股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 澳能建設控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01183 | 說明 | | | | | | | | | 多櫃檯證券代號 | | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 ...

Company Information [Board of Directors and Committees](index=3&type=section&id=董事會及委員會) This chapter outlines the company's board members and their roles in audit, remuneration, and nomination committees, demonstrating the corporate governance structure - Board members include Mr. Kwok Lam Sik (Chairman), Mr. So Koon To (CEO and Vice Chairman) as executive directors, and Ms. Chan Po Yee, Mr. Cheung Kiu Chor, Mr. Liu Wing Tung as independent non-executive directors[6](index=6&type=chunk) - Ms. Chan Po Yee chairs the Audit Committee, Mr. Liu Wing Tung chairs the Remuneration Committee, and Mr. Cheung Kiu Chor chairs the Nomination Committee[6](index=6&type=chunk) [Company Contact Information](index=3&type=section&id=公司联络信息) This chapter provides detailed contact information for the company, including its registered office, principal places of business, share registrar, auditor, legal counsel, principal bankers, stock code, and website - Registered office in Cayman Islands, Macau head office and principal place of business in Dynasty Plaza, Hong Kong principal place of business in Hing Yip Commercial Centre[6](index=6&type=chunk) - Hong Kong share registrar is Tricor Investor Services Limited, auditor is Deloitte Touche Tohmatsu[7](index=7&type=chunk) - Principal bankers include Agricultural Bank of China Limited, Bank of Communications Co., Ltd., China Guangfa Bank Co., Ltd. Macau Branch, Dah Sing Bank Limited, and Tai Fung Bank Limited[8](index=8&type=chunk) Management Discussion and Analysis [Company Profile](index=5&type=section&id=公司簡介) MECOM Power and Construction Limited and its subsidiaries are a renowned integrated construction enterprise operating in Macau, Hong Kong, Singapore, and Australia, with core businesses in smart manufacturing, construction, and EV-related services - The Group is a renowned integrated construction enterprise with operations in high-growth potential regions including Macau, Hong Kong, Singapore, and Australia[9](index=9&type=chunk) - Business segments primarily include: (1) smart manufacturing (R&D and sales of new building materials, production and sales of smart machinery); (2) construction business (construction and renovation, high-voltage substation construction, E&M engineering, facility management and O&M services); (3) electric vehicle (EV) related services[9](index=9&type=chunk) - The Smart Manufacturing business officially commenced production of smart equipment for various high-rise buildings during the six months ended June 30, 2025 ("the Period")[11](index=11&type=chunk) [Business Review](index=6&type=section&id=業務回顧) Despite global economic uncertainties, AI innovation and government strategies drove growth in smart machinery and regional construction, leading to significant increases in the Group's overall revenue and net profit, with Hong Kong and Singapore markets showing strong contributions - Increased global economic uncertainty, but AI technology innovation and government strategic initiatives bring growth opportunities for smart machinery R&D and regional engineering construction[13](index=13&type=chunk) - Macau's GDP increased by **1.8%** compared to the previous period, tourist arrivals increased by **14.9%** year-on-year, and the region actively promotes economic diversification focusing on modern finance, data centers, and technological innovation[13](index=13&type=chunk) - Hong Kong market revenue contribution doubled compared to the previous period, becoming the second-largest market; Singapore market contribution rapidly grew from **0.4% to 3.9%** from the previous period[15](index=15&type=chunk) Performance Indicators | Indicator | 2025 (MOP million) | 2024 (MOP million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Overall Revenue | 803.2 | 746.2 | +7.6% | | Smart Manufacturing Revenue | 529.7 | 554.9 | -4.5% | | Smart Manufacturing % of Total | 65.9% | 74.4% | -8.5pp | | Gross Profit | 71.9 | 47.5 | +51.5% | | Gross Profit Margin | 9.0% | 6.4% | +2.6pp | | Net Profit | 20.4 | 8.0 | +155.3% | | Net Profit Margin | 2.5% | 1.1% | +1.4pp | | Construction Business Order Book | 595.3 | 682.1 (Dec 31, 2024) | -12.7% | | Smart Manufacturing Order Book | 567.0 | 618.1 (Dec 31, 2024) | -8.3% | [Smart Manufacturing Business](index=7&type=section&id=智能製造業務) Smart manufacturing contributed 65.9% of total revenue with an improved gross profit margin of 8.8%, driven by efficient delivery and quality, despite a slight sales volume decrease - Smart Manufacturing business contributed approximately **65.9% of total revenue**, delivering about **102,180 tonnes of contracted orders** for large public and private projects in Macau, Hong Kong, and Southeast Asia[17](index=17&type=chunk) - Smart Manufacturing gross profit margin increased to **8.8%** (previous period: 5.4%), primarily due to higher gross profit margins from sales orders in Hong Kong and Singapore[17](index=17&type=chunk)[27](index=27&type=chunk) - Strategic cooperation with Beijing Institute of Architectural Mechanization (a central state-owned enterprise) for joint R&D and promotion of green energy, new materials, and complete sets of smart equipment, with smart window cleaning equipment already in production[18](index=18&type=chunk) - Guangdong Jiangmen production plant expanded capacity in H1 2025, participating in new rounds of urban infrastructure projects such as Hong Kong's Northern Metropolis, Macau's New Urban Zone reclamation project, and Singapore's intercity rail[18](index=18&type=chunk) [Construction Business](index=9&type=section&id=建設業務) Construction business revenue significantly increased by 43.9% year-on-year, driven by key project milestones and deliveries, including Macau government data center and Coloane substation civil construction - Construction business revenue significantly increased by approximately **43.9%** compared to the same period in 2024, primarily due to the completion of important milestones and deliveries for several major projects[20](index=20&type=chunk)[24](index=24&type=chunk) - Successfully secured renovation projects and equipment procurement services for the Macau Government Data Center, casino renovation and improvement projects, with new project contracts totaling approximately **MOP158.6 million**[20](index=20&type=chunk) - Construction business gross profit margin remained stable, but construction and renovation engineering still recorded a gross loss margin of **7.1%**, and facility management services gross profit margin decreased to **22.1%**, mainly affected by inflation and unit price reductions by casino operators[20](index=20&type=chunk)[27](index=27&type=chunk) [Electric Vehicle Business](index=9&type=section&id=電動汽車業務) The EV business, through Free Charge (Macau) Limited, continues to provide charging services to high-end entertainment resorts, residential areas, and commercial buildings, diversifying the Group's revenue, but recorded a gross loss during the period - Indirect wholly-owned subsidiary Free Charge (Macau) Limited continues to provide paid EV charging services to various high-end integrated entertainment and resort complexes, premium residential areas, and commercial buildings, including City of Dreams, Studio City, and The Venetian[21](index=21&type=chunk) - EV business revenue decreased by **MOP1.12 million** or **77.1%**, primarily due to lower sales volume[22](index=22&type=chunk) - The EV business segment recorded a gross loss of **MOP33,000** during the period, due to continuous investment to expand market share and prepare for rapid future customer growth[27](index=27&type=chunk) [Financial Review](index=10&type=section&id=財務回顧) The Group's revenue increased by 7.6% to MOP803.2 million, gross profit surged by 51.5% to MOP71.9 million, and net profit rose by 155.3% to MOP20.4 million, driven by improved smart manufacturing margins and construction revenue growth, despite an EV business gross loss Revenue Breakdown (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Business Segment | 2025 (MOP '000) | 2025 (%) | 2024 (MOP '000) | 2024 (%) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Business | 273,157 | 34.0 | 189,846 | 25.4 | +83,311 | +43.9% | | EV Business | 332 | 0.1 | 1,452 | 0.2 | -1,120 | -77.1% | | Smart Manufacturing Business | 529,678 | 65.9 | 554,866 | 74.4 | -25,188 | -4.5% | | **Total** | **803,167** | **100.0** | **746,164** | **100.0** | **+57,003** | **+7.6%** | Gross Profit and Gross Profit Margin Breakdown (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Business Segment | 2025 Gross Profit (MOP '000) | 2025 Gross Margin (%) | 2024 Gross Profit (MOP '000) | 2024 Gross Margin (%) | Gross Profit Change (MOP '000) | Gross Margin Change (pp) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Business | 25,540 | 9.3 | 18,342 | 9.7 | +7,198 | -0.4 | | Construction and Renovation | (6,077) | (7.1) | (10,273) | (16.0) | +4,196 | +8.9 | | High-Voltage Substation Construction | 3,467 | 6.8 | 140 | 1.5 | +3,327 | +5.3 | | E&M Engineering Services | 507 | 4.4 | 152 | 0.4 | +355 | +4.0 | | Facility Management Services | 27,643 | 22.1 | 28,323 | 34.5 | -680 | -12.4 | | EV Business | (33) | (10.1) | (1,008) | (69.4) | +975 | +59.3 | | Smart Manufacturing Business | 46,412 | 8.8 | 30,143 | 5.4 | +16,269 | +3.4 | | **Total** | **71,919** | **9.0** | **47,477** | **6.4** | **+24,442** | **+2.6** | - Other income increased by **MOP7.2 million**, primarily due to the Group recognizing **MOP5.8 million** in insurance claim proceeds as compensation for certain defects identified in the second phase development of a new hotel complex in Cotai, Macau[28](index=28&type=chunk) - Administrative expenses increased by **MOP2.7 million** or **7.7%**, mainly due to the expansion of production facilities in China during the period, leading to increased salaries, other staff costs, and depreciation for the smart manufacturing business[32](index=32&type=chunk) - Finance costs decreased by **MOP0.9 million** or **17.5%**, due to a reduction in bank borrowings during the period[33](index=33&type=chunk) - Profit for the period increased by **MOP12.4 million** or **155.3%**, with the net profit margin improving from **1.1%** in the previous period to **2.5%** in the current period[35](index=35&type=chunk) [Liquidity and Financial Resources](index=13&type=section&id=流動資金及財務資源) The Group maintains a prudent cash management approach and a robust liquidity position, with increased net current assets and cash balances, reduced bank borrowings, and a lower gearing ratio - Net current assets increased to **MOP242.0 million** (December 31, 2024: MOP229.1 million)[37](index=37&type=chunk) - Current ratio remained at **1.4 times**[37](index=37&type=chunk) - Total cash and bank balances increased to **MOP116.6 million** (December 31, 2024: MOP61.3 million)[37](index=37&type=chunk) - Outstanding bank borrowings decreased to **MOP240.5 million** (December 31, 2024: MOP257.7 million)[37](index=37&type=chunk) - Gearing ratio decreased to **47.2%** (December 31, 2024: 53.5%)[37](index=37&type=chunk) [Capital Structure](index=13&type=section&id=資本架構) As of June 30, 2025, the company's share capital and total equity both increased, reflecting a strengthened financial foundation - As of June 30, 2025, the company's share capital was **MOP41.0 million** (December 31, 2024: MOP41.0 million)[38](index=38&type=chunk) - As of June 30, 2025, the company's total equity was **MOP510.0 million** (December 31, 2024: MOP481.9 