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 致：香港交易及結算所有限公司 公司名稱: 高陞集團控股有限公司 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) | 01283 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

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 公司名稱: 高陞集團控股有限公司 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) | 01283 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100 ...

ANNUAL REPORT 2025 年 報 CONTENTS 目錄 | 02 | Corporate Information | | --- | --- | | | 公司資料 | | 04 | Glossary | | | 詞彙 | | 08 | Financial Summary | | | 財務概要 | | 09 | Chairman's Statement | | | 主席報告 | | 11 | Management Discussion and Analysis | | | 管理層討論及分析 | | 24 | Biographies of Directors and | | | Senior Management | | | 董事及高級管理人員履歷 | | 30 | Directors' Report | | | 董事會報告 | | 52 | Corporate Governance Report | | | 企業管治報告 | 71 Independent Auditor's Report 獨立核數師報告 78 Consolidated Statement of Profit or Loss and ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Final Dividend](index=1&type=section&id=Final%20Dividend) The Board has recommended a final dividend of HKD 1.4 cents per share for the year, an increase from the previous year - Recommended final dividend of **HKD 1.4 cents per share** (2024: HKD 1.3 cents per share) for the current year[3](index=3&type=chunk) [Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) The Group recorded slight increases in revenue and gross profit, significant growth in net profit, and stable gross margin in FY2025 2025 Financial Highlights | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 556,417 | 553,537 | | Gross Profit | 88,525 | 87,834 | | Gross Margin | 15.9% | 15.9% | | Profit | 47,020 | 40,419 | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group achieved slight revenue growth and significant net profit increase in FY2025, but other comprehensive income decreased due to fair value losses on financial assets Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 556,417 | 553,537 | | Cost of Services | (467,892) | (465,703) | | Gross Profit | 88,525 | 87,834 | | Profit Before Tax | 57,057 | 48,800 | | Profit for the Year | 47,020 | 40,419 | | Total Comprehensive Income for the Year | 42,880 | 40,419 | | Basic Earnings Per Share (HK cents) | 5.77 | 5.10 | | Diluted Earnings Per Share (HK cents) | 5.75 | 5.09 | - Other comprehensive expense for 2025 was **(HKD 4,140 thousand)** due to fair value changes of financial assets designated at fair value through other comprehensive income, compared to zero in 2024[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets and equity increased, net current assets rose, but non-current assets slightly decreased Summary of Consolidated Statement of Financial Position | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 78,533 | 98,754 | | Current Assets | 509,812 | 427,420 | | Current Liabilities | 135,559 | 99,229 | | Net Current Assets | 374,253 | 328,191 | | Net Assets | 451,132 | 421,695 | | Total Equity | 451,132 | 421,695 | - Property, plant and equipment within non-current assets decreased from **HKD 68,227 thousand** to **HKD 62,146 thousand**; financial assets at fair value through other comprehensive income increased from **zero** to **HKD 5,957 thousand**[7](index=7&type=chunk) - Trade and other receivables, deposits and prepayments within current assets increased from **HKD 84,417 thousand** to **HKD 121,835 thousand**; contract assets increased from **HKD 242,049 thousand** to **HKD 262,311 thousand**; cash and cash equivalents increased from **HKD 98,428 thousand** to **HKD 107,397 thousand**[7](index=7&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [General Information](index=6&type=section&id=General%20Information) The company is incorporated in the Cayman Islands, listed on the HKEX Main Board, primarily engaged in E&M engineering services, with Dr. Ko Lai Hung and Ms. Cheung Mei Lan as ultimate controlling parties - The Company was incorporated on **September 20, 2018**, in the Cayman Islands and listed on the Main Board of the HKEX since **October 18, 2019**[9](index=9&type=chunk) - The ultimate controlling parties are **Dr. Ko Lai Hung** and his wife **Ms. Cheung Mei Lan**[9](index=9&type=chunk) - The Group primarily provides **E&M engineering services**, typically involving the supply, installation, and maintenance of mechanical ventilation and air-conditioning systems[10](index=10&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted several HKFRS amendments this year with no significant impact, while new standards like HKFRS 18 are expected to affect profit or loss presentation and future disclosures - Amendments to HKFRS (including HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7) mandatorily effective this year had **no significant impact** on the Group's financial position and performance[12](index=12&type=chunk) - New and revised HKFRS issued but not yet effective include HKFRS 9, 7, 10, HKAS 28, 21, and HKFRS 18, among others[13](index=13&type=chunk) - HKFRS 18 is expected to impact the presentation of the statement of profit or loss and future financial statement disclosures, with the Group currently assessing its detailed effects[18](index=18&type=chunk) [Amendments to HKFRS 9 and HKFRS 7](index=7&type=section&id=Amendments%20to%20HKFRS%209%20and%20HKFRS%207) These amendments primarily concern the classification, measurement, and disclosure of financial instruments, particularly for financial liabilities settled via electronic payment systems and equity investments at fair value through OCI, with no significant impact expected - Amendments to HKFRS 9 added an exception for financial liabilities settled in cash via electronic payment systems to be considered extinguished[14](index=14&type=chunk) - Amendments to HKFRS 7 require disclosure of fair value gains or losses for equity investments designated at fair value through other comprehensive income, distinguishing between derecognized and year-end held investments[15](index=15&type=chunk) - These amendments are effective for annual periods beginning on or after **January 1, 2026**, and are not expected to have a significant impact on the Group's financial position and performance[15](index=15&type=chunk) [HKFRS 18 Presentation and Disclosure in Financial Statements](index=8&type=section&id=HKFRS%2018%20Presentation%20and%20Disclosure%20in%20Financial%20Statements) This new standard replaces HKAS 1, introducing new presentation requirements for designated categories and defined subtotals in the statement of profit or loss, and improving disclosure in financial statement notes - The new standard introduces new requirements for presenting designated categories and defined subtotals in the statement of profit or loss, and improves the aggregation and disaggregation of information to be disclosed in the financial statements[17](index=17&type=chunk) - HKFRS 18 and other amendments are expected to impact the presentation of the statement of profit or loss and future financial statement disclosures, with the Group currently assessing the detailed effects[18](index=18&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from E&M engineering services in Hong Kong, recognized over time under long-term contracts, with customers mainly private sector owners, construction companies, and contractors, operating as a single reportable segment - The Group's revenue is derived from E&M engineering services typically provided in Hong Kong under long-term contracts and recognized over time[19](index=19&type=chunk) - Customers are primarily **private sector owners, construction companies, and contractors** in Hong Kong[19](index=19&type=chunk) - The Group operates as a **single reportable and operating segment**[22](index=22&type=chunk) [Transaction Price Allocated to Remaining Performance Obligations](index=9&type=section&id=Transaction%20Price%20Allocated%20to%20Remaining%20Performance%20Obligations) As of March 31, 2025, the transaction price allocated to remaining performance obligations was HKD 849,196 thousand, a decrease from last year, with most expected to be recognized as revenue within one year Transaction