[Company Information](index=2&type=section&id=Company%20Information) [Characteristics of GEM](index=2&type=section&id=Characteristics%20of%20GEM) The GEM market provides a listing platform for small and medium-sized companies with higher investment risks, requiring investors to understand potential risks and directors to ensure report accuracy - The GEM market is positioned as a listing platform for high-risk small and medium-sized companies, requiring investors to exercise caution[3](index=3&type=chunk) - The company's directors assume full responsibility for the accuracy, completeness, and non-misleading nature of this report's content[3](index=3&type=chunk) [Company Basic Information and Governance Structure](index=4&type=section&id=Company%20Basic%20Information%20and%20Governance%20Structure) This section details the company's board members, key officers, committee compositions, and essential corporate information including registered office, auditor, and stock code - The Board of Directors comprises 2 Executive Directors (Mr. Chan Kin and Ms. Yu Hiu) and 3 Independent Non-Executive Directors (Mr. Wong Chi Kan, Ms. Lau Yin Kam, and Mr. Liu Hung Ho)[7](index=7&type=chunk) - The Audit, Remuneration, and Nomination Committees are established with Independent Non-Executive Directors serving as chairpersons or key members, ensuring corporate governance independence[7](index=7&type=chunk) - The company's stock code is 8217, with its principal place of business located in Causeway Bay, Hong Kong[7](index=7&type=chunk)[8](index=8&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman's%20Statement) [Annual Review](index=5&type=section&id=Annual%20Review) The Group's total revenue for the year ended March 31, 2025, saw a slight increase, primarily driven by higher construction revenue despite a stable number of projects, with the company's successful 2016 listing enhancing its corporate standing - The company's shares were successfully listed on GEM of the Stock Exchange on April 12, 2016, enhancing its corporate status and brand recognition[10](index=10&type=chunk) - The increase in construction revenue is attributed to the progressive recognition of revenue from ongoing contracts during the year[10](index=10&type=chunk) Total Revenue Comparison (2024 vs 2025) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 36,202 | 35,141 | 1,061 | 3.02% | [Outlook](index=5&type=section&id=Outlook) The Group anticipates future growth driven by government commitments to infrastructure investment and a stable project pipeline, while actively seeking new business opportunities, diversifying revenue, and focusing on sustainable development - Government commitment to average annual capital works expenditure of approximately HK$90 billion from 2025-26 to 2029-30 presents growth opportunities for the Group[11](index=11&type=chunk) - The Group maintains a stable project pipeline, contributing to financial sustainability and long-term employee retention[11](index=11&type=chunk) - The company is confident in its sustainable development, actively seeking new business opportunities to diversify revenue sources and enhance market position[11](index=11&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=6&type=section&id=Business%20Review) The Group has over 25 years of experience as a civil engineering subcontractor in Hong Kong, specializing in road and drainage, structural, site formation, and renovation and refurbishment works - The Group has provided civil engineering services in Hong Kong for over 25 years, primarily as a subcontractor[15](index=15&type=chunk) - Key engineering types include road and drainage, structural, site formation, and renovation and refurbishment works[15](index=15&type=chunk) [Future Outlook and Strategy](index=6&type=section&id=Future%20Outlook%20and%20Strategy) The company expects 2026 to bring both opportunities from government infrastructure spending and challenges from geological conditions, weather, and cost control, committing to strengthening its competitive edge, optimizing operations, and exploring international markets - Government commitments to public infrastructure expenditure will create more business opportunities, though challenging geological conditions, adverse weather, and client-initiated changes to construction plans may impact profitability[16](index=16&type=chunk) - The Group will strengthen its competitive advantage in the civil engineering sector while maintaining stringent project evaluation and cost control[16](index=16&type=chunk) - To diversify revenue, the company will assess the feasibility of expanding civil engineering operations into international markets such as Japan and Thailand[16](index=16&type=chunk) [Major Investments](index=6&type=section&id=Major%20Investments) The Group holds significant investments in Wellong Holdings Limited and China Integrated Holdings Limited, which represent a substantial portion of its total assets, pursuing a diversified and flexible investment strategy for high growth and traditional business stability Major Investment Overview (As at March 31, 2025) | Major Investment | Realized and Unrealized Gains (HK$ thousand) | Number of Shares Held (thousand shares) | Fair Value (HK$ thousand) | Approximate Percentage of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Wellong Holdings Limited | 5,725 | 381,660 | 14,885 | 18.5% | | China Integrated Holdings Limited | 91 | 9,100 | 8,281 | 10.3% | | Other Listed Equity Securities | - | - | 4,893 | 6.1% | | **Total** | **-** | **-** | **28,059** | **34.9%** | - The Group's investment strategy involves a diversified and flexible portfolio to maximize sustained long-term returns while ensuring stable growth in traditional businesses[20](index=20&type=chunk) - The company will closely monitor investment performance and market trends to adjust its investment strategy[20](index=20&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) The Group experienced a slight revenue increase but a decline in gross profit due to rising costs and competition, while other income and unrealized gains from financial assets increased, administrative expenses rose, and the loss for the year significantly narrowed, with sufficient liquidity despite changes in current and gearing ratios Key Financial Indicators Comparison (2024 vs 2025) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 36,202 | 35,141 | 1,061 | 3.02% | | Gross Profit | 982 | 1,880 | (898) | -47.77% | | Other Income | 1,392 | 1,188 | 204 | 17.17% | | Net Other Gains/(Losses) | 5,349 | (13,287) | 18,636 | Turnaround to Profit | | Administrative and Other Operating Expenses | 9,353 | 7,567 | 1,786 | 23.60% | | Loss for the Year | (5,899) | (17,433) | 11,534 | -66.16% | | Current Ratio | 1.5 times | 1.7 times | -0.2 times | -11.76% | | Gearing Ratio | 44% | 36% | 8% | 22.22% | - The decline in gross profit is primarily due to rising material and labor costs under inflationary pressure, coupled with industry competition limiting the ability to pass on costs[24](index=24&type=chunk) - The net other gains or losses turned from a loss to a profit, mainly comprising unrealized gains from financial assets at fair value through profit or loss[30](index=30&type=chunk) - The increase in administrative and other operating expenses is mainly due to higher staff costs, marketing expenses, and severance payments[34](index=34&type=chunk) - The significant reduction in loss for the year is primarily attributable to the net effect of increased revenue, other income, and gains from net other gains or losses[37](index=37&type=chunk) - The Group possesses sufficient liquidity to meet its funding requirements, despite a slight decrease in the current ratio and an increase in the gearing ratio[38](index=38&type=chunk) [Capital Structure](index=10&type=section&id=Capital%20Structure) The Group's capital structure remained stable during the reporting period, with no significant changes apart from a new share placement completed in 2020, and both issued share capital and total equity attributable to owners are disclosed - The Group's capital structure remained stable during the reporting period, with no significant changes other than a new share placement completed in September 2020[39](index=39&type=chunk) Capital Structure Overview (As at March 31, 2025) | Indicator | Amount (HK$ thousand) | | :--- | :--- | | Issued and Fully Paid Share Capital | 48,298 | | Total Equity Attributable to Owners of the Company | 27,218 | [Commitments and Contingent Liabilities](index=11&type=section&id=Commitments%20and%20Contingent%20Liabilities) As of March 31, 2025, the Group had no capital commitments or significant contingent liabilities - As of March 31, 2025, the Group had no capital commitments[40](index=40&type=chunk) - As of March 31, 2025, the Group had no significant contingent liabilities[41](index=41&type=chunk) [Acquisitions, Disposals and Future Investment Plans](index=11&type=section&id=Acquisitions,%20Disposals%20and%20Future%20Investment%20Plans) During the reporting period, the Group did not undertake any significant acquisitions or disposals, and has no other major investment or capital asset plans beyond those disclosed in the annual report - During the reporting period, the Group did not undertake any significant acquisitions or disposals of subsidiaries and associated companies[42](index=42&type=chunk) - As of March 31, 2025, the Group had no other significant investment or capital asset plans beyond those disclosed in this annual report[43](index=43&type=chunk) [Exchange Rate Fluctuation Risk](index=11&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) Given that the Group's operations are primarily conducted in Hong Kong, with transactions denominated in HKD and USD, and the HKD pegged to the USD, the Directors consider the foreign exchange risk to be minimal - The Group's business is primarily conducted in Hong Kong, with transactions, monetary assets, and liabilities denominated in HKD and USD[44](index=44&type=chunk) - Due to the HKD being pegged to the USD, the Directors believe the Group faces very low foreign exchange risk[44](index=44&type=chunk) [Pledge of Group's Assets](index=11&type=section&id=Pledge%20of%20Group's%20Assets) As of March 31, 2025, the Group's total interest-bearing debts remained stable, with no general bank borrowings or lease liabilities - As of March 31, 2025, the Group's total interest-bearing debts (including bonds payable) were approximately HK$12,000,000, consistent with 2024[45](index=45&type=chunk) - The Group had no general bank borrowings or lease liabilities as of March 31, 2025, and 2024[45](index=45&type=chunk) [Employees and Remuneration Policy](index=11&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group's employee count and total staff costs slightly decreased, with remuneration determined by qualifications, position, and seniority, complemented by discretionary bonuses, retirement benefits, and training to attract and retain talent Employee Count and Staff Costs Comparison (2024 vs 2025) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 22 employees | 26 employees | -4 employees | | Total Staff Costs (HK$ thousand) | 5,055 | 5,909 | -854 | - Remuneration is determined based on employee qualifications, position, and seniority, with year-end discretionary bonuses awarded based on Group and individual performance[46](index=46&type=chunk) - The company provides retirement benefits, training, and subsidies for training courses, and has an annual review mechanism to assess employee performance[46](index=46&type=chunk) [Final Dividend](index=11&type=section&id=Final%20Dividend) The Board of Directors recommends no final dividend for the reporting period - The Board of Directors recommends no final dividend for the reporting period (2024: HK$ nil)[47](index=47&type=chunk) [Biographical Details of Directors and Senior Management](index=12&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) [Executive Directors](index=12&type=section&id=Executive%20Directors) Mr. Chan Kin possesses over 30 years of corporate management experience, overseeing business development and administration, while Ms. Yu Hiu has over a decade of experience in civil engineering and real estate construction, having managed and supervised numerous large-scale projects - Mr. Chan Kin (aged 61) has over 30 years of corporate management experience, responsible for business development and general administrative affairs[50](index=50&type=chunk) - Ms. Yu Hiu (aged 44) possesses over ten years of experience in civil engineering and real estate construction, having participated in the management and supervision of numerous large-scale construction projects[51](index=51&type=chunk) [Independent Non-Executive Directors](index=12&type=section&id=Independent%20Non-Executive%20Directors) Mr. Wong Chi Kan has over seven years of audit and accounting experience, Mr. Liu Hung Ho possesses over thirty years of business strategy planning and promotion expertise, and Ms. Lau Yin Kam has over 20 years of experience in the construction industry, specializing in project management - Mr. Wong Chi Kan (aged 39) has over seven years of audit and accounting experience, is a Fellow of CPA Australia, and a practicing accountant of the Hong Kong Institute of Certified Public Accountants[53](index=53&type=chunk) - Mr. Liu Hung Ho (aged 65) possesses over thirty years of experience in business strategy planning and promotion[56](index=56&type=chunk) - Ms. Lau Yin Kam (aged 52) has over 20 years of experience in the construction industry, with extensive expertise in construction project management[57](index=57&type=chunk) [Corporate Governance Report](index=14&type=section&id=Corporate%20Governance%20Report) [Compliance with Corporate Governance Code](index=14&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, committed to maintaining excellent corporate standards and procedures - The company has complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules[61](index=61&type=chunk) - The Board is committed to maintaining excellent corporate standards and procedures to serve the best interests of shareholders[60](index=60&type=chunk) [Board of Directors](index=14&type=section&id=Board%20of%20Directors) The Board is responsible for setting overall group strategy, managing objectives, overseeing management performance, and fulfilling corporate governance functions, comprising two executive and three independent non-executive directors to ensure a balanced mix of skills and experience, with a nomination policy and board diversity policy in place, and all directors maintaining high