奥邦建筑(01615) - 2025 - 中期财报

Company Information Board of Directors This section discloses the company's Board of Directors members, including executive directors and independent non-executive directors, along with the composition of the Audit, Remuneration, and Nomination Committees - The Board of Directors includes executive directors Mr. Lau Chiu Shing (Chairman), Ms. Lau Chau Yu (Chief Executive Officer), Mr. On Ka Wai, Mr. Cheng Yick Wai, Mr. Yip Kin Wah, and independent non-executive directors Mr. Chu Yat Pang, Mr. Choi Wai Shek, and Mr. Au Yeung Wai Lap[3] - The Audit Committee Chairman is Mr. Au Yeung Wai Lap, the Remuneration Committee Chairman is Mr. Chu Yat Pang, and the Nomination Committee Chairman is Mr. Choi Wai Shek[3] - Ms. Lau Chau Yu was appointed as a member of the Nomination Committee on June 30, 2025[3] Company Administration and Registration Information This section provides administrative and registration details, including the company secretary, authorized representatives, registered office, Macau headquarters, and principal place of business in Hong Kong - The company secretary is Mr. Wong Wah, and the authorized representatives are Ms. Lau Chau Yu and Mr. Cheng Yick Wai[4] - The registered office is in the Cayman Islands, the Macau headquarters and principal place of business are at 10/F, Edf. Comercial Edf. Iat Tak, No. 126 Rua Pequim, and the principal place of business in Hong Kong is at 14/F, Harbour Commercial Building, 122–124 Connaught Road Central[4] External Service Providers This section lists the company's external service providers, including the auditor, principal bankers, and share registrar - The auditor is Tianzhi Hong Kong Certified Public Accountants Limited[5] - Principal bankers include Banco Comercial de Macau, Banco Nacional Ultramarino, Industrial and Commercial Bank of China (Macau), and Bank of China (Macau Branch)[5] - The Hong Kong share registrar is Boardroom Share Registrars (HK) Limited, with stock code 1615, and the company website is www.abbuildersgroup.com[5](index=5&type=chunk) Management Discussion and Analysis Business Review During the reporting period, the Group's revenue significantly increased by 190.0% to MOP170.8 million, driven by successful renovation projects and expansion into construction material trading, despite a decline in gross profit margin due to lower-margin projects and add-on orders, while also marking an entry into financial services through an acquisition - In the first half of 2025, Macau's gross gaming revenue increased by 4% year-on-year to HKD115.3 billion, with inbound tourists reaching 19.2 million, a 15% year-on-year increase[6] 2025 Half-Year Revenue Overview | Indicator | 2025 Half-Year (MOP million) | 2024 Half-Year (MOP million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 170.8 | 58.9 | 190.0% | | Construction Services Revenue | 167.1 | 58.9 | 183.6% | | Construction Material Trading Revenue | 3.7 | — | 100% (New Business) | 2025 Half-Year Gross Profit and Gross Profit Margin | Indicator | 2025 Half-Year (MOP million) | 2024 Half-Year (MOP million) | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 10.2 | 11.9 | Decreased by 1.7 million | | Gross Profit Margin | 6.0% | 20.1% | Decreased by 14.1 percentage points | - The Group completed the acquisition of a Hong Kong company holding SFC Type 4 (advising on securities) and Type 9 (asset management) licenses, marking its entry into the financial services sector[7][28] Prospects and Outlook The Group maintains cautious optimism for the future, anticipating construction and renovation opportunities from ongoing investments in Macau's integrated resorts, expanding construction material trading through vertical integration, developing financial services for institutional and high-net-worth clients, and pursuing strategic acquisitions for sustainable growth - Ongoing investments by major integrated resort operators in Macau for property upgrades and new developments create potential construction and renovation opportunities for the Group[9] - Plans to expand the construction material trading business through vertical integration to generate synergies with construction services and enhance project profit margins[9] - Following the acquisition of the SFC-licensed company, the Group will actively develop financial services capabilities, offering securities advisory and asset management services, focusing on institutional and high-net-worth individual clients[9] - The Group will continue to evaluate strategic acquisition opportunities and partnerships to expand its market presence in Macau, Hong Kong, the Greater Bay Area, and the Asia-Pacific region, aiming for sustainable long-term growth[10] Financial Review The Group's revenue surged by 190.0% to MOP170.8 million, driven by renovation projects and new construction material sales, yet gross profit and margin declined due to lower-margin projects, while other income decreased, other gains and losses turned positive, impairment losses reduced, administrative expenses remained stable, and profit for the period decreased by approximately MOP2.0 million, with no dividends paid Revenue Breakdown (MOP thousand) | Revenue Type | 2025 Half-Year | 2024 Half-Year | Change (MOP thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Renovation Projects | 167,117 | 58,923 | 108,194 | 183.6% | | Others (Construction Materials) | 3,717 | — | 3,717 | 100% | | Total | 170,834 | 58,923 | 111,911 | 190.0% | Gross Profit and Gross Profit Margin Breakdown (MOP thousand) | Revenue Type | 2025 Gross Profit | 2025 Gross Profit Margin (%) | 2024 Gross Profit | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Renovation Projects | 9,865 | 5.9 | 12,061 | 20.5 | | Others | 308 | 8.3 | (210) | — | | Total | 10,173 | 6.0 | 11,851 | 20.1 | - Other income decreased from MOP6.7 million in the first half of 2024 to MOP2.9 million in the first half of 2025, primarily due to reduced insurance claims[15] - Other gains and losses turned from a loss of MOP1.0 million in the first half of 2024 to a gain of MOP0.9 million in the first half of 2025, mainly comprising net exchange gains[16] - Impairment losses decreased by approximately MOP2.0 million or 159.5%, primarily due to the settlement of certain long-aged trade receivables[17] - Profit for the period was approximately MOP0.5 million, a decrease of approximately MOP2.0 million compared to the same period last year[19] - No dividends were paid, declared, or proposed for the six months ended June 30, 2025[20] Corporate Finance and Risk Management The Group's liquidity is primarily from operating cash, with total cash and bank balances increasing to MOP146 million, while the gearing ratio decreased to 5.2% and the current ratio was 1.9 times, maintaining a stable capital structure and diversifying business through a new acquisition, though facing currency fluctuation risks without hedging, increased employee costs due to new projects, and various operational and economic risks Liquidity and Financial Resources (MOP million) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Cash and Bank Balances | 146 | 117 | Increased by 29 | | Gearing Ratio | 5.2% | 9.2% | Decreased by 4.0 percentage points | | Current Ratio | 1.9 times | 2.0 times | Decreased by 0.1 times | - The Group completed the acquisition of a Hong Kong company holding SFC Type 4 and Type 9 licenses to further diversify its business portfolio and expansion[28] - The Group is exposed to currency risk, primarily from transactions denominated in HKD, RMB, and USD, with no foreign currency hedging policy currently in place[30] - As of June 30, 2025, the number of full-time employees increased to 232 (December 31, 2024: 159), mainly to support newly awarded renovation projects in the Macau market, with total staff costs of approximately MOP14.5 million (first half of 2024: MOP8.8 million)[31] - Key risks include changes in construction material and labor costs, poor project management or delays, fluctuations in project cash flows, reliance on subcontractors, ability to retain key management personnel and talent, and global economic uncertainties[35] Other Information [Directors' and Chief Executives' Interests in Shares, Underlying Shares, and Debentures of