Summary of Key Points Core Viewpoint - Multiple companies conducted share buybacks on July 18, 2025, with VITASOY INT'L leading in terms of buyback amount and quantity [1][2]. Company Buyback Details - **VITASOY INT'L (00345)**: - Buyback quantity: 1.044 million shares - Buyback amount: 9.6671 million [2] - Year-to-date buyback quantity: 14.574 million shares, representing 1.358% of total shares [2] - **中集集团 (02039)**: - Buyback quantity: 1.263 million shares - Buyback amount: 8.6893 million [2] - Year-to-date buyback quantity: 8.6108 million shares, representing 0.280% of total shares [2] - **百胜中国 (09987)**: - Buyback quantity: 16,500 shares - Buyback amount: 6.2518 million [2] - Year-to-date buyback quantity: 2.8399 million shares, representing 0.760% of total shares [2] - **中国东方航空股份 (00670)**: - Buyback quantity: 1.750 million shares - Buyback amount: 5.0398 million [2] - Year-to-date buyback quantity: 96.208 million shares, representing 1.859% of total shares [2] - **贝壳-W (02423)**: - Buyback quantity: 634,900 shares - Buyback amount: 4 million [2] - Year-to-date buyback quantity: 1.0836 million shares, representing 0.300% of total shares [2] Additional Companies Involved - **蒙牛乳业 (02319)**: - Buyback quantity: 200,000 shares - Buyback amount: 3.393 million [2] - Year-to-date buyback quantity: 4.75 million shares, representing 0.121% of total shares [2] - **信利国际 (00732)**: - Buyback quantity: 2 million shares - Buyback amount: 2.4 million [2] - Year-to-date buyback quantity: 44.522 million shares, representing 1.408% of total shares [2] - **名创优品 (09896)**: - Buyback quantity: 57,000 shares - Buyback amount: 1.9943 million [2] - Year-to-date buyback quantity: 2.7211 million shares, representing 0.219% of total shares [2] Summary of Buyback Trends - The buyback activities indicate a trend among companies to return capital to shareholders, with varying levels of commitment reflected in the percentage of total shares repurchased [1][2].

Group 1 - The article reports on stock buybacks conducted by various companies on July 15, 2025, with a total of 20 companies participating in the buyback program [1] - The company with the largest buyback amount was Wan Ka Yi Lian (01762), repurchasing 7.14 million shares for a total of 5.06 million yuan [1][2] - Other notable buybacks include Mengniu Dairy (02319) with 300,000 shares for 4.97 million yuan and China International Marine Containers (02039) with 613,100 shares for 4.03 million yuan [2] Group 2 - The cumulative buyback figures for the year show Wan Ka Yi Lian (01762) has repurchased a total of 17.37 million shares, representing 0.981% of its total share capital [2] - Other companies with significant cumulative buyback percentages include Kangchen Pharmaceutical (01681) at 5.926% and China Aluminum Can (06898) at 3.900% [2] - The buyback activity reflects a strategic move by these companies to enhance shareholder value and signal confidence in their financial health [1][2]

Group 1 - The company, Mei Heng Industrial, repurchased 44,000 shares at an average price of HKD 0.45 per share, totaling approximately HKD 19,800, with a cumulative repurchase of 1.38 million shares this year, representing 0.33% of the total share capital [1] - The recent stock repurchase may indicate the management's belief that the company's current value is underestimated by the market, potentially enhancing per-share earnings and net asset value [1] - Stock buybacks can signal to the market that the company has sufficient cash flow to support such operations, reflecting confidence in future development and helping to stabilize stock prices [1] Group 2 - Mei Heng Industrial is a Hong Kong-listed company primarily engaged in construction engineering and property development [2] - The company has accumulated industry experience, professional talent, and market resources, involving various types of construction projects from residential to commercial buildings [2] - The company's performance is influenced by factors such as the real estate market conditions, competitive landscape in the construction industry, and fluctuations in raw material prices [2]

Summary of Key Points Core Viewpoint - On July 7, 34 Hong Kong-listed companies conducted share buybacks, totaling 30.99 million shares and an aggregate amount of HKD 921 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 1.002 million shares for HKD 501 million, with a highest price of HKD 502.000 and a lowest price of HKD 494.400, bringing its total buyback amount for the year to HKD 38.542 billion [1][2]. - AIA Group repurchased 5.5 million shares for HKD 377 million, with a highest price of HKD 69.150 and a lowest price of HKD 68.050, totaling HKD 16.352 billion in buybacks for the year [1][2]. - Founder Holdings repurchased 10.386 million shares for HKD 1.174 million, with a highest price of HKD 1.150 and a lowest price of HKD 1.110, accumulating HKD 3.541 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on July 7 was from Tencent Holdings at HKD 501 million, followed by AIA Group at HKD 377 million [1][2]. - In terms of share quantity, Founder Holdings had the most significant buyback with 10.386 million shares, followed by AIA Group with 5.5 million shares and China Electric Power Technology with 2.26 million shares [1][2].

