2025-12-19-港交所-现恒建筑_中期报告_2025_x2f_2026_34页_1mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # IN CONSTRUCTION HOLDINGS LIMITED # 現恆建築控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) In Con (Stock code 股份代號: 1500) 2025/2026 INTERIM REPORT 中期报告 # Contents # 目錄 Page/頁次 Corporate Information 公司資料 2 Highlights 4 Management Discussion and Analysis 管理層討論與分析 5 Disclosure of Interests Corporate Governance and Other Information 13 Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position 综合財務狀況表 18 Consolidated Statement of Changes in Equity 综合權益變動表 20 Condensed Consolidated Cash Flow Statement 簡明綜合現金流量表 21 Notes to the Financial Statements 財務報表附註 22 Review Report to the Board of Directors 致董事會審閱報告 31 # Corporate Information 公司資料 # BOARD OF DIRECTORS Executive Directors Lau Pak Man Cheng Wing Cheong Kwan Kit Sum Kit # Independent Non-Executive Directors Leung Chi Kin Lam Chi Hung Louis Mok Kam Sheung # AUDIT COMMITTEE Leung Chi Kin Lam Chi Hung Louis Mok Kam Sheung # REMUNERATION COMMITTEE Mok Kam Sheung Kwan Kit Sum Kit Leung Chi Kin # NOMINATION COMMITTEE Lam Chi Hung Louis Cheng Wing Cheong Mok Kam Sheung # SUSTAINABILITY COMMITTEE Kwan Kit Sum Kit Leung Chi Kin Lam Chi Hung Louis Mok Kam Sheung # AUTHORISED REPRESENTATIVES Kwan Kit Sum Kit Wong Sin Yi Regina # COMPANY SECRETARY Wong Sin Yi Reginia # AUDITOR KPMG Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance # PRINCIPAL BANKERS Bank of China (Hong Kong) Limited Wing Lung Bank Limited The Hongkong and Shanghai Banking Corporation Limited # 董事會 # 執行董事 劉伯文鄭榮昌關潔心 # 独立非執行董事 梁梓堅 林志雄 莫錦常 # 審核委員會 梁梓堅 林志雄 莫錦常 # 薪酬委員會 莫錦嫦 關潔心 梁梓堅 # 提名委員會 林志雄鄭榮昌莫錦常 # 持續可發展委員會 關潔心梁梓堅林志雄莫錦常 # 授權代表 關潔心 王倩儀 # 公司秘書王倩儀 # 核數師 畢馬威會計師事務所於《會計及財務匯報局條例》下的註冊公眾利益實體核數師 # 主要往來銀行 中國銀行(香港)有限公司永隆銀行有限公司香港上海滙豐銀行有限公司 # Corporate Information (continued) # 公司資料（續） # REGISTERED OFFICE Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands # HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG 26/F, Park Avenue Tower 5 Moreton Terrace Causeway Bay Hong Kong # HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited 17th Floor, Far East Finance Centre, No. 16 Harcourt Road, Hong Kong # CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Ocorian Trust (Cayman) Ltd. Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands # WEBSITE www.inconstruction.hk # STOCK CODE Hong Kong Stock Exchange 1500 # 註冊辦事處 Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands # 總部及香港主要營業地點 香港 銅鑼灣 摩頓臺5號 百富中心26楼 # 香港股份過戶登記分處 卓佳證券登記有限公司 香港 夏憋道16號 遠東金融中心17樓 # 開曼群島股份過戶登記總處 Ocorian Trust (Cayman) Ltd. Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands # 網站 www.inconstruction.hk # 股份代號 香港聯交所1500 # Highlights # 摘要 HK$'m 177.3 百萬港元 HK$138.1m in 1H24/25 二零二四/二五年上半年為138.1百萬港元 REVENUE收入 HK$'m 34.6 百萬港元 HK$-9.4m in 1H24/25 二零二四/二五年上半年為-9.4百萬港元 GROSS PROFIT/(LOSS)毛利/（毛損） HK cents 3.31 港仙 HK-2.08 cents in 1H24/25 二零二四/二五年上半年為-2.08港仙 HK$'m 27.4 百萬港元 HK$-17.2m in 1H24/25 二零二四/二五年上半年為-17.2百萬港元 EARNINGS/(LOSS) PER SHARE 每股盈利/（虧損） NET PROFIT/(LOSS) 淨溢利/(虧損) GROSS PROFIT MARGIN 1H2025/2026 二零二五/二六年上半年毛利率 GROSS LOSS MARGIN 1H2024/2025 二零二四/二五年上半年毛損率 # Management Discussion and Analysis # 管理層討論與分析 # BUSINESS AND FINANCIAL REVIEW The Group is principally engaged as a contractor in the foundation industry in Hong Kong, undertaking foundation works as well as associated works including demolition works, site formation works, ground investigation field works and general building works for local customers. # Business Review The Group has been engaged to undertake foundation and associated works in private sector construction projects in Hong Kong, with an emphasis on design and build projects and undertaking the role as a main contractor. The Group places emphasis on design and build projects because of the flexibility and capability in coming up with foundation design plan that suits its customers' requirements and the site conditions. During the six months ended 30 September 2025, the Group has successfully carried out construction works with alternative design which not only complies with the technical requirements but is also more cost efficient for "design and build" contracts. # 業務及財務回顧 本集團為香港地基業的承建商，負責本地客戶的地基工程以及相關工程，包括拆卸工程、地盤平整工程、現場土地勘測工程及一般建築工程。 # 業務回顧 本集團獲邀承接香港私營建築項目的地基工程及相關工程，專注於設計及建造項目，並擔任總承建商。 本集團專注於設計及建造項目，乃因其靈活地且有能力製作迎合客戶要求及符合地盤狀況的地基設計規劃。截至二零二五年九月三十日止六個月期間，就「設計及建造」合約而言，本集團已成功以替代設計進行建築工程，不僅符合技術要求，而且更具成本效益。 # Management Discussion and Analysis (continued) 管理層討論與分析（續） # BUSINESS AND FINANCIAL REVIEW (continued) # 業務及財務回顧（續） # Business Review (continued) # 業務回顧（續） During the six months ended 30 September 2025, no new project was awarded to the Group. As at 30 September 2025, six projects with the outstanding contract sum of HK$241.3 million were all in progress. 於截至二零二五年九月三十日止六個月期間，本集團並未獲授新合約。於二零二五年九月三十日，未完工合約金額241.3百萬港元的六個項目全為在建中。 