Price Allocated to Remaining Performance Obligations | Period | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within one year | 504,844 | 478,504 | | More than one year but not more than two years | 280,374 | 395,517 | | More than two years | 63,978 | 52,138 | | **Total** | **849,196** | **926,159** | - The total amount in 2025 decreased by approximately **8.3%** compared to 2024[22](index=22&type=chunk) [Other Income, Gains and Losses, Net](index=9&type=section&id=Other%20Income%2C%20Gains%20and%20Losses%2C%20Net) Other income, gains and losses, net significantly increased in 2025, primarily due to higher interest income, net gain on disposal of property, plant and equipment, gain on waiver of amount due from a non-controlling interest of a subsidiary, and fair value gains on financial assets at FVTPL Composition of Other Income, Gains and Losses, Net | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income | 1,472 | 839 | | Net gain on disposal of property, plant and equipment | 645 | 20 | | Fair value gains on financial assets at fair value through profit or loss | 540 | – | | Gain on waiver of amount due from a non-controlling interest of a subsidiary | 1,205 | – | | Others | 1,423 | 2,984 | | **Total** | **6,009** | **4,064** | [Finance Costs](index=9&type=section&id=Finance%20Costs) Finance costs decreased in 2025, mainly due to lower interest on bank loans and lease liabilities Composition of Finance Costs | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank loans | 865 | 1,308 | | Interest on lease liabilities | 253 | 414 | | **Total** | **1,118** | **1,722** | [Profit Before Tax](index=10&type=section&id=Profit%20Before%20Tax) Profit before tax in 2025 was primarily affected by increased staff costs, reduced donations, and changes in depreciation expenses - Total staff costs increased from **HKD 94,084 thousand** in 2024 to **HKD 101,439 thousand** in 2025[25](index=25&type=chunk) - Donations significantly decreased from **HKD 3,667 thousand** in 2024 to **HKD 1,420 thousand** in 2025[25](index=25&type=chunk) - Depreciation of right-of-use assets decreased from **HKD 5,139 thousand** in 2024 to **HKD 4,061 thousand** in 2025[25](index=25&type=chunk) [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) Income tax expense increased in 2025, consistent with the Group's overall profitability growth, and the Hong Kong Profits Tax two-tiered rates continued to apply Income Tax Expense | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong Profits Tax - Current year | 10,174 | 8,856 | | Hong Kong Profits Tax - Deferred tax | (137) | (496) | | **Total** | **10,037** | **8,381** | - Income tax expense increased by **19.8%**, consistent with the Group's overall increase in profitability for the year[25](index=25&type=chunk)[44](index=44&type=chunk) - The Group's wholly-owned subsidiary, Jetta, is subject to the Hong Kong Profits Tax two-tiered rates, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[25](index=25&type=chunk) [Dividends](index=11&type=section&id=Dividends) Total ordinary share dividends declared in 2025 decreased, but the final dividend proposed by the Board after the reporting period increased Ordinary Share Dividends Declared During the Year | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | 2024 Final Dividend (HKD 1.3 cents per share) | 10,541 | 12,800 (2023 Final Dividend) | | 2025 Interim Dividend (HKD 0.6 cents per share) | 4,865 | 5,600 (2024 Interim Dividend) | | **Total** | **15,406** | **18,400** | - After the reporting period, the Board recommended a final dividend of **HKD 1.4 cents per ordinary share** for the year ended March 31, 2025, totaling **HKD 11,352 thousand** (2024: HKD 1.3 cents, HKD 10,541 thousand)[26](index=26&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Both basic and diluted earnings per share increased in 2025, reflecting the rise in profit attributable to owners of the Company Earnings Per Share Data | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for calculation of basic and diluted EPS (HKD thousands) | 46,253 | 40,792 | | Basic Earnings Per Share (HK cents) | 5.77 | 5.10 | | Diluted Earnings Per Share (HK cents) | 5.75 | 5.09 | [Trade and Other Receivables, Deposits and Prepayments](index=12&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) The total of trade and other receivables, deposits, and prepayments significantly increased in 2025, primarily due to growth in trade receivables and prepayments for materials and subcontracting fees - The total increased by **42.3%** from **HKD 85,879 thousand** as of March 31, 2024, to **HKD 122,164 thousand** as of March 31, 2025[28](index=28&type=chunk)[46](index=46&type=chunk) - Trade receivables (net of allowance for credit losses) increased by **52.3%** to **HKD 107,546 thousand**, mainly due to accelerated construction progress of the Kai Tak residential development project, hospital E&M installation project, and completion of certain representative projects[28](index=28&type=chunk)[46](index=46&type=chunk) Ageing Analysis of Trade Receivables (2025) | Ageing | Amount (HKD thousands) | | :--- | :--- | | 0 to 30 days | 52,029 | | 31 to 90 days | 43,102 | | 91 to 180 days | 3,045 | | Over 180 days | 10,589 | [Trade and Retention Payables and Accruals](index=13&type=section&id=Trade%20and%20Retention%20Payables%20and%20Accruals) The total of trade and retention payables and accruals significantly increased in 2025, driven by growth in trade payables and retention money payable - The total increased by **41.2%** from **HKD 58,683 thousand** as of March 31, 2024, to **HKD 82,843 thousand** as of March 31, 2025[33](index=33&type=chunk)[52](index=52&type=chunk) - Trade payables increased by **71.4%** to **HKD 50,388 thousand**, mainly representing amounts due to major suppliers and subcontractors due to accelerated project progress and increased materials and subcontracting services near the reporting period end[33](index=33&type=chunk)[53](index=53&type=chunk) Ageing Analysis of Trade Payables (2025) | Ageing | Amount (HKD thousands) | | :--- | :--- | | 0 to 30 days | 34,050 | | 31 to 90 days | 13,364 | | Over 180 days | 2,974 | [Bank Loans](index=14&type=section&id=Bank%20Loans) Total bank loans increased in 2025, primarily due to short-term loans obtained to enhance liquidity, with all bank loans classified as current liabilities Bank Loans | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Bank loans, secured and guaranteed | 26,635 | 23,594 | - Bank loans increased by **12.9%**, mainly due to a short-term loan obtained during the year to enhance liquidity[35](index=35&type=chunk)[54](index=54&type=chunk) - All bank loans are classified as current liabilities because banks can revise, cancel, or suspend facilities at their discretion without prior notice[56](index=56&type=chunk) [Share Capital](index=14&type=section&id=Share%20Capital) As of March 31, 2025, the company's issued and fully paid ordinary share capital remained stable with no new issuances Issued and Fully Paid Ordinary Shares | Number of Shares | HKD thousands | | :--- | :--- | | 810,827,000 | 8,108 | - Issued and fully paid ordinary share capital remained unchanged from March 31, 2024[35](index=35&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=15&type=section&id=Business%20Review) The Group successfully transitioned from residential-focused projects to a balanced portfolio including public works, expanding into technology innovation and inbound consultancy services, particularly AI-driven solutions and assisting mainland students in Hong Kong - The Group has strategically transitioned from primarily focusing on residential projects to a more balanced portfolio including residential developments and public works, securing key public sector contracts such as a large hospital E&M project and a government complex E&M installation project[36](index=36&type=chunk) - The Group continues to expand its business in technology innovation, showcasing its AI Smart Health Management System and SafeSwim Smart Drowning Detection System, developed in collaboration with