澳达控股(09929) - 2025 - 中期业绩

Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group achieved a net profit of HKD 220 thousand for the period, turning around from a loss in the prior year, driven by increased gross profit and significant impairment reversal Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21,545 | 50,889 | -57.7% | | Cost of sales | (17,761) | (48,884) | -63.7% | | Gross profit | 3,784 | 2,005 | +88.7% | | Other income | 868 | 1,033 | -15.9% | | Net reversal of impairment losses | 6,528 | 160 | +3980% | | Administrative expenses | (10,551) | (10,535) | +0.15% | | Finance costs | (94) | (129) | -27.2% | | Profit (Loss) before tax | 535 | (7,466) | Turned from loss to profit | | Income tax expense (credit) | (315) | 28 | Turned from credit to expense | | Total profit (loss) for the period | 220 | (7,438) | Turned from loss to profit | | Basic earnings (loss) per share | 0.01 (HK cents) | (0.37) (HK cents) | Turned from loss to profit | Unaudited Condensed Consolidated Statement of Financial Position The Group maintained stable net current assets and total assets less current liabilities, with increased cash and fixed deposits, while trade receivables and payables decreased Key Data from Condensed Consolidated Statement of Financial Position | Metric | As at June 30, 2025 (HKD thousands) | As at December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 28,636 | 29,609 | -3.3% | | Current assets | 216,280 | 227,991 | -5.2% | | Trade and other receivables | 25,151 | 63,608 | -60.5% | | Contract assets | 81,386 | 92,257 | -11.8% | | Fixed deposits | 34,000 | 16,000 | +112.5% | | Cash and cash equivalents | 75,743 | 56,126 | +34.9% | | Current liabilities | 27,205 | 39,726 | -31.5% | | Trade payables | 4,715 | 6,757 | -30.2% | | Contract liabilities | 776 | 8,204 | -90.5% | | Net current assets | 189,075 | 188,265 | +0.4% | | Total assets less current liabilities | 217,711 | 217,874 | -0.1% | | Non-current liabilities | 4,547 | 4,930 | -7.8% | | Share capital | 20,000 | 20,000 | 0% | | Reserves | 193,164 | 192,944 | +0.1% | Notes to the Unaudited Condensed Consolidated Financial Statements This section provides detailed explanations and breakdowns of the figures presented in the condensed consolidated financial statements General Information Aoda Holdings Limited is incorporated in the Cayman Islands, listed on the HKEX, and primarily engaged in cable trading, electrical and mechanical engineering services in Macau and Hong Kong - The Company was incorporated in the Cayman Islands on November 6, 2015, and listed on the Main Board of HKEX on February 14, 2020[4] - The Company and its subsidiaries are primarily engaged in cable trading, and providing electrical and mechanical engineering services in Macau and Hong Kong[4] Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and Appendix D2 of the Listing Rules - The financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and Appendix D2 of the Listing Rules[5] Significant Accounting Policies The financial statements are prepared on a historical cost basis, with the first-time application of HKFRS amendments having no significant impact on financial position or performance - The financial statements are prepared on a historical cost basis, with accounting policies consistent with the prior year, except for the first-time application of HKFRS amendments[6] - The application of HKAS 21 amendment "Lack of Exchangeability" had no significant impact on the financial position and performance for the current and prior periods[7] Revenue and Segment Information Revenue is primarily derived from cable trading and E&M engineering services, recognized over time for services and at point of control transfer for goods, with cable trading contributing HKD 2,436 thousand and E&M services HKD 19,109 thousand, predominantly from hotels and casinos - Revenue is derived from cable trading and electrical and mechanical engineering services, recognized when control of goods is transferred and over time as services are rendered, respectively[8] Revenue by Customer Contract | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Provision of electrical and mechanical engineering services | 19,109 | 50,889 | | - Hotels and casinos | 11,674 | 5,502 | | - Residential properties | 3,532 | 2,069 | | - Commercial properties | 606 | 3,348 | | - Public properties | 2,633 | 39,903 | | - Others | 664 | 67 | | Cable trading | 2,436 | – | | Total Revenue | 21,545 | 50,889 | Revenue by Geographical Location | Geographical Location | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Macau | 15,822 | 7,376 | | Hong Kong | 5,723 | 43,513 | | Total Revenue | 21,545 | 50,889 | Other Income Other income for the period was HKD 868 thousand, primarily comprising interest income of HKD 601 thousand and government