Year/Period of award/project Type of contract Status as at 30 September 2025 二零二五年九月三十日 獲授年度/期間項目 合約類型 之狀況 Year 2020-2021 二零二零年至二零二一年度 Wo Shang Wai Monitoring and maintenance Work in progress 和生園 監測及保養 在建 Des Voeux Road Central Design and build Work in progress 德輔道中 設計及建築 在建 Year 2022-2023 二零二二年至二零二三年度 Robinson Road 27D-F Design and build Work in progress 羅便臣道27D-F 設計及建築 在建 Year 2023-2024 二零二三年至二零二四年度 Robinson Road 105 Design and build Work in progress 羅便臣道105 設計及建築 在建 Tai Po Kau 234 Design and build Work in progress 大埔濬234 設計及建築 在建 Coombe Road 38 Design and build Work in progress 甘道38 設計及建築 在建 # Management Discussion and Analysis (continued) # 管理層討論與分析（續） # BUSINESS AND FINANCIAL REVIEW (continued) # Financial Review During the six months ended 30 September 2025, there were 7 projects contributing revenue of approximately HK$177.3 million, whereas revenue for the corresponding period in 2024 of approximately HK$138.1 million was contributed by 10 projects. The top five projects contributed revenue amounted to approximately HK$172.0 million (2024: approximately HK$136.2 million), in which the top project contributed 67.5% of the total revenue. The Group recorded an increase in contract revenue for the six months ended 30 September 2025 by approximately HK $39.2 million as compared with that of the corresponding period in 2024. Gross profit was HK$ 34.6 million for the current period, while gross loss was HK$9.4 million for the corresponding period in 2024. Gross profit margin was $19.5\%$ for the current period, while gross loss margin was $6.8\%$ for the corresponding period in 2024. Such improvement in gross profit was primarily attributable to, among other factors, increase in gross profit generated from projects undertaken by the Group during the period while some projects were still in their construction preliminary stage in the corresponding period in 2024. Administrative and other operating expenses decreased by approximately HK$0.4 million to approximately HK$8.8 million, compared with approximately HK$9.2 million for the corresponding period in the prior year, which was mainly due to decrease in staff costs. As a result, profit for the period was HK $27.4 million while the loss for corresponding period in the prior year was HK$ 17.2 million. # 業務及財務回顧(續) # 財務回顧 截至二零二五年九月三十日止六個月，七個項目貢獻收益約177.3百萬港元，而二零二四年同期十個項目貢獻收益約138.1百萬港元。五大項目貢獻之收益約達172.0百萬港元（二零二四年：約136.2百萬港元），其中最大項目貢獻總收益之 $67.5\%$ 。 截至二零二五年九月三十日止六個月，本集團所錄得之合約收益較二零二四年同期增加約39.2百萬港元。本期間毛利為34.6百萬港元，二零二四年同期毛損約9.4百萬港元。本期毛利率為 $19.5\%$ ，二零二四年同期毛損率为 $6.8\%$ ，毛利改善主要由於(其中包括)本期間內承接項目的毛利增加，而上年度同期部份項目仍處於建築初步階段。 行政及其他經營開支減少約0.4百萬港元至約8.8百萬港元，而去年同期為約9.2百萬港元，主要由於員工成本減少。 因此，期內溢利為27.4百萬港元，而去年同期虧損則為17.2百萬港元。 # Management Discussion and Analysis (continued) 管理層討論與分析（續） # LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE # 流動資金、財務資源及資本架構 As at 30 September 2025 於二零二五年 九月三十日 As at 31 March 2025 於二零二五年 三月三十一日 Current ratio 流動比率 3.7 2.9 Gearing ratio1 資產負債比率1 4.8% 5.4% Note: 附註: 1. Gearing ratio is calculated based on debts including shareholder's loan divided by the total equity as at the reporting dates. 1. 資產負債比率按債項(包括股東貸款)除以報告日期的權益總額計算。 Gearing ratio decreased by 0.6 percentage point to 4.8% as at 30 September 2025 as compared to that as at 31 March 2025 was mainly due to increase in equity as a result of profit during the six months ended 30 September 2025. 於二零二五年九月三十日，資產負債比率較二零二五年三月三十一日減少0.6百分點至4.8%，主要由於權益總額因截至二零二五年九月三十日止六個月期間產生溢利而增加。 As at 30 September 2025, the Group had cash and bank balances of approximately HK$98.8 million (31 March 2025: HK$73.0 million), of which approximately HK$40.4 million (31 March 2025: HK$41.6 million) were restricted bank deposits. Such restricted bank deposits were held for the purpose of the issuance of surety bonds for our projects and requirement of our general banking facilities. As at 30 September 2025 and 31 March 2025, the Group had no bank overdraft. 於二零二五年九月三十日，本集團擁有約98.8百萬港元(二零二五年三月三十一日：73.0百萬港元)的現金及銀行結餘，當中約40.4百萬港元(二零二五年三月三十一日：41.6百萬港元)為受限制銀行存款。該等受限制銀行存款乃用作為我們的項目發出履約保證及符合一般銀行融資要求。於二零二五年九月三十日及二零二五年三月三十一日，本集團沒有銀行透支。 The capital structure of the Group consisted of equity of HK$270.1 million, with HK$13.0 million debts as at 30 September 2025. 於二零二五年九月三十日，本集團的資本架構由270.1百萬港元之權益及13.0百萬港元之債項組成。 The Group adopts a prudent approach in cash management. Apart from the shareholder's loan, the Group did not have any material outstanding debts as at 30 September 2025. Payment to settle trade payable represented a significant part of the cash outflow of the Group. Taking into account the light debt leverage, the Group is able to generate cash and meet upcoming cash requirements. In any case, the Group may utilise its banking facilities of HK$190.0 million, of which the unutilised and unrestricted banking facilities amounted to approximately HK$166.6 million at 30 September 2025. 本集團採用審慎方法進行現金管理。除股東貸款外，於二零二五年九月三十日，本集團並無任何重大未償還債項。結算應付貿易賬款的付款佔本集團大部分現金流出。考慮到負債比率較低，本集團能夠產生現金滿足未來現金需求。本集團於二零二五年九月三十日在任何情況下均可動用其190.0百萬港元之銀行融資，其中約166.6百萬港元為尚未動用及無限制的銀行融資。 # Management Discussion and Analysis (continued) # 管理層討論與分析（續） # EMPLOYEES The Group had 49 full-time employees as at 30 September 2025 (31 March 2025: 47). The Group offers a competitive remuneration package that is based on overall market rates and employee performance, as well as the performance of the Group. The remuneration package comprised of salary, performance-based bonus, and other benefits including training and mandatory provident funds. # CAPITAL COMMITMENTS The Group had no capital commitments as at 30 September 2025. # CHARGE ON GROUP ASSETS Save as disclosed in notes 9 and 10 to the financial statements, as at 30 September 2025, the Group had no other significant assets under pledge. # CONTINGENT LIABILITIES Save as disclosed in note 16 to the financial statements, the Group had no other contingent liabilities as at 30 September 2025. # SIGNIFICANT INVESTMENTS HELD, MATERIAL ACQUISITIONS OR DISPOSALS OF SUBSIDIARIES AND AFFILIATED COMPANIES, AND PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS There were no significant investments held, material acquisitions or disposals of subsidiaries and affiliated companies during the six months ended 30 September 2025. There is no other plan for material investments or capital assets as at 30 September 2025. # 僱員 於二零二五年九月三十日，本集團有49名全職僱員（二零二五年三月三十一日：47名）。本集團根據整體市場水平及個別僱員之表現，以及本集團之業務表現，提供具競爭力之薪酬福利待遇。薪酬福利待遇包括薪金及按表現發放之花紅，以及包括培訓及強積金在內之其他福利。 # 資本承擔 於二零二五年九月三十日，本集團並無資本承擔。 # 集團資產抵押 於財務報表附註9和10所披露者外，於二零二五年九月三十日，本集團並無其他重大資產抵押。 # 或然負債 除財務報表附註16所披露者外，於二零二五年九月三十日，本集團並無其他或然負債。 # 持有重大投資、重大收購或出售附屬公司及聯屬公司，以及重大投資或資本資產的計劃 於截至二零二五年九月三十日止六個月期間，本集團概無持有重大投資、重大收購或出售附屬公司及聯屬公司。於二零二五年九月三十日，概無重大投資或資本資產的其他計劃。 # Management Discussion and Analysis (continued) 管理層討論與分析（續） # FUTURE PROSPECTS Taking into account the recent Chief Executive's Policy Address of the Government of the Hong Kong Special Administrative Region in increasing land supply and commitment to infrastructure investments, the Group expects a rebound in the foundation industry in the coming years. Despite vigorous competition in the construction industry in Hong Kong, the Board is confident with the Group's future development in its scale of operations and profitability due to its long established reputation, the listing platform and its healthy financial position. To maintain its competitive edge, the Group will continue to adhere to its business strategy, by expanding its capacity to capture more business opportunities, reinforcing its capability in foundation design and project management skills, and offering qualitative and flexible solutions to its customers. # 未來前景 考慮到香港特別行政區政府行政長官近日施政報告有關增加土地供應的政策以及對基建投資的承諾，本集團預計未來數年建築業將會復甦。儘管香港建築業競爭激烈，董事會仍對本集團憑藉悠久聲譽、上市平台及穩健財務狀況令未來營運規模及盈利能力取得發展充滿信心。為保持競爭力，本集團將繼續堅持其業務策略，擴大產能以捕捉更多商機，增強地基設計能力及項目管理技能，向客戶提供優質靈活的解決方案。 # Disclosure of Interests # 權益披露 # DIRECTORS' AND CHIEF EXECUTIVES' INTEREST IN SECURITIES As at 30 September 2025, the interests and short positions of the directors of the Company (the "Directors") and chief executives of the Company in the shares ("Shares"), underlying shares or debentures of the Company and its associated corporations, within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO"), which (a) were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they are taken or deemed to have taken under such provisions of the SFO); or (b) were required, pursuant to section 352 of the SFO, to be recorded in the register referred to therein; or (c) were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix C3 of the Rules Governing the Listing of Securities of the Stock Exchange (the "Listing Rules"), were as follows: # 董事及主要行政人員於證券中的權益 於二零二五年九月三十日，本公司董事（「董事」）及本公司主要行政人員於本公司及其相聯法團（定義見證券及期貨條例（「證券及期貨條例」第XV部）股份（「股份」）、相關股份或債權證中擁有(a)根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的權益及淡倉（包括根據證券及期貨條例的該等條文彼等被當作或視為擁有的權益及淡倉）；或(b)根據證券及期貨條例第352條須登記於該條規定存置的登記冊內的權益及淡倉；或(c)根據聯交所證券上市規則（「上市規則」）附錄C3所載上市發行人董事進行證券交易之標準守則（「標準守則」）須知會本公司及聯交所的權益及淡倉如下： Long positions in the Shares: 於股份的好倉： Name of Director 董事姓名 Capacity/Nature of Interest 身份/權益性質 Number of Shares 股份數目 Approximate percentage of the issued share capital of the Company 占本公司已發行股本的概約百分比 Mr. Lau Pak Man 劉伯文先生 Interest in a controlled corporation (Note 1) 受控法團權益(附註1) 270,000,000 32.53% Interest of spouse (Note 2) 配偶權益(附註2) 60,000,000 7.23% Beneficial owner 寶益擁有人 7,520,000 0.91% Total 總計 337,520,000 40.67% Mr. Cheng Wing Cheong 鄭榮昌先生 Interest in a controlled corporation (Note 3) 受控法團權益(附註3) 270,000,000 32.53% Beneficial owner 寶益擁有人 5,900,000 0.71% Total 總計 275,900,000 33.24% Ms. Kwan Kit Sum Kit 關潔心女士 Interest in a controlled corporation (Note 4) 受控法團權益(附註4) 60,000,000 7.23% Interest of spouse (Note 5) 配偶權益(附註5) 277,520,000 33.44% Total 總計 337,520,000 40.67% Ms. Mok Kam Sheung 莫錦娣女士 Interest of spouse (Note 6) 配偶權益(附註6) 6,000,000 0.72% # Disclosure of Interests (continued) 權益披露（續） # DIRECTORS' AND CHIEF EXECUTIVES' INTEREST IN SECURITIES (continued) # Notes: 1. In Play Limited is $100.0\%$ owned by Mr. Lau Pak Man. Mr. Lau Pak Man is therefore deemed to be interested in the Shares held by In Play Limited under the SFO. 2. Mr. Lau Pak Man is the spouse of Ms. Kwan Kit Sum Kit. By virtue of the SFO, Mr. Lau Pak Man is deemed to be interested in the same number of Shares in which Ms. Kwan Kit Sum Kit is deemed to be interested. 