million)[38](index=38&type=chunk) [Foreign Exchange Risk](index=13&type=section&id=外匯風險) The Group's currency risk primarily arises from RMB-denominated steel material purchases and HKD-denominated sales, which management continuously monitors and manages - The Group's currency risk primarily arises from the purchase of steel materials denominated in RMB, while sales are denominated in HKD[39](index=39&type=chunk) - Management will monitor and review the Group's foreign exchange risk from time to time and ensure that appropriate measures are taken promptly and effectively to manage currency risk[39](index=39&type=chunk) [Material Investments, Acquisitions or Disposals, and Future Plans](index=13&type=section&id=重大投資%E3%80%81重大收購或出售以及重大投資或資本資產的未來計劃) During the reporting period, the Group did not undertake any material investments, acquisitions, or disposals, nor does it have other significant future plans for investments or capital assets - The Group had no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the period[40](index=40&type=chunk) - Save as disclosed in this report, the Group had no material future plans for investments or capital assets as of June 30, 2025[41](index=41&type=chunk) [Pledged Assets](index=14&type=section&id=資產抵押) As of June 30, 2025, the Group has pledged bank deposits and certain property, plant, and equipment as collateral for credit facilities - As of June 30, 2025, the Group had pledged **MOP45.3 million** in bank deposits (December 31, 2024: MOP27.9 million) to banks[42](index=42&type=chunk) - As of June 30, 2025, the Group had pledged **MOP258.1 million** in property, plant and equipment (including right-of-use assets) (December 31, 2024: MOP258.9 million) to banks as collateral for credit facilities[42](index=42&type=chunk) [Contingent Liabilities and Commitments](index=14&type=section&id=或然負債及承擔) As of June 30, 2025, the Group had no material contingent liabilities or significant capital commitments - The Group had no material contingent liabilities as of June 30, 2025 (December 31, 2024: Nil)[43](index=43&type=chunk) - As of June 30, 2025, the Group had no material capital commitments (December 31, 2024: MOP4,530,000)[44](index=44&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=僱員及薪酬政策) The Group's remuneration policy is based on employee performance, qualifications, position, and industry practice, with 507 employees globally as of June 30, 2025, and no share options granted, exercised, cancelled, or lapsed during the period - Employee remuneration packages generally include salaries, allowances, benefits-in-kind, other benefits including medical insurance and provident fund contributions, and bonuses; overall, the Group determines employee salaries based on their performance, qualifications, position, and prevailing industry practice[45](index=45&type=chunk) - As of June 30, 2025, the Group had **507 employees** (December 31, 2024: 405 employees) in Hong Kong, Macau, China, Singapore, and Cyprus[45](index=45&type=chunk) - No share options were granted, agreed to be granted, exercised, cancelled, or lapsed under the share option scheme during the period[45](index=45&type=chunk) [Outlook](index=14&type=section&id=展望) The Group will respond to the central government's "new quality productive forces" call by collaborating with Beijing Institute of Architectural Mechanization to develop and promote green energy, new materials, and smart equipment, while expanding intelligent rebar production lines and smart window cleaning devices, and actively pursuing data center construction and maintenance opportunities in emerging overseas markets like Singapore - Responding to the central government's call for "new quality productive forces," the Group has become a strategic partner with Beijing Institute of Architectural Mechanization, a national-level architectural machinery R&D institution and central state-owned enterprise, to jointly develop and promote green energy, new materials, and complete sets of specialized smart equipment manufacturing[46](index=46&type=chunk)[48](index=48&type=chunk) - Starting from the second half of 2025, the Group will progressively expand its full range of intelligent rebar production lines, which feature high technological content, significantly improving production efficiency, reducing labor costs, and lowering the incidence of production safety accidents[48](index=48&type=chunk) - Committed to building the only R&D and production base for smart window cleaning equipment and special building operation robots in South China, and collaborating with Beijing Institute of Architectural Mechanization to develop a series of highly complex smart window cleaning machines[48](index=48&type=chunk) - Seizing opportunities from the rapid popularization of AI and cloud services, which drive demand for computing network construction and data centers, to secure more public and private data center operation and maintenance orders[49](index=49&type=chunk) - Actively exploring emerging overseas markets such as Singapore, optimizing business layout to reduce reliance on a few markets, and building a more balanced and resilient development model[50](index=50&type=chunk) Review Report on Condensed Consolidated Financial Statements [Introduction](index=15&type=section&id=緒言) Deloitte Touche Tohmatsu has reviewed MECOM Power and Construction Limited's condensed consolidated financial statements for the six months ended June 30, 2025, prepared in accordance with HKEX Listing Rules and IAS 34 - Deloitte Touche Tohmatsu has reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2025[51](index=51&type=chunk) - The financial statements are prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[51](index=51&type=chunk) [Scope of Review](index=16&type=section&id=審閱範圍) The review was conducted in accordance with HKSAE 2410, which is less extensive than an audit, thus no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[52](index=52&type=chunk) - A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit, accordingly, we do not express an audit opinion[52](index=52&type=chunk) [Conclusion](index=16&type=section&id=結論) The review found no matters suggesting that the condensed consolidated financial statements were not prepared in all material respects in accordance with IAS 34 - Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[53](index=53&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's revenue was MOP803,167 thousand, with profit for the period at MOP20,378 thousand, a significant 155.3% increase year-on-year, driven by 51.5% gross profit growth and increased other income and exchange gains Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Indicator | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 803,167 | 746,164 | +57,003 | +7.6% | | Cost of goods and services | (731,248) | (698,687) | (32,561) | +4.7% | | Gross profit | 71,919 | 47,477 | +24,442 | +51.5% | | Other income | 8,581 | 1,343 | +7,238 | +538.9% | | Other gains and losses | 4,169 | 1,792 | +2,377 | +132.7% | | Distribution costs | (15,098) | (12,002) | (3,096) | +25.8% | | Net impairment losses | (2,631) | 6,153 | (8,784) | -142.8% | | Administrative expenses | (37,813) | (35,108) | (2,705) | +7.7% | | Finance costs | (4,444) | (5,388) | +944 | -17.5% | | Profit before tax | 24,689 | 9,598 | +15,091 | +157.2% | | Income tax expense | (4,311) | (1,616) | (2,695) | +166.8% | | **Profit for the period** | **20,378** | **7,982** | **+12,396** | **+155.3%** | | Total comprehensive income for the period | 28,232 | 1,522 | +26,710 | +1754.9% | | Basic earnings per share (MOP cents) | 0.40 | 0.17 | +0.23 | +135.3% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets less current liabilities were MOP583,857 thousand, and net assets were MOP510,009 thousand, reflecting a solid financial position with increased net current assets and cash, and reduced trade and other receivables Summary of Condensed Consolidated Statement of Financial Position (As of June 30, 2025 vs. As of December 31, 2024) | Indicator | June 30, 2025 (MOP '000) | Dec 31, 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 341,866 | 346,808 | (4,942) | -1.4% | | Current assets | 815,497 | 792,296 | +23,201 | +2.9% | | Inventories | 139,710 | 103,069 | +36,641 | +35.5% | | Contract assets | 54,378 | 62,065 | (7,687) | -12.4% | | Trade and other receivables | 454,804 | 531,813 | (77,009) | -14.5% | | Pledged bank deposits | 45,270 | 27,928 | +17,342 | +62.1% | | Cash and cash equivalents | 116,632 | 61,315 | +55,317 | +90.2% | | Current liabilities | 573,506 | 563,170 | +10,336 | +1.8% | | Trade payables and accrued expenses | 299,683 | 310,605 | (10,922) | -3.5% | | Bank borrowings (current) | 166,785 | 163,911 | +2,874 | +1.8% | | Contract liabilities | 87,408 | 61,518 | +25,890 | +42.1% | | **Net current assets** | **241,991** | **229,126** | **+12,865** | **+5.6%** | | Non-current liabilities | 73,848 | 94,019 | (20,171) | -21.5% | | **Net assets** | **510,009** | **481,915** | **+28,094** | **+5.8%** | | Total equity | 510,009 | 481,915 | +28,094 | +5.8% | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, equity attributable to owners increased from MOP371,100 thousand to MOP391,788 thousand, primarily due to profit for the period and other comprehensive income from exchange differences, alongside a significant increase in non-controlling interests and minor share repurchases Summary of Condensed Consolidated Statement of Changes in Equity (As of June 30, 2025 vs. As of January 1, 2024) | Indicator | June 30, 2025 (MOP '000) | Jan 1, 2024 (MOP '000) | Change (MOP '000) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 391,788 | 376,114 | +15,674 | | Non-controlling interests | 118,221 | 103,851 | +14,370 | | **Total equity** | **510,009** | **479,965** | **+30,044** | | Profit for the period (attributable to owners) | 15,867 | 6,949 | +8,918 | | Other comprehensive income for the period (attributable to owners) | 4,959 | (3,979) | +8,938 | | Shares repurchased and cancelled | (138) | 0 | (138) | - Total comprehensive income for the period was **MOP28,232 thousand**, of which **MOP20,826 thousand** was attributable to owners of the Company and **MOP7,406 thousand** to non-controlling interests[59](index=59&type=chunk) - Repurchase and cancellation of shares resulted in a decrease of **MOP7 thousand** in share capital and **MOP131 thousand** in share premium, totaling **MOP138 thousand**[59](index=59&type=chunk) Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash from operating activities was MOP93,588 thousand, net cash used in investing activities was MOP20,561 thousand, and net cash used in financing activities was MOP25,500 thousand, with cash and cash equivalents increasing to MOP116,632 thousand at period-end Summary of Condensed Consolidated Statement of Cash Flows (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Indicator | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 93,588 | 71,289 | +22,299 | | Net cash used in investing activities | (20,561) | (33,729) | +13,168 | | Net cash (used in) from financing activities | (25,500) | 2,845 | (28,345) | | Net increase in cash and cash equivalents | 47,527 | 40,405 | +7,122 | | Cash and cash equivalents at end of period | 116,632 | 94,443 | +22,189 | - Net cash from operating activities increased, primarily due to higher profit before tax, a decrease in trade and other receivables, and an increase in contract liabilities[63](index=63&type=chunk) - Net cash used in investing activities decreased, mainly due to lower expenditure on the purchase of property, plant and equipment[63](index=63&type=chunk) - Financing activities shifted from net inflow to net outflow, primarily due to more repayment of bank borrowings than new bank borrowings raised, and the repurchase and cancellation of shares[65](index=65&type=chunk) Notes to the Condensed Consolidated Financial Statements [Basis of Preparation and Accounting Policies](index=22&type=section&id=1.