Company Information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) This section discloses the company's Board of Directors members, including executive directors and independent non-executive directors, along with the composition of the Audit, Remuneration, and Nomination Committees - The Board of Directors includes executive directors Mr. Lau Chiu Shing (Chairman), Ms. Lau Chau Yu (Chief Executive Officer), Mr. On Ka Wai, Mr. Cheng Yick Wai, Mr. Yip Kin Wah, and independent non-executive directors Mr. Chu Yat Pang, Mr. Choi Wai Shek, and Mr. Au Yeung Wai Lap[3](index=3&type=chunk) - The Audit Committee Chairman is Mr. Au Yeung Wai Lap, the Remuneration Committee Chairman is Mr. Chu Yat Pang, and the Nomination Committee Chairman is Mr. Choi Wai Shek[3](index=3&type=chunk) - Ms. Lau Chau Yu was appointed as a member of the Nomination Committee on June 30, 2025[3](index=3&type=chunk) [Company Administration and Registration Information](index=3&type=section&id=Company%20Administration%20and%20Registration%20Information) This section provides administrative and registration details, including the company secretary, authorized representatives, registered office, Macau headquarters, and principal place of business in Hong Kong - The company secretary is Mr. Wong Wah, and the authorized representatives are Ms. Lau Chau Yu and Mr. Cheng Yick Wai[4](index=4&type=chunk) - The registered office is in the Cayman Islands, the Macau headquarters and principal place of business are at 10/F, Edf. Comercial Edf. Iat Tak, No. 126 Rua Pequim, and the principal place of business in Hong Kong is at 14/F, Harbour Commercial Building, 122–124 Connaught Road Central[4](index=4&type=chunk) [External Service Providers](index=4&type=section&id=External%20Service%20Providers) This section lists the company's external service providers, including the auditor, principal bankers, and share registrar - The auditor is Tianzhi Hong Kong Certified Public Accountants Limited[5](index=5&type=chunk) - Principal bankers include Banco Comercial de Macau, Banco Nacional Ultramarino, Industrial and Commercial Bank of China (Macau), and Bank of China (Macau Branch)[5](index=5&type=chunk) - The Hong Kong share registrar is Boardroom Share Registrars (HK) Limited, with stock code **1615**, and the company website is www.abbuildersgroup.com[5](index=5&type=chunk) Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) During the reporting period, the Group's revenue significantly increased by **190.0% to MOP170.8 million**, driven by successful renovation projects and expansion into construction material trading, despite a decline in gross profit margin due to lower-margin projects and add-on orders, while also marking an entry into financial services through an acquisition - In the first half of 2025, Macau's gross gaming revenue increased by **4% year-on-year to HKD115.3 billion**, with inbound tourists reaching **19.2 million**, a **15% year-on-year increase**[6](index=6&type=chunk) 2025 Half-Year Revenue Overview | Indicator | 2025 Half-Year (MOP million) | 2024 Half-Year (MOP million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 170.8 | 58.9 | 190.0% | | Construction Services Revenue | 167.1 | 58.9 | 183.6% | | Construction Material Trading Revenue | 3.7 | — | 100% (New Business) | 2025 Half-Year Gross Profit and Gross Profit Margin | Indicator | 2025 Half-Year (MOP million) | 2024 Half-Year (MOP million) | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 10.2 | 11.9 | Decreased by 1.7 million | | Gross Profit Margin | 6.0% | 20.1% | Decreased by 14.1 percentage points | - The Group completed the acquisition of a Hong Kong company holding SFC Type 4 (advising on securities) and Type 9 (asset management) licenses, marking its entry into the financial services sector[7](index=7&type=chunk)[28](index=28&type=chunk) [Prospects and Outlook](index=6&type=section&id=Prospects%20and%20Outlook) The Group maintains cautious optimism for the future, anticipating construction and renovation opportunities from ongoing investments in Macau's integrated resorts, expanding construction material trading through vertical integration, developing financial services for institutional and high-net-worth clients, and pursuing strategic acquisitions for sustainable growth - Ongoing investments by major integrated resort operators in Macau for property upgrades and new developments create potential construction and renovation opportunities for the Group[9](index=9&type=chunk) - Plans to expand the construction material trading business through vertical integration to generate synergies with construction services and enhance project profit margins[9](index=9&type=chunk) - Following the acquisition of the SFC-licensed company, the Group will actively develop financial services capabilities, offering securities advisory and asset management services, focusing on institutional and high-net-worth individual clients[9](index=9&type=chunk) - The Group will continue to evaluate strategic acquisition opportunities and partnerships to expand its market presence in Macau, Hong Kong, the Greater Bay Area, and the Asia-Pacific region, aiming for sustainable long-term growth[10](index=10&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) The Group's revenue surged by **190.0% to MOP170.8 million**, driven by renovation projects and new construction material sales, yet gross profit and margin declined due to lower-margin projects, while other income decreased, other gains and losses turned positive, impairment losses reduced, administrative expenses remained stable, and profit for the period decreased by approximately **MOP2.0 million**, with no dividends paid Revenue Breakdown (MOP thousand) | Revenue Type | 2025 Half-Year | 2024 Half-Year | Change (MOP thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Renovation Projects | 167,117 | 58,923 | 108,194 | 183.6% | | Others (Construction Materials) | 3,717 | — | 3,717 | 100% | | **Total** | **170,834** | **58,923** | **111,911** | **190.0%** | Gross Profit and Gross Profit Margin Breakdown (MOP thousand) | Revenue Type | 2025 Gross Profit | 2025 Gross Profit Margin (%) | 2024 Gross Profit | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Renovation Projects | 9,865 | 5.9 | 12,061 | 20.5 | | Others | 308 | 8.3 | (210) | — | | **Total** | **10,173** | **6.0** | **11,851** | **20.1** | - Other income decreased from **MOP6.7 million** in the first half of 2024 to **MOP2.9 million** in the first half of 2025, primarily due to reduced insurance claims[15](index=15&type=chunk) - Other gains and losses turned from a loss of **MOP1.0 million** in the first half of 2024 to a gain of **MOP0.9 million** in the first half of 2025, mainly comprising net exchange gains[16](index=16&type=chunk) - Impairment losses decreased by approximately **MOP2.0 million** or **159.5%**, primarily due to the settlement of certain long-aged trade receivables[17](index=17&type=chunk) - Profit for the period was approximately **MOP0.5 million**, a decrease of approximately **MOP2.0 million** compared to the same period last year[19](index=19&type=chunk) - No dividends were paid, declared, or proposed for the six months ended June 30, 2025[20](index=20&type=chunk) [Corporate Finance and Risk Management](index=9&type=section&id=Corporate%20Finance%20and%20Risk%20Management) The Group's liquidity is primarily from operating cash, with total cash and bank balances increasing to **MOP146 million**, while the gearing ratio decreased to **5.2%** and the current ratio was **1.9 times**, maintaining a stable capital structure and diversifying business through a new acquisition, though facing currency fluctuation risks without hedging, increased employee costs due to new projects, and various operational and economic risks Liquidity and Financial Resources (MOP million) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Cash and Bank Balances | 146 | 117 | Increased by 29 | | Gearing Ratio | 5.2% | 9.2% | Decreased by 4.0 percentage points | | Current Ratio | 1.9 times | 2.0 times | Decreased by 0.1 times | - The Group completed the acquisition of a Hong Kong company holding SFC Type 4 and Type 9 licenses to further diversify its business portfolio and expansion[28](index=28&type=chunk) - The Group is exposed to currency risk, primarily from transactions denominated in HKD, RMB, and USD, with no foreign currency hedging policy currently in place[30](index=30&type=chunk) - As of June 30, 2025, the number of full-time employees increased to **232** (December 31, 2024: **159**), mainly to support newly awarded renovation projects in the Macau market, with total staff costs of approximately **MOP14.5 million** (first half of 2024: **MOP8.8 million**)[31](index=31&type=chunk) - Key risks include changes in construction material and labor costs, poor project management or delays, fluctuations in project cash flows, reliance on subcontractors, ability to retain key management personnel and talent, and global economic uncertainties[35](index=35&type=chunk) Other Information [Directors' and Chief Executives' Interests in Shares, Underlying Shares, and Debentures of

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: 奧邦建築集團有限公司 呈交日期: 2025年9月3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) | 01615 | 說明 | 不適用 | | | | | | | | | | 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 ...

