> **来源：[研报客](https://pc.yanbaoke.cn)** # Interim Report # 2025/2026 # 中期报告 # CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report. This report, for which the directors (the "Directors") of Tsun Yip Holdings Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive and there are no other matters the omission of which would make any statement herein or this report misleading. # 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。有意投資者應了解投資於該等公司之潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市的公司普遍為中小型公司，在GEM買賣之證券可能會承受較於聯交所主板買賣之證券為高之市場波動風險，亦無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告載有根據聯交所GEM證券上市規則（「GEM上市規則」）而提供有關進業控股有限公司（「本公司」）之資料，本公司各董事（「董事」）願就本報告共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼等所知及所信，本報告所載資料在所有重大方面均屬準確、完整及並無誤導或欺詐成份，且本文或本報告並無遺漏任何其他事項致使當中任何聲明有所誤導。 # HIGHLIGHTS The Group's revenue for the six months ended 30 September 2025 increased by approximately $21.4\%$ to approximately HK\ $208.3 million (2024: approximately HK\$ 171.6 million). - Loss of the Group for the six months ended 30 September 2025 was amounted to approximately HK$8.7 million (2024: Profit of approximately HK$4.1 million). - Basic loss per Share attributable to the owners of the Company for the six months ended 30 September 2025 was approximately HK15.0 cents (2024: basic earnings per Share of approximately HK7.8 cents (restated)). The Board does not recommend the payment of any dividend for the six months ended 30 September 2025. # 摘要 本集團截至二零二五年九月三十日止六個月的收益增加約 $21.4\%$ 至約208,300,000港元（二零二四年：約171,600,000港元）。 - 截至二零二五年九月三十日止六個月的本集團虧損為約8,700,000港元（二零二四年：溢利約4,100,000港元）。 - 截至二零二五年九月三十日止六個月的本公司擁有人應佔每股股份基本虧損為約15.0港仙(二零二四年:每股股份基本盈利約7.8港仙(經重列))。 董事會不建議就截至二零二五年九月三十日止六個月派付任何股息。 The board of Directors (the "Board") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 September 2025, together with the unaudited comparative figures for the corresponding periods in 2024, as follows: # CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) For the six months ended 30 September 2025 董事會(「董事會」)欣然宣佈本公司及其附屬公司(統稱「本集團」)截至二零二五年九月三十日止六個月之未經審核簡明綜合業績連同二零二四年同期之未經審核比較數字如下： # 簡明綜合損益及其他全面收益表 (未經審核) 截至二零二五年九月三十日止六個月 <table><tr><td colspan="2" rowspan="3"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td rowspan="2">2025 二零二五年 HK$'000 千港元</td><td rowspan="2">2024 二零二四年 HK$'000 千港元</td></tr><tr></tr><tr><td></td><td>Notes</td><td>附註</td><td></td></tr><tr><td>Revenue</td><td>收益</td><td>4</td><td>208,273 (206,087)</td></tr><tr><td>Cost of services</td><td>服務成本</td><td></td><td></td></tr><tr><td>Gross profit</td><td>毛利</td><td></td><td>2,186</td></tr><tr><td>Other income</td><td>其他收入</td><td>5</td><td>663</td></tr><tr><td>Other gains, net</td><td>其他收益凈額</td><td>6</td><td>409</td></tr><tr><td>Administrative and operating expenses</td><td>行政及營運開支</td><td></td><td>(9,383)</td></tr><tr><td>(Loss)/profit from operations</td><td>營運(虧損)／溢利</td><td>8</td><td>(6,125)</td></tr><tr><td>Finance costs</td><td>融資成本</td><td>10</td><td>(2,696)</td></tr><tr><td>(Loss)/profit before income tax</td><td>除所得稅前(虧損)／溢利</td><td></td><td>(8,821)</td></tr><tr><td>Income tax</td><td>所得稅</td><td>11</td><td>83</td></tr><tr><td>(Loss)/profit for the period</td><td>期內(虧損)／溢利</td><td></td><td>(8,738)</td></tr><tr><td></td><td></td><td></td><td>4,121</td></tr><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td rowspan="4">2025 二零二五年 HK$'000 千港元</td><td rowspan="4">2024 二零二四年 HK$'000 千港元</td></tr><tr><td colspan="2"></td></tr><tr><td colspan="2"></td></tr><tr><td colspan="2"></td></tr><tr><td>Other comprehensive income:</td><td>其他全面收益:</td><td></td><td></td></tr><tr><td>Items that may be reclassified</td><td>其後可重新分類至損益的項目:</td><td></td><td></td></tr><tr><td>subsequently to profit or loss:</td><td></td><td></td><td></td></tr><tr><td>Exchange differences on translating foreign operations</td><td>換算境外業務之匯兌差額</td><td>-</td><td>-</td></tr><tr><td>Other comprehensive income for the period, net of tax</td><td>期内其他全面收益，扣除稅項</td><td>-</td><td>-</td></tr><tr><td>Total comprehensive (loss)/income for the period</td><td>期内全面(虧損)／收益總額</td><td>(8,738)</td><td>4,121</td></tr><tr><td>(Loss)/profit for the period attributable to:</td><td>以下人士應佔期内(虧損)／溢利：</td><td></td><td></td></tr><tr><td>- Owners of the Company</td><td>-本公司擁有人</td><td>(8,603)</td><td>4,364</td></tr><tr><td>- Non-controlling interests</td><td>-非控股權益</td><td>(135)</td><td>(243)</td></tr><tr><td></td><td></td><td>(8,738)</td><td>4,121</td></tr><tr><td>Total comprehensive (loss)/income for the period attributable to:</td><td>以下人士應佔期内全面(虧損)／收益總額：</td><td></td><td></td></tr><tr><td>- Owners of the Company</td><td>-本公司擁有人</td><td>(8,603)</td><td>4,364</td></tr><tr><td>- Non-controlling interests</td><td>-非控股權益</td><td>(135)</td><td>(243)</td></tr><tr><td></td><td></td><td>(8,738)</td><td>4,121</td></tr><tr><td>(Loss)/earnings per Share attributable to the owners of the Company</td><td>本公司擁有人應佔每股股份(虧損)／盈利 13</td><td rowspan="2">(15.0)</td><td>(Restated) (經重列)</td></tr><tr><td>- Basic (HK cent(s))</td><td>-基本(港仙)</td><td colspan="1">7.8</td></tr><tr><td>- Diluted (HK cent(s))</td><td>-攤薄(港仙)</td><td>(15.0)</td><td>6.0</td></tr></table> # CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表 At 30 September 2025 於二零二五年九月三十日 <table><tr><td colspan="2" rowspan="2"></td><td rowspan="4">As at 30 September 2025 於二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 千港元</td><td rowspan="4">As at 31 March 2025 於二零二五年 三月三十一日 (Audited) (經審核) HK$'000 千港元</td></tr><tr></tr><tr><td></td><td>Notes</td></tr><tr><td></td><td>附註</td></tr><tr><td>Non-current assets</td><td>非流動資產</td><td></td><td></td></tr><tr><td>Property, plant and equipment</td><td>物業、廠房及設備</td><td>14</td><td>15,263</td></tr><tr><td>Right-of-use assets</td><td>使用權資產</td><td></td><td>1,072</td></tr><tr><td>Deposit paid for acquisition of property, plant and