[Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides essential corporate details, including board composition, administrative contacts, and key dates for dividend processing [Board of Directors and Committees](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) This section lists the composition of the company's board of directors, including executive, non-executive, and independent non-executive directors, as well as the members and chairpersons of the audit, remuneration, and nomination committees - Board members include Mr. Chuang Chun-Yueh (Chairman), Mr. Chuang Wei-Ku (Executive Director), Ms. Chuang Jou-Chia (Non-Executive Director), and Mr. Lin Wen-Bin, Mr. Liu Chun-Hui, Engineer Wu Hui-Ming (Independent Non-Executive Directors)[5](index=5&type=chunk) - **Mr. Liu Chun-Hui** chairs the Audit Committee, **Mr. Lin Wen-Bin** chairs the Remuneration Committee, and **Engineer Wu Hui-Ming** chairs the Nomination Committee[5](index=5&type=chunk) [Company Contact and Administrative Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%81%AF%E7%B5%A1%E5%8F%8A%E8%A1%8C%E6%94%BF%E4%BF%A1%E6%81%AF) This section provides the company's registered office, Hong Kong headquarters, principal share registrar, auditor, legal counsel, compliance advisor, principal bankers, company website, stock code, and investor relations contact - The company's registered office is in the Cayman Islands, with its Hong Kong headquarters and principal place of business at 41/F, Asia Allied Finance Centre, 333 Lockhart Road, Wan Chai, Hong Kong[5](index=5&type=chunk) - The company's stock code is **8188**, and its website is **www.gmehk.com**[6](index=6&type=chunk) - The book close dates for interim dividend are **September 25 to September 26, 2025**, with the proposed interim dividend payment date on **October 31, 2025**[6](index=6&type=chunk) [Financial Highlights (Unaudited)](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) This section presents an unaudited overview of the Group's financial performance, highlighting key metrics and their changes during the reporting period [Overview of Results for the Reporting Period](index=6&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) For the six months ended June 30, 2025, the Group's revenue and net profit both decreased, primarily due to reduced revenue from tunnel construction services, though gross profit margin remained largely stable Key Financial Metrics Changes | Indicator | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | Percentage Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | 434,835 | 492,499 | (57,664) | -11.7% | | Gross Profit | 84,742 | 98,076 | (13,334) | -13.6% | | Gross Profit Margin | 19.5% | 19.9% | -0.4% | -2.0% | | Profit and Total Comprehensive Income Attributable to Owners of the Company for the Period | 52,913 | 55,789 | (2,876) | -5.2% | - Revenue decrease was mainly due to a **HKD 218,356,000 reduction** in public sector tunnel construction services revenue, partially offset by a **HKD 162,524,000 increase** in utility construction services and other revenue[7](index=7&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the Group's condensed consolidated comprehensive income for the six months ended June 30, 2025, detailing revenue, costs, and profit components [Details of Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8%E8%A9%B3%E6%83%85) This statement presents the condensed consolidated comprehensive income for the six months ended June 30, 2025, including revenue, cost of services, gross profit, other income, impairment losses, administrative expenses, finance costs, income tax expense, and profit for the period Condensed Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 434,835 | 492,499 | | Cost of services | (350,093) | (394,423) | | Gross Profit | 84,742 | 98,076 | | Other income | 3,923 | 713 | | Impairment loss allowance for trade receivables and contract assets, net | (256) | (8,558) | | Impairment loss allowance for deposits and other receivables, net | – | (2,916) | | Administrative expenses | (23,437) | (18,218) | | Finance costs | (1,532) | (1,779) | | Profit before income tax expense | 63,440 | 67,318 | | Income tax expense | (10,527) | (11,529) | | Profit and total comprehensive income for the period | 52,913 | 55,789 | | Earnings per share – basic and diluted (HK cents) | 11.01 | 11.44 | [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This section presents the Group's condensed consolidated financial position as of June 30, 2025, detailing assets, liabilities, and equity [Details of Condensed Consolidated Statement of Financial Position](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E8%A9%B3%E6%83%85) This statement presents the condensed consolidated financial position as of June 30, 2025, and December 31, 2024, including non-current assets, current assets, current liabilities, non-current liabilities, and equity Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 25,724 | 24,442 | | Goodwill | 29 | 29 | | Other intangible assets | 18,768 | 18,768 | | Deposits | 637 | 572 | | **Current assets** | | | | Contract assets | 129,448 | 115,954 | | Trade and other receivables | 144,331 | 127,382 | | Pledged bank deposits | 3,000 | 6,000 | | Bank and cash on hand | 36,321 | 26,410 | | **Current liabilities** | | | | Trade and other payables | 49,732 | 55,182 | | Bank borrowings, secured | 69,200 | 46,000 | | Bills payable | 7,850 | 3,925 | | Lease liabilities | 2,944 | 3,214 | | Tax payable | 15,984 | 25,969 | | **Non-current liabilities** | | | | Bills payable | – | 3,925 | | Lease liabilities | 4,372 | 5,398 | | Deferred tax liabilities | 4,805 | 4,436 | | **Net assets** | 203,371 | 171,508 | | **Total equity** | 203,371 | 171,508 | [Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This section presents the Group's condensed consolidated changes in equity for the six months ended June 30, 2025, detailing movements in various equity components [Details of Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8%E8%A9%B3%E6%83%85) This statement presents the condensed consolidated changes in equity for the six months ended June 30, 2025, including changes in share capital, share premium, capital reserve, other reserves, share-based payment reserve, retained earnings, and total equity Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Indicator | Share Capital (HKD thousands) | Share Premium (HKD thousands) | Capital Reserve (HKD thousands) | Other Reserves (HKD thousands) | Share-based Payment Reserve (HKD thousands) | Retained Earnings (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **As of January 1, 2025** | 4,813 | 88,682 | 90 | (36,104) | 597 | 113,430 | 171,508 | | Profit for the period | – | – | – | – | – | 52,913 | 52,913 | | Final dividend paid | – | – | – | – | – | (19,227) | (19,227) | | Repurchase of shares | (34) | (2,252) | – | – | – | – | (2,286) | | Share-based payments | 40 | 1,020 | – | – | (597) | – | 463 | | **As of June 30, 2025** | 4,819 | 87,450 | 90 | (36,104) | – | 147,116 | 203,371 | | **As of January 1, 2024** | 4,878 | 90,753 | 90 | (36,104) | – | 71,070 | 130,687 | | Profit for the period | – | – | – | – | – | 55,789 | 55,789 | | Final dividend paid | – | – | – | – | – | (24,390) | (24,390) | | Shares repurchased and awaiting cancellation | – | – | – | – | (305) | – | (305) | | Share-based payments | – | – | – | – | 60 | – | 60 | | **As of June 30, 2024** | 4,878 | 90,753 | 90 | (36,104) | (305) | 102,469 | 161,841 | [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section presents the Group's condensed consolidated cash flows for the six months ended June 30, 2025, detailing cash movements from operating, investing, and financing activities [Details of Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E8%A9%B3%E6%83%85) This statement presents the condensed consolidated cash flows for the six months ended June 30, 2025, including cash flows from operating, investing, and financing activities, and the net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Cash flows from operating activities** | | | | Profit before income tax | 63,440 | 67,318 | | Operating profit before working capital changes | 71,964 | 86,763 | | Cash generated from operations | 34,146 | 74,300 | | Net cash generated from operating activities | 14,070 | 74,300 | | **Cash flows from investing activities** | | | | Net cash used in investing activities | (5,556) | (9,229) | | **Cash flows from financing activities** | | | | Net cash generated from/(used in) financing activities | 1,397 | (55,101) | | **Net increase in cash and cash equivalents** | 9,911 | 9,970 | | Cash and cash equivalents at beginning of period | 26,410 | 4,467 | | Cash and cash equivalents at end of period | 36,321 | 14,437 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=13&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed explanatory notes to the unaudited condensed consolidated financial statements, covering general information, accounting policies, segment data, and specific financial line items [1. General Information](index=13&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section outlines the company's registration information, major shareholders, listing status, and primary business activities, emphasizing its provision of underground construction and engineering services in Hong Kong - The company was incorporated in the Cayman Islands on **January 18, 2016**, and listed on GEM of the Hong Kong Stock Exchange on **February 22, 2017**[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group primarily engages in providing **underground construction and engineering services in Hong Kong**[21](index=21&type=chunk) - Mr. Chuang Chun-Yueh, Mr. Chuang Wei-Ku, Ms. To Yin-Ping, and Ms. Chuang Jou-Chia, as controlling shareholders, have entered into a **concert party agreement**[20](index=20&type=chunk) [2. Basis of Preparation and Principal Accounting Policies](index=13&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section explains that the unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and GEM Listing Rules, reviewed by the Audit Committee, with accounting policies consistent with the 2024 consolidated financial statements - The unaudited condensed consolidated financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards** issued by the HKICPA and the **GEM Listing Rules**[22](index=22&type=chunk) - The statements are unaudited but have been **reviewed by the Board's Audit Committee**[23](index=23&type=chunk) - The accounting policies and methods of computation adopted are **consistent with those used in the preparation of the 2024 consolidated financial statements**[23](index=23&type=chunk) [3. Segment Information](index=14&type=section&id=3.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group primarily provides underground construction and engineering services in Hong Kong; due to integrated resources and no separate operating segment financial information, operating and geographical segment information is not presented. Key customers significantly contributed to revenue during the reporting period - The Group primarily engages in providing **underground construction and engineering services in Hong Kong**, and no operating or geographical segment information is presented[24](index=24&type=chunk)[25](index=25&type=chunk) Revenue Contribution by Major Customers (Six Months Ended June 30) | Customer | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Customer B | 96,270 | 360,819 | | Customer M | 156,635 | 53,037 | | Customer AG | 111,745 | – | [4. Revenue](index=15&type=section&id=4.%20%E6%94%B6%E7%9B%8A) The Group's revenue primarily derives from public tunnel projects and utility construction services, with revenue recognized over time using the output method. During the reporting period, public tunnel project revenue significantly decreased, while public utility construction services revenue substantially increased - Revenue is recognized **over time using the output method**, based on measurements of work completed and agreements confirmed by customers[27](index=27&type=chunk) Revenue by Project Type (Six Months Ended June 30) | Project Type | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Public sector tunnel projects | 149,270 | 367,626 | | Public sector utility construction services and other projects | 284,933 | 122,409 | | Private sector projects | 632 | 2,464 | | **Total** | **434,835** | **492,499** | [5. Other Income](index=16&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's other income significantly increased, primarily due to a rise in government grants, particularly subsidies from the Construction Innovation and Technology Fund Other Income Details (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Bank interest income | 67 | 59 | | Government grants | 2,536 | – | | Rental income | 129 | 163 | | Miscellaneous income | 83 | 336 | | Reimbursement from main contractor | 1,102 | – | | Gain on disposal of property, plant and equipment | 6 | 155 | | **Total** | **3,923** | **713** | - Government grants of approximately **HKD 2,536,000** mainly came from the Construction Innovation and Technology Fund, subsidizing the cost of pre-fabricated rebar using innovative technologies[30](index=30&type=chunk) [6. Profit Before Income Tax Expense](index=17&type=section&id=6.