Core Viewpoint - Aobo Construction (01615.HK) reported a significant increase in revenue for the first half of 2025, driven by successful execution of renovation projects and expansion in the construction materials trade [1] Financial Performance - The company's revenue reached 171 million Macanese Patacas, representing a year-on-year growth of 189.93% [1] - However, the profit attributable to shareholders decreased to 314,000 Macanese Patacas, a decline of 91.80% compared to the previous year [1] - Basic earnings per share stood at 0.05 Macanese cents [1]

Core Viewpoint - Aobo Construction (01615) reported a significant increase in revenue for the first half of 2025, driven by successful execution of renovation projects and expansion in building materials trading [1] Financial Performance - Revenue reached MOP 171 million, representing a year-on-year increase of 189.9% [1] - Profit attributable to owners decreased to MOP 314,000, a decline of 91.8% compared to the previous year [1] - Basic earnings per share stood at MOP 0.05 [1]

Core Viewpoint - Aobo Construction (01615) reported a significant increase in revenue for the first half of 2025, driven by successful execution of renovation projects and expansion in building materials trading [1] Financial Performance - Revenue reached MOP 171 million, representing a year-on-year growth of 189.9% [1] - Profit attributable to owners decreased to MOP 314,000, a decline of 91.8% compared to the previous year [1] - Basic earnings per share stood at MOP 0.05 [1]

Company Information and Report Overview [Company Basic Information](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) AB BUILDERS GROUP LIMITED, a company incorporated in the Cayman Islands with stock code 01615 and listed on the Main Board of SEHK, presents its unaudited interim results for the six months ended June 30, 2025 - Company name: AB BUILDERS GROUP LIMITED (奧邦建築集團有限公司), stock code: **01615**[2](index=2&type=chunk) - The company was incorporated in the Cayman Islands, and its shares were listed on the Main Board of SEHK on September 10, 2018[2](index=2&type=chunk)[9](index=9&type=chunk) - This announcement is for the unaudited interim results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) [Report Publication Statement](index=1&type=section&id=%E6%8A%A5%E5%91%8A%E5%8F%91%E5%B8%83%E5%A3%B0%E6%98%8E) This interim results announcement is available on the SEHK and company websites, with the full interim report to be dispatched to shareholders and published in due course - The results announcement is available on the SEHK website (www.hkexnews.hk) and the company's website (www.abbuildersgroup.com)[4](index=4&type=chunk) - The company's 2025 interim report will be dispatched to shareholders and published in due course[4](index=4&type=chunk) [Board of Directors](index=1&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%88%90%E5%91%98) As of the announcement date, the Board comprises five executive directors and three independent non-executive directors, with Mr Liu Chao Sheng as Chairman and Executive Director - The Board of Directors includes five executive directors: Mr Liu Chao Sheng (Chairman), Ms Liu Qiu Yu, Mr An Jia Wei, Mr Zheng Yi Wei, and Mr Ye Jian Hua[5](index=5&type=chunk) - The Board of Directors includes three independent non-executive directors: Mr Zhu Yi Peng, Mr Au Yeung Wai Lap, and Mr Choi Wai Shek[5](index=5&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue significantly increased by **190.0%** to **MOP 170,834 thousand**, but profit for the period decreased by **80.8%** to **MOP 476 thousand** due to lower gross profit and other income, leading to a substantial reduction in basic earnings per share Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (MOP thousand) | Indicator | For the six months ended June 30, 2025 (MOP thousand) | For the six months ended June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Revenue | 170,834 | 58,923 | | Cost of Sales | (160,661) | (47,072) | | Gross Profit | 10,173 | 11,851 | | Other Income | 2,892 | 6,665 | | Other Gains and Losses | 942 | (1,000) | | Impairment Loss under ECL Model (net of reversal) | 740 | (1,243) | | Administrative Expenses | (13,513) | (13,456) | | Finance Costs | (396) | (397) | | Profit Before Tax | 838 | 2,420 | | Income Tax (Expense) Credit | (362) | 62 | | **Profit for the Period** | **476** | **2,482** | | Profit for the Period Attributable to Owners of the Company | 314 | 3,827 | | Basic Earnings Per Share (MOP cents) | 0.05 | 0.64 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets and net assets both slightly increased, with significant rises in trade and other receivables and bank balances and cash within current assets, and an increase in trade and other payables within current liabilities, leading to an improved gearing ratio Condensed Consolidated Statement of Financial Position (MOP thousand) | Indicator | As of June 30, 2025 (MOP thousand) | As of December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Non-current Assets | 85,923 | 83,020 | | Current Assets | 237,692 | 223,640 | | Current Liabilities | 127,387 | 110,645 | | Net Current Assets | 110,305 | 112,995 | | Net Assets | 195,045 | 194,333 | | Equity Attributable to Owners of the Company | 212,193 | 211,643 | - Trade and other receivables increased by **61.0%** from **MOP 44,842 thousand** as of December 31, 2024, to **MOP 72,195 thousand** as of June 30, 2025[7](index=7&type=chunk) - Bank balances and cash increased by **66.3%** from **MOP 44,581 thousand** as of December 31, 2024, to **MOP 74,129 thousand** as of June 30, 2025[7](index=7&type=chunk) - Trade and other payables increased by **26.4%** from **MOP 91,042 thousand** as of December 31, 2024, to **MOP 115,106 thousand** as of June 30, 2025[7](index=7&type=chunk) Notes to the Condensed Consolidated Financial Statements [General Information and Basis of Preparation](index=5&type=section&id=%E4%B8%80%E8%88%AC%E8%B5%84%E6%96%99%E5%8F%8A%E7%BC%96%E5%88%B6%E5%9F%BA%E5%87%86) The Group primarily provides construction services and sells construction materials, with its condensed consolidated financial statements prepared in accordance with IAS 34 and SEHK Listing Rules, using MOP as the presentation and functional currency - The company is an investment holding company, and its subsidiaries are primarily engaged in providing construction services and selling construction materials[9](index=9&type=chunk) - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the SEHK Listing Rules[9](index=9&type=chunk) - The company's presentation and functional currency is MOP[10](index=10&type=chunk) [Accounting Policies](index=5&type=section&id=%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, with the first-time application of IFRS accounting standards (amendments) and a new accounting policy for goodwill during the period - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[11](index=11&type=chunk) [Application of Amendments to IFRS Accounting Standards](index=5&type=section&id=%E5%BA%94%E7%94%A8%E5%9B%BD%E9%99%85%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E5%87%86%E5%88%99%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%EF%BC%88%E4%BF%AE%E8%AE%A2%E6%9C%AC%EF%BC%89) The Group first applied amendments to IFRS accounting standards, including IAS 21 (Amendments) "Lack of Exchangeability," during this interim period, which had no significant impact on its financial position or performance - The Group has first applied amendments to IFRS