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: 乙德投資控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06182 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/ ...

《公 司 法》（經 修 訂 本） TWINTEK INVESTMENT HOLDINGS LIMITED 乙德投資控股有限公司 開曼群島 股份有限公司 之 第四份經修訂和重述的組織章程大綱及章程細則 （經 於2025年8月20日 通 過 的 特 別 決 議 案 採 納） [本 中 文 譯 本 僅 供 參 考 之 用。如 中 文 譯 本 之 文 義 與 英 文 原 文 有 歧 異 之 處， 概 以 英 文 原 文 為 準。] 開曼群島 股份有限公司 《公 司 法》（經 修 訂 本） TWINTEK INVESTMENT HOLDINGS LIMITED 乙德投資控股有限公司 之 第四份經修訂和重述的組織章程大綱 （經 於2025年8月20日 通 過 的 特 別 決 議 案 採 納） [本 中 文 譯 本 僅 供 參 考 之 用。如 中 文 譯 本 之 文 義 與 英 文 原 文 有 歧 異 之 處， 概 以 英 文 原 文 為 準。] 開曼群島 股份有限公司 《公 司 法》（經 修 訂 本） TWINTEK INVESTMENT HOLDINGS LIMITED 乙德投資控股有限公司 之 第四份經修訂和重述的組 ...

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 就 因 本 公 告 全部或任何部份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。 二零二五年八月二十日舉行的 股東週年大會的投票表決結果 乙 德 投 資 控 股 有 限 公 司（「本公司」）於 二 零 二 五 年 八 月 二 十 日 舉 行 的 股 東 週 年 大 會（「股東週年大會」）上，本 公 司 董 事（「董 事」）會 主 席 要 求 就 載 列 於 日 期 為 二 零 二五年七月十八日致本公司每股面值0.01港 元 普 通 股 的 持 有 人（分 別 為「股 份」 及「股 東」）的 股 東 週 年 大 會 通 告 內 的 所 有 提 呈 的 決 議 案（「提呈的決議案」），以 股 數 投 票 方 式 進 行 表 決。 股 東 週 年 大 會 上 所 有 提 呈 的 決 議 案 的 投 票 表 決 結 果 載 列 如 下： | | | | | | | | | | | | | | | | | | 已投票股份數目 | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 乙德投資控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06182 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/ ...

智通财经APP获悉，截止7月31日收盘，有84只股票创52周新高，其中众安智慧生活(02271)、和谐汽车 (03836)、乙德投资控股(06182)创高率位于前3位，分别为55.84%、32.67%、32.39%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | 创高率 | | --- | --- | --- | --- | | 众安智慧生活(02271) | 3.900 | 4.800 | 55.84% | | 和谐汽车(03836) | 1.280 | 1.340 | 32.67% | | 乙德投资控股(06182) | 0.400 | 0.470 | 32.39% | | 天润云(02167) | 5.030 | 5.230 | 31.41% | | 恒富控股(00643) | 0.445 | 0.600 | 22.45% | | 长飞光纤光缆(06869) | 27.050 | 30.250 | 17.02% | | 首都金融控股(08239) | 3.210 | 3.320 | 16.90% | | 杰地集团(08313) | 0.028 | 0.035 | 16.67% | | 兴证国 ...

[Company Cover and Table of Contents](index=1&type=section&id=公司封面及目錄) This report is the 2025 annual report for Yide Investment Holdings Limited (Stock Code: 6182) - This report is the 2025 annual report for **Yide Investment Holdings Limited (Stock Code: 6182)**[1](index=1&type=chunk)[2](index=2&type=chunk) [Company Information](index=3&type=section&id=公司資料) The report provides core company management and legal information including board members, committee compositions, company secretary, auditor, legal counsel, principal bankers, and share registrar - The report provides core company management and legal information including board members, committee compositions, company secretary, auditor, legal counsel, principal bankers, and share registrar[6](index=6&type=chunk) [Chairman's Statement](index=4&type=section&id=主席報告) [Summary of Chairman's Statement](index=4&type=section&id=主席報告摘要) Despite challenges like high inflation, rising interest rates, and weak demand, the Group successfully turned profitable this year, strategically shifting to public utility projects, making significant progress in the "Ten-Year Hospital Development Plan," and developing new products like fire-resistant board BowenPro to broaden revenue streams 2025 Fiscal Year Performance Highlights | Indicator | Amount | Description | | :--- | :--- | :--- | | Revenue | HKD 207.2 million | Achieved growth | | Net Profit | Approx. HKD 1.3 million | Successfully turned profitable | - The Group focused on public utility projects in recent years, securing three more under the "Ten-Year Hospital Development Plan," totaling over **HKD 280 million** in contract value, expected to be completed between 2025 and 2027[8](index=8&type=chunk) - Wooden flooring products remain the main revenue source, contributing nearly **50% of revenue**[9](index=9&type=chunk) - This year, the new fire-resistant board BowenPro was successfully developed and has secured a project worth approximately **HKD 5 million** under the "Ten-Year Hospital Development Plan"[9](index=9&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=管理層討論及分析) [Business Review and Market Outlook](index=5&type=section&id=業務回顧及市場前景) As a building materials contractor, the Group achieved a performance turnaround amidst macroeconomic challenges by seizing opportunities in large-scale projects, doubling revenue from wooden flooring projects due to increased private residential property supply, and making continuous progress in the "Ten-Year Hospital Development Plan" - The Group primarily provides building materials and related installation services in Hong Kong, including wooden flooring, gypsum blocks, stone crystal wall panels, removable partitions, fire-resistant boards, and roof tiles[12](index=12&type=chunk) - The company successfully capitalized on increased private residential property supply, **doubling wooden flooring project revenue** this year[13](index=13&type=chunk) - The company currently holds **3 uncommenced projects** under the "Ten-Year Hospital Development Plan," with a total contract value of approximately **HKD 195.5 million**[14](index=14&type=chunk) - Antibacterial stone crystal wall panels secured a large hospital project worth approximately **HKD 12.2 million**, with market demand expected to continue rising[15](index=15&type=chunk) [Financial Review](index=6&type=section&id=財務回顧) This fiscal year, the Group's financial performance rebounded strongly, with total revenue increasing by 102.1% year-on-year to HKD 207.2 million and achieving a net profit of HKD 1.3 million, successfully reversing last year's HKD 36.7 million loss, primarily due to significant growth in construction contract revenue and a notable improvement in gross profit margin from 9.2% to 17.5% [Revenue](index=6&type=section&id=收益) Total revenue increased by 102.1% year-on-year from HKD 102.5 million to HKD 207.2 million, primarily driven by construction contracts, which saw a 97.1% year-on-year increase to HKD 191 million, with significant growth in wooden flooring project revenue Revenue Source Analysis (HKD million) | Business Segment | FY2025 | Proportion (%) | FY2024 | Proportion (%) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Contracts | 191.0 | 92.2 | 96.9 | 94.5 | 97.1% | | Sales of Building Materials | 16.2 | 7.8 | 5.6 | 5.5 | 189.3% | | **Total** | **207.2** | **100.0** | **102.5** | **100.0** | **102.1%** | [Cost of Sales and Services](index=7&type=section&id=銷售及服務成本) Cost of sales and services increased by 83.6% year-on-year to HKD 170.9 million, primarily comprising material costs and subcontracting costs, with material costs increasing by 92.6% in line with revenue growth, and subcontracting costs increasing by 70.4% - Cost of sales and services was approximately **HKD 170.9 million**, a year-on-year increase of **83.6%**[21](index=21&type=chunk) - Material costs and subcontracting costs together accounted for **98.9%** of total cost of sales and services[21](index=21&type=chunk) [Gross Profit and Gross Profit Margin](index=7&type=section&id=毛利及毛利率) Gross profit significantly increased to HKD 36.2 million from HKD 9.4 million in the prior year, with gross profit margin notably improving from 9.2% to 17.5%, primarily due to a slight increase in the proportion of higher-margin building material sales to total revenue Gross Profit and Gross Profit Margin Performance | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Gross Profit | HKD 36.2 million | HKD 9.4 million | | Gross Profit Margin | 17.5% | 9.2% | [Other Income, Expenses and Profit](index=8&type=section&id=其他收入、開支及溢利) This fiscal year, other income increased to HKD 4.8 million, mainly due to a HKD 4 million reversal of impairment loss on contract assets, while sales and distribution expenses and administrative expenses both decreased, resulting in a net profit of HKD 1.3 million for the Group - Other income increased to **HKD 4.8 million**, primarily due to a reversal of impairment loss on contract assets of approximately **HKD 4 million**[25](index=25&type=chunk) - Administrative expenses decreased by **14.9%** to **HKD 32.5 million**, mainly due to a reduction in asset impairment provisions of approximately **HKD 4.6 million**[27](index=27&type=chunk) - The Group turned from a net loss of **HKD 36.7 million** last year to a net profit of **HKD 1.3 million** this year[30](index=30&type=chunk) [Liquidity and Financial Resources Review](index=9&type=section&id=流動資金及財務資源回顧) At fiscal year-end, the Group's total equity slightly increased to HKD 93.7 million, and net current assets increased to HKD 39.1 million, while cash and cash equivalents decreased to HKD 8 million and bank borrowings slightly increased to HKD 54.4 million Key Financial Position (as at March 31, 2025) | Indicator | FY2025 (HKD million) | FY2024 (HKD million) | | :--- | :--- | :--- | | Total Equity | 93.7 | 92.4 | | Net Current Assets | 39.1 | 35.8 | | Cash and Cash Equivalents | 8.0 | 29.7 | | Bank Borrowings | 54.4 | 52.2 | Key Financial Ratios | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Gearing Ratio | 59.3% | 57.4% | | Current Ratio | 1.4 | 1.5 | - As at March 31, 2025, the Group's bank facilities were secured by properties, life insurance policy prepayments, and pledged bank deposits, totaling approximately **HKD 71.9 million**[39](index=39&type=chunk) [Contingent Liabilities and Capital Commitments](index=10&type=section&id=或然負債與資本承擔) At fiscal year-end, the Group was involved in three work injury-related lawsuits, but no significant impact on financial statements is expected due to general contractor insurance coverage, with contingent liabilities for performance bonds amounting to approximately HKD 5.6 million - The Group is involved in three work injury lawsuits, but no significant financial impact is expected due to insurance coverage[41](index=41&type=chunk) - Contingent liabilities for performance bonds were approximately **HKD 5.6 million**, a significant decrease from **HKD 14 million** last year[41](index=41&type=chunk) [Key Risks and Uncertainties](index=10&type=section&id=主要風險及不確定因素) The Group faces multiple key risks, including operational challenges such as volatile cash flow patterns, inaccurate project cost and progress estimations, and non-established profit margins, business development risks like failure to secure new projects for non-recurring income, and financial risks including currency, interest rate, and credit risk - Operational risks include: volatile cash flow patterns, inability to accurately estimate project costs and schedules, non-established profit margins[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Financial risks include: currency risk (mainly USD and EUR), interest rate risk (all bank borrowings are floating rate), credit risk (contract assets book value approximately **HKD 95.1 million**)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - High customer concentration: top five customers accounted for **61.0%** of total revenue, with the largest customer accounting for **29.8%**[51](index=51&type=chunk) [Employees and Remuneration Policy](index=12&type=section&id=僱員及薪酬政策) At fiscal year-end, the Group had 31 employees, with total staff costs of approximately HKD 18.6 million, largely consistent with last year, and remuneration policy references market data and individual performance, offering discretionary bonuses, retirement benefits, and training subsidies Employee Information | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Total Employees | 31 people | 30 people | | Total Staff Costs | HKD 18.6 million | HKD 18.7 million | [Biographical Details of Directors and Senior Management](index=13&type=section&id=董事及高級管理層履歷詳情) [Introduction to Directors and Senior Management](index=13&type=section&id=董事及高級管理層簡介) This section details the personal biographies of the company's executive directors, non-executive directors, independent non-executive directors, and senior management, covering their industry experience, professional qualifications, responsibilities within the Group, and relationships with other directors - Mr. Lo Wing Cheong, Executive Director, is the Group's founder, possessing over **40 years of construction industry experience**, and serves as Chairman and Chief Executive Officer[57](index=57&type=chunk) - Family relationships exist among board members: Ms. Fung Pik Mei, Executive Director, is the spouse of Chairman Mr. Lo Wing Cheong; Mr. Li Pui Ho, Non-executive Director, is the son-in-law of Mr. Lo