顺兴集团控股2024-25年报

CONTENTS2Corporate Information4Chairman’s Statement7Management Discussion and Analysis14Corporate Governance Report34Biographical Details of Directors and Senior Management41Directors’ Report54Independent Auditor’s Report61Consolidated Statement of Profit or Loss and Other Comprehensive Income62Consolidated Statement of Financial Position64Consolidated Statement of Changes in Equity65Consolidated Statement of Cash Flows67Notes to the Consolidated Financial Statements131Summary of Financial Information SH GROUP (HOLDINGS) LIMITEDAnnual Report 2024-252Corporate InformationBOARD OF DIRECTORSExecutive DirectorsMr. Yu Cheung Choy(Chairman)Mr. Lau Man Ching(Chief Executive Officer)Mr. Yu Ho ChiNon-executive DirectorMs. Yu Tsz Wai (appointed on 11 December 2024)Independent Non-executive DirectorsMr. Lam Yim NamMr. Lee Wing KeeDr. Law Man WahAUDIT COMMITTEEDr. Law Man Wah(Chairman)Mr. Lam Yim NamMr. Lee Wing KeeREMUNERATION COMMITTEEMr. Lam Yim Nam(Chairman)Mr. Lee Wing KeeDr. Law Man WahNOMINATION COMMITTEEMr. Lee Wing Kee(Chairman)Mr. Lam Yim NamDr. Law Man WahMs. Yu Tsz Wai (appointed on 20 January 2025)COMPANY SECRETARYMr. Tse Kam FaiFCG, HKFCGAUTHORISED REPRESENTATIVESMr. Yu Cheung ChoyMr. Lau Man ChingREGISTERED OFFICECricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands FCG, HKFCG 2024-253Corporate Information8336603-606Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands1617•88351637www.shunhingeng.com HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONGUnits 603-606, 6/F, Tower ICheung Sha Wan Plaza833 Cheung Sha Wan RoadKowloonHong KongPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THECAYMAN ISLANDSConyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman IslandsBRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONGKONGTricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong KongINDEPENDENT AUDITORDeloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditors35/F., One Pacific Place88 Queensway, Hong KongPRINCIPAL BANKSBank of China (Hong Kong) LimitedHang Seng BankShanghai Commercial BankThe Bank of East AsiaSTOCK CODE1637COMPANY’S WEBSITEwww.shunhingeng.com SH GROUP (HOLDINGS) LIMITEDAnnual Report 2024-254Chairman’s StatementOn behalf of the board (the “Board”) of directors (the “Director(s)”) of SHGroup (Holdings) Limited (the “Company”), I present the annual report of theCompany and its subsidiaries (collectively as the “Group”) for the year ended 31March 2025 (the “Year” or “FY2025”).The Group is principally engaged in providing electrical and mechanicalengineering (“E&M engineering”) services in Hong Kong. We focus our effortson the supply, installation and maintenance of mechanical ventilation andair-conditioning system (“MVAC system”) and also provide services in relationto low voltage electrical system and other E&M systems, including fire servicessystem, plumbing and drainage system, in both private and public sectors.RESULTSDuring the Year, the Group recorded a decrease in revenue by approximatelyHK$267.7 million, or 30.6%, from approximately HK$876.2 million for the yearended 31 March 2024 (“Last Year” or “FY2024”) to approximately HK$608.5million for the Year. The revenue generated by projects of MVAC systemcontributed 73.4% of total revenue of the Group whilst revenue generated byprojects of low voltage electrical system contributed 26.6% of total revenue ofthe Group.The Group recorded a profit for the Year of approximately HK$5.4 million (2024:loss of HK$15.2 million).DIVIDENDThe Board did not recommend any final dividend for the Year (2024: Nil).BUSINESS OVERVIEWMVAC systemDuring the Year, the Group was awarded 5 projects (2024: 5) in relation toMVAC system installation with an aggregate contract sum of approximatelyHK$119.9 million (2024: HK$226.8 million). The awarded projects are notlimited to residential projects but also involving a MVAC system maintenance andreplacement project. The new projects, together with the continual progress ofprojects awarded in previous years, would provide the Group with stable revenueand earnings in the coming years. 26,77030.6%87,620685073.4%26.6%5401,5205511,99022,680 2024-255Chairman’s Statement12,12026.6%31.9% Low voltage electrical systemDuring the Year, the Group was awarded 3 projects in relation to electrical systeminstallation with an aggregate contract sum of approximately HK$121.2 million(2024: Nil). The revenue contributed from projects of low voltage electricalsystem to the total Group’s revenue was approximately 26.6% (2024: 31.9%). Thisis consistent with the business plan of the Group to maintain a stable revenue andprofit contribution from projects of the low voltage electrical system.OUTLOOKThe property market in Hong Kong continues to navigate a complex la