equipment</td><td>購置物業、廠房及設備之 已付按金</td><td>15</td><td>-</td></tr><tr><td></td><td></td><td></td><td>16,335</td></tr><tr><td></td><td></td><td></td><td>18,094</td></tr><tr><td>Current assets</td><td>流動資產</td><td></td><td></td></tr><tr><td>Trade and other receivables</td><td>貿易及其他應收款項</td><td>15</td><td>66,613</td></tr><tr><td>Contract assets</td><td>合約資產</td><td></td><td>11,480</td></tr><tr><td>Tax recoverable</td><td>可收回稅項</td><td></td><td>16</td></tr><tr><td>Cash and cash equivalents</td><td>現金及現金等價物</td><td></td><td>38,837</td></tr><tr><td></td><td></td><td></td><td>116,946</td></tr><tr><td></td><td></td><td></td><td>147,555</td></tr><tr><td>Total assets</td><td>總資產</td><td></td><td>133,281</td></tr><tr><td>Current liabilities</td><td>流動負債</td><td></td><td></td></tr><tr><td>Trade and other payables</td><td>貿易及其他應付款項</td><td>16</td><td>94,363</td></tr><tr><td>Contract liabilities</td><td>合約負債</td><td></td><td>34,104</td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td></td><td>884</td></tr><tr><td>Employee benefits</td><td>僱員福利</td><td></td><td>9,399</td></tr><tr><td></td><td></td><td></td><td>138,750</td></tr><tr><td></td><td></td><td></td><td>164,764</td></tr><tr><td></td><td></td><td>As at 30 September 2025 於二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 千港元</td><td>As at 31 March 2025 於二零二五年 三月三十一日 (Audited) (經審核) HK$'000 千港元</td></tr><tr><td></td><td></td><td>Notes 附註</td><td></td></tr><tr><td>Net current liabilities</td><td>流動負債淨額</td><td></td><td>(21,804)</td></tr><tr><td>Total assets less current liabilities</td><td>總資產減流動負債</td><td></td><td>(5,469)</td></tr><tr><td>Non-current liabilities</td><td>非流動負債</td><td></td><td></td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td></td><td>271</td></tr><tr><td>Promissory note</td><td>承兌票據</td><td></td><td>41,403</td></tr><tr><td>Deferred tax liabilities</td><td>遞延稅項負債</td><td></td><td>1,325</td></tr><tr><td></td><td></td><td></td><td>42,999</td></tr><tr><td></td><td></td><td></td><td>40,750</td></tr><tr><td>Total liabilities</td><td>總負債</td><td></td><td>181,749</td></tr><tr><td>Net liabilities</td><td>負債淨額</td><td></td><td>(48,468)</td></tr><tr><td>Capital and reserves</td><td>資本及儲備</td><td></td><td></td></tr><tr><td>Share capital</td><td>股本</td><td>17</td><td>5,722</td></tr><tr><td>Reserves</td><td>儲備</td><td></td><td>(55,255)</td></tr><tr><td></td><td></td><td></td><td>(49,533)</td></tr><tr><td>Non-controlling interests</td><td>非控股權益</td><td></td><td>1,065</td></tr><tr><td>Total Equity</td><td>總權益</td><td></td><td>(48,468)</td></tr></table> # CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) 簡明綜合權益變動表 (未經審核) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 <table><tr><td rowspan="2" colspan="2"></td><td>Share capital</td><td>Share Premium*</td><td>Capital reserves*</td><td>Convertible notes equity reserves*</td><td>Foreign currency translation reserves*</td><td>Other reserves*</td><td>Accumulated losses*</td><td>Total</td><td>Non-controlling interests</td><td>Total equity</td></tr><tr><td>股本HK$'000千港元</td><td>股份溢價*HK$'000千港元</td><td>資本儲備*HK$'000千港元</td><td>可換股票據權益儲備*HK$'000千港元</td><td>外幣換算儲備*HK$'000千港元</td><td>其他儲備*HK$'000千港元</td><td>累計虧損*HK$'000千港元</td><td>總計HK$'000千港元</td><td>非控股權益HK$'000千港元</td><td>總權益HK$'000千港元</td></tr><tr><td>As at 1 April 2025</td><td>於二零二五年四月一日</td><td>5,722</td><td>1,256,528</td><td>346,491</td><td>26,191</td><td>(1,236)</td><td>41,214</td><td>(1,715,840)</td><td>(40,930)</td><td>1,065</td><td>(39,865)</td></tr><tr><td>Loss for the period</td><td>期內虧損</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(8,603)</td><td>(8,603)</td><td>(135)</td><td>(8,738)</td></tr><tr><td>Other comprehensive income for the period:Items that may be reclassified subsequently to profit or loss:</td><td>期內其他全面收益：其後可重新分類至損益的項目：換算境外業務之匯兑差額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total comprehensive loss for the period</td><td>期內全面虧損總額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(8,603)</td><td>(8,603)</td><td>(135)</td><td>(8,738)</td></tr><tr><td>Capital injection by non-controlling interests</td><td>非控股權益注資</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>135</td><td>135</td></tr><tr><td>As at 30 September 2025 (unaudited)</td><td>於二零二五年九月三十日(未經審核)</td><td>5,722</td><td>1,256,528</td><td>346,491</td><td>26,191</td><td>(1,236)</td><td>41,214</td><td>(1,724,443)</td><td>(49,533)</td><td>1,065</td><td>(48,468)</td></tr><tr><td>As at 1 April 2024</td><td>於二零二四年四月一日</td><td>4,055</td><td>1,238,195</td><td>2,758</td><td>14,400</td><td>(1,236)</td><td>41,214</td><td>(1,704,499)</td><td>(405,113)</td><td>1,683</td><td>(403,430)</td></tr><tr><td>Profit/(loss) for the period</td><td>期內溢利/(虧損)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,364</td><td>4,364</td><td>(243)</td><td>4,121</td></tr><tr><td>Other comprehensive income for the period:Items that may be reclassified subsequently to profit or loss:</td><td>期內其他全面收益：其後可重新分類至損益的項目：換算境外業務之匯兑差額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total comprehensive income/(loss) for the period</td><td>期內全面收益/(虧損)總額</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,364</td><td>4,364</td><td>(243)</td><td>4,121</td></tr><tr><td>Issuance of shares</td><td>發行股份</td><td>1,667</td><td>18,333</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,000</td><td>-</td><td>20,000</td></tr><tr><td>Recognition of equity component of convertible notes upon issuance and extension of convertible notes</td><td>於發行及延長可換股票據時建議可換股票據權益部分</td><td>-</td><td>-</td><td>329,333</td><td>26,191</td><td>-</td><td>-</td><td>-</td><td>355,524</td><td>-</td><td>355,524</td></tr><tr><td>As at 30 September 2024 (unaudited)</td><td>於二零二四年九月三十日(未經審核)</td><td>5,722</td><td>1,256,528</td><td>332,091</td><td>40,591</td><td>(1,236)</td><td>41,214</td><td>(1,700,135)</td><td>(25,225)</td><td>1,440</td><td>(23,785)</td></tr></table> * The aggregate amount of these balances of approximately HK$55,255,000 in deficit (31 March 2025: approximately HK$46,652,000 in deficit) is included as reserves in the condensed consolidated statement of financial position. 