attendance at five meetings held during the reporting period - The Board's primary responsibilities include formulating the Group's overall strategy, managing objectives, monitoring management performance, and fulfilling corporate governance functions[62](index=62&type=chunk)[63](index=63&type=chunk) - The Board comprises five directors, including two Executive Directors and three Independent Non-Executive Directors, maintaining a balanced mix of skills and experience[64](index=64&type=chunk) - The company has adopted a nomination policy and a board diversity policy to ensure appropriate qualifications, skills, experience, and gender diversity among Board members[65](index=65&type=chunk)[71](index=71&type=chunk) - All directors have confirmed full compliance with the code of conduct for securities transactions by directors[75](index=75&type=chunk) - The Group sponsors all directors to participate in continuous professional development to update their knowledge and skills and adapt to regulatory changes[78](index=78&type=chunk)[79](index=79&type=chunk) Board Meeting Attendance Record (Reporting Period) | Director Name | Meetings Attended/Eligible to Attend | | :--- | :--- | | Mr. Chan Kin (Executive Director) | 5/5 | | Ms. Yu Hiu (Executive Director) | 5/5 | | Mr. Wong Chi Kan (Independent Non-Executive Director) | 5/5 | | Mr. Liu Hung Ho (Independent Non-Executive Director) | 5/5 | | Ms. Lau Yin Kam (Independent Non-Executive Director) | 5/5 | [Board Committees](index=18&type=section&id=Board%20Committees) The Board has established an Audit Committee, Remuneration Committee, and Nomination Committee to assist in fulfilling its responsibilities, each with clear terms of reference and regular meetings to ensure effective corporate governance - The Board has established an Audit Committee, Remuneration Committee, and Nomination Committee to assist in fulfilling its functions[80](index=80&type=chunk) [Audit Committee](index=19&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, advises on the appointment, remuneration, and terms of engagement of external auditors, and monitors the integrity of financial statements and the effectiveness of internal control systems, having held three meetings during the reporting period to review results and discuss financial reporting matters - The Audit Committee comprises three Independent Non-Executive Directors, with Mr. Wong Chi Kan serving as Chairman[81](index=81&type=chunk) - Its primary responsibilities include advising on the appointment, reappointment, and removal of external auditors, approving and reviewing their remuneration and terms of engagement, and monitoring the integrity of financial statements and internal control systems[82](index=82&type=chunk) - Three meetings were held during the reporting period to review quarterly and annual results and discuss internal control and financial reporting matters[83](index=83&type=chunk) [Remuneration Committee](index=20&type=section&id=Remuneration%20Committee) The Remuneration Committee, consisting of three members with Mr. Wong Chi Kan as Chairman, is responsible for formulating remuneration policies and advising the Board on the remuneration policy, structure, and terms for Directors and senior management, meeting at least once annually - The Remuneration Committee comprises Mr. Wong Chi Kan (Chairman), Mr. Liu Hung Ho, and Ms. Yu Hiu[85](index=85&type=chunk) - Its primary responsibilities are to formulate remuneration policies and advise the Board on the remuneration policy, structure, and terms for Directors and senior management[85](index=85&type=chunk)[86](index=86&type=chunk) - All committee members attended three meetings during the reporting period[86](index=86&type=chunk) [Nomination Committee](index=21&type=section&id=Nomination%20Committee) The Nomination Committee, chaired by Mr. Liu Hung Ho and including two independent non-executive directors, is responsible for formulating nomination policies, reviewing board structure and composition, identifying and selecting director candidates, and assessing the independence of independent non-executive directors - The Nomination Committee comprises Mr. Liu Hung Ho (Chairman), Mr. Wong Chi Kan, and Ms. Lau Yin Kam[88](index=88&type=chunk) - Its primary responsibilities include formulating nomination policies, reviewing the Board's structure, size, and composition, identifying and selecting director candidates, and assessing the independence of Independent Non-Executive Directors[91](index=91&type=chunk) - All committee members attended three meetings during the reporting period[90](index=90&type=chunk) [Auditor's Remuneration](index=23&type=section&id=Auditor's%20Remuneration) During the reporting period, the company paid HK$390 thousand to its external auditor for statutory audit services, with no remuneration for non-audit services Auditor's Remuneration (2024 vs 2025) | Service Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Statutory Audit Services | 390 | 360 | | Non-Audit Services | 0 | 0 | [Company Secretary and Compliance Officer](index=23&type=section&id=Company%20Secretary%20and%20Compliance%20Officer) Ms. Tam Mei Chu, the Company Secretary, has completed the professional training required by the GEM Listing Rules, and Mr. Chan Kin, an Executive Director, was appointed as the Compliance Officer on October 3, 2023 - Ms. Tam Mei Chu, the Company Secretary, has participated in no less than 15 hours of professional training, fulfilling the requirements of the GEM Listing Rules[94](index=94&type=chunk) - Executive Director Mr. Chan Kin was appointed as the company's Compliance Officer on October 3, 2023[95](index=95&type=chunk) [Internal Control and Risk Management](index=23&type=section&id=Internal%20Control%20and%20Risk%20Management) The Board is responsible for establishing, maintaining, and reviewing the Group's risk management and internal control systems in accordance with the COSO Committee's 2013 Integrated Framework principles, having implemented a risk management policy and engaged external consultants for annual reviews without identifying significant issues, and adopted an inside information disclosure policy - The Board is responsible for establishing, maintaining, and reviewing the Group's risk management and internal control systems, in compliance with the COSO Committee's 2013 Integrated Framework principles[96](index=96&type=chunk) - The Group has formulated a risk management policy and engaged external internal control consultants for annual reviews, identifying no significant issues affecting financial, operational, compliance, internal, and risk management[97](index=97&type=chunk)[99](index=99&type=chunk) - The Group has adopted an inside information disclosure policy to ensure compliance with confidentiality requirements and disclosure obligations[99](index=99&type=chunk) [Directors' and Auditor's Responsibilities for the Consolidated Financial Statements](index=24&type=section&id=Directors'%20and%20Auditor's%20Responsibilities%20for%20the%20Consolidated%20Financial%20Statements) Directors are responsible for preparing true and fair consolidated financial statements in accordance with accounting standards and regulations, on a going concern basis, while the external auditor provides an independent opinion based on their audit findings - Directors are responsible for preparing consolidated financial statements that give a true and fair view and are in accordance with relevant accounting standards, applicable laws, and the GEM Listing Rules[100](index=100&type=chunk) - Directors prepare the consolidated financial statements on a going concern basis, as there are no material uncertainties[100](index=100&type=chunk) - The external auditor, BDO Limited, is responsible for forming an independent opinion on the consolidated financial statements based on their audit[100](index=100&type=chunk) [Procedures for Shareholders to Convene an Extraordinary General Meeting and to Propose Resolutions at General Meetings](index=25&type=section&id=Procedures%20for%20Shareholders%20to%20Convene%20an%20Extraordinary%20General%20Meeting%20and%20to%20Propose%20Resolutions%20at%20General%20Meetings) Shareholders holding at least one-tenth of the paid-up share capital with voting rights can requisition an Extraordinary General Meeting or propose resolutions at General Meetings, in accordance with the company's articles of association and GEM Listing Rules - One or more shareholders holding not less than one-tenth of the paid-up share capital carrying voting rights may requisition an Extraordinary General Meeting[102](index=102&type=chunk) - An Extraordinary General Meeting must be held within two months of the requisition being deposited[102](index=102&type=chunk) - Shareholders may also propose resolutions at General Meetings using the same method[103](index=103&type=chunk) [Dividend Policy](index=25&type=section&id=Dividend%20Policy) The company has adopted a dividend policy to determine the declaration and payment of dividends based on actual and expected financial performance, working capital needs, capital expenditures, liquidity, and economic conditions, with the Board retaining full discretion over the form, frequency, and amount of dividends - The company adopted a dividend policy in March 2019 to regulate the declaration and payment of dividends[104](index=104&type=chunk) - Dividend distribution will consider the Group's financial performance, working capital requirements, capital expenditures, liquidity position, economic conditions, and other relevant factors[105](index=105&type=chunk) - The Board has full discretion to determine the form, frequency, and amount of dividends, and may consider declaring interim dividends[106](index=106&type=chunk) [Procedures for Making Enquiries and Investor Relations](index=26&type=section&id=Procedures%20for%20Making%20Enquiries%20and%20Investor%20Relations) Shareholders can direct inquiries regarding shareholding, transfers, registration, and dividends to the Hong Kong Share Registrar, or submit written inquiries to the company's principal place of business, as the company communicates with shareholders and investors through various channels including annual reports, its website, and meetings - Shareholders may direct inquiries regarding shareholding, share transfers, registration, and dividends to the Hong Kong Share Registrar[108](index=108&type=chunk) - Shareholders may submit written inquiries to the company's principal place of business, providing detailed contact information[108](index=108&type=chunk) - The company communicates with shareholders and investors through various channels, including annual general meetings, annual reports, interim reports, quarterly reports, and the company website[109](index=109&type=chunk) [Material Changes to Constitutional Documents](index=26&type=section&id=Material%20Changes%20to%20Constitutional%20Documents) During the reporting period, there were no material changes to the company's constitutional documents, except for the adoption of the amended and restated Memorandum and Articles of Association due to the listing of shares - During the reporting period, there were no material changes to the company's constitutional documents, except for the adoption of the amended and restated Memorandum and Articles of Association due to the listing of shares on GEM of the Stock Exchange[110](index=110&type=chunk) [Environmental, Social and Governance Report](index=27&type=section&id=Environmental,%20Social%20and%20Governance%20Report) [About the Group](index=27&type=section&id=About%20the%20Group) Wan Man Ho Mat Holdings Limited and its subsidiaries primarily operate as civil engineering subcontractors in Hong Kong, offering services such as road and drainage, structural, site formation, and renovation and refurbishment works - The Group operates as a civil engineering subcontractor in Hong Kong, with over 25 years of experience[15](index=15&type=chunk)[111](index=111&type=chunk) - Key engineering types include road and drainage, structural, site formation, and renovation and refurbishment works[111](index=111&type=chunk) [About This Report](index=27&type=section&id=About%20This%20Report) This report covers the Group's Environmental, Social, and Governance (ESG) performance for the year ended March 31, 2025, prepared in accordance with Appendix C2 of the GEM Listing Rules ESG Reporting Guide, adhering to the principles of materiality, quantitative disclosure, balance, and consistency - This report covers the Group's ESG performance for the year ended March 31, 2025, including its principal operating subsidiaries, Luen Hing Construction Engineering Limited and Mullen Construction Limited[112](index=112&type=chunk) - The report is prepared with reference to Appendix C2 of the GEM Listing Rules ESG Reporting Guide of The Stock Exchange of Hong Kong Limited, complying with the "comply or explain" provisions[112](index=112&type=chunk) - This ESG report is prepared based on the four reporting principles of materiality, quantitative disclosure, balance, and consistency[112](index=112&type=chunk)[114](index=114&type=chunk) [ESG Governance](index=28&type=section&id=ESG%20Governance) The Group is committed to integrating corporate, social, and environmental health into its daily operations, with the Board holding ultimate responsibility for ESG governance, annually defining ESG strategies and reviewing report content, supported by an established ESG working group for internal program coordination and risk management - The Group is committed to integrating corporate, social, and environmental health into its daily business operations to achieve sustainable development[115](index=115&type=chunk) - The Board assumes ultimate responsibility for overseeing the Group's ESG governance, annually defining ESG strategies and reviewing report content and quality[115](index=115&type=chunk) - An ESG working group has been established to formulate and coordinate internal ESG initiatives, and to review and monitor ESG processes and risk management[116](index=116&type=chunk) [Stakeholder Engagement](index=29&type=section&id=Stakeholder%20Engagement) The Group communicates with key stakeholders, including the Stock Exchange, government, shareholders, employees, customers, suppliers, and the community, through various channels to understand their needs and concerns - The Group communicates with key stakeholders, including Board members, managers, supervisors, frontline employees, suppliers, and customers, to understand their needs and concerns[117](index=117&type=chunk) - Communication channels include email, regular