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF%E5%89%8D%E6%BA%A2%E5%88%A9) This section lists various expenses deducted or credited in calculating profit before income tax expense, including subcontracting costs, construction materials, depreciation, and employee benefit expenses Profit Before Income Tax Expense Adjustments (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Subcontracting costs | 21,882 | 59,941 | | Construction materials and supplies | 179,399 | 132,464 | | Impairment loss allowance for trade receivables, net | 204 | – | | Impairment loss allowance for contract assets, net | 52 | 8,558 | | Depreciation (owned property, plant and equipment) | 4,160 | 4,462 | | Short-term leases of machinery and plant | 16,582 | 29,153 | | Employee benefit expenses, including directors' emoluments | 133,345 | 166,516 | [7. Income Tax Expense](index=18&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group's income tax expense was HKD 10.527 million, primarily accrued under Hong Kong's two-tiered profits tax regime, with some entities subject to an 8.25% rate and others to 16.5% Income Tax Expense (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current tax – Hong Kong profits tax | 10,158 | 10,685 | | Deferred tax | 369 | 844 | | **Income tax expense** | **10,527** | **11,529** | - Hong Kong profits tax is accrued under a **two-tiered tax regime**, with the first **HKD 2,000,000** of assessable profits for qualifying entities taxed at **8.25%**, and the remainder at **16.5%**[32](index=32&type=chunk) [8. Dividends](index=18&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Board has declared an interim dividend of HKD 0.05 per share for the year ending December 31, 2025, an increase from the previous year - The Board has declared an interim dividend of **HKD 0.05 per share** for the year ending December 31, 2025 (2024: HKD 0.04 per share)[34](index=34&type=chunk) [9. Earnings Per Share](index=19&type=section&id=9.%20%E6%AF%8F%E8%82%A1%E6%BA%A2%E5%88%A9) The Group's basic and diluted earnings per share for the six months ended June 30, 2025, was 11.01 HK cents, slightly lower than 11.44 HK cents in the prior year Earnings Per Share Calculation (Six Months Ended June 30) | Indicator | 2025 (HKD thousands/thousand shares) | 2024 (HKD thousands/thousand shares) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic earnings per share | 52,913 | 55,789 | | Weighted average number of ordinary shares for the purpose of calculating earnings per share | 480,406 | 487,808 | | **Basic and diluted earnings per share (HK cents)** | **11.01** | **11.44** | - Diluted earnings per share is the same as basic earnings per share as there were **no dilutive potential ordinary shares** for the six months ended June 30, 2025[35](index=35&type=chunk) [10. Property, Plant and Equipment](index=20&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E3%80%81%E6%A9%9F%E5%99%A8%E5%8F%8A%E8%A8%AD%E5%82%99) During the reporting period, the Group acquired property, plant and equipment amounting to approximately HKD 7.628 million - The Group acquired property, plant and equipment of approximately **HKD 7,628,000** during the reporting period (2024: HKD 9,389,000)[36](index=36&type=chunk) [11. Contract Assets](index=20&type=section&id=11.%20%E5%90%88%E7%B4%84%E8%B3%87%E7%94%A2) Contract assets primarily comprise unbilled revenue and retention receivables, totaling HKD 129.448 million, with most expected to be recovered within one year. The expected credit loss rate decreased Contract Assets Details (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Unbilled revenue | 20,851 | 20,851 | | Retention receivables | 125,982 | 112,436 | | Less: Impairment loss | (17,385) | (17,333) | | **Total contract assets** | **129,448** | **115,954** | - Contract assets expected to be recovered within one year amounted to **HKD 68,642,000**, and those over one year but less than five years amounted to **HKD 60,806,000**[39](index=39&type=chunk) - The expected credit loss rate decreased from **13.00%** as of December 31, 2024, to **11.80%** as of June 30, 2025[41](index=41&type=chunk) [12. Trade and Other Receivables](index=23&type=section&id=12.%20%E8%B2%A9%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade and other receivables increased to HKD 144.331 million, with most trade receivables aged within 1 month, and impairment loss allowance slightly increased Trade and Other Receivables Details (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables (net of impairment loss) | 133,925 | 117,182 | | Prepayments, deposits and other receivables (net of impairment loss) | 11,043 | 10,772 | | **Total current** | **144,331** | **127,382** | - The credit period for trade receivables generally ranges from **21 to 60 days**, with **HKD 133,924,000** (2025) aged less than 1 month[43](index=43&type=chunk)[44](index=44&type=chunk) - Impairment loss allowance for trade receivables increased from **HKD 690,000** as of December 31, 2024, to **HKD 894,000** as of June 30, 2025[44](index=44&type=chunk) [13. Cash and Cash Equivalents and Pledged Bank Deposits](index=25&type=section&id=13.%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9%E4%BB%A5%E5%8F%8A%E5%B7%B2%E6%8A%B5%E6%8A%BC%E9%8A%80%E8%A1%8C%E5%AD%98%E6%AC%BE) The Group's bank and cash on hand increased to HKD 36.321 million, while pledged bank deposits decreased to HKD 3 million Cash and Cash Equivalents and Pledged Bank Deposits (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Bank and cash on hand | 36,321 | 26,410 | | Pledged bank deposits | 3,000 | 6,000 | | **Cash and cash equivalents** | **36,321** | **26,410** | - The effective annual interest rate for pledged bank deposits was **1.7%** (2024: 1.5%)[45](index=45&type=chunk) [14. Trade and Other Payables](index=25&type=section&id=14.%20%E8%B2%A9%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables decreased to HKD 49.732 million, with most trade payables being current or less than 1 month old Trade and Other Payables Details (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 17,287 | 16,009 | | Other payables and accrued expenses | 32,445 | 39,173 | | **Total** | **49,732** | **55,182** | - The payment terms for trade payables generally range from **0 to 30 days**, with **HKD 8,847,000** (2025) being current or less than 1 month[47](index=47&type=chunk) [15. Bank Borrowings, Secured](index=26&type=section&id=15.