[Announcement Information and Disclaimer](index=1&type=section&id=0.0%20Announcement%20Information%20and%20Disclaimer) [Announcement Summary](index=1&type=section&id=0.1%20Announcement%20Summary) This announcement by M&L Holdings Group Limited (Stock Code: 8152) presents the unaudited consolidated results for the six months ended June 30, 2025, in compliance with GEM Listing Rules - Company Name: **M&L HOLDINGS GROUP LIMITED**, Stock Code: **8152**[2](index=2&type=chunk) - Reporting Period: Six months ended **June 30, 2025**[2](index=2&type=chunk) - Announcement Date: **August 29, 2025**[3](index=3&type=chunk) [Board of Directors](index=1&type=section&id=0.2%20Board%20of%20Directors) The company's Board of Directors comprises executive and independent non-executive directors, with Mr. Ng Lai Ming serving as Executive Director, Chairman, and Chief Executive Officer - Executive Directors: Mr. Ng Lai Ming (Chairman and Chief Executive Officer), Mr. Ng Lai Tong, Mr. Ng Lai Po, and Mr. Ng Yung Wong[3](index=3&type=chunk) - Independent Non-Executive Directors: Mr. Tai Wai Kwok, Ir. Lo Kok Keung, Mr. Lau Chi Leung, and Ms. Luk Pui Yin[3](index=3&type=chunk) [GEM Market Features and Disclaimer](index=2&type=section&id=0.3%20GEM%20Market%20Features%20and%20Disclaimer) The GEM market provides a listing platform for small and medium-sized companies with higher investment risks, requiring investors to understand potential risks; HKEX and the Stock Exchange disclaim responsibility for this report's content - The GEM market provides a listing platform for small and medium-sized companies with **higher investment risks** compared to other companies listed on the Stock Exchange[4](index=4&type=chunk) - Investors should understand the **potential risks** of investing in such companies and make investment decisions only after careful consideration[4](index=4&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange take **no responsibility** for the contents of this report, nor do they make any representation as to its accuracy or completeness[4](index=4&type=chunk) [Condensed Consolidated Interim Financial Statements](index=3&type=section&id=1.0%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=1.1%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue decreased by 35.0% year-on-year, but a larger reduction in cost of sales and foreign exchange gains significantly narrowed the loss for the period by 60.0%, improving the gross profit margin Condensed Consolidated Statement of Comprehensive Income (HKD thousands) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 19,457 | 29,950 | (10,493) | -35.0% | | Cost of sales | (11,203) | (19,163) | 7,960 | -41.5% | | Gross profit | 8,254 | 10,787 | (2,533) | -23.5% | | Operating loss | (2,594) | (7,492) | 4,898 | -65.4% | | Loss for the period | (3,168) | (7,914) | 4,746 | -60.0% | | Basic and diluted loss per share (HK cents) | (0.51) | (1.27) | 0.76 | -59.8% | | Exchange gain/(loss) | 3,408 | (1,905) | 5,313 | N/A | - Total comprehensive income for the period improved from **(HKD 8,042 thousand)** in 2024 to **(HKD 2,725 thousand)** in 2025[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=1.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's non-current assets significantly increased by 95.9% due to additions to property, plant, and equipment, while current assets decreased from the disposal of assets held for sale, leading to a slight decline in net current assets and total equity Condensed Consolidated Statement of Financial Position (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 40,102 | 20,471 | 19,631 | 95.9% | | Current assets | 121,379 | 147,947 | (26,568) | -17.9% | | Current liabilities | 61,560 | 60,222 | 1,338 | 2.2% | | Net assets | 97,420 | 100,145 | (2,725) | -2.7% | | Property, plant and equipment | 20,265 | 5,509 | 14,756 | 267.8% | | Assets classified as held for sale | — | 27,546 | (27,546) | -100.0% | - Non-current assets significantly increased, primarily due to additions to property, plant and equipment, including land and buildings in Australia for an operational workshop[9](index=9&type=chunk)[29](index=29&type=chunk) - Net current assets decreased from **HKD 87,725 thousand** as of December 31, 2024, to **HKD 59,819 thousand** as of June 30, 2025[9](index=9&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=1.3%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, equity attributable to owners of the company slightly decreased, primarily due to the loss for the period, partially offset by the transfer of revaluation reserve to retained earnings from a disposal transaction - Equity attributable to owners of the company decreased from **HKD 98,961 thousand** as of January 1, 2025, to **HKD 96,328 thousand** as of June 30, 2025[11](index=11&type=chunk) - Loss for the period was **(HKD 3,079 thousand)**[11](index=11&type=chunk) - Due to a disposal transaction, **HKD 14,806 thousand** from the revaluation reserve was transferred to retained earnings, with no impact on profit or loss for the period[11](index=11&type=chunk)[34](index=34&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=1.4%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net increase in cash and cash equivalents was primarily driven by significant cash inflows from investing activities (from disposal of property, plant, and equipment), despite a substantial decrease in net cash from operating activities Condensed Consolidated Statement of Cash Flows (HKD thousands) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 293 | 10,515 | (10,222) | | Net cash from/(used in) investing activities | 15,050 | (529) | 15,579 | | Net cash used in financing activities | (8,226) | (9,144) | 918 | | Net increase in cash and cash equivalents | 7,117 | 842 | 6,275 | | Cash and cash equivalents at end of period | 31,104 | 28,993 | 2,111 | - Net cash inflow from investing activities primarily resulted from proceeds of **HKD 29,742 thousand** from the disposal of property, plant and equipment[12](index=12&type=chunk) - Net cash from operating activities significantly decreased from **HKD 10,515 thousand** in 2024 to **HKD 293 thousand** in 2025[12](index=12&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=9&type=section&id=2.0%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [General Information and Basis of Presentation](index=9&type=section&id=2.1%20General%20Information%20and%20Basis%20of%20Presentation) The company, incorporated in the Cayman Islands and listed on GEM, primarily trades and leases construction machinery and spare parts; these unaudited condensed consolidated interim financial statements have been reviewed by the audit committee - The Group is principally engaged in the **trading and leasing of construction machinery and spare parts**[13](index=13&type=chunk) - The Group's ultimate holding company is **JAT United Company Limited**, wholly owned by Executive Director Mr. Ng Lai Ming[13](index=13&type=chunk) - These condensed consolidated interim financial information are **unaudited** but have been reviewed by the Company's Audit Committee[13](index=13&type=chunk) [Basis of Preparation and Significant Accounting Policy