and Ms. Fung[57](index=57&type=chunk)[59](index=59&type=chunk) - Independent non-executive directors and non-executive directors generally possess deep professional backgrounds in accounting, auditing, corporate finance, and law, holding positions in multiple listed companies[58](index=58&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) - Senior management includes technical advisors, operations directors, and financial controllers, possessing professional qualifications and extensive experience in construction, corporate governance, and accounting[65](index=65&type=chunk)[66](index=66&type=chunk) [Corporate Governance Report](index=16&type=section&id=企業管治報告) [Corporate Governance Practices and the Board](index=16&type=section&id=企業管治常規與董事會) The Group is committed to maintaining high standards of corporate governance, complying with most provisions of the Corporate Governance Code during the reporting period, with one deviation: the roles of Chairman and Chief Executive Officer are combined and held by Mr. Lo Wing Cheong, which the Board believes enhances decision-making efficiency - The company has one deviation from Code Provision C.2.1 of the Corporate Governance Code, where the roles of Chairman and Chief Executive Officer are not separated, both held by Mr. Lo Wing Cheong, but the Board believes the current structure facilitates prompt decision-making and does not compromise the balance of power and authority[70](index=70&type=chunk) - The Board comprises **6 directors**, with **3 independent non-executive directors**, accounting for half of the Board members, complying with Listing Rules requirements[73](index=73&type=chunk)[75](index=75&type=chunk) Board and Committee Meeting Attendance Record (FY2025) | Director | Board | Remuneration Committee | Audit Committee | Nomination Committee | Annual General Meeting | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Lo Wing Cheong | 6/6 | 1/1 | Not Applicable | 2/2 | 1/1 | | Ms. Fung Pik Mei | 6/6 | Not Applicable | Not Applicable | Not Applicable* | 1/1 | | Mr. Li Pui Ho | 6/6 | Not Applicable | 2/2 | Not Applicable | 1/1 | | Mr. Shu Wah Tung | 6/6 | 1/1 | 2/2 | 2/2 | 1/1 | | Mr. Tam Wai Tak | 6/6 | 1/1 | 2/2 | 2/2 | 1/1 | | Mr. Tam Wing Lok | 6/6 | 1/1 | 2/2 | 2/2 | 1/1 | [Board Committees](index=22&type=section&id=董事委員會) The Board has three committees: Audit, Remuneration, and Nomination, which oversee financial reporting, risk management, internal controls, executive remuneration policies, and board structure, size, and diversity, with all committees holding meetings and fulfilling their responsibilities during the reporting period - The Audit Committee is chaired by Mr. Shu Wah Tung, with members including three independent non-executive directors and one non-executive director, complying with Listing Rules requirements, holding **two meetings** during the year to review annual and interim financial statements and internal control systems[86](index=86&type=chunk)[87](index=87&type=chunk) - The Remuneration Committee is chaired by Mr. Tam Wing Lok, with most members being independent non-executive directors, holding **one meeting** during the year to review directors' and senior management's remuneration[88](index=88&type=chunk) - The Nomination Committee is chaired by Mr. Lo Wing Cheong, with most members being independent non-executive directors, holding **two meetings** during the year to review board structure, diversity policy, and directors' independence[89](index=89&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) - The company has adopted a Board Diversity Policy and achieved measurable objectives, including gender diversity (one female executive director)[92](index=92&type=chunk)[95](index=95&type=chunk) [Risk Management, Internal Control and Shareholder Communication](index=26&type=section&id=風險管理、內控及股東溝通) The Board is responsible for overseeing the Group's risk management and internal control systems, with annual reviews of their effectiveness by the Audit Committee, and the company has established an inside information handling policy and maintains effective communication with shareholders through various channels - The Board confirms its responsibility for overseeing risk management and internal control systems, and appointed **Zhonghui Anda Risk Management Limited** for an independent review, deeming the systems effective and adequate[100](index=100&type=chunk)[102](index=102&type=chunk) - The controlling shareholder confirmed compliance with the non-competition undertaking, which independent non-executive directors reviewed and found satisfactory[98](index=98&type=chunk) Auditor's Remuneration (FY2025) | Service Type | Fee (HKD) | | :--- | :--- | | Assurance Services | 780,000 | | Non-Assurance Services (Tax) | 29,900 | | **Total** | **809,900** | - The company has adopted a Shareholder Communication Policy, detailing shareholders' rights and procedures for convening extraordinary general meetings and proposing resolutions[105](index=105&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) [Directors' Report](index=30&type=section&id=董事會報告) [Business and Financial Overview](index=30&type=section&id=業務與財務概覽) This report outlines the Group's operations for the year ended March 31, 2025, with the Group primarily engaged in investment holding and its subsidiaries in building materials sales and installation services, and the Board not recommending a final dividend for the year - The Board does not recommend paying a final dividend for the year ended March 31, 2025[115](index=115&type=chunk) - As at March 31, 2025, the company's distributable reserves were approximately **HKD 80.9 million**[117](index=117&type=chunk) Key Stakeholder Concentration (FY2025) | Category | Proportion | | :--- | :--- | | Top five customers as % of total revenue | Approx. 61.0% | | Largest customer as % of total revenue | Approx. 29.8% | | Top five suppliers as % of total cost | Approx. 37.0% | | Top five subcontractors as % of total cost | Approx. 