昇柏控股2025 年年报

We are committed to creating value forstakeholders by providing comprehensive andinnovative solutions that achieve high qualityresults. M I S S I O N使 命 我們致力為持份者創造價值，為他們提供全面及創新的方案，以達至高質素成效。 Customer Focus以客為本Integrity正直誠實Teamwork群策群力Innovation不斷創新Pursuit of Excellence追求卓越 VA L U E S企 業 價 值 CONTENTS目錄 本 年 大 事 回 顧SIGNIFICANT EVENTS OF THE YEAR FEB二月 Awarded a contract forreinstatement works for a floorof a commercial building atQueen’s Road Central, Central. 承接一項位於中環皇后大道中一棟商業大廈其中一層之修復工程合約。 MAR三月 Awarded a contract for maincontract works for the proposedresidential redevelopment atMiddle Gap Road, Wan Chai. 承接一項位於灣仔中峽道擬住宅重建總承建商工程合約。 Practical completion of a contractfor interiors and finishing works fora modular integrated constructionproject. 一項組裝合成項目的裝修工程實際竣工。 本 年 大 事 回 顧SIGNIFICANT EVENTS OF THE YEAR Awarded a contract for hoarding,demolition and addition & alterationworks to an existing building at amonastery in Causeway Bay. 承接一項位於香港銅鑼灣一間修道院裏一楝現有建築的圍板、拆卸和加建及改建工程合約。 Awarded a contract for new repartition wallat a unit of a commercial building at KowloonBay. 承接一項位於九龍灣一棟商業大廈其中一單位新隔間牆裝置工程合約。 本 年 大 事 回 顧SIGNIFICANT EVENTS OF THE YEAR Awarded a contract for waterproofing works for a plaza at PrinceEdward. 承接一項位於太子的商場防水工程合約。 Practical completion of a contract for residential developmentproject at Headland Road, Repulse Bay. 一項位於淺水灣赫蘭道擬住宅發展項目合約實際竣工。 Awarded a contract fordemolition works of ashop at Ground Floor atQueen’s Road Central. Awarded two nominated subcontractor contracts for(i) stone cladding installation;and (ii) the installation ofwindows, metal cladding, glass balustrades, and louvres atMiddle Gap Road, Wan Chai. 承接一項位於中環皇后大道中底層其中一商舖拆卸工程合約。 承接兩項位於灣仔中峽道(i)石材貼面安裝；及(ii)窗戶安裝、金屬貼面安裝、玻璃欄桿安裝及百葉窗的安裝的指定分包商合約。 Practical completion of acontract for superstructurework for proposedredevelopment at BisneyRoad, Pokfulam. 一項位於薄扶林碧荔道擬重建項目的上蓋工程合約實際竣工。 本 年 大 事 回 顧SIGNIFICANT EVENTS OF THE YEAR OCT十月 Awarded a contract for renovation of ex-laundry building at a monastery inCauseway Bay. 承接一項位於香港銅鑼灣一間修道院舊洗衣房大樓翻新工程合約。 Won 24th Hong KongOccupational Safetyand Health Award 2025—Safety PerformanceAward (All Industries) &(Construction Industry)from Occupational Safetyand Health Council. 榮獲職業安全健康局頒發第二十四屆香港職業安全健康2025「安全表現大獎（各行各業組）╱安全表現大獎（建造業組）」獎座。 Recognized as MPF Good Employer 2024–2025 by The MandatoryProvident Fund Schemes Authority. 榮獲強制性公積金計劃管理局嘉許為積金好僱主2024–2025。 本 年 大 事 回 顧SIGNIFICANT EVENTS OF THE YEAR NOV十一月 Awarded a contract for registeredgeneral building contractor andregistered specialist contractor servicesfor demolition work of Cathay Signageproject. 承接一項為香港國際機場國泰航空貨運站外牆標示的拆卸工程提供註冊一般建築承建商和註冊專門承建商服務合約。 DEC十二月 Consistently dedicated to fosteringa caring culture for 3 years. Theaccomplishment for 2024/25 wasrecognized as Above-averagePerformance. Practical completion of a contract foraddition and alteration works on aninternational school at Man Fuk Road,Homantin. 持續實踐及推動關愛文化3年。2024/25年度表現獲嘉許為高於平均水平。 一項位於何文田文福道一間國際學校加建及改建工程合約實際竣工。 主 席 報 告CHAIRMAN’S STATEMENT 致各位股東： Dear Shareholders, 本人謹代表昇柏控股有限公司（「本公司」）董事會（「董事會」）向閣下呈報本公司及其附屬 公 司（統 稱「本 集 團」）截 至2025年12月31日止年度（「報告年度」）的全年業績。 On behalf of the Board of Directors (the“Board”) of ISP HoldingsLimited (the“Company”), I would like to present to you the annualperformance of the Company and its subsidiaries (collectively, the“Group”) for the year ended 31 December 2025 (the“ReportingYear”). 2025年，香港建造業在穩定中見變局。政府繼續推動各種長期發展策略，包括綠色基建、大型公型房屋項目，以及北部都會區框架下的策略性土地規劃，帶來穩定充足的工程數量，業 界 前 景 良 好。與 此 同 時，業 界 仍 有 若干 難 關 需 要 克 服，包 括 長 期 人 力 短 缺、材 料成 本 上 漲、通 脹 壓 力 等，而 在 宏 福 苑 大 火 過後，各 種 監 管 規 定、安 全 及 環 境 合 規 要 求 也勢必收緊，在成本及進度兩方面對行業施加壓 力。儘 管 如 此，長 遠 來 說，行 業 根 基 依 然穩固。 During 2025, Hong Kong’s construction industry experienceda stable yet evolving landscape. The Government’s sustainedcommitment to long-term development initiatives encompassinggreen infrastructure, large scale public housing projects andstrategic land planning under the Northern Metropolis frameworkprovided a steady volume of construction activities and a positiveindustry outlook. At the same time, the sector still faced severalheadwinds, including persistent manpower shortages, risingmaterial costs and inflationary pressures, as well as increasinglystringent regulatory, safety, and environmental compliancerequirements following the aftermath of the fatal Wang Fuk Courtfire. These challenges placed cost and schedule pressures acrossthe industry. Nevertheless, the long-term fundamentals of theindustry remain solid. 主 席 報 告CHAIRMAN’S STATEMENT During the Reporting Year, with Hong Kong’s economy graduallyrecovering, the Group recorded consolidated revenue ofapproximately HK$153.5 million, an increase of approximately45.5% from approximately HK$105.5 million for the year ended 31December 2024 (the“Corresponding Year”). Meanwhile, the grossprofit improved significantly, rising by approximately 121.5% toapproximately HK$20.6 million compared to the CorrespondingYear. 於 回 顧 年 度，香 港 經