accounting standards, such as IAS 21 (Amendments) "Lack of Exchangeability"[12](index=12&type=chunk) - These amendments had no significant impact on the Group's financial position and performance during the current and prior periods[12](index=12&type=chunk) [New Significant Accounting Policy Information: Goodwill](index=5&type=section&id=%E6%96%B0%E8%AE%A2%E9%87%8D%E5%A4%A7%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E8%B5%84%E6%96%99%EF%BC%9A%E5%95%86%E8%AA%89) Goodwill arising from business acquisitions is recognized at cost less accumulated impairment losses and allocated to cash-generating units for annual or more frequent impairment testing, with impairment losses first allocated to reduce the carrying amount of goodwill - Goodwill arising from business acquisitions is recognized at cost (determined at the acquisition date) less any accumulated impairment losses[13](index=13&type=chunk) - Goodwill is allocated to each cash-generating unit for impairment testing, performed annually or more frequently if there are indications of impairment[13](index=13&type=chunk)[14](index=14&type=chunk) [Revenue](index=6&type=section&id=%E6%94%B6%E7%9B%8A) The Group's revenue primarily derives from construction contracts for renovation works and sales of construction materials, with **MOP 167,117 thousand** from renovation works and **MOP 3,717 thousand** from material sales for the six months ended June 30, 2025, and **MOP 114,280 thousand** in renovation work revenue expected to be recognized in the future - Revenue refers to the total amount received and receivable by the Group from providing construction contracts for renovation works and selling construction materials to its customers[15](index=15&type=chunk) Revenue by Source (MOP thousand) | Revenue Source | For the six months ended June 30, 2025 (MOP thousand) | For the six months ended June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Revenue from Construction Contracts for Renovation Works | 167,117 | 58,923 | | Revenue from Sales of Construction Materials | 3,717 | — | | **Total** | **170,834** | **58,923** | - As of June 30, 2025, the total transaction price allocated to renovation work contracts not yet satisfied (or partially satisfied) was **MOP 114,280 thousand**, expected to be recognized as revenue in 2025 and 2026[19](index=19&type=chunk)[20](index=20&type=chunk) [Segment Information](index=7&type=section&id=%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) Effective January 1, 2025, the Group adjusted its operating segment reporting, consolidating renovation and structural engineering into a single "Construction Services" reportable segment, while other businesses like construction material sales and air purification are classified as "Others," with segment revenue and results primarily driven by construction services - Effective January 1, 2025, management changed the presentation of information reported to the chief operating decision-maker and updated segment reporting to align with this change[22](index=22&type=chunk) - The Group's sole reportable segment under IFRS 8 is Construction Services, which includes the former renovation works and structural engineering operating segments[22](index=22&type=chunk)[23](index=23&type=chunk) - Sales of construction materials and air purification business/systems are classified as "Others" as they do not meet the quantitative thresholds for reportable segments[23](index=23&type=chunk) [Changes in Operating Segments](index=7&type=section&id=%E7%BB%8F%E8%90%A5%E5%88%86%E9%83%A8%E5%8F%98%E6%9B%B4) Effective January 1, 2025, the Group merged its former renovation and structural engineering segments into a single "Construction Services" reportable segment, with construction material sales and air purification businesses categorized under "Others" - Effective January 1, 2025, management changed the presentation of information reported to the chief operating decision-maker and updated segment reporting to align with this change[22](index=22&type=chunk) - The latest Construction Services reportable segment now includes the former renovation works and structural engineering operating segments[22](index=22&type=chunk) - Sales of construction materials and air purification business/systems are classified as "Others" as they do not meet the quantitative thresholds for reportable segments[23](index=23&type=chunk) [Segment Revenue and Results](index=8&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E4%B8%9A%E7%BB%A9) For the six months ended June 30, 2025, the Construction Services segment contributed **MOP 167,117 thousand** in revenue and **MOP 9,865 thousand** in segment results, while the "Others" segment (primarily construction material sales) contributed **MOP 3,717 thousand** in revenue and **MOP 308 thousand** in segment results Segment Revenue and Results (MOP thousand) | Segment | For the period ended June 30, 2025 Revenue (MOP thousand) | For the period ended June 30, 2025 Results (MOP thousand) | For the period ended June 30, 2024 Revenue (MOP thousand) | For the period ended June 30, 2024 Results (MOP thousand) | | :--- | :--- | :--- | :--- | :--- | | Construction Services | 167,117 | 9,865 | 58,923 | 12,061 | | Others | 3,717 | 308 | — | (210) | | **Total** | **170,834** | **10,173** | **58,923** | **11,851** | [Geographical Information](index=9&type=section&id=%E5%9C%B0%E5%9F%9F%E8%B5%84%E6%96%99) The Group's revenue from external customers primarily originated from Macau (**MOP 134,297 thousand**) and Hong Kong (**MOP 36,537 thousand**), with non-current assets also predominantly concentrated in Macau Geographical Information (MOP thousand) | Geographical Area | For the six months ended June 30, 2025 Revenue from External Customers (MOP thousand) | For the six months ended June 30, 2024 Revenue from External Customers (MOP thousand) | As of June 30, 2025 Non-current Assets (MOP thousand) | As of December 31, 2024 Non-current Assets (MOP thousand) | | :--- | :--- | :--- | :--- | :--- | | Macau | 134,297 | 33,563 | 34,459 | 35,152 | | Hong Kong | 36,537 | 25,360 | 2,914 | 2,477 | | China | — | — | 2,029 | 1,838 | | **Total** | **170,834** | **58,923** | **39,402** | **39,467** | [Other Income](index=9&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, other income significantly decreased to **MOP 2,892 thousand** from **MOP 6,665 thousand** in the prior year, mainly due to the absence of **MOP 2,271 thousand** in construction project insurance claim compensation income recognized in the previous period Other Income (MOP thousand) | Item | For the six months ended June 30, 2025 (MOP thousand) | For the six months ended June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Bank Interest Income | 2,564 | 3,973 | | Compensation Income | — | 2,271 | | Others | 328 | 421 | | **Total** | **2,892** | **6,665** | - The decrease in other income was primarily due to the absence of **MOP 2,271,000** in compensation income (insurance claims) from construction projects recognized in the corresponding period of 2024[27](index=27&type=chunk) [Income Tax (Expense) Credit](index=9&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E%EF%BC%88%E5%BC%80%E6%94%AF%EF%BC%89%E6%8A%B5%E5%85%8D) The Group recorded an income tax expense of **MOP 362 thousand** in the first half of 2025, contrasting with an income tax credit of **MOP 62 thousand** in the prior year, mainly due to an increase in Macau Complementary Income Tax Income Tax (Expense) Credit (MOP thousand) | Tax Type | For