43.8% | [Directors, Equity and Contracts](index=32&type=section&id=董事、股權及合約) This section discloses detailed information on directors, service contracts, and their interests in the company's shares, with controlling shareholders Mr. Lo Wing Cheong and Ms. Fung Pik Mei collectively holding 73.5% of the company's shares through Helios - Mr. Lo Wing Cheong and Mr. Tam Wing Lok will retire and be eligible for re-election at the upcoming Annual General Meeting[130](index=130&type=chunk) Directors' Interests in Shares (as at March 31, 2025) | Director Name | Capacity/Nature of Interest | Number of Shares Held | Percentage of Equity | | :--- | :--- | :--- | :--- | | Mr. Lo Wing Cheong | Interest in controlled corporation | 588,000,000 | 73.50% | | Ms. Fung Pik Mei | Interest in controlled corporation | 588,000,000 | 73.50% | | Mr. Li Pui Ho | Spouse's interest | 6,000,000 | 0.75% | - The company adopted a share option scheme in 2017, with a maximum of **80,000,000 shares** (10% of issued shares) available for grant, but no share options have been granted as of the end of the reporting period[141](index=141&type=chunk) - Based on public information, the company has maintained sufficient public float throughout the reporting period[157](index=157&type=chunk) [Environmental, Social and Governance Report](index=39&type=section&id=環境、社會及管治報告) [ESG Report Overview and Governance](index=39&type=section&id=ESG報告概述與管治) This ESG report, prepared in accordance with the HKEX ESG Reporting Guide, covers the Group's environmental, social, and governance performance in its building materials sales and construction contract businesses, identifying service quality, customer data protection, occupational health and safety, and product environmental friendliness as the most material ESG issues - The report is prepared in accordance with the principles of materiality, balance, quantitative disclosure, and consistency, covering the period from **April 1, 2024, to March 31, 2025**[163](index=163&type=chunk)[165](index=165&type=chunk) - Key ESG issues identified through materiality assessment include: ensuring service and product quality, protecting customer personal data, providing a safe working environment, ensuring employee occupational health and safety, and focusing on enhancing product environmental elements[169](index=169&type=chunk) [Environmental Performance](index=41&type=section&id=環境表現) The Group is committed to reducing its environmental impact and has obtained ISO 14001:2015 environmental management system certification, with vehicle exhaust emissions decreasing, while total greenhouse gas emissions increased to 396.1 tonnes of CO2 equivalent due to increased transportation from higher gypsum block procurement Greenhouse Gas Emissions (tonnes of CO2 equivalent) | Scope | Activity | FY2025 | FY2024 | | :--- | :--- | :--- | :--- | | Scope 1 | Direct Emissions (Gasoline Consumption) | 14.1 | 21.8 | | Scope 2 | Indirect Emissions (Purchased Electricity) | 42.9 | 43.8 | | Scope 3 | Other Indirect Emissions (Goods Transportation) | 339.1 | 188.9 | | **Total** | | **396.1** | **254.5** | Resource Consumption | Resource | FY2025 Consumption | FY2024 Consumption | | :--- | :--- | :--- | | Electricity | 54,249 kWh | 55,472 kWh | | Gasoline | 5,218.3 Liters | 8,063.7 Liters | | Water | 132 Cubic Meters | 228 Cubic Meters | - The Group promotes eco-friendly products, has obtained **FSC certification**, and its gypsum block products have received the **Hong Kong Green Building Council Green Material Assessment Scheme (HK G-PASS) Platinum rating**[182](index=182&type=chunk) [Social Performance](index=45&type=section&id=社會表現) On the social front, the Group is committed to talent management, providing equal opportunities, and ensuring employee health and safety, with 31 employees at fiscal year-end and maintaining good labor standards, strictly prohibiting child and forced labor Employee Composition (as at March 31, 2025) | Category | Breakdown | Number of People | | :--- | :--- | :--- | | Total | | 31 | | By Gender | Male | 14 | | | Female | 17 | | By Age | Under 30 | 4 | | | 30-50 years old | 14 | | | Over 50 years old | 13 | - The Group adopted **OHSAS 18001** occupational health and safety management system, with **1 work-related injury** and **no fatalities** during the reporting period[189](index=189&type=chunk)[192](index=192&type=chunk) - The Group has established an integrated management system based on **ISO 9001:2015** and obtained **FSC Chain of Custody certification** to ensure product quality and sustainability[197](index=197&type=chunk) - The Group has established strict codes of conduct and anti-corruption guidelines, with **no related legal cases** during the reporting period[202](index=202&type=chunk)[204](index=204&type=chunk) - The Group actively fulfills its corporate social responsibility, awarded the **"Caring Company" logo** by The Hong Kong Council of Social Service[205](index=205&type=chunk) [Independent Auditor's Report](index=52&type=section&id=獨立核數師報告) [Auditor's Opinion and Key Audit Matters](index=52&type=section&id=核數師意見與關鍵審計事項) The auditor, Shinewing (HK) CPA Limited, issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, deeming them to present a true and fair view of the Group's financial position and performance, identifying two key audit matters: accounting for construction and engineering service contracts, and recognition of expected credit losses (ECL) on contract assets and trade receivables - The auditor issued an **unmodified opinion**, stating that the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards[206](index=206&type=chunk) - Key Audit Matter One: Accounting for construction and engineering service contracts, where the auditor performed audit procedures by evaluating key controls, challenging the reasonableness of completion stage assessments, verifying supporting documents, and recalculating progress[209](index=209&type=chunk)[211](index=211&type=chunk) - Key Audit Matter Two: Recognition of expected credit losses on contract assets and trade receivables, where the auditor performed audit procedures by evaluating key controls over credit risk monitoring, reviewing management's assumptions and judgments, and assessing the reasonableness of loss allowance estimates[209](index=209&type=chunk)[213](index=213&type=chunk) [Consolidated Financial Statements](index=57&type=section&id=綜合財務報表) [Key