%20%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE%EF%BC%8C%E6%9C%89%E6%8A%B5%E6%8A%BC) Secured bank borrowings increased to HKD 69.2 million, total bank facilities increased to HKD 86.143 million, but unutilized facilities decreased. A new term loan was obtained to pay profits tax - Secured bank borrowings increased to **HKD 69,200,000** (2024: HKD 46,000,000)[49](index=49&type=chunk) - The Group obtained total bank facilities of approximately **HKD 86,143,000** (2024: HKD 84,000,000), with unutilized bank facilities of **HKD 12,000,000** (2024: HKD 38,000,000)[49](index=49&type=chunk)[50](index=50&type=chunk) - A new term loan of approximately **HKD 20,143,000** was obtained to pay profits tax, bearing interest at **prime rate minus 0.4%**[49](index=49&type=chunk)[51](index=51&type=chunk) [16. Share Capital](index=28&type=section&id=16.%20%E8%82%A1%E6%9C%AC) The company's issued and fully paid share capital increased to HKD 4.819 million, primarily due to the issuance of share awards, alongside share repurchases and cancellations Share Capital Movement (As of June 30, 2025) | Item | Number of Shares | Amount (HKD thousands) | | :--- | :--- | :--- | | As of December 31, 2024 | 481,344,000 | 4,813 | | Share awards | 4,000,000 | 40 | | Repurchase and cancellation of shares | (3,444,000) | (34) | | **As of June 30, 2025** | **481,900,000** | **4,819** | [17. Contingent Liabilities](index=28&type=section&id=17.%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Group faces several labor claims, but due to insurance coverage, the outflow of resources is expected to be minimal, with no significant adverse impact on financial position - The Group faces labor claims, but the outflow of resources required for settlement is expected to be **minimal due to insurance coverage** by the main contractor[53](index=53&type=chunk) [18. Related Party Transactions](index=28&type=section&id=18.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) There were no related party transactions during the reporting period, but key management personnel compensation increased - The Group had **no related party transactions** during the reporting period[54](index=54&type=chunk) Key Management Personnel Compensation (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Fees | 720 | 625 | | Salaries and benefits | 1,402 | 1,136 | | Contributions to defined contribution retirement plans | 24 | 17 | | **Total** | **2,146** | **1,778** | [19. Capital Commitments](index=29&type=section&id=19.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no capital commitments for the acquisition of property, plant and equipment - As of June 30, 2025, the Group had **zero capital commitments** for the acquisition of property, plant and equipment (December 31, 2024: approximately HKD 176,000)[56](index=56&type=chunk) [20. Share-based Payments](index=29&type=section&id=20.%20%E4%BB%A5%E8%82%A1%E4%BB%BD%E7%82%BA%E5%9F%BA%E7%A4%8E%E4%B9%8B%E4%BB%98%E6%AC%BE) The company adopted a share scheme in 2024 and granted 4.6 million share awards to nine employees, of which 4 million vested by June 2025, recognizing a net expense of HKD 463,000 - The share scheme was adopted on **May 29, 2024**, with a maximum of **48,780,800 shares**[57](index=57&type=chunk) - On **June 14, 2024**, the Board granted a total of **4,600,000 share awards** to nine selected employees, with a vesting period of **12 months**[57](index=57&type=chunk) - For the six months ended June 30, 2025, the Group recognized a total net expense of **HKD 463,000** for share awards (2024: HKD 60,000)[59](index=59&type=chunk) [21. Events After the Reporting Period](index=31&type=section&id=21.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) After the reporting period, the company repurchased 1,560,000 shares, with no other significant events - After the reporting period, the company repurchased **1,560,000 shares** on the Stock Exchange[61](index=61&type=chunk) [22. Approval of Unaudited Condensed Consolidated Financial Statements](index=31&type=section&id=22.%20%E6%89%B9%E5%87%86%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The unaudited condensed consolidated financial statements were approved and authorized for issue by the Board on August 22, 2025 - The unaudited condensed consolidated financial statements were **approved and authorized for issue by the Board on August 22, 2025**[62](index=62&type=chunk) [Management Discussion and Analysis](index=32&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an overview of the Group's business, key risks, industry prospects, and a detailed review of its financial performance during the reporting period [Business Review](index=32&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group is a prominent civil engineering subcontractor in Hong Kong, specializing in underground construction and engineering services, particularly tunnel and utility projects. Through the acquisition of Kin Shun Construction Company Limited, the Group expanded its business scope and secured multiple new projects during the reporting period, with a total contract backlog exceeding HKD 1 billion - The Group is a **well-known civil engineering subcontractor in Hong Kong**, primarily providing **underground construction and engineering services**, including tunnel and utility construction[63](index=63&type=chunk)[66](index=66&type=chunk) - Acquired **Kin Shun Construction Company Limited** in November 2024, holding a "Roads and Drainage" license, with a further **HKD 24,810,000 capital injection** during the reporting period[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - Secured **10 public sector construction projects and 1 private sector project** during the reporting period, with a total contract value of approximately **HKD 407,494,000**. After the reporting date, two additional contracts totaling **HKD 36,350,000** were secured[67](index=67&type=chunk) - The total backlog of newly awarded contracts and contracts carried forward from 2024, recognized as revenue after June 30, 2025, is approximately **HKD 1,001,350,000**[68](index=68&type=chunk) [Key Risks and Uncertainties](index=34&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E6%98%8E%E6%9C%97%E5%9B%A0%E7%B4%A0) The Group's performance heavily relies on the supply of non-recurring public sector civil engineering projects in Hong Kong, which are susceptible to uncontrollable factors such as government policies, economic conditions, and natural disasters - The Group's performance depends on the **supply of public sector civil engineering projects in Hong Kong**, which vary in number and scale, making future business