該等結餘總額虧紛約55,255,000港元（二零二五年三月三十一日：虧紛約46,652,000港元）已計入簡明綜合財務狀況表內作為儲備。 # CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) 簡明綜合現金流量表 (未經審核) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 <table><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td>2025 二零二五年 HK$'000 千港元</td><td>2024 二零二四年 HK$'000 千港元</td></tr><tr><td>Net cash (used in)/generated from operating activities</td><td>經營活動(所用)/所得現金淨額</td><td>(11,967)</td><td>5,144</td></tr><tr><td>Investing activities</td><td>投資活動</td><td></td><td></td></tr><tr><td>Purchase of property, plant and equipment</td><td>購買物業、廠房及設備</td><td>(5,108)</td><td>(8,325)</td></tr><tr><td>Other cash flows generated from investing activities</td><td>投資活動產生之其他現金流量</td><td>250</td><td>508</td></tr><tr><td>Net cash used in investing activities</td><td>投資活動所用現金淨額</td><td>(4,858)</td><td>(7,817)</td></tr><tr><td>Financing activities</td><td>融資活動</td><td></td><td></td></tr><tr><td>Proceeds from allotment of shares</td><td>配發股份所得款項</td><td>-</td><td>20,000</td></tr><tr><td>Capital injection from non-controlling interests</td><td>非控股權益注資</td><td>135</td><td>-</td></tr><tr><td>Other cash flows used in financing activities</td><td>融資活動所用之其他現金流量</td><td>(595)</td><td>(1,741)</td></tr><tr><td>Net cash (used in)/generated from financing activities</td><td>融資活動(所用)/所得現金淨額</td><td>(460)</td><td>18,259</td></tr><tr><td>Net (decrease)/increase in cash and cash equivalents</td><td>現金及現金等價物(減少)/增加淨額</td><td>(17,285)</td><td>15,586</td></tr><tr><td>Cash and cash equivalents at the beginning of the period</td><td>期初現金及現金等價物</td><td>56,120</td><td>48,222</td></tr><tr><td>Effects of foreign exchange rate changes</td><td>匯率變動之影響</td><td>2</td><td>18</td></tr><tr><td>Cash and cash equivalents at the end of the period</td><td>期末現金及現金等價物</td><td>38,837</td><td>63,826</td></tr><tr><td>Analysis of cash and cash equivalents</td><td>現金及現金等價物分析</td><td></td><td></td></tr><tr><td>Cash and bank balances</td><td>現金及銀行結餘</td><td>38,837</td><td>63,826</td></tr></table> # NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 # 1. GENERAL INFORMATION The Company was incorporated in the Cayman Islands on 15 March 2010 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961 as consolidated and revised) of the Cayman Islands. The registered office and principal place of business of the Company are located at the offices of Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands and Unit M & N, 8/F, Hi-Speed Centre 1, 18 On Chuen Street, Fanling, New Territories respectively. The substantial shareholder of the Company is Mr. Kan Kwok Cheung, an executive director of the Company. As at the date of this report, Mr. Kan Kwok Cheung owns $57.1\%$ issued share capital of the Company and is the controlling shareholder of the Company. The Company's ordinary shares (the "Share(s)") were listed on GEM of the Stock Exchange on 30 August 2010. The principal activities of the Company are investment holding. The subsidiaries are engaged in the provision of civil engineering services for the public sector in Hong Kong. # 2. BASIS OF PRESENTATION AND PRINCIPAL ACCOUNTING POLICIES # (a) Statement of compliance The unaudited condensed consolidated interim financial statements for the six months ended 30 September 2025 (the "Interim Financial Statements") have been prepared in accordance with the Hong Kong Accounting Standards ("HKASs") 34 "Interim Financial Reporting", other relevant Hong Kong Accounting Standards, Interpretations and the Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and the disclosure requirements of the GEM Listing Rules. # 1. 一般資料 本公司於二零一零年三月十五日根據開曼群島第22章公司法（一九六一年法例3，經綜合及修訂）於開曼群島註冊成立為獲豁免有限責任公司。本公司之註冊辦事處及主要營業地點分別為Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands及新界粉嶺安全街18號海迅中心1座8樓M及N室。本公司之主要股東為本公司執行董事簡國祥先生。於本報告日期，簡國祥先生擁有本公司57.1%之已發行股本，為本公司控股股東。 本公司普通股（「股份」）於二零一零年八月三十日在聯交所GEM上市。 本公司的主要業務為投資控股。其附屬公司從事在香港為公營部門提供土木工程服務。 # 2. 呈列基準及主要會計政策 # (a) 遵例聲明 截至二零二五年九月三十日止六個月之未經審核簡明綜合中期財務報表（「中期財務報表」）乃根據香港會計師公會（「香港會計師公會」）頒佈之香港會計準則（「香港會計準則」）第34號「中期財務報告」、其他相關香港會計準則、詮釋及香港財務報告準則（「香港財務報告準則」）以及GEM上市規則之披露規定編製。 # 2. BASIS OF PRESENTATION AND PRINCIPAL ACCOUNTING POLICIES (Continued) # (b) Basis of preparation The accounting policies and method of the computation used in the preparation of the Interim Financial Statements are consistent with those used in the annual report for the year ended 31 March 2025, except for those related to new standards and interpretations effective for the first time periods beginning on 1 April 2025 and expected to be reflected in the forthcoming annual financial statements. The Interim Financial Statements have been prepared under the historical cost convention at the end of each reporting period and are presented in Hong Kong dollars ("HK$"), which is also the functional currency of the Company. # (c) Going Concern In preparing the Interim Financial Statements, the Directors have given careful consideration to the future liquidity of the Group notwithstanding that the Group has incurred an unaudited net loss of approximately HK$8,738,000 during the six months ended 30 September 2025 and, as of that date, the Group had unaudited net current liabilities and unaudited net liabilities of approximately HK$21,804,000 and HK$48,468,000 respectively. The directors of the Company adopted the going concern basis in the preparation of Interim Financial Statements and implemented certain measures in order to improve the working capital and liquidity and cash flow position of the Group: 1. Mr. Kan Kwok Cheung, an executive director and controlling shareholder of the Company, has granted a loan facility up to HK$60,000,000 (which has not been utilised up to date of this report) to the Group to maintain the going concern of the Company; and # 2. 