Financial Statements](index=57&type=section&id=主要財務報表) This section contains the Group's core financial statements, with the consolidated statement of profit or loss showing revenue of HKD 207.2 million and an annual profit of HKD 1.32 million, successfully turning profitable, and the consolidated statement of financial position showing total assets of HKD 194.4 million, total liabilities of HKD 100.7 million, and total equity of HKD 93.7 million Consolidated Statement of Profit or Loss Summary (HKD thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 207,178 | 102,540 | | Gross Profit | 36,237 | 9,415 | | Profit (Loss) Before Tax | 1,427 | (36,654) | | **Profit (Loss) for the Year** | **1,316** | **(36,717)** | | Basic Earnings (Loss) Per Share (HK cents) | 0.16 | (4.59) | Consolidated Statement of Financial Position Summary (HKD thousand) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 55,047 | 56,920 | | Current Assets | 139,319 | 112,622 | | **Total Assets** | **194,366** | **169,542** | | Current Liabilities | 100,247 | 76,845 | | Non-current Liabilities | 437 | 331 | | **Total Liabilities** | **100,684** | **77,176** | | **Total Equity** | **93,682** | **92,366** | Consolidated Statement of Cash Flows Summary (HKD thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | (8,852) | 24,288 | | Net Cash Used in Investing Activities | (9,581) | (701) | | Net Cash Used in Financing Activities | (3,257) | (18,660) | | **Net Decrease in Cash and Cash Equivalents** | **(21,690)** | **4,927** | | Cash and Cash Equivalents at Year-End | 8,011 | 29,701 | [Notes to the Financial Statements (Selected)](index=63&type=section&id=財務報表附註（選摘）) The notes to the financial statements elaborate on accounting policies and the specific composition of various financial items, including revenue recognition, financial instrument risk management, segment information showing construction contracts as the primary source of revenue and assets, significantly increased contract assets, and secured floating-rate bank borrowings - Note 7: Revenue is disaggregated by major product and service lines, with construction contracts contributing **HKD 191 million** as the primary revenue source, and the total transaction price allocated to unsatisfied performance obligations is approximately **HKD 401 million**[340](index=340&type=chunk)[344](index=344&type=chunk)[345](index=345&type=chunk) - Note 6: Detailed disclosure of financial risk management policies, where the Group is primarily exposed to currency risk from RMB and EUR, and interest rate risk from floating-rate bank borrowings, with credit risk mainly arising from contract assets and trade receivables, and high customer concentration[311](index=311&type=chunk)[312](index=312&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk) - Note 22: Contract assets increased from **HKD 64.07 million** to **HKD 95.11 million**, primarily due to slower client payment certification processes, and a **HKD 3.99 million** impairment loss reversal was recognized this year[383](index=383&type=chunk)[384](index=384&type=chunk)[387](index=387&type=chunk) - Note 26: Total bank borrowings are **HKD 54.38 million**, all secured and bearing floating interest rates, and despite some loans having demand repayment clauses, directors believe banks are unlikely to exercise this right[394](index=394&type=chunk)[335](index=335&type=chunk) [Five-Year Financial Summary](index=123&type=section&id=五年財務摘要) This summary provides key performance, asset, and liability data for the Group's past five fiscal years, showing that the Group successfully returned to profitability in FY2025 after two years of losses, and total assets rebounded in FY2025 after declining in FY2023 and FY2024 Five-Year Performance Summary (HKD thousand) | Item | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 207,178 | 102,540 | 189,429 | 337,372 | 311,754 | | Profit/(Loss) for the Year | 1,316 | (36,717) | (23,206) | 13,742 | 11,300 | Five-Year Assets and Liabilities Summary (HKD thousand) | Item | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 194,366 | 169,542 | 231,158 | 252,691 | 233,327 | | Total Equity | 93,682 | 92,366 | 129,083 | 156,289 | 156,547 | | Total Liabilities | 100,684 | 77,176 | 102,075 | 96,402 | 76,780 |

Financial Highlights [Financial Highlights](index=1&type=section&id=Financial%20Highlights) This fiscal year, the Group's performance significantly improved, with revenue more than doubling year-on-year, successfully turning losses into profits, gross profit nearly tripling, and basic earnings per share shifting from a loss to a profit Financial Summary (For the Year Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | HK$207.2 million | HK$102.5 million | | Gross Profit | HK$36.2 million | HK$9.4 million | | Net Profit (Loss) After Tax | HK$1.3 million | (HK$36.7 million) | | Basic Earnings (Loss) Per Share | HK$0.16 cents | (HK$4.59 cents) | Consolidated Financial Statements [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, the Group's revenue increased by 102% year-on-year to HK$207 million, gross profit grew by 285% to HK$36.24 million, and effective cost control and impairment loss reversals led to an annual profit of HK$1.316 million, a significant improvement from last year's HK$36.717 million loss Key Items from Consolidated Statement of Profit or Loss (HK$'000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 207,178 | 102,540 | | Gross Profit | 36,237 | 9,415 | | Other Income | 4,799 | 1,096 | | Administrative Expenses | (32,482) | (38,240) | | Profit (Loss) Before Tax | 1,427 | (36,654) | | Profit (Loss) for the Year | 1,316 | (36,717) | | Basic Earnings Per Share (HK cents) | 0.16 | (4.59) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HK$194 million and total equity was HK$93.68 million, both showing slight increases from the previous year, with net current assets rising to HK$39.07 million, indicating stable short-term solvency, while contract assets, trade receivables, trade payables, and bank borrowings all increased reflecting business expansion Consolidated Statement of Financial Position Summary (HK$'000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 55,047 | 56,920 | | **Current Assets** | 139,319 | 112,622 | | Of which: Contract Assets | 95,112 | 64,074 | | Of which: Trade Receivables | 12,350 | 1,839 | | Of which: Bank Balances and Cash | 8,011 | 29,701 | | **Current Liabilities** | 100,247 | 76,845 | | Of which: Trade and Bills Payables | 19,190 | 8,268 | | Of which: Bank Borrowings | 54,380 | 52,210 | | **Net Current Assets** | 39,072 | 35,777 | | **Total Equity** | 93,682 | 92,366 | [Notes to the Financial Statements (Summary)](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes disclose the company's core businesses, accounting policies, revenue composition, and detailed information on key financial items, with the Group's principal activities being the sale of building materials and provision of construction engineering services, and this fiscal year's significant revenue growth primarily driven by construction contract business, with no dividends declared and no potential dilutive ordinary shares - The Group's principal activities are investment holding, sale of building materials, and provision of building and engineering services[7](index=7&type=chunk) - For the years ended March 31, 2025 and 2024, the Company neither paid nor proposed any dividends[22](index=22&type=chunk) - As there were no dilutive potential ordinary shares outstanding for both financial years, diluted earnings per share were the same as basic earnings per share[23](index=23&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) This fiscal year's total revenue was HK$207 million, a 102% year-on-year increase, with construction contract business revenue at HK$191 million, accounting for 92.2% of total revenue and being the primary growth driver, while building materials sales revenue was HK$16.2 million, and both segments achieved significant profit growth Revenue by Major Product or Service Line (HK$'000) | Product/Service | 2025 | 2024 | | :--- | :--- | :--- | | **Sale of Building Materials** | | | | — Gypsum Blocks | 8,611 | 4,775 | | — Timber Flooring | 6,457 | 820 | | **Provision of Building and Engineering Services** | | | | — Gypsum Blocks | 54,935 | 42,100 | | — Timber Flooring | 92,407 | 43,384 | | — Demountable Partition Panels | 26,029 | 2,416 | | **Total** | **207,178** | **102,540** | Segment Results (HK$'000) | Segment | 2025 Segment Profit | 2024 Segment Profit | | :--- | :--- | :--- | | Sale of Building Materials | 10,604 | 2,343 | | Construction Contracts | 28,299 | 1,511 | | **Total** | **38,903** | **3,854** | Management Discussion and Analysis [Business Review and Market Outlook](index=13&type=section&id=Business%20Review%20and%20Market%20Outlook) Despite a volatile macroeconomic environment, the Group successfully turned around its performance by securing several large projects in 2024 that commenced in the second half, capitalizing on increased private residential property supply and the Hong Kong Government's 'Ten-Year Hospital Development Plan' to achieve significant growth in timber flooring and gypsum block businesses, and remains optimistic about the medium-to-long-term outlook for Hong Kong's construction industry, continuing to leverage its competitive advantages in hospital projects and new material applications - The Group secured several large projects in 2024, which commenced in the second half of 2024, being the primary reason for the increase in revenue and net profit this year[30](index=30&type=chunk) - The Group actively participates in the 'Ten-Year Hospital Development Plan', currently holding 3 uncommenced projects with a total contract value of approximately **HK$195.5 million**[33](index=33&type=chunk) - New products launched by the Group, such as stone crystal wall panels, secured new large hospital project contracts worth approximately **HK$12.2 million** due to their antibacterial, environmentally friendly, and easy-to-install features[34](index=34&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) This fiscal year saw strong financial performance, with total revenue increasing by 102.1% year-on-year to HK$207 million, primarily driven by construction contract business, and gross profit margin significantly improving from 9.2% to 17.5% due to cost control and a slight increase in higher-margin building materials sales, while sales and administrative expenses decreased, collectively enabling the Group to turn last year's net loss of HK$36.7 million into a net profit of HK$1.3 million this year [Revenue](index=15&type=section&id=Revenue) Total revenue increased by 102.1% year-on-year to HK$207.2 million, with construction contract revenue growing by 97.1% to HK$191 million, primarily due to doubled timber flooring project revenue and contributions from new services like demountable partition panels, while building materials sales revenue rose by 189.3% to HK$16.2 million, mainly from increased orders for gypsum blocks and timber flooring Revenue Sources (HK$ million) | Segment | 2025 | 2024 | Growth Rate | | :--- | :--- | :--- | :--- | | Construction Contracts | 191.0 | 96.9 | +97.1% | | Sale of Building Materials | 16.2 | 5.6 | +189.3% | | **Total** | **207.2** | **102.5** | **+102.1%** | [Gross Profit and Gross Profit Margin](index=16&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's gross profit significantly increased from HK$9.4 million last year to HK$36.2 million, with gross profit margin improving from 9.2% to 17.5%, primarily due to the Group's commitment to cost control, resulting in subcontractor cost growth lower than revenue growth, and a slight increase in the proportion of higher-margin building materials sales Gross Profit and Gross Profit Margin Performance | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Gross Profit | Approx. HK$36.2 million | Approx. HK$9.4 million | | Gross Profit Margin | Approx. 17.5% | Approx. 