Changes](index=9&type=section&id=2.2%20Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policy%20Changes) These interim financial statements are prepared in accordance with HKAS 34 and GEM Listing Rules, with consistent accounting policies; newly adopted standards, such as HKAS 21 amendment 'Lack of Exchangeability,' have no significant impact on the Group - These condensed consolidated interim financial information are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** issued by the HKICPA and the applicable disclosure requirements of the GEM Listing Rules[14](index=14&type=chunk) - New standards, interpretations, and amendments adopted by the Group (including **HKAS 21 (Revised) 'Lack of Exchangeability'**) have no significant impact on the Group's condensed consolidated interim financial statements[15](index=15&type=chunk)[17](index=17&type=chunk) [Revenue and Segment Information](index=10&type=section&id=2.3%20Revenue%20and%20Segment%20Information) Total revenue for the period decreased by 35.0% year-on-year, primarily due to reduced goods sales, though repair and maintenance services and machinery rental income grew significantly; the Tunneling segment remains the main revenue source despite a decline, while Foundation segment revenue increased; geographically, Hong Kong and Australia saw increased revenue, but the US, Vietnam, and other APAC regions experienced substantial decreases Revenue by Source (HKD thousands) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales of goods | 16,033 | 29,305 | (13,272) | -45.3% | | Repair and maintenance service income | 2,469 | 401 | 2,068 | 515.7% | | Machinery rental income | 955 | 244 | 711 | 291.4% | | **Total revenue** | **19,457** | **29,950** | **(10,493)** | **-35.0%** | Revenue and Gross Profit by Segment (HKD thousands) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 Gross Profit Percentage | 2024 Gross Profit Percentage | | :--- | :--- | :--- | :--- | :--- | | Tunneling | 18,557 | 29,556 | 41.38% | 35.89% | | Foundation | 900 | 394 | 63.89% | 45.43% | | **Total** | **19,457** | **29,950** | **42.42%** | **36.02%** | Revenue by Geographical Location (HKD thousands) | Location | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | China | 2,294 | 2,656 | (362) | -13.6% | | Hong Kong | 4,766 | 2,691 | 2,075 | 77.1% | | United States | — | 7,743 | (7,743) | -100.0% | | Vietnam | 767 | 7,849 | (7,082) | -90.2% | | Australia | 4,967 | 3,029 | 1,938 | 64.0% | | Other Asia Pacific countries | — | 428 | (428) | -100.0% | | Others | 6,663 | 5,554 | 1,109 | 20.0% | | **Total** | **19,457** | **29,950** | **(10,493)** | **-35.0%** | [Other Income and Gains — Others](index=14&type=section&id=2.4%20Other%20Income%20and%20Gains%20%E2%80%94%20Others) Other income and gains for the period primarily comprised fair value changes of other investments and net gains from disposal transactions, resulting in a significant overall increase Other Income and Gains (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Fair value of other investments | 72 | 69 | | Net gain on disposal transaction | 495 | — | | **Total** | **567** | **69** | - The net gain on disposal transaction of **HKD 495 thousand** was a major component of other income for the period[22](index=22&type=chunk) [Expenses by Nature](index=14&type=section&id=2.5%20Expenses%20by%20Nature) Total expenses by nature decreased this period, primarily due to significant reductions in cost of inventories sold and employee benefit expenses, alongside lower depreciation charges Expenses by Nature (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of inventories sold | 10,597 | 18,756 | (8,159) | -43.5% | | Employee benefit expenses | 7,379 | 8,240 | (861) | -10.4% | | Depreciation (owned property and right-of-use assets) | 1,469 | 2,278 | (809) | -35.5% | [Income Tax Credit](index=15&type=section&id=2.6%20Income%20Tax%20Credit) Income tax credit significantly decreased this period, primarily due to a reduction in deferred tax, with the Group subject to varying profit tax rates across different jurisdictions Income Tax Credit (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current tax for the period | (42) | (109) | | Deferred tax | 120 | 742 | | **Income tax credit** | **78** | **633** | - Hong Kong profits tax rate is **16.5%**, with qualifying entities taxed at **8.25%** on the first **HKD 2,000,000** of assessable profits[24](index=24&type=chunk) - Corporate income tax rates are **25%** in China, **17%** in Singapore, and **25% to 30%** in Australia[25](index=25&type=chunk) [Loss Per Share](index=16&type=section&id=2.7%20Loss%20Per%20Share) Basic and diluted loss per share significantly narrowed this period, reflecting a reduction in the company's loss; diluted loss per share is identical to basic loss per share due to the absence of potential dilutive ordinary shares Loss Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (HKD thousands) | (3,079) | (7,638) | | Weighted average number of ordinary shares in issue (thousands of shares) | 600,000 | 600,000 | | **Basic loss per share (HK cents)** | **(0.51)** | **(1.27)** | - As there were no potential dilutive ordinary shares in issue during the period, the diluted loss per share presented is the same as the basic loss per share[28](index=28&type=chunk) [Property, Plant and Equipment and Right-of-Use Assets](index=16&type=section&id=2.8%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) The net book value of property, plant, and equipment significantly increased this period, primarily due to land and building additions in Australia; right-of-use assets slightly decreased, with all depreciation expenses recognized as administrative expenses Property, Plant and Equipment and Right-of-Use Assets (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net book value of property, plant and equipment at end of period | 20,265 | 5,509 | 14,756 | 267.8% | | Net book value of right-of-use assets at end of period | 7,366 | 7,644 | (278) | -3.6% | - Additions during the period primarily included land and buildings in Australia for an operational workshop, amounting to **HKD 14,692 thousand**[29](index=29&type=chunk) - All depreciation expenses have been charged to administrative expenses[30](index=30&type=chunk)[31](index=31&type=chunk) [Trade and Other Receivables](index=17&type=section&id=2.9%20Trade%20and%20Other%20Receivables) Total trade and other receivables decreased this period, mainly due to a reduction in net trade receivables; aging analysis indicates a high proportion of trade receivables outstanding for over three years Trade and Other Receivables (HKD thousands) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables, net | 46,373 | 60,743 | (14,370) | -23.7% | | **Total** | **59,250** | **65,558** | **(6,308)** | **-9.6%** | - The credit period granted by the Group is normally up to **270 days**[33](index=33&type=chunk) - As of June 30, 2025, trade receivables over **3 years** amounted to **HKD 25,948 thousand**, representing **48.8%** of total trade receivables[33](index=33&type=chunk) [Assets Classified as Held for Sale](index=18&type=section&id=2.10%20Assets%20Classified%20as%20Held%20for%20Sale) All assets classified as held for sale were disposed