鸿盛昌资源(01850) - 2025 - 年度财报

Company Information Board of Directors and Committees The Board comprises three executive and three independent non-executive directors, with audit, remuneration, and nomination committees ensuring effective corporate governance - The Board of Directors consists of three executive directors (Mr. Li Chun Hang, Mr. Li Shing Kuen, Ms. Zou Yi Wu) and three independent non-executive directors (Mr. Li Ka Chun, Mr. Fu Wing Kwok, Mr. Ghanshyam Adhikari)[4] - The company has an Audit Committee (Chairman: Mr. Fu Wing Kwok), a Remuneration Committee (Chairman: Mr. Li Ka Chun), and a Nomination Committee (Chairman: Mr. Fu Wing Kwok)[4] Company Contact Information The company is registered in the Cayman Islands, with its principal place of business in Kowloon, Hong Kong, maintaining key banking relationships with HSBC and DBS Bank - Registered office is in the Cayman Islands, with the principal place of business in Hong Kong at Unit 1603, 16/F, Enterprise Square One, 9 Wang Hoi Road, Kowloon Bay, Kowloon[4] - Key banking relationships include The Hongkong and Shanghai Banking Corporation Limited and DBS Bank (Hong Kong) Limited[5] Auditor and Share Capital Information The company appointed Highlink CPA Limited as auditor and is listed on the Main Board of the Hong Kong Stock Exchange with stock code 1850 - The auditor is Highlink CPA Limited, Certified Public Accountants[5] - The company's stock code is 1850, and it is listed on the Main Board of the Hong Kong Stock Exchange[5] Chairman's Statement Business Overview and Market Outlook The Group, a Hong Kong registered fire service installation contractor with over 30 years of experience, provides fire safety system services and trades fire accessories, anticipating economic recovery in 2025 to boost performance - The Group is a Hong Kong registered fire service installation contractor, engaged in fire safety system engineering for over 30 years[6] - Service scope includes design, supply and installation of fire safety systems, maintenance and repair of fire safety systems, and trading of fire accessories[6] - The 2025 economic recovery in Hong Kong, Macau, and China is expected to enhance business performance, with aspirations to undertake more projects in Hong Kong to maintain stable revenue[7] Financial Performance Summary For FY2025, Group revenue decreased by 5.1% to HK$374.3 million, with profit attributable to owners at HK$0.6 million, primarily from reduced installation services 2025 Fiscal Year Key Financial Data | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (Million HKD) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 374.3 | 394.5 | -20.2 | -5.1% | | Profit Attributable to Owners | 0.6 | 2.2 | -1.6 | -72.7% | - The decrease in revenue was primarily attributable to a reduction in installation services[7] Future Strategies and Outlook The Group will expand its business, consolidate its core Hong Kong market position, including public sector and advanced fire safety systems, diversify into non-fire engineering, enhance maintenance services, streamline installation, and seek overseas expansion and investor base strengthening - Future strategies include: continued active participation in public sector and advanced fire safety system services for private buildings; exploring and developing Hong Kong engineering business (excluding fire service installations); expanding maintenance service business; streamlining fire service installation procedures; and maintaining and enhancing high standards in project planning, management, and execution[8][9] - Seeking potential strategic and financial partners to further expand and develop business in other overseas markets[8] - Leveraging enhanced brand recognition from the 2019 listing to explore new business opportunities both within and outside Hong Kong, and strengthening the investor and shareholder base[10] Management Discussion and Analysis Business Review and Outlook The Group, a Hong Kong registered fire service installation contractor, provides fire safety system services, anticipating 2025 economic recovery to improve business, and will seek new projects and strategic partners for overseas expansion - Core business involves installation, maintenance, repair, or inspection of fire safety systems, with services including design, supply and installation (installation services), maintenance and repair (maintenance services), and trading of fire accessories (others)[12] - The economic environment in Hong Kong, Macau, and China is expected to gradually recover in 2025, with commercial activities and economic conditions improving, which is anticipated to enhance business performance[12] - The Group will continue to seek strategic and financial partners to expand business and develop into other overseas markets[13] Financial Review For FY2025, Group revenue decreased by 5.1% to HK$374.3 million, mainly due to lower installation service revenue, with gross profit and margin declining, but other income increasing, resulting in HK$0.6 million profit attributable to owners Revenue Analysis Total revenue for the year was approximately HK$374.3 million, a 5.1% decrease year-on-year, primarily due to a HK$16.8 million reduction in installation service revenue, with maintenance services also decreasing by 30.5% Revenue Analysis (Thousand HKD) | Service Type | 2025 (Thousand HKD) | Share of Total Revenue % (2025) | 2024 (Thousand HKD) | Share of Total Revenue % (2024) | | :--- | :--- | :--- | :--- | :--- | | Installation services | 367,007 | 98.04 | 383,784 | 97.28 | | Maintenance services | 7,308 | 1.95 | 10,499 | 2.66 | | Others | 32 | 0.01 | 254 | 0.06 | | Total | 374,347 | 100.00 | 394,537 | 100.00 | - Installation service revenue decreased approximately 4.4% to HK$367.0 million, mainly due to the progress of ongoing installation projects during the year[16] - Maintenance service revenue decreased approximately 30.5% to HK$7.3 million, primarily due to reduced revenue from maintenance and repair of safety systems for government properties[17] Cost of Sales and Gross Profit Cost of sales decreased by 4.7% to HK$348.4 million, aligning with revenue decline, resulting in a 10.7% decrease in gross profit to HK$25.9 million and a gross margin of 6.9% Cost of Sales and Gross Profit (Thousand HKD) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (Thousand HKD) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | 348,435 | 365,537 | -17,102 | -4.7% | | Gross Profit | 25,912 | 29,000 | -3,088 | -10.7% | | Gross Margin | 6.9% | 7.3% | -0.4% | -5.5% | - Cost of sales decreased primarily due to a reduction in subcontracting costs, direct labor, and material costs[19] Other Income and Expenses Other income significantly increased to HK$2.4 million, mainly from higher handling fees, with an expected credit loss reversal of approximately HK$668 million; administrative expenses slightly rose due to staff costs, and finance costs marginally increased from bank borrowings Other Income and Expenses (Thousand HKD) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (Thousand HKD) | | :--- | :--- | :--- | | Other Income | 2,400 | 1,000 | 1,400 | | Reversal of impairment losses on trade receivables, etc. | 668 | (2,007) | 2,675 | | Administrative Expenses | (22,600) | (22,200) | 400 | | Other Gains and Losses | 0 | 2,900 | -2,900 | | Finance Costs | (4,100) | (4,000) | 100 | - Other income increased approximately HK$1.8 million, primarily from handling fees[21] - Reversal of impairment losses on trade receivables, contract assets, deposits, prepayments, and other receivables under expected credit losses was approximately HK$668 million[22] - Administrative expenses increased by **1