The Hong Kong Polytechnic University, at the 2025 Hong Kong International Innovation and Technology Exhibition[37](index=37&type=chunk) - The Group has expanded its inbound consultancy services, focusing on assisting mainland students to study in Hong Kong, supporting the government's efforts to establish the Greater Bay Area as an education hub and foster talent development[38](index=38&type=chunk) [Financial Performance Analysis](index=16&type=section&id=Financial%20Performance%20Analysis) The Group achieved slight revenue growth, stable gross margin, significantly reduced administrative expenses, increased income tax expense consistent with profitability, and a slight increase in profit and total comprehensive income attributable to owners of the Company in FY2025 [Revenue](index=16&type=section&id=Revenue) Group revenue slightly increased by 0.5%, reaching HKD 556,417 thousand, reflecting financial stability during its business transformation - Revenue increased by approximately **HKD 2,880 thousand** or **0.5%** from approximately **HKD 553,537 thousand** last year to approximately **HKD 556,417 thousand** this year[39](index=39&type=chunk) - Revenue growth reflects the Group's strategic adaptation to the macroeconomic environment and timely robust execution, ensuring financial stability during changes[39](index=39&type=chunk) [Cost of Services](index=16&type=section&id=Cost%20of%20Services) Cost of services slightly increased by 0.5%, largely consistent with revenue growth, primarily comprising material costs and subcontracting fees - Cost of services increased by approximately **HKD 2,189 thousand** or **0.5%** from approximately **HKD 465,703 thousand** last year to approximately **HKD 467,892 thousand** this year[40](index=40&type=chunk) - Cost of services primarily refers to material costs (e.g., mechanical ventilation and air-conditioning system components) and subcontracting fees for completing on-site works[40](index=40&type=chunk) [Gross Profit and Gross Margin](index=16&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit slightly increased by 0.8%, with gross margin remaining stable at 15.9%, reflecting the combined effect of higher-margin project completions and lower-margin public works - Gross profit increased by approximately **HKD 691 thousand** or **0.8%** from approximately **HKD 87,834 thousand** last year to approximately **HKD 88,525 thousand** this year[41](index=41&type=chunk) - The gross margin for the year remained at **15.9%** compared to last year, due to the completion of higher-margin projects and the expected lower gross margin of public works[41](index=41&type=chunk) [Administrative Expenses](index=16&type=section&id=Administrative%20Expenses) Administrative expenses significantly decreased by 14.2%, primarily due to reduced donations and depreciation of right-of-use assets - Administrative expenses decreased by approximately **HKD 5,793 thousand** or **14.2%** from approximately **HKD 40,670 thousand** last year to approximately **HKD 34,877 thousand** this year[42](index=42&type=chunk) - The decrease in administrative expenses was mainly due to reduced donations and depreciation of right-of-use assets during the year[42](index=42&type=chunk) [Other Comprehensive Expenses](index=16&type=section&id=Other%20Comprehensive%20Expenses) The Group made a strategic cornerstone investment during the year, classified as fair value through other comprehensive income, resulting in fair value fluctuations recognized in other comprehensive income - The Group has made a strategic investment as a cornerstone investor, classifying the investment as fair value through other comprehensive income, ensuring fair value fluctuations are recognized in other comprehensive income rather than affecting profit or loss[43](index=43&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) Income tax expense increased by 19.8%, consistent with the Group's overall profitability growth for the year - Income tax expense increased by approximately **HKD 1,656 thousand** or **19.8%** from approximately **HKD 8,381 thousand** last year to approximately **HKD 10,037 thousand** this year[44](index=44&type=chunk) - The increase in income tax expense is consistent with the Group's overall increase in profitability for the year[44](index=44&type=chunk) [Profit and Total Comprehensive Income Attributable to Owners of the Company](index=17&type=section&id=Profit%20and%20Total%20Comprehensive%20Income%20Attributable%20to%20Owners%20of%20the%20Company) Profit and total comprehensive income attributable to owners of the Company slightly increased, primarily due to higher profit for the year and the net effect of fair value changes in cornerstone investments - Profit and total comprehensive income attributable to owners of the Group were approximately **HKD 42,113 thousand** (2025) and **HKD 40,792 thousand** (2024) respectively[45](index=45&type=chunk) - The slight increase was mainly due to the aforementioned increase in profit for the year and the net effect of fair value changes in the Group's cornerstone investments[45](index=45&type=chunk) [Financial Position Analysis](index=17&type=section&id=Financial%20Position%20Analysis) The Group's financial position shows growth in both current assets and liabilities, with an increase in cash and cash equivalents, reflecting business expansion and effective receivables control measures [Trade and Other Receivables, Deposits and Prepayments](index=17&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) The total of trade and other receivables, deposits, and prepayments significantly increased by 42.3%, driven by growth in trade receivables and prepayments for materials and subcontracting fees, reflecting accelerated project construction progress - Trade and other receivables, deposits and prepayments increased by approximately **HKD 36,285 thousand** or **42.3%** from approximately **HKD 85,879 thousand** as of March 31, 2024, to approximately **HKD 122,164 thousand** as of March 31, 2025[46](index=46&type=chunk) - Trade receivables (net of allowance for credit losses) increased by **52.3%** to **HKD 107,546 thousand**, mainly due to accelerated construction progress of the Kai Tak residential development project, hospital E&M installation project, and completion of certain representative projects[46](index=46&type=chunk) - Prepayments for materials and subcontracting fees increased by **25.6%** to **HKD 9,008 thousand**, primarily due to prepayments made to subcontractors for their services[47](index=47&type=chunk) [Property, Plant and Equipment](index=17&type=section&id=Property%2C%20Plant%20and%20Equipment) Property, plant and equipment decreased by 8.9%, mainly due to the disposal of a vehicle during the year - Property, plant and equipment decreased by approximately **HKD 6,081 thousand** or **8.9%** from approximately **HKD 68,227 thousand** as of March 31, 2024, to approximately **HKD 62,146 thousand** as of March 31, 2025[48](index=48&type=chunk) - The decrease was mainly due to the disposal of a vehicle by the Group during the year[48](index=48&type=chunk) [Contract Assets and Liabilities](index=18&type=section&id=Contract%20Assets%20and%20Liabilities) Contract assets increased by 8.4% due to more new contract works and improved residential project progress; contract liabilities significantly increased by 118.0% due to the completion of certain representative projects certified by architects - Contract assets increased by approximately **HKD 20,262 thousand** or **8.4%** from approximately **HKD 242,049 thousand** as of March 31, 2024, to approximately **HKD 262,311 thousand** as of March 31, 2025, mainly due to an increase in new contract works accepted and improved progress of Kai Tak and Tin Shui Wai residential projects[50](index=50&type=chunk) - Contract liabilities increased by approximately **HKD 8,015 thousand** or **118.0%** from approximately **HKD 6,791 thousand** as of March 31, 2024, to approximately **HKD 14,806 thousand** as of March 31, 2025, mainly due to the completion of certain representative projects