%20編製基準) The condensed consolidated financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules, using the historical cost basis, with no material impact from the first-time application of IFRS amendments - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[66](index=66&type=chunk) - The condensed consolidated financial statements are prepared on the historical cost basis, except for certain financial instruments which are measured at fair value as appropriate[67](index=67&type=chunk) - The Group first applied amendments to IFRS accounting standards (IAS 21 (Amendment) Lack of Exchangeability) but it had no material impact on the Group's financial position and performance and/or disclosures in these condensed consolidated financial statements for the current and prior periods[68](index=68&type=chunk) [Revenue and Segment Information](index=22&type=section&id=3.%20收益及分部資料) The Group's reporting segments include construction, EV, and smart manufacturing, with total revenue of MOP803,167 thousand, where smart manufacturing was the largest contributor despite a revenue decrease, while construction revenue significantly grew, and Hong Kong and Singapore markets showed increased contributions - The Group's reporting segments include: (1) Construction Business; (2) Electric Vehicle Business; (3) Smart Manufacturing Business[70](index=70&type=chunk) Revenue from Contracts with Customers (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Business Segment | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Construction Business | 273,157 | 189,846 | +83,311 | +43.9% | | EV Business | 332 | 1,452 | -1,120 | -77.1% | | Smart Manufacturing Business (Sales and Processing) | 517,922 | 554,866 | -36,944 | -6.7% | | Steel Structure Rental Income | 11,756 | – | +11,756 | N/A | | **Total Revenue** | **803,167** | **746,164** | **+57,003** | **+7.6%** | Segment Results (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Segment | 2025 Segment Result (MOP '000) | 2024 Segment Result (MOP '000) | Change (MOP '000) | | :--- | :--- | :--- | :--- | | Construction Business | 16,014 | 3,203 | +12,811 | | EV Business | (182) | (1,690) | +1,508 | | Smart Manufacturing Business | 10,245 | 3,734 | +6,511 | | **Total** | **26,077** | **5,247** | **+20,830** | Geographical Revenue and Non-current Assets (As of June 30, 2025 vs. As of June 30, 2024/Dec 31, 2024) | Region | 2025 Revenue (MOP '000) | 2024 Revenue (MOP '000) | 2025 Non-current Assets (MOP '000) | 2024 Non-current Assets (MOP '000) | | :--- | :--- | :--- | :--- | :--- | | Macau | 500,933 | 587,798 | 88,664 | 97,048 | | China | 98,942 | 60,692 | 252,464 | 248,921 | | Hong Kong | 164,592 | 81,187 | – | – | | Singapore | 20,899 | 1,986 | – | – | | Cyprus | 17,801 | 14,501 | 738 | 839 | | **Total** | **803,167** | **746,164** | **341,866** | **346,808** | [Other Income](index=26&type=section&id=4.%20其他收入) Other income significantly increased to MOP8,581 thousand during the period, primarily driven by MOP5.8 million in insurance claim proceeds Other Income Breakdown (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 618 | 503 | +115 | +22.9% | | Government grants | 117 | 203 | -86 | -42.4% | | Others (primarily insurance claim proceeds) | 7,846 | 637 | +7,209 | +1131.7% | | **Total** | **8,581** | **1,343** | **+7,238** | **+538.9%** | - During the six months ended June 30, 2025, the Company received **MOP5.8 million** in compensation income from a customer's insurance company, related to repair costs for certain defects identified in one of the Group's construction projects in Macau that had been recognized and incurred in prior years[76](index=76&type=chunk) [Other Gains and Losses](index=27&type=section&id=5.%20其他收益及虧損) Net other gains and losses for the period amounted to MOP4,169 thousand, primarily contributed by exchange gains Other Gains and Losses Breakdown (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Exchange gains, net | 4,173 | 1,846 | +2,327 | +126.1% | | Loss on write-off of property, plant and equipment | (4) | (54) | +50 | -92.6% | | **Total** | **4,169** | **1,792** | **+2,377** | **+132.7%** | [Income Tax Expense](index=27&type=section&id=6.%20所得稅開支) Income tax expense significantly increased to MOP4,311 thousand, mainly due to higher gross profit, with varying tax rates across regions and MOP44,473 thousand in unutilized tax losses at period-end Income Tax Expense Breakdown (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Current tax | 3,500 | 2,645 | +855 | +32.3% | | Underprovision (overprovision) in prior years | 811 | (1,029) | +1,840 | -178.8% | | **Total** | **4,311** | **1,616** | **+2,695** | **+166.8%** | - Macau subsidiaries are taxed at **12%** on assessable profits exceeding MOP600,000; China subsidiaries at **25%**; Cyprus subsidiaries at **12.5%**; Hong Kong subsidiaries at **8.25% or 16.5%** (two-tiered system); Singapore subsidiaries at **17%**[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - As of the end of this interim period, the Group had unutilized tax losses of **MOP44,473 thousand** (December 31, 2024: MOP40,189 thousand) available to offset future profits; no deferred tax asset was recognized due to the unpredictability of future profit sources[82](index=82&type=chunk) [Finance Costs](index=28&type=section&id=7.%20融資成本) Finance costs decreased to MOP4,444 thousand, primarily due to reduced interest expense on bank borrowings Finance Costs Breakdown (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest expense on bank borrowings | 4,420 | 5,373 | -953 | -17.7% | | Interest on lease liabilities | 24 | 15 | +9 | +60.0% | | **Total** | **4,444** | **5,388** | **-944** | **-17.5%** | [Profit for the Period](index=29&type=section&id=8.%20期內溢利) Profit for the period was MOP20,378 thousand, influenced by factors such as directors' emoluments, staff costs, impairment losses, depreciation, and short-term lease expenses Key Deductions from Profit for the Period (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Directors' emoluments | 4,487 | 4,487 | 0 | 0.0% | | Total staff costs | 63,389 | 80,279 | -16,890 | -21.0% | | Net impairment losses | 2,631 | (6,153) | +8,784 | -142.8% | | Depreciation of property, plant and equipment | 13,828 | 4,566 | +9,262 | +202.8% | | Short-term lease related expenses | 3,305 | 2,262 | +1,043 | +46.1% | [Earnings Per Share](index=30&type=section&id=9.%20每股盈利) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the Company were both MOP0.40 cents, an increase from the prior period, with no outstanding bonus warrants Earnings Per Share (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Indicator | 2025 | 2024 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Profit for calculating basic and diluted EPS (MOP '000) | 15,867 | 6,949 | +8,918 | +128.3% | | Weighted average number of ordinary shares (thousands) | 3,980,817 | 3,986,007 | -5,190 | -0.13% | | **Basic EPS (MOP cents)** | **0.40** | **0.17** | **+0.23** | **+135.3%** | | **Diluted EPS (MOP cents)** | **0.40** | **0.17** | **+0.23** | **+135.3%** | - As of June 30, 2025, there were no bonus warrants issued or outstanding[86](index=86&type=chunk) [Property, Plant and Equipment](index=31&type=section&id=10.%20物業%E3%80%81廠房及設備) During the period, the Group purchased MOP5,383 thousand in plant and machinery and computer equipment, transferred MOP995 thousand in construction in progress to plant and machinery, and recognized MOP11,756 thousand in rental income from certain plant and machinery held for rental purposes - During this interim period, the Group purchased approximately **MOP5,383 thousand** (six months ended June 30, 2024: MOP10,428 thousand) of plant and machinery and computer equipment[87](index=87&type=chunk) - The Group transferred approximately **MOP995 thousand** of construction in progress to plant and machinery[87](index=87&type=chunk) - As of June 30, 2025, certain plant and machinery with a carrying amount of **MOP42,894 thousand** (December 31, 2024: MOP50,215 thousand) were held for rental purposes, and rental income of **MOP11,756 thousand** (six months ended June 30, 2024: Nil) was recognized[88](index=88&type=chunk) [Inventories](index=32&type=section&id=11.%20存貨) Inventories primarily consist of finished goods for the smart manufacturing business, accounted for at the lower of cost and net realizable value - Inventories primarily consist of finished goods for the smart manufacturing business, accounted for at the lower of cost and net realizable value[89](index=89&type=chunk) [Contract Assets](index=32&type=section&id=12.%20合約資產) Contract assets, mainly comprising unbilled revenue and retention receivables, totaled MOP54,378 thousand as of June 30, 2025, a decrease from the beginning of the period, with retention receivables at MOP40,343 thousand Contract Assets Breakdown (As of June 30, 2025 vs. As of December 31, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Contract assets from customer contracts | 59,479 | 67,581 | -8,102 | -12.0% | | Less: Provision for credit losses | (5,101) | (5,516) | +415 | -7.5% | | **Total** | **54,378** | **62,065** | **-7,687** | **-12.4%** | | Unbilled revenue | 14,035 | 21,125 | -7,090 | -33.6% | | Retention receivables | 40,343 | 40,940 | -597 | -1.5% | - As of June 30, 2025, retention money held by customers for contract works amounted to **MOP40,343 thousand** (December 31, 2024: MOP40,940 thousand), of which **MOP52 thousand** (December 31, 2024: MOP1,172 thousand) was held by related companies[93](index=93&type=chunk) Ageing Analysis of Retention Receivables (As of June 30, 2025 vs. As of December 31, 2024) | Ageing | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | Within 1 year | 11,811 | 12,810 | | After 1 year | 28,532 | 28,130 | | **Total** | **40,343** | **40,940** | [Trade and Other Receivables](index=34&type=section&id=13.%20貿易及其他應收款項) Total trade and other receivables amounted to MOP454,804 thousand, a decrease from the beginning of the period, with trade receivables (net of credit loss provision) at MOP286,985 thousand, some of which are overdue but not impaired Trade and Other Receivables Breakdown (As of June 30, 2025 vs. As of December 31, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables from customer contracts (net of provision) | 286,985 | 372,169 | -85,184 | -22.9% | | Other receivables, deposits and prepayments | 167,819 | 159,644 | +8,175 | +5.1% | | **Total** | **454,804** | **531,813** | **-77,009** | **-14.5%** | Ageing Analysis of Trade Receivables (As of June 30, 2025 vs. As of December 31, 2024) | Ageing | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | 0 to 90 days | 187,572 | 270,702 | | 91 to 365 days | 80,154 | 72,765 | | 1 to 2 years | 13,954 | 21,178 | | Over 2 years | 5,305 | 7,524 | | **Total** | **286,985** | **372,169** | - As of June 30, 2025, the Group's trade receivables balance included gross carrying amounts of **MOP147,640 thousand** (December 31, 2024: MOP304,702 thousand) that were past due at the reporting date, of which **MOP63,600 thousand** (December 31, 2024: MOP76,485 thousand) were past due for more than 90 days and not considered to be in default[97](index=97&type=chunk) [Amounts Due from/to Related Companies](index=35&type=section&id=14.