编者按产教融合既是教育改革的关键突破口，也是服务国家战略、助力产业升级、推动人的全面发展的 重要驱动力。本期《智观》撷取部分观点，围绕教育链、人才链、产业链、创新链有机融合背景下的技 术技能人才培养路径，聚焦直播电商专业的发展态势、土木工程教育的转型方向，以及职普融通与终身 学习体系的构建策略，深入剖析产教融合对教育革新的重要推动作用。 ...

Core Viewpoint - Yihe Holdings (01662) reported a decrease in revenue for the six months ending September 30, 2025, primarily due to a reduction in its core business of foundation and other civil engineering [1] Financial Performance - The company achieved revenue of HKD 481 million, representing a year-on-year decrease of 27.26% [1] - Profit attributable to owners increased to HKD 39.635 million, reflecting a year-on-year increase of 22.26% [1] - Earnings per share were HKD 0.08, with a proposed special dividend of HKD 0.15 per share [1]

Core Insights - The company reported a comprehensive income of approximately HKD 481 million for the six months ending September 30, 2025, representing a decrease of about 27.3% compared to HKD 662 million in the same period of 2024 [1] - The decline in revenue is primarily attributed to a reduction in core business activities related to foundation and other civil engineering projects [1] - The profit attributable to the company's owners was approximately HKD 39.6 million, an increase of 22.3% from HKD 32.4 million in the same period of 2024 [1]

Core Viewpoint - Junan Holdings (01559) reported a mid-term performance for the period ending September 30, 2025, showing a revenue of HKD 110 million, a year-on-year decrease of 7.68%. The company recorded a loss attributable to shareholders of HKD 6.457 million, which represents a significant improvement of 72.44% compared to the previous year. The basic loss per share was HKD 0.35 cents [1] Group 1 - The revenue for the period was HKD 110 million, reflecting a decrease of 7.68% year-on-year [1] - The loss attributable to shareholders was HKD 6.457 million, which is a 72.44% reduction compared to the same period last year [1] - The basic loss per share was reported at HKD 0.35 cents [1] Group 2 - The significant improvement in losses is primarily attributed to a major corporate restructuring completed in March 2025 [1] - The restructuring involved the sale of the wholly-owned subsidiary Win Vision Holdings Limited and its subsidiaries, which were primarily engaged in civil engineering business in Hong Kong [1] - The sold group incurred a loss of approximately HKD 13.7 million in the same period last year, which is no longer reflected in the current results [1]

Core Viewpoint - Junan Holdings (01559) reported a decrease in revenue and a significant improvement in losses due to a major corporate restructuring completed in March 2025 [1] Financial Performance - Revenue for the period ending September 30, 2025, was HKD 110 million, representing a year-on-year decrease of 7.68% [1] - The loss attributable to owners narrowed to HKD 6.457 million, a reduction of 72.44% compared to the previous year [1] - Basic loss per share was HKD 0.035 [1] Corporate Restructuring - The significant improvement in losses is primarily attributed to the completion of a major corporate restructuring involving the sale of the wholly-owned subsidiary Win Vision Holdings Limited and its subsidiaries [1] - The sold group was primarily engaged in civil engineering business in Hong Kong and incurred a loss of approximately HKD 13.7 million in the same period last year [1] - Following the sale, there were no losses recorded from this segment during the current reporting period [1]

Core Insights - The company reported a revenue of approximately HKD 133 million for the six months ending September 30, 2025, representing a 48.1% increase compared to approximately HKD 89.7 million in the same period of 2024, driven by increased revenue from civil engineering services related to projects W61, W62, and W63 [1][1][1] - The loss attributable to shareholders for the same period was approximately HKD 13.7 million, an increase of 53.9% from a loss of approximately HKD 8.9 million in 2024, primarily due to rising employee costs included in administrative expenses and costs associated with bidding for new government tenders in Hong Kong [1][1][1] Financial Performance - Revenue for the six months ending September 30, 2025, was approximately HKD 133 million, up from approximately HKD 89.7 million in 2024, marking a 48.1% increase [1] - Loss attributable to shareholders increased to approximately HKD 13.7 million from approximately HKD 8.9 million in 2024, reflecting a 53.9% rise in losses [1] Operational Factors - The increase in revenue is attributed to enhanced civil engineering service revenues from specific projects (W61, W62, W63) [1] - The rise in losses is mainly due to higher employee costs and expenses related to new government tender bids [1]

