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: 智中國際控股有限公司 呈交日期: 2025年9月1日 第 2 頁 共 10 頁 v 1.1.1 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) | 06063 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD ...

公司法 獲豁免股份有限公司 智中國際控股有限公司 之 經修訂及重訂組織章程大綱 （根據於二零二零年三月五日通過的特别決議案有條件採納，並自本公司股份 在香港聯合交易所有限公司上市起生效） 1. 本公司的名稱為Lotus Horizon Holdings Limited 及其雙語外國名稱為智中國 際控股有限公司。 2. 本公司的註冊辦事處位於Conyers Trust Company (Cayman) Limited 的辦事 處，地址為Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands。 3. 在本大綱下列條文的規限下，本公司的成立宗旨並無限制，應包括但不限 於： (a) 於其所有分公司行使及履行控股公司的一切職能，並協調任何不論在 何處註冊成立或經營業務的一間或多間附屬公司或本公司或任何附屬 公司為其成員公司或本公司以任何方式直接或間接控制的任何公司集 團的政策及行政事宜； (b) 作為一家投資公司行事，並就此根據任何條款（不論是否有條件或絕 對），透過最初認購、招標、購買、交換、包銷、加入財團 ...

茲 提 述 智 中 國 際 控 股 有 限 公 司（「本公司」）日 期 均 為 二 零 二 五 年 七 月 十 八 日 的 通 函（「通 函」）及 股 東 週 年 大 會 通 告（「股東週年大會通告」）。除 非 另 有 界 定，否 則 本 公 告 所 用 詞 彙 與 通 函 及 股 東 週 年 大 會 通 告 內 所 界 定 者 具 有 相 同 涵 義。 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 對 因 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。 LOTUS HORIZON HOLDINGS LIMITED 智中國際控股有限公司 （股份代號：6063） （在開曼群島註冊成立的有限公司） 二零二五年八月十五日舉行之 股東週年大會投票表決結果 | | | | | | | | | | 普通決議案 | | | | | | | | | | | 所投票數 | | --- | --- | --- | --- | --- | --- | --- | --- ...

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 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) | 06063 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年7月31日 狀 ...

香港總辦事處及 主要營業地點之變更 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 對 因 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。 LOTUS HORIZON HOLDINGS LIMITED 智中國際控股有限公司 （股份代號：6063） （在開曼群島註冊成立的有限公司） 智 中 國 際 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 於 香 港 之總辦事處及主要營業地點將自二零二五年八月一日起更改為香港新界沙田 安耀街3號匯達大廈21樓2102–2107室。 本 公 司 之 電 話 及 傳 真 號 碼 將 維 持 不 變。 承董事會命 智中國際控股有限公司 主席兼行政總裁 朱國歡 香 港，二 零 二 五 年 七 月 三 十 一 日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事 朱 國 歡 先 生（主 席 兼 行 政 總 裁）及 陳 樹 安 先 生；及 獨 立 非 執 行 董 ...

CONTENTS 目錄 Lotus Horizon Holdings Limited 智中國際控股有限公司 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號 : 6063 2025 ANNUAL REPORT 年報 Management Discussion and Analysis 7 管理層討論及分析 Biographical Details of Directors and Senior Management 15 董事及高級管理層履歷詳情 Directors' Report 22 董事會報告 Corporate Governance Report 35 企業管治報告 Corporate Information 2 公司資料 Chairman's Statement 5 主席報告 Environmental, Social and Governance Report 51 環境、社會及管治報告 Independent Auditor's Report 92 獨立核數師報 ...

[Annual Results Announcement](index=1&type=section&id=Annual%20Results%20Announcement) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Lotus Horizon Holdings Limited reported audited consolidated annual results for the year ended March 31, 2025, with revenue up 7.1% but slight declines in gross profit, profit before tax, and profit for the year, with no final dividend recommended Financial Summary | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 259,826 | 242,638 | | Gross Profit | 26,184 | 26,393 | | Profit Before Tax | 3,637 | 3,929 | | Profit for the Year | 3,193 | 3,320 | | Basic Earnings Per Share (HK cents) | 0.16 | 0.17 | - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, revenue increased to **HK$259,826 thousand**, while gross profit, profit before tax, and profit for the year slightly decreased, with other income and net losses increasing and finance costs significantly reducing Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 259,826 | 242,638 | | Cost of Sales | (233,642) | (216,245) | | Gross Profit | 26,184 | 26,393 | | Other Income and Losses, Net | 2,587 | 1,680 | | Operating and Administrative Expenses | (24,713) | (22,946) | | Finance Costs | (136) | (1,446) | | Profit Before Tax | 3,637 | 3,929 | | Profit for the Year | 3,193 | 3,320 | | Basic Earnings Per Share (HK cents) | 0.16 | 0.17 | - Among other comprehensive expenses for the year, exchange differences arising from the translation of overseas operations resulted in a loss of **HK$11 thousand** in 2025, with no such item in 2024[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, non-current assets decreased due to lower property and equipment and lease deposits, while a significant reduction in current liabilities improved liquidity, increasing net current assets and total assets less current liabilities Consolidated Statement of Financial Position | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property and Equipment | 2,743 | 4,927 | | Deferred Tax Assets | 3,234 | 3,678 | | **Current Assets** | | | | Trade and Other Receivables | 20,313 | 41,220 | | Contract Assets | 68,106 | 43,192 | | Bank Balances and Cash | 63,372 | 75,452 | | **Current Liabilities** | | | | Trade and Other Payables | 24,985 | 22,665 | | Contract Liabilities | 5,557 | 19,319 | | Lease Liabilities | 1,071 | 2,469 | | **Net Assets** | | | | Total Equity | 128,963 | 125,781 | - Net current assets increased from **HK$118,411 thousand** in 2024 to **HK$123,178 thousand** in 2025, indicating improved liquidity[4](index=4&type=chunk) [Notes to the Consolidated Financial Statements](index=4&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. General Information](index=4&type=section&id=1.%20General%20Information) The company, incorporated in the Cayman Islands and listed on the HKEX, primarily provides design, supply, and installation services for curtain wall and architectural metal cladding works, with HKD as its functional currency - The principal activities of the Company are the provision of design, supply and installation services for curtain wall and architectural metal cladding works[5](index=5&type=chunk) - The consolidated financial statements are presented in Hong Kong Dollars, which is also the functional currency of the Company[6](index=6&type=chunk) [2. Application of New and Revised Hong Kong Financial Reporting Standards](index=4&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 these revisions had no significant impact on the Group's financial position, performance, or disclosures - This year, accounting standards such as HKFRS 16 (Revised), HKAS 1 (Revised), HKAS 7, and HKFRS 7 (Revised) were applied for the first time[7](index=7&type=chunk) - The application of the revised Hong Kong Financial Reporting Standards did not have a significant impact on the Group's financial position and performance for the current and prior years and/or the disclosures in these consolidated financial statements[7](index=7&type=chunk) [3. Revenue and Segment Information](index=5&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily comes from design, supply, and