3. Wealth Celebration Limited is $100.0\%$ owned by Mr. Cheng Wing Cheong, Mr. Cheng Wing Cheong is therefore deemed to be interested in the Shares held by Wealth Celebration Limited under the SFO. 4. Kinetic Kingdom Limited is $100.0\%$ owned by Ms. Kwan Kit Sum Kit. Ms. Kwan Kit Sum Kit is therefore deemed to be interested in the Shares held by Kinetic Kingdom Limited under the SFO. 5. Ms. Kwan Kit Sum Kit is the spouse of Mr. Lau Pak Man. By virtue of the SFO, Ms. Kwan Kit Sum Kit is deemed to be interested in the same number of Shares in which Mr. Lau Pak Man is deemed to be interested. 6. Ms. Mok Kam Sheung is the spouse of Mr. Yau Chi Man Norman (also known as lao Chi Meng) (former independent non-executive Director of the Company). By virtue of the SFO, Ms. Mok Kam Sheung is deemed to be interested in the same number of Shares in which Mr. Yau Chi Man Norman is deemed to be interested. # SUBSTANTIAL SHAREHOLDERS' INTERESTS IN SECURITIES The register of substantial shareholders maintained by the Company pursuant to section 336 of the SFO shows that, as at 30 September 2025, the following shareholders, other than those disclosed in the section headed "Directors' and Chief Executives' Interest in Securities", had notified the Company of its interests and/or short positions in the Shares and underlying Shares which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the SFO: Long positions in the Shares: # 董事及主要行政人員於證券中的權益(續) # 附註： 1. In Play Limited由劉伯文先生全資擁有。因此，根據證券及期貨條例，劉伯文先生被視為於In Play Limited持有的股份中擁有權益。 2. 勒伯文先生為關潔心女士的配偶。就證券及期貨條例而言，劉伯文先生被視為關於潔心女士被視作擁有權益的相同股份數目中擁有權益。 3. Wealth Celebration Limited由鄭榮昌先生全資擁有。因此，根據證券及期貨條例，鄭榮昌先生被視為於Wealth Celebration Limited持有的股份中擁有權益。 4. Kinetic Kingdom Limited由關潔心女士全資擁有。因此，根據證券及期貨條例，關潔心女士被視為於Kinetic Kingdom Limited持有的股份中擁有權益。 5. 關潔心女士為劉伯文先生的配偶。就證券及期貨條例而言，關潔心女士被視為於劉伯文先生被視作擁有權益的相同股份數目中擁有權益。 6. 莫錦嬌女士為丘子敏先生（本公司之前任獨立非執行董事）的配偶。莫錦嬌女士被視為丘子敏先生被視作擁有權益的相同股份數目中擁有權益。 # 主要股東的證券權益 本公司根據證券及期貨條例第336條存置的主要股東名冊顯示，於二零二五年九月三十日，除「董事及主要行政人員於證券中的權益」一節披露者外，下列股東已知會本公司其於股份及相關股份中擁有根據證券及期貨條例第XV部第2及3分部的條文須予披露的權益及／或淡倉： 於股份的好倉： Name of Substantial Shareholder 主要股東姓名 Capacity/Nature of Interest 身份/權益性質 Number of Shares 股份數目 Approximate percentage of the issued share capital of the Company 佔本公司已發行股本的概約百分比 In Play Limited Beneficial owner 寶益擁有人 270,000,000 32.53% Wealth Celebration Limited Beneficial owner 寶益擁有人 270,000,000 32.53% Kinetic Kingdom Limited Beneficial owner 寶益擁有人 60,000,000 7.23% # Corporate Governance and Other Information # 企業管治及其他資料 # INTERIM DIVIDEND The Board has resolved not to pay any interim dividend for the six months ended 30 September 2025 (six months ended 30 September 2024: HK\$nil). # PURCHASE, SALE OR REDEPMENT OF THE COMPANY'S LISTED SECURITIES Neither the Company nor its subsidiaries had purchased, sold or redeemed any of the Company's listed securities during the period. # EVENTS AFTER THE REPORTING PERIOD The Board is not aware of any significant event requiring disclosure that has taken place subsequent to 30 September 2025 and up to the date of this report. # 中期股息 董事會議決不宣派截止二零二五年九月三十日止六個月之中期股息（截止二零二四年九月三十日止六個月：零港元）。 # 購買、出售或贖回本公司上市證券 於期內，本公司或其附屬公司概無購買、出售或贖回本公司任何上市證券。 # 報告期後事項 董事會並不知悉於二零二五年九月三十日後直至本報告日期發生任何重大事項須予以披露。 # Corporate Governance and Other Information (continued) 企業管治及其他資料(續) # CORPORATE GOVERNANCE The Company recognises the importance of corporate transparency and accountability. The Company is committed in achieving a high standard of corporate governance and leading the Group to attain better results and improve its corporate image with effective corporate governance procedures. Since Listing, the Board is of the opinion that the Company had adopted, applied and complied with the code provisions as set out in the Corporate Governance Code (the "Code") contained in Appendix C1 to the Listing Rules, except for the deviation from provision C.2.1 of the Code which is explained below: According to provision C.2.1 of the Code, the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. Mr. Lau Pak Man is the Chairman and Chief Executive Officer, responsible for overall strategic development, project management and client management of the Group. The Board believes that vesting the roles of both Chairman and Chief Executive Officer in Mr. Lau Pak Man has the benefit of ensuring consistent and continuous planning and execution of the Company's strategies. The Board considers that the balance of power and authority, accountability and independent decision-making under the present arrangement will not be impaired in light of the diverse background and experience of the independent non-executive Directors, and the composition of the Board which comprises equal number of independent non-executive Directors and executive Directors also provides added independence to the Board. Further, the audit committee of the Company (the "Audit Committee"), which is composed exclusively of independent non-executive Directors, has free and direct access to the Company's external auditors and independent professional advisers when it considers necessary. # 企業管治 本公司知悉公司透明度及問責十分重要。