中国网成：2025年中期报告

INTERIM REPORT2025 Board of DirectorsExecutive Directors Mr. Zhou Zhenlin(Chairman)Ms. Peng Yunying(President) (appointed on 16 May 2025)Mr. Guo Xianjiao (appointed on 16 May 2025)Mr. Cheung Kwok Fai Adam(Chief Executive Officer)(resigned on 16 May 2025)Mr. Ng Sheung Chung (resigned on 16 May 2025)Mr. Ma Kan Sun (resigned on 16 May 2025) Independent Non-Executive DirectorsMs. Ding XinMs. Zhang LingkeMr. Zhu QiProfessor Lam Sing Kwong Simon (appointed on 16 May 2025) Audit CommitteeMs. Ding Xin(Chairlady)Ms. Zhang LingkeMr. Zhu Qi Remuneration CommitteeMr. Zhu Qi(Chairman)Ms. Zhang LingkeMs. Ding Xin Nomination Committee Mr. Zhou Zhenlin(Chairman)Ms. Ding XinMs. Zhang LingkeMr. Zhu Qi Company SecretaryMr. Tsui Chun Hung Authorised RepresentativesMr. Zhou ZhenlinMr. Tsui Chun Hung Registered Office in the Cayman IslandsWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands Headquarter and Principal Place of Business inHong Kong 10352B Unit 2B, 35/F, East TowerCheung Kong Center IINo. 10 Harcourt RoadCentralHong Kong Principal Share Registrar and Transfer Office inCayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1–1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1–1108Cayman Islands Hong Kong Branch Share Registrar and TransferOffice 148212103B Boardroom Share Registrars (HK) Limited2103B, 21/F, 148 Electric RoadNorth Point, Hong Kong 29161603 Legal Adviser as to Hong Kong Law Loong & Yeung SolicitorsRoom 1603, 16/FChina Building29 Queen’s Road CentralCentralHong Kong Auditors 1416609 Wilson & Partners CPA LimitedCertified Public AccountantsRegistered Public Interest Entity AuditorSuite 609, 6/FChina Insurance Group Building141 Des Voeux Road CentralHong Kong Principal Banker The Bank of East Asia LimitedIndustrial and Commercial Bank of China (Asia) Limited 1920 www.wacan.com.hk Websitewww.wacan.com.hk The board (the “Board”) of directors (the “Directors”) of ChinaWacan Group Company Limited (the “Company”) is pleased topresent the condensed consolidated interim financial statements ofthe Company and its subsidiaries (collectively, the “Group”) for thesix months ended 30 June 2025 (the “Review Period”). Business Review and Outlook Provision of wet trades and its related ancillary works The Group provides wet trades works through its principal operatingsubsidiary, namely, Ma Yau Engineering Limited (“Ma Yau”). Theprincipal operating subsidiary has been registered in the RegisteredSpecialist Trade Contractors Scheme (formerly known as theSubcontractor Registration Scheme) of the Construction IndustryCouncil. Ma Yau first completed such registration under thepredecessor scheme in April 2004 and our registration has since thencovered finishing wet trades, marble, granite and stone work with awide range of specialties including brick work, plastering and tiling,spray plaster and screeding, marble and granite works. 139.6131.9 As at 30 June 2025, the original contract sum of the Group’songoing projects (including projects that have commenced but notsubstantially completed as well as projects that have been awardedbut not yet commenced) in aggregate amounted to approximatelyHK$139.6 million. As at the date of this report, the Group was in thecourse of bidding for or pending the tender results of three projects,with an estimated total contract sum of approximately HK$131.9million. Despite the tight financial condition and there is concern thatthe speed of new projects being rolled out for tenders mightbe adversely affected, it is anticipated that the Government willcontinue to invest in the infrastructure and create more landsthrough site formation and reclamation. The business environmentin the construction industry of Hong Kong is now facing challengeas more Mainland China construction companies are participating inthe construction market, there will be a huge pressure on the tenderprice and profit margin. The continued economic slowdown andslower-than-expected economic recovery have led to an increase incredit risk in this industry, with construction companies facing morecases of liquidation and closure. In order to maintain its market share in the wet trades worksindustry, the Group will continue to closely monitor the market andrespond to changes in market conditions. The Directors are confidentthat with the Group’s reputation in the wet trades works industry andits experienced management team, the Group is in a good positionto compete with its competitors. The Group will continue to improveits competitiveness in the market by continuing to provide qualityworks to its customers. The Group will also continue to proactivelyseek opportunities to expand its customer base and its marketshare and undertake more wet trades and wet trades related tradedivisions proje