of this period, involving the sale of an industrial property in Australia, generating a net gain and transferring revaluation surplus to retained earnings - Assets classified as held for sale amounted to **HKD 27,546 thousand** as of December 31, 2024, and were fully disposed of as of June 30, 2025[9](index=9&type=chunk)[34](index=34&type=chunk) - The disposal transaction was completed on **January 30, 2025**, for a cash consideration of **AUD 6 million** (equivalent to approximately **HKD 29.7 million**)[34](index=34&type=chunk) - The Group recognized a net gain on disposal transaction of approximately **HKD 495 thousand**[34](index=34&type=chunk) [Trade and Other Payables](index=19&type=section&id=2.11%20Trade%20and%20Other%20Payables) Total trade and other payables decreased this period, primarily due to a reduction in trade payables; aging analysis indicates that most trade payables are overdue by more than 120 days Trade and Other Payables (HKD thousands) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 22,750 | 28,507 | (5,757) | -20.2% | | **Total** | **26,154** | **31,688** | **(5,534)** | **-17.5%** | - Approximately **HKD 9,273 thousand** of trade payables as of June 30, 2025, bore interest at an annual rate of **4%**[35](index=35&type=chunk) - As of June 30, 2025, trade payables over **120 days** amounted to **HKD 17,298 thousand**, representing **76.0%** of total trade payables[37](index=37&type=chunk) [Dividends Payable](index=19&type=section&id=2.12%20Dividends%20Payable) Dividends payable remained unchanged, representing amounts due to non-controlling shareholders of the dissolved subsidiary Genghiskhan Land Holdings Limited, unsecured, interest-free, and repayable on demand - Dividends payable amounted to **HKD 5,530 thousand**, consistent with December 31, 2024[9](index=9&type=chunk) - This amount is payable to the non-controlling shareholders of **Genghiskhan Land Holdings Limited**, a dissolved subsidiary[38](index=38&type=chunk) - The amount is **unsecured, interest-free, repayable on demand**, and denominated in HKD[39](index=39&type=chunk) [Amount Due to a Director](index=20&type=section&id=2.13%20Amount%20Due%20to%20a%20Director) Advances due to Mr. Ng Lai Ming, a director, increased; these advances are unsecured, bear interest at 2.5% per annum, are repayable semi-annually, and require three months' notice for repayment Amount Due to a Director (HKD thousands) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Advances due to Mr. Ng Lai Ming | 3,400 | 2,000 | - Advances from Mr. Ng Lai Ming are **unsecured**, bear interest at **2.5% per annum** on a simple basis, are repayable semi-annually, and require **3 months' notice** for repayment[40](index=40&type=chunk) [Bank Borrowings](index=20&type=section&id=2.14%20Bank%20Borrowings) Total bank borrowings significantly decreased this period, but the weighted average effective interest rate increased; bank facilities are secured by Mr. Ng Lai Ming's life insurance policy, corporate guarantees from the company and its subsidiaries, and personal guarantees from executive directors Bank Borrowings (HKD thousands) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Current bank borrowings | 11,739 | 19,692 | (7,953) | -40.4% | | Non-current bank borrowings | 906 | 1,788 | (882) | -49.3% | | **Total bank borrowings** | **12,645** | **21,480** | **(8,835)** | **-41.1%** | Weighted Average Effective Interest Rate | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Weighted average effective interest rate on bank borrowings | 6.8% | 4.4% | - Bank facilities are secured by Mr. Ng Lai Ming's life insurance policy with a sum assured of **USD 1,582,862**, corporate guarantees provided by the Company and its subsidiaries, and personal guarantees provided by executive directors[43](index=43&type=chunk) [Share Capital](index=21&type=section&id=2.15%20Share%20Capital) The company's share capital structure remained unchanged, with 600,000,000 issued and fully paid ordinary shares, totaling HKD 6,000 thousand in share capital Share Capital (HKD thousands) | Number of ordinary shares | Share Capital (HKD thousands) | | :--- | :--- | | Authorised share capital (HKD 0.1 par value per share) | 1,000,000,000 | 10,000 | | Issued and fully paid share capital (HKD 0.1 par value per share) | 600,000,000 | 6,000 | - The Company's share capital remained unchanged as of **June 30, 2025**, and **December 31, 2024**[44](index=44&type=chunk) [Share Premium and Other Reserves](index=21&type=section&id=2.16%20Share%20Premium%20and%20Other%20Reserves) Total reserves slightly decreased this period, primarily due to the loss for the period, partially offset by the transfer of revaluation reserve to retained earnings from a disposal transaction and positive exchange differences; Chinese law mandates companies to appropriate statutory reserves Share Premium and Other Reserves (HKD thousands) | Item | June 30, 2025 (HKD thousands) | January 1, 2024 (HKD thousands) | | :--- | :--- | :--- | | Share premium | 63,332 | 63,332 | | Capital reserve | 15,642 | 15,642 | | Revaluation reserve | 1,737 | 7,685 | | Exchange reserve | (132) | (131) | | Statutory reserve | 1,522 | 1,522 | | Retained earnings | 8,227 | 9,271 | | **Total** | **90,328** | **97,321** | - Due to a disposal transaction, **HKD 14,806 thousand** from the revaluation reserve was transferred to retained earnings[45](index=45&type=chunk) - Chinese laws and regulations require companies registered in China to appropriate certain statutory reserves, which are transferred from their respective statutory financial statements' reported net profit before profit distribution to equity holders[46](index=46&type=chunk) [Dividends](index=22&type=section&id=2.17%20Dividends) The Board did not declare any interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board did not declare any interim dividend for the six months ended **June 30, 2025** (2024: nil)[47](index=47&type=chunk) [Related Party Transactions](index=22&type=section&id=2.18%20Related%20Party%20Transactions) Related party transactions this period primarily included interest expenses paid to a director and key management personnel compensation, both increasing compared to the prior corresponding period Interest Expense (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest expense paid to a director | 46 | 31 | Key Management Personnel Compensation (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 1,592 | 1,518 | | Defined contribution retirement plan contributions | 63 | 58 | | **Total key management personnel compensation** | **1,655** | **1,576** | [Management Discussion and Analysis](index=23&type=section&id=3.0%20Management%20Discussion%20and%20Analysis) [Business Review](index=23&type=section&id=3.1%20Business%20Review) As an integrated engineering solutions provider, the Group's business performance was impacted by Hong Kong tunneling project delays, product specification shifts in China, and the completion of major overseas projects, leading to a revenue decline this period; management anticipates improved sales in the second half - The Group is an integrated engineering solutions provider supplying **specialized cutting tools and