. - Gross profit for the year was HKD 134,941,000, a significant decrease of 80.2% compared to HKD 682,482,000 in the prior year[4]. - The company reported a loss of HKD 101,178,000 for the year, contrasting with a profit of HKD 65,801,000 in the previous year[5]. - Basic and diluted loss per share was approximately HKD 0.2257, compared to earnings of HKD 0.1532 per share in the previous year[6]. - Total revenue for the fiscal year ending March 31, 2025, was HKD 9,623,007,000, representing a 23.5% increase from HKD 7,811,653,000 in the previous year[18]. - The company reported a net loss attributable to equity holders of HKD 98,884,000 for 2025, compared to a profit of HKD 67,093,000 in 2024[27]. - The company recorded a comprehensive net loss of HKD 101,000,000, primarily due to poor performance in the construction segment and unrealized revaluation losses on investment properties[35]. Revenue Segmentation - Revenue from the construction segment increased to HKD 7,235,373,000, up 29.1% from HKD 5,604,081,000 in the prior year[18]. - The electromechanical installation segment reported revenue of HKD 2,249,964,000, a rise of 8.2% compared to HKD 2,079,920,000 in the previous year[18]. - Property investment and development revenue grew significantly to HKD 23,723,000, compared to HKD 12,466,000 in the previous year, marking a 90.1% increase[18]. - The hotel operations segment generated revenue of HKD 30,000, down from HKD 936,000 in the previous year, indicating a decline[18]. - The total external revenue from construction materials supply was HKD 96,586,000, up from HKD 86,295,000, reflecting a 12.5% increase[19]. Assets and Liabilities - Total assets increased to HKD 6,571,231,000 as of March 31, 2025, up from HKD 5,726,115,000 in the previous year, reflecting a growth of 14.8%[9]. - The company's net asset value attributable to equity holders was HKD 1,376,001,000, down from HKD 1,505,164,000, indicating a decrease of 8.6%[10]. - Cash and bank balances decreased to HKD 770,225,000 from HKD 905,585,000, a decline of 14.9%[9]. - The company’s total liabilities increased to HKD 5,201,122,000, up from HKD 4,224,549,000, representing a rise of 23.1%[10]. Dividends - The company declared a dividend of HKD 10,951,000, down from HKD 21,902,000 in the previous year[7]. - The company did not declare a final dividend for 2025, compared to a total dividend of HKD 10,951,000 in 2024[26]. - The company did not recommend a final dividend, maintaining a total distribution of HKD 2.50 per share for the year[36]. Operational Efficiency - The company aims to improve revenue and profitability in 2025 compared to 2024, focusing on enhancing operational efficiency and exploring AI and digitalization applications[47]. - The company is focusing on fulfilling existing contracts while improving cost efficiency amid rising production costs[43]. - The operating expenses slightly increased by HKD 12,000,000 to HKD 543,000,000, mainly due to higher employee costs and distribution expenses[33]. Contracts and Future Outlook - The total value of new contracts awarded reached HKD 15,758,000,000, including three modular integrated construction (MiC) projects valued at HKD 11,251,000,000[35]. - The construction segment secured new contracts totaling HKD 13,344,000,000, with the total value of contracts on hand reaching a record high of HKD 36,976,000,000[38]. - The company anticipates record revenue exceeding HKD 10,000,000,000 for the next year based on the new contracts obtained[32]. - Major customers contributed HKD 6,363,758,000, accounting for over 10% of total revenue, compared to HKD 3,923,403,000 in 2024[22]. Innovation and Technology - The upgraded BEANiE system, a blockchain-enabled digital platform for project management, includes a safety smart site system that provides real-time spatial analysis and visualization[39]. - The company has committed to innovation, with patented prefabrication and MiC technologies, and the first blockchain multifunctional platform in Hong Kong using BIM technology[48]. - The company has filed for 1 invention patent, 9 utility model patents, and software copyrights within a year to enhance its innovation capabilities[42]. Risk Management and Governance - The company has established a risk management committee to assess and manage key risks, ensuring effective governance and oversight[55]. - The company's risk management and internal control systems are confirmed to be effective and sufficient by the management to the board[56]. - The board has evaluated the company's accounting and financial reporting functions to ensure adequate resources, staff qualifications, training programs, and budget[56]. - The company has adhered to the standard code of conduct for securities trading by directors, with all directors confirming compliance until March 31, 2025[57]. - The company has complied with the listing rules, except for the separation of roles between the chairman and CEO, which are held by the same individual[58]. Employee and Talent Acquisition - The company employed approximately 4,500 employees as of March 31, 2025, an increase from 3,900 in 2024, indicating a focus on talent acquisition[51].

