昇柏控股2025中期报告

MISSION使命 We are committed to creating value for stakeholders by providing comprehensive and innovative solutionsthat achieve high quality results. 我們致力為持份者創造價值，為他們提供全面及創新的方案，以達至高質素成效。 VALUES企業價值 •Customer Focus以客為本•Integrity正直誠實•Teamwork群策群力•Innovation不斷創新•Pursuit of Excellence追求卓越 CONTENTS目錄 2Management Discussion and Analysis管理層討論及分析12Report on Review of Interim Condensed Consolidated Financial Statements中期簡明綜合財務報表的審閱報告14Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income簡明綜合損益及其他全面收益表15Condensed Consolidated Statement of Financial Position簡明綜合財務狀況表16Condensed Consolidated Statement of Changes in Equity簡明綜合權益變動表17Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表18Notes to the Interim Condensed Consolidated Financial Statements中期簡明綜合財務報表附註35Other Information其他資料40Corporate Information公司資料 Management Discussion and Analysis管理層討論及分析 昇柏控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）公佈本公司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期間」）之未經審核中期業績。 The board (the “Board”) of directors (the “Directors”) of ISP HoldingsLimited (the “Company”) hereby announces the unaudited interimresults of the Company and its subsidiaries (collectively, the “Group”)for the six months ended 30 June 2025 (the “Reporting Period”). Management Discussion and Analysis管理層討論及分析 本集團於報告期間錄得綜合收益約港幣62,200,000元，較去年同期（「同期」）增加30.9%（2024年：港幣47,500,000元）。儘管主要由於市場競爭加劇致收窄毛利水平而令毛利率較同期的16.6%輕微下降1.2個百分點至15.4%，但毛利卻由同期約港幣7,900,000元 上 升 至 報 告 期 間 約 港 幣9,600,000元。影響業績表現的主要因素是室內裝飾及特殊項目業 務（「室 內 裝 飾 及 特 殊 項 目 業 務」）已 完 成 項 目的仲裁案件及法律訴訟所產生的龐大費用。仲裁案 件 及 法 律 訴 訟 的 聆 訊 於2025年 進 行， 為 此 準備的工作及出庭應訊而產生龐大費用。另外，香港營商環境持續惡化及不明朗，加上若干大型發展商財政緊絀，導致信貸風險上升。故此，本集團於報告期間作出大額壞賬及預期信貸虧損撥備以減輕所面臨的上升風險。基於上述因素，本集團 的 經 營 開 支 較 同 期 大 增107.6%（2024年：港 幣19,800,000元），達約港幣41,100,000元。同時，主要由於報告期間確認來自就富勤保險（香港）有限公司所發行履約保證金抵押的受限制現金利息收入，以及金融資產的公允值收益，其他收入和損益由同期約港幣1,400,000元增至報告期間約港幣8,900,000元。 The Group reported consolidated revenue of approximately HK$62.2million for the Reporting Period, representing a 30.9% increase overthe same period of last year (the “Corresponding Period”) (2024:HK$47.5 million). Gross profit rose from approximately HK$7.9 millionfor the Corresponding Period to approximately HK$9.6 million for theReporting Period, though the gross profit margin declined slightly by1.2 percentage points from 16.6% to 15.4% compared with that of theCorresponding Period primarily due to intensified market competitioncompressing margin levels. The key factors impacting the performanceincluded the substantial costs incurred in relation to arbitration casesand litigation case for completed projects of interiors and specialprojects business (“ISP Business”). Hearings of both arbitration cases andlitigation case were held in 2025. This resulted in substantial costs forthe preparation and attendance for the hearings. Also, the deterioratingand uncertain business environment in Hong Kong, coupled withfinancial constraints among prominent developers, led to heightenedcredit risk. Consequently, the Group made significant bad debt andexpected credit loss provisions to mitigate the increased exposurefor the Reporting Period. Due to the above factors, the operatingexpenses of the Group increased sharply by 107.6% compared to theCorresponding Period (2024: HK$19.8 million), reaching approximatelyHK$41.1 million. Meanwhile, other income and gain or loss increasedfrom approximately HK$1.4 million for the Corresponding Period toapproximately HK$8.9 million for the Reporting Period, driven by theinterest income from restricted cash pledged for performance bondsissued by Falcon Insurance Company (Hong Kong) Limited, as well asa fair value gain on financial assets which was recognized during theReporting Period. 綜合上述所有因素後，本集團於報告期間錄得本公司股權持有人應佔虧損約港幣22,600,000元，而同期則約港幣10,500,000元。報告期間每股基本及攤薄虧損為港幣4.1仙（2024年（經重列）：港幣2.0仙）。 Taking all the above factors into account, the Group recorded a lossattributable to equity holders of the Company of approximatelyHK$22.6 million for the Reporting Period, compared to approximatelyHK$10.5 million for the Corresponding Period. The basic and dilutedloss per share for the Reporting Period was 4.1 HK cents (2024 (Restated):2.0 HK cents). Management Discussion and Analysis管理層討論及分析 BUSINESS REVIEW AND PROSPECTS 業務概覽 Business Overview 於報告期間，室內裝飾及特殊項目業務及中國物業及設施管理業務（「中國物業及設施管理業務」）為本集團的兩大主要業務分部。 During the Reporting Period, ISP Business and property and facilitymanagement business in China (“PFM China Business”) were the twomain business segments of the Group. Business Results 室內裝飾及特殊項目業務 ISP Business ISP Business served as the Group’s principal revenue driver, consistentlycontributing over 90% revenue to the Group in recent years.Established in 2006 and acquired by the Group in 2012, the ISP Businessboasts a 19-year operational track record. Since the acquisition bythe Group in late 2012, ISP Business has successfully completed morethan 266 projects with a cumulative contract value exceeding HK$9.3billion as of 30 June 2025. These projects encompass a comprehen