浙江联合投资(08366) - 2025 - 年度业绩

Financial Summary This section provides an overview of the Group's financial performance and position for the year ended April 30, 2025 Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group achieved a profit of HKD 1.01 million for the year, reversing a prior-year loss, despite a 7.34% decrease in revenue to HKD 279.93 million Consolidated Statement of Profit or Loss and Other Comprehensive Income (thousand HKD) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 279,932 | 302,095 | (22,163) | -7.34% | | Direct Costs | (273,827) | (296,336) | 22,509 | -7.60% | | Gross Profit | 6,105 | 5,759 | 346 | 5.90% | | Other Income and Other Gains | 2,666 | 1,847 | 819 | 44.34% | | Administrative Expenses | (6,459) | (7,234) | 775 | -10.71% | | Reversal of Impairment Loss on Trade and Other Receivables | 64 | 361 | (297) | -82.27% | | Impairment Loss Recognized on Contract Assets | (154) | — | (154) | - | | Finance Costs | (1,440) | (1,082) | (358) | 33.09% | | Profit/(Loss) Before Tax | 782 | (349) | 1,131 | - | | Income Tax Credit | 228 | — | 228 | - | | Profit/(Loss) and Total Comprehensive Income/(Expense) for the Year | 1,010 | (349) | 1,359 | - | | Basic Earnings/(Loss) Per Share (HK cents) | 0.06 | (0.02) | 0.08 | - | - The Board does not recommend a final dividend for the year ended April 30, 2025 (2024: nil)[5] Consolidated Statement of Financial Position As of April 30, 2025, the Group reported net current liabilities of HKD 22.01 million and net liabilities of HKD 21.63 million, indicating significant going concern uncertainties Consolidated Statement of Financial Position (thousand HKD) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Assets | | | | | | Non-current Assets | 374 | 558 | (184) | -32.98% | | Current Assets | 62,324 | 64,314 | (1,990) | -3.09% | | Liabilities | | | | | | Current Liabilities | 84,331 | 87,515 | (3,184) | -3.64% | | Net Equity | | | | | | Net Current Liabilities | (22,007) | (23,201) | 1,194 | -5.15% | | Net Liabilities | (21,633) | (22,643) | 1,010 | -4.46% | | Share Capital | 15,772 | 15,772 | 0 | 0.00% | | Reserves | (37,405) | (38,415) | 1,010 | -2.63% | | Accumulated Deficit | (21,633) | (22,643) | 1,010 | -4.46% | Notes to the Consolidated Financial Statements This section details the accounting policies, significant judgments, and explanatory information supporting the consolidated financial statements 1. General Information Zhejiang United Investment Holdings Group Co., Ltd. was incorporated in the Cayman Islands in 2015 and listed on HKEX GEM, primarily engaging in slope, foundation, and general construction works in Hong Kong - The Company was incorporated in the Cayman Islands on May 20, 2015, and listed on GEM of The Stock Exchange of Hong Kong Limited ("Stock Exchange") on November 2, 2015[7] - The Company is an investment holding company, and the Company and its subsidiaries (collectively, the "Group") are principally engaged in undertaking slope works, foundation works, and other general building works in Hong Kong[8] - The Company's immediate holding company is Emperor Securities Limited, and its ultimate holding company is Albert Yeung Capital Holdings Limited[7] 2. Basis of Preparation The consolidated financial statements are prepared under HKFRS on a historical cost basis, with going concern uncertainties addressed by financial support from the direct holding company and cost control measures - The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and on a historical cost basis[9][10] - As of April 30, 2025, the Group recorded net current liabilities of approximately HKD 22,007,000 and net liabilities of approximately HKD 21,633,000, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[12] - To improve working capital and liquidity, the Company has secured a financial support commitment of up to HKD 36,000,000 from its immediate holding company, Emperor Securities Limited, and is actively considering new fundraising activities and implementing various cost control measures[13] 3. Application of New and Revised Hong Kong Financial Reporting Standards Newly applied HKFRS amendments had no material impact on the Group's current financial statements, while HKFRS 18, effective in 2027, is expected to alter profit or loss presentation and future disclosures - The application of the revised HKFRS in the current year had no material impact on the Group's financial position and performance for the current and prior years and/or the disclosures contained in these consolidated financial statements[15] - HKFRS 18 'Presentation and Disclosure in Financial Statements', effective for annual periods beginning on or after January 1, 2027, is expected to impact the presentation of the statement of profit or loss and disclosures in future financial statements, with the Group currently assessing its detailed effects[18] 4. Revenue and Segment Information The Group's 2025 revenue decreased by 7.34% to HKD 279.93 million, predominantly from slope works, with customer B contributing over