呈列基準及主要會計政策(續) # (b) 編製基準 編製中期財務報表所用之會計政策及計算方式與截至二零二五年三月三十一日止年度之年度報告所採納者一致，惟有關於二零二五年四月一日開始之期間首次生效之新準則及詮釋除外，預計其將反映在下一份年度財務報表上。 中期財務報表乃於各報告期末根據歷史成本基準編製，並以亦為本公司功能貨幣之港元（「港元」）呈列。 # (c) 持續經營 於編製中期財務報表時，董事已審慎考慮本集團之未來流動性，儘管截至二零二五年九月三十日止六個月，本集團產生未經審核淨虧損約8,738,000港元，及截至該日，本集團分別錄得未經審核流動負債淨額約21,804,000港元及未經審核負債淨額約48,468,000港元。 本公司董事於編製中期財務報表時已採納持續經營基準，並已實施若干措施，以改善本集團之營運資金及流動資金以及現金流量狀況： 1. 本公司執行董事兼控股股東簡國祥先生已向本集團授予最多60,000,000港元的貸款融資（截至本報告日期尚未動用），以維持本公司的持續經營；及 # 2. BASIS OF PRESENTATION AND PRINCIPAL ACCOUNTING POLICIES (Continued) # (c) Going Concern (Continued) 2. The management is endeavoring to improve the Group's operating results and cash flows through cost control measures and will focus on the existing business of the Group by actively engaged into new construction projects. In the opinion of the directors of the Company, in light of the various measures/arrangements implemented after the end of the reporting period, the Group will have sufficient working capital for its current requirements and it is reasonable to expect the Group to remain a commercially viable concern. Accordingly, the directors of the Company are satisfied that it is appropriate to prepare the Interim Financial Statements on a going concern basis. Should the Group be unable to continue to operate as a going concern, it may be unable to realise its assets and discharge its liabilities in the normal course of business. Adjustments would have to be made to write down the value of assets to their recoverable amounts, to provide for any future liabilities which might arise and to reclassify non-current assets and liabilities as current assets and liabilities respectively. The effect of these adjustments has not been reflected in the Interim Financial Statements. # 2. 呈列基準及主要會計政策(續) # (c) 持續經營 (續) 2. 管理層正致力透過成本控制措施改善本集團之經營業績及現金流量，並將專注於本集團之現有業務，積極參與新增的建築項目。 本公司董事認為，鑄於報告期末後實施多項措施／安排，本集團將有足夠營運資金應付其目前需求，並可合理預期本集團將繼續以符合商業利益之基準經營。因此，本公司董事信納按持續經營基準編製中期財務報表乃屬適當。 倘本集團無法繼續按持續經營基準經營，則可能無法於日常業務過程中變現其資產及清償其負債。本集團須作出調整，以將資產價值撇減至其可收回金額，為可能產生之任何未來負債計提撥備，並將非流動資產及負債分別重新分類為流動資產及負債。該等調整之影響並未於中期財務報表中反映。 # 3. ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS In the current period, the Group has applied, for the first time, the following new and amendments to HKASs and HKFRSs issued by the HKICPA that are relevant for the preparation of the Interim Financial Statements: Amendments to HKAS 21 Lack of Exchangeability The application of the other new and amendments to HKASs and HKFRSs in the current period has had no material effect on the amounts reported in Interim Financial Statements and/or disclosures set out in Interim Financial Statements. # 4. REVENUE Revenue recognised during the six months ended 30 September 2025 and 30 September 2024 were as follows: # 3. 採納新訂及經修訂香港財務報告準則 於本期間，本集團已首次應用以下由香港會計師公會頒佈與編製中期財務報表有關之新訂及經修訂香港會計準則及香港財務報告準則： 香港會計準則第21號 缺乏可兌換性 (修訂本) 於本期間應用其他新訂及經修訂香港會計準則及香港財務報告準則對中期財務報表所呈報之金額及／或中期財務報表所載之披露並無產生重大影響。 # 4. 收益 截至二零二五年九月三十日及二零二四年九月三十日止六個月確認之收益如下： Six months ended 30 September 截至九月三十日止六個月 Construction works 建筑工程 Revenue recognised over time 隨時間確認收益 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) (未經審核) (未經審核) HK$'000 HK$'000 千港元 千港元 208,273 171,561 208,273 171,561 # 5. OTHER INCOME Other income recognised during the six months ended 30 September 2025 and 30 September 2024 were as follows: # 5. 其他收入 截至二零二五年九月三十日及二零二四年九月三十日止六個月確認之其他收入如下： Six months ended 30 September 截至九月三十日止六個月 Interest income Sundry income 利息收入 雜項收入 <table><tr><td>2025</td><td>2024</td></tr><tr><td>二零二五年 (Unaudited)</td><td>二零二四年 (Unaudited)</td></tr><tr><td>(未經審核) HK$'000</td><td>(未經審核) HK$'000</td></tr><tr><td>千港元</td><td>千港元</td></tr><tr><td>13</td><td>87</td></tr><tr><td>650</td><td>2,963</td></tr><tr><td>663</td><td>3,050</td></tr></table> # 6. OTHER GAINS, NET Other gains, net recognised during the six months ended 30 September 2025 and 30 September 2024 were as follows: # 6. 其他收益淨額 截至二零二五年九月三十日及二零二四年九月三十日止六個月確認之其他收益淨額如下： <table><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td>2025 二零二五年 (Unaudited) (未經審核) HK$'000 千港元</td><td>2024 二零二四年 (Unaudited) (未經審核) HK$'000 千港元</td></tr><tr><td>Exchange gains, net</td><td>匯兌收益凈額</td><td>2</td><td>18</td></tr><tr><td>Net gains on disposal of property, plant and equipment</td><td>出售物業、廠房及設備之收益凈額</td><td>233</td><td>408</td></tr><tr><td>Reversal of/(allowance for) expected credit losses recognised for trade receivables, net</td><td>就貿易應收款項確認之預期信貸虧損撥回/(撥備),淨額</td><td>183</td><td>(264)</td></tr><tr><td>Allowance for expected credit losses recognised for contract assets, net</td><td>就合約資產確認之預期信貸虧損撥備,淨額</td><td>(23)</td><td>(5,487)</td></tr><tr><td>Reversal of/(allowance for) expected credit losses recognised for other receivables and deposits, net</td><td>就其他應收款項及按金確認之預期信貸虧損撥回/(撥備),淨額</td><td>14</td><td>(4)</td></tr><tr><td>Gains on modification of promissory note (note)</td><td>承兌票據修訂收益(附註)</td><td>-</td><td>17,290</td></tr><tr><td colspan="2"></td><td>409</td><td>11,961</td></tr></table> # Note: On 13 June 2024, the Group entered into an extension agreement with the noteholder of the promissory note pursuant to which the maturity date of promissory note was extended from 30 June 2024 to 30 June 2027 and the promissory note will not bear any interest with effect from 1 July 2024 to 30 June 2027 and all accrued and outstanding interest under the promissory notes shall be repaid on the extended maturity date. The fair value of the promissory note, including all accrued and outstanding interest under the promissory notes was reassessed to approximately HK $34,809,000 at the date of extension and gains on modification of promissory note of approximately HK$ 17,290,000 was recognised in profit or loss for the six months ended 30 September 2024. # 附註： 於二零二四年六月十三日，本集團與承兌票據持有人訂立一份延期協議，據此，承兌票據的到期日由二零二四年六月三十日延期至二零二七年六月三十日，而承兌票據於二零二四年七月一日至二零二七年六月三十日不附帶任何利息，且承兌票據項下所有應計及未付利息須於延長到期日償還。