[Cover and Disclaimer](index=1&type=section&id=Cover%20and%20Disclaimer) This section provides the disclaimer from Hong Kong Exchanges and Clearing Limited and presents the annual results announcement for Mei Hang Industrial Holdings Limited - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no representation, and accept no liability for any loss[1](index=1&type=chunk) - This announcement presents the annual results of Mei Hang Industrial Holdings Limited (Stock Code: 1897) for the year ended March 31, 2025[2](index=2&type=chunk) [Performance Highlights](index=1&type=section&id=Performance%20Highlights) The company experienced a significant decline in revenue and gross profit for FY2025, leading to a decrease in profit attributable to owners, despite a slight increase in net asset value per share 2025 Financial Year Key Financial Indicators Comparison | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 412,200,000 | 603,500,000 | -31.7% | | Gross Profit | 29,700,000 | 55,500,000 | -46.5% | | Gross Profit Margin | 7.2% | 9.2% | -2.0 percentage points | | Consolidated Profit Attributable to Owners of the Company | 9,100,000 | 11,500,000 | -20.9% | | Basic and Diluted Earnings Per Share | 0.02 | 0.03 | -33.3% | | Net Assets | 524,200,000 | 526,500,000 | -0.44% | | Net Assets Per Share | 1.29 | 1.28 | +0.78% | | Full-Year Dividend Per Share | 0.013 | 0.025 | -48% | - The significant decrease in revenue was primarily due to delays or suspensions of certain projects and a downturn in the property and construction market during the year[3](index=3&type=chunk) - The decline in consolidated profit was partially offset by the reversal of expected credit loss impairment losses and a reduction in the share of losses from joint ventures[4](index=4&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the consolidated statement of profit or loss and other comprehensive income, and the consolidated statement of financial position, highlighting key financial performance and position metrics [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The consolidated statement of profit or loss shows a significant decrease in revenue and gross profit, leading to a 20.9% reduction in annual profit, partially offset by expected credit loss reversals and reduced joint venture losses, with a decline in basic and diluted earnings per share Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 412,209 | 603,549 | | Cost of Sales | (382,536) | (548,089) | | Gross Profit | 29,673 | 55,460 | | Other Income | 10,893 | 7,518 | | Other Gains and Losses | (52) | 641 | | Net Reversal (Impairment Losses) of Expected Credit Losses — Trade Receivables and Contract Assets | 1,130 | (1,542) | | Net Reversal (Impairment Losses) of Expected Credit Losses — Loans to Joint Ventures | – | (5,533) | | Loss on Fair Value Change of Investment Properties | (2,000) | (1,100) | | Administrative Expenses | (28,776) | (30,804) | | Share of Results of Joint Ventures | (167) | (6,769) | | Finance Costs | (1,513) | (2,113) | | Profit Before Tax | 9,188 | 15,758 | | Tax | (78) | (4,303) | | Profit for the Year | 9,110 | 11,455 | | Total Comprehensive Income for the Year | 8,673 | 7,004 | | Basic Earnings Per Share (HKD) | 0.02 | 0.03 | | Diluted Earnings Per Share (HKD) | 0.02 | 0.03 | [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's net assets slightly decreased, primarily due to dividend payments and share repurchases, while net current assets and current ratio remained robust, indicating strong short-term solvency Consolidated Statement of Financial Position (Summary) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Non-current Assets** | **214,160** | **219,231** | | Investment Properties | 26,700 | 28,700 | | Property, Plant and Equipment | 103,369 | 109,177 | | Interests in Joint Ventures | 76,978 | 74,754 | | **Current Assets** | **414,047** | **428,777** | | Inventories | 25,606 | 42,541 | | Trade and Other Receivables, Deposits and Prepayments | 82,950 | 100,077 | | Contract Assets | 86,636 | 92,822 | | Cash and Cash Equivalents | 218,597 | 193,326 | | **Current Liabilities** | **67,843** | **74,949** | | Trade and Other Payables | 43,252 | 48,281 | | Tax Payable | 5,557 | 10,085 | | Net Current Assets | 346,204 | 353,828 | | Total Assets Less Current Liabilities | 560,364 | 573,059 | | **Non-current Liabilities** | **36,147** | **46,581** | | **Capital and Reserves** | **524,217** | **526,478** | | Share Capital | 40,720 | 41,161 | | Reserves | 483,497 | 485,317 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes to the financial statements, covering general information, accounting policies, revenue breakdown, segment information, other income, profit before tax adjustments, taxation, dividends, earnings per share, receivables, payables, and share capital [1. General Information](index=6&type=section&id=1.%20General%20Information) The company is incorporated in the Cayman Islands, listed on the Hong Kong Stock Exchange, primarily engaged in the design, supply, and installation of aluminum windows and curtain walls, with consolidated financial statements presented in HKD - The Company is an exempted company incorporated in the Cayman Islands with its shares listed on The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) - The Company is an investment holding company, and its subsidiaries are principally engaged in the design, supply, and installation of aluminum windows and curtain walls[12](index=12&type=chunk) - The consolidated financial statements are presented in Hong Kong dollars, which is the functional currency of the Company[12](index=12&type=chunk) [2. Application of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=2.%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) Several revised Hong Kong Financial Reporting Standards were first applied this year, but they did not have a significant impact on the Group's financial position, performance, or disclosures - The revised accounting standards, including amendments to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7, were first applied in the current year[13](index=13&type=chunk) - The application of the revised HKFRS accounting standards in the current year had no significant impact on the Group's financial position and performance and/or the disclosures contained in these consolidated financial statements for the current and prior years[13](index=13&type=chunk) [3. Revenue](index=7&type=section&id=3.%20Revenue) The Group's revenue primarily stems from the design, supply, and installation of facade and curtain wall systems, with total revenue for the current year at **HKD 412.2 million**, a 31.7% decrease from the previous year, largely due to a significant decline in new building curtain wall and aluminum window projects - The Group is principally engaged in the design, supply, and installation of facade and curtain wall systems, primarily comprising curtain walls and aluminum windows[14](index=14&type=chunk) Revenue Breakdown (by Contract Type) | Contract Type | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Design, supply and installation of curtain walls, aluminum windows and other products for new buildings | 304,113 | 536,708 | | Design, supply and installation of aluminum windows and other products for new buildings | 91,365 | 54,508 | | Repair, maintenance and others | 16,731 | 12,333 | | **Total** | **412,209** | **603,549** | - Revenue is recognized over time using the output method, based on the units of products installed by the Group as verified by independent surveyors engaged by customers for the Group's completed work, or based on the measurement of completed supply and installation services for aluminum windows and curtain walls[15](index=15&type=chunk) Transaction Price Allocated to Remaining Performance Obligations from Customer Contracts | Expected Revenue Recognition Time | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within one year | 400,102 | 471,696 | | More than one year but not more than two years | 356,987 | 313,337 | | **Total** | **757,089** | **785,033** | [4. Segment Information](index=9&type=section&id=4.