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 佈 之 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佈全部或 任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 CNQC INTERNATIONAL HOLDINGS LIMITED 青 建 國 際 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1240） 董事會會議通告 青建國際控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零 二五年八月二十九日（ 星期五 ）假座香港九龍灣宏照道39號企業廣場三期8樓舉行 董事會會議，旨在（ 其中包括 ）批准本公司及其附屬公司截至二零二五年六月三十 日止六個月之未經審核中期業績公告，並考慮派發中期股息（ 如有 ）。 承董事會命 青建國際控股有限公司 主席 王從遠先生 香港，二零二五年八月十四日 於本公告日期，董事會成員包括(i)四名執行董事，分別為王從遠先生（ 主席 ）、杜 波 博 士 、 李 軍 先 生（ 行 政 總 裁 ）及 杜 德 祥 先 生（ 聯 席 行 政 總 ...

致：香港交易及結算所有限公司 公司名稱: 青建國際控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 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 | 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) | 01240 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 6,000,000,000 | HKD | | 0.01 HKD | | 60,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 6,000,000,000 | HKD | | 0.01 HKD | | 60,000,000 | | 2. 股份分類 | 優先股 | 股份類別 | ...

青建国际公告，近期获授两份香港建筑工程合约及一份新加坡建筑工程合约，总合约额预计约为20.9亿 港元。两份香港合约分别为蚝涌合约和沙田合约，分别于2026年10月及2028年6月完成；新加坡合约为 兀兰合约，预计于2029年3月完成。由于合约额包含或有款项，其未必会实现，故本集团自该等合约获 得的实际合约额未必等于合约额。 ...

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 9,900,000,000, a decrease from HKD 10,400,000,000 in 2023[9] - The net profit attributable to the company's owners was approximately HKD 45,600,000, compared to a net loss of HKD 490,300,000 in 2023[9] - The earnings per share for the year was HKD 0.028, recovering from a loss of HKD 0.298 per share in the previous year[9] - Total revenue for the reporting period was approximately HKD 9,900,000,000, a decrease of 5.0% compared to HKD 10,400,000,000 in the previous year[45] - The construction segment in Hong Kong and Macau generated revenue of approximately HKD 3,000,000,000, down about 13.9% from HKD 3,400,000,000 in the previous year[45] - The Singapore and Southeast Asia projects generated revenue of approximately HKD 6,900,000,000, with construction business revenue increasing by 35.2% to approximately HKD 5,900,000,000[45] - Gross profit margin improved to approximately 5.4% from 2.6% in the previous year, primarily due to cost optimization in Singapore construction[46] Market Outlook - The company anticipates significant growth in performance in the coming years due to sustainable business expansion and improved project margins[12] - The global economic environment remains complex, with high interest rates and geopolitical tensions affecting trade growth[10] - The Singapore construction market outlook remains optimistic, supported by government investments in infrastructure and urban renewal projects[53] - Singapore's construction output is projected to reach SGD 32 billion to SGD 38 billion in 2024, with government projects contributing 55% and private sector 45%[17] - Hong Kong's nominal total value of construction works is estimated at HKD 290.5 billion for 2024, reflecting a year-on-year growth of 7.2%, driven by public sector projects which increased by 26.7%[18] - Malaysia's construction market size is expected to reach approximately USD 38.55 billion in 2024, with a compound annual growth rate of 8.55% projected until 2029[19] Project Developments - The group has secured contracts amounting to approximately HKD 20,390,000,000 for uncompleted construction projects, with HKD 7,170,000,000 from Hong Kong and HKD 13,220,000,000 from Singapore and Southeast Asia[12] - The company plans to focus on the public housing construction market in Hong Kong, with the government aiming to build over 300,000 public housing units in the next decade[12] - In Singapore, the company has won four large government housing construction projects and is participating in the BCA's innovation and productivity program[11] - The company secured four public housing projects in Singapore with a total contract value of approximately HKD 7.86 billion[22] - By the end of 2024, the company achieved a cumulative contract sales rate of 100% for the Fuli Xuan project, totaling 633 units sold[26] Revenue and Sales - The construction revenue for Singapore and Southeast Asia amounted to HKD 5.88 billion, up from HKD 4.35 billion in 2023[22] - The construction revenue for Hong Kong and Macau was HKD 2.96 billion, down from HKD 3.43 billion in 2023[22] - The total sales revenue for Forett @ Bukit Timah was approximately HKD 650.23 million with an average selling price of HKD 125,396 per square meter[29] - The total sales revenue for The Arden was approximately HKD 412.14 million with an average selling price of HKD 111,392 per square meter[29] - The total saleable area of the projects under development in Singapore is approximately 160,800 square meters[30] Financial Management - Selling and marketing expenses decreased to approximately HKD 41,300,000, representing about 0.4% of total revenue, down from 0.9% in the previous year[47] - General and administrative expenses were approximately HKD 283,600,000, accounting for about 2.9% of total revenue, a decrease from 3.1% in the previous year[48] - Financial costs reduced to approximately HKD 223,900,000, down from HKD 327,700,000 in the previous year due to decreased borrowings[49] - The company recorded a net profit of approximately HKD 43,400,000, a turnaround from a net loss of HKD 371,300,000 in the previous year[50] Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period[125] - The board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a high level of independence for effective decision-making[171] - The independent non-executive directors have confirmed their independence according to the relevant listing rules, ensuring compliance with governance standards[179] - The company has established a clear process for the rotation and re-election of directors at annual general meetings[177] - The company has received written confirmations of independence from all independent non-executive directors, affirming their compliance with listing regulations[179] Leadership Changes - The company reported a significant leadership change with Mr. Zheng Yong'an resigning as Chairman of the Board on February 24, 2023, after serving in various roles since 2011[158] - Mr. Zhang Yuqiang, who joined the company in April 2014, resigned as Executive Director and General Manager on February 24, 2023, after overseeing operations for nearly nine years[159] - The company has appointed new executives to strengthen its financial oversight, including Mr. Cao Jintong as Chief