9.2% | [Net Profit (Loss)](index=17&type=section&id=Net%20Profit%20(Loss)) The Group successfully turned losses into profits, recording a net profit of approximately HK$1.3 million, compared to a net loss of approximately HK$36.7 million in the prior year, with the improved performance primarily attributable to significant increases in revenue and gross profit, as well as the reversal of an impairment loss on a project - The shift from net loss to net profit was primarily due to increased revenue and gross profit, along with the reversal of an impairment loss on a project[49](index=49&type=chunk) [Liquidity and Financial Resources Review](index=18&type=section&id=Liquidity%20and%20Financial%20Resources%20Review) The Group's financial position remains robust, with slight increases in total equity and net current assets at fiscal year-end, while the gearing ratio slightly rose to 59.3% and the current ratio decreased from 1.5 times to 1.4 times, and the Group's bank facilities are primarily secured by properties, life insurance policies, and pledged bank deposits Key Financial Ratios | Ratio | 2025 | 2024 | | :--- | :--- | :--- | | Gearing Ratio | 59.3% | 57.4% | | Current Ratio | 1.4 | 1.5 | - As of March 31, 2025, the Group's bank facilities were secured by properties with a net book value of approximately **HK$46.1 million**, life insurance policies of approximately **HK$6.9 million**, and pledged bank deposits of approximately **HK$18.9 million**[57](index=57&type=chunk) - As of March 31, 2025, the Group's contingent liabilities for performance bonds were approximately **HK$5.6 million**, a significant decrease from **HK$14 million** last year[59](index=59&type=chunk) [Key Risks and Uncertainties](index=19&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces multiple operational risks, including volatile cash flow patterns with potential net cash outflows in early project stages, inaccurate project cost and progress estimates, non-fixed project profit margins, reliance on securing new projects, and foreign exchange and interest rate fluctuation risks, in addition to significant credit risk, particularly for contract assets, and high customer concentration, with the top five customers accounting for 61% of total revenue - High customer concentration: The top five customers accounted for approximately **61.0%** of total revenue this year, with the largest customer accounting for approximately **29.8%**[70](index=70&type=chunk) - Credit risk: Contract assets with a carrying amount of approximately **HK$95.1 million** constitute a significant portion of the Group's assets, posing a major credit risk[68](index=68&type=chunk) - Cash flow risk: The Group may experience net cash outflows during specific project periods due to the need to pay for materials and subcontractors before receiving payments from customers[61](index=61&type=chunk) - Interest rate risk: Approximately **HK$54.4 million** of the Group's interest-bearing bank borrowings are floating-rate loans, which are not hedged, exposing the Group to the risk of rising interest rates[67](index=67&type=chunk) Other Information [Corporate Governance and Compliance](index=23&type=section&id=Corporate%20Governance%20and%20Compliance) The Group is committed to maintaining high standards of corporate governance, and during the reporting period, the Company complied with all applicable code provisions, except for the deviation from the Corporate Governance Code's recommendation that the roles of Chairman and Chief Executive should be separate, as Mr. Lo Wing Cheong holds both positions, which the Board believes facilitates efficient decision-making, and all Directors have confirmed compliance with the standard code for securities transactions - The Company deviated from Corporate Governance Code provision C.2.1, which recommends a separation of the roles of Chairman and Chief Executive, as Mr. Lo Wing Cheong holds both positions, an arrangement the Board believes facilitates prompt and effective decision-making[76](index=76&type=chunk) - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for securities transactions by Directors, and all Directors have confirmed compliance with this code during the reporting period upon enquiry[77](index=77&type=chunk) [Dividends and Annual General Meeting](index=24&type=section&id=Dividends%20and%20Annual%20General%20Meeting) The Board does not recommend the payment of a final dividend for the financial year ended March 31, 2025, and the Company has confirmed that the Annual General Meeting will be held on August 20, 2025, with related share transfer registration suspension arrangements announced - The Board does not recommend the declaration of a final dividend for the year ended March 31, 2025[80](index=80&type=chunk) - The Annual General Meeting is scheduled for August 20, 2025, and to determine eligibility for attendance, share transfer registration will be suspended from August 15 to August 20, 2025[81](index=81&type=chunk)

Group 1 - The core viewpoint of the news highlights the recent performance of Yide Investment Holdings, which saw a significant increase in its stock price despite a cumulative decline over the past month and year [1] - As of May 8, the Hang Seng Index rose by 0.37% to 22,775.92 points, while Yide Investment Holdings' stock price increased by 28.42% to HKD 0.235 per share, with a trading volume of 736,000 shares and a turnover of HKD 156,000 [1] - Financial data shows that for the period ending September 30, 2024, Yide Investment Holdings achieved total revenue of HKD 61.96 million, a year-on-year increase of 20.99%, and a net profit attributable to shareholders of HKD 2.67 million, up 117.57% [1] Group 2 - The company operates primarily as a contractor providing construction materials and related installation services in Hong Kong, with its business mainly managed by its subsidiary, Jun Tai Engineering Limited [2] - The average price-to-earnings (P/E) ratio for the construction industry is 7.37 times, with a median of 1.58 times, while Yide Investment Holdings has a P/E ratio of -8.68 times, ranking 151st in the industry [1] - There are currently no institutional investment ratings for Yide Investment Holdings [1]

Share Option Scheme - The total number of shares available for issuance under the share option scheme is 80,000,000 shares, accounting for 10% of the issued shares as of the date of the 2024 annual report[3]. Supplementary Information - The company emphasizes that the supplementary information does not affect any other data contained in the 2024 annual report[3].