%20Segment%20Information) The Group primarily segments revenue by contract type and provides geographical and major customer information, with Hong Kong contributing the vast majority of revenue but experiencing a significant year-on-year decrease, and revenue concentration from major customers remaining high Geographical Revenue and Non-current Assets | Region | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 Non-current Assets (HKD thousands) | 2024 Non-current Assets (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 399,600 | 602,858 | 124,122 | 130,100 | | Mainland China | 12,609 | 691 | 10,783 | 12,148 | | **Total** | **412,209** | **603,549** | **134,905** | **142,248** | Revenue from Major Customers | Customer | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | | :--- | :--- | :--- | | Customer a | 210,902 | 327,723 | | Customer b | Not applicable | 89,481 | | Customer c | Not applicable | 84,225 | [5. Other Income and Gains](index=10&type=section&id=5.%20Other%20Income) Other income increased this year, mainly driven by a significant rise in bank interest income, while other gains and losses shifted from a gain to a loss, primarily due to exchange rate impacts Other Income and Gains/(Losses) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income—bank | 7,613 | 3,216 | | Interest income—loans to joint ventures | 890 | 806 | | Sale of scrap materials | 697 | 2,380 | | Rental income | 965 | 960 | | Government grants | 57 | 56 | | Others | 671 | 100 | | **Total Other Income** | **10,893** | **7,518** | | Exchange (loss) gain | (52) | 641 | [Profit Before Tax has been Arrived at After Charging (Crediting) the Following](index=11&type=section&id=Profit%20Before%20Tax%20has%20been%20Arrived%20at%20After%20Charging%20(Crediting)%20the%20Following) Total directors' emoluments and staff costs slightly increased this year, while depreciation expenses for property, plant, and equipment slightly decreased, and the cost of inventories recognized as an expense significantly reduced Items Charged (Credited) to Profit Before Tax | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Total directors' emoluments | 6,718 | 6,181 | | Total staff costs | 102,155 | 99,731 | | Depreciation of right-of-use assets | 827 | 413 | | Depreciation of property, plant and equipment (net of capitalisation) | 5,769 | 5,426 | | Auditor's remuneration | 1,520 | 1,630 | | Cost of inventories recognised as an expense | 182,303 | 232,215 | [8. Taxation](index=12&type=section&id=8.%20Taxation) Taxation expenses significantly decreased this year, primarily due to reductions in Hong Kong profits tax and deferred tax, with no tax provision recognized for Chinese subsidiaries due to the absence of assessable profits Taxation Expense (Credit) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax (current year) | 126 | 4,918 | | Deferred tax | (48) | (505) | | Over-provision | – | (110) | | **Total** | **78** | **4,303** | - Hong Kong profits tax is calculated at **16.5%**, with the first **HKD 2,000,000** of assessable profits for qualifying corporations taxed at **8.25%**[24](index=24&type=chunk) - The tax rate for Chinese subsidiaries is **25%**, but no Chinese tax provision was recognized due to the absence of assessable profits[25](index=25&type=chunk) [9. Dividends](index=13&type=section&id=9.%20Dividends) Total dividends declared for the current year amounted to **HKD 9.034 million**, a decrease from the previous year, and the Board recommended a second interim dividend of **0.8 HK cents per share**, lower than the prior year's level Dividends Declared and Proposed | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Dividends declared and paid to ordinary shareholders during the year | 9,034 | 10,371 | | Proposed second interim dividend for the financial year ended March 31, 2025 (0.8 HK cents per share) | 3,255 | 6,991 | [10. Earnings Per Share](index=13&type=section&id=10.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the current year were **HKD 0.02**, down from **HKD 0.03** last year, primarily due to reduced annual profit and a slight decrease in the weighted average number of shares, with share options not included in diluted earnings per share as their exercise price exceeded the market price Earnings Per Share Calculation Data | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the year attributable to owners of the Company for the purpose of calculating basic and diluted earnings per share (HKD thousands) | 9,110 | 11,455 | | Weighted average number of ordinary shares for the purpose of calculating basic and diluted earnings per share | 409,688,320 | 413,573,849 | - Diluted earnings per share for the years ended March 31, 2025 and 2024 did not include the effect of the Company's share options, as their exercise price was higher than the average market price of the Company's shares[30](index=30&type=chunk) [11. Trade and Other Receivables, Deposits and Prepayments](index=14&type=section&id=11.%20Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) The Group grants customers credit terms of 30 to 90 days and conducts credit assessments for new clients; at the end of the reporting period, total trade receivables were **HKD 72.758 million**, a decrease from the previous year, with a reduced proportion of receivables over 90 days - The Group grants its customers credit terms of **30 to 90 days**, and before accepting any new customer, the Group conducts an internal assessment of the potential customer's credit quality and sets appropriate credit limits[31](index=31&type=chunk) Ageing Analysis of Trade Receivables | Ageing | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 18,179 | 24,234 | | 31 to 60 days | 32,043 | 32,921 | | 61 to 90 days | 5,282 | – | | Over 90 days | 17,254 | 32,633 | | **Total** | **72,758** | **89,788** | [12. Trade and Other Payables](index=14&type=section&id=12.%20Trade%20and%20Other%20Payables) At the end of the reporting period, total trade payables amounted to **HKD 7.075 million**, an increase from the previous year, with a significant rise in payables outstanding for over 90 days Ageing Analysis of Trade Payables | Ageing | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 2,928 | 3,310 | | 31 to 60 days | 4 | 61 | | 61 to 90 days | 202 | 20 | | Over 90 days | 3,941 | 707 | | **Total** | **7,075** | **4,098** | [13. Share Capital](index=15&type=section&id=13.