certified by architects during the year[50](index=50&type=chunk) [Pledged Bank Balances and Cash and Cash Equivalents](index=18&type=section&id=Pledged%20Bank%20Balances%20and%20Cash%20and%20Cash%20Equivalents) Pledged bank balances and cash and cash equivalents increased by 13.6%, primarily due to enhanced receivables control measures and settlement of significant projects - Pledged bank balances and cash and cash equivalents increased by approximately **HKD 13,464 thousand** or **13.6%** from approximately **HKD 98,933 thousand** as of March 31, 2024, to approximately **HKD 112,397 thousand** as of March 31, 2025[51](index=51&type=chunk) - The increase was mainly due to enhanced receivables control measures implemented by the Group to minimize financial risks by improving bank balances, and the settlement of certain significant projects during the year[51](index=51&type=chunk) [Trade and Retention Payables and Accruals](index=18&type=section&id=Trade%20and%20Retention%20Payables%20and%20Accruals) The total of trade and retention payables and accruals increased by 41.2%, driven by growth in trade payables and retention money payable, reflecting increased materials and subcontracting services due to accelerated project progress - Trade and retention payables and accruals increased by approximately **HKD 24,160 thousand** or **41.2%** from approximately **HKD 58,683 thousand** as of March 31, 2024, to approximately **HKD 82,843 thousand** as of March 31, 2025[52](index=52&type=chunk) - Trade payables increased by **71.4%** to **HKD 50,388 thousand**, mainly representing amounts due to major suppliers and subcontractors due to accelerated project progress and increased materials and subcontracting services near the reporting period end[53](index=53&type=chunk) - Retention money payable increased by **30.4%** to **HKD 19,828 thousand**, mainly due to accelerated progress of the Group's subcontractors' projects for installing mechanical ventilation and air-conditioning systems in Kai Tak and Tin Shui Wai[53](index=53&type=chunk) [Bank Loans](index=19&type=section&id=Bank%20Loans) Bank loans increased by 12.9%, primarily due to short-term loans obtained to enhance liquidity, secured by Group assets and corporate guarantees - Bank loans increased by approximately **HKD 3,041 thousand** or **12.9%** from approximately **HKD 23,594 thousand** as of March 31, 2024, to approximately **HKD 26,635 thousand** as of March 31, 2025[54](index=54&type=chunk) - The increase in bank loans was mainly due to a short-term loan obtained during the year to enhance liquidity[54](index=54&type=chunk) Bank Loans by Scheduled Repayment Date | Period | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within one year | 6,468 | 1,934 | | More than one year but not more than two years | 1,504 | 1,413 | | More than two years but not more than five years | 4,733 | 6,100 | | More than five years | 13,930 | 14,147 | | **Total** | **26,635** | **23,594** | [Future Prospects](index=20&type=section&id=Future%20Prospects) The Group anticipates consolidating its role in Hong Kong's urban transformation in 2025 through engineering excellence, technological innovation, and talent development, actively participating in public works and infrastructure projects in the Northern Metropolis and New Territories North, and continuing to invest in AI-driven engineering applications and expanding education and inbound consultancy services - The Group will actively seek opportunities in public works and infrastructure projects in the **Northern Metropolis** and **New Territories North**, including hospitals, government complexes, and smart city development projects[59](index=59&type=chunk) - The Group will continue to invest in **AI-driven engineering applications**, building upon the success of its AI Smart Health Management System and SafeSwim Smart Drowning Detection System[60](index=60&type=chunk) - The Group will expand its **education and inbound consultancy services**, focusing on assisting mainland students to study in Hong Kong, supporting government efforts to attract young talent to the Northern Metropolis and foster a knowledge-based economy[61](index=61&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's working capital is primarily financed by internal resources and bank loans, maintaining a healthy current ratio, and is committed to a robust financial position - As of March 31, 2025, the Group's current ratio (calculated as current assets divided by current liabilities) was approximately **3.76 times** (March 31, 2024: approximately **4.31 times**)[62](index=62&type=chunk) - The Group generally funds its daily operations through internally generated cash flows and external borrowings[62](index=62&type=chunk) [Financial Policy](index=21&type=section&id=Financial%20Policy) The Group regularly monitors liquidity needs to ensure sufficient cash reserves are maintained to meet both short-term and long-term liquidity requirements and manage liquidity risk - The Group's policy is to regularly monitor current and anticipated liquidity needs to ensure sufficient cash reserves are maintained to meet its short-term and long-term liquidity requirements[63](index=63&type=chunk) [Gearing Ratio](index=21&type=section&id=Gearing%20Ratio) The Group's gearing ratio decreased, indicating a lower level of financial leverage - As of March 31, 2025, the Group's gearing ratio was approximately **6.8%** (March 31, 2024: approximately **8.5%**)[64](index=64&type=chunk) [Capital Expenditure](index=21&type=section&id=Capital%20Expenditure) Capital expenditure significantly decreased in 2025, primarily for leasehold improvements, furniture, fixtures and equipment, and motor vehicles and yachts - During the year, the Group incurred cash outflows of approximately **HKD 52 thousand** for leasehold improvements, furniture, fixtures and equipment, and motor vehicles and yachts (2024: **HKD 13,022 thousand**)[65](index=65&type=chunk) [Capital Commitments](index=21&type=section&id=Capital%20Commitments) As of March 31, 2025, the Group had no significant capital commitments - As of March 31, 2025, the Group had **no significant capital commitments** (March 31, 2024: **HKD 353 thousand**)[66](index=66&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) The Group's contingent liabilities primarily consist of performance guarantees issued by banks to customers, secured by Group assets - As of March 31, 2025, performance guarantees totaling **HKD 96,486 thousand** (2024: **HKD 94,428 thousand**) were issued by banks to the Group's customers[67](index=67&type=chunk) - The performance guarantees are secured by two parking spaces, an office property, and a corporate guarantee provided by the Company to the banks[67](index=67&type=chunk) [Events After the Reporting Period](index=22&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, there were no significant post-reporting period events requiring disclosure - No significant post-reporting period events requiring disclosure have occurred from **March 31, 2025**, up to the date of this announcement[68](index=68&type=chunk) [Pledge of the Group's Assets](index=22&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) Group assets, including an office property, motor vehicles, refundable rental deposits, parking spaces, and pledged bank balances, are pledged as security for lease liabilities and bank financing - As of March 31, 2025, one of the Group's office properties, certain motor vehicles, refundable rental deposits, two parking spaces, and pledged bank balances were pledged as collateral for lease liabilities and bank financing[69](index=69&type=chunk) [Material Investments, Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=22&type=section&id=Material%20Investments%2C%20Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the year, the Group had no other material investments, acquisitions, or disposals apart from those disclosed - During the year, apart from those disclosed in this announcement, the Group had **no other material investments, significant acquisitions, or disposals** of