濠江机电年报2025

 CONTENTS目錄 02Corporate Information05Chairman’s Statement07Management Discussion and Analysis17Environmental, Social and Governance Report92Corporate Governance and Other Information114Biographical Details of Directors and Senior Management122Directors’ Report140Independent Auditor’s Report147Consolidated Statement of Profit or Loss andOther Comprehensive Income148Consolidated Statement of Financial Position149Consolidated Statement of Changes in Equity150Consolidated Statement of Cash Flows152Notes to the Consolidated Financial Statements224Summary of Financial Information CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS Executive Directors Mr. Cheong Ka Wo(Chairman & Chief Executive Officer)Mr. Leong Kam Leng Independent Non-executive Directors Mr. Chan Ming KitMr. Law Lap TakMs. Lee Sze Ming 董事委員會 BOARD COMMITTEES Audit Committee Mr. Law Lap Tak(Chairman)Mr. Chan Ming KitMs. Lee Sze Ming Nomination Committee Ms. Lee Sze Ming(Chairlady)Mr. Chan Ming KitMr. Law Lap Tak Remuneration Committee Mr. Chan Ming Kit(Chairman)Mr. Law Lap TakMs. Lee Sze Ming 公司秘書 COMPANY SECRETARY Mr. Chan Yat Lui 授權代表 AUTHORISED REPRESENTATIVES Mr. Cheong Ka WoMr. Chan Yat Lui 註冊辦事處 REGISTERED OFFICE Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1–1111Cayman Islands Corporate Information公司資料 法律顧問 LEGAL ADVISORS 825 As to Hong Kong law:DLA Piper25th Floor, Three Exchange Square 8Connaught PlaceCentralHong Kong 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 主要往來銀行 Bank of China (Hong Kong) LimitedBank of China, Macau BranchBanco Nacional Ultramarino 網址www.macauem.com WEBSITE www.macauem.com 股份代號1408 STOCK CODE 1408 Chairman’s Statement主席報告 2026 Based on management’s review of publicly available market forecasts,Macau’s economy is expected to continue to expand in 2026. TheGroup therefore remains cautiously optimistic about the outlook for theE&M industry. As infrastructure modernisation and urban enhancementprojects advance, this will drive higher technical requirements andservice standards that highlight the importance of operational capability.Building on its strengthened operational foundation and stable financialposition, the Group will continue to enhance its core E&M engineeringcompetencies, maintain prudent cost management, and improveproject execution efficiency. At the same time, it will actively participatein public infrastructure and housing projects, leverage opportunitiesarising from regional integration, including developments in Hengqin,and prudently assess selective overseas opportunities to broadenits revenue base further. While industry competition is expected toremain intense, the Group will continue to sharpen its competitivenessand bolster operational resilience to navigate challenges and capturesustainable growth opportunities. On behalf of the Board and the management of the Company, I wouldlike to express my sincere appreciation to our management team andemployees for their dedication, professionalism, and contributionsduring the Year. I would also like to extend my gratitude to ourshareholders, customers, and business partners for their steadfasttrust and support. With the continued engagement of all stakeholders,the Company remains committed to delivering long-term value andpursuing steady, sustainable growth for its shareholders in the years tocome. CHEONG Ka Wo Chairman, CEO and Executive Director 2026319 19 March 2026 業務回顧 BUSINESS REVIEW 76.8202492.12.220242.516.0% During the Year, the Macau E&M market was largely driven bygovernment-led infrastructure initiatives, while private sectorconstruction and real estate-related E&M activities stayed relativelymuted amid cautious investment sentiment. Competition across theindustry continued to intensify, particularly in large-scale infrastructuretenders, with international and Chinese Mainland contractors securingtheir commanding positions. In contrast, local E&M service providersfocused more on smaller-scale projects and renovation works,although pricing pressure persisted. For the Year, the Group recordedtotal revenue of MOP76.8 million (2024: MOP92.1 million), primarilyattributable to fewer contracts amid intensified competition andtighter budgets across both public and private sectors. The Groupachieved a turnaround during the Year, reporting a profit and totalcomprehensive income of MOP2.2 million, compared with a loss andtotal comprehensive expense of MOP2.5 million in FY2024. Gross profitmargin improved to 16.0%, driven by enhanced project execution,tightened cost control, and better resource allocation. 45341124.8173.116.5183.3 During the Year, the Group managed approximately 45 projects,comprising 34 private sector and 11 pu