Group 1 - The stock price of Yau Lee Holdings Limited (00406.HK) closed at HKD 0.820 on June 12, marking a decline of 3.53% from the previous trading day, with an intraday low also reaching HKD 0.820, which is a new low for nearly a year [1] - On the same day, the net capital flow showed an inflow of HKD 0.000 million and an outflow of HKD 1.640 million, resulting in a net outflow of HKD 1.64 million [1] Group 2 - Yau Lee Holdings Limited was listed on the Hong Kong Stock Exchange in 1991 and has a strong foundation in traditional construction business, with its subsidiary Yau Lee Construction established in 1958, becoming one of the market leaders in the construction industry [2] - The company has diversified its business over the years, including the establishment of Ming Hop Limited in 1982, Yau Lee Wah Building Materials Precast Limited in 1997, and Wei Heng Technology Limited in 1998, and has expanded strategically into overseas markets such as China, Macau, Singapore, and the United Arab Emirates [2] - The current business scope of Yau Lee Holdings includes building construction, maintenance, renovation, plumbing and drainage engineering, electrical and mechanical engineering, production and sales of building materials and components, property development, hotel and property investment, and IT solutions and services [2] - The company employs over 3,000 staff worldwide and emphasizes a collaborative approach among its subsidiaries to enhance operational efficiency and reduce costs [2] - Yau Lee Holdings is committed to innovation and continuous improvement to maintain competitiveness and provide high-quality products and professional services to clients, while actively seeking feasible investment projects to diversify its business [2]

Group 1: New Listings and Market Performance - New Qian Group officially listed on the Hong Kong Stock Exchange on June 10, with a closing price increase of 21.43% after an initial jump of 60% [1] - The company priced its shares at HKD 18.9, issuing 10.5854 million shares, and primarily produces high-intensity sweeteners like sucralose, serving major clients such as Coca-Cola and Nestlé [1] - The strong debut reflects positive market expectations for the food additive industry, particularly for sugar substitutes, enhancing the company's brand influence and market share [1] Group 2: Upcoming Listings - Cao Cao Travel, a ride-hailing platform incubated by Geely Group, passed the hearing for listing on the Hong Kong main board on June 9 [2] - The company reported revenues of RMB 7.631 billion, RMB 10.668 billion, and RMB 14.657 billion for 2022 to 2024, with losses of RMB 2.007 billion, RMB 1.981 billion, and RMB 1.246 billion respectively [2] - The anticipated listing aims to provide additional funding to support technological innovation and service upgrades in a competitive market [2] Group 3: Financial Performance of Existing Companies - Saint Bella, the largest postpartum care and recovery group in Asia, also passed the hearing for listing on June 9 [3] - The company projected revenues of RMB 472 million, RMB 560 million, and RMB 799 million from 2022 to 2024, with net profits of approximately RMB -45 million, RMB 21 million, and RMB 42 million [3] - The steady revenue growth and improving net profit indicate the viability of its business model and market potential, with the listing expected to enhance service range and brand influence [3] Group 4: Financial Challenges - Yau Lee Group announced an expected net loss of HKD 100 million to HKD 130 million for the fiscal year ending March 31, 2025, marking a shift from profit to loss [4] - The loss is attributed to negative adjustments in contract prices for public housing projects, reducing contract value and adversely affecting the gross margin of the construction business [4] - The downturn in the Hong Kong property market has led to unrealized revaluation losses on commercial investment properties, highlighting risks in the construction and real estate sectors [4]