subsidiaries, associates, and joint ventures[70](index=70&type=chunk) [Future Plans for Material Investments and Capital Assets](index=22&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of March 31, 2025, the Group had no other future plans for material investments or capital assets - As of March 31, 2025, apart from those disclosed in this announcement, the Group had **no other future plans for material investments or capital assets**[71](index=71&type=chunk) [Foreign Exchange Risk Management](index=22&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group's monetary assets, liabilities, and transactions are primarily denominated in HKD, foreign currency risk is considered insignificant, and there is currently no foreign currency hedging policy, but management will closely monitor it - The Group's monetary assets, liabilities, and transactions are primarily denominated in **HKD**, and it is not exposed to significant foreign currency risk arising from monetary assets and liabilities denominated in currencies other than the functional currency of each group entity[72](index=72&type=chunk) - The Group currently has **no foreign currency hedging policy** as foreign currency risk is considered insignificant; however, management will continue to closely monitor the Group's foreign exchange risk and consider hedging significant foreign exchange exposures when necessary[73](index=73&type=chunk) [Credit Risk](index=23&type=section&id=Credit%20Risk) The Group maintains credit risk at a reasonably low level by assessing customer credit quality, regularly reviewing the recoverability of receivables, and closely monitoring customer financial conditions - The Group's major customers include **renowned property developers and major contractors**[74](index=74&type=chunk) - The Group has closely monitored and strengthened its collection measures and adopted prudent credit policies to mitigate credit risk, aiming to keep the Group's credit risk at a reasonably low level[74](index=74&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=Employees%20and%20Remuneration%20Policy) The Group increased its headcount and total staff costs, offering competitive remuneration, training, salary increments, discretionary bonuses, and share options to attract and retain talent - As of March 31, 2025, the Group employed **238 employees** (March 31, 2024: 197 employees), with total staff costs (including direct labor costs) for the year amounting to approximately **HKD 101,439 thousand** (last year: approximately HKD 94,084 thousand)[75](index=75&type=chunk) - The Group provides adequate job training to employees and offers salary increments, discretionary bonuses, and share options based on individual performance assessments and market conditions[75](index=75&type=chunk) - As of March 31, 2025, the total number of shares available for issue under the Share Award Scheme was approximately **77,191,790 shares** (representing approximately **9.52%** of the total issued shares as of March 31, 2025)[77](index=77&type=chunk) [Competing Interests](index=24&type=section&id=Competing%20Interests) During the year, no directors, controlling shareholders, or their close associates held interests in any business directly or indirectly competing or potentially competing with the Group's business - During the year, no directors or controlling shareholders or their close associates had any interests in any business directly or indirectly competing or potentially competing with the Group's business[79](index=79&type=chunk) [Final Dividend](index=24&type=section&id=Final%20Dividend) The Board resolved to recommend a final dividend of HKD 1.4 cents per share for the year, totaling approximately HKD 11,352 thousand, expected to be paid on or around October 20, 2025, pending shareholder approval at the AGM - The Board resolved to recommend a final dividend of **HKD 1.4 cents per ordinary share** (2024: HKD 1.3 cents per share) for the year to shareholders whose names appear on the register of members on **September 29, 2025**, amounting to approximately **HKD 11,352 thousand** (2024: HKD 10,541 thousand)[80](index=80&type=chunk) - Subject to the passing of the relevant resolution at the 2025 Annual General Meeting, the final dividend is expected to be paid to shareholders on or around **Monday, October 20, 2025**[80](index=80&type=chunk) [Closure of Register of Members](index=24&type=section&id=Closure%20of%20Register%20of%20Members) To determine shareholders' eligibility to attend the 2025 Annual General Meeting and receive the final dividend, the company will suspend its register of members twice [For the 2025 Annual General Meeting](index=24&type=section&id=For%20the%202025%20Annual%20General%20Meeting) The register of members will be closed from September 15, 2025, to September 18, 2025, to determine eligibility for attending and voting at the Annual General Meeting - The register of members will be closed from **Monday, September 15, 2025**, to **Thursday, September 18, 2025** (both dates inclusive)[81](index=81&type=chunk) - To be eligible to attend and vote at the 2025 Annual General Meeting, all share transfer documents, together with the relevant share certificates and transfer forms, must be lodged by **4:30 p.m. on Friday, September 12, 2025**[81](index=81&type=chunk) [For the Proposed Final Dividend](index=25&type=section&id=For%20the%20Proposed%20Final%20Dividend) The register of members will be closed from September 25, 2025, to September 29, 2025, to determine eligibility for receiving the final dividend - The register of members will be closed from **Thursday, September 25, 2025**, to **Monday, September 29, 2025** (both dates inclusive)[82](index=82&type=chunk) - To be eligible for the final dividend, all share transfer documents, together with the relevant share certificates and transfer forms, must be lodged by **4:30 p.m. on Wednesday, September 24, 2025**[82](index=82&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any shares during the year[83](index=83&type=chunk) [Sufficiency of Public Float](index=25&type=section&id=Sufficiency%20of%20Public%20Float) As of the announcement date, the company has maintained a sufficient public float as required by the HKEX Listing Rules - As of the date of this announcement, the Company has maintained a sufficient public float as required by the Listing Rules of the Stock Exchange during the year and up to the date of this announcement[84](index=84&type=chunk) [Compliance with the Corporate Governance Code in the Listing Rules](index=25&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code%20in%20the%20Listing%20Rules) The company complied with the applicable code provisions of the Corporate Governance Code, except for the combined roles of Chairman and CEO, which the Board believes benefits management and business development with sufficient safeguards for power balance - During the year, the Company complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, save for code provision C.2.1, which stipulates that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual[85](index=85&type=chunk) - The Board believes that Dr. Ko's dual role as Chairman and Chief Executive Officer benefits the Group's management and business development, and with three independent non-executive directors reviewing key decisions and providing independent advice, there are sufficient safeguards to ensure a proper balance of power within the Board[86](index=86&type=chunk) [Standard of Conduct for Securities Transactions by Directors of Listed Issuers](index=26&type=section&id=Standard%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Standard Code as its code of conduct for directors' securities transactions, and all directors confirmed compliance throughout the year - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct regarding directors' securities transactions[87](index=87&type=chunk) - The Company has made specific enquiries to all Directors, and they all confirmed that they have complied with the required standards set out in the Model Code throughout the