伟鸿集团控股(03321) - 2025 - 中期业绩

Company Information This section provides an overview of the company's key administrative and financial details, including board composition, committees, and contact information Board of Directors The Board of Directors experienced multiple changes during the reporting period, including appointments and resignations of executive, non-executive, and independent non-executive directors - Mr. Qiu Yiming was appointed as Chief Executive Officer on May 2, 2025[6] - Multiple executive, non-executive, and independent non-executive directors experienced changes, including appointments and resignations, during the reporting period[6] Committees Changes occurred in the chairpersons and members of the Audit, Remuneration, and Nomination Committees, with Mr. Yu Junxiang, Mr. Tan Zixuan, and Ms. Dong Qing appointed to key roles - Mr. Yu Junxiang was appointed as Chairman of the Audit Committee on July 16, 2025[6] - Mr. Tan Zixuan was appointed as Chairman of the Remuneration Committee on July 16, 2025[7] - Ms. Dong Qing was appointed as Chairman of the Nomination Committee on July 16, 2025[7] Company Secretary and Authorized Representatives Mr. Kwan Hung Chun was appointed as an authorized representative on July 16, 2025, while Mr. Au Chi Fung resigned on the same day; Mr. Wong Sze Lok continues as Company Secretary - Mr. Kwan Hung Chun was appointed as an authorized representative on July 16, 2025[8] - Mr. Au Chi Fung resigned as an authorized representative on July 16, 2025[8] - Mr. Wong Sze Lok serves as the Company Secretary[8] Auditor The company's auditor is High Ridge CPA Limited, a registered public interest entity auditor - The auditor is High Ridge CPA Limited[8] Registered Office and Principal Places of Business The company is registered in the Cayman Islands, with principal places of business in Macau and Hong Kong - The registered office is located in the Cayman Islands[8] - The Macau headquarters and principal place of business are located at Alameda Dr. Carlos d'Assumpcao[8] - The Hong Kong principal place of business is located at On Lick Industrial Centre, Chai Wan[8] Share Registrar The company's principal share registrar is in the Cayman Islands, and its Hong Kong branch share registrar is Tricor Investor Services Limited - The principal share registrar is Conyers Trust Company (Cayman) Limited[8] - The Hong Kong branch share registrar is Tricor Investor Services Limited[9] Principal Bankers The Group's principal bankers include Banco Comercial de Macau S.A. and Macau Chinese Bank Limited - The principal bankers are Banco Comercial de Macau S.A. and Macau Chinese Bank Limited[9] Hong Kong Legal Adviser The company's Hong Kong legal adviser is Khoo & Co - The Hong Kong legal adviser is Khoo & Co.[9] Stock Code and Website The company's stock code is 3321, listed on the Main Board of The Stock Exchange of Hong Kong Limited, with its official website at whh.com.hk - The stock code is 3321, listed on the Main Board of The Stock Exchange of Hong Kong Limited[9] - The company website is whh.com.hk[9] Management Discussion and Analysis This section provides an overview of the Group's business performance, financial results, and future strategic directions, including operational challenges and new business opportunities Business Review and Prospects WH Group Holdings Limited primarily provides decoration and maintenance services in Macau and Hong Kong, facing challenges in new project acquisition due to senior management events, but exploring new opportunities in anti-counterfeiting technology and interior decoration projects - The Group primarily provides decoration, repair, and maintenance services in Macau and Hong Kong, covering casinos, retail areas, hotels, and other commercial premises[12] - During the reporting period, the Group faced challenges in securing new casino projects, leading to a significant reduction in new project acquisitions, primarily due to senior management events[12] - The company signed a non-legally binding Memorandum of Understanding with Nanjing Zhongke Micropoint Group Co., Ltd. to explore business opportunities in developing and distributing advanced anti-counterfeiting technology products, potentially including interior decoration projects for related data and production centers[12] - The Board proposes to change the company's English name to 'Zhongke Micropoint (Group) Co., Ltd' and Chinese name to '中科微點（集團）有限公司' to reflect its new business direction[13] Financial Review For the six months ended June 30, 2025, the Group's total revenue significantly decreased by 82.9% to 1.1 million MOP, resulting in a loss of approximately 58.0 million MOP, while gross margin slightly improved despite increased impairment losses and finance costs Key Financial Indicators Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 1,050 | 6,126 | -82.9% | | Loss for the Period | (58,043) | (58,582) | -0.9% | | Gross Profit | 38 | 178 | -78.6% | | Gross Margin | 3.6% | 2.9% | +0.7pp | | Impairment Loss Provision | (48,978) | (42,801) | +14.4% | | Administrative Expenses | (5,413) | (14,422) | -62.5% | | Finance Costs | (3,690) | (1,538) | +140.0% | Revenue The Group's revenue for the six months ended June 30, 2025, was approximately 1.1 million MOP, a significant decrease of 82.9% year-on-year, primarily from decoration services Revenue Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,050 | 6,126 | -82.9% | Direct Costs Direct costs, including subcontracting fees, material costs, and direct labor costs, decreased by 83.0% year-on-year to approximately 1.0 million MOP, consistent with the revenue trend Direct Costs Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Direct Costs | 1,012 | 5,948 | -83.0% | Gross Profit and Gross Margin The Group's gross profit was approximately 0.1 million MOP, a 78.6% year-on-year decrease, but the gross margin increased from 2.9% to 3.6% Gross Profit and Gross Margin Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 38 | 178 | -78.6% | | Gross Margin | 3.6% | 2.9% | +0.7pp | Other Income and Net Other Gains Net other income and gains for the period were zero, a 100% decrease from the prior year, primarily due to reduced bank interest income Other Income and Net Other Gains Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Net Other Gains | 0 | 1 | -100% | - Other income and net other gains primarily comprised bank interest income[20] Impairment Losses Total impairment loss provisions for financial and contract assets increased by approximately 6.2 million MOP to 49.0 million MOP, mainly due to decreased recoverability of long-outstanding trade receivables Impairment Losses Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (thousand MOP) | | :--- | :--- | :--- | :--- | | Impairment Loss Provision | 48,978 | 42,801 | +6,177 | - The increase in impairment losses was primarily due to the decreased recoverability of long-outstanding trade receivables[21] Administrative Expenses Administrative expenses significantly decreased by 62.5% year-on-year to approximately 5.4 million MOP, mainly due to reduced administrative staff costs, yet still representing 515.5% of total revenue Administrative Expenses Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (thousand MOP) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 5,413 | 14,422 | -9,009 | | As % of Total Revenue | 515.5% | 235.4% | +280.1pp | - The decrease in administrative expenses was primarily due to a reduction in administrative staff costs from approximately 8.2 million MOP to 4.0 million MOP[22] Finance Costs Finance costs increased by approximately 2.2 million MOP year-on-year to 3.7 million MOP, mainly due to an increase in average outstanding bank borrowings Finance Costs Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (thousand MOP) | | :--- | :--- | :--- | :--- | | Finance Costs | 3,690 | 1,538 | +2,152 | - The increase in finance costs was primarily due to an increase in average outstanding bank borrowings[24] Income Tax Expense No income tax expense was recognized as the Group had no assessable profits during the reporting period - The Group had no assessable profits during the reporting period, thus no tax expense was recognized[25] Loss for the Period For the six months ended June 30, 2025, the Group's loss for the period was approximately 58.0 million MOP, a slight decrease of 0.9% compared to 58.6 million MOP in the prior year Loss for the Period Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (58,043) | (58,582) | -0.9% | Company Finance and Risk Management The Group's cash and cash equivalents slightly decreased, bank borrowings increased with repayment arrears, and the gearing ratio is not applicable due to accumulated losses, while the company maintains a prudent treasury policy and monitors foreign exchange risk Liquidity, Financial and Capital Resources As of June 30, 2025, the Group's pledged bank deposits, bank balances, and cash equivalents totaled approximately 15.9 million MOP, a decrease of about 1.2% from December 31, 2024 Cash Position Comparison | Indicator | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | Change (%) | | :--- | :--- | :--- | :--- | | Pledged bank deposits, bank balances and cash equivalents | 15,900 | 16,100 | -1.2% | - Pledged bank deposits of approximately 15.3 million MOP serve as collateral for bank financing[27] Borrowings and Group Assets Pledged As of June 30, 2025, the Group's bank borrowings and overdrafts increased to approximately 59.4 million MOP, secured by pledged bank deposits and corporate guarantees, with repayment arrears currently under discussion Borrowings Comparison | Indicator | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | Change (thousand MOP) | | :--- | :--- | :--- | :--- | | Bank borrowings and bank overdrafts | 59,400 | 57,600 | +1,800 | - Bank borrowings are repayable within one year and are secured by pledged bank deposits of approximately 15.3 million MOP and the company's corporate guarantees[29] - The Group is in arrears on bank borrowings and overdraft repayments of approximately 59.4 million MOP, with directors