the six months ended June 30, 2025 (MOP thousand) | For the six months ended June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Macau Complementary Income Tax | (459) | — | | PRC Enterprise Income Tax | — | (36) | | Deferred Tax Credit | 97 | 98 | | **Income Tax (Expense) Credit** | **(362)** | **62** | [Composition of Profit for the Period](index=10&type=section&id=%E6%9C%9F%E5%86%85%E6%BA%A2%E5%88%A9%E6%9E%84%E6%88%90) Profit for the period was achieved after deducting various expenses, with a significant increase in the cost of construction contracts for renovation works, and notably, a reversal of provision for onerous contracts of **MOP 405 thousand** was recognized in the current period Expenses (MOP thousand) | Expense Item | For the six months ended June 30, 2025 (MOP thousand) | For the six months ended June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Cost of Construction Contracts for Renovation Works Recognized as Expense | 157,252 | 46,862 | | Cost of Inventories Recognized as Expense | — | 210 | | Depreciation of Property, Plant and Equipment | 726 | 760 | | Depreciation of Right-of-Use Assets | 378 | 34 | | Amortisation of Intangible Assets | 389 | 393 | | Expenses Relating to Short-term Leases | 166 | 750 | - For the six months ended June 30, 2025, a reversal of provision for onerous contracts for renovation works of **MOP 405,000** was recognized[29](index=29&type=chunk) [Dividends](index=10&type=section&id=%E8%82%A1%E6%81%AF) No dividends were paid, declared, or proposed by the company during either of the interim periods - No dividends were paid, declared, or proposed during the two interim periods[30](index=30&type=chunk) [Earnings Per Share](index=10&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, profit for the period attributable to owners of the company was **MOP 314 thousand**, leading to a significant decrease in basic and diluted earnings per share to **MOP 0.05 cents**, compared to **MOP 0.64 cents** in the prior year Earnings Per Share | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (MOP thousand) | 314 | 3,827 | | Weighted Average Number of Ordinary Shares (thousand shares) | 600,000 | 600,000 | | Basic Earnings Per Share (MOP cents) | 0.05 | 0.64 | | Diluted Earnings Per Share (MOP cents) | 0.05 | 0.64 | - Diluted earnings per share were not assumed to be exercised for all share options as the exercise price was higher than the average market price of the shares[31](index=31&type=chunk) [Property, Plant and Equipment and Right-of-Use Assets](index=11&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%8E%82%E6%88%BF%E5%8F%8A%E8%AE%BE%E5%A4%87%E4%BB%A5%E5%8F%8A%E4%BD%BF%E7%94%A8%E6%9D%83%E8%B5%84%E4%BA%A7) For the six months ended June 30, 2025, the Group did not enter into new lease agreements, thus recognizing no new right-of-use assets or lease liabilities, in contrast to the prior year - For the six months ended June 30, 2025, the Group did not enter into new lease agreements, nor did it recognize new right-of-use assets and lease liabilities[32](index=32&type=chunk) - For the six months ended June 30, 2024, the Group entered into new lease agreements, recognizing right-of-use assets and lease liabilities of **MOP 1,949,000** each[32](index=32&type=chunk) [Goodwill](index=11&type=section&id=%E5%95%86%E8%AA%89) As of June 30, 2025, the Group recognized goodwill of **MOP 1,462 thousand** arising from the acquisition of a subsidiary, with its carrying amount consistent with its cost Goodwill (MOP thousand) | Item | MOP thousand | | :--- | :--- | | As of December 31, 2024 (audited) | — | | Arising from Acquisition of a Subsidiary | 1,462 | | **As of June 30, 2025 (unaudited)** | **1,462** | [Trade and Other Receivables](index=11&type=section&id=%E8%B4%B8%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9) As of June 30, 2025, total trade and other receivables increased to **MOP 72,195 thousand**, a **61.0%** increase from the end of 2024, with a significant rise in trade receivables (net of loss allowance) and a higher proportion of receivables aged 1 to 30 days Trade and Other Receivables (MOP thousand) | Item | As of June 30, 2025 (MOP thousand) | As of December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Trade Receivables (net of loss allowance) | 55,332 | 25,103 | | Advances to Subcontractors and Suppliers | 5,350 | 7,776 | | Other Receivables, Prepayments and Deposits | 11,513 | 9,902 | | **Total Trade and Other Receivables** | **72,195** | **44,842** | Trade Receivables Ageing Analysis (MOP thousand) | Ageing | As of June 30, 2025 (MOP thousand) | As of December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | 1 to 30 days | 49,989 | 932 | | 31 to 60 days | 3,274 | 14,862 | | 61 to 90 days | — | 6,407 | | Over 90 days | 2,069 | 2,902 | | **Total** | **55,332** | **25,103** | - The Group generally allows customers a credit period of **30 days**[36](index=36&type=chunk) [Contract Assets](index=12&type=section&id=%E5%90%88%E7%BA%A6%E8%B5%84%E4%BA%A7) As of June 30, 2025, contract assets significantly decreased by **69.3%** to **MOP 19,025 thousand** from the end of 2024, including retention receivables of **MOP 13,074 thousand** Contract Assets (MOP thousand) | Item | As of June 30, 2025 (MOP thousand) | As of December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Contract Assets | 19,025 | 62,066 | - Contract assets include retention receivables from customers for contract works of **MOP 13,074,000**[37](index=37&type=chunk) - Retention receivables are typically **10%** of certified amounts payable, with **50%** recovered upon project completion and the remaining **50%** after the warranty period[38](index=38&type=chunk) [Impairment Loss under Expected Credit Loss Model](index=13&type=section&id=%E9%A2%84%E6%9C%9F%E4%BF%A1%E8%B4%B7%E4%BA%8F%E6%8D%9F%E6%A8%A1%E5%9E%8B%E4%B8%8B%E7%9A%84%E5%87%8F%E5%80%BC%E4%BA%8F%E6%8D%9F) For the six months ended June 30, 2025, the Group recorded a net reversal of impairment loss of **MOP 740 thousand**, a significant improvement compared to an impairment loss of **MOP 1,243 thousand** in the prior year, primarily due to the reversal of impairment for contract assets Impairment Loss under Expected Credit Loss Model (MOP thousand) | Item | For the six months ended June 30, 2025 (MOP thousand) | For the six months ended June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Trade Receivables | 112 | 1,335 | | Other Receivables | (2) | — | | Contract Assets | (847) | 13 | | Other Financial Assets | (3) | (105) | | **Total** | **(740)** | **1,243** | - During the interim period, the Group recognized impairment provisions of **MOP 317,000** and reversed impairment provisions of **MOP 1,057,000**[39](index=39&type=chunk)[40](index=40&type=chunk) [Trade and Other Payables](index=14&type=section&id=%E8%B4%B8%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE%E9%A1%B9) As of June 30, 2025, total trade and other payables increased to **MOP 115,106 thousand**, a **26.4%** increase from the end of 2024, with both trade payables and retention payables showing increases Trade and Other Payables (MOP thousand) | Item | As of June 30, 2025 (MOP thousand) | As of December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Trade Payables | 45,450 | 26,117 | | Retention Payables | 31,796 | 25,443 | | Accrued Contract Costs | 27,849 | 29,595 | | Provision for Onerous Contracts | 1,088 | 1,493 | | **Total Trade and Other Payables** | **115,106** | **91,042** | Trade Payables Ageing Analysis (MOP thousand) | Ageing | As of June 30, 2025 (MOP thousand) | As of December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | 1 to 30 days | 41,232 | 22,226 | | Over 60 days | 4,218 | 3,891 | | **Total** | **45,450** | **26,117** | - The credit period for trade purchases is **7 to 60 days**[41](index=41&type=chunk) [Share Capital](index=14&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged at **600,000 thousand shares**, with a share capital amount of **MOP 6,189 thousand** Share Capital (MOP thousand) | Item | Number of Shares (thousand shares) | Share Capital (MOP thousand) | | :--- | :--- | :--- | | Issued and Fully Paid Share Capital (as of June 30, 2025) | 600,000 | 6,189 | | Authorised Share Capital (as of June 30, 2025) | 10,000,000 | 103,150 | Management Discussion and Analysis [Business Review](index=15&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) Despite global economic challenges, the Group achieved a **190.0%** revenue growth to **MOP 170.8 million** in the first half of 2025, primarily driven by renovation projects and newly expanded construction material trading, while gross profit margin declined due to lower-margin projects, and the Group also entered the financial services sector through an acquisition - The Group recorded revenue of approximately **MOP 170.8 million** in the first half of 2025, representing a year-on-year increase of approximately **190.0%**[46](index=46&type=chunk) - Revenue growth was primarily attributable to the successful execution of renovation projects and the expansion of the construction material trading business[46](index=46&type=chunk) - The core construction services segment contributed **MOP 167.1 million**, accounting for **97.8%** of total revenue[46](index=46&type=chunk) - The successful launch of the construction material trading business contributed **MOP 3.7 million** in revenue, marking strategic diversification[47](index=47&type=chunk) - Gross profit margin decreased from **20.1%** last year to **6.0%**, mainly due to the completion of certain low-margin projects and subsequent additional orders[47](index=47&type=chunk) - The acquisition of a Hong Kong company holding SFC Type 4 and Type 9 licenses was completed, entering the financial services sector[47](index=47&type=chunk) [Prospects and Outlook](index=15&type=section&id=%E5%89%8D%E6%99%AF%E5%8F%8A%E5%B1%95%E6%9C%9B) The Group maintains cautious optimism for the future, anticipating construction and renovation opportunities from Macau's economic recovery, planning to expand its construction material trading business for vertical integration, actively developing financial services capabilities, and pursuing sustainable growth through strategic collaborations and market expansion - Macau's continued economic recovery and investments by major integrated resort operators will create robust potential construction and renovation opportunities for the Group[48](index=48&type=chunk)[49](index=49&type=chunk) - Plans to expand the construction material trading business to enhance overall project profitability through vertical integration of material supply and construction services[49](index=49&type=chunk) - Actively developing financial services capabilities, utilizing Type 4 and Type 9 licenses to provide securities advisory and asset management services, opening new revenue streams[49](index=49&type=chunk) - Will continue to evaluate strategic acquisition opportunities and partnerships, and expand its market presence in Macau, Hong Kong, the Greater Bay Area, and the Asia-Pacific region[49](index=49&type=chunk) [Financial Review](index=16&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%BE) This section provides a detailed review of the Group's financial performance in the first half of 2025, including significant revenue growth, a notable decline in gross profit margin, reduced other income, improved impairment losses, and a decrease in profit for the period, along with their primary causes [Revenue](index=16&type=section&id=%E6%94%B6%E7%9B%8A) The Group's revenue for the first half of 2025 significantly increased by **190.0%** year-on-year to **MOP 170.8 million**, primarily driven by a **183.6%** increase in renovation project revenue and a **MOP 3.7 million** contribution from construction material sales Revenue by Source (MOP thousand) | Revenue Source | For the six months ended June 30, 2025 (MOP thousand) | For the six months ended June 30, 2024 (MOP thousand) | Year-on-year Growth (%) | | :--- | :--- | :--- | :--- | | Renovation Works | 167,117 | 58,923 | 183.6% | | Others (Construction Material Sales) | 3,717 | — | 100% (New Business) | | **Total** | **170,834** | **58,923** | **190.0%** | - The increase in revenue was mainly due to an increase of approximately **MOP 108.2 million** or **183.6%** from renovation projects[50](index=50&type=chunk) - The expansion of the Macau construction material sales business contributed approximately **MOP 3.7 million** in revenue[50](index=50&type=chunk) [Gross Profit and Gross Profit Margin](index=17&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) The Group's gross profit decreased by approximately **MOP 1.7 million** year-on-year, with the gross profit margin significantly declining by **14.1 percentage points** to **6.0%** from **20.1%**, primarily due to reduced gross profit from completed renovation projects, partially offset by gross profit from construction material sales Gross Profit and Gross Profit Margin (MOP thousand) | Revenue Type | For the six months ended June 30, 2025 Gross Profit (MOP thousand) | For the six months ended June 30, 2025 Gross Profit Margin (%) | For the six months ended June 30, 2024 Gross Profit (MOP thousand) | For the six months ended June 30, 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Renovation Works | 9,865 | 5.9 | 12,061 | 20.5 | | Others | 308 | 8.3 | (210) | — | | **Total** | **10,173** | **6.0** | **11,851** | **20.1** | - Gross profit margin decreased by **14.1 percentage points** from approximately **20.1%** in the corresponding period of 2024 to **6.0%** in the corresponding period of 2025[51](index=51&type=chunk) - The decrease in gross profit margin was mainly due to a reduction of approximately **MOP 2.2 million** in gross profit recognized from completed renovation projects[51](index=51&type=chunk) [Other Income](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income decreased from **MOP 6.7 million** in the prior year to **MOP 2.9 million** in the current period, primarily because **MOP 2.271 million** in insurance claim compensation income recognized in the prior year did not recur - For the six months ended June 30, 2025, other income was approximately **MOP 2.9 million**, mainly comprising bank interest income of approximately **MOP 2.6 million**[52](index=52&type=chunk) - The decrease in other income was primarily due to the absence of **MOP 2.271 million** in compensation income (insurance claims) recognized in the corresponding period of 2024[52](index=52&type=chunk) [Other Gains and Losses](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E4%BA%8F%E6%8D%9F) The current period recorded other gains of approximately **MOP 0.9 million**, contrasting with other losses of approximately **MOP 1.0 million** in the prior year, mainly influenced by net exchange gains and fair value changes of financial assets at fair value through profit or loss - For the six months ended June 30, 2025, other gains were approximately **MOP 0.9 million**, mainly