%20與關聯公司的款項) As of June 30, 2025, amounts due from related companies totaled MOP4,703 thousand, and amounts due to related companies were MOP79 thousand, with trade-related receivables from related companies having credit terms of 30 to 45 days Amounts Due from Related Companies (As of June 30, 2025 vs. As of December 31, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | Non-trade related amounts due from related companies | 3,573 | 4,989 | | Trade related amounts due from related companies (net of provision) | 1,130 | 1,117 | | **Total** | **4,703** | **6,106** | Amounts Due to Related Companies (As of June 30, 2025 vs. As of December 31, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | Non-trade related amounts due to related companies | 79 | 178 | - The Group generally grants its related companies credit terms of **30 to 45 days**[98](index=98&type=chunk)[99](index=99&type=chunk) - As of June 30, 2025, **MOP1,130 thousand** (2024: MOP1,117 thousand) of trade related amounts due from related companies were past due but not impaired[98](index=98&type=chunk)[99](index=99&type=chunk) [Pledged Bank Deposits / Cash and Cash Equivalents](index=36&type=section&id=15.%20已抵押銀行存款%E2%88%95現金及現金等價物) Pledged bank deposits, serving as collateral for bank guarantees and bills payable, amounted to MOP45,270 thousand at period-end, bearing interest rates from 0.21% to 3.35%, while bank balances earned 0.001% to 0.25% market interest - Pledged bank deposits refer to pledged fixed-rate bank deposits serving as collateral for the Group's bank guarantees and bills payable[100](index=100&type=chunk) - As of June 30, 2025, pledged bank deposits bore interest at annual rates ranging from **0.21% to 3.35%** (December 31, 2024: 0.21% to 3.65%)[100](index=100&type=chunk) - As of June 30, 2025, bank balances bore interest at prevailing market annual rates ranging from **0.001% to 0.25%** (December 31, 2024: 0.001% to 0.25%)[101](index=101&type=chunk) [Trade Payables and Accrued Expenses](index=36&type=section&id=16.%20貿易應付款項及應計費用) Total trade payables and accrued expenses were MOP299,683 thousand, a decrease from the beginning of the period, with trade purchases having credit terms of 0 to 90 days and retention payables at MOP22,438 thousand Trade Payables and Accrued Expenses Breakdown (As of June 30, 2025 vs. As of December 31, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 155,159 | 172,627 | -17,468 | -10.1% | | Retention payables | 22,438 | 24,338 | -1,900 | -7.8% | | Bills payable | 6,733 | 963 | +5,770 | +599.2% | | Other payables and accrued expenses | 115,328 | 112,677 | +2,651 | +2.4% | | **Total** | **299,683** | **310,605** | **-10,922** | **-3.5%** | Ageing Analysis of Trade Payables (As of June 30, 2025 vs. As of December 31, 2024) | Ageing | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | 0 to 90 days | 116,029 | 132,378 | | 91 to 365 days | 38,606 | 37,507 | | 1 to 2 years | 122 | 2,692 | | Over 2 years | 402 | 50 | | **Total** | **155,159** | **172,627** | Ageing Analysis of Retention Payables (As of June 30, 2025 vs. As of December 31, 2024) | Ageing | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | On demand or within 1 year | 18,381 | 21,077 | | After 1 year | 4,057 | 3,261 | | **Total** | **22,438** | **24,338** | [Bank Borrowings](index=38&type=section&id=17.%20銀行借款) Total bank borrowings decreased to MOP240,507 thousand, predominantly secured and collateralized by property, plant, and equipment, comprising both floating and fixed-rate loans Bank Borrowings Breakdown (As of June 30, 2025 vs. As of December 31, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | Change (MOP '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Repayable within 1 year | 166,785 | 163,911 | +2,874 | +1.8% | | Repayable after 1 year but within 2 years | 68,224 | 23,433 | +44,791 | +191.2% | | Repayable after 2 years but within 5 years | 5,498 | 70,353 | -64,855 | -92.2% | | **Total** | **240,507** | **257,697** | **-17,190** | **-6.7%** | | Secured | 151,213 | 144,697 | +6,516 | +4.5% | | Unsecured | 89,294 | 113,000 | -23,706 | -21.0% | - The Group holds floating-rate bank loans totaling **MOP207,966 thousand** and fixed-rate bank loans totaling **MOP32,541 thousand** in Macau and China[106](index=106&type=chunk)[107](index=107&type=chunk) - **MOP151,213 thousand** of bank borrowings are secured by **MOP226,164 thousand** of property, plant and equipment (including right-of-use assets) and **MOP31,919 thousand** of construction in progress[107](index=107&type=chunk) [Share Capital](index=39&type=section&id=18.%20股本) As of June 30, 2025, issued and fully paid share capital was MOP41,001 thousand, a slight decrease from the beginning of the period, primarily due to share repurchases and cancellations Share Capital Movement (As of June 30, 2025 vs. As of January 1, 2024) | Item | June 30, 2025 (MOP '000) | Jan 1, 2024 (MOP '000) | Change (MOP '000) | | :--- | :--- | :--- | :--- | | Authorized share capital | 51,500 | 51,500 | 0 | | Issued and fully paid share capital | 41,001 | 41,056 | -55 | | Number of issued shares (thousands) | 3,980,719 | 3,985,997 | -5,278 | - The Company repurchased **680,000 shares** of the Company in January for a total consideration of approximately **HKD134,000** (equivalent to MOP138,000), and these shares have been cancelled[110](index=110&type=chunk) [Related Party Disclosures](index=39&type=section&id=19.%20關聯方披露) The Group engaged in transactions with related parties, including short-term office rental and management expenses, with total key management personnel compensation amounting to MOP7,075 thousand Related Party Transactions (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Nature of Transaction | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | Short-term office rental expenses paid (Mr. Kwok and spouse) | 343 | 343 | | Management expenses paid (Hong Yip Construction Engineering Limited - China Construction (Hong Kong) - Hong Yip Joint Venture) | 2 | 57 | Key Management Personnel Compensation (Six months ended June 30, 2025 vs. Six months ended June 30, 2024) | Item | 2025 (MOP '000) | 2024 (MOP '000) | | :--- | :--- | :--- | | Short-term benefits | 7,064 | 7,058 | | Post-employment benefits | 11 | 11 | | **Total** | **7,075** | **7,069** | [Performance Guarantees and Contingent Liabilities](index=41&type=section&id=20.%20履約保證金及或然負債) The Group has issued performance guarantees for construction contracts, with MOP60,687 thousand outstanding at period-end, secured by pledged bank deposits, bills accepted, and corporate guarantees - As of the end of the reporting period, the Group's outstanding performance guarantees amounted to **MOP60,687 thousand** (December 31, 2024: MOP60,052 thousand)[115](index=115&type=chunk) - The Group has obtained credit facilities totaling approximately **MOP113,300 thousand** for the issued performance guarantees, secured by pledged bank deposits of approximately **MOP18,360 thousand**, bills accepted of approximately **MOP309,000 thousand**, and corporate guarantees provided by the Company[115](index=115&type=chunk) Other Information [Corporate Governance Practices](index=42&type=section&id=企業管治常規) The Company is committed to maintaining good corporate governance practices and has complied with all code provisions of the Corporate Governance Code under Appendix C1 of the HKEX Listing Rules - The Company has adopted the code provisions set out in the Corporate Governance Code under Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as the basis for its corporate governance practices[116](index=116&type=chunk) - The Board believes that the Company has complied with all code provisions in Part 2 of the Corporate Governance Code throughout the period[117](index=117&type=chunk) [Standard Code for Securities Transactions](index=42&type=section&id=證券交易標準守則) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers under Appendix C3 of the Listing Rules, requiring all directors and employees with inside information to comply, ensuring market fairness - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its own code of conduct regarding directors' securities transactions[118](index=118&type=chunk) - Following specific enquiries made to all Directors, each Director has confirmed that they have complied with the required standards set out in the Model Code throughout the period[118](index=118&type=chunk) - Pursuant to Rule B.13 of the Model Code, the Directors have also requested any employee of the Company or director or employee of a subsidiary of the Company who, because of their office or employment, may possess inside information in relation to the Company's securities, not to deal in the Company's securities during the periods prohibited by the Model Code[118](index=118&type=chunk) [Interim Dividend](index=42&type=section&id=中期股息) The Board did not recommend the payment of an interim dividend for the period - The Board did not recommend the payment of an interim dividend for the period (six months ended June 30, 2024: Nil)[119](index=119&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=43&type=section&id=購買%E3%80%81贖回或出售本公司上市證券) During the period, the Company repurchased and cancelled 680,000 shares on the Stock Exchange for approximately HKD134,000, which the Board believes enhanced earnings per share and benefited the Company and its shareholders as a whole - During the period, the Company repurchased **680,000 shares** of the Company on the Stock Exchange for a total consideration (including transaction costs) of approximately **HKD134,000**, and all repurchased shares were cancelled during the period[120](index=120&type=chunk) - The Board believes that the repurchase enhanced earnings per share and benefited the Company and its shareholders as a whole[120](index=120&type=chunk) - As of June 30, 2025, the Company had no treasury shares[120](index=120&type=chunk) [Pre-emptive Rights](index=43&type=section&id=優先認股權) There are no pre-emptive rights provisions under the Company's articles of association or Cayman Islands law requiring the Company to offer new shares proportionally to existing shareholders - There are no pre-emptive rights provisions under the Company's articles of association or the applicable laws of the Cayman Islands, where the Company is incorporated, that would oblige the Company to offer new shares proportionally to existing shareholders[121](index=121&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=44&type=section&id=董事及主要行政人員於股份%E3%80%81相關股份及債權證中的權益及淡倉) As of June 30, 2025, Mr. Kwok Lam Sik and Mr. So Koon To held 51.27% long positions in the Company's shares through MECOM Holding Limited, with Ms. Chan Po Yee holding 0.02% beneficial interest Directors' and Chief Executive's Long Positions in Shares and Underlying Shares of the Company (As of June 30, 2025) | Director Name | Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Kwok Lam Sik ("Mr. Kwok") | Interest in controlled corporation | 2,040,802,000 | 51.27% | | Mr. So Koon To ("Mr. So") | Interest in controlled corporation | 2,040,802,000 | 51.27% | | Ms. Chan Po Yee | Beneficial interest | 675,000 | 0.02% | - MECOM Holding Limited is owned by Mr. Kwok, Mr. So, Mr. Lam Kwok Wah, and Mr. Lau Ka Wah with **35%, 35%, 15%, and 15%** interests, respectively[123](index=123&type=chunk) - Mr. Kwok, Mr. So, Mr. Lam, and Mr. Lau are parties acting in concert[123](index=123&type=chunk) Directors' Interests in Associated Corporations of the Company (As of June 30, 2025) | Director Name | Name of Associated Corporation | Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Kwok | MECOM Holding Limited | Beneficial owner and interest held jointly with other persons | 100 | 100% | | Mr. So | MECOM Holding Limited | Beneficial owner and interest held jointly