本公司致力於達致高水準的企業管治及通過更有效的企業管治程序帶領本集團取得更佳業績及提升公司形象。 董事會認為，本公司上市後一直採用、應用及遵守上市規則附錄C1的企業管治守則（「守則」）所載守則條文，惟偏離守則條文C.2.1條者除外，闡釋如下： 根據守則條文C.2.1條，主席與行政總裁的角色應分開並不應由同一人士擔任。劉伯文先生為主席兼行政總裁，負責本集團整體策略性發展、項目管理及客戶管理。董事會認為，劉伯文先生同時擔任主席及行政總裁可確保一致及持續規劃及執行本公司的策略。董事會認為，考慮到獨立非執行董事的不同背景及經驗，現時安排下的權力平衡、問責制度及獨立決策將不會受損，而董事會由相同數目的獨立非執行董事及執行董事組成，亦令董事會的獨立性有所提升。此外，本公司審核委員會（「審核委員會」）僅由獨立非執行董事組成，可於其認為必要時自由及直接聯絡本公司的外部核數師及獨立專業顧問。 # Corporate Governance and Other Information (continued) # 企業管治及其他資料(續) # COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix C3 to the Listing Rules as its own code of conduct of dealings in securities of the Company by Directors (the "Model Code"). Upon specific enquiries of all the Directors, each of them confirmed that they had complied with the required standards set out in the Model Code during the six months ended 30 September 2025. # REVIEW OF INTERIM RESULTS The interim financial report for the six months ended 30 September 2025 is unaudited, but has been reviewed by KPMG, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of interim financial information performed by the independent auditor of the entity" issued by the Hong Kong Institute of Certified Public Accountants, whose unmodified review report is included in this report. The Audit Committee has reviewed the accounting principles and practices adopted by the Group and has reviewed the interim results and financial report of the Group for the six months ended 30 September 2025. # 遵守董事進行證券交易之標準守則 本公司已採納上市規則附錄C3所載上市發行人董事進行證券交易之標準守則作為董事買賣本公司證券的操守準則（「標準守則」）。經向全體董事作出特定查詢後，各董事均確認彼等於截至二零二五年九月三十日止六個月期間已遵守標準守則所載的規定標準。 # 審閱中期業績 截至二零二五年九月三十日止六個月的中期財務報告未經審核，但已由畢馬威會計師事務所根據香港會計師公會頒佈的《香港審閱工作準則》第2410號/獨立核數師對中期財務資料的審閱進行審閱，其無修訂的審閱報告載於本報告內。 審核委員會已對本集團所採納的會計守則及慣例以及截至二零二五年九月三十日止六個月的中期業績及財務報告進行審閱。 # Corporate Governance and Other Information (continued) 企業管治及其他資料(續) # SPECIFIC PERFORMANCE OF CONTROLLING SHAREHOLDERS UNDER RULE 13.18 OF THE LISTING RULES As at 30 September 2025, the Company as guarantor, and In Construction Limited (an indirect wholly-owned subsidiary of the Company) as borrower, have entered into facility agreement relating to a HK$80 million general banking and term loan facility ("Facility") with a licensed bank in Hong Kong as lender. The Facility can be renewed in every three years from the date of signing the facility agreement. According to the Facility, the Company, as guarantor, has undertaken to the lender that Mr. Lau Pak Man, Mr. Cheng Wing Cheong and Ms. Kwan Kit Sum Kit will maintain an aggregate beneficial shareholding of not less than $50\%$ of the entire issued share capital of the Company. The Facility also requires any of Mr. Lau Pak Man, Mr. Cheng Wing Cheong and Ms. Kwan Kit Sum Kit will remain as the chairman of the Company. A breach of the above undertakings will constitute an event of default, and the lender may cancel or suspend the Facility and demand repayment of any outstanding amounts under the facility agreement together with interest accrued thereon. The above undertakings contain covenants relating to specific performance of the controlling shareholders of the Company which are subject to disclosure under Rule 13.21 of the Listing Rules. By order of the Board Lau Pak Man Chairman Hong Kong, 28 November 2025 # 控股股東根據上市規則第13.18條須履行的特定責任 於二零二五年九月三十日，本公司（作為擔保人）及現恆建築有限公司（本公司間接全資附屬公司，作為借款人）與香港持牌銀行（作為貸款人）就為數80百萬港元的一般銀行及定期貸款融資（融資）已訂立融資協議。有關融資可於訂立融資協議日期起每三年續期。 根據融資，本公司(作為擔保人)已向貸款人承諾，劉伯文先生、鄭榮昌先生及關潔心女士將維持實益股權總額不少於本公司全部已發行股本之 $50\%$ ；融資還要求劉伯文先生、鄭榮昌先生及關潔心女士中任何一位仍將為本公司主席。 違反上述承諾將構成違約事件，貸款人可取消或暫停融資及要求償還融資協議項下任何尚未償還的款項連同應計利息。 上述承諾載有關本公司控股股東根據上市規則第13.21條須披露的特定責任的契諾。 承董事會命 主席劉伯文 香港·二零二五年十一月二十八日 # Consolidated Statement of Profit or Loss and Other Comprehensive Income # 綜合損益及其他全面收益表 for the six months ended 30 September 2025 – unaudited 截至二零二五年九月三十日止六個月一未經審核 (Expressed in Hong Kong dollars) (以港元列示) Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 $'000 千元 2024 二零二四年 $'000 千元 Note 附註 Revenue 收益 4 177,250 Direct costs 直接成本 (142,658) Gross profit/(loss) 毛利/(毛損) 34,592 Other revenue 其他收益 5 1,712 Administrative and other operating expenses 行政及其他經營開支 (8,787) Profit/(loss) before taxation 除税前溢利/(虧損) 6 27,517 Income tax 利得稅 7 (73) Profit/(loss) and total comprehensive income for the period 期内溢利/(虧損)及全面收益總額 27,444 Earnings/(loss) per share (Hong Kong cents) 每股盈利/(虧損)(港仙) (17,248) Basic and diluted 基本及攤薄 8 3.31 # Consolidated Statement of Financial Position # 綜合財務狀況表 as at 30 September 2025 – unaudited 於二零二五年九月三十日一未經審核 (Expressed in Hong Kong dollars) (以港元列示) At 30 September 2025 於二零二五年 九月三十日 (unaudited) (未經審核) $'000 千元 At 31 March 2025 於二零二五年 三月三十一日 (audited) (經審核) $'000 千元 Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 174 220 Deferred tax assets 遞延税項資產 187 190 361 410 Current assets 流動資產 Contract assets 合約資產 11 228,760 230,499 Inventories 存貨 3,577 11,095 Trade and other receivables 貿易及其他應收款項 9 39,427 54,072 Cash and bank balances 現金及銀行結餘 10 98,787 72,999 370,551 