承兌票據（包括承兌票據項下所有應計及未付利息）於延期當日的公平值被重新評估為約34,809,000港元，且承兌票據的修訂收益約17,290,000港元已於截至二零二四年九月三十日止六個月的損益中確認。 # 7. SEGMENT INFORMATION The Group's segment information is presented on the basis of internal reports that are regularly reviewed by the executive Directors, being the chief operating decision maker ("CODM") in order to allocate resources to the segments and assess their performance. Specifically, the CODM has determined the Group has only one operating segment as the Group only engaged in provision of civil engineering services – provision of waterworks engineering services, road works and drainage services and site formation works for public sector in Hong Kong. Accordingly, only entity-wide disclosures, major customers and geographical information are presented. # Geographical information Revenue from external customers of the Group was all derived Hong Kong during the six months ended 30 September 2025 and 30 September 2024. All non-current assets are located in Hong Kong as at 30 September 2025 and 31 March 2025. # 7. 分部資料 本集團之分部資料乃根據執行董事（即主要營運決策者（「主要營運決策者」)）為分配資源至各分部及評估各分部表現而定期檢討之內部報告予以呈報。 具體而言，主要營運決策者已釐定本集團僅有一個經營分部，原認為本集團僅從事提供土木工程服務一為香港公營部門提供水務工程服務、道路工程及渠務服務，亦從事地盤平整工程。因此，僅呈列實體範圍披露、主要客戶及地區資料。 # 地區資料 截至二零二五年九月三十日及二零二四年九月三十日止六個月，本集團來自外部客戶之收益均產生自香港。 於二零二五年九月三十日及二零二五年三月三十一日，所有非流動資產均位於香港。 # 7. SEGMENT INFORMATION (Continued) # Information about major customers Revenue from major customers during the six months ended 30 September 2025 and 30 September 2024 were as follows: # 7. 分部資料(續) # 有關主要客戶之資料 截至二零二五年九月三十日及二零二四年九月三十日止六個月，來自主要客戶之收益如下： Six months ended 30 September 截至九月三十日止六個月 Customer A 客戶甲 Customer B 客戶乙 Customer C (note (i)) 客戶丙 (附註(i)) Customer D (note (i)) 客戶丁 (附註(i)) Customer E (note (i)) 客戶戊 (附註(i)) <table><tr><td>2025</td><td>2024</td></tr><tr><td>二零二五年 (Unaudited)</td><td>二零二四年 (Unaudited)</td></tr><tr><td>(未經審核) HK$'000</td><td>(未經審核) HK$'000</td></tr><tr><td>千港元</td><td>千港元</td></tr><tr><td>70,535</td><td>46,949</td></tr><tr><td>80,683</td><td>36,354</td></tr><tr><td>28,011</td><td>-</td></tr><tr><td>-</td><td>37,313</td></tr><tr><td>-</td><td>23,100</td></tr></table> # Note: (i) No information was disclosed as the corresponding revenue did not contribute over $10\%$ of the Group's revenue for the respective period. # 附註： (i) 由於相關收益並無佔本集團於有關期間之收益 $10\%$ 以上，故並無披露有關資料。 # 8. (LOSS)/PROFIT FROM OPERATIONS (Loss)/profit from operations is arrived at after charging the following: # 8. 營運(虧損)/溢利 營運(虧損)/溢利乃經扣除以下各項後計算得出： Six months ended 30 September 截至九月三十日止六個月 <table><tr><td>2025</td><td>2024</td></tr><tr><td>二零二五年 (Unaudited)</td><td>二零二四年 (Unaudited)</td></tr><tr><td>(未經審核) HK$'000</td><td>(未經審核) HK$'000</td></tr><tr><td>千港元</td><td>千港元</td></tr><tr><td>206,087</td><td>167,424</td></tr><tr><td>4,936</td><td>3,606</td></tr><tr><td>542</td><td>1,550</td></tr><tr><td>60,113</td><td>54,239</td></tr></table> Contract costs recognised as expense Depreciation of property, plant and equipment Depreciation of right-of-use assets Staff costs (note 9) 確認為開支之合約成本 物業、廠房及設備折舊 使用權資產折舊 員工成本 (附註9) # 9. STAFF COSTS # 9. 員工成本 Staff costs (including Directors' remuneration) comprise: Wages, salaries and other benefits Bonus Contribution to defined contribution retirement plan 員工成本(包括董事薪酬) 包括： 工資、薪金及其他福利 花紅 定額供款退休計劃供款 Six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) (未經審核) (未經審核) HK$'000 HK$'000 千港元 千港元 58,996 52,868 1,117 1,371 60,113 54,239 # 10. FINANCE COSTS # 10. 融資成本 <table><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td>2025 二零二五年 (Unaudited) (未經審核) HK$'000 千港元</td><td>2024 二零二四年 (Unaudited) (未經審核) HK$'000 千港元</td></tr><tr><td>Interests on:</td><td>以下各項之利息：</td><td></td><td></td></tr><tr><td>Lease liabilities</td><td>租賃負債</td><td>42</td><td>111</td></tr><tr><td>Promissory note</td><td>承兌票據</td><td>2,654</td><td>2,458</td></tr><tr><td>Default interest on convertible notes</td><td>可換股票據的違約利息</td><td>-</td><td>317</td></tr><tr><td></td><td></td><td>2,696</td><td>2,886</td></tr></table> # 11. INCOME TAX The amount of income tax in the unaudited condensed consolidated statement of profit or loss and other comprehensive income represents: # 11.所得税 未經審核簡明綜合損益及其他全面收益表之所得稅金額如下： <table><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td>2025 二零二五年 (Unaudited) (未經審核) HK$'000 千港元</td><td>2024 二零二四年 (Unaudited) (未經審核) HK$'000 千港元</td></tr><tr><td>Current tax – Hong Kong profits tax – Provision for the period</td><td>當期税項-香港利得稅 一本期間撥備</td><td>5</td><td>64</td></tr><tr><td>Deferred tax – Provision for the period</td><td>遞延税項 一本期間撥備</td><td>(88)</td><td>406</td></tr><tr><td>Income tax (credit)/expense</td><td>所得稅(抵免)/開支</td><td>(83)</td><td>470</td></tr></table> # 11. INCOME TAX (Continued) Under the two-tiered profits tax rates regime of Hong Kong Profits Tax, the first HK\(2 million of profits of the qualifying group entity will be taxed at \(8.25\%\), and profits above HK\)2 million will be taxed at \(16.5\%\). The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of \(16.5\%\). Accordingly, the Hong Kong Profits Tax of the qualifying group entity is calculated at \(8.25\%\) on the first HK\)2 million of the estimated assessable profits and at \(16.5\%\) on the estimated assessable profits above HK\)2 million. Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands (the "BVI"), the Company and its subsidiaries incorporated in BVI are not subject to any income tax in the Cayman Islands and the BVI respectively. Under the prevailing tax law in the PRC, the Enterprise Income Tax rate of the subsidiary of the Company incorporated in the PRC is $25\%$ (2024: $25\%$ ). # 12. DIVIDENDS The Board does not recommend the payment of any dividend for the six months ended 30 September 2025 (six months ended 30 September 2024: nil). # 11.