%20Share%20Capital) During the year, the company repurchased and cancelled **4,178,000 shares**, resulting in a reduction of issued share capital, reflecting the Board's confidence in the Group's performance and long-term development Changes in Issued and Fully Paid Share Capital | Item | Number of Shares | Amount (HKD thousands) | | :--- | :--- | :--- | | At April 1, 2023 | 417,601,630 | 41,760 | | Repurchased and cancelled | (5,988,000) | (599) | | At March 31, 2024 | 411,613,630 | 41,161 | | Repurchased and cancelled | (4,418,000) | (441) | | At March 31, 2025 | 407,195,630 | 40,720 | - For the year ended March 31, 2025, the Company repurchased **4,228,000 shares** from the market for a total consideration of approximately **HKD 1,879,000**, of which **4,178,000 shares** were cancelled during the year[35](index=35&type=chunk) [Business Operations Review](index=16&type=section&id=Business%20Operations%20Review) This section reviews the Group's business operations, including an overview of performance, major completed projects, and newly awarded projects [Business Overview](index=16&type=section&id=Business%20Review%20-%20Overview) For the current year, the Group's revenue was **HKD 412.2 million**, representing a significant year-on-year decrease of **31.7%**, with total outstanding contracts valued at **HKD 757.1 million** at year-end Business Overview | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 412,200,000 | 603,500,000 | -31.7% | - As of March 31, 2025, the total value of the Group's outstanding contracts was **HKD 757,100,000**[36](index=36&type=chunk) [Major Projects](index=16&type=section&id=Major%20Projects) During the reporting period, the Group completed several residential development and renovation projects and secured new residential and industrial redevelopment projects, encompassing curtain wall, aluminum window, glass, and metal works [Major Projects Completed During the Year](index=16&type=section&id=Major%20Projects%20Completed%20During%20the%20Year) Major completed projects include residential developments in Siu Hong, Tuen Mun, Lung Cheung Road, Kowloon, Pak Shek Kok, Tai Po, and Ho Man Tin Station, Kowloon Inland Lot No. 11264, as well as aluminum window rectification at Royalton T2[37](index=37&type=chunk) [Major Projects Awarded During the Year](index=17&type=section&id=Major%20Projects%20Awarded%20During%20the%20Year) Major projects awarded this year include several residential developments in Tai Po Kau, Tuen Mun So Kwun Wat, South Island Line Phase 6 in Aberdeen, and Branksome Crest renovation at 3A Tregunter Road, Hong Kong, along with the industrial redevelopment project at 22 Yip Shing Street, Kwai Chung, Kowloon[40](index=40&type=chunk) - Additionally, projects awarded include the Kai Tak Area 2B1 Subsidized Sale Flats Project, the industrial redevelopment project at 18 Lee Chung Street, Chai Wan, Hong Kong, and public housing development projects in Tong Yan San Tsuen and Kam Sheung Road, Yuen Long, New Territories[40](index=40&type=chunk) [Financial Position Review](index=18&type=section&id=Financial%20Position%20Review) This section reviews the Group's financial position, covering liquidity, treasury management, shareholders' funds, joint venture investments, asset pledges, and major acquisitions and disposals [Group Liquidity and Financial Resources](index=18&type=section&id=Group%20Liquidity%20and%20Financial%20Resources) The Group primarily funds operations through internal cash flow and bank financing; at year-end, total cash and bank balances increased to **HKD 218.6 million**, with a current ratio of **6.1 times**, demonstrating robust liquidity, and positive operating and investing cash flows offset by negative financing cash flow - The Group primarily funds its working capital through internally generated cash flows and utilizes bank facilities to cover performance bonds[41](index=41&type=chunk) Liquidity and Financial Resources Overview | Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total available bank facilities | 450,000 | N/A | | Utilized for performance bonds | 122,800 | N/A | | Total cash and bank balances | 218,600 | 193,300 | | Cash and bank balances as % of current assets | 52.8% | 45.1% | | Net current assets | 346,200 | 353,800 | | Current ratio | 6.1 times | 5.7 times | - For the current year, net cash inflow from operating activities was **HKD 31.8 million**, net cash inflow from investing activities was **HKD 5.1 million**, and net cash outflow from financing activities was **HKD 11.6 million**[43](index=43&type=chunk) [Treasury Management Policy](index=18&type=section&id=Treasury%20Management%20Policy) The Group's treasury management policy aims to mitigate exchange rate fluctuation risks and avoids high-leverage or speculative derivative transactions, with primary foreign currency exposure arising from RMB procurement in Mainland China, currently without hedging arrangements, which will be considered based on risk and market conditions - The Group's treasury management policy aims to mitigate the risks of exchange rate fluctuations and does not engage in any high-leverage or speculative derivative transactions[45](index=45&type=chunk) - The Group's foreign currency risk primarily arises from the purchase of raw materials using Renminbi in Mainland China[45](index=45&type=chunk) - The Group currently has no hedging arrangements to control risks related to exchange rate fluctuations and will decide whether hedging is necessary based on the size and nature of the risk, as well as prevailing market conditions[45](index=45&type=chunk) [Shareholders' Funds and Capital Structure](index=19&type=section&id=Shareholders'%20Funds) At year-end, shareholders' funds totaled **HKD 524.2 million**, a slight decrease primarily due to dividend payments and share repurchases, with consolidated net asset value per share at **HKD 1.29**, and the Group's capital structure consisting solely of equity, with no bank loans Shareholders' Funds Overview | Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Shareholders' funds | 524,200 | 526,500 | | Reserves | 483,500 | 485,300 | | Consolidated net asset value per share | HKD 1.29 | HKD 1.28 | - The decrease in shareholders' funds was mainly attributable to dividend payments to shareholders and share repurchases (net of profit earned during the year)[47](index=47&type=chunk) - The Group's capital structure comprises equity (including share capital and reserves), with no bank loans as of March 31, 2025 and 2024[48](index=48&type=chunk) [Investment in Joint Ventures](index=19&type=section&id=Investment%20in%20Joint%20Ventures) The Group's investment in joint ventures primarily consists of a **50% interest** in a residential redevelopment project in Kowloon, Hong Kong, including a loan of **HKD 77.0 million** to the joint venture, with a significant reduction in the share of joint venture losses this year due to the absence of property under development impairment losses recognized last year - The Group's investment in joint ventures represents its **50% interest** in a residential redevelopment project at 55 Nga Tsin Wai Road, Kowloon, Hong Kong[49](index=49&type=chunk) Joint Venture Investment Overview | Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loans to joint ventures | 77,000 | 74,800 | | Share of losses of joint ventures | 200 | 6,800 | - The significant share of losses from joint ventures recorded in the previous year was primarily due to the recognition of impairment losses on residential properties under development held by the joint venture[49](index=49&type=chunk) [Details of Pledge of Assets](index=19&type=section&id=Details%20of%20Pledge%20of%20Assets) At year-end, the Group had not pledged any assets, while outstanding performance bonds increased to **HKD 122.8 million**, and the company provided corporate guarantees for the joint venture's bank facilities and had unrecognised loan commitments jointly made - As of March 31, 2025, the Group had not pledged any assets to banks or other financial institutions[51](index=51&type=chunk) Performance Bonds and Contingent Liabilities | Item | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Outstanding performance bonds | 122,800 | 117,700 | | Joint venture bank loan balance (50% equity share) | 38,600 | 38,200 | Share of Commitments | Commitment Type | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Commitments to make loans | 85,255 | 86,755 | [Major Acquisitions and Disposals](index=19&type=section&id=Major%20Acquisitions%20and%20Disposals) There were no significant acquisitions or disposals to report to the Company's shareholders during the current year - There were no significant acquisitions and disposals to report