Financial Performance - The company reported revenue of HKD 4,433,441,000 for the six months ending September 30, 2024, an increase of 26% from HKD 3,524,655,000 in the same period of 2023[4][9] - Gross profit rose from HKD 303,454,000 to HKD 320,946,000, reflecting a growth of 5%[5][9] - The net profit for the period was HKD 23,153,000, down 39% from HKD 38,007,000 in the previous year[6][9] - Basic and diluted earnings per share decreased to HKD 0.0562 from HKD 0.0874, a decline of 36%[7][9] - The company’s operating profit for the period was HKD 73,600,000, a decrease from HKD 77,846,000 in the previous year[9] - Total revenue for the six months ended September 30, 2024, was HKD 4,433,441,000, up 25.8% from HKD 3,524,655,000 in the same period last year[42] Assets and Liabilities - The total assets increased to HKD 6,259,885,000 as of September 30, 2024, compared to HKD 5,726,115,000 as of March 31, 2024[13][17] - The company’s total liabilities increased to HKD 4,723,726,000 from HKD 4,224,549,000[17] - Total equity as of September 30, 2024, increased to HKD 1,536,159,000 from HKD 1,501,566,000 as of March 31, 2024, representing a growth of 2.3%[18] - The company’s net asset value attributable to equity holders was HKD 1,541,223,000, up from HKD 1,505,164,000 at the end of March 2024[8][9] Cash Flow and Expenditures - Cash and bank balances decreased to HKD 808,093,000 from HKD 905,585,000[13][15] - Cash generated from operating activities showed a significant improvement, with a net cash outflow of HKD 110,839,000 compared to HKD 328,160,000 in the previous year, reflecting a reduction of 66.3%[25] - The company reported a net cash outflow from investing activities of HKD 62,311,000, compared to HKD 20,659,000 in the prior year, indicating an increase in investment expenditures[25] - Cash and cash equivalents at the end of the period increased to HKD 769,227,000 from HKD 557,410,000, marking a growth of 38%[25] Dividends - The company maintained an interim dividend of HKD 10,951,000, unchanged from the previous year[9] - The interim dividend declared was HKD 2.50 per share, consistent with the previous year, resulting in a total dividend payable of HKD 10,951,000 for both 2024 and 2023[62] Operational Highlights - Revenue for the construction segment reached HKD 3,430,681,000, a 34.5% increase from HKD 2,548,130,000 in the previous year[42] - Electromechanical installation revenue was HKD 945,200,000, slightly up from HKD 914,263,000, reflecting a 3.1% growth[42] - Property investment and development revenue surged to HKD 10,878,000, compared to HKD 1,278,000 in the previous year, marking a significant increase[42] - The company continues to focus on expanding its construction and property development segments as part of its growth strategy[41] Challenges and Future Outlook - The company anticipates a slowdown in new contract growth due to a more selective bidding approach[92] - The group recognizes ongoing challenges in the local real estate market, particularly in the commercial and retail sectors, but remains resilient due to its focus on public engineering projects[100] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and drive future growth[28] Governance and Compliance - The company has adopted the principles and practices of the corporate governance code as per the listing rules appendix C1, aiming to enhance transparency and shareholder returns[113] - The board believes that the company has complied with the listing rules, except for the separation of roles between the chairman and the CEO, which are currently held by the same individual[114] - The company has implemented the standard code of conduct for securities trading as per the listing rules appendix C3, confirming compliance for the past six months[115]