year[87](index=87&type=chunk) [Review by Audit Committee](index=26&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee discussed and reviewed the Group's accounting principles, financial information, and full-year results with management and the independent auditor - The Audit Committee has discussed with the Group's management and the Company's independent auditor, Deloitte Touche Tohmatsu, and has reviewed the accounting principles and policies adopted by the Group, the Group's financial information, and the Group's full-year results for the year[88](index=88&type=chunk) [Scope of Work of Deloitte Touche Tohmatsu](index=27&type=section&id=Scope%20of%20Work%20of%20Deloitte%20Touche%20Tohmatsu) Independent auditor Deloitte Touche Tohmatsu reconciled the financial figures in the preliminary announcement with the audited consolidated financial statements, but their work does not constitute an assurance engagement - The figures in the preliminary announcement regarding the Group's consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and their related notes for the year have been agreed by the Group's auditor, Deloitte Touche Tohmatsu, to the amounts set out in the Group's audited consolidated financial statements for the year[89](index=89&type=chunk) - The work performed by Deloitte Touche Tohmatsu in this regard does not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and consequently, Deloitte Touche Tohmatsu has not expressed any assurance opinion on the preliminary announcement[89](index=89&type=chunk) [Publication of Annual Results Announcement and Annual Report](index=27&type=section&id=Publication%20of%20Annual%20Results%20Announcement%20and%20Annual%20Report) This announcement is published on the company's and HKEX websites, and the annual report will be dispatched to shareholders and made available for inspection in due course - This announcement is published on the Company's website (http://chittathk.com) and the HKEX website (https://www.hkexnews.hk)[90](index=90&type=chunk) - The Company's annual report for the year will be dispatched to shareholders and made available on the respective websites of the HKEX and the Company in due course[90](index=90&type=chunk) [Acknowledgement](index=27&type=section&id=Acknowledgement) The Board extends its sincere gratitude to the Group's management and all employees for their diligent dedication, and to its shareholders, business partners, and other professionals for their support during the year - The Board extends its sincere gratitude to the Group's management and all employees for their diligent dedication, and to its shareholders, business partners, and other professionals for their support during the year[91](index=91&type=chunk)

Group 1 - The core viewpoint of the news highlights the significant stock performance of Gaosheng Group Holdings, which has outperformed the Hang Seng Index in recent months, indicating strong investor interest and market confidence in the company [2][3] - As of June 23, the Hang Seng Index rose by 0.67% to 23,689.13 points, while Gaosheng Group Holdings' stock price increased by 18.9% to HKD 1.51 per share, with a trading volume of 200.5 million shares and a turnover of HKD 279.1 million [1] - Over the past month, Gaosheng Group Holdings has seen a cumulative increase of 23.3%, and a year-to-date increase of 41.11%, outperforming the Hang Seng Index by 17.3% [2] Group 2 - Financial data shows that for the period ending September 30, 2024, Gaosheng Group Holdings reported total revenue of HKD 224 million, a year-on-year decrease of 12.03%, while net profit attributable to shareholders was HKD 14.71 million, reflecting a year-on-year increase of 9.34% [2] - The company's gross profit margin stands at 14.77%, and its debt-to-asset ratio is 24.84% [2] - The average price-to-earnings (P/E) ratio for the construction industry is 10.17 times, while Gaosheng Group Holdings has a P/E ratio of 24.41 times, ranking 87th in the industry [2] Group 3 - Gaosheng Group Holdings primarily serves well-known real estate developers and construction companies in Hong Kong, participating in significant building projects and providing mechanical and electrical installation services [3] - The company has recently expanded its business into green building development through its wholly-owned subsidiary, Gaosheng Green Building Limited, focusing on clean energy and energy-saving projects [3] - Gaosheng Group Holdings has also established Gaosheng Innovation Technology Limited to collaborate with Hong Kong University of Science and Technology on smart city research, including air purification and energy efficiency [3]

目錄 | | 頁次 | | --- | --- | | 公司資料 | 02 | | 管理層討論及分析 | 03 | | 企業管治及其他資料 | 15 | | 簡明綜合財務報表審閱報告 | 28 | | 簡明綜合損益及其他全面收益表 | 30 | | 簡明綜合財務狀況表 | 31 | | 簡明綜合權益變動表 | 33 | | 簡明綜合現金流量表 | 34 | | 簡明綜合財務報表附註 | 37 | 高陞集團控股有限公司 02 公司資料 董事會 執行董事 高黎雄博士 （主席兼行政總裁） 張美蘭女士 非執行董事 高俊傑先生 獨立非執行董事 陳昌達先生 謝嘉穎女士 何志誠先生 審核委員會 謝嘉穎女士 （主席） 陳昌達先生 高俊傑先生 薪酬委員會 何志誠先生 （主席） 陳昌達先生 高黎雄博士 提名委員會 陳昌達先生 （主席） 何志誠先生 高黎雄博士 授權代表 高黎雄博士 鄭志偉先生 公司秘書 鄭志偉先生 合規主任 鄭志偉先生 主要往來銀行 中國銀行（香港）有限公司 交通銀行（香港）有限公司 渣打銀行（香港）有限公司 獨立核數師 德勤 • 關黃陳方會計師行 註冊公眾利益實體核數師 香港 金鐘道88 號 太古廣場 1 期 ...

Financial Performance - The group recorded revenue of approximately HKD 248,366,000 for the six months ended September 30, 2024, a decrease of 12.0% compared to HKD 282,337,000 for the same period in 2023[2] - Gross profit for the six months ended September 30, 2024, was approximately HKD 36,676,000, with a gross margin of 14.8%, compared to HKD 40,799,000 and a gross margin of 14.5% for the same period in 2023[2] - Profit attributable to owners of the company for the six months ended September 30, 2024, was approximately HKD 16,312,000, an increase of 9.3% from HKD 14,919,000 for the same period in 2023[2] - Basic and diluted earnings per share for the six months ended September 30, 2024, were both HKD 2.0, compared to HKD 1.9 for the same period in 2023[4] - The group reported other income and gains of HKD 2,166,000 for the six months ended September 30, 2024, compared to HKD 1,362,000 for the same period in 2023[4] - The group experienced a decrease in financial costs to HKD 551,000 for the six months ended September 30, 2024, down from HKD 1,027,000 for the same period in 2023[4] - The group’s pre-tax profit reached HKD 16,312,000 for the six months ended September 30, 2024, compared to HKD 14,919,000 for the same period in 2023, indicating an increase of 9%[27] Dividends - The board declared an interim dividend of HKD 0.6 per share for the six months ended September 30, 2024, compared to HKD 0.7 per share for the same period in 2023[2] - The interim dividend declared is HKD 0.6 per share, amounting to approximately HKD 4,865,000, down from HKD 5,600,000 in the same period last year[51] Assets and Liabilities - The group's total assets less current liabilities as of September 30, 2024, amounted to HKD 431,487,000, slightly up from HKD 426,945,000 as of March 31, 2024[6] - Current assets increased to HKD 491,500,000 as of September 30, 2024, compared to HKD 427,420,000 as of September 30, 2023[6] - Current liabilities rose to HKD 138,252,000 as of September 30, 2024, compared to HKD 99,229,000 as of September 30, 2023[6] - The group's total assets increased to HKD 98,692,000 as of September 30, 2024, compared to HKD 85,879,000 as of March 31, 2024, indicating a growth of 15%[29] - The asset-liability ratio was approximately 9.1% as of September 30, 2024, compared to about 8.5% on March 31, 2024[70] Employee Costs - The total employee costs, including directors' remuneration, amounted to HKD 45,664,000 for the six months ended September 30, 2024, up from HKD 41,963,000 in the same period of 2023, marking an increase of 9%[24] - Employee costs for the period amounted to approximately HKD 45,664,000, compared to approximately HKD 41,963,000 in the same period last year, reflecting an increase of about 6.5%[83] - The group employed 205 employees as of September 30, 2024, an increase from 188 employees as of September 30, 2023[83] Cash Flow and Financial Management - Cash and cash equivalents