installation services for curtain wall and architectural metal cladding works in Hong Kong, managed as a single operating segment, with revenue recognized using the input method and major customers being Hong Kong property developers and main contractors - The Group's operating activities are derived from a single operating segment, focusing on providing design, supply, and installation services for curtain wall and architectural metal cladding works[9](index=9&type=chunk) - The Group's customers are primarily Hong Kong property developers and main contractors, and contracts are mainly fixed-price contracts[10](index=10&type=chunk) [3.3.1 Revenue by Service Type](index=5&type=section&id=3.3.1%20Revenue%20by%20Service%20Type) Total revenue for FY2025 was **HK$259,826 thousand**, with curtain wall works contributing **HK$186,452 thousand** and architectural metal cladding works contributing **HK$73,374 thousand** Revenue by Service Type | Service Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Curtain Wall Works | 186,452 | 151,755 | | Architectural Metal Cladding Works | 73,374 | 90,883 | | Total | 259,826 | 242,638 | [3.3.2 Geographical Information](index=5&type=section&id=3.3.2%20Geographical%20Information) All Group revenue and non-current assets, excluding lease deposits and deferred tax assets, are derived from Hong Kong - All of the Group's revenue from external customers is derived from customers located in Hong Kong, and all non-current assets (excluding lease deposits and deferred tax assets) are located in Hong Kong[11](index=11&type=chunk) [3.3.3 Major Customer Information](index=5&type=section&id=3.3.3%20Major%20Customer%20Information) In FY2025, contributions from Customer A and B significantly increased, Customer C's contribution substantially decreased, and Customer D was no longer a major customer Major Customer Information | Customer | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Customer A | 81,283 | 37,665 | | Customer B | 59,648 | 31,960 | | Customer C | 49,410 | 125,293 | | Customer D | N/A | 30,535 | - Customer D's revenue contribution did not exceed **10%** of the Group's total revenue in FY2025[13](index=13&type=chunk) [4. Other Income and Losses, Net](index=6&type=section&id=4.%20Other%20Income%20and%20Losses,%20Net) Other income and losses, net, increased to **HK$2,587 thousand** in FY2025, primarily due to higher bank interest income, with FY2024 also including life insurance proceeds Other Income and Losses, Net | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 2,620 | 1,154 | | Life Insurance Proceeds | – | 526 | | Net Exchange Loss | (33) | – | | Total | 2,587 | 1,680 | [5. Net Impairment Losses (Recognised) Reversal under Expected Credit Loss Model](index=6&type=section&id=5.%20Net%20Impairment%20Losses%20(Recognised)%20Reversal%20under%20Expected%20Credit%20Loss%20Model) In FY2025, the Group recognized **HK$285 thousand** in net impairment losses, mainly from impaired retention receivables, contrasting with a **HK$248 thousand** net impairment loss reversal in FY2024 Net Impairment Losses (Recognised) Reversal under Expected Credit Loss Model | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables | 35 | (71) | | Contract Assets | (320) | 319 | | Total | (285) | 248 | [6. Finance Costs](index=6&type=section&id=6.%20Finance%20Costs) Finance costs for FY2025 significantly decreased to **HK$136 thousand**, primarily due to a substantial reduction in interest on bank borrowings Finance Costs | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 6 | 1,200 | | Interest on Lease Liabilities | 130 | 246 | | Total | 136 | 1,446 | [7. Items Deducted from Profit Before Tax](index=7&type=section&id=7.%20Items%20Deducted%20from%20Profit%20Before%20Tax) In FY2025, directors' remuneration and total staff costs decreased, while auditor's remuneration and depreciation of property and equipment slightly increased Items Deducted from Profit Before Tax | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Directors' Remuneration | 4,196 | 5,014 | | Other Staff Costs | 32,738 | 32,232 | | Total Staff Costs | 36,934 | 37,246 | | Auditor's Remuneration | 880 | 1,100 | | Depreciation of Property and Equipment | 3,730 | 3,505 | - Variable lease payments for office equipment not included in lease liabilities were **HK$11 thousand** in FY2025, compared to zero in FY2024[16](index=16&type=chunk) [8. Income Tax Expense](index=7&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense for FY2025 was **HK$444 thousand**, primarily deferred tax expense, with no Hong Kong profits tax provision due to tax loss offsets Income Tax Expense | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Deferred Tax Expense | 444 | 609 | - No Hong Kong profits tax provision was made for the current and prior years due to the full offset of estimated taxable profits against tax losses carried forward[18](index=18&type=chunk) [9. Dividends](index=7&type=section&id=9.%20Dividends) The Company neither paid nor proposed any dividends to ordinary shareholders in both FY2025 and FY2024 - The Company neither paid nor proposed any dividends to ordinary shareholders of the Company during the years ended March 31, 2025, and March 31, 2024[19](index=19&type=chunk) - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[20](index=20&type=chunk) [10. Earnings Per Share](index=8&type=section&id=10.%20Earnings%20Per%20Share) Basic earnings per share for FY2025 was **0.16 HK cents**, slightly below **0.17 HK cents** in FY2024, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Year for Basic Earnings Per Share Calculation (HK$ thousand) | 3,193 | 3,320 | | Number of Shares (thousand shares) | 200,000 | 200,000 | | Basic Earnings Per Share (HK cents) | 0.16 | 0.17 | - Diluted earnings per share was not presented as the Group had no issued potential ordinary shares in both years[21](index=21&type=chunk) [11. Trade and Other Receivables](index=8&type=section&id=11.%20Trade%20and%20Other%20Receivables) The current portion of trade and other receivables significantly decreased to **HK$20,313 thousand** in FY2025, primarily due to lower trade receivables and deposits and prepayments, with typical credit terms of 30 to 74 days Trade and Other Receivables | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables (net of impairment allowance) | 14,971 | 31,098 | | Lease Deposits | 728 | 728 | | Deposits and Prepayments | 4,020 | 9,392 | | Other Receivables | 594 | 730 | | Current Portion of Trade and Other Receivables | 20,313 | 41,220 | - The Group generally grants credit terms ranging from **30 to 74 days** to its customers[22](index=22&type=chunk) Ageing Analysis of Trade Receivables (net of loss allowance) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 6,623 | 18,315 | | 31 to 60 days | 7,100 | 11,378 | | 61 to 90 days | 1,248 | 245 | | Over 90 days | – | 1,160 | | Total | 14,971 | 31,098 | [12. Contract Assets and Contract Liabilities](index=9&type=section&id=12.