华和控股2024/25年年报

Corporate Information2Chairman’s Statement4Management Discussion and Analysis6Report of the Directors14Biographies of the Directors and Senior Management29Corporate Governance Report32Environmental, Social and Governance Report46Independent Auditor’s Report66Consolidated Statement of Profit or Loss andOther Comprehensive Income75Consolidated Statement of Financial Position76Consolidated Statement of Changes in Equity78Consolidated Statement of Cash Flows79Notes to the Financial Statements81Five-Year Financial Summary174Particular of Properties175 Contents目錄 Wah Wo Holdings Group Limited •2Corporate Information公司資料BOARD OF DIRECTORSExecutive DirectorsMr. Chen Yuet Wa(Chairman and Chief Executive Officer)Mr. Chan FaiIndependent Non-executive DirectorsMr. Yu Chi WingMs. Ding XinMr. Yeung Yiu ManAUDIT COMMITTEEMs. Ding Xin(Chairperson)Mr. Yu Chi WingMr. Yeung Yiu ManREMUNERATION COMMITTEEMr. Yeung Yiu Man(Chairperson)Mr. Chen Yuet WaMs. Ding XinNOMINATION COMMITTEEMr. Chen Yuet Wa(Chairperson)Mr. Yu Chi WingMr. Yeung Yiu ManCOMPANY SECRETARYMr. Lee Kai Ming(HKICPA)AUTHORISED REPRESENTATIVESMr. Chen Yuet WaMr. Lee Kai Ming(HKICPA)AUDITORSRSM Hong KongCertified Public AccountantsRegistered Public Interest Entity Auditor29th Floor, Lee Garden Two28 Yun Ping RoadCauseway BayHong Kong (HKICPA)2829 (HKICPA) 3Corporate Information公司資料ANNUAL REPORT 2024/25 •/Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman IslandsConyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islandswww.wahwoalum.com 36–404AD16171519938 REGISTERED OFFICE IN THE CAYMAN ISLANDSCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman IslandsHEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN HONG KONGFlat A & D, 4/F, Phase 1, Kwai Shing Industrial Building36–40 Tai Lin Pai RoadKwai Chung, New TerritoriesHong KongPRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDSConyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman IslandsHONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICETricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong KongPRINCIPAL BANKERNanyang Commercial Bank, Ltd.151 Des Voeux Road CentralHong KongCOMPANY WEBSITEwww.wahwoalum.comSTOCK CODE9938 Wah Wo Holdings Group Limited •4Chairman’s Statement主席報告To all shareholders,On behalf of the board (the “Board”) of directors (the “Directors”) of Wah WoHoldings Group Limited (the “Company”), I am pleased to present the annualresults of the Company and its subsidiaries (collectively the “Group”) for theyear ended 31 March 2025 (the “Year”).The Group is a Hong Kong-based contractor engaged in façade works, whichmainly include windows, window wall system, curtain wall system and otherfaçade members. We principally provide design and build services for newbuildings and renovation services for built premises. The Group also engagedin rental of investment properties.During the Year, the Group recorded a total revenue from (i) constructionand ancillary service and (ii) rental of investment properties of HK$482.1million, representing an increase of approximately 102.2% as compared toapproximately HK$238.4 million for the year ended 31 March 2024, whichwas mainly due to the revenue contributed by some of our on-going projectsin execution-peak stage during the Year. The Group recorded a net profit ofapproximately HK$16.8 million, represented an increase of approximatelyHK$71.9 million when compared to the year ended 31 March 2024. Forthe contributing factors of the increase in net profit, please refer to the“Management Discussion and Analysis” section of this report.Looking ahead, while signs of economic recovery in Hong Kong areencouraging, the Directors anticipate a challenging industry and businessenvironment. Several factors contribute to this situation: (1) The Groupfaces headwinds from slowing industry growth and weak real estate marketdemand, which limit opportunities for new residential projects – a corefocus of our Group’s operations; (2) high interest rates and fiscal constraints,exacerbated by the latest government budget deficit, have curtailedgovernment spending on infrastructure and housing, impacting both publicand private sectors while dampening developers confidence, leading to delaysor downsizing of construction projects; (3) rising construction costs, fueled byhigher prices for raw materials and energy, combined with persistent labourshortages, are increasing project budgets and extending delivery timelines,squeezing profit margins and straining operational efficiency. These challengesare compounded by market supply-demand imbalances and affordabilityissues, which disrupt residential sales and exert downward pressure onproperty pricing, forcing developers to demand lower construction costs andreducing the Group’s tender pricing power while heightening client creditrisks; (4) geopolitical tensions, includin