grants of HKD 227 thousand, a decrease from HKD 1,033 thousand in the prior year Other Income Details | Income Category | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income | 601 | 624 | | Government grants | 227 | – | | Others | 40 | 409 | | Total | 868 | 1,033 | Profit (Loss) Before Tax Profit before tax for the period was HKD 535 thousand, turning from a loss of HKD 7,466 thousand in the prior year, primarily due to a significant increase in net reversal of impairment losses Components of Profit (Loss) Before Tax | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,249 | 1,339 | | Net reversal of impairment losses under expected credit loss model | (6,528) | (160) | Income Tax Expense (Credit) Income tax expense for the period was HKD 315 thousand, compared to a HKD 28 thousand credit in the prior year, primarily due to taxable profits generated by Macau subsidiaries Income Tax Expense (Credit) Details | Tax Category | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Macau Complementary Tax - Current tax | 316 | – | | Macau Complementary Tax - Deferred tax | (2) | (1) | | Hong Kong Profits Tax - Current tax | – | – | | Hong Kong Profits Tax - Deferred tax | 1 | (27) | | Total | 315 | (28) | - Macau Complementary Tax is calculated at 12% on estimated assessable profits exceeding MOP 600,000[14] - Hong Kong Profits Tax adopts a two-tiered tax rate system, with the first HKD 2 million taxed at 8.25% and the remainder at 16.5%[15] Dividends No dividends were paid or proposed by the Company for the six-month period ended June 30, 2025 - No dividends were paid or proposed to ordinary shareholders for the current and prior periods[17] Earnings (Loss) Per Share Basic earnings per share for the period was HKD 0.01 cents, turning from a basic loss per share of HKD 0.37 cents in the prior year, primarily due to increased profit for the period Earnings (Loss) Per Share Data | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit (Loss) for the period | 220 | (7,438) | | Basic earnings (loss) per share | 0.01 (HK cents) | (0.37) (HK cents) | - No diluted earnings (loss) per share is presented as there were no potential ordinary shares outstanding for both periods[19] Property, Plant and Equipment Acquisitions of property, plant and equipment amounted to HKD 286 thousand for the period, and as of June 30, 2025, self-owned property with a carrying amount of HKD 14,908 thousand was pledged for bank borrowings - Acquisitions of property, plant and equipment amounted to HKD 286 thousand, a decrease from HKD 809 thousand in the prior year[20] - As at June 30, 2025, self-owned property with a carrying amount of HKD 14,908 thousand was pledged to secure bank borrowings[20] Trade and Other Receivables As of June 30, 2025, trade receivables (net of credit loss allowance) significantly decreased to HKD 22,318 thousand, primarily due to a HKD 5,697 thousand reversal of expected credit losses for trade receivables and contract assets related to suspended construction projects Trade and Other Receivables Details | Item | As at June 30, 2025 (HKD thousands) | As at December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables | 26,570 | 71,224 | | Less: Allowance for credit losses | (4,252) | (8,824) | | Net trade receivables | 22,318 | 62,400 | | Deposits, prepayments and other receivables | 2,833 | 1,219 | | Total | 25,151 | 63,619 | - A HKD 5,697 thousand reversal of expected credit losses was recognized for the period, primarily related to trade receivables and contract assets for suspended construction projects in Macau[21] Contract Assets and Contract Liabilities As of June 30, 2025, net contract assets decreased to HKD 81,386 thousand from December 31, 2024, while contract liabilities significantly reduced to HKD 776 thousand Contract Assets and Contract Liabilities Details | Item | As at June 30, 2025 (HKD thousands) | As at December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Contract assets from provision of E&M engineering services | | | | - Unbilled revenue | 77,435 | 73,576 | | - Retention money | 19,729 | 36,414 | | Subtotal | 97,164 | 109,990 | | Less: Allowance for credit losses | (15,778) | (17,733) | | Net contract assets | 81,386 | 92,257 | | Contract liabilities | 776 | 8,204 | Trade Payables As of June 30, 2025, total trade payables decreased to HKD 4,715 thousand from HKD 6,757 thousand on December 31, 2024, with the largest portion being overdue by more than 90 days Ageing Analysis of Trade Payables | Ageing | As at June 30, 2025 (HKD thousands) | As at December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 553 | 267 | | 31 to 60 days | – | 247 | | 61 to 90 days | – | 179 | | Over 90 days | 4,162 | 6,064 | | Total | 4,715 | 6,757 | Bank Borrowings Bank borrowings are interest-bearing at a variable market