including net exchange gains and fair value changes of financial assets at fair value through profit or loss[53](index=53&type=chunk) - For the six months ended June 30, 2024, other losses were approximately **MOP 1.0 million**, mainly including net exchange losses and fair value changes of financial assets at fair value through profit or loss[53](index=53&type=chunk) [Impairment Loss under Expected Credit Loss Model](index=18&type=section&id=%E9%A2%84%E6%9C%9F%E4%BF%A1%E8%B4%B7%E4%BA%8F%E6%8D%9F%E6%A8%A1%E5%9E%8B%E4%B8%8B%E7%9A%84%E5%87%8F%E5%80%BC%E4%BA%8F%E6%8D%9F) Impairment loss decreased by approximately **MOP 2.0 million** or **159.5%**, primarily due to the settlement of some long-aged receivables during the review period - Impairment loss decreased by approximately **MOP 2.0 million** or **159.5%**, mainly due to the settlement of some long-aged receivables during the review period[54](index=54&type=chunk) [Administrative Expenses](index=18&type=section&id=%E8%A1%8C%E6%94%BF%E5%BC%80%E6%94%AF) Administrative expenses remained largely stable at approximately **MOP 13.5 million** compared to the prior year, as growth in new business areas was offset by the gradual scaling down of certain non-core businesses - Administrative expenses remained largely stable at approximately **MOP 13.5 million** compared to the corresponding period of the previous year[55](index=55&type=chunk) - The stability in administrative expenses was mainly due to the growth in new business areas being offset by the gradual scaling down of certain non-core businesses[55](index=55&type=chunk) [Profit for the Period](index=18&type=section&id=%E6%9C%9F%E5%86%85%E6%BA%A2%E5%88%A9) Profit for the period decreased by approximately **MOP 2.0 million** to **MOP 0.5 million**, primarily reflecting the combined impact of the aforementioned financial changes - Profit for the six months ended June 30, 2025, was approximately **MOP 0.5 million**, a decrease of approximately **MOP 2.0 million** compared to the prior year[56](index=56&type=chunk) - This change was primarily due to the combined impact of the aforementioned financial items[56](index=56&type=chunk) [Dividends](index=18&type=section&id=%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the company did not pay, declare, or propose any dividends - For the six months ended June 30, 2025, no dividends were paid, declared, or proposed[57](index=57&type=chunk) [Corporate Finance and Risk Management](index=18&type=section&id=%E4%BC%81%E4%B8%9A%E8%9E%8D%E8%B5%84%E5%8F%8A%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group's capital expenditure and working capital are primarily funded by cash generated from operations, maintaining a healthy liquidity position with increased cash and bank balances, a reduced gearing ratio, and ample unutilized bank facilities, while facing foreign exchange fluctuation risks without a current hedging policy [Liquidity and Financial Resources](index=18&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E5%8F%8A%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) As of June 30, 2025, the Group's total cash and bank balances, together with pledged bank deposits, increased to **MOP 146 million**, with the gearing ratio significantly decreasing to **5.2%**, a current ratio of **1.9 times**, and **MOP 154.7 million** in unutilized bank facilities - As of June 30, 2025, total cash and bank balances, together with pledged bank deposits, were approximately **MOP 146 million**, an increase of approximately **MOP 29 million** from the end of 2024[58](index=58&type=chunk) - The gearing ratio decreased from **9.2%** at the end of 2024 to **5.2%** as of June 30, 2025, mainly due to a reduction in bank overdrafts[58](index=58&type=chunk) - As of June 30, 2025, the Group had unutilized bank facilities of approximately **MOP 154.7 million**[58](index=58&type=chunk) - The Group's current ratio as of June 30, 2025, was **1.9 times**[58](index=58&type=chunk) [Future Plans for Material Investments and Capital Assets](index=19&type=section&id=%E6%9C%89%E5%85%B3%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E5%8F%8A%E8%B5%84%E6%9C%AC%E8%B5%84%E4%BA%A7%E7%9A%84%E6%9C%AA%E6%9D%A5%E8%AE%A1%E5%88%92) Other than those disclosed in the prospectus and this announcement, the Group has no other future plans for material investments or capital assets - Other than those disclosed in the prospectus and this announcement, the Group has no other plans for material investments or capital assets[60](index=60&type=chunk) [Pledge of Assets](index=19&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group's office properties valued at approximately **MOP 34.4 million** and bank deposits of approximately **MOP 72.3 million** were pledged to banks as security for bank facilities Pledged Assets (MOP million) | Pledged Assets | As of June 30, 2025 (MOP million) | As of December 31, 2024 (MOP million) | | :--- | :--- | :--- | | Office Properties | 34.4 | 35.1 | | Bank Deposits | 72.3 | 72.1 | [Capital Commitments](index=19&type=section&id=%E8%B5%84%E6%9C%AC%E6%89%BF%E6%8B%85) As of June 30, 2025, the Group was obligated to pay **RMB 38.0 million** (approximately **MOP 42.9 million**) as capital contribution to Jiangmen Jinying Construction Engineering Co Ltd - As of June 30, 2025, the Group was obligated to pay **RMB 38.0 million** (equivalent to approximately **MOP 42.9 million**) as capital contribution to Jiangmen Jinying Construction Engineering Co Ltd[62](index=62&type=chunk) [Material Investments, Acquisitions and Disposals](index=19&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E3%80%81%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE) As of March 2025, the Group completed the acquisition of a Hong Kong company holding SFC Type 4 and Type 9 licenses for business diversification, with no other material investments, acquisitions, or disposals during the period - As of March 2025, the Group completed the acquisition of a Hong Kong-incorporated limited company holding SFC Type 4 (advising on securities) and Type 9 (asset management) licenses[63](index=63&type=chunk) - This acquisition is expected to further diversify and expand the Group's business portfolio and open new revenue streams[63](index=63&type=chunk) [Exchange Rate Fluctuations](index=19&type=section&id=%E6%B1%87%E7%8E%87%E6%B3%A2%E5%8A%A8) The Group faces currency risks from transactions denominated in non-functional currencies such as HKD, RMB, and USD, currently without a foreign exchange hedging policy, but management regularly monitors and considers appropriate measures - The Group's currency risk primarily arises from raw material purchases, sales proceeds, and financial asset investments denominated in currencies other than the Group's functional currency, mainly HKD, RMB, and USD[64](index=64&type=chunk) - The Group currently has no foreign exchange hedging policy, but management regularly monitors relevant foreign exchange risks and considers appropriate measures[64](index=64&type=chunk) [Employees and Remuneration](index=20&type=section&id=%E9%9B%87%E5%91%98%E5%8F%8A%E8%96%AA%E9%85%AC) As of June 30, 2025, the Group's full-time employee count increased to **232**, primarily to support newly awarded renovation projects in the Macau market, with total staff costs for the period amounting to approximately **MOP 14.5 million** - As of June 30, 2025, the Group had **232** full-time employees, an increase from **159** at the end of 2024[65](index=65&type=chunk) - The increase in