increased by approximately HKD 2,666,000 or 2.7% to about HKD 101,599,000 as of September 30, 2024, due to improved cash flow management[65] - The group’s bank loans amounted to HKD 22,354,000 as of September 30, 2024, down from HKD 23,594,000 on March 31, 2024, with interest rates based on the Hong Kong best lending rate minus 2.75%[69] - The company’s bank loan interest expenses decreased to HKD 388,000 for the six months ended September 30, 2024, down from HKD 796,000 in the same period of 2023, representing a reduction of 51%[22] Project and Business Development - The group secured multiple electromechanical projects, maintaining a stable contract amount of approximately HKD 1 billion during the period[41] - The group continues to develop its business and enhance its capability to secure new electromechanical engineering projects in both private and public sectors[41] - The group secured 12 new projects with a total contract value of approximately HKD 342,049,000 during the period[56] - The Hong Kong government plans to provide sufficient land supply for the construction of approximately 80,000 residential units over the next five years, which presents significant opportunities for the group[58] - The group aims to explore new business opportunities in innovative technology, energy-saving, and environmental protection sectors[59] Research and Development - The group is actively participating in research programs and has established a joint laboratory with Hong Kong universities to promote advanced technology applications[39] - The group has donated HKD 4,000,000 to establish a joint laboratory with Hong Kong Polytechnic University to promote technology applications in education[60] - The group completed a commercial building chiller replacement project, utilizing an AI management system, resulting in over a 30% reduction in total energy consumption and a decrease of 370 tons in annual carbon emissions[61] Corporate Governance and Compliance - The board of directors is committed to maintaining high corporate governance standards to enhance operational efficiency and shareholder returns[91] - The mid-term financial statements have been reviewed by Deloitte, ensuring compliance with the Hong Kong Institute of Certified Public Accountants' standards[95] - The mid-term report for 2024 will be distributed to shareholders and available on the company's and the stock exchange's websites[96] - The group has maintained sufficient public float in compliance with the listing rules of the Hong Kong Stock Exchange[90] Other Financial Information - The group had capital commitments of HKD 10,353,000 as of September 30, 2024, which included commitments for property, plant, and equipment[73] - The group had performance guarantees of HKD 91,265,000 as of September 30, 2024, down from HKD 94,428,000 on March 31, 2024[74] - The group did not have any significant investments during the period[78] - The group has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[79] - There are no significant events affecting the group that have occurred after the reporting period[82] - The group has no significant foreign currency risk as its monetary assets, liabilities, and transactions are primarily denominated in Hong Kong dollars[81] - No significant investments or capital asset plans have been disclosed beyond what has been announced[80]

Financial Performance - Accel Group Holdings Limited reported a financial summary indicating a revenue increase of 15% year-over-year, reaching HK$500 million for the fiscal year ending March 2023[8]. - Revenue for the year ended March 31, 2024, was HK$553,537,000, a slight increase of 2% from HK$538,492,000 in 2023[17]. - Profit before taxation decreased to HK$48,800,000, down 26% from HK$65,977,000 in the previous year[17]. - Profit for the year was HK$40,419,000, representing a decline of 28% compared to HK$55,899,000 in 2023[17]. - The Group's revenue increased by approximately HK$15,045,000 or 2.8% to approximately HK$553,537,000 for the Year, driven by accelerated project progress in residential projects in the Kai Tak development area[39]. - Gross profit decreased by approximately HK$7,102,000 or 7.5% to approximately HK$87,834,000, with a gross profit margin decline of 1.7% to 15.9% due to lower profit margins on new projects[41][42]. - The total staff costs for the year were approximately HK$94,084,000, up from approximately HK$85,046,000 in the previous year, reflecting an increase of about 12.1%[119]. Operational Efficiency - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[8]. - Accel Group Holdings Limited's cash flow from operations increased by 18%, totaling HK$80 million, providing a strong foundation for future investments[8]. - Administrative expenses increased by approximately HK$6,568,000 or 19.3% to approximately HK$40,670,000, mainly due to higher office expenses and depreciation of newly acquired properties[43]. - Trade and other receivables decreased by approximately HK$38,153,000 or 30.8% to approximately HK$85,879,000, reflecting improved receivable control[49]. - Trade receivables (net of allowance for credit losses) decreased by approximately HK$34,103,000 or 32.6% to approximately HK$70,592,000, attributed to substantial payments received before year-end[50]. Strategic Initiatives - The company is investing HK$50 million in new product development, focusing on innovative technologies to enhance user experience and operational efficiency[8]. - Accel Group Holdings Limited plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[8]. - The company is exploring potential acquisitions to bolster its service offerings, with a budget of HK$100 million allocated for strategic investments[8]. - The Group is actively developing immigration consulting services to align with the "grab talents, retain talents" initiative[24]. - The Group plans to expand its service capabilities and actively participate in tendering to ensure stable business growth and increase market share in the E&M engineering industry[78]. Sustainability and Corporate Responsibility - Management emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[8]. - The company is actively engaged in a carbon reduction program and is a founding member of the Greater Bay Area Carbon Neutrality Association, recognized for its contributions to carbon reduction[191]. - The company has been awarded the Corporate Environmental Leadership Awards from the Federation of Hong Kong Industries for its commitment to environmental sustainability[191]. - The company focuses on maintaining long-term profitability and asset growth by providing professional and high-quality services in mechanical ventilation and air conditioning systems[194]. Governance and Leadership - The company emphasizes strategic planning and management in its operations, led by its executive directors[142]. - The company is focused on maintaining strong governance with no reported conflicts of interest among its leadership[131]. - The company has appointed independent non-executive directors to provide independent advice to the Board, enhancing governance and oversight[162]. - The company has a diverse board with members holding various qualifications in finance, engineering, and law, contributing to a well-rounded decision-making process[163]. - The company is committed to maintaining high standards of corporate governance, as evidenced by the qualifications and experience of its board members[162]. Future Outlook - For the upcoming fiscal year, Accel Group Holdings Limited provided guidance for revenue growth of 10% to 12%, projecting revenues between HK$550 million and HK$560 million[8]. - The Group's projects on hand yet to recognize revenue remain around HK$900,000,000 as of March 31, 2024, indicating potential future revenue growth[77]. - The Group is actively seeking new business opportunities in commercial buildings and government infrastructure projects to ensure stable growth[80]. - The Group aims to combine prudent business strategies with flexible operating models to continue providing high-quality services[27].