to the Company's shareholders for the year ended March 31, 2025[50](index=50&type=chunk) [Market Environment, Challenges and Outlook](index=21&type=section&id=Market%20Environment%2C%20Challenges%20and%20Outlook) This section discusses the global and local market environment, the challenges faced by the Group, and its strategic outlook for future development [Market Environment and Challenges](index=21&type=section&id=Business%20Review%20-%20Market%20Environment%20and%20Challenges) Ongoing global tariff disputes, geopolitical conflicts, and a high-interest rate environment in Hong Kong have pressured the property market, leading to falling property prices and slower developer activity, intensifying market competition and negatively impacting the Group's revenue and gross profit, though its strong reputation and client trust maintain competitiveness - Global tariff disputes initiated by the United States, the Russia-Ukraine conflict, the Gaza conflict, and the Israel-Iran conflict continue to pose significant risks to global economic development[55](index=55&type=chunk) - Hong Kong's interest rates remained high, with the one-month Hong Kong Interbank Offered Rate (HIBOR) reaching **3.72%** at year-end, putting pressure on the property industry[56](index=56&type=chunk) - Private residential property prices fell by **6.8%** in 2024 and a further **1.18%** in the first four months of 2025, leading developers to generally slow down their development pace[56](index=56&type=chunk)[57](index=57&type=chunk) - Market competition intensified, making it significantly harder to win bids, and even successful bids faced pressure on expected gross profit margins, negatively impacting the Group's revenue and gross profit[57](index=57&type=chunk) - Despite the challenging operating environment, the Group maintained a certain level of competitiveness due to its good market reputation and mutual trust established with long-term developer partners[58](index=58&type=chunk) [Outlook](index=22&type=section&id=Outlook) Anticipated declines in HIBOR and global interest rates are expected to ease property market pressure and boost developer confidence, while Hong Kong's talent attraction schemes will support residential demand; the Group plans a dual-track strategy for public and private housing projects, expecting stable future revenue from its current contract backlog, and will continue to provide quality services to solidify its market position - Since May of this year, the Hong Kong Interbank Offered Rate (HIBOR) has significantly declined, which is expected to effectively alleviate financing pressure on developers and mortgage burdens for homebuyers[59](index=59&type=chunk) - The Hong Kong SAR Government's various talent attraction schemes are expected to continue driving population growth, providing solid demand for the residential market[60](index=60&type=chunk) - The Group will adopt a dual-track development strategy for both public and private housing projects, striving for a balance to stabilize its revenue streams[60](index=60&type=chunk) - Currently, the Group's total outstanding contracts amount to approximately **HKD 757 million**, with revenue expected to remain stable in the coming year[61](index=61&type=chunk) [Corporate Governance](index=23&type=section&id=Corporate%20Governance) This section outlines the company's adherence to corporate governance standards and its code for securities transactions [Compliance with Corporate Governance Code](index=23&type=section&id=Corporate%20Governance) The company has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules throughout the year, with the exception of one independent non-executive director who was unable to attend the annual general meeting and extraordinary general meeting due to other important commitments - For the year ended March 31, 2025, the Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange[62](index=62&type=chunk) - Mr. Poon Kan Ning, an independent non-executive director, was unable to attend the Company's 2024 Annual General Meeting and Extraordinary General Meeting due to other important commitments, constituting a deviation from code provision C.1.6 of the Corporate Governance Code[62](index=62&type=chunk) [Standard Code for Securities Transactions](index=23&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as a code of conduct for securities transactions by directors and employees with inside information; all directors confirmed compliance, and no employee breaches were identified - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct for securities transactions by directors and employees who may possess inside information of the Company[63](index=63&type=chunk) - Following specific enquiries made to all directors of the Company, all directors confirmed their compliance with the Standard Code for the year ended March 31, 2025, and the Company was not aware of any instances of non-compliance by any employees with the Standard Code[63](index=63&type=chunk) [Share Repurchases](index=24&type=section&id=Purchases%2C%20Sales%20or%20Redemptions%20of%20the%20Company's%20Listed%20Securities) During the year ended March 31, 2025, the company repurchased **4,228,000** of its own shares from the market for a total consideration of approximately **HKD 1.879 million**, demonstrating the Board's confidence in the Group's performance and long-term development - For the year ended March 31, 2025, the Company repurchased **4,228,000** of its own shares from the market for a total consideration (excluding transaction costs) of approximately **HKD 1,879,000**[64](index=64&type=chunk) Share Repurchase Details | Month of Repurchase | Number of Ordinary Shares Repurchased | Total Consideration Paid (HKD thousands) | | :--- | :--- | :--- | | April 2024 | 146,000 | 66 | | July 2024 | 780,000 | 336 | | August 2024 | 350,000 | 158 | | September 2024 | 84,000 | 35 | | October 2024 | 188,000 | 84 | | November 2024 | 1,180,000 | 527 | | December 2024 | 432,000 | 193 | | January 2025 | 76,000 | 34 | | February 2025 | 418,000 | 188 | | March 2025 | 574,000 | 258 | | **Total** | **4,228,000** | **1,879** | - The Board believes that the share repurchases demonstrate the confidence of the Company's directors and senior management in the Group's performance and long-term development[66](index=66&type=chunk) [Review and Approval](index=25&type=section&id=Review%20and%20Approval) This section details the review of the annual results by the audit committee and the scope of work performed by the auditor [Review of Annual Results](index=25&type=section&id=Review%20of%20Annual%20Results) The Group's consolidated financial statements for the year ended March 31, 2025, have been reviewed by the Company's Audit Committee - The Group's consolidated financial statements for the year ended March 31, 2025 have been reviewed by the Company's Audit Committee[67](index=67&type=chunk) [Deloitte • Touche Tohmatsu's Scope of Work](index=25&type=section&id=Deloitte%20%E2%80%A2%20Touche%20Tohmatsu's%20Scope%20of%20Work) The auditor, Deloitte • Touche Tohmatsu, has confirmed that the financial figures in the preliminary announcement align with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no opinion or assurance conclusion was issued - The Group's auditor, Deloitte • Touche Tohmatsu, has agreed that the figures for the Group's consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and related notes in the preliminary announcement for the year ended March 31, 2025, are consistent with the amounts in the Group's audited consolidated financial statements approved by the Board on June 27, 2025[68](index=68&type=chunk) - The work performed by Deloitte • Touche Tohmatsu in this regard does not constitute an assurance engagement, and therefore Deloitte • Touche Tohmatsu has not expressed an opinion or assurance conclusion on the preliminary announcement[68](index=68&type=chunk) [Board Information](index=25&type=section&id=By%20Order%20of%20the%20Board) This section lists the members of the Board of Directors - The Board of Directors includes Mr. Wong Sai To (Non-executive Chairman), Mr. Cha Mou Daid, Johnson (Non-executive Director), Mr. Chung Sum Tin (Non-executive Director), Mr. Tai Sai Ho (Non-executive Director), Mr. Li Cheuk Hung (Executive Director and Managing Director), Mr. Wong Kin (Executive Director), and Independent Non-executive Directors Mr. Chow On Tai Yuen, Professor Hao Gang, Professor Ho Yan Ki, Mr. Poon Kan Ning, and Mr. Yip Kai Wing[69](index=69&type=chunk)