%20Contract%20Assets%20and%20Contract%20Liabilities) Contract assets (net of impairment allowance) significantly increased to **HK$68,106 thousand** in FY2025, driven by curtain wall works, while contract liabilities substantially decreased to **HK$5,557 thousand** Contract Assets and Contract Liabilities | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Contract Assets (net of impairment allowance)** | | | | Curtain Wall Works | 50,711 | 29,278 | | Architectural Metal Cladding Works | 17,395 | 13,914 | | Total | 68,106 | 43,192 | | **Contract Liabilities** | | | | Curtain Wall Works | (2,234) | (15,510) | | Architectural Metal Cladding Works | (3,323) | (3,809) | | Total | (5,557) | (19,319) | [13. Trade and Other Payables](index=10&type=section&id=13.%20Trade%20and%20Other%20Payables) The current portion of trade and other payables slightly increased to **HK$24,985 thousand** in FY2025, mainly due to higher trade payables and retention payables, with typical credit terms of 0 to 30 days Trade and Other Payables | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 16,509 | 15,287 | | Retention Payables | 5,359 | 5,101 | | Current Portion of Trade and Other Payables | 24,985 | 22,665 | - Credit terms for trade payables generally range from **0 to 30 days**[24](index=24&type=chunk) [14. Performance Guarantees](index=10&type=section&id=14.%20Performance%20Guarantees) As of March 31, 2025, total performance guarantees increased to **HK$20,735 thousand**, with a maximum liability limit of **HK$22,830 thousand** for parent company guarantees, and management deems claims unlikely - As of March 31, 2025, the aggregate balance of performance guarantees issued by financial institutions in favor of the Group's customers amounted to **HK$20,735,000** (2024: HK$11,890,000)[25](index=25&type=chunk) - The Company provided guarantees for construction contracts entered into by its wholly-owned subsidiaries with contractors, with a maximum liability limit of **HK$22,830,000**[26](index=26&type=chunk) - The Group's management believes that it is unlikely for the Group to be subject to claims under the aforementioned performance guarantees[27](index=27&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=11&type=section&id=Business%20Review) As a Hong Kong curtain wall and architectural metal cladding subcontractor, the Group had 17 ongoing projects in FY2025, generating **HK$259.8 million** in revenue, with 10 new projects awarded totaling **HK$243.0 million**, and a slight decrease in uncompleted project value on hand - As of March 31, 2025, the Group had **17** ongoing projects with an original total contract sum of approximately **HK$752.3 million**[28](index=28&type=chunk) - Total revenue recognized for FY2025 was approximately **HK$259.8 million**[28](index=28&type=chunk) - During the year, **10** new projects were awarded with a total contract sum of approximately **HK$243.0 million**, and the uncompleted value of projects on hand was approximately **HK$323.5 million**, a slight decrease from the previous year[28](index=28&type=chunk) [Outlook and Prospects](index=11&type=section&id=Outlook%20and%20Prospects) The Hong Kong economy faces challenges from geopolitical tensions, protectionism, and Federal Reserve interest rate decisions, leading to a cautious local property market, yet the Group anticipates long-term opportunities from Greater Bay Area integration and plans cost control measures - Hong Kong's economic outlook faces uncertainties from geopolitical tensions, protectionism, and Federal Reserve interest rate decisions[29](index=29&type=chunk) - High levels of unsold residential units and future private housing supply, coupled with record-high commercial property vacancy rates in Hong Kong, have impacted demand for new construction projects[29](index=29&type=chunk) - The Group believes the Hong Kong economy will maintain stable growth through integration with the Greater Bay Area, bringing significant long-term opportunities, and plans to implement further cost control measures[29](index=29&type=chunk)[30](index=30&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) The Group's FY2025 revenue grew **7.1%** driven by curtain wall projects, while gross profit and margin slightly declined due to market competition; other income increased, finance costs significantly reduced, but operating and administrative expenses rose, leading to a slight decrease in profit for the year [4.3.1 Revenue](index=12&type=section&id=4.3.1%20Revenue) Total revenue for FY2025 increased **7.1%** to **HK$259.8 million**, primarily driven by more curtain wall projects, with their contribution rising to **71.8%** Revenue by Service Type | Service Type | 2025 (HK$ thousand) | Percentage (%) | 2024 (HK$ thousand) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Curtain Wall Works | 186,452 | 71.8 | 151,755 | 62.5 | | Architectural Metal Cladding Works | 73,374 | 28.2 | 90,883 | 37.5 | | Total | 259,826 | 100.0 | 242,638 | 100.0 | - The Group's revenue increased by approximately **HK$17.2 million** or **7.1%** from approximately **HK$242.6 million** in FY2024 to approximately **HK$259.8 million** in FY2025, primarily due to an increase in the number of curtain wall projects awarded and commenced during the year[31](index=31&type=chunk) Revenue by Sector | Sector | 2025 (HK$ thousand) | Percentage (%) | 2024 (HK$ thousand) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Residential Properties | 158,357 | 60.9 | 145,974 | 60.2 | | Commercial Properties | 219 | 0.1 | 1,202 | 0.5 | | Public Facilities | 101,250 | 39.0 | 95,462 | 39.3 | | Total | 259,826 | 100.0 | 242,638 | 100.0 | [4.3.2 Gross Profit and Gross Margin](index=13&type=section&id=4.3.2%20Gross%20Profit%20and%20Gross%20Margin) Gross profit for FY2025 slightly decreased to **HK$26.2 million**, with gross margin falling to **10.1%**, mainly due to intense market competition impacting new project margins, while commercial property projects maintained higher margins from variation