with other persons | 100 | 100% | [Substantial Shareholders' Interests in Shares and Underlying Shares](index=46&type=section&id=主要股東於股份及相關股份中的權益) As of June 30, 2025, Mr. Lam, Mr. Lau, and MECOM Holding Limited each held 51.27% long positions in the Company's shares, while Macau Ruiying Investment Limited and its owner Mr. Kwok Wai Hang held 13.58% long positions Substantial Shareholders' Long Positions in Shares and Underlying Shares of the Company (As of June 30, 2025) | Name/Company Name | Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Lam | Interest in controlled corporation | 2,040,802,000 | 51.27% | | Mr. Lau | Interest in controlled corporation | 2,040,802,000 | 51.27% | | MECOM Holding Limited | Beneficial owner | 2,040,802,000 | 51.27% | | Mr. Kwok Wai Hang | Interest in controlled corporation | 540,617,500 | 13.58% | | Macau Ruiying Investment Limited | Beneficial owner | 540,617,500 | 13.58% | - MECOM Holding Limited is owned by Mr. Kwok, Mr. So, Mr. Lam, and Mr. Lau with **35%, 35%, 15%, and 15%** interests, respectively[128](index=128&type=chunk) - Mr. Kwok, Mr. So, Mr. Lam, and Mr. Lau are parties acting in concert[128](index=128&type=chunk) - Macau Ruiying Investment Limited is **100%** owned by Mr. Kwok Wai Hang[128](index=128&type=chunk) [Share Option Scheme](index=47&type=section&id=購股權計劃) The Company adopted a share option scheme in 2018 to recognize and reward eligible participants, but no options were granted, exercised, cancelled, or lapsed during the period - The Company adopted a share option scheme on January 23, 2018, which became effective upon the listing of the Company's shares on the Stock Exchange on February 13, 2018[129](index=129&type=chunk) - The purpose of the share option scheme is to recognize and reward eligible participants who have contributed or may contribute to the Group[129](index=129&type=chunk) - No share options were granted, agreed to be granted, exercised, cancelled, or lapsed under the share option scheme during the period[130](index=130&type=chunk) [Disclosure Requirements under Rule 13.21 of the Listing Rules](index=47&type=section&id=上市規則第13.21條項下的披露規定) The Company and its subsidiaries entered into several financing agreements with Tai Fung Bank (2024 and 2025 Financing Agreements A and B), which include a key default clause stating that a default event occurs if Mr. Kwok and Mr. So cease to exercise management control over the Company - In July 2024, Hong Yip Construction Engineering Limited and Sun Hong Yip Engineering Construction Limited (as borrowers) and the Company (as guarantor) entered into the 2024 Financing Agreement A with Tai Fung Bank, involving revolving bank guarantee commitments up to **HKD110,000,000** and revolving loan and bank overdraft facilities up to **HKD53,000,000**[131](index=131&type=chunk) - In October 2024, MECOM Construction (Macau) Limited (as borrower) and the Company and MECOM International New Material Technology (Guangdong) Co., Ltd. (as guarantors) entered into the 2024 Financing Agreement B with Tai Fung Bank, involving revolving invoice financing facilities up to **HKD40,000,000** and revolving loan facilities up to **HKD60,000,000**[132](index=132&type=chunk) - Under the terms of the 2024 Financing Agreements and 2025 Financing Agreements, a default event would occur if (among other things) Mr. Kwok and Mr. So cease to exercise management control over the Company[133](index=133&type=chunk)[137](index=137&type=chunk) [Audit Committee](index=48&type=section&id=審核委員會) The Audit Committee, comprising three independent non-executive directors chaired by Ms. Chan Po Yee, primarily assists the Board by providing independent opinions on financial reporting, internal controls, and risk management - The Audit Committee comprises three members, namely Ms. Chan Po Yee (Chairperson), Mr. Cheung Kiu Chor, and Mr. Liu Wing Tung, all of whom are independent non-executive directors[139](index=139&type=chunk) - The primary duties of the Audit Committee are to assist the Board in providing independent opinions on the Group's financial reporting process, internal control and risk management systems, monitoring the audit process, and performing other duties and responsibilities assigned by the Board[139](index=139&type=chunk) [Review of Interim Financial Information](index=48&type=section&id=審閱中期財務資料) The Audit Committee and external auditor Deloitte Touche Tohmatsu have reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2025, and this interim report - The Audit Committee and the Company's external auditor, Deloitte Touche Tohmatsu, have reviewed the accounting principles and practices adopted by the Group and have reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2025, and this interim report[140](index=140&type=chunk) [Events After Reporting Period](index=49&type=section&id=報告期後事項) As of the report date, there have been no other significant events affecting the Group after the reporting period, apart from those already disclosed - Save as disclosed in this report, no other significant events affecting the Group have occurred subsequent to June 30, 2025, and up to the date of this report[141](index=141&type=chunk)

致：香港交易及結算所有限公司 公司名稱: 澳能建設控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 本月底法定/註冊股本總額： HKD 50,000,000 FF301 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01183 | 說明 | | | | | | | | | | 多櫃檯證券代號 | | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | | 0.01 HKD | | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HK ...

Group 1 - The company, 澳能建设 (01183), reported a revenue of 803 million Macanese Patacas for the six months ending June 30, 2025, representing a year-on-year increase of 7.64% [1] - The profit attributable to shareholders was 15.867 million Macanese Patacas, which is a significant year-on-year increase of 128.34% [1] - The basic earnings per share were reported at 0.4 Macanese cents [1]

Group 1 - The core viewpoint of the article highlights that 澳能建设 (AON) reported a significant increase in mid-term performance, with revenue rising by 7.6% to 803 million MOP and net profit soaring by 155.3% to 20.4 million MOP, primarily due to an increase in gross profit [1][3] - The company has focused on product innovation and enhancing sales efficiency, expanding its construction materials business and taking on large-scale projects in data centers, with notable growth in the Hong Kong and Singapore markets [1][2] - The revenue contribution from the Hong Kong market doubled compared to the previous period, becoming the second-largest market, while Singapore's contribution increased from 0.4% to 3.9% [1] Group 2 - The company is actively entering the high-value construction materials production technology sector and extending into intelligent machinery manufacturing, which serves as a strong growth engine for long-term sustainable development [2] - The intelligent manufacturing segment contributed approximately 65.9% of total revenue, delivering around 102,180 tons of order contracts for various customized construction materials used in major public and private projects in Macau, Hong Kong, and Southeast Asia [2] - Despite a decline in revenue from the intelligent manufacturing segment due to project delays, the gross profit margin improved to 8.8%, up from 5.4% in the previous period, indicating enhanced efficiency and product quality [2]

Core Viewpoint - 澳能建设 reported a revenue of 803 million MOP for the six months ending June 30, 2025, representing a year-on-year increase of 7.64% [1] - The company's profit attributable to shareholders was 15.867 million MOP, showing a significant year-on-year increase of 128.34% [1] - Basic earnings per share were recorded at 0.4 MOP cents [1] Financial Performance - Revenue reached 803 million MOP, up 7.64% compared to the previous year [1] - Shareholder profit increased to 15.867 million MOP, a rise of 128.34% year-on-year [1] - Basic earnings per share stood at 0.4 MOP cents [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Aoneng Construction Holdings Limited's unaudited condensed consolidated results for the six months ended June 30, 2025, show significant growth in revenue, gross profit, and net profit, primarily driven by increased gross profit contributions from the construction and smart manufacturing businesses, despite a slight decrease in outstanding contract value, overall financial performance is strong Financial Highlights for H1 2025 | Metric | June 30, 2025 (million MOP) | June 30, 2024 (million MOP) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 803.2 | 746.2 | +7.6% | | Gross Profit | 71.9 | 47.5 | +51.5% | | Net Profit | 20.4 | 8.0 | +155.3% | | Construction Business Outstanding Contract Value | 595.3 | 682.1 (Dec 31, 2024) | -12.7% | | Smart Manufacturing Business Outstanding Contract Value | 567.0 | 618.1 (Dec 31, 2024) | -8.3% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements provide a detailed overview of the Group's financial performance and position for the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased by 7.6% year-on-year, gross profit surged by 51.5%, and profit for the period soared by 155.3%, driven by increased other income and gains, and reduced finance costs Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (thousand MOP) | 2024 (thousand MOP) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 803,167 | 746,164 | +7.6% | | Cost of Goods and Services | (731,248) | (698,687) | +4.7% | | Gross Profit | 71,919 | 47,477 | +51.5% | | Other Income | 8,581 | 1,343 | +538.9% | | Other Gains and Losses | 4,169 | 1,792 | +132.7% | | Distribution Costs | (15,098) | (12,002) | +25.8% | | Net Impairment Losses | (2,631) | 6,153 | -142.8% | | Administrative Expenses | (37,813) | (35,108) | +7.7% | | Finance Costs | (4,444) | (5,388) | -17.5% | | Profit Before Tax | 24,689 | 9,598 | +157.2% | | Income Tax Expense | (4,311) | (1,616) | +166.8% | | Profit for the Period | 20,378 | 7,982 | +155.3% | | Total Comprehensive Income for the Period | 28,232 | 1,522 | +1754.9% | | Basic Earnings Per Share (MOP cents) | 0.40 | 0.17 | +135.3% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets and total equity increased, with net current assets remaining robust, while a significant rise in cash and cash equivalents and a reduction in bank borrowings indicate improved liquidity and lower financial leverage Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 341,866 | 346,808 | -1.4% | | Current Assets | 815,497 | 792,296 | +2.9% | | Current Liabilities | 573,506 | 563,170 | +1.8% | | Net Current Assets | 241,991 | 229,126 | +5.6% | | Total Assets Less Current Liabilities | 583,857 | 575,934 | +1.4% | | Non-current Liabilities | 73,848 | 94,019 | -21.5% | | Net Assets | 510,009 | 481,915 | +5.8% | | Total Equity | 510,009 | 481,915 | +5.8% | | Cash and Cash Equivalents | 116,632 | 61,315 | +90.2% | | Bank Borrowings (Current + Non-current) | 240,507 | 257,697 | -6.7% | [Notes](index=4&type=section&id=Notes) These notes provide detailed explanations and disclosures regarding the accounting policies, financial performance, and position presented in the financial statements [Basis of Preparation](index=4&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the disclosure requirements of the HKEX Listing Rules - The financial statements are prepared in compliance with International Accounting Standard 34 'Interim Financial Reporting' and the HKEX Listing Rules[6](index=6&type=chunk) [Significant Accounting Policies](index=4&type=section&id=Significant%20Accounting%20Policies) The condensed consolidated financial statements are primarily prepared on a historical cost basis, adopting the same accounting