Company Overview - Meiheng Industrial Holdings Limited operates as a subcontractor primarily engaged in the design, supply, and installation of facade and curtain wall systems, focusing on curtain walls and aluminum windows [2] - The company has been in operation for over 20 years in Hong Kong, with its history tracing back to 1990 when its main operating subsidiary was established [2] - Meiheng provides customized design and products for new and existing buildings, working closely with clients and architects [2] Financial Performance - As of September 30, 2024, Meiheng reported total revenue of 245 million HKD, a year-on-year decrease of 16.43% [1] - The net profit attributable to shareholders was 6.088 million HKD, showing a significant year-on-year increase of 49.79% [1] - The gross profit margin stood at 7.43%, while the debt-to-asset ratio was 19.75% [1] Market Position and Valuation - Meiheng's price-to-earnings (P/E) ratio is 12.48, ranking 65th in the industry, compared to the average P/E ratio of 9.19 for the construction sector [1] - The company has underperformed the Hang Seng Index, with a year-to-date decline of 5.62%, while the index has increased by 19.82% [1] - No investment ratings have been issued by institutions for Meiheng at this time [1] Industry Context - The construction industry has an average P/E ratio of 9.19, with a median of 1.54 [1] - Comparatively, other companies in the food and beverage sector have significantly lower P/E ratios, indicating a varied valuation landscape within the industry [1]

Financial Performance - The company reported unaudited consolidated revenue of HKD 271.7 million for the six months ended September 30, 2024, a decrease of 16.4% compared to HKD 325.1 million for the same period in 2023[3]. - Gross profit for the period was HKD 20.2 million, with a gross margin of 7.4%, down from HKD 31.5 million and 9.7% in the previous period, attributed to intense industry competition[3]. - The company's net profit attributable to shareholders increased by 51.1% to HKD 6.8 million, despite a 16.4% decrease in revenue and a 35.9% drop in gross profit[4]. - Basic and diluted earnings per share for the period were HKD 1.64, an increase of 50.5% from HKD 1.09 in the same period last year[5]. - The company reported a profit attributable to shareholders of HKD 6,751,000 for the six months ended September 30, 2024, compared to HKD 4,507,000 for the same period in 2023, representing a 49.8% increase[22]. - Basic and diluted earnings per share for the six months ended September 30, 2024, were HKD 0.0164, compared to HKD 0.0109 for the same period in 2023, reflecting a 50.5% increase[22]. Dividends and Share Repurchase - The board declared an interim dividend of HKD 0.5 per share, down from HKD 0.8 per share for the same period last year[6]. - The company repurchased a total of 1,360,000 shares during the six months ending September 30, 2024, at a total cost of approximately HKD 594,000, excluding transaction costs[48]. - The company has canceled 1,276,000 shares repurchased during the period, with the remaining 84,000 shares scheduled for cancellation in October 2024[48]. Assets and Liabilities - Total assets less current liabilities amounted to HKD 573.5 million as of September 30, 2024, compared to HKD 573.1 million as of March 31, 2024[9]. - Current assets decreased to HKD 440.5 million from HKD 428.8 million, with inventories dropping significantly from HKD 42.5 million to HKD 15.5 million[9]. - The company recorded a net cash position of HKD 194 million as of September 30, 2024, slightly up from HKD 193.3 million at the end of the previous fiscal year[9]. - Accounts receivable as of September 30, 2024, totaled HKD 132,095,000, an increase from HKD 89,788,000 as of March 31, 2024, representing a rise of approximately 47.00%[28]. - Accounts payable as of September 30, 2024, amounted to HKD 3,950,000, slightly down from HKD 4,098,000 as of March 31, 2024, reflecting a decrease of about 3.62%[29]. - The group's net current asset value as of September 30, 2024, was HKD 356.5 million, with a current ratio of 5.2 times[38]. - The group has no outstanding bank loans as of September 30, 2024, maintaining a net cash position[38]. Revenue Breakdown - Revenue from Hong Kong was HKD 260,210,000, down 19.9% from HKD 324,559,000 in the previous year, while revenue from Mainland China increased significantly to HKD 11,466,000 from HKD 527[17]. - Revenue from new construction projects for the six months ended September 30, 2024, was HKD 227,964,000, down 17.4% from HKD 275,884,000 in the previous year[14]. - Maintenance and other services revenue increased to HKD 8,513,000 from HKD 4,590,000, indicating a growth of 85.5%[14]. - Other income increased to HKD 5.1 million from HKD 3.8 million in the previous period, indicating a positive trend in ancillary revenue streams[8]. Economic and Market Conditions - The Hong Kong economy grew at a rate of 1.8% in the third quarter of 2024, down from 3.2% in the second quarter, primarily due to reduced private consumption and increased service imports[33]. - The unemployment rate in Hong Kong remained stable at 3.0% in the third quarter of 2024, indicating a tight labor market[33]. - The average waiting time for public housing has decreased from a peak of 6.1 years to 5.5 years, and is expected to drop to 4.5 years by the 2026-27 fiscal year, providing positive momentum for the public housing construction market[34]. - The group anticipates that the government's talent acquisition policies will increase housing demand in the medium to long term, contributing to a recovery in the private property market[35]. Strategic Initiatives - The group plans to continue focusing on residential development projects, including several major contracts in the New Territories and Kowloon[31]. - The group has established strong partnerships with various property developers, which is expected to yield satisfactory returns for shareholders once the private property market recovers[36]. - The group has secured two subsidized housing projects from the Hong Kong Housing Association and one public housing project from the Hong Kong Housing Authority during the reporting period[34]. Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code, except for the absence of an independent non-executive director at the annual general meeting due to other commitments[46]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the six months ending September 30, 2024[47]. - The company’s audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024[51]. Employee and Operational Insights - The company had 241 full-time employees as of September 30, 2024, with 101 employees located in mainland China[50]. - The company has provided competitive compensation packages for employees, including discretionary bonuses and stock options[50]. - The company has not made any significant commitments other than those disclosed as of September 30, 2024[45].

