建成控股(01630) - 2025 - 年度业绩

Financial Performance Consolidated Financial Statements The Group's FY2025 revenue significantly decreased, but net loss narrowed due to reduced impairment and increased other income, alongside slight declines in assets and cash, and new bank borrowings Consolidated Statement of Profit or Loss Summary | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 878,762 | 1,244,556 | -29.4% | | Gross Profit | 311 | 31,620 | -99.0% | | Loss Before Tax | (8,604) | (43,810) | Loss narrowed by 79.9% | | Loss for the Year | (9,460) | (43,810) | Loss narrowed by 78.4% | | Basic Loss Per Share (HK Cents) | (0.63) | (2.92) | Loss narrowed by 78.4% | Consolidated Statement of Financial Position Summary | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 417,597 | 483,879 | -13.7% | | Total Liabilities | 304,756 | 361,578 | -15.7% | | Net Assets | 112,841 | 122,301 | -7.7% | | Cash and Cash Equivalents | 108,415 | 169,308 | -36.0% | | Bank Borrowings | 9,000 | – | N/A | Notes to Financial Statements These notes detail the financial statements' basis, accounting policies, and key items, highlighting the Group's core formwork engineering business in Hong Kong across three segments - The Group is primarily engaged in providing formwork engineering, building construction works, and trading and investment businesses, with all operations and assets located in Hong Kong[6][12][20] Segment Revenue and Results (2025) | Segment | Revenue (HKD Thousands) | Segment (Loss)/Profit (HKD Thousands) | | :--- | :--- | :--- | | Formwork Engineering | 878,762 | (25,353) | | Building Construction Works | – | (11) | | Trading and Investment Business | – | 26,289 | - Customer concentration shifted, as major client A (contributing HKD 499 million in FY2024 revenue) was no longer a primary client in FY2025, replaced by four new clients each contributing over 10% of revenue[21] Dividend The Board does not recommend a final dividend for the year ended March 31, 2025 - For the year ended March 31, 2025, the company neither declared nor proposed any dividends[27][62] Management Discussion and Analysis Business Overview and Prospects The Group's core formwork engineering business, primarily in Hong Kong's private sector, plans to diversify risks by expanding project types and client base amidst market competition and cost uncertainties - The Group is primarily engaged in formwork engineering, contributing approximately HKD 879 million in revenue in FY2025, with 75.1% of total revenue from private sector projects[31][32] - The formwork engineering industry anticipates continued challenges from intensified market competition and uncertain labor costs, prompting the Group to mitigate risks by expanding its project scope and client base[34] Financial Review Despite sharp declines in revenue and gross profit, the Group successfully narrowed its net loss due to improved investment income and reduced impairment provisions Revenue Revenue decreased by 29.4% year-on-year to HKD 879 million, primarily due to industry market fluctuations causing delays in general contractor certification processes Revenue Performance | Fiscal Year | Revenue (HKD Thousands) | Number of Projects | | :--- | :--- | :--- | | 2025 | 878,762 | 43 | | 2024 | 1,244,556 | 29 | - The decrease in revenue was primarily due to overall industry market fluctuations and delays in general contractor certification processes for general contractors[35] Gross Profit & Margin Gross profit plummeted by 99.0% to HKD 311 thousand, with gross margin falling from 2.5% to 0.04%, due to certification delays, unexpected costs, and project suspensions Gross Profit and Gross Margin Performance | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Gross Profit (HKD Thousands) | 311 | 31,620 | | Gross Margin | 0.04% | 2.5% | - The three main reasons for the decline in gross profit and gross margin are: (i) delays in general contractor certification; (ii) additional costs due to changes in on-site management personnel; and (iii) project suspensions caused by the appointment of provisional liquidators for client Paul Y. Engineering Group[37] Other Income and Expenses Net other income shifted from a loss to a gain, driven by unrealized trading securities gains and dividend income, while administrative expenses decreased by 6.3% - The significant increase in net other income was primarily due to the trading and