components for construction equipment, prefabricated steel components and equipment, specialized construction equipment, and repair and maintenance services**[50](index=50&type=chunk) - Hong Kong market: Major tunneling project extensions led to **delays in cutting tool and component orders and production**, while the foundation business was **weak due to an uncertain property market**[51](index=51&type=chunk) - China market: The tunneling market is gradually recovering, but a **shift in product specification requirements** led to a decline in performance; the company is expanding its product offerings to enhance competitiveness[52](index=52&type=chunk) - Overseas markets: Performance significantly declined, mainly because **major projects in North America and Asia Pacific were largely completed last year**, with new projects still in early stages[53](index=53&type=chunk) [Financial Review](index=24&type=section&id=3.2%20Financial%20Review) Revenue decreased by 35.0% this period, but a larger reduction in cost of sales boosted the gross profit margin to 42.4%; selling expenses declined due to reduced overseas sales, and significant exchange gains were recorded; administrative expenses remained stable, net finance costs decreased, ultimately narrowing the loss attributable to owners of the company - The Group's revenue decreased by approximately **35.0%** to **HKD 19.5 million**, primarily due to a decline in overseas market revenue, while Hong Kong market revenue increased due to higher sales of steel component products[54](index=54&type=chunk) - Gross profit margin increased from **36.0%** to **42.4%**, mainly due to a different sales mix and increased revenue from higher-margin repair and maintenance services and machinery rentals[55](index=55&type=chunk) - The Group recorded a foreign exchange gain of approximately **HKD 3.4 million** during the period, compared to an exchange loss of approximately **HKD 1.9 million** in the prior corresponding period, primarily due to the appreciation of RMB and AUD[57](index=57&type=chunk) - Loss attributable to owners of the Company was approximately **HKD 3.1 million**, compared to a loss of approximately **HKD 7.6 million** in the prior corresponding period, representing a significant narrowing of the loss[61](index=61&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=25&type=section&id=3.3%20Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's liquidity and cash reserves improved due to net proceeds from the Australian disposal transaction, increasing cash and cash equivalents; despite a decrease in the current ratio, the company maintained a net cash position and a stable capital structure Liquidity, Financial Resources and Capital Structure (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Current assets | 121,379 | 147,947 | (26,568) | -17.9% | | Current liabilities | 61,560 | 60,222 | 1,338 | 2.2% | | Current ratio | 1.97 | 2.46 | (0.49) | -19.9% | | Cash and cash equivalents | 31,104 | 23,390 | 7,714 | 33.0% | - The Group's liquidity and cash reserves improved during the period due to **net proceeds from the disposal transaction in Australia**[62](index=62&type=chunk) - As of June 30, 2025, the Group maintained a **net cash position of approximately HKD 14.2 million** and did not record a gearing ratio[64](index=64&type=chunk) [Foreign Currency Risk and Treasury Policy](index=26&type=section&id=3.4%20Foreign%20Currency%20Risk%20and%20Treasury%20Policy) The Group primarily faces foreign currency risks from EUR, RMB, USD, and AUD; while currently lacking a hedging policy, the company manages risk by using major foreign currencies for contract settlements and converting some foreign currencies to HKD periodically, continuously assessing and monitoring foreign exchange risk - The principal currencies in which the Group transacts include **Euro, Renminbi, US Dollar, and Australian Dollar**[65](index=65&type=chunk) - Although the Group did not adopt any hedging policy during the period, the Directors believe that foreign exchange risk can be managed by using major foreign currencies as contract settlement currencies and for settling supplier payments[65](index=65&type=chunk) - The Group will continue to assess and monitor the foreign exchange risk it faces from time to time and may consider adopting hedging policies when necessary[65](index=65&type=chunk) [Capital Commitments](index=26&type=section&id=3.5%20Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments - As of **June 30, 2025**, the Group had no capital commitments[66](index=66&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=26&type=section&id=3.6%20Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended **June 30, 2025**, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[67](index=67&type=chunk) [Material Investments Held](index=26&type=section&id=3.7%20Material%20Investments%20Held) For the six months ended June 30, 2025, the Group held no material investments - For the six months ended **June 30, 2025**, the Group held no material investments[68](index=68&type=chunk) [Pledge of Assets](index=27&type=section&id=3.8%20Pledge%20of%20Assets) As of June 30, 2025, Executive Director Mr. Ng Lai Ming's life insurance policy was pledged as collateral for certain bank facilities - As of **June 30, 2025**, Mr. Ng Lai Ming's life insurance policy, with a sum assured of **USD 1,582,862**, was pledged as collateral for certain bank facilities[69](index=69&type=chunk) [Contingent Liabilities](index=27&type=section&id=3.9%20Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of **June 30, 2025**, the Group had no material contingent liabilities[70](index=70&type=chunk) [Interim Dividend](index=27&type=section&id=3.10%20Interim%20Dividend) The Board did not declare any interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board did not declare an interim dividend for the six months ended **June 30, 2025**[71](index=71&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=3.11%20Employees%20and%20Remuneration%20Policy) The Group's total headcount remained stable, while total staff costs decreased; remuneration policy is based on qualifications, experience, position, and tenure, rewarding outstanding performers with salary adjustments, bonuses, and promotions, fostering good employee relations - As of **June 30, 2025**, the Group had **41 employees**, consistent with December 31, 2024[72](index=72&type=chunk) - For the six months ended **June 30, 2025**, the Group's total staff costs were approximately **HKD 7.4 million**, a decrease from **HKD 8.2 million** in the prior corresponding period[72](index=72&type=chunk) - The Group primarily determines employee salaries based on each employee's qualifications, relevant experience, position, and tenure, and appropriately rewards outstanding performers through salary adjustments, bonuses, and promotions[72](index=72&type=chunk) [Corporate Governance and Other Information](index=28&type=section&id=4.0%20Corporate%20Governance%20and%20Other%20Information) [Directors and Changes in Directors' Information](index=28&type=section&id=4.1%20Directors%20and%20Changes%20in%20Directors'%20Information) The company's Board of Directors includes