meetings, publications, face-to-face interviews, website announcements, and site visits[117](index=117&type=chunk)[118](index=118&type=chunk) [Materiality Assessment](index=30&type=section&id=Materiality%20Assessment) The Group regularly conducts internal materiality assessments, identifying employment, health and safety, labor standards, supply chain management, product responsibility, and community investment as the most significant sustainability issues - The Group regularly conducts internal materiality assessments to identify the most significant sustainability matters for the company[121](index=121&type=chunk) - Key material issues identified include employment, health and safety, labor standards, supply chain management, product responsibility, and community investment[121](index=121&type=chunk)[122](index=122&type=chunk) [Environmental Aspect](index=31&type=section&id=Environmental%20Aspect) The Group is dedicated to conducting business in an environmentally responsible manner, fulfilling its environmental obligations by reducing pollution, enhancing energy efficiency, and minimizing waste, strictly adhering to relevant environmental regulations and implementing measures for emissions, waste management, resource utilization, and climate change response - The Group is committed to conducting business in an environmentally friendly manner, enhancing environmental practices by reducing pollution, improving energy efficiency, and minimizing waste[123](index=123&type=chunk) - The Group is fully committed to complying with relevant environmental laws and regulations in Hong Kong, including the Air Pollution Control Ordinance, Waste Disposal Ordinance, Water Pollution Control Ordinance, and Noise Control Ordinance[124](index=124&type=chunk) [Emissions](index=31&type=section&id=Emissions) The Group's primary emission sources are vehicle fuel combustion and greenhouse gases, with measures such as paperless meetings and regular machinery maintenance implemented to reduce emissions, and a short-term reduction target set, resulting in a significant decrease in total greenhouse gas emissions during the reporting period - The Group's vehicle fuel combustion generates exhaust emissions, and greenhouse gas emissions originate from fuel consumption of fixed equipment and vehicles (Scope 1) and indirect energy emissions from purchased electricity (Scope 2)[125](index=125&type=chunk) - The company has implemented environmental actions such as paperless meetings, reusing envelopes, turning off lights and appliances, and regularly maintaining construction machinery to reduce energy consumption and carbon emissions[125](index=125&type=chunk) - The Group's short-term goal is to maintain the Scope 1 and Scope 2 greenhouse gas emission intensity at or below the 2024 baseline level in the next reporting period[126](index=126&type=chunk) Exhaust and Greenhouse Gas Emissions Data (2024 vs 2025) | Emission Type | 2025 | 2024 | Unit | | :--- | :--- | :--- | :--- | | Nitrogen Oxides (NOx) | 13.19 | 33.69 | kg | | Sulfur Oxides (SOx) | 0.16 | 0.09 | kg | | Respirable Suspended Particulates (RSP) | 0.97 | 3.18 | kg | | Scope 1 Emissions | 27.6 | 75.8 | tonnes of CO2 equivalent | | Scope 2 Emissions | 3.8 | 4.1 | tonnes of CO2 equivalent | | Total Greenhouse Gas Emissions | 31.4 | 79.9 | tonnes of CO2 equivalent | | Intensity (per revenue) | 0.87 | 2.18 | tonnes of CO2 equivalent/HK$ million revenue | [Waste Management](index=32&type=section&id=Waste%20Management) The Group manages waste by opening a payment account with the Environmental Protection Department, utilizing legal disposal facilities, and encouraging the use of reusable materials on-site, while conducting regular inspections of high-environmental-risk construction projects to ensure compliance with dust control, wastewater, and construction waste disposal standards - The Group has opened a payment account with the Environmental Protection Department to pay for construction waste disposal services and only uses legal disposal facilities or licensed collectors for waste treatment[127](index=127&type=chunk) - The company encourages the use of reusable materials on-site and conducts regular inspections of high-environmental-risk construction projects, covering dust control, wastewater, and construction waste disposal[127](index=127&type=chunk) - As construction waste is handled by the main contractor, non-hazardous waste statistics are not applicable to the Group; hazardous waste generation is minimal[127](index=127&type=chunk)[128](index=128&type=chunk) [Use of Resources](index=33&type=section&id=Use%20of%20Resources) The Group implements various measures to enhance energy performance, including office digitalization, air conditioning temperature settings, and turning off idle equipment, aiming to reduce energy intensity, and improves water efficiency through enhanced site management, drainage construction, and reuse of treated construction wastewater - The Group implements a series of measures to enhance energy performance, such as office digitalization, setting air conditioning temperatures at environmentally friendly levels in summer, and turning off unnecessary lighting and air conditioning[130](index=130&type=chunk) - The Group aims to reduce or maintain energy intensity below the 2024 baseline level in the next reporting period[130](index=130&type=chunk) - Water efficiency is improved through enhanced construction site management, building drainage pipes, sumps, traps, and sedimentation tanks, and treating construction wastewater for reuse[131](index=131&type=chunk) - Due to the nature of the industry, the Group does not consume packaging materials, and its operations do not involve significant water consumption, thus no water consumption targets are set at this stage[131](index=131&type=chunk)[134](index=134&type=chunk) Energy Consumption Overview (2024 vs 2025) | Indicator | 2025 | 2024 | Unit | | :--- | :--- | :--- | :--- | | Direct Energy Consumption – Diesel | 352.2 | 1,203.7 | GJ | | Indirect Energy Consumption – Electricity | 23.1 | 22.2 | GJ | | Total Energy Consumption | 375.3 | 1,225.8 | GJ | | Intensity (per revenue) | 10.4 | 33.5 | GJ/HK$ million revenue | [Environmental and Natural Resources](index=34&type=section&id=Environmental%20and%20Natural%20Resources) The Group has established control measures for noise pollution, waste generation, and disposal, emphasizing noise and dust control to minimize environmental impact - The Group has formulated control measures for noise pollution, waste generation, and waste disposal to optimize environmental management[136](index=136&type=chunk) - The company conducts noise source analysis and screening during project planning and uses portable acoustic barriers for noise control[137](index=137&type=chunk) - Various control measures, such as water spraying, dust screens, and covering facilities, are implemented to suppress dust generated during excavation and transportation[138](index=138&type=chunk) [Climate Change](index=34&type=section&id=Climate%20Change) The Group recognizes that climate change presents acute physical risks (e.g., extreme weather) and chronic physical risks (e.g., changes in precipitation patterns, rising temperatures) that could negatively impact business operations and employee safety, and plans to review adverse weather arrangements, develop emergency plans, and provide safeguards for outdoor employees - The Group deeply understands that climate-related risks (acute and chronic physical risks) may negatively impact business operations and employee safety[139](index=139&type=chunk) - Acute physical risks include extreme weather events such as typhoons, heavy rains, and floods, which may lead to operational disruptions and additional costs[140](index=140&type=chunk) - Chronic physical risks include changes in precipitation patterns and long-term average temperature increases, which may affect drainage systems and outdoor workers[140](index=140&type=chunk) - The Group will review existing adverse weather arrangements and develop emergency plans, providing regular breaks and sufficient water supply for outdoor employees[140](index=140&type=chunk) [Social Aspect](index=35&type=section&id=Social%20Aspect) The Group values its employees as its most precious asset, committed to providing attractive remuneration and a fair, inclusive work environment while strictly adhering to labor regulations, prioritizing occupational health and safety through training and inspections, fostering sustainable relationships with suppliers, emphasizing product quality, protecting data privacy, upholding high ethical standards against corruption, and actively engaging in community investment to give back to society - The Group is committed to providing attractive remuneration and a fair and inclusive working environment to protect the legitimate rights and interests of employees[141](index=141&type=chunk) - The company places high importance on maintaining the safety and health of all personnel, committed to providing a safe and healthy working environment for employees and subcontractors[145](index=145&type=chunk) - The Group regards integrity and fairness as the foundation of corporate social responsibility, upholding high ethical standards and strictly prohibiting all acts that may involve corruption and bribery[158](index=158&type=chunk) - The Group has been deeply involved in social welfare, practicing corporate social responsibility, and continuously striving to provide sponsorships and donations to various charitable organizations[161](index=161&type=chunk) [Employment and Talent Management](index=35&type=section&id=Employment%20and%20Talent%20Management) The Group is dedicated to offering attractive remuneration and a fair, inclusive work environment, fostering employee career development through staff handbooks, talent development systems, and incentive mechanisms, strictly prohibiting unfair dismissals, and maintaining regular communication with employees, with 22 employees as of March 31, 2025, and a decreased annual employee turnover rate - The Group is committed to providing attractive remuneration and a fair and inclusive working environment to protect the legitimate rights and interests of employees[141](index=141&type=chunk) - The company promotes employees' personal career planning in alignment with business development goals through talent development systems, effective incentive mechanisms, and fair competition platforms[141](index=141&type=chunk) - The Group found no significant incidents of non-compliance with employment and labor standards-related laws and regulations[144](index=144&type=chunk) Total Employees and Turnover Rate (2024 vs 2025) | Indicator | 2025 | 2024 | Unit | | :--- | :--- | :--- | :--- | | Total Number of Employees | 22 | 26 | employees | | Male Employees | 15 | 18 | employees | | Female Employees | 7 | 8 | employees | | Employee Turnover Rate | 17 | 27 | % | | Male Turnover Rate | 18 | 33 | % | | Female Turnover Rate | 13 | 13 | % | [Health and Safety](index=37&type=section&id=Health%20and%20Safety) The Group highly prioritizes occupational health and safety, strictly adhering to relevant regulations and implementing internal policies to identify, assess, control, and monitor safety risks, with safety measures including personal protective equipment, emergency procedures, and regular safety inspections, and no work-related fatalities during the reporting period - The Group places high importance on maintaining the work safety and health of all personnel and is fully committed to complying with the Occupational Safety and Health Ordinance, Employees' Compensation Ordinance, and Factories and Industrial Undertakings Ordinance[145](index=145&type=chunk) - Safety measures include providing adequate personal protective equipment, establishing emergency procedures (e.g., first aid kits), and conducting various forms of enhanced safety inspections[145](index=145&type=chunk) - The Group has had no work-related fatalities in the past three years (including the current year) and found no serious violations of health and safety laws and regulations[146](index=146&type=chunk) Health and Safety Indicators (2024 vs 2025) | Indicator | 2025 | 2024 | Unit | | :--- | :--- | :--- | :--- | | Number of Work-Related Fatalities | 0 | 0 | persons | | Work-Related Fatality Rate | 0 | 0 | % | | Lost Work Days Due to Work Injury | 0 | 0 | days | [Development and Training](index=38&type=section&id=Development%20and%20Training) The Group provides regular value-added training and development programs for employees at all levels, primarily through on-the-job training, to enhance knowledge and skills, with plans to invest more resources in comprehensive training programs in the future - The Group provides value-added regular training and development programs for employees at all levels to cultivate talent and enhance knowledge and skills[147](index=147&type=chunk) - During the reporting period, on-the-job training was the primary method, with plans to invest more resources in providing more comprehensive training programs in the future[147](index=147&type=chunk) [Labour Standards](index=38&type=section&id=Labour%20Standards) The Group strictly adheres to labor regulations such as the Employment Ordinance, diligently verifying the identity and registration certificates of construction workers to prevent child and forced labor, and upholds the principle of equal opportunity, prohibiting all forms of discrimination - The Group strictly complies with the Employment Ordinance and diligently verifies the identity and registration certificates of construction workers to prevent child and forced labor[148](index=148&type=chunk) - The company adheres to the principle of equal opportunity, maintaining a non-discriminatory employment policy that prohibits discrimination based on gender, race, disability, and family status[148](index=148&type=chunk) - During the year, the Group found no significant violations of labor standards-related laws and regulations[148](index=148&type=chunk) [Supply Chain Management](index=39&type=section&id=Supply%20Chain%20Management) The Group fosters lasting partnerships with suppliers through stringent internal controls and regular evaluations, establishing assessment procedures to ensure fairness and transparency, adopting green procurement principles with environmental requirements for suppliers, and conducting annual evaluations, with all suppliers located in Hong Kong during the reporting period - The Group has established supplier evaluation procedures and management mechanisms to ensure fairness