濠江机电中期报告 2025

CONTENTS 02Corporate Information公司資料06Management Discussion and Analysis管理層討論及分析13Corporate Governance and Other Information企業管治及其他資料24Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income簡明綜合損益及其他全面收益表25Condensed Consolidated Statement of Financial Position簡明綜合財務狀況表26Condensed Consolidated Statement of Changes in Equity簡明綜合權益變動表27Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表29Notes to the Condensed Consolidated Financial Statements簡明綜合財務報表附註 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors 張嘉和先生（主席兼首席執行官）梁金玲先生 Mr. Cheong Ka Wo(Chairman & Chief Executive Officer)Mr. Leong Kam Leng Independent Non-executive Directors 陳銘傑先生羅納德先生李思鳴女士 Mr. Chan Ming KitMr. Law Lap TakMs. Lee Sze Ming BOARD COMMITTEES 羅納德先生（主席）陳銘傑先生李思鳴女士 Mr. Law Lap Tak(Chairman)Mr. Chan Ming KitMs. Lee Sze Ming Nomination Committee 李思鳴女士（主席）陳銘傑先生羅納德先生 Ms. Lee Sze Ming(Chairlady)Mr. Chan Ming KitMr. Law Lap Tak Remuneration Committee 陳銘傑先生（主席）羅納德先生李思鳴女士 Mr. Chan Ming Kit(Chairman)Mr. Law Lap TakMs. Lee Sze Ming 陳溢磊先生 COMPANY SECRETARY Mr. Chan Yat Lui 張嘉和先生陳溢磊先生 AUTHORISED REPRESENTATIVES Mr. Cheong Ka WoMr. Chan Yat Lui Corporate Information公司資料 REGISTERED OFFICE Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands HEADQUARTER AND PRINCIPAL PLACEOF BUSINESS IN MACAU 澳門和樂大馬路175–181號宏富工業大廈10樓B座及D座 Avenida da Concórdianos 175–181Edifício Industrial Wang Fu10 Andar B e DMacau PRINCIPAL PLACE OF BUSINESS INHONG KONG 香港灣仔皇后大道東183號合和中心48樓4801室 Room 4801, 48/F.Hopewell Centre183 Queen’s Road EastWanchai, Hong Kong HONG KONG BRANCH SHAREREGISTRAR 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 Tricor Investor Services Limited17/F., Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL SHARE REGISTRAR Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Corporate Information公司資料 AUDITOR 德勤•關黃陳方會計師行執業會計師及註冊公眾利益實體核數師香港金鐘道88號太古廣場一座35樓 Deloitte Touche TohmatsuCertified Public Accountants andRegistered Public Interest Entity Auditor35/F One Pacific Place88 QueenswayHong Kong LEGAL ADVISORS 有關香港法例：盛德律師事務所香港中環金融街8號國際金融中心二期39樓 As to Hong Kong law:Sidley AustinLevel 39, Two International Finance Centre8 Finance Street, CentralHong Kong 有關開曼群島法律：Conyers Dill & PearmanCricket Square Hutchins DrivePO Box 2681 Grand CaymanCayman Islands As to Cayman Islands law:Conyers Dill & PearmanCricket Square Hutchins DrivePO Box 2681 Grand CaymanCayman Islands PRINCIPAL BANKERS 中國銀行（香港）有限公司中國銀行澳門分行大西洋銀行澳門國際銀行 Bank of China (Hong Kong) LimitedBank of China, Macau BranchBanco Nacional UltramarinoLuso International Banking Limited www.macauem.com WEBSITE www.macauem.com 1408 STOCK CODE 1408 COMPANY OVERVIEW 濠江機電控股有限公司（「」），連同其附屬公司統稱「」）為澳門的一家機電（「」）工程服務工程承建商。作為在澳門土地工務運輸局註冊的綜合機電工程服務工程承建商，本公司在澳門根據客戶的需求提供全面的機電工程服務工程組合。全面的機電工程組合涉及(i)低壓系統工程；(ii)暖通空調系統工程；及(iii)弱電系統工程的供應及╱或安裝、相關測試和調試，以及管理及監控澳門機電工程服務的質量及交付工作。本集團於澳門提供物業及酒店設施（包括世界級酒店及綜合娛樂度假村）的維修及保養服務。此行業的需求將受澳門娛樂場及酒店經營者的策略及規劃推動，而維修及保養相關機電工程需求會隨之增加。 Macau E&M Holding Limited (the “Company”, together with itssubsidiaries, the “Group”) is an electrical and mechanical (“E&M”)engineering services works contractor in Macau. As an integratedE&M engineering service works contractor registered with the Land,Public Works and Transport Bureau of Macau, the Company providesa comprehensive mix of E&M engineering service works based onthe needs of its customers in Macau. The comprehensive mix ofE&M engineering works involves a combination of the supply and/or installation of (i) low voltage systems works; (ii) heating, ventilationand air-conditioning systems works; and (iii) extra low voltage systemsworks, and the relevant testing and commissioning thereof as well asmanagement and monitoring of quality and delivery of E&M engineeringservices works in Macau. The Group offers repair and maintenanceservice for property and hospitality facilities in Macau, including worldclass hotels and integrated entertainment resorts. The demand fromthis sector would be driven by the strategy and planning of the casinosand hotel operators in Macau, which would in turn increase the demandfor repair and maintenance related E&M works. MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW 截至2025年6月30日止六個月（「」），澳門私營界別建築活動低迷，房地產市場持續 疲 弱 ， 以 致 營 商 環 境 依 舊 充 滿 挑 戰 。 不過，博彩及旅遊業的復甦成為支撐澳門經濟的關鍵，推動其回升至2019年水平的87.0%。 For the six months ended 30 June 2025 (the “Period”), Macau’sbusiness environment remained challenging, characterized by subduedprivate-sector construction activity and a persistently weak propertymarket. Nevertheless, the recovery of the gaming and tourism sectorsplayed a key role in supporting Macau’s economy, enabling it to reach87.0% of its 2019 level. Meanwhile, the E&M sector faced escalating competitive pressur