order assessments Gross Profit and Gross Margin by Service Type | Service Type | 2025 (HK$ thousand) | Gross Margin (%) | 2024 (HK$ thousand) | Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Curtain Wall Works | 19,205 | 10.3 | 16,101 | 10.6 | | Architectural Metal Cladding Works | 6,979 | 9.5 | 10,292 | 11.3 | | Total | 26,184 | 10.1 | 26,393 | 10.9 | - The decrease in the Group's gross margin was primarily due to intense market competition in Hong Kong, leading to lower gross margins for newly awarded projects during the year[34](index=34&type=chunk) Gross Profit and Gross Margin by Sector | Sector | 2025 (HK$ thousand) | Gross Margin (%) | 2024 (HK$ thousand) | Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Residential Properties | 16,298 | 10.3 | 17,680 | 12.1 | | Commercial Properties | 115 | 52.5 | 951 | 79.1 | | Public Facilities | 9,771 | 9.7 | 7,762 | 8.1 | | Total | 26,184 | 10.1 | 26,393 | 10.9 | [4.3.3 Other Income and Losses, Net](index=14&type=section&id=4.3.3%20Other%20Income%20and%20Losses,%20Net) Other income and losses, net, increased to **HK$2.6 million** in FY2025, primarily driven by higher bank interest income - Other income and losses, net, of approximately **HK$2.6 million** was recognized in FY2025, mainly comprising bank interest income of approximately **HK$2.6 million**[36](index=36&type=chunk) - Other income of approximately **HK$1.7 million** was recognized in FY2024, including bank interest income of approximately **HK$1.2 million** and life insurance income of **HK$526,000**[36](index=36&type=chunk) [4.3.4 Net Impairment Losses (Recognised) Reversal under Expected Credit Loss Model](index=14&type=section&id=4.3.4%20Net%20Impairment%20Losses%20(Recognised)%20Reversal%20under%20Expected%20Credit%20Loss%20Model) Net impairment losses of approximately **HK$285,000** were recognized in FY2025, mainly due to impaired retention receivables, contrasting with a net impairment loss reversal of approximately **HK$248,000** in FY2024 - The Group recognized an impairment loss of approximately **HK$310,000** on the full balance of retention receivables due from a customer, resulting in net impairment losses of approximately **HK$285,000** in FY2025[37](index=37&type=chunk) - The net impairment loss reversal of approximately **HK$248,000** in FY2024 was due to the reversal of impairment losses on contract assets of approximately **HK$319,000**[37](index=37&type=chunk) [4.3.5 Operating and Administrative Expenses](index=14&type=section&id=4.3.5%20Operating%20and%20Administrative%20Expenses) Operating and administrative expenses increased **7.7%** to **HK$24.7 million** in FY2025, primarily due to higher staff costs and legal and professional fees - Operating and administrative expenses for FY2025 were approximately **HK$24.7 million**, an increase of approximately **HK$1.8 million** or **7.7%** from approximately **HK$22.9 million** in FY2024[38](index=38&type=chunk) - This increase was primarily due to an increase in staff costs recognized as operating and administrative expenses of approximately **HK$1.4 million** and an increase in legal and professional fees of approximately **HK$0.3 million** in FY2025[38](index=38&type=chunk) [4.3.6 Finance Costs](index=14&type=section&id=4.3.6%20Finance%20Costs) Finance costs for FY2025 significantly decreased by approximately **HK$1.3 million** to **HK$136,000**, primarily due to reduced bank borrowing interest - Finance costs for FY2025 were approximately **HK$136,000**, a decrease of approximately **HK$1.3 million** from approximately **HK$1.4 million** in FY2024[39](index=39&type=chunk) - The decrease in finance costs was primarily due to a reduction in interest on bank borrowings[39](index=39&type=chunk) [4.3.7 Income Tax Expense](index=15&type=section&id=4.3.7%20Income%20Tax%20Expense) Income tax expense for FY2025 was **HK$444,000**, primarily from utilizing tax losses previously recognized as deferred tax assets - Income tax expense for FY2025 included deferred tax expense of **HK$444,000** (FY2024: HK$609,000)[40](index=40&type=chunk) - The deferred tax expense was primarily attributable to the utilization of tax losses recognized as deferred tax assets in prior years[40](index=40&type=chunk) [4.3.8 Profit and Total Comprehensive Income for the Year](index=15&type=section&id=4.3.8%20Profit%20and%20Total%20Comprehensive%20Income%20for%20the%20Year) Net profit for FY2025 slightly decreased by approximately **HK$0.1 million** to **HK$3.2 million** - The Group's net profit for the current year slightly decreased by approximately **HK$0.1 million** from approximately **HK$3.3 million** in the previous year to approximately **HK$3.2 million** in the current year[41](index=41&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=15&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The Group's net current assets and current ratio improved, driven by net operating cash flows, with no utilized bank borrowings, a zero gearing ratio, and a prudent liquidity management approach [4.4.1 Liquidity and Financial Resources](index=15&type=section&id=4.4.1%20Liquidity%20and%20Financial%20Resources) Net current assets increased to **HK$123.2 million** in FY2025, with the current ratio rising to **4.9 times**, primarily driven by net operating cash flows - As of March 31, 2025, the Group's net current assets amounted to approximately **HK$123.2 million** (2024: approximately HK$118.4 million)[42](index=42&type=chunk) - The Group's current ratio as of March 31, 2025, was approximately **4.9 times** (2024: approximately 3.7 times)[42](index=42&type=chunk) - The increase in current ratio and bank balances was primarily due to net cash flows from operations during the year[42](index=42&type=chunk) [4.4.2 Bank Borrowings](index=15&type=section&id=4.4.2%20Bank%20Borrowings) The Group has **HK$76.5 million** in bank financing facilities, with **HK$20.7 million** used for performance guarantees, but no bank borrowings were drawn, resulting in a zero gearing ratio - As of March 31, 2025, the Group's available banking facilities amounted to approximately **HK$76.5 million**, of which approximately **HK$20.7 million** was utilized for performance guarantees[43](index=43&type=chunk) - The Group had no utilized bank borrowings under any banking facilities as of March 31, 2025, and March 31, 2024[43](index=43&type=chunk) - The Group's gearing ratio was **zero** as of March 31, 2025, and March 31, 2024[43](index=43&type=chunk) [4.4.3 Capital