and transparency, primarily considering quality, delivery time, and after-sales service capabilities[149](index=149&type=chunk) - The company adopts green procurement principles in its supply chain, setting environmental requirements for suppliers and conducting annual evaluations to ensure their compliance with environmental standards[149](index=149&type=chunk) - The Group prefers to procure from local suppliers to reduce its carbon footprint and transportation costs; all 130 suppliers were located in Hong Kong during the reporting period[150](index=150&type=chunk)[151](index=151&type=chunk) [Product Responsibility](index=40&type=section&id=Product%20Responsibility) The Group places high importance on quality assurance, implementing stringent quality control procedures from project commencement to completion, understands the significance of data privacy, has established guidelines for handling confidential information, and is committed to protecting intellectual property, with no significant violations of product responsibility-related laws and regulations identified during the reporting period - The Group implements stringent quality assurance and control procedures throughout material procurement, testing, and construction engineering processes, selecting reputable suppliers from a pre-approved list[154](index=154&type=chunk) - The Group deeply understands the importance of data privacy, has established guidelines for handling confidential information of customers, employees, and business partners, and is committed to protecting intellectual property rights[156](index=156&type=chunk)[157](index=157&type=chunk) - During the reporting period, the Group found no non-compliance with laws and regulations concerning health and safety, advertising, labeling, and privacy matters related to products and services[157](index=157&type=chunk) [Anti-corruption](index=40&type=section&id=Anti-corruption) The Group upholds high ethical standards, strictly complies with anti-bribery laws and regulations, and prohibits all acts of corruption and bribery, with the employee handbook outlining standards for gifts, hospitality, and financial management, encouraging confidential reporting of integrity issues through whistleblowing channels, and no notices of anti-corruption law violations received during the reporting period - The Group regards integrity and fairness as the foundation of corporate social responsibility, upholding high ethical standards, strictly complying with anti-bribery laws and regulations, and prohibiting all acts of corruption and bribery[158](index=158&type=chunk) - The employee handbook stipulates standardized rules and guidelines for handling situations such as gifts, hospitality, and financial management, and encourages employees to confidentially report integrity issues through whistleblowing channels[159](index=159&type=chunk) - The Group received no notices of non-compliance with anti-corruption laws and regulations[159](index=159&type=chunk) Concluded Corruption Litigation Cases (2024 vs 2025) | Indicator | 2025 | 2024 | Unit | | :--- | :--- | :--- | :--- | | Number of Concluded Corruption Litigation Cases | 0 | 0 | cases | [Community Investment](index=41&type=section&id=Community%20Investment) The Group actively participates in social welfare, giving back to local communities through sponsorships and donations, caring for vulnerable groups to improve community well-being - The Group has been deeply involved in social welfare, practicing corporate social responsibility, and caring for the interests of the communities in which it operates[161](index=161&type=chunk) - The company continuously strives to provide sponsorships and donations to various charitable organizations, caring for vulnerable groups[161](index=161&type=chunk) Community Investment Cash Donations (2024 vs 2025) | Indicator | 2025 (HK$) | 2024 (HK$) | | :--- | :--- | :--- | | Total Cash Donations | 0 | 400,000 | [Hong Kong Stock Exchange ESG Reporting Guide Content Index](index=42&type=section&id=Hong%20Kong%20Stock%20Exchange%20ESG%20Reporting%20Guide%20Content%20Index) This section provides a cross-reference index between the Group's ESG report content and the key performance indicators of the Hong Kong Stock Exchange's ESG Reporting Guide, ensuring compliance with disclosure requirements - This section provides a cross-reference index between the Group's ESG report content and the key performance indicators of the Hong Kong Stock Exchange's ESG Reporting Guide[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) [Report of the Directors](index=47&type=section&id=Report%20of%20the%20Directors) [Corporate Reorganisation and Listing](index=47&type=section&id=Corporate%20Reorganisation%20and%20Listing) The company was incorporated in the Cayman Islands in 2015, completed a corporate reorganisation in 2016 in preparation for listing, and successfully listed on GEM of the Stock Exchange on April 12 of the same year - The company was incorporated in the Cayman Islands on October 16, 2015[169](index=169&type=chunk) - To prepare for listing, the company completed a corporate reorganisation on February 22, 2016, becoming the Group's holding company[169](index=169&type=chunk) - Shares were listed on GEM of the Stock Exchange by way of placing on April 12, 2016[170](index=170&type=chunk) [Principal Activities](index=47&type=section&id=Principal%20Activities) The Group primarily provides civil engineering services, while the company's main business is investment holding, with no significant changes in the nature of principal activities during the reporting period - The Group primarily engages in providing civil engineering services[171](index=171&type=chunk) - The company's principal business is investment holding, with no significant changes in the nature of its principal activities during the reporting period[171](index=171&type=chunk) [Business Review and Risks](index=47&type=section&id=Business%20Review%20and%20Risks) The Group's business review, key financial performance indicators, and future development are detailed in the "Management Discussion and Analysis" section, with major risks including reliance on a few clients, inaccurate project cost estimates, cash flow mismatches, talent attrition, and weather impacts on operations - The Group's revenue is highly concentrated, with the top five clients contributing 100% of total revenue and the largest client contributing approximately 100%, posing a risk of client loss[173](index=173&type=chunk) - Errors in project duration and cost estimates or increases in construction costs could adversely affect profitability[173](index=173&type=chunk) - Mismatches between cash outflows and progress payments could adversely affect cash flow position[173](index=173&type=chunk) - The loss of key management personnel and internal professional talent could adversely affect business, operating results, and profitability[179](index=179&type=chunk) - Outdoor business operations are affected by weather conditions, with adverse weather potentially leading to operational disruptions, reducing revenue and profitability[179](index=179&type=chunk) [Environmental Policies and Compliance](index=48&type=section&id=Environmental%20Policies%20and%20Compliance) The Group complies with Hong Kong's environmental requirements, having established environmental management policies to ensure employees and subcontractors adhere to regulations regarding air pollution, noise, and waste disposal, with no environmental prosecution or penalties incurred during the reporting period - The Group complies with environmental requirements stipulated by Hong Kong laws, including the Air Pollution Control Ordinance, Noise Control Ordinance, Water Pollution Control Ordinance, and Waste Disposal Ordinance[174](index=174&type=chunk) - Environmental management policies have been established to ensure employees and subcontractors comply with environmental matters concerning air pollution, noise, and waste disposal[174](index=174&type=chunk) - During the reporting period, the Group was not prosecuted or penalized for violating any applicable environmental regulations[175](index=175&type=chunk) - The Group has complied in all material respects with relevant laws and regulations that have a significant impact on its business and operations[176](index=176&type=chunk) [Results and Dividends](index=48&type=section&id=Results%20and%20Dividends) The Group's results for the reporting period are presented in the consolidated statement of profit or loss and other comprehensive income, and the Directors do not recommend paying a final dividend for the period - The Group's results for the reporting period are presented in the consolidated statement of profit or loss and other comprehensive income[177](index=177&type=chunk) - The Directors do not recommend paying a final dividend for the reporting period (2024: HK$ nil)[178](index=178&type=chunk) [Property, Plant and Equipment](index=49&type=section&id=Property,%20Plant%20and%20Equipment) Changes in the Group's property, plant and equipment during the reporting period are disclosed in Note 18 to the consolidated financial statements - Changes in the Group's property, plant and equipment during the reporting period are disclosed in Note 18 to the consolidated financial statements[180](index=180&type=chunk) [Share Capital and Distributable Reserves](index=49&type=section&id=Share%20Capital%20and%20Distributable%20Reserves) Changes in the company's share capital during the reporting period are disclosed in Note 27 to the consolidated financial statements, and as of March 31, 2025, the company's distributable reserves to shareholders were nil - Changes in the company's share capital during the reporting period are disclosed in Note 27 to the consolidated financial statements[181](index=181&type=chunk) - As of March 31, 2025, the company's distributable reserves to shareholders were nil[182](index=182&type=chunk) [Share Option Scheme and Share-linked Agreements](index=49&type=section&id=Share%20Option%20Scheme%20and%20Share-linked%20Agreements) Apart from the share option scheme, the Group had no other share-linked agreements during the reporting period, with the scheme designed to attract and retain excellent employees and promote business success, and 19,842,480 share options granted as of March 31, 2025 - Apart from the share option scheme, the Group had no other share-linked agreements entered into or in existence during the reporting period[183](index=183&type=chunk) - The share option scheme aims to attract and retain excellent employees, provide incentives, and promote the Group's business success[184](index=184&type=chunk) - As of March 31, 2025, the company had granted 19,842,480 share options under the share option scheme[186](index=186&type=chunk) Share Option Overview (As at March 31, 2025) | Category | Grant Date | Exercise Price | Exercise Period | Balance at April 1, 2024 | Lapsed During the Year | Balance at March 31, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Directors (Yu Hiu) | July 11, 2019 | HK$1.414 | 5 years from grant date | 891,540 | (891,540) | 0 | | Other Employees | July 11, 2019 | HK$1.414 | 5 years from grant date | 3,566,160 | (3,566,160) | 0 | | Other Employees | July 12, 2021 | HK$0.315 | 5 years from grant date | 10,698,480 | 0 | 10,698,480 | | Other Employees | March 18, 2022 | HK$0.163 | 5 years from grant date | 9,144,000 | 0 | 9,144,000 | | Consultants | July 11, 2019 | HK$1.414 | 5 years from grant date | 2,674,620 | (2,674,620) | 0 | | **Total** | | | | **26,974,800** | **(7,132,320)** | **19,842,480** | [Purchase, Sale or Redemption of the Company's Listed Securities](index=51&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities from the listing date up to the date of this report - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities from the listing date up to the date of this report[189](index=189&type=chunk) [Key Relationships](index=51&type=section&id=Key%20Relationships) The Group values employees as precious assets, offering competitive remuneration, maintains long-term relationships with key clients to meet their service needs, and establishes cooperative relationships with suppliers and subcontractors through stringent evaluation and approved lists to ensure service quality and efficiency, noting a high concentration of key clients, suppliers, and subcontractors during the reporting period - The Group regards employees as precious assets, offering competitive remuneration and employing an annual review system to assess employee performance[190](index=190&type=chunk) - The top five clients have long-term cooperative relationships with the Group exceeding ten years, with the largest client contributing approximately 100% of total revenue (2024: 89.2%)[191](index=191&type=chunk)[193](index=193&type=chunk) - The Group establishes cooperative relationships with suppliers and subcontractors, ensuring service quality and efficiency through approved lists and multi-factor evaluations[192](index=192&type=chunk) - The largest supplier accounted for approximately 57% of total purchases (2024: 69%), and the top five suppliers collectively accounted for approximately 99% (2024: 96%)[193](index=193&type=chunk) - The largest subcontractor accounted for approximately 57% of total subcontracting fees (2024: 72%), and the top five subcontractors collectively accounted for approximately 99% (2024: 100%)[194](index=194&type=chunk) [Directors' Information](index=52&type=section&id=Directors'%20Information) This section lists the directors during the year and up to the date of this report, confirming receipt of annual independence confirmations from independent non-executive directors, with directors' service contracts for a three-year term and no contracts that cannot be terminated without compensation, and the company having purchased directors' and officers' liability insurance - Directors during the year and up to the date of this report include Executive Directors Mr. Chan Kin and Ms. Yu Hiu, and Independent Non-Executive Directors Mr. Wong Chi Kan, Mr. Liu Hung Ho, and Ms. Lau Yin Kam[195](index=195&type=chunk) - The company has received annual independence confirmations from each Independent Non-Executive Director in accordance with Rule 5.09 of the GEM Listing Rules[197](index=197&type=chunk) - Executive Directors' service contracts are for an initial term of three years, and Independent Non-Executive Directors' appointment letters are for a fixed term of three years[198](index=198&type=chunk) - The company has purchased directors' and officers' liability insurance, and