difficult to predict[69](index=69&type=chunk) - Business, financial results, and prospects are affected by **Hong Kong government policies, economic, and legal developments**, potentially prolonging budget approval for public infrastructure projects[69](index=69&type=chunk) - Adverse weather, natural disasters, wars, terrorist attacks, and epidemics are **beyond the Group's control** and may impact its performance[69](index=69&type=chunk) [Prospects for Hong Kong's Tunnel and Construction Industry](index=35&type=section&id=%E9%A6%99%E6%B8%AF%E9%9A%A7%E9%81%93%E5%8F%8A%E5%BB%BA%E9%80%A0%E6%A5%AD%E7%9A%84%E5%89%8D%E6%99%AF) Demand for tunnel and underground construction services in Hong Kong is expected to grow, driven by major infrastructure projects like the Northern Metropolis, MTR network expansion, and the "SKYTOPIA" development at Hong Kong International Airport, positioning the Group to capitalize on these opportunities - Demand for **tunnel and underground construction services in Hong Kong** is expected to continue, driven by projects such as the Northern Metropolis, MTR, and Hong Kong International Airport[70](index=70&type=chunk) - MTR plans to invest approximately **HKD 100 billion** to expand its railway network, with **five new station projects** already under construction[70](index=70&type=chunk) - Airport Authority Hong Kong plans to invest **HKD 100 billion** to develop the "SKYTOPIA" airport city, introducing an **automated people mover system** and other facilities[71](index=71&type=chunk) - The Group will continue to focus on developing its **tunnel construction services business**, expecting it to be a major growth driver[71](index=71&type=chunk) [Financial Review](index=36&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a detailed review of the Group's financial performance during the reporting period, covering revenue, cost of services, gross profit, other income, impairment losses, administrative expenses, finance costs, income tax, net profit, dividends, liquidity, capital structure, commitments, foreign currency risk, future plans, asset pledges, and employee information [Revenue](index=36&type=section&id=%E6%94%B6%E7%9B%8A) Total Group revenue decreased by 11.7% to HKD 434.835 million, primarily due to a significant decline in public sector tunnel construction services revenue, partially offset by substantial growth in utility construction services revenue - Total revenue decreased by **HKD 57,664,000 (11.7%)** to **HKD 434,835,000**[72](index=72&type=chunk) - Public sector tunnel construction services revenue decreased by **HKD 218,356,000 (59.4%)**[72](index=72&type=chunk) - Public sector utility construction services and other revenue increased by **HKD 162,524,000 (132.8%)**[72](index=72&type=chunk) [Cost of Services](index=37&type=section&id=%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) Cost of services decreased by 11.2% to HKD 350.093 million, mainly due to lower staff costs and subcontracting costs, despite an increase in construction materials and supplies - Cost of services decreased by **HKD 44,330,000 (11.2%)** to **HKD 350,093,000**[73](index=73&type=chunk) - Staff costs decreased by **HKD 38,125,000 (24.1%)**, primarily due to a **reduction in the number of skilled workers**[73](index=73&type=chunk)[74](index=74&type=chunk) - Construction materials and supplies increased by **HKD 46,935,000 (35.4%)**, while subcontracting costs decreased by **HKD 38,059,000 (63.5%)**[73](index=73&type=chunk) [Gross Profit and Gross Profit Margin](index=37&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit decreased to HKD 84.742 million, mainly due to reduced revenue from tunnel construction services, but the gross profit margin remained largely stable at 19.5% - Gross profit was approximately **HKD 84,742,000** (2024: HKD 98,076,000), with a gross profit margin of approximately **19.5%** (2024: 19.9%)[75](index=75&type=chunk) [Other Income](index=37&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income significantly increased by HKD 3.21 million, primarily driven by higher government grants - Other income increased by **HKD 3,210,000** to **HKD 3,923,000**, mainly due to **increased government grants**[76](index=76&type=chunk) [Impairment Loss Allowance for Trade Receivables and Contract Assets, Net](index=37&type=section&id=%E8%B2%A9%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%90%88%E7%B4%84%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E虧%E6%90%8D%E6%92%A5%E5%82%99%EF%BC%8C%E6%B7%A8%E9%A1%8D) The net impairment loss allowance for trade receivables and contract assets significantly decreased to HKD 256,000 - Impairment loss allowance was approximately **HKD 256,000** (2024: HKD 8,558,000)[77](index=77&type=chunk) [Impairment Loss Allowance for Deposits and Other Receivables, Net](index=38&type=section&id=%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E6%B7%A8%E9%A1%8D%E6%B8%9B%E5%80%BC%E虧%E6%90%8D%E6%92%A5%E5%82%99%EF%BC%8C%E6%B7%A8%E9%A1%8D) The net impairment loss allowance for deposits and other receivables was zero - Impairment loss allowance for deposits and other receivables was **zero** (2024: HKD 2,916,000)[78](index=78&type=chunk) [Administrative Expenses](index=38&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by 28.6% to HKD 23.437 million, mainly due to higher staff costs and benefits, salary adjustments, increased administrative headcount, and recognition of share-based payment expenses - Administrative expenses increased by **HKD 5,219,000 (28.6%)** to **HKD 23,437,000**[79](index=79&type=chunk) - Staff costs and benefits increased by **HKD 4,586,000 (67.5%)** to **HKD 11,377,000**, due to factors including **salary increases, additional administrative staff, and recognition of HKD 463,000 in share-based payment expenses**[79](index=79&type=chunk) [Finance Costs](index=38&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs decreased to HKD 1.532 million, primarily due to lower interest expenses on bank borrowings - Finance costs decreased to **HKD 1,532,000** (2024: HKD 1,779,000), mainly due to **reduced interest expenses on bank borrowings**[80](index=80&type=chunk) [Income Tax](index=38&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Income tax expense increased due to changes in accelerated tax depreciation and higher assessable profits for Junjie Hong Kong - Income tax expense was due to **changes in accelerated tax depreciation** and **increased assessable profits for Junjie Hong Kong**[81](index=81&type=chunk) [Net Profit](index=38&type=section&id=%E6%BA%A2%E5%88%A9%E6%B7%A8%E9%A1%8D) The