Financial Performance - The company reported revenue of HKD 4,433,441,000 for the six months ended September 30, 2024, an increase of 25.8% from HKD 3,524,655,000 in the same period last year[3]. - Gross profit rose to HKD 320,946,000, up from HKD 303,454,000, reflecting a gross margin improvement[5]. - Net profit for the period was HKD 23,153,000, down 39.1% from HKD 38,007,000 in the previous year[5]. - Basic and diluted earnings per share decreased to HKD 5.62 cents from HKD 8.74 cents[5]. - The operating profit for the period was HKD 73,600,000, slightly down from HKD 77,846,000 in the previous year[5]. - The profit before tax for the six months ended September 30, 2024, was HKD 49,173, compared to HKD 35,492 for the same period in 2023[36]. - The net profit for the six months ended September 30, 2024, was HKD 38,007, an increase from HKD 23,153 in the previous year[36]. Revenue Breakdown - For the six months ended September 30, 2024, the total revenue was HKD 4,433,441,000, an increase of 25.8% compared to HKD 3,524,655,000 for the same period in 2023[31]. - The construction segment generated revenue of HKD 3,430,681,000, up from HKD 2,548,130,000, reflecting a growth of 34.6%[31]. - The electromechanical installation segment reported revenue of HKD 945,200,000, slightly increasing from HKD 914,263,000, a growth of 3.4%[31]. - Revenue from property investment and development rose significantly to HKD 10,878,000 from HKD 1,278,000, marking a substantial increase[31]. - The construction materials supply revenue decreased to HKD 39,061,000 from HKD 48,746,000, a decline of 19.7%[31]. Assets and Liabilities - Total assets increased to HKD 6,259,885,000 as of September 30, 2024, compared to HKD 5,726,115,000 at the end of March 2024[17]. - Total liabilities rose to HKD 4,723,726,000 from HKD 4,224,549,000, indicating a higher leverage position[17]. - The net asset value attributable to equity holders was HKD 1,541,223,000, up from HKD 1,505,164,000[18]. - The total equity as of September 30, 2024, was HKD 1,536,159,000, compared to HKD 1,476,969,000 at the end of the previous period[19]. Dividends and Earnings - The company maintained an interim dividend of HKD 10,951,000, consistent with the previous year[5]. - The company declared an interim dividend of HKD 0.025 per share for the six months ended September 30, 2024, consistent with the previous year[49]. - The group’s retained earnings increased to HKD 1,046,433,000 from HKD 1,014,890,000, indicating a positive trend in profitability[19]. Operational Insights - The group plans to continue expanding its operations in building construction and property development, leveraging its recent revenue growth[29]. - The company incurred a fair value loss on investment properties of HKD 11,654 for the six months ended September 30, 2024[41]. - Operating expenses increased by HKD 18 million to HKD 253 million, driven by transportation costs, salaries, and bidding expenses[60]. - Cash and bank balances as of September 30, 2024, were HKD 808 million, down from HKD 906 million as of March 31, 2024[64]. - Total borrowings increased to HKD 2,444 million from HKD 2,292 million, primarily due to financing for new construction projects[64]. Market and Strategic Focus - The group continues to face challenges in the local real estate market, particularly in commercial and retail sectors, but remains resilient due to its focus on public works[68]. - The group focuses on low-risk public works while expanding environmentally related businesses, anticipating significant growth in this sector[69]. - The group aims to reduce carbon emissions by 26% to 36% by 2030 compared to 2005 levels, aligning with Hong Kong's carbon neutrality goal by 2050[69]. - The group is committed to innovation through advanced technologies such as AI, digital construction, and robotics to enhance efficiency and quality[69]. Corporate Governance - The board believes that corporate governance is essential for sustainable success and shareholder value enhancement[80]. - The group has maintained compliance with the corporate governance code, except for the separation of roles between the chairman and CEO[81]. - The board has not identified any major shareholders holding 5% or more of the issued share capital as of September 30, 2024[76].

