Venture(US:VEMLY) 智通财经网·2025-09-28 00:51Core Viewpoint - Golden Leaf International Group Limited is undergoing a listing hearing on the Hong Kong Stock Exchange's Growth Enterprise Market, with the company being exclusively sponsored by Tong Ren Financing [1] Company Overview - Golden Leaf International is an established contractor in the electromechanical engineering sector, with a history dating back to 2006. The company specializes in the supply, installation, maintenance, and repair of heating, ventilation, and air conditioning systems, electrical installation systems, and water supply systems [3] - The company primarily serves private projects, with revenue from private projects accounting for approximately 97.7% and 98.2% of total revenue for the fiscal years 2023/24 and 2024/25, respectively [3] - The company has mainly been contracted to provide services for existing commercial properties in Hong Kong, managed by several large property management companies [3] Project and Contract Types - The types of contracts undertaken by the company include fixed-price contracts, maintenance contracts, and periodic contracts, with a significant portion of projects being small-scale, contributing less than HKD 500,000 each [4] - The company has taken on over 1,000 projects in each of the fiscal years 2023/24 and 2024/25, with a majority being fixed-price projects that typically involve lower subcontracting costs, leading to higher gross margins [4] Financial Performance - As of July 31, 2025, the company has 187 projects with an uncompleted order value of approximately HKD 62.8 million [5] - For the fiscal years 2023/24 and 2024/25, the company's revenue is projected to be approximately HKD 123 million and HKD 155 million, respectively, with net profits of approximately HKD 10.4 million and HKD 14.1 million for the same periods [5][6]