Group's net profit decreased to HKD 52.913 million, primarily attributable to reduced revenue and gross profit during the reporting period - Net profit was approximately **HKD 52,913,000** (2024: HKD 55,789,000), with the decrease mainly due to **reduced revenue and gross profit**[82](index=82&type=chunk) [Dividends](index=39&type=section&id=%E8%82%A1%E6%81%AF) The Board has declared an interim dividend of HKD 0.05 per share for the year ending December 31, 2025, an increase from the previous year - The Board has declared an interim dividend of **HKD 0.05 per share** for the year ending December 31, 2025 (2024: HKD 0.04 per share)[83](index=83&type=chunk) [Liquidity, Financial Resources and Capital](index=39&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E9%87%91) The Group's cash and cash equivalents increased, while pledged bank deposits decreased. Total bank facilities increased, but unutilized facilities decreased. The gearing ratio remained stable - Bank and cash on hand were approximately **HKD 36,321,000** (December 31, 2024: HKD 26,410,000), and pledged bank deposits were approximately **HKD 3,000,000** (December 31, 2024: HKD 6,000,000)[84](index=84&type=chunk) - Total available bank facilities were approximately **HKD 86,143,000** (December 31, 2024: HKD 84,000,000), with unutilized bank facilities of **HKD 12,000,000** (December 31, 2024: HKD 38,000,000)[87](index=87&type=chunk) - The gearing ratio was approximately **57%** (December 31, 2024: 59%)[88](index=88&type=chunk) [Capital Structure](index=40&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The company's capital structure comprises issued share capital and reserves - The company's capital structure comprises **issued share capital and reserves**[89](index=89&type=chunk) [Commitments](index=40&type=section&id=%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no capital commitments for the acquisition of property, plant and equipment - As of June 30, 2025, the Group had **no capital commitments** for the acquisition of property, plant and equipment[90](index=90&type=chunk) [Significant Investments, Material Acquisitions or Disposals of Subsidiaries and Associates](index=40&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE) During the reporting period, the company had no significant investments, material acquisitions, or disposals of subsidiaries and associates - The company had **no significant investments, material acquisitions, or disposals of subsidiaries and associates** for the six months ended June 30, 2025[91](index=91&type=chunk) [Contingent Liabilities](index=41&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) Except as disclosed in Note 19 to the financial statements, there were no other contingent liabilities as of June 30, 2025 - Except as disclosed in Note 19 to the unaudited condensed consolidated financial statements, there were **no other contingent liabilities** as of June 30, 2025[92](index=92&type=chunk) [Foreign Currency Risk](index=41&type=section&id=%E5%A4%96%E5%B9%A3%E9%A2%A8%E9%9A%AA) The Group's reporting currency is HKD, and transactions are primarily denominated in HKD, thus it does not face significant foreign currency risk - The Group's reporting currency is **HKD**, and transactions are denominated in HKD, thus it faces **no significant foreign currency risk**[93](index=93&type=chunk) [Future Plans for Material Investments and Capital Assets](index=41&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of June 30, 2025, the Group had no other plans for material investments or capital assets - As of June 30, 2025, the Group had **no other plans for material investments or capital assets**[94](index=94&type=chunk) [Pledge of the Group's Assets](index=41&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%BC%E8%A8%98) The Group pledged bank deposits of approximately HKD 3 million to secure bank facility letters, with no other asset pledges - The Group pledged bank deposits of approximately **HKD 3,000,000** (December 31, 2024: HKD 6,000,000) to **secure bank facility letters**[95](index=95&type=chunk) [Employee Information](index=41&type=section&id=%E5%83%B1%E5%93%A1%E8%B3%87%E6%96%99) The Group had 814 employees in Hong Kong, with total staff costs decreasing primarily due to a reduction in the number of higher-paid skilled workers - As of June 30, 2025, the Group had **814 employees in Hong Kong** (June 30, 2024: 800 employees)[96](index=96&type=chunk) - Total staff costs were approximately **HKD 133,345,000** (2024: HKD 166,516,000), with the decrease mainly due to a **reduction in the number of higher-paid skilled workers**[96](index=96&type=chunk) [Events After the Reporting Period](index=42&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) Except as disclosed in Note 21 to the financial statements, there were no other significant events after the reporting period that could materially affect the Group's operations and financial performance - Except as disclosed in Note 21 to the unaudited condensed consolidated financial statements, there were **no other significant events** after the reporting period[97](index=97&type=chunk) [Other Information](index=42&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers additional corporate information, including share transactions, directors' and substantial shareholders' interests, corporate governance, and compliance matters [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%82%A1%E4%BB%BD) The company repurchased and cancelled 3,444,000 shares during the reporting period and further repurchased 1,560,000 shares after the period, aiming to enhance net asset value per share Share Repurchases and Cancellations During the Reporting Period | Month of Share Repurchase | Number of Shares Repurchased | Total Price Paid (HKD) | | :--- | :--- | :--- | | January 2025 | 680,000 | 261,900 | | March 2025 | 100,000 | 51,000 | | April 2025 | 600,000 | 329,000 | | May 2025 | 704,000 | 479,200 | | June 2025 | 1,360,000 | 1,165,160 | | **Total** | **3,444,000** | **2,286,260** | - After the reporting date, the company further repurchased a total of **1,560,000 shares** from the Stock Exchange, totaling **HKD 1,397,840**[98](index=98&type=chunk)[99](index=99&type=chunk) - The purpose of the share repurchases is to **enhance the net asset value per share** of the Group, benefiting shareholders as a whole[99](index=99&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=43&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section discloses the long positions of directors and the chief executive in the company's shares as of June 