368,665 Current liabilities 流動負債 Contract liabilities 合約負債 11 18,754 13,041 Trade and other payables 貿易及其他應付款項 12 68,960 100,350 Tax payables 應付税項 85 15 Loan from a shareholder 股東貸款 13 13,000 13,000 100,799 126,406 Net current assets 流動資產淨值 269,752 242,259 NET ASSETS 資產淨值 270,113 242,669 # Consolidated Statement of Financial Position (continued) # 綜合財務狀況表（續） as at 30 September 2025 – unaudited 於二零二五年九月三十日－未經審核 (Expressed in Hong Kong dollars) (以港元列示) At 30 September 2025 於二零二五年 九月三十日 (unaudited) (未經審核) $'000 千元 At 31 March 2025 於二零二五年 三月三十一日 (audited) (經審核) $'000 千元 CAPITAL AND RESERVES 資本及儲備 Share capital 股本 8,300 8,300 Reserves 儲備 261,813 234,369 TOTAL EQUITY 總權益 270,113 242,669 # Consolidated Statement of Changes in Equity # 綜合權益變動表 for the six months ended 30 September 2025 – unaudited 截至二零二五年九月三十日止六個月一未經審核(Expressed in Hong Kong dollars) (以港元列示) Attributable to equity shareholders of the Company 本公司權益股東應佔 Share capital 股本 $'000 千元 Share premium 股份溢價 $'000 千元 Capital reserve 資本儲備 $'000 千元 Retained profits 保留溢利 $'000 千元 Total equity 總權益 $'000 千元 At 1 April 2024 於二零二四年四月一日 8,300 75,453 (35,952) 213,779 261,580 Change in equity for the six months ended 30 September 2024: 截至二零二四年九月三十日止 六個月的權益變動： Loss and total comprehensive income for the period 期内虧損及全面收益總額 - - - (17,248) (17,248) At 30 September 2024 於二零二四年九月三十日 8,300 75,453 (35,952) 196,531 244,332 Attributable to equity shareholders of the Company 本公司權益股東應佔 Share capital 股本 $'000 千元 Share premium 股份溢價 $'000 千元 Capital reserve 資本儲備 $'000 千元 Retained profits 保留溢利 $'000 千元 Total equity 總權益 $'000 千元 At 1 April 2025 於二零二五年四月一日 8,300 75,453 (35,952) 194,868 242,669 Change in equity for the six months ended 30 September 2025: 截至二零二五年九月三十日止 六個月的權益變動： Profit and total comprehensive income for the period 期内溢利及全面收益總額 - - - 27,444 27,444 At 30 September 2025 於二零二五年九月三十日 8,300 75,453 (35,952) 222,312 270,113 # Condensed Consolidated Cash Flow Statement # 簡明綜合現金流量表 for the six months ended 30 September 2025 – unaudited 截至二零二五年九月三十日止六個月一未經審核 (ExpressedinHongKongdollars)(以港元列示） Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 $'000 千元 2024 二零二四年 $'000 千元 附註 Operating activities 經營活動 Net cash generated from/(used in) operating activities 經營活動所得/(所用) 現金淨值 25,645 (20,238) Investing activities 投資活動 Decrease in restricted bank deposits 受限制銀行存款減少 1,132 1,747 Interest received 已收利息 143 311 Capital element of leases rentals received 已收租賃租金之資本元素 - 65 Net cash generated from investing activities 投資活動所得 現金淨額 1,275 2,123 Financing activities 融資活動 Capital element of leases rentals paid 已付租賃租金之資本元素 - (65) Net cash used in financing activities 融資活動所用 現金淨額 - (65) Net increase/(decrease) in cash and cash equivalents 現金及現金等價物增加/(減少)淨額 26,920 (18,180) Cash and cash equivalents at the beginning of the period 期初的現金及現金等價物 31,448 34,711 Cash and cash equivalents at the end of the period 期末的現金及現金等價物 10 58,368 16,531 # Notes to the Financial Statements 財務報表附註 (Expressed in Hong Kong dollars) (以港元列示) # 1 GENERAL INFORMATION In Construction Holdings Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") are principally engaged as a contractor in the foundation industry in Hong Kong. The Company was incorporated in the Cayman Islands as an exempted company with limited liability on 29 September 2014 under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The Company's shares were listed on the Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 16 April 2015. # 2 BASIS OF PREPARATION This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"), including compliance with Hong Kong Accounting Standard ("HKAS") 34, Interim financial reporting, issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). It was authorised for issue on 28 November 2025. The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2025 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2026 annual financial statements. Details of any changes in accounting policies are set out in note 3. The preparation of an interim financial report in conformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. This interim financial report contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2025 annual financial statements. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with HKFRS Accounting Standards. # 1 一般資料 現恆建築控股有限公司(「本公司」)及其附屬公司(統稱「本集團」)主要在香港從事地基業承建商。本公司於二零一四年九月二十九日根據開曼群島法例第22章公司法(1961年第3號法例，經綜合及修訂)在開曼群島註冊成立為獵豁免有限公司。 本公司股份於二零一五年四月十六日在香港聯合交易所有限公司（「聯交所」）上市。 # 2 編製基準 中期財務報告乃根據聯交所證券上市規則（「上市規則」）適用披露條文編製，包括符合香港會計師公會（「香港會計師公會」）頒佈的香港會計準則（「香港會計準則」）第34號，「中期財務報告」。該報告於二零二五年十一月二十八日獲授權刊發。 中期財務報告乃根據二零二五年年度財務報表所採納之相同會計政策編製，惟預期將於二零二六年年度財務報表內反映之會計政策變動除外。任何會計政策變動之詳情載於附註3。 管理層在編製符合香港會計準則第34號規定之中期財務報告時所作之判斷、估計及假設，會影響會計政策之應用以及按目前情況為基準計算之經匯報資產與負債、收入及支出之金額。實際結果可能與估計金額有異。 本中期財務報告包括簡明綜合財務報表及選定說明附註。附註闡述了自二零二五年年度財務報表刊發以來，在瞭解本集團之財務狀況變動及表現方面確屬重要之事件及交易。此簡明綜合中期財務報表及附註並不包括按照香港財務報告會計準則規定編製完整財務報表所需之所有資料。 # Notes to the Financial Statements (continued) # 財務報表附註(續) (Expressed in Hong Kong dollars) (以港元列示) # 2 BASIS OF PREPARATION (continued) The interim financial report is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the entity, issued by the HKICPA. KPMG's independent review report to the board of directors is included on pages 31 and 32. The financial information relating to the financial year ended 31 March 2025 that is included in the interim financial report as comparative information does not constitute the Company's statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Statutory financial statements for the year ended 31 March 2025 are available from the Company's registered office. The auditors have expressed an unqualified opinion on those financial statements in their report dated 27 June 2025. # 3 CHANGES IN ACCOUNTING POLICIES The Group has applied amendments to HKAS 21, The effects of changes in foreign exchange rates - Lack of exchangeability issued by the HKICPA to this interim financial report for the current accounting period. The amendments do not have a material impact on this interim financial report as the Group has not entered into any foreign currency transactions in which the foreign currency is not exchangeable into another currency. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. # 2 編製基準(續) 中期財務報告未經審核，但已由畢馬威會計師事務所根據香港會計師公會頒佈的《香港審閱工作準則》第2410號，「獨立核數師對中期財務資料的審閱」進行審閱。畢馬威會計師事務所致董事會之獨立審閱報告載於第31及32頁。 本中期財務報告所載有關截至二零二五年三月三十一日止財政年度以供比較之財務資料並不構成本公司於該財政年度之法定年度綜合財務報表，惟有關財務資料均取自該等財務報表。截至二零二五年三月三十一日止年度之法定財務報表可於本公司註冊辦事處查詢。核數師於日期為二零二五年六月二十七日之報告中已就該等財務報表作出無保留意見。 # 3 會計政策變動 本集團已對香港會計師公會發出的香港會計準則第21號《外匯匯率變動的影響-缺乏可交換性》對本會計期間中期財務報告作出修訂。修訂對本中期財務報告並無重大影響，因為本集團並無訂立任何外幣交易，而該外幣不可兌換為另一種貨幣。 本集團並無採用任何於本會計期間尚未生效的新準則或解釋。 # Notes to the Financial Statements (continued) 財務報表附註(續) (Expressed in Hong Kong dollars) (以港元列示) # 4 REVENUE AND SEGMENT INFORMATION Revenue represents revenue from construction contracts earned during the period. # Segment information The chief operating decision-maker regards the Group's business as a single operating segment and reviews financial statements accordingly. Also, the Group only engages its business in Hong Kong. Therefore, no segment information is presented. # 5 OTHER REVENUE # 4 收益及分部資料 收益指於期内所赚取建築合約收益。 # 分部資料 主要經營決策者視本集團的業務為一個單一經營分部，並據此審閱財務報表。此外，本集團只於香港經營其業務。因此，並無呈列分部資料。 # 5 其他收益 Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 $'000 千元 2024 二零二四年 $'000 千元 Bank interest income 銀行利息收入 143 311 Sales of scrap materials 銷售廢料 544 1,100 Government subsidies 政府補貼 1,024 3 Others 其他 1 36 1,712 1,450 # Notes to the Financial Statements (continued) # 財務報表附註（續） (Expressed in Hong Kong dollars) (以港元列示) # 6 PROFIT/(LOSS) BEFORE TAXATION Profit/(loss) before taxation is arrived at after charging/(crediting): # 6 除税前溢利/（虧損） 除税前溢利/（虧損）已扣除/（計入）以下各項： Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 $'000 千元 2024 二零二四年 $'000 千元 (a) Staff costs (including directors' remuneration) (a) 员工成本 (包括董事薪酬) Contributions to defined contribution retirement plans 界定供款退休 計劃供款 372 357 Salaries, wages and other benefits 薪金、工資及 其他福利 15,710 17,040 16,082 17,397 (b) Other items (b) 其他項目 Depreciation 折舊 46 33 Lease payments relating to short-term leases 短期租賃之租賃 費用 596 596 (Reversal of)/provision for impairment losses on trade and other receivables and contract assets 貿易及其他應收 款項及合約 資產減值 (撥回)/撥備 (26) 9 # Notes to the Financial Statements (continued) 財務報表附註(續) (Expressed in Hong Kong dollars) (以港元列示) # 7 INCOME TAX Income tax in the consolidated statement of profit or loss and other comprehensive income represents: # 7 所得税 綜合損益及其他全面收益表內的所得税指： Six months ended 30 September 截至九月三十日止六個月 2025 二零二五年 $'000 千元 2024 二零二四年 $'000 千元 Current tax 本期税項 Provision for Hong Kong Profits Tax for the period 期內香港利得税撥備 70 74 Deferred tax 遞延税項 Origination and reversal of temporary differences 暫時差額的產生及 撥回 3 (1) 73 73 Notes: (i) Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands ("BVI"), the Group is not subject to any income tax in the Cayman Islands and the BVI. (ii) The provision for Hong Kong Profits Tax for 2025 is calculated at $16.5\%$ (six months ended 30 September 2024: $16.5\%$ ) of the estimated assessable profits for the period, except for the Company which is a qualifying corporation under the two-tiered Profits Tax rate regime. For the Company, the first $2 million of assessable profits are taxed at 8.25% and the remaining assessable profits are taxed at 16.5%. 附註： (i) 根據開曼群島及英屬處女群島（「英屬處女群島」的規則及規例，本集團毋須繳納開曼群島及英屬處女群島的任何所得税。 (ii) 除本公司為合資格企業以兩級制利得稅率制度外，二零二五年香港所得稅以16.5%（截至二零二四年九月三十日止六個月：16.5%）按當期預算應課税計提。 本公司首2百萬元應課稅以 $8.25\%$ 税率納稅，餘下應課稅以 $16.5\%$ 税率計算。 # 8 EARNINGS/(LOSS) PER SHARE # (a) Basic earnings/(loss) per share The calculation of basic earnings per share for the six months ended 30 September 2025 is based on the earnings attributable to equity shareholders of the Company of $27,444,000 (six months ended 30 September 2024: loss of$ 17,248,000) and the weighted average of 830,000,000 shares (six months ended 30 September 2024: 830,000,000 shares) in issue during the period. # (b) Diluted earnings/(loss) per share There were no diluted potential shares in existence during the six months ended 30 September 2025 and 2024. # 8 每股盈利/（虧損） # (a) 每股基本盈利／（虧損） 截至二零二五年九月三十日止六個月之每股基本盈利按本公司權益股東應佔溢利27,444,000元（截至二零二四年九月三十日止六個月：虧損17,248,000元）及期內已發行830,000,000股加權平均股數（截至二零二四年九月三十日止六個月：830,000,000股）計算。 # (b) 每股攤薄盈利／（虧損） 於截至二零二五年及二零二四年九月三十日止六個月，概無潛在攤薄股份。 # Notes to the Financial Statements (continued) # 財務報表附註(續) (Expressed in Hong Kong dollars) (以港元列示) # 9 TRADE AND OTHER RECEIVABLES As of the end of the reporting period, the ageing analysis of trade debtors, based on the invoice date and net of loss allowance, is as follows: # 9 貿易及其他應收款項 於報告期末，應收賬款按發票日期（扣除減值撥備）的賬齡分析如下： At 30 September 2025 於二零二五年 九月三十日 $'000 千元 At 31 March 2025 於二零二五年 三月三十一日 $'000 千元 Within 1 month 一個月内 28,378 41,872 Over 1 month but within 2 months 超過一個月但兩個月內 827 - Over 2 months 超過兩個月但三個月內 827 885 Over 3 months 超過三個月 1,723 1,666 Trade debtors, net of loss allowance (note (i)) 應收賬款，扣除減值撥備(附註(i)) 31,755 44,423 Deposits, prepayments and other receivables (notes (ii) and (iii)) 按金、預付款及其他應收款項(附註(ii)及(iii)) 5,317 4,961 Retentions receivable, net of loss allowance (note (iv)) 應收保留金，扣除減值撥備(附註(iv)) 2,355 4,688 39,427 54,072 # Notes: (i) Trade debtors are normally due within 30 days from the date of billing. (ii) As at 30 September 2025, except for the amount of $3,500,000 (31 March 2025:$ 3,538,000) which was expected to be recovered or recognised as expense after one year, all of the remaining balances were expected to be recovered or recognised as expense within one year. (iii) As at 30 September 2025, deposits of $3,828,000 (31 March 2025:$ 3,828,000) were pledged to secure the issuance of performance bonds (see note 16). (iv) All of the retentions receivable as at 30 September 2025 and 31 March 2025 were expected to be recovered within one year. # 附註： (i) 應收賬款通常自開票日期起30日內到期。 (ii) 於二零二五年九月三十日，除3,500,000元外（二零二五年三月三十一日：3,538,000元）預期於一年後收回或確認為開支外，所有餘額預期將於一年內收回或確認為開支。 (iii) 於二零二五年九月三十日，3,828,000元按金（二零二五年三月三十一日：3,828,000元）已抵押來出具屬約保證（見附註16）。 (iv) 於二零二五年九月三十日及二零二五年三月三十一日，所有應收保留金額預期將於一年內收回。 # Notes to the Financial Statements (continued) 財務報表附註(續) (Expressed in Hong Kong dollars) (以港元列示) # 10 CASH AND BANK BALANCES # 10 現金及銀行結餘 At 30 September 2025 於二零二五年 九月三十日 $'000 千元 At 31 March 2025 於二零二五年 三月三十一日 $'000 千元 Cash at bank and in hand 銀行及手頭現金 58,368 31,448 Deposits with banks 銀行存款 40,419 41,551 Cash and bank balances in the consolidated statement of financial position 綜合財務狀況表中 現金及銀行結餘 98,787 72,999 Less: Restricted bank deposits (note) 減：受限制銀行存款 (附註) (40,419) (41,551) Cash and cash equivalents in the condensed consolidated cash flow statement 簡明綜合現金流量表中 現金及現金等價物 58,368 31,448 Note: Restricted bank balances are deposits placed with banks to secure the issuance of performance bonds (see note 16) and banking facilities. 附註：受限制銀行存款指存於銀行之存款以擔保發出屬約保證（見附註16）及銀行融資。 # 11 CONTRACT ASSETS AND CONTRACT LIABILITIES As at the end of reporting period, all contract assets and contract liabilities arose from performance under construction contracts and billing in advance for performance under construction contracts respectively. # 11 合約資產及合約負債 於報告期末，所有合約資產及合約負債分別產生自履行建築合約及履行建築合約之預收賬款。 # Notes to the Financial Statements (continued) # 財務報表附註(續) (Expressed in Hong Kong dollars) (以港元列示) # 12 TRADE AND OTHER PAYABLES As of the end of the reporting period, the ageing analysis of trade creditors, based on the invoice date, is as follows: # 12 貿易及其他應付款項 於報告期末，應付貿易賬款按發票日期之賬齡分析如下： At 30 September 2025 於二零二五年 九月三十日 $'000 千元 At 31 March 2025 於二零二五年 三月三十一日 $'000 千元 Within 1 month 一個月內 19,374 37,082 Over 1 month but within 2 months 超過一個月但兩個月內 4,569 4,671 Over 2 months but within 3 months 超過兩個月但三個月內 6,861 4,714 Over 3 months 三個月以上 1,984 2,297 Trade creditors 應付貿易賬款 32,788 48,764 Provision for construction works 工程項目撥備 17,162 22,954 Other payables and accruals 其他應付款項及應計費用 19,010 28,632 68,960 100,350 # 13 LOAN FROM A SHAREHOLDER The loan from a shareholder was unsecured, interest-free and repayable by serving two months' notice. # 13 股東貸款 股東貸款是無抵押、免息及償還前提供兩個月通知。 # 14 DIVIDENDS The board of directors has resolved not to declare any interim dividend for the six months ended 30 September 2025 and 2024. # 14 股息 董事會議決不宣派截止二零二五年及二零二四年九月三十日止六個月之中期股息。 # Notes to the Financial Statements (continued) 財務報表附註(續) (Expressed in Hong Kong dollars) (以港元列示) # 15 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS Fair values of financial assets and liabilities carried at other than fair value The carrying amounts of the Group's financial instruments carried at amortised cost were not materially different from their fair values as at 30 September 2025 and 31 March 2025. # 16 CONTINGENT LIABILITIES At 30 September 2025, the Group had contingent liabilities in respect of performance bonds to guarantee due and proper performance of the obligations undertaken by the Group's subsidiary for projects amounting to $41,944,000 (31 March 2025:$ 58,524,000) in its ordinary course of business. The performance bonds are expected to be released in accordance with the terms of the respective construction contracts. # 17 MATERIAL RELATED PARTY TRANSACTIONS In addition