Financial Performance - The total revenue for Million Hope Industries Holdings Limited for the year ended March 31, 2024, was HKD 603,500,000, a slight decrease of 0.6% compared to HKD 607,200,000 for the year ended March 31, 2023[3] - The gross profit increased to HKD 55,500,000, up HKD 17,700,000 from HKD 37,800,000 last year, resulting in a gross margin improvement from 6.2% to 9.2%[3] - The company's attributable profit decreased to HKD 11,500,000, down 5.0% from HKD 12,100,000, primarily due to increased losses from joint ventures and higher administrative expenses[4] - Basic and diluted earnings per share remained unchanged at HKD 0.03 compared to the previous year[5] - The total comprehensive income for the year was HKD 7,004,000, compared to HKD 5,855,000 in the previous year[9] - The company's total revenue for the year 2024 was HKD 603,549,000, a slight decrease from HKD 607,198,000 in 2023, representing a decline of approximately 0.11%[20] - Revenue from new building design, supply, and installation of aluminum windows and curtain walls was HKD 536,708,000, up from HKD 453,984,000 in 2023, indicating an increase of about 18.2%[21] - Revenue from maintenance and other services decreased to HKD 12,333,000 from HKD 22,771,000, reflecting a decline of approximately 45.9%[21] - The group's revenue for the fiscal year ending March 31, 2024, was HKD 603,500,000, a decrease from HKD 607,200,000 in the previous year, representing a decline of approximately 1.15%[49] Assets and Liabilities - As of March 31, 2024, the net asset value of the group was HKD 526,500,000, a decrease of 1.0% from HKD 532,000,000 the previous year[5] - Non-current assets totaled HKD 219,231,000 in 2024, down from HKD 231,925,000 in 2023, a decrease of about 5.5%[10] - Current assets decreased significantly to HKD 42,541,000 from HKD 61,290,000, representing a decline of approximately 30.5%[10] - The company's total liabilities decreased to HKD 74,949,000 in 2024 from HKD 73,395,000 in 2023, showing a slight increase of about 2.1%[10] - The company's cash and cash equivalents increased to HKD 193,326,000 from HKD 77,564,000, a significant increase of approximately 148.5%[10] - Non-current liabilities decreased to HKD 46,530,000 from HKD 53,518,000, a decline of about 13%[10] - The company's total assets decreased to HKD 573,059,000 from HKD 585,813,000, a decrease of approximately 2.2%[10] Dividends and Shareholder Returns - The board declared a second interim dividend of HKD 0.017 per share, consistent with the previous year, bringing the total dividend for the year to HKD 0.025 per share[6] - The basic and diluted earnings per share for the year were HKD 27.65 and HKD 27.65 respectively, down from HKD 28.94 in 2023, indicating a decrease of about 4.46%[49] - The company declared an interim dividend of HKD 0.8 per share for the first half of 2024, compared to HKD 0.8 per share in 2023[9] - The second interim dividend proposed for the fiscal year ending March 31, 2024, is HKD 1.7 per share, unchanged from the previous year[9] Operational Highlights - The company is primarily engaged in the design, supply, and installation of aluminum windows and curtain walls, focusing on long-term contracts in Hong Kong and mainland China[18] - Revenue from external customers in Hong Kong and Mainland China for 2024 was HKD 603,549, compared to HKD 607,198 in 2023, reflecting a slight decrease of 0.1%[29] - The total contract liabilities at the end of the reporting period were HKD 785,033, down from HKD 944,555 in 2023, indicating a decrease of 16.9%[26] - Major customer A contributed HKD 327,723 in revenue for 2024, significantly up from HKD 158,121 in 2023, representing an increase of 106.8%[30] - The company reported a decrease in contract assets related to defect liability period, which were reclassified to receivables upon expiration[25] - The expected revenue recognition for contracts not yet fulfilled is HKD 471,696 within one year and HKD 313,337 between one to two years[26] - The group reported a share of joint venture losses of HKD 6.8 million for the year ended March 31, 2024, primarily due to impairment losses on properties under development[63] Employee and Administrative Costs - The company experienced an increase in administrative expenses by HKD 2,600,000, mainly due to rising employee costs[4] - The total employee costs for 2024 amounted to HKD 99,731, up from HKD 94,605 in 2023, which is an increase of 5.4%[35] - The aging analysis of accounts payable shows that payables within 30 days decreased to HKD 3,310,000 from HKD 5,834,000 in 2023, a decline of approximately 43.3%[43] Market and Economic Conditions - The group faced challenges in the past year due to external factors such as geopolitical tensions and rising interest rates, impacting the market investment atmosphere and real estate development pace[71] - The group anticipates that the economic downturn may weaken housing purchasing power, potentially slowing down property development[75] - The Hong Kong government plans to construct at least 80,000 private housing units over the next five years, which is expected to stimulate market demand[73] - The Hong Kong government has secured sufficient land to meet the supply target of 338,000 public housing units over the next ten years[73] Future Outlook and Strategies - The company is committed to providing quality products and services to both public and private sector clients, establishing a solid foundation for future growth[76] - The group aims to continue bidding for both private and public projects to capture more opportunities in the market[73] - The company is considering strategic acquisitions to enhance its market position, with a budget of $300 million for potential deals[86] - Market expansion plans include entering three new international markets by the end of the year[86] - A new marketing strategy has been implemented, aiming to increase brand awareness by 30% in the next six months[86] Technology and Innovation - The company is investing in new technology development, allocating $50 million towards R&D initiatives[86] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[86] Customer and User Engagement - User data showed an increase in active users, reaching 10 million, which is a 15% increase compared to the previous quarter[86] - Customer satisfaction ratings improved to 90%, reflecting a 5% increase from the last quarter[86]

