泰升集团(00687) - 2025 - 中期业绩

Interim Results Highlights This section summarizes the company's interim financial performance, business operations, and future strategic outlook Performance Overview Ascent Group Holdings Limited reported significant growth in turnover and profit attributable to shareholders for the six months ended June 30, 2025 Performance Overview (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Turnover | 1,150,000 | 1,009,000 | | Profit attributable to ordinary equity holders | 34,000 | 11,000 | | Earnings per share | 1.01 HK cents | 0.32 HK cents | Business Review The Group's core foundation piling business achieved increased turnover and profit, securing multiple major contracts during the period Foundation Piling Business The core foundation piling business saw turnover rise to HK$1.15 billion and profit to HK$38 million, securing various residential and commercial projects Foundation Piling Business Performance (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Foundation piling turnover | 1,150,000 | 1,009,000 | | Foundation piling profit | 38,000 | 19,000 | - The Group's major contracts include the Sai Yee Street commercial project, Mei Tin, Shek Kong, Choi Shun Street, Kwok Shui Road, Tung Chung Area 50, Rose Street, Kai Tak Area 2A Site 2 housing/residential projects, and the Western District Married Police Quarters and Tseung Kwan O Integrated Market[5] Outlook Despite a challenging 2025 construction outlook, the Northern Metropolis Development Strategy is expected to create significant infrastructure and property opportunities, which the Group aims to capitalize on through continuous operational improvements - The 2025 construction industry outlook remains challenging, with the real estate market not yet showing a significant rebound[6] - The government's proposed Northern Metropolis Development Strategy, including the Northern Link construction, is anticipated to be a "new engine" for Hong Kong's future, significantly boosting infrastructure and property development and providing continuous opportunities for the construction industry in the near future[6] - The company is committed to continuous improvement to enhance operational efficiency and effectiveness, preparing to seize upcoming opportunities[6] Financial Review This section details the Group's financial position, liquidity, financing policies, capital expenditures, asset pledges, and contingent liabilities Financial Position, Liquidity and Financial Resources As of June 30, 2025, the Group maintained a robust cash position, reduced liabilities, and achieved a zero gearing ratio, indicating a net cash position Financial Position (HK$ thousand) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Cash on hand | 930,000 | 887,000 | | Total assets | 1,858,000 | 1,915,000 | | Net assets | 1,190,000 | 1,239,000 | | Total liabilities | 668,000 | 676,000 | | Financial liabilities | 386,000 | 433,000 | | Interest-bearing borrowings | 92,000 | 104,000 | - As of June 30, 2025, the Group's gearing ratio was zero due to its net cash position[8] Financing and Financial Policies The Group maintains prudent financing policies, a robust capital structure, and ample cash flow, with HKD-denominated floating-rate borrowings and close monitoring of currency risks - The Group continues to maintain prudent financing and financial policies, along with a robust and sound capital structure and ample cash flow[9] - Surplus funds are held as deposits with leading banks, and borrowings are denominated in HKD and bear floating interest rates[9] - The Group closely monitors currency risks and will consider forward contracts when necessary[9] Capital Expenditure and Commitments The Group invested HK$4 million in machinery and equipment, with HK$3 million in capital commitments, primarily funded by internal resources Capital Expenditure and Commitments (HK$ thousand) | Indicator | Amount (HK$ thousand) | | :--- | :--- | | Investment in machinery and equipment purchases | 4,000 | | Capital commitments related to machinery and equipment | 3,000 | - Capital expenditures were primarily funded by internal resources[10] Pledge of Assets As of June 30, 2025, the Group pledged HK$103 million in office properties and HK$5 million in bank deposits as collateral for installment loans Pledged Assets (HK$ thousand) | Type of Pledged Asset | Amount (HK$ thousand) | | :--- | :--- | | Office properties | 103,000 | | Bank deposits | 5,000 | - These assets were pledged to banks as collateral for the Group's installment loans[11] Contingent Liabilities Contingent liabilities for construction project performance