宏信建发2025年度报告

於開曼群島註冊成立的有限公司股票代碼：09930.HK XU Min P.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands XU Min XU Min 1831717121716 200256-610 • www.hongxinjianfa.com 33191901 9930 + 3360 200.718848540 1,40090%776,40014.021.35 ++ (GDP)1405.0% ++ ++7562 93.5912.3%51.9255.5%21.9441.5%23.4%38.5%19.7421.1%1.47260.3%14.0215.0%++ 363.680.2%68.9%16.10 50(ACCESS50)(IRN100)112025(CSA)585% (1)=(2)=(3)EBITDA=EBITDAEBITDA=+++(4)=(5)= 1 1.1 20251405.0% 2025454,6873.8%269,8926.1%13.2%5.9%36.8%1 7 . 1 %3.8%0.6% 20251.5%2.2%1.2%8.4% 9.1%20.4%18.1% 202586,425.12.7% 202523.511.917.9%11.716.1% 20251,743.87.1%12,772.98.1%20,658.78.5% 2025 20254.9%2024202512.4% 20255.1%3.8%20252029620 20258.0%9.0% 2025(NESDC)20252.0%20255.6% 202520242.0%4.5%2030NEOM10%203020342030 20254.8%203120312022 20253.5%202530.9%202444.4%202513.9% 1.2 2025 IPAF Rental Market Report 2025202466.912% 20242,7004.7%202550% 202512,772.98.1%20,658.78.5% 1.3 ++ ++ 562485229777 2 2.1 208,8661,200,15982.6%EBITDA4,116,1804,628,65411.1% EBITDA 2.2 9,359,19211,581,06219.2%1,401,565 232,000325,0001,700401,0006,400 2.2.1 (i)(ii)(iii) 2.2.1.1 5,191,6714,620,98612.3% 56.1%24.9%5.7%3.8%9.5% 2.2.1.2 2,193,5273,751,36441.5% 2.2.1.3 1,973,9943,208,71238.5% 200,70045,979 1,926117,027 2.2.2 191.118.9 1,22246029171 2.3 2,466,4363,774,59634.7%26.4%32.6%6.2% 2.3.1 2.3.1.1 1,667,1241,762,7585.4%32.1%38.1%6.0% 2.3.1.2 357,827990,24663.9%16.3%26.4%10.1% 2.3.1.3 441,4851,021,59256.8%22.4%31.8%9.4% 311,420497,50337.4%25.7%28.8%3.1% 86,138514,89583.3%12.0%35.0%23.0% 2.3.2 2.4 6,892,7567,806,46611.7%1,672,4491,866,20510.4%8,565,2059,672,67111.4% (1)15-20102010%30%3,105,8272,637,43017.8%20242025(2)1,852,97221.1%(3)1,353,53831.0%720,90428.1%632,63433.9%(4)635,0359.7%(5)667,93834.7%7.2%(6)272,2471,97028.6%(7)222,27625.2%(8)112,65117.0%(9)73,0948.8%(10) 2.5 192,742238,66719.2% 2.6 2.7 (i)(ii) 30,97420,24153.0% 2.8 (i)(ii) 805,303805,8270.1%4,2222.8.13.11 2.8.1 (1)=+2 (2)= 3.75%4.06%0.31% 2.9 61,890303,83779.6%29.6%25.3%4.3% 2.10 146,976896,32283.6% 128,652 2.11 0.0470.2820.23583.3% (1)×12 3 3.1 36,368,34765,8340.2% 3.2 21,583,432661,9713%(i)(ii)2,723,623 12,178,13511,739,8494,019,1094,850,9423,227,9673,187,393 3.3 3.3.1 8,661,210843,26910.8% 3.3.2 1,164,84728,3202.4% 70HSE 3.3.3 248172 3.4 1,061,829189,90921.8% 3.5 (i)(ii) 2,739,355638,16018.9% 3.6 1,610,210183,12610.2% 3.7 