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of approximately HKD 68.7 million, an increase of about HKD 11.9 million or 21.0% compared to HKD 56.8 million for the same period in 2023[6] - The net profit for the six months ended September 30, 2024, was approximately HKD 3.0 million, a significant improvement from a net loss of approximately HKD 16.9 million for the same period in 2023[6] - Total revenue for the six months ended September 30, 2024, was HKD 68,709,000, an increase of 20.9% compared to HKD 56,791,000 for the same period in 2023[95] - The total profit before tax for the six months ended September 30, 2024, was HKD 2,997,000, compared to a loss of HKD 16,856,000 in the same period of 2023[101] - The company achieved a profit attributable to owners of HKD 2,966,000 for the six months ending September 30, 2024, a turnaround from a loss of HKD 16,883,000 in the same period last year[79] - The gross profit for the same period was HKD 14,174,000, compared to HKD 2,770,000 in the previous year, indicating a significant increase in profitability[79] - Basic and diluted earnings per share for the current period were HKD 0.37, compared to a loss per share of HKD 2.11 in the previous year[79] Revenue Sources - Revenue from construction contracts increased by approximately HKD 9.3 million or 17.5% to about HKD 62.3 million for the six months ended September 30, 2024, compared to HKD 53.0 million for the same period in 2023[20] - The company generated revenue of approximately HKD 6.4 million from building materials, up from HKD 3.8 million, representing a growth of about 68.4%[17] - The company’s high-quality wooden flooring products generated revenue of approximately HKD 30.4 million, showing a slight increase despite a challenging market environment[7] - Revenue from building materials increased by approximately HKD 2.6 million or 68.4% to about HKD 6.4 million for the six months ending September 30, 2024, driven by an increase in sales of gypsum brick products[21] - Revenue from gypsum bricks sales increased to HKD 5,216,000 from HKD 3,184,000, representing a growth of 64.0% year-over-year[95] - Revenue from construction contracts for wood flooring rose to HKD 29,295,000, up 8.4% from HKD 26,931,000 in the previous year[95] Project and Contract Updates - The company is currently working on several large-scale projects, including a public utility project and a hospital project under the ten-year hospital development plan initiated by the Hong Kong government[11] - The company has secured a contract worth approximately HKD 12.2 million for the supply and installation of antibacterial stone crystal wall panels for a large hospital project[12] - The company has commenced the supply and installation of three public utility projects using its removable partition systems[12] - The company plans to allocate more resources to capture additional projects arising from the ten-year hospital development plan and other public utility projects[11] Cost and Profitability - Cost of sales and services for the six months ending September 30, 2024, was approximately HKD 54.5 million, a slight increase of about 0.9% from HKD 54.0 million for the same period in 2023[22] - Gross profit increased from approximately HKD 2.8 million to about HKD 14.2 million, with the gross profit margin rising from approximately 4.9% to 20.6% for the six months ending September 30, 2024[24] - Other income rose from approximately HKD 0.4 million to about HKD 7.0 million, attributed to the reversal of an impairment loss of about HKD 6.5 million[25] Assets and Liabilities - Total equity as of September 30, 2024, was approximately HKD 95.3 million, up from HKD 92.4 million as of March 31, 2024[35] - Current assets net value was approximately HKD 39.4 million as of September 30, 2024, compared to HKD 35.8 million as of March 31, 2024[35] - The company’s total liabilities increased to HKD 89,820 thousand as of September 30, 2024, compared to HKD 76,845 thousand as of March 31, 2024, marking an increase of approximately 17%[81] - The company reported a total asset value of HKD 185,970,000 as of September 30, 2024, an increase from HKD 169,542,000 as of March 31, 2024[108] - The total liabilities increased to HKD 90,638,000 as of September 30, 2024, compared to HKD 77,176,000 as of March 31, 2024[108] Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD (15,486) thousand for the six months ended September 30, 2024, compared to a cash inflow of HKD 5,145 thousand for the same period in 2023[87] - The company expects future operations and expansion plans to be funded primarily through cash generated from operations and bank borrowings[40] - The company’s interest-bearing bank borrowings were approximately HKD 55.3 million, with all borrowings being at floating rates, exposing the company to potential increases in interest expenses[52] - The group raised bank borrowings of approximately HKD 28,000,000 for the six months ended September 30, 2024, compared to HKD 43,000,000 for the same period last year, reflecting a decrease of about 34.9%[149] Risk Factors - The company faces cash flow volatility due to the timing of cash inflows from clients, which may not align with cash outflows for materials and subcontractor payments[45] - The company has identified risks related to project cost estimation and execution timelines, which may be affected by various factors including material shortages and adverse weather conditions[46] - The company continues to monitor foreign exchange risks as certain transactions are denominated in currencies other than its functional currency, the Hong Kong dollar[51] - The company has not hedged its interest rate risk, which may adversely affect cash flow and profitability if interest rates rise[52] Shareholder and Governance - Major shareholders include Helios Enterprise Holding Limited, which holds 588,000,000 shares, representing 73.5% of the company's equity[69] - The company has adopted a code of conduct for securities trading by its directors, confirming compliance as of September 30, 2024[64] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024, confirming compliance with applicable accounting standards[66] Employee and Management Costs - Employee costs for the six months ended September 30, 2024, totaled approximately HKD 7.9 million, a decrease from HKD 8.2 million for the same period in 2023, primarily due to a reduction in average headcount[57] - The total remuneration for directors and key management personnel for the six months ended September 30, 2024, was HKD 4,018,000, an increase of approximately 2.1% from HKD 3,935,000 in the previous year[157] Legal Matters - The group is involved in two lawsuits related to work injuries, but management believes that insurance coverage will mitigate any significant impact on the financial statements[159]