所得稅(續) 根據香港利得稅的利得稅兩級制，合資格集團實體的首筆2,000,000港元溢利將以8.25%的稅率徵稅，而超過2,000,000港元之溢利將以16.5%的稅率徵稅。不符合利得稅兩級制資格的集團實體的溢利將繼續按16.5%的統一稅率徵稅。因此，合資格集團實體的香港利得稅按估計應課稅溢利首2,000,000港元8.25%計算，而超過2,000,000港元的估計應課稅溢利按16.5%計算。 根據開曼群島及英屬處女群島（「英屬處女群島」）規則及法規，本公司及其於英屬處女群島註冊成立之附屬公司毋須繳納開曼群島及英屬處女群島各自之任何所得稅。 根據中國現行稅法，本公司於中國註冊成立之附屬公司之企業所得稅稅率為 $25\%$ （二零二四年： $25\%$ ）。 # 12. 股息 董事會不建議派付截至二零二五年九月三十日止六個月之任何股息（截至二零二四年九月三十日止六個月：無）。 # 13. (LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE COMPANY The calculations of basic loss per Share for the six months ended 30 September 2025 is based on the unaudited consolidated loss of approximately HK$8,603,000 and attributable to the owners of the Company for the six months ended 30 September 2025 (six months ended 30 September 2024: the unaudited consolidated profit of approximately HK$4,364,000) and the weighted average number of 57,220,166 Shares in issue for the six months ended 30 September 2025 (weighted average number of Shares in issue for the six months ended 30 September 2024: 55,945,120 Shares (restated)) as if they had been in issue throughout the periods. The calculations of the diluted (loss)/earnings per share for six months ended 30 September 2025 and 30 September 2024 are based on the (loss)/profit for the period attributable to the owners of the Company. The weighted average number of ordinary shares used in the calculation are the number of ordinary shares in issue during the period, as used in the basic (loss)/earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise or conversion of all dilutive potential ordinary shares into ordinary shares. The calculations of basic and diluted (loss)/earnings per share are based on: # 13.本公司擁有人應佔每股股份（虧損）／盈利 截至二零二五年九月三十日止六個月的每股股份基本虧損乃根據截至二零二五年九月三十日止六個月本公司擁有人應佔未經審核綜合虧損約8,603,000港元（截至二零二四年九月三十日止六個月：未經審核綜合溢利約4,364,000港元）與截至二零二五年九月三十日止六個月的已發行股份加權平均數為57,220,166股（截至二零二四年九月三十日止六個月已發行股份加權平均數：55,945,120股（經重列））計算，猶如該等股份於整個有關期間均已發行。 截至二零二五年九月三十日及二零二四年九月三十日止六個月的每股攤薄(虧損)/盈利的計算乃根據本公司擁有人應佔本期間(虧損)/溢利得出。計算所用的普通股加權平均數乃計算每股基本(虧損)/盈利時本期間已發行普通股數，以及假設所有攤薄潛在普通股被視為行使或兌換為普通股時無償發行的普通股加權平均數。 每股基本及攤薄 (虧損)/盈利的計算乃基於： # 13. (LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE COMPANY (Continued) # 13.本公司擁有人應佔每股股份（虧損）／盈利(續) <table><tr><td colspan="2"></td><td colspan="2">Six months ended 30 September 截至九月三十日止六個月</td></tr><tr><td colspan="2"></td><td>2025 二零二五年 (Unaudited) (未經審核)</td><td>2024 二零二四年 (Unaudited) (未經審核) (Restated) (經重列) '000 千股</td></tr><tr><td>Number of shares</td><td>股份數目</td><td></td><td></td></tr><tr><td>Weighted average number of ordinary shares for the purpose of basic (loss)/earnings per share</td><td>用於計算每股基本(虧損)／ 盈利的普通股加權平均數</td><td>57,220</td><td>55,945</td></tr><tr><td>Effect of dilutive potential ordinary shares</td><td>攤薄潛在普通股的影響</td><td>-</td><td>17,370</td></tr><tr><td>Weighted average number of ordinary shares for the purposes of dilutive (loss)/earnings per share</td><td>用於計算每股攤薄(虧損)／ 盈利的普通股加權平均數</td><td>57,220</td><td>73,315</td></tr></table> Diluted loss per share for the six months ended 30 September 2025 is the same as the basic loss per share. The calculation of the diluted loss per share for the six months ended 30 September 2025 did not assume the conversion of convertible bonds as the effect is anti-dilutive. The weighted average number of ordinary shares for the purpose of basic and diluted earnings per share for the six months ended 30 September 2024 have been restated in order to conform with the calculation and accounting treatment with current's period presentation. 截至二零二五年九月三十日止六個月，每股攤薄虧損與每股基本虧損相等。截至二零二五年九月三十日止六個月的每股攤薄虧損計算並無假設可換股債券獲轉換，原因为具有反攤薄效應。 截至二零二四年九月三十日止六個月用以計算每股基本及攤薄盈利的普通股加權平均數經已重列，以符合本期間呈列方式的計算及會計處理。 # 14. PROPERTY, PLANT AND EQUIPMENT During the six months ended 30 September 2025, the Group acquired items of property, plant and equipment with aggregate cost of approximately HK\(5,108,000 (six months ended 30 September 2024: approximately HK\)8,325,000). During the six months ended 30 September 2025, items of property, plant and equipment with carrying value of approximately HK\)5,000 were disposed of (six months ended 30 September 2024: approximately HK$53,000). # 15. TRADE AND OTHER RECEIVABLES # 14. 物業、廠房及設備 截至二零二五年九月三十日止六個月，本集團以成本合共約5,108,000港元（截至二零二四年九月三十日止六個月：約8,325,000港元）購買物業、廠房及設備項目。截至二零二五年九月三十日止六個月，已出售賬面值為約5,000港元（截至二零二四年九月三十日止六個月：約53,000港元）的物業、廠房及設備項目。 # 15. 貿易及其他應收款項 <table><tr><td colspan="2"></td><td>As at 30 September 2025 於二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 千港元</td><td>As at 31 March 2025 於二零二五年 三月三十一日 (Audited) (經審核) HK$'000 千港元</td></tr><tr><td>Trade receivables (Note (i))</td><td>貿易應收款項(附註(i))</td><td>18,783</td><td>24,237</td></tr><tr><td>Allowance for expected credit losses (“ECL”)</td><td>預期信貸虧損(「預期信貸虧損」) 撥備</td><td>(206)</td><td>(389)</td></tr><tr><td></td><td></td><td>18,577</td><td>23,848</td></tr><tr><td>Other receivables</td><td>其他應收款項</td><td>609</td><td>443</td></tr><tr><td>Deposits</td><td>按金</td><td>4,125</td><td>5,182</td></tr><tr><td>Allowance for expected credit losses (“ECL”)</td><td>預期信貸虧損(「預期信貸虧損」) 撥備</td><td>(25)</td><td>(39)</td></tr><tr><td></td><td></td><td>4,709</td><td>5,586</td></tr><tr><td>Prepayment (Note (ii))</td><td>預付款項(附註(ii))</td><td>43,327</td><td>53,998</td></tr><tr><td></td><td></td><td>66,613</td><td>83,432</td></tr><tr><td>Less: Trade and other receivables within twelve months shown under current assets</td><td>減:流動資產項下列示十二個月內的貿易及其他應收款項</td><td>(66,613)</td><td>(82,047)</td></tr><tr><td>Deposits shown under non-current assets</td><td>非流動資產項下列示的按金</td><td>-</td><td>1,385</td></tr></table> # 15. TRADE AND OTHER RECEIVABLES (Continued) Notes: (i) Trade receivables as at the end of the reporting period mainly derived from provision of construction works on civil engineering contracts. The related customers are mainly government department/ organisation and reputable corporations. The Group does not hold any collateral over these balances. An aging analysis of the trade receivables as of the end of the reporting period, based on the invoice date and net of allowance of ECL, is as follows: Current or less than 1 month 即期或少於1個月 The Group grants an average credit period of 30 days (31 March 2025: 30 days) to its trade customers of contract works. Application for progress payments of contract works is made on a regular basis. (ii) As at 30 September 2025, prepayments mainly comprised of advance payment to subcontractors of approximately HK$25,794,000 (31 March 2025: HK$32,187,000) and prepaid insurance of approximately HK$17,267,000 (31 March 2025: HK$21,339,000). # 15. 