应力控股中期报告 2025/26

()Stock code2663(incorporated in the Cayman Islands with limited liability) 2025/26 CONTENTS Corporate InformationManagement Discussion and AnalysisUnaudited Condensed Consolidated Interim Financial InformationCondensed Consolidated Statement of Comprehensive IncomeCondensed Consolidated Statement of Financial PositionCondensed Consolidated Statement of Changes in EquityCondensed Consolidated Statement of Cash FlowsNotes to the Condensed Consolidated Financial Statements241314151617 CORPORATE INFORMATION公 司 資 料 BOARD OF DIRECTORS (THE “BOARD”) Executive Directors Mr. Yip Pak Hung(Chairman)Mr. Wai Yat Kin(Chief Executive Officer) Independent Non-Executive Directors Ms. Lai Pik Chi, PeggyMr. Lam Chi Wai, PeterDr. Yeung Kit MingDr. Koon Chi Ming, Sebastian(appointed on 1 January 2025) AUDIT COMMITTEE Ms. Lai Pik Chi, Peggy(Chairman)Mr. Lam Chi Wai, PeterDr. Yeung Kit MingDr. Koon Chi Ming, Sebastian(appointed on 1 January 2025) NOMINATION COMMITTEE Dr. Yeung Kit Ming(Chairman)Ms. Lai Pik Chi, PeggyMr. Lam Chi Wai, PeterDr. Koon Chi Ming, Sebastian(appointed on 1 January 2025) REMUNERATION COMMITTEE Mr. Lam Chi Wai, Peter(Chairman)Ms. Lai Pik Chi, PeggyDr. Yeung Kit MingDr. Koon Chi Ming, Sebastian(appointed on 1 January 2025) COMPANY SECRETARY CPA Ms. Cheung Ka WaiCPA (appointed on 1 April 2025) Mr. Chan Sun Kwong(resigned on 1 April 2025) PRINCIPAL BANKERS The Hongkong and Shanghai BankingCorporation LimitedLevel 10, HSBC Main Building1 Queen’s Road CentralHong Kong 110 Citibank N.A.21/F., Tower 1The Gateway, Harbour CityKowloon, Hong Kong 121 REGISTERED OFFICE Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman, KY1-1108Cayman Islands Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman, KY1-1108Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 27/F, The Octagon6 Sha Tsui RoadTsuen Wan, New TerritoriesHong Kong 627 HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE Tricor Investor Services Limited17/F Far East Finance Centre16 Harcourt RoadHong Kong 愨1617 AUTHORISED REPRESENTATIVES Mr. Yip Pak HungMs. Cheung Ka WaiCPA (appointed on 1 April 2025)Mr. Chan Sun Kwong(resigned on 1 April 2025) CPA AUDITOR Beijing Xinghua Caplegend CPA LimitedCertified Public AccountantsandRegistered Public Interest Entity Auditor1/F, GR8 InnoTech Centre46 Tsun Yip Street, Kwun TongHong Kong 461 COMPANY’S WEBSITE www.kpa-bm.com.hk www.kpa-bm.com.hk STOCK CODE 2663 2663 MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 及 分 析 BACKGROUND, RECENT DEVELOPMENT ANDOUTLOOK KPa-BM Holdings Limited (the “Company”) and its subsidiaries(collectively, the “Group”) are principally engaged in (i) provision ofstructural engineering works with a focus on design and buildprojects in Hong Kong; (ii) supply of building material productstogether with installation services of such products in Hong Kong;and trading of building material products predominately in HongKong. (i)(ii) The Hong Kong construction sector has navigated a difficultoperating landscape this year. According to the data from Censusand Statistics Department, the Gross Value of Construction Worksperformed by main contractors at private sector sites decreased by18.6% in nominal terms when comparing to the same period ofprevious year. A sharp decline in private sector tenders has led toreduced project volume, creating intense competition for contracts inp u b l i c s e c t o r a n d e r o d i n g p r o f i t m a r g i n s d u e t o a g g r e s s i v eundercutting. However, the market is showing signs of potentialrecovery.The Federal Reserve’s recent interest rate cuts, coupledwith anticipated future reductions, are expected to provide a stimulusto the Hong Kong property market. In addition, the government’sstrategic initiatives to develop partnerships with the Middle East andthe re-boost in IPO market are beginning to generate new sources ofdemand. The long-term impact of these factors remains to be seen. 18.6%(IPO) Before the economic recovery, we will continue to adopt a prudentfiscal strategy, which includes resource integration. Therefore, wehave recently streamlined our organization and, regrettably, reducedthe headcount of some colleagues. We expect salary expenses todecrease in coming year. We acknowledge the challenges of this year and appreciate thededication of our colleagues and the continued trust of our clients.Despite these difficulties, the Group secured contract sum ofapproximately HK$297 million in new projects during the six monthsended 30 September 2025 (the “Period”). The Group’s value ofoutstanding contracts on hand as at 30 September 2025 amountedto approximately HK$448 million, as compared to approximatelyHK$619 million as at 30 September 2024 (the “Previous Period”). 297448619 FINANCIAL REVIEW Revenue 217.7387.5169.843.8% The Group’s revenue amounted to approximately HK$217.7 millionfor the Period as compared to approximately HK$387.5 million forthe Previous Period, representing a de