half of the total revenue Revenue by Service Category (thousand HKD) | Service Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Slope Works | 279,672 | 301,802 | (22,130) | -7.33% | | Foundation Works | 260 | 293 | (33) | -11.26% | | Revenue from Customer Contracts | 279,932 | 302,095 | (22,163) | -7.34% | - The Group considers its business of undertaking slope works and foundation works in Hong Kong as a single operating unit, thus no segment information is presented, and no separate analysis of geographical segment information is reported as revenue and non-current assets are primarily from a single geographical area (i.e., Hong Kong)[23][24] Revenue from Major Customers (thousand HKD) | Major Customer | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Customer A | 35,757 | 44,460 | | Customer B | 162,403 | 164,780 | | Customer C | 50,573 | 73,861 | 5. Other Income and Other Gains Total other income and other gains increased by 44.34% to HKD 2.67 million in 2025, primarily driven by a significant rise in site supervision fee income Other Income and Other Gains (thousand HKD) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank Interest Income | 76 | 22 | 54 | 245.45% | | Site Supervision Fee Income | 2,590 | 1,093 | 1,497 | 137.00% | | Gain on Disposal of Motor Vehicles | — | 732 | (732) | -100.00% | | Total | 2,666 | 1,847 | 819 | 44.34% | 6. Finance Costs Finance costs increased by 33.09% to HKD 1.44 million in 2025, mainly attributable to interest on borrowings Finance Costs (thousand HKD) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Finance Costs | 1,440 | 1,082 | 358 | 33.09% | 7. Profit/(Loss) Before Tax The Group reported a profit before tax of HKD 0.78 million in 2025, a significant improvement from the HKD 0.35 million loss in 2024, supported by reduced staff and administrative expenses Profit/(Loss) Before Tax Components (thousand HKD) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Staff Costs | 3,766 | 4,091 | (325) | -7.94% | | Auditor's Remuneration | 400 | 400 | 0 | 0.00% | | Depreciation of Property, Plant and Equipment | 184 | 85 | 99 | 116.47% | | Legal and Professional Fees | 799 | 1,092 | (293) | -26.83% | | Expenses Relating to Short-term Leases | 531 | 548 | (17) | -3.10% | | Subcontracting Expenses | 273,827 | 296,336 | (22,509) | -7.60% | 8. Income Tax Credit The Group recorded an income tax credit of HKD 0.23 million in 2025, primarily from adjustments for over-provision in prior years, with Hong Kong profits tax calculated under a two-tiered system Income Tax Credit (thousand HKD) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Hong Kong Profits Tax: Provision for the Year | (1) | — | | Over-provision in Prior Years | 229 | — | | Income Tax Credit | 228 | — | - Hong Kong profits tax is calculated under a two-tiered profits tax system, with the first HKD 2 million of assessable profits taxed at 8.25% and the remaining profits at 16.5% for eligible corporations[27] 9. Dividends No dividends were paid, declared, or proposed by the Company for the years ended April 30, 2025, and 2024 - No dividends were paid, declared, or proposed for the years ended April 30, 2025, and 2024, nor have any dividends been proposed since the end of the reporting period[29] 10. Earnings/(Loss) Per Share The Group achieved basic earnings per share of HKD 0.06 cents in 2025, a turnaround from the basic loss per share of HKD 0.02 cents in 2024, with diluted EPS being the same due to no potential ordinary shares Earnings/(Loss) Per Share | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Year Attributable to Owners of the Company (thousand HKD) | 1,010 | (349) | | Weighted Average Number of Ordinary Shares (thousand shares) | 1,577,200 | 1,577,200 | | Basic Earnings/(Loss) Per Share (HK cents) | 0.06 | (0.02) | - Diluted earnings/(loss) per share for both years presented are the same as basic earnings/(loss) per share, as there were no potential ordinary shares outstanding during either year[30] 11. Trade and Other Receivables As of April 30, 2025, total trade and other receivables decreased to HKD 14.35 million, with trade receivables typically having a credit period of 7 to 60 days and most maturing within 30 days Trade and Other Receivables (thousand HKD) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade Receivables from Customer Contracts | 11,910 | 16,012 | (4,102) | -25.62% | | Deposits and Other Receivables | 1,452 | 1,041 | 411 | 39.48% | | Prepayments | 992 | 1,199 | (207) | -17.26% | | Total | 14,354 | 18,252 | (3,898) | -21.36% | Ageing Analysis of Trade Receivables (thousand HKD) | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | 0 to 30 days | 11,841 | 16,012 | | Over 90 days | 69 | — | - The Group grants credit terms of 7 to 60 days to its customers[31] 12. Trade and Other Payables Total trade and other payables decreased to HKD 67.46 million as of April 30, 2025, with accrued expenses and other payables, including amounts due to directors, forming the largest component Trade and Other Payables (thousand