executive and independent non-executive directors; Mr. Ng Yung Wong was appointed Executive Director this period, and Independent Non-Executive Director Ms. Luk Pui Yin's professional roles changed - Executive Directors: Mr. Ng Lai Ming (Chairman of the Board and Chief Executive Officer), Mr. Ng Lai Tong, Mr. Ng Lai Po, and Mr. Ng Yung Wong[74](index=74&type=chunk) - Mr. Ng Yung Wong was appointed as an Executive Director on **June 27, 2025**[74](index=74&type=chunk)[75](index=75&type=chunk) - Independent Non-Executive Director Ms. Luk Pui Yin ceased to be a licensed representative and fund management director of Bay Area Capital Limited effective **May 8, 2025**[74](index=74&type=chunk) [Directors' and Chief Executive's Interests and/or Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=29&type=section&id=4.2%20Directors'%20and%20Chief%20Executive's%20Interests%20and%2For%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2025, several directors held long positions in the company's shares, with Mr. Ng Lai Ming, through his wholly-owned JAT United Company Limited, holding a 60.68% interest as the largest shareholder Directors' Interests in Shares | Director | Nature of Interest | Number of Shares | Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Ng Lai Ming | Interest in controlled corporation (JAT United) | 364,095,000 | 60.68% | | Mr. Ng Lai Tong | Beneficial owner | 29,025,000 | 4.84% | | Mr. Ng Lai Po | Beneficial owner | 4,500,000 | 0.75% | - Mr. Ng Lai Ming wholly owns **JAT United Company Limited** and is therefore deemed to be interested in all shares held by JAT United[77](index=77&type=chunk) - Mr. Ng Lai Ming is the elder brother of Mr. Ng Lai Tong and Mr. Ng Lai Po[77](index=77&type=chunk) [Substantial Shareholders' Interests and/or Short Positions in Shares and Underlying Shares of the Company](index=30&type=section&id=4.3%20Substantial%20Shareholders'%20Interests%20and%2For%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, JAT United Company Limited and the spousal interest held by Ms. Law So Lin, Mr. Ng Lai Ming's spouse, were both substantial shareholders of the company, holding 60.68% of the shares Substantial Shareholders' Interests in Shares | Shareholder | Capacity/Nature of Interest | Number of Shares | Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | JAT United | Beneficial owner | 364,095,000 | 60.68% | | Ms. Law So Lin | Interest of spouse (spouse of Mr. Ng Lai Ming) | 364,095,000 | 60.68% | - **JAT United** is wholly owned by Mr. Ng Lai Ming[79](index=79&type=chunk) - Ms. Law So Lin is the spouse of Mr. Ng Lai Ming, and is therefore deemed to be interested in all the shares in which Mr. Ng Lai Ming is interested[80](index=80&type=chunk) [Share Option Scheme](index=31&type=section&id=4.4%20Share%20Option%20Scheme) The company adopted a share option scheme in 2017, valid for ten years; no share options have been granted, exercised, or cancelled since its adoption - The Company adopted a Share Option Scheme on **June 19, 2017**[82](index=82&type=chunk) - The scheme is valid and effective for **ten years** from the date of adoption, after which no further share options may be granted[83](index=83&type=chunk) - As of the date of this report, **no share options have been granted, exercised, or cancelled**[82](index=82&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=4.5%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended **June 30, 2025**, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[84](index=84&type=chunk) [Standard of Dealings in Securities by Directors](index=31&type=section&id=4.6%20Standard%20of%20Dealings%20in%20Securities%20by%20Directors) The company adopted a code for directors' securities dealings no less exacting than the GEM Listing Rules, and all directors confirmed compliance throughout the reporting period - The Company has adopted a code of conduct regarding directors' dealings in securities, the terms of which are **no less exacting than the required standard of dealings** set out in Rules 5.48 to 5.67 of the GEM Listing Rules[85](index=85&type=chunk) - Following specific enquiry of all Directors, all Directors have confirmed that they have **complied with the required standard** set out in the Standard Code for the six months ended **June 30, 2025**, and up to the date of this report[85](index=85&type=chunk) [Corporate Governance and Compliance with the Corporate Governance Code](index=31&type=section&id=4.7%20Corporate%20Governance%20and%20Compliance%20with%20the%20Corporate%20Governance%20Code) The company is committed to high corporate governance, adopting the Corporate Governance Code in Appendix C1 of the GEM Listing Rules; despite the Chairman and CEO roles being combined, the Board believes this arrangement ensures unified leadership and efficient decision-making - The Company has adopted the **Corporate Governance Code** as set out in Appendix C1 to the GEM Listing Rules and has complied with it for the six months ended **June 30, 2025**, and up to the date of this report, save for the deviation mentioned below[86](index=86&type=chunk) - Code Provision C.2.1 of the Corporate Governance Code stipulates that the roles of chairman and chief executive officer should be separate and not performed by the same individual; however, Mr. Ng Lai Ming currently holds both positions in the Company[87](index=87&type=chunk)[88](index=88&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer ensures **unified leadership** within the Group, leading to more effective and efficient overall strategic planning[88](index=88&type=chunk) [Competing Interests](index=32&type=section&id=4.8%20Competing%20Interests) For the six months ended June 30, 2025, and up to the report date, no directors, substantial shareholders, or their respective associates held any interests in businesses competing with the Group's operations - For the six months ended **June 30, 2025**, and up to the date of this report, none of the Company's Directors, substantial shareholders, or their respective associates had any interests in businesses that compete with the Group's business[89](index=89&type=chunk) [Audit Committee](index=32&type=section&id=4.9%20Audit%20Committee) The Audit Committee comprises four independent non-executive directors, with Mr. Tai Wai Kwok as Chairman; the committee reviewed this report and provided recommendations and comments - The Audit Committee members are **Mr. Tai Wai Kwok (Chairman), Ir. Lo Kok Keung, Mr. Lau Chi Leung, and Ms. Luk Pui Yin**, all of whom are independent non-executive directors[90](index=90&type=chunk) - The Audit Committee has reviewed this report and provided its recommendations and comments thereon[90](index=90&type=chunk)

董事會會議通告 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。 M&L HOLDINGS GROUP LIMITED 明樑控股集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號 ﹕8152) 本公告的資料乃遵照香港聯合交易所有限公司《GEM 證券上市規則》而刊載，旨在提供有關本 公司的資料﹔本公司董事 (「董事」) 願就本公告的資料共同及個別地承擔全部責任。各董事在 作出一切合理查詢後，確認就其所知及所信，本公告所載資料在各重要方面均屬準確完備，沒有 誤導或欺詐成分，且並無遺漏任何事項，足以令致本公告或其所載任何陳述產生誤導。 於本公告日期，執行董事為吳麗明先生(董事會主席)、吳麗棠先生、吳麗寶先生及吳容旺先生， 而獨立非執行董事為戴偉國先生、盧覺強工程師、劉志良先生及陸佩然女士。 本公告將於刊登日期後起計最少一連七日在香港聯合交易所有限公司網頁 www.hkexnews.hk 內 之「最新公司公告」頁內刊登，並於公司網頁 www.mleng. ...

