兴业控股二零二五年 中期报告

Corporate Information 管理層討論及分析 Management Discussion and Analysis 業績業務回顧 RESULTSBUSINESS REVIEW 報告期內，全球宏觀經濟環境複雜多變，貿易格局演變和地緣政治衝突持續制約全球經濟復甦；國內經濟亦面臨需求不振、部分行業承壓深度調整等多重挑戰。逆境之下，本集團始終以「健 康 人 生 興 偉 業」為 使 命，堅 守 戰略定力，以新質生產力為內核驅動轉型，堅定不移地向灣區一流科技康養服務提供商的戰略目標邁進。本集團全面聚焦大健康養老產業，持續優化「1+X」產 業 結 構 的 核 心 戰 略 已 初 見成效，為實現週期穿越與可持續高質量發展奠定了堅實基礎。 During the reporting period, the global macroeconomicenvironmentremained complex and volatile,withevolving trade patterns and ongoing geopolitical tensionscontinuing to constrain global economic recovery; thedomesticeconomy also faced multiple challenges,including weak demand and significant adjustmentsin certain industries under pressure. Confronting theadversity, the Group remained steadfast in its mission of“a healthy life building Hing Yip Holdings”, adhering toits strategic resolve, driving transformation through high-quality productivity as its main force, and unswervinglyadvancing toward its strategic goal of becoming a leadingscienceand technology-driven health and wellnessservice provider in the Greater Bay Area. The Group hascomprehensively focused on the wellness and elderly careindustry, and its core strategy of continuously optimizingthe “1+X” industrial structure has begun to yield results,laying a solid foundation for achieving cyclical resilienceand sustainable high-quality development. 面對複雜的外部環境，本集團展現出良 好 的 發 展 韌 性。截 至 二 零 二 五 年六 月 三 十 日 止 六 個 月，本 集 團 總 收入 約 港 幣417,990,000元，同 比 增 長1.69%。增長主要源於核心主業大健康養老業務的擴張，貢獻增量約港幣12,504,000元，以及融資租賃業務的穩健發展，貢獻增量約港幣3,713,000元，部分抵消了民用炸藥業務因行業週期帶來的收入減少約港幣7,834,000元。來自各分部持續經營業務的經營利潤合計升至約港幣121,064,000元，增 幅 約8.68%。這 充 分 驗 證 了 我 們 聚焦主業、培育新動能的戰略方向的正確性，標誌着本集團的內生性增長引擎已然啟動並加速運轉。 In the face of the complex external environment, theGroup demonstrated strong development resilience.For the six months ended 30 June 2025, the Group’stotalrevenue was approximately HK$417,990,000,representing a year-on-year increase of 1.69%. Thegrowth was primarily driven by the expansion of thecore wellness and elderly care business, contributingan additional approximately HK$12,504,000, and thesteady development of the financial leasing business,contributing an additional approximately HK$3,713,000,partially offsetting the decrease in revenue from the civilexplosives business due to industry cyclicality, amountingto approximately HK$7,834,000. The combined operatingprofit from continuing operations across all segmentsrose to approximately HK$121,064,000, representing anincrease of approximately 8.68%. This fully validates thecorrectness of our strategic direction of focusing on corebusinesses and cultivating new growth drivers, markingthe activation and acceleration of the Group’s internalgrowth engine. 管理層討論及分析（續） 本 期 淨 利 潤 的 同 比 下 滑，由 去 年 同期約港幣107,133,000元下降至約港幣44,866,000元，主要源於去年同期一 次 性 出 售 附 屬 公 司 廣 東 中 岩 泰 科建 設 有 限 公 司 的 收 益 所 帶 來 的 高 基數 效 應，以 及 聯 營 公 司 南 海 長 海 發電 有 限 公 司 的 盈 利 貢 獻 減 少 約 港 幣21,019,000元。若剔除這些非經常性及非控股因素，本集團核心主營業務的 盈 利 能 力 和 健 康 度 實 則 得 到 了 增強，核心業務的造血能力和增長質量正在實質性改善。 The year-on-year decline in net profit for the period, fromapproximately HK$107,133,000 in the same period lastyear to approximately HK$44,866,000, was primarilyattributable to the high base effect from the one-off gainfrom the sale of a subsidiary, Guangdong Sino Rock TycoConstruction Co., Ltd.*, in the same period last year, aswell as a decrease of approximately HK$21,019,000 inprofit contribution from the associated company, NanhaiChanghai Power Company Limited. Excluding these non-recurring and non-controlling factors, the profitabilityand health of the Group’s core principal businesseshave actually improved, with the core business’s cashgenerationcapacity and growth quality undergoingnotable improvements. 大健康養老業務：戰略核心，質效齊升 Wellness and Elderly Care Business: Strategiccore, achieving improvement in terms of bothquality and efficiencyThe Group adhered to the goal of developing a three-tier 本集團堅定推進南海區機構、社區與居家三級養老服務體系構建，持續鞏固 佛 山 最 大 機 構 養 老 品 牌 的 領 先 地位，全 面 助 力 業 務 高 質 量、標 準 化 發展。於二零二五年二月二十日被香港社會福利署納入「廣東院舍照顧服務計劃」服務機構，為香港長期護理輪候長者到內地養老提供更多選擇，標誌著邁向致力成為粵港澳大灣區一流的科技康養服務提供商的道路上踏出關鍵性一步。截至二零二五年六月三十日止，本集團共有醫養床位4,390張，其 中 醫 療 護 理 床 位455張，使 用 率 高達85.93%，養老床位達3,435張，同比增 加727張，增 幅 約26.85%，入 住 率為69.98%（受新投運700張床位影響而短期下降），另外在建養老床位500張，建成後共擁有養老床位3,935張，為佛山在營床位數最多的企業，在規模 上 持 續 領 跑，穩 居 佛 山 第 一、灣 區前列。 elderly care system comprising institutions, communitiesandhouseholds in Nanhai District,continuouslyconsolidate its leading position as the largest institutionalelderly care brand in Foshan, and comprehensivelysupport the high-quality and standardized developmentof the business. On 20 February 2025, the Group wasincluded in the “Residential Care Services Scheme inGuangdong” by the Social Welfare Department of HongKong, providing more options for elderly individuals inHong Kong awaiting long-term care services to receiveelderly care in mainland China, marking a crucial steptoward the Group’s ambition to become a leading providerof technology-driven health and wellness services in theGuangdong-Hong Kong