currently discussing borrowing terms with the relevant banks[98] Gearing Ratio The gearing ratio is not applicable as the company recorded a deficit attributable to owners at the end of the reporting period - The gearing ratio is not applicable due to the deficit attributable to owners of the company[30] Treasury Policy The Group adopts a prudent treasury management policy to manage funds, ensure liquidity, meet commitments, and control financing costs - The Group adopts a prudent treasury management policy to ensure sufficient funds, maintain liquidity, meet commitments, and keep financing costs at a reasonable level[31] Foreign Currency Risk The Group's currency risk primarily arises from Hong Kong dollar-denominated sales proceeds, with no current foreign currency hedging policy, but management monitors and considers hedging significant risks - The Group's currency risk primarily arises from sales proceeds denominated in Hong Kong dollars[32] - The Group currently has no foreign currency hedging policy, but management monitors foreign exchange risk and considers hedging when necessary[32] Capital Structure As of June 30, 2025, the company's authorized share capital was 10,000,000 HKD, with 605,580,000 issued shares, consistent with December 31, 2024 Authorised Share Capital As of June 30, 2025, the company's authorized share capital was 10,000,000 HKD, divided into 1,000,000,000 shares of 0.01 HKD each Authorised Share Capital | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorised Share Capital (HKD) | 10,000,000 | 10,000,000 | | Number of Shares | 1,000,000,000 | 1,000,000,000 | Issued Share Capital As of June 30, 2025, the number of issued shares was 605,580,000, remaining unchanged from December 31, 2024 Issued Share Capital | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Issued Shares | 605,580,000 | 605,580,000 | Capital Commitments As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments[35] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities or pending litigation - As of June 30, 2025, the Group had no significant contingent liabilities or pending litigation[36] Material Acquisitions and Disposals of Subsidiaries and Affiliated Companies During the reporting period, the Group did not undertake any material acquisitions or disposals of subsidiaries and affiliated companies - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries and affiliated companies[37] Material Investments Held As of June 30, 2025, the Group held no material investments - As of June 30, 2025, the Group had no material investments[38] Future Plans for Material Investments Aside from the disclosed cooperation with Nanjing Zhongke Micropoint, the Group had no other future plans for material investments as of June 30, 2025 - Except for the cooperation with Nanjing Zhongke Micropoint, the Group had no other future plans for material investments[39] Employees and Remuneration Policy As of June 30, 2025, the Group's employee count decreased to 14, with a corresponding reduction in total staff costs, and the company offers salaries, discretionary bonuses, share option schemes, and training opportunities Employee Count and Cost Comparison | Indicator | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Employees | 14 | 34 | -58.8% | | Total Staff Costs (thousand MOP) | 4,000 | 8,200 | -51.2% | - The remuneration package includes salaries and discretionary bonuses, along with a share option scheme[41] - The Group provides various training and sponsors employees to attend occupational health and safety training courses[41] Events After Reporting Period No significant events occurred after the reporting period up to the date of this interim report, other than those already disclosed - There were no significant events after the reporting period up to the date of this interim report[42] Interim Dividend The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[43] Other Information This section details additional corporate information, including directors' and major shareholders' interests, share option schemes, corporate governance practices, and audit committee review Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures As of June 30, 2025, Executive Director Mr. Li Kam Hung held approximately 35.35% of the company's shares through a controlled corporation Directors' and Chief Executive's Share Interests | Name of Director | Capacity | Number of Shares in which Interests Held/Owned | Approximate % of Total Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Li Kam Hung | Interest in controlled corporation | 214,093,000 shares (L) | 35.35% | Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares and Debentures As of June 30, 2025, Smart Rich Limited (wholly owned by Mr. Li Kam Hung) held 35.35% of the company's shares, with Ms. Ng Suk Fan (Mr. Li's spouse) deemed to have the same interest; New Phoenix Limited and Mr. Leung Lap Kuen were also substantial shareholders Substantial Shareholders' Share Interests | Name of Shareholder | Capacity | Total Interests | Approximate % of Total Issued Shares | | :--- | :--- | :--- | :--- | | Smart Rich Limited | Beneficial owner | 214,093,000 shares (L) | 35.35% | | Ms. Ng Suk Fan | Interest of spouse | 214,093,000 shares (L) | 35.35% | | New Phoenix Limited | Beneficial owner | 39,885,000 shares (L) | 6.59% | | Mr. Leung Lap Kuen | Interest in controlled corporation | 39,940,000 shares (L) | 6.60% | Share Option Scheme The company adopted a share option scheme in 2019 to grant options to eligible persons as incentives, with exercise limits and validity periods, but no options were granted, exercised, expired, forfeited, cancelled, or lapsed as of June 30, 2025 - The Share Option Scheme was approved and adopted by shareholders on March 18, 2019, aiming to grant share options to eligible persons to subscribe for shares[50] - The total number of shares issued and to be issued upon exercise of options granted under the Share Option Scheme and any other share option schemes of the company to participants in any 12-month period shall not exceed 1% of the issued shares from time to time[52] - As of June 30, 2025, no share options had been granted, exercised, expired, forfeited, cancelled, or lapsed under the Share Option Scheme[57] Purchase, Sale or Redemption of the Company's Listed Securities or Treasury Shares During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[58] - As of June 30, 2025, the company held no treasury shares[59] Corporate Governance The company is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code[60] Changes in Directors' Information Pursuant to Rule 13.51B(1) of the Listing Rules No other changes in directors' information requiring disclosure under Rule 13.51B(1) of the Listing Rules occurred during the reporting period up to the date of this report, beyond those already disclosed - There were no other changes in directors' information requiring disclosure under Rule 13.51B(1) of the Listing Rules during the reporting period and up to the date of this report[61] Directors' Securities Transactions The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance with the code during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers[63] - All directors confirmed compliance with the Model Code during the reporting period[63] Dividends The Board of Directors does not recommend the payment of any dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025[64] Audit Committee The Audit Committee, comprising three independent non-executive directors, reviewed the interim results, accounting principles, and discussed internal controls, risk management, and financial reporting matters - The Audit Committee comprises three independent non-executive directors: Mr. Yu Junxiang, Ms. Dong Qing, and Mr. Tan Zixuan[65] - The Audit Committee has reviewed the interim results, accounting principles and practices, and discussed internal controls, risk management, and financial reporting matters[65] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group recorded a loss of 58.0 million MOP, a slight narrowing from the prior year, with revenue significantly down by 82.9%, but gross margin improved despite increased impairment losses and finance costs Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | | :--- | :--- | :--- | | Revenue | 1,050 | 6,126 | | Direct costs | (1,012) | (5,948) | | Gross profit | 38 | 178 | | Other income and net other gains | – | 1 | | Impairment loss provision for financial assets and contract assets | (48,978) | (42,801) | | Administrative expenses | (5,413) | (14,422) | | Finance costs | (3,690) | (1,538) | | Loss before tax | (58,043) | (58,582) | | Income tax expense | – | – | | Loss for the period | (58,043) | (58,582) | | Total comprehensive expense for the period attributable to owners of the Company | (58,043) | (58,562) | | Basic loss per share (Macau cents) | (9.6) | (11.6) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's net current liabilities and total deficit significantly worsened to 123.6 million MOP and 122.5 million MOP respectively, driven by reduced trade receivables and cash, and increased payables and bank borrowings Summary of Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | Non-current assets | 1,058 | 1,182 | | Current assets | 82,163 | 136,658 | | Current liabilities | 205,721 | 202,297 | | Net current liabilities | (123,558) | (65,639) | | Net liabilities | (122,500) | (64,457) | | Share capital | 6,237 | 6,237 | | Reserves | (128,737) | (70,694) | | Total deficit | (122,500) | (64,457) | - Trade receivables significantly decreased from 78.85 million MOP to 24.34 million MOP[70] - Bank balances and cash decreased from 833 thousand MOP to 610 thousand MOP[70] - Trade and other payables and accrued charges increased from 93.46 million MOP to 95.62 million MOP[70] - Bank borrowings increased from 51.71 million MOP to 53.48 million MOP[70] Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the total deficit attributable to owners expanded from 64.46 million MOP to 122.50 million MOP, primarily due to a loss for the period of 58.04 