bonds decreased from HK$354 million to HK$288 million by June 30, 2025 Contingent Liabilities (HK$ thousand) | Type of Contingent Liability | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Guarantees for performance bonds | 288,000 | 354,000 | - The Group had no other significant contingent liabilities apart from those mentioned[12] Dividends and Employee Information This section covers the Group's remuneration policy, employment details, interim dividend declaration, and share transfer registration closure Remuneration Policy and Employment As of June 30, 2025, the Group employed 716 staff, with remuneration based on market levels and performance, offering provident funds, medical insurance, training, and share options Employee Information | Indicator | June 30, 2025 | | :--- | :--- | | Total number of employees | 716 staff | - The Group's remuneration policy is primarily determined based on prevailing market salary levels and the performance of each business unit and relevant employees[13] - The Group also provides other benefits, including provident funds, medical insurance, and training, and employees may be granted share options under the terms of the Group's approved share option scheme[13] Interim Dividend The Board declared an interim dividend of HK$0.02 per share for the six months ended June 30, 2025, payable on September 26, 2025 Interim Dividend per Share (HK$) | Dividend Type | Six Months Ended June 30, 2025 (HK$) | Six Months Ended June 30, 2024 (HK$) | | :--- | :--- | :--- | | Interim dividend per share | 0.02 | 0.01 | - The interim dividend is payable on Friday, September 26, 2025, to shareholders registered on Friday, September 5, 2025[14] Closure of Register of Members Share transfer registration will be suspended from September 4 to September 5, 2025, to determine interim dividend eligibility, requiring prior transfer completion - The company's register of members will be closed from Thursday, September 4, 2025, to Friday, September 5, 2025 (both days inclusive)[15] - To qualify for the interim dividend for the six months ended June 30, 2025, all share transfer documents, together with the relevant share certificates and transfer forms, must be lodged with the company's Hong Kong share registrar no later than 4:30 p.m. on Wednesday, September 3, 2025[15] Consolidated Financial Statements This section presents the Group's consolidated statements of profit or loss, comprehensive income, and financial position for the interim period Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the Group reported increased revenue of HK$1.15 billion, higher gross profit and profit for the period, and basic and diluted EPS of 1.01 HK cents Consolidated Statement of Profit or Loss (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,150,289 | 1,009,389 | | Cost of sales | (1,096,159) | (978,296) | | Gross profit | 54,130 | 31,093 | | Other income and gains | 19,124 | 22,683 | | Administrative expenses | (34,924) | (37,251) | | Finance costs | (2,639) | (3,528) | | Profit before tax | 33,962 | 10,373 | | Profit for the period | 34,141 | 10,704 | | Basic earnings per share | 1.01 HK cents | 0.32 HK cents | Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the Group's profit for the period was HK$34,141 thousand, with total comprehensive income reaching HK$34,834 thousand, including exchange differences Consolidated Statement of Comprehensive Income (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the period | 34,141 | 10,704 | | Exchange differences arising on translation of overseas operations | 693 | (567) | | Total comprehensive income for the period | 34,834 | 10,137 | Consolidated Statement of Financial Position As of June 30, 2025, the Group's total non-current assets were HK$211,567 thousand, total current assets HK$1,646,065 thousand, total current liabilities HK$582,765 thousand, and net assets HK$1,189,907 thousand Consolidated Statement of Financial Position (HK$ thousand) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total non-current assets | 211,567 | 240,577 | | Total current assets | 1,646,065 | 1,674,916 | | Total current liabilities | 582,765 | 574,479 | | Total assets less current liabilities | 1,274,867 | 1,341,014 | | Total non-current liabilities | 84,960 | 101,790 | | Net assets | 1,189,907 | 1,239,224 | | Total equity | 1,189,907 | 1,239,224 | Notes to Financial Statements This section provides detailed notes on the Group's company information, accounting policies, segment information, revenue, other income, profit before tax, income tax, dividends, earnings per share, property, plant and equipment, trade receivables, trade payables, contingent liabilities, and commitments Company Information Ascent Group Holdings Limited, a Bermuda-registered company, focuses on foundation piling, site investigation, and property development, listed on HKEX, with The Blackstone Group Inc. as its ultimate holding company - The company and its subsidiaries are primarily engaged in foundation piling and site investigation, as well as property development and investment[20] - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[20] - The company's ultimate holding company is The Blackstone Group Inc.