Structure](index=16&type=section&id=4.4.3%20Capital%20Structure) The Group's capital structure, comprising issued share capital and reserves, remained unchanged during the year - The Group's capital structure includes equity attributable to owners of the Company, comprising issued share capital and reserves[44](index=44&type=chunk) - The Company's capital structure remained unchanged throughout the year[44](index=44&type=chunk) [4.4.4 Pledge of Assets](index=16&type=section&id=4.4.4%20Pledge%20of%20Assets) As of March 31, 2025, **HK$3.0 million** in pledged bank deposits secured bank financing, and **HK$0.8 million** in lease liabilities were secured by lease deposits - As of March 31, 2025, pledged bank deposits of approximately **HK$3.0 million** were pledged to secure banking facilities granted to the Group by a bank[45](index=45&type=chunk) - As of March 31, 2025, lease liabilities of approximately **HK$0.8 million** were secured by lease deposits with a carrying amount of approximately **HK$0.7 million**[45](index=45&type=chunk) [4.4.5 Foreign Exchange Risk](index=16&type=section&id=4.4.5%20Foreign%20Exchange%20Risk) Operating primarily in Hong Kong, the Group faces RMB-related foreign exchange risk but deemed it insignificant for the year and did not engage in hedging - The Group primarily operates in Hong Kong and is exposed to foreign exchange risk arising from various currency exposures, most of which relate to the procurement of certain raw materials in Renminbi[46](index=46&type=chunk) - During the year, the Group considered the currency risk of these monetary liabilities not significant and did not enter into any derivative agreements or financial instruments to hedge foreign exchange risk[46](index=46&type=chunk) [4.4.6 Capital Expenditure](index=16&type=section&id=4.4.6%20Capital%20Expenditure) Capital expenditure for FY2025 increased to **HK$1.5 million**, primarily related to investments in property and equipment - The Group incurred capital expenditure of **HK$1.5 million** during the year (FY2024: HK$40,000), primarily related to investments in property and equipment[47](index=47&type=chunk) [4.4.7 Capital Commitments and Contingent Liabilities](index=16&type=section&id=4.4.7%20Capital%20Commitments%20and%20Contingent%20Liabilities) The Group's capital commitments and contingent liabilities primarily consist of performance guarantees, with no other significant undisclosed commitments or liabilities - Details of the Group's performance guarantees as of March 31, 2025, are set out in Note 14 to the consolidated financial statements[48](index=48&type=chunk) - Save as disclosed, the Group is not aware of any other capital commitments and contingent liabilities[48](index=48&type=chunk) [4.4.8 Significant Investments, Acquisitions and Disposals](index=16&type=section&id=4.4.8%20Significant%20Investments,%20Acquisitions%20and%20Disposals) During the reporting period, the Group held no significant investments, acquisitions, or disposals of subsidiaries and associates - The Group did not hold any significant investments, acquisitions, or disposals of subsidiaries and associates during the reporting period[49](index=49&type=chunk) [4.4.9 Future Plans for Material Investments and Capital Assets](index=17&type=section&id=4.4.9%20Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of March 31, 2025, the Group had no other plans for material investments or capital assets - Save as disclosed elsewhere in this annual report, the Group had no other plans for material investments or capital assets as of March 31, 2025[50](index=50&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, full-time employees decreased to **50** due to project staff reductions for cost control; remuneration is performance and qualification-based, with training provided, and total staff costs for FY2025 were **HK$36.9 million** - As of March 31, 2025, the Group had **50** full-time employees (2024: 57), with the decrease primarily due to a reduction in the number of project staff[51](index=51&type=chunk) - The Group has implemented stringent cost controls and adjusted the number of project staff based on the progress of construction works and anticipated workload[51](index=51&type=chunk) - Total staff costs for FY2025 were approximately **HK$36.9 million** (FY2024: approximately HK$37.2 million)[52](index=52&type=chunk) [Events After Reporting Period](index=17&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Group entered a joint venture with a Macau company to operate a Northeastern Chinese cuisine restaurant, with no other significant post-reporting period events impacting the Group - Subsequent to the reporting period, the Group entered into a joint venture agreement with a company incorporated in Macau to establish a joint venture company to operate a Northeastern Chinese cuisine restaurant in Macau[53](index=53&type=chunk) - Save as disclosed, the Board is not aware of any other material events that occurred after March 31, 2025, and up to the date of this announcement that would have a significant impact on the Group[53](index=53&type=chunk) [Other Information](index=17&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the year, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the year, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[54](index=54&type=chunk) [Directors' Interests in Competing Business](index=17&type=section&id=Directors'%20Interests%20in%20Competing%20Business) During the year, neither directors nor controlling shareholders and their close associates held interests in businesses competing or potentially competing with the Group - During the year, neither the directors nor the Company's controlling shareholders and their respective close associates held any interests in any business that directly or indirectly competes or is likely to compete with the Group's business[55](index=55&type=chunk) [Share Option Scheme](index=18&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on March 5, 2020, to incentivize employees and promote business success; no options have been granted, cancelled, exercised, or lapsed, with **200,000,000** options available, representing **10%** of issued share capital - The Company adopted a share option scheme on **March 5, 2020**, to incentivize employees, attract and retain talent, and promote the success of the Group's business[56](index=56&type=chunk) - Since the adoption date of the share option scheme and up to the date of this announcement, no