HKD) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade Payables | 20,984 | 27,800 | (6,816) | -24.52% | | Retention Payables | 3,480 | 3,645 | (165) | -4.53% | | Accrued Expenses and Other Payables | 42,994 | 42,062 | 932 | 2.22% | | Total | 67,458 | 73,507 | (6,949) | -9.45% | - Accrued expenses and other payables include amounts due to a director of a subsidiary of approximately HKD 34,500,000 (2024: approximately HKD 33,100,000), and amounts due to former directors Mr. Zhou Ying and Ms. Meng Ying[34] - Payment terms granted by suppliers range from 7 to 60 days from the invoice date[33] Management Discussion and Analysis This section provides a comprehensive review of the Group's operational performance, financial position, and future outlook, highlighting key trends and strategic initiatives Business Review and Outlook The Group, a Hong Kong-based contractor for slope, foundation, and general construction works, achieved net profit growth despite revenue decline, maintaining a cautiously optimistic outlook on the slope engineering sector due to government infrastructure projects - The Group is a contractor primarily engaged in slope works, foundation works, and other general building works in Hong Kong, holding qualifications as an approved specialist contractor on the Development Bureau's list of approved public works contractors[35] - Compared to a net loss in the year ended April 30, 2024, the Group recorded an increase in net profit for the year ended April 30, 2025, driven by reduced revenue and improved gross profit margin[36] - The Directors remain cautiously optimistic about the Hong Kong slope engineering industry, believing that the government's continued increase in major construction and infrastructure projects will drive demand for slope works[37] Financial Review The Group's 2025 revenue decreased by 7.34% to HKD 279.93 million, but gross profit increased by 5.90% to HKD 6.10 million due to reduced subcontracting costs, leading to a net profit of HKD 1.01 million Revenue Total Group revenue decreased by 7.34% to HKD 279.93 million in 2025, primarily due to a reduction in slope engineering revenue - The Group's total revenue decreased by approximately HKD 22.17 million from approximately HKD 302.10 million for the year ended April 30, 2024, to approximately HKD 279.93 million for the year ended April 30, 2025, representing a 7.34% decrease[38] - Revenue from undertaking slope works decreased by approximately 7.33% to HKD 279.67 million, and revenue from foundation works decreased by approximately 10.34% to HKD 0.26 million[38][39] Direct Costs Direct costs decreased by 7.60% to HKD 273.83 million in 2025, mainly attributable to reduced subcontracting fees due to fewer projects - The Group's direct costs decreased by approximately HKD 22.51 million from approximately HKD 296.34 million for the year ended April 30, 2024, to approximately HKD 273.83 million for the year ended April 30, 2025, representing a 7.60% decrease[40] - This reduction was primarily due to a decrease in the number of projects undertaken, leading to lower subcontracting fees[40] Gross Profit Gross profit increased by 5.90% to HKD 6.10 million in 2025, with the gross profit margin slightly rising to 2.18%, mainly due to a slight reduction in subcontracting and overall construction costs - The Group's gross profit increased by approximately HKD 0.34 million from approximately HKD 5.76 million for the year ended April 30, 2024, to approximately HKD 6.10 million for the year ended April 30, 2025, representing a 5.90% increase[40] - The gross profit margin slightly increased from approximately 1.91% for the year ended April 30, 2024, to approximately 2.18% for the year ended April 30, 2025, primarily due to a slight reduction in subcontracting fees and overall construction costs[40] Other Income and Other Gains Other income and other gains increased to approximately HKD 2.67 million in 2025, primarily driven by higher site supervision fee income - The Group's other income and other gains were approximately HKD 2.67 million and HKD 1.85 million for the years ended April 30, 2025, and 2024, respectively, with the increase mainly attributable to higher site supervision fee income in 2025[41] Administrative Expenses Administrative expenses decreased by 10.65% to HKD 6.46 million in 2025, primarily due to a reduction in total staff costs - The Group's administrative expenses decreased by approximately HKD 0.77 million from approximately HKD 7.23 million for the year ended April 30, 2024, to approximately HKD 6.46 million for the year ended April 30, 2025, representing a decrease of approximately 10.65%[42] - The reduction in administrative expenses was primarily due to a decrease in total staff costs[42] Reversal of Impairment Loss on Trade and Other Receivables The reversal of impairment loss on trade and other receivables significantly decreased to approximately HKD 0.064 million in 2025, compared to HKD 0.361 million in 2024, due to a reduction in impairment loss reversals - Reversal of impairment loss on trade and other receivables recorded approximately HKD 0.064 million and HKD 0.361 million for the years ended April 30, 2025, and 2024, respectively, due to a decrease in impairment loss reversals[43] Impairment Loss Recognized on Contract Assets Impairment loss recognized on contract assets increased significantly by 275.00% to approximately HKD 0.15 million in 2025, primarily due to higher expected credit losses - Impairment loss recognized on contract assets increased by approximately HKD 0.11 million from approximately HKD 0.04 million for the year ended April 30, 2024, to approximately HKD 0.15 million for the year ended April 30, 2025, representing an increase of approximately 275.00%[44] - The increase in impairment loss recognized on contract assets was primarily due to higher expected credit losses[44] Finance Costs Finance costs incurred from interest on borrowings increased to approximately HKD 1.44 million in 2025, compared to HKD 1.08 million in 2024 - For the year ended April 30, 2025, the Group incurred finance costs of approximately HKD 1.44 million (2024: HKD 1.08 million) from interest on borrowings[45] Net Profit The Group achieved a net profit attributable to owners of approximately HKD 1.01 million in 2025, reversing a HKD 0.35 million loss in 2024, mainly due to increased site supervision fee income - Profit attributable to owners of the Company for the year ended April 30, 2025, was approximately HKD 1.01 million, compared to a loss attributable to owners of the Company of approximately HKD 0.35 million for the year ended April 30, 2024[46] - The increase in net profit for the year was primarily due to the aforementioned increase in site supervision fee income for the year ended April 30, 2025[46] Final Dividend The Board does not recommend the payment of a final dividend for the year ended April 30, 2025 - The Board does not recommend a final dividend for the year ended April 30, 2025 (2024: nil)[47] Liquidity and Financial Resources As of April 30, 2025, the Group's liquidity ratio was 0.74, with HKD 62.32 million in current assets and HKD 84.33 million in current liabilities, and a negative gearing ratio reflecting an accumulated deficit Liquidity Position As of April 30, 2025, the Group's current assets were HKD 62.32 million, current liabilities were HKD 84.33 million, resulting in a liquidity ratio of 0.74 - As of April 30, 2025, current assets were HKD 62.32 million (2024: HKD 64.31 million), and current liabilities were HKD 84.33 million (2024: HKD 87.52 million)[48] - The liquidity ratio was 0.74 (2024: 0.73)[48] Cash Position As of April 30, 2025, the Group's cash and cash equivalents increased by approximately HKD 2.21 million to approximately HKD 36.04 million - As of April 30, 2025, the Group's cash and cash equivalents at banks and other financial institutions and cash on hand were approximately HKD 36.04 million (2024: approximately HKD 33.83 million), representing an increase of approximately HKD 2.21 million from April 30, 2024[49] Pledge of the Group's Assets As of April 30, 2025, the Group had no assets pledged - As of April 30, 2025, the Group had no assets pledged (2024: nil)[50] Gearing Ratio As of April 30, 2025, the Group's gearing ratio was approximately negative 257.37%, reflecting an accumulated deficit in equity - As of April 30, 2025, the Group's gearing ratio was approximately negative 257.37% (2024: approximately negative 220.67%)[51] - The Group's equity was in a deficit position as of April 30, 2025, resulting in a negative gearing ratio[51] Foreign Exchange Risk The Group did not face significant foreign exchange risk for the year ended April 30, 2025, as most transactions, assets, and liabilities are denominated in HKD - Most of the Group's transactions, assets, and liabilities are denominated in HKD, and the Group did not face significant foreign exchange risk for the year ended April 30, 2025[52] Capital Commitments As of April 30, 2025, the Group had no significant capital commitments - As of April 30, 2025, the Group had no significant capital commitments (2024: nil)[53] Employees and Remuneration Policy As of April 30, 2025, the Group had 70 employees with total staff costs of approximately HKD 3.77 million, offering competitive remuneration and performance-based increments and bonuses - As of April 30, 2025, the Group had 70 (2024: 73) employees (including directors)[54] - Staff costs (including directors' emoluments) for the year ended April 30, 2025, were approximately HKD 3.77 million, compared to approximately HKD 4.09 million for the year ended April 30, 2024[54] - The Group annually reviews its employee remuneration policy and benefits, providing salary increments and discretionary bonuses based on individual performance appraisals[54] Key Risks and Uncertainties Key risks include reliance on non-recurrent government contracts, potential loss of senior management and internal engineers, and adverse impacts from project delays on cash flow, business, and