Financial Performance - The Group recorded unaudited consolidated revenue of HK$325.1 million for the six months ended 30 September 2023, representing an increment of 6.9% compared to HK$304.1 million for the same period last year [19]. - The unaudited consolidated profit attributable to owners of the Company was HK$4.5 million, an increase of 136.8% from HK$1.9 million in the previous corresponding period, driven by increased revenue and a gross profit margin rise from 4.4% to 9.7% [20]. - Basic and diluted earnings per share for the six months ended 30 September 2023 were HK1.09 cents, reflecting an increase of 118.0% compared to HK0.5 cents for the same period last year [21]. - Revenue for the six months ended September 30, 2023, increased to HK$325,086,000, up from HK$304,061,000 in the same period last year, representing a growth of 6.7% [137]. - Gross profit for the period was HK$31,488,000, significantly higher than HK$13,470,000 in the previous year, indicating a substantial increase of 133.4% [137]. - Profit for the period reached HK$4,507,000, compared to HK$1,891,000 in the prior year, marking an increase of 138.5% [137]. Dividends - The Board has resolved to pay a first interim dividend of HK0.8 cents per share for the six months ended 30 September 2023, consistent with the previous year's dividend [24]. - A second interim dividend of HK1.7 cents per share was paid, totaling HK$7,071,000, down from HK$8,792,000 (HK2.1 cents per share) in the previous year [183]. - The company declared an interim dividend of HK$0.008 per share for the first half of 2023, totaling HK$3,300,000, compared to HK$3,349,000 for the same period in 2022 [6]. Projects and Revenue Sources - Major projects completed during the period included a residential development at Lot No. 1068 in Kwun Tong, involving the design, supply, and installation of aluminium windows and glass walls [25]. - Revenue for the current period was mainly contributed by residential development projects at Lung Cheung Road, Tuen Mun Siu Hong, and Pak Shek Kok [19]. - Revenue from design, supply, and installation for curtain walls, aluminium windows, doors, and other products for new buildings was HK$275,884,000, up 28.2% from HK$215,170,000 in 2022 [168]. - Revenue from repairing, maintenance, and other services increased to HK$19,680,000, a rise of 117.9% from HK$9,049,000 in the previous year [168]. - Revenue from Hong Kong was HK$324,559,000, representing a 9.9% increase from HK$295,327,000 in 2022, while revenue from Mainland China dropped significantly to HK$527,000 from HK$8,734,000 [173]. Financial Position and Assets - As of September 30, 2023, the total amount of contracts on hand for the Group was HK$673.1 million [33]. - The total cash and bank balances of the Group amounted to HK$110.6 million as of September 30, 2023, representing 25.8% of current assets [47]. - The Group's net current assets were HK$356.0 million as of September 30, 2023, with a current ratio of 5.9 times [49]. - Current assets increased to HK$429,202,000 from HK$427,283,000, showing a marginal growth of 0.4% [138]. - Total assets less current liabilities as of September 30, 2023, were HK$581,803,000, slightly down from HK$585,813,000 as of March 31, 2023 [138]. Cash Flow and Liquidity - Net cash generated from operating activities for the six months ended September 30, 2023, was HK$46,061,000, compared to a cash outflow of HK$43,547,000 in the same period of 2022 [145]. - Cash and cash equivalents at the end of the period rose to HK$110,580,000, compared to HK$27,830,000 at the end of the same period in 2022, indicating improved liquidity [146]. - The net decrease in cash and cash equivalents for the period was HK$33,661,000, a significant improvement from a decrease of HK$55,634,000 in the prior year [146]. - The company did not raise new bank loans during the period, contrasting with the previous year when HK$10,000,000 was raised [145]. Share Capital and Options - As of September 30, 2023, the total number of issued shares of the Company is 412,467,630 [89]. - The share option scheme adopted on August 25, 2020, is valid for ten years and aims to reward participants contributing to the Group [90]. - As of September 30, 2023, a total of 5,987,000 share options are outstanding under the scheme [93]. - The maximum number of share options that may be issued under the Scheme is capped at 10% of the total issued shares, which translates to a limit of 41,246,763 shares [95]. Governance and Compliance - The unaudited condensed consolidated financial statements for the six months ended 30 September 2023 have been reviewed by the Audit Committee [131]. - The Company complied with all Code Provisions of the Corporate Governance Code during the reporting period, except for one deviation regarding attendance at the annual general meeting [112]. - The Company has adopted the Model Code for securities transactions by directors and confirmed compliance by all directors during the reporting period [113]. Employee and Operational Information - The group had 260 full-time employees as of 30 September 2023, with 114 employees located in Mainland China [129]. - The Company has provided competitive remuneration packages, including discretionary bonuses and share options, to its employees [129].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損 失 承 擔 任 何 責 任。 1 Million Hope Industries Holdings Limited 美亨實業控股有限公 司 （於開曼群島註冊成立的有限公司 ） （股份代號 ：1897） 截至2023年9月30日止六個月 中期業績公告 中期業績 截 至2023年9月3 0日 止 六 個 月，美 亨 實 業 控 股 有 限 公 司（「本公司」）及 其 附 屬 公 司（統 稱「本集團」）錄 得 未 經 審 核 綜 合 收 益325,100,000港 元，較 截 至2022年9月3 0日止六個月之收益304,100,000港元增加6.9%。未 經 審 核綜合收益增加主要歸因於過往期間工作計劃因 COVID-19疫情有所延 遲，而 本 期 間 承 接 若 干 主 要 項 目 工 作 計 劃 進 度 正 常。本 期 間 收 益 主 要 由 九龍龍翔道新九龍內地段第 ...