share options have been granted, cancelled, exercised, or lapsed under the share option scheme[56](index=56&type=chunk) - As of the date of this annual report, the total number of shares available for issue under the share option scheme is **200,000,000** shares, representing **10%** of the Company's total issued share capital[57](index=57&type=chunk) [Corporate Governance Practices](index=18&type=section&id=Corporate%20Governance%20Practices) The Company's corporate governance practices adhere to the Listing Rules' Corporate Governance Code, with the Board consistently complying with its provisions throughout the year and committed to continuous review and enhancement - The Company's corporate governance practices are based on the principles and relevant code provisions set out in the Corporate Governance Code in Appendix C1 of the Listing Rules[58](index=58&type=chunk) - The Board has complied with the code provisions set out in Part 2 of the Corporate Governance Code throughout the year[58](index=58&type=chunk) [Chairman and Chief Executive Officer](index=18&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) Mr. Zhu Guohuan serves as both Chairman and CEO, an arrangement the Board believes enhances the Group's business planning, decision-making, and implementation efficiency, aligning with the best interests of the Group and shareholders - Mr. Zhu currently serves as both the Chairman of the Board and Chief Executive Officer of the Company, an arrangement the Board believes enhances the Group's overall business planning, decision-making, and implementation efficiency and effectiveness[59](index=59&type=chunk) - The Board believes that Mr. Zhu holding both positions is in the overall best interests of the Group and the Company's shareholders[60](index=60&type=chunk) [Standard Code for Securities Transactions by Directors](index=19&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Listing Rules' Standard Code for Securities Transactions by Directors, with all directors confirming full compliance throughout the year - 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[61](index=61&type=chunk) - Following specific enquiries with the directors, all directors confirmed their compliance with the requirements of the Standard Code throughout the year[61](index=61&type=chunk) [Audit Committee](index=19&type=section&id=Audit%20Committee) The Company's Audit Committee, comprising three independent non-executive directors, reviewed the audited consolidated financial statements for the year, confirming compliance with accounting standards, Listing Rules, and adequate disclosure - The Company has established an Audit Committee, comprising **three** independent non-executive directors, with Mr. Ma Sze Chun currently serving as the Chairman of the Audit Committee[62](index=62&type=chunk) - The Audit Committee has reviewed the Company's audited consolidated financial statements for the year and is of the opinion that they comply with applicable accounting standards, the Listing Rules, and have made adequate disclosures[62](index=62&type=chunk) [Scope of Work of Deloitte Touche Tohmatsu](index=19&type=section&id=Scope%20of%20Work%20of%20Deloitte%20Touche%20Tohmatsu) The Group's auditor, Deloitte Touche Tohmatsu, agreed to the preliminary financial figures, but their work is not an assurance engagement, thus no opinion or assurance conclusion is expressed on the preliminary announcement - The Group's auditor, Deloitte Touche Tohmatsu, has agreed to the preliminary announcement of financial figures[63](index=63&type=chunk) - The work performed by Deloitte Touche Tohmatsu in this respect does not constitute an assurance engagement, and accordingly, no opinion or assurance conclusion is expressed on the preliminary announcement[63](index=63&type=chunk) [Final Dividend](index=19&type=section&id=Final%20Dividend) The Board does not recommend the payment of a final dividend for the current year - The Board does not recommend the payment of a final dividend for the current year (FY2024: nil)[64](index=64&type=chunk) [Annual General Meeting](index=20&type=section&id=Annual%20General%20Meeting) The Company's upcoming Annual General Meeting will be held on **August 15, 2025**, with the relevant notice to be published and dispatched to shareholders in due course - The Company's upcoming Annual General Meeting will be held on **Friday, August 15, 2025**[65](index=65&type=chunk) - The notice of the Annual General Meeting will be published on the Company's website and dispatched to the Company's shareholders in due course as required by the Listing Rules[65](index=65&type=chunk) [Closure of Register of Members](index=20&type=section&id=Closure%20of%20Register%20of%20Members) The Company will suspend its register of members from **August 12 to August 15, 2025**, to determine shareholders eligible to attend and vote at the Annual General Meeting - The Company will suspend its register of members from **Tuesday, August 12, 2025, to Friday, August 15, 2025** (both dates inclusive)[66](index=66&type=chunk) - To be eligible to attend and vote at the Annual General Meeting, unregistered holders of shares should ensure that all share transfer documents are lodged with the Company's Hong Kong share registrar by **4:30 p.m. on Monday, August 11, 2025**[66](index=66&type=chunk) [Publication of Financial Results and Annual Report](index=20&type=section&id=Publication%20of%20Financial%20Results%20and%20Annual%20Report) This results announcement is published on the Company's and HKEX websites, and the annual report will be dispatched to shareholders and made available online in due course - This results announcement is published on the Company's website (www.lotushorizonholdings.com) and the HKEX website (www.hkexnews.hk)[67](index=67&type=chunk) - The Company's annual report for the year ended March 31, 2025, will be dispatched to the Company's shareholders and made available on the aforementioned websites in due course[67](index=67&type=chunk) [Acknowledgement](index=20&type=section&id=Acknowledgement) The Board extends sincere gratitude to the management team, employees, shareholders, investors, and business partners - The Board takes this opportunity to express its sincere gratitude for the unwavering efforts and contributions of the management team and employees, as well as the trust and support from shareholders, investors, and business partners[68](index=68&type=chunk)