貿易及其他應收款項 (續) 附註： (i) 報告期末之貿易應收款項主要來自提供土木工程合約之建築工程。有關客戶主要為政府部門／機構及聲譽良好之企業。本集團並無就該等結餘持有任何抵押品。 貿易應收款項(經扣除預期信貸虧損撥備)截至報告期末根據發票日期之賬齡分析如下： <table><tr><td>As at 30 September 2025 於二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 千港元</td><td>As at 31 March 2025 於二零二五年 三月三十一日 (Audited) (經審核) HK$'000 千港元</td></tr><tr><td>18,577</td><td>23,848</td></tr><tr><td>18,577</td><td>23,848</td></tr></table> 本集團向其合約工程貿易客戶授出平均30日（二零二五年三月三十一日：30日）之信貸期。合約工程進度款項申請會定期進行。 (ii) 於二零二五年九月三十日，預付款項主要包括向分包商支付之墊款約25,794,000港元（二零二五年三月三十一日：32,187,000港元）及預付保險費約17,267,000港元（二零二五年三月三十一日：21,339,000港元）。 # 16. TRADE AND OTHER PAYABLES # 16. 貿易及其他應付款項 Trade payables Retention money payables Other payables and accruals (note (i)) 貿易應付款項 應付保留金 其他應付款項及應計款項 (附註(i)) <table><tr><td>As at 30 September 2025 於二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 千港元 28,108 37,837 28,418 94,363</td><td>As at 31 March 2025 於二零二五年 三月三十一日 (Audited) (經審核) HK$'000 千港元 30,181 35,348 29,003 94,532</td></tr></table> # Notes: (i) As at 30 September 2025, the other payables mainly comprised of amount due to other parties of joint operations of approximately HK$9,020,000 (31 March 2025: HK$9,020,000). The amounts are unsecured, interest-free and repayable on demand. # 附註： (i) 於二零二五年九月三十日，其他應付款項主要包括應付合營業務的其他合作夥伴款項約9,020,000港元（二零二五年三月三十一日：9,020,000港元）。該等款項為無抵押、免息及按要求償還。 # 16. TRADE AND OTHER PAYABLES (Continued) The Group normally settles trade payables within 30 days (31 March 2025: 30 days) credit term. Based on the invoice date, ageing analysis of trade payables at the end of the reporting period is as follows: # 16. 貿易及其他應付款項(續) 本集團一般於30日（二零二五年三月三十一日：30日）之信貸期內清償貿易應付款項。根據發票日期，報告期末貿易應付款項之賬齡分析如下： <table><tr><td>As at 30 September 2025 於二零二五年 九月三十日 (Unaudited) (未經審核) HK$'000 千港元</td><td>As at 31 March 2025 於二零二五年 三月三十一日 (Audited) (經審核) HK$'000 千港元</td></tr><tr><td>22,138 - 55 5,915</td><td>17,855 270 9,279 2,777</td></tr><tr><td>28,108</td><td>30,181</td></tr></table> Current or less than 1 month More than 1 month but less than 3 months More than 3 months but less than 12 months More than 12 months 即期或少於1個月 超過1個月但少於3個月 超過3個月但少於12個月 超過12個月 # 17. SHARE CAPITAL # 17. 股本 <table><tr><td></td><td></td><td>Number of Shares 股份數目</td><td>Nominal value 面值 HK$'000 千港元</td></tr><tr><td>Authorised:</td><td>法定：</td><td></td><td></td></tr><tr><td>Ordinary shares of HK$0.1 each as at 1 April 2025 and 30 September 2025 (Unaudited)</td><td>於二零二五年四月一日及 二零二五年九月三十日 每股面值0.1港元之普通股 (未經審核)</td><td>5,000,000,000</td><td>500,000</td></tr><tr><td>Issued and fully paid:</td><td>已發行及繳足：</td><td></td><td></td></tr><tr><td>Ordinary shares of HK$0.1 each as at 1 April 2025 and 30 September 2025 (Unaudited)</td><td>於二零二五年四月一日及 二零二五年九月三十日 每股面值0.1港元之普通股 (未經審核)</td><td>57,220,166</td><td>5,722</td></tr></table> # 18. MATERIAL RELATED PARTY TRANSACTIONS During the reporting period, the Group entered into the following related party transactions: Related party relationship 關連方關係 Type of transaction 交易類型 # 18. 重大關連方交易 於報告期間，本集團訂立以下關連方交易： <table><tr><td colspan="2">Transaction amount 交易額 Six months ended 30 September</td></tr><tr><td colspan="2">截至九月三十日止六個月</td></tr><tr><td>2025</td><td>2024</td></tr><tr><td>二零二五年</td><td>二零二四年</td></tr><tr><td>(Unaudited)</td><td>(Unaudited)</td></tr><tr><td>(未經審核)</td><td>(未經審核)</td></tr><tr><td>HK$'000</td><td>HK$'000</td></tr><tr><td>千港元</td><td>千港元</td></tr><tr><td>318</td><td>265</td></tr></table> A Company that is beneficially owned by Mr. Kan Kwok Cheung, the director and controlling shareholder of the Company 一間由本公司董事兼控股股東簡國祥先生實益擁有之公司 Rental expenses 租金開支 The Directors considered that the above related party transactions were conducted on normal commercial terms and in the ordinary and usual course of the Group's business. 董事認為，上述關連方交易乃按正常商業條款於本集團一般日常業務過程中進行。 # MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 # BUSINESS REVIEW The Group is principally engaged in the provision of civil engineering services for the public sector in Hong Kong. During the six months ended 30 September 2025 (the "Period"), the Group continued to focus on rendering civil engineering services for the public sector in Hong Kong. # Major projects awarded and undertaken During the Period, the Group has been undertaking four contracts. Among the four contracts, one of these are related to provision of waterworks engineering services and the remaining contracts are related to provision of drainage services and site formation. Details of the contracts undertaken are set out below: # 業務回顧 本集團主要從事為香港公營部門提供土木工程服務。截至二零二五年九月三十日止六個月（「本期間」），本集團繼續專注於為香港公營部門提供土木工程服務。 # 獲批及承接之主要項目 於本期間內，本集團已承接四份合約。該四份合約中，其中一份與提供水務工程服務有關，而其餘合約則與提供渠務服務及土地平整有關。