policies and methods of computation as presented in the consolidated financial statements for the year ended December 31, 2024 - The financial statements are prepared on a historical cost basis, with accounting policies consistent with the 2024 annual consolidated financial statements[7](index=7&type=chunk) [Application of Amendments to International Financial Reporting Standards](index=4&type=section&id=Application%20of%20Amendments%20to%20International%20Financial%20Reporting%20Standards) International Accounting Standard 21 (Amendment) 'Lack of Exchangeability' was first applied in this interim period, with no significant impact on the Group's financial position or performance - International Accounting Standard 21 (Amendment) 'Lack of Exchangeability' was first applied, with no significant impact on financial position or performance[8](index=8&type=chunk) [Revenue and Segment Information](index=4&type=section&id=Revenue%20and%20Segment%20Information) The Group's operating segments include construction, electric vehicle, and smart manufacturing businesses, with smart manufacturing remaining the primary revenue source, though construction revenue grew significantly, the Group operates across Macau, China, Hong Kong, Singapore, and Cyprus, with Macau as the largest market and notable growth in Hong Kong and Singapore [Operating Segments](index=4&type=section&id=Operating%20Segments) The Group is segmented into construction, electric vehicle, and smart manufacturing businesses (formerly steel structure business) in accordance with IFRS 8 'Operating Segments' - The Group's operating segments include: Construction Business (construction and renovation, high-voltage substations, E&M engineering, facility management), Electric Vehicle Business (charging services, distribution, design and production, battery pack manufacturing, charging/swapping solutions), and Smart Manufacturing Business (sales and processing of new building materials, steel structure leasing)[9](index=9&type=chunk)[10](index=10&type=chunk) Total Revenue from Customer Contracts (For the six months ended June 30) | Business Segment | 2025 (thousand MOP) | 2024 (thousand MOP) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Construction Business | 273,157 | 189,846 | +43.9% | | Electric Vehicle Business | 332 | 1,452 | -77.1% | | Smart Manufacturing Business | 529,678 | 554,866 | -4.5% | | Steel Structure Leasing Income | 11,756 | – | N/A | | **Total Revenue** | **803,167** | **746,164** | **+7.6%** | [Segment Results](index=5&type=section&id=Segment%20Results) Profit before tax for the construction and smart manufacturing businesses grew significantly, while the electric vehicle business continued to incur losses, central administrative expenses remained stable, and the share of results of associates contributed minimally to overall profit Segment Results (For the six months ended June 30) | Segment | 2025 (thousand MOP) | 2024 (thousand MOP) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Construction Business | 16,014 | 3,203 | +399.9% | | Electric Vehicle Business | (182) | (1,690) | +89.2% (Loss narrowed) | | Smart Manufacturing Business | 10,245 | 3,734 | +174.4% | | **Total Segment Results** | **26,077** | **5,247** | **+397.0%** | | Central Administrative Expenses | (1,394) | (1,454) | -4.1% | | Share of Results of Associates | 6 | 7,213 | -99.9% | | Impairment Loss on an Associate | – | (1,408) | N/A | | **Profit Before Tax** | **24,689** | **9,598** | **+157.2%** | [Geographical Information](index=7&type=section&id=Geographical%20Information) Macau remains the Group's largest revenue source, but revenue contributions from China, Hong Kong, and Singapore markets grew significantly, demonstrating effective market expansion strategies, with non-current assets primarily concentrated in China and Macau Revenue from External Customers (For the six months ended June 30) | Region | 2025 (thousand MOP) | 2024 (thousand MOP) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Macau | 500,933 | 587,798 | -14.8% | | China | 98,942 | 60,692 | +63.0% | | Hong Kong | 164,592 | 81,187 | +102.7% | | Singapore | 20,899 | 1,986 | +952.3% | | Cyprus | 17,801 | 14,501 | +22.8% | | **Total** | **803,167** | **746,164** | **+7.6%** | Non-current Assets (As of June 30) | Region | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Macau | 88,664 | 97,048 | -8.6% | | China | 252,464 | 248,921 | +1.4% | | Hong Kong | – | – | N/A | | Singapore | – | – | N/A | | Cyprus | 738 | 839 | -12.1% | | **Total** | **341,866** | **346,808** | **-1.4%** | [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) Income tax expense for the period significantly increased by 166.8%, primarily due to higher gross profit, with the Group subject to varying tax rates across jurisdictions and holding unutilized tax losses for which no deferred tax assets are recognized Income Tax Expense (For the six months ended June 30) | Tax Category | 2025 (thousand MOP) | 2024 (thousand MOP) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Current Tax | 3,500 | 2,645 | +32.3% | | Under-provision (Over-provision) in Prior Years | 811 | (1,029) | -178.8% | | **Total Income Tax Expense** | **4,311** | **1,616** | **+166.8%** | - Macau subsidiaries are subject to a tax rate of **12%** (for assessable profits exceeding MOP 600,000), China subsidiaries to **25%**, Cyprus subsidiaries to **12.5%**, Hong Kong subsidiaries to **8.25%** (first HKD 2 million) / **16.5%** (above), and Singapore subsidiaries to **17%**[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - As of June 30, 2025, the Group had unutilized tax losses of **MOP 44,473 thousand** (December 31, 2024: MOP 40,189 thousand), for which no deferred tax assets were recognized[18](index=18&type=chunk) [Earnings Per Share](index=8&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the Company were 0.40 MOP cents, representing a significant increase from the prior period Earnings Per Share (For the six months ended June 30) | Metric | June 30, 2025 | June 30, 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (thousand MOP) | 15,867 | 6,949 | +128.3% | | Weighted Average Number of Ordinary Shares (thousand shares) | 3,980,817 | 3,986,007 | -0.1% | | Basic Earnings Per Share (MOP cents) | 0.40 | 0.17 | +135.3% | | Diluted Earnings Per Share (MOP cents) | 0.40 | 0.17 | +135.3% | - For the six months ended June 30, 2025, there were no bonus warrants issued or outstanding[19](index=19&type=chunk) [Contract Assets](index=8&type=section&id=Contract%20Assets) The Group's contract assets, primarily comprising unbilled revenue and retention receivables, decreased in total, with the aging analysis of retention money indicating that most will be due after one year, and some overdue retention money is still considered recoverable Contract Assets (As of June 30) | Metric | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Contract Assets from Customer Contracts | 59,479 | 67,581 | -11.9% | | Less: Provision for Credit Losses | (5,101) | (5,516) | -7.5% | | **Total Contract Assets** | **54,378** | **62,065** | **-12.4%** | | Unbilled Revenue | 14,035 | 21,125 | -33.6% | | Retention Receivables | 40,343 | 40,940 | -1.5% | Aging Analysis of Retention Receivables (As of June 30) | Aging | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | Within 1 year | 11,811 | 12,810 | | After 1 year | 28,532 | 28,130 | | **Total** | **40,343** | **40,940** | - As of June 30, 2025, retention receivables with a carrying amount of **MOP 11,194 thousand** were overdue but not impaired, as there was no significant change in credit quality[23](index=23&type=chunk) [Trade and Other Receivables](index=10&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables decreased, with a reduction in trade receivables from customer contracts, while the Group grants credit terms of 0 to 90 days, and some overdue receivables are still considered recoverable Trade and Other Receivables (As of June 30) | Metric | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables from Customer Contracts | 318,930 | 401,582 | -20.6% | | Less: Provision for Credit Losses | (31,945) | (29,413) | +8.6% | | **Net Trade Receivables** | **286,985** | **372,169** | **-22.8%** | | Other Receivables, Deposits and Prepayments | 168,633 | 160,295 | +5.2% | | Less: Provision for Credit Losses | (814) | (651) | +25.0% | | **Total Trade and Other Receivables** | **454,804** | **531,813** | **-14.5%** | Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | 0 to 90 days | 187,572 | 270,702 | | 91 to 365 days | 80,154 | 72,765 | | 1 to 2 years | 13,954 | 21,178 | | Over 2 years | 5,305 | 7,524 | | **Total** | **286,985** | **372,169** | - As of June 30, 2025, trade receivables of **MOP 147,640 thousand** were overdue, of which **MOP 63,600 thousand** were overdue for more than 90 days but not considered in default[24](index=24&type=chunk) [Amounts Due from an Associate](index=11&type=section&id=Amounts%20Due%20from%20an%20Associate) Amounts due from an associate (trade nature) decreased, but some overdue amounts are still considered recoverable Aging Analysis of Amounts Due from an Associate (Trade Nature) (As of June 30) | Aging | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | 0 to 90 days | – | 1,117 | | 91 to 365 days | 1,130 | – | | **Total** | **1,130** | **1,117** | - As of June 30, 2025, amounts due from an associate of **MOP 1,130 thousand** were overdue but not impaired[26](index=26&type=chunk) [Trade Payables and Accruals](index=11&type=section&id=Trade%20Payables%20and%20Accruals) Total trade payables and accruals slightly decreased, with trade payables having credit terms of 0 to 90 days, and most retention payables expected to be settled within one year Trade Payables and Accruals (As of June 30) | Metric | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 155,159 | 172,627 | -10.2% | | Retention Payables | 22,438 | 24,338 | -7.8% | | Bills Payable | 6,733 | 963 | +599.2% | | Other Payables and Accruals | 115,303 | 112,677 | +2.3% | | **Total** | **299,683** | **310,605** | **-3.5%** | Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | 0 to 90 days | 116,029 | 132,378 | | 91 to 365 days | 38,606 | 37,507 | | 1 to 2 years | 122 | 2,692 | | Over 2 years | 402 | 50 | | **Total** | **155,159** | **172,627** | Aging Analysis of Retention Payables (As of June 30) | Aging | 2025 (thousand MOP) | Dec 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | On demand or within 1 year | 18,381 | 21,077 | | After 1 year | 4,057 | 3,261 | | **Total** | **22,438** | **24,338** | [Dividends](index=12&type=section&id=Dividends) The Board did not declare an interim dividend for the six months ended June 30, 2025 - The Board did not declare dividends for either period[32](index=32&type=chunk) [Company Profile](index=13&type=section&id=Company%20Profile) Aoneng Construction Holdings Limited is an integrated construction enterprise operating across Macau, Hong Kong, Singapore, and Australia, primarily engaged in smart manufacturing, construction, and electric vehicle-related services, focusing on complex construction projects, substations, and steel structure engineering - The Group's business scope includes: Smart Manufacturing Business (R&D and sales of new building materials, production and sales of smart machinery), Construction Business (construction and renovation, high-voltage substations, E&M engineering, facility management and operations), and Electric Vehicle-related services[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Business operations cover high-potential growth regions including Macau, Hong Kong, Singapore, and Australia[33](index=33&type=chunk) [Business