龙升集团控股2025/26 中期报告

CONTENTS 2-3Corporate Information4-11Management Discussion and Analysis12-41Condensed Consolidated Interim FinancialStatements42-48Corporate Governance/Other Information CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Yip Yuk Kit(Chairman) (Chief Executive Officer)Mr. Cheung Chun FaiMr. Zou Shuji (appointed on 21 November 2025) Independent Non-Executive Directors Mr. Lee Kwok LunMr. Chan Wa ShingMs. Ding Xin AUDIT COMMITTEE Mr. Lee Kwok Lun(Chairman)Mr. Chan Wa ShingMs. Ding Xin REMUNERATION COMMITTEE Mr. Chan Wa Shing(Chairman)Mr. Yip Yuk KitMs. Ding Xin NOMINATION COMMITTEE Mr. Yip Yuk Kit(Chairman)Mr. Lee Kwok LunMs. Ding Xin COMPANY SECRETARYMr. Leung Hoi Ki AUTHORISED REPRESENTATIVES Mr. Cheung Chun FaiMr. Leung Hoi Ki REGISTERED OFFICE Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 12809 Unit 09, 28/F, North TowerConcordia Plaza1 Science Museum RoadKowloonHong Kong LEGAL ADVISER As to Hong Kong Law ZM LawyersSolicitors, Hong Kong20/F, Central 88Nos. 88–98 Des Voeux RoadCentralHong Kong ZM Lawyers88–988820 CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE 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 ANDTRANSFER OFFICE 148212103B Boardroom Share Registrars (HK) Limited2103B, 21/F148 Electric RoadNorth PointHong Kong AUDITOR 2811 Grant Thornton Hong Kong Limited11th Floor, Lee Garden Two28 Yun Ping RoadCauseway BayHong Kong PRINCIPAL BANKS The Hongkong and Shanghai Banking Corporation LimitedHang Seng Bank Limited www.kitkee.com.hk COMPANY’S WEBSITEwww.kitkee.com.hk 6829 STOCK CODE6829 MANAGEMENT DISCUSSION AND ANALYSIS The board (the “Board”) of directors (the “Directors”) of DragonRise Group Holdings Limited (the “Company”) is pleased to presentthe interim results of the Company and its subsidiaries (collectively,the “Group”) for the six months ended 30 September 2025 (the“Reporting Period”). INDUSTRY REVIEW 66.055.3%3.1% In the first half of 2025, China’s gross domestic product (GDP)reached approximately RMB66.05 trillion, with a year-on-year (YOY)growth of 5.3% calculated at constant prices, demonstrating astable and positive trend. Hong Kong’s economy likewise showedsteady performance, with its real GDP expanding by 3.1% YOY inthe second quarter. 3.7%0.7% Turning to the construction sector, while the industry continuesto face headwinds, there remain structural reasons for cautiousoptimism. Labour shortages and cost pressures persist, and thegrowth rate of Hong Kong’s construction industry is expected toslow markedly in 2025, from an estimated 3.7% in 2024 to justaround 0.7% in 2025 . Even so, Hong Kong’s private residentialmarket exhibited robust activity in the first half of 2025, buoyed bya low-interest-rate environment, with transaction volumes showinga notable rebound. At the same time, the public-infrastructurepipeline has continued to expand. The region has prioritised theadvancement of the Northern Metropolis initiative over the pastsix months. Substantial progress has been achieved, particularly inareas including Kwun Tung North and Fanling North, where landformation and foundational infrastructure works have commenced. Against such a macroeconomic backdrop, the nominal total valueof piling and foundation works in Hong Kong reached HK$4,937million in the first quarter and HK$4,801 million in the secondquarter of 2025, effectively ending a prolonged period of declineand marking the first sequential increase since 2023. 49.3748.01 In addition to its established presence in the construction sector,the Group has strategically diversified into the new energy industryin recent years, which aligns with Hong Kong’s accelerating energytransition. According to the official data released in June 2025 bythe Transport Department, electric vehicles accounted for 70.5% ofall new private car registrations in the first half of the year . 70.5% MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 及 分 析 Such market dynamics echo the global electric-mobility wave,particularly the ongoing boom in mainland China. The Hong KongGovernment has further accelerated its push into new-energy taxis:its “Green Transformation Roadmap of Public Buses and Taxis” setout measures to subsidise the purchase of 3,000 e-taxis and 600e-buses, and to install at least 500 fast-chargers throughout the cityby the end of 2027 . 3,000600500 Together, these measures have created unprecedented momentumin Hong Kong’s new-energy vehicle sector, opening up new frontiersof opportunity for supporting infrastructure, charging solutions, andelectric-taxi supply chains. The Group, with its combined exper