所承接合約之詳情載列如下： <table><tr><td></td><td>Contract number 合約編號</td><td>Particulars of contract 合約詳情</td></tr><tr><td>Subcontracts 分包合約</td><td>ND/2018/02</td><td>The Establishment of an Agricultural Pak in Kwu Tung South (Phase 1) 在古洞南設立農業園(第一期)</td></tr><tr><td>Joint Operations 合營業務</td><td>ND/2018/02</td><td>The Establishment of an Agricultural Pak in Kwu Tung South (Phase 1) 在古洞南設立農業園(第一期)</td></tr><tr><td></td><td>4/WSD/19</td><td>Development of Anderson Road Quarry site - construction of grey water treatment plant 安達臣道石礦場用地發展一中水處理廠建造工程</td></tr><tr><td></td><td>CV/2022/08</td><td>Site Formation and Infrastructure Works at Area 48, Fanling粉嶺第48區工地平整及基礎設施工程</td></tr><tr><td></td><td>ND/2024/06</td><td>Fanling North New Development Area, Remaining Phase: Fresh Water and Flushing Water Service Reservoirs and Associated Works 粉嶺北新發展區餘下階段一食水及沖廁水配水庫及相關工程</td></tr></table> During the Period, the two contracts with contract numbered CV/2022/08 and ND/2024/06 were the main contributors to the Group's revenue, which generated approximately HK$111.6 million and HK$64.3 million, constituting approximately 53.6% and 30.9% of the Group's revenue respectively. 於本期間內，合約編號為CV/2022/08及ND/2024/06之兩份合約為本集團收益之主要來源，分別產生約111,600,000港元及64,300,000港元，佔本集團收益的約53.6%及30.9%。 # FINANCIAL REVIEW # Revenue During the Period, the Group reported a revenue of approximately HK$208.3 million (2024: approximately HK$171.6 million), representing an increase of approximately 21.4% as compared with that for the same period of the previous year. Although certain projects have been substantially completed in last financial period, certain existing projects entered the peak construction period successively, which led to an increase in revenue contribution. During the Period, the revenue of the Group was primarily generated from the undertaking of civil engineering contracts in the capacity of a subcontractor. The subcontracting revenue generated from undertaking in capacity of a subcontractor amounted to approximately HK$123.0 million (2024: approximately HK$87.3 million), representing approximately 59.1% of the total revenue for the Period (2024: approximately 51.0%). On the other hand, the revenue generated from the undertaking of civil engineering contracts in the capacity of a main contractor and a jointly controlled operator amounted to approximately HK$85.3 million (2024: approximately HK$84.3 million), representing approximately 40.9% (2024: approximately 49.0%) of the total revenue for the Period. # Cost of services The Group's cost of services increased by approximately $23.1\%$ to approximately HK\ $206.1 million for the Period (2024: approximately HK\$ 167.4 million) as compared with that for the same period of the previous year. The Group's cost of services mainly includes costs of construction services. Costs of construction services mainly comprise raw materials, direct labour and subcontracting fee for services provided by the subcontractors. The increase in cost of services was mainly due to overall increase in work orders of existing projects at peak construction stage during the Period, which is in line with the increase in revenue. # 財務回顧 # 收益 於本期間內，本集團錄得收益約208,300,000港元（二零二四年：約171,600,000港元），較去年同期增加約 $21.4\%$ 。即使若干項目於上一個財政期間已基本完工，惟若干現有項目相繼進入施工高峰期，導致收入貢獻增加。 於本期間內，本集團收益主要來自以分包商身份承接之土木工程合約。以分包商身份承接所產生之分包收益為約123,000,000港元（二零二四年：約87,300,000港元），佔本期間總收益約59.1%（二零二四年：約51.0%）。另一方面，以主承建商及共同控制營運商身份承接之土木工程合約產生收益為約85,300,000港元（二零二四年：約84,300,000港元），佔本期間總收益約40.9%（二零二四年：約49.0%）。 # 服務成本 本集團於本期間之服務成本較去年同期增加約 $23.1\%$ 至約206,100,000港元（二零二四年：約167,400,000港元）。本集團的服務成本主要包括建築服務成本。建築服務成本主要包括原材料、直接勞工及分包商提供服務的分包費用。服務成本增加的主要原因为本期間施工高峰期内現有項目的工程訂單整體增加，與收益增加一致。 # Gross profit The gross profit for the Group for the Period decreased by approximately $47.2\%$ to approximately HK\ $2.2 million (2024: approximately HK\$ 4.1 million) as compared with that for the same period of the previous year. The gross profit margin of the Group amounted to approximately $1.1\%$ (2024: approximately $2.4\%$ ) for the Period. The decrease in gross profit was mainly due to the outpacing of the cost of services over the sales growth which arose from (i) the extra construction costs employed from certain civil engineering projects reaching maintenance period or nearly completion stage and (ii) increase in costs associated with variation works from projects. # Other income The Group's other income for the Period decreased by approximately $78.3\%$ to approximately HK\ $0.7 million (2024: approximately HK\$ 3.1 million) as compared with that for the same period of the previous year. The other income mainly consisted of interest income and sundry income during the Period. # Other gains, net The Group's other gains, net for the Period decreased by approximately \(96.6\%\) to approximately HK\\(0.4 million (2024: other gains of approximately HK\\)12.0 million) as compared with that for the same period of the previous year. The decrease in other gains, net was mainly due to net effect of (i) the absence of one-off recognition of gains on modification of promissory note of approximately HK\\)17.3 million due to extension of maturity date of promissory note recognized during the six months ended 30 September 2024 and (ii) significant decrease in provision of expected credit losses for the Period. # Administrative and operating expenses The Group's administrative and operating expenses for the Period decreased by approximately $19.6\%$ to approximately HK\ $9.4 million (2024: approximately HK\$ 11.7 million) as compared with that for the same period of the previous year. The administrative expenses mainly consisted of legal and professional fees, staff costs (including Directors' remuneration) and depreciation expenses. The decrease in administrative expenses was mainly due to the absence of legal and professional fee paid for the special deals such extension and issuance of convertible notes, share consolidation and change of names during the six months ended 30 September 2024. # 毛利 本集團於本期間之毛利較去年同期減少約 $47.2\%$ 至約2,200,000港元（二零二四年：約4,100,000港元）。本集團於本期間之毛利率約為 $1.1\%$ （二零二四年：約 $2.4\%$ ）。毛利減少主要由於(i)來自若干維護階段或接近完工階段之土木工程項目的額外建築成本；及(ii)項目的變更工程成本