Review and Analysis](index=14&type=section&id=Business%20Review%20and%20Analysis) This section provides an in-depth review and analysis of the Group's operational performance, market environment, and strategic initiatives across its key business segments [Macroeconomic and Market Environment](index=14&type=section&id=Macroeconomic%20and%20Market%20Environment) Increased global economic uncertainty is offset by growth opportunities from AI technology innovation and government smart strategies in smart machinery R&D and regional construction, with Macau, Hong Kong, and Singapore markets showing positive growth signals, particularly in infrastructure and emerging industries - Global economic uncertainty is increasing, but AI technology innovation and smart strategies present growth opportunities[37](index=37&type=chunk) - Macau's GDP increased by **1.8%** year-on-year, with tourist arrivals up **14.9%**, actively promoting economic diversification focusing on modern finance, data centers, and technological innovation, and launching several large-scale infrastructure projects[37](index=37&type=chunk) - Hong Kong's GDP is projected to grow by **3.1%** in Q2 2025, with the budget emphasizing infrastructure development, particularly the 'Northern Metropolis', driving smart infrastructure[38](index=38&type=chunk) - Singapore's GDP grew by **4.2%** in H1 2025, with public sector initiatives driving social construction and a recovery in the construction industry, alongside increased manufacturing output[38](index=38&type=chunk) [Overall Financial Performance](index=15&type=section&id=Overall%20Financial%20Performance) The Group's overall revenue grew by 7.6% to **MOP 803.2 million**, gross profit surged by 51.5% to **MOP 71.9 million**, and gross margin improved to **9.0%**, while net profit increased by 155.3% to **MOP 20.4 million**, with net profit margin improving to **2.5%**, and Hong Kong market revenue doubling, alongside rapid growth in Singapore Overall Financial Performance (For the six months ended June 30) | Metric | 2025 (million MOP) | 2024 (million MOP) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 803.2 | 746.2 | +7.6% | | Gross Profit | 71.9 | 47.5 | +51.5% | | Gross Profit Margin | 9.0% | 6.4% | +2.6 percentage points | | Net Profit | 20.4 | 8.0 | +155.3% | | Net Profit Margin | 2.5% | 1.1% | +1.4 percentage points | - Hong Kong market revenue contribution more than doubled from the previous period, becoming the second-largest market; Singapore market contribution grew from **0.4%** to **3.9%**[39](index=39&type=chunk) - Outstanding contract values for the construction business and smart manufacturing business were **MOP 595.3 million** and **MOP 567.0 million**, respectively[39](index=39&type=chunk) [Smart Manufacturing Business](index=15&type=section&id=Smart%20Manufacturing%20Business) The smart manufacturing business contributed 65.9% of total revenue, with gross profit and gross margin increasing despite a slight revenue decrease due to lower sales volume, as the Group actively expands into high-value new building materials and smart machinery manufacturing, and has strategically partnered with Beijing Institute of Architectural Mechanization to produce smart window cleaning equipment - The smart manufacturing business contributed **65.9%** of total revenue, delivering approximately **102,180 tons** of new building materials orders[40](index=40&type=chunk) - The gross profit margin for the smart manufacturing business improved to **8.8%** (previous period: 5.4%), primarily due to higher gross profit margins from sales orders in Hong Kong and Singapore[40](index=40&type=chunk)[48](index=48&type=chunk) - A strategic partnership with Beijing Institute of Architectural Mechanization was established to jointly research, develop, and promote green energy, new materials, and complete sets of smart equipment, with smart window cleaning equipment already in production[41](index=41&type=chunk) - The Jiangmen production plant in Guangdong increased capacity, participating in major infrastructure projects such as the Hong Kong Northern Metropolis, Macau New Urban Zone reclamation project, and Singapore intercity rail[41](index=41&type=chunk) [Construction Business](index=16&type=section&id=Construction%20Business) Construction business revenue significantly increased by 43.9% year-on-year, primarily due to the completion and delivery of key milestones for major projects, including civil construction works for the Macau Government Data Center and Ma Kok Substation, with the Group successfully undertaking a series of large-scale construction and renovation, E&M engineering, and facility management service contracts - Construction business revenue increased significantly by approximately **43.9%** compared to the same period in 2024[42](index=42&type=chunk) - Key projects include the Macau Government Data Center renovation project and equipment procurement services, and casino renovation and improvement projects, with new project contracts totaling approximately **MOP 158.6 million**[42](index=42&type=chunk) - The construction business maintained a stable gross profit margin with sufficient outstanding contracts, and several key projects are expected to advance in the second half of the year[42](index=42&type=chunk) [Electric Vehicle Business](index=16&type=section&id=Electric%20Vehicle%20Business) The electric vehicle business continues to provide EV charging services to various high-end integrated entertainment and resorts, premium residential areas, and commercial buildings, diversifying the Group's revenue, while the Group explores the market and seeks strategic collaborations with industry leaders to optimize its business layout - Indirect wholly-owned subsidiary Free Charge (Macau) Limited continues to provide electric vehicle charging services to multiple high-end venues[43](index=43&type=chunk) - The Group is exploring the market and strategic collaborations with industry-leading enterprises to optimize its electric vehicle business layout[43](index=43&type=chunk) [Revenue Analysis](index=17&type=section&id=Revenue%20Analysis) The Group's total revenue increased by 7.6%, with construction business revenue surging by 43.9%, primarily driven by certified progress in the Ma Kok Substation civil construction and Macau Government Data Center construction projects, while smart manufacturing business revenue decreased by 4.5% due to lower sales volume Revenue Breakdown (For the six months ended June 30) | Business Segment | 2025 (thousand MOP) | Proportion (%) | 2024 (thousand MOP) | Proportion (%) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Business | 273,157 | 34.0 | 189,846 | 25.4 | +43.9% | | Electric Vehicle Business | 332 | 0.1 | 1,452 | 0.2 | -77.1% | | Smart Manufacturing Business | 529,678 | 65.9 | 554,866 | 74.4 | -4.5% | | **Total** | **803,167** | **100.0** | **746,164** | **100.0** | **+7.6%** | - Construction business revenue increased by **MOP 83.3 million**, primarily due to certified progress in the Macau Ma Kok Substation civil construction project (**MOP 49.1 million**) and the Macau Government Data Center construction project (**MOP 44.8 million**)[46](index=46&type=chunk)[49](index=49&type=chunk) - Smart manufacturing business revenue decreased by **MOP 25.2 million**, mainly due to lower sales volume of new building materials[45](index=45&type=chunk) [Gross Profit Analysis](index=18&type=section&id=Gross%20Profit%20Analysis) The Group's total gross profit increased by 51.5%, with gross profit margin improving from 6.4% to 9.0%, driven by significant improvement in smart manufacturing gross margin due to high-margin orders in Hong Kong and Singapore, while construction and renovation engineering gross loss margin narrowed, facility management services gross margin declined, and the electric vehicle business continued to incur gross losses Gross Profit and Gross Profit Margin Breakdown (For the six months ended June 30) | Business Segment | 2025 Gross Profit (thousand MOP) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (thousand MOP) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Construction and Renovation Engineering | (6,077) | (7.1) | (10,273) | (16.0) | | High-voltage Substation Construction and System Installation Engineering | 3,467 | 6.8 | 140 | 1.5 | | E&M Engineering Services | 507 | 4.4 | 152 | 0.4 | | Facility Management Services | 27,643 | 22.1 | 28,323 | 34.5 | | **Total Construction Business** | **25,540** | **9.3** | **18,342** | **9.7** | | Electric Vehicle Business | (33) | (10.1) | (1,008) | (69.4) | | Smart Manufacturing Business | 46,412 | 8.8 | 30,143 | 5.4 | | **Total** | **71,919** | **9.0** | **47,477** | **6.4** | - Smart manufacturing business gross profit margin improved from **5.4%** to **8.8%**, primarily due to higher gross profit margins obtained from sales orders in Hong Kong and Singapore[48](index=48&type=chunk) - Construction and renovation engineering gross loss margin improved from **16.0%** to **7.1%**, but facility management services gross profit margin decreased from **34.5%** to **22.1%**, mainly due to inflation and reduced service scope by casino operators[50](index=50&type=chunk) - The electric vehicle business recorded a gross loss of **MOP 33 thousand** due to continuous investment to expand market share[50](index=50&type=chunk) [Other Income](index=19&type=section&id=Other%20Income) Other income for the period increased by **MOP 7.2 million**, primarily due to the recognition of **MOP 5.8 million** in insurance claims - Other income increased by **MOP 7.2 million**, mainly from **MOP 5.8 million** in insurance claims[51](index=51&type=chunk) [Other Gains and Losses](index=19&type=section&id=Other%20Gains%20and%20Losses) Other gains and losses increased by **MOP 2.4 million** during the period, primarily due to exchange gains from China operations - Other gains and losses increased by **MOP 2.4 million**, mainly from exchange gains of **MOP 4.2 million** from China operations[52](index=52&type=chunk) [Distribution Costs](index=19&type=section&id=Distribution%20Costs) Distribution costs for the period increased to **MOP 14.0 million**, primarily due to higher transportation costs from selling new building materials - Distribution costs increased to **MOP 14.0 million** (previous period: MOP 10.6 million), mainly due to transportation costs for new building materials[53](index=53&type=chunk) [Impairment Losses Reversal (Recognition) under Expected Credit Loss Model](index=19&type=section&id=Impairment%20Losses%20Reversal%20(Recognition)%20under%20Expected%20Credit%20Loss%20Model) Impairment losses of **MOP 2.6 million** were recognized in the current period, while **MOP 6.2 million** in impairment losses were reversed in the prior period, primarily due to customer recoveries - Impairment losses of **MOP 2.6 million** were recognized on trade receivables, amounts due from an associate, contract assets, and other receivables in the current period[54](index=54&type=chunk) - Impairment losses of **MOP 6.2 million** were reversed in the prior period, mainly due to recoveries from customers[54](index=54&type=chunk) [Administrative Expenses](index=20&type=section&id=Administrative%20Expenses) Administrative expenses increased by 7.7%, primarily due to higher salaries, staff costs, and depreciation resulting from the expansion of China's production facilities - Administrative expenses increased by **MOP 2.7 million** or **7.7%**, mainly due to higher salaries, staff costs, and depreciation from the expansion of China's production facilities[55](index=55&type=chunk) [Finance