龙升集团控股-旧2024/25 中期报告

CONTENTS 2-3Corporate Information4-11Management Discussion and Analysis12-42Condensed Consolidated Interim FinancialStatements43-48Corporate Governance/Other Information CORPORATE INFORMATION BOARD OF DIRECTORS Mr. Yip Yuk Kit(Chairman) (Chief Executive Officer)Mr. Cheung Chun Fai Independent Non-Executive Directors Mr. Chan Ka YuMr. Lee Kwok LunMr. Chan Wa Shing AUDIT COMMITTEE Mr. Lee Kwok Lun(Chairman)Mr. Chan Wa ShingMr. Chan Ka Yu REMUNERATION COMMITTEE Mr. Chan Ka Yu(Chairman)Mr. Yip Yuk KitMr. Chan Wa Shing NOMINATION COMMITTEE Mr. Yip Yuk Kit(Chairman)Mr. Chan Ka YuMr. Lee Kwok Lun COMPANY SECRETARYMr. Leung Hoi Ki AUTHORISED REPRESENTATIVESMr. Cheung Chun FaiMr. Leung Hoi Ki 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 HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 12809 Unit 09, 28/F, North TowerConcordia Plaza1 Science Museum RoadKowloonHong Kong LEGAL ADVISER As to Hong Kong Law ZM Lawyers88–988820 ZM LawyersSolicitors, Hong Kong20/F, Central 88Nos. 88–98 Des Voeux RoadCentralHong Kong CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1–1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1–1108Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 148212103B Boardroom Share Registrars (HK) Limited2103B, 21/F148 Electric RoadNorth PointHong Kong AUDITOR 2811 Grant Thornton Hong Kong Limited11th Floor, Lee Garden Two28 Yun Ping RoadCauseway BayHong Kong 1 PRINCIPAL BANK The Hongkong and Shanghai Banking Corporation Limited1 Queen’s Road CentralHong Kong www.kitkee.com.hk COMPANY’S WEBSITEwww.kitkee.com.hk 6829 STOCK CODE6829 MANAGEMENT DISCUSSION AND ANALYSIS The board (the “Board”) of directors (the “Directors”) of DragonRise Group Holdings Limited (the “Company”) is pleased to presentthe interim results of the Company and its subsidiaries (collectively,the “Group”) for the six months ended 30 September 2024 (the“Reporting Period”). INDUSTRY REVIEW According to the "2024 Annual Report on Economic Freedom inthe World" published by the Fraser Institute, Hong Kong has beenacknowledged as the world's freest economy, characterised bybustling trade activities that propel regional development. In thiscontext, Hong Kong's economy demonstrated signs of recovery inthe first half of 2024. The semi-annual economic report released bythe Government of Hong Kong Special Administrative Region (the“Government”) stated that the real Gross Domestic Product (GDP)of Hong Kong increased by 3.3% year-on-year (YOY) in the secondquarter. Fraser Institute(GDP)3.3% 6832.3% For the construction industry, according to the provisional resultsreleased by the Census and Statistics Department on 11 September2024, the total nominal value of completed construction worksby major contractors in the second quarter of 2024 amounted toHK$68.3 billion, representing a 2.3% increase compared to thesame period in 2023. The primary driving force of this growth stemsfrom the increase in public initiatives such as municipal projects andthe development of new districts. There is also an increasing adoption of modular integratedconstruction for its efficiency and cost-saving benefits, alongside agrowing focus on incorporating renewable energy solutions. 469.214.3%442.820.5% For foundation industry where the Group mainly operates, inthe first quarter of 2024, the total amount of piling and relatedfoundation projects amounted to HK$469.2 million, representinga decrease of 14.3% compared to the corresponding period in theprevious year. In the second quarter, this figure dropped furtherto HK$442.8 million, reflecting a 20.5% decrease YOY. Althoughthe number of foundation projects has decreased compared to2023, overall they are still relatively sufficient compared to the levelsduring the pandemic period. BUSINESS REVIEW AND OUTLOOK (i)(ii)(iii) T h e G r o u p i s a s e a s o n e d s u b c o n t r a c t o r i n H o n g K o n g’sconstruction industry, with three decades of experience, mainlyengaging in foundation works for commercial and residentialbuilding construction. The Group has developed the experienceand capability to offer a comprehensive range of foundationconstruction and related services. It specialises in (i) ELS and pilecap construction works; (ii) disposal of excavated materials frompiling; and (iii) ancillary services including dismantling of shoring,site formation, steel fixing and site clearance. Kit Kee EngineeringLimited (“Kit Kee Engineering”), the principal operating subsidiary,is registered with the Construction Industry Council under theSubcontractor Registration Scheme under the sub-register of thestructural and civil trade group. In recent years, the Group has begun e