Financial Performance - The group's revenue increased by approximately HKD 15,045,000 or 2.8% to about HKD 553,537,000 for the year ending March 31, 2024, compared to approximately HKD 538,492,000 in the previous year[19]. - For the year ended March 31, 2024, the group reported total revenue of HKD 553.537 million, compared to HKD 538.492 million in the previous year, representing an increase of 2%[69]. - The gross profit for the year is HKD 87.834 million, down from HKD 94.936 million, indicating a decrease of approximately 7.3%[69]. - The profit before tax for the year is HKD 48.800 million, a decrease of 26% from HKD 65.977 million in the previous year[69]. - The total comprehensive income for the year is HKD 40.419 million, down from HKD 55.899 million, reflecting a decline of approximately 27.7%[68]. Assets and Liabilities - The group's total assets decreased from HKD 459,451,000 to HKD 427,420,000, while total liabilities decreased from HKD 405,689,000 to HKD 426,945,000[3]. - Non-current assets increased from HKD 60,868,000 to HKD 68,227,000, reflecting investment in property, plant, and equipment[4]. - The group has reduced contract liabilities from approximately HKD 16,332,000 as of March 31, 2023, to about HKD 6,791,000 as of March 31, 2024, a decrease of approximately 58.4%[45]. - Bank loans decreased from approximately HKD 47,550,000 as of March 31, 2023, to about HKD 23,594,000 as of March 31, 2024, a reduction of approximately 50.4%[47]. - The group's cash and cash equivalents, along with bank balances, are primarily generated from daily operations, indicating a strong financial position to support existing commitments and operational needs[24]. Operational Developments - The group is actively developing inbound consulting services, aiming to diversify revenue sources and capitalize on new business opportunities[18]. - The group has strengthened engineering quality management and cost control capabilities in response to economic challenges and inflation[17]. - The group aims to enhance service capabilities and market share through prudent financial management strategies[27]. - The group is focused on expanding its business scope and cross-regional development by identifying partners and seeking joint venture opportunities as needed[49]. - The group plans to expand its participation in commercial and government infrastructure projects and actively seek new business opportunities[164]. Sustainability and Innovation - The group aims to integrate energy-saving technologies and renewable energy into its electromechanical systems to achieve low-carbon transformation and develop a green economy[28]. - The group has been appointed as a founding member of the Greater Bay Area Carbon Neutrality Association to contribute to carbon neutrality efforts in the region[28]. - The group plans to actively seek partnerships in Hong Kong to promote energy-saving and emission reduction initiatives using innovative technologies and smart concepts[28]. - The group is collaborating with local universities to develop innovative technologies, contributing to the vision of making Hong Kong an international innovation and technology hub[187]. - The group will continue to invest in research and development, focusing on technologies such as blockchain and smart building systems[123]. Financial Ratios and Policies - As of March 31, 2024, the current ratio of the group is approximately 4.31 times, an increase from 3.14 times on March 31, 2023[50]. - The debt-to-equity ratio as of March 31, 2024, is approximately 8.5%, down from 15.2% on March 31, 2023[51]. - The group has maintained a cautious credit policy to mitigate credit risk, with no significant credit risks reported during the year[56]. - The group has no foreign currency hedging policy as foreign currency risk is considered not significant[34]. - The group will continue to monitor foreign exchange risks closely and consider hedging against significant foreign exchange risks if necessary[34]. Employee and Administrative Costs - The group employed 197 employees as of March 31, 2024, with total employee costs approximately HKD 94,084,000, an increase from about HKD 85,046,000 in the previous year[172]. - The group’s administrative expenses rose to HKD 40.670 million from HKD 34.102 million, an increase of about 19.3%[69]. - The group has implemented measures to enhance its collection processes and closely monitor customer financial conditions to maintain credit risk at a reasonable low level[56]. - Total employee costs increased to HKD 94,084,000 in 2024, up from HKD 85,046,000 in 2023, reflecting a rise of 10.4%[109]. Dividends and Shareholder Matters - The board proposed a final dividend of HKD 0.013 per share for the year, down from HKD 0.016 per share in 2023[92]. - The board proposed a final dividend of HKD 0.013 per share, amounting to approximately HKD 10,541,000, down from HKD 12,800,000 in the previous year[174]. - The group has adopted a share incentive plan at the annual general meeting held on September 15, 2023, aimed at attracting, retaining, and motivating eligible participants for the group's growth and development[195]. - The group maintains sufficient public float as per the listing rules up to the announcement date[199]. - The group has complied with the corporate governance code provisions, except for the provision that the roles of the chairman and the CEO should be separated[200].

Financial Performance - The group's revenue increased by approximately HKD 68,547,000 or 32.1% to about HKD 282,337,000 during the period, compared to approximately HKD 213,790,000 in the same period last year[7]. - Gross profit decreased by approximately HKD 4,557,000 or 10.0% to about HKD 40,799,000, with the gross profit margin dropping from 21.2% to 14.5%[9]. - The profit attributable to the company's owners decreased to approximately HKD 14,919,000 from HKD 30,953,000 in the same period last year[13]. - Total comprehensive income for the period was HKD 15,300,000, a decline of 50.5% compared to HKD 30,914,000 in 2022[79]. - Basic earnings per share for the period was HKD 1.9, down from HKD 3.9 in the same period last year[79]. - The company reported a profit before tax of HKD 18,568,000, down 48.0% from HKD 35,794,000 in the previous year[79]. - For the six months ended September 30, 2023, the company's profit attributable to owners was HKD 14,919,000, a decrease of 51.8% compared to HKD 30,953,000 for the same period in 2022[97]. Expenses and Costs - Service costs rose by approximately HKD 73,104,000 or 43.4% to about HKD 241,538,000, up from approximately HKD 168,434,000 in the previous year[8]. - Administrative expenses increased by approximately HKD 6,861,000 or 47.6% to about HKD 21,271,000, largely due to a donation of HKD 3,000,000 to the joint laboratory[11]. - Total employee costs increased to HKD 41,963,000 for the six months ended September 30, 2023, up 12.0% from HKD 37,315,000 in the previous year[94]. - The company’s depreciation expenses for property, plant, and equipment increased to HKD 2,676,000 from HKD 563,000, an increase of 376.6%[83]. - Total interest expenses rose to HKD 1,027,000 from HKD 259,000, reflecting a significant increase of 295.7%[93]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.007 per share, amounting to approximately HKD 5,600,000, down from HKD 12,800,000 in the previous year[14]. - The interim dividend declared for the six months ended September 30, 2023, is HKD 0.007 per share, down from HKD 0.016 per share in the same period last year, totaling HKD 5,600,000 compared to HKD 12,800,000 previously[96]. Assets and Liabilities - Property, plant, and equipment increased by approximately HKD 9,942,000 or 16.3% to about HKD 70,810,000, mainly due to the purchase of a yacht[16]. - Trade receivables and other receivables decreased by approximately HKD 25,758,000 or 20.8% from HKD 124,032,000 as of March 31, 2023, to approximately HKD 98,274,000 as of September 30, 2023[17]. - The company's total equity as of September 30, 2023, was HKD 400,026,000, an increase from HKD 397,412,000 as of March 31, 2023[81]. - Current assets decreased slightly to HKD 453,996,000 from HKD 459,451,000 as of March 31, 2023[80]. - The debt-to-equity ratio as of September 30, 2023, was approximately 14.8%, down from 15.2% as of March 31, 2023[25]. Business Development and Opportunities - The group secured 7 new projects during the period, with a total contract value of approximately HKD 232,240,000, indicating a proactive approach to business development[39]. - The Hong Kong government plans to increase land supply for at least 72,000 residential units over the next five years, which is expected to create significant opportunities for the construction and innovative technology sectors[40]. - The group is optimistic about future business development prospects, expecting to secure sufficient new projects through bidding in the second half of the fiscal year[39]. Share Incentive Plans - The group has adopted a share award scheme as of September 15, 2023, granting 10,827,000 shares to incentivize and retain qualified participants[35]. - The maximum number of shares that can be granted under the 2023 Share Award Scheme is capped at 80,000,000 shares, representing 10% of the total issued shares as of the adoption date[61]. - A total of 10,827,000 shares have been granted under the 2023 Share Award Scheme during the reporting period[65]. - The estimated fair value of the awarded shares during the period is approximately HKD 9,282,000[67]. Employee and Management Information - As of September 30, 2023, the group employed 188 employees, an increase from 182 employees as of September 30, 2022, with total employee costs amounting to approximately HKD 41,963,000, up from HKD 37,315,000 in the same period last year[35]. - The total remuneration for key management personnel was HKD 2,878,000, reflecting an increase of 3.8% from HKD 2,772,000 in 2022[119]. Risk Management - The company has no significant foreign currency risk as its monetary assets and liabilities are primarily denominated in HKD[33]. - The company did not receive any government subsidies in the current period, compared to HKD 5,617,000 in the previous year[92]. Other Significant Information - There were no significant events affecting the company after the reporting period[34]. - The company has maintained sufficient public float as required by the listing rules during the reporting period[69].