Core Insights - As of June 12, a total of 159 stocks reached their 52-week highs, with HPC HOLDINGS (01742), China Ecotourism (01371), and Yunfeng Financial (00376) leading the high rate at 51.28%, 43.10%, and 35.00% respectively [1][2] Stock Performance Summary - **Top Performers**: - HPC HOLDINGS (01742) closed at 0.084 with a peak of 0.118, achieving a high rate of 51.28% [2] - China Ecotourism (01371) closed at 0.670 with a peak of 0.830, achieving a high rate of 43.10% [2] - Yunfeng Financial (00376) closed at 2.730 with a peak of 3.510, achieving a high rate of 35.00% [2] - **Other Notable Stocks**: - Jiuyuan Gene (02566) reached a high rate of 23.08% [2] - Zhangli International (01693) reached a high rate of 21.29% [2] - China Biopharmaceutical (01177) reached a high rate of 16.46% [2] - **Additional Stocks with Significant High Rates**: - Beike Micro (02149) at 14.29% [2] - Rongchang Bio (09995) at 14.16% [2] - Baosaitou-B (02315) at 12.86% [2] - SF Technology (09699) at 12.63% [2] 52-Week Low Summary - **Top Decliners**: - Baide International (02668) reached a low rate of -22.22% [6] - Zhizhong International (06063) reached a low rate of -14.89% [6] - Congyu Zhinu (00875) reached a low rate of -9.23% [6] - **Other Notable Decliners**: - China Greenland Boda Green (01253) at -7.69% [6] - New Qian'an (02573) at -7.66% [6] - Aobang Construction (01615) at -3.85% [6]

Financial Performance - Total revenue recognized for the six months ended September 30, 2024, was approximately HK$130.7 million[14]. - The Group's revenue increased by approximately HK$22.9 million or 21.2%, from approximately HK$107.8 million for the six months ended 30 September 2023 to approximately HK$130.7 million for the six months ended 30 September 2024[24]. - Revenue for the six months ended September 30, 2024, increased to HK$130,674,000, up 21.14% from HK$107,796,000 in the same period of 2023[68]. - The company reported a total comprehensive income of HK$2,019,000 for the period, compared to HK$1,139,000 in the previous year[68]. - The Group's net profit increased by approximately HK$1.1 million from approximately HK$0.9 million to approximately HK$2.0 million for the six months ended 30 September 2024[37]. - Profit before taxation rose to HK$2,254,000, compared to HK$1,353,000 in the previous year, reflecting a growth of 66.51%[68]. - Earnings per share increased to HK$0.10, up from HK$0.06 in the same period last year, marking a 66.67% increase[68]. Revenue Breakdown - Revenue from residential properties rose to approximately HK$90.0 million, accounting for 68.9% of total revenue, compared to HK$55.2 million or 51.2% in the previous period[27]. - Revenue from façade works and building metal finishing was approximately HK$86.1 million, representing 65.9% of total revenue[23]. - The contribution from public facilities revenue was approximately HK$40.6 million, accounting for 31.1% of total revenue, down from HK$51.5 million or 47.8% in the previous period[27]. - Revenue from façade works was HK$86,105,000, up from HK$73,665,000, representing a growth of 16.9%[111]. - Revenue from building metal finishing works increased to HK$44,569,000 from HK$34,131,000, marking a significant rise of 30.6%[111]. Project and Contract Status - As of September 30, 2024, the Group had 17 ongoing projects with a total original contract sum of approximately HK$920.1 million and a project backlog of approximately HK$413.1 million[14]. - During the same period, the Group was awarded 5 new projects with a total contract sum of approximately HK$208.5 million[15]. - The Group's contracts with customers are primarily fixed-price contracts, indicating a stable revenue model[119]. Cost and Expenses - Operating and administrative expenses rose by approximately HK$1.9 million or 17.4%, from approximately HK$10.7 million to approximately HK$12.6 million, primarily due to higher staff costs[36]. - Total staff costs for the six months ended September 30, 2024, amounted to HK$18,223,000, up from HK$17,590,000 in 2023, reflecting a year-on-year increase of approximately 3.6%[126]. - The Group anticipates low demand and stringent budgets in local residential and commercial development projects, which may negatively impact gross profit margins[19]. Assets and Liabilities - As of 30 September 2024, the Group had net current assets of approximately HK$120.1 million, with a current ratio of approximately 3.9 times[41]. - Total assets as of September 30, 2024, were HK$162,262,000, slightly down from HK$162,864,000 as of March 31, 2024[70]. - Current liabilities decreased to HK$42,138,000 from HK$44,453,000, indicating improved liquidity management[70]. - The Group's gearing ratio was approximately 3.7% as of September 30, 2024, compared to zero on March 31, 2024[48]. Cash Flow and Financial Management - Bank balances and cash decreased to approximately HK$59.1 million as of 30 September 2024, down from approximately HK$75.5 million[42]. - Net cash used in operating activities was HK$17,007,000, a significant decline compared to a net cash inflow of HK$14,525,000 in 2023[93]. - Cash and cash equivalents at the end of the period were HK$59,055,000, down from HK$75,452,000 at the beginning of the period[93]. - The Group has adopted a prudent approach in managing financial resources and maintaining adequate cash and cash equivalents[48]. Market Conditions and Outlook - The projected private flat supply in Hong Kong for the next three to four years remains high, with property developers hesitant to invest in new construction projects[18]. - Record-high office vacancy rates and declining office rents are expected to depress demand for new commercial properties, leading to a significant drop in commercial property development projects[18]. - The Group is prepared to implement more cost control measures to mitigate challenges in the market[19]. - The experienced management team and market reputation are expected to help the Group maintain market share and capture future opportunities[19]. Investments and Capital Expenditure - The Group incurred capital expenditure of approximately HK$1.5 million during the six months ended September 30, 2024, compared to approximately HK$30,000 for the same period in 2023[56]. - The Group did not engage in any significant investments, acquisitions, or disposals during the reporting period[59]. - There were no specific plans for material investments or capital assets as of September 30, 2024[60]. Trade Receivables and Payables - As of September 30, 2024, trade receivables