Financial Officer, who has over ten years of experience in corporate finance[161] - The company has a strong management team with over 45 years of experience in engineering and construction, and over 30 years in property construction, indicating a robust leadership foundation[158][159] Environmental and Social Responsibility - The company actively promotes environmental protection through water and energy conservation and encourages recycling of office supplies and construction materials[134] - The company made charitable donations amounting to HKD 47,000 during the reporting period, a decrease from HKD 289,000 in 2023[121] Risks and Compliance - The company faced significant risks and uncertainties during the reporting period, which are analyzed in the management discussion and analysis section[76] - The company is closely monitoring regulatory policies and will optimize its business model to maintain stable development amid potential risks from project delays and market fluctuations[129] - The company has complied with all applicable laws and regulations in Singapore and Hong Kong, with no significant violations reported during the reporting period[135]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 3,499,037,16, a decrease of 8.3% compared to HKD 10,422,620 for the year ended December 31, 2023[2] - Gross profit for the same period was HKD 529,945, a significant increase from HKD 266,143, indicating a gross margin improvement[2] - Operating profit before tax was HKD 92,141, recovering from an operating loss of HKD 326,634 in the previous year[3] - The company reported a net profit of HKD 43,391, compared to a net loss of HKD 371,251 in the prior year, showing a turnaround in profitability[3] - Earnings per share for ordinary shares was HKD 0.028, up from a loss per share of HKD 0.298 in the previous year[3] - The total revenue for the reporting period was approximately HKD 9,900,000,000, a decrease of 5.0% compared to HKD 10,400,000,000 for the year ending December 31, 2023[87] - The company reported a total profit attributable to ordinary shareholders of HKD 45,578 thousand for 2023, a significant improvement from a loss of HKD (490,335) thousand in 2022[33] - The improvement in profitability was primarily due to enhanced gross margins in the Singapore construction segment and optimized debt structure, leading to reduced financial costs and administrative expenses[93] Cost Management - The company incurred total selling and administrative expenses of HKD 283,648, down from HKD 326,990, reflecting cost control measures[2] - The financial cost decreased to HKD 223,852 from HKD 327,730, suggesting improved financial management[2] - The total cost of sales and operating expenses amounted to HKD 9,726,368, a decrease of 8.3% compared to HKD 10,607,468 in the previous year[28] - Selling and marketing expenses were approximately HKD 41,300,000, accounting for about 0.4% of total revenue, down from 0.9% in the previous year[90] - General and administrative expenses were approximately HKD 283,600,000, representing about 2.9% of total revenue, a decrease from 3.1% in the previous year[91] - Financial costs decreased to approximately HKD 223,900,000, down from HKD 327,700,000 in the previous year due to a reduction in total borrowings[92] Asset and Liability Management - Total assets decreased from HKD 11,121,372,000 in December 2023 to HKD 9,093,312,000 in December 2024, representing a decline of approximately 18.2%[4] - The company's cash and cash equivalents decreased from HKD 1,604,091,000 to HKD 1,127,809,000, a drop of approximately 29.6%[4] - Total liabilities decreased from HKD 7,052,393,000 to HKD 4,078,241,000, indicating a reduction of about 42.3%[6] - The company's total borrowings decreased from HKD 5,048,518,000 in 2023 to HKD 3,218,763,000 in 2024[52] - The company's total current liabilities include trade payables of HKD 1,645,692,000 as of December 31, 2024[54] Revenue Breakdown - Revenue from construction contracts increased to HKD 8,835,550 thousand in 2024, up from HKD 7,782,591 thousand in 2023, reflecting a growth of approximately 13.5%[27] - Revenue from property sales decreased from HKD 2,638,670 thousand in 2023 to HKD 1,064,674 thousand in 2024, a decline of about 59.7%[27] - Revenue generated from Singapore and Southeast Asia projects was approximately HKD 6,900,000,000, compared to HKD 7,000,000,000 in the previous year[88] - The construction business in Singapore generated revenue of about HKD 5,900,000,000, an increase of 35.2% from HKD 4,400,000,000 in the same period last year[88] Market Expansion and Strategy - The company expects to continue its market expansion efforts, focusing on new product development and technological advancements in the upcoming fiscal year[2] - The company plans to enhance its operational efficiency and explore potential mergers and acquisitions to drive future growth[2] - The company continues to focus on expanding its operations in Singapore and Southeast Asia, leveraging its existing customer base and market presence to drive future growth[23] - The company plans to focus on expanding operations in Singapore and Southeast Asia to drive future growth[26] Construction and Development Projects - The group completed 5 external construction projects in Singapore during the reporting period, with a total contract value of approximately HKD 7.86 billion for 4 public housing projects and 2 private apartment projects expected in 2024[69] - The group has 22 ongoing external construction projects in Singapore with an outstanding contract value of approximately HKD 12.04 billion as of December 31, 2024[69] - The group secured 14 new projects in foundation and superstructure construction with a total contract value of approximately HKD 4.75 billion, and has 38 ongoing projects with an outstanding contract value of about HKD 7.17 billion[70] Financial Reporting and Compliance - The consolidated financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[10] - The financial statements are based on historical cost principles, excluding financial assets measured at fair value through profit or loss[11] - The Group has applied the new amendments to the Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the current and prior financial positions[12] - The audit committee has reviewed the consolidated financial statements for the reporting period and recommended them for approval by the board of directors[115] Shareholder Information - The company