rate of prime rate minus 2.55% per annum, used for the acquisition of pledged self-owned property, and repayable in installments over 10 years - Bank borrowings are interest-bearing at a variable market rate of prime rate minus 2.55% per annum, and repayable in installments over 10 years[24] - The borrowings were used for the acquisition of self-owned property with a carrying amount of HKD 14,908 thousand, which is pledged to the bank[24] Share Capital As of June 30, 2025, the Company's authorized share capital was HKD 50,000 thousand (5,000,000,000 shares), and issued and fully paid share capital was HKD 20,000 thousand (2,000,000,000 shares) with a par value of HKD 0.01 per share, remaining unchanged from the prior year Share Capital Structure | Category | Number of Shares | Share Capital (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (par value HKD 0.01 per share) | 5,000,000,000 | 50,000 | | Issued and fully paid share capital (par value HKD 0.01 per share) | 2,000,000,000 | 20,000 | Management Discussion and Analysis This section provides an overview of the Group's operational performance, financial position, and strategic outlook for the period Business Review and Market Outlook The Group operates in E&M engineering and cable trading in Macau and Hong Kong, with total revenue significantly decreasing by 57.7% to HKD 21.5 million due to a sluggish construction market, mitigated by expanding cable trading and focusing on EV charging E&M projects - The Group is primarily engaged in electrical and mechanical engineering and cable trading in Macau and Hong Kong[27] - Total revenue for the 2025 period was approximately HKD 21.5 million, a 57.7% year-on-year decrease, primarily due to the sluggish construction market in Hong Kong and Macau[27] - The Company is diversifying market risks and expanding revenue streams by developing new cable trading business, which contributed HKD 2.4 million in revenue this period, and focusing on E&M engineering services for electric vehicle charging facilities[27][28] Financial Review This section reviews the Group's financial performance for the six months ended June 30, 2025, highlighting significant revenue decline, reduced cost of sales, improved gross margin, slight decrease in other income, substantial increase in net reversal of expected credit losses, stable administrative expenses, a shift to income tax expense, and ultimately a net profit Revenue Revenue decreased significantly due to a sluggish construction market, but the new cable trading business contributed to diversification - Revenue decreased by 57.7% year-on-year to HKD 21.5 million, primarily impacted by the continued sluggish construction market in Hong Kong[29] Revenue Composition (by Service Type) | Service Type | 2025 (HKD millions) | % of Total | 2024 (HKD millions) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Provision of E&M engineering services | 19.1 | 88.8 | 50.9 | 100 | | - Hotels and casinos | 11.7 | 54.4 | 5.5 | 10.8 | | - Residential properties | 3.5 | 16.3 | 2.1 | 4.1 | | - Commercial properties | 0.6 | 2.8 | 3.3 | 6.6 | | - Public properties | 2.6 | 12.1 | 39.9 | 78.4 | | - Others | 0.7 | 3.2 | 0.1 | 0.1 | | Cable trading | 2.4 | 11.2 | – | – | | Total | 21.5 | 100 | 50.9 | 100 | Cost of Sales Cost of sales decreased in line with revenue, with material and staff costs being the primary components - Cost of sales decreased by 63.7% year-on-year to HKD 17.8 million[31] - Material costs and staff costs accounted for 51.5% and 39.5% of total cost of sales, respectively[31] Gross Profit/Gross Margin Gross profit increased, and gross margin significantly improved due to cable trading contributions and effective cost control - Gross profit increased to HKD 3.8 million, with gross margin rising from 3.9% to 17.6%[32] - The increase in gross margin is primarily attributable to the contribution from the cable trading segment and cost control measures[32] Other Income Other income for the period primarily consisted of interest income and government grants - Other income amounted to HKD 0.9 million, mainly comprising bank interest income and sundry income[33] Net Reversal of Impairment Losses Under Expected Credit Loss Model A substantial net reversal of impairment losses was recognized, mainly from the recovery of receivables related to a suspended project - Net reversal of impairment losses was approximately HKD 6.5 million, a significant increase from HKD 160,000 in the prior year[35] - The reversal was primarily due to the recovery of most contract assets and trade receivables from a suspended hotel development project, and an improvement in the ageing profile of trade receivables[34][35] Administrative Expenses Administrative expenses remained stable despite the overall decrease in revenue - Administrative expenses