[20] Basis of Preparation and Changes in Accounting Policies The unaudited condensed interim financial statements comply with HKEX Listing Rules and HKAS 34, adopting revised HKFRS with no significant financial impact - The unaudited condensed interim financial statements are prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[21] - The Group has first applied the revised Hong Kong Financial Reporting Standards accounting standards for the current period, which did not have a significant financial impact on the Group's unaudited condensed interim financial statements[22][23] Segment Information The Group's operating segments are managed by business nature; for the six months ended June 30, 2025, foundation piling generated most revenue and segment results, with no revenue from property development and investment - The Group's operating segments are independently organized and managed based on their business nature and the products and services provided[24] Segment Performance (HK$ thousand) | Segment | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Foundation piling revenue | 1,150,289 | 1,009,389 | | Foundation piling segment results | 38,093 | 18,761 | | Property development and investment revenue | – | – | | Corporate and other revenue | 1,129 | 94 | Revenue For the six months ended June 30, 2025, total revenue was HK$1,150,289 thousand, mainly from construction services, with some contribution from machinery leasing Revenue by Source (HK$ thousand) | Revenue Source | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Construction services | 1,150,139 | 1,009,389 | | Gross rental income from machinery leasing | 150 | – | | Total | 1,150,289 | 1,009,389 | Other Income and Gains For the six months ended June 30, 2025, total other income and gains were HK$19,124 thousand, mainly from interest income, scrap sales, exchange gains, and trade receivables impairment reversal Other Income and Gains (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income | 14,266 | 14,380 | | Sales of scrap materials | 3,560 | 2,482 | | Sales of site facilities | – | 4,200 | | Insurance claims | – | 1,287 | | Government subsidies | 66 | – | | Exchange gains, net | 233 | 8 | | Reversal of impairment loss on trade receivables | 785 | 76 | | Others | 214 | 250 | | Total | 19,124 | 22,683 | Profit Before Tax For the six months ended June 30, 2025, profit before tax was HK$33,962 thousand, influenced by depreciation of property, plant and equipment, right-of-use assets, and disposal losses Profit Before Tax Adjustments (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 25,725 | 28,930 | | Depreciation of right-of-use assets | 7,930 | 7,575 | | Loss on disposal and write-off of items of property, plant and equipment | 430 | 982 | | Reversal of impairment loss on trade receivables | (785) | (76) | | Impairment of contract assets | 23 | 109 | | Foreign exchange differences, net | (233) | (8) | Income Tax For the six months ended June 30, 2025, the Group recorded a total tax credit of HK$179 thousand, mainly from deferred tax credits offsetting Hong Kong current tax provisions Income Tax (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong current tax provision | 1,790 | 2,238 | | Current tax provision in other jurisdictions | – | 8 | | Deferred tax | (1,969) | (2,577) | | Total tax credit for the period | (179) | (331) | Dividends The Board approved an interim dividend of HK$0.02 per ordinary share, totaling HK$67,321 thousand, not recognized as a liability in the interim financial statements Dividends (HK$ thousand) | Dividend Type | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interim dividend (HK$0.02 per share) | 67,321 | 33,660 | - A final dividend of HK$0.025 per ordinary share, totaling approximately HK$84,151 thousand, for the year ended December 31, 2024, was paid on June 24, 2025[30] Earnings Per Share Attributable to Ordinary Equity Holders For the six months ended June 30, 2025, basic EPS was 1.01 HK cents, calculated from HK$34,141 thousand profit and 3,366,035,709 