did not recommend the payment of a final dividend for the year ending December 31, 2024, maintaining the dividend at zero for 2023[36] - The convertible preference shares have a nominal value totaling HKD 9,519,000, providing priority over ordinary shareholders in asset distribution during liquidation[34] - The company’s convertible preference shares have an annual interest rate of 0.01% and are non-cumulative, ensuring equal rights to dividends with ordinary shareholders[34] Economic and Market Outlook - The Singapore government plans to build 700,000 new housing units by 2030 to accommodate population growth, with about 200,000 units already in preparation or progress[96] - The Singapore construction market outlook remains optimistic, supported by ongoing government investments in infrastructure and urban renewal projects[96] - The potential housing supply in Hong Kong for the upcoming year is approximately 15,150 units, alongside 120,000 square meters of commercial space and 544,000 square meters of industrial space[102]

[Company and Financial Overview](index=2&type=section&id=Company%20and%20Financial%20Overview) [Company Information](index=2&type=section&id=Company%20Information) This chapter provides fundamental corporate details of CNQC International Holdings Limited, including its board, committees, and professional advisors - The company's Chairman is Mr. Wang Congyuan, CEO is Mr. Li Jun, and Co-CEO is Mr. Du Dexiang[12](index=12&type=chunk) - The company's auditor is **Deloitte Touche Tohmatsu**[13](index=13&type=chunk) [Review Report](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20Review%20Report) Deloitte Touche Tohmatsu has reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2024, concluding that nothing indicates the statements are not prepared in all material respects in accordance with HKAS 34 'Interim Financial Reporting' - Auditor Deloitte issued an **unmodified review conclusion** on these interim financial statements[17](index=17&type=chunk) - The scope of a review is significantly narrower than an audit, thus no audit opinion is expressed, and comparative figures for the corresponding period in 2023 were not reviewed[15](index=15&type=chunk)[16](index=16&type=chunk) [Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2024, the Group returned to profitability with total revenue increasing by **15.5% to HKD 4.88 billion**, gross profit surging by **258% to HKD 280 million**, and a net profit of **HKD 29.63 million** reversing a prior-year loss of HKD 138 million Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousands) | Metric (HKD Thousands) | H1 2024 (Unaudited) | H1 2023 (Unaudited) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | 4,883,569 | 4,228,508 | +15.5% | | **Gross Profit** | 280,681 | 78,413 | +258.0% | | **Operating Profit/(Loss)** | 204,316 | (15,097) | Turned to Profit | | **Profit/(Loss) for the Period** | 29,628 | (138,122) | Turned to Profit | | **Profit/(Loss) Attributable to Owners of the Company** | 23,831 | (147,263) | Turned to Profit | | **Basic Earnings/(Loss) Per Share (HKD)** | 0.014 | (0.090) | Turned to Profit | [Consolidated Statement of Financial Position](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets decreased to **HKD 10.41 billion** from HKD 11.12 billion at year-end 2023, with total liabilities falling to **HKD 7.56 billion** primarily due to reduced current borrowings, while total equity slightly increased to **HKD 2.85 billion** Consolidated Statement of Financial Position (HKD Thousands) | Metric (HKD Thousands) | As at June 30, 2024 (Unaudited) | As at Dec 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 10,410,841 | 11,121,372 | -6.4% | | Non-current Assets | 2,737,401 | 2,827,771 | -3.2% | | Current Assets | 7,673,440 | 8,293,601 | -7.5% | | **Total Liabilities** | 7,558,144 | 8,294,410 | -8.9% | | Non-current Liabilities | 2,395,029 | 1,242,017 | +92.8% | | Current Liabilities | 5,163,115 | 7,052,393 | -26.8% | | **Total Equity** | 2,852,697 | 2,826,962 | +0.9% | [Consolidated Statement of Changes in Equity](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2024, equity attributable to owners of the company slightly increased from **HKD 2.379 billion** to **HKD 2.383 billion**, primarily driven by a **HKD 23.83 million** profit for the period, partially offset by **HKD 19.82 million** in exchange differences - Total equity attributable to owners of the company slightly increased from **HKD 2.379 billion** at the beginning of 2024 to **HKD 2.383 billion** by the end of June[24](index=24&type=chunk) - The change in equity was primarily influenced by the combined effect of profit for the period (**+HKD 23.83 million**) and exchange differences (**-HKD 19.82 million**)[24](index=24&type=chunk) [Consolidated Statement of Cash Flows](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the reporting period, the Group's net cash and cash equivalents decreased by **HKD 661 million**, with operating activities generating a net cash inflow of **HKD 116 million** (a significant improvement from a HKD 370 million outflow), while investing activities used **HKD 150 million** and financing activities used **HKD 627 million** due to higher bank loan repayments Consolidated Statement of Cash Flows (HKD Thousands) | Cash Flow Item (HKD Thousands) | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 116,480 | (369,958) | | **Net Cash (Used in) Investing Activities** | (150,174) | 343,104 | | **Net Cash Used in Financing Activities** | (627,025) | (359,815) | | **Net Decrease in Cash and Cash Equivalents** | (660,719) | (386,669) | | **Cash and Cash Equivalents at End of Period** | 932,694 | 1,119,320 | [Notes to the Financial Statements](index=13&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) [Note 6 Segment Information](index=18&type=section&id=6%20分部資料) The Group operates four segments, with 'Construction - Singapore & Southeast Asia' significantly increasing revenue and adjusted segment profit, driving overall performance improvement, while 'Property Development - Singapore & Southeast Asia' also contributed substantial profit, and 'Foundations and Building - Hong Kong & Macau' maintained profitability despite a slight revenue decrease Segment Performance (HKD Thousands) | Segment (HKD Thousands) | H1 2024 Revenue | H1 2023 Revenue | H1 2024 Adjusted Segment Profit/(Loss) | | :--- | :--- | :--- | :--- | | Foundations and Building - Hong Kong & Macau | 1,478,610 | 1,543,822 | 35,901 | | Property Development - Hong Kong | - | - | (2) | | Construction - Singapore & Southeast Asia | 2,770,578 | 1,735,537 | 62,654 | | Property Development - Singapore & Southeast Asia | 634,381 | 949,149 | 120,833 | | **Total** | **4,883,569** | **4,228,508** | **219,386** | [Note 18 Borrowings](index=32&type=section&id=18%20借貸) As of June 30, 2024, the Group's total borrowings decreased to **HKD 4.335 billion** from HKD 5.049 billion at year-end 2023, reflecting a debt structure adjustment with current borrowings significantly reduced to **HKD 2.135 billion** while non-current borrowings increased to **HKD 2.200 billion**, with most being secured bank loans Borrowings Classification (HKD Thousands) | Loan Classification (HKD Thousands) | As at June 30, 2024 | As at Dec 31, 2023 | | :--- | :--- | :--- | | Current Borrowings | 2,134,998 | 3,979,159 | | Non-current Borrowings | 2,200,264 | 1,069,359 | | **Total Borrowings** | **4,335,262** | **5,048,518** | - Total secured bank borrowings amounted to **HKD 1.55 billion**, collateralized by properties held for sale, property, plant and equipment, shares in subsidiaries, and bank deposits[104](index=104&type=chunk)[105](index=105&type=chunk) [Note 25 Disposal of a Subsidiary](index=37&type=section&id=25%20出售附屬公司) During the reporting period, the Group disposed of its entire **66.7% equity interest** in CNQC Smart Manufacturing (Hong Kong) Limited and its subsidiaries (CIC Group), which are engaged in modular integrated construction, resulting in a gain of **HKD 43.225 million** for the Group - The Group disposed of its entire **66.7% equity interest** in CIC Group, recording a gain on disposal of **HKD 43,225 thousand**[118](index=118&type=chunk)[120](index=120&type=chunk) - This transaction resulted in a net cash outflow of **HKD 7,387 thousand** (due to cash and cash equivalents disposed of)[120](index=120&type=chunk) [Management Discussion and Analysis](index=39&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=39&type=section&id=Business%20Review) During the reporting period, the Group's construction and property development businesses advanced, with strong performance in Singapore and Southeast Asia construction, significant new contracts, successful sales in Singapore property projects, new land acquisitions, and ongoing progress in pharmaceutical fund investments - **Construction Business**: - Singapore and Southeast Asia: Secured 3 public housing and 2 private projects with a total contract value of approximately **HKD 5.07 billion** during the period, with outstanding contracts totaling approximately **HKD 12.37 billion** at period-end[123](index=123&type=chunk) - Hong Kong and Macau: Undertook 6 new projects with a total contract value of approximately **HKD 1.61 billion**, with outstanding contracts totaling **HKD 5.38 billion** at period-end[123](index=123&type=chunk) - **Property Development Business**: - Singapore projects achieved strong sales progress, with Forett At Bukit Timah reaching **100% sales rate** and The Reef at King's Dock reaching **99%**[124](index=124&type=chunk)[131](index=131&type=chunk) - Successfully bid for land parcels in Singapore's Media Circle and Pasir Ris, expanding land reserves[132](index=132&type=chunk) - **Pharmaceutical Fund Investment**: All four new drugs invested have obtained clinical Phase I trial approvals, but research and development procedures have been delayed due to unfavorable market conditions[136](index=136&type=chunk)[139](index=139&type=chunk) [Financial Review](index=43&type=section&id=Financial%20Review) The Group achieved significant financial improvement and returned to profitability during the period, with total revenue growing **15.5% to HKD 4.88 billion** driven by strong Singapore construction business, gross margin increasing from **1.9% to 5.7%** due to efficient cost management, and reduced finance costs contributing to a net profit of **HKD 29.6 million** - Total revenue increased by **15.5% year-on-year**, primarily driven by a significant increase in Singapore construction revenue[140](index=140&type=chunk) - Gross profit margin improved from **1.9% to 5.7%**, mainly due to efficient cost management in Singapore construction projects[141](index=141&type=chunk) - The Group turned from a loss of **HKD 138 million** in the prior period to a net profit of **HKD 29.6 million**, primarily attributable to improved gross profit margin and reduced finance costs[145](index=145&type=chunk) [Outlook](index=44&type=section&id=Outlook) Management anticipates favorable prospects in key markets despite a complex global economic environment, with sustained public sector construction demand in Singapore, growth opportunities in Malaysia from data center and industrial plant demand, and Hong Kong's public housing and Northern Metropolis initiatives providing construction growth, where the Group will leverage its MiC experience to focus on public housing and maintain competitive advantages - **Singapore**: The economy is expected to develop steadily, with public housing and infrastructure projects contributing most of the construction demand[146](index=146&type=chunk) - **Malaysia**: The data center market and industrial plant demand present unprecedented development opportunities[147](index=147&type=chunk) - **Hong Kong**: Government public housing initiatives and the promotion of Modular Integrated Construction (MiC) offer development opportunities, with the Group focusing on the public housing construction market[148](index=148&type=chunk) [Liquidity and Capital Structure](index=46&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group maintains a prudent financial policy, holding approximately **HKD 900 million** in cash and cash equivalents as of June 30, 2024, with a stable gearing ratio of approximately **54.3%** (net debt / (total equity + net debt)), largely consistent with 54.9% at year-end 2023, primarily funding operations through bank borrowings and operating cash flow Liquidity and Capital Structure Metrics | Metric | As at June 30, 2024 | As at Dec 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | Approx. HKD 900 million | Approx. HKD 1.6 billion | | Gearing Ratio | Approx. 54.3% | Approx. 