million MOP Summary of Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | January 1, 2025 (thousand MOP) | Loss and total comprehensive expense for the period (thousand MOP) | June 30, 2025 (thousand MOP) | | :--- | :--- | :--- | :--- | | Share capital | 6,237 | – | 6,237 | | Share premium | 265,684 | – | 265,684 | | Statutory reserve | 500 | – | 500 | | Other reserve | (75,121) | – | (75,121) | | Statutory surplus reserve | 143 | – | 143 | | Exchange reserve | (2,528) | – | (2,528) | | Accumulated losses | (259,372) | (58,043) | (317,415) | | Total | (64,457) | (58,043) | (122,500) | - As of June 30, 2025, the total deficit attributable to owners of the company was 122.50 million MOP, a significant increase from 64.46 million MOP as of January 1, 2025[73] Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group's net cash used in operating activities was 192 thousand MOP, with zero net cash from investing and financing activities, resulting in a net decrease of 192 thousand MOP in cash and cash equivalents, and an ending balance of negative 5.30 million MOP Summary of Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Activity Type | 2025 (thousand MOP) | 2024 (thousand MOP) | | :--- | :--- | :--- | | Net cash used in operating activities | (192) | (3,231) | | Net cash from investing activities | – | 1 | | Net cash from financing activities | – | 416 | | Net decrease in cash and cash equivalents | (192) | (2,814) | | Cash and cash equivalents at beginning of period | (5,106) | (1,686) | | Cash and cash equivalents at end of period | (5,298) | (4,492) | - Cash and cash equivalents at the end of the period were negative 5.30 million MOP, primarily comprising bank overdrafts[75] Notes to the Condensed Consolidated Financial Statements This section provides detailed notes on the basis of preparation, revenue, segment information, loss before tax, income tax, loss per share, and key balance sheet items for the condensed consolidated financial statements Basis of Preparation This interim financial information is prepared in accordance with the HKEX Listing Rules and HKAS 34, using consistent accounting policies with the 2024 annual financial statements, with no material impact from newly applied HKFRS amendments - This interim financial information is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34[77] - The accounting policies are consistent with those adopted in the 2024 annual financial statements, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[77] - The Group first applied HKAS 21 (Amendment) 'Lack of Exchangeability', which had no material impact on the financial position and performance for the current and prior periods[80] Revenue and Segment Information The Group's revenue primarily stems from decoration services in Macau, totaling 1.05 million MOP for the six months ended June 30, 2025, with operating segments including decoration and maintenance services, but segment assets and liabilities are not presented as only operating results are reviewed by the chief operating decision maker - The Group's revenue primarily derives from providing decoration services and repair and maintenance services in Macau[82] Revenue Recognition Timing and Categories (For the six months ended June 30) | Revenue Category | 2025 (thousand MOP) | 2024 (thousand MOP) | | :--- | :--- | :--- | | Provision of decoration services | 1,050 | 6,126 | - The Group's reportable and operating segments are decoration services and repair and maintenance services[87] Loss Before Tax For the six months ended June 30, 2025, the Group's loss before tax was 58.04 million MOP, primarily impacted by impairment loss provisions, administrative expenses, and finance costs Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (thousand MOP) | 2024 (thousand MOP) | | :--- | :--- | :--- | | Auditor's remuneration | – | 50 | | Depreciation of right-of-use assets, property and equipment | 124 | 234 | | Interest on bank borrowings and bank overdrafts (finance costs) | 3,690 | 1,538 | Income Tax Expense No income tax expense was recognized during the reporting period as the Group had no assessable profits in Macau, China, or Hong Kong - The Group had no assessable profits in Macau, China, or Hong Kong, thus no income tax provision was made[91] Loss Per Share For the six months ended June 30, 2025, basic loss per share was 9.6 Macau cents, an improvement from 11.6 Macau cents in the prior year, with no diluted loss per share presented due to the absence of potential ordinary shares Loss Per Share Comparison (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period (thousand MOP) | (58,043) | (58,582) | | Weighted average number of ordinary shares | 605,580,000 | 504,650,000 | | Basic loss per share (Macau cents) | (9.6) | (11.6) | - No diluted loss per share is presented as there were no potential ordinary shares in issue for both periods[92] Property and Equipment For the six months ended June 30, 2025, the Group's depreciation of property, plant, and equipment was approximately 124 thousand MOP, with no