shares, with no dilutive effect from share options Earnings Per Share | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the period attributable to shareholders | HK$34,141,000 | HK$10,704,000 | | Number of ordinary shares in issue | 3,366,035,709 shares | 3,366,035,709 shares | | Basic earnings per share | 1.01 HK cents | 0.32 HK cents | - No diluted adjustment was made to the basic earnings per share as the effect of share options was not dilutive[31] Property, Plant and Equipment During the period, the Group acquired HK$3,632 thousand in property, plant and equipment, and disposed of assets with a net book value of HK$443 thousand, incurring a net loss of HK$430 thousand Property, Plant and Equipment Movements (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 3,632 | 19,894 | | Net book value of property, plant and equipment disposed of and written off | 443 | 1,161 | | Net loss on disposal and write-off | 430 | 982 | Trade Receivables The Group's credit policy is 30 days; total trade receivables were HK$215,213 thousand, with most due within 90 days - The Group's credit policy is formulated based on local industry standards, granting trade customers an average general credit period of 30 days[33] Trade Receivables by Ageing (HK$ thousand) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 90 days | 211,714 | 147,078 | | 91 to 180 days | 2,851 | 432 | | 181 to 365 days | – | – | | Over 365 days | 648 | 652 | | Total | 215,213 | 148,162 | Trade Payables, Retention Monies Payable, Accruals and Provisions At period-end, total trade payables were HK$221,004 thousand with a 90-day repayment period, while retention monies, accruals, and provisions totaled HK$281,003 thousand Trade Payables, Retention Monies, Accruals and Provisions (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total trade payables | 221,004 | 253,154 | | Retention monies payable | 52,924 | 49,435 | | Accruals | 199,621 | 186,175 | | Provisions | 28,458 | 26,307 | | Total | 502,007 | 515,071 | - The general repayment period for trade payables is 90 days. For retention monies payable on construction contracts, the due date is typically within one year after the completion of construction works[35] Contingent Liabilities As of June 30, 2025, contingent liabilities for construction project performance bonds were HK$287,509 thousand, a decrease from year-end 2024 Contingent Liabilities (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Guarantees in respect of performance bonds for construction projects | 287,509 | 354,156 | Commitments At the end of the reporting period, the Group had contractual commitments, with specific amounts not detailed in the provided text - At the end of the reporting period, the Group had contractual commitments[36] Corporate Governance This section outlines the Group's adherence to corporate governance codes, the role of the audit committee, compliance with the model code, and securities trading activities Corporate Governance Code The company fully complied with the Corporate Governance Code provisions in Appendix C1 of the HKEX Listing Rules throughout the review period - During the review period and up to the date of this announcement, the company has fully complied with the code provisions set out in the Corporate Governance Code contained in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited[38] Audit Committee The Audit Committee, chaired by Mr. Li Kit Chi and comprising four independent non-executive directors, oversees the Group's financial reporting, risk management, internal controls, and compliance - The Audit Committee comprises four members: Mr. Li Kit Chi, Mr. Lung Tze Ming, Ms. Kwok Man Wai, and Ms. Yeung Ching, all of whom are independent non-executive directors. Mr. Li Kit Chi is the Chairman of the Audit Committee[39] - The primary duties of the Audit Committee are to review and supervise the Group's financial reporting system, risk management and internal control systems, review the Group's financial information and compliance, and provide advice and recommendations to the Board[39] - The Group's unaudited condensed interim financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee[39] Model Code The company adopted the Model Code for Directors' Securities Transactions, with all directors confirming full compliance during the review period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[40] - Following specific enquiries, all directors confirmed that they have fully complied with the required standards set out in the Model Code during the review period[40] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[41]