30, 2025, showing controlling shareholders collectively holding 60.2% of the issued share capital through a concert party agreement Directors' Long Positions in Shares (As of June 30, 2025) | Name of Director | Directly Beneficially Owned (shares) | Through Spouse (shares) | Concert Party (shares) | Total (shares) | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Chuang Chun-Yueh | 103,000,000 | – | 187,120,000 | 290,120,000 | 60.2 | | Mr. Chuang Wei-Ku | 103,000,000 | 49,620,000 | 137,500,000 | 290,120,000 | 60.2 | | Ms. Chuang Jou-Chia | 34,500,000 | – | 255,620,000 | 290,120,000 | 60.2 | - Mr. Chuang Chun-Yueh, Mr. Chuang Wei-Ku, Ms. To Yin-Ping, and Ms. Chuang Jou-Chia, as parties to a concert party agreement, are deemed to be interested in a total of **290,120,000 shares**[101](index=101&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares or Underlying Shares](index=45&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E8%82%A1%E4%BB%BD%E6%88%96%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section discloses the interests of substantial shareholders and other persons in the company's shares as of June 30, 2025, with Ms. To Yin-Ping holding 60.2% of the share capital through various forms of interest, and Mr. Ng Kwok Lun holding 8.2% Substantial Shareholders' Long Positions in Shares (As of June 30, 2025) | Name of Shareholder | Nature of Interest | Total (shares) | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Ms. To Yin-Ping | Beneficial owner, interest held jointly with another person and interest of spouse | 290,120,000 | 60.2 | | Mr. Ng Kwok Lun | Beneficial owner | 39,500,000 | 8.2 | - Ms. To Yin-Ping is deemed to be interested in **290,120,000 shares** due to her personal holdings, the interest of her spouse Mr. Chuang Wei-Ku, and the concert party agreement[103](index=103&type=chunk) [Closure of Register of Members](index=46&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) To determine eligibility for the interim dividend, the company will close its register of members from September 25 to September 26, 2025 - To determine eligibility for the interim dividend, the company will close its register of members from **Thursday, September 25, 2025, to Friday, September 26, 2025**[105](index=105&type=chunk) [Share Scheme](index=46&type=section&id=%E8%82%A1%E4%BB%BD%E8%A8%88%E5%8A%83) The company adopted a share scheme on May 29, 2024, and granted 4,600,000 share awards, of which 4,000,000 shares vested by June 30, 2025 - The share scheme was adopted on **May 29, 2024**, with a **ten-year validity period** and a maximum of **48,780,800 shares** to be granted[106](index=106&type=chunk) - **4,600,000 share awards** were granted, of which **4,000,000 shares vested by June 30, 2025**[106](index=106&type=chunk) [Share Awards](index=46&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5) Details of the Group's share awards are provided in Note 20 to the unaudited condensed consolidated financial statements - Details of the Group's share awards are contained in **Note 20 to the unaudited condensed consolidated financial statements**[107](index=107&type=chunk) [Corporate Governance](index=47&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company has complied with the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules since its listing date, ensuring proper regulation of business activities and decision-making processes - The company has adopted and complied with the **Corporate Governance Code** set out in Appendix C1 of the GEM Listing Rules since its listing date on **February 22, 2017**[108](index=108&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=47&type=section&id=%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E8%A1%8C%E7%82%BA%E5%AE%88%E5%89%87) The company adopted the required standard of dealings under the GEM Listing Rules as its code of conduct for directors' securities transactions, with all directors and relevant persons confirming full compliance - The company has adopted the **required standard of dealings** set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions[109](index=109&type=chunk) - All directors, senior management, and relevant persons have confirmed **full compliance with the code of conduct**[109](index=109&type=chunk) [Audit Committee](index=47&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of three independent non-executive directors, has reviewed the interim report and confirmed its compliance with applicable accounting standards and GEM Listing Rules - The Audit Committee comprises Mr. Liu Chun-Hui (Chairman), Engineer Wu Hui-Ming, and Mr. Lin Wen-Bin, all **independent non-executive directors**[110](index=110&type=chunk) - The Audit Committee has reviewed the Group's interim report for the six months ended June 30, 2025, and considers it prepared in accordance with **applicable accounting standards and the GEM Listing Rules**[110](index=110&type=chunk) [Competing Interests](index=48&type=section&id=%E7%AB%B6%E7%88%AD%E6%80%A7%E6%AC%8A%E7%9B%8A) As of the six months ended June 30, 2025, no directors, their associates, or controlling shareholders held any interests in businesses competing with the Group - As of the six months ended June 30, 2025, **no directors, their respective associates, or controlling shareholders** held any interests in businesses competing with the Group[111](index=111&type=chunk) [Disclosure Pursuant to Rule 17.23 of the GEM Listing Rules](index=48&type=section&id=%E6%A0%B9%E6%93%9AGEM%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E7%AC%AC17.23%E6%A2%9D%E4%BD%9C%E5%87%BA%E6%8A%AB%E9%9C%B2) Under the terms of the facility letter, controlling shareholders must collectively hold no less than 50% of the company's issued share capital, and Mr. Chuang Chun-Yueh must remain as Chairman - Under the facility letter, if controlling shareholders hold less than **50% of the issued shares**, it will constitute an event of default[112](index=112&type=chunk) - Mr. Chuang Chun-Yueh must **continue to serve as the Chairman** of the company[112](index=112&type=chunk) [Interests of Compliance Adviser](index=48&type=section&id=%E5%90%88%E8%A6%8F%E9%A1%A7%E5%95%8F%E4%B9%8B%E6%AC%8A%E7%9B%8A) Grand Capital Holdings Limited, the compliance adviser, holds no other interests in the Group apart from its roles as sponsor and financial adviser to the company - Grand Capital Holdings Limited, apart from acting as the company's sponsor for its GEM listing and financial adviser, holds **no other interests** in the Group[113](index=113&type=chunk)

骏杰集团控股(08188)发布公告，于2025年8月27日斥资10.7万港元回购10万股。 ...