reputation - A significant portion of the Group's past revenue has been generated from non-recurrent contracts awarded by the Hong Kong Government and statutory bodies, and a reduction in government spending on construction projects, particularly slope works, could materially impact the Group's financial performance[59] - The Group relies on its senior management and internal engineers, and failure to retain these employees could adversely affect the Group's business operations[59] - Any delays in the Group's projects could impact its cash flow and potentially have an adverse effect on its business and reputation[59] Compliance with Laws and Regulations The Group operates primarily in Hong Kong, adhering to local laws and regulations, employing external advisors, and reported no material breaches for the year ended April 30, 2025 - The Group's business is primarily conducted by its subsidiaries in Hong Kong and complies with relevant Hong Kong laws and regulations[60] - The Group has engaged external compliance and legal advisors to ensure its operations adhere to the applicable legal framework[60] - For the year ended April 30, 2025, and up to the date of this announcement, the Group had no material breaches of relevant current laws and regulations in Hong Kong[60] Relationships with Customers, Suppliers, Subcontractors, and Employees The Group maintains long-term relationships with diverse clients, manages an approved list of subcontractors without significant issues, and values employees by offering competitive remuneration and development opportunities - The Group's customers primarily include Hong Kong government departments (such as the Civil Engineering and Development Department, Lands Department), statutory bodies (such as the Hong Kong Housing Authority), and private companies[61] - The Group maintains an internal list of approved subcontractors, selecting them based on experience, scheduling, and fee quotations, and encountered no significant difficulties or disputes in procuring materials or appointing subcontractors during the year[62] - The Group offers competitive remuneration packages to attract and retain employees, regularly reviewing compensation based on industry benchmarks, financial performance, and individual employee performance, while also emphasizing employee training and development[63] Other Information This section covers independent auditor's findings, corporate governance practices, and other mandatory disclosures, including compliance with listing rules and post-reporting period events Excerpt from Independent Auditor's Report The independent auditor affirmed the fair presentation of the consolidated financial statements but highlighted significant going concern uncertainties due to net current and total liabilities, despite the Board's mitigation efforts - The independent auditor believes that the consolidated financial statements truly and fairly reflect the Group's consolidated financial position as of April 30, 2025, and its consolidated financial performance and cash flows for the year then ended, and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[65] - The auditor draws attention to a material uncertainty related to going concern, specifically the Group's net current liabilities and net liabilities as of April 30, 2025, although the Board believes the Group will be able to continue as a going concern[66] Corporate Governance The Company complied with GEM Listing Rules' Corporate Governance Code for the year ended April 30, 2025, except for the Chairman not meeting with independent non-executive directors, and maintained a share option scheme with no outstanding options - For the year ended April 30, 2025, the Company complied with the applicable code provisions of the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules, except that the Chairman did not hold meetings with independent non-executive Directors[68] - All Directors confirmed their compliance with the required standards set out in the Model Code for Securities Transactions by Directors for the year ended April 30, 2025[69] - The Company conditionally adopted a share option scheme on October 15, 2015, with no outstanding share options as of April 30, 2025[71] Other Disclosures This section confirms no new significant projects or post-reporting events, no purchases/sales/redemptions of listed securities, maintenance of public float, absence of management contracts, and audit committee review of annual results - There were no new significant projects for the years ended April 30, 2025, and 2024[64] - No significant events occurred after the reporting period for the year ended April 30, 2025[72] - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year ended April 30, 2025[67] - As of the date of this announcement, at least 25% of the Company's issued share capital is held by the public[73] - The Company's Audit Committee has reviewed the Group's audited consolidated financial statements and annual results for the year ended April 30, 2025[76]