remained stable at approximately HKD 10.6 million[36] Income Tax Expense (Credit) The Group recorded an income tax expense for the period, shifting from a credit in the prior year due to taxable profits - Income tax expense was approximately HKD 0.3 million, compared to a credit of HKD 28,000 in the prior year, mainly due to profits generated from subsidiary operations[37] Net Profit The Group achieved a net profit for the period, a significant improvement from the net loss in the prior year - A net profit of approximately HKD 0.2 million was recorded for the period, compared to a net loss of approximately HKD 7.4 million in the prior year[38] - Basic earnings per share was HKD 0.01 cents, compared to a basic loss per share of HKD 0.37 cents in the prior year[38] Interim Dividend The Board did not recommend the payment of an interim dividend for the current period - The Board does not recommend the payment of an interim dividend for the 2025 period[39] Liquidity, Financial Resources and Capital Structure The Group funds operations through cash inflows from operating activities, with cash and cash equivalents increasing to HKD 75.7 million and fixed deposits to HKD 34 million as of June 30, 2025, maintaining stable working capital and net assets, and a healthy gearing ratio of 14.9% - As at June 30, 2025, cash and cash equivalents were approximately HKD 75.7 million, and fixed deposits were approximately HKD 34 million[40] Key Liquidity and Capital Structure Indicators | Metric | As at June 30, 2025 (HKD millions) | As at December 31, 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Working capital | 189.1 | 188.3 | +0.4% | | Net assets | 213.2 | 212.9 | +0.1% | | Gearing ratio | 14.9% | 21.0% | -6.1 percentage points | Treasury Policy The Group adopts a prudent financial management approach, with the Board closely monitoring liquidity to ensure the capital structure of assets, liabilities, and other commitments can meet funding requirements - The Group adopts a prudent financial management approach, with the Board closely monitoring its liquidity position[42] Currency Risk The Group faces minimal foreign currency risk as most transactions and balances are denominated in MOP or HKD, and the functional currency's exchange rate to HKD is stable, with no foreign currency hedging policy currently in place - The Group faces minimal foreign currency risk and has not established a foreign currency hedging policy[43] Interest Rate Risk The Group is exposed to interest rate risk on interest-bearing financial assets and liabilities, such as bank balances and borrowings, with no current hedging policy, though management will consider hedging significant interest rate exposures when necessary - The Group is exposed to interest rate risk on interest-bearing financial assets and liabilities, and currently has no interest rate hedging policy[44] Key Risks and Uncertainties Key risks include project non-recurrence, revenue reduction from failure to secure new clients or projects, liquidity impact from delayed progress payments or retention money, project cost fluctuations, and uncertainties in cable and key material prices and supply; the Group has implemented a risk management system to mitigate daily operational risks - Key risks include the non-recurring nature of projects and the inability to attract new customers or secure new projects, leading to significant revenue reduction[45] - Failure to receive progress payments, trade receivables, or retention money on time or in full could adversely affect liquidity[45] - Other risks include fluctuations in project costs, and uncertainties in the prices and supply of cables and key materials[45][46] - The Group has implemented a risk management system, led by senior directors, to mitigate daily operational risks[46] Material Investments, Material Acquisitions or Disposals As of the 2025 period, the Group held no material investments and undertook no material acquisitions or disposals - No material investments, acquisitions, or disposals were made during the period[47] Pledge of Assets As of June 30, 2025, a property in Macau with a carrying amount of approximately HKD 14.9 million was pledged to a local bank for a mortgage loan - A property in Macau with a carrying amount of approximately HKD 14.9 million was pledged to a local bank to secure a mortgage loan[48] Future Plans for Material Investments and Capital Assets As of the announcement date, the Group has no other future plans regarding material investments and capital assets - The Group currently has no other future plans for material investments and capital assets[49] Capital Commitments As of June 30, 2025, the Group had no material capital commitments - No material capital commitments were outstanding during the period[50] Contingent Liabilities