智通财经APP讯，骏杰集团控股(08188)发布公告，于2025年8月27日斥资10.7万港元回购10万股。 ...

Summary of Key Points Core Viewpoint - On August 26, 18 Hong Kong-listed companies conducted share buybacks, totaling 7.2877 million shares and an amount of 650 million HKD [1]. Group 1: Buyback Details - Tencent Holdings repurchased 899,000 shares for 551 million HKD, with a highest price of 617.5 HKD and a lowest price of 609.5 HKD, accumulating a total buyback amount of 43.898 billion HKD for the year [1]. - China Hongqiao repurchased 2.034 million shares for 50.077 million HKD, with a highest price of 24.62 HKD, accumulating a total buyback amount of 3.418 billion HKD for the year [1]. - Hang Seng Bank repurchased 200,000 shares for 22.563 million HKD, with a highest price of 113.8 HKD and a lowest price of 111.6 HKD, accumulating a total buyback amount of 409 million HKD for the year [1]. Group 2: Buyback Rankings - The highest buyback amount on August 26 was from Tencent Holdings at 551 million HKD, followed by China Hongqiao at 50.077 million HKD [1]. - In terms of share quantity, China Hongqiao led with 2.034 million shares repurchased, followed by Maple Leaf Education and MGM China with 1.02 million and 1 million shares respectively [1]. Group 3: Additional Buyback Information - Other notable companies involved in buybacks include MGM China and Maple Leaf Education, with respective buyback amounts of 16.139 million HKD and 40.8 million HKD [1]. - The overall trend indicates a significant commitment from these companies to return capital to shareholders through share repurchases [1].

格隆汇8月26日丨骏杰集团控股(08188.HK)发布公告，2025年8月26日耗资10.6万港元回购10万股，回购 价格每股1.06港元。 ...

智通财经APP讯，骏杰集团控股(08188)发布公告，于2025年8月26日该公司斥资10.6万港元回购10万 股，回购价格为每股1.06港元。 ...

FF305 公司名稱： 駿傑集團控股有限公司 呈交日期： 2025年8月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 08188 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發 ...

Summary of Key Points Core Viewpoint - On August 25, nine Hong Kong-listed companies conducted share buybacks, totaling 1.8064 million shares and an aggregate amount of HKD 577 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 895,000 shares for HKD 551 million, with a highest price of HKD 620.00 and a lowest price of HKD 608.50, bringing its total buyback amount for the year to HKD 43.347 billion [1][2]. - Hang Seng Bank repurchased 200,000 shares for HKD 22.697 million, with a highest price of HKD 113.90 and a lowest price of HKD 112.70, totaling HKD 38.606 million for the year [1][2]. - Beisen Holdings repurchased 200,000 shares for HKD 1.5988 million, with a highest price of HKD 8.09 and a lowest price of HKD 7.86, totaling HKD 34.2558 million for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on August 25 was from Tencent Holdings at HKD 551 million, followed by Hang Seng Bank at HKD 22.697 million [1][2]. - In terms of buyback volume, Tencent Holdings led with 895,000 shares, followed by Qinqin Food at 320,000 shares and Beisen Holdings at 200,000 shares [1][2]. Group 3: Notable Events - Qinqin Food's buyback on this date marked its first buyback of the year, while Tencent Holdings has conducted multiple buybacks totaling HKD 43.347 billion for the year [2].

Group 1 - The company repurchased 120,000 shares at an average price of HKD 1.05 per share, totaling approximately HKD 126,000 on August 25, 2025, bringing the total repurchased shares for the year to 5.124 million, which is 1.06% of the total share capital [1][2] - The stock price of the company increased by 0.95% to HKD 1.06 per share at the close of the Hong Kong stock market on the same day [1] - The company has been actively repurchasing shares, indicating management's confidence in the company's future and potentially signaling that the stock is undervalued [2] Group 2 - The company operates in the construction and building industry, engaging in activities such as construction contracting, architectural design, and interior decoration [3] - The company leverages its technical strength, project management experience, and industry resources to participate in various construction projects [3] - The company aims to enhance its competitiveness by adopting advanced construction technologies and optimizing project management processes to maintain its position in the industry [3]

格隆汇8月25日丨骏杰集团控股(08188.HK)公告，8月25日耗资12.6万港元回购12万股。 ...