Core Viewpoint - The company reported a mid-term performance for the period ending September 30, 2025, showing revenues of HKD 252 million and a net profit of HKD 19.21 million, indicating a temporary adjustment in performance due to project cycles and financial receivables [1] Group 1: Financial Performance - The performance adjustment is primarily due to two reasons: the civil engineering segment nearing completion of large projects, leading to a natural decline in revenue, and new projects being in the preparatory phase without substantial revenue recognition [1] - Trade receivables increased from approximately HKD 24.54 million at the end of March to about HKD 44.67 million by the end of September, with the majority in the short aging category, indicating low collection risk [1] Group 2: Business Development - The company has successfully secured significant projects in its three main business segments, including a smart mixing station in Hong Kong and over HKD 150 million in new energy orders since October [2] - The civil engineering segment has added key public projects, reinforcing its position in the Hong Kong infrastructure market, while the electromechanical engineering segment has secured major contracts with China Light and Power [2] Group 3: Future Outlook - The dual-driven strategy of "new energy + green building" is expected to release continuous growth momentum, with the new energy business as a core engine benefiting from the "dual carbon" goals and Hong Kong's carbon neutrality plans [3] - The civil engineering segment is poised to capitalize on the Hong Kong government's annual infrastructure spending of HKD 120 billion and additional reserved funds, providing stable profit opportunities [3] - Overall, the company is expected to achieve steady revenue and profit growth, delivering long-term sustainable returns to shareholders as new project revenues are recognized and the new energy business scales up [3]

Core Viewpoint - 荣利营造 (09639.HK) reported a significant decline in financial performance for the six months ending September 30, 2025, with revenues dropping by 37% year-on-year, primarily due to reduced contributions from civil engineering projects [1] Financial Performance Summary - The company achieved revenues of HKD 252 million, a decrease of 37.0% compared to the previous year [1] - Gross profit was HKD 52.149 million, reflecting a 35.0% year-on-year decline [1] - Profit attributable to owners was HKD 19.21 million, down 48.8% year-on-year [1] - Basic and diluted earnings per share were HKD 0.02 [1] Revenue Decline Factors - The decrease in revenue was mainly attributed to a reduction of approximately HKD 164.3 million in civil engineering revenues [1] - Contributing factors included the nearing completion of several civil projects, leading to a gradual reduction in revenue contribution, and other recently awarded civil projects being in the preliminary stages, resulting in no revenue recognition during the reporting period [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 榮啟為一家於香港註冊成立的投資控股有限公司。本公司為榮啟7,000股股份（相 當於榮啟全部已發行股本的70%）的法律及實益擁有人。榮啟3,000股股份（相當 於榮啟全部已發行股本的30%）由趙欽凌先生（「趙先生」）法律及實益擁有。趙 先生為一名商人及中國的個人投資者，據董事經作出一切合理查詢後所深知、 盡悉及確信，趙先生為獨立第三方，且與本公司或其任何關連人士（定義見香 港聯合交易所有限公司證券上市規則）並無關連。 – 1 – (a) 在儲能系統供應的工程設計、採購及施工方面開展合作，重點建立專注於 為全球新能源應用提供先進解決方案的全面網絡；及 (b) 在全球市場與戰略業務夥伴探討儲能系統集成及解決方案平台的合作機遇。 Wing Lee Development Construction Holdings Limited 榮利營造控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9639） 自 ...

Core Viewpoint - The company, Yihe Holdings (01662), anticipates a profit of at least approximately HKD 30.5 million for the mid-term of 2025/2026, reflecting a significant increase from the profit of approximately HKD 21.8 million for the six months ending September 30, 2024, which represents a growth of about 40.0% [1] Group 1: Financial Performance - The expected profit increase is primarily attributed to the company's ongoing efforts to enhance operational efficiency in its core business of foundation and civil engineering [1] - The profit for the six months ending September 30, 2024, was approximately HKD 21.8 million, marking a 40.0% increase compared to previous periods [1] Group 2: Operational Improvements - The improvements in operational efficiency are the result of multiple factors, including the integration of artificial intelligence applications to optimize workflows [1] - The use of the latest IoT sensors supports routine work automation and AI-driven data analysis, contributing to enhanced operational performance [1] - Strict cost-cutting measures have also been implemented, leading to an increase in gross profit expected for the mid-term of 2025/2026 [1]