54.9% | - The Group's total interest-bearing borrowings decreased from approximately **HKD 5.1 billion** at year-end 2023 to approximately **HKD 4.4 billion** at the end of the reporting period[149](index=149&type=chunk) [Other Disclosures](index=49&type=section&id=Other%20Disclosures) [Disclosure of Interests](index=49&type=section&id=%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2) This section details the shareholdings of directors, chief executives, and substantial shareholders, with Dr. Du Bo deemed to hold approximately **74.08%** of the company's issued share capital through controlled entities, making him the controlling shareholder, while other executive directors also hold varying interests - Dr. Du Bo is deemed to have an interest in **1,124,759,528 shares**, representing approximately **74.08%** of the company's issued share capital, making him the controlling shareholder[162](index=162&type=chunk)[164](index=164&type=chunk) - Guoqing Holdings Limited and its associated companies constitute a major shareholder group of the company, holding substantial shares directly or indirectly[166](index=166&type=chunk)[167](index=167&type=chunk) [Corporate Governance and Other Information](index=52&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) During the reporting period, the company complied with all applicable Corporate Governance Code provisions, with the Audit Committee reviewing the interim financial report, and financial assistance to affiliated companies totaling approximately **HKD 2.764 billion** disclosed in accordance with Listing Rule 13.22 - The company complied with all applicable Corporate Governance Code provisions during the reporting period[169](index=169&type=chunk) - Financial assistance totaling approximately **HKD 2.764 billion** provided to affiliated companies was disclosed in accordance with Listing Rule 13.22[168](index=168&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[159](index=159&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 4,883,569, an increase of 15.5% compared to HKD 4,228,508 for the same period in 2023[1] - Gross profit for the same period was HKD 280,681, significantly up from HKD 78,413, reflecting a gross margin improvement[1] - The net profit for the period was HKD 29,628, a recovery from a loss of HKD 138,122 in the previous year[2] - Total sales for the six months ended June 30, 2024, reached HKD 4,997,939,000, compared to HKD 4,348,000,000 for the same period in 2023, representing an increase of approximately 14.9%[13] - Adjusted segment profit for the six months ended June 30, 2024, was HKD 219,386,000, significantly higher than HKD 6,082,000 in the same period of 2023, indicating a substantial improvement in profitability[16] - Operating profit for the six months ended June 30, 2024, was HKD 3,689,389, compared to HKD 3,007,124 for the same period in 2023, indicating an increase of 22.6%[22] - The group recorded a net profit of approximately HKD 29,600,000, a significant turnaround from a net loss of HKD 138,100,000 in the previous year[67] Financial Position - Total assets as of June 30, 2024, amounted to HKD 10,410,841, down from HKD 11,121,372 as of December 31, 2023[4] - The company’s cash and cash equivalents decreased to HKD 932,694 from HKD 1,604,091, reflecting a tighter liquidity position[4] - The company’s total liabilities decreased from HKD 8,294,410,000 to HKD 7,558,144,000, indicating a reduction of approximately 8.9%[5] - The company reported retained earnings of HKD 276,418,000 as of June 30, 2024, compared to HKD 252,587,000 at the end of 2023, reflecting an increase of approximately 9.4%[5] - The company has a significant amount of borrowings, with non-current borrowings at HKD 2,200,264,000 and current borrowings at HKD 2,134,998,000[5] - The asset-to-liability ratio as of June 30, 2024, was approximately 54.3%, a slight decrease from 54.9% as of December 31, 2023[75] Cost Management - The company reported a significant reduction in selling and marketing expenses to HKD 24,783 from HKD 34,700, indicating improved cost management[1] - The company’s financial cost decreased from HKD 178,962,000 in the first half of 2023 to HKD 148,089,000 in the first half of 2024, indicating improved cost management[16] - Selling and marketing expenses were approximately HKD 24,800,000, accounting for about 0.5% of total revenue, down from 0.8% in the previous year[64] - General and administrative expenses increased by approximately 15.1% to HKD 133,400,000, primarily due to increased employee costs[65] Revenue Sources - The company operates primarily in the foundation and construction sectors in Hong Kong and Macau, as well as property development and related investment businesses in Singapore and Southeast Asia[5] - Revenue from construction contracts for the six months ended June 30, 2024, was HKD 4,248,668, an increase of 29.6% compared to HKD 3,278,709 for the same period in 2023[19] - Revenue from Singapore and Southeast Asia amounted to approximately HKD 2,770,500,000 for the reporting period[47] - Revenue from construction contracts in Hong Kong and Macau was approximately HKD 1,478,600,000 for the reporting period[48] Shareholder Information - The basic earnings per share for the period was HKD 0.014, recovering from a loss of HKD 0.090 in the previous year[3] - The total number of ordinary shares as of June 30, 2024, was 6,000,000, maintaining the same level as the previous year, with a total capital of HKD 60,000,000[41] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[86] Strategic Initiatives - The company plans to maintain its current dividend policy while exploring new market opportunities and product developments[27] - The financial outlook for the next six months remains cautiously optimistic, with expectations of improved performance driven by strategic initiatives[27] - The company is focusing on expanding its market presence and enhancing its product offerings in the upcoming fiscal periods[27] Investments and Acquisitions - The company successfully acquired the "Media Circle" land plot in Singapore for SGD 395,290,000, with an estimated saleable area of 30,834 square meters and plans for approximately 350 residential units[56] - The company acquired the Pasir Ris land plot in Singapore for SGD 557,000,000, with an estimated saleable area of 71,014 square meters and plans for over 700 residential units[57] - The company purchased land in Hong Kong for HKD 530,000,000, with a total site area of approximately 17,400 square feet, approved for redevelopment into residential units[58] Market Conditions - The economic outlook for 2024 remains complex, with challenges such as political instability and high inflation impacting global economic recovery[68] - According to the Hong Kong government's budget forecast, the economy is expected to grow at an annual rate of approximately 3.2% over the next few years, with a basic inflation rate projected at an average of 2.5% per year[72] Employee Information - As of June 30, 2024, the group had 2,858 full-time employees, a slight increase from 2,857 employees as of December 31, 2023[83]