additions or disposals during the period Property and Equipment Depreciation Comparison (For the six months ended June 30) | Indicator | 2025 (thousand MOP) | 2024 (thousand MOP) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 124 | 185 | - For the six months ended June 30, 2025, there were no additions or disposals of property, plant and equipment[93] Trade Receivables As of June 30, 2025, net trade receivables significantly decreased to 24.34 million MOP from December 31, 2024, with the largest portion being over 365 days old and a substantial increase in impairment loss provisions Trade Receivables Ageing Analysis (thousand MOP) | Ageing | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | 0 to 30 days | 178 | 176 | | 31 to 60 days | 312 | 3,068 | | 61 to 90 days | 501 | – | | 91 to 365 days | 2,711 | 38,478 | | Over 365 days | 155,844 | 123,356 | | Total | 159,546 | 165,078 | | Less: Impairment loss provision | (135,206) | (86,228) | | Net | 24,340 | 78,850 | - The Group grants customers a credit period of 30 days from the invoice date of contract work progress payments[94] Other Receivables, Deposits and Prepayments As of June 30, 2025, other receivables, deposits, and prepayments totaled 39.57 million MOP, largely consistent with December 31, 2024, with deposits paid for tenders forming the major component Other Receivables, Deposits and Prepayments (thousand MOP) | Item | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | Rental deposits | 428 | 428 | | Deposits paid for tenders | 41,879 | 41,879 | | Prepayments to subcontractors | 930 | 930 | | Other receivables | 2,459 | 2,280 | | Total | 45,696 | 45,517 | | Less: Impairment loss provision | (6,129) | (6,129) | | Net | 39,567 | 39,388 | Pledged Bank Deposits / Bank Balances and Cash / Bank Overdrafts As of June 30, 2025, pledged bank deposits were 15.34 million MOP, bank balances and cash were 610 thousand MOP, and bank overdrafts were 5.91 million MOP, with pledged deposits securing bank overdrafts and borrowings Cash and Bank Related Items (thousand MOP) | Item | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | Pledged bank deposits | 15,340 | 15,340 | | Bank balances and cash | 610 | 833 | | Bank overdrafts | 5,908 | 5,939 | - Pledged bank deposits bear interest at 0.01% per annum, while bank overdrafts bear interest at a market rate of 5.58% per annum[96] Trade and Other Payables and Accrued Charges As of June 30, 2025, trade and other payables and accrued charges totaled 95.62 million MOP, a slight increase from December 31, 2024, including 22.99 million MOP payable to a director, which is unsecured, interest-free, and repayable on demand Trade and Other Payables and Accrued Charges (thousand MOP) | Item | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | Trade payables | 18,605 | 17,418 | | Retention payables | 22,958 | 22,980 | | Accrued charges and other payables | 31,063 | 30,065 | | Amount due to a director | 22,993 | 22,993 | | Total | 95,619 | 93,456 | - The amount due to a director is unsecured, interest-free, and repayable on demand[97] - The credit period granted by subcontractors/suppliers to the Group is typically 0 to 30 days[97] Bank Borrowings As of June 30, 2025, secured bank borrowings repayable within one year totaled 53.48 million MOP at an effective annual interest rate of 7%, with the Group currently in arrears on bank borrowings and overdraft repayments, and directors discussing terms with banks Bank Borrowings Comparison (thousand MOP) | Item | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | Secured bank borrowings repayable within one year | 53,484 | 51,707 | - Bank borrowings bear an effective annual interest rate of 7% (December 31, 2024: 6%)[98] - The Group is in arrears on bank borrowings and overdraft repayments of approximately 59.39 million MOP, with directors currently discussing borrowing terms with the relevant banks[98] Dividends The Board of Directors does not recommend the payment of dividends for the six months ended June 30, 2025 - The Board does not recommend the payment of dividends for the six months ended June 30, 2025[99] Share Capital As of June 30, 2025, the company's authorized share capital was 10,300 thousand MOP, with issued and fully paid share capital of 6,237 thousand MOP, comprising 605,580,000 shares, consistent with December 31, 2024 Share Capital Details (thousand MOP) | Item | June 30, 2025 (thousand MOP) | December 31, 2024 (thousand MOP) | | :--- | :--- | :--- | | Authorised share capital | 10,300 | 10,300 | | Issued and fully paid share capital | 6,237 | 6,237 | | Number of issued shares | 605,580,000 | 605,580,000 | - On September 16, 2024, the company placed 100,930,000 new ordinary shares, raising net proceeds of approximately 2.03 million HKD[102] Review of Interim Financial Report The unaudited interim financial report for the six months ended June 30, 2025, has been reviewed by the Audit Committee without objection - The unaudited interim financial report has been reviewed by the Audit Committee without objection[101]