investment business segment recording a net gain of approximately HKD 23.6 million, compared to a net loss of approximately HKD 13.8 million in the prior year[38] - Administrative expenses decreased by 6.3% year-on-year, primarily due to reduced administrative staff costs[39] Loss for the Year Loss attributable to shareholders significantly narrowed from HKD 43.81 million to HKD 9.46 million, driven by net investment gains and reduced impairment, offsetting gross profit decline Loss for the Year Comparison | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Loss attributable to equity holders of the Company | (9,460) | (43,810) | - The narrowed loss is primarily due to: (i) a net gain in trading and investment business, contrasting with a net loss last year; and (ii) a significant reduction in expected credit loss provisions, with these positive factors outweighing the negative impact of (iii) decreased gross profit[42] Liquidity and Risk Management The Group's cash position weakened, and gearing ratio rose to 146.6% due to new bank borrowings, with key operational risks including reliance on non-recurring items and inaccurate cost estimates Liquidity and Capital Structure | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents (HKD Thousands) | 108,415 | 169,308 | | Bank Borrowings (HKD Thousands) | 9,000 | – | | Gearing Ratio | 146.6% | 125.4% | - Key risks include: revenue reliance on non-recurring items, inaccurate contract price estimates, significant increases in construction material costs, construction litigation, and untimely recovery of progress payments[55] Material Investments The Group holds a HKD 71.11 million Hong Kong-listed securities portfolio, recording fair value gains and dividend income, with HKEX investment being the most significant single holding at 8.26% of total assets Overview of Major Investments (As at March 31, 2025) | Investment Name | Fair Value (HKD Thousands) | Fair Value Change (HKD Thousands) | Dividends Received (HKD Thousands) | | :--- | :--- | :--- | :--- | | Hong Kong Exchanges and Clearing (388) | 34,480 | 11,700 | 926 | | China Construction Bank (939) | 6,880 | 2,160 | 586 | | BOC Hong Kong (Holdings) (2388) | 9,420 | 3,135 | 514 | | Ping An Insurance (Group) (2318) | 6,945 | 1,987 | 360 | - Fair value changes of financial assets at fair value through profit or loss resulted in a gain of HKD 20.52 million (compared to a loss of HKD 16.66 million last year), with dividend income of HKD 3.15 million[22] - The investment in Hong Kong Exchanges and Clearing is the only individual investment accounting for more than 5% of the Group's total assets[53] Operational Information The Group is in legal proceedings with a supplier over delayed material delivery with an uncertain outcome, while employee count significantly decreased from 2,179 to 1,231, leading to reduced staff costs - The Group is claiming approximately HKD 21.21 million from a supplier for delayed material delivery, while the supplier counter-sues for breach of contract and unpaid amounts of approximately HKD 9.8 million, with the case in early stages and an unestimable outcome[49] Employees and Staff Costs | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees | 1,231 | 2,179 | | Total Staff Costs (HKD Thousands) | 473,103 | 578,773 | Corporate Governance and Other Disclosures Compliance and Governance The Group complies with the Corporate Governance Code, with an Audit Committee of three independent non-executive directors, and was fined HKD 152,800 for seven breaches of construction site safety regulations during the year - During the year, the Group was fined a total of HKD 152,800 for seven summonses related to breaches of the Construction Sites (Safety) Regulations and relevant ordinances[60] - The Audit Committee comprises three independent non-executive directors, responsible for reviewing financial statements, accounting policies, and risk management and internal control systems[68] Shareholder Information The Board does not recommend a final dividend, and the Annual General Meeting is scheduled for August 15, 2025, with share transfer registration suspended from August 12 to 15 - The Board does not recommend payment of a final dividend for the year ended March 31, 2025[62] - The Annual General Meeting will be held on August 15, 2025, and share transfer registration will be suspended from August 12 to August 15, 2025[63]