Financial Performance - The group's revenue for 2023 was HKD 10.4 billion, an increase from HKD 8.3 billion in 2022[10]. - The net loss attributable to shareholders was approximately HKD 490.3 million, compared to a net loss of HKD 588 million in 2022, resulting in a loss per share of HKD 0.298[10]. - The group did not declare a final dividend for the year, consistent with the previous year[11]. - The total revenue for the reporting period was approximately HKD 10,400,000,000, representing a 26% increase from HKD 8,300,000,000 in the previous year[50]. - The net loss for the reporting period was approximately HKD 371,300,000, an improvement from a net loss of HKD 513,000,000 in the previous year[55]. - The revenue from the "Foundation and Construction - Hong Kong and Macau" segment was approximately HKD 3,400,000,000, a 63% increase from HKD 2,100,000,000 year-on-year[50]. - The gross profit margin improved to approximately 2.6%, up from -0.5% in the previous year, due to the completion of delayed construction projects[51]. Market and Industry Trends - The construction market in Singapore is showing strong growth, with the total value of construction contracts reaching new highs, and the government plans to launch over 50,000 housing units by 2025[13]. - The global economic environment remains challenging, with high interest rates and inflation impacting growth, particularly in emerging markets[12]. - The construction demand in Singapore reached SGD 33.8 billion in 2023, driven mainly by public sector projects, and is expected to continue in 2024[19]. - The Singapore construction sector is expected to remain vibrant, with projected annual construction demand reaching SGD 31 billion to SGD 38 billion from 2025 to 2028[58]. - The overall private residential property prices in Singapore increased by 6.8% in 2023, although the growth rate has slowed compared to 2022[23]. - The Hong Kong property market saw a decline in private residential prices by approximately 6.75% in 2023, amidst a challenging economic environment[24]. - The Malaysian construction industry grew by 6.3% in 2023, with a total project value of approximately MYR 54.71 billion from January to October[21]. - The Malaysian construction industry is projected to grow at a rate of 6.8% in 2024, providing long-term growth opportunities for the group[62]. Project Developments - The group secured three large government projects in Singapore during the year, with significantly improved bidding profits[13]. - The group has signed multiple public housing development contracts in Hong Kong, with the government planning to build approximately 410,000 public housing units over the next decade, providing significant growth opportunities[15]. - The group successfully secured three new public housing projects in Singapore, including one utilizing the modular construction method, highlighting its strategic focus on innovative building techniques[19]. - The group completed previously delayed construction projects, which, despite affecting performance, enhanced its corporate reputation and garnered strong support from the Singapore government[13]. - The group aims to maintain a competitive advantage in government housing projects to ensure project profitability moving forward[13]. - As of the end of 2023, the group has uncompleted construction contracts amounting to approximately HKD 15.4 billion, with HKD 5.4 billion from Hong Kong and HKD 10 billion from Singapore and Southeast Asia, showing a year-on-year increase[16]. Operational Challenges - The group faced significant cost increases due to labor shortages and rising material prices, impacting profitability in the previous fiscal year[13]. - The total salary cost incurred by the group during the reporting period was approximately HKD 919.9 million, up from approximately HKD 705 million in 2022[76]. - Financial costs increased significantly to HKD 327,700,000 due to rising market interest rates, up from HKD 247,500,000 in the previous year[54]. Corporate Governance and Management - The company has confirmed compliance with relevant laws and regulations that significantly impact its operations[84]. - The company’s audit committee has reviewed the accounting principles and practices adopted by the group and discussed internal controls during the reporting period[81]. - The company has a strong management team with extensive experience in finance, construction, and international business[193]. - The management team includes professionals with qualifications in finance and engineering, contributing to strategic decision-making[194]. - The company is focused on expanding its market presence and enhancing its operational management capabilities[189]. Shareholder Information - As of December 31, 2023, the beneficial ownership of Dr. Du Bo is 1,124,759,528 shares, representing 74.08% of the total shares[100]. - The largest customer accounted for 30.6% of the revenue in 2023, up from 14.1% in 2022, indicating a significant increase in dependency on major clients[113]. - The top five suppliers contributed 13.1% to the procurement amount in 2023, compared to 6.7% in 2022, reflecting a growing reliance on key suppliers[113]. Environmental and Social Responsibility - The company is committed to environmental protection by promoting water and energy conservation and recycling office supplies and construction materials[161]. - Charitable donations made by the group during the reporting period amount to 289,000 Hong Kong dollars, an increase from 142,000 Hong Kong dollars in 2022[143]. Future Outlook - The company provided guidance for the next quarter, expecting revenue to be between $A million and $B million, indicating a projected growth rate of C%[197]. - New product launches are anticipated to contribute an additional $D million in revenue, with a focus on innovative technology solutions[197]. - Strategic acquisitions are planned to enhance operational capabilities, with an estimated investment of $G million[197]. - Research and development efforts are being intensified, with a budget allocation of $H million to drive innovation[197].

Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 10,422,620, representing a 26% increase from HKD 8,272,122 in the previous year[2]. - The cost of sales for the same period was HKD 10,156,477, up from HKD 8,312,472, resulting in a gross profit of HKD 266,143 compared to a loss of HKD 40,350 in the prior year[2]. - The net loss for the year was HKD 371,251, an improvement from a loss of HKD 513,040 in the previous year[3]. - The company reported a basic loss per share of HKD 0.298, compared to HKD 0.358 in the previous year, indicating a reduction in losses per share[3]. - The total comprehensive loss for the year was HKD 348,833, compared to HKD 513,426 in the previous year, reflecting an overall improvement[3]. - The total revenue for 2023 reached HKD 10,422,620, an increase of 26% compared to HKD 8,272,122 in 2022[38]. - Construction contract revenue was HKD 7,782,591, up from HKD 6,305,274, representing a growth of 23.5%[38]. - Sales from property development increased to HKD 2,638,670, a rise of 34.4% from HKD 1,964,774 in the previous year[38]. - The adjusted segment loss for 2023 was HKD (46,680), significantly improved from HKD (183,993) in 2022[36]. - The gross profit margin for the reporting period was approximately 2.6%, a significant improvement from -0.5% in the previous year[110]. Assets and Liabilities - Total assets as of December 31, 2023, were HKD 11,121,372, down from HKD 12,179,430 in the previous year[6]. - As of December 31, 2023, the total equity amounted to HKD 2,826,962,000, a decrease of 10.8% from HKD 3,168,251,000 in 2022[8]. - The total liabilities decreased to HKD 8,294,410,000, down 7.9% from HKD 9,011,179,000 in the previous year[8]. - The group has total borrowings of HKD 5,048,518,000 as of December 31, 2023, down from HKD 6,118,203,000 in 2022[69]. - The group’s net book value of unsold development properties is HKD 1,538,858,000, a decrease from HKD 2,974,381,000 in 2022, which are pledged as collateral for bank loans[68]. - The total amount of other receivables decreased to HKD 280,658,000 in 2023 from HKD 739,883,000 in 2022, a decline of approximately 62%[55]. Cash Flow and Financing - The company’s cash and cash equivalents amounted to HKD 1,604,091, an increase from HKD 1,506,649 in the previous year[5]. - The company has outstanding borrowings of HKD 5,048,518,000, with HKD 3,979,159,000 classified as current liabilities[14]. - A three-year term loan of HKD 546,000,000 was established to refinance existing borrowings[18]. - The company plans to repay HKD 68,570,000 of borrowings after December 31, 2023, and expects to fully repay the remaining borrowings by April 2024[18]. - The group has projected a net expected cash flow of approximately HKD 15.4 billion from construction contracts that are in progress as of December 31, 2023[19]. - The group is seeking alternative financing and borrowing to cover existing financial obligations and future operating expenses[20]. - The group has received waivers from lenders regarding certain financial covenants until December 31, 2024[18]. Business Strategy and Market Outlook - The company plans to focus on market expansion and new product development to drive future growth[2]. - The company plans to expand its operations in Southeast Asia, focusing on new projects and partnerships[38]. - The group plans to utilize a three-year term loan of HKD 546,000,000 to refinance existing syndicated loans[70]. - The group aims to maintain its competitive position in the HDB market while exploring other construction project bidding opportunities[119]. - The Singapore construction industry is expected to remain vibrant, with projected annual construction demand reaching SGD 31 billion to SGD 38 billion from 2025 to 2028, with 55% of this demand coming from public sector tenders[119]. Segment Performance - The segment "Building and Construction - Hong Kong and Macao" generated external sales of HKD 3,433,430,000, while "Property Development - Singapore and Southeast Asia" contributed HKD 4,350,520,000[30]. - Revenue from a single external customer in the "Building - Singapore and Southeast Asia" segment was approximately HKD 3,190,683,000, accounting for 31% of the total group revenue, up from 27% in the previous year[32]. - The segment "Property Development - Hong Kong" reported external sales of HKD 2,638,670,000, contributing to the overall growth in property development revenue[30]. Compliance and Governance - The company has adhered to the corporate governance code as per the listing rules throughout the reporting period[139]. - The board of directors confirmed compliance with the standards for securities trading during the entire reporting period[140]. - The audit committee reviewed the accounting principles and practices adopted by the group and discussed financial reporting matters[141]. - The group's auditor confirmed that the figures in the preliminary announcement align with the audited consolidated financial statements for the year ending December 31, 2023[143]. Future Projects and Developments - The group plans to construct approximately 172,000 public housing units in the first five years from 2024 to 2029, including "modular housing"[124]. - The group aims to provide around 500,000 new housing units in the future through the development of the "Northern Metropolis" area[124]. - The group has successfully secured three public housing construction projects in Singapore, including Punggol North Contract 15, Choa Chu Kang Neighbourhood 8 Contract 12, and Bukit Batok Neighbourhood 4 Contract 26[79].