this indemnity provision is currently in effect[199](index=199&type=chunk) [Directors' Interests in Contracts](index=53&type=section&id=Directors'%20Interests%20in%20Contracts) Apart from contracts related to the Group's reorganisation, neither the company nor its subsidiaries participated in any significant transactions, arrangements, or contracts during the reporting period in which directors or their associated entities held a material interest - Apart from contracts related to the Group's reorganisation for listing, neither the company nor any of its subsidiaries participated in any significant transactions, arrangements, or contracts related to the Group's business in which directors or entities connected with directors had a direct or indirect material interest during the reporting period[200](index=200&type=chunk) [Remuneration of Directors and Five Highest Paid Individuals](index=53&type=section&id=Remuneration%20of%20Directors%20and%20Five%20Highest%20Paid%20Individuals) Details of the remuneration for directors and the Group's five highest-paid individuals are disclosed in Note 15 to the consolidated financial statements, with the Remuneration Committee reviewing and determining remuneration packages based on directors' duties, workload, time commitment, and Group performance - Details of the remuneration for directors and the Group's five highest-paid individuals are disclosed in Note 15 to the consolidated financial statements[201](index=201&type=chunk) - The Remuneration Committee will review and determine the remuneration and compensation packages for directors with reference to their duties, workload, time devoted to the Group, and the Group's performance[202](index=202&type=chunk) [Competing Interests](index=53&type=section&id=Competing%20Interests) The Directors confirm that, during the reporting period and up to the date of this report, no Director or their close associates held any interest in any business that directly or indirectly competes with the Group's business - The Directors confirm that, during the reporting period and up to the date of this report, no Director or their respective close associates held any interest in any business that directly or indirectly competes with the Group's business[203](index=203&type=chunk) [Disclosure of Interests](index=54&type=section&id=Disclosure%20of%20Interests) As of March 31, 2025, some Directors held long positions in the company's shares, but no other Directors or chief executives held disclosable interests or short positions in the shares, related shares, or debentures of the company or its associated corporations, and major shareholders' interests are also disclosed Directors' Long Positions in the Company's Shares (As at March 31, 2025) | Director Name | Number of Relevant Shares Personal Interest | Total | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Yu Hiu | 780,000 | 780,000 | 0.26% | | Liu Hung Ho | 780,000 | 780,000 | 0.26% | | Lau Yin Kam | 780,000 | 780,000 | 0.26% | - Save as disclosed above, no Director or chief executive of the company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any of its associated corporations[207](index=207&type=chunk) - As of March 31, 2025, save for the disclosed Directors and chief executive, no other person held any disclosable interests or short positions in the shares or underlying shares[208](index=208&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=55&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) Except as otherwise disclosed in this report, no rights to acquire benefits by purchasing the company's shares or debentures were granted to any Director or their spouse or minor children during the reporting period, nor did the company participate in any arrangements enabling Directors or their associates to acquire similar rights in other corporate entities - Except as otherwise disclosed in this report, no rights to acquire benefits by purchasing the company's shares or debentures were granted to any Director or their spouse or minor children during the reporting period[209](index=209&type=chunk) - Neither the company nor any of its subsidiaries participated in any arrangements enabling Directors or their associates to acquire relevant rights in any other corporate entity[209](index=209&type=chunk) [Related Party Transactions](index=55&type=section&id=Related%20Party%20Transactions) The Group's related party transactions are disclosed in Note 31 to the consolidated financial statements, and during the reporting period, these transactions did not constitute connected transactions for the company and complied with the disclosure requirements of Chapter 20 of the GEM Listing Rules - The Group's related party transactions are disclosed in Note 31 to the consolidated financial statements[210](index=210&type=chunk) - During the reporting period, the related party transact

[Annual Results Announcement](index=1&type=section&id=Annual%20Results%20Announcement) WMHW Holdings Limited's annual results for the year ended March 31, 2025, highlighting GEM market risks and director responsibility [Company Information and Disclaimer](index=1&type=section&id=Company%20Information%20and%20Disclaimer) WMHW Holdings Limited's annual results for the year ended March 31, 2025, emphasizing GEM market investment risks and director responsibility for accuracy - WMHW Holdings Limited (萬民好物控股有限公司) released its annual results announcement for the year ended March 31, 2025[2](index=2&type=chunk) - The GEM market is positioned as a listing platform for companies with high investment risk, advising investors to exercise caution[3](index=3&type=chunk) - The company's directors jointly and severally bear full responsibility for the accuracy, completeness, and non-misleading nature of this announcement[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) Overview of the group's financial performance and position, including income, comprehensive income, and balance sheet data [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The group's revenue slightly increased, but gross profit declined, leading to a significantly narrowed loss for the year and reduced loss per share Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 36,202 | 35,141 | | Cost of services provided | (35,220) | (33,261) | | Gross profit | 982 | 1,880 | | Other income | 1,392 | 1,188 | | Net other gains/(losses) | 5,349 | (13,287) | | Net impairment losses (recognized)/reversed under expected credit loss model | (3,549) | 1,073 | | Administrative and other operating expenses | (9,353) | (7,567) | | Operating loss | (5,179) | (16,713) | | Loss before tax | (5,899) | (17,433) | | Loss and total comprehensive expense for the year attributable to owners of the Company | (5,899) | (17,433) | | Loss per share (HK cents) | (1.95) | (5.78) | - The loss for the year significantly decreased from **HKD 17,433 thousand in 2024** to **HKD 5,899 thousand in 2025**, primarily due to a swing from net other losses to gains[5](index=5&type=chunk) - Basic and diluted loss per share decreased from **5.78 HK cents in 2024** to **1.95 HK cents in 2025**[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets and net current assets decreased, while total equity remained stable and current liabilities increased, reflecting minor changes in asset structure Consolidated Statement of Financial Position Key Data | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Property, plant and equipment | 163 | 243 | | Contract assets | 13,558 | 14,680 | | Trade and other receivables | 34,251 | 37,695 | | Financial assets at fair value through profit or loss | 28,059 | 22,710 | | Cash and bank balances | 2,113 | 4,005 | | Total current assets | 80,202 | 81,311 | | Total current liabilities | 53,147 | 48,437 | | Net current assets | 27,055 | 32,874 | | Net assets | 27,218 | 33,117 | | Total equity | 27,218 | 33,117 | - Net current assets decreased from **HKD 32,874 thousand in 2024** to **HKD 27,055 thousand in 2025**[6](index=6&type=chunk) - Financial assets at fair value through profit or loss increased from **HKD 22,710 thousand in 2024** to **HKD 28,059 thousand in 2025**[6](index=6&type=chunk) [Notes to the Consolidated Financial Statements](index=4&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Detailed explanations of the accounting policies, revenue recognition, financial instruments, and other significant items in the consolidated financial statements [General Information](index=4&type=section&id=General%20Information) WMHW Holdings Limited is incorporated in the Cayman Islands, listed on GEM, primarily engaged in construction engineering and investment holding, with financial statements presented in HKD - The Company is incorporated in the Cayman Islands, with its shares listed on GEM of the Stock Exchange of Hong Kong[7](index=7&type=chunk) - The Group is principally engaged in the provision of construction engineering services and investment holding[7](index=7&type=chunk) - The consolidated financial statements are presented in Hong Kong dollars, with all values rounded to the nearest thousand HKD[7](index=7&type=chunk) [Summary of Significant Accounting Policies](index=4&type=section&id=Summary%20of%20Significant%20Accounting%20Policies) This section outlines the significant accounting policies followed in preparing the consolidated financial statements, covering various aspects from preparation basis to related party transactions - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and the GEM Listing Rules, primarily on a historical cost basis, with certain financial instruments measured at fair value[8](index=8&type=chunk) - Revenue is recognized when performance obligations are satisfied, primarily through the output method to measure contract completion progress[11](index=11&type=chunk)[19](index=19&type=chunk) - Impairment of financial assets is assessed using the expected credit loss model and updated based on changes in credit risk[47](index=47&type=chunk) [Basis of Preparation](index=4&type=section&id=Basis%20of%20Preparation) The consolidated financial statements are prepared under Hong Kong Financial Reporting Standards and GEM Listing Rules, primarily on a historical cost basis - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and the GEM Listing Rules[8](index=8&type=chunk) - The statements are primarily prepared on a historical cost basis, except for certain financial instruments measured at fair value[8](index=8&type=chunk) [Basis of Consolidation](index=5&type=section&id=Basis%20of%20Consolidation) The consolidated financial statements include the Company and its controlled subsidiaries, with control assessed based on power, variable returns, and the ability to affect returns - The consolidated financial statements include the Company and its controlled subsidiaries, with control assessed based on power, variable returns, and the ability to affect returns[10](index=10&type=chunk) [Revenue from Contracts with Customers](index=5&type=section&id=Revenue%20from%20Contracts%20with%20Customers) Revenue is recognized when performance obligations are satisfied, with transaction prices allocated based on standalone selling prices and progress measured by the output method - Revenue is recognized when performance obligations are satisfied, meaning when control of the services is transferred to the customer[11](index=11&type=chunk) - For contracts with multiple performance obligations, the transaction price is allocated based on the relative standalone selling prices[18](index=18&type=chunk) - Progress towards satisfying performance obligations is primarily measured using the output method, reflecting the transfer of control of services[19](index=19&type=chunk) [Contract Costs](index=6&type=section&id=Contract%20Costs) Costs to fulfill a contract are recognized as assets when specific conditions are met and subsequently amortized on a systematic basis - Costs to fulfill a contract are recognized as an asset when specific conditions are met, and subsequently amortized on a systematic basis[20](index=20&type=chunk)[21](index=21&type=chunk) [Employee Benefits](index=7&type=section&id=Employee%20Benefits) Payments to mandatory provident fund schemes are recognized as expenses when employees render services, and short-term employee benefits are recognized at undiscounted amounts - Payments to mandatory provident fund schemes are recognized as an expense when employees render services[22](index=22&type=chunk) - Short-term employee benefits are recognized as an expense at the undiscounted amount expected to be paid[23](index=23&type=chunk) [Share-based Payments](index=7&type=section&id=Share-based%20Payments) Share options granted to employees are measured at fair value on the grant date and expensed through profit or loss, while those for non-employees are measured by the fair value of goods or services received - Share options granted to employees are measured at fair value on the grant date and expensed through profit or loss[25](index=25&type=chunk) - Share options granted to non-employees are measured by the fair value of the goods or services received[27](index=27&type=chunk) [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) Income tax expense includes current and deferred tax, calculated using tax rates enacted or substantively enacted at the end of the reporting period - Income tax expense includes current and deferred tax, calculated using tax rates enacted or substantively enacted at the end of the reporting period[28](index=28&type=chunk) [Property, Plant and Equipment](index=8&type=section&id=Property%2C%20Plant%20and%20Equipment) Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses, with depreciation recognized on a straight-line basis over estimated useful lives - Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses[31](index=31&type=chunk) - Depreciation is recognized on a straight-line basis over the estimated useful lives and reviewed at each reporting period end[32](index=32&type=chunk) - Asset impairment reviews are conducted at the end of the reporting period to determine if there are indications of impairment[34](index=34&type=chunk) [Cash and Cash Equivalents](index=10&type=section&id=Cash%20and%20Cash%20Equivalents) Cash and cash equivalents include cash on hand, demand deposits, and short-term highly liquid investments - Cash and cash equivalents include cash on hand, demand deposits, and short-term highly liquid investments[37](index=37&type=chunk)[40](index=40&type=chunk) [Provisions](index=10&type=section&id=Provisions) Provisions are recognized when a present legal or constructive obligation arises from past events