amounted to HK$16,302, a decrease of 47.6% from HK$31,098 as of March 31, 2024[156]. - The ageing analysis of trade receivables shows that amounts overdue by 0 to 30 days decreased from HK$18,315 to HK$14,625, while those overdue by 31 to 60 days decreased from HK$11,378 to HK$1,383[164]. - Trade payables stood at HK$15,319,000 as of September 30, 2024, slightly up from HK$15,287,000 as of March 31, 2024[186]. - The current portion of trade and other payables increased to HK$23,910,000 as of September 30, 2024, from HK$22,665,000 as of March 31, 2024[186]. Taxation and Financial Reporting - The income tax expense is calculated under a two-tiered profits tax rates regime in Hong Kong, with the first HK$2,000,000 of profits taxed at 8.25% and profits above that taxed at 16.5%[130]. - The unaudited condensed consolidated financial statements for the six months ended September 30, 2024, have been prepared in accordance with Hong Kong Accounting Standards and are presented in Hong Kong Dollars (HK$) rounded to the nearest thousands (HK$'000)[99]. - The financial statements have not been audited or reviewed by external auditors but have been reviewed by the company's audit committee[102].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 130,674,000, representing a 21.14% increase from HKD 107,796,000 in the same period of 2023[1] - Gross profit for the same period was HKD 13,376,000, up from HKD 12,148,000, indicating an increase of 10.11%[1] - Profit before tax rose to HKD 2,254,000, compared to HKD 1,353,000, reflecting a growth of 66.54%[1] - Net profit for the period was HKD 2,019,000, an increase of 77.43% from HKD 1,139,000 in the previous year[1] - Basic earnings per share increased to HKD 0.10, up from HKD 0.06, marking a 66.67% rise[1] - Other income and gains for the period were HKD 1,614,000, compared to HKD 790,000, showing a significant increase of 104.56%[3] - Total revenue for the six months ended September 30, 2024, was approximately HKD 130.7 million, an increase of about HKD 22.9 million or 21.2% compared to HKD 107.8 million for the same period in 2023[78] - The gross profit for the six months ended September 30, 2024, was approximately HKD 13.4 million, up from HKD 12.1 million for the same period in 2023, while the gross profit margin decreased from 11.3% to 10.2%[81] - Net profit for the six months ended September 30, 2024, rose to approximately HKD 2.0 million from HKD 0.9 million for the same period in 2023[85] Assets and Liabilities - The total assets less current liabilities amounted to HKD 128,866,000, slightly up from HKD 127,744,000[9] - The net asset value as of September 30, 2024, was HKD 127,800,000, compared to HKD 125,781,000, indicating a growth of 1.61%[11] - Trade receivables as of September 30, 2024, amounted to HKD 19,677,000, a decrease from HKD 34,525,000 as of March 31, 2024, reflecting a reduction of approximately 43.1%[36] - The current portion of trade and other receivables was HKD 25,094,000 as of September 30, 2024, down from HKD 41,220,000 as of March 31, 2024, representing a decline of approximately 39.0%[36] - Total contract liabilities decreased from HKD (19,319,000) as of March 31, 2024, to HKD (11,302,000) as of September 30, 2024, a reduction of approximately 41.5%[43] - The group's current assets net value as of September 30, 2024, was approximately HKD 120.1 million, with a current ratio of about 3.9 times[86] - The group reported a total of HKD 4,779,000 in bank borrowings as of September 30, 2024, which was not present as of March 31, 2024[62] - The effective interest rate for floating bank loans ranged from 6.4% to 7.2% as of September 30, 2024, compared to 6.0% to 7.8% as of March 31, 2024[61] Operational Highlights - The company continues to focus on providing design, supply, and installation services for exterior wall engineering and building metal finishing projects[15] - The group’s operations are concentrated in providing design, supply, and installation services for external wall projects and building metal facade projects, with all revenue derived from customers in Hong Kong[24] - The group has 17 ongoing projects with a total contract value of approximately HKD 920.1 million and project backlog of about HKD 413.1 million[74] - The group secured 5 new projects with a total contract value of approximately HKD 208.5 million during the six months ended September 30, 2024[74] Employee and Management - Total employee costs for the six months ended September 30, 2024, amounted to HKD 18,223 thousand, compared to HKD 17,590 thousand in the same period of 2023, reflecting an increase of 3.6%[30] - Short-term employee benefits for key management personnel were HKD 4,463,000 for the six months ended September 30, 2024, compared to HKD 4,295,000 for the same period in 2023, reflecting an increase of approximately 3.9%[72] - As of September 30, 2024, the group has 59 full-time employees, an increase from 58 as of March 31, 2024[99] Financial Management and Risks - The group maintains a cautious approach to financial resource management, ensuring sufficient cash and cash equivalents to manage operational needs and cash flow volatility[88] - The group does not foresee any significant foreign exchange risks during the reporting period, as it primarily operates in Hong Kong[92] - The group has available bank financing of approximately HKD 76.5 million, with HKD 25.5 million utilized for bank loans and performance guarantees[88] - The group's debt-to-equity ratio as of September 30, 2024, is approximately 3.7%, calculated based on total bank loans divided by total equity[88] Dividends and Share Options - The company did not declare any interim dividend for the six months ended September 30, 2024[1] - The board of directors decided not to declare any interim dividend for the six months ending September 30, 2024, consistent with the previous year[106] - The total number of share options available for issuance under the share option plan is 200,000,000, representing 10% of the company's total issued share capital[104] - The group has adopted a share option scheme to incentivize employees and attract talent, with no options granted, cancelled, exercised, or lapsed since its adoption[103] Compliance and Governance - The audit committee has reviewed and approved the unaudited condensed consolidated financial statements for the six months ending September 30, 2024, ensuring compliance with applicable accounting standards and listing rules[115]