Financial Performance - The company reported a revenue of HKD 7,812,000,000, representing a year-on-year increase of 17%[8] - The consolidated gross profit increased by HKD 130,000,000, or 24%, with an overall gross margin rising from 8.3% to 8.7%[8] - Total operating expenses rose from HKD 461,000,000 to HKD 531,000,000, a year-on-year increase of 15%[9] - The consolidated profit before tax was HKD 86,000,000, an increase of HKD 19,000,000 or 28% year-on-year[10] - The total value of contracts received for building construction, renovation, and maintenance increased to HKD 30,550 million as of March 31, 2024, from HKD 14,270 million in 2023[32] - The group’s cash and bank balance as of March 31, 2024, was HKD 906 million, an increase from HKD 743 million in 2023, while total borrowings rose to HKD 2,292 million from HKD 1,367 million[29] - The group has a current ratio of 1.1 as of March 31, 2024, down from 1.2 in 2023, indicating a slight decrease in liquidity[29] Contract and Project Backlog - The company achieved a record backlog of contracts amounting to HKD 40,788,000,000, an increase of 81% year-on-year[10] - New contracts obtained totaled HKD 20,281,000,000, reflecting a year-on-year increase of 211%[10] - The company is currently constructing over 25,000 housing units, involving more than 60,000 MiC/precast units[13] - The company secured multiple contracts for public housing development projects, including the construction of public housing in areas such as Kwu Tung North and Tuen Mun, contributing to its revenue growth[34] Growth in Segments - The construction segment and building materials supply segment achieved strong growth of 32% and 115% respectively[8] - The building construction segment generated over HKD 5,000,000,000 in revenue, a year-on-year growth of 27%[12] - The electromechanical installation division reported revenue of HKD 2,931,000,000, an increase of HKD 315,000,000 or 12% year-on-year, with new orders totaling HKD 4,075,000,000[18] - The construction materials supply segment achieved a revenue of HKD 801,000,000, more than doubling from the previous year, with new orders reaching a record HKD 3,054,000,000[20] Technological Advancements - BEANiE platform has been applied to all major construction projects, evolving from BEANiE 1.0 to BEANiE 6.0, enhancing productivity and quality in MiC management[16][17] - The introduction of AI-driven iFCUTM has led to over 50% energy savings, reflecting the company's commitment to sustainable development[19] - The company is actively pursuing IoT applications for smart construction sites, enhancing safety and operational efficiency[19] - The company is advancing its strategy in green building technologies and automation, with a focus on prefabricated construction methods and AI applications in building systems[42] Sustainability and Environmental Initiatives - The company is committed to reducing its environmental footprint and enhancing climate resilience as part of its sustainability goals[160] - The company has established a governance structure for environmental, social, and governance (ESG) matters, with the board overseeing the strategy and reporting[161] - The group has set a target to reduce greenhouse gas emissions intensity by 6% and 30% by 2025 and 2035, respectively, with 2017/18 as the baseline year, and is ahead of schedule[192] - The company has implemented measures to accelerate carbon reduction, including the use of renewable energy and low-carbon concrete[197] - The company has received multiple awards for its innovative green building practices, showcasing its commitment to sustainable construction[158] Workforce and Management - The group employed approximately 3,900 staff as of March 31, 2024, up from 3,600 in 2023, indicating a growth in workforce[31] - The leadership team has over 20 years of entrepreneurial management experience, focusing on project lifecycle management and virtual design[46] - The company emphasizes technological innovation and research, integrating sustainable ecosystems across different fields[46] - The board of directors consists of four executive directors and four independent non-executive directors, ensuring a balance of knowledge and experience[95] Corporate Governance - The company has established a risk management framework based on the "three lines of defense" model to manage operational, compliance, financial, and strategic risks[127] - The risk management committee evaluates and manages key risks, ensuring that all risk bearers are aware of their responsibilities[125] - The company has not separated the roles of Chairman and CEO, which allows for swift decision-making[139] - The board believes it benefits significantly from the long-term commitment of its major shareholders[105] Awards and Recognition - The company received the Outstanding Contribution Award for Sustainable Urban Construction at the "Hong Kong Green and Sustainable Contribution Awards 2023"[156] - The company won the Excellence Award for Green Building Innovative Technology at the "Hong Kong Sustainable Development Innovation Technology Awards 2023"[156] - The company has been awarded the Hong Kong Green Enterprise Award 2023, including the Silver Award for Superior Environmental Management[158] Community Engagement and Social Responsibility - Charitable donations made by the company during the year amounted to approximately HKD 491,000, a decrease from HKD 931,000 in the previous year[73] - The company sponsored the "Mama Group 2023 Annual Progress Award" from the Industrial Accident Rights Association, benefiting 100 families[156] - The company is focused on enhancing employee welfare, training, and occupational health and safety measures as part of its sustainable development strategy[160]