12904,4177220.1%TH Tong Heng Machinery Sdn. Bhd. 3.8 173,979TH TongHeng Machinery Sdn. Bhd. 3.9 798,762(i)386,667(ii)405,931 3.10 25,043,50267,6710.3% 3.11 20,328,205574,6902.7%3.75% 71.3%61.6% 3.12 2,924,244528,98722.1% 3.13 (i)(ii)(iii)(iv)(v) 995,027108,34112.2% 3.14 3.7 607,85225,730 3.15 3.16 TH Tong Heng Machinery Sdn. Bhd.EBITDATH Tong Heng Machinery Sdn. Bhd.20%TH Tong Heng Machinery Sdn. Bhd.100%73,937,000 3.17 11,324,845133,5051.2% (1) 0.045 4 (1)=(2)=(3)= 4.1 1.3%6.8% 4.2 0.4%2.2% 4.3 68.9%68.6%0.3%0.1% 5 2,389,7917,104,62366.4%952,2044,832,20580.3% 6 6.1 (CCS) 6.2 (i)(ii) 6.3 6.4 7 6,820,43947,933 8 9 Horizon Construction Development Investment (HongKong) LimitedChan Heng ChoyChanHow Mee Cheng(i) ChanTH Tong Heng Machinery Sdn. Bhd.395,00079%(ii) How Mee Cheng5,0001%176,000,000299,294,2781.001.7005TGCore Trading Sdn. Bhd.TGCoreChan ChanChan(i) Chan20%(ii)ChanChan 14.74(1)14.225%25%14 14.75(1)1414 80%170,951,092289,502,2731.001.6935 =++×80%TGCore 168,085,3676.7%6%7% 80% (EV/EBITDA) (i)(ii) 10 4,2534,929 10.1 10.2 11 12 ++ C1 F.2.2F.1.3 -- C3 4 XU Min 3.10(1)3.10(2)3.10A 3.13 12 B.2.2 16.2 16.3 16.18 12.5% 4 XU MinXU Min3.10(2)3.21 •••• 79 7576 • • 7576 17.07A ••••• XU Min (i)2,000(ii)158 (a)(b)(c)(d)(e) Vistra Corporate Services (HK) Limited 3.29 12.32121 33191901hcd-ir@fehorizon.com F.2.2F.1.3 XU Min F.1.1M •••••••••••• 0.0160.045 62EMBA 31 51 21 45 21HORIZON CONSTRUCTION DEVELOPMENT (SINGAPORE) PTE. LTD.HORIZON CONSTRUCTION OVERSEAS (MALAYSIA) SDN. BHD. 54 16 (Global Association of Risk Professionals) 70 25 51 29 48(Durham University) 17EDF 6337 1039 XU Min XU Min62 27 (The Institute of Chartered Accountants of Ontario, Canada) 53 260028196019656990 49 23KGI Hong Kong Limited ESG 456005850914688065 25 41603056 18 49FMBA 26 39 14 5 134 0.0160.045 183171712-1716 183171712-1716 14 3,197,244,0000.0000230 13813933 40 XU Min 8493 13.51B(1) 3 2,386,000 5,621,000 42 XU Min42 3.13XU Min 89 2.4 571XVXV78352 (1)L 3,197,244,000 (3)(i)2711,346,342(ii)54106,731,710 (4)2,420,0005,650,000 (5)(i)2718,743(ii)541030,382(iii)736,6671,706,667 (6)(i)271202,531(ii)54101,012,759 (7)(i)271100%44,667104,88981,519(ii)5410100%294,998524,443407,593 (8)Farsighted Wit LimitedXVFarsighted Wit Limited102,620,112 (9)Lanjin Limited (10)(i)27120,364(ii)5410101,820 (11)(i)2714,629(ii)541023,148 (2) (1)L(2)(3)Idea Delicacy Limited272,