Group 1 - The company estimates a pre-tax loss of approximately HKD 3.2 million for the six months ending June 30, 2025, compared to a pre-tax loss of HKD 8.5 million for the same period in 2024 [1] - The expected loss is primarily due to a revenue decrease of approximately HKD 10.5 million or 35.0%, attributed to the completion of major overseas projects in the previous year and delays in the production schedule of existing projects [1] - The reduction in loss compared to the previous period is due to a foreign exchange gain of HKD 3.4 million, contrasting with a foreign exchange loss of HKD 1.9 million in the prior period [1]

明樑控股(08152)公布，估计该集团截至 2025 年 6 月 30 日止六个月期间将取得约320万港元的税前亏 损， 而对比 2024 同期税前亏损为850万港元。 董事会认为， 本期间的预期亏损主要因收入减少约1050 万港元或 35.0%导致， 而此主要归因于(i)海外主要项目于上年度已大致完成并本期间内只贡献少量收 入，而新承接项目仍处于早期阶段，本期间内仅进行少量量产前准备工作;及(ii)部分现有项目的生产进 度于本期间内出现延误。与此同时，本期间对比上期间的亏损有所下降，是由于本期间获汇兑收益340 万港元，相对上期间的汇兑亏损 190万港元所致。 ...

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。 M&L HOLDINGS GROUP LIMITED 明樑控股集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號 ﹕8152) 盈利警告 本公告乃明樑控股集團有限公司(「本公司」， 連同其附屬公司統稱「本集 團」）根據香港聯合交易所有限公司 GEM 證券上市規則（「GEM 上市規 則」）第 17.10 條及香港法例第 571 章證券及期貨條例第 XIVA 部之內幕 消息條文（定義見 GEM 上市規則）而作出。 本公司董事會（「董事會」）謹此知會本公司股東及潛在投資者， 根據董事 會當前所獲資料， 估計本集團截至 2025 年 6 月 30 日止六個月期間（「本 期間」）將錄得約 3.2 百萬港元之稅前虧損， 而對比 2024 年同期（「上期 間」）稅前虧損為 8.5 百萬港元。 董事會認為， 本期間之預期虧損主要因 收入減少約 10.5 百萬港元或 35.0%導致， 而此主要歸因於(i)海外主要項 ...

Group 1 - The company Ming Liang Holdings Limited positions itself as a comprehensive engineering solutions provider, specializing in construction equipment cutting tools and components, particularly focusing on disc-shaped milling cutters [2] - Disc-shaped milling cutters are widely used in tunnel boring machines and small tunnel boring equipment, suitable for excavating tunnels through various geological layers [2] - The company's business is divided into two main segments: tunneling and foundation [2] Group 2 - As of December 31, 2024, the company reported total revenue of 62.7031 million yuan, a year-on-year decrease of 55.96%, and a net profit attributable to shareholders of -11.8774 million yuan, a year-on-year decrease of 286.21% [1] - The company's gross profit margin stands at 34.66%, with a debt-to-asset ratio of 40.54% [1] - The company's price-to-earnings ratio is -2.67, ranking 170th in the industrial engineering sector, where the average P/E ratio is 17.28 [1]

FF301 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: 明樑控股集團有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月4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) | 08152 | 說明 | 明樑控股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | ...