As of June 30, 2025, the Group had no material contingent liabilities - No material contingent liabilities were outstanding during the period[51] Prospects and Strategies The Group aims to consolidate its position as an integrated building contractor by actively pursuing additional E&M engineering projects in Macau and Hong Kong, implementing diversification strategies, particularly expanding cable trading, prudently assessing the market, and focusing on EV charging facilities, with management cautiously optimistic about the second half's financial performance - The goal is to consolidate its position as an integrated building contractor and explore market opportunities by seeking additional E&M engineering projects[52] - Actively pursuing diversification strategies to expand the cable trading market business[52] - Management is cautiously optimistic about the financial performance in the second half of 2025 and believes the Group will improve its financial results for the current year[52] Events After Reporting Period No other material events occurred after the reporting period and up to the date of this announcement, except as disclosed elsewhere herein - No other material events occurred after the reporting period and up to the date of this announcement[53] Compliance with Relevant Laws and Regulations For the 2025 period, the Group had no material breaches or non-compliance with applicable laws and regulations significantly affecting its business and operations - No material breaches or non-compliance with applicable laws and regulations occurred during the period[54] Employees and Remuneration Policy As of June 30, 2025, the Group had 48 full-time employees, a slight decrease from year-end, with remuneration policies regularly reviewed and adjusted based on individual performance and company results, including salary increments and discretionary bonuses - As at June 30, 2025, the Group had 48 full-time employees, a slight decrease from 50 as at December 31, 2024[55] - Remuneration policies comply with relevant laws, market conditions, and employee performance, offering salary increments and discretionary bonuses[55] Other Information This section covers corporate governance, directors' securities transactions, public float, audit committee review, and publication details Corporate Governance The Company has adopted and largely complied with the HKEX Corporate Governance Code for the 2025 period, with the temporary deviation of the Chairman also acting as Chief Executive Officer, which the Board considers a temporary measure - The Company has adopted and largely complied with the HKEX Corporate Governance Code for the 2025 period[56] - Mr. Wan Man Keung, the Chairman, temporarily performs the Chief Executive Officer's functions, constituting a deviation from Code Provision C.2.1, which the Board considers temporary[56][57] Standard Code for Securities Transactions by Directors The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, with all directors confirming compliance for the 2025 period and up to the announcement date - The Company has adopted the Standard Code for Securities Transactions by Directors, and all directors confirmed compliance[58] Purchase, Redemption or Sale of the Company's Listed Securities During the 2025 period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period[59] Sufficiency of Public Float The Directors confirm that the Company has met the public float requirements under the Listing Rules for the 2025 period and up to the announcement date - The Directors confirm that the Company has met the public float requirements under the Listing Rules[60] Audit Committee The Audit Committee met on August 28, 2025, to review and approve the Group's unaudited condensed consolidated financial statements for the 2025 period, confirming compliance with applicable accounting standards and disclosure requirements - The Audit Committee has reviewed and approved the unaudited condensed consolidated financial statements for the current period[61] Publication of Results Announcement and Despatch of Interim Report This announcement has been published on the HKEX and Company websites, and the interim report will also be available on these websites and despatched to shareholders - The results announcement has been published on the HKEX and Company websites, and the interim report will be despatched to shareholders[62] Board Composition The Board of Directors comprises three executive directors, one non-executive director, and three independent non-executive directors - The Board comprises three executive directors, one non-executive director, and three independent non-executive directors[63] - The executive directors are Mr. Wan Man Keung (Chairman and Chief Executive Officer), Mr. Wan Chi Wai, and Mr. Yu Chi Chun[63]