and the amount can be reliably estimated - Provisions are recognized when a present legal or constructive obligation arises from past events and the amount can be reliably estimated[38](index=38&type=chunk) [Financial Instruments](index=10&type=section&id=Financial%20Instruments) Financial assets and liabilities are initially measured at fair value and classified based on contractual cash flow characteristics and business model, with impairment assessed using the expected credit loss model - Financial assets and liabilities are initially measured at fair value and classified based on contractual cash flow characteristics and business model[39](index=39&type=chunk)[41](index=41&type=chunk) - Impairment of financial assets is assessed using the expected credit loss model, evaluating lifetime or 12-month expected credit losses[47](index=47&type=chunk) - Financial liabilities, including trade and other payables, are subsequently measured at amortized cost using the effective interest method[58](index=58&type=chunk) [Government Grants](index=15&type=section&id=Government%20Grants) Government grants are recognized when there is reasonable assurance of compliance with conditions and receipt, with income-related grants recognized in profit or loss over the period they are receivable - Government grants are recognized when there is reasonable assurance of compliance with conditions and receipt, with income-related grants recognized in profit or loss over the period they are receivable[60](index=60&type=chunk) [Contingent Liabilities and Contingent Assets](index=15&type=section&id=Contingent%20Liabilities%20and%20Contingent%20Assets) Contingent assets are not recognized but continuously assessed, while contingent liabilities are not recognized due to uncertainty or unreliable measurement but their outflow possibility is monitored - Contingent assets are not recognized in the consolidated financial statements but are continuously assessed, and recognized if an inflow of economic benefits is virtually certain[61](index=61&type=chunk) - Contingent liabilities are not recognized due to uncertainty or unreliable measurement, but their possibility of economic outflow is continuously assessed[62](index=62&type=chunk) [Segment Reporting](index=16&type=section&id=Segment%20Reporting) Operating segment information is identified based on financial data regularly reported to the chief executive management - Operating segment information is identified based on financial data regularly reported to the chief executive management[63](index=63&type=chunk) [Related Parties](index=16&type=section&id=Related%20Parties) Related parties include individuals or entities that control or are jointly controlled by the Group, or have significant influence over the Group - Related parties include individuals or entities that control or are jointly controlled by the Group, as well as those with significant influence over the Group[64](index=64&type=chunk)[66](index=66&type=chunk) [Revenue](index=17&type=section&id=Revenue) The Group's revenue primarily derives from renovation and fitting-out works, with civil engineering revenue at zero in 2025, and all revenue recognized over time Revenue Disaggregation from Contracts with Customers | Service Type | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Provision of civil engineering works | – | 3,810 | | Provision of renovation and fitting-out works | 36,202 | 31,331 | | Revenue from contracts with customers recognized over time | 36,202 | 35,141 | - In 2025, all of the Group's revenue was derived from renovation and fitting-out works, with **zero revenue from civil engineering works**[68](index=68&type=chunk) - Revenue recognition uses the output method, based on the stage of contract completion[69](index=69&type=chunk) [Segment Information](index=18&type=section&id=Segment%20Information) The Group's operations are concentrated in Hong Kong's construction engineering sector, with all revenue and non-current assets originating from Hong Kong, and high reliance on a single major customer - The Group's operating activities are attributable to a single reportable and operating segment: provision of civil engineering and renovation and fitting-out works[71](index=71&type=chunk) - All of the Group's operations, revenue, and non-current assets are located in Hong Kong[72](index=72&type=chunk) Major Customer Revenue Contribution | Customer | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Customer A | 36,202 | 31,331 | [Net Other Gains/(Losses)](index=19&type=section&id=Net%20Other%20Gains%2F%28Losses%29) Net other gains for the year swung from a loss to a profit, primarily influenced by fair value changes in financial assets at fair value through profit or loss Net Other Gains/(Losses) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Fair value changes of financial assets at fair value through profit or loss | 5,349 | (13,287) | - Fair value changes of financial assets at fair value through profit or loss swung from a **loss of HKD 13,287 thousand in 2024** to a **gain of HKD 5,349 thousand in 2025**[76](index=76&type=chunk) [Net Impairment Losses (Recognized)/Reversed under Expected Credit Loss Model](index=19&type=section&id=Net%20Impairment%20Losses%20%28Recognized%29%2FReversed%20under%20Expected%20Credit%20Loss%20Model) Net impairment losses recognized under the expected credit loss model for the year amounted to HKD 3,549 thousand, mainly from impairment of trade receivables and contract assets Net Impairment Losses | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Impairment loss on trade receivables | (1,285) | 2,589 | | Impairment loss on contract assets | (2,467) | (772) | | Impairment loss on deposits and other receivables | 203 | (364) | | Total net impairment losses | (3,549) | 1,073 | - Net impairment losses of **HKD 3,549 thousand were recognized in 2025**, compared to a **net reversal of impairment losses of HKD 1,073 thousand in 2024**[76](index=76&type=chunk) [Loss Before Tax](index=19&type=section&id=Loss%20Before%20Tax) Loss before tax for the year was HKD 5,899 thousand, a significant reduction from the previous year, influenced by finance costs, staff costs, auditor's remuneration, and depreciation Components of Loss Before Tax | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on bonds payable | 720 | 720 | | Salaries, wages and other benefits in kind | 4,921 | 5,761 | | Total staff costs | 5,055 | 5,909 | | Auditor's remuneration | 390 | 360 | | Depreciation of property, plant and equipment | 80 | 80 | - Total staff costs (including directors' emoluments) decreased from **HKD 5,909 thousand in 2024** to **HKD 5,055 thousand in 2025**[75](index=75&type=chunk) - Finance costs remained stable at **HKD 720 thousand** for both years[75](index=75&type=chunk) [Income Tax Expense](index=20&type=section&id=Income%20Tax%20Expense) The Group incurred no Hong Kong profits tax provision in either year due to the absence of assessable profits - No Hong Kong profits tax provision was made for either year as the Group did not generate assessable profits[78](index=78&type=chunk) - Hong Kong profits tax is subject to a two-tiered tax rate system, with the first **HKD 2 million of profits taxed at 8.25%** and the remainder at **16.5%**[78](index=78&type=chunk) [Dividends](index=20&type=section&id=Dividends) No dividends were declared or paid by the Company for the year ended March 31, 2025 - The Company neither declared nor paid any dividends during the reporting period or subsequent to the reporting period end[79](index=79&type=chunk) [Loss Per Share](index=20&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share attributable to owners of the Company was 1.95 HK cents, a significant reduction from the previous year, with unexercised share options having an anti-dilutive effect Basis for Loss Per Share Calculation | Item | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the year attributable to owners of the Company (HKD thousands) | (5,899) | (17,433) | | Weighted average number of shares (thousands) | 301,860 | 301,860 | - Basic and diluted loss per share decreased from **5.78 HK cents in 2024** to **1.95 HK cents in 2025**[80](index=80&type=chunk) - Unexercised share options had an anti-dilutive effect on basic loss per share, thus their exercise was not assumed in calculating diluted loss per share[80](index=80&type=chunk) [Trade and Other Receivables](index=21&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables decreased, credit loss provisions increased, and a significant portion of overdue receivables were overdue for over one year Trade and Other Receivables Details | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 41,207 | 47,255 | | Less: Provision for credit losses | (15,142) | (13,857) | | Trade receivables (net of provision) | 26,065 | 33,398 | | Amounts due from securities brokers | 907 | 615 | | Performance bond deposits | 7,215 | 2,812 | | Other receivables, deposits and prepayments | 64 | 870 | | Total | 34,251 | 37,695 | - Trade receivables (net of provision for credit losses) decreased from **HKD 33,398 thousand in 2024** to **HKD 26,065 thousand in 2025**[81](index=81&type=chunk) - Provision for credit losses increased from **HKD 13,857 thousand in 2024** to **HKD 15,142 thousand in 2025**[81](index=81&type=chunk) - Approximately **HKD 19,828 thousand** of trade receivables (net of provision) were overdue for more than 365 days, but directors consider them recoverable[81](index=81&type=chunk)[82](index=82&type=chunk) [Trade and Other Payables](index=22&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables increased, primarily due to higher retention payables and amounts due to a subsidiary director Trade and Other Payables Details | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 11,716 | 12,672 | | Retention payables | 13,556 | 12,851 | | Provision for long service payments | 300 | 928 | | Amount due to a director of the Company | 24 | 24 | | Amount due to a director of a subsidiary | 5,378 | – | | Accruals and other payables | 5,765 | 5,554 | | Total | 36,739 | 32,029 | - Retention payables increased from **HKD 12,851 thousand in 2024** to **HKD 13,556 thousand in 2025**[84](index=84&type=chunk) - A new amount due to a director of a subsidiary of **HKD 5,378 thousand** was recorded[84](index=84&type=chunk) [Share Capital](index=22&type=section&id=Share%20Capital) The Company's authorized and issued and fully paid share capital remained unchanged during the reporting period Share Capital Structure | Item | Number of shares (thousands) | Share par value (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (ordinary shares of HKD 0.16 each) | 500,000 | 500,000 | | Issued and fully paid share capital | 301,860 | 48,298 | - As of March 31, 2025, issued and fully paid share capital was **301,860 thousand shares**, with a par value of **HKD 48,298 thousand**, consistent with the previous year[86](index=86&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) Review of the Group's business operations, financial performance, and future outlook, including key investments and financial metrics [Business Review](index=23&type=section&id=Business%20Review) The Group has over 25 years of civil engineering subcontracting experience in Hong Kong, with core businesses including road and drainage, structural, site formation, and renovation works - The Group has provided civil engineering services in Hong Kong for over **25 years**[87](index=87&type=chunk) - Key civil engineering businesses include road and drainage, structural engineering, site formation, and renovation and fitting-out works[87](index=87&type=chunk) [Prospects](index=23&type=section&id=Prospects) The Group anticipates both opportunities from government infrastructure spending and challenges from geological conditions and client changes in 2026, planning to enhance competitiveness, explore eldercare, and expand internationally for diversified growth - Government infrastructure public expenditure is expected to create more business opportunities in 2026[88](index=88&type=chunk) - Difficult geological conditions, adverse weather, and client changes may affect subcontractor profits[88](index=88&type=chunk) - The Group plans to explore eldercare businesses and assess the feasibility of expanding civil engineering operations into international markets like Japan and Thailand[88](index=88&type=chunk) [Major Investments](index=23&type=section&id=Major%20Investments) The Group holds significant investments in Huilong Holdings Limited and China Integrated Holdings Limited, with financial assets at fair value through profit or loss totaling HKD 28,059 thousand, representing 34.9% of total assets Major Investments in Financial Assets at Fair Value Through Profit or Loss | Major Investment | 2025 Realized and Unrealized Gains (HKD thousands) | 2025 Number of Shares Held (thousands) | 2025 Fair Value (HKD thousands) | 2025 Approximate Percentage of Total Assets | 2024 Fair Value (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huilong Holdings Limited | 5,725 | 381,660 | 14,885 | 18.5% | 9,160 | | China Integrated Holdings Limited | 91 | 9,100 | 8,281 | 10.3% | 8,190 | | Other listed equity securities | – | – | 4,893 | 6.1% | 5,360 | | Total | – | – | 28,059 | 34.9% | 22,710 | - Investments in Huilong Holdings Limited accounted for approximately **18.5% of total assets**, and China Integrated Holdings Limited for approximately **10.3%**[89](index=89&type=chunk) - The Group's investment strategy is a diversified and flexible portfolio to maximize sustained long-term returns[91](index=91&type=chunk) [Revenue](index=25&type=section&id=Revenue) The Group's total revenue slightly increased, primarily from renovation and fitting-out works, with revenue from ongoing contracts recognized based on progress, despite a stable number of projects - Total revenue increased by **HKD 1,061 thousand** from **HKD 35,141 thousand in 2024** to **HKD 36,202 thousand in 2025**[92](index=92&type=chunk) - All revenue was derived from the provision of civil engineering and renovation and fitting-out works[92](index=92&type=chunk) - The total value of contracts on hand increased from **HKD 333,844 thousand in 2024** to **HKD 346,894 thousand in 2025**, with the number of projects remaining at **12**[92](index=92&type=chunk) [Gross Profit and Gross Profit Margin](index=25&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit significantly decreased due to rising material and labor costs under inflationary pressure and limited ability to pass on costs due to industry competition. Gross margin varies by project