Financial Performance - Revenue decreased by approximately HKD 86.0 million or 56.0% to about HKD 67.7 million for the year ended December 31, 2024, compared to approximately HKD 153.7 million in the previous year[13]. - Gross profit fell from HKD 55.5 million to HKD 23.5 million, with the gross margin slightly declining from 36.1% to 34.7%[14]. - The group reported a loss of HKD 13.0 million for the year, compared to a profit of HKD 7.3 million in the previous year, mainly due to a decline in gross profit of HKD 32.0 million[22]. - Basic and diluted loss per share for 2024 was HKD (2.14), compared to earnings of HKD 1.15 per share in 2023[124]. - Total revenue for 2024 was HKD 67,711,000, a decrease of 56.0% compared to HKD 153,748,000 in 2023[124]. - Gross profit for 2024 was HKD 23,466,000, down 57.8% from HKD 55,457,000 in 2023[124]. - Operating loss for 2024 was HKD 11,528,000, compared to an operating profit of HKD 12,151,000 in 2023[124]. - The company reported a foreign exchange loss of HKD 4,662,000 in 2024, compared to a loss of HKD 1,909,000 in 2023[124]. Cost Management - The sales cost decreased by about HKD 54.0 million or 55.0%, aligning closely with the revenue decline[14]. - Sales expenses decreased by approximately HKD 9.7 million to HKD 4.0 million due to a decline in sales in overseas markets, leading to lower freight and transportation costs[16]. - The total employee costs for the year amounted to approximately HKD 15.0 million, slightly down from HKD 15.1 million in the previous year, with a stable workforce of 41 employees[34]. Market and Business Strategy - The foundation business segment's performance remained relatively weak due to the uncertain real estate market, contributing to the overall revenue decline[10]. - The company is focusing on expanding its tunnel business segment by developing engineering solutions for tunnel boring machines in collaboration with major suppliers in Europe and China[6]. - The company anticipates improved performance in overseas markets, particularly in Australia and continental Europe, in the coming year[12]. - The company is adopting a cautious approach in the Chinese market, focusing on managing receivables and operational capital[11]. - The company plans to closely monitor potential opportunities related to the "Railway Development Strategy" and "Northern Metropolis" development in Hong Kong[10]. - The company expects overall performance in 2025 to improve compared to the current year, driven by new projects and overseas demand[6]. Risk Management - The company faces several risks, including competition for new contracts and reliance on a limited number of suppliers[37]. - Demand for the company's services may be adversely affected by a slowdown in the tunneling and foundation industries in Hong Kong, China, Singapore, and Australia[38]. - The company is actively monitoring credit risks associated with its customers[38]. - The management is committed to risk assessment and control, ensuring that acceptable risks are identified and managed effectively[37]. - The company has established emergency plans to address potential loss situations[37]. Corporate Governance - The company has adopted the Corporate Governance Code as per the GEM Listing Rules and has complied with it throughout the year ending December 31, 2024, with some exceptions noted[50]. - The board consists of seven members, including three executive directors and four independent non-executive directors, responsible for overall strategy and policy formulation[54]. - The company has implemented a board diversity policy to enhance gender balance, aiming to gradually improve gender diversity among board members[52]. - The company encourages continuous professional development for all directors to ensure informed decision-making[55]. - The company has established a director liability insurance policy for its board members[105]. Financial Position - As of December 31, 2024, the current ratio improved to 2.46 from 2.05 in the previous year, with current assets amounting to HKD 147.9 million and current liabilities at HKD 60.2 million[24]. - The net capital debt ratio as of December 31, 2024, was 1.7%, down from 4.7% in the previous year, with total debts of HKD 1.6 million against equity of HKD 99.0 million[27]. - The group generated cash flow from operating activities of approximately HKD 6.2 million, resulting in a decrease in financial expenses to approximately HKD 2.1 million, a reduction of HKD 0.9 million from the previous year[20]. - The company reported a reserve of approximately HKD 81.8 million available for distribution as of December 31, 2024[84]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[79]. Audit and Compliance - The independent auditor, BDO Limited, has audited the financial statements for the year ending December 31, 2024, confirming they present a true and fair view[110]. - The audit committee reviewed the financial statements and reports for the year ending December 31, 2024, ensuring their completeness and compliance with accounting standards[61]. - The company incurred an audit fee of HKD 650,000 for audit services and HKD 83,000 for non-audit services, totaling HKD 733,000 for the year ending December 31, 2024[68]. - The board believes that the risk management and internal control systems are effective and sufficient, although they are designed to manage rather than eliminate risks[67]. Accounting Policies - The company is currently evaluating the impact of new accounting standards that will take effect in future periods, which may affect financial reporting[140]. - The company adopted accounting policies in accordance with Hong Kong Financial Reporting Standards No. 9 and No. 7 (revised), clarifying the derecognition of financial assets and liabilities, which is not expected to have a significant impact on the financial statements[141]. - The group recognizes expected credit losses for trade receivables and other financial assets based on a simplified approach, calculating expected credit losses over the entire period[154]. - The group measures inventory at the lower of cost and net realizable value, using the FIFO method for cost determination[166]. - The group recognizes deferred tax liabilities based on taxable temporary differences arising from investments in subsidiaries, with a focus on controlling the timing of reversals[173].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 67,711,000, a decrease of 56.0% compared to HKD 153,748,000 in 2023[5] - Gross profit for the same period was HKD 23,466,000, down 57.7% from HKD 55,457,000 in the previous year[5] - The company reported a loss before tax of HKD 13,357,000, compared to a profit of HKD 9,446,000 in 2023[5] - Total comprehensive income for the year was a loss of HKD 4,551,000, compared to a profit of HKD 9,468,000 in the prior year[5] - Basic and diluted loss per share was HKD (2.14), compared to earnings of HKD 1.15 per share in 2023[8] - The operating loss for the group was HKD 11,528 thousand, with a pre-tax loss of HKD 13,357 thousand for the year[22] - The group recognized a tax credit of HKD 339 thousand, resulting in a net loss of HKD 13,018 thousand for the year[22] - The company reported a net profit of HKD 7,262,000 for the year, compared to a profit of HKD 6,888,000 in 2023, indicating a decline in profitability[33] - The company recorded a net loss of HKD 13.0 million for the year, compared to a profit of HKD 7.3 million in the previous year, primarily due to a decline in gross profit[55] Assets and Liabilities - The company's total assets decreased to HKD 147,947,000 in 2024 from HKD 139,522,000 in 2023[9] - Non-current assets were HKD 20,471,000, down from HKD 41,081,000 in the previous year[9] - The asset-liability ratio improved to 1.7% from 4.7% in 2023[5] - The company’s cash and cash equivalents decreased to HKD 23,390,000 from HKD 28,304,000 in the previous year[9] - Trade receivables decreased to HKD 67,372,000 in 2024 from HKD 75,661,000 in 2023, with a provision for losses of HKD 6,629,000[35] - Trade payables increased to HKD 28,507,000 in 2024 from HKD 25,922,000 in 2023, indicating a rise in liabilities[37] - The net capital debt ratio as of December 31, 2024, was 1.7%, a significant decrease from 4.7% in 2023, with total debts amounting to HKD 1.6 million against equity attributable to shareholders of HKD 99.0 million[60] Revenue Breakdown - The segment revenue