Financial Performance - The company's total revenue for the fiscal year ending March 31, 2024, was HKD 7,811,653,000, an increase of 16.8% from HKD 6,685,961,000 in the previous year[11]. - The net profit for the year was HKD 65,801,000, compared to HKD 47,972,000 in the previous year, reflecting a growth of 37.2%[3]. - Basic and diluted earnings per share were HKD 15.32 and HKD 11.33 respectively, indicating a significant increase in profitability[2]. - The company reported a total comprehensive income of HKD 19,465,000, recovering from a loss of HKD 15,172,000 in the previous year[3]. - The consolidated profit before tax for the year was HKD 86,000,000, an increase of HKD 19,000,000 or 28% year-on-year[48]. - Gross profit for the year was HKD 682,482,000, up from HKD 552,313,000, indicating a year-over-year increase of about 23.5%[120]. - Net profit rose to HKD 65,801,000 from HKD 47,972,000, reflecting an increase of approximately 37.2%[120]. - The company reported a profit before tax of HKD 86,312,000, with tax expenses of HKD 20,511,000 for the year[133]. Revenue Segments - The construction segment generated revenue of HKD 5,604,081,000, up from HKD 4,413,759,000, representing a growth of 27.0%[11]. - The revenue from the main division increased to approximately HKD 5,000,000,000, representing a year-on-year growth of 27%[52]. - The mechanical and electrical installation segment generated revenue of HKD 2,931,000,000, a 12% increase from the previous year, with new orders totaling HKD 4,075,000,000[182]. - Revenue from construction materials supply was HKD 86,295,000 in 2024, down from HKD 87,715,000 in 2023[131]. Assets and Liabilities - The total assets increased to HKD 5,726,115,000 from HKD 4,850,659,000, marking a growth of 18.0%[5]. - The company’s non-current assets in Hong Kong increased to HKD 1,021,331,000 from HKD 819,600,000, indicating a growth of 24.6%[15]. - Total liabilities increased to HKD 4,224,549,000 in 2024 from HKD 3,346,656,000 in 2023[151]. - The company has a total bank financing facility of HKD 3,825,000,000 as of March 31, 2024, compared to HKD 3,706,000,000 in the previous year, with HKD 2,887,000,000 utilized[96]. Dividends and Shareholder Returns - The company plans to maintain a final dividend of HKD 2.50 per share, consistent with the previous year, totaling HKD 10,951,000[21]. - The company plans to pay a final dividend of HKD 0.025 per share, maintaining the same level as the previous year[49]. - As of March 31, 2024, the net asset value attributable to equity holders was HKD 1,505,164,000, slightly down from HKD 1,506,309,000 in the previous year[120]. Operational Highlights - The company secured four public housing projects totaling HKD 17,000,000,000, a year-on-year increase of 336%[52]. - The total value of contracts on hand at year-end was approximately HKD 4,391,000,000, equivalent to over 44,000 MiC units[57]. - The company achieved new orders worth HKD 3,054,000,000, setting a record for the year[57]. - The company is currently constructing over 25,000 housing units, including the first high-rise MiC development project in Hong Kong, which has a record construction cycle of only four days[179]. Cost Management - The company’s financial costs increased to HKD 56,109,000 from HKD 24,961,000, reflecting a rise in interest expenses[19]. - The company reported a significant increase in construction costs to HKD 5,379,103,000 from HKD 4,880,804,000, an increase of 10.2%[17]. - Operating expenses increased from HKD 461,000,000 to HKD 531,000,000, reflecting a year-on-year increase of 15% due to rising employee costs and transportation expenses[145]. Innovation and Technology - The company is actively seeking environmentally friendly products and solutions, with its patented iFCUTM product achieving over 50% energy savings on average due to the latest AI-driven version[88]. - The company has developed the BEANiE platform, which enhances the lifecycle management of MiC through RFID, BIM, and blockchain technologies[86]. - The company is implementing digital twin solutions, IoT, big data, and AI applications to enhance planning in construction resources and maintenance, supporting the development of smart hotels[92]. - The group is committed to innovation and digitalization, focusing on technologies such as robotics, IoT, and digital twins to enhance project delivery and drive sustainable growth[188]. Workforce and Labor - The number of employees increased by 9% year-on-year to address expanding business needs, contributing to higher labor costs[145]. - The group employed approximately 3,900 employees as of March 31, 2024, up from 3,600 in 2023, with a focus on becoming an attractive employer through competitive compensation and training investments[191]. - The company anticipates a labor shortage in the construction industry, with a projected shortfall of 40,000 workers by 2027, impacting future operational costs[145]. Risk Management - The company has established a risk management system and internal control measures, which are reviewed biannually to mitigate risks associated with business objectives[68]. - The group has established a risk management committee to assess and manage key risks, supporting the board in governance and oversight responsibilities[194]. - The group has confirmed the effectiveness and adequacy of its risk management and internal control systems following an annual review[195]. Market Outlook - The company anticipates gradual improvement in sales momentum due to government stimulus measures and ongoing urbanization trends[187]. - The construction market in Hong Kong is projected to have an annual volume of approximately HKD 300 billion, driven by both public and private sectors[188].