employee numbers was primarily due to increased resource requirements to support newly awarded renovation projects in the Macau market[65](index=65&type=chunk) - Total staff costs for the period ended June 30, 2025, were approximately **MOP 14.5 million**[65](index=65&type=chunk) [Compliance with Laws and Regulations](index=20&type=section&id=%E9%81%B5%E5%AE%88%E6%B3%95%E5%BE%8B%E5%8F%8A%E6%B3%95%E8%A7%84) The Group confirms its compliance with all relevant laws and regulations in its primary operating locations (Macau, Hong Kong, and China) for the first half of 2025 - The Group has complied with all relevant laws and regulations in Macau, Hong Kong, and China for the six months ended June 30, 2025[66](index=66&type=chunk) [Key Risks and Uncertainties](index=20&type=section&id=%E4%B8%BB%E8%A6%81%E9%A3%8E%E9%99%A9%E5%8F%8A%E4%B8%8D%E7%A1%AE%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group faces key risks including fluctuations in construction material and labor costs, poor project management or delays, volatile project cash flows, reliance on subcontractors, ability to attract and retain key management and technical talent, and global economic uncertainties - Significant changes in construction material and labor costs may lead to cost overruns, affecting operating results and financial performance[67](index=67&type=chunk) - Poor project management or delays will significantly impact goodwill and may incur penalties and/or additional costs[67](index=67&type=chunk) - The Group's success largely depends on key management personnel and its ability to attract and retain technical and managerial staff[67](index=67&type=chunk) - Global economic uncertainties, particularly due to tensions between China, the US, and the EU[67](index=67&type=chunk) [Events After Reporting Period](index=21&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Board is unaware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this announcement - The Board is unaware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this announcement[68](index=68&type=chunk) Other Information [Corporate Governance](index=21&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the SEHK Listing Rules - The company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the SEHK Listing Rules[69](index=69&type=chunk) - For the six months ended June 30, 2025, the company has complied with all applicable code provisions of the Corporate Governance Code[69](index=69&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=%E8%B4%AD%E4%B9%B0%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[70](index=70&type=chunk) [Standard Securities Dealing Code for Directors](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E8%BF%9B%E8%A1%8C%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E5%87%86%E5%AE%88%E5%88%99) The company has adopted the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code - The company has adopted the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[71](index=71&type=chunk) - All directors confirmed their compliance with the required standards set out in the Standard Code for the six months ended June 30, 2025[71](index=71&type=chunk) [Audit Committee](index=21&type=section&id=%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A) The company's Audit Committee, established in August 2018 and comprising three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The company established an Audit Committee on August 17, 2018, comprising three independent non-executive directors, with Mr Au Yeung Wai Lap as Chairman of the Audit Committee[72](index=72&type=chunk) - The unaudited condensed consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee and the Group's auditor, Tianzhi Hong Kong Certified Public Accountants Limited[72](index=72&type=chunk)

董事會會議召開日期 奧邦建築集團有限公司（「本公司」）之董事會（「董事會」）宣佈，本公司將於二 零二五年八月二十八日（星期四）舉行董事會會議，董事會將於會上（其中包括） 考慮及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，以及處理任何其他業務。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 AB BUILDERS GROUP LIMITED 奧邦建築集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：01615） 奧邦建築集團有限公司 主席兼執行董事 劉朝盛先生 澳門，二零二五年八月十八日 於本公告日期，董事會成員包括五名執行董事劉朝盛先生、劉秋瑜女士、安加慰先生、鄭益 偉先生及葉建華先生；以及三名獨立非執行董事朱逸鵬先生、歐陽偉立先生及蔡偉石先生， 榮譽勳章，太平紳士 。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 奧邦建築集團有限公司 呈交日期: 2025年8月5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) | 01615 | 說明 | 不適用 | | | | | | | | | | 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 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately MOP 182.0 million, an increase of about MOP 41.4 million or approximately 29.4% compared to the same period in 2023[12] - The gross profit for the fiscal year was approximately MOP 26.9 million, significantly up from MOP 8.1 million in the previous year, indicating a substantial improvement in financial performance[12] - As of December 31, 2024, the company's distributable reserves amounted to MOP 2.0 million, down from MOP 17.0 million in 2023[25] - The company does not recommend the payment of any final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[24] Business Strategy and Development - The company plans to diversify its business portfolio through the acquisition of a company holding licenses for securities advisory and asset management, aiming to develop new revenue sources[13] - The company is exploring opportunities in the construction materials trade, driven by the accelerating infrastructure development in Macau and Hong Kong, which is expected to create strong demand for construction materials[14] - The company remains committed to leveraging business relationships and resources to implement new business strategies, actively seeking opportunities through strategic acquisitions and partnerships with globally recognized firms[16] - The company announced the establishment of a new investment company in Hong Kong to diversify and expand its business portfolio[169] - The company aims to continue seeking opportunities through mergers and acquisitions and collaborations with globally recognized enterprises to expand revenue sources[169] Shareholder Information - As of December 31, 2024, Mr. Liu Chao-sheng holds 390,000,000 shares, representing approximately 65% of the company[65] - Mr. Ye Jianhua holds 60,000,000 shares, representing approximately 10% of the company[65] - Major shareholder Liu Tai holds 390,000,000 shares, representing 65.0% of the company's issued share capital[69] - Laos International, owned by the company's controlling shareholder, holds 255,000,000 shares, accounting for 42.5%[69] - WHM Holdings, fully owned by Liu Tai, possesses 135,000,000 shares, which is 22.5% of the total[69] Corporate Governance - The board consists of eight members, including five executive directors and three independent non-executive directors[102] - The board consists of at least three independent non-executive directors, ensuring a balanced composition to provide independent opinions[105] - The board has held four meetings from January 1, 2024, to December 31, 2024, with all directors attending all meetings[113][115] - The company has established three committees (audit, remuneration, and nomination) to oversee specific matters, with most members being independent non-executive directors[127] - The independent non-executive directors have confirmed their independence annually, and the company believes all such directors are independent individuals[119] Risk Management and Internal Controls - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks[146] - An