from the Tunnel division was HKD 63,462 thousand, while the Foundation division contributed HKD 4,249 thousand, resulting in a combined segment performance of HKD 67,711 thousand[22] - Revenue from external customers in 2024 decreased to HKD 67,711,000, down 56% from HKD 153,748,000 in 2023[24] - Major customers contributed significantly to revenue, with Customer A generating HKD 20,316,000 and Customer B contributing HKD 17,452,000 in 2024[25] Comprehensive Income - Other comprehensive income increased significantly by 283.8% to HKD 8,467,000 from HKD 2,206,000 in 2023[5] - Other comprehensive income for the year was HKD 8.9 million, attributed to the increase in fair value of land and buildings located in Australia[56] Accounting Standards and Policies - The group is currently evaluating the impact of new or revised Hong Kong Financial Reporting Standards, with no significant effects anticipated on the financial statements[17] - The adoption of the revised Hong Kong Financial Reporting Standards effective from January 1, 2024, is not expected to have a major impact on the group's financial statements[18] - The group has implemented new accounting policies regarding the classification and measurement of financial instruments, which are expected to have minimal impact on the financial statements[19] - The group is analyzing the new requirements of the Hong Kong Financial Reporting Standards and assessing their impact on financial statement presentation and disclosure[18] Employee and Operational Costs - The total employee cost for the year ended December 31, 2024, was approximately HKD 15.0 million, slightly down from HKD 15.1 million in 2023, with a total workforce of 41 employees compared to 43 in the previous year[68] - The company incurred total expenses of HKD 98,291,000, with cost of sales accounting for HKD 95,652,000[23] Market Strategy - The company is focusing on expanding its overseas market presence, particularly in Australia and Europe, anticipating improved performance in the coming year[45] - The company plans to closely monitor potential opportunities related to major infrastructure projects in the Hong Kong market, while avoiding aggressive price competition[43] Investments and Financing - The company has entered into two conditional agreements to sell and purchase two industrial properties in Australia, with a sale price of AUD 6.0 million and a purchase price of AUD 2.75 million, expected to be completed by January 30, 2025[62] - The total bank borrowings as of December 31, 2024, were HKD 21.5 million, down from HKD 28.1 million in 2023, with short-term borrowings of HKD 19.7 million compared to HKD 24.6 million in the previous year[58] - The company maintained a close monitoring of its working capital and liquidity, with available bank and other financing totaling approximately HKD 33.5 million, of which HKD 21.5 million was utilized[57] Dividends and Securities - The company did not recommend the payment of interim and final dividends for the year ended December 31, 2024, consistent with the previous year[41] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the year ended December 31, 2024[75] Audit and Compliance - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2024, and confirmed consistency with the audited financial statements[76] - The annual performance announcement will be published on the Stock Exchange and the company's website, containing all information required by the GEM Listing Rules[77]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 29,950,000, a decrease of 60.2% compared to HKD 75,240,000 for the same period in 2023[6] - Gross profit for the period was HKD 10,787,000, down 55.2% from HKD 24,111,000 in the previous year[6] - The company reported a loss attributable to equity holders of HKD 7,638,000, compared to a profit of HKD 371,000 in the same period last year[7] - Basic and diluted loss per share was HKD (1.27), compared to earnings of HKD 0.06 per share in the prior year[7] - Total comprehensive loss for the period was HKD 8,042,000, compared to a total comprehensive income of HKD 539,000 in the previous year[7] - The company reported a net loss of HKD 7,914,000 for the six months ended June 30, 2024, compared to a profit of HKD 560,000 in the same period of 2023[21] - The group reported a loss attributable to equity holders of approximately HKD 7.6 million for the six months ended June 30, 2024, compared to a profit of approximately HKD 0.4 million for the same period last year[54] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to HKD 40,837,000, a decrease from HKD 43,777,000 as of December 31, 2023[8] - Current assets totaled HKD 123,108,000, slightly down from HKD 139,522,000 at the end of 2023[8] - Current liabilities decreased to HKD 60,896,000 from HKD 68,199,000 at the end of 2023[9] - The company's net assets as of June 30, 2024, were HKD 96,654,000, down from HKD 104,696,000 at the end of 2023[9] - Trade receivables decreased to HKD 60,680 thousand as of June 30, 2024, down from HKD 75,661 thousand as of December 31, 2023, a decline of 20%[33] - The total non-current assets as of June 30, 2024, were HKD 38,886 thousand, slightly down from HKD 39,377 thousand as of December 31, 2023[23] - Trade payables were HKD 22,528 thousand as of June 30, 2024, compared to HKD 25,922 thousand as of December 31, 2023, a decrease of 13%[35] Cash Flow and Financing - For the six months ended June 30, 2024, the operating cash flow net amount was HKD 10,515,000, a significant increase from HKD 3,720,000 in the same period of 2023, representing a growth of 182.3%[12] - The financing activities resulted in a net cash outflow of HKD 9,144,000 for the six months ended June 30, 2024, compared to HKD 2,962,000 in the same period of 2023[12] - The total cash and cash equivalents at the end of the period were HKD 28,993,000, slightly up from HKD 28,655,000 at the end of June 2023[12] - As of June 30, 2024, the total bank borrowings amounted to approximately HKD 34,300,000, a slight decrease from HKD 35,100,000 as of December 31, 2023, with HKD 13,000,000 remaining undrawn[39] - The total available bank financing as of June 30, 2024, was approximately HKD 34.3 million, with HKD 21.3 million utilized and HKD 13.0 million available[55] Operational Insights - The company has not disclosed any new product developments or market expansion strategies during this reporting period[5] - The revenue from the tunneling business segment is expected to improve in the second half of 2024 due to the progress of major projects, despite a significant decrease in orders compared to the same period last year[47] - The foundation business segment's performance remained stagnant with minimal revenue, attributed to a lack of new project tenders and intense competition in the market[47] - The performance in the Singapore and other Asia-Pacific markets improved due to larger tunneling product orders received during the period[49] - Revenue from the Asia-Pacific region increased significantly to HKD 11,306 thousand in the first half of 2024, compared to HKD 2,216 thousand in the same period of 2023, representing a growth of 410%[22] Employee and Management - Employee benefit expenses increased to HKD 8,240 thousand in the first half of 2024 from HKD 7,595 thousand in the same period of 2023, an increase of 8.5%[24] - The company reported a total of HKD 1,576,000 in key management compensation for the six months ended June 30, 2024, compared to HKD 1,518,000 in the same period of 2023[45] Governance and Compliance - The company has adhered to the Corporate Governance Code and has not deviated from its provisions, except for the combined roles of Chairman and CEO held by Mr. Wu Li Ming[73] - The Audit Committee, chaired by Mr. Dai Wei Guo, has reviewed the report and provided recommendations[75] - There are no interests held by directors, major shareholders, or their associates in any competing businesses as of June 30, 2024[74] Dividends and Shareholder Information - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[43] - As of June 30, 2024, JAT United holds 364,095,000 shares, representing 60.68% of the company's issued share capital[67] - The company has not granted, exercised, or cancelled any share options since the adoption of the share option plan on June 19, 2017[69] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries in the six months ending June 30, 2024[70]