Financial Performance - The company recorded revenue of HKD 3,524,655,000 for the six months ended September 30, 2023, representing an increase of 13.4% compared to HKD 3,109,305,000 in the same period of 2022[3]. - Gross profit increased from HKD 251,278,000 to HKD 303,454,000, reflecting a growth of 20.8%[4]. - Profit for the period rose to HKD 38,007,000, up 76.0% from HKD 21,615,000 in the previous year[5]. - Basic and diluted earnings per share increased to HKD 0.0874, compared to HKD 0.0512 in 2022, marking a rise of 70.5%[6]. - Operating profit for the six months ended September 30, 2023, was HKD 77,846,000, an increase of 100.5% compared to HKD 38,891,000 in the same period last year[19]. - The group reported a profit before tax of HKD 49,173,000 for the period, with a net profit of HKD 38,007,000 after tax expenses of HKD 11,166,000[37]. - The company reported a net profit of HKD 38,267,000 for the six months ended September 30, 2023, compared to a profit of HKD 22,449,000 in the same period last year, representing a 70.4% increase[16]. Assets and Liabilities - The company's total assets as of September 30, 2023, amounted to HKD 5,019,541,000, an increase from HKD 4,850,659,000 as of March 31, 2023[12]. - Total liabilities rose to HKD 3,542,572,000 from HKD 3,346,656,000, an increase of 5.9%[15]. - The net asset value attributable to equity holders was HKD 1,479,535,000, down from HKD 1,506,309,000, representing a decrease of 1.8%[6]. - The company’s total liabilities decreased to HKD 2,056,000,000 as of September 30, 2023, from HKD 2,100,000,000 at the end of the previous year[20]. - The total amount of performance guarantees provided to customers increased to HKD 656,538,000 as of September 30, 2023, compared to HKD 448,057,000 as of March 31, 2023, reflecting a growth of about 46.5%[63]. Cash Flow and Investments - Cash and bank balances decreased to HKD 601,120,000 from HKD 742,581,000, a decline of 19.0%[12]. - Net cash used in operating activities for the six months ended September 30, 2023, was HKD 328,160,000, compared to HKD 202,974,000 in the previous year, reflecting a 61.5% increase[21]. - Cash flow from investing activities resulted in a net cash outflow of HKD 20,659,000, compared to HKD 13,995,000 in the previous year[21]. - The company repaid bank loans amounting to HKD 18,700,000 during the period, a significant reduction from HKD 253,700,000 in the previous year[21]. Segment Performance - Construction segment revenue was HKD 2,548,130,000, up 35.5% from HKD 1,879,748,000 year-on-year[35]. - The electromechanical installation segment generated revenue of HKD 914,263,000, a decrease of 22% compared to HKD 1,171,732,000 in the previous year[35]. - The construction segment's performance showed a profit of HKD 43,145,000, while the electromechanical installation segment reported a profit of HKD 10,631,000[37]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 10,951,000, unchanged from the previous year[8]. - The interim dividend declared is HKD 0.025 per share, consistent with the previous year[80]. - As of September 30, 2023, Mr. Huang Yeqiang holds 267,642,599 shares, representing 61.10% of the company's equity[82]. - No major shareholders were identified holding 5% or more of the issued share capital as of September 30, 2023[86]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules to enhance shareholder value[90]. - The company has complied with the listing rules, except for the separation of roles between the Chairman and the CEO[91]. - The audit committee reviewed the group's accounting principles and practices, including the unaudited interim results[88]. Future Outlook - The company plans to continue its market expansion and investment in new technologies to enhance operational efficiency and profitability[20]. - The company expects to continue its market expansion and product development strategies in the upcoming periods[40]. - The local market outlook is optimistic, with a projected supply of 172,000 public housing units over the next five years[77].