Costs](index=20&type=section&id=Finance%20Costs) Finance costs decreased by 17.5%, primarily due to a reduction in bank borrowings during the period - Finance costs decreased by **MOP 0.9 million** or **17.5%**, mainly due to a reduction in bank borrowings[56](index=56&type=chunk) [Income Tax Expense](index=20&type=section&id=Income%20Tax%20Expense) Income tax expense increased by 166.8%, primarily due to higher gross profit during the period - Income tax expense increased by **MOP 2.7 million** or **166.8%**, mainly due to higher gross profit[57](index=57&type=chunk) [Profit for the Period](index=20&type=section&id=Profit%20for%20the%20Period) Profit for the period increased by 155.3%, with the net profit margin improving from 1.1% to 2.5%, reflecting the combined positive impact of the aforementioned factors - Profit for the period increased by **MOP 12.4 million** or **155.3%**, with the net profit margin improving from **1.1%** to **2.5%**[58](index=58&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) The Group adopts a prudent cash management approach, maintaining robust net current assets and current ratio, with a significant increase in cash and bank balances, reduced bank borrowings, and a lower gearing ratio, indicating a healthy financial position Liquidity and Financial Resources (As of June 30) | Metric | 2025 (million MOP) | Dec 31, 2024 (million MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Assets | 242.0 | 229.1 | +5.6% | | Current Ratio | 1.4 times | 1.4 times | 0.0% | | Total Cash and Bank Balances | 116.6 | 61.3 | +90.2% | | Outstanding Bank Borrowings | 240.5 | 257.7 | -6.7% | | Unutilized Credit Facilities | 132.5 | 121.6 | +8.9% | | Gearing Ratio | 47.2% | 53.5% | -6.3 percentage points | [Capital Structure](index=20&type=section&id=Capital%20Structure) As of June 30, 2025, the Company's share capital and total equity both increased Capital Structure (As of June 30) | Metric | 2025 (million MOP) | Dec 31, 2024 (million MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Share Capital | 41.0 | 41.0 | 0.0% | | Total Equity | 510.0 | 481.9 | +5.8% | [Currency Risk](index=21&type=section&id=Currency%20Risk) The Group primarily faces currency risk from RMB-denominated purchases and HKD-denominated sales, which management will continue to monitor and manage - Major currency risks arise from steel material purchases denominated in RMB and sales denominated in HKD[61](index=61&type=chunk) [Material Investments, Acquisitions or Disposals and Future Plans](index=21&type=section&id=Material%20Investments%2C%20Acquisitions%20or%20Disposals%20and%20Future%20Plans) During the period, the Group did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures, nor does it have future plans for other material investments or capital assets - No material investments, acquisitions, or disposals occurred during the period, nor are there future plans for other material investments or capital assets[62](index=62&type=chunk) [Pledge of Assets](index=21&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group has pledged bank deposits and property, plant and equipment as collateral for credit facilities Pledge of Assets (As of June 30) | Pledged Assets | 2025 (million MOP) | Dec 31, 2024 (million MOP) | | :--- | :--- | :--- | | Bank Deposits | 45.3 | 27.9 | | Property, Plant and Equipment (including right-of-use assets) | 258.1 | 258.9 | [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[64](index=64&type=chunk) [Commitments](index=21&type=section&id=Commitments) As of June 30, 2025, the Group had no material capital commitments - As of June 30, 2025, the Group had no material capital commitments (December 31, 2024: MOP 4,530 thousand)[65](index=65&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee count increased to 507, with remuneration packages including salaries, allowances, benefits, and bonuses determined by performance, qualifications, position, and industry practice, and no share options were granted or exercised under the share option scheme during the period - As of June 30, 2025, the Group had **507** employees (December 31, 2024: 405 employees)[66](index=66&type=chunk) - Employee remuneration packages include salaries, allowances, benefits in kind, and bonuses, determined based on performance, qualifications, position, and industry practice[66](index=66&type=chunk) - No share options were granted, agreed to be granted, exercised, cancelled, or lapsed under the share option scheme during the period[66](index=66&type=chunk) [Outlook](index=22&type=section&id=Outlook) The Group will seize market opportunities from new quality productive forces and computing network construction, deepen strategic cooperation with national R&D institutions, and expand into smart machinery manufacturing, including intelligent rebar production lines and smart window cleaning equipment, concurrently, it will actively pursue data center operation and maintenance orders and explore emerging overseas markets like Singapore to build a more balanced and resilient development model - Responding to the central government's call for new quality productive forces, the Group will advance the expansion of fully intelligent rebar production lines to enhance production efficiency and reduce costs[67](index=67&type=chunk) - In collaboration with Beijing Institute of Architectural Mechanization, the Group entered the production and sales of smart window cleaning machines, with plans to develop high-complexity smart window cleaning machines and promote them in South China, the Middle East, and Africa[68](index=68&type=chunk) - Seizing the demand for computing network construction driven by the popularization of AI and cloud services, the Group aims to secure more public and private data center operation and maintenance orders[69](index=69&type=chunk) - The Group will continue to invest in technological innovation, focusing on new material processing and mechanical products, and actively explore emerging overseas markets like Singapore to reduce reliance on a few markets[70](index=70&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section provides additional disclosures on corporate governance, securities transactions, dividends, share repurchases, audit committee activities, and post-reporting period events [Corporate Governance Practices](index=23&type=section&id=Corporate%20Governance%20Practices) The Company is committed to maintaining good corporate governance practices and has complied with all code provisions of the Corporate Governance Code under Appendix C1 of the HKEX Listing Rules throughout the period - The Company has complied with all code provisions in Part 2 of the Corporate Governance Code throughout the period[72](index=72&type=chunk) [Standard Code for Securities Transactions](index=23&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors have confirmed compliance throughout the period - All Directors have confirmed compliance with the required standards set out in the Standard Code throughout the period[73](index=73&type=chunk) [Interim Dividend](index=23&type=section&id=Interim%20Dividend) The Board did not recommend the payment of an interim dividend for the period - The Board did not recommend the payment of an interim dividend for the period[74](index=74&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) During the period, the Company repurchased and cancelled 680,000 shares on the HKEX for a total consideration of approximately **HKD 134,000**, which the Board believes enhanced earnings per share Share Repurchase Details (January 2025) | Month | Number of Shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 680,000 | 0.170 | 0.148 | 134,000 | - All repurchased shares were cancelled during the period, and the Board believes the repurchases enhanced earnings per share[75](index=75&type=chunk) [Audit Committee](index=24&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, chaired by Ms. Chan Po Yee, and its primary responsibility is to assist the Board in providing independent opinions on financial reporting, internal controls, and risk management - The Audit Committee comprises three independent non-executive directors: Ms. Chan Po Yee (Chairperson), Mr. Cheung Kiu Chor, and Mr. Liu Wing Tung[76](index=76&type=chunk) - Its primary responsibilities include providing independent opinions on financial reporting processes, internal control, and risk management systems effectiveness[76](index=76&type=chunk) [Review of Interim Financial Information](index=24&type=section&id=Review%20of%20Interim%20Financial%20Information) The Audit Committee and external auditor Deloitte Touche Tohmatsu have reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2025 - The Audit Committee and external auditor Deloitte Touche Tohmatsu have reviewed the interim financial statements[77](index=77&type=chunk) [Events After Reporting Period](index=24&type=section&id=Events%20After%20Reporting%20Period) As of the date of this announcement, no other significant events affecting the Group have occurred after the reporting period - No other significant events affecting the Group have occurred after the reporting period and up to the date of this announcement[78](index=78&type=chunk) [Publication of Interim Results and Interim Report on the Company's and HKEX Websites](index=25&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report%20on%20the%20Company%27s%20and%20HKEX%20Websites) This announcement has been published on the Company's and HKEX websites, and the 2025 interim report will be available on these websites in due course - This announcement and the 2025 interim report will be published on the Company's website www.mecommacau.com and the HKEX website www.hkexnews.hk[79](index=79&type=chunk) [Acknowledgement](index=25&type=section&id=Acknowledgement) The Board expresses gratitude for the support from the Group's management, all employees, shareholders, business partners, and other professionals - The Board expresses gratitude for the support from the Group's management, all employees, shareholders, business partners, and other professionals[80](index=80&type=chunk) [Board of Directors](index=25&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises two executive directors and three independent non-executive directors - The executive directors are Mr. Kwok Lam Sik and Mr. Sou Kun Tou, and the independent non-executive directors are Ms. Chan Po Yee, Mr. Cheung Kiu Chor, and Mr. Liu Wing Tung[81](index=81&type=chunk)

Core Viewpoint - Aon Construction (01183.HK) will hold a board meeting on August 28, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the proposal for an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 28, 2025 [1] - The meeting will focus on the interim performance of the company and its subsidiaries for the six months ending June 30, 2025 [1] - The results will be published on the Hong Kong Stock Exchange and the company's website [1] Group 2 - The board will also consider the proposal for an interim dividend [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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因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。 承董事會命 澳能建設控股有限公司 主席 郭林錫 香港，2025年8月15日 於本公告日期，本公司執行董事為郭林錫先生及蘇冠濤先生，及本公司獨立非執 行董事為陳寶儀女士、張翹楚先生及廖永通先生。 澳能建設控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1183） 董事會會議通告 澳能建設控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於 2025年8月28日（星期四）舉行董事會會議，藉以（其中包括）(i)考慮及通過本公司 及其附屬公司截至2025年6月30日止6個月的中期業績及於香港聯合交易所有限公 司及本公司網站登載，以及(ii)考慮派發中期股息的建議（如有）。 MECOM POWER AND CONSTRUCTION LIMITED ...

呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01183 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 澳能建設控股有限公司 本月底法定/註冊股本 ...