value, complexity, competition, and cost control - Gross profit decreased from **HKD 1,880 thousand in 2024** to **HKD 982 thousand in 2025**[93](index=93&type=chunk) - The decline in gross profit was primarily attributed to rising material and labor costs due to inflationary pressure, and limited ability to pass on costs due to industry competition[93](index=93&type=chunk) - Gross profit margin is influenced by project contract value, nature and complexity of civil engineering works, competition level, and cost control measures[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Other Income](index=26&type=section&id=Other%20Income) Other income increased, primarily due to higher government subsidies and an increase in over-provision for long service payments - Other income increased from **HKD 1,188 thousand in 2024** to **HKD 1,392 thousand in 2025**[98](index=98&type=chunk) - The increase was mainly due to higher government subsidies and an increase in over-provision for long service payments[98](index=98&type=chunk) [Other Gains or Losses](index=26&type=section&id=Other%20Gains%20or%20Losses) Other gains or losses for the year swung from a loss to a profit, primarily from unrealized gains on financial assets at fair value through profit or loss - Other gains or losses swung from a **loss of HKD 13,287 thousand in 2024** to a **profit of HKD 5,349 thousand in 2025**[99](index=99&type=chunk) - The primary source of gains was unrealized gains on financial assets at fair value through profit or loss[99](index=99&type=chunk) [Impairment Losses Recognized under Expected Credit Loss Model, Net of Reversals](index=27&type=section&id=Impairment%20Losses%20Recognized%20under%20Expected%20Credit%20Loss%20Model%2C%20Net%20of%20Reversals) The Group engaged professional valuers to assess expected credit losses on trade receivables, and directors consider the loss provision adequate after comprehensive consideration of various factors - The Group engaged professional valuers to assist in assessing expected credit losses in accordance with Hong Kong Financial Reporting Standards[100](index=100&type=chunk) - The assessment considered the status of receivables, past default history of debtors, business relationships, repayment records, industry, and economic data[100](index=100&type=chunk) - Based on the assessment, the directors consider the loss provision adequate[100](index=100&type=chunk) [Administrative and Other Operating Expenses](index=27&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative and other operating expenses significantly increased, primarily due to higher staff costs, marketing expenses, and severance payments - Administrative and other operating expenses increased by **23.6%** from **HKD 7,567 thousand in 2024** to **HKD 9,353 thousand in 2025**[101](index=101&type=chunk) - The increase was primarily due to higher staff costs, marketing expenses, and severance payments[101](index=101&type=chunk) [Finance Costs](index=27&type=section&id=Finance%20Costs) The Group's finance costs remained stable, primarily consisting of interest on bonds payable - Finance costs remained stable at **HKD 720 thousand** for both years[102](index=102&type=chunk) [Income Tax Credit](index=27&type=section&id=Income%20Tax%20Credit) The Group incurred no income tax expense in either of the two reporting periods - The Group incurred no income tax expense for the years ended March 31, 2024, and 2025[103](index=103&type=chunk) [Loss for the Year](index=27&type=section&id=Loss%20for%20the%20Year) Loss for the year significantly decreased, primarily benefiting from increased revenue and other income, and the net effect of other gains or losses swinging from a loss to a profit - Loss for the year decreased by **HKD 11,534 thousand** from **HKD 17,433 thousand in 2024** to **HKD 5,899 thousand in 2025**[104](index=104&type=chunk) - The reduction in loss primarily stemmed from increased revenue and other income, and the net effect of increased gains from other gains or losses[104](index=104&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) Overview of the Group's liquidity position, financial resources, and capital structure, including changes in liquidity ratio, debt, and equity [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's current ratio decreased and gearing ratio increased, but it maintains sufficient liquidity with existing bank balances and cash to meet demands, while total interest-bearing debt remained stable - The current ratio decreased from approximately **1.7 times in 2024** to approximately **1.5 times in 2025**[105](index=105&type=chunk) - Total interest-bearing debt (including bonds payable) remained stable at approximately **HKD 12,000 thousand**[106](index=106&type=chunk) - The gearing ratio increased from approximately **36% in 2024** to approximately **44% in 2025**[106](index=106&type=chunk) - The Group possesses sufficient liquidity to meet its funding requirements[106](index=106&type=chunk) [Capital Structure](index=28&type=section&id=Capital%20Structure) The Group's capital structure remained stable during the reporting period, with issued and fully paid share capital and total equity attributable to owners consistent with the previous year - The Group's capital structure remained unchanged during the reporting period, except for a new share placement completed in September 2020[107](index=107&type=chunk) - As of March 31, 2025, issued and fully paid share capital was **HKD 48,298 thousand**, and total equity attributable to owners of the Company was **HKD 27,218 thousand**[107](index=107&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) Additional disclosures on commitments, contingent liabilities, future plans, foreign exchange risk, asset pledges, employees, dividends, post-reporting events, and corporate governance [Commitments](index=28&type=section&id=Commitments) The Group had no capital commitments as of March 31, 2025 - The Group had no capital commitments as of March 31, 2025[108](index=108&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of March 31, 2025 - The Group had no significant contingent liabilities as of March 31, 2025[109](index=109&type=chunk) [Acquisitions and Disposals and Future Plans for Material Investments and Capital Assets](index=28&type=section&id=Acquisitions%20and%20Disposals%20and%20Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The Group made no significant acquisitions or disposals during the reporting period and has no other material investment or capital asset plans beyond those disclosed - The Group did not undertake any significant acquisitions or disposals of subsidiaries and associates during the reporting period[110](index=110&type=chunk) - Other than those disclosed in this announcement, the Group had no other plans for material investments or capital assets as of March 31, 2025[110](index=110&type=chunk) [Exchange Rate Fluctuation Risk](index=28&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The Group faces very low foreign exchange risk due to the Hong Kong dollar's peg to the US dollar - The Group's business operations are conducted in Hong Kong, with transactions, monetary assets, and liabilities denominated in HKD and USD[111](index=111&type=chunk) - Due to the HKD's peg to the USD, the Group faces very low foreign exchange risk[111](index=111&type=chunk) [Pledge of the Group's Assets](index=29&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) The Group's total interest-bearing debt remained stable, and it had no general bank financing or lease liabilities - The Group's total interest-bearing debt was approximately **HKD 12,000 thousand**, consistent with the previous year[112](index=112&type=chunk) - The Group had no general bank financing or lease liabilities as of March 31, 2025, and 2024[112](index=112&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee count slightly decreased, leading to lower total staff costs, with remuneration policies based on qualifications, position, and seniority, offering discretionary bonuses and other benefits to attract and retain talent - As of March 31, 2025, the Group employed approximately **22 employees**, a decrease from **26 employees** in the previous year[113](index=113&type=chunk) - Total staff costs (including directors' emoluments) for the reporting period were approximately **HKD 5,055 thousand**, a decrease from **HKD 5,909 thousand** in the previous year[113](index=113&type=chunk) - Remuneration policy is based on qualifications, position, and seniority, offering discretionary bonuses, retirement benefits, and training subsidies[113](index=113&type=chunk) [Final Dividend](index=29&type=section&id=Final%20Dividend) The Board of Directors recommended no final dividend for the reporting period - The Board of Directors recommended no final dividend for the reporting period[114](index=114&type=chunk) [Events After the Reporting Period](index=29&type=section&id=Events%20After%20the%20Reporting%20Period) The Company announced on June 10, 2025, a proposed change to its English and Chinese names, reflecting potential adjustments to its business direction - The Company announced on June 10, 2025, a proposed change of its English name to "Ju Fu Tang Biotech Holdings Co., Ltd"[115](index=115&type=chunk) - The Company's proposed new Chinese dual foreign name is "菊福堂生物控股有限公司"[115](index=115&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all applicable provisions of the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules - The Company has complied with all applicable provisions of the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules[116](index=116&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities from the listing date up to the announcement date - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities from the listing date up to the date of this announcement[117](index=117&type=chunk) [Competing Interests](index=30&type=section&id=Competing%20Interests) Directors confirm that no controlling shareholder, director, or their close associates hold interests in any business competing with the Group's operations - The directors confirm that no controlling shareholder, director, or their close associates hold interests in any business directly or indirectly competing with the Group's operations[118](index=118&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=30&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a code of conduct for directors' securities transactions as required by GEM Listing Rules, and all directors confirmed 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 the code of conduct for directors' securities transactions[119](index=119&type=chunk) - All directors confirmed full compliance with the dealing standards set out in the code of conduct[119](index=119&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) The Company's share option scheme, adopted to attract and retain talent, had 19,842,480 options granted as of March 31, 2025, with some having lapsed - The share option scheme was adopted on March 24, 2016, to attract and retain high-caliber employees and promote business success[120](index=120&type=chunk) - As of March 31, 2025, the Company had granted **19,842,480 share options** under the scheme[121](index=121&type=chunk) Share Option Movements | Category | Balance at April 1, 2024 | Granted during the year | Exercised during the year | Lapsed during the year | Balance at March 31, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors | 891,540 | – | – | (891,540) | – | | Other employees | 23,408,480 | – | – | (3,566,160) | 19,842,320 | | Consultants | 2,674,620 | – | – | (2,674,620) | – | | Total | 26,974,800 | – | – | (7,132,320) | 19,842,480 | [Sufficiency of Public Float](index=31&type=section&id=Sufficiency%20of%20Public%20Float) The Company confirms compliance with the GEM Listing Rules' minimum public float requirement of 25% - The Company complies with the minimum public float requirement of **25%** under the GEM Listing Rules[124](index=124&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Company's Audit Committee, comprising three independent non-executive directors, reviewed the annual results and confirmed compliance with applicable standards and disclosure requirements - The Audit Committee comprises three independent non-executive directors, with Mr Wong Chi Kan as chairman[125](index=125&type=chunk) - The Committee reviewed the audited annual results for the year ended March 31, 2025, and confirmed compliance with applicable standards and disclosure requirements[126](index=126&type=chunk) [Scope of Work of the Company's Auditor](index=32&type=section&id=Scope%20of%20Work%20of%20the%20Company%27s%20Auditor) The preliminary announcement figures were agreed by the auditor, Zhubaoxinqin Certified Public Accountants Limited, but their work does not constitute an assurance engagement - The figures in the Group's preliminary annual results announcement have been agreed with the auditor, Zhubaoxinqin Certified Public Accountants Limited[127](index=127&type=chunk) - The auditor's work does not constitute an assurance engagement, thus no assurance is provided on the preliminary announcement[127](index=127&type=chunk) [Publication of Information on the Stock Exchange Website](index=32&type=section&id=Publication%20of%20Information%20on%20the%20Stock%20Exchange%20Website) This announcement and the annual report will be published on the Stock Exchange and Company websites and dispatched to shareholders in due course - This announcement will be published on the Stock Exchange website (www.hkex.com.hk) and the Company's website (www.todayir.com/en/showcases.php?code=8217)[128](index=128&type=chunk) - The annual report for the reporting period will be published on the Company's and Stock Exchange websites and dispatched to the Company's shareholders in due course[128](index=128&type=chunk)

Share Options - As of March 31, 2024, WMHW Holdings Limited has 30,186,000 share options available for issuance under the share option scheme, representing 10% of the issued share capital[3] - The number of share options remained unchanged at 30,186,000 from April 1, 2023, to March 31, 2024[2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 建議更改公司名稱須於以下條件達成後，方可作實： 待上文所載條件獲達成後，建議更改公司名稱將自開曼群島公司註冊處處長將本 公司新英文名稱及中文雙重外文名稱載入開曼群島公司註冊處處長存置的公司登 記冊當日起生效。其後，開曼群島公司註冊處處長將發出更改名稱註冊證書。本公 司屆時將向開曼群島公司註冊處處長及香港公司註冊處辦理必要的登記及╱或存 檔手續。 建議更改公司名稱之理由 董事會認為，建議更改公司名稱將為市場及公眾提供全新的本公司企業身份及形象， 有利於本公司未來業務發展（包括但不限於由總經理蔡淳治先生領導的康養業務）， 從而拓寬本集團的收入來源。董事會認為，建議更改公司名稱符合本公司及本公 司股東（「股東」）之整體利益。 1 (i) 本公司股東（「股東」）於本公司股東特別大會（「股東特別大會」）上以特別決 議案之方式批准；及 (ii) 開曼群島公司註冊處處長透過發出更改名稱註冊證書批准。 WMHW Hol ...