internal control officer has been hired, and an independent third-party internal control consultant is engaged annually to review the internal control system[146] - The board and audit committee reported that the risk management and internal control systems are effective and adequate as of December 31, 2024[147] - The company has implemented monitoring procedures to strictly prohibit unauthorized access and use of insider information[148] Environmental, Social, and Governance (ESG) Initiatives - The group is committed to sustainable growth, balancing financial performance with environmental, social, and governance (ESG) management[99] - The company integrates environmental, social, and governance (ESG) principles into its operations, emphasizing stakeholder and community relationships[168] - The company has implemented a risk management policy to identify and allocate resources effectively for environmental, social, and governance risks[184] - The company has established a clear governance framework for its ESG strategy, detailing the roles and responsibilities of key management personnel[177] - The company aims to enhance its environmental management system in accordance with international standards to address environmental responsibilities and challenges[182] Employee and Director Compensation - The company maintains a fair and equitable compensation policy for all employees, with performance evaluations conducted annually[82] - The company established a Compensation Committee on August 17, 2018, to recommend overall compensation policies for all directors and senior management[131] - As of December 31, 2024, there is 1 senior management member earning between HKD 0 to 1,000,000 and 1 member earning between HKD 1,500,001 to 2,000,000[131] Compliance and Legal Matters - The company has adhered to all relevant regulations and has not identified any legal violations in 2024[199] - The company confirmed compliance with the non-competition agreement by all covenantors for the year ending December 31, 2024[76] - No related party transactions were established under the Listing Rules that were not exempted during the year[85] Awards and Recognition - During the reporting period, the company received two awards for its commitment to corporate social responsibility and sustainable development[187]

Financial Performance - The total revenue for the year ended December 31, 2024, was MOP 182,030,000, representing a 29.5% increase from MOP 140,580,000 in 2023[6] - Gross profit for the same period was MOP 26,903,000, up from MOP 8,092,000, indicating a significant improvement in profitability[6] - The net profit for the year was MOP 7,418,000, compared to a net loss of MOP 15,787,000 in the previous year, marking a turnaround in financial performance[6] - Basic and diluted earnings per share for 2024 were MOP 1.57, recovering from a loss of MOP 1.71 per share in 2023[7] - The group reported a net profit of MOP 9,407,000 for 2024, recovering from a loss of MOP 10,281,000 in 2023[27] - The net profit for the year ended December 31, 2024, was approximately MOP 7.4 million, a significant turnaround from a loss of approximately MOP 15.8 million in 2023[46] Revenue and Growth - The group reported revenue from renovation engineering contracts of MOP 182,030,000 for 2024, a significant increase from MOP 90,756,000 in 2023, representing a growth of 100.5%[13] - Total revenue for 2024 reached MOP 182,030,000, compared to MOP 140,580,000 in 2023, indicating an increase of 29.5%[13] - The group recorded a segment performance of MOP 27,380,000 for the renovation engineering division in 2024, compared to MOP 4,964,000 in 2023, reflecting a growth of 451.5%[18] - The company reported a revenue of MOP 182.0 million for the year ended December 31, 2024, an increase of approximately MOP 41.4 million or 29.4% compared to the previous year[34] Assets and Liabilities - Total assets as of December 31, 2024, were MOP 223,640,000, slightly down from MOP 228,780,000 in 2023[8] - The company's net asset value increased to MOP 194,333,000 from MOP 187,238,000, reflecting a growth of 3.8%[8] - Trade and other receivables rose to MOP 44,842,000 from MOP 30,103,000, indicating improved collection efficiency[8] - The company reported a decrease in trade and other payables to MOP 91,042,000 from MOP 99,001,000, suggesting better cash management[8] - Trade receivables (net of loss provisions) increased to MOP 25.1 million in 2024 from MOP 12.6 million in 2023[30] - Trade payables rose significantly to MOP 26.1 million in 2024 from MOP 6.7 million in 2023[32] Expenses and Costs - Administrative expenses for 2024 were MOP 29,742,000, up from MOP 28,093,000 in 2023, showing an increase of 5.9%[18] - The total employee costs for 2024 amounted to MOP 23,289,000, compared to MOP 19,004,000 in 2023, representing an increase of 22.5%[24] - Administrative expenses rose by approximately MOP 1.6 million to about MOP 29.7 million, primarily due to the expansion in the Hong Kong market[44] - The total employee cost for the year was approximately MOP 23.3 million, an increase from MOP 19.0 million in 2023, reflecting the increase in full-time employees to 159 from 49[57] Market and Strategic Outlook - The company plans to continue expanding its construction services and air purification system sales, focusing on enhancing operational efficiency and market reach[9] - The company anticipates strong recovery in the tourism and gaming sectors in Macau, with inbound tourists reaching 34.9 million in 2024, a 24% increase year-on-year[35] - The total gaming revenue in Macau for 2024 was MOP 220.2 billion, reflecting a 24% increase compared to the previous year[35] - The company plans to explore opportunities in the financial services sector after acquiring a licensed entity for asset management and securities advisory[36] - The company aims to diversify its revenue sources and maintain strict cost control measures to ensure sustainable growth[36] - The company is optimistic about capturing opportunities in the construction and financial services industries to create value for stakeholders[36] Financial Ratios and Compliance - The debt-to-equity ratio improved to 9.2% as of December 31, 2024, down from 13.8% in 2023, mainly due to a reduction in bank borrowings[49] - The group's liquidity ratio increased to 2.0 times as of December 31, 2024, compared to 1.8 times in 2023[50] - The company has complied with all relevant laws and regulations in Macau, Hong Kong, and China during the year[58] - The company has adopted the corporate governance code as per the listing rules and has complied with all mandatory disclosure requirements[60] - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2024, and found them to comply with applicable accounting standards and listing rules[66] Dividends and Shareholder Information - The group did not declare any dividends for both 2024 and 2023, maintaining a policy of no dividend distribution[25] - The company does not recommend any final dividend for the year ended December 31, 2024, consistent with the previous year[68] - The annual general meeting is scheduled for June 20, 2025, at 3:00 PM[69] - The company will suspend share transfer registration from June 17, 2025, to June 20, 2025, to facilitate attendance at the annual general meeting[70] Risks and Challenges - Significant fluctuations in construction material and labor costs may lead to cost overruns, severely impacting operational performance and financial results[59]