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 4,228,508,000, representing an increase of 10.1% compared to HKD 3,839,967,000 for the same period in 2022[8] - Gross profit decreased to HKD 78,413,000, down 62.8% from HKD 210,695,000 year-on-year[8] - Operating loss for the period was HKD 15,097,000, compared to an operating profit of HKD 116,932,000 in the previous year[8] - Net loss attributable to shareholders was HKD 147,263,000, compared to a profit of HKD 86,233,000 in the same period last year[9] - Basic loss per share for ordinary shares was HKD (0.090), compared to earnings of HKD 0.052 per share in the previous year[9] - Total comprehensive loss for the period was HKD 143,148,000, compared to a comprehensive income of HKD 58,895,000 in the prior year[9] - Financial costs increased significantly to HKD 178,962,000, up from HKD 97,133,000 in the previous year[8] - The company reported a share of losses from joint ventures amounting to HKD 265, compared to a profit of HKD 1,015 in the previous year[8] - Other income increased to HKD 45,439,000, up from HKD 23,909,000 year-on-year[8] - The company reported a net loss before tax of HKD 130,299 for the six months ended June 30, 2023, compared to a profit of HKD 118,275 in the same period of 2022[1] - The company reported a significant increase in interest paid, amounting to HKD (147,445) thousand in 2023, up from HKD (78,642) thousand in 2022, indicating higher borrowing costs[16] - The company recorded a net loss of approximately HKD 138.1 million for the reporting period, compared to a net profit of HKD 99.7 million for the six months ended June 30, 2022[113] - The loss attributable to the company's owners was approximately HKD 147.3 million, compared to a profit of HKD 86.2 million for the same period in 2022[113] Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 11,412,655,000, a decrease from HKD 12,179,430,000 as of December 31, 2022, representing a decline of approximately 6.3%[10] - Current assets totaled HKD 8,582,357,000, down from HKD 9,366,900,000, indicating a decrease of about 8.4%[10] - Non-current liabilities increased significantly to HKD 3,403,807,000 from HKD 2,037,771,000, reflecting an increase of approximately 67.0%[11] - The company's equity attributable to owners decreased to HKD 2,694,962,000 from HKD 2,846,089,000, a decline of about 5.3%[11] - Total liabilities decreased to HKD 8,387,552,000 from HKD 9,011,179,000, a reduction of approximately 6.9%[11] - Cash and cash equivalents decreased to HKD 1,119,320,000 from HKD 1,506,649,000, a reduction of approximately 25.8%[10] - The company's retained earnings fell to HKD 563,455,000 from HKD 710,718,000, a decrease of about 20.7%[12] - The company's debt-to-equity ratio increased to approximately 61.8% as of June 30, 2023, compared to 59.7% on December 31, 2022[29] - Total borrowings as of June 30, 2023, amounted to HKD 5,972,162,000, a decrease from HKD 6,118,203,000 as of December 31, 2022, reflecting a reduction of about 2.4%[74] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2023, was HKD (369,958) thousand, compared to HKD (248,635) thousand for the same period in 2022, representing a significant increase in cash outflow[16] - Cash flow from investing activities showed a net inflow of HKD 343,104 thousand for the six months ended June 30, 2023, compared to HKD 229,378 thousand in the previous year, indicating improved investment returns[16] - The net cash used in financing activities was HKD (359,815) thousand for the six months ended June 30, 2023, compared to HKD (13,694) thousand in 2022, reflecting increased repayment of bank borrowings[16] - The total cash and cash equivalents decreased by HKD (386,669) thousand, ending at HKD 1,119,320 thousand as of June 30, 2023, compared to HKD 877,001 thousand at the end of the previous period[16] Revenue Sources and Projects - The company has two main revenue sources: property development and construction services[91] - The company achieved a cumulative contract sales rate of approximately 99% for the Fuli Residence project in Singapore, with 630 units sold[92] - The average selling price for the Fuli Residence project was HKD 125,781 per square meter, generating sales revenue of approximately HKD 943.3 million in the first half of 2023[93] - The company has ongoing property development projects in Singapore, including two private apartment developments and two executive condominium projects[92] - The company has completed the acquisition of 100% ownership of four sites in Sham Shui Po, which are planned for redevelopment into residential buildings with commercial platforms[102] Financial Management and Governance - The company continues to face financial risks including market risk, credit risk, and liquidity risk, with strategies in place to mitigate these risks[27] - The company has not adopted any new accounting standards that would significantly impact its financial performance or position as of June 30, 2023[20] - The company has not complied with certain financial covenants related to short-term bank borrowings amounting to HKD 81,000,000 as of June 30, 2023, but lenders have not demanded immediate repayment[74] - The company anticipates sufficient financial resources to meet its future obligations despite the non-compliance with certain covenants[74] - The company has complied with all applicable corporate governance code provisions as per the Hong Kong Stock Exchange listing rules during the reporting period[144] Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[83] - Major shareholders include Huilong Enterprises Limited, holding 1,024,759,528 shares, representing approximately 67.49%[139] - Dr. Du Bo holds 1,124,759,528 shares, accounting for 74.08% of the relevant shares[137] - Shareholders granted the board a general mandate to repurchase up to 151,832,003 shares, representing 10% of the total issued shares as of the annual general meeting date[133]