董事會會議通告 萬民好物控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈，本 公司將於二零二五年六月三十日（星期一）舉行董事會會議，其中議程包括審議及 批准刊發本公司及其附屬公司截至二零二五年三月三十一日止年度之經審核年度 業績公告，以及考慮派發股息（如有）之建議。 承董事會命 萬民好物控股有限公司 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依賴該等內容而引致之任何損失承擔任何責任。 WMHW Holdings Limited 萬民好物控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8217） 於本公告日期，執行董事為陳健先生及余曉女士。獨立非執行董事為黃智瑾先生、 劉燕欽女士及廖洪浩先生。 本公告遵照GEM 上市規則的規定，提供關於本公司的資料；全體董事共同及個別 對本公告負全責。董事經作出一切合理查詢後，確認據彼等所知及所信，本公告所 載資料在所有重要方面均屬準確及完整，並無誤導或欺詐成份，且本公告中並無 遺漏任何其他事宜導致當中任何聲明有誤導成份。 本 ...

除上文所披露者外，蔡先生並無(i) 於本公司或本集團其他成員公司擔任任何其他 職務；(ii)與本公司任何董事、高級管理層或主要股東或控股股東有任何關係；(iii) 於過去三年內於其證券在香港及╱或海外任何證券市場上市之任何公眾公司擔任 任何董事職務，亦無持有任何其他主要任命或專業資格。於本公告日期，蔡先生並 無於本公司的股份中擁有證券及期貨條例第XV部所界定之任何權益。 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。 WMHW Holdings Limited 萬民好物控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8217） 委任總經理 董事會（「董事會」）欣然宣佈蔡淳治先生（「蔡先生」）自二零二五年一月十八日起 獲委任為萬民好物控股有限公司（「本公司」，連同附屬公司，統稱「本集團」）之總 經理（「總經理」）。 蔡先生，50歲，於二零一零年完成河北清華發展研究院舉辦的清華大學華商總裁 高級研修班，現為山東菊福堂生物科技股份有限公司董事長。 ...

WMHW HOLDINGS LIMITED 萬民好物控股有限公司 (Incorporated in Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 8217) （股份代號：8217） NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholder(1), WMHW HOLDINGS LIMITED (the "Company") – Notification of publication of 2024 Interim Report ("Current Corporate Communications") The Current Corporate Communication of the Company, in both English and Chinese versions, is available on the websites of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and t ...

WMHW HOLDINGS LIMITED 萬民好物控股有限公司 (Incorporated in Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） It is the responsibility of registered shareholders to provide a functional email address. If you have not provided your email address to the Company or need to update your email address, the Company recommends you to provide your email address by completing, signing the enclosed Reply Form and returning to the Branch Share Registrar at the above-mentioned address by post or by email to 8217-ecom@hk.tri ...

Revenue and Financial Performance - The group's revenue for the six months ending September 30, 2024, increased compared to the same period in 2023, primarily due to the commencement of new construction projects[17] - Total revenue increased from approximately HKD 20,533,000 for the six months ended September 30, 2023, to approximately HKD 26,001,000 for the six months ended September 30, 2024, representing an increase of about 26.6%[23] - Revenue for the six months ended September 30, 2024, was HKD 26,001 thousand, representing a 26.0% increase from HKD 20,533 thousand in the same period last year[65] - Gross profit rose from approximately HKD 583,000 for the six months ended September 30, 2023, to approximately HKD 2,842,000 for the six months ended September 30, 2024[24] - Gross profit for the same period was HKD 2,842 thousand, compared to HKD 583 thousand, indicating a significant improvement in profitability[65] - Net loss decreased from approximately HKD 19,633,000 for the six months ended September 30, 2023, to approximately HKD 4,698,000 for the six months ended September 30, 2024, indicating a significant improvement in financial performance[30] - The net loss for the period was HKD 4,698 thousand, a reduction from a net loss of HKD 19,633 thousand in the previous year, reflecting a 76.1% improvement[65] Costs and Expenses - Administrative expenses increased from approximately HKD 1,869,000 to approximately HKD 3,836,000, primarily due to higher professional fees and other administrative costs[26] - The company’s employee benefits expenses, including directors' remuneration, amounted to HKD 2,605,000 for the six months ended September 30, 2024, down from HKD 2,831,000 in 2023[89] - The company incurred depreciation expenses of HKD 42,000 for the six months ended September 30, 2024, slightly up from HKD 41,000 in the previous year[87] - The company’s financing costs for bond interest payable remained stable at HKD 360,000 for both periods[86] Client and Revenue Concentration - The majority of the group's revenue is derived from a small number of clients, with the top five clients contributing approximately 100% of total revenue for the six months ending September 30, 2024, and the largest client accounting for about 90.5% of total revenue[44] - The largest client’s revenue contribution increased from 75.4% for the six months ending September 30, 2023, to 90.5% for the current reporting period[44] - The group has identified several key risks, including reliance on a limited number of clients and potential inaccuracies in project cost estimations[44] Market and Operational Outlook - The government reaffirmed its commitment to infrastructure investment, announcing an average annual capital expenditure of approximately HKD 90 billion, which is an increase of about 17% from the previous five-year average of HKD 76 billion[17] - The year 2025 is expected to present both opportunities and challenges, with public spending commitments creating more market opportunities[18] - Factors such as difficult geological conditions, adverse weather, and unforeseen issues during project execution may impact the group's profitability as a subcontractor[18] - The group aims to strengthen its competitive advantage in the civil engineering industry while carefully evaluating projects and controlling overall costs[18] - The company continues to monitor market trends closely to adjust its investment strategy accordingly[21] - Future outlook includes potential market expansion and the introduction of new products, although specific details were not disclosed in the current report[99] Financial Position and Assets - The capital debt ratio was approximately 42.2% as of September 30, 2024, compared to 36.2% as of March 31, 2024, indicating an increase in leverage[32] - Total assets as of September 30, 2024, were HKD 28,419 thousand, down from HKD 33,117 thousand as of March 31, 2024[67] - Cash and cash equivalents decreased to HKD 1,966 thousand from HKD 4,005 thousand at the beginning of the period[71] - Trade receivables decreased to HKD 30,072 thousand as of September 30, 2024, from HKD 33,398 thousand as of March 31, 2024, reflecting a reduction of approximately 10%[98] - Trade payables increased to HKD 14,811 thousand as of September 30, 2024, compared to HKD 12,672 thousand as of March 31, 2024, representing an increase of about 17%[100] - The company reported a total of HKD 36,746 thousand in trade and other payables as of September 30, 2024, up from HKD 32,029 thousand as of March 31, 2024, indicating a growth of approximately 15%[100] Governance and Compliance - The company has established an audit committee to ensure compliance with applicable accounting standards and regulations[62] - The group has maintained compliance with all applicable corporate governance codes as per GEM listing rules during the reporting period[53] - The group has confirmed that there are no competing interests from major shareholders or directors in businesses that directly or indirectly compete with the group[51] Stock Options and Dividends - The group has issued 19,842,480 stock options under its stock option plan, with each option granting the holder the right to subscribe for one share at HKD 0.16[57] - The company has granted stock options to 10 employees, with each holding 1,069,848 options, totaling 10,698,480 options granted[58] - The company also granted stock options to 4 employees, with each holding 2,286,000 options, totaling 9,144,000 options granted[59] - No interim dividend was proposed for the six months ended September 30, 2024[42] - The company did not declare an interim dividend for the six months ended September 30, 2024, and 2023[90]

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依賴該等內容而引致之任何損失承擔任何責任。 WMHW Holdings Limited 萬民好物控股有限公司 （於開曼群島註冊成立的有限公司） 承董事會命 本公告將於聯交所GEM 網站www.hkgem.com「最新公司公告」頁由登載日期起計 最少保留七日，並且於本公司網站www.todayir.com/en/showcases.php?code=8217登 載。 萬民好物控股有限公司 執行董事 陳健 香港，二零二四年十一月十二日 於本公告日期，執行董事為陳健先生及余曉女士，而獨立非執行董事為黃智瑾先生、 劉燕欽女士及廖洪浩先生。 本公告遵照GEM 上市規則的規定，提供關於本公司的資料；全體董事共同及個別 對本公告負全責。董事經作出一切合理查詢後確認，據彼等所知及所信，本公告所 載資料在所有重要方面均屬準確及完整，並無誤導或欺詐成份，且本公告中並無 遺漏任何其他事宜導致當中任何聲明有誤導成份。 （股份代號：8217） 董事會會議通告 萬民好物控股有 ...